August 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user_monthly_transa… · 3 | M&A and Investment Summary August 2016 M&A and Investment Summary

August 2016 M&A and Investment Summary

2 | M&A and Investment Summary August 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 40 3

About Petsky Prunier 52 4

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 472 deals were announced in August 2016, of which 296 were worth $33.7 billion in aggregate reported value

Software was the most active segment with 158 deals announced — 104 of these transactions reported $10.2 billion in value

Digital Media/Commerce was also active with 122 transactions announced, of which 88 were worth a reported $7.1 billion in value

Strategic buyers announced 182 deals (42 reported $18.4 billion in value)

VC/Growth Capital investors announced 271 transactions (245 reported $6.9 billion in value)

Private Equity investors announced 19 deals during the month (nine reported $8.3 billion in value)

* Oracle’s $9.4 billion acquisition of NetSuite has been excluded to limit comparative distortions

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

Software 158 33% $10,164.7 30% 51 $4,054.0 6 $4,404.7 101 $1,706.0

Digital Media/Commerce 122 26% 7,071.7 21% 36 4,294.8 1 67.8 85 2,709.1

Marketing Technology 67 14% 3,542.1 11% 20 1,733.8 4 276.5 43 1,531.8

Business Services 38 8% 1,976.1 6% 20 388.7 5 1,174.5 13 412.8

Agency & Marketing Services 28 6% 1,523.6 5% 26 1,502.6 2 21.0 0 -

Digital Advertising 25 5% 1,753.4 5% 5 1,304.8 0 - 20 448.6

Traditional Media 22 5% 5,136.3 15% 19 5,128.8 0 - 3 7.5

Information 12 3% 2,502.0 7% 5 - 1 2,382.2 6 119.8

Total 472 100% 33,669.9 100% 182 18,407.6 19 8,326.7 271 6,935.6

August 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$44.7

$27.4

$13.7

$73.1

$42.6

$33.7

$23.7 $21.3$26.7

$14.4

$40.4

$24.9 $22.1

473376 403 424 363 407 418 427 433 404 432 491 427 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16

Transaction Distribution

Reported transaction activity in August was up nearly 10 percent from July 2016 and more than 20 percent from August of 2015

Strategic activity accounted for 39 percent of reported deal activity during the month and included significant transactions:

• Walmart’s acquisition of eCommerce company Jet.com for $3.3 billion

• The $2.4 billion acquisition of SaaS-based fleet management solutions company Fleetmatics by Verizon

• Dentsu Aegis Network’s majority stake acquisition in database marketing agency Merkle at a reported valuation of $1.5 billion

• The acquisition of customer engagement solutions company Interactive Intelligence by Genesys Telecommunications for $1.4 billion

• The $582 million acquisition of online word processing solutions company Quip by Salesforce

M&A and Investment Summary for All Segments

Supercell / Tencent

LinkedIn / Microsoft

Sungard

Veritas

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5

billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data

Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Hellman & Friedman and

Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings

have been excluded to limit comparative distortions.

Inter. Data Solera

IMS Health

HP IT / CSC

MultiPlan

NetSuite


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

Merkle, Inc. Database/Analytics Dentsu Aegis Network, Inc. 1,500.0$ 436.0$ -$ 3.4x NA

Business Services

Matrix Medical Network 1 Healthcare Consulting Frazier Healthcare Partners 537.5 215.0 29.5 2.5x 18.2x

Digital Advertising

Media.net Ad Networks/Exchanges Miteno Communication Technology 900.0 232.0 - 3.9x NA

Monster Worldwide, Inc. Vertical Search Randstad Holding nv 382.8 635.0 75.7 0.6x 5.1x

Digital Media/Commerce

IronPlanet, Inc. Classifieds/Auctions/P-to-P Ritchie Bros. Auctioneers, Inc. 758.5 - 58.5 NA 13.0x

Information

Press Ganey Holdings, Inc. Healthcare Information EQT VII 2,382.2 344.3 104.9 6.9x 22.7x

Marketing Technology

Interactive Intelligence, Inc. Teleservices/eServices Genesys Telecommunications Laboratories, Inc. 1,394.3 413.1 - 3.4x NA

Atypon Systems, Inc. Content Delivery Network John Wiley & Sons, Inc. 120.0 31.0 - 3.9x NA

Sizmek, Inc. Media Management System Vector Capital Corporation 76.5 185.2 9.0 0.4x 8.5x

One Click Retail Analytics & Targeting Ascential plc 44.0 4.9 3.4 9.0x 12.9x

Meme Global Media Group Media Management System Somoto Ltd. 13.0 9.0 4.1 1.4x 3.2x

ZenContent, Inc. Content Management IZEA, Inc. 4.5 2.0 - 2.3x NA

Software

Rackspace Hosting, Inc. Cloud Computing Technology Apollo Global Management, LLC 4,404.7 2,073.4 588.4 2.1x 7.5x

FleetMatics Group PLC Enterprise Mobility Verizon Communications, Inc. 2,400.0 282.4 - 8.5x NA

QHR Corporation Healthcare Software Loblaw Companies Limited 119.8 23.6 - 5.1x NA

Morrisey Associates, Inc. Healthcare Software HealthStream, Inc. 48.0 12.8 4.6 3.8x 10.5x

Covalent Software Ltd. Credit/Risk Software Ideagen Plc 6.1 5.0 0.4 1.2x 15.0x

Relay Software Limited Credit/Risk Software Applied Systems, Inc. 5.2 8.0 - 0.7x NA

Traditional Media

Taj Television Limited Broadcast Television Sony Pictures Entertainment, Inc. 385.0 95.0 - 4.1x NA

Augustus Group Ltd. Entertainment Media The Marketing Group Plc 48.3 - 5.4 NA 9.0x

1 Represents a 60 percent stake acquisition

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate LTM

Date Company Name Country Segment Offering Value Rev EBITDA

Aug-16 The Trade Desk, Inc. United States Digital Advertising 86.3$ 149.0$ 47.1$

Aug-16 Everbridge, Inc. United States Software 90.0 67.0 NA

Aug-16 Gridsum Technology Co., Ltd. China Marketing Technology 75.0 NA NA

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

Aug-16 Apptio, Inc. United States Marketing Technology 75.0 142.7 NA

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

Jul-16 FOTV Media Networks, Inc. United States Digital Media/Commerce 30.0 NA NA

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

Dec-15 Nutanix, Inc. United States Software 200.0 283.1 NA

Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8


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 Aug 31, 2016 1st Trading Day

Jul -16 Nasdaq:TLND Talend SA France $15.00-$17.00 18.00 $25.50 up 42% 25.60 0.4%

Jul -16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 42.75 2.8%

Jun-16 NYSE:TWLO Twi l io, Inc. United States 12.00-14.00 15.00 28.79 up 92% 53.62 86.2%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 13.11 (32.7%)

May-16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 33.24 83.2%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 14.20 2.3%

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc Austra l ia 18.00-20.00 21.00 27.78 up 32% 29.48 6.1%

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 24.09 164.7%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 23.93 32.9%

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 16.19 9.8%

Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 16.44 62.8%

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.19 (6.7%)

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 11.71 (26.9%)

Oct-15 NYSE:FDC Firs t Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 13.92 (11.6%)


Digital Media/Commerce

Of the total $7.1 billion in value reported in the Digital Media/Commerce segment, $4.3 billion in strategic acquisitions were

announced, while more than $2.7 billion Venture/Growth Capital investments were made

eCommerce was the most active subsegment across all segments with 49 transactions announced, of which 40 were reported for

$5.2 billion. Select investments from the subsegment include:

• The $275 million Bridgepoint Investors-led round of funding raised by UK-based on-demand food delivery company Deliveroo

Select Digital Media/Commerce transactions include:

• Ritchie Bros. Auctioneers’ acquisition of used machinery and equipment marketplace IronPlanet for $758.5 million

• Univision’s $135 million bankruptcy auction acquisition of Gawker Media

• The $120 million raised by online classifieds company OfferUp from Warburg Pincus at a reported valuation of $1.2 billion

• Subscription beauty products company Memebox’s $66 million round of funding from Formation Group, Pejman Mar Ventures, and

Goodwater Capital

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

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

eCommerce 49 40% $5,198.8 74% 11 $3,064.3 1 67.8 37 $2,066.7

Mobile Content/Apps 22 18% 429.2 6% 8 167.0 0 - 14 262.2

Classifieds/Auctions/P-to-P 16 13% 970.7 14% 3 758.5 0 - 13 212.2

Gaming 13 11% 226.1 3% 6 170.0 0 - 7 56.1

Social Media/Apps 10 8% 53.0 1% 3 - 0 - 7 53.0

Niche Content 9 7% 173.7 2% 4 135.0 0 - 5 38.7

Web Search/Portals 3 2% 20.2 0% 1 - 0 - 2 20.2

Total 122 100% 7,071.7 100% 36 4,294.8 1 67.8 85 2,709.1

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media and Internet Public Company Valuation (1/2)

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

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

($ in Millions, except stock price data)

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

Company Name 08/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. 789.85 -3% $ 535,009.0 $ 464,338.0 $ 81,761.0 $ 26,903.0 32.9% 17.5% 5.7x 17.3x

Apple Inc. 106.10 -14% 571,713.8 594,036.8 220,288.0 73,962.0 33.6% -1.8% 2.7x 8.0x

Blucora, Inc. 10.35 -32% 429.7 854.2 291.6 $56.4 19.3% NA 2.9x 15.1x

Demand Media, Inc. 5.52 -15% 112.4 51.5 114.4 (24.7) NM -22.3% 0.4x NM

Everyday Health, Inc. 7.66 -29% 256.1 342.6 248.8 22.4 9.0% 23.6% 1.4x 15.3x

Facebook, Inc. 126.12 -7% 362,174.3 338,881.3 22,160.0 11,075.0 50.0% 51.4% 15.3x 30.6x

Fitbit Inc. 15.48 -70% 3,438.9 2,679.3 2,212.7 227.5 10.3% 75.6% 1.2x 11.8x

Glu Mobile, Inc. 2.35 -53% 312.5 154.5 227.2 (11.0) NM -13.7% 0.7x NM

GoPro, Inc. 14.65 -63% 2,042.8 1,763.6 1,241.2 (199.8) NM -26.9% 1.4x NM

IAC/InterActiveCorp 58.71 -20% 4,672.1 5,175.1 3,251.9 380.9 11.7% 3.0% 1.6x 13.6x

LinkedIn Corporation 192.75 -25% 25,969.0 23,835.5 3,434.9 395.6 11.5% 34.1% 6.9x 60.2x

MeetMe, Inc. 5.76 -29% 302.3 270.6 63.9 14.6 22.8% 35.0% 4.2x 18.6x

Netflix, Inc. 97.45 -27% 41,779.7 42,318.6 7,624.6 313.8 4.1% 24.7% 5.6x NM

Pandora Media, Inc. 14.00 -38% 3,234.6 3,184.9 1,288.0 (158.8) NM 25.8% 2.5x NM

RealNetworks Inc. 4.79 -6% 176.3 97.5 118.7 (35.1) NM -11.6% 0.8x NM

TheStreet, Inc. 1.15 -38% 40.5 13.4 66.0 0.3 0.4% 0.1% 0.2x 50.0x

Twitter, Inc. 19.21 -40% 13,451.03 11,483.60 2,476.19 (4.89) NM 39.2% 4.6x NM

WebMD Health Corp. 51.57 -24% 1,935.7 1,959.8 670.9 163.3 24.3% 12.2% 2.9x 12.0x

XO Group Inc. 18.64 -3% 474.3 377.7 147.2 22.0 14.9% 3.9% 2.6x 17.2x

Yahoo! Inc. 42.75 -1% 40,688.7 3,840.8 4,893.9 768.2 15.7% 0.5% 0.8x 5.0x

Zynga, Inc. 2.73 -10% 2,408.1 1,539.7 750.0 (20.4) NM -0.3% 2.1x NM

Average 1.8x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.5x)

US-Based Digital Media and Internet


Digital Media and Internet Public Company Valuation (2/2)



Company Name Headquarters 08/31/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 171.07 -22% $59,292.8 $54,488.3 $10,706.5 $2,624.5 24.5% 25.1% 5.1x 20.8x

Changyou.com Limited China 24.78 -8% 1,258.9 601.1 609.8 196.7 32.3% -24.5% 1.0x 3.1x

CyberAgent Inc. Japan 54.23 -15% 3,406.8 3,156.1 2,865.9 439.7 15.3% 21.2% 1.1x 7.2x

DeNA Co., Ltd. Japan 29.67 -1% 4,304.9 3,662.3 1,404.9 345.5 24.6% 0.0% 2.6x 10.6x

G5 Entertainment AB (publ) Sweden 4.53 -29% 39.8 36.0 47.6 5.1 10.8% 21.1% 0.8x 7.0x

Gree, Inc. Japan 5.07 -22% 1,189.8 414.9 680.4 155.3 22.8% -24.4% 0.6x 2.7x

iDreamSky Technology Limited China 13.86 0% 627.9 556.4 252.4 31.9 12.6% 66.5% 2.2x 17.5x

International Game Technology PLC United Kingdom 22.83 -2% 4,589.6 12,419.5 5,133.6 1,586.1 30.9% 29.9% 2.4x 7.8x

KongZhong Corporation China 6.53 -16% 307.6 232.0 178.8 21.4 12.0% -18.5% 1.3x 10.8x

Mixi, Inc. Japan 35.52 -32% 2,908.6 1,895.5 2,006.6 923.3 46.0% 37.1% 0.9x 2.1x

NCsoft Corporation South Korea 242.12 -2% 5,142.7 4,458.1 792.8 279.4 35.2% 7.2% 5.6x 16.0x

Naver Corporation South Korea 757.75 -1% 22,078.5 20,743.9 3,169.0 918.8 29.0% 23.1% 6.5x 22.6x

NetEase, Inc. China 211.97 -3% 27,869.2 24,006.0 4,730.4 1,604.3 33.9% 112.3% 5.1x 15.0x

NEXON Co., Ltd. Japan 13.70 -31% 5,978.0 3,547.4 1,862.3 578.2 31.0% 4.4% 1.9x 6.1x

Pacific Online Ltd. China 0.25 -34% 270.2 229.0 162.0 33.2 20.5% 0.1% 1.4x 6.9x

Phoenix New Media Limited China 3.56 -42% 254.4 140.1 224.8 11.8 5.3% -9.9% 0.6x 11.9x

Renren Inc. * China 1.83 -51% 622.6 649.2 47.5 (85.7) NM -25.1% 13.7x NM

HolidayCheck Group AG * Germany 2.90 -33% 169.0 133.1 122.7 2.3 1.9% 1.6% 1.1x 57.5x

Weibo Corporation * China 47.77 -9% 10,161.9 9,771.2 539.9 94.0 17.4% 37.2% 18.1x NM

WeMade Entertainment Co., Ltd. * South Korea 17.98 -60% 298.5 287.1 104.9 9.7 9.2% -16.0% 2.7x 29.6x

Yandex N.V. Netherlands 22.04 -8% 7,073.3 6,453.1 1,065.0 320.7 30.1% 26.1% 6.1x 20.1x

YY Inc. China 51.45 -21% 2,834.6 2,659.1 1,056.1 244.7 23.2% 50.0% 2.5x 10.9x

Average 1.7x 13.5x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-Flowers.com Inc. 9.24 -15% $604.6 $694.3 $1,173.0 $75.7 6.5% 4.6% 0.6x 9.2x

Alphabet Inc. 789.85 -3% 535,009.0 464,338.0 81,761.0 26,903.0 32.9% 17.5% 5.7x 17.3x

Amazon.com, Inc. 769.16 -1% 364,638.4 365,958.4 120,637.0 10,310.0 8.5% 25.9% 3.0x 35.5x

Apple Inc. 106.10 -14% 571,713.8 594,036.8 220,288.0 73,962.0 33.6% -1.8% 2.7x 8.0x

