June2014 MA and Investment Summary - Petsky...

June 2014 M&A and Investment Summary

Expertise. Commitment. Results.

2 | M&A and Investment Summary June 2014

Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 92

Additional Monthly M&A and Investment Activity Data 423

About Petsky Prunier 554

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

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


M&A and Investment Summary for All Segments

Transaction Distribution

A total of 372 deals were announced in June 2014, of which 234 were worth $32.6 billion in aggregate reported value

Software was the most active and highest reported value segment with 85 deals announced, of which 43 were reported at $7.2 billion in aggregate value

Marketing Technology was the second most active segment with 78 transactions

Strategic buyers announced 169 deals (45 percent of total volume), of which 51 were worth $21.3 billion in aggregate value

VC/Growth Capital investors announced 187 deals, of which 175 were reported for $4.3 billion, including Uber’s $1.2 billion growth round

Buyout investors announced 16 deals during the month, of which 8 were reported at $7 billion in aggregate value

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

Software 85 23% $7,216.4 22% 40 $6,587.8 3 ‐ 42 $628.6

Marketing Technology 78 21% 1,374.1 4% 24 352.8 2 143.2 52 878.1

Digital Media/Commerce 60 16% 4,873.7 15% 24 3,142.1 0 ‐ 36 1,731.6

Digital Advertising 47 13% 2,253.5 7% 25 797.4 1 1,100.0 21 356.1

Information & Business Services 39 10% 1,618.3 5% 21 647.5 3 752.0 15 218.8

Technology & Communications 36 10% 9,826.4 30% 16 9,192.4 2 355.6 18 278.4

Traditional Media 16 4% 1,451.4 4% 10 612.4 4 679.0 2 160.0

Agency & Marketing Services 11 3% 4,012.6 12% 9 9.6 1 4,000.0 1 3.0

Total 372 100% 32,626.4 100% 169 21,342.0 16 7,029.8 187 4,254.6

June 2014

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$21.6

$38.0

$7.7

$18.0

$8.4 $11.7 $14.7 $18.4

$81.5

$38.7

$12.4

$65.1

$32.6

392 369 384 375 309 293 301 384 444 406 427 395 372

$‐

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

Jun‐13 Jul‐13 Aug‐13 Sep‐13 Oct‐13 Nov‐13 Dec‐13 Jan‐14 Feb‐14 Mar‐14 Apr‐14 May‐14 Jun‐14

M&A and Investment Summary for All Segments

Transaction Distribution

Compared to the previous month aggregate reported value in June decreased 50 percent from May 2014, and increased 51 percent from June 2013

Strategic activity accounted for 65 percent of reported deal value during the month, and included:

• Level 3 Communications $7.7 billion acquisition of TW Telecom, a provider of managed network services

• Oracle’s pending $5.3 billion acquisition of MICROS Systems, a provider of information technology solutions for hospitality and retail industries, at a valuation of 3.5x revenue and 17.7x EBITDA

• The sale of a majority stake in marketing outsourcing company Advantage Sales and Marketing by Apax Partners to private equity firms Leonard Green & Partners and CVC Capital Partners, reportedly valued at approximately $4 billion

• The Priceline Group’s $2.6 billion acquisition of OpenTable, a restaurant reservation solutions provider, at a valuation of 13.2x revenue

(1) Aggregate totals for June 2013 do not include Vodafone’s $14 billion acquisition of Kabel Deutschland

WhatsApp/Facebook

(1)

Time Warner Cable/Comcast

AT&T/DirecTV


Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Agency & Marketing ServicesAdvantage Sales & Marketing, LLC Retail Services Leonard Green & Partners, L.P. 4,000.0$ 1,600.0$ ‐$ 2.5x NA

Digital Advertising Adconion Media, Inc. & Adconion Pty Limited Ad Networks/Exchanges Amobee Media Systems 229.0 185.0 ‐ 1.2x NA Kontera Technologies, Inc. Ad Networks/Exchanges Amobee Media Systems 150.0 26.0 ‐ 5.8x NA AdColony Mobile Marketing Opera Software ASA 75.0 52.8 7.9 1.4x 9.5x

Digital Media/Commerce

OpenTable.com, Inc. Web Search/Portals The Priceline Group, Inc. 2,613.0 198.3 60.2 13.2x 43.4x

ALM Media Properties, LLC Niche Content Wasserstein & Company 417.0 177.0 53.0 2.4x 7.9x

Healthy Directions, LLC eCommerce Helen of Troy L.P. 195.0 145.0 ‐ 1.3x NA

Maplin Electronics Ltd. eCommerce Rutland Partners LLP 144.6 364.5 ‐ 0.4x NA

DragonPlay Ltd. Gaming Bally Technologies, Inc. 100.0 ‐ 10.0 NA 10.0x

Smile Interactive Co., Ltd. Mobile Content/Apps Macromac PLC 3.9 4.4 ‐ 0.9x NA

Information & Business Services

Medical Staffing Network, Inc. Staffing Cross Country Healthcare, Inc. 48.3 229.0 ‐ 0.2x NA

Ness Technologies Israel IT Consulting/Systems Integration Hilan Ltd. 42.0 200.7 ‐ 0.2x NA

Marketing TechnologyCision AB Email/Messaging Software GTCR, LLC 143.2 128.5 13.9 1.1x 10.3x

Precise Media Group Ltd. Analytics & Targeting Kantar Media 118.8 49.0 ‐ 2.4x NA

Software

Micros Systems, Inc. ERP Software Oracle Corporation 4,431.0 1,268.0 249.7 3.5x 17.7x

SeatonCorp HR Software TrueBlue, Inc. 310.0 ‐ 23.0 NA 13.5x

ReadSoft AB Financial Software Hyland Software 197.6 119.6 6.3 1.7x 31.5x

Atego TM Engineering Software PTC, Inc. 50.0 20.0 ‐ 2.5x NA

Technology & Communications

TW Telecom, Inc. Internet Service Providers Level 3 Communications, Inc. 7,725.1 1,591.0 518.3 4.9x 14.9x

Fusion‐io, Inc. Data Center Technology SanDisk Corporation 1,275.5 387.4 (75.4) 3.3x NM

MPayMe Limited Financial Technology Powa Technologies Ltd. 75.0 30.0 ‐ 2.5x NA

ViryaNet Limited Enterprise Mobility Verisae, Inc. 19.5 11.1 ‐ 1.8x NA

Traditional Media

Mecom Group plc Newspaper Publishing De Persgroep Publishing 334.0 1,112.6 22.5 0.3x 14.9x


Securities in Registration($ in Millions)

Aggregate Date Company Name Country Segment Offering Value Rev EBITDA

Jun‐14 HealthEquity, Inc. United States Software 100.0$ 67.6$ 18.6

Jun‐14 The Go Daddy Group, Inc. United States Digital Media/Commerce 100.0 NA NA

Jun‐14 Travelport Limited United States Digital Media/Commerce 100.0 2,100.0 428.0

May‐14 Good Technology, Inc. United States Technology & Communications 100.0 160.0 NA

Apr‐14 Goodman Networks, Inc. United States Software 100.0 931.7 19.6

Apr‐14 Zoosk, Inc. United States Digital Media/Commerce 100.0 178.2 2.3

Mar‐14 Box, Inc. United States Software 250.0 124.1 (142.5)

Mar‐14 Globoforce Group plc Ireland Software NA NA NA

Mar‐14 TubeMogul Inc. United States Digital Advertising 75.0 57.2 (5.9)

Jun‐12 goldenTech SA Switzerland Software 5.2 NA NA

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

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

LTM


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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 4, 2014 1st Trading Day

Jun‐14 NYSE:ANET Aris ta Networks , Inc. United States $36.00‐$40.50 $43.00 $55.00, up 28% $76.41 38.9%

Jun‐14 NYSE:IMPR Imprivata , Inc. United States 14.00‐16.00 15.00 16.25, up 8% 16.44 1.2%

Jun‐14 NasdaqGS:MRKT Marki t Ltd. United Kingdom 23.00‐25.00 24.00 26.70, up 11% 26.95 0.9%

Jun‐14 NasdaqGS:MOBL Mobi leIron, Inc. United States 8.00‐10.00 9.00 11.02, up 22% 9.82 (10.9%)

Jun‐14 NYSE:ZPIN Zhaopin Ltd. China 12.50‐14.50 13.50 14.65, up 9% 15.06 2.8%

May‐14 NYSE:CMCM Cheetah Mobi le, Inc. China 12.50‐14.50 14.00 14.10, flat 20.92 48.4%

May‐14 NasdaqGS:JD JD.com, Inc. China 16.00‐18.00 19.00 22.80, up 20% 27.79 21.9%

May‐14 NYSE:JMEi Jumei internationa l Holding Limited China 19.50‐21.50 22.00 25.52, up 16% 28.14 10.3%

May‐14 NasdaqGS:TRUE TrueCar, Inc. United States 12.00‐14.00 9.00 10.44, up 16% 15.04 44.1%

May‐14 NYSE:ZEN Zendesk, Inc. United States 8.00‐10.00 9.00 13.43, up 49% 16.51 22.9%

Apr‐14 NasdaqGM:FIVN Five9, Inc. United States 9.00‐11.00 7.00 8.25, up 18% 6.98 (15.4%)

Apr‐14 NYSE:GRUB GrubHub Inc. United States 23.00‐25.00 26.00 34.00, up 31% 34.10 0.3%

Apr‐14 NYSE:IMS IMS Health Holdings , Inc. United States 18.00‐21.00 20.00 23.90, up 20% 26.15 9.4%

Apr‐14 NYSE:PAYC Paycom Software, Inc. United States 18.00‐20.00 15.00 15.00, flat 14.68 (2.1%)

Apr‐14 NasdaqGS:SPWH Sportsman's Warehouse Holdings , Inc. United States 11.00‐13.00 9.50 12.00, up 26% 8.00 (33.3%)

Apr‐14 NYSE:RUBI The Rubicon Project, Inc. United States 15.00‐17.00 15.00 20.04, up 34% 12.78 (36.2%)

Apr‐14 NasdaqGS:WB Weibo Corporation China 17.00‐19.00 17.00 20.24, up 19% 21.04 4.0%

Mar‐14 NYSE:ATEN A10 Networks , Inc. United States 13.00‐15.00 15.00 16.21, up 8% 13.60 (16.1%)

Mar‐14 NYSE:AMBR Amber Road, Inc. United States 10.50‐12.50 13.00 11.50, down 11% 16.58 44.2%

Mar‐14 NYSE:HIVE Aerohive Networks , Inc. United States 9.00‐11.00 10.00 9.99, down 1% 8.18 (18.1%)

Mar‐14 NasdaqGS:BRDR Borderfree, Inc. United States 14.00‐16.00 16.00 20.10, up 26% 17.02 (15.3%)

Mar‐14 NYSE:CSLT Castl ight Health, Inc. United States 13.00‐15.00 16.00 38.85, up 143% 14.95 (61.5%)

Mar‐14 NYSE:CBSO CBS Outdoor Americas Inc. United States 26.00‐28.00 28.00 29.50, up 5% 32.25 9.3%

Mar‐14 NYSE:COUP Coupons .com Incorporated United States 12.00‐14.00 16.00 30.00, up 88% 23.36 (22.1%)

Mar‐14 NYSE:EVDY Everyday Health, Inc. United States 13.00‐15.00 14.00 14.50, flat 18.94 30.6%

Mar‐14 NYSE:KING King Digita l Entertainment plc United States 21.00‐24.00 22.50 19.00, down 15% 21.87 21.0%

Mar‐14 NasdaqGS:PCTY Payloci ty Holding Corporation United States 14.00‐16.00 17.00 28.50, up 68% 21.65 (24.0%)

Mar‐14 NYSE:QTWO Q2 Holdings , Inc. United States 11.00‐13.00 13.00 16.68, up 28% 15.04 (9.8%)

LTM IPO Performance (1/2)


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

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 4, 2014 1st Trading Day

Mar‐14 NYSE:TNET TriNet Group, Inc. United States $15.00‐$17.00 $16.00 $19.10, up 19% $24.67 29.2%

Mar‐14 NasdaqGS:VRNS Varonis Systems, Inc. United States 19.00‐21.00 22.00 44.56, up 103% 30.88 (30.7%)

Jan‐14 NYSE:CRCM Care.com, Inc. Uni ted States 14.00‐16.00 17.00 24.30, up 43% 12.66 (47.9%)

Dec‐13 NYSE:ATHM Autohome Inc. China 14.00‐16.00 17.00 26.95, up 58% 36.10 34.0%

Dec‐13 NYSE:NMBL Nimble Storage, Inc. United States 18.00‐20.00 21.00 33.81, up 61% 29.61 (12.4%)

Nov‐13 NYSE:CUDA Barrracuda Networks , Inc. Uni ted States 18.00‐21.00 18.00 21.55, up 20% 33.97 57.6%

Nov‐13 NYSE:CHGG Chegg, Inc. Uni ted States 9.50‐11.50 12.50 9.64, down 23% 6.84 (29.0%)

Nov‐13 NYSE:MVNR Mavenir Systems, Inc. Uni ted States 15.00‐17.00 10.00 9.55, down 4.5% 15.16 58.7%

Nov‐13 NasdaqGM:GOMO Sungy Mobi le Limited China 9.50‐11.50 11.22 13.35, up 19% 13.24 (0.8%)

Nov‐13 NYSE:TWTR Twitter United States 23.00‐25.00 26.00 44.90, up 73% 41.33 (8.0%)

Nov‐13 NasdaqGS:WIX Wix.com Ltd. Uni ted States 14.50‐16.50 16.50 16.31, down 1% 20.09 23.2%

Nov‐13 NasdaqGS:ZU zul i ly, Inc. Uni ted States 18.00‐20.00 22.00 37.70, up 71% 39.37 4.4%

Oct‐13 NasdaqGS:COMM CommScope Holding Company Inc. Uni ted States 18.00‐21.00 15.00 4.99, flat 23.34 367.7%

Oct‐13 NasdaqGS:CRTO Cri teo SA France 27.00‐29.00 31.00 35.39, up 15% 37.10 4.8%

Oct‐13 NasdaqGS:EIGI Endurance International Group Holdings , Inc. China 14.00‐16.00 12.00 13.84, up 32% 15.66 13.2%

Oct‐13 SEHK:484 Forgame Holdings China 5.60‐7.09 6.58 8.70, up 32% 3.50 (59.8%)

Oct‐13 NasdaqGS:SFXE SFX Entertainment Inc. Uni ted States 11.00‐13.00 13.00 11.89, down 9% 7.71 (35.2%)

Oct‐13 NYSE:VEEV Veeva Systems Inc. Uni ted States 12.00‐14.00 20.00 37.16, up 86% 24.96 (32.8%)

Sep‐13 NasdaqGM:BNFT Benefitfocus , Inc. Uni ted States 21.50‐24.50 26.50 53.55, up 102% 46.73 (12.7%)

Sep‐13 NasdaqGS:COVS Covis int Corporation United States 9.00‐11.00 10.00 12.31, up 23% 5.33 (56.7%)

Sep‐13 NasdaqGS:FEYE Fi reEye, Inc. Uni ted States 12.00‐14.00 20.00 39.40, up 97% 38.95 (1.1%)

Sep‐13 NasdaqGS:MONT Montage Technology Group Limited China 12.00‐14.00 10.00 12.80, up 28% 21.28 66.3%

Sep‐13 NasdaqGS:PINC Premier, Inc. Uni ted States 23.00‐26.00 27.00 30.65, up 14% 28.86 (5.8%)

Sep‐13 NasdaqGS:FUEL Rocket Fuel , Inc. Uni ted States 27.00‐29.00 29.00 55.42, up 91% 28.54 (48.5%)

Sep‐13 NYSE:VMEM Viol in Memory, Inc. Uni ted States 8.00‐10.00 9.00 7.20, down 20% 4.48 (37.8%)

Aug‐13 NYSE:CVT Cvent, Inc. Uni ted States 17.00‐19.00 21.00 32.92, up 57% 29.04 (11.8%)

Aug‐13 NYSE:YUME YuMe, Inc. Uni ted States 12.00‐14.00 9.00 9.00, flat 5.99 (33.4%)

Jul ‐13 NasdaqGS:SALE Reta i lMeNot, Inc. Uni ted States 20.00‐22.00 21.00 27.70, up 32% 26.29 (5.1%)

LTM IPO Performance (2/2)


Digital Media/Commerce

Of the total $5.3 billion in value reported in the Digital Media/Commerce segment, $3.1 billion in strategic transactions were reported, while another $1.7 billion of Venture/Growth Capital investments were made

Mobile Content/Apps and eCommerce were among the most active subsegments, with 17 and 15 transactions announced, respectively, of which eight and 12 were reported worth a combined total of $1.8 billion

Select acquisitions:

• The Priceline Group’s $2.6 billion acquisition of OpenTable, a restaurant reservation solutions provider, at a valuation of 13.2x revenue

Select investments:

• The $1.2 billion investment in Uber that was raised from a consortium of investors led by Fidelity Investments, reportedly valuing the on‐demand ride service at $18.2 billion

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

Mobile Content/Apps 17 28% $1,270.9 26% 9 $7.9 0 ‐ 8 $1,263.0

eCommerce 16 27% 648.6 13% 6 412.0 0 ‐ 10 236.6

Gaming 9 15% 175.0 4% 4 100.0 0 ‐ 5 75.0

Social Media/Apps 8 13% 72.7 1% 1 1.7 0 ‐ 7 71.0

Classifieds/Auctions/P‐to‐P 5 8% 82.0 2% 0 ‐ 0 ‐ 5 82.0

Niche Content 3 5% 4.0 0% 2 ‐ 0 ‐ 1 4.0

Domain Portfolio/Marketplace 1 2% 7.5 0% 1 7.5 0 ‐ 0 ‐

Web Search/Portals 1 2% 2,613.0 54% 1 2,613.0 0 ‐ 0 ‐

Total 60 100% 4,873.7 100% 24 3,142.1 0 0.0 36 1,731.6

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media/CommercePublic Company Valuation (1/3)

