January 2019 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 2019. 2. 4. · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and

January 2019 M&A and Investment Summary

2 | M&A and Investment Summary January 2019

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 92

Additional Monthly M&A and Investment Activity Data 413

About Petsky Prunier 584

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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 ofFINRA.


M&A and Investment Summary for All Segments

Transaction Distribution

▪ A total of 745 deals were announced in January 2019 of which 293 were worth $24.8 billion in aggregate reported value

▪ Software accounted for 37 percent of transactions with 279 deals announced— 148 of which reported $11.4 billion in value

▪ Software was also the most valuable segment, followed by Digital Media/Commerce, with 105 transactions announced – 56 of which valued at $5.5 billion

▪ Strategic buyers announced 404 deals (36 reported $9.5 billion in value)

▪ VC/Growth Capital investors announced 323 transactions (253 reported $13.5 billion in value)

▪ Private Equity buyers announced 18 deals during the month (four reported $1.7 billion in value)

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total for January does not include Fiserv’s pending $22 billion acquisition of First Data

Corporation

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

Software 279 37% $11,354.6 46% 102 $2,637.9 5 $1,104.5 172 $7,612.2

Business Services 130 17% $3,501.2 14% 100 $2,980.2 6 - 24 $521.0

Marketing Technology 107 14% $1,909.6 8% 60 $652.1 2 $600.0 45 $657.5

Digital Media/Commerce 105 14% $5,540.2 22% 40 $2,423.3 2 - 63 $3,116.9

Agency & Marketing Services 61 8% $26.1 0% 58 $22.6 1 - 2 $3.5

Traditional Media 32 4% $864.3 3% 28 $785.5 0 - 4 $78.8

Digital Advertising 18 2% $223.0 1% 10 $33.0 1 $27.5 7 $162.5

Information 13 2% $1,383.0 6% 6 - 1 - 6 $1,383.0

Total 745 100% 24,802.0 100% 404 9,534.6 18 1,732.0 323 13,535.4

January 2019

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


546669

$57.9

583 654 659 668 685 713 726

$35.7

$71.4

745

$46.3

$62.6

$42.7

671 869

554

615

$36.8

$28.6

$44.7

$35.5 $37.2

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19

$42.4

Transaction Distribution

▪ M&A total deal activity was up more than 20 percent compared with January of last year

▪ Significant transactions reported during the month included:

• The $2.0 billion acquisition of Switzerland-based global software developing company Luxoft by DXC Technologies

• Koch Equity Development and Golden Gate Capital’s $1.5 billion investment in enterprise cloud software provider Infor

• The majority investment Vista Equity Partners made in business application platform Quick Base for a reported $1 billion

• Bridgestone’s acquisition of the fleet management unit of TomTom for $1 billion

• The $500 million acquisition of Switzerland-based sales analytics software BOARD International by Nordic Capital

CA Technologies / Broadcom

Tribune First Data/ Fiserv

CSRA / Gen.Dynamics

MuleSoft

M&A and Investment Summary for All Segments

Flipkart / Walmart

BMC Software /KKR

GithubSedgwick

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include General Dynamics’ $9.6 billion acquisition of CSRA,

Salesforce’s $6.5 billion acquisition of MuleSoft, Walmart’s $16 billion majority investment in Flipkart, KKR’s $8.6 billion acquisition of BMC Software, Microsoft’s $7.5 billion TEV acquisition of GitHub,

Broadcom’s $18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition

of Qualtrics, Nexstar’s pending $6.4 billion acquisition of Tribune Media, and Fiserv’s pending $22 billion acquisition of First Data Corporation.

Red Hat/ IBM

Qualtrics


Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Business Services

Luxoft Holding, Inc. IT Consulting/Systems Integration DXC Technology Company $2,000.0 $910.8 $100.5 2.2x 19.9x

OSMO Corporate Training BYJU 120.0 30.0 - 4.0x NA

Black Box Corporation IT Consulting/Systems Integration AGC Networks, Inc. 17.2 770.0 (9.5) 0.0x NM

Digital Media/Commerce

Avito.ru Classifieds/Auctions/P-to-P Naspers Ltd. 4,000.0 286.5 127.6 14.0x 31.3x

MilAnuncios.com Classifieds/Auctions/P-to-P Schibsted ASA 1,139.0 182.8 52.6 6.2x 21.7x

Marketing Technology

BOARD International BI Tools Nordic Capital Limited 500.0 70.0 - 7.1x NA

TrendKite, Inc. Media Management System Cision Ltd. 225.0 25.4 - 8.9x NA

SLI Systems, Inc. Search Marketing ESW Capital LLC 27.5 22.9 3.0 1.2x 9.2x

Software

YourCause LLC HR Software Blackbaud, Inc. 157.0 12.0 - 13.1x NA

Sage Payroll Solutions HR Software iSolved HCM 100.0 49.6 - 2.0x NA

Axxerion B.V. Financial Software MCS Solutions 90.0 14.6 - 6.2x NA

Gridsmart Geo-Demo Software Cubic Corporation 87.0 25.0 - 3.5x NA

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Dec-18 Futu Holdings LTD China Software 300.0 NA NA

Oct-18 Caliburn International Corp United States Business Services 100.0 NA NA

Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0

Jul-18 Pintec Technology Holdings Limited China Software 70.0 784.5 10.3

May-18 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1

Apr-18 HeadHunter Group PLC Russia Software 250.0 75.7 31.6

LTM


LTM IPO Performance

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

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2019 1st Trading Day

Dec-18 QFIN Software 360 Finance, Inc. China $16.50-$18.50 16.50 $16.49, down 0.1% 12.70 (23.0%)

Dec-18 TME Digi ta l Media/Commerce Tencent Mus ic Enterta inment Group China 13.00-15.00 13.00 $14.19, up 9.2% 14.95 5.4%

Dec-18 MOGU Digi ta l Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 16.48 17.7%

Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 9.75 (4.9%)

Oct-18 STNE Software StoneCo Ltd. Brazi l 21.00-23.00 24.00 $31.35, up 30.6% 22.12 (29.4%)

Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 17.55 16.8%

Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 31.39 29.2%

Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 85.00 21.4%

Oct-18 UPWK Digi ta l Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 19.31 (8.8%)

Sep-18 CTK Digi ta l Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 11.67 23.6%

Sep-18 EB Marketing Technology Eventbri te, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 30.01 (17.8%)

Sep-18 FTCH Digi ta l Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 20.15 (29.2%)

Sep-18 NYSE: LAIX Digi ta l Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 12.50 (1.2%)

Sep-18 Qtt Digi ta l Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 10.92 (31.6%)

Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 13.01 (24.5%)

Jul -18 JG Software Aurora Mobi le Limited China 8.50-10.50 8.50 $8.80, up 3.5% 7.80 (11.4%)

Jul -18 CANG Digi ta l Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 7.10 (43.3%)

Jul -18 DAVA Bus iness Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 23.50 (6.7%)

Jul -18 OPRA Digi ta l Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 8.22 (37.3%)

Jul -18 PDD Digi ta l Media/Commerce Pinduoduo Inc. China 16.00-19.00 19.00 26.70, up 40.5% 29.21 9.4%

Jul -18 TENB Software Tenable Holdings , Inc. United States 20.00-22.00 23.00 30.25, up 31.5% 27.68 (8.5%)

Jun-18 NYSE:AVLR Software Avalara , Inc. United States 21.00-23.00 24.00 44.94, up 87.3% 39.87 (11.3%)

Jun-18 NasdaqGM:DOMO Software Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 27.00 (1.1%)

Jun-18 NasdaqGM:EVER Digi ta l Advertis ing EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 5.60 (68.9%)

Jun-18 NasdaqGS:IIIV Software i3 Vertica ls , Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 24.73 34.8%

Jun-18 NasdaqGS:UXIN Digi ta l Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 3.41 (64.7%)

May-18 NasdaqGS:GSKY Software GreenSky, Inc. United States 21.00-23.00 23.00 25.36, up 10.3% 11.00 (56.6%)

May-18 NasdaqGM:EVOP Software EVO Payments , Inc. United States 14.00-16.00 16.00 19.02, up 18.9% 25.15 32.2%

May-18 NYSE:HUYA Digi ta l Media/Commerce HUYA Inc. China 10.00-12.00 12.00 16.06, up 33.8% 20.98 30.6%

May-18 NasdaqGS:PS Software Plura ls ight, Inc. United States 12.00-14.00 15.00 20.00, up 33.3% 29.98 49.9%

May-18 NasdaqGS:CBLK Software Carbon Black, Inc. United States 15.00-17.00 19.00 23.94, up 26.0% 15.49 (35.3%)

Apr-18 NYSE:CDAY Software Ceridian HCM Holding Inc. United States 19.00-21.00 22.00 28.90, up 31.4% 41.21 42.6%


LTM IPO Performance

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

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jan 31, 2019 1st Trading Day

Apr-18 NasdaqGS:DOCU Software DocuSign, Inc. United States 26.00-28.00 29.00 39.73, up 37.0% 49.45 24.5%

Apr-18 NYSE:PVTL Software Pivotal Software, Inc. United States 14.00-16.00 15.00 15.73, up 4.9% 18.49 17.5%

Apr-18 NYSE:SMAR Software Smartsheet Inc. United States 12.00-14.00 15.00 19.55, up 30.3% 31.38 60.5%

Apr-18 NYSE:ZUO Marketing Technology Zuora, Inc. United States 11.00-13.00 14.00 20.00, up 42.8% 21.64 8.2%

Mar-18 NasdaqGS:BILI Digi ta l Media/Commerce Bi l ibi l i Inc. China 10.50-12.50 11.50 11.24, down 2.2% 18.41 63.8%

Mar-18 NasdaqGS:DBX Software Dropbox, Inc. United States 18.00-20.00 21.00 28.48, up 35.6% 24.71 (13.2%)

Mar-18 NasdaqGS:IQ Digi ta l Media/Commerce iQIYI, Inc. China 17.00-19.00 18.00 15.55, down 13.6% 20.12 29.4%

Mar-18 NasdaqGS:ZS Software Zscaler, Inc. United States 13.00-15.00 16.00 33.00, up 106.3% 48.37 46.6%

Feb-18 NasdaqGM:CDLX Software Cardlytics , Inc. United States 13.00-15.00 13.00 13.37, up 2.8% 17.49 30.8%


Digital Media/Commerce

▪ Of the 105 transactions recorded in the Digital Media/Commerce segment in January, 56 announced $5.5 billion in reported value

▪ E-commerce was the most active subsegment across all subsegments with 48 transactions announced, of which 31 were reported for

$2.9 billion, including:

• L’Occitane International’s $900 million acquisition of skincare brand Elemis

• The $400 million round of funding online home trade-in platform Knock raised from Foundry Group, RRE Ventures, Corazon Capital,

WTI, and FJ Labs

• The acquisition of Singapore-based fitness class booking platform Guavapass by Classpass

▪ Select Digital Media/Commerce transactions include:

• Naspers’ acquisition of Russia-based classifieds company Avito, valuing the company at $4 billion

• Google’s $60 million acquisition of question-and-answer mobile app Superpod

• The acquisitions of gaming companies Agog Labs and 3 Lateral by Epic Games

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

e-commerce 48 46% $2,880.2 52% 13 $1,109.4 2 - 33 $1,770.8

Digital Marketplace 21 20% 1,885.5 34% 6 1,313.9 0 - 15 571.6

Mobile Content/Apps 15 14% 376.7 7% 4 - 0 - 11 376.7

Niche Content 13 12% 7.8 0% 11 - 0 - 2 7.8

Gaming 8 8% 390.0 7% 6 - 0 - 2 390.0

Total 105 100% 5,540.2 100% 40 2,423.3 2 0.0 63 3,116.9

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital MediaPublic Company Valuation (1/2)

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

($ in Millions, except stock price data)

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

Company Name 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. $1,125.89 -13% $ 779,689.9 $ 677,259.9 $ 129,866.0 $ 39,334.0 30.3% 24.2% 5.2x 17.2x

Apple Inc. 166.44 -29% 784,811.2 813,114.2 261,612.0 79,523.0 30.4% 9.4% 3.1x 10.2x

Facebook, Inc. 166.69 -24% 475,731.6 435,117.6 55,838.0 29,228.0 52.3% 37.4% 7.8x 14.9x

Fitbit, Inc. 6.17 -21% 1,533.4 910.1 1,511.5 (127.9) NM -6.6% 0.6x NM

Glu Mobile Inc. 9.74 -1% 1,395.2 1,310.9 351.1 (27.8) NM 38.8% 3.7x NM

GoPro, Inc. 4.93 -35% 693.1 681.5 1,105.8 (115.4) NM -20.2% 0.6x NM

IAC/InterActiveCorp 211.28 -5% 17,644.8 18,560.7 4,109.4 714.0 17.4% 29.7% 4.5x 26.0x

j2 Global, Inc. 75.16 -18% 3,704.5 4,411.6 1,177.6 426.8 36.2% 11.8% 3.7x 10.3x

Leaf Group Ltd. 7.68 -36% 180.5 147.7 149.3 (13.6) NM 21.1% 1.0x NM

The Meet Group, Inc. 5.78 -4% 427.4 445.9 166.3 22.3 13.4% 47.3% 2.7x 20.0x

Netflix, Inc. 339.50 -20% 148,225.2 154,790.8 15,794.3 1,688.4 10.7% 35.1% 9.8x 91.7x

Pandora Media, Inc. 8.38 -17% 2,274.3 2,655.2 1,517.0 (252.5) NM 3.6% 1.8x NM

RealNetworks, Inc. 2.64 -32% 99.4 60.3 71.8 (18.1) NM 37.3% 0.8x NM

Remark Holdings, Inc. 2.00 -81% 78.1 105.0 75.4 (30.4) NM 12.6% 1.4x NM

Roku, Inc. 44.95 -42% 4,906.9 4,727.2 655.0 (2.7) NM 38.8% 7.2x NM

Snap Inc. 6.68 -69% 8,650.1 7,235.7 1,076.3 (1,273.8) NM 52.7% 6.7x NM

TheStreet, Inc. 2.13 -15% 106.9 66.1 60.8 1.5 2.4% 7.3% 1.1x 44.4x

Twitter, Inc. 33.56 -30% 25,463.65 22,214.94 2,865.08 674.01 23.5% 18.0% 7.8x 33.0x

Upwork Inc. 19.31 -18% 2,052.6 2,241.0 240.8 (9.4) NM 0.0% 9.3x NM

Zynga Inc. 4.48 -2% 4,147.0 3,726.7 891.8 69.2 7.8% 8.9% 4.2x 53.9x

Average 4.1x 29.4x

US-Based Digital Media and Internet


Digital Media Public Company Valuation (2/2)



Company Name Headquarters 01/31/19 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China $172.63 -39% $ 60,172.0 $ 54,044.8 $ 14,418.2 $ 4,949.1 34.3% 22.8% 3.7x 10.9x

Bilibili Inc. * China 18.41 -19% 5,126.9 4,639.9 539.7 (23.9) NM 89.9% 8.6x NM

CyberAgent, Inc. Japan 32.16 -49% 4,049.5 3,820.6 3,941.6 329.2 8.4% 13.0% 1.0x 11.6x

DeNA Co., Ltd. Japan 17.64 -20% 2,563.9 1,658.8 1,183.3 332.8 28.1% -4.5% 1.4x 5.0x

G5 Entertainment AB (publ) Sweden 14.14 -79% 127.0 116.2 164.9 16.9 10.2% 52.2% 0.7x 6.9x

Gree, Inc. Japan 4.53 -35% 1,067.7 290.9 656.2 84.2 12.8% 3.3% 0.4x 3.5x

HolidayCheck Group AG Germany 3.36 -26% 191.1 157.5 163.1 7.4 4.5% 17.7% 1.0x 21.4x

HUYA Inc. * China 20.98 -59% 4,275.7 3,420.6 567.7 3.7 0.7% 118.7% 6.0x NM

International Game Technology PLC United Kingdom 16.36 -47% 3,340.7 10,910.7 4,910.8 1,496.9 30.5% -0.1% 2.2x 7.3x

iQIYI, Inc. China 20.12 -56% 14,560.2 13,375.4 3,316.3 1,111.2 33.5% 44.9% 4.0x 12.0x

mixi, Inc. Japan 25.29 -44% 1,978.7 619.7 1,470.5 573.7 39.0% -21.9% 0.4x 1.1x

Meitu, Inc. * China 0.34 -76% 1,428.1 863.2 664.7 (59.0) NM 38.7% 1.3x NM

Ncsoft Corporation South Korea 421.08 -9% 8,948.1 7,780.4 1,665.5 587.9 35.3% 22.4% 4.7x 13.2x

NAVER Corporation South Korea 122.23 -27% 17,868.5 18,498.9 4,807.4 1,111.6 23.1% 18.6% 3.8x 16.6x

NetEase, Inc. China 251.93 -23% 33,085.6 29,311.0 9,014.5 1,274.8 14.1% 20.0% 3.3x 23.0x

NEXON Co., Ltd. Japan 15.27 -17% 13,655.1 9,549.3 2,293.8 1,099.2 47.9% 15.4% 4.2x 8.7x

Opera Limited Norway 8.22 -47% 904.7 692.1 162.8 43.6 26.8% 0.0% 4.3x 15.9x

Pacific Online Limited China 0.16 -9% 178.8 127.9 147.6 19.3 13.1% 3.0% 0.9x 6.6x

Phoenix New Media Limited * China 3.97 -41% 288.6 165.8 209.3 (8.7) NM -5.8% 0.8x NM

Renren Inc. * China 1.70 -84% 117.3 225.2 436.7 (111.4) NM 435.9% 0.5x NM

Sea Limited * Singapore 14.01 -18% 4,693.8 4,604.0 668.3 (809.1) NM 76.8% 6.9x NM

Sogou Inc. China 6.40 -59% 2,475.8 1,399.3 1,124.2 94.3 8.4% 23.8% 1.2x 14.8x

Spotify Technology S.A. * Luxembourg 135.45 -32% 24,536.0 22,588.7 5,708.1 (227.7) NM 0.0% 4.0x NM

Tencent Music Entertainment Group * China 14.95 -8% 24,450.0 22,778.0 2,500.3 530.8 21.2% 99.4% 9.1x 42.9x

Weibo Corporation China 60.66 -57% 13,509.3 12,795.8 1,614.1 598.4 37.1% 63.8% 7.9x 21.4x

Wemade Entertainment Co.,Ltd. * South Korea 34.20 -38% 567.8 473.9 111.5 12.5 11.2% 20.5% 4.2x 38.0x

Yandex N.V. Netherlands 33.58 -25% 10,893.3 10,228.1 1,781.9 434.3 24.4% 32.1% 5.7x 23.6x

YY Inc. China 69.43 -51% 4,407.3 2,711.1 2,147.2 430.6 20.1% 41.1% 1.3x 6.3x

Average 3.0x 14.2x

Internationally-based Digital Media and Internet


E-commercePublic Company Valuation (1/2)




