July 2017 M&A and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2017-08-07 · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly

July 2017 M&A and Investment Summary

2 | M&A and Investment Summary July 2017

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 41 3

About Petsky Prunier 56 4

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 519 deals were announced in July 2017, of which 298 were worth $31.7 billion in aggregate reported value

Software was the most active segment with 192 deals announced — 123 of these transactions reported $8.6 billion in value

Marketing Technology was also active with 88 transactions announced, of which 56 were worth a reported $2.0 billion in value

Strategic buyers announced 219 deals (53 reported $15.3 billion in value)

VC/Growth Capital investors announced 266 transactions (234 reported $8.6 billion in value)

Private Equity investors announced 34 deals during the month (11 reported $7.8 billion in value)

* Discovery Communications’ $14.6 billion acquisition of Scripps Networks has been excluded to limit comparative distortions

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

Software 192 37% $8,573.4 27% 62 $5,023.3 12 $1,390.0 118 $2,160.2

Marketing Technology 88 17% 2,007.1 6% 26 283.7 6 508.8 56 1,214.6

Digital Media/Commerce 87 17% 8,281.1 26% 24 3,752.8 1 - 62 4,528.3

Business Services 61 12% 3,089.4 10% 42 1,525.8 7 1,133.0 12 430.6

Traditional Media 27 5% 3,902.0 12% 19 2,887.4 4 954.6 4 60.0

Digital Advertising 19 4% 1,870.7 6% 11 1,708.7 1 - 7 162.0

Agency & Marketing Services 35 7% 157.4 0% 32 77.4 2 80.0 1 -

Information 10 2% 3,806.5 12% 3 6.0 1 3,740.4 6 60.1

Total 519 100% 31,687.6 100% 219 15,265.0 34 7,806.8 266 8,615.8

July 2017

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$24.1$21.3

$24.6

$51.2

$36.2

$50.2

$29.3

$20.8

$42.6

$25.4

$33.7

$25.2$19.9

519427 473 463 449 419 415 457 449 545 471 520 569 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

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

*Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software

business, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

Transaction Distribution

Reported transaction value in July remained flat from June 2017 and was up six percent from July 2016

Strategic activity accounted for 87 percent of reported control transactions during the month and included significant transactions:

• The pending 62 percent controlling stake taken by Liberty Media in HSN in an all-stock transaction valuing the company at $2.1 billion

• Red Ventures’ acquisition of Bankrate in a transaction valuing the company at $1.4 billion

• Sage Group’s $850 million acquisition of accounting software developer Intacct

• The $600 million Dex Media acquisition of YP Holdings

• OpenText’s $222 million acquisition of security and eDiscovery solutions developer Guidance Software

• The pending acquisition of Rocket Fuel in a transaction valuing the company at $145 million by Vector Capital-backed Sizmek

NetSuite

HP Software

M&A and Investment Summary for All Segments

TeamHealth

Tribune Scripps / Discovery


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

BIC Graphic North America Ad Specialty/Premiums H.I.G. Capital LLC 80.0$ 300.0$ -$ 0.3x NA

The Creative Engagement Group Limited Digital Agency Huntsworth PLC 32.0 32.2 4.7 1.0x 6.8x

Velocity Partners Limited B-to-B Agency Next Fifteen Communications Group plc 7.6 6.7 - 1.1x NA

Business Services

Programmed Maintenance Services Limited Staffing Persol Holding Co., Ltd. 586.9 2,044.7 51.0 0.3x 11.5x

NCI, Inc. IT Consulting/Systems Integration H.I.G. Capital LLC 283.0 318.0 28.0 0.9x 10.1x

OnX Enterprise Solutions Ltd. IT Consulting/Systems Integration Cincinnati Bell Inc. 199.0 614.0 29.0 0.3x 6.9x

CDI Corporation Staffing AE Industrial Partners 182.5 818.4 - 0.2x NA

PARX IT Consulting/Systems Integration Persistent Systems Ltd. 16.5 7.8 - 2.1x NA

TechJini Solutions Private Limited IT Consulting/Systems Integration Datamatics Global Services Ltd. 8.5 5.0 - 1.7x NA

Digital Advertising

Bankrate, Inc. Online Lead Generation Red Ventures Limited 1,438.5 460.0 96.0 3.1x 15.0x

Rocket Fuel, Inc. Ad Networks/Exchanges Sizmek, Inc. 149.9 446.7 - 0.3x NA

Bettingpro.com Affil iate/CPA Network Catena Media 17.8 5.4 - 3.3x NA NA

Digital Media/Commerce

HSN, Inc. eCommerce Liberty Media Corporation 2,652.8 3,536.2 249.7 0.8x 10.6x

Purple Innovaton LLC eCommerce Global Acquisition Partners 1,100.0 187.0 - 5.9x NA

Information

WebMD Health Corporation Healthcare Information Kohlberg Kravis Roberts & Company L.P. 3,740.4 700.6 181.7 5.3x 20.6x

LexisNexis 150 Law Enforcement Publications Legal Information Blue360 Media LLC 6.0 4.8 1.2 1.3x 5.0xNA

Marketing Technology

PlusServer GmbH Website Creation/Hosting BC Partners Limited 448.8 105.4 42.2 4.3x 10.6x

TXT Retail Segmentation/Data Mining Aptos, Inc. 95.4 40.4 - 2.4x NA

The Experience Engine, Inc. Analytics & Targeting accesso Techology Group, plc 79.7 12.7 - 6.3x NA

Software

Bambora Financial Software Ingenico Group 1,683.1 278.0 - 6.1x NA

Civica Group Ltd. Cloud Computing Technology Partners Group AG 1,349.4 352.0 101.9 3.8x 13.2x

Intacct Corporation Financial Software Sage Group plc 850.0 88.0 - 9.7x NA

Merchants' Choice Payment Solutions Financial Software Paysafe Group Plc 470.0 446.0 - 1.1x NA

Guidance Software Inc. Data Management Software OpenText Corporation 223.9 108.6 - 2.1x NA

Archway Technology Partners LLC Financial Software SEI Investments 88.0 17.9 3.6 4.9x 24.4x

Enoro Holding AS Financial Software Hansen Technologies Limited 73.3 42.0 - 1.7x NA

iBabs B.V. Data Management Software Euronext N.V 57.1 6.7 4.3 8.6x 13.3x

InfoTrellis, Inc. Data Management Software Mastech Digital, Inc. 55.0 22.0 - 2.5x NA

EcoOnline AS Engineering Software Summa Equity 42.0 10.3 1.4 4.1x 30.4x

Netika SAS Healthcare Software Medasys S.A. 11.0 6.4 1.1 1.7x 10.4x

Traditional Media

Penguin Random House Consumer Book Publishing Bertelsmann SE & Co. KGaA 4,466.0 3,400.0 531.0 1.3x 8.4x

YP LLC Yellow Pages Dex Media 600.0 1,600.0 - 0.4x NA

Grupo Media Capital Broadcast Television Altice USA, Inc. 504.2 191.4 44.2 2.6x 11.4x

Nova TV and Pop TV Broadcast Television United Group B.V. 258.1 114.8 13.9 2.2x 18.6x

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Jul-17 Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA

Jun-17 Vencore, Inc. United States Business Services 250.0 1,700.0 NA

Jun-17 Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 NA

Jun-17 Ancestry.com LLC United States Digital Media/Commerce NA NA NA

May-17 Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1

May-17 Sea Ltd. Singapore Digital Media/Commerce NA NA NA

Apr-17 Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2

Feb-17 ForeScout Technologies, Inc. United States Software NA NA NA

Jan-17 EVRY AS Norway Business Services 151.1 12,859.5 NA

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

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

LTM


LTM IPO Performance

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2017 1st Trading Day

Jul -17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 24.13 11.1%

Jun-17 NYSE:APRN Blue Apron Holdings , Inc. United States 10.00-11.00 10.00 9.99, flat 6.61 (33.8%)

Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 33.44 2.2%

Jun-17 NasdaqGM:TNTR Tintri , Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 6.72 (7.6%)

May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 19.56 30.3%

May-17 NasdaqGM:VERI Veri tone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 9.15 (30.0%)

Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 19.52 75.9%

Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 17.25 (4.7%)

Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 21.95 (6.6%)

Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazi l 18.00-20.00 18.00 16.10 down 10.5% 20.39 26.6%

Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.00 (2.2%)

Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 20.12 29.8%

Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 21.74 (12.2%)

Mar-17 NasdaqGS:PSDO Pres idio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 13.63 (4.4%)

Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 13.67 (44.2%)

Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 21.27 79.5%

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 38.77 63.6%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.73 (6.3%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 21.25 (42.6%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 53.31 77.1%

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.75 (21.3%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 7.53 (50.6%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.65 60.9%


Digital Media/Commerce

Of the total $8.3 billion in value reported in the Digital Media/Commerce segment, $4.5 billion in venture/growth capital investments

were announced, while nearly $3.8 billion in strategic acquisitions were made

eCommerce was the most active subsegment across all segments with 42 transactions announced, of which 33 were reported for

$7.4 billion. Select transactions from the subsegment include:

• The pending merger between direct-to-consumer mattress company Purple and public investment vehicle Global Partner Acquisition Corp. in a transaction that will result in a public company with an enterprise value of $1.1 billion

Select Digital Media/Commerce transactions include:

• The $2 billion investment received by Uber competitor Grab Taxi at a reported valuation of more than $6 billion from Softbank and

Didi Chuxing

• The $350 million investment received by Indonesia-based online travel portal Traveloka from Expedia at a reported valuation of

more than $1 billion

• Online auto retailer Vroom’s $76 million round of funding from T. Rowe Price, L Catterton, PICO Ventures, and General Catalyst

• The $50 million Avenir Growth Capital-led investment in art collection and discovery platform Artsy

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

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

eCommerce 42 48% $7,424.7 90% 9 $3,752.8 1 - 32 $3,671.9

Digital Marketplace 14 16% 310.1 4% 2 - 0 - 12 310.1

Mobile Content/Apps 11 13% 416.9 5% 4 - 0 - 7 416.9

Social Media/Apps 10 11% 63.4 1% 5 - 0 - 5 63.4

Gaming 8 9% 66.0 1% 2 - 0 - 6 66.0

Niche Content 2 2% - 0% 2 - 0 - 0 -

Total 87 100% 8,281.1 100% 24 3,752.8 1 0.0 62 4,528.3

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media Public Company Valuation (1/2)

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

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

Company Name 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. $945.50 -6% $ 649,901.6 $ 559,143.6 $ 99,275.0 $ 32,251.0 32.5% 21.4% 5.6x 17.3x

Apple Inc. 148.73 -7% 775,454.4 807,068.4 223,507.0 70,206.0 31.4% 1.5% 3.6x 11.5x

Facebook, Inc. 169.25 -4% 491,535.3 456,083.3 33,173.0 18,084.0 54.5% 49.7% 13.7x 25.2x

Fitbit, Inc. 5.16 -70% 1,179.1 453.0 1,729.8 (234.2) NM -21.8% 0.3x NM

Glu Mobile Inc. 2.73 -14% 367.8 294.7 223.2 (78.8) NM -1.8% 1.3x NM

GoPro, Inc. 8.24 -53% 1,185.6 1,110.7 1,296.3 (156.7) NM 4.4% 0.9x NM

IAC/InterActiveCorp 104.63 -9% 8,233.3 8,575.2 3,103.5 459.8 14.8% -4.6% 2.8x 18.7x

j2 Global, Inc. 84.63 -7% 4,078.6 4,719.5 928.4 375.9 40.5% 22.2% 5.1x 12.6x

Leaf Group Ltd. 7.55 -19% 152.0 110.5 117.9 (21.1) NM 3.0% 0.9x NM

The Meet Group, Inc. 5.02 -38% 349.0 274.6 97.8 25.1 25.7% 53.1% 2.8x 10.9x

Netflix, Inc. 181.66 -5% 78,431.7 81,103.3 10,189.8 706.9 6.9% 33.6% 8.0x NM

Pandora Media, Inc. 8.95 -40% 2,169.6 2,467.2 1,437.3 (288.2) NM 11.6% 1.7x NM

RealNetworks, Inc. 4.35 -20% 161.4 95.1 126.2 (17.2) NM 6.3% 0.8x NM

Remark Holdings, Inc. 2.92 -39% 66.1 95.5 60.4 (10.7) NM 118.1% 1.6x NM

Snap Inc. 13.67 -54% 16,116.9 12,889.7 515.3 (2,593.8) NM 455.0% 25.0x NM

TheStreet, Inc. 0.76 -41% 26.9 4.3 62.4 1.4 2.2% -5.5% 0.1x 3.1x

Twitter, Inc. 16.09 -36% 11,677.04 9,343.14 2,455.25 142.67 5.8% -0.8% 3.8x 65.5x

WebMD Health Corp. 66.25 0% 2,462.5 2,473.8 709.0 184.5 26.0% 5.7% 3.5x 13.4x

XO Group Inc. 18.28 -13% 455.7 357.3 155.7 14.1 9.1% 5.8% 2.3x 25.3x

Zynga Inc. 3.61 -6% 3,105.0 2,384.5 776.5 (67.7) NM 3.5% 3.1x NM

Average 2.4x 15.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.6x)

US-Based Digital Media and Internet


Digital Media Public Company Valuation (2/2)

($ in Millions, except stock price data)


Company Name Headquarters 07/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China $188.43 -5% $ 65,403.0 $ 58,323.7 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.6x 21.1x

CyberAgent, Inc. Japan 32.46 -11% 4,088.9 3,908.5 3,066.5 310.3 10.1% 22.5% 1.3x 12.6x

DeNA Co., Ltd. Japan 23.79 -32% 3,457.7 2,736.9 1,289.7 320.6 24.9% 0.1% 2.1x 8.5x

G5 Entertainment AB (publ) * Sweden 35.61 -5% 313.4 305.3 72.8 7.0 9.6% 67.5% 4.2x 43.6x

Gree, Inc. Japan 8.46 -14% 1,991.7 1,286.1 554.0 57.5 10.4% -17.8% 2.3x 22.4x

HolidayCheck Group AG * Germany 3.55 -7% 205.1 164.5 122.4 2.9 2.4% 4.0% 1.3x 56.9x

International Game Technology PLC United Kingdom 18.52 -42% 3,775.3 11,173.6 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.5x

mixi, Inc. Japan 54.54 -16% 4,354.2 3,161.1 1,857.9 816.7 44.0% -0.8% 1.7x 3.9x

Meitu, Inc. * China 1.36 -54% 5,804.0 5,015.0 227.3 (80.0) NM 112.8% 22.1x NM

NCsoft Corporation South Korea 317.94 -16% 6,756.4 6,027.3 878.6 281.7 32.1% 10.2% 6.9x 21.4x

Naver Corporation South Korea 743.04 -14% 21,405.2 19,230.5 3,727.9 1,155.7 31.0% 20.8% 5.2x 16.6x

NetEase, Inc. China 302.74 -10% 40,736.3 35,682.1 6,376.5 2,170.2 34.0% 62.3% 5.6x 16.4x

NEXON Co., Ltd. Japan 19.93 -3% 8,760.6 5,929.4 1,797.5 1,006.5 56.0% 2.4% 3.3x 5.9x

Pacific Online Limited China 0.18 -36% 201.8 138.8 140.3 26.6 18.9% -11.1% 1.0x 5.2x

Phoenix New Media Limited China 2.62 -39% 188.8 143.0 205.7 4.7 2.3% -9.6% 0.7x 30.2x

Renren Inc. * China 6.06 -52% 425.9 465.3 73.5 (70.0) NM 68.8% 6.3x NM

Sohu.com Inc. China 45.60 -10% 1,793.2 1,152.3 1,616.6 34.3 2.1% -14.5% 0.7x 33.6x

Weibo Corporation * China 72.87 -11% 16,247.0 15,806.7 735.7 201.9 27.4% 46.9% 21.5x 78.3x

WeMade Entertainment Co., Ltd. South Korea 28.34 -15% 470.5 445.3 98.2 11.4 11.6% -10.7% 4.5x 39.0x

Yandex N.V. Russia 31.59 -3% 10,248.8 9,547.1 1,418.9 389.6 27.5% 25.3% 6.7x 24.5x

YY Inc. China 65.06 2% 3,550.2 3,572.9 1,281.2 335.2 26.2% 37.9% 2.8x 10.7x

Average 2.7x 13.6x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-FLOWERS.COM, Inc. $9.98 -13% $ 688.5 $ 741.5 $ 1,188.5 $ 76.0 6.4% 1.8% 0.6x 9.8x

Alphabet Inc. 950.52 -1% 649,322.6 560,820.6 94,765.0 31,208.0 32.9% 21.5% 5.9x 18.0x

Amazon.com, Inc. 941.37 -1% 446,500.8 446,568.8 142,573.0 12,221.0 8.6% 25.7% 3.1x 36.5x

