September 2016 MA and Investment Summary [Read-Only]petskyprunier.com/_petskyprunier.com/dynamic/user... · 3| M&A and Investment Summary September 2016 M&A and Investment Summary

September 2016 M&A and Investment Summary

2 | M&A and Investment Summary September 2016

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 82

Additional Monthly M&A and Investment Activity Data 403

About Petsky Prunier 524

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 463 deals were announced in September 2016, of which 296 were worth $20.7 billion in aggregate reported value

Software was the most active segment with 148 deals announced — 98 of these transactions reported $8.9 billion in value

Marketing Technology was also active with 100 transactions announced, of which 67 were worth a reported $1.2 billion in value

Strategic buyers announced 171 deals (32 reported $7.2 billion in value)

VC/Growth Capital investors announced 267 transactions (244 reported $5.6 billion in value)

Private Equity investors announced 25 deals during the month (seven reported $7.8 billion in value)

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

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

Software 148 32% $8,878.6 43% 42 $2,369.3 10 $5,407.3 96 $1,102.0

Marketing Technology 100 22% 1,248.5 6% 23 5.6 6 ‐ 71 1,242.9

Digital Media/Commerce 88 19% 3,357.3 16% 25 375.2 1 ‐ 62 2,982.1

Business Services 42 9% 2,580.1 12% 25 1,550.3 5 930.9 12 98.9

Agency & Marketing Services 34 7% 362.2 2% 29 274.2 2 68.0 3 20.0

Digital Advertising 24 5% 1,528.3 7% 11 56.3 1 1,400.0 12 72.0

Information 15 3% 371.3 2% 8 275.0 0 ‐ 7 96.3

Traditional Media 12 3% 2,330.3 11% 8 2,305.3 0 ‐ 4 25.0

Total 463 100% 20,656.7 100% 171 7,211.2 25 7,806.2 267 5,639.3

September 2016

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$73.1

$14.4$21.3

$42.6$33.7

$29.3$27.4$22.1$23.7 $24.9$26.7

$13.7

$44.7

463403 424 363 407 413 427 433 404 432 491 427 473 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$‐ $10.0 $20.0 $30.0 $40.0 $50.0 $60.0 $70.0 $80.0 $90.0

$100.0 $110.0 $120.0

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

Transaction Distribution

Reported transaction activity in September remained flat from August 2016 and was up 15 percent from September of 2015

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

• Liberty Media’s acquisition of Formula 1 from CVC Capital in deal valued at $4.4 billion

• OpenText’s $1.6 billion acquisition of Dell EMC’s Enterprise Content Division

• The $1.6 billion Informa acquisition of B‐to‐B information services company Penton Media from MidOcean Partners and Wasserstein & Co.

• Hewlett‐Packard’s $1.1 billion acquisition of Samsung’s Printing business

• The acquisition of API management platform developer Apigee by Google in a transaction valued at $625 million

M&A and Investment Summary for All Segments

Supercell /Tencent

LinkedIn / Microsoft

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Microsoft’s $26.2 billion acquisition of LinkedIn, Quintiles Transnational’s $13.5billion acquisition of IMS Health, Tencent’s $10.2 billion acquisition of Supercell, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Softwarebusiness, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan,Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.

Inter. DataSolera

IMS Health

HP IT / CSC

MultiPlan

NetSuite

HP Software


Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Agency & Marketing ServicesThe Grass Roots Group PLC Loyalty/Retention Blackhawk Network, Inc. 118.0$ ‐$ 14.4$ NA 8.2xNewington Communications Limited Public Relations SEC S.p.A. 8.0 4.5 ‐ 1.8x NA Pinnacle Marketing Communications Public Relations Next Fifteen Communications Group plc 5.8 2.9 ‐ 2.0x NA

Business ServicesSamsung's Printing Business Printing Services Hewlett‐Packard Company 1,050.0 1,701.0 ‐ 0.6x NA SAI Global Ltd. Credit/Risk Consulting Bering Private Equity 930.9 425.3 88.7 2.2x 10.5xKurt Salmon Management Consulting Accenture plc 166.4 105.3 ‐ 1.6x NA OCTO Technology Société Anonyme IT Consulting/Systems Integration Accenture plc 137.1 48.0 4.8 2.9x 28.7xLogistics & Distribution Services LLC Logistics ArcBest Corporation 25.0 60.0 ‐ 0.4x NA MicroDoc Computersysteme GmbH IT Consulting/Systems Integration Data Respons ASA 11.8 13.6 ‐ 0.9x NA

InformationAnthelio Healthcare Solutions, Inc. Healthcare Information Atos SE 275.0 200.0 ‐ 1.4x NA NA

SoftwareDell EMC Enterprise Content Division Data Management Software OpenText Corporation 1,600.0 599.0 ‐ 2.7x NA Infoblox, Inc. Security Software Vista Equity Partners 1,254.3 358.0 ‐ 3.5x NA Apigee Corporation Software Development Tools Google, Inc. 516.3 92.0 ‐ 5.6x NA Creehan & Company Corporation Healthcare Software Inovalon, Inc. 130.0 27.0 ‐ 4.8x NA Financial Synergy Pty. Ltd. Financial Software IRESS Market Technology 68.0 20.5 7.0 3.3x 9.7xEmric AB Financial Software Tieto Corporation 35.0 22.0 ‐ 1.6x NA

Traditional MediaPenton Media, Inc. B‐to‐B Media Informa PLC 1,559.3 ‐ 142.0 NA 11.0x

Selected Transactions With Multiples Information


Securities in Registration($ in Millions)

Aggregate LTMDate Company Name Country Segment Offering Value Rev EBITDA

Sep‐16 BlackLine Inc. United States Software 100.0$ 73.2$ ‐$

Sep‐16 Coupa Software Incorporated United States Software 107.2 109.5 (42.6)

Sep‐16 Tintri, Inc. United States Software 100.0 ‐ ‐

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

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

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

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

Apr‐16 Optiv Security Inc. United States Business Services 100.0 NA NA

Sep‐15 PointClickCare Corp. United States Software 100.0 112.6 3.8


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, 2016 1st Trading Day

Sep‐16 NasdaqGS:NTNX Nutanix, Inc. United States $13.00‐$15.00 16.00 $37.00 up 131% 37.00 0.0%

Sep‐16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00‐18.00 18.00 30.10 up 67% 29.21 (3.0%)

Sep‐16 NasdaqGM:APTI Apptio, Inc. United States 13.00‐15.00 16.00 22.55 up 40% 21.70 (3.8%)

Sep‐16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50‐12.50 13.00 15.25 up 17% 16.85 10.5%

Sep‐16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00‐13.00 12.00 14.70 up 22% 16.86 14.7%

Jul ‐16 Nasdaq:TLND Talend SA France 15.00‐17.00 18.00 25.50 up 42% 26.16 2.6%

Jul ‐16 NYSE:LN LINE Corporation Japan 31.00‐33.00 33.00 41.58 up 27% 48.40 16.4%

Jun‐16 NYSE:TWLO Twi l io, Inc. United States 12.00‐14.00 15.00 28.79 up 92% 64.36 123.5%

Jun‐16 NasdaqGS:NH NantHealth, Inc. United States 13.00‐15.00 14.00 19.47 up 39% 13.15 (32.5%)

May‐16 NYSE:COTV Cotivi ti Holdings , Inc. United States 17.00‐19.00 19.00 18.14 down 4.6% 33.53 84.8%

Apr‐16 NasdaqGS:SCWX SecureWorks Corp. United States 15.50‐17.50 14.00 13.88 down 1% 12.51 (9.9%)

Dec‐15 NasdaqGS:TEAM Atlass ian Corporation Plc Austra l ia 18.00‐20.00 21.00 27.78 up 32% 29.97 7.9%

Dec‐15 NYSE:YRD Yirendai Ltd. China 9.00‐11.00 10.00 9.10, down 9% 23.68 160.2%

Nov‐15 NYSE:INST Instructure, Inc. United States 16.00‐18.00 16.00 18.00 up 12.5% 25.37 40.9%

Nov‐15 NasdaqGS:MTCH Match Group, Inc. United States 12.00‐14.00 12.00 14.74, up 23% 17.79 20.7%

Nov‐15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00‐13.00 10.00 10.10, up 1.0% 19.13 89.4%

Nov‐15 NYSE:SQ Square, Inc. United States 11.00‐13.00 9.00 13.07, up 45% 11.66 (10.8%)

Oct‐15 NYSE:PSTG Pure Storage, Inc. United States 16.00‐18.00 17.00 16.01, down 5.8% 13.55 (15.4%)

Oct‐15 NYSE:FDC Firs t Data Corporation United States 18.00‐20.00 16.00 15.75, down 1.5% 13.16 (16.4%)


Digital Media/Commerce

Of the total $3.4 billion in value reported in the Digital Media/Commerce segment, $3 billion in Venture/Growth Capital investments were announced, while more than $375 million in strategic acquisitions were made

eCommerce was the most active subsegment across all segments with 33 transactions announced, of which 24 were reported for $1.2 billion. Select investments from the subsegment include:

• The $750 million round of funding raised by Singapore‐based Uber competitor Grab from SoftBank, Tiger Global Management, Coatue Management, and GGV Capital

Select Digital Media/Commerce transactions include:

• The $555 million raised by Airbnb at a reported valuation of $30 billion from Google Capital and Technology Crossover Ventures

• Online food retailer FreshDirect’s $189 million round of funding from J.P. Morgan Asset Management and W Capital

• The $150 million Revolution Growth investment in fantasy sports company DraftKings

• Web video‐focused media company Defy Media’s $70 million round of funding from Wellington Management

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

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

eCommerce 31 35% $1,181.9 35% 7 $171.0 1 ‐ 23 $1,010.9

Gaming 14 16% 233.8 7% 5 169.4 0 ‐ 9 64.4

Mobile Content/Apps 14 16% 984.1 29% 2 ‐ 0 ‐ 12 984.1

Digital Marketplace 11 13% 637.1 19% 4 8.4 0 ‐ 7 628.7

Niche Content 10 11% 115.4 3% 6 26.4 0 ‐ 4 89.0

Social Media/Apps 8 9% 205.0 6% 1 ‐ 0 ‐ 7 205.0

Web Search/Portals 0 0% ‐ 0% 0 ‐ 0 ‐ 0 ‐

Total 88 100% 3,357.3 100% 25 375.2 1 0.0 62 2,982.1

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media and InternetPublic Company Valuation (1/2)

*Note: Alphabet Inc. pricing represents (Nasdaq:GOOGL)*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAlphabet Inc. 804.06 ‐2% $ 543,411.1 $ 472,740.1 $ 81,761.0 $ 26,903.0 32.9% 17.5% 5.8x 17.6xApple Inc. 113.05 ‐9% 609,163.5 631,486.5 220,288.0 73,962.0 33.6% ‐1.8% 2.9x 8.5xBlucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 $56.4 19.3% NA 3.1x 15.8xDemand Media, Inc. 5.69 ‐12% 115.8 54.9 114.4 (24.7) NM ‐22.3% 0.5x NM Everyday Health, Inc. 7.69 ‐27% 257.1 343.6 248.8 22.4 9.0% 23.6% 1.4x 15.4xFacebook, Inc. 128.27 ‐5% 368,348.4 345,055.4 22,160.0 11,075.0 50.0% 51.4% 15.6x 31.2xFitbit Inc. 14.84 ‐65% 3,296.8 2,537.1 2,212.7 227.5 10.3% 75.6% 1.1x 11.2xGlu Mobile, Inc. 2.24 ‐50% 297.9 139.9 227.2 (11.0) NM ‐13.7% 0.6x NM GoPro, Inc. 16.68 ‐48% 2,325.9 2,046.7 1,241.2 (199.8) NM ‐26.9% 1.6x NM IAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4xLinkedIn Corporation 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7xMeetMe, Inc. 6.20 ‐24% 337.3 305.6 63.9 14.6 22.8% 35.0% 4.8x 21.0xNetflix, Inc. 98.55 ‐26% 42,251.3 42,790.2 7,624.6 313.8 4.1% 24.7% 5.6x NM Pandora Media, Inc. 14.33 ‐35% 3,310.8 3,261.1 1,288.0 (158.8) NM 25.8% 2.5x NM RealNetworks Inc. 4.46 ‐13% 164.1 85.3 118.7 (35.1) NM ‐11.6% 0.7x NM TheStreet, Inc. 1.10 ‐38% 38.8 11.6 66.0 0.3 0.4% 0.1% 0.2x 43.4xTwitter, Inc. 23.05 ‐28% 16,139.84 14,172.41 2,476.19 (4.89) NM 39.2% 5.7x NM WebMD Health Corp. 49.70 ‐26% 1,843.0 1,867.2 670.9 163.3 24.3% 12.2% 2.8x 11.4xXO Group Inc. 19.33 ‐1% 491.9 395.2 147.2 22.0 14.9% 3.9% 2.7x 18.0xYahoo! Inc. 43.10 ‐4% 41,021.8 3,837.5 4,893.9 767.5 15.7% 0.5% 0.8x 5.0xZynga, Inc. 2.91 ‐4% 2,566.9 1,698.4 750.0 (20.4) NM ‐0.3% 2.3x NM

Average 2.0x 11.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (36.3x)

US‐Based Digital Media and Internet


Digital Media and InternetPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABaidu, Inc. China 182.07 ‐16% $63,105.4 $58,300.9 $10,706.5 $2,624.5 24.5% 25.1% 5.4x 22.2xChangyou.com Limited China 27.25 ‐10% 1,384.4 726.6 609.8 196.7 32.3% ‐24.5% 1.2x 3.7xCyberAgent Inc. Japan 29.54 ‐10% 3,712.1 3,456.0 2,865.9 439.7 15.3% 21.2% 1.2x 7.9xDeNA Co., Ltd. Japan 36.09 ‐8% 5,235.5 4,579.1 1,404.9 345.5 24.6% 0.0% 3.3x 13.3xG5 Entertainment AB (publ) Sweden 5.40 ‐15% 47.6 43.7 47.6 5.1 10.8% 21.1% 0.9x 8.5xGree, Inc. Japan 5.58 ‐17% 1,308.0 516.5 680.4 155.3 22.8% ‐24.4% 0.8x 3.3xInternational Game Technology PLC United Kingdom 24.38 ‐2% 4,901.2 12,731.1 5,133.6 1,586.1 30.9% 29.9% 2.5x 8.0xKongZhong Corporation China 6.74 ‐13% 317.5 241.9 178.8 21.6 12.1% ‐18.5% 1.4x 11.2xMixi, Inc. Japan 35.89 ‐33% 2,938.8 1,903.9 2,006.6 923.3 46.0% 37.1% 0.9x 2.1xNCsoft Corporation South Korea 268.69 0% 5,707.1 5,012.9 792.8 279.4 35.2% 7.2% 6.3x 17.9xNaver Corporation South Korea 802.89 ‐2% 23,393.8 22,040.6 3,169.0 918.8 29.0% 23.1% 7.0x 24.0xNetEase, Inc. China 240.78 ‐5% 31,657.1 27,793.8 4,730.4 1,604.3 33.9% 112.3% 5.9x 17.3xNEXON Co., Ltd. Japan 15.55 ‐24% 6,792.5 4,309.6 1,862.3 578.2 31.0% 4.4% 2.3x 7.5xPacific Online Ltd. China 0.25 ‐33% 277.4 236.2 162.0 33.2 20.5% 0.1% 1.5x 7.1xPhoenix New Media Limited China 3.90 ‐37% 279.7 165.3 224.8 11.8 5.3% ‐9.9% 0.7x 14.0xRenren Inc. * China 2.06 ‐45% 700.9 727.4 47.5 (85.7) NM ‐25.1% 15.3x NM HolidayCheck Group AG * Germany 2.67 ‐39% 155.9 119.7 122.7 2.3 1.9% 1.6% 1.0x 51.7xWeibo Corporation * China 50.14 ‐4% 10,815.2 10,424.6 539.9 94.0 17.4% 37.2% 19.3x NM WeMade Entertainment Co., Ltd. * South Korea 17.69 ‐61% 293.6 282.0 104.9 9.7 9.2% ‐16.0% 2.7x 29.1xYandex N.V. Netherlands 21.05 ‐12% 6,755.6 6,135.4 1,065.0 320.7 30.1% 26.1% 5.8x 19.1xYY Inc. China 53.28 ‐19% 2,935.4 2,760.0 1,056.1 244.7 23.2% 50.0% 2.6x 11.3x

