August 2017 M&A and Investment Summary - Petsky …petskyprunier.com/_petskyprunier.com/dynamic/user_monthly...Business Services 69 11% 6,820.5 20% 48 589 ... MatsSoft Ltd. Software

August 2017 M&A and Investment Summary

2 | M&A and Investment Summary August 2017

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

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

Additional Monthly M&A and Investment Activity Data 41 3

About Petsky Prunier 56 4

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 622 deals were announced in August 2017, of which 337 were worth $33.7 billion in aggregate reported value

Software was the most active segment with 222 deals announced — 129 of these transactions reported $11.9 billion in value

Digital Media/Commerce was also active with 140 transactions announced, of which 106 were worth a reported $7.5 billion in value

Strategic buyers announced 286 deals (54 reported $12.7 billion in value)

VC/Growth Capital investors announced 304 transactions (273 reported $10.5 billion in value)

Private Equity investors announced 32 deals during the month (10 reported $10.5 billion in value)

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

Software 222 36% $11,918.6 35% 83 $4,792.8 12 $4,102.1 127 $3,023.8

Digital Media/Commerce 140 23% 7,484.4 22% 38 2,522.4 2 20.0 100 4,942.0

Marketing Technology 89 14% 3,462.9 10% 36 2,147.3 5 590.0 48 725.6

Business Services 69 11% 6,820.5 20% 48 589.5 9 5,763.9 12 467.1

Agency & Marketing Services 46 7% 1,421.6 4% 40 208.9 4 22.7 2 1,190.0

Digital Advertising 24 4% 262.0 1% 16 211.0 0 - 8 51.0

Traditional Media 22 4% 465.1 1% 18 427.4 0 - 4 37.7

Information 10 2% 1,848.7 5% 7 1,830.0 0 - 3 18.7

Total 622 100% 33,683.8 100% 286 12,729.3 32 10,498.7 304 10,455.9

August 2017

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$51.2

$25.4$20.8

$36.2

$50.2

$33.7

$21.3 $19.9

$33.7

$25.2$29.3

$24.6 $24.1

622473 463 449 419 415 457 449 545 471 520 569 519 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17

*Note, Discovery Communications’ $14.6 billion acquisition Scripps Networks, Oracle’s $9.3 billion acquisition of NetSuite, Micro Focus’ $8.8 billion acquisition of Hewlett Packard Enterprise’s Software

business, Sinclair Broadcast Group’s $6.6 billion acquisition of Tribune Media, and Blackstone’s $6.1 billion acquisition of TeamHealth have been excluded to limit comparative distortions.

Transaction Distribution

Reported transaction activity in August was up 20 percent from July 2017 and was up five percent from August 2016

Strategic activity accounted for 90 percent of reported control transactions during the month and included significant transactions:

• The majority stake taken by Disney in Major League Baseball online streaming platform BAMTec in a transaction valuing the company at $3.8 billion

• The Advisory Board’s sale of its education business to Vista Equity Partners for $1.6 billion and health division to UnitedHealth Group for $1.3 billion

• The acquisition of Active Networks by Global Payments from Vista Equity Partners in a transaction valued at $1.2 billion

• DigiCert’s $950 million purchase of Symantec’s Website Security business

• The $750 million acquisition of supply chain software company HighJump Software by Germany-based Korber

• PRA Healthcare Sciences’ $530 million acquisition of Symphony Health Solutions

HP Software

M&A and Investment Summary for All Segments

TeamHealth

Tribune Scripps / Discovery


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Agency & Marketing Services

AlliedPRA, Inc. Experiential Marketing CI Capital Partners LLC 22.7$ 100.0$ -$ 0.2x NA

Sema Holdings Pty Ltd. DM Agency IVE Group Ltd. 11.7 30.8 2.4 0.4x 4.9x

Business Services

Transplace, Inc. Logistics TPG Capital 1,000.0 1,800.0 - 0.6x NA

Aptuit, Inc. Healthcare Consulting Evotec AG 300.0 92.9 11.6 3.2x 25.8x

Voxpro Group BPO Telus Corporation 172.7 34.8 - 5.0x NA

Affecto Plc IT Consulting/Systems Integration CGI Nordic Investments Limited 112.8 91.9 5.9 1.2x 19.2x

Decipher Works Pty Ltd. IT Consulting/Systems Integration Transaction Solutions International Limited 4.0 2.3 0.6 1.7x 6.7x

Digital Advertising

SpotXchange, LLC Ad Networks/Exchanges RTL Group 404.0 75.0 - 5.4x NA

Tremor Video, Demand Side Platform Ad Networks/Exchanges Taptica, Inc. 27.5 115.0 (1.3) 0.2x NM NA

Digital Media/Commerce

Waimai eCommerce Ele.me 800.0 3,900.0 - 0.2x NA

Eat24Hours.com eCommerce GrubHub, Inc. 287.5 888.7 - 0.3x NA

JacTravel Group eCommerce Webjet Limited 263.5 55.0 25.8 4.8x 10.2x

PlusMobile LLC Mobile Content/Apps AtmanCo, Inc. 2.5 4.7 - 0.5x NA

Information

Symphony Health Solutions Healthcare Information PRA Health Sciences 530.0 200.0 - 2.7x NA NA

Marketing Technology

DoubleVerify, Inc. Analytics & Targeting Providence Equity Partners, Inc. 350.0 70.0 - 5.0x NA

On-Site.com, Inc. MRM/Workflow Management RealPage, Inc. 250.0 50.0 9.0 5.0x 27.8x

Zoom Information, Inc. Marketing Data Great Hill Partners, LLC 240.0 39.8 - 6.0x NA

MaxPoint Interactive, Inc. BI Tools Valassis Communications, Inc. 108.2 144.4 (8.9) 0.7x NM

Rain King Software, Inc. SFA/Lead Management DiscoverOrg, LLC 100.0 33.9 - 2.9x NA

Software

Paysafe Group Plc Financial Software The Blackstone Group L.P. 4,013.7 1,043.5 265.7 3.8x 15.1x

HighJump Software, Inc. ERP Software Korber AG 750.0 200.0 - 3.8x NA

proALPHA Business Solutions GmbH ERP Software Intermediate Capital Group plc 460.6 105.4 - 4.4x NA

Sequel Business Solutions Limited Financial Software Verisk Analytics, Inc. 322.5 33.8 15.6 9.5x 20.7x

Numerex Corp. Application Management Software Sierra Wireless 130.3 65.4 - 2.0x NA

MacroPoint LLC ERP Software The Descartes Systems Group, Inc. 107.0 12.5 - 8.6x NA

MatsSoft Ltd. Software Development Tools Netcall plc 18.3 6.8 - 2.7x NA

CMS Transport Systems Pty Ltd. ERP Software WiseTech Global 7.0 2.9 - 2.4x NA

Traditional Media

Katz Broadcast Networks Broadcast Television The E.W. Scripps Company 307.4 180.0 - 1.7x NA

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Company Name Country Segment Offering Value Rev EBITDA

Despegar.com, Corp. Argentina Digital Media/Commerce 100.0$ 465.7$ 64.9$

MongoDB, Inc. United States Software NA NA NA

Stitch Fix, Inc. United States Digital Media/Commerce NA NA NA

Vencore, Inc. United States Business Services 250.0 1,700.0 NA

Best Logistics Group, Inc. China Business Services 1,000.0 1,300.0 NA

Ancestry.com LLC United States Digital Media/Commerce NA NA NA

Advantage Solutions Inc. United States Agency & Marketing Services 100.0 2,150.4 405.1

Sea Ltd. Singapore Digital Media/Commerce NA NA NA

Tivit S.A. Brazil Business Services 319.3 2,031.8 287.2

ForeScout Technologies, Inc. United States Software NA NA NA

EVRY AS Norway Business Services 151.1 12,859.5 NA

AppNexus, Inc United States Marketing Technology NA NA NA

Carbon Black, Inc. United States Software NA NA NA

LTM


LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2017 1st Trading Day

Jul -17 NasdaqGS:RDFN Redfin Corporation United States $12.00-$14.00 15.00 $21.72 up 45% 22.29 2.6%

Jun-17 NYSE:APRN Blue Apron Holdings , Inc. United States 10.00-11.00 10.00 9.99, flat 5.24 (47.5%)

Jun-17 NYSE:ATUS Altice USA, Inc. United States 27.00-31.00 31.00 32.71 up 9% 30.51 (6.7%)

Jun-17 NasdaqGM:TNTR Tintri , Inc. United States 7.00-8.00 7.00 7.27 up 3.9% 5.96 (18.0%)

May-17 NasdaqGM:APPN Appian Corporation United States 11.00-13.00 12.00 15.01 up 25% 22.89 52.5%

May-17 NasdaqGM:VERI Veri tone, Inc. United States 14.00-16.00 15.00 13.07 down 13% 15.56 19.1%

Apr-17 NYSE:CVNA Carvana Co. United States 13.00-16.00 15.00 11.10 down 26% 17.85 60.8%

Apr-17 NYSE:CLDR Cloudera, Inc. United States 12.00-14.00 15.00 18.10 up 21% 19.40 7.2%

Apr-17 NasdaqGS:OKTA Okta, Inc. United States 15.00-17.00 17.00 23.51 up 38% 26.99 14.8%

Apr-17 NYSE:NETS Netshoes (Cayman) Limited Brazi l 18.00-20.00 18.00 16.10 down 10.5% 11.87 (26.3%)

Apr-17 NYSE:YEXT Yext, Inc. United States 8.00-10.00 11.00 13.29 up 21% 13.01 (2.1%)

Mar-17 NYSE:AYX Alteryx, Inc. United States 12.00-14.00 14.00 15.50 up 10.7% 23.59 52.2%

Mar-17 NYSE:MULE MuleSoft, Inc. United States 14.00-16.00 17.00 24.75 up 46% 21.80 (11.9%)

Mar-17 NasdaqGS:PSDO Pres idio, Inc. United States 14.00-16.00 14.00 14.25 up 1.8% 13.91 (2.4%)

Mar-17 NYSE:SNAP Snap Inc. United States 14.00-16.00 17.00 24.48 up 44% 14.51 (40.7%)

Dec-16 NasdaqGS:TRVG trivago N.V. Germany 13.00-15.00 11.00 11.85 up 7.7% 15.50 30.8%

Oct-16 NasdaqGS:BL BlackLine, Inc. United States 15.00-17.00 17.00 23.70 up 39% 30.87 30.3%

Oct-16 NasdaqGS:COUP Coupa Software Incorporated United States 16.00-18.00 18.00 32.78 up 82% 30.46 (7.1%)

Sep-16 NasdaqGS:NTNX Nutanix, Inc. United States 13.00-15.00 18.00 37.00 up 131% 22.00 (40.5%)

Sep-16 NasdaqGM:TTD The Trade Desk, Inc. United States 16.00-18.00 18.00 30.10 up 67% 52.97 76.0%

Sep-16 NasdaqGM:APTI Apptio, Inc. United States 13.00-15.00 16.00 22.55 up 40% 17.80 (21.1%)

Sep-16 NasdaqGS:GSUM Gridsum Holding Inc. China 10.50-12.50 13.00 15.25 up 17% 9.29 (39.1%)

Sep-16 NasdaqGM:EVBG Everbridge, Inc. United States 11.00-13.00 12.00 14.70 up 22% 23.17 57.6%


Digital Media/Commerce

Of the total $7.5 billion in value reported in the Digital Media/Commerce segment, $4.9 billion in venture/growth capital investments

were announced, while more than $2.5 billion in strategic acquisitions were made

eCommerce was the most active subsegment across all segments with 70 transactions announced, of which 48 were reported for

$5.8 billion. Select transactions from the subsegment include:

• The $1 billion investment received by online sports retailer Fanatics from SoftBank at a reported valuation of $4.5 billion

Select Digital Media/Commerce transactions include:

• Signet Jewelers ‘ acquisition of online jewelry retailer R2Net for $328 million

• B-to-B travel platform Webjet’s acquisition of hotel bookings and inbound travel services company JacTravel in a transaction valued

at $263.5 million

• The $200 million round of funding raised by Reddit at a reported valuation of $1.8 billion from Andreessen Horowitz, Sequoia

Capital, Coatue Management, Vy Capital, and Fidelity Investments

• On-demand private aviation company VistaJet’s $150 million investment at a reported valuation of $2.5 billion from Rhone Capital

* 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 70 50% $5,794.4 77% 17 $1,886.2 0 - 53 $3,908.2

Digital Marketplace 21 15% 332.2 4% 5 52.7 1 - 15 279.5

Mobile Content/Apps 20 14% 192.6 3% 5 13.1 0 - 15 179.5

Gaming 10 7% 544.8 7% 6 511.8 0 - 4 33.0

Niche Content 10 7% 343.5 5% 3 58.5 1 20.0 6 265.0

Social Media/Apps 9 6% 276.8 4% 2 - 0 - 7 276.8

Total 140 100% 7,484.4 100% 38 2,522.4 2 20.0 100 4,942.0

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media Public Company Valuation (1/2)

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

($ in Millions, except stock price data)

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

Company Name 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Alphabet Inc. $955.24 -5% $ 656,333.8 $ 565,575.8 $ 99,275.0 $ 32,251.0 32.5% 21.4% 5.7x 17.5x

Apple Inc. 164.00 -1% 847,097.4 878,688.4 223,507.0 70,206.0 31.4% 1.5% 3.9x 12.5x

Facebook, Inc. 171.97 -2% 499,434.7 463,982.7 33,173.0 18,084.0 54.5% 49.7% 14.0x 25.7x

Fitbit, Inc. 6.03 -65% 1,404.6 728.8 1,729.8 (239.6) NM -21.8% 0.4x NM

Glu Mobile Inc. 3.64 -2% 492.9 424.8 223.2 (78.8) NM -1.8% 1.9x NM

GoPro, Inc. 9.21 -48% 1,325.9 1,301.9 1,296.3 (158.9) NM 4.4% 1.0x NM

IAC/InterActiveCorp 113.51 -1% 9,052.9 9,335.9 3,103.5 448.7 14.5% -4.6% 3.0x 20.8x

j2 Global, Inc. 75.28 -18% 3,638.7 4,551.0 989.8 384.2 38.8% 24.4% 4.6x 11.8x

Leaf Group Ltd. 7.10 -24% 142.9 112.5 117.9 (21.1) NM 3.0% 1.0x NM

The Meet Group, Inc. 3.92 -39% 281.4 262.4 97.8 26.4 27.0% 53.1% 2.7x 9.9x

Netflix, Inc. 174.71 -9% 75,431.0 78,102.6 10,189.8 706.9 6.9% 33.6% 7.7x NM

Pandora Media, Inc. 8.45 -44% 2,050.1 2,347.8 1,437.3 (288.2) NM 11.6% 1.6x NM

RealNetworks, Inc. 3.99 -27% 148.4 86.0 126.2 (17.2) NM 6.3% 0.7x NM

Remark Holdings, Inc. 2.69 -43% 60.9 94.4 62.7 (11.4) NM 49.8% 1.5x NM

Snap Inc. 14.51 -51% 17,370.7 14,588.8 625.2 (2,920.4) NM 290.7% 23.3x NM

TheStreet, Inc. 0.85 -29% 30.5 7.1 62.4 0.0 0.0% -5.5% 0.1x NM

Twitter, Inc. 16.91 -33% 12,418.70 10,084.80 2,455.25 142.67 5.8% -0.8% 4.1x 70.7x

WebMD Health Corp. 66.44 0% 2,469.6 2,406.3 709.0 184.5 26.0% 5.7% 3.4x 13.0x

XO Group Inc. 18.62 -11% 460.1 361.7 155.7 14.1 9.1% 5.8% 2.3x 25.6x

Zynga Inc. 3.75 -3% 3,245.5 2,506.5 776.5 (55.6) NM 3.5% 3.2x NM

Average 2.5x 15.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (41.9x)

US-Based Digital Media and Internet


Digital Media Public Company Valuation (2/2)



Company Name Headquarters 08/31/17 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China $188.43 -5% $ 65,403.0 $ 58,323.7 $ 10,401.8 $ 2,764.3 26.6% 3.1% 5.6x 21.1x

CyberAgent, Inc. Japan 32.46 -11% 4,088.9 3,908.5 3,066.5 310.3 10.1% 22.5% 1.3x 12.6x

DeNA Co., Ltd. Japan 23.79 -32% 3,457.7 2,736.9 1,289.7 320.6 24.9% 0.1% 2.1x 8.5x

G5 Entertainment AB (publ) * Sweden 35.61 -5% 313.4 305.3 72.8 7.0 9.6% 67.5% 4.2x 43.6x

Gree, Inc. Japan 8.46 -14% 1,991.7 1,286.1 554.0 57.5 10.4% -17.8% 2.3x 22.4x

HolidayCheck Group AG * Germany 3.55 -7% 205.1 164.5 122.4 2.9 2.4% 4.0% 1.3x 56.9x

International Game Technology PLC United Kingdom 18.52 -42% 3,775.3 11,173.6 5,024.9 1,488.9 29.6% -1.9% 2.2x 7.5x

mixi, Inc. Japan 54.54 -16% 4,354.2 3,161.1 1,857.9 816.7 44.0% -0.8% 1.7x 3.9x

Meitu, Inc. * China 1.36 -54% 5,804.0 5,015.0 227.3 (80.0) NM 112.8% 22.1x NM

NCsoft Corporation South Korea 317.94 -16% 6,756.4 6,027.3 878.6 281.7 32.1% 10.2% 6.9x 21.4x

Naver Corporation South Korea 743.04 -14% 21,405.2 19,230.5 3,727.9 1,155.7 31.0% 20.8% 5.2x 16.6x

NetEase, Inc. China 302.74 -10% 40,736.3 35,682.1 6,376.5 2,170.2 34.0% 62.3% 5.6x 16.4x

NEXON Co., Ltd. Japan 19.93 -3% 8,760.6 5,929.4 1,797.5 1,006.5 56.0% 2.4% 3.3x 5.9x

Pacific Online Limited China 0.18 -36% 201.8 138.8 140.3 26.6 18.9% -11.1% 1.0x 5.2x

Phoenix New Media Limited China 2.62 -39% 188.8 143.0 205.7 4.7 2.3% -9.6% 0.7x 30.2x

Renren Inc. * China 6.06 -52% 425.9 465.3 73.5 (70.0) NM 68.8% 6.3x NM

Sohu.com Inc. China 45.60 -10% 1,793.2 1,152.3 1,616.6 34.3 2.1% -14.5% 0.7x 33.6x

Weibo Corporation * China 72.87 -11% 16,247.0 15,806.7 735.7 201.9 27.4% 46.9% 21.5x 78.3x

