Monthly Business & Tech-Enabled Services Sector ......Phone:+44 20 7484 4040 Frankfurt Thurn-und-Taxis-Platz 6 60313 Frankfurt Germany Phone: +49 69 204 34 6410 Milan Piazza San Fedele

1

Business & Tech-Enabled ServicesSector Summary Report

June 2017

2

$66.4 Billion 1,602

M&A Volume YTD M&A Transactions YTD

Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions

Announced Date Acquirer Target EV ($MM)

5/25/2017 NA

5/22/2017 $330

5/18/2017 $93

5/16/2017 NA

5/15/2017 $3,293

5/15/2017 NA

5/11/2017 $4,074

5/10/2017 $4,600

5/9/2017 $4,950

5/3/2017 $700

4/17/2017 NA

4/14/2017 $2,000+

4/10/2017 $455

4/7/2017 NA

4/4/2017 NA

4/4/2017 NA

966 944 964 995 986901 929 917 875

727

0

200

400

600

800

1000

1200

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

De

al C

ou

nt

90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

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

Business & Tech-Enabled Services S&P 500

Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 (1)

(to acquire 60% stake)

(Investment)

$19.1

$31.1

$19.2 $24.6 $21.7

$48.5

$27.4

$37.1

$26.9

$39.5

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Vo

lum

e (

$B

n)

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD

Notes:Source: Capital IQ and PitchBook. Market Data as of 6/12/17.1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

3

GCA OVERVIEWBusiness & Tech-Enabled Services Team

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone:+44 20 7484 4040

FrankfurtThurn-und-Taxis-Platz 6

60313 FrankfurtGermany

Phone: +49 69 204 34 6410

MilanPiazza San Fedele 4

20121 MilanoItaly

Phone: +39 02 76 01 73 40

Notes:*Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Akikazu Ida is a Managing Director at GCA Corporation. *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.*Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.

Derek Bell Stephen Georgiadis* Akikazu Ida* Sascha Pfeiffer*

Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415

Mobile: (914) 953-0689 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643

[email protected] [email protected] [email protected] [email protected]

Adrian Reed* Tobias Schultheiss* Alessandro Soprano* Raiko Stelten*

Managing Director Managing Director Managing Director Director

Phone: +44 845 505 4343 Phone: +49 69 204 346 416 Phone: +39 02 7601 7340 Phone: +49 69 204 346 418

Mobile: +44 7887 626800 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +49 171 335 0879

[email protected] [email protected] [email protected] [email protected]

4

Key Sector 3 Months 1 Year 3 Years

Advertising & Marketing Services 2.1% 9.7% 11.2%

Events & Exhibitions 8.8% 23.1% 19.5%

Information Services 6.2% 15.6% 42.1%

Consulting & Training (1.9%) 3.7% 18.1%

HR Services (3.0%) 18.1% 59.2%

Staffing & Recruiting 6.1% 35.7% 19.8%

IT & BPO Services (0.2%) 5.4% 15.5%

Customer Care / CRM Services 15.3% 24.4% 56.8%

S&P 500 2.4% 16.9% 25.9%

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

170%

Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17

80%

90%

100%

110%

120%

130%

140%

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

RECENT STOCK PERFORMANCEIndex Performance

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 6/12/17.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

5

4.1x

3.4x

2.1x1.9x

1.6x

1.2x

0.9x

0.6x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

InformationServices

Events &Exhibitions

HR Services IT & BPOServices

Advertising &MarketingServices

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

13.7x13.3x

11.3x

10.2x9.8x 9.5x

9.2x 9.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

InformationServices

HR Services Events &Exhibitions

IT & BPOServices




CustomerCare / CRM

Services

TRADING COMPARABLESValuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

Notes:Source: Capital IQ. Market Data as of 6/12/17. Figures reflect median values.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

6

8.0%

6.6%

5.9%

5.1% 4.9% 4.7%

4.3%

2.5%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

HR Services IT & BPOServices

InformationServices



CustomerCare / CRM

Services


Events &Exhibitions

30.8% 30.4%

17.0% 16.4%

13.8% 12.4%

11.6%

6.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

InformationServices

Events &Exhibitions

IT & BPOServices


HR Services Consulting &Training

CustomerCare / CRM

Services


TRADING COMPARABLESOperational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

Notes:Source: Capital IQ. Market Data as of 6/12/17. Figures reflect median values.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

7

PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.Negative margins considered NM. Market Data as of 6/12/17.

$MM, Except Per Share Data

Stock LTM Trading Statistics Operating Metrics

Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin

6/12/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $21.13 $15.25 $24.42 $26,461 $3,009 $8,109 $32,108 1.8x 1.6x 1.6x 10.3x 9.6x 9.2x 13.4x 12.5x 11.9% 2.2% NA NA 16.8% 17.3%

Omnicom Group Inc. 81.45 75.61 89.66 18,957 2,486 4,993 22,187 1.4x 1.5x 1.4x 9.6x 9.5x 9.1x 16.2x 15.1x (1.2%) 3.6% 25.4% 25.4% 15.3% 15.4%

Publicis Groupe S.A. 73.10 64.31 77.88 16,162 2,352 3,733 17,553 1.7x 1.6x 1.5x 9.7x 8.7x 8.2x 13.6x 12.6x 10.2% 3.7% 37.5% 37.5% 17.7% 18.2%

Dentsu Inc. 49.44 40.15 59.64 13,937 2,043 4,236 16,572 2.3x 1.9x 1.8x 11.0x 9.5x 9.0x 16.9x 15.8x 18.7% 6.4% NA NA 20.4% 20.4%

Alliance Data Systems Corporation 244.39 185.02 266.25 13,607 1,867 20,671 32,411 4.5x 4.1x 3.8x 22.2x 16.2x 14.4x 13.2x 11.4x 9.6% 10.2% 42.4% 41.9% 25.6% 26.1%

The Interpublic Group of Companies, Inc. 24.34 21.67 25.34 9,617 778 1,917 11,030 1.4x 1.4x 1.3x 10.0x 9.5x 8.9x 16.4x 14.8x 1.9% 4.2% 36.1% 36.2% 14.5% 14.9%

Hakuhodo DY Holdings Inc 13.32 9.55 13.96 4,964 1,365 106 3,891 0.4x 0.3x 0.3x 8.6x 7.7x 7.2x 17.9x 17.9x 11.4% 2.8% 19.7% 20.2% 4.3% 4.4%

Havas SA 10.26 7.28 10.50 4,342 855 698 4,201 1.7x 1.6x 1.5x 10.9x 9.6x 9.2x 18.7x 17.6x 11.1% 3.2% NA NA 16.4% 16.6%

j2 Global, Inc. 86.14 60.00 91.48 4,151 187 828 4,792 5.5x 4.2x 3.8x 13.0x 10.0x 8.9x 14.7x 13.2x 31.6% 8.2% 84.2% 84.1% 41.5% 43.1%

Meredith Corporation 57.75 43.85 66.25 2,575 27 632 3,180 1.9x 1.9x 1.8x 8.9x 10.0x 9.2x 17.3x 15.7x (1.2%) 2.5% NA NA 18.9% 20.0%

HubSpot, Inc. 69.45 41.63 78.50 2,539 123 1 2,417 8.9x 6.7x 5.4x NM NM NM NM NM 32.4% 25.9% 79.6% 80.1% 3.2% 5.7%

Yelp Inc. 30.72 25.93 43.41 2,475 485 - 1,990 2.8x 2.3x 2.0x NM 14.1x 10.8x 34.1x 26.1x 20.0% 17.7% 92.0% 92.1% 16.5% 18.2%

Moneysupermarket.com Group PLC 4.35 2.86 4.55 2,359 55 - 2,304 5.9x 5.3x 5.0x 17.0x 13.7x 12.8x 20.4x 18.6x 11.5% 6.1% 73.2% 75.6% 38.5% 38.9%

LendingTree, Inc. 161.30 71.34 179.95 1,926 105 - 1,821 4.7x 3.4x 2.9x 33.0x 18.5x 14.8x 43.2x 32.8x 40.8% 17.9% 97.2% 97.2% 18.2% 19.3%

GfK SE 52.62 29.68 58.51 1,921 189 510 2,258 1.4x 1.4x 1.3x 13.4x 8.8x 8.1x 21.6x 16.3x 6.1% 4.5% 34.0% 34.6% 15.4% 16.0%

Cheil Worldwide Inc. 16.34 12.99 17.45 1,768 400 16 1,395 0.5x 0.5x 0.5x 8.9x 8.0x 7.5x 17.9x 16.4x 7.9% 5.6% 31.9% 32.3% 6.0% 6.0%

Ipsos SA 37.72 26.89 39.91 1,572 178 752 2,168 1.2x 1.1x 1.0x 10.3x 9.0x 8.4x 12.4x 11.7x 8.8% 2.3% 65.2% 65.3% 11.7% 12.3%