Apple Inc. 151.16 1% 776,653.6 808,267.6 220,457.0 69,715.0 31.6% -3.1% 3.7x 11.6x

Blucora, Inc. 20.78 0% 872.5 1,193.7 472.5 85.0 18.0% 133.5% 2.5x 14.0x

Blue Apron Holdings, Inc. 6.48 -41% 1,395.3 1,680.4 868.2 (100.3) NM 0.0% 1.9x NM

CafePress Inc. 2.69 -28% 46.4 13.2 102.0 (0.6) NM -0.1% 0.1x NM

Carvana Co. 11.00 -21% 163.8 295.4 451.3 (103.1) NM 0.0% 0.7x NM

CDW Corporation 58.52 -4% 9,230.5 12,704.3 14,189.9 1,082.7 7.6% 6.3% 0.9x 11.7x

Chegg, Inc. 11.57 -4% 1,085.2 1,015.0 250.0 (11.4) NM -11.7% 4.1x NM

Copart, Inc. 30.59 -3% 7,040.2 7,577.3 1,402.0 504.2 36.0% 15.1% 5.4x 15.0x

eBay Inc. 33.49 -4% 36,258.3 38,470.3 9,059.0 2,935.0 32.4% 4.5% 4.2x 13.1x

Etsy, Inc. 11.32 -29% 1,358.6 1,094.0 380.0 28.2 7.4% 28.0% 2.9x 38.7x

EVINE Live Inc. 1.33 -45% 79.3 132.0 655.6 13.6 2.1% -6.6% 0.2x 9.7x

Expedia, Inc. 139.64 -1% 21,190.4 22,576.4 9,058.3 1,101.8 12.2% 25.8% 2.5x 20.5x

FTD Companies, Inc. 20.33 -27% 549.5 744.8 1,108.3 106.7 9.6% -6.1% 0.7x 7.0x

GrubHub Inc. 45.57 -1% 3,929.1 3,567.9 537.2 124.4 23.1% 39.2% 6.6x 28.7x

HSN, Inc. 36.35 -33% 1,859.3 2,335.1 3,536.2 249.7 7.1% -3.5% 0.7x 9.4x


Liberty Ventures 51.62 -6% 4,518.7 5,688.7 289.0 (22.0) NM -57.9% 19.7x NM

Liquidity Services, Inc. 7.33 -36% 231.4 115.3 306.8 (15.7) NM -4.6% 0.4x NM

Match Group, Inc. 19.17 -4% 4,989.7 5,736.7 1,260.9 368.2 29.2% 20.6% 4.5x 15.6x

Overstock.com, Inc. 15.43 -25% 387.4 306.5 1,818.7 1.8 0.1% 8.7% 0.2x NM

PetMed Express, Inc. 28.23 16% 490.6 442.7 249.2 38.9 15.6% 6.2% 1.8x 11.4x

The Priceline Group Inc. 1,902.18 -1% 93,569.6 96,438.9 11,014.3 4,167.8 37.8% 15.6% 8.8x 23.1x

QVC Group $21.15 -22% 9,618.1 15,754.1 10,175.0 1,779.0 17.5% 6.0% 1.5x 8.9x

Shutterfly, Inc. 52.19 -4% 1,775.3 1,968.7 1,144.5 140.0 12.2% 5.9% 1.7x 14.1x

Shutterstock, Inc. 43.54 -33% 1,512.6 1,262.3 507.9 64.4 12.7% 14.3% 2.5x 19.6x

Spark Networks, Inc. 1.05 -57% 35.3 24.5 32.5 0.6 2.0% -27.0% 0.8x 37.8x

Stamps.com Inc. 104.55 -23% 1,908.79 1,926.24 387.51 153.67 39.7% 53.9% 5.0x 12.5x

U.S. Auto Parts Network, Inc. 3.65 -19% 129.6 133.7 303.7 8.6 2.8% 2.8% 0.4x 15.6x

Wayfair Inc. 49.01 -1% 4,194.1 3,874.4 3,593.8 (166.5) NM 39.7% 1.1x NM

Average 2.0x 13.3x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. China $33.71 -39% $ 4,734.7 $ 4,721.2 $ 1,172.2 $ 160.0 13.6% 48.8% 4.0x 29.5x

Alibaba Group Holding Limited * China 101.37 -8% 257,750.0 256,505.1 22,987.1 9,164.0 39.9% 56.5% 11.2x 28.0x

Cnova N.V. * France 5.62 -12% 1,757.4 1,845.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.5x

JD.com, Inc. * China 29.41 -2% 41,933.3 41,008.6 41,011.7 477.3 1.2% 42.2% 1.0x 85.9x

Jumei International Holding Limited China 4.15 -38% 614.4 171.0 904.1 23.5 2.6% -14.5% 0.2x 7.3x

LightInTheBox Holding Co., Ltd. * China 2.98 -17% 205.4 117.4 297.9 (8.3) NM -1.8% 0.4x NM

Mercadolibre, Inc. Argentina 196.40 0% 8,616.0 8,449.9 960.7 259.4 27.0% 45.3% 8.8x 32.6x

Netshoes (Cayman) Limited * Brazil 14.86 -14% 449.9 543.4 565.8 (3.5) NM 15.0% 1.0x NM

PChome Online Inc. Taiwan 7.56 -41% 834.2 607.7 851.3 36.3 4.3% 8.2% 0.7x 16.7x

Rakuten, Inc. Japan 9.69 -24% 13,824.9 15,250.4 7,297.7 1,483.5 20.3% 10.7% 2.1x 10.3x

Travelport Worldwide Limited United Kingdom 14.10 -7% 1,757.5 4,012.0 2,392.9 430.4 18.0% 6.0% 1.7x 9.3x

trivago N.V. * Germany 13.65 -2% 3,114.6 3,112.3 922.2 (19.9) NM 61.2% 3.4x NM

Vipshop Holdings Limited China 12.44 -29% 7,152.5 7,049.8 8,768.7 566.7 6.5% 38.0% 0.8x 12.4x

Average 1.6x 21.2x


Internationally-based eCommerce


Digital Advertising

A total of 19 transactions were announced in the Digital Advertising segment, of which 11 were worth $1.9 billion in reported value

Excluding Red Ventures’ $1.4 billion acquisition of Bankrate, the Ad Exchanges/Network subsegment was the most valuable

subsegment in July with three transactions worth $188 million

Select transactions:

• The $38.5 million acquisition of bid requests platform nToggle by Rubicon Project

• Upland Software’s acquisition of on-demand mobile marketing company Waterfall in a transaction valuing the company $25.9

million

• The acquisition of long-term senior housing search platform A Place for Mom by Silver Lake and General Atlantic from Warburg

Pincus

• Internet Brands’ acquisition of discount dental plans and healthcare benefits marketplace Dentalplans.com

• The acquisition of cross-channel ad network Httpool by Sony

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

Ad Networks/Exchanges 3 16% $188.4 10% 2 $188.4 0 - 1 -

Affiliate/CPA Network 3 16% 47.1 3% 3 47.1 0 - 0 -

Comparison Shopping 3 16% 89.0 5% 1 - 0 - 2 89.0

Local Search 3 16% 73.0 4% 0 - 0 - 3 73.0

Mobile Marketing 3 16% 34.8 2% 3 34.8 0 - 0 -

Digital Promotion/Coupon 2 11% - 0% 1 - 0 - 1 -

Online Lead Generation 2 11% 1,438.5 77% 1 1,438.5 1 - 0 -

Total 19 100% 1,870.7 100% 11 1,708.7 1 0.0 7 162.0

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/2)


US-based Digital Advertising



Alliance Data Systems Corporation $241.43 -9% $ 13,441.8 $ 33,202.7 $ 7,413.9 $ 1,465.0 19.8% 9.6% 4.5x 22.7x

Alphabet Inc. 945.50 -6% 649,901.6 559,143.6 99,275.0 32,251.0 32.5% 21.4% 5.6x 17.3x

Angie's List, Inc. * $11.98 -10% 729.3 738.6 302.3 3.6 1.2% -11.1% 2.4x 205.2x

Autobytel Inc. 11.01 -40% 121.9 102.4 156.2 15.5 9.9% 4.9% 0.7x 6.6x

Bankrate, Inc. 13.90 -2% 1,235.8 1,348.9 459.3 96.0 20.9% 22.0% 2.9x 14.1x

Blucora, Inc. 22.40 -7% 1,006.5 1,300.6 491.6 92.5 18.8% NA 2.6x 14.1x

Care.com, Inc. 14.53 -10% 427.2 394.2 165.9 7.4 4.5% 13.7% 2.4x 53.2x

Cogint, Inc. 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM

DHI Group, Inc. 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x

Facebook, Inc. 169.25 -4% 491,535.3 456,083.3 33,173.0 18,084.0 54.5% 49.7% 13.7x 25.2x

Groupon, Inc. 3.76 -37% 2,110.6 1,644.5 3,057.4 61.4 2.0% 0.1% 0.5x 26.8x


Inuvo, Inc. 1.08 -53% 30.8 30.6 70.0 (0.5) NM -7.6% 0.4x NM

LendingTree, Inc. 220.60 -5% 2,646.9 2,524.0 480.7 73.3 15.2% 42.6% 5.3x 34.5x

MaxPoint Interactive, Inc. 6.87 -38% 46.3 44.6 147.5 (10.6) NM 4.7% 0.3x NM

Perion Network Ltd. 1.72 -28% 132.8 174.6 290.7 22.4 7.7% 6.1% 0.6x 7.8x

QuinStreet, Inc. 3.89 -16% 176.8 135.1 297.4 (3.1) NM 2.7% 0.5x NM

Quotient Technology Inc. 11.60 -19% 1,048.3 873.7 289.0 (2.4) NM 11.5% 3.0x NM

RhythmOne plc 0.47 -28% 233.4 181.3 149.0 (3.5) NM 28.4% 1.2x NM

Rocket Fuel Inc. 2.60 -56% 122.1 145.3 446.7 (10.1) NM -3.3% 0.3x NM

Snap Inc. * 13.67 -54% 16,116.9 12,889.7 515.3 (2,593.8) NM 455.0% 25.0x NM

Redfin Corporation 24.13 -28% 1,919.2 2,561.7 285.4 (18.0) NM 0.0% 9.0x NM

The Rubicon Project, Inc. 4.70 -53% 227.6 39.7 227.4 7.1 3.1% -23.7% 0.2x 5.6x

TiVo Corporation 19.60 -16% 2,374.15 3,077.20 819.79 252.94 30.9% 61.4% 3.8x 12.2x

Travelzoo 10.50 -21% 137.8 115.8 122.8 10.2 8.3% -6.0% 0.9x 11.4x

The Trade Desk, Inc. 53.31 -8% 2,256.0 2,175.2 225.9 58.7 26.0% 78.9% 9.6x 37.0x

Tremor Video, Inc. 2.09 -24% 104.8 77.7 185.4 (3.8) NM 12.3% 0.4x NM

TripAdvisor, Inc. 39.02 -41% 5,510.7 4,981.7 1,500.0 202.0 13.5% 1.3% 3.3x 24.7x

TrueCar, Inc. 18.93 -13% 1,758.4 1,672.9 291.4 (20.7) NM 10.7% 5.7x NM

Twitter, Inc. 16.09 -36% 11,677.0 9,343.1 2,455.2 142.7 5.8% -0.8% 3.8x 65.5x

Web.com Group, Inc. 21.95 -15% 1,016.4 1,663.9 749.7 154.4 20.6% 23.4% 2.2x 10.8x

Yelp Inc. 32.53 -25% 2,621.3 2,135.8 787.2 42.7 5.4% 25.1% 2.7x 50.0x

Yext, Inc. 13.00 NA 1,170.5 1,036.8 134.2 (44.9) NM 0.0% 7.7x NM

YuMe, Inc. 4.34 -26% 148.6 89.0 157.6 3.5 2.2% -8.5% 0.6x 25.3x

Zillow Group, Inc. * 45.43 -11% 8,317.4 8,130.1 906.4 48.8 5.4% 28.9% 9.0x 166.5x

Average 2.5x 12.6x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (89.3x)


Digital Advertising Public Company Valuation (2/2)


Internationally-based Digital

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


Cliq Digital AG Germany $7.90 -20% $ 48.7 $ 60.7 $ 68.9 $ 4.9 7.2% 17.2% 0.9x 12.3x

Criteo S.A. France 48.42 -14% 3,135.4 2,931.0 1,914.6 178.8 9.3% 33.9% 1.5x 16.4x

Just Dial Limited India 7.57 -27% 526.7 416.6 110.9 15.1 13.6% 4.0% 3.8x 27.5x

MakeMyTrip Limited India 33.30 -19% 3,068.1 2,935.3 447.6 (75.5) NM 33.2% 6.6x NM

Matomy Media Group Ltd. Israel 1.31 -26% 125.8 150.7 276.6 15.2 5.5% 2.1% 0.5x 9.9x

Metaps Inc. * Japan 25.07 -38% 323.7 296.9 107.7 6.6 6.2% 0.0% 2.8x 44.8x

Opera Software ASA Norway 4.32 -46% 634.8 837.3 514.6 31.4 6.1% 12.7% 1.6x 26.7x

Pacific Online Limited China 0.25 -13% 274.5 233.3 140.3 26.6 18.9% -11.1% 1.7x 8.8x

Rightmove plc * United Kingdom 52.95 -6% 4,900.9 4,884.3 271.6 201.2 74.1% 14.5% 18.0x 24.3x

Septeni Holdings Co., Ltd. Japan 3.09 -57% 394.9 291.2 145.7 30.5 20.9% -62.3% 2.0x 9.5x

Taptica International Ltd Israel 2.93 -29% 185.1 176.2 125.9 23.1 18.4% 66.0% 1.4x 7.6x

Tencent Holdings Limited China 27.19 -25% 255,063.17 256,141.47 24,616.94 10,065.50 40.9% 50.7% 10.4x 25.4x

TradeDoubler AB Sweden 0.53 -35% 23.30 21.51 146.36 (3.22) NM -16.4% 0.1x NM

XLMedia PLC Channel Islands 1.30 -23% 257.2 219.0 103.6 31.2 30.1% 16.1% 2.1x 7.0x

Yandex N.V. Netherlands 24.22 -17% 7,955.8 7,256.9 1,418.9 389.6 27.5% 25.3% 5.1x 18.6x

Zhaopin Limited China 16.90 -11% 939.1 634.6 264.0 50.5 19.1% 25.0% 2.4x 12.6x

Average 2.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.7x)



The Marketing Technology segment announced 88 transactions, of which 56 reported more than $2.0 billion in value

Analytics & Targeting was the most active subsegments with announcing 17 transactions worth more than $340 million


• Aptos’ $99 million purchase of merchandise lifecycle management and pricing solution TXT Retail from TXT e-Solutions

• Consumer experience measurement solutions company The Experience Engine’s $83.2 million sale to accesso Technology Group

• Amazon’s acquisition of data visualization solutions and vertical search engines developer Graphiq for a reported $50 million

• Fidelity National Financial’s acquisition of Real Geeks, a provider of SaaS-based customer relationship management and marketing

solutions to real estate professionals (A Petsky Prunier-led transaction)

• The acquisition of user-generated content rights management startup Source3 by Facebook

• Outbrain’s purchase of marketing content aggregation and indexing solution Zemanta

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

Analytics & Targeting 17 19% $343.6 17% 1 $79.7 0 - 16 $263.9

Commerce Management 9 10% 216.1 11% 1 16.5 1 - 7 199.6

Content Management 8 9% 147.8 7% 1 - 2 60.0 5 87.8

CRM 8 9% 15.0 1% 7 - 0 - 1 15.0

MRM/Workflow Management 7 8% 23.9 1% 1 - 1 - 5 23.9

Search & Discovery 7 8% 503.7 25% 1 50.0 0 - 6 453.7

Social Technology 4 5% 4.6 0% 3 4.6 0 - 1 -

Other* 28 32% 752.4 37% 11 132.9 2 448.8 15 170.7

Total 88 100% 2,007.1 100% 26 283.7 6 508.8 56 1,214.6

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated $146.49 -3% $ 72,279.00 $ 69,235.88 $ 6,526.22 $ 2,141.50 32.8% 23.0% 10.6x 32.3x

Alteryx, Inc. 20.12 -15% 1,174.0 1,009.5 106.3 (20.6) NM 0.0% 9.5x NM

AppFolio, Inc. 34.95 -4% 1,183.2 1,155.9 114.5 (0.3) NM 39.1% 10.1x NM

Bazaarvoice, Inc. 4.70 -23% 396.2 337.0 201.2 (4.9) NM 0.7% 1.7x NM

Blackbaud, Inc. 92.34 -2% 4,334.7 4,705.1 757.2 129.6 17.1% 10.7% 6.2x 36.3x

Brightcove Inc. 6.70 -51% 230.1 202.3 153.3 (10.6) NM 7.8% 1.3x NM

ChannelAdvisor Corporation 10.50 -34% 276.5 214.4 118.1 (4.6) NM 10.1% 1.8x NM

eBay Inc. 35.73 -5% 38,242.4 40,691.4 9,157.0 2,883.0 31.5% 4.2% 4.4x 14.1x

Endurance International Group

Holdings, Inc.

