November 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...3 | M&A and Investment Summary November 2016 M&A and Investment Summary for All Segments

November 2016 M&A and Investment Summary

2 | M&A and Investment Summary November 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 40 3

About Petsky Prunier 52 4

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 419 deals were announced in November 2016, of which 249 were worth $25.4 billion in aggregate reported value

Software was the most active segment with 152 deals announced — 94 of these transactions reported $12.9 billion in value

Marketing Technology was also active with 94 transactions announced, of which 66 were worth a reported $2.5 billion in value

Strategic buyers announced 154 deals (32 reported $15.4 billion in value)

VC/Growth Capital investors announced 245 transactions (211 reported $6.1 billion in value)

Private Equity investors announced 20 deals during the month (six reported $3.9 billion in value)

* AT&T’s $108 billion acquisition of Time Warner has been excluded to limit comparative distortions

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

Software 152 36% $12,917.9 51% 42 $8,601.3 8 $400.0 102 $3,916.6

Marketing Technology 94 22% 2,457.5 10% 28 1,319.2 4 396.0 62 742.3

Digital Media/Commerce 81 19% 3,416.7 13% 20 1,775.0 2 456.0 59 1,185.7

Business Services 27 6% 3,121.6 12% 16 454.5 4 2,529.8 7 137.3

Agency & Marketing Services 24 6% 115.8 0% 21 26.1 2 89.7 1 -

Traditional Media 16 4% 1,362.8 5% 14 1,352.7 0 - 2 10.1

Digital Advertising 13 3% 1,889.2 7% 7 1,830.0 0 - 6 59.2

Information 12 3% 89.8 0% 6 - 0 - 6 89.8

Total 419 100% 25,371.3 100% 154 15,358.8 20 3,871.4 245 6,141.1

November 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$33.7

$13.7

$44.7

$20.6$20.9

$25.4$24.9

$73.1

$14.4$21.3

$27.4$22.1

$42.6

419363 407 413 427 433 404 432 491 427 473 463 450 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

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

Supercell / Tencent

LinkedIn / Microsoft

IMS Health

HP IT / CSC

MultiPlan

NetSuite

HP Software

Transaction Distribution

Reported transaction value in November increased 21 percent from October 2016 and was down seven percent from November 2015

Strategic activity accounted for 37 percent of reported deal activity during the month and included significant transactions:

• The $2.5 billion acquisition of financial advisory services provider AlixPartners by Canada-based pension fund managers CDPQ and

PSP investments from CVC Capital Partners

• Symantec’s acquisition of identity theft protection services company LifeLock in a transaction valued at $2.3 billion

• The purchase of online insurance coverage plans company SquareTrade by Allstate from Bain Capital and Weston Presidio Capital’s in

a transaction valued at $1.4 billion

• The acquisition of Dick Clark Productions by Dalian Wanda Group in a transaction valued at a reported $1 billion

• GE Digital’s acquisition of cloud-based field service software solutions company ServiceMax for a reported $915 million

*Note, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of

NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software business, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division,

and Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan have been excluded to limit comparative distortions.

M&A and Investment Summary for All Segments


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

Creston plc General Agency RedWhiteBlue Champion Limited 89.7$ 142.6$ 14.5$ 0.6x 6.2x

Dae Advertising, Inc. General Agency Wilkin Marketing 6.1 5.3 1.0 1.2x 6.1x

Business Services

AlixPartners, LLC Financial Consulting CDPQ 2,500.0 1,000.0 - 2.5x NA

Camber Corporation IT Consulting/Systems Integration Huntington Ingalls Industries, Inc. 380.0 364.0 44.0 1.0x 8.6x

ITC Secure Networking Ltd. IT Consulting/Systems Integration C5 Capital 29.8 21.4 - 1.4x NA

Digital Advertising

CompareCards Online Lead Generation Tree.com, Inc. 130.0 - 17.3 NA 7.5xNA

Digital Media/Commerce

Blue Nile, Inc. eCommerce Bain Capital, LLC 456.0 471.9 16.4 1.0x 27.8x

Marketing Technology

TubeMogul Ad Serving Adobe Systems, Inc. 542.2 212.1 (20.7) 2.6x NM

Auction123, Inc. Product/Price Software ARI Network Services, Inc. 12.0 - 1.5 NA 8.0x

Software

Mentor Graphics Corporation Software Development Tools Siemens AG 4,281.3 1,141.8 184.2 3.7x 23.2x

LifeLock, Inc. Security Software Symantec Corporation 2,362.1 650.2 47.2 3.6x 50.0x

ServiceMax, Inc. Collaboration Software GE Digital LLC 915.0 94.0 - 9.7x NA

Datalink Corporation Infrastructure Software Insight Enterprises, Inc. 234.6 756.6 19.0 0.3x 12.3x

Millstream Associates Limited Legal Software PROACTIS Holdings PLC 19.4 6.1 2.5 3.2x 7.8x

Traditional Media

Nozon SPRL Entertainment Media Starbreeze AB 7.7 2.5 - 3.1x NA

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Nov-16 Snap, Inc. United States Digital Media/Commerce 4,000.0$ NA NA

Nov-16 trivago GmbH Germany Digital Media/Commerce 400.0 730.0 NA

Nov-16 AppNexus Inc. United States Marketing Technology NA NA NA

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

Nov-16 Presidio Holdings, Inc. United States Business Services NA 2,700.0 NA

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

Sep-16 Tintri, Inc. United States Software 100.0 NA NA

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

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

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

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

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 Nov 30, 2016 1st Trading Day

Oct-16 NasdaqGS:BL BlackLine, Inc. United States $15.00-$17.00 17.00 $23.70 up 39% 26.94 13.7%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 31.74 (3.2%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 32.00 (13.5%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 26.58 (11.7%)

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 19.81 (12.2%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 14.87 (2.5%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 15.91 8.2%

Jul -16 Nasdaq:TLND Talend SA France 15.00-17.00 18.00 25.50 up 42% 23.09 (9.5%)

Jul -16 NYSE:LN LINE Corporation Japan 31.00-33.00 33.00 41.58 up 27% 38.69 (7.0%)

Jun-16 NYSE:TWLO Twi l io Inc. United States 12.00-14.00 15.00 28.79 up 92% 33.92 17.8%

Jun-16 NasdaqGS:NH NantHealth, Inc. United States 13.00-15.00 14.00 19.47 up 39% 11.53 (40.8%)

May-16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00-19.00 19.00 18.14 down 4.6% 29.79 64.2%

Apr-16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50-17.50 14.00 13.88 down 1% 12.35 (11.0%)

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc United Kingdom 18.00-20.00 21.00 27.78 up 32% 27.14 (2.3%)

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 28.37 211.8%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 19.55 8.6%

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 17.98 22.0%

Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 20.46 102.6%

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.94 (1.0%)

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 13.95 (12.9%)

Oct-15 NYSE:FDC Firs t Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 14.57 (7.5%)


Digital Media/Commerce

Of the total $3.4 billion in value reported in the Digital Media/Commerce segment, $1.8 billion in strategic acquisitions were

announced, while nearly $1.2 billion Venture/Growth Capital investments were made

eCommerce was the most active subsegment across all segments with 35 transactions announced, of which 26 were reported for

$2.5 billion. Select acquisitions from the subsegment include:

• The $500 million acquisition of online jewelry retailer Blue Nile by Bain Capital and Bow Street

Select Digital Media/Commerce transactions include:

• The $200 million round of funding raised by BuzzFeed from NBCUniversal at a reported valuation of $1.5 billion, the same valuation

received with its $200 million August 2016 investment

• Bed Bath & Beyond’s acquisition of online personalized products retailer PersonalizationMall.com for $190 million

• Blucora’s sale of its online electronics business Monoprice.com to China-based YFC-BonEagle Electronic Tech for $40 million

• The acquisition of social video-sharing application Beme by CNN for a reported $25 million

• The pending merger of equals deal between fantasy sports companies DraftKings and FanDuel

* 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 35 43% $2,532.4 74% 7 $1,730.0 2 456.0 26 $346.4

Digital Marketplace 11 14% 240.5 7% 3 10.0 0 - 8 230.5

Niche Content 10 12% 232.2 7% 4 - 0 - 6 232.2

Social Media/Apps 10 12% 225.5 7% 4 35.0 0 - 6 190.5

Mobile Content/Apps 7 9% 54.2 2% 1 - 0 - 6 54.2

Gaming 8 10% 131.9 4% 1 - 0 - 7 131.9

Total 81 100% 3,416.7 100% 20 1,775.0 2 456.0 59 1,185.7

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


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

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

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

($ in Millions, except stock price data)

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

Company Name 11/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. 775.88 -8% $ 528,611.6 $ 449,493.6 $ 85,537.0 $ 28,294.0 33.1% 19.2% 5.3x 15.9x

Apple Inc. 110.52 -8% 589,327.2 608,483.2 215,639.0 70,529.0 32.7% -7.7% 2.8x 8.6x

Blucora, Inc. 14.15 -5% 590.3 980.2 372.0 $67.6 18.2% NA 2.6x 14.5x

Everyday Health, Inc. 10.45 0% 353.1 445.5 253.9 31.0 12.2% 19.0% 1.8x 14.4x

Facebook, Inc. 118.42 -13% 341,306.3 315,166.3 24,670.0 12,863.0 52.1% 54.8% 12.8x 24.5x

Fitbit Inc. 8.36 -76% 1,870.5 1,198.4 2,307.3 210.6 9.1% 52.1% 0.5x 5.7x

Glu Mobile, Inc. 2.25 -44% 300.3 152.8 215.3 (48.3) NM -17.7% 0.7x NM

GoPro, Inc. 9.98 -51% 1,402.8 1,178.0 1,081.5 (341.4) NM -40.5% 1.1x NM

IAC/InterActiveCorp 67.36 -2% 5,340.9 5,752.1 3,177.4 390.0 12.3% -1.1% 1.8x 14.7x

Leaf Group Ltd. 6.60 -11% 130.3 78.6 113.9 (20.7) NM -15.3% 0.7x NM

LinkedIn Corporation 195.24 -21% 26,462.1 24,287.6 3,615.0 477.4 13.2% 30.4% 6.7x 50.9x

MeetMe, Inc. 4.82 -41% 283.7 238.0 66.8 21.6 32.4% 33.4% 3.6x 11.0x

Netflix, Inc. 117.00 -12% 50,210.6 51,241.3 8,176.5 344.6 4.2% 26.9% 6.3x NM

Pandora Media, Inc. 11.62 -28% 2,711.4 2,791.0 1,328.4 (199.9) NM 21.2% 2.1x NM

RealNetworks, Inc. 4.68 -8% 173.0 92.3 118.9 (26.5) NM -9.1% 0.8x NM

TheStreet, Inc. 0.89 -49% 31.4 7.4 64.5 (0.6) NM -5.0% 0.1x NM

Twitter, Inc. 18.49 -30% 13,116.68 11,106.72 2,522.89 41.67 1.7% 27.0% 4.4x NM

WebMD Health Corp. 53.34 -21% 2,039.3 2,044.8 689.7 176.8 25.6% 13.6% 3.0x 11.6x

XO Group Inc. 18.48 -7% 470.2 368.9 149.3 20.5 13.7% 6.2% 2.5x 18.0x

Yahoo! Inc. 41.02 -9% 39,138.2 4,106.6 4,973.4 821.3 16.5% 0.5% 0.8x 5.0x

Zynga, Inc. 2.86 -6% 2,550.9 1,680.1 736.6 (43.6) NM -4.5% 2.3x NM

Average 1.9x 11.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (28.4x)

US-Based Digital Media and Internet


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



Company Name Headquarters 11/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 166.95 -22% $57,916.7 $52,886.1 $10,651.2 $2,800.0 26.3% 15.1% 5.0x 18.9x

Changyou.com Limited China 24.13 -20% 1,225.9 407.2 556.8 156.2 28.1% -31.7% 0.7x 2.6x

CyberAgent Inc. Japan 24.34 -16% 3,059.1 2,635.0 3,067.5 432.3 14.1% 22.1% 0.9x 6.1x

DeNA Co., Ltd. Japan 30.50 -12% 4,424.3 3,795.4 1,435.3 355.1 24.7% -0.1% 2.6x 10.7x

G5 Entertainment AB (publ) Sweden 9.18 -3% 80.8 75.0 50.6 5.5 10.8% 18.7% 1.5x 13.8x

Gree, Inc. Japan 5.32 -10% 1,247.6 533.2 646.5 125.2 19.4% -24.2% 0.8x 4.3x

International Game Technology PLC United Kingdom 25.78 -20% 5,182.7 13,119.6 5,197.6 1,605.5 30.9% 23.3% 2.5x 8.2x

KongZhong Corporation China 6.66 -14% 313.7 238.1 178.8 21.6 12.1% -18.5% 1.3x 11.0x

Mixi, Inc. Japan 34.87 -26% 2,855.3 1,812.7 1,976.0 883.2 44.7% 15.5% 0.9x 2.1x

NCsoft Corporation South Korea 230.77 -12% 4,901.6 4,278.8 851.0 305.0 35.8% 11.9% 5.0x 14.0x

Naver Corporation South Korea 677.03 -12% 19,726.8 17,427.8 3,479.1 1,021.1 29.3% 23.1% 5.0x 17.1x

NetEase, Inc. China 224.10 -18% 29,464.1 25,324.0 5,095.4 1,719.2 33.7% 85.1% 5.0x 14.7x

NEXON Co., Ltd. Japan 13.99 -23% 6,070.2 3,752.9 1,833.5 551.1 30.1% -0.9% 2.0x 6.8x

Pacific Online Ltd. China 0.28 -17% 305.5 264.3 162.0 33.2 20.5% 0.1% 1.6x 8.0x

Phoenix New Media Limited China 3.86 -38% 275.9 191.2 219.5 14.9 6.8% -9.4% 0.9x 12.9x

Renren Inc. * China 1.92 -49% 653.2 679.8 47.5 (85.7) NM -25.1% 14.3x NM

HolidayCheck Group AG Germany 2.33 -39% 135.6 100.0 125.5 3.0 2.4% 1.0% 0.8x 33.0x

Weibo Corporation * China 51.31 -8% 11,067.6 10,592.6 592.1 122.5 20.7% 36.4% 17.9x 86.5x

WeMade Entertainment Co., Ltd. South Korea 17.86 -49% 296.5 274.9 107.2 13.2 12.3% -11.3% 2.6x 20.9x

Yandex N.V. Netherlands 19.01 -20% 6,117.4 5,440.2 1,141.4 336.5 29.5% 27.6% 4.8x 16.2x

YY Inc. China 43.27 -34% 2,395.6 2,140.0 1,142.5 286.4 25.1% 47.4% 1.9x 7.5x

Average 1.7x 10.3x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-Flowers.com Inc. 10.55 -7% $688.7 $917.8 $1,182.8 $75.5 6.4% 2.8% 0.8x 12.2x

Alphabet Inc. 775.88 -8% 528,611.6 449,493.6 85,537.0 28,294.0 33.1% 19.2% 5.3x 15.9x

Amazon.com, Inc. 750.57 -11% 356,645.7 357,286.7 127,993.0 10,963.0 8.6% 27.2% 2.8x 32.6x

Apple Inc. 110.52 -8% 589,327.2 608,483.2 215,639.0 70,529.0 32.7% -7.7% 2.8x 8.6x

