June 2017 M&A and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user_monthly_transa… · 3 | M&A and Investment Summary June 2017 M&A and Investment

June 2017 M&A and Investment Summary

2 | M&A and Investment Summary June 2017

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 41 3

About Petsky Prunier 56 4

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 569 deals were announced in June 2017, of which 359 were worth $36.2 billion in aggregate reported value

Software was the most active segment with 214 deals announced — 153 of these transactions reported $9.9 billion in value

Digital Media/Commerce was also active with 113 transactions announced, of which 92 were worth a reported $10.6 billion in value

Strategic buyers announced 216 deals (43 reported $10.2 billion in value)

VC/Growth Capital investors announced 327 transactions (306 reported $12.3 billion in value)

Private Equity investors announced 26 deals during the month (10 reported $13.7 billion in value)

* Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media has been excluded to limit comparative distortions

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

Software 214 38% $9,943.4 27% 54 $917.3 10 $6,185.0 150 $2,841.1

Digital Media/Commerce 112 20% 10,587.2 29% 27 1,948.0 1 561.1 84 8,078.1

Marketing Technology 87 15% 1,026.4 3% 31 95.7 4 140.0 52 790.7

Business Services 60 11% 10,050.9 28% 36 3,031.0 8 6,838.3 16 181.6

Traditional Media 32 6% 427.1 1% 22 154.4 2 - 8 272.7

Digital Advertising 29 5% 550.2 2% 18 462.0 0 - 11 88.2

Agency & Marketing Services 26 5% 3,546.0 10% 25 3,546.0 0 - 1 -

Information 9 2% 27.9 0% 3 6.3 1 - 5 21.6

Total 569 100% 36,159.0 100% 216 10,160.7 26 13,724.3 327 12,274.0

June 2017

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$19.9

$29.3$25.2 $24.1

$51.2

$36.2$33.7

$24.6

$73.1

$21.3

$42.6

$25.4$20.8

569491 427 473 463 449 419 415 457 449 545 471 520 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

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

Transaction Distribution

Reported transaction activity in June increased nine percent from May 2017 and was up 16 percent from May 2016

Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions:

• The 59.2 percent majority stake taken by Vivendi in Havas at a valuation of $3.5 billion

• Peak10’s acquisition of IT and infrastructure solutions company ViaWest from Shaw Communications in a transaction valuing the company at $1.7 billion

• The $850 million acquisition of social game development company DoubleU Games by International Game Technology

• Teladoc’s acquisition of medical consulting services provider Best Doctors for $440 million

• The $310 million Walmart acquisition of online men’s fashion retailer Bonobos

• Snap’s acquisition of social mapping app Zenly in a transaction valued between a reported $250 million and $350 million

Supercell / Tencent

LinkedIn / Microsoft

NetSuite

HP Software

*Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard

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

distortions.

M&A and Investment Summary for All Segments

TeamHealth

Tribune


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

Havas General Agency Vivendi S.A. 3,541.5$ 2,399.4$ 335.2$ 1.5x 10.6x

Business Services

PAREXEL International Corporation Healthcare Consulting Pamplona Capital Management LLP 5,007.4 2,097.0 342.8 2.4x 14.6x

QA Limited Corporate Training CVC Capital Partners Ltd. 904.9 192.5 62.6 4.7x 14.4x

Tata Technologies Ltd. BPO Warburg Pincus LLC 837.0 404.9 78.5 2.1x 10.7x

Westcon-Comstor Americas Division BPO SYNNEX Corporation 800.0 2,200.0 89.0 0.4x 9.0x

Best Doctors, Inc. Healthcare Consulting Teladoc, Inc. 440.0 100.0 - 4.4x NA

GMD S.A. BPO Advent International Corporation 89.0 - 10.9 NA 8.2x

Advantage RN LLC Staffing Cross Country Healthcare, Inc. 88.0 100.0 10.0 0.9x 8.8x

PointSource LLC IT Consulting/Systems Integration Globant S.A. 28.0 16.3 - 1.7x NA

Digital Advertising

Jochen Schweizer GmbH Digital Promotion/Coupon ProSiebenSat.1 Media AG 119.3 49.7 11.0 2.4x 10.8x

RadiumOne, Inc., Certain Assets and Related Liabilities Ad Networks/Exchanges RhythmOne plc 22.0 70.0 2.0 0.3x 11.0x

Kama Net AB Affil iate/CPA Network Nordic Leisure AB 8.8 2.0 - 4.4x NA

React2Media, LLC Email Services Antevenio, S.A. 4.4 5.6 - 0.8x NA NA

Digital Media/Commerce

Double Down Interactive, LLC Gaming DOUBLEUGAMES Co., Ltd. 825.0 - 78.6 NA 10.5x

eTRAVELi AB eCommerce CVC Capital Partners Ltd. 561.1 - 38.3 NA 14.7x

Bonobos, Inc. eCommerce WalMart Stores, Inc. 310.0 125.0 - 2.5x NA

Contorion GmbH eCommerce Hoffmann Group 132.5 21.1 - 6.3x NA

Giving.com Limited Classifieds/Auctions/P-to-P Blackbaud, Inc. 120.0 30.6 - 3.9x NA

Kongregate, Inc. Gaming Modern Times Group MTG AB 55.0 50.0 5.0 1.1x 11.0x

Information

Electric Word plc Financial Information Sports Business Acquisitions 6.3 3.5 - 1.8x NA NA

Marketing Technology

ARI Network Services, Inc. SEM/SEO Tools True Wind Capital, L.P. 140.0 51.1 6.8 2.7x 20.7x

Atex Group Ltd. Media Management System axelero S.p.A. 7.4 20.1 1.8 0.4x 4.1x

Software

Visma AS Financial Software HgCapital 5,300.0 943.0 - 5.6x NA

CareerBuilder, Inc. HR Software Apollo Global Management, LLC 500.0 162.0 - 3.1x NA

EnerNOC, Inc. Financial Software Enel Green Power North America, Inc. 293.6 398.7 - 0.7x NA

Sage Payment Solutions, Inc. Financial Software GTCR, LLC 260.0 186.1 46.5 1.4x 5.6x

Dalenys Financial Software Natixis S.A. 160.9 68.3 - 2.4x NA

POS Portal, Inc. Financial Software ScanSource, Inc. 158.1 110.0 - 1.4x NA

Covisint Corporation Collaboration Software OpenText Corporation 69.2 70.2 - 1.0x NA

Monitise plc Financial Software Fiserv, Inc. 52.3 77.0 - 0.7x NA

Traditional Media

Ascential, Business Media Brands B-to-B Media Metropolis International Group Limited 30.3 39.6 8.5 0.8x 3.6x

Calkins Media, Inc. Newspaper Publishing New Media Investment Group, Inc. 17.5 - 4.4 NA 4.0x

Seasam Digital Oy Digital Place-Based Media ZetaDisplay AB 5.0 3.7 0.5 1.4x 10.5x

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

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

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

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

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

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

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

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

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

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

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

LTM


LTM IPO Performance

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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 7, 2017 1st Trading Day

Jun-17 NYSE:APRN Blue Apron Holdings , Inc. United States $10.00-$11.00 10.00 $9.99, flat 7.73 (22.6%)

Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 32.45 (0.8%)

Jun-17 NasdaqGM:TNTR Tintri , Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 6.85 (5.8%)

May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 18.86 25.6%

May-17 NasdaqGM:VERI Veri tone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 11.54 (11.7%)

Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 21.00 89.2%

Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 16.66 (8.0%)

Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 23.40 (0.5%)

Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazi l 18.00-20.00 18.00 16.10 down 10.5% 19.74 22.6%

Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.18 (0.8%)

Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 19.70 27.1%

Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 24.80 0.2%

Mar-17 NasdaqGS:PSDO Pres idio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 14.63 2.7%

Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 17.18 (29.8%)

Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 22.09 86.4%

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 36.44 53.8%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.45 (7.1%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 19.12 (48.3%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 49.90 65.8%

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.27 (23.4%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 7.82 (48.7%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.43 59.4%

Jul -16 Nasdaq:TLND Talend S.A. France 15.00-17.00 18.00 25.50 up 42% 35.41 38.9%

Jul -16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 34.10 (18.0%)


Digital Media/Commerce

Of the total $10.6 billion in value reported in the Digital Media/Commerce segment, $8.1 billion in venture/growth capital investments

were announced, while more than $1.9 billion in strategic acquisitions were made

eCommerce was the most active subsegment across all segments with 55 transactions announced, of which 46 were reported for

$7.1 billion. Select transactions from the subsegment include:

• Pandora’s $480 million investment from SiriusXM and related sale of its ticketing services division Ticketfly to Eventbrite for $200

million

Select Digital Media/Commerce transactions include:

• Vice Media’s $450 million round of funding at a reported valuation of $5.7 billion from TPG Capital

• Direct-to-consumer mattress company Casper’s $170 million round of funding led by Target

• The $121 million acquisition of peer-to-peer online fundraising platform Giving.com by Blackbaud

• Modern Times Group’s acquisition of Gamestop’s mobile game publishing business Konregrate for $55 million

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

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

eCommerce 55 49% $7,109.5 67% 12 $642.5 1 561.1 42 $5,905.9

Digital Marketplace 25 22% 1,184.4 11% 4 120.0 0 - 21 1,064.4

Social Media/Apps 11 10% 614.3 6% 5 300.0 0 - 6 314.3

Gaming 9 8% 977.0 9% 4 880.0 0 - 5 97.0

Mobile Content/Apps 7 6% 240.8 2% 1 5.5 0 - 6 235.3

Niche Content 5 4% 461.2 4% 1 - 0 - 4 461.2

Total 112 100% 10,587.2 100% 27 1,948.0 1 561.1 84 8,078.1

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media Public Company Valuation (1/2)

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

($ in Millions, except stock price data)

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

Company Name 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. $929.68 -8% $ 635,839.6 $ 547,337.6 $ 94,765.0 $ 31,208.0 32.9% 21.5% 5.8x 17.5x

Apple Inc. 144.02 -8% 750,897.2 782,511.2 220,457.0 69,715.0 31.6% -3.1% 3.5x 11.2x

Facebook, Inc. 150.98 -4% 437,566.8 405,260.8 30,288.0 16,355.0 54.0% 53.2% 13.4x 24.8x

Fitbit, Inc. 5.31 -69% 1,213.4 487.3 1,963.0 (160.7) NM -3.1% 0.2x NM

Glu Mobile Inc. 2.50 -15% 336.9 263.7 202.8 (70.2) NM -13.7% 1.3x NM

GoPro, Inc. 8.13 -54% 1,169.8 1,094.9 1,220.6 (245.4) NM -15.3% 0.9x NM

IAC/InterActiveCorp 103.24 -4% 8,123.9 8,465.8 3,081.5 432.4 14.0% -6.0% 2.7x 19.6x

j2 Global, Inc. 85.09 -7% 4,100.7 4,741.7 928.4 375.9 40.5% 22.2% 5.1x 12.6x

Leaf Group Ltd. 7.80 -17% 157.0 115.5 113.7 (22.3) NM -5.0% 1.0x NM

The Meet Group, Inc. 5.05 -38% 351.1 276.7 82.9 26.4 31.9% 41.4% 3.3x 10.5x

Netflix, Inc. 149.41 -10% 64,395.7 66,419.9 9,509.6 645.1 6.8% 32.7% 7.0x NM

Pandora Media, Inc. 8.92 -40% 2,162.3 2,306.5 1,403.5 (256.5) NM 14.1% 1.6x NM

RealNetworks, Inc. 4.33 -21% 160.6 94.4 122.8 (21.0) NM -0.1% 0.8x NM

Remark Holdings, Inc. 2.77 -42% 62.7 92.1 60.4 (10.7) NM 118.1% 1.5x NM

Snap Inc. 17.77 -40% 20,950.8 17,723.6 515.3 (2,593.8) NM 455.0% 34.4x NM

TheStreet, Inc. 0.83 -35% 29.6 6.9 62.7 (1.6) NM -6.2% 0.1x NM

Twitter, Inc. 17.87 -29% 12,968.85 10,743.53 2,483.35 85.17 3.4% 4.5% 4.3x NM

WebMD Health Corp. 58.65 -10% 2,127.8 2,139.1 700.6 181.7 25.9% 7.5% 3.1x 11.8x

XO Group Inc. 17.62 -16% 439.3 336.2 152.2 16.4 10.8% 5.2% 2.2x 20.5x

Zynga Inc. 3.64 -6% 3,130.8 2,410.3 749.0 (79.4) NM -2.5% 3.2x NM

Average 2.5x 14.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (21.3x)

US-Based Digital Media and Internet


Digital Media Public Company Valuation (2/2)



Company Name Headquarters 06/30/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China $182.09 -8% $ 63,058.2 $ 55,978.8 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.4x 20.3x

CyberAgent, Inc. Japan 31.16 -13% 3,917.3 3,739.4 3,066.5 310.3 10.1% 22.5% 1.2x 12.1x

DeNA Co., Ltd. Japan 22.75 -34% 3,301.1 2,590.1 1,289.7 320.6 24.9% 0.1% 2.0x 8.1x

G5 Entertainment AB (publ) Sweden 32.21 -7% 283.5 275.5 72.8 7.0 9.6% 67.5% 3.8x 39.4x

Gree, Inc. Japan 8.20 -16% 1,927.4 1,231.5 554.0 57.5 10.4% -17.8% 2.2x 21.4x

HolidayCheck Group AG * Germany 3.48 -9% 211.7 171.3 122.4 2.9 2.4% 4.0% 1.4x 59.3x

International Game Technology PLC United Kingdom 18.02 -44% 3,643.7 11,042.0 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.4x

mixi, Inc. Japan 53.37 -17% 4,252.8 3,075.9 1,857.9 816.7 44.0% -0.8% 1.7x 3.8x

Meitu, Inc. * China 1.41 -52% 5,979.7 5,191.3 227.3 (80.0) NM 112.8% 22.8x NM

NCsoft Corporation South Korea 342.65 -7% 7,278.0 6,564.7 878.6 281.7 32.1% 10.2% 7.5x 23.3x

Naver Corporation South Korea 726.01 -14% 20,914.5 18,787.2 3,727.9 1,155.7 31.0% 20.8% 5.0x 16.3x

NetEase, Inc. China 295.33 -13% 38,957.7 33,903.6 6,376.5 2,170.2 34.0% 62.3% 5.3x 15.6x

NEXON Co., Ltd. Japan 18.59 -9% 8,156.3 5,363.8 1,797.5 1,006.5 56.0% 2.4% 3.0x 5.3x

Pacific Online Limited China 0.19 -34% 210.0 147.1 140.3 26.6 18.9% -11.1% 1.0x 5.5x

Phoenix New Media Limited China 2.56 -40% 185.3 139.5 205.7 4.7 2.3% -9.6% 0.7x 29.5x

Renren Inc. * China 6.02 -52% 415.6 455.0 73.5 (70.0) NM 68.8% 6.2x NM

Sohu.com Inc. China 44.54 -12% 1,730.3 1,089.4 1,616.6 34.3 2.1% -14.5% 0.7x 31.8x

Weibo Corporation * China 69.44 -16% 14,930.8 14,490.5 735.7 201.9 27.4% 46.9% 19.7x 71.8x

WeMade Entertainment Co., Ltd. South Korea 28.50 -13% 473.2 448.6 98.2 11.4 11.6% -10.7% 4.6x 39.3x

Yandex N.V. Russia 26.28 -10% 8,440.2 7,738.5 1,418.9 389.6 27.5% 25.3% 5.5x 19.9x

YY Inc. China 57.31 -7% 3,143.3 3,166.0 1,281.2 335.2 26.2% 37.9% 2.5x 9.4x

Average 2.4x 16.7x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

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

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

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

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

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

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

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

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

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

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

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

Average 2.0x 13.3x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




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

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

Cnova N.V. * France 5.64 -11% 1,763.0 1,850.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.8x

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

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

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

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

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

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

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

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

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

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

Average 1.6x 21.2x


Internationally-based eCommerce


Digital Advertising

A total of 29 transactions were announced in the Digital Advertising segment, of which 21 were worth $550 million in reported value

Ad Exchanges/Networks, Comparison Shopping, and Mobile Marketing were the most active subsegments in June, each announcing

five transactions

Select transactions:

