November 2012 Marketing, Media, Technology, and Service ...petskyprunier.com/_petskyprunier.com/dynamic/user...Software & Information JDA Software Group, Inc. ERP Software RedPrairie

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

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 34

2M&A & INVESTMENT SUMMARY NOVEMBER 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 264 d l d i N b 2012 f hi h 149 t d t t ti l f

Transaction Distribution• A total of 264 deals were announced in November 2012, of which 149 reported an aggregate transaction value of

$6.4 billion

• Digital Media/Commerce was the most active segment with 94 transactions, of which 64 reported an aggregate transaction value of $2.6 billion

• Software & Information was the highest value segment worth $2.7 billion

• Strategic buyers announced 117 deals, with $5.3 billion in aggregate reported value among 22 deals

• VC/Growth Capital investors announced 142 deals, with $1.2 billion in aggregate reported value among 127 deals

• Buyout investors announced five deals across the Software & Information, Marketing Technology and Agency/Consulting segments

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

Digital Media/Commerce 94 36% 2,559.2 40% 32 2,095.1 0 0.0 62 464.1

Marketing Technology 66 25% 514.5 8% 22 63.6 1 0.0 43 450.9

NOVEMBER 2012

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

Software & Information 37 14% 2,713.2 42% 19 2,610.0 2 0.0 16 103.2

Agency/Consulting 25 9% 477.6 7% 21 473.8 2 0.0 2 3.8

Digital Advertising 24 9% 169.5 3% 9 32.7 0 0.0 15 136.8

Marketing Services 9 3% 11.7 0% 6 0.6 0 0.0 3 11.1

Out-of-Home & Specialty Media 9 3% 0.7 0% 8 0.0 0 0.0 1 0.7

Total 264 100% 6,446.3 100% 117 5,275.8 5 0.0 142 1,170.6

$8.2 $8.8

$16.7

$9.6

$5 5 $8.3

$14.8

$11.4

$6.4 $6.4 10.0

15.0

20.0

lue

($ in

il

lio

ns)

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


$4.4 $3.1 $5.5

$3.3 $6.4 $6.4

-

5.0

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

Va b

307249 277 309247261 264281 280 275 216262 273

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Digital Media/CommerceKayak Software Corporation Vertical Search Priceline.com, Inc. $1,629.0 $282.8 $54.0 5.8x 30.2xZiff Davis Media, Inc. Niche Content j2 Global Communications, Inc. 167.0 60.0 - 2.8x NA

Marketing Technology

Selected Transactions With Multiples Information

Marketing TechnologySweetIM Technologies Content Management Perion Network Ltd. 41.0 29.7 9.0 1.4x 4.6xSocialbakers Social Technology Index Ventures 40.0 9.0 - 4.4x NA

Software & InformationJDA Software Group, Inc. ERP Software RedPrairie Corporation 1,900.0 657.8 168.1 2.9x 11.3xRetalix, Ltd. ERP Software NCR Corporation 605.1 266.9 24.0 2.3x 25.2x

f i l i i *Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Digital Media/CommerceYY, Inc. Social Media/Apps IPO $435.0 $106.0 $14.0 4.1x 31.0x

(1) Socialbakers sold a 15 percent stake to Index Ventures for $6 million* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

IPOs After Final Pricing*

p p p g g


SECURITIES IN REGISTRATION ($ in Millions)

Aggregate LTMgg gDate Company Name Segment Offering Value Rev EBITDA

Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0

Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9

Mar-12 Reval Holdings Software & Information 75.00 47.00 NM


LTM IPO PERFORMANCE ($ in Millions)

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 Dec 2, 2012 1st Trading Day

Nov-12 YY YY, Inc. China $10.50-$12.50 $10.50 $11.31, up 8% $14.17 25.3%

Oct-12 FLTX Fleetmatics Group Limited United States 15.00-17.00 27.00 22.30, up 31% 21.78 (2.3%)

Oct-12 RLGY Realogy Holdings Corp. United States 23.00-27.00 27.00 34.20, up 27% 37.71 10.3%

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 25.60 18.2%

Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, 74% 50.10 2.3%

Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24.00, up 41.8% 17.78 (25.9%)

Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 18.05 40.0%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 9.66 (8.9%)

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 14.11 4.5%

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 40.70 22.7%

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 54.42 2.4%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 32.63 31.7%

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 8.65 (54.7%)

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 28.00 (26.8%)

May-12 WAGE WageWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 18.47 46.6%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 6.27 8.7%

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 18.96 (11.0%)

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 11.00 (22.0%)p p , , p ( )

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 30.20 (14.9%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.14 (62.5%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 27.39 12.6%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 20.61 (17.9%)

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 13.75 (45.0%)

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 13.74 149.8%Mar 12 VIPS VIPshop China 8.50 10.50 6.50 5.50, down 15% 13.74 149.8%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 24.59 9.8%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 18.91 (23.1%)

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 13.77 5.2%

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 9.78 (40.8%)

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 9.72 (35.8%)

Dec-11 JIVE Jive Software United States 8 00-10 00 12 00 15 05 up 25% 14 46 (3 9%)


Dec 11 JIVE Jive Software United States 8.00 10.00 12.00 15.05, up 25% 14.46 (3.9%)

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 11.20 (31.3%)

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.46 (74.1%)

Transactions by Subsegment and Buyer TypeDIGITAL ADVERTISING

• The were 24 transactions announced in the Digital Advertising segment worth approximately $170 million, up 50 percent and 42 percent, respectively, from October 2012

• Select acquisitions› BazaarVoice’s $33 million acquisition of Longboard Media, which operates a vertical ad network for shopping

publishers and advertisers› Aegis Media’s acquisition of iQiyi.com, a China-based television and movie portal focusing on professionally

produced content› Baidu’s acquisition of IQ Mobile, an Australia-based mobile marketing and advertising firm whose services

include location-based advertising and campaign management• Select investments

› The $25 million investment in Flurry, a provider of mobile advertising, analytics and monetization solutions to mobile application developers, led by Crosslink Capital

› The $25 million investment in Kaltura, which designs and develops online video solutions, from Mitsui Global Investment and Orix Ventures

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

Digital Video 6 25% 53.0 31% 2 0.0 0 0.0 4 53.0

Mobile Marketing 5 21% 50.0 30% 2 0.0 0 0.0 3 50.0

Ad Networks/Exchanges 3 13% 32.7 19% 3 32.7 0 0.0 0 0.0



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Game Advertising 3 13% 9.5 6% 0 0.0 0 0.0 3 9.5

Search Marketing 3 13% 12.0 7% 2 0.0 0 0.0 1 12.0

Affiliate/CPA Network 2 8% 3.8 2% 0 0.0 0 0.0 2 3.8

Online Lead Generation 2 8% 8.5 5% 0 0.0 0 0.0 2 8.5Total 24 100% 169.5 100% 9 32.7 0 0.0 15 136.8


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $698.37 -10% $229,480.3 $192,756.3 $44,624.0 $7,900.0 $47,543.0 $15,851.0 33.3% 32.9% 4.1x 12.2x

Bankrate, Inc. United States $12.03 -54% $1,203.6 $1,326.3 $71.1 193.9 $477.7 $134.3 28.1% 23.2% 2.8x 9.9xBlucora, Inc. United States 14.75 -21% 601.0 524.9 150.4 74.3 376.1 73.0 19.4% 77.5% 1.4x 7.2xConstant Contact, Inc. United States 13.32 -59% 406.9 318.7 88.2 - 243.4 22.6 9.3% 19.1% 1.3x 14.1xeHealth, Inc. United States 25.80 -2% 522.5 391.7 130.8 - 153.3 19.4 12.7% -3.7% 2.6x 20.1xExactTarget, Inc. * United States 20.61 -31% 1,403.2 1,191.2 212.0 - 267.5 7.4 2.8% 43.1% 4.5x 161.4xHi-Media S.A. France 2.55 -45% 113.1 135.5 30.5 51.3 270.3 23.2 8.6% -7.7% 0.5x 5.8xIAC/InterActiveCorp United States 47.15 -15% 4,170.7 3,737.0 640.7 95.8 2,632.6 371.2 14.1% 37.6% 1.4x 10.1xMillennial Media Inc. * United States 13.75 -51% 1,077.1 954.7 122.4 - 154.3 (5.6) NM 75.6% 6.2x NM Motricity, Inc. * United States 0.85 -54% 39.3 42.2 19.0 22.0 114.8 (5.8) NM 3.6% 0.4x NM OPT, Inc. Japan 1,484.31 -4% 218.4 85.8 170.8 16.0 964.1 23.7 2.5% 23.6% 0.1x 3.6xPacific Online Ltd. China 0.31 -40% 340.1 301.8 38.3 - 106.5 46.7 43.9% 19.3% 2.8x 6.5xQuinStreet, Inc. United States 6.25 -47% 267.3 266.5 103.6 102.8 347.9 50.5 14.5% -13.2% 0.8x 5.3xReachLocal, Inc. United States 10.96 -22% 312.5 216.8 95.7 - 434.9 7.9 1.8% 22.2% 0.5x 27.6xResponsys, Inc. United States 6.52 -50% 318.1 218.5 100.9 1.3 155.4 18.8 12.1% 21.1% 1.4x 11.6xSepteni Holdings Co., Ltd. Japan 800.92 -19% 100.8 57.4 65.9 10.2 531.0 23.3 4.4% 19.4% 0.1x 2.5xThe Active Network Inc United States 5 36 70% 324 6 248 9 78 5 2 8 401 3 9 4 2 3% 24 2% 0 6 26 5The Active Network, Inc. United States 5.36 -70% 324.6 248.9 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 26.5xTradeDoubler AB Sweden 1.45 -73% 61.9 35.8 26.3 - 371.2 7.6 2.0% 5.2% 0.1x 4.7xTree.Com, Inc. * United States 16.96 0% 192.8 103.0 89.8 - 64.2 (9.5) NM 14.9% 1.6x NM ValueClick, Inc. United States 18.87 -14% 1,419.8 1,474.5 120.2 175.0 668.1 191.0 28.6% 38.6% 2.2x 7.7xVelti Plc Ireland 3.41 -77% 221.6 207.7 29.5 15.5 260.0 30.1 11.6% 62.9% 0.8x 6.9xYandex N.V. * Netherlands 21.82 -48% 7,140.8 6,758.8 382.0 - 845.3 372.4 44.0% 48.9% 8.0x 18.2xYahoo! Inc. United States 18.77 -2% 22,199.1 13,868.1 8,413.2 38.2 4,964.9 1,321.4 26.6% -4.2% 2.8x 10.5x

Low 0.1x 2.5x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.0x)

Mean 1.9x 19.0x

Median 1.4x 9.9x

Weighted Avg 3.5x 16.5x

Adj. W Avg* 2.5x 11.9xHigh 8.0x 161.4x

and EBITDA multiples that are 1.0 standard deviations above the mean (54.2x).

