July 2014 MA and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user... · 3| M&A and Investment Summary July 2014 M&A and Investment Summary for All Segments Transaction

July 2014 M&A and Investment Summary

Expertise. Commitment. Results.

2 | M&A and Investment Summary July 2014

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 92

Additional Monthly M&A and Investment Activity Data 423

About Petsky Prunier 554

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 441 deals were announced in July 2014, of which 261 were worth $22.6 billion in aggregate reported value

Digital Media/Commerce was the most active segment with 98 deals announced, of which 69 were reported at $3.1 billion in aggregate value

Agency & Marketing Services was the highest reported value segment with 22 transactions that were worth $5.1 billion, which includes The Carlyle Group’s reported $4.8 million acquisition of Acosta Sales & Marketing

Strategic buyers announced 197 deals (45 percent of total volume), of which 53 were worth $12.3 billion in aggregate value

VC/Growth Capital investors announced 227 deals, of which 204 were reported for $3.9 billion, including the $1 billion investment in India‐based Flipkart

Buyout investors announced 17 deals during the month, of which three were reported at $1.6 billion in aggregate value

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

Digital Media/Commerce 98 22% $3,073.6 14% 28 $1,162.8 0 ‐ 70 $1,910.8

Software 95 22% 2,506.2 11% 41 1,870.8 6 ‐ 48 635.4

Marketing Technology 70 16% 1,720.6 8% 24 1,231.3 0 ‐ 46 489.3

Technology & Communications 49 11% 1,816.4 8% 22 1,263.0 1 ‐ 26 553.4

Digital Advertising 48 11% 4,378.7 19% 26 4,160.6 1 ‐ 21 218.1

Information & Business Services 43 10% 1,855.0 8% 25 366.6 6 1,396.8 12 91.6

Agency & Marketing Services 22 5% 5,105.0 23% 16 121.2 3 4,969.0 3 14.8

Traditional Media 16 4% 2,121.4 9% 15 2,121.4 0 ‐ 1 ‐

Total 441 100% 22,577.0 100% 197 12,297.8 17 6,365.8 227 3,913.4

July 2014

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$38.0

$7.7

$18.0

$8.4 $11.7 $14.7 $18.4

$81.5

$38.7

$12.4

$65.1

$32.5

$22.4

369 384 375 309 293 301 384 444 406 427 395 372 441 $-

$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

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

M&A and Investment Summary for All Segments

Transaction Distribution

Compared to the previous month aggregate reported value in July decreased 31 percent from June 2014, and increased 20 percent from July 2013

Strategic activity accounted for 45 percent of reported deal value during the month, and included:

• Zillow’s $3.3 billion pending acquisition of Trulia, which provides tools to research homes, at a valuation of 19.1x revenue

• Onex Partners’ $1.3 billion purchase of York Risk Services Group, a provider of risk management services

• Bison Capital Holding’s $773 million acquisition of NQ Mobile, which offers mobile security internet services

• CBS Outdoor Americas’ $690 million acquisition of Van Wagner Communications outdoor advertising businesses

• The Carlyle Group’s purchase of outsourced sales and marketing company Acosta Sales & Marketing for, reportedly, up to $5 billion

Time Warner Cable/Comcast

AT&T/DirecTV

WhatsApp/Facebook


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

Agency & Marketing ServicesThe Engine Group General Agency Lake Capital Management, LLC 169.00$ 156.60$ ‐$ 1.1x NA

Digital Advertising Trulia, Inc. Vertical Search Zillow, Inc. 3,326.2 174.2 (29.9) 19.1x NM Bizo, Inc. Ad Networks/Exchanges LinkedIn Corporation 175.0 40.0 ‐ 4.4x NA ZipRealty, Inc. Online Lead Generation Realogy Holdings Corporation 166.0 74.0 (3.6) 2.2x NM

Digital Media/Commerce

Wotif.com eCommerce Expedia, Inc. 606.2 130.3 61.4 4.7x 9.9x

Vitacost.com eCommerce Kroger Company 272.4 389.8 (7.7) 0.7x NM

Citrus Lane, Inc. eCommerce Care.com, Inc. 48.6 6.0 ‐ 8.1x NA

Information & Business Services

Transport America Logistics TransForce, Inc. 310.0 347.5 49.2 0.9x 6.3x

Phlexglobal Ltd. Healthcare Information Bridgepoint Development Capital 71.8 25.4 7.5 2.8x 9.6x

Marketing TechnologyNQ Mobile, Inc. Mobile Technology Bison Capital Holding Company Limited 773.0 196.7 ‐ 3.9x NA

Software

Aegis USA ERP Software Teleperformance 610.0 400.0 67.8 1.5x 9.0x

M+W Process Automation GmbH and ProFocus LLC ERP Software ATS Automation Tooling Systems, Inc. 338.4 228.6 27.5 NA 12.3x

Quintiq ERP Software Dassault Systemes 337.0 103.3 ‐ 3.3x NA

Total Objects Limited Credit/Risk Software Xchanging plc. 36.0 ‐ 0.8 NA 43.4x

Technology & Communications

BGC Partners Inc., e‐speed Platform Financial Technology The Nasdaq OMX Group, Inc. 1,230.7 100.0 ‐ 12.3x NA

Traditional Media

ITV plc Broadcast Television Liberty Global, Inc. 12,676.9 3,957.6 998.9 3.2x 12.7x

Van Wagner Communications Billboard Business Digital Place‐Based Media CBS Outdoor Americas, Inc. 690.0 206.0 14.0 3.3x 49.3x

Forbes Media Consumer Magazine Publishing Integrated Whale Media Investments 475.0 144.6 ‐ 3.3x NA

Bona Film Group Limited Entertainment Media Bona Film Group Limited 358.7 162.6 20.9 2.2x 17.2x

Selected Transactions with Valuation Information Disclosed($ in Millions)

*

* Bona Film purchased back 21 Century Fox’s 20 percent interest in the company


Securities in Registration($ in Millions)

Aggregate Date Company Name Country Segment Offering Value Rev EBITDA

Jul‐14 iDreamSky Technology Limited China Digital Media/Commerce 107.8$ 64.1$ 13.3$

Jul‐14 Yodle, Inc. United States Software 75.0 172.4 (2.8)

Jul‐14 Zayo Group, LLC United States Software 500.0 827.0 NA

Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA

Jun‐14 Travelport Limited United States Digital Media/Commerce 100.0 2,100.0 428.0

May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

Apr‐14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3

Mar‐14 Box, Inc. United States Software 250.0 124.1 (142.5)

Mar‐14 Globoforce Group plc Ireland Software NA NA NA

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

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

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

LTM


LTM IPO Performance (1/2)

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2014 1st Trading Day

Jul ‐14 NasdaqGS:HQY Heal thEqui ty, Inc. Uni ted States $10.00‐$12.00 $14.00 $17.60 up flat $17.60 0.0%

Jul ‐14 NYSE:TSQ Townsquare Media, Inc. Uni ted States 14.00‐16.00 11.00 10.25, down 7% 10.95 6.8%

Jul ‐14 NasdaqGS:TUBE TubeMogul , Inc. Uni ted States 7.00‐8.00 7.00 11.50, up 64% 9.05 (21.3%)

Jun‐14 NYSE:ANET Aris ta Networks , Inc. Uni ted States 36.00‐40.50 43.00 55.00, up 28% 66.12 20.2%

Jun‐14 NYSE:IMPR Imprivata , Inc. Uni ted States 14.00‐16.00 15.00 16.25, up 8% 14.50 (10.8%)

Jun‐14 NasdaqGS:MRKT Marki t Ltd. Uni ted Kingdom 23.00‐25.00 24.00 26.70, up 11% 25.31 (5.2%)

Jun‐14 NasdaqGS:MOBL Mobi leIron, Inc. Uni ted States 8.00‐10.00 9.00 11.02, up 22% 9.00 (18.3%)

Jun‐14 NYSE:ZPIN Zhaopin Ltd. China 12.50‐14.50 13.50 14.65, up 9% 14.40 (1.7%)

May‐14 NYSE:CMCM Cheetah Mobi le Inc. China 12.50‐14.50 14.00 14.10, flat 19.15 35.8%

May‐14 NasdaqGS:JD JD.com, Inc. China 16.00‐18.00 19.00 22.80, up 20% 28.58 25.4%

May‐14 NYSE:JMEi Jumei Internationa l Holding Limited China 19.50‐21.50 22.00 25.52, up 16% 28.54 11.8%

May‐14 NasdaqGS:TRUE TrueCar, Inc. Uni ted States 12.00‐14.00 9.00 10.44, up 16% 13.57 30.0%

May‐14 NYSE:ZEN Zendesk, Inc. Uni ted States 8.00‐10.00 9.00 13.43, up 49% 17.39 29.5%

Apr‐14 NasdaqGM:FIVN Five9, Inc. Uni ted States 9.00‐11.00 7.00 8.25, up 18% 7.28 (11.8%)

Apr‐14 NYSE:GRUB GrubHub Inc. Uni ted States 23.00‐25.00 26.00 34.00, up 31% 36.29 6.7%

Apr‐14 NYSE:IMS IMS Health Holdings , Inc. Uni ted States 18.00‐21.00 20.00 23.90, up 20% 26.10 9.2%

Apr‐14 NYSE:PAYC Paycom Software, Inc. Uni ted States 18.00‐20.00 15.00 15.00, flat 12.78 (14.8%)

Apr‐14 NasdaqGS:SPWH Sportsman's Warehouse Holdings , Inc. Uni ted States 11.00‐13.00 9.50 12.00, up 26% 5.79 (51.8%)

Apr‐14 NYSE:RUBI The Rubicon Project, Inc. Uni ted States 15.00‐17.00 15.00 20.04, up 34% 11.91 (40.6%)

Apr‐14 NasdaqGS:WB Weibo Corporation China 17.00‐19.00 17.00 20.24, up 19% 19.56 (3.4%)

Mar‐14 NYSE:ATEN A10 Networks , Inc. Uni ted States 13.00‐15.00 15.00 16.21, up 8% 10.80 (33.4%)

Mar‐14 NYSE:AMBR Amber Road, Inc. Uni ted States 10.50‐12.50 13.00 11.50, down 11% 13.70 19.1%

Mar‐14 NYSE:HIVE Aerohive Networks , Inc. Uni ted States 9.00‐11.00 10.00 9.99, down 1% 8.40 (15.9%)

Mar‐14 NasdaqGS:BRDR Borderfree, Inc. Uni ted States 14.00‐16.00 16.00 20.10, up 26% 13.31 (33.8%)

Mar‐14 NYSE:CSLT Castl ight Health, Inc. Uni ted States 13.00‐15.00 16.00 38.85, up 143% 13.41 (65.5%)

Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. Uni ted States 26.00‐28.00 28.00 29.50, up 5% 33.29 12.8%

Mar‐14 NYSE:COUP Coupons .com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 20.53 (31.6%)

Mar‐14 NYSE:EVDY Everyday Health, Inc. Uni ted States 13.00‐15.00 14.00 14.50, flat 16.62 14.6%


LTM IPO Performance (2/2)

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, 2014 1st Trading Day

Mar‐14 NYSE:KING King Digita l Entertainment plc Ireland $21.00‐$24.00 $22.50 $19.00, down 15% $19.45 7.6%

Mar‐14 NasdaqGS:PCTY Payloci ty Holding Corporation United States 14.00‐16.00 17.00 28.50, up 68% 19.59 (31.3%)

Mar‐14 NYSE:QTWO Q2 Holdings , Inc. Uni ted States 11.00‐13.00 13.00 16.68, up 28% 13.17 (21.0%)

Mar‐14 NYSE:TNET TriNet Group, Inc. Uni ted States 15.00‐17.00 16.00 19.10, up 19% 23.40 22.5%

Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. Uni ted States 19.00‐21.00 22.00 44.56, up 103% 21.08 (52.7%)

Jan‐14 NYSE:CRCM Care.com, Inc. Uni ted States 14.00‐16.00 17.00 24.30, up 43% 9.49 (60.9%)

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 37.05 37.5%

Dec‐13 NYSE:NMBL Nimble Storage, Inc. Uni ted States 18.00‐20.00 21.00 33.81, up 61% 25.88 (23.5%)

Nov‐13 NYSE:CUDA Barracuda Networks , Inc. Uni ted States 18.00‐21.00 18.00 21.55, up 20% 27.77 28.9%

Nov‐13 NYSE:CHGG Chegg, Inc. Uni ted States 9.50‐11.50 12.50 9.64, down 23% 6.43 (33.3%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. Uni ted States 15.00‐17.00 10.00 9.55, down 4.5% 11.29 18.2%

Nov‐13 NasdaqGM:GOMO Sungy Mobi le Limited China 9.50‐11.50 11.22 13.35, up 19% 10.84 (18.8%)

Nov‐13 NYSE:TWTR Twitter, Inc. Uni ted States 23.00‐25.00 26.00 44.90, up 73% 45.19 0.6%

Nov‐13 NasdaqGS:WIX Wix.com Ltd. Is rael 14.50‐16.50 16.50 16.31, down 1% 16.95 3.9%

Nov‐13 NasdaqGS:ZU zul i ly, Inc. Uni ted States 18.00‐20.00 22.00 37.70, up 71% 34.62 (8.2%)

Oct‐13 NasdaqGS:COMM CommScope Holding Company, Inc. Uni ted States 18.00‐21.00 15.00 4.99, flat 24.64 393.8%

Oct‐13 NasdaqGS:CRTO Cri teo SA France 27.00‐29.00 31.00 35.39, up 15% 29.76 (15.9%)

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings , Inc. Uni ted States 14.00‐16.00 12.00 13.84, up 32% 13.63 (1.5%)

Oct‐13 SEHK:484 Forgame Holdings Limited China 5.60‐7.09 6.58 8.70, up 32% 2.37 (72.7%)

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. Uni ted States 11.00‐13.00 13.00 11.89, down 9% 6.85 (42.4%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. Uni ted States 12.00‐14.00 20.00 37.16, up 86% 23.80 (36.0%)

Sep‐13 NasdaqGM:BNFT Benefitfocus , Inc. Uni ted States 21.50‐24.50 26.50 53.55, up 102% 38.54 (28.0%)

Sep‐13 NasdaqGS:COVS Covis int Corporation United States 9.00‐11.00 10.00 12.31, up 23% 4.18 (66.0%)

Sep‐13 NasdaqGS:FEYE Fi reEye, Inc. Uni ted States 12.00‐14.00 20.00 39.40, up 97% 35.50 (9.9%)

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 21.55 68.4%

Sep‐13 NasdaqGS:PINC Premier, Inc. Uni ted States 23.00‐26.00 27.00 30.65, up 14% 28.30 (7.7%)

Sep‐13 NasdaqGS:FUEL Rocket Fuel Inc. Uni ted States 27.00‐29.00 29.00 55.42, up 91% 26.46 (52.3%)

Sep‐13 NYSE:VMEM Viol in Memory, Inc. Uni ted States 8.00‐10.00 9.00 7.20, down 20% 3.96 (45.0%)


Digital Media/Commerce

Of the total $3.1 billion in value reported in the Digital Media/Commerce segment, $1.2 billion in strategic transactions were reported, while another $1.9 billion of Venture/Growth Capital investments were made

eCommerce and Mobile Content/apps were the most active subsegments across all segments, with each 28 transactions announced, respectively, of which 20 and 13 were reported worth a combined total of $2.5 billion

Select acquisitions:

• Expedia’s $606 million acquisition of Australia‐based online travel booking services provider Wotif.com, at a valuation of 4.7x revenue and 9.9x EBITDA

• The Kroger Co.’s $272 million purchase of Vitacost.com, an online retailer of health and wellness products

• Glu Mobile’s $100 million purchase of online social games developer Cie Games

Select investments:

• The $1 billion investment in Flipkart that was raised from a consortium of investors led by Tiger Global and Naspers

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

eCommerce 28 29% $2,305.3 75% 7 $940.2 0 ‐ 21 $1,365.1

Mobile Content/Apps 28 29% 181.5 6% 6 30.0 0 ‐ 22 151.5

Social Media/Apps 20 20% 110.2 4% 7 ‐ 0 ‐ 13 110.2

Gaming 10 10% 153.8 5% 4 101.6 0 ‐ 6 52.2

Classifieds/Auctions/P‐to‐P 6 6% 204.4 7% 1 ‐ 0 ‐ 5 204.4

Niche Content 5 5% 27.4 1% 2 ‐ 0 ‐ 3 27.4

Web Search/Portals 1 1% 91.0 3% 1 91.0 0 ‐ 0 ‐

Domain Portfolio/Marketplace 0 0% ‐ 0% 0 ‐ 0 ‐ 0 ‐

Total 98 100% 3,073.6 100% 28 1,162.8 0 0.0 70 1,910.8

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media/CommercePublic Company Valuation (1/3)

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

Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States $5.16 ‐26% $ 330.7 $ 333.0 $ 741.9 $ 38.8 5.2% 1.2% 0.4x 8.6x58.com Inc. * China 48.98 ‐17% 4,963.7 4,641.8 170.3 26.3 15.5% 86.4% 27.3x 176.4xAmazon.com Inc. United States 307.06 ‐25% 141,872.8 137,005.8 81,759.0 4,018.0 4.9% 22.3% 1.7x 34.1xAOL Inc. United States 39.35 ‐26% 3,145.6 3,179.3 2,364.9 434.7 18.4% 7.5% 1.3x 7.3xBaidu, Inc. China 212.38 ‐8% 74,462.5 70,822.6 6,455.6 2,477.7 38.4% 52.8% 11.0x 28.6xBlucora, Inc. United States 17.19 ‐43% 706.4 629.6 624.8 113.1 18.1% 36.9% 1.0x 5.6xBlue Nile Inc. United States 25.54 ‐48% 309.4 253.3 456.6 16.4 3.6% 10.3% 0.6x 15.4xCafePress Inc. United States 5.15 ‐26% 88.8 69.1 241.5 4.9 2.0% 4.8% 0.3x 14.2xCare.com, Inc. * United States 8.86 ‐70% 274.5 161.1 95.3 (30.9) NM 0.0% 1.7x NM CDW Corporation United States 30.98 ‐5% 5,329.5 8,539.7 11,335.9 756.4 6.7% 8.8% 0.8x 11.3xCopart, Inc. United States 33.49 ‐11% 4,221.3 4,408.9 1,139.7 375.4 32.9% 12.9% 3.9x 11.7xCupid plc * United Kingdom 0.62 ‐48% 44.0 22.8 44.8 (4.6) NM ‐0.4% 0.5x NM CyberAgent Inc. Japan 33.74 ‐37% 2,107.9 1,891.4 1,850.0 225.1 12.2% 0.0% 1.0x 8.4xDemand Media, Inc. United States 5.25 ‐23% 455.4 394.0 383.7 31.9 8.3% ‐2.8% 1.0x 12.4xDeNA Co., Ltd. Japan 12.89 ‐47% 1,670.0 1,197.5 1,768.3 598.4 33.8% ‐10.4% 0.7x 2.0xeBay Inc. United States 52.53 ‐12% 65,200.9 63,152.9 17,050.0 4,972.0 29.2% 13.5% 3.7x 12.7xE‐Commerce China Dangdang Inc. * China 13.57 ‐29% 1,094.2 870.7 1,088.5 (9.0) NM 23.6% 0.8x NM eLong Inc. * China 19.26 ‐20% 679.6 390.1 168.0 (30.9) NM 28.4% 2.3x NM Everyday Health, Inc. * United States 16.19 ‐19% 487.2 703.5 162.9 13.8 8.5% 17.1% 4.3x 51.0xExpedia Inc. United States 84.46 0% 10,751.3 10,232.9 5,248.9 726.2 13.8% 19.5% 1.9x 14.1xFacebook, Inc. United States 72.36 ‐6% 185,700.9 172,070.9 10,013.0 5,425.0 54.2% 63.7% 17.2x 31.7xForgame Holdings Limited China 2.34 ‐75% 297.2 89.4 191.4 56.1 29.3% 52.3% 0.5x 1.6xG5 Entertainment AB (publ) * Sweden 4.54 ‐35% 40.0 35.0 16.2 (0.2) NM 22.5% 2.2x NM GameLoft SE France 6.37 ‐44% 545.8 464.8 313.3 48.8 15.6% 12.0% 1.5x 9.5xGeeknet, Inc. * United States 11.71 ‐41% 78.6 33.4 142.8 (2.1) NM 14.1% 0.2x NM Glu Mobile, Inc. * United States 5.72 ‐25% 514.1 442.7 142.1 (7.1) NM 40.0% 3.1x NM Google Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3xGree, Inc. Japan 8.23 ‐38% 1,939.9 1,487.6 1,326.6 453.6 34.2% ‐12.4% 1.1x 3.3xGrubHub Inc. United States 35.76 ‐13% 2,817.9 2,610.8 203.1 47.6 23.4% 0.0% 12.9x 54.9xHollywood Media Corp. * United States 1.26 ‐35% 28.5 5.6 0.4 (4.8) NM ‐31.1% 13.2x NM HSN, Inc. United States 55.84 ‐13% 2,971.6 3,048.2 3,408.8 297.7 8.7% 3.2% 0.9x 10.2xIAC/InterActiveCorp United States 66.30 ‐18% 5,528.5 5,565.6 2,977.9 510.8 17.2% ‐1.4% 1.9x 10.9xInternational Game Technology United States 16.78 ‐21% 4,147.2 5,899.3 2,154.0 663.8 30.8% ‐8.0% 2.7x 8.9xiProperty Group Limited * Malaysia 3.35 ‐11% 609.4 594.9 17.7 (2.5) NM 23.2% 33.5x NM j2 Global, Inc. United States 49.09 ‐13% 2,334.4 2,300.8 541.3 228.2 42.2% 35.9% 4.3x 10.1xJiayuan.com International Ltd. China 5.70 ‐40% 170.1 76.3 83.4 6.6 7.9% 18.5% 0.9x 11.6xJobStreet Corp. Bhd. * Malaysia 0.74 ‐20% 522.3 519.4 2.5 1.9 76.1% NA 204.0x 268.1xJumei International Holding Limited China 28.50 ‐12% 4,079.2 3,963.7 526.9 77.4 14.7% 0.0% 7.5x 51.2xKongzhong Corp. China 7.95 ‐47% 364.7 199.4 176.5 24.7 14.0% ‐4.2% 1.1x 8.1xLifeLock, Inc. United States 13.43 ‐41% 1,246.0 1,029.9 421.3 22.0 5.2% 30.6% 2.4x 46.8xLiberty Interactive Corporation United States 27.88 ‐9% 13,552.2 23,510.2 11,316.0 2,023.0 17.9% 8.8% 2.1x 11.6x




Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALightInTheBox Holding Co., Ltd. * China 5.82 ‐75% $ 296.2 $ 197.9 $ 300.7 $ (15.4) NM 27.2% 0.7x NM LinkedIn Corporation * United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3xLiquidity Services, Inc. United States 13.70 ‐64% 439.4 337.7 503.6 75.3 15.0% 1.5% 0.7x 4.5xMediabistro Inc. * United States 0.94 ‐83% 5.7 13.3 13.1 (1.4) NM 2.6% 1.0x NM MeetMe, Inc. * United States 2.21 ‐50% 97.2 96.8 42.1 (0.4) NM ‐4.5% 2.3x NM Mercadolibre, Inc. Argentina $91.60 ‐37% 4,044.5 3,839.5 485.3 171.7 35.4% 23.6% 7.9x 22.4xMixi, Inc. * Japan 61.44 ‐5% 5,112.2 4,938.5 118.5 10.4 8.8% ‐3.8% 41.7x NM NCsoft Corporation South Korea 148.51 ‐39% 2,964.1 2,312.2 725.6 222.4 30.7% ‐5.9% 3.2x 10.4xNetflix, Inc. United States 425.40 ‐11% 25,562.7 24,748.4 4,891.7 416.3 8.5% 24.0% 5.1x 59.5xNEXON Co., Ltd. Japan 9.55 ‐23% 4,199.7 3,228.6 1,545.5 640.8 41.5% 29.4% 2.1x 5.0xOrbitz Worldwide, Inc. United States 8.97 ‐32% 988.9 1,180.8 854.4 127.7 14.9% 7.9% 1.4x 9.2xOverstock.com Inc. United States 16.12 ‐52% 387.3 285.4 1,372.8 18.5 1.3% 14.2% 0.2x 15.4xPacific Online Ltd. China 0.55 ‐37% 611.3 536.8 137.2 53.2 38.7% 18.5% 3.9x 10.1xPandora Media, Inc. * United States 24.54 ‐39% 5,067.2 4,742.9 799.8 (11.3) NM 0.0% 5.9x NM PC Home Online Inc. Taiwan 10.56 ‐5% 868.3 750.7 572.5 27.5 4.8% 15.5% 1.3x 27.3xPerform Group plc. United Kingdom 3.62 ‐64% 953.5 870.6 350.3 49.5 14.1% 37.3% 2.5x 17.6xPetMed Express, Inc. United States 13.70 ‐20% 276.6 231.9 231.7 29.4 12.7% ‐0.6% 1.0x 7.9xPhoenix New Media Limited China 9.94 ‐27% 735.1 511.5 242.8 47.5 19.6% 30.1% 2.1x 10.8xThe Priceline Group Inc. United States 1,245.90 ‐10% 65,325.0 60,469.7 7,133.1 2,680.6 37.6% 29.1% 8.5x 22.6xRakuten, Inc. Japan 12.83 ‐29% 16,957.4 18,255.9 5,302.4 1,141.5 21.5% 18.7% 3.4x 16.0xRealNetworks Inc. * United States 7.65 ‐15% 274.5 79.5 186.1 (48.7) NM ‐20.1% 0.4x NM Rediff.com India Limited * India 2.30 ‐40% 63.5 43.4 16.3 (6.2) NM 3.8% 2.7x NM Renren Inc. * China 3.25 ‐32% 1,167.2 182.0 140.1 (99.5) NM ‐17.1% 1.3x NM Shutterfly, Inc. United States 49.05 ‐17% 1,883.9 1,852.8 829.7 81.9 9.9% 18.4% 2.2x 22.6xShutterstock, Inc. United States 77.05 ‐25% 2,711.9 2,499.0 257.2 46.9 18.2% 40.4% 9.7x 53.3xSky‐mobi Limited China 5.96 ‐53% 178.4 83.6 78.6 2.4 3.1% ‐19.2% 1.1x 34.2xSNAP Interactive, Inc. * United States 0.30 ‐74% 11.7 11.3 12.4 (5.1) NM ‐26.7% 0.9x NM Spark Networks, Inc. * United States 5.75 ‐36% 137.0 126.1 68.8 (9.7) NM 6.7% 1.8x NM Sportsman's Warehouse Holdings, United States 5.79 ‐47% 242.1 464.2 639.1 62.1 9.7% 0.0% 0.7x 7.5xStamps.com Inc. United States 31.11 ‐37% 503.4 450.6 131.2 35.8 27.3% 6.4% 3.4x 12.6xTaomee Holdings Ltd. China 4.93 ‐45% 177.2 66.5 50.5 6.7 13.2% 28.1% 1.3x 10.0xTheStreet, Inc. * United States 2.47 ‐19% 84.9 26.7 56.3 (0.3) NM 11.4% 0.5x NM Twitter, Inc. * United States 44.13 ‐41% 26,013.4 24,118.0 973.9 (711.5) NM 117.3% 24.8x NM U.S. Auto Parts Network, Inc. United States 3.17 ‐23% 105.9 115.0 257.4 6.4 2.5% ‐8.7% 0.4x 17.9xUnited Online, Inc. United States 10.61 ‐83% 150.1 82.8 231.8 14.6 6.3% 219.1% 0.4x 5.7xValueVision Media Inc. United States 4.57 ‐35% 227.8 240.8 648.8 11.2 1.7% 7.8% 0.4x 21.6x



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


Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAVipshop Holdings Limited * China 207.93 ‐4% $ 11,751.0 $ 11,370.0 $ 2,087.9 $ 87.1 4.2% 131.6% 5.4x 130.5xVitacost.com, Inc. * United States 7.98 ‐15% 271.8 242.7 389.8 (7.7) NM 13.0% 0.6x NM WebMD Health Corp. United States 48.72 ‐9% 1,838.9 2,012.7 536.4 86.8 16.2% 12.8% 3.8x 23.2xWeibo Corporation * China 19.04 ‐22% 3,755.4 4,032.1 229.9 (26.7) NM 0.0% 17.5x NM XO Group Inc. United States 11.01 ‐30% 296.4 220.9 136.0 15.9 11.7% 4.9% 1.6x 13.9xYahoo! Inc. * United States 35.62 ‐15% 35,862.5 34,450.2 4,621.7 772.6 16.7% ‐4.2% 7.5x 44.6xYandex N.V. Netherlands 30.28 ‐33% 9,626.8 9,545.5 1,267.5 479.4 37.8% 36.2% 7.5x 19.9xYY Inc. China 76.70 ‐16% 4,273.2 3,907.4 351.9 108.5 30.8% 117.8% 11.1x 36.0xzuli ly, Inc. * United States 34.42 ‐53% 4,273.5 3,964.0 806.6 18.2 2.3% 101.8% 4.9x 218.2xZynga, Inc. United States 2.87 ‐51% 2,538.4 1,756.2 777.7 32.6 4.2% ‐36.5% 2.3x 53.9x

Adjusted Weighted Average 7.8x 24.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (52.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (80.9x)


Digital Advertising

There were a total of 48 transactions announced (27 acquisitions and 21 investments) in the Digital Advertising segment, worth a total of $4.4 billion in aggregate reported value


• Zillow’s $3.3 billion acquisition of Trulia, which provides tools to research homes, at a valuation of 19.1x revenue

• TripAdvisor’s $200 million purchase of Viator, which operates a platform for researching and planning tours and activities

• The $175 million purchase of business‐to‐business online advertising network Bizo by LinkedIn

• Otter Media’s $10 million purchase of how‐to crafting video site Creativebug from Demand Media

• Facebook’s acquisition of LiveRail, which operates an online video distribution and ad‐platform, for a reported $400‐$500 million

Select Investments:

• The $40 million investment in home rentals platform Urban Compass, which was led by Advance Publications

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

Vertical Search 10 21% $3,588.5 82% 6 $3,573.2 1 ‐ 3 $15.3

Digital Video 9 19% 246.4 6% 8 246.4 0 ‐ 1 ‐

Mobile Marketing 8 17% 64.0 1% 4 ‐ 0 ‐ 4 64.0

Local Search 7 15% 76.9 2% 2 ‐ 0 ‐ 5 76.9

Ad Networks/Exchanges 5 10% 206.7 5% 2 175.0 0 ‐ 3 31.7

Digital Promotion/Coupon 3 6% 8.7 0% 1 ‐ 0 ‐ 2 8.7

Comparison Shopping 2 4% 6.5 0% 0 ‐ 0 ‐ 2 6.5

Other* 4 8% 181.0 4% 3 166.0 0 ‐ 1 15.0

Total 48 100% 4,378.7 100% 26 4,160.6 1 0.0 21 218.1

*Other includes Email Services, Game Advertising, Online Lead Generation, and Search Marketing

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital AdvertisingPublic Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States $8.03 ‐68% $ 469.6 $ 428.0 $ 285.8 $ (23.5) NM 43.2% 1.5x NM AOL Inc. United States 39.35 ‐26% 3,145.6 3,179.3 2,364.9 434.7 18.4% 7.5% 1.3x 7.3xAutobytel Inc. United States 8.02 ‐57% 72.4 71.1 95.2 7.2 7.5% 35.2% 0.7x 9.9xBankrate, Inc. United States 16.63 ‐28% 1,741.8 1,795.1 485.5 114.7 23.6% 10.2% 3.7x 15.7xBlinkx plc United States 0.56 ‐86% 225.8 97.7 247.2 30.9 12.5% 24.9% 0.4x 3.2xBlucora, Inc. United States 17.19 ‐43% 706.4 629.6 624.8 113.1 18.1% 36.9% 1.0x 5.6xConstant Contact, Inc. United States 30.99 ‐8% 982.7 842.7 307.1 33.8 11.0% 14.4% 2.7x 24.9xConversant, Inc. United States 24.27 ‐16% 1,626.0 1,595.6 584.6 203.9 34.9% 10.7% 2.7x 7.8xCoupons.com Incorporated United States 19.85 ‐40% 1,538.9 1,341.3 182.9 (8.9) NM 0.0% 7.3x NM Criteo SA France 30.10 ‐51% 1,736.6 1,419.2 673.6 41.6 6.2% 61.7% 2.1x 34.1xCtrip.com International Ltd. * China 62.68 ‐8% 8,540.2 8,251.3 1,017.0 125.1 12.3% 34.3% 8.1x 66.0xDemand Media, Inc. United States 5.25 ‐23% 455.4 394.0 383.7 31.9 8.3% ‐2.8% 1.0x 12.4xDice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4xDigital Globe Services Inc. United States 2.32 ‐51% 69.5 66.6 32.1 3.5 10.9% 40.7% 2.1x 18.9xeHealth, Inc. United States 20.26 ‐68% 385.3 314.9 189.7 8.8 4.6% 14.4% 1.7x 36.0xGoogle Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3xGroupon, Inc. United States 6.46 ‐49% 4,407.0 3,366.0 2,729.9 117.6 4.3% 14.9% 1.2x 28.6xHi‐Media S.A. France 3.36 ‐12% 150.5 70.0 239.2 2.9 1.2% ‐4.7% 0.3x 24.5xHomeAway, Inc. * United States 33.83 ‐31% 3,179.6 2,704.3 400.4 65.5 16.3% 28.8% 6.8x 41.3xIAC/InterActiveCorp United States 66.30 ‐18% 5,528.5 5,565.6 2,977.9 510.8 17.2% ‐1.4% 1.9x 10.9xInternetQ PLC United Kingdom 4.41 ‐36% 175.7 169.8 140.2 14.1 10.1% 42.2% 1.2x 12.0xLeGuide.com S.A. France 40.31 ‐25% 146.3 110.5 57.0 5.2 9.2% ‐12.0% 1.9x 21.1xMakeMyTrip Limited India 29.96 ‐17% 1,248.7 1,177.6 273.1 (9.5) NM 12.9% 4.3x NM Millennial Media Inc. United States 3.48 ‐64% 372.3 274.3 282.4 (5.0) NM 45.4% 1.0x NM Monster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6xMove, Inc. * United States 14.39 ‐22% 578.1 544.9 234.6 6.9 2.9% 9.7% 2.3x 79.3xOpera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4xPacific Online Ltd. China 0.55 ‐37% 611.3 536.8 137.2 53.2 38.7% 18.5% 3.9x 10.1xQuinStreet, Inc. United States 4.98 ‐48% 218.2 179.5 290.7 21.1 7.3% ‐7.7% 0.6x 8.5xReachLocal, Inc. United States 6.28 ‐57% 181.4 107.5 517.2 4.7 0.9% 9.4% 0.2x 23.1xRetai lMeNot, Inc. United States 25.03 ‐49% 1,344.6 1,187.7 230.5 71.3 30.9% 48.2% 5.2x 16.7xRightmove plc * United Kingdom 37.55 ‐21% 3,691.1 3,680.8 257.8 188.5 73.1% 19.0% 14.3x 19.5xRocket Fuel Inc. United States 25.69 ‐64% 902.8 713.8 276.8 (13.2) NM 115.9% 2.6x NM Rovi Corporation United States 22.11 ‐13% 2,094.5 2,810.5 555.7 194.8 35.1% 19.8% 5.1x 14.4xSepteni Holdings Co., Ltd. Japan 12.92 ‐14% 327.4 272.0 490.6 23.6 4.8% 16.2% 0.6x 11.5xTiVo Inc. United States 13.31 ‐7% 1,528.1 958.5 430.7 53.2 12.4% 35.1% 2.2x 18.0xTradeDoubler AB Sweden 1.32 ‐61% 55.8 36.1 267.8 1.3 0.5% ‐12.9% 0.1x 28.3xTravelzoo Inc. United States 16.73 ‐46% 246.4 185.9 151.8 24.9 16.4% ‐2.7% 1.2x 7.5xTree.Com, Inc. United States 25.32 ‐28% 286.6 197.1 151.2 10.2 6.7% 63.8% 1.3x 19.4xTremor Video, Inc. United States 3.48 ‐69% 175.2 87.9 141.9 (9.2) NM 25.9% 0.6x 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.


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATripAdvisor Inc. * United States 93.87 ‐16% $ 13,403.3 $ 13,118.3 $ 1,071.7 $ 331.8 31.0% 24.7% 12.2x 39.5xTrueCar, Inc. United States 13.39 ‐16% 951.2 913.5 152.8 (18.8) NM 0.0% 6.0x NM Trulia, Inc. United States $60.53 ‐10% 2,258.3 2,273.4 208.6 (24.0) NM 124.7% 10.9x NM TubeMogul, Inc. United States 9.00 ‐15% 258.2 252.7 69.7 (4.5) NM 0.0% 3.6x NM Velti Plc Ireland 0.03 ‐97% 2.9 15.2 232.1 (136.5) NM ‐1.6% 0.1x NM Voltari Corporation United States 1.75 ‐76% 8.2 21.1 10.9 (16.8) NM 133.3% 1.9x NM Web.com Group, Inc. United States 20.12 ‐47% 1,038.1 1,550.7 528.3 106.2 20.1% 16.6% 2.9x 14.6xYahoo! Inc. United States 35.62 ‐15% 35,862.5 6,104.4 4,621.7 772.6 16.7% ‐4.2% 1.3x 7.9xYelp, Inc. * United States 66.31 ‐35% 4,779.7 4,428.9 297.0 6.5 2.2% 66.2% 14.9x NM Yandex N.V. Netherlands 30.28 ‐33% 9,626.8 9,545.5 1,267.5 479.4 37.8% 36.2% 7.5x 19.9xYouku Tudou Inc. * China 18.89 ‐50% 3,932.2 3,407.2 519.9 60.9 11.7% 57.4% 6.6x 56.0xYuMe, Inc. * United States 5.97 ‐51% 193.3 143.4 161.8 2.6 1.6% 31.2% 0.9x 54.5xZhaopin Ltd. China 14.52 ‐13% 725.1 663.5 155.1 39.1 25.2% 0.0% 4.3x 17.0xZi llow, Inc. * United States 142.90 ‐13% 5,724.7 5,415.3 224.8 (6.6) NM 69.1% 24.1x NM


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (38.9x)


Marketing Technology

Analytics & Targeting was the most active Marketing Technology subsegment with 17 transactions announced, worth $122 million in aggregate reported value. While, Mobile Technology was the highest reported value subsegment with seven deals, worth $910 million


• Bison Capital Holdings’ $773 million purchase of mobile internet services provider NQ Mobile

• Salesforce’s reported $350 million acquisition of RelateIQ, a provider of customer relationship management software solutions

• The $1.4 million sale of social media analytics provider Entrinsic to Canada‐based Engagement Labs

Select investments:

• The $50 million Hony Capital‐led investment in Deem, a cloud and mobile commerce company that delivers commerce‐as‐a‐service

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

Analytics & Targeting 17 24% $121.6 7% 5 $8.5 0 ‐ 12 $113.1

Content Management 9 13% 38.6 2% 3 ‐ 0 ‐ 6 38.6

Mobile Technology 7 10% 910.3 53% 2 799.0 0 ‐ 5 111.3

Commerce Management 6 9% 65.5 4% 2 ‐ 0 ‐ 4 65.5

CRM 6 9% 434.8 25% 1 390.0 0 ‐ 5 44.8

BI Tools 5 7% 24.5 1% 1 ‐ 0 ‐ 4 24.5

Social Technology 5 7% 6.4 0% 4 1.4 0 ‐ 1 5.0

Other* 15 21% 118.9 7% 6 32.4 0 ‐ 9 31.3

Total 70 100% 1,720.6 100% 24 1,231.3 0 0.0 46 489.3

*Other includes Ad Serving, Content Delivery Network, MRM/Workflow Management, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Web to Print

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)


Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States 4.34 ‐47% 199.9 135.8 123.7 7.3 5.9% ‐11.0% 1.1x 18.7xAdobe Systems Inc. United States 68.94 ‐8% 34,289.0 32,465.1 4,105.1 747.8 18.2% ‐3.5% 7.9x 43.4xBazaarvoice, Inc. United States 7.37 ‐36% 572.2 526.6 168.1 (29.8) NM 14.5% 3.1x NM Bitauto Holdings Limited China 56.83 ‐3% 2,358.3 2,187.7 251.3 52.7 21.0% 38.9% 8.7x 41.5xBlackbaud Inc. United States 36.70 ‐13% 1,656.8 1,804.1 529.7 102.9 19.4% 9.5% 3.4x 17.5xBorderfree, Inc. * United States 13.13 ‐38% 412.9 291.6 111.2 1.2 1.1% 20.6% 2.6x 237.5xBrightcove, Inc. United States 6.00 ‐63% 193.4 173.9 120.4 (1.1) NM 22.8% 1.4x NM ChannelAdvisor Corporation United States 22.06 ‐56% 542.2 448.5 72.4 (17.4) NM 28.5% 6.2x NM ChinaCache International Holdings China 13.01 ‐56% 330.0 251.7 193.6 5.5 2.8% 38.7% 1.3x 45.8xConstant Contact, Inc. United States 30.99 ‐8% 982.7 842.7 307.1 33.8 11.0% 14.4% 2.7x 24.9xCovisint Corporation United States 4.12 ‐72% 154.9 111.8 94.6 (40.8) NM 0.4% 1.2x NM Cvent, Inc. * United States 25.93 ‐44% 1,067.9 866.2 118.2 3.3 2.8% 31.9% 7.3x 265.2xDealertrack Technologies, Inc. United States 37.06 ‐37% 1,985.6 2,586.1 531.3 47.1 8.9% 30.8% 4.9x 54.9xDemandware, Inc. * United States 59.22 ‐28% 2,125.3 1,871.4 115.4 (17.1) NM 37.5% 16.2x NM Digital River Inc. United States 14.41 ‐27% 460.8 203.9 373.7 34.2 9.2% ‐3.3% 0.5x 6.0xE2open, Inc. United States 15.85 ‐47% 461.2 415.3 74.7 (21.8) NM ‐0.5% 5.6x NM eBay Inc. United States 52.53 ‐12% 65,200.9 63,152.9 17,050.0 4,972.0 29.2% 13.5% 3.7x 12.7xEndurance International Group United States 12.55 ‐23% 1,620.0 2,645.1 543.3 69.3 12.8% 47.2% 4.9x 38.1xInformatica Corporation United States 31.36 ‐28% 3,443.1 2,756.9 1,005.2 184.5 18.4% 16.6% 2.7x 14.9xInfosystems S.A. Poland 1.09 ‐9% 4.5 3.8 2.9 1.2 42.1% 11.0% 1.3x 3.1xInteractive Intel ligence Group Inc. United States 44.89 ‐45% 934.6 844.6 324.4 20.8 6.4% 25.8% 2.6x 40.6xIBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0xJive Software, Inc. United States 6.96 ‐49% 496.2 403.3 161.1 (56.8) NM 23.4% 2.5x NM LivePerson Inc. United States 12.19 ‐20% 655.6 584.3 191.0 8.2 4.3% 13.8% 3.1x 70.9xMarin Software Incorporated United States 9.01 ‐37% 303.7 213.0 83.0 (27.5) NM 30.2% 2.6x NM Marketo, Inc. United States 26.08 ‐42% 1,056.0 944.4 122.0 (42.0) NM 63.7% 7.7x NM Mercadolibre, Inc. Argentina 91.60 ‐37% 4,044.5 3,839.5 485.3 171.7 35.4% 23.6% 7.9x 22.4xMicroStrategy Inc. United States 140.21 ‐10% 1,584.5 1,217.0 587.6 29.9 5.1% 4.9% 2.1x 40.7xNetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Nuance Communications, Inc. United States 17.83 ‐11% 5,654.9 7,214.0 1,887.6 193.0 10.2% 4.1% 3.8x 37.4xOpen Text Corporation Canada 54.97 ‐4% 6,694.7 7,586.4 1,624.7 518.0 31.9% 19.2% 4.7x 14.6xOpera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4xOracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7xPROS Holdings, Inc. * United States 25.19 ‐39% 729.0 685.1 152.1 3.3 2.2% 22.3% 4.5x 206.8xPTC Inc. United States 36.21 ‐10% 4,295.2 4,306.0 1,335.1 314.4 23.5% 4.8% 3.2x 13.7xQlik Technologies, Inc. * United States 26.54 ‐29% 2,386.6 2,131.6 508.6 8.5 1.7% 18.8% 4.2x 252.0xRovi Corporation United States 22.11 ‐13% 2,094.5 2,810.5 555.7 194.8 35.1% 19.8% 5.1x 14.4xThe Rubicon Project, Inc. United States 11.92 ‐49% 427.5 322.0 99.5 (8.1) NM 0.0% 3.2x NM Sage Group plc United Kingdom 6.16 ‐17% 6,650.0 7,257.1 2,229.2 657.6 29.5% ‐3.7% 3.3x 11.0xSalesforce.com, Inc United States 53.48 ‐20% 32,836.7 34,250.6 4,405.1 (32.8) NM 35.7% 7.8x NM SAP SE Germany 77.36 ‐9% 92,408.3 93,888.1 22,830.9 7,878.9 34.5% 2.2% 4.1x 11.9x


Marketing Technology Public Company Valuation (2/2)


Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASizmek Inc. United States 9.13 ‐31% $ 277.5 $ 194.5 $ 165.4 $ 20.3 12.3% 0.0% 1.2x 9.6xSky‐mobi Limited China 5.96 ‐53% 178.4 83.6 78.6 2.4 3.1% ‐19.2% 1.1x 34.2xSungy Mobile Limited China 10.32 ‐70% 344.7 223.9 59.3 15.9 26.8% 76.7% 3.8x 14.1xSynchronoss Technologies, Inc. United States 39.89 ‐4% 1,667.3 1,596.1 388.9 100.1 25.7% 27.8% 4.1x 15.9xTableau Software, Inc. * United States 61.94 ‐39% 4,209.8 3,582.5 307.8 15.4 5.0% 87.8% 11.6x 233.2xTeradata Corporation United States 42.21 ‐35% 6,656.5 5,974.5 2,733.0 647.0 23.7% 3.6% 2.2x 9.2xTIBCO Software Inc. United States 19.29 ‐29% 3,195.9 3,163.0 1,091.5 196.1 18.0% 5.4% 2.9x 16.1xVerint Systems Inc. United States 46.78 ‐12% 2,798.0 3,611.7 959.9 162.9 17.0% 13.2% 3.8x 22.2xWeborama France 10.07 ‐46% 35.2 32.6 37.6 2.7 7.1% 5.3% 0.9x 12.1xWix.com ltd Israel 16.15 ‐51% 608.3 508.2 93.8 (34.9) NM 88.5% 5.4x NM Zendesk, Inc. * United States 17.55 ‐6% 1,231.7 1,198.2 83.2 (22.2) NM 0.0% 14.4x NM




Agency & Marketing Services

There were 22 transactions announced in the Agency & Marketing Services segment in July. Digital Agency was the most active subsegment with 11 transactions announced, respectively


• The $169 million acquisition of advertising and branding services provider The Engine Group to Lake Capital

• Manifest Digital’s acquisition of social media marketing agency SocialKaty

• The Carlyle Group’s purchase of outsourced sales and marketing company Acosta Sales & Marketing for, reportedly, up to $5 billion

• BrandLogic’s acquisition of brand consultancy firm CoreBrand

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

Digital Agency 11 50% $12.5 0% 9 ‐ 0 ‐ 2 $12.5

General Agency 2 9% 169.0 3% 1 ‐ 1 169.0 0 ‐

Database/Analytics 1 5% ‐ 0% 0 ‐ 1 ‐ 0 ‐

Design Agency 1 5% 119.7 2% 1 119.7 0 ‐ 0 ‐

Experiential Marketing 1 5% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Healthcare Agency 1 5% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Retail Services 1 5% 4,800.0 94% 0 ‐ 1 4,800.0 0 ‐

Other* 3 14% 1.5 0% 3 1.5 0 ‐ 0 ‐

Total 22 100% 5,105.0 0% 16 121.2 3 4,969.0 3 14.8

*Other includes Loyalty/Retention, Marketing Consulting, and Public Relations

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



AgencyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $1.53 ‐4% $ 129.2 $ 135.2 $ 268.7 $ 16.3 6.1% 18.2% 0.5x 8.3xCharm Communications Inc. China 4.47 ‐16% 182.4 72.2 183.8 5.1 2.8% 11.1% 0.4x 14.0xChime Communications plc * United Kingdom 5.37 ‐15% 525.1 597.0 503.6 15.4 3.1% ‐13.1% 1.2x 38.8xCreston plc United Kingdom 1.75 ‐10% 104.0 91.6 126.0 19.6 15.6% ‐0.4% 0.7x 4.7xDentsu Inc. Japan 40.08 ‐6% 11,557.2 12,915.1 22,522.6 1,250.5 5.6% 19.0% 0.6x 10.3xEnero Group Limited Austral ia 0.99 ‐5% 84.9 68.7 211.1 3.5 1.7% ‐23.4% 0.3x NM Havas France 7.73 ‐10% 3,167.7 3,448.4 2,379.6 359.6 15.1% ‐1.1% 1.4x 9.6xHuntsworth plc United Kingdom 0.83 ‐32% 262.8 316.8 290.2 47.9 16.5% ‐0.4% 1.1x 6.6xM&C Saatchi plc United Kingdom 3.98 ‐32% 255.3 203.3 272.7 27.6 10.1% 4.9% 0.7x 7.4xmktg, inc. United States 2.74 0% 23.6 18.0 139.0 3.6 2.6% 6.3% 0.1x 5.0xMDC Partners Inc. United States 20.66 ‐22% 1,023.8 1,950.4 1,206.0 106.7 8.8% 8.7% 1.6x 18.3xNext Fifteen Communications Group plc United Kingdom 1.87 ‐7% 113.2 126.9 166.2 18.0 10.8% 6.3% 0.8x 7.1xOmnicom Group Inc. United States 70.55 ‐8% 17,719.1 20,925.5 14,921.6 2,198.0 14.7% 3.7% 1.4x 9.5xOPT, Inc. Japan 7.29 ‐42% 215.1 99.8 632.9 55.3 8.7% ‐21.1% 0.2x 1.8xPorta Communications Plc United Kingdom 0.17 ‐43% 38.5 47.8 41.1 (2.6) NM 191.5% 1.2x NM Publicis Groupe SA France 71.99 ‐24% 15,174.5 15,209.4 9,346.7 1,765.9 18.9% 1.2% 1.6x 8.6xSapient Corp. United States 14.71 ‐18% 2,085.3 1,810.6 1,308.3 168.0 12.8% 13.4% 1.4x 10.8xThe Interpublic Group of Companies, Inc. United States 19.54 ‐5% 8,234.1 9,370.2 7,312.0 871.3 11.9% 4.0% 1.3x 10.8xWPP plc United Kingdom 19.86 ‐25% 25,665.6 29,873.5 18,546.5 3,096.9 16.7% 6.2% 1.6x 9.6x

1.4x 9.7xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $18.39 ‐53% $ 1,416.8 $ 1,315.9 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.2x 6.6xAimia Inc. Canada 17.38 ‐5% 3,024.3 3,135.4 1,533.0 (703.3) NM ‐27.0% 2.0x NM Alliance Data Systems Corporation * United States 259.31 ‐14% 14,056.7 19,578.8 4,735.7 1,327.0 28.0% 19.4% 4.1x 14.8xCSG Systems International Inc. United States 26.96 ‐16% 919.1 989.9 753.3 124.6 16.5% ‐0.2% 1.3x 7.9xData Group Ltd. Canada 0.69 ‐59% 16.1 103.7 285.9 21.7 7.6% ‐6.2% 0.4x 4.8xDST Systems Inc. United States 90.07 ‐10% 3,575.8 4,164.2 2,682.4 420.4 15.7% 2.0% 1.6x 9.9xFair Isaac Corporation United States 55.78 ‐15% 1,793.3 2,230.2 757.7 197.1 26.0% 2.5% 2.9x 11.3xHarte‐Hanks Inc. United States 6.78 ‐30% 425.6 436.0 560.2 56.4 10.1% ‐26.1% 0.8x 7.7xHigh Co. SA France 6.19 ‐23% 64.6 29.4 178.7 14.3 8.0% 0.6% 0.2x 2.1xInsignia Systems Inc. United States 3.06 ‐12% 39.4 19.1 27.0 2.6 9.5% 8.2% 0.7x 7.4xMultiplus SA Brazil 14.26 ‐13% 2,312.7 1,742.2 758.6 138.3 18.2% 14.4% 2.3x 12.6xPDI, Inc. United States 3.51 ‐44% 53.8 13.1 140.7 (6.7) NM 1.8% 0.1x NM Pitney Bowes Inc. United States 26.98 ‐5% 5,467.2 7,974.0 3,905.3 824.3 21.1% 6.8% 2.0x 9.7xPoints International Ltd. * Canada 19.15 ‐41% 295.0 235.4 223.6 5.9 2.6% 50.8% 1.1x 40.2xViad Corp United States 21.00 ‐28% 429.3 395.2 983.5 62.8 6.4% ‐5.8% 0.4x 6.3x




Traditional Media

There were 12 transactions announced in the Traditional Media segment in July, all but one was a strategic acquisition, worth a total of $2.1 billion in aggregate reported value


• The 6.4 percent stake sale of British Sky Broadcasting’s to Liberty Global for $824 million, at a valuation of 3.2x revenue and 12.7x EBITDA

• CBS Outdoor Americas’ $690 million acquisition of Van Wagner Communications outdoor advertising businesses

• Whale Media Investments’ $475 million purchase of a majority stake in Forbes Media, a company focused on the business and financial industry

• New Media Investment Group’s $46 million acquisition of newspaper publishing company The Providence Journal from A.H. Belo Corporation

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

B‐to‐B Media 7 58% ‐ 0% 4 ‐ 0 ‐ 0 ‐

Entertainment 5 42% $71.4 3% 4 $71.4 0 ‐ 1 ‐

Digital Place‐Based Media 2 17% 690.0 33% 2 690.0 0 ‐ 0 ‐

Newspaper Publishing 2 17% 61.0 3% 2 61.0 0 ‐ 0 ‐

Broadcast Television 1 8% 824.0 39% 1 824.0 0 ‐ 0 ‐

Other* 2 17% 475.0 22% 2 475.0 0 ‐ 0 ‐

Total 12 100% 2,121.4 100% 11 2,121.4 0 0.0 1 0.0

*Other includes Cable & Satellite Television, Consumer Book Publishing, and Consumer Magazine Publishing

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional MediaPublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $57.03 ‐16% $ 32,588.2 $ 40,271.2 $ 15,100.0 $ 3,750.0 24.8% 5.4% 2.7x 10.7xDiscovery Communications, Inc. * United States 83.33 ‐8% 28,157.7 35,317.7 5,933.0 2,432.0 41.0% 21.1% 6.0x 14.5xNews Corporation United States 17.78 ‐4% 10,295.6 7,242.6 8,645.0 709.0 8.2% 2.4% 0.8x 10.2xTime Warner Inc. United States 83.80 ‐5% 73,919.8 90,664.8 30,401.0 8,057.0 26.5% 6.0% 3.0x 11.3xTwenty‐First Century Fox, Inc. * United States 31.94 ‐12% 71,054.0 88,626.0 30,655.0 6,323.0 20.6% 51.9% 2.9x 14.0xViacom, Inc. United States 82.25 ‐8% 35,368.6 46,374.6 13,716.0 4,361.0 31.8% 5.1% 3.4x 10.6xThe Walt Disney Company United States 85.38 ‐3% 147,864.8 162,141.8 47,104.0 13,178.0 28.0% 7.6% 3.4x 12.3x


B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $17.79 ‐24% $ 2,278.3 $ 2,339.6 $ 695.4 $ 208.9 30.0% 5.4% 3.4x 11.2xGlobal Sources Ltd. Hong Kong 7.17 ‐22% 213.8 80.2 200.7 38.5 19.2% ‐10.4% 0.4x 2.1xInforma plc Switzerland 8.25 ‐15% 4,977.9 6,319.2 1,915.3 579.7 30.3% 2.3% 3.3x 10.9xTechTarget, Inc. * United States 7.63 ‐16% 249.5 220.9 91.9 6.7 7.2% ‐4.1% 2.4x 33.2xUBM plc United Kingdom 10.51 ‐17% 2,580.6 3,416.6 1,292.1 329.5 25.5% ‐3.0% 2.6x 10.4x


Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $6.12 ‐36% $ 141.5 $ 232.2 $ 103.3 $ 27.1 26.2% ‐0.5% 2.2x 8.6xCC Media Holdings, Inc. United States 7.90 ‐9% 702.6 20,818.7 6,254.6 1,773.8 28.4% 0.2% 3.3x 11.7xCumulus Media Inc. United States 5.08 ‐38% 1,106.0 3,665.8 1,100.3 300.6 27.3% 11.8% 3.3x 12.2xEmmis Communications Corp. United States 2.53 ‐31% 109.2 284.5 214.3 28.7 13.4% 8.4% 1.3x 9.9xEntercom Communications Corp. United States 9.48 ‐17% 370.5 857.3 377.5 99.6 26.4% ‐2.5% 2.3x 8.6xJournal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8xPandora Media, Inc. * United States 24.54 ‐39% 5,067.2 4,742.9 799.8 (11.3) NM 0.0% 5.9x NM Radio One Inc. United States 4.27 ‐27% 202.3 1,199.2 460.7 134.4 29.2% 9.5% 2.6x 8.9xSalem Communications Corp. United States 8.86 ‐14% 222.8 513.4 243.6 48.4 19.8% 5.7% 2.1x 10.6xSirius XM Holdings Inc. * United States 3.31 ‐21% 18,773.9 23,228.2 3,994.6 1,318.9 33.0% 11.0% 5.8x 17.6xSpanish Broadcasting System Inc. United States 5.31 ‐29% 38.6 411.7 147.5 42.5 28.8% 0.6% 2.8x 9.7xTownsquare Media, Inc. United States 10.93 ‐1% 182.4 779.0 294.3 66.9 22.7% 0.0% 2.6x 11.6x


Large Cap Diversified Media





Traditional MediaPublic Company Valuation (2/3)


Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $59.22 ‐24% $ 4,268.4 $ 6,914.6 $ 1,734.5 $ 607.3 35.0% 23.2% 4.0x 11.4xBritish Sky Broadcasting Group plc United Kingdom 14.74 ‐8% 25,042.1 27,216.6 12,845.2 2,659.3 20.7% 5.5% 2.1x 10.2xCablevision Systems Corporation United States 19.17 ‐6% 5,187.3 14,195.5 6,296.5 1,719.4 27.3% 2.8% 2.3x 8.3xCBS Corporation United States 57.03 ‐16% 32,588.2 40,271.2 15,100.0 3,750.0 24.8% 5.4% 2.7x 10.7xCharter Communications, Inc. United States 152.26 ‐9% 16,542.3 30,572.3 8,727.0 3,009.0 34.5% 13.6% 3.5x 10.2xComcast Corporation United States 53.39 ‐5% 138,105.9 182,216.9 67,329.0 22,317.0 33.1% 5.1% 2.7x 8.2xCrown Media Holdings Inc. United States 3.38 ‐15% 1,215.7 1,571.4 390.8 296.7 75.9% 10.3% 4.0x 5.3xDIRECTV United States 86.12 ‐4% 43,249.4 60,940.4 32,438.0 8,021.0 24.7% 5.5% 1.9x 7.6xDiscovery Communications, Inc. United States 83.33 ‐8% 28,157.7 35,317.7 5,933.0 2,432.0 41.0% 21.1% 6.0x 14.5xDish Network Corp. United States 62.14 ‐8% 28,542.0 33,195.8 14,123.5 2,898.5 20.5% 8.9% 2.4x 11.5xEntravision Communications Corporation United States 5.47 ‐26% 488.2 804.9 227.5 71.1 31.3% 0.7% 3.5x 11.3xGeneral Communication Inc. United States 10.91 ‐7% 453.4 1,827.0 841.7 275.7 32.8% 16.2% 2.2x 6.6xGray Television Inc. United States 12.31 ‐19% 717.9 1,533.4 359.4 113.6 31.6% ‐10.7% 4.3x 13.5xGrupo Televisa, S.A.B. Mexico 35.61 ‐2% 20,597.5 24,691.3 5,796.8 2,206.4 38.1% 8.1% 4.3x 11.2xJournal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8xLiberty Global plc United Kingdom 42.03 ‐8% 32,122.2 75,533.5 16,336.0 7,285.7 44.6% 62.3% 4.6x 10.4xLIN Media LLC United States 25.81 ‐12% 1,429.9 2,371.7 677.6 169.8 25.1% 14.6% 3.5x 14.0xMedia General, Inc. * United States 20.06 ‐16% 1,780.4 2,647.1 363.8 101.0 27.8% 55.1% 7.3x 26.2xNexstar Broadcasting Group, Inc. United States 46.05 ‐18% 1,410.1 2,427.1 524.0 178.3 34.0% 28.7% 4.6x 13.6xScripps Networks Interactive, Inc. United States 82.99 ‐4% 11,861.1 13,108.2 2,580.2 1,125.7 43.6% 9.0% 5.1x 11.6xSinclair Broadcast Group, Inc. United States 32.35 ‐14% 3,150.7 5,870.1 1,493.2 508.0 34.0% 33.1% 3.9x 11.6xThe E. W. Scripps Company * United States 20.92 ‐8% 1,179.6 1,193.9 822.0 71.4 8.7% ‐8.2% 1.5x 16.7xTime Warner Cable Inc. United States 145.88 ‐5% 40,771.8 64,967.8 22,403.0 7,805.0 34.8% 2.4% 2.9x 8.3xTime Warner Inc. United States 83.80 ‐5% 73,919.8 90,664.8 30,401.0 8,057.0 26.5% 6.0% 3.0x 11.3xZiggo N.V. Netherlands 45.45 ‐4% 9,090.1 13,274.2 2,127.8 1,144.5 53.8% 2.7% 6.2x 11.6x


Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. United States $20.02 ‐44% $ 1,695.1 $ 2,064.0 $ 628.4 $ (10.6) NM ‐21.4% 3.3x NM Eros International Plc United Kingdom 13.65 ‐20% 733.7 908.2 235.5 60.6 25.8% 9.3% 3.9x 15.0xLions Gate Entertainment Corp. United States 30.70 ‐19% 4,208.6 5,279.0 2,630.3 266.5 10.1% ‐2.9% 2.0x 19.8xLive Nation Entertainment, Inc. United States 21.60 ‐15% 4,331.1 4,823.7 6,668.4 486.9 7.3% 11.1% 0.7x 9.9xSFX Entertainment Inc. United States 6.87 ‐49% 613.1 742.7 193.6 (77.0) NM 453.7% 3.8x NM Twenty‐First Century Fox, Inc. United States 31.94 ‐12% 71,054.0 88,626.0 30,655.0 6,323.0 20.6% 51.9% 2.9x 14.0xLiberty Media Corporation * United States 46.68 ‐12% 16,055.8 30,082.8 4,224.0 1,153.0 27.3% 276.5% 7.1x 26.1xVillage Roadshow Limited Austral ia 7.18 ‐9% 1,145.6 1,480.4 849.3 132.5 15.6% ‐1.1% 1.7x 11.2xWorld Wrestling Entertainment Inc. United States 13.03 ‐59% 983.4 932.5 513.6 (10.0) NM 3.6% 1.8x NM





Traditional Media Public Company Valuation (3/3)


Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.14 ‐34% $ 127.6 $ 47.0 $ 271.7 $ 3.6 1.3% ‐4.4% 0.2x 13.1xAPG|SGA SA Switzerland 320.30 ‐5% 944.3 816.2 338.5 75.5 22.3% ‐4.3% 2.4x 10.8xCBS Outdoor Americas Inc. United States 33.33 ‐7% 3,999.6 5,483.7 1,302.7 377.2 29.0% 1.9% 4.2x 14.5xClear Channel Outdoor Holdings Inc. United States 7.60 ‐29% 2,733.1 7,640.4 2,945.6 706.0 24.0% ‐0.2% 2.6x 10.8xClear Media Ltd. Hong Kong 1.00 ‐4% 534.6 426.8 212.6 85.5 40.2% 8.2% 2.0x 5.0xJCDecaux SA France 34.78 ‐21% 7,786.1 8,003.3 3,652.3 794.1 21.7% 9.2% 2.2x 10.1xLamar Advertising Co. United States 50.31 ‐8% 4,786.5 6,664.6 1,254.2 541.4 43.2% 5.4% 5.3x 12.3xMood Media Corporation United States 0.50 ‐57% 90.6 668.9 507.2 83.3 16.4% 3.8% 1.3x 8.0xNational CineMedia, Inc. United States 15.97 ‐21% 971.6 2,023.5 450.8 216.1 47.9% ‐0.2% 4.5x 9.4xNTN Buzztime Inc. * United States 0.48 ‐52% 43.5 40.7 24.1 0.7 2.8% ‐0.3% 1.7x 59.6xTom Group Ltd. Hong Kong 0.21 ‐43% 818.2 1,097.6 216.7 1.2 0.6% ‐18.0% 5.1x NM Vitreous Glass, Inc. Canada 2.43 ‐11% 15.1 14.6 6.5 2.3 34.5% ‐0.6% 2.2x 6.5x


Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $10.42 ‐20% $ 228.8 $ 169.3 $ 364.7 $ 30.0 8.2% 11.5% 0.5x 5.6xDaily Mail and General Trust plc United Kingdom 13.98 ‐23% 4,912.9 6,435.8 3,059.5 541.8 17.7% 4.1% 2.1x 11.9xEmmis Communications Corp. United States 2.53 ‐31% 109.2 284.5 214.3 28.7 13.4% 8.4% 1.3x 9.9xGannett Co., Inc. United States 32.88 ‐4% 7,419.3 10,685.6 5,485.0 1,139.9 20.8% 2.2% 1.9x 9.4xGlacier Media, Inc. Canada 1.22 ‐14% 108.8 240.4 267.9 28.2 10.5% ‐3.5% 0.9x 8.5xJohn Wiley & Sons Inc. United States 59.47 ‐5% 3,513.3 3,750.8 1,775.2 320.7 18.1% 0.8% 2.1x 11.7xJournal Communications Inc. United States 10.50 ‐8% 534.1 702.8 400.7 80.3 20.0% ‐0.8% 1.8x 8.8xMartha Stewart Living Omnimedia Inc. * United States 4.52 ‐18% 258.0 196.3 152.1 10.1 6.7% ‐15.2% 1.3x 19.4xMeredith Corporation United States 46.01 ‐15% 2,057.9 2,736.3 1,468.7 263.9 18.0% ‐0.2% 1.9x 10.4x

Reed Elsevier plc(1) * United Kingdom 15.94 ‐4% 18,088.2 49,216.4 9,944.2 3,154.3 31.7% 0.0% 4.9x 15.6xScholastic Corporation United States 35.43 ‐4% 1,143.3 1,258.2 1,822.3 139.7 7.7% 1.7% 0.7x 9.0xThe E. W. Scripps Company * United States 20.92 ‐8% 1,179.6 1,193.9 822.0 71.4 8.7% ‐8.2% 1.5x 16.7xThe McClatchy Company United States 4.63 ‐37% 401.5 1,867.8 1,224.6 248.9 20.3% ‐4.8% 1.5x 7.5xThe New York Times Company United States 12.65 ‐27% 1,900.9 1,861.5 1,584.7 236.4 14.9% ‐20.4% 1.2x 7.9x




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


Technology & Communications

Of the $1.8 billion in reported transaction value in the Technology & Communications segment, $1.3 billion were made in strategic acquisitions

Activity in the segment was led by the Financial Technology subsegment with 11 deals announced, of which five were reported at $1.3 billion


• BGC Partner’s sale of its electronic trading system to The Nasdaq OMX Group for $1.2 billion

• RadVision’s sale of its technology business unit to Spirent Communications for $25 million

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

Financial Technology 11 22% $1,265.7 70% 7 1,230.7$ 0 ‐ 4 $35.0

Cloud Storage 9 18% 220.0 12% 4 $1.0 0 ‐ 5 219.0

Big Data Technology 6 12% 85.0 5% 3 ‐ 0 ‐ 3 85.0

Networking Equipment 6 12% 80.4 4% 3 ‐ 1 ‐ 2 80.4

Communications Software 5 10% 11.6 1% 3 6.3 0 ‐ 2 5.3

Cloud Computing Technology 4 8% 35.2 2% 0 ‐ 0 ‐ 4 35.2

Data Center Technology 2 4% 55.0 3% 0 ‐ 0 ‐ 2 55.0

Enterprise Mobility 2 4% 6.5 0% 1 ‐ 0 ‐ 1 6.5

Wireless Backhaul 6 12% 63.5 3% 2 25.0 0 ‐ 4 38.5

Total 49 100% 1,816.4 100% 22 1,263.0 1 0.0 26 553.4

*Other includes Software‐Defined Networking, Virtualization Technology, VoIP Equipment & Software, and Web Conferencing Software

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



TechnologyPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $140.11 ‐4% $ 90,786.9 $ 94,750.9 $ 31,450.0 $ 8,298.0 26.4% 3.9% 3.0x 11.4xACI Worldwide, Inc. United States 18.76 ‐15% 2,140.1 2,837.8 973.4 211.0 21.7% 30.3% 2.9x 13.5xADATA Technology Co., Ltd. Taiwan 2.38 ‐24% 543.6 577.0 1,102.5 61.1 5.5% 14.9% 0.5x 9.4xAdvanced Micro Devices, Inc. United States 3.97 ‐17% 3,039.1 4,301.1 5,888.0 476.0 8.1% 26.0% 0.7x 9.0xAkamai Technologies, Inc. United States 57.09 ‐10% 10,162.1 10,000.7 1,761.3 618.4 35.1% 19.9% 5.7x 16.2xArista Networks, Inc. * United States 65.61 ‐19% 4,171.6 4,184.5 417.1 86.0 20.6% 0.0% 10.0x 48.7xAVG Technologies N.V. Netherlands 17.05 ‐36% 893.7 848.6 383.6 129.0 33.6% ‐3.0% 2.2x 6.6xBrightcove, Inc. United States 6.00 ‐63% 193.4 173.9 120.4 (1.1) NM 22.8% 1.4x NM CA Technologies, Inc. United States 28.47 ‐21% 12,670.9 11,319.9 4,489.0 1,425.0 31.7% ‐1.6% 2.5x 7.9xCarbonite, Inc. United States 9.71 ‐41% 259.2 186.8 115.9 6.7 5.8% 20.8% 1.6x 27.7xCDW Corporation United States 30.98 ‐5% 5,329.5 8,539.7 11,335.9 756.4 6.7% 8.8% 0.8x 11.3xCheck Point Software Technologies Ltd. Israel 66.59 ‐5% 12,704.7 11,471.2 1,436.0 786.0 54.7% 5.3% 8.0x 14.6xChinaCache International Holdings Ltd. China 13.01 ‐56% 330.0 251.7 193.6 5.5 2.8% 38.7% 1.3x 45.8xCitrix Systems, Inc. United States 67.40 ‐13% 11,044.4 11,501.3 3,047.5 695.1 22.8% 9.4% 3.8x 16.5xCommVault Systems, Inc. United States 48.91 ‐46% 2,216.4 1,817.8 604.6 103.6 17.1% 16.5% 3.0x 17.5xCray Inc. United States 25.52 ‐39% 985.2 816.5 502.0 24.1 4.8% 29.2% 1.6x 33.9xCrossroads Systems, Inc. United States 2.65 ‐29% 39.9 37.4 12.8 (7.1) NM ‐10.4% 2.9x NM Datalink Corporation United States 11.20 ‐29% 251.9 192.9 611.8 24.6 4.0% 14.6% 0.3x 7.8xDot Hil l Systems Corp. United States 4.11 ‐32% 246.6 206.2 210.3 8.7 4.1% 14.0% 1.0x 23.7xElecom Co., Ltd. Japan 25.23 ‐5% 555.9 422.3 674.0 81.0 12.0% 10.3% 0.6x 5.2xEMC Corporation United States 29.06 ‐3% 58,952.8 58,332.8 23,580.0 5,453.0 23.1% 5.7% 2.5x 10.7xePlus inc. United States 54.28 ‐14% 408.1 490.2 1,057.5 76.7 7.3% 7.6% 0.5x 6.4xEuronet Worldwide Inc. United States 50.34 0% 2,565.3 2,568.0 1,484.8 189.3 12.7% 10.4% 1.7x 13.6xF‐Secure Oyj Finland 3.52 ‐10% 548.1 484.4 209.6 41.7 19.9% 0.0% 2.3x 11.6xGemalto NV Netherlands 97.08 ‐21% 8,375.3 7,778.5 3,207.7 504.4 15.7% 6.4% 2.4x 15.4xGoogle Inc. United States 573.60 ‐7% 385,431.7 335,443.7 65,142.0 19,424.0 29.8% 21.1% 5.1x 17.3xGreen Dot Corporation United States 19.70 ‐27% 781.9 10.8 594.7 73.8 12.4% 4.2% 0.0x 0.1xImperva Inc. United States 25.25 ‐62% 664.1 564.6 147.8 (42.3) NM 25.2% 3.8x NM Integrated Electrical Services, Inc. United States 6.14 ‐13% 110.0 101.4 485.7 6.3 1.3% ‐0.6% 0.2x 16.0xIntel Corporation United States 33.75 ‐3% 167,071.5 163,053.5 53,912.0 22,019.0 40.8% 3.0% 3.0x 7.4xIBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0xInterxion Holding NV Netherlands 26.90 ‐5% 1,853.4 2,338.6 420.8 173.4 41.2% 9.7% 5.6x 13.5xJ‐Stream Inc. Japan 4.23 ‐41% 49.2 34.2 44.4 4.7 10.6% ‐11.0% 0.8x 7.3xLimelight Networks, Inc. United States 2.49 ‐23% 245.2 133.5 168.8 (11.8) NM ‐7.1% 0.8x NM LogMeIn, Inc. United States 39.90 ‐16% 982.3 761.3 192.1 18.0 9.4% 27.7% 4.0x 42.3xMelbourne IT Ltd. Australia 1.51 ‐19% 140.3 65.3 96.3 8.5 8.8% ‐4.7% 0.7x 7.7xMicron Technology Inc. United States 31.09 ‐11% 33,291.9 35,517.9 14,974.0 4,899.0 32.7% 82.8% 2.4x 7.3xMicrosoft Corporation United States 42.86 ‐6% 353,159.9 291,194.9 86,833.0 32,131.0 37.0% 11.5% 3.4x 9.1xMobileIron, Inc. United States 8.53 ‐27% 636.8 481.4 114.3 (47.1) NM 0.0% 4.2x NM Montage Technology Group Limited China 21.60 ‐19% 609.2 475.7 126.4 ‐ 0.0% 55.4% 3.8x NM NEC Corporation Japan 3.85 ‐2% 10,009.2 13,807.5 29,274.6 1,834.1 6.3% ‐2.6% 0.5x 7.5x


TechnologyPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANetApp, Inc. United States $38.54 ‐16% $ 12,467.7 $ 8,459.9 $ 6,325.1 $ 1,025.2 16.2% ‐0.1% 1.3x 8.3xOracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7xProAct IT Group AB Sweden 13.25 ‐8% 123.4 137.3 341.7 22.7 6.7% 1.1% 0.4x 6.0xQualys, Inc. United States 23.51 ‐21% 768.3 663.2 113.4 12.6 11.1% 19.3% 5.8x 52.6xQuantum Corporation * United States 1.23 ‐26% 312.2 411.5 533.4 7.4 1.4% ‐10.3% 0.8x 55.2xRackspace Hosting, Inc. United States 29.75 ‐45% 4,226.6 3,983.7 1,593.6 409.5 25.7% 16.3% 2.5x 9.7xRed Hat, Inc. United States 58.39 ‐5% 11,041.3 10,238.1 1,595.1 306.2 19.2% 15.8% 6.4x 33.4xSanDisk Corp. United States 92.76 ‐15% 20,799.5 20,146.0 6,499.0 2,345.7 36.1% 15.4% 3.1x 8.6xSAP SE Germany 77.36 ‐9% 92,408.3 93,888.1 22,830.9 7,878.9 34.5% 2.2% 4.1x 11.9xSeagate Technology Public Limited Company Ireland 58.19 ‐7% 19,028.1 20,294.1 13,724.0 2,685.0 19.6% ‐4.4% 1.5x 7.6xSil icon Graphics International Corp. United States 8.74 ‐58% 302.0 225.9 558.4 (29.0) NM ‐28.1% 0.4x NM Sony Corporation Japan 18.09 ‐15% 18,881.8 29,406.8 76,601.2 5,057.1 6.6% 12.8% 0.4x 5.8xSplunk, Inc. * United States 44.27 ‐58% 5,249.0 4,422.1 331.3 (103.7) NM 51.3% 13.3x NM Symantec Corporation United States 23.17 ‐15% 16,049.2 14,060.2 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2xSynchronoss Technologies, Inc. United States 39.89 ‐4% 1,667.3 1,596.1 388.9 100.1 25.7% 27.8% 4.1x 15.9xTableau Software, Inc. * United States 61.94 ‐39% 4,209.8 3,582.5 307.8 15.4 5.0% 87.8% 11.6x 233.2xTeradata Corporation United States 42.21 ‐35% 6,656.5 5,974.5 2,733.0 647.0 23.7% 3.6% 2.2x 9.2xTrend Micro Inc. Japan 35.55 ‐13% 4,763.1 3,785.7 1,073.3 372.5 34.7% 13.5% 3.5x 10.2xThe KEYW Holding Corporation United States 11.33 ‐51% 425.6 511.0 280.6 15.2 5.4% ‐2.5% 1.8x 33.6xVeriSign, Inc. United States 53.20 ‐16% 6,651.1 6,473.8 988.5 607.8 61.5% 6.3% 6.5x 10.7xViolin Memory, Inc. United States 4.01 ‐50% 366.4 286.9 101.0 (127.4) NM 14.3% 2.8x NM VMware, Inc. United States 98.33 ‐13% 42,280.2 37,143.2 5,589.0 1,457.0 26.1% 15.0% 6.6x 25.5xWestern Digital Corporation United States 100.30 ‐3% 23,577.4 20,927.4 15,130.0 3,182.0 21.0% ‐1.4% 1.4x 6.6xXoom Corporation * United States 21.77 ‐40% 831.4 625.4 140.2 9.2 6.5% 40.4% 4.5x 68.2x




CommunicationsPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA10 Networks, Inc. United States $11.46 ‐31% $ 688.2 $ 576.1 $ 172.9 $ (2.5) NM 0.0% 3.3x NM Aerohive Networks, Inc. United States $8.17 ‐33% 372.8 359.9 115.5 (27.0) NM 50.7% 3.1x NM Aastra Technologies Ltd. Canada $38.43 ‐12% 457.8 378.9 554.9 38.5 6.9% ‐0.2% 0.7x 9.8xADTRAN Inc. United States 22.10 ‐21% 1,246.8 1,172.0 659.6 73.2 11.1% 8.6% 1.8x 16.0xAlcatel‐Lucent France 3.45 ‐25% 9,546.8 10,730.0 19,035.8 1,102.5 5.8% ‐0.2% 0.6x 9.7xAllot Communications Ltd. * Israel 12.31 ‐32% 406.2 284.1 100.7 0.6 0.6% ‐3.8% 2.8x 503.7xAruba Networks, Inc. United States 17.68 ‐25% 1,922.5 1,622.3 679.1 15.8 2.3% 15.8% 2.4x 102.8xAudioCodes Ltd. Israel 5.62 ‐38% 242.8 228.1 144.8 5.9 4.1% 11.3% 1.6x 38.5xAviat Networks, Inc. United States 1.30 ‐54% 80.8 39.3 369.6 (23.4) NM ‐22.7% 0.1x NM Axesstel Inc. United States 0.13 ‐80% 3.2 11.9 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 9.30 ‐19% 4,831.1 3,492.7 4,708.0 (2,362.0) NM ‐58.5% 0.7x NM Barracuda Networks, Inc. * United States 27.99 ‐37% 1,441.0 1,304.2 243.7 4.0 1.6% 16.5% 5.4x 329.9xBlonder Tongue Laboratories Inc. United States 0.90 ‐23% 5.6 10.8 26.7 (1.9) NM ‐13.4% 0.4x NM BroadSoft, Inc. United States 23.72 ‐37% 678.0 596.7 182.8 (3.2) NM 10.0% 3.3x NM Brocade Communications Systems, Inc. United States 9.07 ‐17% 3,883.9 3,344.0 2,196.8 559.9 25.5% ‐2.8% 1.5x 6.0xCalAmp Corp. United States 17.30 ‐50% 621.9 589.4 241.1 28.3 11.7% 26.6% 2.4x 20.8xCalix Inc. United States 9.14 ‐35% 465.4 386.4 381.5 6.0 1.6% 6.6% 1.0x 63.9xCiena Corporation United States 19.10 ‐32% 2,016.8 2,816.0 2,215.5 148.0 6.7% 16.6% 1.3x 19.0xCisco Systems, Inc. United States 25.00 ‐6% 128,067.3 98,507.3 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7xClearfield, Inc. United States 13.20 ‐50% 177.4 152.2 62.8 11.3 18.0% 40.4% 2.4x 13.5xClearOne, Inc. United States 9.68 ‐32% 89.6 77.3 51.0 8.4 16.5% 7.3% 1.5x 9.2xCOM DEV International Ltd. Canada 3.78 ‐6% 289.5 273.3 196.2 35.9 18.3% ‐2.1% 1.4x 7.6xCommScope Holding Company, Inc. United States 24.89 ‐11% 4,659.8 6,889.8 3,735.9 849.4 22.7% 7.1% 1.8x 8.1xCommunications Systems Inc. United States 11.05 ‐21% 95.1 72.9 129.1 10.0 7.8% 20.1% 0.6x 7.3xCorning Inc. United States 19.88 ‐11% 25,665.6 25,836.6 8,794.0 2,716.0 30.9% 10.2% 2.9x 9.5xCTX Virtual Technologies, Inc. United States 2.00 ‐17% 16.0 16.1 119.2 16.9 14.2% 198.1% 0.1x 1.0xCyan, Inc. United States 3.83 ‐66% 179.2 136.9 109.3 (44.6) NM 1.2% 1.3x NM Digi International Inc. United States 8.09 ‐37% 205.3 117.0 192.5 13.3 6.9% 0.6% 0.6x 8.8xDragonWave Inc. Canada 1.48 ‐53% 86.9 90.5 94.3 (32.6) NM ‐30.4% 1.0x NM EchoStar Corp. United States 50.10 ‐7% 4,555.7 5,350.2 3,313.0 689.8 20.8% 5.1% 1.6x 7.8xEmulex Corporation United States 5.68 ‐32% 451.2 386.9 467.9 49.1 10.5% ‐3.9% 0.8x 7.9xEricsson Sweden 12.33 ‐7% 39,728.8 33,269.9 32,377.9 4,638.9 14.3% ‐2.8% 1.0x 7.2xExtreme Networks Inc. United States 4.59 ‐44% 442.9 459.2 443.7 25.2 5.7% 44.3% 1.0x 18.2xF5 Networks, Inc. United States 112.20 ‐5% 8,349.4 7,738.0 1,662.1 512.5 30.8% 14.7% 4.7x 15.1xFinisar Corp. United States 19.46 ‐33% 1,936.8 1,676.9 1,156.8 175.9 15.2% 23.8% 1.4x 9.5xFleetmatics Group PLC Ireland 30.93 ‐41% 1,159.7 1,035.9 190.8 45.8 24.0% 38.3% 5.4x 22.6xFranklin Wireless Corp. United States 1.70 ‐19% 17.7 8.9 26.7 (0.7) NM ‐34.0% 0.3x NM Gigamon Inc. United States 11.46 ‐73% 365.6 230.8 148.7 (12.6) NM 28.4% 1.6x NM Gogo Inc. United States 15.83 ‐56% 1,346.3 1,373.0 353.1 13.7 3.9% 41.2% 3.9x 100.5xHarmonic Inc. United States 5.94 ‐28% 549.3 414.9 460.8 26.0 5.7% ‐9.8% 0.9x 15.9xHarris Corporation United States 68.44 ‐14% 7,288.8 8,363.3 5,012.0 1,086.2 21.7% ‐2.0% 1.7x 7.7xInfoblox Inc. United States 11.92 ‐76% 649.6 387.9 248.5 (3.7) NM 20.0% 1.6x NM Interactive Intell igence Group Inc. United States 44.89 ‐45% 934.6 844.6 324.4 20.8 6.4% 25.8% 2.6x 40.6x


CommunicationsPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAJDS Uniphase Corporation United States $11.66 ‐30% $ 2,736.7 $ 2,403.8 $ 1,715.9 $ 147.6 8.6% 1.6% 1.4x 16.3xJuniper Networks, Inc. United States 23.27 ‐19% 11,024.44 9,753.04 4,858.80 836.8 17.2% 8.7% 2.0x 11.7xKVH Industries Inc. United States 12.94 ‐10% 205.2 188.6 157.1 7.3 4.7% ‐2.7% 1.2x 25.7xMavenir Systems, Inc. United States 10.84 ‐42% 267.7 267.8 115.1 (4.8) NM 40.3% 2.3x NM Meru Networks, Inc. United States 3.76 ‐24% 88.7 74.0 98.7 (13.9) NM ‐5.8% 0.7x NM Mitel Networks Corporation Canada 10.87 ‐9% 1,075.9 1,306.5 634.4 73.6 11.6% 0.0% 2.1x 17.8xMotorola Solutions, Inc. United States 63.82 ‐7% 16,223.6 15,578.6 8,524.0 1,523.0 17.9% ‐2.2% 1.8x 10.2xNetgear Inc. United States 31.30 ‐14% 1,124.0 881.3 1,405.5 139.4 9.9% 10.1% 0.6x 6.3xNokia Corporation Finland 7.85 ‐8% 29,121.1 20,468.8 16,141.8 2,590.5 16.0% 76.8% 1.3x 7.9xNuance Communications, Inc. United States 17.83 ‐11% 5,654.9 7,214.0 1,887.6 193.0 10.2% 4.1% 3.8x 37.4xNumerex Corp. United States 10.08 ‐37% 202.8 178.8 82.2 4.7 5.7% 22.8% 2.2x 38.3xOptical Cable Corp. United States 4.20 ‐8% 29.1 38.8 75.6 1.3 1.8% ‐6.2% 0.5x 28.9xPalo Alto Networks, Inc. * United States 78.67 ‐8% 6,063.6 5,695.7 532.3 (27.7) NM 48.1% 10.7x NM PCTEL, Inc. United States 7.36 ‐27% 137.1 83.2 102.3 6.3 6.1% ‐1.2% 0.8x 13.2xPlantronics, Inc. United States 46.40 ‐7% 2,220.1 1,891.7 832.5 153.5 18.4% 6.2% 2.3x 12.3xPolycom, Inc. United States 12.45 ‐11% 1,703.0 1,398.9 1,344.9 141.2 10.5% ‐2.0% 1.0x 9.9xProcera Networks, Inc. United States 9.76 ‐41% 198.7 92.4 75.0 (13.8) NM 22.1% 1.2x NM RadiSys Corporation United States 3.08 ‐33% 111.1 101.8 213.5 (19.4) NM ‐23.4% 0.5x NM Radware Ltd. Israel 16.26 ‐17% 735.3 570.5 205.1 27.7 13.5% 8.4% 2.8x 20.6xRELM Wireless Corp. United States 4.10 0% 55.9 47.9 27.8 2.2 7.7% ‐8.3% 1.7x 22.3xRingCentral, Inc. United States 14.43 ‐39% 966.6 846.4 188.3 (34.3) NM 38.5% 4.5x NM Riverbed Technology, Inc. United States 17.82 ‐22% 2,846.1 2,938.9 1,074.4 173.6 16.2% 12.9% 2.7x 16.9xSandvine Corporation Canada 3.26 ‐13% 490.3 346.4 119.2 32.1 26.9% 21.9% 2.9x 10.8xShoreTel, Inc. United States 6.09 ‐38% 380.8 331.7 336.8 14.7 4.4% 9.9% 1.0x 22.6xSierra Wireless Inc. Canada 20.11 ‐22% 632.3 467.7 487.0 13.0 2.7% 15.8% 1.0x 36.0xSolarWinds, Inc. * United States 40.36 ‐14% 3,044.2 2,882.1 382.4 133.8 35.0% 29.3% 7.5x 21.5xSolera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8xSonus Networks, Inc. * United States 3.56 ‐16% 878.6 763.6 290.6 4.6 1.6% 9.8% 2.6x 166.0xTelcoware Co., Ltd. South Korea 14.17 ‐15% 76.3 22.7 51.6 6.9 13.4% 8.9% 0.4x 3.3xTeleCommunication Systems Inc. United States 2.98 ‐17% 177.5 250.1 346.0 25.7 7.4% ‐24.8% 0.7x 9.7xTESSCO Technologies Inc. United States 30.30 ‐28% 252.4 248.6 568.9 29.2 5.1% ‐19.2% 0.4x 8.5xTransmode AB (publ) Sweden 10.08 ‐43% 279.4 238.0 142.2 17.6 12.4% ‐6.0% 1.7x 13.5xUbiquitous Corporation * Japan 13.06 ‐49% 114.2 104.1 7.5 (2.7) NM ‐14.3% 14.0x NM Vecima Networks Inc. Canada 7.41 ‐2% 165.5 130.1 80.7 15.3 18.9% ‐10.4% 1.6x 8.5xVerint Systems Inc. United States 46.78 ‐12% 2,798.0 3,611.7 959.9 162.9 17.0% 13.2% 3.8x 22.2xViaSat Inc. United States 58.39 ‐22% 2,727.1 3,366.0 1,351.5 177.3 13.1% 20.7% 2.5x 19.0xVonage Holdings Corporation United States 3.49 ‐30% 729.6 775.7 854.8 70.6 8.3% 2.4% 0.9x 11.0xWestell Technologies, Inc. United States 1.71 ‐65% 102.9 56.0 107.4 4.6 4.3% 102.4% 0.5x 12.1xZTE Corp. China 2.20 ‐26% 7,465.9 9,868.0 12,334.3 630.2 5.1% ‐8.8% 0.8x 15.7x




Software

Within the Software segment, a total of $1.9 billion in reported value was reported in strategic activity, while another $635 million in investments were announced

Healthcare was the most active subsegment with 17 transactions announced worth $133 million, followed by ERP and Security with 15 and 13 transactions worth a combined total of $1.7 billion


• Teleperformance’s $610 million acquisition of Aegis USA, which provides identity and access management solutions

• ATS Automation Tooling Systems’ $338.4 million acquisition of Germany‐based M+W Process Automation and ProFocus, which provides performance monitoring and measurement of production processes

• ACI Worldwide’s $205 million acquisition of Retail Decisions, which provides fraud prevention and payment processing solutions

Select investments:

• The $170 million investment in application performance management solutions provider AppDynamics from Battery Ventures

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

Healthcare 17 18% $133.0 5% 7 ‐ 0 ‐ 10 $133.0

ERP 15 16% 1,356.7 54% 7 1,285.4 3 ‐ 5 71.3

Security 13 14% 294.2 12% 3 205.0 1 ‐ 9 89.2

Software Development Tools 12 13% 40.8 2% 9 33.4 0 ‐ 3 7.4

Application Management 8 8% 393.5 16% 2 170.0 0 ‐ 6 223.5

Infrastructure 8 8% 154.8 6% 6 141.0 0 ‐ 2 13.8

Other* 22 23% 133.2 5% 7 36.0 2 ‐ 13 97.2

Total 95 100% 2,506.2 100% 41 1,870.8 6 0.0 48 635.4

*Other includes Collaboration, Credit/Risk, Data Management, Engineering, Financial, and HR

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



SoftwarePublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States $31.93 ‐12% $ 1,643.3 $ 1,882.0 $ 391.5 $ 94.3 24.1% 5.6% 4.8x 20.0xEbix Inc. United States 12.37 ‐31% 474.8 470.6 203.5 74.5 36.6% ‐2.2% 2.3x 6.3xEpiq Systems, Inc. United States 14.14 ‐16% 509.0 791.1 462.5 61.0 13.2% 21.7% 1.7x 13.0xFidessa group plc United Kingdom 34.60 ‐25% 1,308.4 1,185.5 469.6 91.2 19.4% 0.1% 2.5x 13.0xGuidewire Software, Inc. United States 39.76 ‐31% 2,725.8 2,295.5 328.9 (2.1) NM 21.2% 7.0x NM Innovation Group plc United Kingdom 0.53 ‐15% 634.6 538.0 347.3 36.1 10.4% 3.8% 1.5x 14.9xManagement Consulting Group PLC United Kingdom 0.37 ‐26% 180.4 261.1 435.8 34.9 8.0% ‐1.3% 0.6x 7.5xModel N, Inc. United States 9.71 ‐58% 240.3 138.7 97.2 (1.8) NM 4.7% 1.4x NM NetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Performant Financial Corporation United States 9.55 ‐20% 462.8 502.6 264.6 88.4 33.4% 23.9% 1.9x 5.7xQ2 Holdings, Inc. United States 13.14 ‐24% 447.8 368.5 60.9 (15.8) NM 0.0% 6.1x NM RealPage, Inc. United States 15.94 ‐39% 1,255.7 1,213.6 388.6 54.5 14.0% 15.4% 3.1x 22.3xSolera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8xSS&C Technologies Holdings, Inc. United States 42.93 ‐8% 3,559.5 4,154.1 736.6 287.0 39.0% 7.1% 5.6x 14.5xTyler Technologies, Inc. * United States 90.55 ‐16% 2,974.5 2,885.6 454.8 93.2 20.5% 17.2% 6.3x 30.9x


Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAllscripts Healthcare Solutions, Inc. United States 15.47 ‐21% 2,776.6 3,284.2 1,366.3 13.3 1.0% ‐4.4% 2.4x NM athenahealth, Inc. * United States 121.59 ‐41% 4,616.0 4,723.4 672.1 61.3 9.1% 36.0% 7.0x 77.0xCegedim SA France 34.06 ‐13% 474.8 1,121.9 1,201.8 159.1 13.2% ‐3.9% 0.9x 7.1xCerner Corporation United States 54.44 ‐14% 18,567.0 17,733.6 3,074.9 806.3 26.2% 13.4% 5.8x 22.0xComputer Programs & Systems Inc. United States 62.10 ‐14% 696.1 672.1 203.2 56.6 27.9% 3.7% 3.3x 11.9xCraneware plc United Kingdom 8.88 ‐17% 236.3 205.2 42.5 11.9 27.9% 0.1% 4.8x 17.3xHealthEquity, Inc. United States 16.95 ‐15% 686.4 723.2 67.6 18.6 27.5% 0.0% 10.7x 38.8xMcKesson Corporation United States 195.43 0% 45,261.4 53,615.4 149,428.0 3,352.0 2.2% 20.9% 0.4x 16.0xMedAssets, Inc. United States 21.09 ‐21% 1,267.3 2,056.9 683.1 202.5 29.6% 1.8% 3.0x 10.2xMedidata Solutions, Inc. * United States 43.86 ‐36% 2,372.6 2,389.7 305.4 25.2 8.2% 24.2% 7.8x 94.9xMerge Healthcare Incorporated United States 2.33 ‐49% 223.0 430.7 215.6 28.9 13.4% ‐12.3% 2.0x 14.9xQuality Systems Inc. United States 15.55 ‐36% 936.5 820.0 453.0 51.2 11.3% 0.3% 1.8x 16.0xStreamline Health Solutions, Inc. United States 4.71 ‐45% 85.5 93.5 29.0 (6.4) NM 16.8% 3.2x NM USMD Holdings, Inc. United States 9.89 ‐68% 100.3 137.9 245.8 4.7 1.9% 62.4% 0.6x 29.6xVeeva Systems Inc. United States 22.50 ‐54% 2,875.5 2,530.0 234.1 45.6 19.5% 58.3% 10.8x 55.4x




Financial & Credit/Risk Management Software



HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $74.47 ‐13% $ 4,407.4 $ 3,877.7 $ 269.2 $ 85.4 31.7% 14.8% 14.4x 45.4xAllocate Software plc. United Kingdom 1.95 ‐4% 133.3 110.3 67.2 10.7 15.9% 8.1% 1.6x 10.3xBenefitfocus, Inc. United States 38.11 ‐51% 955.2 904.4 111.6 (29.0) NM 29.0% 8.1x NM Castlight Health, Inc. * United States 12.23 ‐71% 1,094.6 934.7 27.7 (81.7) NM 0.0% 33.8x NM Concur Technologies, Inc. * United States 91.04 ‐30% 5,178.5 5,047.3 628.2 29.3 4.7% 30.6% 8.0x 172.5xCornerstone OnDemand, Inc. United States 40.31 ‐35% 2,142.3 2,070.5 204.9 (31.8) NM 55.7% 10.1x NM Dice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4xLinkedIn Corporation United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3xMonster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6xPaycom Software, Inc. United States 12.65 ‐29% 645.7 719.3 117.0 14.6 12.5% 0.0% 6.1x 49.2xPaylocity Holding Corporation United States 19.19 ‐38% 951.1 862.2 100.3 2.0 2.0% 0.0% 8.6x NM Saba Software, Inc. United States 12.35 ‐11% 367.9 353.7 121.3 (10.5) NM 7.7% 2.9x NM The Ultimate Software Group, Inc. United States 130.50 ‐24% 3,699.5 3,618.5 458.1 66.4 14.5% 23.7% 7.9x 54.5xWorkday, Inc. United States 82.65 ‐29% 15,290.3 13,908.3 537.0 (132.1) NM 74.1% 25.9x NM


Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAbsolute Software Corporation Canada $6.21 ‐16% $ 272.3 $ 206.7 $ 89.6 $ 20.8 23.2% 11.0% 2.3x 10.0xAVG Technologies N.V. Netherlands 17.05 ‐36% 893.7 848.6 383.6 129.0 33.6% ‐3.0% 2.2x 6.6xCheck Point Software Technologies Ltd. Israel 66.59 ‐5% 12,704.7 11,471.2 1,436.0 786.0 54.7% 5.3% 8.0x 14.6xCisco Systems, Inc. United States 25.00 ‐6% 128,067.3 98,507.3 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7xCheetah Mobile Inc. * China 20.66 ‐17% 2,646.9 2,638.2 150.4 19.2 12.8% 0.0% 17.5x 137.2xFireEye, Inc. * United States 32.88 ‐66% 4,770.6 4,186.1 207.1 (208.1) NM 111.5% 20.2x NM Fortinet Inc. United States 24.18 ‐8% 3,943.0 3,384.9 685.1 84.9 12.4% 20.0% 4.9x 39.9xGemalto NV Netherlands 97.08 ‐21% 8,375.3 7,778.5 3,207.7 504.4 15.7% 6.4% 2.4x 15.4xImperva Inc. United States 25.25 ‐62% 664.1 564.6 147.8 (42.3) NM 25.2% 3.8x NM Imprivata, Inc. United States 14.47 ‐15% 330.1 325.7 76.3 (9.2) NM 0.0% 4.3x NM Infoblox Inc. United States 11.92 ‐76% 649.6 387.9 248.5 (3.7) NM 20.0% 1.6x NM Juniper Networks, Inc. United States 23.27 ‐19% 11,024.4 9,753.0 4,858.8 836.8 17.2% 8.7% 2.0x 11.7xNQ Mobile Inc. * China 6.55 ‐75% 349.5 248.3 196.7 1.5 0.7% 114.3% 1.3x 170.2xPalo Alto Networks, Inc. United States 78.67 ‐8% 6,063.6 5,695.7 532.3 (27.7) NM 48.1% 10.7x NM Proofpoint, Inc. United States 33.89 ‐26% 1,264.1 1,196.0 164.4 (24.8) NM 39.0% 7.3x NM Qihoo 360 Technology Co. Ltd. China 90.52 ‐27% 11,398.9 11,121.9 826.4 246.6 29.8% 123.6% 13.5x 45.1xSymantec Corporation United States 23.17 ‐15% 16,049.2 14,060.2 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2xTrend Micro Inc. Japan 35.55 ‐13% 4,763.1 3,785.7 1,073.3 372.5 34.7% 13.5% 3.5x 10.2xVeriSign, Inc. United States 53.20 ‐16% 6,651.1 6,473.8 988.5 607.8 61.5% 6.3% 6.5x 10.7x








Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $76.00 ‐15% $ 7,042.4 $ 6,184.8 $ 878.8 $ 411.4 46.8% 8.4% 7.0x 15.0xAutodesk, Inc. * United States 53.34 ‐9% 12,154.4 10,781.3 2,296.0 392.2 17.1% 0.1% 4.7x 27.5xAveva Group plc United Kingdom 32.99 ‐27% 2,106.5 1,908.6 399.5 120.6 30.2% 7.8% 4.8x 15.8xDassault Systemes SA France 66.51 ‐3% 16,788.3 15,517.1 2,844.1 812.7 28.6% 2.3% 5.5x 19.1x


Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. * United States $68.94 ‐8% $ 34,289.0 $ 32,465.1 $ 4,105.1 $ 747.8 18.2% ‐3.5% 7.9x 43.4xCA Technologies, Inc. United States 28.47 ‐21% 12,670.9 11,319.9 4,489.0 1,425.0 31.7% ‐1.6% 2.5x 7.9xCommVault Systems, Inc. United States 48.91 ‐46% 2,216.4 1,817.8 604.6 103.6 17.1% 16.5% 3.0x 17.5xCovisint Corporation United States 4.12 ‐72% 154.9 111.8 94.6 (40.8) NM 0.4% 1.2x NM Daegis Inc. United States 1.15 ‐30% 18.8 26.6 31.0 3.7 11.9% ‐23.0% 0.9x 7.2xEndurance International Group Holdings, Inc. * United States 12.55 ‐23% 1,620.0 2,645.1 543.3 69.3 12.8% 47.2% 4.9x 38.1xGuidance Software, Inc. United States 7.64 ‐34% 220.5 199.4 109.0 (11.9) NM ‐16.4% 1.8x NM IBM Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0xInformatica Corporation United States 31.36 ‐28% 3,443.1 2,756.9 1,005.2 184.5 18.4% 16.6% 2.7x 14.9xIntraLinks Holdings, Inc. * United States 7.89 ‐37% 444.2 456.4 238.7 11.3 4.7% 8.1% 1.9x 40.3xNetSuite Inc. * United States 83.93 ‐31% 6,361.7 6,142.3 476.6 (39.9) NM 33.4% 12.9x NM Opera Software ASA Norway 11.72 ‐23% 1,670.9 1,591.7 325.1 82.0 25.2% 40.7% 4.9x 19.4xOracle Corporation United States 39.61 ‐8% 176,458.2 162,375.2 38,275.0 16,717.0 43.7% 2.9% 4.2x 9.7xRally Software Development Corp. United States 9.95 ‐70% 247.4 161.6 77.7 (18.7) NM 29.7% 2.1x NM Salesforce.com, Inc United States 53.48 ‐20% 32,836.7 34,250.6 4,405.1 (32.8) NM 35.7% 7.8x NM ServiceNow, Inc. * United States 56.67 ‐21% 8,163.9 7,915.4 542.3 (83.6) NM 65.5% 14.6x NM Textura Corporation United States 24.48 ‐48% 609.1 538.1 53.3 (26.3) NM 0.0% 10.1x NM TIBCO Software Inc. United States 19.29 ‐29% 3,195.9 3,163.0 1,091.5 196.1 18.0% 5.4% 2.9x 16.1xVaronis Systems, Inc. United States 21.14 ‐63% 517.0 391.1 79.5 (8.9) NM 43.7% 4.9x NM





Information & Business Services

Strategic and Buyout acquisitions accounted for 95 percent of reported value during the month

IT Consulting/Systems Integration was the most active subsegment with 11 transactions announced, worth $50 million


• Onex Partners’ $1.3 billion purchase of York Risk Services Group, a provider of risk management services

• The $310 million purchase of logistics services provider Transport Americe by TransForce