Blucora, Inc. 14.15 -5% 590.3 980.2 372.0 67.6 18.2% NA 2.6x 14.5x

Blue Nile Inc. 40.32 -3% 472.7 432.6 471.9 16.4 3.5% -3.2% 0.9x 26.4x

CafePress Inc. 3.05 -32% 50.8 15.3 96.8 (0.9) NM -16.0% 0.2x NM

CDW Corporation 51.24 -2% 8,224.4 11,825.2 13,907.9 1,065.2 7.7% 10.2% 0.9x 11.1x

Chegg, Inc. 8.09 -6% 739.0 648.8 259.2 (5.8) NM -18.4% 2.5x NM

Copart, Inc. 54.72 -4% 6,270.2 6,845.9 1,325.6 468.3 35.3% 15.8% 5.2x 14.6x

eBay Inc. 27.81 -16% 31,089.5 32,075.5 8,906.0 3,026.0 34.0% 3.6% 3.6x 10.6x

Etsy, Inc. 12.40 -23% 1,433.1 1,174.6 342.7 37.0 10.8% 36.8% 3.4x 31.8x

EVINE Live Inc. 1.67 -30% 107.2 153.6 687.2 13.2 1.9% 0.6% 0.2x 11.7x

Expedia Inc. 124.05 -7% 18,611.2 21,576.1 8,379.3 1,016.9 12.1% 32.4% 2.6x 21.2x

FTD Companies, Inc. 22.86 -20% 622.3 887.1 1,140.0 101.7 8.9% 5.6% 0.8x 8.7x

GrubHub Inc. 37.03 -17% 3,169.5 2,872.9 455.8 104.8 23.0% 36.0% 6.3x 27.4x

HSN, Inc. 38.10 -32% 1,988.5 2,547.9 3,592.3 290.0 8.1% -3.2% 0.7x 8.8x


Liberty Ventures 39.02 -14% 3,335.8 4,872.8 535.0 (22.0) NM -53.4% 9.1x NM

Liquidity Services, Inc. 9.20 -20% 287.9 153.3 316.5 (8.6) NM -20.3% 0.5x NM

Match Group, Inc. 17.98 -9% 4,577.3 5,567.3 1,170.4 320.1 27.4% 18.0% 4.8x 17.4x

Overstock.com Inc. 16.95 -7% 430.3 353.6 1,754.1 (0.4) NM 6.4% 0.2x NM

PetMed Express, Inc. 21.83 -2% 442.1 390.3 239.6 35.1 14.7% 5.3% 1.6x 11.1x

The Priceline Group Inc. 1,503.68 -6% 74,199.1 77,166.0 10,394.6 4,009.5 38.6% 14.7% 7.4x 19.2x

QVC Group $20.71 -25% 9,685.7 15,911.7 10,320.0 1,775.0 17.2% 18.3% 1.5x 9.0x

Shutterfly, Inc. 50.67 -7% 1,720.0 2,028.2 1,121.1 134.6 12.0% 12.7% 1.8x 15.1x

Shutterstock, Inc. 47.06 -28% 1,653.1 1,362.7 480.1 65.1 13.6% 19.9% 2.8x 20.9x

Spark Networks, Inc. 0.98 -76% 31.2 19.9 38.1 (2.2) NM -26.4% 0.5x NM

Stamps.com Inc. 106.20 -14% 1,810.96 1,891.60 328.29 120.63 36.7% 76.6% 5.8x 15.7x

U.S. Auto Parts Network, Inc. 2.85 -37% 99.7 103.6 300.0 9.2 3.1% 2.0% 0.3x 11.2x

Wayfair Inc. 36.45 -27% 3,118.0 2,854.1 3,135.6 (136.1) NM 63.4% 0.9x NM

Average 1.8x 12.1x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 32.07 -54% $ 4,640.6 $ 4,627.2 $ 1,090.8 $ (13.3) NM 102.1% 4.2x NM

Alibaba Group Holding Limited * China 94.02 -14% 235,050.0 238,030.8 18,768.5 6,546.9 34.9% 45.5% 12.7x 36.4x

Cnova N.V. * Netherlands 5.47 -1% 2,413.9 2,564.1 3,107.6 (118.4) NM -22.1% 0.8x NM

JD.com, Inc. * China 26.87 -20% 38,169.0 37,244.2 35,167.1 (39.2) NM 45.3% 1.1x NM

Jumei International Holding Limited China 4.67 -55% 684.8 236.8 1,131.0 27.9 2.5% 88.9% 0.2x 8.5x

LightInTheBox Holding Co., Ltd. * China 2.61 -39% 179.9 83.8 290.7 (14.2) NM -22.9% 0.3x NM

Mercadolibre, Inc. * Argentina 157.82 -18% 6,968.9 6,802.8 768.9 190.7 24.8% 21.6% 8.8x 35.7x

PChome Online Inc. Taiwan 9.05 -27% 998.8 780.2 800.2 39.8 5.0% 12.9% 1.0x 19.6x

Rakuten, Inc. Japan 9.87 -27% 14,076.8 14,944.5 7,486.6 1,431.9 19.1% 10.0% 2.0x 10.4x

Travelport Worldwide Limited United Kingdom 14.00 -8% 1,736.5 3,990.9 2,340.8 414.2 17.7% 7.3% 1.7x 9.6x

Vipshop Holdings Limited China 11.22 -36% 6,529.8 6,427.1 7,723.8 495.7 6.4% 48.4% 0.8x 13.0x

Average 1.0x 10.2x


Internationally-based eCommerce


Digital Advertising

There was a total of 13 transactions announced in the Digital Advertising segment, of which eight were worth nearly $1.9 billion in

reported value

Local Search and Vertical search were the most active subsegments, each announcing three transactions

Select Transactions:

• The $1.7 billion acquisition of travel search website Skyscanner by China-based travel services company Ctrip

• The acquisition of credit card comparison and credit health management company CompareCards by LendingTree in a transaction

valued at $130 million

• Location-based marketing and advertising platform xAd’s $42.5 million round of funding from Eminence Capital, W Capital,

Institutional Venture Partners, and Emergence Capital

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

Local Search 3 23% - 0% 3 - 0 - 0 -

Vertical Search 3 23% 1,707.0 90% 1 1,700.0 0 - 2 7.0

Mobile Marketing 2 15% 45.7 2% 0 - 0 - 2 45.7

Online Lead Generation 1 8% 130.0 7% 1 130.0 0 - 0 -

Comparison Shopping 1 8% 3.5 0% 0 - 0 - 1 3.5

Digital Promotion/Coupon 1 8% - 0% 1 - 0 - 0 -

Digital Video 1 8% - 0% 1 - 0 - 0 -

Game Advertising 1 8% 3.0 0% 0 - 0 - 1 3.0

Total 13 100% 1,889.2 100% 7 1,830.0 0 0.0 6 59.2

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/3)


US-based Digital Advertising



Alliance Data Systems Corporation $228.78 -21% $ 13,214.1 $ 31,052.9 $ 7,059.3 $ 1,671.4 23.7% 14.3% 4.4x 18.6x

Alphabet Inc. 775.88 -8% 528,611.6 449,493.6 85,537.0 28,294.0 33.1% 19.2% 5.3x 15.9x

Angie's List, Inc. $8.59 -21% 508.1 528.4 332.9 19.3 5.8% -2.1% 1.6x 27.4x

Autobytel Inc. 13.85 -44% 151.8 142.2 152.7 14.5 9.5% 24.3% 0.9x 9.8x

Bankrate, Inc. 10.25 -30% 923.8 1,083.1 412.9 92.9 22.5% 87.5% 2.6x 11.7x

Blucora, Inc. 14.15 -5% 590.3 980.2 372.0 67.6 18.2% NA 2.6x 14.5x

Care.com, Inc. 8.52 -29% 245.5 221.7 155.8 4.4 2.8% 21.1% 1.4x 50.3x

Cogint, Inc. 3.30 -66% 173.8 213.3 143.5 (47.9) NM 0.0% 1.5x NM

DHI Group, Inc. 6.10 -40% 303.7 364.9 237.1 51.9 21.9% -9.7% 1.5x 7.0x

Facebook, Inc. * 118.42 -13% 341,306.3 315,166.3 24,670.0 12,863.0 52.1% 54.8% 12.8x 24.5x

Groupon, Inc. 3.97 -33% 2,277.0 1,818.4 3,125.6 (8.5) NM 1.3% 0.6x NM


Inuvo, Inc. 1.22 -62% 30.4 26.8 72.9 2.0 2.7% 12.3% 0.4x 13.4x

Leaf Group Ltd. 6.60 -11% 130.3 78.6 113.9 (20.7) NM -15.3% 0.7x NM

MaxPoint Interactive, Inc. 8.74 -27% 58.0 60.0 143.8 (19.1) NM 4.4% 0.4x NM

Perion Network Ltd. 1.15 -71% 87.8 143.3 295.9 25.1 8.5% 27.8% 0.5x 5.7x

QuinStreet, Inc. 3.19 -36% 146.0 107.4 298.8 (5.9) NM 4.7% 0.4x NM

Quotient Technology Inc. 12.80 -11% 1,126.7 965.1 269.2 (9.0) NM 18.1% 3.6x NM

RetailMeNot, Inc. 9.20 -29% 446.2 274.4 266.7 34.8 13.1% 5.2% 1.0x 7.9x

RhythmOne plc 0.50 -10% 203.9 164.8 156.1 (20.7) NM -22.1% 1.1x NM

Rocket Fuel Inc. 1.82 -56% 83.0 92.1 456.8 (9.1) NM -4.0% 0.2x NM

The Rubicon Project, Inc. 7.55 -63% 370.2 177.0 299.6 46.9 15.7% 52.6% 0.6x 3.8x

TiVo Corporation 20.25 -15% 2,366.39 3,099.28 546.29 181.31 33.2% 6.9% 5.7x 17.1x

Travelzoo Inc. 11.25 -15% 155.5 130.2 131.3 12.2 9.3% -8.8% 1.0x 10.6x

LendingTree, Inc. 104.80 -6% 1,235.6 1,058.6 361.9 49.3 13.6% 64.7% 2.9x 21.5x

The Trade Desk, Inc. 26.58 -20% 1,025.3 953.4 173.2 53.5 30.9% 0.0% 5.5x 17.8x

Tremor Video, Inc. 2.10 -4% 109.1 61.6 164.7 (8.2) NM 0.5% 0.4x NM

TripAdvisor, Inc. 48.28 -45% 7,034.5 6,403.5 1,473.0 182.0 12.4% 0.1% 4.3x 35.2x

TrueCar, Inc. 12.38 -5% 1,058.0 983.8 267.0 (30.3) NM 6.1% 3.7x NM

TubeMogul, Inc. 14.00 -3% 515.0 445.9 212.0 (20.7) NM 33.9% 2.1x NM



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

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


US-based Digital Advertising



Twitter, Inc. * 18.49 -30% $ 13,116.7 $ 11,106.7 $ 2,522.9 $ 41.7 1.7% 27.0% 4.4x 266.6x

Web.com Group, Inc. 15.95 -35% 751.5 1,415.5 661.6 125.4 19.0% 22.6% 2.1x 11.3x

Yahoo! Inc. 41.02 -9% 39,138.2 4,106.6 4,973.4 821.3 16.5% 0.5% 0.8x 5.0x

Yelp Inc. 37.20 -14% 2,918.7 2,486.4 672.0 5.6 0.8% 32.8% 3.7x NM

YuMe, Inc. 3.41 -22% 117.0 54.5 168.7 (3.3) NM -4.4% 0.3x NM

Zillow Group, Inc. * 35.15 -12% 6,384.4 6,169.8 788.3 5.5 0.7% 38.9% 7.8x NM

Average 1.9x 10.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (7.7x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (84.8x)






Criteo SA France 41.27 -14% 2,631.4 2,243.3 1,629.3 152.2 9.3% 21.3% 1.4x 14.7x

Just Dial Limited India 5.53 -60% 384.6 277.2 104.2 25.4 24.3% 17.1% 2.7x 10.9x

MakeMyTrip Limited India 24.15 -24% 1,244.6 1,284.7 381.2 (101.1) NM 26.9% 3.4x NM

Matomy Media Group Ltd. Israel 1.53 -12% 146.3 171.2 270.4 20.3 7.5% 6.1% 0.6x 8.4x

Opera Software ASA Norway 6.91 -15% 1,029.1 1,226.7 707.4 83.4 11.8% 48.6% 1.7x 14.7x

Pacific Online Ltd. China 0.28 -17% 305.5 264.3 162.0 33.2 20.5% 0.1% 1.6x 8.0x

Rightmove plc * United Kingdom 45.81 -17% 4,284.4 4,267.8 275.1 202.4 73.6% 15.1% 15.5x 21.1x

Septeni Holdings Co., Ltd. Japan 3.02 -57% 391.6 263.9 168.5 39.0 23.2% -73.6% 1.6x 6.8x

Taptica International Ltd Israel 1.89 -15% 118.3 109.3 93.7 12.3 13.1% 41.6% 1.2x 8.9x

TradeDoubler AB Sweden 0.52 -35% 22.18 24.76 163.15 (5.55) NM -16.6% 0.2x NM

XLMedia PLC Channel Islands 1.25 -4% 251.4 213.1 103.6 29.1 28.1% 53.2% 2.1x 7.3x

Yandex N.V. * Netherlands 19.01 -20% 6,117.4 5,440.2 1,141.4 336.5 29.5% 27.6% 4.8x 16.2x

Zhaopin Ltd. China 15.05 -11% 835.3 530.8 239.9 51.5 21.5% 20.6% 2.2x 10.3x

Average 1.7x 10.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.1x)

Internationally-based Digital Advertising



The Marketing Technology segment announced 94 transactions, of which 66 reported nearly $2.5 billion in value

Analytics & Targeting was the most active subsegment with 20 transactions announced, 12 of which were worth $300 million in value


• Adobe’s acquisition of video advertising solutions company TubeMogul for $542.2 million

• Television advertisement management technology company Operative Media’s sale to Francisco Partners-owned SintecMedia for a

reported $200 million

• Acxiom-owned LiveRamp’s purchase of people-based data marketplace Arbor and data supply side platform Circulate in a

transaction valued at a reported $140 million

• Data-as-a-service company DataMentors’ acquisition of marketing data company V12 Group in a transaction that will see the

combined entity operate under the name V12 Data

• The acquisition of television advertising company Invidi Technologies by a consortium composed of AT&T, Dish Network, and WPP

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

Analytics & Targeting 20 21% $303.6 12% 6 $140.0 1 - 13 $163.6

CRM 12 13% 522.7 21% 5 300.0 0 - 7 222.7

Content Management 9 10% 41.8 2% 2 - 0 - 7 41.8

Mobile Technology 7 7% 104.5 4% 2 - 0 - 5 104.5

Market Research 5 5% 6.1 0% 2 - 1 - 2 6.1

Teleservices/eServices 5 5% 39.2 2% 0 - 0 - 5 39.2

Commerce Management 4 4% 13.0 1% 1 - 0 - 3 13.0

Other* 32 34% 1,426.6 58% 10 879.2 2 396.0 20 109.1

Total 94 100% 2,457.5 100% 28 1,319.2 4 396.0 62 742.3

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated 102.81 -7% $ 51,119.91 $ 48,590.10 $ 5,552.42 $ 1,647.09 29.7% 21.7% 8.8x 29.5x

AppFolio, Inc. 21.90 -3% 738.0 720.3 98.0 (7.4) NM 44.5% 7.4x NM

Bazaarvoice, Inc. 5.30 -14% 439.0 389.8 201.5 (8.1) NM 2.4% 1.9x NM

Blackbaud, Inc. 62.78 -13% 2,918.2 3,277.4 708.4 115.7 16.3% 15.2% 4.6x 28.3x

Brightcove Inc. 8.30 -40% 280.4 246.1 146.8 1.8 1.2% 12.1% 1.7x 136.9x

ChannelAdvisor Corporation 14.40 -9% 371.3 308.1 110.9 (5.8) NM 16.7% 2.8x NM

Covisint Corporation 2.25 -13% 91.9 57.1 73.8 (10.7) NM -10.1% 0.8x NM

eBay Inc. 27.81 -16% 31,089.5 32,075.5 8,906.0 3,026.0 34.0% 3.6% 3.6x 10.6x

Endurance International Group

Holdings, Inc.