• Snap’s acquisition of Placed, a developer of solutions for measuring the offline success of digital advertising campaigns, for a

reported $125 million

• The acquisition of energy provider and rates comparison company Choose Energy by Red Ventures in a transaction valued at less

than a reported $100 million

• Lending Tree’s acquisitions of financial products comparison site MagnifyMoney.com and depository industry comparison site

DespoitAccounts.com for $39.5 million and $33 million, respectively

• RhythmOne’s purchase of certain RadiumOne assets and related liabilities for $22 million

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

Ad Networks/Exchanges 5 17% $39.9 7% 3 $30.0 0 - 2 $9.9

Comparison Shopping 5 17% 181.5 33% 4 174.5 0 - 1 7.0

Mobile Marketing 5 17% 147.3 27% 3 125.0 0 - 2 22.3

Digital Promotion/Coupon 3 10% 129.3 23% 2 119.3 0 - 1 10.0

Online Lead Generation 3 10% 7.5 1% 2 - 0 - 1 7.5

Vertical Search 3 10% 30.2 5% 0 - 0 - 3 30.2

Email Services 2 7% 4.4 1% 2 4.4 0 - 0 -

Local Search 2 7% 1.3 0% 1 - 0 - 1 1.3

Affiliate/CPA Network 1 3% 8.8 2% 1 8.8 0 - 0 -

Total 29 100% 550.2 100% 18 462.0 0 0.0 11 88.2

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/2)


US-based Digital Advertising



Alliance Data Systems Corporation $256.69 -4% $ 14,291.5 $ 33,095.4 $ 7,341.0 $ 1,453.3 19.8% 12.7% 4.5x 22.8x

Alphabet Inc. 929.68 -8% 635,839.6 547,337.6 94,765.0 31,208.0 32.9% 21.5% 5.8x 17.5x

Angie's List, Inc. $12.79 -2% 765.7 782.6 312.6 11.1 3.6% -9.2% 2.5x 70.3x

Autobytel Inc. 12.61 -31% 139.6 120.2 157.8 15.7 9.9% 10.2% 0.8x 7.7x

Bankrate, Inc. 12.85 -10% 1,150.2 1,263.3 459.3 96.0 20.9% 22.0% 2.8x 13.2x

Blucora, Inc. 21.20 -6% 911.2 1,232.4 472.5 85.0 18.0% NA 2.6x 14.5x

Care.com, Inc. 15.10 -6% 444.0 410.9 165.9 7.4 4.5% 13.7% 2.5x 55.4x

Cogint, Inc. 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM

DHI Group, Inc. 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x

Facebook, Inc. 150.98 -4% 437,566.8 405,260.8 30,288.0 16,355.0 54.0% 53.2% 13.4x 24.8x

Groupon, Inc. 3.84 -35% 2,155.5 1,689.4 3,118.5 30.6 1.0% 1.7% 0.5x 55.1x


Inuvo, Inc. 1.02 -56% 29.1 28.9 70.0 (0.5) NM -7.6% 0.4x NM

LendingTree, Inc. 172.20 -6% 2,056.6 1,951.2 422.2 63.0 14.9% 41.7% 4.6x 31.0x

MaxPoint Interactive, Inc. 7.42 -38% 50.1 48.3 147.5 (10.6) NM 4.7% 0.3x NM

Perion Network Ltd. 1.97 -17% 152.1 194.0 299.0 24.7 8.3% 22.2% 0.6x 7.9x

QuinStreet, Inc. 4.17 -10% 189.6 147.8 297.4 (3.1) NM 2.7% 0.5x NM

Quotient Technology Inc. 11.50 -20% 1,039.3 864.7 281.7 (1.3) NM 13.7% 3.1x NM

RhythmOne plc 0.53 -17% 263.7 212.3 149.0 (3.5) NM 28.4% 1.4x NM

Rocket Fuel Inc. 2.75 -53% 127.7 150.9 446.7 (10.1) NM -3.3% 0.3x NM

Snap Inc. * 17.77 -40% 20,950.8 17,723.6 515.3 (2,593.8) NM 455.0% 34.4x NM

The Rubicon Project, Inc. 5.14 -65% 249.0 61.0 255.0 19.1 7.5% -9.1% 0.2x 3.2x

TiVo Corporation 18.65 -20% 2,259.07 2,962.12 736.47 228.08 31.0% 44.2% 4.0x 13.0x

Travelzoo 10.95 -17% 143.7 115.0 126.2 12.3 9.7% -5.4% 0.9x 9.4x

The Trade Desk, Inc. 50.11 -13% 2,120.6 2,039.8 225.9 58.7 26.0% 78.9% 9.0x 34.7x

Tremor Video, Inc. 2.49 -10% 124.8 97.8 173.6 (7.7) NM 1.9% 0.6x NM

TripAdvisor, Inc. 38.20 -47% 5,394.9 4,865.9 1,500.0 202.0 13.5% 1.3% 3.2x 24.1x

TrueCar, Inc. 19.93 -2% 1,851.3 1,765.7 291.4 (20.7) NM 10.7% 6.1x NM

Twitter, Inc. * 17.87 -29% 12,968.8 10,743.5 2,483.3 85.2 3.4% 4.5% 4.3x 126.1x

Web.com Group, Inc. 25.30 -1% 1,171.5 1,819.1 750.8 140.7 18.7% 35.1% 2.4x 12.9x

Yelp Inc. 30.02 -31% 2,419.0 1,933.5 751.8 32.6 4.3% 27.5% 2.6x 59.2x

Yext, Inc. 13.33 NA 1,200.3 1,066.5 134.2 (44.9) NM 0.0% 7.9x NM

YuMe, Inc. 4.70 -20% 160.9 101.4 157.6 3.5 2.2% -8.5% 0.6x 28.8x

Zillow Group, Inc. * 48.84 -4% 8,998.2 8,811.0 906.4 48.8 5.4% 28.9% 9.7x 180.4x

Average 2.6x 12.8x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (16.8x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (80.2x)


Digital Advertising Public Company Valuation (2/2)


Internationally-based Digital

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


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Average 2.3x 14.1x

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



The Marketing Technology segment announced 87 transactions, of which 53 reported more than $1.0 billion in value

Analytics & Targeting and MRM/Workflow Management were the most active subsegments with each announcing 12 transactions

worth more than $240 million and $87 million respectively


• The $175 million credit facility secured by MediaMath from Goldman Sachs with participation from Santander Bank

• Hosted search solutions company Algolia’s $53 million round of funding from Accel Partners, Alven Capital, Storm Ventures, and

Point Nine Capital

• Shutterstock’s $50 million acquisition of Flashstock, developer of a visual content platform for marketers

• Social media management company Meltwater’s acquisition of competitor Infomart for a reported $30 million

• Market Track’s acquisition of shopper insights and retail analytics company InfoScout

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

Analytics & Targeting 12 14% $240.6 23% 6 - 0 - 6 $240.6

MRM/Workflow Management 12 14% 86.5 8% 1 - 0 - 11 86.5

Email/Messaging Software 9 10% 48.6 5% 3 - 0 - 6 48.6

CRM 6 7% 19.8 2% 3 - 1 - 2 19.8

Search & Discovery 6 7% 79.8 8% 1 - 0 - 5 79.8

SFA/Lead Management 6 7% 36.4 4% 0 - 0 - 6 36.4

Product/Price Software 5 6% 94.0 9% 1 - 0 - 4 94.0

Other* 31 36% 420.7 41% 16 95.7 3 140.0 12 183.8

Total 87 100% 1,026.4 100% 31 95.7 4 140.0 52 790.7

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/3)




Adobe Systems Incorporated * $141.44 -4% $ 69,787.30 $ 66,744.18 $ 6,526.22 $ 2,141.50 32.8% 23.0% 10.2x 31.2x

Alteryx, Inc. * 19.52 -5% 1,139.0 974.5 95.9 (20.3) NM 0.0% 10.2x NM

AppFolio, Inc. * 32.60 -7% 1,103.7 1,076.3 114.5 (0.3) NM 39.1% 9.4x NM

Bazaarvoice, Inc. 4.95 -19% 417.2 358.0 201.2 (4.9) NM 0.7% 1.8x NM

Blackbaud, Inc. 85.75 -8% 4,025.4 4,367.5 745.2 126.6 17.0% 12.9% 5.9x 34.5x

Brightcove Inc. 6.20 -55% 211.8 183.3 151.5 (4.9) NM 9.7% 1.2x NM

ChannelAdvisor Corporation 11.55 -27% 304.1 242.0 115.2 (7.4) NM 10.4% 2.1x NM

Covisint Corporation 2.45 -2% 100.2 66.9 70.2 (9.8) NM -7.6% 1.0x NM

eBay Inc. 34.92 -4% 37,795.2 40,007.2 9,059.0 2,935.0 32.4% 4.5% 4.4x 13.6x

Endurance International Group

Holdings, Inc. 8.35 -15% 1,191.6 3,129.4 1,169.2 274.3 23.5% 45.9% 2.7x 11.4x

Five9, Inc. 21.52 -13% 1,171.7 1,161.2 171.1 2.9 1.7% 25.2% 6.8x NM

GoDaddy Inc. 42.42 -4% 3,896.4 4,404.0 1,903.9 207.3 10.9% 14.4% 2.3x 21.2x

HubSpot, Inc. 65.75 -16% 2,403.5 2,281.8 294.3 (35.8) NM 45.1% 7.8x NM

Inter Industries LTD. 2.51 -23% 23.3 33.5 95.0 2.6 2.8% 15.0% 0.4x 12.7x

IBM Corporation 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x

LivePerson, Inc. * 11.00 -8% 642.9 595.1 218.2 7.9 3.6% -7.0% 2.7x 75.5x

Marin Software Incorporated 1.30 -54% 51.2 21.4 93.0 (8.6) NM -14.9% 0.2x NM

MaxPoint Interactive, Inc. 7.42 -38% 50.1 48.3 147.5 (10.6) NM 4.7% 0.3x NM

MicroStrategy Incorporated 191.67 -8% 2,193.7 1,575.2 513.7 115.2 22.4% -2.2% 3.1x 13.7x

MINDBODY, Inc. 27.20 -9% 1,188.8 1,116.2 149.2 (11.4) NM 34.3% 7.5x NM

Nuance Communications, Inc. 17.41 -13% 5,008.1 6,806.1 1,971.3 414.4 21.0% 1.3% 3.5x 16.4x

Oracle Corporation 50.14 -3% 207,413.2 199,630.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.6x

PayPal Holdings, Inc. 53.67 -3% 64,471.5 55,543.5 11,273.0 2,173.0 19.3% 16.8% 4.9x 25.6x

PROS Holdings, Inc. 27.39 -10% 861.0 867.1 155.5 (56.0) NM -4.3% 5.6x NM

PTC Inc. * 55.12 -8% 6,367.6 6,812.7 1,143.3 90.6 7.9% -3.1% 6.0x 75.2x

Rightside Group, Ltd. 10.62 -17% 204.8 121.9 59.9 (12.4) NM 155.0% 2.0x NM

The Rubicon Project, Inc. 5.14 -65% 249.0 61.0 255.0 19.1 7.5% -9.1% 0.2x 3.2x

Salesforce.com, inc. * 86.60 -6% 61,601.9 60,917.9 8,863.0 448.9 5.1% 25.3% 6.9x 135.7x

US-based Marketing Technology






Square, Inc. 23.46 -6% 8,776.4 8,230.9 1,791.0 (58.4) NM 28.3% 4.6x NM

Synchronoss Technologies, Inc. 16.45 -67% 762.8 886.6 476.8 54.3 11.4% 11.4% 1.9x 16.3x

Tableau Software, Inc. 61.27 -9% 4,778.3 3,823.6 855.2 (97.9) NM 23.0% 4.5x NM

Teradata Corporation 29.49 -11% 3,859.9 3,256.9 2,268.0 337.0 14.9% -9.0% 1.4x 9.7x

Verint Systems Inc. 40.70 -9% 2,550.9 2,968.6 1,077.7 102.9 9.5% -2.6% 2.8x 28.8x

Veritone, Inc. * 11.71 -25% 174.8 205.2 9.9 (25.9) NM -23.8% 20.6x NM

Web.com Group, Inc. 25.30 -1% 1,171.5 1,819.1 750.8 140.7 18.7% 35.1% 2.4x 12.9x

Xactly Corporation 15.65 -3% 504.1 472.7 96.8 (12.2) NM 19.0% 4.9x NM

Zendesk, Inc. 27.78 -13% 2,749.2 2,501.5 336.5 (83.7) NM 43.2% 7.4x NM

Adjusted Weighted Average 3.2x 12.9x


US-based Marketing Technology






Baozun Inc. China 22.17 -13% $ 1,182.16 $ 1,054.78 $ 512.24 $ 20.40 4.0% 26.4% 2.1x 51.7x

Bitauto Holdings Limited China 28.75 -16% 1,990.0 4,589.1 903.8 93.4 10.3% 33.9% 5.1x 49.1x

ChinaCache International Holdings Ltd. China 1.16 -83% 31.2 33.4 151.8 (47.9) NM -22.1% 0.2x NM

Mercadolibre, Inc. Argentina 250.88 -16% 11,078.2 10,832.6 960.7 259.4 27.0% 45.3% 11.3x 41.8x

Open Text Corporation Canada 31.54 -10% 8,324.2 10,494.8 2,111.3 594.2 28.1% 15.8% 5.0x 17.7x


The Sage Group plc United Kingdom 8.94 -14% 9,654.15 10,093.12 2,160.32 619.00 28.7% 23.0% 4.7x 16.3x

SAP SE Germany 104.78 -4% 125,588.2 126,475.8 24,186.3 6,292.8 26.0% 7.6% 5.2x 20.1x

SharpSpring, Inc. United States 4.53 -28% 38.0 30.3 11.8 (5.3) NM 17.2% 2.6x NM

Shopify Inc. Canada 86.90 -14% 8,492.5 8,096.8 444.0 (29.8) NM 84.5% 18.2x NM

United Internet AG Germany 54.70 -5% 10,918.9 12,553.7 4,244.7 904.7 21.3% 5.0% 3.0x 13.9x

Weborama SA France 10.27 -28% 34.9 36.6 34.7 1.3 3.6% 12.1% 1.1x 29.0x

Wix.com ltd Israel 69.60 -19% 3,163.8 3,001.4 321.1 (40.0) NM 45.6% 9.3x NM



Internationally-based Marketing Technology



There were 26 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active

subsegment with 10 transactions


• Deloitte’s acquisition of design consultancy Market Gravity

• The acquisition of creative and social content services company DoubleDigit by Bertram Capital-backed CreativeDrive

• Aurora Capital Group’s acquisition of B-to-B marketing services and media advertising provider Randall-Reilly

• The acquisition of UK-based creative marketing firm Intermarketing Agency by Advantage Smollan

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

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

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

Digital Agency 10 38% $4.5 0% 9 $4.5 0 - 1 -

Design Agency 3 12% - 0% 3 - 0 - 0 -

General Agency 2 8% 3,541.5 100% 2 3,541.5 0 - 0 -

Promotion Agency 2 8% - 0% 2 - 0 - 0 -

Specialty Agency 2 8% - 0% 2 - 0 - 0 -

Ad Specialty/Premiums 1 4% - 0% 1 - 0 - 0 -

Database/Analytics 1 4% - 0% 1 - 0 - 0 -

Experiential Marketing 1 4% - 0% 1 - 0 - 0 -

Other* 4 15% 0 0% 4 0.0 0 0.0 0 0.0

Total 26 100% 3,546.0 100% 25 3,546.0 0 0.0 1 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc * United Kingdom $1.71 -5% $ 177.1 $ 183.6 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 18.3x

Dentsu Inc. Japan 47.80 -17% 13,475.9 11,887.2 7,790.4 1,600.6 20.5% NM 1.5x 7.4x

Enero Group Limited Australia 0.78 -22% 66.7 43.9 139.6 9.1 6.5% -11.4% 0.3x 4.8x

Hakuhodo DY Holdings Inc Japan 13.27 -1% 4,946.2 3,881.6 11,259.9 489.6 4.3% 3.3% 0.3x 7.9x

Havas SA France 10.50 -2% 4,443.4 4,290.5 2,402.6 386.4 16.1% 4.0% 1.8x 11.1x

Huntsworth plc United Kingdom 0.75 -9% 245.7 286.6 222.4 26.7 12.0% 7.0% 1.3x 10.7x