Blucora, Inc. 10.35 -32% 429.7 854.2 291.6 56.4 19.3% NA 2.9x 15.1x

Blue Nile Inc. 34.46 -12% 400.3 364.2 476.7 17.2 3.6% -1.4% 0.8x 21.1x

CafePress Inc. 3.00 -38% 50.1 12.3 97.1 (0.1) NM -20.2% 0.1x NM

CDW Corporation 44.65 -5% 7,292.0 10,912.9 13,700.8 1,029.2 7.5% 10.6% 0.8x 10.6x

Chegg, Inc. 6.73 -17% 612.6 562.9 269.1 (11.4) NM -15.3% 2.1x NM

Copart, Inc. 51.02 -5% 5,580.7 6,143.9 1,218.1 429.8 35.3% 5.8% 5.0x 14.3x

eBay Inc. 32.16 0% 36,309.2 37,277.2 8,788.0 3,072.0 35.0% 1.7% 4.2x 12.1x

Etsy, Inc. 13.46 -20% 1,531.0 1,265.2 320.8 30.2 9.4% 38.0% 3.9x 41.9x

Expedia Inc. 109.12 -22% 16,356.0 18,282.3 7,736.2 837.9 10.8% 26.7% 2.4x 21.8x

FTD Companies, Inc. 23.50 -24% 643.2 872.8 1,155.3 99.6 8.6% 13.7% 0.8x 8.8x

GrubHub Inc. 40.57 -1% 3,457.0 3,187.2 418.0 94.3 22.6% 34.2% 7.6x 33.8x

HSN, Inc. 41.78 -34% 2,183.5 2,734.8 3,634.1 305.0 8.4% -1.3% 0.8x 9.0x


QVC Group $21.13 -26% 10,060.6 16,176.6 10,024.0 1,800.0 18.0% 10.8% 1.6x 9.0x

Liberty Ventures 38.54 -15% 5,484.0 7,187.0 572.0 (26.0) NM -42.9% 12.6x NM

Liquidity Services, Inc. 10.00 -2% 307.4 177.5 317.2 (5.8) NM -27.3% 0.6x NM

Match Group, Inc. 16.19 -5% 4,075.4 5,121.6 1,122.9 288.9 25.7% 18.1% 4.6x 17.7x

Overstock.com Inc. 15.41 -24% 390.6 309.1 1,703.7 1.7 0.1% 5.8% 0.2x NM

PetMed Express, Inc. 20.16 -5% 406.8 362.6 235.5 34.5 14.6% 3.1% 1.5x 10.5x

The Priceline Group Inc. 1,416.73 -4% 70,024.7 72,911.4 9,806.9 3,713.7 37.9% 11.5% 7.4x 19.6x

Shutterfly, Inc. 50.22 -8% 1,706.4 1,950.7 1,101.2 128.6 11.7% 13.6% 1.8x 15.2x

Shutterstock, Inc. 57.98 -6% 2,030.2 1,764.4 464.3 61.4 13.2% 23.2% 3.8x 28.7x

Spark Networks, Inc. 1.94 -53% 50.3 47.2 41.3 (3.3) NM -24.9% 1.1x NM

Stamps.com Inc. 96.72 -22% 1,670.19 1,711.06 287.40 99.84 34.7% 67.0% 6.0x 17.1x

U.S. Auto Parts Network, Inc. 3.74 -17% 130.8 137.7 297.1 9.1 3.0% 2.0% 0.5x 15.2x

EVINE Live Inc. 1.77 -44% 101.5 148.6 697.9 10.7 1.5% 3.0% 0.2x 13.8x

Wayfair Inc. 38.51 -23% 3,273.2 3,000.0 2,868.0 (99.4) NM 72.7% 1.0x NM

Average 1.8x 12.7x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 45.50 -35% $ 6,557.7 $ 6,529.1 $ 997.3 $ (126.9) NM 150.1% 6.5x NM

Alibaba Group Holding Limited * China 97.19 -2% 242,975.0 246,063.8 17,008.0 6,148.0 36.1% 40.1% 14.5x 40.0x

Cnova N.V. * Netherlands 5.26 -1% 2,321.4 2,649.4 3,478.3 (136.8) NM -13.1% 0.8x NM

E-Commerce China Dangdang Inc. China 6.53 -15% 537.3 330.0 1,434.3 19.8 1.4% 17.0% 0.2x 16.7x

JD.com, Inc. * China 25.41 -24% 36,962.7 35,532.4 32,785.3 (117.0) NM 49.0% 1.1x NM

Jumei International Holding Limited China 5.28 -56% 774.2 326.3 1,131.0 27.9 2.5% 88.9% 0.3x 11.7x

LightInTheBox Holding Co., Ltd. * China 3.37 -21% 232.1 129.1 303.4 (17.8) NM -21.9% 0.4x NM

Mercadolibre, Inc. * Argentina 172.00 -1% 7,595.1 7,497.1 706.6 180.8 25.6% 15.5% 10.6x 41.5x

PChome Online Inc. Taiwan 10.89 -9% 1,201.6 967.6 758.2 38.6 5.1% 13.1% 1.3x 25.1x

Rakuten, Inc. Japan 12.60 -25% 17,969.8 19,706.6 7,307.6 1,417.3 19.4% 14.8% 2.7x 13.9x

Travelport Worldwide Limited United Kingdom 13.73 -10% 1,701.4 4,023.6 2,309.8 401.3 17.4% 7.4% 1.7x 10.0x

Vipshop Holdings Limited China 14.16 -37% 8,210.6 8,104.7 7,248.6 475.1 6.6% 53.6% 1.1x 17.1x

Average 1.2x 13.5x


Internationally-based eCommerce


Digital Advertising

There was a total of 25 transactions announced in the Digital Advertising segment, of which 22 were worth nearly $1.8 billion in

reported value

Digital Video and Mobile Marketing were the most active subsegments with five transactions each

Select Transactions:

• China-based Miteno Communication’s $900 million purchase of traffic monetization and search targeting company Media.net

• The $429 million pending acquisition of employment solutions company Monster Worldwide by Randstad Holdings

• Open source video platform Kaltura’s $50 million investment from Goldman Sachs Private Capital

• The $12.5 million raised by online lead exchange platform ReviMedia from NewSpring Capital

• Impact Radius’ acquisition of affiliate identification and recruiting solutions provider 5IQ

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

Digital Video 5 20% $287.4 16% 0 - 0 - 5 $287.4

Mobile Marketing 5 20% 19.1 1% 0 - 0 - 5 19.1

Local Search 4 16% 99.8 6% 0 - 0 - 4 99.8

Vertical Search 3 12% 389.8 22% 1 382.8 0 - 2 7.0

Comparison Shopping 2 8% 6.8 0% 1 - 0 - 1 6.8

Online Lead Generation 2 8% 27.3 2% 0 - 0 - 2 27.3

Ad Networks/Exchanges 1 4% 900.0 51% 1 900.0 0 - 0 -

Other* 3 12% 23.2 1% 2 - 0 - 1 1.2

Total 25 100% 1,753.4 100% 5 1,304.8 0 0.0 20 448.6

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/2)


US-based Digital Advertising



Alliance Data Systems Corporation $204.58 -33% $ 11,973.9 $ 29,239.1 $ 6,762.9 $ 1,551.6 22.9% 14.5% 4.3x 18.8x

Alphabet Inc. 789.85 -3% 535,009.0 464,338.0 81,761.0 26,903.0 32.9% 17.5% 5.7x 17.3x

Angie's List, Inc. $10.16 -10% 597.2 596.7 340.2 33.1 9.7% 1.7% 1.8x 18.0x

Autobytel Inc. 16.40 -34% 176.9 174.1 149.0 12.6 8.4% 35.4% 1.2x 13.8x

Bankrate, Inc. 7.84 -50% 707.7 880.3 383.8 88.8 23.1% 46.3% 2.3x 9.9x

Blucora, Inc. 10.35 -32% 429.7 854.2 291.6 56.4 19.3% NA 2.9x 15.1x

Care.com, Inc. 10.47 -13% 299.4 243.8 151.2 (0.1) NM 21.4% 1.6x NM

Demand Media, Inc. 5.52 -15% 112.4 51.5 114.4 (24.7) NM -22.3% 0.4x NM

DHI Group, Inc. 7.74 -26% 387.7 455.8 246.2 56.0 22.8% -7.1% 1.9x 8.1x

Digital Globe Services Inc. 0.62 -52% 18.6 18.1 45.6 4.2 9.3% 15.0% 0.4x 4.3x

Facebook, Inc. * 126.12 -7% 362,174.3 338,881.3 22,160.0 11,075.0 50.0% 51.4% 15.3x 30.6x

Groupon, Inc. 5.33 -10% 3,062.6 2,510.5 3,118.8 6.6 0.2% 1.1% 0.8x NM


IDI, Inc 4.86 -55% 246.2 285.6 92.3 (47.4) NM 0.0% 3.1x NM

MaxPoint Interactive, Inc. 8.91 -60% 58.7 59.3 142.4 (21.3) NM 10.4% 0.4x NM

Monster Worldwide, Inc. 3.66 -53% 326.0 406.0 635.0 75.1 11.8% -8.7% 0.6x 5.4x

QuinStreet, Inc. 3.06 -53% 140.0 101.3 297.7 (6.2) NM 5.5% 0.3x NM

Quotient Technology Inc. 12.96 -10% 1,087.8 931.4 259.2 (16.7) NM 12.7% 3.6x NM

RetailMeNot, Inc. 11.31 -13% 550.5 372.0 254.5 36.4 14.3% -1.2% 1.5x 10.2x

RhythmOne plc 0.47 -8% 191.3 148.6 166.7 (16.9) NM -22.4% 0.9x NM

Rocket Fuel Inc. 3.00 -53% 133.4 145.6 459.0 (16.3) NM -1.5% 0.3x NM

Rovi Corporation 20.47 -14% 1,680.4 2,417.0 508.1 168.9 33.3% -3.2% 4.8x 14.3x

The Rubicon Project, Inc. 8.50 -58% 415.8 228.9 298.0 41.6 14.0% 81.5% 0.8x 5.5x

TiVo Inc. 10.61 -4% 1,072.51 730.24 470.34 99.79 21.2% 0.8% 1.6x 7.3x

Travelzoo Inc. 12.59 -3% 174.3 146.3 134.6 11.0 8.2% -8.1% 1.1x 13.3x

LendingTree, Inc. 97.00 -26% 1,143.0 983.4 337.1 42.4 12.6% 76.3% 2.9x 23.2x

Tremor Video, Inc. 1.69 -23% 88.6 38.6 165.1 (13.1) NM 2.3% 0.2x NM

TripAdvisor Inc. * 61.00 -30% 8,885.1 8,124.1 1,467.0 205.0 14.0% 4.0% 5.5x 39.6x

TrueCar, Inc. 9.65 -13% 816.5 742.0 264.3 (34.1) NM 12.0% 2.8x NM

TubeMogul, Inc. 9.08 -37% 328.9 258.2 202.5 (13.4) NM 45.4% 1.3x NM


Digital Advertising Public Company Valuation (2/2)

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

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


US-based Digital Advertising



Twitter, Inc. 19.21 -40% $ 13,451.0 $ 11,483.6 $ 2,476.2 $ (4.9) NM 39.2% 4.6x NM

Web.com Group, Inc. 17.46 -33% 817.3 1,513.9 607.8 113.6 18.7% 12.5% 2.5x 13.3x

Yahoo! Inc. 42.75 -1% 40,688.7 3,840.8 4,893.9 768.2 15.7% 0.5% 0.8x 5.0x

Yelp Inc. 38.48 -2% 2,976.2 2,578.1 629.3 (8.7) NM 35.4% 4.1x NM

YuMe, Inc. 3.32 -21% 113.7 51.7 172.6 (5.2) NM -4.4% 0.3x NM

Zillow Group, Inc. 33.83 -15% 6,056.2 5,866.1 740.5 7.2 1.0% 54.4% 7.9x NM

Average 1.6x 11.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (8.3x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (23.6x)



The Marketing Technology segment announced 67 transactions, of which 48 reported more than $3.5 billion in value

Analytics & Targeting was the most active subsegment with 13 transactions announced, 10 of which reported more than $250 million

in value


• The 33 percent stake taken by The Walt Disney Company in Major League Baseball online streaming platform BAMtech for a

reported $1 billion

• Ascential’s $225 million acquisition of eCommerce analytics provider One Click Retail

• The $120 million acquisition of content delivery and discovery solutions company Atypon Systems by John Wiley & Sons

• Salesforce’s acquisition of enterprise analytics tools developer BeyondCore for a reported $110 million

• Ad campaign management platform Sizmek’s take private by Vector Capital in a transaction valued at $122 million

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

Analytics & Targeting 13 19% $258.8 7% 6 $157.0 0 - 7 $101.8

CRM 8 12% 56.0 2% 2 - 0 - 6 56.0

Commerce Management 6 9% 28.0 1% 1 - 0 - 5 28.0

Content Management 6 9% 1,087.3 31% 1 4.5 0 - 5 1,082.8

Media Management System 5 7% 125.8 4% 1 13.0 2 76.5 2 36.3

Email/Messaging Software 4 6% 14.1 0% 1 - 0 - 3 14.1

MRM/Workflow Management 4 6% 51.3 1% 1 - 0 - 3 51.3

Other* 21 31% 1,920.8 54% 7 1,559.3 2 200.0 12 161.5

Total 67 100% 3,542.1 100% 20 1,733.8 4 276.5 43 1,531.8

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated 102.31 -2% $ 50,980.14 $ 48,580.12 $ 5,306.22 $ 1,526.91 28.8% 22.0% 9.2x 31.8x

AppFolio, Inc. 18.42 -8% 619.8 597.6 90.1 (10.7) NM 48.9% 6.6x NM

Bazaarvoice, Inc. 4.00 -26% 331.3 278.6 199.8 (15.0) NM 4.5% 1.4x NM

Blackbaud Inc. 67.37 -6% 3,127.5 3,514.2 684.1 113.5 16.6% 13.9% 5.1x 30.9x

Brightcove Inc. 12.89 -5% 426.3 397.0 142.2 2.6 1.8% 10.6% 2.8x 154.7x

ChannelAdvisor Corporation 12.45 -22% 319.9 257.9 107.3 (7.4) NM 17.1% 2.4x NM

Covisint Corporation 2.22 -17% 90.1 48.3 75.0 (9.8) NM -12.2% 0.6x NM

Cvent, Inc. 32.68 -12% 1,384.3 1,207.7 211.2 8.3 3.9% 27.9% 5.7x 146.3x

eBay Inc. 32.16 -1% 36,309.2 37,277.2 8,788.0 3,072.0 35.0% 1.7% 4.2x 12.1x

Endurance International Group

Holdings, Inc.