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


AGENCY/CONSULTINGTransactions by Subsegment and Buyer Type

• Digital Agency was the most active and highest value subsegment with 10 deals announced worth approximately $460 million

• Select acquisitions› Alliance Data Systems’ $460 million acquisition of Hyper Marketing, which provides a range of return-on-

investment-based marketing services through Ryan Partnership, CatapultRPM, SolutionSet and G t bGetmembers.com

› John Menzies’ $12 million acquisition of Orbital Marketing Services Group , a U.K.-based marketing communication services company

› Indegene Lifesystems’ acquisition of Aptilon, a Canada-based multi-channel physician marketing services business providing online marketing services

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

Digital Agency 10 40% 460.0 96% 10 460.0 0 0.0 0 0.0

Healthcare Agency 3 12% 1.5 0% 3 1.5 0 0.0 0 0.0



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

Branded Communications 2 8% 0.0 0% 2 0.0 0 0.0 0 0.0

DM Agency 2 8% 16.1 3% 1 12.3 0 0.0 1 3.8

General Agency 2 8% 0.0 0% 1 0.0 1 0.0 0 0.0

Other Consulting 2 8% 0.0 0% 1 0.0 0 0.0 1 0.0

Experiential Marketing 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Healthcare Consulting 1 4% 0 0 0% 0 0 0 1 0 0 0 0 0Healthcare Consulting 1 4% 0.0 0% 0 0.0 1 0.0 0 0.0

Public Relations 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Specialty Agency 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 25 100% 478 100% 21 474 2 0 2 4


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $6.27 -43% $147.4 $116.7 $137.9 $27.2 19.7% 0.0% 0.8x 4.3xAegis Group plc * United Kingdom 3.77 -1% 4,331.1 4,831.7 1,902.1 330.8 17.4% 18.9% 2.5x 14.6xCello Group Plc United Kingdom 0.63 -16% 51.9 73.9 212.2 12.5 5.9% 8.1% 0.3x 5.9xCharm Communications Inc. China 4.13 -65% 160.8 51.7 198.7 17.7 8.9% -22.5% 0.3x 2.9xChime Communications plc United Kingdom 3.53 -14% 282.7 249.5 563.5 42.7 7.6% 20.4% 0.4x 5.8xDentsu Inc. Japan 24.43 -24% 6,086.1 5,798.3 25,044.9 970.7 3.9% 6.7% 0.2x 6.0xEnero Group Limited Australia 0.46 -61% 39.3 19.3 343.1 4.7 1.4% -16.0% 0.1x 4.1xp 1.4% 16.0% 0.1x 4.1xHavas France 5.30 -9% 2,024.3 2,664.5 2,166.4 333.8 15.4% 7.2% 1.2x 8.0xHuntsworth plc United Kingdom 0.61 -31% 154.9 266.5 276.6 44.4 16.1% 1.0% 1.0x 6.0xM&C Saatchi plc United Kingdom 2.85 -12% 180.8 162.3 257.3 29.5 11.5% 18.2% 0.6x 5.5xMDC Partners Inc. * Canada 10.68 -30% 331.7 903.5 1,034.2 62.0 6.0% 16.1% 0.9x 14.6xNext Fifteen Communications Group plc United Kingdom 1.61 -9% 95.4 102.9 143.6 17.9 12.5% 6.4% 0.7x 5.7xOmnicom Group Inc. United States 49.74 -9% 13,140.4 16,314.5 14,127.7 2,132.5 15.1% 3.8% 1.2x 7.7xPublicis Groupe SA France 56.59 -3% 11,136.5 12,377.8 7,860.8 1,431.2 18.2% 11.1% 1.6x 8.6xSapient Corp. United States 10.59 -24% 1,460.8 1,254.8 1,090.0 140.0 12.8% 11.0% 1.2x 9.0xThe Interpublic Group of Companies Inc United States 10 82 11% 4 667 6 5 619 2 6 965 5 809 0 11 6% 0 3% 0 8 6 9The Interpublic Group of Companies, Inc. United States 10.82 -11% 4,667.6 5,619.2 6,965.5 809.0 11.6% 0.3% 0.8x 6.9xWPP plc Ireland 13.72 -3% 17,332.9 22,297.4 16,124.9 2,503.2 15.5% 7.1% 1.4x 8.9x

Low 0.1x 2.9x

Mean 0.9x 7.3x

Median 0.8x 6.0x


Adj. W Avg* 1.2x 8.0x



Adj. W Avg 1.2x 8.0xHigh 2.5x 14.6x


DIGITAL MEDIA/COMMERCETransactions by Subsegment and Buyer Type

• eCommerce was the most active subsegments with 19 transactions, while Vertical Search was the highest value subsegment with approximately $1.8 billion

• Select acquisitions› Priceline.com’s $1.6 billion acquisition of Kayak Software, an online travel search services company› J2 Global Communications’ $167 million acquisition of Ziff Davis Media which publishes technology-based › J2 Global Communications $167 million acquisition of Ziff Davis Media, which publishes technology based

digital content products for technology and gaming enthusiasts and small business owners/managers› Axel Springer’s $163 million acquisition of Belgium-based Immoweb, which operates a property Website

where users can buy and sell real estate• Select investments

› The $100 million investment in U K based Spotify an Internet music service company from multiple › The $100 million investment in U.K.-based Spotify, an Internet music service company, from multiple investors including Goldman Sachs Group, at a valuation of approximately $3 billion

› The $85 million investment in Zulily, a flash sales site operator, led by Andreessen Horowitz, at a $1 billion valuation

BUYER/INVESTOR BREAKDOWNDIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

eCommerce 19 20% 248.2 10% 5 28.0 0 0.0 14 220.2

Social Media/Apps 18 19% 212.3 8% 8 92.1 0 0.0 10 120.3

Mobile Content/Apps 17 18% 57.9 2% 1 0.0 0 0.0 16 57.9

Gaming 11 12% 9.5 0% 4 0.0 0 0.0 7 9.5


Classifieds/Auctions/P-to-P 9 10% 203.3 8% 3 163.0 0 0.0 6 40.3

Vertical Search 6 6% 1,646.0 64% 5 1,645.0 0 0.0 1 1.0

Niche Content 6 6% 172.8 7% 4 167.0 0 0.0 2 5.8

Local Search 5 5% 6.1 0% 1 0.0 0 0.0 4 6.1

Digital Promotion/Coupon 2 2% 1.6 0% 1 0.0 0 0.0 1 1.6

Comparison Shopping 1 1% 1.5 0% 0 0.0 0 0.0 1 1.5


p pp g

Total 94 100% 2,559 100% 32 2,095 0 0 62 464

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $252.05 -5% $114,168.3 $108,920.3 $5,248.0 $0.0 $57,256.0 $2,089.0 3.6% 31.3% 1.9x 52.1xeBay Inc. United States 52.82 0% 68,348.3 63,731.3 9,135.0 4,518.0 13,458.7 3,934.2 29.2% 25.0% 4.7x 16.2xFacebook, Inc. United States 28.00 -38% 60,660.0 51,110.0 10,452.0 902.0 4,635.0 1,090.0 23.5% 0.0% 11.0x 46.9xpriceline.com Incorporated United States 663.19 -14% 33,070.0 29,987.0 4,668.0 1,451.8 5,061.1 1,836.5 36.3% 23.6% 5.9x 16.3x

1-800-Flowers.com Inc. United States $3.13 -24% $203.1 $259.8 $5.8 $62.5 $719.9 $39.8 5.5% 4.8% 0.4x 6.5xAirMedia Group Inc. China 2.16 -46% 135.3 17.7 116.1 - 289.1 23.2 8.0% 13.7% 0.1x 0.8xAncestry.com Inc. United States 31.60 -7% 1,368.7 1,359.1 64.6 55.0 460.2 154.6 33.6% 21.7% 3.0x 8.8xAngie's List Inc * United States 11 11 44% 642 3 591 7 65 5 14 9 137 1 (56 9) NM 74 2% 4 3x NM Angie s List, Inc. * United States 11.11 -44% 642.3 591.7 65.5 14.9 137.1 (56.9) NM 74.2% 4.3x NM AOL Inc. United States 37.52 -15% 3,140.3 2,397.2 867.1 110.2 2,169.0 447.8 20.6% -2.4% 1.1x 5.4xBetfair Group PLC United Kingdom 11.78 -19% 1,181.4 964.3 219.8 - 632.5 104.9 16.6% -0.9% 1.5x 9.2xBlinkx plc United States 1.07 -29% 388.9 347.5 41.6 - 151.8 16.5 10.9% 82.2% 2.3x 21.1xBlue Nile Inc. * United States 39.34 -13% 491.7 462.1 30.2 0.7 376.2 13.1 3.5% 7.4% 1.2x 35.3xBluefly Inc. * United States 0.74 -68% 21.2 22.1 1.3 2.3 97.6 (23.2) NM 2.2% 0.2x NM CafePress Inc. United States 5.83 -74% 99.8 47.4 55.2 2.8 200.1 16.0 8.0% 24.4% 0.2x 3.0xCyberAgent Inc. Japan 1,959.29 -39% 1,268.2 1,043.0 268.6 8.2 1,811.7 271.2 15.0% 18.0% 0.6x 3.8xDemand Media, Inc. United States 8.90 -29% 758.1 645.2 112.9 - 361.9 65.2 18.0% 15.2% 1.8x 9.9xDeNA Co., Ltd. Japan 36.65 -1% 4,914.7 4,255.5 747.7 - 2,237.5 982.7 43.9% 33.2% 1.9x 4.3xDice Holdings, Inc. United States 8.60 -22% 512.8 504.8 50.0 42.0 190.0 73.9 38.9% 12.0% 2.7x 6.8xE-Commerce China Dangdang Inc. * China 4.47 -60% 358.3 162.6 227.5 31.8 765.1 (72.9) NM 55.3% 0.2x NM Ediets.com Inc. * United States 0.47 -48% 6.7 8.4 0.2 1.9 21.4 (4.1) NM -8.4% 0.4x NM eHealth, Inc. United States 25.80 -2% 522.5 391.7 130.8 - 153.3 19.4 12.7% -3.7% 2.6x 20.1xExpedia Inc. United States 61.86 -1% 8,342.9 7,342.4 2,357.1 1,249.3 3,842.6 705.6 18.4% 21.8% 1.9x 10.4xG5 Entertainment AB (publ) Sweden 6.46 -12% 51.7 48.8 2.9 - 11.5 4.2 36.7% 92.4% 4.2x 11.5xGameLoft SA France 7.31 -2% 581.5 524.7 55.8 0.5 241.8 29.4 12.2% 21.1% 2.2x 17.9xGlu Mobile, Inc. * United States 2.86 -52% 188.6 164.5 24.1 - 81.7 (11.6) NM 22.6% 2.0x NM Gree, Inc. Japan 17.36 -48% 4,041.7 3,780.0 483.7 204.8 2,127.8 1,077.9 50.7% 101.6% 1.8x 3.5xGroupon, Inc. United States 4.15 -84% 2,717.9 1,522.3 1,201.0 - 2,188.3 146.7 6 7% 69 6% 0 7x 10 4xGroupon, Inc. United States 4.15 84% 2,717.9 1,522.3 1,201.0 2,188.3 146.7 6.7% 69.6% 0.7x 10.4xHollywood Media Corp. * United States 1.37 -9% 31.7 25.8 6.0 0.0 3.4 (4.4) NM NA 7.7x NM HomeAway, Inc. United States 20.48 -27% 1,701.8 1,457.6 244.2 - 267.3 48.5 18.1% 23.0% 5.5x 30.1xHSN, Inc. United States 52.89 -4% 2,869.4 2,989.5 129.9 250.0 3,313.6 273.3 8.2% 8.2% 0.9x 10.9xInternational Game Technology United States 13.87 -23% 3,690.8 5,330.9 206.3 1,846.4 2,150.7 779.2 36.2% 9.9% 2.5x 6.8xJiayuan.com International Ltd. China 5.30 -67% 167.8 71.2 96.6 - 61.8 7.8 12.6% 29.5% 1.2x 9.1xKayak Software Corporation United States 40.70 0% 1,569.4 1,391.6 178.4 - 282.8 54.0 19.1% 32.8% 4.9x 25.8xKongzhong Corp. China 5.90 -28% 252.7 107.3 145.4 - 177.6 25.7 14.5% 16.0% 0.6x 4.2xLeGuide.com S.A. France 34.16 -7% 120.1 94.4 27.5 2.5 44.0 10.7 24.3% 23.0% 2.1x 8.8xLinkedIn Corporation * United States 108.14 -14% 11,619.5 10,942.8 676.6 - 836.4 104.1 12.4% 91.8% 13.1x 105.1xLiquidity Services, Inc. United States 41.06 -38% 1,291.5 1,228.7 84.6 41.5 475.3 98.0 20.6% 45.2% 2.6x 12.5xMakeMyTrip Limited * India 13.94 -44% 518.0 425.1 93.2 0.2 210.6 0.6 0.3% 29.2% 2.0x NM Mercadolibre, Inc. Argentina 71.95 -31% 3,176.7 3,003.3 177.6 0.2 356.3 127.9 35.9% 29.7% 8.4x 23.5xMixi, Inc. Japan 2,348.24 -29% 364.2 213.4 159.8 - 180.6 52.7 29.2% -6.5% 1.2x 4.0xMove, Inc. United States 7.53 -25% 296.1 265.2 30.9 - 193.8 17.9 9.3% 0.2% 1.4x 14.8xNexon Co. Ltd. Japan 11.20 -45% 4,864.6 3,862.0 1,794.3 689.9 1,280.0 579.5 45.3% 12.4% 3.0x 6.7xNetflix, Inc. United States 81.71 -39% 4,538.6 4,140.3 798.4 400.0 3,539.6 146.6 4.1% 21.0% 1.2x 28.3xOpenTable, Inc. United States 44.89 -15% 1,020.0 933.9 86.1 - 155.8 46.5 29.8% 17.1% 6.0x 20.1xOrbitz Worldwide, Inc. United States 2.31 -51% 242.7 530.8 152.3 440.4 766.2 100.9 13.2% -0.8% 0.7x 5.3xOverstock com Inc United States 15 17 5% 355 7 300 2 72 5 17 0 1 071 3 17 9 1 7% 1 6% 0 3x 16 7x


