PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions 2017-2019 1

Driven by your success.

PRIVATE & CONFIDENTIAL

April 2020

This is intended for client and institutional use only, and may not be

disseminated further

Technology, Media, Marketing, and Information Services Industry Sectors


1.

3.

4.

Monthly M&A and Investment Activity by Industry Segment

Additional Information

About CG Petsky Prunier

2. Market Environment

Driven by your success.Page 2

Global Team

US Team

Mike Lauzon

Head of Canadian TMT

Toronto

+1 416 869 7238

[email protected]

Myles Hiscock

Managing Director

Toronto

+1 416 869 7232

[email protected]

CanadaEurope

Simon Bridges

Head of European IB &

Head of European Technology

London

+44 20 7523 4606

[email protected]

M&A & Financial Sponsors

Shachar Familia

Vice Chairman

Tel Aviv

+972 58 7782139

[email protected]

Israel

Andrew Pojani

Co-Head of US Technology

Boston

+1 617 788 1635

[email protected]

Jeff Barlow

President, Canaccord Genuity

Boston

+1 617 371 3713

[email protected]

Sanjay Chadda

Co-Head of US Investment Banking

Co-Head of US Technology

New York

+1 212 842 6022

[email protected]

Dan Coyne

Co-Head of US Investment Banking

Boston

+1 617 371 3887

[email protected]

David Istock

Managing Director

Head of US M&A

San Francisco

+1 415 229 0667

[email protected]

Amy LaBan, CFA

Managing Director

US Financial Sponsor Coverage

Chicago

+1 212-842-7126

[email protected]

Isaiah Knouff

Managing Director

US Financial Sponsor Coverage

Nashville

+1 615 490 8484

[email protected]

Jen Pardi

Head of U.S. ECM

Boston

+1 617 788 1554

[email protected]

Mark Young

Managing Director

Boston

+1 617 788 1584

[email protected]

Seth Rosenfield

Managing Director

New York

+1 212 842 6018

[email protected]

Lisa McClure Byrnes

Managing Director

Boston

+1 617 371 3847

[email protected]

Scott Card

Managing Director

Boston

+1 617 371 3895

[email protected]

Joseph Laird

Managing Director

New York

+1 212 842 7120

[email protected]

J.P. Michaud

Managing Director

Charlotte

+1 980 237 0380

[email protected]

Trevor Martin

Managing Director

Boston

+1 617 788 1514

[email protected]

Matthew Kratter

Managing Director

New York

+1 212 842 6024

[email protected]

Christopher Dorn

Director

New York

+1 615 490 8444

[email protected]

Lexia Schwartz

Director

New York

+1 212 842 7127

[email protected]

Geoff Rhizor

Director

San Francisco

+1 415 229 0650

[email protected]

Michael Petsky

Managing Director

New York

+1 212 842 6001

[email protected]

John Prunier

Managing Director

New York

+1 212 842 6021

[email protected]

Dudley Baker

Managing Director

Nashville

+1 615 490 8448

[email protected]

Jason Partenza

Managing Director

New York

+1 212 849 3976

[email protected]

Chris French

Managing Director

New York

+1 212 842 6033

[email protected]

Christopher Heasman

Director

New York

+1 212 842 6038

[email protected]

Anil Kuruganti

Director

New York

+1 212 842 7132

[email protected]

Edin Trto

Director

New York

+1 212 842 6015

[email protected]

Clayton Young

Director

New York

+1 212 842 6009

[email protected]

Jason Panzer, CFA

Managing Director

New York

+1 212 514 4203

[email protected]

Matthew Kebel

Director

New York

+1 212 842 5989

[email protected]

Dylan Kearns

Director

New York

+1 212 842 6025

[email protected]


IOT

⚫ Advisory credentials across a wide range of outcomes

⚫ Executed transactions up to $1B+ in value

⚫ Deep, extensive strategic & sponsor relationships

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) (1)Other industry-focused businesses in verticals including education, entertainment, insurance, legal, real estate, and travel, among others

⚫ Advisory credentials across a wide range of outcomes

⚫ Executed transactions up to $1B+ in value

⚫ Deep, extensive sponsor & strategic relationships

Agency & Marketing Services

CRM

Consulting & Digital Transformation

Collaboration Data & Info Services

Digital/MobileAI

Infrastructure

HCIT MarTech/AdTech

Software

Media

Other Vertical(1)

FinTech

E-Commerce HCM

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms)

June 2019

Financial advisor on sale to

June 2019

Financial advisor on investment from

June 2019


$182,000,000

June 2019


July 2019

Financial advisor on recapitalization by


July 2019


July 2019August 2019


August 2019


September 2019

Financial advisor on investment in

September 2019

Financial advisor on growth financing from

October 2019

Financial advisor on acquisition of

$140,000,000

October 2019


October 2019


October 2019


November 2019

Financial advisor on recapitalization by

Pending

Financial advisor on

merger with

November 2019


December 2019


December 2019


acquisition of

December 2019


acquisition of

December 2019


investment from

January 2020


sale to

January 2020


acquisition of

January 2020


sale to

January 2020


investment from

January 2020


February 2020


sale to

February 2020


merger with

February 2020


sale to

January 2020


February 2020


sale to

February 2020


sale to

March 2020


sale to

April 2020


sale to

February 2020


Driven by your success.Page 4Sources: Dealogic.

Represents lead-managed transactions.


CRM

Consulting & Digital Transformation

Collaboration Data & Info Services

Digital/Mobile

⚫ 250+ completed transactions since 2012⚫ Raised $47B+ capital⚫ 110+ as bookrunner or lead manager⚫ Unique access to global growth investors

Infrastructure

HCIT MarTech/AdTech

Software

Media

Other Vertical

FinTech

E-Commerce HCM

AI

August 2018

Equity Offering

$446,703,125

Co-Manager

September 2018

Equity Offering

$50,347,035

Joint Bookrunner

October 2018

IPO

$289,800,000

Co-Manager

October 2018

IPO

$303,025,000

Co-Manager

November 2018

Equity Offering

$455,000,000

Co-Manager

November 2018

Equity Offering

$35,109,144

Sole Bookrunner

January 2019

Equity Offering

$146,136,250

Co-Manager

March 2019

Equity Offering

$155,968,750

Co-Manager

March 2019

Equity Offering

$11,511,500

Sole Bookrunner

March 2019

Equity Offering

$718,218,000

Co-Manager

March 2019

IPO

$2,555,772,840

Co-Manager

March 2019

Equity Offering

£27,800,000

Co-Manager

May 2019

IPO

$206,310,000

Co-Manager

So-Young International

Lead Manager

$159,390,000

Equity Offering

May 2019May 2019

IPO

$8,100,000,000

Co-Manager

June 2019

Convertible Debt Offering

$230,000,000

Co-Manager

June 2019

Equity Offering

$244,950,000

Co-Manager

June 2019

Equity Offering

$286,898,490

Co-Manager

June 2019

Equity Offering

$645,322,500

Joint Bookrunner

June 2019

Equity Offering

$26,714,324

Joint Bookrunner

June 2019

Equity Offering

$13,955,800

Joint Bookrunner

June 2019

Debt Offering

Sole Advisor

$200,000,000

June 2019

Direct Listing

Advisor

July 2019

IPO

Co-Manager

$655,216,848

September 2019

Debt Offering

Sole Advisor

$45,000,000

September 2019

IPO

Co-Manager

$1,160,000,000

September 2019

Equity Offering

Joint-Bookrunner

A$23,200,000

October 2019

IPO

$65,110,000

Joint Bookrunner

December 2019

Equity Offering

Co-Manager

$782,718,750

December 2019

IPO

Co-Manager

$160,703,261

December 2019

IPO

Co-Manager

$248,535,276

January 2020


Co-Manager

$1,150,000,000

January 2020

Equity Offering

Sole Bookrunner

$17,267,250

February 2020

Equity Offering

Co-Manager

$862,500,000

Pending

IPO

Co-Manager

TBD

April 2020


Co-Manager

$862,500,000


• Numbers for CG Petsky Prunier represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook

completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019

• The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than

$500 million in the Technology, Media & Telecommunications industries as classified by PitchBook

Source: Pitchbook

Rank Firm Name

# of Transactions

2019 Rank Firm Name

# of Transactions

2017-2019

1 Canaccord Genuity 42 1 Canaccord Genuity 137

1 Raymond James 42 2 William Blair 133

3 William Blair 41 3 Raymond James 132

4 Goldman Sachs 36 4 Goldman Sachs 118

5 Jefferies 31 5 Houlihan Lokey 104

5 Piper Jaffray 31 6 J.P. Morgan 102

7 Bank of America 26 7 Morgan Stanley 95

8 Robert W. Baird 25 8 Jefferies 80

9 Morgan Stanley 23 9 Bank of America 79

9 Needham 23 10 Piper Sandler 78

11 JP Morgan 21 10 Needham 78

12 Houlihan Lokey 20 12 Stifel Financial 73

12 Stifel Financial 20 13 Robert W. Baird 67


• Numbers for CG Petsky Prunier represent total transactions in Media & Information Services as tracked by PitchBook completed for

Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019

• The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media &

Information Services industry as classified by PitchBook

Source: Pitchbook

Rank Firm Name

# of Transactions

2019 Rank Firm Name

# of Transactions

2017-2019

1 Canaccord Genuity 21 1 Canaccord Genuity 65

2 Goldman Sachs 10 2 Goldman Sachs 28

3 JEGI 8 2 Houlihan Lokey 28

4 Raymond James 7 4 JEGI 26

4 GP Bullhound 7 5 Bank of America 23

6 Morgan Stanley 5 6 Raymond James 22

6 Bank of America 5 6 GP Bullhound 22

6 Houlihan Lokey 5 8 Morgan Stanley 20

6 Lincoln International 5 9 JP Morgan 15

6 Needham 5 9 RBC 15

6 Robert W. Baird 5 9 Credit Suisse 15

6 Stifel Financial 5 9 KPMG 15

13 Moelis 4 13 Deutsche Bank 14

13 JP Morgan 4 13 Moelis 14

13 Evercore 4 13 GCA Advisors 14


Follow-On Offering

$175,000,012

Co-Manager

May 2020

$90,438,825

Sole Bookrunner

March 2020

Registered Direct

Source: Dealogic as of 4/30/2020Includes all IPO, FO, & CONV

Page 7

$80,499,991

Lead Manager

May 2020

Follow-On Offering

April 2020

C$46,046,000

Sole Bookrunner

Follow-On Offering

$100,165,000

Lead Manager

May 2020

Follow-On Offering

Rank Total Value No. Rank No. Rank No.

($M)

JPMorgan 1 325,159.6 570 1 556 72 14

Morgan Stanley 2 350,763.3 564 2 544 51 20

Goldman Sachs 3 341,964.7 538 3 522 61 16

C anaccord Genuit y 4 45,246.9 494 6 331 1 163

Citi 5 285,086.6 434 4 416 54 18

BofA Securities 6 289,509.0 413 5 396 58 17

Credit Suisse 7 213,711.8 340 7 321 52 19

UBS 8 172,279.3 295 8 280 62 15

RBC Capital Markets 9 146,450.3 273 11 192 7 81

Barclays 10 150,367.9 249 9 227 47 22

Co-ManagerLead ManagerTotal RolesBank


• Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, 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, merged with Canaccord Genuity in February 2019

• CG Petsky Prunier, combined with the other members of Canaccord Genuity’s investment banking team, has more than 100 focused professionals in

offices in New York, Boston, San Francisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto

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

• Global reach enhanced through Canaccord Genuity’s international network of offices

• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.

• 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

• E-commerce

• Digital Media

• Technology

• Information

• Business & IT Services

• Healthcare Services



For client and institutional use only, not for public dissemination


Source: The 451 Group, as of 04/30/20.(1) Represents YTD 2020 and 2020 on a run-rate basis.

$64$54

$104

$169

$268

$303

$145

$116

$158

$198

$146

$194

$239

$452

$434

$281

$451

$450

$85

1,778

1,422

1,880

2,720

3,606

3,327

2,806 2,833

3,146

3,643

3,507

3,082

3,827

4,196

3,792

3,3983,398

3,265

1,035

$0

$100

$200

$300

$400

$500

$600

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

3,148(1)

$259(1)


$1B+ Deals Strategic vs Financial Sponsor Transactions

Median 30-Day Premium

# of Deals 126 145 156 119 145 148 151 96 129(2)

Source: The 451 Group, as of 04/30/20. (1) For all deals with disclosed forms of consideration.(2) Represents Q2’20 on a run-rate basis.

Consideration Mix(1)

# of Deals 11 13 20 17 19 13 12 12 0

28

22

26

18 18 19

11

14

1

0

5

10

15

20

25

30

35

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f D

ea

ls

3(2)145

188 186 170 124 124 122 114

39

39

35 34 22

20 25 25 22

5

184

223 220

192

144 149 147 136

44

--

50

100

150

200

250

300

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f De

als

Strategic Financial Sponsor

132(2)

67% 61% 74%

63% 52%

44%

66% 65% 77%

24% 32% 22%

30% 46%

34%

25% 29% 14%

9% 8% 4% 7% 2% 22%

9% 6% 9%

0%

20%

40%

60%

80%

100%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f De

als

% Cash % Cash & Stock % Stock

24.7% 25.7% 28.4%

32.1% 32.5% 36.2%

25.8% 22.0%

--0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

% P

rem

ium

N/A


60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

1/31/2020 2/29/2020 3/31/2020 4/30/2020

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

70.0%

90.0%

110.0%

130.0%

150.0%

170.0%

190.0%

210.0%

230.0%

250.0%

Page 12

Major Indices 2014 – April 2020

Major Indices April 2020, Last 3 Months

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Major Indices April 2020, LTM


VIX 2014 – April 2020

Sources: Capital IQ, as of 04/30/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Past performance is not a guarantee of future results.