7.95 -49% 1,122.6 3,090.7 909.4 172.2 18.9% 31.4% 3.4x 18.0x

Five9, Inc. 14.99 -6% 787.8 773.7 145.2 (5.2) NM 26.6% 5.3x NM

GoDaddy Inc. 32.38 -8% 2,731.4 3,504.2 1,726.4 168.6 9.8% 15.1% 2.0x 20.8x

HubSpot, Inc. 55.74 -7% 1,970.2 1,853.7 224.8 (40.8) NM 54.3% 8.2x NM

Interactive Intelligence Group Inc. 59.85 -1% 1,331.0 1,286.4 413.1 (2.1) NM 12.3% 3.1x NM

IBM Corporation 158.88 -4% 151,864.5 185,928.5 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.3x

Jive Software, Inc. 4.22 -19% 327.9 222.7 201.7 (13.7) NM 6.2% 1.1x NM

LivePerson Inc. 7.79 -15% 450.1 397.8 232.1 15.5 6.7% 0.8% 1.7x 25.7x

Marin Software Incorporated 2.53 -39% 97.3 64.2 108.3 (8.4) NM 2.3% 0.6x NM

MaxPoint Interactive, Inc. 8.91 -60% 58.7 59.3 142.4 (21.3) NM 10.4% 0.4x NM

MicroStrategy Inc. 166.79 -22% 1,906.6 1,356.5 515.2 129.0 25.0% -7.5% 2.6x 10.5x

MINDBODY, Inc. 17.35 -10% 689.2 617.1 119.9 (24.0) NM 41.4% 5.1x NM

NetSuite Inc. 108.90 0% 8,821.8 8,700.1 846.4 (59.1) NM 31.5% 10.3x NM

Nuance Communications, Inc. 14.58 -33% 4,077.9 5,923.9 1,946.8 316.6 16.3% 0.9% 3.0x 18.7x

Oracle Corporation 41.22 -2% 169,938.9 158,169.9 37,047.0 14,753.0 39.8% -3.1% 4.3x 10.7x

PayPal Holdings, Inc. 37.15 -11% 44,837.0 39,880.0 10,008.0 2,019.0 20.2% 16.3% 4.0x 19.8x

PROS Holdings, Inc. 19.68 -23% 598.1 572.0 157.8 (53.4) NM -15.1% 3.6x NM

PTC Inc. 42.67 -2% 4,905.2 5,377.3 1,164.9 166.6 14.3% -11.0% 4.6x 32.3x

Rightside Group, Ltd. 9.43 -27% 182.1 159.0 218.9 1.0 0.4% 7.7% 0.7x 162.1x

Rovi Corporation 20.47 -14% 1,680.37 2,417.02 508.06 168.95 33.3% -3.2% 4.8x 14.3x

The Rubicon Project, Inc. 8.50 -58% 415.8 228.9 298.0 41.6 14.0% 81.5% 0.8x 5.5x

salesforce.com, inc. 79.42 -6% 53,807.1 55,147.8 7,474.6 559.6 7.5% 25.1% 7.4x 98.5x

Sizmek Inc. 3.87 -44% 112.8 75.6 185.2 9.0 4.9% 11.9% 0.4x 8.4x

Square, Inc. 12.19 -23% 4,166.1 3,762.7 1,524.4 (90.8) NM 46.7% 2.5x NM

US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Synchronoss Technologies, Inc. 41.75 -1% $ 1,882.0 $ 2,050.4 $ 608.3 $ 132.7 21.8% 15.6% 3.4x 15.4x

Tableau Software, Inc. 58.03 -45% 4,317.2 3,482.4 743.8 (84.0) NM 41.0% 4.7x NM

Teradata Corporation 31.73 -4% 4,137.6 3,810.6 2,469.0 377.0 15.3% -6.2% 1.5x 10.1x

Verint Systems Inc. 34.12 -31% 2,122.3 2,502.3 1,106.2 121.1 10.9% -3.0% 2.3x 20.7x

Xactly Corporation 13.93 -5% 419.7 388.8 81.4 (17.1) NM 27.9% 4.8x NM

Zendesk, Inc. 30.54 -3% 2,864.9 2,640.7 261.0 (77.8) NM 60.2% 10.1x NM

Adjusted Weighted Average 3.9x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (88.9x)

US-based Marketing Technology



There were 28 transactions announced in the Agency & Marketing Services segment in August including Dentsu’s $1.5 billion

acquisition of Merkle. Digital Agency was the most active subsegment with 13 transactions

Select transactions:

• The acquisition of experiential design agency Fake Love by The New York Times’ marketing services arm T Brand Studio

• The Stagwell Group’s acquisition of direct response marketing firm PMX Agency

• J. Walter Thompson’s acquisition of web and mobile design services provider iStrategyLabs

• The acquisition of audio-visual productions services provider ON Event Services by Viad

• R.R. Donnelley’s purchase of analytic consulting and direct marketing firm Precision Dialogue from Kirkland Capital Partners

• The acquisition of digital agency One North Interactive by Svoboda Capital Partners

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

Digital Agency 13 46% $23.6 2% 11 $2.6 2 $21.0 0 -

Database/Analytics 3 11% 1,500.0 98% 3 1,500.0 0 - 0 -

Design Agency 3 11% - 0% 3 - 0 - 0 -

Experiential Marketing 3 11% - 0% 3 - 0 - 0 -

Public Relations 3 11% - 0% 3 - 0 - 0 -

Specialty Agency 2 7% - 0% 2 - 0 - 0 -

Social Agency 1 4% - 0% 1 - 0 - 0 -

Other* 0 0% 0 0% 0 - 0 - 0 -

Total 28 100% 1,523.6 100% 26 1,502.6 2 21.0 0 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc United Kingdom $1.37 -3% $ 119.1 $ 124.6 $ 232.0 $ 13.2 5.7% -7.4% 0.5x 9.5x

Creston plc United Kingdom 1.37 -37% 79.7 78.0 155.6 15.0 9.7% 7.9% 0.5x 5.2x

Dentsu Inc. Japan 55.00 -20% 15,682.5 16,443.5 7,836.6 1,651.6 21.1% NM 2.1x 10.0x

Enero Group Limited Australia 0.89 -10% 76.6 49.8 159.3 11.4 7.2% 0.6% 0.3x 4.4x

Hakuhodo DY Holdings Inc Japan 10.86 -20% 4,048.7 2,981.7 11,958.0 501.3 4.2% 7.9% 0.2x 5.9x

Havas SA France 8.35 -9% 3,505.4 3,619.1 2,488.8 397.6 16.0% 10.3% 1.5x 9.1x

Huntsworth plc United Kingdom 0.56 -11% 181.1 229.0 228.3 25.2 11.0% 3.5% 1.0x 9.1x

M&C Saatchi plc United Kingdom 4.52 -9% 330.1 328.6 263.9 30.9 11.7% 5.6% 1.2x 10.6x

MDC Holdings Inc. * United States 26.11 -12% 1,280.3 2,041.8 2,042.5 138.4 6.8% 14.4% 1.0x 14.8x

Next Fifteen Communications Group plc * United Kingdom 4.47 -4% 322.5 332.1 183.9 23.3 12.6% 22.8% 1.8x 14.3x

Omnicom Group Inc. United States 86.13 0% 20,373.0 24,585.2 15,243.9 2,249.0 14.8% 0.2% 1.6x 10.9x

OPT Holding, Inc. Japan 7.05 -17% 182.4 156.5 649.8 29.0 4.5% 2.8% 0.2x 5.4x

Publicis Groupe SA France 74.19 -2% 16,679.1 19,508.4 10,896.8 1,970.1 18.1% 16.3% 1.8x 9.9x

The Interpublic Group of Companies, Inc. United States 23.14 -7% 9,272.4 10,695.6 7,721.6 1,049.8 13.6% 1.6% 1.4x 10.2x

WPP plc United Kingdom 23.04 -8% 29,110.4 33,820.0 18,043.4 3,157.5 17.5% 6.1% 1.9x 10.7x

1.7x 10.2xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $25.99 -1% $ 2,011.9 $ 2,044.2 $ 868.0 $ 85.5 9.8% 6.5% 2.4x 23.9x

Aimia Inc. Canada 6.19 -37% 942.1 1,135.7 1,817.5 80.6 4.4% -5.7% 0.6x 14.1x

Alliance Data Systems Corporation United States 204.58 -33% 11,973.9 24,804.8 6,762.9 1,551.6 22.9% 14.5% 3.7x 16.0x

CSG Systems International Inc. United States 43.72 -6% 1,414.3 1,547.3 760.7 164.5 21.6% 1.8% 2.0x 9.4x

DST Systems Inc. United States 121.51 -6% 3,963.7 4,623.7 2,877.1 413.5 14.4% 36.7% 1.6x 11.2x

Fair Isaac Corporation * United States 127.94 -2% 3,947.5 4,430.4 878.3 212.8 24.2% 6.1% 5.0x 20.8x

Harte-Hanks Inc. United States 1.62 -63% 99.6 156.5 473.7 17.7 3.7% -5.1% 0.3x 8.9x

High Co. SA France 6.24 -11% 128.7 83.3 168.0 14.0 8.3% 19.2% 0.5x 6.0x

IDI, Inc United States 4.86 -55% 246.2 285.6 92.3 (47.4) NM 0.0% 3.1x NM

Multiplus S.A. Brazil 12.91 -6% 2,091.4 1,675.6 710.8 182.9 25.7% 10.7% 2.4x 9.2x

Pitney Bowes Inc. United States 18.76 -14% 3,481.7 6,121.6 3,487.0 777.4 22.3% -5.7% 1.8x 7.9x

Points International Ltd. Canada 7.98 -34% 121.4 66.7 318.6 8.9 2.8% 22.0% 0.2x 7.5x

Viad Corp United States 35.76 -2% 725.4 837.7 1,073.7 73.7 6.9% -2.8% 0.8x 11.4x

2.6x 12.8xAdjusted Weighted Average



Traditional Media

Of the 22 transactions announced in the Traditional Media segment in August, seven reported more than $5.1 billion in aggregate

reported value


• Caesar Entertainment’s $4.3 billion sale of social casino gaming company Playtika to a consortium of China-based investors led

by Giant

• Sony Pictures’ purchase of Zee Entertainment’s sports broadcasting division for a reported $385 million

• Reality television production studio Augustus Group’s sale to The Marketing Group for $48.3 million

• The acquisition of consumer-focused events operator LeftField Media by Clarion Events-owned Urban Expositions

• Live Nation Entertainment’s purchase of concert promotion company Nous Productions

• Bonnier Corporation’s purchase of trade show and expo operator Sand Super Sports Show

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

Entertainment Media 10 45% $4,461.3 87% 7 $4,453.8 0 - 3 $7.5

Newspaper Publishing 4 18% 290.0 6% 4 290.0 0 - 0 -

B-to-B Media 3 14% - 0% 3 - 0 - 0 -

Broadcast Television 2 9% 385.0 7% 2 385.0 0 - 0 -

Consumer Book Publishing 2 9% - 0% 2 - 0 - 0 -

Consumer Magazine Publishing 1 5% - 0% 1 - 0 - 0 -

Total 22 100% 5,136.3 100% 19 5,128.8 0 0.0 3 7.5

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $51.03 -12% $ 22,711.8 $ 30,944.8 $ 14,303.0 $ 3,311.0 23.1% 3.9% 2.2x 9.3x

Discovery Communications, Inc. United States 25.51 -20% 14,051.1 21,892.1 6,472.0 2,480.0 38.3% 0.6% 3.4x 8.8x

Time Warner Inc. * United States 78.41 -4% 60,990.6 82,992.6 27,903.0 7,951.0 28.5% -1.2% 3.0x 10.4x

Twenty-First Century Fox, Inc. United States 24.54 -22% 45,954.0 63,027.0 27,326.0 6,430.0 23.5% -5.7% 2.3x 9.8x

Viacom, Inc. United States 40.34 -24% 16,240.7 28,676.7 13,050.0 3,469.0 26.6% -3.1% 2.2x 8.3x

The Walt Disney Company United States 94.46 -22% 151,806.8 170,973.8 56,002.0 17,151.0 30.6% 9.1% 3.1x 10.0x



B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $13.74 -10% $ 1,737.1 $ 1,730.0 $ 576.0 $ 231.7 40.2% -2.1% 3.0x 7.5x

Global Sources Ltd. Bermuda 8.33 -15% 199.0 125.3 163.8 28.9 17.6% -5.0% 0.8x 4.3x

Informa plc United Kingdom 9.30 -8% 6,027.9 7,415.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.5x

TechTarget, Inc. United States 8.06 -16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9x

UBM plc United Kingdom 9.02 -4% 3,549.4 3,636.9 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x



Radio Broadcasting



Beasley Broadcast Group Inc. United States $4.90 -17% $ 114.3 $ 182.2 $ 109.9 $ 21.9 20.0% 32.6% 1.7x 8.3x

Cumulus Media Inc. United States 0.40 -71% 93.8 2,451.6 1,154.0 213.4 18.5% -4.9% 2.1x 11.5x

Emmis Communications Corp. United States 4.11 -29% 50.1 329.3 229.0 38.2 16.7% -3.2% 1.4x 8.6x

Entercom Communications Corp. United States 13.71 -8% 556.7 1,033.5 448.9 106.9 23.8% 18.0% 2.3x 9.7x

Pandora Media, Inc. United States 14.00 -38% 3,234.6 3,184.9 1,288.0 (158.8) NM 25.8% 2.5x NM

Radio One Inc. United States 3.46 -3% 166.5 1,130.2 457.1 119.3 26.1% 2.1% 2.5x 9.5x

Salem Media Group, Inc. United States 6.29 -23% 161.0 434.8 269.0 47.1 17.5% 1.6% 1.6x 9.2x

Sirius XM Holdings Inc. * United States 4.14 -7% 20,194.5 25,820.4 4,802.4 1,650.9 34.4% 10.3% 5.4x 15.6x

Spanish Broadcasting System Inc. United States 3.12 -51% 22.7 432.5 143.5 37.8 26.3% 0.5% 3.0x 11.4x

Townsquare Media, Inc. United States 9.75 -19% 179.3 735.0 474.2 88.7 18.7% 22.5% 1.6x 8.3x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

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


AMC Networks Inc. United States $54.34 -35% $ 3,879.9 $ 6,459.7 $ 2,702.5 $ 881.7 32.6% 12.7% 2.4x 7.3x

Sky plc United Kingdom 11.14 -26% 19,027.5 27,935.7 15,906.8 2,604.4 16.4% 19.8% 1.8x 10.7x

CVC Limited Australia 1.20 -11% 143.7 153.4 110.6 26.7 24.1% 24.1% 1.4x 5.8x

CBS Corporation United States 51.03 -12% 22,711.8 30,944.8 14,303.0 3,311.0 23.1% 3.9% 2.2x 9.3x

Charter Communications, Inc. * United States 257.21 -6% 69,685.3 142,139.3 13,653.0 4,659.0 34.1% 44.6% 10.4x 30.5x

Comcast Corporation United States 65.26 -5% 157,395.7 211,719.7 75,973.0 25,476.0 33.5% 6.8% 2.8x 8.3x

Discovery Communications, Inc. United States 25.51 -20% 14,051.1 21,892.1 6,472.0 2,480.0 38.3% 0.6% 3.4x 8.8x

Dish Network Corp. United States 50.23 -23% 23,349.7 34,403.3 15,136.5 3,110.6 20.6% 1.5% 2.3x 11.1x

Entravision Communications Corporation United States 7.52 -21% 673.3 931.2 257.6 68.6 26.6% 4.3% 3.6x 13.6x

General Communication Inc. United States 13.90 -38% 525.6 1,957.3 964.8 295.0 30.6% 1.8% 2.0x 6.6x

Gray Television, Inc. United States 11.23 -37% 801.7 2,330.7 690.9 238.9 34.6% 17.8% 3.4x 9.8x

Grupo Televisa, S.A.B. Mexico 5.44 -2% 15,910.3 20,557.1 5,018.4 1,783.1 35.5% 9.2% 4.1x 11.5x

Liberty Global plc United Kingdom 31.65 -36% 28,591.6 81,728.5 18,858.7 8,520.9 45.2% 3.6% 4.3x 9.6x

Media General, Inc. United States 17.67 -3% 2,285.1 4,482.4 1,393.9 384.7 27.6% 40.2% 3.2x 11.7x

Nexstar Broadcasting Group, Inc. United States 52.72 -15% 1,618.0 3,085.0 992.9 335.5 33.8% 28.7% 3.1x 9.2x

Scripps Networks Interactive, Inc. United States 63.37 -7% 8,177.9 11,902.4 3,337.5 1,490.0 44.6% 23.4% 3.6x 8.0x

Sinclair Broadcast Group, Inc. United States 28.48 -21% 2,689.3 6,736.7 2,405.6 709.8 29.5% 11.0% 2.8x 9.5x

TEGNA Inc. United States 20.26 -30% 4,342.2 8,807.4 3,156.3 1,158.1 36.7% 11.7% 2.8x 7.6x

The E. W. Scripps Company * United States 16.99 -26% 1,419.2 1,750.2 831.8 65.7 7.9% 39.8% 2.1x 26.6x

Time Warner Inc. United States 78.41 -4% 60,990.6 82,992.6 27,903.0 7,951.0 28.5% -1.2% 3.0x 10.4x



Entertainment Media



Cineplex Inc. Canada $37.83 -6% $ 2,401.9 $ 2,720.3 $ 1,119.1 $ 183.9 16.4% 14.7% 2.4x 14.8x

