January 2017 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...3 | M&A and Investment Summary January 2017 M&A and Investment Summary for All Segments Transaction

January 2017 M&A and Investment Summary

2 | M&A and Investment Summary January 2017

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 40 3

About Petsky Prunier 52 4

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

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of FINRA.


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 457 deals were announced in January 2017, of which 245 were worth $24.6 billion in aggregate reported value

Software was the most active segment with 160 deals announced — 92 of these transactions reported $8.1 billion in value

Digital Media/Commerce was also active with 92 transactions announced, of which 66 were worth a reported $3.1 billion in value

Strategic buyers announced 205 deals (37 reported $14.8 billion in value)

VC/Growth Capital investors announced 227 transactions (200 reported $5.5 billion in value)

Private Equity investors announced 25 deals during the month (eight reported $4.3 billion in value)

* AT&T’s $108 billion acquisition of Time Warner has been excluded to limit comparative distortions

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

Software 160 35% $8,142.1 33% 65 $6,627.4 8 $100.0 87 $1,414.7

Digital Media/Commerce 92 20% 3,134.2 13% 27 503.0 1 1,000.0 64 1,631.2

Marketing Technology 69 15% 1,059.9 4% 20 215.2 6 - 43 844.7

Business Services 46 10% 5,450.4 22% 31 3,077.2 5 2,348.5 10 24.7

Agency & Marketing Services 32 7% 618.3 3% 28 200.0 1 413.0 3 5.3

Digital Advertising 21 5% 327.4 1% 13 70.8 1 - 7 256.6

Information 19 4% 4,062.5 17% 11 3,843.2 1 - 7 219.3

Traditional Media 18 4% 1,770.6 7% 10 288.8 2 400.0 6 1,081.8

Total 457 100% 24,565.3 100% 205 14,825.5 25 4,261.5 227 5,478.3

January 2017

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$21.3$22.1

$42.6

$25.4 $25.2 $24.6$21.3

$33.7

$13.7

44.7

$24.9

$73.1

$29.3

457418 427 433 404 432 491 427 473 463 450 419 415 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

Transaction Distribution

Reported transaction value in January remained flat from December 2016 and was up nine percent from January 2016

Strategic activity accounted for 45 percent of reported deal activity during the month and included significant transactions:

• Cisco’s acquisition of application performance management company AppDynamics in a transaction valued at more than $3.7 billion

• The acquisition of CEB by Gartner in a transaction valuing the company at $3.3 billion

• Electronic health records authorization solutions company CoverMyMeds’s sale to McKesson for a reported $1.4 billion

• Deluxe’s acquisition of First Manhattan Consulting Group, a leading provider of data-driven marketing services for financial

institutions, in a transaction valued at $200 million (A Petsky Prunier-led transaction)

• The $150 million purchase of business information and data solutions company Avention by Dun & Bradstreet

Supercell / Tencent

LinkedIn / Microsoft

IMS Health

HP IT / CSC

MultiPlan

NetSuite

HP Software

*Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of

NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division,

Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

M&A and Investment Summary for All Segments

TeamHealth


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Business Services

Multi Packaging Solutions, Inc. Printing Services WestRock Company 2,256.6 1,610.2 235.0 1.4x 9.6x

Harris Corporation, Government IT Services Business IT Consulting/Systems Integration Veritas Capital 690.0 1,000.0 - 0.7x NA

CynergisTek, Inc. IT Consulting/Systems Integration Auxilio, Inc. 34.0 15.0 5.0 2.3x 6.8x

teamix GmbH IT Consulting/Systems Integration ProAct IT Group AB 9.4 35.0 1.2 0.3x 8.0x

Digital Advertising

Shareasale.Com, Inc. Affil iate/CPA Network Affil iate Window Ltd. 45.0 14.0 - 3.2x NA NA

Information

CEB, Inc. HR Information Gartner, Inc. 3,311.9 938.6 193.2 3.5x 17.1x

Axiometrics, Inc. Financial Information RealPage, Inc. 75.0 13.8 - 5.4x NA

Health Service Journal Healthcare Information Wilmington plc 23.4 12.4 3.5 1.9x 6.8xNA

Marketing Technology

Avention, Inc. Marketing Data Dun & Bradstreet, Inc. 150.0 60.0 - 2.5x NA

Software

AppDynamics, Inc. Application Management Software Cisco Systems, Inc. 3,902.9 206.0 - 18.9x NA

SimpliVity Corporation Infrastructure Software HP, Inc. 650.0 130.0 - 5.0x NA

Omtool Ltd. Collaboration Software Upland Software, Inc. 19.2 11.0 - 1.7x NA

Traditional Media

AB Groupe S.A. Broadcast Television Mediawan S.A. 288.8 166.8 38.0 1.7x 7.6x

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Feb-17 Snap, Inc. United States Digital Media/Commerce 3,000.0$ NA NA

Jan-17 EVRY AS Norway Business Services 151.1 1,566.9 NA

Dec-16 AppNexus, Inc United States Marketing Technology NA NA NA

Nov-16 Optiv Security Inc. United States Business Services 100.0 NA NA

Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA

Oct-16 Carbon Black, Inc. United States Software NA NA NA

Sep-16 Tintri, Inc. United States Software 100.0 NA NA

Aug-16 Meitu Technology Co., Ltd. China Digital Media/Commerce 500.0 NA NA

Jul-16 CBS Radio Inc. United States Traditional Media 100.0 1,220.0 310.0

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, 2017 1st Trading Day

Dec-16 NasdaqGS:TRVG trivago N.V. Germany $13.00-$15.00 11.00 $11.85 up 7.7% 11.60 (2.1%)

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 27.18 14.7%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 25.99 (20.7%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 30.27 (18.2%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 29.66 (1.5%)

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 13.84 (38.6%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 12.00 (21.3%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 18.47 25.6%

Jul -16 Nasdaq:TLND Talend S.A. France 15.00-17.00 18.00 25.50 up 42% 22.52 (11.7%)

Jul -16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 31.85 (23.4%)

Jun-16 NYSE:TWLO Twi l io Inc. United States 12.00-14.00 15.00 28.79 up 92% 28.83 0.1%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 8.14 (58.2%)

May-16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 33.86 86.7%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 10.34 (25.5%)

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 27.63 (0.5%)

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 21.13 132.2%


Digital Media/Commerce

Of the total $3.1 billion in value reported in the Digital Media/Commerce segment, $1.6 billion in Venture/Growth Capital investments

were announced, while more than $500 million in strategic acquisitions investments were made

eCommerce was the most active subsegment across all segments with 42 transactions announced, of which 35 were reported for

$1.3 billion. Select investments from the subsegment include:

• The 33 percent minority stake taken by Sprint in music streaming services company Tidal in a transaction valuing the company at a

reported $600 million

Select Digital Media/Commerce transactions include:

• The acquisition of social and mobile gaming apps developer Outfit7 by a group of China-based investors represented as China Luck

Consortium for a reported $1 billion

• The $175 million round of funding received by LetGo, operator of a mobile marketplace for buying and selling goods locally, from

Naspers, Accel Partners, New Enterprise Associates, and 14W

• Jet.com’s acquisition of shoe eCommerce site ShoeBuy.com in a transaction valued at $70 million

* Microsoft’s $26.2 billion acquisition of LinkedIn and Tencent’s $10.2 billion acquisition of Supercell have been excluded to limit comparative distortions

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

eCommerce 42 46% $1,252.6 40% 9 $390.0 0 - 33 $862.6

Digital Marketplace 16 17% 367.5 12% 6 - 0 - 10 367.5

Mobile Content/Apps 14 15% 97.9 3% 4 43.0 0 - 10 54.9

Niche Content 10 11% 88.2 3% 3 - 0 - 7 88.2

Social Media/Apps 8 9% 1,328.0 42% 3 70.0 1 1,000.0 4 258.0

Gaming 2 2% - 0% 2 - 0 - 0 -

Total 92 100% 3,134.2 100% 27 503.0 1 1,000.0 64 1,631.2

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media Public Company Valuation (1/2)

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

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

($ in Millions, except stock price data)

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

Company Name 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. 820.19 -5% $ 558,870.2 $ 476,472.2 $ 90,272.0 $ 29,860.0 33.1% 20.4% 5.3x 16.0x

Apple Inc. 121.35 -7% 638,036.0 665,133.0 218,118.0 69,750.0 32.0% -7.2% 3.0x 9.5x

Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 $67.6 18.2% NA 2.7x 15.1x

Facebook, Inc. 130.32 -4% 375,604.4 349,464.4 27,638.0 14,769.0 53.4% 54.2% 12.6x 23.7x

Fitbit, Inc. 6.01 -68% 1,344.7 672.6 2,307.3 210.6 9.1% 52.1% 0.3x 3.2x

Glu Mobile Inc. 2.30 -43% 307.0 159.5 215.3 (48.3) NM -17.7% 0.7x NM

GoPro, Inc. 10.75 -39% 1,511.1 1,286.2 1,185.5 (331.3) NM -26.8% 1.1x NM

IAC/InterActiveCorp 68.81 -7% 5,455.9 5,867.0 3,139.9 393.8 12.5% -2.8% 1.9x 14.9x

Leaf Group Ltd. 6.95 -6% 137.2 85.5 113.9 (20.7) NM -15.3% 0.8x NM

MeetMe, Inc. 4.92 -39% 289.6 243.9 66.8 21.6 32.4% 33.4% 3.7x 11.3x

Netflix, Inc. 140.71 -2% 60,563.2 62,193.7 8,830.7 437.3 5.0% 30.3% 7.0x NM

Pandora Media, Inc. 13.00 -15% 3,033.4 3,113.0 1,328.4 (199.9) NM 21.2% 2.3x NM

RealNetworks, Inc. 5.35 -2% 197.8 117.0 118.9 (26.5) NM -9.1% 1.0x NM

TheStreet, Inc. 0.82 -44% 28.9 5.0 64.5 (0.6) NM -5.0% 0.1x NM

Twitter, Inc. 17.62 -33% 12,499.50 10,489.55 2,522.89 41.67 1.7% 27.0% 4.2x NM

WebMD Health Corp. 49.89 -26% 1,831.0 1,836.5 689.7 176.8 25.6% 13.6% 2.7x 10.4x

XO Group Inc. 18.83 -10% 479.1 377.8 149.3 20.5 13.7% 6.2% 2.5x 18.5x

Yahoo! Inc. 44.07 -2% 42,048.3 4,148.6 5,169.1 829.7 16.1% 4.0% 0.8x 5.0x

Zynga Inc. 2.52 -18% 2,247.7 1,376.9 736.6 (43.6) NM -4.5% 1.9x NM

Average 1.9x 10.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (18.9x)

US-Based Digital Media and Internet


Digital Media Public Company Valuation (2/2)



Company Name Headquarters 01/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 175.07 -13% $60,733.7 $55,703.0 $10,651.2 $2,800.0 26.3% 15.1% 5.2x 19.9x

Changyou.com Limited China 24.12 -20% 1,225.4 406.7 556.8 156.2 28.1% -31.7% 0.7x 2.6x

CyberAgent Inc. Japan 24.82 -16% 3,120.0 2,857.0 2,768.4 322.1 11.6% 22.0% 1.0x 8.9x

DeNA Co., Ltd. Japan 22.42 -36% 3,252.9 2,615.7 1,435.3 355.1 24.7% -0.1% 1.8x 7.4x

G5 Entertainment AB (publ) Sweden 20.11 -1% 176.9 170.8 50.6 5.5 10.8% 18.7% 3.4x 31.3x

Gree, Inc. Japan 5.39 -11% 1,264.0 540.2 537.0 97.2 18.1% -22.0% 1.0x 5.6x

International Game Technology PLC United Kingdom 26.41 -18% 5,309.3 13,246.2 5,197.6 1,605.5 30.9% 23.3% 2.5x 8.3x

KongZhong Corporation China 6.90 -9% 325.0 245.8 181.2 17.9 9.9% -8.6% 1.4x 13.7x

Mixi, Inc. Japan 43.40 -2% 3,553.5 2,497.2 1,976.0 883.2 44.7% 15.5% 1.3x 2.8x

Meitu, Inc. * China 1.16 -4% 4,898.0 5,946.2 172.5 (106.9) NM 0.0% 34.5x NM

NCsoft Corporation South Korea 263.67 -6% 5,600.4 4,963.7 851.0 305.0 35.8% 11.9% 5.8x 16.3x

Naver Corporation South Korea 657.43 -17% 18,938.8 16,958.8 3,341.3 1,039.0 31.1% 23.7% 5.1x 16.3x

NetEase, Inc. China 253.90 -7% 33,382.1 29,242.0 5,095.4 1,719.2 33.7% 85.1% 5.7x 17.0x

NEXON Co., Ltd. Japan 15.27 -13% 6,639.3 4,291.5 1,833.5 551.1 30.1% -0.9% 2.3x 7.8x

Pacific Online Ltd. China 0.26 -18% 288.6 247.4 162.0 33.2 20.5% 0.1% 1.5x 7.5x

Phoenix New Media Limited China 3.39 -27% 242.3 157.6 219.5 14.9 6.8% -9.4% 0.7x 10.6x

Renren Inc. * China 1.67 -53% 568.2 591.9 46.5 (84.7) NM 211.7% 12.7x NM

HolidayCheck Group AG * Germany 2.76 -19% 160.9 124.5 125.5 3.0 2.4% 1.0% 1.0x 41.1x

Weibo Corporation * China 48.22 -14% 10,401.1 9,926.1 592.1 122.5 20.7% 36.4% 16.8x 81.0x

WeMade Entertainment Co., Ltd. South Korea 20.30 -37% 336.9 314.8 107.2 13.2 12.3% -11.3% 2.9x 23.9x

Yandex N.V. Netherlands 23.14 -3% 7,458.3 6,781.1 1,141.4 336.5 29.5% 27.6% 5.9x 20.2x

YY Inc. China 41.08 -36% 2,274.3 2,018.7 1,142.5 286.4 25.1% 47.4% 1.8x 7.0x

Average 2.0x 12.3x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-FLOWERS.COM, Inc. 9.00 -21% $587.5 $584.6 $1,189.0 $78.9 6.6% 2.1% 0.5x 7.4x

Alphabet Inc. 820.19 -5% 558,870.2 476,472.2 90,272.0 29,860.0 33.1% 20.4% 5.3x 16.0x

Amazon.com, Inc. 823.48 -3% 391,290.1 391,931.1 135,987.0 12,302.0 9.0% 27.1% 2.9x 31.9x

Apple Inc. 121.35 -7% 638,036.0 665,133.0 218,118.0 69,750.0 32.0% -7.2% 3.0x 9.5x

Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 67.6 18.2% NA 2.7x 15.1x

Blue Nile, Inc. 40.71 -2% 477.5 437.5 471.9 16.4 3.5% -3.2% 0.9x 26.7x

CafePress Inc. 3.44 -14% 57.3 21.8 96.8 (0.9) NM -16.0% 0.2x NM

CDW Corporation 51.51 -7% 8,267.7 11,868.5 13,907.9 1,065.2 7.7% 10.2% 0.9x 11.1x

Chegg, Inc. 7.19 -16% 656.8 566.6 259.2 (5.8) NM -18.4% 2.2x NM

Copart, Inc. 56.74 -2% 6,501.6 7,077.4 1,325.6 468.3 35.3% 15.8% 5.3x 15.1x

eBay Inc. 31.83 -4% 35,583.6 37,394.6 8,979.0 3,007.0 33.5% 4.5% 4.2x 12.4x

Etsy, Inc. 12.61 -21% 1,457.3 1,198.8 342.7 37.0 10.8% 36.8% 3.5x 32.4x

EVINE Live Inc. 1.52 -37% 97.5 144.0 687.2 13.1 1.9% 0.6% 0.2x 11.0x

Expedia, Inc. 121.59 -9% 18,242.1 21,207.0 8,379.3 1,016.9 12.1% 32.4% 2.5x 20.9x