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

Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA1‐800‐Flowers.com Inc. United States $5.92 ‐17% $ 379.4 $ 381.7 $ 741.9 $ 38.8 5.2% 1.2% 0.5x 9.8x58.com Inc. * China 55.35 ‐6% 4,507.6 4,185.8 170.3 26.3 15.5% 86.4% 24.6x 159.1xAmazon.com Inc. United States 337.49 ‐17% 155,302.7 149,783.7 78,123.0 3,790.0 4.9% 22.1% 1.9x 39.5xAOL Inc. United States 41.41 ‐22% 3,310.2 3,343.9 2,364.9 434.7 18.4% 7.5% 1.4x 7.7xBaidu, Inc. China 191.20 ‐1% 66,997.9 63,821.3 5,713.0 2,314.9 40.5% 47.7% 11.2x 27.6xBlucora, Inc. United States 18.83 ‐37% 773.8 697.0 624.8 113.1 18.1% 36.9% 1.1x 6.2xBlue Nile Inc. United States 28.89 ‐41% 349.9 293.8 456.6 16.4 3.6% 10.3% 0.6x 17.9xCafePress Inc. United States 5.13 ‐31% 88.4 68.8 241.5 4.9 2.0% 4.8% 0.3x 14.1xCare.com, Inc. * United States 12.66 ‐57% 392.2 273.6 88.6 NA NA 0.0% 3.1x NA CDW Corporation United States 32.50 0% 5,591.0 8,706.9 11,009.2 722.1 6.6% 7.7% 0.8x 12.1xCopart, Inc. United States 36.06 ‐4% 4,545.2 4,732.9 1,139.7 375.4 32.9% 12.9% 4.2x 12.6xCupid plc * United Kingdom 0.71 ‐54% 50.4 28.7 45.6 (4.7) NM ‐0.4% 0.6x NM CyberAgent Inc. Japan 40.26 ‐25% 2,514.5 2,272.5 1,728.8 201.1 11.6% 0.0% 1.3x 11.3xDemand Media, Inc. United States 4.82 ‐33% 418.1 356.7 383.7 171.8 44.8% ‐2.8% 0.9x 2.1xDeNA Co., Ltd. Japan 13.42 ‐46% 1,738.4 1,253.8 1,776.3 601.1 33.8% 0.0% 0.7x 2.1xeBay Inc. United States 50.94 ‐15% 64,558.5 60,842.5 16,561.0 4,902.0 29.6% 13.9% 3.7x 12.4xE‐Commerce China Dangdang Inc. * China 13.28 ‐30% 1,070.8 847.3 1,083.4 (8.9) NM 23.6% 0.8x NM eLong Inc. * China 21.62 ‐10% 762.9 473.4 167.2 (30.7) NM 28.4% 2.8x NM Everyday Health, Inc. United States 18.94 ‐5% 569.9 786.2 162.9 13.8 8.5% 17.1% 4.8x 57.0xExpedia Inc. United States 82.21 0% 10,673.8 10,353.7 4,959.3 653.8 13.2% 17.3% 2.1x 15.8xFacebook, Inc. United States 66.29 ‐9% 170,123.2 157,886.2 8,916.0 4,665.0 52.3% 62.4% 17.7x 33.8xForgame Holdings Limited China 3.50 ‐63% 443.9 236.2 190.6 55.8 29.3% 52.3% 1.2x 4.2xG5 Entertainment AB (publ) * Sweden 4.92 ‐34% 43.3 38.3 16.3 (0.2) NM 22.5% 2.4x NM GameLoft SE France 8.82 ‐23% 741.3 659.3 317.1 49.4 15.6% 12.0% 2.1x 13.3xGeeknet, Inc. United States 12.44 ‐38% 82.9 38.6 141.4 0.6 0.4% 16.9% 0.3x 60.8xGlu Mobile, Inc. * United States 5.28 ‐7% 474.6 437.6 125.6 (7.6) NM 18.2% 3.5x NM Google Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7xGree, Inc. Japan 8.43 ‐37% 1,984.3 1,529.9 1,332.6 455.7 34.2% ‐12.4% 1.1x 3.4xGrubHub Inc. United States 34.10 ‐16% 2,687.1 2,574.4 170.0 39.1 23.0% 0.0% 15.1x 65.8xHollywood Media Corp. * United States 1.31 ‐33% 29.7 6.8 0.4 (4.8) NM ‐31.1% 15.9x NM HSN, Inc. United States 59.95 ‐8% 3,190.3 3,266.9 3,408.8 297.7 8.7% 3.2% 1.0x 11.0xIAC/InterActiveCorp United States 69.00 ‐14% 5,729.7 5,794.5 3,021.0 529.3 17.5% 4.1% 1.9x 10.9xInternational Game Technology United States 16.20 ‐24% 4,001.4 5,834.1 2,265.4 707.1 31.2% ‐1.3% 2.6x 8.3xiProperty Group Limited * Malaysia 2.97 ‐21% 540.5 525.9 17.8 (2.5) NM 23.2% 29.5x NM j2 Global, Inc. United States 51.20 ‐9% 2,434.7 2,401.1 541.3 228.2 42.2% 35.9% 4.4x 10.5xJiayuan.com International Ltd. China 5.94 ‐37% 177.3 83.5 83.0 6.6 7.9% 18.5% 1.0x 12.7xJobStreet Corp. Bhd. * Malaysia 0.76 ‐19% 534.5 531.6 2.6 2.0 76.1% NA 207.1x 272.2xJumei International Holding Limited China 28.14 ‐13% 4,027.6 3,912.1 526.9 77.4 14.7% 0.0% 7.4x 50.5xKongzhong Corp. China 9.10 ‐39% 417.4 252.1 176.5 24.7 14.0% ‐4.2% 1.4x 10.2xLifeLock, Inc. United States 13.94 ‐39% 1,288.0 1,096.8 395.1 23.5 5.9% 31.3% 2.8x 46.7xLiberty Interactive Corporation United States 29.85 ‐3% 14,500.4 24,458.4 11,316.0 2,023.0 17.9% 8.8% 2.2x 12.1x




Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALightInTheBox Holding Co., Ltd. * China 6.91 ‐70% $ 351.7 $ 253.4 $ 300.7 $ (15.4) NM 27.2% 0.8x NM LinkedIn Corporation * United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4xLiquidity Services, Inc. * United States 15.63 ‐59% 501.3 399.6 503.6 NA NA 1.5% 0.8x NA Mediabistro Inc. * United States 1.00 ‐82% 6.1 13.7 13.1 (1.4) NM 2.6% 1.0x NM MeetMe, Inc. * United States 2.81 ‐36% 108.5 108.1 42.1 (0.4) NM ‐4.5% 2.6x NM Mercadolibre, Inc. Argentina $96.04 ‐34% 4,240.6 4,035.5 485.3 171.7 35.4% 23.6% 8.3x 23.5xMixi, Inc. * Japan 35.71 ‐7% 2,971.1 2,796.6 119.1 10.5 8.8% ‐3.8% 23.5x 267.0xNCsoft Corporation South Korea 179.85 ‐28% 3,589.5 2,921.9 743.1 198.2 26.7% ‐5.9% 3.9x 14.7xNetflix, Inc. United States 472.35 ‐1% 28,316.3 27,548.0 4,620.7 342.8 7.4% 22.8% 6.0x 80.4xNEXON Co., Ltd. Japan 9.92 ‐26% 4,363.8 3,388.3 1,552.4 643.7 41.5% 29.4% 2.2x 5.3xOpenTable, Inc. United States 103.54 ‐3% 2,440.0 2,322.4 198.3 60.2 30.4% 18.2% 11.7x 38.6xOrbitz Worldwide, Inc. United States 9.01 ‐32% 983.3 1,175.2 854.4 127.7 14.9% 7.9% 1.4x 9.2xOverstock.com Inc. United States 16.73 ‐53% 401.2 290.6 1,333.4 20.7 1.6% 16.1% 0.2x 14.1xPacific Online Ltd. China 0.56 ‐36% 625.5 551.0 136.6 52.9 38.7% 18.5% 4.0x 10.4xPandora Media, Inc. * United States 29.55 ‐27% 6,071.1 5,729.8 734.0 (7.6) NM 0.0% 7.8x NM PC Home Online Inc. Taiwan 10.37 ‐7% 852.6 734.5 574.8 27.6 4.8% 15.5% 1.3x 26.6xPerform Group plc. United Kingdom 3.95 ‐61% 1,040.1 955.7 356.9 50.4 14.1% 37.3% 2.7x 19.0xPetMed Express, Inc. United States 13.78 ‐22% 278.2 244.4 233.4 29.1 12.5% 2.4% 1.0x 8.4xPhoenix New Media Limited China 10.77 ‐21% 796.5 572.8 241.6 47.2 19.6% 30.1% 2.4x 12.1xThe Priceline Group Inc. United States 1,243.12 ‐10% 65,179.3 60,323.9 7,133.1 2,680.6 37.6% 29.1% 8.5x 22.5xRakuten, Inc. Japan 13.55 ‐25% 17,898.3 19,202.7 5,326.3 1,146.6 21.5% 18.7% 3.6x 16.7xRealNetworks Inc. * United States 7.80 ‐13% 279.9 70.2 195.1 (41.7) NM ‐21.5% 0.4x NM Rediff.com India Limited * India 3.03 ‐21% 83.6 63.6 16.3 (6.2) NM 3.8% 3.9x NM Renren Inc. * China 3.41 ‐29% 1,224.6 239.4 140.1 (99.5) NM ‐17.1% 1.7x NM Shutterfly, Inc. United States 49.79 ‐17% 1,918.2 1,827.0 804.0 78.5 9.8% 20.7% 2.3x 23.3xShutterstock, Inc. United States 85.41 ‐17% 3,006.2 2,793.2 257.2 46.9 18.2% 40.4% 10.9x 59.6xSky‐mobi Limited China 7.84 ‐38% 234.7 139.8 78.2 2.4 3.1% ‐19.2% 1.8x 57.5xSNAP Interactive, Inc. * United States 0.33 ‐71% 12.9 12.5 12.4 (5.1) NM ‐26.7% 1.0x NM Spark Networks, Inc. * United States 5.68 ‐37% 135.4 124.4 68.8 (9.7) NM 6.7% 1.8x NM Sportsman's Warehouse Holdings, United States 8.00 ‐27% 334.5 556.6 639.1 62.1 9.7% 0.0% 0.9x 9.0xStamps.com Inc. United States 34.77 ‐30% 562.6 472.3 129.0 36.5 28.3% 8.0% 3.7x 13.0xTaomee Holdings Ltd. China 4.97 ‐44% 178.8 68.1 50.5 6.7 13.2% 28.1% 1.3x 10.2xTheStreet, Inc. * United States 2.48 ‐18% 85.2 27.1 56.3 (0.3) NM 11.4% 0.5x NM Twitter, Inc. * United States 41.33 ‐45% 24,362.9 22,379.8 801.0 (616.3) NM 112.5% 27.9x NM U.S. Auto Parts Network, Inc. United States 4.00 0% 133.7 142.8 257.4 6.4 2.5% ‐8.7% 0.6x 22.2xUnited Online, Inc. United States 10.33 ‐83% 146.2 78.9 231.8 14.6 6.3% 219.1% 0.3x 5.4xValueVision Media Inc. United States 5.15 ‐27% 256.7 269.7 648.8 11.2 1.7% 7.8% 0.4x 24.2x



*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.


Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAVipshop Holdings Limited * China 198.97 ‐1% $ 11,244.6 $ 10,863.6 $ 2,087.9 $ 87.1 4.2% 131.6% 5.2x 124.7xVitacost.com, Inc. * United States 7.98 ‐15% 271.8 242.7 389.8 (7.7) NM 13.0% 0.6x NM WebMD Health Corp. United States 51.93 ‐3% 1,960.0 2,133.9 536.4 86.8 16.2% 12.8% 4.0x 24.6xWeibo Corporation * China 21.04 ‐14% 4,149.9 4,426.6 229.9 (26.7) NM 0.0% 19.3x NM XO Group Inc. United States 13.05 ‐17% 351.3 275.8 136.0 15.9 11.7% 4.9% 2.0x 17.4xYahoo! Inc. United States 36.14 ‐13% 36,386.0 6,813.9 4,672.7 887.3 19.0% ‐4.7% 1.5x 7.7xYandex N.V. Netherlands 34.56 ‐24% 11,107.6 10,966.3 1,229.7 479.7 39.0% 37.2% 8.9x 22.9xYY Inc. China 75.88 ‐17% 4,227.5 3,861.7 350.3 108.0 30.8% 117.8% 11.0x 35.8xzulily, Inc. United States 39.37 ‐46% 4,888.0 4,578.6 806.6 18.2 2.3% 101.8% 5.2x 30.0xZynga, Inc. United States 3.19 ‐46% 2,821.4 2,039.2 777.7 32.6 4.2% ‐36.5% 2.6x 62.6x

Adjusted Weighted Average 7.6x 25.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (52.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (85.8x)


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

Digital Video 11 23% $54.6 2% 4 ‐ 0 ‐ 7 $54.6

Vertical Search 9 19% 191.1 8% 5 175.0 0 ‐ 4 16.1

Mobile Marketing 6 13% 148.3 7% 5 147.0 0 ‐ 1 1.3

Local Search 5 11% 189.5 8% 2 3.0 0 ‐ 3 186.5

Digital Promotion/Coupon 4 9% 116.4 5% 2 93.4 0 ‐ 2 23.0

Online Lead Generation 4 9% 1,105.4 49% 2 ‐ 1 1,100.0 1 5.4

Ad Networks/Exchanges 3 6% 379.0 17% 3 379.0 0 ‐ 0 ‐

Other* 5 11% 69.2 3% 2 ‐ 0 ‐ 3 69.2

Total 47 100% 2,253.5 100% 25 797.4 1 1,100.0 21 356.1

*Other includes Affiliate/CPA Network and Comparison Shopping

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Digital Advertising

There were a total of 47 transactions announced (26 acquisitions and 21 investments) in the Digital Advertising segment, worth a total of $2.3 billion in aggregate reported value


• KKR’s $1.1 billion acquisition of Internet Brands, which operates multiple websites and offers complementary services focused on the automotive, health, legal, and home/travel verticals, from Hellman & Friedman and JMI Equity

• Amobee’s $235 million acquisition of online advertising network companies Adconion Direct North America and Adconion Australia, as well as its $150 million purchase of Kontera Technologies, a provider of in‐text advertising solutions

• Norway‐based Opera Software’s pending acquisition of mobile advertising network AdColony for $75 million in cash and a potential earn‐out of up to $275 million

Select Investments:

• The $150 million investment in Houzz, an online community focused on home‐renovation, valuing the company at $2.3 billion


Digital AdvertisingPublic Company Valuation (1/2)

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States $12.31 ‐57% $ 720.3 $ 671.2 $ 266.1 $ (19.4) NM 50.5% 2.5x NM AOL Inc. United States 41.41 ‐22% 3,310.2 3,343.9 2,364.9 434.7 18.4% 7.5% 1.4x 7.7xAutobytel Inc. United States 13.28 ‐29% 119.4 119.8 87.1 6.1 7.0% 27.4% 1.4x 19.6xBankrate, Inc. United States 18.17 ‐21% 1,903.1 1,956.4 485.5 114.7 23.6% 10.2% 4.0x 17.1xBlinkx plc United States 0.58 ‐86% 231.8 101.2 247.2 30.9 12.5% 24.9% 0.4x 3.3xBlucora, Inc. United States 18.83 ‐37% 773.8 697.0 624.8 113.1 18.1% 36.9% 1.1x 6.2xConstant Contact, Inc. United States 33.31 ‐1% 1,045.6 914.8 296.1 30.5 10.3% 13.7% 3.1x 30.0xConversant, Inc. United States 25.42 ‐12% 1,703.1 1,672.6 584.6 203.9 34.9% 10.7% 2.9x 8.2xCoupons.com Incorporated United States 23.36 ‐29% 1,811.0 1,613.4 182.9 (8.9) NM 0.0% 8.8x NM Criteo SA France 37.10 ‐39% 2,140.5 1,823.1 681.9 42.1 6.2% 61.7% 2.7x 43.3xCtrip.com International Ltd. * China 64.91 ‐1% 8,844.1 8,235.2 935.4 140.5 15.0% 31.7% 8.8x 58.6xDemand Media, Inc. United States 4.82 ‐33% 418.1 356.7 383.7 31.9 8.3% ‐2.8% 0.9x 11.2xDice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4xDigital Globe Services Inc. United States 2.61 ‐46% 78.0 75.1 32.1 3.5 10.9% 40.7% 2.3x 21.3xeHealth, Inc. * United States 37.70 ‐40% 717.2 619.0 186.9 4.3 2.3% 15.7% 3.3x 142.6xGoogle Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7xGroupon, Inc. United States 6.67 ‐48% 4,550.2 3,509.3 2,729.9 117.6 4.3% 14.9% 1.3x 29.8xHi‐Media S.A. France 3.71 ‐4% 165.9 169.4 251.9 9.3 3.7% ‐4.8% 0.7x 18.3xHomeAway, Inc. United States 34.58 ‐29% 3,233.7 2,776.5 372.7 60.2 16.1% 26.0% 7.4x 46.1xIAC/InterActiveCorp United States 69.00 ‐14% 5,729.7 5,794.5 3,021.0 529.3 17.5% 4.1% 1.9x 10.9xInternetQ PLC United Kingdom 4.54 ‐36% 180.9 174.9 141.9 14.3 10.1% 42.2% 1.2x 12.2xLeGuide.com S.A. France 40.79 ‐25% 148.1 111.8 62.0 9.3 14.9% 4.2% 1.8x 12.1xMakeMyTrip Limited India 32.71 ‐9% 1,363.3 1,296.8 255.4 (12.9) NM 11.6% 5.1x NM Millennial Media Inc. United States 4.45 ‐58% 476.1 378.1 282.4 (5.0) NM 45.4% 1.3x NM Monster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1xMove, Inc. United States 14.92 ‐19% 590.5 558.1 230.8 11.3 4.9% 12.2% 2.4x 49.5xOpera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6xPacific Online Ltd. China 0.56 ‐36% 625.5 551.0 136.6 52.9 38.7% 18.5% 4.0x 10.4xQuinStreet, Inc. United States 5.54 ‐43% 242.7 204.0 290.7 21.1 7.3% ‐7.7% 0.7x 9.7xReachLocal, Inc. United States 7.45 ‐48% 215.2 141.3 517.2 4.7 0.9% 9.4% 0.3x 30.4xRetailMeNot, Inc. United States 26.29 ‐46% 1,412.3 1,255.3 230.5 71.3 30.9% 48.2% 5.4x 17.6xRightmove plc * United Kingdom 39.56 ‐18% 3,888.8 3,877.2 240.0 167.7 69.9% 17.2% 16.2x 23.1xRocket Fuel Inc. United States 28.54 ‐60% 1,003.0 814.0 276.8 (13.2) NM 115.9% 2.9x NM Rovi Corporation United States 24.21 ‐4% 2,293.4 3,019.8 547.7 191.9 35.0% 11.9% 5.5x 15.7xSepteni Holdings Co., Ltd. Japan 11.34 ‐25% 287.4 231.7 492.8 23.7 4.8% 16.2% 0.5x 9.8xTiVo Inc. United States 13.24 ‐7% 1,520.6 951.0 430.7 53.2 12.4% 35.1% 2.2x 17.9xTradeDoubler AB Sweden 1.66 ‐52% 70.5 43.6 280.2 5.5 1.9% ‐12.6% 0.2x 8.0xTravelzoo Inc. United States 19.60 ‐42% 289.0 227.8 156.3 26.2 16.8% 1.5% 1.5x 8.7xTree.Com, Inc. United States 29.04 ‐17% 328.7 239.2 151.2 10.2 6.7% 63.8% 1.6x 23.6xTremor Video, Inc. United States 4.55 ‐59% 229.1 141.8 141.9 (9.2) NM 25.9% 1.0x NM


Digital Advertising Public Company Valuation (2/2)

*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!., enterprise value reflects Adjusted Enterprise Value.


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATripAdvisor Inc. * United States 109.18 ‐2% $ 15,574.9 $ 15,474.9 $ 995.7 $ 321.8 32.3% 23.0% 15.5x 48.1xTrueCar, Inc. United States 15.04 ‐5% 1,068.4 1,030.7 152.8 (18.8) NM 0.0% 6.7x NM Trulia, Inc. United States $46.79 ‐11% 1,727.7 1,737.0 174.2 (18.1) NM 118.0% 10.0x NM Velti Plc Ireland 0.05 ‐96% 4.5 16.9 232.1 (136.5) NM ‐1.6% 0.1x NM Voltari Corporation United States 1.97 ‐73% 9.2 22.1 10.9 (16.8) NM 133.3% 2.0x NM Web.com Group, Inc. United States 29.49 ‐22% 1,521.6 2,066.0 510.6 98.2 19.2% 18.3% 4.0x 21.0xYahoo! Inc. United States 36.14 ‐13% 36,386.0 6,813.9 4,672.7 887.3 19.0% ‐4.7% 1.5x 7.7xYelp, Inc. * United States 78.89 ‐22% 5,653.4 5,254.1 263.3 1.4 0.5% 68.4% 20.0x NM Yandex N.V. Netherlands 34.56 ‐24% 11,107.6 10,966.3 1,229.7 479.7 39.0% 37.2% 8.9x 22.9xYouku Tudou Inc. * China 23.70 ‐37% 4,933.4 4,408.5 517.5 60.6 11.7% 57.4% 8.5x 72.8xYuMe, Inc. * United States 5.99 ‐50% 193.9 144.0 161.8 2.6 1.6% 31.2% 0.9x 54.7xZhaopin Ltd. China 15.06 ‐10% 752.1 690.7 154.3 39.0 25.2% 0.0% 4.5x 17.7xZillow, Inc. * United States 142.23 ‐2% 5,618.3 5,308.9 224.8 (6.6) NM 69.1% 23.6x NM


*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (49.9x)


Marketing Technology

Analytics & Targeting was the most active and highest reported value Marketing Technology subsegment with 18 transactions announced, worth $340 million in aggregate reported value. Content Management was also an active subsegment with 15 deals, worth $232 million


• WPP’s $118 million purchase of a majority stake in UK‐based Precise Media Group, a company that provides an online social media monitoring technology platform

• Twitter’s $100 million pending acquisition of mobile ad retargeting startup TapCommerce

Select investments:

• The $73.4 million Spring Lake Equity Partners‐led investment in MediaMath, which operates a digital media‐buying management platform

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

Analytics & Targeting 18 23% $339.7 28% 6 $162.3 0 ‐ 12 $177.4

Content Management 15 19% 231.7 19% 5 72.5 1 ‐ 9 159.2

Mobile Technology 9 12% 220.7 18% 5 118.0 0 ‐ 4 102.7

MRM/Workflow Management 7 9% 61.2 5% 1 ‐ 0 ‐ 6 61.2

Social Technology 5 6% 25.6 2% 2 ‐ 0 ‐ 3 25.6

Commerce Management 3 4% 38.3 3% 0 ‐ 0 ‐ 3 38.3

CRM 3 4% 17.7 1% 0 ‐ 0 ‐ 3 17.7

Other* 17 22% 296.0 24% 5 ‐ 0 ‐ 12 270.5

Total 77 100% 1,230.9 100% 24 352.8 1 0.0 52 878.1

*Other includes BI Tools, Content Delivery Network, Email/Messaging Software, Market Research Software, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, and Website Creation/Hosting