1-800-FLOWERS.COM, Inc. $15.95 -4% $ 1,023.6 $ 864.4 $ 1,209.3 $ 80.7 6.7% 4.5% 0.7x 10.7x

Alphabet Inc. 1,125.89 -13% 779,689.9 677,259.9 129,866.0 39,334.0 30.3% 24.2% 5.2x 17.2x

Amazon.com, Inc. 1,718.73 -16% 843,896.4 826,141.4 232,887.0 27,762.0 11.9% 30.9% 3.5x 29.8x

Apple Inc. 166.44 -29% 784,811.2 813,114.2 261,612.0 79,523.0 30.4% 9.4% 3.1x 10.2x

Blucora, Inc. 29.51 -29% 1,415.6 1,609.8 557.0 105.4 18.9% 11.7% 2.9x 15.3x

Blue Apron Holdings, Inc. 1.40 -67% 271.2 329.9 667.6 (77.7) NM -24.2% 0.5x NM

Booking Holdings Inc. 1,832.81 -18% 84,913.3 86,491.5 14,117.5 5,627.5 39.9% 15.5% 6.1x 15.4x

CarGurus, Inc. 42.77 -25% 4,708.0 4,560.4 418.7 13.9 3.3% 45.9% 10.9x NM

Carvana Co. 37.15 -49% 1,481.5 2,059.8 1,635.7 (172.1) NM 133.5% 1.3x NM

CDW Corporation 83.27 -14% 12,489.2 15,861.1 16,276.4 1,229.3 7.6% 11.7% 1.0x 12.9x

Chegg, Inc. 35.22 -1% 4,046.7 3,866.9 298.9 13.2 4.4% 22.2% 12.9x NM

Copart, Inc. 50.63 -25% 11,848.2 11,927.5 1,847.9 724.6 39.2% 21.5% 6.5x 16.5x

GrubHub Inc. 80.40 -46% 7,292.4 7,277.5 924.6 187.4 20.3% 50.2% 7.9x 38.8x

eBay Inc. 33.65 -27% 30,785.7 35,111.7 10,746.0 3,004.0 28.0% 8.3% 3.3x 11.7x

Etsy, Inc. 54.65 -6% 6,583.1 6,278.9 539.9 85.9 15.9% 30.1% 11.6x 73.1x

EVINE Live Inc. 0.55 -68% 37.3 82.9 631.7 6.9 1.1% -2.2% 0.1x 12.0x

Expedia Group, Inc. 119.25 -15% 17,765.2 19,674.2 10,982.8 1,282.8 11.7% 11.7% 1.8x 15.3x

FTD Companies, Inc. 2.57 -63% 72.5 305.3 1,044.8 26.5 2.5% -3.8% 0.3x 11.5x

GrubHub Inc. 80.40 -46% 7,292.4 7,277.5 924.6 187.4 20.3% 50.2% 7.9x 38.8x

IAC/InterActiveCorp 211.28 -5% 17,644.8 18,560.7 4,109.4 714.0 17.4% 29.7% 4.5x 26.0x

Liberty TripAdvisor Holdings, Inc. 16.66 -19% 1,251.8 4,433.8 1,590.0 273.0 17.2% 0.2% 2.8x 16.2x

Liquidity Services, Inc. 8.37 -9% 277.8 199.4 224.5 (15.8) NM -16.9% 0.9x NM

Match Group, Inc. 53.49 -12% 14,874.8 15,737.8 1,651.4 564.2 34.2% 32.5% 9.5x 27.9x

Overstock.com, Inc. 17.35 -75% 557.7 467.0 1,825.3 (171.1) NM 0.6% 0.3x NM

PetMed Express, Inc. 23.68 -51% 485.0 391.9 286.2 54.6 19.1% 6.2% 1.4x 7.2x

Qurate Retail, Inc. $21.75 -13% 9,787.8 16,733.8 13,038.0 1,844.0 14.1% 27.5% 1.3x 9.1x

Shutterfly, Inc. 45.96 -54% 1,544.5 2,556.7 1,605.6 174.6 10.9% 38.7% 1.6x 14.6x

Shutterstock, Inc. 40.01 -28% 1,401.8 1,195.4 613.0 47.7 7.8% 14.5% 2.0x 25.1x

Spark Networks SE 9.10 -40% 118.2 122.8 112.6 (3.1) NM 20.7% 1.1x NM

Stamps.com Inc. 186.08 -35% 3,368.43 3,371.19 549.17 218.52 39.8% 24.2% 6.1x 15.4x

Stitch Fix, Inc. 22.45 -57% 2,234.6 1,976.3 1,297.2 55.8 4.3% 25.1% 1.5x 35.4x

U.S. Auto Parts Network, Inc. 1.09 -57% 38.1 39.1 293.3 8.2 2.8% -4.1% 0.1x 4.8x

Wayfair Inc. 109.46 -28% 9,889.0 9,901.0 6,204.2 (334.1) NM 45.4% 1.6x NM

Average 3.6x 16.0x

US-based e-commerce


E-commercePublic Company Valuation (2/2)


Internationally-based e-commerce



58.com Inc. China $63.40 -29% $ 9,392.0 $ 8,901.5 $ 1,789.7 $ 400.5 22.4% 30.8% 5.0x 22.2x

Alibaba Group Holding Limited * Hong Kong 168.49 -20% 436,756.4 441,916.7 50,202.5 12,558.3 25.0% 52.2% 8.8x 35.2x

Cango Inc. China 7.10 -49% 1,072.8 624.1 157.5 38.8 24.6% 11.5% 4.0x 16.1x

Cnova N.V. * France 4.24 -16% 1,463.1 1,770.6 2,619.8 11.2 0.4% 21.8% 0.7x NM

Despegar.com, Corp. Argentina 15.02 -59% 1,038.8 712.7 542.1 70.8 13.1% 10.4% 1.3x 10.1x

Farfetch Limited * United Kingdom 20.15 -38% 5,901.1 4,857.6 526.2 (170.6) NM 0.0% 9.2x NM

JD.com, Inc. * China 24.85 -49% 35,952.6 35,438.8 63,671.4 140.2 0.2% 31.9% 0.6x NM

Jumei International Holding Limited * China 2.51 -26% 376.7 (33.0) 769.8 (10.7) NM -14.4% NM 3.1x

LightInTheBox Holding Co., Ltd. * China 0.77 -70% 51.3 13.8 261.6 (38.8) NM -19.1% 0.1x NM

MercadoLibre, Inc. * Argentina 364.00 -13% 16,453.8 16,054.6 1,551.3 (2.7) NM 39.2% 10.3x NM

MOGU Inc. * China 16.48 -36% 1,761.6 2,849.5 143.0 (55.3) NM 0.0% 19.9x NM

Netshoes (Cayman) Limited * Brazil 2.70 -71% 83.9 147.8 466.7 (46.2) NM 1.6% 0.3x NM

PChome Online Inc. * Taiwan 4.40 -29% 515.0 344.5 1,068.6 (66.7) NM 17.6% 0.3x NM

Pinduoduo Inc. * China 29.21 -4% 32,358.4 29,087.0 1,258.6 (1,189.1) NM 0.0% 23.1x NM

Rakuten, Inc. Japan 7.52 -17% 10,165.8 12,996.3 9,325.7 1,658.6 17.8% 17.7% 1.4x 7.8x

Secoo Holding Limited China 8.91 -42% 447.7 455.0 728.9 25.5 3.5% 56.1% 0.6x 17.8x

Travelport Worldwide Limited United Kingdom 15.66 -23% 1,980.6 4,049.6 2,536.0 415.4 16.4% 4.8% 1.6x 9.7x

trivago N.V. * Germany 5.75 -35% 2,017.4 1,849.2 1,080.0 (50.6) NM -9.1% 1.7x NM

Uxin Limited * China 3.41 -67% 997.1 1,166.2 414.8 (395.4) NM 78.2% 2.8x NM

Vipshop Holdings Limited China 7.69 -60% 5,098.2 5,004.5 12,020.9 494.0 4.1% 21.9% 0.4x 10.1x

X Financial China 5.66 -72% 854.9 642.2 496.0 226.9 45.8% 0.0% 1.3x 2.8x

Average 4.1x 12.5x



▪ The Marketing Technology segment announced 107 transactions in January, of which 44 reported more than $1.9 billion in value

▪ Transaction activity in the Teleservices/eServices segment was up nearly three times from the 12 month average

▪ Select transactions:

• Dropbox’s $230 million acquisition of digital workflow and eSignatures platform HelloSign

• The $225 million acquisition of digital PR platform TrendKite and $125 million acquisition of social media insights platform Falcon.io

by Cision

• Customer interaction management software platform Aspect Software’s acquisition by Vector Capital for $100 million

• Campaign Monitor’s acquisition of automated email marketing platforms Sailthru and Liveclicker

• Adobe’s acquisition of France-based 3D texture creation platform Allegorithmic

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

Analytics & Targeting 18 17% $183.1 10% 7 $8.1 0 - 11 175.0

MRM/Workflow Management 13 12% 343.1 18% 6 231.7 0 - 7 111.4

Teleservices/eServices 10 9% 221.3 12% 7 60.0 1 100.0 2 61.3

Commerce Management 9 8% 52.6 3% 4 - 0 - 5 52.6

Email/Messaging Software 8 7% 23.8 1% 5 2.3 0 - 3 $21.5

Content Management 7 7% 3.6 0% 5 - 0 - 2 3.6

SFA/Lead Management 6 6% 3.6 0% 3 - 0 - 3 3.6

Other 36 34% 1,078.5 56% 23 350.0 1 500.0 12 119.5

Total 107 100% 1,909.6 100% 60 652.1 2 600.0 45 657.5

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing TechnologyPublic Company Valuation (1/2)




Adobe Inc. $247.82 -11% $ 120,868.24 $ 121,773.82 $ 9,030.01 $ 3,186.86 35.3% 23.7% 13.5x 38.2x

Alteryx, Inc. 71.15 -4% 4,367.4 4,210.3 182.4 (12.4) NM 54.6% 23.1x NM

AppFolio, Inc. 63.31 -31% 2,168.4 2,122.8 177.6 24.3 13.7% 32.6% 12.0x 87.4x

Blackbaud, Inc. 71.60 -41% 3,388.3 3,788.2 844.6 137.0 16.2% 9.8% 4.5x 27.7x

Brightcove Inc. 8.02 -25% 292.6 265.9 164.1 (7.0) NM 6.2% 1.6x NM

Cardlytics, Inc. 17.49 -38% 374.5 373.5 142.1 (29.1) NM 11.5% 2.6x NM

ChannelAdvisor Corporation 10.75 -31% 293.6 246.1 130.5 (2.2) NM 8.6% 1.9x NM

Cision Ltd. 12.40 -32% 1,839.6 2,975.0 713.0 223.1 31.3% 16.7% 4.2x 13.3x

Eventbrite, Inc. 30.01 -25% 2,340.4 1,933.5 278.4 (12.6) NM 0.0% 6.9x NM

eBay Inc. 33.65 -27% 30,785.7 35,111.7 10,746.0 3,004.0 28.0% 8.3% 3.3x 11.7x

Elastic N.V. 85.00 -3% 6,032.8 5,711.3 211.5 (70.3) NM 0.0% 27.0x NM

Endurance International Group

Holdings, Inc.

8.10 -26% 1,165.2 2,909.2 1,157.1 319.9 27.6% -1.5% 2.5x 9.1x

Five9, Inc. 51.13 -2% 3,005.0 2,932.2 240.7 10.8 4.5% 27.4% 12.2x 270.8x

GoDaddy Inc. 68.63 -19% 11,476.5 13,217.5 2,566.5 384.2 15.0% 21.3% 5.1x 34.4x

HubSpot, Inc. 158.31 -2% 6,210.9 5,963.1 475.5 (37.2) NM 37.6% 12.5x NM

IBM Corporation 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x

LivePerson, Inc. 23.47 -14% 1,488.4 1,422.0 241.5 4.6 1.9% 11.0% 5.9x NM

Marin Software Incorporated 6.06 -50% 35.1 23.8 60.5 (25.1) NM -24.6% 0.4x NM

MicroStrategy Incorporated 126.89 -16% 1,343.4 767.3 497.6 7.7 1.5% -1.4% 1.5x 99.9x

MINDBODY, Inc. 36.46 -20% 1,750.7 1,675.0 228.9 (19.0) NM 33.8% 7.3x NM

Nuance Communications, Inc. 15.87 -13% 4,561.5 6,295.3 2,051.7 362.9 17.7% 5.8% 3.1x 17.3x

Oracle Corporation 50.23 -6% 180,271.4 189,656.4 39,893.0 15,899.0 39.9% 2.8% 4.8x 11.9x

PayPal Holdings, Inc. 88.76 -6% 104,204.2 97,093.2 15,451.0 2,995.0 19.4% 18.0% 6.3x 32.4x

PROS Holdings, Inc. 34.60 -16% 1,285.4 1,225.6 190.8 (39.8) NM 17.5% 6.4x NM

PTC Inc. 84.79 -21% 10,061.0 10,506.8 1,269.9 165.1 13.0% 7.2% 8.3x 63.6x

salesforce.com, inc. 151.97 -6% 116,257.1 117,198.1 12,484.0 1,175.7 9.4% 25.2% 9.4x 99.7x

SendGrid, Inc. 54.08 -2% 2,577.4 2,413.4 137.2 6.6 4.8% 32.9% 17.6x NM

SharpSpring, Inc. 14.26 -4% 122.5 119.6 17.3 (7.7) NM 37.8% 6.9x NM

SVMK Inc. 13.01 -35% 1,627.3 1,779.3 243.4 (86.1) NM 0.0% 7.3x NM

Square, Inc. 71.35 -29% 29,503.1 29,356.3 2,981.7 (0.5) NM 45.4% 9.8x NM

Tableau Software, Inc. 127.84 -3% 10,683.3 9,726.6 1,068.4 (91.7) NM 21.6% 9.1x NM

Teradata Corporation 44.38 0% 5,245.7 4,974.7 2,202.0 154.0 7.0% 2.1% 2.3x 32.3x

Verint Systems Inc. 48.37 -8% 3,157.2 3,545.1 1,218.2 164.6 13.5% 9.5% 2.9x 21.5x

Veritone, Inc. 5.33 -78% 103.0 38.3 19.6 (54.3) NM 46.1% 2.0x NM

Webis Holdings plc 0.03 -72% 12.4 (0.3) 54.5 0.2 0.3% -5.2% NM NM

Zendesk, Inc. 67.53 -7% 7,228.5 7,229.8 548.7 (106.4) NM 38.3% 13.2x NM

Adjusted Weighted Average 7.0x 27.9x

US-based Marketing Technology


Marketing TechnologyPublic Company Valuation (2/2)




Baozun Inc. China $35.80 -47% $ 2,043.42 $ 2,025.97 $ 692.46 $ 52.89 7.6% 23.4% 2.9x 38.3x

Bitauto Holdings Limited China 19.42 -40% 1,387.0 5,340.9 1,477.7 30.9 2.1% 29.6% 3.6x 172.8x

ChinaCache International Holdings Ltd. China 1.18 -32% 31.44 81.83 130.12 (31.96) NM -7.8% 0.6x NM

MercadoLibre, Inc. Argentina 364.00 -13% 16,453.8 16,054.6 1,551.3 (2.7) NM 39.2% 10.3x NM

Open Text Corporation Canada 35.64 -11% 9,549.8 11,573.6 2,842.5 846.7 29.8% 8.0% 4.1x 13.7x

SharpSpring, Inc. United States 14.26 -4% 122.5 119.6 17.3 (7.7) NM 37.8% 6.9x NM

Shopify Inc. Canada 168.47 -5% 18,600.6 17,022.4 952.2 (66.4) NM 63.9% 17.9x NM

The Sage Group plc United Kingdom 8.22 -17% 8,928.8 9,781.4 2,408.2 639.2 26.5% 7.6% 4.1x 15.3x

United Internet AG Germany 39.39 -41% 7,890.3 10,384.3 5,825.4 962.9 16.5% 25.7% 1.8x 10.8x

Weborama SA France 8.02 -53% 32.7 36.2 43.8 2.5 5.7% 13.3% 0.8x 14.4x

Wix.com Ltd. Israel 109.35 -10% 5,287.0 4,905.4 558.1 (25.7) NM 42.6% 8.8x NM


Internationally-based Marketing Technology


Digital Advertising

▪ A total of 18 transactions were announced in the Digital Advertising segment, of which eight were valued at $223 million

▪ The Local Search segment accounted for nearly forty percent of segment value


• The $30 million round of funding video delivery and measurement platform Innovid raised from Goldman Sachs

• The acquisition of AR mapping and visual search solutions company Blippar by Candy Ventures

• Digital Air Strike’s acquisition of lead generation company Target Media Partners

• The sale of mobile engagement and push notification platform Accengage to Urban Airship

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

Local Search 3 17% $82.0 37% 2 - 0 - 1 $82.0

Mobile Marketing 3 17% 12.0 5% 2 - 0 - 1 12.0

Online Lead Generation 3 17% 33.5 15% 2 - 0 - 1 33.5

Vertical Search 3 17% 15.0 7% 2 - 0 - 1 15.0

Digital Video 2 11% 33.0 15% 1 33.0 0 - 1 -

Ad Networks/Exchanges 1 6% 12.0 5% 0 - 0 - 1 12.0

Other* 3 17% 35.5 16% 1 0.0 1 27.5 1 8.0

Total 18 100% 223.0 100% 10 33.0 1 27.5 7 162.5

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital AdvertisingPublic Company Valuation (1/2)


US-based Digital Advertising



Alliance Data Systems Corporation $177.59 -31% $ 9,674.0 $ 30,700.7 $ 7,841.5 $ 1,785.8 22.8% 5.4% 3.9x 17.2x

Alphabet Inc. 1,125.89 -13% 779,689.9 677,259.9 129,866.0 39,334.0 30.3% 24.2% 5.2x 17.2x

ANGI Homeservices Inc. * 17.00 -29% 8,520.0 8,499.9 1,076.5 72.1 6.7% 69.0% 7.9x 117.8x

AutoWeb, Inc. 3.38 -59% 43.8 28.7 126.7 (10.2) NM -15.1% 0.2x NM

Care.com, Inc. 23.77 -1% 755.8 688.5 186.7 13.2 7.1% 7.7% 3.7x 52.2x

DHI Group, Inc. 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x

EverQuote, Inc. 5.60 -75% 140.1 101.4 155.9 (6.6) NM 0.0% 0.7x NM

Facebook, Inc. 166.69 -24% 475,731.6 435,117.6 55,838.0 29,228.0 52.3% 37.4% 7.8x 14.9x