• Bridgepoint Development Capital’s $72 million purchase of PhlexGlobal, which provides document management solutions and market research

Select investments:

• The $25 million Frontier Capital‐led investment in NetDocuments, which provides docment management services to law firms

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

IT Consulting/Systems Integration 11 26% $49.9 3% 6 $28.2 2 ‐ 3 $21.7

Market Research 5 12% 38.9 2% 3 20.0 0 ‐ 2 18.9

Financial Information 3 7% 2.8 0% 2 2.8 0 ‐ 1 ‐

Healthcare Information 3 7% 77.4 4% 1 5.6 1 71.8 1 ‐

Printing Services 3 7% ‐ 0% 1 ‐ 1 ‐ 1 ‐

Corporate Training 2 5% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Credit/Risk Management Information 2 5% 8.0 0% 1 ‐ 0 ‐ 1 8.0

Other* 14 33% 1,678.0 90% 9 310.0 2 1,325.0 3 43.0

Total 43 100% 1,855.0 100% 25 366.6 6 1,396.8 12 91.6

*Other includes Credit/Risk Consulting, Financial Consulting, Geo‐Demo Information, Healthcare Consulting, HR Consulting, HR Information, Legal Information, Logistics, Management Consulting, Product/Price, and Staffing

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information ServicesPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $40.52 ‐4% $ 4,889.5 $ 5,169.1 $ 2,537.2 $ 516.5 20.4% 7.2% 2.0x 10.0xComputershare Limited Australia 12.02 ‐2% 6,684.1 7,792.9 2,012.1 454.9 22.6% 0.3% 3.9x 17.1xCoreLogic, Inc. United States 26.96 ‐26% 2,457.1 3,779.2 1,311.0 236.6 18.0% 12.3% 2.9x 16.0xCoStar Group Inc. * United States 143.06 ‐34% 4,621.0 4,571.1 494.7 128.1 25.9% 20.9% 9.2x 35.7xDST Systems Inc. United States 90.07 ‐10% 3,575.8 4,164.2 2,682.4 420.4 15.7% 2.0% 1.6x 9.9xDun & Bradstreet Corp. United States 110.03 ‐12% 4,072.9 5,325.3 1,656.1 503.0 30.4% 0.9% 3.2x 10.6xEnvestnet, Inc. * United States 43.65 ‐13% 1,486.3 1,433.8 274.4 28.8 10.5% 60.3% 5.2x 49.8xEquifax Inc. United States 75.60 ‐3% 9,206.4 10,705.3 2,348.9 837.1 35.6% 6.4% 4.6x 12.8xExperian plc Ireland 16.98 ‐21% 16,832.6 20,857.5 4,840.0 1,677.0 34.6% 2.3% 4.3x 12.4xFactSet Research Systems Inc. United States 120.72 ‐2% 5,079.1 4,945.0 901.0 330.7 36.7% 6.4% 5.5x 15.0xFair Isaac Corporation United States 55.78 ‐15% 1,793.3 2,230.2 757.7 197.1 26.0% 2.5% 2.9x 11.3xFidelity National Information Services, Inc. United States 56.10 ‐2% 16,145.4 20,453.2 6,200.0 1,594.4 25.7% 4.6% 3.3x 12.8xFinancial Engines, Inc. * United States 37.54 ‐47% 1,942.9 1,661.6 263.0 59.2 22.5% 24.4% 6.3x 28.1xMcGraw Hill Financial, Inc. United States 79.27 ‐7% 21,474.2 21,513.2 5,025.0 1,825.0 36.3% 5.3% 4.3x 11.8xMoody's Corporation United States 86.99 ‐8% 18,372.3 18,640.1 3,125.4 1,449.5 46.4% 6.7% 6.0x 12.9xMorningstar Inc. United States 68.25 ‐21% 3,052.3 2,831.3 724.5 218.1 30.1% 7.2% 3.9x 13.0xMSCI Inc. United States 44.36 ‐6% 5,177.0 5,719.4 1,081.7 448.4 41.5% 12.7% 5.3x 12.8xReis, Inc. United States 21.69 ‐7% 240.8 224.4 38.1 9.4 24.7% 15.1% 5.9x 23.9xSEI Investments Co. United States 35.63 ‐2% 5,977.5 5,445.3 1,200.9 324.5 27.0% 13.3% 4.5x 16.8xThomson Reuters Corporation United States 37.56 ‐3% 30,187.7 37,696.8 12,653.0 2,568.0 20.3% ‐1.8% 3.0x 14.7xVerisk Analytics, Inc. United States 59.47 ‐14% 9,900.3 10,752.4 1,661.8 755.2 45.4% 14.2% 6.5x 14.2x



Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $18.39 ‐53% $ 1,416.8 $ 1,315.9 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.2x 6.6xAll iance Data Systems Corporation United States 259.31 ‐14% 14,056.7 24,051.5 4,735.7 1,327.0 28.0% 19.4% 5.1x 18.1xBrainjuicer Group Plc United Kingdom 5.89 ‐36% 74.4 64.0 41.2 6.4 15.6% 17.5% 1.6x 10.0xCello Group Plc United Kingdom 1.53 ‐4% 129.2 135.2 268.7 16.3 6.1% 18.2% 0.5x 8.3xCision AB Sweden 8.45 ‐11% 125.5 152.6 121.3 14.4 11.9% ‐5.2% 1.3x 10.6xcomScore, Inc. * United States 36.21 ‐7% 1,262.3 1,233.6 294.9 25.3 8.6% 12.7% 4.2x 48.8xCross Marketing Inc. Japan 6.10 ‐15% 109.9 108.7 67.8 8.7 12.8% 25.6% 1.6x 12.5xEbiquity plc United Kingdom 2.04 ‐11% 145.2 185.0 115.2 20.4 17.7% 6.9% 1.6x 9.1xGfK SE Germany 44.66 ‐28% 1,630.2 2,200.7 1,989.9 306.7 15.4% ‐2.4% 1.1x 7.2xHarte‐Hanks Inc. United States 6.78 ‐30% 425.6 436.0 560.2 56.4 10.1% ‐26.1% 0.8x 7.7xInnerWorkings Inc. * United States 8.26 ‐33% 426.7 490.6 927.9 19.1 2.1% 15.2% 0.5x 25.6x

Financial & Credit/Risk Management Information



Information ServicesPublic Company Valuation (2/2)


Marketing Information (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAIntage Holdings Inc. Japan 14.63 ‐1% $ 294.2 $ 264.4 $ 414.6 $ 50.3 12.1% 6.5% 0.6x 5.3xIpsos SA France 27.03 ‐42% 1,223.4 1,974.4 2,235.5 261.8 11.7% ‐5.2% 0.9x 7.5xNeuStar, Inc. United States 27.55 ‐51% 1,545.4 2,093.0 932.6 350.3 37.6% 8.2% 2.2x 6.0xNielsen N.V. Netherlands 46.37 ‐7% 17,634.3 24,109.3 6,081.0 1,422.0 23.4% 10.6% 4.0x 17.0xOnvia Inc. United States 4.81 ‐13% 35.6 28.7 22.1 (0.4) NM 0.8% 1.3x NM Pearson plc United Kingdom 19.14 ‐18% 15,509.5 19,170.2 8,290.8 1,294.3 15.6% ‐1.6% 2.3x 14.8xRentrak Corporation * United States 49.96 ‐28% 613.9 592.8 75.6 (6.5) NM 32.6% 7.8x NM YouGov PLC United Kingdom 1.94 ‐11% 191.0 180.9 109.6 8.3 7.5% 11.6% 1.7x 21.9x


Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $0.96 ‐26% $ 136.0 $ 152.8 $ 123.9 $ 9.6 7.7% 2.2% 1.2x 15.9xCorporate Executive Board Co. United States 61.52 ‐24% 2,079.3 2,494.8 865.0 180.1 20.8% 14.8% 2.9x 13.9xForrester Research Inc. United States 38.43 ‐7% 723.2 566.0 303.4 30.1 9.9% 3.5% 1.9x 18.8xGartner Inc. United States 68.50 ‐9% 6,180.4 6,257.9 1,824.2 310.8 17.0% 10.3% 3.4x 20.1xIHS Inc. United States 131.74 ‐6% 8,974.6 10,621.5 2,132.4 462.8 21.7% 33.2% 5.0x 22.9xInforma plc Switzerland 8.25 ‐15% 4,977.9 6,319.2 1,915.3 579.7 30.3% 2.3% 3.3x 10.9xNational Research Corp. United States 40.00 ‐11% 414.3 397.8 93.7 29.7 31.7% 5.4% 4.2x 13.4xMarkit Ltd. United Kingdom 25.00 ‐9% 4,471.7 5,050.4 979.9 369.8 37.7% 10.8% 5.2x 13.7xNIC Inc. United States 16.60 ‐36% 1,082.6 1,001.0 253.5 65.7 25.9% 13.8% 3.9x 15.2xPremier, Inc. United States 28.54 ‐27% 924.0 692.8 810.7 282.6 34.9% ‐1.0% 0.9x 2.5xProofpoint, Inc. * United States 33.89 ‐26% 1,264.1 1,196.0 164.4 (24.8) NM 39.0% 7.3x NM

Reed Elsevier plc(1) United Kingdom 15.94 ‐4% 42,277.0 49,216.4 9,944.2 3,154.3 31.7% 6.6% 4.9x 15.6xSolera Holdings Inc. United States 62.84 ‐12% 4,323.4 5,703.8 937.9 361.5 38.5% 14.7% 6.1x 15.8xTarsus Group plc Ireland 3.63 ‐15% 363.9 431.6 122.9 42.0 34.2% 25.0% 3.5x 10.3xTechTarget, Inc. * United States 7.63 ‐16% 249.5 220.9 91.9 6.7 7.2% ‐4.1% 2.4x 33.2xThe Advisory Board Company * United States 47.63 ‐32% 1,728.8 1,692.4 539.2 63.4 11.8% 14.7% 3.1x 26.7xUBM plc United Kingdom 10.51 ‐17% 2,580.6 3,416.6 1,292.1 329.5 25.5% ‐3.0% 2.6x 10.4xWolters Kluwer NV Netherlands 27.57 ‐8% 8,169.0 11,178.5 4,752.6 1,172.4 24.7% ‐1.8% 2.4x 9.5x


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




Business ServicesPublic Company Valuation (1/3)


Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 23.71 ‐5% 234.8 207.2 304.5 30.1 9.9% 16.3% 0.7x 6.9xFTI Consulting, Inc. United States 37.09 ‐21% 1,518.7 2,141.3 1,710.5 226.7 13.3% 6.4% 1.3x 9.4xInformation Services Group, Inc. United States 4.44 ‐23% 165.6 196.1 208.6 18.9 9.1% 5.9% 0.9x 10.4xNavigant Consulting Inc. United States 16.21 ‐18% 791.7 970.7 725.8 111.3 15.3% ‐1.4% 1.3x 8.7xICF International Inc. United States 34.43 ‐22% 686.6 793.6 960.4 87.0 9.1% 1.8% 0.8x 9.1xHuron Consulting Group Inc. United States 60.45 ‐17% 1,359.7 1,530.2 806.2 167.1 20.7% 19.1% 1.9x 9.2xThe Hackett Group, Inc. * United States 5.98 ‐20% 178.7 194.8 200.9 17.2 8.5% 0.7% 1.0x 11.3xTowers Watson & Co. United States 101.12 ‐23% 7,108.7 6,688.7 3,602.5 667.1 18.5% 5.2% 1.9x 10.0x


HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 81.54 ‐3% 39,310.6 39,678.9 12,206.5 2,552.2 20.9% 7.9% 3.3x 15.5xBarrett Business Services Inc. United States 55.42 ‐46% 397.7 323.0 578.7 27.5 4.8% 24.4% 0.6x 11.7xCapita plc United Kingdom 19.86 ‐5% 13,084.9 16,161.0 6,982.1 955.0 13.7% 16.4% 2.3x 16.9xDice Holdings, Inc. United States 8.73 ‐6% 468.6 565.3 238.3 67.1 28.2% 17.2% 2.4x 8.4xEdenred SA France 31.50 ‐13% 7,123.3 8,087.5 1,259.7 393.5 31.2% ‐3.6% 6.4x 20.6xInsperity, Inc. United States 31.19 ‐21% 795.0 582.7 2,298.6 67.4 2.9% 4.3% 0.3x 8.6xLinkedIn Corporation * United States 201.78 ‐22% 24,800.8 22,439.0 1,847.2 196.4 10.6% 48.5% 12.1x 114.3xMarsh & McLennan Companies, Inc. United States 50.60 ‐6% 27,627.6 29,167.6 12,611.0 2,588.0 20.5% 4.6% 2.3x 11.3xMonster Worldwide, Inc. United States 6.49 ‐24% 590.7 756.1 793.7 100.0 12.6% ‐8.6% 1.0x 7.6xPaychex, Inc. United States 41.02 ‐11% 14,894.3 14,343.1 2,518.9 1,087.7 43.2% 8.3% 5.7x 13.2xProfessional Diversity Network LLC United States 5.75 0% 36.3 18.0 4.4 (2.3) NM ‐21.7% 4.1x NM Towers Watson & Co. United States 101.12 ‐23% 7,108.7 6,688.7 3,602.5 667.1 18.5% 5.2% 1.9x 10.0xTriNet Group, Inc. United States 24.34 ‐12% 1,680.6 2,160.2 1,802.1 149.4 8.3% 0.0% 1.2x 14.5xWageWorks, Inc. United States 46.34 ‐32% 1,626.8 1,302.9 225.8 42.0 18.6% 19.4% 5.8x 31.0x







IT Consulting/Systems Integration

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 78.70 ‐8% $ 49,678.7 $ 46,195.5 $ 29,311.7 $ 4,529.5 15.5% 3.5% 1.6x 10.2xAmdocs Limited Channel Islands 45.31 ‐8% 7,232.3 6,057.7 3,508.6 642.7 18.3% 5.6% 1.7x 9.4xBechtle AG Germany 78.01 ‐13% 1,638.2 1,566.8 3,150.8 157.8 5.0% 10.5% 0.5x 9.9xBooz Allen Hamilton Holding Corporation United States 22.18 ‐12% 3,240.1 4,575.8 5,373.3 531.2 9.9% ‐6.6% 0.9x 8.6xBroadridge Financial Solutions, Inc. United States 40.52 ‐4% 4,889.5 5,169.1 2,537.2 516.5 20.4% 7.2% 2.0x 10.0xBusiness & Decision SA France 6.10 ‐19% 48.1 85.6 269.8 13.7 5.1% ‐9.7% 0.3x 6.3xCap Gemini S.A. France 72.40 ‐7% 11,454.3 11,316.0 13,648.0 1,328.1 9.7% 0.2% 0.8x 8.5xCGI Group, Inc. Canada 35.44 ‐7% 10,985.7 13,211.6 9,598.1 1,496.4 15.6% 13.4% 1.4x 8.8xCognizant Technology Solutions Corporation * United States 49.29 ‐9% 29,990.7 26,125.7 9,244.8 1,955.0 21.1% 20.8% 2.8x 13.4xComputer Sciences Corporation United States 62.65 ‐4% 9,121.3 9,595.3 12,998.0 1,969.0 15.1% ‐8.4% 0.7x 4.9xCSG Systems International Inc. United States 26.96 ‐16% 919.1 989.9 753.3 124.6 16.5% ‐0.2% 1.3x 7.9xDigi International Inc. United States 8.09 ‐37% 205.3 117.0 192.5 13.3 6.9% 0.6% 0.6x 8.8xInformation Services Group, Inc. United States 4.44 ‐23% 165.6 196.1 208.6 18.9 9.1% 5.9% 0.9x 10.4xInternational Business Machines Corporation United States 189.15 ‐5% 188,694.5 225,575.5 98,267.0 25,160.0 25.6% ‐4.0% 2.3x 9.0xInfosys Ltd. India 54.83 ‐13% 31,328.4 26,664.8 8,391.0 2,321.0 27.7% 9.9% 3.2x 11.5xiSoftStone Holdings Limited * China 5.58 ‐1% 326.0 435.3 471.6 29.9 6.3% 20.7% 0.9x 14.6xITS Group France 11.20 ‐6% 85.0 98.5 154.6 11.4 7.4% 23.8% 0.6x 8.6xNCI, Inc. United States 8.42 ‐36% 109.1 96.4 324.7 18.7 5.8% ‐7.9% 0.3x 5.2xNTT Data Corporation Japan 37.55 ‐11% 10,532.3 12,562.0 13,512.6 1,955.1 14.5% 0.0% 0.9x 6.4xPerficient Inc. United States 16.86 ‐30% 580.4 644.8 391.0 52.3 13.4% 16.8% 1.6x 12.3xTata Consultancy Services Limited * India 41.30 ‐4% 80,903.4 78,698.4 14,104.8 4,318.3 30.6% 30.0% 5.6x 18.2xWipro Ltd. India 8.80 ‐12% 21,554.9 18,985.3 7,357.7 1,685.1 22.9% 18.2% 2.6x 11.3x



Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation * United States $5.55 ‐50% $ 44.7 $ 52.4 $ 87.3 $ 1.7 1.9% 5.2% 0.6x 31.1xCenveo Inc. United States 3.43 ‐13% 227.6 1,418.6 1,849.3 147.1 8.0% 8.3% 0.8x 9.6xCommunisis plc United Kingdom 1.01 ‐20% 201.6 262.6 535.7 37.1 6.9% 33.5% 0.5x 7.1xCineplex Inc. Canada 35.55 ‐14% 2,238.9 2,573.6 1,102.6 178.9 16.2% 10.2% 2.3x 14.4xContax Participacoes S.A. Brazil 1.39 ‐21% 575.0 942.0 1,581.6 190.3 12.0% ‐0.5% 0.6x 4.9xConvergys Corporation United States 19.26 ‐21% 1,954.4 2,435.9 2,158.3 272.6 12.6% 7.9% 1.1x 8.9xElanders AB Sweden 5.72 ‐21% 151.7 289.9 415.3 37.1 8.9% 43.5% 0.7x 7.8xEniro AB Sweden 3.20 ‐67% 320.3 672.2 504.7 124.1 24.6% ‐9.2% 1.3x 5.4xExlservice Holdings, Inc. United States 27.78 ‐12% 910.3 743.8 488.0 89.2 18.3% 5.6% 1.5x 8.3xFirstsource Solutions Limited India 0.61 ‐11% 405.2 575.3 515.8 60.9 11.8% 10.0% 1.1x 9.5xGenpact Limited Bermuda 17.51 ‐18% 3,787.7 4,246.3 2,183.1 380.9 17.4% 7.1% 1.9x 11.1xInnerWorkings Inc. * United States 8.26 ‐33% 426.7 490.6 927.9 19.1 2.1% 15.2% 0.5x 25.6x





Outsourced Services (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/01/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALuxoft Holding, Inc. SwitzerlandSwitzerland 32.03 ‐26% $ 1,052.2 $ 1,035.3 $ 398.3 $ 72.8 18.3% 26.6% 2.6x 14.2xMAXIMUS, Inc. United States 40.86 ‐19% 2,766.1 2,636.1 1,564.3 253.9 16.2% 32.6% 1.7x 10.4xQuad/Graphics, Inc. United States 20.99 ‐43% 1,024.4 2,479.1 4,769.2 570.9 12.0% 12.6% 0.5x 4.3xQuintiles Transnational Holdings Inc. United States 55.04 ‐4% 7,005.3 8,436.9 3,977.4 635.8 16.0% 6.6% 2.1x 13.3xR.R. Donnelley & Sons Company United States 16.99 ‐20% 3,394.6 6,961.4 10,946.5 1,141.7 10.4% 6.5% 0.6x 6.1xSalmat Limited Australia 1.69 ‐21% 266.9 204.4 425.1 31.4 7.4% ‐6.4% 0.5x 6.5xSerco Group plc United Kingdom 5.82 ‐46% 3,128.5 4,394.2 7,217.2 444.8 6.2% 5.6% 0.6x 9.9xSt Ives plc United Kingdom 3.51 ‐7% 438.4 459.3 544.1 82.8 15.2% ‐1.8% 0.8x 5.5xStarTek, Inc. United States 7.07 ‐10% 108.7 103.9 240.7 9.9 4.1% 19.7% 0.4x 10.5xSykes Enterprises, Incorporated United States 20.36 ‐13% 894.3 779.8 1,286.6 119.7 9.3% 11.8% 0.6x 6.5xTeleperformance S.A. France 67.64 ‐5% 3,864.8 3,764.8 3,332.8 405.6 12.2% 2.7% 1.1x 9.3xTeleTech Holdings Inc. United States 27.36 ‐9% 1,352.5 1,344.7 1,207.0 156.8 13.0% 4.2% 1.1x 8.6xTrans Cosmos, Inc. Japan 20.05 ‐13% 824.9 584.4 1,818.9 111.8 6.1% 12.1% 0.3x 5.2xTranscom WorldWide SA Sweden 0.17 ‐21% 207.6 280.0 843.8 34.5 4.1% ‐3.0% 0.3x 8.1xTranscontinental Inc. Canada 12.68 ‐19% 987.5 1,307.3 1,891.5 347.9 18.4% ‐3.8% 0.7x 3.8xVistaprint N.V. Netherlands 48.95 ‐16% 1,582.5 1,983.5 1,270.2 158.2 12.5% 8.8% 1.6x 12.5xWest Corporation United States 26.80 ‐4% 2,249.7 5,776.6 2,720.2 678.0 24.9% 1.9% 2.1x 8.5xXchanging PLC United Kingdom 2.82 ‐12% 687.8 530.6 1,044.7 101.2 9.7% ‐10.4% 0.5x 5.2x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 7.0x 2.1x 7.9x 7.8xDigital Advertising 3.8x 2.2x 5.4x 5.0xMarketing Technology 4.5x 3.7x 4.2x 4.0xAgency 1.0x 1.1x 1.4x 1.4xMarketing Services 1.4x 1.2x 2.8x 1.9xTraditional Media 2.7x 2.4x 3.2x 3.0xTechnology 3.0x 2.4x 3.7x 3.7xCommunications 2.1x 1.5x 2.2x 2.0xSoftware 5.9x 4.7x 4.9x 4.4xInformation 3.5x 3.3x 4.3x 4.2xBusiness Services 1.3x 0.8x 2.7x 2.0x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 32.0x 14.2x 28.0x 24.6xDigital Advertising 21.9x 17.3x 17.9x 16.6xMarketing Technology 51.7x 19.1x 15.2x 13.2xAgency 10.7x 9.5x 9.9x 9.7xMarketing Services 10.9x 7.9x 11.2x 12.1xTraditional Media 11.7x 10.6x 11.1x 11.1xTechnology 20.7x 11.0x 12.2x 11.7xCommunications 33.9x 13.5x 12.7x 11.0xSoftware 30.3x 15.8x 16.9x 13.7xInformation 16.1x 13.4x 15.3x 14.5xBusiness Services 12.0x 9.8x 18.0x 11.5x