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN




Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States 4.83 ‐41% 222.5 158.4 123.7 7.3 5.9% ‐11.0% 1.3x 21.8xAdobe Systems Inc. United States 73.57 ‐1% 36,591.9 34,768.0 4,105.1 747.8 18.2% ‐3.5% 8.5x 46.5xBazaarvoice, Inc. United States 8.08 ‐30% 627.3 581.7 168.1 (29.8) NM 14.5% 3.5x NM Bitauto Holdings Limited China 47.97 ‐3% 1,990.6 1,820.0 250.2 52.4 21.0% 38.9% 7.3x 34.7xBlackbaud Inc. United States 36.44 ‐14% 1,645.1 1,785.7 515.8 101.6 19.7% 10.1% 3.5x 17.6xBorderfree, Inc. United States 17.02 ‐20% 535.3 413.9 111.2 1.2 1.1% 20.6% 3.7x NM Brightcove, Inc. United States 10.73 ‐34% 344.4 324.3 116.3 (1.0) NM 25.4% 2.8x NM ChannelAdvisor Corporation United States 25.90 ‐48% 636.6 542.8 72.4 (17.4) NM 28.5% 7.5x NM ChinaCache International Holdings China 15.60 ‐47% 395.7 317.4 192.7 5.5 2.8% 38.7% 1.6x 58.0xConstant Contact, Inc. United States 33.31 ‐1% 1,045.6 914.8 296.1 30.5 10.3% 13.7% 3.1x 30.0xCovisint Corporation United States 5.33 ‐64% 199.8 150.3 97.1 (33.6) NM 7.1% 1.5x NM Cvent, Inc. United States 29.04 ‐37% 1,196.0 994.3 118.2 3.3 2.8% 31.9% 8.4x NM Dealertrack Technologies, Inc. United States 45.81 ‐22% 2,454.4 3,054.9 531.3 47.1 8.9% 30.8% 5.8x 64.8xDemandware, Inc. * United States 66.81 ‐19% 2,397.7 2,143.8 115.4 (17.1) NM 37.5% 18.6x NM Digital River Inc. United States 15.80 ‐22% 515.9 259.4 376.5 29.8 7.9% ‐0.7% 0.7x 8.7xE2open, Inc. United States 21.48 ‐28% 624.8 573.3 71.2 (20.9) NM ‐4.9% 8.0x NM eBay Inc. United States 50.94 ‐15% 64,558.5 60,842.5 16,561.0 4,902.0 29.6% 13.9% 3.7x 12.4xEndurance International Group United States 15.66 ‐4% 2,021.5 3,046.6 543.3 69.3 12.8% 47.2% 5.6x 43.9xInformatica Corporation United States 35.66 ‐19% 3,915.2 3,185.1 977.0 174.8 17.9% 17.7% 3.3x 18.2xInfosystems S.A. Poland 1.11 ‐9% 4.6 3.9 3.0 1.2 42.1% 11.0% 1.3x 3.1xInteractive Intelligence Group Inc. United States 56.35 ‐31% 1,173.2 1,083.2 324.4 20.8 6.4% 25.8% 3.3x 52.1xIBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0xJive Software, Inc. United States 8.56 ‐53% 602.2 496.4 152.9 (60.6) NM 25.2% 3.2x NM LivePerson Inc. United States 10.49 ‐31% 568.6 489.2 183.1 6.5 3.5% 12.3% 2.7x 75.4xMarin Software Incorporated United States 11.39 ‐21% 383.9 293.2 83.0 (27.5) NM 30.2% 3.5x NM Marketo, Inc. United States 29.89 ‐34% 1,210.2 1,099.5 108.5 (42.4) NM 64.5% 10.1x NM Mercadolibre, Inc. Argentina 96.04 ‐34% 4,240.6 4,035.5 485.3 171.7 35.4% 23.6% 8.3x 23.5xMicroStrategy Inc. United States 143.60 ‐2% 1,622.8 1,257.0 583.6 40.6 7.0% 4.7% 2.2x 30.9xNetSuite Inc. * United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Nuance Communications, Inc. United States 18.90 ‐6% 5,994.3 7,553.3 1,887.6 193.0 10.2% 4.1% 4.0x 39.1xOpen Text Corporation Canada 48.75 ‐8% 5,928.0 6,924.6 1,478.0 376.7 25.5% 11.8% 4.7x 18.4xOpera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6xOracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2xPROS Holdings, Inc. * United States 27.15 ‐34% 785.8 741.8 152.1 3.3 2.2% 22.3% 4.9x 223.9xPTC Inc. United States 38.99 ‐3% 4,624.9 4,672.6 1,313.5 304.7 23.2% 3.4% 3.6x 15.3xQlik Technologies, Inc. United States 23.16 ‐38% 2,076.1 1,822.8 485.0 5.8 1.2% 19.5% 3.8x NM Rovi Corporation United States 24.21 ‐4% 2,293.4 3,019.8 547.7 191.9 35.0% 11.9% 5.5x 15.7xThe Rubicon Project, Inc. United States 12.78 ‐45% 458.3 494.9 90.2 (2.8) NM 0.0% 5.5x NM Sage Group plc United Kingdom 6.62 ‐12% 7,230.7 7,849.2 2,271.3 670.0 29.5% ‐3.7% 3.5x 11.7xSalesforce.com, Inc United States 58.76 ‐12% 36,078.6 37,492.5 4,405.1 (32.8) NM 35.7% 8.5x NM SAP AG Germany 78.39 ‐8% 93,559.4 93,162.5 22,989.2 7,916.8 34.4% 2.7% 4.1x 11.8x

Marketing Technology Public Company Valuation (1/2)


Marketing Technology Public Company Valuation (2/2)


Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDASizmek Inc. United States 9.99 ‐25% $ 303.7 $ 220.6 $ 165.4 $ 20.3 12.3% 0.0% 1.3x 10.9xSky‐mobi Limited China 7.84 ‐38% 234.7 139.8 78.2 2.4 3.1% ‐19.2% 1.8x 57.5xSungy Mobile Limited China 13.24 ‐61% 442.3 321.5 59.0 15.8 26.8% 76.7% 5.5x 20.4xSynchronoss Technologies, Inc. United States 35.68 ‐9% 1,469.2 1,420.0 369.2 88.6 24.0% 28.5% 3.8x 16.0xTableau Software, Inc. * United States 69.14 ‐32% 4,699.1 4,082.6 267.0 15.6 5.8% 86.6% 15.3x 262.5xTeradata Corporation United States 40.55 ‐39% 6,394.7 5,712.7 2,733.0 647.0 23.7% 3.6% 2.1x 8.8xTIBCO Software Inc. United States 20.00 ‐26% 3,254.6 3,221.7 1,091.5 196.1 18.0% 5.4% 3.0x 16.4xVerint Systems Inc. United States 50.25 ‐6% 3,005.5 3,819.2 959.9 162.9 17.0% 13.2% 4.0x 23.4xWeborama France 11.55 ‐38% 40.3 37.8 38.1 2.7 7.1% 5.3% 1.0x 13.9xWix.com ltd Israel 20.09 ‐39% 756.7 656.6 93.8 (34.9) NM 88.5% 7.0x NM Zendesk, Inc. * United States 16.51 ‐12% 1,158.8 1,125.3 83.2 (22.2) NM 0.0% 13.5x NM




Agency & Marketing Services

There were 12 transactions announced in the Agency & Marketing Services segment in June. Digital Agency was the most active subsegment with four transactions announced, respectively


• The sale of a majority stake in marketing outsourcing company Advantage Sales and Marketing by Apax Partners to private equity firms Leonard Green & Partners and CVC Capital Partners, reportedly valued at approximately $4 billion

• GTCR’s $143 million purchase of a majority stake in Cision, which provides cloud‐based PR software, services, and tools for the marketing and public relations industry

• Creative Artists Agency’s acquisition of experiential marketing agency Promotions Group West (PGW)

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

Digital Agency 4 33% $9.6 0% 4 $9.6 0 ‐ 0 ‐

Loyalty/Retention 2 17% 3.0 0% 1 ‐ 0 ‐ 1 3.0

Retail Services 2 17% 4,000.0 96% 1 ‐ 1 4,000.0 0 ‐

Database/Analytics 1 8% 143.2 3% 0 ‐ 1 143.2 0 ‐

Experiential Marketing 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

General Agency 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Marketing Consulting 1 8% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Total 12 100% 4,155.8 0% 9 9.6 2 4,143.2 1 3.0

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



AgencyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $1.47 ‐10% $ 123.4 $ 129.6 $ 273.8 $ 16.6 6.1% 18.2% 0.5x 7.8xCharm Communications Inc. China 4.49 ‐16% 183.2 73.0 183.8 5.1 2.8% 11.1% 0.4x 14.2xChime Communications plc * United Kingdom 6.05 ‐6% 592.0 665.3 513.1 15.7 3.1% ‐13.1% 1.3x 42.4xCreston plc United Kingdom 1.82 ‐9% 107.8 95.2 128.4 20.0 15.6% ‐0.4% 0.7x 4.8xDentsu Inc. Japan 41.44 ‐3% 11,948.2 9,971.7 22,624.1 1,118.6 4.9% 19.0% 0.4x 8.9xEnero Group Limited Austral ia 0.99 ‐4% 84.9 68.6 212.0 3.5 1.7% ‐23.4% 0.3x NM Havas France 8.27 ‐5% 3,389.3 3,673.4 2,408.8 364.0 15.1% ‐1.1% 1.5x 10.1xHuntsworth plc United Kingdom 0.89 ‐29% 279.3 334.3 295.6 48.8 16.5% ‐0.4% 1.1x 6.8xM&C Saatchi plc United Kingdom 4.44 ‐26% 285.2 232.2 277.9 28.1 10.1% 4.9% 0.8x 8.3xmktg, inc. United States 2.68 ‐2% 23.1 17.5 139.0 3.6 2.6% 6.3% 0.1x 4.9xMDC Partners Inc. United States 21.81 ‐20% 1,079.6 2,061.0 1,175.8 103.7 8.8% 7.5% 1.8x 19.9xNext Fifteen Communications Group plc United Kingdom 1.96 ‐5% 119.0 132.9 169.3 18.3 10.8% 6.3% 0.8x 7.3xOmnicom Group Inc. United States 73.38 ‐5% 18,964.4 21,603.2 14,687.8 2,169.3 14.8% 2.6% 1.5x 10.0xOPT, Inc. Japan 7.81 ‐39% 230.5 114.7 635.8 55.5 8.7% ‐21.1% 0.2x 2.1xPorta Communications Plc United Kingdom 0.20 ‐35% 44.6 54.0 41.9 (2.6) NM 191.5% 1.3x NM Publicis Groupe SA France 83.42 ‐13% 17,393.9 16,661.2 9,451.5 1,817.4 19.2% 5.2% 1.8x 9.2xSapient Corp. United States 16.32 ‐9% 2,313.6 2,038.9 1,308.3 168.0 12.8% 13.4% 1.6x 12.1xThe Interpublic Group of Companies, Inc. United States 19.39 ‐2% 8,214.7 9,375.4 7,216.8 848.9 11.8% 3.2% 1.3x 11.0xWPP plc United Kingdom 21.92 ‐18% 28,377.0 32,664.2 18,896.3 3,155.3 16.7% 6.2% 1.7x 10.4x

1.5x 10.0xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $21.68 ‐45% $ 1,670.3 $ 1,569.3 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.4x 7.9xAimia Inc. Canada 17.67 ‐5% 3,072.3 3,186.3 1,572.9 (721.6) NM ‐27.0% 2.0x NM Alliance Data Systems Corporation * United States 284.80 ‐5% 15,438.4 20,408.3 4,498.5 1,292.9 28.7% 18.3% 4.5x 15.8xCSG Systems International Inc. United States 26.99 ‐16% 920.1 999.8 754.9 122.4 16.2% 0.3% 1.3x 8.2xData Group Ltd. Canada 0.65 ‐63% 15.2 105.0 293.3 22.2 7.6% ‐6.2% 0.4x 4.7xDST Systems Inc. United States 93.49 ‐6% 3,710.8 4,240.0 2,660.0 425.4 16.0% 2.1% 1.6x 10.0xFair Isaac Corporation United States 64.87 ‐1% 2,223.2 2,598.0 743.9 196.1 26.4% 3.9% 3.5x 13.3xHarte‐Hanks Inc. United States 7.22 ‐29% 453.3 463.7 560.0 59.6 10.6% 6.2% 0.8x 7.8xHigh Co. SA France 6.44 ‐21% 67.2 31.6 180.9 14.5 8.0% 0.6% 0.2x 2.2xInsignia Systems Inc. United States 3.23 ‐7% 41.6 21.3 26.8 2.6 9.9% 13.5% 0.8x 8.1xMultiplus SA Brazil 15.80 ‐5% 2,563.0 1,979.6 775.8 141.4 18.2% 14.4% 2.6x 14.0xPDI, Inc. United States 4.46 ‐29% 68.3 27.6 140.7 (6.7) NM 1.8% 0.2x NM Pitney Bowes Inc. United States 27.93 ‐1% 5,659.7 8,367.8 3,897.5 825.8 21.2% 6.6% 2.1x 10.1xPoints International Ltd. * Canada 23.97 ‐28% 369.2 308.1 223.6 5.9 2.6% 50.8% 1.4x 52.7xViad Corp United States 24.70 ‐15% 504.9 470.9 973.3 61.5 6.3% ‐6.6% 0.5x 7.7x




Traditional Media

There were 16 transactions announced in the Traditional Media segment in June, all but six were strategic acquisitions, worth a total of $612 million in aggregate reported value


• Wasserstein’s $417 million purchase of business news and information company ALM Media, from Apax Partners and The Royal Bank of Scotland Group

• Pamlico Capital and Clarity Telecom’s acquisition of broadband assets from WOW Internet Cable & Phone for $262 million

• Rare Television’s acquisition of 360 Production, which provides entertainment media content

• AUA Private Equity Partners’ acquisition of Blue Star Media, a television broadcasting company

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

Entertainment Media 4 25% $160.0 11% 2 ‐ 0 ‐ 2 $160.0

Digital Place‐Based Media 3 19% ‐ 0% 3 ‐ 0 ‐ 0 ‐

Newspaper Publishing 3 19% 529.0 36% 2 529.0 1 ‐ 0 ‐

Broadcast Television 2 13% 83.4 6% 2 83.4 0 ‐ 0 ‐

Cable & Satellite Television 2 13% 262.0 18% 1 ‐ 1 262.0 0 ‐

Other* 2 13% 417.0 29% 0 ‐ 2 417.0 0 ‐

Total 16 100% 1,451.4 100% 10 612.4 4 679.0 2 160.0

*Other includes Consumer Magazine Publishing and B‐to‐B Media

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional MediaPublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States $64.30 ‐6% $ 36,734.2 $ 44,417.2 $ 15,100.0 $ 3,750.0 24.8% 5.4% 2.9x 11.8xDiscovery Communications, Inc. United States 76.57 ‐16% 26,305.0 32,366.0 5,790.0 2,377.0 41.1% 27.0% 5.6x 13.6xNews Corporation United States 18.28 ‐1% 10,584.5 7,531.5 8,645.0 709.0 8.2% 2.4% 0.9x 10.6xTime Warner Inc. United States 71.39 0% 62,973.0 79,718.0 30,401.0 8,057.0 26.5% 6.0% 2.6x 9.9xTwenty‐First Century Fox, Inc. * United States 36.21 ‐1% 79,762.0 97,334.0 30,655.0 6,323.0 20.6% 51.9% 3.2x 15.4xViacom, Inc. United States 87.48 ‐2% 37,611.0 48,617.0 13,716.0 4,361.0 31.8% 5.1% 3.5x 11.1xThe Walt Disney Company United States 86.84 0% 150,393.3 164,670.3 47,104.0 13,178.0 28.0% 7.6% 3.5x 12.5x


B‐to‐B Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom $19.05 ‐20% $ 2,439.9 $ 2,502.4 $ 708.6 $ 212.8 30.0% 5.4% 3.5x 11.8xGlobal Sources Ltd. Hong Kong 8.22 ‐10% 286.2 152.6 200.7 38.5 19.2% ‐10.4% 0.8x 4.0xInforma plc Switzerland 8.42 ‐15% 5,082.2 6,425.2 1,941.9 600.2 30.9% 2.0% 3.3x 10.7xTechTarget, Inc. * United States 8.74 ‐4% 285.7 257.2 91.9 6.7 7.2% ‐4.1% 2.8x 38.7xUBM plc United Kingdom 11.68 ‐10% 2,867.2 3,695.8 1,361.4 324.3 23.8% 3.2% 2.7x 11.4x


Radio Broadcasting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States $7.28 ‐27% $ 168.2 $ 259.0 $ 104.3 $ 27.9 26.7% 2.5% 2.5x 9.3xCC Media Holdings, Inc. United States 8.05 0% 706.1 20,702.6 6,242.5 1,775.8 28.4% 0.2% 3.3x 11.7xCumulus Media Inc. United States 6.60 ‐19% 1,436.9 3,996.7 1,100.3 300.6 27.3% 11.8% 3.6x 13.3xEmmis Communications Corp. United States 2.95 ‐20% 127.0 296.8 205.1 29.1 14.2% 4.6% 1.4x 10.2xEntercom Communications Corp. United States 11.05 ‐4% 431.9 918.6 377.5 99.6 26.4% ‐2.5% 2.4x 9.2xJournal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0xRadio One Inc. United States 4.79 ‐18% 227.2 1,224.0 460.7 134.4 29.2% 9.5% 2.7x 9.1xSalem Communications Corp. United States 9.72 ‐6% 244.4 535.0 243.6 48.4 19.8% 5.7% 2.2x 11.1xSirius XM Holdings Inc. * United States 3.46 ‐17% 20,876.9 24,207.4 3,899.4 1,302.2 33.4% 11.6% 6.2x 18.6xSpanish Broadcasting System Inc. United States 5.52 ‐26% 40.1 413.2 147.5 42.5 28.8% 0.6% 2.8x 9.7xPandora Media, Inc. * United States 29.55 ‐27% 6,071.1 5,729.8 734.0 (7.6) NM 0.0% 7.8x NM



Large Cap Diversified Media





Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. United States $62.91 ‐20% $ 4,534.4 $ 7,180.6 $ 1,734.5 $ 607.3 35.0% 23.2% 4.1x 11.8xBritish Sky Broadcasting Group plc United Kingdom 15.48 ‐5% 23,883.2 26,582.3 12,905.8 2,378.5 18.4% 6.1% 2.1x 11.2xCablevision Systems Corporation United States 18.29 ‐9% 4,949.2 13,957.4 6,296.5 1,719.4 27.3% 2.8% 2.2x 8.1xCBS Corporation United States 64.30 ‐6% 36,734.2 44,417.2 15,100.0 3,750.0 24.8% 5.4% 2.9x 11.8xCharter Communications, Inc. United States 162.42 0% 17,577.5 31,678.5 8,440.0 2,906.0 34.4% 11.1% 3.8x 10.9xComcast Corporation United States 54.90 ‐1% 142,523.5 185,897.5 66,755.0 21,938.0 32.9% 6.0% 2.8x 8.5xCrown Media Holdings Inc. United States 3.81 ‐4% 1,370.4 1,757.0 382.9 290.7 75.9% 8.9% 4.6x 6.0xDIRECTV United States 85.93 ‐4% 43,156.1 61,326.1 32,029.0 7,946.0 24.8% 5.8% 1.9x 7.7xDiscovery Communications, Inc. United States 76.57 ‐16% 26,305.0 32,366.0 5,790.0 2,377.0 41.1% 27.0% 5.6x 13.6xDish Network Corp. United States 66.37 0% 30,484.9 35,138.7 14,123.5 2,898.5 20.5% 8.9% 2.5x 12.1xEntravision Communications Corporation United States 6.42 ‐13% 573.0 889.7 227.5 71.1 31.3% 0.7% 3.9x 12.5xGeneral Communication Inc. United States 11.30 ‐4% 468.3 1,842.0 841.7 275.7 32.8% 16.2% 2.2x 6.7xGray Television Inc. United States 13.75 ‐9% 801.9 1,617.4 359.4 113.6 31.6% ‐10.7% 4.5x 14.2xGrupo Televisa, S.A.B. Mexico 35.70 0% 20,473.2 24,565.7 5,795.2 2,221.2 38.3% 8.0% 4.2x 11.1xJournal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0xLiberty Global plc United Kingdom 44.70 ‐2% 34,227.8 77,639.1 16,336.0 7,285.7 44.6% 62.3% 4.8x 10.7xLIN Media LLC United States 28.18 ‐4% 1,561.2 2,503.0 677.6 169.8 25.1% 14.6% 3.7x 14.7xMedia General, Inc. * United States 22.47 ‐6% 1,994.2 2,861.0 363.8 101.0 27.8% 55.1% 7.9x 28.3xNexstar Broadcasting Group, Inc. United States 52.10 ‐8% 1,595.4 2,612.4 524.0 178.3 34.0% 28.7% 5.0x 14.7xScripps Networks Interactive, Inc. United States 81.56 ‐6% 11,656.7 12,903.9 2,580.2 1,125.7 43.6% 9.0% 5.0x 11.5xSinclair Broadcast Group, Inc. United States 35.90 ‐4% 3,496.5 6,215.8 1,493.2 508.0 34.0% 33.1% 4.2x 12.2xThe E. W. Scripps Company * United States 21.62 ‐4% 1,213.0 1,227.3 822.0 71.4 8.7% ‐8.2% 1.5x 17.2xTime Warner Cable Inc. United States 150.51 0% 41,933.8 66,264.8 22,227.0 7,787.0 35.0% 2.3% 3.0x 8.5xTime Warner Inc. United States 71.39 0% 62,973.0 79,718.0 30,401.0 8,057.0 26.5% 6.0% 2.6x 9.9xZiggo N.V. Netherlands 46.38 ‐3% 9,276.1 13,410.4 2,135.9 1,155.2 54.1% 2.2% 6.3x 11.6x