M&C Saatchi plc * United Kingdom 4.31 -13% 337.4 345.9 278.3 23.6 8.5% 26.0% 1.2x 14.7x

MDC Partners Inc. United States 9.90 -47% 563.7 1,644.6 1,421.4 170.0 12.0% 6.6% 1.2x 9.7x

Next Fifteen Communications Group plc United Kingdom 5.42 -8% 399.0 415.1 214.9 34.7 16.1% 31.8% 1.9x 12.0x

Omnicom Group Inc. United States 82.90 -8% 19,294.5 22,524.5 15,505.2 2,318.1 15.0% 2.2% 1.5x 9.7x

OPT Holding, Inc. Japan 12.97 -10% 293.4 299.0 647.1 27.6 4.3% 9.0% 0.5x 10.8x

Publicis Groupe S.A. France 74.51 -6% 16,588.6 18,092.3 10,274.5 1,809.4 17.6% 1.4% 1.8x 10.0x

The Interpublic Group of Companies, Inc. United States 24.60 -3% 9,719.7 11,133.0 7,858.5 1,107.9 14.1% 2.3% 1.4x 10.0x

WPP plc United Kingdom 20.96 -16% 26,679.2 32,619.1 17,765.8 3,131.0 17.6% 17.6% 1.8x 10.4x

1.6x 9.7xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $25.98 -15% $ 2,054.6 $ 2,113.3 $ 880.2 $ 84.7 9.6% 3.5% 2.4x 24.9x

Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,945.9 955.6 213.1 22.3% -14.9% 2.0x 9.1x

Aimia Inc. Canada 1.33 -82% 202.7 309.2 1,683.0 96.6 5.7% -5.4% 0.2x 3.2x

Alliance Data Systems Corporation * United States 256.69 -4% 14,291.5 28,965.4 7,341.0 1,453.3 19.8% 12.7% 3.9x 19.9x

Cogint, Inc. United States 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM

CSG Systems International, Inc. United States 40.58 -21% 1,371.2 1,472.7 767.2 152.4 19.9% 1.9% 1.9x 9.7x

Deluxe Corporation United States 69.22 -9% 3,357.3 4,011.2 1,877.5 439.8 23.4% 4.4% 2.1x 9.1x

DST Systems, Inc. United States 61.70 -4% 3,810.6 4,280.9 1,581.5 335.6 21.2% 5.5% 2.7x 12.8x

Fair Isaac Corporation * United States 139.41 -1% 4,316.8 4,826.7 922.6 209.9 22.8% 8.7% 5.2x 23.0x

Harte Hanks, Inc. United States 1.03 -47% 63.5 17.5 404.4 (4.8) NM -9.0% 0.0x NM

High Co. SA France 7.13 -13% 146.3 89.9 164.2 15.7 9.6% 4.1% 0.5x 5.7x

Multiplus S.A. Brazil 11.74 -21% 1,901.7 1,442.7 706.1 184.6 26.1% -2.7% 2.0x 7.8x

Pitney Bowes Inc. United States 15.10 -22% 2,816.2 5,317.5 3,398.6 747.2 22.0% -3.8% 1.6x 7.1x

Points International Ltd. Canada 9.02 -18% 134.1 80.1 330.9 9.5 2.9% 9.3% 0.2x 8.4x

Viad Corp United States 47.25 -3% 963.0 1,187.2 1,289.4 141.3 11.0% 21.0% 0.9x 8.4x

2.9x 9.4xAdjusted Weighted Average



Traditional Media

Of the 32 transactions recorded in the Traditional Media segment in June, 13 announced $427 million in reported transaction value

Entertainment Media was the most active subsegment with nine deals announced


• Outfront Media’s acquisition of digital billboards company Dynamic Outdoor for $94.4 million

• Ascential’s sale of 11 UK-based Heritage business media brands to Metropolis International Group in a transaction valued at $30.3

million

• The $20 million round of funding raised by Drone Racing League from Liberty Media, Sky, Hearst Ventures, Lerer Hippeau Ventures,

and Lux Capital

• The acquisition of Men’s Journal by American Media from Wenner Media

• Aurora Capital Group’s acquisition of B-to-B marketing services and media advertising provider Randall-Reilly

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

Entertainment Media 9 28% $127.7 30% 2 - 1 - 6 $127.7

B-to-B Media 7 22% 35.3 8% 5 30.3 1 - 1 5.0

Consumer Magazine Publishing 5 16% - 0% 5 - 0 - 0 -

Newspaper Publishing 5 16% 24.7 6% 5 24.7 0 - 0 -

Digital Place-Based Media 3 9% 145.0 34% 2 5.0 0 - 1 140.0

Other* 3 9% 94.4 44% 3 94.4 0 0.0 0 0.0

Total 32 100% 427.1 100% 22 154.4 2 0.0 8 272.7

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation * United States $63.78 -9% $ 25,930.8 $ 34,720.8 $ 12,921.0 $ 3,032.0 23.5% 1.3% 2.7x 11.5x

Discovery Communications, Inc. United States 25.83 -15% 14,951.5 22,868.5 6,549.0 2,471.0 37.7% 2.0% 3.5x 9.3x

Time Warner Inc. United States 100.41 -2% 77,872.0 99,664.0 29,745.0 8,738.0 29.4% 5.1% 3.4x 11.4x

Twenty-First Century Fox, Inc. United States 28.34 -13% 52,077.9 68,255.9 28,398.0 7,014.0 24.7% 5.6% 2.4x 9.7x

Viacom, Inc. United States 33.57 -28% 13,707.6 25,474.6 12,913.0 2,891.0 22.4% -0.7% 2.0x 8.8x

The Walt Disney Company United States 106.25 -8% 166,268.4 187,604.4 55,539.0 17,095.0 30.8% 1.3% 3.4x 11.0x



B-to-B Media



Ascential plc United Kingdom $4.20 -10% $ 1,683.4 $ 1,974.4 $ 369.9 $ 106.3 28.7% 16.8% 5.3x 18.6x

Emerald Expositions Events, Inc. United States $21.90 -6% 1,581.2 2,282.9 331.6 145.5 43.9% 0.0% 6.9x 15.7x

Euromoney Institutional Investor PLC United Kingdom $13.94 -13% 1,494.9 1,614.2 516.1 147.0 28.5% 3.1% 3.1x 11.0x

Global Sources Ltd. Bermuda 20.00 -8% 485.0 379.1 152.4 29.7 19.5% -7.0% 2.5x 12.8x

Informa plc United Kingdom 8.69 -11% 7,154.0 9,085.0 1,661.5 522.2 31.4% 11.0% 5.5x 17.4x

MCH Group AG Switzerland 82.25 -5% 494.0 566.6 424.8 85.2 20.1% 5.5% 1.3x 6.6x

ITE Group plc United Kingdom 2.00 -14% 531.9 645.0 175.8 35.5 20.2% -2.1% 3.7x 18.2x

Tarsus Group plc Ireland 3.62 -7% 407.7 502.0 84.4 23.1 27.4% -16.6% 5.9x 21.7x

TechTarget, Inc. * United States 10.37 -2% 284.6 295.2 105.2 11.1 10.5% -7.1% 2.8x 26.7x

UBM plc United Kingdom 8.96 -11% 3,529.0 4,356.7 1,065.5 290.9 27.3% 12.1% 4.1x 15.0x



Radio Broadcasting



Beasley Broadcast Group, Inc. * United States $9.80 -46% $ 282.6 $ 490.6 $ 163.0 $ 30.9 19.0% 49.3% 3.0x 15.9x

Cumulus Media Inc. United States 0.45 -88% 13.2 2,248.8 1,136.9 202.0 17.8% -2.5% 2.0x 11.1x

Emmis Communications Corporation United States 2.87 -34% 35.9 271.4 214.6 23.1 10.8% -7.3% 1.3x 11.7x

Entercom Communications Corp. United States 10.35 -37% 421.4 902.4 461.6 101.2 21.9% 7.6% 2.0x 8.9x

Pandora Media, Inc. United States 8.92 -40% 2,162.3 2,306.5 1,403.5 (256.5) NM 14.1% 1.6x NM

Salem Media Group, Inc. United States 7.10 -14% 184.8 442.4 274.7 46.5 16.9% 2.3% 1.6x 9.5x

Sirius XM Holdings Inc. * United States 5.47 -1% 25,517.6 31,275.0 5,110.3 1,795.6 35.1% 9.0% 6.1x 17.4x

Spanish Broadcasting System, Inc. United States 0.00 NA 8.4 411.1 144.4 47.6 33.0% -1.4% 2.8x 8.6x

Townsquare Media, Inc. United States 10.24 -21% 189.1 713.3 510.9 104.1 20.4% 12.4% 1.4x 6.9x

Urban One, Inc. United States 2.25 -36% 107.9 1,086.4 448.4 121.1 27.0% -1.3% 2.4x 9.0x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television



Altice N.V. Netherlands $23.05 -14% $ 30,584.8 $ 99,636.7 $ 23,999.8 $ 8,450.5 35.2% 44.4% 4.2x 11.8x

AMC Networks Inc. United States $53.41 -21% 3,556.8 6,200.6 2,769.3 845.3 30.5% 5.7% 2.2x 7.3x

Sky plc * United Kingdom 12.91 -5% 22,070.2 32,428.9 15,627.5 2,338.5 15.0% 11.0% 2.1x 13.9x

CVC Limited Australia 1.43 -11% 170.6 175.9 93.7 27.1 28.9% 41.7% 1.9x 6.5x

CBS Corporation United States 63.78 -9% 25,930.8 34,720.8 12,921.0 3,032.0 23.5% 1.3% 2.7x 11.5x

Charter Communications, Inc. United States 336.85 -5% 90,120.8 160,228.8 36,637.0 13,484.0 36.8% 269.3% 4.4x 11.9x

Comcast Corporation United States 38.92 -8% 184,595.8 246,403.8 82,076.0 27,143.0 33.1% 8.8% 3.0x 9.1x

Discovery Communications, Inc. United States 25.83 -15% 14,951.5 22,868.5 6,549.0 2,471.0 37.7% 2.0% 3.5x 9.3x

DISH Network Corporation * United States 62.76 -6% 29,247.8 40,012.1 14,947.4 3,171.2 21.2% -1.5% 2.7x 12.6x

Entravision Communications Corporation * United States 6.60 -18% 596.2 820.8 257.9 64.5 25.0% 2.1% 3.2x 12.7x

General Communication, Inc. United States 36.64 -5% 1,318.4 2,761.9 930.8 271.0 29.1% -4.9% 3.0x 10.2x

Gray Television, Inc. United States 13.70 -11% 974.4 2,705.2 842.2 317.8 37.7% 32.1% 3.2x 8.5x

Grupo Televisa, S.A.B. Mexico 4.89 -17% 11,950.7 17,138.9 5,134.4 1,914.5 37.3% 7.6% 3.3x 9.0x

Liberty Global plc United Kingdom 32.12 -15% 32,485.9 76,234.9 19,850.7 8,802.7 44.3% 8.2% 3.8x 8.7x

Nexstar Media Group, Inc. * United States 59.80 -19% 2,773.5 7,211.3 1,387.8 488.1 35.2% 46.0% 5.2x 14.8x

Scripps Networks Interactive, Inc. United States 68.31 -18% 8,863.9 12,076.9 3,439.7 1,545.2 44.9% 8.3% 3.5x 7.8x

Sinclair Broadcast Group, Inc. United States 32.90 -24% 3,376.9 6,613.0 2,808.0 902.9 32.2% 22.4% 2.4x 7.3x

TEGNA Inc. United States 14.41 -46% 3,095.3 7,316.4 3,337.9 1,162.5 34.8% 7.6% 2.2x 6.3x

The E. W. Scripps Company United States 17.81 -26% 1,466.9 1,727.0 944.6 175.3 18.6% 17.8% 1.8x 9.8x

Time Warner Inc. United States 100.41 -2% 77,872.0 99,664.0 29,745.0 8,738.0 29.4% 5.1% 3.4x 11.4x



Entertainment Media

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


Cineplex Inc. Canada $40.67 -5% $ 2,583.4 $ 2,931.4 $ 1,120.8 $ 173.7 15.5% 2.3% 2.6x 16.9x

Eros International Plc United States 11.45 -42% 690.6 938.6 265.5 28.9 10.9% -10.9% 3.5x 32.5x

Lions Gate Entertainment Corp. * United States 28.22 -4% 5,619.8 8,516.6 3,201.5 152.5 4.8% 36.4% 2.7x 55.8x

Live Nation Entertainment, Inc. United States 34.85 -4% 7,165.5 7,818.9 8,560.4 615.6 7.2% 16.7% 0.9x 12.7x

Twenty-First Century Fox, Inc. United States 28.34 -13% 52,077.9 68,255.9 28,398.0 7,014.0 24.7% 5.6% 2.4x 9.7x

Liberty Global plc United Kingdom 32.12 -15% 32,485.9 76,234.9 19,850.7 8,802.7 44.3% 8.2% 3.8x 8.7x

Village Roadshow Limited Australia 3.11 -27% 503.0 940.2 771.6 108.1 14.0% 3.6% 1.2x 8.7x

World Wrestling Entertainment, Inc. United States 20.37 -12% 1,557.4 1,502.9 746.6 69.7 9.3% 14.2% 2.0x 21.5x




LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $2.14 -43% $ 134.4 $ 14.7 $ 16.5 $ (76.0) NM -67.1% 0.9x NM

APG|SGA SA Switzerland 485.10 -8% 1,454.9 1,322.5 312.3 76.4 24.5% 0.6% 4.2x 17.3x

Clear Channel Outdoor Holdings, Inc. United States 4.85 -34% 1,746.8 6,810.9 2,658.1 629.6 23.7% -4.4% 2.6x 10.8x

Clear Media Limited Hong Kong 1.18 -4% 639.8 582.0 231.6 101.8 44.0% 8.2% 2.5x 5.7x

JCDecaux SA France 32.77 -14% 6,964.7 7,504.3 3,140.0 564.9 18.0% 6.0% 2.4x 13.3x

Lamar Advertising Company United States 73.57 -7% 7,203.3 9,596.6 1,508.1 627.8 41.6% 8.5% 6.4x 15.3x

Mood Media Corporation United States 0.13 -47% 23.3 640.5 464.2 78.3 16.9% -1.7% 1.4x 8.2x

National CineMedia, Inc. United States 7.42 -54% 467.1 1,722.6 443.3 203.7 46.0% -0.6% 3.9x 8.5x

NTN Buzztime, Inc. * United States 6.80 -43% 17.1 19.1 22.1 0.1 0.4% -9.1% 0.9x 241.9x

Outfront Media Inc. United States 23.12 -17% 3,204.1 5,320.4 1,496.1 390.7 26.1% -1.5% 3.6x 13.6x

Stingray Digital Group Inc. Canada 6.06 -15% 311.2 338.3 76.2 19.6 25.8% 12.8% 4.4x 17.2x

TOM Group Limited * Hong Kong 0.25 -15% 961.8 1,295.8 133.4 12.3 9.2% -17.3% 9.7x 105.6x



Publishing



A.H. Belo Corporation United States $5.50 -31% $ 119.5 $ 50.3 $ 258.4 $ 8.3 3.2% -4.0% 0.2x 6.1x

Daily Mail and General Trust plc * United Kingdom 8.66 -20% 2,888.5 3,631.1 2,449.1 304.4 12.4% 16.4% 1.5x 11.9x

Emmis Communications Corporation * United States 2.87 -34% 35.9 271.4 214.6 23.1 10.8% -7.3% 1.3x 11.7x

Gannett Co., Inc. United States 8.72 -40% 990.9 1,286.4 3,161.6 317.3 10.0% 11.8% 0.4x 4.1x

Glacier Media Inc. Canada 0.47 -29% 51.6 100.7 147.5 11.7 7.9% -8.2% 0.7x 8.6x

John Wiley & Sons, Inc. * United States 52.75 -10% 3,016.0 3,340.7 1,718.5 292.4 17.0% -0.5% 1.9x 11.4x

Meredith Corporation United States 59.45 -10% 2,622.3 3,227.0 1,703.7 357.7 21.0% 3.9% 1.9x 9.0x

News Corporation United States 13.70 -7% 8,064.6 6,888.6 8,285.0 736.0 8.9% 2.4% 0.8x 9.4x