Eros International Plc * United States 16.71 -51% 945.2 1,165.9 274.4 38.9 14.2% -3.4% 4.2x 30.0x

Lions Gate Entertainment Corp. United States 20.96 -49% 3,094.9 4,578.9 2,492.1 (20.2) NM 5.6% 1.8x NM

Live Nation Entertainment, Inc. United States 26.72 -10% 5,426.4 6,464.2 7,746.6 583.2 7.5% 11.3% 0.8x 11.1x

SFX Entertainment, Inc. United States 0.01 -99% 1.4 299.5 402.4 (86.3) NM 17.4% 0.7x NM

Twenty-First Century Fox, Inc. United States 24.54 -22% 45,954.0 63,027.0 27,326.0 6,430.0 23.5% -5.7% 2.3x 9.8x

Liberty Global plc United Kingdom 31.65 -36% 28,591.6 81,728.5 18,858.7 8,520.9 45.2% 3.6% 4.3x 9.6x

Village Roadshow Limited Australia 3.49 -40% 561.8 975.8 799.4 110.4 13.8% 8.3% 1.2x 8.8x

World Wrestling Entertainment Inc. United States 20.77 -3% 1,586.8 1,537.8 702.5 72.4 10.3% 19.7% 2.2x 21.2x


LTM Multiples

LTM Multiples






Out-of-Home Media



AirMedia Group Inc. China $3.06 -46% $ 191.6 $ 111.9 $ 50.2 $ (70.3) NM -32.7% 2.2x NM

APG|SGA SA Switzerland 409.99 -5% 1,229.6 1,137.0 320.3 79.3 24.8% -1.5% 3.6x 14.3x

Clear Channel Outdoor Holdings Inc. United States 6.75 -20% 2,429.6 7,294.8 2,771.2 665.4 24.0% -3.9% 2.6x 11.0x

Clear Media Ltd. Hong Kong 0.97 -12% 523.7 456.0 240.6 104.6 43.5% 3.9% 1.9x 4.4x

JCDecaux SA France 34.33 -23% 7,297.6 7,909.6 3,258.5 550.4 16.9% 12.0% 2.4x 14.4x

Lamar Advertising Co. United States 62.33 -10% 6,074.6 8,425.5 1,432.7 598.5 41.8% 8.7% 5.9x 14.1x

Mood Media Corporation Canada 0.09 -70% 16.8 620.9 474.2 80.0 16.9% -1.8% 1.3x 7.8x

National CineMedia, Inc. United States 14.95 -8% 932.6 2,085.5 439.7 193.4 44.0% 4.1% 4.7x 10.8x

NTN Buzztime Inc. United States 6.44 -78% 11.9 16.8 23.5 (0.8) NM -4.8% 0.7x NM

Tom Group Ltd. * Hong Kong 0.25 -12% 972.9 1,308.5 147.0 9.6 6.5% -20.0% 8.9x 136.6x



Publishing



A. H. Belo Corporation United States $6.25 -1% $ 135.5 $ 55.7 $ 269.1 $ 3.7 1.4% -0.8% 0.2x 14.9x

Daily Mail and General Trust plc United Kingdom 9.47 -15% 3,173.8 4,331.1 2,698.7 411.1 15.2% 2.0% 1.6x 10.5x

Emmis Communications Corp. United States 4.11 -29% 50.1 329.3 229.0 38.2 16.7% -3.2% 1.4x 8.6x

Gannett Co., Inc. United States 11.93 -33% 1,390.3 1,446.2 2,848.7 369.4 13.0% -6.0% 0.5x 3.9x

Glacier Media, Inc. Canada 0.53 -25% 58.6 122.2 157.2 10.7 6.8% -14.1% 0.8x 11.4x

John Wiley & Sons Inc. United States 58.13 -1% 3,350.5 3,610.1 1,727.0 283.3 16.4% -5.2% 2.1x 12.7x

Meredith Corporation United States 53.04 -8% 2,300.4 2,977.7 1,649.6 309.9 18.8% 3.5% 1.8x 9.6x

News Corporation United States 14.06 -10% 8,233.9 7,008.9 8,292.0 690.0 8.3% 2.4% 0.8x 10.2x

Scholastic Corporation United States 40.26 -9% 1,385.2 991.8 1,672.8 123.3 7.4% 2.3% 0.6x 8.0x

The E. W. Scripps Company * United States 16.99 -26% 1,419.2 1,750.2 831.8 65.7 7.9% 39.8% 2.1x 26.6x

The McClatchy Company United States 16.48 -17% 125.8 1,039.9 1,017.2 143.6 14.1% -7.7% 1.0x 7.2x

The New York Times Company United States 12.94 -9% 2,083.6 1,785.7 1,564.2 233.5 14.9% -0.8% 1.1x 7.6x

Time Inc. United States 14.10 -31% 1,411.4 2,278.4 3,078.0 333.0 10.8% -2.9% 0.7x 6.8x





Software

Within the Software segment, nearly $4.1 billion in reported value involved Strategic buyers, while more than $1.7 billion in

Venture/Growth Capital investments transactions were announced

Security and Healthcare Software were the most active subsegments in August with 29 and 25 transactions announced, respectively


• Apollo Global Management’s take-private of Rackspace Hosting for $4.3 billion

• Retail demand chain software developer JDA Software’s $570 million round of funding from Blackstone and New Mountain Capital

• Intel’s acquisition of machine learning solutions developer Nervana Systems for $408 million

• Machine learning startup Turi’s sale to Apple for a reported $200 million

• SAP’s acquisition of data storing and processing solutions company Altiscale for a reported $125 million

• The $100 million acquisition of cloud marketplace and sales software developer Orbitera by Google

*Oracle’s $9.3 billion acquisition of NetSuite has been excluded to limit comparative distortions

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

Security 29 18% $271.3 3% 6 $18.0 1 - 22 $253.3

Healthcare 25 16% 464.1 5% 5 167.8 1 - 19 296.3

HR 16 10% 32.3 0% 6 - 1 - 9 32.3

Financial 15 9% 167.1 2% 4 34.0 0 - 11 133.1

Infrastructure 10 6% 82.1 1% 1 - 0 - 9 82.1

Collaboration 8 5% 627.7 6% 3 582.0 1 - 4 45.7

Other* 55 30% 8,121.1 80% 26 2,927 2 4,405 27 789.2

Total 158 100% 10,164.7 100% 51 4,054.0 6 4,404.7 101 1,706.0

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Ebix Inc. United States 57.00 -3% $ 1,851.4 $ 2,014.2 $ 280.7 $ 104.9 37.4% 17.0% 7.2x 19.2x

Epiq Systems, Inc. United States 16.42 -1% 626.0 1,004.5 529.8 87.2 16.5% 17.5% 1.9x 11.5x

First Data Corporation United States 13.92 -23% 12,667.4 34,543.4 7,842.0 2,378.0 30.3% 2.6% 4.4x 14.5x

Fidessa group plc United Kingdom 32.55 -8% 1,246.1 1,158.3 409.4 69.7 17.0% 8.5% 2.8x 16.6x

Guidewire Software, Inc. * United States 61.53 -5% 4,462.3 3,883.6 409.2 22.7 5.5% 9.8% 9.5x 171.1x

Intuit Inc. United States 111.45 -5% 28,516.9 28,436.9 4,694.0 1,458.0 31.1% 12.0% 6.1x 19.5x

Management Consulting Group PLC United Kingdom 0.22 -6% 109.8 179.1 204.9 (0.1) NM -4.8% 0.9x NM

Model N, Inc. United States 10.72 -23% 296.6 226.5 103.8 (25.3) NM 17.1% 2.2x NM

NetSuite Inc. United States 108.90 0% 8,821.8 8,700.1 846.4 (59.1) NM 31.5% 10.3x NM

Performant Financial Corporation United States 2.18 -36% 109.4 121.9 155.9 22.9 14.7% -2.0% 0.8x 5.3x

Q2 Holdings, Inc. United States 28.32 -8% 1,126.6 1,030.9 128.2 (21.0) NM 37.0% 8.0x NM

RealPage, Inc. United States 25.74 -3% 2,066.0 2,143.5 514.4 68.4 13.3% 18.5% 4.2x 31.3x

SS&C Technologies Holdings, Inc. United States 32.95 -15% 6,627.6 9,133.2 1,279.0 405.9 31.7% 57.5% 7.1x 22.5x

Tyler Technologies, Inc. United States 163.95 -11% 5,958.0 6,029.0 678.0 138.4 20.4% 26.2% 8.9x 43.6x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 12.91 -18% 2,408.5 3,893.6 1,432.2 133.6 9.3% 4.3% 2.7x 29.1x

athenahealth, Inc. * United States 122.43 -28% 4,816.8 4,977.1 1,011.7 85.4 8.4% 21.2% 4.9x 58.3x

Cegedim SA France 28.86 -32% 402.8 640.2 491.9 58.7 11.9% 8.2% 1.3x 10.9x

Cerner Corporation United States 64.54 -6% 21,795.8 21,750.4 4,579.4 1,270.7 27.7% 20.1% 4.7x 17.1x

Civitas Solutions, Inc. United States 18.18 -40% 675.0 1,308.0 1,396.6 135.2 9.7% 4.0% 0.9x 9.7x

Computer Programs & Systems Inc. United States 25.82 -56% 349.4 500.9 226.9 34.5 15.2% 17.6% 2.2x 14.5x

Cotiviti Holdings, Inc. United States 33.24 -1% 2,997.3 3,759.1 589.4 215.5 36.6% 0.0% 6.4x 17.4x

Craneware plc United Kingdom 13.48 -10% 362.0 322.0 46.4 14.1 30.5% 7.8% 6.9x 22.8x

HealthEquity, Inc. United States 32.56 -9% 1,891.3 1,758.4 140.9 41.2 29.2% 44.6% 12.5x 42.7x

McKesson Corporation United States 184.62 -11% 41,669.1 46,702.1 193,071.0 4,598.0 2.4% 5.4% 0.2x 10.2x

Medidata Solutions, Inc. * United States 54.10 -2% 3,105.3 3,043.4 420.8 51.2 12.2% 15.1% 7.2x 59.5x

NantHealth, Inc. * United States 13.11 -33% 1,589.3 1,606.7 85.8 (123.3) NM 97.8% 18.7x NM

Quality Systems Inc. United States 11.77 -33% 723.9 785.6 492.5 56.5 11.5% -0.4% 1.6x 13.9x

Streamline Health Solutions, Inc. United States 1.45 -59% 27.9 38.3 28.8 (0.8) NM 7.3% 1.3x NM

USMD Holdings, Inc. United States 22.16 -3% 252.5 294.7 329.4 (10.5) NM 5.1% 0.9x NM

Veeva Systems Inc. * United States 40.92 -4% 5,514.6 5,035.0 472.3 91.4 19.4% 31.6% 10.7x 55.1x



Financial & Credit/Risk Management Software





HR Software



51job Inc. China $33.33 -6% $ 1,982.5 $ 1,355.1 $ 327.0 $ 95.8 29.3% 13.5% 4.1x 14.1x

Benefitfocus, Inc. United States 40.39 -10% 1,197.7 1,204.9 212.4 (36.3) NM 33.0% 5.7x NM

Castlight Health, Inc. United States 4.18 -29% 429.3 303.6 87.2 (71.8) NM 42.5% 3.5x NM

Cornerstone OnDemand, Inc. United States 43.92 -6% 2,456.5 2,423.7 389.5 (54.1) NM 29.3% 6.2x NM

DHI Group, Inc. United States 7.74 -26% 387.7 455.8 246.2 56.0 22.8% -7.1% 1.9x 8.1x

LinkedIn Corporation United States 192.75 -25% 25,969.0 23,835.5 3,434.9 395.6 11.5% 34.1% 6.9x 60.2x

Monster Worldwide, Inc. United States 3.66 -53% 326.0 406.0 635.0 75.1 11.8% -8.7% 0.6x 5.4x

Paycom Software, Inc. United States 51.34 -1% 3,071.5 3,019.9 284.5 67.1 23.6% 53.9% 10.6x 45.0x

Paylocity Holding Corporation United States 45.03 -9% 2,303.6 2,213.9 230.7 4.9 2.1% 51.1% 9.6x NM

The Ultimate Software Group, Inc. * United States 208.94 -7% 6,046.3 5,958.0 699.7 66.3 9.5% 26.1% 8.5x 89.8x

Workday, Inc. United States 84.79 -4% 16,703.6 15,156.5 1,351.8 (206.9) NM 38.7% 11.2x NM



Security Software



Absolute Software Corporation Canada $5.41 -21% $ 210.8 $ 176.4 $ 88.8 $ 13.2 14.9% -5.2% 2.0x 13.3x

AVG Technologies N.V. Netherlands 24.86 0% 1,261.1 1,383.1 430.6 125.0 29.0% 6.8% 3.2x 11.1x

Check Point Software Technologies Ltd. Israel 76.74 -15% 13,159.1 11,832.3 1,688.9 860.6 51.0% 8.3% 7.0x 13.7x

Cisco Systems, Inc. United States 31.44 -1% 158,134.1 121,021.1 49,247.0 15,003.0 30.5% 0.2% 2.5x 8.1x

Cheetah Mobile Inc. China 12.86 -40% 1,832.0 1,730.1 641.8 44.9 7.0% 63.4% 2.7x 38.5x

CyberArk Software, Ltd. Israel 52.80 -8% 1,772.5 1,535.8 188.8 38.4 20.3% 41.4% 8.1x 40.0x

FireEye, Inc. United States 14.36 -64% 2,436.6 2,243.6 693.4 (401.8) NM 30.9% 3.2x NM

Fortinet Inc. * United States 36.14 -22% 6,240.9 5,256.2 1,152.6 53.8 4.7% 32.5% 4.6x 97.7x

Gemalto NV Netherlands 69.62 -7% 6,195.2 6,573.9 3,462.3 608.9 17.6% 10.1% 1.9x 10.8x

Imperva Inc. United States 45.01 -42% 1,467.9 1,212.6 253.7 (53.6) NM 31.9% 4.8x NM

Imprivata, Inc. United States 19.21 -5% 491.3 444.6 131.1 (18.5) NM 19.3% 3.4x NM

Infoblox Inc. United States 21.46 -5% 1,221.1 963.0 358.3 0.5 0.2% 17.0% 2.7x NM

Juniper Networks, Inc. United States 23.08 -29% 8,838.8 8,627.3 4,887.4 1,066.6 21.8% 8.2% 1.8x 8.1x

Mimecast Limited United Kingdom 16.44 -3% 895.6 792.2 150.0 3.1 2.1% 22.5% 5.3x NM

Mobileye N.V. * Israel 48.89 -10% 10,718.1 10,427.7 301.1 105.5 35.0% 74.3% 34.6x 98.8x

NQ Mobile Inc. * China 4.13 -23% 397.2 423.0 372.6 3.8 1.0% 2.9% 1.1x 109.9x

Palo Alto Networks, Inc. United States 133.17 -32% 11,932.4 11,155.0 1,378.5 (147.3) NM 48.5% 8.1x NM

Proofpoint, Inc. United States 76.95 -2% 3,234.6 3,178.5 313.0 (59.8) NM 37.4% 10.2x NM

SecureWorks Corp. United States 14.20 NA 1,145.5 1,021.8 361.9 (57.1) NM 29.8% 2.8x NM

Symantec Corporation United States 24.13 0% 14,854.2 11,940.2 3,572.0 933.0 26.1% 14.0% 3.3x 12.8x

Trend Micro Inc. Japan 35.47 -32% 4,869.8 3,668.2 1,213.0 376.7 31.1% 3.3% 3.0x 9.7x

VeriSign, Inc. United States 74.45 -21% 7,948.8 7,910.4 1,106.7 715.1 64.6% 7.3% 7.1x 11.1x


LTM Multiples

LTM Multiples






Engineering Software



Ansys, Inc. United States $95.09 -4% $ 8,293.7 $ 7,450.0 $ 961.5 $ 439.9 45.8% 2.1% 7.7x 16.9x

Autodesk, Inc. United States 67.40 -3% 14,955.6 14,379.9 2,310.7 (26.6) NM -9.0% 6.2x NM