--

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

NASDAQ 114.6%

S&P 500 59.0%

DJIA 48.1%

Russell 2000 13.9%

FTSE 100 (12.2%)

Summary Performance

NASDAQ 13.5%

S&P 500 1.6%

DJIA (7.3%)

Russell 2000 (15.8%)

FTSE 100 (19.4%)

Summary Performance

NASDAQ (2.9%)

S&P 500 (9.7%)

DJIA (13.8%)

Russell 2000 (18.8%)

FTSE 100 (19.0%)

Summary Performance


Sources: The 451 Group and CG LLC proprietary database, as of 04/30/20. (1) Transactions include deals with disclosed values over $100mm.(2) Transactions include deals with disclosed values between $50-100mm.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

04/30/20 SS&C Technologies Innovest Systems Application software $120 ND ND NA 83%

04/28/20 Rapid7 DivvyCloud Security 145 14.5x ND NA 94%

04/16/20 Verizon BlueJeans Enterprise networking 400 4.0x ND NA 100%

04/15/20 MRI Software Castleton Technology Application software 103 0.3x 0.7x NA 100%

04/07/20 SoFi Galileo Financial Technologies Internet content & commerce 1,200 12.0x ND NA 100%

04/06/20 GoDaddy Neustar (registry business) Hosted services 225 ND 13.2x NA 100%

04/06/20 MaxLinear Intel (home gateway platform division) Semiconductors 150 ND ND NA 100%

Mean: $335 7.7x 7.0x NA 96.7%

Median: $150 8.0x 7.0x NA 100.0%

04/23/20 Stillfront Group Candywriter Mobility $74 2.9x ND NA 50.0%

04/22/20 Medallia Voci Technologies Application software 59 ND ND NA 100.0%

04/21/20 Morningstar Sustainalytics Internet content & commerce 60 ND ND NA 100.0%

04/15/20 Sharing Economy International OOB Media IT services & distribution 79 ND ND NA 100.0%

Mean: $68 2.9x NA NA 0.9x

Median: $67 2.9x NA NA 1.0x

Mean: $238 6.7x 7.0x NA 0.9x

Median: $120 4.0x 7.0x NA 100.0%Blended

$5

0-1

00

M(2

)>

$1

00

M(1

)


Sources: The 451 Group and CG LLC proprietary database, as of 04/30/20. (1) Transactions include deals with disclosed values over $100mm.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

04/28/20 Macarthur Fortune Holding LLC Jagex Ltd. [Shanghai Hongtou] Internet content & commerce $530 ND ND NA 100.0%

04/23/20 Leo Holdings Corp. Digital Media Solutions LLC IT services & distribution 303 ND ND NA 100.0%

04/09/20 Investcorp Technology Partners [Investcorp Bank B.S.C.]Avira GmbH Security 180 ND ND NA 100.0%

04/09/20 Super ROI Global Holding Limited Jumei International Holding Limited Internet content & commerce 127 ND ND NA 100.0%

Mean: $285 NA NA NA 100.0%

Median: $241 NA NA NA 100.0%

>$

10

0M

(1)


Observations:

• Private markets remain active and open

• Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions

Sources: PitchBook and CG LLC’s proprietary database as of 04/30/20.Note: List includes selected high profile financings with minimum Post Money Valuation of $800mm.

Company Segment

Date of Latest

Funding

Latest Round of

Funding ($mm)

Latest

Valuation ($mm)

Total Funding

($mm) Recent Lead Investor(s)

Figma Software 04/30/20 $50 $2,050 $133 Andreessen Horowitz, Greylock, ICONIQ and Sequoia, among others

Procore Software 04/30/20 150 5,000 640 Bessemer, Dragoneer, ICONIQ, and Lead Edge, among others

Stash Software 04/29/20 112 812 302 Breyer Capital, Coatue and Greenspring Associates, among others

o9 Solutions Software 04/28/20 100 1,000 125 KKR

Confluent Software 04/21/20 250 4,500 456 Altimeter Capital, Benchmark, Index Ventures and Sequoia, among others

Lucid Software 04/16/20 52 1,000 166 GV, ICONIQ, Meritech Capital and Spectrum Equity, among others

Stripe Software 04/16/20 850 36,000 1,885 Andreessen Horowitz, General Catalyst and Kleiner Perkins, among others

VAST Data Computer Hardware 04/16/20 100 1,200 180 Goldman Sachs, Norwest Venture Partners and TPG Capital, among others

Cohesity Software 04/09/20 250 2,500 661 Accel, Baillie Gifford, Sequoia Capital and SoftBank, among others

Podium Software 04/07/20 125 1,500 222 Accel, GV, Sapphire Ventures and Summit Partners, among others

Notion Software 04/01/20 50 2,000 71 Draft Vetures, First Round Capital and Index Ventures, among others

Driven by your success.Page 16*The stock prices shown are as of 4/30/2020 and should not be relied upon as current thereafter.**Source: S&P Capital IQ

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

Date Ticker Segment Company Name Country Price Range Per Share on 1st Trading Day Apr 30, 2020 1st Trading Day

Dec-19 BILL Software Bill.com Holdings, Inc. United States $19.00-21.00 22.00 $35.50, up 61.4% 58.89 65.9%

Dec-19 SPT Software Sprout Social, Inc. United States 16.00-18.00 17.00 $16.60, down 2.4% 0.00 (100.0%)

Sep-19 PTON Software Peloton Interactive, Inc. United States 26.00-29.00 29.00 $25.10, down 13.4% 31.50 25.5%

Sep-19 DDOG Software Datadog, Inc. United States 24.00-26.00 27.00 $27.55, up 2.0% 45.12 63.8%

Sep-19 NET Software Cloudflare, Inc. United States 12.00-14.00 15.00 $18.00, up 20.0% 23.56 30.9%

Aug-19 SDC Software SmileDirectClub, Inc. United States 19.00-22.00 23.00 $16.67, down 27.5% 7.72 (53.7%)

Aug-19 DT Software Dynatrace, Inc. United States 13.00-15.00 16.00 $23.85, up 49.1% 29.85 25.2%

Jul-19 HCAT Software Health Catalyst, Inc. United States 24.00-25.00 26.00 $39.17, up 50.7% 26.67 (31.9%)

Jul-19 MDLA Software Medallia, Inc. United States 16.00-18.00 21.00 $37.05, up 76.4% 21.48 (42.0%)

Jun-19 WORK Software Slack Technologies, Inc. United States 24.00 38.50 $38.62, up 0.3% 26.69 (30.9%)

Jun-19 CHWY Digital Media/Commerce Chewy, Inc. United States 19.00-21.00 22.00 $34.99, up 29.6% 43.24 23.6%

Jun-19 FVRR Digital Media/Commerce Fiverr International Ltd. Israel 18.00-20.00 21.00 $39.90, up 90.0% 39.23 (1.7%)

Jun-19 CRWD Software CrowdStrike Holdings, Inc. United States 28.00-30.00 34.00 $58.00, up 70.6% 67.66 16.7%

Jun-19 RVLV Digital Media/Commerce Revolve Group, Inc. United States 16.00-18.00 18.00 $34.00, up 88.9% 10.99 (67.7%)

May-19 PSN Business Services Parsons Corporation United States 26.00-28.00 27.00 $30.07, up 11.4% 37.40 24.4%

May-19 HHR Business Services HeadHunter Group PLC Russia 11.00-13.50 13.50 $14.75, up 16.7% 16.50 4.8%

May-19 FSLY Software Fastly, Inc. United States 14.00-16.00 16.00 $24.00, up 50.0% 21.65 (9.8%)

May-19 UBER Digital Media/Commerce Uber Technologies, Inc. United States 44.00-50.00 45.00 $41.57, down 7.6% 30.27 (27.2%)


Observations:

• Follow-on market activities track broader market direction

• Better known, more liquid issuers using accelerating formats

• With no technology follow-ons in February, average discount to last sale of (4.1%) for March deals, with no deals in April.

Indicates Canaccord Genuity Transaction

Sources: Dealogic, Capital IQ as of 04/30/20. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.

Pricing Amount Mkt Cap % Mkt %

Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current

eHealth Inc 03/03/20 $238.1 $2,812.3 8.5% 100.0% (4.1%) (7.2%) 27.0% (7.2%)

Clarivate Analytics 02/05/20 558.9 6,303.2 8.9% 100.0% (1.4%) (1.5%) 5.6% 13.5%

Rada Electronic Industries 01/08/20 22.0 241.9 9.1% 100.0% (16.5%) (16.5%) 14.5% (19.2%)

Phreesia 12/12/19 201.8 1,028.8 19.6% 0.0% (9.3%) (9.8%) 2.2% (2.3%)

Livongo Health 12/11/19 75.0 2,622.4 2.9% 0.0% (2.0%) (1.6%) 0.2% 48.2%

EVO Payments 12/05/19 124.2 2,153.4 5.8% 100.0% (0.6%) (0.6%) (0.7%) (27.9%)

Dynatrace 12/05/19 782.7 7,041.5 11.1% 0.0% (1.4%) (8.4%) (1.4%) 20.6%

Plug Power 12/05/19 126.5 806.7 15.7% 100.0% (11.0%) (27.6%) 14.6% 52.2%

TTEC Holdings 12/06/19 109.5 1,771.6 6.2% 0.0% (4.2%) (18.4%) 7.2% 6.8%

Clarivate Analytics 12/04/19 857.0 5,354.7 16.0% 0.0% (1.7%) (3.9%) (0.9%) 33.2%

GSX Techedu 11/21/19 289.8 3,434.3 8.4% 0.0% (3.9%) (16.4%) 15.7% 182.6%

Internap Corp 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (100.0%)

Opera 09/20/19 75.0 1,165.7 6.4% 100.0% (5.4%) (22.8%) 1.0% (42.5%)

NCR 09/19/19 299.0 4,281.4 7.0% 0.0% (2.6%) (2.6%) (1.4%) (37.3%)

International Money Express 09/11/19 76.5 493.8 15.5% 0.0% (1.9%) (6.3%) 9.8% (36.6%)

Cardlytics 09/10/19 105.3 779.6 13.5% 55.7% (0.4%) (11.2%) 10.1% 32.2%

Clarivate Analytics 09/06/19 634.8 4,933.4 12.9% 0.0% (1.0%) (9.2%) 8.0% 43.6%

Appian 09/04/19 130.4 3,763.3 3.5% 78.4% (3.5%) (3.5%) (1.3%) (18.4%)

Workiva 08/13/19 72.4 2,631.0 2.8% 0.0% (1.4%) (9.2%) (8.3%) (31.8%)

EVO Payments 08/13/19 114.0 2,411.4 4.7% 0.0% (3.0%) (3.0%) 0.1% (30.1%)

Ceridian 08/06/19 497.5 7,136.8 7.0% 0.0% (1.1%) (1.1%) 1.4% 18.5%

Anterix 07/16/19 100.0 693.9 14.4% 100.0% (4.4%) (3.9%) (1.7%) 16.7%

HealthEquity 07/09/19 473.5 3,966.3 11.9% 100.0% (3.5%) (3.6%) 10.6% (7.8%)

InterXion 06/26/19 291.0 5,254.9 5.5% 100.0% (0.5%) (3.1%) 3.1% (100.0%)

Iteris 06/14/19 28.8 170.2 16.9% 100.0% (8.8%) (8.8%) 5.8% (14.2%)

Smartsheet 06/12/19 645.3 4,636.0 13.9% 60.5% (0.2%) (4.4%) 4.8% 21.2%

Q2 06/06/19 210.8 3,114.6 6.8% 95.5% (1.3%) (4.6%) 1.2% 14.7%

Avalara 06/05/19 286.9 4,860.9 5.9% 100.0% (0.1%) 6.0% 3.9% 28.8%

Descartes Systems 06/05/19 245.0 2,828.7 8.7% 100.0% (3.1%) (9.0%) 6.2% 18.5%

i3 Verticals 06/05/19 117.5 545.9 21.5% 100.0% (4.9%) (7.8%) 0.6% 2.2%

Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) 29.2%

SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) (5.7%)

Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (44.1%)

Ceridian 05/21/19 404.0 7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% 16.8%

Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% 23.2%

Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (81.9%)

Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% (34.3%)

Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% (24.7%)

Endava 04/17/19 156.7 1,382.4 11.3% 0.0% (2.3%) (2.5%) 10.1% 60.6%

EVO Payments 04/03/19 152.4 719.5 21.2% 100.0% (2.4%) (9.3%) 5.4% (24.9%)

Ceridian 03/19/19 656.5 6,986.4 9.4% 0.0% (0.6%) (1.7%) (1.1%) 16.8%

Yext 03/18/19 150.5 2,350.0 6.4% 100.0% (6.5%) (6.5%) 2.5% (40.5%)

eGain 03/14/19 22.0 347.7 6.3% 100.0% (11.7%) (11.7%) 0.8% (24.5%)

ShotSpotter 03/06/19 17.8 517.3 3.4% 64.8% (2.5%) (2.5%) (1.6%) (25.7%)

Bandwidth 03/06/19 156.0 733.5 21.3% 100.0% (1.7%) (6.0%) 12.8% 50.3%

Pluralsight 03/06/19 456.1 4,051.2 11.3% 0.0% (1.2%) (11.3%) (1.0%) (43.8%)

Mean: $254.3 $2,760.1 11.2% 59.9% (3.8%) (7.1%) 3.9% (1.6%)

Median: $158.0 $2,516.9 9.2% 100.0% (2.6%) (6.0%) 1.3% (4.0%)

Premium/Discount to: Aftermarket Performance





Transaction Distribution

• A total of 576 deals was announced in April 2020, of which 290 were worth $14.1 billion in aggregate reported value

• Software accounted for 47 percent of transactions with 269 deals announced – 129 of which reported $7.3 billion in value

• Digital Media/Commerce was the second most valuable segment with 76 transactions– 39 of which were valued at $4 billion

• VC/Growth Capital investors completed 277 transactions

• Strategic buyers announced 272 deals, down 26 percent from March 2020

• Private Equity buyers announced 27 deals during the month

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

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

Software 269 47% $7,269.3 52% 81 $2,195.6 10 $180.0 178 $4,893.7

Business Services 89 15% $865.7 6% 64 $399.5 8 $0.0 17 $466.2

Digital Media/Commerce 76 13% $3,976.8 28% 36 $64.0 5 $35.0 33 $624.0

Marketing Technology 74 13% $723.0 5% 38 $492.4 2 $530.0 36 $2,954.4

Agency & Marketing Services 23 4% $320.0 2% 21 $79.0 1 $235.0 1 $6.0

Traditional Media 18 3% $766.0 5% 14 $353.0 0 $0.0 4 $413.0

Digital Advertising 12 2% $58.0 0% 7 $8.0 1 $0.0 4 $50.0

Information 15 3% $100.5 1% 11 $60.0 0 $0.0 4 $40.5

Total 576 100% 14,079.3 100% 272 3,651.5 27 980.0 277 9,447.8

April 2020

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$66.6

$60.9 $65.1 $67.7

$28.6

$35.5 $35.0 $38.5

$56.0

$63.0

$54.1

$14.1

741 634 684 660 720 785 598 549716 688 660 576

0

1000

2000

3000

4000

5000

6000

7000

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

May-19 Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20

Page 20

Willis

Towers

Watson/

Aon

Global

Payments/

TSYS

Regional Sports

Networks/

Sinclair

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Disney’s sale of 21 regional sports networks to Sinclair

Broadcast Group for $10.6 Billion, TSYS’ pending $22.1 billion acquisition of Global Payments, the $15.7 billion acquisition of Tableau by Salesforce, the sale of Refinitiv to London Stock Exchange for $27 billion, the

pending $6 billion acquisition of Just Eat by Takeaway, CBS’ purchase of Viacom for $11.7 Billion, the $10.7 billion acquisition of Symantec’s enterprise security assets by Broadcom, the $6 billion acquisition of The

Stars Group by Flutter Entertainment, the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and Credit Karma’s sale to Intuit for $7.1 billion, and the $30 billion

purchase of Willis Towers Watson by Aon

The Stars Group



Tableau/

Salesforce

Refinitiv/

London Stock

Exchange

Transaction Distribution

• M&A total deal value in April 2020 was down 44 percent, while deal volume was down 22 percent compared with April 2019

• The largest transactions recorded during the month were:

‒ SoFi’s $1.2 billion acquisition of payments platform Galileo

‒ The $1 billion investment Airbnb received from Silver Lake and Sixth Street Partners

‒ The $600 million investment payments company Stripe raised at a $35 billion valuation from Andreessen Horowitz, General Catalyst, GV, and Sequoia

‒ Car buying platform Carvana’s $600 million round of funding

‒ The $535 million online furniture retailer Wayfair received from Great Hill Partners, Charlesbank Capital Partners, and The S pruce House Partnership.