WeMade Entertainment Co., Ltd. South Korea 28.34 -15% 470.5 445.3 98.2 11.4 11.6% -10.7% 4.5x 39.0x

Yandex N.V. Russia 31.59 -3% 10,248.8 9,547.1 1,418.9 389.6 27.5% 25.3% 6.7x 24.5x

YY Inc. China 65.06 2% 3,550.2 3,572.9 1,281.2 335.2 26.2% 37.9% 2.8x 10.7x

Average 2.7x 13.6x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-FLOWERS.COM, Inc. $9.98 -13% $ 688.5 $ 741.5 $ 1,188.5 $ 76.0 6.4% 1.8% 0.6x 9.8x

Alphabet Inc. 950.52 -1% 649,322.6 560,820.6 94,765.0 31,208.0 32.9% 21.5% 5.9x 18.0x

Amazon.com, Inc. 941.37 -1% 446,500.8 446,568.8 142,573.0 12,221.0 8.6% 25.7% 3.1x 36.5x

Apple Inc. 151.16 1% 776,653.6 808,267.6 220,457.0 69,715.0 31.6% -3.1% 3.7x 11.6x

Blucora, Inc. 20.78 0% 872.5 1,193.7 472.5 85.0 18.0% 133.5% 2.5x 14.0x

Blue Apron Holdings, Inc. 6.48 -41% 1,395.3 1,680.4 868.2 (100.3) NM 0.0% 1.9x NM

CafePress Inc. 2.69 -28% 46.4 13.2 102.0 (0.6) NM -0.1% 0.1x NM

Carvana Co. 11.00 -21% 163.8 295.4 451.3 (103.1) NM 0.0% 0.7x NM

CDW Corporation 58.52 -4% 9,230.5 12,704.3 14,189.9 1,082.7 7.6% 6.3% 0.9x 11.7x

Chegg, Inc. 11.57 -4% 1,085.2 1,015.0 250.0 (11.4) NM -11.7% 4.1x NM

Copart, Inc. 30.59 -3% 7,040.2 7,577.3 1,402.0 504.2 36.0% 15.1% 5.4x 15.0x

eBay Inc. 33.49 -4% 36,258.3 38,470.3 9,059.0 2,935.0 32.4% 4.5% 4.2x 13.1x

Etsy, Inc. 11.32 -29% 1,358.6 1,094.0 380.0 28.2 7.4% 28.0% 2.9x 38.7x

EVINE Live Inc. 1.33 -45% 79.3 132.0 655.6 13.6 2.1% -6.6% 0.2x 9.7x

Expedia, Inc. 139.64 -1% 21,190.4 22,576.4 9,058.3 1,101.8 12.2% 25.8% 2.5x 20.5x

FTD Companies, Inc. 20.33 -27% 549.5 744.8 1,108.3 106.7 9.6% -6.1% 0.7x 7.0x

GrubHub Inc. 45.57 -1% 3,929.1 3,567.9 537.2 124.4 23.1% 39.2% 6.6x 28.7x

HSN, Inc. 36.35 -33% 1,859.3 2,335.1 3,536.2 249.7 7.1% -3.5% 0.7x 9.4x


Liberty Ventures 51.62 -6% 4,518.7 5,688.7 289.0 (22.0) NM -57.9% 19.7x NM

Liquidity Services, Inc. 7.33 -36% 231.4 115.3 306.8 (15.7) NM -4.6% 0.4x NM

Match Group, Inc. 19.17 -4% 4,989.7 5,736.7 1,260.9 368.2 29.2% 20.6% 4.5x 15.6x

Overstock.com, Inc. 15.43 -25% 387.4 306.5 1,818.7 1.8 0.1% 8.7% 0.2x NM

PetMed Express, Inc. 28.23 16% 490.6 442.7 249.2 38.9 15.6% 6.2% 1.8x 11.4x

The Priceline Group Inc. 1,902.18 -1% 93,569.6 96,438.9 11,014.3 4,167.8 37.8% 15.6% 8.8x 23.1x

QVC Group $21.15 -22% 9,618.1 15,754.1 10,175.0 1,779.0 17.5% 6.0% 1.5x 8.9x

Shutterfly, Inc. 52.19 -4% 1,775.3 1,968.7 1,144.5 140.0 12.2% 5.9% 1.7x 14.1x

Shutterstock, Inc. 43.54 -33% 1,512.6 1,262.3 507.9 64.4 12.7% 14.3% 2.5x 19.6x

Spark Networks, Inc. 1.05 -57% 35.3 24.5 32.5 0.6 2.0% -27.0% 0.8x 37.8x

Stamps.com Inc. 104.55 -23% 1,908.79 1,926.24 387.51 153.67 39.7% 53.9% 5.0x 12.5x

U.S. Auto Parts Network, Inc. 3.65 -19% 129.6 133.7 303.7 8.6 2.8% 2.8% 0.4x 15.6x

Wayfair Inc. 49.01 -1% 4,194.1 3,874.4 3,593.8 (166.5) NM 39.7% 1.1x NM

Average 2.0x 13.3x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. China $33.71 -39% $ 4,734.7 $ 4,721.2 $ 1,172.2 $ 160.0 13.6% 48.8% 4.0x 29.5x

Alibaba Group Holding Limited * China 101.37 -8% 257,750.0 256,505.1 22,987.1 9,164.0 39.9% 56.5% 11.2x 28.0x

Cnova N.V. * France 5.62 -12% 1,757.4 1,845.8 1,959.0 18.7 1.0% 6.8% 0.9x 98.5x

JD.com, Inc. * China 29.41 -2% 41,933.3 41,008.6 41,011.7 477.3 1.2% 42.2% 1.0x 85.9x

Jumei International Holding Limited China 4.15 -38% 614.4 171.0 904.1 23.5 2.6% -14.5% 0.2x 7.3x

LightInTheBox Holding Co., Ltd. * China 2.98 -17% 205.4 117.4 297.9 (8.3) NM -1.8% 0.4x NM

Mercadolibre, Inc. Argentina 196.40 0% 8,616.0 8,449.9 960.7 259.4 27.0% 45.3% 8.8x 32.6x

Netshoes (Cayman) Limited * Brazil 14.86 -14% 449.9 543.4 565.8 (3.5) NM 15.0% 1.0x NM

PChome Online Inc. Taiwan 7.56 -41% 834.2 607.7 851.3 36.3 4.3% 8.2% 0.7x 16.7x

Rakuten, Inc. Japan 9.69 -24% 13,824.9 15,250.4 7,297.7 1,483.5 20.3% 10.7% 2.1x 10.3x

Travelport Worldwide Limited United Kingdom 14.10 -7% 1,757.5 4,012.0 2,392.9 430.4 18.0% 6.0% 1.7x 9.3x

trivago N.V. * Germany 13.65 -2% 3,114.6 3,112.3 922.2 (19.9) NM 61.2% 3.4x NM

Vipshop Holdings Limited China 12.44 -29% 7,152.5 7,049.8 8,768.7 566.7 6.5% 38.0% 0.8x 12.4x

Average 1.6x 14.2x


Internationally-based eCommerce


Digital Advertising

A total of 24 transactions were announced in the Digital Advertising segment, of which 14 were worth $262 million in reported value

Ad Exchanges/Network subsegment was the most valuable subsegment in August with five transactions worth $194 million

Select transactions:

• The 35 percent remaining stake taken by RTL Group in online video advertising platform SpotXchange in a transaction valuing the

company at $404 million

• Taptica’s acquisition of Tremor Video’s demand-side platform business for $27.5 million

• Television and video advertising solution VideoAmp’s $21.4 million round of funding led by Mediaocean with participation from RTL

Group, GoAhead, Ventures, Wavemaker Partners, and Anthem Venture Partners

• Axel Springer-backed AWIN’s acquisition of affiliate marketing services company affilinet from United Internet

• The acquisition of cash-back shopping site Shopathome.com by Prodege from Belcaro Group

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

Ad Networks/Exchanges 5 21% $193.7 74% 3 $178.9 0 - 2 $14.8

Digital Promotion/Coupon 4 17% 2.3 1% 3 - 0 - 1 2.3

Mobile Marketing 4 17% 26.1 10% 3 25.1 0 - 1 1.0

Vertical Search 4 17% 7.8 3% 2 - 0 - 2 7.8

Digital Video 3 13% 25.1 10% 1 - 0 - 2 25.1

Affiliate/CPA Network 2 8% - 0% 2 - 0 - 0 -

Comparison Shopping 2 8% 7.0 3% 2 7.0 0 - 0 -

Total 24 100% 262.0 100% 16 211.0 0 0.0 8 51.0

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/2)


US-based Digital Advertising



Alliance Data Systems Corporation $225.50 -15% $ 12,511.5 $ 32,272.4 $ 7,413.9 $ 1,465.0 19.8% 9.6% 4.4x 22.0x

Alphabet Inc. 955.24 -5% 656,333.8 565,575.8 99,275.0 32,251.0 32.5% 21.4% 5.7x 17.5x

Angie's List, Inc. * $12.16 -8% 740.3 749.5 302.3 3.6 1.2% -11.1% 2.5x 208.3x

Autobytel Inc. 7.26 -60% 92.4 66.7 156.2 15.0 9.6% 4.9% 0.4x 4.5x

Bankrate, Inc. 13.85 -3% 1,231.4 1,339.8 477.0 101.2 21.2% 23.8% 2.8x 13.2x

Blucora, Inc. 22.80 -5% 1,024.4 1,318.5 491.6 92.5 18.8% NA 2.7x 14.3x

Care.com, Inc. 14.97 -9% 445.6 407.7 169.6 8.5 5.0% 12.2% 2.4x 48.2x

Cogint, Inc. 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM

DHI Group, Inc. 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x

Facebook, Inc. * 171.97 -2% 499,434.7 463,982.7 33,173.0 18,084.0 54.5% 49.7% 14.0x 25.7x

Groupon, Inc. 4.44 -20% 2,468.7 2,084.5 3,057.4 61.4 2.0% 0.1% 0.7x 34.0x


Inuvo, Inc. 1.02 -56% 29.1 30.5 72.6 (1.2) NM -2.7% 0.4x NM

LendingTree, Inc. 230.95 -2% 2,771.1 2,648.2 480.7 73.3 15.2% 42.6% 5.5x 36.1x

MaxPoint Interactive, Inc. 13.71 -1% 92.8 100.5 144.4 (8.9) NM 1.5% 0.7x NM

Perion Network Ltd. 1.20 -50% 92.7 134.6 290.7 22.4 7.7% 6.1% 0.5x 6.0x

QuinStreet, Inc. 5.35 -6% 243.2 193.7 299.8 3.2 1.1% 0.7% 0.6x 61.4x

Quotient Technology Inc. 15.00 0% 1,385.3 1,215.3 289.0 3.8 1.3% 11.5% 4.2x NM

Redfin Corporation 22.29 -33% 1,803.7 2,446.2 285.4 (18.0) NM 0.0% 8.6x NM

RhythmOne plc 0.46 -29% 229.8 178.8 149.0 (3.5) NM 28.4% 1.2x NM

Rocket Fuel Inc. 2.59 -56% 121.7 142.3 420.5 (16.6) NM -8.4% 0.3x NM

Snap Inc. * 14.51 -51% 17,370.7 14,588.8 625.2 (2,920.4) NM 290.7% 23.3x NM

The Rubicon Project, Inc. * 3.76 -60% 184.4 (8.2) 227.4 7.1 3.1% -23.7% NM NM

TiVo Corporation 18.30 -22% 2,231.32 3,013.47 819.79 259.28 31.6% 61.4% 3.7x 11.6x

Travelzoo 8.15 -39% 103.6 81.6 122.8 10.2 8.3% -2.9% 0.7x 8.0x

The Trade Desk, Inc. 52.97 -8% 2,160.2 2,071.3 251.5 64.3 25.5% 68.8% 8.2x 32.2x

Tremor Video, Inc. 3.52 -2% 177.7 142.5 185.4 (2.0) NM 12.3% 0.8x NM

TripAdvisor, Inc. 42.73 -35% 5,928.9 5,291.9 1,533.0 200.0 13.0% 4.5% 3.5x 26.5x

TrueCar, Inc. 16.95 -22% 1,669.5 1,516.8 306.8 (16.5) NM 16.1% 4.9x NM

Twitter, Inc. 16.91 -33% 12,418.7 10,084.8 2,455.2 142.7 5.8% -0.8% 4.1x 70.7x

Web.com Group, Inc. 25.30 -3% 1,107.2 1,718.7 749.7 150.5 20.1% 23.4% 2.3x 11.4x

Yelp Inc. 42.60 -3% 3,484.8 2,973.0 787.2 43.1 5.5% 25.1% 3.8x 69.0x

Yext, Inc. 13.01 NA 1,171.4 1,037.7 134.2 (44.9) NM 0.0% 7.7x NM

YuMe, Inc. 4.89 -19% 168.9 96.4 159.8 10.1 6.3% -7.4% 0.6x 9.6x

Zillow Group, Inc. * 39.92 -22% 7,300.9 7,078.2 964.8 35.1 3.6% 30.3% 7.3x 201.5x

Average 2.8x 14.2x

*Calculation i s market cap weighted and excludes revenue multiples that are 2.0 s tandard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 s tandard deviations above the mean (99.0x)


Digital Advertising Public Company Valuation (2/2)


Internationally-based Digital

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


Cliq Digital AG Germany $7.90 -20% $ 48.7 $ 60.7 $ 68.9 $ 4.9 7.2% 17.2% 0.9x 12.3x

Criteo S.A. France 48.42 -14% 3,135.4 2,931.0 1,914.6 178.8 9.3% 33.9% 1.5x 16.4x

Just Dial Limited India 7.57 -27% 526.7 416.6 110.9 15.1 13.6% 4.0% 3.8x 27.5x

MakeMyTrip Limited India 33.30 -19% 3,068.1 2,935.3 447.6 (75.5) NM 33.2% 6.6x NM

Matomy Media Group Ltd. Israel 1.31 -26% 125.8 150.7 276.6 15.2 5.5% 2.1% 0.5x 9.9x

Metaps Inc. * Japan 25.07 -38% 323.7 296.9 107.7 6.6 6.2% 0.0% 2.8x 44.8x

Opera Software ASA Norway 4.32 -46% 634.8 837.3 514.6 31.4 6.1% 12.7% 1.6x 26.7x

Pacific Online Limited China 0.25 -13% 274.5 233.3 140.3 26.6 18.9% -11.1% 1.7x 8.8x

Rightmove plc * United Kingdom 52.95 -6% 4,900.9 4,884.3 271.6 201.2 74.1% 14.5% 18.0x 24.3x

Septeni Holdings Co., Ltd. Japan 3.09 -57% 394.9 291.2 145.7 30.5 20.9% -62.3% 2.0x 9.5x

Taptica International Ltd Israel 2.93 -29% 185.1 176.2 125.9 23.1 18.4% 66.0% 1.4x 7.6x

Tencent Holdings Limited China 27.19 -25% 255,063.17 256,141.47 24,616.94 10,065.50 40.9% 50.7% 10.4x 25.4x

TradeDoubler AB Sweden 0.53 -35% 23.30 21.51 146.36 (3.22) NM -16.4% 0.1x NM

XLMedia PLC Channel Islands 1.30 -23% 257.2 219.0 103.6 31.2 30.1% 16.1% 2.1x 7.0x

Yandex N.V. Netherlands 24.22 -17% 7,955.8 7,256.9 1,418.9 389.6 27.5% 25.3% 5.1x 18.6x

Zhaopin Limited China 16.90 -11% 939.1 634.6 264.0 50.5 19.1% 25.0% 2.4x 12.6x

Average 2.3x 14.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (28.7x)



The Marketing Technology segment announced 89 transactions, of which 53 reported nearly $3.5 billion in value

Analytics & Targeting was the most active subsegments with announcing 18 transactions worth more than $594 million


• Providence Equity Partners’ acquisition of digital media measurement software and analytics company DoubleVerify for a reported

$350 million

• The acquisition of B-to-B data provider Zoom Information by Great Hills Partners for a reported $240 million

• Valassis Communications’ acquisition of Maxpoint Interactive in a transaction valuing the company at $108 million

• The acquisition of sales intelligence platform RainKing by TA Associates-backed DiscoverOrg in a transaction valued at more than a

reported $100 million

• The majority stake taken by GTCR in Simpli.fi, a leader in localized programmatic advertising (A Petsky Prunier-led transaction)

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

Analytics & Targeting 18 20% $594.3 17% 5 - 2 $350.0 11 $244.3

MRM/Workflow Management 9 10% 304.5 9% 4 250.0 0 - 5 54.5

CRM 8 9% 71.0 2% 5 - 0 - 3 71.0

Email/Messaging Software 8 9% 35.0 1% 1 - 0 - 7 35.0

Social Technology 7 8% 95.0 3% 5 - 0 - 2 95.0

Commerce Management 6 7% 10.7 0% 1 - 1 - 4 10.7

Content Management 6 7% 20.7 1% 2 - 1 - 3 20.7

Other 27 30% 2,331.7 67% 13 1,897.3 1 240.0 13 133.9

Total 89 100% 3,462.9 100% 36 2,147.3 5 590.0 48 725.6

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/2)




Adobe Systems Incorporated $155.16 -1% $ 76,556.82 $ 73,513.71 $ 6,526.22 $ 2,141.50 32.8% 23.0% 11.3x 34.3x

Alteryx, Inc. 23.59 -2% 1,385.9 1,233.2 106.3 (20.6) NM 0.0% 11.6x NM

AppFolio, Inc. 42.90 -1% 1,454.8 1,422.7 124.2 4.6 3.7% 37.8% 11.5x NM

Bazaarvoice, Inc. 4.75 -23% 400.4 341.2 201.2 (4.9) NM 0.7% 1.7x NM

Blackbaud, Inc. 84.41 -10% 3,964.2 4,334.2 757.2 131.9 17.4% 10.7% 5.7x 32.9x

Brightcove Inc. 7.05 -49% 242.1 214.4 153.3 (10.6) NM 7.8% 1.4x NM

ChannelAdvisor Corporation 11.60 -27% 306.6 249.8 118.1 (4.6) NM 10.1% 2.1x NM

Cision Ltd. 12.04 -1% 1,452.4 2,541.4 602.2 188.0 31.2% 0.0% 4.2x 13.5x

eBay Inc. 36.13 -4% 38,670.5 41,119.5 9,157.0 2,883.0 31.5% 4.2% 4.5x 14.3x

Endurance International Group

Holdings, Inc.