7.95 -44% 1,125.0 3,115.9 1,012.1 198.4 19.6% 40.5% 3.1x 15.7x

Five9, Inc. 15.83 -3% 838.5 825.8 153.9 (1.9) NM 27.1% 5.4x NM

GoDaddy Inc. 35.34 -5% 3,091.2 3,764.4 1,787.4 211.4 11.8% 15.0% 2.1x 17.8x

HubSpot, Inc. 56.10 -7% 1,997.6 1,884.7 247.6 (36.5) NM 52.0% 7.6x NM

Interactive Intelligence Group, Inc. 60.45 -1% 1,351.0 1,303.6 426.2 (1.1) NM 13.4% 3.1x NM

IBM Corporation 162.22 -2% 154,247.6 186,911.6 80,208.0 17,539.0 21.9% -4.3% 2.3x 10.7x

Jive Software, Inc. 3.80 -23% 296.8 197.2 202.6 (6.6) NM 4.8% 1.0x NM

LivePerson, Inc. 8.00 -10% 463.8 412.4 225.8 16.8 7.4% -5.2% 1.8x 24.5x

Marin Software Incorporated 2.40 -40% 92.7 59.3 106.0 (4.4) NM -0.5% 0.6x NM

MaxPoint Interactive, Inc. 8.74 -27% 58.0 60.0 143.8 (19.1) NM 4.4% 0.4x NM

MicroStrategy Incorporated 194.03 -3% 2,218.0 1,639.1 515.6 127.2 24.7% -3.7% 3.2x 12.9x

MINDBODY, Inc. 21.60 -6% 874.9 804.3 129.1 (20.0) NM 38.4% 6.2x NM

Nuance Communications, Inc. 16.21 -25% 4,665.1 6,517.8 1,948.9 336.8 17.3% 0.9% 3.3x 19.4x

Oracle Corporation 40.19 -4% 165,005.7 151,062.7 37,194.0 14,612.0 39.3% -2.3% 4.1x 10.3x

PayPal Holdings, Inc. 39.28 -12% 47,397.1 42,309.1 10,417.0 2,069.0 19.9% 17.2% 4.1x 20.4x

PROS Holdings, Inc. 23.89 -7% 729.2 703.7 155.4 (51.4) NM -13.7% 4.5x NM

PTC Inc. 48.71 -2% 5,631.1 6,092.6 1,140.5 104.7 9.2% -9.1% 5.3x 58.2x

Rightside Group, Ltd. 7.85 -39% 152.5 129.7 218.1 1.4 0.6% 4.6% 0.6x 91.9x

The Rubicon Project, Inc. 7.55 -63% 370.2 177.0 299.6 46.9 15.7% 52.6% 0.6x 3.8x

salesforce.com, inc. 72.00 -15% 48,894.8 50,209.7 7,907.4 534.2 6.8% 25.5% 6.3x 94.0x

Square, Inc. 12.94 -19% 4,556.6 4,042.3 1,631.2 (70.6) NM 42.6% 2.5x NM

Synchronoss Technologies, Inc. 48.48 -3% 2,196.9 2,386.2 633.9 130.2 20.5% 14.9% 3.8x 18.3x

Tableau Software, Inc. 44.88 -54% 3,415.0 2,550.4 779.0 (97.2) NM 31.2% 3.3x NM

Teradata Corporation 26.85 -19% 3,487.8 3,074.8 2,415.0 374.0 15.5% -6.1% 1.3x 8.2x

Verint Systems Inc. 37.55 -11% 2,370.9 2,760.4 1,072.2 116.8 10.9% -7.5% 2.6x 23.6x

Web.com Group, Inc. 15.95 -35% 751.5 1,415.5 661.6 125.4 19.0% 22.6% 2.1x 11.3x

Xactly Corporation 14.10 -12% 433.6 403.0 87.0 (16.0) NM 29.7% 4.6x NM

Zendesk, Inc. 21.29 -33% 2,029.8 1,818.4 286.0 (83.3) NM 54.9% 6.4x NM

Adjusted Weighted Average 2.9x 12.6x


US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Baozun Inc. China 15.09 -19% $ 756.28 $ 655.53 $ 469.89 $ 9.18 2.0% 38.4% 1.4x 71.4x

ChinaCache International Holdings Ltd. China 3.31 -68% 89.1 74.1 165.3 (34.8) NM -20.2% 0.4x NM

Mercadolibre, Inc. Argentina 157.82 -18% 6,968.9 6,802.8 768.9 190.7 24.8% 21.6% 8.8x 35.7x

Open Text Corporation Canada 63.56 -5% 7,725.2 9,033.4 1,881.4 573.5 30.5% 2.7% 4.8x 15.8x


Sage Group plc United Kingdom 8.21 -14% 8,866.64 9,257.70 2,043.19 599.77 29.4% 9.3% 4.5x 15.4x

SAP SE Germany 83.19 -5% 99,681.1 102,489.8 24,370.3 6,489.1 26.6% 8.9% 4.2x 15.8x

Shopify Inc. Canada 41.67 -8% 3,706.9 3,306.6 329.1 (24.2) NM 93.3% 10.0x NM

United Internet AG Germany 38.05 -31% 7,785.6 9,619.8 4,376.0 925.9 21.2% 6.7% 2.2x 10.4x

Weborama France 12.56 -11% 42.7 42.6 34.6 1.7 4.9% 14.2% 1.2x 25.0x

Wix.com ltd Israel 49.50 -6% 2,101.7 1,956.2 262.8 (44.3) NM 39.6% 7.4x NM



Internationally-based Marketing Technology



There were 24 transactions announced in the Agency & Marketing Services segment in November. Digital Agency was the most active

subsegment with 10 transactions

Select transactions:

• The acquisition of UK-based agency holding company Creston by Dbay Advisors in a transaction valued at $90 million

• Advent International’s acquisition of Ansira Partners, a leading independent provider of data-driven and technology-enabled

marketing solutions, from KRG Capital Partners (A Petsky Prunier-led transaction)

• The acquisition of digital marketing and app development agency Axis41 by Merkle

• ABRY Partners-owned Inmar’s acquisition of shopper-focused influencer marketing services company Collective Bias

• The purchase of retail consumer marketing agency Upshot by Advantage Sales & Marketing

• Ivie & Associates’ acquisition of digital strategy agency BuzzShift

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

Digital Agency 10 42% $20.0 17% 9 $20.0 0 - 1 -

General Agency 3 13% 95.8 83% 2 6.1 1 89.7 0 -

Design Agency 2 8% - 0% 2 - 0 - 0 -

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

Retail Services 2 8% - 0% 2 - 0 - 0 -

B-to-B Agency 1 4% - 0% 1 - 0 - 0 -

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

Other* 3 13% 0 0% 3 - 0 - 0 -

Total 24 100% 115.8 100% 21 26.1 2 89.7 1 0.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc * United Kingdom $1.22 -15% $ 106.6 $ 112.6 $ 214.2 $ 8.2 3.8% -4.4% 0.5x 13.8x

Creston plc United Kingdom 1.57 -6% 91.3 89.7 142.6 14.6 10.2% 6.3% 0.6x 6.1x

Dentsu Inc. Japan 45.77 -26% 13,049.9 15,221.4 7,836.6 1,651.6 21.1% NM 1.9x 9.2x

Enero Group Limited Australia 0.65 -34% 55.3 29.0 159.3 11.4 7.1% 0.6% 0.2x 2.6x

Hakuhodo DY Holdings Inc Japan 11.62 -6% 4,330.6 3,412.7 12,259.8 528.2 4.3% 8.6% 0.3x 6.5x

Havas SA France 8.05 -5% 3,378.1 3,485.9 2,488.8 397.6 16.0% 10.3% 1.4x 8.8x

Huntsworth plc United Kingdom 0.49 -19% 156.3 201.9 228.3 25.2 11.0% 3.5% 0.9x 8.0x

M&C Saatchi plc United Kingdom 3.93 -17% 291.9 309.2 254.7 27.3 10.7% 9.9% 1.2x 11.3x

MDC Holdings Inc. * United States 26.88 -3% 1,318.0 2,080.0 2,169.4 148.2 6.8% 18.2% 1.0x 14.0x

Next Fifteen Communications Group plc United Kingdom 3.90 -15% 285.6 301.9 197.1 26.5 13.4% 28.8% 1.5x 11.4x

Omnicom Group Inc. United States 86.94 -2% 20,507.5 24,292.5 15,328.4 2,275.2 14.8% 1.0% 1.6x 10.7x

OPT Holding, Inc. Japan 6.24 -19% 161.6 141.3 671.4 30.1 4.5% 5.4% 0.2x 4.7x

Publicis Groupe SA France 64.73 -12% 14,551.8 17,234.6 10,896.8 1,970.1 18.1% 16.3% 1.6x 8.7x

The Interpublic Group of Companies, Inc. United States 24.07 -3% 9,556.0 10,683.2 7,778.3 1,066.7 13.7% 2.0% 1.4x 10.0x

WPP plc * United Kingdom 21.34 -9% 26,865.8 32,743.4 17,192.7 2,544.7 14.8% 8.7% 1.9x 12.9x

1.6x 9.5xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $26.53 -4% $ 2,055.2 $ 2,054.5 $ 877.9 $ 86.8 9.9% 7.3% 2.3x 23.7x

Aimia Inc. Canada 6.21 -18% 946.3 1,092.8 1,777.8 90.1 5.1% -6.2% 0.6x 12.1x

Alliance Data Systems Corporation United States 228.78 -21% 13,214.1 26,349.3 7,059.3 1,671.4 23.7% 14.3% 3.7x 15.8x

Cogint, Inc. United States 3.30 -66% 173.8 213.3 143.5 (47.9) NM 0.0% 1.5x NM

CSG Systems International Inc. United States 44.50 -4% 1,436.5 1,575.7 763.1 168.4 22.1% 1.9% 2.1x 9.4x

DST Systems Inc. United States 103.21 -20% 3,301.7 3,570.9 2,892.2 426.1 14.7% 60.9% 1.2x 8.4x

Fair Isaac Corporation * United States 113.69 -14% 3,517.6 4,012.7 881.4 201.2 22.8% 5.1% 4.6x 19.9x

Harte-Hanks Inc. United States 1.50 -60% 92.4 146.7 462.3 12.8 2.8% -2.4% 0.3x 11.5x

High Co. SA France 6.11 -15% 126.0 68.7 182.0 17.7 9.7% 16.9% 0.4x 3.9x

Multiplus S.A. Brazil 10.28 -27% 1,665.1 1,295.4 688.6 185.6 27.0% 3.6% 1.9x 7.0x

Pitney Bowes Inc. United States 14.35 -34% 2,665.6 5,313.8 3,456.5 752.7 21.8% -4.7% 1.5x 7.1x

Points International Ltd. Canada 6.84 -37% 103.7 57.1 319.9 8.7 2.7% 13.9% 0.2x 6.6x

Viad Corp United States 43.90 -3% 891.5 1,046.8 1,200.2 120.8 10.1% 13.2% 0.9x 8.7x

2.6x 12.3xAdjusted Weighted Average



Traditional Media

Of the 16 transactions announced in the Traditional Media segment in November, four announced nearly $1.4 billion in reported

transaction value


• The Telefonica sale of Argentina-based television broadcaster Telefe to Viacom in a transaction valued at $345 million

• The acquisition of hospital waiting room television network operator AccentHealth by digital healthcare networks company

ContextMedia

• Spire Capital’s undisclosed investment in out-of-home media company Vector Media

• The purchase of outdoor interactive displays company LQD WiFi by Verizon

• The acquisition of the Electric Word’s speech and language therapy publishing unit Speechmark Publishing by Informa

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

Entertainment Media 7 44% $1,017.8 75% 6 $1,007.7 0 - 1 $10.1

Digital Place-Based Media 3 19% - 0% 2 - 0 - 1 -

Broadcast Television 2 13% 345.0 25% 2 345.0 0 - 0 -

Consumer Magazine Publishing 2 13% - 0% 2 - 0 - 0 -

B-to-B Media 1 6% - 0% 1 - 0 - 0 -

Consumer Book Publishing 1 6% - 0% 1 - 0 - 0 -

Total 16 100% 1,362.8 100% 14 1,352.7 0 0.0 2 10.1

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $60.72 -1% $ 26,142.4 $ 34,920.4 $ 14,442.0 $ 3,352.0 23.2% 5.7% 2.4x 10.4x

Discovery Communications, Inc. United States 27.09 -12% 15,990.6 23,846.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.8x

Time Warner Inc. * United States 91.82 -3% 70,805.2 92,998.2 28,506.0 8,170.0 28.7% -0.2% 3.3x 11.4x

Twenty-First Century Fox, Inc. United States 28.11 -10% 52,113.4 68,721.4 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.3x

Viacom, Inc. United States 37.48 -22% 15,074.9 26,758.9 12,488.0 2,953.0 23.6% -5.9% 2.1x 9.1x

The Walt Disney Company United States 99.12 -14% 157,745.6 177,363.6 55,632.0 16,885.0 30.4% 6.0% 3.2x 10.5x



B-to-B Media



Ascential plc United Kingdom $3.45 -12% $ 1,381.8 $ 1,624.0 $ 456.3 $ 104.5 22.9% 0.0% 3.6x 15.5x

Euromoney Institutional Investor PLC United Kingdom $13.46 -14% 1,702.6 1,700.6 524.9 140.5 26.8% -0.1% 3.2x 12.1x

Global Sources Ltd. Bermuda 9.00 -5% 215.0 132.2 160.0 26.5 16.6% -6.3% 0.8x 5.0x

Informa plc United Kingdom 8.11 -15% 6,677.9 7,998.0 1,650.0 511.7 31.0% 4.6% 4.8x 15.6x

TechTarget, Inc. United States 8.41 -9% 233.9 241.4 109.4 14.5 13.2% -3.3% 2.2x 16.7x

UBM plc United Kingdom 8.91 -6% 3,505.5 3,588.8 1,061.0 285.0 26.9% 47.4% 3.4x 12.6x



Radio Broadcasting



Beasley Broadcast Group Inc. United States $6.35 -4% $ 182.7 $ 248.2 $ 111.4 $ 23.5 21.1% 15.9% 2.2x 10.6x

Cumulus Media Inc. United States 1.21 -75% 35.5 2,287.9 1,150.7 212.0 18.4% -3.2% 2.0x 10.8x

Emmis Communications Corp. United States 3.27 -24% 40.3 315.5 225.3 36.3 16.1% -5.1% 1.4x 8.7x