Bankrate, Inc. 10.90 6.91 11.95 976 183 296 1,089 2.5x 2.2x 1.9x 11.6x 8.7x 7.6x 15.6x 13.3x 16.3% 11.7% 47.1% 47.4% 24.9% 25.5%

MDC Partners Inc. 8.55 2.75 19.26 487 23 888 1,477 1.1x 1.0x 1.0x 9.9x 7.2x 6.3x 31.2x 10.4x 7.2% 4.6% NA NA 13.8% 15.0%

YouGov plc 3.55 2.04 3.72 373 19 - 354 2.9x 2.5x NA 28.6x 18.3x NA 25.9x 26.1x 12.7% NA 78.0% NA 13.9% NA

QuinStreet, Inc. 4.15 2.61 4.63 189 42 - 147 0.5x 0.5x 0.5x NM 7.4x 5.7x NA NM 1.0% 6.5% 10.5% 16.0% 6.5% 8.1%

Mean 2.6x 2.2x 2.0x 13.7x 10.7x 9.2x 20.0x 16.7x 12.8% 7.5% 53.4% 52.4% 17.2% 18.1%

Median 1.8x 1.6x 1.6x 10.6x 9.5x 8.9x 17.3x 15.7x 11.1% 5.1% 44.8% 41.9% 16.4% 16.9%

Events & Exhibitions

UBM plc $9.07 $7.15 $9.85 $3,571 $105 $848 $4,358 4.1x 3.4x 3.4x 15.0x 11.3x 11.1x 14.3x 14.0x 19.2% 0.4% 30.6% 30.9% 30.4% 30.7%

Ascential plc 4.45 2.54 4.61 1,784 76 353 2,061 5.6x 4.3x 3.9x 19.4x 13.6x 12.2x 20.4x 18.1x 29.7% 10.0% NA NA 31.6% 31.9%

Emerald Expositions Events, Inc. 21.98 18.67 22.50 1,587 16 718 2,289 7.1x 6.5x 6.0x 15.6x 14.6x 13.4x 20.7x 18.6x 9.3% 7.5% 72.9% 73.2% 44.4% 44.9%

Viad Corp 46.30 29.50 48.85 944 25 237 1,168 1.0x 0.9x 0.9x 9.8x 8.4x 8.1x 18.8x 17.6x 4.2% 2.5% NA NA 11.0% 11.2%

GL Events 26.22 16.02 26.87 605 215 628 1,069 1.1x 1.0x 1.0x 7.8x 6.9x 6.9x 13.7x 12.9x 6.7% 2.4% NA NA 14.3% 14.0%

ITE Group plc 1.95 1.50 2.30 519 20 89 628 3.7x 3.4x 3.2x 16.8x 15.9x 15.1x 18.6x 17.5x 8.7% 5.5% 40.5% 41.1% 21.4% 21.4%

MCH Group AG 78.20 64.53 85.79 470 227 295 538 1.3x NA NA 6.3x NA NA NA NA NA NA NA NA NA NA

Tarsus Group plc 3.69 2.97 3.82 416 20 106 506 6.0x 3.2x 4.0x 21.9x 9.4x 12.5x 10.8x 15.8x 87.7% (19.5%) NA NA 34.1% 31.8%

Mean 3.7x 3.2x 3.2x 14.1x 11.4x 11.3x 16.8x 16.3x 23.6% 1.3% 48.0% 48.4% 26.7% 26.6%

Median 3.9x 3.4x 3.4x 15.3x 11.3x 12.2x 18.6x 17.5x 9.3% 2.5% 40.5% 41.1% 30.4% 30.7%

8

PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics – continued






Information Services

RELX PLC $21.32 $7.99 $21.59 $42,929 $200 $5,980 $48,755 5.7x 5.1x 4.9x 19.1x 14.7x 13.4x 20.8x 19.3x 11.7% 3.9% 64.5% 64.6% 34.8% 36.8%

S&P Global Inc. 145.69 99.15 147.54 37,559 2,411 3,565 39,848 7.0x 6.9x 6.5x 16.1x 14.7x 13.7x 23.5x 21.2x 2.5% 6.0% NA NA 46.8% 47.3%

Thomson Reuters Corporation 43.96 37.20 46.74 31,650 861 7,432 38,713 3.5x 3.4x 3.3x 16.2x 11.5x 11.1x 18.6x 17.3x 1.5% 2.7% NA NA 29.7% 30.1%

Moody's Corporation 117.19 87.30 119.99 22,418 2,262 4,076 24,435 6.8x 6.3x 6.0x 14.9x 13.4x 12.7x 22.0x 20.2x 7.1% 5.2% 71.8% 71.9% 47.1% 47.3%

Experian plc 20.45 15.50 21.63 18,980 103 3,044 21,933 NA 5.0x 4.7x NA 14.3x 13.5x 22.1x 19.8x NA 7.2% 55.0% 51.0% 35.0% 34.6%

IHS Markit Ltd. 46.31 32.78 47.20 18,918 155 3,729 22,550 8.2x 6.4x 6.1x 29.5x 16.2x 15.0x 22.5x 19.4x 29.2% 4.7% 63.3% 64.4% 39.3% 40.7%

Equifax Inc. 136.83 110.87 139.89 16,448 123 2,669 19,058 6.1x 5.6x 5.2x 17.0x 15.2x 13.9x 22.6x 20.3x 8.3% 7.2% 64.7% 65.1% 36.8% 37.4%

Nielsen Holdings plc 38.23 36.99 55.94 13,660 451 8,418 21,821 3.5x 3.3x 3.2x 13.5x 10.7x 10.2x 14.2x 13.3x 4.6% 3.5% 58.6% 58.8% 30.8% 31.3%

Verisk Analytics, Inc. 81.50 75.60 87.40 13,475 159 2,288 15,604 7.8x 7.5x 7.1x 16.6x 15.1x 14.0x 25.7x 23.2x 4.4% 5.9% 64.6% 64.9% 49.6% 50.4%

Wolters Kluwer N.V. 42.96 34.33 44.97 12,281 992 3,038 14,332 3.2x 2.8x 2.7x 12.1x 10.5x 10.0x 16.7x 15.6x 12.0% 3.2% 68.9% 68.9% 27.0% 27.3%

Gartner, Inc. 119.44 84.54 121.99 10,801 1,228 1,635 11,208 NM 3.3x 2.8x NM 15.9x 12.9x 34.4x 28.4x NM 18.2% 61.8% 62.5% 20.8% 21.7%

MSCI Inc. 103.82 71.51 109.29 9,391 697 2,076 10,770 9.4x 8.7x 8.0x 18.9x 17.0x 15.4x 28.7x 24.7x 8.2% 7.7% 78.2% 78.6% 51.0% 52.4%

News Corporation 13.67 10.54 14.68 7,957 1,850 376 6,761 0.8x 0.8x 0.9x 10.1x 7.2x 6.9x 31.5x 24.1x (1.1%) (2.4%) NA NA 11.5% 12.4%

TransUnion 42.32 28.92 44.13 7,658 155 2,402 10,003 5.9x 5.4x 5.0x 17.7x 13.7x 12.5x 23.7x 21.4x 9.1% 7.6% 68.2% 68.6% 39.3% 40.1%

Informa plc 8.66 6.08 9.65 7,132 61 1,895 8,968 5.4x 4.1x 3.9x 17.2x 12.1x 11.4x 14.5x 13.6x 32.4% 3.5% NA NA 33.8% 34.4%

FactSet Research Systems Inc. 165.81 149.39 183.64 6,543 185 365 6,722 5.9x 5.4x 4.9x 16.7x 15.6x 14.4x 22.1x 20.3x 9.7% 8.2% 55.6% 56.3% 34.3% 34.3%

Fair Isaac Corporation 134.15 105.70 139.00 4,154 116 626 4,664 5.2x 5.0x 4.6x 22.5x 19.0x 17.0x 26.0x 21.9x 4.6% 6.5% 69.4% 70.6% 26.1% 27.3%

The Dun & Bradstreet Corporation 105.18 100.46 141.57 3,881 375 1,707 5,228 3.1x 3.0x 2.9x 11.6x 10.5x 9.9x 15.0x 14.3x 3.9% 3.5% 68.4% 68.1% 28.2% 28.7%

CoreLogic, Inc. 42.44 34.59 43.79 3,592 103 1,587 5,077 2.6x 2.7x 2.7x 12.1x 10.9x 10.1x 18.6x 16.5x (5.1%) 3.0% 47.7% 50.8% 25.2% 26.4%

Morningstar, Inc. 74.43 67.74 85.49 3,195 318 235 3,113 3.9x NA NA 13.4x NA NA NA NA NA NA NA NA NA NA

Acxiom Corporation 26.57 20.47 30.40 2,086 170 229 2,145 2.4x 2.3x 2.1x 23.6x 12.2x 10.4x 36.3x 26.5x 4.0% 12.0% 45.1% 46.2% 19.2% 20.1%