9.25 -6% 1,320.0 3,257.8 1,170.7 296.3 25.3% 28.7% 2.8x 11.0x

Five9, Inc. 22.06 -11% 1,201.1 1,190.6 179.9 2.1 1.2% 23.9% 6.6x NM

GoDaddy Inc. 42.98 -3% 3,947.9 4,455.5 1,903.9 207.3 10.9% 14.4% 2.3x 21.5x

HubSpot, Inc. 72.35 -8% 2,644.8 2,523.1 318.4 (34.7) NM 41.6% 7.9x NM

Inter Industries LTD. 2.72 -15% 25.2 35.2 95.0 2.6 2.8% 15.0% 0.4x 13.4x

IBM Corporation 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x

LivePerson, Inc. 13.55 -4% 798.1 743.7 215.6 8.2 3.8% -7.1% 3.4x 91.2x

Marin Software Incorporated 1.15 -59% 45.3 15.5 93.0 (8.6) NM -14.9% 0.2x NM

MaxPoint Interactive, Inc. 6.87 -38% 46.3 44.6 147.5 (10.6) NM 4.7% 0.3x NM

MicroStrategy Incorporated 134.51 -35% 1,539.7 907.3 511.2 109.2 21.4% -0.8% 1.8x 8.3x

MINDBODY, Inc. 25.95 -13% 1,202.4 993.8 159.8 (8.9) NM 33.2% 6.2x NM

Nuance Communications, Inc. 17.30 -13% 4,976.4 6,774.4 1,971.3 414.4 21.0% 1.3% 3.4x 16.3x

Oracle Corporation 49.93 -4% 206,544.5 198,761.5 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.5x

PayPal Holdings, Inc. 58.55 -4% 70,400.3 61,235.3 11,759.0 2,259.0 19.2% 17.5% 5.2x 27.1x

PROS Holdings, Inc. 28.83 -5% 906.2 912.3 158.8 (55.2) NM 0.6% 5.7x NM

PTC Inc. 55.19 -8% 6,375.6 6,776.9 1,145.9 93.0 8.1% -1.6% 5.9x 72.9x

The Rubicon Project, Inc. 4.70 -53% 227.6 39.7 227.4 7.1 3.1% -23.7% 0.2x 5.6x

Salesforce.com, inc. 90.80 -1% 64,589.5 63,905.5 8,863.0 448.9 5.1% 25.3% 7.2x 142.4x

Square, Inc. 26.35 -6% 9,857.5 9,316.2 1,904.0 (41.2) NM 24.9% 4.9x NM

Synchronoss Technologies, Inc. 16.88 -66% 782.8 906.5 476.8 54.3 11.4% 11.4% 1.9x 16.7x

Tableau Software, Inc. 64.45 -10% 5,026.3 4,071.6 869.5 (93.9) NM 16.9% 4.7x NM

Teradata Corporation 31.82 -5% 4,164.8 3,632.8 2,182.0 257.0 11.8% -11.6% 1.7x 14.1x

Verint Systems Inc. 39.65 -11% 2,485.1 2,902.8 1,077.7 102.9 9.5% -2.6% 2.7x 28.2x

Veritone, Inc. 9.15 -41% 136.6 167.0 9.9 (25.9) NM -23.8% 16.8x NM

Web.com Group, Inc. 21.95 -15% 1,016.4 1,663.9 749.7 154.4 20.6% 23.4% 2.2x 10.8x

Zendesk, Inc. 29.32 -8% 2,901.6 2,653.9 363.6 (83.6) NM 39.3% 7.3x NM

Adjusted Weighted Average 3.3x 12.9x


US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Baozun Inc. China 32.46 -7% $ 1,730.85 $ 1,603.47 $ 512.24 $ 20.40 4.0% 26.4% 3.1x 78.6x

Bitauto Holdings Limited China 31.60 -8% 2,187.2 4,786.4 903.8 93.4 10.3% 33.9% 5.3x 51.2x

ChinaCache International Holdings Ltd. China 0.81 -87% 21.8 24.0 151.8 (47.9) NM -22.1% 0.2x NM

Mercadolibre, Inc. Argentina 288.42 -3% 12,735.9 12,490.3 1,077.6 249.5 23.2% 52.5% 11.6x 50.1x

Open Text Corporation Canada 33.50 -5% 8,841.5 11,012.1 2,291.1 631.7 27.6% 25.6% 4.8x 17.4x


The Sage Group plc United Kingdom 8.88 -16% 9,597.34 10,042.79 2,160.32 619.00 28.7% 23.0% 4.6x 16.2x

SAP SE Germany 105.17 -7% 126,088.7 128,056.9 26,427.8 6,585.3 24.9% 8.8% 4.8x 19.4x

SharpSpring, Inc. United States 4.20 -28% 35.2 27.5 11.8 (5.3) NM 17.2% 2.3x NM

Shopify Inc. Canada 92.37 -13% 9,686.7 9,291.0 509.0 (34.5) NM 80.3% 18.3x NM

United Internet AG Germany 60.47 -2% 12,072.1 13,760.8 4,244.7 904.7 21.3% 5.0% 3.2x 15.2x

Weborama SA France 9.66 -34% 32.9 34.5 34.7 1.3 3.6% 12.1% 1.0x 27.4x

Wix.com ltd Israel 61.70 -28% 2,804.7 2,620.7 355.8 (39.0) NM 47.8% 7.4x NM



Internationally-based Marketing Technology



There were 35 transactions announced in the Agency & Marketing Services segment in July. Digital Agency was the most active

subsegment with nine transactions


• UDG Healthcare’s acquisition of Cambridge BioMarketing, an industry leading advisor for orphan and rare disease drug launches,

from Ziff Davis (A Petsky Prunier-led transaction)

• The $32 million acquisition of creative agencies collection The Creative Engagement Group by Huntsworth

• The Monroe Capital and Citibank supported capital raise completed by APCO, the world’s largest women and employee-owned

global communication consultancy (A Petsky Prunier-led transaction)

• Acosta’s acquisition of consumer electronics marketing and sales solutions company ActionLink

• The acquisition of UK-based data analytics consultancy Aquila Insight by Merkle

• Periscope’s acquisition of analytics marketing and strategy firm Anthem Marketing Solutions

• The purchase of food industry sales and marketing services provider Summit Marketing Canada by Acosta # % $MM % # $MM # $MM # $MM

Digital Agency 9 26% $32.0 20% 9 $32.0 0 - 0 -

Public Relations 5 14% - 0% 4 - 0 - 1 -

Healthcare Agency 4 11% 35.0 22% 3 35.0 1 - 0 -

Ad Specialty/Premiums 3 9% 82.8 53% 2 2.8 1 80.0 0 -

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

Database/Analytics 2 6% - 0% 2 - 0 - 0 -

Experiential Marketing 2 6% - 0% 2 - 0 - 0 -

Promotion Agency 2 6% - 0% 2 - 0 - 0 -

Other* 5 14% 8 5% 5 7.6 0 0.0 0 0.0

Total 35 100% 157.4 100% 32 77.4 2 80.0 1 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc * United Kingdom $1.63 -10% $ 169.4 $ 176.1 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 17.5x

Dentsu Inc. Japan 46.70 -21% 13,165.7 11,550.4 7,790.4 1,600.6 20.5% NM 1.5x 7.2x

Enero Group Limited Australia 0.78 -25% 66.9 43.2 139.6 9.1 6.5% -11.4% 0.3x 4.8x

Hakuhodo DY Holdings Inc Japan 14.02 -3% 5,224.6 4,142.2 11,372.5 504.5 4.4% 4.0% 0.4x 8.2x

Havas SA France 10.90 -1% 4,609.5 4,451.6 2,402.6 386.4 16.1% 4.0% 1.9x 11.5x

Huntsworth plc United Kingdom 0.98 -7% 318.1 354.2 243.9 32.7 13.4% 9.4% 1.5x 10.8x

M&C Saatchi plc * United Kingdom 4.25 -15% 333.6 342.3 278.3 23.6 8.5% 26.0% 1.2x 14.5x

MDC Partners Inc. United States 9.90 -29% 563.7 1,644.6 1,421.4 170.0 12.0% 6.6% 1.2x 9.7x

Next Fifteen Communications Group plc United Kingdom 5.80 -3% 428.9 445.1 214.9 34.7 16.1% 31.8% 2.1x 12.8x

Omnicom Group Inc. United States 78.74 -12% 18,169.6 21,967.7 15,410.5 2,320.0 15.1% 1.1% 1.4x 9.5x

OPT Holding, Inc. Japan 12.61 -15% 285.2 290.9 647.1 27.6 4.3% 9.0% 0.4x 10.5x

Publicis Groupe S.A. France 75.32 -8% 17,023.0 19,386.0 11,207.1 1,969.2 17.6% 0.1% 1.7x 9.8x

The Interpublic Group of Companies, Inc. United States 21.61 -16% 8,498.5 9,933.4 7,825.5 1,091.6 13.9% 1.3% 1.3x 9.1x

WPP plc United Kingdom 20.37 -19% 25,932.4 31,959.9 17,765.8 3,131.0 17.6% 17.6% 1.8x 10.2x

1.5x 9.4xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $26.97 -11% $ 2,138.0 $ 2,196.8 $ 878.0 $ 77.9 8.9% 1.1% 2.5x 28.2x

Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,931.4 948.9 192.8 20.3% -11.4% 2.0x 10.0x

Aimia Inc. Canada 1.16 -85% 176.6 287.4 1,683.0 96.6 5.7% -5.4% 0.2x 3.0x

Alliance Data Systems Corporation * United States 241.43 -9% 13,441.8 28,115.7 7,413.9 1,465.0 19.8% 9.6% 3.8x 19.2x

Cogint, Inc. United States 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM

CSG Systems International, Inc. United States 41.35 -19% 1,397.2 1,498.8 769.7 144.7 18.8% 1.2% 1.9x 10.4x

Deluxe Corporation United States 72.20 -5% 3,491.2 4,176.9 1,912.1 453.0 23.7% 5.5% 2.2x 9.2x

DST Systems, Inc. United States 54.90 -13% 3,387.3 3,893.6 1,847.2 388.9 21.1% -35.8% 2.1x 10.0x

Fair Isaac Corporation * United States 142.55 -3% 4,366.3 4,847.4 914.8 202.2 22.1% 4.2% 5.3x 24.0x

Harte Hanks, Inc. United States 0.97 -48% 60.4 14.3 404.4 (4.8) NM -9.0% 0.0x NM

High Co. SA France 6.38 -25% 130.8 72.5 164.2 15.7 9.6% 4.1% 0.4x 4.6x

Multiplus S.A. Brazil 12.71 -19% 2,059.8 1,574.5 688.3 176.8 25.7% 0.0% 2.3x 8.9x

Pitney Bowes Inc. United States 15.74 -18% 2,935.5 5,436.9 3,384.1 714.0 21.1% -2.9% 1.6x 7.6x

Points International Ltd. Canada 8.20 -27% 121.9 65.8 330.9 9.5 2.9% 9.3% 0.2x 6.9x

Viad Corp United States 53.55 -2% 1,091.3 1,315.6 1,329.4 149.4 11.2% 23.8% 1.0x 8.8x

2.8x 9.0xAdjusted Weighted Average



Traditional Media

Of the 27 transactions recorded in the Traditional Media segment in July, 11 announced $3.9 billion in reported transaction value

B-to-B Media and Entertainment Media were the most active subsegments, each announcing six transactions


• The 22 percent stake taken in Penguin Random House by Bertelsmann from Pearson in a transaction valuing the company at $4.5 billion

• Blackstone’s acquisition of exhibitions and tradeshows organizer Clarion Events from Providence Equity Partners in a transaction

valuing the company at $781 million

• Wrapports’ pending sale of The Chicago-Sun Times to investment vehicle ST Acquisition Holdings

• The majority stake taken in The Atlantic by Emerson Collective

• The Gores Group’s acquisition of digital jukeboxes and video systems company AMI Entertainment

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

B-to-B Media 6 22% $806.1 21% 4 $25.1 1 $781.0 1 -

Entertainment Media 6 22% 60.0 2% 2 - 1 - 3 60.0

Consumer Magazine Publishing 5 19% 173.6 4% 3 - 2 173.6 0 -

Broadcast Television 3 11% 1,262.3 32% 3 1,262.3 0 - 0 -

Consumer Book Publishing 2 7% 1,000.0 26% 2 1,000.0 0 - 0 -

Other* 5 19% 600.0 31% 5 600.0 0 0.0 0 0.0

Total 27 100% 3,902.0 100% 19 2,887.4 4 954.6 4 60.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $65.83 -6% $ 26,734.0 $ 35,524.0 $ 12,921.0 $ 3,032.0 23.5% 1.3% 2.7x 11.7x

Discovery Communications, Inc. United States 24.60 -19% 13,766.8 22,060.8 6,586.0 2,483.0 37.7% 1.8% 3.3x 8.9x

Time Warner Inc. United States 102.42 -1% 79,430.8 101,222.8 30,123.0 8,694.0 28.9% 8.0% 3.4x 11.6x

Twenty-First Century Fox, Inc. United States 29.10 -11% 53,532.5 69,710.5 28,398.0 7,014.0 24.7% 5.6% 2.5x 9.9x

Viacom, Inc. United States 34.92 -25% 14,304.3 26,071.3 13,170.0 2,925.0 22.2% 0.9% 2.0x 8.9x

The Walt Disney Company United States 109.93 -5% 172,027.2 193,363.2 55,539.0 17,095.0 30.8% 1.3% 3.5x 11.3x



B-to-B Media



Ascential plc United Kingdom $4.73 -4% $ 1,895.1 $ 2,173.7 $ 448.6 $ 136.6 30.5% 35.8% 4.8x 15.9x

Emerald Expositions Events, Inc. United States $22.89 -2% 1,652.7 2,354.4 340.8 148.3 43.5% 0.0% 6.9x 15.9x

Euromoney Institutional Investor PLC United Kingdom $14.63 -9% 1,569.3 1,690.3 516.1 147.0 28.5% 3.1% 3.3x 11.5x

Global Sources Ltd. Bermuda 19.60 -10% 475.3 369.4 152.4 29.7 19.5% -7.0% 2.4x 12.4x

Informa plc United Kingdom 9.17 -5% 7,549.1 9,615.7 2,095.4 658.3 31.4% 30.0% 4.6x 14.6x

MCH Group AG Switzerland 79.45 -7% 477.2 549.2 424.8 85.2 20.1% 5.5% 1.3x 6.4x

ITE Group plc * United Kingdom 2.38 0% 631.8 746.6 175.8 35.5 20.2% -2.1% 4.2x 21.0x

Tarsus Group plc Ireland 3.96 -2% 446.1 562.5 105.4 29.5 28.0% 1.7% 5.3x 19.1x

TechTarget, Inc. * United States 9.59 -9% 263.2 273.8 105.2 11.1 10.5% -7.1% 2.6x 24.7x

UBM plc United Kingdom 9.55 -6% 3,757.1 4,535.5 1,209.6 329.9 27.3% 16.7% 3.7x 13.7x



Radio Broadcasting



Beasley Broadcast Group, Inc. United States $10.50 -42% $ 302.8 $ 510.8 $ 196.2 $ 36.7 18.7% 78.5% 2.6x 13.9x

Cumulus Media Inc. United States 0.41 -87% 12.0 2,247.6 1,136.9 202.0 17.8% -2.5% 2.0x 11.1x

Emmis Communications Corporation United States 2.96 -30% 37.1 284.9 198.7 19.3 9.7% -13.2% 1.4x 14.7x

Entercom Communications Corp. United States 9.85 -40% 401.0 882.0 465.6 97.1 20.9% 3.7% 1.9x 9.1x

Pandora Media, Inc. United States 8.95 -40% 2,169.6 2,467.2 1,437.3 (288.2) NM 11.6% 1.7x NM

Salem Media Group, Inc. United States 7.15 -13% 186.1 443.7 274.7 46.5 16.9% 2.3% 1.6x 9.5x

Sirius XM Holdings Inc. * United States 5.86 -1% 27,032.3 33,448.5 5,222.3 1,857.5 35.6% 8.7% 6.4x 18.0x

Spanish Broadcasting System, Inc. United States 0.00 NA 9.8 412.5 144.4 47.6 33.0% -1.4% 2.9x 8.7x

Townsquare Media, Inc. United States 11.06 -15% 204.3 728.4 510.9 104.1 20.4% 12.4% 1.4x 7.0x