Overstock.com Inc. United States 15.17 -5% 355.7 300.2 72.5 17.0 1,071.3 17.9 1.7% -1.6% 0.3x 16.7xPacific Online Ltd. China 0.31 -40% 340.1 301.8 38.3 - 106.5 46.7 43.9% 19.3% 2.8x 6.5xPandora Media, Inc. * United States 8.72 -66% 1,472.6 1,390.3 82.3 - 338.4 (26.7) NM 66.4% 4.1x NM Perform Group plc. * United Kingdom 6.17 -15% 1,474.2 1,438.0 54.1 15.3 196.8 35.4 18.0% 53.4% 7.3x 40.6x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 12/02/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPC Connection, Inc. United States 10.60 -18% 281.0 228.7 53.5 1.2 2,155.8 59.9 2.8% 2.4% 0.1x 3.8xPC Home Online Inc. Taiwan 4.23 -35% 346.0 262.8 95.1 - 503.4 18.0 3.6% 12.3% 0.5x 14.6xPC Mall Inc. United States 5.93 -11% 71.1 143.0 6.5 78.3 1,459.3 23.7 1.6% -2.1% 0.1x 6.0xPhoenix New Media Limited China 3.26 -58% 254.0 76.4 177.7 - 173.2 17.1 9.9% 31.5% 0.4x 4.5xQihoo 360 Technology Co. Ltd * China 24.99 -5% 2,982.6 2,636.1 348.2 - 288.4 62.6 21.7% 130.1% 9.1x 42.1xRealNetworks Inc. United States 7.27 -36% 256.2 (17.6) 273.7 - 271.8 (43.9) NM -23.1% NM 0.4xRediff.com India Limited * India 2.96 -69% 81.6 57.1 - - 17.0 (7.1) NM -23.0% 3.4x NM Renren Inc * China 3 43 -56% 1 290 6 398 1 892 5 - 160 1 (70 4) NM 50 9% 2 5x NM Renren Inc. * China 3.43 56% 1,290.6 398.1 892.5 160.1 (70.4) NM 50.9% 2.5x NM Scripps Networks Interactive, Inc. United States 59.04 -11% 8,847.3 10,191.4 439.2 1,384.1 2,256.0 1,038.9 46.1% 11.5% 4.5x 9.8xShutterfly, Inc. United States 26.95 -23% 975.1 885.1 90.0 - 552.6 51.7 9.4% 47.1% 1.6x 17.1xShutterstock, Inc. United States 25.60 -11% 857.9 868.8 28.8 12.0 155.2 27.4 17.6% 0.0% 5.6x 31.7xSify Technologies Limited India 2.00 -62% 263.3 282.2 - - 144.9 10.6 7.3% 1.9% 1.9x 26.6xSky-mobi Limited China 1.97 -65% 63.6 (31.3) 94.9 - 101.7 1.4 1.4% -5.6% NM NM Spark Networks, Inc. * United States 6.01 -13% 124.8 113.9 11.0 - 58.3 (4.4) NM 27.5% 2.0x NM Stamps.com Inc. United States 25.37 -24% 395.9 358.8 37.2 - 112.8 23.3 20.6% 16.2% 3.2x 15.4xTaomee Holdings Ltd. China 3.31 -49% 121.6 2.4 119.3 - 41.3 5.1 12.4% -11.1% 0.1x 0.5xTechTarget, Inc. United States 5.43 -31% 214.4 157.1 57.3 - 103.6 17.2 16.6% 0.1% 1.5x 9.1xThe Active Network, Inc. United States 5.36 -70% 324.6 248.9 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 26.5xTheStreet, Inc. * United States 1.68 -27% 55.3 18.5 36.8 - 51.2 (2.5) NM -12.1% 0.4x NM TripAdvisor Inc. United States 38.19 -20% 5,436.1 5,316.9 548.4 414.5 731.4 308.0 42.1% 17.6% 7.3x 17.3xTrulia, Inc. * United States 17.78 -33% 486.1 394.5 101.7 10.0 59.3 (6.8) NM 0.0% 6.7x NM United Online, Inc. United States 5.72 -5% 520.4 656.2 108.1 243.9 869.8 121.4 14.0% -4.7% 0.8x 5.4xValueVision Media Inc. * United States 1.83 -35% 89.8 97.3 30.5 38.0 556.9 (6.1) NM -5.6% 0.2x NM WebMD Health Corp. United States 14.05 -65% 688.8 519.4 969.4 800.0 487.8 39.6 8.1% -15.4% 1.1x 13.1xWebMediaBrands Inc * United States 2.31 -76% 13.9 19.1 2.5 7.6 14.0 (1.5) NM 19.4% 1.4x NM Yahoo! Inc. United States 18.77 -2% 22,199.1 13,868.1 8,413.2 38.2 4,964.9 1,321.4 26.6% -4.2% 2.8x 10.5xYandex N V Netherlands 21 82 48% 7 140 8 6 758 8 382 0 845 3 372 4 44 0% 48 9% 8 0x 18 2xYandex N.V. Netherlands 21.82 -48% 7,140.8 6,758.8 382.0 - 845.3 372.4 44.0% 48.9% 8.0x 18.2xYelp, Inc. * United States 18.91 -41% 1,197.0 1,073.9 123.1 - 121.3 (11.3) NM 64.7% 8.9x NM Youku Tudou Inc. * China 17.06 -48% 2,789.6 2,195.3 546.3 2.0 233.7 3.5 1.5% 98.3% 9.4x NM YY Inc. * China 14.17 -3% 753.7 630.1 123.6 - 105.9 14.0 13.3% 0.0% 5.9x 44.9xZillow, Inc. * United States 27.52 -41% 920.1 691.2 228.9 - 102.4 11.9 11.7% 83.7% 6.7x 57.9xZynga, Inc. * United States 2.46 -85% 1,928.6 705.5 1,323.0 100.0 1,281.3 (474.5) NM 25.1% 0.6x NM

Low 0.1x 0.4x

Mean 2.8x 16.3x



Median 1.9x 10.5x



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


MARKETING TECHNOLOGYTransactions by Subsegment and Buyer Type

• Content Management was the most active and highest value subsegment with 11 transactions worth approximately $173 million

• Select acquisitions› Perion Network’s $41 million acquisition of SweetIM Technologies, a developer of technologies and content for

online platforms, including SweetPacks, an emoticon and Internet chat add-on› Zillow’s $17 million acquisition of Mortech, a mortgage software company offering product and pricing engine

to help lenders match the right mortgage products to potential borrowers• Select investments

› The $85 million investment in Evernote, which which operates a Web and mobile-based personal data and productivity management tool, from Oak Investment Partners

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

Content Management 11 17% 173.4 34% 2 41.0 0 0.0 9 132.4

Social Technology 10 15% 27 1 5% 2 0 0 1 0 0 7 27 1



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Social Technology 10 15% 27.1 5% 2 0.0 1 0.0 7 27.1

Analytics & Reporting 8 12% 33.9 7% 2 0.6 0 0.0 6 33.3

MRM/Workflow Management 5 8% 79.6 15% 1 0.0 0 0.0 4 79.6

Teleservices/eServices 4 6% 3.3 1% 2 0.0 0 0.0 2 3.3

Commerce Management 3 5% 5.0 1% 3 5.0 0 0.0 0 0.0

CRM 3 5% 24.0 5% 1 0.0 0 0.0 2 24.0

E il/M i S ft 3 5% 26 6 5% 1 0 0 0 0 0 2 26 6Email/Messaging Software 3 5% 26.6 5% 1 0.0 0 0.0 2 26.6

Mobile Technology 3 5% 4.3 1% 2 0.0 0 0.0 1 4.3

Online Targeting/Optimization 3 5% 9.4 2% 1 0.0 0 0.0 2 9.4

SFA/Lead Management 3 5% 55.0 11% 1 0.0 0 0.0 2 55.0

Website Creation/Hosting 3 5% 14.0 3% 0 0.0 0 0.0 3 14.0

Other* 7 11% 59 11% 4 17 0 0 3 42


Total 66 100% 515 100% 22 64 1 0 43 451

*Other includes BI Tools, Marketing Asset Management, Product/Price Software, Search & Discovery, SEM/SEO Tools and Web to Print

