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BUSINESS AND TECH-ENABLED SERVICESSECTOR REPORTSeptember 2018

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GCA BUSINESS & TECH-ENABLED SERVICES OVERVIEW

DEREK BELLManaging DirectorHead of Business & Tech-Enabled Servicesdbell@gcaglobal.com212.999.7089

Representative Focus AreasDigital Marketing, Performance Marketing, Account Based Marketing, Search Marketing, Influencer Marketing, Loyalty Marketing, Direct Marketing, Database Marketing, Experiential Marketing, Market Research

Diversified B2B Information Services, Financial / Credit Information Services, Specialized Information Services (Energy, Real Estate, Hospitality, Compliance, Auto, etc.)

Consulting, GRC Services, E-Discovery / Legal Services, Patent Services, HR Services, Corporate Training, Digital Transformation Services, IT & Cloud Services (Implementation, Managed Services, Software Development, VAR), BPO & KPO Services, Language / Localization Services, Print Services

Call Center, Billing & Claims Management / Processing, Accounts Receivable Management

MARKETING SERVICES

INFORMATION SERVICES

PROFESSIONAL & IT SERVICES

CUSTOMER CARE & CLAIMS SERVICES

Recent Business & Tech-Enabled Services Transactions

Key Contact

We Advised the Seller

Acquired byAcquired by

We Advised the Seller

Acquired by

We Advised the Seller

Acquired by

We Advised the SellerWe Advised TCV

Investment in

Received Minority Investment from

Financial AdvisorWe Advised the Buyer

AcquiredAcquired by

We Advised the SellerWe Advised the Seller

Acquired by

Acquired by

We Advised the Seller

Acquired by

We Advised the Seller

Investment in

We Advised NorthEdgeWe Advised the Seller

Acquired by

We Advised the Seller

Acquired by

We Advised the Buyer

Investment in

We Advised the Seller

Acquired by

Information Services Information Services Risk Mgmt Services Software Services Patent Services IT Services HR SolutionsDigital Marketing Marketing Services

Digital Marketing IT Services IT Services Digital Marketing Claims Management Information Services Market ResearchLoyalty Marketing IT Services

Acquired by

We Advised the Seller

We Advised the Seller

Acquired by

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BUSINESS & TECH-ENABLED SERVICES SECTOR REPORT

Notes:Source: Capital IQ and PitchBook.

− Business & Tech-Enabled Services sector continues to experience significant M&A activity, with over $178.8 billion in volume across 2,520 transactions in 2018 YTD

− Four large transactions were announced in September:

• Getty family acquisition of Getty Images• SAIC acquisition of Engility• Carlyle acquisition of Sedgwick Claims Mgmt Services• Adobe acquisition of Marketo

− Continued deal momentum in legal support / e-discovery sector:

• CVC acquisition of UnitedLex• Nuix acquisition of Ringtail Solutions from FTI Consulting

− Additional noteworthy private equity transactions not shown in the righthand table include:

• Spectrum Equity investment in Offensive Security• Trinity Partners acquisition of TGaS Advisors• FTV Capital investment in Strata Fund Solutions• WestView Capital Partners investment in AccountabilIT• Audax acquisition of Acuant• Boathouse Capital investment in TapClicks

Executive Summary

Select M&A Transactions

Ann. Date Acquirer Target TEV ($MM)

9/27/18 NA

9/27/18 NA

9/26/18 $140

9/25/18 $811

9/24/18 Thyssen-Bornemisza Group (TBG) NA

9/20/18 $4,750

9/20/18 NA

9/17/18 NA

9/17/18 $500

9/12/18 NA

9/12/18($30MM Investment)

NA

9/12/18 $6,700

9/11/18($30MM Investment)

NA

9/10/18 $2,450

9/5/18Challenger & Effortless Experience Solutions Business

NA

9/4/18 Getty Family $2,840

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BUSINESS & TECH-ENABLED SERVICES LTM STOCK PRICE PERFORMANCE

Notes:Source: Capital IQ.

Advertising & Marketing Services

Events & Exhibitions Information Services Consulting & Training HR Services Staffing & Recruiting IT & BPO Services Customer Care / CRM Services

1.9% (10.6%) 19.9% 45.1% 40.8% 21.1% 25.9% (17.1%)

LTM Share Price Performance

80%

90%

100%

110%

120%

130%

140%

150%

160%

Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18

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BUSINESS & TECH-ENABLED SERVICES TRADING COMPARABLES

Notes:Multiples represent median values, except for HR Services, which reflects mean values. Source: Capital IQ.