7.70 -22% 1,102.0 3,020.9 1,170.7 280.8 24.0% 28.7% 2.6x 10.8x

Five9, Inc. 21.50 -13% 1,185.0 1,173.7 179.9 2.1 1.2% 23.9% 6.5x NM

GoDaddy Inc. 44.82 -1% 4,985.6 7,631.5 2,005.5 238.5 11.9% 16.2% 3.8x 32.0x

HubSpot, Inc. 73.35 -7% 2,715.8 2,513.3 318.4 (34.7) NM 41.6% 7.9x NM

Inter Industries LTD. 2.74 -16% 25.4 35.1 98.6 2.4 2.4% 10.3% 0.4x 14.7x

IBM Corporation 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x

LivePerson, Inc. 13.40 -5% 789.3 734.9 215.6 8.2 3.8% -7.1% 3.4x 90.1x

Marin Software Incorporated 1.15 -58% 45.5 16.0 86.0 (11.6) NM -20.6% 0.2x NM

MaxPoint Interactive, Inc. 13.71 -1% 92.8 100.5 144.4 (8.9) NM 1.5% 0.7x NM

MicroStrategy Incorporated 129.00 -38% 1,476.7 844.3 511.2 109.2 21.4% -0.8% 1.7x 7.7x

MINDBODY, Inc. 23.65 -21% 1,096.3 887.7 159.8 (8.8) NM 33.2% 5.6x NM

Nuance Communications, Inc. 16.07 -19% 4,637.8 6,369.2 1,979.7 406.3 20.5% 1.7% 3.2x 15.7x

Oracle Corporation 50.33 -3% 208,199.2 200,416.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.7x

PayPal Holdings, Inc. 61.68 -1% 74,163.8 64,998.8 11,759.0 2,259.0 19.2% 17.5% 5.5x 28.8x

PROS Holdings, Inc. 26.34 -14% 837.3 840.8 158.8 (55.2) NM 0.6% 5.3x NM

PTC Inc. 56.00 -7% 6,474.0 6,906.2 1,145.9 91.9 8.0% -1.6% 6.0x 75.1x

The Rubicon Project, Inc. 3.76 -60% 184.4 (8.2) 227.4 7.1 3.1% -23.7% NM NM

Salesforce.com, inc. 95.49 -1% 68,628.7 67,709.5 9,387.9 464.1 4.9% 25.6% 7.2x 145.9x

Square, Inc. 26.11 -7% 10,018.4 9,448.0 1,904.0 (41.2) NM 24.9% 5.0x NM

Synchronoss Technologies, Inc. 16.79 -66% 778.6 902.3 476.8 54.3 11.4% 11.4% 1.9x 16.6x

Tableau Software, Inc. 72.48 -1% 5,732.8 4,739.9 869.5 (93.9) NM 16.9% 5.5x NM

Teradata Corporation 31.92 -4% 4,177.9 3,645.9 2,182.0 250.0 11.5% -11.6% 1.7x 14.6x

Verint Systems Inc. 39.70 -11% 2,488.2 2,906.0 1,077.7 102.9 9.5% -2.6% 2.7x 28.2x

Veritone, Inc. 15.56 -9% 232.7 166.8 12.0 (27.2) NM -0.6% 13.9x NM

Web.com Group, Inc. 25.30 -3% 1,107.2 1,718.7 749.7 150.5 20.1% 23.4% 2.3x 11.4x

Zendesk, Inc. 27.40 -14% 2,753.7 2,513.4 363.6 (86.6) NM 39.3% 6.9x NM

Adjusted Weighted Average 3.7x 16.4x


US-based Marketing Technology


Marketing Technology Public Company Valuation (2/2)




Baozun Inc. China 27.19 -24% $ 1,476.81 $ 1,345.96 $ 547.96 $ 22.57 4.1% 25.0% 2.5x 59.6x

Bitauto Holdings Limited China 35.80 -14% 2,477.9 5,851.4 1,032.8 101.9 9.9% 46.5% 5.7x 57.4x

ChinaCache International Holdings Ltd. China 0.83 -86% 22.4 24.5 151.8 (47.9) NM -22.1% 0.2x NM

Mercadolibre, Inc. Argentina 258.47 -13% 11,413.4 11,149.3 1,077.6 249.5 23.2% 52.5% 10.3x 44.7x

Open Text Corporation Canada 32.24 -8% 8,519.1 10,646.5 2,291.1 631.7 27.6% 25.6% 4.6x 16.9x

Opera Software ASA Norway 3.08 -61% 443.9 363.5 496.8 20.4 4.1% -1.2% 0.7x 17.8x

The Sage Group plc United Kingdom 8.92 -15% 9,628.21 10,063.51 2,160.32 619.00 28.7% 23.0% 4.7x 16.3x

SAP SE Germany 104.97 -8% 125,852.5 127,835.6 26,427.8 6,585.3 24.9% 8.8% 4.8x 19.4x

SharpSpring, Inc. United States 3.65 -37% 30.6 23.4 12.1 (5.9) NM 13.7% 1.9x NM

Shopify Inc. Canada 110.92 -1% 10,931.8 9,999.3 509.0 (34.5) NM 80.3% 19.6x NM

United Internet AG Germany 59.48 -4% 11,881.7 13,965.5 4,589.2 987.6 21.5% 6.6% 3.0x 14.1x

Weborama SA France 9.14 -38% 31.1 32.8 34.7 1.3 3.6% 12.1% 0.9x 26.0x

Wix.com ltd Israel 65.10 -24% 2,959.2 2,775.3 355.8 (39.0) NM 47.8% 7.8x NM



Internationally-based Marketing Technology



There were 46 transactions announced in the Agency & Marketing Services segment in August. Digital Agency was the most active

subsegment with 13 transactions


• The $1.1 billion investment received by WME|IMG at a reported valuation of $6.5 billion from Canadian Pension Plan Investment

Board and GIC

• BlackHawk Networks’ $175 million acquisition of interactive gifting and incentives company CastStar

• Advantage Solutions’ acquisition of independent consumer promotions, retail marketing, and shopper marketing services company

Brand Connections (A Petsky Prunier-led transaction)

• MTS Health Investors’ majority recapitalization of Medical Knowledge Group, an analytics-driven and technology-enabled multi-

channel healthcare marketing and communication services provider focused on the biopharmaceutical industry (A Petsky Prunier-

led transaction)

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

Digital Agency 13 28% - 0% 13 - 0 - 0 -

Specialty Agency 5 11% 1,190.0 84% 3 - 0 - 2 1,190.0

Design Agency 3 7% 9.9 1% 3 9.9 0 - 0 -

General Agency 3 7% - 0% 3 - 0 - 0 -

Loyalty/Retention 3 7% 175.0 12% 2 175.0 1 - 0 -

Marketing Consulting 3 7% 12.3 1% 3 12.3 0 - 0 -

Public Relations 3 7% - 0% 3 - 0 - 0 -

Social Agency 3 7% - 0% 3 - 0 - 0 -

Other 10 22% 34 2% 7 11.7 3 22.7 0 0.0

Total 46 100% 1,421.6 100% 40 208.9 4 22.7 2 1,190.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc * United Kingdom $1.62 -11% $ 167.6 $ 174.1 $ 204.1 $ 10.0 4.9% 5.4% 0.9x 17.3x

Dentsu Inc. Japan 41.75 -30% 11,770.3 14,080.7 7,875.3 1,500.1 19.0% NM 1.8x 9.4x

Enero Group Limited Australia 0.77 -25% 64.6 42.0 138.8 9.0 6.5% -15.4% 0.3x 4.7x

Hakuhodo DY Holdings Inc Japan 13.59 -7% 5,063.7 4,072.0 11,372.5 504.5 4.4% 4.0% 0.4x 8.1x

Havas SA France 10.97 -1% 4,640.5 4,737.9 2,620.7 377.6 14.4% 2.5% 1.8x 12.5x

Huntsworth plc United Kingdom 0.94 -11% 307.7 342.9 243.9 32.7 13.4% 9.4% 1.4x 10.5x

M&C Saatchi plc * United Kingdom 3.95 -21% 315.8 324.2 278.3 23.6 8.5% 26.0% 1.2x 13.7x

MDC Partners Inc. United States 10.20 -19% 596.0 1,693.2 1,474.9 172.0 11.7% 10.6% 1.1x 9.8x

Next Fifteen Communications Group plc United Kingdom 5.33 -10% 394.3 410.2 214.9 34.7 16.1% 31.8% 1.9x 11.8x

Omnicom Group Inc. United States 72.38 -19% 16,702.0 20,500.1 15,410.5 2,320.0 15.1% 1.1% 1.3x 8.8x

OPT Holding, Inc. Japan 11.53 -23% 260.7 265.8 662.8 28.7 4.3% 11.6% 0.4x 9.2x

Publicis Groupe S.A. France 67.33 -18% 15,217.3 17,715.8 11,207.1 1,969.2 17.6% 0.1% 1.6x 9.0x

The Interpublic Group of Companies, Inc. United States 20.14 -22% 7,920.4 9,355.3 7,825.5 1,091.6 13.9% 1.3% 1.2x 8.6x

WPP plc United Kingdom 18.29 -27% 22,843.3 29,420.3 19,813.5 3,569.6 18.0% 18.0% 1.5x 8.2x

1.4x 8.9xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation * United States $23.29 -23% $ 1,854.9 $ 1,922.3 $ 878.0 $ 77.9 8.9% 1.1% 2.2x 24.7x

Affinion Group Holdings, Inc. United States 13.75 -14% 125.0 1,931.4 948.9 192.8 20.3% -11.4% 2.0x 10.0x

Aimia Inc. Canada 1.72 -77% 262.5 339.3 1,683.5 88.6 5.3% -7.3% 0.2x 3.8x

Alliance Data Systems Corporation * United States 225.50 -15% 12,511.5 27,185.4 7,413.9 1,465.0 19.8% 9.6% 3.7x 18.6x

Cogint, Inc. United States 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM

CSG Systems International, Inc. United States 38.71 -25% 1,299.9 1,391.8 769.7 144.8 18.8% 1.2% 1.8x 9.6x

Deluxe Corporation United States 69.35 -9% 3,353.4 4,039.0 1,912.1 453.0 23.7% 5.5% 2.1x 8.9x

DST Systems, Inc. United States 51.33 -18% 3,105.9 3,612.2 1,847.2 404.5 21.9% 21.0% 2.0x 8.9x

Fair Isaac Corporation * United States 140.76 -4% 4,311.5 4,792.6 914.8 202.2 22.1% 4.2% 5.2x 23.7x

Harte Hanks, Inc. United States 0.90 -51% 55.7 12.0 399.7 (2.6) NM -8.0% 0.0x NM

High Co. SA France 6.47 -24% 133.7 75.0 164.2 15.7 9.6% 4.1% 0.5x 4.8x

Multiplus S.A. Brazil 11.92 -24% 1,931.3 1,489.0 688.3 176.8 25.7% 0.0% 2.2x 8.4x

Pitney Bowes Inc. United States 12.85 -33% 2,398.9 4,922.8 3,384.1 714.0 21.1% -2.9% 1.5x 6.9x

Points International Ltd. Canada 8.30 -28% 123.4 71.0 332.8 9.0 2.7% 4.5% 0.2x 7.9x

Viad Corp United States 54.95 -2% 1,121.5 1,331.8 1,329.4 150.8 11.3% 23.8% 1.0x 8.8x

2.6x 8.4xAdjusted Weighted Average



Traditional Media

Of the 22 transactions recorded in the Traditional Media segment in August, six announced $465 million in reported transaction value

Entertainment Media was the most active subsegment with nine transactions announced


• The E.W. Scripps Company’s $307 million acquisition of over-the-air television programming company Katz Broadcasting

• The $120 million acquisition of Morris Publishing Group by New Media Investment Group

• Podcast publisher and content company HowStuffWorks’ $15 million round of funding from The Raine Group

• Netflix’s acquisition of comic book publisher Millarworld

• The acquisition of oncology-specific point-of-care content company Patient Education Network by PatientPoint

• Stingray Digital Group’s acquisition of in-store music and media company SBA Music

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

Entertainment Media 9 41% $37.7 8% 5 - 0 - 4 $37.7

B-to-B Media 4 18% - 0% 4 - 0 - 0 -

Broadcast Television 2 9% 307.4 66% 2 307.4 0 - 0 -

Digital Place-Based Media 2 9% - 0% 2 - 0 - 0 -

Newspaper Publishing 2 9% 120.0 26% 2 120.0 0 - 0 -

Other 3 14% 0.0 0% 3 0.0 0 0.0 0 0.0

Total 22 100% 465.1 100% 18 427.4 0 0.0 4 37.7

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation * United States $64.06 -9% $ 25,744.2 $ 34,758.2 $ 13,202.0 $ 3,049.0 23.1% 5.5% 2.6x 11.4x

Discovery Communications, Inc. United States 22.21 -27% 12,111.1 20,227.1 6,586.0 2,483.0 37.7% 1.8% 3.1x 8.1x

Time Warner Inc. * United States 101.10 -2% 78,635.7 99,960.7 30,123.0 8,694.0 28.9% 8.0% 3.3x 11.5x

Twenty-First Century Fox, Inc. United States 27.59 -15% 50,679.4 66,339.4 28,500.0 7,108.0 24.9% 4.3% 2.3x 9.3x

Viacom, Inc. United States 28.60 -39% 11,976.0 22,986.0 13,170.0 2,925.0 22.2% 0.9% 1.7x 7.9x

The Walt Disney Company United States 101.20 -13% 156,200.3 177,571.3 55,500.0 16,823.0 30.3% -0.9% 3.2x 10.6x



B-to-B Media



Ascential plc United Kingdom $4.84 -5% $ 1,937.6 $ 2,209.8 $ 448.6 $ 136.6 30.5% 35.8% 4.9x 16.2x

Emerald Expositions Events, Inc. United States $21.74 -7% 1,569.7 2,117.2 340.8 133.8 39.3% 0.0% 6.2x 15.8x

Euromoney Institutional Investor PLC United Kingdom $14.46 -10% 1,551.6 1,669.9 516.1 147.0 28.5% 3.1% 3.2x 11.4x

Informa plc United Kingdom 8.89 -7% 7,324.1 9,343.6 2,095.4 658.3 31.4% 30.0% 4.5x 14.2x

MCH Group AG Switzerland 82.10 -6% 493.2 565.4 424.8 85.2 20.1% 5.5% 1.3x 6.6x

ITE Group plc United Kingdom 2.28 -5% 607.3 719.4 175.8 35.5 20.2% -2.1% 4.1x 20.3x

Tarsus Group plc Ireland 3.96 -5% 446.1 559.8 105.4 29.5 28.0% 1.7% 5.3x 19.0x

TechTarget, Inc. * United States 9.94 -6% 272.4 275.8 102.7 9.1 8.9% -8.8% 2.7x 30.2x

UBM plc United Kingdom 8.55 -15% 3,360.3 4,120.9 1,209.6 329.9 27.3% 16.7% 3.4x 12.5x



Radio Broadcasting



Beasley Broadcast Group, Inc. United States $9.95 -45% $ 286.4 $ 481.8 $ 196.2 $ 36.7 18.7% 78.5% 2.5x 13.1x

Cumulus Media Inc. United States 0.39 -88% 11.4 2,259.5 1,140.2 204.1 17.9% -1.2% 2.0x 11.1x

Emmis Communications Corporation * United States 2.65 -36% 33.2 281.1 198.7 19.3 9.7% -13.2% 1.4x 14.5x

Entercom Communications Corp. United States 10.30 -38% 419.8 900.0 465.6 96.7 20.8% 3.3% 1.9x 9.3x

Pandora Media, Inc. United States 8.45 -44% 2,050.1 2,347.8 1,437.3 (288.2) NM 11.6% 1.6x NM

Salem Media Group, Inc. United States 6.05 -27% 158.0 417.3 273.1 46.1 16.9% 1.5% 1.5x 9.1x

Sirius XM Holdings Inc. * United States 5.75 -2% 26,524.8 32,941.0 5,222.3 1,857.5 35.6% 8.7% 6.3x 17.7x

Spanish Broadcasting System, Inc. United States 0.00 NA 7.3 416.5 143.3 43.4 30.3% -0.2% 2.9x 9.6x

Townsquare Media, Inc. United States 9.98 -23% 184.4 718.8 514.4 104.2 20.3% 8.5% 1.4x 6.9x

Urban One, Inc. United States 1.75 -50% 82.2 1,039.3 443.3 118.3 26.7% -3.0% 2.3x 8.8x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

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


Altice N.V. Netherlands $23.00 -18% $ 27,635.9 $ 93,755.8 $ 27,263.0 $ 9,220.2 33.8% 44.4% 3.4x 10.2x

AMC Networks Inc. United States $60.78 -10% 3,863.5 6,664.6 2,795.0 859.6 30.8% 3.4% 2.4x 7.8x

Sky plc * United Kingdom 12.31 -9% 21,072.4 29,688.3 16,774.5 2,375.4 14.2% 7.9% 1.8x 12.5x

CVC Limited Australia 1.64 -6% 196.0 169.1 36.5 27.4 75.1% -31.5% 4.6x 6.2x

CBS Corporation United States 64.06 -9% 25,744.2 34,758.2 13,202.0 3,049.0 23.1% 5.5% 2.6x 11.4x

Charter Communications, Inc. United States 398.54 -3% 102,777.0 175,136.0 40,833.0 14,620.0 35.8% 199.1% 4.3x 12.0x

Comcast Corporation United States 40.61 -4% 191,410.1 254,579.1 83,972.0 27,787.0 33.1% 10.5% 3.0x 9.2x

Discovery Communications, Inc. United States 22.21 -27% 12,111.1 20,227.1 6,586.0 2,483.0 37.7% 1.8% 3.1x 8.1x

DISH Network Corporation * United States 57.29 -14% 26,703.6 41,915.8 14,726.5 3,050.8 20.7% -3.1% 2.8x 13.7x

Entravision Communications Corporation United States 5.55 -30% 501.8 733.5 263.6 61.5 23.3% 2.3% 2.8x 11.9x

General Communication, Inc. United States 43.13 -1% 1,553.4 3,006.6 921.4 263.2 28.6% -4.5% 3.3x 11.4x

Gray Television, Inc. United States 14.30 -7% 1,011.2 2,807.5 872.3 332.1 38.1% 26.2% 3.2x 8.5x

Grupo Televisa, S.A.B. Mexico 5.19 -13% 12,854.1 18,128.9 5,329.6 1,987.0 37.3% 4.2% 3.4x 9.1x

Liberty Global plc United Kingdom 34.00 -10% 33,542.0 80,650.3 19,361.2 8,614.5 44.5% 2.7% 4.2x 9.4x