Just Eat/

Takeaway

Viacom/CBS

Symantec’

Enterprise

Security Assets

Ingenico/

Worldline

E*TRADE/

Morgan Stanley

Credit Karma/

Intuit


• Of the 76 transactions recorded in the Digital Media/Commerce segment in April, 39 were announced for $4 billion in reported value

• In addition to the investments in Airbnb, Carvana, and Wayfair, Digital Media/Commerce transactions include:

‒ TSI’s purchase of skate and snowboarding goods company Tactics (a Canaccord Genuity-led transaction)

‒ Gaming company Jagex’s acquisition by Macarthur Fortune for $530 million

‒ NAVER’s purchase of Japan-based food delivery company Demae-can for $271 million

‒ The $250 million round of funding event streaming platform Confluent raised from Coatue Management, Altimeter Capital, Franklin

Templeton, Index Ventures, and Sequoia Capital

‒ The $150 million South Korea-based grocery delivery company Kurly raised at a $780 valuation from Sequoia Capital, Hillhouse Capital,

and Digital Sky Technologies.



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 110 $17,853.6 133 $5,400.2 523 $38,657.5 38 $492.4

Private Equity - Buyout 18 8,240.9 11 608.0 65 17,334.0 2 530.0

Private Equity - VC/Growth Capital 138 6,305.0 138 9,164.9 626 36,951.8 36 2,954.4

Total 266 $32,399.5 282 $15,173.1 1,214 $92,943.3 76 $3,976.8

DIGITAL MEDIA/COMMERCE

4Q19 1Q20 LTM Apr-20

$8.7 $9.1

$4.7

$10.7

$8.1

$5.5

$16.6

$10.2

$6.1

$3.7

$5.4$4.0

119 115 101 134 121 102 83 81 97 95 90 7610

30

50

70

90

110

130

150

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0


Driven by your success.Page 22*The stock prices shown are as of 4/30/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise

Company Name 04/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Alphabet Inc. $1,346.70 -12% $ 919,943.5 $ 819,518.5 $ 166,677.0 $ 48,300.0 29.0% 17.4% 4.9x 17.0x

Apple Inc. 293.80 -10% 1,270,387.4 1,285,843.4 267,981.0 77,305.0 28.8% 3.7% 4.8x 16.6x

Facebook, Inc. 204.71 -9% 583,583.8 534,108.8 73,357.0 32,545.0 44.4% 24.4% 7.3x 16.4x

Fitbit, Inc. 6.69 -8% 1,784.4 1,358.7 1,434.8 (257.9) NM -5.1% 0.9x NM

Glu Mobile Inc. 7.80 -31% 1,182.4 1,096.2 411.4 15.0 3.7% 12.2% 2.7x 72.9x

GoPro, Inc. 3.52 -54% 554.5 610.2 1,194.7 25.4 2.1% 4.0% 0.5x 24.0x

IAC/InterActiveCorp 223.48 -20% 18,942.1 20,156.8 4,757.1 813.8 17.1% 11.6% 4.2x 24.8x

J2 Global, Inc. 80.64 -23% 3,929.7 4,935.9 1,372.1 515.4 37.6% 13.6% 3.6x 9.6x

Leaf Group Ltd. 1.45 -83% 38.6 38.4 155.0 (16.9) NM -0.1% 0.2x NM

The Meet Group, Inc. 6.17 -12% 441.1 454.9 211.7 30.0 14.2% 18.5% 2.1x 15.2x

Netflix, Inc. 419.85 -7% 184,651.7 195,765.3 21,403.1 3,212.0 15.0% 28.8% 9.1x 60.9x

Pinterest, Inc. 20.66 -44% 12,020.8 10,527.4 1,142.8 (1,361.1) NM 51.2% 9.2x NM

RealNetworks, Inc. 0.75 -70% 28.6 35.8 172.1 (21.6) NM 147.6% 0.2x NM

Remark Holdings, Inc. 0.57 -60% 27.9 47.6 76.4 (13.4) NM 193.1% 0.6x NM

Roku, Inc. 121.23 -31% 14,633.9 14,537.7 1,128.9 (49.2) NM 52.0% 12.9x NM

Snap Inc. 17.61 -11% 25,454.1 24,605.5 1,857.6 (888.5) NM 46.2% 13.2x NM

Twitter, Inc. 28.68 -37% 22,462.2 18,928.5 3,480.1 622.0 17.9% 10.0% 5.4x 30.4x

Upwork Inc. 8.33 -60% 958.1 866.9 300.6 (13.3) NM 18.6% 2.9x NM

Zynga Inc. 7.54 -4% 7,206.5 6,561.5 1,321.7 5.7 0.4% 45.7% 5.0x NM

Average 5.6x 16.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (49.9x)

US-Based Digital Media and Internet

Last Twelve Months Multiples Last Twelve Months




Stock Price Change % From Equity Enterprise Last Twelve Months Multiples

Company Name Headquarters 04/30/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Baidu, Inc. China $100.93 -40% $ 34,906.5 $ 25,656.9 $ 15,426.5 $ 3,657.7 23.7% 3.4% 1.7x 7.0x

Bilibili Inc. * China 27.39 -10% 9,461.2 8,886.8 973.4 (57.1) NM 64.2% 9.1x NM

CyberAgent, Inc. Japan 42.43 -7% 5,349.7 5,143.7 4,370.6 421.4 9.6% 6.8% 1.2x 12.2x

DeNA Co., Ltd. * Japan 12.38 -43% 1,569.9 937.6 1,110.0 (257.9) NM -5.7% 0.8x NM

Fiverr International Ltd. * Israel 39.23 -11% 1,252.9 1,128.2 107.1 (27.3) NM 41.8% 10.5x NM

G5 Entertainment AB (publ) Sweden 13.82 -20% 124.6 110.5 132.0 6.9 5.3% -15.0% 0.8x 15.9x

GREE, Inc. Japan 3.98 -24% 914.4 85.0 619.1 52.6 8.5% -7.5% 0.1x 1.6x

HolidayCheck Group AG Germany 1.39 -59% 79.2 59.5 165.1 2.8 1.7% 3.3% 0.4x 20.9x

HUYA Inc. * China 16.23 -42% 3,562.4 2,129.9 1,202.7 46.5 3.9% 79.6% 1.8x 45.8x

International Game Technology PLC United Kingdom 7.54 -54% 1,541.4 10,177.0 4,785.8 1,428.5 29.8% -0.9% 2.1x 7.1x

iQIYI, Inc. China 16.97 -38% 12,450.0 13,494.6 4,164.0 1,136.2 27.3% 16.0% 3.2x 11.9x

mixi, Inc. Japan 17.35 -24% 1,307.6 147.5 1,016.0 177.9 17.5% -30.8% 0.1x 0.8x

Meitu, Inc. * China 0.18 -52% 795.3 454.0 140.4 (42.8) NM 3.2% 3.2x NM

Ncsoft Corporation South Korea 531.66 -10% 10,956.2 9,797.6 1,473.5 429.7 29.2% -0.8% 6.6x 22.8x

NAVER Corporation South Korea 163.30 -2% 23,662.2 24,335.8 5,605.3 1,053.9 18.8% 0.0% 4.3x 23.1x

NetEase, Inc. China 344.96 -6% 44,141.3 37,941.2 8,508.1 2,356.0 27.7% 15.8% 4.5x 16.1x

NEXON Co., Ltd. Japan 16.30 -10% 14,389.6 9,838.8 2,287.0 1,037.8 45.4% -2.0% 4.3x 9.5x

Opera Limited Norway 5.75 -62% 685.7 559.6 334.9 84.2 25.1% 94.4% 1.7x 6.6x

Pacific Online Limited China 0.17 -37% 179.6 118.5 142.3 32.8 23.1% -3.1% 0.8x 3.6x

Phoenix New Media Limited * China 1.43 -67% 104.1 (84.0) 219.9 (41.7) NM 11.2% NM 2.0x

Renren Inc. * China 0.94 -81% 21.8 108.5 449.6 (79.9) NM 3.0% 0.2x NM

Sea Limited * Singapore 55.58 -2% 25,904.5 24,288.4 2,175.4 (769.6) NM 163.1% 11.2x NM

Sogou Inc. China 3.56 -40% 1,393.2 267.2 1,172.3 129.8 11.1% 4.3% 0.2x 2.1x

Spotify Technology S.A. * Sweden 151.57 -8% 28,185.1 27,235.7 7,803.3 4.4 0.1% 26.1% 3.5x NM

Tencent Music Entertainment * China 11.41 -35% 22,715.4 19,522.1 3,652.8 645.3 17.7% 34.0% 5.3x 30.3x

Weibo Corporation China 37.53 -46% 8,499.1 7,785.7 1,766.9 623.4 35.3% 2.8% 4.4x 12.5x

Wemade Co.,Ltd. * South Korea 19.55 -52% 320.7 268.6 98.4 (4.4) NM -10.6% 2.7x NM

Yandex N.V. Netherlands 37.78 -23% 12,379.8 11,512.4 2,372.7 505.8 21.3% 33.8% 4.9x 22.8x

JOYY Inc. China 60.96 -25% 4,798.6 2,631.4 3,673.2 301.8 8.2% 62.2% 0.7x 8.7x

Average 3.9x 14.4x


Internationally-based Digital Media and Internet

Last Twelve Months






1-800-FLOWERS.COM, Inc. $19.19 -10% $ 1,233.9 $ 1,169.2 $ 1,331.1 $ 87.1 6.5% 9.2% 0.9x 13.4x

Alphabet Inc. 1,346.70 -12% 919,943.5 819,518.5 166,677.0 48,300.0 29.0% 17.4% 4.9x 17.0x

Amazon.com, Inc. 2,474.00 0% 1,233,350.9 1,247,795.9 296,274.0 36,270.0 12.2% 22.7% 4.2x 34.4x

Apple Inc. 293.80 -10% 1,270,387.4 1,285,843.4 267,981.0 77,305.0 28.8% 3.7% 4.8x 16.6x

Blucora, Inc. 14.07 -62% 673.1 994.2 717.9 117.7 16.4% 28.1% 1.4x 8.4x

Blue Apron Holdings, Inc. 7.69 -73% 102.9 163.0 414.8 (31.2) NM -32.3% 0.4x NM

Booking Holdings Inc. 1,480.57 -29% 60,600.0 62,380.0 15,066.0 5,814.0 38.6% 3.7% 4.1x 10.7x

CarGurus, Inc. 22.88 -47% 2,577.1 2,475.1 588.9 42.1 7.2% 29.7% 4.2x 58.7x

Carvana Co. 80.11 -30% 5,121.9 6,670.5 3,939.9 (231.3) NM 101.5% 1.7x NM

CDW Corporation 110.80 -24% 15,762.2 19,516.6 18,032.4 1,400.7 7.8% 11.0% 1.1x 13.9x

Chegg, Inc. 42.75 -11% 5,282.0 5,433.5 410.9 49.2 12.0% 28.0% 13.2x NM

Chewy, Inc. 43.24 -9% 17,356.6 17,360.4 4,846.7 (230.7) NM 37.2% 3.6x NM

Copart, Inc. 80.11 -24% 18,722.1 19,147.9 2,225.3 898.0 40.4% 18.8% 8.6x 21.3x

eBay Inc. 39.83 -5% 27,915.0 32,680.0 10,761.0 3,070.0 28.5% 1.7% 3.0x 10.6x

Etsy, Inc. 64.87 -10% 7,693.0 7,749.2 818.4 118.2 14.4% 35.6% 9.5x 65.6x

Expedia Group, Inc. 70.98 -51% 9,936.4 13,268.4 12,067.0 1,315.0 10.9% 7.5% 1.1x 10.1x

Grubhub Inc. 47.79 -40% 4,392.7 4,581.0 1,312.2 80.4 6.1% 30.3% 3.5x 57.0x

IAC/InterActiveCorp 223.48 -20% 18,942.1 20,156.8 4,757.1 813.8 17.1% 11.6% 4.2x 24.8x

Liberty TripAdvisor Holdings, Inc. 2.35 -85% 278.9 3,423.9 1,560.0 298.0 19.1% -3.4% 2.2x 11.5x

Liquidity Services, Inc. 5.00 -40% 169.9 133.6 222.0 (9.5) NM 2.1% 0.6x NM

Lyft, Inc. 32.83 -52% 10,072.2 7,698.4 3,616.0 (2,594.1) NM 67.7% 2.1x NM

Match Group, Inc. 76.96 -19% 21,863.5 23,048.6 2,051.3 689.7 33.6% 18.6% 11.2x 33.4x

Overstock.com, Inc. 12.62 -58% 508.9 495.3 1,443.3 (97.6) NM -17.2% 0.3x NM

Peloton Interactive, Inc. 31.50 -17% 8,841.1 7,882.3 1,234.3 (181.5) NM 0.0% 6.4x NM

PetMed Express, Inc. 39.57 -5% 790.7 698.5 284.1 33.2 11.7% 0.2% 2.5x 21.0x

Qurate Retail, Inc. 8.06 -54% 3,369.0 10,834.0 13,458.0 1,873.0 13.9% -4.3% 0.8x 5.8x

Revolve Group, Inc. 10.99 -77% 762.5 697.1 601.0 53.1 8.8% 20.5% 1.2x 13.1x

Shutterstock, Inc. 38.00 -17% 1,354.0 1,103.8 648.5 39.6 6.1% 2.4% 1.7x 27.9x

SmileDirectClub, Inc. 7.72 -63% 837.7 853.0 706.5 (510.2) NM 77.5% 1.2x NM

Spark Networks SE 3.46 -76% 90.0 88.3 114.7 5.8 5.1% 4.4% 0.8x 15.2x

Stamps.com Inc. 158.27 -15% 2,699.5 2,613.2 571.9 121.4 21.2% -2.6% 4.6x 21.5x

Stitch Fix, Inc. 16.05 -50% 1,644.7 1,493.6 1,737.6 24.1 1.4% 26.7% 0.9x 62.1x

Uber Technologies, Inc. 30.27 -36% 52,285.3 49,804.3 14,147.0 (8,146.0) NM 25.5% 3.5x NM

U.S. Auto Parts Network, Inc. 3.21 -13% 117.6 131.1 280.7 (1.9) NM -3.0% 0.5x NM

Wayfair Inc. 124.04 -25% 11,704.7 13,087.6 9,127.1 (819.1) NM 34.6% 1.4x NM

Average 4.6x 22.8x


US-based e-commerce

Last Twelve Months




Internationally-based e-commerce



58.com Inc. China $51.95 -29% $ 7,785.5 $ 6,431.9 $ 2,237.1 $ 467.1 20.9% 18.6% 2.9x 13.8x

Alibaba Group Holding Limited China 202.67 -12% 543,916.1 526,735.9 70,214.3 20,289.7 28.9% 41.6% 7.5x 26.0x

Cango Inc. China 5.31 -46% 801.7 804.4 206.8 52.8 25.5% 31.9% 3.9x 15.2x

Cnova N.V. * Netherlands 3.46 -13% 1,193.4 1,736.7 2,463.1 55.4 2.2% 0.9% 0.7x 31.3x

Despegar.com, Corp. Argentina 6.90 -55% 467.1 218.1 542.1 70.8 13.1% -9.2% 0.4x 3.1x

Farfetch Limited * United Kingdom 13.24 -49% 4,496.3 4,463.4 1,021.0 (330.1) NM 69.5% 4.4x NM

JD.com, Inc. * China 43.10 -10% 63,246.4 59,794.1 82,851.8 1,570.9 1.9% 24.9% 0.7x 38.1x

Jumia Technologies AG * Germany 4.39 -90% 344.2 93.1 180.0 (249.5) NM 24.3% 0.5x NM