Fluent, Inc. 4.72 -4% 355.4 397.7 244.6 20.3 8.3% 16.8% 1.6x 19.6x

Groupon, Inc. 3.77 -32% 2,151.8 1,812.3 2,710.0 141.2 5.2% -5.8% 0.7x 12.8x

Inuvo, Inc. 1.20 -23% 38.9 39.9 80.1 (1.9) NM 6.1% 0.5x NM

LendingTree, Inc. 296.34 -24% 3,801.4 3,784.5 723.1 91.8 12.7% 29.7% 5.2x 41.2x

QuinStreet, Inc. 19.04 -1% 938.5 868.0 429.8 24.5 5.7% 37.0% 2.0x 35.4x

Quotient Technology Inc. 10.00 -37% 951.9 776.5 373.0 18.9 5.1% 22.5% 2.1x 41.0x

Redfin Corporation 17.89 -31% 1,601.6 1,270.5 458.5 (25.8) NM 34.4% 2.8x NM

RhythmOne plc 2.23 -38% 175.6 163.0 316.0 15.2 4.8% 60.6% 0.5x 10.7x

Snap Inc. 6.68 -69% 8,650.1 7,235.7 1,076.3 (1,273.8) NM 52.7% 6.7x NM

Telaria, Inc. 3.19 -38% 135.6 65.1 50.5 (12.3) NM 29.0% 1.3x NM

The Rubicon Project, Inc. 4.46 -9% 225.3 128.5 114.7 (53.2) NM -41.7% 1.1x NM

The Trade Desk, Inc. * 142.68 -12% 6,169.8 6,003.4 419.5 95.5 22.8% 50.9% 14.3x 62.8x

TiVo Corporation 11.13 -30% 1,378.73 2,056.95 741.64 170.76 23.0% -14.2% 2.8x 12.0x

Travelzoo 12.30 -42% 149.0 133.1 111.3 8.1 7.3% 4.6% 1.2x 16.5x

TripAdvisor, Inc. 57.38 -17% 7,899.3 7,236.3 1,590.0 216.0 13.6% 2.5% 4.6x 33.5x

TrueCar, Inc. 9.38 -36% 975.6 780.8 345.6 (19.6) NM 10.0% 2.3x NM

Twitter, Inc. 33.56 -30% 25,463.7 22,214.9 2,865.1 674.0 23.5% 18.0% 7.8x 33.0x

Yelp Inc. 36.42 -31% 3,025.9 2,188.4 914.4 42.8 4.7% 10.7% 2.4x 51.1x

Yext, Inc. 15.59 NA 1,572.5 1,465.4 213.0 (75.1) NM 34.9% 6.9x NM

Zillow Group, Inc. * 34.81 -47% 7,113.9 6,185.9 1,250.5 64.0 5.1% 22.4% 4.9x 96.6x

Average 3.1x 22.0x


Digital AdvertisingPublic Company Valuation (2/2)


Internationally-based Digital Advertising



Cliq Digital AG Germany $2.44 -76% $ 15.1 $ 24.9 $ 77.2 $ 5.3 6.9% -4.1% 0.3x 4.7x

Criteo S.A. France 24.90 -32% 1,677.3 1,243.3 2,304.2 250.4 10.9% 5.2% 0.5x 5.0x

iClick Interactive Asia Group Limited Hong Kong 5.81 -33% 312.5 303.3 160.3 (21.4) NM 44.5% 1.9x NM

MakeMyTrip Limited India 26.62 -36% 2,714.8 2,414.8 523.6 (143.4) NM -17.9% 4.6x NM

Matomy Media Group Ltd. Israel 0.12 -87% 11.7 37.6 153.0 7.0 4.6% -43.1% 0.2x 5.4x

Metaps Inc. Japan 13.64 -59% 184.5 153.7 152.9 13.3 8.7% 3.4% 1.0x 11.6x

Pacific Online Limited China 0.16 -9% 178.8 127.9 147.6 19.3 13.1% 3.0% 0.9x 6.6x

Perion Network Ltd. Israel 3.31 -18% 85.6 84.4 258.2 20.7 8.0% -8.2% 0.3x 4.1x

Rightmove plc * United Kingdom 6.20 -12% 5,514.5 5,495.5 336.3 251.4 74.7% 10.0% 16.3x 21.9x

Septeni Holdings Co., Ltd. Japan 1.79 -58% 226.4 91.9 139.6 8.7 6.2% 1.2% 0.7x 10.5x

Taptica International Ltd Israel 2.64 -55% 181.0 139.0 289.3 38.2 13.2% 107.0% 0.5x 3.6x

Tencent Holdings Limited * China 44.09 -27% 416,927.80 425,308.91 42,829.27 16,048.42 37.5% 36.7% 9.9x 26.5x

TradeDoubler AB (publ) Sweden 0.43 -30% 19.22 26.64 130.28 1.65 1.3% -5.4% 0.2x 16.2x

XLMedia PLC Jersey 1.12 -57% 244.8 203.6 128.8 39.4 30.6% 7.0% 1.6x 5.2x

Yandex N.V. * Netherlands 33.58 -25% 10,893.3 10,228.1 1,781.9 434.3 24.4% 32.1% 5.7x 23.6x

Average 2.5x 11.6x


Agency & Marketing Services

▪ With 61 transactions, activity in the Agency & Marketing Services segment in January was up forty percent

▪ Digital Agency was the most active subsegment and accounted for nearly 40 percent of segment activity with 24 deals announced


• Altamont Capital’s acquisition of Publicis Healthcare Solutions, a leader in customized, live channel healthcare sales, services and

clinical solutions for pharmaceutical, biotechnology, medical device, and diagnostics companies (a Petsky Prunier-led transaction)

• Field Agent’s acquisition of retail brand insights and media company SMACK

• The sale of retail display marketing agency Popcorn Global to Williams Lea Tag

• The acquisition of digital marketing company Inside Ideas Group by You & Mr Jones

• SourceLink’s acquisition of search engine optimization and marketing agency Path Interactive

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

Digital Agency 24 39% - 0% 24 - 0 - 0 -

Specialty Agency 9 15% 22.6 87% 9 22.6 0 - 0 -

Public Relations 5 8% - 0% 5 - 0 - 0 -

Loyalty/Retention 4 7% - 0% 3 - 0 - 1 -

Design Agency 3 5% 3.5 13% 2 - 0 - 1 3.5

Promotion Agency 3 5% - 0% 3 - 0 - 0 -

Branded Communications 2 3% - 0% 2 - 0 - 0 -

B-to-B Agency 2 3% - 0% 2 - 0 - 0 -

Other 9 15% 0.0 0% 8 0.0 1 0.0 0 0.0

Total 61 100% 26.1 100% 58 22.6 1 0.0 2 3.5

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Health plc United Kingdom $1.35 -27% $ 141.0 $ 148.1 $ 223.2 $ 16.5 7.4% 3.7% 0.7x 9.0x

Dentsu Inc. Japan 47.41 -9% 13,363.9 11,596.9 8,784.1 1,562.8 17.8% NM 1.3x 7.4x

Enero Group Limited Australia 0.86 -8% 72.5 49.4 148.1 10.9 7.4% 10.7% 0.3x 4.5x

Hakuhodo DY Holdings Inc Japan 15.34 -18% 5,723.7 5,510.6 12,225.9 665.1 5.4% 7.3% 0.5x 8.3x

Huntsworth plc * United Kingdom 1.43 -24% 494.7 546.7 270.4 38.0 14.0% 9.1% 2.0x 14.4x

M&C Saatchi plc United Kingdom 3.74 -34% 332.9 336.0 456.3 30.1 6.6% 40.5% 0.7x 11.2x

MDC Partners Inc. United States 2.97 -70% 170.8 1,347.3 1,485.3 172.6 11.6% -1.1% 0.9x 7.8x

Next Fifteen Communications Group plc United Kingdom 6.19 -23% 517.1 548.6 283.6 47.2 16.7% 8.7% 1.9x 11.6x

Omnicom Group Inc. United States 77.88 -7% 17,453.3 21,092.0 15,380.0 2,352.0 15.3% 0.3% 1.4x 9.0x

OPT Holding, Inc. * Japan 14.59 -55% 334.1 290.8 761.3 23.8 3.1% 11.2% 0.4x 12.2x

Publicis Groupe S.A. France 61.05 -16% 14,081.2 17,619.5 10,843.5 1,996.3 18.4% -8.0% 1.6x 8.8x

The Interpublic Group of Companies, Inc. United States 22.75 -13% 8,744.0 10,419.9 8,157.9 1,190.7 14.6% 7.2% 1.3x 8.8x

UDG Healthcare plc Ireland 7.62 -39% 1,895.3 1,957.0 1,315.2 171.3 13.0% 7.8% 1.5x 11.4x

WPP plc United Kingdom 11.43 -41% 14,419.8 21,050.6 19,934.7 3,035.7 15.2% -2.5% 1.1x 6.9x

1.3x 8.3xAdjusted Weighted Average


Marketing ServicesPublic Company Valuation




Affinion Group Holdings, Inc. United States $9.00 -38% $ 82.4 $ 1,515.0 $ 949.4 $ 220.3 23.2% 21.5% 1.6x 6.9x

Aimia Inc. Canada 2.77 -21% 421.7 376.5 1,287.5 150.7 11.7% 30.6% 0.3x 2.5x

Alliance Data Systems Corporation United States 177.59 -31% 9,674.0 26,570.7 7,841.5 1,785.8 22.8% 5.4% 3.4x 14.9x

Fluent, Inc. * United States 4.72 -4% 355.4 397.7 244.6 20.3 8.3% 16.8% 1.6x 19.6x

CSG Systems International, Inc. United States 36.19 -26% 1,206.2 1,367.5 833.0 154.8 18.6% 6.9% 1.6x 8.8x

Deluxe Corporation United States 46.97 -39% 2,094.9 2,947.1 1,998.0 491.8 24.6% 1.7% 1.5x 6.0x

Fair Isaac Corporation * United States 225.20 -7% 6,546.8 7,299.1 1,062.4 246.9 23.2% 12.4% 6.9x 29.6x

Harte Hanks, Inc. United States 3.15 -74% 19.7 19.0 314.3 (8.8) NM -20.3% 0.1x NM

High Co. SA France 6.30 -9% 130.4 74.3 190.0 18.6 9.8% 8.0% 0.4x 4.0x

Multiplus S.A. Brazil 7.13 -28% 1,155.2 781.7 535.2 94.4 17.6% 88.8% 1.5x 8.3x

Pitney Bowes Inc. United States 7.21 -47% 1,352.7 3,807.6 3,918.3 652.8 16.7% 26.6% 1.0x 5.8x

Points International Ltd. Canada 10.78 -42% 152.9 98.2 368.1 12.5 3.4% 7.5% 0.3x 7.8x

Viad Corp United States 52.70 -16% 1,071.9 1,237.5 1,276.6 124.4 9.7% -0.7% 1.0x 9.9x

2.4x 11.5xAdjusted Weighted Average


Traditional Media

▪ Of the 32 transactions recorded in the Traditional Media segment in January, four announced $864 million in reported value

▪ Entertainment Media continues to drive overall segment activity, accounting for half of segment deals announced

▪ Select transactions from the segment included:

• Brazil-based magazine publisher Abril’s sale to Legion Holdings for $416 million

• The $340 million acquisition of free internet TV service Pluto TV by Viacom

• CareSet System’s acquisition of healthcare data-focused resource DocGraph

• The acquisition of rock and pop culture photographic archive Retna USA Photo Agency by Globe Photos

• Endeavor Business Media’s purchase of trade show and conference company Forester Media

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

Entertainment Media 16 50% $78.8 9% 14 - 0 - 2 $78.8

B-to-B Media 6 19% - 0% 6 - 0 - 0 -

Consumer Magazine Publishing 3 9% 415.5 48% 3 415.5 0 - 0 -

Digital Place-Based Media 3 9% - 0% 1 - 0 - 2 -

Consumer Book Publishing 2 6% - 0% 2 - 0 - 0 -

Broadcast Television 1 3% 340.0 39% 1 340.0 0 - 0 -

Other 1 3% 30.0 3% 1 30.0 0 0.0 0 0.0

Total 32 100% 864.3 100% 28 785.5 0 0.0 4 78.8

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional MediaPublic Company Valuation (1/3)




CBS Corporation United States $49.46 -17% $ 18,507.3 $ 28,178.3 $ 14,411.0 $ 3,138.0 21.8% 8.4% 2.0x 9.0x

Discovery, Inc. United States 28.38 -19% 19,588.7 38,616.7 9,608.0 3,216.6 33.5% 43.8% 4.0x 12.0x

Twenty-First Century Fox, Inc. * United States 49.31 -2% 91,294.8 105,239.8 30,575.0 6,995.0 22.9% 5.4% 3.4x 15.0x

Viacom Inc. United States 29.42 -15% 12,093.4 20,922.4 12,943.0 3,008.0 23.2% -2.4% 1.6x 7.0x

The Walt Disney Company United States 111.52 -7% 166,240.5 188,146.5 59,434.0 17,848.0 30.0% 7.8% 3.2x 10.5x



B-to-B Media



Ascential plc United Kingdom $4.99 -19% $ 1,998.9 $ 2,373.5 $ 527.3 $ 138.9 26.4% 38.5% 4.5x 17.1x

Centaur Media Plc United Kingdom $0.63 -14% 90.7 88.3 92.8 6.9 7.4% 16.2% 1.0x 12.9x

Emerald Expositions Events, Inc. United States $14.20 -38% 1,039.5 1,556.9 355.2 162.1 45.6% 4.3% 4.4x 9.6x

Euromoney Institutional Investor PLC United Kingdom $16.29 -15% 1,749.9 1,647.1 509.1 255.7 50.2% 0.9% 3.2x 6.4x

Informa plc * United Kingdom 8.89 -22% 11,119.5 14,745.6 2,374.3 749.2 31.6% 11.6% 6.2x 19.7x

MCH Group AG Switzerland 19.47 -70% 116.9 278.8 540.6 58.0 10.7% 34.4% 0.5x 4.8x

ITE Group plc * United Kingdom 0.85 -64% 628.3 768.3 229.2 40.9 17.9% 15.1% 3.4x 18.8x

Tarsus Group plc Ireland 3.32 -24% 406.2 537.5 149.8 50.2 33.5% 39.8% 3.6x 10.7x

TechTarget, Inc. United States 14.50 -58% 406.0 398.4 119.8 22.3 18.6% 14.2% 3.3x 17.9x



Radio Broadcasting



Beasley Broadcast Group, Inc. United States $4.52 -65% $ 124.2 $ 358.1 $ 240.4 $ 40.6 16.9% 5.8% 1.5x 8.8x

Emmis Communications Corporation United States 3.94 -33% 51.3 157.3 120.5 12.4 10.3% -25.5% 1.3x 12.7x

Entercom Communications Corp. United States 7.33 -34% 1,044.7 2,770.0 1,297.8 226.9 17.5% 175.6% 2.1x 12.2x

Pandora Media, Inc. United States 8.38 -17% 2,274.3 2,655.2 1,517.0 (252.5) NM 3.6% 1.8x NM

Salem Media Group, Inc. United States 2.81 -55% 73.6 324.0 262.8 41.3 15.7% -1.7% 1.2x 7.8x

Sirius XM Holdings Inc. * United States 5.83 -24% 25,335.9 32,169.4 5,770.7 2,100.0 36.4% 6.4% 5.6x 15.3x

Townsquare Media, Inc. United States 6.13 -37% 116.1 624.2 514.9 100.5 19.5% 19.0% 1.2x 6.2x

Urban One, Inc. United States 2.05 -15% 92.4 998.4 434.6 126.9 29.2% -2.2% 2.3x 7.9x


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.4x)

Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

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


Altice Europe N.V. Netherlands $2.04 -80% $ 2,513.4 $ 44,065.1 $ 26,480.8 $ 10,008.9 37.8% 30.8% 1.7x 4.4x

AMC Networks Inc. United States $62.94 -9% 3,558.0 6,406.4 2,926.0 916.4 31.3% 4.2% 2.2x 7.0x

CVC Limited Australia 1.89 -10% 226.2 199.5 48.1 25.7 53.5% 38.3% 4.1x 7.7x

CBS Corporation United States 49.46 -17% 18,507.3 28,178.3 14,411.0 3,138.0 21.8% 8.4% 2.0x 9.0x

Charter Communications, Inc. United States 331.05 -17% 75,783.2 156,046.2 43,634.0 15,966.0 36.6% 4.9% 3.6x 9.8x

Comcast Corporation United States 36.57 -13% 165,514.4 275,648.4 94,507.0 30,024.0 31.8% 11.1% 2.9x 9.2x

Discovery, Inc. * United States 28.38 -19% 19,588.7 38,616.7 9,608.0 3,216.6 33.5% 43.8% 4.0x 12.0x

DISH Network Corporation United States 30.67 -36% 14,343.7 28,074.1 13,798.4 2,811.0 20.4% -5.9% 2.0x 10.0x

Entravision Communications Corporation United States 3.94 -45% 350.1 409.5 289.2 50.2 17.4% -45.7% 1.4x 8.2x

Gray Television, Inc. United States 16.71 -17% 1,649.8 2,899.1 989.5 372.6 37.7% 11.6% 2.9x 7.8x

Grupo Televisa, S.A.B. Mexico 2.51 -41% 7,308.6 12,565.2 5,415.0 2,016.5 37.2% 6.7% 2.3x 6.2x

Liberty Global plc United Kingdom 24.40 -39% 17,916.3 47,174.2 15,772.9 7,137.7 45.3% 46.2% 3.0x 6.6x

Nexstar Media Group, Inc. United States 83.47 -7% 3,856.3 7,909.8 2,622.3 960.8 36.6% 25.6% 3.0x 8.2x

Stolt-Nielsen Limited United Kingdom 12.07 -30% 733.5 3,223.2 2,125.5 447.1 21.0% 6.4% 1.5x 7.2x

Sinclair Broadcast Group, Inc. United States 30.81 -18% 2,940.9 5,782.2 2,972.2 813.5 27.4% 9.2% 1.9x 7.1x

TEGNA Inc. United States 11.74 -18% 2,527.6 5,493.5 2,055.5 680.5 33.1% 4.9% 2.7x 8.1x

The E.W. Scripps Company * United States 18.78 -1% 1,515.0 2,074.5 1,089.9 140.9 12.9% 33.9% 1.9x 14.7x



Entertainment Media



Cineplex Inc. Canada $21.63 -25% $ 1,370.1 $ 1,817.2 $ 1,247.8 $ 195.0 15.6% 6.5% 1.5x 9.3x

Eros International Plc United States 9.53 -36% 778.9 1,123.9 260.8 56.7 21.7% 11.4% 4.3x 19.8x

Lions Gate Entertainment Corp. United States 18.37 -47% 3,835.8 6,241.7 4,016.6 475.6 11.8% 1.6% 1.6x 13.1x

Live Nation Entertainment, Inc. United States 53.51 -8% 11,212.8 12,668.3 11,156.6 697.4 6.3% 21.7% 1.1x 18.2x

Twenty-First Century Fox, Inc. United States 49.31 -2% 91,294.8 105,239.8 30,575.0 6,995.0 22.9% 5.4% 3.4x 15.0x

