Presented by Berkery Noyes 1

October 2011Third Quarter Mergers and Acquisitions Update

PRIVATE EQUITY IN INFORMATION INDUSTRY Financially Sponsored Transactions within the Information IndustryQ3 Key Highlights• ThemostactiveacquirerthroughQ32011wasThomasH.LeePartners,L.P.with13acquisitions,3ofwhichoccurredinthethirdquarter:CollaborativeFusion,Inc.,SyndicatedMethods,Inc.,andthetelecommunicationsbusinessofPivotPointSolutions.

• ThelargestannouncedtransactioninQ32011andthroughthethirdquarterwasKohlbergKravisRoberts&Co.andSilverLakePartners’acquisitionofGoDaddy.comfor$2.25billion.

Q3 Key Trends• TotaltransactionvolumeinQ32011increasedby17percentoverQ22011,from92to108transactions.

• TotaltransactionvalueinQ32011decreasedby3.5percentoverQ22011,from$8.5billionto$8.2billion.

Multiples & Value Trends

• MedianEBITDAmultiplesfrom2010tothefirstninemonthsof 2011wentfrom10.7to11.0,a3percentincrease,whilemedianrevenue multiplesstayedthesameat1.8.

• Medianvaluehasimprovedfrom2009and2010,dueinparttothelarge valueoftransactionsinQ2andQ32011.

Top Ten Deals through Q3 2011

• Thetoptendealsbyvaluehavechangedsinceourhalfyearreport,withtwoacquisitionsenteringthelistfromQ32011:KohlbergKravisRoberts&Co.andSilverLakePartners’acquisitionofGoDaddy.comandProvidenceEquityPartnersInc.’sacquisitionofBlackboardInc.

• Thesetwoacquisitions,withanaggregatevalueof$3.96billion,represent18percentoftotaltransactionvalueinthe1st3Quartersof2011,and48percentofQ32011transactionvalue.

Figure 1. 2010 - 2011 value and volume comparison by quarter.

Deal Date Target Name BuyerValue MM

US$

07/01/11 GoDaddy.com Kohlberg Kravis Roberts & Co., Silver Lake Partners

$2,250

01/05/11 Acosta, Inc. Thomas H. Lee Partners, L.P. $2,000

04/26/11 Lawson Software Infor, a portfolio company of Golden Gate Capital

$1,779

07/01/11 Blackboard Inc.Providence Equity Partners

Inc. $1,712

04/04/11 Epicor Software Corporation Apax Partners $94604/04/11 Activant Solutions, Inc. Apax Partners $890

03/25/11Auto Assets Including

AutoTrader.ca from Trader Corporation

Apax Partners $724

02/09/11 Opodo eDreams, Go Voyages $614

05/10/11 CKx, Inc.Apollo Global Management,

LLC $540

05/16/11 Primedia, Inc. TPG Capital $524

2011 Aggregate Transaction Value $21,766

Top 10 Aggregate Transaction Value $11,977

Top 10 Aggregate Value as a Percentage of All Transactions 55 %

Figure 2. 2008 - 2011 median: Value, Revenue, EBITDA comparison through Q3 2011.

Q3Deal Date Target Name Buyer

Value MM US$

07/01/11 GoDaddy.com Kohlberg Kravis Roberts & Co., Silver Lake Partners

$2,250

01/05/11 Acosta, Inc. Thomas H. Lee Partners, L.P. $2,000

04/26/11 Lawson Software Infor, a portfolio company of Golden Gate Capital

$1,779

07/01/11 Blackboard Inc.Providence Equity Partners

Inc. $1,712

04/04/11 Epicor Software Corporation Apax Partners $94604/04/11 Activant Solutions, Inc. Apax Partners $890

03/25/11Auto Assets Including

AutoTrader.ca from Trader Corporation

Apax Partners $724

02/09/11 Opodo eDreams, Go Voyages $614

05/10/11 CKx, Inc.Apollo Global Management,

LLC $540

05/16/11 Primedia, Inc. TPG Capital $524

2011 Aggregate Transaction Value $21,766

Top 10 Aggregate Transaction Value $11,977

Top 10 Aggregate Value as a Percentage of All Transactions 55 %

Top Ten Notable Transactions - 1st 3 Quarters 2011

Figure 3. Lists the top ten announced transactions in the 1st nine months of 2011 and calculates their aggregate transaction value as a percentage of the total aggre-gate transaction value.

Note: Transactions data based on announcement date.

Some of our deals include:

2

JOHN GUZZO | Managing Director, Finance GroupEVAN KLEIN | Managing Director, Media, Entertainment & Marketing ServicesJONATHAN KRIEGER | Managing Director, Healthcare/Life Sciences GroupTHOMAS O’CONNOR | Managing Director, Healthcare/Life Sciences Group

DICK O’DONNELL | Managing Director, Finance Group PETER OGNIBENE | Managing Director, Finance Group

JEFFREY SMITH | Managing Director, Healthcare/Life Sciences Group KATHLEEN THOMAS | Managing Director, Media & Marketing Services Group

CHRISTOPHER W. YOUNG | Managing Director, Finance Group MARY JO ZANDY | Managing Director, Media, Software & Online

JOSEPH BERKERY | Chief Executive Officer JOHN SHEA | Managing Partner

About Berkery Noyes

Founded in 1980, Berkery Noyes is the leading independent investment bank specializing in the information content and technology industries. The firm has initiated, managed and closed more than 475 merger and acquisition transactions for privately held and publicly traded companies in the business, technol-ogy, education, health, financial and legal information segments. Berkery Noyes is unique among investment banking firms in that we combine truly independent strategic research and industry intelligence with senior information technology banking ex-pertise. Berkery Noyes employs over 40 individuals with deep industry knowledge and experience who strive to exceed our clients’ expecta-tions by maximizing the full value of their information technology and content assets.

All charts in this report are based on data gathered by Berkery Noyes’

research department. All time period statistics are based on the transaction announcement date.

For current intelligence on Merger and Acquisition activity in the

Information Industry please visit our online service at

www.mandasoft.com

The DNA of M&A

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