Nexstar Media Group, Inc. United States 60.20 -19% 2,782.3 7,145.2 1,752.0 608.8 34.7% 76.4% 4.1x 11.7x

Scripps Networks Interactive, Inc. United States 85.65 -3% 11,118.5 14,247.2 3,472.0 1,538.7 44.3% 4.0% 4.1x 9.3x

Sinclair Broadcast Group, Inc. United States 30.25 -30% 3,106.7 6,345.5 2,820.8 893.5 31.7% 17.3% 2.2x 7.1x

TEGNA Inc. United States 12.62 -53% 2,714.8 6,272.3 3,352.0 1,168.1 34.8% 34.1% 1.9x 5.4x

The E. W. Scripps Company United States 17.88 -26% 1,469.4 1,720.1 948.6 169.5 17.9% 14.0% 1.8x 10.1x

Time Warner Inc. United States 101.10 -2% 78,635.7 99,960.7 30,123.0 8,694.0 28.9% 8.0% 3.3x 11.5x



Entertainment Media



Cineplex Inc. Canada $30.63 -31% $ 1,946.3 $ 2,380.1 $ 1,169.3 $ 175.9 15.0% 4.6% 2.0x 13.5x

Eros International Plc * United States 9.75 -48% 580.2 838.4 253.0 26.5 10.5% -7.8% 3.3x 31.6x

Lions Gate Entertainment Corp. * United States 29.73 -4% 5,989.6 8,629.3 3,653.2 300.3 8.2% 46.6% 2.4x 28.7x

Live Nation Entertainment, Inc. United States 39.96 -5% 8,237.2 8,913.4 9,199.8 655.7 7.1% 18.8% 1.0x 13.6x

Twenty-First Century Fox, Inc. United States 27.59 -15% 50,679.4 66,339.4 28,500.0 7,108.0 24.9% 4.3% 2.3x 9.3x

Liberty Global plc United Kingdom 34.00 -10% 33,542.0 80,650.3 19,361.2 8,614.5 44.5% 2.7% 4.2x 9.4x

Village Roadshow Limited Australia 2.94 -30% 475.7 905.0 797.6 93.0 11.7% -0.8% 1.1x 9.7x

World Wrestling Entertainment, Inc. United States 21.80 -6% 1,680.8 1,634.5 762.2 81.4 10.7% 8.5% 2.1x 20.1x


LTM Multiples



LTM Multiples




Out-of-Home Media



AirMedia Group Inc. China $2.44 -35% $ 153.3 $ 33.5 $ 16.5 $ (76.0) NM -67.1% 2.0x NM

APG|SGA SA Switzerland 409.22 -23% 1,227.3 1,186.0 326.3 78.8 24.1% 0.1% 3.6x 15.1x

Clear Channel Outdoor Holdings, Inc. United States 3.85 -45% 1,386.2 6,493.6 2,622.3 613.6 23.4% -5.2% 2.5x 10.6x

Clear Media Limited Hong Kong 1.15 -6% 622.2 550.3 239.2 105.4 44.1% 0.0% 2.3x 5.2x

JCDecaux SA France 32.66 -18% 6,942.7 7,628.3 3,423.4 597.0 17.4% 2.3% 2.2x 12.8x

Lamar Advertising Company United States 66.56 -16% 6,525.1 8,874.1 1,517.7 638.8 42.1% 5.9% 5.8x 13.9x

National CineMedia, Inc. United States 5.41 -66% 340.4 1,590.8 425.0 187.5 44.1% -3.3% 3.7x 8.5x

NTN Buzztime, Inc. United States 7.30 -39% 18.4 17.3 22.2 0.6 2.6% -5.5% 0.8x 30.4x

Outfront Media Inc. United States 22.00 -21% 3,049.7 5,299.9 1,507.0 388.6 25.8% -0.8% 3.5x 13.6x

Stingray Digital Group Inc. Canada 7.07 -5% 362.8 406.7 81.7 20.2 24.7% 12.2% 5.0x 20.2x

TOM Group Limited * Hong Kong 0.24 -17% 934.5 1,276.1 125.5 9.1 7.3% -12.5% 10.2x 139.6x



Publishing



A.H. Belo Corporation United States $5.00 -37% $ 108.8 $ 43.9 $ 254.9 $ 5.3 2.1% -5.3% 0.2x 8.3x

Daily Mail and General Trust plc United Kingdom 8.03 -26% 2,677.5 3,413.9 2,449.1 304.4 12.4% 16.4% 1.4x 11.2x

Emmis Communications Corporation * United States 2.65 -36% 33.2 281.1 198.7 19.3 9.7% -13.2% 1.4x 14.5x

Gannett Co., Inc. United States 8.49 -31% 965.3 1,223.3 3,187.3 320.4 10.1% 11.9% 0.4x 3.8x

Glacier Media Inc. Canada 0.57 -16% 63.2 113.1 149.7 11.3 7.6% -4.7% 0.8x 10.0x

John Wiley & Sons, Inc. United States 53.95 -8% 3,074.3 3,399.0 1,718.5 292.4 17.0% -0.5% 2.0x 11.6x

Meredith Corporation United States 54.35 -18% 2,421.4 3,098.0 1,713.4 358.4 20.9% 3.9% 1.8x 8.6x

News Corporation United States 13.37 -9% 7,857.5 6,524.5 8,139.0 738.0 9.1% 2.4% 0.8x 8.8x

Scholastic Corporation United States 39.43 -20% 1,385.2 947.3 1,741.6 137.3 7.9% 4.1% 0.5x 6.9x

The E. W. Scripps Company United States 17.88 -26% 1,469.4 1,720.1 948.6 169.5 17.9% 14.0% 1.8x 10.1x

The McClatchy Company United States 7.28 -62% 55.5 932.4 943.2 137.6 14.6% -7.3% 1.0x 6.8x

The New York Times Company United States 18.65 -7% 3,020.8 2,679.0 1,609.1 230.1 14.3% 2.9% 1.7x 11.6x

Time Inc. United States 13.15 -36% 1,309.5 2,265.5 2,955.0 384.0 13.0% -5.1% 0.8x 5.9x





Software

Within the Software segment, nearly $4.8 billion in reported value involved strategic transactions, while more than $3.0 billion in

venture/growth capital investments were announced

Financial Software were the most active subsegment in August with 42 transactions announced


• Verisk Analytics’ acquisitions of insurance and reinsurance software provider Sequel for $322 million and bank and creditor-focused

risk solutions company LCI for $151 million

• The $320 million acquisition of data management and hyperconvergence software company SpringPath by Cisco

• Allscripts’ acquisition of McKesson’s Hospital and Health Systems Business for $185 million

• The $140 million round of funding raised by data extraction and analysis company Databricks by Andreessen Horowitz, New

Enterprise Associates, Battery Ventures, and A Capital Partners

• Descartes Systems Group’s $107 million acquisition of freight visibility solutions provider Macropoint

*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 42 19% $6,087.0 51% 11 $1,522.5 2 $4,013.7 29 $550.8

Healthcare 30 14% 525.6 4% 11 323.1 0 - 19 202.5

Security 30 14% 1,580.5 13% 9 950.0 0 - 21 630.5

ERP 19 9% 1,865.9 16% 11 1,324.6 1 - 7 541.3

HR 15 7% 169.5 1% 4 - 2 - 9 169.5

Credit/risk 13 6% 192.6 2% 7 151.0 2 - 4 41.6

Other 73 28% 1,304.0 11% 30 522 5 88 38 694.0

Total 222 100% 11,918.6 100% 83 4,792.8 12 4,102.1 127 3,023.8

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Alfa Financial Software Holdings PLC * United Kingdom 5.85 -9% $ 1,754.1 $ 1,727.7 $ 116.5 $ 24.6 21.1% 0.0% 14.8x 70.3x

Apptio, Inc. United States 17.80 -28% 711.2 587.2 174.1 (22.2) NM 22.0% 3.4x NM

BlackLine, Inc. United States 30.87 -23% 1,619.8 1,512.9 148.5 (13.1) NM 45.9% 10.2x NM

Coupa Software Incorporated United States 30.46 -27% 1,614.0 1,375.9 145.7 (31.8) NM 52.4% 9.4x NM

Ebix, Inc. United States 57.70 -11% 1,814.8 2,100.2 321.1 114.4 35.6% 14.4% 6.5x 18.4x

First Data Corporation United States 18.41 -4% 16,992.1 37,771.1 7,910.0 2,789.0 35.3% 0.9% 4.8x 13.5x

Fidessa group plc United Kingdom 27.02 -22% 1,039.3 947.9 456.1 83.3 18.3% 14.0% 2.1x 11.4x

Guidewire Software, Inc. United States 75.71 -1% 5,631.2 5,153.7 474.4 25.4 5.3% 15.9% 10.9x NM

Intuit Inc. United States 141.45 -2% 36,241.9 35,952.9 5,177.0 1,619.0 31.3% 10.3% 6.9x 22.2x

Management Consulting Group PLC United Kingdom 0.09 -73% 45.2 8.6 53.3 (15.2) NM -11.7% 0.2x NM

Model N, Inc. United States 13.55 -1% 394.2 399.4 124.1 (30.0) NM 19.5% 3.2x NM

Performant Financial Corporation United States 1.76 -57% 89.4 111.1 134.0 6.5 4.9% -14.0% 0.8x 17.0x

Q2 Holdings, Inc. United States 40.60 -3% 1,676.3 1,597.6 172.6 (17.3) NM 34.7% 9.3x NM

RealPage, Inc. * United States 43.10 -1% 3,562.4 3,633.5 611.3 91.4 14.9% 18.8% 5.9x 39.8x

SS&C Technologies Holdings, Inc. United States 38.71 -4% 7,952.2 10,160.8 1,602.9 580.9 36.2% 25.3% 6.3x 17.5x

Tyler Technologies, Inc. * United States 172.80 -5% 6,446.0 6,366.2 796.4 175.5 22.0% 17.5% 8.0x 36.3x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 13.14 -4% 2,373.2 4,087.6 1,657.4 160.1 9.7% 15.7% 2.5x 25.5x

athenahealth, Inc. * United States 140.93 -11% 5,627.3 5,836.1 1,151.4 127.7 11.1% 13.8% 5.1x 45.7x

Cegedim SA France 36.35 -10% 507.9 779.7 465.4 29.1 6.2% 3.4% 1.7x 26.8x

Cerner Corporation United States 67.78 -2% 22,474.7 22,381.1 4,898.4 1,371.5 28.0% 7.0% 4.6x 16.3x

Civitas Solutions, Inc. United States 19.10 -9% 713.6 1,321.1 1,456.3 150.2 10.3% 4.3% 0.9x 8.8x

Computer Programs and Systems, Inc. United States 30.10 -17% 414.0 555.7 261.0 28.5 10.9% 15.0% 2.1x 19.5x

Cotiviti Holdings, Inc. United States 35.73 -22% 3,296.9 3,937.2 651.9 222.1 34.1% 10.6% 6.0x 17.7x

Craneware plc United Kingdom 16.55 -32% 446.1 399.1 53.5 16.3 30.5% 15.4% 7.5x 24.4x

HealthEquity, Inc. United States 42.77 -22% 2,565.1 2,369.5 189.8 57.6 30.4% 34.6% 12.5x 41.1x

McKesson Corporation United States 149.31 -20% 31,394.0 38,633.0 199,851.0 3,943.0 2.0% 3.5% 0.2x 9.8x

Medidata Solutions, Inc. * United States 74.96 -13% 4,385.4 4,288.9 508.8 76.8 15.1% 20.9% 8.4x 55.8x

NantHealth, Inc. United States 2.77 -82% 296.2 396.8 98.2 (116.1) NM 14.5% 4.0x NM

Quality Systems, Inc. United States 15.75 -11% 998.0 1,019.7 518.3 61.3 11.8% 5.2% 2.0x 16.6x

Streamline Health Solutions, Inc. United States 1.31 -38% 24.7 35.4 26.3 (3.2) NM -8.7% 1.3x NM

Veeva Systems Inc. * United States 59.50 -13% 8,315.3 7,590.6 617.4 154.5 25.0% 30.7% 12.3x 49.1x



Financial & Credit/Risk Management Software





HR Software



51job, Inc. China $59.40 -2% $ 3,647.8 $ 2,817.6 $ 374.9 $ 114.4 30.5% 16.9% 7.5x 24.6x

Benefitfocus, Inc. United States 30.85 -27% 961.9 1,014.6 248.2 (6.4) NM 16.8% 4.1x NM

Castlight Health, Inc. United States 3.90 -29% 513.6 423.1 115.2 (48.8) NM 32.2% 3.7x NM

Cornerstone OnDemand, Inc. United States 34.98 -27% 2,014.1 1,947.3 445.0 (45.5) NM 14.3% 4.4x NM

DHI Group, Inc. United States 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x

Paycom Software, Inc. United States 74.61 -1% 4,444.9 4,411.4 382.9 73.9 19.3% 34.6% 11.5x 59.7x

Paylocity Holding Corporation * United States 49.14 -1% 2,543.0 2,439.5 300.0 18.9 6.3% 30.0% 8.1x 129.2x

The Ultimate Software Group, Inc. United States 200.90 -14% 5,992.3 5,891.4 860.7 62.3 7.2% 23.0% 6.8x 94.6x

Workday, Inc. United States 109.69 -2% 22,815.5 21,266.2 1,853.3 (229.8) NM 37.3% 11.5x NM



Security Software



Absolute Software Corporation Canada $5.94 -12% $ 234.5 $ 200.4 $ 91.2 $ 12.3 13.5% 2.7% 2.2x 16.3x

AVG Technologies N.V. Netherlands 27.20 -22% 1,379.9 1,501.8 430.6 125.0 29.0% 6.8% 3.5x 12.0x

Check Point Software Technologies Ltd. Israel 111.87 -4% 18,284.4 16,685.4 1,808.3 893.5 49.4% 7.1% 9.2x 18.7x

Cisco Systems, Inc. United States 32.21 -7% 161,051.8 124,276.8 48,005.0 14,969.0 31.2% -2.5% 2.6x 8.3x

Cheetah Mobile Inc. China 9.12 -34% 1,262.4 1,070.0 707.3 43.2 6.1% 12.4% 1.5x 24.7x

CyberArk Software Ltd. Israel 40.01 -33% 1,390.0 1,129.2 235.8 35.2 14.9% 24.9% 4.8x 32.1x

FireEye, Inc. United States 14.77 -10% 2,690.6 2,580.3 730.3 (161.3) NM 5.3% 3.5x NM

Fortinet, Inc. United States 38.20 -8% 6,716.9 5,509.6 1,383.5 142.3 10.3% 20.0% 4.0x 38.7x

Gemalto N.V. Netherlands 53.91 -29% 4,847.7 5,846.0 3,450.3 530.5 15.4% -3.0% 1.7x 11.0x

Imperva, Inc. United States 44.65 -22% 1,509.8 1,189.9 293.6 (18.9) NM 15.7% 4.1x NM

Juniper Networks, Inc. United States 27.73 -10% 10,546.0 9,535.8 5,200.8 1,206.1 23.2% 6.4% 1.8x 7.9x

Mimecast Limited United Kingdom 27.05 -10% 1,537.8 1,439.9 203.3 4.8 2.4% 35.5% 7.1x NM

Mobileye N.V. * Israel 62.67 -1% 13,938.5 13,492.7 407.6 138.6 34.0% 50.7% 33.1x 97.3x

NQ Mobile Inc. * China 3.33 -24% 359.0 347.2 343.1 2.3 0.7% -15.6% 1.0x 153.3x

Palo Alto Networks, Inc. United States 132.69 -20% 12,184.1 11,333.8 1,761.6 (120.0) NM 27.8% 6.4x NM

Proofpoint, Inc. United States 91.76 -3% 4,076.4 4,024.5 442.2 (33.3) NM 41.3% 9.1x NM

SecureWorks Corp. United States 10.23 NA 829.4 737.8 443.3 (27.3) NM 22.5% 1.7x NM

Symantec Corporation United States 29.98 -10% 18,423.9 22,311.9 4,310.0 714.0 16.6% 20.7% 5.2x 31.2x

Trend Micro Incorporated Japan 46.20 -15% 6,351.6 5,138.7 1,261.0 435.9 34.6% 13.7% 4.1x 11.8x

VeriSign, Inc. United States 103.75 0% 10,366.8 10,425.3 1,151.0 747.7 65.0% 4.0% 9.1x 13.9x


LTM Multiples






Engineering Software



Ansys, Inc. United States $128.82 -2% $ 10,918.9 $ 10,055.4 $ 1,033.8 $ 461.3 44.6% 7.5% 9.7x 21.8x

Autodesk, Inc. United States 114.46 -4% 25,226.0 25,103.2 1,955.9 (341.7) NM -15.4% 12.8x NM

AVEVA Group plc United Kingdom 24.83 -12% 1,588.0 1,419.3 270.3 65.3 24.2% 7.1% 5.3x 21.7x

Dassault Systèmes SE * France 98.27 -9% 25,054.7 22,899.5 3,624.0 913.5 25.2% 8.9% 6.3x 25.1x



Infrastructure Software



Adobe Systems Incorporated United States $155.16 -1% $ 76,556.8 $ 73,513.7 $ 6,526.2 $ 2,141.5 32.8% 23.0% 11.3x 34.3x

Atlassian Corporation Plc United Kingdom 35.60 -9% 8,026.9 7,477.0 619.9 (16.1) NM 35.6% 12.1x NM

CA, Inc. United States 33.18 -9% 13,977.7 13,933.7 4,062.0 1,246.0 30.7% 0.4% 3.4x 11.2x

Cloudera, Inc. United States 19.40 -17% 2,544.2 2,980.1 284.1 (333.2) NM 0.0% 10.5x NM

Commvault Systems, Inc. United States 61.05 -5% 2,778.8 2,297.8 664.7 9.3 1.4% 9.4% 3.5x NM

Endurance International Group Holdings, Inc. United States 7.70 -22% 1,102.0 3,020.9 1,170.7 280.8 24.0% 28.7% 2.6x 10.8x

First Data Corporation United States 18.41 -4% 16,992.1 37,771.1 7,910.0 2,789.0 35.3% 0.9% 4.8x 13.5x

Guidance Software, Inc. United States 7.08 -9% 217.9 205.2 108.6 (1.0) NM 0.7% 1.9x NM

Hortonworks Inc. United States 16.99 -2% 1,140.1 1,068.3 217.3 (223.0) NM 40.5% 4.9x NM

IBM Corporation United States 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x