Average 1.9x 11.7x


Internationally‐based Digital Media and Internet


eCommercePublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. 9.17 ‐16% $596.2 $685.9 $1,173.0 $77.2 6.6% 4.6% 0.6x 8.9xAlphabet Inc. 804.06 ‐2% 543,411.1 472,740.1 81,761.0 26,903.0 32.9% 17.5% 5.8x 17.6xAmazon.com, Inc. 837.31 0% 396,946.5 398,266.5 120,637.0 10,310.0 8.5% 25.9% 3.3x 38.6xApple Inc. 113.05 ‐9% 609,163.5 631,486.5 220,288.0 73,962.0 33.6% ‐1.8% 2.9x 8.5xBlucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 56.4 19.3% NA 3.1x 15.8xBlue Nile Inc. 34.42 ‐12% 399.9 363.7 476.7 17.2 3.6% ‐1.4% 0.8x 21.1xCafePress Inc. 3.18 ‐34% 53.1 15.3 97.1 (0.1) NM ‐20.2% 0.2x NM CDW Corporation 45.73 ‐4% 7,468.3 11,089.2 13,700.8 1,029.2 7.5% 10.6% 0.8x 10.8xChegg, Inc. 7.09 ‐12% 645.4 595.7 269.1 (11.4) NM ‐15.3% 2.2x NM Copart, Inc. 53.56 ‐2% 6,114.5 6,599.1 1,268.4 446.5 35.2% 10.7% 5.2x 14.8xeBay Inc. 32.90 ‐1% 37,144.7 38,112.7 8,788.0 3,072.0 35.0% 1.7% 4.3x 12.4xEtsy, Inc. 14.28 ‐9% 1,624.2 1,358.5 320.8 30.2 9.4% 38.0% 4.2x 45.0xEVINE Live Inc. 2.29 ‐28% 131.8 178.9 697.9 10.7 1.5% 3.0% 0.3x 16.7xExpedia Inc. 116.72 ‐17% 17,495.2 19,421.4 7,736.2 837.9 10.8% 26.7% 2.5x 23.2xFTD Companies, Inc. 20.57 ‐32% 563.0 792.6 1,155.3 99.6 8.6% 13.7% 0.7x 8.0xGrubHub Inc. 42.99 ‐4% 3,663.2 3,393.4 418.0 94.3 22.6% 34.2% 8.1x 36.0xHSN, Inc. 39.80 ‐37% 2,080.0 2,631.3 3,634.1 305.0 8.4% ‐1.3% 0.7x 8.6xIAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4xLiberty Ventures 39.87 ‐12% 5,675.4 7,378.4 572.0 (26.0) NM ‐42.9% 12.9x NM Liquidity Services, Inc. 11.24 0% 345.5 215.7 317.2 (5.8) NM ‐27.3% 0.7x NM Match Group, Inc. 17.79 ‐2% 4,478.2 5,524.4 1,122.9 288.9 25.7% 18.1% 4.9x 19.1xOverstock.com Inc. 15.32 ‐15% 388.3 306.9 1,703.7 1.7 0.1% 5.8% 0.2x NM PetMed Express, Inc. 20.28 ‐4% 409.3 365.0 235.5 34.5 14.6% 3.1% 1.5x 10.6xThe Priceline Group Inc. 1,471.49 ‐1% 72,731.3 75,618.0 9,806.9 3,713.7 37.9% 11.5% 7.7x 20.4xQVC Group $20.01 ‐30% 9,527.8 15,643.8 10,024.0 1,800.0 18.0% 10.8% 1.6x 8.7xShutterfly, Inc. 44.64 ‐18% 1,516.8 1,761.1 1,101.2 128.6 11.7% 13.6% 1.6x 13.7xShutterstock, Inc. 63.70 ‐2% 2,230.5 1,964.6 464.3 61.4 13.2% 23.2% 4.2x 32.0xSpark Networks, Inc. 1.58 ‐62% 41.0 37.9 41.3 (3.3) NM ‐24.9% 0.9x NM Stamps.com Inc. 94.51 ‐24% 1,632.03 1,672.89 287.40 99.84 34.7% 67.0% 5.8x 16.8xU.S. Auto Parts Network, Inc. 3.29 ‐27% 115.0 121.9 297.1 9.1 3.0% 2.0% 0.4x 13.5xWayfair Inc. 39.37 ‐21% 3,346.3 3,073.1 2,868.0 (99.4) NM 72.7% 1.1x NM

Average 1.9x 12.6x


US‐based eCommerce


eCommercePublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA58.com Inc. * China 47.66 ‐32% $ 6,869.0 $ 6,840.4 $ 997.3 $ (126.9) NM 150.1% 6.9x NM Alibaba Group Holding Limited * China 105.79 ‐4% 264,475.0 267,563.8 17,008.0 6,148.0 36.1% 40.1% 15.7x 43.5xCnova N.V. * Netherlands 5.37 ‐1% 2,369.8 2,697.7 3,478.3 (136.8) NM ‐13.1% 0.8x NM JD.com, Inc. * China 26.09 ‐22% 37,951.9 36,521.6 32,785.3 (117.0) NM 49.0% 1.1x NM Jumei International Holding Limited China 5.85 ‐51% 857.8 409.8 1,131.0 27.9 2.5% 88.9% 0.4x 14.7xLightInTheBox Holding Co., Ltd. * China 2.85 ‐34% 196.5 100.3 290.7 (14.2) NM ‐22.9% 0.3x NM Mercadolibre, Inc. * Argentina 184.97 ‐4% 8,167.8 8,069.8 706.6 180.8 25.6% 15.5% 11.4x 44.6xPChome Online Inc. Taiwan 11.78 ‐2% 1,299.3 1,062.0 758.2 38.6 5.1% 13.1% 1.4x 27.5xRakuten, Inc. Japan 12.94 ‐25% 18,459.5 20,233.7 7,307.6 1,417.3 19.4% 14.8% 2.8x 14.3xTravelport Worldwide Limited United Kingdom 15.03 ‐1% 1,862.5 4,184.7 2,309.8 401.3 17.4% 7.4% 1.8x 10.4xVipshop Holdings Limited China 14.67 ‐34% 8,506.3 8,400.4 7,248.6 475.1 6.6% 53.6% 1.2x 17.7x

Average 1.2x 14.1x


Internationally‐based eCommerce


Digital Advertising

There was a total of 24 transactions announced in the Digital Advertising segment, of which 16 were worth more than $1.5 billion in reported value

Vertical Search was the most active subsegments with six transactions announced

Select Transactions:

• The majority stake taken in of mobile advertising platform AppLovin by China‐based private equity firm Orient Hontai Capital in a transaction valued at $1.4 billion

• The $20 million acquisition of supply‐side platform Avocarrot by Germany‐based mobile marketing and media planning company Glispa

• Café Media’s acquisition of lifestyle digital publishing and ad monetization network AdThrive

• The acquisition of travel and activities metasearch site Hipmunk by business travel and invoice management company Concur Technologies

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

Vertical Search 6 25% $14.7 1% 3 ‐ 0 ‐ 3 $14.7

Mobile Marketing 5 21% 1,410.0 92% 1 ‐ 1 1,400.0 3 10.0

Ad Networks/Exchanges 3 13% 20.0 1% 3 20.0 0 ‐ 0 ‐

Digital Video 3 13% 10.3 1% 2 5.7 0 ‐ 1 4.6

Comparison Shopping 2 8% 17.5 1% 0 ‐ 0 ‐ 2 17.5

Local Search 2 8% 10.0 1% 1 ‐ 0 ‐ 1 10.0

Affiliate/CPA Network 1 4% 30.6 2% 1 30.6 0 ‐ 0 ‐

Other 2 8% 12.0 1% 0 ‐ 0 ‐ 2 15.2

Total 24 100% 1,528.3 100% 11 56.3 1 1,400.0 12 72.0

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital AdvertisingPublic Company Valuation (1/2)($ in Millions, except stock price data)

US‐based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAlliance Data Systems Corporation $214.53 ‐29% $ 12,556.2 $ 29,821.4 $ 6,762.9 $ 1,551.6 22.9% 14.5% 4.4x 19.2xAlphabet Inc. 804.06 ‐2% 543,404.5 472,733.5 81,761.0 26,903.0 32.9% 17.5% 5.8x 17.6xAngie's List, Inc. $9.91 ‐12% 582.5 582.0 340.2 33.1 9.7% 1.7% 1.7x 17.6xAutobytel Inc. 17.80 ‐29% 192.0 189.2 149.0 12.6 8.4% 35.4% 1.3x 15.1xBankrate, Inc. 8.48 ‐46% 765.5 938.0 383.8 88.8 23.1% 46.3% 2.4x 10.6xBlucora, Inc. 11.20 ‐26% 465.0 889.5 291.6 56.4 19.3% NA 3.1x 15.8xCare.com, Inc. 9.96 ‐17% 284.9 229.2 151.2 (0.1) NM 21.4% 1.5x NM Demand Media, Inc. 5.69 ‐12% 115.8 54.9 114.4 (24.7) NM ‐22.3% 0.5x NM DHI Group, Inc. 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3xDigital Globe Services Inc. 0.61 ‐51% 18.1 17.6 45.6 4.2 9.3% 15.0% 0.4x 4.2xFacebook, Inc. * 128.27 ‐5% 368,348.4 345,055.4 22,160.0 11,075.0 50.0% 51.4% 15.6x 31.2xGroupon, Inc. 5.15 ‐13% 2,959.1 2,407.1 3,118.8 6.6 0.2% 1.1% 0.8x NM IAC/InterActiveCorp 62.47 ‐15% 4,971.3 5,474.3 3,251.9 380.9 11.7% 3.0% 1.7x 14.4xInuvo, Inc. 1.27 ‐61% 31.3 27.4 74.7 3.0 4.0% 27.2% 0.4x 9.1xMaxPoint Interactive, Inc. 8.92 ‐60% 58.8 59.4 142.4 (21.3) NM 10.4% 0.4x NM Monster Worldwide, Inc. 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3xPerion Network Ltd. 1.20 ‐70% 91.6 133.7 274.0 23.3 8.5% 3.4% 0.5x 5.7xQuinStreet, Inc. 3.02 ‐52% 138.2 99.5 297.7 (6.2) NM 5.5% 0.3x NM Quotient Technology Inc. 13.31 ‐7% 1,117.2 960.7 259.2 (16.7) NM 12.7% 3.7x NM RetailMeNot, Inc. 9.89 ‐24% 481.4 302.9 254.5 36.4 14.3% ‐1.2% 1.2x 8.3xRhythmOne plc 0.47 ‐5% 189.9 147.5 166.7 (16.9) NM ‐22.4% 0.9x NM Rocket Fuel Inc. 2.64 ‐53% 117.4 129.6 459.0 (16.3) NM ‐1.5% 0.3x NM The Rubicon Project, Inc. 8.28 ‐59% 405.1 218.2 298.0 41.6 14.0% 81.5% 0.7x 5.2xTiVo Corporation 19.48 ‐18% 2,372.70 3,109.36 508.06 168.95 33.3% ‐3.2% 6.1x 18.4xTravelzoo Inc. 12.83 ‐3% 177.6 149.6 134.6 11.0 8.2% ‐8.1% 1.1x 13.6xLendingTree, Inc. 96.91 ‐26% 1,142.0 982.4 337.1 42.4 12.6% 76.3% 2.9x 23.1xThe Trade Desk, Inc. * 29.21 ‐13% 1,116.7 1,227.5 149.0 47.1 31.6% 0.0% 8.2x 26.1xTremor Video, Inc. 1.71 ‐22% 89.7 39.7 165.1 (13.1) NM 2.3% 0.2x NM TripAdvisor Inc. * 63.18 ‐28% 9,202.7 8,441.7 1,467.0 205.0 14.0% 4.0% 5.8x 41.2xTrueCar, Inc. 9.44 ‐15% 798.7 724.3 264.3 (34.1) NM 12.0% 2.7x NM TubeMogul, Inc. 9.37 ‐35% 339.4 268.7 202.5 (13.4) NM 45.4% 1.3x NM


Digital AdvertisingPublic Company Valuation (2/2)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)


US‐based Digital Advertising

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATwitter, Inc. 23.05 ‐28% $ 16,139.8 $ 14,172.4 $ 2,476.2 $ (4.9) NM 39.2% 5.7x NM Web.com Group, Inc. 17.27 ‐31% 808.4 1,505.1 607.8 113.6 18.7% 12.5% 2.5x 13.3xYahoo! Inc. 43.10 ‐4% 41,021.8 3,837.5 4,893.9 767.5 15.7% 0.5% 0.8x 5.0xYelp Inc. 41.70 ‐1% 3,225.3 2,827.1 629.3 (8.7) NM 35.4% 4.5x NM YuMe, Inc. 3.97 ‐9% 136.0 74.0 172.6 (5.2) NM ‐4.4% 0.4x NM Zillow Group, Inc. 34.45 ‐14% 6,191.1 6,000.9 740.5 7.2 1.0% 54.4% 8.1x NM

Average 1.9x 12.1x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (9.0x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (24.6x)


Marketing Technology

The Marketing Technology segment announced 100 transactions, of which 67 reported more than $1.2 billion in value

Analytics & Targeting was the most active subsegment with 20 transactions announced, 18 of which reported more than $250 million in value


• The $88 million round of funding raised by contract lifecycle management company Apttus from ICONIQ Capital, K1 Investment Management, and Kuwait Investment Authority

• Customer experience and order management applications provider Vlocity’s $50 million round of funding from Sutter Hill Ventures, Salesforce Ventures, Accenture, and New York Life

• The $32 million raised by SaaS‐based marketing analytics company Datorama from Lightspeed Venture Partners

• Mobile engagement and loyalty platform SessionM’s $35 million round of funding led by General Atlantic

• Programmatic advertising company AppNexus’ $31 million investment from News Corp. and Yahoo Japan

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

Analytics & Targeting 20 20% $259.9 21% 2 ‐ 0 ‐ 18 $259.9

CRM 12 12% 299.8 24% 1 ‐ 1 ‐ 10 299.8

Content Management 8 8% 72.1 6% 2 5.6 1 ‐ 5 66.5

MRM/Workflow Management 8 8% 30.5 2% 2 ‐ 1 ‐ 5 30.5

Commerce Management 6 6% 88.2 7% 2 ‐ 0 ‐ 4 88.2

Market Research 6 6% 16.2 1% 3 ‐ 0 ‐ 3 16.2

Ad Serving 5 5% 83.7 7% 0 ‐ 0 ‐ 5 83.7

Other 35 35% 398.1 32% 11 ‐ 3 ‐ 21 380.1

Total 100 100% 1,248.5 100% 23 5.6 6 0.0 71 1,242.9

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing TechnologyPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Incorporated 108.54 ‐1% $ 53,969.02 $ 51,439.21 $ 5,552.42 $ 1,647.09 29.7% 21.7% 9.3x 31.2xAppFolio, Inc. 19.44 ‐3% 654.1 631.9 90.1 (10.7) NM 48.9% 7.0x NM Bazaarvoice, Inc. 5.91 ‐3% 489.5 439.7 201.0 (9.8) NM 3.6% 2.2x NM Blackbaud Inc. 66.34 ‐8% 3,079.7 3,466.4 684.1 113.5 16.6% 13.9% 5.1x 30.5xBrightcove Inc. 13.05 ‐4% 431.5 402.3 142.2 2.6 1.8% 10.6% 2.8x 156.8xChannelAdvisor Corporation 12.93 ‐19% 332.3 270.2 107.3 (7.4) NM 17.1% 2.5x NM Covisint Corporation 2.18 ‐18% 88.9 47.1 75.0 (9.8) NM ‐12.2% 0.6x NM Cvent, Inc. 31.71 ‐15% 1,343.2 1,166.6 211.2 8.3 3.9% 27.9% 5.5x 141.3xeBay Inc. 32.90 ‐1% 37,144.7 38,112.7 8,788.0 3,072.0 35.0% 1.7% 4.3x 12.4xEndurance International Group 8.75 ‐43% 1,235.6 3,203.7 909.4 172.2 18.9% 31.4% 3.5x 18.6xFive9, Inc. 15.68 ‐3% 824.0 809.9 145.2 (5.2) NM 26.6% 5.6x NM GoDaddy Inc. 34.53 ‐3% 2,912.7 3,685.5 1,726.4 168.6 9.8% 15.1% 2.1x 21.9xHubSpot, Inc. 57.62 ‐4% 2,036.6 1,920.1 224.8 (40.8) NM 54.3% 8.5x NM Interactive Intelligence Group Inc. 60.14 ‐1% 1,342.6 1,298.1 413.1 (2.1) NM 12.3% 3.1x NM IBM Corporation 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3xJive Software, Inc. 4.26 ‐18% 331.0 225.8 201.7 (13.7) NM 6.2% 1.1x NM LivePerson Inc. 8.41 ‐2% 485.9 433.6 232.1 15.5 6.7% 0.8% 1.9x 28.0xMarin Software Incorporated 2.52 ‐39% 96.9 63.8 108.3 (8.4) NM 2.3% 0.6x NM MaxPoint Interactive, Inc. 8.92 ‐60% 58.8 59.4 142.4 (21.3) NM 10.4% 0.4x NM MicroStrategy Inc. 167.44 ‐20% 1,914.0 1,363.9 515.2 129.0 25.0% ‐7.5% 2.6x 10.6xMINDBODY, Inc. 19.66 ‐4% 781.0 708.8 119.9 (24.0) NM 41.4% 5.9x NM NetSuite Inc. 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Nuance Communications, Inc. 14.50 ‐34% 4,055.5 5,901.5 1,946.8 316.6 16.3% 0.9% 3.0x 18.6xOracle Corporation 39.28 ‐6% 161,269.5 147,326.5 37,194.0 14,612.0 39.3% ‐2.3% 4.0x 10.1xPayPal Holdings, Inc. 40.97 ‐2% 49,447.4 44,490.4 10,008.0 2,019.0 20.2% 16.3% 4.4x 22.0xPROS Holdings, Inc. 22.61 ‐11% 687.1 661.0 157.8 (53.4) NM ‐15.1% 4.2x NM PTC Inc. 44.31 ‐5% 5,093.7 5,565.8 1,164.9 166.6 14.3% ‐11.0% 4.8x 33.4xRightside Group, Ltd. 9.10 ‐29% 175.7 152.6 218.9 1.0 0.4% 7.7% 0.7x 155.6xThe Rubicon Project, Inc. 8.28 ‐59% 405.1 218.2 298.0 41.6 14.0% 81.5% 0.7x 5.2xsalesforce.com, inc. 71.33 ‐16% 48,326.1 49,666.8 7,474.6 559.6 7.5% 25.1% 6.6x 88.8xSquare, Inc. 11.66 ‐27% 3,985.0 3,581.6 1,524.4 (90.8) NM 46.7% 2.3x NM