AVEVA Group plc United Kingdom 25.01 -20% 1,599.3 1,457.7 290.2 68.7 23.7% -3.4% 5.0x 21.2x

Dassault Systèmes SE France 84.19 -3% 21,417.5 19,614.0 3,240.2 841.9 26.0% 12.1% 6.1x 23.3x



Infrastructure Software



Adobe Systems Incorporated United States $102.31 -1% $ 50,980.1 $ 48,580.1 $ 5,306.2 $ 1,526.9 28.8% 22.0% 9.2x 31.8x

Atlassian Corporation Plc Australia 29.48 NM 6,378.2 5,635.1 457.1 8.6 1.9% 43.0% 12.3x NM

CA, Inc. United States 33.91 -3% 14,206.5 13,518.5 4,047.0 1,240.0 30.6% -2.9% 3.3x 10.9x

CommVault Systems, Inc. * United States 51.54 -2% 2,289.6 1,879.4 608.4 16.3 2.7% 2.4% 3.1x 115.5x

Covisint Corporation United States 2.22 -17% 90.1 48.3 75.0 (9.8) NM -12.2% 0.6x NM

Endurance International Group Holdings, Inc. United States 7.95 -49% 1,122.6 3,090.7 909.4 172.2 18.9% 31.4% 3.4x 18.0x

First Data Corporation United States 13.92 -23% 12,667.4 34,543.4 7,842.0 2,378.0 30.3% 2.6% 4.4x 14.5x

Guidance Software, Inc. United States 5.95 -23% 192.2 179.1 107.8 (12.0) NM -0.8% 1.7x NM

Hortonworks Inc. United States 7.97 -70% 470.9 362.3 154.7 (218.0) NM 99.0% 2.3x NM

IBM Corporation United States 158.88 -4% 151,864.5 185,928.5 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.3x

IntraLinks Holdings, Inc. United States 9.54 -9% 546.8 587.8 284.5 14.4 5.1% 6.1% 2.1x 40.9x

NetSuite Inc. United States 108.90 0% 8,821.8 8,700.1 846.4 (59.1) NM 31.5% 10.3x NM

Opera Software ASA Norway 6.60 -20% 965.3 1,142.8 669.3 78.5 11.7% 18.2% 1.7x 14.6x

Oracle Corporation United States 41.22 -2% 169,938.9 158,169.9 37,047.0 14,753.0 39.8% -3.1% 4.3x 10.7x

salesforce.com, inc. * United States 79.42 -6% 53,807.1 55,147.8 7,474.6 558.5 7.5% 25.1% 7.4x 98.7x

Rapid7, Inc. United States 17.97 - 755.9 671.1 133.2 (52.5) NM 45.4% 5.0x NM

ServiceNow, Inc. United States 72.67 -20% 11,954.2 11,638.4 1,194.0 (91.5) NM 42.9% 9.7x NM

Talend SA France 25.60 -26% 716.1 719.8 88.7 (23.6) NM 0.0% 8.1x NM

Twilio, Inc. * United States 53.62 -19% 4,534.6 4,273.2 219.5 (30.5) NM 79.1% 19.5x NM

Varonis Systems, Inc. United States 29.55 -1% 779.8 671.4 144.2 (15.4) NM 29.4% 4.7x NM





Information

The Information segment reported 12 transactions worth more than $2.5 billion in value

Healthcare and HR Information were the most active subsegments with each announcing three deals throughout the month


• EQT Equity’s acquisition of caregiver management and advisory solutions company Press Ganey for approximately $2.3 billion

• The $70 million Andreessen Horowitz-led investment in employee health benefits and information company Accolade

• LexisNexis Risk Solutions’ purchase of Appriss’ crash reports and electronic citations business Crash and Project

• The acquisition of car and auto dealership information site CarsGuide by Cox Automotive

• Wood Mackenzie’s purchase of Quest Offshore Resource’s data and subscriptions business

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

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

Healthcare Information 3 25% $2,452.2 98% 1 - 1 $2,382.2 1 $70.0

HR Information 3 25% 41.1 2% 0 - 0 - 3 41.1

Credit/Risk Management Information 2 17% 7.0 0% 1 - 0 - 1 7.0

Product/Price Information 2 17% - 0% 2 - 0 - 0 -

Engineering/Scientific/Tech Information 1 8% - 0% 1 - 0 - 0 -

Financial Information 1 8% 1.7 0% 0 - 0 - 1 1.7

Total 12 100% 2,502.0 100% 5 0.0 1 2,382.2 6 119.8

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)




Broadridge Financial Solutions, Inc. United States $69.30 -1% $ 8,196.7 $ 8,491.4 $ 2,897.0 $ 611.2 21.1% 7.5% 2.9x 13.9x

Computershare Limited Australia 7.43 -18% 4,056.8 5,398.0 1,961.1 421.8 21.5% -0.5% 2.8x 12.8x

CoreLogic, Inc. United States 41.02 -6% 3,621.9 5,165.1 1,731.1 360.8 20.8% 18.3% 3.0x 14.3x

CoStar Group Inc. * United States 207.25 -8% 6,756.9 6,628.4 788.7 170.9 21.7% 23.5% 8.4x 38.8x

DST Systems Inc. United States 121.51 -6% 3,963.7 4,623.7 2,877.1 413.5 14.4% 36.7% 1.6x 11.2x

The Dun & Bradstreet Corporation United States 137.65 -3% 4,997.6 6,367.2 1,679.3 393.6 23.4% 5.8% 3.8x 16.2x

Envestnet, Inc. * United States 39.51 -5% 1,691.5 1,944.2 495.3 43.8 8.8% 28.8% 3.9x 44.4x

Equifax Inc. United States 131.90 -4% 15,740.3 18,631.6 2,873.3 977.0 34.0% 11.9% 6.5x 19.1x

Experian plc Ireland 19.87 -4% 18,752.6 21,574.1 4,550.0 1,404.0 30.9% -5.4% 4.7x 15.4x

FactSet Research Systems Inc. United States 178.03 -1% 7,237.2 7,326.0 1,101.6 383.6 34.8% 12.0% 6.7x 19.1x

Fair Isaac Corporation United States 127.94 -2% 3,947.5 4,430.4 878.3 212.8 24.2% 6.1% 5.0x 20.8x

Fidelity National Information Services, Inc. United States 79.33 -3% 26,006.4 36,481.4 7,939.2 2,000.2 25.2% 23.3% 4.6x 18.2x

Financial Engines, Inc. United States 31.97 -20% 1,975.3 1,874.1 355.8 68.5 19.3% 18.8% 5.3x 27.4x

Moody's Corporation United States 108.69 0% 20,901.1 22,525.2 3,445.8 1,515.5 44.0% -0.9% 6.5x 14.9x

Morningstar Inc. United States 83.07 -7% 3,576.9 3,406.0 787.2 249.9 31.7% 0.7% 4.3x 13.6x

MSCI Inc. * United States 90.12 -1% 8,527.9 9,703.8 1,111.1 535.0 48.1% 7.2% 8.7x 18.1x

Reis, Inc. United States 19.50 -27% 220.9 194.3 50.8 14.7 29.0% 11.0% 3.8x 13.2x

SEI Investments Co. United States 46.10 -16% 7,437.1 6,842.4 1,349.1 381.1 28.2% 3.1% 5.1x 18.0x

Thomson Reuters Corporation United States 41.37 -7% 30,972.9 39,640.7 12,148.0 2,574.0 21.2% 1.7% 3.3x 15.4x

Verisk Analytics, Inc. United States 83.05 -3% 14,033.0 16,108.5 2,246.1 1,018.5 45.3% 30.1% 7.2x 15.8x

Workiva Inc. United States 17.86 -5% 733.3 704.4 163.7 (45.5) NM 28.7% 4.3x NM



Marketing Information



Acxiom Corporation United States $25.99 -1% 2,011.9 2,044.2 868.0 85.5 9.8% 6.5% 2.4x 23.9x

Alliance Data Systems Corporation United States 204.58 -33% 11,973.9 29,239.1 6,762.9 1,551.6 22.9% 14.5% 4.3x 18.8x

Brainjuicer Group Plc United Kingdom 5.64 -6% 69.8 61.4 37.1 7.4 19.9% 2.2% 1.7x 8.3x

Cello Group Plc United Kingdom 1.37 -3% 119.1 124.6 232.0 13.2 5.7% -7.4% 0.5x 9.5x

comScore, Inc. United States 30.85 -40% 1,763.9 1,649.9 368.8 37.1 10.1% 12.1% 4.5x 44.4x

Ebiquity plc * United Kingdom 1.31 -37% 95.2 133.9 95.8 0.7 0.8% 0.0% 1.4x 180.2x

GfK SE Germany 32.50 -22% 1,186.2 1,604.5 1,685.7 226.8 13.5% 1.0% 1.0x 7.1x

Harte-Hanks Inc. United States 1.62 -63% 99.6 156.5 473.7 17.7 3.7% -5.1% 0.3x 8.9x

InnerWorkings Inc. United States 8.87 -12% 476.8 556.7 1,075.3 41.5 3.9% 8.3% 0.5x 13.4x

Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Marketing Information



Intage Holdings Inc. Japan 15.13 -21% $ 302.0 $ 231.1 $ 448.0 $ 55.0 12.3% 4.4% 0.5x 4.2x

Ipsos SA France 32.82 -2% 1,485.6 2,076.3 1,983.4 230.4 11.6% 2.3% 1.0x 9.0x

NeuStar, Inc. United States 25.41 -16% 1,385.2 2,309.3 1,126.7 409.5 36.3% 12.2% 2.0x 5.6x

Nielsen Holdings plc United Kingdom 53.28 -5% 19,039.4 26,912.4 6,238.0 1,543.0 24.7% 0.3% 4.3x 17.4x

Onvia Inc. United States 4.25 -6% 30.3 22.5 23.9 1.2 5.0% 3.2% 0.9x 18.7x

Pearson plc United Kingdom 11.36 -30% 9,260.3 11,397.8 5,765.8 817.6 14.2% -3.4% 2.0x 13.9x

YouGov plc United Kingdom 2.50 -5% 260.7 247.4 115.4 10.4 9.1% 14.8% 2.1x 23.7x



Other Information



Centaur Media plc United Kingdom $0.54 -52% $ 77.5 $ 96.0 $ 97.8 $ 11.7 12.0% 10.8% 1.0x 8.2x

CEB Inc. United States 60.20 -23% 1,938.8 2,677.1 940.7 203.4 21.6% 2.0% 2.8x 13.2x

Forrester Research Inc. United States 40.98 -2% 740.1 613.6 321.0 34.4 10.7% 2.2% 1.9x 17.8x

Gartner Inc. United States 91.00 -12% 7,518.6 7,919.8 2,311.2 385.1 16.7% 11.4% 3.4x 20.6x

IDI, Inc United States 4.86 -55% 246.2 285.6 92.3 (47.4) NM 0.0% 3.1x NM

IHS Markit Ltd. * United Kingdom 37.32 0% 15,691.6 16,380.9 1,129.7 372.1 32.9% 4.9% 14.5x 44.0x

Informa plc United Kingdom 9.30 -8% 6,027.9 7,415.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.5x

National Research Corp. United States 35.51 -20% 456.5 433.9 105.6 33.4 31.6% 6.1% 4.1x 13.0x

NIC Inc. United States 22.98 -4% 1,516.1 1,388.0 305.4 80.8 26.5% 8.4% 4.5x 17.2x

Premier, Inc. United States 31.65 -16% 1,500.0 1,252.8 1,162.6 365.9 31.5% 15.4% 1.1x 3.4x

Press Ganey Holdings, Inc. United States 40.29 -4% 2,137.2 2,273.4 344.3 104.9 30.5% 14.7% 6.6x 21.7x

Proofpoint, Inc. United States 76.95 -2% 3,234.6 3,178.5 313.0 (59.8) NM 37.4% 10.2x NM

Reed Elsevier plc(1) * United Kingdom 18.96 -3% 75,179.1 93,003.0 9,510.4 2,309.6 24.3% 4.5% 9.8x 40.3x

Tarsus Group plc Ireland 3.49 -5% 356.2 432.6 106.2 36.2 34.1% 40.7% 4.1x 11.9x

TechTarget, Inc. United States 8.06 -16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9x

The Advisory Board Company United States 42.15 -23% 1,697.1 2,252.5 804.6 121.3 15.1% 22.5% 2.8x 18.6x

UBM plc United Kingdom 9.02 -4% 3,549.4 3,636.9 1,061.0 285.0 26.9% 47.4% 3.4x 12.8x

Wolters Kluwer N.V. Netherlands 41.94 -3% 12,226.4 14,287.6 4,703.2 1,251.6 26.6% 7.0% 3.0x 11.4x



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



Business Services

The Business Services segment reported 38 transactions in August worth more nearly $2 billion in value

The IT Consulting/Systems Integration subsegment accounted for nearly half of the segments total activity with 18 transactions


• Advent International’s majority stake in label printing services provider Fort Dearborn from KRG Capital Partners in a transaction

valued at a reported $800 million

• The 60 percent majority stake taken by Frazier Healthcare Partners in in-home health assessment services provider Matrix Health

Network in a transaction valued at $537.5 million

• Third-party logistics platform BlueGrace Logistics’ $255 million investment from Warburg Pincus

• The majority stake taken by Capital Square Partners in Indecomm Global Services, a provider of outsourcing services to the banking

and healthcare sectors, in a transaction valued at $121 million

• Accenture’s acquisition of Australia-based identity and access management consultancy RedCore

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

IT Consulting/Systems Integration 18 47% $119.6 6% 12 $66.2 0 - 6 $53.4

Healthcare Consulting 5 13% 337.0 17% 3 322.5 1 - 1 14.5

Corporate Training 4 11% 75.9 4% 0 - 0 - 4 75.9

Logistics 4 11% 255.0 13% 2 - 1 - 1 255.0

BPO 2 5% 766.5 39% 0 - 2 766.5 0 -

HR Consulting 2 5% - 0% 2 - 0 - 0 -

Management Consulting 1 3% - 0% 1 - 0 - 0 -

Other* 2 5% 422.0 21% 0 0.0 1 408.0 1 14.0

Total 38 100% 1,976.1 100% 20 388.7 5 1,174.5 13 412.8

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 115.00 -5% $ 71,592.3 $ 68,699.7 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.7x

CRA International Inc. United States 27.12 -13% 222.0 210.5 312.5 24.1 7.7% 2.0% 0.7x 8.7x

FTI Consulting, Inc. United States 44.29 -4% 1,800.8 2,113.3 1,828.1 210.9 11.5% 4.0% 1.2x 10.0x

Information Services Group, Inc. United States 3.80 -16% 135.6 179.9 215.6 16.5 7.6% 2.4% 0.8x 10.9x

Navigant Consulting Inc. United States 19.64 -2% 930.9 1,117.4 883.6 129.7 14.7% 8.1% 1.3x 8.6x

ICF International Inc. United States 41.85 -3% 794.0 1,101.0 1,158.8 109.0 9.4% 5.0% 1.0x 10.1x

Huron Consulting Group Inc. United States 62.86 -16% 1,310.5 1,638.9 725.3 159.8 22.0% 32.8% 2.3x 10.3x

The Hackett Group, Inc. * United States 16.35 -18% 466.9 472.9 250.4 32.4 13.0% 12.1% 1.9x 14.6x



HR Services



Automatic Data Processing, Inc. United States 89.81 -6% $ 40,969.3 $ 39,762.4 $ 11,667.8 $ 2,536.7 21.7% 6.7% 3.4x 15.7x

Barrett Business Services Inc. United States 46.66 -12% 338.0 349.8 786.9 34.5 4.4% 12.7% 0.4x 10.1x

Capita plc United Kingdom 13.58 -22% 9,035.7 11,838.1 6,618.0 1,008.6 15.2% 8.3% 1.8x 11.7x

DHI Group, Inc. United States 7.74 -26% 387.7 455.8 246.2 56.0 22.8% -7.1% 1.9x 8.1x

Edenred SA France 21.76 -11% 5,038.8 6,385.5 1,100.6 357.6 32.5% -2.0% 5.8x 17.9x

