SEP 2013 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...Nokia's Devices & Services Business Communications Equipment Microsoft Corporation 7,200.0 19,600.0

September 2013 M&A and Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 92

Additional Monthly M&A and Investment Activity Data 393 Additional Monthly M&A and Investment Activity Data 393

About Petsky Prunier 554

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This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the d b f k ff l d h l l d b h d h l d l

2 | M&A and Investment Summary September 2013

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

M&A and Investment Summary for All Segments

Transaction Distribution

A total of 376 deals were announced in September 2013, of which 244 were worth $22.7 billion in reported aggregate value

Marketing Technology and Software were the most active segments with 77 and 74 deals announced, respectively

Technology & Communications was the highest reported value segment with 49 deals announced, of which 39 were reported at $15.3 billion in value. The largest transactions announced included:

• Microsoft’s purchase of Nokia’s Device & Services business worth $7.2 billion

• Fairfax Financial’s proposed $4.7 billion acquisition of Blackberry

Strategic buyers announced 154 deals (41 percent of total volume), of which 48 were worth $16.7 billion in aggregate value

VC/Growth Capital investors announced 206 deals, of which 190 were worth $3.2 billion in aggregate reported value

Buyout investors announced 16 deals during the month, of which six were reported at $2.7 billion in aggregate value

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

SEPTEMBER 2013

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

Marketing Technology 77 20% 1,957.3 9% 17 501.1 2 800.3 58 656.0

Software 74 20% 1,786.9 8% 22 162.8 5 664.0 47 960.1

Digital Media/Commerce 66 18% 1,513.6 7% 18 628.1 1 ‐ 47 885.5

Information & Business Services 54 14% 1,400.6 6% 37 248.1 3 1,100.0 14 52.5

Technology & Communications 49 13% 15,351.9 68% 23 14,922.6 0 ‐ 26 429.3

Digital Advertising 19 5% 196.9 1% 10 ‐ 1 26.6 8 170.3


Agency & Marketing Services 19 5% 19.9 0% 14 10.5 1 ‐ 4 9.4

Traditional Media 18 5% 450.4 2% 13 326.4 3 109.5 2 14.5

Total 376 100% 22,677.5 100% 154 16,799.5 16 2,700.4 206 3,177.6

M&A and Investment Summary for All Segments

Transaction Distribution

Compared to August 2013, month‐over‐month reported value nearly tripled from $7.7 billion to $22.7 billion

Strategic buyer activity accounted for 74 percent of reported deal value during the month, and included:

• Paypal’s $800 million acquisition of Braintree Payment Solutions, which provides mobile credit card payment processing solutions

• Western Digital’s $685 million acquisition of Virident Systems, a developer of server‐side flash storage solutions

• Twitter’s $350 million purchase of MoPub, a start‐up that helps mobile publishers manage their ad inventory

M&A and Investment Volume For All Segments ‐ Last 13 Months ($BN)All transactions; Value based on reported values only

Omnicom/ Publicis

$20.2 $21.6

$38.0

$22.7

$20 0

$25.0

$30.0

$35.0

$40.0

$7.1 $9.5 $9.8 $9.9

$7.2 $6.1 $8.7 $7.5 $7.7

342 305 390 253 409 298 335 357 361 384 363 384 373$‐

$5.0

$10.0

$15.0

$20.0

*


Sep‐12 Oct‐12 Nov‐12 Dec‐12 Jan‐13 Feb‐13 Mar‐13 Apr‐13 May‐13 Jun‐13 Jul‐13 Aug‐13 Sep‐13

*Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media, Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal, or Vodafone’s $14 billion acquisition of Kabel Deutschland

Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Digital Media/Commerce

Index Corporation Gaming Sega Sammy Holdings, Inc. 340.7$ 174.4$ 11.3$ 2.0x 30.3x

Marketing Technology

Active Network, Inc. Commerce Management Vista Equity Partners 800.3 441.3 13.2 1.8x 60.6x

MoPub, Inc. Ad Serving Twitter, Inc. 350.0 100.0 ‐ 3.5x NA

Facil itate Digital Holdings, Ltd. Media Management System Adslot Limited 13.8 3.8 (0.4) 3.7x NM

Traditional Media

nice Entertainment Group Entertainment Media Modern Times Group MTG AB 131.2 157.4 10.5 0.8x 12.5x

Moose River Media, LLC B‐to‐B Media Grand View Media Group 10.0 10.0 2.5 1.0x 4.0x, p

Clymer and Intertec Manuals B‐to‐B Media Haynes Publishing Group plc 9.3 4.2 1.4 2.2x 6.5x

Technology & Communcations

Nokia's Devices & Services Business Communications Equipment Microsoft Corporation 7,200.0 19,600.0 ‐ 0.4x NA

BlackBerry Communications Equipment Fairfax Financial Holdings Limited 4,700.0 11,336.0 1,318.0 0.4x 3.6x

Enterasys Networks, Inc. Networking Equipment Extreme Networks, Inc. 180.0 330.0 ‐ 0.5x NA

Official Payments Holdings Inc Financial Technology ACI Worldwide Inc 99 4 140 8 3 7 0 7x 26 9xOfficial Payments Holdings, Inc. Financial Technology ACI Worldwide, Inc. 99.4 140.8 3.7 0.7x 26.9x

Braintree Payment Solutions Financial Technology PayPal, Inc. 800.0 125.0 ‐ 6.4x NA

Software

M3, Inc.(1) Healthcare Software Deutsche Securities Inc., Investment Arm 3,805.2 288.5 107.3 13.2x 35.5x

Greenway Medical Technologies, Inc. Healthcare Software Vista Equity Partners 664.0 134.8 (3.0) 4.9x NM

Ascribe Ltd Healthcare Software EMIS Group Plc 95.8 38.2 9.9 2.5x 9.7x

Information & Business Services

Mitchell International, Inc. Credit/Risk Management Information Kohlberg Kravis Roberts & Company 1,100.0 ‐ 90.0 NA 12.2x

Hart Publishing Legal Information Bloomsbury Publishing Plc 10.9 4.0 ‐ 2.8x NA

(1) Sony Corporation sold its remaining 10 percent equity stake in M3 to Deutsche Securities' Investment Arm for $381 mill ion


Selected Transactions with Valuation Information Disclosed($ in Millions)

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


Rocket Fuel, Inc. Online Targeting/Optimization IPO 985.9$ 159.6$ (12.4)$ 6.2x NM

Technology & Communications

Violin Memory, Inc. Data Storage Technology IPO 725.6 94.8 (109.9) 7.7x NM

Montage Technology Infrastructure Technology IPO 282.3 89.7 22.3 3.1x 12.7x

Software

FireEye, Inc. Security IPO 2,298.4 115.2 (71.4) 20.0x NM

Covisint Corporation Collaboration IPO 1,161.5 94.2 (8.5) 12.3x NM

Benefitfocus, Inc. HR IPO 774.0 91.2 (15.8) 8.5x NM


Premier, Inc. Healthcare Information IPO 3,581.2 869.3 417.0 4.1x 8.6x

Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Fil ing


Securities in Registration($ in Millions)

Aggregate Date Company Name Country Segment Offering Value Rev EBITDA

Sep‐13 58.com China Digita l Media/Commerce $150.0 NA NA

Sep‐13 Barracuda Networks , Inc. United States Software 100.0 NA NA

LTM

Sep‐13 Criteo, Inc. United States Marketing Technology 190.0 477.7 11.0

Sep‐13 Midasplayer.com Ltd. (King.com) United Kingdom Digita l Media/Commerce NA NA NA

Sep‐13 Qunar.com China Digita l Media/Commerce 125.0 NA NA

Sep‐13 SunEdison Semiconductor, Inc. United States Technology & Communications 250.0 NA NA

Sep‐13 Twitter, Inc.(1) United States Digi ta l Media/Commerce 1,000.0 NA NA

Sep‐13 Veeva Sys tems Inc. United States Software 182.6 168.0 37.0

Sep‐13 Wixpress Ltd. Is rael Marketing Technology 100.0 NA NA

Aug‐13 Chegg, Inc. United States Digi ta l Media/Commerce 150.0 237.8 42.1

Aug‐13 CommScope, Inc. United States Technology & Communications 750.0 3,130.1 488.0

Jun‐13 SFX Enterta inment Inc. United States Tradi tional Media 216.7 35.0 (25.6)

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

Jun‐12 Shanghai Amarsoft Information Technology China Software NA NA NA

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

Apr‐12 NSFOCUS Information Technology Co., Ltd. China Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. China Technology & Communications 451.0 NA NA

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


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 Sep 30, 2013 1st Trading Day

Sep‐13 BNFT Benefi tfocus , Inc. Uni ted States $21.50‐$24.50 $26.50 $53.55, up 102% $49.16 (8.2%)

Sep‐13 COVS Covis int Corporation Uni ted States 9.00‐11.00 10.00 12.31, up 23% 12.83 4.2%

Sep‐13 FEYE Fi reEye, Inc. Uni ted States 12.00‐14.00 20.00 39.40, up 97% 41.53 5.4%

Sep‐13 MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 14.20 10.9%

Sep‐13 PINC Premier, Inc. Uni ted States 23.00‐26.00 27.00 30.65, up 14% 31.70 3.4%

Sep‐13 FUEL Rocket Fuel , Inc. Uni ted States 27.00‐29.00 29.00 55.42, up 91% 53.74 (3.0%)

Sep‐13 VMEM Viol in Memory, Inc. Uni ted States 8.00‐10.00 9.00 7.20, down 20% 7.35 2.1%

Aug‐13 CVT Cvent, Inc. Uni ted States 17.00‐19.00 21.00 $32.92, up 57% 35.17 6.8%

Aug‐13 YUME YuMe, Inc. Uni ted States 12.00‐14.00 9.00 9.00, fla t 10.60 17.8%

Jul ‐13 SALE Reta i lMeNot, Inc. Uni ted States 20.00‐22.00 21.00 27.70, up 32% 35.57 28.4%

Jun‐13 GIMO Gigamon LLC Uni ted States 18.00‐20.00 19.00 28.47, up 50% 38.64 35.7%

Jun‐13 GOGO Gogo Inc. Uni ted States 15.00‐17.00 17.00 16.00, down 6% 17.77 11.1%

J 13 JUSTDIAL J t Di l Li i t d I di 8 39 9 69 9 46 10 77 14% 13 50 25 3%Jun‐13 JUSTDIAL Just Dial Limited India 8.39‐9.69 9.46 10.77, up 14% 13.50 25.3%

Jun‐13 LITB Light in the Box China 8.50‐10.50 9.50 11.61, up 22% 11.85 2.1%

Jun‐13 LXFT Luxoft Holding, Inc. Swi tzerland 16.00‐18.00 17.00 20.71, up 22% 26.47 29.9%

Jun‐13 TXTR Textura Corporation Uni ted States 13.00‐15.00 15.00 20.35, up 36% 43.08 111.7%

Jun‐13 TRMR Tremor Video, Inc. Uni ted States 11.00‐13.00 10.00 8.50, down 15% 9.23 8.6%

May‐13 ECOM ChannelAdvisor Corporation Uni ted States 12.00‐14.00 14.00 18.44, up 32% 36.63 98.6%y p , p

May‐13 CYAN Cyan, Inc. Uni ted States 10.00‐12.00 11.00 11.14, up 1% 10.05 (9.8%)

May‐13 MKTO Marketo, Inc. Uni ted States 11.00‐13.00 13.00 23.10, up 78% 31.88 38.0%

May‐13 Q Quinti les Transnationa l Holdings Inc. Uni ted States 36.00‐40.00 40.00 42.11, up 5% 44.88 6.6%

May‐13 DATA Tableau Software, Inc. Uni ted States 28.00‐30.00 31.00 50.75, up 64% 71.24 40.4%

Apr‐13 RALY Ral ly Software Development Corp. Uni ted States 11.00‐13.00 14.00 17.81, up 27% 29.96 68.2%


Mar‐13 MRIN Marin Software Uni ted States 11.00‐13.00 14.00 16.26, up 16% 12.55 (22.8%)

Mar‐13 MODN Model N, Inc. Uni ted States 12.50‐14.50 15.50 18.45, up 19% 9.90 (46.3%)

Mar‐13 3182 Ois ix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 35.97 25.2%

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 Sep 30, 2013 1st Trading Day

Mar‐13 IPDN Profess iona l Divers i ty Network LLC Uni ted States $10.00‐$12.00 $8.00 S7.67, down 4% $4.61 (39.9%)

Feb‐13 DGS Digi ta l Globe Services , Ltd. Uni ted States No Range 2.47 2.59, up 5% 3.72 43.5%

Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 35.31 13.3%

Feb‐13 XOOM Xoom Corporation Uni ted States 13.00‐15.00 16.00 25.49, up 59% 31.76 24.6%

Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 22.22 (19.7%)

Nov‐12 YY YY, Inc. China 10.50‐12.50 10.50 11.31, up 8% $46.78 313.6%

Oct‐12 RKUS Ruckus Wireless , Inc. United States 13.00‐15.00 15.00 12.25, down 18% 16.83 37.4%

Oct‐12 FLTX Fleetmatics Group Limited Uni ted States 15.00‐17.00 27.00 22.30, up 31% 37.55 68.4%

Oct‐12 RLGY Realogy Holdings Corp. Uni ted States 23.00‐27.00 27.00 34.20, up 27% 43.02 25.8%

Oct‐12 SSTK Shutterstock, Inc. Uni ted States 13.00‐15.00 17.00 21.66, up 27% 72.72 235.7%

Oct‐12 WDAY Workday, Inc. Uni ted States 24.00‐26.00 28.00 48.69, 74% 80.93 65.3%


Digital Media/Commerce

Of the total $1.5 billion in value reported in the Digital Media/Commerce segment, $886 million were investments, while another $628 million in strategic and buyout exits were reported

C th t ti d hi h t t d l b t ll t ith 27 t ti d ( eCommerce was the most active and highest reported value subsegment across all segments, with 27 transactions announced (seven acquisitions and 20 investments), of which 17 were reported at $287 million in aggregate value

Select acquisitions:

• Sega Sammy’s acquisition of Japan‐based Index, a provider of entertainment content including online, mobile, and console games, at l f $ llan enterprise value of $341 million

• Rakuten’s $200 million acquisition of Viki, an online video site that licenses the rights to international shows

Select investments:

• Tencent’s $448 million investment in China‐based Sogou the online search unit of Sohu com for a 37 percent equity stakeTencent s $448 million investment in China based Sogou, the online search unit of Sohu.com, for a 37 percent equity stake

• The $70 million investment in Brazil‐based online lifestyle retailer Dafiti Group, from The Ontario Teachers' Pension Plan

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

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

eCommerce 27 41% 287.2 19% 7 66.8 0 ‐ 20 220.4

Mobile Content/Apps 17 26% 159.0 11% 3 20.6 0 ‐ 14 138.4

Niche Content 6 9% 202.0 13% 3 200.0 1 ‐ 2 2.0

Social Media/Apps 6 9% 43.4 3% 1 ‐ 0 ‐ 5 43.4

Classifieds/Auctions/P‐to‐P 5 8% 33.3 2% 0 ‐ 0 ‐ 5 33.3

Gaming 2 3% 340 7 23% 2 340 7 0 ‐ 0 ‐


Gaming 2 3% 340.7 23% 2 340.7 0 0

Web Search/Portals 2 3% 448.0 30% 1 ‐ 0 ‐ 1 448.0

Virtual Goods 1 2% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Total 66 100% 1,513.6 100% 18 628.1 1 0.0 47 885.5

Digital Media/CommercePublic Company Valuation

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

Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States $4.87 ‐32% $ 310.6 $ 310.4 $ 735.5 $ 44.6 6.1% 4.0% 0.4x 7.0xAmazon.com Inc. United States 314.76 ‐3% 143,808.8 139,387.8 66,848.0 2,924.0 4.4% 23.0% 2.1x 47.7xAOL Inc. United States 34.95 ‐20% 2,688.7 2,321.7 2,210.8 495.1 22.4% 1.9% 1.1x 4.7x , , , 22.4% 1.9% 1.1x 4.7xBaidu, Inc. China 157.08 ‐3% 54,942.6 51,525.5 4,251.8 2,154.3 50.7% 42.2% 12.1x 23.9xBetfair Group PLC United Kingdom 16.26 ‐9% 1,664.3 1,392.6 602.2 117.6 19.5% ‐0.7% 2.3x 11.8xBlue Nile Inc. United States 39.34 ‐9% 489.0 442.3 431.1 15.5 3.6% 19.3% 1.0x 28.6xCafePress Inc. United States 5.96 ‐32% 102.2 79.2 235.7 7.8 3.3% 22.1% 0.3x 10.1xCDW Corporation United States 23.32 ‐5% 4,010.0 7,837.6 10,415.3 758.1 7.3% 4.5% 0.8x 10.3xCopart, Inc. United States 33.10 ‐13% 4,154.5 4,482.4 1,046.4 334.6 32.0% 13.2% 4.3x 13.4xCupid plc United Kingdom 0.93 ‐72% 66.3 46.1 129.1 20.7 16.0% 109.5% 0.4x 2.2xCyberAgent Inc. Japan 26.36 ‐11% 1,641.7 1,383.4 1,606.8 143.8 9.0% 20.0% 0.9x 9.6xDemand Media, Inc. United States 6.30 ‐42% 550.4 500.6 403.0 171.8 42.6% 16.7% 1.2x 2.9xDeNA Co., Ltd. Japan 19.37 ‐45% 2,508.8 2,161.8 2,086.1 827.8 39.7% 30.5% 1.0x 2.6xeBay Inc. United States 54.91 ‐5% 71,082.8 65,179.8 15,022.0 4,422.0 29.4% 15.4% 4.3x 14.7xE‐Commerce China Dangdang Inc. * China 11.53 ‐4% 925.5 715.2 932.8 (59.5) NM 29.3% 0.8x NM eLong Inc. * China 22.47 ‐6% 776.6 476.8 139.7 (17.6) NM 29.8% 3.4x NM Expedia Inc. United States 52.15 ‐23% 7,092.1 6,539.3 4,391.3 607.8 13.8% 19.8% 1.5x 10.8xFacebook, Inc. United States 49.18 ‐5% 119,776.3 111,691.3 6,118.0 2,763.0 45.2% 41.4% 18.3x 40.4xG5 Entertainment AB (publ) Sweden 6.08 ‐33% 53.5 47.3 14.0 5.0 36.0% 48.3% 3.4x 9.4xG L f SA F 11 07 3% 918 3 835 7 289 2 43 9GameLoft SA France 11.07 ‐3% 918.3 835.7 289.2 43.9 15.2% 21.8% 2.9x 19.1xGeeknet, Inc. * United States 16.96 ‐12% 112.0 64.4 125.2 0.9 0.7% 19.4% 0.5x 71.3xGlu Mobile, Inc. * United States 2.65 ‐37% 203.0 183.9 101.5 (12.9) NM 6.0% 1.8x NM Google Inc. United States 876.09 ‐6% 291,756.3 245,524.3 55,797.0 17,004.0 30.5% 30.5% 4.4x 14.4xGree, Inc. Japan 7.15 ‐54% 1,657.3 1,372.5 1,534.0 554.0 36.1% ‐3.8% 0.9x 2.5xHollywood Media Corp. * United States 1.69 ‐6% 38.3 28.6 0.5 (5.7) NM ‐34.4% 61.4x NM HSN, Inc. United States 52.78 ‐19% 2,809.0 2,963.9 3,346.9 292.6 8.7% 6.1% 0.9x 10.1xIAC/InterActiveCorp United States 54.78 ‐3% 4,545.4 4,554.3 3,021.4 478.9 15.9% 24.1% 1.5x 9.5xInternational Game Technology United States 19 01 10% 4 957 8 6 406 8 2 340 3 851 0 36 4% 13 6% 2 7 7 5International Game Technology United States 19.01 ‐10% 4,957.8 6,406.8 2,340.3 851.0 36.4% 13.6% 2.7x 7.5xiProperty Group Limited * Malaysia 1.48 ‐10% 269.0 260.6 14.3 (4.9) NM 9.0% 18.3x NM Jiayuan.com International Ltd. China 6.91 ‐57% 207.4 121.8 74.0 10.8 14.6% 24.2% 1.6x 11.3xJobStreet Corp. Bhd. Malaysia 0.71 ‐5% 448.2 415.2 53.0 23.0 43.4% 9.5% 7.8x 18.0xKongzhong Corp. China 12.21 ‐18% 512.2 368.0 177.8 29.7 16.7% 6.3% 2.1x 12.4xLifeLock, Inc. * United States 14.76 ‐3% 1,309.7 1,140.3 322.5 17.9 5.6% 41.2% 3.5x 63.6xLiberty Interactive Corporation United States 24.11 ‐4% 12,538.3 22,092.3 10,686.0 1,973.0 18.5% 8.0% 2.1x 11.2xLightInTheBox Holding Co., Ltd. * China 12.19 ‐48% 596.8 494.1 261.3 6.8 2.6% 0.0% 1.9x 72.8xLinkedIn Corporation * United States 245.07 ‐5% 28,790.9 27,917.5 1,244.0 158.7 12.8% 71.9% 22.4x 175.9x


p % , , , 12.8% 71.9% 22.4x 175.9xLiquidity Services, Inc. * United States 32.23 ‐30% 1,023.1 959.8 499.0 NA NA 15.4% 1.9x NA Mediabistro Inc. * United States 1.60 ‐44% 9.6 15.6 12.7 (2.2) NM ‐9.8% 1.2x NM Meetic S.A. France 25.46 0% 593.5 507.1 218.0 48.5 22.3% ‐7.4% 2.3x 10.5xMeetMe, Inc. * United States 1.74 ‐60% 66.4 66.6 40.5 (5.2) NM 33.7% 1.6x NM Mercadolibre, Inc. Argentina 137.08 ‐1% 6,052.5 5,865.9 415.9 147.2 35.4% 22.1% 14.1x 39.8x