Entertainment Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. United States $23.77 ‐34% $ 2,011.8 $ 2,243.9 $ 719.5 $ 99.4 13.8% ‐3.9% 3.1x 22.6xEros International Plc United Kingdom 15.40 ‐9% 755.7 930.3 235.5 60.6 25.8% 9.3% 4.0x 15.3xLions Gate Entertainment Corp. United States 29.19 ‐23% 4,125.9 5,196.2 2,630.3 266.5 10.1% ‐2.9% 2.0x 19.5xLive Nation Entertainment, Inc. United States 25.14 ‐1% 5,045.1 5,463.4 6,682.2 509.5 7.6% 13.7% 0.8x 10.7xSFX Entertainment Inc. United States 7.71 ‐42% 688.0 817.7 193.6 (77.0) NM 453.7% 4.2x NM Twenty‐First Century Fox, Inc. United States 36.21 ‐1% 79,762.0 97,334.0 30,655.0 6,323.0 20.6% 51.9% 3.2x 15.4xLiberty Media Corporation * United States 139.25 ‐13% 15,927.7 29,954.7 4,224.0 1,153.0 27.3% 276.5% 7.1x 26.0xVillage Roadshow Limited Austral ia 7.30 ‐8% 1,163.8 1,500.0 852.8 133.0 15.6% ‐1.1% 1.8x 11.3xWorld Wrestling Entertainment Inc. * United States 12.00 ‐62% 901.9 843.7 509.5 18.8 3.7% 5.1% 1.7x 44.8x




Traditional MediaPublic Company Valuation (2/3)


Traditional Media Public Company Valuation (3/3)


Out‐of‐Home Media

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.36 ‐27% $ 140.7 $ 60.2 $ 271.7 $ 3.6 1.3% ‐4.4% 0.2x 16.8xAPG|SGA SA Switzerland 323.94 ‐5% 955.0 825.4 342.6 76.4 22.3% ‐4.3% 2.4x 10.8xCBS Outdoor Americas Inc. United States 32.25 ‐10% 3,870.0 5,354.1 1,302.7 377.2 29.0% 1.9% 4.1x 14.2xClear Channel Outdoor Holdings Inc. United States 8.17 ‐24% 2,935.7 7,796.2 2,931.2 710.8 24.3% ‐0.5% 2.7x 11.0xClear Media Ltd. Hong Kong 0.97 ‐4% 522.8 415.0 212.6 85.5 40.2% 8.2% 2.0x 4.9xJCDecaux SA France 38.55 ‐13% 8,615.7 8,519.5 3,637.9 802.1 22.0% 2.0% 2.3x 10.6xLamar Advertising Co. United States 53.20 ‐2% 5,061.5 6,939.5 1,254.2 541.4 43.2% 5.4% 5.5x 12.8xMood Media Corporation United States 0.49 ‐59% 87.8 681.3 507.2 83.3 16.4% 3.8% 1.3x 8.2xNational CineMedia, Inc. United States 17.44 ‐14% 1,061.0 2,112.9 450.8 216.1 47.9% ‐0.2% 4.7x 9.8xNTN Buzztime Inc. * United States 0.51 ‐48% 46.7 44.0 24.1 0.7 2.8% ‐0.3% 1.8x 64.3xTom Group Ltd. Hong Kong 0.20 ‐45% 783.0 1,032.9 248.7 (2.7) NM ‐12.6% 4.2x NM Vitreous Glass, Inc. Canada 2.73 ‐3% 16.9 16.4 6.7 2.3 34.5% ‐0.6% 2.5x 7.1x


Publishing

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $12.07 ‐7% $ 265.7 $ 183.4 $ 365.1 $ 31.0 8.5% 2.4% 0.5x 5.9xDaily Mail and General Trust plc United Kingdom 14.77 ‐20% 5,212.9 6,764.4 3,117.2 552.0 17.7% 4.1% 2.2x 12.3xEmmis Communications Corp. United States 2.95 ‐20% 127.0 296.8 205.1 29.1 14.2% 4.6% 1.4x 10.2xGannett Co., Inc. United States 32.20 ‐1% 7,302.7 10,695.6 5,327.7 1,064.5 20.0% ‐0.8% 2.0x 10.0xGlacier Media, Inc. Canada 1.32 ‐16% 117.5 252.5 274.8 29.0 10.5% ‐3.5% 0.9x 8.7xJohn Wiley & Sons Inc. United States 62.05 0% 3,657.0 3,894.6 1,775.2 320.7 18.1% 0.8% 2.2x 12.1xJournal Communications Inc. United States 9.24 ‐8% 470.0 638.7 400.7 80.3 20.0% ‐0.8% 1.6x 8.0xMartha Stewart Living Omnimedia Inc. * United States 4.86 ‐12% 276.8 216.7 156.7 7.7 4.9% ‐15.3% 1.4x 28.3xMeredith Corporation United States 48.82 ‐9% 2,171.4 2,674.3 1,464.9 255.7 17.5% 0.4% 1.8x 10.5x

Reed Elsevier plc(1) * United Kingdom 16.28 ‐1% 18,652.5 41,649.1 9,944.2 3,154.3 31.7% 0.0% 4.2x 13.2xScholastic Corporation United States 34.17 ‐7% 1,100.2 1,257.9 1,779.9 154.5 8.7% ‐8.9% 0.7x 8.1xThe E. W. Scripps Company * United States 21.62 ‐4% 1,213.0 1,227.3 822.0 71.4 8.7% ‐8.2% 1.5x 17.2xThe McClatchy Company United States 5.80 ‐22% 503.0 1,969.3 1,234.3 266.8 21.6% ‐4.9% 1.6x 7.4xThe New York Times Company United States 15.61 ‐10% 2,345.7 2,306.3 1,587.0 256.3 16.2% 5.8% 1.5x 9.0x



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



Technology & Communications

Of the $9.8 billion in reported transaction value in the Technology & Communications segment, $9.2 billion were made in strategic acquisitions

Activity in the segment was led by the Big Data Technology subsegment with nine deals announced, of which seven were reported at $142 million


• Level 3 Communications $7.7 billion acquisition of TW Telecom, a provider of managed network services

• Sandisk’s $1.2 billion pending acquisition of data center technology developer Fusion‐io

• Oak Hill Partners’ $340 million acquisition of UK‐based Pulsant, which provides IT infrastructure Services

• The $75 million acquisition of mobile payment solutions provider MPayMe by Powa Technologies, from Billing System Corporation

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

Big Data Technology 9 25% $142.4 1% 2 2.4$ 0 ‐ 7 $140.0

Cloud Computing Technology 5 14% 134.9 1% 4 $94.9 0 ‐ 1 40.0

Enterprise Mobility 5 14% 24.6 0% 4 19.5 0 ‐ 1 5.1

Data Center Technology 3 8% 1,301.5 13% 1 1,275.5 1 16.0 1 10.0

Financial Technology 3 8% 86.8 1% 1 75.0 0 ‐ 2 11.8

Networking Equipment 3 8% 31.0 0% 1 ‐ 0 ‐ 2 31.0

Cloud Storage 2 6% 355.9 4% 0 ‐ 1 339.6 1 16.3

Communications Software 2 6% 8.0 0% 0 ‐ 0 ‐ 2 8.0

Other* 6 17% 7,749.3 79% 3 7,725.1 0 ‐ 3 24.2

Total 36 100% 9,826.4 100% 16 9,192.4 2 355.6 18 278.4

*Other includes Internet Services Providers, Virtualization Technology, and Web Conferencing Software

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



TechnologyPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States $145.41 0% $ 95,138.6 $ 99,377.6 $ 31,068.0 $ 8,121.0 26.1% 3.4% 3.2x 12.2xACI Worldwide, Inc. United States 58.10 ‐12% 2,203.5 2,929.6 924.4 194.5 21.0% 33.8% 3.2x 15.1xADATA Technology Co., Ltd. Taiwan 2.67 ‐15% 609.6 643.2 1,107.0 61.4 5.5% 14.9% 0.6x 10.5xAdvanced Micro Devices, Inc. United States 4.24 ‐9% 3,231.1 4,467.1 5,608.0 409.0 7.3% 13.9% 0.8x 10.9xAkamai Technologies, Inc. United States 62.01 ‐2% 11,037.8 10,930.4 1,663.4 590.5 35.5% 16.9% 6.6x 18.5xArista Networks, Inc. * United States 76.41 ‐5% 4,858.3 4,871.2 417.1 86.0 20.6% 0.0% 11.7x 56.6xAVG Technologies N.V. Netherlands 20.16 ‐24% 1,062.5 1,031.2 395.9 138.7 35.0% 4.8% 2.6x 7.4xBrightcove, Inc. United States 10.73 ‐34% 344.4 324.3 116.3 (1.0) NM 25.4% 2.8x NM CA Technologies United States 29.36 ‐19% 13,111.9 11,756.9 4,515.0 1,445.0 32.0% ‐2.1% 2.6x 8.1xCarbonite, Inc. United States 12.50 ‐24% 333.7 263.6 111.8 8.7 7.8% 24.2% 2.4x 30.4xCDW Corporation United States 32.50 0% 5,591.0 8,706.9 11,009.2 722.1 6.6% 7.7% 0.8x 12.1xCheck Point Software Technologies Ltd. Israel 67.24 ‐4% 12,828.7 11,621.5 1,413.6 779.4 55.1% 4.5% 8.2x 14.9xChinaCache International Holdings Ltd. China 15.60 ‐47% 395.7 317.4 192.7 5.5 2.8% 38.7% 1.6x 58.0xCitrix Systems, Inc. United States 63.54 ‐18% 10,411.9 9,582.6 2,996.4 679.4 22.7% 12.2% 3.2x 14.1xCommVault Systems, Inc. United States 50.01 ‐44% 2,359.8 1,877.1 586.3 106.6 18.2% 18.2% 3.2x 17.6xCray Inc. United States 29.39 ‐30% 1,195.9 958.3 501.3 27.2 5.4% 29.1% 1.9x 35.2xCrossroads Systems, Inc. United States 3.18 ‐14% 47.8 45.4 12.8 (7.1) NM ‐10.4% 3.6x NM Datalink Corporation United States 10.16 ‐36% 228.5 173.0 600.2 23.9 4.0% 18.7% 0.3x 7.2xDot Hil l Systems Corp. United States 4.87 ‐20% 292.2 251.8 210.3 8.7 4.1% 14.0% 1.2x 28.9xElecom Co., Ltd. Japan 24.49 ‐7% 539.6 405.4 677.0 77.4 11.4% 10.3% 0.6x 5.2xEMC Corporation United States 26.92 ‐5% 55,113.3 53,895.3 23,314.0 5,537.0 23.7% 5.9% 2.3x 9.7xePlus inc. United States 59.04 ‐12% 442.8 524.9 1,057.5 76.7 7.3% 7.6% 0.5x 6.8xEuronet Worldwide Inc. United States 49.79 ‐1% 2,537.2 2,490.4 1,430.8 183.0 12.8% 9.6% 1.7x 13.6xF‐Secure Oyj Finland 3.75 ‐3% 584.4 512.2 211.8 40.8 19.3% ‐0.9% 2.4x 12.5xFusion‐io, Inc. United States 11.29 ‐28% 1,224.3 999.1 387.4 (75.4) NM ‐10.5% 2.6x NM Gemalto NV Netherlands 104.85 ‐15% 9,045.3 8,441.2 3,246.9 510.6 15.7% 6.4% 2.6x 16.5xGoogle Inc. United States 593.08 ‐3% 397,212.8 348,332.8 62,294.0 18,582.0 29.8% 18.7% 5.6x 18.7xGreen Dot Corporation United States 19.33 ‐28% 767.2 (83.3) 588.2 67.3 11.4% 3.9% NM NM Imperva Inc. United States 25.90 ‐61% 681.2 575.3 140.7 (32.4) NM 26.4% 4.1x NM Integrated Electrical Services, Inc. United States 6.46 ‐8% 115.8 107.2 485.7 6.3 1.3% ‐0.6% 0.2x 16.9xIntel Corporation United States 31.14 ‐1% 155,014.9 149,319.9 52,892.0 20,634.0 39.0% ‐0.2% 2.8x 7.2xIBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0xInterxion Holding NV Netherlands 27.56 ‐1% 1,898.8 2,384.1 425.9 175.5 41.2% 9.7% 5.6x 13.6xJ‐Stream Inc. Japan 4.55 ‐37% 52.9 47.1 44.6 4.7 10.6% ‐11.0% 1.1x 10.0xLimelight Networks, Inc. United States 3.10 ‐5% 305.3 193.6 168.8 (11.8) NM ‐7.1% 1.1x NM LogMeIn, Inc. United States 46.29 ‐3% 1,124.0 920.0 177.8 16.4 9.2% 23.9% 5.2x 56.2xMelbourne IT Ltd. Australia 1.55 ‐28% 144.3 69.0 96.7 8.5 8.8% ‐4.7% 0.7x 8.1xMicron Technology Inc. United States 33.73 ‐2% 36,103.9 38,329.9 14,974.0 4,899.0 32.7% 82.8% 2.6x 7.8xMicrosoft Corporation United States 41.80 ‐1% 345,285.2 281,093.2 83,347.0 32,127.0 38.5% 9.6% 3.4x 8.7xMobileIron, Inc. * United States 9.82 ‐16% 733.1 671.9 108.0 (36.5) NM 0.0% 6.2x NAMontage Technology Group Limited * China 21.28 ‐20% 600.1 466.7 126.4 ‐ 0.0% 55.4% 3.7x NANEC Corporation Japan 3.54 ‐2% 9,188.9 13,430.8 29,812.5 1,683.5 5.6% ‐0.9% 0.5x 8.0x


TechnologyPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANetApp, Inc. United States $37.83 ‐18% $ 12,238.0 $ 8,230.2 $ 6,325.1 $ 1,025.2 16.2% ‐0.1% 1.3x 8.0xOracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2xProAct IT Group AB Sweden 13.14 ‐6% 122.4 138.6 339.4 22.5 6.6% ‐1.6% 0.4x 6.2xQualys, Inc. * United States 26.01 ‐13% 850.0 744.9 113.4 12.6 11.1% 19.3% 6.6x 59.0xQuantum Corporation United States 1.31 ‐25% 328.5 433.1 553.2 17.3 3.1% ‐5.8% 0.8x 25.1xRackspace Hosting, Inc. United States 35.86 ‐34% 5,094.7 4,851.8 1,593.6 409.5 25.7% 16.3% 3.0x 11.8xRed Hat, Inc. United States 56.10 ‐9% 10,578.0 9,774.8 1,595.1 304.2 19.1% 15.8% 6.1x 32.1xSanDisk Corp. United States 106.76 0% 24,150.3 23,345.1 6,341.2 2,298.5 36.2% 22.2% 3.7x 10.2xSAP AG Germany 78.39 ‐8% 93,559.4 93,162.5 22,989.2 7,916.8 34.4% 2.7% 4.1x 11.8xSeagate Technology Public Limited Company Ireland 59.26 ‐6% 19,351.9 20,559.9 13,847.0 2,728.0 19.7% ‐10.1% 1.5x 7.5xSil icon Graphics International Corp. United States 10.10 ‐52% 349.0 272.9 558.4 (29.0) NM ‐28.1% 0.5x NM Sony Corporation Japan 16.85 ‐26% 17,586.4 27,680.7 75,981.5 4,863.8 6.4% 14.6% 0.4x 5.7xSplunk, Inc. * United States 53.75 ‐49% 6,373.1 5,546.1 331.3 (103.7) NM 51.3% 16.7x NM Symantec Corporation United States 23.04 ‐15% 15,936.6 13,947.6 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2xSynchronoss Technologies, Inc. United States 35.68 ‐9% 1,469.2 1,420.0 369.2 88.6 24.0% 28.5% 3.8x 16.0xTableau Software, Inc. * United States 69.14 ‐32% 4,699.1 4,082.6 267.0 15.6 5.8% 86.6% 15.3x 262.5xTeradata Corporation United States 40.55 ‐39% 6,394.7 5,712.7 2,733.0 647.0 23.7% 3.6% 2.1x 8.8xTrend Micro Inc. Japan 33.26 ‐19% 4,456.4 3,474.6 1,078.1 374.1 34.7% 13.5% 3.2x 9.3xThe KEYW Holding Corporation United States 13.41 ‐42% 501.8 587.0 284.7 16.4 5.8% 7.2% 2.1x 35.7xVeriSign, Inc. United States 50.20 ‐20% 6,598.8 6,252.6 977.4 596.1 61.0% 8.1% 6.4x 10.5xViolin Memory, Inc. United States 4.48 ‐44% 403.8 324.3 101.0 (127.4) NM 14.3% 3.2x NM VMware, Inc. United States 98.33 ‐13% 42,332.6 37,216.6 5,376.0 1,493.0 27.8% 13.4% 6.9x 24.9xWestern Digital Corporation United States 96.54 0% 22,693.6 20,297.6 15,207.0 3,184.0 20.9% ‐7.1% 1.3x 6.4xXoom Corporation * United States 26.86 ‐26% 1,020.3 815.6 133.8 11.9 8.9% 53.1% 6.1x 68.3x





Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA10 Networks, Inc. United States $13.60 ‐18% $ 816.7 $ 694.6 $ 157.9 $ (1.6) NM 0.0% 4.4x NM Aerohive Networks, Inc. United States $8.18 ‐33% 373.3 360.3 115.5 (27.0) NM 50.7% 3.1x NM Aastra Technologies Ltd. Canada $39.43 ‐12% 469.7 388.8 569.3 39.5 6.9% ‐0.2% 0.7x 9.8xADTRAN Inc. United States 23.14 ‐17% 1,305.5 1,193.5 645.7 67.7 10.5% 2.7% 1.8x 17.6xAlcatel‐Lucent France 3.74 ‐20% 10,342.4 11,515.5 19,487.5 1,057.6 5.4% 0.2% 0.6x 10.9xAllot Communications Ltd. * Israel 13.56 ‐25% 447.5 325.3 100.7 0.6 0.6% ‐3.8% 3.2x 576.8xAmbient Corporation United States 0.88 ‐79% 15.4 16.3 6.9 (17.0) NM ‐79.9% 2.4x NM Aruba Networks, Inc. United States 17.48 ‐26% 1,900.7 1,600.5 679.1 15.8 2.3% 15.8% 2.4x 101.5xAudioCodes Ltd. Israel 7.27 ‐20% 314.1 239.9 140.9 5.8 4.1% 10.6% 1.7x 41.3xAviat Networks, Inc. United States 1.28 ‐55% 79.6 38.1 369.6 (23.4) NM ‐22.7% 0.1x NM Axesstel Inc. United States 0.10 ‐85% 2.5 11.2 27.4 (6.1) NM ‐54.9% 0.4x NM BlackBerry Limited Canada 10.69 ‐10% 5,551.6 4,178.5 4,708.0 (2,362.0) NM ‐58.5% 0.9x NM Barracuda Networks, Inc. United States 33.97 ‐23% 1,747.0 1,616.0 233.8 (0.0) NM 17.5% 6.9x NM Blonder Tongue Laboratories Inc. United States 0.93 ‐21% 5.8 11.0 26.7 (1.9) NM ‐13.4% 0.4x NM BroadSoft, Inc. United States 24.62 ‐35% 703.8 622.5 182.8 (3.2) NM 10.0% 3.4x NM Brocade Communications Systems, Inc. United States 9.54 ‐13% 4,085.1 3,545.3 2,196.8 559.9 25.5% ‐2.8% 1.6x 6.3xCalAmp Corp. United States 19.73 ‐43% 709.2 676.7 241.1 28.3 11.7% 26.6% 2.8x 23.9xCalix Inc. United States 8.27 ‐41% 416.2 341.0 377.9 5.3 1.4% 10.4% 0.9x 63.8xCiena Corporation United States 22.17 ‐21% 2,341.0 3,140.2 2,215.5 148.0 6.7% 16.6% 1.4x 21.2xCisco Systems, Inc. United States 25.19 ‐5% 129,040.6 99,480.6 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7xClearfield, Inc. United States 16.54 ‐38% 222.0 198.9 61.9 11.1 18.0% 47.5% 3.2x 17.8xClearOne, Inc. United States 10.10 ‐29% 93.5 81.2 51.0 8.4 16.5% 7.3% 1.6x 9.6xCOM DEV International Ltd. Canada 4.07 ‐2% 311.7 295.1 201.3 36.9 18.3% ‐2.1% 1.5x 8.0xCommScope Holding Company, Inc. United States 23.34 ‐17% 4,346.8 6,554.2 3,610.5 733.6 20.3% 8.2% 1.8x 8.9xCommunications Systems Inc. United States 13.07 ‐6% 112.5 90.2 129.1 10.0 7.8% 20.1% 0.7x 9.0xCorning Inc. United States 22.33 0% 29,218.3 29,690.3 8,294.0 2,538.0 30.6% 4.9% 3.6x 11.7xCTX Virtual Technologies, Inc. United States 1.75 ‐30% 14.0 14.1 119.2 16.9 14.2% 198.1% 0.1x 0.8xCyan, Inc. United States 4.35 ‐62% 203.5 161.3 109.3 (44.6) NM 1.2% 1.5x NM DDS Wireless International Inc. * Canada 2.12 ‐9% 28.7 18.0 32.8 0.1 0.3% ‐13.8% 0.5x 159.7xDigi International Inc. United States 9.30 ‐27% 236.0 147.4 193.4 13.9 7.2% 1.8% 0.8x 10.6xDragonWave Inc. Canada 2.38 ‐31% 138.5 136.1 90.0 (36.2) NM ‐27.3% 1.5x NM EchoStar Corp. United States 52.47 ‐2% 4,771.2 5,565.8 3,313.0 689.8 20.8% 5.1% 1.7x 8.1xEmulex Corporation United States 6.01 ‐29% 477.4 413.1 467.9 49.1 10.5% ‐3.9% 0.9x 8.4xEricsson Sweden 11.92 ‐10% 38,426.6 30,503.8 32,546.5 4,518.7 13.9% ‐2.6% 0.9x 6.8xExtreme Networks Inc. United States 4.42 ‐46% 426.5 442.8 443.7 25.2 5.7% 44.3% 1.0x 17.5xF5 Networks, Inc. United States 112.36 ‐4% 8,508.5 7,884.7 1,592.1 488.9 30.7% 11.3% 5.0x 16.1xFinisar Corp. United States 20.70 ‐28% 2,014.3 1,754.4 1,156.8 175.9 15.2% 23.8% 1.5x 10.0xFleetmatics Group PLC Ireland 32.60 ‐38% 1,222.3 1,098.5 190.8 45.8 24.0% 38.3% 5.8x 24.0xFranklin Wireless Corp. United States 1.77 ‐16% 18.4 9.7 26.7 (0.7) NM ‐34.0% 0.4x NM Gigamon Inc. United States 19.59 ‐53% 625.0 482.3 146.2 (37.7) NM 38.2% 3.3x NM Gogo Inc. * United States 18.98 ‐47% 1,614.2 1,640.9 353.1 13.7 3.9% 41.2% 4.6x 120.1xHarmonic Inc. United States 7.54 ‐9% 703.3 555.6 468.3 30.3 6.5% 1.3% 1.2x 18.3xHarris Corporation United States 76.18 ‐4% 8,113.1 9,421.6 5,042.2 1,104.7 21.9% ‐2.8% 1.9x 8.5xInfoblox Inc. United States 13.04 ‐73% 710.7 449.0 248.5 (3.7) NM 20.0% 1.8x NM Interactive Intell igence Group Inc. United States 56.35 ‐31% 1,173.2 1,083.2 324.4 20.8 6.4% 25.8% 3.3x 52.1x

CommunicationsPublic Company Valuation (1/2)


CommunicationsPublic Company Valuation (2/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAJDS Uniphase Corporation United States $12.63 ‐24% $ 2,964.4 $ 2,631.5 $ 1,715.9 $ 147.6 8.6% 1.6% 1.5x 17.8xJuniper Networks, Inc. United States 24.65 ‐14% 11,678.23 10,069.63 4,780.00 812.7 17.0% 8.8% 2.1x 12.4xKVH Industries Inc. United States 14.04 ‐4% 222.7 207.3 159.3 8.7 5.5% 6.0% 1.3x 23.8xMavenir Systems, Inc. United States 15.16 ‐19% 364.3 355.3 107.6 (3.7) NM 41.0% 3.3x NM Meru Networks, Inc. United States 3.82 ‐28% 88.7 68.7 101.6 (12.4) NM ‐1.2% 0.7x NM Mitel Networks Corporation Canada 10.54 ‐12% 1,043.2 1,273.8 634.4 73.6 11.6% 0.0% 2.0x 17.3xMotorola Solutions, Inc. United States 67.41 ‐1% 17,136.2 16,491.2 8,524.0 1,523.0 17.9% ‐2.2% 1.9x 10.8xNetgear Inc. United States 35.27 ‐3% 1,287.7 1,047.4 1,425.6 143.0 10.0% 15.0% 0.7x 7.3xNokia Corporation Finland 7.63 ‐8% 28,348.3 25,582.0 16,628.8 2,338.1 14.1% ‐52.9% 1.5x 10.9xNuance Communications, Inc. United States 18.90 ‐6% 5,994.3 7,553.3 1,887.6 193.0 10.2% 4.1% 4.0x 39.1xNumerex Corp. United States 11.77 ‐26% 236.8 212.8 82.2 4.7 5.7% 22.8% 2.6x 45.6xOptical Cable Corp. United States 4.02 ‐12% 27.9 37.5 75.6 1.3 1.8% ‐6.2% 0.5x 28.0xPalo Alto Networks, Inc. * United States 82.22 ‐4% 6,337.3 5,969.3 532.3 (27.7) NM 48.1% 11.2x NM PCTEL, Inc. United States 8.23 ‐19% 153.3 97.1 102.8 6.4 6.2% 6.3% 0.9x 15.3xPlantronics, Inc. United States 49.66 0% 2,130.5 1,795.1 818.6 153.9 18.8% 7.4% 2.2x 11.7xPolycom, Inc. United States 12.91 ‐8% 1,783.5 1,500.3 1,358.2 132.3 9.7% ‐2.0% 1.1x 11.3xProcera Networks, Inc. United States 10.24 ‐38% 208.5 102.2 75.0 (13.8) NM 22.1% 1.4x NM RadiSys Corporation United States 3.62 ‐27% 130.5 121.3 213.5 (19.4) NM ‐23.4% 0.6x NM Radware Ltd. Israel 16.84 ‐14% 761.5 594.8 198.9 28.7 14.4% 5.1% 3.0x 20.7xRELM Wireless Corp. United States 3.94 ‐4% 53.7 45.7 27.8 2.2 7.7% ‐8.3% 1.6x 21.2xRingCentral, Inc. United States 15.47 ‐35% 1,036.3 901.9 173.2 (34.9) NM 38.3% 5.2x NM Riverbed Technology, Inc. United States 20.42 ‐10% 3,278.3 3,325.3 1,060.3 162.7 15.3% 17.7% 3.1x 20.4xSandvine Corporation Canada 3.35 ‐13% 503.1 376.9 113.1 30.5 27.0% 21.7% 3.3x 12.4xShoreTel, Inc. United States 6.62 ‐33% 413.9 364.8 336.8 14.7 4.4% 9.9% 1.1x 24.8xSierra Wireless Inc. Canada 20.52 ‐23% 645.2 488.2 461.6 11.1 2.4% 13.6% 1.1x 44.1xSolarWinds, Inc. * United States 38.99 ‐17% 2,939.5 2,756.7 358.4 136.5 38.1% 27.0% 7.7x 20.2xSolera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9xSonus Networks, Inc. * United States 3.95 ‐1% 978.7 821.9 284.2 7.0 2.5% 12.3% 2.9x 116.8xTelcoware Co., Ltd. South Korea 15.66 ‐9% 84.3 29.4 51.6 6.9 13.4% 8.9% 0.6x 4.3xTeleCommunication Systems Inc. United States 3.54 ‐1% 210.0 290.6 352.6 22.1 6.3% ‐26.9% 0.8x 13.2xTESSCO Technologies Inc. United States 32.19 ‐23% 268.1 259.1 560.1 30.4 5.4% ‐25.6% 0.5x 8.5xTransmode AB (publ) Sweden 11.50 ‐35% 318.7 258.8 149.0 21.3 14.3% 0.4% 1.7x 12.1xUbiquitous Corporation * Japan 14.77 ‐43% 129.2 119.1 7.5 (2.7) NM ‐14.3% 15.9x NM Vecima Networks Inc. Canada 7.38 ‐1% 164.8 128.5 82.8 15.7 18.9% ‐10.4% 1.6x 8.2xVerint Systems Inc. United States 50.25 ‐6% 3,005.5 3,819.2 959.9 162.9 17.0% 13.2% 4.0x 23.4xViaSat Inc. United States 57.64 ‐23% 2,656.6 3,295.5 1,351.5 177.3 13.1% 20.7% 2.4x 18.6xVonage Holdings Corporation United States 3.82 ‐23% 808.5 862.0 840.7 67.8 8.1% ‐0.2% 1.0x 12.7xWestell Technologies, Inc. United States 2.50 ‐49% 149.9 98.5 102.1 4.7 4.6% 163.0% 1.0x 21.1xZTE Corp. China 2.11 ‐28% 7,196.6 9,587.5 12,277.1 627.3 5.1% ‐8.8% 0.8x 15.3x




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

Security 17 20% $201.1 3% 3 ‐ 1 ‐ 13 $201.1

ERP 11 13% 5,383.5 75% 7 5,324.2 1 ‐ 3 59.3

Healthcare 8 9% 663.8 9% 6 647.5 0 ‐ 2 16.3

Collaboration 7 8% 24.0 0% 3 ‐ 0 ‐ 4 24.0

HR 7 8% 357.8 5% 2 310.0 0 ‐ 5 47.8

Infrastructure 7 8% 143.0 2% 2 ‐ 0 ‐ 5 143.0

Other* 28 33% 443.2 6% 17 306.1 1 ‐ 10 137.1

Total 85 100% 7,216.4 100% 40 6,587.8 3 0.0 42 628.6

*Other includes Application Management, Credit/Risk, Data Management, Financial, Geo‐Demo, and Software Development Tools

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Software

Within the Software segment, a total of $6.6 billion in reported value was reported in strategic activity, while another $629 million in investments were announced

Security Software was the most active subsegment with 17 transactions announced worth $201 million, followed by ERP and Healthcare with 11 and eight transactions worth a combined total of $6 billion


• Oracle’s pending $5.3 billion acquisition of MICROS Systems, a provider of information technology solutions for hospitality and retail industries, at a valuation of 3.5x revenue and 17.7x EBITDA

• WEX’s $533 million purchase of Evolution1, a provider of electronic payment healthcare solutions

• ReadSoft’s $188 million acquisition of Hyland Software, which develops enterprise software solutions for organizations

Select investments:

• Andreessen Horowitz’s $90 million investment in Tanium


SoftwarePublic Company Valuation (1/3)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States $33.46 ‐8% $ 1,722.1 $ 1,972.1 $ 387.3 $ 72.0 18.6% 6.3% 5.1x 27.4xEbix Inc. United States 14.10 ‐21% 541.2 537.0 203.5 74.5 36.6% ‐2.2% 2.6x 7.2xEpiq Systems, Inc. United States 14.33 ‐15% 511.4 801.4 452.0 68.3 15.1% 23.9% 1.8x 11.7xFidessa group plc United Kingdom 39.61 ‐15% 1,497.8 1,372.6 478.5 92.9 19.4% 0.1% 2.9x 14.8xGuidewire Software, Inc. United States 40.49 ‐30% 2,775.9 2,345.5 328.9 (2.1) NM 21.2% 7.1x NM Innovation Group plc United Kingdom 0.60 ‐5% 724.2 625.7 353.8 36.8 10.4% 3.8% 1.8x 17.0xManagement Consulting Group PLC United Kingdom 0.42 ‐19% 200.3 268.5 441.2 36.0 8.2% ‐10.0% 0.6x 7.5xModel N, Inc. United States 10.82 ‐56% 267.8 166.2 97.2 (1.8) NM 4.7% 1.7x NM NetSuite Inc. * United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Performant Financial Corporation United States 10.52 ‐12% 509.8 549.6 264.6 88.4 33.4% 23.9% 2.1x 6.2xQ2 Holdings, Inc. United States 15.04 ‐13% 512.5 433.3 60.9 (15.8) NM 0.0% 7.1x NM RealPage, Inc. * United States 22.82 ‐13% 1,797.7 1,755.6 388.6 54.5 14.0% 15.4% 4.5x 32.2xSolera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9xSS&C Technologies Holdings, Inc. United States 46.25 ‐1% 3,834.7 4,486.2 725.3 287.0 39.6% 14.9% 6.2x 15.6xTyler Technologies, Inc. * United States 94.92 ‐12% 3,133.2 3,036.1 433.5 84.6 19.5% 15.2% 7.0x 35.9x


Healthcare Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAllscripts Healthcare Solutions, Inc. United States 16.35 ‐17% 2,934.6 3,442.2 1,366.3 13.3 1.0% ‐4.4% 2.5x NM athenahealth, Inc. * United States 130.75 ‐37% 4,947.8 5,042.6 632.4 58.4 9.2% 40.1% 8.0x 86.3xCegedim SA France 36.70 ‐7% 511.7 1,166.7 1,216.5 161.0 13.2% ‐3.9% 1.0x 7.2xCerner Corporation United States 52.35 ‐17% 17,975.5 17,104.8 2,939.3 774.0 26.3% 11.1% 5.8x 22.1xComputer Programs & Systems Inc. United States 66.16 ‐8% 738.6 709.4 203.4 55.6 27.3% 8.0% 3.5x 12.8xCraneware plc United Kingdom 9.09 ‐17% 245.5 213.8 42.5 11.9 27.9% 0.1% 5.0x 18.0xMcKesson Corporation United States 190.00 ‐1% 44,002.7 52,325.7 137,609.0 3,176.0 2.3% 12.7% 0.4x 16.5xMedAssets, Inc. United States 23.52 ‐12% 1,434.4 2,210.2 678.4 202.1 29.8% 2.3% 3.3x 10.9xMedidata Solutions, Inc. * United States 43.97 ‐36% 2,378.6 2,389.5 290.2 25.7 8.9% 25.5% 8.2x 92.9xMerge Healthcare Incorporated United States 2.46 ‐48% 233.8 442.7 218.9 25.5 11.6% ‐13.0% 2.0x 17.4xQuality Systems Inc. United States 16.37 ‐32% 985.8 872.0 444.7 61.8 13.9% ‐3.4% 2.0x 14.1xStreamline Health Solutions, Inc. United States 5.10 ‐40% 92.5 89.6 28.5 (4.3) NM 19.9% 3.1x NM USMD Holdings, Inc. United States 11.02 ‐70% 111.8 149.4 245.8 4.7 1.9% 62.4% 0.6x 32.1xVeeva Systems Inc. * United States 24.96 ‐49% 3,189.8 2,844.3 234.1 45.6 19.5% 58.3% 12.2x 62.3x



Financial & Credit/Risk Management Software




HR Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China $72.12 ‐16% $ 2,144.1 $ 1,614.4 $ 267.9 $ 85.0 31.7% 14.8% 6.0x 19.0xAllocate Software plc. United Kingdom 2.03 ‐2% 138.8 126.0 65.5 6.7 10.2% 4.4% 1.9x 18.8xBenefitfocus, Inc. United States 46.73 ‐39% 1,180.6 1,129.8 111.6 (29.0) NM 29.0% 10.1x NM Castlight Health, Inc. * United States 14.95 ‐64% 1,338.0 1,118.6 19.4 (74.3) NM 0.0% 57.5x NM Concur Technologies, Inc. * United States 94.79 ‐27% 5,391.8 5,260.6 628.2 29.3 4.7% 30.6% 8.4x 179.8xCornerstone OnDemand, Inc. United States 45.68 ‐26% 2,427.7 2,355.9 204.9 (31.8) NM 55.7% 11.5x NM Dice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4xLinkedIn Corporation United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4xMonster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1xPaycom Software, Inc. United States 14.68 ‐18% 749.3 822.9 117.0 14.6 12.5% 0.0% 7.0x 56.3xPaylocity Holding Corporation United States 21.65 ‐30% 1,073.1 984.1 100.3 2.0 2.0% 0.0% 9.8x NM Saba Software, Inc. United States 11.70 ‐16% 348.5 334.3 121.3 (10.5) NM 7.7% 2.8x NM The Ultimate Software Group, Inc. United States 142.11 ‐17% 4,028.6 3,937.8 433.6 63.3 14.6% 23.2% 9.1x 62.2xWorkday, Inc. United States 88.96 ‐24% 16,457.6 15,075.7 537.0 (132.1) NM 74.1% 28.1x NM


Security Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAbsolute Software Corporation Canada $6.61 ‐13% $ 289.1 $ 221.8 $ 89.6 $ 20.8 23.2% 11.0% 2.5x 10.7xAVG Technologies N.V. Netherlands 20.16 ‐24% 1,062.5 1,031.2 395.9 138.7 35.0% 4.8% 2.6x 7.4xCheck Point Software Technologies Ltd. Israel 67.24 ‐4% 12,828.7 11,621.5 1,413.6 779.4 55.1% 4.5% 8.2x 14.9xCisco Systems, Inc. United States 25.19 ‐5% 129,040.6 99,480.6 47,202.0 12,871.0 27.3% ‐1.4% 2.1x 7.7xCheetah Mobile Inc. * China 20.92 ‐16% 2,680.2 2,671.5 149.7 19.1 12.8% 0.0% 17.8x 139.6xFireEye, Inc. * United States 38.95 ‐60% 5,651.3 5,066.8 207.1 (208.1) NM 111.5% 24.5x NM Fortinet Inc. United States 25.28 ‐1% 4,122.4 3,561.4 648.4 85.1 13.1% 17.4% 5.5x 41.8xGemalto NV Netherlands 104.85 ‐15% 9,045.3 8,441.2 3,246.9 510.6 15.7% 6.4% 2.6x 16.5xImperva Inc. United States 25.90 ‐61% 681.2 575.3 140.7 (32.4) NM 26.4% 4.1x NM Imprivata, Inc. United States 16.44 ‐3% 375.1 370.7 76.3 (9.2) NM 0.0% 4.9x NM Infoblox Inc. United States 13.04 ‐73% 710.7 449.0 248.5 (3.7) NM 20.0% 1.8x NM Juniper Networks, Inc. United States 24.65 ‐14% 11,678.2 10,069.6 4,780.0 812.7 17.0% 8.8% 2.1x 12.4xNQ Mobile Inc. * China 4.58 ‐82% 244.4 143.1 196.7 1.5 0.7% 114.3% 0.7x 98.1xPalo Alto Networks, Inc. United States 82.22 ‐4% 6,337.3 5,969.3 532.3 (27.7) NM 48.1% 11.2x NM Proofpoint, Inc. United States 36.58 ‐20% 1,353.1 1,252.9 149.9 (19.6) NM 33.3% 8.4x NM Qihoo 360 Technology Co. Ltd. China 93.95 ‐24% 11,830.9 11,553.9 826.4 246.6 29.8% 123.6% 14.0x 46.9xSymantec Corporation United States 23.04 ‐15% 15,936.6 13,947.6 6,676.0 1,944.0 29.1% ‐3.3% 2.1x 7.2xTrend Micro Inc. Japan 33.26 ‐19% 4,456.4 3,474.6 1,078.1 374.1 34.7% 13.5% 3.2x 9.3xVeriSign, Inc. United States 50.20 ‐20% 6,598.8 6,252.6 977.4 596.1 61.0% 8.1% 6.4x 10.5x