Liberty Global plc United Kingdom 24.40 -39% 17,916.3 47,174.2 15,772.9 7,137.7 45.3% 46.2% 3.0x 6.6x

Village Roadshow Limited Australia 2.22 -16% 431.6 761.0 711.2 40.3 5.7% -5.0% 1.1x 18.9x

World Wrestling Entertainment, Inc. * United States 82.34 -16% 6,424.6 6,322.8 869.3 120.6 13.9% 10.9% 7.3x 52.4x


LTM Multiples



LTM Multiples




Out-of-Home Media



APG|SGA SA Switzerland $336.57 -28% $ 1,007.9 $ 987.2 $ 303.4 $ 70.8 23.3% -3.6% 3.3x 13.9x

Clear Channel Outdoor Holdings, Inc. United States 5.57 -13% 2,015.1 7,252.1 2,705.1 587.1 21.7% 4.7% 2.7x 12.4x

Clear Media Limited Hong Kong 0.95 0% 517.1 446.3 272.1 112.7 41.4% 11.1% 1.6x 4.0x

JCDecaux SA France 29.64 -25% 6,308.7 6,948.9 3,543.1 576.1 16.3% 0.9% 2.0x 12.1x

Lamar Advertising Company (REIT) United States 74.45 -8% 7,408.2 9,943.5 1,597.8 680.3 42.6% 4.5% 6.2x 14.6x

National CineMedia, Inc. United States 6.91 -37% 531.6 1,674.4 444.7 195.4 43.9% 3.9% 3.8x 8.6x

NTN Buzztime, Inc. United States 2.85 -66% 8.2 9.4 22.7 2.0 8.7% 3.4% 0.4x 4.7x

Outfront Media Inc. United States 20.75 -7% 2,893.7 5,212.8 1,555.1 398.6 25.6% 2.5% 3.4x 13.1x

Stingray Group Inc. Canada 4.90 -42% 373.2 415.2 104.6 28.8 27.6% 19.3% 4.0x 14.4x

TOM Group Limited * Hong Kong 0.24 -21% 957.8 1,319.3 121.8 14.4 11.8% -2.5% 10.8x 91.5x



Publishing



A.H. Belo Corporation United States $4.04 -30% $ 87.4 $ 29.0 $ 213.8 $ 7.5 3.5% -14.7% 0.1x 3.9x

Daily Mail and General Trust plc United Kingdom 7.96 -22% 2,820.9 2,513.1 1,860.8 198.7 10.7% -8.8% 1.4x 12.6x

Emmis Communications Corporation United States 3.94 -33% 51.3 157.3 120.5 12.4 10.3% -25.5% 1.3x 12.7x

Gannett Co., Inc. United States 11.09 -8% 1,254.4 1,483.8 3,019.7 301.3 10.0% -4.4% 0.5x 4.9x

Glacier Media Inc. Canada 0.45 -35% 49.4 94.0 145.8 6.5 4.5% -1.5% 0.6x 14.5x

John Wiley & Sons, Inc. United States 51.78 -28% 2,969.8 3,388.2 1,792.5 317.9 17.7% 2.3% 1.9x 10.7x

Meredith Corporation United States 54.27 -13% 2,473.1 5,793.4 2,611.3 490.6 18.8% 53.0% 2.2x 11.8x

News Corporation United States 12.83 -24% 7,526.4 8,645.4 9,490.0 1,017.0 10.7% 2.4% 0.9x 8.5x

Pearson plc United Kingdom 11.88 -10% 9,226.1 10,350.8 5,714.8 749.5 13.1% -8.5% 1.8x 13.8x

Scholastic Corporation United States 41.69 -13% 1,468.8 1,124.2 1,664.0 114.2 6.9% 2.5% 0.7x 9.8x

The E.W. Scripps Company * United States 18.78 -1% 1,515.0 2,074.5 1,089.9 140.9 12.9% 33.9% 1.9x 14.7x

The McClatchy Company United States 5.85 -45% 45.7 786.0 838.9 89.2 10.6% -8.9% 0.9x 8.8x

The New York Times Company * United States 25.71 -10% 4,240.9 3,939.3 1,709.3 248.7 14.6% 6.8% 2.3x 15.8x





Software

▪ Within the Software segment, Venture/Growth Capital transactions accounted for nearly two-thirds of monthly activity in January with

172 deals announced, 124 of which worth $7.6 billion in value

▪ ERP Software was the segment with the highest value, with 21 deals announced, 12 of which reporting $2.8 billion


• The $700 round of funding construction industry software company Katerra raised from Softbank

• Insight Venture Partners and Canada Pension Plan Investment Board’s $500 million investment in Switzerland-based data

management solution Veeam Software

• Marlin Equity Partner’s $275 million sale of cybersecurity software company AppRiver to Zix

• The $261 million round investment cloud data management company Rubrik received from Bain Capital, Lightspeed Venture

Partners, Greylock Partners, Khosla Ventures, and IVP

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

Financial 58 21% $1,509.9 13% 16 $219.5 0 - 42 $1,290.4

HR 31 11% 558.0 5% 13 275.0 0 - 18 283.0

ERP 21 8% 2,875.6 25% 6 1,028.4 2 44.5 13 1,802.7

Collaboration 40 14% 148.1 1% 15 18.5 1 - 24 129.6

Engineering 11 4% 717.3 6% 6 - 0 - 5 717.3

Security 21 8% 652.9 6% 8 261.5 0 - 13 391.4

Healthcare 25 9% 685.7 6% 10 445.0 0 - 15 240.7

Other 72 26% 4,207.1 37% 28 390 2 1,060 42 2,757.1

Total 279 100% 11,354.6 100% 102 2,637.9 5 1,104.5 172 7,612.2

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



SoftwarePublic Company Valuation (1/3)




Alfa Financial Software Holdings PLC United Kingdom $1.83 -72% $ 550.2 $ 502.5 $ 99.7 $ 34.3 34.4% -15.8% 5.0x 14.6x

Anaplan, Inc. United States 31.39 -1% 3,922.6 3,552.4 217.7 (92.4) NM 0.0% 16.3x NM

Avalara, Inc. United States 39.87 -33% 2,651.6 2,513.3 252.6 (49.4) NM 0.0% 9.9x NM

BlackLine, Inc. United States 47.58 -18% 2,600.0 2,474.9 216.9 (10.4) NM 34.8% 11.4x NM

Coupa Software Incorporated United States 86.96 0% 5,169.3 4,934.6 239.2 (34.5) NM 39.9% 20.6x NM

Donnelley Financial Solutions, Inc. United States 14.64 -32% 499.2 840.2 987.5 132.0 13.4% -1.4% 0.9x 6.4x

Ebix, Inc. United States 57.12 -36% 1,786.2 2,328.5 466.2 154.5 33.2% 37.4% 5.0x 15.1x

First Data Corporation United States 24.65 -7% 23,092.6 43,132.6 8,617.0 3,017.0 35.0% 7.8% 5.0x 14.3x

GreenSky, Inc. United States 11.00 -59% 631.6 683.1 394.8 175.7 44.5% 28.3% 1.7x 3.9x

Guidewire Software, Inc. * United States 86.68 -20% 7,023.9 6,241.0 732.6 69.7 9.5% 38.7% 8.5x 89.6x

i3 Verticals, Inc. United States 24.73 -9% 226.5 335.6 323.5 27.6 8.5% 23.2% 1.0x 12.1x

Intuit Inc. United States 215.82 -7% 56,012.9 55,105.9 6,070.0 1,749.0 28.8% 14.3% 9.1x 31.5x

Model N, Inc. United States 14.51 -29% 457.5 454.5 154.6 (12.5) NM 17.9% 2.9x NM

Performant Financial Corporation United States 2.15 -37% 113.9 148.7 149.2 13.0 8.7% 12.6% 1.0x 11.5x

Q2 Holdings, Inc. United States 59.43 -11% 2,577.8 2,459.9 225.6 (12.0) NM 22.3% 10.9x NM

RealPage, Inc. United States 55.77 -16% 5,047.6 5,365.2 830.2 141.4 17.0% 31.3% 6.5x 37.9x

SS&C Technologies Holdings, Inc. United States 51.49 -16% 12,914.0 18,867.9 2,748.5 883.0 32.1% 67.8% 6.9x 21.4x

StoneCo Ltd. * Brazil 22.12 -32% 6,253.8 6,708.7 149.2 (26.9) NM 0.0% 45.0x NM

Tyler Technologies, Inc. United States 189.19 -25% 7,345.0 7,073.2 910.8 194.1 21.3% 11.5% 7.8x 36.4x

Zuora, Inc. United States 21.64 -43% 2,348.0 2,188.4 221.0 (62.4) NM 0.0% 9.9x NM



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States $11.79 -21% $ 2,059.9 $ 4,273.4 $ 2,079.1 $ 90.5 4.4% 21.3% 2.1x 47.2x

athenahealth, Inc. United States 134.74 -18% 5,548.3 5,503.0 1,311.4 264.8 20.2% 11.2% 4.2x 20.8x

Cegedim SA France 28.52 -42% 397.2 581.5 537.9 61.9 11.5% 5.3% 1.1x 9.4x

Cerner Corporation United States 54.91 -19% 18,092.2 17,719.8 5,213.0 1,256.5 24.1% 3.0% 3.4x 14.1x

Civitas Solutions, Inc. United States 17.73 0% 643.7 1,339.2 1,602.2 163.9 10.2% 8.7% 0.8x 8.2x

Computer Programs and Systems, Inc. United States 26.24 -24% 357.0 489.3 286.1 34.5 12.1% 8.6% 1.7x 14.2x

Craneware plc United Kingdom 37.12 -22% 991.0 938.3 67.1 19.5 29.1% 16.0% 14.0x 48.1x

HealthEquity, Inc. United States 62.34 -39% 3,889.3 3,559.1 271.9 87.8 32.3% 25.9% 13.1x 40.5x

McKesson Corporation United States 128.25 -22% 25,057.0 34,665.0 213,518.0 4,099.0 1.9% 3.9% 0.2x 8.5x

Medidata Solutions, Inc. United States 70.96 -20% 4,202.6 4,098.4 611.4 89.4 14.6% 16.0% 6.7x 45.9x

NantHealth, Inc. United States 0.53 -86% 58.0 234.4 88.9 (49.0) NM 8.1% 2.6x NM

NextGen Healthcare, Inc. United States 17.68 -25% 1,143.8 1,141.9 530.2 38.9 7.3% 0.5% 2.2x 29.4x

Streamline Health Solutions, Inc. * United States 1.24 -37% 23.9 35.6 23.0 0.5 2.2% -6.6% 1.5x 71.4x

Veeva Systems Inc. * United States 109.06 -1% 15,846.6 14,794.7 810.9 205.4 25.3% 23.9% 18.2x 72.0x



Financial & Credit/Risk Management Software





HR Software



51job, Inc. China $69.64 -39% $ 4,302.4 $ 3,387.5 $ 508.7 $ 161.1 31.7% 30.7% 6.7x 21.0x

Benefitfocus, Inc. United States 55.95 0% 1,788.2 1,867.2 271.7 3.0 1.1% 17.3% 6.9x NM

Castlight Health, Inc. United States 2.97 -50% 415.0 352.2 150.9 (34.0) NM 21.0% 2.3x NM

Ceridian HCM Holding Inc. United States 41.21 -8% 5,648.2 6,132.0 808.4 111.0 13.7% 19.3% 7.6x 55.2x

Cornerstone OnDemand, Inc. United States 57.34 -3% 3,360.8 3,257.8 531.6 0.6 0.1% 15.8% 6.1x NM

DHI Group, Inc. United States 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x

Domo, Inc. United States 27.00 -6% 711.1 603.2 133.1 (151.6) NM 0.0% 4.5x NM

Paycom Software, Inc. United States 148.24 -10% 8,688.9 8,638.6 530.0 135.0 25.5% 30.3% 16.3x 64.0x

Paylocity Holding Corporation * United States 71.03 -20% 3,750.3 3,665.4 396.5 36.0 9.1% 25.3% 9.2x 101.7x

Pluralsight, Inc. United States 29.98 -22% 1,868.1 1,785.9 212.2 (85.0) NM 38.0% 8.4x NM

The Ultimate Software Group, Inc. United States 273.07 -18% 8,538.7 8,414.2 1,087.2 116.3 10.7% 20.8% 7.7x 72.4x

Workday, Inc. United States 181.53 -2% 39,936.6 39,545.3 2,616.0 (223.9) NM 30.8% 15.1x NM



Security Software



Absolute Software Corporation Canada $6.27 -5% $ 254.7 $ 220.7 $ 94.9 $ 8.3 8.8% 3.5% 2.3x 26.5x

Check Point Software Technologies Ltd. Israel 111.92 -7% 17,483.4 15,731.7 1,916.5 931.8 48.6% 3.3% 8.2x 16.9x

Cisco Systems, Inc. United States 47.29 -4% 212,614.0 195,666.0 50,266.0 15,090.0 30.0% 5.2% 3.9x 13.0x

Cheetah Mobile Inc. China 6.77 -57% 949.2 547.4 726.2 112.7 15.5% 2.6% 0.8x 4.9x

CyberArk Software Ltd. * Israel 87.76 -1% 3,164.7 2,778.3 314.5 41.5 13.2% 28.0% 8.8x 66.9x

FireEye, Inc. United States 17.68 -14% 3,422.9 3,285.5 790.7 (127.7) NM 4.2% 4.2x NM

Fortinet, Inc. United States 76.57 -19% 13,045.2 11,411.0 1,710.8 245.2 14.3% 18.7% 6.7x 46.5x

Gemalto N.V. Netherlands 58.03 -1% 5,264.2 5,992.4 3,460.0 421.7 12.2% -1.9% 1.7x 14.2x

Juniper Networks, Inc. United States 25.94 -16% 8,953.3 7,533.2 4,647.5 794.5 17.1% -7.6% 1.6x 9.5x

Mimecast Limited * United Kingdom 37.57 -20% 2,256.6 2,289.5 301.2 19.5 6.5% 35.7% 7.6x 117.2x

Palo Alto Networks, Inc. United States 214.82 -10% 20,382.3 18,802.9 2,427.3 23.7 1.0% 30.1% 7.7x NM

Proofpoint, Inc. United States 101.87 -22% 5,618.0 5,386.3 717.0 (28.2) NM 39.1% 7.5x NM

SecureWorks Corp. United States 22.92 NA 1,872.6 1,757.9 508.9 (30.0) NM 9.2% 3.5x NM

Symantec Corporation United States 21.02 -28% 13,429.4 15,895.4 4,752.0 995.0 20.9% 0.3% 3.3x 16.0x

Tenable Holdings, Inc. United States 27.68 -30% 2,576.0 2,312.0 246.3 (59.3) NM 0.0% 9.4x NM

Trend Micro Incorporated Japan 53.10 -23% 7,409.2 5,951.9 1,401.1 455.3 32.5% 7.8% 4.2x 13.1x

VeriSign, Inc. United States 169.27 -4% 20,462.8 21,068.2 1,203.0 798.5 66.4% 4.1% 17.5x 26.4x

Zscaler, Inc. * United States 48.37 -1% 5,913.2 5,599.2 213.6 (16.6) NM 53.9% 26.2x NM


LTM Multiples

LTM Multiples






Engineering Software



ANSYS, Inc. United States $164.35 -14% $ 13,733.1 $ 13,003.7 $ 1,180.5 $ 454.5 38.5% 11.0% 11.0x 28.6x

Dassault Systèmes SE France 125.49 -22% 32,003.7 30,070.2 3,885.0 1,072.7 27.6% 4.7% 7.7x 28.0x

PTC Inc. * United States 84.79 -21% 10,061.0 10,506.8 1,269.9 165.1 13.0% 7.2% 8.3x 63.6x

Synopsys, Inc. United States 93.35 -10% 13,957.2 13,709.3 3,121.1 526.0 16.9% 14.5% 4.4x 26.1x

Trimble Inc. United States 37.66 -15% 9,458.2 11,265.7 3,030.4 523.0 17.3% 19.7% 3.7x 21.5x



Infrastructure Software



Adobe Inc. United States $247.82 -11% $ 120,868.2 $ 121,773.8 $ 9,030.0 $ 3,186.9 35.3% 23.7% 13.5x 38.2x

Atlassian Corporation Plc United Kingdom 98.40 -2% 23,433.6 22,625.7 1,030.2 29.1 2.8% 38.8% 22.0x NM

Bandwidth Inc. United States 46.10 -20% 895.3 831.8 194.2 16.1 8.3% 22.0% 4.3x 51.7x

Cloudera, Inc. United States 13.50 -40% 3,556.5 3,166.8 434.7 (140.5) NM 29.1% 7.3x NM

Commvault Systems, Inc. United States 66.07 -9% 3,032.4 2,574.4 714.4 45.0 6.3% 4.9% 3.6x 57.3x

DocuSign, Inc. United States 49.45 -28% 8,171.6 7,510.1 650.1 (335.8) NM 0.0% 11.6x NM

Dropbox, Inc. United States 24.71 -43% 10,045.2 9,172.3 1,321.3 (354.8) NM 27.1% 6.9x NM

Endurance International Group Holdings, Inc. United States 8.10 -26% 1,165.2 2,909.2 1,157.1 319.9 27.6% -1.5% 2.5x 9.1x

First Data Corporation United States 24.65 -7% 23,092.6 43,132.6 8,617.0 3,017.0 35.0% 7.8% 5.0x 14.3x

IBM Corporation United States 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x

Nutanix, Inc. United States 51.23 -21% 9,177.2 8,649.0 1,193.2 (271.3) NM 27.9% 7.2x NM

Okta, Inc. * United States 82.43 0% 9,103.5 8,825.1 364.3 (115.1) NM 59.6% 24.2x NM

Rapid7, Inc. United States 40.18 -1% 1,900.0 1,800.3 233.1 (44.8) NM 23.8% 7.7x NM

Pivotal Software, Inc. United States 18.49 -41% 4,852.3 4,188.3 621.5 (129.2) NM 0.0% 6.7x NM

salesforce.com, inc. * United States 151.97 -6% 116,257.1 117,198.1 12,484.0 1,175.7 9.4% 25.2% 9.4x 99.7x

ServiceNow, Inc. United States 220.02 -4% 39,450.8 38,614.5 2,608.8 108.2 4.1% 35.0% 14.8x NM

Smartsheet Inc. United States 31.38 -8% 3,254.8 3,049.4 158.5 (44.2) NM 61.8% 19.2x NM

Synchronoss Technologies, Inc. United States 7.17 -41% 305.8 503.8 350.0 (55.3) NM -13.2% 1.4x NM

Talend S.A. France 37.20 -49% 1,118.8 1,030.0 190.2 (35.5) NM 38.3% 5.4x NM

Twilio Inc. United States 111.32 -2% 11,004.8 10,688.2 561.0 (75.8) NM 53.4% 19.1x NM