Digital Media/CommercePublic Company Valuation


Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMixi, Inc. Japan $12.23 ‐50% $ 189.7 $ 60.8 $ 113.2 $ 21.8 19.2% ‐19.1% 0.5x 2.8xNCsoft Corporation South Korea 177.59 ‐23% 3,530.8 2,956.2 735.7 232.1 31.5% 46.6% 4.0x 12.7xNetflix, Inc. * United States 321.72 ‐4% 18,956.5 18,376.4 3,943.7 171.9 4.4% 14.1% 4.7x 106.9x, , , , 4.4% 14.1% 4.7x 106.9xNexon Co. Ltd. Japan 12.48 ‐12% 5,479.1 4,904.8 1,372.2 687.0 50.1% 0.0% 3.6x 7.1xOpenTable, Inc. United States 69.73 ‐11% 1,599.5 1,507.5 173.8 54.1 31.2% 15.5% 8.7x 27.8xOrbitz Worldwide, Inc. United States 9.52 ‐28% 1,027.8 1,255.1 816.7 110.2 13.5% 6.0% 1.5x 11.4xOverstock.com Inc. United States 29.99 ‐16% 712.2 627.5 1,202.6 36.7 3.1% 13.9% 0.5x 17.1xPacific Online Ltd. China 0.45 ‐13% 487.9 443.2 123.5 50.5 40.9% 12.1% 3.6x 8.8xPandora Media, Inc. * United States 26.44 ‐5% 5,001.3 4,942.4 528.0 (39.8) NM 56.0% 9.4x NM PC Home Online Inc. Taiwan 5.64 ‐17% 463.8 364.1 514.2 21.6 4.2% 7.6% 0.7x 16.8xPerform Group plc. United Kingdom 8.89 ‐10% 2,336.5 2,377.6 268.5 53.1 19.8% 40.8% 8.9x 44.8xPetMed Express, Inc. United States 16.18 ‐9% 311.4 261.0 233.1 29.3 12.6% ‐0.2% 1.1x 8.9xPhoenix New Media Limited China 11.92 ‐5% 918.2 730.9 200.9 24.5 12.2% 14.9% 3.6x 29.8xpriceline.com Incorporated United States 1,049.31 ‐2% 54,040.5 50,390.5 5,879.2 2,104.4 35.8% 22.3% 8.6x 23.9xRakuten, Inc. Japan 14.80 ‐5% 19,483.0 19,658.7 4,875.1 1,127.6 23.1% 20.1% 4.0x 17.4xRediff.com India Limited * India 2.28 ‐49% 62.9 42.9 16.1 (7.4) NM ‐11.6% 2.7x NM Renren Inc. * China 3.83 ‐17% 1,450.8 614.5 195.4 (91.2) NM 35.8% 3.1x NM Shutterfly, Inc. United States 55.37 ‐8% 2,089.6 1,961.6 700.5 82.9 11.8% 32.0% 2.8x 23.7xShutterstock, Inc. United States 73.17 ‐4% 2,538.4 2,425.6 199.3 43.4 21.8% 38.4% 12.2x 55.9xSk bi Li i d Chi 4 03 19% 127 0 27 7 93 3 5 5Sky‐mobi Limited China 4.03 ‐19% 127.0 27.7 93.3 5.5 5.9% ‐14.8% 0.3x 5.0xSNAP Interactive, Inc. * United States 0.70 ‐47% 27.3 24.6 14.9 (3.1) NM ‐30.8% 1.7x NM Spark Networks, Inc. * United States 8.01 ‐14% 190.3 171.9 67.0 (9.3) NM 21.5% 2.6x NM Stamps.com Inc. United States 44.65 ‐5% 698.5 638.9 123.4 32.4 26.3% 13.5% 5.2x 19.7xTaomee Holdings Ltd. China 5.98 ‐14% 219.5 102.4 40.9 3.9 9.6% ‐2.9% 2.5x 26.0xTheStreet, Inc. * United States 2.13 ‐9% 72.2 22.1 51.5 (1.7) NM ‐4.5% 0.4x NM United Online, Inc. United States 7.98 ‐10% 738.4 849.4 865.9 91.3 10.5% ‐1.0% 1.0x 9.3xU.S. Auto Parts Network, Inc. United States 1.43 ‐56% 47.5 59.4 269.2 2.6 1.0% ‐16.9% 0.2x 22.7xValueVision Media Inc United States 4 50 ‐29% 223 2 228 8 615 0 11 1 1 8% 10 9% 0 4x 20 6xValueVision Media Inc. United States 4.50 29% 223.2 228.8 615.0 11.1 1.8% 10.9% 0.4x 20.6xVipshop Holdings Limited * China 69.22 ‐1% 3,829.5 3,445.0 1,117.5 20.5 1.8% 183.5% 3.1x 168.0xVitacost.com, Inc. * United States 8.23 ‐12% 276.7 246.3 362.2 (8.7) NM 23.1% 0.7x NM WebMD Health Corp. United States 31.07 ‐12% 1,540.4 1,314.3 488.3 53.4 10.9% ‐3.4% 2.7x 24.6xXO Group Inc. United States 13.00 ‐4% 320.7 237.8 131.2 22.8 17.4% 3.1% 1.8x 10.4xYahoo! Inc. United States 33.88 ‐2% 34,563.4 32,033.4 4,823.2 1,283.6 26.6% ‐3.1% 6.6x 25.0xYandex N.V. Netherlands 38.38 ‐9% 12,527.6 12,311.4 1,014.2 448.0 44.2% 37.1% 12.1x 27.5xYY Inc. China 48.40 ‐6% 2,639.5 2,366.3 198.6 42.0 21.1% 132.1% 11.9x 56.4xZynga, Inc. United States 3.67 ‐9% 2,951.9 1,836.7 1,122.1 168.6 15.0% ‐11.8% 1.6x 10.9x


y g , , , , % %

Adjusted Weighted Average 6.7x 25.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (59.9x)

Digital Advertising

A total of $170 million was invested in the segment, while only $27 million in strategic and private equity exits were reported

Within Digital Advertising the most active and highest value subsegment was Comparison Shopping with six acquisitions announced, of hi h th th $98 illi i t lwhich three were worth $98 million in aggregate value


• XO Group’s acquisition of Hoppit, a local search engine that finds restaurants and bars by atmosphere

• JOYUS’ acquisition of Kingmaker, a video monetization company focused on product placement and eCommerceJOYUS acquisition of Kingmaker, a video monetization company focused on product placement and eCommerce

Select investments:

• The Time Warner Investments‐led $26 million investment in digital video publishing company Maker Studios

• Iconix Brand Group’s $25 million investment in Complex Media Network, which operates an advertisement network for style‐ and trend‐focused young men

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

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Comparison Shopping 6 32% 97.6 50% 3 ‐ 1 26.6 2 71.0

Digital Video 2 11% 26.0 13% 1 ‐ 0 ‐ 1 26.0

Local Search 2 11% 20.0 10% 1 ‐ 0 ‐ 1 20.0

Online Lead Generation 2 11% 10.0 5% 1 ‐ 0 ‐ 1 10.0

Search Marketing 2 11% 14.3 7% 1 ‐ 0 ‐ 1 14.3

Other* 5 26% 29.0 15% 3 ‐ 0 ‐ 2 29.0


Total 19 100% 196.9 100% 10 0.0 1 26.6 8 170.3

*Other includes Ad Networks/Exchanges, Digital Promotion/Coupon, Email Services, Mobile Marketing, and Vertical Search

Digital AdvertisingPublic Company Valuation

($ in Millions, except stock price

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States $17.31 ‐39% $ 1,010.6 $ 959.3 $ 199.6 $ (34.3) NM 67.6% 4.8x NM Autobytel Inc. United States 7.20 ‐9% 64.1 53.3 70.4 3.4 4.9% 8.4% 0.8x 15.5xBankrate Inc United States 20 99 0% 2 127 2 2 209 4 424 0 92 7 21 9% 10 5% 5 2x 23 8xBankrate, Inc. United States 20.99 0% 2,127.2 2,209.4 424.0 92.7 21.9% ‐10.5% 5.2x 23.8xBlinkx plc United States 2.51 ‐4% 927.9 868.6 198.0 26.8 13.5% 73.0% 4.4x 32.4xBlucora, Inc. United States 23.56 ‐1% 969.5 798.0 472.9 85.4 18.1% 39.3% 1.7x 9.3xConstant Contact, Inc. United States 23.47 ‐2% 720.1 620.8 268.6 19.6 7.3% 14.8% 2.3x 31.7xCtrip.com International Ltd. China 57.98 ‐5% 7,524.0 6,833.0 761.9 124.1 16.3% 23.6% 9.0x 55.1xDemand Media, Inc. United States 6.30 ‐42% 550.4 500.6 403.0 72.0 17.9% 16.7% 1.2x 6.9xDice Holdings, Inc. United States 8.32 ‐20% 491.2 476.6 203.2 66.6 32.8% 7.7% 2.3x 7.2xDigital Globe Services Inc. United States 3.71 ‐5% 110.1 105.8 25.5 3.4 13.4% 27.8% 4.1x 30.9xeHealth Inc United States 33 27 ‐7% 612 7 523 0 165 9 19 3 11 6% 10 2% 3 2x 27 1xeHealth, Inc. United States 33.27 7% 612.7 523.0 165.9 19.3 11.6% 10.2% 3.2x 27.1xGoogle Inc. United States 876.09 ‐6% 291,756.3 245,524.3 55,797.0 17,004.0 30.5% 30.5% 4.4x 14.4xGroupon, Inc. United States 11.30 ‐11% 7,520.7 6,336.6 2,417.0 133.0 5.5% 17.9% 2.6x 47.6xHi‐Media S.A. France 2.47 ‐19% 110.0 144.0 243.1 15.0 6.2% ‐12.3% 0.6x 9.6xHomeAway, Inc. United States 29.65 ‐14% 2,527.8 2,191.5 310.8 56.8 18.3% 21.7% 7.1x 38.6xInternetQ PLC United Kingdom 5.17 ‐12% 199.7 192.6 108.7 10.8 9.9% 36.9% 1.8x 17.9xLeGuide.com S.A. France 39.26 ‐1% 139.6 103.2 62.6 12.7 20.3% 38.8% 1.6x 8.1xMakeMyTrip Limited India 14.90 ‐13% 560.3 489.4 241.9 (19.8) NM 15.9% 2.0x NM Millennial Media Inc United States 7 01 58% 571 1 448 4 211 8 (1 3) NM 60 3% 2 1x NMMillennial Media Inc. United States 7.01 ‐58% 571.1 448.4 211.8 (1.3) NM 60.3% 2.1x NM Monster Worldwide, Inc. United States 4.44 ‐48% 501.9 561.4 844.1 133.3 15.8% ‐10.1% 0.7x 4.2xMove, Inc. United States 17.11 ‐3% 689.6 657.6 213.9 14.9 7.0% 12.1% 3.1x 44.2xOpera Software ASA Norway 11.34 0% 1,399.6 1,341.8 252.1 70.2 27.8% 38.0% 5.3x 19.1xOPT, Inc. Japan 9.13 ‐32% 268.9 160.8 802.4 27.7 3.4% 13.2% 0.2x 5.8xPacific Online Ltd. China 0.45 ‐13% 487.9 443.2 123.5 50.5 40.9% 12.1% 3.6x 8.8xQuinStreet, Inc. United States 9.19 ‐5% 397.4 362.2 305.1 33.7 11.0% ‐17.6% 1.2x 10.8xReachLocal, Inc. United States 11.67 ‐33% 327.4 245.4 488.0 9.3 1.9% 17.7% 0.5x 26.3xResponsys Inc United States 16 42 10% 826 7 720 8 183 2 16 8 9 2% 23 2% 3 9x 42 9xResponsys, Inc. United States 16.42 ‐10% 826.7 720.8 183.2 16.8 9.2% 23.2% 3.9x 42.9xRetailMeNot, Inc. United States 33.31 ‐16% 1,682.4 1,962.6 168.9 63.7 37.7% 0.0% 11.6x 30.8xRightmove plc * United Kingdom 37.80 ‐6% 3,701.8 3,691.4 195.5 136.3 69.7% 19.2% 18.9x 27.1xRovi Corporation United States 19.45 ‐27% 1,959.2 2,627.7 626.3 211.5 33.8% ‐7.0% 4.2x 12.4xSepteni Holdings Co., Ltd. Japan 8.48 ‐16% 213.7 166.6 448.3 17.6 3.9% 12.4% 0.4x 9.5xThe Active Network, Inc. United States 14.37 0% 909.1 805.1 441.3 13.2 3.0% 15.6% 1.8x 61.0xTiVo Inc. * United States 12.42 ‐12% 1,514.9 653.6 353.5 4.5 1.3% 33.8% 1.8x 145.5xTradeDoubler AB Sweden 3.31 ‐11% 140.1 113.8 313.5 5.6 1.8% ‐17.8% 0.4x 20.2xT l I U it d St t 26 04 23% 400 0 326 2 156 0 27 1


Travelzoo Inc. United States 26.04 ‐23% 400.0 326.2 156.0 27.1 17.4% 2.3% 2.1x 12.0xTree.Com, Inc. United States 27.31 ‐2% 303.8 218.5 112.7 5.1 4.5% 108.9% 1.9x 43.1xTremor Video, Inc. United States 10.01 ‐7% 495.9 633.4 122.9 (1.8) NM 0.0% 5.2x NM TripAdvisor Inc. United States 78.66 ‐4% 11,247.2 11,235.8 859.0 335.2 39.0% 22.8% 13.1x 33.5xTrulia, Inc. * United States 47.70 ‐10% 1,806.5 1,599.7 92.8 (0.7) NM 81.1% 17.2x NM

Digital AdvertisingPublic Company Valuation

($ in Millions, except stock price

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAValueClick, Inc. United States $20.79 ‐36% $ 1,544.7 $ 1,520.1 $ 685.7 $ 217.9 31.8% 13.6% 2.2x 7.0xVelti Plc Ireland 0.37 ‐96% 33.5 45.8 232.1 (136.5) NM ‐1.6% 0.2x NM Vocus Inc * United States 9 25 ‐51% 195 4 237 5 185 2 0 9 0 5% 34 3% 1 3x 267 5xVocus Inc. United States 9.25 ‐51% 195.4 237.5 185.2 0.9 0.5% 34.3% 1.3x 267.5xVoltari Corporation United States 5.33 ‐45% 24.9 21.7 89.4 18.1 20.3% 61.7% 0.2x 1.2xWeb.com Group, Inc. United States 32.34 ‐4% 1,541.2 2,192.7 453.2 81.3 17.9% 47.2% 4.8x 27.0xYahoo! Inc. United States 33.88 ‐2% 34,563.4 32,033.4 4,823.2 1,283.6 26.6% ‐3.1% 6.6x 25.0xYelp, Inc. * United States 71.02 ‐3% 4,631.8 4,535.0 178.7 (2.1) NM 66.6% 25.4x NM Youku Tudou Inc. China 29.00 ‐4% 4,809.6 4,267.8 392.0 9.7 2.5% 95.8% 10.9x NM YuMe, Inc. United States 9.99 ‐17% 319.3 372.6 132.4 7.9 6.0% 0.0% 2.8x 47.3xZil low, Inc. * United States 87.39 ‐15% 3,281.5 3,111.8 152.1 (2.4) NM 69.9% 20.5x NM





More than 65 percent of reported value ($1.3 billion) was a result of strategic and private equity exits in the segment

Content Management and Social Technology were the most active subsegments with 12 and 11 transactions announced, respectively. Of th th 20 i t t th $251 illi i t t d lOf these, there were 20 investments worth $251 million in aggregate reported value


• Vista Equity Partners’ buyout of The Active Network, which provides application service technology and marketing access to community service and participatory sports organizations, at an enterprise value of $800 million

• SAP’s acquisition of KXEN, a provider of predictive analytics technology for line‐of‐business users and analysts

Select investments:

• Summit Partners and General Catalyst Partners’ $80 million investment in Clarabridge, which provides customer experience analytics software that enable customers to integrate and analyze customer feedbacksoftware that enable customers to integrate and analyze customer feedback

• SAP’s $40 million investment in Virtustream, a provider of enterprise‐class cloud

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Content Management 12 16% 49.0 3% 1 20.0 0 ‐ 11 29.0

Social Technology 11 14% 221.8 11% 2 ‐ 0 ‐ 9 221.8

Commerce Management 7 9% 856.2 44% 0 ‐ 2 800.3 5 55.9

CRM 6 8% 139.4 7% 1 ‐ 0 ‐ 5 139.4

O h * 41 53% 691 1 35% 13 481 1 0 28 210 0

p g y p


Other* 41 53% 691.1 35% 13 481.1 0 ‐ 28 210.0

Total 77 100% 1,957.3 100% 17 501.1 2 800.3 58 656.0

*Other includes Ad Serving, Analytics/Reporting, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, Mobile Technology, Product/Price Software, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, and Teleservices/eServices

Marketing TechnologyPublic Company Valuation


Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States $7.35 ‐4% $ 352.4 $ 279.2 $ 137.6 $ 17.3 12.6% ‐1.9% 2.0x 16.1xAdobe Systems Inc. United States 50.88 ‐4% 25,434.3 23,790.1 4,167.0 970.1 23.3% ‐5.3% 5.7x 24.5xBazaarvoice, Inc. United States 9.72 ‐39% 725.3 640.6 169.2 (46.4) NM 41 3% 3 8x NMBazaarvoice, Inc. United States 9.72 39% 725.3 640.6 169.2 (46.4) NM 41.3% 3.8x NM Bitauto Holdings Limited China 19.12 ‐4% 769.2 684.0 196.8 34.8 17.7% 45.6% 3.5x 19.6xBlackbaud Inc. United States 39.23 ‐2% 1,790.6 1,979.2 483.6 86.0 17.8% 22.3% 4.1x 23.0xBrightcove, Inc. United States 11.75 ‐12% 332.8 302.3 98.0 (8.0) NM 27.7% 3.1x NM ChannelAdvisor Corporation United States 36.37 ‐12% 787.2 706.2 59.9 (3.1) NM 0.0% 11.8x NM Constant Contact, Inc. United States 23.47 ‐2% 720.1 620.8 268.6 19.6 7.3% 14.8% 2.3x 31.7xCovisint Corporation United States 13.47 0% 490.3 489.0 94.2 (8.5) NM 20.8% 5.2x NM Cvent, Inc. * United States 33.38 ‐28% 1,341.0 1,307.6 96.7 7.7 8.0% 0.0% 13.5x 169.4xDealertrack Technologies, Inc. United States 40.36 ‐7% 1,765.7 1,766.6 431.7 60.9 14.1% 15.1% 4.1x 29.0xgDemandware, Inc. United States 47.49 ‐3% 1,454.4 1,350.0 88.7 (12.0) NM 33.4% 15.2x NM Digital Generation, Inc. United States 13.33 ‐5% 372.1 710.9 385.7 103.1 26.7% 1.0% 1.8x 6.9xDigital River Inc. United States 18.05 ‐11% 618.2 352.6 399.2 29.2 7.3% ‐0.4% 0.9x 12.1xE2open, Inc. United States 21.97 ‐15% 566.3 535.9 75.1 (2.6) NM 17.4% 7.1x NM eBay Inc. United States 54.91 ‐5% 71,082.8 65,179.8 15,022.0 4,422.0 29.4% 15.4% 4.3x 14.7xInformatica Corporation United States 39.88 ‐4% 4,316.5 3,712.3 861.8 167.8 19.5% 6.5% 4.3x 22.1xInfosystems S.A. Poland 0.99 ‐46% 4.1 3.7 2.6 0.7 25.1% 58.3% 1.4x 5.6xInteractive Intelligence Group Inc. United States 64.57 ‐4% 1,293.7 1,217.9 279.3 19.3 6.9% 28.5% 4.4x 63.1xIBM Corporation United States 183.86 ‐15% 201,405.0 225,271.0 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.6xJive Software, Inc. United States 12.39 ‐33% 852.0 726.7 130.5 (48.2) NM 36.5% 5.6x NM LivePerson Inc. United States 9.30 ‐49% 502.5 427.6 167.9 12.5 7.5% 14.9% 2.5x 34.1xMarin Software Incorporated United States 11.79 ‐41% 382.9 268.2 67.9 (28.1) NM 0.0% 3.9x NM Marketo, Inc. United States 31.80 ‐20% 1,197.7 1,082.5 74.5 (36.8) NM 0.0% 14.5x NM Mercadolibre, Inc. Argentina 137.08 ‐1% 6,052.5 5,865.9 415.9 147.2 35.4% 22.1% 14.1x 39.8xMicroStrategy Inc. United States 104.19 ‐18% 1,177.5 859.7 589.0 29.3 5.0% 2.3% 1.5x 29.4xNetSuite Inc. * United States 109.14 ‐3% 8,096.3 7,902.8 357.4 (27.7) NM 32.8% 22.1x NM Nuance Communications, Inc. United States 18.51 ‐26% 5,744.2 7,224.2 1,851.8 345.0 18.6% 19.5% 3.9x 20.9xOpen Text Corporation Canada 74.54 ‐2% 4,402.6 4,497.6 1,363.3 408.6 30.0% 12.9% 3.3x 11.0xOpera Software ASA Norway 11.34 0% 1,399.6 1,341.8 252.1 70.2 27.8% 38.0% 5.3x 19.1xOracle Corporation United States 33.24 ‐9% 151,489.9 136,920.9 37,371.0 16,259.0 43.5% 1.2% 3.7x 8.4xPitney Bowes Inc. United States 19.07 ‐2% 3,848.6 7,168.1 4,844.5 932.4 19.2% 0.5% 1.5x 7.7xPROS Holdings, Inc. United States 33.20 ‐6% 932.0 843.8 131.8 8.6 6.5% 23.6% 6.4x 98.2xPTC Inc. United States 28.75 ‐2% 3,435.1 3,446.2 1,274.0 252.9 19.9% 0.3% 2.7x 13.6xQlik Technologies, Inc. United States 34.14 ‐9% 2,999.5 2,776.0 428.1 5.5 1.3% 22.8% 6.5x NM