FTD Companies, Inc. 22.98 -20% 625.6 890.3 1,140.0 101.7 8.9% 5.6% 0.8x 8.8x

GrubHub Inc. 41.55 -7% 3,556.4 3,259.8 455.8 104.8 23.0% 36.0% 7.2x 31.1x

HSN, Inc. 35.25 -37% 1,839.7 2,399.1 3,592.3 290.0 8.1% -3.2% 0.7x 8.3x


Liberty Ventures 43.65 -3% 3,706.0 5,243.0 535.0 (22.0) NM -53.4% 9.8x NM

Liquidity Services, Inc. 9.75 -15% 305.2 170.6 316.5 (8.6) NM -20.3% 0.5x NM

Match Group, Inc. 17.37 -12% 4,446.7 5,375.6 1,222.5 360.2 29.5% 19.8% 4.4x 14.9x

Overstock.com, Inc. 16.60 -19% 421.4 295.2 1,800.0 19.7 1.1% 8.6% 0.2x 15.0x

PetMed Express, Inc. 21.19 -11% 429.2 381.3 241.5 35.5 14.7% 5.3% 1.6x 10.8x

The Priceline Group Inc. 1,575.13 -2% 77,724.8 80,691.7 10,394.6 4,009.5 38.6% 14.7% 7.8x 20.1x

QVC Group $19.18 -30% 8,979.9 15,205.9 10,320.0 1,775.0 17.2% 18.3% 1.5x 8.6x

Shutterfly, Inc. 51.33 -6% 1,742.4 2,050.6 1,134.2 162.8 14.3% 7.1% 1.8x 12.6x

Shutterstock, Inc. 53.80 -17% 1,889.9 1,599.5 480.1 65.1 13.6% 19.9% 3.3x 24.6x

Spark Networks, Inc. 0.93 -73% 29.7 18.3 38.1 (2.2) NM -26.4% 0.5x NM

Stamps.com Inc. 121.55 -3% 2,072.72 2,153.35 328.29 120.63 36.7% 76.6% 6.6x 17.9x

U.S. Auto Parts Network, Inc. 3.39 -24% 118.6 122.5 300.0 9.2 3.1% 2.0% 0.4x 13.3x

Wayfair Inc. 41.56 -16% 3,555.1 3,291.2 3,135.6 (136.1) NM 63.4% 1.0x NM

Average 1.8x 12.0x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 29.18 -53% $ 4,222.4 $ 4,209.0 $ 1,090.8 $ (13.3) NM 102.1% 3.9x NM

Alibaba Group Holding Limited * China 101.31 -8% 253,275.0 252,030.1 20,721.5 7,639.5 36.9% 52.4% 12.2x 33.0x

Cnova N.V. * Netherlands 5.45 -1% 2,405.1 2,555.2 2,493.6 (42.3) NM -37.5% 1.0x NM

JD.com, Inc. * China 28.40 -5% 40,342.3 39,417.6 35,167.1 (39.2) NM 45.3% 1.1x NM

Jumei International Holding Limited China 4.32 -35% 633.5 190.1 1,113.4 20.2 1.8% 26.2% 0.2x 9.4x

LightInTheBox Holding Co., Ltd. * China 2.97 -17% 204.7 116.7 284.8 (9.5) NM -18.3% 0.4x NM

Mercadolibre, Inc. * Argentina 185.39 -4% 8,186.3 8,020.2 768.9 190.7 24.8% 21.6% 10.4x 42.0x

PChome Online Inc. Taiwan 8.28 -35% 913.7 690.1 800.2 39.8 5.0% 12.9% 0.9x 17.3x

Rakuten, Inc. Japan 10.00 -25% 14,259.1 15,138.2 7,486.6 1,431.9 19.1% 10.0% 2.0x 10.6x

Travelport Worldwide Limited United Kingdom 14.36 -5% 1,781.1 4,035.6 2,340.8 414.2 17.7% 7.3% 1.7x 9.7x

trivago N.V. * Germany 11.60 -8% 2,772.8 2,770.5 769.1 (31.3) NM 0.0% 3.6x NM

Vipshop Holdings Limited China 11.32 -35% 6,588.0 6,485.3 7,723.8 495.7 6.4% 48.4% 0.8x 13.1x

Average 1.6x 10.0x


Internationally-based eCommerce


Digital Advertising

There was a total of 21 transactions announced in the Digital Advertising segment, of which nine were worth more than $325 million in

reported value

Online Lead Generation was the most active subsegment with six transactions announced in January

Select Transactions:

• The $156 million in financing received by H.I.G Growth Partners-backed digital advertising technology company Centerfield Media in

a transaction that supports the company’s acquisition of consumer direct marketing platform Qology Direct from Falcon Investment

Partners

• Business traveler discount website Upside.com’s $50 million round of funding at a reported valuation of $200 million from Red

Ventures and Leucadia National

• The acquisition of internet retailer affiliate network ShareASale by Affiliate Window for a reported $45 million

• The $20 million investment raised by mobile customer acquisition solutions company Button in a round of funding led by Norwest

Venture Partners with participation from Redpoint Ventures, DCM, and Greycroft Partners

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

Online Lead Generation 6 29% $174.8 53% 4 $9.3 0 - 2 $165.5

Digital Promotion/Coupon 4 19% 50.0 15% 2 - 1 - 1 50.0

Mobile Marketing 4 19% 21.1 6% 2 - 0 - 2 21.1

Ad Networks/Exchanges 2 10% 16.5 5% 2 16.5 0 - 0 -

Search Marketing 2 10% - 0% 1 - 0 - 1 -

Vertical Search 2 10% 20.0 6% 1 - 0 - 1 20.0

Affiliate/CPA Network 1 5% 45.0 14% 1 45.0 0 - 0 -

Total 21 100% 327.4 100% 13 70.8 1 0.0 7 256.6

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/3)


US-based Digital Advertising



Alliance Data Systems Corporation $228.38 -6% $ 13,191.0 $ 32,280.5 $ 7,138.1 $ 1,567.3 22.0% 10.8% 4.5x 20.6x

Alphabet Inc. 820.19 -5% 558,870.2 476,472.2 90,272.0 29,860.0 33.1% 20.4% 5.3x 16.0x

Angie's List, Inc. $6.27 -42% 370.9 391.2 332.9 19.3 5.8% -2.1% 1.2x 20.3x

Autobytel Inc. 13.75 -36% 150.7 141.1 152.7 14.5 9.5% 24.3% 0.9x 9.7x

Bankrate, Inc. 10.90 -16% 982.4 1,141.7 412.9 92.9 22.5% 87.5% 2.8x 12.3x

Blucora, Inc. 15.10 -5% 630.0 1,019.8 372.0 67.6 18.2% NA 2.7x 15.1x

Care.com, Inc. 8.44 -30% 243.2 219.4 155.8 4.4 2.8% 21.1% 1.4x 49.8x

Cogint, Inc. 3.85 -39% 205.4 244.9 143.5 (47.9) NM 0.0% 1.7x NM

DHI Group, Inc. 5.70 -32% 283.7 345.0 237.1 51.9 21.9% -9.7% 1.5x 6.6x

Facebook, Inc. * 130.32 -4% 375,604.4 349,464.4 27,638.0 14,769.0 53.4% 54.2% 12.6x 23.7x

Groupon, Inc. 3.45 -42% 1,978.8 1,520.1 3,125.6 (8.5) NM 1.3% 0.5x NM


Inuvo, Inc. 1.55 -37% 38.6 35.0 72.9 2.0 2.7% 12.3% 0.5x 17.5x

Leaf Group Ltd. 6.95 -6% 137.2 85.5 113.9 (20.7) NM -15.3% 0.8x NM

MaxPoint Interactive, Inc. 4.20 -65% 27.9 29.9 143.8 (19.1) NM 4.4% 0.2x NM

Perion Network Ltd. 1.86 -27% 142.0 197.5 295.9 25.1 8.5% 27.8% 0.7x 7.9x

QuinStreet, Inc. 3.50 -19% 160.1 121.6 298.8 (5.9) NM 4.7% 0.4x NM

Quotient Technology Inc. 10.65 -26% 937.4 775.8 269.2 (9.0) NM 18.1% 2.9x NM

RetailMeNot, Inc. 9.05 -30% 438.9 267.1 266.7 34.8 13.1% 5.2% 1.0x 7.7x

RhythmOne plc 0.48 -13% 239.1 199.8 156.1 (20.7) NM -22.1% 1.3x NM

Rocket Fuel Inc. 2.00 -51% 91.2 100.3 456.8 (9.1) NM -4.0% 0.2x NM

The Rubicon Project, Inc. 8.47 -58% 415.4 222.2 299.6 46.9 15.7% 52.6% 0.7x 4.7x

TiVo Corporation 18.90 -20% 2,208.64 2,941.52 546.29 181.31 33.2% 6.9% 5.4x 16.2x

Travelzoo Inc. 9.15 -31% 126.5 101.2 131.3 12.2 9.3% -8.8% 0.8x 8.3x

LendingTree, Inc. 111.90 -2% 1,319.3 1,142.3 361.9 49.3 13.6% 64.7% 3.2x 23.2x

The Trade Desk, Inc. 29.66 -11% 1,144.1 1,072.2 173.2 53.5 30.9% 0.0% 6.2x 20.0x

Tremor Video, Inc. 2.44 -12% 126.8 79.2 164.7 (8.2) NM 0.5% 0.5x NM

TripAdvisor, Inc. 52.90 -26% 7,707.6 7,076.6 1,473.0 182.0 12.4% 0.1% 4.8x 38.9x

TrueCar, Inc. 13.15 -5% 1,123.8 1,049.6 267.0 (30.3) NM 6.1% 3.9x NM



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

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


US-based Digital Advertising



Twitter, Inc. * 17.62 -33% $ 12,499.5 $ 10,489.5 $ 2,522.9 $ 41.7 1.7% 27.0% 4.2x 251.7x

Web.com Group, Inc. 18.95 -11% 892.8 1,556.8 661.6 125.4 19.0% 22.6% 2.4x 12.4x

Yahoo! Inc. 44.07 -2% 42,048.3 4,148.6 5,169.1 829.7 16.1% 4.0% 0.8x 5.0x

Yelp Inc. 41.78 -4% 3,278.1 2,845.8 672.0 5.6 0.8% 32.8% 4.2x NM

YuMe, Inc. 3.56 -18% 122.1 59.7 168.7 (3.3) NM -4.4% 0.4x NM

Zillow Group, Inc. 35.98 -10% 6,369.5 6,154.9 788.3 5.5 0.7% 38.9% 7.8x NM

Average 1.9x 11.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (7.9x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (81.2x)






Criteo SA France 45.07 -6% 2,873.7 2,485.6 1,629.3 152.2 9.3% 21.3% 1.5x 16.3x

Just Dial Limited India 5.41 -60% 376.2 267.1 104.2 25.4 24.3% 17.1% 2.6x 10.5x

MakeMyTrip Limited India 33.40 -9% 1,721.3 1,588.5 415.6 (86.1) NM 35.5% 3.8x NM

Matomy Media Group Ltd. Israel 1.38 -20% 132.4 157.5 270.4 20.3 7.5% 6.1% 0.6x 7.8x

Opera Software ASA Norway 4.50 -46% 661.2 865.8 707.4 83.4 11.8% 48.6% 1.2x 10.4x

Pacific Online Ltd. China 0.26 -18% 288.6 247.4 162.0 33.2 20.5% 0.1% 1.5x 7.5x

Rightmove plc * United Kingdom 50.52 -8% 4,684.1 4,667.4 275.1 202.4 73.6% 15.1% 17.0x 23.1x

Septeni Holdings Co., Ltd. Japan 3.24 -54% 415.4 286.1 168.5 40.9 24.3% -73.6% 1.7x 7.0x

Taptica International Ltd Israel 3.05 -2% 190.5 181.6 93.7 12.3 13.1% 41.6% 1.9x 14.8x

TradeDoubler AB Sweden 0.57 -33% 24.04 26.77 148.06 (3.59) NM -17.3% 0.2x NM

XLMedia PLC Channel Islands 1.32 -10% 264.4 225.8 103.6 29.1 28.1% 53.2% 2.2x 7.8x

Yandex N.V. * Netherlands 23.14 -3% 7,458.3 6,781.1 1,141.4 336.5 29.5% 27.6% 5.9x 20.2x

Zhaopin Ltd. China 16.00 -5% 888.1 583.5 239.9 51.5 21.5% 20.6% 2.4x 11.3x

Average 1.8x 11.3x

Internationally-based Digital Advertising

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.9x)



The Marketing Technology segment announced 69 transactions, of which 44 reported nearly $1.1 billion in value

Analytics & Targeting was the most active subsegment with 17 transactions announced, 15 of which were worth $242 million in value


• The $250 million Hillhouse Capital equity investment in eCommerce solutions company Magento

• Mobile attribution and data analytics company AppsFlyer’s $65 million round of funding from Qumra Capital, Goldman Sachs Private

Capital, Magma Venture Partners, Pitango Venture Capital, and Deutsche Telekom Partners

• Sales acceleration platform InsideSales.com’s $50 million growth equity investment led by Polaris Partners

• The acquisition of discrepancy management and third-party reporting company Ad-Juster by Innotech

• Symphony Technology Group’s purchase of hospitality industry customer engagement solutions company Fishbowl

• Return Path’s acquisition of email data intelligence company ThreatWave

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

Analytics & Targeting 17 25% $241.8 23% 2 $31.3 1 - 14 $210.5

CRM 9 13% 44.9 4% 3 - 1 - 5 44.9

Commerce Management 6 9% 290.0 27% 3 - 0 - 3 290.0

Market Research 5 7% - 0% 2 - 3 - 0 -

Social Technology 5 7% 75.1 7% 1 33.9 0 - 4 41.2

Content Management 4 6% 40.0 4% 1 - 0 - 3 40.0

Marketing Data 4 6% 156.9 15% 2 150.0 1 - 1 6.9

Other* 19 28% 211.2 20% 6 - 0 - 13 180.8

Total 69 100% 1,059.9 100% 20 215.2 6 0.0 43 844.7

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated 113.38 -2% $ 56,375.60 $ 53,516.37 $ 5,854.43 $ 1,823.63 31.1% 22.1% 9.1x 29.3x

AppFolio, Inc. 22.65 -8% 763.2 745.6 98.0 (7.4) NM 44.5% 7.6x NM

Bazaarvoice, Inc. 4.70 -23% 389.3 340.1 201.5 (8.3) NM 2.4% 1.7x NM

Blackbaud, Inc. 65.61 -9% 3,049.8 3,409.0 708.4 115.7 16.3% 15.2% 4.8x 29.5x

Brightcove Inc. 7.20 -48% 243.2 208.9 146.8 1.8 1.2% 12.1% 1.4x 116.3x

ChannelAdvisor Corporation 13.85 -13% 357.1 293.9 110.9 (5.8) NM 16.7% 2.7x NM

Covisint Corporation 1.95 -21% 79.6 44.8 73.8 (10.7) NM -10.1% 0.6x NM

eBay Inc. 31.83 -4% 35,583.6 37,394.6 8,979.0 3,007.0 33.5% 4.5% 4.2x 12.4x

Endurance International Group

Holdings, Inc.