Urban One, Inc. United States 1.90 -46% 91.3 1,069.7 443.3 118.0 26.6% -3.0% 2.4x 9.1x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television



Altice N.V. Netherlands $24.58 -11% $ 32,630.4 $ 103,961.0 $ 23,999.8 $ 8,450.5 35.2% 44.4% 4.3x 12.3x

AMC Networks Inc. United States $63.95 -5% 4,258.7 6,902.5 2,795.0 859.6 30.8% 3.4% 2.5x 8.0x

Sky plc * United Kingdom 12.72 -7% 21,766.7 30,583.4 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.9x

CVC Limited Australia 1.68 -1% 201.2 206.7 93.7 27.1 28.9% 41.7% 2.2x 7.6x

CBS Corporation United States 65.83 -6% 26,734.0 35,524.0 12,921.0 3,032.0 23.5% 1.3% 2.7x 11.7x

Charter Communications, Inc. United States 391.91 -2% 101,067.2 173,426.2 40,833.0 14,620.0 35.8% 199.1% 4.2x 11.9x

Comcast Corporation United States 40.45 -4% 190,655.9 253,824.9 83,972.0 27,787.0 33.1% 10.5% 3.0x 9.1x

Discovery Communications, Inc. United States 24.60 -19% 13,766.8 22,060.8 6,586.0 2,483.0 37.7% 1.8% 3.3x 8.9x

DISH Network Corporation * United States 64.03 -4% 29,839.7 40,604.0 14,726.5 3,050.8 20.7% -3.1% 2.8x 13.3x

Entravision Communications Corporation * United States 6.50 -19% 587.2 811.8 263.6 61.5 23.3% 2.3% 3.1x 13.2x

General Communication, Inc. United States 42.67 -2% 1,537.0 2,980.4 921.4 264.4 28.7% -4.5% 3.2x 11.3x

Gray Television, Inc. United States 14.90 -4% 1,060.3 2,791.0 842.2 317.8 37.7% 32.1% 3.3x 8.8x

Grupo Televisa, S.A.B. Mexico 5.31 -11% 13,151.3 18,408.6 5,329.6 1,987.0 37.3% 4.2% 3.5x 9.3x

Liberty Global plc United Kingdom 33.86 -10% 34,201.2 77,950.2 19,850.7 8,802.7 44.3% 8.2% 3.9x 8.9x

Nexstar Media Group, Inc. * United States 65.40 -12% 3,033.3 7,471.0 1,387.8 488.1 35.2% 46.0% 5.4x 15.3x

Scripps Networks Interactive, Inc. United States 87.41 -1% 11,346.4 14,559.4 3,472.0 1,538.7 44.3% 4.0% 4.2x 9.5x

Sinclair Broadcast Group, Inc. United States 36.05 -16% 3,700.2 6,936.3 2,820.8 892.0 31.6% 17.3% 2.5x 7.8x

TEGNA Inc. United States 14.83 -44% 3,185.5 7,406.6 3,352.0 1,158.3 34.6% 6.2% 2.2x 6.4x

The E. W. Scripps Company United States 19.65 -19% 1,618.4 1,878.5 948.6 169.5 17.9% 14.0% 2.0x 11.1x

Time Warner Inc. United States 102.42 -1% 79,430.8 101,222.8 30,123.0 8,694.0 28.9% 8.0% 3.4x 11.6x



Entertainment Media

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


Cineplex Inc. Canada $39.33 -9% $ 2,498.2 $ 2,859.9 $ 1,169.3 $ 175.0 15.0% 4.6% 2.4x 16.3x

Eros International Plc United States 10.00 -50% 594.4 852.6 253.0 26.5 10.5% -7.8% 3.4x 32.1x

Lions Gate Entertainment Corp. * United States 29.40 -3% 5,888.9 9,139.5 3,201.5 152.5 4.8% 36.4% 2.9x 59.9x

Live Nation Entertainment, Inc. United States 37.27 -1% 7,663.1 8,316.4 8,560.4 615.6 7.2% 16.7% 1.0x 13.5x

Twenty-First Century Fox, Inc. United States 29.10 -11% 53,532.5 69,710.5 28,398.0 7,014.0 24.7% 5.6% 2.5x 9.9x

Liberty Global plc United Kingdom 33.86 -10% 34,201.2 77,950.2 19,850.7 8,802.7 44.3% 8.2% 3.9x 8.9x

Village Roadshow Limited Australia 3.21 -26% 519.0 973.7 771.6 108.1 14.0% 3.6% 1.3x 9.0x

World Wrestling Entertainment, Inc. United States 21.16 -9% 1,631.5 1,585.2 762.2 81.4 10.7% 8.5% 2.1x 19.5x




LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $2.69 -29% $ 169.0 $ 49.2 $ 16.5 $ (76.0) NM -67.1% 3.0x NM

APG|SGA SA Switzerland 451.85 -14% 1,355.1 1,314.0 326.3 78.8 24.1% 0.1% 4.0x 16.7x

Clear Channel Outdoor Holdings, Inc. United States 5.07 -31% 1,826.1 6,890.1 2,622.3 613.6 23.4% -5.2% 2.6x 11.2x

Clear Media Limited Hong Kong 1.20 -2% 648.5 590.7 231.6 101.8 44.0% 8.2% 2.6x 5.8x

JCDecaux SA France 35.42 -10% 7,528.9 8,209.3 3,423.4 597.0 17.4% 2.3% 2.4x 13.8x

Lamar Advertising Company United States 70.57 -11% 6,909.6 9,302.9 1,508.1 627.8 41.6% 8.5% 6.2x 14.8x

National CineMedia, Inc. United States 7.15 -56% 450.1 1,705.6 443.3 203.7 46.0% -0.6% 3.8x 8.4x

NTN Buzztime, Inc. United States 6.41 -47% 16.1 18.1 22.2 0.6 2.6% -5.5% 0.8x 31.8x

Outfront Media Inc. United States 22.87 -18% 3,169.5 5,285.8 1,507.0 388.6 25.8% -0.8% 3.5x 13.6x

Stingray Digital Group Inc. Canada 6.36 -13% 326.4 354.5 81.7 20.1 24.6% 12.2% 4.3x 17.7x

TOM Group Limited * Hong Kong 0.25 -15% 956.3 1,290.2 125.5 10.0 7.9% -14.0% 10.3x 129.3x



Publishing



A.H. Belo Corporation United States $5.30 -33% $ 115.2 $ 46.0 $ 254.9 $ 5.3 2.1% -5.3% 0.2x 8.7x

Daily Mail and General Trust plc United Kingdom 8.39 -23% 2,810.2 3,563.8 2,449.1 304.4 12.4% 16.4% 1.5x 11.7x

Emmis Communications Corporation * United States 2.96 -30% 37.1 284.9 198.7 19.3 9.7% -13.2% 1.4x 14.7x

Gannett Co., Inc. United States 8.97 -28% 1,019.3 1,314.8 3,187.3 320.4 10.1% 11.9% 0.4x 4.1x

Glacier Media Inc. Canada 0.50 -26% 54.5 105.6 147.5 11.7 7.9% -8.2% 0.7x 9.0x

John Wiley & Sons, Inc. United States 55.25 -6% 3,159.5 3,484.1 1,718.5 292.4 17.0% -0.5% 2.0x 11.9x

Meredith Corporation United States 59.45 -10% 2,622.3 3,298.3 1,713.4 369.2 21.5% 3.9% 1.9x 8.9x

News Corporation United States 14.31 -3% 8,407.8 7,231.8 8,285.0 736.0 8.9% 2.4% 0.9x 9.8x

Scholastic Corporation United States 41.43 -16% 1,454.9 1,017.0 1,741.6 137.3 7.9% 4.1% 0.6x 7.4x

The E. W. Scripps Company United States 19.65 -19% 1,618.4 1,878.5 948.6 169.5 17.9% 14.0% 2.0x 11.1x

The McClatchy Company United States 8.00 -58% 61.0 936.2 943.2 147.9 15.7% -7.3% 1.0x 6.3x

The New York Times Company United States 19.00 -6% 3,069.5 2,770.4 1,609.1 230.1 14.3% 2.9% 1.7x 12.0x

Time Inc. United States 14.05 -31% 1,397.4 2,356.4 3,028.0 383.0 12.6% -2.9% 0.8x 6.2x





Software

Within the Software segment, more than $5.0 billion in reported value involved strategic transactions, while nearly $2.2 billion in

venture/growth capital investments were announced

Financial and Security Software were the most active subsegments in July with 45 and 31 transactions announced, respectively


• Partners Group’s acquisition of UK-based software applications and cloud services company Civica from OMERS Private Equity for

$1.3 billion

• The $1.3 billion acquisition of data integration software company Syncsort by Centerbridge Partners from Clearlake Capital

• Permira’s $250 million investment in payments solutions company Klarna at a reported valuation of $2.5 billion

• Verisk Analytics’ acquisition of compliance monitoring and eCommerce merchant risk management company G2 Web Services from

Primus Capital for $112 million

• Security orchestration and automation platform Komand’s sale to Rapid7 for $50 million

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

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

Financial 45 23% $4,020.9 47% 11 $3,102.1 3 $88.0 31 $830.8

Security 31 16% 486.0 6% 10 57.5 0 - 21 428.5

Healthcare 25 13% 195.2 2% 9 11.0 1 - 15 184.2

HR 19 10% 231.6 3% 5 50.0 3 - 11 181.6

Data Management 16 8% 407.3 5% 7 336.0 2 - 7 71.3

Big Data 10 5% 1,407.4 16% 3 5.2 1 1,260.0 6 142.2

Other* 46 20% 1,775.0 21% 17 1,461 2 42 27 271.6

Total 192 100% 8,573.4 100% 62 5,023.3 12 1,390.0 118 2,160.2

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Alfa Financial Software Holdings PLC * United Kingdom 6.36 -1% $ 1,908.7 $ 1,847.7 $ 90.5 $ 21.0 23.2% 35.6% 20.4x 87.9x

Apptio, Inc. United States 17.75 -28% 705.3 594.1 174.1 (22.2) NM 22.0% 3.4x NM

BlackLine, Inc. * United States 38.77 -4% 1,991.6 1,890.7 148.5 (13.0) NM 45.9% 12.7x NM

Coupa Software Incorporated United States 30.73 -26% 1,628.3 1,390.2 145.7 (31.8) NM 52.4% 9.5x NM

Ebix, Inc. United States 57.75 -11% 1,821.1 2,019.4 306.3 111.3 36.3% 12.3% 6.6x 18.2x

First Data Corporation United States 18.66 -3% 17,149.4 38,256.4 7,851.0 2,750.0 35.0% 0.5% 4.9x 13.9x

Fidessa group plc United Kingdom 29.84 -14% 1,147.7 1,054.1 456.1 83.3 18.3% 14.0% 2.3x 12.7x

Guidewire Software, Inc. * United States 72.16 -2% 5,367.2 4,889.7 474.4 25.4 5.3% 15.9% 10.3x 192.9x

Intuit Inc. United States 137.21 -5% 35,155.5 34,062.5 5,089.0 1,580.0 31.0% 9.8% 6.7x 21.6x

Management Consulting Group PLC United Kingdom 0.10 -69% 51.7 1.5 55.8 (10.3) NM -9.9% 0.0x NM

Model N, Inc. United States 13.20 -5% 380.2 383.3 117.7 (30.7) NM 18.3% 3.3x NM

Performant Financial Corporation United States 2.00 -51% 101.0 124.7 136.2 10.9 8.0% -14.4% 0.9x 11.5x

Q2 Holdings, Inc. United States 38.90 -4% 1,593.0 1,510.8 172.6 (17.3) NM 34.7% 8.8x NM

RealPage, Inc. United States 38.75 -11% 3,203.9 3,265.3 611.3 90.0 14.7% 18.8% 5.3x 36.3x

SS&C Technologies Holdings, Inc. United States 38.76 -4% 7,907.4 10,116.0 1,602.9 580.9 36.2% 25.3% 6.3x 17.4x

Tyler Technologies, Inc. United States 171.81 -6% 6,409.1 6,329.3 796.4 175.5 22.0% 17.5% 7.9x 36.1x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 12.31 -14% 2,233.8 3,897.2 1,657.4 169.3 10.2% 15.7% 2.4x 23.0x

athenahealth, Inc. United States 138.32 -13% 5,523.1 5,731.9 1,151.4 127.7 11.1% 13.8% 5.0x 44.9x

Cegedim SA France 38.07 -4% 531.9 801.6 465.4 29.1 6.2% 3.4% 1.7x 27.6x

Cerner Corporation United States 64.37 -7% 21,344.0 21,250.4 4,898.4 1,371.5 28.0% 7.0% 4.3x 15.5x

Civitas Solutions, Inc. United States 17.85 -19% 666.0 1,283.8 1,438.0 147.7 10.3% 3.6% 0.9x 8.7x

Computer Programs and Systems, Inc. United States 30.65 -15% 414.9 559.3 261.0 34.4 13.2% 15.0% 2.1x 16.3x

Cotiviti Holdings, Inc. United States 43.05 -6% 3,986.7 4,637.3 651.9 222.1 34.1% 10.6% 7.1x 20.9x

Craneware plc United Kingdom 16.90 -31% 455.7 407.5 53.5 16.3 30.5% 15.4% 7.6x 25.0x

HealthEquity, Inc. United States 45.87 -17% 2,751.0 2,555.4 189.8 57.6 30.4% 34.6% 13.5x 44.4x

McKesson Corporation United States 161.87 -18% 34,034.9 41,273.9 199,851.0 3,943.0 2.0% 3.5% 0.2x 10.5x

Medidata Solutions, Inc. * United States 76.81 -11% 4,474.4 4,378.0 508.8 76.8 15.1% 20.9% 8.6x 57.0x

NantHealth, Inc. United States 4.28 -73% 520.6 587.8 103.4 (147.0) NM 56.7% 5.7x NM

Quality Systems, Inc. United States 17.10 -4% 1,079.8 1,058.2 518.3 61.3 11.8% 5.2% 2.0x 17.3x

Streamline Health Solutions, Inc. United States 1.06 -50% 20.0 30.7 26.3 (3.2) NM -8.7% 1.2x NM

Veeva Systems Inc. * United States 63.76 -6% 8,910.6 8,246.7 582.2 141.4 24.3% 32.6% 14.2x 58.3x




Financial & Credit/Risk Management Software




HR Software

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


51job, Inc. China $49.26 -13% $ 3,013.2 $ 2,244.7 $ 374.9 $ 114.4 30.5% 16.9% 6.0x 19.6x

Benefitfocus, Inc. United States 35.75 -17% 1,109.8 1,160.6 248.2 (6.4) NM 16.8% 4.7x NM

Castlight Health, Inc. United States 4.30 -22% 561.2 458.0 115.2 (46.2) NM 32.2% 4.0x NM

Cornerstone OnDemand, Inc. United States 40.31 -16% 2,290.4 2,240.8 445.0 (45.5) NM 14.3% 5.0x NM

DHI Group, Inc. United States 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x

Paycom Software, Inc. United States 70.09 -5% 4,165.3 4,103.9 382.9 73.9 19.3% 34.6% 10.7x 55.5x

Paylocity Holding Corporation * United States 45.47 -8% 2,342.2 2,240.7 283.8 16.6 5.8% 34.6% 7.9x 135.1x

The Ultimate Software Group, Inc. United States 225.71 -3% 6,708.1 6,632.8 860.7 63.8 7.4% 23.0% 7.7x 104.0x

Workday, Inc. United States 102.11 -4% 21,136.8 19,562.5 1,701.6 (242.2) NM 35.1% 11.5x NM



Security Software



Absolute Software Corporation Canada $6.36 -5% $ 250.9 $ 214.0 $ 90.0 $ 11.6 12.8% -0.1% 2.4x 18.5x

AVG Technologies N.V. Netherlands 26.45 -24% 1,341.8 1,463.7 430.6 125.0 29.0% 6.8% 3.4x 11.7x

Check Point Software Technologies Ltd. Israel 105.78 -9% 17,289.0 15,690.0 1,808.3 893.5 49.4% 7.1% 8.7x 17.6x

Cisco Systems, Inc. United States 31.45 -9% 157,251.7 121,747.7 48,510.0 15,048.0 31.0% -1.9% 2.5x 8.1x

Cheetah Mobile Inc. China 11.04 -20% 1,528.2 1,359.6 674.0 23.2 3.4% 11.0% 2.0x 58.6x

CyberArk Software Ltd. Israel 41.68 -30% 1,448.0 1,161.0 228.7 42.4 18.5% 30.9% 5.1x 27.4x

FireEye, Inc. United States 14.63 -11% 2,609.5 2,485.7 730.3 (161.3) NM 5.3% 3.4x NM

Fortinet, Inc. United States 36.91 -11% 6,487.3 5,280.0 1,383.5 142.3 10.3% 20.0% 3.8x 37.1x