MuleSoft, Inc. United States 21.80 -25% 2,810.9 2,555.0 234.9 (53.9) NM 0.0% 10.9x NM

Nutanix, Inc. United States 22.00 -53% 3,333.7 2,984.6 766.9 (386.0) NM 72.4% 3.9x NM

Okta, Inc. United States 26.99 -4% 2,571.8 2,347.5 181.5 (86.0) NM 0.0% 12.9x NM

Opera Software ASA Norway 3.08 -61% 443.9 363.5 496.8 20.4 4.1% -1.2% 0.7x 17.8x

Oracle Corporation United States 50.33 -3% 208,199.2 200,416.2 37,728.0 14,669.0 38.9% 1.8% 5.3x 13.7x

Salesforce.com, inc. * United States 95.49 -1% 68,628.7 67,709.5 9,387.9 464.1 4.9% 25.6% 7.2x 145.9x

Rapid7, Inc. United States 16.86 -13% 734.0 649.7 178.1 (36.9) NM 33.7% 3.6x NM

ServiceNow, Inc. United States 116.19 0% 19,835.0 19,282.9 1,631.8 (32.2) NM 36.7% 11.8x NM

Talend S.A. France 39.40 -2% 1,140.7 1,045.3 126.5 (24.6) NM 42.7% 8.3x NM

Twilio Inc. United States 29.28 -59% 2,691.4 2,402.2 336.7 (34.7) NM 53.4% 7.1x NM

Varonis Systems, Inc. United States 38.80 -3% 1,067.2 945.6 185.9 (13.3) NM 28.9% 5.1x NM





Information

The Information segment reported 10 transactions worth $1.8 billion in value

Healthcare Information was the most active subsegment throughout the month with six transactions announced

In addition to UnitedHealth Group’s $1.3 billion acquisition of The Advisory Board’s health division, select transactions from the

segment include:

• The $10 million round of funding raised by Pro.com, a provider of project pricing information for homeowners, from DFJ, Maveron,

Madrona Venture Group, and Two Sigma Ventures

• Advantage Solutions’ acquisition of retailer product information and images company The Data Council

• Patient Genesis’ sale of its patient information disclosure solution ConsentNow to The WIRB-Copernicus Group

• Elsevier’s acquisition of peer-reviewed journals and scholarly research network Bepress

• The acquisition of vehicle and driving records company Datalink Services by TransUnion

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

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

Healthcare Information 6 60% $1,838.7 99% 4 $1,830.0 0 - 2 $8.7

Product/Price Information 2 20% 10.0 1% 1 - 0 - 1 10.0

Credit/Risk Management Information 1 10% - 0% 1 - 0 - 0 -

Legal Information 1 10% - 0% 1 - 0 - 0 -

Total 10 100% 1,848.7 100% 7 1,830.0 0 0.0 3 18.7

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)


Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $78.13 0% $ 9,100.2 $ 9,931.1 $ 4,142.6 $ 704.7 17.0% 43.0% 2.4x 14.1x

Computershare Limited Australia 11.13 -9% 6,080.2 7,210.7 2,105.8 476.4 22.6% 7.2% 3.4x 15.1x

CoreLogic, Inc. United States 46.97 -1% 3,960.0 5,512.2 1,912.6 404.8 21.2% 10.5% 2.9x 13.6x

CoStar Group, Inc. * United States 286.62 0% 9,407.0 9,147.2 894.7 220.4 24.6% 13.4% 10.2x 41.5x

DST Systems, Inc. United States 51.33 -18% 3,105.9 3,612.2 1,847.2 404.5 21.9% 21.0% 2.0x 8.9x

The Dun & Bradstreet Corporation United States 111.44 -20% 4,118.5 5,436.0 1,717.1 427.7 24.9% 2.3% 3.2x 12.7x

Envestnet, Inc. * United States 44.45 -2% 1,956.7 2,189.1 629.8 56.6 9.0% 27.2% 3.5x 38.6x

Equifax Inc. United States 142.47 -3% 17,149.5 19,638.3 3,294.3 1,220.4 37.0% 14.7% 6.0x 16.1x

Experian plc Ireland 20.01 -10% 18,370.5 21,684.0 4,335.0 1,516.0 35.0% 2.3% 5.0x 14.3x

FactSet Research Systems Inc. United States 157.18 -14% 6,165.9 6,547.2 1,181.8 414.1 35.0% 7.3% 5.5x 15.8x

Fair Isaac Corporation United States 140.76 -4% 4,311.5 4,792.6 914.8 202.2 22.1% 4.2% 5.2x 23.7x

Fidelity National Information Services, Inc. United States 92.92 0% 30,887.8 39,927.8 9,351.0 2,499.0 26.7% 17.8% 4.3x 16.0x

Financial Engines, Inc. United States 33.05 -28% 2,087.3 1,917.4 458.2 84.1 18.4% 28.8% 4.2x 22.8x

Moody's Corporation United States 134.03 -1% 25,599.7 27,331.9 3,834.9 1,838.7 47.9% 11.3% 7.1x 14.9x

Morningstar, Inc. United States 82.70 -2% 3,517.2 3,407.6 847.0 228.3 27.0% 7.6% 4.0x 14.9x

MSCI Inc. * United States 114.61 -1% 10,321.7 11,647.7 1,198.5 607.2 50.7% 7.9% 9.7x 19.2x

Reis, Inc. United States 17.10 -28% 196.9 178.0 46.9 6.6 14.2% -7.6% 3.8x 26.8x

SEI Investments Co. United States 58.46 0% 9,243.0 8,582.6 1,455.8 413.3 28.4% 7.9% 5.9x 20.8x

Thomson Reuters Corporation Canada 45.56 -10% 32,660.4 39,939.8 11,201.0 2,520.0 22.5% 0.0% 3.6x 15.8x

Verisk Analytics, Inc. United States 81.05 -8% 13,337.2 15,596.3 2,030.0 941.6 46.4% 4.7% 7.7x 16.6x

Workiva Inc. United States 20.20 -4% 844.9 792.3 192.4 (32.4) NM 17.5% 4.1x NM



LTM Multiples


Information Public Company Valuation (2/2)


Marketing Information



Acxiom Corporation * United States $23.29 -23% $ 1,854.9 $ 1,922.3 $ 878.0 $ 77.9 8.9% 1.1% 2.2x 24.7x

Alliance Data Systems Corporation * United States 225.50 -15% 12,511.5 32,272.4 7,413.9 1,465.0 19.8% 9.6% 4.4x 22.0x

Cello Group Plc United Kingdom 1.62 -11% 167.6 174.1 204.1 10.0 4.9% 5.4% 0.9x 17.3x

Ebiquity plc United Kingdom 1.51 -8% 111.1 148.1 103.2 16.8 16.3% 28.6% 1.4x 8.8x

GfK SE Germany 55.80 -10% 2,037.0 2,438.4 1,678.2 157.0 9.4% -3.1% 1.5x 15.5x

Harte Hanks, Inc. United States 0.90 -51% 55.7 12.0 399.7 (2.6) NM -8.0% 0.0x NM

InnerWorkings, Inc. United States 10.47 -12% 560.3 655.5 1,097.3 46.2 4.2% 2.0% 0.6x 14.2x

Intage Holdings Inc. Japan 22.47 -4% 448.8 370.9 432.3 50.3 11.6% 5.6% 0.9x 7.4x

Ipsos SA France 31.15 -26% 1,298.5 1,909.6 2,034.1 226.4 11.1% -0.2% 0.9x 8.4x

Nielsen Holdings plc United Kingdom 38.85 -29% 13,853.0 22,070.0 6,396.0 1,652.0 25.8% 2.5% 3.5x 13.4x

Onvia, Inc. United States 4.55 -13% 33.2 27.2 24.7 (1.4) NM 3.3% 1.1x NM

Pearson plc United Kingdom 7.81 -32% 6,372.6 8,683.1 6,146.9 1,067.6 17.4% 9.1% 1.4x 8.1x

System1 Group PLC United Kingdom 7.37 -46% 91.9 81.3 39.1 7.5 19.2% 0.0% 2.1x 10.9x

YouGov plc * United Kingdom 3.51 -8% 368.8 349.5 123.2 12.4 10.0% 20.4% 2.8x 28.2x



Other Information



Centaur Media plc United Kingdom $0.71 -5% $ 102.3 $ 115.2 $ 95.2 $ 8.8 9.3% 9.7% 1.2x 13.0x

Cogint, Inc. United States 4.90 -21% 270.5 314.2 210.2 (14.5) NM 127.7% 1.5x NM

Forrester Research, Inc. United States 40.75 -8% 722.7 597.4 327.8 37.7 11.5% 2.1% 1.8x 15.9x

Gartner, Inc. * United States 120.59 -7% 10,925.1 13,763.9 2,746.2 373.3 13.6% 18.8% 5.0x 36.9x

IHS Markit Ltd. United Kingdom 46.84 -2% 18,580.4 22,475.9 3,348.7 973.6 29.1% 48.8% 6.7x 23.1x

Informa plc United Kingdom 8.89 -7% 7,324.1 9,343.6 2,095.4 658.3 31.4% 30.0% 4.5x 14.2x

National Research Corporation United States 52.60 -8% 862.6 833.2 114.1 39.0 34.2% 8.1% 7.3x 21.4x

NIC Inc. United States 16.35 -37% 1,083.5 948.1 327.2 83.3 25.5% 7.1% 2.9x 11.4x

Premier, Inc. United States 33.50 -8% 1,782.8 1,860.3 1,454.7 440.7 30.3% 25.1% 1.3x 4.2x

Proofpoint, Inc. * United States 91.76 -3% 4,076.4 4,024.5 442.2 (33.3) NM 41.3% 9.1x NM

Reed Elsevier plc(1) United Kingdom 21.78 -3% 43,687.3 50,216.8 9,553.5 2,885.8 30.2% 17.4% 5.3x 17.4x

Tarsus Group plc Ireland 3.96 -5% 446.1 559.8 105.4 29.5 28.0% 1.7% 5.3x 19.0x

TechTarget, Inc. * United States 9.94 -6% 272.4 275.8 102.7 9.1 8.9% -8.8% 2.7x 30.2x

The Advisory Board Company United States 53.25 -11% 2,167.9 2,626.1 799.1 120.8 15.1% -0.7% 3.3x 21.7x

UBM plc United Kingdom 8.55 -15% 3,360.3 4,120.9 1,209.6 329.9 27.3% 16.7% 3.4x 12.5x

Wolters Kluwer N.V. Netherlands 43.58 -9% 12,386.1 15,087.7 5,053.1 1,342.8 26.6% 4.6% 3.0x 11.2x



(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 69 transactions in August worth more than $6.8 billion in value

The IT Consulting subsegment accounted for 46 percent of total activity with 32 transactions


• Leonard Green & Partners’ acquisition of intellectual property and legal support services company CPA Global in a transaction valued

at a reported $3.1 billion, including debt

• The $1 billion acquisition of third-party logistics services and transportation management company Transplace by TPG Capital

• Evotec’s acquisition of drug discovery and research services provider Aptuit from Welsh, Carson, Anderson & Stowe for $300 million

• The $177 million acquisition of customer experience and technical support outsourcing company Voxpro by Telus

• EQT Partners’ acquisition of Oracle services company Data Intensity from Audax Private Equity

• Accenture’s acquisitions of financial services sector-focused systems integrator Verax and big data applications design and

implementation services provider Search Technologies

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

IT Consulting 32 46% $174.5 3% 25 $116.8 3 - 4 $57.7

Corporate Training 8 12% 445.6 7% 4 - 1 93.9 3 351.7

HR Consulting 5 7% - 0% 5 - 0 - 0 -

Financial Consulting 4 6% 1,600.0 23% 1 - 1 1,550.0 2 50.0

Healthcare Consulting 4 6% 300.0 4% 4 300.0 0 - 0 -

Management Consulting 4 6% - 0% 2 - 0 - 2 -

Logistics 3 4% 1,007.7 15% 1 - 1 1,000.0 1 7.7

Other 9 13% 3,292.7 48% 6 172.7 3 3,120.0 0 0.0

Total 69 100% 6,820.5 100% 48 589.5 9 5,763.9 12 467.1

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


Consulting



Accenture plc Ireland 130.76 0% $ 80,807.9 $ 78,160.0 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.5x

CRA International, Inc. United States 37.53 -6% 308.7 294.7 343.0 29.4 8.6% 9.8% 0.9x 10.0x

FTI Consulting, Inc. United States 33.91 -28% 1,308.9 1,651.3 1,771.0 149.4 8.4% -3.1% 0.9x 11.1x

Information Services Group, Inc. * United States 3.75 -13% 162.3 256.5 240.8 13.3 5.5% 11.7% 1.1x 19.4x

Navigant Consulting, Inc. United States 15.33 -45% 716.4 894.6 948.2 131.9 13.9% 7.3% 0.9x 6.8x

ICF International, Inc. United States 48.05 -19% 900.2 1,168.7 1,198.8 115.2 9.6% 3.5% 1.0x 10.1x

Huron Consulting Group Inc. United States 30.25 -53% 642.4 1,029.7 731.8 112.1 15.3% 0.9% 1.4x 9.2x

The Advisory Board Company * United States 53.25 -11% 2,167.9 2,626.1 799.1 120.8 15.1% -0.7% 3.3x 21.7x

The Hackett Group, Inc. United States 13.66 -34% 394.4 399.9 262.6 40.6 15.5% 4.9% 1.5x 9.9x



HR Services



Automatic Data Processing, Inc. United States 106.47 -13% $ 47,312.6 $ 46,531.4 $ 12,379.8 $ 2,722.0 22.0% 6.1% 3.8x 17.1x

Barrett Business Services, Inc. United States 51.58 -23% 376.3 361.9 881.8 29.9 3.4% 12.1% 0.4x 12.1x

Capita plc United Kingdom 8.35 -40% 5,559.4 8,321.5 6,061.3 754.9 12.5% 1.5% 1.4x 11.0x

DHI Group, Inc. United States 1.95 -77% 98.3 144.8 215.6 39.5 18.3% -12.4% 0.7x 3.7x

Edenred SA France 26.98 -7% 6,292.2 7,970.2 1,363.4 450.7 33.1% 20.6% 5.8x 17.7x

Insperity, Inc. United States 80.30 -14% 1,674.0 1,534.6 3,109.8 127.5 4.1% 11.6% 0.5x 12.0x

Marsh & McLennan Companies, Inc. United States 78.08 -4% 40,017.9 44,773.9 13,497.0 3,231.0 23.9% 2.5% 3.3x 13.9x

Paychex, Inc. United States 57.03 -10% 20,496.3 20,172.9 3,151.3 1,366.5 43.4% 6.8% 6.4x 14.8x

Professional Diversity Network, Inc. United States 4.59 -67% 18.0 13.1 22.9 (5.6) NM -26.7% 0.6x NM

TriNet Group, Inc. United States 35.73 -14% 2,479.2 2,686.1 3,189.7 205.6 6.4% 11.0% 0.8x 13.1x

WageWorks, Inc. * United States 58.95 -27% 2,340.3 1,810.2 434.9 81.9 18.8% 27.5% 4.2x 22.1x




LTM Multiples

LTM Multiples




IT Consulting



Accenture plc Ireland 130.76 0% $ 80,807.9 $ 78,160.0 $ 34,189.5 $ 5,804.2 17.0% 5.9% 2.3x 13.5x

Amdocs Limited United States 64.79 -5% 9,417.6 8,454.5 3,828.1 719.3 18.8% 3.3% 2.2x 11.8x

Bechtle AG Germany 68.82 -6% 2,890.3 2,886.4 3,754.3 202.1 5.4% 11.5% 0.8x 14.3x

Booz Allen Hamilton Holding Corporation United States 34.11 -14% 5,071.3 6,595.7 5,875.1 558.7 9.5% 7.3% 1.1x 11.8x

Business & Decision SA * France 9.39 -4% 74.0 106.8 240.3 3.5 NA 1.5% 0.4x 30.2x

Capgemini SE France 110.59 -4% 18,122.2 20,695.6 14,482.6 1,842.6 12.7% 1.0% 1.4x 11.2x

Cerner Corporation * United States 67.78 -2% 22,474.7 22,381.1 4,898.4 1,371.5 28.0% 7.0% 4.6x 16.3x

CGI Group Inc. Canada 50.69 -9% 14,758.5 15,942.2 8,324.9 1,399.6 16.8% 1.2% 1.9x 11.4x

Cognizant Technology Solutions Corporation United States 70.77 -2% 41,798.4 38,411.4 14,131.0 2,775.0 19.6% 8.8% 2.7x 13.8x

Digi International Inc. United States 9.20 -35% 244.2 134.9 187.0 16.3 8.7% -9.5% 0.7x 8.3x

DXC Technology Company * United States 85.00 -1% 24,198.6 29,474.6 11,590.0 1,218.0 10.5% 60.3% 2.5x 24.2x

Globant S.A. * Luxembourg 38.89 -18% 1,358.3 1,331.4 357.9 51.9 14.5% 22.6% 3.7x 25.6x

International Business Machines Corporation United States 143.03 -22% 133,295.4 166,799.4 78,439.0 17,194.0 21.9% -2.3% 2.1x 9.7x

Infosys Limited India 14.30 -16% 32,681.7 27,442.3 10,358.0 2,811.0 27.1% 6.3% 2.6x 9.8x

ITS Group France 7.99 -11% 61.3 63.6 199.3 8.0 4.0% -1.7% 0.3x 7.9x

Navigant Consulting, Inc. United States 15.33 -45% 716.4 894.6 948.2 131.9 13.9% 7.3% 0.9x 6.8x

NTT Data Corporation Japan 10.78 -8% 15,123.6 18,622.8 16,741.8 2,475.5 14.8% 14.1% 1.1x 7.5x

Perficient, Inc. United States 18.30 -11% 642.6 705.0 452.1 47.4 10.5% -6.7% 1.6x 14.9x

Presidio, Inc. United States 13.91 -15% 1,264.6 2,175.4 2,842.2 203.0 7.1% 0.0% 0.8x 10.7x

Reply S.p.A. Italy 228.48 -1% 2,136.7 2,095.1 976.0 127.7 13.1% 12.2% 2.1x 16.4x

SQLi France 53.13 -5% 196.2 202.5 201.5 16.2 8.0% 6.7% 1.0x 12.5x

Tata Consultancy Services Limited India 39.01 -8% 74,679.4 69,813.9 18,297.1 4,936.6 27.0% 5.3% 3.8x 14.1x

Wipro Limited India 4.67 0% 22,616.5 19,127.3 8,521.0 1,690.9 19.8% 4.7% 2.2x 11.3x