US‐based Marketing Technology


Marketing TechnologyPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASynchronoss Technologies, Inc. 41.18 ‐6% $ 1,856.4 $ 2,024.7 $ 608.3 $ 132.7 21.8% 15.6% 3.3x 15.3xTableau Software, Inc. 55.27 ‐47% 4,111.9 3,277.1 743.8 (84.0) NM 41.0% 4.4x NM Teradata Corporation 31.00 ‐6% 4,042.4 3,715.4 2,469.0 377.0 15.3% ‐6.2% 1.5x 9.9xVerint Systems Inc. 37.63 ‐24% 2,376.0 2,765.4 1,072.2 116.8 10.9% ‐7.5% 2.6x 23.7xXactly Corporation 14.72 ‐1% 452.6 422.0 87.0 (16.0) NM 29.7% 4.9x NM Zendesk, Inc. 30.71 ‐4% 2,880.8 2,656.6 261.0 (77.8) NM 60.2% 10.2x NM

Adjusted Weighted Average 3.0x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (91.7x)

US‐based Marketing Technology


Agency & Marketing Services

There were 34 transactions announced in the Agency & Marketing Services segment in September. Public Relations was the most active subsegment with nine transactions

Select transactions:

• Blackhawk Network’s acquisition of customer engagement and employee invectives company The Grass Roots Group for $118 million

• The majority investment received by R2Integrated, a leading independent digital agency focused on integrating marketing cloud technology with brand strategy and demand generation, from Baird Capital (A Petsky Prunier‐led transaction)

• Dentsu Aegis Network’s acquisition of programmatic technology and services firm Accordant

• The undisclosed amount of funding raised by digital marketing agency Bully Pulpit Interactive from Svoboda Capital Partners

• The acquisition of healthcare‐focused communications consulting firm Pure Communications by Mountaingate Capital‐backed W2O Group (A Petsky Prunier‐led transaction)

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

Public Relations 9 26% $75.8 21% 8 $75.8 0 ‐ 1 ‐

Marketing Consulting 8 24% 78.9 22% 7 58.9 0 ‐ 1 20.0

Digital Agency 6 18% 68.0 19% 4 ‐ 1 68.0 1 ‐

Loyalty/Retention 2 6% 118.0 33% 1 118.0 1 ‐ 0 ‐

Specialty Agency 2 6% ‐ 0% 2 ‐ 0 ‐ 0 ‐

B‐to‐B Agency 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Design Agency 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Other 5 15% 22 6% 5 21.5 0 ‐ 0 ‐

Total 34 100% 362.2 100% 29 274.2 2 68.0 3 20.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc * United Kingdom $1.39 ‐7% $ 120.6 $ 126.8 $ 214.2 $ 8.2 3.8% ‐4.4% 0.6x 15.5xCreston plc United Kingdom 1.28 ‐40% 74.2 72.5 155.6 15.0 9.7% 7.9% 0.5x 4.8xDentsu Inc. Japan 50.46 ‐29% 14,387.1 15,164.5 7,836.6 1,651.6 21.1% NM 1.9x 9.2xEnero Group Limited Australia 0.98 ‐3% 84.0 56.7 159.3 11.4 7.1% 0.6% 0.4x 5.0xHakuhodo DY Holdings Inc Japan 11.63 ‐17% 4,334.6 3,244.6 11,958.0 501.3 4.2% 7.9% 0.3x 6.5xHavas SA France 8.46 ‐9% 3,549.1 3,663.8 2,488.8 397.6 16.0% 10.3% 1.5x 9.2xHuntsworth plc United Kingdom 0.56 ‐10% 179.7 227.2 228.3 25.2 11.0% 3.5% 1.0x 9.0xM&C Saatchi plc * United Kingdom 4.81 ‐2% 357.2 375.3 254.7 27.3 10.7% 9.9% 1.5x 13.8xMDC Holdings Inc. * United States 25.80 ‐11% 1,265.1 2,026.6 2,042.5 138.4 6.8% 14.4% 1.0x 14.6xNext Fifteen Communications Group plc United Kingdom 4.45 ‐6% 321.7 338.7 197.1 26.5 13.4% 28.8% 1.7x 12.8xOmnicom Group Inc. United States 85.00 ‐3% 20,105.8 24,318.0 15,243.9 2,249.0 14.8% 0.2% 1.6x 10.8xOPT Holding, Inc. Japan 7.37 ‐15% 190.6 164.2 649.8 29.0 4.5% 2.8% 0.3x 5.7xPublicis Groupe SA France 75.67 ‐3% 17,012.5 19,865.3 10,896.8 1,970.1 18.1% 16.3% 1.8x 10.1xThe Interpublic Group of Companies, Inc. United States 22.35 ‐10% 8,955.8 10,379.0 7,721.6 1,049.8 13.6% 1.6% 1.3x 9.9xWPP plc * United Kingdom 23.62 ‐3% 29,795.5 35,925.2 17,192.7 2,544.7 14.8% 8.7% 2.1x 14.1x

1.7x 9.8xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation * United States $26.65 ‐2% $ 2,063.0 $ 2,095.3 $ 868.0 $ 85.5 9.8% 6.5% 2.4x 24.5xAimia Inc. Canada 6.29 ‐35% 958.5 1,152.1 1,817.5 80.6 4.4% ‐5.7% 0.6x 14.3xAlliance Data Systems Corporation United States 214.53 ‐29% 12,556.2 25,691.4 6,762.9 1,551.6 22.9% 14.5% 3.8x 16.6xCSG Systems International Inc. United States 41.33 ‐11% 1,337.0 1,470.0 760.7 164.5 21.6% 1.8% 1.9x 8.9xDST Systems Inc. United States 117.92 ‐8% 3,846.6 4,506.6 2,877.1 413.5 14.4% 36.7% 1.6x 10.9xFair Isaac Corporation * United States 124.59 ‐6% 3,844.2 4,327.0 878.3 212.8 24.2% 6.1% 4.9x 20.3xHarte‐Hanks Inc. United States 1.62 ‐63% 99.6 156.5 473.7 17.7 3.7% ‐5.1% 0.3x 8.9xHigh Co. SA France 6.68 ‐7% 137.6 91.8 168.0 14.0 8.3% 19.2% 0.5x 6.6xMultiplus S.A. Brazil 13.56 ‐7% 2,196.2 1,780.8 710.8 182.9 25.7% 10.7% 2.5x 9.7xPitney Bowes Inc. United States 18.16 ‐17% 3,370.3 6,010.2 3,487.0 777.4 22.3% ‐5.7% 1.7x 7.7xPoints International Ltd. Canada 8.96 ‐21% 136.4 81.6 318.6 8.9 2.8% 22.0% 0.3x 9.2xViad Corp United States 36.87 ‐3% 747.9 860.2 1,073.7 73.7 6.9% ‐2.8% 0.8x 11.7x

2.7x 13.2xAdjusted Weighted Average



Traditional Media

Of the 12 transactions announced in the Traditional Media segment in September, three reported more than $2.3 billion in reported transaction value


• The acquisition of corporate events and entertainment shows producer Aquarian by trade shows operator Shepard Exposition Services

• The 49 percent minority stake taken in Rolling Stone by Singapore‐based social music company BandLab Technologies

• Education and student campus life media company OrcaTV’s sale to broadband and cable services provider Apogee

• The undisclosed amount of funding raised by business events production company Connecting Point Marketing from Corridor Capital

• Broadcasting services provider Gravity Media Group’s undisclosed amount of funding from TowerBrook Capital Partners

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

B‐to‐B Media 3 25% $1,559.3 67% 2 $1,559.3 0 ‐ 1 ‐

Broadcast Television 2 17% ‐ 0% 1 ‐ 0 ‐ 1 ‐

Digital Place‐Based Media 2 17% 25.0 1% 1 ‐ 0 ‐ 1 25.0

Entertainment Media 2 17% 746.0 32% 1 746.0 0 ‐ 1 ‐

Consumer Magazine Publishing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Newspaper Publishing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Total 12 100% 2,330.3 100% 8 2,305.3 0 0.0 4 25.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional MediaPublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $54.74 ‐6% $ 24,361.6 $ 32,594.6 $ 14,303.0 $ 3,311.0 23.1% 3.9% 2.3x 9.8xDiscovery Communications, Inc. United States 26.92 ‐15% 14,845.6 22,686.6 6,472.0 2,480.0 38.3% 0.6% 3.5x 9.1xTime Warner Inc. * United States 79.61 ‐2% 61,924.0 83,926.0 27,903.0 7,951.0 28.5% ‐1.2% 3.0x 10.6xTwenty‐First Century Fox, Inc. United States 24.22 ‐23% 45,447.1 62,520.1 27,326.0 6,430.0 23.5% ‐5.7% 2.3x 9.7xViacom, Inc. United States 38.10 ‐29% 15,345.7 27,781.7 13,050.0 3,469.0 26.6% ‐3.1% 2.1x 8.0xThe Walt Disney Company United States 92.86 ‐23% 149,235.4 168,402.4 56,002.0 17,151.0 30.6% 9.1% 3.0x 9.8x



B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAscential plc * United Kingdom $3.66 ‐4% $ 1,465.6 $ 1,718.2 $ 456.3 $ 104.5 22.9% 0.0% 3.8x 16.4xEuromoney Institutional Investor PLC United Kingdom $14.44 ‐8% 1,825.9 1,818.9 576.0 231.7 40.2% ‐2.1% 3.2x 7.8xGlobal Sources Ltd. Bermuda 8.48 ‐13% 202.5 119.7 160.0 26.5 16.6% ‐6.3% 0.7x 4.5xInforma plc United Kingdom 9.27 ‐7% 6,011.4 7,388.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.4xTechTarget, Inc. United States 8.06 ‐16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9xUBM plc United Kingdom 9.30 ‐4% 3,658.3 3,745.2 1,061.0 285.0 26.9% 47.4% 3.5x 13.1x



Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $5.80 ‐4% $ 135.2 $ 203.2 $ 109.9 $ 21.9 20.0% 32.6% 1.8x 9.3xCumulus Media Inc. United States 0.33 ‐60% 77.3 2,435.2 1,154.0 213.4 18.5% ‐4.9% 2.1x 11.4xEmmis Communications Corp. United States 4.05 ‐20% 49.3 328.6 229.0 38.2 16.7% ‐3.2% 1.4x 8.6xEntercom Communications Corp. United States 12.94 ‐13% 525.4 1,002.2 448.9 106.9 23.8% 18.0% 2.2x 9.4xPandora Media, Inc. United States 14.33 ‐35% 3,310.8 3,261.1 1,288.0 (158.8) NM 25.8% 2.5x NM Radio One Inc. United States 3.03 ‐15% 145.7 1,109.4 457.1 119.3 26.1% 2.1% 2.4x 9.3xSalem Media Group, Inc. United States 5.88 ‐28% 150.5 424.3 269.0 47.1 17.5% 1.6% 1.6x 9.0xSirius XM Holdings Inc. * United States 4.17 ‐6% 20,340.8 25,966.8 4,802.4 1,650.9 34.4% 10.3% 5.4x 15.7xSpanish Broadcasting System Inc. United States 3.95 ‐38% 28.7 438.5 143.5 37.8 26.3% 0.5% 3.1x 11.6xTownsquare Media, Inc. United States 9.34 ‐22% 171.8 727.5 474.2 88.7 18.7% 22.5% 1.5x 8.2x


Large Cap Diversified Media







Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTMCompany Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $51.86 ‐38% $ 3,702.8 $ 6,282.6 $ 2,702.5 $ 881.7 32.6% 12.7% 2.3x 7.1xSky plc United Kingdom 11.64 ‐21% 19,883.1 28,723.3 15,906.8 2,604.4 16.4% 19.8% 1.8x 11.0xCVC Limited Australia 1.31 ‐4% 156.7 166.5 110.6 26.7 24.1% 24.1% 1.5x 6.2xCBS Corporation United States 54.74 ‐6% 24,361.6 32,594.6 14,303.0 3,311.0 23.1% 3.9% 2.3x 9.8xCharter Communications, Inc. * United States 269.97 ‐4% 73,142.4 145,596.4 13,653.0 4,659.0 34.1% 44.6% 10.7x 31.3xComcast Corporation United States 66.34 ‐3% 160,000.4 214,324.4 75,973.0 25,476.0 33.5% 6.8% 2.8x 8.4xDiscovery Communications, Inc. United States 26.92 ‐15% 14,845.6 22,686.6 6,472.0 2,480.0 38.3% 0.6% 3.5x 9.1xDish Network Corp. United States 54.78 ‐16% 25,464.8 36,518.4 15,136.5 3,110.6 20.6% 1.5% 2.4x 11.7xEntravision Communications Corporation United States 7.63 ‐20% 683.2 941.0 257.6 68.6 26.6% 4.3% 3.7x 13.7xGeneral Communication Inc. United States 13.75 ‐39% 509.7 1,941.5 964.8 295.0 30.6% 1.8% 2.0x 6.6xGray Television, Inc. United States 10.36 ‐41% 744.2 2,273.2 690.9 238.9 34.6% 17.8% 3.3x 9.5xGrupo Televisa, S.A.B. Mexico 5.15 ‐3% 15,056.6 19,586.5 5,018.4 1,783.1 35.5% 9.2% 3.9x 11.0xLiberty Global plc United Kingdom 34.18 ‐27% 30,714.0 83,850.9 18,858.7 8,520.9 45.2% 3.6% 4.4x 9.8xMedia General, Inc. United States 18.43 0% 2,383.4 4,580.7 1,393.9 384.7 27.6% 40.2% 3.3x 11.9xNexstar Broadcasting Group, Inc. United States 57.71 ‐7% 1,771.1 3,238.2 992.9 335.5 33.8% 28.7% 3.3x 9.7xScripps Networks Interactive, Inc. United States 63.49 ‐7% 8,193.4 11,917.9 3,337.5 1,490.0 44.6% 23.4% 3.6x 8.0xSinclair Broadcast Group, Inc. United States 28.88 ‐20% 2,727.1 6,774.5 2,405.6 709.8 29.5% 11.0% 2.8x 9.5xTEGNA Inc. United States 21.86 ‐24% 4,685.1 9,150.4 3,156.3 1,158.1 36.7% 11.7% 2.9x 7.9xThe E. W. Scripps Company * United States 15.90 ‐31% 1,328.2 1,659.2 831.8 65.7 7.9% 39.8% 2.0x 25.2xTime Warner Inc. United States 79.61 ‐2% 61,924.0 83,926.0 27,903.0 7,951.0 28.5% ‐1.2% 3.0x 10.6x



Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTMCompany Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACineplex Inc. Canada $38.52 ‐4% $ 2,445.8 $ 2,764.2 $ 1,119.1 $ 183.9 16.4% 14.7% 2.5x 15.0xEros International Plc * United States 15.32 ‐54% 866.6 1,083.2 295.5 42.0 14.2% 2.3% 3.7x 25.8xLions Gate Entertainment Corp. United States 19.99 ‐52% 2,951.6 4,435.6 2,492.1 (20.2) NM 5.6% 1.8x NM Live Nation Entertainment, Inc. United States 27.48 ‐7% 5,580.8 6,618.6 7,746.6 583.2 7.5% 11.3% 0.9x 11.3xSFX Entertainment, Inc. United States 0.02 ‐99% 1.5 299.6 402.4 (86.3) NM 17.4% 0.7x NM Twenty‐First Century Fox, Inc. United States 24.22 ‐23% 45,447.1 62,520.1 27,326.0 6,430.0 23.5% ‐5.7% 2.3x 9.7xLiberty Global plc United Kingdom 34.18 ‐27% 30,714.0 83,850.9 18,858.7 8,520.9 45.2% 3.6% 4.4x 9.8xVillage Roadshow Limited Australia 3.79 ‐36% 613.0 1,037.3 780.8 110.0 14.1% 7.4% 1.3x 9.4xWorld Wrestling Entertainment Inc. United States 21.30 ‐1% 1,627.3 1,578.3 702.5 72.4 10.3% 19.7% 2.2x 21.8x




LTM Multiples

LTM Multiples




Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $3.37 ‐41% $ 211.0 $ 131.3 $ 50.2 $ (70.3) NM ‐32.7% 2.6x NM APG|SGA SA Switzerland 425.18 ‐3% 1,275.1 1,181.3 320.3 79.3 24.8% ‐1.5% 3.7x 14.9xClear Channel Outdoor Holdings Inc. United States 5.84 ‐25% 2,102.0 6,967.3 2,771.2 665.4 24.0% ‐3.9% 2.5x 10.5xClear Media Ltd. Hong Kong 0.95 ‐12% 516.2 448.4 240.6 104.6 43.5% 3.9% 1.9x 4.3xJCDecaux SA France 32.35 ‐28% 6,875.7 7,492.8 3,258.5 550.4 16.9% 12.0% 2.3x 13.6xLamar Advertising Co. United States 65.31 ‐6% 6,365.0 8,716.0 1,432.7 598.5 41.8% 8.7% 6.1x 14.6xMood Media Corporation Canada 0.13 ‐55% 23.8 628.0 474.2 80.0 16.9% ‐1.8% 1.3x 7.9xNational CineMedia, Inc. United States 14.72 ‐10% 918.2 2,071.1 439.7 193.4 44.0% 4.1% 4.7x 10.7xNTN Buzztime Inc. United States 7.10 ‐58% 13.1 18.0 23.5 (0.8) NM ‐4.8% 0.8x NM Tom Group Ltd. * Hong Kong 0.27 ‐7% 1,038.3 1,374.0 147.0 9.6 6.5% ‐20.0% 9.3x 143.4x



Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation * United States $7.35 ‐8% $ 159.3 $ 79.6 $ 269.1 $ 3.7 1.4% ‐0.8% 0.3x 21.3xDaily Mail and General Trust plc United Kingdom 9.69 ‐6% 3,247.7 4,396.2 2,698.7 411.1 15.2% 2.0% 1.6x 10.7xEmmis Communications Corp. United States 4.05 ‐20% 49.3 328.6 229.0 38.2 16.7% ‐3.2% 1.4x 8.6xGannett Co., Inc. United States 11.64 ‐35% 1,356.5 1,412.4 2,848.7 369.4 13.0% ‐6.0% 0.5x 3.8xGlacier Media, Inc. Canada 0.55 ‐23% 60.3 123.9 157.2 10.7 6.8% ‐14.1% 0.8x 11.6xJohn Wiley & Sons Inc. United States 51.61 ‐12% 3,003.7 3,472.9 1,708.3 274.7 16.1% ‐5.5% 2.0x 12.6xMeredith Corporation United States 51.99 ‐10% 2,258.6 2,935.9 1,649.6 309.9 18.8% 3.5% 1.8x 9.5xNews Corporation United States 13.98 ‐11% 8,177.2 6,952.2 8,292.0 690.0 8.3% 2.4% 0.8x 10.1xScholastic Corporation United States 39.36 ‐11% 1,358.5 1,083.0 1,764.3 137.7 7.8% 7.8% 0.6x 7.9xThe E. W. Scripps Company * United States 15.90 ‐31% 1,328.2 1,659.2 831.8 65.7 7.9% 39.8% 2.0x 25.2xThe McClatchy Company United States 16.13 ‐18% 123.1 1,037.2 1,017.2 143.6 14.1% ‐7.7% 1.0x 7.2xThe New York Times Company United States 11.95 ‐16% 1,924.2 1,626.3 1,564.2 233.5 14.9% ‐0.8% 1.0x 7.0xTime Inc. United States 14.48 ‐28% 1,449.5 2,316.5 3,078.0 333.0 10.8% ‐2.9% 0.8x 7.0x





Software

Within the Software segment, nearly $2.4 billion in reported value involved Strategic buyers, while more than $1.1 billion inVenture/Growth Capital investments transactions were announced

Financial and Security Software were the most active subsegments in September with 29 and 26 transactions announced, respectively


• The majority stake taken by TPG Capital in Intel’s McAfee Security Software business for a reported $3.1 billion

• Vista Equity Partners’ take‐private of network software and security company Infoblox for $1.6 billion

• Government agency communications solutions company GovDelivery’s $153 million sale to Vista Equity Partners

• The $100 million round of funding raised by tax compliance automation company Avalara from Warburg Pincus, Battery Ventures, Sageview Capital, and Technology Crossover Ventures

• Cybersecurity company White Ops’ $20 million round of funding from Paladin Capital and Grotech Ventures

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

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

Financial 29 20% $281.8 3% 10 $103.0 2 ‐ 17 $178.8

Security 26 18% 4,625.0 52% 4 ‐ 3 4,354.3 19 270.7

Collaboration 15 10% 277.4 3% 2 ‐ 1 153.0 12 124.4

ERP 13 9% 52.1 1% 5 ‐ 1 ‐ 7 52.1

Healthcare 12 8% 193.0 2% 4 150.0 0 ‐ 8 43.0

Data Management 9 6% 1,627.3 18% 5 1,600.0 0 ‐ 4 27.3

Other 44 24% 890.2 10% 12 516 3 0 29 373.9

Total 148 100% 8,878.6 100% 42 2,369.3 10 5,407.3 96 1,102.0

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



SoftwarePublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAApptio, Inc. United States 21.70 ‐12% $ 809.1 $ 920.8 $ 142.7 $ (29.9) NM 20.5% 6.5x NM Ebix Inc. United States 56.85 ‐4% 1,846.6 2,009.3 280.7 104.9 37.4% 17.0% 7.2x 19.2xEpiq Systems, Inc. United States 16.49 ‐1% 628.7 1,007.2 529.8 87.2 16.5% 17.5% 1.9x 11.6xFirst Data Corporation United States 13.16 ‐27% 11,975.8 33,851.8 7,842.0 2,378.0 30.3% 2.6% 4.3x 14.2xFidessa group plc United Kingdom 31.29 ‐10% 1,198.8 1,111.6 409.4 69.7 17.0% 8.5% 2.7x 16.0xGuidewire Software, Inc. * United States 59.98 ‐7% 4,382.6 3,754.4 424.4 24.7 5.8% 11.5% 8.8x 152.1xIntuit Inc. United States 110.01 ‐6% 28,375.8 28,295.8 4,694.0 1,458.0 31.1% 12.0% 6.0x 19.4xManagement Consulting Group PLC United Kingdom 0.29 ‐11% 144.7 142.2 179.9 (2.1) NM 169.7% 0.8x NM Model N, Inc. United States 11.11 ‐21% 307.4 237.3 103.8 (25.3) NM 17.1% 2.3x NM NetSuite Inc. United States 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Performant Financial Corporation United States 2.95 ‐15% 148.0 160.5 155.9 22.9 14.7% ‐2.0% 1.0x 7.0xQ2 Holdings, Inc. United States 28.66 ‐7% 1,140.1 1,044.4 128.2 (21.0) NM 37.0% 8.1x NM RealPage, Inc. United States 25.70 ‐3% 2,062.8 2,140.3 514.4 68.4 13.3% 18.5% 4.2x 31.3xSS&C Technologies Holdings, Inc. United States 32.15 ‐17% 6,466.7 8,972.3 1,279.0 405.9 31.7% 57.5% 7.0x 22.1xTyler Technologies, Inc. United States 171.23 ‐7% 6,222.6 6,293.6 678.0 138.4 20.4% 26.2% 9.3x 45.5x



Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAllscripts Healthcare Solutions, Inc. United States 13.17 ‐17% 2,457.0 3,942.1 1,432.2 133.6 9.3% 4.3% 2.8x 29.5xathenahealth, Inc. * United States 126.12 ‐26% 4,962.0 5,122.3 1,011.7 85.4 8.4% 21.2% 5.1x 60.0xCegedim SA France 27.54 ‐32% 384.3 631.1 483.1 50.8 10.5% 14.4% 1.3x 12.4xCerner Corporation United States 61.75 ‐10% 20,853.5 20,808.2 4,579.4 1,270.7 27.7% 20.1% 4.5x 16.4xCivitas Solutions, Inc. United States 18.26 ‐40% 678.0 1,310.9 1,396.6 135.2 9.7% 4.0% 0.9x 9.7xComputer Programs & Systems Inc. United States 26.06 ‐56% 352.7 504.2 226.9 34.5 15.2% 17.6% 2.2x 14.6xCotiviti Holdings, Inc. United States 33.53 ‐2% 3,023.4 3,785.2 589.4 215.5 36.6% 0.0% 6.4x 17.6xCraneware plc United Kingdom 16.57 ‐5% 444.9 397.1 49.8 15.2 30.5% 11.2% 8.0x 26.2xHealthEquity, Inc. United States 37.85 0% 2,219.6 2,070.1 154.6 47.7 30.9% 44.4% 13.4x 43.4xMcKesson Corporation United States 166.75 ‐18% 37,635.8 42,668.8 193,071.0 4,598.0 2.4% 5.4% 0.2x 9.3xMedidata Solutions, Inc. * United States 55.76 ‐2% 3,200.6 3,138.6 420.8 51.2 12.2% 15.1% 7.5x 61.3xNantHealth, Inc. * United States 13.15 ‐33% 1,594.2 1,611.5 85.8 (123.3) NM 97.8% 18.8x NM Quality Systems Inc. United States 11.32 ‐35% 696.3 757.9 492.5 56.5 11.5% ‐0.4% 1.5x 13.4xStreamline Health Solutions, Inc. United States 1.84 ‐21% 35.4 44.2 27.6 (1.2) NM ‐2.3% 1.6x NM USMD Holdings, Inc. United States 22.64 ‐2% 258.0 300.1 329.4 (10.5) NM 5.1% 0.9x NM Veeva Systems Inc. * United States 41.28 ‐3% 5,621.9 5,142.4 472.3 91.4 19.4% 31.6% 10.9x 56.3x




Financial & Credit/Risk Management Software




HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTMCompany Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $33.38 ‐6% $ 1,985.4 $ 1,358.1 $ 327.0 $ 95.8 29.3% 13.5% 4.2x 14.2xBenefitfocus, Inc. United States 39.92 ‐11% 1,183.7 1,191.0 212.4 (36.3) NM 33.0% 5.6x NM Castlight Health, Inc. United States 4.16 ‐23% 427.2 301.5 87.2 (71.8) NM 42.5% 3.5x NM Cornerstone OnDemand, Inc. United States 45.95 ‐4% 2,570.1 2,537.2 389.5 (54.1) NM 29.3% 6.5x NM DHI Group, Inc. United States 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3xLinkedIn Corporation United States 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7xMonster Worldwide, Inc. United States 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3xPaycom Software, Inc. United States 50.13 ‐5% 2,999.1 2,947.5 284.5 67.1 23.6% 53.9% 10.4x 43.9xPaylocity Holding Corporation United States 44.46 ‐10% 2,274.5 2,188.0 230.7 4.9 2.1% 51.1% 9.5x NM The Ultimate Software Group, Inc. * United States 204.39 ‐9% 5,914.6 5,826.3 699.7 66.3 9.5% 26.1% 8.3x 87.8xWorkday, Inc. United States 91.69 ‐1% 18,338.0 16,790.9 1,351.8 (208.9) NM 38.7% 12.4x NM



Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTMCompany Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAbsolute Software Corporation Canada $5.48 ‐19% $ 213.6 $ 179.2 $ 88.8 $ 13.2 14.9% ‐5.2% 2.0x 13.5xAVG Technologies N.V. Netherlands 25.01 0% 1,268.8 1,390.7 430.6 125.0 29.0% 6.8% 3.2x 11.1xCheck Point Software Technologies Ltd. Israel 77.61 ‐14% 13,308.3 11,981.5 1,688.9 860.6 51.0% 8.3% 7.1x 13.9xCisco Systems, Inc. United States 31.72 ‐1% 159,055.3 121,930.3 49,247.0 14,838.0 30.1% 0.2% 2.5x 8.2xCheetah Mobile Inc. China 12.46 ‐42% 1,775.0 1,673.1 641.8 44.9 7.0% 63.4% 2.6x 37.2xCyberArk Software, Ltd. Israel 49.57 ‐16% 1,664.0 1,427.4 188.8 38.4 20.3% 41.4% 7.6x 37.2xFireEye, Inc. United States 14.73 ‐55% 2,499.3 2,306.4 693.4 (401.8) NM 30.9% 3.3x NM Fortinet Inc. * United States 36.93 ‐17% 6,377.4 5,392.6 1,152.6 53.8 4.7% 32.5% 4.7x 100.2xGemalto NV Netherlands 64.16 ‐15% 5,709.6 6,091.4 3,462.3 608.9 17.6% 10.1% 1.8x 10.0xImperva Inc. United States 53.71 ‐31% 1,751.6 1,496.4 253.7 (53.6) NM 31.9% 5.9x NM Infoblox Inc. United States 26.37 0% 1,466.1 1,208.0 358.3 1.6 0.5% 17.0% 3.4x NM Juniper Networks, Inc. United States 24.06 ‐26% 9,214.1 9,002.6 4,887.4 1,066.6 21.8% 8.2% 1.8x 8.4xMimecast Limited United Kingdom 19.13 ‐5% 1,042.1 938.7 150.0 3.1 2.1% 22.5% 6.3x NM Mobileye N.V. * Israel 42.57 ‐18% 9,332.6 9,042.2 301.1 105.5 35.0% 74.3% 30.0x 85.7xNQ Mobile Inc. * China 3.82 ‐29% 367.4 393.2 372.6 3.8 1.0% 2.9% 1.1x 102.1xPalo Alto Networks, Inc. United States 159.33 ‐18% 14,475.2 13,697.8 1,378.5 (147.3) NM 48.5% 9.9x NM Proofpoint, Inc. United States 74.85 ‐7% 3,146.3 3,090.3 313.0 (59.8) NM 37.4% 9.9x NM SecureWorks Corp. United States 12.51 NA 1,009.2 895.9 385.7 (42.1) NM 30.6% 2.3x NM Symantec Corporation United States 25.10 ‐1% 15,622.7 12,708.7 3,572.0 933.0 26.1% 14.0% 3.6x 13.6xTrend Micro Inc. Japan 34.66 ‐36% 4,757.7 3,530.3 1,213.0 376.7 31.1% 3.3% 2.9x 9.4xVeriSign, Inc. United States 78.24 ‐17% 8,353.4 8,315.0 1,106.7 715.1 64.6% 7.3% 7.5x 11.6x