Scholastic Corporation United States 43.59 -12% 1,518.1 1,062.1 1,755.8 129.2 7.4% 6.6% 0.6x 8.2x

The E. W. Scripps Company United States 17.81 -26% 1,466.9 1,727.0 944.6 175.3 18.6% 17.8% 1.8x 9.8x

The McClatchy Company United States 9.34 -53% 71.2 946.4 960.3 134.5 14.0% -7.4% 1.0x 7.0x

The New York Times Company * United States 17.70 -2% 2,859.4 2,560.4 1,574.6 215.5 13.7% 0.0% 1.6x 11.9x

Time Inc. United States 14.35 -30% 1,427.2 2,386.2 3,028.0 383.0 12.6% -2.9% 0.8x 6.2x




Software

Within the Software segment, more than $6.2 billion in reported value involved buyout transactions, while more than $2.8 billion in

venture/growth capital investments were announced

Financial and Security Software were the most active subsegments in June with 44 and 32 transactions announced, respectively


• HgCapital’s acquisition of Cinven and KKR’s controlling stake in SMB management software developer Visma at a reported valuation

of $5.3 billion

• The $140 million round of funding received by Addpar, developer of an operating system solutions for the financial sector, from

Valor Equity Partners, 8VC, and QuantRes

• Cybersecurity company Illumio’s $125 million round of funding from J.P. Morgan Asset Management, Andreessen Horowitz, General

Catalyst, and Data Collective

• Open Text’s acquisition of Covisint Coporation in a transaction valuing the company at $69.2 million

• Microsoft’s acquisition of cloud computing company Cloudyn in a transaction valued between $50 million and $70 million

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

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

Financial 44 21% $7,021.2 71% 11 $664.8 4 $5,685.0 29 $671.4

Security 32 15% 658.2 7% 4 - 0 - 28 658.2

Healthcare 24 11% 262.1 3% 7 63.0 1 - 16 199.1

HR 19 9% 666.3 7% 5 - 1 500.0 13 166.3

ERP 14 7% 84.2 1% 5 11.3 1 - 8 72.9

Data Management 13 6% 88.1 1% 5 - 1 - 7 88.1

Other* 68 26% 844.0 8% 17 178 2 0 49 665.8

Total 214 100% 9,943.4 100% 54 917.3 10 6,185.0 150 2,841.1

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Alfa Financial Software Holdings PLC * United Kingdom 6.01 -6% $ 1,803.0 $ 1,742.9 $ 90.5 $ 21.0 23.2% 35.6% 19.3x 82.9x

Apptio, Inc. United States 17.35 -29% 689.4 578.2 167.7 (23.2) NM 23.6% 3.4x NM

BlackLine, Inc. * United States 35.74 -8% 1,836.0 1,735.1 135.2 (14.2) NM 46.8% 12.8x NM

Coupa Software Incorporated United States 28.98 -30% 1,535.6 1,297.4 145.7 (31.8) NM 52.4% 8.9x NM

Ebix, Inc. United States 53.90 -17% 1,699.7 1,898.0 306.3 111.3 36.3% 12.3% 6.2x 17.1x

First Data Corporation United States 18.20 -4% 16,726.6 37,833.6 7,851.0 2,750.0 35.0% 0.5% 4.8x 13.8x

Fidessa group plc United Kingdom 30.09 -13% 1,157.4 1,033.8 409.8 74.2 18.1% 12.3% 2.5x 13.9x

Guidewire Software, Inc. * United States 68.71 -2% 5,110.5 4,633.1 474.4 25.4 5.3% 15.9% 9.8x 182.8x

Intuit Inc. United States 132.81 -8% 34,028.2 32,935.2 5,089.0 1,580.0 31.0% 9.8% 6.5x 20.8x

Management Consulting Group PLC United Kingdom 0.11 -67% 54.4 4.9 55.8 (10.3) NM -9.9% 0.1x NM

Model N, Inc. United States 13.30 -4% 383.1 386.1 117.7 (30.7) NM 18.3% 3.3x NM

Performant Financial Corporation United States 2.09 -49% 105.5 129.2 136.2 10.9 8.0% -14.4% 0.9x 11.9x

Q2 Holdings, Inc. United States 36.95 -9% 1,513.1 1,430.9 161.0 (18.6) NM 35.9% 8.9x NM

RealPage, Inc. United States 35.95 -6% 2,972.4 3,033.8 592.7 88.6 15.0% 21.8% 5.1x 34.2x

SS&C Technologies Holdings, Inc. United States 38.41 -2% 7,836.0 10,171.7 1,565.0 556.4 35.6% 39.9% 6.5x 18.3x

Tyler Technologies, Inc. United States 175.67 -1% 6,514.4 6,430.6 776.3 168.5 21.7% 22.2% 8.3x 38.2x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 12.76 -16% 2,315.5 3,978.9 1,617.8 153.4 9.5% 15.8% 2.5x 25.9x

athenahealth, Inc. * United States 140.55 -6% 5,598.7 5,784.4 1,112.2 112.4 10.1% 14.1% 5.2x 51.5x

Cegedim SA France 34.68 -10% 484.7 745.7 465.4 29.1 6.2% 3.4% 1.6x 25.7x

Cerner Corporation United States 66.47 -4% 21,963.6 21,981.9 4,827.0 1,351.5 28.0% 7.4% 4.6x 16.3x

Civitas Solutions, Inc. United States 17.50 -25% 653.0 1,270.7 1,438.0 147.7 10.3% 3.6% 0.9x 8.6x

Computer Programs and Systems, Inc. United States 32.80 -22% 444.0 588.4 261.7 28.2 10.8% 27.3% 2.2x 20.8x

Cotiviti Holdings, Inc. United States 37.14 -14% 3,410.9 4,061.5 642.6 220.0 34.2% 13.8% 6.3x 18.5x

Craneware plc United Kingdom 16.66 -31% 449.0 401.6 53.5 16.3 30.5% 15.4% 7.5x 24.6x

HealthEquity, Inc. * United States 49.83 -9% 2,988.5 2,792.9 189.8 57.6 30.4% 34.6% 14.7x 48.5x

McKesson Corporation United States 164.54 -17% 34,793.0 42,060.0 198,533.0 4,354.0 2.2% 4.0% 0.2x 9.7x

Medidata Solutions, Inc. * United States 78.20 -4% 4,555.4 4,457.4 486.0 72.4 14.9% 20.2% 9.2x 61.6x

NantHealth, Inc. United States 4.23 -73% 514.5 581.7 103.4 (147.0) NM 56.7% 5.6x NM

Quality Systems, Inc. United States 17.21 -2% 1,079.0 1,057.4 509.6 58.9 11.5% 3.5% 2.1x 18.0x

Streamline Health Solutions, Inc. United States 1.07 -49% 20.2 30.9 26.3 (3.2) NM -8.7% 1.2x NM

Veeva Systems Inc. * United States 61.31 -10% 8,568.2 7,904.3 582.2 141.4 24.3% 32.6% 13.6x 55.9x




Financial & Credit/Risk Management Software




HR Software

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


51job, Inc. China $44.73 -5% $ 2,736.1 $ 1,967.6 $ 352.4 $ 103.7 29.4% 14.4% 5.6x 19.0x

Benefitfocus, Inc. United States 36.35 -19% 1,128.4 1,179.3 242.7 (13.2) NM 23.0% 4.9x NM

Castlight Health, Inc. United States 4.15 -25% 541.6 438.4 106.7 (50.4) NM 30.0% 4.1x NM

Cornerstone OnDemand, Inc. United States 35.75 -25% 2,031.3 1,981.7 435.4 (41.8) NM 19.3% 4.6x NM

DHI Group, Inc. United States 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x

Paycom Software, Inc. United States 68.41 -7% 4,065.4 4,004.0 358.5 79.3 22.1% 38.1% 11.2x 50.5x

Paylocity Holding Corporation * United States 45.18 -9% 2,327.2 2,225.8 283.8 16.6 5.8% 34.6% 7.8x 134.2x

The Ultimate Software Group, Inc. United States 210.06 -7% 6,243.0 6,167.7 822.6 62.7 7.6% 24.6% 7.5x 98.4x

Workday, Inc. United States 97.00 -7% 20,079.0 18,504.7 1,701.6 (242.2) NM 35.1% 10.9x NM



Security Software



Absolute Software Corporation Canada $5.91 -10% $ 233.2 $ 197.7 $ 90.0 $ 11.6 12.8% -0.1% 2.2x 17.1x

AVG Technologies N.V. Netherlands 25.70 -27% 1,303.8 1,425.7 430.6 125.0 29.0% 6.8% 3.3x 11.4x

Check Point Software Technologies Ltd. Israel 109.08 -6% 17,828.4 16,360.5 1,772.5 873.7 49.3% 6.7% 9.2x 18.7x

Cisco Systems, Inc. United States 31.30 -10% 156,501.7 120,997.7 48,510.0 15,048.0 31.0% -1.9% 2.5x 8.0x

Cheetah Mobile Inc. China 10.78 -22% 1,492.2 1,323.6 674.0 23.2 3.4% 11.0% 2.0x 57.1x

CyberArk Software Ltd. Israel 49.95 -16% 1,735.3 1,448.3 228.7 42.4 18.5% 30.9% 6.3x 34.2x

FireEye, Inc. United States 15.21 -17% 2,713.0 2,589.2 719.9 (219.5) NM 8.2% 3.6x NM

Fortinet, Inc. United States 37.44 -9% 6,580.5 5,381.8 1,331.4 107.7 8.1% 23.2% 4.0x 50.0x

Gemalto N.V. Netherlands 59.95 -18% 5,366.9 5,449.4 3,300.5 571.3 17.3% 0.2% 1.7x 9.5x

Imperva, Inc. United States 47.85 -16% 1,601.1 1,288.3 277.0 (39.1) NM 11.1% 4.7x NM

Juniper Networks, Inc. United States 27.88 -10% 10,652.8 9,802.9 5,113.2 1,141.4 22.3% 4.6% 1.9x 8.6x

Mimecast Limited United Kingdom 26.78 -9% 1,509.4 1,399.9 186.6 2.2 1.2% 31.5% 7.5x NM

Mobileye N.V. * Israel 62.80 0% 13,967.4 13,521.6 407.6 138.6 34.0% 50.7% 33.2x 97.5x

NQ Mobile Inc. * China 3.40 -27% 366.5 354.7 343.1 2.3 0.7% -15.6% 1.0x 156.6x

Palo Alto Networks, Inc. United States 133.81 -19% 12,287.0 11,433.4 1,653.3 (152.8) NM 31.0% 6.9x NM

Proofpoint, Inc. United States 86.83 -8% 3,796.3 3,755.5 409.7 (33.5) NM 42.9% 9.2x NM

SecureWorks Corp. United States 9.29 NA 753.2 661.6 443.3 (27.3) NM 22.5% 1.5x NM

Symantec Corporation United States 28.25 -15% 17,182.8 21,112.8 4,019.0 727.0 18.1% 11.6% 5.3x 29.0x

Trend Micro Incorporated Japan 51.54 -2% 7,076.9 5,972.5 1,231.6 420.5 34.1% 10.5% 4.8x 14.2x

VeriSign, Inc. United States 92.96 -3% 9,433.2 9,510.3 1,148.9 751.5 65.4% 6.1% 8.3x 12.7x




LTM Multiples




Engineering Software



Ansys, Inc. United States $121.68 -6% $ 10,403.6 $ 9,537.1 $ 1,016.0 $ 455.2 44.8% 6.8% 9.4x 21.0x

Autodesk, Inc. United States 100.82 -12% 22,219.9 21,900.1 2,004.8 (294.2) NM -15.4% 10.9x NM

AVEVA Group plc United Kingdom 25.20 -9% 1,611.3 1,441.2 270.3 65.3 24.2% 7.1% 5.3x 22.1x

Dassault Systèmes SE France 89.55 -8% 22,774.2 20,687.5 3,340.4 897.1 26.9% 8.5% 6.2x 23.1x



Infrastructure Software



Adobe Systems Incorporated United States $141.44 -4% $ 69,787.3 $ 66,744.2 $ 6,526.2 $ 2,141.5 32.8% 23.0% 10.2x 31.2x

Atlassian Corporation Plc United Kingdom 35.18 -7% 7,932.2 7,428.7 573.2 (9.3) NM 36.1% 13.0x NM

CA, Inc. United States 34.47 -6% 14,519.4 14,676.4 4,036.0 1,258.0 31.2% 0.3% 3.6x 11.7x

Cloudera, Inc. United States 16.02 -31% 2,100.9 2,536.8 284.1 (333.2) NM 0.0% 8.9x NM

Commvault Systems, Inc. United States 56.45 -4% 2,537.3 2,087.1 650.5 10.2 1.6% 9.3% 3.2x NM

Covisint Corporation United States 2.45 -2% 100.2 66.9 70.2 (9.8) NM -7.6% 1.0x NM

Endurance International Group Holdings, Inc. United States 8.35 -15% 1,191.6 3,129.4 1,169.2 274.3 23.5% 45.9% 2.7x 11.4x

First Data Corporation United States 18.20 -4% 16,726.6 37,833.6 7,851.0 2,750.0 35.0% 0.5% 4.8x 13.8x

Guidance Software, Inc. United States 6.61 -15% 215.8 199.3 111.5 (7.7) NM 3.4% 1.8x NM

Hortonworks Inc. United States 12.88 -8% 824.3 740.9 199.1 (233.2) NM 41.2% 3.7x NM

IBM Corporation United States 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x

MuleSoft, Inc. United States 24.94 -14% 3,211.9 2,872.4 209.6 (47.3) NM 0.0% 13.7x NM

Nutanix, Inc. United States 20.15 -57% 3,053.3 2,703.0 680.6 (351.4) NM 79.5% 4.0x NM

Okta, Inc. United States 22.80 -19% 2,172.5 1,948.3 181.5 (86.0) NM 0.0% 10.7x NM


Oracle Corporation United States 50.14 -3% 207,413.2 199,630.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.6x

Salesforce.com, inc. * United States 86.60 -6% 61,601.9 60,917.9 8,863.0 448.9 5.1% 25.3% 6.9x 135.7x

Rapid7, Inc. United States 16.83 -13% 730.6 651.4 167.9 (37.7) NM 37.9% 3.9x NM

ServiceNow, Inc. United States 106.00 -4% 18,007.2 17,548.4 1,501.4 (49.3) NM 36.6% 11.7x NM

Talend S.A. France 34.78 -7% 1,003.4 908.4 116.1 (25.7) NM 42.1% 7.8x NM

Twilio Inc. United States 29.11 -59% 2,633.9 2,345.4 305.4 (40.6) NM 58.3% 7.7x NM

Varonis Systems, Inc. United States 37.20 -2% 1,012.5 891.1 174.4 (13.6) NM 29.5% 5.1x NM





Information

The Information segment reported nine transactions worth $28 million in value

Financial Information was the most active subsegment throughout the month with five transactions announced

Select transactions from the segment include:

• Health information service Your.MD’s $10 million round of funding from Orkla Ventures and Smedvig Capital

• The $7.6 million round of funding raised by Citrine Informatics, operator of a materials database of the academic research

community, from Innovation Endeavors, Data Collective, Prelude Ventures, and AME Cloud Ventures

• Sverica Capital Management’s acquisition of fundraising intelligence company iWave Information Systems

• The undisclosed amount of funding raised by equity research solutions Canalyst from WorldQuant Ventures

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

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

Financial Information 5 56% $10.3 37% 1 $6.3 1 - 3 $4.0

Healthcare Information 1 11% 10.0 36% 0 - 0 - 1 10.0

Engineering/Scientific/Tech Information 1 11% 7.6 27% 0 - 0 - 1 7.6

IT Information 1 11% - 0% 1 - 0 - 0 -

Product/Price Information 1 11% - 0% 1 - 0 - 0 -

Total 9 100% 27.9 100% 3 6.3 1 0.0 5 21.6

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)


Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $75.56 -3% $ 8,884.2 $ 9,881.2 $ 3,771.3 $ 660.0 17.5% 32.2% 2.6x 15.0x

Computershare Limited Australia 10.85 -7% 5,928.2 7,229.2 2,030.0 436.2 21.5% 4.2% 3.6x 16.6x

CoreLogic, Inc. United States 43.38 -1% 3,671.8 5,156.3 1,938.9 401.1 20.7% 19.9% 2.7x 12.9x