Gemalto N.V. Netherlands 50.75 -33% 4,542.8 4,628.0 3,300.5 571.3 17.3% 0.2% 1.4x 8.1x

Imperva, Inc. United States 45.05 -21% 1,507.4 1,187.6 293.6 (18.9) NM 15.7% 4.0x NM

Juniper Networks, Inc. United States 27.95 -10% 10,679.6 9,669.4 5,200.8 1,206.1 23.2% 6.4% 1.9x 8.0x

Mimecast Limited United Kingdom 28.06 -5% 1,581.5 1,472.0 186.6 2.2 1.2% 31.5% 7.9x NM

Mobileye N.V. * Israel 63.30 0% 14,078.6 13,632.8 407.6 138.6 34.0% 50.7% 33.4x 98.3x

NQ Mobile Inc. * China 3.42 -27% 368.7 356.9 343.1 2.3 0.7% -15.6% 1.0x 157.6x

Palo Alto Networks, Inc. United States 131.78 -20% 12,100.6 11,247.0 1,653.3 (152.8) NM 31.0% 6.8x NM

Proofpoint, Inc. United States 85.24 -10% 3,779.3 3,727.3 442.2 (29.8) NM 41.3% 8.4x NM

SecureWorks Corp. United States 10.94 NA 886.9 795.4 443.3 (27.3) NM 22.5% 1.8x NM

Symantec Corporation United States 30.99 -7% 18,934.6 22,864.6 4,310.0 714.0 16.6% 20.7% 5.3x 32.0x

Trend Micro Incorporated Japan 49.96 -7% 6,859.9 5,736.9 1,231.6 420.5 34.1% 10.5% 4.7x 13.6x

VeriSign, Inc. United States 101.17 -3% 10,109.0 10,167.5 1,151.0 747.7 65.0% 4.0% 8.8x 13.6x




LTM Multiples




Engineering Software



Ansys, Inc. United States $129.55 -2% $ 11,076.5 $ 10,210.0 $ 1,033.8 $ 461.3 44.6% 7.5% 9.9x 22.1x

Autodesk, Inc. United States 110.79 -4% 24,417.2 24,097.4 2,004.8 (294.2) NM -15.4% 12.0x NM

AVEVA Group plc United Kingdom 26.15 -7% 1,672.1 1,499.6 270.3 65.3 24.2% 7.1% 5.5x 23.0x

Dassault Systèmes SE * France 97.69 -9% 24,896.5 22,757.6 3,624.0 913.5 25.2% 8.9% 6.3x 24.9x



Infrastructure Software



Adobe Systems Incorporated United States $146.49 -3% $ 72,279.0 $ 69,235.9 $ 6,526.2 $ 2,141.5 32.8% 23.0% 10.6x 32.3x

Atlassian Corporation Plc United Kingdom 35.82 -9% 8,076.5 7,526.6 619.9 (16.1) NM 35.6% 12.1x NM

CA, Inc. United States 31.04 -15% 13,074.6 13,231.6 4,062.0 1,246.0 30.7% 0.4% 3.3x 10.6x

Cloudera, Inc. United States 17.25 -26% 2,262.2 2,698.1 284.1 (333.2) NM 0.0% 9.5x NM

Commvault Systems, Inc. United States 59.55 -8% 2,710.5 2,229.6 664.7 9.3 1.4% 9.4% 3.4x NM

Endurance International Group Holdings, Inc. United States 9.25 -6% 1,320.0 3,257.8 1,170.7 296.3 25.3% 28.7% 2.8x 11.0x

First Data Corporation United States 18.66 -3% 17,149.4 38,256.4 7,851.0 2,750.0 35.0% 0.5% 4.9x 13.9x

Guidance Software, Inc. United States 7.07 -9% 216.1 199.5 108.6 (5.3) NM 0.7% 1.8x NM

Hortonworks Inc. United States 13.40 -11% 857.6 774.2 217.3 (222.3) NM 40.5% 3.6x NM

IBM Corporation United States 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x

MuleSoft, Inc. United States 21.74 -25% 2,799.8 2,543.9 234.9 (53.9) NM 0.0% 10.8x NM

Nutanix, Inc. United States 21.25 -55% 3,219.2 2,868.9 680.6 (351.4) NM 79.5% 4.2x NM

Okta, Inc. United States 21.95 -22% 2,091.5 1,867.3 181.5 (86.0) NM 0.0% 10.3x NM


Oracle Corporation United States 49.93 -4% 206,544.5 198,761.5 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.5x

Salesforce.com, inc. * United States 90.80 -1% 64,589.5 63,905.5 8,863.0 448.9 5.1% 25.3% 7.2x 142.4x

Rapid7, Inc. United States 15.19 -21% 659.4 580.2 167.9 (37.7) NM 37.9% 3.5x NM

ServiceNow, Inc. United States 110.45 -5% 18,763.2 18,211.1 1,631.8 (32.2) NM 36.7% 11.2x NM

Talend S.A. France 37.83 -5% 1,091.3 996.4 126.5 (24.6) NM 42.7% 7.9x NM

Twilio Inc. United States 29.17 -59% 2,639.4 2,350.8 305.4 (40.6) NM 58.3% 7.7x NM

Varonis Systems, Inc. United States 37.25 -7% 1,013.8 892.5 185.9 (13.3) NM 28.9% 4.8x NM





Information

The Information segment reported 10 transactions worth $3.8 billion in value

Healthcare Information was the most active subsegment throughout the month with four transactions announced

Select transactions from the segment include:

• The acquisition of WebMD by KKR in a transaction valued at approximately $2.8 billion

• Alternative investments search and analysis platform iCapital Networks’ $28 million investment from UBS Financial Services and

Blackrock

• Blue360 Media’s acquisition of more than 150 Law Enforcement Publications from LexisNexis

• The acquisition of FDANews, a provider of regulatory information to the clinical research and medical devices industries, by WIRB-

Copernicus Group

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

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

Healthcare Information 4 40% $3,758.2 99% 0 - 1 $3,740.4 3 $17.8

Engineering/Scientific/Tech Information 2 20% 3.0 0% 1 - 0 - 1 3.0

Credit/Risk Management Information 1 10% 11.4 0% 0 - 0 - 1 11.4

Financial Information 1 10% 27.9 1% 0 - 0 - 1 27.9

Geo-Demo Information 1 10% - 0% 1 - 0 - 0 -

Legal Information 1 10% 6.0 0% 1 6.0 0 - 0 -

Total 10 100% 3,806.5 100% 3 6.0 1 3,740.4 6 60.1

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)


Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $75.86 -3% $ 8,919.5 $ 9,916.5 $ 3,771.3 $ 660.0 17.5% 32.2% 2.6x 15.0x

Computershare Limited Australia 11.23 -8% 6,132.8 7,485.3 2,030.0 436.2 21.5% 4.2% 3.7x 17.2x

CoreLogic, Inc. United States 45.55 -1% 3,840.3 5,392.5 1,912.6 404.8 21.2% 10.5% 2.8x 13.3x

CoStar Group, Inc. * United States 275.55 -3% 9,043.7 8,783.9 894.7 220.4 24.6% 13.4% 9.8x 39.9x

DST Systems, Inc. United States 54.90 -13% 3,387.3 3,893.6 1,847.2 388.9 21.1% -35.8% 2.1x 10.0x

The Dun & Bradstreet Corporation United States 110.76 -21% 4,086.8 5,433.9 1,717.1 473.0 27.5% 2.3% 3.2x 11.5x

Envestnet, Inc. * United States 39.05 -6% 1,711.5 1,957.2 604.1 51.2 8.5% 32.4% 3.2x 38.2x

Equifax Inc. United States 145.44 -1% 17,507.0 19,995.8 3,294.3 1,220.4 37.0% 14.7% 6.1x 16.4x

Experian plc Ireland 19.86 -11% 18,235.2 21,626.1 4,335.0 1,516.0 35.0% 2.3% 5.0x 14.3x

FactSet Research Systems Inc. United States 167.22 -9% 6,559.8 6,941.1 1,181.8 414.1 35.0% 7.3% 5.9x 16.8x

Fair Isaac Corporation United States 142.55 -3% 4,366.3 4,847.4 914.8 202.2 22.1% 4.2% 5.3x 24.0x

Fidelity National Information Services, Inc. United States 91.22 -2% 30,155.5 39,067.5 9,351.0 2,499.0 26.7% 17.8% 4.2x 15.6x

Financial Engines, Inc. * United States 38.45 -16% 2,417.3 2,279.6 446.0 79.5 17.8% 36.0% 5.1x 28.7x

Moody's Corporation United States 131.63 -3% 25,141.3 26,873.5 3,834.9 1,838.7 47.9% 11.3% 7.0x 14.6x

Morningstar, Inc. United States 82.57 -2% 3,511.7 3,402.1 847.0 228.3 27.0% 7.6% 4.0x 14.9x

MSCI Inc. * United States 108.95 -4% 9,855.2 11,234.1 1,198.5 607.2 50.7% 7.9% 9.4x 18.5x

Reis, Inc. * United States 21.40 -9% 246.4 224.9 46.9 6.6 14.2% -7.6% 4.8x 33.9x

SEI Investments Co. United States 56.51 -2% 8,934.7 8,274.3 1,455.8 413.3 28.4% 7.9% 5.7x 20.0x

Thomson Reuters Corporation Canada 45.67 -8% 32,719.8 40,248.6 11,201.0 2,510.0 22.4% -7.8% 3.6x 16.0x

Verisk Analytics, Inc. United States 87.26 -1% 14,427.6 16,556.6 2,030.0 941.6 46.4% 4.7% 8.2x 17.6x

Workiva Inc. United States 19.60 -6% 811.0 767.1 192.4 (32.4) NM 17.5% 4.0x NM




Information Public Company Valuation (2/2)


Marketing Information



Acxiom Corporation * United States $26.97 -11% $ 2,138.0 $ 2,196.8 $ 878.0 $ 77.9 8.9% 1.1% 2.5x 28.2x

Alliance Data Systems Corporation United States 241.43 -9% 13,441.8 33,202.7 7,413.9 1,465.0 19.8% 9.6% 4.5x 22.7x

Cello Group Plc United Kingdom 1.63 -10% 169.4 176.1 204.1 10.0 4.9% 5.4% 0.9x 17.5x

comScore, Inc. * United States 30.02 -14% 1,719.5 1,605.6 368.8 37.1 10.1% 12.1% 4.4x 43.2x

Ebiquity plc United Kingdom 1.59 -4% 116.4 154.4 103.2 16.8 16.3% 28.6% 1.5x 9.2x

GfK SE Germany 55.86 -9% 2,039.0 2,415.8 1,566.4 168.8 10.8% -3.9% 1.5x 14.3x

Harte Hanks, Inc. United States 0.97 -48% 60.4 14.3 404.4 (4.8) NM -9.0% 0.0x NM

InnerWorkings, Inc. United States 11.79 -1% 626.3 710.1 1,087.0 44.8 4.1% 2.7% 0.7x 15.9x

Intage Holdings Inc. Japan 20.40 -10% 407.4 341.0 430.4 52.0 12.1% 5.5% 0.8x 6.6x

Ipsos SA France 34.38 -18% 1,473.3 2,079.8 2,034.1 226.4 11.1% -0.2% 1.0x 9.2x

NeuStar, Inc. United States 33.40 -3% 1,863.0 2,548.3 1,215.7 473.1 38.9% 12.0% 2.1x 5.4x

Nielsen Holdings plc United Kingdom 43.01 -22% 15,336.4 23,553.4 6,396.0 1,652.0 25.8% 2.5% 3.7x 14.3x

Onvia, Inc. United States 4.55 -13% 32.8 26.4 24.7 (0.8) NM 3.3% 1.1x NM

Pearson plc United Kingdom 8.67 -26% 7,065.6 8,735.4 6,146.9 1,067.6 17.4% 9.1% 1.4x 8.2x

System1 Group PLC United Kingdom 10.68 -22% 133.1 122.2 39.1 7.5 19.2% 0.0% 3.1x 16.3x

YouGov plc United Kingdom 3.42 -11% 359.4 339.7 123.2 12.4 10.0% 20.4% 2.8x 27.4x



Other Information



Centaur Media plc United Kingdom $0.71 -5% $ 102.6 $ 115.7 $ 95.2 $ 8.8 9.3% 9.7% 1.2x 13.1x

Cogint, Inc. United States 4.40 -29% 241.0 282.0 198.2 (14.1) NM 279.2% 1.4x NM

Forrester Research, Inc. United States 40.80 -8% 723.7 589.1 327.8 37.9 11.6% 2.1% 1.8x 15.6x

Gartner, Inc. * United States 128.32 -1% 11,604.0 12,011.4 2,512.4 396.4 15.8% 11.7% 4.8x 30.3x

IHS Markit Ltd. United Kingdom 46.65 -3% 18,505.1 22,400.6 3,348.7 973.6 29.1% 48.8% 6.7x 23.0x

Informa plc United Kingdom 9.17 -5% 7,549.1 9,615.7 2,095.4 658.3 31.4% 30.0% 4.6x 14.6x

National Research Corporation United States 50.44 -5% 793.7 761.8 114.1 39.0 34.2% 8.1% 6.7x 19.5x

NIC Inc. United States 16.25 -37% 1,076.0 952.5 327.2 83.3 25.5% 7.1% 2.9x 11.4x

Premier, Inc. United States 34.90 -4% 1,849.3 1,996.7 1,353.0 395.3 29.2% 20.0% 1.5x 5.1x

Proofpoint, Inc. * United States 85.24 -10% 3,779.3 3,727.3 442.2 (29.8) NM 41.3% 8.4x NM

Reed Elsevier plc(1) United Kingdom 21.77 -3% 43,706.7 50,388.5 9,553.5 2,885.8 30.2% 17.4% 5.3x 17.5x

Tarsus Group plc Ireland 3.96 -2% 446.1 562.5 105.4 29.5 28.0% 1.7% 5.3x 19.1x

TechTarget, Inc. * United States 9.59 -9% 263.2 273.8 105.2 11.1 10.5% -7.1% 2.6x 24.7x

The Advisory Board Company United States 56.20 -6% 2,280.8 2,734.5 797.2 118.2 14.8% 0.9% 3.4x 23.1x

UBM plc United Kingdom 9.55 -6% 3,757.1 4,535.5 1,209.6 329.9 27.3% 16.7% 3.7x 13.7x

Wolters Kluwer N.V. Netherlands 44.33 -6% 12,643.0 15,324.3 5,053.1 1,342.8 26.6% 4.6% 3.0x 11.4x


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




Business Services

The Business Services segment reported 61 transactions in July worth nearly $3.1 billion in value

The IT Consulting subsegment accounted for nearly half segments total activity with 30 transactions


• EQT’s acquisition of pharmaceutical consulting services provider Certara from Arsenal Capital Partners for $850 million

• The $283 million acquisition of NCI, a provider of IT services to federal government agencies, by H.I.G. Capital

• DXC Technology’s $155 million acquisition of Microsoft Dynamics 365 solutions and managed cloud services provider Tribridge

• The $78.8 million acquisition of contact center consulting and systems integration services provider DatapointEurope by Sabio

• The acquisition of project and management consulting services provider Vynamic by UDG Healthcare for a reported $32 million

• The minority stake taken by Baird Capital in UK-based Prescient Healthcare Group, a provider of consulting services to the

biopharmaceutical sector

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

IT Consulting 30 49% $845.8 27% 26 $562.8 3 $283.0 1 -

Corporate Training 10 16% 146.1 5% 4 25.6 1 - 5 120.5

Healthcare Consulting 5 8% 1,109.1 36% 0 - 2 850.0 3 259.1

Staffing 5 8% 769.4 25% 4 769.4 1 - 0 -

Logistics 3 5% 187.0 6% 1 136.0 0 - 2 51.0

HR Consulting 2 3% - 0% 2 - 0 - 0 -

Management Consulting 2 3% 32.0 1% 1 32.0 0 - 1 -

Other* 4 7% 0.0 0% 4 0.0 0 0.0 0 0.0

Total 61 100% 3,089.4 100% 42 1,525.8 7 1,133.0 12 430.6

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 128.82 -1% $ 79,609.0 $ 76,961.1 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.3x

CRA International, Inc. United States 38.81 -3% 332.8 318.1 343.0 27.8 8.1% 9.8% 0.9x 11.5x

FTI Consulting, Inc. United States 32.81 -30% 1,227.7 1,570.1 1,771.0 149.4 8.4% -3.1% 0.9x 10.5x

Information Services Group, Inc. * United States 4.03 -7% 173.5 262.6 233.1 14.0 6.0% 11.7% 1.1x 18.8x

Navigant Consulting, Inc. United States 16.93 -39% 799.9 978.2 948.2 130.8 13.8% 7.3% 1.0x 7.5x

ICF International, Inc. United States 45.25 -24% 850.7 1,118.3 1,198.8 115.2 9.6% 3.5% 0.9x 9.7x