7.70 -35% 1,089.6 3,080.5 1,012.1 198.4 19.6% 40.5% 3.0x 15.5x

Five9, Inc. 15.46 -9% 818.9 806.2 153.9 (1.9) NM 27.1% 5.2x NM

GoDaddy Inc. 35.73 -4% 3,125.3 3,798.5 1,787.4 211.4 11.8% 15.0% 2.1x 18.0x

HubSpot, Inc. 51.30 -14% 1,826.7 1,713.7 247.6 (36.5) NM 52.0% 6.9x NM

Inter Industries LTD. 2.81 -6% 26.1 32.4 86.8 3.3 3.8% 10.6% 0.4x 9.7x

IBM Corporation 174.52 -3% 165,943.1 199,730.1 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x

Jive Software, Inc. 3.80 -17% 296.8 197.2 202.6 (6.6) NM 4.8% 1.0x NM

LivePerson, Inc. 7.30 -18% 423.2 371.8 225.8 16.8 7.4% -5.2% 1.6x 22.1x

Marin Software Incorporated 2.25 -35% 86.9 53.5 106.0 (4.4) NM -0.5% 0.5x NM

MaxPoint Interactive, Inc. 4.20 -65% 27.9 29.9 143.8 (19.1) NM 4.4% 0.2x NM

MicroStrategy Incorporated 201.30 -3% 2,301.9 1,712.5 512.2 124.9 24.4% -3.3% 3.3x 13.7x

MINDBODY, Inc. 24.35 -8% 986.3 915.6 129.1 (20.0) NM 38.4% 7.1x NM

Nuance Communications, Inc. 15.86 -23% 4,619.3 6,472.0 1,948.9 336.8 17.3% 0.9% 3.3x 19.2x

Oracle Corporation 40.11 -5% 164,545.3 161,049.3 37,236.0 14,602.0 39.2% -0.6% 4.3x 11.0x

PayPal Holdings, Inc. 39.78 -11% 48,014.5 43,039.5 10,842.0 2,310.0 21.3% 17.2% 4.0x 18.6x

PROS Holdings, Inc. 22.38 -13% 683.1 657.6 155.4 (51.4) NM -13.7% 4.2x NM

PTC Inc. 52.57 -3% 6,077.4 6,582.1 1,135.8 91.5 8.1% -7.0% 5.8x 71.9x

Rightside Group, Ltd. 8.44 -34% 163.9 141.2 218.1 1.4 0.6% 4.6% 0.6x 100.0x

The Rubicon Project, Inc. 8.47 -58% 415.4 222.2 299.6 46.9 15.7% 52.6% 0.7x 4.7x

salesforce.com, inc. 79.10 -6% 53,716.4 55,031.3 7,907.4 534.2 6.8% 25.5% 7.0x 103.0x

Square, Inc. 14.62 -8% 5,148.2 4,633.9 1,631.2 (70.6) NM 42.6% 2.8x NM

Synchronoss Technologies, Inc. 38.52 -23% 1,745.5 1,934.9 633.9 130.2 20.5% 14.9% 3.1x 14.9x

Tableau Software, Inc. 47.84 -23% 3,640.2 2,775.7 826.9 (96.6) NM 26.5% 3.4x NM

Teradata Corporation 29.36 -11% 3,813.9 3,400.9 2,415.0 374.0 15.5% -6.1% 1.4x 9.1x

Verint Systems Inc. 37.35 -6% 2,341.1 2,793.8 1,047.0 104.0 9.9% -9.8% 2.7x 26.9x

Web.com Group, Inc. 18.95 -11% 892.8 1,556.8 661.6 125.4 19.0% 22.6% 2.4x 12.4x

Xactly Corporation 12.15 -25% 380.7 353.4 91.9 (14.4) NM 29.1% 3.8x NM

Zendesk, Inc. 23.93 -25% 2,281.5 2,070.1 286.0 (83.3) NM 54.9% 7.2x NM

Adjusted Weighted Average 2.8x 12.9x


US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Baozun Inc. China 13.11 -30% $ 696.42 $ 595.67 $ 469.89 $ 9.18 2.0% 38.4% 1.3x 64.9x

ChinaCache International Holdings Ltd. China 2.57 -75% 69.2 54.2 165.3 (34.8) NM -20.2% 0.3x NM

Mercadolibre, Inc. Argentina 185.39 -4% 8,186.3 8,020.2 768.9 190.7 24.8% 21.6% 10.4x 42.0x

Open Text Corporation Canada 34.27 -2% 9,013.0 10,321.2 1,958.7 588.9 30.1% 7.0% 5.3x 17.5x


Sage Group plc United Kingdom 7.70 -19% 8,321.72 8,715.32 2,043.19 581.15 28.4% 9.3% 4.3x 15.0x

SAP SE Germany 91.19 -1% 109,264.2 111,072.7 23,289.3 7,490.8 32.2% 6.1% 4.8x 14.8x

Shopify Inc. Canada 50.82 -3% 4,573.0 4,172.7 329.1 (24.2) NM 93.3% 12.7x NM

United Internet AG Germany 41.65 -17% 8,520.2 10,392.6 4,376.0 925.9 21.2% 6.7% 2.4x 11.2x

Weborama France 10.14 -29% 34.5 34.4 34.6 1.7 4.9% 14.2% 1.0x 20.2x

Wix.com ltd Israel 52.55 -8% 2,231.2 2,085.7 262.8 (44.3) NM 39.6% 7.9x NM



Internationally-based Marketing Technology


Agency & Marketing Services

There were 32 transactions announced in the Agency & Marketing Services segment in January. Digital Agency was the most active

subsegment with 10 transactions

Select transactions:

• The majority stake taken by Bain Capital Private Equity in retail services provider Daymon Worldwide in a transaction valuing the

company at $413 million

• Rakuten-owned Ebates’ acquisition of loyalty marketing solutions and rewards programs provider Cartera Commerce

• The acquisition of customer loyalty and engagement platform flok by Wix.com

• Impact Sales’ acquisition of retail support and marketing agency Harlow-HRK Sales & Marketing

• Marketing consultancy The Shipyard’s acquisition of design agency Stream Digital

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

Digital Agency 10 31% - 0% 9 - 0 - 1 -

Loyalty/Retention 4 13% 5.3 1% 3 - 0 - 1 5.3

Design Agency 3 9% - 0% 3 - 0 - 0 -

Public Relations 3 9% - 0% 3 - 0 - 0 -

Specialty Agency 3 9% - 0% 3 - 0 - 0 -

Retail Services 2 6% 413.0 67% 1 - 1 413.0 0 -

DM Agency 1 3% 200.0 32% 1 200.0 0 - 0 -

Other* 6 19% 0 0% 5 - 0 - 1 -

Total 32 100% 618.3 100% 28 200.0 1 413.0 3 5.3

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc * United Kingdom $1.21 -16% $ 105.7 $ 111.7 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 13.7x

Dentsu Inc. Japan 46.28 -15% 13,196.4 15,396.6 7,836.6 1,651.6 21.1% NM 2.0x 9.3x

Enero Group Limited Australia 0.69 -32% 59.0 32.1 159.3 11.4 7.1% 0.6% 0.2x 2.8x

Hakuhodo DY Holdings Inc Japan 12.32 -7% 4,592.5 3,662.5 12,259.8 528.2 4.3% 8.6% 0.3x 6.9x

Havas SA France 8.98 -6% 3,770.4 3,880.5 2,488.8 397.6 16.0% 10.3% 1.6x 9.8x

Huntsworth plc United Kingdom 0.49 -19% 156.8 202.7 228.3 25.2 11.0% 3.5% 0.9x 8.0x

M&C Saatchi plc United Kingdom 3.93 -17% 295.1 312.6 254.7 27.3 10.7% 9.9% 1.2x 11.5x

M.D.C. Holdings, Inc. United States 27.04 -5% 1,392.2 2,154.1 2,326.8 172.1 7.4% 21.9% 0.9x 12.5x

Next Fifteen Communications Group plc United Kingdom 4.44 -3% 325.6 342.0 197.1 26.5 13.4% 28.8% 1.7x 12.9x

Omnicom Group Inc. United States 85.65 -4% 20,203.2 23,988.2 15,328.4 2,275.2 14.8% 1.0% 1.6x 10.5x

OPT Holding, Inc. Japan 6.38 -18% 165.5 144.9 671.4 30.1 4.5% 5.4% 0.2x 4.8x

Publicis Groupe SA France 68.59 -9% 15,432.9 18,171.6 10,896.8 1,970.1 18.1% 16.3% 1.7x 9.2x

The Interpublic Group of Companies, Inc. United States 23.53 -5% 9,341.6 10,468.8 7,778.3 1,066.7 13.7% 2.0% 1.3x 9.8x

WPP plc * United Kingdom 23.17 -3% 29,681.7 35,597.5 17,192.7 2,544.7 14.8% 8.7% 2.1x 14.0x

1.7x 9.7xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $26.10 -14% $ 2,030.0 $ 2,129.0 $ 880.0 $ 91.0 10.3% 5.9% 2.4x 23.4x

Aimia Inc. Canada 6.54 -8% 996.1 1,147.1 1,777.8 90.1 5.1% -6.2% 0.6x 12.7x

Alliance Data Systems Corporation United States 228.38 -6% 13,191.0 26,326.2 7,138.1 1,567.3 22.0% 10.8% 3.7x 16.8x

Cogint, Inc. United States 3.85 -39% 205.4 244.9 143.5 (47.9) NM 0.0% 1.7x NM

CSG Systems International Inc. United States 48.40 -6% 1,562.4 1,701.6 761.0 172.0 22.6% 1.1% 2.2x 9.9x

DST Systems Inc. United States 115.15 -11% 3,684.8 4,018.8 1,556.7 354.1 22.7% -44.9% 2.6x 11.3x

Fair Isaac Corporation * United States 123.30 -7% 3,829.6 4,362.1 900.9 206.9 23.0% 6.1% 4.8x 21.1x

Harte-Hanks Inc. United States 1.56 -58% 96.1 150.4 462.3 12.8 2.8% -2.4% 0.3x 11.8x

High Co. SA France 6.53 -10% 134.3 75.8 182.0 17.7 9.7% 16.9% 0.4x 4.3x

Multiplus S.A. Brazil 11.30 -28% 1,830.1 1,431.3 688.6 185.6 27.0% 3.6% 2.1x 7.7x

Pitney Bowes Inc. United States 15.92 -27% 2,957.3 5,605.4 3,406.6 757.2 22.2% -4.8% 1.6x 7.4x

Points International Ltd. Canada 7.55 -24% 114.6 66.4 319.9 8.7 2.7% 13.9% 0.2x 7.6x

Viad Corp United States 43.85 -7% 890.5 1,045.8 1,200.2 120.8 10.1% 13.2% 0.9x 8.7x

2.8x 13.3xAdjusted Weighted Average



Traditional Media

Of the 18 transactions announced in the Traditional Media segment in January, eight announced nearly $1.8 billion in reported

transaction value


• The $1 billion investment made by China-based film companies Shanghai Film Group and Huahua Media in Viacom-owned

Paramount Pictures

• The acquisition of film and production company Revolution Studios by Content Partners from Fortress Investment Group for a

reported $400 million

• YouTube talent management and media company Studio71’s $56.3 million round of funding at a reported valuation of $425 million

in a round of funding from TF1 Group and Mediaset

• The purchase of real-time television captioning firm Caption Colorado by captioning and subtitling company Vitac

• Vstar Entertainment Group’s acquisition of shows and events producer Cirque Productions

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

Entertainment Media 11 61% $1,473.3 83% 6 - 1 $400.0 4 $1,073.3

Broadcast Television 2 11% 288.8 16% 2 288.8 0 - 0 -

B-to-B Media 2 11% 2.0 0% 0 - 1 - 1 2.0

Consumer Magazine Publishing 1 6% - 0% 1 - 0 - 0 -

Digital Place-Based Media 1 6% 6.5 0% 0 - 0 - 1 6.5

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

Total 18 100% 1,770.6 100% 10 288.8 2 400.0 6 1,081.8

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $64.49 -4% $ 27,760.1 $ 36,538.1 $ 14,442.0 $ 3,352.0 23.2% 5.7% 2.5x 10.9x

Discovery Communications, Inc. United States 28.35 -5% 16,741.5 24,597.5 6,471.0 2,435.0 37.6% 0.7% 3.8x 10.1x

Time Warner Inc. * United States 96.85 -1% 74,683.9 96,876.9 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.9x

Twenty-First Century Fox, Inc. United States 31.38 -1% 57,924.9 74,532.9 27,755.0 6,691.0 24.1% 2.1% 2.7x 11.1x

Viacom, Inc. United States 42.14 -10% 16,875.4 28,559.4 12,488.0 2,953.0 23.6% -5.9% 2.3x 9.7x

The Walt Disney Company United States 110.65 -1% 175,250.9 194,868.9 55,632.0 16,987.0 30.5% 6.0% 3.5x 11.5x



B-to-B Media



Ascential plc United Kingdom $3.60 -7% $ 1,440.1 $ 1,683.9 $ 456.3 $ 104.5 22.9% 0.0% 3.7x 16.1x

Euromoney Institutional Investor PLC United Kingdom $14.06 -9% 1,509.0 1,507.0 524.9 149.5 28.5% -0.1% 2.9x 10.1x

Global Sources Ltd. Bermuda 9.20 -3% 219.7 136.9 160.0 26.5 16.6% -6.3% 0.9x 5.2x

Informa plc United Kingdom 8.19 -14% 6,747.1 8,075.8 1,650.0 511.7 31.0% 4.6% 4.9x 15.8x

TechTarget, Inc. * United States 8.81 -5% 245.1 252.6 109.4 14.5 13.2% -3.3% 2.3x 17.5x

UBM plc United Kingdom 8.85 -6% 3,484.3 3,568.2 1,061.0 285.0 26.9% 47.4% 3.4x 12.5x



Radio Broadcasting



Beasley Broadcast Group, Inc. United States $7.50 -3% $ 215.8 $ 281.3 $ 111.4 $ 23.5 21.1% 15.9% 2.5x 12.0x

Cumulus Media Inc. United States 1.00 -79% 29.2 2,281.7 1,150.7 212.0 18.4% -3.2% 2.0x 10.8x

Emmis Communications Corp. United States 3.11 -28% 38.6 289.1 222.0 30.6 13.8% -5.1% 1.3x 9.5x

Entercom Communications Corp. United States 14.20 -14% 576.7 1,033.4 454.7 108.4 23.8% 15.1% 2.3x 9.5x

Pandora Media, Inc. United States 13.00 -15% 3,033.4 3,113.0 1,328.4 (199.9) NM 21.2% 2.3x NM

Radio One, Inc. United States 3.00 -16% 142.4 1,088.0 452.0 121.8 26.9% 0.2% 2.4x 8.9x

Salem Media Group, Inc. United States 6.10 -25% 157.5 427.6 272.8 47.2 17.3% 3.9% 1.6x 9.1x

Sirius XM Holdings Inc. * United States 4.72 -2% 22,773.5 28,303.2 5,017.2 1,701.1 33.9% 9.8% 5.6x 16.6x

Spanish Broadcasting System, Inc. United States 0.00 #DIV/0! 7.8 410.5 142.8 38.2 26.7% -0.1% 2.9x 10.8x

Townsquare Media, Inc. United States 10.68 -8% 196.5 731.7 510.4 102.3 20.0% 21.0% 1.4x 7.2x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

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


AMC Networks Inc. United States $57.35 -20% $ 4,039.0 $ 6,496.9 $ 2,705.0 $ 864.0 31.9% 7.7% 2.4x 7.5x

Sky plc United Kingdom 12.58 -6% 21,506.1 31,529.5 15,627.5 2,338.5 15.0% 11.0% 2.0x 13.5x

CVC Limited Australia 1.41 -5% 168.5 178.3 110.6 26.7 24.1% 24.1% 1.6x 6.7x

CBS Corporation United States 64.49 -4% 27,760.1 36,538.1 14,442.0 3,352.0 23.2% 5.7% 2.5x 10.9x

Charter Communications, Inc. * United States 323.95 -5% 87,077.8 158,713.8 21,240.0 7,417.0 34.9% 121.2% 7.5x 21.4x

Comcast Corporation United States 75.42 -2% 179,122.5 238,772.5 80,403.0 26,417.0 32.9% 7.9% 3.0x 9.0x

Discovery Communications, Inc. United States 28.35 -5% 16,741.5 24,597.5 6,471.0 2,435.0 37.6% 0.7% 3.8x 10.1x

DISH Network Corporation United States 59.17 -6% 27,526.6 39,353.4 15,149.1 3,145.5 20.8% 1.2% 2.6x 12.5x

Entravision Communications Corporation United States 5.40 -35% 484.3 731.5 253.7 62.6 24.7% -0.1% 2.9x 11.7x

General Communication, Inc. United States 20.12 -6% 725.3 2,059.3 942.9 286.4 30.4% -2.4% 2.2x 7.2x

Gray Television, Inc. United States 11.85 -20% 847.6 2,372.9 744.3 273.8 36.8% 22.9% 3.2x 8.7x

Grupo Televisa, S.A.B. Mexico 4.48 -12% 13,070.7 17,628.4 4,853.8 1,759.4 36.2% 7.8% 3.6x 10.0x

Liberty Global plc United Kingdom 36.48 -8% 32,232.6 77,709.0 19,468.5 8,797.7 45.2% 6.4% 4.0x 8.8x

Nexstar Media Group, Inc. United States 65.40 -4% 3,073.8 5,507.8 1,045.6 360.1 34.4% 24.9% 5.3x 15.3x

Scripps Networks Interactive, Inc. United States 76.16 -2% 9,833.1 13,392.7 3,364.5 1,483.1 44.1% 18.7% 4.0x 9.0x