Entercom Communications Corp. United States 15.20 -6% 617.3 1,074.0 454.7 108.4 23.8% 15.1% 2.4x 9.9x

Pandora Media, Inc. United States 11.62 -28% 2,711.4 2,791.0 1,328.4 (199.9) NM 21.2% 2.1x NM

Radio One Inc. United States 2.90 -19% 137.7 1,083.3 452.0 121.8 26.9% 0.2% 2.4x 8.9x

Salem Media Group, Inc. United States 5.70 -30% 147.2 417.3 272.8 47.2 17.3% 3.9% 1.5x 8.8x

Sirius XM Holdings Inc. * United States 4.57 -2% 22,049.7 27,579.4 4,910.4 1,709.6 34.8% 10.0% 5.6x 16.1x

Spanish Broadcasting System Inc. United States 4.05 -23% 29.4 432.0 142.8 38.2 26.7% -0.1% 3.0x 11.3x

Townsquare Media, Inc. United States 8.73 -28% 160.6 695.8 510.4 102.3 20.0% 21.0% 1.4x 6.8x


Large Cap Diversified Media







Broadcast, Cable, and Satellite Television

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


AMC Networks Inc. United States $55.25 -34% $ 3,891.1 $ 6,349.0 $ 2,705.0 $ 864.0 31.9% 7.7% 2.3x 7.3x

Sky plc United Kingdom 9.75 -32% 16,562.9 25,039.6 15,906.8 2,604.4 16.4% 19.8% 1.6x 9.6x

CVC Limited Australia 1.33 -1% 158.8 168.3 110.6 26.7 24.1% 24.1% 1.5x 6.3x

CBS Corporation United States 60.72 -1% 26,142.4 34,920.4 14,442.0 3,352.0 23.2% 5.7% 2.4x 10.4x

Charter Communications, Inc. * United States 275.31 -2% 74,516.9 146,152.9 21,240.0 7,417.0 34.9% 121.2% 6.9x 19.7x

Comcast Corporation United States 69.51 -1% 166,325.9 227,614.9 78,623.0 25,949.0 33.0% 7.7% 2.9x 8.8x

Discovery Communications, Inc. United States 27.09 -12% 15,990.6 23,846.6 6,471.0 2,435.0 37.6% 0.7% 3.7x 9.8x

Dish Network Corp. United States 57.45 -8% 26,716.3 38,543.1 15,149.1 3,145.5 20.8% 1.2% 2.5x 12.3x

Entravision Communications Corporation United States 6.60 -25% 591.9 839.1 253.7 62.6 24.7% -0.1% 3.3x 13.4x

General Communication Inc. United States 16.86 -23% 605.2 1,939.2 942.9 286.4 30.4% -2.4% 2.1x 6.8x

Gray Television, Inc. United States 10.10 -40% 724.8 2,250.1 744.3 273.8 36.8% 22.9% 3.0x 8.2x

Grupo Televisa, S.A.B. Mexico 4.15 -17% 12,101.1 16,716.7 4,853.8 1,759.4 36.2% 7.8% 3.4x 9.5x

Liberty Global plc United Kingdom 31.32 -28% 27,838.4 73,314.8 19,468.5 8,797.7 45.2% 6.4% 3.8x 8.3x

Media General, Inc. United States 18.37 -2% 2,375.5 4,486.9 1,449.5 439.7 30.3% 25.4% 3.1x 10.2x

Nexstar Broadcasting Group, Inc. United States 59.65 -3% 1,831.3 4,265.3 1,045.6 360.1 34.4% 24.9% 4.1x 11.8x

Scripps Networks Interactive, Inc. United States 69.26 -6% 8,942.2 12,501.8 3,364.5 1,483.1 44.1% 18.7% 3.7x 8.4x

Sinclair Broadcast Group, Inc. United States 32.55 -8% 2,950.3 7,022.2 2,551.0 769.3 30.2% 14.9% 2.8x 9.1x

TEGNA Inc. United States 22.43 -21% 4,809.4 9,280.9 3,259.0 1,163.4 35.7% 12.3% 2.8x 8.0x

The E. W. Scripps Company * United States 17.12 -22% 1,419.3 1,727.6 875.2 87.0 9.9% 32.3% 2.0x 19.9x

Time Warner Inc. United States 91.82 -3% 70,805.2 92,998.2 28,506.0 8,170.0 28.7% -0.2% 3.3x 11.4x



Entertainment Media



Cineplex Inc. Canada $37.39 -5% $ 2,374.3 $ 2,696.9 $ 1,143.0 $ 189.1 16.5% 15.8% 2.4x 14.3x

Eros International Plc * United States 14.05 -29% 794.7 990.0 268.6 21.3 7.9% -20.5% 3.7x 46.5x

Lions Gate Entertainment Corp. United States 23.40 -36% 3,471.0 4,936.0 2,654.8 (32.0) NM 16.3% 1.9x NM

Live Nation Entertainment, Inc. United States 27.68 -5% 5,631.2 7,169.8 8,294.1 626.4 7.6% 17.1% 0.9x 11.4x

SFX Entertainment, Inc. United States 0.01 -98% 0.9 299.0 402.4 (86.3) NM 17.4% 0.7x NM

Twenty-First Century Fox, Inc. United States 28.11 -10% 52,113.4 68,721.4 27,755.0 6,691.0 24.1% 2.1% 2.5x 10.3x

Liberty Global plc United Kingdom 31.32 -28% 27,838.4 73,314.8 19,468.5 8,797.7 45.2% 6.4% 3.8x 8.3x

Village Roadshow Limited Australia 3.24 -42% 523.5 932.2 780.8 110.0 14.1% 7.4% 1.2x 8.5x

World Wrestling Entertainment Inc. United States 18.78 -13% 1,434.9 1,410.1 700.4 73.1 10.4% 10.6% 2.0x 19.3x




LTM Multiples

LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $2.80 -51% $ 175.3 $ 95.6 $ 50.2 $ (70.3) NM -32.7% 1.9x NM

APG|SGA SA Switzerland 416.82 -2% 1,250.1 1,160.8 320.3 79.3 24.8% -1.5% 3.6x 14.6x

Clear Channel Outdoor Holdings Inc. United States 5.45 -25% 1,962.0 6,868.8 2,748.0 652.6 23.7% -3.1% 2.5x 10.5x

Clear Media Ltd. Hong Kong 0.94 -11% 508.4 440.6 240.6 104.6 43.5% 3.9% 1.8x 4.2x

JCDecaux SA France 26.00 -38% 5,527.0 6,107.4 3,258.5 550.4 16.9% 12.0% 1.9x 11.1x

Lamar Advertising Co. United States 66.29 -4% 6,451.5 8,794.0 1,469.5 614.5 41.8% 10.2% 6.0x 14.3x

Mood Media Corporation Canada 0.05 -78% 9.6 595.6 470.0 76.8 16.3% -1.5% 1.3x 7.8x

National CineMedia, Inc. United States 15.34 -5% 957.2 2,076.7 441.5 195.1 44.2% 1.9% 4.7x 10.6x

NTN Buzztime Inc. United States 10.42 -13% 23.6 29.0 22.9 0.0 0.2% -7.7% 1.3x NM

Tom Group Ltd. * Hong Kong 0.23 -23% 877.7 1,213.3 147.0 9.6 6.5% -20.0% 8.3x 126.6x



Publishing



A. H. Belo Corporation United States $6.15 -23% $ 133.3 $ 57.6 $ 267.0 $ 5.9 2.2% -1.9% 0.2x 9.7x

Daily Mail and General Trust plc United Kingdom 9.53 -9% 3,191.6 4,292.8 2,496.6 318.9 12.8% 4.0% 1.7x 13.5x

Emmis Communications Corp. United States 3.27 -24% 40.3 315.5 225.3 36.3 16.1% -5.1% 1.4x 8.7x

Gannett Co., Inc. United States 9.54 -47% 1,112.4 1,380.6 2,919.8 332.4 11.4% -1.5% 0.5x 4.2x

Glacier Media, Inc. Canada 0.51 -28% 55.6 108.3 154.9 12.2 7.9% -12.3% 0.7x 8.9x

John Wiley & Sons Inc. United States 54.85 -7% 3,169.4 3,638.7 1,708.3 274.7 16.1% -5.5% 2.1x 13.2x

Meredith Corporation United States 55.55 -3% 2,442.6 3,112.7 1,664.8 327.2 19.7% 3.6% 1.9x 9.5x

News Corporation United States 11.56 -21% 6,800.7 5,914.7 8,243.0 655.0 7.9% 2.4% 0.7x 9.0x

Scholastic Corporation United States 44.09 -5% 1,521.7 1,246.2 1,764.3 137.7 7.8% 7.8% 0.7x 9.1x

The E. W. Scripps Company * United States 17.12 -22% 1,419.3 1,727.6 875.2 87.0 9.9% 32.3% 2.0x 19.9x

The McClatchy Company United States 14.17 -28% 107.3 1,015.4 1,000.7 141.8 14.2% -7.4% 1.0x 7.2x

The New York Times Company United States 13.00 -8% 2,094.2 1,779.1 1,560.4 230.6 14.8% -1.2% 1.1x 7.7x

Time Inc. United States 16.20 -8% 1,604.8 2,541.8 3,045.0 316.0 10.4% -2.4% 0.8x 8.0x





Software

Within the Software segment, more than $8.6 billion in reported value involved strategic transactions while more than $3.9 billion in

Venture/Growth Capital investments were announced

Financial and Security Software were the most active subsegments in November with each announcing 27 transactions


• The $2.5 billion minority stake taken by Koch Industries in enterprise software applications company Infor in a transaction valuing

the company at more than $10 billion

• Oracle’s acquisition of infrastructure-as-a-service provider Dyn in a transaction valued at approximately $600 million

• The acquisition of accounts receivable management software developer RevSpring by GTCR for a reported $400 million

• Utility and manufacturing industry data integration platform Bit Stew’s sale to General Electric for $153 million

• The $150 million investment in online payments company Stripe at a reported valuation of $9 billion from CapitalG, General Catalyst

Partners, and Sequoia Capital

*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 27 18% $807.1 6% 5 $25.0 1 $400.0 21 $382.1

Security 27 18% 2,528.4 20% 8 2,362.1 4 - 15 166.3

Healthcare 18 12% 117.8 1% 5 - 0 - 13 117.8

Software Development Tools 14 9% 4,483.0 35% 3 4,281.3 0 - 11 201.7

Cloud Computing 11 7% 51.8 0% 0 - 0 - 11 51.8

ERP 8 5% 2,544.0 20% 3 - 1 - 4 2,544.0

Other* 47 26% 2,332.5 18% 18 1,933 2 0 27 399.5

Total 152 100% 12,917.9 100% 42 8,601.3 8 400.0 102 3,916.6

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Apptio, Inc. United States 19.81 -19% $ 759.0 $ 636.5 $ 151.1 $ (27.6) NM 22.7% 4.2x NM

BlackLine, Inc. * United States 26.94 -6% 1,329.0 1,374.2 112.3 (17.6) NM 49.3% 12.2x NM

Coupa Software Incorporated * United States 31.74 -9% 1,527.0 1,612.0 109.5 (42.6) NM 0.0% 14.7x NM

Ebix Inc. United States 59.60 -5% 1,931.9 2,095.8 288.5 107.5 37.3% 12.7% 7.3x 19.5x

First Data Corporation United States 14.57 -17% 13,273.0 34,697.0 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.5x

Fidessa group plc United Kingdom 28.23 -15% 1,083.3 999.8 409.4 69.7 17.0% 8.5% 2.4x 14.3x

Guidewire Software, Inc. * United States 55.71 -13% 4,095.3 3,565.0 436.3 17.9 4.1% 13.9% 8.2x 198.9x

Intuit Inc. United States 113.68 -3% 29,178.1 29,673.1 4,759.0 1,429.0 30.0% 10.9% 6.2x 20.8x

Management Consulting Group PLC United Kingdom 0.24 -23% 122.8 120.4 179.9 (2.1) NM 169.7% 0.7x NM

Model N, Inc. United States 8.95 -36% 249.7 183.5 107.0 (26.8) NM 14.1% 1.7x NM

Performant Financial Corporation United States 3.58 -12% 179.8 194.9 148.6 23.7 15.9% -6.0% 1.3x 8.2x

Q2 Holdings, Inc. United States 29.50 -10% 1,184.1 1,091.8 138.5 (21.9) NM 37.6% 7.9x NM

RealPage, Inc. United States 28.60 -4% 2,301.5 2,355.3 540.8 75.0 13.9% 19.8% 4.4x 31.4x

SS&C Technologies Holdings, Inc. United States 30.01 -17% 6,086.6 8,475.1 1,381.4 476.6 34.5% 53.5% 6.1x 17.8x

Tyler Technologies, Inc. United States 148.90 -19% 5,453.8 5,440.7 721.7 147.4 20.4% 29.0% 7.5x 36.9x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 10.98 -29% 2,032.3 3,606.4 1,470.1 132.5 9.0% 6.4% 2.5x 27.2x

athenahealth, Inc. United States 94.60 -44% 3,732.9 3,893.9 1,052.3 88.9 8.4% 19.5% 3.7x 43.8x

Cegedim SA France 23.29 -35% 325.0 555.6 491.9 48.8 9.9% 13.9% 1.1x 11.4x

Cerner Corporation United States 49.78 -26% 16,900.1 16,780.0 4,632.8 1,294.5 27.9% 12.9% 3.6x 13.0x

Civitas Solutions, Inc. United States 16.75 -45% 621.9 1,254.9 1,396.6 134.3 9.6% 4.0% 0.9x 9.3x

Computer Programs & Systems Inc. United States 24.05 -59% 325.5 477.5 247.0 36.5 14.8% 34.1% 1.9x 13.1x

Cotiviti Holdings, Inc. United States 29.79 -18% 2,686.2 3,429.9 608.7 206.3 33.9% 18.7% 5.6x 16.6x

Craneware plc United Kingdom 12.80 -24% 345.1 299.2 49.8 15.2 30.5% 11.2% 6.0x 19.7x

HealthEquity, Inc. * United States 44.53 -1% 2,638.6 2,489.1 154.6 47.7 30.9% 44.4% 16.1x 52.2x

McKesson Corporation United States 143.81 -29% 32,513.6 36,671.6 194,267.0 4,330.0 2.2% 3.5% 0.2x 8.5x

Medidata Solutions, Inc. * United States 55.23 -5% 3,181.2 3,111.0 437.8 56.2 12.8% 14.3% 7.1x 55.4x

NantHealth, Inc. United States 11.53 -41% 1,397.9 1,434.8 96.7 (130.6) NM 102.2% 14.8x NM

Quality Systems Inc. United States 13.12 -25% 814.7 836.4 494.3 56.8 11.5% -1.0% 1.7x 14.7x

Streamline Health Solutions, Inc. United States 1.65 -22% 31.8 40.5 27.6 (1.2) NM -2.3% 1.5x NM

Veeva Systems Inc. * United States 46.48 -3% 6,330.1 5,819.3 508.2 106.1 20.9% 33.0% 11.5x 54.8x




Financial & Credit/Risk Management Software




HR Software



51job Inc. China $35.37 -1% $ 2,119.7 $ 1,458.2 $ 337.3 $ 97.6 28.9% 14.1% 4.3x 14.9x