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $34.61 -1% $17,133.9 $15,397.5 $3,247.4 $1,511.0 $4,402.4 $1,505.3 34.2% 8.1% 3.5x 10.2xsalesforce.com, inc United States 157.67 -4% 22,389.1 22,362.1 605.6 578.5 2,847.4 88.7 3.1% 36.1% 7.9x 252.0x

Akamai Technologies, Inc. United States $36.62 -9% $6,498.9 $6,033.7 $465.2 - $1,319.8 $528.1 40.0% 17.9% 4.6x 11.4xBazaarvoice, Inc. * United States 9.78 -54% 675.4 533.8 142.8 - 133.3 (33.1) NM 59.3% 4.0x NM Bitauto Holdings Limited China 6.62 -11% 272.7 192.1 80.5 - 147.9 20.2 13.6% 54.7% 1.3x 9.5xBlackbaud Inc. United States 22.34 -34% 1,009.2 1,230.1 25.6 246.4 422.4 61.1 14.5% 16.6% 2.9x 20.1xBrightcove, Inc. * United States 9.72 -62% 270.4 245.2 26.7 - 82.2 (9.7) NM 43.2% 3.0x NM ChinaCache International China 4.00 -53% 91.7 48.1 47.9 0.3 112.7 13.6 12.1% 0.0% 0.4x 3.5xDemandware, Inc. * United States 27.39 -20% 813.9 711.3 108.9 6.3 71.8 (4.3) NM 42.3% 9.9x NM Digital Generation, Inc. United States 10.60 -32% 292.9 1,289.3 68.6 1,065.0 391.3 111.6 28.5% 34.4% 3.3x 11.5xDigital River Inc. United States 14.61 -24% 519.1 197.9 675.0 353.8 396.9 52.4 13.2% 3.4% 0.5x 3.8xEloqua, Inc. * United States 18.05 -27% 622.0 536.5 85.5 - 90.1 0.1 0.1% 39.1% 6.0x NM ExactTarget, Inc. * United States 20.61 -31% 1,403.2 1,191.2 212.0 - 267.5 7.4 2.8% 43.1% 4.5x 161.4xFleetmatics Group Limited Ireland 21.78 -9% 749.6 904.9 9.0 33.0 117.5 19.8 16.9% 0.0% 7.7x 45.6xInformatica Corporation United States 26.87 -51% 2,899.5 2,315.2 584.3 - 804.0 155.9 19.4% 6.5% 2.9x 14.9xInnerWorkings Inc. United States 13.01 -14% 649.7 714.2 9.5 74.0 764.9 34.1 4.5% 29.9% 0.9x 21.0xInteractive Intelligence United States 32 12 -8% 620 9 561 3 59 5 - 224 5 14 1 6 3% 10 9% 2 5x 39 8xInteractive Intelligence United States 32.12 -8% 620.9 561.3 59.5 - 224.5 14.1 6.3% 10.9% 2.5x 39.8xJDA Software Group Inc. United States 44.66 -1% 1,924.5 1,789.8 408.3 273.6 657.8 168.1 25.6% 4.7% 2.7x 10.6xJive Software, Inc. * United States 14.46 -49% 930.0 799.9 141.5 11.4 103.7 (36.1) NM 49.3% 7.7x NM Keynote Systems Inc. United States 13.61 -37% 243.6 193.7 49.9 - 124.3 16.0 12.8% 20.7% 1.6x 12.1xLivePerson Inc. United States 13.19 -33% 736.9 633.6 103.3 - 151.4 21.3 14.1% 19.7% 4.2x 29.7xMercadolibre, Inc. Argentina 71.95 -31% 3,176.7 3,003.3 177.6 0.2 356.3 127.9 35.9% 29.7% 8.4x 23.5xNQ Mobile Inc. China 6.65 -48% 292.2 171.7 126.2 0.7 74.6 4.4 5.9% 118.6% 2.3x 39.0xOpen Text Corp. Canada 57.41 -8% 3,357.6 3,644.6 302.2 589.2 1,245.6 356.8 28.6% 12.8% 2.9x 10.2xPROS Holdings, Inc. United States 17.73 -14% 486.8 414.1 72.6 - 111.3 10.5 9.4% 22.9% 3.7x 39.4xRovi Corporation United States 15.34 -59% 1,645.7 2,306.6 821.2 1,482.1 680.1 213.0 31.3% 4.0% 3.4x 10.8xp , , , 3 3% 0% 3 0 8Splunk, Inc. * United States 30.20 -24% 2,922.3 2,649.0 268.3 - 176.9 (12.7) NM 76.0% 15.0x NM Synacor, Inc. United States 6.38 -65% 173.0 138.7 38.7 4.4 118.7 9.0 7.6% 47.9% 1.2x 15.4xTeradata Corporation United States 59.48 -27% 10,058.1 9,427.1 909.0 278.0 2,598.0 647.0 24.9% 16.1% 3.6x 14.6xThe Active Network, Inc. United States 5.36 -70% 324.6 248.9 78.5 2.8 401.3 9.4 2.3% 24.2% 0.6x 26.5xTIBCO Software Inc. United States 25.05 -28% 4,079.2 3,961.9 675.5 557.0 1,017.6 234.5 23.0% 16.7% 3.9x 16.9xVerint Systems Inc. United States 27.77 -15% 1,104.5 1,815.9 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.5xVocus Inc. * United States 17.06 -31% 353.2 401.7 30.6 1.6 154.2 1.7 1.1% 39.7% 2.6x 232.1xWeborama France 22.52 -30% 78.6 71.4 13.5 6.5 33.8 6.0 17.8% 35.7% 2.1x 11.9x

Summary MultiplesLow 0.4x 3.5x

Mean 3.8x 32.6x

Median 3.0x 15.1x



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




SOFTWARE & INFORMATIONTransactions by Subsegment and Buyer Type

• Healthcare Software was the most active subsegment within Software & Information with nine transactions, while ERP Software was the highest value subsegment worth $2.5 billion

• Select acquisitions› RedPrairie’s $1.9 billion acquisition of JDA Software, an enterprise software solutions company that enable

planning, optimization and execution of supply chain, merchandising and pricing processes for f t h l l d di t ib t t il d t d d f t tmanufacturers, wholesalers and distributors, retailers and government and aerospace defense contractors

› NCR’s $605 million acquisition of Retalix, a provider of integrated software solutions for high-volume retailers and distributors to help manage and optimize operations, strengthen brand differentiation, enhance shopper experience and build consumer loyalty

• Select investments› The $49 million investment in Xero, a New Zealand-based provider of online accounting software for small

businesses, from Matrix Capital Management and Valar Ventures› The $12 million investment in Hello Health, which provides a Web-based patient management platform and

professional services for healthcare practitioners, led by First Generation Capital

BUYER/INVESTOR BREAKDOWNSOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

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

Healthcare Software 9 24% 31.0 1% 4 0.0 0 0.0 5 31.0

ERP Software 6 16% 2,518.0 93% 4 2,518.0 1 0.0 1 0.0

Human Capital Management Software 5 14% 7.5 0% 1 0.0 0 0.0 4 7.5

Financial Software 4 11% 49.0 2% 2 0.0 1 0.0 1 49.0

/


Infrastructure Software 4 11% 56.2 2% 2 50.0 0 0.0 2 6.2

Geo-Demo Software 3 8% 2.0 0% 1 0.0 0 0.0 2 2.0

Financial Information 2 5% 42.0 2% 2 42.0 0 0.0 0 0.0

Engineering Software 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0

Marketing Data 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0

Product/Price Information 1 3% 7.5 0% 0 0.0 0 0.0 1 7.5


/

Unclassified Software 1 3% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 37 100% 2,713 100% 19 2,610 2 0 16 103

