March 2012 Marketing, Media, Technology, and …petskyprunier.com/_petskyprunier.com/dynamic/user...Jan-12 Splunk, Inc. Software & Information 125.0 100.5 NM Dec-11 Cantor Entertainment

March 2012 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 34

2M&A & INVESTMENT SUMMARY MARCH 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 257 d l th i t l $26 5 billi d i M h 2012

Transaction Distribution• A total of 257 deals worth approximately $26.5 billion were announced in March 2012

• Digital Media/Commerce was the most active segment with 85 transactions

• Software & Information was the highest value segment worth approximately $15.8 billion

• Strategic buyers announced 123 deals for approximately $20.7 billion (48% of total volume)

• VC/Growth Capital investors announced 124 deals for approximately $1.4 billion

• Buyout investors announced 10 deals for approximately $4.3 billionMARCH 2012

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 85 33% 1,848.7 7% 34 1,154.9 2 62.5 49 631.3

Software & Information 50 19% 15,797.5 60% 19 11,338.9 4 4,126.0 27 332.6

Marketing Technology 48 19% 764.2 3% 15 409.8 1 20.0 32 334.4

Agency/Consulting 38 15% 2,611.2 10% 35 2,571.2 2 30.0 1 10.0

Digital Advertising 24 9% 1,742.8 7% 12 1,646.6 0 0.0 12 96.2

$26.5 27 0 30.0

s)

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

Marketing Services 8 3% 223.0 1% 5 105.0 1 100.0 2 18.0

Out-of-Home & Specialty Media 4 2% 3,428.3 13% 3 3,425.0 0 0.0 1 3.3

Total 257 100% 26,415.7 100% 123 20,651.4 10 4,338.5 124 1,425.8

$10.8

$14.9

$19.5

$7.2

$22.8

$13.2 $11.1 $10.7 $9.9 $6.5

$3.5

$11.5

6.0 9.0

12.0 15.0 18.0 21.0 24.0 27.0

Val

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($ in

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$8.5 Skype/ MSFT

$10.3 HPQ/ AU


$

-3.0 6.0

Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12

V

292 251 230281267257 262 224 257274 192248252

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Digital AdvertisingTudou Holdings Limited Digital Video Youku.com $1,100.0 $80.9 ($54.9) 13.6x NMAmobee Media Systems Mobile Marketing Singapore Telecommunications Ltd. 321.0 30.0 - 10.7x NA

Agency/ConsultingLCH.Clearnet Other Consulting London Stock Exchange Group 1,833.3 969.4 541.3 1.9x 3.4xDMX Branded Communications Mood Media Corporation 86 1 84 6 16 5 1 0x 5 2x

Selected Transactions With Multiples Information

DMX Branded Communications Mood Media Corporation 86.1 84.6 16.5 1.0x 5.2xeBworx Berhad Other Consulting Hitachi Consulting Corporation 62.0 17.1 4.9 3.6x 12.7x

Digital Media/CommerceOMGPOP, Inc. Gaming Zynga Inc. 180.0 90.0 - 2.0x NAMyFonts.com eCommerce Monotype Imaging Holdings, Inc. 50.0 27.5 - 1.8x NA

Marketing TechnologyClairMail Mobile Technology Monitise plc 173.0 18.0 (21.0) 9.6x NM

Software & InformationNDS Group Software NEC Cisco Systems, Inc. 5,000.0 989.4 283.1 5.1x 17.7xZOLL Medical Corporation HC-Providers Software Asahi Kasei Corporation 2,200.0 544.3 81.3 4.0x 27.1xMisys plc Financial Software Vista Equity Partners 2,100.0 644.1 126.9 3.3x 16.5xQuest Software ERP Software Insight Venture Partners 1,900.0 857.4 153.7 2.2x 12.4xKiva Systems, Inc. ERP Software Amazon.com, Inc. 775.0 100.0 - 7.8x NAMediConnect Global, Inc. HC-Providers Software Verisk Analytics, Inc. 348.6 50.0 - 7.0x NATranscend Services, Inc. HC-Providers Software Nuance Communications, Inc. 300.0 125.1 26.2 2.4x 11.5xArchipelago Learning ERP Software PLATO Learning, Inc. 291.0 70.9 21.0 4.1x 13.9xRadVision ERP Software Avaya Inc 230 0 78 0 (16 2) 2 9x NMRadVision ERP Software Avaya, Inc. 230.0 78.0 (16.2) 2.9x NMBaldwin Technology Company, Inc. ERP Software Forsyth Capital Investors, LLC 16.0 156.8 0.9 0.1x 17.8x

Out-of-Home & Specialty MediaAstral Media, Inc. Traditional Outdoor Bell Media 3,400.0 1,026.7 329.8 3.3x 10.3x

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

Digital Advertising

IPOs After Final Pricing*

Millennial Media, Inc. Mobile Marketing IPO $956.7 $103.6 ($0.1) 9.2x NMDigital Media/Commerce

Yelp!, Inc Local Search IPO 879.5 83.3 (13.0) 10.6x NMVipshop eCommerce IPO 604.4 227.1 (105.1) 2.7x NMCafepress.com eCommerce IPO 289.4 175.5 16.4 1.6x 17.6x

Marketing TechnologyExactTarget, Inc. Email/Messaging Software IPO 1,180.0 207.5 (6.9) 5.7x NMDemandware, Inc. Commerce Management IPO 437.2 56.5 2.1 7.7x 208.2x

f f


* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

Software & InformationVocera Communications, Inc. HC-Provider Software IPO 331.0 79.5 1.2 4.2x 275.9x

($ in Millions)IPO PIPELINE

Aggregate LTM

Securities in Registration (as of 3/30/2012)

Aggregate Date Company Name Segment Offering Value Rev Adj. EBITDA

Mar-12 Acquity Group, LLC Agency/Consulting $55.0 $107.0 $16.0

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.00

Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM

LTM

Mar-12 Reval Holdings Software & Information 75.00 45.00 NM

Feb-12 AdChina Digital Advertising 100.00 50.00 NM

Feb-12 E2open Software & Information 86.30 60.80 6.00

Feb-12 Facebook Digital Media/Commerce 5,000.00 3,700.00 1,976.00

Jan-12 Splunk, Inc. Software & Information 125.0 100.5 NM

Dec-11 Cantor Entertainment Technology, Inc. Digital Media/Commerce 100.00 4.40 NM

Oct-11 Lashou Digital Media/Commerce 100.0 7.0 NM

Sep-11 Guidewire Software, Inc. Software & Information 100.0 172.5 19.1

Aug-11 MobiTV, Inc. Marketing Technology 75.0 72.3 NM

Aug-11 Eloqua Corporation Marketing Technology 100.0 59.5 NM


IPO PERFORMANCE ($ in Millions)

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

IPO Performance (as of 3/30/2012)

g gDate Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 30, 2012 1st Trading Day

Mar-12 MACK CafePress, Inc. United States $16.00-$18.00 $19.00 $19.03, up 0.2% $6.19 -67.5%

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 29.80 22.5%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 26.00 3.5%

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 23.50 -6.0%

Mar 12 VIPS VIPshop China 8 50 10 50 6 50 5 50 down 15% 4 39 20 2%Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 4.39 -20.2%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 23.40 4.5%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 26.89 9.4%

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 14.95 14.2%

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 19.87 20.4%

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 24.80 63.7%

Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 15.68 6.4%

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 27.16 80.5%

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 17.50 7.3%

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 13.15 38.4%

Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 18.89 16.2%

Nov-11 GRPN Groupon United States 16 00-18 00 20 00 26 11 up 31% 18 38 -29 6%Nov 11 GRPN Groupon United States 16.00 18.00 20.00 26.11, up 31% 18.38 29.6%

Jul-11 Z Zillow, Inc. United States 12.00-14.00 20.00 35.77, up 79% 35.59 -0.5%

Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 24.75 50.5%

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 25.33 -37.0%

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 10.21 -41.4%

Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 5.69 -30.9%

May-11 LNKD LinkedIn Corp. United States 42.00 - 45.00 45.00 94.25, up 109% 101.99 8.2%

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 7.35 -59.2%

May-11 RENN RenRen Inc. United States 12.00 - 14.00 25.00 38.84, up 55% 5.52 -85.8%

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 5.21 -50.5%

May-11 NQ NetQin Mobile India 9.50 - 11.50 11.50 9.32, down 19% 10.64 14.2%

May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 16.83 5.8%


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May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 26.87 188.9%

Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 11.97 -22.3%

Transactions by Segment and Buyer TypeDIGITAL ADVERTISING

• Mobile Marketing was the most active segment with 12 announced transactions, while Digital Video was the highest value segment worth approximately $1.2 billion

• Select acquisitions› Youku.com’s $1.1 billion acquisition of Tudou Holdings, a China-based Internet video company› Sinapore Telecommunication’s $321 million acquisition of Amobee Media Systems a provider of mobile › Sinapore Telecommunication s $321 million acquisition of Amobee Media Systems, a provider of mobile

advertising solutions› PlayPhone’s $52 million acquisition of SocialHour, a mobile marketing company

• Select investments› The $50 million investment in RadiumOne, an online ad network that aims to combine social and intent data to

serve ads from unnamed investorsserve ads, from unnamed investors› The $11 million investment in Integrate.com, a multi-platform ad-optimization and audience analysis startup,

from Comcast Ventures



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

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

Mobile Marketing 12 50% 432.0 25% 5 409.5 0 0.0 7 22.5

Ad Networks/Exchanges 3 13% 76.0 4% 1 15.0 0 0.0 2 61.0

Affiliate/CPA Network 3 13% 62.5 4% 2 55.0 0 0.0 1 7.5

Digital Video 3 13% 1,152.6 66% 2 1,148.1 0 0.0 1 4.5

Online Lead Generation 2 8% 5.8 0% 1 5.0 0 0.0 1 0.8Online Lead Generation 2 8% 5.8 0% 1 5.0 0 0.0 1 0.8

Email Services 1 4% 14.0 1% 1 14.0 0 0.0 0 0.0Total 24 100% 1,742.8 100% 12 1,646.6 0 0.0 12 96.2


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

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

($ in millions, except stock price data)

g q y g pCompany Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $641.24 -4% $208,490.4 $171,375.4 $43,326.0 $6,211.0 $37,905.0 $14,093.0 37.2% 29.3% 4.5x 12.2xMicrosoft Corporation United States 32.26 -2% 270,644.3 232,756.3 50,691.0 12,803.0 72,052.0 29,992.0 41.6% 8.0% 3.2x 7.8x