Huron Consulting Group Inc. United States 35.50 -45% 753.9 1,141.2 731.8 112.1 15.3% 0.9% 1.6x 10.2x

The Advisory Board Company * United States 56.20 -6% 2,280.8 2,734.5 797.2 118.2 14.8% 0.9% 3.4x 23.1x

The Hackett Group, Inc. United States 16.42 -21% 479.8 471.7 263.0 40.3 15.3% 8.8% 1.8x 11.7x



HR Services



Automatic Data Processing, Inc. United States 118.91 -2% $ 53,201.6 $ 52,423.6 $ 12,379.8 $ 2,553.0 20.6% 6.1% 4.2x 20.5x

Barrett Business Services, Inc. United States 55.03 -18% 399.1 384.2 859.6 27.6 3.2% 12.3% 0.4x 13.9x

Capita plc United Kingdom 8.68 -38% 5,776.3 8,602.8 6,061.3 754.9 12.5% 1.5% 1.4x 11.4x

DHI Group, Inc. United States 2.20 -74% 110.9 157.4 215.6 39.5 18.3% -12.4% 0.7x 4.0x

Edenred SA France 26.16 -9% 6,125.3 7,790.6 1,363.4 450.7 33.1% 20.6% 5.7x 17.3x

Insperity, Inc. United States 75.50 -19% 1,590.7 1,389.4 3,109.8 127.5 4.1% 11.6% 0.4x 10.9x

Marsh & McLennan Companies, Inc. United States 77.97 -4% 39,961.6 44,717.6 13,497.0 3,231.0 23.9% 2.5% 3.3x 13.8x

Paychex, Inc. United States 57.85 -8% 20,791.0 20,467.6 3,151.3 1,366.5 43.4% 6.8% 6.5x 15.0x

Professional Diversity Network, Inc. United States 5.20 -63% 20.5 14.9 24.5 (4.1) NM -29.6% 0.6x NM

TriNet Group, Inc. United States 35.00 -16% 2,400.3 2,607.2 3,189.7 205.6 6.4% 11.0% 0.8x 12.7x

WageWorks, Inc. * United States 65.20 -19% 2,578.1 2,215.0 434.9 81.9 18.8% 27.5% 5.1x 27.1x







IT Consulting



Accenture plc Ireland 128.82 -1% $ 79,609.0 $ 76,961.1 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.3x

Amdocs Limited United States 67.17 -1% 9,837.3 8,887.9 3,828.1 712.6 18.6% 3.3% 2.3x 12.5x

Bechtle AG Germany 71.71 -2% 3,012.0 2,937.9 3,413.0 184.7 5.4% 9.5% 0.9x 15.9x

Booz Allen Hamilton Holding Corporation United States 34.30 -14% 5,088.7 6,534.6 5,804.3 547.6 9.4% 7.4% 1.1x 11.9x

Business & Decision SA * France 9.10 -6% 71.7 104.2 240.3 3.5 NA 1.5% 0.4x 29.5x

Capgemini SE France 108.43 -5% 17,767.3 20,321.2 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.0x

Cerner Corporation * United States 64.37 -7% 21,344.0 21,250.4 4,898.4 1,371.5 28.0% 7.0% 4.3x 15.5x

CGI Group Inc. Canada 52.66 -4% 15,355.0 16,578.5 8,324.9 1,399.6 16.8% 1.2% 2.0x 11.8x

Cognizant Technology Solutions Corporation United States 69.32 -3% 40,829.3 37,764.3 14,131.0 2,775.0 19.6% 8.8% 2.7x 13.6x

Digi International Inc. United States 10.45 -26% 277.3 168.0 187.0 16.3 8.7% -9.5% 0.9x 10.3x

DXC Technology Company * United States 78.38 -3% 22,310.5 24,289.5 7,607.0 640.0 8.4% 7.1% 3.2x 38.0x

Globant S.A. * Luxembourg 45.97 -3% 1,596.4 1,554.5 338.3 56.6 16.7% 24.1% 4.6x 27.5x

International Business Machines Corporation United States 144.67 -21% 134,823.8 168,327.8 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.8x

Infosys Limited India 15.75 -8% 35,998.4 30,776.5 10,358.0 2,811.0 27.1% 6.3% 3.0x 10.9x

ITS Group France 8.08 -9% 62.1 64.3 199.3 8.0 4.0% -1.7% 0.3x 8.0x

NCI, Inc. United States 19.95 -7% 271.7 271.8 325.4 29.7 9.1% -1.9% 0.8x 9.2x

NTT Data Corporation Japan 10.89 -7% 15,270.9 18,930.3 16,741.8 2,475.5 14.8% 0.0% 1.1x 7.6x

Perficient, Inc. United States 18.80 -11% 672.8 700.4 452.1 47.6 10.5% -6.7% 1.5x 14.7x

Presidio, Inc. United States 13.63 -17% 1,239.1 2,149.9 2,842.2 203.0 7.1% 0.0% 0.8x 10.6x

Reply S.p.A. Italy 210.61 -7% 1,969.6 1,936.3 976.0 127.7 13.1% 12.2% 2.0x 15.2x

SQLi France 54.14 -3% 200.0 206.2 201.5 16.2 8.0% 6.7% 1.0x 12.7x

Tata Consultancy Services Limited India 38.81 -10% 74,293.6 69,444.5 18,297.1 4,936.6 27.0% 5.3% 3.8x 14.1x

Wipro Limited India 4.50 -4% 21,782.0 18,304.5 8,521.0 1,690.9 19.8% 4.7% 2.1x 10.8x






Outsourced Services



AMREP Corporation United States $6.88 -15% $ 55.7 $ 43.8 $ 40.9 $ 1.2 3.0% -1.9% 1.1x 36.1x

Cenveo, Inc. United States 6.00 -33% 51.3 1,082.1 1,546.3 119.4 7.7% -10.9% 0.7x 9.1x

Communisis plc United Kingdom 0.63 -16% 131.3 159.3 484.4 32.8 6.8% 5.2% 0.3x 4.9x

Contax Participações S.A. Brazil 1.84 -66% 7.6 415.3 623.5 35.8 5.7% -12.8% 0.7x 11.6x

Convergys Corporation United States 23.97 -22% 2,256.2 2,412.1 2,919.0 366.9 12.6% -0.5% 0.8x 6.6x

CSG Systems International, Inc. United States 41.35 -19% 1,397.2 1,498.8 769.7 144.7 18.8% 1.2% 1.9x 10.4x

Elanders AB (publ) Sweden 11.89 -18% 420.3 739.0 1,020.2 74.7 7.3% 103.0% 0.7x 9.9x

Eniro AB Sweden 0.02 -69% 13.0 221.8 211.9 37.5 17.7% -18.1% 1.0x 5.9x

ExlService Holdings, Inc. United States 57.55 -4% 1,941.9 1,750.2 720.6 101.1 14.0% 8.1% 2.4x 17.3x

Firstsource Solutions Limited India 0.57 -26% 388.2 466.7 548.7 66.2 12.1% 10.1% 0.9x 7.1x

Genpact Limited Bermuda 29.00 -9% 5,589.6 6,294.8 2,624.2 427.5 16.3% 4.8% 2.4x 14.7x

InnerWorkings, Inc. United States 11.79 -1% 626.3 710.1 1,087.0 44.8 4.1% 2.7% 0.7x 15.9x

j2 Global, Inc. United States 84.63 -7% 4,078.6 4,719.5 928.4 375.9 40.5% 22.2% 5.1x 12.6x

Luxoft Holding, Inc. SwitzerlandSwitzerland 62.95 -7% 2,105.4 1,996.5 785.6 96.9 12.3% 20.7% 2.5x 20.6x

MAXIMUS, Inc. United States 60.36 -7% 3,912.7 3,937.3 2,453.1 384.4 15.7% 4.0% 1.6x 10.2x

Quad/Graphics, Inc. United States 22.46 -24% 1,167.6 2,264.4 4,216.5 479.8 11.4% -6.8% 0.5x 4.7x

Quintiles IMS Holdings, Inc. United States 90.55 -3% 19,865.9 27,546.9 6,969.0 1,507.0 21.6% 55.0% 4.0x 18.3x

R.R. Donnelley & Sons Company United States 12.36 -77% 865.2 2,761.8 6,939.8 372.9 5.4% 47.0% 0.4x 7.4x

Serco Group plc United Kingdom 1.46 -26% 1,592.6 1,792.6 3,930.0 85.6 2.2% -1.0% 0.5x 20.9x

St Ives plc United Kingdom 0.72 -63% 103.5 196.3 472.4 53.0 11.2% 6.1% 0.4x 3.7x

StarTek, Inc. United States 12.30 -17% 195.6 222.2 306.8 16.7 5.5% 3.5% 0.7x 13.3x

SYNNEX Corporation United States 118.92 -9% 4,749.6 5,534.9 15,013.9 603.3 4.0% 12.2% 0.4x 9.2x

Sykes Enterprises, Incorporated United States 34.00 -1% 1,430.0 1,410.2 1,523.3 171.6 11.3% 18.7% 0.9x 8.2x

Teleperformance SE France 138.66 -3% 7,850.2 9,607.8 4,610.4 709.0 15.4% 17.8% 2.1x 13.6x

TeleTech Holdings, Inc. United States 41.80 -3% 1,906.9 2,029.2 1,301.1 163.5 12.6% 2.2% 1.6x 12.4x

transcosmos inc. Japan 23.99 -10% 994.8 870.8 2,204.1 92.5 4.2% 7.7% 0.4x 9.4x

Transcontinental Inc. Canada 20.33 -2% 1,573.4 1,761.1 1,481.3 295.4 19.9% 0.4% 1.2x 6.0x

Cimpress N.V. Netherlands 88.24 -15% 2,772.1 3,775.3 2,135.4 149.0 7.0% 19.4% 1.8x 25.3x

West Corporation United States 23.37 -18% 1,990.0 4,972.6 2,285.7 636.3 27.8% -0.5% 2.2x 7.8x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 4.3x 2.8x 7.0x 2.4x

Internationally-based Digital Media and Internet 5.1x 3.3x 6.9x 2.7x

US-based eCommerce 3.1x 2.2x 4.5x 2.0x

Internationally-based eCommerce 2.8x 1.0x 8.9x 1.6x

US-based Digital Advertising 3.9x 2.6x 9.1x 2.5x

Internationally-based Digital Advertising 3.8x 2.1x 10.1x 2.3x

US-based Marketing Technology 4.6x 3.9x 5.3x 3.3x

Internationally-based Marketing Technology 5.2x 4.6x 5.9x 5.2x

Agency 1.2x 1.3x 1.5x 1.5x

Marketing Services 1.8x 1.9x 3.1x 2.8x

Traditional Media 2.9x 2.5x 3.6x 3.3x

Software 5.5x 5.0x 5.5x 5.4x

Information 4.3x 3.7x 6.3x 5.1x

Business Services 1.3x 0.9x 2.6x 2.1x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 07/31/17

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 20.4x 15.4x 16.4x 15.7x

Internationally-based Digital Media and Internet 24.1x 21.1x 22.2x 13.6x

US-based eCommerce 17.6x 14.5x 19.6x 13.3x

Internationally-based eCommerce 33.1x 22.4x 34.1x 21.2x

US-based Digital Advertising 37.3x 22.7x 22.0x 12.6x

Internationally-based Digital Advertising 18.0x 14.5x 25.0x 14.1x

US-based Marketing Technology 20.8x 16.3x 29.6x 12.9x

Internationally-based Marketing Technology 32.4x 19.4x 20.6x 21.5x

Agency 10.4x 10.0x 9.5x 9.4x

Marketing Services 11.6x 9.2x 15.8x 9.0x

Traditional Media 14.6x 11.3x 12.3x 11.9x

Software 37.0x 19.1x 24.2x 16.1x

Information 19.6x 16.4x 23.9x 16.6x

Business Services 12.0x 10.7x 14.7x 12.3x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 07/31/17

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 7/31/2017

LTM Index Performance • S&P 500 – 13.8 % • Digital Media/Commerce – 36.9 %

• Traditional Media – 19.2%

LTM Index Performance • S&P 500 – 13.8 %

• Marketing Technology – 13.8 %

LTM Index Performance • S&P 500 – 13.8 % • Digital Advertising – 21.0 %


• Agency – (3.1) %

• Marketing Services – 5.9 %

Digital Media/Commerce and Traditional Media

Software



• Software – 12.3 %


Information & Business Services LTM Index Performance • S&P 500 – 13.8 %

• Information – 12.1 %

• Business Services – 0.5 %

v

80%

95%

110%

125%

140%

Aug-16 Oct-16 Dec-16 Feb-17 Apr-17 Jun-17

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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


All Segments ($ in Millions)

Strategic Transactions StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

HSN, Inc. Digi ta l Media/Commerce Liberty Media Corporation 2,652.8$ Bambora Software Ingenico Group 1,683.1 Bankrate, Inc. Digi ta l Advertis ing Red Ventures Limited 1,438.5 Civica Group Ltd. Software Partners Group AG 1,349.4 Purple Innovaton LLC Digi ta l Media/Commerce Global Acquis i tion Partners 1,100.0 Penguin Random House Traditional Media Bertelsmann SE & Co. KGaA 1,000.0 Intacct Corporation Software Sage Group plc 850.0 YP LLC Traditional Media Dex Media 600.0 Programmed Maintenance Services Limited Bus iness Services Persol Holding Co., Ltd. 586.9 Grupo Media Capita l Traditional Media Altice USA, Inc. 504.2 Super Sports Media, Inc. Traditional Media Wuhan DDMC Culture Co., Ltd. 500.0 Merchants ' Choice Payment Solutions Software Paysafe Group Plc 470.0 Nova TV and Pop TV Traditional Media United Group B.V. 258.1 Guidance Software Inc. Software OpenText Corporation 223.9 OnX Enterprise Solutions Ltd. Bus iness Services Cincinnati Bel l Inc. 199.0 CDI Corporation Bus iness Services AE Industria l Partners 182.5 Tribridge Bus iness Services DXC Technology Company 155.0 Rocket Fuel , Inc. Digi ta l Advertis ing Sizmek, Inc. 149.9 Specia l Logis tics LLC Bus iness Services J.B. Hunt Transport Services , Inc. 136.0 G2 Web Services , LLC Software Verisk Analytics , Inc. 112.0 NES Associates LLC Bus iness Services CSRA, Inc. 105.0 TXT Retai l Marketing Technology Aptos , Inc. 95.4 The Experience Engine, Inc. Marketing Technology accesso Techology Group, plc 79.7 Datapoint Europe Bus iness Services Sabio Limited 78.8 Enoro Holding AS Software Hansen Technologies Limited 73.3 iBabs B.V. Software Euronext N.V 57.1 InfoTrel l i s , Inc. Software Mastech Digi ta l , Inc. 55.0 Evidon, Inc. Software CrownPeak Technology, Inc. 50.0 Komand Software Rapid7 50.0 Innoetics Marketing Technology Samsung Group 50.0 nToggle, Inc. Digi ta l Advertis ing The Rubicon Project 38.5 Boomtra in, Inc. Marketing Technology Zeta Global 37.5 Cambridge BioMarketing Group, LLC Agency & Marketing Services UDG Healthcare plc 35.0 Vynamic LLC Bus iness Services UDG Healthcare plc 32.0 The Creative Engagement Group Limited Agency & Marketing Services Huntsworth PLC 32.0 Stk Marketing Ltd. Digi ta l Advertis ing Gaming Innovation Group Ltd. 29.3 Waterfa l l International , Inc. Digi ta l Advertis ing Upland Software, Inc. 25.9 Synthes is Retai l Solutions Software Linx Sis temas E Consultoria Ltda. 25.8 JumpStart Games, Inc. Bus iness Services NetDragon Websoft, Inc. 25.6 Bettingpro.com Digita l Advertis ing Catena Media 17.8 Euroforum Schweiz AG Traditional Media Verlagsgruppe Handelsblatt Gmbh & Co. KG 17.5 PARX Bus iness Services Pers is tent Systems Ltd. 16.5



Strategic Transactions StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

ExtremeTix, Inc. Marketing Technology Etix, Inc. 16.5$ Netika SAS Software Medasys S.A. 11.0 Adinnovation, Inc. Digi ta l Advertis ing Marimedia Ltd. (Taptica) 8.9 TechJini Solutions Private Limited Bus iness Services Datamatics Global Services Ltd. 8.5 Madrid Fus ion Traditional Media Vocento, Inc. 7.6 Veloci ty Partners Limited Agency & Marketing Services Next Fi fteen Communications Group plc 7.6 Codebashing Ltd. Software Checkmarx, Inc. 7.5 LexisNexis 150 Law Enforcement Publ ications Information Blue360 Media LLC 6.0 Sophia Search Ltd. Software Aiqudo, Inc. 5.2 Nexalogy, Inc. Marketing Technology Datametrex Limited 4.6 Print Appeal , Inc. Agency & Marketing Services Party Ci ty Holdco Inc. 2.8



Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Actionl ink LLC Agency & Marketing Services Acosta, Inc. -$ Adwanted Group Agency & Marketing Services Affini ty Media SAS - AnswersMedia Agency & Marketing Services ST Acquis i tion Holdings - Aqui la Ins ight Ltd. Agency & Marketing Services Merkle, Inc. - Atlantic Exhibi ts Agency & Marketing Services Impact XM - Atlas Communications , Inc. Agency & Marketing Services North 6th Agency, Inc. - Atomhawk Des ign Ltd. Agency & Marketing Services Sumo Digi ta l Ltd. - Carl ing Group of Companies Agency & Marketing Services Fishawack Group of Companies - Clearhead Agency & Marketing Services Accenture plc - DP Digi ta l Media Agency & Marketing Services System2 Ltd. - Driven Local Agency & Marketing Services Scorpion Internet Marketing - Hami l ton Bright Group B.V. Agency & Marketing Services Advantage Smol lan Limited - Maya Des ign, Inc. Agency & Marketing Services The Boston Consulting Group - Media Place Partners LLC Agency & Marketing Services Adtegri ty.com - Narrative.is Agency & Marketing Services Wi l l Packer Media - Noble Communications Agency & Marketing Services Gatesman, Inc. - Phoodie Agency & Marketing Services BASEMAKERS LLC - Sa l t Communications Agency & Marketing Services Mul len Lowe Group - SO What Global Agency & Marketing Services Havas - Sokrati Technologies Pvt. Ltd. Agency & Marketing Services Merkle, Inc. - Spyder Trap, Inc. Agency & Marketing Services Bright Health Management, Inc. - Stadium Sports Animation Agency & Marketing Services Heart+Hammer LLC - Studio East Agency & Marketing Services Codemakers Ltd. - SwervePoint LLC Agency & Marketing Services Bensussen Deutsch & Associates , Inc. - Tartan Group Agency & Marketing Services Beattie Communications Grup Ltd. - The Herd Agency Agency & Marketing Services Publ icis Groupe S.A. - thjnk ag Agency & Marketing Services WPP Group - TNG, Inc. Agency & Marketing Services Point B, Inc. - 47Lining LLC Bus iness Services REAN Cloud - Annese & Associates , Inc. Bus iness Services ConvergeOne Holdings Corporation - Argyle Technology Group LLC Bus iness Services IVR Tehnology Group - Avisun Computer Solutions Pvt. Ltd. Bus iness Services Scintel Technologies , Inc. - Consulting4CRM Bus iness Services AEC360 Holdings , LLC - Creel Print LLC Bus iness Services LSC Communications - CRM Advantage Bus iness Services Virsys12 LLC - D.E.Z. Staffing LLC Bus iness Services Hospita l i ty Staffing Solutions LLC - Data Cla i rvoyance Bus iness Services Infogix, Inc. - Encore Health Resources Bus iness Services emids Technolgies , Inc. - Experior Group Bus iness Services Qual iTest Group - Healthcare Concepts , Inc. Bus iness Services Simione Healthcare Consultants LLC - i LawVentures LLC Bus iness Services BARBRI, INC. - ITAV Ltd. Bus iness Services Connect NZ Limited -




KMS Solutions LLC Bus iness Services Subsystem Technologies , Inc. -$ Leycol Printers Ltd. Bus iness Services DG3 Worldwide - Logix's Eletricidade e Automacao Ltda. Bus iness Services Cast Group Informática S.A. - MIl l sonJames LLC Bus iness Services HUB International Limited - NMi Metrology & Gaming Ltd. Bus iness Services Gaming Laboratories International LLC - Nymad Ltd. Bus iness Services dsp - Performance Data LLC Bus iness Services Park Place Technologies , Inc. - RES Software Bus iness Services Ivanti Software - Sentens ia Q AB Bus iness Services B3IT Management AB - SigNet Technologies Bus iness Services Convergint Technologies LLC - SoftTelecom Desarrol los I+ D Bus iness Services Vipera Plc - SOURCEitHR Bus iness Services MenaITech - Spence Johnson Ltd. Bus iness Services Broadridge Financia l Solutions , Inc. - Syntheses Bus iness Services Concept Image Bretagne - TigerSpike Bus iness Services Concentrix Corporation - TLS.NET Bus iness Services Konica Minolta Bus iness Solutions USA, Inc. - Tricode Bus iness Services Bui lding Blocks Ltd. - DentalPlans .com, Inc. Digi ta l Advertis ing Internet Brands , Inc. - Mobi leRQ, Inc. Digi ta l Advertis ing Kochava, Inc. - Ressy Technology Pvt. Ltd. Digi ta l Advertis ing eatigo international pte. l td. - TradersCrux.com Digita l Advertis ing Salem Media Group - Acquire Real Estate LLC Digi ta l Media/Commerce RealtyShares , Inc. - Bestowed LLC Digi ta l Media/Commerce UrthBox, Inc. - BuySeasons , Inc. Digi ta l Media/Commerce Rubie's Costume Company, Inc. - Chatter Commerce, Inc. Digi ta l Media/Commerce Rakuten Viber - Everys ing Digi ta l Media/Commerce iRiver Limited - Female Funders Digi ta l Media/Commerce Highl ine BETA - Home Bis tro, Inc. Digi ta l Media/Commerce AlphaPoint Technology, Inc. - InterNations GmbH Digi ta l Media/Commerce Xing AG - Loco2 Limited Digi ta l Media/Commerce SNCF Mobi l i ties Group - OML Enterta inment Digi ta l Media/Commerce Paytm Wal let - PathSource, Inc. Digi ta l Media/Commerce AcademixDirect - Pippin Foods LLC Digi ta l Media/Commerce WhatsGood - Priceless Parenting Pvt. Ltd. Digi ta l Media/Commerce Elanic Services Pvt. Ltd. - Pulse Digi ta l Media/Commerce Hike Limited - Red7Mobi le Ltd. Digi ta l Media/Commerce Scienti fic Games Corporation - Soccers Digi ta l Media/Commerce AppSwarm, Inc. - Songkick Selected Assets Digi ta l Media/Commerce Warner Mus ic Group - STACK Media, Inc. Digi ta l Media/Commerce Blue Star Sports - Ta lkshow Industries Digi ta l Media/Commerce Medium - Tech.l i Digi ta l Media/Commerce Publ icize, Inc. - TheaterMania.com, Inc. Digi ta l Media/Commerce AudienceView -




TheHouse.com Digita l Media/Commerce Camping World Holdings , Inc. -$ FDA News Information WIRB-Copernicus Group - FiberLocator Information CCMI - Cintric LLC Marketing Technology UberMedia - Covalent Data, Inc. Marketing Technology Wel lspring Worldwide - DGM59 Co Marketing Technology LINE Corporation - Endeavor Commerce, Inc. Marketing Technology Vendavo, Inc. - Humany AB Marketing Technology Tel ia Company AB - Joe Hukum Marketing Technology Freshworks , Inc. - Kemvi , Inc. Marketing Technology HubSpot, Inc. - Limel ight Software Marketing Technology Trade Me Limited - Market Probe As ia Paci fic Marketing Technology Majestic Research Services and Solutions Limited - Patron Technology Marketing Technology Providence Strategic Growth - Perceptive Research Marketing Technology Clemenger Group Limited - Real Geeks LLC Marketing Technology Fidel i ty National Financia l , Inc. - Relayware, Inc. Marketing Technology Zi ft Solutions , Inc. - Smart Host, Inc. Marketing Technology Beyond Pricing, Inc. - Socia l Karma SPRL Marketing Technology Synthes io - SocMetrics , Inc. Marketing Technology Grapevine Logic, Inc. - Source3, Inc. Marketing Technology Facebook - Spicemart, Inc. Marketing Technology KLab, Inc. - SynGro Limited Marketing Technology MARU Goup Limited - Zemanta Ltd. Marketing Technology Outbra in, Inc. - Aethon Inc., MedEx Product Line Assets Software Inmar, Inc. - AquaFold, Inc. Software Idera, Inc. - Arrayent, Inc. Software Prodea Systems, Inc. - AssetTrackr Pvt. Ltd. Software WABCO Holdings , Inc. - Atlantis Computing, Inc., Certa in Assets Software Hive-IO, Inc. - Axcient, Inc. Software eFolder, Inc. - aXigate SA Software Malta Informatique SARL - Brighterion, Inc. Software MasterCard, Inc. - Carva l Computing Ltd. Software Civica Group Ltd. - Computational Engineering International , Inc. Software ANSYS, Inc. - Ctui t, Inc. Software Compeat, Inc. - DataGravity Software HyTrust, Inc. - DeVero, Inc. Software Netsmart Technologies , Inc. - Dexter & Chaney, Inc. Software Viewpoint, Inc. - Digi ta l Instinct Pty. Limited Software Kronos Incorporated - DMTI Spatia l Software Digi ta l Map Products , Inc. - Enforcive, Inc. Software Vis ion Solutions , Inc. - Fi reglass Software Symantec Corporation - Flood IO Software Tricentis GmbH -




Global AlertLink Software Resolver, Inc. -$ Hal l i Labs Private Limited Software Google - Health & Parenting Ltd. Software Royal Phi l ips Electronics - HolaDoctor, Inc. Software Pan-American Li fe Insurance Group - Hudman Limited Software Advanced - iParse LLC Software Urban FT, Inc. - KITT.AI Software Baidu, Inc. - Lecorpio, Inc. Software Anaqua, Inc. - Liberconnect, Inc. Software AVAST Software s .r.o. - MedApproved LLC Software TractManager, Inc. - Medication Management Systems, Inc. Software Genoa, a QoL Healthcare Company - Nanoscale, Inc. Software TIBCO Software, Inc. - Needles , Inc. Software Tria lWorks LLC - Nostrum Group Limited Software Equiniti Group plc - nxtControl GmbH Software Schneider Electric SE - Observable Networks Software Cisco Systems, Inc. - ParkingSoft LLC Software T2 Systems, Inc. - Patchman B.V. Software SiteLock - Payable.com Software Stripe, Inc. - PDS Energy Info., Financia l & Acct Data Exch Products & Services Software Oi ldex, Inc. - Permabit Technology Corporation Software Red Hat, Inc. - Pi ri form Limited Software AVAST Software s .r.o. - Secure Bi l l Pay Software ABILITY Network, Inc. - Skycure Ltd. Software Symantec Corporation - StackIQ, Inc. Software Teradata Corporation - Sybenetix Ltd. Software The NASDAQ OMX Group, Inc. - TomTec Imaging Systems GmbH Software Koninkl i jke Phi l ips Electronics NV - Wisetai l Software Alchemy Systems, LP - BaAm Traditional Media Freeman Company - Blue Man Group Productions Traditional Media Cirque du Solei l , Inc. - CarMe Traditional Media Fabrica Caommuniations Co., Ltd. - Chicago Sun-Times Traditional Media ST Acquis i tion Holdings - Clean Zone Marketing LLC Traditional Media Bri te Media Group - Management Concepts , Inc., Publ ishing Divis ion Assets Traditional Media Berrett-Koehler Publ ishers - MFV Expos itions , Inc. Traditional Media Comexpos ium S.A. - Neo Advertis ing SA Traditional Media Tamedia - OMNI Magazine Traditional Media Penthouse Global Media , Inc. - Tartan Publ ishing Ltd. Traditional Media Buro 24/7 - The Robot Report Traditional Media WTWH Media LLC - West End Holdings LLC Traditional Media American Hometown Publ ishing, Inc. -



Buyout Transactions

Buyout DealsValues Disclosed Target Target Segment Buyer/Investor Reported TV

WebMD Health Corporation Information Kohlberg Kravis Roberts & Company L.P. 3,740.4$ Syncsort, Inc. Software Centerbridge Partners , L.P. 1,260.0 Certara, L.P Bus iness Services EQT Holdings AB 850.0 Clarion Events , Ltd. Traditional Media The Blackstone Group L.P. 781.0 PlusServer GmbH Marketing Technology BC Partners Limited 448.8 NCI, Inc. Bus iness Services H.I.G. Capita l LLC 283.0 Kees ing Media Group B.V. Traditional Media Ergon Capita l Partners 173.6 Archway Technology Partners LLC Software SEI Investments 88.0 BIC Graphic North America Agency & Marketing Services H.I.G. Capita l LLC 80.0 Acrol inx GmbH Marketing Technology Genui GmbH 60.0 EcoOnl ine AS Software Summa Equity 42.0

Buyout DealsUndisclosed Target Target Segment Buyer/Investor Reported TV

Random42 Scienti fic Communiation Agency & Marketing Services Graphite Capita l Management LLP -$ Abacus Group LLC Bus iness Services WestView Capita l Partners - Avenica Bus iness Services Univers i ty Ventures - Driving Dynamics , Inc. Bus iness Services Delancey Street Capita l Partners - Lutech S.p.A. Bus iness Services One Equity Partners , LLC - Santa Lucia Pharma Apps srl Bus iness Services H.I.G. Europe - A Place For Mom, Inc. Digi ta l Advertis ing Si lver Lake Partners - Bruneau Digi ta l Media/Commerce Equistone Partners - Etix, Inc. Marketing Technology Parthenon Capita l - Nielsen TV Pi lot Testing Assets Marketing Technology The Stagwel l Group LLC - Quark Software Inc. Marketing Technology Para l lax Capita l Partners , LLC - SignUpGenius , Inc. Marketing Technology Providence Equity Partners , Inc. - AED-SICAD AG Software Battery Ventures - Arcserve (USA) LLC Software Marl in Equity Partners - Buckaroo B.V. Software Blackfin Capita l Partners - ChiroTouch Software Waud Capita l Partners , L.L.C. - Market Data Services Limited Software Sumeru Equity Partners LLC - OASIS Group Software Montagu Private Equity LLP - Sparta Systems, Inc. Software New Mountain Capita l , LLC - SwipeClock Software Inverness Graham Investments - ZeroChaos Software The Carlyle Group - AMI Enterta inment Network LLC Traditional Media The Gores Group, LLC - The Atlantic Traditional Media Emerson Col lective -



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

GrabTaxi Pte. Ltd. Digi ta l Media/Commerce SoftBank Corporation 2,000.0$ ofo Digi ta l Media/Commerce Al ibaba Group Holding Ltd. 700.0 SenseTime Marketing Technology CDH Investments 410.0 Traveloka Holding Limited Digi ta l Media/Commerce Expedia , Inc. 350.0 DotC United, Inc. Digi ta l Media/Commerce Zeus Enterta inment Ltd. 350.0 Klarna, Inc. Software Permira Advisers 250.0 Vets Fi rs t Choice Bus iness Services Clayton, Dubi l ier & Rice, Inc. 233.0 Yandex.Taxi Digi ta l Media/Commerce Uber Technologies , Inc. 225.0 ShopEx Marketing Technology Joy Capita l 105.0 Toast, Inc. Software Bessemer Venture Partners 101.0 Liul i shuo Bus iness Services Hearst Ventures 100.0 Iqianbang.com Digita l Media/Commerce ShenZhen Grand Electronics 80.0 Vroom, Inc. Digi ta l Media/Commerce General Catalyst Partners LLC 76.0 WalkMe, Inc. Marketing Technology Ins ight Venture Partners 75.0 Darktrace Limited Software Ins ight Venture Partners 75.0 Betterment LLC Software Bessemer Venture Partners 70.0 RowdMap, Inc. Software Cotivi ti Holdings , Inc. 70.0 DataRobot Inc. Software Undisclosed 67.2 Revolut Limited Software Index Ventures 66.0 A Place for Rover Digi ta l Advertis ing Spark Capita l 65.0 Segment, Inc. Marketing Technology Accel Partners 64.0 Bi tly, Inc. Marketing Technology Spectrum Equity Investors , LP 63.0 Convoy.com Digita l Media/Commerce Y Combinator 62.0 Haimawan Software Elefi rs t Science & Technology 58.0 Epet Technology Co., Ltd. Digi ta l Media/Commerce IDG Capita l Partners 53.0 Zhenkunhang Digi ta l Media/Commerce Eastern Bel l Venture Capita l 52.0 Vicarious .com Software Khos la Ventures 50.0 Graphiq, Inc. Marketing Technology Amazon.com, Inc. 50.0 Receipt Bank Software Ins ight Venture Partners 50.0 Artsy, Inc. Digi ta l Media/Commerce L Catterton 50.0 NewStore, Inc. Marketing Technology General Catalyst Partners LLC 50.0 CompareAs iaGroup Digi ta l Advertis ing Route 66 Ventures 50.0 MOVE Guides Limited Software New Enterprise Associates 48.0 Simi larWeb Ltd. Marketing Technology Viola Growth 47.0 Yimidida Bus iness Services CDH Investments 44.0 FreshBooks Software Georgian Partners 43.0 Transfix Software New Enterprise Associates 42.0 Within Unl imited, Inc. Traditional Media Andreessen Horowitz 40.0 Stash Software Coatue Management 40.0 ZeroFOX Software New Enterprise Associates 40.0 Carwow Ltd. Digi ta l Advertis ing Accel Partners 39.0 Shi ft Technologies , Inc. Digi ta l Media/Commerce BMW iVentures 38.0