LightInTheBox Holding Co., Ltd. * China 0.79 -50% 88.4 63.8 243.6 (13.5) NM 7.1% 0.3x NM

MercadoLibre, Inc. * Argentina 583.51 -23% 29,127.9 27,785.0 2,296.3 (79.8) NM 59.5% 12.1x NM

MOGU Inc. * China 1.19 -86% 127.3 (43.7) 134.1 (58.5) NM -10.6% NM 0.7x

PChome Online Inc. Taiwan 3.32 -40% 388.5 347.2 1,299.8 15.4 1.2% 12.4% 0.3x 22.5x

Pinduoduo Inc. * China 47.44 -12% 56,815.4 51,873.9 4,328.9 (1,134.6) NM 129.7% 12.0x NM

Rakuten, Inc. Japan 8.56 -30% 11,615.0 12,426.2 11,630.2 955.7 8.2% 14.7% 1.1x 13.0x

Secoo Holding Limited China 3.18 -69% 159.8 282.6 986.5 33.7 3.4% 27.5% 0.3x 8.4x

trivago N.V. Germany 1.83 -66% 645.1 501.0 941.1 51.4 5.5% -8.3% 0.5x 9.7x

Uxin Limited * China 1.61 -58% 472.6 768.9 228.1 (144.1) NM -52.1% 3.4x NM

Vipshop Holdings Limited China 15.93 -16% 10,711.6 9,804.4 13,355.7 925.7 6.9% 10.0% 0.7x 10.6x

X Financial China 0.94 -84% 150.7 6.4 443.5 119.2 26.9% -12.8% 0.0x 0.1x

Average 6.5x 25.2x


Last Twelve Months Last Twelve Months Multiples


• The Marketing Technology segment announced 74 transactions in April 2020

• Marketing Technology transactions included:

‒ The $125 million in funding customer messaging platform Podium raised from YC Continuity, Sapphire Ventures, Alkeon Capital,

Recruit Co, IVP, Accel, Summit Partners, and GV

‒ Medallia’s purchase of speech-to-text software vendor Voci Technologies for $35 million

‒ The acquisition of sales automation platform LeadOwl by Cache Ventures

‒ The sale of ad analytics and attribution platform Converlytics to ManyChat

‒ W2O’s acquisition of healthcare-focused social media analytics platform Symplur

‒ TapClicks purchase of reporting and automation solutions for paid marketers AdStage



$2.8

$4.0

$2.9 $3.0

$0.9

$2.9

$1.6

$2.8

$1.6

$3.8

$1.1

$0.7

103 59 82 83 73 105 79 70 76 78 75 7410

20

30

40

50

60

70

80

90

100

110

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5


Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 114 $3,073.9 101 $1,908.3 427 $10,903.9 36 $64.0

Private Equity - Buyout 10 1,107.0 9 2,350.0 44 6,111.5 5 35.0

Private Equity - VC/Growth Capital 130 3,187.8 119 2,285.5 486 11,169.5 33 624.0

Total 254 $7,368.7 229 $6,543.8 957 $28,184.9 74 $723.0

Marketing Technology







Adobe Inc. $353.64 -9% $ 170,384.05 $ 170,924.05 $ 11,661.30 $ 4,077.89 35.0% 22.1% 14.7x 41.9x

AppFolio, Inc. 109.86 -26% 3,755.2 3,801.2 256.0 15.1 5.9% 34.7% 14.8x 251.0x

Blackbaud, Inc. 55.26 -43% 2,669.3 3,221.8 900.4 102.4 11.4% 6.1% 3.6x 31.4x

Brightcove Inc. 7.80 -39% 304.0 297.8 189.3 (3.3) NM 14.4% 1.6x NM

Cardlytics, Inc. 44.95 -58% 1,211.7 1,107.3 210.4 (12.8) NM 39.6% 5.3x NM

ChannelAdvisor Corporation 10.33 -13% 291.9 255.5 130.0 10.6 8.2% -1.0% 2.0x 24.0x

Eventbrite, Inc. 9.12 -60% 790.2 395.4 326.8 (53.2) NM 12.1% 1.2x NM

eBay Inc. 39.83 -5% 27,915.0 32,680.0 10,761.0 3,070.0 28.5% 1.7% 3.0x 10.6x

Endurance International Group 2.57 -59% 359.0 2,021.1 1,104.8 271.5 24.6% -2.6% 1.8x 7.4x

Five9, Inc. 92.67 -7% 5,744.7 5,648.1 328.0 17.5 5.3% 27.3% 17.2x NM

GoDaddy Inc. 69.43 -14% 11,460.7 13,102.5 2,988.1 433.0 14.5% 12.3% 4.4x 30.3x

HubSpot, Inc. 168.63 -19% 7,342.6 6,989.5 674.9 (29.3) NM 31.6% 10.4x NM

IBM Corporation 125.56 -21% 111,483.7 169,200.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.6x

LivePerson, Inc. 23.94 -47% 1,629.9 1,651.8 291.6 (60.8) NM 16.7% 5.7x NM

Marin Software Incorporated 1.81 -69% 12.4 10.8 49.0 (13.7) NM -16.4% 0.2x NM

Medallia, Inc. 21.48 -52% 2,968.3 2,633.3 402.5 (101.2) NM 28.3% 6.5x NM

MicroStrategy Incorporated 126.33 -23% 1,233.5 804.1 482.4 27.1 5.6% -1.6% 1.7x 29.7x

Nuance Communications, Inc. 20.20 -14% 5,714.3 6,998.3 1,821.7 370.5 20.3% 0.4% 3.8x 18.9x

Oracle Corporation 52.97 -12% 167,045.3 195,399.3 39,766.0 16,371.0 41.2% 1.0% 4.9x 11.9x

PayPal Holdings, Inc. 123.00 -1% 144,265.6 139,020.6 17,772.0 3,404.0 19.2% 15.0% 7.8x 40.8x

PROS Holdings, Inc. 34.39 -54% 1,488.4 1,322.6 250.3 (39.0) NM 27.1% 5.3x NM

salesforce.com, inc. 161.95 -17% 144,945.3 143,251.3 17,098.0 2,278.0 13.3% 28.7% 8.4x 62.9x

SharpSpring, Inc. 6.89 -66% 79.4 72.8 22.7 (8.9) NM 21.7% 3.2x NM

Sprout Social, Inc. 16.82 -25% 846.9 732.1 102.7 (43.0) NM 30.3% 7.1x NM

SVMK Inc. 15.70 -30% 2,167.7 2,343.2 307.4 (43.6) NM 20.9% 7.6x NM

Square, Inc. 65.14 -25% 28,615.4 28,150.8 4,713.5 83.3 1.8% 42.9% 6.0x NM

GlobalData Plc 15.62 -12% 1,843.2 1,969.1 236.0 45.6 19.3% 13.1% 8.3x 43.2x

Teradata Corporation 24.59 -41% 2,718.7 2,910.7 1,899.0 124.0 6.5% -12.2% 1.5x 23.5x

Verint Systems Inc. 42.74 -32% 2,740.7 3,327.9 1,303.6 159.1 12.2% 6.0% 2.6x 20.9x

Veritone, Inc. 5.14 -48% 139.2 95.1 49.6 (56.1) NM 83.6% 1.9x NM

Zoom Video Communications, Inc. 135.17 -26% 37,712.6 36,929.9 622.7 29.1 4.7% 88.4% 59.3x NM

Zendesk, Inc. 76.88 -19% 8,762.1 8,891.8 872.4 (116.1) NM 34.1% 10.2x NM

Adjusted Weighted Average 7.6x 33.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (28.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (97.5x)

US-based Marketing Technology







Baozun Inc. China $31.84 -44% $ 2,006.78 $ 2,118.63 $ 1,045.28 $ 78.88 7.5% 35.0% 2.0x 26.9x

Bitauto Holdings Limited China 12.16 -21% 863.8 4,550.7 1,544.3 (30.9) NM 1.6% 2.9x NM

ChinaCache International Holdings China 0.03 -97% 0.87 73.38 131.93 (0.27) NM -0.4% 0.6x NM

MercadoLibre, Inc. Argentina 583.51 -23% 29,127.9 27,785.0 2,296.3 (79.8) NM 59.5% 12.1x NM

Open Text Corporation Canada 37.95 -21% 10,276.7 13,295.7 3,030.3 895.7 29.6% 5.4% 4.4x 14.8x

Shopify Inc. Canada 632.29 -5% 74,119.3 71,802.9 1,578.2 (113.0) NM 47.0% 45.5x NM

The Sage Group plc United Kingdom 8.06 -22% 8,792.3 9,288.7 2,381.2 594.1 24.9% 4.9% 3.9x 15.6x

United Internet AG Germany 34.41 -15% 6,442.0 8,916.0 5,828.9 1,236.9 21.2% 1.8% 1.5x 7.2x

Wix.com Ltd. Israel 130.81 -16% 6,740.1 6,456.7 761.1 (63.5) NM 26.1% 8.5x NM



Internationally-based Marketing Technology



• There were twelve transactions completed in the Digital Advertising segment in April 2020

• Strategic transactions accounted for more than half of segment activity

• Select transactions in the segment include:

‒ Fluent’s acquisition of digital rewards platform Winopoly

‒ The purchase of location data measurement platform Freckle by PlaceIQ

‒ Beeswax’s purchase of Amazon-focused advertising platform MediaGamma

‒ The acquisition of experience recommendation platform IdealSeat by Bandwagon

‒ High-Tech Grunderfonds’ sale of Amazon online reference and advertising services provider metoda to Maxburg Capital Partners



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 35 $3,073.9 30 $1,829.1 128 $4,693.0 7 $8.0


Private Equity - VC/Growth Capital 26 3,187.8 29 1,023.8 123 3,687.9 4 50.0

Total 62 $7,368.7 62 $3,952.9 264 $11,232.9 12 $58.0

Digital Advertising


$0.4$0.6

$1.9

$1.4

$0.5 $0.6

$0.9 $0.9

$1.9 $1.9

$0.2 $0.120 27 30 21 33 27 19 16 25 17

20 12 10

15

20

25

30

35

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5





US-based Digital Advertising



Alliance Data Systems Corporation $50.07 -69% $ 2,384.7 $ 19,055.3 $ 5,628.9 $ 918.0 16.3% -27.3% 3.4x 20.8x

Alphabet Inc. 1,346.70 -12% 919,943.5 819,518.5 166,677.0 48,300.0 29.0% 17.4% 4.9x 17.0x

ANGI Homeservices Inc. 6.78 -64% 3,368.8 3,392.4 1,326.2 170.7 12.9% 17.1% 2.6x 19.9x

AutoWeb, Inc. 0.94 -77% 12.4 17.9 114.0 (8.9) NM -9.2% 0.2x NM

CarGurus, Inc. * 22.88 -47% 2,577.1 2,475.1 588.9 42.1 7.2% 29.7% 4.2x 58.7x

DHI Group, Inc. 2.78 -37% 140.3 164.6 149.4 28.6 19.1% -7.6% 1.1x 5.8x

EverQuote, Inc. 38.97 -19% 1,048.9 1,002.8 248.8 (6.0) NM 52.3% 4.0x NM

Facebook, Inc. 204.71 -9% 583,583.8 534,108.8 73,357.0 32,545.0 44.4% 24.4% 7.3x 16.4x

Fluent, Inc. 2.01 -73% 152.6 197.0 281.7 22.0 7.8% 12.5% 0.7x 8.9x

Groupon, Inc. 1.22 -67% 692.8 314.8 2,218.9 89.0 4.0% -15.8% 0.1x 3.5x

Inuvo, Inc. 0.25 -83% 15.4 15.6 61.5 (5.4) NM -16.1% 0.3x NM

LendingTree, Inc. 249.37 -43% 3,257.5 3,564.9 1,106.6 137.7 12.4% 44.7% 3.2x 25.9x

QuinStreet, Inc. 10.16 -41% 525.2 464.0 482.9 22.6 4.7% 8.2% 1.0x 20.6x

Quotient Technology Inc. * 7.18 -40% 645.3 596.6 436.2 9.8 2.3% 12.7% 1.4x 60.7x

Redfin Corporation 21.13 -36% 2,080.2 1,991.8 779.8 (70.0) NM 60.1% 2.6x NM

Snap Inc. * 17.61 -11% 25,454.1 24,605.5 1,857.6 (888.5) NM 46.2% 13.2x NM

The Rubicon Project, Inc. 7.17 -45% 767.4 701.0 156.4 (3.0) NM 25.4% 4.5x NM

The Trade Desk, Inc. * 292.58 -10% 13,468.8 13,403.3 661.1 128.4 19.4% 38.5% 20.3x 104.4x

TiVo Corporation 7.03 -25% 896.3 1,537.6 668.1 179.9 26.9% -4.0% 2.3x 8.5x

Travelzoo 5.57 -76% 63.0 56.9 111.4 10.6 9.5% 0.1% 0.5x 5.4x

TripAdvisor, Inc. 19.97 -65% 2,678.5 2,526.5 1,560.0 242.0 15.5% -3.4% 1.6x 10.4x

TrueCar, Inc. 2.56 -65% 274.4 135.9 353.9 (38.9) NM 0.1% 0.4x NM

Twitter, Inc. 28.68 -37% 22,462.2 18,928.5 3,480.1 622.0 17.9% 10.0% 5.4x 30.4x

Yelp Inc. 22.35 -45% 1,605.6 1,425.6 1,014.2 60.7 6.0% 7.6% 1.4x 23.5x

Yext, Inc. 12.80 NA 1,503.5 1,371.2 298.8 (114.0) NM 30.9% 4.6x NM

Zillow Group, Inc. 43.54 -35% 9,332.3 9,423.1 2,742.8 (176.4) NM 105.7% 3.4x NM

Average 7.0x 16.9x


Last Twelve Months




Internationally-based Digital Advertising



Cliq Digital AG Germany $5.01 -3% $ 31.0 $ 43.9 $ 70.9 $ 6.6 9.3% 8.5% 0.6x 6.7x

Criteo S.A. France 9.93 -53% 612.9 372.1 2,206.8 243.8 11.0% -3.8% 0.2x 1.5x

iClick Interactive Asia Group Limited Hong Kong 4.37 -20% 307.1 365.1 199.4 (7.0) NM 24.6% 1.8x NM

MakeMyTrip Limited India 14.76 -51% 1,520.1 1,329.9 526.8 (106.8) NM 0.6% 2.5x NM

Matomy Media Group Ltd. Israel 0.05 -30% 5.1 28.8 74.0 7.9 10.7% -16.6% 0.4x 3.6x

Metaps Inc. Japan 5.61 -56% 76.1 50.6 91.7 (2.1) NM 0.0% 0.6x NM

Pacific Online Limited China 0.17 -37% 179.6 118.5 142.3 32.8 23.1% -3.1% 0.8x 3.6x

Perion Network Ltd. Israel 4.99 -49% 133.3 112.3 261.5 23.5 9.0% 3.4% 0.4x 4.8x

Rightmove plc * United Kingdom 6.27 -30% 5,454.1 5,423.8 383.2 285.3 74.5% 8.0% 14.2x 19.0x

Septeni Holdings Co., Ltd. Japan 1.70 -58% 215.1 91.5 160.2 24.7 15.4% 10.0% 0.6x 3.7x

Tencent Holdings Limited * China 53.79 -1% 509,705.1 524,370.0 54,185.6 19,871.5 36.7% 20.7% 9.7x 26.4x