Benefitfocus, Inc. United States 27.30 -39% 812.2 827.2 225.0 (27.5) NM 31.6% 3.7x NM

Castlight Health, Inc. United States 4.65 -10% 482.2 365.8 93.1 (62.9) NM 36.0% 3.9x NM

Cornerstone OnDemand, Inc. United States 35.91 -25% 2,017.7 2,016.5 410.0 (46.6) NM 28.0% 4.9x NM

DHI Group, Inc. United States 6.10 -40% 303.7 364.9 237.1 51.9 21.9% -9.7% 1.5x 7.0x

LinkedIn Corporation United States 195.24 -21% 26,462.1 24,287.6 3,615.0 477.4 13.2% 30.4% 6.7x 50.9x

Paycom Software, Inc. United States 44.87 -15% 2,697.2 2,652.8 306.4 62.0 20.2% 50.5% 8.7x 42.8x

Paylocity Holding Corporation United States 33.11 -33% 1,700.0 1,622.0 250.6 6.6 2.6% 50.3% 6.5x NM

The Ultimate Software Group, Inc. * United States 204.93 -9% 5,943.1 5,842.7 741.4 64.6 8.7% 27.2% 7.9x 90.5x

Workday, Inc. United States 84.32 -10% 16,864.0 15,316.9 1,351.8 (208.9) NM 38.7% 11.3x NM



Security Software



Absolute Software Corporation Canada $4.62 -27% $ 180.2 $ 148.8 $ 87.3 $ 11.3 12.9% -7.6% 1.7x 13.2x

AVG Technologies N.V. Netherlands 26.60 -24% 1,349.4 1,471.3 430.6 125.0 29.0% 6.8% 3.4x 11.8x

Check Point Software Technologies Ltd. Israel 82.33 -9% 14,399.6 13,169.4 1,712.7 862.9 50.4% 7.6% 7.7x 15.3x

Cisco Systems, Inc. United States 29.82 -7% 149,689.2 113,511.2 48,917.0 14,994.0 30.7% -1.4% 2.3x 7.6x

Cheetah Mobile Inc. China 10.16 -44% 1,447.4 1,355.7 660.1 34.6 5.2% 39.3% 2.1x 39.2x

CyberArk Software, Ltd. Israel 51.01 -14% 1,712.4 1,459.9 203.7 39.2 19.3% 39.9% 7.2x 37.2x

FireEye, Inc. United States 12.84 -43% 2,196.9 2,003.6 714.2 (366.9) NM 22.9% 2.8x NM

Fortinet Inc. * United States 30.10 -20% 5,208.5 4,178.1 1,209.1 60.1 5.0% 29.1% 3.5x 69.5x

Gemalto NV Netherlands 50.87 -28% 4,526.4 4,885.5 3,462.3 608.9 17.6% 10.1% 1.4x 8.0x

Imperva Inc. United States 38.15 -49% 1,252.8 993.8 258.8 (59.1) NM 21.5% 3.8x NM

Juniper Networks, Inc. United States 27.54 -10% 10,474.1 10,285.5 4,924.1 1,076.7 21.9% 6.1% 2.1x 9.6x

Mimecast Limited United Kingdom 20.46 -17% 1,121.9 1,015.3 159.8 (0.6) NM 24.5% 6.4x NM

Mobileye N.V. * Israel 37.23 -27% 8,161.9 7,832.4 325.4 108.7 33.4% 55.9% 24.1x 72.0x

NQ Mobile Inc. China 3.75 -30% 360.6 343.0 375.8 0.6 0.2% 1.9% 0.9x NM

Palo Alto Networks, Inc. United States 134.37 -31% 12,319.9 11,436.1 1,479.4 (160.8) NM 43.2% 7.7x NM

Proofpoint, Inc. United States 77.01 -12% 3,272.3 3,221.3 343.6 (52.7) NM 39.3% 9.4x NM

SecureWorks Corp. United States 12.35 NA 996.3 883.0 385.7 (42.1) NM 30.6% 2.3x NM

Symantec Corporation United States 24.39 -5% 15,205.2 16,762.2 3,645.0 940.0 25.8% -1.1% 4.6x 17.8x

Trend Micro Inc. Japan 35.97 -24% 4,945.1 3,832.9 1,233.9 389.5 31.6% 1.7% 3.1x 9.8x

VeriSign, Inc. United States 78.85 -16% 8,245.7 8,351.6 1,128.5 735.1 65.1% 8.2% 7.4x 11.4x




LTM Multiples

LTM Multiples




Engineering Software



Ansys, Inc. United States $94.03 -5% $ 8,136.4 $ 7,298.1 $ 969.5 $ 447.6 46.2% 2.5% 7.5x 16.3x

Autodesk, Inc. United States 72.61 -8% 16,111.6 15,632.6 2,200.5 (130.1) NM -12.7% 7.1x NM

AVEVA Group plc United Kingdom 21.19 -28% 1,355.0 1,199.7 265.4 67.6 25.5% -0.5% 4.5x 17.7x

Dassault Systèmes SE * France 76.13 -10% 19,299.2 17,733.0 3,346.3 917.0 27.4% 9.6% 5.3x 19.3x



Infrastructure Software



Adobe Systems Incorporated United States $102.81 -7% $ 51,119.9 $ 48,590.1 $ 5,552.4 $ 1,647.1 29.7% 21.7% 8.8x 29.5x

Team Tankers International Ltd. United States 1.34 NM 250.0 249.2 284.7 50.3 17.7% -12.6% 0.9x 5.0x

CA, Inc. United States 31.96 -9% 13,354.1 12,858.1 4,060.0 1,295.0 31.9% -0.9% 3.2x 9.9x

Commvault Systems, Inc. * United States 54.00 -6% 2,445.8 2,006.2 627.0 19.7 3.1% 7.4% 3.2x 101.7x

Covisint Corporation United States 2.25 -13% 91.9 57.1 73.8 (10.7) NM -10.1% 0.8x NM

Endurance International Group Holdings, Inc. United States 7.95 -44% 1,125.0 3,115.9 1,012.1 198.4 19.6% 40.5% 3.1x 15.7x

First Data Corporation United States 14.57 -17% 13,273.0 34,697.0 7,860.0 2,398.0 30.5% 1.8% 4.4x 14.5x

Guidance Software, Inc. United States 7.05 -7% 227.1 219.9 108.7 (13.6) NM 1.0% 2.0x NM

Hortonworks Inc. United States 9.09 -60% 552.3 468.8 169.9 (236.3) NM 74.8% 2.8x NM

IBM Corporation United States 162.22 -2% 154,247.6 186,911.6 80,208.0 17,539.0 21.9% -4.3% 2.3x 10.7x

IntraLinks Holdings, Inc. United States 11.22 -5% 648.0 680.2 290.4 20.0 6.9% 6.6% 2.3x 34.0x

Nutanix, Inc. United States 32.00 -32% 4,392.7 4,045.6 524.0 (234.0) NM 85.1% 7.7x NM


Oracle Corporation United States 40.19 -4% 165,005.7 151,062.7 37,194.0 14,612.0 39.3% -2.3% 4.1x 10.3x

salesforce.com, inc. * United States 72.00 -15% 48,894.8 50,209.7 7,907.4 534.2 6.8% 25.5% 6.3x 94.0x

Rapid7, Inc. United States 11.60 - 492.8 405.1 145.3 (52.8) NM 45.8% 2.8x NM

ServiceNow, Inc. * United States 83.15 -9% 13,803.8 13,496.2 1,290.5 (82.9) NM 40.6% 10.5x NM

Talend SA France 23.09 -33% 658.2 568.4 96.5 (25.3) NM 0.0% 5.9x NM

Twilio, Inc. * United States 33.92 -52% 2,955.4 2,703.2 246.7 (32.0) NM 72.2% 11.0x NM

Varonis Systems, Inc. United States 29.20 -9% 779.0 666.9 153.9 (14.6) NM 31.4% 4.3x NM





Information

The Information segment reported 12 transactions worth nearly $90 million in value

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


• The $25 million round of funding raised by financial data and research company Quantopian from Andreessen Horowitz, Bessemer

Venture Partners, Point72 Ventures, and Spark Capital

• The undisclosed investment received by fund information and publications platform Fundinfo from HgCapital

• The acquisition of financial services data provider BrightScope by financial services industry-focused publisher Strategic Insights

• Verisk Analytics’ acquisition of property/casualty insurance data company Marketstance

• FairMedOnline’s acquisition of international medical touring information platform Caremondo

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

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

Financial Information 5 42% $32.8 37% 2 - 0 - 3 $32.8

Healthcare Information 2 17% - 0% 1 - 0 - 1 -

HR Information 2 17% 57.0 63% 0 - 0 - 2 57.0

Credit/Risk Management Information 1 8% - 0% 1 - 0 - 0 -

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

Geo-Demo Information 1 8% - 0% 1 - 0 - 0 -

Total 12 100% 89.8 100% 6 0.0 0 0.0 6 89.8

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)




Broadridge Financial Solutions, Inc. United States $64.74 -10% $ 7,709.1 $ 8,607.5 $ 3,197.6 $ 629.0 19.7% 17.0% 2.7x 13.7x

Computershare Limited Australia 8.56 -3% 4,677.8 5,995.0 1,964.4 428.8 21.8% -0.3% 3.1x 14.0x

CoreLogic, Inc. United States 37.73 -13% 3,258.6 4,781.2 1,868.5 390.0 20.9% 26.0% 2.6x 12.3x

CoStar Group Inc. * United States 191.11 -15% 6,228.9 6,043.2 812.3 206.5 25.4% 20.4% 7.4x 29.3x

DST Systems Inc. United States 103.21 -20% 3,301.7 3,570.9 2,892.2 426.1 14.7% 60.9% 1.2x 8.4x

The Dun & Bradstreet Corporation United States 121.72 -14% 4,477.3 5,769.5 1,685.9 424.5 25.2% 5.2% 3.4x 13.6x

Envestnet, Inc. * United States 36.10 -13% 1,554.2 1,794.8 541.1 46.9 8.7% 35.5% 3.3x 38.3x

Equifax Inc. United States 114.45 -16% 13,706.7 16,479.5 3,010.1 1,035.9 34.4% 14.8% 5.5x 15.9x

Experian plc Ireland 18.85 -7% 17,817.8 20,862.3 4,607.0 1,401.0 30.4% -0.5% 4.5x 14.9x

FactSet Research Systems Inc. United States 160.17 -13% 6,396.4 6,443.8 1,127.1 397.6 35.3% 12.0% 5.7x 16.2x

Fair Isaac Corporation United States 113.69 -14% 3,517.6 4,012.7 881.4 201.2 22.8% 5.1% 4.6x 19.9x

Fidelity National Information Services, Inc. United States 77.19 -5% 25,336.1 35,519.1 8,669.2 2,199.2 25.4% 35.2% 4.1x 16.2x

Financial Engines, Inc. * United States 34.85 -3% 2,157.5 2,038.7 389.4 69.5 17.9% 27.5% 5.2x 29.3x

Moody's Corporation United States 100.50 -9% 19,215.6 20,782.4 3,528.0 1,579.7 44.8% 0.9% 5.9x 13.2x

Morningstar Inc. United States 72.91 -18% 3,139.4 2,934.6 788.0 249.6 31.7% 0.6% 3.7x 11.8x

MSCI Inc. United States 78.80 -13% 7,417.0 8,517.4 1,130.8 549.4 48.6% 7.4% 7.5x 15.5x

Reis, Inc. United States 21.85 -18% 246.9 221.8 50.2 13.3 26.5% 5.8% 4.4x 16.7x

SEI Investments Co. United States 47.18 -14% 7,548.7 6,925.6 1,368.1 385.7 28.2% 3.5% 5.1x 18.0x

Thomson Reuters Corporation United States 43.10 -2% 31,673.3 40,455.6 12,145.0 2,560.0 21.1% 4.9% 3.3x 15.8x

Verisk Analytics, Inc. United States 83.08 -3% 13,911.8 16,029.9 2,273.8 1,033.2 45.4% 30.1% 7.0x 15.5x

Workiva Inc. United States 14.90 -22% 614.1 581.8 172.2 (44.0) NM 27.0% 3.4x NM


Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Marketing Information



Acxiom Corporation United States $26.53 -4% 2,055.2 2,054.5 877.9 86.8 9.9% 7.3% 2.3x 23.7x

Alliance Data Systems Corporation United States 228.78 -20% 13,214.1 31,052.9 7,059.3 1,671.4 23.7% 14.3% 4.4x 18.6x

Brainjuicer Group Plc United Kingdom 6.18 -6% 75.5 69.0 35.4 7.3 20.7% 6.2% 2.0x 9.4x

Cello Group Plc United Kingdom 1.22 -16% 106.6 112.6 214.2 8.2 3.8% -4.4% 0.5x 13.8x

comScore, Inc. United States 29.04 -35% 1,660.4 1,546.4 368.8 37.1 10.1% 12.1% 4.2x 41.6x

Ebiquity plc * United Kingdom 1.21 -34% 88.4 124.6 95.8 0.7 0.8% 0.0% 1.3x 167.7x

GfK SE Germany 30.69 -23% 1,120.2 1,461.8 1,688.1 55.6 3.3% -1.0% 0.9x 26.3x

Harte-Hanks Inc. United States 1.50 -60% 92.4 146.7 462.3 12.8 2.8% -2.4% 0.3x 11.5x

InnerWorkings Inc. United States 9.25 -8% 497.4 610.3 1,090.6 41.9 3.8% 8.4% 0.6x 14.6x

Intage Holdings Inc. Japan 16.43 -7% 328.0 271.0 460.0 55.3 12.0% 3.7% 0.6x 4.9x

Ipsos SA France 28.97 -10% 1,233.7 1,793.9 1,983.4 230.4 11.6% 2.3% 0.9x 7.8x

NeuStar, Inc. United States 24.25 -13% 1,323.4 2,190.1 1,165.1 420.1 36.1% 14.0% 1.9x 5.2x

Nielsen Holdings plc United States 43.10 -23% 15,405.2 23,117.2 6,277.0 1,559.0 24.8% 1.6% 3.7x 14.8x

Onvia Inc. United States 4.80 -9% 34.2 26.6 24.2 0.7 2.9% 3.6% 1.1x 37.8x

Pearson plc United Kingdom 9.93 -21% 8,099.2 10,133.2 5,765.8 817.6 14.2% -3.4% 1.8x 12.4x

YouGov plc United Kingdom 2.97 -6% 309.4 290.0 117.1 11.2 9.6% 15.9% 2.5x 25.8x



Other Information



Centaur Media plc United Kingdom $0.50 -46% $ 72.0 $ 89.6 $ 97.8 $ 11.7 12.0% 10.8% 0.9x 7.7x

CEB Inc. United States 58.95 -21% 1,899.9 2,650.3 938.6 194.0 20.7% 1.4% 2.8x 13.7x

Cogint, Inc. United States 3.30 -66% 173.8 213.3 143.5 (47.9) NM 0.0% 1.5x NM

Forrester Research Inc. United States 40.90 -3% 745.1 611.9 323.6 35.6 11.0% 3.3% 1.9x 17.2x

Gartner Inc. * United States 102.82 -2% 8,493.9 8,779.5 2,385.1 395.0 16.6% 13.4% 3.7x 22.2x

IHS Markit Ltd. * United Kingdom 35.94 -5% 14,951.9 18,094.9 2,416.7 638.9 26.4% 17.3% 7.5x 28.3x

