March 2014 MA and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user_monthly... · This M&A and Investment Summary has been prepared by and is being

March 2014 M&A and Investment Summary

Expertise. Commitment. Results.

2 | M&A and Investment Summary March 2014

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 92

Additional Monthly M&A and Investment Activity Data 413

About Petsky Prunier 544

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

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 406 deals were announced in March 2014, of which 234 were worth $38.7 billion in aggregate reported value

Digital Media/Commerce was the most active segment with 99 deals announced, respectively

Traditional Media was the highest reported value segment with 14 deals announced, of which eight were reported at $13.2 billion in aggregate value

Strategic buyers announced 191 deals (47 percent of total volume), of which 41 were worth $25 billion in aggregate value

VC/Growth Capital investors announced 201 deals, of which 186 were reported for $4.5 billion

Buyout investors announced 14 deals during the month, of which seven were reported at $9.2 billion in aggregate value

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

Digital Media/Commerce 99 24% $4,999.6 13% 33 $2,102.7 1 $1,023.0 65 $1,874.0

Marketing Technology 88 22% 1,419.2 4% 35 219.0 2 ‐ 51 1,200.3

Software 63 16% 4,193.8 11% 30 720.1 5 3,217.3 28 256.4

Technology & Communications 49 12% 6,775.6 18% 22 6,000.6 1 ‐ 26 775.0

Information & Business Services 35 9% 2,610.0 7% 19 60.4 4 2,430.0 12 119.6

Agency & Marketing Services 31 8% 702.6 2% 26 678.3 0 ‐ 5 24.3

Digital Advertising 27 7% 4,726.6 12% 13 1,961.3 1 2,500.0 13 265.3

Traditional Media 14 3% 13,247.4 34% 13 13,247.4 0 ‐ 1 ‐

Total 406 100% 38,674.7 100% 191 24,989.6 14 9,170.3 201 4,514.9

March 2014

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$8.7 $7.5

$20.2 $21.6

$38.0

$7.7

$18.0

$8.4 $11.7 $14.7 $18.4

$81.5

$38.7

336 359 364 392 369 384 375 309 293 301 384 444 406 $-

$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

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

M&A and Investment Summary for All Segments

Transaction Distribution

Compared to the previous month aggregate reported value in March decreased 53 percent from February 2014, and increased 18 percent in deal volume from March 2013

Strategic activity accounted for 47 percent of reported deal value during the month, and included:

• Vodafone’s $10 billion acquisition of Spain‐based television cable company Ono, at a valuation of 3.1x revenue, and 9.0x EBITDA

• Yahoo Japan’s $3.2 billion purchase of Japan‐based mobile Internet services provider eAccess , at a valuation of 1.4x revenue

• Media General’s $1.6 billion acquisition of local television station operator LIN Media, at a valuation of 2.5x revenue, and 9.5x EBITDA

• Berkshire Hathaway’s $1.1 billion purchase of television station WPLG from Graham Holdings Company

(1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland

Omnicom/Publicis

WhatsApp/Facebook

Time Warner Cable/Comcast

(1)


Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Agency & Marketing Services

Schawk, Inc. Digital Agency Matthews International Corporation 591.5$ 442.6$ 53.3$ 1.3x 11.1x

Realise Holdings Ltd. Digital Agency St. Ives, PLC 66.8 4.5 ‐ 14.8x NA

Digital Advertising

Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x

Digital Media/Commerce

JD.com eCommerce Tencent Holdings Ltd. 1,431.3 10,069.0 (69.7) 0.1x NM

Information & Business ServicesHealth Care Compliance Strategies, Inc. Corporate Training HealthStream, Inc. 16.0 6.7 ‐ 2.4x NA

TravelClick, Inc. Product/Price Information Thoma Bravo, Inc. 930.0 290.0 65.0 3.2x 14.3x

Marketing Technology

Pebble Beach Systems Ltd. Content Management Vislink plc 24.6 8.6 2.0 2.9x 12.4x

KnowledgePath Solutions Commerce Management Digital Management, Inc. 22.0 15.0 ‐ 1.5x NA

Software

Serena Software, Inc. Infrastructure Software HGGC, LLC 453.3 183.0 71.0 2.5x 6.4x

Technology & Communications

eAccess Internet Service Providers Yahoo Japan 3,200.0 2,343.1 ‐ 1.4x NA

HiFX Financial Technology Euronet Worldwide, Inc. 241.2 65.2 18.1 3.7x 13.3x

VaultLogix LLC Cloud Storage Intercloud Systems, Inc. 44.0 12.0 4.5 3.7x 9.8x

Traditional Media

Ono, S.A. Cable & Satell ite Television Vodafone Group plc 14,839.9 2,274.5 931.1 6.5x 15.9x

Catalina Marketing Corporation Shopper/Trader/Coupons Berkshire Partners, LLC 2,500.0 460.0 209.0 5.4x 12.0x

LIN Media LLC Broadcast Television Media General, Inc. 1,600.0 652.4 168.1 2.5x 9.5x

LiveTV Entertainment Media Thales Group 400.0 148.1 ‐ 2.7x NA

Quercus Publishing plc Consumer Book Publishing Hodder & Stoughton Ltd. 20.4 21.4 1.6 1.0x 12.8x


Securities in Registration($ in Millions)

Aggregate Date Company Name Country Segment Offering Value Rev EBITDA

Mar‐14 Arista Networks United States Technology & Communications 200.0$ 361.2$ 71.9$

Mar‐14 Box, Inc. United States Software 250.0 124.1 (124.5)

Mar‐14 Five9, Inc. United States Marketing Technology 70.0 84.1 (23.4)

Mar‐14 Globoforce Group plc Ireland Software NA NA NA

Mar‐14 Paycom Software, Inc. United States Software 132.9 107.6 14.2

Mar‐14 Sportsman's Warehouse Holdings, Inc. United States Digital Media/Commerce 201.3 643.2 74.2

Mar‐14 The Rubicon Project, Inc. United States Marketing Technology 101.6 83.8 (1.9)

Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9)

Mar‐14 Weibo Corporation China Digital Media/Commerce 500.0 188.3 (37.6)

Feb‐14 Grub Hub, Inc. United States Digital Media/Commerce 192.6 137.1 29.9

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

Dec‐13 IMS Health United States Software 100.0 NA NA

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

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

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

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

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

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

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

Note: Grub Hub, Five9, and The Rubicon Project began trading in April

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 Mar 31, 2014 1st Trading Day

Mar‐14 NYSE:ATEN A10 Networks , Inc. United States $13.00‐$15.00 $15.00 $16.21, up 8% $15.04 (7.2%)

Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 15.40 33.9%

Mar‐14 NYSE:HIVE Aerohive Networks , Inc. United States 9.00‐11.00 10.00 9.99, down 1% 10.55 5.6%

Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 18.64 (7.3%)

Mar‐14 NYSE:CSLT Castl ight Heal th, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 21.22 (45.4%)

Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 29.25 (0.8%)

Mar‐14 NYSE:COUP Coupons .com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 24.65 (17.8%)

Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, fla t 13.99 (3.5%)

Mar‐14 NYSE:KING King Digita l Enterta inment plc United States 21.00‐24.00 22.50 19.00, down 15% 18.19 0.6%

Mar‐14 NasdaqGS:PCTY Payloci ty Holding Corporation United States 14.00‐16.00 17.00 28.50, up 68% 24.05 (15.6%)

Mar‐14 NYSE:QTWO Q2 Holdings , Inc. United States 11.00‐13.00 13.00 16.68, up 28% 15.53 (6.9%)

Mar‐14 NYSE:TNET TriNet Group, Inc. United States 15.00‐17.00 16.00 19.10, up 19% 21.31 11.6%

Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00‐21.00 22.00 44.56, up 103% 35.76 (19.7%)

Jan‐14 NYSE:CRCM Care.com, Inc. Uni ted States 14.00‐16.00 17.00 24.30, up 43% 16.55 (31.9%)

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 38.41 42.5%

Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 37.89 12.1%

Nov‐13 NYSE:CUDA Barrracuda Networks , Inc. Uni ted States 18.00‐21.00 18.00 21.55, up 20% 33.94 57.5%

Nov‐13 NYSE:CHGG Chegg, Inc. Uni ted States 9.50‐11.50 12.50 9.64, down 23% 7.00 (27.4%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. Uni ted States 15.00‐17.00 10.00 9.55, down 4.5% 17.90 87.4%

Nov‐13 NasdaqGM:GOMO Sungy Mobi le Limited China 9.50‐11.50 11.22 13.35, up 19% 20.91 56.6%

Nov‐13 NYSE:TWTR Twitter Uni ted States 23.00‐25.00 26.00 44.90, up 73% 46.67 3.9%

Nov‐13 NasdaqGS:WIX Wix.com Ltd. Uni ted States 14.50‐16.50 16.50 16.31, down 1% 22.97 40.8%

Nov‐13 NasdaqGS:ZU zul i ly, Inc. Uni ted States 18.00‐20.00 22.00 37.70, up 71% 50.19 33.1%

Oct‐13 NasdaqGS:COMM CommScope Holding Company Inc. Uni ted States 18.00‐21.00 15.00 4.99, fla t 24.68 394.6%

Oct‐13 NasdaqGS:CRTO Cri teo SA France 27.00‐29.00 31.00 35.39, up 15% 40.55 14.6%

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings , Inc. China 14.00‐16.00 12.00 13.84, up 32% 13.01 (6.0%)

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 5.36 (38.4%)

LTM IPO Performance


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 Mar 31, 2014 1st Trading Day

Oct‐13 NasdaqGS:SFXE SFX Enterta inment Inc. Uni ted States $11.00‐$13.00 $13.00 $11.89, down 9% $7.05 (40.7%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. Uni ted States 12.00‐14.00 20.00 37.16, up 86% 26.70 (28.1%)

Sep‐13 NasdaqGM:BNFT Benefi tfocus , Inc. Uni ted States 21.50‐24.50 26.50 53.55, up 102% 46.97 (12.3%)

Sep‐13 NasdaqGS:COVS Covis int Corporation United States 9.00‐11.00 10.00 12.31, up 23% 7.33 (40.5%)

Sep‐13 NasdaqGS:FEYE Fi reEye, Inc. Uni ted States 12.00‐14.00 20.00 39.40, up 97% 61.57 56.3%

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 20.02 56.4%

Sep‐13 NasdaqGS:PINC Premier, Inc. Uni ted States 23.00‐26.00 27.00 30.65, up 14% 32.95 7.5%

Sep‐13 NasdaqGS:FUEL Rocket Fuel , Inc. Uni ted States 27.00‐29.00 29.00 55.42, up 91% 42.88 (22.6%)

Sep‐13 NYSE:VMEM Viol in Memory, Inc. Uni ted States 8.00‐10.00 9.00 7.20, down 20% 4.00 (44.4%)

Aug‐13 NYSE:CVT Cvent, Inc. Uni ted States 17.00‐19.00 21.00 32.92, up 57% 36.15 9.8%

Aug‐13 NYSE:YUME YuMe, Inc. Uni ted States 12.00‐14.00 9.00 9.00, fla t 7.31 (18.8%)

Jul ‐13 NasdaqGS:SALE Reta i lMeNot, Inc. Uni ted States 20.00‐22.00 21.00 27.70, up 32% 32.00 15.5%

Jun‐13 NYSE:GIMO Gigamon LLC United States 18.00‐20.00 19.00 28.47, up 50% 30.39 6.7%

Jun‐13 NasdaqGS:GOGO Gogo Inc. Uni ted States 15.00‐17.00 17.00 16.00, down 6% 20.54 28.4%

Jun‐13 NSEI:JUSTDIAL Just Dia l Limited India $8.39‐$9.69 $9.46 $10.77, up 14% 25.78 139.4%

Jun‐13 NYSE:LITB Light in the Box China 8.50‐10.50 9.50 11.61, up 22% 6.70 (42.3%)

Jun‐13 NYSE:LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 35.07 72.1%

Jun‐13 NYSE:TXTR Textura Corporation United States 13.00‐15.00 15.00 20.35, up 36% $25.21 23.9%

Jun‐13 NYSE:TRMR Tremor Video, Inc. Uni ted States 11.00‐13.00 10.00 8.50, down 15% 4.12 (51.5%)

May‐13 NYSE:ECOM ChannelAdvisor Corporation United States 12.00‐14.00 14.00 18.44, up 32% 37.74 104.7%

May‐13 NYSE:CYNI Cyan, Inc. Uni ted States 10.00‐12.00 11.00 11.14, up 1% 4.27 (61.7%)

May‐13 NasdaqGS:MKTO Marketo, Inc. Uni ted States 11.00‐13.00 13.00 23.10, up 78% 32.67 41.4%

May‐13 NYSE:Q Quinti les Transnationa l Holdings Inc. Uni ted States 36.00‐40.00 40.00 42.11, up 5% 50.77 20.6%

May‐13 NYSE:DATA Tableau Software, Inc. Uni ted States 28.00‐30.00 31.00 50.75, up 64% 76.08 49.9%

Apr‐13 NYSE:RALY Ral ly Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 13.38 (24.9%)

Mar‐13 NYSE:MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 10.57 (35.0%)

Mar‐13 NYSE:MODN Model N, Inc. Uni ted States 12.50‐14.50 15.50 18.45, up 19% 10.11 (45.2%)

Mar‐13 TSE:3182 Ois ix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 25.03 (12.9%)


Digital Media/Commerce

Of the total $5 billion in value reported in the Digital Media/Commerce segment, $1.9 billion in Venture/Growth investments were reported, while another $3.1 billion of strategic and buyout transactions were made

Mobile Content/Apps and eCommerce were the most active subsegments across all segments, with 29 and 26 transactions announced, respectively, which accounted for all strategic value

Select acquisitions:

• BC Partners and Insight Venture Partners $1 billion purchase of Ireland‐based CarTrawler, an online car rental company, from ECI Partners

Select investments:

• Tencent’s $500 million investment in South Korea‐based CJ Games, an online game developing company

• The $280 million investment led by Alibaba Group in Tango, a text and video messaging mobile application developer

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

Mobile Content/Apps 29 29% $481.6 10% 8 $20.0 0 ‐ 21 $461.6

eCommerce 26 26% 2,593.3 52% 7 2,082.7 0 ‐ 19 510.6

Classifieds/Auctions/P‐to‐P 17 17% 1,194.5 24% 6 ‐ 1 1,023.0 10 171.5

Niche Content 9 9% 6.7 0% 6 ‐ 0 ‐ 3 6.7

Gaming 8 8% 690.2 14% 1 ‐ 0 ‐ 7 690.2

Social Media/Apps 8 8% 33.4 1% 3 ‐ 0 ‐ 5 33.4

Total 99 100% 4,999.6 100% 33 2,102.7 1 1,023.0 65 1,874.0

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media/CommercePublic Company Valuation

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

Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States $5.63 ‐21% $ 361.4 $ 365.1 $ 753.9 $ 46.4 6.2% 4.5% 0.5x 7.9x58.com Inc. * China 41.63 ‐29% 3,390.3 3,079.2 145.7 19.3 13.2% 67.3% 21.1x 159.7xAmazon.com Inc. United States 336.37 ‐18% 154,480.7 148,169.7 74,452.0 3,547.0 4.8% 21.9% 2.0x 41.8xAOL Inc. United States 43.77 ‐18% 3,477.7 3,392.4 2,319.9 436.3 18.8% 5.8% 1.5x 7.8xBaidu, Inc. China 152.27 ‐20% 53,350.0 50,289.6 5,142.0 2,231.1 43.4% 43.2% 9.8x 22.5xBlucora, Inc. United States 19.69 ‐35% 830.7 799.7 574.0 103.0 17.9% 41.1% 1.4x 7.8xBlue Nile Inc. United States 34.80 ‐29% 444.5 329.1 450.0 15.8 3.5% 12.5% 0.7x 20.8xCafePress Inc. United States 6.07 ‐19% 104.2 70.0 245.9 5.2 2.1% 12.9% 0.3x 13.4xCare.com, Inc. * United States 16.55 ‐43% 512.4 634.8 81.5 NA NA 68.0% 7.8x NA CDW Corporation United States 27.44 ‐5% 4,718.4 8,038.1 10,768.6 706.4 6.6% 6.3% 0.7x 11.4xCopart, Inc. United States 36.39 ‐5% 4,580.4 4,891.9 1,107.7 340.7 30.8% 13.5% 4.4x 14.4xCupid plc United Kingdom 1.10 ‐30% 78.3 57.6 44.2 1.0 2.2% ‐67.1% 1.3x 59.4xCyberAgent Inc. Japan 38.20 ‐28% 2,383.6 2,226.6 1,599.2 170.4 10.7% 10.4% 1.4x 13.1xDemand Media, Inc. United States 4.85 ‐50% 420.4 363.1 394.6 171.8 43.5% 3.7% 0.9x 2.1xDeNA Co., Ltd. Japan 18.02 ‐35% 2,334.1 1,810.8 1,874.0 670.6 35.8% 0.0% 1.0x 2.7xeBay Inc. United States 55.24 ‐7% 69,991.3 65,089.3 16,047.0 4,771.0 29.7% 14.0% 4.1x 13.6xE‐Commerce China Dangdang Inc. * China 14.36 ‐25% 1,155.5 956.2 1,018.1 (24.8) NM 21.8% 0.9x NM eLong Inc. * China 16.39 ‐31% 566.5 263.6 162.5 (24.8) NM 35.7% 1.6x NM Everyday Health, Inc. United States 13.99 ‐6% 415.2 470.3 155.9 10.6 6.8% 12.5% 3.0x 44.5xExpedia Inc. United States 72.50 ‐11% 9,385.7 9,767.0 4,771.3 654.9 13.7% 18.4% 2.0x 14.9xFacebook, Inc. United States 60.24 ‐17% 153,596.5 142,623.5 7,872.0 3,932.0 49.9% 54.7% 18.1x 36.3xForgame Holdings Limited China 5.36 ‐44% 680.5 473.0 190.4 54.1 28.4% 52.3% 2.5x 8.7xG5 Entertainment AB (publ) * Sweden 4.23 ‐51% 37.2 33.0 15.3 0.5 3.1% 23.6% 2.2x 69.7xGameLoft SA France 10.52 ‐9% 884.3 799.6 319.7 52.7 16.5% 12.0% 2.5x 15.2xGeeknet, Inc. United States 14.02 ‐30% 93.4 40.3 138.3 1.1 0.8% 16.3% 0.3x 36.2xGlu Mobile, Inc. * United States 4.74 ‐16% 381.7 353.2 105.6 (14.0) NM ‐2.4% 3.3x NM Google Inc. United States 556.97 ‐8% ‐ ‐ 59,825.0 18,028.0 30.1% 19.2%Gree, Inc. Japan 11.02 ‐16% 2,594.5 2,214.0 1,381.3 435.8 31.6% ‐12.7% 1.6x 5.1xHollywood Media Corp. * United States 1.45 ‐26% 32.8 8.0 0.5 (5.9) NM ‐22.1% 15.7x NM HSN, Inc. United States 59.73 ‐8% 3,173.0 3,217.2 3,404.0 307.6 9.0% 4.2% 0.9x 10.5xIAC/InterActiveCorp United States 71.39 ‐11% 5,869.5 5,928.5 3,023.0 545.0 18.0% 7.9% 2.0x 10.9xInternational Game Technology United States 14.06 ‐34% 3,468.6 5,081.3 2,352.5 778.3 33.1% 5.2% 2.2x 6.5xiProperty Group Limited * Malaysia 2.93 ‐22% 531.7 517.2 17.7 (2.5) NM 23.2% 29.2x NM j2 Global, Inc. United States 50.05 ‐11% 2,367.7 2,314.8 520.8 215.2 41.3% 40.2% 4.4x 10.8xJiayuan.com International Ltd. China 6.55 ‐31% 196.6 101.8 79.3 10.8 13.7% 19.9% 1.3x 9.4xJobStreet Corp. Bhd. * Malaysia 0.74 ‐18% 479.7 475.6 2.6 2.0 77.8% ‐94.7% 182.3x 234.2xKongzhong Corp. China 11.47 ‐23% 481.2 301.5 173.7 20.2 11.6% ‐3.8% 1.7x 14.9xLifeLock, Inc. United States 17.11 ‐25% 1,578.3 1,405.7 369.7 27.5 7.4% 33.7% 3.8x 51.2xLiberty Interactive Corporation United States 28.87 ‐6% 14,378.4 24,462.4 11,252.0 2,018.0 17.9% 11.9% 2.2x 12.1xLightInTheBox Holding Co., Ltd. * China 6.70 ‐71% 328.01 224.30 292.42 (3.63) NM 46.2% 0.8x NM LinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1x




Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMediabistro Inc. * United States 2.43 ‐55% $ 14.7 $ 21.8 $ 12.5 $ (1.8) NM ‐10.6% 1.7x NM MeetMe, Inc. * United States 3.26 ‐26% 125.4 125.2 40.4 (2.0) NM ‐13.5% 3.1x NM Mercadolibre, Inc. Argentina $95.11 ‐35% 4,199.5 4,002.5 472.6 165.4 35.0% 26.5% 8.5x 24.2xMixi, Inc. * Japan 54.98 ‐37% 914.9 812.3 87.6 1.7 2.0% ‐33.9% 9.3x NM NCsoft Corporation South Korea 206.20 ‐14% 4,112.4 3,492.0 715.7 199.0 27.8% 0.4% 4.9x 17.5xNetflix, Inc. * United States 352.03 ‐23% 21,053.9 20,384.1 4,374.6 276.7 6.3% 21.2% 4.7x 73.7xNEXON Co., Ltd. Japan 8.41 ‐36% 3,693.7 2,860.3 1,501.0 625.8 41.7% 43.2% 1.9x 4.6xOpenTable, Inc. United States 76.93 ‐12% 1,803.9 1,689.4 190.1 58.1 30.6% 17.6% 8.9x 29.1xOrbitz Worldwide, Inc. United States 7.84 ‐41% 855.0 1,182.1 847.0 116.1 13.7% 8.8% 1.4x 10.2xOverstock.com Inc. United States 19.70 ‐45% 472.2 323.6 1,304.2 22.6 1.7% 18.6% 0.2x 14.3xPacific Online Ltd. China 0.62 ‐29% 684.7 610.3 136.6 53.5 39.2% 18.5% 4.5x 11.4xPandora Media, Inc. * United States 30.32 ‐25% 5,985.9 5,641.4 588.3 (42.0) NM 53.5% 9.6x NM PC Home Online Inc. Taiwan 7.52 ‐12% 618.6 504.7 538.0 24.8 4.6% 10.9% 0.9x 20.3xPerform Group plc. United Kingdom 4.08 ‐60% 1,071.8 989.8 346.5 48.9 14.1% 37.3% 2.9x 20.2xPetMed Express, Inc. United States 13.41 ‐24% 267.2 225.7 235.9 29.3 12.4% 1.4% 1.0x 7.7xPhoenix New Media Limited China 10.37 ‐24% 798.8 567.9 229.5 43.4 18.9% 28.2% 2.5x 13.1xpriceline.com Incorporated United States 1,191.89 ‐14% 62,147.5 57,297.3 6,793.3 2,553.1 37.6% 29.1% 8.4x 22.4xRakuten, Inc. Japan 13.31 ‐25% 17,539.3 17,655.9 5,010.8 1,171.1 23.4% 0.0% 3.5x 15.1xRealNetworks Inc. * United States 7.58 ‐15% 271.6 45.5 206.2 (31.7) NM ‐20.3% 0.2x NM Rediff.com India Limited * India 2.18 ‐38% 60.1 40.1 16.4 (6.0) NM 1.8% 2.4x NM Renren Inc. * China 3.27 ‐32% 1,238.7 289.8 156.7 (93.8) NM ‐11.0% 1.8x NM Shutterfly, Inc. United States 42.68 ‐29% 1,632.0 1,377.9 783.6 86.1 11.0% 22.3% 1.8x 16.0xShutterstock, Inc. United States 72.61 ‐30% 2,546.7 2,336.9 235.5 47.0 20.0% 38.9% 9.9x 49.7xSky‐mobi Limited China 8.80 ‐31% 260.4 159.6 83.5 7.2 8.6% ‐16.3% 1.9x 22.3xSNAP Interactive, Inc. * United States 0.31 ‐73% 12.0 10.9 12.6 (5.3) NM ‐34.5% 0.9x NM Spark Networks, Inc. * United States 5.23 ‐44% 124.8 110.0 69.4 (9.8) NM 12.4% 1.6x NM Stamps.com Inc. United States 33.56 ‐32% 545.2 472.1 127.8 36.7 28.7% 10.5% 3.7x 12.9xTaomee Holdings Ltd. China 5.93 ‐33% 218.2 101.1 48.4 6.0 12.5% 20.3% 2.1x 16.8xTheStreet, Inc. * United States 2.62 ‐14% 89.9 35.0 54.5 (0.4) NM 7.4% 0.6x NM Twitter, Inc. * United States 46.67 ‐38% 27,459.6 25,426.0 664.9 (531.9) NM 109.8% 38.2x NM U.S. Auto Parts Network, Inc. United States 3.06 ‐9% 102.1 117.9 254.8 4.6 1.8% ‐16.2% 0.5x 25.7xUnited Online, Inc. United States 11.56 ‐81% 162.3 94.0 233.6 17.5 7.5% ‐9.4% 0.4x 5.4xValueVision Media Inc. United States 4.86 ‐31% 242.2 251.1 640.5 12.8 2.0% 9.1% 0.4x 19.7x



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


Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAVipshop Holdings Limited * China 149.30 ‐18% $ 8,407.9 $ 7,687.4 $ 1,696.7 $ 58.4 3.4% 145.1% 4.5x 131.7xVitacost.com, Inc. * United States 7.09 ‐25% 241.4 216.6 382.7 (6.9) NM 15.7% 0.6x NM WebMD Health Corp. United States 41.40 ‐19% 1,598.0 1,725.4 515.3 73.6 14.3% 9.7% 3.3x 23.5xXO Group Inc. United States 10.14 ‐36% 272.6 181.9 133.8 17.7 13.2% 3.6% 1.4x 10.3xYahoo! Inc. United States 35.90 ‐14% 7,136.5 34,032.6 4,680.4 1,031.3 22.0% ‐6.1% 7.3x 33.0xYandex N.V. Netherlands 30.19 ‐34% 9,771.2 9,252.2 1,125.4 471.0 41.9% 37.3% 8.2x 19.6xYY Inc. China 76.36 ‐16% 4,232.2 3,875.0 293.8 84.7 28.8% 122.4% 13.2x 45.8xzuli ly, Inc. United States 50.19 ‐32% 6,227.7 5,919.6 695.7 18.3 2.6% 110.0% 5.2x 30.0xZynga, Inc. United States 4.30 ‐27% 3,770.6 2,645.1 873.3 73.6 8.4% ‐31.8% 3.0x 35.9x

Adjusted Weighted Average 7.8x 24.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (47.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (68.3x)


Digital Advertising

There were a total of 27 transactions announced (13 acquisitions and 13 investments) in the Digital Advertising segment, worth a total of $2.2 billion in aggregate reported value


• Berkshire Partners’ $2.5 billion acquisition of shopper marketing company Catalina Marketing from Hellman & Friedman, reportedly valued at 5.4x revenue and 12.0x EBITDA

• The Walt Disney Company’s purchase of Maker Studios, an online video producer and distributor, for a reported $950 million in cash and earn‐out

• CoStar Group’s $585 million acquisition of online apartment search platform Apartments.com

• Comcast’s $360 million acquisition of FreeWheel Media, which provides online video advertising solutions for global media companies

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

Digital Video 8 30% $1,336.7 28% 5 $1,310.0 0 ‐ 3 $26.7

Local Search 4 15% 618.5 13% 1 585.0 0 ‐ 3 33.5

Ad Networks/Exchanges 3 11% 126.3 3% 1 48.3 0 ‐ 2 78.0

Comparison Shopping 3 11% 34.0 1% 1 ‐ 0 ‐ 2 34.0

Mobile Marketing 3 11% 7.1 0% 2 ‐ 0 ‐ 1 7.1

Digital Promotion/Coupon 1 4% 2,500.0 53% 0 ‐ 1 2,500.0 0 ‐

Online Lead Generation 2 7% 86.0 2% 0 ‐ 0 ‐ 2 86.0

Other* 4 15% 2,518.0 53% 3 18.0 1 2,500.0 0 0.0

Total 27 100% 4,726.6 100% 13 1,961.3 1 2,500.0 13 265.3

*Other includes Affiliate/CPA Network, Search Marketing, and Vertical Search

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN




Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States $12.18 ‐57% $ 712.6 $ 671.7 $ 245.6 $ (24.0) NM 57.7% 2.7x NM AOL Inc. United States 43.77 ‐18% 3,477.7 3,392.4 2,319.9 436.3 18.8% 5.8% 1.5x 7.8xAutobytel Inc. United States 12.43 ‐34% 110.8 101.1 78.4 4.6 5.8% 17.3% 1.3x 22.2xBankrate, Inc. United States 16.94 ‐27% 1,741.5 1,808.5 457.4 108.8 23.8% 0.1% 4.0x 16.6xBlinkx plc United States 1.87 ‐52% 746.5 675.3 227.5 31.8 14.0% 49.9% 3.0x 21.2xBlucora, Inc. United States 19.69 ‐35% 830.7 799.7 574.0 103.0 17.9% 41.1% 1.4x 7.8xConstant Contact, Inc. United States 24.46 ‐26% 765.4 642.2 285.4 26.7 9.4% 13.2% 2.3x 24.0xConversant, Inc. United States 28.15 ‐13% 1,896.1 1,954.8 573.1 207.2 36.1% 6.2% 3.4x 9.4xCoupons.com Incorporated United States 24.65 ‐25% 1,803.6 1,787.7 167.9 (3.6) NM 49.7% 10.6x NM Criteo SA * France 40.55 ‐33% 2,328.9 2,021.3 608.4 31.3 5.1% 63.3% 3.3x 64.7xCtrip.com International Ltd. China 50.42 ‐17% 6,869.8 6,185.6 867.1 153.9 17.8% 29.5% 7.1x 40.2xDemand Media, Inc. United States 4.85 ‐50% 420.4 363.1 394.6 44.9 11.4% 3.7% 0.9x 8.1xDice Holdings, Inc. United States 7.46 ‐24% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7xDigital Globe Services Inc. United States 3.50 ‐25% 104.8 102.0 32.1 3.5 10.9% 40.7% 3.2x 29.0xeHealth, Inc. * United States 50.80 ‐20% 958.9 851.8 179.2 11.6 6.5% 15.2% 4.8x 73.7xGoogle Inc. United States 556.97 ‐8% ‐ ‐ 59,825.0 18,028.0 30.1% 19.2%Groupon, Inc. United States 7.84 ‐39% 5,356.6 4,123.4 2,573.7 140.0 5.4% 10.2% 1.6x 29.5xHi‐Media S.A. France 3.19 ‐5% 142.7 146.3 253.9 9.3 3.7% ‐4.8% 0.6x 15.7xHomeAway, Inc. * United States 37.67 ‐23% 3,481.0 3,100.2 346.5 59.2 17.1% 23.6% 8.9x 52.4xIAC/InterActiveCorp United States 71.39 ‐11% 5,869.5 5,928.5 3,023.0 545.0 18.0% 7.9% 2.0x 10.9xInternetQ PLC United Kingdom 6.14 ‐10% 238.5 231.3 114.6 11.4 9.9% 36.9% 2.0x 20.3xLeGuide.com S.A. France 40.44 ‐26% 144.3 107.7 62.5 9.0 14.4% 4.2% 1.7x 12.0xMakeMyTrip Limited India 27.08 ‐9% 1,118.9 1,053.1 249.7 (19.4) NM 13.2% 4.2x NM Millennial Media Inc. United States 6.92 ‐34% 737.6 640.1 259.2 1.1 0.4% 45.9% 2.5x NM Monster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3xMove, Inc. United States 11.56 ‐37% 454.2 418.0 227.0 13.6 6.0% 14.0% 1.8x 30.8xOpera Software ASA Norway 13.06 ‐18% 1,732.0 1,566.4 300.1 82.5 27.5% 38.9% 5.2x 19.0xPacific Online Ltd. China 0.62 ‐29% 684.7 610.3 136.5 53.5 39.2% 18.5% 4.5x 11.4xQuinStreet, Inc. United States 6.64 ‐32% 288.8 251.7 297.8 26.7 9.0% ‐9.5% 0.8x 9.4xReachLocal, Inc. United States 9.85 ‐43% 284.0 203.7 514.1 13.2 2.6% 13.0% 0.4x 15.5xRetailMeNot, Inc. United States 32.00 ‐34% 1,714.1 1,589.6 209.8 70.8 33.7% 45.0% 7.6x 22.4xRightmove plc * United Kingdom 43.79 ‐6% 4,339.3 4,328.0 232.3 162.3 69.9% 17.2% 18.6x 26.7xRocket Fuel Inc. United States 42.88 ‐40% 1,503.1 1,416.7 240.6 (10.2) NM 125.7% 5.9x NM Rovi Corporation United States 22.78 ‐14% 2,198.5 2,869.6 538.1 181.3 33.7% 2.3% 5.3x 15.8xSepteni Holdings Co., Ltd. Japan 12.76 ‐15% 323.1 273.8 460.5 22.0 4.8% 12.0% 0.6x 12.4xTiVo Inc. United States 13.23 ‐7% 1,596.8 766.8 406.3 38.4 9.4% 33.7% 1.9x 20.0xTradeDoubler AB Sweden 2.58 ‐29% 109.3 69.3 305.7 8.2 2.7% ‐13.3% 0.2x 8.5xTravelzoo Inc. United States 22.90 ‐33% 337.7 271.1 158.2 27.3 17.2% 4.7% 1.7x 9.9xTree.Com, Inc. United States 31.04 ‐11% 350.9 259.3 139.2 9.9 7.1% 79.8% 1.9x 26.1xTremor Video, Inc. United States 4.12 ‐63% 207.4 114.7 131.8 (7.2) NM 25.3% 0.9x NM

Digital AdvertisingPublic Company Valuation


Digital Advertising Public Company Valuation

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


Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATripAdvisor Inc. United States 90.59 ‐17% $ 12,884.9 $ 12,771.0 $ 944.7 $ 310.8 32.9% 23.8% 13.5x 41.1xTrulia, Inc. United States $33.20 ‐37% 1,222.5 1,227.1 143.7 (10.2) NM 111.1% 8.5x NM Velti Plc Ireland 0.03 ‐98% 3.1 15.4 232.1 (136.5) NM ‐1.6% 0.1x NM Vocus Inc. United States 13.33 ‐13% 288.2 332.3 186.9 0.2 0.1% 9.4% 1.8x NM Voltari Corporation United States 3.58 ‐52% 16.5 22.5 10.3 (19.1) NM ‐88.6% 2.2x NM Web.com Group, Inc. United States 34.03 ‐10% 1,755.9 2,305.2 492.3 87.0 17.7% 20.8% 4.7x 26.5xYahoo! Inc. United States 35.90 ‐14% 7,136.5 34,032.6 4,680.4 1,031.3 22.0% ‐6.1% 7.3x 33.0xYelp, Inc. * United States 76.93 ‐24% 5,489.9 5,100.1 233.0 0.9 0.4% 69.4% 21.9x NM Yandex N.V. Netherlands 30.19 ‐34% 9,771.2 9,252.2 1,125.4 471.0 41.9% 37.3% 8.2x 19.6xYouku Tudou Inc. * China 28.04 ‐26% 4,698.4 4,174.2 487.9 51.5 10.6% 68.7% 8.6x 81.0xYuMe, Inc. * United States 7.31 ‐39% 236.3 186.7 151.1 4.4 2.9% 29.5% 1.2x 42.6xZil low, Inc. * United States 88.10 ‐14% 3,451.1 3,155.8 197.5 (5.5) NM 69.1% 16.0x NM


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (42.1x)


Marketing Technology

Analytics & Reporting was the most active Marketing Technology subsegment with 18 transactions announced, worth $258 million in aggregate reported value. Content Management was the highest reported value subsegment with ten deals announced, worth $876 million


• Salience Insight’s $100 million purchase of CARMA International, which provides media research and analytics services

• Corporate Executive Board’s $52 million acquisition of KnowledgeAdvisors, a provider of analytics solutions for talent development professionals

• Vislink’s $24.6 million acquisition of content management provider Pebble Beach Systems

Select investments:

• TPG Growth’s $125 million investment in business intelligence company Domo

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

Analytics & Reporting 18 20% $258.0 18% 4 $163.3 0 ‐ 14 $94.7

Content Management 10 11% 875.7 62% 5 24.6 0 ‐ 5 851.1

Social Technology 9 10% 44.0 3% 7 ‐ 0 ‐ 2 44.0

Mobile Technology 8 9% 60.7 4% 2 ‐ 0 ‐ 6 60.7

MRM/Workflow Management 6 7% 23.3 2% 3 9.1 0 ‐ 3 14.2

Online Targeting/Optimization 6 7% 21.8 2% 3 ‐ 0 ‐ 3 21.8

BI Tools 4 5% 26.7 2% 0 ‐ 0 ‐ 4 26.7

Other* 27 31% 109.1 8% 11 22.0 2 ‐ 14 87.1

Total 88 100% 1,419.2 100% 35 219.0 2 0.0 51 1,200.3

*Other includes Ad Serving, Commerce Management, CRM, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN




Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. * United States $12.46 ‐1% $ 694.8 $ 631.2 $ 168.5 $ 6.7 4.0% 3.7% 3.7x 93.8xActuate Corporation United States 6.02 ‐27% 283.4 204.4 134.5 13.7 10.2% ‐3.1% 1.5x 14.9xAdobe Systems Inc. United States 65.74 ‐8% 32,720.8 31,098.4 4,047.5 752.5 18.6% ‐7.3% 7.7x 41.3xBazaarvoice, Inc. United States 7.30 ‐37% 537.8 480.9 181.4 (30.6) NM 22.3% 2.7x NM Bitauto Holdings Limited China 35.84 ‐24% 1,487.3 1,304.3 231.9 47.2 20.4% 36.2% 5.6x 27.6xBlackbaud Inc. United States 31.30 ‐26% 1,411.8 1,553.2 503.8 100.9 20.0% 12.6% 3.1x 15.4xBorderfree, Inc. United States 18.64 ‐8% 568.1 524.5 110.5 1.4 1.2% 35.7% 4.7x NM Brightcove, Inc. United States 9.83 ‐40% 314.9 278.8 109.9 (1.9) NM 24.9% 2.5x NM ChannelAdvisor Corporation United States 37.74 ‐24% 924.8 823.3 68.0 (10.7) NM 26.9% 12.1x NM ChinaCache International Holdings * China 20.54 ‐30% 480.7 430.7 177.7 4.1 2.3% 35.6% 2.4x 104.2xConstant Contact, Inc. United States 24.46 ‐26% 765.4 642.2 285.4 26.7 9.4% 13.2% 2.3x 24.0xCovisint Corporation United States 7.33 ‐50% 274.8 220.0 98.4 (27.1) NM 13.9% 2.2x NM Cvent, Inc. United States 36.15 ‐22% 1,485.8 1,328.0 111.1 2.1 1.9% 33.1% 11.9x NM Dealertrack Technologies, Inc. United States 49.19 ‐16% 2,600.8 2,638.2 481.5 57.9 12.0% 23.8% 5.5x 45.6xDemandware, Inc. * United States 64.06 ‐22% 2,266.9 1,991.6 103.7 (16.2) NM 30.5% 19.2x NM Digital River Inc. United States 17.43 ‐14% 576.7 283.0 389.7 32.5 8.3% 5.2% 0.7x 8.7xE2open, Inc. United States 23.57 ‐21% 677.0 669.6 69.5 (18.7) NM ‐6.6% 9.6x NM eBay Inc. United States 55.24 ‐7% 69,991.3 65,089.3 16,047.0 4,771.0 29.7% 14.0% 4.1x 13.6xEndurance International Group United States 13.01 ‐20% 1,679.7 2,680.3 520.3 61.5 11.8% 78.1% 5.2x 43.6xInformatica Corporation United States 37.78 ‐14% 4,126.0 3,448.6 948.2 164.1 17.3% 16.8% 3.6x 21.0xInfosystems S.A. Poland 0.67 ‐54% 2.7 2.1 2.8 1.2 41.1% 14.7% 0.8x 1.8xInteractive Intelligence Group Inc. United States 72.50 ‐11% 1,503.9 1,405.9 318.2 28.4 8.9% 34.1% 4.4x 49.4xIBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2xJive Software, Inc. United States 8.01 ‐57% 562.8 463.0 145.8 (60.8) NM 28.2% 3.2x NM LivePerson Inc. * United States 12.07 ‐21% 660.5 568.6 177.8 6.3 3.5% 13.0% 3.2x 90.8xMarin Software Incorporated United States 10.57 ‐34% 348.8 250.6 77.3 (29.6) NM 29.8% 3.2x NM Marketo, Inc. United States 32.67 ‐27% 1,313.6 1,192.9 95.9 (40.7) NM 64.2% 12.4x NM Mercadolibre, Inc. Argentina 95.11 ‐35% 4,199.5 4,002.5 472.6 165.4 35.0% 26.5% 8.5x 24.2xMicroStrategy Inc. United States 115.39 ‐15% 1,304.0 946.7 575.9 40.3 7.0% 1.8% 1.6x 23.5xNetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Nuance Communications, Inc. United States 17.17 ‐27% 5,445.6 7,031.8 1,863.0 209.9 11.3% 6.3% 3.8x 33.5xOpen Text Corporation Canada 47.71 ‐10% 5,770.4 5,801.3 1,372.9 421.8 30.7% 7.6% 4.2x 13.8xOpera Software ASA Norway 13.10 ‐18% 1,737.2 1,571.1 300.1 82.5 27.5% 38.9% 5.2x 19.0xOracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3xPROS Holdings, Inc. * United States 31.51 ‐24% 919.7 875.0 144.8 9.5 6.6% 23.0% 6.0x 92.2xPTC Inc. United States 35.42 ‐12% 4,204.5 4,201.2 1,298.7 289.0 22.3% 3.3% 3.2x 14.5xQlik Technologies, Inc. * United States 26.59 ‐29% 2,369.6 2,141.9 470.5 11.7 2.5% 21.1% 4.6x 183.9xRovi Corporation United States 22.78 ‐14% 2,198.5 2,869.6 538.1 181.3 33.7% 2.3% 5.3x 15.8xSage Group plc United Kingdom 6.96 ‐5% 7,640.4 8,239.4 2,291.0 664.8 29.0% 2.7% 3.6x 12.4xSalesforce.com, Inc United States 57.09 ‐15% 34,830.6 36,500.4 4,071.0 (60.6) NM 33.5% 9.0x NM SAP AG Germany 81.26 ‐8% 96,996.6 99,053.9 23,217.1 7,946.2 34.2% 3.6% 4.3x 12.5x

Marketing Technology Public Company Valuation


Marketing Technology Public Company Valuation


Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASizmek Inc. United States 10.63 ‐20% $ 323.7 $ 301.1 $ 161.1 $ 22.7 14.1% 14.6% 1.9x 13.3xSky‐mobi Limited China 8.80 ‐31% 260.4 159.6 83.5 7.2 8.6% ‐16.3% 1.9x 22.3xSungy Mobile Limited China 20.91 ‐38% 698.5 571.0 53.0 15.7 29.6% 77.5% 10.8x 36.4xSynchronoss Technologies, Inc. United States 34.29 ‐13% 1,394.3 1,331.0 349.0 77.6 22.2% 27.5% 3.8x 17.2xTableau Software, Inc. * United States 76.08 ‐26% 4,851.9 4,599.2 232.4 10.5 4.5% 82.0% 19.8x NM Teradata Corporation United States 49.19 ‐25% 7,848.3 7,427.3 2,692.0 622.0 23.1% 1.0% 2.8x 11.9xTIBCO Software Inc. United States 20.32 ‐25% 3,288.2 3,072.2 1,085.0 201.3 18.6% 4.7% 2.8x 15.3xVerint Systems Inc. United States 46.93 ‐4% 2,516.1 2,754.0 907.3 178.3 19.6% 8.1% 3.0x 15.4xVocus Inc. United States 13.33 ‐13% 288.2 332.3 186.9 0.2 0.1% 9.4% 1.8x NM Weborama France 14.94 ‐25% 52.1 48.7 38.2 3.9 10.3% 3.8% 1.3x 12.4xWix.com ltd Israel 22.97 ‐30% 861.7 760.5 80.5 (25.6) NM 84.2% 9.5x NM




Agency & Marketing Services

There were 31 transactions announced in the Agency & Marketing Services segment in March. Digital Agency and Database/Analytics were the most active subsegments with 13 and three transactions announced, respectively


• Matthews International’s $592 million purchase of publicly‐traded agency and marketing services company Schawk, at a valuation of 1.3x revenue, and 11.1x EBITDA

• St Ives’ $66.8 million acquisition of UK‐based digital marketing agency Realise Holdings, valued at a 14.8x EBITDA

• WPP’s majority stake purchase in UK‐based Cognifide, a digital technology consultancy company

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

Digital Agency 13 42% $678.3 97% 13 $678.3 0 ‐ 0 ‐

Database/Analytics 3 10% 8.0 1% 2 ‐ 0 ‐ 1 8.0

Public Relations 3 10% ‐ 0% 3 ‐ 0 ‐ 0 ‐

Experiential Marketing 2 6% ‐ 0% 1 ‐ 0 ‐ 1 ‐

Promotion Agency 2 6% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Other* 10 32% 16.3 0% 7 ‐ 0 ‐ 3 16.3

Total 31 100% 702.6 0% 26 678.3 0 0.0 5 24.3

*Other includes Branded Communications, B‐to‐B Agency, General Agency, Healthcare Agency, Marketing Consulting, and Performance/Contract Sales

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



AgencyPublic Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $1.54 ‐3% $ 128.1 $ 134.2 $ 265.8 $ 16.5 6.2% 18.2% 0.5x 8.1xCharm Communications Inc. China 4.33 ‐26% 173.3 93.4 168.8 (2.5) NM ‐15.1% 0.6x NM Chime Communications plc * United Kingdom 5.69 ‐9% 552.7 622.5 498.1 22.2 4.5% ‐13.1% 1.2x 28.0xCreston plc United Kingdom 1.71 ‐11% 101.5 98.7 122.7 18.4 15.0% ‐2.5% 0.8x 5.4xDentsu Inc. * Japan 37.83 ‐11% 10,909.0 13,175.1 21,176.1 699.4 3.3% 0.0% 0.6x 18.8xEnero Group Limited Austral ia 0.93 ‐7% 79.2 63.1 209.7 3.5 1.7% ‐23.4% 0.3x NM Havas France 7.50 ‐14% 3,026.0 3,302.1 2,446.7 394.9 16.1% ‐0.3% 1.3x 8.4xHuntsworth plc United Kingdom 1.13 ‐6% 355.8 470.7 289.2 50.4 17.4% ‐1.5% 1.6x 9.3xM&C Saatchi plc United Kingdom 4.77 ‐18% 295.5 244.0 269.8 26.5 9.8% ‐4.4% 0.9x 9.2xMDC Partners Inc. * United States 22.90 ‐13% 1,132.5 1,869.4 1,148.9 102.9 9.0% 8.1% 1.6x 18.2xNext Fifteen Communications Group plc United Kingdom 1.76 ‐9% 106.3 112.9 159.9 15.9 9.9% 4.9% 0.7x 7.1xOmnicom Group Inc. United States 72.60 ‐6% 18,745.7 20,744.2 14,584.5 2,151.5 14.8% 2.6% 1.4x 9.6xOPT, Inc. Japan 7.60 ‐5% 227.5 111.1 653.4 20.2 3.1% ‐14.3% 0.2x 5.5xPorta Communications Plc United Kingdom 0.23 ‐21% 49.4 55.5 25.3 (3.1) NM 531.3% 2.2x NM Publicis Groupe SA France 90.55 ‐7% 18,706.2 17,955.1 9,600.3 1,817.1 18.9% 5.2% 1.9x 9.9xSapient Corp. United States 17.06 ‐5% 2,395.1 2,052.4 1,259.4 160.9 12.8% 12.3% 1.6x 12.8xThe Interpublic Group of Companies, Inc. United States 17.14 ‐5% 7,268.1 7,573.2 7,122.3 816.3 11.5% 2.4% 1.1x 9.3xWPP plc United Kingdom 20.59 ‐11% 27,503.2 31,665.5 18,345.8 3,063.3 16.7% 6.2% 1.7x 10.3x

1.5x 9.9xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $34.40 ‐12% $ 2,627.1 $ 2,569.5 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.3x 14.1xAimia Inc. Canada 16.10 ‐11% 2,784.8 3,200.2 1,518.0 (633.2) NM ‐25.6% 2.1x NM Alliance Data Systems Corporation * United States 272.45 ‐9% 14,487.0 19,595.7 4,319.1 1,281.1 29.7% 18.6% 4.5x 15.3xCSG Systems International Inc. United States 26.04 ‐19% 890.7 945.1 747.5 125.8 16.8% ‐1.2% 1.3x 7.5xData Group Ltd. Canada 0.81 ‐59% 19.0 105.6 287.5 23.1 8.0% ‐5.8% 0.4x 4.6xDST Systems Inc. United States 94.79 ‐5% 3,991.7 4,296.0 2,658.6 430.6 16.2% 3.2% 1.6x 10.0xFair Isaac Corporation United States 55.32 ‐13% 1,931.4 2,313.5 737.8 191.1 25.9% 6.0% 3.1x 12.1xHarte‐Hanks Inc. United States 8.84 ‐13% 553.1 562.4 559.6 63.6 11.4% ‐3.7% 1.0x 8.8xHigh Co. SA France 7.99 ‐3% 83.5 44.6 184.1 15.4 8.4% ‐0.7% 0.2x 2.9xInsignia Systems Inc. United States 3.02 ‐13% 38.8 17.0 27.8 3.5 12.4% 37.6% 0.6x 4.9xMultiplus SA Brazil 11.03 ‐34% 1,787.5 1,229.8 728.0 128.0 17.6% 11.8% 1.7x 9.6xPDI, Inc. United States 4.58 ‐27% 70.4 21.3 150.8 (3.2) NM 18.9% 0.1x NM Pitney Bowes Inc. United States 25.99 ‐2% 5,265.8 7,970.2 3,869.4 824.3 21.3% ‐1.2% 2.1x 9.7xPoints International Ltd. * Canada 25.85 ‐20% 397.1 335.3 202.3 5.2 2.6% 45.1% 1.7x 64.7xVitreous Glass, Inc. Canada 2.36 ‐13% 14.5 14.4 6.2 2.1 33.0% ‐4.6% 2.3x 7.0xViad Corp United States 24.04 ‐17% 488.6 463.5 972.8 63.0 6.5% ‐5.1% 0.5x 7.4x




Traditional Media

There were 14 transactions announced in the Traditional Media segment in March, all but one were strategic acquisitions, worth a total of $13.2 billion in aggregate reported value


• Vodafone’s $10 billion acquisition of Spain‐based television cable company Ono, at a valuation of 3.1x revenue, and 9.0x EBITDA

• Media General’s $1.6 billion acquisition of local television station operator LIN Media, at a valuation of 2.5x revenue, and 9.5x EBITDA

• Berkshire Hathaway’s $1.1 billion purchase of television station WPLG from Graham Holdings Company

• Ubiquity Broadcasting Corporation’s $3 million purchase of video and film production company Stray Angel Films

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

Entertainment Media 4 29% $400.0 3% 3 $400.0 0 ‐ 1 ‐

Broadcast Television 2 14% 2,700.0 20% 2 2,700.0 0 ‐ 0 ‐

B‐to‐B Media 2 14% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Consumer Book Publishing 2 14% 120.4 1% 2 120.4 0 ‐ 0 ‐

Cable & Satellite Television 1 7% 10,000.0 75% 1 10,000.0 0 ‐ 0 ‐

Consumer Magazine Publishing 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Other* 2 14% 27.0 0% 2 27.0 0 ‐ 0 ‐

Total 14 100% 13,247.4 0% 13 13,247.4 0 0.0 1 0.0

*Other includes Digital Place‐Based Media, Newspaper Publishing, and Shopper/Trader/Coupons

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional MediaPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $61.80 ‐9% $ 36,674.3 $ 42,713.3 $ 15,284.0 $ 3,736.0 24.4% 8.5% 2.8x 11.4xDiscovery Communications, Inc. * United States 82.70 ‐9% 28,399.1 34,398.1 5,535.0 2,304.0 41.6% 23.4% 6.2x 14.9xNews Corporation United States 17.22 ‐7% 9,973.9 7,207.9 8,747.0 645.0 7.4% 2.4% 0.8x 11.2xTime Warner Inc. United States 65.33 ‐8% 58,317.6 76,620.6 29,795.0 7,869.0 26.4% 3.7% 2.6x 9.7xTwenty‐First Century Fox, Inc. * United States 31.97 ‐11% 72,270.6 87,069.6 29,789.0 6,104.0 20.5% 40.3% 2.9x 14.3xViacom, Inc. United States 84.99 ‐5% 37,232.0 47,904.0 13,677.0 4,344.0 31.8% 3.2% 3.5x 11.0xThe Walt Disney Company United States 80.07 ‐4% 140,287.4 154,263.4 46,009.0 12,362.0 26.9% 7.4% 3.4x 12.5x


B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $19.95 ‐14% $ 2,554.2 $ 2,584.5 $ 673.8 $ 205.0 30.4% 2.7% 3.8x 12.6xGlobal Sources Ltd. Hong Kong 8.96 ‐2% 308.2 173.9 190.3 29.8 15.7% ‐15.8% 0.9x 5.8xInforma plc Switzerland 8.80 ‐8% 5,313.6 6,617.5 1,885.3 612.7 32.5% ‐8.1% 3.5x 10.8xTechTarget, Inc. * United States 7.21 ‐3% 235.3 205.4 88.5 3.8 4.3% ‐11.5% 2.3x 54.5xThe Dolan Company United States 0.02 ‐99% 0.5 125.9 255.4 33.2 13.0% 38.9% 0.5x 3.8xUBM plc United Kingdom 11.35 ‐10% 2,784.9 3,589.4 1,321.7 315.3 23.9% ‐0.5% 2.7x 11.4x


Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $9.10 ‐9% $ 209.6 $ 302.2 $ 104.9 $ 29.1 27.7% 4.7% 2.9x 10.4xCC Media Holdings, Inc. United States 6.76 ‐16% 594.1 20,610.5 6,243.0 1,783.5 28.6% ‐0.1% 3.3x 11.6xCumulus Media Inc. United States 6.92 ‐16% 1,506.1 4,100.2 1,026.1 298.8 29.1% 2.4% 4.0x 13.7xEmmis Communications Corp. United States 3.20 ‐13% 133.4 309.2 201.5 35.7 17.7% 8.7% 1.5x 8.7xEntercom Communications Corp. United States 10.07 ‐12% 378.6 883.5 377.6 99.9 26.4% ‐2.9% 2.3x 8.8xJournal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5xRadio One Inc. United States 4.74 ‐19% 224.8 1,210.3 448.7 135.9 30.3% 5.7% 2.7x 8.9xSalem Communications Corp. United States 9.99 ‐3% 250.2 540.9 236.9 48.7 20.5% 3.4% 2.3x 11.1xSirius XM Holdings Inc. * United States 3.20 ‐23% 19,511.4 22,974.6 3,799.1 1,300.5 34.2% 11.7% 6.0x 17.7xSpanish Broadcasting System Inc. United States 5.86 ‐9% 42.6 379.0 153.2 47.3 30.9% 8.8% 2.5x 8.0xPandora Media, Inc. * United States 30.32 ‐25% 5,985.9 5,641.4 588.3 (42.0) NM 53.5% 9.6x NM


Large Cap Diversified Media





Traditional MediaPublic Company Valuation


Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $73.08 ‐7% $ 5,283.5 $ 6,945.8 $ 1,591.9 $ 573.8 36.0% 17.7% 4.4x 12.1xBritish Sky Broadcasting Group plc United Kingdom 15.20 ‐4% 23,609.1 26,229.6 12,418.2 2,628.8 21.2% 7.2% 2.1x 10.0xCablevision Systems Corporation United States 16.87 ‐16% 4,515.1 13,582.2 6,232.2 1,631.9 26.2% 1.6% 2.2x 8.3xCBS Corporation United States 61.80 ‐9% 36,674.3 42,713.3 15,284.0 3,736.0 24.4% 8.5% 2.8x 11.4xCharter Communications, Inc. United States 123.20 ‐14% 13,328.3 27,510.3 8,155.0 2,810.0 34.5% 8.7% 3.4x 9.8xComcast Corporation United States 50.04 ‐9% 129,713.3 173,590.3 64,657.0 21,434.0 33.2% 3.3% 2.7x 8.1xCrown Media Holdings Inc. United States 3.84 ‐3% 1,381.2 1,781.6 377.8 287.2 76.0% 8.0% 4.7x 6.2xDIRECTV United States 76.42 ‐5% 38,933.9 56,669.9 31,754.0 7,806.0 24.6% 6.8% 1.8x 7.3xDiscovery Communications, Inc. * United States 82.70 ‐9% 28,399.1 34,398.1 5,535.0 2,304.0 41.6% 23.4% 6.2x 14.9xDish Network Corp. United States 62.21 ‐3% 28,513.5 32,444.9 13,904.9 2,884.8 20.7% 5.5% 2.3x 11.2xEntravision Communications Corporation United States 6.70 ‐9% 592.6 912.9 223.9 69.5 31.0% 0.3% 4.1x 13.1xGeneral Communication Inc. United States 11.41 ‐3% 471.1 1,848.9 811.6 260.1 32.0% 14.3% 2.3x 7.1xGray Television Inc. United States 10.37 ‐32% 601.4 1,430.8 346.3 110.1 31.8% ‐14.5% 4.1x 13.0xGrupo Televisa, S.A.B. Mexico 33.29 ‐1% 17,137.0 21,423.5 5,662.9 2,211.8 39.1% 6.5% 3.8x 9.7xJournal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5xLiberty Global plc United Kingdom 41.60 ‐9% 32,228.3 76,416.6 14,474.2 6,447.0 44.5% 45.8% 5.3x 11.9xLIN Media LLC * United States 26.50 ‐9% 1,468.0 2,413.0 652.4 168.1 25.8% 17.9% 3.7x 14.4xNexstar Broadcasting Group, Inc. United States 37.52 ‐33% 1,148.1 2,179.1 502.3 169.7 33.8% 32.7% 4.3x 12.8xScripps Networks Interactive, Inc. United States 75.91 ‐12% 11,104.9 12,255.9 2,530.8 1,102.5 43.6% 9.7% 4.8x 11.1xSinclair Broadcast Group Inc. United States 27.09 ‐28% 2,655.5 5,418.8 1,363.1 472.2 34.6% 28.4% 4.0x 11.5xThe E. W. Scripps Company * United States 17.72 ‐22% 998.7 979.4 816.9 66.5 8.1% ‐9.6% 1.2x 14.7xTime Warner Inc. United States 65.33 ‐8% 58,317.6 76,620.6 29,795.0 7,869.0 26.4% 3.7% 2.6x 9.7xZiggo N.V. Netherlands 44.53 ‐5% 8,905.7 13,084.3 2,160.6 1,191.6 55.2% 1.8% 6.1x 11.0x


Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. United States $26.55 ‐26% $ 2,245.3 $ 2,451.0 $ 706.9 $ 105.6 14.9% ‐5.7% 3.5x 23.2xEros International Plc United Kingdom 16.07 ‐1% 788.6 965.0 224.3 61.6 27.5% 10.3% 4.3x 15.7xLions Gate Entertainment Corp. United States 26.73 ‐29% 3,689.3 4,868.9 2,694.1 305.4 11.3% 4.9% 1.8x 15.9xLive Nation Entertainment, Inc. United States 21.75 ‐12% 4,352.2 5,103.5 6,478.5 483.5 7.5% 11.3% 0.8x 10.6xSFX Entertainment Inc. United States 7.05 ‐47% 625.0 703.6 170.5 (78.3) NM 586.9% 4.1x NM Twenty‐First Century Fox, Inc. United States 31.97 ‐11% 72,270.6 87,069.6 29,789.0 6,104.0 20.5% 40.3% 2.9x 14.3xLiberty Media Corporation * United States 130.73 ‐18% 14,945.1 29,213.1 4,002.0 1,129.0 28.2% 987.5% 7.3x 25.9xVillage Roadshow Limited Austral ia 6.45 ‐13% 1,028.5 1,361.1 843.5 137.8 16.3% ‐1.1% 1.6x 9.9xWorld Wrestling Entertainment Inc. * United States 28.88 ‐10% 2,170.3 2,090.5 508.0 42.0 8.3% 4.9% 4.1x 49.7x





Traditional Media Public Company Valuation


Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.38 ‐27% $ 142.4 $ 60.2 $ 272.3 $ 5.8 2.1% ‐5.0% 0.2x 10.3xAPG|SGA SA Switzerland 339.92 ‐1% 1,000.8 869.5 347.2 82.4 23.7% ‐4.3% 2.5x 10.6xCBS Outdoor Americas Inc. United States 29.25 ‐5% 3,510.0 5,000.2 1,294.0 376.4 29.1% 0.7% 3.9x 13.3xClear Channel Outdoor Holdings Inc. United States 9.11 ‐15% 3,273.5 8,092.5 2,946.2 719.9 24.4% 0.0% 2.7x 11.2xClear Media Ltd. Hong Kong 0.90 ‐10% 484.8 377.2 212.4 85.4 40.2% 8.2% 1.8x 4.4xJCDecaux SA France 43.90 ‐3% 9,811.2 9,713.4 3,695.1 825.7 22.3% 2.0% 2.6x 11.8xLamar Advertising Co. United States 51.00 ‐6% 4,836.7 6,742.3 1,245.8 534.9 42.9% 5.6% 5.4x 12.6xMood Media Corporation United States 0.68 ‐41% 117.0 680.5 513.3 87.2 17.0% 15.6% 1.3x 7.8xNational CineMedia, Inc. United States 15.00 ‐26% 912.8 1,885.0 462.8 222.5 48.1% 3.1% 4.1x 8.5xNTN Buzztime Inc. * United States 0.65 ‐34% 51.2 47.4 23.7 1.7 7.1% ‐1.3% 2.0x 28.0xTom Group Ltd. Hong Kong 0.20 ‐46% 772.3 1,022.0 248.5 (3.7) NM ‐12.6% 4.1x NM Vitreous Glass, Inc. Canada 2.36 ‐13% 14.5 14.4 6.2 2.1 33.0% ‐4.6% 2.3x 7.0x


Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $11.58 ‐11% $ 254.8 $ 172.8 $ 366.3 $ 28.9 7.9% ‐2.3% 0.5x 6.0xDaily Mail and General Trust plc United Kingdom 14.47 ‐19% 5,120.7 6,289.4 2,917.8 501.3 17.2% 0.3% 2.2x 12.5xEmmis Communications Corp. United States 3.20 ‐13% 133.4 309.2 201.5 35.7 17.7% 8.7% 1.5x 8.7xGannett Co., Inc. United States 27.60 ‐9% 6,279.9 9,739.9 5,161.4 987.1 19.1% ‐3.6% 1.9x 9.9xGlacier Media, Inc. Canada 1.22 ‐25% 109.3 240.1 268.1 28.0 10.4% ‐0.5% 0.9x 8.6xJohn Wiley & Sons Inc. United States 57.64 ‐2% 3,415.3 3,734.4 1,764.0 317.6 18.0% ‐0.3% 2.1x 11.8xJournal Communications Inc. United States 8.86 ‐11% 450.2 656.8 397.3 76.9 19.4% 1.1% 1.7x 8.5xMartha Stewart Living Omnimedia Inc. * United States 4.53 ‐18% 256.4 215.3 160.7 2.6 1.6% ‐18.7% 1.3x 83.6xMeredith Corporation United States 46.43 ‐14% 2,128.7 2,442.8 1,467.1 251.2 17.1% 2.2% 1.7x 9.7x

Reed Elsevier plc(1) * United Kingdom 15.25 ‐2% 17,462.9 39,766.3 9,944.2 3,154.3 31.7% 0.0% 4.0x 12.6xScholastic Corporation United States 34.48 ‐6% 1,110.2 1,267.9 1,779.9 154.5 8.7% ‐8.9% 0.7x 8.2xThe E. W. Scripps Company United States 17.72 ‐22% 998.7 979.4 816.9 66.5 8.1% ‐9.6% 1.2x 14.7xThe McClatchy Company United States 6.42 ‐13% 554.8 2,036.2 1,242.2 280.7 22.6% ‐5.1% 1.6x 7.3xThe New York Times Company United States 17.12 ‐1% 2,570.8 2,410.9 1,577.2 263.4 16.7% ‐1.1% 1.5x 9.2x



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



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

Financial Technology 12 24% $346.9 5% 4 $241.2 0 ‐ 8 $105.7

Enterprise Mobility 9 18% 89.0 1% 6 ‐ 0 ‐ 3 89.0

Networking Equipment 8 16% 2,549.9 38% 3 2,496.4 1 ‐ 4 53.5

Big Data Technology 5 10% 329.5 5% 0 ‐ 0 ‐ 5 329.5

Cloud Storage 4 8% 76.8 1% 2 45.5 0 ‐ 2 31.3

Data Center Technology 4 8% 128.5 2% 2 17.5 0 ‐ 2 111.0

VoIP Equipment & Software 2 4% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Cloud Computing Technology 1 2% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Other* 5 10% 3,255.0 48% 3 3,200.0 0 ‐ 2 55.0

Total 49 100% 6,775.6 100% 22 6,000.6 1 0.0 26 775.0

*Other includes Infrastructure Software, Internet Service Providers, Mobile Infrastructure, and Virtualization Technology

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Technology & Communications

Of the $6.8 billion in reported transaction value in the Technology & Communications segment, $6 billion were made in strategic acquisitions

Activity in the segment was led by the Financial Technology subsegment with 12 deals announced, of which nine were reported at $347 million


• Yahoo Japan’s $3.2 billion purchase of Japan‐based mobile Internet services provider eAccess , at a valuation of 1.4x revenue

Select investments:

• T. Rowe Price’s $160 million investment in big data technology platform provider Cloudera

• The $100 million co‐led investment from BlackRock and Passport Capital in Hortonworks, a provider of big data management software solutions


TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $135.66 ‐3% $ 89,238.2 $ 92,414.2 $ 30,871.0 $ 8,037.0 26.0% 3.2% 3.0x 11.5xACI Worldwide, Inc. United States 59.19 ‐10% 2,220.9 2,896.9 864.9 186.5 21.6% 29.8% 3.3x 15.5xADATA Technology Co., Ltd. Taiwan 2.55 ‐17% 580.7 642.7 1,105.8 83.9 7.6% 18.7% 0.6x 7.7xAdvanced Micro Devices, Inc. United States 4.01 ‐14% 3,053.7 4,014.7 5,299.0 308.0 5.8% ‐2.3% 0.8x 13.0xAkamai Technologies, Inc. United States 58.21 ‐8% 10,392.6 9,718.7 1,577.9 557.8 35.3% 14.8% 6.2x 17.4xAVG Technologies N.V. Netherlands 20.96 ‐21% 1,104.5 1,092.1 407.1 142.5 35.0% 14.4% 2.7x 7.7xBrightcove, Inc. United States 9.83 ‐40% 314.9 278.8 109.9 (1.9) NM 24.9% 2.5x NM CA Technologies United States 30.98 ‐14% 13,871.9 12,788.9 4,582.0 1,566.0 34.2% ‐2.1% 2.8x 8.2xCarbonite, Inc. * United States 10.19 ‐38% 270.6 205.2 107.2 2.4 2.2% 27.5% 1.9x 86.9xCDW Corporation United States 27.44 0% 4,718.4 8,038.1 10,768.6 706.4 6.6% 6.3% 0.7x 11.4xCheck Point Software Technologies Ltd. Israel 67.63 ‐3% 13,002.7 11,835.9 1,394.1 771.9 55.4% 3.8% 8.5x 15.3xChinaCache International Holdings Ltd. * China 20.54 ‐30% 480.7 430.7 177.7 4.1 2.3% 35.6% 2.4x 104.2xCitrix Systems, Inc. United States 57.44 ‐26% 10,554.8 9,820.1 2,918.4 648.8 22.2% 12.8% 3.4x 15.1xCommVault Systems, Inc. United States 64.95 ‐28% 3,084.8 2,584.3 567.8 103.4 18.2% 20.4% 4.6x 25.0xCray Inc. United States 37.32 ‐11% 1,427.4 1,220.7 525.7 35.9 6.8% 24.9% 2.3x 34.0xCrossroads Systems, Inc. United States 2.41 ‐30% 31.0 37.4 13.2 (9.2) NM ‐11.8% 2.8x NM Datalink Corporation United States 13.93 ‐12% 317.2 261.1 594.2 26.9 4.5% 21.0% 0.4x 9.7xDot Hil l Systems Corp. United States 3.87 ‐36% 232.0 193.6 206.6 8.8 4.2% 6.2% 0.9x 22.1xElecom Co., Ltd. Japan 20.92 ‐2% 460.8 344.8 620.9 79.2 12.7% 0.6% 0.6x 4.4xEMC Corporation United States 27.41 ‐3% 55,571.0 53,551.0 23,222.0 5,612.0 24.2% 6.9% 2.3x 9.5xePlus inc. United States 55.76 ‐17% 449.6 547.3 1,033.9 77.9 7.5% 7.1% 0.5x 7.0xEuronet Worldwide Inc. United States 41.59 ‐17% 2,108.5 2,105.6 1,413.2 179.3 12.7% 11.5% 1.5x 11.7xF‐Secure Oyj Finland 3.31 ‐2% 526.2 460.1 214.1 46.2 21.6% ‐1.3% 2.1x 10.0xFusion‐io, Inc. United States 10.52 ‐48% 1,121.8 877.8 374.5 (70.8) NM ‐14.8% 2.3x NM Gemalto NV Netherlands 116.73 ‐7% 10,070.4 9,456.8 3,298.0 518.6 15.7% 6.4% 2.9x 18.2xGoogle Inc. United States 1,114.51 ‐9% 374,532.0 323,617.0 59,825.0 18,028.0 30.1% 19.2% 5.4x 18.0xGreen Dot Corporation United States 19.53 ‐27% 738.2 248.5 582.3 66.6 11.4% 5.0% 0.4x 3.7xImperva Inc. United States 55.70 ‐17% 1,453.2 1,335.5 137.8 (22.8) NM 32.2% 9.7x NM Integrated Electrical Services, Inc. United States 6.21 ‐11% 111.3 106.9 487.4 4.3 0.9% 2.7% 0.2x 25.0xIntel Corporation United States 25.81 ‐5% 128,347.2 121,797.2 52,708.0 20,563.0 39.0% ‐1.2% 2.3x 5.9xIBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2xInterxion Holding NV Netherlands 23.98 ‐14% 1,651.4 2,089.8 424.0 176.8 41.7% 10.8% 4.9x 11.8xJ‐Stream Inc. Japan 4.02 ‐54% 46.8 32.0 43.7 4.0 9.1% ‐15.3% 0.7x 8.1xLimelight Networks, Inc. United States 2.18 ‐15% 213.3 95.7 173.4 (10.3) NM ‐3.8% 0.6x NM LogMeIn, Inc. * United States 44.89 ‐6% 1,086.7 897.2 166.3 14.5 8.7% 19.8% 5.4x 62.0xLSI Corporation United States 11.07 0% 6,180.7 5,370.9 2,370.2 357.8 15.1% ‐5.4% 2.3x 15.0xMelbourne IT Ltd. Australia 1.28 ‐40% 119.1 44.6 95.7 8.9 9.3% ‐39.4% 0.5x 5.0xMicron Technology Inc. United States 23.66 ‐8% 25,100.4 27,960.4 11,281.0 3,109.0 27.6% 41.4% 2.5x 9.0xMicrosoft Corporation United States 40.99 ‐1% 340,246.7 280,949.7 83,433.0 31,828.0 38.1% 14.4% 3.4x 8.8xMontage Technology Group Limited China 20.02 ‐25% 550.5 442.8 110.9 29.6 26.7% 41.7% 4.0x 15.0xNEC Corporation Japan 3.06 ‐11% 7,959.0 13,884.0 28,846.1 1,634.6 5.7% ‐3.5% 0.5x 8.5x


TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANetApp, Inc. United States $36.90 ‐20% $ 12,224.1 $ 8,150.0 $ 6,392.6 $ 971.9 15.2% 1.2% 1.3x 8.4xOracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3xProAct IT Group AB Sweden 13.76 ‐8% 128.1 149.0 357.5 22.3 6.2% ‐5.3% 0.4x 6.7xQualys, Inc. * United States 25.43 ‐15% 825.3 728.9 108.0 11.9 11.0% 18.1% 6.8x 61.1xQuantum Corporation United States 1.22 ‐30% 303.3 428.2 565.4 18.1 3.2% ‐7.0% 0.8x 23.7xRackspace Hosting, Inc. United States 32.82 ‐39% 4,655.0 4,460.1 1,534.8 395.5 25.8% 17.2% 2.9x 11.3xRed Hat, Inc. United States 52.98 ‐14% 10,041.7 9,059.6 1,534.6 308.9 20.1% 15.5% 5.9x 29.3xSanDisk Corp. United States 81.19 ‐2% 18,308.9 17,386.2 6,170.0 2,112.6 34.2% 22.1% 2.8x 8.2xSAP AG Germany 81.26 ‐8% 96,996.6 99,053.9 23,217.1 7,946.2 34.2% 3.6% 4.3x 12.5xSeagate Technology Public Limited Company Ireland 56.16 ‐11% 18,462.9 19,695.9 13,968.0 2,770.0 19.8% ‐14.5% 1.4x 7.1xSil icon Graphics International Corp. United States 12.28 ‐41% 419.6 306.1 666.7 (5.1) NM ‐10.3% 0.5x NM Sony Corporation Japan 19.05 ‐18% 19,772.7 31,596.4 73,495.2 3,377.3 4.6% 14.5% 0.4x 9.4xSplunk, Inc. * United States 71.49 ‐33% 8,429.0 7,531.5 302.6 (68.8) NM 52.1% 24.9x NM Symantec Corporation United States 19.97 ‐26% 13,810.3 12,014.3 6,799.0 1,960.0 28.8% ‐0.6% 1.8x 6.1xSynchronoss Technologies, Inc. United States 34.29 ‐13% 1,394.3 1,331.0 349.0 77.6 22.2% 27.5% 3.8x 17.2xTableau Software, Inc. * United States 76.08 ‐26% 4,851.9 4,599.2 232.4 10.5 4.5% 82.0% 19.8x NM Teradata Corporation United States 49.19 ‐25% 7,848.3 7,427.3 2,692.0 622.0 23.1% 1.0% 2.8x 11.9xTrend Micro Inc. Japan 30.87 ‐24% 4,163.5 2,805.1 1,046.6 354.6 33.9% 15.4% 2.7x 7.9xThe KEYW Holding Corporation United States 18.71 ‐19% 697.2 779.7 298.7 20.8 7.0% 22.7% 2.6x 37.4xVeriSign, Inc. United States 53.91 ‐14% 7,199.0 6,849.8 965.1 588.9 61.0% 10.5% 7.1x 11.6xViolin Memory, Inc. United States 4.00 ‐50% 329.9 230.5 107.7 (84.4) NM 45.9% 2.1x NM VMware, Inc. United States 108.02 ‐3% 46,533.0 40,808.0 5,207.0 1,464.0 28.1% 13.1% 7.8x 27.9xWestern Digital Corporation United States 91.82 ‐1% 21,693.6 19,378.6 15,268.0 3,234.0 21.2% ‐2.4% 1.3x 6.0xXoom Corporation * United States 19.52 ‐46% 735.2 519.6 122.2 11.4 9.3% 52.7% 4.3x 45.7x





Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA10 Networks, Inc. * United States $15.04 ‐9% $ 887.8 $ 1,013.2 $ 141.7 $ (4.2) NM 18.1% 7.1x NM Aerohive Networks, Inc. United States $10.55 ‐4% 460.1 448.6 107.1 (28.3) NM 50.4% 4.2x NM Aastra Technologies Ltd. Canada $38.04 ‐12% 453.1 375.1 549.2 39.0 7.1% ‐0.2% 0.7x 9.6xADTRAN Inc. United States 24.41 ‐13% 1,382.7 1,264.8 641.7 63.1 9.8% 3.4% 2.0x 20.0xAlcatel‐Lucent France 3.95 ‐17% 10,910.4 11,651.8 19,932.3 1,332.4 6.7% ‐0.1% 0.6x 8.7xAllot Communications Ltd. Israel 13.46 ‐26% 444.2 322.6 96.5 (0.7) NM ‐7.8% 3.3x NM Ambient Corporation United States 1.35 ‐67% 22.6 18.0 20.0 (12.9) NM ‐60.4% 0.9x NM Aruba Networks, Inc. * United States 18.75 ‐22% 2,001.9 1,723.7 637.5 11.0 1.7% 11.6% 2.7x 157.0xAudioCodes Ltd. Israel 7.25 ‐21% 313.2 280.0 137.2 5.9 4.3% 7.6% 2.0x 47.1xAviat Networks, Inc. United States 1.59 ‐53% 98.8 40.1 406.5 (13.7) NM ‐13.8% 0.1x NM Axesstel Inc. United States 0.11 ‐93% 2.8 11.5 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 8.12 ‐46% 4,212.4 3,305.6 6,813.0 (2,256.0) NM ‐38.5% 0.5x NM Barracuda Networks, Inc. * United States 33.94 ‐24% 1,726.3 1,609.7 225.9 (0.1) NM 0.0% 7.1x NM Blonder Tongue Laboratories Inc. United States 0.89 ‐26% 5.5 10.9 28.4 (1.1) NM ‐3.3% 0.4x NM BroadSoft, Inc. * United States 26.73 ‐30% 763.3 691.3 178.5 1.3 0.7% 8.3% 3.9x 538.0xBrocade Communications Systems, Inc. United States 10.61 0% 4,617.6 4,217.6 2,198.7 537.0 24.4% ‐3.0% 1.9x 7.9xCalAmp Corp. United States 27.87 ‐20% 961.8 933.1 224.4 24.0 10.7% 32.2% 4.2x 38.9xCalix Inc. United States 8.43 ‐40% 423.4 340.6 382.6 10.3 2.7% 15.9% 0.9x 33.1xCiena Corporation United States 22.74 ‐19% 2,388.3 3,176.4 2,163.2 134.1 6.2% 15.7% 1.5x 23.7xCisco Systems, Inc. United States 22.42 ‐15% 115,466.0 85,573.0 47,873.0 12,980.0 27.1% 1.3% 1.8x 6.6xClearfield, Inc. United States 23.09 ‐13% 299.9 278.8 59.2 10.1 17.1% 53.6% 4.7x 27.5xClearOne, Inc. United States 10.25 ‐28% 95.4 75.0 49.6 8.4 16.9% 6.8% 1.5x 8.9xCOM DEV International Ltd. Canada 3.45 ‐14% 264.2 261.9 195.0 36.1 18.5% 0.6% 1.3x 7.3xCommScope Holding Company, Inc. United States 24.68 ‐5% 4,589.5 6,757.8 3,480.1 654.7 18.8% 4.8% 1.9x 10.3xCommunications Systems Inc. United States 12.87 ‐8% 110.1 85.4 131.3 10.3 7.9% 26.0% 0.7x 8.3xCorning Inc. United States 20.82 ‐1% 28,957.5 27,092.5 7,819.0 2,459.0 31.4% ‐2.4% 3.5x 11.0xCTX Virtual Technologies, Inc. United States 1.80 ‐28% 14.4 14.5 119.2 16.9 14.2% 198.1% 0.1x 0.9xCyan, Inc. United States 4.27 ‐72% 199.7 140.5 116.6 (34.9) NM 21.6% 1.2x NM DDS Wireless International Inc. Canada 1.47 ‐34% 19.9 10.8 31.7 (0.1) NM ‐14.2% 0.3x NM Digi International Inc. United States 10.15 ‐20% 262.7 164.8 195.7 16.8 8.6% 2.5% 0.8x 9.8xDragonWave Inc. Canada 1.40 ‐58% 80.0 73.5 100.4 (41.8) NM ‐4.1% 0.7x NM EchoStar Corp. United States 47.56 ‐8% 4,306.2 5,116.8 3,282.5 647.4 19.7% 5.1% 1.6x 7.9xEmulex Corporation United States 7.39 ‐18% 597.6 542.6 475.0 48.0 10.1% ‐4.3% 1.1x 11.3xEricsson Sweden 13.37 ‐5% 43,052.9 35,953.1 35,263.9 5,002.1 14.2% ‐0.2% 1.0x 7.2xExtreme Networks Inc. United States 5.80 ‐29% 556.0 543.2 370.2 18.7 5.1% 18.4% 1.5x 29.0xF5 Networks, Inc. United States 106.63 ‐9% 7,219.2 6,641.0 1,522.3 469.3 30.8% 7.2% 4.4x 14.2xFinisar Corp. United States 26.51 ‐6% 2,565.3 2,270.6 1,094.2 161.2 14.7% 17.6% 2.1x 14.1xFleetmatics Group PLC Ireland 33.45 ‐36% 1,242.1 1,128.9 177.4 44.8 25.3% 39.2% 6.4x 25.2xFranklin Wireless Corp. United States 1.75 ‐15% 18.2 8.4 23.2 (0.1) NM ‐36.6% 0.4x NM Gigamon Inc. United States 30.39 ‐27% 967.4 829.3 140.3 (27.4) NM 45.1% 5.9x NM Gogo Inc. * United States 20.54 ‐43% 1,745.6 1,725.8 328.1 10.8 3.3% 40.5% 5.3x 159.2xHarmonic Inc. United States 7.14 ‐13% 703.6 533.1 461.9 23.2 5.0% ‐3.1% 1.2x 23.0xHarris Corporation United States 73.16 ‐3% 7,813.3 9,154.0 4,978.4 1,085.0 21.8% ‐7.0% 1.8x 8.4xInfoblox Inc. * United States 20.06 ‐59% 1,080.7 829.7 245.5 3.1 1.3% 27.6% 3.4x 265.9xInteractive Intell igence Group Inc. United States 72.50 ‐11% 1,503.9 1,405.9 318.2 28.4 8.9% 34.1% 4.4x 49.4x

CommunicationsPublic Company Valuation


CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAJDS Uniphase Corporation United States $14.00 ‐16% $ 3,269.0 $ 2,759.9 $ 1,703.2 $ 150.1 8.8% 0.9% 1.6x 18.4xJuniper Networks, Inc. United States 25.76 ‐10% 12,908.85 11,062.25 4,669.10 794.4 17.0% 7.0% 2.4x 13.9xKVH Industries Inc. United States 13.16 ‐10% 209.6 192.6 162.3 12.4 7.6% 18.4% 1.2x 15.5xMavenir Systems, Inc. United States 17.90 ‐5% 419.2 403.7 101.3 (3.7) NM 37.2% 4.0x NM Meru Networks, Inc. United States 4.51 ‐35% 103.9 79.5 105.7 (8.4) NM 8.4% 0.8x NM Mitel Networks Corporation Canada 10.59 ‐2% 1,039.0 1,257.4 579.4 88.5 15.3% ‐2.1% 2.2x 14.2xMotorola Solutions, Inc. United States 64.29 ‐5% 16,335.1 15,599.1 8,696.0 1,576.0 18.1% 0.0% 1.8x 9.9xNetgear Inc. United States 33.73 ‐7% 1,229.8 981.6 1,369.6 139.2 10.2% 7.7% 0.7x 7.1xNokia Corporation Finland 7.44 ‐12% 27,638.8 24,323.6 17,547.8 2,366.6 13.5% ‐57.9% 1.4x 10.3xNuance Communications, Inc. United States 17.17 ‐27% 5,445.6 7,031.8 1,863.0 209.9 11.3% 6.3% 3.8x 33.5xNumerex Corp. United States 10.93 ‐32% 206.6 182.5 77.8 3.8 4.9% 19.7% 2.3x 48.3xOptical Cable Corp. United States 3.85 ‐22% 25.3 33.6 74.5 1.9 2.5% ‐10.8% 0.5x 18.1xPalo Alto Networks, Inc. * United States 68.60 ‐15% 5,080.9 4,642.6 482.9 (17.9) NM 49.2% 9.6x NM PCTEL, Inc. United States 8.73 ‐14% 161.6 103.7 104.3 5.6 5.4% 17.3% 1.0x 18.4xPlantronics, Inc. United States 44.45 ‐11% 1,848.3 1,526.3 813.7 154.5 19.0% 10.6% 1.9x 9.9xPolycom, Inc. United States 13.72 ‐1% 1,878.1 1,599.2 1,368.4 119.3 8.7% ‐1.7% 1.2x 13.4xProcera Networks, Inc. United States 10.39 ‐37% 211.4 104.9 74.7 (14.6) NM 25.2% 1.4x NM RadiSys Corporation United States 3.59 ‐31% 125.3 132.8 237.9 (15.4) NM ‐16.9% 0.6x NM Radware Ltd. Israel 17.68 ‐9% 792.4 657.6 193.0 27.4 14.2% 2.0% 3.4x 24.0xRELM Wireless Corp. United States 3.15 ‐23% 42.9 35.0 27.0 2.0 7.6% ‐2.0% 1.3x 17.1xRingCentral, Inc. * United States 18.10 ‐23% 1,162.8 1,081.3 160.5 (32.1) NM 40.1% 6.7x NM Riverbed Technology, Inc. United States 19.71 ‐13% 3,153.4 3,219.0 1,041.0 147.5 14.2% 24.4% 3.1x 21.8xSandvine Corporation Canada 2.83 ‐11% 423.7 346.4 106.5 24.5 23.0% 21.2% 3.3x 14.1xShoreTel, Inc. United States 8.60 ‐12% 528.3 481.2 332.7 10.5 3.1% 17.0% 1.4x 46.0xSierra Wireless Inc. Canada 21.88 ‐15% 680.4 507.7 441.9 11.3 2.6% 11.2% 1.1x 44.8xSolarWinds, Inc. * United States 42.63 ‐28% 3,203.0 3,057.7 335.4 139.8 41.7% 24.7% 9.1x 21.9xSolera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6xSonus Networks, Inc. United States 3.37 ‐15% 840.6 631.8 276.7 (0.3) NM 8.9% 2.3x NM Telcoware Co., Ltd. South Korea 13.38 ‐10% 72.1 4.2 51.6 6.9 13.4% 5.6% 0.1x 0.6xTeleCommunication Systems Inc. United States 2.30 ‐28% 137.1 222.7 362.3 21.5 5.9% ‐25.7% 0.6x 10.4xTESSCO Technologies Inc. United States 37.36 ‐11% 307.5 301.8 594.0 30.2 5.1% ‐24.7% 0.5x 10.0xTransmode AB (publ) Sweden 16.87 ‐11% 467.9 401.0 159.6 25.5 16.0% 1.8% 2.5x 15.7xUbiquitous Corporation * Japan 10.12 ‐73% 88.3 78.7 7.7 (2.0) NM ‐11.6% 10.2x NM Vecima Networks Inc. Canada 5.32 ‐16% 118.9 89.0 78.9 13.5 17.1% ‐15.2% 1.1x 6.6xVerint Systems Inc. United States 46.93 ‐4% 2,516.1 2,754.0 907.3 178.3 19.6% 8.1% 3.0x 15.4xViaSat Inc. United States 69.04 ‐8% 3,182.1 3,817.9 1,316.2 165.1 12.5% 25.2% 2.9x 23.1xVonage Holdings Corporation United States 4.27 ‐14% 903.2 953.2 829.1 77.2 9.3% ‐2.4% 1.1x 12.3xWestell Technologies, Inc. United States 3.69 ‐25% 219.0 132.2 89.6 4.2 4.7% 126.8% 1.5x 31.2xZTE Corp. China 2.04 ‐31% 6,937.5 9,102.8 12,121.2 98.1 0.8% ‐10.7% 0.8x 92.8x




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

Security 16 25% $756.8 18% 8 $675.0 0 ‐ 8 $81.8

HR 7 11% 29.5 1% 4 26.0 1 ‐ 2 3.5

Application Management 6 10% 22.1 1% 1 ‐ 0 ‐ 5 22.1

Collaboration 5 8% 16.9 0% 2 ‐ 0 ‐ 3 16.9

Healthcare 5 8% 5.8 0% 2 ‐ 0 ‐ 3 5.8

Credit/Risk 4 6% 2,764.0 66% 2 ‐ 2 2,764.0 0 ‐

Other* 20 32% 598.7 14% 11 19.1 2 453.3 7 126.3

Total 63 100% 4,193.8 100% 30 720.1 5 3,217.3 28 256.4

*Other includes Data Management Software, ERP Software, Financial Software, Geo‐Demo, Infrastructure, Legal, and Software Development Tools

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Software

Within the Software segment, a total of $3.9 billion in reported value was reported in strategic and buyout activity, while another $256 million in investments were announced

Security Software was the most active subsegment with 16 transactions announced worth $757 million, followed by HR Software and Application Management Software with seven and six transactions worth a combined total of $52 million


• KKR’s $2.4 billion purchase of a majority stake in Sedgwick Claims Management Services, a provider of productivity management solutions, from Hellman & Friedman

• HGCC Capital’s $453 million purchase of Serena Software, which offers IT application development and deployment solutions

• Vestar Capital Partners’ $364 million acquisition of corporate governance company Institutional Shareholder Services

Select investments:

• The $50 million investment in enterprise integration platform provider MuleSoft led by New Enterprise Associates


SoftwarePublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States $29.36 ‐19% $ 1,509.2 $ 1,780.3 $ 383.0 $ 71.2 18.6% 6.7% 4.6x 25.0xEbix Inc. United States 17.07 ‐20% 655.0 654.4 204.7 75.9 37.1% 2.7% 3.2x 8.6xEpiq Systems, Inc. United States 13.63 ‐19% 486.0 758.1 438.7 72.8 16.6% 27.2% 1.7x 10.4xFidessa group plc United Kingdom 42.24 ‐7% 1,593.2 1,471.7 464.5 92.1 19.8% 0.1% 3.2x 16.0xGuidewire Software, Inc. United States 49.05 ‐15% 3,332.8 2,888.6 315.2 (3.3) NM 21.2% 9.2x NM Innovation Group plc United Kingdom 0.58 ‐5% 697.8 658.8 340.3 34.0 10.0% 5.5% 1.9x 19.4xManagement Consulting Group PLC United Kingdom 0.37 ‐32% 176.8 243.1 428.4 35.0 8.2% ‐10.0% 0.6x 6.9xModel N, Inc. * United States 10.11 ‐59% 245.1 142.5 101.1 2.5 2.5% 14.2% 1.4x 56.7xNetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Performant Financial Corporation United States 9.05 ‐33% 438.5 489.9 255.3 80.9 31.7% 21.5% 1.9x 6.1xQ2 Holdings, Inc. United States 15.53 ‐11% 496.2 485.1 56.9 (13.1) NM 38.4% 8.5x NM RealPage, Inc. United States 18.16 ‐31% 1,418.8 1,385.7 377.0 54.2 14.4% 17.0% 3.7x 25.5xSolera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6xSS&C Technologies Holdings, Inc. United States 40.02 ‐14% 3,310.7 4,000.7 712.7 281.7 39.5% 29.1% 5.6x 14.2xTyler Technologies, Inc. United States 83.68 ‐23% 2,761.7 2,682.8 416.6 78.8 18.9% 14.7% 6.4x 34.0x


Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $12.46 ‐1% $ 694.8 $ 631.2 $ 168.5 $ 6.7 4.0% 3.7% 3.7x 93.8xAllscripts Healthcare Solutions, Inc. United States 18.03 ‐8% 3,228.3 3,727.6 1,373.1 9.9 0.7% ‐5.1% 2.7x NM athenahealth, Inc. * United States 160.24 ‐22% 5,989.9 6,149.0 595.0 54.8 9.2% 40.9% 10.3x 112.2xCegedim SA France 38.38 ‐4% 535.2 1,198.6 1,245.8 165.6 13.3% ‐2.1% 1.0x 7.2xCerner Corporation United States 56.25 ‐11% 19,347.0 18,633.4 2,840.6 744.9 26.2% 8.8% 6.6x 25.0xComputer Programs & Systems Inc. United States 64.60 ‐10% 721.2 698.8 200.9 53.7 26.7% 9.6% 3.5x 13.0xCraneware plc United Kingdom 8.78 ‐17% 237.2 206.4 42.5 11.9 27.9% 0.1% 4.9x 17.4xMcKesson Corporation United States 176.57 ‐6% 40,633.5 43,076.5 130,370.0 3,327.0 2.6% 5.8% 0.3x 12.9xMedAssets, Inc. United States 24.71 ‐7% 1,527.1 2,297.8 680.4 207.9 30.6% 6.3% 3.4x 11.1xMedidata Solutions, Inc. United States 54.34 ‐20% 2,943.7 2,932.2 276.8 31.9 11.5% 26.8% 10.6x 92.0xMerge Healthcare Incorporated United States 2.44 ‐48% 230.8 448.3 231.7 25.8 11.1% ‐6.9% 1.9x 17.4xQuality Systems Inc. United States 16.88 ‐30% 1,016.3 922.4 440.8 72.8 16.5% ‐3.7% 2.1x 12.7xStreamline Health Solutions, Inc. * United States 5.03 ‐41% 87.4 103.4 28.7 0.6 2.1% 33.3% 3.6x 168.6xUSMD Holdings, Inc. United States 12.75 ‐71% 128.8 167.2 232.0 13.0 5.6% 291.4% 0.7x 12.8xVeeva Systems Inc. * United States 26.70 ‐46% 3,356.7 3,068.5 210.2 40.7 19.4% 62.2% 14.6x 75.4x




Financial & Credit/Risk Management Software




HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $71.25 ‐17% $ 2,108.4 $ 1,588.5 $ 259.2 $ 84.2 32.5% 11.1% 6.1x 18.9xAllocate Software plc. United Kingdom 1.94 ‐2% 131.0 118.6 63.6 6.5 10.2% 4.4% 1.9x 18.2xBenefitfocus, Inc. United States 46.97 ‐39% 1,152.2 1,097.7 104.8 (22.7) NM 28.2% 10.5x NM Castlight Health, Inc. * United States 21.22 ‐49% 1,837.0 1,769.8 13.0 (61.7) NM 212.3% 136.4x NM Concur Technologies, Inc. * United States 99.07 ‐24% 5,610.4 5,419.1 586.1 36.5 6.2% 26.8% 9.2x 148.4xCornerstone OnDemand, Inc. United States 47.87 ‐23% 2,527.6 2,438.1 185.1 (29.9) NM 57.0% 13.2x NM Dice Holdings, Inc. United States 7.46 ‐26% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7xLinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1xMonster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3xPaylocity Holding Corporation United States 24.05 ‐22% 1,176.6 1,175.0 90.5 2.0 2.2% 0.0% 13.0x NM Saba Software, Inc. United States 12.15 ‐13% 361.9 347.7 121.3 (9.8) NM 7.7% 2.9x NM The Ultimate Software Group, Inc. United States 137.00 ‐20% 3,876.6 3,796.2 410.4 58.8 14.3% 23.5% 9.3x 64.6xWorkday, Inc. United States 91.43 ‐21% 16,823.1 15,417.9 468.9 (107.3) NM 71.4% 32.9x NM


Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAbsolute Software Corporation Canada $6.38 ‐13% $ 277.2 $ 223.2 $ 86.4 $ 17.6 20.3% 10.3% 2.6x 12.7xAVG Technologies N.V. Netherlands 20.96 ‐21% 1,104.5 1,092.1 407.1 142.5 35.0% 14.4% 2.7x 7.7xCheck Point Software Technologies Ltd. Israel 67.63 ‐3% 13,002.7 11,835.9 1,394.1 771.9 55.4% 3.8% 8.5x 15.3xCisco Systems, Inc. United States 22.42 ‐15% 115,466.0 85,573.0 47,873.0 12,980.0 27.1% 1.3% 1.8x 6.6xFireEye, Inc. * United States 61.57 ‐37% 8,874.5 8,700.6 161.6 (142.8) NM 93.9% 53.9x NM Fortinet Inc. United States 22.03 ‐8% 3,587.7 3,096.3 615.3 86.5 14.1% 15.3% 5.0x 35.8xGemalto NV Netherlands 116.73 ‐7% 10,070.4 9,456.8 3,298.0 518.6 15.7% 6.4% 2.9x 18.2xImperva Inc. United States 55.70 ‐17% 1,453.2 1,335.5 137.8 (22.8) NM 32.2% 9.7x NM Infoblox Inc. United States 20.06 ‐59% 1,080.7 829.7 245.5 3.1 1.3% 27.6% 3.4x NM Juniper Networks, Inc. United States 25.76 ‐10% 12,908.9 11,062.3 4,669.1 794.4 17.0% 7.0% 2.4x 13.9xNQ Mobile Inc. * China 17.61 ‐32% 939.7 790.3 158.9 4.8 3.0% 113.0% 5.0x 166.2xPalo Alto Networks, Inc. United States 68.60 ‐15% 5,080.9 4,642.6 482.9 (17.9) NM 49.2% 9.6x NM Proofpoint, Inc. United States 37.08 ‐19% 1,363.1 1,266.6 137.9 (16.9) NM 29.8% 9.2x NM Qihoo 360 Technology Co. Ltd. China 99.58 ‐20% 12,225.6 11,829.9 671.1 148.4 22.1% 104.0% 17.6x 79.7xSymantec Corporation United States 19.97 ‐26% 13,810.3 12,014.3 6,799.0 1,960.0 28.8% ‐0.6% 1.8x 6.1xTrend Micro Inc. Japan 30.87 ‐24% 4,163.5 2,805.1 1,046.6 354.6 33.9% 15.4% 2.7x 7.9xVeriSign, Inc. United States 53.91 ‐14% 7,199.0 6,849.8 965.1 588.9 61.0% 10.5% 7.1x 11.6x







Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $77.02 ‐14% $ 7,127.4 $ 6,384.4 $ 861.3 $ 403.0 46.8% 7.9% 7.4x 15.8xAutodesk, Inc. * United States 49.18 ‐16% 11,173.0 9,652.3 2,273.9 426.5 18.8% ‐1.7% 4.2x 22.6xAveva Group plc United Kingdom 34.86 ‐22% 2,223.9 2,064.4 384.7 113.2 29.4% 10.9% 5.4x 18.2xDassault Systemes SA France 117.42 ‐17% 14,521.7 12,574.8 2,852.7 889.6 31.2% 1.9% 4.4x 14.1x


Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. * United States $65.74 ‐8% $ 32,720.8 $ 31,098.4 $ 4,047.5 $ 752.5 18.6% ‐7.3% 7.7x 41.3xCA Technologies United States 30.98 ‐14% 13,871.9 12,788.9 4,582.0 1,566.0 34.2% ‐2.1% 2.8x 8.2xCommVault Systems, Inc. United States 64.95 ‐28% 3,084.8 2,584.3 567.8 103.4 18.2% 20.4% 4.6x 25.0xCovisint Corporation United States 7.33 ‐50% 274.8 220.0 98.4 (27.1) NM 13.9% 2.2x NM Daegis Inc. United States 1.26 ‐24% 20.6 31.9 33.4 3.0 8.9% ‐17.1% 1.0x 10.7xEndurance International Group Holdings, Inc. * United States 13.01 ‐20% 1,679.7 2,680.3 520.3 61.5 11.8% 78.1% 5.2x 43.6xGuidance Software, Inc. United States 11.06 ‐4% 320.3 300.7 110.5 (13.6) NM ‐14.6% 2.7x NM IBM Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2xInformatica Corporation United States 37.78 ‐14% 4,126.0 3,448.6 948.2 164.1 17.3% 16.8% 3.6x 21.0xIntraLinks Holdings, Inc. * United States 10.23 ‐18% 567.7 557.5 234.5 12.9 5.5% 8.2% 2.4x 43.2xNetSuite Inc. * United States 94.83 ‐21% 7,164.2 6,978.7 414.5 (37.0) NM 34.2% 16.8x NM Opera Software ASA Norway 13.10 ‐18% 1,737.2 1,571.1 300.1 82.5 27.5% 38.9% 5.2x 19.0xOracle Corporation United States 40.91 ‐1% 182,413.0 169,893.0 37,902.0 16,494.0 43.5% 2.0% 4.5x 10.3xRally Software Development Corp. United States 13.38 ‐60% 326.6 237.8 74.3 (16.8) NM 30.8% 3.2x NM Salesforce.com, Inc United States 57.09 ‐15% 34,830.6 36,500.4 4,071.0 (60.6) NM 33.5% 9.0x NM ServiceNow, Inc. * United States 59.92 ‐17% 8,454.7 8,234.9 424.7 (42.8) NM 74.2% 19.4x NM Textura Corporation United States 25.21 ‐47% 625.4 550.1 40.8 (33.2) NM 70.1% 13.5x NM TIBCO Software Inc. United States 20.32 ‐25% 3,288.2 3,072.2 1,085.0 201.3 18.6% 4.7% 2.8x 15.3x





Information & Business Services

Buyout acquisitions accounted for 89 percent of reported value during the month

IT Consulting/Systems Integration was the most active subsegment with eight transactions announced

BPO was the highest reported value subsegment with four deals, which was from TPG Capital’s $1.5 billion purchase of The Warranty Group


• Thoma Bravo’s $930 million acquisition of Travelclick, a provider of revenue tracking solutions for hotels

• Jaywing’s $30 million purchase of UK‐based Epiphany Solutions, a provider of market research

• HealthStream’s $16 million acquisition of Health Care Compliance Strategies, a provider of online compliance training for healthcare organizations

• Charterhouse Capital Partners’ purchase of online training company Skillsoft

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

IT Consulting/Systems Integration 8 23% $25.8 1% 7 $4.8 0 ‐ 1 $21.0

Corporate Training 4 11% 16.0 1% 2 16.0 2 ‐ 0 ‐

BPO 3 9% 1,510.0 58% 1 ‐ 1 1,500.0 1 10.0

Contact Center 3 9% 13.8 1% 2 9.6 0 ‐ 1 4.2

Healthcare Information 3 9% 13.5 1% 0 ‐ 0 ‐ 3 13.5

Market Research 3 9% 38.7 1% 1 30.0 0 ‐ 2 8.7

Other* 11 31% 992.2 2% 6 ‐ 1 930.0 4 62.2

Total 35 100% 2,610.0 64% 19 60.4 4 2,430.0 12 119.6

*Other includes Credit/Risk Consulting, Credit/Risk Management, Healthcare Consulting, HR Information, Marketing Data, Printing Services, and Staffing

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $37.14 ‐8% $ 4,436.2 $ 4,720.0 $ 2,507.6 $ 499.7 19.9% 7.3% 1.9x 9.4xComputershare Limited Australia 11.19 ‐5% 6,226.6 7,327.9 2,012.1 454.9 22.6% 0.3% 3.6x 16.1xCoreLogic, Inc. United States 30.04 ‐17% 2,754.8 3,452.0 1,330.6 269.8 20.3% 7.7% 2.6x 12.8xCoStar Group Inc. * United States 186.74 ‐14% 5,388.2 5,285.4 440.9 94.0 21.3% 26.0% 12.0x 56.2xDST Systems Inc. United States 94.79 ‐5% 3,991.7 4,296.0 2,658.6 430.6 16.2% 3.2% 1.6x 10.0xDun & Bradstreet Corp. United States 99.35 ‐20% 3,677.2 4,963.5 1,655.2 508.3 30.7% ‐0.5% 3.0x 9.8xEnvestnet, Inc. * United States 40.18 ‐17% 1,366.9 1,316.9 242.5 23.6 9.7% 54.2% 5.4x 55.7xEquifax Inc. United States 68.03 ‐7% 8,302.4 9,548.8 2,303.9 810.8 35.2% 11.1% 4.1x 11.8xExperian plc Ireland 18.00 ‐16% 17,873.0 21,280.8 4,784.0 1,635.0 34.2% 3.5% 4.4x 13.0xFactSet Research Systems Inc. United States 107.81 ‐9% 4,571.1 4,468.2 883.9 345.5 39.1% 6.0% 5.1x 12.9xFair Isaac Corporation United States 55.32 ‐13% 1,931.4 2,313.5 737.8 191.1 25.9% 6.0% 3.1x 12.1xFidelity National Information Services, Inc. United States 53.45 ‐6% 15,536.2 19,616.0 6,070.7 1,569.7 25.9% 4.5% 3.2x 12.5xFinancial Engines, Inc. * United States 50.78 ‐29% 2,590.0 2,344.2 239.0 48.9 20.5% 28.6% 9.8x 47.9xMcGraw Hill Financial, Inc. United States 76.30 ‐7% 20,879.2 20,971.2 4,875.0 1,749.0 35.9% 9.6% 4.3x 12.0xMoody's Corporation United States 79.32 ‐7% 16,973.5 17,059.9 2,972.5 1,339.6 45.1% 8.9% 5.7x 12.7xMorningstar Inc. United States 79.02 ‐8% 3,532.3 3,236.2 698.3 224.3 32.1% 6.1% 4.6x 14.4xMSCI Inc. United States 43.02 ‐7% 5,019.4 5,468.8 1,035.7 452.0 43.6% 9.0% 5.3x 12.1xReis, Inc. United States 18.05 ‐9% 199.6 189.0 34.7 7.5 21.7% 11.2% 5.4x 25.1xSEI Investments Co. United States 33.61 ‐6% 5,696.5 5,118.3 1,126.1 271.1 24.1% 13.5% 4.5x 18.9xThomson Reuters Corporation United States 34.28 ‐10% 27,961.8 34,845.9 12,702.0 2,680.0 21.1% ‐3.3% 2.7x 13.0xThe Nasdaq OMX Group, Inc. United States 36.94 ‐10% 6,286.4 8,473.4 3,211.0 928.0 28.9% 2.9% 2.6x 9.1xVerisk Analytics, Inc. United States 59.96 ‐13% 10,003.5 11,109.6 1,595.7 736.0 46.1% 13.3% 7.0x 15.1x



Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $34.40 ‐12% $ 2,627.1 $ 2,569.5 $ 1,097.5 $ 182.0 16.6% ‐1.1% 2.3x 14.1xAll iance Data Systems Corporation * United States 272.45 ‐9% 14,487.0 23,725.7 4,319.1 1,281.1 29.7% 18.6% 5.5x 18.5xBrainjuicer Group Plc United Kingdom 8.51 ‐1% 107.1 96.8 40.7 6.1 15.1% 17.5% 2.4x 15.8xCello Group Plc United Kingdom 1.54 ‐3% 128.1 134.2 265.8 16.5 6.2% 18.2% 0.5x 8.1xCision AB Sweden 9.46 ‐2% 140.4 177.2 128.1 13.9 10.8% ‐13.6% 1.4x 12.8xcomScore, Inc. * United States 32.79 ‐4% 1,133.2 1,089.1 286.9 26.3 9.2% 12.4% 3.8x 41.5xCross Marketing Inc. Japan 12.85 ‐18% 76.1 70.8 60.8 8.4 13.9% 15.5% 1.2x 8.4xEbiquity plc United Kingdom 2.16 ‐4% 154.3 189.7 110.3 20.1 18.2% 11.5% 1.7x 9.5xGfK SE Germany 54.44 ‐14% 1,987.4 2,563.1 2,063.9 312.7 15.2% ‐1.3% 1.2x 8.2xHarte‐Hanks Inc. United States 8.84 ‐13% 553.1 562.4 559.6 63.6 11.4% ‐3.7% 1.0x 8.8xInnerWorkings Inc. * United States 7.66 ‐49% 393.4 443.8 891.0 14.3 1.6% 12.8% 0.5x 31.0x

Financial & Credit/Risk Management Information



Information ServicesPublic Company Valuation


Marketing Information (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAIntage Holdings Inc. Japan 13.25 ‐3% $ 266.4 $ 253.6 $ 393.0 $ 46.9 11.9% 4.6% 0.6x 5.4xIpsos SA France 40.66 ‐15% 1,842.1 2,615.9 2,364.4 281.7 11.9% ‐4.3% 1.1x 9.3xMacromill, Inc. Japan 7.56 ‐12% 457.5 407.7 174.2 44.5 25.5% 14.2% 2.3x 9.2xNeuStar, Inc. United States 32.51 ‐43% 1,989.3 2,386.5 902.0 359.8 39.9% 8.5% 2.6x 6.6xNielsen Holdings N.V. Netherlands 44.63 ‐6% 16,908.8 23,072.8 5,703.0 1,349.0 23.7% 5.5% 4.0x 17.1xOnvia Inc. United States 5.34 ‐4% 39.3 31.7 22.0 2.5 11.3% 0.3% 1.4x 12.8xPearson plc United Kingdom 17.70 ‐23% 14,330.6 16,902.9 8,439.2 1,371.8 16.3% 2.2% 2.0x 12.3xRentrak Corporation * United States 60.28 ‐13% 729.6 703.6 118.4 14.5 12.2% 24.3% 5.9x 48.5xYouGov PLC United Kingdom 1.85 ‐4% 181.7 171.7 108.4 8.7 8.0% 11.6% 1.6x 19.7x


Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $1.13 ‐12% $ 159.3 $ 204.1 $ 123.7 $ 16.5 13.3% 7.1% 1.6x 12.4xCorporate Executive Board Co. United States 74.23 ‐8% 2,496.6 2,892.9 820.1 177.5 21.6% 31.7% 3.5x 16.3xForrester Research Inc. United States 35.85 ‐13% 701.6 546.4 297.7 35.2 11.8% 1.6% 1.8x 15.5xGartner Inc. United States 69.44 ‐6% 6,386.3 6,173.8 1,784.2 302.1 16.9% 10.4% 3.5x 20.4xIHS Inc. United States 121.50 ‐3% 8,268.5 10,093.5 1,982.6 422.5 21.3% 26.3% 5.1x 23.9xInforma plc Switzerland 8.80 ‐8% 5,313.6 6,617.5 1,885.3 612.7 32.5% ‐8.1% 3.5x 10.8xNational Research Corp. United States 43.88 ‐6% 496.7 485.2 92.6 28.5 30.8% 7.1% 5.2x 17.0xNIC Inc. United States 19.31 ‐26% 1,258.0 1,183.8 249.3 64.3 25.8% 18.6% 4.7x 18.4xPremier, Inc. United States 32.95 ‐15% 1,066.8 871.3 808.8 308.7 38.2% 0.0% 1.1x 2.8xProofpoint, Inc. * United States 37.08 ‐19% 1,363.1 1,266.6 137.9 (16.9) NM 29.8% 9.2x NM

Reed Elsevier plc(1) United Kingdom 15.25 ‐2% 32,688.0 39,627.4 9,944.2 3,154.3 31.7% 6.6% 4.0x 12.6xSolera Holdings Inc. United States 63.34 ‐11% 4,368.8 5,767.3 890.1 347.7 39.1% 11.1% 6.5x 16.6xTarsus Group plc Ireland 3.41 ‐20% 340.1 395.7 126.3 41.5 32.9% 47.2% 3.1x 9.5xTechTarget, Inc. * United States 7.21 ‐3% 235.3 205.4 88.5 3.8 4.3% ‐11.5% 2.3x 54.5xThe Advisory Board Company * United States 64.25 ‐9% 2,322.1 2,268.2 502.3 60.7 12.1% 16.4% 4.5x 37.3xUBM plc United Kingdom 11.35 ‐10% 2,784.9 3,589.4 1,321.7 315.3 23.9% ‐0.5% 2.7x 11.4xWolters Kluwer NV Netherlands 28.28 ‐8% 8,349.1 11,098.1 4,922.3 1,230.2 25.0% ‐0.9% 2.3x 9.0x


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




Business ServicesPublic Company Valuation


Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 21.97 ‐8% 221.2 171.8 278.4 25.0 9.0% 3.0% 0.6x 6.9xFTI Consulting, Inc. United States 33.34 ‐29% 1,354.8 1,862.7 1,652.4 242.5 14.7% 4.8% 1.1x 7.7xInformation Services Group, Inc. United States 4.91 ‐14% 183.4 205.1 211.0 17.9 8.5% 9.5% 1.0x 11.5xNavigant Consulting Inc. United States 18.66 ‐6% 915.7 970.8 734.4 123.5 16.8% 1.7% 1.3x 7.9xICF International Inc. United States 39.81 ‐10% 787.2 818.2 949.3 85.4 9.0% 1.3% 0.9x 9.6xHuron Consulting Group Inc. United States 63.38 ‐10% 1,435.4 1,546.9 720.5 138.2 19.2% 15.1% 2.1x 11.2xThe Hackett Group, Inc. United States 5.98 ‐20% 182.9 183.7 200.4 18.2 9.1% 0.3% 0.9x 10.1xTowers Watson & Co. * United States 114.05 ‐13% 8,043.6 8,078.1 3,590.6 653.9 18.2% 4.6% 2.2x 12.4x


HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 77.26 ‐8% 37,225.9 35,949.6 11,747.3 2,438.9 20.8% 7.6% 3.1x 14.7xBarrett Business Services Inc. United States 59.57 ‐42% 427.3 319.2 532.8 26.5 5.0% 32.3% 0.6x 12.1xCapita plc United Kingdom 18.25 ‐6% 12,005.3 11,840.0 6,486.6 954.8 14.7% 16.2% 1.8x 12.4xDice Holdings, Inc. United States 7.46 ‐26% 404.1 483.8 213.5 62.7 29.4% 9.3% 2.3x 7.7xEdenred SA France 31.45 ‐16% 7,039.0 7,465.6 1,311.7 408.7 31.2% ‐2.7% 5.7x 18.3xInsperity, Inc. United States 30.98 ‐22% 790.1 518.0 2,256.1 77.0 3.4% 4.5% 0.2x 6.7xLinkedIn Corporation * United States 184.94 ‐28% 22,348.1 20,023.8 1,528.5 166.7 10.9% 57.2% 13.1x 120.1xMarsh & McLennan Companies, Inc. United States 49.30 ‐2% 27,084.0 27,803.0 12,261.0 2,435.0 19.9% 2.8% 2.3x 11.4xMonster Worldwide, Inc. United States 7.48 ‐12% 719.0 820.1 807.6 112.3 13.9% ‐9.3% 1.0x 7.3xPaychex, Inc. United States 42.60 ‐7% 15,495.3 14,909.6 2,440.2 1,067.8 43.8% 6.4% 6.1x 14.0xProfessional Diversity Network LLC United States 3.45 ‐51% 21.8 3.1 4.0 (1.7) NM ‐34.4% 0.8x NM Towers Watson & Co. United States 114.05 ‐13% 8,043.6 8,078.1 3,590.6 653.9 18.2% 4.6% 2.2x 12.4xTriNet Group, Inc. United States 21.31 ‐9% 1,456.0 2,180.5 1,644.3 136.9 8.3% 61.4% 1.3x 15.9xWageWorks, Inc. United States 56.11 ‐18% 1,964.7 1,634.2 219.3 39.0 17.8% 23.7% 7.5x 41.9x







IT Consulting/Systems Integration

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 79.72 ‐7% $ 50,468.3 $ 47,326.2 $ 28,774.2 $ 4,423.4 15.4% 1.8% 1.6x 10.7xAmdocs Limited Channel Islands 46.46 ‐1% 7,415.9 6,204.3 3,383.5 626.8 18.5% 3.6% 1.8x 9.9xBechtle AG Germany 86.34 ‐1% 1,813.1 1,730.1 3,139.1 152.8 4.9% 8.4% 0.6x 11.3xBooz Allen Hamilton Holding Corporation United States 22.00 ‐2% 3,178.8 4,450.2 5,624.2 562.4 10.0% ‐2.2% 0.8x 7.9xBroadridge Financial Solutions, Inc. United States 37.14 ‐8% 4,436.2 4,720.0 2,507.6 499.7 19.9% 7.3% 1.9x 9.4xBusiness & Decision SA France 6.56 ‐3% 51.7 97.5 288.1 19.7 6.8% ‐13.0% 0.3x 4.9xCap Gemini S.A. France 75.87 ‐5% 12,145.2 11,363.7 13,934.4 1,320.0 9.5% ‐1.7% 0.8x 8.6xCGI Group, Inc. Canada 30.96 ‐18% 9,521.9 12,188.5 9,248.6 1,338.1 14.5% 62.5% 1.3x 9.1xCognizant Technology Solutions Corporation * United States 50.60 ‐6% 30,735.7 26,988.2 8,843.2 1,857.8 21.0% 20.4% 3.1x 14.5xComputer Sciences Corporation United States 60.82 ‐5% 8,861.0 9,425.0 13,970.0 2,169.5 15.5% ‐3.8% 0.7x 4.3xCSG Systems International Inc. United States 26.04 ‐19% 890.7 945.1 747.5 125.8 16.8% ‐1.2% 1.3x 7.5xDigi International Inc. United States 10.15 ‐20% 262.7 164.8 195.7 16.8 8.6% 2.5% 0.8x 9.8xInformation Services Group, Inc. United States 4.91 ‐14% 183.4 205.1 211.0 17.9 8.5% 9.5% 1.0x 11.5xInternational Business Machines Corporation United States 192.49 ‐10% 200,447.7 229,249.7 99,751.0 25,019.0 25.1% ‐4.6% 2.3x 9.2xInfosys Ltd. India 54.62 ‐15% 31,212.7 26,849.7 8,095.0 2,140.0 26.4% 11.9% 3.3x 12.5xiSoftStone Holdings Limited * China 5.06 ‐9% 294.7 375.4 418.1 26.2 6.3% 15.2% 0.9x 14.3xITS Group France 10.45 ‐1% 60.2 69.4 159.0 10.7 6.7% 23.8% 0.4x 6.5xNCI, Inc. United States 10.63 ‐19% 137.4 138.3 332.3 19.5 5.9% ‐9.8% 0.4x 7.1xNTT Data Corporation Japan 38.80 ‐7% 10,882.3 13,276.4 12,876.7 1,897.8 14.7% 4.6% 1.0x 7.0xPerficient Inc. * United States 18.12 ‐25% 615.3 627.3 356.8 45.5 12.8% 14.5% 1.8x 13.8xTata Consultancy Services Limited * India 35.46 ‐11% 69,448.8 67,591.6 12,776.1 3,869.5 30.3% 28.2% 5.3x 17.5xWipro Ltd. * India 9.04 ‐11% 22,144.0 20,078.0 6,870.4 1,473.5 21.4% 27.8% 2.9x 13.6x



Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation * United States $6.32 ‐48% $ 45.6 $ 45.2 $ 87.3 $ 0.2 0.2% 6.9% 0.5x 240.6xCenveo Inc. United States 3.04 ‐22% 201.7 1,375.9 1,777.8 145.0 8.2% 2.3% 0.8x 9.5xCommunisis plc United Kingdom 1.11 ‐11% 214.7 257.6 449.8 33.2 7.4% 17.6% 0.6x 7.8xCineplex Inc. Canada 38.16 ‐6% 2,402.0 2,665.6 1,062.4 177.0 16.7% 7.2% 2.5x 15.1xContax Participacoes S.A. Brazil 1.46 ‐41% 517.4 880.3 1,595.5 192.8 12.1% ‐0.1% 0.6x 4.6xConvergys Corporation United States 21.91 ‐10% 2,222.6 1,620.0 2,046.1 237.8 11.6% 2.0% 0.8x 6.8xElanders AB Sweden 6.67 ‐14% 151.6 266.2 325.1 35.5 10.9% 8.9% 0.8x 7.5xEniro AB Sweden 9.00 ‐13% 901.1 1,292.3 567.6 131.7 23.2% ‐8.5% 2.3x 9.8xExlservice Holdings, Inc. United States 30.91 ‐6% 1,005.1 853.6 478.5 92.3 19.3% 8.0% 1.8x 9.2xFirstsource Solutions Limited India 0.42 ‐15% 277.0 427.1 501.3 58.6 11.7% 9.2% 0.9x 7.3xGenpact Limited Bermuda 17.42 ‐18% 4,037.7 4,125.8 2,132.0 384.0 18.0% 12.1% 1.9x 10.7xInnerWorkings Inc. * United States 7.66 ‐49% 393.4 443.8 891.0 14.3 1.6% 12.8% 0.5x 31.0x





Outsourced Services (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALuxoft Holding, Inc. * British Virgin Islands 35.07 ‐19% $ 1,148.8 $ 1,134.4 $ 378.0 $ 68.4 18.1% 25.5% 3.0x 16.6xMAXIMUS, Inc. United States 44.86 ‐11% 3,044.0 2,924.8 1,451.6 240.4 16.6% 32.3% 2.0x 12.2xQuad/Graphics, Inc. United States 23.45 ‐36% 1,125.9 2,536.3 4,795.9 578.0 12.1% 17.1% 0.5x 4.4xQuintiles Transnational Holdings Inc. United States 50.77 ‐8% 6,596.1 7,888.7 3,808.3 557.0 14.6% 3.1% 2.1x 14.2xR.R. Donnelley & Sons Company United States 17.90 ‐16% 3,540.5 6,391.9 10,480.3 1,120.8 10.7% 2.5% 0.6x 5.7xSalmat Limited Australia 1.79 ‐16% 283.3 221.3 422.2 31.2 7.4% ‐6.4% 0.5x 7.1xSerco Group plc United Kingdom 7.01 ‐39% 3,429.1 4,681.1 7,139.1 473.7 6.6% ‐12.7% 0.7x 9.9xSt Ives plc United Kingdom 3.30 ‐3% 400.5 421.1 538.2 81.9 15.2% ‐1.8% 0.8x 5.1xStarTek, Inc. United States 6.85 ‐5% 105.4 96.8 231.3 8.1 3.5% 16.7% 0.4x 11.9xSykes Enterprises, Incorporated United States 19.87 ‐15% 871.8 757.8 1,263.5 114.1 9.0% 12.0% 0.6x 6.6xTeleperformance France 58.11 ‐11% 3,320.1 3,198.6 3,359.3 412.8 12.3% 3.7% 1.0x 7.7xTeleTech Holdings Inc. United States 24.51 ‐9% 1,225.2 1,179.9 1,193.2 153.1 12.8% 2.6% 1.0x 7.7xTrans Cosmos, Inc. Japan 20.60 ‐10% 847.6 613.9 1,722.4 101.8 5.9% 7.6% 0.4x 6.0xTranscom WorldWide SA Luxembourg 0.19 ‐18% 236.6 286.1 901.9 36.9 4.1% 7.9% 0.3x 7.7xTranscontinental Inc. Canada 14.52 ‐7% 1,127.5 1,476.5 1,890.1 340.0 18.0% ‐3.1% 0.8x 4.3xVistaprint N.V. Netherlands 49.22 ‐15% 1,635.5 1,777.7 1,213.6 137.8 11.4% 9.6% 1.5x 12.9xWest Corporation United States 23.93 ‐29% 2,006.2 5,301.5 2,685.9 662.6 24.7% 1.8% 2.0x 8.0xXchanging PLC United Kingdom 2.76 ‐13% 669.3 505.4 1,141.9 116.9 10.2% 2.6% 0.4x 4.3x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 6.6x 2.2x 7.9x 7.8xDigital Advertising 4.5x 2.6x 6.0x 5.6xMarketing Technology 5.4x 3.8x 4.4x 4.2xAgency 1.1x 1.2x 1.5x 1.5xMarketing Services 1.6x 1.6x 3.0x 2.0xTraditional Media 2.8x 2.5x 3.3x 3.0xTechnology 3.4x 2.5x 3.9x 3.7xCommunications 2.4x 1.5x 2.2x 2.0xSoftware 8.2x 4.4x 6.0x 5.3xInformation 3.7x 3.5x 4.3x 4.0xBusiness Services 1.4x 0.8x 2.8x 2.0x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 29.1x 15.5x 27.9x 24.6xDigital Advertising 24.2x 19.8x 19.8x 19.2xMarketing Technology 31.7x 17.2x 13.0x 13.2xAgency 11.3x 9.3x 11.2x 9.9xMarketing Services 12.8x 9.2x 12.2x 12.6xTraditional Media 15.9x 10.7x 11.2x 11.2xTechnology 18.4x 11.6x 11.9x 12.0xCommunications 36.2x 15.5x 15.0x 12.2xSoftware 33.3x 17.0x 16.9x 12.7xInformation 17.6x 13.0x 15.7x 14.0xBusiness Services 12.8x 10.0x 18.2x 12.1x

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

Revenue Multiples

EBITDA Multiples

As of close of business on 03/31/14

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


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 3/31/14

LTM Index Performance

• S&P 500 – 23.3%

• Digital Media/Commerce –43.1%

• Traditional Media – 31%


• S&P 500 – 23.3%

• Marketing Technology – 8.7%


• S&P 500 – 23.3%

• Digital Advertising – 42.5%


• S&P 500 – 23.3%

• Agency – 30.9%

• Marketing Services – 39.1%

Digital Media/Commerce and Traditional Media Digital Advertising

Agency & Marketing ServicesMarketing Technology

80

95

110

125

140

155

170

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

Index Performance (%

)

S&P 500 Digital Media/Commerce Traditional Media

80

95

110

125

140

155

170



)

S&P 500 Digital Advertising

80

90

100

110

120

130



)

S&P 500 Marketing Technology

80

95

110

125

140

155



)

S&P 500 Agency Marketing Services


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 3/31/14


• S&P 500 – 23.3%

• Technology – 25.3%


• S&P 500 – 23.3%

• Software – 14.8%


• S&P 500 – 23.3%

• Communications – 21.9%


• S&P 500 – 23.3%

• Information – 27.5%

• Business Services – 9.7%

Technology Communications

Information & Business ServicesSoftware

80

90

100

110

120

130



)

S&P 500 Technology

80

90

100

110

120

130

140



)

S&P 500 Communications

80

90

100

110

120

130



)

S&P 500 Software

90

100

110

120

130

140

150



)

S&P 500 Information Business Services


All Segments($ in Millions)

Strategic TransactionsStrategic Target Target Segment Buyer/Investor Reported TV Values Disclosed

Ono, S.A. Tradi tional Media Vodafone Group plc 10,000.0$ eAccess Technology & Communications Yahoo Japan 3,200.0 Bouygues Telecom SA Technology & Communications Il iad SA 2,496.4 The Men's Wearhouse, Inc. Digi ta l Media/Commerce Joseph A. Bank Clothiers , Inc. 1,826.0 LIN Media LLC Tradi tional Media Media General , Inc. 1,600.0 WPLG Tradi tional Media Berkshi re Hathaway, Inc. 1,100.0 Maker Studios Digi ta l Adverti s ing The Walt Disney Company 950.0 Schawk, Inc. Agency & Marketing Services Matthews Internationa l Corporation 591.5 Apartments .com, Inc. Digi ta l Adverti s ing CoStar Group, Inc. 585.0 LiveTV Tradi tional Media Tha les Group 400.0 FreeWheel Media, Inc. Digi ta l Adverti s ing Comcast Corporation 360.0 Conax AS Software The Kudelski Group 250.0 HiFX Technology & Communications Euronet Worldwide, Inc. 241.2 Accuvant, Inc. Software The Blackstone Group 225.0 JD.com Digi ta l Media/Commerce Tencent Holdings Ltd. 214.7 Cyvera Ltd. Software Palo Alto Networks 200.0 Alfaguara Tradi tional Media Penguin Random House Holdings 100.0 CARMA International Marketing Technology Sal ience Ins ight 100.0 Rea l ise Holdings Ltd. Agency & Marketing Services St. Ives , PLC 66.8 KnowledgeAdvisors Marketing Technology The Corporate Executive Board 52.0 VaultLogix LLC Technology & Communications Intercloud Systems, Inc. 44.0 Iconix Latin America Digi ta l Media/Commerce Iconix Brand Group, Inc. 42.0 Epiphany Solutions Limited Information & Bus iness Services Jaywing plc 30.0 Oi lCareers Ltd. Software Dice Holdings , Inc. 26.0 Pebble Beach Systems Ltd. Marketing Technology Vis l ink plc 24.6 KnowledgePath Solutions Marketing Technology Digi ta l Management, Inc. 22.0 Quercus Publ ishing plc Tradi tional Media Hodder & Stoughton Ltd. 20.4 Internet Broadcasting Systems, Inc. Agency & Marketing Services Nexstar Broadcasting, Inc. 20.0 Zi te Digi ta l Media/Commerce Fl ipboard, Inc. 20.0 Sky Software Pty Ltd. Software Triba l Group plc 19.1 X2O Media Tradi tional Media Barco NV 19.0 Ql ika Digi ta l Adverti s ing Pricel ine.com, Inc. 18.0 CoreXchange, Inc. Technology & Communications Zayo Group, LLC 17.5 Health Care Compl iance Strategies , Inc. Information & Bus iness Services Heal thStream, Inc. 16.0 IT Sonix Information & Bus iness Services Enghouse Systems Limited 9.6 DAX Marketing Technology Prime Focus Technologies , Inc. 9.1 Victorvi l le Dai ly Press Tradi tional Media New Media Investment Group, Inc. 8.0 Ins ight4 Pty Ltd. Information & Bus iness Services RXP Services Limited 4.8 Amonshare.com Technology & Communications Xumani i Internationa l 1.5



Strategic TransactionsStrategic Target Target Segment Buyer/Investor Reported TV Undisclosed

Appixia Ltd. Marketing Technology Wix.com, Inc. ‐ Appl i fier Ltd. Digi ta l Media/Commerce Unity Technologies ‐ ArchiTrek Software XTS Software Corporation ‐ ArmorActive, Inc. Technology & Communications Mobi le Technologies , LLC ‐ Authintic.com Marketing Technology 500px, Inc. ‐ BalconyTV Digi ta l Adverti s ing The Orchard ‐ Banno LLC Technology & Communications Jack & Henry Associates ‐ Barc Communications , Inc. Agency & Marketing Services Trepoint, Inc. ‐ Bayshore Solutions Agency & Marketing Services CCF Consul ting, Inc. ‐ Biond Consul ting Information & Bus iness Services PwC Canada ‐ Blayze LLC Marketing Technology Vobi le, Inc. ‐ Blue ‐Goo Agency & Marketing Services Rumble News Ltd. ‐ BPM Specia l is ts , Inc. Information & Bus iness Services Ernst & Young LLP ‐ Brandscreen, Inc. Marketing Technology Zenovia Exchange Corporation ‐ Bus iness Monitor Internationa l Ltd. Information & Bus iness Services The Fi tch Group ‐ CA Erwin Data Model ing Software CA Technologies ‐ Centershi ft, Inc. Technology & Communications Yardi Systems, Inc. ‐ Cenzic, Inc. Software TrustWave Holdings , Inc. ‐ ChannelBra in, Inc. Technology & Communications Dydacomp Development Corporation ‐ Choice Pharma Information & Bus iness Services Cl inipace Worldwide ‐ Comprova.com Digi ta l Media/Commerce DocuSign, Inc. ‐ Corkbin, Inc. Digi ta l Media/Commerce Hel lo Vino, Inc. ‐ Cynergy Systems, Inc. Technology & Communications KPMG LLP ‐ Data Tactics Corporation Software L‐3 Communications Holdings , Inc. ‐ Dhingana, Inc. Digi ta l Media/Commerce Rdio, Inc. ‐ Dium Technology & Communications Innobec Technologies , Inc. ‐ d‐Wise Technologies , Inc. Information & Bus iness Services Dootsonic ‐ E6 Interactive LLC Marketing Technology Advice Media LLC ‐ Eirikuva Oy Information & Bus iness Services Ifolor Oy ‐ ENETsolutions Information & Bus iness Services Computex Technology Solutions ‐ Extrabux, Inc. Digi ta l Adverti s ing Ebates , Inc. ‐ Fi tzi i Software The Ian Martin Group ‐ FreightCar America Inc., Rai l Fleet Management Software Services Software ShipXpress , Inc. ‐ FusePump Ltd. Digi ta l Adverti s ing Wunderman ‐ Giant Media Digi ta l Adverti s ing Adknowledge, Inc. ‐ Glad to Have You, Inc. Marketing Technology HomeAway.com, Inc. ‐ Hare Communications Agency & Marketing Services ConcertCare Healthcare Solutions ‐ Hawkeye Communication, Inc. Agency & Marketing Services Publ ici s Groupe S.A. ‐ Health Solutions Software Interactive Health, Inc. ‐ HPM Networks Technology & Communications Cancom SE ‐ Identi tyForge, LLC Software IDMWORKS ‐




InfoCentrici ty, Inc. Marketing Technology FICO ‐ Innovata LLC Marketing Technology Reed Bus iness Information Ltd. ‐ Jazz Wireless Data , Inc. Technology & Communications KORE Telematics , Inc. ‐ JunctionMCR Software Microsoft Corporation ‐ Kingley Event Management Limited Tradi tional Media Travel Weekly Group Ltd. ‐ KoolSkool Digi ta l Media/Commerce BookAdda ‐ LeisureLink, Inc. Digi ta l Media/Commerce VacationRoost Group, Inc. ‐ Lesmobi l i zers SAS Digi ta l Adverti s ing Dentsu Aegis Network, Inc. ‐ Lockheed Martin Corporation Software Industria l Defender, Inc. ‐ Macias Media Group Agency & Marketing Services MWW Group ‐ Matchcraft, Inc. Marketing Technology Advance Digi ta l , Inc. ‐ Moolaguides , LLC Digi ta l Media/Commerce FlashNotes , Inc. ‐ Oaisys Information & Bus iness Services Mitel Networks Corporation ‐ Origen Technology Limited Information & Bus iness Services Datacom, Inc. ‐ Outcomes Health Information Systems Software Altegra Health, Inc. ‐ Oxyme Marketing Technology MetrixLab ‐ Phoenix Age, Inc. Digi ta l Media/Commerce Kabam, Inc. ‐ PNT Marketing Services Agency & Marketing Services Novantas , Inc. ‐ Pol i s Media l ink srl Digi ta l Media/Commerce RCS MediaGroup S.p.A. ‐ Portero, Inc. Digi ta l Media/Commerce CIRCA, Inc. ‐ Potion Factory LLC Digi ta l Media/Commerce Karel ia Software LLC ‐ Raker Golds tein & Co., Inc. Agency & Marketing Services The CHR Group ‐ Raw TV Ltd Tradi tional Media Discovery Communications LLC ‐ Red Bricks Media Agency & Marketing Services GearyLSF Group ‐ Right Cl ick Software Software MDI Achieve, Inc. ‐ SaaS Markets , LLC Technology & Communications Sysxnet Limited ‐ SchoolSpring, Inc. Software Netchemia, LLC ‐ SecureForce Software BRTRC Federa l Solutions ‐ ServiceKick Marketing Technology Jaroop ‐ Smart Office Technology & Communications Arti fex Software, Inc. ‐ Software Advice, Inc. Digi ta l Media/Commerce Gartner, Inc. ‐ Solariat, Inc. Agency & Marketing Services Genesys Telecommunications Laboratories , Inc. ‐ StickyStreet, Inc. Technology & Communications Mozido, LLC ‐ Tangerine Communications , LLC Agency & Marketing Services The Ferraro Group ‐ TapRide, LLC Digi ta l Media/Commerce DoubleMap ‐ TeachersNotebook.com Digi ta l Media/Commerce OverDrive, Inc. ‐ TeamHeal th, Inc. Information & Bus iness Services Saluti s Emergency Specia l i s ts , PLLC ‐




TechWire.net Digi ta l Media/Commerce e.Republ ic, Inc. ‐ The Church Agency & Marketing Services Des ignworks Group Limited ‐ The Complex Sale, Inc. Marketing Technology Sales Performance Internationa l , LLC ‐ The Echo Nest Corporation Marketing Technology Spoti fy Ltd. ‐ This Way Up! Marketing Agency & Marketing Services Sharp Innovations , Inc. ‐ Thrupoint, Inc. Information & Bus iness Services Acuative Corporation ‐ Tomorrow Networks , LLC Digi ta l Adverti s ing Phys icians Interactive ‐ Topspin Media , Inc. Marketing Technology Beats Music, LLC ‐ Travel Weekly China, Travel Weekly As ia , Events China Digi ta l Media/Commerce Northstar Travel Media, LLC ‐ Tri ‐C Marketing Information & Bus iness Services THP Creative Group, Inc. ‐ Trubiqui ty, Inc. Software Rocket Software, Inc. ‐ Tvinteract LLC Marketing Technology Tagboard ‐ Vizi fy Marketing Technology Yahoo!, Inc. ‐ WebDAM Solutions Marketing Technology Shutters tock Images LLC ‐ WelcomeHomeBlog.com Digi ta l Adverti s ing Bright Mountain Holdings , Inc. ‐ Zul ip Software Dropbox ‐ zuuka Group GmbH Digi ta l Media/Commerce Cupcake Digi ta l , Inc. ‐


Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Cata l ina Marketing Corporation Tradi tional Media Berkshi re Partners , LLC 2,500.0$ Sedgwick Cla ims Management Services , Inc. Software Kohlberg Kravis Roberts & Company 2,400.0 The Warranty Group Information & Bus iness Services TPG Capi ta l 1,500.0 CarTrawler Ltd. Digi ta l Media/Commerce Ins ight Venture Partners 1,023.0 TravelCl ick, Inc. Marketing Technology Thoma Bravo, Inc. 930.0 Serena Software, Inc. Software HGGC, LLC 453.3 Insti tutional Shareholder Services , Inc. Software Vestar Capi ta l Partners 364.0

Buyout DealsUndisclosed

Conterra Ultra Broadband, LLC Technology & Communications Court Square Capi ta l Partners ‐ eCommerce Industries , Inc. Marketing Technology The Carlyle Group ‐ LiveVox, Inc. Marketing Technology Golden Gate Capi ta l ‐ OnCourse Learning Company Information & Bus iness Services Compass Inves tment Partners Fund, LLP ‐ PeopleAdmin, Inc. Software Vis ta Equity Partners ‐ Ski l l soft Limited Information & Bus iness Services Charterhouse Capita l Partners LLC ‐ StormGeo AS Software EQT Holdings AB ‐


Buyout Transactions


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

ChinaVis ion Media Group Limited Marketing Technology Al ibaba Group 804.6$ CJ Games Digi ta l Media/Commerce Tencent Holdings Ltd. 500.0 Tango Digi ta l Media/Commerce Al ibaba Group 280.0 Cloudera, Inc. Technology & Communications T. Rowe Price Associates 160.0 Wayfai r LLC Digi ta l Media/Commerce T. Rowe Price Associates 157.0 Hortonworks Inc. Technology & Communications BlackRock, Inc. 100.0 Acti fio, Inc. Technology & Communications Tiger Global Management, LLC 100.0 Magic Feature Digi ta l Media/Commerce Forgame Holdings Limited 94.2 Quikr India Private Limited Digi ta l Media/Commerce Investment AB Kinnevik 90.0 Credi t Karma, Inc. Digi ta l Adverti s ing Google Capi ta l 85.0 DocuSign, Inc. Digi ta l Media/Commerce Comcast Ventures 85.0 OnDeck Digi ta l Media/Commerce Tiger Global Management, LLC 77.0 SOUQ.com Digi ta l Media/Commerce Naspers Ltd. 75.0 FunPlus Game Digi ta l Media/Commerce GSR Ventures 74.0 ServiceMax Technology & Communications Meri tech Capita l Partners 71.0 Hoccer Betriebs GmbH Digi ta l Media/Commerce Media Ventures Group 68.7 LiquidHub Technology & Communications ChrysCapi ta l 53.0 EventBri te Digi ta l Media/Commerce Tiger Global Management, LLC 50.0 MuleSoft, Inc. Software New Enterprise Associates 50.0 Auction.com Digi ta l Media/Commerce Google Ventures 50.0 Avazu, Inc. Digi ta l Adverti s ing (Private Investors ) 48.0 RelateIQ Technology & Communications Redpoint Ventures 40.0 Coupa Software, Inc. Technology & Communications Meri tech Capita l Partners 40.0 Digi ta lOcean, Inc. Software Andreessen Horowitz 37.0 vIPtela , Inc. Technology & Communications Sequoia Capi ta l 33.5 Phunware Marketing Technology Fraser McCombs Ventures 30.0 CPXi Digi ta l Adverti s ing Bus iness Development Corporation of America 30.0 SimpleTuition, Inc. Digi ta l Adverti s ing Atlas Ventures 26.0 CROSSBAR, Inc. Technology & Communications SAIF Partners 25.0 Percolate Industries , Inc. Marketing Technology Sequoia Capi ta l 24.0 ClearStory Data, Inc. Technology & Communications Kleiner Perkins Caufield & Byers 21.0 Layer3 TV, Inc. Information & Bus iness Services North Bridge Venture Partners 21.0 Threatmetrix, Inc. Software Adams Street Partners , LLC 20.0 Vend Limited Technology & Communications Valar Ventures LP 20.0 Simply Measured, Inc. Marketing Technology Trini ty Ventures 20.0 Synthes io SAS Marketing Technology Idinves t Partners 20.0 Xapo Limited Software Benchmark Capi ta l 20.0 Shazam Enterta inment, Inc. Digi ta l Media/Commerce (Private Investors ) 20.0 FTBpro Marketing Technology Battery Ventures 18.0 Machinima, Inc. Digi ta l Adverti s ing Warner Brothers Enterta inment, Inc. 18.0 Cl io Software Bessemer Venture Partners 17.9


Venture/Growth Capital Transactions



Circle Internet Financia l Limited Technology & Communications Oak Investment Partners 17.0$ Duedi l Ltd. Information & Bus iness Services Oak Investment Partners 17.0 L2 Think Tank Marketing Technology Genera l Cata lys t Partners LLC 16.5 Aquantia Corporation Technology & Communications NEA 16.0 Banjo Marketing Technology Balderton Capi ta l 16.0 The Consulting Consortium Limited Information & Bus iness Services Bus iness Growth Fund 15.2 Kitchensurfing, Inc. Digi ta l Adverti s ing Union Square Ventures 15.0 Demandbase, Inc. Marketing Technology Greenspring Associates 15.0 Hired, Inc. Information & Bus iness Services Cross l ink Capi ta l 15.0 Base CRM Marketing Technology Index Ventures 15.0 BrightBytes , Inc. Marketing Technology Bessemer Venture Partners 15.0 Lotame Solutions , Inc. Marketing Technology Battery Ventures 15.0 GuideSpark, Inc. Information & Bus iness Services New Enterprise Associates 15.0 Cl inicient, Inc. Agency & Marketing Services Cata lyst Investors , LLC 15.0 CircleUp Network, Inc. Digi ta l Media/Commerce Canaan Partners 14.0 Bebe Store Digi ta l Media/Commerce Atomico Ventures 12.3 Gambl it Gaming, LLC Digi ta l Media/Commerce American Capi ta l , Ltd. 12.0 Verdasys Software Fai rhaven Capi ta l Partners 12.0 Gunosy, Inc. Digi ta l Media/Commerce KDDI Group 12.0 Rover.com Digi ta l Adverti s ing Menlo Ventures 12.0 Woowa Brothers Corporation Digi ta l Media/Commerce CyberAgent, Inc. 12.0 Tacti le, Inc. Digi ta l Media/Commerce Accel Partners 11.2 CloudBees , Inc. Software Verizon Ventures 11.2 Ampl idata Technology & Communications Intel Capi ta l 11.0 Premise Data Corporation Technology & Communications The Socia l+Capita l Partnership 11.0 Operative Media , Inc. Marketing Technology Wel l ington Financia l LP 11.0 Slyce Commerce Marketing Technology AlphaNorth Asset Management 10.8 Gravie, Inc. Information & Bus iness Services Fi rs tMark Capi ta l 10.5 Bizzby Limited Digi ta l Media/Commerce (Private Investors ) 10.0 Sprig, Inc. Digi ta l Media/Commerce Greylock Partners 10.0 Gigwalk, Inc. Technology & Communications Randstad Holding nv 10.0 Parchment, Inc. Marketing Technology The Raine Group, LLC 10.0 Luxola Pte. Ltd. Digi ta l Media/Commerce Trans Cosmos, Inc. 10.0 Smart Sparrow Pty. Ltd. Marketing Technology Yel low Brick Capi ta l 10.0 Azimo Ltd. Technology & Communications Greycroft LLC 10.0 Secret, Inc. Digi ta l Media/Commerce Google Ventures 10.0 National Lega l Services Information & Bus iness Services NewSpring Capita l 10.0 Polarion Software, Inc. Software Siemens AG 10.0 Optio Labs Software Al l ied Minds , Inc. 10.0 PrestaShop SARL Marketing Technology XAnge Private Equity 9.3 Rea l ty Mogul Company Digi ta l Media/Commerce Canaan Partners 9.0 ElasticBox, Inc. Software Intel Capi ta l 9.0





Techno Vis ion Digi ta l Media/Commerce RCG Holdings Limited 9.0$ Indix Corporation Technology & Communications Avalon Ventures 8.5 Qui l l Marketing Technology Smedvig Capi ta l Limited 8.5 ClassDojo Digi ta l Media/Commerce Shasta Ventures 8.5 Active Operations Management International Marketing Technology Calculus Capi ta l 8.2 Handshake Technology & Communications Emergence Capi ta l Partners 8.0 VoltDB, Inc. Agency & Marketing Services Sigma Partners , LLC 8.0 Top10 Group, Inc. Digi ta l Adverti s ing Accel Partners 8.0 Reflektion, Inc. Marketing Technology Nike Inc. 8.0 ID.me, Inc. Software (Private Investors ) 7.5 Bazaar, Inc. Digi ta l Adverti s ing MMC Ventures , LLC 7.5 Adbrain Ltd. Marketing Technology Octopus Ventures , LLC 7.5 2ergo Limited Marketing Technology Eagle Eye Solutions Limited 7.4 Appsflyer Ltd. Digi ta l Adverti s ing Pi tango Venture Capi ta l 7.1 TakeLessons Digi ta l Media/Commerce Cross l ink Capi ta l 7.0 Saffron Technology, Inc. Marketing Technology Intel Capi ta l 7.0 BOXFISH Marketing Technology Atlantic Bridge 7.0 TVSmi les GmbH Marketing Technology Ventech Capi ta l 7.0 Pley, Inc. Digi ta l Media/Commerce FLOODGATE Fund LP 6.7 Nitrous .IO Software 500 Startups 6.7 LiveSafe, Inc. Digi ta l Media/Commerce IAC/InterActiveCorp 6.5 Mobi l123.com Digi ta l Media/Commerce (Private Investors ) 6.5 Zumper, Inc. Digi ta l Adverti s ing Kleiner Perkins Caufield & Byers 6.5 Pango Mobi le Parking, Ltd. Digi ta l Media/Commerce Bearing Capita l 6.5 Bitium, Inc. Software Polari s Partners 6.5 ownCloud Technology & Communications Genera l Cata lys t Partners LLC 6.3 Trusper, Inc. Digi ta l Media/Commerce DCM 6.2 Trul ioo, Inc. Software Tenfore Systems, Inc. 6.0 Next Games Oy Digi ta l Media/Commerce IDG Capi ta l Partners 6.0 Boxever Marketing Technology Polari s Partners 6.0 Quipper Limited Digi ta l Media/Commerce Atomico Ventures 5.8 Wel l .ca , Inc. Digi ta l Media/Commerce iNovia Capi ta l 5.3 SmartAsset Digi ta l Media/Commerce Javel in Venture Partners 5.2 Omniata , Inc. Marketing Technology Creandum 5.2 LeanData , Inc. Marketing Technology Shasta Ventures 5.1 DataRPM Corporation Marketing Technology CIT Gap Funds 5.1 Speek, Inc. Digi ta l Media/Commerce 500 Startups 5.1 2Can Technology & Communications Almaz Capi ta l Partners 5.0 Capita l Teas , Inc. Digi ta l Media/Commerce Pear Tree Parners 5.0 Crowdtap, LLC Information & Bus iness Services Foundry Group 5.0 Ulmon GmbH Digi ta l Media/Commerce Global Founders Capi ta l 5.0 SteelBrick, Inc. Marketing Technology (Private Investors ) 5.0





CityAds Media Marketing Technology Klever Group 5.0$ Peek Travel , Inc. Digi ta l Media/Commerce Montage Ventures 5.0 Freightos Software Aleph Global 4.6 3CLogic Inc. Information & Bus iness Services Blu Venture Inves tors , LLC 4.2 HourlyNerd, Inc. Digi ta l Media/Commerce Highland Capi ta l Partners 4.0 ComputeNext, Inc. Digi ta l Media/Commerce (Private Investors ) 4.0 Cloud4Wi Technology & Communications United Ventures 4.0 Tipbi t Marketing Technology Igni tion Partners LLC 4.0 Reonomy Information & Bus iness Services SoftBank Capita l 3.7 Spri tz Technology, Inc. Marketing Technology Digicel Group Limited 3.5 The Experience Engine, Inc. Marketing Technology (Private Investors ) 3.5 StreamLink Software LLC Software Hyde Park Venture Partners 3.5 Grapeshot Marketing Technology Albion Ventures LLP 3.3 Egress Software Technologies Ltd. Software Albion Ventures LLP 3.3 Yel lowKorner Digi ta l Media/Commerce (Private Investors ) 3.2 TinderBox, LLC Marketing Technology Al los Ventures , LLC 3.0 Assay Depot, Inc. Information & Bus iness Services Bootstrap Venture Fund 3.0 LoopMe Ltd. Marketing Technology Holtzbrinck Ventures 3.0 Forter Software Sequoia Capi ta l 3.0 Cobra in Marketing Technology (Private Investors ) 3.0 WorkFlex Solutions , LLC Marketing Technology CincyTech Ventures 3.0 PatientSafe Solutions Software TELUS Ventures 3.0 Mela Artisans , Inc. Digi ta l Media/Commerce Asvishkaar 3.0 AppZero Corporation Software Convigton Capita l 3.0 PHEMI Health Systems Software BDC Venture Capi ta l 2.8 Gigas Hosting S.L. Marketing Technology Cabiedes & Partners 2.7 Blend Systems, Inc. Digi ta l Media/Commerce New Enterprise Associates 2.7 AppGyver, Inc. Digi ta l Media/Commerce Ini tia l Capi ta l 2.5 Surfingbi rd Marketing Technology Klever Internet Investments 2.5 Upverter Software Vers ion One Ventures 2.3 lookback Software Index Ventures 2.2 Ziploop, Inc. Digi ta l Media/Commerce Foundation Capita l 2.2 Tapvalue Marketing Technology (Private Investors ) 2.1 VeryLas tRoom Digi ta l Media/Commerce A Plus Finance 2.1 Nuji Digi ta l Media/Commerce Samos Investments Advisory Ltd 2.0 Heyo Marketing Technology Val ley Venture Capi ta l LP 2.0 Invenias Limited Software MMC Ventures , LLC 2.0 Omnidrone SL Digi ta l Media/Commerce Nokia Growth Partners 2.0 TreSensa, Inc. Digi ta l Media/Commerce Caribou Asset Management 2.0 Tvbeat, Inc. Marketing Technology Credo Ventures 2.0 Babel Street, Inc. Technology & Communications (Angel Investors ) 2.0





Ri fini ti , Inc. Marketing Technology Hub Angels 1.9$ Choozer, Inc. Marketing Technology Great Oaks Venture Capi ta l 1.8 SALESmanago Marketing Technology (Private Investors ) 1.7 Ometria Ltd. Marketing Technology (Private Investors ) 1.5 TouchBis tro, Inc. Technology & Communications Walden Venture Capi ta l 1.5 WedPics Digi ta l Media/Commerce IDEA Fund Partners 1.5 Ais lelabs , Inc. Marketing Technology Rho Capi ta l Partners , Inc. 1.5 SportsBlog.com Digi ta l Media/Commerce Sports & Enterta inment Advisory Group 1.5 Workable Software Limited Software Greylock Partners 1.5 Analytics Engines Ltd. Software Crescent Capi ta l Group 1.4 SharePractice, Inc. Digi ta l Media/Commerce ChinaRock Capi ta l 1.3 Reel io, Inc. Agency & Marketing Services e.Ventures 1.3 ScreenHits Limited Digi ta l Adverti s ing (Angel Investors ) 1.2 FlexMinder, Inc. Technology & Communications Al l iance of Angels 1.2 YouNoodle, Inc. Marketing Technology Vegas Tech Fund 1.1 Sai logy S.A. Digi ta l Media/Commerce (Private Investors ) 1.1 Spl i t Digi ta l Media/Commerce (Private Investors ) 1.0 Local Market Launch Marketing Technology Rincon Venture Partners 1.0 Teabox Digi ta l Media/Commerce Accel Partners 1.0

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

Ahonya.com Limited Digi ta l Media/Commerce Savannah Fund ‐ Bringrs Digi ta l Media/Commerce (Private Investors ) ‐ CareCore National , LLC Software Genera l Atlantic, LLC ‐ CitiusTech, Inc. Information & Bus iness Services Genera l Atlantic, LLC ‐ Col lective Digi ta l Studio, LLC Tradi tional Media ProSiebenStat.1 Group ‐ Huodongxing.com Digi ta l Media/Commerce SAIF Partners ‐ Kupferwerk GmbH Digi ta l Media/Commerce BLStream Oy ‐ Lyft Digi ta l Media/Commerce Coatue Management ‐ Memac Ogi lvy & Mather Agency & Marketing Services Ogi lvy & Mather ‐ Oravel Stays Private Limited Digi ta l Media/Commerce Lightspeed Venture Partners ‐ Ozy Media , Inc. Digi ta l Media/Commerce Axel Springer AG ‐ Pop2Li fe Agency & Marketing Services Azoff MSG Enterta inement ‐ Solvoyo Company Software 3TS Capi ta l Partners , Ltd. ‐ SummitIG, LLC Technology & Communications Columbia Capi ta l Corporation ‐ ZipMatch Digi ta l Media/Commerce IMJ Corporation ‐




Petsky Prunier: Maximizing Shareholder Value

Overview

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

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

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

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

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

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Marketing Media eCommerce Healthcare


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

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

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

More than 50 transactions closed since 2011:

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

technology and software, information services, and healthcare


International Partnership with Altium

Description Network

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

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

A leading advisor for more than 25 years

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

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

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

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

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

BeijingShanghai

New York Palo AltoLas Vegas ChicagoBoston Tampa

India

Madrid ManchesterLondonParis

Zurich FrankfurtMilanMunich


a disruptive, rapidly expanding marketplace for

insurance clicks, calls, and leads

has sold a majority stake to

a leading global SaaS‐based tag management, data management, and marketing attribution provider

has been sold to

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

has received a $16MM Series B investment led by

has received a $68MM minority investment from

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

has been acquired by

a dynamic display media andretargeting company

(JASDAQ:4755)

Representative Recent Transactions

has received a mezzanine debt investment from

a leading provider of transportation‐based digital media networks

has been sold to

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

and publishing digital displays for retailers

a unit of

(NYSE: LXK )

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

advertising cost analysis

has been sold to

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

has received $15MM financing led by

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

Apple (iOS), and Android developers

has received $66M investmentfrom

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

customer acquisition solutions formajor brands

has received an equity investment from

with debt financing from

has been sold to

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

a leader in multichannel retail, ecommerce and loyalty marketing

services

has been sold to

has sold

specializing in retail, digital, shopper marketing and consumer services

to

along with digital subsidiary

has been sold to

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

retailers

with financing from


has sold

provider of online travel guides for top destinations around the world

to

(NYSE: GCI )

has been sold to

a leading provider of digital production services to brands and agencies

(NYSE: ACN)

has been acquired by

a real‐time behavioral advertising company

(NYSE: AOL)

has been sold to

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

a leading provider of online customer acquisition services to the

insurance industry

has been sold to

(NYSE: RATE)

has been sold to

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

(Euronext Amsterdam: WKL)

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


(AIM: EMIS)

has been sold to

a leading provider of data‐driven enrollment marketing solutions to

higher education institutions

has acquired select assets of

has been sold to

one of the largest digital agencies

(Nasdaq: RNWK)(ENXTPA: PUB)

has been sold to

a leading developer of popular real‐money and social gaming

(Nasdaq: RNWK)

a leading SaaS‐based, cross channel campaign management platform

for B2C marketers

has been sold tohas received a double‐digit million Euro

investment led by

a Berlin‐based worldwide travel solution provider for premium transportation

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

has been sold to

has sold


toSample Management Business

a consumer enthusiast mediaand commerce company

has been sold to

the largest independent eCommerce retailer of promotional products

has been sold to

Documents

March 2014 MA and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user_monthly... · This M&A and Investment Summary has been prepared by and is being