TradeDoubler AB (publ) Sweden 0.19 -49% 8.8 20.7 129.4 1.0 0.8% 3.0% 0.2x 19.8x

XLMedia PLC Cyprus 0.29 -72% 52.6 34.6 79.7 27.2 34.2% -14.8% 0.4x 1.3x

Yandex N.V. * Netherlands 37.78 -23% 12,379.8 11,512.4 2,372.7 505.8 21.3% 33.8% 4.9x 22.8x

Average 2.5x 8.3x




• A total of 23 transactions was announced in the Agency & Marketing Services segment

• Strategic transactions accounted for more than 90 percent of segment activity

• Select Agency & Marketing Services transactions include:

‒ News Corp’s $235 million sale of retail marketing services agency News America Marketing to Charlesbank Capital Partners

‒ Accenture’s purchase of marketing services agency Yesler

‒ The sale of digital consultancy Wonderscript to Highwire PR

‒ CG Life’s acquisition of healthcare-focused PR agency McDay



Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value

# o

f dea

ls

48 40 63 53 41 68 48 39 60 54 53 230

10

20

30

40

50

60

70

80


Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 117 $5,114.4 135 $3,060.0 452 $9,639.7 21 $79.0

Private Equity - Buyout 14 3,183.6 16 628.5 63 16,519.8 1 235.0

Private Equity - VC/Growth Capital 24 958.7 16 371.1 75 2,709.4 1 6.0

Total 155 $9,256.7 167 $4,059.6 590 $28,868.9 23 $320.0






Stock Price Chg % From Equity Enterprise


Cello Health plc United Kingdom $1.51 -20% $ 160.8 $ 165.3 $ 220.9 $ 14.0 6.3% 4.9% 0.7x 11.8x

Dentsu Group Inc. Japan 21.29 -50% 5,833.2 9,762.8 9,642.2 1,467.1 15.2% NM 1.0x 6.7x

Enero Group Limited Australia 0.79 -47% 67.6 57.7 179.4 16.6 9.2% 29.2% 0.3x 3.5x

Hakuhodo DY Holdings Inc Japan 11.23 -36% 4,192.6 3,999.0 13,428.5 624.9 4.7% 2.0% 0.3x 6.4x

M&C Saatchi plc United Kingdom 0.48 -90% 48.7 95.0 538.5 27.9 5.2% 23.5% 0.2x 3.4x

MDC Partners Inc. United States 1.43 -58% 103.2 1,383.8 1,414.8 170.8 12.1% -4.3% 1.0x 8.1x

Next Fifteen Communications Group United Kingdom 4.66 -44% 404.1 483.5 396.7 49.0 12.3% 10.4% 1.2x 9.9x

Omnicom Group Inc. United States 57.03 -33% 12,220.6 16,540.4 14,891.7 2,295.3 15.4% -1.6% 1.1x 7.2x

OPT Holding, Inc. Japan 13.74 -26% 304.9 246.4 827.7 29.3 3.5% 3.1% 0.3x 8.4x

Publicis Groupe S.A. France 29.68 -49% 7,032.8 12,791.4 12,345.4 2,134.4 17.3% 10.6% 1.0x 6.0x

S4 Capital plc * United Kingdom 2.28 -20% 1,064.8 1,068.7 284.9 34.7 12.2% 128.8% 3.8x 30.8x

The Interpublic Group of Companies, United States 16.98 -33% 6,615.6 11,126.7 8,592.4 1,388.5 16.2% 4.0% 1.3x 8.0x

UDG Healthcare plc Ireland 7.91 -25% 1,983.0 2,081.5 1,298.5 178.3 13.7% -1.3% 1.6x 11.7x

WPP plc United Kingdom 7.83 -42% 9,474.1 14,716.2 17,527.4 2,129.5 12.1% 1.4% 0.8x 6.9x

1.0x 7.2xAdjusted Weighted Average








Aimia Inc. Canada $1.81 -41% $ 170.3 $ 207.6 $ 103.3 $ (43.9) NM NM 2.0x NM

Dolphin Entertainment, Inc. United States 0.50 -68% 9.9 27.6 25.0 (1.5) NM 10.9% 1.1x NM

Fluent, Inc. United States 2.01 -73% 152.6 197.0 281.7 22.0 7.8% 12.5% 0.7x 8.9x

CSG Systems International, Inc. United States 48.58 -17% 1,552.9 1,828.5 996.8 162.6 16.3% 13.9% 1.8x 11.2x

Deluxe Corporation United States 28.17 -48% 1,188.4 2,046.3 2,008.7 396.0 19.7% 0.5% 1.0x 5.2x

Fair Isaac Corporation * United States 352.94 -19% 10,236.5 11,181.3 1,226.1 316.0 25.8% 16.5% 9.1x 35.4x

Harte Hanks, Inc. United States 2.06 -48% 13.0 34.0 217.6 (10.2) NM -23.6% 0.2x NM

High Co. SA France 3.75 -46% 77.4 29.0 197.2 22.5 11.4% 1.1% 0.1x 1.3x

Kin and Carta plc United Kingdom 0.76 -47% 127.5 206.5 198.8 21.9 11.0% 14.5% 1.0x 9.4x

Pitney Bowes Inc. United States 3.53 -40% 604.9 2,351.1 3,206.3 370.0 11.5% -8.2% 0.7x 6.4x

Points International Ltd. Canada 9.87 -45% 125.5 63.5 401.2 19.9 5.0% 6.6% 0.2x 3.2x

Viad Corp United States 23.97 -67% 488.5 958.0 1,371.7 122.2 8.9% 5.8% 0.7x 7.8x

1.2x 8.0xAdjusted Weighted Average




• In April 2020, there were 18 Traditional Media transactions announced, with strategics accounting for more than 75 percent of activity

• Traditional Media transactions included:

‒ The $400 million investment outdoor media company Outfront Media received from Providence Equity Partners and Ares Management

‒ Ever Harmonic Global’s $253 million purchase of billboard marketing company Clear Media

‒ The purchase of Israel-based television company Ananey by ViacomCBS

‒ Signature Media’s acquisition of consumer magazine Vacations & Travel

‒ The merging of movie production companies STX Entertainment and Eros International in an all -stock deal that will value the combined

company north of $1 billion, including debt



Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 71 $6,334.2 65 $2,089.7 255 $19,967.0 14 $353.0

Private Equity - Buyout 4 485.9 5 526.0 20 1,290.2 0 0.0


Total 79 $6,838.6 78 $2,923.9 300 $22,448.4 18 $766.0

Traditional Media


$4.2

$0.6 $0.4

$6.0

$0.7

$4.8

$0.4

$1.6$1.2 $1.1

$0.7 $0.8

30 19 26 24 28 3516 28 28 30 21 18

10

15

20

25

30

35

40

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0







Discovery, Inc. United States $22.42 -33% $ 14,457.6 $ 31,341.6 $ 11,144.0 $ 4,630.0 41.5% 5.6% 2.8x 6.8x

Fox Corporation United States 25.56 -34% 15,617.5 21,185.5 11,710.0 2,592.0 22.1% 6.6% 1.8x 8.2x

The Walt Disney Company * United States 108.15 -30% 195,258.2 254,402.2 75,125.0 16,080.2 21.4% 26.5% 3.4x 15.8x

ViacomCBS Inc. United States 17.26 -68% 10,738.5 31,362.5 27,812.0 4,837.0 17.4% 2.1% 1.1x 6.5x



B-to-B Media



Ascential plc United Kingdom $3.19 -40% $ 1,282.4 $ 1,530.5 $ 551.2 $ 133.9 24.3% 19.4% 2.8x 11.4x

Centaur Media Plc * United Kingdom $0.33 -56% 46.8 40.5 65.8 0.3 0.4% -29.5% 0.6x 152.9x

Emerald Holding, Inc. United States $2.28 -83% 162.9 708.5 360.9 110.9 30.7% -5.2% 2.0x 6.4x

Euromoney Institutional Investor PLC United Kingdom $10.39 -45% 1,118.8 1,057.4 314.9 72.7 23.1% 4.6% 3.4x 14.6x

Hyve Group Plc United Kingdom 0.29 -79% 234.1 403.6 271.5 58.0 21.4% 25.6% 1.5x 7.0x

Informa plc United Kingdom $5.53 -51% 7,619.4 11,210.8 3,828.0 1,240.1 32.4% 22.0% 2.9x 9.0x

MCH Group AG Switzerland 14.07 -54% 84.5 226.7 451.8 43.7 9.7% -15.2% 0.5x 5.2x

TechTarget, Inc. United States $23.32 -22% 642.0 638.9 134.0 27.7 20.7% 10.4% 4.8x 23.0x



Radio Broadcasting

Stock Price Chg % From Equity Enterprise Last Twelve Months Multiples


Beasley Broadcast Group, Inc. United States $2.48 -40% $ 69.4 $ 349.1 $ 261.6 $ 39.7 15.2% 1.6% 1.3x 8.8x

Emmis Communications Corporation * United States 1.44 -79% 19.2 (39.0) 112.5 10.4 9.2% 84.4% NM NM

Entercom Communications Corp. United States 1.22 -82% 164.2 2,146.0 1,489.9 312.6 21.0% 1.9% 1.4x 6.9x

Salem Media Group, Inc. United States 0.86 -66% 22.9 314.6 253.9 32.9 12.9% -3.4% 1.2x 9.6x

Sirius XM Holdings Inc. * United States 5.91 -20% 25,880.6 34,180.6 8,002.0 2,283.0 28.5% 30.3% 4.3x 15.0x

Townsquare Media, Inc. United States 4.90 -53% 92.9 625.4 450.6 102.0 22.6% 13.6% 1.4x 6.1x

Urban One, Inc. United States 0.78 -66% 34.9 938.1 436.9 116.0 26.6% -0.5% 2.1x 8.1x



Last Twelve Months

Large Cap Diversified Media



Last Twelve Months


Last Twelve Months Multiples




Broadcast, Cable, and Satellite Television



Altice Europe N.V. Netherlands $3.98 -47% $ 4,753.1 $ 46,773.5 $ 16,604.4 $ 4,699.7 28.3% 3.8% 2.8x 10.0x

AMC Networks Inc. United States $23.85 -59% 1,325.2 4,185.4 3,060.3 914.8 29.9% 3.0% 1.4x 4.6x

CVC Limited * Australia 0.75 -57% 88.3 75.2 22.6 2.7 11.9% -44.9% 3.3x 28.1x

Charter Communications, Inc. United States 495.23 -9% 115,980.7 200,196.7 46,296.0 16,808.0 36.3% 4.8% 4.3x 11.9x

Comcast Corporation United States 37.63 -21% 171,749.3 274,512.3 108,692.0 33,692.0 31.0% 10.3% 2.5x 8.1x

Discovery, Inc. United States 22.42 -33% 14,457.6 31,341.6 11,144.0 4,630.0 41.5% 5.6% 2.8x 6.8x

DISH Network Corporation United States 25.02 -44% 13,084.1 25,057.7 12,807.7 2,516.5 19.6% -6.0% 2.0x 10.0x

Entravision Communications Corporation United States 1.46 -58% 122.8 264.5 273.6 41.9 15.3% -8.1% 1.0x 6.3x

Gray Television, Inc. United States 11.61 -50% 1,160.1 5,348.1 2,122.0 698.0 32.9% 95.8% 2.5x 7.7x

Grupo Televisa, S.A.B. Mexico 1.07 -46% 3,029.3 8,991.6 4,330.7 1,603.8 37.0% -0.5% 2.1x 5.6x

Liberty Global plc United Kingdom 19.42 -32% 11,785.1 33,273.4 11,541.5 4,592.5 39.8% -3.5% 2.9x 7.2x

Nexstar Media Group, Inc. United States 70.04 -47% 3,170.2 11,689.6 3,039.3 1,016.1 33.4% 9.9% 3.8x 11.5x

Sinclair Broadcast Group, Inc. * United States 17.65 -73% 1,592.1 14,222.1 4,240.0 864.0 20.4% 38.8% 3.4x 16.5x

TEGNA Inc. United States 10.72 -41% 2,340.7 6,607.6 2,299.5 703.9 30.6% 4.2% 2.9x 9.4x

The E.W. Scripps Company United States 8.07 -65% 656.3 2,678.3 1,423.8 173.6 12.2% 17.8% 1.9x 15.4x

ViacomCBS Inc. United States 17.26 -68% 10,738.5 31,362.5 27,812.0 4,837.0 17.4% 2.1% 1.1x 6.5x



Entertainment Media



Cineplex Inc. Canada $11.98 -51% $ 758.8 $ 2,183.2 $ 1,283.8 $ 201.5 15.7% 3.3% 1.7x 10.8x

Eros International Plc United States 2.55 -71% 332.7 645.2 196.4 (59.9) NM -27.9% 3.3x NM

Lions Gate Entertainment Corp. United States 7.14 -57% 1,504.1 4,621.5 3,859.3 336.2 8.7% 1.4% 1.2x 13.7x

Live Nation Entertainment, Inc. United States 44.87 -41% 9,465.6 12,568.3 11,548.0 773.2 6.7% 7.0% 1.1x 16.3x

Fox Corporation United States 25.56 -34% 15,617.5 21,185.5 11,710.0 2,592.0 22.1% 6.6% 1.8x 8.2x

Liberty Global plc United Kingdom 19.42 -32% 11,785.1 33,273.4 11,541.5 4,592.5 39.8% -3.5% 2.9x 7.2x

Village Roadshow Limited Australia 1.48 -44% 288.5 722.2 664.7 42.4 6.4% -2.7% 1.1x 17.0x

World Wrestling Entertainment, Inc. United States 44.47 -49% 3,442.7 3,759.5 1,069.0 232.3 21.7% 15.6% 3.5x 16.2x




Last Twelve Months






Out-of-Home Media



APG|SGA SA Switzerland $183.56 -41% $ 550.1 $ 506.9 $ 330.6 $ 62.6 18.9% 5.4% 1.5x 8.1x

Clear Channel Outdoor Holdings, Inc. United States 0.96 -82% 450.0 7,279.6 2,683.8 567.5 21.1% -1.4% 2.7x 12.8x

Clear Media Limited Hong Kong 0.91 0% 494.8 798.4 207.7 64.2 30.9% -19.8% 3.8x 12.4x

JCDecaux SA France 20.70 -35% 4,406.1 10,744.0 3,913.8 830.8 21.2% 9.6% 2.7x 12.9x

Lamar Advertising Company (REIT) United States 57.65 -40% 5,806.1 10,025.1 1,753.6 760.5 43.4% 7.8% 5.7x 13.2x

National CineMedia, Inc. United States 3.30 -66% 262.7 1,399.8 444.8 166.9 37.5% 0.8% 3.1x 8.4x

NTN Buzztime, Inc. United States 1.12 -72% 3.2 6.1 19.8 1.1 5.8% -15.1% 0.3x 5.3x

Outfront Media Inc. United States 15.69 -50% 2,264.9 6,113.5 1,782.2 454.4 25.5% 11.0% 3.4x 13.5x

Stingray Group Inc. Canada 3.12 -45% 229.4 501.9 239.8 78.4 32.7% 78.6% 2.1x 6.4x

TOM Group Limited * Hong Kong 0.15 -42% 586.8 1,000.8 117.6 16.6 14.1% -3.0% 8.5x 60.4x