Sinclair Broadcast Group, Inc. United States 33.75 -3% 3,059.0 7,131.0 2,551.0 769.3 30.2% 14.9% 2.8x 9.3x

TEGNA Inc. United States 22.91 -10% 4,912.3 9,383.8 3,259.0 1,163.4 35.7% 12.3% 2.9x 8.1x

The E. W. Scripps Company * United States 19.48 -4% 1,614.9 1,923.2 875.2 87.0 9.9% 32.3% 2.2x 22.1x

Time Warner Inc. United States 96.85 -1% 74,683.9 96,876.9 28,506.0 8,170.0 28.7% -0.2% 3.4x 11.9x



Entertainment Media



Cineplex Inc. Canada $40.17 -2% $ 2,551.5 $ 2,884.3 $ 1,143.0 $ 189.1 16.5% 15.8% 2.5x 15.3x

Eros International Plc * United States 11.90 -40% 673.1 868.4 268.6 21.3 7.9% -20.5% 3.2x 40.8x

Lions Gate Entertainment Corp. United States 28.77 -1% 2,267.2 3,732.2 2,654.8 (32.0) NM 16.3% 1.4x NM

Live Nation Entertainment, Inc. United States 28.62 -1% 5,822.5 7,361.0 8,294.1 626.4 7.6% 17.1% 0.9x 11.8x

Twenty-First Century Fox, Inc. United States 31.38 -1% 57,924.9 74,532.9 27,755.0 6,691.0 24.1% 2.1% 2.7x 11.1x

Liberty Global plc United Kingdom 36.48 -8% 32,232.6 77,709.0 19,468.5 8,797.7 45.2% 6.4% 4.0x 8.8x

Village Roadshow Limited Australia 3.00 -44% 485.6 905.3 780.8 110.0 14.1% 7.4% 1.2x 8.2x

World Wrestling Entertainment, Inc. United States 19.58 -9% 1,496.0 1,471.3 700.4 73.1 10.4% 10.6% 2.1x 20.1x


LTM Multiples

LTM Multiples






Out-of-Home Media



AirMedia Group Inc. China $2.44 -57% $ 152.8 $ (59.6) $ (14.1) $ (86.6) NM #VALUE! 4.2x 0.7x

APG|SGA SA Switzerland 455.08 -3% 1,364.8 1,272.8 320.3 78.5 24.5% -1.5% 4.0x 16.2x

Clear Channel Outdoor Holdings, Inc. United States 4.95 -32% 1,782.0 6,688.8 2,748.0 652.6 23.7% -3.1% 2.4x 10.2x

Clear Media Limited Hong Kong 1.05 -3% 566.9 508.8 231.6 101.8 44.0% -2.0% 2.2x 5.0x

JCDecaux SA France 31.93 -26% 6,786.8 7,379.2 3,258.5 550.4 16.9% 12.0% 2.3x 13.4x

Lamar Advertising Company United States 75.52 -2% 7,349.8 9,692.3 1,469.5 614.5 41.8% 10.2% 6.6x 15.8x

Mood Media Corporation Canada 0.05 -77% 9.9 614.4 470.0 76.8 16.3% -1.5% 1.3x 8.0x

National CineMedia, Inc. United States 14.66 -9% 914.8 2,034.3 441.5 195.1 44.2% 1.9% 4.6x 10.4x

NTN Buzztime, Inc. United States 7.83 -35% 17.7 23.1 22.9 0.0 0.2% -7.7% 1.0x NM

TOM Group Limited * Hong Kong 0.24 -17% 942.6 1,278.1 147.0 9.6 6.5% -20.0% 8.7x 133.4x



Publishing



A.H. Belo Corporation United States $6.35 -20% $ 137.6 $ 61.9 $ 267.0 $ 5.9 2.2% -1.9% 0.2x 10.5x

Daily Mail and General Trust plc United Kingdom 8.71 -17% 2,894.1 3,971.3 2,496.6 327.4 13.1% 4.0% 1.6x 12.1x

Emmis Communications Corp. United States 3.11 -28% 38.6 289.1 222.0 30.6 13.8% -5.1% 1.3x 9.5x

Gannett Co., Inc. United States 9.62 -46% 1,121.8 1,390.0 2,919.8 332.4 11.4% -1.5% 0.5x 4.2x

Glacier Media Inc. Canada 0.58 -20% 63.2 117.7 154.9 12.2 7.9% -12.3% 0.8x 9.6x

John Wiley & Sons, Inc. United States 55.10 -6% 3,165.4 3,782.0 1,700.6 274.4 16.1% -3.6% 2.2x 13.8x

Meredith Corporation United States 61.30 -2% 2,666.9 3,298.0 1,701.1 357.9 21.0% 5.3% 1.9x 9.2x

News Corporation United States 12.29 -16% 7,219.8 6,333.8 8,243.0 655.0 7.9% 2.4% 0.8x 9.7x

Scholastic Corporation United States 45.78 -7% 1,578.9 1,143.3 1,785.6 142.5 8.0% 9.7% 0.6x 8.0x

The E. W. Scripps Company * United States 19.48 -4% 1,614.9 1,923.2 875.2 87.0 9.9% 32.3% 2.2x 22.1x

The McClatchy Company United States 11.54 -42% 87.4 995.5 1,000.7 141.8 14.2% -7.4% 1.0x 7.0x

The New York Times Company United States 13.50 -5% 2,174.8 1,859.7 1,555.3 194.4 12.5% -1.5% 1.2x 9.6x

Time Inc. United States 19.25 -6% 1,906.9 2,843.9 3,045.0 316.0 10.4% -2.4% 0.9x 9.0x





Software

Within the Software segment, more than $6.6 billion in reported value involved strategic transactions while $1.4 billion in

Venture/Growth Capital investments were announced

Healthcare and Security Software were the most active subsegments in January with 22 and 21 transactions announced, respectively


• Hyper-converged infrastructure developer SimpliVity’s sale to Hewlett Packard for $650 million

• The $425 million acquisition of project management tools developer Trello by Atlassian

• Enterprise web and video communications technology company Zoom Video Communications’ $100 million round of funding at a

reported valuation of $1 billion from Sequoia Capital, Emergence Capital, AME Cloud Ventures, and Qualcomm Ventures

• The $70 million round of funding raised by cybersecurity startup SentinelOne led by Redpoint Ventures with participation from

Sound Ventures, Third Point Ventures, Data Collective, and Granite Hill Capital Partners

• Cloud performance platform Turbonomic’s $50 million round of funding led by General Atlantic

*Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business has been excluded to limit comparative distortions

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

Healthcare 22 14% $1,740.4 21% 7 $1,553.5 2 - 13 $186.9

Security 21 13% 281.9 3% 5 19.0 1 50.0 15 212.9

Financial 20 13% 118.1 1% 7 20.0 0 - 13 98.1

HR 18 11% 129.2 2% 6 2.9 1 - 11 126.3

Collaboration 13 8% 569.6 7% 9 444.2 0 - 4 125.4

Cloud Computing 10 6% 180.7 2% 3 - 0 - 7 180.7

Other* 56 29% 4,919.2 60% 28 4,588 4 50 24 281.4

Total 160 100% 8,142.1 100% 65 6,627.4 8 100.0 87 1,414.7

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Apptio, Inc. United States 13.84 -44% $ 530.2 $ 407.8 $ 151.1 $ (27.6) NM 22.7% 2.7x NM

BlackLine, Inc. * United States 27.18 -7% 1,393.5 1,439.7 112.3 (17.8) NM 49.3% 12.8x NM

Coupa Software Incorporated United States 25.99 -38% 1,299.0 1,078.4 122.1 (39.2) NM 68.4% 8.8x NM

Ebix, Inc. United States 55.50 -12% 1,799.0 1,962.9 288.5 107.5 37.3% 12.7% 6.8x 18.3x

First Data Corporation United States 15.34 -5% 13,974.5 35,398.5 7,860.0 2,398.0 30.5% 1.8% 4.5x 14.8x

Fidessa group plc United Kingdom 28.90 -13% 1,109.2 1,025.1 409.4 69.7 17.0% 8.5% 2.5x 14.7x

Guidewire Software, Inc. * United States 52.33 -18% 3,846.8 3,316.5 436.3 17.9 4.1% 13.9% 7.6x 185.1x

Intuit Inc. United States 118.58 -2% 30,435.8 30,930.8 4,759.0 1,429.0 30.0% 10.9% 6.5x 21.6x

Management Consulting Group PLC United Kingdom 0.08 -76% 38.0 35.6 179.9 (2.1) NM 169.7% 0.2x NM

Model N, Inc. United States 8.80 -37% 247.3 181.2 107.0 (26.8) NM 14.1% 1.7x NM

Performant Financial Corporation United States 2.08 -49% 104.5 119.5 148.6 23.7 15.9% -6.0% 0.8x 5.1x

Q2 Holdings, Inc. United States 31.75 -5% 1,274.4 1,182.1 138.5 (21.9) NM 37.6% 8.5x NM

RealPage, Inc. United States 30.60 -3% 2,462.4 2,516.3 540.8 75.0 13.9% 19.8% 4.7x 33.5x

SS&C Technologies Holdings, Inc. United States 32.13 -6% 6,516.6 8,905.1 1,381.4 476.6 34.5% 53.5% 6.4x 18.7x

Tyler Technologies, Inc. United States 146.02 -17% 5,348.3 5,335.3 721.7 147.4 20.4% 29.0% 7.4x 36.2x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 11.71 -23% 2,167.4 3,741.5 1,470.1 132.5 9.0% 6.4% 2.5x 28.2x

athenahealth, Inc. United States 125.99 -12% 4,971.6 5,132.6 1,082.9 169.3 15.6% 17.1% 4.7x 30.3x

Cegedim SA France 28.07 -13% 392.2 627.7 491.9 48.8 9.9% 20.2% 1.3x 12.9x

Cerner Corporation United States 53.71 -20% 18,234.3 18,114.2 4,632.8 1,294.5 27.9% 12.9% 3.9x 14.0x

Civitas Solutions, Inc. United States 18.30 -21% 682.0 1,280.7 1,407.6 142.9 10.2% 3.0% 0.9x 9.0x

Computer Programs and Systems, Inc. United States 22.60 -61% 305.8 457.9 247.0 36.5 14.8% 34.1% 1.9x 12.6x

Cotiviti Holdings, Inc. United States 33.86 -7% 3,053.2 3,796.9 608.7 206.3 33.9% 18.7% 6.2x 18.4x

Craneware plc United Kingdom 16.31 -5% 439.6 393.5 49.8 15.2 30.5% 11.2% 7.9x 25.9x

HealthEquity, Inc. * United States 46.25 -6% 2,745.8 2,580.1 167.4 51.8 30.9% 44.6% 15.4x 49.8x

McKesson Corporation United States 139.15 -30% 29,507.1 37,667.1 196,498.0 4,624.0 2.4% 3.9% 0.2x 8.1x

Medidata Solutions, Inc. * United States 49.54 -14% 2,853.5 2,783.2 437.8 56.2 12.8% 14.3% 6.4x 49.6x

NantHealth, Inc. United States 8.14 -58% 986.9 1,023.8 96.7 (130.6) NM 102.2% 10.6x NM

Quality Systems, Inc. United States 15.01 -4% 937.2 938.2 505.2 61.2 12.1% 2.5% 1.9x 15.3x

Streamline Health Solutions, Inc. United States 1.47 -30% 28.3 40.8 27.0 (2.7) NM -5.2% 1.5x NM

Veeva Systems Inc. * United States 42.33 -12% 5,806.1 5,295.3 508.2 104.3 20.5% 33.0% 10.4x 50.8x



Financial & Credit/Risk Management Software





HR Software



51job, Inc. China $35.18 -4% $ 2,108.3 $ 1,446.8 $ 337.3 $ 97.6 28.9% 14.1% 4.3x 14.8x

Benefitfocus, Inc. United States 30.25 -33% 900.0 915.0 225.0 (27.5) NM 31.6% 4.1x NM

Castlight Health, Inc. United States 3.10 -44% 323.3 206.9 93.1 (62.9) NM 36.0% 2.2x NM

Cornerstone OnDemand, Inc. United States 40.69 -15% 2,286.2 2,285.0 410.0 (46.6) NM 28.0% 5.6x NM

DHI Group, Inc. United States 5.70 -33% 283.7 345.0 237.1 51.9 21.9% -9.7% 1.5x 6.6x

Paycom Software, Inc. United States 46.24 -13% 2,779.5 2,735.1 306.4 62.0 20.2% 50.5% 8.9x 44.1x

Paylocity Holding Corporation * United States 30.86 -38% 1,584.5 1,506.5 264.1 8.4 3.2% 40.8% 5.7x 179.6x

The Ultimate Software Group, Inc. United States 193.66 -14% 5,616.3 5,515.9 741.4 64.6 8.7% 27.2% 7.4x 85.4x

Workday, Inc. United States 83.09 -11% 16,701.1 15,314.8 1,456.2 (244.4) NM 36.7% 10.5x NM



Security Software



Absolute Software Corporation Canada $5.37 -18% $ 209.7 $ 177.4 $ 87.3 $ 11.3 12.9% -7.6% 2.0x 15.8x

AVG Technologies N.V. Netherlands 24.98 -29% 1,267.2 1,389.2 430.6 125.0 29.0% 6.8% 3.2x 11.1x

Check Point Software Technologies Ltd. Israel 98.77 -1% 17,275.0 15,902.1 1,741.3 864.8 49.7% 6.8% 9.1x 18.4x

Cisco Systems, Inc. United States 30.72 -4% 154,207.0 118,029.0 48,917.0 14,994.0 30.7% -1.4% 2.4x 7.9x

Cheetah Mobile Inc. China 9.88 -46% 1,407.5 1,315.8 660.1 34.6 5.2% 39.3% 2.0x 38.0x

CyberArk Software Ltd. Israel 53.06 -10% 1,781.2 1,528.7 203.7 39.2 19.3% 39.9% 7.5x 39.0x

FireEye, Inc. United States 13.55 -31% 2,318.4 2,125.1 714.1 (297.4) NM 14.6% 3.0x NM

Fortinet, Inc. * United States 33.26 -11% 5,755.3 4,724.9 1,275.4 95.5 7.5% 26.4% 3.7x 49.5x

Gemalto N.V. Netherlands 58.01 -20% 5,193.0 5,559.6 3,462.3 608.9 17.6% 10.1% 1.6x 9.1x

Imperva, Inc. United States 41.75 -27% 1,371.1 1,112.0 258.8 (59.1) NM 21.5% 4.3x NM

Juniper Networks, Inc. United States 26.78 -9% 10,185.1 9,733.3 4,990.1 1,119.0 22.4% 2.7% 2.0x 8.7x

Mimecast Limited United Kingdom 21.26 -14% 1,165.7 1,059.1 159.8 (0.6) NM 24.5% 6.6x NM

Mobileye N.V. * Israel 42.96 -16% 9,418.1 9,088.5 325.4 108.7 33.4% 55.9% 27.9x 83.6x

NQ Mobile Inc. China 3.81 -29% 366.4 348.7 375.8 0.6 0.2% 1.9% 0.9x NM

Palo Alto Networks, Inc. United States 147.56 -11% 13,529.2 12,645.4 1,479.4 (160.8) NM 43.2% 8.5x NM

Proofpoint, Inc. United States 80.16 -9% 3,448.1 3,418.0 375.5 (54.0) NM 41.5% 9.1x NM

SecureWorks Corp. United States 10.34 NA 834.1 723.3 404.6 (32.3) NM 27.7% 1.8x NM

Symantec Corporation United States 27.55 -1% 17,175.2 18,732.2 3,777.0 855.0 22.6% -38.9% 5.0x 21.9x

Trend Micro Incorporated Japan 38.88 -9% 5,330.8 4,204.0 1,233.9 389.5 31.6% 1.7% 3.4x 10.8x

VeriSign, Inc. United States 80.21 -13% 8,387.9 8,493.8 1,128.5 735.1 65.1% 8.2% 7.5x 11.6x


LTM Multiples

LTM Multiples






Engineering Software



Ansys, Inc. United States $93.26 -6% $ 8,069.8 $ 7,231.5 $ 969.5 $ 447.6 46.2% 2.5% 7.5x 16.2x