The Advisory Board Company 50.95 24.85 54.50 2,068 152 606 2,521 3.1x 3.1x 3.0x 20.3x 12.6x 11.6x 25.9x 23.9x 0.6% 5.1% 51.7% 52.7% 24.8% 25.5%

Euromoney Institutional Investor PLC 14.28 10.10 15.70 1,532 47 152 1,647 3.3x 3.0x 2.8x 11.5x 11.3x 10.4x 14.9x 13.5x 10.0% 5.5% NA NA 26.3% 27.1%

comScore, Inc. 25.72 20.81 34.85 1,473 147 33 1,359 NA 2.4x 2.1x NA 8.4x 6.9x 14.5x 12.2x NA 13.0% 71.1% NA 28.6% 30.8%

National Research Corporation 47.00 32.18 49.29 1,150 35 3 1,118 10.2x 9.4x 8.4x 31.6x 28.4x NA 14.7x 13.0x 8.2% 11.9% 58.2% 58.6% 33.2% NA

Forrester Research, Inc. 39.45 34.95 44.40 700 135 - 565 1.7x 1.7x 1.6x 14.0x 15.0x 12.1x 33.3x 23.2x 1.0% 6.6% 60.5% 60.7% 11.4% 13.3%

Mean 5.0x 4.5x 4.2x 17.2x 13.8x 12.1x 22.5x 19.5x 7.6% 6.4% 62.4% 62.3% 31.6% 32.4%

Median 5.2x 4.1x 3.9x 16.6x 13.7x 12.3x 22.1x 20.2x 5.8% 5.9% 63.9% 64.4% 30.8% 31.1%

9







Consulting & Training

Exponent, Inc. $60.50 $45.00 $64.80 $1,565 $155 $0 $1,410 4.7x 4.5x 4.2x 20.7x 17.7x 15.9x 32.8x 31.2x 5.4% 5.7% 36.5% 37.7% 25.3% 26.6%

FTI Consulting, Inc. 35.35 33.74 47.12 1,343 121 403 1,625 0.9x 0.9x 0.9x 8.3x 8.1x 7.8x 18.5x 16.7x (0.2%) 2.1% 32.4% 33.1% 11.1% 11.3%

Navigant Consulting, Inc. 20.64 15.12 27.86 975 9 178 1,144 1.2x 1.2x 1.1x 8.1x 7.8x 7.4x 15.6x 14.4x 5.0% 4.3% 32.1% 32.2% 14.8% 15.1%

Huron Consulting Group Inc. 43.20 39.15 65.00 918 13 422 1,327 1.8x 1.7x 1.6x 10.4x 11.3x 10.4x 16.7x 15.2x 6.1% 4.9% 35.7% 35.5% 15.3% 15.8%

ICF International, Inc. 46.90 38.54 59.55 882 8 276 1,149 1.0x 0.9x 0.9x 10.3x 9.8x 9.1x 15.6x 14.5x 3.0% 3.4% 37.9% 38.1% 9.6% 10.0%

CBIZ, Inc. 15.25 9.95 15.90 816 2 214 1,028 1.3x 1.2x 1.2x 11.7x 9.8x 9.2x 18.4x 16.8x 6.3% 4.4% 13.1% 13.9% 12.4% 12.6%

The Hackett Group, Inc. 14.83 13.06 20.69 433 17 9 425 1.6x 1.4x 1.3x 10.8x 8.8x 8.0x 14.9x 13.2x 14.4% 7.9% 38.8% 39.2% 16.3% 16.5%

GP Strategies Corporation 25.50 19.59 30.00 427 15 61 472 1.0x 0.9x 0.9x 12.4x 11.7x 9.8x 20.1x 16.4x 5.2% 7.3% 16.8% 17.1% 7.8% 8.7%

Resources Connection, Inc. 13.55 12.41 19.80 402 45 48 405 0.7x 0.7x 0.7x 7.9x 10.0x 8.0x 20.9x 16.6x (1.7%) 2.3% 37.8% 37.0% 7.0% 8.5%

CRA International, Inc. 35.17 23.25 40.00 302 22 6 286 0.9x 0.8x 0.8x 10.7x 4.9x 4.6x 23.5x 19.9x 9.1% 5.2% 29.4% 29.8% 16.5% 16.6%

Franklin Covey Co. 20.80 13.45 22.45 288 11 40 317 1.6x 1.6x 1.5x 21.7x 23.8x 14.9x NM NA (0.6%) 9.1% 67.1% 67.4% 6.9% 10.1%

Mean 1.5x 1.4x 1.4x 12.1x 11.2x 9.6x 19.7x 17.5x 4.7% 5.1% 34.3% 34.6% 13.0% 13.8%

Median 1.2x 1.2x 1.1x 10.7x 9.8x 9.1x 18.4x 16.5x 5.2% 4.9% 35.7% 35.5% 12.4% 12.6%

HR Services

Automatic Data Processing, Inc. $101.54 $85.23 $105.68 $45,430 $2,999 $2,003 $44,434 3.7x 3.5x 3.3x 16.3x 16.4x 14.8x 26.7x 24.3x 4.9% 6.2% 45.8% 46.1% 21.4% 22.4%

Paychex, Inc. 59.64 52.78 63.03 21,426 404 55 21,077 6.9x 6.5x 6.1x 16.1x 15.0x 14.0x 26.0x 24.1x 5.9% 6.6% 70.7% 71.0% 43.2% 43.5%

TriNet Group, Inc. 31.26 17.78 33.49 2,144 216 450 2,378 0.8x 0.7x 0.6x 15.5x 11.5x 10.1x 22.0x 18.6x 9.3% 13.3% 71.8% 72.0% 6.2% 6.2%

Insperity, Inc. 76.75 64.55 93.65 1,617 306 104 1,416 0.5x 0.4x 0.4x 11.8x 8.7x 7.6x 17.7x 15.5x 11.3% 9.4% 16.6% 16.9% 5.0% 5.2%

Barrett Business Services, Inc. 58.35 36.30 66.93 423 19 5 408 0.5x NA NA 12.7x NA NA NA NA NA NA NA NA NA NA

Mean 2.5x 2.8x 2.6x 14.5x 12.9x 11.6x 23.1x 20.6x 7.8% 8.9% 51.2% 51.5% 19.0% 19.3%

Median 0.8x 2.1x 2.0x 15.5x 13.3x 12.1x 24.0x 21.4x 7.6% 8.0% 58.3% 58.5% 13.8% 14.3%

10







Staffing & Recruiting

Recruit Holdings Co.,Ltd. $53.81 $28.68 $57.73 $29,965 $3,106 $1,904 $28,814 1.9x 1.5x 1.4x 14.8x 13.2x 10.9x 28.3x 24.0x 27.9% 7.1% 48.0% 46.1% 11.4% 12.9%

Adecco Group AG 75.11 46.44 80.37 12,790 1,278 2,158 13,679 0.6x 0.5x 0.5x 11.0x 9.4x 9.1x 13.5x 12.9x 11.5% 3.7% 18.8% 18.9% 5.5% 5.5%

Randstad Holding NV 58.18 35.55 65.42 10,662 419 1,627 11,870 0.5x 0.5x 0.4x 11.8x 9.0x 8.6x 12.4x 11.5x 19.2% 2.8% 20.4% 20.1% 5.1% 5.2%

ManpowerGroup Inc. 105.01 57.26 106.99 7,044 724 834 7,240 0.4x 0.4x 0.3x 8.8x 8.5x 7.8x 15.6x 14.5x 2.3% 4.2% 17.0% 17.1% 4.2% 4.4%

Robert Half International Inc. 47.01 34.34 50.98 5,979 260 1 5,719 1.1x 1.1x 1.0x 9.3x 9.5x 8.9x 17.7x 16.2x (0.0%) 4.2% 41.1% 41.2% 11.5% 11.7%

Temp Holdings Co., Ltd. 19.15 13.36 21.42 4,477 623 229 4,215 0.9x 0.7x 0.6x 11.8x 10.4x 8.9x 21.3x 18.9x 22.0% 8.7% 23.7% 23.5% 6.8% 7.3%

Hays plc 2.10 1.15 2.23 3,030 141 82 2,970 0.5x 0.5x 0.4x 7.8x 9.9x 9.2x 15.9x 15.3x 7.4% 8.6% 18.7% 18.7% 4.9% 4.8%

On Assignment, Inc. 54.10 32.05 55.15 2,857 24 617 3,450 1.4x 1.3x 1.2x 13.7x 11.1x 10.1x 18.3x 16.8x 7.7% 7.3% 32.5% 32.4% 11.8% 12.1%

Korn/Ferry International 33.52 18.57 33.91 1,916 355 261 1,824 1.2x 1.1x 1.1x 9.3x 7.6x 6.8x 14.3x 12.7x 3.1% 5.1% 29.8% 30.0% 15.0% 15.8%

PageGroup plc 5.89 1.98 6.46 1,821 115 - 1,706 1.2x 1.0x 1.0x 12.7x 10.5x 9.8x 18.3x 17.0x 13.7% 3.4% 51.7% 51.6% 9.7% 10.0%