Varonis Systems, Inc. United States 59.08 -29% 1,740.8 1,582.7 257.7 (22.2) NM 31.0% 6.1x NM


LTM Multiples




Information

▪ The Information Segment had 13 transactions, three of which reported $1.3 billion in value

▪ The Healthcare Information subsegment accounted for more than seventy percent of segment value throughout the month

▪ Select transactions from the segment included:

• The $1 billion round of funding life sciences and health research data company Verily Life Sciences received from Silver Lake, Ontario

Teachers’ Pension Plan, and private investors

• The $33 million investment Pro.com, an online marketplace for homeowners to price projects, received from WestRiver Group,

Goldman Sachs, Redfin, DFJ, Madrona Venture Group, Maveron, and Two Sigma Ventures

• Seeking Alpha’s purchase of investment research and information company CressCap Investment Research

• Plaid’s acquisition of wealth and brokerage data platform Quovo

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

Financial Information 6 46% $317.0 23% 2 - 1 - 3 $317.0

Product/Price Information 4 31% 66.0 5% 2 - 0 - 2 66.0

Healthcare Information 2 15% 1,000.0 72% 1 - 0 - 1 1,000.0

HR Information 1 8% - 0% 1 - 0 - 0 -

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

Total 13 100% 1,383.0 100% 6 0.0 1 0.0 6 1,383.0

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



InformationPublic Company Valuation (1/2)


Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $100.83 -27% $ 11,772.0 $ 12,710.9 $ 4,377.9 $ 836.5 19.1% 4.9% 2.9x 15.2x

Computershare Limited Australia 12.94 -14% 7,026.7 8,007.0 2,297.6 575.8 25.1% 8.9% 3.5x 13.9x

CoreLogic, Inc. United States 36.30 -35% 2,924.4 4,590.8 1,839.2 416.2 22.6% -1.7% 2.5x 11.0x

CoStar Group, Inc. * United States 390.74 -13% 14,230.7 13,158.9 1,130.3 305.0 27.0% 21.6% 11.6x 43.1x

The Dun & Bradstreet Corporation United States 144.74 0% 5,374.4 6,492.4 1,792.1 505.1 28.2% 3.4% 3.6x 12.9x

Envestnet, Inc. * United States 54.25 -16% 2,480.4 2,782.8 785.1 85.5 10.9% 19.6% 3.5x 32.5x

Equifax Inc. United States 107.02 -23% 12,903.9 15,340.0 3,415.2 850.7 24.9% 2.7% 4.5x 18.0x

Experian plc Ireland 25.12 -4% 22,634.7 26,099.2 4,819.0 1,469.0 30.5% 8.1% 5.4x 17.8x

FactSet Research Systems Inc. United States 218.63 -8% 8,315.7 8,692.7 1,372.6 457.2 33.3% 8.7% 6.3x 19.0x

Fair Isaac Corporation * United States 225.20 -7% 6,546.8 7,299.1 1,062.4 246.9 23.2% 12.4% 6.9x 29.6x

Fidelity National Information Services, Inc. United States 104.53 -6% 34,232.3 42,723.3 8,877.0 2,616.0 29.5% -0.8% 4.8x 16.3x

IHS Markit Ltd. United Kingdom 51.92 -7% 20,630.9 26,195.9 4,009.2 1,324.6 33.0% 11.4% 6.5x 19.8x

Moody's Corporation United States 158.51 -16% 30,371.9 34,400.9 4,548.1 2,151.1 47.3% 14.3% 7.6x 16.0x

Morningstar, Inc. United States 124.15 -14% 5,296.2 5,019.5 1,000.3 280.2 28.0% 13.6% 5.0x 17.9x

MSCI Inc. * United States 170.27 -8% 14,989.4 16,165.6 1,434.0 772.4 53.9% 12.5% 11.3x 20.9x

S&P Global Inc. United States 191.65 -12% 48,085.0 51,126.0 6,309.0 3,147.0 49.9% 7.4% 8.1x 16.2x

SEI Investments Co. United States 47.54 -39% 7,303.8 6,549.2 1,624.2 474.4 29.2% 6.4% 4.0x 13.8x

SS&C Technologies Holdings, Inc. United States 51.49 -16% 12,914.0 18,867.9 2,748.5 883.0 32.1% 67.8% 6.9x 21.4x

Thomson Reuters Corporation Canada 52.27 -4% 26,211.1 33,433.4 11,432.0 2,391.0 20.9% 69.5% 2.9x 14.0x

TransUnion United States 60.82 -23% 11,269.9 15,237.1 2,210.2 783.4 35.4% 18.6% 6.9x 19.5x

Verisk Analytics, Inc. United States 117.41 -7% 19,328.1 21,763.7 2,351.5 1,056.5 44.9% 13.0% 9.3x 20.6x

Workiva Inc. United States 41.90 0% 1,837.3 1,759.0 234.4 (41.5) NM 17.4% 7.5x NM



LTM Multiples


InformationPublic Company Valuation (2/2)


Marketing Information



Alliance Data Systems Corporation United States 177.59 -29% 9,674.0 30,700.7 7,841.5 1,785.8 22.8% 5.4% 3.9x 17.2x

comScore, Inc. United States 19.69 -27% 1,159.9 1,305.9 413.1 (124.9) NM 1.4% 3.2x NM

Ebiquity plc United Kingdom 0.81 -40% 61.1 96.6 116.4 12.9 11.1% 2.6% 0.8x 7.5x

InnerWorkings, Inc. United States 4.59 -56% 237.2 404.0 1,132.7 21.8 1.9% 2.3% 0.4x 18.5x

INTAGE HOLDINGS Inc. Japan 7.92 -37% 326.0 266.6 446.2 46.8 10.5% 2.3% 0.6x 5.7x

Ipsos SA France 23.23 -39% 1,011.7 1,564.2 2,021.5 232.2 11.5% -2.8% 0.8x 6.7x

LiveRamp Holdings, Inc. * United States 43.44 -16% 2,961.4 3,100.6 943.9 90.0 9.5% 72.0% 3.3x 34.5x

Nielsen Holdings plc United States 25.68 -32% 9,116.0 17,474.0 6,618.0 1,610.0 24.3% 2.3% 2.6x 10.9x

SVMK Inc. * United States 13.01 -35% 1,627.3 1,779.3 243.4 (86.1) NM 0.0% 7.3x NM

System1 Group PLC United Kingdom 2.96 -34% 37.2 32.6 34.3 2.6 7.7% -11.6% 1.0x 12.4x

YouGov plc * United Kingdom 5.81 -13% 613.8 573.6 152.8 22.2 14.5% 8.9% 3.8x 25.9x



Other Information



Forrester Research, Inc. United States 44.91 -10% 820.2 675.8 349.4 31.3 9.0% 5.6% 1.9x 21.6x

Gartner, Inc. United States 135.89 -16% 12,351.5 14,311.2 3,901.1 570.4 14.6% 30.0% 3.7x 25.1x

HealthStream, Inc. United States 25.16 -21% 813.3 639.0 259.8 31.0 11.9% 19.0% 2.5x 20.6x

IQVIA Holdings Inc. United States 129.01 -5% 25,549.9 35,540.9 8,603.0 1,817.0 21.1% -5.8% 4.1x 19.6x

Informa plc United Kingdom 8.89 -22% 11,119.5 14,745.6 2,374.3 749.2 31.6% 11.6% 6.2x 19.7x

National Research Corporation * United States 39.98 -7% 990.0 1,021.7 118.9 39.7 33.4% 2.5% 8.6x 25.7x

NIC Inc. United States 16.40 -6% 1,091.7 900.0 344.9 84.2 24.4% 2.5% 2.6x 10.7x

National Research Corporation * United States 39.98 -7% 990.0 1,021.7 118.9 39.7 33.4% 2.5% 8.6x 25.7x

Premier, Inc. United States 39.79 -16% 2,683.4 2,648.2 1,672.2 721.8 43.2% 9.2% 1.6x 3.7x

Proofpoint, Inc. United States 101.87 -22% 5,618.0 5,386.3 717.0 (28.2) NM 39.1% 7.5x NM

Reed Elsevier plc(1) United Kingdom 22.16 -3% 43,552.6 51,819.2 9,637.7 2,930.6 30.4% -0.5% 5.4x 17.7x

Wolters Kluwer N.V. Netherlands 62.31 -3% 16,893.2 19,151.0 4,984.2 1,402.4 28.1% -3.2% 3.8x 13.7x



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



Business & IT Services

▪ January was an active month for the Business & IT Services segment with 130 transactions announced, 24 of which were valued at

nearly $3.5 billion

▪ IT Consulting transactions accounted for 45 percent of all transactions throughout the month with 58 deals announced; subsegment

activity was up 37 percent

▪ Strategic buyers announced 100 deals throughout the month, seven of which were valued at a reported $3.0 billion

▪ Select transaction from the segment include:

• Madison Dearborn Partners and CoVant Management’s $750 sale of cybersecurity and command product developer LGS Innovations to CACI International

• BDO USA’s acquisition of customs and international trade regulation consulting company Global Trade Strategies

• The acquisition of Switzerland-based management consulting and technology services provider Orbium by Accenture

• Dentsu’s acquisition of Filter, a staffing agency for creative talent

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

IT Consulting 58 45% $2,802.5 80% 53 $2,777.5 2 - 3 $25.0

Corporate Training 28 22% 281.6 8% 16 120.0 1 - 11 161.6

Staffing 14 11% - 0% 13 - 0 - 1 -

HR Consulting 6 5% - 0% 5 - 1 - 0 -

BPO 4 3% 47.9 1% 2 22.9 0 - 2 25.0

Engineering Consulting 4 3% - 0% 3 - 0 - 1 -

Logistics 4 3% 340.8 10% 1 59.8 0 - 3 281.0

Other 12 9% 28.4 1% 7 0.0 2 0.0 3 28.4

Total 130 100% 3,501.2 100% 100 2,980.2 6 0.0 24 521.0

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business & IT ServicesPublic Company Valuation (1/3)


Consulting



Accenture plc Ireland 153.55 -13% $ 97,880.2 $ 93,914.7 $ 40,294.7 $ 6,569.6 16.3% 11.3% 2.3x 14.3x

CRA International, Inc. United States 41.74 -29% 338.1 331.6 405.9 30.6 7.5% 15.1% 0.8x 10.8x

FTI Consulting, Inc. United States 68.32 -17% 2,533.1 2,587.4 1,990.6 262.0 13.2% 11.7% 1.3x 9.9x

Information Services Group, Inc. United States 4.13 -24% 186.6 272.5 274.5 24.4 8.9% 6.7% 1.0x 11.2x

Navigant Consulting, Inc. United States 25.92 -1% 1,103.9 830.2 957.4 123.1 12.9% 33.0% 0.9x 6.7x

ICF International, Inc. United States 65.92 -20% 1,242.4 1,469.1 1,281.2 111.4 8.7% 7.0% 1.1x 13.2x

Huron Consulting Group Inc. * United States 48.35 -15% 1,045.5 1,352.3 775.6 92.7 12.0% 7.0% 1.7x 14.6x

The Hackett Group, Inc. United States 17.99 -21% 531.0 529.4 269.8 42.1 15.6% 3.1% 2.0x 12.6x



HR Services



Automatic Data Processing, Inc. United States 139.84 -9% $ 60,918.5 $ 61,337.8 $ 13,839.4 $ 3,231.5 23.4% 8.2% 4.4x 19.0x

Barrett Business Services, Inc. United States 62.65 -37% 462.4 431.3 947.6 38.6 4.1% 5.7% 0.5x 11.2x

Capita plc United Kingdom 1.53 -43% 2,526.6 3,734.0 5,436.2 535.5 9.8% -5.1% 0.7x 7.0x

DHI Group, Inc. United States 1.96 -40% 103.7 115.6 174.5 23.6 13.6% -17.7% 0.7x 4.9x

Edenred SA * France 40.60 -5% 9,630.2 11,148.0 1,512.1 536.7 35.5% 8.5% 7.4x 20.8x

Insperity, Inc. * United States 106.68 -12% 4,460.3 4,198.8 3,688.3 196.5 5.3% 15.2% 1.1x 21.4x

Marsh & McLennan Companies, Inc. United States 88.19 -2% 44,447.8 49,205.8 14,950.0 3,470.0 23.2% 6.6% 3.3x 14.2x

Paychex, Inc. United States 70.80 -7% 25,423.7 24,722.0 3,506.7 1,439.6 41.1% 9.9% 7.0x 17.2x

TriNet Group, Inc. United States 45.66 -24% 3,216.5 3,359.5 3,434.0 285.0 8.3% 6.1% 1.0x 11.8x

WageWorks, Inc. United States 31.55 -49% 1,250.5 603.0 461.7 91.7 19.9% 33.1% 1.3x 6.6x




LTM Multiples

LTM Multiples




IT Consulting



Accenture plc Ireland 153.55 -13% $ 97,880.2 $ 93,914.7 $ 40,294.7 $ 6,569.6 16.3% 11.3% 2.3x 14.3x

Amdocs Limited United States 55.88 -22% 7,799.5 7,323.4 3,974.8 724.6 18.2% 2.8% 1.8x 10.1x

Bechtle AG Germany 79.44 -24% 3,336.4 3,575.0 4,694.8 243.8 5.2% 17.7% 0.8x 14.7x

Booz Allen Hamilton Holding Corporation United States 49.13 -7% 6,993.3 8,434.7 6,559.3 666.3 10.2% 6.7% 1.3x 12.7x

Business & Decision SA * France 8.41 -11% 66.3 105.3 249.3 2.7 NA -3.7% 0.4x 39.5x

Capgemini SE France 110.52 -20% 17,941.2 20,708.7 15,142.9 1,883.1 12.4% 3.3% 1.4x 11.0x

Cerner Corporation United States 54.91 -19% 18,092.2 17,719.8 5,213.0 1,256.5 24.1% 3.0% 3.4x 14.1x

CGI Inc. Canada 66.08 -1% 18,162.5 19,558.8 8,540.5 1,439.0 16.8% 6.1% 2.3x 13.6x

Cognizant Technology Solutions Corporation United States 69.68 -18% 40,346.7 36,307.7 15,824.0 3,305.0 20.9% 9.6% 2.3x 11.0x

Digi International Inc. United States 11.86 -19% 327.8 251.4 245.7 27.7 11.3% 35.3% 1.0x 9.1x

DXC Technology Company United States 64.12 -41% 17,960.9 22,544.9 24,162.0 5,453.0 22.6% 66.7% 0.9x 4.1x

Endava plc * United Kingdom 23.50 -25% 1,246.3 1,191.9 308.5 44.3 14.3% 0.0% 3.9x 26.9x

EPAM Systems, Inc. * United States 141.48 -2% 7,641.2 6,981.2 1,737.3 261.8 15.1% 27.3% 4.0x 26.7x

Globant S.A. * Luxembourg 67.60 -3% 2,446.0 2,366.1 497.6 81.1 16.3% 29.2% 4.8x 29.2x

Hexaware Technologies Limited India 4.83 -38% 1,437.4 1,322.5 667.8 104.4 15.6% 17.9% 2.0x 12.7x

International Business Machines Corporation United States 134.42 -17% 122,160.1 156,109.1 79,591.0 17,696.0 22.2% 0.6% 2.0x 8.8x

Infosys Limited India 10.56 -1% 45,930.5 42,246.3 11,545.0 3,014.0 26.1% 7.9% 3.7x 14.0x

ITS Group France 5.50 -38% 42.8 58.6 208.7 9.3 4.4% -2.2% 0.3x 6.3x

Larsen & Toubro Limited India 18.51 -9% 25,955.6 40,209.9 19,883.2 2,477.9 12.5% 18.3% 2.0x 16.2x

Navigant Consulting, Inc. United States 25.92 -1% 1,103.9 830.2 957.4 123.1 12.9% 33.0% 0.9x 6.7x

NTT DATA Corporation Japan 11.91 -19% 16,699.3 20,524.5 18,671.2 2,780.9 14.9% 7.4% 1.1x 7.4x

Perficient, Inc. United States 25.51 -18% 846.5 920.6 487.8 56.9 11.7% 4.3% 1.9x 16.2x

Presidio, Inc. United States 15.93 -13% 1,311.4 2,312.0 2,876.7 208.3 7.2% 2.3% 0.8x 11.1x

Reply S.p.A. Italy 55.44 -21% 2,073.9 2,016.3 1,119.7 141.9 12.7% 12.2% 1.8x 14.2x

SQLI SA France 22.08 -50% 96.4 125.0 262.9 19.3 7.3% 13.9% 0.5x 6.5x

Synthomer plc United Kingdom 4.71 -38% 1,600.4 1,886.6 2,036.9 230.9 11.3% 12.7% 0.9x 8.2x

Tata Consultancy Services Limited * India 28.39 -11% 106,513.7 100,201.2 20,190.8 5,474.1 27.1% 16.5% 5.0x 18.3x

Wipro Limited India 5.20 0% 23,441.8 19,920.6 8,239.5 1,500.5 18.2% 4.8% 2.4x 13.3x






Outsourced Services



AMREP Corporation United States $6.22 -37% $ 50.6 $ 38.5 $ 40.5 $ 1.6 4.0% 6.9% 1.0x 23.7x

Cimpress N.V. Netherlands 83.17 -52% 2,565.3 3,771.9 2,681.8 270.1 10.1% 9.9% 1.4x 14.0x

Clairvest Group Inc. Canada 38.22 -3% 581.6 292.1 204.3 141.4 69.2% 81.6% 1.4x 2.1x

CSG Systems International, Inc. United States 36.19 -26% 1,206.2 1,367.5 833.0 154.8 18.6% 6.9% 1.6x 8.8x

Donnelley Financial Solutions, Inc. United States 14.64 -32% 499.2 840.2 987.5 132.0 13.4% -1.4% 0.9x 6.4x

Elanders AB (publ) Sweden 10.26 -5% 362.7 644.2 1,208.8 81.6 6.7% 15.0% 0.5x 7.9x

Eniro AB (publ) Sweden 0.20 -72% 13.5 118.2 157.8 17.3 11.0% -19.6% 0.7x 6.8x

ExlService Holdings, Inc. United States 57.50 -14% 1,969.8 2,028.6 846.1 117.2 13.9% 14.1% 2.4x 17.3x

Firstsource Solutions Limited India 0.69 -41% 476.6 533.1 504.3 65.9 13.1% 3.7% 1.1x 8.1x

Genpact Limited Bermuda 29.83 -12% 5,670.3 6,612.8 2,899.9 407.7 14.1% 8.0% 2.3x 16.2x

InnerWorkings, Inc. United States 4.59 -56% 237.2 404.0 1,132.7 21.8 1.9% 2.3% 0.4x 18.5x

j2 Global, Inc. United States 75.16 -18% 3,704.5 4,411.6 1,177.6 426.8 36.2% 11.8% 3.7x 10.3x