LTM Multiples

LTM Multiples




Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $92.61 ‐6% $ 8,077.4 $ 7,233.7 $ 961.5 $ 439.9 45.8% 2.1% 7.5x 16.4xAutodesk, Inc. United States 72.33 ‐1% 16,049.5 15,473.8 2,310.7 (26.6) NM ‐9.0% 6.7x NM AVEVA Group plc United Kingdom 25.99 ‐15% 1,662.1 1,521.5 290.2 68.7 23.7% ‐3.4% 5.2x 22.2xDassault Systèmes SE France 86.81 ‐3% 22,093.2 20,274.6 3,240.2 841.9 26.0% 12.1% 6.3x 24.1x



Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Incorporated United States $108.54 ‐1% $ 53,969.0 $ 51,439.2 $ 5,552.4 $ 1,647.1 29.7% 21.7% 9.3x 31.2xAtlassian Corporation Plc United Kingdom 29.97 NM 6,484.3 5,741.1 457.1 8.6 1.9% 43.0% 12.6x NM CA, Inc. United States 33.08 ‐5% 13,858.8 13,170.8 4,047.0 1,240.0 30.6% ‐2.9% 3.3x 10.6xCommVault Systems, Inc. * United States 53.13 ‐1% 2,360.2 1,950.0 608.4 16.3 2.7% 2.4% 3.2x 119.8xCovisint Corporation United States 2.18 ‐18% 88.9 47.1 75.0 (9.8) NM ‐12.2% 0.6x NM Endurance International Group Holdings, Inc. United States 8.75 ‐43% 1,235.6 3,203.7 909.4 172.2 18.9% 31.4% 3.5x 18.6xFirst Data Corporation United States 13.16 ‐27% 11,975.8 33,851.8 7,842.0 2,378.0 30.3% 2.6% 4.3x 14.2xGuidance Software, Inc. United States 5.96 ‐13% 192.5 179.4 107.8 (12.0) NM ‐0.8% 1.7x NM Hortonworks Inc. United States 8.35 ‐63% 493.4 384.8 154.7 (218.0) NM 99.0% 2.5x NM IBM Corporation United States 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3xIntraLinks Holdings, Inc. United States 10.06 ‐4% 576.6 617.6 284.5 14.4 5.1% 6.1% 2.2x 43.0xNetSuite Inc. United States 110.69 0% 8,985.5 8,863.8 846.4 (59.1) NM 31.5% 10.5x NM Opera Software ASA Norway 6.95 ‐20% 1,023.8 1,209.0 669.3 78.5 11.7% 18.2% 1.8x 15.4xOracle Corporation United States 39.28 ‐6% 161,269.7 147,326.7 37,194.0 14,612.0 39.3% ‐2.3% 4.0x 10.1xsalesforce.com, inc. * United States 71.33 ‐16% 48,326.1 49,666.8 7,474.6 559.6 7.5% 25.1% 6.6x 88.8xRapid7, Inc. United States 17.65 ‐ 742.4 657.7 133.2 (52.5) NM 45.4% 4.9x NM ServiceNow, Inc. United States 79.15 ‐13% 13,020.2 12,704.4 1,194.0 (91.5) NM 42.9% 10.6x NM Talend SA France 26.16 ‐24% 731.7 735.5 88.7 (23.6) NM 0.0% 8.3x NM Twilio, Inc. * United States 64.36 ‐9% 5,442.9 5,181.5 219.5 (30.5) NM 79.1% 23.6x NM Varonis Systems, Inc. United States 30.10 ‐2% 794.3 685.9 144.2 (15.4) NM 29.4% 4.8x NM





Information

The Information segment reported 15 transactions worth more than $370 million in value

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


• Atos’ acquisition of clinical documentation company Anthelio Healthcare Solutions for a reported $250 million

• The $45 million round of funding received by genetic information company provider Color Genomics from General Catalyst, Khosla Ventures, and Emerson Collective

• Personal credit reports provider Nav’s $25 million round of funding from Experian, Kleiner Perkins Caufield & Byers, and Peak Ventures

• Financial, economic, and alternative data provider Quandl’s $12 million round of funding from Nexus Venture Partners and August Capital

• Glassdoor’s acquisition of employee review and human resources search platform Love Mondays

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

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

Financial Information 5 33% $46.0 12% 2 ‐ 0 ‐ 3 $46.0

Credit/Risk Management Information 3 20% ‐ 0% 2 ‐ 0 ‐ 1 ‐

Healthcare Information 3 20% 320.0 86% 2 275.0 0 ‐ 1 45.0

HR Information 2 13% 2.0 1% 1 ‐ 0 ‐ 1 2.0

Geo‐Demo Information 1 7% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Product/Price Information 1 7% 3.3 1% 0 ‐ 0 ‐ 1 3.3

Total 15 100% 371.3 100% 8 275.0 0 0.0 7 96.3

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



InformationPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $67.79 ‐6% $ 8,018.1 $ 8,312.8 $ 2,897.0 $ 611.2 21.1% 7.5% 2.9x 13.6xComputershare Limited Australia 7.91 ‐14% 4,321.6 5,689.5 1,964.4 428.8 21.8% ‐0.3% 2.9x 13.3xCoreLogic, Inc. United States 39.22 ‐10% 3,463.0 5,006.2 1,731.1 360.8 20.8% 18.3% 2.9x 13.9xCoStar Group Inc. * United States 216.53 ‐4% 7,059.5 6,930.9 788.7 170.9 21.7% 23.5% 8.8x 40.6xDST Systems Inc. United States 117.92 ‐8% 3,846.6 4,506.6 2,877.1 413.5 14.4% 36.7% 1.6x 10.9xThe Dun & Bradstreet Corporation United States 136.62 ‐3% 4,960.3 6,329.9 1,679.3 393.6 23.4% 5.8% 3.8x 16.1xEnvestnet, Inc. * United States 36.45 ‐12% 1,560.5 1,813.2 495.3 43.8 8.8% 28.8% 3.7x 41.4xEquifax Inc. United States 134.58 ‐2% 16,060.1 18,951.4 2,873.3 977.0 34.0% 11.9% 6.6x 19.4xExperian plc Ireland 20.11 ‐3% 18,977.5 21,777.4 4,550.0 1,404.0 30.9% ‐5.4% 4.8x 15.5xFactSet Research Systems Inc. United States 162.10 ‐12% 6,484.0 6,531.4 1,127.1 387.7 34.4% 12.0% 5.8x 16.8xFair Isaac Corporation United States 124.59 ‐6% 3,844.2 4,327.0 878.3 212.8 24.2% 6.1% 4.9x 20.3xFidelity National Information Services, Inc. United States 77.03 ‐6% 25,252.4 35,727.4 7,939.2 2,000.2 25.2% 23.3% 4.5x 17.9xFinancial Engines, Inc. United States 29.71 ‐26% 1,835.7 1,734.5 355.8 68.5 19.3% 18.8% 4.9x 25.3xMoody's Corporation United States 108.28 ‐2% 20,822.2 22,446.3 3,445.8 1,515.5 44.0% ‐0.9% 6.5x 14.8xMorningstar Inc. United States 79.27 ‐11% 3,413.3 3,242.4 787.2 249.9 31.7% 0.7% 4.1x 13.0xMSCI Inc. United States 83.94 ‐8% 7,943.1 9,119.0 1,111.1 535.0 48.1% 7.2% 8.2x 17.0xReis, Inc. United States 20.46 ‐23% 231.7 205.2 50.8 14.7 29.0% 11.0% 4.0x 13.9xSEI Investments Co. United States 45.61 ‐17% 7,358.1 6,763.3 1,349.1 381.1 28.2% 3.1% 5.0x 17.7xThomson Reuters Corporation United States 41.33 ‐6% 30,633.7 39,302.5 12,148.0 2,574.0 21.2% 1.7% 3.2x 15.3xVerisk Analytics, Inc. United States 81.28 ‐5% 13,733.9 15,809.4 2,246.1 1,018.5 45.3% 30.1% 7.0x 15.5xWorkiva Inc. United States 18.13 ‐5% 744.4 715.5 163.7 (45.5) NM 28.7% 4.4x NM


Financial & Credit/Risk Management Information



InformationPublic Company Valuation (2/2)


Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $26.65 ‐2% 2,063.0 2,095.3 868.0 85.5 9.8% 6.5% 2.4x 24.5xAlliance Data Systems Corporation United States 214.53 ‐29% 12,556.2 29,821.4 6,762.9 1,551.6 22.9% 14.5% 4.4x 19.2xBrainjuicer Group Plc United Kingdom 6.61 ‐1% 80.9 74.2 35.4 7.3 20.7% 6.2% 2.1x 10.1xCello Group Plc United Kingdom 1.39 ‐6% 120.6 126.8 214.2 8.2 3.8% ‐4.4% 0.6x 15.5xcomScore, Inc. United States 30.66 ‐40% 1,753.0 1,639.1 368.8 37.1 10.1% 12.1% 4.4x 44.1xEbiquity plc * United Kingdom 1.33 ‐29% 97.4 135.2 95.8 0.7 0.8% 0.0% 1.4x 181.9xGfK SE Germany 34.86 ‐17% 1,272.6 1,694.4 1,685.7 70.0 4.2% 1.0% 1.0x 24.2xHarte‐Hanks Inc. United States 1.62 ‐63% 99.6 156.5 473.7 17.7 3.7% ‐5.1% 0.3x 8.9xInnerWorkings Inc. United States 9.42 ‐7% 506.4 586.3 1,075.3 41.5 3.9% 8.3% 0.5x 14.1xIntage Holdings Inc. Japan 16.72 ‐12% 333.7 261.3 448.0 55.0 12.3% 4.4% 0.6x 4.7xIpsos SA France 32.68 ‐4% 1,479.1 2,074.8 1,983.4 230.4 11.6% 2.3% 1.0x 9.0xNeuStar, Inc. United States 26.59 ‐12% 1,449.5 2,373.7 1,126.7 409.5 36.3% 12.2% 2.1x 5.8xNielsen Holdings plc United States 53.57 ‐4% 19,143.0 27,016.0 6,238.0 1,543.0 24.7% 0.3% 4.3x 17.5xOnvia Inc. United States 4.91 ‐6% 35.0 27.2 23.9 1.2 5.0% 3.2% 1.1x 22.6xPearson plc United Kingdom 9.81 ‐38% 7,995.3 10,116.5 5,765.8 817.6 14.2% ‐3.4% 1.8x 12.4xYouGov plc United Kingdom 2.72 ‐1% 283.8 270.7 115.4 10.4 9.1% 14.8% 2.3x 25.9x



Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $0.56 ‐46% $ 80.2 $ 98.5 $ 97.8 $ 11.7 12.0% 10.8% 1.0x 8.4xCEB Inc. United States 54.47 ‐30% 1,754.2 2,492.5 940.7 203.4 21.6% 2.0% 2.6x 12.3xForrester Research Inc. United States 38.90 ‐7% 702.5 576.0 321.0 34.4 10.7% 2.2% 1.8x 16.7xGartner Inc. United States 88.45 ‐14% 7,307.9 7,709.1 2,311.2 385.1 16.7% 11.4% 3.3x 20.0xIHS Markit Ltd. * United Kingdom 37.55 ‐1% 15,788.3 18,931.3 1,129.7 372.1 32.9% 4.9% 16.8x 50.9xInforma plc United Kingdom 9.27 ‐5% 6,011.4 7,388.2 1,650.0 511.7 31.0% 4.6% 4.5x 14.4xNational Research Corp. United States 35.20 ‐21% 465.0 442.4 105.6 33.4 31.6% 6.1% 4.2x 13.2xNIC Inc. United States 23.50 ‐1% 1,550.4 1,422.3 305.4 80.8 26.5% 8.4% 4.7x 17.6xPremier, Inc. United States 32.34 ‐13% 1,532.7 1,285.5 1,162.6 365.9 31.5% 15.4% 1.1x 3.5xPress Ganey Holdings, Inc. United States 40.40 ‐4% 2,242.1 2,378.3 344.3 104.9 30.5% 14.7% 6.9x 22.7xProofpoint, Inc. United States 74.85 ‐7% 3,146.3 3,090.3 313.0 (59.8) NM 37.4% 9.9x NM

Reed Elsevier plc(1) * United Kingdom 19.05 0% 75,705.2 94,079.4 9,510.4 2,309.6 24.3% 4.5% 9.9x 40.7xTarsus Group plc Ireland 3.60 ‐1% 368.1 444.0 106.2 36.2 34.1% 40.7% 4.2x 12.3xTechTarget, Inc. United States 8.06 ‐16% 219.4 226.3 112.6 17.6 15.6% 1.9% 2.0x 12.9xThe Advisory Board Company United States 44.74 ‐18% 1,801.4 2,356.8 804.6 121.3 15.1% 22.5% 2.9x 19.4xUBM plc United Kingdom 9.30 ‐2% 3,658.3 3,745.2 1,061.0 285.0 26.9% 47.4% 3.5x 13.1xWolters Kluwer N.V. Netherlands 42.82 ‐1% 12,482.1 14,560.4 4,703.2 1,251.6 26.6% 7.0% 3.1x 11.6x


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




Business Services

The Business Services segment reported 42 transactions in September worth more than $2.5 billion in value

The IT Consulting/Systems Integration subsegment accounted more than 40 percent of segments total activity with 18 transactions


• Accenture’s acquisition of retail management consulting services provider Kurt Salmon from Management Consulting Group for a reported $166 million

• The majority stake taken by Accenture in France‐based IT consultancy OCTO Technology in a transaction valued at $137 million

• Marlin Equity Partner’s acquisition of software testing and business assurance services provider QualiTest Group

• Medical technology consulting firm Dymedex Consulting’s sale to Navigant Consulting

• The acquisition of Workday consulting and deployment services provider DayNine Consulting by Accenture

• NTT Data’s acquisition of Switzerland‐based Salesforce consulting firm Nefos

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

IT Consulting/Systems Integration 18 43% $107.9 4% 13 $83.9 2 ‐ 3 $24.0

Logistics 6 14% 259.7 10% 2 250.0 1 ‐ 3 9.7

Corporate Training 4 10% 65.2 3% 1 ‐ 0 ‐ 3 65.2

Healthcare Consulting 3 7% ‐ 0% 1 ‐ 0 ‐ 2 ‐

HR Consulting 3 7% ‐ 0% 2 ‐ 0 ‐ 1 ‐

Credit/Risk Consulting 2 5% 930.9 36% 1 ‐ 1 930.9 0 ‐

BPO 1 2% ‐ 0% 0 ‐ 1 ‐ 0 ‐

Other 5 12% 1,216.4 47% 5 1,216.4 0 0.0 0 0.0

Total 42 100% 2,580.1 100% 25 1,550.3 5 930.9 12 98.9

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business ServicesPublic Company Valuation (1/3)


Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 122.17 ‐2% $ 76,056.0 $ 71,808.8 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.2x 13.0xCRA International Inc. United States 26.59 ‐15% 217.6 206.1 312.5 24.1 7.7% 2.0% 0.7x 8.6xFTI Consulting, Inc. United States 44.56 ‐3% 1,811.8 2,124.3 1,828.1 210.9 11.5% 4.0% 1.2x 10.1xInformation Services Group, Inc. United States 3.99 ‐8% 142.4 186.7 215.6 16.5 7.6% 2.4% 0.9x 11.3xNavigant Consulting Inc. United States 20.22 ‐2% 958.4 1,144.9 883.6 129.7 14.7% 8.1% 1.3x 8.8xICF International Inc. United States 44.32 ‐2% 840.9 1,147.9 1,158.8 109.0 9.4% 5.0% 1.0x 10.5xHuron Consulting Group Inc. United States 59.76 ‐8% 1,245.9 1,574.2 725.3 159.8 22.0% 32.8% 2.2x 9.8xThe Hackett Group, Inc. * United States 16.52 ‐17% 471.8 477.7 250.4 32.4 13.0% 12.1% 1.9x 14.7x



HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 88.20 ‐8% $ 40,075.9 $ 38,869.0 $ 11,667.8 $ 2,536.7 21.7% 6.7% 3.3x 15.3xBarrett Business Services Inc. United States 49.61 ‐6% 359.4 371.2 786.9 34.5 4.4% 12.7% 0.5x 10.8xCapita plc United Kingdom 8.72 ‐48% 5,805.1 8,586.1 6,618.0 1,008.6 15.2% 8.3% 1.3x 8.5xDHI Group, Inc. United States 7.89 ‐25% 395.2 463.3 246.2 56.0 22.8% ‐7.1% 1.9x 8.3xEdenred SA France 23.40 ‐5% 5,417.9 6,775.8 1,100.6 357.6 32.5% ‐2.0% 6.2x 18.9xInsperity, Inc. United States 72.64 ‐12% 1,554.2 1,385.1 2,786.0 112.8 4.1% 12.2% 0.5x 12.3xLinkedIn Corporation * United States 191.12 ‐26% 25,749.4 23,615.9 3,434.9 395.6 11.5% 34.1% 6.9x 59.7xMarsh & McLennan Companies, Inc. United States 67.25 ‐2% 34,851.5 38,715.5 13,165.0 2,954.0 22.4% 2.6% 2.9x 13.1xMonster Worldwide, Inc. United States 3.61 ‐53% 321.5 401.5 635.0 75.1 11.8% ‐8.7% 0.6x 5.3xPaychex, Inc. United States 57.87 ‐6% 20,931.6 20,485.2 3,014.4 1,291.3 42.8% 7.8% 6.8x 15.9xProfessional Diversity Network, Inc. United States 8.19 ‐29% 14.9 14.3 31.7 (4.0) NM 4.0% 0.5x NM TriNet Group, Inc. United States 21.63 ‐6% 1,519.5 1,825.2 2,872.5 131.0 4.6% 18.4% 0.6x 13.9xWageWorks, Inc. United States 60.91 ‐7% 2,229.1 1,739.1 341.0 66.4 19.5% 8.4% 5.1x 26.2x







IT Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 122.17 ‐2% $ 76,056.0 $ 71,808.8 $ 32,882.7 $ 5,539.5 16.8% 5.9% 2.2x 13.0xAmdocs Limited United States 57.85 ‐6% 8,663.9 7,539.0 3,704.3 723.7 19.5% 2.4% 2.0x 10.4xAusy SA France 61.50 0% 320.5 430.2 483.9 42.0 8.7% 16.7% 0.9x 10.2xBechtle AG Germany 115.78 ‐2% 2,431.3 2,325.5 3,277.3 178.7 5.5% 9.4% 0.7x 13.0xBooz Allen Hamilton Holding Corporation United States 31.61 ‐1% 4,695.7 6,124.1 5,476.9 508.7 9.3% 3.3% 1.1x 12.0xBroadridge Financial Solutions, Inc. United States 67.79 ‐6% 8,018.1 8,312.8 2,897.0 611.2 21.1% 7.5% 2.9x 13.6xBusiness & Decision SA * France 5.28 ‐31% 41.6 73.4 254.3 4.3 1.7% 4.2% 0.3x 17.2xCap Gemini S.A. France 97.99 ‐2% 16,592.4 19,304.7 13,953.0 1,715.8 12.3% 13.4% 1.4x 11.3xCGI Group Inc. Canada 47.61 ‐5% 14,362.5 15,637.2 8,232.9 1,404.9 17.1% 4.9% 1.9x 11.1xCognizant Technology Solutions Corporation United States 47.71 ‐32% 28,957.1 25,384.7 12,991.4 2,592.1 20.0% 14.8% 2.0x 9.8xComputer Sciences Corporation United States 52.21 ‐27% 7,331.7 9,835.7 7,232.0 931.0 12.9% 8.2% 1.4x 10.6xCSG Systems International Inc. United States 41.33 ‐11% 1,337.0 1,470.0 760.7 164.5 21.6% 1.8% 1.9x 8.9xDigi International Inc. United States 11.40 ‐16% 296.0 171.8 215.7 19.3 9.0% 7.2% 0.8x 8.9xGlobant S.A. * Luxembourg 42.12 ‐6% 1,451.9 1,395.7 291.9 48.9 16.7% 31.4% 4.8x 28.6xInternational Business Machines Corporation United States 158.85 ‐4% 151,835.9 185,899.9 80,261.0 17,973.0 22.4% ‐7.7% 2.3x 10.3xInfosys Limited India 15.55 ‐19% 35,548.0 30,801.7 9,746.0 2,696.0 27.7% 10.3% 3.2x 11.4xITS Group France 7.01 ‐17% 53.6 64.1 212.2 8.3 3.9% 0.9% 0.3x 7.7xNCI, Inc. United States 11.57 ‐33% 156.2 163.2 331.9 29.4 8.8% 4.7% 0.5x 5.6xNTT Data Corporation Japan 49.67 ‐20% 13,931.5 14,724.5 16,052.8 2,447.8 15.2% 7.4% 0.9x 6.0xPerficient Inc. United States 20.15 ‐11% 727.5 754.0 484.7 59.4 12.3% 8.8% 1.6x 12.7xReply S.p.A. Italy 131.51 ‐14% 1,229.9 1,204.6 846.5 109.8 13.0% 11.4% 1.4x 11.0xSQLi France 40.13 ‐8% 148.3 151.6 205.9 14.9 7.2% 7.3% 0.7x 10.2xTata Consultancy Services Limited * India 36.49 ‐12% 71,901.5 67,894.1 16,623.5 4,622.6 27.8% 14.4% 4.1x 14.7xWipro Ltd. India 7.17 ‐22% 17,610.0 14,741.0 7,788.2 1,608.3 20.6% 9.5% 1.9x 9.2x






Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/16 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation United States $7.93 ‐3% $ 64.1 $ 59.3 $ 42.8 $ (2.4) NM ‐9.0% 1.4x NM Cenveo Inc. United States 7.05 ‐57% 60.3 1,100.0 1,735.5 144.3 8.3% 0.2% 0.6x 7.6xCommunisis plc United Kingdom 0.48 ‐35% 100.2 133.9 471.4 33.1 7.0% 1.8% 0.3x 4.0xContax Participações S.A. Brazil 3.25 ‐86% 11.0 456.3 921.7 1.4 0.2% ‐2.7% 0.5x NM Convergys Corporation United States 30.42 ‐2% 2,917.5 2,972.9 2,907.8 386.7 13.3% ‐2.1% 1.0x 7.7xElanders AB (publ) Sweden 12.31 ‐11% 326.5 418.1 500.5 49.1 9.8% 5.0% 0.8x 8.5xEniro AB Sweden 0.04 ‐75% 21.7 216.8 256.3 56.5 22.1% ‐20.5% 0.8x 3.8xExlservice Holdings, Inc. * United States 49.84 ‐9% 1,669.6 1,514.6 666.9 104.4 15.7% 19.8% 2.3x 14.5xFirstsource Solutions Limited India 0.61 ‐25% 410.8 530.2 499.3 62.4 12.5% 12.0% 1.1x 8.5xGenpact Limited * Bermuda 23.95 ‐16% 4,964.7 5,379.2 2,504.6 400.7 16.0% 5.0% 2.1x 13.4xInnerWorkings Inc. * United States 9.42 ‐7% 506.4 586.3 1,075.3 41.5 3.9% 8.3% 0.5x 14.1xLuxoft Holding, Inc. * SwitzerlandSwitzerland 52.85 ‐34% 1,755.0 1,623.9 680.7 101.7 14.9% 22.4% 2.4x 16.0xMAXIMUS, Inc. * United States 56.56 ‐19% 3,670.3 3,834.3 2,359.0 315.6 13.4% 20.6% 1.6x 12.2xQuad/Graphics, Inc. United States 26.72 ‐9% 1,337.0 2,531.1 4,604.5 492.0 10.7% ‐4.2% 0.5x 5.1xQuintiles Transnational Holdings Inc. * United States 81.06 0% 9,649.5 11,350.5 4,497.2 826.8 18.4% 6.3% 2.5x 13.7xR.R. Donnelley & Sons Company United States 47.16 94% 3,293.3 6,635.8 11,143.7 1,022.6 9.2% ‐3.3% 0.6x 6.5xSerco Group plc * United Kingdom 1.70 ‐4% 1,851.7 2,039.9 4,064.8 162.9 4.0% ‐3.9% 0.5x 12.5xSt Ives plc United Kingdom 1.73 ‐46% 246.1 359.7 503.5 65.9 13.1% 5.2% 0.7x 5.5xStarTek, Inc. * United States 6.22 ‐3% 97.9 130.2 306.8 9.1 3.0% 21.4% 0.4x 14.3xSykes Enterprises, Incorporated United States 28.13 ‐15% 1,189.6 1,188.4 1,340.4 152.1 11.3% 2.0% 0.9x 7.8xTeleperformance SE * France 106.70 ‐3% 6,041.3 6,405.4 3,808.1 518.3 13.6% 8.1% 1.7x 12.4xTeleTech Holdings Inc. * United States 28.99 ‐6% 1,369.6 1,456.7 1,268.5 151.6 11.9% ‐0.9% 1.1x 9.6xTrans Cosmos, Inc. Japan 26.27 ‐22% 1,080.5 970.6 2,238.8 118.1 5.3% 12.7% 0.4x 8.2xTranscontinental Inc. Canada 13.42 ‐19% 1,038.8 1,277.3 1,537.7 293.4 19.1% ‐0.3% 0.8x 4.4xCimpress N.V. * Netherlands 101.18 ‐3% 3,200.2 4,011.2 1,788.0 230.9 12.9% 19.7% 2.2x 17.4xWest Corporation * United States 22.08 ‐17% 1,826.9 4,932.3 2,296.1 661.4 28.8% 1.2% 2.1x 7.5xXchanging plc United Kingdom 2.59 ‐12% 649.7 727.5 649.2 86.0 13.2% ‐23.2% 1.1x 8.5x




PPLLC IndicesValuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US‐based Digital Media and Internet 3.3x 2.5x 6.7x 2.0xInternationally‐based Digital Media and Internet 4.2x 2.5x 6.1x 1.9xUS‐based eCommerce 2.9x 1.7x 4.1x 1.9xInternationally‐based eCommerce 4.0x 1.4x 12.6x 1.2xUS‐based Digital Advertising 2.7x 1.5x 9.0x 1.9xInternationally‐based Digital Advertising 3.9x 1.8x 10.0x 1.5xUS‐based Marketing Technology 3.9x 3.3x 4.4x 3.0xInternationally‐based Marketing Technology 5.2x 4.8x 5.5x 5.5xAgency 1.2x 1.3x 1.7x 1.7xMarketing Services 1.8x 1.6x 3.0x 2.7xTraditional Media 2.6x 2.2x 3.9x 2.9xSoftware 5.3x 4.5x 4.8x 4.7xInformation 4.1x 3.7x 6.3x 5.8xBusiness Services 1.3x 0.9x 2.6x 2.1x

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

Current Summary Trading Valuation InformationRevenue Multiples

As of close of business on 09/30/16

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


PPLLC IndicesValuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US‐based Digital Media and Internet 21.0x 15.8x 16.9x 11.7xInternationally‐based Digital Media and Internet 14.7x 11.3x 17.4x 11.7xUS‐based eCommerce 18.1x 15.3x 19.1x 12.6xInternationally‐based eCommerce 24.7x 17.7x 35.2x 14.1xUS‐based Digital Advertising 14.9x 14.0x 21.6x 12.1xInternationally‐based Digital Advertising 12.6x 10.4x 12.1x 10.3xUS‐based Marketing Technology 41.5x 21.9x 20.7x 14.1xInternationally‐based Marketing Technology 30.2x 19.1x 18.3x 18.8xAgency 10.1x 9.9x 11.2x 9.8xMarketing Services 12.4x 10.3x 14.8x 13.2xTraditional Media 13.1x 9.7x 12.8x 10.9xSoftware 33.2x 16.4x 19.3x 15.4xInformation 22.6x 16.7x 23.8x 22.7xBusiness Services 10.7x 9.4x 14.8x 11.9x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 09/30/16

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


Digital Advertising

PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 9/30/2016

LTM Index Performance

• S&P 500 – 3.1 %

• Digital Media/Commerce – 14.9 %

• Traditional Media – (11.0 %)


• S&P 500 – 3.1%

• Marketing Technology – 6.1%


• S&P 500 – 3.1 %

• Digital Advertising – 17.6 %


• S&P 500 – 3.1 %

• Agency – (0.1 % )

• Marketing Services – 0.4%

Digital Media/Commerce and Traditional Media

Software

Marketing Technology


• S&P 500 – 3.1 %

• Software – 0.9 %

Agency & Marketing Services

Information & Business Services LTM Index Performance

• S&P 500 – 3.1 %

• Information – 7.0 %

• Business Services – 1.4 %

80%

95%

110%

125%

140%

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

Index Performance (%

)

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

80%

90%

100%

110%

120%

130%

140%

150%



)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%



)

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

80%

90%

100%

110%

120%

130%

140%

150%



)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%



)

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


All Segments($ in Millions)

Strategic TransactionsTarget Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

Del l EMC Enterprise Content Divis ion Software OpenText Corporation 1,600.0$ Penton Media, Inc. Tradi tional Media Informa PLC 1,559.3 Samsung's Printing Bus iness Bus iness Services Hewlett‐Packard Company 1,050.0 Formula One World Championship Limited Traditional Media Liberty Media Corporation 746.0 Apigee Corporation Software Google, Inc. 516.3 Anthel io Healthcare Solutions , Inc. Information Atos SE 275.0 APC Logistics Bus iness Services C.H. Robinson Worldwide 225.0 PARSHIP ELITE Group Digi ta l Media/Commerce ProSiebenStat.1 Group 171.0 Kurt Salmon Bus iness Services Accenture plc 166.4 Moqikaka.com Digi ta l Media/Commerce Fuchun Communications Co. Ltd. 157.2 Creehan & Company Corporation Software Inovalon, Inc. 130.0 The Grass Roots Group PLC Agency & Marketing Services Blackhawk Network, Inc. 118.0 OCTO Technology Société Anonyme Bus iness Services Accenture plc 72.1 Financia l Synergy Pty. Ltd. Software IRESS Market Technology 68.0 N Search Marketing Agency & Marketing Services Nasmedia Corporation 54.6 Emric AB Software Tieto Corporation 35.0 Income Access Group Digi ta l Adverti s ing Paysafe Group Plc 30.6 CarAdvice.com.au Pty. Ltd. Digi ta l Media/Commerce Nine Enterta inment Co. 26.4 Logis tics & Distribution Services LLC Bus iness Services ArcBest Corporation 25.0 Avocarrot Ltd. Digi ta l Adverti s ing Gl i spa GmbH 20.0 Essette, Inc. Software HMS Holdings 20.0 MicroDoc Computersysteme GmbH Bus iness Services Data Respons ASA 11.8 Trip4Real Experiences , S.L. Digi ta l Media/Commerce Airbnb, Inc. 8.4 Newington Communications Limited Agency & Marketing Services SEC S.p.A. 8.0 Frogmind Oy Digi ta l Media/Commerce Supercel l Oy 7.8 Pinnacle Marketing Communications Agency & Marketing Services Next Fi fteen Communications Group plc 5.8 Optomaton UG Digi ta l Adverti s ing Ve Interactive Ltd. 5.7 Besedo Ltd. Marketing Technology ioSquare 5.6 Inzen Studio Pte. Ltd. Digi ta l Media/Commerce iCandy Interactive Limited 4.4 Oystercatchers Agency & Marketing Services Centaur Media plc 4.3