Outsourced Services



AMREP Corporation United States $6.86 -16% $ 55.5 $ 43.7 $ 40.9 $ 1.2 3.0% -1.9% 1.1x 36.0x

Cenveo, Inc. United States 3.78 -56% 32.4 1,064.6 1,546.3 126.1 8.2% -11.6% 0.7x 8.4x

Communisis plc United Kingdom 0.71 -5% 148.4 185.1 484.4 32.3 6.7% 5.2% 0.4x 5.7x

Contax Participações S.A. Brazil 1.87 -58% 7.7 428.2 573.0 41.1 7.2% -11.3% 0.7x 10.4x

Convergys Corporation United States 23.50 -24% 2,192.1 2,307.1 2,913.6 363.0 12.5% 0.2% 0.8x 6.4x

CSG Systems International, Inc. United States 38.71 -25% 1,299.9 1,391.8 769.7 144.8 18.8% 1.2% 1.8x 9.6x

Elanders AB (publ) Sweden 12.42 -17% 439.3 763.1 1,020.2 74.7 7.3% 103.0% 0.7x 10.2x

Eniro AB Sweden 0.04 -47% 19.6 234.0 216.0 30.6 14.2% -16.1% 1.1x 7.7x

ExlService Holdings, Inc. United States 56.28 -6% 1,899.0 1,707.4 720.6 101.1 14.0% 8.1% 2.4x 16.9x

Firstsource Solutions Limited India 0.59 -23% 405.5 484.3 547.7 64.1 11.7% 4.7% 0.9x 7.6x

Genpact Limited Bermuda 28.45 -11% 5,488.1 6,323.0 2,624.2 438.3 16.7% 4.8% 2.4x 14.4x

InnerWorkings, Inc. United States 10.47 -12% 560.3 655.5 1,097.3 46.2 4.2% 2.0% 0.6x 14.2x

j2 Global, Inc. United States 75.28 -18% 3,638.7 4,551.0 989.8 384.2 38.8% 24.4% 4.6x 11.8x

Luxoft Holding, Inc. SwitzerlandSwitzerland 50.65 -25% 1,695.7 1,598.1 816.8 89.1 10.9% 20.0% 2.0x 17.9x

MAXIMUS, Inc. United States 60.78 -6% 3,942.8 3,858.6 2,453.1 384.4 15.7% 4.0% 1.6x 10.0x

Quad/Graphics, Inc. United States 19.06 -34% 991.9 2,061.9 4,216.5 474.8 11.3% -6.8% 0.5x 4.3x

Quintiles IMS Holdings, Inc. United States 96.03 -4% 20,793.1 29,049.1 6,969.0 1,507.0 21.6% 55.0% 4.2x 19.3x

R.R. Donnelley & Sons Company United States 9.23 -82% 646.1 2,685.9 6,939.8 372.9 5.4% 47.0% 0.4x 7.2x

Serco Group plc United Kingdom 1.52 -23% 1,650.3 1,891.0 3,930.0 85.6 2.2% -1.0% 0.5x 22.1x

St Ives plc United Kingdom 0.91 -54% 130.5 221.2 472.4 53.0 11.2% 6.1% 0.5x 4.2x

StarTek, Inc. United States 11.90 -19% 189.8 213.4 307.1 18.3 6.0% 0.1% 0.7x 11.6x

SYNNEX Corporation United States 119.61 -9% 4,777.2 5,562.4 15,013.9 603.3 4.0% 12.2% 0.4x 9.2x

Sykes Enterprises, Incorporated United States 26.66 -23% 1,134.4 1,099.9 1,534.3 172.4 11.2% 14.5% 0.7x 6.4x

Teleperformance SE France 137.28 -5% 7,929.0 9,699.9 4,610.4 709.0 15.4% 17.8% 2.1x 13.7x

TeleTech Holdings, Inc. United States 39.70 -9% 1,819.9 2,006.2 1,349.4 171.4 12.7% 6.4% 1.5x 11.7x

transcosmos inc. Japan 21.47 -20% 890.4 766.0 2,204.1 92.5 4.2% 7.7% 0.3x 8.3x

Transcontinental Inc. Canada 19.39 -8% 1,498.0 1,685.1 1,481.3 295.4 19.9% 0.4% 1.1x 5.7x

Cimpress N.V. Netherlands 92.44 -11% 2,893.7 3,951.8 2,135.4 126.2 5.9% 19.4% 1.9x 31.3x

West Corporation United States 23.37 -18% 1,955.1 4,875.2 2,285.7 636.3 27.8% -0.5% 2.1x 7.7x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 4.3x 2.8x 7.1x 2.5x

Internationally-based Digital Media and Internet 5.1x 3.3x 6.9x 2.7x

US-based eCommerce 3.1x 2.2x 4.5x 2.0x

Internationally-based eCommerce 2.8x 1.0x 8.9x 1.6x

US-based Digital Advertising 3.9x 2.7x 9.2x 2.8x

Internationally-based Digital Advertising 3.8x 2.1x 10.1x 2.3x

US-based Marketing Technology 4.7x 4.4x 5.5x 3.7x

Internationally-based Marketing Technology 5.1x 4.6x 5.9x 5.1x

Agency 1.2x 1.3x 1.4x 1.4x

Marketing Services 1.7x 1.8x 3.0x 2.6x

Traditional Media 2.8x 2.4x 3.6x 3.2x

Software 5.5x 5.1x 5.6x 5.4x

Information 4.1x 3.5x 6.3x 4.9x

Business Services 1.3x 0.9x 2.5x 2.1x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 08/31/17

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 23.1x 17.5x 16.9x 15.9x

Internationally-based Digital Media and Internet 24.1x 21.1x 22.2x 13.6x

US-based eCommerce 17.6x 14.5x 19.6x 13.3x

Internationally-based eCommerce 33.1x 22.4x 34.1x 14.2x

US-based Digital Advertising 41.6x 22.0x 22.5x 14.2x

Internationally-based Digital Advertising 18.0x 14.5x 25.0x 14.1x

US-based Marketing Technology 22.0x 15.7x 31.1x 16.4x

Internationally-based Marketing Technology 30.2x 19.4x 19.7x 20.4x

Agency 10.1x 9.3x 9.0x 8.9x

Marketing Services 11.2x 8.9x 15.1x 8.4x

Traditional Media 14.1x 10.6x 11.9x 11.8x

Software 32.6x 19.5x 23.8x 16.4x

Information 18.4x 15.8x 23.9x 16.3x

Business Services 11.6x 10.3x 13.7x 12.2x

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 08/31/17

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


80%

90%

100%

110%

120%

130%

140%

150%

Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17

Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

95%

110%

125%

140%


Ind

ex P

erfo

rman

ce (

%)

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


80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 8/31/2017

LTM Index Performance • S&P 500 – 13.9 % • Digital Media/Commerce – 35.3 %

• Traditional Media – 15.9 %

LTM Index Performance • S&P 500 – 13.9 %

• Marketing Technology – 14.3 %

LTM Index Performance • S&P 500 – 13.9 % • Digital Advertising – 22.3 %

LTM Index Performance • S&P 500 – 13.9 %

• Agency – (15.6) %

• Marketing Services – 2.4 %

Digital Media/Commerce and Traditional Media

Software LTM Index Performance • S&P 500 – 13.9 %

• Software – 12.7 %


Information & Business Services LTM Index Performance • S&P 500 – 13.9 %

• Information – 9.9 %

• Business Services – (0.5) %

v

v

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

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


All Segments ($ in Millions)

Strategic Transactions StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

BAM Technologies LLC Marketing Technology The Walt Disney Company 1,580.0$ The Advisory Board Company Information Optum Inc. 1,300.0 Active Network, Inc. Software Global Payments , Inc. 1,200.0 Symantec Corp., Webs ite Securi ty Bus iness Software DigiCert, Inc. 950.0 Waimai Digi ta l Media/Commerce Ele.me 800.0 HighJump Software, Inc. Software Korber AG 750.0 Symphony Health Solutions Information PRA Health Sciences 530.0 Plarium Global Ltd. Digi ta l Media/Commerce Aris tocrat Leisure Limited 500.0 proALPHA Bus iness Solutions GmbH Software Intermediate Capita l Group plc 460.6 R2Net, Inc. Digi ta l Media/Commerce Signet Jewelers Ltd 328.0 Sequel Bus iness Solutions Limited Software Verisk Analytics , Inc. 322.5 Springpath, Inc. Software Cisco Systems, Inc. 320.0 Katz Broadcast Networks Traditional Media The E.W. Scripps Company 307.4 Aptuit, Inc. Bus iness Services Evotec AG 300.0 Eat24Hours .com Digita l Media/Commerce GrubHub, Inc. 287.5 JacTravel Group Digi ta l Media/Commerce Webjet Limited 263.5 On-Si te.com, Inc. Marketing Technology RealPage, Inc. 250.0 McKesson Corp., Hospita l & Health System Software Al lscripts 185.0 CashStar, Inc. Agency & Marketing Services Blackhawk Network, Inc. 175.0 Voxpro Group Bus iness Services Telus Corporation 172.7 FUNimation Enterta inment Digi ta l Media/Commerce Sony Pictures Televis ion Group 157.9 LCI, Inc. Software Verisk Analytics , Inc. 151.0 SpotXchange, LLC Digi ta l Advertis ing RTL Group 141.4 Numerex Corp. Software Sierra Wireless 130.3 Morris Publ ishing, Select Newspapers & Related Assets Traditional Media New Media Investment Group, Inc. 120.0 Affecto Plc Bus iness Services CGI Nordic Investments Limited 112.8 MaxPoint Interactive, Inc. Marketing Technology Valass is Communications , Inc. 108.2 MacroPoint LLC Software The Descartes Systems Group, Inc. 107.0 Ra in King Software, Inc. Marketing Technology DiscoverOrg, LLC 100.0 NantHealth, Inc., Patient & Provider Engagement Bus iness Software Al lscripts 62.4 Student Brands LLC Digi ta l Media/Commerce Barnes & Noble Education, Inc. 58.5 Love Home Swap Digi ta l Media/Commerce Wyndham Worldwide Corporation 52.7 Para l lel 6, Inc. Software PRA Health Sciences 49.7 MoviePass , Inc. Digi ta l Media/Commerce Hel ios and Matheson Analytics , Inc. 49.4 nanoRep Technologies Marketing Technology LogMeIn 45.1 IQP Corporation Software General Electric Company 40.0 Vayant Travel Technologies , Inc. Marketing Technology PROS Holdings 35.0 Quantum Inventions Pte Ltd. Marketing Technology Continental Automotive Holding Netherlands BV 29.0 Tremor Video, Demand Side Platform Digi ta l Advertis ing Taptica , Inc. 27.5 EagleDream Health, Inc. Software NextGen Healthcare Information Systems, Inc. 26.0 AdinCube Digi ta l Advertis ing Mozoo Group 20.0 MatsSoft Ltd. Software Netcal l plc 18.3



Strategic Transactions StrategicValues Disclosed Target Target Segment Buyer/Investor Reported TV

GameSparks Technologies Ltd. Software Amazon.com, Inc. 13.0$ AdGeek Marketing Consulting Co., Ltd. Agency & Marketing Services FreakOut Holdings , Inc. 12.3 Eden Games SAS Digi ta l Media/Commerce Mil lennia l Esports Corp. 11.8 Sema Holdings Pty Ltd. Agency & Marketing Services IVE Group Ltd. 11.7 Sumoing Oy Digi ta l Media/Commerce KuuHubb Oy 10.6 IconPeak Digi ta l Advertis ing OLAmobi le 10.0 Bri l l iant Bas ics Ltd. Agency & Marketing Services Infosys Limited 9.9 CMS Transport Systems Pty Ltd. Software WiseTech Global 7.0 Money Under 30 Digi ta l Advertis ing XLMedia PLC 7.0 C2B Solutions Pty Ltd. Digi ta l Advertis ing Mobi le Embrace Limited 5.1 Decipher Works Pty Ltd. Bus iness Services Transaction Solutions International Limited 4.0 PlusMobi le LLC Digi ta l Media/Commerce AtmanCo, Inc. 2.5



Strategic Transactions StrategicUndisclosed Target Target Segment Buyer/Investor Reported TV

Achieve Media Ltd. Agency & Marketing Services CNS Media Ltd. -$ Acne AB Agency & Marketing Services Deloitte Digi ta l - Agency 128 Agency & Marketing Services Nimble Impress ions LLC - Bl ink Digi ta l Marketing Agency & Marketing Services Havas - Brand Connections , LLC Agency & Marketing Services Advantage Solutions , Inc. - Brand Learning Group Agency & Marketing Services Accenture plc - Breakfast at 12 LLC Agency & Marketing Services Workhorse Marketing - Changeup Marketing Agency & Marketing Services Enradius - Civi tasNow Agency & Marketing Services Scoppechio - Comrade Agency & Marketing Services CI&T - Creative Leap Limited Agency & Marketing Services Ceuta Healthcare Ltd. - DemandWave Agency & Marketing Services Wpromote, Inc. - Des ign Bridge Ltd. Agency & Marketing Services WPP Group - DIS/PLAY Agency & Marketing Services WPP Group - Essentia l Media GmbH Agency & Marketing Services Berkeley Publ ic Relations Ltd. - Fourth Wal l Productions LLC Agency & Marketing Services CenterTable LLC - Gi les -Parsca le, Inc. Agency & Marketing Services CloudCommerce, Inc. - HeadOffice Agency & Marketing Services Epiphany - Hug Digi ta l FZ LLC Agency & Marketing Services WPP Group - Invis ible Artis ts Pty Ltd. Agency & Marketing Services Bareface Agency - Li ttle Giant Agency Agency & Marketing Services Dentsu Aegis Network, Inc. - Meers Advertis ing, Inc. Agency & Marketing Services Barkley, Inc. - Motive Communications , Inc. Agency & Marketing Services 6S Marketing - Optimisa PLC Agency & Marketing Services PricewaterhouseCoopers LLP - Performance Sa les and Marketing Agency & Marketing Services Impact Group, Inc. - ProLogic Retai l Services Agency & Marketing Services AppCard, Inc. - Proventus Consulting LLC Agency & Marketing Services Trozzolo Communications Group - Publ ic Identi ty, Inc. Agency & Marketing Services Superior Uni form Group - Ranger Marketing & Vertriebs GmbH Agency & Marketing Services Stroer SE & Co. KGaA - Rappio Advertis ing Private Limited Agency & Marketing Services Fork Media Private Limited - ReSoMe, Inc. Agency & Marketing Services Iversoft Solutions , Inc. - Socia l Media Beast Agency & Marketing Services PowerPost, Inc. - Socia l Media Del ivered LLC Agency & Marketing Services Splash Media, LP - The Blender Company Agency & Marketing Services iTeknik - Wire Stone, LLC Agency & Marketing Services Accenture plc - Wyndham Jade, LLC Agency & Marketing Services MCI Group - AACE (As ian Aviantion Centre of Excel lence Sdn Bhd) Bus iness Services CAE, Inc. - Atlantix Global Systems LLC Bus iness Services CXtec, Inc. - Automotive Compl iance Consultants , Inc. Bus iness Services KPA LLC - Basati LLC Bus iness Services Simplus , Inc. - Blue Agi l i ty LLC Bus iness Services cPrime, Inc. - Blue Moon Wealth Advisory LLC Bus iness Services Mercer Advisors , Inc. -




Concrete Solutions Ltda. Bus iness Services Accenture plc -$ CrossResolve LLC Bus iness Services KeyLogic Systems, Inc. - ctc Tra inCanada Bus iness Services Global Knowledge Tra ining LLC - Data Service Solutions , Inc. Bus iness Services SG360 - DEITZ Nationwide Court Reporting Bus iness Services Lexi tas - DHR Services Holdings LLC Bus iness Services Oas is Outsourcing, Inc. - Dragon Innovation, Inc. Bus iness Services Avnet, Inc. - Eknovate, Inc. Bus iness Services Feuji , Inc. - Evans International (PI Atlanta) Bus iness Services The Predictive Index LLC - Expedient Medstaff LLC Bus iness Services American Health Staffing Group LLC - Gal i tt Bus iness Services Sopra Group - GoGoVan Bus iness Services Bei jing 58 Information and Technology Co., Ltd. - Habi l i tative Services , Inc. Bus iness Services Civi tas Solutions , Inc. - Halo Group Bus iness Services Global Employment Solutions - HR Outsourcing, Inc. Bus iness Services Paychex, Inc. - ikb Data GmbH Bus iness Services Datagroup AG - Imedex LLC Bus iness Services HMP Communications Holdings LLC - Independence Healthcare Corporation Bus iness Services Al l Metro Health Care Services , Inc. - INETICO, Inc. Bus iness Services United Cla im Solutions LLC - Lannick Group Bus iness Services Vaco, LLC - LayerV Ltd. Bus iness Services Pulsant - NextGen Storage LLC Bus iness Services Congruity 360 LLC - Nodes Aps Bus iness Services Monstar Lab, Inc. - Pel i ssari Informatica S.A. Bus iness Services Cast Group Informática S.A. - ProSource Solutions LLC Bus iness Services Improving Holdings , LLC - Search Technologies Corp. Bus iness Services Accenture plc - Securecast Bus iness Services Webroot, Inc. - Something Digi ta l LLC Bus iness Services Fidelus Technologies LLC - Stratacuity Staffing Partners , Inc. Bus iness Services On Ass ignment, Inc. - Strategic Products and Services LLC Bus iness Services ConvergeOne, Inc. - Summa Technologies , Inc. Bus iness Services CGI Group, Inc. - TeamLink HR Bus iness Services Clear Employer Services - Technica l Edge Consulting LLC Bus iness Services Avitus Group, Inc. - Technica l Sa les International , Inc. Bus iness Services Appl ied Software Technology, Inc. - USA 800 Bus iness Services The Results Companies , LLC - Verax, Inc. Bus iness Services Accenture plc - We Are IT Bus iness Services The Purple Guys - Zado Infotech Solutions India Pvt. Ltd. Bus iness Services QA Mentor, Inc. - a ffi l inet GmbH Digi ta l Advertis ing AWIN AG - Al ti tude Digi ta l Digi ta l Advertis ing Genes is Media LLC - Groupal ia Ita l ia Digi ta l Advertis ing Epipol i S.p.A. - Mundi Digi ta l Advertis ing Kayak Software Corporation -