Liq Participações S.A. Brazil 0.27 -81% 3.0 11.4 361.5 (1.1) NM -21.3% 0.0x NM

Luxoft Holding, Inc. Switzerland 58.03 0% 1,967.3 1,878.5 910.7 98.2 10.8% 7.4% 2.1x 19.1x

LSC Communications, Inc. United States 7.93 -57% 264.2 1,190.2 3,886.0 291.0 7.5% 10.3% 0.3x 4.1x

MAXIMUS, Inc. United States 70.13 -3% 4,474.2 4,107.2 2,392.2 350.8 14.7% -2.4% 1.7x 11.7x

Quad/Graphics, Inc. United States 13.51 -57% 694.9 1,772.4 4,176.3 421.0 10.1% 0.3% 0.4x 4.2x

IQVIA Holdings Inc. United States 129.01 -5% 25,549.9 35,540.9 8,603.0 1,817.0 21.1% -5.8% 4.1x 19.6x

R.R. Donnelley & Sons Company United States 5.10 -47% 359.0 2,303.7 6,962.6 428.8 6.2% 1.3% 0.3x 5.4x

Serco Group plc United Kingdom 1.45 -5% 1,582.4 1,912.3 3,711.1 83.9 2.3% -7.0% 0.5x 22.8x

Steel Connect, Inc. United States 1.66 -34% 98.9 500.2 757.9 44.2 5.8% 81.4% 0.7x 11.3x

SYNNEX Corporation United States 96.76 -25% 4,956.7 7,963.5 20,053.8 821.0 4.1% 17.6% 0.4x 9.7x

Sykes Enterprises, Incorporated United States 27.57 -13% 1,176.0 1,100.7 1,629.7 155.3 9.5% 4.7% 0.7x 7.1x

Teleperformance SE France 172.16 -13% 9,944.2 11,413.9 4,864.1 737.4 15.2% 3.2% 2.3x 15.5x

TTEC Holdings, Inc. United States 33.43 -16% 1,544.2 1,731.1 1,516.7 174.9 11.5% 8.7% 1.1x 9.9x

transcosmos inc. Japan 20.80 -27% 862.7 707.5 2,556.1 79.4 3.1% 8.0% 0.3x 8.9x

Transcontinental Inc. Canada 15.92 -37% 1,387.2 2,467.8 2,001.5 429.9 21.5% 30.7% 1.2x 5.7x



PPLLC IndicesValuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

US-based Digital Media and Internet 4.2x 3.7x 5.3x 4.1x

Internationally-based Digital Media and Internet 3.3x 3.5x 4.6x 3.0x

US-based eCommerce 3.7x 2.0x 4.1x 3.6x

Internationally-based eCommerce 4.7x 1.5x 8.8x 4.1x

US-based Digital Advertising 3.6x 2.6x 6.2x 3.1x

Internationally-based Digital Advertising 3.0x 0.9x 9.8x 2.5x

US-based Marketing Technology 7.4x 6.3x 7.2x 7.0x

Internationally-based Marketing Technology 6.9x 4.1x 9.2x 6.1x

Agency 1.1x 1.2x 1.3x 1.3x

Marketing Services 1.6x 1.5x 3.6x 2.4x

Traditional Media 2.9x 2.3x 3.6x 3.2x

Software 7.4x 6.6x 7.8x 7.5x

Information 4.6x 3.8x 6.9x 5.1x

Business Services 1.3x 0.9x 2.7x 2.2x

As of close of business on 01/31/19

Current Summary Trading Valuation Information

Revenue Multiples (TTM)

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2

standard deviations above the mean


PPLLC IndicesValuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*

US-based Digital Media and Internet 32.2x 23.0x 19.3x 29.4x

Internationally-based Digital Media and Internet 14.8x 12.0x 15.1x 14.2x

US-based e-commerce 20.4x 15.4x 19.2x 16.0x

Internationally-based e-commerce 13.5x 10.1x 27.9x 12.5x

US-based Digital Advertising 36.3x 33.0x 18.1x 22.0x

Internationally-based Digital Advertising 11.1x 6.6x 5.9x 11.6x

US-based Marketing Technology 49.9x 32.3x 32.3x 27.9x

Internationally-based Marketing Technology 44.2x 14.8x 9.5x 15.2x

Agency 9.4x 8.9x 8.4x 8.3x

Marketing Services 10.3x 8.1x 16.4x 11.5x

Traditional Media 14.1x 9.9x 13.0x 12.1x

Software 32.9x 26.4x 24.7x 18.3x

Information 19.0x 17.8x 24.7x 17.0x

Business Services 11.3x 10.9x 13.8x 12.3x

As of close of business on 01/31/19

Current Summary Trading Valuation Information

EBITDA Multiples (TTM)

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2

standard deviations above the mean



Digital Advertising

PPLLC IndicesLTM Share Pricing Trends

LTM Index Performance

• S&P 500 – (4.2)%

• Digital Media/Commerce – (2.6)%

• Traditional Media – (2.7)%


• S&P 500 – (4.2)%

• Marketing Technology – (0.1)%


• S&P 500 – (4.2) %

• Digital Advertising – (5.5)%


• S&P 500 – (4.2) %

• Agency – (12.4) %

• Marketing Services – (9.0)%

Digital Media/Commerce and Traditional Media

Software LTM Index Performance

• S&P 500 – (4.2)%

• Software – 5.8%

Agency & Marketing Services

Information & Business Services LTM Index Performance

• S&P 500 – (4.2)%

• Information – (2.3) %

• Business Services – (2.3)%

Note: LTM as of 1/31/2019

80%

90%

100%

110%

120%

130%

140%

150%

Feb-18 Apr-18 Jun-18 Aug-18 Oct-18 Dec-18

Ind

ex P

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%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

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%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

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ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

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%)

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


Strategic Transactions

All Segments($ in Millions)

StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

Luxoft Holding, Inc. Bus iness Services DXC Technology Company 2,000.0$ Avi to.ru Digi ta l Media/Commerce Naspers Ltd. 1,200.0 TomTom Telematics Software Bridgestone Europe NV/SA 1,000.0 Elemis Ltd. Digi ta l Media/Commerce L'Occi tane International S.A. 900.0 LGS Innovations LLC Software CACI International , Inc. 750.0 VaaS International Holdings , Inc. Software Motorola Solutions , Inc. 445.0 Abri l Educacao SA Traditional Media Legion Holdings LLC 415.5 Pluto TV Traditional Media Viacom, Inc. 340.0 AppRiver LLC Software Zix Corporation 275.0 Hel lo Sign, Inc. Marketing Technology Dropbox, Inc. 230.0 TrendKite, Inc. Marketing Technology Cis ion Ltd. 225.0 CloudEndure Software Amazon.com, Inc. 200.0 Aroundhome Digi ta l Media/Commerce NuCom Group SE 161.0 YourCause LLC Software Blackbaud, Inc. 157.0 Fa lcon.io ApS Marketing Technology Cis ion Ltd. 125.9 OSMO Bus iness Services BYJU 120.0 Mi lAnuncios .com Digita l Media/Commerce Schibsted ASA 113.9 Data Artisans GmbH Software Al ibaba Group Holding Ltd. 103.0 Sage Payrol l Solutions Software iSolved HCM 100.0 United Media Agency Traditional Media Mai l .Ru 97.0 Axxerion B.V. Software MCS Solutions 90.0 BoardEx Marketing Technology Euromoney Insti tutional Investor plc 87.3 The Deal LLC Marketing Technology Euromoney Insti tutional Investor plc 87.3 Gridsmart Software Cubic Corporation 87.0 Coins .ph Software Go-Jek 72.0 Weizmann Forex Limited Software EbixCash World Money Limited 63.3 Dynasty Marketplace, Inc. Marketing Technology AppFol io, Inc. 60.0 Superpod Digi ta l Media/Commerce Google 60.0 TRANSPOREON Group Bus iness Services HG Capita l 59.8 Fi rs t Bi l l ing Services LLC Software Paya, Inc. 57.5 Foss i l Group's Smartwatch Technology Bus iness Digi ta l Media/Commerce Google 40.0 Yospace Technologies Ltd. Digi ta l Advertis ing RTL Group 33.0 Schurz Communications Inc. Traditional Media New Media Investment Group, Inc. 30.0 Flyt Limited Software Just-Eat plc 28.4 InterGlobe Technologies Pvt. Ltd. Bus iness Services AION Capita l Partners 22.9 Sca leLab LLC Agency & Marketing Services Yeah1 Group 20.0 Providigm LLC Software HealthStream, Inc. 18.5 Sandz Solutions Pte. Ltd. Software Kronologi As ia Berhad 18.1 Black Box Corporation Bus iness Services AGC Networks , Inc. 17.2 Aplus .com Digita l Media/Commerce Chicken Soup for the Soul 15.0 Smart Retai l Software Smith Micro Software, Inc. 9.3 Infibeam Incorporation Limited Digi ta l Media/Commerce Tradohub 8.4




StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

Planning-Inc Limited Marketing Technology Next Fi fteen Communications Group plc 8.1$ Dynamic Bus iness IT Solutions Pty Limited Bus iness Services Rhipe Ltd. 8.0 Scannel l Solutions Ltd. Software Ideagen Plc 4.5 VisualWebcaster Platform, Onstream Media Corp. Marketing Technology Issuer Direct Corporation 2.8 NerdEMR and Butterfly Medical Software WELL Health Technologies Corp. 2.6 Deeplake Digi ta l Limited Marketing Technology Castleton Technology plc 2.3 OMG Mobi le OOD Bus iness Services Speedy JSC 2.3 Lutum + Tappert DV Consulting GmbH Software Infas Holding AG 1.8 Imaginatik plc Marketing Technology Planbox, Inc. 1.7 Thoughtful Thai land Agency & Marketing Services Yeah1 Group 1.6 Cavena Image Products AB Agency & Marketing Services Edgeware AB 1.0




StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

BrandWorks Agency & Marketing Services The Big Group Limited -$ Caspari McCormick, Inc. Agency & Marketing Services Aloys ius Butler & Clark Associates , Inc. - Catalyst Advertis ing Agency & Marketing Services Procla im Interactive - CatchOn Agency & Marketing Services Finn Partners , Inc. - Ci tus Data Agency & Marketing Services Microsoft Corporation - CM Promotions , Inc. Agency & Marketing Services Geiger, Inc. - Codeword Agency & Marketing Services WE Commnications - CohereOne Agency & Marketing Services Midland Paper, Packaging & Suppl ies - Doyen Communications Agency & Marketing Services ReelTime Media - Epic Rights Agency & Marketing Services Bravado International Group - Eris Group LLC Agency & Marketing Services GrayRobinson, P.A. - Es tonian Idea Agency & Marketing Services Havas Group - EXIT Marketing & Brand Development Agency & Marketing Services Thoma Thoma - FCB Bangkok Agency & Marketing Services YDM Thai land Ltd. - FleishmanHi l lard's Middle East Bus iness Agency & Marketing Services Porter Novel l i - FloorForce Agency & Marketing Services AdHawk, Inc. - Gagnon Levesque, Inc. Agency & Marketing Services Talbot Marketing - Get1free, Inc. Agency & Marketing Services Valass is Communications , Inc. - Gravi ty Thinking Ltd. Agency & Marketing Services Viva ldi - Haines Direct Agency & Marketing Services Al legiance Fundrais ing Group - Hinge Consulting LLC Agency & Marketing Services Vora Ventures - Idium AS Agency & Marketing Services 1881 Group AS - Ins ide Ideas Group Ltd. Agency & Marketing Services You & Mr. Jones , Inc. - JB Chicago Agency & Marketing Services C.A. Fortune - Jo Hutchison International Agency & Marketing Services Fane Productions Limited - Ki l ler Infographics , Inc. Agency & Marketing Services Lieberman Research Worldwide - Kronos SAS Agency & Marketing Services Narvar Inc. - LiberoNet Agency & Marketing Services Ixis IT Ltd. - Loyalty Advantage Pte. Ltd. Agency & Marketing Services Ascenda Loyalty Pte. Ltd. - MJM Media Agency & Marketing Services OKD Marketing Group - NC Creative Group Limited Agency & Marketing Services Cogent El l iott Ltd. - OpenQM Agency & Marketing Services Zumasys , Inc. - Orangel i te Agency & Marketing Services Lightswitch.net - Para l lel Path Agency & Marketing Services (Private Investors ) - Path Interactive, Inc. Agency & Marketing Services SourceLink Bus iness Services , Inc. - PMX Agency Agency & Marketing Services Forward3D - Popcorn Global Agency & Marketing Services Wi l l iams Lea Tag - Print Digi ta l Plus , Inc. Agency & Marketing Services Did-i t.com - Publ icis Healthcare Solutions Agency & Marketing Services Altamont Capita l Partners - Richard Attias & Associates Agency & Marketing Services (Private Investors ) - SMACK Agency & Marketing Services Field Agent, LLC - SpeakerBox Agency & Marketing Services REQ -



Strategic TransactionsStrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Spice Lab Pte. Ltd. Agency & Marketing Services FreakOut Holdings , Inc. -$ Sponsorship Science Agency & Marketing Services Media Management, Inc. - Synergy Events Agency & Marketing Services LG&P In-s tore Agency - The Unravel Corporation Agency & Marketing Services RSM Marketing - ThreeSixtyEight Agency & Marketing Services Mindworx Marketing LLC - United Digi ta l Group Agency & Marketing Services PIA Performance Interactive Al l iance für digi ta les Marketing GmbH- Wandern Media Agency & Marketing Services Ground Level Up Productions Ltd. - WearAway Agency & Marketing Services Grin, Inc. - Weintraub Advertis ing Agency & Marketing Services integri ty - Westwicke Partners , LLC Agency & Marketing Services ICR LLC - Wrapp Agency & Marketing Services Meniga Ltd. - Your Event Solutions Limited Agency & Marketing Services Travel Leaders Group, LLC - ZCOMM Agency & Marketing Services rbb Commnications LLC - 10X People LLC Bus iness Services Somos, Inc. - 3sage Consulting LLC Bus iness Services ThreeBridge Solutions - Absyz, Inc. Bus iness Services Youngsoft, Inc. - AC4S Bus iness Services Hui Hul iau - Algorfin S.p.A. Bus iness Services Objectway S.p.A. - Al l Crescent Sdn Bhd Bus iness Services Anvia Holdings Corporation - Avanxo Bus iness Services Globant S.A. - Benz Communications LLC Bus iness Services The Segal Group, Inc. - BFK HR Consulting Bus iness Services Ki lpatrick Group SA - Big Red Dog Bus iness Services Wantman Group, Inc. - BioStore Ltd. Bus iness Services IRIS Software Group Ltd - Capax Global , LLC Bus iness Services Hitachi Solutions America, Ltd. - Carbon60 Networks , Inc. Bus iness Services M/C Partners - Carol ina Networks , Inc. Bus iness Services Dynamic Quest, Inc. - Cervel lo, Inc. Bus iness Services A.T. Kearney, Inc. - Chouinard & Myhre, Inc. Bus iness Services Solutions-II, Inc. - ClearObject, Inc. Bus iness Services Egis Capita l Partners - Componence Services BV Bus iness Services Valamis Group Oy - Computer 911, Inc. Bus iness Services 2W Technologies , Inc. - DHA Group, Inc. Bus iness Services ASGN Incorporated - Dougherty & Associates , Inc. Bus iness Services Concept Plus LLC - Drive 360 Logis tics LLC Bus iness Services TransForce, Inc. (Private Company) - E.A. Hughes & Company Bus iness Services Solomon Page Group - Education Umbrel la Ltd. Bus iness Services Bertram Group - Elearis Bus iness Services Curator Solutions , Inc. - EMS Safety Services , Inc. Bus iness Services Health & Safety Insti tute - Emulate3d, Inc. Bus iness Services Rockwel l Automation - Enti re Recruitment Pty. Ltd. Bus iness Services Synergie SE - eTera Consulting LLC Bus iness Services HaystackID LLC -




Everpace Bus iness Services JOLT Advantage Group -$ Evo Solutions Bus iness Services Compri Consulting, Inc. - Fi l ter, LLC Bus iness Services Dentsu, Inc. - Find My Flock Bus iness Services Technica l Integri ty, LLC - Fixx iT Detachering B.V. Bus iness Services Entelect Software (Pty) Ltd. - Forza Technology Solutiolns Bus iness Services Winxnet Inc. - Freudenberg IT GmbH & Co. KG Bus iness Services Syntax Systems Limited - Fulcrum IT Services , LLC Bus iness Services Huntington Ingal ls Industries , Inc. - Global Trade Strategies , Inc. Bus iness Services BDO USA, LLP - Gossamer Threads , Inc. Bus iness Services M/C Partners - GreyCampus, Inc. Bus iness Services Talentedge - Healthl ine Solutions , Inc. Bus iness Services Medsphere Systems Corporation - i l luminea.com Bus iness Services LeverageIT - IN2IP B.V. Bus iness Services ODMedia B.V. - Information Strategy Des ign Bus iness Services Medicus Solutions - Innovative Architects LLC Bus iness Services Improving Holdings , LLC - Intramode Bus iness Services Kraemer Des ign Group - ISA Tra ining Ltd. Bus iness Services Educ8 Group - ISDes ign.com Bus iness Services Medicus IT, LLC - Itneer.com Bus iness Services Surana Associates , Inc. - J.C. Gri ffin LLC Bus iness Services Dixon Hughes Goodman LLP - Jobmax Uitzendburo B.V. Bus iness Services Flexfactory B.V. - Kathleen Metcal f Team Coaching & Tra ining Bus iness Services Black29 Group, Inc. - MCCi LLC Bus iness Services Century Park Capita l Partners - Moov2 Ltd. Bus iness Services Etch Ltd. - netConsult Limited Bus iness Services TIG Ltd. - Network Al l iance, Inc. Bus iness Services Ntiva, Inc. - Nexign Bus iness Services Intel lectual Computer Systems - NextGen Global Resources LLC Bus iness Services Kel ly Services , Inc. - NextTier Education, Inc. Bus iness Services Fol lett Corporation - Officine 8K S.r.l . Bus iness Services Servtech Global Holdings Limited - OGSystems Bus iness Services Parsons Corporation - OmniVere LLC Bus iness Services Driven-inc.com - On Time Staffing Bus iness Services Ecl ipse Advantage, Inc. - Orbium Holding AG Bus iness Services Accenture plc - P2V Systems Bus iness Services ActionPoint Technology Group - Plaut IT Austra l ia Bus iness Services Ernst & Young LLP - Pocket Watch LLC Bus iness Services SR2 Solutions LLC - PreCheck, Inc. Bus iness Services Cis ive - Princeton Information Ltd. Bus iness Services Digi ta l Intel l igence Systems LLC - ProjectEd Bus iness Services Entangled Group - PV Waggle LLC Bus iness Services Houghton Miffl in Harcourt -