StrategicUndisclosed

4Ps Marketing Limited Agency & Marketing Services NetBooster Group ‐$ Accordant Media, LLC Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Adaptive Marketing Works Agency & Marketing Services The Ramey Agency ‐ ARC Research Company Agency & Marketing Services Sard Verbinnen & Co ‐ BFG Communications Agency & Marketing Services Eastport Holdings , LLC ‐ Bluewater Media LLC Agency & Marketing Services DNA Response, Inc. ‐ C2C Outdoor Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Compact Media Agency & Marketing Services Ole Media Management L.P. ‐ Cos in Consulting Agency & Marketing Services Dentsu Aegis Network, Inc. `DonorPoint Marketing Agency & Marketing Services Kata lyst Partners , Inc. ‐ Eastwick Communications , Inc. Agency & Marketing Services Hotwire PR ‐ Eduventures , Inc. Agency & Marketing Services National Research Center for Col lege & Univers i ty ‐ Fl ips ide Group Agency & Marketing Services Interpubl ic Group of Companies , Inc. ‐ Grass Roots Marketing Agency & Marketing Services Gold Group Enterprises LLC ‐ KENEO SAS Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Kid Neon Images Agency & Marketing Services Deloi tte Digi ta l ‐ Meld Strategic & Communications LLC Agency & Marketing Services Echos Brand Communications ‐ Muirfield Partners Agency & Marketing Services Prosek Partners ‐ PacRim Marketing Group, Inc. Agency & Marketing Services Vector, Inc. ‐ Perfect Relations Pvt. Ltd. Agency & Marketing Services Dentsu Aegis Network, Inc. ‐ Pure Communications , Inc. Agency & Marketing Services W20 Group ‐ RD&F Adverti s ing Agency & Marketing Services Ivie & Associates ‐ Summit Media Limited Agency & Marketing Services TCC Global ‐ The Inci te Agency Agency & Marketing Services Bul ly Pulpi t Interactive ‐ Attenda Limited Bus iness Services Ensono ‐ BaldPeak Consulting Bus iness Services Simplus ‐ Benefi ts Advisory Group Bus iness Services Marsh & McLennan Agency LLC ‐ BioQuest, Inc. Bus iness Services Divers i fied Search, Inc. ‐ Cyrus Innovation LLC Bus iness Services Def Method, Inc. ‐ DayNine Consulting Bus iness Services Accenture plc ‐ Dymedex Consulting LLC Bus iness Services Navigant Consulting, Inc. ‐ EQD Bus iness Services Cons i l io.com ‐ Forest Technologies Bus iness Services ECS Europe Limited ‐ Ignia Pty. Ltd. Bus iness Services Ins ight Enterprises , Inc. ‐ Maverick Solutions , Inc. Bus iness Services GP Strategies Corporation ‐ NAX Consulting Bus iness Services Experium Consulting ‐ Nefos AG Bus iness Services NTT DATA, Inc. ‐ New Energy Group S.r.l . Bus iness Services Accenture plc ‐ Opportune IT Healthcare Solutions , Inc. Bus iness Services Streaml ine Health Solutions , Inc. ‐ Promontory Financia l Group Bus iness Services International Bus iness Machines Corporation ‐ TransCentra , Inc. Bus iness Services SourceHOV, LLC ‐ VARCentric Bus iness Services Richardson Communications and Consulting, Inc. ‐





Veri fied Person, Inc. Bus iness Services Sterl ing Talent Solutions ‐$ AdThrive Digi ta l Adverti s ing CMI Marketing, Inc. ‐ BookedOut, Inc. Digi ta l Adverti s ing Shi ftgig, Inc. ‐ Brainient Ltd. Digi ta l Adverti s ing Teads , Inc. ‐ BuzzCity Pte Ltd. Digi ta l Adverti s ing Mobads.com ‐ Hipmunk, Inc. Digi ta l Adverti s ing Concur Technologies , Inc. ‐ Lokku Limited Digi ta l Adverti s ing The Mitula Group Limited ‐ Skyl ight Digi ta l Adverti s ing Common Living, Inc. ‐ Sparc Media Digi ta l Advertis ing Pureprofi le Limited ‐ BazarChic SA Digi ta l Media/Commerce Galeries Lafayette ‐ Chariot Digi ta l Media/Commerce Ford Motor Company ‐ Des igners & Friends ApS Digi ta l Media/Commerce Vente‐Privee.com ‐ Fabl ic, Inc. Digi ta l Media/Commerce Rakuten, Inc. ‐ FanLogic LLC Digi ta l Media/Commerce HeadsUp Enterta inment International , Inc. ‐ Fest300 Digi ta l Media/Commerce Everfest, Inc. ‐ HomeCues Digi ta l Media/Commerce SBricks Castle Care Pvt. Ltd. ‐ How He Asked LLC Digi ta l Media/Commerce XO Group, Inc. ‐ Idolator Digi ta l Media/Commerce Hive Media Group LLC ‐ Ketchapp SARL Digi ta l Media/Commerce UbiSoft Enterta inment ‐ MobyTick GmbH Digi ta l Media/Commerce CineApp ‐ New Home Guide Digi ta l Media/Commerce NewPoint Media Group, LLC ‐ Patheos , Inc. Digi ta l Media/Commerce Bel iefnet, Inc. ‐ Pianta Digi ta l Media/Commerce Go‐Jek ‐ Sparse Labs Pvt. Ltd. Digi ta l Media/Commerce Zomato Media ‐ Stayglad Digi ta l Media/Commerce Quikr India Private Limited ‐ Stepni Digi ta l Media/Commerce Quikr India Private Limited ‐ True Contact Digi ta l Media/Commerce Appsbuyout ‐ WAYN Digi ta l Media/Commerce Lastminute.com ‐ Altares D&B Information NAXICAP Partners ‐ CCIS Information CRIF Lending Solutions ‐ Graydon Holding N.V. Information Atradius N.V. ‐ Love Mondays Ltda. Information Glassdoor.com, Inc. ‐ openaccess journals .com Information Pulsus Group, Inc. ‐ Red Vis ion Systems, Inc. Information Firs t American Financia l Corporation ‐ Urban Engines , Inc. Information Google, Inc. ‐ api .a i Marketing Technology Google, Inc. ‐ Baynote, Inc. Marketing Technology Kibo Software, Inc. ‐ Bizrate Ins ights Marketing Technology Time Inc. ‐ Blackbird Technologies , Inc. Marketing Technology Etsy, Inc. ‐ BlazeMeter, Ltd. Marketing Technology CA Technologies ‐ Connectivi ty, Inc. Marketing Technology SweetIQ Analytics Corporation ‐ Cranbox Limited Marketing Technology Evatic AS ‐





Crossense Marketing Technology Toluna PLC ‐$ HealCode LLC Marketing Technology MINDBODY, Inc. ‐ HeyWire Marketing Technology Salesforce.com ‐ ICC/Decis ion Services , Inc. Marketing Technology Stel laService, Inc. ‐ Linkpulse Marketing Technology pl i s ta GmbH ‐ ManageWP LLC Marketing Technology GoDaddy ‐ Mobi loci ty LLC Marketing Technology AOTMP ‐ MotiveQuest LLC Marketing Technology Lieberman Research Worldwide ‐ Peerius Marketing Technology EPiServer AB ‐ Predixion Software, Inc. Marketing Technology Greenwave Systems ‐ Regatta Travel Solutions Marketing Technology Seekda GmbH ‐ Rezserve Technologies Ltd. Marketing Technology Digi ta lTown, Inc. ‐ Tucanna Software & Development LLC Marketing Technology Aleyant Systems LLC ‐ Vidcheck Ltd. Marketing Technology Telestream, Inc. ‐ Wiser Marketing Technology Quad Analytix ‐ Amplement Software Cirpak ‐ BigCenter Software Accruent LLC ‐ Concord Systems, Inc. Software Akamai Technologies , Inc. ‐ CONNX Solutions , Inc. Software Software AG ‐ CyberFlow Analytics , Inc. Software Webroot, Inc. ‐ EFT Energy, Inc. Software Koch Industries , Inc. ‐ eMaint Enterprises LLC Software Fluke Corporation ‐ Fus ion Technology LLC Software CALIBRE Systems, Inc. ‐ Gi l lware Onl ine Backup Software StorageCraft Technology Corporation ‐ Inspirus LLC Software Sodexo Worldwide ‐ intel l igentpos Software iZettle AB ‐ Intel l igize, Inc. Software LexisNexis Legal & Profess ional ‐ ISI Telemanagement Solutions LLC Software Valent Capita l Partners ‐ Kapia Solutions Software RGI Group ‐ Kurento WebRTC Software Twi l io, Inc. ‐ LaunchKey, Inc. Software iovation, Inc. ‐ Logfi re, Inc. Software Oracle Corporation ‐ Mobi le Heartbeat LLC Software HCA Holdings , Inc. ‐ Palerra , Inc. Software Oracle Corporation ‐ PLAT.ONE, Inc. Software SAP AG ‐ Prelert, Inc. Software Elasticsearch BV ‐ PriceMetrix, Inc. Software McKinsey & Company ‐ Recipero Limited Software Cal lcredi t Information Group Ltd. ‐ REDI Holdings Software Thomson Reuters ‐ RSA Securi ty, Inc. Software Del l , Inc. ‐ Runkit Software Stripe ‐ Selera Labs Software PricewaterhouseCoopers LLP ‐





Sologlobe Logis tique, Inc. Software Generix ERP GCE Bus iness ‐$ Spi l lman Technologies , Inc. Software Motorola Solutions , Inc. ‐ Sylpheo SARL Software Renault‐Nissan B.V. ‐ Tuplejump Software Private Limited Software Apple Inc. ‐ Verisae, Inc. Software Accruent LLC ‐ Video Medicine Software Salus Telehealth ‐ Wagon Analytics , Inc. Software Box, Inc. ‐ Workterra LLC Software CareerBui lder, Inc. ‐ XRef Software Microsystems ‐ Aquarian LLC Traditional Media Shepard Expos i tions Services , Inc. ‐ Community Network Traditional Media Medica l Channel ‐ OrcaTV LLC Traditional Media Apogee, Inc. ‐ The Columbia Dai ly Tribune Traditional Media GateHouse Media, Inc. ‐ The Pharmacist Tradi tional Media Cogora ‐ Universa l Comedy Network, Inc. Tradi tional Media United Stations Radio Networks , Inc. ‐



Strategic Transactions

Buyout Transactions

Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

McAfee, Inc. Software TPG Capita l 3,100.0$ AppLovin Corporation Digi ta l Adverti s ing Orient Honta i Capita l 1,400.0 Infoblox, Inc. Software Vis ta Equity Partners 1,254.3 SAI Global Ltd. Bus iness Services Bering Private Equity 930.9 P&I Personal & Informatik AG Software Permira Advisers 900.0 GovDel ivery Software Vista Equity Partners 153.0

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Affini tiv, Inc. Agency & Marketing Services Compass Investment Partners Fund, LLP ‐$ R2Integrated, Inc. Agency & Marketing Services Baird Capita l ‐ Integreon, Inc. Bus iness Services NewQuest Capita l Partners ‐ Nolan Transportation Group, Inc. Bus iness Services Ridgemont Equity Partners ‐ Qual iTest Group Bus iness Services Marl in Equity Partners ‐ System One Holdings , LLC Bus iness Services Thomas H. Lee Partners ‐ Motoblouz Digi ta l Media/Commerce Equis tone Partners ‐ Daxko, Inc. Marketing Technology GI Partners ‐ Fina ls i te Marketing Technology Bridge Growth Partners LLC ‐ Group IMD Marketing Technology Inflexion Private Equity LLP ‐ Intermedia .net, Inc. Marketing Technology Madison Dearborn Partners , Inc. ‐ Smart Communications Marketing Technology Accel ‐KKR, LLC ‐ vReal i ze Bus iness Enterprise Marketing Technology Skyview Capita l , LLC ‐ DaySmart Software LLC Software SFW Capita l Partners ‐ Marquis Software Solutions Software Fal furrias Capita l Partners ‐ Right Networks LLC Software BV Investment Partners ‐ T2 Systems, Inc. Software Thoma Bravo, Inc. ‐ Trust Di l igence Software Vista Equity Partners ‐ Untangle, Inc. Software Providence Equity Partners , Inc. ‐



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

Grab Digi ta l Media/Commerce Tiger Global Management, LLC 750.0$ Airbnb, Inc. Digi ta l Media/Commerce Google Capita l 555.0 OVH.com Marketing Technology Kohlberg Kravis Roberts & Company L.P. 279.0 Cogobuy Group Digi ta l Media/Commerce Red Horse Capita l 260.0 Guazi .com Digi ta l Media/Commerce Undisclosed 250.0 Fresh Direct Holdings , LLC Digi ta l Media/Commerce J.P. Morgan Asset Management 189.0 DraftKings , Inc. Digi ta l Media/Commerce Revolution Growth 150.0 Didi Chuxing Digi ta l Media/Commerce Foxconn 120.0 Avalara , Inc. Software Warburg Pincus LLC 100.0 Apttus , Inc. Marketing Technology Iconiq Capita l 88.0 Defy Media LLC Digi ta l Media/Commerce Wel l ington Management Company 70.0 C3 IoT Software Sutter Hi l l Ventures 70.0 Flexport, Inc. Marketing Technology Firs t Round Capita l 65.0 Higher LogicTM Marketing Technology JMI Equity 55.0 Linio Digi ta l Media/Commerce LIV Capita l 55.0 Druva, Inc. Software Sequoia Capita l 51.0 Vroom, Inc. Digi ta l Media/Commerce Genera l Cata lyst Partners LLC 50.0 Vloci ty, Inc. Marketing Technology Salesforce Ventures 50.0 BYJU Bus iness Services Sequoia Capita l 50.0 Color Genomics , Inc. Information Khos la Ventures 45.0 Zeta Interactive Marketing Technology FS Investments 45.0 Home Chef Digi ta l Media/Commerce L Catterton 40.0 Skyhigh Networks , Inc. Software Sequoia Capita l 40.0 Cyence, Inc. Software New Enterprise Associates 40.0 BitSight Technologies Software Comcast Ventures 40.0 Digi ta l Map Products , Inc. Software Si lversmith Capita l Partners 36.3 Lucid Software, Inc. Software Spectrum Equity Investors , LP 36.0 Teal ium Marketing Technology Battery Ventures 35.0 Applause App Qual i ty, Inc Software Accenture plc 35.0 Sess ionM, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 35.0 Claroty Software Bessemer Venture Partners 32.0 Datorama, Inc. Marketing Technology Lightspeed Venture Partners 32.0 Pi l lPack, Inc. Digi ta l Media/Commerce Accel Partners 31.1 AppNexus , Inc. Marketing Technology Idinvest Partners 31.0 Pepperfry.com Digi ta l Media/Commerce Norwest Venture Partners 31.0 Updater, Inc. Marketing Technology FIL Limited 30.0 Certona Corporation Marketing Technology Primus Capita l Funds 30.0 Cato Networks Software Greylock Partners 30.0 Bosszhipin Digi ta l Media/Commerce Capita l Today 28.0 FinanceFox Digi ta l Media/Commerce Sales force Ventures 28.0 4C Ins ights , Inc. Marketing Technology Kayne Partners 26.0 Medica l Channel Tradi tional Media Undisclosed 25.0




NAV Valuation & Advisory LLC Information Kleiner Perkins Caufield & Byers 25.0$ oTMS, Inc. Software Matrix Partners 25.0 CTERA Networks LTD. Software Bessemer Venture Partners 25.0 ProsperWorks , Inc. Marketing Technology Storm Ventures LLC 24.0 HashiCorp Software GGV Capita l 24.0 Viva Republ ica Digi ta l Media/Commerce QUALCOMM Ventures 23.7 Zenly S.A.S. Digi ta l Media/Commerce Ins ight Venture Partners 22.5 Home24 GmbH Digi ta l Media/Commerce Rocket Internet GmbH 22.5 Alkemics SAS Marketing Technology Index Ventures 22.5 Team17 Software Limited Digi ta l Media/Commerce Lloyd's Development Capi ta l 21.8 NS1 Software Deutsche Telekom AG 20.0 Fina lCAD Marketing Technology Serena Capita l 20.0 BrightLine Partners LLC Agency & Marketing Services Fundamenta l Global 20.0 Gametime United, Inc. Digi ta l Media/Commerce Accel Partners 20.0 White Ops, Inc. Software Paladin Capita l 20.0 Dia & Co. Digi ta l Media/Commerce Sequoia Capita l 20.0 Optimove Marketing Technology Is rael Growth Partners 20.0 GitLab B.V. Software Khos la Ventures 20.0 Nuxeo SAS Marketing Technology Goldman Sachs Private Capita l Investing 20.0 Signi fyd, Inc. Software Menlo Ventures 19.0 Uno Home Loans Digi ta l Adverti s ing Westpac 16.5 GoSpotCheck, Inc. Software Ins ight Venture Partners 16.5 Contrast Securi ty Software Genera l Cata lyst Partners LLC 16.0 InfluxData, Inc. Software Battery Ventures 16.0 Shape Securi ty, Inc. Software Hewlett‐Packard Enterprise Company 15.0 Operator, Inc. Marketing Technology GGV Capita l 15.0 InContext Solutions Marketing Technology Undisclosed 15.0 dcBLOX, Inc. Bus iness Services Ata laya Capita l Management LP 15.0 Swiggy Digi ta l Media/Commerce Bessemer Venture Partners 15.0 KeyMe, Inc. Digi ta l Media/Commerce Battery Ventures 15.0 Ogury Limited Marketing Technology Idinvest Partners 15.0 Tipa l ti Software SG VC 14.0 Juvo Mobi le, Inc. Marketing Technology Freestyle Capita l 14.0 Infini ty Tracking Ltd. Marketing Technology Smedvig Capita l Limited 13.0 HaloDoc Software Clermont Group 13.0 Inbenta Technologies , Inc. Marketing Technology Level Equity 12.0 You.i TV Software Time Warner Investments 12.0 Quandl , Inc. Information Nexus Venture Partners 12.0 SmartAsset Digi ta l Adverti s ing IA Capita l Group 12.0 WSC Sports Technologies Marketing Technology Intel Capita l 12.0 AnyPerk, Inc. Software Nissay Capita l 11.5 MemberSuite, Inc. Software Accompl ice, LLC 11.0