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $8.81 -8% $490.2 $349.2 $140.9 - $158.1 $14.9 9.4% 16.3% 2.2x 23.5xActuate Corporation United States 5.33 -27% 261.0 186.4 74.6 - 138.6 27.3 19.7% 5.0% 1.3x 6.8xAcxiom Corporation United States 17.69 -7% 1,319.0 1,398.5 188.4 268.0 1,117.3 230.8 20.7% -1.8% 1.3x 6.1xAdobe Systems Inc. United States 34.61 -1% 17,133.9 15,397.5 3,247.4 1,511.0 4,402.4 1,505.3 34.2% 8.1% 3.5x 10.2xAdvent Software, Inc. United States 22.26 -21% 1,117.3 1,018.9 144.7 46.3 353.1 70.1 19.9% 11.9% 2.9x 14.5xThe Advisory Board Company United States 45.25 -13% 1,576.1 1,480.8 95.2 - 413.8 66.4 16.0% 30.5% 3.6x 22.3xAkamai Technologies, Inc. United States 36.62 -9% 6,498.9 6,033.7 465.2 - 1,319.8 528.1 40.0% 17.9% 4.6x 11.4xAlliance Data Systems Corporation United States 142.49 -2% 7,104.0 14,147.3 766.3 7,809.6 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3xAllocate Software plc. United Kingdom 1.27 -13% 81.6 74.7 12.8 6.2 56.3 8.0 14.2% 21.7% 1.3x 9.3xAllscripts Healthcare Solutions, Inc. United States 11.12 -49% 1,906.7 2,274.7 93.7 461.7 1,483.6 227.2 15.3% 9.0% 1.5x 10.0xArbitron Inc. United States 36.37 -9% 951.5 914.5 37.1 - 445.3 123.2 27.7% 7.6% 2.1x 7.4xathenahealth, Inc. United States 63.69 -35% 2,310.2 2,130.0 180.2 - 398.5 50.0 12.5% 32.4% 5.3x 42.6xAutomatic Data Processing, Inc. United States 56.75 -5% 27,548.2 26,854.1 1,153.1 459.0 10,806.9 2,364.0 21.9% 7.6% 2.5x 11.4xAveva Group plc United Kingdom 32.81 -2% 2,230.6 1,963.9 268.3 - 335.9 99.7 29.7% 15.3% 5.8x 19.7xAVG Technologies N.V. Netherlands 13.77 -11% 743.8 810.0 86.7 152.9 335.1 98.7 29.4% 31.1% 2.4x 8.2xBlackbaud Inc. United States 22.34 -34% 1,009.2 1,230.1 25.6 246.4 422.4 61.1 14.5% 16.6% 2.9x 20.1xBooz Allen Hamilton Holding Corporation United States 14.01 -27% 1,902.1 3,150.7 489.0 1,737.6 5,803.4 503.0 8.7% 0.8% 0.5x 6.3xB i j i G Pl U it d Ki d 3 71 37% 46 5 42 7 3 8 34 5 4 8 14 0% 20 6% 1 2 8 8Brainjuicer Group Plc United Kingdom 3.71 -37% 46.5 42.7 3.8 - 34.5 4.8 14.0% 20.6% 1.2x 8.8xBroadridge Financial Solutions, Inc. United States 23.61 -5% 2,885.7 3,198.3 211.8 524.4 2,322.9 343.3 14.8% 4.5% 1.4x 9.3xCegedim SA France 20.28 -47% 283.3 908.9 72.7 681.5 1,151.6 181.8 15.8% -5.3% 0.8x 5.0xCello Group Plc United Kingdom 0.63 -16% 51.9 73.9 1.9 23.4 212.2 12.5 5.9% 8.1% 0.3x 5.9xCerner Corporation United States 77.22 -13% 13,248.2 12,406.0 1,039.0 196.7 2,517.7 687.4 27.3% 23.1% 4.9x 18.0xCision AB Sweden 7.96 -15% 118.1 175.5 6.9 65.0 151.4 26.3 17.4% 1.1% 1.2x 6.7xcomScore, Inc. United States 13.31 -44% 474.2 432.3 59.1 17.2 249.4 22.5 9.0% 12.9% 1.7x 19.2xConcur Technologies, Inc. * United States 65.71 -14% 3,618.8 3,367.7 503.3 251.6 439.8 50.7 11.5% 25.8% 7.7x 66.4xConstant Contact, Inc. United States 13.32 -59% 406.9 318.7 88.2 - 243.4 22.6 9.3% 19.1% 1.3x 14.1xCoreLogic, Inc. United States 25.84 -12% 2,518.7 3,146.1 176.6 801.9 1,502.6 295.1 19 6% 14 8% 2 1x 10 7xCoreLogic, Inc. United States 25.84 12% 2,518.7 3,146.1 176.6 801.9 1,502.6 295.1 19.6% 14.8% 2.1x 10.7xCornerstone OnDemand, Inc. * United States 28.04 -14% 1,415.5 1,355.4 64.5 4.4 103.9 (25.0) NM 68.1% 13.0x NM CoStar Group Inc. United States 86.86 -2% 2,454.7 2,495.0 130.3 170.6 316.0 62.6 19.8% 29.6% 7.9x 39.8xCRA International Inc. United States 17.68 -37% 179.0 139.2 42.3 1.7 277.8 27.0 9.7% 0.0% 0.5x 5.1xCraneware plc United Kingdom 7.45 -23% 201.1 171.7 28.8 - 41.1 11.3 27.6% 7.7% 4.2x 15.1xDigital Generation, Inc. United States 10.60 -32% 292.9 679.3 68.6 455.0 391.3 111.6 28.5% 34.4% 1.7x 6.1xDigital River Inc. United States 14.61 -24% 519.1 197.9 675.0 353.8 396.9 52.4 13.2% 3.4% 0.5x 3.8xDun & Bradstreet Corp. United States 79.18 -8% 3,528.7 4,419.7 137.0 1,024.1 1,698.6 527.4 31.0% -2.5% 2.6x 8.4xE2open, Inc. * United States 14.11 -22% 353.5 315.0 40.0 1.4 70.2 3.5 5.0% 0.0% 4.5x 89.8xEbiquity plc United Kingdom 1.51 -5% 83.4 103.7 10.0 29.9 85.9 13.8 16.0% 19.8% 1.2x 7.5xEbix Inc. United States 16.82 -37% 640.3 692.9 31.0 83.6 189.4 78.0 41.2% 18.4% 3.7x 8.9xEnvestnet, Inc. United States 13.90 -1% 449.5 428.4 21.1 - 143.4 15.4 10.8% 19.3% 3.0x 27.7xEPIQ Systems, Inc. United States 11.99 -13% 430.4 660.1 3.3 233.0 325.1 75.2 23.1% 28.5% 2.0x 8.8xEpocrates, Inc. * United States 10.09 -16% 251.0 171.8 79.1 - 110.1 (2.5) NM -3.4% 1.6x NM Equifax Inc. United States 51.24 -1% 6,128.2 6,853.7 267.2 968.3 2,112.1 683.4 32.4% 9.3% 3.2x 10.0xExperian plc Ireland 16.62 -5% 16,406.7 18,645.7 627.0 2,740.0 4,621.0 1,533.0 33.2% 14.4% 4.0x 12.2xFactSet Research Systems Inc. United States 92.39 -15% 4,089.2 3,886.2 203.0 - 805.8 306.8 38.1% 10.9% 4.8x 12.7xFair Isaac Corp. United States 42.82 -11% 1,495.1 1,905.5 93.6 504.0 676.4 195.0 28.8% 9.2% 2.8x 9.8xFidelity National Information Services, Inc. United States 36.10 -1% 10,584.5 14,696.8 576.6 4,543.8 5,888.9 1,717.6 29.2% 5.9% 2.5x 8.6x

d l d d 22 3 20% 839 6 8 3 9 3 90 6


Fidessa group plc United Kingdom 22.73 -20% 839.6 758.3 79.5 - 443.1 90.6 20.4% 4.3% 1.7x 8.4xFinancial Engines, Inc. United States 26.22 -2% 1,241.0 1,074.6 166.4 - 175.3 30.7 17.5% 28.6% 6.1x 35.0xForrester Research Inc. United States 28.01 -23% 624.5 395.8 228.7 - 292.5 50.2 17.2% 6.0% 1.4x 7.9xFTI Consulting, Inc. United States 30.91 -31% 1,243.3 1,834.2 126.9 717.8 1,568.2 254.0 16.2% 2.3% 1.2x 7.2x



Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGartner Inc. United States 47.88 -7% 4,484.2 4,439.8 255.4 211.0 1,568.8 258.4 16.5% 10.2% 2.8x 17.2xGfK SE Germany 48.42 -9% 1,767.6 2,350.8 87.9 608.6 1,890.7 248.4 13.1% 8.2% 1.2x 9.5xGreen Dot Corporation United States 12.43 -65% 445.9 258.0 237.0 49.1 543.6 95.8 17.6% 18.4% 0.5x 2.7xHarris Interactive Inc. United States 1.36 -16% 78.5 72.8 10.6 4.9 142.7 10.5 7.4% -11.6% 0.5x 6.9xHarte-Hanks Inc. United States 5.29 -48% 332.1 409.6 35.8 113.3 814.7 87.5 10.7% -5.5% 0.5x 4.7xIHS Inc. United States 92.14 -23% 6,075.4 6,788.5 298.4 1,011.5 1,486.2 308.3 20.7% 20.3% 4.6x 22.0xInfoblox Inc. * United States 18.96 -21% 891.6 723.4 168.2 - 179.4 (1.9) NM 25.4% 4.0x NM Informa plc Switzerland 6 74 -7% 4 050 9 5 409 2 83 3 1 412 4 1 976 5 561 4 28 4% 1 8% 2 7x 9 6xInforma plc Switzerland 6.74 7% 4,050.9 5,409.2 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 2.7x 9.6xInformatica Corporation United States 26.87 -51% 2,899.5 2,315.2 584.3 - 804.0 155.9 19.4% 6.5% 2.9x 14.9xInformation Services Group, Inc. United States 1.00 -33% 36.2 86.0 15.0 64.8 184.4 12.1 6.6% 9.6% 0.5x 7.1xInnerWorkings Inc. United States 13.01 -14% 649.7 714.2 9.5 74.0 764.9 34.1 4.5% 29.9% 0.9x 21.0xInteractive Intelligence Group Inc. United States 32.12 -8% 620.9 561.3 59.5 - 224.5 14.1 6.3% 10.9% 2.5x 39.8xInternational Datacasting Corporation * Canada 0.18 -50% 10.6 6.2 4.4 0.0 29.6 (1.4) NM -18.1% 0.2x NM Ipsos SA France 34.49 -7% 1,562.8 2,476.0 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.2x 10.7xIsoftstone Holdings Limited China 4.22 -62% 235.3 203.0 72.5 38.0 362.8 37.6 10.4% 39.9% 0.6x 5.4xJDA Software Group Inc. United States 44.66 -1% 1,924.5 1,789.8 408.3 273.6 657.8 168.1 25.6% 4.7% 2.7x 10.6xJohn Wiley & Sons Inc. United States 42.70 -18% 2,560.7 2,927.7 149.3 516.3 1,763.4 326.7 18.5% -0.1% 1.7x 9.0xKenexa Corp. United States 45.92 -1% 1,267.7 1,212.7 63.9 4.1 333.1 24.8 7.4% 25.3% 3.6x 48.9xKeynote Systems Inc. United States 13.61 -37% 243.6 193.7 49.9 - 124.3 16.0 12.8% 20.7% 1.6x 12.1xLender Processing Services, Inc. United States 24.85 -20% 2,108.6 3,034.5 160.7 1,086.6 2,085.7 274.1 13.1% -2.7% 1.5x 11.1xMacdonald Dettwiler & Associates Ltd. Canada 52.82 -15% 1,682.3 1,566.1 220.3 103.1 696.0 161.1 23.1% -13.4% 2.3x 9.7xMedAssets, Inc. United States 16.10 -14% 950.8 1,858.8 8.2 916.2 633.1 193.5 30.6% 19.8% 2.9x 9.6xMerge Healthcare Incorporated United States 3.27 -53% 304.5 511.0 44.0 250.0 248.3 45.7 18.4% 15.8% 2.1x 11.2xMoody's Corp. United States 48.58 -2% 10,828.5 11,074.5 1,541.2 1,707.5 2,543.2 1,087.6 42.8% 11.6% 4.4x 10.2xMorningstar Inc. United States 63.83 -1% 3,008.4 2,668.4 341.6 - 646.3 188.4 29.1% 3.6% 4.1x 14.2xMSCI Inc. United States 29.00 -24% 3,540.8 3,971.9 434.3 865.5 929.2 415.7 44.7% 0.0% 4.3x 9.6xNational Research Corp. United States 53.78 -8% 368.6 366.9 15.0 13.3 83.5 27.1 32.5% 15.2% 4.4x 13.5xNavigant Consulting Inc. United States 10.41 -29% 532.5 687.4 1.2 156.1 720.0 103.3 14.4% 4.9% 1.0x 6.7xNielsen Holdings N.V. Netherlands 28.32 -12% 10,256.7 16,642.7 325.0 6,706.0 5,569.0 1,380.0 24.8% 1.6% 3.0x 12.1xOnvia Inc. * United States 3.72 -13% 31.7 19.4 12.4 0.1 22.0 (0.4) NM -8.6% 0.9x NM Open Text Corp. Canada 57.41 -8% 3,357.6 3,644.6 302.2 589.2 1,245.6 356.8 28.6% 12.8% 2.9x 10.2xPalo Alto Networks, Inc. * United States 54.42 -25% 3,723.0 3,400.4 322.6 - 255.1 10.0 3.9% 115.1% 13.3x NM Parametric Technology Corporation United States 20.25 -30% 2,419.5 2,299.9 489.5 370.0 1,255.7 223.3 17.8% 7.6% 1.8x 10.3xPaychex, Inc. United States 32.54 -6% 11,826.9 11,436.0 390.9 - 2,244.9 959.9 42.8% 5.4% 5.1x 11.9xProofpoint, Inc. * United States 11.00 -38% 350.8 274.5 80.7 4.4 100.3 (12.2) NM 30.0% 2.7x NM PROS Holdings Inc United States 17 73 -14% 486 8 414 1 72 6 - 111 3 10 5 9 4% 22 9% 3 7x 39 4xPROS Holdings, Inc. United States 17.73 -14% 486.8 414.1 72.6 - 111.3 10.5 9.4% 22.9% 3.7x 39.4xQlik Technologies, Inc. * United States 19.38 -42% 1,664.7 1,471.7 193.1 0.0 359.1 17.5 4.9% 22.2% 4.1x 84.2xQuality Systems Inc. United States 18.21 -60% 1,081.1 959.1 122.0 - 456.2 116.0 25.4% 14.9% 2.1x 8.3xRealogy Holdings Corp. United States 37.71 -5% 5,281.1 12,721.1 141.0 7,579.0 4,393.0 487.0 11.1% 6.3% 2.9x 26.1xRealPage, Inc. United States 19.79 -32% 1,492.8 1,481.6 36.2 25.0 307.6 34.1 11.1% 27.7% 4.8x 43.4xReed Elsevier plc United Kingdom 10.30 -4% 22,713.0 10,503.7 3.8 11.4 9,342.4 2,663.3 28.5% 4.0% 1.1x 3.9xReis, Inc. United States 12.83 -4% 137.3 122.4 15.0 - 29.6 5.8 19.4% 12.4% 4.1x 21.3xSage Group plc United Kingdom 4.99 -5% 6,058.1 5,862.4 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.7x 9.5xsalesforce.com, inc * United States 157.67 -4% 22,389.1 22,362.1 605.6 578.5 2,847.4 88.7 3.1% 36.1% 7.9x 252.0xSolera Holdings Inc. United States 26.60 NA 1,924.8 2,532.0 542.9 1,150.1 787.2 336.0 42.7% 8.7% 3.2x 7.5x