Engineering Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States $77.75 ‐13% $ 7,204.5 $ 6,347.0 $ 878.8 $ 411.4 46.8% 8.4% 7.2x 15.4xAutodesk, Inc. * United States 56.88 ‐3% 12,961.1 11,588.0 2,296.0 392.2 17.1% 0.1% 5.0x 29.5xAveva Group plc United Kingdom 36.54 ‐20% 2,331.5 2,129.9 407.0 122.9 30.2% 7.8% 5.2x 17.3xDassault Systemes SA France 131.75 ‐6% 16,432.0 14,583.0 2,831.7 857.6 30.3% 1.6% 5.1x 17.0x


Infrastructure Software

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. * United States $73.57 ‐1% $ 36,591.9 $ 34,768.0 $ 4,105.1 $ 747.8 18.2% ‐3.5% 8.5x 46.5xCA Technologies United States 29.36 ‐19% 13,111.9 11,756.9 4,515.0 1,445.0 32.0% ‐2.1% 2.6x 8.1xCommVault Systems, Inc. United States 50.01 ‐44% 2,359.8 1,877.1 586.3 106.6 18.2% 18.2% 3.2x 17.6xCovisint Corporation United States 5.33 ‐64% 199.8 150.3 97.1 (33.6) NM 7.1% 1.5x NM Daegis Inc. United States 1.25 ‐24% 20.4 28.2 31.0 3.7 11.9% ‐23.0% 0.9x 7.6xEndurance International Group Holdings, Inc. * United States 15.66 ‐4% 2,021.5 3,046.6 543.3 69.3 12.8% 47.2% 5.6x 43.9xGuidance Software, Inc. United States 9.77 ‐15% 282.0 260.8 109.0 (11.9) NM ‐16.4% 2.4x NM IBM Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0xInformatica Corporation United States 35.66 ‐19% 3,915.2 3,185.1 977.0 174.8 17.9% 17.7% 3.3x 18.2xIntraLinks Holdings, Inc. * United States 9.47 ‐24% 533.2 545.3 238.7 11.3 4.7% 8.1% 2.3x 48.1xNetSuite Inc. United States 88.63 ‐27% 6,718.0 6,520.3 445.8 (39.4) NM 34.6% 14.6x NM Opera Software ASA Norway 12.96 ‐16% 1,848.5 1,768.2 325.1 82.0 25.2% 40.7% 5.4x 21.6xOracle Corporation United States 41.34 ‐4% 184,165.1 170,082.1 38,275.0 16,717.0 43.7% 2.9% 4.4x 10.2xRally Software Development Corp. United States 10.53 ‐68% 261.8 176.1 77.7 (18.7) NM 29.7% 2.3x NM Salesforce.com, Inc United States 58.76 ‐12% 36,078.6 37,492.5 4,405.1 (32.8) NM 35.7% 8.5x NM ServiceNow, Inc. * United States 61.60 ‐14% 8,874.1 8,640.2 477.8 (62.5) NM 69.3% 18.1x NM Textura Corporation United States 24.24 ‐49% 603.1 532.1 53.3 (26.3) NM 0.0% 10.0x NM TIBCO Software Inc. United States 20.00 ‐26% 3,254.6 3,221.7 1,091.5 196.1 18.0% 5.4% 3.0x 16.4xVaronis Systems, Inc. United States 30.88 ‐46% 755.2 629.3 79.5 (8.9) NM 43.7% 7.9x NM





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

IT Consulting/Systems Integration 9 23% $50.2 3% 6 $42.0 0 ‐ 3 $8.2

Credit/Risk Management Information 6 15% 73.6 5% 2 15.0 0 ‐ 4 58.6

Healthcare Information 5 13% 40.0 2% 3 ‐ 0 ‐ 2 40.0

Staffing 4 10% 54.8 3% 1 48.3 1 ‐ 2 6.5

Market Research 3 8% 42.2 3% 2 42.2 0 ‐ 1 ‐

Healthcare Consulting 2 5% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Marketing Data 1 3% 752.0 46% 0 ‐ 1 752.0 0 ‐

Other* 9 23% 605.5 37% 5 500.0 1 ‐ 3 105.5

Total 39 100% 1,618.3 100% 21 647.5 3 752.0 15 218.8

*Other includes BPO, Financial Consulting, Financial Information, Geo‐Demo Information, HR Consulting, Logistics, and Printing Services

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Information & Business Services

Strategic and Buyout acquisitions accounted for 86 percent of reported value during the month

IT Consulting/Systems Integration was the most active and highest reported subsegment with nine transactions announced, worth $50 million


• Insight Venture Partners’ and GIC’s $752 million pending acquisition of iParadigms, a provider of web‐based solutions for plagiarism prevention and student feedback

• Hilan’s $42 million acquisition of Ness Technologies, which offers SAP integration and deployment services

Select investments:

• The $67 million investment in HR information company Zenefits, led by Andreessen Horowitz and Institutional Venture Partners

• Greylock Partners’ $40 million investment in Grand Rounds, an online platform that provides healthcare information and connects users with medical specialists


Information ServicesPublic Company Valuation (1/2)


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States $41.56 ‐2% $ 5,015.0 $ 5,294.6 $ 2,537.2 $ 516.5 20.4% 7.2% 2.1x 10.3xComputershare Limited Australia 12.00 ‐1% 6,675.2 7,788.6 2,012.1 454.9 22.6% 0.3% 3.9x 17.1xCoreLogic, Inc. United States 30.19 ‐17% 2,774.7 4,164.5 1,309.7 239.7 18.3% 8.4% 3.2x 17.4xCoStar Group Inc. * United States 158.58 ‐27% 5,032.9 4,958.2 456.0 116.2 25.5% 18.3% 10.9x 42.7xDST Systems Inc. United States 93.49 ‐6% 3,710.8 4,240.0 2,660.0 425.4 16.0% 2.1% 1.6x 10.0xDun & Bradstreet Corp. United States 112.38 ‐10% 4,159.9 5,412.3 1,656.1 503.0 30.4% 0.9% 3.3x 10.8xEnvestnet, Inc. * United States 48.79 ‐3% 1,661.3 1,608.8 274.4 28.8 10.5% 60.3% 5.9x 55.9xEquifax Inc. United States 72.70 ‐1% 8,871.6 10,444.5 2,321.9 816.1 35.1% 8.8% 4.5x 12.8xExperian plc Ireland 17.51 ‐20% 17,353.9 21,454.8 4,840.0 1,677.0 34.6% 2.3% 4.4x 12.8xFactSet Research Systems Inc. United States 121.46 0% 5,101.3 4,967.2 901.0 346.4 38.4% 6.4% 5.5x 14.3xFair Isaac Corporation United States 64.87 ‐1% 2,223.2 2,598.0 743.9 196.1 26.4% 3.9% 3.5x 13.3xFidelity National Information Services, Inc. United States 55.44 ‐2% 15,955.5 20,168.6 6,113.0 1,577.7 25.8% 4.1% 3.3x 12.8xFinancial Engines, Inc. * United States 42.84 ‐40% 2,204.0 1,945.3 251.0 52.3 20.8% 26.8% 7.8x 37.2xMcGraw Hill Financial, Inc. United States 84.50 0% 23,000.9 23,122.9 4,930.0 1,778.0 36.1% 7.3% 4.7x 13.0xMoody's Corporation United States 90.02 0% 19,237.3 19,479.8 3,007.9 1,387.0 46.1% 6.8% 6.5x 14.0xMorningstar Inc. United States 72.55 ‐16% 3,245.5 2,984.0 710.6 221.9 31.2% 6.6% 4.2x 13.4xMSCI Inc. United States 47.34 0% 5,524.8 6,067.2 1,055.9 449.1 42.5% 12.3% 5.7x 13.5xReis, Inc. United States 22.12 ‐1% 245.6 229.8 36.4 8.6 23.5% 13.3% 6.3x 26.8xSEI Investments Co. United States 33.08 ‐7% 5,595.8 5,050.2 1,156.6 289.4 25.0% 12.7% 4.4x 17.5xThomson Reuters Corporation United States 36.72 ‐7% 29,673.3 37,707.1 12,657.0 2,581.0 20.4% ‐2.6% 3.0x 14.6xVerisk Analytics, Inc. United States 61.15 ‐11% 10,174.9 11,018.9 1,628.6 742.0 45.6% 13.3% 6.8x 14.8x



Marketing Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $21.68 ‐45% $ 1,670.3 $ 1,569.3 $ 1,097.5 $ 199.3 18.2% ‐0.2% 1.4x 7.9xAlliance Data Systems Corporation United States 284.80 ‐5% 15,438.4 24,881.1 4,498.5 1,292.9 28.7% 18.3% 5.5x 19.2xBrainjuicer Group Plc United Kingdom 7.09 ‐24% 89.6 79.0 41.9 6.5 15.6% 17.5% 1.9x 12.1xCello Group Plc United Kingdom 1.47 ‐10% 123.4 129.6 273.8 16.6 6.1% 18.2% 0.5x 7.8xCision AB Sweden 8.91 ‐6% 132.2 161.1 120.6 13.2 11.0% ‐10.5% 1.3x 12.2xcomScore, Inc. * United States 38.78 ‐1% 1,351.9 1,323.2 294.9 25.3 8.6% 12.7% 4.5x 52.3xCross Marketing Inc. Japan 6.75 0% 121.7 120.5 68.1 8.7 12.8% 25.6% 1.8x 13.8xEbiquity plc United Kingdom 2.07 ‐11% 147.3 183.8 113.6 20.7 18.2% 11.5% 1.6x 8.9xGfK SE Germany 51.52 ‐18% 1,880.6 2,458.1 2,014.3 310.5 15.4% ‐2.4% 1.2x 7.9xHarte‐Hanks Inc. United States 7.22 ‐29% 453.3 463.7 560.0 59.6 10.6% 6.2% 0.8x 7.8xInnerWorkings Inc. United States 8.39 ‐32% 433.4 497.3 927.9 19.1 2.1% 15.2% 0.5x 26.0x

Financial & Credit/Risk Management Information



Information ServicesPublic Company Valuation (2/2)


Marketing Information (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAIntage Holdings Inc. Japan 13.49 ‐3% $ 271.3 $ 241.4 $ 416.4 $ 50.5 12.1% 6.5% 0.6x 4.8xIpsos SA France 37.38 ‐21% 1,693.6 2,452.5 2,327.7 275.7 11.8% ‐4.3% 1.1x 8.9xNeuStar, Inc. United States 27.04 ‐53% 1,628.8 2,035.2 915.5 352.0 38.4% 7.9% 2.2x 5.8xNielsen N.V. Netherlands 49.51 0% 18,788.0 25,226.0 5,873.0 1,389.0 23.7% 7.7% 4.3x 18.2xOnvia Inc. United States 4.65 ‐17% 34.4 27.5 22.1 (0.4) NM 0.8% 1.2x NM Pearson plc United Kingdom 19.67 ‐17% 15,927.5 18,576.9 8,692.4 1,413.0 16.3% 2.2% 2.1x 13.1xRentrak Corporation * United States 54.99 ‐20% 675.7 654.6 75.6 (6.5) NM 32.6% 8.7x NM YouGov PLC United Kingdom 2.02 ‐9% 199.0 188.7 111.7 8.4 7.5% 11.6% 1.7x 22.4x


Other Information

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACentaur Media plc United Kingdom $1.05 ‐21% $ 148.3 $ 194.4 $ 127.4 $ 17.0 13.3% 7.1% 1.5x 11.5xCorporate Executive Board Co. United States 69.12 ‐15% 2,336.2 2,697.8 839.2 175.4 20.9% 22.6% 3.2x 15.4xForrester Research Inc. United States 39.08 ‐6% 735.4 578.2 299.4 31.6 10.6% 1.8% 1.9x 18.3xGartner Inc. United States 71.46 ‐5% 6,447.5 6,524.9 1,824.2 310.8 17.0% 10.3% 3.6x 21.0xIHS Inc. United States 137.45 ‐2% 9,363.5 11,010.4 2,132.4 462.8 21.7% 33.2% 5.2x 23.8xInforma plc Switzerland 8.42 ‐15% 5,082.2 6,425.2 1,941.9 600.2 30.9% 2.0% 3.3x 10.7xNational Research Corp. United States 38.10 ‐15% 422.9 406.4 93.7 29.7 31.7% 5.4% 4.3x 13.7xMarkit Ltd. United Kingdom 26.95 ‐2% 4,820.5 5,399.2 979.9 369.8 37.7% 10.8% 5.5x 14.6xNIC Inc. United States 16.05 ‐38% 1,046.7 965.1 253.5 65.7 25.9% 13.8% 3.8x 14.7xPremier, Inc. United States 28.86 ‐26% 934.3 703.2 810.7 282.6 34.9% ‐1.0% 0.9x 2.5xProofpoint, Inc. * United States 36.58 ‐20% 1,353.1 1,252.9 149.9 (19.6) NM 33.3% 8.4x NM

Reed Elsevier plc(1) United Kingdom 16.28 ‐1% 34,709.7 41,649.1 9,944.2 3,154.3 31.7% 6.6% 4.2x 13.2xSolera Holdings Inc. United States 68.82 ‐3% 4,734.8 6,115.3 937.9 361.5 38.5% 14.7% 6.5x 16.9xTarsus Group plc Ireland 3.91 ‐11% 392.0 449.3 130.1 42.8 32.9% 47.2% 3.5x 10.5xTechTarget, Inc. * United States 8.74 ‐4% 285.7 257.2 91.9 6.7 7.2% ‐4.1% 2.8x 38.7xThe Advisory Board Company * United States 52.23 ‐26% 1,911.7 1,886.0 520.6 62.8 12.1% 15.5% 3.6x 30.1xUBM plc United Kingdom 11.68 ‐10% 2,867.2 3,695.8 1,361.4 324.3 23.8% 3.2% 2.7x 11.4xWolters Kluwer NV Netherlands 29.69 ‐2% 8,767.5 11,474.0 4,846.1 1,211.2 25.0% ‐0.9% 2.4x 9.5x




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


Business ServicesPublic Company Valuation (1/3)


Consulting

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 24.88 0% 248.2 217.4 291.5 26.9 9.2% 10.3% 0.7x 8.1xFTI Consulting, Inc. United States 37.42 ‐20% 1,528.7 2,188.7 1,670.8 233.9 14.0% 5.2% 1.3x 9.4xInformation Services Group, Inc. United States 4.73 ‐18% 176.5 206.9 208.6 18.9 9.1% 5.9% 1.0x 10.9xNavigant Consulting Inc. United States 18.07 ‐9% 888.1 1,006.2 726.4 117.0 16.1% 1.0% 1.4x 8.6xICF International Inc. United States 36.17 ‐18% 721.3 828.3 960.4 87.0 9.1% 1.8% 0.9x 9.5xHuron Consulting Group Inc. United States 70.51 ‐3% 1,589.6 1,731.5 767.2 161.7 21.1% 17.8% 2.3x 10.7xThe Hackett Group, Inc. * United States 6.15 ‐18% 183.8 199.9 200.9 17.2 8.5% 0.7% 1.0x 11.6xTowers Watson & Co. United States 105.95 ‐20% 7,448.2 7,028.2 3,602.5 667.1 18.5% 5.2% 2.0x 10.5x


HR Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAutomatic Data Processing, Inc. United States 80.59 ‐4% 38,852.6 37,170.8 11,958.0 2,490.2 20.8% 7.6% 3.1x 14.9xBarrett Business Services Inc. United States 54.71 ‐46% 392.6 300.5 556.4 24.9 4.5% 28.9% 0.5x 12.1xCapita plc United Kingdom 19.98 ‐1% 13,161.8 15,623.9 6,681.3 910.7 13.6% 16.2% 2.3x 17.2xDice Holdings, Inc. United States 7.80 ‐21% 423.7 527.0 223.7 62.9 28.1% 12.1% 2.4x 8.4xEdenred SA France 30.93 ‐16% 7,014.0 7,434.0 1,291.4 402.4 31.2% ‐2.7% 5.8x 18.5xInsperity, Inc. United States 33.46 ‐16% 854.4 594.0 2,281.3 71.7 3.1% 4.9% 0.3x 8.3xLinkedIn Corporation * United States 173.71 ‐33% 21,150.8 18,849.7 1,677.0 166.3 9.9% 51.3% 11.2x 113.4xMarsh & McLennan Companies, Inc. United States 52.02 ‐1% 28,590.2 30,341.2 12,399.0 2,511.0 20.3% 3.3% 2.4x 12.1xMonster Worldwide, Inc. United States 7.03 ‐17% 639.8 805.2 793.7 100.0 12.6% ‐8.6% 1.0x 8.1xPaychex, Inc. United States 41.55 ‐10% 15,082.7 14,531.5 2,518.9 1,087.7 43.2% 8.3% 5.8x 13.4xProfessional Diversity Network LLC United States 4.20 ‐26% 26.5 8.2 4.4 (2.3) NM ‐21.7% 1.9x NM Towers Watson & Co. United States 105.95 ‐20% 7,448.2 7,028.2 3,602.5 667.1 18.5% 5.2% 2.0x 10.5xTriNet Group, Inc. United States 24.67 ‐11% 1,703.4 2,183.0 1,802.1 149.4 8.3% 0.0% 1.2x 14.6xWageWorks, Inc. United States 48.14 ‐30% 1,690.0 1,366.1 225.8 42.0 18.6% 19.4% 6.1x 32.5x







IT Consulting/Systems Integration

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 81.55 ‐5% $ 51,477.8 $ 47,994.5 $ 29,311.7 $ 4,529.5 15.5% 3.5% 1.6x 10.6xAmdocs Limited Channel Islands 47.00 ‐4% 7,502.0 6,393.4 3,447.5 634.5 18.4% 4.8% 1.9x 10.1xBechtle AG Germany 88.02 ‐2% 1,848.4 1,776.1 3,189.3 159.8 5.0% 10.5% 0.6x 11.1xBooz Allen Hamilton Holding Corporation United States 21.42 ‐15% 3,125.0 4,523.9 5,478.7 532.9 9.7% ‐4.9% 0.8x 8.5xBroadridge Financial Solutions, Inc. United States 41.56 ‐2% 5,015.0 5,294.6 2,537.2 516.5 20.4% 7.2% 2.1x 10.3xBusiness & Decision SA France 6.95 ‐8% 54.8 92.7 273.1 13.8 5.1% ‐9.7% 0.3x 6.7xCap Gemini S.A. France 74.44 ‐5% 11,777.3 11,007.9 13,718.5 1,299.5 9.5% ‐1.7% 0.8x 8.5xCGI Group, Inc. Canada 35.79 ‐8% 11,061.0 13,623.5 9,754.0 1,479.6 15.2% 34.1% 1.4x 9.2xCognizant Technology Solutions Corporation * United States 50.30 ‐7% 30,605.2 26,740.2 9,244.8 1,955.0 21.1% 20.8% 2.9x 13.7xComputer Sciences Corporation United States 64.26 ‐1% 9,355.7 9,829.7 12,998.0 1,969.0 15.1% ‐8.4% 0.8x 5.0xCSG Systems International Inc. United States 26.99 ‐16% 920.1 999.8 754.9 122.4 16.2% 0.3% 1.3x 8.2xDigi International Inc. United States 9.30 ‐27% 236.0 147.4 193.4 13.9 7.2% 1.8% 0.8x 10.6xInformation Services Group, Inc. United States 4.73 ‐18% 176.5 206.9 208.6 18.9 9.1% 5.9% 1.0x 10.9xInternational Business Machines Corporation United States 188.53 ‐6% 190,826.9 225,247.9 98,827.0 25,146.0 25.4% ‐4.3% 2.3x 9.0xInfosys Ltd. India 54.19 ‐16% 30,963.8 26,111.0 8,249.0 2,270.0 27.5% 11.5% 3.2x 11.5xiSoftStone Holdings Limited * China 5.50 ‐1% 321.3 430.6 471.6 29.9 6.3% 20.7% 0.9x 14.4xITS Group France 10.43 ‐14% 79.2 92.8 156.5 11.6 7.4% 23.8% 0.6x 8.0xNCI, Inc. United States 9.31 ‐29% 120.6 120.4 329.9 18.0 5.5% ‐8.6% 0.4x 6.7xNTT Data Corporation Japan 38.45 ‐9% 10,785.8 13,296.1 13,164.6 1,965.1 14.9% 3.2% 1.0x 6.8xPerficient Inc. * United States 20.35 ‐16% 703.3 748.6 368.9 48.6 13.2% 14.4% 2.0x 15.4xTata Consultancy Services Limited * India 40.31 ‐1% 78,965.2 76,523.4 13,686.2 4,207.6 30.7% 29.9% 5.6x 18.2xWipro Ltd. India 9.16 ‐10% 22,445.9 20,186.8 7,263.7 1,627.9 22.4% 16.4% 2.8x 12.4x