Bankrate, Inc. United States $24.75 -5% $2,474.8 $2,612.2 $56.2 193.6 $424.2 $129.9 30.6% 92.3% 6.2x 20.1xConstant Contact, Inc. * United States 29.79 -18% 900.4 760.3 140.1 - 214.4 21.9 10.2% 23.1% 3.5x 34.7xeHealth, Inc. United States 16.31 -5% 317.7 194.1 123.6 - 151.6 17.6 11.6% -5.5% 1.3x 11.0xHi-Media S.A. France 3.49 -50% 158.1 188.0 38.7 70.1 335.3 27.7 8.3% 11.7% 0.6x 6.8xIAC/InterActiveCorp. United States 49.09 -4% 3,989.6 3,321.0 869.8 95.8 2,059.4 285.4 13.9% 25.8% 1.6x 11.6xInfoSpace Inc United States 12 81 -7% 509 5 215 9 293 6 - 228 8 29 3 12 8% 6 8% 0 9x 7 4xInfoSpace, Inc. United States 12.81 7% 509.5 215.9 293.6 228.8 29.3 12.8% 6.8% 0.9x 7.4xMillennial Media Inc. * United States 23.50 -16% 1,759.9 1,819.9 16.7 - 103.7 (0.1) NM 116.8% 17.6x NMMotricity, Inc. United States 1.10 -93% 50.8 58.9 13.2 21.4 121.7 (9.4) NM -8.8% 0.5x NMOPT, Inc. Japan 1,178.26 -24% 173.4 36.4 159.3 0.4 809.2 21.3 2.6% 7.1% 0.0x 1.7xPacific Online Ltd. China 0.45 -25% 493.6 425.0 68.6 - 101.5 46.1 45.4% 25.9% 4.2x 9.2xQuinStreet, Inc. United States 10.49 -53% 473.7 443.2 144.5 114.1 393.6 70.1 17.8% 3.4% 1.1x 6.3xResponsys, Inc. United States 11.97 -34% 567.9 475.2 94.8 2.0 134.9 21.6 16.0% 43.4% 3.5x 22.0xSepteni Holdings Co Ltd Japan 649.19 -14% 81.7 49.2 59.2 15.0 461.5 15.9 3.5% 6.0% 0.1x 3.1xThe Active Network, Inc. * United States 16.83 -29% 973.1 874.4 108.7 10.0 337.4 19.7 5.9% 20.7% 2.6x 44.3xTradeDoubler AB Sweden 4.69 -39% 200.2 156.3 42.4 - 380.6 21.0 5.5% -8.0% 0.4x 7.5xTree.Com, Inc. United States 7.63 -8% 84.3 38.7 45.5 - 54.6 (19.1) NM -70.7% 0.7x NMValueClick, Inc. United States 19.74 -8% 1,590.8 1,641.7 116.7 167.5 560.2 160.8 28.7% 30.0% 2.9x 10.2xVelti Plc * Ireland 13.55 -32% 837.3 771.3 75.8 9.7 189.2 22.0 11.6% 62.7% 4.1x 35.0xYandex N.V. * Netherlands 26.87 -36% 8,714.8 8,356.8 358.0 - 624.1 277.5 44.5% 60.3% 13.4x 30.1xYahoo! Inc. United States 15.22 -19% 18,473.3 16,499.0 2,055.6 41.0 4,984.2 1,359.0 27.3% -21.2% 3.3x 12.1x

Low 0.0x 1.7x

Mean 3.4x 16.1x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.4x)

and EBITDA multiples that are 1.0 standard deviations above the mean (28.8x).

Median 2.1x 11.0x

Weighted Avg 5.8x 17.1x

Adj. W Avg* 3.2x 12.4xHigh 17.6x 44.3x

Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.


AGENCY/CONSULTINGTransactions by Segment and Buyer Type

• Digital Agency was the most active segment with 12 deals announced, while Other Consulting* was the highest value segment worth approximately $1.2 billion

• Select acquisitions› McKesson’s $916 million acquisition of Katz Group’s Marketing and Purchasing and Franchise Businesses› Mood Media’s $86 million acquisition of DMX a multi-sensory branding and digital music services company› Mood Media s $86 million acquisition of DMX, a multi sensory branding and digital music services company› Hitachi Consulting’s $62 million acquisition of eBworx Berhad, a Malaysia based consulting and technology

solutions provider serving the financial services industry



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

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

Digital Agency 12 32% 141.4 5% 11 131.4 0 0.0 1 10.0

Experiential Marketing 7 18% 83.8 3% 6 68.8 1 15.0 0 0.0

Other Consulting 5 13% 1,197.0 46% 5 1,197.0 0 0.0 0 0.0

DM Agency 3 8% 52.0 2% 3 52.0 0 0.0 0 0.0

General Agency 2 5% 40.0 2% 2 40.0 0 0.0 0 0.0General Agency 2 5% 40.0 2% 2 40.0 0 0.0 0 0.0

Healthcare Agency 2 5% 40.0 2% 1 25.0 1 15.0 0 0.0

Marketing Consulting 2 5% 922.4 35% 2 922.4 0 0.0 0 0.0

Specialty Agency 2 5% 20.8 1% 2 20.8 0 0.0 0 0.0

Branded Communications 1 3% 86.1 3% 1 86.1 0 0.0 0 0.0

Public Relations 1 3% 25.0 1% 1 25.0 0 0.0 0 0.0

S i l A 1 3% 2 7 0% 1 2 7 0 0 0 0 0 0Social Agency 1 3% 2.7 0% 1 2.7 0 0.0 0 0.0

Total 38 100% 2,611 100% 35 2,571 2 30 1 10


*Other Consulting includes Healthcare, Financial and Legal Consulting

AGENCY/CONSULTINGPUBLIC COMPANY VALUATION



Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc * United Kingdom $2.95 -3% $3,383.2 $3,566.7 $974.6 $1,174.4 $1,766.7 $337.1 19.1% -22.2% 2.0x 10.6xCello Group Plc United Kingdom 0.69 -24% 54.1 67.4 6.5 18.5 207.9 12.4 6.0% 6.9% 0.3x 5.4xCharm Communications Inc. China 9.28 -27% 363.2 231.0 139.4 - 280.1 48.2 17.2% 45.6% 0.8x 4.8xChime Communications plc United Kingdom 3.39 -29% 268.7 264.9 17.6 12.3 507.3 46.7 9.2% 8.7% 0.5x 5.7xDentsu Inc. Japan 31.24 -2% 7,783.7 8,019.2 1,491.0 768.8 23,942.6 797.8 3.3% 1.6% 0.3x 10.1xHavas France 5.37 -1% 2,312.9 2,342.1 1,038.0 1,061.4 2,137.1 301.7 14.1% 5.6% 1.1x 7.8xHuntsworth plc United Kingdom 0.80 -34% 197.0 312.3 9.8 126.3 280.6 47.8 17.0% 4.7% 1.1x 6.5xThe Interpublic Group of Companies, Inc. United States 11.96 -7% 5,335.5 5,289.6 2,315.6 1,769.2 7,014.6 843.2 12.0% 7.8% 0.8x 6.3xM&C Saatchi plc United Kingdom 2.43 -3% 152.7 133.6 29.2 6.3 238.4 27.3 11.5% 22.4% 0.6x 4.9xMDC Partners Inc. * Canada 11.71 -39% 351.6 891.3 8.1 385.2 943.3 49.5 5.3% 36.9% 0.9x 18.0xNext Fifteen Communications Group plc United Kingdom 1.52 -2% 87.6 95.3 14.0 16.6 141.7 18.0 12.7% 19.0% 0.7x 5.3xOmnicom Group Inc. United States 50.08 0% 13,662.1 15,727.8 1,805.0 3,193.1 13,872.5 2,184.3 15.7% 10.6% 1.1x 7.2xPhoton Group Limited Australia 0.05 -40% 75.2 44.2 32.4 1.6 512.3 34.8 6.8% -0.2% 0.1x 1.3xPublicis Groupe SA France 56.79 -1% 9,541.3 9,749.2 2,824.3 2,986.7 7,555.7 1,343.3 17.8% 7.3% 1.3x 7.3xSapient Corp. * United States 12.55 -23% 1,760.1 1,552.6 220.2 12.6 1,020.8 132.0 12.9% 24.0% 1.5x 11.8xWPP plc Ireland 13.74 0% 17,294.9 21,577.0 3,739.3 7,575.8 15,599.3 2,433.7 15.6% 7.4% 1.4x 8.9x

Low 0.1x 1.3x


Mean 0.9x 7.6x

Median 0.9x 6.9x





DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Social Media/Apps was the most active segment with 20 transactions, while Gaming was the highest value segment worth approximately $337 million

• Select acquisitions› Zynga’s $180 million acquisition of OMGPOP, an online social gaming company› The Riverside Company’s acquisition of DentalPlans com which offers discount dental plans online to › The Riverside Company s acquisition of DentalPlans.com, which offers discount dental plans online to

individuals, families, and businesses and groups› PriMedia’s acquisition of Rent.com, a real estate listings Website

• Select investments› The $304 million investment in Axel Springer’s Digital Classifieds Business, from General Atlantic, at a

reported $1 billion valuationreported $1 billion valuation› The $40 million investment in internetstores, a Germany-based online retailer, from EQT Partners› The $20 million investment in Path, which offers a social photo-sharing app, led by Redpoint Ventures

BUYER/INVESTOR BREAKDOWNDIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

Social Media/Apps 20 24% 131.4 7% 7 77.3 0 0.0 13 54.1

eCommerce 18 21% 327.6 18% 3 88.8 1 52.5 14 186.3

Gaming 15 18% 337.4 18% 7 295.8 0 0.0 8 41.6

Mobile Content/Apps 9 11% 52.0 3% 5 46.0 0 0.0 4 6.0


Classifieds/Auctions/P-to-P 6 7% 325.8 18% 3 20.0 0 0.0 3 305.8

Digital Promotion/Coupon 6 7% 62.5 3% 4 46.0 0 0.0 2 16.5

Niche Content 5 6% 41.0 2% 3 21.0 1 10.0 1 10.0

Vertical Search 3 4% 9.0 0% 0 0.0 0 0.0 3 9.0

Comparison Shopping 1 1% 10.0 1% 1 10.0 0 0.0 0 0.0

Total 85 100% 1,849 100% 34 1,155 2 63 49 631


*Other includes Local Search and Web Search/Portals

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

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


Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $202.51 -18% $92,155.8 $84,389.8 $9,576.0 $1,810.0 $48,077.0 $1,709.0 $62,815.8 $2,719.8 3.6% 40.6% 1.8x 49.4xeBay Inc. United States 36.90 -3% 47,604.8 43,765.0 5,929.4 2,089.6 11,651.7 3,313.0 13,818.9 4,447.2 28.4% 27.3% 3.8x 13.2xpriceline.com Incorporated United States 717.50 -3% 35,730.8 33,775.2 2,657.7 575.0 4,355.6 1,452.7 5,553.9 2,009.5 33.4% 41.2% 7.8x 23.2x