Publishing



A.H. Belo Corporation United States $1.55 -62% $ 33.2 $ 5.2 $ 189.4 $ 1.3 0.7% -11.4% 0.0x 3.9x

Daily Mail and General Trust plc United Kingdom 8.91 -21% 2,031.8 1,925.3 1,644.4 203.7 12.4% -0.3% 1.2x 9.5x

Emmis Communications Corporation * United States 1.44 -79% 19.2 (39.0) 112.5 10.4 9.2% 84.4% NM NM

Gannett Co., Inc. United States 1.13 -90% 149.2 1,975.6 1,867.9 182.6 9.8% 22.4% 1.1x 10.8x

Glacier Media Inc. Canada 0.26 -52% 32.9 66.7 142.5 0.2 0.1% -1.9% 0.5x NM

John Wiley & Sons, Inc. United States 37.55 -25% 2,115.1 2,974.9 1,848.0 307.2 16.6% 3.5% 1.6x 9.7x

Meredith Corporation United States 14.83 -76% 800.4 4,207.4 3,071.4 625.5 20.4% -1.1% 1.4x 6.7x

News Corporation United States 9.91 -34% 5,895.6 8,552.6 9,742.0 883.0 9.1% 2.4% 0.9x 9.7x

Pearson plc United Kingdom 5.86 -49% 4,339.8 5,928.6 5,124.2 688.7 13.4% -6.3% 1.2x 8.6x

Scholastic Corporation United States 29.07 -37% 996.2 836.7 1,673.8 75.6 4.5% -0.3% 0.5x 11.1x

The E.W. Scripps Company United States 8.07 -65% 656.3 2,678.3 1,423.8 173.6 12.2% 17.8% 1.9x 15.4x

The McClatchy Company United States 0.09 -97% 0.7 798.0 709.5 50.2 7.1% -12.1% 1.1x 15.9x

The New York Times Company * United States 32.52 -19% 5,411.3 5,043.9 1,780.2 217.9 12.2% 3.2% 2.8x 23.1x





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



• A total of 269 transactions was announced in the Software segment, of which 129 were valued at $7.3 billion

• Strategic transactions represented nearly 50 percent of segment activity

• In addition to the acquisition of Galileo, deals completed in the segment include:

‒ The sale of cryptocurrency data platform CoinMarketCap to Binance for $400 million

‒ The $250 million round of funding data management software company Cohesity raised from DFJ Growth, Foundation Capital, Green spring

Associates, and Wing Venture Capital

‒ Investcorp’s $180 million acquisition of anti-spam software Avira

‒ The $160 million round of funding Hong Kong-based cross-border financial platform Airwallex raised from ANZi Ventures and Salesforce

Ventures



288

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 276 $14,709.0 366 $23,985.6 1,177 $76,269.1 81 $2,195.6


Private Equity - VC/Growth Capital 397 9,115.2 420 15,705.4 1,718 51,825.0 178 4,893.7

Total 717 $30,870.0 839 $59,651.0 3,074 $170,757.4 269 $7,269.3

Software


$13.3

$18.1

$8.3

$18.5

$14.9

$9.0

$6.2

$15.7

$26.5

$19.1

$14.0

$7.3

266 245 247 223 285 292225 200 268 277 294 269

10

60

110

160

210

260

310

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0







Alfa Financial Software Holdings PLC United Kingdom $0.98 -48% $ 294.8 $ 244.6 $ 85.4 $ 19.0 22.3% -9.2% 2.9x 12.8x

Anaplan, Inc. United States 40.86 -36% 5,596.5 5,342.1 348.0 (133.2) NM 44.6% 15.3x NM

Avalara, Inc. United States 89.37 -8% 7,008.8 6,608.8 382.4 (40.1) NM 40.5% 17.3x NM

Bill.com Holdings, Inc. * United States 58.89 -8% 4,259.7 3,876.7 134.2 (18.5) NM 0.0% 28.9x NM

BlackLine, Inc. United States 60.74 -18% 3,424.4 3,221.3 307.4 (10.6) NM 27.8% 10.5x NM

Coupa Software Incorporated * United States 176.09 -2% 11,734.8 11,751.0 389.7 (44.9) NM 49.7% 30.2x NM

Donnelley Financial Solutions, Inc. United States 7.28 -55% 245.6 604.9 874.7 92.9 10.6% -9.2% 0.7x 6.5x

Ebix, Inc. United States 20.93 -61% 637.9 1,372.8 580.6 153.6 26.5% 16.6% 2.4x 8.9x

GreenSky, Inc. United States 4.34 -72% 288.0 412.7 529.6 146.2 27.6% 27.7% 0.8x 2.8x

Guidewire Software, Inc. United States 90.84 -27% 7,529.3 6,900.2 701.2 3.9 0.6% -4.1% 9.8x NM

i3 Verticals, Inc. United States 23.24 -39% 338.2 535.2 332.6 27.2 8.2% 0.4% 1.6x 19.7x

Intuit Inc. United States 269.81 -12% 70,282.7 68,770.7 7,127.0 2,116.0 29.7% 13.2% 9.6x 32.5x

Model N, Inc. United States 28.86 -19% 962.0 957.0 144.5 (8.0) NM -4.0% 6.6x NM

Performant Financial Corporation United States 0.70 -66% 37.8 104.1 150.4 (9.7) NM -3.4% 0.7x NM

Q2 Holdings, Inc. United States 79.72 -15% 3,903.3 4,240.9 315.5 (32.9) NM 30.9% 13.4x NM

RealPage, Inc. United States 64.49 -2% 6,009.6 7,091.2 988.1 173.7 17.6% 13.6% 7.2x 40.8x

SS&C Technologies Holdings, Inc. United States 55.16 -17% 14,102.8 21,367.2 4,669.3 1,685.2 36.1% 12.9% 4.6x 12.7x

StoneCo Ltd. * Brazil 26.38 -43% 7,316.8 8,023.7 274.1 21.6 7.9% 51.3% 29.3x NM

Tradeweb Markets Inc. United States 52.16 -9% 9,411.7 10,005.2 774.8 229.2 29.6% 17.3% 12.9x 43.7x

Tyler Technologies, Inc. * United States 320.69 -6% 12,751.2 12,432.8 1,115.9 203.9 18.3% 16.1% 11.1x 61.0x

Zuora, Inc. United States 10.57 -54% 1,216.1 1,122.7 276.1 (75.4) NM 17.5% 4.1x NM



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States $6.50 -46% $ 1,052.3 $ 1,956.6 $ 1,771.7 $ 96.6 5.5% 1.2% 1.1x 20.2x

Cegedim SA France 29.97 -15% 414.8 685.3 565.3 74.8 13.2% 7.7% 1.2x 9.2x

Cerner Corporation United States 69.39 -14% 21,118.7 22,238.3 5,714.5 1,168.9 20.5% 4.6% 3.9x 19.0x

Computer Programs and Systems, Inc. United States 24.03 -33% 332.3 440.7 274.6 34.4 12.5% -2.1% 1.6x 12.8x

Craneware plc United Kingdom 24.19 -41% 640.5 600.2 71.4 20.5 28.7% -0.5% 8.4x 29.3x

HealthEquity, Inc. United States 56.27 -37% 3,999.8 5,109.2 532.0 164.5 30.9% 85.2% 9.6x 31.1x

McKesson Corporation United States 141.25 -18% 25,012.7 36,603.7 224,945.0 3,771.0 1.7% 5.4% 0.2x 9.7x

NantHealth, Inc. United States 2.96 -9% 327.4 541.5 96.0 (19.1) NM 7.3% 5.6x NM

NextGen Healthcare, Inc. United States 10.55 -50% 693.1 753.0 538.6 38.1 7.1% 1.6% 1.4x 19.8x

Streamline Health Solutions, Inc. United States 0.97 -54% 29.2 31.4 20.7 0.6 2.8% -7.3% 1.5x 53.4x

Veeva Systems Inc. * United States 190.80 -3% 28,478.1 27,446.2 1,104.1 307.4 27.8% 28.1% 24.9x 89.3x




*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations


Financial & Credit/Risk Management Software




HR Software



51job, Inc. China $59.94 -37% $ 4,010.1 $ 2,629.6 $ 574.5 $ 185.6 32.3% 5.8% 4.6x 14.2x

Benefitfocus, Inc. United States 10.83 -70% 346.8 499.2 295.7 (15.4) NM 14.3% 1.7x NM

Castlight Health, Inc. United States 0.73 -81% 109.6 71.2 143.3 (35.4) NM -8.4% 0.5x NM

Ceridian HCM Holding Inc. United States 58.97 -25% 8,413.1 8,847.8 824.1 121.5 14.7% 11.3% 10.7x 72.8x

Cornerstone OnDemand, Inc. United States 33.56 -48% 2,140.0 2,090.1 576.5 24.9 4.3% 7.2% 3.6x 83.9x

DHI Group, Inc. United States 2.78 -37% 140.3 164.6 149.4 28.6 19.1% -7.6% 1.1x 5.8x

Domo, Inc. United States 19.45 -50% 560.3 562.6 173.4 (112.2) NM 21.7% 3.2x NM

Paycom Software, Inc. * United States 261.02 -24% 14,991.2 14,841.6 780.1 279.1 35.8% 27.4% 19.0x 53.2x

Paylocity Holding Corporation United States 114.53 -24% 6,139.8 6,078.7 519.0 76.1 14.7% 24.2% 11.7x 79.9x

Pluralsight, Inc. United States 16.44 -53% 1,734.8 1,876.6 339.9 (142.2) NM 34.9% 5.5x NM

Workday, Inc. United States 153.90 -32% 35,900.6 35,525.9 3,627.2 (226.0) NM 28.5% 9.8x NM



Security Software



Absolute Software Corporation Canada $7.70 0% $ 325.5 $ 297.8 $ 101.6 $ 17.8 17.5% 5.7% 2.9x 16.7x

Check Point Software Technologies Ltd. Israel 105.74 -13% 15,385.2 13,641.8 2,009.5 895.8 44.6% 3.8% 6.8x 15.2x

Cisco Systems, Inc. United States 42.38 -27% 179,728.5 169,737.5 51,550.0 16,205.0 31.4% 1.4% 3.3x 10.5x

Cheetah Mobile Inc. * China 2.05 -67% 285.6 (43.3) 515.3 (69.7) NM -28.0% NM 0.6x

Cloudflare, Inc. United States 23.56 -15% 7,148.1 6,518.8 287.0 (85.3) NM 49.0% 22.7x NM

CrowdStrike Holdings, Inc. * United States 67.66 -34% 14,426.0 13,514.4 481.4 (128.8) NM 92.7% 28.1x NM

CyberArk Software Ltd. Israel 98.76 -34% 3,765.1 3,209.9 433.9 72.9 16.8% 26.4% 7.4x 44.0x

FireEye, Inc. United States 11.51 -37% 2,525.6 2,655.8 903.3 (105.6) NM 7.2% 2.9x NM

Forescout Technologies, Inc. United States 31.76 -27% 1,555.7 1,503.7 336.8 (84.7) NM 13.2% 4.5x NM

Fortinet, Inc. United States 107.74 -12% 17,369.0 15,349.5 2,156.2 405.8 18.8% 19.7% 7.1x 37.8x

Juniper Networks, Inc. United States 21.60 -23% 7,149.9 7,094.8 4,441.7 708.4 15.9% -2.7% 1.6x 10.0x

Mimecast Limited * United Kingdom 40.90 -25% 2,556.9 2,608.0 404.9 32.4 8.0% 25.9% 6.4x 80.4x

Palo Alto Networks, Inc. United States 196.51 -22% 19,593.0 18,328.6 3,121.0 47.2 1.5% 20.3% 5.9x NM

Proofpoint, Inc. United States 121.73 -9% 6,974.7 6,889.8 888.2 (24.6) NM 23.9% 7.8x NM

Qualys, Inc. United States 105.44 -5% 4,113.1 3,866.1 321.6 102.1 31.7% 15.3% 12.0x 37.9x

Rapid7, Inc. United States 45.55 -31% 2,287.0 2,312.2 326.9 (28.2) NM 33.9% 7.1x NM

SecureWorks Corp. United States 11.38 -41% 934.5 782.2 552.8 (9.2) NM 6.6% 1.4x NM

Tenable Holdings, Inc. United States 26.06 -19% 2,606.1 2,424.5 376.9 (82.1) NM 30.6% 6.4x NM

Trend Micro Incorporated Japan 51.12 -11% 7,114.4 5,502.8 1,520.1 492.3 32.4% 3.0% 3.6x 11.2x

Tufin Software Technologies Ltd. Israel 9.62 -69% 341.5 247.4 103.3 (25.8) NM 21.5% 2.4x NM

VeriSign, Inc. United States 209.49 -6% 24,204.4 24,858.1 1,237.8 858.1 69.3% 1.3% 20.1x 29.0x

Varonis Systems, Inc. United States 67.05 -28% 2,109.9 2,054.5 254.2 (69.7) NM -6.0% 8.1x NM

Zscaler, Inc. United States 67.08 -25% 8,676.9 8,326.4 360.1 (30.0) NM 48.2% 23.1x NM






Last Twelve Months




Engineering Software



Altair Engineering Inc. * United States $32.99 -24% $ 2,402.6 $ 2,387.4 $ 458.9 $ 29.7 6.5% 15.8% 5.2x 80.3x

ANSYS, Inc. United States 261.83 -12% 22,495.0 22,231.0 1,515.9 582.2 38.4% 17.2% 14.7x 38.2x

Dassault Systèmes SE France 146.10 -19% 37,995.4 40,648.6 4,608.8 1,129.5 24.5% 15.9% 8.8x 36.0x

PTC Inc. United States 69.25 -26% 7,998.0 9,499.2 1,346.2 233.2 17.3% 7.5% 7.1x 40.7x

Synopsys, Inc. United States 157.12 -6% 23,603.7 23,767.7 3,374.7 663.3 19.7% 6.4% 7.0x 35.8x

Trimble Inc. United States 34.63 -26% 8,648.1 10,446.5 3,264.3 631.5 19.3% 5.0% 3.2x 16.5x



Infrastructure Software



Adobe Inc. United States $353.64 -9% $ 170,384.1 $ 170,924.1 $ 11,661.3 $ 4,077.9 35.0% 22.1% 14.7x 41.9x

Atlassian Corporation Plc Australia 155.49 -2% 38,161.4 37,240.4 1,518.3 17.4 1.1% 35.3% 24.5x NM

Appian Corporation United States 45.67 -28% 3,089.9 2,982.2 260.4 (45.7) NM 14.8% 11.5x NM

Alteryx, Inc. * United States 113.18 -29% 7,444.8 7,392.2 417.9 46.4 11.1% 64.8% 17.7x 159.4x

Bandwidth Inc. United States 81.56 -11% 1,927.6 1,727.4 247.8 (5.9) NM 21.2% 7.0x NM

Cloudera, Inc. United States 8.28 -32% 2,444.2 2,294.7 794.2 (247.6) NM 65.5% 2.9x NM

Commvault Systems, Inc. United States 42.69 -20% 1,989.4 1,669.3 687.6 33.0 4.8% -3.8% 2.4x 50.5x

Datadog, Inc. * United States 45.12 -10% 13,485.6 12,772.0 362.8 (8.5) NM 83.2% 35.2x NM

Elastic N.V. United States 64.14 -38% 5,241.6 4,982.0 384.6 (140.8) NM 59.8% 13.0x NM