gServiceNow, Inc. * United States 32.63 -22% 4,079.5 3,823.0 256.5 - 226.4 (28.7) NM 0.0% 16.9x NM SPS Commerce, Inc. * United States 36.86 -11% 541.2 471.5 69.7 - 70.5 6.0 8.5% 30.4% 6.7x 78.9xSS&C Technologies Holdings, Inc. United States 23.59 -13% 1,860.2 2,850.7 80.3 1,070.8 475.8 179.6 37.8% 31.7% 6.0x 15.9x



Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAStreamline Health Solutions, Inc. United States 5.29 -20% 66.6 66.6 4.1 4.1 19.3 2.6 13.5% 9.4% 3.4x 25.5xTemenos Group AG Switzerland 17.00 -21% 1,172.0 1,351.1 72.6 248.9 443.0 47.0 10.6% -10.7% 3.0x 28.8xThe Dolan Company United States 3.43 -68% 104.0 279.2 15.6 192.0 275.8 42.5 15.4% 0.9% 1.0x 6.6xThe Hackett Group, Inc. United States 3.56 -46% 108.5 122.0 14.5 28.0 207.7 20.0 9.6% 6.7% 0.6x 6.1xThe McGraw-Hill Companies, Inc. United States 53.11 -6% 14,748.6 15,588.6 1,245.0 1,199.0 6,350.0 1,797.0 28.3% 2.1% 2.5x 8.7xThomson Reuters Corporation United States 27.53 -10% 22,753.7 29,458.8 850.0 7,270.0 13,456.0 3,013.0 22.4% -1.7% 2.2x 9.8xTIBCO Software Inc. United States 25.05 -28% 4,079.2 3,961.9 675.5 557.0 1,017.6 234.5 23.0% 16.7% 3.9x 16.9xThe Ultimate Software Group, Inc. * United States 94.51 -11% 2,580.3 2,509.3 81.9 10.9 312.8 36.1 11 5% 21 8% 8 0x 69 6xThe Ultimate Software Group, Inc. United States 94.51 11% 2,580.3 2,509.3 81.9 10.9 312.8 36.1 11.5% 21.8% 8.0x 69.6xVerint Systems Inc. United States 27.77 -15% 1,104.5 1,815.9 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.5xVerisk Analytics, Inc. United States 49.84 -4% 8,313.2 9,778.1 102.7 1,567.5 1,470.2 657.4 44.7% 15.5% 6.7x 14.9xVocus Inc. * United States 17.06 -31% 353.2 401.7 30.6 1.6 154.2 1.7 1.1% 39.7% 2.6x 232.1xWageWorks, Inc. United States 18.47 -7% 520.4 326.0 238.9 44.5 164.6 24.1 14.6% 26.3% 2.0x 13.5xWolters Kluwer NV Netherlands 19.23 -3% 5,693.0 8,677.9 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 2.0x 7.9xYouGov PLC United Kingdom 1.22 -7% 118.3 107.0 11.7 0.5 91.2 9.4 10.3% 3.6% 1.2x 11.4x

Low 0.2x 2.7x


and EBITDA m ltiples that a e 1 0 standa d de iations abo e the mean (57 1 ) Mean 3.1x 21.4x

Median 2.6x 10.7x





OOH & SPECIALTY MEDIATransactions by Subsegment and Buyer Type

• There were nine Out-of-Home & Specialty Media transactions announced across the B-to-B Media, Digital Place-Based Media and Traditional Outdoor subsegments

• Select acquisitions› AccentHealth’s acquisition of the wall-mounted patient education and ad business from Havas› Advanstar Communication’s acquisition of ENK International which organizes fashion events in New York › Advanstar Communication s acquisition of ENK International, which organizes fashion events in New York,

Las Vegas, Europe and Asia› Van Wagner Communications’ acquisition of Fuel Outdoor, an outdoor advertising company offering a range

of options, including bulletins, bus shelters, metro light panels, spectaculars, scaffolds and wallscapes for advertisers and media buyers to market a campaign

• Select investments› The $0.7 million investment in Captive Media, a U.K.-based digital place-based advertising company, from a

group of six angels investors

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

B-to-B Media 5 56% 0.0 0% 5 0.0 0 0.0 0 0.0

Digital Place-Based Media 2 22% 0.7 100% 1 0.0 0 0.0 1 0.7

Traditional Outdoor 2 22% 0.0 0% 2 0.0 0 0.0 0 0.0

Total 9 100% 1 100% 8 0 0 0 1 1


OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.16 -46% $135.3 $17.7 $116.1 $0.0 $289.1 $23.2 8.0% 13.7% 0.1x 0.8xClear Channel Outdoor Holdings Inc. United States 6.50 -56% 2,321.9 6,766.6 534.9 4,738.5 2,959.8 675.1 22.8% -0.7% 2.3x 10.0xClear Media Ltd. Hong Kong 0.51 -20% 268.9 144.9 135.4 - 194.6 76.8 39.5% 10.4% 0.7x 1.9xDHX Media Ltd. Canada 1.80 -10% 184.0 194.9 20.4 31.4 70.3 7.8 11.1% 15.1% 2.8x 25.0xFocus Media Holding Ltd. Hong Kong 24.29 -19% 3,140.5 2,646.5 703.0 200.0 938.4 359.6 38.3% 34.9% 2.8x 7.4xJCDecaux SA France 22.63 -26% 5,022.2 5,135.7 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.6x 7.2xLamar Advertising Co. * United States 39.27 -5% 3,678.0 5,715.2 38.4 2,075.6 1,165.6 507.1 43.5% 4.0% 4.9x 11.3xMood Media Corporation Canada 1.72 -61% 294.3 762.7 11.4 480.7 455.2 117.6 25.8% 88.5% 1.7x 6.5xNational CineMedia, Inc. United States 14.30 -15% 803.3 1,680.6 82.4 874.6 447.5 214.6 48.0% 2.0% 3.8x 7.8xNTN Buzztime Inc. * United States 0.22 -46% 15.6 13.4 2.4 0.2 24.2 0.1 0.2% 0.5% 0.6x 231.7xTom Group Ltd. * Hong Kong 0.11 -21% 426.7 647.4 110.1 285.8 301.4 1.2 0.4% -0.2% 2.1x NM Valassis Communications Inc. United States 25.98 -6% 1,019.0 1,526.5 90.3 597.8 2,178.0 287.7 13.2% -4.1% 0.7x 5.3x

Low 0.1x 0.8x

Mean 2.0x 28.6x

Median 1.9x 7.4x







MARKETING SERVICESTransactions by Subsegment and Buyer Type

• There were six acquisitions and three investments in the Marketing Services segment in November• Select acquisitions

› Google’s acquisition of Canada-based BufferBox, which provides a service for delivering eCommerce goods to physical kiosks in grocery and convenience stores

› NCS Fulfillment’s acquisition of Starr Fulfillment which provides a broad range of Web-based fulfillment › NCS Fulfillment s acquisition of Starr Fulfillment, which provides a broad range of Web based fulfillment services for both paid and controlled magazines

› Precision Dialogue’s acquisition of Hub Marketing Solutions, a provider of marketing data management and business intelligence solutions designed to enable dialogue-based customer management strategies

• Select investments› The $10 million investment in China Rewards which provides loyalty marketing services in China from › The $10 million investment in China Rewards, which provides loyalty marketing services in China, from

loyalty management companies Aimia and Points International

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



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Contact Center 2 22% 0.6 5% 2 0.6 0 0.0 0 0.0