Advertising & Marketing Services

Events & Exhibitions Information Services Consulting & Training HR Services Staffing & Recruiting IT & BPO Services Customer Care / CRM Services

8.9x / 1.7x 10.4x / 3.2x 15.5x / 5.2x 13.4x / 1.5x 16.5x / 3.7x 8.9x / 0.7x 12.4x / 2.2x 8.1x / 0.7x

2018E EBITDA / 2018E Revenue Multiple

EV / 2018E EBITDA EV / 2018E Revenue16.5x

15.5x

13.4x12.4x

10.4x8.9x 8.9x

8.1x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

HR Services InformationServices

Consulting &Training

IT & BPOServices

Events &Exhibitions

Staffing &Recruiting

Advertising& Marketing

Services

CustomerCare / CRM

Services

5.2x

3.7x3.2x

2.2x1.7x 1.5x

0.7x 0.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

InformationServices

HR Services Events &Exhibitions

IT & BPOServices

Advertising& Marketing

Services

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

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SELECTED RECENT BUSINESS & TECH-ENABLED SERVICES M&A ACTIVITYMarketing & Information Services($MM)

EV / EBITDA EV / RevenueAnnounced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

Notes:Source: Capital IQ and Wall Street Estimates.(1) All 4 divisions are based in Germany.

9/25/2018 $811 35.9x 21.4x 5.0x 4.6xProvides multiplatform media and marketplace services to the wedding, pregnancy, and parenting markets primarily in the U.S.

9/20/2018 $4,750 NA NA NA NA Provides cloud-based engagement marketing software platform

9/4/2018 Getty Family $2,840 NA NA NA NACreates and distributes images, audio and video products, documents, press kits, and other visual content to businesses worldwide

8/30/2018 $263 37.8x 19.3x 5.5x 5.2x Provides commercial real estate market information and anlytical tools to real estate professionals in the U.S.

8/8/2018 $6,675 13.1x 12.6x 3.7x 3.8x Provides commercial data, analytics, and insight on businesses

8/2/2018 $18 16.5x NA NA NA Price Reporting Agency (PRA) for the global wood products industry

7/30/2018 $123 NA NA 0.5x NAIpsos acquired 4 global divisions of GfK Research: Customer Experience, Experience Innovatoin, Health, and Public Affairs (1)

7/27/2018 $18 NA NA 1.0x NA Provides digital advertising and marketing services

7/17/2018 $80 11.4x NA 2.5x NA Full-service healthcare marketing agency serving biopharmaceutical, medical device, and diagnostics companies

7/17/2018 $1,200 19.0x NA 6.5x NA Designs and develops a suite of ethics and compliance software solutions

7/10/2018 S4 Capital $352 NA NA 2.7x NA Netherlands-based creative digital production company serving agencies worldwide

7/9/2018 $2,467 16.9x NA 7.3x NA Switzerland-based provider of sports-related l ive data and digital content services

7/3/2018 $550 8.0x NA NA NA Provides marketing strategies and revenue-generating products and services to the financial services industry

7/2/2018 $2,300 11.5x NA NA NA Provides database marketing services

7/2/2018 $775 NA NA 6.0x NA Provides construction cost analytics, estimating information, pricing data, and procurement software and services

6/21/2018 $1,864 12.7x 9.8x 2.5x 2.5xOffers a range of Web services and products that enable small businesses to establish, maintain, promote, and optimize their online presence

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SELECTED RECENT BUSINESS & TECH-ENABLED SERVICES M&A ACTIVITYMarketing & Information Services – continued

Notes:Source: Capital IQ and Wall Street Estimates.

($MM)

EV / EBITDA EV / RevenueAnnounced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

6/20/2018 $34 NA NA 4.4x NA Provides competitive deposit and loan rate intell igence to bank and credit union clients

6/19/2018 NA NA NA NA NA Provides business-critical insights over mobile, web, and desktop platforms to oil and gas industries worldwide

6/15/2018 $32 10.9x NA 2.2x NAUK-based global digital subscription business that helps brands, agencies and media platforms assess marketing effectiveness across all channels

6/4/2018 $375+ ~20.0x NA NA NAProvides automated docket updates, breaking news, and expert analysis for distressed debt investors, lawyers, and restructuring professionals

5/21/2018 $1,855 NA NA NA NADevelops and provides market intell igence, data, and technology solutions to participants in the global capital markets in the U.S. and internationally

5/15/2018Exhibitions Business

$405 12.9x NA 3.8x NA UK-based organizer of market-leading B2B exhibitions, including global exhibitions brands Bett and CWIEME

4/26/2018 $117 NM NM 2.5x 2.3xProvides cloud-based behavioral analytics for customer service organizations

4/26/2018 NA NA NA NA NAProvides technology, connectivity, and information solutions to the P&C and collision repair industries

4/20/2018 $1,400 22.2x NA 7.4x NA UK-based provider of consumer information management and direct marketing services to businesses

3/15/2018 $383 NA NA 7.0x NA UK-based provider of free access to credit reports and scores and consumer finance matching solutions

3/13/2018 $205 NA NA 2.8x NAProvides environmental risk information services and solutions serving the property due diligence industry

2/12/2018Global Market Intelligence Division

$181 12.0x NA NA NATwo main units are CEIC and EMIS, which provide global financial information from the macro and micro perspectives, with a focus on data for emerging markets

1/30/2018Financial & Risk Business (55% stake)

$20,000 10.4x NA 3.3x NAOffers critical news, information, and analytics enabling transactions and connecting communities of trading, investment, financial, and corporate professionals

1/29/2018PR Solutions & Digital Media Services

$335 13.4x NA 1.7x NAPublic relations, webcasting, and webhosting products, including GlobeNewswire, Media Intell igence, and Influencers Database

Mean 15.1x 14.0x 3.9x 3.6xMedian 13.1x 14.0x 3.7x 3.7x

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SELECTED RECENT BUSINESS & TECH-ENABLED SERVICES M&A ACTIVITYProfessional, IT & BPO Services

Notes:Source: Capital IQ and Wall Street Estimates.