Outsourced Services

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMREP Corporation * United States $6.35 ‐43% $ 51.1 $ 50.7 $ 87.3 $ 0.2 0.2% 6.9% 0.6x 269.8xCenveo Inc. United States 3.79 ‐3% 251.5 1,442.5 1,849.3 147.1 8.0% 8.3% 0.8x 9.8xCommunisis plc United Kingdom 1.08 ‐16% 214.7 258.9 463.3 34.2 7.4% 17.6% 0.6x 7.6xCineplex Inc. * Canada 39.26 ‐7% 2,472.2 2,815.6 1,131.3 183.5 16.2% 10.2% 2.5x 15.3xContax Participacoes S.A. Brazil 1.29 ‐29% 522.4 897.9 1,617.6 194.6 12.0% ‐0.5% 0.6x 4.6xConvergys Corporation United States 21.68 ‐11% 2,200.0 2,681.5 2,158.3 272.6 12.6% 7.9% 1.2x 9.8xElanders AB Sweden 6.28 ‐14% 166.5 328.3 358.3 35.0 9.8% 25.3% 0.9x 9.4xEniro AB Sweden 6.58 ‐32% 658.7 1,033.6 520.8 130.3 25.0% ‐9.2% 2.0x 7.9xExlservice Holdings, Inc. United States 30.25 ‐4% 1,015.1 866.6 484.2 95.6 19.7% 6.6% 1.8x 9.1xFirstsource Solutions Limited India 0.65 ‐7% 431.5 605.0 519.6 60.4 11.6% 10.2% 1.2x 10.0xGenpact Limited Bermuda 18.05 ‐15% 3,900.2 3,994.6 2,156.3 384.8 17.8% 9.4% 1.9x 10.4xInnerWorkings Inc. * United States 8.39 ‐32% 433.4 497.3 927.9 19.1 2.1% 15.2% 0.5x 26.0x





Outsourced Services (Contd.)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/04/14 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALuxoft Holding, Inc. * British Virgin Islands 36.58 ‐16% $ 1,198.3 $ 1,181.4 $ 398.3 $ 68.9 17.3% 26.6% 3.0x 17.2xMAXIMUS, Inc. United States 42.99 ‐15% 2,910.3 2,780.3 1,564.3 253.9 16.2% 32.6% 1.8x 11.0xQuad/Graphics, Inc. United States 22.62 ‐39% 1,103.9 2,558.6 4,769.2 570.9 12.0% 12.6% 0.5x 4.5xQuintiles Transnational Holdings Inc. United States 54.96 0% 7,152.6 8,480.6 3,886.2 586.8 15.1% 4.1% 2.2x 14.5xR.R. Donnelley & Sons Company United States 16.82 ‐21% 3,357.3 6,974.0 10,615.6 1,120.2 10.6% 3.7% 0.7x 6.2xSalmat Limited Australia 1.50 ‐30% 237.6 174.9 426.8 31.6 7.4% ‐6.4% 0.4x 5.5xSerco Group plc United Kingdom 6.21 ‐47% 3,335.9 4,625.4 7,353.3 453.2 6.2% 5.6% 0.6x 10.2xSt Ives plc United Kingdom 3.68 ‐5% 460.1 481.4 554.4 84.4 15.2% ‐1.8% 0.9x 5.7xStarTek, Inc. United States 7.52 ‐4% 115.7 110.8 240.7 9.9 4.1% 19.7% 0.5x 11.2xSykes Enterprises, Incorporated United States 22.21 ‐5% 975.5 861.0 1,286.6 119.7 9.3% 11.8% 0.7x 7.2xTeleperformance S.A. France 63.81 ‐1% 3,646.1 3,526.5 3,307.3 406.4 12.3% 3.7% 1.1x 8.7xTeleTech Holdings Inc. United States 29.54 ‐1% 1,460.3 1,452.4 1,207.0 156.8 13.0% 4.2% 1.2x 9.3xTrans Cosmos, Inc. Japan 21.89 ‐6% 900.4 658.8 1,827.1 113.3 6.2% 12.1% 0.4x 5.8xTranscom WorldWide SA Luxembourg 0.20 ‐11% 238.2 310.5 873.8 34.8 4.0% 2.2% 0.4x 8.9xTranscontinental Inc. Canada 14.38 ‐11% 1,124.9 1,453.0 1,940.7 357.0 18.4% ‐3.8% 0.7x 4.1xVistaprint N.V. Netherlands 41.58 ‐29% 1,384.0 1,534.3 1,212.1 134.2 11.1% 6.5% 1.3x 11.4xWest Corporation United States 27.69 ‐1% 2,324.4 5,591.8 2,701.8 691.0 25.6% 1.6% 2.1x 8.1xXchanging PLC United Kingdom 2.97 ‐9% 723.8 553.3 1,176.2 102.5 8.7% 2.6% 0.5x 5.4x




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 7.0x 2.2x 7.7x 7.6xDigital Advertising 4.3x 2.4x 6.0x 5.3xMarketing Technology 5.1x 3.8x 4.4x 4.1xAgency 1.0x 1.1x 1.5x 1.5xMarketing Services 1.6x 1.4x 3.1x 2.0xTraditional Media 2.8x 2.5x 3.3x 3.2xTechnology 3.4x 2.6x 3.9x 3.8xCommunications 2.3x 1.6x 2.4x 2.2xSoftware 6.6x 5.0x 5.2x 4.6xInformation 3.8x 3.5x 4.4x 4.3xBusiness Services 1.4x 0.8x 2.6x 2.0x

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Media/Commerce 34.6x 16.3x 28.4x 25.7xDigital Advertising 25.0x 17.9x 19.8x 19.1xMarketing Technology 38.5x 20.4x 14.6x 13.8xAgency 11.2x 9.2x 10.2x 10.0xMarketing Services 12.5x 8.2x 12.3x 13.0xTraditional Media 12.9x 11.1x 11.4x 11.4xTechnology 22.2x 11.8x 12.8x 12.2xCommunications 33.2x 16.1x 12.3x 11.4xSoftware 30.5x 17.0x 16.8x 14.2xInformation 17.1x 13.8x 15.8x 14.6xBusiness Services 12.7x 10.3x 17.3x 11.9x

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

Current Summary Trading Valuation InformationRevenue Multiples

EBITDA Multiples

As of close of business on 07/04/14

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


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 6/30/14

LTM Index Performance

• S&P 500 – 21.4%

• Digital Media/Commerce –39.6%

• Traditional Media – 26.2%


• S&P 500 – 21.4%

• Marketing Technology – 11.9%


• S&P 500 – 21.4%

• Digital Advertising – 31.9%


• S&P 500 – 21.4%

• Agency – 21.0%

• Marketing Services – 34.8%

Digital Media/Commerce and Traditional Media Digital Advertising

Agency & Marketing ServicesMarketing Technology

80

95

110

125

140

155

170

Jul‐13 Sep‐13 Nov‐13 Jan‐14 Mar‐14 May‐14

Index Performance (%

)

S&P 500 Digital Media/Commerce Traditional Media

80

95

110

125

140

155

170



)

S&P 500 Digital Advertising

80

90

100

110

120

130



)

S&P 500 Marketing Technology

80

95

110

125

140

155



)

S&P 500 Agency Marketing Services


PPLLC IndicesLTM Share Pricing Trends

Note: LTM as of 6/30/14


• S&P 500 – 21.4%

• Technology – 21.5%


• S&P 500 – 21.4%

• Software – 14.5%


• S&P 500 – 21.5%

• Communications – 17.5%


• S&P 500 – 21.4%

• Information – 22.9%

• Business Services – 9.6%

Technology Communications

Information & Business ServicesSoftware

80

90

100

110

120

130



)

S&P 500 Technology

80

90

100

110

120

130

140



)

S&P 500 Communications

80

90

100

110

120

130



)

S&P 500 Software

90

100

110

120

130

140

150



)

S&P 500 Information Business Services


Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

TW Telecom, Inc. Technology & Communications Level 3 Communications , Inc. 7,725.1$ Micros Sys tems, Inc. Software Oracle Corporation 5,300.0 OpenTable.com, Inc. Digi ta l Media/Commerce The Pricel ine Group, Inc. 2,613.0 Fus ion‐io, Inc. Technology & Communications SanDisk Corporation 1,275.5 Evolution1, Inc. Software WEX, Inc. 532.5 Skybox Imaging, Inc. Information & Bus iness Services Google, Inc. 500.0 Mecom Group plc Tradi tional Media De Persgroep Publ i shing 334.0 SeatonCorp Software TrueBlue, Inc. 310.0 M and M Direct Limited Digi ta l Media/Commerce BESTSELLER A/S 237.4 Adconion Media, Inc. & Adconion Pty Limited Digi ta l Adverti s ing Amobee Media Systems 229.0 ReadSoft AB Software Hyland Software 197.6 Healthy Directions , LLC Tradi tional Media Helen of Troy L.P. 195.0 Auto.ru LLC Digi ta l Advertis ing Yandex 175.0 Tai l ‐f Systems Software Cisco Systems, Inc. 175.0 Kontera Technologies , Inc. Digi ta l Adverti s ing Amobee Media Systems 150.0 Mapl in Electronics Ltd. Digi ta l Media/Commerce Rutland Partners LLP 144.6 Precise Media Group Ltd. Marketing Technology Kantar Media 118.8 Capario, Inc. Software Emdeon Bus iness Services LLC 115.0 TapCommerce Marketing Technology Twitter, Inc. 100.0 DragonPlay Ltd. Digi ta l Media/Commerce Bal ly Technologies , Inc. 100.0 eNovance SaS Technology & Communications Red Hat, Inc. 94.9 Markco Media Ltd. Digi ta l Adverti s ing Moniti se plc 93.4 WHTM‐TV (ABC) Tradi tional Media Media General , Inc. 83.4 MPayMe Limited Technology & Communications Powa Technologies Ltd. 75.0 AdColony Digi ta l Adverti s ing Opera Software ASA 75.0 Atego TM Software PTC, Inc. 50.0 Medical Staffing Network, Inc. Information & Bus iness Services Cross Country Healthcare, Inc. 48.3 CUSTOMS Info, Inc. Information & Bus iness Services The Descartes Systems Group, Inc. 42.2 Ness Technologies Is rael Information & Bus iness Services Hi lan Ltd. 42.0 Grow Mobi le, Inc. Digi ta l Adverti s ing Perion Network Ltd. 42.0 Kigo Marketing Technology Rea lPage, Inc. 37.5 WhippleHi l l Communications , Inc. Marketing Technology Blackbaud, Inc. 35.0 InstaEDU, Inc. Digi ta l Media/Commerce Chegg, Inc. 30.0 HongKong Zoom Interactive Network Marketing Technology Limited Digi ta l Advertis ing Cheetah Mobi le 30.0 Uti l igroup Ltd. Software Northedge Capita l LLP 27.0 Serus Corporation Software E2open, Inc. 26.0 Perfect Audience Marketing Technology Marin Software 25.5 I‐Cubed Software KPIT Technologies Ltd. 24.2 ViryaNet Limited Technology & Communications Verisae, Inc. 19.5 Pulpo Media, Inc. Marketing Technology Entravis ion Communications Corporation 18.0 Bei jing NationSky Network Technology Marketing Technology Bei jing Guorun Qi l ian Venture Capita l Center 18.0 GMI Ratings Information & Bus iness Services MSCI, Inc. 15.0

All Segments($ in Millions)

Strategic Transactions


Target Target Segment Buyer/Investor Reported TV StrategicValues Disclosed

The fresh Group Agency & Marketing Services NVM Private Equity Limited 9.6$ Internet.bs Corporation Digi ta l Media/Commerce Centra lNic Ltd. 7.5 Socrative, Inc. Digi ta l Media/Commerce MasteryConnect, Inc. 5.0 Digonex Technologies , Inc. Software Emmis Communications Corp. 3.0 Homestay.com Digi ta l Adverti s ing Delta Partners 3.0 Smi le Interactive Co., Ltd. Digi ta l Media/Commerce Macromac PLC 2.9 SoftTechnics Software Intersog 2.5 OhmData Technology & Communications WANdisco, Inc. 2.4 Moment.me Digi ta l Media/Commerce SingTel Innov8 1.7

Target Target Segment Buyer/Investor Reported TV StrategicUndisclosed

Promotions Group West, Inc. Agency & Marketing Services Creative Artis ts Agency ‐$ Worth1000.com Agency & Marketing Services Des ignCrowd ‐ EffectiveBrands Holding B.V. Agency & Marketing Services Mil lward Brown, Inc. ‐ Circus Peru S.A. Agency & Marketing Services Grey Group ‐ The Hardy Boys Agency & Marketing Services J. Walter Thompson Company ‐ Temple Adverti s ing Pvt. Ltd. Agency & Marketing Services Bates Chi & Partners ‐ Crispin Porter+ Bogusky Agency & Marketing Services The House Worldwide ‐ Haygarth Agency & Marketing Services Rapp ‐ Youbibi Digi ta l Adverti s ing Skyscanner Limited ‐ Choose Digita l Digi ta l Adverti s ing Viggle, Inc. ‐ Auto Escape Group Digi ta l Advertis ing Expedia , Inc. ‐ Lead Media Partners LLC Digi ta l Adverti s ing One On One Marketing, Inc. ‐ Team Internet AG Digi ta l Advertis ing Matomy Media Group ‐ mDialog Corporation Digi ta l Adverti s ing Google, Inc. ‐ Wirefly, Inc. Digi ta l Adverti s ing BIZX LLC ‐ Afterl ive.tv, Inc. Digi ta l Adverti s ing Twitter, Inc. ‐ Yunai t Digi ta l Adverti s ing Bownty ‐ UpMobi le Digi ta l Adverti s ing InternetQ ‐ Redux, Inc. Digi ta l Adverti s ing CrunchyRol l , Inc. ‐ Medio Systems, Inc. Digi ta l Adverti s ing HERE Maps ‐ HomestayBooking Digi ta l Adverti s ing Homestay.com ‐ Upfront Digi ta l Media Digi ta l Adverti s ing Undertone ‐ The Lacrosse Network Digi ta l Adverti s ing The Whistle Sports Network ‐ Namo Media, Inc. Digi ta l Adverti s ing Twitter, Inc. ‐ emedia Communications LLC Digi ta l Adverti s ing Zi ff Davis , Inc. ‐





Sourcebi ts , Inc. Digi ta l Media/Commerce Globo Plc ‐$ PedidosYa Digi ta l Media/Commerce Del ivery Hero ‐ A Little Market Digi ta l Media/Commerce Etsy, Inc. ‐ Del ivery Club Ltd. Digi ta l Media/Commerce FoodPanda ‐ The Malays ian Ins ider Digi ta l Media/Commerce The Edge Media Group Pte. Ltd. ‐ Gadl ing Digi ta l Media/Commerce Ski ft Inc. ‐ Layar Digi ta l Media/Commerce Bl ippar ‐ Bitsquid AB Digi ta l Media/Commerce Autodesk, Inc. ‐ Viacom Inc., Digita l Gaming Properties Assets/Products Digi ta l Media/Commerce Defy Media LLC ‐ Simpl ikate Systems LLC Digi ta l Media/Commerce Phunware ‐ Telephony Media Digi ta l Media/Commerce One Publ ic ‐ Metabol i , White Label Digi ta l Store Divis ion Digi ta l Media/Commerce Nexway S.A.S. ‐ Sworki t Pro Digi ta l Media/Commerce Nexercise, Inc. ‐ Cozi , Inc. Digi ta l Media/Commerce Time Inc. ‐ Desti , Inc. Digi ta l Media/Commerce Nokia Corporation ‐ CCS Printing Information & Bus iness Services DirectConnectGroup ‐ ScholarLMS Information & Bus iness Services Bi tKea Technologies ‐ Intium Consul ting Group B.V. Information & Bus iness Services SoftServe, Inc. ‐ MedHelp Internationa l , Inc. Information & Bus iness Services Phys icians Interactive ‐ Ajasa Technologies , Inc. Information & Bus iness Services TechDigi ta l Corporation ‐ Ergo Asia Pty. Ltd. Information & Bus iness Services Konica Minolta , Inc. ‐ Zanett Commercia l Solutions Information & Bus iness Services KPMG LLP ‐ Top Fl ight Concepts LLC Information & Bus iness Services Unisource Corporation ‐ Blueprint Cl inica l , Inc. Information & Bus iness Services BioCl inica , Inc. ‐ Cipe Consul ting Group LLC Information & Bus iness Services Cumberland Consul ting Group LLC ‐ Landes Bioscience, Inc. Information & Bus iness Services Taylor & Francis Group ‐ LTCG Information & Bus iness Services Stone Point Capita l , LLC ‐ IS Support, Inc. Information & Bus iness Services The Aldridge Company ‐ RJ Health Sys tems International , LLC Information & Bus iness Services Fi tzroy Health ‐ Objective Systems Integrators , Inc. Information & Bus iness Services MYCOM ‐ Revelation, Inc. Information & Bus iness Services FocusVis ion Worldwide, Inc. ‐ tweetTV Marketing Technology ConnecTV ‐ Mofuse, Inc. Marketing Technology The Search Agency ‐ MoBolt Marketing Technology Indeed, LLC ‐ Aito Technologies Oy Marketing Technology EXFO, Inc. ‐ Radoop LLC Marketing Technology RapidMiner, Inc. ‐ Paras tructure, Inc. Marketing Technology Dropbox ‐





nettime solutions , LLC Marketing Technology Paychex, Inc. ‐$ D2 Technologies , Inc. Marketing Technology NewNet Communications Technologies B.V. ‐ UCWeb, Inc. Marketing Technology Al ibaba Group Holding Ltd. ‐ buuteeq, Inc. Marketing Technology The Pricel ine Group, Inc. ‐ Dreamstalk Studios , Inc. Marketing Technology Stardyne Technologies , Inc. ‐ EdgeRank Checker Marketing Technology Socia lbakers ‐ Abacast, Inc. Marketing Technology Wide Orbit, Inc. ‐ Droptalk Marketing Technology Dropbox ‐ Modulus LLC Marketing Technology Progress Software ‐ Pryte Marketing Technology Facebook ‐ Alenty Marketing Technology AppNexus , Inc. ‐ Glenridge Healthcare Solutions , Inc. Software WhiteGlove Health, Inc. ‐ Beans & Intel lect Finanica l Technology Pvt. Ltd. Software Miles Software Solutions Pvt. Ltd. ‐ Blackbird.io Software Pythian ‐ NeoSystems , Inc. Software Wmode, Inc. ‐ Metabit Co., Ltd. and NYFIX, Inc. Software ULLINK ‐ LiveLOOK, Inc. Software Oracle Corporation ‐ Wombat Software Street Response Laboratories ‐ Pingdom AB Software SolarWinds ‐ Milestone Sys tems, Inc. Software Canon, Inc. ‐ NewPace Technology Development Inc. Software NewNet Communications Technologies B.V. ‐ Amirsys , Inc. Software Elsevier, Inc. ‐ AddPro AB Software Perusa GmbH ‐ Harmony Information Systems, Inc. Software Mediware Information Systems, Inc. ‐ Synergis tic Software Solutions , LLC Software Reinsel Kuntz Lesher ‐ Envis ta Corporation Software Accela , Inc. ‐ Profeatable Corporation Software Pegasystems , Inc. ‐ WebEquity Solutions , LLC Software Moody's Analytics , Inc. ‐ Mining Information Systems Software Trimble Navigation Limited ‐ NetVentures Corporation Software Daxko, Inc. ‐ Everysync Solutions Software Infrascale, Inc. ‐ Chameleon Technology Pty Ltd. Software NCS Software Ltd. ‐ UniversalPegasus Internationa l , Inc. Software Huntington Ingal l s Industries , Inc. ‐ Synchronite LLC Software LivePerson, Inc. ‐ Axium Software Deltek, Inc. ‐ KKT Srl Software FleetMatics ‐ Gazzang, Inc. Software Cloudera, Inc. ‐ iLab Sis temas Software Hexagon AB ‐ RevPoint Healthcare Technologies Software Avai l i ty LLC ‐ Synference Ltd. Technology & Communications Optimizely ‐