RealNetworks Inc. United States 8.27 ‐7% 295.0 58.3 233.0 (18.7) NM ‐21.6% 0.3x NM Responsys, Inc. United States 16.42 ‐10% 826.7 720.8 183.2 16.8 9.2% 23.2% 3.9x 42.9xRocket Fuel Inc. United States 60.50 ‐6% 1,965.9 1,965.8 159.6 (12.4) NM 0.0% 12.3x NM Sage Group plc United Kingdom 5.40 ‐14% 5,948.1 6,320.0 2,088.2 617.6 29.6% 2.9% 3.0x 10.2xSalesforce.com, Inc United States 52.00 ‐4% 30,992.0 32,808.3 3,472.8 72.4 2.1% 31.4% 9.4x NM

Marketing TechnologyPublic Company Valuation


Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASAP AG Germany $74.09 ‐16% $ 88,352.4 $ 90,499.2 $ 21,628.9 $ 7,409.8 34.3% 9.8% 4.2x 12.2xSky‐mobi Limited China 4.03 ‐19% 127.0 27.7 93.3 5.5 5.9% ‐14.8% 0.3x 5.0xSynchronoss Technologies, Inc. United States 37.72 ‐4% 1,460.5 1,410.6 304.3 63.0 20 7% 20 3% 4 6x 22 4xSynchronoss Technologies, Inc. United States 37.72 4% 1,460.5 1,410.6 304.3 63.0 20.7% 20.3% 4.6x 22.4xTableau Software, Inc. * United States 71.10 ‐9% 4,207.3 3,985.9 163.8 (4.4) NM 0.0% 24.3x NM Teradata Corporation United States 54.39 ‐29% 8,871.0 8,308.0 2,644.0 607.0 23.0% 3.6% 3.1x 13.7xTIBCO Software Inc. United States 26.36 ‐10% 4,325.5 4,137.6 1,051.0 196.2 18.7% 3.3% 3.9x 21.1xVerint Systems Inc. United States 37.10 ‐3% 1,978.2 2,283.0 857.7 167.2 19.5% 4.5% 2.7x 13.7xVocus Inc. * United States 9.25 ‐51% 195.4 237.5 185.2 0.9 0.5% 34.3% 1.3x 267.5xWeborama France 14.24 ‐47% 49.7 46.3 35.9 3.7 10.4% 3.8% 1.3x 12.4x




Agency & Marketing Services

There were 19 transactions announced in the Agency & Marketing Services segment In September. Digital Agency was the most activesubsegment with eight transactions announced

S l t i iti Select acquisitions:

• Communisis’ $9 million acquisition of UK‐based Editions Publishing, a content marketing agency dedicated to business and finance

• Reeltime Media’s acquisition of New Zealand‐based Adtraction Media and Australia‐based Brightlabs, two digital marketing agencies

• Saatchi & Saatchi’s acquisition of Canada‐based TPM Communications, a company specializing in interactive, event, and digital videoSaatchi & Saatchi s acquisition of Canada based TPM Communications, a company specializing in interactive, event, and digital video marketing

Select investments:

• Cumulus Media’s purchase of a minority equity stake in Pulsar Media, an advertising and promotion agency

• Tenthavenue’s purchase of a minority equity stake in UK‐based Candyspace Media, which operates as a mobile and multichannel digital agency

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

Digital Agency 8 42% 7.8 39% 6 1.3 0 ‐ 2 6.5

Public Relations 5 26% 9.2 46% 5 9.2 0 ‐ 0 ‐

Ad Specialty/Premiums 1 5% ‐ 0% 0 ‐ 1 ‐ 0 ‐

Database/Analytics 1 5% 2.9 15% 0 ‐ 0 ‐ 1 2.9

Other* 4 21% 0.0 0% 3 ‐ 0 ‐ 1 ‐


Total 19 100% 19.9 100% 14 10.5 1 0.0 4 9.4

*Other includes DM Agency, Lettershop, Promotion Agency, and Social Agency

AgencyPublic Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $1.06 ‐7% $ 87.9 $ 106.3 $ 219.0 $ 12.6 5.8% 11.9% 0.5x 8.4xCharm Communications Inc. China 4.32 ‐28% 172.9 86.9 176.9 (2.4) NM ‐19.6% 0.5x NM Chime Communications plc United Kingdom 4 87 7% 413 5 440 1 481 5 14 1 2 9% 0 7% 0 9x 31 3xChime Communications plc United Kingdom 4.87 ‐7% 413.5 440.1 481.5 14.1 2.9% ‐0.7% 0.9x 31.3xCreston plc United Kingdom 1.65 ‐7% 99.0 81.0 114.2 17.9 15.7% 0.4% 0.7x 4.5xDentsu Inc. Japan 37.29 ‐8% 9,673.1 13,122.0 20,232.6 661.1 3.3% 3.6% 0.6x 19.8xEnero Group Limited * Austral ia 0.65 ‐1% 55.4 40.1 227.1 0.3 0.1% ‐26.0% 0.2x 125.2xHavas France 7.98 ‐5% 3,139.9 3,777.8 2,321.7 376.1 16.2% 4.5% 1.6x 10.0xHuntsworth plc United Kingdom 1.03 ‐2% 257.2 368.8 264.0 46.0 17.4% ‐1.5% 1.4x 8.0xM&C Saatchi plc United Kingdom 4.90 ‐5% 334.0 305.9 264.1 30.6 11.6% 5.9% 1.2x 10.0xMDC Partners Inc. United States 27.36 ‐6% 860.9 1,519.8 1,117.2 89.4 8.0% 11.9% 1.4x 17.0xNext Fifteen Communications Group plc United Kingdom 1.51 ‐19% 90.1 102.1 147.2 17.3 11.7% 2.6% 0.7x 5.9xp p gOmnicom Group Inc. United States 63.10 ‐10% 16,465.7 19,752.0 14,387.1 2,116.0 14.7% 2.0% 1.4x 9.3xOPT, Inc. Japan 9.13 ‐32% 268.9 160.8 802.4 27.7 3.4% 13.2% 0.2x 5.8xPorta Communications Plc United Kingdom 0.18 ‐26% 26.2 32.1 23.1 (2.8) NM 531.3% 1.4x NM Publicis Groupe SA France 79.06 ‐8% 16,851.8 17,792.3 8,939.9 1,732.2 19.4% 10.9% 2.0x 10.3xSapient Corp. United States 15.57 ‐4% 2,176.5 1,922.0 1,188.6 152.8 12.9% 11.7% 1.6x 12.6xThe Interpublic Group of Companies, Inc. United States 16.83 ‐4% 7,104.8 8,230.3 7,032.9 827.4 11.8% 0.2% 1.2x 9.9xWPP plc United Kingdom 20.32 ‐4% 27,212.0 32,035.2 16,305.5 2,780.6 17.1% 4.4% 2.0x 11.5x

1 6x 11 7xAdjusted Weighted Average 1.6x 11.7xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $30.18 0% $ 2,235.1 $ 2,275.7 $ 1,093.9 $ 196.4 18.0% ‐2.9% 2.1x 11.6xAimia Inc. Canada 17.65 0% 3,047.2 3,311.6 1,578.2 (345.4) NM ‐22.1% 2.1x NM Alli D t S t C ti * U it d St t 212 47 3% 10 356 4 14 599 9 3 964 9 1 206 8 30 4% 14 9% 3 7 12 1Alliance Data Systems Corporation * United States 212.47 ‐3% 10,356.4 14,599.9 3,964.9 1,206.8 30.4% 14.9% 3.7x 12.1xCSG Systems International Inc. United States 24.36 ‐6% 772.3 853.4 754.7 129.1 17.1% 2.1% 1.1x 6.6xData Group Inc Canada 1.54 ‐60% 36.2 131.5 311.0 26.7 8.6% ‐2.8% 0.4x 4.9xDST Systems Inc. United States 75.78 ‐2% 3,260.8 3,698.3 2,630.1 390.8 14.9% 5.2% 1.4x 9.5xFair Isaac Corporation United States 55.01 ‐2% 1,936.4 2,328.4 739.2 193.1 26.1% 13.6% 3.1x 12.1xHarte‐Hanks Inc. United States 7.99 ‐21% 499.6 539.9 758.6 84.4 11.1% ‐2.0% 0.7x 6.4xHigh Co. SA France 7.58 ‐1% 79.1 40.8 173.4 14.5 8.4% ‐0.7% 0.2x 2.8xInsignia Systems Inc. United States 2.80 ‐7% 38.3 15.3 24.9 3.0 11.9% 55.5% 0.6x 5.2xMultiplus SA Brazil 11 58 49% 1 875 3 1 529 3 713 6 123 0 17 2% 14 1% 2 1 12 4Multiplus SA Brazil 11.58 ‐49% 1,875.3 1,529.3 713.6 123.0 17.2% 14.1% 2.1x 12.4xPoints International Ltd. * Canada 22.55 ‐9% 343.1 295.5 153.9 2.6 1.7% 22.1% 1.9x 115.7xValassis Communications Inc. United States 28.63 ‐9% 1,081.5 1,557.9 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.8xViad Corp United States 24.62 ‐14% 500.3 427.6 1,044.5 72.2 6.9% 12.5% 0.4x 5.9x

1.8x 10.9xAdjusted Weighted Average



Traditional Media

A total of $450 million in strategic and buyout exits were reported in the Traditional Media segment in September, while another $110 million in reported value was invested

B t B M di th t ti b t ti f fi f th t t l 18 t ti d i th t B‐to‐B Media was the most active subsegment, accounting for five of the total 18 transactions announced in the segment


• Modern Times Group’s $114 million purchase of Finland‐based Nice Entertainment Group, a creative productions company, from private equity firm Capman

• Harte‐Hanks’ divestiture of its Shoppers division to OpenGate Capital for $23 million

• H.I.G. Capital’s acquisition of a majority equity stake in Eletromidia, a Brazil‐based out‐of‐home advertising company

• American Express’ divestiture of its lifestyle magazines and publishing business, American Express Publishing, to Time Inc.

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

B‐to‐B Media 5 28% 19.3 4% 5 19.3 0 ‐ 0 ‐

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Broadcast Television 4 22% 193.3 43% 4 193.3 0 ‐ 0 ‐

Consumer Magazine Publishing 2 11% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Digital Place‐Based Media 2 11% ‐ 0% 1 ‐ 0 ‐ 1 ‐

Entertainment Media 1 6% 113.9 25% 1 113.9 0 ‐ 0 ‐

Other* 4 22% 124.0 28% 0 ‐ 3 109.5 1 14.5

T l 18 100% 450 4 100% 13 326 4 3 109 5 2 14 5


Total 18 100% 450.4 100% 13 326.4 3 109.5 2 14.5

*Other includes Newspaper Publishing, Radio, Shopper/Trader/Coupons, and Traditional Outdoor

Traditional Media Public Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $54.98 ‐4% $ 34,933.6 $ 41,074.6 $ 14,703.0 $ 3,638.0 24.7% 7.6% 2.8x 11.3xDiscovery Communications, Inc. * United States 81.24 ‐9% 28,545.1 34,568.1 4,899.0 2,096.0 42.8% 11.4% 7.1x 16.5x

Large Cap Diversified Media

News Corporation United States 15.87 ‐8% 9,185.9 6,942.9 8,891.0 566.0 6.4% 2.4% 0.8x 12.3xTime Warner Inc. United States 65.29 ‐2% 60,067.2 77,451.2 29,380.0 7,743.0 26.4% 1.4% 2.6x 10.0xTwenty‐First Century Fox, Inc. United States 33.15 ‐3% 76,141.1 89,586.1 27,675.0 6,141.0 22.2% 10.5% 3.2x 14.6xViacom, Inc. United States 82.15 ‐4% 39,191.0 47,131.0 13,505.0 4,012.0 29.7% ‐7.4% 3.5x 11.7xThe Walt Disney Company United States 64.02 ‐6% 114,368.0 127,810.0 44,255.0 11,450.0 25.9% 5.6% 2.9x 11.2x



B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $18.06 ‐9% $ 2,282.5 $ 2,356.3 $ 595.3 $ 178.1 29.9% 1.8% 4.0x 13.2xGlobal Sources Ltd. Hong Kong 7.37 ‐13% 253.5 129.3 212.5 44.8 21.1% ‐4.0% 0.6x 2.9xInforma plc Switzerland 8.39 ‐5% 5,060.8 6,553.5 1,879.5 568.9 30.3% 2.8% 3.5x 11.5xTechTarget, Inc. * United States 4.96 ‐17% 192.1 159.6 92.6 7.5 8.2% ‐11.8% 1.7x 21.2xThe Dolan Company United States 2.28 ‐60% 69.6 214.4 260.6 35.6 13.6% 16.8% 0.8x 6.0xUBM plc United Kingdom 11.62 ‐9% 2,826.5 3,641.8 1,203.3 278.6 23.2% 12.2% 3.0x 13.1xp g , , ,


Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $8.17 ‐18% $ 187.2 $ 286.5 $ 103.8 $ 29.6 28.5% 6.8% 2.8x 9.7xCC Media Holdings Inc United States 5 80 17% 502 0 20 532 5 6 244 8 1 855 3 29 7% 0 7% 3 3x 11 1x


CC Media Holdings, Inc. United States 5.80 ‐17% 502.0 20,532.5 6,244.8 1,855.3 29.7% 0.7% 3.3x 11.1xCumulus Media Inc. United States 5.33 ‐5% 950.9 3,641.1 1,082.1 354.7 32.8% 17.2% 3.4x 10.3xDial Global, Inc. * United States 0.17 ‐95% 9.4 297.7 239.0 4.7 2.0% 82.0% 1.2x 63.0xEmmis Communications Corp. United States 2.66 ‐26% 110.2 294.6 197.7 32.6 16.5% 1.9% 1.5x 9.0xEntercom Communications Corp. United States 8.37 ‐24% 312.9 852.1 384.0 109.0 28.4% 1.0% 2.2x 7.8xJournal Communications Inc. United States 8.21 ‐14% 418.1 647.6 418.2 90.8 21.7% 16.0% 1.5x 7.1xRadio One Inc. United States 2.73 ‐3% 130.8 1,126.2 434.5 157.5 36.3% 5.7% 2.6x 7.2xSalem Communications Corp. United States 8.25 ‐19% 204.7 502.5 233.0 49.7 21.3% 4.3% 2.2x 10.1xSIRIUS XM Radio Inc. * United States 3.92 ‐2% 24,340.3 26,938.3 3,597.3 1,227.3 34.1% 12.8% 7.5x 21.9xSpanish Broadcasting System Inc United States 4 17 ‐16% 30 3 378 7 148 0 47 7 32 2% 4 7% 2 6x 7 9x


Spanish Broadcasting System Inc. United States 4.17 16% 30.3 378.7 148.0 47.7 32.2% 4.7% 2.6x 7.9xPandora Media, Inc. * United States 26.44 ‐5% 5,001.3 4,942.4 528.0 (39.8) NM 56.0% 9.4x NM





Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. * United States $66.94 ‐8% $ 4,838.1 $ 6,574.3 $ 1,460.1 $ 499.0 34.2% 14.4% 4.5x 13.2xBritish Sky Broadcasting Group plc United Kingdom 14.25 ‐2% 22,385.7 24,826.9 10,996.3 2,466.8 22.4% 6.5% 2.3x 10.1xCablevision Systems Corporation United States 16.75 ‐17% 4,478.9 14,227.4 6,709.3 1,724.6 25.7% 4.3% 2.1x 8.2xCBS Corporation United States 54.98 ‐4% 34,933.6 41,074.6 14,703.0 3,638.0 24.7% 7.6% 2.8x 11.3xCharter Communications, Inc. United States 131.55 ‐4% 13,647.5 26,444.5 7,682.0 2,659.0 34.6% 4.5% 3.4x 9.9xComcast Corporation United States 45.01 ‐3% 117,342.6 160,085.6 64,061.0 20,744.0 32.4% 7.7% 2.5x 7.7xCrown Media Holdings Inc. United States 3.09 ‐6% 1,111.4 1,536.5 354.4 267.1 75.4% 3.0% 4.3x 5.8xDIRECTV United States 58.78 ‐13% 32,269.9 49,117.9 30,750.0 7,480.0 24.3% 7.6% 1.6x 6.6xDiscovery Communications, Inc. * United States 81.24 ‐9% 28,545.1 34,568.1 4,899.0 2,096.0 42.8% 11.4% 7.1x 16.5xDish Network Corp. United States 46.83 ‐5% 21,385.7 26,053.1 14,274.2 2,930.1 20.5% ‐0.8% 1.8x 8.9xEntravision Communications Corporation United States 6.00 ‐17% 527.2 827.2 228.3 77.9 34.1% 13.5% 3.6x 10.6xGeneral Communication Inc. United States 9.11 ‐13% 370.6 1,352.1 738.0 226.5 30.7% 6.3% 1.8x 6.0xGray Television Inc. United States 7.42 ‐22% 427.8 1,237.4 391.9 159.6 40.7% 16.5% 3.2x 7.8xGrupo Televisa, S.A.B. Mexico 28.05 ‐7% 16,092.3 19,620.0 5,432.5 2,160.6 39.8% 6.5% 3.6x 9.1xJournal Communications Inc. United States 8.21 ‐14% 418.1 647.6 418.2 90.8 21.7% 16.0% 1.5x 7.1xLiberty Global plc * United Kingdom 77.97 ‐5% 30,709.3 72,008.8 11,178.9 5,028.6 45.0% 13.1% 6.4x 14.3xTraverse Energy Ltd. Canada 0.73 0% 36.0 31.9 9.5 5.8 61.0% 76.2% 3.4x 5.5xNexstar Broadcasting Group, Inc. * United States 43.15 ‐5% 1,294.3 2,243.0 444.5 160.5 36.1% 33.3% 5.0x 14.0xScripps Networks Interactive, Inc. United States 76.90 ‐3% 11,217.8 12,664.9 2,430.4 1,084.1 44.6% 10.8% 5.2x 11.7xSinclair Broadcast Group Inc. United States 33.85 ‐3% 3,379.0 5,284.7 1,185.0 459.5 38.8% 36.6% 4.5x 11.5xThe E. W. Scripps Company United States 18.17 ‐2% 1,035.7 1,007.9 885.9 124.3 14.0% 12.2% 1.1x 8.1xTime Warner Cable Inc. United States 111.46 ‐8% 31,853.3 55,367.3 21,873.0 7,662.0 35.0% 7.0% 2.5x 7.2xZiggo N.V. Netherlands 40.50 ‐6% 8,100.5 12,142.1 2,006.0 1,103.8 55.0% 1.0% 6.1x 11.0x