TrueBlue, Inc. 26.95 16.50 28.70 1,013 26 80 1,067 0.4x 0.4x 0.4x 7.4x 8.4x 7.6x 14.9x 13.6x (7.9%) 2.8% 25.4% 25.4% 5.0% 5.4%

Kelly Services, Inc. 22.93 18.01 24.70 878 46 - 832 0.2x 0.2x 0.2x 9.5x 8.6x 7.8x 13.3x 12.3x (0.4%) 2.8% 17.6% 17.6% 1.8% 2.0%

Kforce Inc. 18.30 15.78 26.95 462 3 136 595 0.5x 0.4x 0.4x 8.3x 7.5x 6.9x 11.6x 10.4x 3.2% 4.4% 30.0% 30.0% 5.8% 6.1%

Heidrick & Struggles International, Inc. 21.90 16.23 27.10 410 68 25 367 0.6x 0.6x 0.6x 6.8x 6.6x 6.1x 20.3x 18.6x 5.6% 4.9% 31.1% 31.1% 9.1% 9.4%

Mean 0.8x 0.7x 0.7x 10.2x 9.3x 8.5x 16.8x 15.3x 8.2% 5.0% 29.0% 28.8% 7.7% 8.0%

Median 0.6x 0.6x 0.5x 9.4x 9.2x 8.8x 15.7x 14.9x 6.5% 4.3% 27.6% 27.7% 6.3% 6.7%

11







IT & BPO Services

International Business Machines Corporation $155.18 $142.50 $182.79 $145,791 $10,695 $42,786 $178,003 2.2x 2.3x 2.3x 9.6x 9.6x 9.5x 11.3x 11.1x (2.0%) (0.2%) 47.7% 48.1% 23.6% 24.0%

Accenture plc 126.30 108.66 127.00 78,316 3,241 27 75,753 2.3x 2.2x 2.0x 13.4x 12.8x 11.8x 21.3x 19.2x 5.1% 6.6% 31.3% 31.4% 16.9% 17.1%

Tata Consultancy Services Limited 38.55 31.81 42.55 75,964 7,053 45 69,012 4.0x 3.7x 3.3x 14.6x 13.5x 12.6x 18.5x 17.2x 9.3% 10.0% 44.4% 44.0% 27.2% 26.5%

Cognizant Technology Solutions Corporation 66.29 45.44 67.88 39,045 4,274 1,209 35,980 2.7x 2.4x 2.2x 13.5x 12.5x 10.7x 18.1x 15.6x 9.3% 9.0% 39.2% 39.9% 19.6% 21.0%

Infosys Limited 14.94 13.97 18.83 34,148 5,027 - 29,121 2.9x 2.7x 2.5x 10.4x 10.2x 9.6x 15.5x 14.6x 7.1% 6.3% 37.6% 37.0% 26.5% 26.3%

DXC Technology Company 75.55 67.76 80.83 21,393 1,263 2,964 23,372 NA 1.2x 1.0x NA 6.2x 4.5x 13.1x 9.6x NM 21.4% 27.9% 27.6% 19.0% 21.4%

Wipro Limited 4.08 3.18 4.48 19,737 5,319 2,198 16,653 2.1x 1.9x 1.8x 10.4x 8.9x 9.2x 14.9x 14.5x 7.7% 5.5% 29.3% 28.8% 21.5% 19.8%

HCL Technologies Limited 13.42 10.97 14.10 19,145 1,581 91 17,681 2.6x 2.3x 2.2x 11.8x 10.2x 10.0x 14.0x 13.7x 15.8% 4.8% 33.6% 33.7% 22.1% 21.6%

Capgemini SE 102.16 79.63 109.00 16,741 1,984 3,641 18,412 1.4x 1.3x 1.2x 11.0x 9.2x 8.6x 15.5x 14.1x 9.7% 4.3% 26.9% 31.5% 13.8% 14.1%

NTT Data Corporation 54.99 41.66 56.09 15,426 2,445 5,788 19,052 1.3x 1.0x 1.0x 8.6x 7.2x 6.8x 26.2x 25.7x 29.7% (0.0%) 25.3% 24.8% 14.5% 15.2%

Atos SE 139.77 79.30 148.39 14,719 2,240 1,732 14,760 1.2x 1.0x 1.0x 9.1x 7.8x 7.4x 14.7x 13.7x 15.7% 2.1% 56.4% 55.0% 13.1% 13.6%

CGI Group Inc. 49.21 39.83 51.49 14,371 212 1,359 15,519 2.0x 1.9x 1.8x 11.5x 10.3x 9.7x 17.4x 16.2x 2.9% 3.4% NA NA 18.5% 18.9%

Nomura Research Institute, Ltd. 38.51 26.98 39.83 9,557 1,425 516 8,752 2.5x 2.1x 2.1x 11.9x 10.3x 9.7x 30.0x 22.0x 15.0% 3.1% 33.3% 34.6% 20.7% 21.4%

Tech Mahindra Limited 6.16 5.53 8.51 6,003 1,283 188 4,979 1.2x 1.1x 1.0x 7.8x 8.5x 7.1x 14.4x 11.9x 11.2% 6.1% 31.5% 29.9% 12.6% 14.1%

Genpact Limited 27.13 22.58 27.87 5,229 393 1,094 5,934 2.3x 2.2x 2.1x 14.1x 12.8x 11.9x 17.5x 15.7x 3.9% 6.4% 39.4% 39.6% 17.4% 17.6%

Capita plc 6.97 5.46 13.89 4,640 1,439 3,994 7,288 1.2x 1.2x 1.2x 9.7x 9.2x 8.8x 10.4x 9.8x (2.6%) 0.0% 24.5% 25.5% 13.5% 14.0%

EPAM Systems, Inc. 81.48 54.53 86.98 4,224 399 25 3,850 3.3x 2.7x 2.3x 22.7x 15.0x 12.5x 23.7x 20.0x 21.9% 20.2% 37.1% 37.5% 18.1% 18.1%

Conduent Incorporated 16.38 13.10 18.15 3,429 255 2,121 5,295 0.8x 0.9x 0.9x 11.9x 7.7x 7.2x 21.7x 17.2x (5.3%) (1.7%) 17.1% 17.5% 11.3% 12.4%

Luxoft Holding, Inc. 61.55 46.58 67.85 2,058 110 1 1,949 2.6x 2.1x 1.8x 20.3x 12.6x 10.1x 19.4x 15.8x 20.9% 20.2% 40.3% 39.8% 17.1% 17.8%

MphasiS Limited 9.71 6.59 10.14 2,043 445 40 1,638 1.8x 1.7x 1.6x 11.5x 10.7x 9.7x 16.1x 13.9x 7.6% 8.1% 27.7% 27.9% 15.9% 16.1%

ExlService Holdings, Inc. 52.57 42.00 54.78 1,770 218 46 1,598 2.3x 2.1x 1.9x 16.1x 12.0x 10.5x 20.4x 18.5x 9.8% 9.5% 34.8% 35.2% 17.7% 18.4%

WNS (Holdings) Ltd. 31.86 24.82 33.97 1,593 182 117 1,528 2.6x 2.3x 2.0x 16.8x 11.5x 10.4x 33.0x 20.7x 13.3% 12.6% 34.8% 34.8% 20.0% 19.6%

Globant S.A. 42.32 30.90 47.19 1,470 42 0 1,428 4.4x 3.7x 3.0x 23.4x 21.9x 17.2x 33.3x 26.6x 21.1% 20.3% 39.3% 40.1% 16.7% 17.7%

MindTree Limited 8.37 6.20 10.56 1,407 164 15 1,258 1.6x 1.5x 1.3x 11.5x 10.8x 9.0x 20.0x 15.0x 10.2% 11.7% 33.9% 34.0% 13.7% 14.8%

Syntel, Inc. 16.71 15.82 48.41 1,398 74 447 1,770 1.8x 2.0x 2.0x 6.6x 8.2x 7.9x 9.9x 9.7x (9.7%) 0.3% 36.4% 36.7% 24.8% 25.5%

Presidio, Inc. 14.95 12.75 16.38 1,359 28 939 2,270 0.8x 0.8x 0.7x 11.6x 9.4x 8.7x 11.9x 10.8x 3.5% 6.6% 20.8% 21.0% 8.4% 8.4%

Hexaware Technologies Limited 3.71 2.76 4.15 1,102 47 - 1,055 2.0x 1.7x 1.6x 12.6x 10.6x 9.6x 15.7x 14.4x 16.7% 10.4% 33.8% 33.8% 16.3% 16.4%

Virtusa Corporation 28.45 18.03 35.58 857 217 186 914 1.1x 1.0x 0.9x 19.0x 13.4x 9.7x 19.1x 15.2x 14.2% 8.2% 27.9% 30.0% 7.4% 9.4%

Persistent Systems Limited 10.17 7.77 11.18 814 128 0 685 1.6x 1.4x 1.3x 10.9x 8.7x 7.5x 15.7x 13.8x 15.5% 12.5% 36.1% 36.2% 16.4% 16.9%