ShopAtHome.com Digita l Advertis ing Prodege, LLC -$ Slevomat cz, s .r.o. Digi ta l Advertis ing Secret Escapes Ltd. - Tapcore B.V. Digi ta l Advertis ing Airpush, Inc. - UAB Adnet Media Digi ta l Advertis ing AS Ekspress Grupp - WaytoStay Digi ta l Advertis ing Hotusa Hotels S.A. - Wer s treamt Digi ta l Advertis ing FUNKE MEDIENGRUPPE - AIMatter OOO Digita l Media/Commerce Google - Black Forest Games GmbH Digi ta l Media/Commerce THQ Nordic GmbH - BlogTalkRadio, Inc. Digi ta l Media/Commerce Spreaker, Inc. - Boatbound Digi ta l Media/Commerce BoatSetter, Inc. - Carlypso.com Digita l Media/Commerce Carvana LLC - Class ics&Exotics Digi ta l Media/Commerce The Hagerty Group LLC - Coingeek.com Digita l Media/Commerce CalvinAyre.com - FromAustria .com Digita l Media/Commerce Niceshops GmbH - GottaGolf LLC Digi ta l Media/Commerce Swing by Swing Golf, Inc. - GrooveCar, Inc. Digi ta l Media/Commerce Fus ion Auto Finance - Hel locare SAS Digi ta l Media/Commerce Pflegix GmbH - International Brands Direct Digi ta l Media/Commerce Ecom Products Group - Korrio, Inc. Digi ta l Media/Commerce TeamSnap, Inc. - Kos ik.cz s .r.o. Digi ta l Media/Commerce Kolonia l .cz s .r.o. - La Redoute Digi ta l Media/Commerce Galeries Lafayette - MediaPlay Digi ta l Media/Commerce AppSwarm, Inc. - MissFresh, Inc. Digi ta l Media/Commerce Metro, Inc. - Pieces Interactive AB Digi ta l Media/Commerce THQ Nordic AB - Ry.com.au Pty Ltd. Digi ta l Media/Commerce The Hut Group - Sol id Stock Art LLC Digi ta l Media/Commerce eLearning Brothers LLC - StatsRoyale.com Digita l Media/Commerce Overwolf Ltd. - Streetsmart Ltd. Digi ta l Media/Commerce Gett, Inc. - Upthere, Inc. Digi ta l Media/Commerce Western Digi ta l Corporation - Urbi .co Digi ta l Media/Commerce Telepass S.p.A. - WebContacts Pty Ltd. Digi ta l Media/Commerce Reverse Corp Limited - YourContacts Pty Ltd. Digi ta l Media/Commerce Reverse Corp Limited - bepress .com Information Elsevier, Inc. - Compass Driving Records Information TransUnion, LLC - ConsentNow Information WIRB-Copernicus Group - Context Matters , Inc. Information Decis ion Resources Group - The Data Counci l , Inc. Information Advantage Solutions , Inc. - Algo.com Marketing Technology Meltwater.com - Apprento, Inc. Marketing Technology M-Fi les , Inc. - AUDServ, Inc. Marketing Technology InnerScope Advertis ing Agency, Inc. - Autovance Technologies , Inc. Marketing Technology Quorum Information Technologies , Inc. - Blab, Predictive Socia l Intel l igence Platform Marketing Technology Deloitte LLP -




Catalyst Healthcare Research Marketing Technology Service Management Group, Inc. -$ Chuckwal la Inc. Marketing Technology NetXposure, Inc. - Clarei ty.com Marketing Technology CoreLogic, Inc. - Cosmify, Inc. Marketing Technology Meltwater.com - Customer Dynamics Marketing Technology Microexcel Inc. - Customer Perspectives LLC Marketing Technology Jancyn, Inc. - CVISION Technologies , Inc. Marketing Technology Foxit Software, Inc. - Fayteq GmbH Marketing Technology Facebook - Fizziology LLC Marketing Technology MarketCast LLC - Hel lo Scout, Inc. Marketing Technology Luxico.com.au - IKON Interactive Marketing Technology Discover Digi ta l - Jive-x Marketing Technology Li thium Technologies - Kibo.mobi Marketing Technology StartApp, Inc. - Locket.com Marketing Technology Go-Jek - Lumata Group Ltd. Marketing Technology Evolving Systems, Inc. - Metapic Marketing Technology TradeDoubler, Ltd. - Mixpo, Inc. Marketing Technology Netsertive, Inc. - Pattern Technologies , Inc. Marketing Technology Workday, Inc. - Strobe Labs , Inc. Marketing Technology Ticketmaster Enterta inment, Inc. - Transparency AI Marketing Technology Semcasting, Inc. - Unomy Ltd. Marketing Technology WeWork.com - vBrand Ltd. Marketing Technology Nielsen Holdings B.V. - Voicebank.net, Inc. Marketing Technology Voices .com, Inc. - Zarget Marketing Technology Freshworks , Inc. - Al ignStar Software Xactly Corporation - BBT Software Software Volaris Group, Inc. - CCI, Inc. Software Zyme Solutions , Inc. - CipherPoint Software, Inc. Software Covata Limited - ClearGraph Software Tableau Software, Inc. - Cloudamize, Inc. Software Cloudreach Limited - Cognia .com Software Smarsh, Inc. - Conneqted 365 AB Software Techstep ASA - Contovis ta AG Software Aduno Group AG - Corona Renderer Software Chaos Group - Curoverse, Inc. Software Veri tas Genetics Internatioanal - Cycle Computing LLC Software Microsoft Corporation - Databl ink, Inc. Software WatchGuard Technologies , Inc. - Datacastle Corporation Software Carbonite, Inc. - Digi ta l Health Department, Inc. Software Tyler Technologies - Digi ta l Lumens, Inc. Software OSRAM Licht AG - Dovetai l Systems Software Fiserv, Inc. - eAudit Solutions , Inc. Software SUNRx -




Energate, Inc. Software Tantalus Systems Corp. -$ Ergo Sum Healthcare, Inc. Software Si lverVue, Inc. - Exoscale Software A1 Digi ta l International GmbH - GoPigeon Software Narvar Inc. - Grand Junction, Inc. Software Target Corporation - Granular, Inc. Software DuPont - GreenQloud Software NetApp - Handshake Software, Inc. Software Aderant Holdings , Inc. - Impeo Software GmbH Software Fadata Group - inData Corporation Software Ipro Tech LLC - Interviewed Software Indeed, LLC - Kodiak Networks , Inc. Software Motorola Solutions , Inc. - LendingRobot Software NSR Invest - Loki Systems Software ZeroChaos - Lucernex, Inc. Software Accruent LLC - Medisec Software Software Clanwi l l iam Group Ltd. - Meontrust, Inc. Software INSIDE Secure SA - Metron Technology Ltd. Software Syncsort, Inc. - Myriad Development, Inc. Software CoreLogic, Inc. - Nevis Networks , Certa in Assets Software Qualys , Inc. - OnForce, Inc. Software Work Market, Inc. - OnSource LLC Software Genpact Limited - Ozlo, Inc. Software Facebook - Paperless .cl Software Sovos Compl iance LLC - PCLender LLC Software Fiserv, Inc. - Personal , Inc. Software digi .me Limited - PierceMatrix Software Zenith Technology Partners - Planet OS, Inc. Software InterTrust Technologies Corporation - Precise Software, Inc. Software Open Systems, Inc. - Prescient Travel Software i JET International , Inc. - Project DocControl Software Kahua - RedOwl Analytics Software Raytheon Company - RemitDATA, Inc. Software eSolutions , Inc. - RevStream Software Aptitude Software - ROC IT Systems LLC Software TraceLink, Inc. - Savedo GmbH Software Depos it Solutions GmbH - Scyfer B.V. Software QUALCOMM - Sencha, Inc. Software Idera, Inc. - Senos is Health Software Google - SpamExperts B.V. Software SolarWinds MSP - Synergis tic Software Solutions LLC Software Scanco Software LLC - Ta lyst, Inc. Software Swiss log Healthcare -




Tass International Software Siemens AG -$ Trade Force S.A. Software ACCERA - Upverter, Inc. Software Altium Limited - Veraci ty Innovations LLC Software Carl Zeiss Meditec AG - Vers ionOne, Inc. Software Col labNet, Inc. - WS Software AB Software Evatic AS - boo.lab Traditional Media Essel Group - Clear Channel Outdoor Company Canada Traditional Media Branded Cities Network LLC - Corporate Board Member Traditional Media Chief Executive Group, LLC - Counter Logic Gaming, Inc. Traditional Media Madison Square Garden - Cranbury International Books LLC Traditional Media ProBi l i ty Media Corp. - DM News Traditional Media AC Bus iness Media, Inc. - Donna Magazine Traditional Media FUNKE MEDIENGRUPPE - La lela Mus ic LLC Traditional Media STX Enterta inment - Marquee Event Group, Inc. Traditional Media M&M The Specia l Events Company - Mi l larworld Limited Traditional Media Netfl ix, Inc. - Network Ten Pty Limited Traditional Media CBS Corporation - Open Road Fi lms, Inc. Traditional Media Tang Media Partners LLC - Patient Education Network Traditional Media PatientPoint, LLC - SBA Mus ic Pty Ltd. Traditional Media Stingray Digi ta l Group, Inc. - Southern Gaming Summit LLC Traditional Media Miss iss ippi Gaming & Hospita l i ty Association - The Val ley Times-News Traditional Media Boone Newspapers , Inc. -



Buyout Transactions

Buyout DealsValues Disclosed Target Target Segment Buyer/Investor Reported TV

Paysafe Group Plc Software The Blackstone Group L.P. 4,013.7$ CPA Global Limited Bus iness Services Leonard Green & Partners , L.P. 3,120.0 Education Advisory Board Bus iness Services Vis ta Equity Partners 1,550.0 Transplace, Inc. Bus iness Services TPG Capita l 1,000.0 DoubleVeri fy, Inc. Marketing Technology Providence Equity Partners , Inc. 350.0 Zoom Information, Inc. Marketing Technology Great Hi l l Partners , LLC 240.0 Bus iness School24 Bus iness Services Palamon Capita l Partners , LP 93.9 Huddle Software Turn/River Capita l 88.4 Al l iedPRA, Inc. Agency & Marketing Services CI Capita l Partners LLC 22.7 The Young Turks LLC Digi ta l Media/Commerce 3L Capita l 20.0

Buyout DealsUndisclosed Target Target Segment Buyer/Investor Reported TV

DOCU Nordic Group Holding AB Agency & Marketing Services Sti rl ing Square Capita l Partners LLP -$ Medica l Knowledge Group Agency & Marketing Services MTS Health Investors - Shi ft Marketing Studio, Inc. Agency & Marketing Services A5 Capita l - Data Intens i ty LLC Bus iness Services EQT Partners - Exs i tec AB Bus iness Services Standout Capita l - Industria l Color Brands Bus iness Services Frontenac Company, LLC - SCM Insurance Services Bus iness Services Warburg Pincus LLC - ThoughtWorks , Inc. Bus iness Services Apax Partners , L.P. - Ten-X, LLC Digi ta l Media/Commerce Thomas H. Lee Partners - DNN Corp. Marketing Technology ESW Capita l LLC - Go Global Travel Ltd. Marketing Technology Apax Partners , L.P. - Simpl i .fi Holdings , Inc. Marketing Technology GTCR, LLC - ABIT GmbH Software Marl in Equity Partners - Applause App Qual i ty, Inc Software Vis ta Equity Partners - BackOffice Associates , LLC Software Bridge Growth Partners LLC - ECI Software Solutions , Inc. Software Apax Partners , L.P. - Efficient Forms LLC Software AltaLink Capita l - EtQ, Inc. Software Technology Crossover Ventures - Frontl ine Education Software Thoma Bravo, Inc. - Medius AB Software Marl in Equity Partners - Newforma, Inc. Software Battery Ventures - Quest Analytics LLC Software Vestar Capita l Partners -



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

Tokopedia Digi ta l Media/Commerce Al ibaba Group Holding Ltd. 1,100.0$ WME | IMG Agency & Marketing Services CPP Investment Board 1,100.0 Fanatics , Inc. Digi ta l Media/Commerce SoftBank Capita l 1,000.0 BluJay Solutions Ltd. Software TPG Specia l ty Lending Europe 500.0 Yiguo.com Digita l Media/Commerce Al ibaba Group Holding Ltd. 300.0 Kabbage, Inc. Digi ta l Media/Commerce SoftBank Capita l 250.0 Vipkid Bus iness Services Sequoia Capita l 200.0 Reddit.com Digita l Media/Commerce Sequoia Capita l 200.0 SoundCloud Ltd. Digi ta l Media/Commerce Raine Ventures 170.0 The Hut Group Digi ta l Media/Commerce BlackRock, Inc. 162.0 Qiniu.com Software Al ibaba Group Holding Ltd. 151.3 Vis taJet Group Holding Limited Digi ta l Media/Commerce Rhone Capita l LLC 150.0 Zuoyebang Bus iness Services Sequoia Capita l 150.0 Qiniuyun Software Al ibaba Group Holding Ltd. 140.0 Databricks , Inc. Software Andreessen Horowitz 140.0 i fl i x Digi ta l Media/Commerce Hearst Ventures 133.0 Bread Software Menlo Ventures 126.0 Interface Securi ty Systems, LLC Software SunTx Capita l Partners 125.0 BlueteamGlobal Software Undisclosed 125.0 PCCW Media Limited Digi ta l Media/Commerce Hony Capita l 110.0 Just Buy Live Enterprise Pvt. Ltd. Digi ta l Media/Commerce Al i Cloud Investment 100.0 Go-Jek Digi ta l Media/Commerce JD.com 100.0 Blend Consumer Products Software Greylock Partners 100.0 eSentire, Inc. Software Warburg Pincus LLC 100.0 Options Technology Ltd. Software Bregal Sagemount 100.0 The Pracuj Group Software Technology Crossover Ventures 95.0 IMS New Media Group Marketing Technology SAIF Partners 90.0 Yuanyu Radio (China) Co., Ltd. Agency & Marketing Services Olympus Capita l Investment, LLC 90.0 Druva, Inc. Software Sequoia Capita l 80.0 Rubicon Global Holdings LLC Digi ta l Media/Commerce Undisclosed 75.0 ThoughtSpot, Inc. Marketing Technology Lightspeed Venture Partners 60.0 Guiyang Huochebang Technology Co., Ltd. Digi ta l Media/Commerce Al l -Stars Investment 56.0 Kik Interactive, Inc. Digi ta l Media/Commerce Pantera Capita l 50.0 TuneIn, Inc. Digi ta l Media/Commerce Comcast Ventures 50.0 Appboy, Inc. Marketing Technology Battery Ventures 50.0 Karius , Inc. Software Khos la Ventures 50.0 TrackR, Inc. Digi ta l Media/Commerce Revolution Growth VC 50.0 Cubic Telecom Limited Software QUALCOMM Ventures 47.0 Computer Systems Integration Ltd. Bus iness Services MML Capita l Partners 46.8 Fangs i l ing Software Mingdaojinkong 45.0 Skytap, Inc. Software Goldman Sachs Private Capita l Investing 45.0 oBike As ia Pte Ltd. Digi ta l Media/Commerce Grishin Robotics 45.0




Unisound.com Marketing Technology Undisclosed 45.0$ Ucpaas Software Mangrove Capita l Partners 45.0 Redis Labs , Inc. Software Goldman Sachs Private Capita l Investing 44.0 Qadium, Inc. Software New Enterprise Associates 40.0 Tul ip Retai l Marketing Technology Kleiner Perkins Caufield & Byers 40.0 Prodigy Finance Ltd. Digi ta l Media/Commerce Index Ventures 40.0 HomeLight Digi ta l Media/Commerce Menlo Ventures 40.0 RedAwning.com, Inc. Digi ta l Media/Commerce Si lversmith Capita l Partners 40.0 M17 Enterta inament Digi ta l Media/Commerce Infini ty Venture Partners 40.0 Personal Capita l Corporation Bus iness Services IGM Financia l 40.0 Juvo Mobi le, Inc. Marketing Technology New Enterprise Associates 40.0 Sansan, Inc. Marketing Technology Sales force Ventures 38.0 AbleTo, Inc. Software Bain Capita l Ventures 36.6 Ola Digi ta l Media/Commerce Tekne Capita l Management 36.0 Appier Marketing Technology SoftBank Capita l 33.0 El levest Software Undisclosed 32.5 Zhaoyouwang Digi ta l Media/Commerce DCM Ventures 31.8 MedGenome, Inc. Software Sequoia Capita l 30.0 Descartes Labs , Inc. Software March Capita l 30.0 Ampl i tude, Inc. Marketing Technology Battery Ventures 30.0 rfXcel Corporation Software Kayne Anderson Capita l Advisors , L.P. 30.0 Neyber Ltd. Software Wadhawan Global Capita l 27.3 Sa le Stock Indones ia Digi ta l Media/Commerce Gobi Partners 27.0 Al ice Digi ta l Media/Commerce Expedia , Inc. 26.0 TravelBank Digi ta l Media/Commerce Accel Partners 25.0 Curefi t Digi ta l Media/Commerce Accel Partners 25.0 Ripcord, Inc. Marketing Technology Kleiner Perkins Caufield & Byers 25.0 Puls Technologies , Inc. Digi ta l Media/Commerce Sequoia Capita l 25.0 Chef'd LLC Digi ta l Media/Commerce Smithfield Foods , Inc. 25.0 Signals Analytics Marketing Technology Sequoia Capita l 25.0 Stride Health, Inc. Software New Enterprise Associates 23.5 ZingBox, Inc. Software Del l Technologies Capita l 22.0 VideoAmp, Inc. Digi ta l Advertis ing MediaOcean, Inc. 21.4 SuperAwesome Limited Digi ta l Media/Commerce Mayfa ir Equity Partners 21.0 Anonyome Labs , Inc. Software (Private Investors ) 20.4 VULOG Marketing Technology Frog Capita l Limited 20.0 Gigster, Inc. Software Andreessen Horowitz 20.0 PayTabs LLC Software Undisclosed 20.0 Primary Data, Inc. Software Accel Partners 20.0 Booster Fuels , Inc. Digi ta l Media/Commerce Convers ion Capita l Partners Ltd. 20.0 Uni fyID, Inc. Software New Enterprise Associates 20.0 Lumity, Inc. Software Draper Fisher Jurvetson 19.0