Entertainment Media

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


Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. * United States $28.53 ‐6% $ 2,387.0 $ 2,559.2 $ 799.0 $ 123.5 15.5% 17.7% 3.2x 20.7xEros International Plc * United Kingdom 4.04 ‐12% 528.6 739.2 200.9 27.6 13.8% ‐6.9% 3.7x 26.8xLions Gate Entertainment Corp. * United States 35.81 ‐5% 4,884.1 6,180.8 2,806.0 322.3 11.5% 56.1% 2.2x 19.2xLive Nation Entertainment, Inc. United States 18.89 ‐2% 3,702.8 4,273.0 6,003.6 449.9 7.5% 11.3% 0.7x 9.5xVillage Roadshow Limited Austral ia 6.01 ‐6% 957.8 1,227.9 835.7 148.7 17.8% 0.1% 1.5x 8.3xTwenty‐First Century Fox, Inc. United States 33.15 ‐3% 76,141.1 89,586.1 27,675.0 6,141.0 22.2% 10.5% 3.2x 14.6xWorld Wrestling Entertainment Inc. United States 10.88 ‐4% 817.0 694.1 495.6 50.2 10.1% 1.9% 1.4x 13.8x

Adjusted Weighted Average 3 0x 14 7x






Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. * China $1.79 ‐31% $ 108.7 $ (8.8) $ 281.0 $ 16.6 5.9% ‐1.9% NM NM APG|SGA SA Switzerland 266.96 ‐2% 786.0 726.4 339.4 141.2 41.6% ‐1.2% 2.1x 5.1xClear Channel Outdoor Holdings Inc. * United States 9.08 ‐5% 3,244.0 8,025.6 2,951.4 718.0 24.3% ‐0.9% 2.7x 11.2xClear Media Ltd. Hong Kong 0.67 ‐31% 359.7 183.2 204.4 82.9 40.6% 5.0% 0.9x 2.2xJCDecaux SA * France 36.73 ‐3% 8,160.4 8,237.1 3,439.8 721.4 21.0% 4.5% 2.4x 11.4xLamar Advertising Co. * United States 46.64 ‐6% 4,407.2 6,437.2 1,220.0 526.2 43.1% 5.5% 5.3x 12.2xMood Media Corporation Canada 0.62 ‐74% 106.4 680.9 507.3 111.0 21.9% 38.3% 1.3x 6.1xNational CineMedia, Inc. United States 18.36 ‐4% 1,053.3 2,013.8 464.6 231.2 49.8% 5.6% 4.3x 8.7xNTN Buzztime Inc. * United States 0.37 ‐27% 26.2 24.3 23.6 2.3 9.8% ‐1.8% 1.0x 10.5xTom Group Ltd. Hong Kong 0.17 0% 652.2 885.9 263.9 (1.6) NM ‐12.4% 3.4x NM Valassis Communications Inc. United States 28.63 ‐9% 1,081.5 1,557.9 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.8x


Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $7.60 ‐6% $ 167.2 $ 134.5 $ 429.9 $ 26.1 6.1% ‐4.2% 0.3x 5.1xDaily Mail and General Trust plc * United Kingdom 12.11 ‐11% 4,555.1 5,848.9 2,652.5 500.8 18.9% 7.6% 2.2x 11.7x


y p g , , ,Emmis Communications Corp. United States 2.66 ‐26% 110.2 294.6 197.7 32.6 16.5% 1.9% 1.5x 9.0xGannett Co., Inc. United States 26.20 ‐3% 6,003.5 7,422.4 5,368.0 1,107.2 20.6% 3.6% 1.4x 6.7xGlacier Media, Inc. Canada 1.19 ‐44% 106.3 268.4 315.6 41.7 13.2% 17.3% 0.9x 6.4xJohn Wiley & Sons Inc. * United States 48.65 ‐1% 2,851.6 3,322.9 1,761.1 320.5 18.2% ‐0.1% 1.9x 10.4xJournal Communications Inc. United States 8.21 ‐14% 418.1 647.6 418.2 90.8 21.7% 16.0% 1.5x 7.1xMartha Stewart Living Omnimedia Inc. United States 2.25 ‐31% 151.8 108.3 179.3 (2.7) NM ‐15.3% 0.6x NM Meredith Corporation United States 47.46 ‐3% 2,087.7 2,410.0 1,471.3 265.8 18.1% 6.9% 1.6x 9.1xReed Elsevier plc * United Kingdom 13.35 ‐3% 15,463.4 34,057.5 9,944.2 3,154.3 31.7% 0.0% 3.4x 10.8xScholastic Corporation United States 28.18 ‐18% 898.7 969.9 1,775.3 155.1 8.7% ‐16.0% 0.5x 6.3xThe E. W. Scripps Company United States 18.17 ‐2% 1,035.7 1,007.9 885.9 124.3 14.0% 12.2% 1.1x 8.1xThe McClatchy Company United States 2.98 ‐14% 256.9 1,805.9 1,286.7 298.9 23.2% ‐5.4% 1.4x 6.0xThe New York Times Company United States 12.25 ‐5% 1,820.8 1,771.1 1,976.1 299.2 15.1% 0.6% 0.9x 5.9xThe Washington Post Company United States 616.58 ‐3% 4,576.3 4,162.9 4,054.0 575.8 14.2% 1.4% 1.0x 7.2xValassis Communications Inc. United States 28.63 ‐9% 1,081.5 1,557.9 2,081.7 268.7 12.9% ‐4.6% 0.7x 5.8x




Technology & Communications

Ninety‐seven percent of reported value ($14.9 billion) was a result of strategic and private equity exits in the Technology & Communication segment

A ti it d t d l i th t l d b th Fi i l T h l b t ith 14 d l d f 10 i Activity and reported value in the segment was led by the Financial Technology subsegment with 14 deals announced, up from 10 in August, of which 10 were reported at $1.3 billion in aggregate value


• Fairfax Financial’s announced acquisition of wireless solutions provider BlackBerry, at a valuation of $4.7 billion

• Paypal’s $800 million purchase of Braintree Payment Solutions

• Cisco’s $415 million acquisition of Whiptail, which provides flash‐based silicon storage arrays

• ACI Worldwide’s acquisition of Official Payments, which provides electronic payment solutions, at an enterprise value of $99 million

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

Financial Technology 14 29% 1,345.2 9% 6 1,199.4 0 ‐ 8 145.8

C i ti S ft 6 12% 201 6 1% 2 170 0 0 4 31 6

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Communications Software 6 12% 201.6 1% 2 170.0 0 ‐ 4 31.6

Cloud Computing Technology 4 8% 53.2 0% 1 ‐ 0 ‐ 3 53.2

Cloud Storage 4 8% 25.0 0% 3 ‐ 0 ‐ 1 25.0

Data Center Technology 3 6% 1,250.7 8% 3 1,250.7 0 ‐ 0 ‐

Other* 15 31% 12,428.6 81% 7 12,294.0 0 0% 8 134.6

Total 49 100% 15,351.9 100% 23 14,922.6 0 0.0 26 429.3


*Other includes Big Data Technology, Communications Equipment, Infrastructure Technology, Messaging & Mediation, Mobile Infrastructure, Networking Equipment, NFC & Bluetooth‐based Technology, Video Communications Software, Virtualization Technology, and Web Conferencing Software

TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $118.55 ‐3% $ 81,025.1 $ 83,162.1 $ 30,270.0 $ 7,794.0 25.7% 2.1% 2.7x 10.7xACI Worldwide, Inc. United States 54.59 ‐1% 2,158.7 2,712.1 747.0 163.4 21.9% 39.7% 3.6x 16.6xADATA Technology Co., Ltd. Taiwan 3.02 ‐5% 682.6 901.1 1,035.3 84.0 8.1% 4.9% 0.9x 10.7xADATA Technology Co., Ltd. Taiwan 3.02 5% 682.6 901.1 1,035.3 84.0 8.1% 4.9% 0.9x 10.7xAdvanced Micro Devices, Inc. United States 3.90 ‐16% 2,808.1 4,087.1 4,673.0 (282.0) NM ‐26.7% 0.9x NM Akamai Technologies, Inc. United States 51.16 ‐4% 9,114.6 8,583.9 1,469.3 543.6 37.0% 17.0% 5.8x 15.8xAVG Technologies N.V. Netherlands 23.25 ‐12% 1,270.5 1,265.4 395.6 134.9 34.1% 27.2% 3.2x 9.4xBrightcove, Inc. United States 11.75 ‐12% 332.8 302.3 98.0 (8.0) NM 27.7% 3.1x NM CA Technologies United States 29.23 ‐7% 13,318.0 12,268.0 4,626.0 1,682.0 36.4% ‐3.5% 2.7x 7.3xCarbonite, Inc. United States 14.66 ‐11% 383.9 325.4 96.0 (2.9) NM 33.2% 3.4x NM CDW Corporation United States 23.32 ‐5% 4,010.0 7,837.6 10,415.3 758.1 7.3% 4.5% 0.8x 10.3xCheck Point Software Technologies Ltd. Israel 56.78 ‐5% 11,153.6 9,913.1 1,363.8 765.2 56.1% 4.4% 7.3x 13.0xChinaCache International Holdings Ltd. China 7.33 ‐1% 171.6 129.7 150.2 4.2 2.8% 28.2% 0.9x 31.1xCitrix Systems, Inc. United States 68.87 ‐11% 12,905.0 12,204.8 2,784.7 610.9 21.9% 16.5% 4.4x 20.0xCommVault Systems, Inc. United States 87.50 ‐3% 4,089.1 3,630.2 519.0 91.1 17.6% 21.7% 7.0x 39.8xCray Inc. United States 23.78 ‐17% 899.8 658.8 388.6 (2.1) NM 19.7% 1.7x NM Crossroads Systems, Inc. United States 0.83 ‐80% 9.9 14.8 13.5 (12.3) NM ‐14.3% 1.1x NM Datalink Corporation United States 13.23 ‐7% 293.7 270.6 533.8 24.6 4.6% 20.2% 0.5x 11.0xDell Inc. United States 13.83 ‐6% 24,329.2 19,313.2 56,623.0 3,235.0 5.7% ‐6.1% 0.3x 6.0xDot Hil l Systems Corp. United States 2.41 ‐19% 142.1 103.8 187.4 (2.5) NM ‐4.9% 0.6x NM Elecom Co., Ltd. Japan 14.05 ‐16% 309.5 191.6 627.6 72.1 11 5% ‐1 6% 0 3x 2 7xElecom Co., Ltd. Japan 14.05 16% 309.5 191.6 627.6 72.1 11.5% ‐1.6% 0.3x 2.7xEMC Corporation United States 25.16 ‐9% 52,354.3 49,738.3 22,308.9 5,328.4 23.9% 6.4% 2.2x 9.3xePlus inc. United States 51.02 ‐24% 418.4 491.7 997.7 75.4 7.6% 11.9% 0.5x 6.5xEuronet Worldwide Inc. United States 40.23 ‐1% 2,013.6 2,122.3 1,344.8 164.1 12.2% 10.3% 1.6x 12.9xF‐Secure Oyj Finland 2.41 ‐17% 374.9 328.4 202.9 41.9 20.7% 1.0% 1.6x 7.8xFusion‐io, Inc. United States 13.68 ‐58% 1,370.1 1,131.8 432.4 (13.1) NM 20.3% 2.6x NM Gemalto NV Netherlands 111.13 ‐8% 9,528.5 9,158.5 3,066.7 486.3 15.9% 11.9% 3.0x 18.8xGoogle Inc. United States 876.09 ‐6% 291,756.3 245,524.3 55,797.0 17,004.0 30.5% 30.5% 4.4x 14.4xGreen Dot Corporation United States 26.04 ‐2% 953.1 495.5 570.9 84.9 14.9% 8.9% 0.9x 5.8xImperva Inc. United States 38.99 ‐26% 965.1 853.3 118.1 (12.0) NM 32.5% 7.2x NM Integrated Electrical Services, Inc. United States 4.13 ‐36% 74.0 63.7 494.2 4.2 0.9% 27.4% 0.1x 15.1xIntel Corporation United States 22.60 ‐13% 112,593.2 108,745.2 52,325.0 20,187.0 38.6% ‐4.0% 2.1x 5.4xIBM Corporation United States 183.86 ‐15% 201,405.0 225,271.0 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.6xInterxion Holding NV Netherlands 22.52 ‐20% 1,546.4 1,863.7 382.5 152.3 39.8% 13.1% 4.9x 12.2xJack Henry & Associates Inc. United States 51.80 ‐1% 4,416.9 4,304.3 1,129.4 363.5 32.2% 10.0% 3.8x 11.8xJ‐Stream Inc. Japan 4.87 ‐48% 56.6 40.8 49.3 3.8 7.7% ‐8.8% 0.8x 10.7xLimelight Networks, Inc. United States 1.92 ‐25% 186.1 68.5 180.0 (7.2) NM 1.7% 0.4x NM LogMeIn, Inc. * United States 30.33 ‐6% 736.0 534.6 150.5 4.2 2 8% 15 9% 3 6x 128 2x


LogMeIn, Inc. United States 30.33 6% 736.0 534.6 150.5 4.2 2.8% 15.9% 3.6x 128.2xLSI Corporation United States 7.88 ‐3% 4,308.2 3,634.7 2,382.3 340.6 14.3% 1.3% 1.5x 10.7xMelbourne IT Ltd. Australia 1.58 ‐32% 130.6 41.3 151.3 20.6 13.6% 11.2% 0.3x 2.0xMicron Technology Inc. United States 18.02 ‐1% 18,708.1 20,478.1 8,193.0 1,792.0 21.9% ‐2.6% 2.5x 11.4xMicrosoft Corporation United States 33.86 ‐7% 282,052.3 222,128.3 77,849.0 30,103.0 38.7% 5.6% 2.9x 7.4x

TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMontage Technology Group Limited China $14.70 ‐10% $ 389.2 $ 406.8 $ 89.7 $ 22.3 24.9% 0.0% 4.5x 18.2xNEC Corporation Japan 2.26 ‐26% 5,881.0 10,736.0 31,036.5 2,030.2 6.5% 2.7% 0.3x 5.3xNetApp, Inc. United States 42.10 ‐6% 14,318.0 10,228.8 6,404.0 889.7 13 9% 3 0% 1 6x 11 5xNetApp, Inc. United States 42.10 6% 14,318.0 10,228.8 6,404.0 889.7 13.9% 3.0% 1.6x 11.5xOracle Corporation United States 33.24 ‐9% 151,489.9 136,920.9 37,371.0 16,259.0 43.5% 1.2% 3.7x 8.4xProAct IT Group AB Sweden 12.60 ‐27% 117.3 144.2 344.7 20.6 6.0% ‐5.6% 0.4x 7.0xQUALCOMM Incorporated United States 67.11 ‐5% 115,122.2 103,686.2 23,255.0 8,089.0 34.8% 26.6% 4.5x 12.8xQualys, Inc. United States 21.25 ‐8% 680.0 575.0 99.2 12.2 12.3% 18.9% 5.8x 47.0xQuantum Corporation United States 1.38 ‐21% 341.7 469.9 594.7 14.5 2.4% ‐7.0% 0.8x 32.4xRackspace Hosting, Inc. United States 50.60 ‐38% 7,030.3 6,855.6 1,426.9 450.6 31.6% 22.2% 4.8x 15.2xRed Hat, Inc. United States 44.91 ‐21% 8,501.6 7,638.0 1,429.2 289.0 20.2% 16.7% 5.3x 26.4xSanDisk Corp. United States 61.54 ‐4% 14,793.6 13,012.2 5,631.7 1,559.0 27.7% 7.7% 2.3x 8.3xSAP AG Germany 74.09 ‐16% 88,352.4 90,499.2 21,628.9 7,409.8 34.3% 9.8% 4.2x 12.2xSeagate Technology Public Limited Company Ireland 45.56 ‐5% 16,256.2 16,856.2 14,351.0 2,963.0 20.6% ‐3.9% 1.2x 5.7xSil icon Graphics International Corp. United States 15.32 ‐27% 525.1 349.9 767.2 9.7 1.3% 1.9% 0.5x 36.2xSK Hynix, Inc. South Korea 29.04 ‐6% 20,620.9 24,179.1 10,353.6 4,204.4 40.6% 20.2% 2.3x 5.8xSony Corporation Japan 21.12 ‐15% 21,352.8 25,382.7 70,233.7 3,243.6 4.6% 7.4% 0.4x 7.8xSplunk, Inc. * United States 60.66 ‐4% 6,417.8 6,070.7 241.4 (34.8) NM 54.7% 25.2x NM Symantec Corporation United States 24.27 ‐10% 16,974.4 15,285.4 6,947.0 1,904.0 27.4% 3.0% 2.2x 8.0xSynchronoss Technologies, Inc. United States 37.72 ‐4% 1,460.5 1,410.6 304.3 63.0 20.7% 20.3% 4.6x 22.4xTableau Software, Inc. * United States 71.10 ‐9% 4,207.3 3,985.9 163.8 (4.4) NM 0 0% 24 3x NMTableau Software, Inc. United States 71.10 9% 4,207.3 3,985.9 163.8 (4.4) NM 0.0% 24.3x NM Teradata Corporation United States 54.39 ‐29% 8,871.0 8,308.0 2,644.0 607.0 23.0% 3.6% 3.1x 13.7xTrend Micro Inc. Japan 36.21 ‐9% 4,810.0 3,488.0 1,017.3 335.9 33.0% 7.7% 3.4x 10.4xThe KEYW Holding Corporation United States 12.72 ‐23% 466.4 553.7 287.7 25.3 8.8% 33.2% 1.9x 21.9xUnisys Corporation United States 25.51 ‐10% 1,113.3 1,014.8 3,525.2 265.1 7.5% ‐8.6% 0.3x 3.8xVeriSign, Inc. United States 51.18 ‐2% 7,348.5 6,707.3 929.5 575.8 61.9% 13.3% 7.2x 11.6xViolin Memory, Inc. United States 7.50 ‐6% 613.7 602.9 94.8 (109.9) NM 27.4% 6.4x NM VMware, Inc. United States 79.85 ‐20% 34,296.9 29,423.9 4,861.4 1,228.1 25.3% 16.3% 6.1x 24.0xWestern Digital Corporation United States 64.15 ‐9% 15,129.0 12,775.0 15,351.0 3,318.0 21.6% 23.0% 0.8x 3.9xXoom Corporation * United States 31.70 ‐13% 1,148.0 1,044.3 99.9 4.3 4.3% 0.0% 10.5x 242.2x




CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAastra Technologies Ltd. Canada $19.89 ‐23% $ 234.6 $ 109.5 $ 566.1 $ 37.7 6.7% ‐8.3% 0.2x 2.9xADTRAN Inc. United States 26.40 ‐5% 1,537.0 1,392.8 607.1 48.6 8.0% ‐11.5% 2.3x 28.7xAlcatel‐Lucent, S.A. France 3.91 ‐2% 8,888.2 10,949.1 18,889.8 1,131.0 6.0% ‐0.5% 0.6x 9.7x, , , , , % %Allot Communications Ltd. * Israel 13.71 ‐47% 446.5 311.7 99.5 0.9 0.9% 7.2% 3.1x 362.9xAmbient Corporation United States 2.33 ‐57% 38.8 32.3 26.6 (12.1) NM ‐53.8% 1.2x NM Anaren, Inc. United States 25.45 ‐2% 321.4 270.4 158.4 27.5 17.4% 7.5% 1.7x 9.8xAruba Networks, Inc. United States 18.20 ‐32% 2,098.8 1,684.0 600.0 25.8 4.3% 16.1% 2.8x 65.3xAudioCodes Ltd. Israel 6.96 ‐6% 265.5 233.9 130.1 3.4 2.6% ‐4.7% 1.8x 68.0xAviat Networks, Inc. United States 2.26 ‐42% 141.0 59.8 471.3 11.4 2.4% 6.1% 0.1x 5.2xAxesstel Inc. United States 0.33 ‐83% 8.1 19.1 43.4 0.5 1.1% ‐29.4% 0.4x 40.6xBlonder Tongue Laboratories Inc. United States 0.98 ‐42% 6.1 11.8 30.2 (0.2) NM 8.7% 0.4x NM BroadSoft Inc United States 36 28 ‐11% 1 020 0 957 8 169 6 15 6 9 2% 9 4% 5 6x 61 5xBroadSoft, Inc. United States 36.28 11% 1,020.0 957.8 169.6 15.6 9.2% 9.4% 5.6x 61.5xBrocade Communications Systems, Inc. United States 8.08 ‐4% 3,573.0 3,381.8 2,242.4 497.6 22.2% 1.5% 1.5x 6.8xCalAmp Corp. United States 21.35 ‐2% 736.8 714.3 205.3 21.1 10.3% 29.7% 3.5x 33.9xCalix Inc. United States 12.51 ‐11% 621.8 552.5 357.7 4.5 1.3% 7.5% 1.5x 121.5xCiena Corporation United States 25.74 ‐2% 2,654.9 3,387.6 1,964.7 115.7 5.9% 7.7% 1.7x 29.3xCisco Systems, Inc. United States 23.01 ‐13% 123,869.6 89,480.6 48,607.0 13,715.0 28.2% 5.5% 1.8x 6.5xClearfield, Inc. United States 14.00 ‐8% 180.6 165.7 44.7 5.4 12.2% 18.4% 3.7x 30.4xClearOne, Inc. United States 8.21 ‐16% 74.5 41.8 47.6 7.1 15.0% 5.1% 0.9x 5.9xCOM DEV International Ltd. Canada 3.91 ‐7% 299.1 294.8 212.1 33.7 15.9% 8.3% 1.4x 8.8xCommunications Systems Inc United States 10 56 15% 90 3 73 3 113 8 6 9 6 1% 2 8% 0 6x 10 6xCommunications Systems Inc. United States 10.56 ‐15% 90.3 73.3 113.8 6.9 6.1% ‐2.8% 0.6x 10.6xCorning Inc. United States 14.30 ‐13% 20,883.8 18,406.8 7,980.0 2,571.0 32.2% 2.4% 2.3x 7.2xCTX Virtual Technologies, Inc. United States 1.50 ‐40% 12.0 12.1 119.2 16.9 14.2% 198.1% 0.1x 0.7xCyan, Inc. United States 9.69 ‐36% 448.2 360.3 116.6 (19.9) NM 0.0% 3.1x NM DDS Wireless International Inc. Canada 1.65 ‐31% 22.6 12.8 35.7 2.7 7.5% ‐15.0% 0.4x 4.8xDialogic, Inc. United States 0.73 ‐72% 11.6 89.1 145.8 (3.6) NM ‐17.3% 0.6x NM Digi International Inc. United States 9.50 ‐10% 244.3 153.6 191.3 17.9 9.4% ‐2.0% 0.8x 8.6xDragonWave Inc. Canada 2.01 ‐44% 76.4 72.2 135.4 (52.0) NM 184.6% 0.5x NM EchoStar Corp. United States 47.11 ‐2% 4,221.7 5,072.3 3,176.4 605.5 19.1% ‐2.8% 1.6x 8.4xE l C i U i d S 7 61 15% 695 6 590 0 478 6 55 5Emulex Corporation United States 7.61 ‐15% 695.6 590.0 478.6 55.5 11.6% ‐4.6% 1.2x 10.6xEricsson Sweden 13.52 ‐5% 43,426.8 37,631.4 33,971.6 3,993.2 11.8% 1.5% 1.1x 9.4xExtreme Networks Inc. United States 5.17 ‐2% 487.3 348.4 299.3 14.2 4.7% ‐7.2% 1.2x 24.5xF5 Networks, Inc. United States 88.45 ‐18% 6,926.0 6,374.7 1,448.5 457.3 31.6% 9.0% 4.4x 13.9xFinisar Corp. United States 22.86 ‐9% 2,190.7 1,948.0 979.9 100.7 10.3% 3.7% 2.0x 19.4xFleetmatics Group PLC Ireland 33.60 ‐36% 1,197.4 1,115.9 150.0 37.0 24.7% 38.7% 7.4x 30.1xFranklin Wireless Corp. United States 1.90 ‐23% 19.7 9.7 32.8 1.4 4.4% 35.0% 0.3x 6.7xGigamon Inc. * United States 38.07 ‐9% 1,160.2 1,038.7 115.8 (25.9) NM 41.8% 9.0x NM Gogo Inc. United States 17.12 ‐14% 1,439.7 1,373.5 271.6 9.4 3.5% 36.2% 5.1x 145.8x


Harmonic Inc. United States 7.63 ‐5% 771.6 609.9 510.8 29.4 5.8% ‐2.0% 1.2x 20.7xHarris Corporation United States 58.38 ‐2% 6,208.2 7,622.2 5,111.7 1,105.5 21.6% ‐6.2% 1.5x 6.9xInfoblox Inc. * United States 40.52 ‐11% 2,096.7 1,887.3 225.0 3.5 1.6% 33.0% 8.4x 534.4xInteractive Intell igence Group Inc. United States 64.57 ‐4% 1,293.7 1,217.9 279.3 19.3 6.9% 28.5% 4.4x 63.1xJDS Uniphase Corporation United States 14.83 ‐5% 3,444.9 2,991.1 1,676.9 151.8 9.1% 0.9% 1.8x 19.7xJuniper Networks, Inc. United States 19.86 ‐14% 10,065.8 8,272.3 4,469.0 711.0 15.9% 3.1% 1.9x 11.6x

CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAKVH Industries Inc. United States $13.80 ‐8% $ 214.9 $ 198.7 $ 161.5 17.9 11.1% 38.9% 1.2x 11.1xMeru Networks, Inc. United States 3.27 ‐53% 73.5 49.7 104.8 (13.3) NM 15.1% 0.5x NM Mitel Networks Corporation Canada 5.97 ‐4% 321.1 553.3 580.0 87.5 15.1% ‐3.5% 1.0x 6.3xp % %Motorola Solutions, Inc. United States 59.38 ‐8% 15,786.4 15,054.4 8,674.0 1,489.0 17.2% 2.2% 1.7x 10.1xNetgear Inc. United States 30.86 ‐25% 1,193.3 905.2 1,276.8 135.9 10.6% 1.6% 0.7x 6.7xNokia Corporation Finland 6.58 ‐5% 24,409.3 20,056.6 34,874.2 3,053.6 8.8% ‐20.8% 0.6x 6.6xNuance Communications, Inc. United States 18.68 ‐25% 5,797.0 7,276.9 1,851.8 345.0 18.6% 19.5% 3.9x 21.1xNumerex Corp. United States 10.95 ‐21% 207.0 184.9 70.4 3.3 4.7% 16.8% 2.6x 55.6xOptical Cable Corp. United States 4.07 ‐18% 26.8 37.2 78.2 3.2 4.1% ‐3.6% 0.5x 11.6xPalo Alto Networks, Inc. * United States 45.82 ‐32% 3,283.8 2,864.2 396.1 (5.1) NM 55.3% 7.2x NM PCTEL, Inc. United States 8.85 ‐12% 158.0 106.5 103.5 4.8 4.6% 35.0% 1.0x 22.3xPlantronics Inc United States 46 05 ‐5% 1 946 0 1 588 0 783 7 158 8 20 3% 9 0% 2 0x 10 0xPlantronics, Inc. United States 46.05 5% 1,946.0 1,588.0 783.7 158.8 20.3% 9.0% 2.0x 10.0xPolycom, Inc. United States 10.92 ‐9% 1,861.0 1,251.1 1,372.4 101.2 7.4% ‐5.1% 0.9x 12.4xProcera Networks, Inc. United States 15.49 ‐38% 314.6 203.8 64.6 (3.7) NM 17.9% 3.2x NM QUALCOMM Incorporated United States 67.32 ‐4% 115,482.5 104,046.5 23,255.0 8,089.0 34.8% 26.6% 4.5x 12.9xRadiSys Corporation United States 3.21 ‐38% 92.4 91.5 266.6 3.6 1.4% ‐19.3% 0.3x 25.1xRadware Ltd. Israel 13.95 ‐28% 625.2 570.4 189.3 35.3 18.6% 5.7% 3.0x 16.2xRELM Wireless Corp. United States 2.64 ‐35% 35.9 30.0 27.1 2.8 10.5% 2.8% 1.1x 10.6xRingCentral, Inc. United States 18.02 ‐7% 1,094.7 1,170.1 135.9 (28.9) NM 0.0% 8.6x NM RingCentral, Inc. United States 18.02 ‐7% 1,094.7 1,170.1 135.9 (28.9) NM 0.0% 8.6x NM Riverbed Technology Inc United States 14 59 40% 2 396 5 2 505 3 952 0 135 9 14 3% 23 1% 2 6x 18 4xRiverbed Technology, Inc. United States 14.59 ‐40% 2,396.5 2,505.3 952.0 135.9 14.3% 23.1% 2.6x 18.4xSandvine Corporation Canada 1.99 ‐13% 275.7 191.9 103.2 20.7 20.0% 26.8% 1.9x 9.3xShoreTel, Inc. United States 6.04 ‐4% 361.3 340.7 313.5 (7.0) NM 27.1% 1.1x NM Sierra Wireless Inc. Canada 16.43 ‐3% 503.1 322.2 420.6 (4.5) NM 77.7% 0.8x NM SolarWinds, Inc. United States 35.06 ‐43% 2,644.0 2,468.1 295.7 145.0 49.0% 26.8% 8.3x 17.0xSolera Holdings Inc. United States 52.87 ‐12% 3,637.8 4,417.1 838.1 342.8 40.9% 6.1% 5.3x 12.9xSonus Networks, Inc. United States 3.37 ‐12% 953.2 740.5 264.7 (15.3) NM 0.8% 2.8x NM Symmetricom Inc. United States 4.82 ‐31% 199.2 123.7 211.0 7.2 3.4% ‐11.2% 0.6x 17.2xTelcoware Co Ltd South Korea 8.65 ‐24% 61.0 21.3 51.6 6.9 13.4% 0.0% 0.4x 3.1xT l C i i S I U i d S 2 45 24% 143 8 238 4 460 4 36 8TeleCommunication Systems Inc. United States 2.45 ‐24% 143.8 238.4 460.4 36.8 8.0% 2.5% 0.5x 6.5xTellabs Inc. United States 2.27 ‐37% 807.7 266.0 928.1 3.9 0.4% ‐22.2% 0.3x 68.2xTESSCO Technologies Inc. United States 33.70 ‐4% 277.1 288.5 704.3 32.9 4.7% ‐7.6% 0.4x 8.8xTransmode AB (publ) Sweden 15.80 ‐7% 439.0 383.4 154.3 28.5 18.5% 1.3% 2.5x 13.5xUbiquitous Corporation * Japan 23.17 ‐43% 200.8 188.2 8.6 0.3 2.9% ‐4.8% 21.8x 747.1xVecima Networks Inc. Canada 5.05 ‐14% 112.8 85.8 87.2 13.9 16.0% ‐4.0% 1.0x 6.2xVerint Systems Inc. United States 37.06 ‐3% 1,976.1 2,280.9 857.7 167.2 19.5% 4.5% 2.7x 13.6xViaSat Inc. United States 63.64 ‐13% 2,891.8 3,405.4 1,199.0 151.3 12.6% 31.7% 2.8x 22.5xVonage Holdings Corporation United States 3.14 ‐9% 660.0 634.2 835.2 103.5 12.4% ‐2.9% 0.8x 6.1x


Westell Technologies, Inc. United States 3.35 ‐8% 197.7 116.9 53.1 (6.3) NM ‐5.0% 2.2x NM ZTE Corp. China 2.71 ‐7% 8,910.0 12,045.8 12,886.9 (201.1) NM ‐13.9% 0.9x NM



Software

Within the Software segment a total of $827 million in strategic and private equity exits were reported, while another $960 million in investments were announced

Th H lth b t t d f 23 f th t t l 75 t ti d i th t ith i ht i iti d 15 The Healthcare subsegment accounted for 23 of the total 75 transactions announced in the segment, with eight acquisitions and 15investments announced. Of these, 16 were reported at $1.4 billion in aggregate value


• Vista Equity Partners’ $644 million acquisition of Greenway Medical Technologies, which develops integrated IT solutions and d b b l h l h dmanaged business services to ambulatory healthcare providers

• LexisNexis’ acquisitions of Mapflow, which provides location intelligent solutions based on location services platform and enterprise location server

Select investments:

• TPG Growth’s $100 million investment in Evolent Health, which provides a population health managed services solution

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

H l h 23 31% 1 395 1 78% 5 91 0 3 664 0 15 640 1

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Healthcare 23 31% 1,395.1 78% 5 91.0 3 664.0 15 640.1

Security 12 16% 168.1 9% 4 ‐ 1 ‐ 7 168.1

ERP 7 9% 48.7 3% 3 43.0 1 ‐ 3 5.7

Application Management 6 8% 26.4 1% 2 ‐ 0 ‐ 4 26.4

Collaboration 5 7% 20.3 1% 1 ‐ 0 ‐ 4 20.3

Credit/Risk 5 7% 28.3 2% 1 ‐ 0 ‐ 4 28.3


Other* 16 22% 100.1 6% 6 28.8 0 ‐ 10 71.3

Total 74 100% 1,786.9 100% 22 162.8 5 664.0 47 960.1

*Other includes Collaboration, Credit/Risk Management, Data Management, HR, Infrastructure, and Legal

SoftwarePublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States $31.99 ‐12% $ 1,624.3 $ 1,453.7 $ 370.8 $ 71.4 19.3% 6.7% 3.9x 20.3xEbix Inc. United States 9.85 ‐60% 374.0 409.7 211.4 82.8 39.2% 18.6% 1.9x 4.9x

Financial & Credit/Risk Management Software

39.2% 18.6% 1.9x 4.9xEpiq Systems, Inc. United States 13.26 ‐8% 482.0 730.7 380.0 72.4 19.1% 22.2% 1.9x 10.1xFidessa group plc United Kingdom 32.46 ‐10% 1,207.0 1,125.9 420.5 83.1 19.8% ‐2.1% 2.7x 13.5xGuidewire Software, Inc. * United States 46.90 ‐5% 2,717.6 2,560.9 300.6 21.7 7.2% 29.6% 8.5x 118.2xInnovation Group plc United Kingdom 0.48 ‐3% 473.5 435.4 301.8 34.3 11.4% 7.5% 1.4x 12.7xManagement Consulting Group PLC United Kingdom 0.43 ‐18% 211.5 294.8 398.7 33.9 8.5% ‐10.7% 0.7x 8.7xModel N, Inc. United States 9.88 ‐60% 226.8 122.1 97.3 7.1 7.3% 0.0% 1.3x 17.2xNetSuite Inc. * United States 108.99 ‐1% 8,085.2 7,891.7 357.4 (27.7) NM 32.8% 22.1x NM Performant Financial Corporation United States 11.19 ‐21% 536.7 624.1 227.9 67.1 29.4% 23.0% 2.7x 9.3xRealPage Inc United States 23 40 5% 1 802 7 1 768 3 352 4 55 5 15 8% 20 7% 5 0 31 8RealPage, Inc. United States 23.40 ‐5% 1,802.7 1,768.3 352.4 55.5 15.8% 20.7% 5.0x 31.8xSolera Holdings Inc. United States 52.97 ‐11% 3,644.6 4,424.0 838.1 342.8 40.9% 6.1% 5.3x 12.9xSS&C Technologies Holdings, Inc. United States 38.50 ‐4% 3,137.8 3,988.0 688.0 267.2 38.8% 70.1% 5.8x 14.9xTyler Technologies, Inc. United States 87.42 ‐1% 2,783.6 2,780.6 388.1 76.8 19.8% 16.4% 7.2x 36.2x


Healthcare Software


Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $9.90 ‐1% $ 549.5 $ 418.6 $ 165.9 $ 9.6 5.8% 7.8% 2.5x 43.7xAllscripts Healthcare Solutions, Inc. United States 14.87 ‐9% 2,625.1 3,098.2 1,403.6 77.9 5.6% ‐5.6% 2.2x 39.8xathenahealth, Inc. * United States 109.07 ‐7% 4,019.1 4,231.8 494.1 42.7 8.6% 31.3% 8.6x 99.2xCegedim SA France 25.94 ‐30% 361.7 1,059.1 1,174.5 138.5 11.8% ‐0.5% 0.9x 7.6xCerner Corporation United States 52.61 ‐4% 18,050.9 17,263.3 2,711.7 782.2 28.8% 12.3% 6.4x 22.1xComputer Programs & Systems Inc. United States 58.14 ‐2% 644.2 631.9 195.9 48.8 24.9% 12.3% 3.2x 12.9xCraneware plc United Kingdom 6 78 ‐13% 183 0 150 9 41 5 11 6 27 9% 0 9% 3 6x 13 1xCraneware plc United Kingdom 6.78 ‐13% 183.0 150.9 41.5 11.6 27.9% 0.9% 3.6x 13.1xGreenway Medical Technologies, Inc. United States 20.44 ‐1% 609.7 598.5 134.8 (3.0) NM 8.7% 4.4x NM McKesson Corporation United States 129.29 ‐3% 29,558.8 31,527.8 123,964.0 3,094.0 2.5% 0.4% 0.3x 10.2xMedAssets, Inc. United States 25.38 ‐1% 1,553.1 2,383.8 670.8 212.2 31.6% 9.4% 3.6x 11.2xMedidata Solutions, Inc. * United States 98.38 ‐4% 2,624.5 2,484.2 245.8 39.5 16.1% 24.5% 10.1x 62.9xMerge Healthcare Incorporated United States 2.68 ‐43% 251.0 486.3 245.9 27.0 11.0% ‐0.9% 2.0x 18.0xQuality Systems Inc. United States 21.85 ‐7% 1,302.0 1,172.0 451.5 97.4 21.6% 0.8% 2.6x 12.0xStreamline Health Solutions, Inc. * United States 7.84 ‐2% 102.2 117.9 28.5 1.3 4.6% 47.6% 4.1x 90.8x



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HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $73.50 ‐4% $ 2,160.2 $ 1,692.6 $ 242.8 $ 82.5 34.0% 7.5% 7.0x 20.5xAllocate Software plc. United Kingdom 1.65 ‐1% 107.6 92.8 56.2 6.7 11.9% 1.3% 1.7x 13.8xp g 11.9% 1.3% 1.7x 13.8xBenefitfocus, Inc. United States 47.31 ‐15% 1,150.2 1,144.9 91.2 (13.9) NM 0.0% 12.6x NM Concur Technologies, Inc. United States 110.36 ‐3% 6,183.3 5,903.3 506.8 46.4 9.2% 21.5% 11.6x 127.3xCornerstone OnDemand, Inc. United States 51.01 ‐8% 2,622.4 2,549.7 149.2 (29.1) NM 60.2% 17.1x NM Dice Holdings, Inc. United States 8.32 ‐20% 491.2 476.6 203.2 66.6 32.8% 7.7% 2.3x 7.2xLinkedIn Corporation * United States 245.07 ‐5% 28,790.9 27,917.5 1,244.0 158.7 12.8% 71.9% 22.4x 175.9xMonster Worldwide, Inc. United States 4.44 ‐48% 501.9 561.4 844.1 133.3 15.8% ‐10.1% 0.7x 4.2xSaba Software, Inc. United States 10.18 ‐1% 303.2 289.0 121.3 (9.8) NM 7.7% 2.4x NM The Ultimate Software Group, Inc. United States 145.98 ‐3% 4,063.4 3,982.3 370.2 53.1 14.3% 24.2% 10.8x 75.1xWorkday Inc * United States 82 40 ‐2% 14 337 6 13 519 3 353 3 (100 3) NM 77 4% 38 3x NMWorkday, Inc. United States 82.40 2% 14,337.6 13,519.3 353.3 (100.3) NM 77.4% 38.3x NM


Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAVG Technologies N.V. Netherlands $23.25 ‐12% $ 1,270.5 $ 1,265.4 $ 395.6 $ 134.9 34.1% 27.2% 3.2x 9.4x


Check Point Software Technologies Ltd. Israel 56.78 ‐5% 11,153.6 9,913.1 1,363.8 765.2 56.1% 4.4% 7.3x 13.0xCisco Systems, Inc. United States 23.01 ‐13% 123,869.6 89,480.6 48,607.0 13,715.0 28.2% 5.5% 1.8x 6.5xFireEye, Inc. * United States 40.47 ‐10% 4,754.1 4,726.5 115.2 (71.4) NM 0.0% 41.0x NM Fortinet Inc. United States 20.53 ‐19% 3,337.9 2,835.2 570.7 103.2 18.1% 18.0% 5.0x 27.5xGemalto NV Netherlands 111.13 ‐8% 9,528.5 9,158.5 3,066.7 486.3 15.9% 11.9% 3.0x 18.8xImperva Inc. United States 38.99 ‐26% 965.1 853.3 118.1 (12.0) NM 32.5% 7.2x NM Infoblox Inc. United States 40.52 ‐11% 2,096.7 1,887.3 225.0 3.5 1.6% 33.0% 8.4x NM Juniper Networks, Inc. United States 20.13 ‐12% 10,202.7 8,409.2 4,469.0 711.0 15.9% 3.1% 1.9x 11.8xNQ Mobile Inc. * China 20.76 ‐14% 1,076.7 955.5 130.5 5.8 4.5% 117.0% 7.3x 163.9xPalo Alto Networks, Inc. United States 46.67 ‐30% 3,344.7 2,925.1 396.1 (5.1) NM 55.3% 7.4x NM Proofpoint, Inc. United States 28.59 ‐14% 1,009.6 923.1 118.3 (14.4) NM 26.2% 7.8x NM Qihoo 360 Technology Co. Ltd. * China 85.29 ‐10% 10,471.2 10,097.0 448.5 100.0 22.3% 78.1% 22.5x 101.0xSourcefire, Inc. * United States 75.96 0% 2,390.5 2,189.3 247.4 18.5 7.5% 26.7% 8.8x 118.5xSymantec Corporation United States 24.27 ‐10% 16,974.4 15,285.4 6,947.0 1,904.0 27.4% 3.0% 2.2x 8.0xTrend Micro Inc. Japan 36.21 ‐9% 4,810.0 3,488.0 1,017.3 335.9 33.0% 7.7% 3.4x 10.4xVeriSign, Inc. United States 51.18 ‐2% 7,348.5 6,707.3 929.5 575.8 61.9% 13.3% 7.2x 11.6x






Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $85.23 ‐5% $ 7,878.4 $ 7,245.1 $ 830.2 $ 388.0 46.7% 10.5% 8.7x 18.7xAutodesk, Inc. United States 42.15 ‐2% 9,399.5 8,147.6 2,287.0 464.8 20.3% ‐0.5% 3.6x 17.5x, , , , 20.3% 0.5% 3.6x 17.5xAveva Group plc * United Kingdom 42.20 ‐2% 2,691.6 2,383.9 334.4 104.7 31.3% 12.4% 7.1x 22.8xDassault Systemes SA France 133.99 ‐4% 16,747.1 14,649.4 2,691.4 834.8 31.0% 8.4% 5.4x 17.5x


Infrastructure Software

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


Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $50.88 ‐4% $ 25,434.3 $ 23,790.1 $ 4,167.0 $ 970.1 23.3% ‐5.3% 5.7x 24.5xCA Technologies United States 29.23 ‐7% 13,318.0 12,268.0 4,626.0 1,682.0 36.4% ‐3.5% 2.7x 7.3xCommVault Systems, Inc. United States 87.50 ‐3% 4,089.1 3,630.2 519.0 91.1 17.6% 21.7% 7.0x 39.8xCovisint Corporation United States 13.47 0% 490.3 489.0 94.2 (8.5) NM 20.8% 5.2x NM Daegis Inc. United States 1.00 ‐39% 16.4 27.3 38.5 5.3 13.6% ‐7.4% 0.7x 5.2xGuidance Software, Inc. United States 8.95 ‐32% 256.9 234.2 126.6 (2.9) NM 10.9% 1.8x NM IBM Corporation United States 183.86 ‐15% 201,405.0 225,271.0 102,383.0 26,230.0 25.6% ‐3.5% 2.2x 8.6xInformatica Corporation United States 39.88 ‐4% 4,316.5 3,712.3 861.8 167.8 19.5% 6.5% 4.3x 22.1xIntraLinks Holdings, Inc. * United States 8.73 ‐13% 480.5 480.1 224.9 2.7 1.2% 6.2% 2.1x 176.5xNetSuite Inc. United States 109.14 ‐3% 8,096.3 7,902.8 357.4 (27.7) NM 32.8% 22.1x NM Opera Software ASA Norway 11.34 0% 1,399.6 1,341.8 252.1 70.2 27.8% 38.0% 5.3x 19.1xOracle Corporation United States 33.24 ‐9% 151,489.9 136,920.9 37,371.0 16,259.0 43.5% 1.2% 3.7x 8.4xRally Software Development Corp. United States 28.86 ‐13% 704.1 599.4 66.1 (11.8) NM 0.0% 9.1x NM Salesforce.com, Inc United States 52.00 ‐4% 30,992.0 32,808.3 3,472.8 72.4 2.1% 31.4% 9.4x NM ServiceNow, Inc. United States 52.15 ‐2% 7,134.1 6,880.3 327.7 (33.7) NM 84.5% 21.0x NM Textura Corporation * United States 42.90 ‐9% 1,027.1 970.6 31.0 (28.8) NM 0.0% 31.3x NM TIBCO Software Inc. United States 26.36 ‐10% 4,325.5 4,137.6 1,051.0 196.2 18 7% 3 3% 3 9x 21 1xTIBCO Software Inc. United States 26.36 10% 4,325.5 4,137.6 1,051.0 196.2 18.7% 3.3% 3.9x 21.1x





A total of 54 transactions were announced in the Information & Business Services segment worth $1.3 billion in aggregate reported value. Strategic and private equity buyer exits accounted for over 75 percent ($168 million) of reported value during the month

IT C lti /S t I t ti b f th t ti b t ith 13 t ti d f hi h fi th IT Consulting/Systems Integration was by far the most active subsegment with 13 transactions announced, of which five were worth$142 million in aggregate reported value


• Lockheed Martin’s acquisition of Amor Business Technology Solutions, a $93 million company providing business technology l l h f l d d h d blsolutions, along with professional and managed IT services that cater to energy, transport, and public sectors

• LexisNexis’ acquisition of Enclarity, which provides information and analytics on medical providers to other healthcare companies

Select investments:

• The $14 million Toba Capital‐led investment in Bright com a site that uses predictive analytics to match job candidates withThe $14 million Toba Capital led investment in Bright.com, a site that uses predictive analytics to match job candidates with employers

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

IT Consulting/Systems Integration 13 24% 142.2 11% 13 142.2 0 ‐ 0 ‐

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Market Research 5 9% 3.5 0% 3 ‐ 0 ‐ 2 3.5

BPO 4 7% ‐ 0% 3 ‐ 0 ‐ 1 ‐

Financial Information 4 7% 6.0 0% 2 ‐ 0 ‐ 2 6.0

Healthcare Information 4 7% ‐ 0% 4 ‐ 0 ‐ 0 ‐

HR Information 4 7% 15.6 1% 2 ‐ 0 ‐ 2 15.6

Legal Information 4 7% 17.3 1% 1 10.9 0 ‐ 3 6.4


egal Information 4 7% 7.3 % 0.9 0 3 6.4

Other* 16 30% 1,136.0 86% 9 15.0 3 1,100.0 4 21.0

Total 54 100% 1,320.6 100% 37 168.1 3 1,100.0 14 52.5

*Other includes Contact Center, Corporate Training, Data Processing/Enhancement, IT Information, Logistics, Management Consulting, Marketing Data, Printing Services, and Staffing

Information ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $31.87 ‐2% $ 3,794.7 $ 4,053.2 $ 2,430.8 $ 453.0 18.6% 5.5% 1.7x 8.9xComputershare Limited Australia 9.37 ‐13% 5,208.9 6,504.8 2,015.7 379.4 18.8% 11.8% 3.2x 17.1x

Financial & Credit/Risk Management Information

p , , , 18.8% 11.8% 3.2x 17.1xCoreLogic, Inc. United States 27.23 ‐8% 2,603.4 3,197.7 1,644.3 349.6 21.3% 14.1% 1.9x 9.1xCoStar Group Inc. * United States 170.00 ‐1% 4,866.3 4,838.0 409.1 72.9 17.8% 44.1% 11.8x 66.4xDST Systems Inc. United States 75.78 ‐2% 3,260.8 3,698.3 2,630.1 390.8 14.9% 5.2% 1.4x 9.5xDun & Bradstreet Corp. United States 102.83 ‐8% 3,989.5 5,205.8 1,643.7 478.1 29.1% ‐4.7% 3.2x 10.9xEnvestnet, Inc. * United States 31.96 ‐1% 1,067.7 1,028.0 184.9 20.4 11.0% 38.8% 5.6x 50.5xEquifax Inc. United States 58.98 ‐10% 7,153.3 8,577.7 2,294.7 713.5 31.1% 13.6% 3.7x 12.0xExperian plc Ireland 18.75 ‐10% 18,374.1 21,660.7 4,730.0 1,590.0 33.6% 5.4% 4.6x 13.6xFactSet Research Systems Inc. United States 111.55 ‐1% 4,830.1 4,620.8 858.1 305.2 35.6% 6.5% 5.4x 15.1xFair Isaac Corporation United States 55 01 ‐2% 1 936 4 2 328 4 739 2 193 1 26 1% 13 6% 3 1x 12 1xFair Isaac Corporation United States 55.01 2% 1,936.4 2,328.4 739.2 193.1 26.1% 13.6% 3.1x 12.1xFidelity National Information Services, Inc. United States 46.07 ‐3% 13,457.4 17,717.0 5,927.5 1,687.4 28.5% 3.4% 3.0x 10.5xFinancial Engines, Inc. * United States 56.17 ‐12% 2,790.5 2,574.8 211.5 40.8 19.3% 30.1% 12.2x 63.2xLender Processing Services, Inc. United States 33.18 ‐3% 2,830.6 3,761.1 1,939.0 367.3 18.9% ‐0.3% 1.9x 10.2xMcGraw Hill Financial, Inc. United States 65.79 ‐2% 18,105.4 17,862.4 4,773.0 1,718.0 36.0% 47.1% 3.7x 10.4xMoody's Corporation United States 70.02 ‐2% 15,432.4 15,474.4 2,930.5 1,274.5 43.5% 22.8% 5.3x 12.1xMorningstar Inc. United States 77.53 ‐3% 3,575.1 3,263.0 675.8 208.2 30.8% 4.7% 4.8x 15.7xMSCI Inc. United States 39.91 ‐3% 4,752.0 5,235.5 992.3 446.9 45.0% 8.0% 5.3x 11.7xReis, Inc. United States 16.25 ‐15% 177.2 169.1 33.1 6.6 19.9% 16.1% 5.1x 25.6xSEI Investments Co United States 31 07 5% 5 356 6 4 869 5 1 059 8 250 9 23 7% 12 9% 4 6 19 4SEI Investments Co. United States 31.07 ‐5% 5,356.6 4,869.5 1,059.8 250.9 23.7% 12.9% 4.6x 19.4xThomson Reuters Corporation United States 34.46 ‐4% 28,509.9 35,299.5 13,029.0 2,984.0 22.9% ‐4.3% 2.7x 11.8xThe Nasdaq OMX Group, Inc. United States 32.31 ‐6% 5,406.5 7,757.5 3,057.0 875.0 28.6% ‐10.0% 2.5x 8.9xVerisk Analytics, Inc. United States 63.97 ‐4% 10,741.6 11,969.5 1,639.2 761.9 46.5% 16.1% 7.3x 15.7x


Marketing Information


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $30.18 0% $ 2,235.1 $ 2,275.7 $ 1,093.9 $ 196.4 18.0% ‐2.9% 2.1x 11.6xAlliance Data Systems Corporation United States 212.47 ‐3% 10,356.4 18,729.9 3,964.9 1,206.8 30.4% 14.9% 4.7x 15.5xBrainjuicer Group Plc United Kingdom 4.51 ‐24% 56.7 47.8 32.2 3.9 12.1% ‐3.6% 1.5x 12.3xCello Group Plc United Kingdom 1.06 ‐7% 87.9 106.3 219.0 12.6 5.8% 11.9% 0.5x 8.4xCision AB Sweden 5.88 ‐36% 87.2 141.8 132.3 17.6 13.3% ‐7.3% 1.1x 8.1xcomScore, Inc. * United States 28.51 ‐5% 1,016.6 951.0 271.4 21.7 8.0% 11.3% 3.5x 43.8xCross Marketing Inc. Japan 9.63 ‐42% 57.1 47.8 58.8 9.3 15.7% 0.0% 0.8x 5.2x


g p 15.7% 0.0% 0.8x 5.2xEbiquity plc United Kingdom 1.94 ‐3% 135.1 161.3 99.7 17.6 17.7% 21.0% 1.6x 9.2xGfK SE Germany 58.55 ‐4% 2,137.3 2,807.8 1,980.0 257.0 13.0% 6.2% 1.4x 10.9xHarris Interactive Inc. United States 1.96 ‐11% 113.4 97.7 140.3 12.4 8.9% ‐4.9% 0.7x 7.8xHarte‐Hanks Inc. United States 7.99 ‐21% 499.6 539.9 758.6 84.4 11.1% ‐2.0% 0.7x 6.4xInnerWorkings Inc. United States 9.60 ‐39% 489.2 553.3 822.9 28.1 3.4% 13.8% 0.7x 19.7x

Information Services Public Company Valuation


Marketing Information (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAINTAGE Inc. Japan 12.61 ‐12% 253.7 224.1 406.1 51.6 12.7% 7.3% 0.6x 4.3xIpsos SA France 37.70 ‐17% 1,707.6 2,592.5 2,283.2 261.2 11.4% 7.0% 1.1x 9.9xp , , , 11.4% 7.0% 1.1x 9.9xMacromill, Inc. Japan 5.81 ‐37% 366.6 288.5 172.5 44.1 25.6% 20.3% 1.7x 6.5xNeuStar, Inc. United States 47.71 ‐17% 3,070.8 3,310.4 862.1 386.3 44.8% 17.7% 3.8x 8.6xNielsen Holdings N.V. Netherlands 36.32 ‐3% 13,696.9 18,850.9 5,680.0 1,581.0 27.8% 4.7% 3.3x 11.9xOnvia Inc. United States 4.98 ‐11% 36.5 28.7 21.9 (0.7) NM ‐1.4% 1.3x NM Pearson plc United Kingdom 19.82 ‐10% 16,022.2 19,464.2 7,842.5 1,337.5 17.1% 13.6% 2.5x 14.6xRentrak Corporation United States 33.29 ‐6% 396.6 375.9 104.8 (4.5) NM 14.1% 3.6x NM YouGov PLC United Kingdom 1.10 ‐16% 105.0 94.8 92.5 6.9 7.5% ‐1.1% 1.0x 13.7x


Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $0.82 ‐18% $ 109.7 $ 141.1 $ 109.4 $ 15.8 14.4% 9.8% 1.3x 8.9xCorporate Executive Board Co. United States 71.02 ‐4% 2,385.7 2,818.6 753.4 166.4 22.1% 45.5% 3.7x 16.9xForrester Research Inc. United States 36.42 ‐8% 735.8 557.2 293.2 40.6 13.8% ‐0.2% 1.9x 13.7x


Gartner Inc. United States 59.36 ‐6% 5,529.9 5,409.3 1,702.0 284.3 16.7% 10.5% 3.2x 19.0xIHS Inc. United States 113.24 ‐4% 7,608.3 9,647.1 1,695.3 367.0 21.6% 14.1% 5.7x 26.3xInforma plc Switzerland 8.39 ‐5% 5,060.8 6,553.5 1,879.5 568.9 30.3% 2.8% 3.5x 11.5xNational Research Corp. United States 29.24 ‐37% 474.2 475.3 90.6 28.3 31.2% 12.3% 5.2x 16.8xNIC Inc. United States 22.59 ‐6% 1,466.3 1,385.6 237.6 63.2 26.6% 23.4% 5.8x 21.9xPremier, Inc. United States 31.06 ‐6% 874.4 481.0 764.3 302.0 39.5% ‐0.5% 0.6x 1.6xProofpoint, Inc. United States 28.59 ‐14% 1,009.6 923.1 118.3 (14.4) NM 26.2% 7.8x NM

Reed Elsevier plc(1) United Kingdom 13.35 ‐3% 29,642.2 36,581.6 9,944.2 3,154.3 31.7% 6.6% 3.7x 11.6xSolera Holdings Inc. United States 52.66 ‐12% 3,623.3 4,402.6 838.1 342.8 40.9% 6.1% 5.3x 12.8xTarsus Group plc Ireland 3.72 ‐7% 358.0 411.9 88.8 26.9 30.3% ‐5.2% 4.6x 15.3xTechTarget, Inc. United States 4.96 ‐17% 192.1 159.6 92.6 7.5 8.2% ‐11.8% 1.7x 21.2xThe Advisory Board Company * United States 60.87 ‐1% 2,181.8 2,141.6 469.9 63.0 13.4% 19.1% 4.6x 34.0xUBM plc United Kingdom 11.62 ‐9% 2,826.5 3,641.8 1,203.3 278.6 23.2% 12.2% 3.0x 13.1xWolters Kluwer NV Netherlands 26.03 ‐2% 7,695.7 10,803.5 4,692.9 1,176.5 25.1% 4.0% 2.3x 9.2x


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



Business Services Public Company Valuation


IT Consulting/Systems Integration

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland $73.14 ‐13% $ 46,517.0 $ 41,375.9 $ 28,562.8 $ 4,659.7 16.3% 2.5% 1.4x 8.9xAmdocs Limited Channel Islands 36.96 ‐5% 5,949.9 4,859.2 3,322.8 619.9 18.7% 2.6% 1.5x 7.8x , , , 18.7% 2.6% 1.5x 7.8xBechtle AG Germany 52.03 ‐3% 1,092.6 1,086.7 2,790.2 130.5 4.7% 4.0% 0.4x 8.3xBooz Allen Hamilton Holding Corporation United States 18.72 ‐16% 2,698.8 4,017.4 5,753.3 548.0 9.5% ‐1.6% 0.7x 7.3xBroadridge Financial Solutions, Inc. United States 31.87 ‐2% 3,794.7 4,053.2 2,430.8 453.0 18.6% 5.5% 1.7x 8.9xBusiness & Decision SA France 4.23 ‐25% 33.3 60.7 276.9 15.6 5.6% ‐11.2% 0.2x 3.9xCap Gemini S.A. France 60.45 ‐3% 9,525.2 9,314.0 13,190.8 1,289.6 9.8% 0.6% 0.7x 7.2xCGI Group, Inc. Canada 35.82 ‐2% 11,092.3 13,894.7 8,764.0 1,170.8 13.4% 121.6% 1.6x 11.9xCognizant Technology Solutions Corporation United States 83.53 ‐1% 25,173.3 22,272.8 8,021.9 1,674.3 20.9% 18.5% 2.8x 13.3xComputer Sciences Corporation United States 51.55 ‐6% 7,613.3 8,407.3 14,620.0 2,125.5 14.5% ‐2.3% 0.6x 4.0xCSG Systems International Inc United States 24 36 ‐6% 772 3 853 4 754 7 129 1 17 1% 2 1% 1 1x 6 6xCSG Systems International Inc. United States 24.36 6% 772.3 853.4 754.7 129.1 17.1% 2.1% 1.1x 6.6xDynamics Research Corporation United States 7.43 ‐3% 77.1 165.4 295.9 27.9 9.4% ‐15.8% 0.6x 5.9xInformation Services Group, Inc. United States 4.26 ‐5% 155.6 196.7 202.2 19.2 9.5% 6.2% 1.0x 10.2xInfosys Ltd. India 49.06 ‐5% 28,031.0 24,222.5 7,637.0 2,117.0 27.7% 7.9% 3.2x 11.4xiSoftStone Holdings Limited China 4.99 ‐18% 291.7 371.1 405.3 42.6 10.5% 19.9% 0.9x 8.7xITS Group France 5.63 ‐10% 32.4 39.8 117.3 9.3 7.9% ‐3.9% 0.3x 4.3xNCI, Inc. United States 5.53 ‐14% 71.5 80.5 352.6 18.3 5.2% ‐19.3% 0.2x 4.4xOsiatis SA France 13.90 ‐2% 213.8 217.8 444.1 36.3 8.2% 18.3% 0.5x 6.0xWipro Ltd. India 7.82 ‐4% 19,149.8 17,384.0 6,380.3 1,331.7 20.9% 17.2% 2.7x 13.1x