Informa plc United Kingdom 8.11 -16% 6,677.9 7,998.0 1,650.0 511.7 31.0% 4.6% 4.8x 15.6x

National Research Corp. United States 38.90 -13% 472.2 447.3 107.4 34.2 31.9% 6.2% 4.2x 13.1x

NIC Inc. United States 25.10 -2% 1,656.1 1,504.7 310.7 80.8 26.0% 8.2% 4.8x 18.6x

Premier, Inc. United States 30.14 -19% 1,509.6 1,372.7 1,205.0 375.5 31.2% 14.9% 1.1x 3.7x

Proofpoint, Inc. * United States 77.01 -12% 3,272.3 3,221.3 343.6 (52.7) NM 39.3% 9.4x NM

Reed Elsevier plc(1) United Kingdom 17.17 -11% 35,036.1 40,834.6 8,327.6 2,484.7 29.8% 4.5% 4.9x 16.4x

Tarsus Group plc Ireland 3.17 -12% 324.0 396.7 106.2 36.2 34.1% 40.7% 3.7x 11.0x

TechTarget, Inc. United States 8.41 -9% 233.9 241.4 109.4 14.5 13.2% -3.3% 2.2x 16.7x

The Advisory Board Company United States 35.40 -33% 1,421.2 1,931.4 804.5 116.4 14.5% 12.8% 2.4x 16.6x

UBM plc United Kingdom 8.91 -6% 3,505.5 3,588.8 1,061.0 285.0 26.9% 47.4% 3.4x 12.6x

Wolters Kluwer N.V. Netherlands 35.96 -13% 10,441.4 12,395.9 4,703.2 1,251.6 26.6% 7.0% 2.6x 9.9x




(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 27 transactions in November worth more than $3.1 billion in value

The IT Consulting/Systems Integration subsegment accounted for more than 50 percent of segments total activity with 14 transactions


• Huntington Ingalls Industries’ acquisition of government IT services and software company Camber from New Mountain Capital for

$380 million

• The $74.5 million acquisition of pharmacy benefit and clinical care management company Veridicus by Magellan Health from

Gauge Capital

• Veronis Suhler Stevenson’s undisclosed investment in private cloud and IT managed services provider Coretelligent

• Accenture’s acquisition of Canada-based consulting and implementation services company Nashco Consulting

• The acquisition of business process and program management consultancy Collaborative Consulting by CGI Group

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

IT Consulting/Systems Integration 14 52% $409.8 13% 9 $380.0 3 $29.8 2 -

Corporate Training 3 11% 32.3 1% 1 - 0 - 2 32.3

Logistics 3 11% 75.0 2% 1 - 0 - 2 75.0

Healthcare Consulting 2 7% 104.5 3% 1 74.5 0 - 1 30.0

Management Consulting 2 7% - 0% 2 - 0 - 0 -

Engineering Consulting 1 4% - 0% 1 - 0 - 0 -

Financial Consulting 1 4% 2,500.0 80% 0 - 1 2,500.0 0 -

Other* 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 27 100% 3,121.6 100% 16 454.5 4 2,529.8 7 137.3

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 119.43 -4% $ 74,083.4 $ 69,836.3 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.1x 12.6x

CRA International Inc. United States 32.86 -2% 271.9 247.3 317.7 25.1 7.9% 2.6% 0.8x 9.8x

FTI Consulting, Inc. United States 42.70 -6% 1,776.2 2,021.3 1,810.7 202.1 11.2% 2.8% 1.1x 10.0x

Information Services Group, Inc. United States 3.51 -19% 125.6 166.4 216.1 15.9 7.4% 3.6% 0.8x 10.5x

Navigant Consulting Inc. United States 24.70 -2% 1,162.4 1,316.6 911.1 138.0 15.2% 10.9% 1.4x 9.5x

ICF International Inc. United States 55.35 -1% 1,049.3 1,320.9 1,176.3 110.0 9.3% 4.3% 1.1x 12.0x

Huron Consulting Group Inc. United States 52.75 -19% 1,098.1 1,415.1 733.2 152.6 20.8% 40.1% 1.9x 9.3x

The Hackett Group, Inc. * United States 17.76 -7% 507.1 505.3 257.2 36.3 14.1% 12.4% 2.0x 13.9x



HR Services



Automatic Data Processing, Inc. United States 96.02 -2% $ 43,321.7 $ 42,511.8 $ 11,870.7 $ 2,648.8 22.3% 7.1% 3.6x 16.0x

Barrett Business Services Inc. United States 58.29 -3% 422.2 399.1 813.2 36.2 4.4% 12.6% 0.5x 11.0x

Capita plc United Kingdom 6.55 -59% 4,357.6 7,024.2 6,618.0 1,008.6 15.2% 8.3% 1.1x 7.0x

DHI Group, Inc. United States 6.10 -40% 303.7 364.9 237.1 51.9 21.9% -9.7% 1.5x 7.0x

Edenred SA France 21.03 -12% 4,873.1 6,150.1 1,100.6 357.6 32.5% -2.0% 5.6x 17.2x

Insperity, Inc. United States 72.40 -12% 1,540.4 1,419.5 2,862.3 115.2 4.0% 12.3% 0.5x 12.3x

LinkedIn Corporation * United States 195.24 -21% 26,462.1 24,287.6 3,615.0 477.4 13.2% 30.4% 6.7x 50.9x

Marsh & McLennan Companies, Inc. United States 69.31 -1% 35,735.8 39,186.8 13,185.0 3,066.0 23.3% 3.0% 3.0x 12.8x

Paychex, Inc. United States 58.95 -5% 21,319.4 20,873.0 3,014.4 1,291.3 42.8% 7.8% 6.9x 16.2x

Professional Diversity Network, Inc. United States 8.36 -27% 30.3 31.0 29.2 (3.0) NM -22.9% 1.1x NM

TriNet Group, Inc. United States 25.23 -1% 1,736.6 2,044.1 2,974.9 144.0 4.8% 17.3% 0.7x 14.2x

WageWorks, Inc. * United States 73.85 -2% 2,706.0 2,118.3 346.8 64.5 18.6% 5.2% 6.1x 32.8x







IT Consulting



Accenture plc Ireland 119.43 -4% $ 74,083.4 $ 69,836.3 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.1x 12.6x

Amdocs Limited United States 58.97 -4% 8,718.8 7,823.1 3,718.2 694.9 18.7% 2.0% 2.1x 11.3x

Ausy SA France 57.95 -1% 317.4 420.6 483.9 42.0 8.7% 16.7% 0.9x 10.0x

Bechtle AG Germany 92.89 -17% 1,950.6 1,866.5 3,366.4 183.3 5.4% 8.3% 0.6x 10.2x

Booz Allen Hamilton Holding Corporation United States 37.81 -2% 5,636.4 6,892.3 5,549.6 520.2 9.4% 4.3% 1.2x 13.2x

Broadridge Financial Solutions, Inc. United States 64.74 -10% 7,709.1 8,607.5 3,197.6 629.0 19.7% 17.0% 2.7x 13.7x

Business & Decision SA * France 5.96 -7% 47.0 76.8 254.3 4.3 1.7% 4.2% 0.3x 18.0x

Cap Gemini S.A. France 78.75 -17% 13,243.1 15,793.8 13,953.0 1,715.8 12.3% 13.4% 1.1x 9.2x

CGI Group Inc. Canada 47.30 -6% 14,281.2 15,292.5 8,139.4 1,383.8 17.0% 3.9% 1.9x 11.1x

Cognizant Technology Solutions Corporation United States 55.08 -14% 33,417.0 29,455.0 13,257.6 2,648.1 20.0% 11.2% 2.2x 11.1x

Computer Sciences Corporation United States 60.63 -14% 8,537.6 11,070.6 7,358.0 922.0 12.5% -0.7% 1.5x 12.0x

CSG Systems International Inc. United States 44.50 -4% 1,436.5 1,575.7 763.1 168.4 22.1% 1.9% 2.1x 9.4x

Digi International Inc. United States 13.40 -5% 347.9 213.8 203.0 22.5 11.1% -4.6% 1.1x 9.5x

Globant S.A. * Luxembourg 34.26 -27% 1,182.0 1,126.9 307.2 55.6 18.1% 29.4% 3.7x 20.3x

International Business Machines Corporation United States 162.22 -2% 154,247.6 186,911.6 80,208.0 17,539.0 21.9% -4.3% 2.3x 10.7x

Infosys Limited India 14.22 -24% 32,506.2 27,567.1 9,942.0 2,738.0 27.5% 10.2% 2.8x 10.1x

ITS Group France 6.46 -20% 49.4 52.1 212.2 8.1 3.8% 1.7% 0.2x 6.4x

NCI, Inc. United States 13.10 -22% 177.3 177.1 329.3 29.2 8.9% 1.8% 0.5x 6.1x

NTT Data Corporation Japan 49.79 -9% 13,966.7 14,653.6 16,305.1 2,604.8 16.0% 5.9% 0.9x 5.6x

Perficient Inc. United States 18.00 -21% 649.0 666.8 481.9 54.6 11.3% 7.0% 1.4x 12.2x

Reply S.p.A. Italy 115.22 -20% 1,077.5 1,053.8 846.5 109.8 13.0% 11.4% 1.2x 9.6x

SQLi France 38.41 -7% 142.0 145.0 205.9 14.9 7.2% 7.3% 0.7x 9.8x

Tata Consultancy Services Limited * India 33.18 -17% 65,380.7 60,739.4 17,173.6 4,730.2 27.5% 12.7% 3.5x 12.8x

Wipro Ltd. India 6.78 -24% 16,658.2 13,943.9 8,084.9 1,620.1 20.0% 10.2% 1.7x 8.6x






Outsourced Services



AMREP Corporation United States $7.14 -12% $ 57.7 $ 52.9 $ 42.8 $ (2.4) NM -9.0% 1.2x NM

Cenveo Inc. United States 6.69 -56% 57.2 1,096.4 1,721.7 143.4 8.3% 0.3% 0.6x 7.6x

Communisis plc United Kingdom 0.46 -26% 96.1 128.4 471.4 33.1 7.0% 1.8% 0.3x 3.9x

Contax Participações S.A. * Brazil 2.58 -57% 8.7 319.5 877.5 3.0 0.3% 4.0% 0.4x 106.3x

Convergys Corporation United States 25.87 -16% 2,467.2 2,625.6 2,907.4 391.5 13.5% -1.9% 0.9x 6.7x

Elanders AB (publ) * Sweden 10.75 -17% 379.6 695.1 592.8 55.1 9.3% 20.6% 1.2x 12.6x

Eniro AB Sweden 0.03 -79% 13.7 198.7 241.2 52.4 21.7% -19.9% 0.8x 3.8x

Exlservice Holdings, Inc. * United States 47.56 -13% 1,593.6 1,425.2 674.6 101.5 15.0% 12.8% 2.1x 14.0x

Firstsource Solutions Limited India 0.54 -31% 363.8 439.2 518.7 66.1 12.7% 14.4% 0.8x 6.6x

Genpact Limited * Bermuda 23.93 -16% 4,804.1 5,251.1 2,535.5 403.7 15.9% 4.9% 2.1x 13.0x

InnerWorkings Inc. * United States 9.25 -8% 497.4 610.3 1,090.6 41.9 3.8% 8.4% 0.6x 14.6x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 54.85 -32% 1,819.5 1,739.8 715.7 97.4 13.6% 20.7% 2.4x 17.9x

MAXIMUS, Inc. * United States 55.29 -10% 3,581.6 3,685.0 2,403.4 345.3 14.4% 14.5% 1.5x 10.7x

Quad/Graphics, Inc. United States 28.13 -5% 1,436.0 2,604.1 4,525.4 494.1 10.9% -3.9% 0.6x 5.3x

Quintiles IMS Holdings, Inc. * United States 76.83 -6% 18,914.1 20,345.9 4,540.1 848.6 18.7% 6.5% 4.5x 24.0x

R.R. Donnelley & Sons Company United States 17.39 -71% 1,213.8 4,706.9 11,088.1 1,025.8 9.3% -2.7% 0.4x 4.6x

Serco Group plc * United Kingdom 1.66 -7% 1,806.8 1,987.2 4,064.8 162.9 4.0% -3.9% 0.5x 12.2x

St Ives plc United Kingdom 1.52 -51% 217.4 318.3 488.0 46.0 9.4% 6.7% 0.7x 6.9x

StarTek, Inc. * United States 8.61 -4% 135.6 166.5 312.3 16.6 5.3% 18.3% 0.5x 10.0x

SYNNEX Corp. * United States 116.91 -2% 4,650.5 5,242.6 13,724.6 473.6 3.5% 0.8% 0.4x 11.1x

Sykes Enterprises, Incorporated United States 28.18 -13% 1,195.6 1,184.3 1,408.2 164.4 11.7% 8.4% 0.8x 7.2x

Teleperformance SE * France 97.40 -8% 5,514.4 5,856.9 3,808.1 518.3 13.6% 8.1% 1.5x 11.3x

TeleTech Holdings Inc. * United States 28.75 -5% 1,336.3 1,411.5 1,272.1 155.4 12.2% -0.9% 1.1x 9.1x

Trans Cosmos, Inc. Japan 24.34 -14% 1,009.4 939.2 2,299.3 119.4 5.2% 9.5% 0.4x 7.9x

Transcontinental Inc. Canada 13.86 -15% 1,065.3 1,297.9 1,537.7 293.4 19.1% -0.3% 0.8x 4.4x

Cimpress N.V. * Netherlands 86.95 -17% 2,752.0 3,587.1 1,856.0 212.1 11.4% 20.8% 1.9x 16.9x

West Corporation * United States 23.86 -8% 1,986.4 5,036.1 2,293.0 648.1 28.3% 0.8% 2.2x 7.8x

Xchanging plc United Kingdom 2.43 -13% 611.0 684.2 649.2 86.0 13.2% -23.2% 1.1x 8.0x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 3.0x 2.3x 5.9x 1.9x

Internationally-based Digital Media and Internet 3.7x 2.0x 5.4x 1.7x

US-based eCommerce 2.6x 1.8x 3.8x 1.8x

Internationally-based eCommerce 3.1x 1.1x 10.1x 1.0x

US-based Digital Advertising 2.5x 1.6x 7.6x 1.9x

Internationally-based Digital Advertising 3.0x 1.7x 6.2x 1.7x

US-based Marketing Technology 3.4x 3.1x 4.2x 2.9x

Internationally-based Marketing Technology 4.3x 4.2x 4.5x 4.5x

Agency 1.1x 1.2x 1.6x 1.6x

Marketing Services 1.6x 1.5x 2.9x 2.6x

Traditional Media 2.5x 2.1x 3.6x 3.0x

Software 4.8x 4.2x 4.5x 4.2x

Information 3.9x 3.7x 5.4x 5.4x

Business Services 1.3x 0.8x 2.7x 2.1x

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 11/30/16

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 16.2x 14.4x 14.6x 11.5x

Internationally-based Digital Media and Internet 15.7x 12.0x 20.2x 10.3x

US-based eCommerce 16.3x 14.7x 16.9x 12.1x

Internationally-based eCommerce 19.0x 13.0x 29.1x 10.2x

US-based Digital Advertising 27.7x 14.6x 21.8x 10.7x

Internationally-based Digital Advertising 11.6x 10.3x 12.5x 10.6x

US-based Marketing Technology 29.9x 18.8x 21.2x 12.6x

Internationally-based Marketing Technology 25.5x 15.8x 16.1x 16.5x

Agency 9.2x 9.2x 10.5x 9.5x

Marketing Services 11.2x 9.0x 13.9x 12.3x

Traditional Media 12.9x 9.8x 11.8x 11.7x

Software 30.9x 17.0x 19.3x 14.5x

Information 21.4x 15.8x 20.9x 21.1x

Business Services 12.3x 9.8x 14.7x 12.4x

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 11/30/16

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 11/30/2016

LTM Index Performance • S&P 500 – 4.5 % • Digital Media/Commerce – 3.9%

• Traditional Media – (3.2%)