CoStar Group, Inc. * United States 263.60 -2% 8,632.6 8,364.2 864.4 222.2 25.7% 14.9% 9.7x 37.6x

DST Systems, Inc. United States 61.70 -4% 3,810.6 4,280.9 1,581.5 335.6 21.2% 5.5% 2.7x 12.8x

The Dun & Bradstreet Corporation United States 108.15 -24% 3,990.5 5,337.6 1,710.2 435.9 25.5% 3.3% 3.1x 12.2x

Envestnet, Inc. * United States 39.60 -5% 1,735.6 1,981.3 604.1 51.2 8.5% 32.4% 3.3x 38.7x

Equifax Inc. United States 137.42 -5% 16,519.3 19,129.4 3,248.8 1,178.5 36.3% 18.6% 5.9x 16.2x

Experian plc Ireland 20.46 -7% 18,928.2 22,269.7 4,335.0 1,516.0 35.0% 2.3% 5.1x 14.7x

FactSet Research Systems Inc. United States 166.18 -10% 6,557.2 6,938.5 1,181.8 410.9 34.8% 7.3% 5.9x 16.9x

Fair Isaac Corporation United States 139.41 -1% 4,316.8 4,826.7 922.6 209.9 22.8% 8.7% 5.2x 23.0x

Fidelity National Information Services, Inc. United States 85.40 -2% 28,231.5 37,143.5 9,315.0 2,383.0 25.6% 29.0% 4.0x 15.6x

Financial Engines, Inc. United States 36.60 -20% 2,301.0 2,163.3 446.0 79.5 17.8% 36.0% 4.9x 27.2x

Moody's Corporation United States 121.68 -2% 23,277.4 25,293.6 3,763.3 1,783.1 47.4% 9.6% 6.7x 14.2x

Morningstar, Inc. United States 78.34 -8% 3,363.2 3,281.0 816.0 222.5 27.3% 3.1% 4.0x 14.7x

MSCI Inc. * United States 102.99 -6% 9,316.1 10,695.0 1,173.0 587.0 50.0% 7.5% 9.1x 18.2x

Reis, Inc. * United States 21.25 -20% 244.7 223.2 46.8 7.3 15.7% -10.9% 4.8x 30.4x

SEI Investments Co. United States 53.78 -1% 8,535.4 7,874.0 1,427.3 409.5 28.7% 6.3% 5.5x 19.2x

Thomson Reuters Corporation Canada 46.20 -5% 33,179.0 40,421.2 11,188.0 2,504.0 22.4% -0.4% 3.6x 16.1x

Verisk Analytics, Inc. United States 84.37 -3% 13,949.7 16,078.7 2,005.1 933.9 46.6% 7.3% 8.0x 17.2x

Workiva Inc. United States 19.05 -5% 788.2 744.3 186.0 (33.7) NM 20.3% 4.0x NM




Information Public Company Valuation (2/2)


Marketing Information



Acxiom Corporation United States $25.98 -15% $ 2,054.6 $ 2,113.3 $ 880.2 $ 84.7 9.6% 3.5% 2.4x 24.9x

Alliance Data Systems Corporation United States 256.69 -4% 14,291.5 33,095.4 7,341.0 1,453.3 19.8% 12.7% 4.5x 22.8x

Cello Group Plc United Kingdom 1.71 -5% 177.1 183.6 204.1 10.0 4.9% 5.4% 0.9x 18.3x

comScore, Inc. * United States 26.25 -25% 1,503.5 1,389.6 368.8 37.1 10.1% 12.1% 3.8x 37.4x

Ebiquity plc United Kingdom 1.56 -4% 114.3 151.6 103.2 16.8 16.3% 28.6% 1.5x 9.0x

GfK SE Germany 53.29 -10% 1,945.1 2,309.9 1,566.4 168.8 10.8% -3.9% 1.5x 13.7x

Harte Hanks, Inc. United States 1.03 -47% 63.5 17.5 404.4 (4.8) NM -9.0% 0.0x NM

InnerWorkings, Inc. United States 11.60 -3% 616.2 700.0 1,087.0 44.8 4.1% 2.7% 0.6x 15.6x

Intage Holdings Inc. Japan 19.78 -4% 395.0 329.7 430.4 52.0 12.1% 5.5% 0.8x 6.3x

Ipsos SA France 37.48 -8% 1,562.1 2,205.9 1,881.9 210.3 11.2% -0.1% 1.2x 10.5x

NeuStar, Inc. United States 33.35 -3% 1,860.2 2,545.6 1,215.7 473.1 38.9% 12.0% 2.1x 5.4x

Nielsen Holdings plc United Kingdom 38.66 -31% 13,813.3 21,974.3 6,348.0 1,627.0 25.6% 2.4% 3.5x 13.5x

Onvia, Inc. United States 4.40 -16% 31.7 25.3 24.6 (0.2) NM 3.3% 1.0x NM

Pearson plc United Kingdom 8.98 -29% 7,322.9 8,968.4 5,620.3 708.7 12.6% 1.9% 1.6x 12.7x

System1 Group PLC United Kingdom 10.65 -21% 132.7 122.0 39.1 7.5 19.2% 0.0% 3.1x 16.3x

YouGov plc * United Kingdom 3.75 -1% 393.7 374.3 123.2 12.4 10.0% 20.4% 3.0x 30.2x



Other Information



Centaur Media plc United Kingdom $0.62 -16% $ 90.0 $ 108.2 $ 89.5 $ 9.3 10.3% 2.8% 1.2x 11.7x

Cogint, Inc. United States 5.05 -19% 276.6 317.6 198.2 (14.1) NM 279.2% 1.6x NM

Forrester Research, Inc. United States 39.15 -12% 694.4 559.8 325.9 39.5 12.1% 3.1% 1.7x 14.2x

Gartner, Inc. * United States 123.51 -2% 11,169.0 11,576.4 2,512.4 396.4 15.8% 11.7% 4.6x 29.2x

IHS Markit Ltd. United Kingdom 44.04 -8% 17,482.9 21,378.4 3,348.7 973.6 29.1% 48.8% 6.4x 22.0x

Informa plc United Kingdom 8.69 -11% 7,154.0 9,085.0 1,661.5 522.2 31.4% 11.0% 5.5x 17.4x

National Research Corporation United States 47.74 -3% 731.8 700.0 111.8 37.5 33.6% 7.5% 6.3x 18.6x

NIC Inc. United States 18.95 -27% 1,254.8 1,131.3 322.7 84.0 26.0% 7.4% 3.5x 13.5x

Premier, Inc. United States 36.00 -1% 1,863.2 2,010.6 1,353.0 395.3 29.2% 20.0% 1.5x 5.1x

Proofpoint, Inc. * United States 86.83 -8% 3,796.3 3,755.5 409.7 (33.5) NM 42.9% 9.2x NM

Reed Elsevier plc(1) United Kingdom 21.56 -3% 43,338.5 49,467.2 8,513.2 2,552.1 30.0% 15.5% 5.8x 19.4x

Tarsus Group plc Ireland 3.62 -7% 407.7 502.0 84.4 23.1 27.4% -16.6% 5.9x 21.7x

TechTarget, Inc. * United States 10.37 -2% 284.6 295.2 105.2 11.1 10.5% -7.1% 2.8x 26.7x

The Advisory Board Company United States 51.50 -13% 2,090.1 2,543.8 797.2 118.2 14.8% 0.9% 3.2x 21.5x

UBM plc United Kingdom 8.96 -11% 3,529.0 4,356.7 1,065.5 290.9 27.3% 12.1% 4.1x 15.0x

Wolters Kluwer N.V. Netherlands 42.29 -8% 12,073.9 14,290.7 4,536.0 1,185.5 26.1% 2.1% 3.2x 12.1x


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




Business Services

The Business Services segment reported 60 transactions in June worth nearly $10.1 billion in value

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


• Pamplona Capital’s pending acquisition of contract drug research services company Parexel in a transaction valued at $5 billion

• The $28 million acquisition of digital transformation services company PointSource by Globant

• Accenture’s acquisitions of laboratory informatics consulting service LabAnswer, IT strategy and planning solutions company Phase

One Consulting Group, and Agile consulting and transformation solutions firm SolutionsIQ

• The acquisition of Germany-based code language modernization services company innoWake by Deloitte

• Cognizant’s acquisition of Health Care Service Corporation’s Medicare business process services subsidiary TMG Health

• Cloud implementation and digital experience design consultancy Clarity Consulting’s sale to Perficient

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

IT Consulting 30 50% $1,732.1 17% 26 $1,703.0 1 - 3 $29.1

Corporate Training 10 17% 1,010.4 10% 1 - 2 904.9 7 105.5

Healthcare Consulting 7 12% 5,477.9 55% 2 440.0 2 5,007.4 3 30.5

BPO 4 7% 1,726.0 17% 2 800.0 2 926.0 0 -

Engineering Consulting 2 3% - 0% 2 - 0 - 0 -

Logistics 2 3% 16.5 0% 0 - 0 - 2 16.5

Staffing 2 3% 88.0 1% 1 88.0 0 - 1 -

Other* 3 5% 0.0 0% 2 0.0 1 0.0 0 0.0

Total 60 100% 10,050.9 100% 36 3,031.0 8 6,838.3 16 181.6

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 123.68 -4% $ 76,432.6 $ 73,784.7 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.2x 12.7x

CRA International, Inc. United States 36.32 -9% 311.4 296.3 332.0 27.5 8.3% 8.4% 0.9x 10.8x

FTI Consulting, Inc. United States 34.96 -26% 1,328.1 1,609.9 1,786.5 165.1 9.2% -1.7% 0.9x 9.8x

Information Services Group, Inc. * United States 4.11 -5% 176.9 266.0 233.1 14.0 6.0% 11.7% 1.1x 19.0x

Navigant Consulting, Inc. United States 19.76 -29% 933.6 1,102.8 951.5 142.7 15.0% 11.1% 1.2x 7.7x

ICF International, Inc. United States 47.10 -21% 885.5 1,153.1 1,197.8 112.7 9.4% 4.9% 1.0x 10.2x

Huron Consulting Group Inc. United States 43.20 -34% 917.5 1,327.1 734.6 128.8 17.5% 1.3% 1.8x 10.3x

The Advisory Board Company * United States 51.50 -13% 2,090.1 2,543.8 797.2 118.2 14.8% 0.9% 3.2x 21.5x

The Hackett Group, Inc. United States 15.50 -25% 452.9 444.9 263.0 40.3 15.3% 8.8% 1.7x 11.0x



HR Services



Automatic Data Processing, Inc. United States 102.46 -3% $ 45,841.7 $ 44,845.5 $ 12,213.2 $ 2,770.6 22.7% 6.5% 3.7x 16.2x

Barrett Business Services, Inc. United States 57.29 -14% 415.5 400.6 859.6 27.6 3.2% 12.3% 0.5x 14.5x

Capita plc United Kingdom 8.98 -35% 5,977.4 8,762.8 6,061.3 754.9 12.5% 1.5% 1.4x 11.6x

DHI Group, Inc. United States 2.85 -66% 144.2 196.3 220.9 44.2 20.0% -13.1% 0.9x 4.4x

Edenred SA France 26.05 -7% 6,074.5 6,826.3 1,132.7 381.1 33.6% 7.3% 6.0x 17.9x

Insperity, Inc. United States 71.00 -24% 1,495.9 1,294.6 3,021.6 120.4 4.0% 11.6% 0.4x 10.8x

Marsh & McLennan Companies, Inc. United States 77.96 -3% 40,175.5 45,223.5 13,378.0 3,187.0 23.8% 2.8% 3.4x 14.2x

Paychex, Inc. United States 56.94 -10% 20,464.2 20,140.8 3,151.3 1,366.5 43.4% 6.8% 6.4x 14.7x

Professional Diversity Network, Inc. United States 6.88 -51% 27.1 21.5 24.5 (4.1) NM -29.6% 0.9x NM

TriNet Group, Inc. United States 32.74 -2% 2,245.3 2,479.1 3,135.0 175.9 5.6% 13.3% 0.8x 14.1x

WageWorks, Inc. * United States 67.20 -17% 2,657.1 2,294.1 402.7 73.6 18.3% 19.8% 5.7x 31.2x







IT Consulting



Accenture plc Ireland 123.68 -4% $ 76,432.6 $ 73,784.7 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.2x 12.7x

Amdocs Limited United States 64.46 -3% 9,440.4 8,491.0 3,791.5 715.4 18.9% 3.0% 2.2x 11.9x

Bechtle AG Germany 128.35 -3% 2,695.4 2,623.6 3,413.0 184.7 5.4% 9.5% 0.8x 14.2x

Booz Allen Hamilton Holding Corporation United States 32.54 -18% 4,827.6 6,273.5 5,804.3 547.6 9.4% 7.4% 1.1x 11.5x

Business & Decision SA * France 8.96 -5% 70.6 102.0 240.3 3.5 NA 1.5% 0.4x 28.9x

Capgemini SE France 103.23 -7% 16,915.6 18,721.6 13,236.6 1,670.0 12.6% 5.2% 1.4x 11.2x

Cerner Corporation * United States 66.47 -4% 21,963.6 21,981.9 4,827.0 1,351.5 28.0% 7.4% 4.6x 16.3x

CGI Group Inc. Canada 50.98 -5% 14,889.9 16,066.9 7,991.5 1,360.0 17.0% 0.7% 2.0x 11.8x

Cognizant Technology Solutions Corporation United States 66.40 -3% 39,109.4 36,044.4 13,831.0 2,714.0 19.6% 8.8% 2.6x 13.3x

Digi International Inc. United States 10.15 -28% 269.4 161.4 193.4 18.4 9.5% -6.4% 0.8x 8.8x

DXC Technology Company * United States 76.72 -5% 21,838.0 23,817.0 7,607.0 640.0 8.4% 7.1% 3.1x 37.2x

Globant S.A. * Luxembourg 43.44 -8% 1,508.5 1,466.6 338.3 56.6 16.7% 24.1% 4.3x 25.9x

International Business Machines Corporation United States 153.83 -16% 144,522.8 176,734.8 79,390.0 17,944.0 22.6% -1.8% 2.2x 9.8x

Infosys Limited India 14.48 -22% 33,088.5 28,048.3 10,208.0 2,765.0 27.1% 7.4% 2.7x 10.1x

ITS Group France 8.05 -6% 61.8 64.0 199.3 8.0 4.0% -1.7% 0.3x 8.0x

NCI, Inc. United States 21.10 -1% 285.9 286.1 317.5 28.2 8.9% -5.4% 0.9x 10.1x

NTT Data Corporation Japan 11.13 -2% 15,606.2 19,205.3 15,537.9 2,436.3 15.7% 7.3% 1.2x 7.9x

Perficient, Inc. United States 18.64 -18% 667.0 694.7 457.2 46.9 10.3% -2.8% 1.5x 14.8x

Presidio, Inc. United States 14.31 -13% 1,301.0 2,211.8 2,842.2 203.0 7.1% 0.0% 0.8x 10.9x

Reply S.p.A. Italy 184.60 -10% 1,726.3 1,694.1 844.8 107.9 12.8% 11.0% 2.0x 15.7x

SQLi France 51.15 -5% 188.9 194.9 201.5 16.2 8.0% 6.7% 1.0x 12.0x

Tata Consultancy Services Limited India 36.55 -14% 72,028.5 65,057.8 18,206.0 4,989.3 27.4% 8.6% 3.6x 13.0x

Wipro Limited India 4.00 -10% 19,373.5 16,281.5 8,494.5 1,684.2 19.8% 7.4% 1.9x 9.7x






Outsourced Services



AMREP Corporation United States $6.78 -17% $ 54.8 $ 45.6 $ 40.6 $ (1.2) NM -5.3% 1.1x NM

Cenveo, Inc. United States 6.09 -42% 52.1 1,082.9 1,601.7 132.7 8.3% -8.2% 0.7x 8.2x

Communisis plc United Kingdom 0.66 -11% 138.2 165.8 446.9 30.4 6.8% 2.2% 0.4x 5.4x

Contax Participações S.A. Brazil 1.25 -77% 5.2 390.9 623.5 35.8 5.7% -12.8% 0.6x 10.9x

Convergys Corporation United States 23.78 -23% 2,238.3 2,394.2 2,919.0 366.9 12.6% -0.5% 0.8x 6.5x

CSG Systems International, Inc. United States 40.58 -21% 1,371.2 1,472.7 767.2 152.4 19.9% 1.9% 1.9x 9.7x