Beeswax Marketing Technology Foundry Group 11.0$ ViSenze Marketing Technology Rakuten Ventures 10.5 project44 Software Emergence Capita l 10.5 Bitmovin, Inc. Marketing Technology Atomico Ventures 10.3 Knotch, Inc. Marketing Technology (Private Investors ) 10.0 Beckon, Inc. Marketing Technology Canaan Partners 10.0 Kustomer, Inc. Marketing Technology Canaan Partners 10.0 Gfycat, inc. Digi ta l Media/Commerce Alsop Louie Partners 10.0 Kahoot! AS Digi ta l Media/Commerce Microsoft Ventures 10.0 Sonder Corporation Digi ta l Media/Commerce Spark Capita l 10.0 StartOfService Digi ta l Adverti s ing Point Nine Capita l 10.0 EVINE Live, Inc. Digi ta l Media/Commerce (Private Investors ) 10.0 Unified Enterprises Corp. Marketing Technology Wel l ington Financia l LP 10.0 Stel la Networks LLC Software CRV 10.0 Frame.io, Inc. Software Accel Partners 10.0 ZCOOL Digi ta l Media/Commerce Hearst Ventures 10.0 RackWare, Inc. Software Signal Peak Ventures 10.0 Cheddar, Inc. Digi ta l Media/Commerce Comcast Ventures 10.0 MP Objects BV Software Updata Partners 10.0 Podium Data, Inc. Software Mal ibu Ventures 9.5 Packet Host, Inc. Software SoftBank Capita l 9.4 OpenSesame, Inc. Digi ta l Media/Commerce Altos Ventures 9.0 Aqua Securi ty Software Ltd. Software Microsoft Ventures 9.0 Whispir.com, Inc. Marketing Technology Tels tra Ventures Group 9.0 El levest Information Aspect Ventures 9.0 Kyriba Corporation Software Bpi france SA 8.8 Caringo Software Advantage Capita l Partners 8.8 Gui ld Education, Inc. Bus iness Services Harrison Metal Capita l 8.5 Point Digi ta l Finance, Inc. Software Andreessen Horowitz 8.4 GameCo, Inc. Digi ta l Media/Commerce Javel in Venture Partners 8.3 Depop Limited Digi ta l Media/Commerce Balderton Capita l 8.3 Promoboxx, Inc. Marketing Technology Ascent Venture Partners 8.2 Impartner, Inc. Marketing Technology ORIX Growth Capita l 8.0 Anodot, Inc. Marketing Technology Aleph Venture Capita l 8.0 Airca l l .io, Inc. Marketing Technology Baird Capita l Partners 8.0 Totango, LLC Marketing Technology Pitango Venture Capita l 8.0 Bus iness Talent Group Digi ta l Adverti s ing NextEquity 8.0 Zi l ingo Pte Ltd. Digi ta l Media/Commerce Sequoia Capita l 8.0 UXP Systems, Inc. Marketing Technology (Private Investors ) 8.0 Expel , Inc. Software New Enterprise Associates 7.5 H4D Software Innovation Capita l 7.5 Simplus Bus iness Services Sa les force Ventures 7.3




Fol loze, Inc. Marketing Technology New Enterprise Associates 7.3$ CodeFresh Software Carmel Ventures 7.0 Troops , Inc. Marketing Technology Firs t Round Capita l 7.0 Unravel Data Software Menlo Ventures 7.0 JRSK, Inc. Digi ta l Media/Commerce Accel Partners 7.0 Shippo Bus iness Services Union Square Ventures 7.0 Proov, Inc. Software Mangrove Capita l Partners 7.0 FoodCheri SAS Digi ta l Media/Commerce 360 Capita l Partners 6.7 TVTY Marketing Technology Serena Capita l 6.7 OpenClassrooms Bus iness Services Alven Capita l Partners 6.7 Portfol ium, Inc. Digi ta l Media/Commerce SFJ Ventures 6.6 Mobi l i ze Networks , Inc. Software FLOODGATE Fund LP 6.5 Cata lyze, Inc. Marketing Technology Lewis & Clark Venture Capita l 6.5 Arbor Technologies , Inc. Digi ta l Media/Commerce Canaan Partners 6.5 Dizzion, Inc. Software Grotech Ventures 6.4 Esti fy, Inc. Marketing Technology ff Venture Capita l 6.3 Zenedge LLC Software Pi lot Growth Equity Partners 6.2 Event Farm Marketing Technology .406 Ventures , LLC 6.1 Simppler, Inc. Software Sales force Ventures 6.0 Spareroom.co.uk Digi ta l Media/Commerce Undisclosed 6.0 Inverse, Inc. Digi ta l Media/Commerce Bertelsmann Digi ta l Media Investments 6.0 Kinetica Software GreatPoint Ventures 6.0 CloudCherry Marketing Technology Cisco Investments 6.0 Gadgetwood eServices Pvt. Ltd. Digi ta l Media/Commerce Carpe Diem Growth Capita l 6.0 TrueFacet, Inc. Digi ta l Media/Commerce Maveron, LLC 6.0 Progress ly, Inc. Marketing Technology Undisclosed 6.0 Ambra Health Software Canaan Partners 6.0 PubNub, Inc. Software Cisco Investments 6.0 Fusebi l l Software Sca leUp Ventures 6.0 Klaxoon SAS Marketing Technology Arkea Capita l 5.6 Jobbio Digi ta l Adverti s ing Balderton Capita l 5.6 HealthNotes Software MedAdvisor Limited 5.5 SecBi Ltd. Software Orange Capita l 5.0 Mautic, Inc. Software Underscore VC 5.0 Si te 1001, Inc. Software Flyover Capita l 5.0 Mautic, Inc. Software G20 Ventures 5.0 ACV Auctions LLC Digi ta l Media/Commerce Tribeca Venture Partners 5.0 Sourcery Technologies , Inc. Marketing Technology Marker Financia l Advisors LLC 5.0 Intens i ty Analytics Corporation Software Undisclosed 5.0 i Staging Corporation Digi ta l Media/Commerce WI Harper Group 5.0 Intens i ty Analytics Corporation Software Undisclosed 5.0 IATAI Enterprises Software Casei f 5.0




Steel Wool Studios , Inc. Digi ta l Media/Commerce HTC Corporation 5.0$ Octiv, Inc. Marketing Technology Greycroft Partners LLC 4.8 Dooer AB Software Undisclosed 4.6 Curve 1 Limited Software Connect Ventures 4.6 ADman Interactive S.L. Digi ta l Advertis ing Agi le Content, S.A. 4.6 Chefs Plate, Inc. Digi ta l Media/Commerce Acton Capita l Partners 4.5 Vestwel l , Inc. Software Commerce Ventures 4.5 Fauna, Inc. Software CRV 4.5 SYNQY Corporation Marketing Technology Undisclosed 4.5 Big Cloud Analytics , Inc. Marketing Technology Edison Partners 4.5 Cri tica l Force Ltd. Digi ta l Media/Commerce NHN Corporation 4.5 Payzer LLC Software Route 66 Ventures 4.3 Agent Video Intel l igence, Inc. Marketing Technology Motorola Solutions , Inc. 4.3 VizEat Ltd. Digi ta l Media/Commerce Eurovestech Plc 4.3 Yel lo, Inc. Software Argentum 4.2 CodeSpark Digi ta l Media/Commerce Kapor Capita l 4.1 LiquidSky Software, Inc. Digi ta l Media/Commerce Samsung Electronics 4.0 Cashtree Digi ta l Adverti s ing Korea Investment Partners 4.0 Aceable, Inc. Digi ta l Media/Commerce Si lverton Partners 4.0 Imbel lus , Inc. Software Upfront Ventures 4.0 Privi tar Ltd. Software IQ Capita l Partners LLP 4.0 Aki Technologies , Inc. Digi ta l Advertis ing Blue Marl in Partners 3.8 ca l l s tats .io Marketing Technology True Ventures 3.5 Polyarc, Inc. Digi ta l Media/Commerce Vulcan Capita l 3.5 Cronus Cyber Technologies Software Janvest Capita l Partners 3.5 Renoviso, Inc. Digi ta l Media/Commerce Bessemer Venture Partners 3.5 FreightHub GmbH Information Global Founders Capita l 3.3 Camari l la B.V. Digi ta l Media/Commerce Amerborgh 3.3 Paddle.com Market Limited Marketing Technology BGF 3.2 Lightneer Digi ta l Media/Commerce GSV Acceleration 3.2 CheBuoni .i t Srl Digi ta l Adverti s ing Loca lWeb 3.2 Pixoneye Marketing Technology Telefonica 3.1 Benzinga Digi ta l Media/Commerce WorldQuant 3.0 Shi ftWizard Software Resolute Ventures 3.0 CORNAMI, Inc. Software Impact Venture Partners 3.0 Luminance AI Software Invoke Capita l 3.0 Klara , Inc. Software Lerer Hippeau Ventures 3.0 LiveStories , Inc. Software True Ventures 3.0 Beyond Verbal Communications Ltd. Marketing Technology Winnovation 3.0 Cordata Healthcare Innovations LLC Software Firs t Health Capita l Partners 3.0 MyLi fe Digi ta l Ltd. Marketing Technology Bus iness Growth Fund plc 2.7 Rednote LLC Digi ta l Media/Commerce Northwood Ventures 2.6




ContactEngine Limited Marketing Technology Amadeus Capita l Partners Limited 2.6$ Karamba Securi ty Software Fontina l i s Partners , LLC 2.5 Zero Financia l , Inc. Software New Enterprise Associates 2.5 Al lset Technologies , Inc. Digi ta l Media/Commerce Andreessen Horowitz 2.4 Moonl ighting LLC Digi ta l Media/Commerce Gannett Co., Inc. 2.3 Doxly, Inc. Software Hyde Park Venture Partners 2.3 Sync Digi ta l Adverti s ing Idinvest Partners 2.2 Red Points Marketing Technology Mangrove Capita l Partners 2.2 SpeachMe Software Alven Capita l Partners 2.2 Ins ider Marketing Technology Wamda Capita l 2.2 GenieBelt ApS Software (Private Investors ) 2.2 ThisWay Global Software Imperia l Innovations 2.1 Guazi .com Digi ta l Media/Commerce Matrix Partners 2.0 Prowler.io Software Pass ion Capita l 2.0 TenantCloud LLC Software User Friendly Media, LLC 2.0 AdStage, Inc. Marketing Technology Verizon Ventures 2.0 LumaTax, Inc. Software Greycroft Partners LLC 2.0 Clubhouse Software, Inc. Software Lerer Hippeau Ventures 2.0 Sal ido, Inc. Digi ta l Media/Commerce (Private Investors ) 2.0 Cohealo Software Romulus Capita l 2.0 Gl ints Intern Pte. Ltd. Information Wavemaker Partners 2.0 Dozr Digi ta l Media/Commerce Fair Ventures 1.9 makepos i tive Bus iness Services Boost&Co. 1.7 ParkMyCloud, Inc. Marketing Technology Cofounders Capita l 1.7 Nexta i l Labs SLU Software Nauta Capita l 1.6 GoPigeon Bus iness Services Nexus Venture Partners 1.5 Crobox B.V. Marketing Technology Ventech 1.3 Milkman Srl Bus iness Services 360 Capita l Partners 1.2 Qrvey, Inc. Marketing Technology The Center for Innovation Technology 1.2 Captio Software Kibo Ventures 1.1 TradeMachines Digi ta l Advertis ing (Private Investors ) 1.1 Connected2Fiber Marketing Technology Nauta Capita l 1.1 APPrise Mobi le Software TMT Investments PLC 1.0 MatraMatri .com Digi ta l Adverti s ing Undisclosed 1.0



Venture/Growth Capital TransactionsTarget Target Segment Buyer/Investor Reported TV

VC/Growth CapitalUndisclosed

Bul ly Pulpi t Interactive Agency & Marketing Services Svoboda Capita l Partners LLC ‐$ Finn Partners , Inc. Agency & Marketing Services The Stagwel l Group LLC ‐ Col laborative Solutions LLC Bus iness Services WestView Capita l Partners ‐ Is land Medica l Management, Inc. Bus iness Services New Mountain Capita l , LLC ‐ The Greeley Company Bus iness Services Keystone Capita l , Inc. ‐ Dai lyRounds , Inc. Digi ta l Media/Commerce Accel Partners ‐ SavvyMoney, Inc. Information TransUnion, LLC ‐ Meetrics GmbH Marketing Technology yabeo Capita l ‐ MicroD, Inc. Marketing Technology Armory Capita l ‐ Raidboxes GmbH Marketing Technology High‐Tech Gründerfonds ‐ Reimagine Holdings Group Marketing Technology BV Investment Partners ‐ Zoomdata, Inc. Marketing Technology In‐Q‐Tel ‐ Capshare LLC Software Standish Management ‐ Idnow Software Seventure Partners ‐ MoneyFarm Software Al l ianz ‐ PlumSl ice Labs , Inc. Software Kinetic Ventures ‐ Radixx Internationa l , Inc. Software TA Associates ‐ Res i l inc Corporation Software Sales force Ventures ‐ Securi tyMatters B.V. Software Emerald Technology Ventures ‐ Zettabox Holdings Limited Software Undisclosed ‐ Connecting Point Marketing Group, Inc. Tradi tional Media Corridor Capita l , LLC ‐ Gravi ty Media Group Limited Traditional Media TowerBrook Capita l Partners L.P. ‐ Rol l ingstone.com Traditional Media BandLab Singapore Pte. Ltd. ‐


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

Bloomberg M&A League Tables, 2011-2015TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2015 2011-2015 (5-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 18 1 Petsky Prunier 84

2 Goldman Sachs 17 2 Goldman Sachs 682 PwC 17 3 Jordan Edmiston Group 594 Jordan Edmiston Group 15 3 Morgan Stanley 594 KPMG Corporate Finance 15 5 PwC 524 Morgan Stanley 15 6 China Renaissance Partners 477 China Renaissance Partners 11 6 Nomura 477 Ernst & Young 11 8 GCA Savvian Group 449 Avendus Capital 9 9 KPMG Corporate Finance 439 Rothschild 9 10 Ernst & Young 3811 Citi 8 10 JP Morgan 3811 Credit Suisse 8 12 Jefferies 3711 Jefferies 8 13 AGC Partners 3511 William Blair & Company 8 14 Credit Suisse 3411 Mooreland Partners 8 15 Daiwa Securities 33

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

With more than 60 transactions closed in the last 24 months, and more than 100 transactions closed since 2011 (across all industries inaddition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising,eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NASDAQ: SYKE)

*Approximate Value *Approximate Value

$225,000,000*

(NYSE: IDI)

has been sold to has received a significant growth investment from

$160,000,000*

has been sold to

a portfolio company of

(NYSE: DLX)

has been sold to


has been sold to

*Approximate Value


has been sold to

a division of


has been sold to

has been sold to

$207,000,000*

has been sold to


has received a majority investment from


has been sold to


in partnership with

(NYSE: OMC)

and

comprising Media Properties Holdingshas been sold to


has been sold to

has acquired

(NASDAQ: CTSH)has acquired

(NASDAQ: ACXM)

from

has been sold to

(NYSE: OMC)

has been sold to

has been sold to

(NYSE: EVDY)

$65,000,000

(NYSE: RUK)

a division of

has been sold to

has been sold to

*Approximate Value

has received a significant investment from

(NASDAQ: EXLS)

$160,000,000*

has been sold to

has been sold to

(NYSE: EVDY)

has been sold to


$120,000,000

has sold MediMedia Pharma Solutions

to

has been sold toAperion Management

has been sold to

and

has sold

to

(NYSE: ACN)

has been sold to




has been sold to

Documents

September 2016 MA and Investment Summary [Read-Only]petskyprunier.com/_petskyprunier.com/dynamic/user... · 3| M&A and Investment Summary September 2016 M&A and Investment Summary