Super Evi l Megacorp Digi ta l Media/Commerce Undisclosed 19.0$ Amplero, Inc. Marketing Technology Greycroft Partners LLC 17.5 Hookit.com Marketing Technology Arrowroot Capita l 16.0 Ezetap Mobi le Solutions Pvt. Ltd. Software JS Capita l 16.0 Forward Networks , Inc. Software Andreessen Horowitz 16.0 Artemis Health, Inc. Software F-Prime Capita l 16.0 HowStuffWorks , Inc. Traditional Media The Raine Group, LLC 15.0 Wine.com, Inc. Digi ta l Media/Commerce Baker Capita l 15.0 Reverb.com LLC Digi ta l Media/Commerce Summit Partners LP 15.0 Guidel ine Technologies , Inc. Software Fel icis Ventures 15.0 Viome, Inc. Digi ta l Media/Commerce Khos la Ventures 15.0 Gimlet Media, Inc. Digi ta l Media/Commerce Stripes Group 15.0 Inception VR, Inc. Digi ta l Media/Commerce RTL Group 15.0 GuardiCore Ltd. Software Battery Ventures 15.0 Autohome, Inc. Digi ta l Media/Commerce Sight Plus 14.0 Haiyun Data Software IDG Capita l Partners 14.0 Er Geng Digi ta l Media/Commerce Yunfeng Capita l 14.0 T2 Cloud Software Sinosoft 14.0 Proov, Inc. Software Hel ios Capita l 14.0 Socure, Inc. Software Commerce Ventures 13.9 Vyze, Inc. Software Austin Ventures 13.1 Joany, Inc. Software TechStars , LLC 13.0 Hyper Anna Pty Ltd. Software Sequoia Capita l 12.7 Vers ive, Inc. Software Goldman Sachs Merchant Banking 12.7 Ol l ie Pet, Inc. Digi ta l Media/Commerce Canaan Partners 12.6 inRiver AB Marketing Technology Verdane Capita l 12.5 Respond Software, Inc. Software CRV 12.0 Netl i fy Software Andreessen Horowitz 12.0 Personio GmbH Software Northzone 12.0 PeerIQ Marketing Technology TransUnion, LLC 12.0 Auvik Networks , Inc. Software OpenView Venture Partners 11.8 eMoov Limited Digi ta l Media/Commerce JXC Ventures 11.6 Jetty National , Inc. Software Valar Ventures LP 11.5 Bridg, Inc. Marketing Technology Morpheus Ventures 11.0 smash.gg Digi ta l Media/Commerce Accel Partners 11.0 Si te 1001, Inc. Software JE Dunn Construction 11.0 Remezcla LLC Digi ta l Media/Commerce Hemisphere Media Group, Inc. 11.0 Wasabi Technologies , Inc. Software CloudScale Capita l Partners 10.8 Azuqua, Inc. Software Ins ight Venture Partners 10.8 Immersv, Inc. Digi ta l Advertis ing Rogers Venture Partners 10.5 Ri tual .com Digita l Media/Commerce Norwest Venture Partners 10.5 Roost, Inc. Software Aviva Ventures 10.4




SnapApp LLC Marketing Technology Providence Strategic Growth 10.2$ Teckro Software Google Ventures 10.0 Hubble Contacts Digi ta l Media/Commerce Firs t Mark Capita l 10.0 Sca leMP, Inc. Software Leumi Partners 10.0 PHP Agency, Inc. Bus iness Services Ata laya Capita l Management LP 10.0 AutoFi , Inc. Software Cross l ink Capita l 10.0 Emai lage Corp. Software Anthos Capita l LP 10.0 Lola Travel Company, Inc. Digi ta l Media/Commerce Google Ventures 10.0 Phi l , Inc. Digi ta l Media/Commerce Cross l ink Capita l 10.0 Dragos , Inc. Software Energy Impact Partners 10.0 Evergage, Inc. Marketing Technology Arrowroot Capita l 10.0 Here Be Dragons Traditional Media Discovery Communications LLC 10.0 Pro.com LLC Information Draper Fisher Jurvetson 10.0 Branch Messenger, Inc. Software March Capita l 10.0 Sl iver.tv Traditional Media Danhua Capita l 9.8 PawnHero Group Digi ta l Media/Commerce PLDT Capita l 9.7 FILLD LLC Digi ta l Media/Commerce Lightspeed Venture Partners 9.7 Outdoor Voices , Inc. Digi ta l Media/Commerce (Private Investors ) 9.0 WorkSpan Marketing Technology Mayfield Fund 9.0 Happify, Inc. Software TT Capita l Partners 9.0 Gobee.bike Digi ta l Media/Commerce Grishin Robotics 9.0 VividCortex, Inc. Software New Enterprise Associates 8.5 Kyndi , Inc. Software PivotNorth Capita l 8.5 MagicCube, Inc. Software Bold Capita l Parnters 8.5 Wonderbly Digi ta l Media/Commerce Google Ventures 8.5 Convey, Inc. Software Techstars Ventures 8.3 Entefy, Inc. Marketing Technology Undisclosed 8.0 MedAware Software Becton, Dickinson and Company 8.0 NuORDER, Inc. Marketing Technology Upfront Ventures 8.0 Hustle, Inc. Digi ta l Media/Commerce Index Ventures 8.0 Ironclad, Inc. Marketing Technology Accel Partners 8.0 Namogoo Marketing Technology GreatPoint Ventures 8.0 Seven Senders GmbH Bus iness Services b-to-v Partners AG 7.7 Truss Holdings , Inc. Digi ta l Media/Commerce Navitas Capita l 7.7 Amenity Analytics LLC Marketing Technology Undisclosed 7.6 Bi tPesa Software Greycroft Partners LLC 7.5 ART19, Inc. Marketing Technology Bertelsmann Digi ta l Media Investments 7.5 Freenome, Inc. Software Section 32 7.0 Amitree, Inc. Marketing Technology Accel Partners 7.0 Klaviyo Inc. Marketing Technology Astra l Capita l 7.0 breadwal let LLC Digi ta l Media/Commerce DAS Capita l 7.0 OneSignal Marketing Technology Signal fi re Fund 7.0




Rothy's Digi ta l Media/Commerce Lightspeed Venture Partners 7.0$ Super Heroic, Inc. Digi ta l Media/Commerce Accel Partners 7.0 Limel ight Health, Inc. Marketing Technology Mass Mutual Ventures 7.0 Parse.ly Marketing Technology Grotech Ventures 6.8 Buoy Health, Inc. Information F-Prime Capita l 6.7 Wetsuit Outlet Ltd. Digi ta l Media/Commerce Mobeus Equity Partners LLP 6.5 Carspring Ltd. Digi ta l Media/Commerce Rocket Internet GmbH 6.5 TimePlay, Inc. Digi ta l Media/Commerce (Private Investors ) 6.4 Li ftIgniter Software Rincon Venture Partners 6.4 Muume Group AG Software Undisclosed 6.3 Monstar Lab, Inc. Bus iness Services Fenox Venture Capita l 6.3 WhatsBroadcast GmbH Marketing Technology High-Tech Gründerfonds Management 6.0 GNS Healthcare, Inc. Software Amgen Ventures 6.0 iUNU, Inc. Software 2nd Avenue Partners 6.0 Innowatts , Inc. Software Shel l Technology Ventures 6.0 Big Squid, Inc. Software Signal Peak Ventures 6.0 Sawyer Digi ta l Media/Commerce Advance Venture Partners 6.0 CommonSense Robotics Ltd. Software Aleph VC 6.0 Ta iger.com Software Tembusu Partners 5.8 PrimaryIO, Inc. Software Accel Partners 5.6 PeakMed Colorado LLC Digi ta l Media/Commerce ASI Capita l 5.5 Zum Services , Inc. Digi ta l Media/Commerce Sequoia Capita l 5.5 Fi lmTrack, Inc. Marketing Technology Ins ight Venture Partners 5.5 Sherpa Digi ta l Media , Inc. Marketing Technology Benhamou Global Ventures 5.5 Next Technology, Inc. Digi ta l Media/Commerce Bul lpen Capita l 5.2 Codacy Software Faber Ventures 5.1 Sportlogiq Digi ta l Media/Commerce Rho Capita l Partners , Inc. 5.0 SendCloud BV Software HenQ Capita l Partners 5.0 Next Cal ler, Inc. Software Crysta l Towers 5.0 LevaData, Inc. Software Tola Capita l 5.0 Sigstr, Inc. Marketing Technology Battery Ventures 5.0 Matterport, Inc. Software QUALCOMM Ventures 5.0 Minibar Del ivery Digi ta l Media/Commerce Corigin Ventures 5.0 Lightneer Digi ta l Media/Commerce GSV Acceleration 5.0 Si lversheet Software Summation Health Ventures 5.0 Flo Digi ta l Media/Commerce Fl int Capita l 5.0 Converseon, Inc. Marketing Technology (Private Investors ) 5.0 SmartAss is t.io, Inc. Marketing Technology Madrona Venture Group 5.0 Pondera Solutions Software Serent Capita l , L.P. 5.0 El ium Software Serena Capita l 4.8 Homel ike Internet GmbH Digi ta l Advertis ing Cherry Ventures 4.8 BoatSetter, Inc. Digi ta l Media/Commerce Nordic Eye Venture Capita l 4.8




Symphony Ventures Bus iness Services Living Bridge EP LLP 4.6$ Cornerstone Brands Ltd. Digi ta l Media/Commerce Calculus Capita l Limited 4.5 Adwerx, Inc. Digi ta l Advertis ing Grotech Ventures 4.3 IndoorAtlas Ltd. Software Innovestor Ventures 4.3 Gamer Sensei LLC Digi ta l Media/Commerce Accompl ice VC 4.0 Bi l l ingPlatform Software Columbia Capita l Corporation 4.0 Pundi-Pundi Software Undisclosed 4.0 ShoCard, Inc. Software Morado Venture Partners 4.0 Agi lence, Inc. Marketing Technology Wel l ington Financia l LP 4.0 Gl int Pay Services Limited Software Bray Capita l 4.0 Fatherly Digi ta l Media/Commerce Bertelsmann Digi ta l Media Investments 4.0 Kin Insurance Digi ta l Media/Commerce Commerce Ventures 4.0 GawkBox.com Digita l Advertis ing Madrona Venture Group 3.7 PriorAuthNow, Inc. Software NCT Ventures 3.6 Wise Apple Digi ta l Media/Commerce Pri tzker Group Venture Capita l 3.6 7shi fts - Restaurant Schedul ing Software Software Relay Ventures 3.5 Home HT GmbH Marketing Technology EQT Ventures 3.5 Vetted PetCare, Inc. Software Foundation Capita l 3.3 SafeTrek Digi ta l Media/Commerce New Enterprise Associates 3.2 Bi trise Ltd. Software Open Ocean Capita l Ltd. 3.2 Domuso, Inc. Software Bascom Group 3.1 Ideal .com Software (Private Investors ) 3.0 Tickr, Inc. Software Angels 3.0 3.0 HealthJoy LLC Digi ta l Media/Commerce Chicago Ventures 3.0 Ngx Bio, Inc. Digi ta l Media/Commerce 180 Degree Capita l 3.0 Funra ise, Inc. Digi ta l Media/Commerce Toba Capita l 3.0 Frui t Street Health, Inc. Software (Private Investors ) 3.0 CornerJob Digi ta l Advertis ing Innogest SGR 3.0 Botmetric Software Blume Venture Advisors 3.0 Al t Tab Productions SAS Traditional Media Mi l lennia l Esports Corp. 2.9 Hotelchamp Marketing Technology (Private Investors ) 2.7 Bestow Agency LLC Digi ta l Media/Commerce New Enterprise Associates 2.5 Spriggy Digi ta l Media/Commerce Al ium Capita l 2.5 Cla im i t!, Inc. Digi ta l Media/Commerce Newark Venture Partners 2.5 Smi lo Digi ta l Media/Commerce Norwest Venture Partners 2.5 IOpipe, Inc. Software New Enterprise Associates 2.5 Brayola Fi tting Technologies , Inc. Digi ta l Media/Commerce Firs time Venture Capita l 2.5 8th Wal l , Inc. Digi ta l Media/Commerce Norwest Venture Partners 2.4 Poncho.is Digi ta l Media/Commerce Lightspeed Venture Partners 2.4 Sherpa Management Services Ltd. Software (Private Investors ) 2.3 Joyn Belgium nv Digi ta l Advertis ing KBC Private Equity 2.3 DeepCrawl , Inc. Marketing Technology Beringea LLC 2.3




RECVUE Software Cota Capita l 2.0$ eko Communications , Inc. Marketing Technology Gobi Partners 2.0 GoodTime.io Software Walden Venture Capita l 2.0 Sleeperbot Digi ta l Media/Commerce Birchmere Ventures 2.0 @RISK Technologies , Inc. Software (Private Investors ) 2.0 Qunomedica l GmbH Information Kima Ventures 2.0 Werk Enterprises , Inc. Digi ta l Media/Commerce Rethink Impact 2.0 Winky Lux Digi ta l Media/Commerce Female Founders Fund 2.0 Lending Loop, Inc. Digi ta l Media/Commerce MaRS Investment Accelerator Fund 2.0 eazyScripts Software Bluff Point Associates 2.0 CareAcademy.com Bus iness Services Rethink Education 1.7 StoryStream Marketing Technology MMC Ventures , LLC 1.5 I los Videos Marketing Technology Activant Capita l Group LLC 1.5 Apl i , Inc. Software Socia l Capita l 1.5 Universa l Standard Clothing LLC Digi ta l Media/Commerce Red Sea Ventures 1.5 Sendece Software Contour Venture Partners 1.5 Brel la Ltd. Digi ta l Media/Commerce Vendep Oy 1.4 FlowAccount Co., Ltd. Software 500 Startups 1.2 Ra i l sbank Technology Ltd. Software Kima Ventures 1.2 RecordGram, Inc. Digi ta l Media/Commerce Lightspeed Venture Partners 1.0 App Samurai Digi ta l Advertis ing ACT Venture Capita l Limited 1.0



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

AML RightSource LLC Bus iness Services Clarion Capita l Partners , LLC -$ Credo Bus iness Consulting LLP Bus iness Services Teneo Holdings LLC - Datavai l Corporation Bus iness Services ORIX Growth Capita l - Careem Networks FZ LLC Digi ta l Media/Commerce Didi Chuxing - GLOSSYBOX Digi ta l Media/Commerce The Hut Group - Helpl ing GmbH Digi ta l Media/Commerce Uni lever Ventures - JetSmarter, Inc. Digi ta l Media/Commerce Clearlake Capita l Group - Meican Digi ta l Media/Commerce Goldman Sachs Asset Management, L.P. - Taxi fy OU Digi ta l Media/Commerce Didi Chuxing - ZipJet Ltd. Digi ta l Media/Commerce Henkel Ventures - Betterez, Inc. Marketing Technology Jetblue Technology Ventures - Buy It Insta l led, Inc. Marketing Technology Skyview Capita l , LLC - Sapience Analytics , Inc. Marketing Technology NEXT Investors - Tel intel Marketing Technology Decathlon Capita l Partners - Accuity Del ivery Systems LLC Software MTS Health Investors - ArbiterSports Software Serent Capita l , L.P. - Bambu Software Wavemaker Partners - CarePayment Technologies , Inc. Software Comvest Partners - CureMatch, Inc. Software Serra Ventures , LLC - deviceTRUST GmbH Software High-Tech Gründerfonds Management - EnableComp LLC Software Primus Capita l Funds - Fidel i ty Payment Services Software H.I.G. Growth Partners , LLC - Ins ikt, Inc. Software Leap Global Partners - InSure Vis ion Technologies LLC Software SuretyWave LLC - Mirador Financia l , Inc. Software CMFG Ventures - Opus 2 International , Inc. Software Five Arrows Principal Investments - Peloton Computer Enterprises Ltd. Software Si lver Lake Partners - Profess ional Datasolutions , Inc. Software Genstar Capita l , LP - SecureLink Group N.V. Software Vista Equity Partners - Sel fapy GmbH Software High-Tech Gründerfonds - Wizel ine, Inc. Software Leap Global Partners -


Petsky Prunier: Maximizing Shareholder Value

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Las Vegas, Chicago, Boston, Charlotte

Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships in China and India

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


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

Bloomberg M&A League Tables, 2011-2016

TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS

2016 2011-2016 (6-Year)

Rank Advisor Deal Count Rank Advisor Deal Count

1 Petsky Prunier 19 1 Petsky Prunier 103

2 Goldman Sachs 18 2 Goldman Sachs 89

3 JP Morgan 16 3 Morgan Stanley 68

3 KPMG Corporate Finance 16 4 PwC 67

5 Rothschild 15 5 Jordan Edmiston Group 65

6 Houlihan Lokey 13 6 KPMG Corporate Finance 63

6 PwC 13 7 China Renaissance Group 52

8 Avendus Capital 11 7 GCA Savvian Group 52

8 Daiwa Securities 11 7 JP Morgan 52

10 Bank of America Merrill Lynch 9 10 Nomura 51

10 Credit Suisse 9 11 Jefferies 46

10 Jefferies 9 12 Ernst & Young 45

10 Morgan Stanley 9 13 Rothschild 44

10 Deloitte Touche Tohmatsu 9 14 Credit Suisse 43

15 Citi 8 14 Daiwa Securities 43

15 GCA Savvian Group 8 16 Houlihan Lokey 37

Based on number of deals announced in 2011‐2016 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With more than 75 transactions closed in the last 36 months, and more than 125 transactions closed since 2011 (across all industries in

addition to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising,

eCommerce, and media industries


Representative Recent Transactions*

*For a more comprehensive list, please click here.

(NASDAQ: SYKE)

has been sold to

has received a majority investment from

a portfolio company of

has been sold to


has been sold to

a division of

(NYSE: OMC)


has been sold to has acquired

(NASDAQ: CTSH)


has been sold to

(NASDAQ: COGT)

has sold

to

has acquired

(NASDAQ: ACXM)

from

has been sold to

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


has been sold to

a division of

has been sold to


has been sold to

has been sold to

a subsidiary of to

has sold

has acquired

$200,000,000

(NYSE: DLX)

has acquired


Compliance Solutions Strategies

*Approximate Value *Approximate Value *Approximate Value

$207,000,000*

has been sold to


has received a majority investment from

comprising Media Properties Holdings

has been sold to

(NYSE: DLX)

has received a significant growth investment from

$225,000,000*

(NYSE: IDI)

has been sold to

has received a majority investment from has been sold to


in partnership with

and

has been sold to

a division of

(TSO: 4911)

has received a $60MM Series B minority investment led by

capital raise to support a buyout of minority shareholding held by an outside institutional investor

and

has sold its indirect wholly-owned subsidiary

(LON: UDG)

to

has been sold to

(NYSE: FNFV)

has been sold to

has been recapitalized


has agreed to sell a majority stake to

http://petskyprunier.com/transactions/

Documents

August 2017 M&A and Investment Summary - Petsky …petskyprunier.com/_petskyprunier.com/dynamic/user_monthly...Business Services 69 11% 6,820.5 20% 48 589 ... MatsSoft Ltd. Software