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

Current Summary Trading Valuation InformationRevenue Multiples

EBITDA Multiples

As of close of business on 08/01/14

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


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 7/31/14

LTM Index Performance

• S&P 500 – 13.1%

• Digital Media/Commerce –29.0%

• Traditional Media – 17.5%


• S&P 500 – 13.1%

• Marketing Technology – 8.3%


• S&P 500 – 13.1%

• Digital Advertising – 24.6%


• S&P 500 – 13.1%

• Agency – 7.6%

• Marketing Services – 14.9%

Digital Media/Commerce and Traditional Media Digital Advertising

Agency & Marketing ServicesMarketing Technology

80

95

110

125

140

155

170

Aug‐13 Oct‐13 Dec‐13 Feb‐14 Apr‐14 Jun‐14

Index Performance (%

)

S&P 500 Digital Media/Commerce Traditional Media

80

95

110

125

140

155

170



)

S&P 500 Digital Advertising

80

90

100

110

120

130



)

S&P 500 Marketing Technology

80

95

110

125

140

155



)

S&P 500 Agency Marketing Services


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 7/31/14


• S&P 500 – 13.1%

• Technology – 21.5%


• S&P 500 – 13.1%

• Software – 7.2%


• S&P 500 – 13.1%

• Communications – 9.1%


• S&P 500 – 13.1%

• Information – 11.8%

• Business Services – 7.2%

Technology Communications

Information & Business ServicesSoftware

80

90

100

110

120

130



)

S&P 500 Technology

80

90

100

110

120

130

140



)

S&P 500 Communications

80

90

100

110

120

130



)

S&P 500 Software

90

100

110

120

130

140

150



)

S&P 500 Information Business Services


Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

Trul ia , Inc. Digi ta l Adverti s ing Zi l low, Inc. 3,326.2$ BGC Partners Inc., e‐speed Platform Technology & Communications The Nasdaq OMX Group, Inc. 1,230.7 ITV plc Tradi tional Media Liberty Global , Inc. 824.0 NQ Mobi le, Inc. Marketing Technology Bison Capi ta l Holding Company Limited 773.0 Van Wagner Communications Bi l lboard Bus iness Tradi tional Media CBS Outdoor Americas , Inc. 690.0 Aegis Bus iness Group, Inc. Software Teleperformance 610.0 Woti f.com Digi ta l Media/Commerce Expedia , Inc. 606.2 Forbes Media Tradi tional Media Integrated Whale Media Investments 475.0 RelateIQ Marketing Technology Sales force.com 390.0 M+W Process Automation GmbH and ProFocus LLC Software ATS Automation Tool ing Systems , Inc. 338.4 Quintiq Software Dassaul t Systemes 337.0 Transport America Information & Bus iness Services TransForce, Inc. 310.0 Vitacost.com Digi ta l Media/Commerce Kroger Company 272.4 Flurry, Inc. Digi ta l Adverti s ing Yahoo!, Inc. 250.0 Reta i l Decis ions Plc Software ACI Worldwide, Inc. 205.0 Viator, Inc. Digi ta l Adverti s ing TripAdvisor, Inc. 200.0 Bizo, Inc. Digi ta l Adverti s ing LinkedIn Corporation 175.0 Axeda Corporation Software PTC, Inc. 170.0 ZipReal ty, Inc. Digi ta l Adverti s ing Rea logy Holdings Corporation 166.0 SpotXchange, LLC Digi ta l Adverti s ing RTL Group 144.0 Foster + Partners Agency & Marketing Services Foster + Partners 119.7 Cie Games, Inc. Digi ta l Media/Commerce Glu Mobi le, Inc. 100.0 Neebula Systems Ltd. Software ServiceNow 100.0 MoboTap, Inc. Digi ta l Media/Commerce Changyou.com Limited 91.0 Vira l Spira l Digi ta l Adverti s ing Rightster Ltd. 85.6 Bona Fi lm Group Limited Tradi tional Media Bona Fi lm Group Limited 71.4 Citrus Lane, Inc. Digi ta l Media/Commerce Care.com, Inc. 48.6 Al l Homes Pty Ltd. Digi ta l Adverti s ing Fa i rfax Media Ltd. 47.0 The Providence Journal Company Tradi tional Media New Media Investment Group, Inc. 46.0 Sensor Platforms, Inc. Software Audience, Inc. 41.0 Tota l Objects Limited Software Xchanging plc. 36.0 Genieo Innovation Ltd. Software Somoto Ltd. 33.4 Swel l Digi ta l Media/Commerce Apple Inc. 30.0 iPass Inc., Unity Managed Network Services Divis ion Information & Bus iness Services Tol t Solutions 28.2 What's On Marketing Technology Tribune Digi ta l Ventures 27.0 Voxmobi l i S.A. Marketing Technology Synchronoss Technologies , Inc. 26.0 Radvis ion Ltd., Technology Bus iness Unit Technology & Communications Spirent Communications plc 25.0 Rea lNet Canada, Inc. Information & Bus iness Services Al tus Group Limited 20.0 Current Analys i s , Inc. Information & Bus iness Services Progress ive Digi ta l Media Group plc 19.6 Waxahachie Newspapers & Petersburg Progress ‐Index Tradi tional Media New Media Investment Group, Inc. 15.0 FontShop Internationa l GmbH Digi ta l Media/Commerce Monotype Imaging, Inc. 13.0 Creativebug, Inc. Digi ta l Adverti s ing Otter Media 10.0

All Segments($ in Millions)

Strategic Transactions


Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

MediaMiser Ltd. Marketing Technology Innodata , Inc. 8.5$ Base79 Digi ta l Adverti s ing Rightster Ltd. 6.8 Indigo 4 Systems Limited Technology & Communications EMIS Group Plc 6.3 FotoPunch, Inc. Software Asure Software, Inc. 6.0 Trues tar Health, Inc. Information & Bus iness Services Avidus Management Group 5.6 Idium AS Marketing Technology Eniro Norge AS 5.4 TradeBlock Information & Bus iness Services Andreessen Horowitz 2.8 Vast Studios , Inc. Digi ta l Media/Commerce Is is Lab Corporation 1.6 Socia lKaty LLC Agency & Marketing Services Mani fes t Digita l , Inc. 1.5 Entrins ic Marketing Technology Engagement Labs , Inc. 1.4 ExactByte, Inc. Technology & Communications e.Republ ic, Inc. 1.0

Target Target Segment Buyer/Investor Reported TV StrategicUndisclosed

MASH+STUDIO Agency & Marketing Services York & Chapel ‐$ Travers Col l ins & Company Agency & Marketing Services The Martin Group, LLC ‐ CoreBrand Agency & Marketing Services Brandlogic ‐ Interpubl ic Group of Companies , Inc. Agency & Marketing Services El l iott Management Corporation ‐ EmeryMartin Consul ting Agency & Marketing Services The CHR Group ‐ fuseproject Agency & Marketing Services BlueFocus Communication Group Co., Ltd. ‐ Mc|K CP Agency & Marketing Services Connel ly Partners , LLC ‐ The River Group Agency & Marketing Services Sun European Partners , LLP ‐ Buzzfactory Interactive Pvt. Ltd. Agency & Marketing Services Ql iktag Software, Inc. ‐ Crown Partners LLC Agency & Marketing Services Razorfi sh, Inc. ‐ BrandWire Agency & Marketing Services BARKER ‐ Experientia l Marketing Proprietary Limited Agency & Marketing Services Scangroup Limited ‐ Prima Integrated Marketing Agency & Marketing Services Publ ici s Groupe S.A. ‐ Lead2Action Agency & Marketing Services Publ ici s Groupe S.A. ‐ LiveRai l , Inc. Digi ta l Adverti s ing Facebook ‐ MakeMyJob Digi ta l Adverti s ing Advantage One Group ‐ Rimm‐Kaufman Group LLC Digi ta l Adverti s ing Merkle, Inc. ‐ TriVu Media , Inc. Digi ta l Adverti s ing Adknowledge, Inc. ‐ Taptica , Inc. Digi ta l Adverti s ing Marimedia Ltd. ‐ Madbits Digi ta l Adverti s ing Twitter, Inc. ‐ Contactology Digi ta l Adverti s ing j2 Globa l Communications , Inc. ‐ Eniyihekim Digi ta l Adverti s ing DocPlanner ‐ DoubleVis ion Networks Digi ta l Adverti s ing Single Touch Systems , Inc. ‐





Eventful , Inc. Digi ta l Adverti s ing CBS Loca l Media ‐$ My City Venue Digi ta l Adverti s ing Secret Escapes ‐ ORLive, Inc. Digi ta l Adverti s ing Broadcas tMed, Inc. ‐ Admeta AB Digi ta l Adverti s ing WideOrbi t, Inc. ‐ Half Price San Diego LLC Digi ta l Adverti s ing DiscountCoupons .com ‐ RayV, Inc. Digi ta l Adverti s ing Yahoo!, Inc. ‐ Dingyue Electronic Technology Digi ta l Adverti s ing Weiba Information Technology ‐ Songza Media , Inc. Digi ta l Media/Commerce Google, Inc. ‐ TastemakerX, Inc. Digi ta l Media/Commerce Rdio, Inc. ‐ SodaHead, Inc. Digi ta l Media/Commerce Prodege, LLC ‐ The Law Report Group Digi ta l Media/Commerce Mergermarket Group ‐ Trunk Club, Inc. Digi ta l Media/Commerce Nordstrom.com ‐ Icebergs Digi ta l Media/Commerce Pinteres t, Inc. ‐ Gyft, Inc. Digi ta l Media/Commerce Fi rs t Data Corporation ‐ The Princeton Review Digi ta l Media/Commerce Tutor.com, Inc. ‐ Luvocracy Digi ta l Media/Commerce @Walmart Labs ‐ Baby.com.br Digi ta l Media/Commerce Bebestore ‐ Cl ick Del ivery Digi ta l Media/Commerce Del ivery Hero ‐ Renovate Forum Digi ta l Media/Commerce Oneflare Pty Ltd. ‐ WeLoveYourSongs Digi ta l Media/Commerce Kapipal ‐ Little Worlds Studio Digi ta l Media/Commerce Bigpoint GmbH ‐ Death and Taxes Media LLC Digi ta l Media/Commerce Spin Media ‐ Tars in, Inc. Digi ta l Media/Commerce Empire Fi lm Group, Inc. ‐ HowAboutWe Digi ta l Media/Commerce Match Group ‐ Say Media 's Dogter and Catser Websi tes Digi ta l Media/Commerce I‐5 Publ i shing LLC ‐ DraftStreet Digi ta l Media/Commerce DraftKings , Inc. ‐ News le, Inc. Digi ta l Media/Commerce LinkedIn Corporation ‐ InLight Digi ta l Media/Commerce Science Media LLC ‐ Federa l Network Systems LLC Information & Bus iness Services Jacobs Engineering Group ‐ Partners in IT Limited Information & Bus iness Services Frui tion Partners ‐ Sul l ivan Healthcare Consul ting, Inc. Information & Bus iness Services Jackson Healthcare, LLC ‐ Bureau van Di jk Electronic Publ ishing BV Information & Bus iness Services EQT VI ‐ Systems Integration, Inc. Information & Bus iness Services Rimhub, Inc. ‐ Lexis Nexis Legal Bus iness of Poland Information & Bus iness Services Reed Elsevier Group plc ‐ RSMeans Information & Bus iness Services Gordian Group LLC ‐ Ecl ipse Energy Group Information & Bus iness Services Platts , Inc. ‐ AIP Corporation Information & Bus iness Services Rakuten, Inc. ‐





Thrupoint, Inc. Information & Bus iness Services Acuative Corporation ‐ Actium Consul ting, Inc. Information & Bus iness Services Peoplel ink Staffing Solutions , LLC ‐ Lehigh Direct Information & Bus iness Services SG360 ‐ American Tra inco Information & Bus iness Services Telemedia, Inc. ‐ The Omega Group Information & Bus iness Services Trimble Navigation Limited ‐ Warrior Technology LLC Information & Bus iness Services Liberty IT Solutions LLC ‐ Safel ight Security Advisors , Inc. Information & Bus iness Services Securi ty Innovation, Inc. ‐ MedAscend LLC Information & Bus iness Services Accountable Healthcare Staffing ‐ Blue Slate Solutions LLC Information & Bus iness Services ExlService Holdings , Inc. ‐ Videotel Marine International Information & Bus iness Services KVH Indus tries , Inc. ‐ Senexx Marketing Technology Gartner, Inc. ‐ Launch International Marketing Technology Corporate Vis ions , Inc. ‐ PatentAdvisor Marketing Technology Reed Technology and Information Services , Inc. ‐ Predictive Edge Marketing Technology Dropbox ‐ Poptip Marketing Technology Palantir Technologies ‐ Global News Intel l igence Marketing Technology Novetta Solutions , LLC ‐ DirectSmi le GmbH Marketing Technology Electronics for Imaging, Inc. ‐ Venda, Inc. Marketing Technology Netsui te, Inc. ‐ Coveri tLive.com Marketing Technology ScribbleLive ‐ Freshplum, Inc. Marketing Technology Tel lApart, Inc. ‐ Semantria Marketing Technology Lexalytics , Inc. ‐ Sociaby Marketing Technology AddShoppers , LLC ‐ Clear Content Marketing Marketing Technology Skyword, Inc. ‐ Perceptis Marketing Technology Blackboard, Inc. ‐ Soletron LLC Marketing Technology Karmaloop ‐ Conductiv Software, Inc. Marketing Technology Zero2Sixty ‐ AVID Des ign, Inc. Marketing Technology Myel in Health ‐ TryMyUi Software Survey Analytics LLC ‐ Secusmart Software BlackBerry Ltd. ‐ Power Analytics Corporation Software Causam Energy ‐ Bits of Proof Software Cointerra , Inc. ‐ Z‐Safety Systems Software Tota l Safety U.S., Inc. ‐ Arcares S.p.A. Software Lutech S.p.A. ‐ Together Games Software GameSa lad, Inc. ‐ Orchard Laboratories Software Docker, Inc. ‐ Azalea Heal th Software s impl i fyMD, Inc. ‐ Knowledge Center, Inc. Software Evolution Capi ta l Partners LLC ‐





Vero Software Limited Software Hexagon AB ‐$ CardSpring, Inc. Software Twitter, Inc. ‐ Rets ly Software, Inc. Software Zi l low, Inc. ‐ Prodigo Solutions , Inc. Software Al l iance Healthcare Partners ‐ Stratis Bus iness Systems, Inc. Software AOD Software ‐ Visua l Solutions , Inc. Software Alta i r Engineering, Inc. ‐ 27M Group Software Zenterio AB ‐ Atlas Products International Software HighJump Software ‐ 7D Interactive Software WebMechanix Internet Marketing ‐ PowerCloud Systems Software Comcast Corporation ‐ Option Admin, Inc. Software Equity Adminis tration Solutions , Inc. ‐ epcSolutions ' Data Aggregator Software Software Ql iktag Software, Inc. ‐ Simpack AG Software Dassaul t Systemes ‐ iThink Infotech Pvt. Ltd. Software Gozoop Onl ine Pvt. Ltd. ‐ Oas is Medica l Solutions Software Al l scripts ‐ RTS Real time Systems Software Bloomberg L.P. ‐ Infometers , Inc. Software Val idic ‐ Accel los , Inc. Software HighJump Software ‐ Mecel Populus Sui te Software Luxoft Holding, Inc. ‐ SyntaxTree SARL Software Microsoft Corporation ‐ Convey Compl iance Systems, Inc. Software Taxware, LLC ‐ TOA Technologies , Inc. Technology & Communications Oracle Corporation ‐ Metratech Corporation Technology & Communications Erics son, Inc. ‐ Nubigenus ,Software Assets and Intel lectual Property Technology & Communications BridgeWays , Inc. ‐ BookLamp Technology & Communications Apple Inc. ‐ Dataflow Group Technology & Communications The EQT Mid Market Fund ‐ Meridium, Inc. Technology & Communications GE Measurement & Control Solutions , Inc. ‐ IOIx Software Technology & Communications Ri tter Insurance Marketing ‐ Aeronetworks LLC Technology & Communications Seven Arts Enterta inment, Inc. ‐ Revelytix, Inc. Technology & Communications Teradata Corporation ‐ Hadapt, Inc. Technology & Communications Teradata Corporation ‐ AXIS Data Solutions Technology & Communications Cathedral Corporation ‐ Open Scan Technologies , Inc. Technology & Communications Bi l lTrust ‐ InMage Sys tems, Inc. Technology & Communications Microsoft Corporation ‐ Mezeo Software Corporation Technology & Communications Zimbra, Inc. ‐ Crowd Connex Corporation Technology & Communications Ha lberd Corporation ‐ TwinStrata , Inc. Technology & Communications EMC Corporation ‐ Nokia Networks , Inc. Technology & Communications SAC Wireless , LLC ‐ Wilocity Ltd. Technology & Communications QUALCOMM ‐ Virgo Publ i shing, Inc. Tradi tional Media Informa PLC ‐ CDS Topco Tradi tional Media Astorg Partners ‐





CDS Topco Tradi tional Media Astorg Partners ‐$ Love Productions Ltd. Tradi tional Media Bri ti sh Sky Broadcasting Group plc ‐ Paperny Enterta inment Tradi tional Media Enterta inment One Ltd. ‐ Media Source, Inc. Tradi tional Media (Unnamed) ‐ The Investing in African Mining Indaba Annua l Pro Conference Tradi tional Media Euromoney Insti tutional Investor plc ‐ Blue Star Media LLC Tradi tional Media AUA Private Equity Partners , LLC ‐ Blow Me Away Media Corp. Tradi tional Media JZZ Technologies , Inc. ‐



Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Acosta Sa les & Marketing, Inc. Agency & Marketing Services The Carlyle Group 4,800.0$ York Risk Services Group, Inc. Information & Bus iness Services Onex Corporation 1,325.0 The Engine Group Agency & Marketing Services Lake Capita l Management, LLC 169.0 Phlexglobal Ltd. Information & Bus iness Services Bridgepoint Development Capita l 71.8

Buyout DealsUndisclosed

AGDATA, Inc. Agency & Marketing Services Vis ta Equity Partners ‐ Scout24 Schweiz, Omnimedia AG Digita l Adverti s ing Kohlberg Kravis Roberts & Company ‐ FASTSIGNS International , Inc. Information & Bus iness Services Levine Leichtman Capita l Partners ‐ Tharstern Limited Information & Bus iness Services Mobeus Equity Partners LLP ‐ Green Street Advisors Information & Bus iness Services Golden Gate Capita l ‐ Damovo Mexico SA de CV, Damovo Do Bras i l SA Information & Bus iness Services OpenGate Capita l , LLC ‐ Sparta Systems, Inc. Software Thoma Bravo, Inc. ‐ Quorum Bus iness Solutions , Inc. Software Si lver Lake Partners ‐ Socia l Solutions , Inc. Software Vista Equity Partners ‐ CA Technologies , CA Arcserve Data Protection Bus iness Software Marl in Equity Partners ‐ Hiperos , LLC Software Opus Global Holdings ‐ Longview Solutions , Inc. Software Marl in Equity Partners ‐ Conterra Ultra Broadband, LLC Technology & Communications Court Square Capita l Partners ‐