Autodesk, Inc. United States 81.34 -3% 18,102.7 17,623.7 2,200.5 (130.1) NM -12.7% 8.0x NM

AVEVA Group plc United Kingdom 23.97 -11% 1,532.6 1,376.2 265.4 67.6 25.5% -0.5% 5.2x 20.4x

Dassault Systèmes SE France 77.35 -10% 19,614.9 18,016.1 3,225.6 970.2 30.1% 7.6% 5.6x 18.6x



Infrastructure Software



Adobe Systems Incorporated United States $113.38 -1% $ 56,375.6 $ 53,516.4 $ 5,854.4 $ 1,823.6 31.1% 22.1% 9.1x 29.3x

Team Tankers International Ltd. United States 1.50 NM 281.4 280.6 284.7 50.3 17.7% -12.6% 1.0x 5.6x

CA, Inc. United States 31.27 -11% 13,065.8 12,326.8 4,033.0 1,283.0 31.8% -0.1% 3.1x 9.6x

Commvault Systems, Inc. * United States 49.10 -15% 2,223.9 1,786.7 637.2 17.2 2.7% 8.7% 2.8x 103.7x

Covisint Corporation United States 1.95 -21% 79.6 44.8 73.8 (10.7) NM -10.1% 0.6x NM

Endurance International Group Holdings, Inc. United States 7.70 -35% 1,089.6 3,080.5 1,012.1 198.4 19.6% 40.5% 3.0x 15.5x

First Data Corporation United States 15.34 -5% 13,974.5 35,398.5 7,860.0 2,398.0 30.5% 1.8% 4.5x 14.8x

Guidance Software, Inc. United States 7.26 -7% 233.8 226.7 108.7 (13.6) NM 1.0% 2.1x NM

Hortonworks Inc. United States 9.70 -26% 589.4 505.9 169.9 (236.3) NM 74.8% 3.0x NM

IBM Corporation United States 174.52 -3% 165,943.1 199,730.1 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x

Nutanix, Inc. United States 30.27 -35% 4,306.1 3,959.0 524.0 (234.9) NM 85.1% 7.6x NM


Oracle Corporation United States 40.11 -5% 164,545.3 161,049.3 37,236.0 14,602.0 39.2% -0.6% 4.3x 11.0x

salesforce.com, inc. * United States 79.10 -6% 53,716.4 55,031.3 7,907.4 534.2 6.8% 25.5% 7.0x 103.0x

Rapid7, Inc. United States 12.47 - 529.7 442.0 145.3 (52.8) NM 45.8% 3.0x NM

ServiceNow, Inc. * United States 90.62 -3% 15,043.9 14,652.4 1,390.5 (68.7) NM 38.3% 10.5x NM

Talend S.A. France 22.52 -35% 642.0 552.2 96.5 (25.3) NM 0.0% 5.7x NM

Twilio Inc. United States 28.83 -59% 2,511.9 2,259.7 246.7 (32.0) NM 72.2% 9.2x NM

Varonis Systems, Inc. United States 29.90 -7% 797.6 685.6 153.9 (14.6) NM 31.4% 4.5x NM





Information

The Information segment reported 19 transactions worth a reported $4.1 billion in value

Healthcare Information was the most active subsegment throughout the month with seven deals announced


• The acquisition of automotive services information company Autodata by Solera in a transaction valuing the company at $418

million

• Healthcare information sharing site PatientsLikeMe’s $100 million round of funding from iCarbonX and Invus

• Kleiner Perkins Caufield & Byers’ $90 million investment in Medicaid data platform Nuna

• RealPage’s acquisition of apartment market data company Axiometrics in a transaction valuing the company at $75 million

• Wilmington’s acquisition of UK-based healthcare sector information provider Health Service Journal from Ascential for $23.4 million

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

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

Healthcare Information 7 37% $250.2 6% 2 $38.4 0 - 5 $211.8

Financial Information 6 32% 75.0 2% 6 75.0 0 - 0 -

Credit/Risk Management Information 2 11% 417.9 10% 1 417.9 0 - 1 -

HR Information 2 11% 3,319.4 82% 1 3,311.9 0 - 1 7.5

Geo-Demo Information 1 5% - 0% 1 - 0 - 0 -

Product/Price Information 1 5% - 0% 0 - 1 - 0 -

Total 19 100% 4,062.5 100% 11 3,843.2 1 0.0 7 219.3

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

Company Name Headquarters 01/31/17 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Broadridge Financial Solutions, Inc. United States $66.53 -7% $ 7,922.2 $ 8,820.6 $ 227.5 $ 1,125.9 $ 3,197.6 $ 629.0 19.7% 17.0% 2.8x 14.0x

Computershare Limited Australia 9.77 -2% 5,337.8 6,690.5 547.3 1,863.3 1,964.4 428.8 21.8% -0.3% 3.4x 15.6x

CoreLogic, Inc. United States 35.27 -19% 3,046.2 4,568.7 100.8 1,623.4 1,868.5 390.0 20.9% 26.0% 2.4x 11.7x

CoStar Group, Inc. * United States 202.10 -10% 6,587.1 6,401.4 523.3 337.5 812.3 206.5 25.4% 20.4% 7.9x 31.0x

DST Systems, Inc. United States 115.15 -11% 3,684.8 4,018.8 195.5 508.2 1,556.7 354.1 22.7% -44.9% 2.6x 11.3x

The Dun & Bradstreet Corporation United States 122.62 -13% 4,510.4 5,802.6 327.3 1,606.4 1,685.9 424.5 25.2% 5.2% 3.4x 13.7x

Envestnet, Inc. * United States 37.80 -9% 1,627.4 1,868.0 50.7 290.9 541.1 46.9 8.7% 35.5% 3.5x 39.8x

Equifax Inc. United States 117.28 -14% 14,045.6 16,818.4 111.5 2,843.0 3,010.1 1,035.9 34.4% 14.8% 5.6x 16.2x

Experian plc Ireland 19.21 -5% 17,881.9 20,946.1 166.0 3,327.0 4,607.0 1,401.0 30.4% -0.5% 4.5x 15.0x

FactSet Research Systems Inc. United States 173.05 -6% 6,846.9 7,017.7 194.2 365.0 1,144.7 402.4 35.2% 10.6% 6.1x 17.4x

Fair Isaac Corporation United States 123.30 -7% 3,829.6 4,362.1 88.1 620.7 900.9 206.9 23.0% 6.1% 4.8x 21.1x

Fidelity National Information Services, Inc. United States 79.42 -3% 26,068.0 36,251.0 701.0 10,789.0 8,669.2 2,199.2 25.4% 35.2% 4.2x 16.5x

Financial Engines, Inc. * United States 38.55 -4% 2,386.6 2,267.8 118.8 - 389.4 69.5 17.9% 27.5% 5.8x 32.6x

Moody's Corporation United States 103.67 -6% 19,821.7 21,388.5 2,057.9 3,418.1 3,528.0 1,579.7 44.8% 0.9% 6.1x 13.5x

Morningstar, Inc. United States 76.15 -15% 3,278.9 3,074.1 265.1 60.0 788.0 249.6 31.7% 0.6% 3.9x 12.3x

MSCI Inc. United States 82.75 -9% 7,788.8 8,889.2 974.1 2,074.5 1,150.7 569.5 49.5% 7.0% 7.7x 15.6x

Reis, Inc. United States 20.00 -25% 226.0 200.9 25.2 - 50.2 13.3 26.5% 5.8% 4.0x 15.1x

SEI Investments Co. United States 48.51 -8% 7,714.6 7,018.9 695.7 - 1,401.5 402.0 28.7% 5.0% 5.0x 17.5x

Thomson Reuters Corporation United States 44.73 -3% 32,535.3 41,595.0 956.0 9,476.0 12,145.0 2,560.0 21.1% 4.9% 3.4x 16.2x

Verisk Analytics, Inc. United States 82.64 -4% 13,838.1 15,956.2 168.2 2,286.3 2,273.8 1,033.2 45.4% 30.1% 7.0x 15.4x

Workiva Inc. United States 12.60 -34% 519.3 487.0 53.8 21.5 172.2 (44.0) NM 27.0% 2.8x NM



Marketing Information



Acxiom Corporation United States $26.10 -14% $ 2,030.0 $ 2,129.0 $ 137.9 $ 236.8 $ 880.0 $ 91.0 10.3% 5.9% 2.4x 23.4x

Alliance Data Systems Corporation United States 228.38 -6% 13,191.0 32,280.5 1,859.2 20,948.7 7,138.1 1,567.3 22.0% 10.8% 4.5x 20.6x

Brainjuicer Group Plc United Kingdom 9.36 -9% 114.4 107.9 6.9 - 35.4 7.3 20.7% 6.2% 3.0x 14.7x

Cello Group Plc United Kingdom 1.21 -16% 105.7 111.7 5.3 11.7 214.2 8.2 3.8% -4.4% 0.5x 13.7x

comScore, Inc. * United States 33.55 -23% 1,918.3 1,804.3 147.0 33.0 368.8 37.1 10.1% 12.1% 4.9x 48.6x

Ebiquity plc * United Kingdom 1.29 -27% 94.0 130.5 12.9 55.2 95.8 0.7 0.8% 0.0% 1.4x 175.5x

GfK SE Germany 46.99 -2% 1,715.5 2,064.2 199.9 545.7 1,688.1 55.6 3.3% -1.0% 1.2x 37.1x

Harte Hanks, Inc. United States 1.56 -58% 96.1 150.4 6.9 61.2 462.3 12.8 2.8% -2.4% 0.3x 11.8x

InnerWorkings, Inc. United States 9.61 -7% 516.8 629.7 20.8 133.7 1,090.6 41.9 3.8% 8.4% 0.6x 15.0x

Intage Holdings Inc. Japan 18.62 -4% 371.8 314.0 98.7 32.8 460.0 55.3 12.0% 3.7% 0.7x 5.7x

Ipsos SA France 33.09 -4% 1,379.2 1,951.0 140.7 706.3 1,983.4 230.4 11.6% 2.3% 1.0x 8.5x

NeuStar, Inc. United States 33.20 -1% 1,822.2 2,688.8 45.8 808.1 1,209.8 475.8 39.3% 15.2% 2.2x 5.7x

Nielsen Holdings plc United States 40.91 -27% 14,622.5 22,334.5 446.0 7,969.0 6,277.0 1,559.0 24.8% 1.6% 3.6x 14.3x

Onvia, Inc. United States 4.50 -14% 32.1 24.5 7.6 0.0 24.2 0.7 2.9% 3.6% 1.0x 34.8x

Pearson plc United Kingdom 7.78 -37% 6,343.1 8,390.3 1,344.1 3,505.7 5,765.8 817.6 14.2% -3.4% 1.5x 10.3x

YouGov plc United Kingdom 3.26 -2% 340.2 320.7 20.7 - 117.1 11.2 9.6% 15.9% 2.7x 28.5x



Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Other Information



Centaur Media plc United Kingdom $0.64 -23% $ 92.3 $ 110.1 $ 3.9 $ 22.6 $ 97.8 $ 11.7 12.0% 10.8% 1.1x 9.4x

CEB Inc. United States 76.45 -1% 2,464.8 3,215.2 135.8 886.3 938.6 194.0 20.7% 1.4% 3.4x 16.6x

Cogint, Inc. United States 3.85 -39% 205.4 244.9 10.4 49.9 143.5 (47.9) NM 0.0% 1.7x NM

Forrester Research Inc. United States 40.80 -8% 743.3 610.1 133.2 - 323.6 35.6 11.0% 3.3% 1.9x 17.1x

Gartner, Inc. * United States 99.36 -6% 8,208.1 8,493.7 465.7 751.3 2,444.5 409.1 16.7% 13.0% 3.5x 20.8x

IHS Markit Ltd. * United Kingdom 39.45 -1% 16,003.2 19,323.9 138.9 3,401.9 2,734.8 764.2 27.9% 25.2% 7.1x 25.3x

Informa plc United Kingdom 8.19 -14% 6,747.1 8,075.8 68.3 1,471.3 1,650.0 511.7 31.0% 4.6% 4.9x 15.8x

National Research Corporation United States 40.00 -14% 506.4 481.5 28.9 4.0 107.4 34.2 31.9% 6.2% 4.5x 14.1x

NIC Inc. United States 24.10 -7% 1,590.1 1,438.7 127.0 - 317.9 84.6 26.6% 8.7% 4.5x 17.0x

Premier, Inc. United States 31.86 -9% 1,612.3 1,475.4 156.0 19.1 1,205.0 375.5 31.2% 14.9% 1.2x 3.9x

Proofpoint, Inc. * United States 80.16 -9% 3,448.1 3,418.0 396.8 366.7 375.5 (54.0) NM 41.5% 9.1x NM

Reed Elsevier plc(1) United Kingdom 17.88 -6% 36,415.4 42,251.5 280.5 6,405.3 8,327.6 2,484.7 29.8% 6.3% 5.1x 17.0x

Tarsus Group plc Ireland 3.31 -9% 371.9 445.2 11.6 84.4 106.2 36.2 34.1% 40.7% 4.2x 12.3x

TechTarget, Inc. United States 8.81 -5% 245.1 252.6 42.2 49.7 109.4 14.5 13.2% -3.3% 2.3x 17.5x

The Advisory Board Company United States 45.50 -11% 1,826.7 2,336.9 55.1 565.3 804.5 116.4 14.5% 12.8% 2.9x 20.1x

UBM plc United Kingdom 8.85 -6% 3,484.3 3,568.2 642.9 691.8 1,061.0 285.0 26.9% 47.4% 3.4x 12.5x

Wolters Kluwer N.V. Netherlands 38.15 -9% 10,903.0 12,898.3 875.1 2,923.0 4,703.2 1,251.6 26.6% 7.0% 2.7x 10.3x


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



Business Services

The Business Services segment reported 46 transactions in January worth nearly $5.5 billion in value

The IT Consulting/Systems Integration subsegment accounted for 52 percent of segments total activity with 24 transactions


• WestRock Corporation’s acquisition of Multi Packaging Solutions in a transaction valuing the company at $2.3 billion, including $873

million in debt

• The controlling stake taken in IT outsourcing firm GlobalLogic by Canada Pension Plan Investment Board from Apax Partners in a

transaction valuing the company at a reported $1.5 billion

• Veritas Capital’s acquisition of Harris Corporation’s government IT services business for $690 million

• The acquisition of Pediatric Services of America by Bain Capital-owned Epic Health Services for a reported $300 million

• Accenture’s acquisition of Germany-based consulting and integration company solid service

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

IT Consulting 24 52% $1,462.1 27% 19 $52.1 2 $1,410.0 3 -

BPO 4 9% 978.5 18% 2 40.0 1 938.5 1 -

Corporate Training 4 9% 24.7 0% 1 - 0 - 3 24.7

Printing Services 3 7% 2,256.6 41% 2 2,256.6 1 - 0 -

Staffing 3 7% - 0% 3 - 0 - 0 -

HR Consulting 2 4% - 0% 1 - 0 - 1 -

Logistics 2 4% 428.5 8% 1 428.5 1 - 0 -

Other* 4 9% 300.0 6% 2 300.0 0 0.0 2 0.0

Total 46 100% 5,450.4 100% 31 3,077.2 5 2,348.5 10 24.7

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 113.87 -9% $ 70,898.9 $ 67,463.7 $ 4,079.6 $ 27.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 2.0x 11.9x

CRA International, Inc. United States 33.23 -11% 274.9 250.4 25.2 - 317.7 25.1 7.9% 2.6% 0.8x 10.0x

FTI Consulting, Inc. United States 42.14 -11% 1,752.9 1,998.1 225.2 470.3 1,810.7 202.1 11.2% 2.8% 1.1x 9.9x

Information Services Group, Inc. United States 3.30 -24% 118.1 158.9 19.1 58.8 216.1 15.9 7.4% 3.6% 0.7x 10.0x

Navigant Consulting, Inc. United States 24.70 -11% 1,162.4 1,316.6 7.0 161.2 911.1 138.0 15.2% 10.9% 1.4x 9.5x

ICF International, Inc. United States 52.00 -13% 985.8 1,257.3 9.6 281.2 1,176.3 110.0 9.3% 4.3% 1.1x 11.4x

Huron Consulting Group Inc. United States 45.30 -30% 943.1 1,260.0 9.1 326.1 733.2 152.6 20.8% 40.1% 1.7x 8.3x