Logistics 2 22% 0.0 0% 1 0.0 0 0.0 1 0.0

Loyalty/Retention 2 22% 11.1 95% 0 0.0 0 0.0 2 11.1

Database/Analytics 1 11% 0.0 0% 1 0.0 0 0.0 0 0.0

Fulfillment 1 11% 0.0 0% 1 0.0 0 0.0 0 0.0

Printing Services 1 11% 0.0 0% 1 0.0 0 0.0 0 0.0g

Total 9 100% 11.7 100% 6 0.6 0 0.0 3 11.1


MARKETING SERVICES PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 11/30/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $17.69 -7% $1,319.0 $1,398.5 $188.4 $268.0 $1,117.3 $230.8 20.7% -1.8% 1.3x 6.1xAimia Inc. Canada 14.85 -4% 2,557.8 2,762.5 386.9 604.0 2,163.8 284.6 13.2% -1.9% 1.3x 9.7xAlliance Data Systems * United States 142.49 -2% 7,104.0 14,147.3 766.3 7,809.6 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3xAMREP Corporation United States 7.98 -23% 47.8 48.9 22.0 23.1 83.4 3.4 4.1% -10.4% 0.6x 14.3xCenveo Inc. United States 2.34 -55% 149.2 1,355.7 10.3 1,216.9 1,832.2 208.2 11.4% 3.1% 0.7x 6.5xConsolidated Graphics, United States 34.04 -39% 327.2 486.2 8.2 167.2 1,036.4 100.1 9.7% -3.0% 0.5x 4.9xConvergys Corporation United States 15.61 -10% 1,703.8 1,035.0 729.4 60.6 2,325.5 293.1 12.6% 15.9% 0.4x 3.5xData Group Inc Canada 2 16 -63% 50 8 153 6 - 103 5 344 4 28 0 8 1% 3 7% 0 4x 5 5xData Group Inc Canada 2.16 -63% 50.8 153.6 - 103.5 344.4 28.0 8.1% 3.7% 0.4x 5.5xDST Systems Inc. United States 57.64 -1% 2,599.6 3,270.0 431.1 1,101.5 2,541.4 359.8 14.2% 8.3% 1.3x 9.1xElanders AB Sweden 3.15 -17% 71.7 167.7 22.3 119.5 294.3 32.8 11.1% 8.0% 0.6x 5.1xFair Isaac Corp. * United States 42.82 -11% 1,495.1 1,905.5 93.6 504.0 676.4 195.0 28.8% 9.2% 2.8x 9.8xHarte-Hanks Inc. United States 5.29 -48% 332.1 409.6 35.8 113.3 814.7 87.5 10.7% -5.5% 0.5x 4.7xInnerWorkings Inc. * United States 13.01 -14% 649.7 714.2 9.5 74.0 764.9 34.1 4.5% 29.9% 0.9x 21.0xInnotrac Corp. United States 2.90 -19% 38.1 39.3 1.7 2.8 98.4 6.1 6.2% 19.5% 0.4x 6.4xInsignia Systems Inc. * United States 1.78 -21% 24.2 4.4 19.8 - 19.0 (3.5) NM -6.3% 0.2x NM Points International Ltd. * Canada 10.97 -18% 166.4 132.6 34.1 - 131.6 5.1 3.9% 12.5% 1.0x 26.0xQuad/Graphics, Inc. United States 16.20 -20% 764.9 2,095.1 18.6 1,348.2 4,179.1 578.2 13.8% -4.3% 0.5x 3.6xR.R. Donnelley & Sons United States 9.40 -38% 1,694.8 5,107.2 392.9 3,786.4 10,283.1 1,257.0 12.2% -3.0% 0.5x 4.1xStarTek, Inc. * United States 4.18 -2% 63.4 54.2 9.2 - 194.1 1.1 0.6% -16.7% 0.3x 50.3xSykes Enterprises, United States 14.66 -21% 627.6 549.0 176.6 98.0 1,099.7 104.4 9.5% -5.6% 0.5x 5.3xTeleperformance France 34.82 -1% 1,928.9 1,903.1 200.9 169.4 2,777.9 360.2 13.0% 2.6% 0.7x 5.3xTeleTech Holdings Inc. United States 17.02 -7% 914.2 849.0 170.4 91.1 1,168.3 139.5 11.9% 0.8% 0.7x 6.1xTranscontinental Inc. Canada 9.63 -28% 764.5 1,275.8 28.5 534.9 2,100.1 373.3 17.8% 3.9% 0.6x 3.4xValassis Communications United States 25.98 -6% 1,019.0 1,526.5 90.3 597.8 2,178.0 287.7 13.2% -4.1% 0.7x 5.3xViad Corp United States 22.48 -4% 455.4 342.4 124.2 2.3 1,020.1 65.4 6.4% 9.5% 0.3x 5.2xVistaprint N.V. Netherlands 31.05 -29% 1,063.8 1,263.8 59.3 259.3 1,059.3 103.6 9.8% 23.3% 1.2x 12.2x

Low 0.2x 3.4x

Mean 0.7x 9.7x

Median 0.5x 5.3x






NOVEMBER SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 1.9x 1.4x 3.5x 2.5xAgency/Consulting 0.9x 0.8x 1.3x 1.2xOOH & Specialty Media 2 0 1 9 2 7 2 1

Revenue Multiples

OOH & Specialty Media 2.0x 1.9x 2.7x 2.1xDigital Media/Commerce 2.8x 1.9x 4.1x 3.3xMarketing Technology 3.8x 3.0x 4.7x 4.1xSoftware & Information 3.1x 2.6x 3.8x 3.5xMarketing Services 0.7x 0.5x 0.9x 0.7x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 19.0x 9.9x 16.5x 11.9xAgency/Consulting 7.3x 6.0x 8.5x 8.0xOOH & S i lt M di

EBITDA Multiples

OOH & Specialty Media 28.6x 7.4x 8.5x 8.5xDigital Media/Commerce 15.8x 10.4x 19.0x 12.3xMarketing Technology 32.6x 15.1x 19.7x 16.1xSoftware & Information 21.4x 10.7x 28.2x 12.3xMarketing Services 9.7x 5.3x 7.2x 6.3x

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

As of close of business on 11/30/12.

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


PPLLC INDICES – LTM as of 11/30/12

120

130

%)

120

130

%)

Index Performance

• S&P 500 – 13.6%

Index Performance

• S&P 500 – 13.6%

90

100

110

Ind

ex P

erfo

rman

ce (

90

100

110

120

Ind

ex P

erfo

rman

ce (

%S&P 500 13.6%

• Digital Advertising – 13.6%

S&P 500 13.6%

• Marketing Technology – 7.3%

80

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

S&P 500 Digital Advertising

120

130

e (%

)

120

130

(%)

80


S&P 500 Marketing Technology

Index Performance

• S&P 500 – 13.6%

Index Performance

• S&P 500 – 13.6%

90

100

110

Ind

ex P

erfo

rman

ce

90

100

110

Ind

ex P

erfo

rman

ce (

• Agency/Consulting – 17.3%• Software & Information – 14.8%

120

130

(%)


S&P 500 Software & Information

80


S&P 500 Agency/Consulting

120

130

ce (

%)

Index Performance

• S&P 500 – 13.6%

Index Performance

• S&P 500 – 13.6%

70

80

90

100

110

Ind

ex P

erfo

rman

ce

80

90

100

110

Ind

ex P

erfo

rman

c• Digital Media/ Commerce – 11.8%

• OOH & Specialty Media – 0.3%

• Marketing Services– 14.1%



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


S&P 500 Marketing Services

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

JDA Software Group, Inc. RedPrairie Corporation $1,900.0Kayak Software Corporation Priceline.com, Inc. 1,629.0Retalix, Ltd. NCR Corporation 605.1Ziff Davis Media, Inc. j2 Global Communications, Inc. 167.0I b A l S i AG 163 0Immoweb Axel Springer AG 163.0GetGlue Viggle, Inc. 78.6ZiiLabs Intel Corporation 50.0Xtrakter MarketAxess Holdings 42.0SweetIM Technologies Perion Network Ltd. 41.0Longboard Media BazaarVoice, Inc. 32.7Hotel Travel Group MakeMyTrip Limited 25.0Mortech Zillow, Inc. 17.0Zillow Inc HotPads Inc 16 0Zillow, Inc. HotPads, Inc. 16.0Meetings.io and Producteev Jive Software, Inc. 13.5ActiveStrategy, Inc. Advisory Board Company 12.9Orbital Marketing Services Group John Menzies PLC 12.350 Below Sales & Marketing ARI Network Services, Inc. 5.0NuORDER, Inc. GRP Partners 3.0Aptilon Holdings, Multichannel & Marketing Business Indegene Lifesystems Pvt. Ltd. 1.5Veenome India Venture Partners 0.6Call Stream My Net Fone Australia Pty Ltd. 0.6

StrategicUndisclosed

4 Paws Marketing Digital Net Agency, Inc. - A&N Media, job portal assets Alma Media Corporation - ActivePath, Inc. PowerInbox - Adient adQuota - Amazing Charts PRI MED Amazing Charts PRI-MED - Apptivation Mobile Limited WhiteWater West Industries Ltd. - Aptilon Corporation, Inc. Indegene Lifesystems Pvt. Ltd. - Avvo, Health Business HealthTap - Azaleos Avanade, Inc. - BufferBox Google - Bundle Capital One Financial - Certify Data Systems, Inc. Humana, Inc. -


y y , ,CorvisaCloud Novation Companies, Inc. - CR Software FICO -


Reported


Value StrategicUndisclosed

Cream Events Edelman - Cumulus Systems Hitachi Information Systems - Dell's Revenue Cycle Solutions Conifer Health Solutions, LLC - Demotix Corbis Images - Demotix Corbis Images Design Royale Edelman India - Digital Goldfish Ninja Kiwi - DJM Digital Solutions Creston plc - Earthmine Nokia Corporation - Eco Exhibitions Sdn Bhd UBM plc - Encore Imaging Systems KeyMark, Inc. - ENGAGE Pty LivePerson, Inc. - ENK International Advanstar Communications - EPAMEDIA Joj Media House, A.S. - EPM Live Silverback Enterprise Group, Inc. - Exclusively.In, Inc. Myntra.com - Farm Progress Penton Media, Inc. - Fios Document Technologies, Inc. - Fuel Outdoor Holdings, LLC Van Wagner Communications - Geni Inc MyHeritage Inc Geni, Inc. MyHeritage, Inc. - Greenlight Transcription iMedX - Havas, Patient Education Wallboard Business AccentHealth - Haywire Technology Electric Lime Media - Hub Marketing Solutions Precision Dialogue - Hyper Marketing, Inc. Alliance Data Systems Corporation - Icapturemarketing.com Eniche Solutions - iCircular Wanderful Media - Incentive Targeting, Inc. Google, Inc. - Inform Bisnode AB - Instantis Oracle Corporation - IQ Mobile Aegis Media - iQiyi.com Baidu, Inc. - Legal Tells Gadzoog - MaxHire and Sendouts Bullhorn, Inc. - M di l P ti S l ti 1 800 WE ANSWER


Medical Practice Solutions 1-800 WE ANSWER - Meteor Solutions, Inc. Rio SEO - Micro Giving Foundation DonorCommunity, Inc. -


Reported



MovieSocial.com Xhibit Interactive - MunicipalBonds.com Mitre Media - Nclud BrowserMedia, LLC - Netsociety Aegis Group plc - Netsociety Aegis Group plc - November Software Zynga Inc. - OMP Aegis Group plc - Oncontact Software Corporation WorkWise, Inc. - One Jackson TaskRabbit, Inc. - Oniqua Pty Ltd. ASCO Group - PIE Advertising Brand Connections, LLC - Plaid Skirt Marketing Digital Net Agency, Inc. - Postling LocalVox Media, Inc. - PRO SEO Hi Score Corporation - Promise Diversified Agency Services - Pulpfingers 500px, Inc. - Quad/Graphics Nordeste Industria Grafica Ltda. Plural Indústria Gráfica - Quaturo BlueGlass Interactive, Inc. - retirementcommunities.net and seniors.net domains Response Mine Interactive - Romley Davies Organic Marketing Romley Davies Organic Marketing - Sage Software, Inc. Insperity, Inc. - Second Story SapientNitro - Serious Events WRG Creative Communication - SeventyNine Networkplay - SherSingh.com Myntra.com - SkuLoop Revionics, Inc. - SNAPforSeniors, Inc. CareLike - ,SocialGuide NM Incite - SpringVid Buy Real Marketing - Starr Fulfillment Company LLC NCS Fulfillment - Streetwise Media American City Business Journals - Technique Group Electronics for Imaging, Inc. - The Adlib Group Tag idea Revolution - The Escapist Alloy Digital - T H M th N t N t k


TreeHugger Mother Nature Network - True Sparrow Systems fab.com - UBuy2Give, Inc. Dynastar Holdings, Inc. -


Reported



Ugive.org The Muhammad Ali Center - Vertical Web Media George Little Management, LLC - Vico Software Trimble Navigation Limited - vWorker Freelancer com - vWorker Freelancer.com - WOM Wreck Online Marketing Copart, Inc. - Xpect Software Intelligent Software Solutions, Inc. - Zenetek Anything Technologies Media Inc. - Zoomin.TV Telegraaf Media Groep N.V. - ZoomSafer, Inc. Aegis Mobility, Inc. -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsUndisclosed

Arcadia Solutions LLC Ferrer Freeman & Company, LLC - Automatic Data Processing, Taxware Vista Equity Partners - Intac International Inc. Brook Venture Partners - PARTNERS+simons Baird Capital Partners - Reputation Management Consultants Arbor Capital Management LLC -