1-800-Flowers.com Inc. United States $3.03 -21% $197.1 $204.4 $30.1 $37.4 $716.2 $34.2 $715.2 $41.9 4.8% 9.9% 0.3x 6.0xAirMedia Group Inc. China 3.08 -45% 203.2 88.3 112.7 - 270.6 9.4 311.0 29.8 3.5% 17.4% 0.3x 9.4xAlibaba.com Limited China 1.70 -11% 8,495.5 6,866.9 1,848.3 204.1 1,017.9 326.1 1,108.1 336.1 32.0% 15.5% 6.7x 21.1xAncestry.com Inc. United States 22.74 -50% 974.7 935.7 49.0 10.0 399.7 134.8 461.1 156.1 33.7% 32.8% 2.3x 6.9xAngie's List, Inc. United States 18.89 -5% 1,077.7 1,003.9 88.6 14.8 90.0 (42.5) 146.2 (44.5) NM 52.5% 11.1x NMAOL, Inc. United States 18.97 -16% 1,798.0 1,501.3 407.5 110.8 2,202.1 354.7 2,113.7 308.5 16.1% -8.9% 0.7x 4.2xBetfair Group PLC United Kingdom 13.90 -18% 1,389.2 1,165.0 231.0 - 598.9 89.3 613.3 128.6 14 9% -3 8% 1 9x 13 1xBetfair Group PLC United Kingdom 13.90 18% 1,389.2 1,165.0 231.0 598.9 89.3 613.3 128.6 14.9% 3.8% 1.9x 13.1xBIDZ.com, Inc. United States 0.53 -70% 9.8 8.3 1.4 - 86.4 (5.5) - - NM -17.6% 0.1x NMBlinkx plc United Kingdom 0.98 -62% 352.6 298.5 52.9 - 83.3 11.2 120.1 12.0 13.5% 73.8% 3.6x 26.6xBlue Nile Inc. United States 32.98 -44% 458.1 369.4 89.4 0.7 348.0 18.4 383.8 24.0 5.3% 4.5% 1.1x 20.1xBluefly Inc. United States 1.85 -42% 52.3 48.2 4.1 - 95.5 (2.1) - - NM 13.2% 0.5x NMCafePress Inc. United States 19.15 -16% 325.1 314.8 36.3 3.2 175.5 16.4 - - 9.3% 37.2% 1.8x 19.2xCyberAgent Inc. Japan 2,621.04 -29% 1,710.2 1,510.4 259.7 22.0 1,598.1 240.8 1,602.5 259.4 15.1% 18.2% 0.9x 6.3xDemand Media, Inc. United States 7.25 -74% 580.0 494.0 86.0 - 324.9 59.0 349.2 94.4 18.2% 28.4% 1.5x 8.4xDena Co. Ltd. Japan 27.82 -47% 4,085.8 3,517.1 650.6 - 1,760.4 845.7 1,710.7 781.4 48.0% 35.7% 2.0x 4.2xDice Holdings, Inc. United States 9.33 -50% 598.1 552.9 60.2 15.0 179.1 72.9 196.6 78.2 40.7% 38.9% 3.1x 7.6xE-Commerce China Dangdang Inc. China 8.10 -69% 643.1 446.2 220.8 23.8 574.1 (41.9) 921.5 (65.6) NM 58.6% 0.8x NMEdiets com Inc United States 0 49 -84% 6 5 5 8 1 7 1 0 22 1 (3 6) 26 5 (2 6) NM -5 5% 0 3x NMEdiets.com Inc. United States 0.49 84% 6.5 5.8 1.7 1.0 22.1 (3.6) 26.5 (2.6) NM -5.5% 0.3x NMExpedia Inc. United States 33.44 -49% 4,469.1 4,485.8 1,338.0 1,249.3 3,449.0 582.4 3,740.0 728.2 16.9% 13.7% 1.3x 7.7xG5 Entertainment AB Sweden 5.94 -19% 47.5 44.9 2.6 - 6.7 2.5 - - 38.0% 101.3% 6.7x 17.7xGameLoft SA France 6.21 -14% 479.0 428.3 49.4 - 213.5 28.5 249.6 56.9 13.3% 8.8% 2.0x 15.0xGlu Mobile, Inc. United States 4.85 -20% 310.6 278.4 32.2 - 66.2 (11.8) 86.6 (6.7) NM 2.9% 4.2x NMGree, Inc. Japan 25.35 -26% 5,899.1 5,516.8 411.2 - 1,422.2 754.0 2,029.5 1,042.9 53.0% 133.2% 3.9x 7.3xGroupon, Inc. United States 18.38 -41% 11,722.8 10,602.2 1,122.9 - 1,624.7 (177.6) 2,348.4 370.9 NM 419.2% 6.5x NMHollywood Media Corp. United States 1.07 -40% 24.8 19.3 5.5 0.0 4.0 (5.9) - - NM NA 4.9x NMHomeAway, Inc. United States 25.33 -45% 2,075.5 1,891.6 184.0 - 230.2 43.0 278.8 78.9 18.7% 37.1% 8.2x 44.0xHSN, Inc. United States 38.03 -2% 2,201.4 2,058.7 381.8 239.1 3,177.2 258.4 3,331.5 315.4 8.1% 6.0% 0.6x 8.0xInternational Game Technology United States 16.79 -12% 4,995.0 6,169.8 484.7 1,657.1 1,951.3 726.1 2,045.8 764.8 37.2% 5.3% 3.2x 8.5xJiayuan.com International Ltd. China 5.21 -68% 162.9 69.9 92.9 - 52.5 6.9 66.5 9.8 13.2% 97.7% 1.3x 10.1xKongzhong Corp. China 5.44 -50% 205.5 52.2 154.6 1.3 156.2 20.8 179.7 - 13.3% 6.7% 0.3x 2.5xLeGuide.com S.A. France 26.09 -35% 91.5 53.5 46.4 5.0 41.0 14.5 38.0 11.8 35.2% 13.0% 1.3x 3.7xLinkedIn Corporation * United States 101.99 -17% 10,445.5 9,868.0 577.5 - 522.2 63.5 856.1 171.0 12.2% 114.8% 18.9x 155.3xLiquidity Services, Inc. United States 44.80 -7% 1,373.0 1,344.7 68.8 40.5 358.0 60.1 444.0 87.4 16.8% 26.4% 3.8x 22.4xMakeMyTrip Limited * India 22.97 -33% 846.5 772.2 74.6 0.3 181.0 6.8 87.9 12.0 3.7% 58.1% 4.3x 113.9xMixi, Inc. Japan 2,590.71 -46% 401.8 284.0 126.2 - 181.4 34.6 161.7 37.3 19.1% -14.8% 1.6x 8.2xMonster Worldwide, Inc. United States 9.75 -47% 1,200.2 1,138.7 250.3 188.8 1,040.1 138.9 979.0 158.2 13.4% 13.8% 1.1x 8.2xMove, Inc. United States 9.71 -5% 382.9 343.9 87.6 - 191.7 15.1 201.5 25.0 7.9% -2.9% 1.8x 22.7xNexon Co. Ltd. Japan 17.50 -2% 7,545.2 6,241.2 1,722.0 280.3 1,138.7 638.7 1,278.1 718.0 NM 25.6% 5.5x NMNCSoft South Korea 264.39 -22% 5,241.0 4,792.9 459.0 10.7 524.6 138.9 638.6 320.5 26.5% -6.3% 9.1x 34.5x , , 26.5% 6.3% 9.1x 34.5xNetflix, Inc. United States 115.04 -62% 6,375.4 6,011.7 797.8 434.1 3,204.6 428.8 3,654.0 127.4 13.4% 48.2% 1.9x 14.0xOpenTable, Inc. United States 40.47 -66% 912.6 862.7 49.9 - 139.5 42.1 168.3 67.8 30.2% 40.9% 6.2x 20.5xOrbitz Worldwide, Inc. United States 3.05 -32% 316.6 653.2 136.2 472.8 766.8 111.0 798.2 136.2 14.5% 1.2% 0.9x 5.9xOverstock.com Inc. United States 5.24 -67% 122.7 42.9 97.0 17.1 1,054.3 (1.2) 1,163.9 12.8 NM -3.3% 0.0x NMPacific Online Ltd. China 0.45 -25% 493.6 425.0 68.6 - 101.5 46.1 - - 45.4% 25.9% 4.2x 9.2xPandora Media, Inc. United States 10.21 -61% 1,684.2 1,593.6 90.6 - 274.3 (6.5) 275.9 2.5 NM 99.1% 5.8x NMPerform Group plc. United Kingdom 4.96 -6% 1,117.6 1,016.7 118.1 19.7 160.6 28.2 215.9 52.0 17.6% 53.0% 6.3x 36.0xPC Connection, Inc. United States 8.22 -36% 217.3 220.0 4.6 7.2 2,103.3 54.2 2,174.0 62.4 2.6% 6.5% 0.1x 4.1xPC Home Online Inc. Taiwan 5.64 -31% 389.8 315.1 85.0 3.3 431.3 16.9 503.8 18.6 3.9% 33.1% 0.7x 18.7xPC Mall Inc. United States 6.02 -43% 72.2 164.6 9.5 101.9 1,455.2 19.1 1,556.2 30.5 1.3% 6.4% 0.1x 8.6xPh i N M di Li it d Chi 7 35 51% 555 4 368 0 187 4 150 8 14 9 212 2 37 4 9 9% 79 8% 2 4 24 7


Phoenix New Media Limited China 7.35 -51% 555.4 368.0 187.4 - 150.8 14.9 212.2 37.4 9.9% 79.8% 2.4x 24.7xQihoo 360 Technology Co. Ltd * China 24.45 -32% 2,823.4 2,480.1 344.0 - 167.9 22.4 310.1 88.1 13.3% 191.1% 14.8x 110.9xQuepasa Corporation United States 4.44 -57% 160.7 164.1 8.3 11.7 11.9 (7.5) 48.2 11.1 NM 95.7% 13.8x NMRakuten, Inc. Japan 1,052.06 -9% 13,820.2 6,938.7 9,141.9 4,507.7 4,937.6 1,249.3 5,174.6 1,324.8 25.3% 9.8% 1.4x 5.6x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

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


Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAReachLocal, Inc. United States 7.13 -73% 202.3 117.1 85.2 - 375.2 2.6 441.5 18.9 0.7% 28.6% 0.3x 45.5xRealNetworks Inc. United States 9.94 -34% 343.2 158.1 185.1 - 335.7 (18.5) 278.8 (18.6) NM -16.4% 0.5x NMRediff.com India Ltd. India 6.81 -62% 185.2 148.3 - - 20.9 (7.8) - - NM -0.8% 7.1x NMRenren Inc. China 5.52 -77% 2,164.0 1,123.5 1,040.7 - 118.0 (21.6) 177.0 (48.5) NM 54.1% 9.5x NMScripps Networks Interactive, Inc. United States 48.69 -7% 7,620.2 8,661.7 760.1 1,383.9 2,072.0 983.8 2,261.7 1,038.9 47.5% 10.1% 4.2x 8.8xShutterfly, Inc. United States 31.33 -53% 1,092.3 912.4 179.9 - 473.3 46.7 555.6 93.1 9.9% 53.8% 1.9x 19.5xSify Technologies Limited India 3.25 -62% 275.0 313.2 - - 136.1 11.9 - - 8.7% -10.2% 2.3x 26.4xSky-mobi Limited China 3.47 -85% 111.6 23.5 88.2 - 108.5 9.0 103.1 10.9 8.3% 6.1% 0.2x 2.6xSpark Networks, Inc. United States 4.50 -7% 92.7 77.6 15.1 - 48.5 1.7 57.7 8.5 3.5% 18.7% 1.6x 45.9xStamps.com Inc. United States 27.88 -17% 455.0 399.5 55.5 - 101.6 18.1 113.8 25.5 17.8% 18.8% 3.9x 22.1xpTaomee Holdings Ltd. China 5.69 -68% 207.2 86.6 120.7 - 45.4 15.8 54.1 17.0 34.8% 26.2% 1.9x 5.5xTechTarget, Inc. United States 6.93 -22% 269.0 212.6 56.5 - 105.5 17.9 116.5 30.8 17.0% 11.0% 2.0x 11.9xThe Active Network, Inc. United States 16.83 -29% 973.1 874.4 108.7 10.0 337.4 19.7 431.4 47.6 5.9% 20.7% 2.6x 44.3xTheStreet, Inc. United States 2.21 -39% 71.5 5.7 65.8 - 57.8 (3.4) - - NM 1.0% 0.1x NMTripAdvisor Inc. United States 35.67 -3% 4,779.4 5,022.6 183.5 426.7 637.1 301.1 748.2 322.2 47.3% 31.5% 7.9x 16.7xUnited Online, Inc. United States 4.89 -26% 440.9 565.9 136.1 261.1 897.7 146.4 891.2 162.1 16.3% -2.5% 0.6x 3.9xValueVision Media Inc. United States 2.07 -76% 100.5 92.6 33.0 25.0 558.4 (4.2) 558.8 (4.0) NM -0.7% 0.2x NMVipshop Holdings Limited China 4.39 -30% 444.0 414.7 45.0 15.7 227.1 (105.1) - - NM 597.1% 1.8x NMVringo, Inc. * United States 1.65 -38% 22.9 23.6 1.7 2.4 0.7 (6.3) - - NM 240.3% 32.9x NMWebMD Health Corp. United States 25.58 -56% 1,425.4 1,104.2 1,121.2 800.0 558.8 130.0 506.8 107.6 23.3% 4.5% 2.0x 8.5xWebMediaBrands Inc United States 1 04 45% 43 3 47 5 3 4 7 6 12 4 (2 3) NM 38 3% 3 8 NMWebMediaBrands Inc United States 1.04 -45% 43.3 47.5 3.4 7.6 12.4 (2.3) - - NM 38.3% 3.8x NMYahoo! Inc. United States 15.22 -19% 18,473.3 16,499.0 2,055.6 41.0 4,984.2 1,359.0 4,410.1 1,319.2 27.3% -21.2% 3.3x 12.1xYandex N.V. Netherlands 26.87 -36% 8,714.8 8,356.8 358.0 - 624.1 277.5 943.0 424.3 44.5% 60.3% 13.4x 30.1xYelp, Inc. * United States 26.89 -16% 1,610.0 1,588.3 21.7 - 83.3 (7.1) - - NM 74.5% 19.1x NMYouku Inc. * China 21.99 -69% 2,510.5 1,927.3 585.9 2.6 142.4 4.6 291.7 (6.3) 3.2% 131.9% 13.5x 419.6xZillow, Inc. * United States 35.59 -41% 1,015.6 938.7 76.9 - 66.1 6.1 102.7 22.1 9.3% 116.8% 14.2x 153.3x

Low 0.0x 2.5x

Mean 4.3x 30.6x

Median 2.0x 12.6x





Note: Revenue and EBITDA multiples for Amazon.com, eBay and priceline.com excluded from Summary Multiples.