The Hackett Group, Inc. * United States 16.25 -11% 464.0 462.2 14.4 12.6 257.2 36.3 14.1% 12.4% 1.8x 12.7x



HR Services



Automatic Data Processing, Inc. United States 100.99 -3% $ 45,564.0 $ 44,754.1 $ 2,746.2 $ 2,002.5 $ 12,051.0 $ 2,733.1 22.7% 7.2% 3.7x 16.4x

Barrett Business Services, Inc. United States 60.11 -10% 435.4 412.3 27.8 4.7 813.2 36.2 4.4% 12.6% 0.5x 11.4x

Capita plc United Kingdom 6.29 -56% 4,185.4 6,869.3 1,328.1 4,070.5 6,618.0 1,008.6 15.2% 8.3% 1.0x 6.8x

DHI Group, Inc. United States 5.70 -33% 283.7 345.0 29.4 90.7 237.1 51.9 21.9% -9.7% 1.5x 6.6x

Edenred SA France 21.76 -10% 5,037.5 6,341.0 970.6 2,241.1 1,100.6 357.6 32.5% -2.0% 5.8x 17.7x

Insperity, Inc. United States 71.50 -13% 1,521.3 1,400.3 225.4 104.4 2,862.3 115.2 4.0% 12.3% 0.5x 12.2x

Marsh & McLennan Companies, Inc. United States 68.02 -3% 35,070.7 38,521.7 1,026.0 4,807.0 13,211.0 3,104.0 23.5% 2.5% 2.9x 12.4x

Paychex, Inc. United States 60.29 -3% 21,634.7 21,444.8 293.0 103.1 3,063.4 1,310.5 42.8% 7.8% 7.0x 16.4x

Professional Diversity Network, Inc. United States 9.87 -18% 35.8 36.5 0.5 1.3 29.2 (3.0) NM -22.9% 1.3x NM

TriNet Group, Inc. United States 25.43 -5% 1,750.3 2,057.9 160.6 468.1 2,974.9 144.0 4.8% 17.3% 0.7x 14.3x

WageWorks, Inc. * United States 72.15 -4% 2,643.8 2,056.0 666.6 78.9 346.8 64.5 18.6% 5.2% 5.9x 31.9x







IT Consulting



Accenture plc Ireland 113.87 -9% $ 70,898.9 $ 67,463.7 $ 4,079.6 $ 27.3 $ 33,385.1 $ 5,655.7 16.9% 7.1% 2.0x 11.9x

Amdocs Limited United States 58.71 -4% 8,617.9 7,722.1 940.3 - 3,751.5 703.4 18.8% 2.5% 2.1x 11.0x

Ausy SA France 59.30 -4% 326.0 431.4 53.6 162.7 483.9 42.0 8.7% 16.7% 0.9x 10.3x

Bechtle AG Germany 101.24 -11% 2,126.1 2,040.2 158.8 69.4 3,366.4 183.3 5.4% 8.3% 0.6x 11.1x

Booz Allen Hamilton Holding Corporation United States 33.82 -12% 5,071.4 6,285.8 349.6 1,564.0 5,646.5 518.1 9.2% 6.1% 1.1x 12.1x

Business & Decision SA * France 8.35 -2% 65.8 96.3 11.8 42.9 254.3 4.3 NA 4.2% 0.4x 22.6x

Cap Gemini S.A. France 81.33 -16% 13,523.8 16,127.6 1,652.5 4,304.5 13,953.0 1,715.8 12.3% 13.4% 1.2x 9.4x

Cerner Corporation * United States 53.71 -20% 18,234.3 18,114.2 692.7 572.5 4,632.8 1,294.5 27.9% 12.9% 3.9x 14.0x

CGI Group Inc. Canada 47.98 -7% 14,220.2 15,263.5 233.7 1,369.3 7,947.5 1,352.8 17.0% 2.4% 1.9x 11.3x

Cognizant Technology Solutions Corporation United States 52.59 -17% 31,906.4 27,944.4 4,858.6 896.6 13,257.6 2,648.1 20.0% 11.2% 2.1x 10.6x

Computer Sciences Corporation United States 62.20 -12% 8,758.7 11,291.7 1,111.0 2,923.0 7,525.0 755.0 10.0% 4.4% 1.5x 15.0x

Digi International Inc. United States 13.05 -8% 343.5 210.4 133.1 - 197.9 20.4 10.3% -4.3% 1.1x 10.3x

Globant S.A. * Luxembourg 33.15 -30% 1,143.7 1,088.6 55.4 0.3 307.2 55.6 18.1% 29.4% 3.5x 19.6x

International Business Machines Corporation United States 174.52 -3% 165,943.1 199,730.1 8,527.0 42,168.0 79,919.0 17,486.0 21.9% -2.2% 2.5x 11.4x

Infosys Limited India 13.76 -28% 31,441.5 26,927.3 4,487.0 - 10,085.0 2,787.0 27.6% 9.5% 2.7x 9.7x

ITS Group France 7.60 -7% 58.1 60.9 10.7 13.4 212.2 8.1 3.8% 1.7% 0.3x 7.5x

NCI, Inc. United States 12.70 -17% 171.9 171.6 0.2 - 329.3 29.2 8.9% 1.8% 0.5x 5.9x

NTT Data Corporation Japan 50.54 -10% 14,175.5 14,871.4 3,397.6 3,889.4 16,305.1 2,604.8 16.0% 5.9% 0.9x 5.7x

Perficient, Inc. United States 17.73 -22% 639.3 657.0 10.2 28.0 481.9 54.6 11.3% 7.0% 1.4x 12.0x

Reply S.p.A. Italy 128.41 -13% 1,200.9 1,176.7 84.3 59.7 846.5 109.8 13.0% 11.4% 1.4x 10.7x

SQLi France 43.60 -5% 161.1 164.2 11.1 14.3 205.9 14.9 7.2% 7.3% 0.8x 11.0x

Tata Consultancy Services Limited India 33.03 -19% 65,086.4 59,418.7 5,723.2 37.5 17,194.0 4,710.5 27.4% 11.8% 3.5x 12.6x

Wipro Limited India 6.77 -25% 16,366.8 13,807.5 4,881.9 2,301.8 8,052.0 1,606.6 20.0% 9.9% 1.7x 8.6x






Outsourced Services



AMREP Corporation United States $7.04 -14% $ 56.9 $ 48.6 $ 11.9 $ 3.7 $ 43.0 $ (1.8) NM -2.0% 1.1x NM

Broadridge Financial Solutions, Inc. United States $66.53 -7% $ 7,922.2 $ 8,820.6 $ 227.5 $ 1,125.9 $ 3,197.6 $ 629.0 19.7% 17.0% 2.8x 14.0x

Cenveo, Inc. United States 6.90 -34% 59.0 1,098.2 4.9 1,044.1 1,721.7 143.4 8.3% 0.3% 0.6x 7.7x

Communisis plc United Kingdom 0.58 -7% 120.7 153.2 45.2 79.6 471.4 33.1 7.0% 1.8% 0.3x 4.6x

Contax Participações S.A. * Brazil 2.88 -50% 11.9 347.1 182.6 508.0 877.5 3.0 0.3% 4.0% 0.4x 115.5x

Convergys Corporation United States 24.82 -20% 2,367.1 2,525.5 141.4 299.8 2,907.4 391.5 13.5% -1.9% 0.9x 6.5x

CSG Systems International, Inc. United States 48.40 -6% 1,562.4 1,701.6 276.5 416.3 761.0 172.0 22.6% 1.1% 2.2x 9.9x

Elanders AB (publ) Sweden 12.02 -11% 425.1 679.1 71.7 316.6 692.4 56.7 8.2% 48.4% 1.0x 12.0x

Eniro AB Sweden 0.03 -72% 16.6 212.2 7.0 201.7 241.2 52.4 21.7% -19.9% 0.9x 4.0x

Exlservice Holdings, Inc. * United States 45.95 -16% 1,539.7 1,371.3 214.0 45.5 674.6 101.5 15.0% 12.8% 2.0x 13.5x

Firstsource Solutions Limited India 0.59 -26% 398.8 475.3 53.2 129.1 517.4 65.4 12.6% 13.9% 0.9x 7.3x

Genpact Limited * Bermuda 24.68 -13% 4,954.7 5,401.7 421.0 865.9 2,535.5 403.7 15.9% 4.9% 2.1x 13.4x

InnerWorkings, Inc. United States 9.61 -7% 516.8 629.7 20.8 133.7 1,090.6 41.9 3.8% 8.4% 0.6x 15.0x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 58.85 -11% 1,952.1 1,872.5 80.2 0.5 715.7 97.4 13.6% 20.7% 2.6x 19.2x

MAXIMUS, Inc. * United States 55.14 -11% 3,571.8 3,675.3 66.2 165.6 2,403.4 345.3 14.4% 14.5% 1.5x 10.6x

Quad/Graphics, Inc. United States 26.19 -11% 1,337.0 2,505.1 11.5 1,179.6 4,525.4 494.1 10.9% -3.9% 0.6x 5.1x

Quintiles IMS Holdings, Inc. * United States 78.49 -4% 19,322.8 20,754.5 1,249.6 2,449.8 4,540.1 848.6 18.7% 6.5% 4.6x 24.5x

R.R. Donnelley & Sons Company United States 17.15 -71% 1,197.1 4,690.2 411.8 3,890.9 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.6x

Serco Group plc United Kingdom 1.81 -4% 1,968.9 2,150.5 221.0 411.1 4,064.8 162.9 4.0% -3.9% 0.5x 13.2x

St Ives plc United Kingdom 0.92 -70% 131.0 232.5 15.7 123.0 488.0 46.0 9.4% 6.7% 0.5x 5.1x

StarTek, Inc. United States 8.66 -6% 136.4 167.3 0.8 31.7 312.3 16.6 5.3% 18.3% 0.5x 10.1x

SYNNEX Corporation United States 120.18 -7% 4,780.6 5,369.0 385.8 974.2 14,061.8 515.5 3.7% 5.4% 0.4x 10.4x

Sykes Enterprises, Incorporated United States 27.93 -11% 1,185.0 1,173.7 283.3 272.0 1,408.2 164.4 11.7% 8.4% 0.8x 7.1x

Teleperformance SE * France 106.95 -3% 6,055.1 6,404.7 327.6 678.5 3,808.1 518.3 13.6% 8.1% 1.7x 12.4x

TeleTech Holdings, Inc. United States 29.60 -7% 1,375.8 1,451.0 61.3 129.2 1,272.1 155.4 12.2% -0.9% 1.1x 9.3x

transcosmos inc. Japan 26.25 -9% 1,088.9 992.7 254.0 130.7 2,030.8 99.9 4.9% 8.8% 0.5x 9.9x

Transcontinental Inc. Canada 16.62 -7% 1,284.6 1,538.7 12.5 259.8 1,507.3 295.1 19.6% 0.9% 1.0x 5.2x

Cimpress N.V. * Netherlands 84.39 -19% 2,624.4 3,651.1 49.6 1,034.1 1,936.6 146.7 7.6% 21.6% 1.9x 24.9x

West Corporation * United States 24.27 -6% 2,020.5 5,070.2 183.1 3,169.7 2,292.0 638.5 27.9% 0.5% 2.2x 7.9x

Xchanging Solutions Limited * India 0.75 -53% 83.9 68.1 16.3 0.2 42.2 4.1 9.8% -2.6% 1.6x 16.5x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 2.9x 2.3x 6.0x 1.9x

Internationally-based Digital Media and Internet 5.2x 2.4x 6.4x 2.0x

US-based eCommerce 2.7x 1.9x 3.9x 1.8x

Internationally-based eCommerce 3.2x 1.4x 9.8x 1.6x

US-based Digital Advertising 2.6x 1.5x 7.7x 1.9x

Internationally-based Digital Advertising 3.3x 1.9x 7.1x 1.8x

US-based Marketing Technology 3.4x 3.0x 4.4x 2.8x

Internationally-based Marketing Technology 4.7x 4.3x 5.2x 5.2x

Agency 1.2x 1.3x 1.7x 1.7x

Marketing Services 1.8x 1.7x 3.0x 2.8x

Traditional Media 2.7x 2.3x 3.8x 3.1x

Software 4.8x 4.3x 4.6x 4.5x

Information 4.1x 3.5x 5.6x 5.5x

Business Services 1.3x 0.9x 2.4x 2.0x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 01/31/17

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 12.7x 13.1x 14.2x 10.9x

Internationally-based Digital Media and Internet 17.5x 12.2x 19.9x 12.3x

US-based eCommerce 16.4x 14.9x 17.2x 12.0x

Internationally-based eCommerce 19.3x 13.1x 26.7x 10.0x

US-based Digital Advertising 27.4x 15.5x 21.1x 11.3x

Internationally-based Digital Advertising 12.4x 10.5x 12.9x 11.3x

US-based Marketing Technology 30.4x 18.0x 23.0x 12.9x

Internationally-based Marketing Technology 24.5x 16.3x 15.8x 16.3x

Agency 9.7x 9.8x 11.0x 9.7x

Marketing Services 11.9x 10.6x 14.8x 13.3x

Traditional Media 13.3x 10.1x 12.6x 12.5x

Software 33.1x 18.3x 19.5x 13.9x

Information 22.6x 16.2x 21.4x 21.6x

Business Services 12.4x 10.0x 12.5x 12.3x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 01/31/17

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 1/31/2017

LTM Index Performance • S&P 500 – 17.5 % • Digital Media/Commerce – 22.8 %

• Traditional Media – 19.6 %

LTM Index Performance • S&P 500 – 17.5 %

• Marketing Technology – 21.5 %

LTM Index Performance • S&P 500 – 17.5 % • Digital Advertising – 9.7 %


• Agency – 5.7%

• Marketing Services – 18.2 %

Digital Media/Commerce and Traditional Media

Software



• Software – 19.6 %

Agency & Marketing Services

Information & Business Services LTM Index Performance • S&P 500 – 17.5 %

• Information – 14.2 %

• Business Services – 16.8 %

80%

95%

110%

125%

140%

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

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

AppDynamics , Inc. Software Cisco Systems, Inc. 3,902.9$ CEB, Inc. Information Gartner, Inc. 3,311.9 Multi Packaging Solutions , Inc. Bus iness Services WestRock Company 2,256.6 CoverMyMeds LLC Software McKesson Corporation 1,400.0 Simpl iVi ty Corporation Software HP, Inc. 650.0 Tian Tian Express Bus iness Services Suning Commerce Group Co., Ltd. 428.5 Trel lo, Inc. Software Atlass ian, Inc. 425.0 Autodata Limited Information Solera Networks 417.9 Pediatric Services of America, Inc. Bus iness Services Epic Health Services , Inc. 300.0 AB Groupe S.A. Traditional Media Mediawan S.A. 288.8 Fi rs t Manhattan Consulting Group Agency & Marketing Services Deluxe Enterprise Operations 200.0 Tida l Mus ic AS Digi ta l Media/Commerce Sprint Corporation 200.0 Ji ff, Inc. Software Castl ight Health, Inc. 153.5 Avention, Inc. Marketing Technology Dun & Bradstreet, Inc. 150.0 Sharper Image Corporation Digi ta l Media/Commerce ThreeSixty Group 100.0 Axiometrics , Inc. Information RealPage, Inc. 75.0 Rounds Enterta inment Ltd. Digi ta l Media/Commerce Kik Interactive, Inc. 70.0 Shoebuy.com, Inc. Digi ta l Media/Commerce WalMart Stores , Inc. 70.0 Shareasale.Com, Inc. Digi ta l Advertis ing Affi l iate Window Ltd. 45.0 Taxibeat Ltd. Digi ta l Media/Commerce Daimler AG 43.0 Denal i Sourcing Services , Inc. Bus iness Services WNS Holdings Ltd. 40.0 CynergisTek, Inc. Bus iness Services Auxi l io, Inc. 34.0 ReviewPro Marketing Technology Shi ji 33.9 Fredhopper BV Marketing Technology ATTRAQT Group PLC 31.3 IDV Solutions LLC Software Everbridge, Inc. 27.4 Health Service Journal Information Wilmington plc 23.4 Nasty Gal , Inc. Digi ta l Media/Commerce boohoo.com plc 20.0 Babel Systems Limited Software InvestCloud, Inc. 20.0 Omtool Ltd. Software Upland Software, Inc. 19.2 harvest.a i Software Amazon Web Services 19.0 Al taVoice Information Invitae Corporation 15.0 teamix GmbH Bus iness Services ProAct IT Group AB 9.4 GreedyRates .ca , Inc. Digi ta l Advertis ing XLMedia PLC 9.3 InfoSERVER S.A. Bus iness Services Wipro Limited 8.7 Certon Software, Inc. Software Cyient Limited 7.5 Corporate Payrol , Inc. Software Asure Software, Inc. 2.9