VC/Growth CapitalValues Disclosed

Spotify Ltd. The Goldman Sachs Group, Inc. $100.0Zulily, Inc. Andreessen Horowitz 85.0Evernote AGC Equity Partners 85.0Xero Matrix Capital Management 49.0Lazada Investment AB Kinnevik 40.0Hubspot, Inc. Altimeter Capital Management 35.0MINDBODY, Inc. Institutional Venture Partners 35.0Navent Group Riverwood Capital, LLC 30.0Acquia, Inc. Investor Growth Capital, Inc. 30.0ServiceMax Emergence Capital Partners 27.0BravoFly SA AXA Private Equity 25.6PowerInbox Atlas Venture 25.0Kaltura, Inc. Orix Venture Finance 25.0Flurry Inc Crosslink Capital 25 0Flurry, Inc. Crosslink Capital 25.0Everything.me Mozilla Corporation 25.0Xtime, Inc. Lumia Capital 23.0Lattice Engines New Enterprise Associates 20.0Platfora, Inc. Battery Ventures 20.0Rent The Runway Bain Capital Ventures 20.0TradeMob Kennet Partners Limited 15.0fab.com VTB Capital 15.0Vuclip SingTel Ventures 13.0AtTask, Inc. Greenspring Associates 13.0Chango, Inc. Extreme Venture Partners 12.0Kenshoo Ltd. Tenaya Capital 12.0Hello Health, Inc. First Generation Capital 11.5Agilone LLC Mayfield Fund 10.0Dollar Shave Club, Inc. Venrock Associates 10.0Base79 The Chernin Group 10.0Talyst, Inc. ORIX Venture Finance 10.0MediaLets Inc Greenspring Associates 10 0


MediaLets, Inc. Greenspring Associates 10.0Activate Networks, Inc. Reed Elsevier Ventures 10.0Elasticsearch Benchmark Capital 10.0China Rewards Co.ltd Aimia, Inc. 10.0


Reported



Value VC/Growth CapitalValues Disclosed

Wikia Institutional Venture Partners $10.0Origami Logic, Inc. Accel Partners 9.3Percolate Industries, Inc. GGV Capital 9.0Retrofit, Inc. Draper Fisher Jurvetson 8.0PlayHaven GGV Capital 8.0This Technology, Inc. General Catalyst Partners LLC 7.5Systech International, Inc. Horizon Technology Finance 7.5Triggit Media Spark Capital 7.4OrderGroove, Inc. Fung Capital USA 7.0Betabrand Foundry Group 6.5Ginger.io Khosla Ventures 6.5Swrve Media, Inc. Atlantic Bridge 6.3Datadog Inc Index Ventures 6 2Datadog, Inc. Index Ventures 6.2SumAll Battery Ventures 6.0Socialbakers Index Ventures 6.0Remedy Informatics, Inc. Merck Global Health Innovation LLC 6.0skobbler GmbH (Unnamed Fund Contibuters) 5.242 Floors, Inc. Thrive Capital 5.0Long Tail Video, Inc. Greycroft LLC 5.0Limeade, Inc. TVC Capital 5.0Fuhu, Inc. Global Brain Corporation 5.0ClearCare, Inc. Voyager Capital 4.6biNu Pty Ltd. 500 Startups 4.3Connected Sports Ventures Avalon Ventures 4.3DogVacay Benchmark Capital 4.0Outplay Entertainment Ltd. Pentech Ventures LLP 4.0Sync.me (Unnamed Fund Contibuters) 4.0DoubleDutch FLOODGATE Fund LP 4.0Wantster Evanov Communications, Inc. 4.0Mail Customer Center Co Ltd Tri-Stage Inc 3 8Mail Customer Center Co.,Ltd. Tri-Stage Inc. 3.8Bluebox Voyager Capital 3.5Munchery e.Ventures 3.3RingRevenue, Inc. (Private Investors) 3.3TicketForEvent Abele Ventures 3.0Footfall123 Samos 2.7InboundWriter Crosslink Capital 2.5Adictiz SAS Omnes Capital 2.5Lift Worldwide Spark Capital 2.5


Qinec Ltd. Amadeus Capital Partners Limited 2.5ClipClock Runa Capital 2.5Cap That Intertainment Media, Inc. 2.3


Reported




Spindle Labs, Inc. Atlas Venture $2.3BUMP Network, Inc. JCB International Credit Card Co., Ltd. 2.3CoachUp, Inc. General Catalyst Partners LLC 2.2TextMaster Alven Capital Partners 2.1TRX Systems, Inc. Motorola Ventures 2.0Stray Boots, Inc. Milestone Venture Partners 2.0SocialWire, Inc. First Round Capital 2.0Bizible, Inc. Madrona Venture Group 1.7Yplan Octopus Ventures, LLC 1.7Nuzzel, Inc. (Unnamed Fund Contibuters) 1.7Mindwork Labs Ltd. (Private Investors) 1.6Last Second Tickets Markco Media Ltd. 1.6OutboundEngine Inc Austin Ventures 1 6OutboundEngine, Inc. Austin Ventures 1.6CapLinked, Inc. The Founders Fund, LLC 1.6Click A Taxi (Angel Investors) 1.5Moveline Group, Inc. ff Venture Capital 1.5HomeLight Google Ventures 1.5The One-Page Company LLC Blumberg Capital 1.5Red Tricycle Maveron Capital 1.5Qloo, Inc. Kindler Capital 1.4TenderTree Expansion Capital Partners, LLC. 1.3Love Home Swap MMC Ventures, LLC 1.3Quik.io Enspire Capital Pte Ltd 1.3Modria, Inc. Battery Ventures 1.3Looking Gaming Atlas Venture 1.3Lookout Gaming LLC Atlas Venture 1.3Pirq, Inc. (Unnamed Fund Contibuters) 1.2Mobee Technology Ltd. LaunchCapital LLC 1.1Loylty Rewardz Mngt Pvt Ltd. Silicon Valley Bank 1.1Wello Kleiner Perkins Caufield & Byers 1 0Wello Kleiner Perkins Caufield & Byers 1.0Nitrogram Connect Ventures 1.0Tactilize (Unnamed Fund Contibuters) 1.0Beyond Lucid Technologies, Inc. (Angel Investors) 1.0LevelEleven Detroit Venture Partners, LLC 1.0Maz Digital LLC. Expansion Capital Partners, LLC. 1.0Summly, Inc. Betaworks 1.0Kira Talent Relay Ventures 1.0MiniTime, Inc. (Private Investors) 1.0


HapYak Kepha Partners 0.8Invested.in, Inc. Amplify.LA 0.8Plyfe Crosscut Ventures 0.8


Reported




Invi Horizons Ventures Ltd. $0.8YieldKit UG (Private Investors) 0.8Tapastic 500 Startups 0.8Captive Media, Inc. (Angel Investors) 0.7Gogamingo E-Synergy Ltd. 0.7Video Elephant (Unnamed Fund Contibuters) 0.6SocialBro (Angel Investors) 0.6LeadSift, Inc. OMERS Ventures 0.5Associate Mobile Ltd. (Unnamed Fund Contibuters) 0.5The Kive Company Amplify 0.5Flazio (Unnamed Fund Contibuters) 0.5

VC/Growth CapitalVC/Growth CapitalUndisclosed

55social Redpoint Ventures - 5zol E-commerce Co., Ltd. Shenzhen Co-win Venture Capital Investments - Aderant Holdings, Inc. Madison Dearborn Partners, Inc. - Burt GP Bullhound Sidecar Fund - Cignifi, Inc. Omidyar Network - Conferize Accelerace Invest - Embark BMW iVentures - Gale Technologies Dell, Inc. - Great Outdoor iEntertainment Network, Inc. - Indisys Intel Capital - Lawdingo, Inc. Stevens Ventures, LP - Lehe Interactive, Inc. Morningside Group - PageUp People Pty Ltd Accel-KKR, LLC - Shanghai Gsuo Information Technology Co., Ltd. Alibaba Group - Spooky Cool Labs Hearst Communications, Inc. -


F d d i 1999

Petsky Prunier: Maximizing Shareholder Value

• Founded in 1999

• Focused solely on the internet, marketing, media, technology, healthcare and services industries

• More than 35 focused professionals

› Unique combination of investment banking and consulting expertise

• New York-based with West Coast office and Chicago presence

• Sell-side and private placement close rate is unmatched at our level of deal volume

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

• Together with strategic consulting firm Winterberry Group one of the largest industry specific advisors providing • Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional services

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

STRATEGIC CONSULTINGINVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

INVESTMENT BANKING

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation AnalysisA i iti St t /T t Id tifi ti

• Marketing• Media• Healthcare• Services

• M&A Advisory• Fairness Opinions• Internet

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

Services• Software• Technology


Petsky Prunier was Ranked #1 by Bloomberg in 2011 for Mid-Market Internet & Advertising Transactions*

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

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

More than 40 transactions closed in the last two years:

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

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


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

REPRESENTATIVE RECENT TRANSACTIONS

l di di it l di t k ti a leading provider of a leading provider of digital a leading digital direct marketing company utilizing a proprietary database to provide customer

acquisition solutions for major brandshas received an equity investment from

with debt financing from

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

Apple (iOS), and Android developers

has received $66M investmentfrom

has been sold to

a leader in global healthcare primary market research and influence network mapping

a portfolio company of

a provider of a cloud-based integration platform for the digital

marketing industry

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty

marketing serviceshas been sold to

has sold its

Sports Marketing Print Division

to

has received a mezzanine debt investment from

a leading provider of transportation-based digital

media networkshas been sold to

a leading provider of digital production services to brands and

agencies

(NYSE:ACN)

has been acquired by

a dynamic display media and retargeting company

(JASDAQ:4755)

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

has been sold to

the top independentdirect-to-consumer marketer of

dental savings plans

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

to

a leading provider of integrated data, technology and analytics

solutions

has sold

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

has been sold to

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

has sold

a premier provider of affinity programs for universities and colleges

to

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

has been sold to


KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providershas been sold to

(Nasdaq:GSIC)

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

(Nasdaq: RRD)

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of


a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold

to

a leading performance-basedadvertising network

has been sold to

has sold the assets of

to

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

lead generation for the for-profit,post-secondary education market

(NASDAQ: TREE)

has acquired certain assets of

an online directory service providing trusted lead

generation and marketing services for home

improvement professionals


has divested one of itsmarketing services divisions

a leading direct response television media company

has received a majorinvestment from

has sold

MIVA Media

a leading pay-per-click contextual online advertising

network

has sold

a movie review and consumer entertainment site to

one of the largest and fast growing providers of

out-of-home integrated mediaand marketing programs

reachingconsumers in specialty venues

has been sold to

a provider of accredited continuing education programs

for cliniciansan operating company of

has acquired certain assets of

a global marketing services company


in a combination that createsthe world’s leading loyalty


improvement professionals across the country

marketing services divisions tomanagement provider

Documents

November 2012 Marketing, Media, Technology, and Service ...petskyprunier.com/_petskyprunier.com/dynamic/user...Software & Information JDA Software Group, Inc. ERP Software RedPrairie