Perficient, Inc. 17.38 14.15 22.66 613 11 39 640 1.4x 1.3x 1.2x 12.8x 9.1x 7.8x 14.3x 12.3x 4.8% 6.6% 32.7% 33.2% 14.4% 15.6%

Mean 2.1x 1.9x 1.7x 12.9x 10.7x 9.5x 18.2x 15.6x 9.7% 7.8% 33.8% 34.1% 17.3% 17.8%

Median 2.0x 1.9x 1.8x 11.8x 10.2x 9.6x 16.8x 14.8x 9.7% 6.6% 33.8% 34.0% 17.0% 17.6%

12







Customer Care / CRM Services

Teleperformance SE $130.31 $74.64 $134.90 $7,377 $298 $2,057 $9,148 2.4x 1.9x 1.8x 16.8x 11.1x 10.3x 19.7x 17.7x 25.2% 6.2% NA NA 17.1% 17.4%

SYNNEX Corporation 117.39 89.09 129.24 4,686 215 1,015 5,485 0.4x 0.4x 0.3x 10.6x 9.1x 8.6x 14.5x 13.8x 9.5% 2.9% 9.5% 9.7% 3.9% 4.0%

Convergys Corporation 24.77 20.15 30.92 2,332 189 345 2,487 0.9x 0.9x 0.8x 6.8x 6.8x 6.6x 13.4x 12.7x (0.7%) 1.8% 36.8% 36.4% 12.5% 12.9%

TeleTech Holdings, Inc. 40.95 24.45 42.90 1,868 66 182 1,990 1.6x 1.4x 1.3x 12.6x 10.5x 9.8x 23.3x 20.4x 10.7% 5.6% 26.3% 26.7% 13.5% 13.7%

Sykes Enterprises, Incorporated 33.79 25.77 34.27 1,421 287 267 1,401 1.0x 0.9x 0.8x 8.6x 7.6x 7.0x 16.1x 14.8x 8.6% 4.5% 35.3% 35.3% 11.6% 12.1%

transcosmos inc. 20.99 20.80 28.23 870 304 140 738 0.4x 0.3x 0.3x 7.4x 6.9x 6.2x 9.7x 10.8x 13.9% 9.7% 17.9% 18.0% 4.6% 4.7%

Atento S.A. 10.40 6.85 10.55 769 171 540 1,137 0.6x 0.6x 0.6x 6.2x 5.1x 4.9x 13.4x 13.8x 4.6% 4.1% NA NA 12.0% 12.1%

Relia, Inc. 11.04 8.19 11.52 761 128 31 664 0.8x 0.7x 0.6x 13.1x 9.1x 7.5x 21.9x 18.3x 24.7% 9.3% 14.2% 15.7% 7.4% 8.2%

BELLSYSTEM24 Holdings, Inc. 9.72 6.68 10.53 712 50 698 1,370 1.5x 1.3x 1.2x 14.7x 13.4x 11.9x 15.0x 12.4x 11.8% 4.7% 18.1% 18.6% 9.7% 10.5%

Mean 1.1x 0.9x 0.9x 10.7x 8.9x 8.1x 16.3x 15.0x 12.0% 5.4% 22.6% 22.9% 10.3% 10.6%

Median 0.9x 0.9x 0.8x 10.6x 9.1x 7.5x 15.0x 13.8x 10.7% 4.7% 18.1% 18.6% 11.6% 12.1%

13

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2017 YTD & 2016)

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 6/5/17.

($MM)

EV / EBITDA EV / Revenue

Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

5/15/2017 $3,293 22.0x NA 11.3x NA Provides business intelligence and company information

5/11/2017 $4,074 10.2x 9.6x 1.6x 1.6xProvides advertising, digital, and communications

services

5/3/2017(Investment)

$700 NA NA NA NAProvides hospitality, merchandise, ticket sales,

sponsorship, and experiential services

4/17/2017 NA NA NA NA NAProvides subscription-based advertising, brand, and

pricing intelligence solutions

4/10/2017 $455 14.8x 8.0x 1.5x 1.5xOperates as a savings destination with digital offers for

online and in-store purchases

4/4/2017 NA NA NA NA NAProvides analytics and services to engage with shoppers

and patients and optimize results

4/3/2017Email/Cross-Channel Marketing Business

$400 NA NA NA NAIncludes the Experian Marketing Suite, CheetahMail, and

Mail Publisher

4/3/2017 $900 17.0x NA 4.2x NAProvides agricultural market intelligence to farmers,

agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

3/20/2017 NA NA NA NA NACision provides public relations software (reverse

merger)

3/3/2017 $125 16.2x NA 4.2x NAProvides information and data for the global forest

products industry

2/28/2017 NA NA NA NA NAProvides software, workflow tools, and technologies to

the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

1/19/2017 NA NA NA NA NAProvides technology media, data, and marketing

services to customers worldwide

14

($MM)



1/10/2017 $150 NA NA 2.5x NAMonitors and analyzes business information for

companies worldwide

1/6/2017 $200 NA NA 2.8x 2.4xProvides data-driven, omni-channel marketing services

for clients in the financial services sector

1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4xProvides best practice and talent management insights

in the U.S., Europe, and internationally

1/5/2017 NA NA NA NA NAProvides marketers with a comprehensive view into

consumer behavior patterns

1/4/2017 $418 NA NA NA NAUK-based producer and provider of technical

information for the automotive aftermarket

1/3/2017 NA NA NA NA NAProvides integrated marketing solutions including

digital, social, and direct mail

12/20/2016 $560 NA NA NA NAOperator of entertainment data and technology

company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x Provider of market research and related services

11/21/2016 $144 NA NA NA NAProvider of business and financial information on public

and private companies globally

11/17/2016 $140 NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

11/17/2016 $90 6.5x 5.9x 0.7x 0.8xProvider of marketing insights and communications

services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2017 YTD & 2016) – continued

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 6/5/17.1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

(1)

15



($MM)



11/14/2016 NA NA NA NA NAProvider of geographic information products and

services

10/25/2016 NA NA NA NA NA Provider of marketing research services

10/14/2016 $225 NA NA 7.2x NAProvider of data, research and analysis on private and

public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/15/2016 $1,558 11.0x NA 4.2x NAPublisher of trade magazines and industry-specific web

sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2xProvider of strategic advisory services for healthcare

organizations

8/8/2016 $1,500 NA NA NA NA Provider of performance marketing services

7/11/2016Intellectual Property & Science Business

$3,550 11.0x NA 3.5x NAProvider of intellectual property and scientific

information services

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

6/10/2016 $260 19.3x NA 5.7x NAProvider of data and research related to digital

marketing, media, and commerce

6/9/2016 NA NA NA NA NAProvider of sales and marketing services for the

insurance sector

6/7/2016 NA NA NA NA NAProvider of information, news and data for the travel

and hospitality industries

16



($MM)



5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2xProvider of information and technology services to the

global healthcare industry

4/25/2016 $820 NA NA NA NAProvider of risk assessment and decision analytics

services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 15.2x 11.0x 3.7x 2.6x

Median 15.5x 9.6x 3.1x 2.1x

17

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016)


($MM)



5/25/2017 NA NA NA NA NA Provides enterprise managed solutions

5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

5/16/2017 NA NA NA NA NAProvides subscription-based enterprise support services

for Oracle, SAP, and other software products

5/15/2017 NA NA NA NA NAProvides technology solutions that streamline the claims

management process

5/10/2017 $4,600 NA NA NA NAProvides outsourced services to the pharmaceutical,

biotechnology, and healthcare industries

5/9/2017 $4,950 7.6x 7.6x 2.2x 2.1xProvides communication and network infrastructure

services

4/14/2017 $2,000+ NA NA NA NAProvides technology-based educational, curriculum, and

assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

4/3/2017 $2,604 11.2x NA 1.0x NAProvides infrastructure design, engineering, and project

management consultancy services

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

3/6/2017 $110 NA NA 0.9x NAProvides technology consulting to healthcare service

providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

2/10/2017Benefits Administration & HR Platform

$4,800 12.1x NA 2.1x NABenefits administration platform which provides cloud-

based HR management services

1/27/2017Government IT Services Business

$690 NA NA 0.7x NA Provides communications, engineering, and IT solutions

18

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) – continued


($MM)



1/11/2017(48% stake)

$1,500 NA NA NA NAProvides full-lifecycle software development services to

customers worldwide

12/19/2016 NA NA NA NA NA Provider of recruitment services

12/14/2016 NA NA NA NA NAProvides managed hosting and cloud computing

services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

12/6/2016 NA NA NA NA NAProvider of information security and compliance

management services to enterprise clients

12/1/2016 NA NA NA NA NAProvider of data-driven benchmarking, outsourcing

consulting and network advisory services

11/16/2016 NA NA NA NA NAProvider of debt collection and business process

outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

10/21/2016 $410 NA NA NA NAProvider of information management and data recovery

services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

19



($MM)