Elanders AB (publ) Sweden 13.54 -4% 478.6 767.3 831.5 63.6 7.7% 75.6% 0.9x 12.1x

Eniro AB Sweden 0.02 -68% 13.0 213.2 211.9 37.5 17.7% -18.1% 1.0x 5.7x

ExlService Holdings, Inc. United States 55.58 -2% 1,871.7 1,699.2 702.0 99.8 14.2% 7.7% 2.4x 17.0x

Firstsource Solutions Limited India 0.53 -36% 359.8 437.8 548.7 66.2 12.1% 10.1% 0.8x 6.6x

Genpact Limited Bermuda 27.83 -2% 5,364.1 6,069.3 2,584.0 427.9 16.6% 4.0% 2.3x 14.2x

InnerWorkings, Inc. United States 11.60 -3% 616.2 700.0 1,087.0 44.8 4.1% 2.7% 0.6x 15.6x

j2 Global, Inc. United States 85.09 -7% 4,100.7 4,741.7 928.4 375.9 40.5% 22.2% 5.1x 12.6x

Luxoft Holding, Inc. SwitzerlandSwitzerland 60.85 -10% 2,034.9 1,926.0 785.6 96.9 12.3% 20.7% 2.5x 19.9x

MAXIMUS, Inc. United States 62.63 -4% 4,059.8 4,084.4 2,469.8 384.9 15.6% 6.7% 1.7x 10.6x

Quad/Graphics, Inc. United States 22.92 -22% 1,191.5 2,288.3 4,285.6 481.6 11.2% -5.8% 0.5x 4.8x

Quintiles IMS Holdings, Inc. United States 89.50 -3% 19,635.6 27,316.6 6,167.0 1,278.0 20.7% 40.0% 4.4x 21.4x

R.R. Donnelley & Sons Company United States 12.54 -79% 877.8 2,774.4 6,926.4 418.1 6.0% 18.7% 0.4x 6.6x

Serco Group plc United Kingdom 1.49 -23% 1,624.6 1,821.6 3,717.7 123.1 3.3% -5.2% 0.5x 14.8x

St Ives plc United Kingdom 0.67 -66% 95.9 187.4 472.4 53.0 11.2% 6.1% 0.4x 3.5x

StarTek, Inc. United States 12.24 -5% 194.6 221.3 306.8 16.7 5.5% 3.5% 0.7x 13.2x

SYNNEX Corporation United States 119.96 -9% 4,788.1 5,567.0 15,013.9 603.8 4.0% 12.2% 0.4x 9.2x

Sykes Enterprises, Incorporated United States 33.53 -3% 1,410.2 1,390.4 1,523.3 171.6 11.3% 18.7% 0.9x 8.1x

Teleperformance SE France 127.95 -7% 7,244.2 9,157.5 3,852.0 545.1 14.2% 7.4% 2.4x 16.8x

TeleTech Holdings, Inc. United States 40.80 -5% 1,861.2 1,983.6 1,301.1 163.5 12.6% 2.2% 1.5x 12.1x

transcosmos inc. Japan 23.95 -11% 993.2 862.2 2,173.2 100.2 4.6% 7.9% 0.4x 8.6x

Transcontinental Inc. Canada 19.77 -3% 1,531.5 1,712.0 1,481.3 295.4 19.9% 0.4% 1.2x 5.8x

Cimpress N.V. Netherlands 94.53 -9% 2,944.1 3,995.6 2,050.4 173.1 8.4% 21.4% 1.9x 23.1x

West Corporation United States 23.32 -18% 1,985.7 4,968.3 2,293.7 651.2 28.4% 0.4% 2.2x 7.6x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 4.8x 2.9x 6.9x 2.5x

Internationally-based Digital Media and Internet 5.0x 3.0x 6.5x 2.4x

US-based eCommerce 3.1x 2.5x 4.5x 2.0x

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

US-based Digital Advertising 4.1x 2.5x 9.1x 2.6x

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

US-based Marketing Technology 4.5x 3.5x 5.1x 3.2x

Internationally-based Marketing Technology 5.3x 4.7x 6.1x 5.5x

Agency 1.2x 1.4x 1.6x 1.6x

Marketing Services 1.8x 1.9x 3.2x 2.9x

Traditional Media 2.8x 2.4x 3.6x 3.3x

Software 5.5x 5.1x 5.3x 5.2x

Information 4.3x 3.6x 6.2x 5.0x

Business Services 1.3x 0.9x 2.5x 2.2x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 06/30/17

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 16.1x 15.1x 15.8x 14.8x

Internationally-based Digital Media and Internet 23.1x 19.9x 20.7x 16.7x

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

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

US-based Digital Advertising 36.3x 22.8x 22.7x 12.8x

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

US-based Marketing Technology 20.8x 16.3x 27.9x 12.9x

Internationally-based Marketing Technology 28.3x 20.1x 19.9x 20.8x

Agency 10.5x 10.2x 9.7x 9.7x

Marketing Services 11.5x 9.1x 16.0x 9.4x

Traditional Media 17.2x 10.8x 12.1x 11.8x

Software 36.7x 19.9x 23.1x 15.9x

Information 19.2x 16.4x 23.5x 16.5x

Business Services 11.8x 10.6x 14.1x 12.5x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 06/30/17

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 6/30/2017

LTM Index Performance • S&P 500 – 15.5% • Digital Media/Commerce – 39.7 %

• Traditional Media – 14.6 %

LTM Index Performance • S&P 500 – 15.5 %

• Marketing Technology – 21.7 %

LTM Index Performance • S&P 500 – 15.5 % • Digital Advertising – 32.8 %


• Agency – 5.1 %

• Marketing Services – 22.6 %

Digital Media/Commerce and Traditional Media

Software



• Software – 17.1 %


Information & Business Services LTM Index Performance • S&P 500 – 15.5 %

• Information – 14.5 %

• Business Services – 3.8 %

80%

95%

110%

125%

140%

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

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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


All Segments ($ in Millions)

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

Havas Agency & Marketing Services Vivendi S.A. 3,541.5$ ViaWest, Inc. Bus iness Services Peak 10, Inc. 1,675.0 Double Down Interactive, LLC Digi ta l Media/Commerce DOUBLEUGAMES Co., Ltd. 825.0 Westcon-Comstor Americas Divis ion Bus iness Services SYNNEX Corporation 800.0 Best Doctors , Inc. Bus iness Services Teladoc, Inc. 440.0 Bonobos , Inc. Digi ta l Media/Commerce WalMart Stores , Inc. 310.0 Zenly S.A.S. Digi ta l Media/Commerce Snap, Inc. 300.0 EnerNOC, Inc. Software Enel Green Power North America, Inc. 293.6 Ticketfly, Inc. Digi ta l Media/Commerce EventBri te 200.0 Da lenys Software Natixis S.A. 160.9 POS Porta l , Inc. Software ScanSource, Inc. 158.1 Contorion GmbH Digi ta l Media/Commerce Hoffmann Group 132.5 Placed, Inc. Digi ta l Advertis ing Snap, Inc. 125.0 Giving.com Limited Digi ta l Media/Commerce Blackbaud, Inc. 120.0 Jochen Schweizer GmbH Digi ta l Advertis ing ProSiebenSat.1 Media AG 119.3 Choose Energy, Inc. Digi ta l Advertis ing Red Ventures Limited 100.0 Dynamic Outdoor Traditional Media OUTFRONT Media, Inc. 94.4 Advantage RN LLC Bus iness Services Cross Country Healthcare, Inc. 88.0 Covis int Corporation Software OpenText Corporation 69.2 Praxi fy Technologies , Inc. Software athenahealth, Inc. 63.0 Cloudyn Ltd. Software Microsoft Corporation 60.0 Kongregate, Inc. Digi ta l Media/Commerce Modern Times Group MTG AB 55.0 Monitise plc Software Fiserv, Inc. 52.3 FlashStock Technology, Inc. Marketing Technology Shutterstock, Inc. 50.0 Kinvey, Inc. Software Progress Software Corporation 49.0 MagnifyMoney.com Digita l Advertis ing Tree.com, Inc. 39.5 Infomart Marketing Technology Meltwater.com 38.3 Depos itAccounts .com Digita l Advertis ing Tree.com, Inc. 33.0 Ascentia l , Bus iness Media Brands Traditional Media Metropol is International Group Limited 30.3 PointSource LLC Bus iness Services Globant S.A. 28.0 RadiumOne, Inc., Certa in Assets and Related Liabi l i ties Digi ta l Advertis ing RhythmOne plc 22.0 Ca lkins Media, Inc. Traditional Media New Media Investment Group, Inc. 17.5 PCSTrac, Inc. Software The Descartes Systems Group, Inc. 11.3 Kama Net AB Digi ta l Advertis ing Nordic Leisure AB 8.8 DeepIntent, Inc. Digi ta l Advertis ing Propel Media , Inc. 8.0 Atex Group Ltd. Marketing Technology axelero S.p.A. 7.4 Mol ine Dispatch Publ ishing Co., LLC Traditional Media Lee Enterprises , Inc. 7.2 Electric Word plc Information Sports Bus iness Acquis i tions 6.3 VRB ("verb") Digi ta l Media/Commerce Samsung Group 5.5 Seasam Digi ta l Oy Traditional Media ZetaDisplay AB 5.0 IDEAS + CARS Ltd. Agency & Marketing Services Mi l lennia l Esports Corp. 4.5 React2Media, LLC Digi ta l Advertis ing Antevenio, S.A. 4.4 Securethoughts .com Digita l Advertis ing XLMedia PLC 2.0



Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

Agence WTTF Agency & Marketing Services Santa bla bla -$ Anthem Marketing Solutions Agency & Marketing Services Periscope, Inc. - Artefact.i s Agency & Marketing Services NetBooster Group - Aswel las Ltd. Agency & Marketing Services Ginger Root Des ign and Print - Behave Labs Ltd. Agency & Marketing Services Rainmaker Solutions Limited - BrandSource Incentives LLC Agency & Marketing Services Sharp Incentives LLC - DoubleDigi t Agency & Marketing Services CreativeDrive - Gleam Futures Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - Intermarketing Agency Agency & Marketing Services Advantage Sa les & Marketing, LLC - Intrepid Pursuits , LLC Agency & Marketing Services Accenture plc - Kpsule Agency & Marketing Services Subl ime Skinz - Market Gravity Ltd. Agency & Marketing Services Deloitte LLP - Novus Group Agency & Marketing Services Dentsu Aegis Network, Inc. - Outfox Intel l igence AB Agency & Marketing Services Dentsu Aegis Network, Inc. - PPI Marketing Agency & Marketing Services LST Marketing LLC - Ses l iHarfler Agency & Marketing Services Dentsu Aegis Network, Inc. - Sumis Company Agency & Marketing Services Altavia Group - Summit Marketing Canada Ltd. Agency & Marketing Services Acosta, Inc. - Target Marketing Agency & Marketing Services The Image Group - The Cocktai l Experience S.L. Agency & Marketing Services WPP Group - The Customer Framework Limited Agency & Marketing Services Dentsu Aegis Network, Inc. - TMS Communications , Inc. Agency & Marketing Services FreemanXP - XTOPOLY Agency & Marketing Services Vinci t Group Oyj - Aegis Health Group, Inc. Bus iness Services Clari ture Health - Badger Graphic Systems Bus iness Services Qual i ty Resource Group - BayGroup International Bus iness Services RED BEAR Negotiation Company - Clari ty Consulting, Inc. Bus iness Services Perficient, Inc. - Company85 Limited Bus iness Services Tels tra Corporation Limited - Cormeta AG Bus iness Services SOA People S.A./N.V. - Cubed Group, Inc. Bus iness Services CompassMSP LLC - CyberTra i ls LLC Bus iness Services NexusTek, Inc. - Datum Securi ty Bus iness Services Prevalent, Inc. - Emerge Consulting Ltd. Bus iness Services WoodWing Software BV - Glenbriar Technologies Bus iness Services Uniserve Communications Corporation - Goldfish ICT Bus iness Services i tel l igence AG - GyanMatrix Services Private Limited Bus iness Services News Corporation, Inc. - Inframon Limted Bus iness Services Ensono - Innovative Software Engineering LLC Bus iness Services Trimble Navigation Limited - innoWake GmbH Bus iness Services Deloitte LLP - King Engineering Associates , Inc. Bus iness Services Kain Capita l - LabAnswer Bus iness Services Accenture plc - LEFCON LLC Bus iness Services Information Technology Procurement Sourcing… -





Mainstream Securi ty LLC Bus iness Services RoundTower Technologies LLC -$ Natoma Technologies , Inc. Bus iness Services Red River Computer Company, Inc. - Netel l igent Corporation Bus iness Services InterVis ion Systems LLC - Open Windows IDENTITY Bus iness Services Ernst & Young LLP - Phase One Consulting Group, Inc. Bus iness Services Accenture plc - Qual i ty Technology Solutions , Inc. Bus iness Services Axispoint Technology Solutions Group - Solutions IQ, Inc. Bus iness Services Accenture plc - Synaix Service GmbH Bus iness Services Cancom SE - The unbel ievable Machine Company GmbH Bus iness Services Basefarm AS - TMG Health, Inc. Bus iness Services Cognizant Technology Solutions Corporation - UniMed Direct LLC Bus iness Services Mitchel l International , Inc. - zIT Consulting GmbH Bus iness Services CA Technologies - Alchemy Worx Ltd. Digi ta l Advertis ing Sel lUp, Inc. - Gooder Group, Inc. Digi ta l Advertis ing HomeActions LLC - matchinguu UG Digi ta l Advertis ing Verve Wireless , Inc. - Mobkoi Digi ta l Advertis ing You & Mr. Jones , Inc. - Mode Media Corporation Digi ta l Advertis ing Glam, Inc. - mybestbrands .de Digi ta l Advertis ing Signa Retai l GmbH - The Room Ring LLC Digi ta l Advertis ing Roomi, Inc. - Wanderful Media Digi ta l Advertis ing OwnLocal , Inc. - Advanced Auction Company Digi ta l Media/Commerce TAGeX Brands - Animalbox SARL Digi ta l Media/Commerce Doctiss imo SAS - Clevertaxi Digi ta l Media/Commerce mytaxi - Destructoid Digi ta l Media/Commerce Enthus iast Gaming, Inc. - DEVISE LLC Digi ta l Media/Commerce Socia l Chain Ltd. - Eda.ua Digi ta l Media/Commerce Foodout Group - FanAppEvents Digi ta l Media/Commerce TeamSnap, Inc. - Foodler, Inc. Digi ta l Media/Commerce GrubHub, Inc. - Komandir Digi ta l Media/Commerce AppSwarm, Inc. - LowestPriceContacts .com Digita l Media/Commerce Vis ionPros LLC - MakeupAl ley Digi ta l Media/Commerce @cosme.net - Publons Limited Digi ta l Media/Commerce Clarivate Analytics - RISE Digi ta l Media/Commerce Surf Ai rl ines Inc. - Style.com (Conde Nast) Digi ta l Media/Commerce Farfetch UK Limited - TicketNew Digi ta l Media/Commerce Al ibaba Pictures Group Limited - TradeMotion LLC Digi ta l Media/Commerce The Reynolds and Reynolds Company - Veed.me Digi ta l Media/Commerce Fiverr International Limited - WineBid, Inc. Digi ta l Media/Commerce Third Leaf Partners - Yonder.i t Digi ta l Media/Commerce LuvByrd LLC - RangeMe Information Efficient Col laborative Retai l Marketing - Vor Securi ty Ltd. Information Sonatype, Inc. - Acuity Research and Ins ights Marketing Technology KPMG LLP -