StrategicUndisclosed

Atti tude Des ign Ltd. Agency & Marketing Services Fi fteen Des ign Limited -$

blue-infini ty S.A. Agency & Marketing Services Dentsu Aegis Network, Inc. -

Bri l l iant Experience Agency & Marketing Services 10Pearls LLC -

Cartera Commerce, Inc. Agency & Marketing Services Ebates , Inc. -

Chase Communications Agency & Marketing Services Levick Strategic Communications -

Engage PR Agency & Marketing Services Connect2 Communications -

Fetching Communications Agency & Marketing Services French/West/Vaughan -

Fight Time Promotions LLC Agency & Marketing Services Al l iance MMA, Inc. -

flok Ltd. Agency & Marketing Services Wix.com, Inc. -

GoFanbase, Inc. Agency & Marketing Services Friendemic, Inc. -

Harlow-HRK Sa les & Marketing, Inc. Agency & Marketing Services Impact Sa les , Inc. -

Hint.i s Agency & Marketing Services DEG Digi ta l -

KINETiQ DIGITAL Agency & Marketing Services Robots and Penci ls , Inc. -

LOI Marketing Agency & Marketing Services thumbprint -

Marketing Source Agency & Marketing Services Equiniti Group plc -

MediaCom India Agency & Marketing Services WPP Group -

Neccentric Softsmart 2.0 Agency & Marketing Services Telecorp, Inc. -

Nerd Platoon Agency & Marketing Services Qode Media, Inc. -

Performance Marketing, Inc. Agency & Marketing Services KeyImpact Sa les & Systems, Inc. -

Pmweb Agency & Marketing Services WPP Group -

SESAC, Inc. Agency & Marketing Services The Blackstone Group L.P. -

Shufflebox Productions LLC Agency & Marketing Services Weidenhammer Systems Corporation -

Socha Dev, Inc. Agency & Marketing Services Taoti Creative, Inc. -

Stream Digi ta l Agency & Marketing Services The Shipyard, LLC -

TheNewsMarket.com Agency & Marketing Services DMA Media Limited -

Vick & Associates , Inc. Agency & Marketing Services Dressander|BHC, Inc. -

Zencard Sp. z o.o. Agency & Marketing Services PKO Bank Polski -

Al tea Consei l SASU Bus iness Services Consort NT SA -

Al ti tude, Inc. Bus iness Services Accenture plc -

Coders Center sp. z o.o. Bus iness Services SoftServe, Inc. -

Des ign Campus, Inc. Bus iness Services Kabuni Technologies , Inc. -

DSM Computing Solutions , Inc. Bus iness Services Apogee IT Services , Inc. -

Enl ighten IT Consulting, Inc. Bus iness Services MacAulay-Brown, Inc. -

Es tia Consei l Bus iness Services Consort NT SA -

Fluidtime Data Services GmbH Bus iness Services Kapsch TrafficCom AG -

G2S Global Bus iness Services Liberty Advisor Group LLC -

Healthcare Data Solutions Bus iness Services Aprima Medica l Software, Inc. -

Independent Printing Co., Inc. Bus iness Services Ennis , Inc. -





Kerr Consulting Bus iness Services Proviso Capita l -$

Medica l Staffing Options Bus iness Services Health Carousel LLC -

MSX International , Inc. Bus iness Services Bain Capita l Ventures -

Navantis , Inc. Bus iness Services Datavai l Corporation -

SEAL Consulting, Inc. Bus iness Services CenturyLink, Inc. -

sol id serVis ion Bus iness Services Accenture plc -

The App Geeks Bus iness Services Appit Ventures - The Cheyenne Group Bus iness Services SRi - The Kemtah Group, Inc. Bus iness Services Belcan Corporation - The Marcus Buckingham Company Bus iness Services Automatic Data Process ing, Inc. - Trini ty Healthcare Staffing Group, Inc. Bus iness Services Travel Nurse across America LLC - True North Service, Inc. Bus iness Services LogiGear Corporation - Uni fied ConneXions , Inc. Bus iness Services Sphere 3D Corporation - Adelphic, Inc. Digi ta l Advertis ing Viant - BudgetPlaces .com Digita l Advertis ing eDreams ODIGEO - ClassesUSA, Inc. Digi ta l Advertis ing Quicken Loans , Inc. - Edo Interactive, Inc. Digi ta l Advertis ing Augeo Affini ty Marketing - LowerMyBi l l s .com Digita l Advertis ing Quicken Loans , Inc. - Pers io, Inc. Digi ta l Advertis ing Clutch Holdings LLC - Promio, Inc. Digi ta l Advertis ing Surefi re Socia l - Qology Direct Digi ta l Advertis ing Centerfield Media - Sl idejoy, Inc. Digi ta l Advertis ing Buzzvi l - TradeMob GmbH Digi ta l Advertis ing Adikteev - ArtLis t Digi ta l Media/Commerce Artnet Worldwide Corporation - Barbora Digi ta l Media/Commerce Maxima Grupe - BauZaar s rl Digi ta l Media/Commerce Megamark Ltd. - CameraLends LLC Digi ta l Media/Commerce KitSpl i t, Inc. - Deutsche Telekom, Tol ino Technology Platform Assets Digi ta l Media/Commerce Rakuten, Inc. - DOWN Digita l Media/Commerce Paktor Pte. Ltd. - Duriana Internet Pte. Ltd. Digi ta l Media/Commerce Carousel l Pte. Ltd. - FantasyAces Digi ta l Media/Commerce FantasyDraft LLC - Hamptons Real Estate Onl ine Digi ta l Media/Commerce Zi l low Group, Inc. - Hous ing.com Digita l Media/Commerce PropTiger Realty Pvt. Ltd. - Li festyleAs ia .com Digita l Media/Commerce Hubert Burda Media - Limos.com, Inc. Digi ta l Media/Commerce iCars - Marinas .com, Inc. Digi ta l Media/Commerce Dockwa, Inc. - MastiTickets Digi ta l Media/Commerce BookMyShow - PureWow Digita l Media/Commerce The Gal lery - RadPad, Inc. Digi ta l Media/Commerce LandlordStation LLC - Reach App Pvt. Ltd. Digi ta l Media/Commerce ixigo - Simplygon Digi ta l Media/Commerce Microsoft Corporation -





Stylofie.com Digita l Media/Commerce Little Internet Services Ltd. -$ Vodkaster SAS Digi ta l Media/Commerce Telerama SA - Watchup, Inc. Digi ta l Media/Commerce Plex, Inc. - China Newswire Information iSentia Group Limited - Encima Global LLC Information Strategas Research Partners , LLC - Geolmovel Information VivaReal , Inc. - Interactive Data Managed solutions Information FactSet Research Systems, Inc. - Q4, Inc. Information CapMark Clari ty - Telavance, Inc. Information ACA Compl iance Group Holdings LLC - AmpedSense Marketing Technology Ezoic - artegic Ag Marketing Technology Main Capita l Partners B.V. - Bringhub, Inc. Marketing Technology Integrated Asset Management Corp. - Commerce Sciences Ltd. Marketing Technology Taboola , Inc. - Destimetrics Marketing Technology Inntopia - Fabric, Inc. Marketing Technology Google, Inc. - International Data Group, Inc. Marketing Technology China Oceanwide Holdings Group Co., Ltd. - LiveNinja Marketing Technology IDT Corporation - Luxor CRM, Inc. Marketing Technology Next Gear Solutions , Inc. - MentAd.com Ltd. Marketing Technology Socia lCode - Omniata, Inc. Marketing Technology Activis ion Bl izzard, Inc. - PipeShot, Inc. Marketing Technology FunnelSource, Inc. - Real Digi ta l Media LLC Marketing Technology Stratacache, Inc. - Showing Suite, Inc. Marketing Technology ShowingTime - ThreatWave Marketing Technology Return Path, Inc. - Ticketscript B.V. Marketing Technology EventBri te - Watchwith, Inc. Marketing Technology Comcast Corporation - Abbi Ltd. Software WalkMe, Inc. - Agi le 3 Solutions LLC Software International Bus iness Machines Corporation - Apiary, Inc. Software Oracle Corporation - Apperian, Inc. Software Arxan Technologies , Inc. - Bunkr Software Synthes io - Bus iness Dynamics Limited Software Bolder Healthcare Solutions - Cabinet Document Management Solutions Software PSIGEN Software, Inc. - Caret Software Ass is tRx, Inc. - Cloud Cruiser, Inc. Software Hewlett Packard Enterprise Company - Crashlytics Software Google, Inc. - Digicon Information, Inc. Software NBS (thenbs .com) - Digidenti ty B.V. Software Solera Holdings , Inc. - docSTAR Software Epicor Software Corporation - DxContinuum, Inc. Software ServiceNow, Inc. - Etransmedia Technology, Inc. Software Formativ Health - Exablox Corporation Software StorageCraft Technology Corporation -





Fastlane Software Google, Inc. -$ Financia l Management Solutions , Inc. Software Kronos Incorporated - FlexMinder, Inc. Software The Jel lyvis ion Lab, Inc. - Floored, Inc. Software CBRE Group - GenoSpace LLC Software Sarah Cannon Research Insti tute LLC - Gravi tas Technology Services LLC Software Linedata Services S.A. - Idevio AB Software Ql ik Technologies , Inc. - Intelesys Corporation Software Polaris Alpha - InterSpec LLC Software ARCOM ONE - Jobspotting GmbH Software SmartRecruiters - Kindl ing, Inc. Software Spigi t - M&S Technologies , Inc. Software The Kudelski Group - Maccabim.com Ltd. Software RiskIQ, Inc. - Maluuba, Inc. Software Microsoft Corporation - Movimento, Inc. Software Delphi Automotive PLC - MVS Solutions , Inc. Software Compuware Corporation - ONEaccess Software Vis ible Alpha LLC - Patientus GmbH Software jameda GmbH - Performance Assessment Network, Inc. Software PSI Services LLC - Pinnacle Corp. Enterprise Resource Planning Assets Software Profess ional Datasolutions , Inc. - Pipemonk Software Freshdesk, Inc. - Polymathic LLC Software DevMynd Software - PS Financia ls Ltd. Software IRIS Software Group Ltd - PSMS Software Roxit Group - Ready Ta lk Software Premiere Global Services , Inc. - Seamless Medica l Systems LLC Software GetWel lNetwork, Inc. - Socious , Inc. Software Higher Logic LLC - Spend360 International Ltd. Software Coupa Software, Inc. - Swan Ins ights SA Software Bisnode AB - Ta lentSonar Software Unitive, Inc. - Unidesk Corporation Software Citrix Systems, Inc. - Unity&Variety, Inc. Software Quip, Inc. - Va len Analytics Software Insuri ty, Inc. - Vayyoo, Inc. Software CafeX Communications , Inc. - Verdazo Analytics , Inc. Software Pason Systems, Inc. - Verimoov LLC Software Proactive MD LLC - Vertica l Management Systems, Inc. Software NewSpring Capita l - Yodi l Inc. Software Duck Creek Technologies , Inc. - Ba i ley Publ ishing & Communications , Inc. Traditional Media Observer Media Group, Inc. - BottleRock Napa Val ley Traditional Media Live Nation Enterta inment, Inc. - Caption Colorado LLC Traditional Media VITAC Corporation - Cies lok Media Traditional Media Bel l Media -





Cirque Productions Traditional Media VStar Enterta inment Group -$ M4e AG Traditional Media Studio 100 NV - OUTtv Network, Inc. Traditional Media Stern Parnters , Inc. - True North Productions Limited Traditional Media Sky plc - VideoLink LLC Traditional Media AVI-SPL, Inc. -



Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

OutFit7 Limited Digi ta l Media/Commerce United Luck Group Holdings Limited 1,000.0$ Zenith Vehicle Contracts Limited Bus iness Services Bridgepoint Advisors 938.5 GlobalLogic, Inc. Bus iness Services Canada Pens ion Plan Investment Board 720.0 Harris Corporation, Government IT Services Bus iness Bus iness Services Veri tas Capita l 690.0 Daymon Worldwide Agency & Marketing Services Bain Capita l , LLC 413.0 Revolution Studios Traditional Media Content Partners 400.0 BluVector, Inc. Software LLR Partners , Inc. 50.0 Iron Mountain Secure Information Management Services Software Summit Partners LP 50.0

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Colortree Group, Inc. Bus iness Services Sterl ing National Bank -$ Worldwide Express Operations LLC Bus iness Services Ridgemont Equity Partners - Cox Target Media, Inc. Digi ta l Advertis ing Platinum Equity, LLC - Gladson, LLC Information The Wicks Group of Companies , L.L.C. - Ad-Juster, Inc. Marketing Technology Innotech Capita ls - Clari tas , LLC Marketing Technology The Carlyle Group - Fishbowl , Inc. Marketing Technology Symphony Technology Group - Harris Interactive, Inc. Marketing Technology The Stagwel l Group LLC - Harris Pol l Marketing Technology The Stagwel l Group LLC - MarketSight LLC Marketing Technology Reimagine Holdings Group - AccessOne Software Frontier Capita l , LLC - LANDesk Software Software Clearlake Capita l Group - Medvind Informationsteknik AB Software Marl in Equity Partners - PaySpan, Inc. Software Primus Capita l Funds - Planview, Inc. Software Thoma Bravo, Inc. - Software Technology, Inc. Software Thompson Street Capita l Partners , LLC - Sziget Cultura l Management Ltd. Traditional Media Providence Equity Partners , Inc. -



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

Paramount Pictures Corporation Traditional Media Shanghai Fi lm Group 1,000.0$ Magento, Inc. Marketing Technology Hi l lhouse Capita l Management 250.0 Mobike Digi ta l Media/Commerce Sequoia Capita l 215.0 Letgo Digi ta l Media/Commerce Accel Partners 175.0 Tricentis GmbH Software Ins ight Venture Partners 165.0 Centerfield Media Digi ta l Advertis ing Undisclosed 156.0 Miss Fresh Digi ta l Media/Commerce Tencent Holdings Ltd. 100.0 Zoom Video Communications , Inc. Software Sequoia Capita l 100.0 Funding Circle Limited Digi ta l Media/Commerce Accel Partners 100.0 Zhihu Digi ta l Media/Commerce Tencent Holdings Ltd. 100.0 PatientsLikeMe, Inc. Information iCarbonX.com 100.0 99Taxis Digi ta l Media/Commerce Didi Chuxing 100.0 Nuna, Inc. Information Kleiner Perkins Caufield & Byers 90.0 SoundHound, Inc. Digi ta l Media/Commerce Recruit Holdings Co., Ltd. 75.0 Kaminario, Inc. Software Sequoia Capita l 75.0 SentinelOne, Inc. Software Redpoint Ventures 70.0 Appsflyer Ltd. Marketing Technology Goldman Sachs Private Capita l Investing 65.0 Vestia i re Col lective SA Digi ta l Media/Commerce Vitruvian Partners LLP 62.2 Chushou TV Digi ta l Media/Commerce GGV Capita l 58.0 Studio71 GmbH Traditional Media TF1 Group 56.3 Practo Technologies Pvt. Ltd. Software Sequoia Capita l 55.0 Turbonomic, Inc. Software General Atlantic, LLC 50.0 Ins ideSales .com Marketing Technology Kleiner Perkins Caufield & Byers 50.0 Col l ibra Corporation Software Battery Ventures 50.0 Ups ide.com Digita l Advertis ing Red Ventures Limited 50.0 EasyStack, Inc. Software Cash Capita l 50.0 Rubicon Global Holdings LLC Digi ta l Media/Commerce Undisclosed 50.0 PropTiger Realty Pvt. Ltd. Digi ta l Media/Commerce REA Group Limited 50.0 Namely, Inc. Software Sequoia Capita l 50.0 Bi tglass , Inc. Software New Enterprise Associates 45.0 Fugue, Inc. Software New Enterprise Associates 41.0 The Players ' Tribune, Inc. Digi ta l Media/Commerce New Enterprise Associates 40.0 WorkFus ion, Inc. Marketing Technology Georgian Partners 35.0 ezCater, Inc. Digi ta l Media/Commerce Iconiq Capita l 35.0 HouseCanary, Inc. Marketing Technology Hi l l spire 33.0 Knock.co Digi ta l Media/Commerce RRE Ventures LLC 32.5 Panzura Software Matrix Partners 32.0 OfferPad LLC Digi ta l Media/Commerce LL Funds 30.0 Huangbaoche Digi ta l Media/Commerce Matrix Partners 30.0 Sa ls i fy, Inc. Marketing Technology Underscore VC 30.0 la lamove Digi ta l Media/Commerce Blackhole Capita l 30.0 Networked Ins ights Marketing Technology Sands Light Capita l 30.0