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Social Technology was the most active segments with 10 transactions. The highest value segment was Mobile Technology worth approximately $298 million

• Select acquisitions› Monitise’s $173 million acquisition of ClairMail, which provides enterprise-wide mobile banking and payments

solutions for banking, payment, and card services markets› Thomson Reuters’ acquisition of BizActions, a digital newsletter and Web marketing provider for accounting

firms› Facebook’s acquisition of GazeHawk, a provider of digital eye tracking technology

• Select investments› The $39 million investment in Conduit which provides a platform for building online communities via toolbars to › The $39 million investment in Conduit, which provides a platform for building online communities via toolbars to

Web site owners and bloggers, from W Capital partners, at a reported $1.3 billion valuation› The $35 million investment in BOKU, a mobile payments technology provider, led by NEA

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



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

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

Social Technology 10 21% 82.3 11% 2 15.0 0 0.0 8 67.3

Mobile Technology 7 15% 297.8 39% 2 198.0 0 0.0 5 99.8

Analytics & Reporting 6 13% 45.4 6% 1 15.0 0 0.0 5 30.4

Commerce Management 5 10% 74.6 10% 1 15.0 0 0.0 4 59.6

Content Management 5 10% 56.0 7% 2 40.0 0 0.0 3 16.0

Email/Messaging Software 4 8% 50.7 7% 2 45.0 0 0.0 2 5.7

Online Targeting/Optimization 3 6% 43.0 6% 1 20.0 0 0.0 2 23.0

BI tools 2 4% 40.0 5% 1 20.0 1 20.0 0 0.0

CRM 2 4% 30.0 4% 1 25.0 0 0.0 1 5.0

Website Creation/Hosting 2 4% 16.8 2% 2 16.8 0 0.0 0 0.0

Media Management System 1 2% 15.0 2% 0 0.0 0 0.0 1 15.0


SEM/SEO tools 1 2% 12.6 2% 0 0.0 0 0.0 1 12.6

Total 48 100% 764 100% 15 410 1 20 32 334

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $34.31 -5% $17,022.1 $15,768.2 $2,766.1 $1,512.2 $4,233.8 $1,455.1 34.4% 6.7% 3.7x 10.8xsalesforce.com, inc United States 154.51 -4% 21,167.9 20,947.2 777.9 557.1 2,266.5 106.4 4.7% 36.8% 9.2x 196.9x

Akamai Technologies, Inc. United States $36.70 -11% $6,525.3 $5,676.1 $849.2 - $1,158.5 $495.3 42.8% 13.2% 4.9x 11.5xBazaarvoice, Inc. United States 19.87 -3% 1,129.7 1,141.1 12.3 - 94.0 (19.2) NM 0.0% 12.1x NMBitauto Holdings Limited China 5.30 -55% 220.7 125.3 95.4 - 106.3 12.9 12.1% 46.2% 1.2x 9.7xBlackbaud Inc. United States 33.23 -2% 1,457.5 1,404.9 52.5 - 370.9 71.5 19.3% 13.6% 3.8x 19.6xBrightcove, Inc. United States 24.80 -3% 654.1 645.0 17.2 7.0 63.6 (14.0) NM 45.4% 10.1x NMChinaCache International China 5.66 -70% 136.5 75.1 62.3 0.8 98.1 12.0 12.3% 53.3% 0.8x 6.2x 12.3% 53.3% 0.8x 6.2xConvio, Inc. United States 15.47 -4% 292.9 241.0 51.9 - 80.4 7.7 9.6% 15.2% 3.0x 31.1xDemandware, Inc. * United States 29.80 -7% 835.4 912.0 15.0 4.0 56.5 2.1 3.8% 54.1% 16.1x 428.6xDigital Generation, Inc. United States 10.21 -73% 279.4 1,289.5 83.0 1,093.0 324.3 122.7 37.8% 34.4% 4.0x 10.5xDigital River Inc. United States 18.71 -52% 665.6 298.9 720.5 353.8 398.1 60.7 15.2% 9.6% 0.8x 4.9xExactTarget, Inc. United States 26.00 -13% 1,676.4 1,629.0 60.7 13.3 207.5 (6.9) NM 54.5% 7.9x NMInformatica Corporation United States 52.90 -15% 5,679.9 5,077.5 602.4 - 783.8 178.6 22.8% 20.6% 6.5x 28.4xInnerWorkings Inc. United States 11.65 -5% 559.3 605.0 14.3 60.0 633.8 28.6 4.5% 31.4% 1.0x 21.1xInteractive Intelligence United States 30.51 -27% 583.6 514.5 69.1 - 209.5 29.1 13.9% 26.0% 2.5x 17.7xJDA Software Group Inc. United States 27.48 -22% 1,169.3 1,157.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.7x 7.0xJive Software, Inc. * United States 27.16 -4% 1,669.4 1,501.9 180.6 13.1 77.3 (38.0) NM 67.0% 19.4x NMKeynote Systems Inc. United States 19.76 -24% 343.3 303.4 40.0 - 111.3 23.2 20.9% 32.5% 2.7x 13.1xMercadolibre, Inc. Argentina 97.79 -6% 4,316.6 4,178.6 142.3 0.3 298.9 107.0 35.8% 37.9% 14.0x 39.0xNetQin Mobile Inc. China 10.64 -13% 487.5 359.5 128.1 - 40.7 6.1 15.1% 129.8% 8.8x 58.6xOpen Text Corp. Canada 61.16 -15% 3,545.1 3,742.8 413.9 611.7 1,157.9 318.0 27.5% 23.5% 3.2x 11.8xPROS Holdings, Inc. United States 18.70 -9% 507.1 438.6 68.5 - 96.6 10.2 10.6% 36.0% 4.5x 43.0xRovi Corporation United States 32.55 -46% 3,491.9 4,066.8 420.2 995.1 690.8 236.7 34.3% 27.6% 5.9x 17.2x

Low 0 8x 4 9x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x) Low 0.8x 4.9x

Mean 6.1x 43.3x

Median 4.3x 17.4x



Note: Revenue and EBITDA multiples forAdobe Systems and Salesforce.com excluded from Summary Multiples.

Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.7x)



SOFTWARE & INFORMATIONTransactions by Segment and Buyer Type

• ERP Software was the most active segment within Software & Information with 17 transactions. Worth approximately $5.1 billion, Software NEC was the highest value segment

• Select acquisitions› Cisco Systems’ $5 billion acquisition of NDS Group, a provider of end-to-end software solutions for pay-TV

operators› Asahi Kasei’s $2.2 billion acquisition of ZOLL Medical, a provider of medical products and software solutions to

hospitals, doctors’ and dentists’ offices and schools› Insight Venture Partners’ $1.9 billion acquisition of Quest Software, a provider of database applications and

other enterprise systems management software products• Select investments

› The $60 million investment in Appirio, which offers products that enable enterprises to develop, implement, and manage cloud applications and technologies, led by General Atlantic

› The $40 million investment in Kinnser Software, a provider of online software solutions for the home health industry, from Insight Venture Partners