Apsalar, Inc. Marketing Technology Singular Labs , Inc. -$ Blackmesh, Inc. Marketing Technology Contegix LLC - C-Radar Marketing Technology Sidetrade SA - Dartboard Analytics Pvt. Ltd. Marketing Technology IndiQus Technologies - DocuMatix LLC Marketing Technology Marquis Software Solutions , Inc. - Edgecase Marketing Technology GroupBy, Inc. - Inergy Analytica l Solutions N.V. Marketing Technology Main Capita l Partners B.V. - InfoScout, Inc. Marketing Technology Market Track LLC - Klari ty Marketing Technology Meltwater.com - MiriMON Marketing Technology Verimatrix, Inc. - MoLOGIQ, Inc. Marketing Technology NinthDecimal , Inc. - Mythos Co., Ltd. Marketing Technology Pharmarise Holdings Corporation - Orckestra , Inc. Marketing Technology Mediagri f Interactive Technologies , Inc. - Propertybase GmbH Marketing Technology Boston Logic Technology Partners , Inc. - PubFactory Marketing Technology Sheridan Group, Inc. - Push Interactive LLC Marketing Technology Convers ionPoint Technologies , Inc. - Sepage SAS Marketing Technology Travelsoft SAS - Shoppist Innovations Pvt. Ltd. Marketing Technology Roofpik - Sightl ine Research LLC Marketing Technology 5by5 Agency - SMSpubl i Mobi le Marketing S.L. Marketing Technology Esendex Limited - Sous , Inc. Marketing Technology BlueCart, Inc. - Spectra Ticketing & Fan Engagement Marketing Technology Learfield Communications , Inc. - Tidemark Systems, Inc. Marketing Technology Longview Solutions , Inc. - TrustYou GmbH Marketing Technology Recruit Holdings Co., Ltd. - Unbound Concepts LLC Marketing Technology Certica Solutions , Inc. - Vente Partner Marketing Technology Efficy S.A. - Yhat, Inc. Marketing Technology Alteryx, Inc. - Adsensa Ltd Software Exari Systems, Inc. - Appsme Software AppInsti tute - Brand Amper LLC Software The Muse - CacheMatrix Holdings LLC Software BlackRock, Inc. - Carriots S.L. Software Alta i r Engineering, Inc. - Cl ip Industrie Software Forterro - CloudMunch, Inc. Software Jfrog, Inc. - Col imbra Holding B.V. Software Solera Holdings , Inc. - Conduit Technology LLC Software Brightree LLC - Confi rma Sis tema Software Cal lcredit Information Group Ltd. - Datatria l Ltd, Data Services Divis ion Software MedSource.com - Diese Finance SAS Software Exact Holding N.V. - Dinetec Software Sandy Alexander, Inc. - eHealth Solutions , Inc. Software MatrixCare - El i te Analytics LLC Software Aviana Global Technologies , Inc. -





Erecruit Holdings , LLC Software Bond International Software Ltd. -$ ExcelPay Software iSolved HCM - FDM Software Ltd. Software Aptean, Inc. - FieldLens , Inc. Software WeWork.com - inthinc, Inc. Software ORBCOMM, Inc. - Mercury Network LLC Software CoreLogic, Inc. - MICA Software LLC Software Next Gear Solutions , Inc. - Montage Studio Software Kaazing Corporation - MultiProcess Computer Corporation Software Computer Associates , Inc. - mySugr GmbH Software Roche Holdings , Inc. - NextNine Ltd. Software Honeywel l International , Inc. - NexTraq Software Michel in North America, Inc. - Ommdom, Inc. Software Invitae Corporation - OpBeat, Inc. Software Elasticsearch BV - OptionsCity Software, Inc. Software Vela Trading Technologies LLC - Oration PBC, Pharmacy & Software Assets Software PokitDok, Inc. - OSSCube LLC Software Happiest Minds Technologies Pvt Ltd. - PACE Invoice Software Flywire Payments Corporation - Phys ician Office Drug Inventory System Software Besse Medica l - Porta lbuzz Software Aplos Software LLC - Practiced Strategies , Inc. Software Purefy - PTV Planung Transport Verkehr AG Software Porsche Automobi l Holding SE - Ravel Law, Inc. Software LexisNexis Group - Sel ima Ltd. Software The Access Group (Access UK Limited) - Shaw Tracking Software Omnitracs LLC - Soluciones Confi rma Software Cal lcredit Information Group Ltd. - Trooly, Inc. Software Airbnb, Inc. - Vindi Software Smartbi l l - Vyatta , Inc. Software AT&T, Inc. - WhiteCloud Analytics Software Rel ias Learning - 21st Century Media Newspaper LLC Traditional Media Hearst Communications , Inc. - AdExchanger.com Traditional Media Access Intel l igence, Inc. - Bri tish Media Awards Traditional Media Haymarket Media Group - Courier Times Newspaper Publ ishing Assets Traditional Media GateHouse Media, Inc. - DTV America Corporation Traditional Media HC2 Holdings , Inc. - EQ Magazine Traditional Media Longneck & Thunderfoot LLC - GreatDeal$ Magazine Traditional Media Valass is Communications , Inc. - Grocery Headquarters Magazine Traditional Media Wins ight LLC - Hardrock Promotions LLC Traditional Media B2 Digi ta l , Inc. - INfluencia SAS Traditional Media LMD - Ingenuity Sun Media LLC Traditional Media Customer Mobi le - Men's Journal Traditional Media American Media, Inc. -





New York Spaces Magazine Traditional Media MOD Media LLC -$ Rock ’n’ Rol l Marathon Traditional Media World Triathlon Corporation - Rourke Educational Media LLC Traditional Media Carson-Del losa Publ ishing LLC - The Japan Times Ltd. Traditional Media News2u Holdings , Inc. - Unity Media Plc Traditional Media Mark Al len Group -



Buyout Transactions

Buyout DealsValues Disclosed Target Target Segment Buyer/Investor Reported TV

Visma AS Software HgCapita l 5,300.0$ PAREXEL International Corporation Bus iness Services Pamplona Capita l Management LLP 5,007.4 QA Limited Bus iness Services CVC Capita l Partners Ltd. 904.9 Tata Technologies Ltd. Bus iness Services Warburg Pincus LLC 837.0 eTRAVELi AB Digi ta l Media/Commerce CVC Capita l Partners Ltd. 561.1 CareerBui lder, Inc. Software Apol lo Global Management, LLC 500.0 Sage Payment Solutions , Inc. Software GTCR, LLC 260.0 ARI Network Services , Inc. Marketing Technology True Wind Capita l , L.P. 140.0 Certi fy, Inc. Software K1 Investment Management, LLC 125.0 GMD S.A. Bus iness Services Advent International Corporation 89.0

Buyout DealsUndisclosed Target Target Segment Buyer/Investor Reported TV

Output Services Group, Inc. Bus iness Services Aqui l ine Capita l Partners LLC -$ Quantum Health, Inc. Bus iness Services Great Hi l l Partners , LLC - Trace3, Inc. Bus iness Services H.I.G. Capita l LLC - True Office Learning, Inc. Bus iness Services Marl in Equity Partners - iWave Information Systems, Inc. Information Sverica Capita l Management LLC - HarrisX Marketing Technology The Stagwel l Group LLC - LoyaltyExpress , Inc. Marketing Technology New Capita l Partners - Lux Research Marketing Technology Bregal Sagemount - Continuum Managed Services LLC Software Thoma Bravo, Inc. - Denodo Technologies Software HGGC, LLC - GPSTracki t.com Software Inverness Graham Investments - GreatCal l , Inc. Software GTCR, LLC - PayLease Software Vista Equity Partners - Riskonnect, Inc. Software Thoma Bravo, Inc. - Al l Nippon Enterta inment Works , Inc. Traditional Media Future Venture Capita l Co., Ltd. - Randal l -Rei l ly Traditional Media Aurora Capita l Group -



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

Ele.me Digi ta l Media/Commerce Al ibaba Group Holding Ltd. 1,100.0$ Lazada Group Digi ta l Media/Commerce Al ibaba Group Holding Ltd. 1,000.0 Mobike Digi ta l Media/Commerce Sequoia Capita l 600.0 Pandora Media, Inc. Digi ta l Media/Commerce Sirius XM Radio, Inc. 480.0 Vice Media LLC Digi ta l Media/Commerce TPG Capita l 450.0 Kakao Mobi l i ty Digi ta l Media/Commerce TPG Growth 437.0 Guazi .com Digita l Media/Commerce Sequoia Capita l China 400.0 Guazi .com Digita l Media/Commerce Sequoia Capita l 400.0 Houzz, Inc. Digi ta l Media/Commerce Sequoia Capita l 400.0 Farfetch UK Limited Digi ta l Media/Commerce JD.com 397.0 UCAR Technology, Inc. Digi ta l Media/Commerce PICC Asset Management 353.0 AvidXchange, Inc. Software CDPQ 300.0 MediaMath, Inc. Marketing Technology Goldman Sachs Merchant Banking 175.0 Casper Sleep, Inc. Digi ta l Media/Commerce New Enterprise Associates 170.0 Bright Health, Inc. Digi ta l Media/Commerce New Enterprise Associates 160.0 QingCloud Software Lightspeed Venture Partners 159.0 Hero K12 LLC Digi ta l Media/Commerce BV Investment Partners 150.0 Careem Networks FZ LLC Digi ta l Media/Commerce Daimler AG 150.0 Pinterest, Inc. Digi ta l Media/Commerce Andreessen Horowitz 150.0 PatientPoint, LLC Traditional Media Searchl ight Capita l 140.0 Addepar, Inc. Software Valor Equity Partners 140.0 I l lumio, Inc. Software Andreessen Horowitz 125.0 Element AI Software Intel Capita l 102.0 CloudFlare Software New Enterprise Associates 100.0 Cybereason, Inc. Software SoftBank Corporation 100.0 Netskope, Inc. Software Accel Partners 100.0 Freshly, Inc. Digi ta l Media/Commerce Nestle S.A. 77.0 Sumo Logic Software Sequoia Capita l 75.0 XG Enterta inment Traditional Media CICC 73.0 ClassPass , Inc. Digi ta l Media/Commerce General Catalyst Partners LLC 70.0 Tantan Digi ta l Media/Commerce YY, Inc. 70.0 Cadre, Inc. Digi ta l Media/Commerce Andreessen Horowitz 65.0 Trax Image Recognition Marketing Technology Warburg Pincus LLC 64.0 Clutter Inc. Digi ta l Media/Commerce Sequoia Capita l 64.0 Coursera, Inc. Bus iness Services New Enterprise Associates 64.0 Scopely, Inc. Digi ta l Media/Commerce Revolution Growth VC 60.0 Shadow Software Undisclosed 57.1 fuboTV Digi ta l Media/Commerce Northzone 55.0 Movi le Marketing Technology Naspers Ltd. 53.0 Algol ia SAS Marketing Technology Accel Partners 53.0 Kinetica Software Canvas Venture Fund 50.0 Aera Technology Software New Enterprise Associates 50.0




Ola Digi ta l Media/Commerce Tekne Capita l Management 50.0$ Omada Health, Inc. Software Andreessen Horowitz 50.0 Discord Digi ta l Media/Commerce Index Ventures 50.0 The RealReal .com Digita l Media/Commerce Great Hi l l Partners , LLC 50.0 CloudHealth Technologies , Inc. Software Kleiner Perkins Caufield & Byers 46.0 Catalant Technologies , Inc. Digi ta l Media/Commerce General Catalyst Partners LLC 41.0 Fus ion Risk Management, Inc. Software Catalyst Investors , LLC 41.0 Samsara Networks , Inc. Software Andreessen Horowitz 40.0 Blockchain Ltd. Software Lakestar 40.0 Conviva, Inc. Software New Enterprise Associates 40.0 Shipt LLC Digi ta l Media/Commerce Greycroft Partners LLC 40.0 Headspace, Inc. Digi ta l Media/Commerce Spectrum Equity Investors , LP 36.7 Glooko, Inc. Software Georgian Partners 35.0 Riversand Technologies Marketing Technology Crestl ine 35.0 Swift Navigation Inc. Software New Enterprise Associates 34.0 Sca lable Capita l Vermögensverwaltung GmbH Software BlackRock, Inc. 33.6 Riski fied Software Pitango Venture Capita l 33.0 SparkCognition, Inc. Software Verizon Ventures 32.0 iKongjian.com Digita l Media/Commerce Gome Holdings 31.0 Yel lo, Inc. Software JMI Equity 31.0 Auth0, Inc. Software Meritech Capita l Partners 30.0 Samba TV Marketing Technology Union Grove Venture Partners 30.0 Yubico AB Software New Enterprise Associates 30.0 Tri logy Education Services , Inc. Bus iness Services Highland Capita l Partners 30.0 UnTuckit LLC Digi ta l Media/Commerce Kleiner Perkins Caufield & Byers 30.0 Coming Space Digi ta l Media/Commerce Neoglory Group 29.0 Plynk Limited Digi ta l Media/Commerce Swiss Privee 28.1 Science Exchange Digi ta l Media/Commerce Norwest Venture Partners 28.0 Science Exchange Digi ta l Media/Commerce Norwest Venture Partners 28.0 Fintonic Servicios Financieros , S.L. Digi ta l Media/Commerce ING Group 28.0 Rokt Pte Ltd. Marketing Technology Moel is & Company 26.0 Si tehands , Inc. Bus iness Services FTV Capita l 25.0 FloQast, Inc. Software Ins ight Venture Partners 25.0 Lyft, Inc. Digi ta l Media/Commerce InMotion Ventures 25.0 LabConnect LLC Bus iness Services ABS Capita l Partners 24.5 KRY Software Index Ventures 23.0 Al to.com Digita l Media/Commerce Greenoaks Capita l Management, L.P. 23.0 INTURN Marketing Technology B Capita l Group 22.5 Max Software Credit Mutuel Arkea 22.5 Platform9 Systems, Inc. Software Canvas Venture Fund 22.0 Di ffblue Ltd. Software Goldman Sachs Merchant Banking 22.0 Xca lar, Inc. Software Khos la Ventures 21.0




Resolver, Inc. Software KlassCapita l 20.0$ MOL Global , Inc. Software Razer, Inc. 20.0 Textio, Inc. Marketing Technology Scale Venture Partners 20.0 CrowdFlower Software Sales force Ventures 20.0 Entelo, Inc. Software Battery Ventures 20.0 Ridibooks Digi ta l Media/Commerce Praxis Capita l Partners 20.0 Culture Amp Pty Ltd. Software Index Ventures 20.0 The Drone Racing League Traditional Media Liberty Media Corporation 20.0 Beyond Limits , Inc. Software BP Technology Ventures 20.0 Smart Pens ion Ltd. Software (Private Investors ) 19.0 Getswift Limited Software IFM Investors 18.2 Dook Book Traditional Media Legend Capita l 18.0 ShipBob, Inc. Marketing Technology Bain Capita l Ventures 17.5 Augury Inc. Software Ecl ipse Ventures LLC 17.0 Armis , Inc. Software Sequoia Capita l 17.0 Monoqi Digi ta l Media/Commerce Al Jazeera Al Hadina 16.9 Sequent Software, Inc. Software TIS 16.0 M.Gemi Digi ta l Media/Commerce Accel Partners 16.0 Chartspan Medica l Technologies LLC Software Cypress Growth Capita l 16.0 Hel lo Sign, Inc. Marketing Technology Foundry Group 16.0 Scout RFP, Inc. Marketing Technology New Enterprise Associates 15.5 Yoyo Wal let Ltd. Digi ta l Advertis ing Metro Group 15.3 Super League Gaming, Inc. Digi ta l Media/Commerce Viacom, Inc. 15.0 Xometry Inc. Software BMW iVentures 15.0 Cl ique Media, Inc. Digi ta l Advertis ing Greycroft Partners LLC 15.0 Cel tra Inc. Marketing Technology Uni lever Ventures 15.0 Movius Interactive Corporation Software New Enterprise Associates 15.0 Highspot, Inc. Marketing Technology Sales force Ventures 15.0 PingCAP, Inc. Software China Growth Capita l 15.0 Cognitive Sca le, Inc. Software Norwest Venture Partners 15.0 RongCloud Marketing Technology GP Capita l 14.0 Wonder.com Digita l Media/Commerce Grishin Robotics 14.0 Rinse, Inc. Digi ta l Media/Commerce Partech Ventures 14.0 CloudCare Software Sequoia Capita l 14.0 SpeedyCloud Software Cash Capita l 14.0 Neigou.com Software Chinas National SMEs Fund 14.0 Vineti , Inc. Software GE Ventures 13.8 Snips SAS Marketing Technology Korelya Capita l 13.0 Tul ip Interfaces , Inc. Software New Enterprise Associates 13.0 Keypr Marketing Technology Karlani Capita l 12.8 Unbxd, Inc. Marketing Technology Eight Roads Ventures 12.5 sqrrl data, Inc. Software Spring Lake Equity Partners 12.3