10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services


7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services


5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1xProvider of global IT and business process outsourcing

services

3/30/2016 NA NA NA NA NAProvider of cloud-enabled consulting and

implementation services

20



($MM)



3/28/2016 $3,055 NA NA 1.1x NAProvider of information technology and business

services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $741 8.9x 6.1x 0.8x 0.8x Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 10.6x 8.3x 1.7x 1.4x

Median 10.8x 7.7x 1.1x 1.2x

21

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017 YTD)


($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

5/30/2017 Avtex Solutions, LLC Integrated Access Solutions, Inc. NAProvides customer experience and contact center solutions, specializing in

Genesys and Microsoft platforms

5/25/2017Sageview Capital; Silver Lake

(Investment)DEMANDBASE, INC. NA

Provides B2B marketing solutions, including a cloud based ad targeting and web

personalization platform

5/25/2017 Rackspace Hosting, Inc. TriCore Solutions, LLC NAProvides enterprise managed solutions for the healthcare, financial services,

manufacturing, life science, and retail industries

5/24/2017 Teneo Holdings LLC cabinet DN Sprl NA Public affairs and communications firm

5/24/2017 Havas SA Sorento Healthcare Communications Pvt Ltd NA Healthcare communications agency

5/22/2017 Verisk Analytics, Inc. MAKE Consulting A/S NA Research and advisory business specializing in wind power

5/22/2017 International Institute for Learning, Inc. Orbital Training & Consulting Limited NAProvider of corporate training in project management, business process

improvement, and six sigma

5/22/2017 Advanced Discovery LLC Altep, Inc. NAProvides data forensics, discovery management, and investigative consulting

services for litigation teams, corporations, and government entities in the U.S.

5/22/2017 Partners Group Holding AG SPi Global Holdings, Inc. $330Provider of specialized BPO services related to the creation, enrichment, and

transformation of published content to research and education publishers

5/18/2017 HTC Global Ventures, LLC Ciber, Inc., Substantially All Assets $93 Provides IT and related staffing services

5/18/2017 Franklin Covey Co. Robert Gregory Partners, LLC NA Provides executive coaching services

5/17/2017 Lighthouse eDiscovery, Inc. Liffey Thames Group, LLC NA Provides e-discovery services to corporations and law firms

5/16/2017 NGDATA Eccella Corporation NA Provides data management and analytics consulting services

5/16/2017 Rimini Street, Inc. GP Investments Acquisition Corp. NAProvides subscription-based enterprise support services for Oracle, SAP, and other

software products (reverse merger)

5/16/2017Vista Equity Partners LLC; Vista Equity Endeavor

Fund I, L.P. (Investment)Zapproved Inc. NA Provides e-discovery SaaS solutions for corporate legal teams

22

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017 YTD) – continued


($MM)


5/15/2017 Beringer Capital ICiDigital, Inc. NADigital agency that provides end-to-end strategy, design, and implementation

solutions with expertise in Adobe Marketing Cloud

5/15/2017 Moody's Analytics, Inc. Bureau van Dijk Electronic Publishing BV $3,293Provides business intelligence and company information, with a database of over

220 million private companies

5/15/2017 Accenture plc Media Hive NAProvides platform development, systems architecture, and retail experiences

creation for the e-commerce industry

5/15/2017 General Atlantic LLC ControlExpert GmbH NAProvides technology solutions that streamline the claims management process by

using a combination of software, data analytics, and human expertise

5/15/2017Oakley Capital Investments Limited; Oakley Capital

IIITechInsights Inc. NA

Provides IP and technology services, including reverse engineering to prove patent

infringement

5/11/2017 Vivendi SA (to acquire 60% stake) Havas SA $4,074 Provides advertising, digital, and communications services

5/10/2017 Did-it.com, LLCThe Halo Group, Inc. (nka:The Halo Group, A Didit

Company)NA Marketing communications and branding agency

5/10/2017 AdSupply, Inc. LION New Media LLC NAOnline media agency focused on premium brands running campaigns on local

media websites

5/10/2017 INC Research Holdings, Inc. inVentiv Health Inc. $4,600Provides outsourced services to the pharmaceutical, biotechnology, medical

device and diagnostics, and healthcare industries

5/9/2017 The Hackett Group, Inc. Aecus Limited $8Provider of benchmarking and implementation consulting services for BPO, ITO,

and robotic process automation

5/9/2017 ICV Partners, LLC LeadingResponse, LLC NAOffers tech-enabled, data-driven client acquisition services to professional

services end markets

5/9/2017 Possible Worldwide, LLC Marketplace Ignition, LLC NAConsulting firm that helps brands develop marketing strategies for Amazon and

other online marketplaces

5/9/2017 WordStream Inc. Algorithmic Ads Inc. NADevelops software to help businesses generate display ads based on their existing

website imagery

5/9/2017 Apollo Global Management, LLC West Corporation $4,950 Provides communication and network infrastructure services

5/9/2017 The Hackett Group, Inc. Jibe Consulting, Inc. $20Management and technology consulting firm focused on implementing Oracle ERP

and HCM solutions

23



($MM)


5/8/2017 Elysian Capital LLP; Elysian Capital II LP Brand Addition Limited $78Designs, sources, and delivers branded merchandise to businesses for sales and

marketing activities

5/8/2017 Envoy Health Management LLC. WRB Communications, Inc. $30Provides call center services to pharmaceutical manufacturers, biotech, medical

device organizations, and other health care industries

5/7/2017 Accenture plc The Monkeys Pty Limited NA Creative advertising agency

5/5/2017 MetaSource, LLC DataImage Inc. NAProvides business analytics, workflow design and business process automation,

and electronic document management solutions

5/4/2017 Teneo Holdings LLC Ryan Communication Limited NA Strategic communications firm

5/4/2017NORD Holding

Unternehmensbeteiligungsgesellschaft mbHPPS. Imaging GmbH NA Provides professional print solutions

5/3/2017New Mountain Capital, LLC

(Investment)Legends Hospitality LLC $700

Provides hospitality, merchandise, ticket sales, sponsorship, and experiential

services to the sports and entertainment industries

5/2/2017 Quotient Technology Inc. Crisp Media, Inc. $57Provides mobile advertising technology, media, and services to brand advertisers,

agencies, and publishers

5/2/2017 Deloitte Digital Web Decisions, LLC NA Provides database-driven marketing solutions

5/1/2017 Dentsu Aegis Network Ltd. Accordant Pty Ltd NA Data-driven customer experience agency

5/1/2017 MCH Group AG Creative Management Services LLC NADesigns, produces, and manages integrated marketing programs for events,

exhibits, and permanent environments

5/1/2017 KPMG LLP (Canada) Tomont Solutions Inc. NA Technology consulting firm focused on implementing Oracle software products

5/1/2017 Addison Group, LLC AIM Consulting Group, LLC NA Provides IT consulting and staffing services

4/27/2017 CoStar Group, Inc. LandWatch LLC NA Operates an online site that helps find rural properties and land for sale

4/27/2017 WPP Digital DeepLocal Inc. NAInnovation studio focused on product invention, design, and engineering for its

clients' marketing campaigns

24



($MM)


4/27/2017 The Stagwell Group; Stagwell Media LLC Scout Marketing, Inc. NAFull-service marketing communications firm focused on healthcare and consumer

marketing

4/26/2017Oaktree Capital Management, L.P.; Cornerstone

Partners Sp. z o.oIT Kontrakt Sp. z o.o. $40 Poland-based provider of recruitment and outsourcing of IT professionals

4/25/2017 Service Express, Inc. Delta Computer Group, Inc. NA Third-party maintenance services provider for IT infrastructure

4/24/2017 HCL Technologies Limited Urban Fulfillment Services, LLC $30 Provides mortgage business process outsourcing and fulfillment services

4/20/2017 Accenture plc Kunstmaan NV NABelgium-based communications agency, with capabilities including brand strategy,

creative and marketing services, content creation, and digital development

4/20/2017 ReachLocal, Inc. SweetiQ Analytics Corp. NAProvides local search marketing solutions that help brands convert online searches

into in-store shoppers

4/20/2017 EverFi, Inc. Workplace Answers, LLC NAProvides online compliance training courses for employees of educational

institutions, commercial organizations, and government organizations

4/19/2017 H.I.G. Europe CONET Technologies AG NA Provides SAP-focused IT systems and consulting services

4/17/2017 Vista Equity Partners LLC Market Track, LLC NA Provides subscription-based advertising, brand, and pricing intelligence solutions

4/14/2017The Blackstone Group L.P.; Canada Pension Plan

Investment BoardAscend Learning, LLC $2,000+ Provides technology-based educational, curriculum, and assessment solutions