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

ERP Software 17 34% 3,998.5 25% 6 1,900.3 3 2,026.0 8 72.2

Infrastructure Software 9 18% 1,315.2 8% 1 1,200.0 0 0.0 8 115.2

HC-Providers Software 5 10% 2,900.6 18% 3 2,848.6 0 0.0 2 52.0



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

Market Research 5 10% 120.5 1% 2 91.0 0 0.0 3 29.5

Software NEC 5 10% 5,067.2 32% 2 5,030.0 0 0.0 3 37.2

Financial Software 4 8% 2,200.0 14% 1 75.0 1 2,100.0 2 25.0

HR Software 2 4% 15.5 0% 1 14.0 0 0.0 1 1.5

Credit/Risk Management 1 2% 125.0 1% 1 125.0 0 0.0 0 0.0

Credit/Risk Software 1 2% 33.0 0% 1 33.0 0 0.0 0 0.0


Healthcare-BioPharma 1 2% 22.0 0% 1 22.0 0 0.0 0 0.0

Total 50 100% 15,797 100% 19 11,339 4 4,126 27 333

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $7.98 -6% $428.8 $306.3 $122.6 - $144.3 $12.9 8.9% 43.0% 2.1x 23.8xActuate Corporation Hong Kong 6.28 -7% 307.3 239.8 67.4 - 134.9 27.8 20.6% 2.6% 1.8x 8.6xAcxiom Corporation United States 14.68 -5% 1,147.8 1,287.8 145.9 285.5 1,176.8 237.2 20.2% 5.6% 1.1x 5.4xAdobe Systems Inc. United States 34.31 -5% 17,022.1 15,768.2 2,766.1 1,512.2 4,233.8 1,455.1 34.4% 6.7% 3.7x 10.8xAdvent Software, Inc. United States 25.60 -13% 1,305.9 1,220.5 135.4 50.0 326.2 102.7 31.5% 15.1% 3.7x 11.9xAdvisory Board Co. United States 88.62 -2% 1,477.4 1,423.1 54.3 - 351.8 51.9 14.8% 27.3% 4.0x 27.4xAkamai Technologies, Inc. United States 36.70 -11% 6,525.3 5,676.1 849.2 - 1,158.5 495.3 42.8% 13.2% 4.9x 11.5xAlliance Data Systems Corporation United States 125.96 -1% 6,303.4 12,922.8 216.2 6,835.6 3,173.3 936.1 29.5% 13.7% 4.1x 13.8xAllocate Software plc. United Kingdom 1.30 -5% 82.9 82.9 6.3 6.3 47.6 5.0 10.6% 4.7% 1.7x 16.5xp g 10.6% 4.7% 1.7x 16.5xAllscripts Healthcare Solutions, Inc. United States 16.60 -28% 3,160.3 3,373.9 157.8 371.3 1,444.1 253.8 17.6% 56.4% 2.3x 13.3xArbitron Inc. United States 36.98 -17% 1,010.0 990.2 19.7 - 422.3 116.1 27.5% 6.8% 2.3x 8.5xathenahealth, Inc. * United States 74.12 -5% 2,628.0 2,508.1 119.9 - 324.1 48.6 15.0% 32.0% 7.7x 51.6xAutomatic Data Processing, Inc. United States 55.19 -3% 27,074.9 25,755.7 1,355.2 36.0 10,349.8 2,199.1 21.2% 11.7% 2.5x 11.7xAveva Group plc United Kingdom 26.50 -8% 1,794.8 1,543.0 246.2 - 282.5 82.5 29.2% 15.1% 5.5x 18.7xAVG Technologies N.V. Netherlands 14.95 -3% 813.0 1,169.7 60.7 225.4 272.4 80.4 29.5% 25.4% 4.3x 14.6xBlackbaud Inc. United States 33.23 -2% 1,457.5 1,404.9 52.5 - 370.9 71.5 19.3% 13.6% 3.8x 19.6xBooz Allen Hamilton Inc. United States 17.03 -15% 2,252.7 2,820.4 405.0 972.7 5,811.6 450.4 7.7% 6.6% 0.5x 6.3xBrainjuicer Group Plc United Kingdom 4.91 -1% 61.4 55.5 5.7 - 32.2 4.6 14.2% 26.6% 1.7x 12.1xBroadridge Financial Solutions Inc. United States 23.91 -4% 2,965.7 3,321.8 238.2 594.3 2,259.4 378.8 16.8% 7.3% 1.5x 8.8xCegedim SA France 31.99 -52% 446.8 1,093.4 106.3 809.8 1,359.6 240.3 17.7% 5.3% 0.8x 4.6xCello Group Plc United Kingdom 0.69 -24% 53.8 67.2 6.5 18.5 207.9 12.4 6.0% 6.9% 0.3x 5.4xCerner Corporation United States 76.16 -3% 12,923.1 12,274.9 774.8 126.5 2,203.2 593.3 26.9% 19.1% 5.6x 20.7xCision AB Sweden 5.43 -42% 80.6 142.2 7.4 66.9 141.2 23.2 16.5% -14.4% 1.0x 6.1xcomScore, Inc. United States 21.39 -32% 725.5 700.4 38.1 13.0 232.4 10.5 4.5% 32.8% 3.0x 66.8xConcur Technologies, Inc. * United States 57.38 -8% 3,128.3 2,902.6 469.2 242.4 369.6 42.1 11.4% 21.0% 7.9x 68.9xConstant Contact, Inc. United States 29.79 -18% 900.4 760.3 140.1 - 214.4 21.9 10.2% 23.1% 3.5x 34.7xConvio, Inc. United States 15.47 -4% 292.9 241.0 51.9 - 80.4 7.7 9.6% 15.2% 3.0x 31.1xCoreLogic, Inc. United States 16.32 -15% 1,742.6 2,373.1 280.2 908.3 1,338.5 173.0 12.9% 4.6% 1.8x 13.7xCornerstone OnDemand, Inc. * United States 21.84 -7% 1,079.1 997.1 85.4 3.3 73.0 (17.5) NM 67.0% 13.7x NMCorporate Executive Board Co. United States 43.01 -6% 1,433.0 1,295.8 137.2 - 484.7 114.2 23.6% 12.1% 2.7x 11.3xCoStar Group Inc. United States 69.05 -6% 1,757.0 1,208.3 548.8 - 251.7 50.2 20.0% 11.3% 4.8x 24.0xCRA International Inc. United States 25.22 -15% 264.1 191.1 76.1 2.3 305.2 35.2 11.5% 14.3% 0.6x NMCraneware plc United Kingdom 6.49 -34% 175.2 150.9 23.6 - 40.3 9.6 23.8% 27.2% 3.7x 15.7xDigital Generation, Inc. United States 10.21 -73% 279.4 679.5 83.0 483.0 324.3 122.7 37.8% 34.4% 2.1x 5.5xDigital River Inc. United States 18.71 -52% 665.6 298.9 720.5 353.8 398.1 60.7 15.2% 9.6% 0.8x 4.9xDun & Bradstreet Corp. United States 84.73 -2% 4,054.5 4,938.8 84.4 965.0 1,758.5 529.2 30.1% 4.9% 2.8x 9.3xEbi it l U it d Ki d 1 34 13% 78 5 93 7 4 5 19 4 76 9 10 6 Ebiquity plc United Kingdom 1.34 -13% 78.5 93.7 4.5 19.4 76.9 10.6 13.7% 46.8% 1.2x 8.9xEbix Inc. United States 23.16 -14% 844.0 865.9 25.2 47.1 169.0 73.5 43.5% 27.8% 5.1x 11.8xEnvestnet, Inc. United States 12.52 -17% 399.0 334.3 64.9 0.2 123.2 17.1 13.9% 25.6% 2.7x 19.5xEPIQ Systems, Inc. United States 12.10 -21% 436.0 696.6 2.8 263.5 261.3 65.5 25.1% 20.1% 2.7x 10.6xEpocrates, Inc. United States 8.58 -66% 210.8 125.6 85.2 - 113.3 2.7 2.4% 9.0% 1.1x 46.2xEquifax Inc. United States 44.26 -1% 5,304.4 6,209.6 127.7 1,013.2 1,959.8 635.9 32.4% 5.4% 3.2x 9.8xExperian plc Ireland 15.58 -3% 15,661.0 17,674.7 484.0 2,300.0 4,527.0 1,443.0 31.9% 13.0% 3.9x 12.2xFactSet Research Systems Inc. United States 99.04 -12% 4,437.0 4,236.8 200.2 - 771.4 289.5 37.5% 13.5% 5.5x 14.6xFair Isaac Corp. United States 43.90 -1% 1,581.8 1,862.2 231.6 512.0 634.1 184.6 29.1% 3.9% 2.9x 10.1xFidelity National Information Services Inc United States 33 12 -2% 9 589 1 14 135 6 415 5 4 813 8 5 745 7 1 660 4 28 9% 9 0% 2 5x 8 5x


Fidelity National Information Services, Inc. United States 33.12 -2% 9,589.1 14,135.6 415.5 4,813.8 5,745.7 1,660.4 28.9% 9.0% 2.5x 8.5xFidessa group plc United Kingdom 26.47 -22% 971.8 858.5 110.3 - 433.1 87.6 20.2% 6.1% 2.0x 9.8xFinancial Engines, Inc. United States 22.36 -23% 1,028.7 883.7 145.0 - 144.1 25.2 17.5% 28.9% 6.1x 35.0xForrester Research Inc. United States 32.40 -19% 734.4 516.4 218.0 - 283.6 46.0 16.2% 13.1% 1.8x 11.2x




Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAFTI Consulting, Inc. United States 37.52 -17% 1,509.2 2,041.7 264.4 797.0 1,566.8 262.5 16.8% 11.8% 1.3x 7.8xFX Alliance Inc United States 15.68 -2% 444.0 418.5 134.8 - 118.3 46.0 38.9% 19.4% 3.5x 9.1xGartner Inc. United States 42.64 -2% 3,981.2 4,048.4 142.7 209.9 1,468.6 238.3 16.2% 14.0% 2.8x 17.0xGfK SE Germany 53.32 0% 1,934.2 2,391.3 146.7 540.6 1,784.9 266.7 14.9% 6.2% 1.3x 9.0xGlobeOp Financial Services S.A United Kingdom 7.90 -1% 848.8 739.0 106.9 - 221.3 61.9 28.0% 16.9% 3.3x 11.9xGreen Dot Corporation United States 26.52 -47% 940.3 738.7 243.7 42.2 484.7 90.2 18.6% 28.5% 1.5x 8.2xHarris Interactive Inc. United States 1.33 -1% 74.4 69.0 14.1 8.7 160.7 6.3 3.9% -3.7% 0.4x 10.9xHarte-Hanks Inc. United States 9.05 -26% 568.6 661.2 86.8 179.4 850.8 95.4 11.2% -1.1% 0.8x 6.9xIHS I U i d S 93 65 5% 6 156 2 6 731 9 296 6 872 3 1 375 2 276 1 IHS Inc. United States 93.65 -5% 6,156.2 6,731.9 296.6 872.3 1,375.2 276.1 20.1% 23.9% 4.9x 24.4xInforma plc Switzerland 7.06 -4% 4,244.0 5,494.9 38.9 1,259.2 1,985.1 535.1 27.0% 4.0% 2.8x 10.3xInformatica Corporation United States 52.90 -15% 5,679.9 5,077.5 602.4 - 783.8 178.6 22.8% 20.6% 6.5x 28.4xInformation Services Group, Inc. United States 1.31 -45% 47.6 93.2 24.5 70.1 184.4 12.1 6.6% 39.7% 0.5x 7.7xInnerWorkings Inc. United States 11.65 -5% 559.3 605.0 14.3 60.0 633.8 28.6 4.5% 31.4% 1.0x 21.1xInteractive Intelligence Group Inc. United States 30.51 -27% 583.6 514.5 69.1 - 209.5 29.1 13.9% 26.0% 2.5x 17.7xInternational Datacasting Corporation Canada 0.23 -51% 13.9 6.7 7.3 0.1 34.7 1.6 4.7% 16.1% 0.2x 4.1xIpsos SA France 35.84 -25% 1,622.0 2,419.8 217.0 978.3 1,770.6 237.5 13.4% 19.5% 1.4x 10.2xIsoftstone Holdings Limited China 8.83 -61% 492.4 407.9 101.2 15.1 283.4 32.8 11.6% 43.9% 1.4x 12.4xJDA Software Group Inc United States 27 48 22% 1 169 3 1 157 0 285 5 273 2 671 8 164 6 24 5% 8 8% 1 7x 7 0xJDA Software Group Inc. United States 27.48 -22% 1,169.3 1,157.0 285.5 273.2 671.8 164.6 24.5% 8.8% 1.7x 7.0xKenexa Corp. United States 31.24 -6% 851.4 767.6 119.3 30.5 282.9 24.1 8.5% 44.1% 2.7x 31.9xKeynote Systems Inc. United States 19.76 -24% 343.3 303.4 40.0 - 111.3 23.2 20.9% 32.5% 2.7x 13.1xLECG Corporation United States 0.01 -96% 0.9 53.0 7.0 33.1 297.0 (7.8) NM 11.3% 0.2x NMLender Processing Services, Inc. United States 26.00 -21% 2,194.8 3,266.6 77.4 1,149.2 2,090.1 404.9 19.4% -12.1% 1.6x 8.1xMacdonald Dettwiler & Associates Ltd. Canada 45.51 -23% 1,448.0 1,271.9 276.9 104.0 748.7 182.1 24.3% 10.6% 1.7x 7.0xMedAssets, Inc. United States 13.16 -19% 760.8 1,617.5 62.9 919.7 578.3 170.1 29.4% 47.8% 2.8x 9.5xMediware Information Systems Inc. United States 14.69 -5% 120.3 84.5 35.8 - 60.8 12.2 20.0% 17.4% 1.4x 6.9xMerge Healthcare Incorporated United States 5.86 -19% 533.3 745.1 38.6 249.9 232.4 54.2 23.3% 65.6% 3.2x 13.7xMisys plc United Kingdom 5.72 -17% 1,832.2 2,070.6 98.0 332.5 638.6 125.8 19 7% 17 9% 3 2x 16 5xMisys plc United Kingdom 5.72 17% 1,832.2 2,070.6 98.0 332.5 638.6 125.8 19.7% 17.9% 3.2x 16.5xMoody's Corp. United States 42.10 -1% 9,401.6 9,941.7 774.8 1,243.8 2,280.7 975.6 42.8% 12.2% 4.4x 10.2xMorningstar Inc. United States 63.05 -1% 3,160.9 2,694.0 468.6 - 631.4 184.5 29.2% 13.7% 4.3x 14.6xMSCI Inc. United States 36.81 -6% 4,471.0 5,157.6 392.7 1,079.3 900.9 410.8 45.6% 29.7% 5.7x 12.6xNational Research Corp. United States 42.94 -3% 290.3 297.1 8.1 14.9 75.8 24.1 31.8% 19.5% 3.9x 12.3xNavigant Consulting Inc. United States 13.91 -4% 723.7 853.0 3.0 132.2 784.7 100.9 12.9% 11.5% 1.1x 8.5xNielsen Holdings N.V. Netherlands 30.14 -9% 10,851.6 17,327.6 319.0 6,787.0 5,532.0 1,249.0 22.6% 7.9% 3.1x 13.9xOnvia Inc. United States 3.91 -22% 33.3 21.8 11.5 - 23.2 3.5 14.9% -14.2% 0.9x 6.3xOpen Text Corp. Canada 61.16 -15% 3,545.1 3,742.8 413.9 611.7 1,157.9 318.0 27.5% 23.5% 3.2x 11.8xParametric Technology Corporation United States 27.94 -3% 3,311.9 3,324.5 187.4 200.0 1,218.7 210.0 17.2% 19.7% 2.7x 15.8xPaychex, Inc. United States 30.99 -8% 11,235.2 10,731.9 503.3 - 2,201.0 938.1 42.6% 7.0% 4.9x 11.4xPROS Holdings, Inc. United States 18.70 -9% 507.1 438.6 68.5 - 96.6 10.2 10.6% 36.0% 4.5x 43.0xQlik Technologies, Inc. * United States 32.00 -10% 2,703.3 2,526.2 177.4 0.3 320.6 22.9 7.2% 41.5% 7.9x 110.2xQuality Systems Inc. United States 43.73 -14% 2,579.5 2,449.3 130.1 - 417.9 130.3 31.2% 24.8% 5.9x 18.8xRealPage, Inc. United States 19.17 -42% 1,394.4 1,393.5 51.3 50.4 258.0 29.2 11.3% 37.0% 5.4x 47.8xReed Elsevier NV Netherlands 12.77 -2% 9,392.5 9,399.2 3.9 10.4 - - NM 0.0% NM NMReis, Inc. United States 8.91 -19% 95.2 78.7 22.2 5.7 27.2 5.0 18.5% 12.3% 2.9x 15.6xSage Group plc United Kingdom 4.78 -5% 6,210.2 6,228.3 285.8 303.5 2,086.0 615.3 29.5% 4.4% 3.0x 10.1xsalesforce.com, inc * United States 154.51 -4% 21,167.9 20,947.2 777.9 557.1 2,266.5 106.4 4.7% 36.8% 9.2x 196.9x