Endurance International Group Holdings, Inc. United States 2.57 -59% 359.0 2,021.1 1,104.8 271.5 24.6% -2.6% 1.8x 7.4x

Fastly, Inc. United States 21.65 -39% 2,083.5 1,982.1 200.5 (32.3) NM 38.7% 9.9x NM

Filinvest Development Corporation Philippines 0.17 -45% 1,473.4 4,079.8 1,551.4 513.1 33.1% 15.5% 2.6x 8.0x

IBM Corporation United States 125.56 -21% 111,483.7 169,200.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.6x

MongoDB, Inc. United States 162.13 -12% 9,333.2 9,333.5 421.7 (130.5) NM 57.9% 22.1x NM

Nutanix, Inc. United States 20.49 -50% 3,988.5 3,804.8 1,249.0 (737.5) NM 0.6% 3.0x NM

Okta, Inc. * United States 151.30 -5% 18,575.8 18,277.0 586.1 (175.0) NM 46.8% 31.2x NM

PagerDuty, Inc. United States 21.11 -65% 1,642.8 1,291.4 166.4 (53.2) NM 41.2% 7.8x NM

Rapid7, Inc. United States 45.55 -31% 2,287.0 2,312.2 326.9 (28.2) NM 33.9% 7.1x NM

Resonance Health Limited Australia 0.09 -49% 40.6 38.5 2.6 (0.6) NM 7.2% 15.0x NM

SailPoint Technologies Holdings, Inc. * United States 18.59 -35% 1,673.9 1,581.1 288.5 9.0 3.1% 15.9% 5.5x 176.5x

salesforce.com, inc. United States 161.95 -17% 144,945.3 143,251.3 17,098.0 2,278.0 13.3% 28.7% 8.4x 62.9x

ServiceNow, Inc. * United States 351.54 -3% 67,040.0 66,384.4 3,717.9 380.1 10.2% 32.4% 17.9x 174.7x

Smartsheet Inc. United States 52.72 -6% 6,264.9 5,763.5 270.9 (90.3) NM 52.4% 21.3x NM

Splunk Inc. United States 140.36 -20% 22,294.5 22,534.4 2,358.9 (195.8) NM 30.8% 9.6x NM

Synchronoss Technologies, Inc. United States 3.45 -62% 142.2 386.0 308.7 (32.0) NM -5.2% 1.3x NM

GlobalData Plc United Kingdom 15.62 -12% 1,843.2 1,969.1 236.0 45.6 19.3% 13.1% 8.3x 43.2x

Talend S.A. France 26.08 -49% 817.3 800.2 247.9 (50.5) NM 20.4% 3.2x NM

Twilio Inc. United States 112.30 -26% 15,718.7 14,506.2 1,134.5 (260.7) NM 74.5% 12.8x NM

Varonis Systems, Inc. United States 67.05 -28% 2,109.9 2,054.5 254.2 (69.7) NM -6.0% 8.1x NM





Last Twelve Months

Last Twelve Months





SaaS/Cloud Software



Adobe Inc. United States $353.64 -9% $ 170,384.1 $ 170,924.1 $ 11,661.3 $ 4,077.9 35.0% 22.1% 14.7x 41.9x

Anaplan, Inc. United States 40.86 -36% 5,596.5 5,342.1 348.0 (133.2) NM 44.6% 15.3x NM

Asure Software, Inc. United States 6.16 -40% 97.0 102.4 73.2 (2.0) NM 15.0% 1.4x NM

AppFolio, Inc. United States 109.86 -26% 3,755.2 3,801.2 256.0 15.1 5.9% 34.7% 14.8x NM

Avalara, Inc. United States 89.37 -8% 7,008.8 6,608.8 382.4 (40.1) NM 40.5% 17.3x NM

Benefitfocus, Inc. United States 10.83 -70% 346.8 499.2 295.7 (15.4) NM 14.3% 1.7x NM

BlackLine, Inc. United States 60.74 -18% 3,424.4 3,221.3 307.4 (10.6) NM 27.8% 10.5x NM

Box, Inc. United States 16.14 -23% 2,453.5 2,682.5 696.3 (80.0) NM 14.4% 3.9x NM

Carbacid Investments plc Kenya 0.09 -1% 22.0 15.1 6.1 2.7 44.0% 11.5% 2.5x 5.7x

Ceridian HCM Holding Inc. United States 58.97 -25% 8,413.1 8,847.8 824.1 121.5 14.7% 11.3% 10.7x 72.8x

ChannelAdvisor Corporation United States 10.33 -13% 291.9 255.5 130.0 10.6 8.2% -1.0% 2.0x 24.0x

Coupa Software Incorporated * United States 176.09 -2% 11,734.8 11,751.0 389.7 (44.9) NM 49.7% 30.2x NM

DocuSign, Inc. United States 104.75 -6% 19,182.6 19,174.9 974.0 (147.4) NM 38.9% 19.7x NM

Dropbox, Inc. United States 21.02 -20% 9,005.0 8,852.7 1,661.3 94.0 5.7% 19.4% 5.3x 94.2x

Everbridge, Inc. United States 111.38 -17% 3,825.1 3,739.2 200.9 (36.9) NM 36.6% 18.6x NM

HubSpot, Inc. United States 168.63 -19% 7,342.6 6,989.5 674.9 (29.3) NM 31.6% 10.4x NM

LivePerson, Inc. United States 23.94 -47% 1,629.9 1,651.8 291.6 (60.8) NM 16.7% 5.7x NM

LogMeIn, Inc. United States 85.46 -1% 4,168.0 4,286.1 1,275.1 316.2 24.8% 3.5% 3.4x 13.6x

Paycom Software, Inc. United States 261.02 -24% 14,991.2 14,841.6 780.1 279.1 35.8% 27.4% 19.0x 53.2x

Paylocity Holding Corporation United States 114.53 -24% 6,139.8 6,078.7 519.0 76.1 14.7% 24.2% 11.7x 79.9x

Pluralsight, Inc. United States 16.44 -53% 1,734.8 1,876.6 339.9 (142.2) NM 34.9% 5.5x NM

Q2 Holdings, Inc. United States 79.72 -15% 3,903.3 4,240.9 315.5 (32.9) NM 30.9% 13.4x NM

RealPage, Inc. United States 64.49 -2% 6,009.6 7,091.2 988.1 173.7 17.6% 13.6% 7.2x 40.8x

RingCentral, Inc. United States 228.53 -11% 20,088.1 20,174.2 902.9 4.9 0.5% 34.0% 22.3x NM

salesforce.com, inc. United States 161.95 -17% 144,945.3 143,251.3 17,098.0 2,278.0 13.3% 28.7% 8.4x 62.9x

Shopify Inc. * Canada 632.29 -5% 74,119.3 71,802.9 1,578.2 (113.0) NM 47.0% 45.5x NM

Smartsheet Inc. United States 52.72 -6% 6,264.9 5,763.5 270.9 (90.3) NM 52.4% 21.3x NM

SolarWinds Corporation United States 16.98 -22% 5,261.9 7,044.1 963.7 218.9 22.7% 13.1% 7.3x 32.2x

SPS Commerce, Inc. United States 55.51 -11% 1,943.9 1,752.2 286.4 59.5 20.8% 11.8% 6.1x 29.4x

Veeva Systems Inc. United States 190.80 -3% 28,478.1 27,446.2 1,104.1 307.4 27.8% 28.1% 24.9x 89.3x

Workday, Inc. United States 153.90 -32% 35,900.6 35,525.9 3,627.2 (226.0) NM 28.5% 9.8x NM

Workiva Inc. United States 38.35 -40% 1,807.8 1,636.2 313.7 (43.1) NM 23.3% 5.2x NM

Yext, Inc. United States 12.80 -43% 1,503.5 1,371.2 298.8 (114.0) NM 30.9% 4.6x NM

Zendesk, Inc. United States 76.88 -19% 8,762.1 8,891.8 872.4 (116.1) NM 34.1% 10.2x NM

Zuora, Inc. United States 10.57 -54% 1,216.1 1,122.7 276.1 (75.4) NM 17.5% 4.1x NM



• The Information Segment had 15 transactions in April 2020

• Select transactions from the segment included:

‒ Morningstar’s acquisition of online environmental, social and governance ratings, and research provider Sustainalytics for $60 million

‒ The $29 million round of funding retail data and analytics company EDITED raised from Wavecrest Growth Partners, Beringea UK, and

Hermes GPE

‒ AdWanted’s purchase of media and marketing information services for advertising agencies SRDS from Bain-backed Kantar

‒ The purchase of financial report rating platform ReportWatch by Comprend

‒ ScanSTAT’s acquisition of outsourced health information management company DataFile Technologies

‒ The sale of research compliance solutions company IRB Company to Advarra



Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value

# o

f dea

ls

# o

f dea

ls

30 16 27 18 20 20 21 14 30 20 9 150

5

10

15

20

25

30

35


Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 28 $753.0 35 $3,401.5 134 $6,498.3 11 $60.0

Private Equity - Buyout 1 0.0 3 10.0 10 234.0 0 0.0


Total 55 $1,404.0 59 $4,050.2 240 $8,702.2 15 $100.5

Information





Financial & Credit/Risk Management Information



Broadridge Financial Solutions, Inc. United States $116.00 -15% $ 13,317.1 $ 15,184.3 $ 4,353.2 $ 853.5 19.6% 0.8% 3.5x 17.8x

Computershare Limited Australia 7.97 -33% 4,308.4 5,928.7 2,346.3 625.1 26.6% 2.9% 2.5x 9.5x

CoreLogic, Inc. United States 38.42 -26% 3,035.8 4,648.0 1,788.4 414.3 23.2% 1.5% 2.6x 11.2x

CoStar Group, Inc. * United States 648.26 -13% 23,808.3 22,769.8 1,463.1 431.7 29.5% 17.4% 15.6x 52.7x

Envestnet, Inc. * United States 62.52 -29% 3,325.8 3,909.5 900.1 85.9 9.5% 10.8% 4.3x 45.5x

Equifax Inc. United States 138.90 -16% 16,860.4 20,042.0 3,619.4 885.0 24.5% 6.7% 5.5x 22.6x

Experian plc Ireland 29.94 -18% 26,950.7 31,272.5 4,992.0 1,550.0 31.0% 5.3% 6.3x 20.2x

FactSet Research Systems Inc. United States 275.00 -11% 10,414.7 10,906.7 1,465.3 508.0 34.7% 5.2% 7.4x 21.5x

Fair Isaac Corporation United States 352.94 -19% 10,236.5 11,181.3 1,226.1 316.0 25.8% 16.5% 9.1x 35.4x

Fidelity National Information Services, Inc. United States 131.89 -17% 81,286.7 100,937.7 10,333.0 3,404.0 32.9% 22.7% 9.8x 29.7x

IHS Markit Ltd. United Kingdom 67.30 -18% 26,847.1 32,324.9 4,449.0 1,529.2 34.4% 7.9% 7.3x 21.1x

Moody's Corporation United States 243.90 -15% 45,660.0 50,775.0 4,977.0 2,400.0 48.2% 11.6% 10.2x 21.2x

Morningstar, Inc. United States 155.96 -6% 6,699.5 7,053.0 1,244.1 251.9 20.2% 20.2% 5.7x 28.0x

MSCI Inc. * United States 327.00 -5% 27,335.8 29,622.4 1,603.2 865.5 54.0% 10.3% 18.5x 34.2x

S&P Global Inc. United States 292.88 -6% 70,554.8 75,602.8 6,914.0 3,679.0 53.2% 10.4% 10.9x 20.5x

SEI Investments Company United States 50.96 -27% 7,538.6 6,837.5 1,663.8 500.0 30.1% 2.7% 4.1x 13.7x

SS&C Technologies Holdings, Inc. United States 55.16 -17% 14,102.8 21,367.2 4,669.3 1,685.2 36.1% 12.9% 4.6x 12.7x

Thomson Reuters Corporation Canada 70.62 -10% 35,001.9 37,234.0 5,906.0 1,094.0 18.5% 7.4% 6.3x 34.0x

TransUnion United States 78.79 -22% 14,953.2 18,547.7 2,724.4 1,012.3 37.2% 13.6% 6.8x 18.3x

Verisk Analytics, Inc. United States 152.83 -11% 24,827.5 28,039.0 2,607.1 1,054.6 40.5% 8.9% 10.8x 26.6x

Workiva Inc. United States 38.35 -40% 1,807.8 1,636.2 313.7 (43.1) NM 23.3% 5.2x NM



Marketing Information



comScore, Inc. United States $2.89 -77% $ 202.6 $ 428.4 $ 388.6 $ (22.3) NM -7.4% 1.1x NM

Ebiquity plc United Kingdom 0.35 -53% 26.3 48.9 88.1 6.5 7.4% 26.2% 0.6x 7.5x

InnerWorkings, Inc. United States 1.77 -70% 92.7 262.8 1,157.8 32.8 2.8% 3.3% 0.2x 8.0x

INTAGE HOLDINGS Inc. Japan 7.27 -27% 290.3 242.9 514.8 52.8 10.2% 6.7% 0.5x 4.6x

Ipsos SA France 19.25 -45% 845.6 1,689.0 2,248.1 254.7 11.3% 14.5% 0.8x 6.6x

LiveRamp Holdings, Inc. United States 37.86 -37% 2,550.3 1,804.3 353.2 (183.2) NM 32.0% 5.1x NM

Nielsen Holdings plc United States 14.73 -40% 5,250.9 14,027.9 6,494.0 1,110.0 17.1% 0.4% 2.2x 12.6x

SVMK Inc. * United States 15.70 -30% 2,167.7 2,343.2 307.4 (43.6) NM 20.9% 7.6x NM

System1 Group PLC United Kingdom 1.23 -67% 15.5 13.7 33.8 3.3 9.7% 4.3% 0.4x 4.2x

YouGov plc * United Kingdom 8.44 -12% 909.0 886.0 193.7 38.0 19.6% 15.8% 4.6x 23.3x









Other Information



Forrester Research, Inc. United States $31.30 -40% $ 587.12 $ 729.13 $ 461.70 $ 33.96 7.4% 29.1% 1.6x 21.5x

Gartner, Inc. United States 118.81 -31% 10,594.8 13,471.5 4,245.3 570.8 13.4% 6.8% 3.2x 23.6x

HealthStream, Inc. United States 22.83 -23% 731.0 619.1 250.5 34.4 13.7% 3.5% 2.5x 18.0x

IQVIA Holdings Inc. United States 142.59 -16% 27,229.5 39,182.5 11,158.0 1,887.0 16.9% 5.9% 3.5x 20.8x

Informa plc United Kingdom 5.53 -51% 7,619.4 11,210.8 3,828.0 1,240.1 32.4% 22.0% 2.9x 9.0x

National Research Corporation * United States 51.59 -28% 1,291.0 1,314.1 128.0 48.6 38.0% 6.9% 10.3x 27.0x

NIC Inc. United States 24.23 -6% 1,622.7 1,415.3 360.1 68.3 19.0% 4.9% 3.9x 20.7x

Premier, Inc. United States 33.16 -17% 2,356.6 2,366.0 1,239.5 544.0 43.9% 26.1% 1.9x 4.3x

Proofpoint, Inc. United States 121.73 -9% 6,974.7 6,889.8 888.2 (24.6) NM 23.9% 7.8x NM

Reed Elsevier plc(1) United Kingdom 22.63 -14% 43,560.2 51,503.9 10,428.4 3,177.3 30.5% 5.1% 4.9x 16.2x