Business Services Public Company Valuation


Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 10/03/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation United States $8.00 ‐49% $ 57.6 $ 64.6 $ 83.9 $ 0.1 0.1% 0.5% 0.8x NM Cenveo Inc. United States 2.84 ‐10% 182.0 1,372.0 1,758.6 181.9 10.3% ‐4.7% 0.8x 7.5x , , 10.3% 4.7% 0.8x 7.5xCommunisis plc United Kingdom 0.98 ‐12% 189.6 210.5 362.4 30.7 8.5% 6.9% 0.6x 6.9xConsolidated Graphics, Inc. United States 56.44 ‐5% 546.8 643.9 1,046.6 118.3 11.3% 0.6% 0.6x 5.4xContax Participacoes S.A. Brazil 1.72 ‐34% 588.5 947.8 1,632.0 200.5 12.3% 5.8% 0.6x 4.7xConvergys Corporation United States 18.38 ‐8% 1,906.8 1,380.4 2,014.2 231.8 11.5% 1.6% 0.7x 6.0xElanders AB Sweden 3.32 ‐9% 75.6 194.3 295.1 29.6 10.0% 4.5% 0.7x 6.6xEniro AB Sweden 3.57 ‐11% 364.0 774.3 566.8 143.2 25.3% ‐8.4% 1.4x 5.4xExlservice Holdings, Inc. United States 28.92 ‐12% 946.7 829.9 462.3 83.9 18.1% 11.3% 1.8x 9.9xFirstsource Solutions Limited India 0.30 ‐8% 195.5 389.4 480.5 52.1 10.8% 18.0% 0.8x 7.5xGenpact Ltd Bermuda 18 95 ‐11% 4 350 7 4 596 1 2 037 5 375 4 18 4% 14 8% 2 3x 12 2xGenpact Ltd. Bermuda 18.95 11% 4,350.7 4,596.1 2,037.5 375.4 18.4% 14.8% 2.3x 12.2xInnerWorkings Inc. United States 9.60 ‐39% 489.2 553.3 822.9 28.1 3.4% 13.8% 0.7x 19.7xInnotrac Corp. United States 4.91 ‐14% 65.0 61.5 119.2 8.8 7.4% 29.2% 0.5x 7.0xLuxoft Holding, Inc. British Virgin Islands 26.09 ‐3% 851.6 877.3 327.4 56.8 17.4% 0.0% 2.7x 15.4xMAXIMUS, Inc. United States 46.61 ‐1% 3,178.4 2,992.0 1,247.7 201.1 16.1% 24.8% 2.4x 14.9xQuad/Graphics, Inc. United States 29.76 ‐14% 1,421.0 2,896.1 4,410.5 551.6 12.5% 3.8% 0.7x 5.3xQuintiles Transnational Holdings Inc. United States 43.25 ‐9% 5,575.6 7,063.9 3,731.0 498.8 13.4% 0.0% 1.9x 14.2xR.R. Donnelley & Sons Company United States 15.99 ‐18% 2,905.4 6,080.5 10,278.5 1,198.0 11.7% ‐1.7% 0.6x 5.1xSalmat Ltd. Australia 1.95 ‐25% 308.9 225.3 428.0 35.0 8.2% ‐7.9% 0.5x 6.4xSerco Group plc United Kingdom 8 61 22% 4 205 9 5 429 9 7 783 0 598 2 7 7% 18 9% 0 7 9 1Serco Group plc United Kingdom 8.61 ‐22% 4,205.9 5,429.9 7,783.0 598.2 7.7% 18.9% 0.7x 9.1xSt Ives plc United Kingdom 2.92 ‐3% 355.0 380.0 493.8 71.3 14.4% ‐2.1% 0.8x 5.3xStarTek, Inc. United States 6.29 ‐13% 96.1 86.1 212.2 8.4 3.9% 7.1% 0.4x 10.3xSykes Enterprises, Incorporated United States 17.53 ‐4% 752.7 698.3 1,190.8 103.3 8.7% 7.0% 0.6x 6.8xTeleperformance France 49.79 ‐11% 2,789.9 2,696.5 3,140.5 395.4 12.6% 10.2% 0.9x 6.8xTeleTech Holdings Inc. United States 24.55 ‐5% 1,248.4 1,222.5 1,159.6 148.2 12.8% ‐2.2% 1.1x 8.2xTrans Cosmos, Inc. Japan 17.20 ‐4% 707.7 474.5 1,713.4 97.6 5.7% 4.6% 0.3x 4.9xTranscom WorldWide SA Luxembourg 0.14 ‐5% 164.8 243.0 842.4 27.9 3.3% 13.7% 0.3x 8.7xTranscontinental Inc. Canada 14.47 ‐5% 1,127.7 1,576.6 2,067.4 357.3 17.3% 3.9% 0.8x 4.4xVistaprint N.V. Netherlands 55.78 ‐4% 1,838.7 2,027.0 1,167.5 106.0 9.1% 14.4% 1.7x 19.1xWest Corporation United States 21.39 ‐36% 1,787.5 5,163.7 2,670.0 653.4 24.5% 4.4% 1.9x 7.9xXchanging PLC United Kingdom 2.00 ‐17% 484.0 380.0 1,053.1 112.9 10.7% 6.3% 0.4x 3.4x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 4.6x 2.3x 7.2x 6.7xDigital Advertising 4.8x 2.6x 5.5x 4.9xMarketing Technology 5 5x 4 0x 4 3x 3 9x

Revenue Multiples

Marketing Technology 5.5x 4.0x 4.3x 3.9xAgency 1.1x 1.2x 1.6x 1.6xMarketing Services 1.5x 1.3x 2.6x 1.8xTraditional Media 2.7x 2.4x 3.3x 2.8xTechnology 3.4x 2.4x 3.4x 3.2xCommunications 2.5x 1.5x 2.7x 2.6xS ft 7 3 5 0 5 8 5 1Software 7.3x 5.0x 5.8x 5.1xInformation 3.5x 3.2x 4.1x 3.9xBusiness Services 1.4x 0.7x 3.7x 2.0x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 26 5 14 7 32 0 25 4

EBITDA Multiples

Digital Media/Commerce 26.5x 14.7x 32.0x 25.4xDigital Advertising 32.6x 24.2x 17.9x 18.1xMarketing Technology 34.1x 17.0x 11.3x 11.8xAgency 18.7x 10.0x 11.8x 11.7xMarketing Services 16.2x 6.6x 11.0x 10.9xTraditional Media 10.9x 10.0x 11.0x 10.6xT h lTechnology 19.3x 11.4x 10.6x 10.5xCommunications 44.7x 12.6x 14.2x 11.5xSoftware 35.5x 17.5x 19.1x 11.4xInformation 16.4x 12.0x 15.1x 13.1xBusiness Services 13.0x 8.9x 24.6x 11.6x


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

As of close of business on 09/30/13

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

PPLLC IndicesLTM Share Pricing Trends

LTM Index Performance

S&P 500 16 4%


S&P 500 16 4%

Digital Media/Commerce and Traditional Media Digital Advertising

140 140

• S&P 500 – 16.4%

• Digital Media/ Commerce – 36.1%

• Traditional Media – 34.3%

• S&P 500 – 16.4%

• Digital Advertising – 26.8%

90

100

110

120

130

Index P

erform

ance (%

)

90

100

110

120

130

Index P

erform

ance (%

)

80Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13

S&P 500 Digital Media/Commerce Traditional Media


S&P 500 Digital Advertising


• S&P 500 – 16.4%

• Marketing Technology – 5.8%


• S&P 500 – 16.4%

• Agency – 40.2%

• Marketing Services – 31 9%

Agency & Marketing ServicesMarketing Technology

110

120

130

ormance (%

)

120

130

140

150

ormance

(%)

Marketing Services 31.9%

80

90

100

Oct‐12 Dec‐12 Feb‐13 Apr‐13 Jun‐13 Aug‐13

Index P

erfo

S&P 500 Marketing Technology

80

90

100

110


Inde

x Perfo

S&P 500 Agency Marketing Services


Note: LTM as of 9/30/13

PPLLC IndicesLTM Share Pricing Trends


S&P 500 16 4%


S&P 500 16 4%

Technology Communications

130 130

• S&P 500 – 16.4%

• Technology – 8.8%

• S&P 500 – 16.4%

• Communications – 21.5%

90

100

110

120

Index P

erform

ance (%

)

90

100

110

120

Index P

erform

ance (%

)


S&P 500 Technology


S&P 500 Communications


• S&P 500 – 16.4%

• Software – 12.5%


• S&P 500 – 16.4%

• Information – 29.8%

• Business Services – 25 1%

Information & Business ServicesSoftware

110

120

130

form

ance (%

)

120

130

140

rmance (%

)

Business Services 25.1%

80

90

100


Index P

erf

S&P 500 Software

90

100

110


Index P

erfor

S&P 500 Information Business Services


Note: LTM as of 9/30/13

All Segments($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

Nokia 's Devices & Services Bus iness Technology & Communications Microsoft Corporation 7,200.0$ BlackBerry Technology & Communications Fai rfax Financia l Holdings Limited 4,700.0Braintree Payment Solutions Technology & Communications PayPa l , Inc. 800.0Virident Systems , Inc. Technology & Communications Western Digi ta l Corporation 685.0WHIPTAIL Technology & Communications Cisco Systems, Inc. 415.0MoPub, Inc. Marketing Technology Twitter, Inc. 350.0, g gy ,Index Corporation Digita l Media/Commerce Sega Sammy Holdings , Inc. 340.7VB Servicos and DB Trans SA Technology & Communications FleetCor Technologies , Inc. 300.0ViKi , Inc. Digita l Media/Commerce Rakuten, Inc. 200.0Enterasys Networks , Inc. Technology & Communications Extreme Networks , Inc. 180.0Pivot Data Centres , Inc. Technology & Communications Rogers Communications , Inc. 150.7Actix Ltd. Technology & Communications Amdocs Limited 120.0nice Enterta inment Group Tradi tional Media Modern Times Group MTG AB 113.9Sterci S.A. Technology & Communications Bottoml ine Technologies , Inc. 104.0Officia l Payments Holdings , Inc. Technology & Communications ACI Worldwide, Inc. 99.4Officia l Payments Holdings , Inc. Technology & Communications ACI Worldwide, Inc. 99.4Ascribe Ltd Software EMIS Group Plc 91.0New Age Media, Eight TV Stations Tradi tional Media Sincla i r Broadcast Group, Inc. 90.0Ci tadel Communications , Three TV Stations Tradi tional Media Nexstar Broadcasting Group, Inc. 88.0GoHigh Data Networks Technology Co., Ltd. Information & Bus iness Services Bei jing Gaoyang Jiexun InfoTech Co., Ltd. 87.0Synos Technology, Inc. Technology & Communications Veeco Instruments , Inc. 70.0Ti rendo Deutschland Digita l Media/Commerce Delticom AG 66.8fring Technology & Communications GENBAND 50.0Saffron Digi ta l Marketing Technology Cinram Group, Inc. 47.0CombineNet Inc Software SciQuest com Inc 43 0CombineNet, Inc. Software SciQuest.com, Inc. 43.0Bump Technologies , Inc. Technology & Communications Google, Inc. 40.0Birchman Group As ia Paci fi c Information & Bus iness Services SMS Management & Technology Ltd. 28.2Indisys Marketing Technology Intel Corporation 26.0Grapple Mobi le Ltd. Digita l Media/Commerce Moniti se Create 20.6Easy2 Technologies , Inc. Marketing Technology Answers Corporation 20.0OBS Pty Ltd. Information & Bus iness Services Empired Limited 16.1ISD, Inc. Software Dai ly Journa l Corporation 16.0Sta inless Broadcasting, Two TV Stations Tradi tional Media Miss ion Broadcasting, Inc. 15.3Gradient X Inc Marketing Technology Amobee Media Systems 15 0


Gradient X, Inc. Marketing Technology Amobee Media Systems 15.0Faci l i ta te Digi ta l Holdings , Ltd. Marketing Technology Ads lot Limited 13.8GO Science Ltd. Software Tha lassa Holdings Ltd. 12.8Redstation Limited Marketing Technology iomart Group 12.6Hart Publ i shing Information & Bus iness Services Bloomsbury Publ ishing Plc 10.9Moose River Media, LLC Tradi tional Media Grand View Media Group 10.0



Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

Clymer and Intertec Manuals Tradi tional Media Haynes Publ i shing Group plc 9.3$ Editions Publ i shing Limited Agency & Marketing Services Communis is plc 9.2Xpando Media Information & Bus iness Services InnerWorkings , LLC 8.9ILS Technology LLC Technology & Communications Tel i t Wireless Solutions , Inc. 8.5Appl ication Services Ltd. Information & Bus iness Services Matchtech Group plc 6.3Sydetikett AB Information & Bus iness Services Pi tney Bowes Presort Services 6.1Sydetikett AB Information & Bus iness Services Pi tney Bowes Presort Services 6.1Camelon IT Information & Bus iness Services Vi ta Group Limited 4.6Adtraction Marketing Agency & Marketing Services ReelTime Media 0.8Brightlabs Agency & Marketing Services ReelTime Media 0.5

StrategicUndisclosed

5by Digita l Media/Commerce StumbleUpon, Inc. ‐ Adept Cloud, Inc Technology & Communications Highta i l , Inc. ‐ American Express Publ ishing Tradi tional Media Time Inc. ‐ Amor Bus iness Technology Solutions Information & Bus iness Services Lockheed Martin CorporationAmor Bus iness Technology Solutions Information & Bus iness Services Lockheed Martin Corporation ‐ Anchor Box LLC Technology & Communications eFolder, Inc. ‐ AppMakr Marketing Technology Infini te Monkeys ‐ Aqayo Software HRBoss ‐ Aztec Information & Bus iness Services Information Resources , Inc. ‐ B!T Information & Bus iness Services NetMediaEurope UK Ltd. ‐ Big Eagle Productions Information & Bus iness Services Frozen Fire ‐ BioSpectrum Information & Bus iness Services MM Activ Sci ‐Tech Communications ‐ Bl ink Digita l Media/Commerce Groupon, Inc. ‐ BravoSolution SpA Software BasWare CorporationBravoSolution SpA Software BasWare Corporation ‐ BugSense, Inc. Marketing Technology Splunk, Inc. ‐ Bureau of Trade Digita l Media/Commerce eBay Incorporated ‐ Burn World‐Wide, Ltd. Agency & Marketing Services PricewaterhouseCoopers LLP ‐ Camfoo GmbH Marketing Technology Wowza Media Systems, Inc. ‐ CelPro Associates Information & Bus iness Services Breakthrough Technology Group ‐ Century Payments , Inc. Technology & Communications WorldPay Us, Inc. ‐ Citi zenHawk, Inc. Marketing Technology CT Corporation ‐ Cloops , Inc. Digita l Adverti s ing DiscountCoupons .com ‐ Consul t A Doctor Inc Information & Bus iness Services Teladoc Inc


Consul t A Doctor, Inc. Information & Bus iness Services Teladoc, Inc. ‐ Corporate Training Technologies Information & Bus iness Services OnCourse Learning Company ‐ Crowdnub Marketing Technology Kul i za Technologies Pvt. Ltd. ‐ Decide Digita l Adverti s ing eBay Incorporated ‐ Digicon Corporation Information & Bus iness Services Deloi tte Digita l ‐ EasyCargo, Inc. Software Amber Road, Inc. ‐



Target Target Segment Buyer/Investor Reported TV StrategicUndisclosed

Empathica Inc. Marketing Technology Mindshare Technologies ‐ Enclari ty, Inc. Information & Bus iness Services LexisNexis Risk Solutions ‐ eScan Data Sys tems, Inc. Software TransUnion, LLC ‐ Eurodata Information & Bus iness Services TERiX ‐ Eve's Addiction Digita l Media/Commerce From You Flowers , LLC ‐ e‐vi ta AS Information & Bus iness Services Acando AB ‐e vi ta AS Information & Bus iness Services Acando AB Extend Results Marketing Technology TIBCO Software, Inc. ‐ FlexTrip, Inc. Digita l Media/Commerce Nor1, Inc. ‐ Fogg Digita l Adverti s ing Skyscanner Limited ‐ Fresh Ground, Inc. Agency & Marketing Services HB Agency ‐ Global Remuneration Solutions Pty Ltd. Information & Bus iness Services Mercer LLC ‐ Greenwich Consul ting Group Information & Bus iness Services Ernst & Young LLP ‐ Hoppit Digita l Adverti s ing XO Group, Inc. ‐ HyperWeek SA Marketing Technology Whatever sa/nv ‐ IFOP North America Information & Bus iness Services Leger Marketing ‐IFOP North America Information & Bus iness Services Leger Marketing imagel inx plc Agency & Marketing Services Sonoco Trident ‐ Incomm Brodeur Ltd. Agency & Marketing Services Ketchum, Inc. ‐ InduSoft LLC Software Invensys plc ‐ IntegraTechs Information & Bus iness Services C7 Data Centers , Inc. ‐ James Secure Solutions , Inc. Software Spry Methods , Inc. ‐ Janine Gordon Associates Agency & Marketing Services Peppercomm, Inc. ‐ Joule, Inc. Information & Bus iness Services System One Holdings , LLC ‐ Jumpshot Software AVAST Software a.s . ‐ Kanbox Technology & Communications Al ibaba Group ‐Kanbox Technology & Communications Al ibaba Group Kingmaker Digita l Adverti s ing JOYUS ‐ KXEN, Inc. Marketing Technology SAP AG ‐ Lanyrd and Eventioz Digita l Adverti s ing EventBrite ‐ L'Atel ier De La Mode Digita l Media/Commerce Boticca.com Limited ‐ Lawyers World and DealMakers Monthly Tradi tional Media Virtuoso Publ i shing ‐ Live Riot, Inc. Digita l Media/Commerce Innovative Software Technologies , Inc. ‐ Mapflow Software LexisNexis Risk Solutions ‐ Marketing Divaz Agency & Marketing Services Juicy Resul ts Internet Marketing ‐ Marketl ink Inc Information & Bus iness Services Al l ied Global LLC ‐


Marketl ink, Inc. Information & Bus iness Services Al l ied Global LLC MarketMaker4 Software Xchanging plc. ‐ Merchant Transact Technology & Communications Springbrook Software, Inc. ‐ Mindjet, LLC Software Spigi t ‐ Mirth Corporation Software Qual i ty Systems , Inc. ‐ Newvem Ins ight Ltd. Technology & Communications Datapipe, Inc. ‐




nextmedia Pty Ltd. Tradi tional Media Forum Media Group GmbH ‐ Notch Agency & Marketing Services Riverorchid Notch ‐ OnTrack Diabetes Software Medivo, Inc. ‐ OnTrade Networks , LLC Digita l Adverti s ing Conference Hound, Inc. ‐ Packetloop Software Arbor Networks , Inc. ‐ PennyWise Solutions Agency & Marketing Services Ogi lvy & Mather As ia Paci fi c ‐PennyWise Solutions Agency & Marketing Services Ogi lvy & Mather As ia Paci fi c Pla in Healthcare Limited Software Advanced Computer Software Group plc ‐ PMSI Information & Bus iness Services Progress ive Media Group Ltd. ‐ Portfol io Director Technology & Communications Scivantage ‐ Probi t Research Information & Bus iness Services Radius Global Market Research ‐ Property Week Tradi tional Media Metropol i s Internationa l Group Limited ‐ PT Rakuten‐MNC Digita l Media/Commerce Rakuten, Inc. ‐ Publ i sher's Divers i fied Mai l Service Agency & Marketing Services The Marek Group, Inc. ‐ Revere Data LLC Information & Bus iness Services FactSet Research Systems, Inc. ‐ SaaSID Limited Software Intermedia net Inc ‐SaaSID Limited Software Intermedia .net, Inc. Saongroup.com Information & Bus iness Services StepStone ‐ SideTour, Inc. Digita l Media/Commerce Groupon, Inc. ‐ Signage Solutions Tradi tional Media NewBay Media , Inc. ‐ Standing Cloud, Inc. Software AppDirect, Inc. ‐ Sti l lSecure Software Versata Enterprises , Inc. ‐ STM Group, Inc. Technology & Communications Emerging Markets Communications , Inc. ‐ Stoneburn Software Services Information & Bus iness Services Cloud Sherpas ‐ Tesoro Bus iness Media Tradi tional Media Stagnito Media ‐ The African Journal of Psychiatry Information & Bus iness Services OMICS Group Inc ‐The African Journal of Psychiatry Information & Bus iness Services OMICS Group, Inc. The QWeMA Group, Inc. Information & Bus iness Services CANNEX Financia l Exchanges Limited ‐ THINGSOFT, Inc. Digita l Media/Commerce Neople, Inc. ‐ TMone Information & Bus iness Services Enhanced Recovery Company ‐ TopCoder, Inc. Digita l Media/Commerce Appirio, Inc. ‐ TPM Communications Agency & Marketing Services Saatchi & Saatchi Canada ‐ Travel .ru Digita l Adverti s ing Oktogo.ru ‐ TV Show Bras i l S.A. Tradi tional Media Sky Bras i l Servicos ‐ U.S. Teks Information & Bus iness Services NetGain Technologies , Inc. ‐ Valueleaf Services Digita l Adverti s ing Capita lVia Global Research Limited ‐


Valueleaf Services Digita l Adverti s ing Capita lVia Global Research Limited Versafe, Inc. Software F5 Networks , Inc. ‐ Vertica l Measures Digita l Adverti s ing Si te Pro Specia l ties , LLC ‐ Virtual Greats LLC Digita l Media/Commerce Iconicfuture GmbH ‐ VitaPorta l Digita l Media/Commerce ZdorovieOnl ine.ru ‐ Vivere Bras i l Solucoes De Credi to Information & Bus iness Services Accenture plc ‐




WorldIrish.com Digita l Media/Commerce Iri shCentra l LLC ‐ yoCAPTCHA Marketing Technology Networkplay ‐ Zenith Romania Agency & Marketing Services Publ ici s Groupe S.A. ‐ ZoomPanel Information & Bus iness Services Critica l Mix ‐



Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Mitchel l Internationa l , Inc. Information & Bus iness Services Kohlberg Kravis Roberts & Company 1,100.0$ Active Network, Inc. Marketing Technology Vista Equity Partners 800.3 Greenway Medica l Technologies , Inc. Software Vista Equity Partners 664.0 News Corporation Inc., 33 publ ications Tradi tional Media Fortress Inves tment Group, LLC 87.0 Icelol ly Marketing Limited Digita l Adverti s ing Management Buyout 26.6 Harte‐Hanks Shopper's Inc. And PennySaverUSA Tradi tional Media OpenGate Capita l , LLC 22.5 pp y p p ,