Solera Holdings Inc. United States 45.89 -26% 3,214.8 3,962.0 353.5 1,004.4 751.5 321.5 42.8% 16.6% 5.3x 12.3xSPS Commerce, Inc. * United States 26.88 -4% 327.0 295.0 32.0 - 58.0 4.0 6.9% 30.0% 5.1x 73.5xSS&C Technologies Holdings, Inc. United States 23.33 -1% 1,810.4 1,870.1 40.3 100.0 370.8 135.8 36.6% 12.7% 5.0x 13.8xStreamline Health Solutions, Inc. United States 1.71 -22% 17.6 19.1 0.3 1.8 17.5 0.9 5.1% -7.7% 1.1x 21.5x




Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATaleo Corp. United States 45.93 0% 1,934.7 1,818.7 116.0 0.0 315.4 29.6 9.4% 32.9% 5.8x 61.4xTemenos Group AG Switzerland 18.49 -53% 1,273.8 1,376.1 155.0 253.7 473.5 44.7 9.4% 5.7% 2.9x 30.8xThe Dolan Company United States 9.11 -30% 274.9 463.3 0.8 176.4 285.6 52.3 18.3% -6.9% 1.6x 8.9xThe Hackett Group, Inc. United States 5.97 -4% 246.3 213.4 32.9 - 200.4 20.1 10.0% 10.8% 1.1x 10.6xThe McGraw-Hill Companies, Inc. United States 48.47 0% 13,489.6 13,790.6 973.0 1,198.0 6,246.0 1,672.0 26.8% 2.9% 2.2x 8.2xThomson Reuters Corporation United States 28.90 -27% 23,929.3 31,624.3 522.0 7,621.0 13,807.0 3,416.0 24.7% 5.6% 2.3x 9.3xTIBCO Software Inc. United States 30.50 -8% 4,966.7 4,749.7 354.6 137.5 960.6 201.0 20.9% 22.5% 4.9x 23.6xThe Ultimate Software Group, Inc. * United States 73.28 -2% 1,933.3 1,884.4 53.7 4.9 269.2 26.7 9.9% 18.2% 7.0x 70.7xV i S I U i d S 32 39 15% 1 262 6 1 997 8 150 7 597 4 782 6 139 9 Verint Systems Inc. United States 32.39 -15% 1,262.6 1,997.8 150.7 597.4 782.6 139.9 17.9% 7.7% 2.6x 14.3xVerisk Analytics, Inc. United States 46.97 -1% 7,740.2 8,649.5 196.7 1,105.9 1,331.8 579.9 43.5% 17.0% 6.5x 14.9xVocera Communications, Inc. * United States 23.40 -6% 508.7 502.2 14.9 8.3 79.5 1.2 1.5% 40.0% 6.3x 417.1xVocus Inc. * United States 13.25 -61% 268.7 161.5 108.2 1.0 114.9 2.3 2.0% 18.7% 1.4x 69.9xWolters Kluwer NV Netherlands 18.93 -15% 5,613.7 8,586.5 383.2 3,253.0 4,357.3 1,083.5 24.9% 1.4% 2.0x 7.9xYouGov PLC United Kingdom 1.08 -12% 105.2 90.4 15.5 - 92.5 8.6 9.3% 26.9% 1.0x 10.5x

Low 0.2x 4.1x

Mean 3.2x 24.2x



Median 2.8x 12.3x




OOH & SPECIALTY MEDIATransactions by Segment and Buyer Type

• There were three acquisitions and one investment in the Out-of-Home & Specialty Media segment• Select acquisitions

› Bell Media’s $3.4 billion acquisition of Astral Media, a media company that engages in television broadcasting, radio broadcasting, and out-of-home advertising

• Select investments• Select investments› The $3 million investment in iSIGN Media Solutions, a Canada-based provider of location-based interactive

proximity advertising solutions

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

Transactions Est Value Strategic Buyout Venture/Growth Capital

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

Digital Place-Based Media 3 75% 28.3 1% 2 25.0 0 0.0 1 3.3

Traditional Outdoor 1 25% 3,400.0 99% 1 3,400.0 0 0.0 0 0.0

Total 4 100% 3,428 100% 3 3,425 0 0 1 3



OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



Company Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $3.13 -45% $206.5 $91.6 $112.7 $0.0 $270.6 $9.4 3.5% 17.4% 0.3x 9.8xXinhua Sports & Entertainment Limited China 0.08 -76% 0.5 96.5 13.3 73.4 99.1 (8.4) NM 50.2% 1.0x NMClear Channel Outdoor Holdings Inc. United States 8.01 -48% 2,851.9 5,129.9 557.4 2,545.9 3,003.9 742.6 24.7% 7.4% 1.7x 6.9xClear Media Ltd. Hong Kong 0.59 -8% 313.5 198.2 125.3 - 191.3 73.0 38.2% 17.8% 1.0x 2.7xFocus Media Holding Ltd. Hong Kong 28.03 -25% 3,619.4 3,053.4 756.6 171.0 792.6 288.7 36.4% 53.5% 3.9x 10.6xJCDecaux SA France 30.65 -5% 6,792.3 6,963.4 393.5 592.9 3,199.7 695.8 21.7% 4.8% 2.2x 10.0xLamar Advertising Co. United States 32.96 -12% 3,067.2 5,192.3 33.5 2,158.5 1,133.5 494.0 43.6% 3.8% 4.6x 10.5xNational CineMedia, Inc. United States 15.52 -18% 870.0 1,735.8 80.1 864.8 435.4 212.5 48.8% 1.8% 4.0x 8.2xNTN Buzztime Inc. United States 0.22 -60% 15.6 13.6 1.4 0.5 23.9 (0.0) NM -5.7% 0.6x NMNTN Buzztime Inc. United States 0.22 60% 15.6 13.6 1.4 0.5 23.9 (0.0) NM 5.7% 0.6x NMTom Group Ltd. Hong Kong 0.08 -36% 305.7 477.3 123.8 274.5 299.5 (4.3) NM -5.6% 1.6x NMValassis Communications Inc. United States 24.06 -25% 1,027.6 1,532.8 102.0 607.2 2,236.0 291.8 13.1% -4.2% 0.7x 5.3x

Low 0.3x 2.7x

Mean 2.0x 8.0x

Median 1.6x 9.0x


Adj. W Avg* 2.8x 9.3x



High 4.6x 10.6x


MARKETING SERVICESTransactions by Segment and Buyer Type

• There were six acquisitions worth approximately $205 million in the Marketing Services segment• Select acquisitions

› KRG Capital Partners’ acquisition of Ansira, an engagement marketing agency› AllOver Media’s acquisition of Wide Format Shop, a wide-format print center that exclusively produces truck

side ads ice-box Frozen Billboard ads and other large-sized vinyl advertising solutionsside ads, ice box Frozen Billboard ads, and other large sized vinyl advertising solutions• Select investments

› The $15 million investment in Switchfly, a travel rewards redemption company, led by StarVest Partners

BUYER/INVESTOR BREAKDOWNMARKETING SERVICES TRANSACTIONS BY SEGMENT

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

Logistics 2 25% 23.0 10% 1 20.0 0 0.0 1 3.0

Printer 2 25% 50.0 22% 2 50.0 0 0.0 0 0.0

Call Center 1 13% 15.0 7% 1 15.0 0 0.0 0 0.0

Channel Services 1 13% 100.0 45% 0 0.0 1 100.0 0 0.0


Collections 1 13% 20.0 9% 1 20.0 0 0.0 0 0.0

Loyalty/Retention 1 13% 15.0 7% 0 0.0 0 0.0 1 15.0

Total 8 100% 223.0 100% 5 105.0 1 100.0 2 18.0


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 03/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $14.73 -17% $1,151.7 $1,291.7 $145.9 $285.5 $1,176.8 $237.2 20.2% 5.6% 1.1x 5.4xAimia Inc. Canada 12.47 -11% 2,169.9 2,656.8 256.6 577.1 2,081.4 252.0 12.1% 2.9% 1.3x 10.5xAlliance Data Systems * United States 124.61 -2% 6,235.9 12,855.3 216.2 6,835.6 3,173.3 936.1 29.5% 13.7% 4.1x 13.7xAMREP Corp. United States 8.21 -23% 49.2 44.3 26.9 22.0 88.3 6.5 7.4% -12.9% 0.5x 6.8xCenveo Inc. United States 4.39 -36% 278.5 1,507.0 17.8 1,246.3 1,909.2 205.5 10.8% 11.7% 0.8x 7.3xConsolidated Graphics, United States 46.01 -24% 471.1 661.4 7.0 197.3 1,052.8 122.5 11.6% 1.9% 0.6x 5.4xConvergys Corporation United States 12.81 -13% 1,487.0 1,169.7 444.5 127.2 2,262.0 259.8 11.5% 2.7% 0.5x 4.5xDST Systems Inc. United States 54.98 -7% 2,358.6 3,441.1 313.5 1,380.3 1,744.0 374.6 21.5% 1.8% 2.0x 9.2xFair Isaac Corp. * United States 42.85 -2% 1,544.0 1,824.4 231.6 512.0 634.1 184.6 29.1% 3.9% 2.9x 9.9xHarte-Hanks Inc. United States 9.13 -25% 573.6 666.3 86.8 179.4 850.8 95.4 11.2% -1.1% 0.8x 7.0xInnotrac Corp. United States 1.31 -32% 17.1 14.1 3.3 0.5 84.7 2.0 2.4% 6.4% 0.2x 6.9xInsignia Systems Inc. United States 1.53 -80% 20.8 (2.4) 23.2 - 17.2 (7.4) NM -42.6% NM 0.3xPoints International Ltd. * Canada 10.08 -5% 151.9 116.0 34.9 - 122.9 3.9 3.2% 28.5% 0.9x 29.4xQuad/Graphics, Inc. United States 14.69 -66% 692.9 2,177.2 25.6 1,509.2 4,324.6 623.9 14.4% 35.7% 0.5x 3.5xR.R. Donnelley & Sons United States 13.61 -36% 2,429.4 5,659.7 449.7 3,660.5 10,611.0 1,285.1 12.1% 5.9% 0.5x 4.4xStarTek, Inc. United States 2.35 -58% 35.6 25.9 9.7 - 219.5 (4.8) NM -17.3% 0.1x NMSykes Enterprises,

d United States 15.23 -33% 658.1 447.0 211.1 - 1,169.3 122.0 10.4% 4.2% 0.4x 3.7x