Real Time Cases , Inc. Bus iness Services Curator Solutions , Inc. -$ Ruletronics Bus iness Services Larsen & Toubro Infotech Limited - Sandpoint Consulting Bus iness Services Valuize Consulting - Sca lar Decis ions , Inc. Bus iness Services CDW Corporation - SLAIT Consulting LLC Bus iness Services ePlus , Inc. - Software Information Systems LLC Bus iness Services Converge Technology Solutions Corp. - SonoWorld Bus iness Services 123sonography GmbH - Sqware Peg Bus iness Services Simplus , Inc. - SWL Tra ining Bus iness Services Notus Heavy Li ft Solutions Ltd. - Synchrony Global Bus iness Services Rizing LLC - Tech-IT PSF S.A. Bus iness Services Computer Task Group, Inc. - TERP Associates Bus iness Services Mentorcl iQ LLC - Terramap Pty. Ltd. Bus iness Services Intrax Consulting Engineers Pty. Ltd. - The Alpha Group Agency, Inc. Bus iness Services OneDigi ta l Health and Benefi ts - The Comedy Zone Worldwide Bus iness Services EastCoast Enterta inment - The Weinberg Group, Inc. Bus iness Services ProPharma Group - Thinking Hut IT Solutions Pvt. Ltd. Bus iness Services iLink Systems, Inc. - Veri tas Prep LLC Bus iness Services Vars i ty Tutors LLC - Visual Compl iance (eCustoms) Bus iness Services The Descartes Systems Group, Inc. - Vuursteen B.V. Bus iness Services RoomRaccoon B.V. - Yerra Solutions AG Bus iness Services Elevate Services , Inc. - Aasaanjobs Pvt. Ltd. Digi ta l Advertis ing OLX Group - Accengage S.A. Digi ta l Advertis ing Urban Airship, Inc. - Bl ippar Digi ta l Advertis ing Candy Ventures - Ci tyGrid Media Digi ta l Advertis ing eLocal USA LLC - Pocket Concierge, Inc. Digi ta l Advertis ing American Express Company - Pouch Digi ta l Advertis ing Global Savings Group GmbH - Spacio, Inc. Digi ta l Advertis ing HomeSpotter LLC - Target Media Partners Digi ta l Advertis ing Digi ta l Ai r Strike - Websheep GmbH Digi ta l Advertis ing localsearch.ch - 3Latera l Digi ta l Media/Commerce Epic Games, Inc. - AcquireWeb, Inc. Digi ta l Media/Commerce Clari tas , LLC - Agog Labs Digi ta l Media/Commerce Epic Games, Inc. - Almosafer Digi ta l Media/Commerce Al Tayyar - Audiokinetic, Inc. Digi ta l Media/Commerce Sony Corporation - Bl i tz Esports Digi ta l Media/Commerce Team Solomid - BLVCK Digi ta l Media/Commerce National Black Bus iness Directory - BookGig Digi ta l Media/Commerce The Booksel ler - Bump Club and Beyond Digi ta l Media/Commerce Brand Connections , LLC - Byrdie.com & MyDomaine Digi ta l Media/Commerce Dotdash.com - Dering Hal l , LLC Digi ta l Media/Commerce Chairish, Inc. - Divvi t Digi ta l Media/Commerce Ve Global UK Limited -




Doublejump.tokyo, Inc. Digi ta l Media/Commerce Gumi Co., Ltd. -$ Easy Pre-Orders Ltd. Digi ta l Media/Commerce Bookatable Ltd. - FIREapps Digi ta l Media/Commerce Kyriba Corporation - Gaest.com AS Digi ta l Media/Commerce Airbnb, Inc. - GarageHop Digi ta l Media/Commerce WhereiPark - GOAT Labs , Inc. Digi ta l Media/Commerce Seamount Consulting - GuavaPass Digi ta l Media/Commerce ClassPass , Inc. - Jane Iredale Digi ta l Media/Commerce San Francisco Equity Partners - Kelaa Digi ta l Media/Commerce Prenetics Limited - Li s tingly.com Digita l Media/Commerce Way Past Shelter LLC - LiveTonight Digi ta l Media/Commerce Concert En Appart - Maya (Plackal Tech) Digi ta l Media/Commerce SHEROES - MyAnimeLis t Digi ta l Media/Commerce Media Do Co., Ltd. - Sports Internet Digi ta l Media/Commerce AXIOS Media Inc. - Studydrive GmbH Digi ta l Media/Commerce StepStone - Supertreat GmbH Digi ta l Media/Commerce Playtika Ltd. - The Cora l Project Digi ta l Media/Commerce Vox Media, Inc. - The Sims Resource Digi ta l Media/Commerce Enthus iast Gaming, Inc. - TickTock Games Digi ta l Media/Commerce Rebel l ion Developments Ltd. - WoodPel lets .com, LLC Digi ta l Media/Commerce Lignetics , Inc. - Cresscap Investment Research Information Seeking Alpha Ltd - Data Services Bus iness , HIMSS Analytics Information Defini tive Healthcare, LLC - Granta Des ign Limited Information ANSYS, Inc. - Quovo, Inc. Information Pla id, Inc. - RE:Tech Information CREtech - Rental His tory Reports Information MRI Software LLC - Abe AI, Inc. Marketing Technology Yodlee, Inc. - Al legori thmic SAS Marketing Technology Adobe Systems, Inc. - Askuity, Inc. Marketing Technology The Home Depot, Inc. - Automated Advisor LLC Marketing Technology Steep Digi ta l Marketing - Brickwork Marketing Technology b8ta, Inc. - BrightGauge Software, Inc. Marketing Technology Continuum Managed Services LLC - Ca l lware Marketing Technology Sabio Limited - Causeway Solutions Marketing Technology Majori ty Strategies - Checkdomain GmbH Marketing Technology dogado GmbH - Connect Fi rs t, Inc. Marketing Technology RingCentra l , Inc. - CrunchBot Marketing Technology Ql ik Technologies , Inc. - Dayre.me Marketing Technology Create Col lective Pte. Ltd. - Deem, Inc. Marketing Technology Enterprise Holdings , Inc. - Edgenet, Inc. Marketing Technology Gladson, LLC - FamousEnuf Technolgies Pvt. Ltd. Marketing Technology Xoxoday - Fi tmanager.com Marketing Technology Eversports GmbH -




FLUVIP SAS Marketing Technology IZEA, Inc. -$ Gengo, Inc. Marketing Technology Lionbridge Technologies , Inc. - Housefax.com LLC Marketing Technology National HouseCheck Corporation - ImageVis ion Labs , Inc. Marketing Technology Two Hat Securi ty Ltd. - ItemMaster, Inc. Marketing Technology Gladson, LLC - Layers WP Marketing Technology Elementor Ltd. - Leiki Oy Marketing Technology DoubleVeri fy, Inc. - Li feyo Marketing Technology SpotOn Transact LLC - Li s tenLoop Marketing Technology Integrate, Inc. - Livecl icker, Inc. Marketing Technology Campaign Monitor Pty Ltd. - MTC Performance Marketing Technology 360ins ights - Opentree Ltd. Marketing Technology GRAITEC Innovation SAS - Peerio Technologies , Inc. Marketing Technology WorkJam, Inc. - Proceed Labs Marketing Technology Up Group - PupKeep LLC Marketing Technology DaySmart Software LLC - Reach Analytics , LLC Marketing Technology Data Decis ions Group - Reimagine Holdings Group Marketing Technology Dynata - roundCorner, Inc. Marketing Technology Sales force.org - Sa i l thru, Inc. Marketing Technology Campaign Monitor Pty Ltd. - Sa lesWolf Marketing Technology The Sa les Developers , Inc. - Securus Contact Systems Marketing Technology PennSpring Capita l - Si lverbear Marketing Technology ClearCourse Partnership LLP - SoAmpl i Ltd. Marketing Technology Force24 Ltd. - Streetbees .com Limited Marketing Technology BeMyEye Holdings Ltd. - TermSet Marketing Technology CoreView - The Studio by Ctrl Shi ft Pte. Ltd. Marketing Technology AdGeek Marketing Consulting Co., Ltd. - ThoughtTrace ECM Bus iness Segment Marketing Technology Konica Minolta, Inc.UniteU Technologies , Inc. Marketing Technology VTEXUserMuse LLC Marketing Technology UserTesting, Inc.Vincent Consulting Marketing Technology The Student RoomWannaSpeak Marketing Technology IOVOX Ltd.Wavebid, Inc. Marketing Technology Proxibid, Inc.Waypoint Media LLC Marketing Technology FanAI, Inc.Zuvoo Limited Marketing Technology Smartass is tant - Alcomy Technologies Software EZAdvance Consumer Lending - Al tex Bus iness Solutions , Inc. Software DAS Health - Ambo LLC Software MyCrypto, Inc. - APD Communications Limited Software Northgate Publ ic Services Limited - Aprima Medica l Software, Inc. Software e-MDs, Inc. - Avid Secure, Inc. Software Sophos Ltd. - Avi tru.com Software Deltek, Inc. - Blockspring.com Software Coinbase, Inc. -




Browserid OU Software Veri ff OU -$ Ca lmCircle LLC Software Higher Ed Growth LLC - CareerVis ion Ltd. Software Servelec Group plc - CareSync, Inc. Software Vatica Health, Inc. - CenPOS LLC Software Elavon Inc. - Chiron Health, Inc. Software Medici Technologies LLC - Clear Direct Debit Software ClearCourse Partnership LLP - Clearview Continuity Software Assurance Software, Inc. - Cloud Comrade Pte. Ltd. Software ST Telemedia - Cloud Practice, Inc. Software Premier Health Group, Inc. - Compl i .com Software KPA LLC - CrewSense.com Software Vector-Solutions .com, Inc. - Dent Buddy Software MobiTech International , Inc. - Dinghy UK Limited Software Kingsbridge Contractor Insurance - Eeme LLC Software Tendri l Networks , Inc. - EmeraldCube Solutions LLC Software Syntax Systems Limited - Envenio.com Software JUUL Labs , Inc. - Eta lon AG Software Hexagon AB - Evo W12 Inovações Tecnologicas Ltda Software ABC Financia l Services , Inc. - Explorer.a i Software Standard Cognition Corporation - Exxeno LLC Software Hussmann Corporation - Fla i rbase, Inc. Software Datamine - ForceNock Securi ty Ltd. Software Check Point Software Technologies Ltd. - Frontl ine PCB Solutions Limited Software Orbotech Ltd. - GES International AB Software Sustainalytics B.V. - GPSlogix Software Col labetive Services LLC - Greenlots Software Royal Dutch Shel l plc - Griddable, Inc. Software Sales force.com - HUB International Limited Software TRG Group Benefi ts and Pens ions , Inc. - Influence Health, Inc. Software Healthgrades Operating Company, Inc. - Isoneo, Inc. Software Star Navigation Systems Group Ltd. - Janra in, Inc. Software Akamai Technologies , Inc. - Lanner Group Limited Software Royal HaskoningDHV - LEO Enterprises Software Dsco.io - Luci ty, Inc. Software Centra lSquare Technologies - Magique Gal i leo Softwre Ltd. Software Sword GRC - Mariana Systems LLC Software Black Mountain Systems - Minera lSoft, Inc. Software Dri l l inginfo, Inc. - Pa id Labs , Inc. Software Auction Mobi l i ty LLC - PaperHost.com, Inc. Software MediStreams, Inc. - Petrotechnics Ltd. Software Sphera Solutions , Inc. - Popmotion Software Framer.com -




Precognitive, Inc. Software ShopRunner -$ PRINS Software PSI Software AG - Recy Systems AG Software AMCS Group - ri skCanvas LLC Software Genpact Limited - Rogue Wave Software, Inc. Software Perforce Software, Inc. - Satori Software, Inc. Software BCC Software, LLC - Sens ioLabs SAS Software Smi le SA - ShieldSquare Software Radware Ltd. - Simply Migrate Ltd. Software Mimecast Ltd. - Slope Software Smartsheet.com - Spamina Software Hornetsecuri ty GmbH - SQLstream, Inc. Software Guavus , Inc. - SRXP Software Exact.com (Netherlands) - T-21 Technologies LLC Software VITEC - Telmediq Software PerfectServe, Inc. - Travis CI GmbH Software Idera, Inc. - True Process , Inc. Software Baxter International , Inc. - TSO Logic, Inc. Software Amazon.com, Inc. - Tyson Steele Associates Software HealthEdge Investment Partners - Unboti fy Software adjust GmbH - veEDIS Emergency Department Information System Software Software Document Storage Systems, Inc. - Vemity Software FreightRover - Veri fy-U AG Software Zuper GmbH - Vi rtual Forge GmbH Software Onaps is , Inc. - Vivox, Inc. Software Unity Technologies , Inc. - WePow, Inc. Software OutMatch, Inc. - WeSave Software Amundi Asset Management - Who Are You Limited Software Intel l iCentrics , Inc. - Wiggly-Amps Limited Software Boots UK Limited - Wyres S.A.S. Software Kerl ink SA - Z Option, Inc. Software Magnitude Software - Zi ipRoom, Inc. Software Bose Corporation - Zugata, Inc. Software Culture Amp Pty Ltd. - Castle Connol ly Medica l Ltd. Traditional Media j2 Global , Inc. - CyberGamer Traditional Media LPL - DocGraph Traditional Media CareSet Systems, Inc. - Fi lm Sprout Traditional Media Picture Motion, Inc. - Forester Media, Inc. Traditional Media Endeavor Bus iness Media LLC - Happy Market Research Traditional Media PureSpectrum, Inc. - KCA Artis ts Traditional Media Cumberland Mus ic Col lective - KIDO'Z Ltd. Traditional Media Shoal Games Ltd. - Marketer Moves Traditional Media Adweek -




New Form Digi ta l Traditional Media Whistle Sports , Inc. -$ Off the Fence B.V. Traditional Media ZDF Enterprises GmbH - One Production Traditional Media Live Nation Enterta inment, Inc. - Pa lomar S.p.A. Traditional Media Mediawan S.A. - Play Sports Group Limited Traditional Media Discovery Communications LLC - Retna USA Photo Agency Traditional Media Globe Photos , Inc. - Sheldon Press Traditional Media Hachette UK Limited - The Conference Agency Traditional Media Select Event Solutions Ltd. - The Hotel Yearbook Traditional Media WIWIH AG - The Mi l l ions Traditional Media Publ ishers Weekly - Upper Street Events Ltd. Traditional Media Immediate Media Company Limited - Wavy Mus ic Traditional Media Ubiquity6, Inc. - West Academic Publ ishing Traditional Media Leichtman Capita l Partners - Xarisma, Inc. Traditional Media Sign-Zone, Inc. - Zkhiphani Traditional Media M&N Brands -



Buyout Transactions

Buyout DealsValues Disclosed Target Target Segment Buyer/Investor Reported TV

Teraco Data Environments (Pty) Ltd. Software Berkshire Partners , LLC 800.0$ BOARD International Marketing Technology Nordic Capita l Limited 500.0 EarthLink, Inc. Technology & Communications Trive Capita l 330.0 Miya Luxemburg Holdings S.a .r.l Software Bridgepoint Development Capita l 260.0 Barcodes , Inc Technology & Communications Odyssey Investment Partners , LLC 224.6 Aspect Software, Inc. Marketing Technology Vector Capita l Corporation 100.0

Buyout DealsUndisclosed Target Target Segment Buyer/Investor Reported TV

Bri l l io Bus iness Services Bain Capita l , LLC -$ Health Plus Management LLC Bus iness Services Investcorp - Keystone Partners Bus iness Services Si lver Oak Service Partners , LLC - ProVest LLC Bus iness Services Nonantum Capita l Partners - Tempus Nova, Inc. Bus iness Services Renovus Capita l Partners - Turning Technologies LLC Bus iness Services Centre Lane Partners , LLC - Akazoo Ltd. Digi ta l Media/Commerce Modern Media Acquis i tion Corp. - For Bare Feet, Inc. Digi ta l Media/Commerce Tagl ich Private Equity - ATTOM Data Solutions Information Lovel l Minnick Partners LLC - Accumen, Inc. Software Arsenal Capita l Partners , Inc. - ORSOFT GmbH Software Alpina Partners -



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

Infor Global Solutions , Inc. Software Golden Gate Capita l 1,500.0$ QuickBase Software Vista Equity Partners 1,000.0 Veri ly Li fe Sciences LLC Information Si lver Lake Partners 1,000.0 Katerra , Inc. Software SoftBank Corporation 700.0 Veeam Software AG Software Ins ight Venture Partners 500.0 Knock.co Digi ta l Media/Commerce Foundry Group 400.0 Grab Digi ta l Media/Commerce Tokyo Century 350.0 N26 GmbH Information Ins ight Venture Partners 300.0 Go-Jek Digi ta l Media/Commerce Google Ventures 290.0 Yimidida Bus iness Services Boyu Capita l 266.0 Rubrik, Inc. Software Bain Capita l , LLC 261.0 DivvyPay, Inc. Software Waterfa l l Asset Management 250.0 Niantic, Inc. Digi ta l Media/Commerce Insti tutional Venture Partners 245.0 GrabTaxi Pte. Ltd. Digi ta l Media/Commerce Centra l Group 200.0 Fracta l Analytics , Inc. Digi ta l Media/Commerce Apax Partners L.P. 200.0 Onit, Inc. Software K1 Investment Management, LLC 200.0 Bakkt LLC Software Boston Consulting Group, Inc. 182.6 Jam City, Inc. Digi ta l Media/Commerce JP Morgan Chase & Co. 145.0 Confluent, Inc. Software Sequoia Capita l 125.0 UpLi ft, Inc Software Madrone Capita l Partners 123.0 Vena Solutions Ltd. Software JMI Equity 115.0 ClearMotion, Inc. Software Frankl in Templeton Investments Corporation 115.0 CarDekho.com Digita l Media/Commerce Sequoia Capita l India 110.0 Acorns Grow, Inc. Digi ta l Media/Commerce Comcast Ventures 105.0 Vis tex, Inc. Software Accel -KKR, LLC 105.0 Stripe, Inc. Software Tiger Global Management, LLC 100.0 Col l ibra , Inc. Software Index Ventures 100.0 Andela , Inc. Software Generation Investment Management LLP 100.0 Globi l i ty Communications Digi ta l Media/Commerce SoftBank Corporation 100.0 MoMo.vn Software Warburg Pincus LLC 100.0 Postmates , Inc. Digi ta l Media/Commerce Tiger Global Management, LLC 100.0 OneLogin, Inc. Software Greenspring Associates 100.0 Next Trucking, Inc. Software Sequoia Capita l 97.0 Equidate, Inc. Digi ta l Media/Commerce Munich RE Group 85.0 Disco Software Georgian Partners 83.0 Wynd Digi ta l Advertis ing Caisse d'Epargne 82.0 FabFitFun, Inc. Digi ta l Media/Commerce New Enterprise Associates 80.0 Keyfactor, Inc. Software Ins ight Venture Partners 77.0 Sophia Genetics SA Software Generation Investment Management LLP 77.0 Better Mortgage Software American Express Ventures 70.0 Sandbox VR, Inc. Traditional Media Andreessen Horowitz 68.0 Flash (goflash.com) Digi ta l Media/Commerce Tiger Global Management, LLC 62.5