4/12/2017 Market Track, LLC 360pi Corporation NACanada-based provider of cloud-based retail price and product intelligence

solutions for retailers and brand manufacturers

4/11/2017North Bridge Growth Equity

(Investment)Lucid Holdings, LLC NA

Market research technology company that provides an audience platform to access

consumers for data-driven decision making

4/10/2017 Harland Clarke Holdings Corp. RetailMeNot, Inc. $455Operates as a savings destination for consumers with digital offers for online and

in-store purchases at retailers, restaurants, and brands

4/10/2017 Capgemini America, Inc. Ciber, Inc., Substantially All Assets $50 Provides IT and related staffing services

4/7/2017Harvest Partners, LP; Investcorp Bank B.S.C.;

Bahrain Mumtalakat Holding Company B.S.C.PRO Unlimited, Inc. NA Develops contingent workforce management solutions

25



($MM)


4/5/2017 Merkle Inc. Divisadero Digital Intelligence, S.L. NASpain-based provider of digital intelligence and digital transformation consulting

services

4/5/2017 Teneo Holdings LLC Fitzroy Communications, LLC NA Provides PR and investor communications and consulting services

4/5/2017 Ontellus National Legal Services, LLC NA Provides outsourced legal, document retrieval, and document preparation services

4/4/2017 OMERS Private Equity Inmar, Inc. NAProvides analytics and technology-enabled services to engage with shoppers and

patients and optimize results

4/4/2017 Yelp Inc. Turnstyle Solutions, Inc. $20Canada-based provider of Wi-Fi digital marketing tools and services to retain and

reward customers

4/4/2017 Impact Group Signature Specialty Sales & Marketing, Inc. NANationally connected sales and marketing company offering headquarter and

retail coverage to mass and natural channels across the Midwest

4/4/2017 Metrostudy, Inc. Templeton Demographics, LLC NA Provides enrollment projection services for school districts

4/4/2017 Renovo Capital, LLC Global HR Research, LLC $30 Provides employee background screening and onboarding solutions in the U.S.

4/4/2017 GP Strategies Corporation Emantras Inc. NA Provides digital and mobile education solutions

4/4/2017HgCapital; TA Associates Management, L.P.

(Strategic Investment)Mitratech Holdings, Inc. NA

Provides Web-based enterprise legal management solutions for corporate legal

departments

4/4/2017 TeleTech Healthcare Solutions, Inc. Connextions, Inc. $80 Develops and provides health care consumer engagement solutions

4/3/2017 Vector CapitalExperian plc, Email/Cross-Channel Marketing

Business$400

Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as

Experian's full portfolio of professional and strategic services

4/3/2017 iProspect, Inc. Leapfrog Online, Inc. NAProvides performance marketing solutions that help brands grow digital market

share, acquire new customers, and deliver sales

4/3/2017 Beringer Capital Blue Acorn, Inc. NA Provices data-driven ecommerce design, development, and optimization services

4/3/2017 TBG AG Telvent DTN, LLC $900Provides agricultural information and market intelligence, helping farmers,

agribusinesses, and commodity traders to manage their businesses

26



($MM)


4/3/2017 SNC-Lavalin Group Inc. WS Atkins plc $2,604Provides infrastructure design, engineering, and project management consultancy

services

4/3/2017 Accenture plc Genfour Ltd NAUK-based provider of system integration and consulting services for deployment

of robotic process automation and artificial intelligence technologies

4/3/2017 Capital Square Partners Aegis Limited $288 Provides IT and BPO services

4/3/2017 Davies Group Limited CYNERGIE UK Ltd NAUK-based provider of outsourced regulatory and complaints management services

across the financial services, utilities, and ombudsman services sectors

4/3/2017 KKR Credit Advisors (US) LLC Angelica Corporation $125Provides healthcare linen and medical laundry services for hospitals, clinics, and

long-term care facilities in the U.S.

3/31/2017 The Wicks Group of Companies, L.L.C. EZShield, Inc. NA Provides identity theft protection and restoration services in the U.S. and Canada

3/30/2017 Crowe Horwath LLP SDGblue, LLC NAProvides information security, managed services, and network infrastructure

solutions

3/29/2017TZP Growth Partners

(Strategic Investment)Advocate Solutions NA

Provides strategic advisory, project and risk management services, and unified

communications consulting services to state and local governments

3/29/2017Endeavour Capital, Inc.

(Investment)Berkeley Research Group, LLC NA

Provides independent expert testimony, litigation and regulatory support, and

strategic advice

3/28/2017Heritage Group, LLC

(Investment)Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals

3/28/2017 Cision AB Bulletin Intelligence LLC NAPublishes and provides open-source intelligence information to senior corporate

and government executives

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/23/2017 Rhone Capital, L.L.C. Garda World Security Corp. NA Provides security and cash services

3/23/2017New Enterprise Associates

(Investment)DataRobot, Inc. NA

Develops machine learning automation software for enterprises to help users gain

insights from data scientists

27



($MM)


3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry

3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NADevelops custom software and technology solutions for enterprise clients in the

financial services and professional sports industries

3/22/2017FTV Capital; Zodius Advisors India Private Limited

(Investment)MarketsandMarkets Research Private Ltd. NA

India-based provider of syndicated and custom research focused on high-growth

and niche markets

3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NAProvides security guard services; combined company rebranded as PalAmerican

Security

3/21/2017 Accenture plc Focus Group Europe Ltd NAUK-based provider of implementation and deployment services for ServiceNow

software

3/21/2017 Summit Partners LLP Ascentis Corporation NAProvides HR software, online payroll services, and human capital management

solutions

3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NAProvides DevOps automation and continuous delivery solutions within the

Amazon Web Services (AWS) public cloud

3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205Provides portfolio performance measurement, including attribution, multi-asset

risk, GIPS composites management, and reporting

3/20/2017 Cision, Inc. Capitol Acquisition Corp. III NAProvides public relations software that enables professionals to plan, execute, and

measure influencer-oriented campaigns in one integrated platform

3/16/2017 Onlineprinters GmbH A.G.A Print Ltd. NA Also known as solopress.com, provides online printing services

3/16/2017Boathouse Capital; Spring Capital Partners

(Investment)Employee Relations Associates, Inc. NA

Provides contract staffing services in the banking/finance, medical, IT, and legal

industries on a national basis

3/15/2017 Inflexion Private Equity Partners LLP Cawood Scientific Ltd. NAProvides physical, chemical, spectroscopic, and microbiological analytical services

in the U.K. and Europe

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

28



($MM)


3/13/2017North Bridge Growth Equity

(Investment)One Source Technology, LLC NA

Designs and develops an integrated system of background screening products for

corporations and government entities

3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NAProvider of custom learning and development solutions for a wide range of

companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

3/6/2017 Gartner, Inc. L2, Inc. $150Provides brands with digital performance benchmarking and advice on key

industry trends via an annual subscription service

3/6/2017 Tech Mahindra (Americas), Inc. The HCI Group $110Provides technology consulting to healthcare service providers with a focus on

implementation of EHR and EMR software, training, and support services

3/6/2017Norwest Equity Partners

(Investment)Bailiwick, Inc. NA

Provides professionally managed technology integration services for complex,

large-scale IT initiatives

3/3/2017General Atlantic LLC

(Investment)General Information Services, Inc. NA Provides background screening services

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

3/2/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NAJapan-based provider of end-to-end mobile applications and embedded software

development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

3/1/2017 Accenture plc Davies Consulting LLC NAConsulting firm that provides utility asset management, risk management, grid and

pipeline network modernization, and emergency management services

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

29



($MM)


2/23/2017 SambaSafety, Inc. Vigillo, LLC NAProvides real-time data for monitoring and analyzing commercial driver and motor

carrier safety performance

2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NAData analytics company that measures the impact and effectiveness of marketing

campaigns on social media

2/22/2017Shamrock Capital Advisors, LLC

(Investment)Maple Media, LLC NA

Mobile media, advertising, and technology company which acquires, manages, and

operates mobile applications

2/20/2017 Accenture Holding GmbH & Co. KG SinnerSchrader Aktiengesellschaft $104German full-service digital agency that specializes in developing and

implementing digital products, services, and marketing solutions

2/16/2017 Cap Gemini S.A. (nka:Capgemini SE) Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

2/16/2017 Huron Consulting Group Inc. Innosight LLC $135Provides strategy and growth consulting services to organizations in business,

education, and healthcare sectors

2/16/2017 Infogix, Inc. Data3Sixty, Inc. NAOperates a cloud-based data governance collaborative platform to solve data

problems for financial services and other industries

2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215Leading global provider of digital flight information, aggregating and processing

mission-ciritcal data from thousands of sources for customers worldwide

2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NAEngages in the design and development of software applications, games, and the

Web

2/15/2017H.I.G. Growth Partners, LLC

(Investment)AdTheorent, Inc. NA

Provides predictive digital advertising technology and solutions for brands and

agencies

2/15/2017 Moody's CorporationSCDM Germany GmbH, Structured Finance Data

and Analytics BusinessNA Provides analytical tools for participants in securitization markets

2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NAProvides real estate document recording services, including mortgage

assignments, lien releases, and document retrieval services

2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NAProvides specialty reimbursement solutions for hospitals and health systems in

the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences

2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

30



($MM)