Teleperformance France 28 53 -22% 1 580 5 1 548 8 211 6 174 8 2 762 4 339 9 12 3% 3 3% 0 6x 4 6xTeleperformance France 28.53 -22% 1,580.5 1,548.8 211.6 174.8 2,762.4 339.9 12.3% 3.3% 0.6x 4.6xTeleTech Holdings Inc. United States 16.35 -27% 925.7 847.2 156.4 66.6 1,179.4 142.1 12.1% 7.7% 0.7x 6.0xTranscontinental Inc. Canada 13.29 -20% 1,069.1 1,544.0 56.6 522.6 2,016.0 389.8 19.3% -0.3% 0.8x 4.0xValassis Communications United States 24.06 -25% 1,027.6 1,532.8 102.0 607.2 2,236.0 291.8 13.1% -4.2% 0.7x 5.3xViad Corp United States 18.73 -28% 377.3 288.5 100.4 3.2 942.4 46.8 5.0% 11.6% 0.3x 6.2xVistaprint N.V. Netherlands 40.18 -29% 1,482.8 1,561.8 67.5 146.5 924.7 132.8 14.4% 25.8% 1.7x 11.8x

Low 0.1x 0.3x

Mean 0.8x 7.2x


and EBITDA multiples that are 1.0 standard deviations above the mean (13.3x). Mean 0.8x 7.2x

Median 0.7x 5.7x




MARCH SUMMARY TRADING VALUATION INFORMATION

Current Summary Trading Valuation

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 3.4x 2.1x 5.8x 3.2xAgency/Consulting 0 9x 0 9x 1 1x 1 1x

Current Summary Trading Valuation Revenue Multiples

Agency/Consulting 0.9x 0.9x 1.1x 1.1xOOH & Specialty Media 2.0x 1.6x 2.8x 2.8xDigital Media/Commerce 4.3x 2.0x 6.0x 5.0xMarketing Technology 6.1x 4.3x 7.2x 6.6xSoftware & Information 3.2x 2.8x 3.9x 3.5xMarketing Services 0.8x 0.7x 1.1x 0.9x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 16 1x 11 0x 17 1x 12 4x

EBITDA Multiples

g a d s g 16.1x 11.0x 17.1x 12.4xAgency/Consulting 7.6x 6.9x 8.3x 8.1xOOH & Specialty Media 8.0x 9.0x 9.1x 9.3xDigital Media/Commerce 30.6x 12.6x 30.1x 14.6xMarketing Technology 43.3x 17.4x 27.5x 21.1xSoftware & Information 24.2x 12.3x 26.9x 14.6xMarketing Services 7.2x 5.7x 6.7x 6.5x

As of close of business on 03/30/12.


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

PPLLC INDICES – LTM as of 3/30/12120

%)

120

%) 130

%)

70

80

90

100

110

Ind

ex P

erfo

rman

ce (

%

70

80

90

100

110

Ind

ex P

erfo

rman

ce (

%

70

90

110

Ind

ex P

erfo

rman

ce (

%

105

110

e (%

)

60

Apr-11 Jun-11 Aug-11 Oct-11 Dec-11 Feb-12

I

S&P 500 Digital Advertising

60


I

S&P 500 Agency/Consulting

50


I

S&P 500 Digital Media/Commerce OOH & Specialty Media

140

(%)

100

110

e (%

)

75

80

85

90

95

100

Ind

ex P

erfo

rman

ce

80

100

120

Ind

ex P

erfo

rman

ce

60

70

80

90

Ind

ex P

erfo

rman

ce

75


S&P 500 Software & Information

60


S&P 500 Marketing Technology

60


S&P 500 Marketing Services

S&P 500 +5 3%%)

Out‐of‐Home andSpecialtyMedia ‐22 5%

Software & Information, +3.9%

Marketing Technology, ‐1.9%

Digital Media/Commerce, ‐20.9%

Agency/Consutling, +4.2%

Digital Advertising, ‐11.5%

S&P 500 +5.3%

Inde

x P

erf

orm

ance

(%


Marketing Services, ‐10.2%Specialty Media, 22.5%

‐30.0% ‐25.0% ‐20.0% ‐15.0% ‐10.0% ‐5.0% 0.0% 5.0% 10.0%

LTM

I

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

NDS Group Cisco Systems, Inc. $5,000.0Astral Media, Inc. Bell Media 3,400.0ZOLL Medical Corporation Asahi Kasei Corporation 2,200.0LCH.Clearnet London Stock Exchange Group 1,100.0T d H ldi Li i d Y k 1 100 0Tudou Holdings Limited Youku.com 1,100.0Katz Group, Marketing and Purchasing and Franchise Business McKesson Corporation 916.0Kiva Systems, Inc. Amazon.com, Inc. 775.0Convergys Corporation, Information Mangement Business NetCracker Technology Corporation 449.0MediConnect Global, Inc. Verisk Analytics, Inc. 348.6Amobee Media Systems Singapore Telecommunications Ltd. 321.0Transcend Services, Inc. Nuance Communications, Inc. 300.0Archipelago Learning PLATO Learning, Inc. 291.0RadVision Avaya Inc 230 0RadVision Avaya, Inc. 230.0OMGPOP, Inc. Zynga Inc. 180.0ClairMail Monitise plc 173.0BDGB Enterprise Lexmark International, Inc. 148.0Credentials Services International, Inc. Avis Budget Group, Inc. 125.0DMX Mood Media Corporation 86.1eBworx Berhad Hitachi Consulting Corporation 62.0SocialHour PlayPhone, Inc. 51.5MyFonts com Monotype Imaging Holdings Inc 50 0MyFonts.com Monotype Imaging Holdings, Inc. 50.0ipla Cyfrowy Polsat S.A. 48.1IMS Research IHS, Inc. 46.0Three Market Research Companies IHS, Inc. 45.0Loopt, Inc. Green Dot Corporation 43.3Ongame Network Shuffle Master, Inc. 25.8Kodak Gallery Shutterfly, Inc. 23.8AlphaDetail, Inc. ImpactRx, Inc. 22.0Futuremark Games Studio Rovio Mobile Ltd. 20.0Sonar Cornerstone OnDemand, Inc. 14.0Lifemedia Fuarcilik Tarsus Group plc. 12.8CustomCall Data Systems Enghouse Systems Limited 7.34th Strand Intertek Group plc. 6.4dotbox, Inc. MDC Partners, Inc. 6.0Forrst COLOURlovers 5.0host com ua HostingCommunity 4 8


host.com.ua HostingCommunity 4.8PeerIndex Antrak Capital 3.0Simply Zest UTV Media plc 2.7


Reported


Value StrategicValues Disclosed

iLUKA Chime Communications, PLC $1.0McKenzie Clark Chime Communications, PLC 0.9Rough Hill Chime Communications, PLC 0.8

StrategicUndisclosed

192business Experian plc - a2dc Mobimasta - Adcieo L.W. Robbins Associates - Aixum Tec AG MobileBits Holdings Corporation - Altovision Experian plc - Atads Elite Marketing Pty Ltd - BizActions Thomson Reuters - Buchanan Group STW Group, Ltd. - Canada Post Borderfree FiftyOne - Circ.us Something Massive - ClearAccess Cisco Systems, Inc. - CoreMotives Silverpop Systems, Inc. - CrashPadder Airbnb Inc - CrashPadder Airbnb, Inc. DaVinci Marketing Technologies AccuData Integrated Marketing - Dealised Group Commerce, Inc. - Ediscover-E RVM, Inc. - eLink Advertising Aegis Advisors - Enterprise Recovery Systems United Recovery Systems, Inc. - ExcessiveSweating.com The Patient’s Guide - Fabrication Games King.com - Fav.tv TVGuide.com - FeeFighters Groupon, Inc. - Fetch Technologies Connotate Technologies, Inc. - Forum Runner Internet Brands, Inc. - Frugalo TwitVid - FRUKT Communications Interpublic Group of Companies, Inc. - FullHouse Interactive Laughlin/Constable, Inc. - Fuze KPS3 Marketing -


Fuze KPS3 Marketing GazeHawk Facebook - Gravity Bear LLC Kabam -


Reported


Value StrategicUndisclosed

Guider Media, numerous Website proberties PlattForm Advertising - Hipster America Online, Inc. - Hungry Local Buyometric - Imagine Research iZotope Inc Imagine Research iZotope, Inc. - Imtek Direct Marketing IBS Direct - King Harvest MSL GROUP - KM Lists Redi-Data Direct Marketing - LeadsConference, LLC Access Intelligence, Inc. - LiftRetail Solutions VeriFone Systems, Inc. - Luminous Experiential Marketing Communications MSL GROUP - Marketing1by1 Conexance MD - g yMediachase EPiServer AB - Mediapeel Alex and Ani - Medical Collective Intelligence Diversified Agency Services - MobiPrimo Technologies PubMatic - Modwest Blackfoot Telecommunications Group - Motors.co.uk Manheim Auctions, Inc. - MyPetHabit.com Coupaw.com - N k l G J h I i l M i Networkplay Gruner+Jahr International Magazines - Onan Games Halfbrick Studios - PEAK Farm Journal Media - Peekspy StubHub - Phacts, LLC CareFusion Corporation - Portfolio Media LexisNexis Insurance Software Solutions - Posterous Twitter, Inc. - PostoinAuto it BlablaCar com - PostoinAuto.it BlablaCar.com Print1 Direct First Edge Solutions - RealAge, Inc. Sharecare, Inc. - Rent.com PriMedia - Sage Innovations, Contact Center and VoIP division Avtex Incorporated - Setlist.fm Live Nation Entertainment, Inc. - Social Calendar Wal Mart Stores, Inc. - Social Concepts Big Fish Games, Inc. -


SonicWALL Dell, Inc. - Swanholme Graphics Spiral Media Ltd. - TargetCast TCM MDC Partners, Inc. -