Strategic TransactionsTarget Target Segment Buyer/Investor Reported TV

StrategicUndisclosed

Shotgun Software, Inc. Technology & Communications Autodesk, Inc. ‐$ Integri ty Project Technology & Communications Mel lanox Technologies Ltd. ‐ Renovo Software, Inc. Technology & Communications Global Tel*Link ‐ Alpental Technologies , Inc. Technology & Communications Google, Inc. ‐ Streem Technology & Communications Box, Inc. ‐ Voltari Messaging Bus iness Technology & Communications CLX Networks AB ‐ Mobi leSpan, Inc. Technology & Communications Dropbox ‐ Cloudfinder Sweden AB Technology & Communications eFolder, Inc. ‐ Fixmo, Inc., Certa in Assets Technology & Communications Good Technology, Inc. ‐ CSC Media Group Ltd. Tradi tional Media Sony Pictures Televis ion Group ‐ Windsor Outdoor, More than 35 Bi l lboard Structures in Chicago Tradi tional Media CBS Outdoor Americas , Inc. ‐ Archiba ld Media Group Tradi tional Media Stingray Digi ta l Group Inc. ‐ Blue Star Media Tradi tional Media AUA Private Equity Partners , LLC ‐ Macdonald Outdoor Adverti s ing, Inc. Tradi tional Media Astra l Out‐of‐Home ‐ Destination Media, Inc. Tradi tional Media Rockbridge Growth Equity, LLC ‐ 360 Production Ltd. Tradi tional Media Rare Televis ion Limited ‐


Target Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Advantage Sales & Marketing, LLC Agency & Marketing Services Leonard Green & Partners , L.P. 4,000.0$ Internet Brands , Inc. Digi ta l Adverti s ing Kohlberg Kravis Roberts & Company 1,100.0 iParadigms , LLC Information & Bus iness Services Ins ight Venture Partners 752.0 ALM Media Properties , LLC Digi ta l Media/Commerce Wasserstein & Company 417.0 Pulsant Technology & Communications Oak Hi l l Capita l Partners 339.6 WOW!'s Rapid City and Sioux Fal l s , South Dakota Systems Tradi tional Media Paml ico Capita l 262.0 Cis ion AB Information & Bus iness Services GTCR, LLC 143.2 Egenera, Inc. Technology & Communications Comvest Partners 16.0

Buyout DealsUndisclosed

Asset Internationa l , Inc. Information & Bus iness Services Genstar Capita l , LP ‐$ Independent Cl inica l Services Information & Bus iness Services TowerBrook Capita l Partners L.P. ‐ VTLS, Inc. Marketing Technology HGGC, LLC ‐ TIA Technology A/S Software EQT Holdings AB ‐ Fi reMon Software Ins ight Venture Partners ‐ Autotask Corporation Software Vista Equity Partners ‐ Grupo Expans ión Tradi tional Media Southern Cross Group ‐ Loka ltidningen Mitt i Stockholm AB Tradi tional Media Segulah Advisor AB ‐


Buyout Transactions


Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Uber, Inc. Digi ta l Media/Commerce FMR LLC 1,200.0$ Houzz, Inc. Digi ta l Adverti s ing (Private Investors ) 150.0 Kobalt Music Group, Ltd. Tradi tional Media Balderton Capita l 140.0 Avtex Solutions LLC Information & Bus iness Services LaSa l le Capita l Group, LP 100.0 Toutiao Marketing Technology Sequoia Capita l 100.0 Tujia .com Digi ta l Media/Commerce GGV Capita l 100.0 Tanium, Inc. Software Andreessen Horowitz 90.0 MapR Technologies , Inc. Technology & Communications Google Capita l 80.0 MediaMath, Inc. Marketing Technology Spring Lake Equity Partners 73.5 Elasticsearch Marketing Technology New Enterprise Associates 70.0 Zenefits Insurance Services Information & Bus iness Services Andreessen Horowitz 66.5 Couchbase, Inc. Software WestSummit Capita l 60.0 Plex Systems, Inc. Software T. Rowe Price Associates 50.0 Kony Solutions Marketing Technology SoftBank Capita l 50.0 Hel loFresh Digi ta l Media/Commerce Ins ight Venture Partners 50.0 Yext, Inc. Digi ta l Adverti s ing Ins ight Venture Partners 50.0 Instacart, Inc. Digi ta l Media/Commerce Andreessen Horowitz 44.0 Skyhigh Networks , Inc. Technology & Communications Sales force.com 40.0 Puppet Labs Software Google Ventures 40.0 Kredi tech SSL Holding GmbH Information & Bus iness Services Varde Partners 40.0 Grand Rounds Information & Bus iness Services Greylock Partners 40.0 Wel lAware Holdings , Inc. Marketing Technology Activant Capita l Group LLC 37.0 Krux Digi ta l Marketing Technology SAP Ventures 35.0 The SAVO Group Marketing Technology Goldman Sachs Private Investment Area 35.0 Rovio Enterta inment Ltd. Digi ta l Media/Commerce European Investment Bank 33.9 Webtrekk GmbH Marketing Technology Deutsche Bank 33.8 Invaluable Digi ta l Media/Commerce Ins ight Venture Partners 33.8 Databricks Technology & Communications NEA 33.0 Freshdesk, Inc. Marketing Technology Tiger Global Management, LLC 31.0 Phunware Marketing Technology Samsung Venture Investment Corporation 30.7 ForgeRock Software Accel Partners 30.0 ThoughtSpot, Inc. Marketing Technology Khos la Ventures 30.0 SiSense, Ltd. Marketing Technology Battery Ventures 30.0 Ebury Partners UK Ltd. Information & Bus iness Services Greylock Partners 30.0 Wickr, Inc. Digi ta l Media/Commerce Breyer Capita l 30.0 Taodangpu Digi ta l Media/Commerce BlueRun Ventures 30.0 Handybook, Inc. Digi ta l Adverti s ing Revolution Growth 30.0 MyOptique Group Limited Digi ta l Media/Commerce Cipio Partners GmbH 27.2 Zerto Software Harmony Partners 26.0 CareCloud Corporation Software Hercules Technology Growth Capita l , Inc. 25.5 Vis ier Corporation Marketing Technology Adams Street Partners , LLC 25.5 GeoDigi ta l International Corporation Software Enertech Capita l Partners 25.0


Venture/Growth Capital Transactions



Sport Ngin Marketing Technology Piper Jaffray Merchant Banking 25.0$ Tastemade, Inc. Digi ta l Adverti s ing Scripps Networks Interactive, Inc. 25.0 Zhihu Digi ta l Media/Commerce SAIF Partners 22.0 VeloCloud Networks Technology & Communications New Enterprise Associates 21.0 Light Chaser Animation Studios Tradi tional Media GGV Capita l 20.0 Aerospike, Inc. Software New Enterprise Associates 20.0 Scivantage Software Comerica Bank 20.0 Aasonn, LLC Software LLR Partners , Inc. 20.0 Igni tionOne, Inc. Marketing Technology SoftBank Capita l 20.0 Clari Marketing Technology Bain Capita l Ventures 20.0 RichRelevance, Inc. Marketing Technology Centerview Partners LLC 20.0 DewMobi le, Inc. Digi ta l Media/Commerce IDG Capita l Partners 20.0 Yieldbot, Inc. Marketing Technology SJF Ventures 18.0 VigLink Digi ta l Adverti s ing RRE Investors 18.0 Infrascale, Inc. Technology & Communications Carrick Capita l Partners 16.3 PLUMgrid, Inc. Technology & Communications Longworth Venture Partners 16.2 Vizury Interactive Solutions Marketing Technology Intel Capita l 16.0 Schoology, Inc. Software Intel Capita l 15.0 CloudPhys ics , Inc. Software Jafco Ventures 15.0 Procore Technologies , Inc. Software Bessemer Venture Partners 15.0 Offerpop Marketing Technology CommonAngels 15.0 chloe + i sabel , inc. Digi ta l Media/Commerce Genera l Cata lys t Partners LLC 15.0 Patreon, Inc. Digi ta l Media/Commerce Index Ventures 15.0 Octro, Inc. Digi ta l Media/Commerce Sequoia Capita l 15.0 WeLab Limited Digi ta l Media/Commerce TOM Group Limited 14.0 TouchOfModern Digi ta l Adverti s ing Great Oaks Venture Capita l 14.0 Gi ld, Inc. Software Menlo Ventures 13.5 Truveris Software Canaan Partners 12.3 flaregames, GmbH Digi ta l Media/Commerce Accel Partners 12.2 BitGo, Inc. Software Redpoint Ventures 12.0 XebiaLabs , Inc. Software Updata Partners 12.0 Slyce Marketing Technology Canaccord Genuity Corp. 12.0 Glympse, Inc. Digi ta l Media/Commerce Verizon Ventures 12.0 ClearCare, Inc. Marketing Technology Bessemer Venture Partners 11.0 aCommerce Marketing Technology Ardent Capita l 11.0 About.me Digi ta l Media/Commerce Foundry Group 11.0 Fingerprint Digita l , Inc. Digi ta l Media/Commerce DreamWorks Animation LLC 10.9 Mesosphere, Inc. Technology & Communications Andreessen Horowitz 10.5 Wash.io, Inc. Digi ta l Media/Commerce Canaan Partners 10.5 FixStream Network, Inc. Technology & Communications Tech Mahindra Limited 10.0 Aryaka Networks , Inc. Technology & Communications Trini ty Ventures 10.0 Concurrent, Inc. Technology & Communications Bain Capita l Ventures 10.0





BioCatch, Inc. Software Blumberg Capita l 10.0$ Exabeam, Inc. Software Norwest Venture Partners 10.0 Fortscale Securi ty Ltd. Software Intel Capita l 10.0 Helpshi ft, Inc. Marketing Technology Intel Capita l 10.0 Placed, Inc. Marketing Technology Madrona Venture Group 10.0 Tria lScope, Inc. Information & Bus iness Services Edison Ventures 10.0 Yik Yak, LLC Digi ta l Media/Commerce Azure Capita l Partners 10.0 Fashionandyou.com Digi ta l Media/Commerce Sequoia Capita l 10.0 MiTu, Inc. Digi ta l Adverti s ing Upfront Ventures 10.0 Light Digi ta l Adverti s ing Bessemer Venture Partners 9.7 Onaps is , Inc. Software .406 Ventures , LLC 9.6 Declara Software EDBI 9.0 PackLink.es Information & Bus iness Services Accel Partners 9.0 CrowdTwist, Inc. Digi ta l Adverti s ing StarVest Partners , LP 9.0 Curalate Marketing Technology New Enterprise Associates 8.6 Logfi re, Inc. Software Edison Ventures 8.3 wiki fol io Financia l Technologies GmbH Technology & Communications VHB Ventures 8.2 Lucid Des ign Group, Inc. Information & Bus iness Services Formation 8 8.2 CoreOS, Inc. Software Kleiner Perkins Caufield & Byers 8.0 BalaBi t IT Securi ty Software C5 Capita l 8.0 SIM Partners Marketing Technology River Cities Capita l Fund 8.0 Profi tero Ltd. Marketing Technology Polari s Partners 8.0 Commerce Guys Marketing Technology ISAI Gestion 7.3 Visua l Unity Digi ta l Adverti s ing 3TS Capita l Partners , Ltd. 7.2 Bot or Not, LLC Software Paladin Capita l 7.0 Distracti fy.com LLC Marketing Technology Lightspeed Venture Partners 7.0 Al locadia Software, Inc. Marketing Technology Altos Ventures 7.0 Epoxy, Inc. Marketing Technology Upfront Ventures 6.5 Executive Employers Information & Bus iness Services Agi le Capita l Partners 6.5 SpotHero, Inc. Digi ta l Adverti s ing Chicago Ventures 6.5 Coherent Path, Inc. Marketing Technology Sigma Prime Ventures 6.3 Zaius , Inc. Marketing Technology Matrix Partners 6.3 Virtru Corporation Software Bessemer Venture Partners 6.0 Montage Talent, Inc. Software Beringer Capita l 6.0 Spotl ight Ticket Management Marketing Technology Ci ty Nationa l Bank 6.0 The Bouqs Digi ta l Media/Commerce Azure Capita l Partners 6.0 Finanzchef24 GmbH Digi ta l Advertis ing Target Partners 5.4 5app Ltd. Technology & Communications Beckman Group 5.1 Weave Technology & Communications Homebrew LLC 5.0 CounterTack, Inc. Software Fai rhaven Capita l Partners 5.0 Core Informatics LLC Software KLP Enterprises 5.0





Urban Remedy Digi ta l Media/Commerce Venture51 Capita l Fund LLP 5.0$ Moi Corporation Digi ta l Advertis ing Sinar Mas Indones ia 5.0 Namely, Inc. Marketing Technology Bul lpen Capita l 4.7 RedOwl Analytics Information & Bus iness Services (Private Investors ) 4.6 Del iveroo Digi ta l Media/Commerce Index Ventures 4.6 WhoKnows, Inc. Software Intel Capita l 4.5 Scal ingData Technology & Communications Genera l Cata lys t Partners LLC 4.4 Health Integrated, Inc. Software Western Technology Investment 4.0 Sea l Software Limited Information & Bus iness Services Toba Capita l 4.0 Rant Media Network, Inc. Digi ta l Media/Commerce Roth Capita l Partners , LLC 4.0 Pixabi l i ty, Inc. Digi ta l Adverti s ing Point Judi th Capita l 4.0 Si lent Edge Ltd. Software Rockpool Investments 3.8 Pathbri te, Inc. Marketing Technology Cengage Learning 3.7 CoPatient, Inc. Technology & Communications .406 Ventures , LLC 3.6 Outracks Technologies Software Northzone Ventures 3.5 ProjectManager.com Marketing Technology Zeus Management 3.5 Tribl io, Inc. Marketing Technology Longworth Venture Partners 3.4 TrendKite Marketing Technology Mercury Fund 3.2 Cloud Elements LLC Software Grotech Ventures 3.1 Zula, Inc. Technology & Communications Microsoft Ventures 3.0 Rhiza , Inc. Marketing Technology Draper Triangle Ventures 3.0 PlayBuzz Digi ta l Media/Commerce Carmel Ventures 3.0 Turnkey Vacation Renta ls , LLC Digi ta l Adverti s ing Si lverton Partners 3.0 AnyPerk Agency & Marketing Services Vegas Tech Fund 3.0 Move Loot, Inc. Digi ta l Media/Commerce Fi rs t Round Capita l 2.8 Trans i fex Marketing Technology New Enterprise Associates 2.5 Big Data Partnership Limited Technology & Communications Beringea LLC 2.1 BlockScore, Inc. Software Battery Ventures 2.0 Neotys SAS Software Ardian SA 2.0 dizmo AG Marketing Technology (Private Investors ) 2.0 ReviewTrackers Marketing Technology American Fami ly Insurance 2.0 Fi tbay ApS Marketing Technology Steadfast Venture Capita l 2.0 Gatheredtable Digi ta l Media/Commerce (Private Investors ) 2.0 Dwel lable Digi ta l Adverti s ing Vers ion One Ventures 2.0 Buzzoola Digi ta l Adverti s ing I2BF Global Ventures 2.0 Curiyo Marketing Technology OurCrowd 1.9 Earshot, Inc. Marketing Technology Birchmere Ventures 1.7 SourceClear, Inc. Software (Private Investors ) 1.5 Fishidy Digi ta l Media/Commerce Hyde Park Angels 1.5 TextMaster Marketing Technology Alven Capita l Partners 1.4 Trip4Real Experiences , S.L. Digi ta l Media/Commerce Kibo Ventures 1.4 FightMe Digi ta l Adverti s ing HTG Ventures 1.4





Love With Food Digi ta l Advertis ing Kapor Capita l 1.4$ Creative Web Srl Marketing Technology Sierra Maya Ventures 1.3 TeamSupport Marketing Technology (Private Investors ) 1.3 Mobi leRQ, Inc. Digi ta l Adverti s ing Verizon Ventures 1.3 Algol ia SAS Digi ta l Adverti s ing Storm Ventures , LLC 1.2 Cl icData Software (Private Investors ) 1.0 BeSomebody, Inc. Digi ta l Media/Commerce The E.W. Scripps Company 1.0 Recommend Digi ta l Media/Commerce (Private Investors ) 1.0

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

Tapatalk, Inc. Digi ta l Media/Commerce FLOODGATE Fund LP ‐$ WUT, Inc. Digi ta l Media/Commerce Foundation Capita l ‐ goDog Fetch Digi ta l Media/Commerce Analytic Partners , Inc. ‐ Construction Labor Contractors Information & Bus iness Services Si lver Oak Partners ‐ WebPT, Inc. Information & Bus iness Services Battery Ventures ‐ Cloud Theory Solutons , Inc. Information & Bus iness Services The Blackstone Group ‐ Highwire Press , Inc. Information & Bus iness Services Accel ‐KKR, LLC ‐ CRMnext Marketing Technology Norwest Venture Partners ‐ SwipeClock Marketing Technology Moel is Capita l Partners ‐ Compl iant Innovations , Inc. Software Li feforce Ventures ‐ Reps ly, Inc. Software Launchpad Venture Group, LLC ‐ PIXIA Corporation Technology & Communications Enl ightment Capita l ‐




Petsky Prunier: Maximizing Shareholder Value

Overview

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

• More than 35 focused professionals Unique combination of investment banking and consulting expertise New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa Sell‐side and private placement close rate is unmatched at our level of deal volume Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional

services International reach enhanced through our partnership with investment bank Altium, which operates from eight offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

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

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

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Marketing Media eCommerce Healthcare


Petsky Prunier was Ranked #1 by Bloomberg in 2011 – 2013 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count1 Petsky Prunier LLC 442 Goldman Sachs & Co. 353 Jordan Edmiston Group, Inc. 314 Morgan Stanley 294 Nomura Holdings, Inc. 294 GCA Savvian Group Corp. 297 PwC 247 China Renaissance Partners 249 KPMG Corporate Finance 2210 Sumitomo Mitsui Financial Group, Inc. 20

Based on number of deals announced in 2011 – 2013 valued at $500 million or less

Nearly 60 transactions closed since 2011:

Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to growth equity and late stage venture capital financings Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media,

technology and software, information services, and healthcare


International Partnership with Altium

Description Network

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

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

A leading advisor for more than 25 years

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

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

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

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

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

BeijingShanghai

New York Palo AltoLas Vegas ChicagoBoston Tampa

India

Madrid ManchesterLondonParis

Zurich FrankfurtMilanMunich


a disruptive, rapidly expanding marketplace for

insurance clicks, calls, and leads

has sold a majority stake to

(NYSE: WTM)

a provider of international local networks and service numbers, as well as

value‐added functions for call centers

a subsidiary of

has been sold to

the leading European online supplier of high‐performance gaming and PC components

a portfolio company of

has been sold to

has received a double‐digit million Euro investment led by

a Berlin‐based worldwide travel solution provider for premium transportation

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


(AIM: EMIS)

has been sold to

has merged with an affiliate of

a leading targeted direct marketing company that connects new movers

with local business

and

has been sold to

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

Representative Recent Transactions

has been sold to

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

(Euronext Amsterdam: WKL)

has sold


toSample Management Business

has been sold to

a leading provider of digital production services to brands and agencies

(NYSE: ACN)

has been acquired by

a real‐time behavioral advertising company

(NYSE: AOL)

has been acquired by

a dynamic display media andretargeting company

(JASDAQ:4755)

has received a mezzanine debt investment from

a leading provider of transportation‐based digital media networks a provider of a cloud‐based integration

platform for the digital marketing industry

has received $15MM financing led by

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

Apple (iOS), and Android developers

has received $66MM investmentfrom

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

customer acquisition solutions formajor brands

has received an equity investment from

with debt financing from

a leading SaaS‐based, cross channel campaign management platform

for B2C marketers

has been sold to

a consumer enthusiast mediaand commerce company

has been sold to

one of the largest independentin‐store media companies in the U.S.

has been sold to

has been sold to

one of the largest digital agencies

(Nasdaq: RNWK)(ENXTPA: PUB)

has been sold to

a leading developer of popular real‐money and social gaming

(Nasdaq: RNWK)

a leading global SaaS‐based tag management, data management, and marketing attribution provider

has been sold to

the largest independent eCommerce retailer of promotional products

has been sold to

has received a $68MM minority investment from

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

has been sold to

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

and publishing digital displays for retailers

a unit of

(NYSE: LXK )

has sold

specializing in retail, digital, shopper marketing and consumer services

to

along with digital subsidiary

has been sold to

a leading digital advertising monetization and shopper marketing partner for

eCommerce retailers

with financing from


has sold

provider of online travel guides for top destinations around the world

to

(NYSE: GCI )

a technology company delivering highly targeted programmatic marketing solutions using unstructured data

has received a $16MM Series B investment led by

a leading provider of transaction‐based media cost databases and software for television, radio, and digital

advertising cost analysis

has been sold to

a leading provider of online customer acquisition services to the

insurance industry

has been sold to

(NYSE: RATE)

a leading provider of data‐driven enrollment marketing solutions to

higher education institutions

has acquired select assets of

June2014 MA and Investment Summary - Petsky...

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