Insperity, Inc. United States 65.55 -20% 1,402.5 1,233.4 2,786.0 112.8 4.1% 12.2% 0.4x 10.9x

LinkedIn Corporation * United States 192.75 -25% 25,969.0 23,835.5 3,434.9 395.6 11.5% 34.1% 6.9x 60.2x

Marsh & McLennan Companies, Inc. United States 67.63 -2% 35,048.4 38,912.4 13,165.0 2,954.0 22.4% 2.6% 3.0x 13.2x

Monster Worldwide, Inc. United States 3.66 -53% 326.0 406.0 635.0 75.1 11.8% -8.7% 0.6x 5.4x

Paychex, Inc. United States 60.67 -2% 21,873.5 21,521.4 2,951.9 1,261.7 42.7% 7.7% 7.3x 17.1x

Professional Diversity Network, Inc. United States 0.75 -29% 10.8 10.3 31.7 (4.0) NM 4.0% 0.3x NM

TriNet Group, Inc. United States 21.00 -9% 1,475.2 1,781.0 2,872.5 131.0 4.6% 18.4% 0.6x 13.6x

WageWorks, Inc. United States 61.79 -2% 2,261.3 1,771.3 341.0 66.4 19.5% 8.4% 5.2x 26.7x







IT Consulting/Systems Integration



Accenture plc Ireland 115.00 -5% $ 71,592.3 $ 68,699.7 $ 32,282.0 $ 5,418.3 16.8% 4.3% 2.1x 12.7x

Amdocs Limited United States 60.12 -2% 9,003.9 7,878.9 3,704.3 723.7 19.5% 2.4% 2.1x 10.9x

Ausy SA France 60.80 -1% 316.3 425.2 428.2 33.5 7.8% 15.7% 1.0x 12.7x

Bechtle AG Germany 111.53 -5% 2,342.2 2,237.3 3,277.3 178.7 5.5% 9.4% 0.7x 12.5x

Booz Allen Hamilton Holding Corporation United States 30.36 -4% 4,510.0 5,938.4 5,476.9 508.7 9.3% 3.3% 1.1x 11.7x

Broadridge Financial Solutions, Inc. United States 69.30 -1% 8,196.7 8,491.4 2,897.0 611.2 21.1% 7.5% 2.9x 13.9x

Business & Decision SA France 6.43 -21% 50.7 80.3 244.7 9.9 4.1% 9.5% 0.3x 8.1x

Cap Gemini S.A. France 97.36 -2% 16,486.2 19,176.1 13,953.0 1,715.8 12.3% 13.4% 1.4x 11.2x

CGI Group Inc. Canada 48.63 -3% 14,635.4 15,910.0 8,232.9 1,404.9 17.1% 4.9% 1.9x 11.3x

Cognizant Technology Solutions Corporation United States 57.44 -18% 34,862.8 31,290.4 12,991.4 2,592.1 20.0% 14.8% 2.4x 12.1x

Computer Sciences Corporation United States 47.04 -34% 6,605.7 9,109.7 7,232.0 931.0 12.9% 8.2% 1.3x 9.8x

CSG Systems International Inc. United States 43.72 -6% 1,414.3 1,547.3 760.7 164.5 21.6% 1.8% 2.0x 9.4x

Digi International Inc. United States 11.47 -15% 297.8 173.6 215.7 19.3 9.0% 7.2% 0.8x 9.0x

Globant S.A. * Luxembourg 39.05 -13% 1,346.1 1,289.9 291.9 48.9 16.7% 31.4% 4.4x 26.4x

International Business Machines Corporation United States 158.88 -4% 151,864.5 185,928.5 80,261.0 17,973.0 22.4% -7.7% 2.3x 10.3x

Infosys Limited India 15.47 -19% 35,355.4 30,633.8 9,746.0 2,696.0 27.7% 10.3% 3.1x 11.4x

ITS Group France 6.94 -8% 53.1 63.5 208.7 7.6 3.6% 3.9% 0.3x 8.4x

NCI, Inc. United States 12.06 -30% 162.9 169.8 331.9 29.4 8.8% 4.7% 0.5x 5.8x

NTT Data Corporation Japan 52.10 -14% 14,614.0 15,390.3 16,052.8 2,447.8 15.2% 7.4% 1.0x 6.3x

Perficient Inc. United States 19.97 -12% 721.0 747.5 484.7 59.4 12.3% 8.8% 1.5x 12.6x

Reply S.p.A. Italy 123.29 -19% 1,153.0 1,128.0 846.5 109.8 13.0% 11.4% 1.3x 10.3x

SQLi France 37.68 -3% 136.6 135.2 194.4 13.1 6.7% 10.7% 0.7x 10.3x

Tata Consultancy Services Limited * India 37.50 -10% 73,894.4 69,907.9 16,623.5 4,622.6 27.8% 14.4% 4.2x 15.1x

Wipro Ltd. India 7.32 -20% 17,989.2 15,135.2 7,788.2 1,608.3 20.6% 9.5% 1.9x 9.4x






Outsourced Services



AMREP Corporation United States $5.81 -7% $ 46.9 $ 45.3 $ 41.7 $ (3.2) NM -16.3% 1.1x NM

Cenveo Inc. United States 6.60 -60% 56.4 1,096.1 1,735.5 144.3 8.3% 0.2% 0.6x 7.6x

Communisis plc United Kingdom 0.54 -28% 114.0 147.9 471.4 33.1 7.0% 1.8% 0.3x 4.5x

Contax Participações S.A. Brazil 3.60 -85% 12.2 457.9 921.7 1.4 0.2% -2.7% 0.5x NM

Convergys Corporation United States 29.83 -1% 2,861.0 2,916.4 2,907.8 386.7 13.3% -2.1% 1.0x 7.5x

Elanders AB (publ) Sweden 11.26 -4% 298.6 390.1 500.5 49.1 9.8% 5.0% 0.8x 7.9x

Eniro AB Sweden 0.06 -63% 31.0 226.0 256.3 56.5 22.1% -20.5% 0.9x 4.0x

Exlservice Holdings, Inc. * United States 51.18 -7% 1,714.5 1,559.5 666.9 104.4 15.7% 19.8% 2.3x 14.9x

Firstsource Solutions Limited * India 0.65 -19% 441.6 560.5 499.3 62.4 12.5% 12.0% 1.1x 9.0x

Genpact Limited * Bermuda 23.66 -17% 4,904.6 5,319.0 2,504.6 400.7 16.0% 5.0% 2.1x 13.3x

InnerWorkings Inc. * United States 8.87 -12% 476.8 556.7 1,075.3 41.5 3.9% 8.3% 0.5x 13.4x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 51.31 -36% 1,703.9 1,572.7 680.7 101.7 14.9% 22.4% 2.3x 15.5x

MAXIMUS, Inc. * United States 58.82 -16% 3,816.9 3,981.0 2,359.0 315.6 13.4% 20.6% 1.7x 12.6x

Quad/Graphics, Inc. United States 27.09 -8% 1,355.5 2,549.6 4,604.5 492.0 10.7% -4.2% 0.6x 5.2x

Quintiles Transnational Holdings Inc. * United States 77.30 -2% 9,201.9 10,902.9 4,497.2 826.8 18.4% 6.3% 2.4x 13.2x

R.R. Donnelley & Sons Company United States 17.10 -14% 3,582.5 6,925.0 11,143.7 1,022.6 9.2% -3.3% 0.6x 6.8x

Serco Group plc * United Kingdom 1.68 -8% 1,827.4 2,017.0 4,064.8 162.9 4.0% -3.9% 0.5x 12.4x

St Ives plc United Kingdom 1.59 -52% 226.5 341.0 503.5 65.9 13.1% 5.2% 0.7x 5.2x

StarTek, Inc. * United States 5.62 -1% 88.4 120.8 306.8 9.1 3.0% 21.4% 0.4x 13.3x

Sykes Enterprises, Incorporated United States 29.23 -11% 1,236.1 1,234.9 1,340.4 152.1 11.3% 2.0% 0.9x 8.1x

Teleperformance SE * France 103.60 -3% 5,805.3 6,166.5 3,808.1 518.3 13.6% 8.1% 1.6x 11.9x

TeleTech Holdings Inc. * United States 28.35 -8% 1,339.3 1,426.5 1,268.5 151.6 11.9% -0.9% 1.1x 9.4x

Trans Cosmos, Inc. Japan 23.21 -30% 954.7 847.2 2,238.8 118.1 5.3% 12.7% 0.4x 7.2x

Transcontinental Inc. Canada 14.63 -13% 1,130.7 1,364.5 1,609.2 310.6 19.3% 0.3% 0.8x 4.4x

Cimpress N.V. * Netherlands 99.27 -2% 3,136.2 3,947.2 1,788.0 230.9 12.9% 19.7% 2.2x 17.1x

West Corporation * United States 23.43 -12% 1,938.6 5,044.0 2,296.1 661.4 28.8% 1.2% 2.2x 7.6x

Xchanging plc United Kingdom 2.56 -12% 644.3 721.5 649.2 86.0 13.2% -23.2% 1.1x 8.4x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 3.2x 2.5x 6.6x 1.8x

Internationally-based Digital Media and Internet 3.8x 2.3x 5.6x 1.7x

US-based eCommerce 2.8x 1.8x 4.0x 1.8x

Internationally-based eCommerce 3.4x 1.2x 11.4x 1.2x

US-based Digital Advertising 2.6x 1.6x 8.9x 1.6x

Internationally-based Digital Advertising 3.9x 2.0x 9.6x 1.5x

US-based Marketing Technology 3.8x 3.4x 4.5x 2.9x

Internationally-based Marketing Technology 4.9x 4.7x 5.2x 5.2x

Agency 1.1x 1.2x 1.7x 1.7x

Marketing Services 1.9x 1.8x 2.9x 2.6x

Traditional Media 2.6x 2.2x 3.9x 2.9x

Software 5.1x 4.3x 4.7x 4.7x

Information 4.1x 3.8x 6.2x 5.8x

Business Services 1.3x 0.9x 2.7x 2.2x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 08/31/16

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 21.1x 15.3x 16.7x 11.5x

Internationally-based Digital Media and Internet 14.3x 10.8x 16.2x 13.5x

US-based eCommerce 17.5x 15.2x 18.0x 12.7x

Internationally-based eCommerce 22.0x 16.9x 32.1x 13.5x

US-based Digital Advertising 14.3x 13.5x 21.2x 11.9x

Internationally-based Digital Advertising 13.0x 12.8x 12.9x 10.9x

US-based Marketing Technology 38.6x 19.2x 22.1x 14.0x

Internationally-based Marketing Technology 29.4x 18.9x 17.5x 18.0x

Agency 9.3x 9.9x 10.3x 10.2x

Marketing Services 12.2x 10.3x 14.4x 12.8x

Traditional Media 12.9x 9.7x 12.7x 10.8x

Software 33.6x 17.1x 20.5x 15.4x

Information 21.9x 16.2x 23.3x 23.5x

Business Services 10.7x 9.9x 15.1x 12.2x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 08/31/16

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 8/31/2016

LTM Index Performance • S&P 500 – 3.1 % • Digital Media/Commerce – 14.9 %

• Traditional Media – (11.0 %)

LTM Index Performance • S&P 500 – 3.1%

• Marketing Technology – 6.1%

LTM Index Performance • S&P 500 – 3.1 % • Digital Advertising – 17.6 %

LTM Index Performance • S&P 500 – 3.1 %

• Agency – (0.1 % )

• Marketing Services – 0.4%

Digital Media/Commerce and Traditional Media

Software


LTM Index Performance • S&P 500 – 3.1 %

• Software – 0.9 %


Information & Business Services LTM Index Performance • S&P 500 – 3.1 %

• Information – 7.0 %

• Business Services – 1.4 %

80%

95%

110%

125%

140%

Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Rackspace Hosting, Inc. Software Apol lo Global Management, LLC 4,404.7$ Playtika Ltd. Traditional Media Shanghai Giant Network Technology Co. Ltd. 4,400.0 Jet.com, Inc. Digi ta l Media/Commerce WalMart Stores , Inc. 3,000.0 FleetMatics Group PLC Software Verizon Communications , Inc. 2,400.0 Merkle, Inc. Agency & Marketing Services Dentsu Aegis Network, Inc. 1,500.0 Interactive Intel l igence, Inc. Marketing Technology Genesys Telecommunications Laboratories , Inc. 1,394.3 Media .net Digi ta l Advertis ing Miteno Communication Technology 900.0 IronPlanet, Inc. Digi ta l Media/Commerce Ritchie Bros . Auctioneers , Inc. 758.5 Quip, Inc. Software Sales force.com 582.0 Nervana Systems, Inc. Software Intel Corporation 408.0 Ta j Televis ion Limited Traditional Media Sony Pictures Enterta inment, Inc. 385.0 Monster Worldwide, Inc. Digi ta l Advertis ing Randstad Holding nv 382.8 Matrix Medica l Network Bus iness Services Frazier Healthcare Partners 322.5 Local World Holdings Limited Traditional Media Trini ty Mirror plc 290.0 Turi , Inc. Software Apple Inc. 200.0 Rocket Games Digi ta l Media/Commerce Penn National Gaming Inc. 170.0 Gawker Media LLC Digi ta l Media/Commerce Univis ion Communications , Inc. 135.0 Al tisca le, Inc. Software SAP SE 125.0 Atypon Systems, Inc. Marketing Technology John Wi ley & Sons , Inc. 120.0 QHR Corporation Software Loblaw Companies Limited 119.8 Vurb Digi ta l Media/Commerce Snapchat, Inc. 110.0 BeyondCore, Inc. Marketing Technology Sales force.com 110.0 Orbitera, Inc. Software Google, Inc. 100.0 News Republ ic, Inc. Digi ta l Media/Commerce Cheetah Mobi le, Inc. 57.0 Augustus Group Ltd. Traditional Media The Marketing Group Plc 48.3 Morrisey Associates , Inc. Software HealthStream, Inc. 48.0 Ascom Network Testing Divis ion Marketing Technology InfoVista SA 45.0 One Cl ick Retai l Marketing Technology Ascentia l plc 44.0 Sypris Electronics , Cyber Securi ty Solutions Bus iness Assets Bus iness Services Analog Devices , Inc. 42.0 Long Ta l l Sa l ly, Ltd. Digi ta l Media/Commerce TriStyle Mode GmbH & Co. KG 39.3 Fi rs tBest Systems, Inc. Software Guidewire Software, Inc. 34.0 Benelux Bus inesses of Just Eat Digi ta l Media/Commerce Takeaway.com 25.0 DC&M Partners LLC Bus iness Services AMERI Holdings , Inc. 24.2 Acxiom Impact Digi ta l Advertis ing Zeta Interactive 22.0 Return Path, Inc., Emai l Fraud Protection Divis ion Software Proofpoint, Inc. 18.0 Meme Global Media Group Marketing Technology Somoto Ltd. 13.0 Perception Software, Inc. Software Altium Limited 7.9 Covalent Software Ltd. Software Ideagen Plc 6.1 Secret Location, Inc. Traditional Media Enterta inment One Ltd. 5.5 Relay Software Limited Software Appl ied Systems, Inc. 5.2 ZenContent, Inc. Marketing Technology IZEA, Inc. 4.5 140 Proof Marketing Technology AcuityAds Inc. 3.0 Rippleffect Studio Limited Agency & Marketing Services Idox, Plc. 2.6