Reported


Value StrategicUndisclosed

Think First LLC FTI Consulting, Inc. - ThinkMedia PARTNERS Matter Communications, Inc. - threadsy MyLife.com, Inc. - Tieto's U K Financial Services Product Business Sopra Group Tieto s U.K. Financial Services Product Business Sopra Group - Travel Blog Exchange BlogWorld & New Media Expo - Triple Threat Mobile Development Medallion Media Group - TVC Group The Economist Group Limited - Twin City Sales and Marketing Atlantic Webworks - Van Gennep Media Automation Consulting Adam Software NV - Vringo, Inc. Innovate/Protect, Inc. - Wand Inc Direct - WellApps Medivo, Inc. - Wide Format Shop AllOver Media - Wilogo Fotolia - Yobongo Mixbook - YTB International LTS Nutraceuticals, Inc. -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

Misys plc Vista Equity Partners $2,100.0Quest Software Insight Venture Partners 1,900.0DentalPlans.com, Inc. The Riverside Company 52.5Baldwin Technology Company, Inc. Forsyth Capital Investors, LLC 16.0

Buyout DealsUndisclosed

Ansira KRG Capital Partners, LLC - BioPharm Communications, LLC Southfield Capital Advisors - DTT Surveillance BV Investment Partners - Essential Learning, LLC Vista Equity Partners - Impressions Media Versa Capital Management - Nth Degree, Inc. Gen Cap America, Inc. -

VC/Growth CapitalValues Disclosed

Axel Springer Digital Classifieds GmbH General Atlantic, LLC $303.6Appirio, Inc. General Atlantic, LLC 60.0RadiumOne, Inc. (Unnamed Fund Contibuters) 50.0internetstores AG EQT Partners 40.0Kinnser Software, Inc. Insight Venture Partners 40.0Conduit, Ltd. W Capital Partners 39.0BOKU I NEA 35 0BOKU, Inc. NEA 35.0Glamour Sales Holding Limited Neiman Marcus Group, Inc. 28.0The Honest Company General Catalyst Partners LLC 27.0Jumio, Inc. Andreessen Horowitz Fund 25.5Chegg, Inc. (Unnamed Fund Contibuters) 25.0Adaptive Planning Norwest Venture Partners 22.0Tobii Technology AB Intel Capital 21.0SCVNGR Highland Capital Partners 20.8HootSuite Media, Inc. OMERS Capital Partners 20.0HootSuite Media, Inc. OMERS Capital Partners 20.0HootSuite Media, Inc. OMERS Capital Partners 20.0Path Redpoint Ventures 20.0Opscode, Inc. Ignition Partners LLC 19.5Threatmetrix August Capital Management 18.0Spigit Warburg Pincus LLC 15.2Brandwatch Nauta Capital 15.0CiRBA, Inc. Tandem Entrepreneurs 15.0eToro Spark Capital 15.0


MyThings.com, Inc. Orange SA 15.0SilverRail Technologies, Inc. Canaan Partners 15.0Switchfly, Inc. StarVest Partners 15.0BrightEdge, Inc. Intel Capital 12.6


Reported



Value VC/Growth CapitalValues Disclosed

StyleTread Pty Ltd Starfish Ventures $12.5UnboundID Corporation OpenView Venture Partners 12.5DocuTAP Bluff Point Associates 12.0Integrate.com Comcast Ventures 11.0Bloomfire, Inc. Austin Ventures 10.0FuelQuest (Unnamed Fund Contibuters) 10.0InvestLab VantagePoint Venture Partners 10.0Songkick.com, Inc. Sequoia Capital 10.0Nasty Gal, Inc. Index Ventures 9.0SavingStar DCM 9.0CloudLock, Inc. Ascent Venture Partners 8.7Buysight, Inc. Onset Ventures 8.0DataSphere Technologies Inc First Analysis Corporation 8 0DataSphere Technologies, Inc. First Analysis Corporation 8.0Machine Zone Menlo Ventures 8.0Jiff, Inc. Aeris Capital AG 7.5Sneakpeeq, Inc. FirstMark Capital 7.5Sojern, Inc. Industry Ventures, LLC 7.5Article One Partners Alleghany Corp. 7.0Vigilent Corporation Accel Partners 6.7NationBuilder Andreessen Horowitz Fund 6.3Averail Corporation Foundation Capital 6.0p pDudaMobile Pitango Venture Capital 6.0Education Elements Harmony Partners 6.0Yummly Physic Ventures, LLC 6.0Clover Andreessen Horowitz Fund 5.8NEXThink S.A. Mannai Corporation 5.5Wantful, Inc. Polaris Venture Partners 5.5Red Submarine Limited Key Capital Partners 5.4Xuba, LLC Capricorn Investment Group 5.4T l ti B i C it l LLC 5 2Tracelytics Bain Capital, LLC 5.2Commerce Guys Alven Capital Partners 5.0Red Robot Labs, Inc. Next Media Limited 5.0SHOP.CA Network, Inc. Tait Capital Corporation 5.0Sprinklr Battery Ventures 5.0500friends, Inc. Crosslink Capital 4.5DramaFever Corporation MK Capital Management LLC 4.5Pubnub Relay Ventures 4.5Everything.me Horizon Ventures 3.5


Everything.me Horizon Ventures 3.5Placed, Inc. ATA Ventures 3.4iSIGN Media Solutions (Unnamed Fund Contibuters) 3.3BlogFrog Grotech Ventures 3.2


Reported




Tap Me, Inc. Hyde Park Venture Partners $3.2Adaptivity, Inc. Intel Capital 3.0Mobiles Republic XAnge Private Equity 3.0Open Mile, Inc. NXT Capital, Inc. 3.0PixyKids Madrona Venture Group 3.0Plumbee Ltd. Idinvest Partners 2.8Tribesports (Unnamed Fund Contibuters) 2.8CityMaps, Inc. (Angel Investors) 2.5LearnZillion, Inc. O'Reilly AlphaTech Ventures, LLC 2.4Sponge Ltd. St. Ives, PLC 2.4Sponge Ltd. St. Ives, PLC 2.4Adelphic Mobile Matrix Partners 2.0Grand Cru Idinvest Partners 2 0Grand Cru Idinvest Partners 2.0Koding, Inc. RTP Ventures 2.0SignNow Khosla Ventures 2.0Slated, Inc. (Private Investors) 2.0Yippy, Inc. The Magna Group, Inc. 2.0MediaPass (Private Investors) 1.8Skedgeme (Private Investors) 1.6Appboy, Inc. Blumberg Capital 1.5AppStack Google Ventures 1.5pp gCANWE STUDIOS (Private Investors) 1.5Capptain Runa Capital 1.5IDINCU SoftBank Capital 1.5Stormpath, Inc. Flybridge Capital Partners 1.5InBed.me Quotidian Ventures 1.2PromoJam Golden Seeds LLC 1.2Dog Vacay First Round Capital 1.0Dollar Shave Club, Inc. Kleiner Perkins Caufield & Byers 1.0F i Sil t P t 1 0Famigo Silverton Partners 1.0Kibits Corp. Google Ventures 1.0Kismet TriplePoint Capital 1.0Mob Science, Inc. (Private Investors) 1.0Mob Science, Inc. (Private Investors) 1.0MySocialCloud (Private Investors) 1.0NextPrinciples, Inc. (Private Investors) 1.0plyfe Initial Capital 1.0Triptrotting, Inc. Google Ventures 1.0


Triptrotting, Inc. Google Ventures 1.0Wallit Storm Ventures, LLC 1.0StyleSeat, Inc. (Angel Investors) 0.8Tripbirds AB Index Ventures 0.7


Reported




Amicus (Unnamed Fund Contibuters) $0.6Deal Current (Private Investors) 0.6EnglishHelper, Inc. (Unnamed Fund Contibuters) 0.6NewsiT.net (Private Investors) 0.5Wavebreak Media Ltd. Enterprise Ireland 0.5StratAgile Chime Communications, PLC 0.3

VC/Growth CapitalUndisclosed

Aarki, Inc. Walden Venture Capital - Campalyst (Unnamed Fund Contibuters) - ClearStory Software Google Ventures - Converge Technologies (Pvt) Ltd. JWT - Elo7 Insight Venture Partners - FutureAdvisor Sequoia Capital - Shoptiques, Inc. Andreessen Horowitz Fund - ViVOtech, Inc. (Unnamed Fund Contibuters) - Wowza Media Systems, Inc. Summit Partners LP -


F d d i 1999

Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999• Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting,

Marketing Services, and Software & Information

• More than 30 focused professionals› Unique combination of investment banking and consulting expertise› New York-based with a West Coast office and a Chicago presence

• Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers

• Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC ADVISORYIntelligenceINVESTMENT BANKING ConsultingIntelligence

• Sell-Side Representation• Corporate Divestitures• Capital Raising and Private

PlacementsM&A Ad iso

INVESTMENT BANKING Consulting

• Opportunity Mapping: Strategic Development

• Business Process Engineering/Enhancement

• M&T Transaction Due Diligence Support

• Market Research• Competitive Landscape Analysis• Valuation Analysis• Publishing & Thought Leadership

• M&A Advisory• Fairness Opinions

M&T Transaction Due Diligence Support• Acquisition Strategy/Target Identification


Petsky Prunier was ranked #1 by Bloomberg in 2011 for Mid-Market Advertising and Internet transactions*:

Rank Adviser Deal Count1 Petsky Prunier 192 GCA Savvian Group Corp 143 Nomura Holdings Inc 134 Goldman Sachs & Co 124 China Renaissance Partners 126 Jordan Edmiston Group 106 Sumitomo Mitsui Financial Group Inc 108 Deutsche Bank AG 98 Morgan Stanley 98 KPMG Corp Finance 98 KPMG Corp Finance 911 Bank of America Merrill Lynch 811 Credit Suisse 813 JP Morgan 713 RBC Capital Markets 713 Jefferies Group Inc 716 Barclays Capital 516 Evercore Partners Inc 516 Daiwa Securities Group Inc 516 Lazard Ltd 516 Rothschild 5

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

More than 40 transactions closed in the last two years:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

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


• Across a broad universe of industries, including digital advertising and marketing, digital media, technology and software, information services, and healthcare

REPRESENTATIVE TRANSACTIONSSelected Recent Transactions

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

has been sold to

a global digital marketing agency

a leading data management and audience optimization platform

(DMP) company

a unit of

a leading market services and BPO company

has sold

to

has sold

and

leading provider of services for domain name registration,

acquisition, brokerage and salesto

has been sold to

the top independentdirect-to-consumer marketer of

dental savings planshas been sold to

a leader in global healthcare primary market research and

influence network mapping

a portfolio company of

has sold

to

a leading provider of integrated data, technology and analytics

solutions

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has sold its

a leading provider of media buying, out-of-home and sampling

services in niche markets

to

Niche Market Media Buying Business

(Nasdaq: PSEC)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

a premier provider of affinity programs for universities and colleges

to

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

an integrated digital and promotional marketing agency

in a management-led buyout

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has acquired

(Nasdaq: TREE)has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

Parthenon Capital Partners

has been sold to


one of North America’s largest mobile marketing and gateway

solution providers

has been sold to

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

one of Europe’s leading online advertising networks

has partnered with

to form a joint venture

KRG Capital Partners (Nasdaq:GSIC) (Nasdaq: RRD) CentrSource Canada

has sold theExperiential Marketing Business of

to

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry a leading digital content

marketing agency

a leading performance-basedadvertising network

has been sold to


to has been acquired by refinancing of debt facilities

Documents

March 2012 Marketing, Media, Technology, and …petskyprunier.com/_petskyprunier.com/dynamic/user...Jan-12 Splunk, Inc. Software & Information 125.0 100.5 NM Dec-11 Cantor Entertainment