Buyout DealsUndisclosed

Addison Group Information & Bus iness Services Tri lantic Capita l Management LLC ‐ AIA Corporation Agency & Marketing Services McNal ly Capita l LLC ‐ AMCAD Software Rivers ide Partners LLC ‐ Arxan Technologies , Inc. Software TA Associates ‐ Capita l New York Digita l Media/Commerce (Private Investors ) ‐ EA Holdings , Inc. Software Accel ‐KKR, LLC ‐ Eletromidia Tradi tional Media H.I.G. Capi ta l LLC ‐ pNETRADA North America Marketing Technology Brega l Sagemount ‐ SoftWriters Holdings Software TA Associates ‐ The Channel Company Information & Bus iness Services Management Buyout ‐



Venture/Growth Capital Transactions

Reported TVReported TV VC/Growth CapitalValues Disclosed

Sogou, Inc. Digita l Media/Commerce Tencent Holdings Ltd. 448.0$ M3, Inc. Software Deutsche Securi ties Inc., Investment Arm 381.0Network Merchants , LLC Technology & Communications Brega l Sagemount 100.0Evolent Health, Inc. Software TPG Growth 100.0EK Media Pte Ltd. Marketing Technology Singapore Post Limited 100.0Clarabridge Marketing Technology Summit Partners LP 80.0Practice Fus ion Software Kleiner Perkins Caufield & Byers 70 0Practice Fus ion Software Kleiner Perkins Caufield & Byers 70.0Dafi ti Group Digita l Media/Commerce Ontario Teachers ' Pens ion Plan 70.0Tuniu.com Digita l Adverti s ing Temasek Holdings (Pte) Limited 60.0Blue Jeans Network Technology & Communications Battery Ventures 50.0Zuora , Inc. Marketing Technology Next World Capita l 50.0Lithium Technologies Marketing Technology New Enterprise Associates 50.0Fl ipboard, Inc. Digita l Media/Commerce Rizvi Traverse Management LLC 50.0Mobi leIron, Inc. Software (Unnamed Fund Contibuters ) 47.5Hotel Tonight, Inc. Digita l Media/Commerce Accel Partners 45.0Virtustream Inc Technology & Communications SAP AG 40 0Virtustream, Inc. Technology & Communications SAP AG 40.0JustFab Digita l Media/Commerce Shining Capita l Management 40.0Apttus , Inc. Marketing Technology Sales force.com 37.0NewVoiceMedia Ltd. Marketing Technology Bessemer Venture Partners 35.0Il lumio, Inc. Software Genera l Cata lys t Partners LLC 34.0CrowdStrike, Inc. Software Accel Partners 30.0Hearsay Socia l Marketing Technology Sequoia Capita l 30.0Okta , Inc. Software Sequoia Capita l 27.0Benu Networks , Inc. Technology & Communications Sutter Hi l l Ventures 26.6Al ienVault Inc Software GGV Capita l 26 5Al ienVault, Inc. Software GGV Capita l 26.5FuzeBox, Inc. Technology & Communications Hermes Growth Partners 26.0Maker Studios Digita l Adverti s ing Time Warner Investments 26.0Datto, Inc. Technology & Communications Genera l Cata lys t Partners LLC 25.0Gigya, Inc. Marketing Technology Greenspring Associates 25.0Prosper Marketplace, Inc. Digita l Media/Commerce Sequoia Capita l 25.0Complex Media Network Digita l Adverti s ing Iconix Brand Group, Inc. 25.0AngelLis t LLC Digita l Media/Commerce Atlas Venture 24.0Check, Inc. Digita l Media/Commerce Menlo Ventures 24.0eASIC Corporation Technology & Communications Khos la Ventures 23 5


eASIC Corporation Technology & Communications Khos la Ventures 23.5ZeOmega, Inc. Software Brega l Sagemount 21.5WhisperText, LLC Digita l Media/Commerce Sequoia Capita l 21.0Vestia i re Col lective Digita l Media/Commerce Conde Nast 20.0Urban Compass , Inc. Digita l Adverti s ing Advance Publ ications , Inc. (Conde Nast) 20.0Calastone Limited Technology & Communications Accel Partners 18.0




Space‐Time Ins ight Software (Unnamed Fund Contibuters ) 18.0$ App Annie Limited Marketing Technology Sequoia Capita l 18.0SwiftKey Technology & Communications Index Ventures 17.5Sol Volta ics AB Technology & Communications Umoe AS 15.6ChemSW, Inc. Software Accel rys Software, Inc. 15.3BlueData Software, Inc. Technology & Communications Atlantic Bridge 15.0Recommind Inc Marketing Technology SAP Ventures 15 0Recommind, Inc. Marketing Technology SAP Ventures 15.0Paydiant, Inc. Marketing Technology North Bridge Venture Partners 15.0Wishabi , Inc. Marketing Technology Ins ight Venture Partners 15.0Multimedia Group Tradi tional Media Times Media Group Limited 14.5HookLogic Digita l Adverti s ing Intel Capita l 14.3Bright Information & Bus iness Services Toba Capita l 14.0NextDocs Corporation Software OpenView Venture Partners 13.5Yesware, Inc. Marketing Technology Battery Ventures 13.5DataGuise, Inc. Software Toba Capita l 13.0RiverMeadow Software Inc Technology & Communications Cisco Systems Inc 12 0RiverMeadow Software, Inc. Technology & Communications Cisco Systems, Inc. 12.0Cloud9 Analytics , Inc. Software Mayfield Fund 12.0Academia.edu Software Khos la Ventures 11.1Ranovus Technology & Communications Azure Capita l Partners 11.0Pubnub Marketing Technology Scale Venture Partners 11.0Compara Onl ine S.A. Digita l Adverti s ing Ribbit Capita l 11.0Loggly, Inc. Software Trini ty Ventures 10.5MyHero Technology & Communications Kleiner Perkins Caufield & Byers 10.0Simplee, Inc. Technology & Communications Heri tage Group, LLC 10.0Stackdriver Software Flybridge Capita l Partners 10 0Stackdriver Software Flybridge Capita l Partners 10.0PureDiscovery Corporation Software Medina Capita l Partners Inc. 10.0QuantiaMD Software Safeguard Scienti fi cs , Inc. 10.0DoubleDutch Marketing Technology Bessemer Venture Partners 10.0Ins ightly, Inc. Marketing Technology Emergence Capita l Partners 10.0Simpl i learn Solutions Information & Bus iness Services Hel ion Venture Partners 10.0Moxtra , Inc. Digita l Media/Commerce Cisco Systems, Inc. 10.0Resta lo.es Restaurant Reservations Digita l Adverti s ing Seaya Ventures 10.0Branding Brand Marketing Technology Ins ight Venture Partners 9.5AppDirect Inc Software iNovia Capi ta l 9 0


AppDirect, Inc. Software iNovia Capita l 9.0Swiftype Inc. Marketing Technology (Unnamed Fund Contibuters ) 8.7Good Eggs , Inc. Digita l Media/Commerce Sequoia Capita l 8.5StrongLoop Software Shasta Ventures 8.0Electric Cloud Software Siemens Venture Capita l 8.0Sals i fy, Inc. Marketing Technology North Bridge Venture Partners 8.0




BoostCTR Marketing Technology Battery Ventures 8.0$ Upworthy.com Digita l Media/Commerce Spark Capita l 8.0Hel lofood Digita l Media/Commerce iMENA Holdings 8.0Hel loFresh Digita l Media/Commerce Phenomen Ventures 7.5Cyanogen Technology & Communications Benchmark Capita l 7.0PatientSafe Solutions Software EDBI 7.0StrikeAd Marketing Technology Karl in Ventures LLC 7 0StrikeAd Marketing Technology Karl in Ventures , LLC 7.0The Fancy Digita l Media/Commerce (Private Investors ) 7.0Kiosked, Ltd. Marketing Technology Craton Equity Partners 6.9Del iv Information & Bus iness Services Upfront Ventures 6.9Zoom Video Communications , Inc. Technology & Communications Horizons Ventures Ltd. 6.5VictorOps , Inc. Software Costanoa Venture Capita l 6.5Plenummedia S.L. Agency & Marketing Services Seaya Ventures 6.5Shopular Digita l Media/Commerce Sequoia Capita l 6.4Ais le411 Digita l Media/Commerce Cultivation Capita l 6.3YD Group B V Marketing Technology Active Venture Partners 6 1YD Group B.V. Marketing Technology Active Venture Partners 6.1BetterCloud Software Flybridge Capita l Partners 6.0OpenExchange, Inc. Information & Bus iness Services Ipreo LLC 6.0Relayware, Inc. Software Albion Ventures LLP 5.7Unmetric, Inc. Marketing Technology JAFCO Investment (As ia Pacifi c) Ltd. 5.5Convo.com Software Morgenthaler Ventures 5.0Y‐Prime, Inc. Software Bal las t Point Ventures 5.0LeadPages Marketing Technology Foundry Group 5.0TapInfluence, Inc. Marketing Technology Grotech Ventures 5.0Bal ihoo Inc Marketing Technology OpenView Venture Partners 5 0Bal ihoo, Inc. Marketing Technology OpenView Venture Partners 5.0Li ftopia , Inc. Digita l Media/Commerce Industry Ventures , LLC 5.0Gyft, Inc. Digita l Media/Commerce A‐Grade Fund 5.0Vacation Lis ting Service Digita l Media/Commerce Maveron, LLC 5.0Songza.com Digita l Media/Commerce Amazon.com, Inc. 4.7Predi lytics , Inc. Software Foundation Medica l Partners 4.5Revenew Marketing Technology TGap Ventures , LLC 4.5Aventura HQ, Inc. Software Excel Venture Management 4.3BioDigita l Systems , Inc. Software Fi rs tMark Capita l 4.0RunTi tle com Information & Bus iness Services Austin Ventures 4 0


RunTitle.com Information & Bus iness Services Austin Ventures 4.0Boticca.com Limited Digita l Media/Commerce MMC Ventures , LLC 4.0AdTheorent, Inc. Digita l Adverti s ing Verizon Investments 4.0Numbrs AG Technology & Communications Centra lway Holding AG 3.8Nuxeo SAS Marketing Technology OTC Asset Management 3.8Remind101, Inc. Technology & Communications The Socia l+Capita l Partnership 3.5




Sti tch Labs Marketing Technology Costanoa Venture Capita l 3.5$ Simi larGroup Ltd. Information & Bus iness Services (Angel Investors ) 3.5NGDATA Marketing Technology Capricorn Investment Group 3.3Easy Metrics , Inc. Marketing Technology SFJ Ventures 3.3Front Desk, Inc. Software Second Avenue Partners 3.2Mint Wireless Limited Technology & Communications (Unnamed Fund Contibuters ) 3.0Verimed Software Forti s Capi ta l Holdings 3 0Verimed Software Forti s Capita l Holdings 3.0iPowow! Ltd. Marketing Technology Di fference Capita l , Inc. 3.0Glassbeam, Inc. Marketing Technology VKRM Group 3.0Action Exchange Marketing Technology Lerer Ventures 3.0AppMesh Marketing Technology Interwest Partners 3.0SendHub Marketing Technology Bul lpen Capita l 3.0Heavy Bits , Inc. Digita l Media/Commerce Index Ventures 3.0Snapguide Digita l Media/Commerce Atlas Venture 3.0Goldbely, Inc. Digita l Media/Commerce Intel Capita l 3.0Skura Agency & Marketing Services BEST Funds 2 9Skura Agency & Marketing Services BEST Funds 2.9Qstream, Inc. Information & Bus iness Services Frontl ine Ventures 2.9Pla id Technologies , Inc. Software Google Ventures 2.8Matterport, Inc. Software Fel ici s Ventures , LLC 2.8moTwin, Inc. Software Sigma Gestion 2.7Socia lStudio, Inc. Digita l Media/Commerce Google Ventures 2.7Hazelcast, Inc. Software Bain Capita l Ventures 2.5Edjing Marketing Technology Entrepreneur Venture 2.5Vers ium Analytics Marketing Technology TIE Angels 2.5Pipedrive Inc Marketing Technology Rembrandt Venture Partners 2 4Pipedrive, Inc. Marketing Technology Rembrandt Venture Partners 2.4DoorDash Digita l Media/Commerce Khos la Ventures 2.4Snaps! Marketing Technology (Angel Investors ) 2.3Zipments Digita l Media/Commerce Fi rs tMark Capita l 2.3Smal lRivers SA Marketing Technology Polytech Advisors SA 2.0GraphDive, Inc. Marketing Technology Correlation Ventures 2.0LittleCast, Inc. Marketing Technology Intrepid Capita l Partners 2.0Burner Digita l Media/Commerce Founder Col lective 2.0Into The Gloss , Inc. Digita l Media/Commerce (Unnamed Fund Contibuters ) 2.0PushPage Digita l Media/Commerce (Private Investors ) 1 7


PushPage Digita l Media/Commerce (Private Investors ) 1.7ReferStar Information & Bus iness Services Granicus Venture 1.6Voxel Technology & Communications Fi rs t Round Capita l 1.6Apiary Ltd. Software Flybridge Capita l Partners 1.6Bugcrowd, Inc. Software Paladin Capita l 1.6Visua lead Marketing Technology Kaedan Capita l Group 1.6




Nuiku, Inc. Marketing Technology Kae Capita l 1.6$ Brandl ive, Inc. Marketing Technology Oregon Angel Fund 1.6Love Home Swap Digita l Media/Commerce MMC Ventures , LLC 1.6Keaton Row Digita l Media/Commerce Menlo Ventures 1.6Pinnatta Technology & Communications Odyssey Inves tment Partners , LLC 1.5KeyLemon, Inc. Software Debiopharm S.A. 1.5Cinemacraft Marketing Technology NTT Docomo Inc 1 5Cinemacraft Marketing Technology NTT Docomo, Inc. 1.5Bis l r, Inc. Marketing Technology Southern Cross Venture Partners 1.5Bugsnag, Inc. Software Matrix Partners 1.4FormaFina Digita l Media/Commerce Redpoint e.Ventures 1.4Disti l l , Inc. Software Fel ici s Ventures , LLC 1.3Graphic.ly Marketing Technology Dundee Venture Capita l 1.3MarketMeSuite Marketing Technology Talus Holdings 1.3Temnos Information & Bus iness Services (Unnamed Fund Contibuters ) 1.3Cloudamize, Inc. Technology & Communications Gabriel Investments 1.2Tackk Marketing Technology ff Venture Capi ta l 1 2Tackk Marketing Technology ff Venture Capita l 1.2AdYapper.com Marketing Technology KGC Capita l 1.2SourceAudio Marketing Technology Emerson Ventures 1.2Fisca lNote, Inc. Information & Bus iness Services Fi rs t Round Capita l 1.2Fisca lNote, Inc. Information & Bus iness Services New Enterprise Associates 1.2Yoyo Digita l Media/Commerce (Private Investors ) 1.2Set.fm Digita l Media/Commerce Ribbit Capita l 1.2Hotel Quickly Limited Digita l Media/Commerce (Private Investors ) 1.2BlackSquare, Inc. Marketing Technology (Unnamed Fund Contibuters ) 1.1Azimo Ltd Technology & Communications eVenture Capi ta l Partners 1 0Azimo Ltd. Technology & Communications eVenture Capita l Partners 1.0MediSafe Project Ltd. Software lool ventures 1.0UNSILO Marketing Technology Scale Capita l 1.0ZappRX, Inc. Digita l Media/Commerce Atlas Venture 1.0Mobincube Marketing Technology Inveready 0.9Outl ine Software Dorm Room Fund 0.9SalesFUSION Marketing Technology Hal lett Capita l 0.8Overlay Studio, Inc. Digita l Media/Commerce Peak Ventures 0.8Omnipresent Retai l Pvt Ltd Digita l Media/Commerce C Cube Angels 0.6Withlocals com Digita l Media/Commerce Greenhouse Group BV 0 5


Withlocals .com Digita l Media/Commerce Greenhouse Group BV 0.5



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

AIQ, Inc. Information & Bus iness Services Stonehenge Growth Capita l ‐ AppThwack Information & Bus iness Services In‐Q‐Tel ‐ Avenso AG Digita l Media/Commerce EQT Partners ‐ Candyspace Media Ltd. Agency & Marketing Services Tenthavenue ‐ Captivate Network Tradi tional Media Generation Partners ‐ Daojia Digita l Media/Commerce Bei jing Jingdong Century Trading Co., Ltd. ‐ eChannel l ing PLC Software Senior Marketing System Asia ‐eChannel l ing PLC Software Senior Marketing System As ia fi lm2home AB Digita l Media/Commerce Hemmakval l AB ‐ Geoforce, Inc. Software Palmetto Partners , LTD. ‐ Home24 GmbH Digita l Media/Commerce REWE Group ‐ mimoOn GmbH Technology & Communications German Startups Group Berl in ‐ Pulsar Media Group Agency & Marketing Services Cumulus Media ‐ Sharecare, Inc. Digita l Media/Commerce Heri tage Group, LLC ‐ Syncreon Holdings , Inc. Information & Bus iness Services Centerbridge Partners , L.P. ‐ Visage Mobi le Software Concur Technologies , Inc., Inves tment Arm ‐ Wipit Inc Technology & Communications Core Innovation Capita l ‐Wipit, Inc. Technology & Communications Core Innovation Capita l


Petsky Prunier: Maximizing Shareholder Value

Overview

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

• More than 35 focused professionals Unique combination of investment banking and consulting expertise New York, Palo Alto, Las Vegas, Chicago, Tampa Sell‐side and private placement close rate is unmatched at our level of deal volume Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyersp p p p p q y g p , g y With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services International reach enhanced through our partnership with investment bank Altium, which operates from ten offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

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

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

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Media Marketing eCommerce Healthcare


Fairness Opinions g g pHealthcare

Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count1 Petsky Prunier LLC 302 Nomura Holdings Inc 243 GCA Savvian Group Corp 234 Goldman Sachs & Co. 205 Morgan Stanley 196 Jordan Edmiston Group 187 Jefferies Group Inc. 168 China Renaissance Partners 158 Sumitomo Mitsui Financial 1510 JP Morgan 1410 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

More than 60 transactions closed since 2010:

Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings Across a broad universe of industries including digital advertising and marketing eCommerce and digital


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

International Partnership with Altium

Description Network

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

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

A leading advisor for more than 25 years

New York Palo AltoLas Vegas ChicagoTampa

Madrid ManchesterLeedsLondonParis

Zurich FrankfurtMilanMunichDubai

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

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

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

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

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

BeijingShanghai

India


Representative Recent Transactions

has sold

provider of online travel guides for top destinations around the world

to

has been sold to

a leading multiplatform travel and lifestyle media company

a subsidiary of

has been sold to

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

and publishing digital displays for retailers

a unit ofhas received a $68M minority investment

from

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

has been sold to

a leading developer of popular real‐money and social gaming

has been sold to

one of the largest digital agencies

has been sold to

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

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

a portfolio company of

has been sold to

has received a mezzanine debt

a leading provider of transportation‐based digital media networks

has been acquired by

a dynamic display media andretargeting companya leading provider of digital production

services to brands and agencies


a real‐time behavioral advertisingcompany

a leading provider of in‐store and shopper marketing signage to major North American retailers

has sold

along with digital subsidiary

a leading digital advertising monetization and shopper marketing partner for e‐commerce

retailersa portfolio company of

(NYSE: GCI )(NYSE: LXK )

a leading digital direct marketing company utilizing a proprietary database to provide

customer acquisition solutions formajor brands

(Nasdaq: RNWK)(Nasdaq: RNWK)(ENXTPA: PUB)(Euronext Amsterdam: WKL)(AIM: EMIS)

has received a mezzanine debt investment from


(JASDAQ:4755)

has been sold to

(NYSE: ACN)


(NYSE: AOL)

has been sold to

North American retailers

specializing in retail, digital, shopper marketing and consumer services

to

has been sold to

with financing from

has received an equity investment from

with debt financing from

has sold

to

a leading provider of integrated data, technology and analytics solutions

a leading provider of taxi‐based outdoor media

has been sold to

(NYSE: PAY)

has sold

and

leading provider of services for domain name registration, acquisition, brokerage

and sales

has been sold to

the top independentdirect‐to‐consumer marketer of

dental savings planshas been sold to

a leader in global healthcare primary market research and influence

network mapping


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

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty marketing

services

has been sold to

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

Apple (iOS), and Android developers

has received $66M investmentfrom

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

to


Vestar Capital Partners has sold

has received a majority investment from

has been sold to

(TSX: PTO)

a leading shopper marketing execution company

a leading online video advertising network

has received a growth capital investment from


a premier provider of benchmark‐based advisory services to the pharmaceutical

and biotech industry

a digital communications agency with a proprietary software platform serving

biopharmaceutical companies

has been sold to

has been sold to


Documents

SEP 2013 M&A and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...Nokia's Devices & Services Business Communications Equipment Microsoft Corporation 7,200.0 19,600.0