StrategicUndisclosed

Analytic Strategies LLC Agency & Marketing Services PlanetRisk, Inc. -$ AuthX Consulting LLC Agency & Marketing Services Create Digi ta l , Inc. - BJC Publ ic Relations Agency & Marketing Services Santy - Breensmith Advertis ing Agency & Marketing Services Chemistry Communicatins , Inc. - Digi ta l Eskimo Agency & Marketing Services Mental ly Friendly Pty. Ltd. - Fake Love Agency & Marketing Services The New York Times Company - Gibbons Digi ta l Consultants LLC Agency & Marketing Services Inspiria Media Corporation - Great Apes Ltd. Agency & Marketing Services HiQ International AB - iStrategyLabs LLC Agency & Marketing Services WPP Group `LANE PR Agency & Marketing Services Finn Partners , Inc. - Markenloft GmbH Agency & Marketing Services Dentsu Aegis Network, Inc. - Mondia l Promotion Agency & Marketing Services Wasserman Media Group - ON Event Services LLC Agency & Marketing Services Viad Corporation - ORA Interactive Agency & Marketing Services The Escape Pod - Pluto Event & Marketing Solutions Agency & Marketing Services TPI Group - Pounds Media Agency & Marketing Services SnapShot Interactive - Praytel l Agency & Marketing Services Project: Worldwide - Precis ion Dia logue Agency & Marketing Services R.R. Donnel ley & Sons Company - Response Logic Marketing, Inc. Agency & Marketing Services iAnalysts Inc. - Rooftop2 Productions , Inc. Agency & Marketing Services Lagardere Sports and Enterta inment - Scanther Mobi le Agency & Marketing Services Advice Interactive Group - Starworks Group Agency & Marketing Services Vice Media LLC - The Expla iners Agency & Marketing Services Deloitte Digi ta l - WANDA Digi ta l Agency & Marketing Services WPP Group - Adapt Services Ltd Bus iness Services Datapipe, Inc. - Aji l lus , Inc. Bus iness Services Agi le Network - Ciber Norway Bus iness Services ManpowerGroup - CloudStrategies Group, Inc. Bus iness Services BCM One, Inc. - Consol idated Dis tribution Corporation Bus iness Services Lineage Logis tics Holdings LLC - Gene Burton & Associates Bus iness Services Mazzetti , Inc. - inhouseIT, Inc. Bus iness Services Cal Net Technology Group, Inc. - JCA Group Bus iness Services Heidrick & Struggles International , Inc. - Li ft Science Bus iness Services Shaw + Scott - RedCore Pty. Ltd. Bus iness Services Accenture plc - Savvia , Inc. Bus iness Services CompuVis ion Systems, Inc. - ShipXpress , Inc. Bus iness Services GE Transportation - Society Consulting LLC Bus iness Services Ernst & Young LLP - Systems Maintenance Services , Inc. Bus iness Services Partners Group AG - Ta lent Bridge Bus iness Services Performant Solutions LLC - Untangled Solutions Bus iness Services WheelhouseIT - Woodland, O'Brien, & Scott Bus iness Services Constel lation HomeBui lder Systems - 5IQ LLC Digi ta l Advertis ing Impact Radius , Inc. -





Next Commerce Pty Ltd. Digi ta l Advertis ing Future PLC -$ 800Razors LLC Digi ta l Media/Commerce ShaveMOB.com - Beam Interactive, Inc. Digi ta l Media/Commerce Microsoft Corporation - Boomerang Clean LLC Digi ta l Media/Commerce NextCleaners - Ci tyMaps, Inc. Digi ta l Media/Commerce TripAdvisor, Inc. - Conspire, Inc. Digi ta l Media/Commerce Ful lContact, Inc. - Curse, Inc. Digi ta l Media/Commerce Twitch Interactive, Inc. - Di io LLC Digi ta l Media/Commerce Fl ightglobal - Eyegroove, Inc. Digi ta l Media/Commerce Facebook - Gigstart Enterta inment Pvt. Ltd. Digi ta l Media/Commerce KWAN Enterta inment & Marketing Solutions Pvt. Ltd - Hoodl ine Digi ta l Media/Commerce Ripple.co - Human.co Digi ta l Media/Commerce MapBox, Inc. - HungerStation Digi ta l Media/Commerce FoodPanda - iFabbo Digi ta l Media/Commerce Sway Group LLC - Instapaper LLC Digi ta l Media/Commerce Pinterest, Inc. - Interactive Project Srl Digi ta l Media/Commerce Motorsport.com, Inc. - Kopla Games Digi ta l Media/Commerce flaregames, GmbH - My Flash Trash Ltd. Digi ta l Media/Commerce Neferti ti Group Ltd. - mydiveo Digi ta l Media/Commerce engage:BDR, Inc. - MyOptique Group Limited Digi ta l Media/Commerce Ess i lor International SA - Pa l ta lk Digi ta l Media/Commerce Snap Interactive, Inc. - Prompt.ly, Inc. Digi ta l Media/Commerce Breezeworks , Inc. - Rackspace Cloud Si tes Bus iness Unit Digi ta l Media/Commerce Liquid Web, Inc. - RJMetrics CloudBI Digi ta l Media/Commerce Magento Commerce - Scene53 Digi ta l Media/Commerce Playstudios , Inc. - Trumpit Digi ta l Media/Commerce Wayfa ir LLC - WebCargoNet Digi ta l Media/Commerce Freightos - Zapluk Digi ta l Media/Commerce Quikr India Private Limited - Zeebba Digi ta l Media/Commerce Freauty Ltd. - Appriss Inc., Crash and Project Bus iness Assets Information LexisNexis Risk Solutions - CarsGuide Information Cox Automotive, Inc. - Gl i impse Information Apple Inc. - PIRA Energy Group Information S&P Global Platts - Quest Offshore Resources , Data and Subscriptions Bus iness Information Wood Mackenzie Ltd. - Adwiza A/S Marketing Technology Amesto Solutions AS - EEDAR Marketing Technology The NPD Group, Inc. - Fanbread Marketing Technology RockYou - Fl ightstats , Inc. Marketing Technology Fl ightglobal - Genee, Inc. Marketing Technology Microsoft Corporation - HoneyTracks GmbH Marketing Technology gamigo ag - Linkdex Marketing Technology ScribbleLive - Market6, Inc. Marketing Technology 84.51 -





Meteora Media Marketing Technology StaMedia Group -$ Nudgespot Technologies Pvt. Ltd. Marketing Technology Boomtrain, Inc. - Preptix LLC Marketing Technology Huddle, Inc. - Profoundis Labs Marketing Technology Ful lContact, Inc. - 2FA, Inc. Software Identi ty Automation, Inc. - AdapChain Software Logi l i ty, Inc. - Affini ty Sports LLC Software Dick's Sporting Goods - AppFirs t, Inc. Software ScienceLogic, Inc. - benefi tsCONNECT Software benefi texpress - Bl i ss tering Solutions Software Iksula Services Pvt. Ltd. - Bridge Interactive Group LLC Software Zi l low Group, Inc. - Ca lm.io Software Nutanix, Inc. - Cogito Ltd. Software Syncsort, Inc. - ContainerX, Inc. Software Cisco Systems, Inc. - Delta 360, Inc. Software CMLS Financia l Ltd. - DemandCaster Software Plex Systems, Inc. - digiChart, Inc. Software N. Harris Computer Corporation - Dojo Labs Software Bul lGuard Limited - eSATURNUS NV Software Sony Corporation - Gal l ium Technologies LLC Software Ansonia Credit Data - HubCentrix, Inc. Software iGambit, Inc. - i iWisdom LLC Software Insti tutional Shareholder Services , Inc. - Innotas Software Planview, Inc. - KDS Software American Express Global Bus iness Travel (GBT) - Kombridge AB Software Tele2 Group AB - MindManager Software Corel Corporation - MIR3 Software Emergency Communications Network LLC - Modulo Securi ty LLC Software SAI Global Ltd. - Multivis ta Systems LLC Software Hexagon AB - Nebulas Solutions Software SecureLink Group N.V. - Opex Software LLP Software REAN Cloud - Patient IO Software athenahealth, Inc. - PernixData, Inc. Software Nutanix, Inc. - Platinum Data Solutions Software Mercury Network LLC - Pyramid HR Limited Software Specia l i s t Computer Service Limited - RLocums Software Network Locum Ltd. - SAIPS Ltd. Software Ford Motor Company - Sesame Software, Inc. Software Speridian Technologies - Si lk Co. Software Palantir Technologies , Inc. - Simba Technologies , Inc. Software Magnitude Software - TimeForge Software TRUNO, Retai l Technology Solutions - Uvize, Inc. Software SonderMind LLC -





Alti tude Mus ic Ltd. Traditional Media BMG Rights Management GmbH -$ Becker & Mayer LLC Traditional Media Quatro Group - Big Ci ty Moms, Inc. Traditional Media Sparks Marketing Group - Brava Enterprises LLC Traditional Media Nei-Turner Media Group - ECM Publ ishers , Inc. Traditional Media Adams Publ ishing Group LLC - GameTV Corporation Traditional Media Anthem Sports & Enterta inment Corporation - Hol iday House, Inc. Traditional Media Trustbridge Partners - Houston Community Newspapers & Media Group Traditional Media Hearst Bus iness Media - Lee Enterprises , Dai ly Hearld Publ ication and Media Operations Traditional Media The Ogden Newspapers , Inc. - LeftField Media LLC Traditional Media Urban Expos i tions - Nous Productions Traditional Media Live Nation Enterta inment, Inc. - Ruckus Factory Digi ta l Studios Traditional Media Zazoom Media Group - Sand Sports Super Show Traditional Media Bonnier Corporation - Surreal , Inc. Traditional Media STX Enterta inment -



Strategic Transactions

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Press Ganey Holdings , Inc. Information EQT VII 2,382.2$ VXI Global Solutions LLC Bus iness Services The Carlyle Group 700.0 Fort Dearborn Company Bus iness Services Advent International Corporation 408.0 Ca labrio, Inc. Marketing Technology Kohlberg Kravis Roberts & Company L.P. 200.0 Sizmek, Inc. Marketing Technology Vector Capita l Corporation 76.5 CRUISE.co.uk Ltd Digi ta l Media/Commerce Bridgepoint Development Capita l 67.8 Indecomm Global Services Bus iness Services Capita l Square Partners 66.5

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

One North Interactive LLC Agency & Marketing Services Svoboda Capita l Partners LLC -$ PMX Agency Agency & Marketing Services The Stagwel l Group LLC - TRANSPOREON Group Bus iness Services TPG Capita l - Wel lDyneRx Bus iness Services The Carlyle Group - Granicus , Inc. Marketing Technology Vista Equity Partners - Mobi le Technologies , Inc. Marketing Technology Vestar Capita l Partners - BioCl inica, Inc. Software Cinven - cimdata software GmbH Software Alpina Partners - NetMotion Wireless , Inc. Software The Carlyle Group - Sympl ici ty Corporation Software H.I.G. Capita l LLC - Verrex LLC Software Five Crowns Capita l , Inc. -



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

BAMTech Marketing Technology The Walt Disney Company 1,000.0$ Hulu LLC Digi ta l Media/Commerce Time Warner, Inc. 583.0 JDA Software Group, Inc. Software The Blackstone Group L.P. 570.0 Go-Jek Digi ta l Media/Commerce Sequoia Capita l 550.0 Del iveroo Digi ta l Media/Commerce General Catalyst Partners LLC 275.0 Blue-Grace Logis tics LLC Bus iness Services Warburg Pincus LLC 255.0 Douyu TV Digi ta l Advertis ing Tencent Holdings Ltd. 226.0 Hike Limited Digi ta l Media/Commerce Tiger Global Management, LLC 175.0 Carvana LLC Digi ta l Media/Commerce Undisclosed 160.0 OfferUp, Inc. Digi ta l Media/Commerce Warburg Pincus LLC 120.0 Compass .com Digita l Advertis ing Wel l ington Management Company 75.0 Accolade, Inc. Information Andreessen Horowitz 70.0 Memebox Corporation Digi ta l Media/Commerce Formation 8 66.0 Neusoft Corporation Software PICC 64.0 OYO Rooms Digi ta l Media/Commerce Sequoia Capita l 62.0 Rubrik, Inc. Software Lightspeed Venture Partners 61.0 ClearCare, Inc. Software Battery Ventures 60.0 Interactions LLC Marketing Technology Comcast Ventures 56.0 LogRhythm, Inc. Software Riverwood Capita l , LLC 50.0 MapR Technologies , Inc. Marketing Technology New Enterprise Associates 50.0 Ka l tura, Inc. Digi ta l Advertis ing Goldman Sachs Private Capita l Investing 50.0 Da l ing Digi ta l Media/Commerce Sequoia Capita l 45.0 Galvanize, Inc. Bus iness Services ABS Capita l Partners 45.0 Yunnex Information and Technology Co. Ltd. Software GSR Ventures 45.0 Panopto, Inc. Marketing Technology Sterl ing Partners 42.8 xMatters , Inc. Software Golub Capita l 42.0 Honor Technology, Inc. Software Andreessen Horowitz 42.0 Mobikwik Software Net1 UEPS Technologies , Inc 40.0 Woundtech Software Aldrich Capita l Partners 40.0 Softl ine Group Bus iness Services Da Vinci Capita l Management 40.0 Diablo Technologies , Inc. Software Battery Ventures 37.0 Yieldbot, Inc. Marketing Technology Staley Capita l Management LLC 35.0 Carousel l Pte. Ltd. Digi ta l Media/Commerce Rakuten Ventures 35.0 HunterOn Network Technology Co., Ltd. Information UOB Venture Management 30.0 Testin Technologies Software Undisclosed 30.0 iFood Digi ta l Media/Commerce Just-Eat plc 30.0 MiningLamp Software Sequoia Capita l 30.0 Vi rtru Corporation Software New Enterprise Associates 29.0 Zi l l ion Group, Inc. Marketing Technology Twin Focus Capita l 28.0 Notonthehighstreet Enterprises Limited Digi ta l Media/Commerce Index Ventures 27.5 ID Experts Software Peloton Equity 27.5 Gl int, Inc. Marketing Technology Bessemer Venture Partners 25.0




Degreed, Inc. Bus iness Services Jump Capita l 25.0$ Ful lContact, Inc. Marketing Technology Foundry Group 25.0 Wangyu Master Digi ta l Media/Commerce Shenzhen Capita l Group 23.0 Kentik Technologies Software Third Point Ventures 23.0 Veloci ty Mobi le Limited Digi ta l Media/Commerce Dragoneer Investment Group 22.5 Bynder B.V. Marketing Technology Ins ight Venture Partners 22.3 OUTFITTERY GmbH Digi ta l Media/Commerce Octopus Ventures , LLC 22.0 Engagio, Inc. Marketing Technology Norwest Venture Partners 22.0 Cognitive Sca le Software Norwest Venture Partners 21.8 Mediamorph Marketing Technology Advance Vixeid Partners 21.2 FloSports .tv Digi ta l Media/Commerce Bertelsmann Digi ta l Media Investments 21.2 Dis ti l Networks , Inc. Software Bessemer Venture Partners 21.0 raksul , Inc. Digi ta l Media/Commerce FMR LLC 20.2 DroneDeploy Software Scale Venture Partners 20.0 Quikr India Private Limited Digi ta l Media/Commerce Brand Capita l 20.0 GrubMarket, Inc. Digi ta l Media/Commerce Sound Ventures 20.0 Blacklane GmbH Digi ta l Media/Commerce Daimler 20.0 CS Disco, Inc. Software The Stephenz Group 18.6 Velostrata Software Intel Capita l 17.5 UpGuard, Inc. Software Pel ion Venture Partners 17.0 Kela i le Software (Private Investors ) 16.6 BlueTalon, Inc. Software Maverick Venture Partners 16.0 Dreaml ines .de Digi ta l Media/Commerce Tiger Global Management, LLC 15.9 Innovaccer, Inc. Software WestBridge Capita l Partners 15.6 Blackwood Seven A/S Marketing Technology Conor Venture Partners 15.1 Livspace Digi ta l Media/Commerce Bessemer Venture Partners 15.0 Songkick.com, Inc. Digi ta l Media/Commerce Access Industries 15.0 Auth0, Inc. Software Bessemer Venture Partners 15.0 Curology, Inc. Digi ta l Media/Commerce Sherpa Ventures 15.0 Cel lSavers , Inc. Digi ta l Media/Commerce Sequoia Capita l 15.0 51Autogo Digi ta l Media/Commerce Gobi Partners 15.0 Zenoti Marketing Technology Accel Partners 15.0 Frui tDay Digi ta l Media/Commerce Undisclosed 15.0 Drizly, Inc. Digi ta l Media/Commerce Polaris Partners 15.0 DynamicAction Marketing Technology Accenture Technology Ventures 15.0 Elation Health, Inc. Software Draper Fisher Jurvetson 15.0 Clark.de Digi ta l Advertis ing TA Ventures 14.8 Accuity Del ivery Systems LLC Bus iness Services Undisclosed 14.5 Accountable Healthcare Holdings Corporation Bus iness Services Undisclosed 14.0 Axia l Networks , Inc. Digi ta l Media/Commerce Comcast Ventures 14.0 Sedona Systems Software Intel Capita l 13.6 Bat Blue Networks Software Undisclosed 13.5