LTM Index Performance • S&P 500 – 4.5%

• Marketing Technology – 4.3%

LTM Index Performance • S&P 500 – 4.5 % • Digital Advertising – 0.2 %

LTM Index Performance • S&P 500 – 4.5%

• Agency – (3.6 % )

• Marketing Services – (10.1%)

Digital Media/Commerce and Traditional Media

Software


LTM Index Performance • S&P 500 – 4.5 %

• Software – 0.5 %


Information & Business Services LTM Index Performance • S&P 500 – 4.5 %

• Information – 1.1%

• Business Services – 3.1%

80%

95%

110%

125%

140%

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

Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

v


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Mentor Graphics Corporation Software Siemens AG 4,281.3$ Li feLock, Inc. Software Symantec Corporation 2,362.1 Skyscanner Limited Digi ta l Advertis ing Ctrip.com International , Ltd. 1,700.0 SquareTrade, Inc. Digi ta l Media/Commerce Al ls tate Corporation 1,400.0 dick clark productions , Inc. Traditional Media Dal ian Wanda Group Corporation Ltd. 1,000.0 ServiceMax, Inc. Software GE Digi ta l 915.0 Dyn, Inc. Software Oracle Corporation 600.0 TubeMogul Marketing Technology Adobe Systems, Inc. 542.2 Camber Corporation Bus iness Services Huntington Ingal ls Industries , Inc. 380.0 Telefe Traditional Media Viacom, Inc. 345.0 Hightower, Inc. Marketing Technology VTS, Inc. 300.0 Datal ink Corporation Software Ins ight Enterprises , Inc. 234.6 Operative Media, Inc. Marketing Technology SintecMedia Ltd. 200.0 Personal izationMal l .com, Inc. Digi ta l Media/Commerce Bed Bath & Beyond, Inc. 190.0 Bi t Stew Systems, Inc. Software General Electric Company 153.0 Arbor Technologies and Circulate Marketing Technology LiveRamp 140.0 CompareCards Digi ta l Advertis ing Tree.com, Inc. 130.0 Tri l l ium Software Marketing Technology Syncsort, Inc. 112.0 Del ivery Club Ltd. Digi ta l Media/Commerce Mai l .Ru 100.0 Veridicus Health LLC Bus iness Services Magel lan Health Services , Inc. 74.5 MonoPrice.com Digita l Media/Commerce YFC-BonEagle Electronic Tech Co., Ltd. 40.0 Beme, Inc. Digi ta l Media/Commerce Time Warner, Inc. 25.0 M&O Systems, Inc. Software Broadridge Financia l Solutions , Inc. 25.0 L4 Mobi le LLC Agency & Marketing Services Globant S.A. 20.0 Mi l l s tream Associates Limited Software PROACTIS Holdings PLC 19.4 Datahug Marketing Technology Cal l idus Software, Inc. 13.0 Auction123, Inc. Marketing Technology ARI Network Services , Inc. 12.0 Unicom System Eng. Corp. Software Delta Electronics , Inc. 11.0 poolworks Ltd. Digi ta l Media/Commerce Momentous Enterta inment Group, Inc. 10.0 Grabhouse.com Digita l Media/Commerce Quikr India Private Limited 10.0 Nozon SPRL Traditional Media Starbreeze AB 7.7 Dae Advertis ing, Inc. Agency & Marketing Services Wi lkin Marketing 6.1




StrategicUndisclosed

Ambergreen Internet Marketing Limited Agency & Marketing Services DAC Group, Inc. -$

Artizen Studio Agency & Marketing Services The Brandon Agency -

Axis41 Agency & Marketing Services Merkle, Inc. -

BuzzShi ft LLC Agency & Marketing Services Ivie & Associates , Inc. -

Chopshop Enterta inment, Inc. Agency & Marketing Services Schiefer Media, Inc. -

Col lective Bias Agency & Marketing Services Inmar, Inc. -

Exhibi tQuest, Inc. Agency & Marketing Services PG Exhibi ts -

Fl ixmedia Limited Agency & Marketing Services Advantage Smol lan Limited -

Foolproof Limited Agency & Marketing Services Zensar Technologies Ltd. -

Gravi ty Media LLC Agency & Marketing Services Dentsu Aegis Network, Inc. -

Karmarama LLP Agency & Marketing Services Accenture plc -

LeadDog Marketing Group Agency & Marketing Services CSM Sport & Enterta inment -

Marc USA, Inc. Agency & Marketing Services Eastport Holdings , LLC -

Marketeching Solutions LLC Agency & Marketing Services W2O Group -

Mirabeau BV Agency & Marketing Services Cognizant Technology Solutions Corporation -

PROCLAMATION Agency & Marketing Services Empower MediaMarketing -

Promotion Execution Partners LLC Agency & Marketing Services WPP Group -

Upshot, Inc. Agency & Marketing Services Advantage Solutions -

Veryday Agency & Marketing Services McKinsey & Company -

2nd Road Pty Limited Bus iness Services Accenture plc -

Action Base Stockholm KB Bus iness Services Avaus Consulting Oy -

Boulder Technology LLC Bus iness Services Centerl ine Solutions LLC -

Cigi ta l , Inc. Bus iness Services Synopsys , Inc -

Col laborative Consulting LLC Bus iness Services CGI Group, Inc. -

Commensus PLC Bus iness Services Restone Connect -

Ecofys BV Bus iness Services Navigant Consulting, Inc. -

Essentia l Discovery, Inc. Bus iness Services FRONTEO, Inc. -

House of Lync Bus iness Services SoftwareONE AG -

LeftShi ft Technologies Pvt. Ltd. Bus iness Services Go-Jek -

Marken Limited Bus iness Services United Parcel Service, Inc. -

Nashco Consulting Ltd. Bus iness Services Accenture plc -

Qwiklabs Bus iness Services Google, Inc. -

The Nuss Group Bus iness Services Consulting Solutions International , Inc. -

Doxter Digi ta l Advertis ing Doctena S.A. -

Groupon Malays ia Digi ta l Advertis ing KFit As ia Sdn Bhd -

Lrank.com Digita l Advertis ing Naborly, Inc. -





Shops ity Tech Private Limited Digi ta l Advertis ing One97 Communications -$

The Video Genome Project Digi ta l Advertis ing Hulu LLC -

Asteria Cleaners Digi ta l Media/Commerce ZipJet Ltd. -

Bundoo Digi ta l Media/Commerce The Wel lness Network, Inc. -

Carplace.com.br Digi ta l Media/Commerce Motorsport Network LLC -

FanDuel , Inc. Digi ta l Media/Commerce DraftKings , Inc. -

Getaround, Inc. Digi ta l Media/Commerce Toyota Motor Corp. - IntroMaps LLC Digi ta l Media/Commerce Graduway - Machinima, Inc. Digi ta l Media/Commerce Warner Brothers Enterta inment, Inc. - Makers Channel Digi ta l Media/Commerce De Persgroep Publ ishing - MyChi ld Digi ta l Media/Commerce brightwheel - RedMart Pte. Ltd. Digi ta l Media/Commerce Lazada Group - Soundrop AS Digi ta l Media/Commerce CD Baby, Inc. - Tasspass AB Digi ta l Media/Commerce DogBuddy - Zoara, Inc. Digi ta l Media/Commerce Dalumi Group - BrightScope, Inc. Information Strategic Ins ight, Inc. - Bui lding Data Information Trimble Navigation Limited - Caremondo GmbH Information FairMed Onl ine Pte. Ltd. - GeoInformation Group Information Verisk Analytics , Inc. - MarketStance Information Verisk Analytics , Inc. - Publ ic Plan IQ, LLC Information eVestment Al l iance, LLC - amoCRM LLC Marketing Technology 1C Company - Atelka, Inc. Marketing Technology TeleTech Holdings , Inc. - Audiokite LLC Marketing Technology ReverbNation, Inc. - Bluebridge Digi ta l LLC Marketing Technology Simpleview Inc. - BrightTarget Marketing Technology Sidetrade SA - CrowdTangle, Inc. Marketing Technology Facebook - Emai l Copi lot Marketing Technology Return Path, Inc. - Expert Personal Shopper Marketing Technology International Bus iness Machines Corporation - FacioMetrics LLC Marketing Technology Facebook - Guestfol io Communications , Inc. Marketing Technology Cendyn - Invidi Technologies Corporation Marketing Technology AT&T, Inc. - Li ttle Bird, Inc. Marketing Technology Sprinklr - Machina Research Limited Marketing Technology Gartner, Inc. - Mobi leum, Inc. Marketing Technology Audax Private Equity - OpinionLab, Inc. Marketing Technology Verint Systems, Inc. - Preact, Inc. Marketing Technology Spoti fy Ltd. - Primeloop, Inc. Marketing Technology Inbound Retargeting Technologies , Inc. - RadioOpt GmbH Marketing Technology Vodafone GmbH - Ryan Solutions Marketing Technology Inntopia - San Diego Media, Inc. Marketing Technology TPT Global Technology -





V12 Group Marketing Technology V12 Data -$ Akana, Inc. Software Rogue Wave Software, Inc. - Array Health Software Getinsured.com - Barricade Securi ty Systems Limited Software Sophos Ltd. - Baxon Solutions Limited Software Preqin, Ltd. - CLINapps , Inc. Software Bracket - CoCubes Technologies Pvt. Ltd. Software Aon Hewitt - Codiscope LLC Software Synopsys , Inc - Cognevo Bus iness Divis ion Assets Software Tels tra Corporation Limited - ComplyPro Software Bentley Systems, Inc. - Conan.io Software Jfrog, Inc. - Conworx Technology Software Siemens Healthineers - Cyber Algori thms LLC Software Thycotic Software Ltd. - DataScale, Inc. Software DataStax, Inc. - Ekhosoft, Inc. Software Power Factors LLC - Faci l i tyONE Technologies LLC Software Rainmaker Partners , Inc. - Gridstone Pty.Ltd. Software Motorola Solutions , Inc. - Hansen Technologies Limited Software HiAffini ty - HealthCare Select Software Aya Healthcare, Inc. - iMDsoft Ltd. Software Constel lation Software, Inc. - iSheri ff, Inc. Software Mimecast Ltd. - MedCenterDisplay LLC Software PatientPoint, LLC - NodeServ LLC Software Cloud Equity Group - Rapid Healthcare, Inc. Software Watermark Venture Capita l - Realworld OO Systems B.V. Software Accenture plc - Seapine Software, Inc. Software Perforce Software, Inc. - Socia lRadar, Inc. Software Verizon Communications , Inc. - Sol tra Solutions LLC Software NC4, Inc. - Sphere Secure Workspace Ltd. Software OneLogin, Inc. - Succeed Management Solutions LLC Software KPA, LLC - The Winnower, Inc. Software Authorea, Inc. - TrackEasy Oy Software FleetMatics Group PLC - Wise.io, Inc. Software GE Digi ta l - Xangati , Inc. Software Virtual Instruments - AccentHealth Traditional Media ContextMedia, Inc. - F2 Media LLC Traditional Media Ride Televis ion Network, Inc. - House2Home Showcase, Inc. Traditional Media Valass is Communications , Inc. - LQD Wifi LLC Traditional Media Verizon Communications , Inc. - Motors TV SA Traditional Media Motorsport Network LLC - Mus ic Dealers LLC Traditional Media BrandSpins LLC - SAW LLC Traditional Media Cineplex Enterta inment Corporation -





Show & Order GmbH Traditional Media Premium Group GmbH -$ Speechmark Publ ishing Ltd. Traditional Media Informa PLC - Sweden Rock Festival AB Traditional Media Live Nation Entertainment, Inc. - The Onl ine Reporter Traditional Media Rethink Technology Research Ltd. -



Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Al ixPartners , LLC Bus iness Services CDPQ 2,500.0$ Blue Ni le, Inc. Digi ta l Media/Commerce Bain Capita l , LLC 456.0 Revspring, Inc. Software GTCR, LLC 400.0 1&1 Internet SE Marketing Technology Warburg Pincus LLC 396.0 Creston plc Agency & Marketing Services Dbay Advisors Limited 89.7 ITC Secure Networking Ltd. Bus iness Services C5 Capita l 29.8

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Ans ira Agency & Marketing Services Advent International Corporation -$ Ntiva , Inc. Bus iness Services Southfield Capita l Advisors - Test Direct Limited Bus iness Services Marl in Equity Partners - Sporter.com Digita l Media/Commerce Gulf Capita l - Analytics Media Group Marketing Technology Dolan Fami ly Ventures - EdgeAQ Marketing Technology Marl in Equity Partners - Q Research Solutions , Inc. Marketing Technology KLH Capita l - Bra inspace Corporation Software Medina Capita l Partners Inc. - Catbird Networks , Inc. Software Medina Capita l Partners Inc. - Competitive Edge Software, Inc. Software The Rivers ide Company - Cryptzone North America, Inc. Software BC Partners Limited - Easy Solutions , Inc. Software Medina Capita l Partners Inc. - Prevalent, Inc. Software Ins ight Venture Partners - Prometheus Group Software Francisco Partners -