Arcadia Healthcare Solutions Software GE Ventures 30.0$ Doctol ib SAS Software Accel Partners 27.7 Whistle Sports Digi ta l Media/Commerce Beringea LLC 27.5 EquipmentShare.com Digita l Media/Commerce Ins ight Venture Partners 26.0 TeamSnap, Inc. Digi ta l Media/Commerce Foundry Group 25.0 Reflektive Software Lightspeed Venture Partners 25.0 Deputy.com Software OpenView Venture Partners 25.0 ProtectWise, Inc. Software Arsenal Venture Partners 25.0 HOOQ Digi ta l Pte. Ltd. Digi ta l Media/Commerce Warner Brothers Enterta inment, Inc. 25.0 The Bouqs Digi ta l Media/Commerce Partech Ventures 24.0 Payfone, Inc. Marketing Technology Verizon Ventures 23.5 Perfect Sense Digi ta l , LLC Marketing Technology Carrick Capita l Partners , LLC 22.0 FarmLogs Software Naspers Ltd. 22.0 Activehours , Inc. Digi ta l Media/Commerce Matrix Partners 22.0 CompareEuropeGroup Limited Marketing Technology ACE & Company 21.2 OPAQ Networks , Inc. Software Columbia Capita l Corporation 21.0 Feedvisor Ltd. Marketing Technology General Catalyst Partners LLC 20.0 Button, Inc. Digi ta l Advertis ing Norwest Venture Partners 20.0 Shi ftgig, Inc. Digi ta l Advertis ing DRW Ventures 20.0 OrderGroove, Inc. Marketing Technology National Securi ties 20.0 Aledade, Inc. Software Biomatics Capita l 20.0 CloudCraze, LLC Marketing Technology Sales force Ventures 20.0 Reputation.com, Inc. Marketing Technology Bessemer Venture Partners 20.0 CafeX Communications , Inc. Software Rakuten, Inc. 18.0 Pipedrive, Inc. Marketing Technology Bessemer Venture Partners 17.0 Sourcepoint USA, Inc. Marketing Technology Accel Partners 16.0 ICIX North America LLC Software Arrowroot Capita l 15.5 NovuMind, Inc. Software CBC Capita l 15.2 Cuemath Bus iness Services Sequoia Capita l 15.0 Two Bit Ci rcus Traditional Media Intel Capita l 15.0 Aviatrix Systems, Inc. Software CRV 15.0 Lola Travel Company, Inc. Digi ta l Media/Commerce Accel Partners 15.0 Mobi leCause, Inc. Marketing Technology Level Equity 15.0 TripActions , Inc. Software Lightspeed Venture Partners 14.6 NA-KD Fashion Digi ta l Media/Commerce Northzone Ventures 14.6 seerene GmbH Software Lakestar 14.0 Mighty AI, Inc. Software New Enterprise Associates 14.0 PeraHealth, Inc. Software Mainsai l Partners 14.0 Earnix Ltd. Software Jerusalem Venture Partners 13.5 Phantom Cyber Software Kleiner Perkins Caufield & Byers 13.5 Resy Network, Inc. Digi ta l Media/Commerce Airbnb, Inc. 13.0 Cloud Elements , Inc. Software Access Venture Partners 13.0




SmarterHQ, Inc. Marketing Technology Battery Ventures 13.0$ zeotap GmbH Marketing Technology New Science Ventures 12.8 Pursuant Health, Inc. Information Undisclosed 12.8 Rockets of Awesome Digi ta l Media/Commerce August Capita l 12.5 Tracx Marketing Technology Canaan Partners 12.5 Fuse (Fusetools .com) Software Northzone Ventures 12.0 Velocidi LLC Marketing Technology Pi lot Growth Equity Partners 12.0 Qapa SA Software Index Ventures 11.8 Arti ficia l Intel l igence Corp. Software Undisclosed 11.2 Itineris NV Software GIMV NV 11.0 Faction, Inc. Software Sweetwater Capita l 11.0 Logtrust S.L. Software Kibo Ventures 11.0 Campanda GmbH Digi ta l Media/Commerce Accel Partners 10.6 myTomorrows Software EQT Ventures 10.6 Ozy Media, Inc. Digi ta l Media/Commerce Axel Springer SE 10.0 Blue Pi l lar, Inc. Software Elevate Ventures 10.0 Zagster, Inc. Digi ta l Media/Commerce Edison Partners 10.0 Mediafly, Inc Marketing Technology Boathouse Capita l 10.0 Indi fi Technologies Pvt. Ltd. Digi ta l Media/Commerce Accel Partners 10.0 Monese Ltd. Software Anthemis Exponentia l Ventures 10.0 TyresOnTheDrive.com Digita l Media/Commerce True Capita l Limited 9.9 Kayrros SAS Marketing Technology Index Ventures 9.6 Bought By Many Ltd. Digi ta l Advertis ing Octopus Ventures , LLC 9.5 NGDATA Marketing Technology Idinvest Partners 9.4 Kas is to, Inc. Software Propel Venture Partners 9.2 Kl ipfol io, Inc. Marketing Technology OMERS Ventures 9.1 Redox, Inc. Software RRE Ventures LLC 9.0 Advanced MR Analytics AB Information Pfizer Venture Investments 9.0 Eleven James Digi ta l Media/Commerce Undisclosed 9.0 KenSci , Inc. Software Ignition Partners LLC 8.5 SEWORKS, Inc. Software Samsung Venture Investment Corporation 8.2 Si lverCloud Health, Inc. Software B Capita l Group 8.1 FLYR, Inc. Marketing Technology Jetblue Technology Ventures 8.0 Spl i t Software, Inc. Software Accel Partners 8.0 Fig.co Digi ta l Media/Commerce Spark Capita l 7.8 Gravy Analytics , Inc. Marketing Technology Spring Lake Equity Partners 7.7 Comparably Information Greycroft Partners LLC 7.5 Scandit AG Software Atomico Ventures 7.5 Bankin' Digi ta l Media/Commerce Omnes Capita l S.A.S. 7.4 Trackforce, Inc. Software Five Elms Capita l 7.4 Da l ia Research GmbH Marketing Technology Balderton Capita l 7.0 Element Analytics , Inc. Software Kleiner Perkins Caufield & Byers 7.0




Trustpi lot Marketing Technology Draper Espiri t 6.9$ Dwol la , Inc. Marketing Technology Union Square Ventures 6.9 habito Software Ribbit Capita l 6.9 YouEarnedIt, Inc. Software WPP Group 6.5 SPACES, Inc. Traditional Media Comcast Ventures 6.5 Starburst Labs , Inc. Software Undisclosed 6.3 Secret Double Octopus Ltd. Software Liberty Media Corporation 6.0 Barkly Protects , Inc. Software Undisclosed 6.0 Eulerian Technologies Marketing Technology ISAI Gestion 5.3 My 1st Years Digi ta l Media/Commerce Beringea LLC 5.3 Clutch Holdings LLC Agency & Marketing Services (Private Investors ) 5.3 Ta lkwalker, Inc. Marketing Technology Main Capita l Partners B.V. 5.3 Hous ing Anywhere B.V. Digi ta l Media/Commerce Real Web 5.3 Lingo Live Bus iness Services Owl Ventures 5.2 Qvivr, Inc. Software Khos la Ventures 5.0 Fraugster Ltd. Software Earlybird Venture Capita l GmgH & Co. KG 5.0 Iguama Group, Inc. Digi ta l Media/Commerce Kibo Ventures 5.0 Stadium Goods Digi ta l Media/Commerce The Chernin Group 4.6 Unacademy Bus iness Services Nexus Venture Partners 4.5 MainStreaming, Inc. Marketing Technology United Ventures 4.3 Roambee Corporation Software Deutsche Telekom AG 4.1 OOHLALA Mobi le, Inc. Digi ta l Media/Commerce Liquid 2 Ventures 4.0 Teachable, Inc Digi ta l Media/Commerce Accompl ice, LLC 4.0 Pavia Systems, Inc Software Ei leses Capita l 4.0 Careship Software Spark Capita l 4.0 Blockstack, Inc. Software Union Square Ventures 4.0 Inspectorio, Inc. Software Target Corporation 3.7 Washlava Digi ta l Media/Commerce Undisclosed 3.7 Ta lentoday, Inc. Software Adecco S.A. 3.5 Local Measure International Pty. Limited Marketing Technology (Private Investors ) 3.4 QikServe Limited Software Maven Capita l 3.4 Infocyte, Inc. Software LiveOak Venture Partners 3.4 Prattle Analytics LLC Software New Enterprise Associates 3.3 Pi tchero Digi ta l Media/Commerce ICM Investment Management 3.3 Budbee AB Digi ta l Media/Commerce (Private Investors ) 3.2 Corlytics Software Kernel Capita l 3.2 Tel lusLabs , Inc. Software IA Ventures 3.1 Radish Media, Inc. Digi ta l Media/Commerce Greylock Partners 3.0 ID Dataweb, Inc. Software Strategic Cyber Ventures 3.0 Mac & Mia Digi ta l Media/Commerce Chicago Ventures 3.0 Swimlane LLC Software (Private Investors ) 3.0 Cytora Limited Software Parkwalk Advisors Ltd. 2.9




REVL Ltd. Digi ta l Media/Commerce Undisclosed 2.9$ Truecal ler Digi ta l Media/Commerce Capita l Inbox 2.8 Hul l , Inc. Marketing Technology Alven Capita l Partners 2.6 Cybel lum Ltd. Software Blumberg Capita l 2.5 Choozle, Inc. Marketing Technology Great Oaks Venture Capita l 2.4 Laugh.ly Digi ta l Media/Commerce Socia l+Capita l 2.3 The Athletic Media Company Digi ta l Media/Commerce Bertelsmann Digi ta l Media Investments 2.3 Welcome to the Jungle Digi ta l Media/Commerce (Private Investors ) 2.1 Spendesk SAS Software Kima Ventures 2.1 Prep4S Ltd. Digi ta l Media/Commerce Ini tia l Capita l 2.1 Yoshi , Inc. Digi ta l Media/Commerce Liquid 2 Ventures 2.1 RocketROI SL Marketing Technology Undisclosed 2.1 Entrypoint Traditional Media Samsung NEXT 2.0 Community El f LLC Marketing Technology Topanga Partners 2.0 Shoptalk LLC Traditional Media New Enterprise Associates 2.0 Ascent360, Inc. Marketing Technology Access Venture Partners 1.9 Respoke Ltd. Digi ta l Media/Commerce Oxford Capita l Partners Limited 1.8 AlpacaDB, Inc. Software Monex Ventures 1.8 TheUberCloud, Inc. Software Earlybird Venture Capita l GmgH & Co. KG 1.7 Loyalty Prime Germany GmbH Marketing Technology Senovo 1.6 Sinemia Digi ta l Media/Commerce Revo Capita l 1.5 Idea Drop Ltd. Software (Private Investors ) 1.3 Komand Software Stonehammer Capita l 1.3 ClearScholar Digi ta l Media/Commerce High Alpha 1.3 Lobster IT Limited Digi ta l Media/Commerce (Private Investors ) 1.2 Artemest S.r.l . Digi ta l Media/Commerce Internet Advertis ing Group, Inc. 1.2 Heuri tech SAS Marketing Technology Serena Capita l 1.2 Staffjoy, Inc. Software Caffeinated Capita l 1.2 ParqEx LLC Digi ta l Media/Commerce Venture Management 1.2 Armis Digi ta l Advertis ing Iris Capita l 1.1 Lighthouse.io, Inc. Software Mornings ide Ventures 1.0 Yet Analytics , Inc. Software Grotech Ventures 1.0



Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV

VC/Growth CapitalUndisclosed

C-4 Analytics , LLC. Agency & Marketing Services BV Investment Partners -$ G Media Studios , Inc. Agency & Marketing Services Primoris Wealth Advisors - Alera Group Bus iness Services Genstar Capita l , LP - Ascendant Compl iance Management Bus iness Services Compl iance Solutions Strategies - Edenhouse Solutions Ltd. Bus iness Services ECI Partners - eRisk Consulting LLC Bus iness Services The Catalyst Fund - Humach Bus iness Services Round Spring Ventures - National Arbitration and Mediation, Inc. Bus iness Services Sageview Capita l - Telos Corporation Bus iness Services Enl ightenment Capita l - Fi rePoint Solutions , Inc. Digi ta l Advertis ing Sopris Capita l Associates - Kopari Beauty Digi ta l Media/Commerce L Catterton - Mobike Digi ta l Media/Commerce Foxconn - Otto Radio, Inc. Digi ta l Media/Commerce Samsung NEXT - Tinybop, Inc. Digi ta l Media/Commerce Sandbox Partners Private Limited - Wydr Digi ta l Media/Commerce Bessemer Venture Partners - Destacame SpA Information Accion Ventures - M3, Inc. Information The Goldman Sachs Group, Inc. - Gimmal LLC Marketing Technology Rubicon Technology Partners - Wochit, Inc. Marketing Technology PA Group - Avalon Healthcare Solutions LLC Software Francisco Partners - Enfus ion Systems LLC Software FTV Capita l - Healthx, Inc. Software JMI Equity - HERE Maps Software Intel Corporation - i l lus ive networks Software Microsoft Ventures - PAR Excel lence Systems, Inc. Software Northlane Capita l Partners , LLC - Qualtrax, Inc. Software Common Wealth Growth - think project! International GmbH & Co. KG Software TA Associates -


Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

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Corporate Divestitures

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Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

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business services, and healthcare services industries

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Founded in 1999

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

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

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

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2016 2011-2016 (6-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103

2 Goldman Sachs 18 2 Goldman Sachs 89

3 JP Morgan 16 3 Morgan Stanley 68

3 KPMG Corporate Finance 16 4 PwC 67

5 Rothschild 15 5 Jordan Edmiston Group 65

6 Houlihan Lokey 13 6 KPMG Corporate Finance 63

6 PwC 13 7 China Renaissance Group 52

8 Avendus Capital 11 7 GCA Savvian Group 52

8 Daiwa Securities 11 7 JP Morgan 52

10 Bank of America Merrill Lynch 9 10 Nomura 51

10 Credit Suisse 9 11 Jefferies 46

10 Jefferies 9 12 Ernst & Young 45

10 Morgan Stanley 9 13 Rothschild 44

10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43

15 Citi 8 14 Daiwa Securities 43

15 GCA Savvian Group 8 16 Houlihan Lokey 37

Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in

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

eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NASDAQ: SYKE)

*Approximate Value

*Approximate Value

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

(NYSE: DLX)

has been sold to


has been sold to

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from

has received a majority investment from has been sold to


in partnership with

(NYSE: OMC)

and

comprising Media Properties Holdings

has been sold to


has been sold to has acquired

(NASDAQ: CTSH) has acquired

(NASDAQ: ACXM)

from

has been sold to has been sold to

Aperion Management

has been sold to

and

has sold

to

(NYSE: ACN)

has been sold to


has received a majority investment from


has been sold to

has been sold to

comprised of The Simple Dollar, Reviews.com, and Freshome


has been sold to

a division of

has been sold to


has been sold to

has been sold to

a subsidiary of

(NASDAQ: COGT)

has sold

to

to

has sold

has acquired

$200,000,000

(NYSE: DLX)

has acquired


Compliance Solutions Strategies

http://petskyprunier.com/transactions/

Documents

January 2017 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...3 | M&A and Investment Summary January 2017 M&A and Investment Summary for All Segments Transaction