Eventboard Marketing Technology Greycroft Partners LLC 13.5$ Spot.IM Ltd. Marketing Technology Index Ventures 13.0 StatRad LLC Software Undisclosed 13.0 SHYFT Analytics Marketing Technology McKesson Ventures 12.5 Funye Digi ta l Media/Commerce H Capita l 12.5 ReviMedia, Inc. Digi ta l Advertis ing NewSpring Capita l 12.5 truRating Ltd. Marketing Technology Sandaire 12.5 Apptimize, Inc. Software U.S. Venture Partners 12.4 SmartZip Analytics , Inc. Marketing Technology ORIX Growth Capita l 12.0 ThreatQuotient, Inc. Software New Enterprise Associates 12.0 OpenAgent.com.au Digi ta l Advertis ing Reinventure Group 12.0 Nymbus, Inc. Software Vensure Enterprises 12.0 Al igned TeleHealth, Inc. Software SV Li fe Sciences Advisers LLP 12.0 Ai rHelp Digi ta l Media/Commerce Khos la Ventures 12.0 HealthKart.com Digita l Media/Commerce Sequoia Capita l 12.0 Townsquared, Inc. Digi ta l Media/Commerce Sierra Ventures 11.1 Symphony Commerce, Inc. Marketing Technology Bain Capita l Ventures 11.0 Heap, Inc. Marketing Technology New Enterprise Associates 11.0 Yroo Limited Digi ta l Media/Commerce Undisclosed 11.0 98point6, Inc. Software Undisclosed 11.0 Viewics , Inc. Marketing Technology Canvas Venture Fund 10.5 Mobike Digi ta l Media/Commerce Panda Capita l 10.0 Logikcul l .com Software Storm Ventures LLC 10.0 Fictiv, Inc. Digi ta l Media/Commerce Accel Partners 10.0 Goop, Inc. Digi ta l Media/Commerce New Enterprise Associates 10.0 Fantasy 6 Sports ,Inc. Digi ta l Media/Commerce Victory Square Labs 10.0 Fi refly Games, Inc. Digi ta l Media/Commerce CCB 10.0 Insert, Inc. Marketing Technology Battery Ventures 10.0 Stash Digi ta l Media/Commerce Goodwater Capita l 9.3 Vettery, Inc. Digi ta l Media/Commerce Greycroft Partners LLC 9.0 CyberX, Inc. Software Fl int Capita l 9.0 Cozy Services Ltd. Software General Catalyst Partners LLC 8.5 NextHealth Technologies LLC Software Norwest Venture Partners 8.5 EasyVis ta SA Bus iness Services Alto Invest 8.4 Meniga Ltd. Software Veloci ty Capita l B.V. 8.2 Attic Labs , Inc. Software Greylock Partners 8.1 NoWait, Inc. Digi ta l Advertis ing Yelp!, Inc. 8.0 Ceros , Inc. Marketing Technology Greycroft Partners LLC 8.0 Smooch Technologies , Inc. Marketing Technology Real Ventures 7.6 IntSights .com Software Wipro Limited 7.5 engage:BDR, Inc. Digi ta l Advertis ing (Private Investors ) 7.4 Runnr Digi ta l Media/Commerce Nexus Venture Partners 7.0




Sel fScore Information Accel Partners 7.0$ Thrive Global Holdings , Inc. Digi ta l Media/Commerce Lerer Hippeau Ventures 7.0 Xperiel , Inc. Digi ta l Media/Commerce (Private Investors ) 7.0 Travelyaari Digi ta l Advertis ing GVFL 7.0 Panoply.io Software Intel Capita l 7.0 RiskSense, Inc. Software Paladin Capita l 7.0 3D Hubs B.V. Digi ta l Media/Commerce EQT Ventures 7.0 KRY Software Index Ventures 6.9 Buzzmove Digi ta l Advertis ing White Mountains Insurance Group, Ltd. 6.8 Mihup Communications Private Limited Digi ta l Media/Commerce Accel Partners 6.7 HeavenHR GmbH Software Target Global 6.7 SigOpt, Inc. Software Andreessen Horowitz 6.6 Laundrapp Ltd. Digi ta l Media/Commerce Undisclosed 6.6 Centricient, Inc. Marketing Technology Venrock Associates 6.5 MediaBrix, Inc. Digi ta l Advertis ing Edison Partners 6.5 Sl iver.tv Digi ta l Advertis ing DCM Ventures 6.2 RADAR, Inc. Software (Private Investors ) 6.2 Pymetrics , Inc. Information Khos la Ventures 6.1 Red Canary, Inc. Software Access Venture Partners 6.1 Dice FM LTD. Digi ta l Media/Commerce Evolution Equity Partners 6.0 SkyGiraffe Software Tri logy Equity Partners , LLC 6.0 Homebase Software Khos la Ventures 6.0 Mint Solutions Software Seventure Partners 5.7 GlovoApp23, SL Digi ta l Media/Commerce Seaya Ventures 5.6 Drivetribe Digi ta l Media/Commerce Breyer Capita l 5.5 Da i lyPay, Inc. Software RPM Ventures 5.0 Grubwithus , Inc. Digi ta l Media/Commerce Matrix Partners 5.0 Happify, Inc. Software Hi l l s Capita l 5.0 MDSave, Inc. Information Undisclosed 5.0 Tray.io Bus iness Services Undisclosed 5.0 Kharabeesh Traditional Media Endeavor Catalyst 5.0 Ki ra Ta lent Software Relay Ventures 5.0 Sendle Pty. Ltd. Digi ta l Media/Commerce Ful l Ci rcle Capita l Corporation 5.0 Owlchemy Labs LLC Digi ta l Media/Commerce QUALCOMM Ventures 5.0 The Outl ine Digi ta l Media/Commerce RRE Ventures LLC 5.0 ABODO Digita l Advertis ing 4490 Ventures 4.8 Huuuge, Inc. Digi ta l Media/Commerce Seoul Investment Partners 4.6 Zervant Oy Software Northzone Ventures 4.5 Photobucket, Inc. Digi ta l Media/Commerce Undisclosed 4.5 Sensay, Inc. Digi ta l Media/Commerce Norwest Venture Partners 4.5 Brave Software, Inc. Software The Founders Fund, LLC 4.5 JumpCloud, Inc. Software Undisclosed 4.3




CareSkore Software Storm Ventures LLC 4.3$ LegalVis ion Pty. Ltd. Software Gi lbert + Tobin 4.2 ZeroCater Digi ta l Media/Commerce Romulus Capita l 4.1 Revuze Marketing Technology Nielsen Holdings B.V. 4.0 LYKE eServices Indones ia Digi ta l Media/Commerce Holtzbrinck Ventures 4.0 Vroozi , Inc. Marketing Technology Al ly Holdings 4.0 RedShel f Digi ta l Media/Commerce Coniston Capita l 4.0 GreenQloud Software (Private Investors ) 4.0 LookBookHQ, Inc. Marketing Technology Edison Partners 4.0 The Euxton Group Digi ta l Media/Commerce Fores ight Group 3.6 Spotl ight Reporting Limited Software Undisclosed 3.6 Grabr, Inc. Digi ta l Media/Commerce RBV Capita l 3.5 Syft Digi ta l Media/Commerce (Private Investors ) 3.5 Shoppable Digi ta l Media/Commerce Canary Ventures 3.5 CSATS, Inc. Software Undisclosed 3.3 Vi ridis Learning, Inc. Bus iness Services Thayer Ventures 3.2 MikMak Digi ta l Advertis ing VaynerMedia LLC 3.2 DogHero Ltd. Digi ta l Media/Commerce Monashees Capita l 3.1 RiskMatch LLC Marketing Technology Undisclosed 3.0 TVSquared Inc. Marketing Technology West Coast Capita l 3.0 Mux, Inc. Marketing Technology Lowercase Capita l 2.8 SmartCAT Software RedSeed 2.8 Byte Academy Bus iness Services Tri5 Ventures 2.7 WiserCare, Inc. Software Undisclosed 2.7 DoseMe Pty. Ltd. Software (Private Investors ) 2.6 Revelator Limited Software Exigent Ventures 2.5 Futureplay Games Digi ta l Media/Commerce Creandum 2.5 ONETWOTRIP Travel Agency LLP Digi ta l Media/Commerce Vostok New Ventures 2.5 Kwippit Digi ta l Media/Commerce Firs tMark Capita l 2.5 Koko Digi ta l Media/Commerce Union Square Ventures 2.5 TheWaveVR, Inc. Traditional Media Kleiner Perkins Caufield & Byers 2.5 Alodokter.com Software Golden Gate Ventures 2.5 Green Cloud Technologies LLC Software Undisclosed 2.5 Rheo.tv Digi ta l Media/Commerce Accompl ice, LLC 2.3 Run Dexter, Inc. Software Rakuten Ventures 2.3 AlphaFlow, Inc. Software Undisclosed 2.2 Ta lentIQ, Inc. Software (Private Investors ) 2.2 SHAREaCAMPER GmbH Digi ta l Media/Commerce Undisclosed 2.2 Genesys Ta lent Software (Private Investors ) 2.1 Netl i fy Marketing Technology Bloomberg Beta 2.1 One Africa Media Pty. Ltd. Digi ta l Media/Commerce Seek Ltd. 2.0 BigaBid Digi ta l Advertis ing (Private Investors ) 2.0




Hotelchamp Marketing Technology Undisclosed 2.0$ Banyan Technology, Inc. Software River SaaS Capita l 2.0 MightyTV, Inc. Digi ta l Media/Commerce Canaan Partners 2.0 Eleos Web Pte. Ltd. Software M1 Limited 2.0 BrandYoursel f.com Software New Atlantic Ventures 2.0 Zype, Inc. Digi ta l Advertis ing Revel Partners 2.0 Espresa, Inc. Software Cross l ink Capita l 2.0 Scoro Software Ltd. Marketing Technology Inventure Partners 1.9 sensewhere Limited Software Scottish Enterprise 1.8 HireWire, Inc. Digi ta l Media/Commerce (Private Investors ) 1.8 StudySoup, Inc. Digi ta l Media/Commerce (Private Investors ) 1.7 Instavest, Inc. Information Y Combinator 1.7 My1login Limited Software Scottish Investment Bank 1.7 NearIT Digi ta l Advertis ing Innowatio S.p.A. 1.7 GradeSlam, Inc. Digi ta l Media/Commerce Birchmere Ventures 1.6 Proxy Digi ta l Media/Commerce (Private Investors ) 1.6 Komiko Ltd. Marketing Technology Undisclosed 1.5 DB Pro Oy Software Stra ightforward Capita l 1.5 Ins i teVR Software Y Combinator 1.5 PerfectlySoft, Inc. Software Impress ion Ventures 1.5 Vi rtuous Software LLC Marketing Technology Access Venture Partners 1.5 Cobalt Labs , Inc. Software Draper Associates 1.5 4-Tel l , Inc. Marketing Technology Undisclosed 1.5 Pulsate Mobi le Ltd. Digi ta l Advertis ing dunnhumby Ventures 1.5 Lua Technologies , Inc. Software Undisclosed 1.4 Bring! Labs AG Digi ta l Media/Commerce (Private Investors ) 1.3 Cybrary.IT Software Arthur Ventures 1.3 Bols te, Inc. Software (Private Investors ) 1.2 Dragos Securi ty LLC Software Data Tribe 1.2 Ups ide Commerce, Inc. Digi ta l Advertis ing WolfCreek Partners 1.2 TruckIn Europe UG Digi ta l Media/Commerce Undisclosed 1.1 SmartFi le.com Software Elevate Ventures 1.1 Nautal Digi ta l Media/Commerce Caixa Capita l 1.1 Workit Health, Inc. Software Montage Ventures 1.1 Gravi ty Supply Chain Software (Private Investors ) 1.0 Codigames Digi ta l Media/Commerce Caixa Capita l 1.0



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

VC/Growth CapitalUndisclosed

DevMynd Software Bus iness Services Motorola Solutions Venture Capita l -$ EngineerBabu IT Services Pvt. Ltd. Bus iness Services Scale Venture Partners - OPTIMITIVE S.L. Bus iness Services Enzen Global - StyleLounge.de Digi ta l Advertis ing Rocket Internet GmbH - Cl iqz GmbH Digi ta l Media/Commerce Mozi l la Corporation - Cubee Technology Digi ta l Media/Commerce CMC Capita l Partners HK - HappyFresh Digi ta l Media/Commerce Vertex Venture Capita l - Lemonade, Inc. Digi ta l Media/Commerce XL Innovate - Modus Engagement, Inc. Marketing Technology Sopris Capita l Associates - mSurvey Marketing Technology Safaricom - One More Company, Inc. Marketing Technology AXA Strategic Ventures - Sa les floor, Inc. Marketing Technology White Star Capita l - Sol id Commerce Marketing Technology Montage Capita l - Anomal i , Inc. Software In-Q-Tel - Centra l Logic Software Iron Gate Capita l - Cloud Technology Partners , Inc. Software Rackspace Hosting, Inc. - DBi Services LLC Software Sterl ing Partners - FixtHub LLC Software Cerium Technology - Galactic Exchange, Inc. Software Signia Venture Partners - Healthera Ltd. Software FT Capita l - Onfido Ltd. Software Sales force Ventures - Tekpea, Inc. Software FCP Innovacion - Telesoft Corporation Software Sumeru Equity Partners LLC - Visybl , Inc. Software BlueSky Capita l - STX Productions , LLC Traditional Media PCCW Global -


Petsky Prunier: Maximizing Shareholder Value

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

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68

2 PwC 17 3 Jordan Edmiston Group 59

4 Jordan Edmiston Group 15 3 Morgan Stanley 59

4 KPMG Corporate Finance 15 5 PwC 52

4 Morgan Stanley 15 6 China Renaissance Partners 47

7 China Renaissance Partners 11 6 Nomura 47

7 Ernst & Young 11 8 GCA Savvian Group 44

9 Avendus Capital 9 9 KPMG Corporate Finance 43

9 Rothschild 9 10 Ernst & Young 38

11 Citi 8 10 JP Morgan 38

11 Credit Suisse 8 12 Jefferies 37

11 Jefferies 8 13 AGC Partners 35

11 William Blair & Company 8 14 Credit Suisse 34

11 Mooreland Partners 8 15 Daiwa Securities 33

Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2011 (across all industries in

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

eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

has been sold to

(NYSE: OMC)

has been sold to

has been sold to

(NYSE: EVDY)

$65,000,000

has been sold to

(NYSE: WTM)

$280,000,000*

has sold a majority stake to

(NYSE: RUK)

a division of

has been sold to

*Approximate Value

has been sold to

(NASDAQ: SYKE)

*Approximate Value *Approximate Value

*Approximate Value

has received a significant investment from

(NASDAQ: EXLS)

$160,000,000*

has been sold to

has been sold to

(NYSE: EVDY)

has been sold to

a portfolio company of

$120,000,000

has sold MediMedia Pharma Solutions

to

has been sold to Aperion Management

has been sold to

and

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to


(NYSE: DLX)

has been sold to


has been sold to

has sold

to

(NYSE: ACN)

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from

has received a majority investment from

has been sold to


in partnership with

(NYSE: OMC)

has been sold to


and

comprising Media Properties Holdings

has been sold to


has been sold to

has acquired

(NASDAQ: CTSH) has acquired

(NASDAQ: ACXM)

from

http://petskyprunier.com/transactions/

Documents

August 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user_monthly_transa… · 3 | M&A and Investment Summary August 2016 M&A and Investment Summary