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

Infor Software Koch Industries , Inc. 2,500.0$ BuzzFeed, Inc. Digi ta l Media/Commerce NBCUniversa l News Group 200.0 Stripe Software Sequoia Capita l 150.0 Postmates , Inc. Digi ta l Media/Commerce The Founders Fund, LLC 140.0 MiaoPai Digi ta l Media/Commerce Weibo Corporation 120.0 Tiantian Paiche Digi ta l Media/Commerce Tencent Holdings Ltd. 100.0 Souche.com Marketing Technology Ant Financia l 100.0 Voyager Labs Software Horizons Ventures Ltd. 100.0 Rivigo Bus iness Services Warburg Pincus LLC 75.0 Sauce Labs , Inc. Software Adams Street Partners , LLC 70.0 Xiaozhu.com Digita l Media/Commerce Capita l Today 65.0 Capita l Confi rmation, Inc. Software Great Hi l l Partners , LLC 60.0 Prevalent, Inc. Software Ins ight Venture Partners 60.0 Getui Marketing Technology Undisclosed 58.0 Freshdesk, Inc. Marketing Technology Sequoia Capita l 55.0 TraceLink, Inc. Software The Goldman Sachs Group, Inc. 51.5 CrowdStar Digi ta l Media/Commerce Glu Mobi le, Inc. 45.5 SonarSource S.A. Software Ins ight Venture Partners 45.0 MacroPoint LLC Software Susquehanna Growth Equity, LLC 44.0 xAd Digi ta l Advertis ing Eminence Capita l LLC 42.5 Mavenl ink, LLC Software The Goldman Sachs Group, Inc. 39.0 Nutmeg Saving and Investment Limited Software Balderton Capita l 37.3 Neo Technology, Inc. Software Greenbridge Investment Partners 36.0 SendGrid Marketing Technology Bessemer Venture Partners 33.0 Paktor Pte. Ltd. Digi ta l Media/Commerce PT Media 32.5 Wynd Marketing Technology Sodexo Worldwide 31.8 CareCloud Corporation Software Intel Capita l 31.5 RiskIQ, Inc. Software Battery Ventures 30.5 Womply.com Software Sageview Capita l 30.0 Hired, Inc. Information Glenmede 30.0 SmartStudy.com Bus iness Services Undisclosed 30.0 Hol lar, Inc. Digi ta l Media/Commerce Kleiner Perkins Caufield & Byers 30.0 Apartment Lis t Digi ta l Media/Commerce Canaan Partners 30.0 Classy Marketing Technology Sales force Ventures 30.0 ConcertoHealth, Inc. Bus iness Services Deerfield Management Company, L.P. 30.0 Zwift, Inc. Digi ta l Media/Commerce Novator Partners 27.0 Axoni fy, Inc. Information JMI Equity 27.0 eOrigina l , Inc. Software LLR Partners , Inc. 26.5 Zola , Inc. Digi ta l Media/Commerce Lightspeed Venture Partners 25.0 Quantopian, Inc. Information Bessemer Venture Partners 25.0 Treasure Data, Inc. Software Dentsu, Inc. 25.0 Periscope Data Software Draper Fisher Jurvetson 25.0




relayr GmbH Software Kleiner Perkins Caufield & Byers 23.0$ Civis Analytics , Inc. Marketing Technology Verizon Ventures 22.5 Catchpoint Systems, Inc. Marketing Technology Battery Ventures 22.5 Emarsys Marketing Technology TPG Specia l ty Lending Europe 22.3 Phunware Marketing Technology Khazanah Nas ional Berhad 22.0 Big Viking Games Digi ta l Media/Commerce BDC Capita l 21.8 Atlas Informatics Marketing Technology Microsoft Ventures 20.7 BioWink GmbH Digi ta l Media/Commerce Union Square Ventures 20.0 Pa lantir Technologies , Inc. Software Undisclosed 20.0 8i Labs , Inc. Digi ta l Media/Commerce Undisclosed 20.0 Knowlari ty Communications Pvt. Ltd. Marketing Technology Sequoia Capita l 20.0 Joya Communications , Inc. Digi ta l Media/Commerce Benchmark Capita l 20.0 AdvisorEngine, Inc. Software WisdomTree Investments 20.0 Handshake - Stryder Corp. Software Kleiner Perkins Caufield & Byers 20.0 Roofstock, Inc. Digi ta l Media/Commerce Khos la Ventures 20.0 Sparkcentra l Marketing Technology LRM 20.0 Job Today S.A. Digi ta l Media/Commerce Accel Partners 20.0 Ca l l igo Limited Software Investcorp 20.0 Gfresh Digi ta l Media/Commerce Riverhi l l Fund 20.0 The Future Group AS Digi ta l Media/Commerce Aker ASA 20.0 Zipongo Software Mayfield Fund 18.0 Interana, Inc. Marketing Technology Battery Ventures 18.0 TrendKite Marketing Technology Battery Ventures 16.3 Logz.io Marketing Technology OpenView Venture Partners 16.0 Droit Financia l Technologies LLC Software The Goldman Sachs Group, Inc. 16.0 Recondo Technology Software Lehmi Ventures 16.0 Hotbody.cn Digi ta l Media/Commerce Ameba Capita l 15.0 Cogito Corporation Marketing Technology Sales force Ventures 15.0 Al lMobi l i ze, Inc. Marketing Technology Fortune Venture Capita l 15.0 Peer Street, Inc. Digi ta l Media/Commerce Andreessen Horowitz 15.0 Petuum, Inc. Software Advantech Capita l 15.0 Singular Marketing Technology Tels tra Ventures Group 15.0 Heal , Inc. Digi ta l Media/Commerce Undisclosed 14.8 Cape Analytics , Inc. Software Khos la Ventures 14.0 Hyphenate, Inc. Marketing Technology Sequoia Capita l 13.5 analyticsMD, Inc. Software Norwest Venture Partners 13.0 Yottaa, Inc. Marketing Technology General Catalyst Partners LLC 13.0 BetterUp, Inc. Software Draper Fisher Jurvetson 12.9 Gousto Digi ta l Media/Commerce MMC Ventures , LLC 12.5 VictorOps , Inc. Software Shea Ventures 12.2 ServiceAide, Inc. Software Arrowroot Capita l 12.0 Proficio, Inc. Software Kayne Anderson Capita l Advisors , L.P. 12.0




Val iMai l , Inc. Software Shasta Ventures 12.0$ Otonomo Software Bessemer Venture Partners 12.0 Sea l ights Technologies Ltd. Software Blumberg Capita l 11.0 Teamleader.be Marketing Technology Fortino Capita l 10.9 Five Degrees Solutions B.V. Software Karmi jn Kapitaa l 10.6 Domino Data Lab, Inc. Software Sequoia Capita l 10.5 Spongecel l Marketing Technology Safeguard Scienti fics , Inc. 10.5 Particle Industries , Inc. Software O'Rei l ly AlphaTech Ventures , LLC 10.4 Freespee AB Marketing Technology Ventech Capita l 10.2 VidAngel , Inc. Traditional Media (Private Investors ) 10.1 Udaan.com Digita l Media/Commerce Lightspeed Venture Partners 10.0 CodeFights , Inc. Digi ta l Media/Commerce e.Ventures 10.0 T-REX Group, Inc. Software Safeguard Scienti fics , Inc. 10.0 Invincea, Inc. Software ORIX Growth Capita l 10.0 Musement S.r.l . Digi ta l Media/Commerce 360 Capita l Partners 10.0 Siempl i fy Ltd. Software 83North 10.0 Gl int, Inc. Software Bessemer Venture Partners 10.0 Zafin Software Vistara Capita l Partners 10.0 Indeni Ltd. Software Sequoia Capita l 10.0 CounterTack, Inc. Software Ten Eleven Ventures 10.0 Skedulo Pty. Ltd. Marketing Technology Costanoa Venture Capita l 9.2 Rappi S.A.S. Digi ta l Media/Commerce Andreessen Horowitz 9.0 Cohero Health LLC Software Three Leaf Ventures 9.0 AttackIQ, Inc. Software Index Ventures 8.8 PageCloud, Inc. Marketing Technology Accompl ice, LLC 8.6 Heptio, Inc. Software Accel Partners 8.5 FangCloud Technology Software Lightspeed Venture Partners 8.4 Si lexica GmbH Software Merus Capita l 8.0 Hornet Networks Limited Digi ta l Media/Commerce Ventech Capita l 8.0 PlushCare, Inc. Software Lightspeed Venture Partners 8.0 CoverWal let, Inc. Information Index Ventures 7.8 Phi l , Inc. Digi ta l Media/Commerce Cross l ink Capita l 7.5 Soul Machines Limited Marketing Technology Horizons Ventures Ltd. 7.5 i temMaster, LLC Digi ta l Media/Commerce Edison Partners 7.5 Figo GmbH Software DB1 Ventures 7.2 Hubble Contacts Digi ta l Media/Commerce The Founders Fund, LLC 7.2 Instaclustr Software Bai lador 7.0 Findo, Inc. Marketing Technology Fl int Capita l 7.0 Zugata, Inc. Software Canaan Partners 7.0 Borrowed & Blue, Inc. Digi ta l Media/Commerce Foundry Group 7.0 Ando Food Digi ta l Media/Commerce Forerunner Ventures 7.0 Yewno, Inc. Marketing Technology Paci fic Capita l 6.5




PayKey Digi ta l Media/Commerce e.Ventures 6.0$ Greenfly, Inc. Marketing Technology Iconica Partners 6.0 Zarget Marketing Technology Sequoia Capita l 6.0 GoZefo Digi ta l Media/Commerce Sequoia Capita l 5.9 Vaadin Ltd. Software Verdane Capita l 5.3 Jongla Ltd. Marketing Technology (Private Investors ) 5.3 Procuri fy Software Runa Capita l 5.2 Ytel , Inc. Marketing Technology The Argentum Group 5.0 Bios i te Systems Ltd. Software Mobeus Equity Partners LLP 5.0 Hous ing.com Digita l Advertis ing SoftBank Capita l 5.0 Vymo Solutions Private Limited Marketing Technology Sequoia Capita l 5.0 Tray.io Software Mosaic Venture Partners 5.0 M87, Inc. Marketing Technology QUALCOMM Ventures 5.0 VISANOW.com, Inc. Software General Catalyst Partners LLC 5.0 Now Interact Nordic AB Marketing Technology SEB Venture Capita l 5.0 Plays imple Games Private Limited Digi ta l Media/Commerce SAIF Partners 5.0 Stas is Labs , Inc. Software RTP Ventures 5.0 Vacasa LLC Digi ta l Media/Commerce Assurant, Inc. 5.0 GuavaPass Digi ta l Media/Commerce Vickers Venture Partners 5.0 Greenbird Integration Technology AS Software ETF Venture Funds 5.0 Ai rPR, Inc. Marketing Technology Sales force Ventures 5.0 Flexi ti Financia l , Inc. Software Global ive Capita l 5.0 Repl icated, Inc. Software Ampl i fy Partners 5.0 GoOpti International Digi ta l Media/Commerce Point Nine Capita l 4.9 Joy, Inc. Digi ta l Media/Commerce Matrix Partners 4.5 Fi leFacets , Inc. Software Celtic House Venture Partners 4.0 ShareChat Digi ta l Media/Commerce Lightspeed Venture Partners 4.0 Midaxo Ltd. Software EOC Capita l 4.0 Fi l l r Marketing Technology SoftBank Capita l 3.9 Arkivum Ltd. Software IP Group Plc 3.7 Convertr Media Marketing Technology Albion Ventures LLP 3.7 MyCare Limited Digi ta l Media/Commerce Undisclosed 3.5 Hopper, Inc. Digi ta l Advertis ing Undisclosed 3.5 SafeDK Mobi le Ltd. Software Samsung Group 3.5 RapidAPI Software Andreessen Horowitz 3.5 SentiOne LLC Marketing Technology Venture TFI 3.5 Bayzat LLC Software BECO Capita l 3.5 Crayon.co Marketing Technology Basel ine Ventures 3.4 Orb Health, Inc. Software Mt. Vernon Investments 3.2 Fidzup SAS Digi ta l Advertis ing CapHorn Invest 3.2 Cashboard GmbH Software 500 Startups 3.1 Fleetsmith, Inc. Software Index Ventures 3.1




Rocket10 Digi ta l Advertis ing Finstar Financia l Group 3.0$ Frui t Street Health, Inc. Software (Private Investors ) 3.0 Pi l lDri l l , Inc. Software (Private Investors ) 3.0 ICX Media, Inc. Marketing Technology Undisclosed 3.0 GetHuman Digi ta l Media/Commerce NextView Ventures 3.0 Bizongo Digi ta l Media/Commerce Accel Partners 3.0 KnowledgeHound Marketing Technology Seyen Capita l 2.7 Apptopia Marketing Technology 500 Startups 2.7 Hungry Marketplace, Inc. Digi ta l Media/Commerce Timeless Capita l 2.7 Mobalytics Digi ta l Media/Commerce General Catalyst Partners LLC 2.6 TicketSauce, Inc. Marketing Technology Frontier Capita l , LLC 2.5 Albert Corporation Software Bessemer Venture Partners 2.5 Message.io, Inc. Marketing Technology Khos la Ventures 2.5 Loot Financia l Services Ltd. Digi ta l Media/Commerce Global Founders Capita l 2.5 ATOMIZED, Inc. Marketing Technology (Private Investors ) 2.5 TermScout Marketing Technology Target Partners 2.3 ArangoDB GmbH Software Target Partners 2.3 Linux Academy, Inc. Bus iness Services Arthur Ventures 2.3 Echo Digi ta l Media/Commerce LocalGlobe 2.2 UNSILO Marketing Technology Infosys Limited 2.1 PeerWel l , Inc. Software Xseed Capita l Management 2.1 Lexigram, Inc. Software Storm Ventures LLC 2.0 Ad Lighting Marketing Technology Sincla i r Broadcast Group, Inc. 2.0 Helpshi ft, Inc. Marketing Technology Cisco Systems, Inc. 2.0 Electric AI, Inc. Marketing Technology Bowery Capita l 2.0 Garmentory, Inc. Digi ta l Media/Commerce MHS Capita l Partners 2.0 Volta iq, Inc. Software Bee Partners 2.0 I IMJobs Digi ta l Advertis ing Tracxn Technology Private Limited 2.0 Castle Intel l igence, Inc. Software Firs t Round Capita l 2.0 Simple Contacts , Inc. Digi ta l Media/Commerce Autonomous Ventures 2.0 Feelter Marketing Technology (Private Investors ) 2.0 Doctible, Inc. Marketing Technology (Private Investors ) 2.0 Indio, Inc. Marketing Technology New Enterprise Associates 2.0 Sightbox, Inc. Digi ta l Media/Commerce Rogue Ventures 1.8 Apvera Pte. Ltd. Software Nest Ventures 1.7 PERQ LLC Marketing Technology 4G Ventures 1.7 Tviso.com Digita l Media/Commerce Cabiedes & Partners 1.7 Compodium International AB Software Norrland Fund 1.6 Pushfor Limited Marketing Technology NT Asset 1.5 MetaCert, Inc. Software Moneta Ventures 1.2 Indico Data Solutions Software .406 Ventures , LLC 1.2 Heureka Software LLC Software Jumpstart 1.1


Petsky Prunier: Maximizing Shareholder Value

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, Palo Alto, Las Vegas, Chicago, Boston, Tampa

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 with investment bank The Mountain Capital Group in China, as well as Allegro

Advisors and o3 Capital in India

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

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


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

Bloomberg M&A League Tables, 2011-2015

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 68

2 PwC 17 3 Jordan Edmiston Group 59

4 Jordan Edmiston Group 15 3 Morgan Stanley 59

4 KPMG Corporate Finance 15 5 PwC 52

4 Morgan Stanley 15 6 China Renaissance Partners 47

7 China Renaissance Partners 11 6 Nomura 47

7 Ernst & Young 11 8 GCA Savvian Group 44

9 Avendus Capital 9 9 KPMG Corporate Finance 43

9 Rothschild 9 10 Ernst & Young 38

11 Citi 8 10 JP Morgan 38

11 Credit Suisse 8 12 Jefferies 37

11 Jefferies 8 13 AGC Partners 35

11 William Blair & Company 8 14 Credit Suisse 34

11 Mooreland Partners 8 15 Daiwa Securities 33

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

With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2012 (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.

(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

(NYSE: DLX)

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 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

(NYSE: OMC)

*Approximate Value

has received a significant investment from

(NASDAQ: EXLS)

$160,000,000*

has been sold to

has been sold to

(NYSE: EVDY)

has been sold to


$120,000,000

has sold MediMedia Pharma Solutions

to

has been sold to Aperion Management

has been sold to

and

has sold

to

(NYSE: ACN)

has been sold to




has been sold to

has been sold to

comprised of The Simple Dollar, Reviews.com, and Freshome


has agreed to be sold to

a division of

has agreed to be sold to


has been sold to

has been sold to

a subsidiary of

http://petskyprunier.com/transactions/

Documents

November 2016 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...3 | M&A and Investment Summary November 2016 M&A and Investment Summary for All Segments