Jask Labs , Inc. Software Battery Ventures 12.0$ Dispatch Technologies , Inc. Marketing Technology Sales force Ventures 12.0 Snapsheet, Inc. Software Tola Capita l 12.0 Autopi lot Marketing Technology Sales force Ventures 12.0 RiskRecon.com Software Del l Technologies Capita l 12.0 Esendex Limited Marketing Technology HgCapita l 11.3 SnappCar Digi ta l Media/Commerce Europcar International 11.2 Bonfi re Interactive Ltd. Marketing Technology Battery Ventures 11.0 Soldo Limited Software Accel Partners 11.0 MaaS Global Ltd. Digi ta l Media/Commerce Toyota Financia l Services Corporation 11.0 Al ight, Inc. Software Caterpi l lar, Inc. 11.0 Evolve Vacation Rental Network Digi ta l Media/Commerce T. Rowe Price Group, Inc. 11.0 Synthio, Inc. Marketing Technology Fulcrum Equity Partners 10.5 Algori thmia, Inc. Digi ta l Media/Commerce Google Ventures 10.5 Atrium LTS Software New Enterprise Associates 10.5 Tango Card, Inc. Digi ta l Advertis ing Western Technology Investment 10.0 OpenDoor Securi ties LLC Software (Private Investors ) 10.0 PHEMI Health Systems Software Quark Venture 10.0 Your.MD Limited Information Orkla Ventures 10.0 Datometry, Inc. Software Del l Technologies Capita l 10.0 Nuvolo.com Marketing Technology New Enterprise Associates 10.0 Sense Ta lent Labs , Inc. Software Accel Partners 10.0 WhiteSource Software Ltd. Software 83North 10.0 Trusona, Inc. Software Kleiner Perkins Caufield & Byers 10.0 Figure 1, Inc. Software Kens ington Capita l Partners Limited 10.0 BAM Worldwide LLC Software Mil ls tone Capita l Partners 10.0 Shapr, Inc. Digi ta l Media/Commerce (Private Investors ) 9.5 Obs idian Securi ty, Inc. Software Greylock Partners 9.5 Cloudbeds Software PeakSpan Capita l , LLC 9.0 Modacruz Digi ta l Media/Commerce Middle East Venture Partners 9.0 Ba lbix, Inc. Software Mayfield Fund 8.6 Make.TV GmbH Marketing Technology Voyager Capita l 8.5 Homer Logis tics Bus iness Services Two Sigma Ventures 8.5 Xealth, Inc. Software Draper Fisher Jurvetson 8.5 misterb&b SAS Digi ta l Media/Commerce Project A Ventures 8.5 Ta l la , Inc Marketing Technology Glasswing Ventures 8.3 Automat.a i Marketing Technology You & Mr. Jones , Inc. 8.3 RFRSH Enterta inment ApS Traditional Media Creandum 8.2 Wavecel l Pte. Ltd. Marketing Technology Qualgro 8.2 Harver Software Ins ight Venture Partners 8.1 Del iver.ru Bus iness Services Inventure Partners 8.0 Bui ldout, Inc. Marketing Technology Susquehanna Growth Equity, LLC 8.0




Sure, Inc. Digi ta l Media/Commerce IA Capita l Group 8.0$ Fortanix, Inc. Software Foundation Capita l 8.0 Stem Dis intermedia, Inc. Software Aspect Ventures 8.0 Tractable Ltd. Software Ignition Partners LLC 8.0 Workey Employees Recruitments Ltd. Digi ta l Advertis ing PICO Partners 8.0 Fyber GmbH Digi ta l Advertis ing Bi l lFront 7.9 Clustree Software Creandum 7.9 Stratumn SAS Software Otium Capita l 7.8 Ci trine Informatics , Inc. Information Innovation Endeavors LLC 7.6 Underground Elephant Digi ta l Advertis ing Paci fic Mercanti le Bank 7.5 TechSee Augmented Vis ion Ltd. Marketing Technology Planven Investments 7.5 Top Hat Monocle, Inc. Digi ta l Media/Commerce Leaders Fund 7.5 Vi ridis Learning, Inc. Software Sales force Ventures 7.5 Minerva Labs Ltd. Software Ampl i fy Partners 7.5 Greenl ight Financia l Technology, Inc. Software New Enterprise Associates 7.5 Smartlabs , Inc. Digi ta l Media/Commerce Richmond Capita l Partners 7.3 Chewse, Inc. Digi ta l Media/Commerce Foundry Group 7.3 hosco.com Digita l Advertis ing Athos Capita l 7.2 Advizr, Inc. Software Frankl in Templeton 7.0 ComparaGuru Global Limited Digi ta l Advertis ing QED Investors LLC 7.0 Ci rrusMD, Inc. Software Three Leaf Ventures 7.0 Tripleseat Marketing Technology Level Equity 7.0 Common Networks , Inc. Software Ecl ipse Ventures LLC 7.0 BlueFox.IO Digi ta l Advertis ing Basel ine Ventures 7.0 Terri tory Digi ta l Media/Commerce New Richmond Ventures 6.7 Jodel App Digi ta l Media/Commerce FLOODGATE Fund LP 6.7 AudioBurst Marketing Technology Fl int Capita l 6.7 Mic Network, Inc. Digi ta l Media/Commerce WPP Group 6.5 EaseCentra l Software Propel Venture Partners 6.5 Digi ta l Pharmacis t, Inc. Software Activate Venture Partners 6.5 CAMERA, Inc. Software Matrix Partners 6.4 GreatHorn, Inc. Software TechStars , LLC 6.3 Mercadoni Digi ta l Media/Commerce Axon Partners Group 6.2 UrbanStems, Inc. Digi ta l Media/Commerce GSW Investments 6.0 Regroup Therapy Bus iness Services OSF Ventures 6.0 Ceterus , Inc. Software Grotech Ventures 6.0 TreasureHunt GmbH Digi ta l Media/Commerce Gauselmann AG 6.0 Nomadic VR Traditional Media Horizons Ventures Ltd. 6.0 Packagd Corporation Digi ta l Media/Commerce Google Ventures 6.0 Carsome Sdn Bhd Digi ta l Media/Commerce Gobi Partners 6.0 Babyscripts Software PS Health Ventures 5.7 Shopmatic Pte. Ltd. Digi ta l Media/Commerce ACP VC 5.7




Apptegy LLC Software Five Elms Capita l 5.7$ APROPLAN SA Software Fortino Capita l 5.6 iKentoo SA Software Undisclosed 5.3 Now Healthcare Group Limited Software Medicash 5.1 AimBrain Solutions Ltd. Software BGF 5.1 Work Truck Solutions , Inc. Software Moneta Ventures 5.0 BlockFraud, Inc. Software Pal isades Capita l Group, LLC 5.0 Covr Financia l Technologies LLC Software Nyca Partners 5.0 Submittable, Inc. Marketing Technology True Ventures 5.0 HLTH LLC Traditional Media Primary Venture Partners 5.0 DOC+ Software Yandex 5.0 Hubdoc, Inc. Software Bus iness Development Bank of Canada 4.9 YEAY GmbH Digi ta l Media/Commerce Grazia Equity GmbH 4.9 Wiretap.com Software Draper Triangle Ventures 4.9 ArangoDB GmbH Software Target Partners 4.8 Jul ia Computing, Inc. Software General Catalyst Partners LLC 4.6 ZenIQ Marketing Technology Sales force Ventures 4.6 Agentology, Inc. Marketing Technology Freestyle Capita l 4.5 DealCloud, Inc. Software Cultivation Capita l 4.5 Beanworks Solutions , Inc. Software Vancouver Founder Fund 4.5 MKACyber Bus iness Services Undisclosed 4.1 Fa i ry Digi ta l Media/Commerce CrunchFund 4.1 Yumi Digi ta l Media/Commerce New Enterprise Associates 4.1 Zegami Limited Marketing Technology Oxford Univers i ty Press , Inc. 4.0 Lingokids Bus iness Services Bessemer Venture Partners 4.0 CloudPost Networks Software Wing Ventures 4.0 Fina lPrice Digi ta l Media/Commerce Almaz Capita l Partners 4.0 GeoQuant Information XL Innovate 4.0 Compl iance.a i Software Cota Capita l 4.0 Simpl i field.com Software Runa Capita l 4.0 Vero Marketing Technology Square Peg Capita l 4.0 MyTutorWeb Ltd. Bus iness Services Mobeus Equity Partners LLP 3.8 Car360, Inc. Digi ta l Media/Commerce BIP Capita l 3.6 Alegion Software RHS Investments 3.6 Everfest, Inc. Digi ta l Media/Commerce Live Nation Enterta inment, Inc. 3.6 Astronomer, Inc. Software Wireframe Ventures 3.5 Fuzic, Inc. Marketing Technology High Alpha 3.5 CybelAngel SAS Software Serena Capita l 3.4 Panaseer Limited Software Albion Ventures LLP 3.3 Trint Ltd. Marketing Technology Horizon Ventures 3.1 Cabin Technologies , Inc. Digi ta l Media/Commerce Founders Fund 3.0 TrueLayer Ltd. Software Anthemis Group 3.0




Cosmo Tech Software Sofimac Partners 3.0$ WaystoCap, Inc. Digi ta l Media/Commerce Battery Ventures 3.0 Tive, Inc. Software Accompl ice VC 3.0 MessageGears , LLC Marketing Technology Covalent Interests 2.8 Homee, LLC Digi ta l Media/Commerce (Private Investors ) 2.8 TRVL Magazine B.V. Digi ta l Media/Commerce (Private Investors ) 2.8 Jul ie Desk Marketing Technology Entrepreneur Venture Gestion SA 2.8 UpKeep Maintenance Management Software Battery Ventures 2.7 Trizic, Inc. Software Peak6 Investments 2.5 Growbots , Inc. Marketing Technology Buran Venture Capita l 2.5 Mi lk Visual Effects Traditional Media BGF 2.5 ZineOne, Inc. Marketing Technology Golden Seeds Angels 2.5 Hurdl , Inc. Marketing Technology National Hockey League, L.P. 2.5 SpyCloud, Inc. Software Si lverton Partners 2.5 Sa lesRabbit, Inc. Marketing Technology Peak Ventures 2.4 Peerfi t, Inc. Software (Private Investors ) 2.3 Fl ip Technologies , Inc. Digi ta l Media/Commerce Union Square Ventures 2.2 Doctible, Inc. Marketing Technology ClearVis ion Equity 2.2 awamo GmbH Software (Private Investors ) 2.2 StorageOS Ltd. Software Bain Capita l Ventures 2.0 Upstream Securi ty Ltd. Software Gl i lot Capita l Partners 2.0 Codota Dot Com Ltd. Software Khos la Ventures 2.0 Torchl i te Marketing Marketing Technology Undisclosed 2.0 Pressboard Media, Inc. Digi ta l Advertis ing Vancouver Founder Fund 2.0 Quanti fi .a i Marketing Technology High Alpha 2.0 Osso VR, Inc. Bus iness Services Signal fi re Fund 2.0 Boom Fantasy, Inc. Digi ta l Media/Commerce Founders Fund 2.0 eVis i t LLC Software Kickstart Seed Fund 2.0 Lynq Software Plus Eight Equity Fund 1.9 Petasense, Inc. Software True Ventures 1.8 Court Innovations , Inc. Software (Private Investors ) 1.8 Seez Digi ta l Media/Commerce Wamda Capita l 1.8 Codemotion srl Bus iness Services Barcamper Ventures 1.7 Xpertdoc Technologies , Inc. Software BDC Capita l 1.7 Zzish Limited Software Crowdcube 1.7 Upbeat Software Kleiner Perkins Caufield & Byers 1.7 BEONPRICE S.L. Software K Fund 1.6 Stayawhi le, Inc. Digi ta l Media/Commerce New Enterprise Associates 1.5 Precise Real Estate Solutions , Inc. Software Undisclosed 1.5 FraudScope, Inc. Software Spider Capita l Partners 1.5 Supr Dai ly Digi ta l Media/Commerce Y Combinator 1.5 Transactive Systems Ltd. Software AngelRush 1.5




Li fe2, Inc. Software Morley Device Innovations 1.5$ Shortl i s t Project, Inc. Software Impulse VC 1.5 ClauseMatch Ltd. Software Speedinvest 1.4 Outschool , Inc. Digi ta l Media/Commerce Col laborative Fund 1.4 Oars + Alps LLC Digi ta l Media/Commerce Breakout Capita l 1.3 Si lvernest, Inc. Digi ta l Advertis ing Halogen Ventures 1.3 ebb3 Ltd. Software Maven Capita l 1.3 PromoRepubl ic Marketing Technology Howzat Partners 1.2 Local Logic Software Cycle Capita l Mangement 1.2 KryptCo, Inc. Software General Catalyst Partners LLC 1.2 OMG Digi ta l , Inc. Digi ta l Media/Commerce Kima Ventures 1.1 Lorem Technologies , Inc. Digi ta l Media/Commerce Flybridge Capita l Partners 1.1

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

T2O AdMedia Services , SL Agency & Marketing Services Ardian SA -$ Consol idated Services Group, Inc. Bus iness Services Excel lere Partners , LLC - Delta Risk LLC Bus iness Services The Chertoff Group - Fus ion Healthcare Staffing Bus iness Services (Private Investors ) - Yogome, Inc. Bus iness Services Seaya Ventures - Aston Barclay PLC Digi ta l Media/Commerce Rutland Partners LLP - Canalyst Financia l Model ing Corporation Information WorldQuant - StockViews Ltd. Information GWC Innovator Fund - censhare AG Marketing Technology DuMont Media Group - Conga Marketing Technology Sales force Ventures - MachineVantage Marketing Technology Uni lever Ventures - Investment Metrics Software Resurgens Technology Partners - Klarna, Inc. Software Visa, Inc. - Logiwa Software Revo Capita l - Plays ight Interactive Ltd. Software Verizon Ventures - RentTrack LLC Software yabeo Capita l - The Pracuj Group Software Technology Crossover Ventures - Turing Group Software ServerCentra l - Unikey Technologies , Inc. Software ff Venture Capita l - VeriLocation, Inc. Software Isotrak Ltd. - Verkl izan B.V. Software Main Capita l Partners B.V. -


Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

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

business services, and healthcare services industries

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

Founded in 1999

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

New York, Las Vegas, Chicago, Boston, Charlotte

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

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

Global reach enhanced through our partnerships in China and India

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


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

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2016 2011-2016 (6-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103

2 Goldman Sachs 18 2 Goldman Sachs 89

3 JP Morgan 16 3 Morgan Stanley 68

3 KPMG Corporate Finance 16 4 PwC 67

5 Rothschild 15 5 Jordan Edmiston Group 65

6 Houlihan Lokey 13 6 KPMG Corporate Finance 63

6 PwC 13 7 China Renaissance Group 52

8 Avendus Capital 11 7 GCA Savvian Group 52

8 Daiwa Securities 11 7 JP Morgan 52

10 Bank of America Merrill Lynch 9 10 Nomura 51

10 Credit Suisse 9 11 Jefferies 46

10 Jefferies 9 12 Ernst & Young 45

10 Morgan Stanley 9 13 Rothschild 44

10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43

15 Citi 8 14 Daiwa Securities 43

15 GCA Savvian Group 8 16 Houlihan Lokey 37

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

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

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

eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NYSE: DLX) (NYSE: ACN)

(NASDAQ: SYKE)

*Approximate Value

*Approximate Value

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

has been sold to


has been sold to

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from

has received a majority investment from has been sold to


in partnership with

(NYSE: OMC)

and

comprising Media Properties Holdings

has been sold to


has been sold to has acquired

(NASDAQ: CTSH) has acquired

(NASDAQ: ACXM)

from

Aperion Management

has been sold to

and

has sold

to

has been sold to


has received a majority investment from


has been sold to

has been sold to

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


has been sold to

a division of

has been sold to


has been sold to

has been sold to

a subsidiary of

(NASDAQ: COGT)

has sold

to

to

has sold

has acquired

$200,000,000

(NYSE: DLX)

has acquired


Compliance Solutions Strategies

has been sold to

a division of

(TSO: 4911)

has received a $60MM Series B minority investment led by

http://petskyprunier.com/transactions/

Documents

June 2017 M&A and Investment Summary - Petsky Prunierpetskyprunier.com/_petskyprunier.com/dynamic/user_monthly_transa… · 3 | M&A and Investment Summary June 2017 M&A and Investment