Wolters Kluwer N.V. Netherlands 73.43 -6% 19,466.7 21,892.0 5,175.6 1,465.6 28.3% 8.3% 4.2x 14.9x



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



• The Business & IT Services segment had 89 transactions

‒ GFI Informatique’s acquisition of IT consulting company Informática El Corte Inglés for $386 million

‒ The $300 million Ireland-based customized print and signage company Cimpress received from Apollo Global Management

‒ The $50 million round of funding fleet management company Merchants Fleet has raised from Bain Capital Credit

‒ The merging of IT solutions company American Virtual Cloud Technologies with Navigation Capital Partners -backed Computex

Technology Solutions

‒ RXA’s purchase of big data analytics consulting company Yapa Group



$2.7

$7.8

$6.6

$3.8

$1.1$2.3

$8.0

$3.2

$11.7

$4.4

$1.8$0.9

119 113 108 104 119 136 107 101 132 117 98 89 10

30

50

70

90

110

130

150

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0


Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 247 $3,274.8 250 $0.0 923 $25,447.7 64 $399.5


Private Equity - VC/Growth Capital 62 651.0 67 1,381.9 266 5,750.0 17 466.2

Total 343 $12,945.8 347 $5,591.9 1,325 $54,170.5 89 $865.7

Business & IT Services





Consulting



Accenture plc Ireland $185.19 -14% $ 117,971.10 $ 116,387.43 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.6x 16.2x

CRA International, Inc. United States 42.13 -28% 328.2 538.9 471.7 45.0 9.5% 11.2% 1.1x 12.0x

FTI Consulting, Inc. United States 127.36 -12% 4,585.6 4,890.6 2,406.0 333.4 13.9% 15.6% 2.0x 14.7x

Information Services Group, Inc. United States 2.50 -34% 117.5 193.3 265.8 20.1 7.6% -3.6% 0.7x 9.6x

ICF International, Inc. United States 73.54 -23% 1,384.6 1,695.3 1,478.5 130.5 8.8% 10.5% 1.1x 13.0x

Huron Consulting Group Inc. United States 56.04 -21% 1,208.6 1,587.6 894.9 106.0 11.8% 11.0% 1.8x 15.0x

The Hackett Group, Inc. United States 14.83 -22% 445.4 427.4 260.8 39.8 15.3% -1.4% 1.6x 10.7x



HR Services



Automatic Data Processing, Inc. * United States $146.69 -20% $ 63,047.36 $ 63,704.96 $ 14,757.30 $ 3,689.10 25.0% 5.8% 4.3x 17.3x

Barrett Business Services, Inc. United States 48.92 -49% 368.7 270.1 942.3 54.4 5.8% 0.2% 0.3x 5.0x

Capita plc United Kingdom 0.49 -79% 813.4 2,680.2 4,872.0 574.1 11.8% -6.1% 0.6x 4.7x

DHI Group, Inc. United States 2.78 -37% 140.3 164.6 149.4 28.6 19.1% -7.6% 1.1x 5.8x

Edenred SA * France 40.23 -29% 9,767.0 11,460.4 1,761.9 673.3 38.2% 18.3% 6.5x 17.0x

Insperity, Inc. United States 47.71 -67% 1,848.2 1,789.5 4,314.8 207.6 4.8% 12.7% 0.4x 8.6x

Marsh & McLennan Companies, Inc. United States 97.33 -19% 49,063.7 63,455.7 17,232.0 4,319.0 25.1% 14.7% 3.7x 14.7x

Paychex, Inc. United States 68.52 -24% 24,579.2 24,716.0 4,105.8 1,694.5 41.3% 12.9% 6.0x 14.6x

TriNet Group, Inc. United States 48.97 -36% 3,295.2 3,391.2 3,970.0 331.0 8.3% 11.0% 0.9x 10.2x


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.4x)and EBITDA multiples that are 1.0

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.7x)and EBITDA multiples that are 1.0



Last Twelve Months




IT Consulting

Stock Price Chg % From Equity Enterprise Value


Accenture plc Ireland $185.19 -14% $ 117,971.10 $ 116,387.43 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.6x 16.2x

Amdocs Limited United States 64.44 -17% 8,672.3 8,510.4 4,116.6 783.5 19.0% 2.7% 2.1x 10.9x

Bechtle AG Germany 144.62 -12% 6,074.2 6,334.0 6,031.3 310.4 5.1% 24.3% 1.1x 20.4x

Booz Allen Hamilton Holding Corporation United States 73.44 -10% 10,297.4 12,039.8 7,274.3 728.3 10.0% 11.0% 1.7x 16.5x

Business & Decision SA * France 8.59 0% 67.7 137.0 97.4 2.4 NA -2.1% 1.4x 58.0x

Capgemini SE France 93.80 -29% 15,870.8 17,651.7 15,851.2 2,025.6 12.8% 7.0% 1.1x 8.7x

Cerner Corporation United States 69.39 -14% 21,118.7 22,238.3 5,714.5 1,168.9 20.5% 4.6% 3.9x 19.0x

CGI Inc. Canada 63.92 -21% 16,482.7 19,258.4 8,652.9 1,521.1 17.6% 4.2% 2.2x 12.7x

Cognizant Technology Solutions Corporation United States 58.02 -19% 31,392.0 29,679.0 16,783.0 3,291.0 19.6% 4.1% 1.8x 9.0x

Digi International Inc. United States 11.35 -40% 327.9 405.7 254.2 21.8 8.6% 4.1% 1.6x 18.6x

DXC Technology Company United States 18.13 -72% 4,600.0 12,883.0 20,042.0 3,264.0 16.3% -4.8% 0.6x 3.9x

Endava plc * United Kingdom 43.77 -23% 2,298.8 2,260.9 421.1 38.7 9.2% 23.1% 5.4x 58.4x

EPAM Systems, Inc. * United States 220.89 -11% 12,280.3 11,607.2 2,293.8 348.2 15.2% 24.5% 5.1x 33.3x

Globant S.A. * Luxembourg 115.67 -18% 4,283.0 4,313.2 659.3 115.5 17.5% 26.2% 6.5x 37.3x

Hexaware Technologies Limited India 3.72 -38% 1,111.1 1,161.8 778.3 119.4 15.3% 20.5% 1.5x 9.7x

International Business Machines Corporation United States 125.56 -21% 111,483.7 169,200.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.6x

Infosys Limited India 9.53 -15% 40,396.8 37,943.6 12,780.0 3,055.0 23.9% 8.3% 3.0x 12.4x

Larsen & Toubro Limited India 11.95 -44% 16,772.2 33,317.5 21,398.1 2,713.0 12.7% 10.3% 1.6x 12.3x

NTT DATA Corporation Japan 10.33 -31% 14,482.8 19,949.3 20,749.3 1,332.0 6.4% 5.8% 1.0x 15.0x

Parsons Corporation United States 37.40 -18% 3,765.0 4,118.5 3,954.8 188.0 4.8% 11.1% 1.0x 21.9x

Perficient, Inc. United States 34.83 -35% 1,154.6 1,237.2 565.5 77.1 13.6% 13.5% 2.2x 16.0x

Reply S.p.A. Italy 69.80 -19% 2,610.9 2,499.6 1,353.0 184.9 13.7% 14.7% 1.8x 13.5x

SQLI SA France 18.49 -31% 84.1 151.7 272.0 18.2 6.7% 6.1% 0.6x 8.3x

Synthomer plc United Kingdom 3.57 -32% 1,517.6 1,588.9 1,932.5 219.3 11.3% -9.9% 0.8x 7.2x

Tata Consultancy Services Limited India 26.82 -11% 100,637.1 96,845.1 20,843.2 5,592.2 26.8% 7.2% 4.6x 17.3x

Wipro Limited India 2.54 -36% 14,428.7 11,285.8 8,104.0 1,545.4 19.1% 4.2% 1.4x 7.3x







Outsourced Services

Stock Price Chg % From Equity Enterprise Value


AMREP Corporation United States $4.84 -31% $ 39.38 $ 26.20 $ 17.61 $ 0.09 0.5% NM 1.5x 287.9x

Cimpress plc Ireland 72.79 -50% 1,907.5 3,519.1 2,790.8 387.9 13.9% 4.1% 1.3x 9.1x

Clairvest Group Inc. Canada 33.48 -15% 509.0 259.0 170.4 107.7 63.2% 24.6% 1.5x 2.4x

CSG Systems International, Inc. United States 48.58 -17% 1,552.9 1,828.5 996.8 162.6 16.3% 13.9% 1.8x 11.2x

Donnelley Financial Solutions, Inc. United States 7.28 -55% 245.6 604.9 874.7 92.9 10.6% -9.2% 0.7x 6.5x

Elanders AB (publ) Sweden 5.12 -46% 180.9 583.1 1,109.3 53.4 4.8% -0.9% 0.5x 10.9x

Eniro AB (publ) Sweden 0.06 -74% 4.0 106.2 113.5 4.8 4.2% -23.9% 0.9x 22.0x

ExlService Holdings, Inc. United States 61.73 -23% 2,118.3 2,131.5 991.3 134.2 13.5% 12.3% 2.2x 15.9x

Firstsource Solutions Limited India 0.47 -39% 324.7 432.6 560.0 69.8 12.5% 6.1% 0.8x 6.2x

Genpact Limited Bermuda 34.43 -24% 6,548.6 7,913.3 3,520.5 520.9 14.8% 17.3% 2.2x 15.2x

InnerWorkings, Inc. United States 1.77 -70% 92.7 262.8 1,157.8 32.8 2.8% 3.3% 0.2x 8.0x

J2 Global, Inc. United States 80.64 -23% 3,929.7 4,935.9 1,372.1 515.4 37.6% 13.6% 3.6x 9.6x

MAXIMUS, Inc. United States 67.32 -18% 4,304.7 4,369.4 3,040.4 408.1 13.4% 24.9% 1.4x 10.7x

Quad/Graphics, Inc. United States 3.72 -69% 200.1 1,351.9 3,923.4 322.1 8.2% -1.6% 0.3x 4.2x

IQVIA Holdings Inc. United States 142.59 -16% 27,229.5 39,182.5 11,158.0 1,887.0 16.9% 5.9% 3.5x 20.8x

R. R. Donnelley & Sons Company United States 1.71 -65% 122.0 2,082.8 6,163.8 391.9 6.4% -6.8% 0.3x 5.3x

Serco Group plc United Kingdom 1.62 -23% 1,977.5 2,716.9 4,302.2 195.1 4.5% 14.5% 0.6x 13.9x

Steel Connect, Inc. United States 0.77 -62% 47.3 500.8 839.1 46.2 5.5% 3.5% 0.6x 10.8x

SYNNEX Corporation United States 87.56 -43% 4,507.2 8,055.9 23,772.0 1,268.5 5.3% 15.8% 0.3x 6.4x

Sykes Enterprises, Incorporated United States 28.63 -25% 1,181.4 1,344.8 1,614.8 161.4 10.0% -0.7% 0.8x 8.3x

Teleperformance SE France 223.72 -18% 13,134.8 16,045.8 6,009.4 1,003.3 16.7% 20.6% 2.7x 16.0x

TTEC Holdings, Inc. United States 38.98 -23% 1,813.3 2,271.9 1,643.7 199.3 12.1% 8.9% 1.4x 11.4x

transcosmos inc. Japan 20.34 -29% 843.8 677.3 2,898.4 134.0 4.6% 9.5% 0.2x 5.1x

Transcontinental Inc. Canada 9.08 -27% 792.2 1,582.1 2,276.3 359.7 15.8% 4.2% 0.7x 4.4x








• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public

announcements by companies and investors.

• All trading data related to publicly-traded companies has been sourced from Capital IQ.




Canaccord Genuity is the business name used by certain subsidiaries of Canaccord Genuity Group Inc., including Canaccord Genuity LLC, Canaccord Genuity Limited, and Canaccord Genuity, a division of Canaccord Genuity Group Inc. Canaccord Genuity Group Inc. is listed on the TSX and LSE.

Research Policy: Decisions regarding initiation and termination of research coverage will be made exclusively by research man agement. Investment banking is not able to request or have input into specific company coverage decisions. It is, however, our general practice to continue to provide coverage for com panies for which we act as lead or co-manager in an equity offering.

The information contained in this document has been compiled by Canaccord Genuity from sources believed to be reliable, but n o representation or warranty, express or implied, is made by Canaccord Genuity, its affiliates or any other person as to its accuracy, completeness or correctness. All estimates, opinion s and other information contained in this document constitute Canaccord Genuity's judgment as of the date of this document, are subject to change without notice and are provided in good f aith but without legal responsibility or liability.

Canaccord Genuity and its affiliates February choose to provide specific disclosures of the subject companies by reference, a s well as its policies and procedures regarding the dissemination of investment research. To access this material or for more information, please send a request to Canaccord Genuity Research, Attn: Disclosures, P.O. Box 10337 Pacific Centre, 2200-609 Granville Street, Vancouver, BC, Canada V7Y 1H2 or [email protected].

Canaccord Genuity and its affiliates February have a relationship with the company that is contained herein and February trad e in any of the securities mentioned herein either for their own account or the accounts of their customers. Accordingly, Canaccord Genuity or their affiliates February at any time have a lo ng or short position in any such securities, related securities or in options, futures or other derivative instruments based thereon.

This document is provided for informational purposes only and does not constitute an offer or solicitation to buy or sell any securities discussed herein in any jurisdiction where such offer or solicitation would be prohibited. As a result, the securities discussed in this document February not be eligible for sale in some jurisdictions. This document is not, and under no circumstances should be construed as, a solicitation to act as a securities broker or dealer in any jurisdiction by any perso n or company that is not legally permitted to carry on the business of a securities broker or dealer in that jurisdiction. Investors should obtain advice based on their own individual circumsta nces before making an investment decision. To the fullest extent permitted by law, neither Canaccord Genuity, nor its affiliates nor any other person accepts any liability whatsoever for any direct or consequential loss arising from any use of the information contained in this document.

For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction.

For United Kingdom Residents: This material is not for distribution in the United Kingdom to retail customers, as defined under the rules of the Financial Conduct Authority. Canaccord Genuity Limited accepts responsibility for this presentation and its dissemination in the United Kingdom. The information con tained in this presentation is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties as defined under the rules of the Financial Cond uct Authority. This publication is not directed at private individuals in the United Kingdom or Continental Europe, and has not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Within the United Kingdom, it is directed only at persons falling within Article 19 (Investment Professionals) or Article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions February constitute a violation of the securities laws of any such jurisdictions.

This publication is a brief summary and does not purport to contain all available information on the subjects covered. Furth er information is available on request.

Copyright © Canaccord Genuity Corp. 2020 – Member IIROC/Canadian Investor Protection FundCopyright © Canaccord Genuity Limited. 2020 – Member LSE, authorized and regulated by the Financial Conduct Authority.Copyright © Canaccord Genuity LLC 2020 – Member FINRA/SIPCCopyright © Canaccord Genuity (Australia) Limited. 2020 – Participant of ASX Group, Chi-x Australia and of the NSX. Authorized and regulated by ASIC.

All rights reserved. All material presented in this document, unless specifically indicated otherwise, is under copyright to Canaccord Genuity, a division of Canaccord Genuity Group Inc., Canaccord Genuity Limited, and Canaccord Genuity LLC None of the material, nor its content, nor any copy of it, may be altere d in any way, or transmitted to or distributed to any other party, without the prior express written permission of the entities listed above.

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