Bi l ld LLC Software LL Funds 60.0$ RigUp, Inc. Digi ta l Media/Commerce Bedrock Capita l 60.0 ContentSquare Marketing Technology Canaan Partners 60.0 TaxJar Software Ins ight Venture Partners 60.0 Nutmeg Saving and Investment Limited Software Goldman Sachs Merchant Banking 59.2 The Pi l l Club Digi ta l Media/Commerce VMG Partners 51.0 Gladly Software, Inc. Marketing Technology New Enterprise Associates 50.0 The Predictive Index LLC Software General Catalyst Partners LLC 50.0 Bukalapak Digi ta l Media/Commerce Mirae Asset Venture Investment Co. Ltd. 50.0 Alation, Inc. Software Sapphire Ventures , LLC 50.0 Outdoorsy, Inc. Digi ta l Media/Commerce Greenspring Associates 50.0 Ta lentSoft Software Francisco Partners 50.0 Rex Real Estate Exchange, Inc. Digi ta l Media/Commerce Undisclosed 45.0 TrackTik Software, Inc. Software Georgian Partners 45.0 Boutiqaat Beauty & Accessories Products Digi ta l Media/Commerce Boubyan Petrochemical Company 45.0 Intel i ty Solutions LLC Marketing Technology LLR Partners , Inc. 44.0 SOCAR Digi ta l Media/Commerce Alto Ventures 44.0 Clearcover Software Cox Enterprises , Inc. 43.0 AnyVis ion Group Software Lightspeed Venture Partners 43.0 Fi ix Digi ta l Media/Commerce Bui ldGroup Management LLC 40.0 Dosh LLC Software Goodwater Capita l 40.0 Personio GmbH Software Index Ventures 40.0 CrowdANALYTIX, Inc. Marketing Technology Macnica Ventures 40.0 EMERITUS Insti tute of Management Pte. Ltd. Bus iness Services Sequoia Capita l India 40.0 Ra inFocus Marketing Technology JMI Equity 40.0 EarlySense Ltd. Software Hi l l -Rom Holdings 39.0 Wheels Labs , Inc. Digi ta l Media/Commerce Tenaya Capita l 37.0 Memebox Corporation Digi ta l Media/Commerce Goodwater Capita l 35.0 Jyve Corporation Digi ta l Media/Commerce New Enterprise Associates 35.0 Kustomer, Inc. Marketing Technology Battery Ventures 35.0 Poppulo Software Susquehanna Growth Equity, LLC 35.0 Limel ight Health, Inc. Digi ta l Advertis ing AXA Venture Partners 33.5 GeoPhy B.V. Information Index Ventures 33.0 Pro.com LLC Information Goldman Sachs Merchant Banking 33.0 Scout RFP, Inc. Marketing Technology Scale Venture Partners 33.0 Singapore Li fe Pte. Ltd. Software Aflac Ventures 33.0 Featurespace Limited Software Ins ight Venture Partners 32.3 Mindstrong Health, Inc. Software General Catalyst Partners LLC 31.0 Epic! Creations , Inc. Bus iness Services Evolution Media Capita l 30.0 Mimiro Software Index Ventures 30.0 Pl iops Ltd. Software Intel Capita l 30.0 Fernish Digi ta l Media/Commerce Techstars Ventures 30.0




Finxact LLC Software Live Oak Venture Partners 30.0$ HyperScience, Inc. Software Stripes Group 30.0 Sca leFactor, Inc. Software Bessemer Venture Partners 30.0 CareerArc Group LLC Software Peak Equity Partners 30.0 Badi Digi ta l Media/Commerce Goodwater Capita l 30.0 Decis iv, Inc. Marketing Technology Kayne Partners (Growth Private Equity) 30.0 Lambda School Bus iness Services Y Combinator 30.0 Innovid, Inc. Digi ta l Advertis ing Goldman Sachs Private Capita l Investing 30.0 Emotibot Technologies Limited Software China Development Financia l Holding 30.0 Credit Culture Pte. Ltd. Software RCE Capita l Berhad 29.5 Guardsquare nv Software Battery Ventures 29.0 Optimind.com Bus iness Services Ardian SA 28.4 Mylo LLC Software Guggenheim Partners 28.0 Augury Inc. Software Ins ight Venture Partners 25.0 Bi l l ie, Inc. Digi ta l Media/Commerce Goldman Sachs Private Capita l Investing 25.0 Electric AI, Inc. Bus iness Services Bessemer Venture Partners 25.0 Bringg Del ivery Technologies Ltd. Software Sales force Ventures 25.0 Quinyx AB Software Al fven & Didrikson 25.0 Managed by Q, Inc. Bus iness Services RRE Ventures LLC 25.0 Tidel i ft, Inc. Software General Catalyst Partners LLC 25.0 Alert Media , Inc. Marketing Technology JMI Equity 25.0 Ironclad, Inc. Marketing Technology Sequoia Capita l 23.0 Verbit Software Ltd. Marketing Technology Viola Ventures 23.0 Gousto Digi ta l Media/Commerce Uni lever Ventures 23.0 Fortanix, Inc. Software Intel Capita l 23.0 Aduro, Inc. Digi ta l Media/Commerce Arby Partners 22.0 Piano Software, Inc. Marketing Technology Updata Partners 22.0 Urgent.ly, Inc. Digi ta l Media/Commerce InMotion Ventures 21.0 Hai lo Technologies Ltd. Software Glory Ventures 21.0 Scripbox Advisors Private Limited Software Accel Partners 21.0 Aporeto, Inc. Software Wing Ventures 20.0 Knotch, Inc. Marketing Technology New Enterprise Associates 20.0 Symbiont.io, Inc. Software Galaxy Digi ta l Ventures 20.0 Contabi lzei Software Point72 Ventures 20.0 BenchPrep Bus iness Services Jump Capita l 20.0 WithMe Health, Inc. Software Oak HC/FT Partners LLC 20.0 Sonra i Securi ty, Inc. Software Polaris Partners 18.5 Measurabl , Inc. Marketing Technology Sales force Ventures 18.0 OLO Digi ta l Media/Commerce Tiger Global Management, LLC 18.0 Zafin Software Accenture Ventures 17.2 Ki te.com Software (Private Investors ) 17.0 Anchorage Hold LLC Software Andreessen Horowitz 17.0




Citizen Software Andreessen Horowitz 17.0$ Accedo Broadband Digi ta l Media/Commerce SEB Venture Capita l 17.0 Bold Commerce Marketing Technology Whitecap Venture Partners 16.6 Humanforce Software Accel -KKR, LLC 16.3 Mosyle Corporation Software Elephant Venture Capita l 16.0 Lively Hearing Corporation Software Declaration Capita l 16.0 Chronicled, Inc. Marketing Technology Streaml ined Ventures 16.0 Medigate Software Blumberg Capita l 15.0 dv01, Inc. Software Pivot Investment Partners 15.0 Timescale, Inc. Software New Enterprise Associates 15.0 Cinnamon AI Marketing Technology (Private Investors ) 15.0 BRD Software SBI Holdings 15.0 Tangem Marketing Technology SBI Crypto Investment Ltd. 15.0 Beeswax Marketing Technology RRE Ventures LLC 15.0 OnePark SAS Digi ta l Media/Commerce AccorHotels 15.0 Spel l , Inc. Software Ecl ipse Ventures LLC 15.0 Truss Holdings , Inc. Digi ta l Advertis ing General Catalyst Partners LLC 15.0 GAN Integri ty, Inc. Software Aqui l ine Capita l Partners LLC 15.0 Al to Experience, Inc. Digi ta l Media/Commerce Road Ventures 14.5 Zwipe AS Software Undisclosed 14.0 Orchestra Software, Inc. Software Radian Capita l 14.0 Foretel l ix Ltd. Software 83North 14.0 GeoSpock Ltd. Marketing Technology Cambridge Innovation Captia l 12.7 Headset, Inc. Software AFI Capita l Partners 12.1 Kual i , Inc. Bus iness Services Owl Ventures 12.0 dis trict m, Inc. Digi ta l Advertis ing Investissement Qubec 12.0 PetDesk Marketing Technology PeakSpan Capita l , LLC 12.0 Bowery Valuation, Inc. Marketing Technology Corigin Ventures 12.0 Madup, Inc. Digi ta l Advertis ing Praxis Capita l Partners 12.0 Grabango Co. Marketing Technology Propel Venture Partners 12.0 AccessPay Ltd. Software True Ventures 11.6 Stateless , Inc. Software Drive Capita l , LLC. 11.3 StreamElements Marketing Technology Pitango Venture Capita l 11.3 Zingle, Inc. Marketing Technology PeakSpan Capita l , LLC 11.0 Innovaccer, Inc. Software M12 11.0 ReKTGlobal , Inc. Traditional Media (Private Investors ) 10.8 NumberAI, Inc. Marketing Technology Costanoa Ventures Capita l 10.5 Sa l t Securi ty, Inc. Software S Capita l 10.0 Vangst.com Software Casa Verde Capita l 10.0 FoodMaven Corporation Digi ta l Media/Commerce Tao Venture Capita l Partners 10.0 7shi fts - Restaurant Schedul ing Software Software Relay Ventures 10.0 Bond-Pro LLC Software Vol i tion Capita l LLC 10.0




Synapse Technology Corporation Software Vi l lage Global 6.0$ Babyscripts Software NueCura Partners 6.0 Vinebox, Inc. Digi ta l Media/Commerce Harbinger Ventures 5.9 SimplyCook Ltd. Digi ta l Media/Commerce Octopus Investments Limited 5.8 Mooncard Software Raise Ventures 5.7 MEDS Apotek AB Digi ta l Media/Commerce Inbox Capita l 5.7 Zeelo Ltd. Software ETF Venture Funds 5.6 HubbleHQ Digi ta l Media/Commerce JLL Spark 5.2 Miro Health Software Basel ine Ventures 5.2 RECVUE Software Cota Capita l 5.0 Theta Lake, Inc. Software Firebolt Ventures 5.0 Pensa Systems, Inc. Software ATX Seed Ventures 5.0 Authenteq Software Draper Associates 5.0 LoanSnap Holdings , Inc. Software Thomvest Ventures 4.7 Ontic Technologies , Inc. Software Si lverton Partners 4.7 bsurance GmbH Software UNIQA Ventures 4.6 Houwzer, Inc. Digi ta l Media/Commerce Admira l Capita l 4.5 i ti l i te Technologies Private Limited Marketing Technology Matrix Partners India 4.2 ETFLogic Software ETFS Capita l 4.0 ThingTech, Inc. Software BIP Capita l 4.0 Chowbus Digi ta l Media/Commerce Greycroft Partners LLC 4.0 a lwaysAI Software BlueRun Ventures 4.0 LendingFront, Inc. Software Information Venture Partners 4.0 Draper & Dash Ltd. Software Guinness Asset Management 3.9 Essentia Analytics Ltd. Software Calculus Capita l Limited 3.7 Hone Group, Inc. Bus iness Services Cowboy Ventures . 3.6 Cognism Ltd. Marketing Technology South Centra l Ventures 3.6 Smartology Ltd. Marketing Technology Committed Capita l Limited 3.6 Fl ipSpaces Agency & Marketing Services Carpediem Capita l 3.5 Flexci ton Ltd. Software Backed VC 3.4 Polarsteps Digi ta l Media/Commerce INKEF Capita l 3.4 Yourpay Aps Software Nordica Capita l Partners 3.4 Crossbeam, Inc. Marketing Technology Firs t Round Capita l 3.3 RealBlocks Software Cross Culture Ventures 3.1 PartySlate Marketing Technology Hyde Park Venture Partners 3.0 ePal let, Inc. Digi ta l Media/Commerce Undisclosed 3.0 Reggora, Inc. Marketing Technology Spark Capita l 3.0 Super Heroic, Inc. Digi ta l Media/Commerce Foot Locker, Inc. 3.0 QueQ Digi ta l Media/Commerce True Incube 2.7 OvuSense Software Fores ight Group LLP 2.6 Packback, Inc. Bus iness Services Hyde Park Angels 2.5 Cargo Chief, Inc. Software BootstrapLabs 2.5




Goin.app Digi ta l Media/Commerce Anthemis Group 2.5$ Customs4trade Software 42CAP 2.5 Ai rworks Solutions LLC Software Rough Draft Ventures 2.3 Rel iefClub, Inc. Software OCA Ventures 2.3 Trelar Logis tics , Inc. Software Fundamental Capita l 2.1 AdvicePay, Inc. Software (Private Investors ) 2.0 AnChain.a i , Inc. Software Amino Capita l 2.0 Growth Intel l igence Marketing Technology MMC Ventures , LLC 2.0 Syncuri ty, Inc. Software Kluz Ventures 2.0 Eyeware Tech SA Software High-Tech Gründerfonds 1.9 Tippy Digi ta l Media/Commerce (Private Investors ) 1.7 TaxScouts Ltd. Software Speedinvest 1.6 Linear B, Inc. Software (Private Investors ) 1.6 TypingDNA S.R.L. Software Gapminder Venture Partners 1.5 CheckpointID LLC Software RET Ventures 1.5 Grexter Hous ing Solutions Private Limited Digi ta l Media/Commerce Venture Catalysts 1.5 StructionSite, Inc. Software Socia l Starts , LLC 1.5 Leverage Edu Digi ta l Media/Commerce DSG Consumer Partners 1.4 Chronomics Limited Software Anthemis Exponentia l Ventures 1.4 Zestful , Inc. Software Bessemer Venture Partners 1.1 ZAN Compute, Inc. Software Impala Ventures 1.0 HeyTutor Bus iness Services ScOp Venture Capita l 1.0 ZynBit, Inc. Marketing Technology River SaaS Capita l 1.0



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

Switchfly, Inc. Agency & Marketing Services Golub Capita l -$ Davies Group Limited Bus iness Services Alberta Investment Management Corporation - Iconiq Lab Holding GmbH Bus iness Services High-Tech Gründerfonds - Li s t S.p.A. Bus iness Services TA Associates - Rimkus Consulting Group, Inc. Bus iness Services Century Equity Partners - Samuel Knight International Ltd. Bus iness Services Gresham House - System High Corporation Bus iness Services Enl ightenment Capita l - TVC Enterprises , Inc. Bus iness Services Gauge Capita l , LLC - Beachbody, LLC Digi ta l Media/Commerce The Raine Group, LLC - Delegate Digi ta l Media/Commerce Zopim Technologies Pte Ltd. - Freightera Logis tics , Inc. Digi ta l Media/Commerce Decathlon Capita l Partners - PowerDot, Inc. Digi ta l Media/Commerce Next Ventures - Recharge Labs , Inc. Digi ta l Media/Commerce Fi fth Wal l Ventures - TRX Tra ining LLC Digi ta l Media/Commerce Equity38 - CrossEngage GmbH Marketing Technology Earlybird Venture Capita l GmgH & Co. KG - Fadel Partners , Inc. Marketing Technology Middle East Venture Partners - iKa la Marketing Technology Paci fic Venture Partners - Is suance, Inc. Marketing Technology (Private Investors ) - Tekion Corporation Marketing Technology Al l iance Venture - ZigZag Global Ltd. Marketing Technology Plug & Play Tech Ventures - AbleTo, Inc. Software (Private Investors ) - Ai rdoc LLC Software Ping An Ventures - Al lvis ion Software Lavrock Ventures - AutoGrid Systems, Inc. Software Shel l Ventures - Ba icel l s Technologies , Inc. Software QUALCOMM - Bridge Financia l Technology, Inc. Software Fintop Capita l - C2S2 GmbH Software High Tech Grunderfonds - Cedar Gate Technologies , Inc. Software Ascens ion Ventures Limited - Clari ty Software Solutions , Inc. Software Morgan Stanley Private Equity - Clear (clearme.com) Software Revolution Growth - Cl ini think Ltd. Software IT Capita l Partners - Dorae, Inc. Software (Private Investors ) - dotscene Software High Tech Grunderfonds - Educational Measures LLC Software Harbert Management Corporation - FreightPOP, Inc. Software The Cove Funds - Jvion, Inc. Software JMI Equity - LendUp Software LL Funds - MarketFactory, Inc. Software Accel -KKR, LLC - Netrounds AB Software Swisscom Ventures - Payer Compass LLC Software Spectrum Equity Investors , LP - powercloud GmbH Software General Atlantic, LLC - Receivable Solutions Specia l i s t, Inc. Software Kriya Capita l -



Venture/Growth Capital Transactions

VC/Growth CapitalUndisclosed Target Target Segment Buyer/Investor Reported TV

RFP360, Inc. Software Five Elms Capita l -$ Sensorberg GmbH Software SIGNA Innovations - SkenarioLabs Ltd. Software innogy SE - Tenta Browser Software ConsenSys Ventures - VivoAquatics LLC Software Level Equity - Health Media Network Traditional Media RF Investment Partners -


Petsky Prunier: Maximizing Shareholder Value

▪ M&A Advisory and Sell-Side Representation

▪ Privately-Owned Companies

▪ Entrepreneur-Led Businesses

▪ Private Equity Portfolio Companies

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▪ Technology

▪ Information

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Profit Improvement Planning

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▪ Buy-Side Targeting Criteria & Integration Strategy

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▪ Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, digital media, technology,

information, business services, and healthcare services industries

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

▪ Founded in 1999

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

▪ New York, Las Vegas, Chicago, Charlotte

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Ranked #1 by PitchBookFor Media & Information Services Sectors

PitchBook M&A League TablesTOP ADVISORS SERVING THE MEDIA & INFORMATION SERVICES SECTORS

2018

Rank Advisor Deal Count

1 Petsky Prunier 23

2 Jordan Edmiston 12

2 Houlihan Lokey 12

4 GP Bullhound 9

4 Morgan Stanley 9

6 Moelis & Company 8

7 RBC 7

7 JP Morgan 7

9 Oaklins DeSilva & Phillips 6

9 Evercore 6

▪ With more than 80 transactions closed in the last 36 months, and more than 175 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, e-commerce, and media industries


has sold

(Euronext Paris FR0000130577, CAC 40)

to

a portfolio company of

has been sold to

has been sold to

(NYSE:QUAD)

has acquired

and subsequently merged with

has been sold to

(LSE: SFOR)

$150,000,000

has been sold to

an indirect subsidiary of

(NYSE: MRK)

has been sold to

a portfolio company of a portfolio company of

has been sold to

has been sold to


(LON:HNT)

has been sold to

has sold a majority stake to

has been sold to

a portfolio company of has been sold to


has been sold to


has been sold to

a portfolio company ofhas received a significant investment from

Representative Recent Transactions

has acquired

has been sold to

a member of

(TSE: 4324)

has been sold to

Documents

January 2019 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 2019. 2. 4. · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly M&A and