HyTrust, Inc. Software Advance Venture Partners 36.0$ Ca l l s ign, Inc. Software Accel Partners 35.0 beqom SA Software Goldman Sachs Private Capita l Investing 35.0 Brandless , Inc. Digi ta l Media/Commerce New Enterprise Associates 35.0 iguazio Software Pitango Venture Capita l 33.0 Deep Instinct Ltd. Software Columbus Nova Technology Partners 32.0 Assent Compl iance, Inc. Software Greenspring Associates 31.4 Wukong Zuche Digi ta l Media/Commerce YMCI Group 31.0 Awake Securi ty, Inc. Software Bain Capita l Ventures 31.0 Big Switch Networks Software Index Ventures 30.7 Graphcore Ltd Software Atomico Investments 30.0 Lever, Inc. Software Adams Street Partners , LLC 30.0 SpotHero, Inc. Digi ta l Media/Commerce Ins ight Venture Partners 30.0 Hudl Marketing Technology Accel Partners 30.0 Lastl ine, Inc. Software Thomvest Ventures 28.5 Flashpoint Global Partners Software Georgian Partners 28.0 iCapita l Network Information UBS Financia l Services 27.9 Push DR Limited Bus iness Services Draper Espiri t 26.1 FunFair Digi ta l Media/Commerce Pantera Capita l 26.0 FabHotels .com Digita l Media/Commerce Accel Partners 25.0 Marqeta, Inc. Software Visa, Inc. 25.0 Duol ingo, Inc. Digi ta l Media/Commerce Drive Capita l , LLC. 25.0 Rimi l ia Holdings Ltd. Software Kennet Partners 25.0 Pendo.io Marketing Technology Battery Ventures 25.0 PerimeterX, Inc. Software Canaan Partners 23.0 Leesa Sleep LLC Digi ta l Media/Commerce One Better Ventures 23.0 Alation, Inc. Software Harmony Partners 23.0 Nyotron Information Securi ty Ltd. Software DGB Investments 21.0 IonQ, Inc. Software New Enterprise Associates 20.0 Cinq Mus ic LLC Traditional Media GoDigi ta l Media Group 20.0 PebblePost Marketing Technology RRE Ventures LLC 20.0 Particle Industries , Inc. Software Spark Capita l 20.0 Gong.io Ltd. Marketing Technology Norwest Venture Partners 20.0 Voices .com, Inc. Digi ta l Media/Commerce Morgan Stanley Expans ion Capita l 18.0 Karmic Labs Software Alsop Louie Partners 17.2 Niuniuqiche Digi ta l Media/Commerce Kaita i Capita l 17.0 Nosto Solutions Ltd. Marketing Technology Wel l ington Partners Venture Capita l 17.0 AutoLotto, Inc. Digi ta l Media/Commerce Aurum Partners 17.0 Ohpen B.V. Software Amerborgh 17.0 Framebridge, Inc. Digi ta l Media/Commerce New Enterprise Associates 16.7 Node, Inc. Marketing Technology New Enterprise Associates 16.3 ExecOnl ine Bus iness Services NewSpring Growth 16.0




SyncHR, Inc. Software New Enterprise Associates 16.0$ Privi tar Ltd. Software Sales force Ventures 16.0 PayFit SAS Software Accel Partners 15.9 Ins ight Engines , Inc. Marketing Technology August Capita l Management 15.8 WaveOptics Ltd. Digi ta l Media/Commerce Octopus Ventures , LLC 15.7 Rebagg Digi ta l Media/Commerce General Catalyst Partners LLC 15.5 Prospera Technologies Ltd. Software Bessemer Venture Partners 15.0 Impartner, Inc. Marketing Technology Emergence Capita l Partners 15.0 Bespin Global Co., Ltd. Software Legend Capita l 15.0 Lightbend, Inc. Software Bain Capita l Ventures 15.0 Wel l frame, Inc. Software F-Prime Capita l 15.0 Ephesoft, Inc. Software Mercato Partners 15.0 Spotinst Ltd. Software Intel Capita l 15.0 Gravie, Inc. Software GE Ventures 14.1 HanSight, Inc. Software Cash Capita l 14.0 StackRox, Inc. Software Sequoia Capita l 14.0 Tide Holdings Ltd. Software Anthemis Group 14.0 InstaReM Pty Ltd. Software Vertex Ventures 13.0 Metai l Limited Marketing Technology TAL Apparel 12.9 Commerce Signals , Inc. Marketing Technology Stage 1 Ventures , LLC 12.0 Care/of Digi ta l Media/Commerce Goodwater Capita l 12.0 Engage3, Inc. Marketing Technology Moneta Ventures 12.0 Mogl ix Digi ta l Media/Commerce Accel Partners 12.0 Recycle Track Systems, Inc. Software Vol i tion Capita l LLC 11.7 ottonova Holding AG Information Holtzbrinck Ventures 11.4 Qonto Software Valar Ventures LP 11.3 Cover Financia l , Inc. Digi ta l Media/Commerce Socia l Capita l 11.0 Si teTraker LLC Marketing Technology New Enterprise Associates 11.0 Cel lTrak Technologies , Inc. Software Boathouse Capita l 11.0 BioAge Labs , Inc. Software Andreessen Horowitz 10.9 Maven Cl inic Co. Software Spring Mountain Capita l , LP 10.8 Ci rculation.com Software Flare Capita l Partners 10.5 Buoyant, Inc. Software Benchmark Capita l 10.5 Flutterwave, Inc. Software Greycroft Partners LLC 10.0 Kahoot! AS Digi ta l Media/Commerce Microsoft Ventures 10.0 RentoMojo Digi ta l Media/Commerce Accel Partners 10.0 LiveStories , Inc. Information Ignition Partners LLC 10.0 Workato, Inc. Marketing Technology Sales force Ventures 10.0 Hutch Interiors , Inc. Digi ta l Media/Commerce Zi l low Group, Inc. 10.0 Curve 1 Limited Software Connect Ventures 10.0 Yamibuy Digi ta l Media/Commerce GGV Capita l 10.0 Trumid Financia l LLC Software DB1 Ventures 10.0




Squirro Marketing Technology Sales force Ventures 10.0$ Comtravo Marketing Technology Project A Ventures 9.7 Borrowel l , Inc. Software Portag3 Ventures 9.6 Corel ight, Inc. Software Accel Partners 9.2 OnboardIQ, Inc. Software Origin Ventures 9.1 Dynamic Yield Ltd. Marketing Technology Deutsche Telekom AG 9.0 Perkbox Software Draper Espiri t 8.6 Al l tricks Digi ta l Media/Commerce Entrepreneur Venture 8.5 Jumbotai l Technologies Pvt. Ltd. Digi ta l Media/Commerce Kalaari Capita l 8.5 SnapTravel , Inc. Digi ta l Advertis ing iNovia Capita l 8.0 Bricata, Inc. Software Edison Partners 8.0 Phys IQ, Inc. Software 4490 Ventures 8.0 Hinge Health, Inc. Software Atomico Ventures 8.0 Integrate, Inc. Marketing Technology Iron Gate Capita l 8.0 LendKey Technologies , Inc. Software Draper Fisher Jurvetson 8.0 Syte.a i Marketing Technology NHN Investment 8.0 Bright.md Software B Capita l Group 8.0 Appl i tools Ltd. Software Bessemer Venture Partners 8.0 Nok Nok Labs , Inc. Software Motorola Solutions Venture Capita l 8.0 OwnBackup Ltd. Software Ins ight Venture Partners 7.5 Dote, Inc. Digi ta l Media/Commerce Lightspeed Venture Partners 7.2 Aptrins ic, Inc. Marketing Technology Storm Ventures LLC 7.2 A Cloud Guru Ltd. Digi ta l Media/Commerce Elephant Venture Capita l 7.0 Plexchat, Inc. Digi ta l Media/Commerce Firs t Round Capita l 7.0 Cubyn SAS Bus iness Services DN Capita l 7.0 Clara Labs Marketing Technology Slack Fund 7.0 Velan Studios , Inc. Digi ta l Media/Commerce Velan Ventures 7.0 Fi l terEasy, Inc. Digi ta l Media/Commerce Arsenal Venture Partners 6.9 Foxintel l igence Marketing Technology Kima Ventures 6.8 Flybits , Inc. Marketing Technology Information Venture Partners 6.5 Open Lis tings Co. Digi ta l Media/Commerce Matrix Partners 6.5 Qloo, Inc. Software AXA Strategic Ventures 6.5 Healthi fy, Inc. Information BlueCross BlueShield Venture Partners , L.P. 6.5 DataRai ls Software Vertex Ventures 6.0 Vi rtuals tock Ltd. Software Notion Capita l 6.0 Haizol .com Digita l Media/Commerce Eastern Bel l Venture Capita l 6.0 Genoox Software Inimiti Capita l Partners 6.0 Side UK Ltd. Digi ta l Media/Commerce Connect Ventures 5.7 Saucey, Inc. Digi ta l Media/Commerce Bul lpen Capita l 5.4 Cloud.IQ Limited Marketing Technology PayPal , Inc. 5.3 Qmarkets .net Limited Software Leta Capita l 5.2 Aiqudo, Inc. Marketing Technology Atlantic Bridge 5.2




Insticator, Inc. Marketing Technology Associated Venture Management 5.2$ Ai re Labs Ltd. Software Sunstone Capita l A/S 5.0 ObEN, Inc. Marketing Technology Tencent Holdings Ltd. 5.0 RiskLens , Inc. Software Del l Technologies Capita l 5.0 Ki t for Kids Limited Digi ta l Media/Commerce Connection Capita l 4.9 B2X Care Solutions GmbH Marketing Technology Earlybird Venture Capita l GmgH & Co. KG 4.9 GearLaunch, Inc. Marketing Technology Hunt Technology Ventures 4.8 BentoBox CMS, Inc. Marketing Technology Bul lpen Capita l 4.8 Telestax, Inc. Software LiveOak Venture Partners 4.7 Contego Fraud Solutions Ltd. Software Maven Capita l 4.6 Poq Studio Ltd. Marketing Technology Beringea LLC 4.6 B-Secur Ltd. Software Accelerated Digi ta l Ventures 4.5 inXi le Enterta inment, Inc. Digi ta l Media/Commerce Gumi Ventures 4.5 DBmaestro Software Vertex Ventures 4.5 Chefmarket.ru Digi ta l Media/Commerce Mitsui & Co., Ltd. 3.5 Element Data, Inc. Software Flying Fish 3.5 POSpulse Marketing Technology (Private Investors ) 3.5 SourceDay LLC Marketing Technology Draper Associates 3.5 Gyml ib.com Digita l Media/Commerce Breega Capita l 3.4 Punchbowl , Inc. Digi ta l Media/Commerce Party Ci ty Holdco Inc. 3.0 Protenus , Inc. Software Kaiser Permanente Ventures 3.0 Ironhack School SL Bus iness Services JME Venture Capita l 3.0 EquityZen, Inc. Software Draper Associates 3.0 Sparrho Information White Cloud Capita l 3.0 LoftSmart, Inc. Digi ta l Media/Commerce Tribeca Venture Partners 2.8 Playkey Digi ta l Media/Commerce IIDF 2.8 Grabr, Inc. Digi ta l Media/Commerce Signal fi re Fund 2.7 James.finance Software BiG Start Ventures 2.7 Datatron Technologies , Inc. Software 500 Startups 2.7 SimplyCook Ltd. Digi ta l Media/Commerce Maxfield Capita l 2.6 Cleo Communications , Inc. Software LocalGlobe 2.6 Tomorrow Ideas , Inc. Digi ta l Media/Commerce Maveron, LLC 2.6 AUrate New York Digi ta l Media/Commerce Victress Capita l 2.6 Peer5, Inc. Marketing Technology FundersClub 2.5 Ada Support, Inc. Marketing Technology Bessemer Venture Partners 2.5 Sightbox, Inc. Digi ta l Media/Commerce Rogue Ventures 2.4 BloomAPI, Inc. Software Y Combinator 2.4 Shel f.io Marketing Technology Connecticut Innovations , Inc. 2.2 Learnerbly Software Frontl ine Ventures 2.1 Cool Cous in Limited Digi ta l Media/Commerce Elevator Fund 2.0 Spera, Inc. Software Medici Ventures 2.0 BrandTotal Marketing Technology Gl i lot Capita l Partners 2.0




Lvl5, Inc. Software 9Point Ventures 2.0$ Sca leFT, Inc. Software Fuel Capita l 2.0 Increff Software Sequoia Capita l 2.0 Mendel .a i Software DCM Ventures 2.0 MultiMechanics , Inc. Software Solvay Ventures 1.9 Col lectly, Inc. Software Index Ventures 1.9 Heureka Software LLC Software Bridge Investments LLC 1.8 Fa i rCla ims, Inc. Software Fika Ventures 1.8 Datarino Sp. Z.o.o. Marketing Technology Luma Ventures 1.6 TickSmith Corporation Software Il luminate Financia l Management 1.6 Zego Digi ta l Media/Commerce LocalGlobe 1.6 Reps ly, Inc. Software Launchpad Venture Group, LLC 1.6 Megacool , Inc. Software Al l iance Venture 1.5 Cargo Systems, Inc. Digi ta l Media/Commerce Techstars Ventures 1.5 Vidcode, Inc. Bus iness Services Cherry Ventures 1.5 Bibbl io Learning Ltd. Marketing Technology 01 Ventures 1.5 Locum's Nest Ltd. Software Albion Capita l Group 1.4 Whipper Ltd. Digi ta l Media/Commerce (Private Investors ) 1.4 Brol ly UK Technology Limited Digi ta l Media/Commerce Valar Ventures LP 1.3 TheMednet LLC Information Lumia Capita l 1.3 VendorHawk, Inc. Marketing Technology iNovia Capita l 1.2 RepIQ, Inc. Marketing Technology Pri tzker Group Venture Capita l 1.1 AdQuick, Inc. Digi ta l Media/Commerce Ini tia l i zed Capita l 1.1 FunCaptcha Pty Ltd. Software Sequoia Financia l Group 1.0


Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

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

business services, and healthcare services industries

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

Founded in 1999

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

New York, Las Vegas, Chicago, Boston, Charlotte

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

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

Global reach enhanced through our partnerships in China and India

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


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

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2016 2011-2016 (6-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103

2 Goldman Sachs 18 2 Goldman Sachs 89

3 JP Morgan 16 3 Morgan Stanley 68

3 KPMG Corporate Finance 16 4 PwC 67

5 Rothschild 15 5 Jordan Edmiston Group 65

6 Houlihan Lokey 13 6 KPMG Corporate Finance 63

6 PwC 13 7 China Renaissance Group 52

8 Avendus Capital 11 7 GCA Savvian Group 52

8 Daiwa Securities 11 7 JP Morgan 52

10 Bank of America Merrill Lynch 9 10 Nomura 51

10 Credit Suisse 9 11 Jefferies 46

10 Jefferies 9 12 Ernst & Young 45

10 Morgan Stanley 9 13 Rothschild 44

10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43

15 Citi 8 14 Daiwa Securities 43

15 GCA Savvian Group 8 16 Houlihan Lokey 37

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

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

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

eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NYSE: DLX) (NYSE: ACN)

(NASDAQ: SYKE)

*Approximate Value

*Approximate Value

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

has been sold to


has been sold to

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from

has received a majority investment from has been sold to


in partnership with

(NYSE: OMC)

and


has been sold to has acquired

(NASDAQ: CTSH)

has acquired

(NASDAQ: ACXM)

from

has received a majority investment from


has been sold to

has been sold to

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


has been sold to

a division of

has been sold to


has been sold to

has been sold to

a subsidiary of

(NASDAQ: COGT)

has sold

to

to

has sold

has acquired

$200,000,000

(NYSE: DLX)

has acquired


Compliance Solutions Strategies

has been sold to

a division of

(TSO: 4911)

has received a $60MM Series B minority investment led by

comprising Media Properties Holdings

has been sold to

capital raise to support a buyout of minority shareholding held by an outside institutional investor

and

has sold its indirect wholly-owned subsidiary

(LON: UDG)

to

a provider of SaaS-based marketing solutions to

real estate professionals

has been sold to

(NYSE: FNFV)

http://petskyprunier.com/transactions/

Documents

July 2017 M&A and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2017-08-07 · 1 Overview of Monthly M&A and Investment Activity 3 2 Monthly