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

Fl ipkart.com Digi ta l Media/Commerce Tiger Global Management, LLC 1,000.0$ AppDynamics Software Battery Ventures 170.0 Box, Inc. Technology & Communications Coatue Management 150.0 BlablaCar.com Digi ta l Media/Commerce Index Ventures 100.0 Linio Digi ta l Media/Commerce NorthGate Capi ta l , LLC 78.9 Essence Group Holdings Corporation Software Kleiner Perkins Caufield & Byers 71.0 NextNav LLC Technology & Communications New Enterprise Associates 70.0 Funding Circle Digi ta l Media/Commerce Index Ventures 65.0 Pond5, Inc. Digi ta l Media/Commerce Stripes Group 61.0 Jet Digi ta l Media/Commerce New Enterprise Associates 55.0 Bonobos , Inc. Digi ta l Media/Commerce Coppel Capi ta l 55.0 Deem, Inc. Marketing Technology Hony Capita l 50.0 Hortonworks Inc. Technology & Communications Hewlett‐Packard Company 50.0 NewVoiceMedia Ltd. Marketing Technology Technology Crossover Ventures 50.0 Invol ta Technology & Communications M/C Partners 50.0 mBlox, Inc. Digi ta l Adverti s ing Comerica , Inc. 43.5 Easy Taxi Digi ta l Media/Commerce Phenomen Ventures 40.0 Urban Compass , Inc. Digi ta l Adverti s ing Advance Publ ications , Inc. (Conde Nast) 40.0 LogRhythm, Inc. Software Riverwood Capi ta l , LLC 40.0 Genius Media Group Inc. Digi ta l Media/Commerce Andreessen Horowitz 40.0 TeleSign Corporation Marketing Technology Tels tra Ventures 40.0 Tagetik software srl Software White Bridge Investments 36.0 Remedy Partners Software (Private Investors ) 35.9 PowerReviews, LLC Marketing Technology ABS Capi ta l Partners 35.0 FreshBooks Technology & Communications Oak Investment Partners 30.0 Socia l Point S.L. Digi ta l Media/Commerce Highland Capi ta l Partners 30.0 Reta i lNext, Inc. Marketing Technology Nokia Growth Partners 30.0 Malwarebytes Corporation Software Highland Capi ta l Partners 30.0 PagerDuty, Inc. Software Bessemer Venture Partners 27.2 GetYourGuide, Inc. Digi ta l Media/Commerce Spark Capi ta l 25.0 Bai fendian Corporation Technology & Communications (Private Investors ) 25.0 Quandoo GmbH Marketing Technology Pi ton Capi ta l 25.0 dough, Inc. Digi ta l Media/Commerce Technology Crossover Ventures 25.0 Secret, Inc. Digi ta l Media/Commerce Index Ventures 25.0 NetDocuments Information & Bus iness Services Frontier Capi ta l , LLC 25.0 CTERA Networks LTD. Technology & Communications Bessemer Venture Partners 25.0 Erecrui t Holdings , LLC Software North Bridge Venture Partners 25.0 Dsti l lery Marketing Technology NewSpring Capita l 24.0 Centric Software, Inc. Software Fung Capi ta l 24.0 Cloudian, Inc. Technology & Communications Intel Capi ta l 24.0 thredUP, Inc. Digi ta l Media/Commerce Highland Capi ta l Partners 23.0 RedMart Pte. Ltd. Digi ta l Media/Commerce SoftBank Ventures 23.0


Venture/Growth Capital Transactions



Intent Media , Inc. Digi ta l Adverti s ing Ins ight Venture Partners 22.7$ Duetto Research Software Battery Ventures 21.0 CounterTack, Inc. Software Alcatel ‐Lucent 20.0 Vidyo Technology & Communications Menlo Ventures 20.0 Scytl Marketing Technology SAP Ventures 20.0 Avere Systems, Inc. Technology & Communications Western Digi ta l Capi ta l 20.0 iTOK, Inc. Information & Bus iness Services ABS Capi ta l Partners 18.0 Vis ion Cri tica l Information & Bus iness Services Northleaf Venture Cata lyst Fund 16.0 Curse, Inc. Digi ta l Media/Commerce GGV Capi ta l 16.0 Matterport, Inc. Software DCM 16.0 eSKY pl S.A. Digi ta l Media/Commerce Syntaxis Capi ta l 15.6 NetBase Solutions , Inc. Digi ta l Media/Commerce Thomwest Ventures 15.2 Supersonic Digi ta l Adverti s ing SAIF Partners 15.0 eGym GmbH Digi ta l Media/Commerce Highland Capi ta l Partners 15.0 BarkBox Digi ta l Media/Commerce Resolute.vc 15.0 Bright Computing, Inc. Technology & Communications DFJ 14.5 BEW Global , Inc. Software Frontier Capi ta l , LLC 14.0 Capi l lary Technologies Ptv. Ltd. Marketing Technology Sequoia Capi ta l 14.0 Jobandta lent Information & Bus iness Services Qual i tas Equity Partners 14.0 WayIn, Inc. Digi ta l Media/Commerce U.S. Venture Partners 13.1 Movius Interactive Corporation Digi ta l Adverti s ing PointGuard Ventures 13.0 Karmaloop Digi ta l Media/Commerce CapX Partners 13.0 Threadfl ip, Inc. Digi ta l Media/Commerce Norwest Venture Partners 13.0 Prodigo Solutions , Inc. Software Al l iance Healthcare Partners 12.5 Matters ight Corporation Marketing Technology (Private Investors ) 12.0 Quanti find, Inc. Marketing Technology Comcast Ventures 12.0 SmartZip Analytics , Inc. Marketing Technology Crest Capita l Ventures 12.0 WordStream, Inc. Marketing Technology Sigma Partners , LLC 12.0 Simply Hired, Inc. Digi ta l Adverti s ing Foundation Capita l 12.0 Moogsoft, Inc. Software Wing Ventures 11.3 Keen IO Marketing Technology Sequoia Capi ta l 11.3 EdgeWave, Inc. Software TVC Capi ta l 11.0 Valant Medica l Solutions , Inc. Software (Private Investors ) 11.0 IIX, Inc. Technology & Communications New Enterprise Associates 10.4 Tel lo, Inc. Software Index Ventures 10.3 RockYou Digi ta l Media/Commerce FastPay 10.0 ThetaRay Software Genera l Electric 10.0 BaubleBar, Inc. Digi ta l Media/Commerce Burch Creative Capi ta l 10.0 Intigua, Inc. Technology & Communications Intel Capi ta l 10.0 Timehop Digi ta l Media/Commerce Shasta Ventures 10.0 ParkWhiz, LLC Digi ta l Adverti s ing Jump Capi ta l 10.0 Motionsoft, Inc. Software Route 66 Ventures 10.0





Is suu Marketing Technology KDDI Group 10.0$ BetterDoctor, Inc. Digi ta l Adverti s ing New Enterprise Associates 10.0 Captrici ty, Inc. Technology & Communications Atlas Ventures 10.0 Syapse, Inc. Software Safeguard Scienti fi cs , Inc. 10.0 Streetl ine, Inc. Digi ta l Media/Commerce Ci ti Venture Capi ta l Internationa l 10.0 SimpleReach Marketing Technology MK Capi ta l Management LLC 9.0 Relcy, Inc. Marketing Technology Khos la Ventures 9.0 Busbud, Inc. Digi ta l Adverti s ing OMERS Ventures 9.0 Boomerang Commerce Marketing Technology Madrona Venture Group 8.5 Zynstra Ltd. Technology & Communications Octopus Investments Limited 8.4 TangoMe, Inc. Digi ta l Media/Commerce (Private Investors ) 8.0 Bay Dynamics , Inc. Information & Bus iness Services Comcast Ventures 8.0 Healthcare Interactive Software Grotech Ventures 8.0 Moven Digi ta l Media/Commerce SBT Venture Capi ta l 8.0 Autobutler.dk.ApS Digi ta l Adverti s ing Index Ventures 7.9 ChoiceStream, Inc. Marketing Technology Fred Alger Management 7.5 Spring Marketing Technology New Enterprise Associates 7.5 Glow Digi ta l Media Agency & Marketing Services Notion Capita l 7.0 Onl inetours Digi ta l Adverti s ing Global Founders Capi ta l 7.0 Webydo, Inc. Marketing Technology OurCrowd 7.0 mNectar, Inc. Technology & Communications New Enterprise Associates 7.0 Credi t Benchmark Ltd. Software Index Ventures 7.0 Tapad, Inc. Digi ta l Adverti s ing Fi rs tMark Capi ta l 7.0 Jfrog, Inc. Software VMware, Inc. 7.0 Swoon Edi tions Digi ta l Media/Commerce Octopus Investments Limited 6.8 Decis ion Lens , Inc. Marketing Technology Vis ion Thinkers 6.5 Workspot, Inc. Technology & Communications Hel ion Venture Partners 6.5 Luminoso Technoloiges , Inc. Marketing Technology Acadia Woods Partners 6.5 Sunrise Digi ta l Media/Commerce Balderton Capi ta l 6.0 Vis iQuate, Inc. Marketing Technology Fi rs t Analys i s Corporation 6.0 DICOM Grid, Inc. Software Canaan Partners 6.0 Mint Solutions Software Li fe Science Partners 6.0 Kurbo Health Digi ta l Media/Commerce Signia Venture Partners 5.8 Madwire Media Agency & Marketing Services Copley Equity Partners 5.5 Nosto Solutions Ltd. Marketing Technology Wel l ington Partners 5.5 Cover, Inc. Digi ta l Media/Commerce Spark Capi ta l 5.5 Automated Ins ights , Inc. Marketing Technology Osage Venture Partners 5.5 Entefy, Inc. Technology & Communications (Private Investors ) 5.3 Akosha Marketing Technology Sequoia Capi ta l 5.2 Knoa Software, Inc. Software Ascent Venture Partners 5.1 Cubic Telecom Limited Technology & Communications QUALCOMM Ventures 5.0 Carigo Technology & Communications (Private Investors ) 5.0





Singular Digi ta l Adverti s ing Genera l Cata lys t Partners LLC 5.0$ Conversocia l Marketing Technology DFJ Espri t 5.0 Zopper Digi ta l Adverti s ing Tiger Global Management, LLC 5.0 Spark Labs , Inc. Software Lion Wel ls Capita l 4.9 Leanplum, Inc. Marketing Technology Shasta Ventures 4.8 Weimob Marketing Technology Meridian Capi ta l 4.8 Phys IQ, Inc. Marketing Technology LionBird 4.6 Epion Health Software Deerfield Management Company, L.P. 4.5 Hotel Quickly Limited Digi ta l Media/Commerce GREE Ventures , Inc. 4.5 Hinge Digi ta l Media/Commerce Founders Fund 4.5 OmPrompt Limited Marketing Technology Albion Ventures LLP 4.2 Eventure Interactive, Inc. Software Kodiak Capita l Group 4.1 Activehours , Inc. Digi ta l Media/Commerce Ribbit Capi ta l 4.1 Neon Labs , Inc. Marketing Technology Mohr Davidow Ventures 4.1 Snapeee Digi ta l Media/Commerce Kodansha,Ltd. 4.0 MedNet Solutions , Inc. Software Arrowroot Capita l 4.0 Industry People Group, Inc. Information & Bus iness Services Next Level Ventures 4.0 Canva, Inc. Marketing Technology Shasta Ventures 3.6 Sportsmanias .com Digi ta l Media/Commerce (Private Investors ) 3.5 Privacy Analytics , Inc. Software Vanedge Capita l 3.5 Lisnr, Inc. Marketing Technology Progress Ventures 3.5 Perfect Channel Limited Digi ta l Media/Commerce Beringea LLC 3.4 ArtBinder, Inc. Digi ta l Media/Commerce Index Ventures 3.2 Tipranks Ltd. Digi ta l Media/Commerce (Private Investors ) 3.0 Peerlyst, Inc. Digi ta l Media/Commerce Hummer Winblad Venture Partners 3.0 Rocketrip, Inc. Marketing Technology Canaan Partners 3.0 WeSpeke, Inc. Software (Private Investors ) 3.0 Arcis :Altos Group Information & Bus iness Services Calculus Capi ta l 2.9 Serious ly Digita l Enterta inment, Inc. Digi ta l Media/Commerce Sunstone Capi ta l A/S 2.7 Speaktoi t, LLC Digi ta l Media/Commerce Motorola Solutions Venture Capi ta l 2.6 Juicebox Games, Inc. Digi ta l Media/Commerce Genera l Cata lys t Partners LLC 2.5 Beehive Industries Software Advantage Capi ta l Partners 2.5 PredictionIO Software Azure Capi ta l Partners 2.5 POKKT Digi ta l Adverti s ing Jafco As ia 2.5 Appl i tools Ltd. Software Magma Venture Partners 2.5 Hexadi te Software YL Ventures GP Ltd. 2.5 Fanmode Internationa l Limited Digi ta l Media/Commerce (Private Investors ) 2.4 PumpUp, Inc. Digi ta l Media/Commerce Genera l Cata lys t Partners LLC 2.4 VentureBeat Digi ta l Media/Commerce CrossLink Media 2.4 FishBra in AB Digi ta l Media/Commerce Northzone Ventures 2.4 Pogoseat, Inc. Digi ta l Media/Commerce Structure Capita l 2.3 Button Agency & Marketing Services Atlas Ventures 2.3





RackWare, Inc. Technology & Communications Kickstart Seed Fund 2.3$ Fuisz Media Inc. Digi ta l Adverti s ing Metamorphic Ventures 2.1 Admedo Ltd. Digi ta l Adverti s ing Sussex Place Ventures 2.0 Peel ‐Works Outsourcing Pvt. Ltd. Marketing Technology Inventus Capita l Partners 2.0 Kontakt.io Information & Bus iness Services Sunstone Capi ta l A/S 2.0 InstEvent, Inc. Digi ta l Adverti s ing 2BF Globa l Ventures 2.0 Beansta lk Technology & Communications New Enterprise Associates 2.0 Jobr, Inc. Software Lerer Ventures 2.0 El l iptic Enterprises Limited Technology & Communications Octopus Investments Limited 2.0 Ampl i tude Marketing Technology Quest Partners 2.0 Bop FM, Inc. Digi ta l Media/Commerce Charles River Ventures 2.0 Landscape Mobi le Digi ta l Media/Commerce IDG Capi ta l Partners 1.9 mxHero, Inc. Software White Star Capi ta l , L.P. 1.8 Voyat, Inc. Marketing Technology Metamorphic Ventures 1.8 Geekatoo, Inc. Information & Bus iness Services 500 Startups 1.7 Deal fl i cks , Inc. Digi ta l Adverti s ing 500 Startups 1.7 Tuul , Inc. Marketing Technology Greycroft Partners 1.7 Tracksmith Corporation Digi ta l Media/Commerce Lerer Hippeau Ventures 1.6 Posse Pty. Ltd. Digi ta l Adverti s ing (Private Investors ) 1.5 Yo Digi ta l Media/Commerce (Private Investors ) 1.5 Mobi leX Labs Digi ta l Media/Commerce (Private Investors ) 1.5 MakersKit Digi ta l Media/Commerce Tribeca Venture Partners 1.5 Percenti l Digi ta l Media/Commerce Active Venture Partners 1.4 ABODO Digi ta l Adverti s ing American Fami ly Ventures 1.3 Roamer Labs Ltd. Digi ta l Media/Commerce (Angel Investors ) 1.3 EnergySavvy Software Enertech Capita l Partners 1.3 Fixed Digi ta l Media/Commerce Y Combinator 1.2 Ful lStory Marketing Technology Google Ventures 1.2 Get You Digi ta l Media/Commerce Rdseed 1.1 Kixer, Inc. Marketing Technology Lowercase Capi ta l 1.0 3rdKind, Inc. Digi ta l Media/Commerce Nippon Venture Capi ta l 1.0 Thinknum, Inc. Software Pejman Mar Ventures 1.0 CrowdCuri ty Software Kima Ventures 1.0 ClusterFlunk, Inc. Software Lightbank 1.0 Senor Pago Technology & Communications (Private Investors ) 1.0 Trendrating SA Marketing Technology Angel ic Ventures 1.0

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

Mediander LLC Digi ta l Media/Commerce JRI Ventures ‐ The Orange Chef Company Digi ta l Media/Commerce M7 Tech Partners ‐ Home Chef Digi ta l Media/Commerce Gui ld Capi ta l ‐




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

Wine in Black Digi ta l Media/Commerce b‐to‐v Partners AG ‐$ Juniqe.com Digi ta l Media/Commerce Redalpine Venture Partners AG ‐ Cross fader, Inc. Digi ta l Media/Commerce Google Ventures ‐ Book a Tiger Digi ta l Media/Commerce DN Capi ta l ‐ Reserve Media , Inc. Digi ta l Media/Commerce Google Ventures ‐ GamePix S.r.L. Digi ta l Media/Commerce (Angel Investors ) ‐ Loftware, Inc. Information & Bus iness Services Rivers ide Partners LLC ‐ SelectQuote Insurance Services Information & Bus iness Services The Brooks ide Group ‐ Li feNexus , Inc. Information & Bus iness Services Camden Partners ‐ MIMESI SRL Marketing Technology Digi ta l Magics ‐ Muchasa GmbH Marketing Technology bmp media investors AG ‐ Veros Sys tems, Inc. Marketing Technology Shel l Technology Ventures ‐ Qual i facts Sys tems, Inc. Software Great Hi l l Partners , LLC ‐ Sablono GmbH Software High Tech Grunderfonds ‐ MMIS, Inc. Software EDG Partners , LLC ‐ Data3Sixty, Inc. Software Breton Capi ta l Management ‐ Si lkRoad Technology, Inc. Software Foundation Capita l ‐ Smoope GmbH Technology & Communications High‐Tech Gründerfonds ‐ ASP4al l Hosting BV. Technology & Communications Vi truvian Partners LLP ‐ 9 Story Enterta inment, Inc. Tradi tional Media ZM Capi ta l ‐




Petsky Prunier: Maximizing Shareholder Value

Overview

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

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

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

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

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

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Marketing Media eCommerce Healthcare


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

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

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

More than 60 transactions closed since 2011:

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

technology and software, information services, and healthcare


International Partnership with Altium

Description Network

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

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

A leading advisor for more than 25 years

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

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

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

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

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

BeijingShanghai

New York Palo AltoLas Vegas ChicagoBoston Tampa

India

Madrid ManchesterLondonParis

Zurich FrankfurtMilanMunich


has sold

a provider of online travel guides for top destinations around the world

to

(NYSE: GCI)

has been sold to

a leading digital advertising monetization and shopper marketing partner for

eCommerce retailers

with financing from

a portfolio company of

Representative Recent Transactions

has been sold to

the top independentdirect‐to‐consumer marketer of

dental savings plans

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

Apple (iOS), and Android developers

has received $66MM investmentfrom

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

has received $15MM financing led by

a leader in multichannel retail, ecommerce and loyalty marketing

services

has been sold to

a consumer enthusiast mediaand commerce company

has been sold to

has been acquired by

a real‐time behavioral advertising company

(NYSE: AOL)

has been sold to

a leading provider of digital production services to brands and agencies

(NYSE: ACN)

has received a mezzanine debt investment from

a leading provider of transportation‐based digital media networks

has been acquired by

a dynamic display media andretargeting company

(JASDAQ:4755)

has sold


toSample Management Business

has been sold to

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

(Euronext Amsterdam: WKL)

has been sold to

one of the largest digital agencies

(Nasdaq: RNWK)(ENXTPA: PUB)

has been sold to

a leading developer of popular real‐money and social gaming

(Nasdaq: RNWK)

has received a $68MM minority investment from

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

has been sold to

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

and publishing digital displays for retailers

a unit of

(NYSE: LXK)

has sold

specializing in retail, digital, shopper marketing, and consumer services

to

along with digital subsidiary

has been sold to

one of the largest independent in‐store media networks in the U.S

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

has received a $16MM Series B investment led by

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

advertising cost analysis

has been sold to

a leading provider of online customer acquisition services to the

insurance industry

has been sold to

(NYSE: RATE)

a leading provider of data‐driven enrollment marketing solutions to

higher education institutions

has acquired select assets of

a leading SaaS‐based, cross channel campaign management platform

for B2C marketers

has been sold to

has received a double‐digit million Euro investment led by

a Berlin‐based worldwide travel solution provider for premium transportation

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


(AIM: EMIS)

has been sold to

has merged with an affiliate of

a leading targeted direct marketing company that connects new movers

with local business

and

has acquired

a digital independent digital and experience design agency

a social media marketing company

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

has been sold to

the largest independent eCommerce retailer of promotional products

has been sold to

a disruptive, rapidly expanding marketplace for

insurance clicks, calls, and leads

has sold a majority stake to

(NYSE: WTM)

the leading European online supplier of high‐performance gaming and PC components


has been sold to

a subsidiary of

a provider of international local networks and service numbers, as well as value‐

added functions for call centers

has been sold to