($MM)

EV / EBITDA EV / RevenueAnnounced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

9/12/2018 $6,700 NA NA NA NAProvides a cloud-based platform for tech-enabled claims and productivity management solutions to businesses in North America

9/10/2018 $2,450 13.7x 14.7x 1.3x 1.3xProvides a range of technical services to the U.S. DOD, DOJ, DOS, FAA, DHS, and space-related and intell igence community agencies

8/28/2018 $2,650 NA NA NA NA Provides production solutions to television broadcasters, cable networks, and event producers worldwide

8/3/2018 $480 ~20.0x NA NA NA Provides employee training for the food and retail sectors

7/22/2018 $3,542 13.4x 15.3x 3.7x 3.7x Provides digital transformation, IT, and KPO services worldwide

7/16/2018 $410 NA NA 3.5x NA Manages mission critical business applications for companies and organizations in Norway and internationally

7/16/2018 $78 10.5x NA 1.1x NA Provides expert localization and technical translation services for businesses in any fi le format and any language.

6/28/2018 $2,534 7.4x 7.6x 0.9x 1.0xProvides customer management services to communications and media, technology, financial services, and other vertical markets worldwide

6/27/2018(Minority Stake for $250MM)

NA NA NA NA NA Provides consulting, product engineering, IT, and BPO services to Global 1000 companies

6/25/2018DFLT and TAS Segments

$470 11.9x NA 1.5x NA Provides professional services to clients primarily in the financial services industry

6/19/2018 NA NA NA NA NAProvides legal administrative services for class action settlements, mass tort, solicitation, legal noticing programs, and bankruptcy cases worldwide

6/19/2018 NA NA NA NA NAProvides event technology services for the hotel, resort, and conference center industry in the U.S., Canada, Mexico, the Caribbean, Europe, and the United Arab Emirates

6/14/2018 $1,000 12.0x NA 2.2x NA India-based provider of BPO and customer experience management services

5/23/2018 NA NA NA NA NAProvides moving and relocation services to corporate customers, individual consumers, and military and government agencies worldwide

5/21/2018(48% stake)

$2,000+ NA NA NA NAProvides full-lifecycle product development services to customers worldwide

5/10/2018 $1,100 NA NA NA NAGlobal provider of talent acquisition and management solutions delivering value to clients through a portfolio of outsourcing and consulting services

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SELECTED RECENT BUSINESS & TECH-ENABLED SERVICES M&A ACTIVITYProfessional, IT & BPO Services – continued

Notes:Source: Capital IQ and Wall Street Estimates.

($MM)

EV / EBITDA EV / RevenueAnnounced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

5/8/2018 $1,200 NA NA 7.0x NA Operates an online jobs and career community

5/1/2018 $385 NM NM 1.2x 1.4xProvides patent risk management and e-discovery services for clients worldwide

5/1/2018 $240 NA NA NA NADba SCIO Health Analytics, provides healthcare analytics solutions and services

4/24/2018 $150 11.2x NA 1.4x NA Provides cloud-based integrated recruiting, talent management, and compensation management solutions

4/16/2018 $413 NA NA 4.1x NAProvides corporate training in web development, user experience design, digital marketing, data science and machine learning

4/12/2018 $330 8.6x NA 3.1x NAProvides a data management, integration, and analytics infrastructure platform through commodity hardware, in the cloud, or both

4/9/2018 $215 NA NA 1.7x NAProvides health information management and locum tenens staffing

4/9/2018 $37 NA NA 1.6x NAPhill ips DiPisa is a nationwide executive retained search firm; Leaders for Today provides interim and permanent leadership workforce solutions

4/5/2018 NA 15.0x NA NA NA France-based provider of intellectual property information and management software and services

3/21/2018 $33 NA NA 1.7x NAProvides Guidewire platform implementation services to P&C insurance carriers

3/19/2018 $1,180 10.5x 8.1x 0.6x 0.6xProvides title insurance and real estate transaction services

3/14/2018Data Center and Cloud Services

$405 NA NA 1.7x NARepresents the combined operations of Wipro's datacenter and cloud services and portion of its datacenter business In Germany and U.K.

2/12/2018 $9,871 11.7x 12.0x 1.9x 1.8xProvides IT solutions and professional services to its U.S. government customers to modernize legacy systems, and protect and enhance networks and assets

2/6/2018Talent Assessment Business

$400 10.5x NA NA NA Formerly SHL, provides talent assessment solutions

Mean 11.2x 10.7x 2.2x 1.7xMedian 11.2x 10.7x 1.7x 1.4x

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Geographically balanced,

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sector focus areas across the firm

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