2/10/2017 The Blackstone Group L.P.Aon plc, Benefits Administration and HR Business

Process Outsourcing Platform$4,800

Comprises a benefits administration platform which provides cloud-based HR

management services

2/9/2017 Accenture plcVeriSign, Inc., iDefense Security Intelligence

Services BusinessNA

Provides cyber intelligence related to vulnerabilities, malicious code, and global

threats to organizations worldwide

2/9/2017 HomeAdvisor, Inc. HomeStars, Inc. NAOperates online community that helps homeowners and home improvement

companies in finding renovators, repairmen, and retailers in Canada

2/8/2017 Accenture plcEndgame, Inc., U.S. Federal Government Services

BusinessNA Endpoint detection and response (EDR) cybersecurity software company

2/8/2017 Condé Nast CitizenNet, Inc. NASocial data and marketing platform that provides tools for real-time social streams,

embedding, searching, and ranking

2/8/2017 Market Track, LLC Brandtale Inc. NANative ad competitive intelligence specialist that provides brands, agencies, ad

tech providers, and publishers with insights to help drive content innovation

2/7/2017Brook Venture Partners; Eagle Private Capital, LLC;

Resolute Capital PartnersCole Information Services, Inc. NA

Provides consumer and business databases in real estate, insurance, credit

collections, small business, law enforcement, and home service industries

2/7/2017 Ascential plc Media Link, LLC $207Provides strategic advisory services focused on growth to the media, advertising,

entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

2/6/2017Mountaingate Capital

(Investment)Elite SEM NA Performance-driven digital marketing agency

2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

2/6/2017 Thomson Reuters Corporation Avox Limited NALondon-based supplier of legal entity data, hierarchies, and identifiers on financial

entities globally

2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NAProvides IT services and solutions for the Department of Defense and other civilian

agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.

2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

31

($MM)


2/2/2017Pamlico Capital

(Investment)Winsight, LLC NA

Provides market intelligence, professional events, and media to global restaurant,

noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

1/31/2017 CRA International, Inc. C1 Consulting LLC NAProvides life sciences strategy consulting services for the pharmaceutical and

biotech industries

1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NAProvides investment, wealth, and data management solutions and services for

global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

1/30/2017 CIP Capital Compliance Solutions Strategies NAProvides compliance and regulatory services to the asset management and

securities industries

1/30/2017 HGGC, LLC Davies Group Limited $112Provider of claims outsourcing and loss adjusting services to insurance companies,

brokers, managing general agents, and self-insured entities

1/27/2017 FactSet Research Systems Inc. Interactive Data Managed Solutions, LLC NAOffers real-time market data desktops, customizable web-based portals, and a

broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

1/27/2017 Veritas Capital Fund Management, LLCHarris Corporation, Government IT Services

Business$690

Provides communications, engineering, and IT solutions for Intelligence, defense,

and federal civilian customers

1/27/2017 Ebates, Inc. Cartera Commerce Inc. NAOperates branded websites for airline and financial services partners that allow

users to earn rewards by shopping on online stores

1/26/2017 Millstein & Co. LLCMuniServices And Broussard Partners & Associates,

Inc. And PRA Government Services And RamWare$92

Provides services related to revenue enhancement, technology, and consulting for

municipal and other government clients in the U.S.

1/26/2017 Reimagine Holdings Group MarketSight LLC NADevelops web-based applications for market researchers to analyze and present

data

1/25/2017 Accenture plc solid-serVision.com GmbH NAGerman-based provider of consulting and implementation services focused on

ServiceNow

1/24/2017 MPF Research Inc. Axiometrics Inc. $79Provides surveys and market research on 500+ apartment markets and submarkets,

along with 680 colleges and universities nationwide



32

($MM)


1/24/2017 Solera Holdings Inc. Digidentity B.V. NANetherlands-based provider of identity management solutions for safe

communication between individuals, organizations, and the government

1/23/2017 The Stagwell Group; Stagwell Media LLCNielsen Holdings plc, Certain Custom Research

AssetsNA

Public opinion research firm that focuses on brand management, corporate

reputation, CPG, public opinion, and consumer experience

1/23/2017 Viant Technology Inc. Adelphic, Inc. NADevelops a mobile and cross-channel programmatic advertising platform that

connects brands with audiences

1/23/2017 AIR Worldwide Corporation Arium Limited NAProvides an innovative approach to modeling casualty catastrophic risk for

organizations and their supply chain

1/20/2017 Market Track, LLCAC Nielsen Company Of Canada, Ad Intelligence

ServiceNA

Provides actionable data to assist clients with campaign optimization, competitive

intelligence, and cross-media strategy in Canada

1/20/2017 The NPD Group, Inc.Nielsen Holdings plc, U.S. Market Information and

Research Services for Book Industry UnitNA

Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education,

PubTrack Christian, Books & Consumers, PubEasy, and PubNet

1/20/2017Sageview Capital LP

(Investment)National Arbitration And Mediation Inc. NA

Leading provider of alternative dispute resolution (ADR) services through its panel

of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

1/19/2017IDG Capital Partners; China Oceanwide Holdings

Group Co.,LtdInternational Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide

1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NAIT services company and leading provider of new and pre-owned network

hardware and IT infrastructure services

1/18/2017 Augeo Affinity Marketing Inc. Edo Interactive Inc. NAProvides digital and mobile advertising solutions that leverage payment networks

to connect brands with consumers

1/18/2017BV Investment Partners

(Investment)C-4 Analytics, LLC NA Provides tech-enabled digital marketing services

1/17/2017 Proviso Capital LLC Cache Inc. NAProvides IT consulting services including accounting and ERP solutions and CRM

and HR software

1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NAProvides leadership development solutions, including tools, research, coaching,

and training programs

1/17/2017Bain Capital Private Equity, LP; Yonghui

Superstores Co., Ltd.Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers



33



($MM)


1/13/2017Carrick Capital Partners, LLC

(Investment)Perfect Sense Digital, LLC NA

Operates as a Web design, development, and operations company with a focus on

delivering digital experiences for its clients' customers

1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NAEvidence-based guideline company that provides healthcare data and guidelines

to the workers’ compensation industry

1/11/2017Canada Pension Plan Investment Board

(48% Stake)GlobalLogic Inc. $1,500 Provides full-lifecycle software development services to customers worldwide

1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150Monitors and analyzes business information for companies worldwide, fka

OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NAUK-based provider of consultancy services to clients in pharmaceutical, biotech,

and medtech sectors

1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200Data-driven, omni-channel marketing services company that develops and delivers

direct marketing campaigns

1/5/2017 Gartner, Inc. CEB Inc. $3,681Provides best practice and talent management insights in the U.S., Europe, and

internationally

1/5/2017 Impact Group Harlow-HRK Sales & Marketing, Inc. NAProvides sales, marketing, analytical, and retail support services to manufacturers

in the grocery industry

1/5/2017The Carlyle Group LP; Carlyle US Equity

Opportunity Fund II, L.P; The Indian Hill GroupClaritas, LLC NA

Provides marketers with a comprehensive view into consumer behavior patterns

through proprietary segmentation analysis

1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. $13 Operates as a strategy and management consulting company

1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418UK-based producer and provider of automotive technical information for the

automotive aftermarket worldwide

1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NAProvides subscription-based, proprietary U.S. national site selection data and

intelligence for economic developers

1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NAProvides big data infrastructure, secure cloud engineering, and analytic solutions

for federal, state, and local clients

1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. NAProvides integrated marketing solutions including digital, social, and direct mail

for agencies, retailers, brands, and shopper marketers

34

GCA OVERVIEWDeep Business & Tech-Enabled Services Sector Expertise

Acquired by

We Advised the Seller

Equity Investment

Financial Advisor

Acquired by


IT Services Business

Acquired

We Advised the Buyer

Preferred Stock

Financial Advisor

Acquired


Acquired


Acquired by


Acquired


Acquired by


Acquired by


Acquired


Acquired by


Acquired by


Convertible Note Offering

Financial Advisor

Acquired by


Acquired


Acquired by


Hotel, Rental & Event Production Division

Acquired by


Acquired by


Received Minority Investment from

Financial Advisor

Acquired by


Acquired by


Acquired by

Consortium Led by


Acquired by


Acquired by



Acquired

Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

A portfolio company of

We Advised AXIO

to

We Advised the Sellers

Acquired by

and the managers / shareholders

Sold a majority stake in Acquired by

We Advised the SellerWe Advised the SellerWe Advised the Shareholders

of Cawood Scientific

We Advised the Sellers

Acquired by

to


Sold


Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller

Sold a majority stake to Acquired by Management and Acquired by

Documents

Monthly Business & Tech-Enabled Services Sector ......Phone:+44 20 7484 4040 Frankfurt Thurn-und-Taxis-Platz 6 60313 Frankfurt Germany Phone: +49 69 204 34 6410 Milan Piazza San Fedele