AUGUST 2011 MA and Investment Summarypetskyprunier.com/_petskyprunier.com/dynamic/user...Angie's...

August 2011 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise. Commitment. Results.

2M&A & INVESTMENT SUMMARY AUGUST 2011

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 6

Additional Monthly M&A and Investment Activity Data 25

About Petsky Prunier 33

TABLE OF CONTENTS


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MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

• A total of 241 deals worth approximately $21.5 billion were announced in August 2011

• Digital Media/Commerce was the most active segment with 103 transactions

• Software & Information was the highest value segment worth approximately $16.2 billion

• Strategic buyers announced 95 deals for approximately $16.7 billion (40% of total volume)

• VC/Growth Capital investors announced 138 deals for approximately $2.0 billion

• Buyout investors announced 8 deals for approximately $2.8 billion

Transaction Distribution

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

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

Digital Media/Commerce 103 43% 3,102.5 14% 33 1,941.7 0 0.0 70 1,160.8

Marketing Technology 50 21% 986.5 5% 24 544.7 2 190.0 24 251.9

Software & Information 41 17% 16,204.3 75% 12 13,374.5 5 2,578.7 24 251.1

Digital Advertising 25 10% 860.6 4% 11 612.0 0 0.0 14 248.6

Agency/Consulting 16 7% 277.1 1% 11 192.0 1 40.0 4 45.1

Marketing Services 6 2% 103.0 0% 4 75.0 0 0.0 2 28.0

Total 241 100% 21,534.05 100% 95 16,739.9 8 2,808.7 138 1,985.5

AUGUST 2011

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital


($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Digital Media/Commerce

Network Solutions, Inc.(1) Domain Portfolio/Marketplace Web.com Group, Inc. $756.0 $270.0 70.2 2.8x 10.8x

OPENLANE, Inc. eCommerce KAR Auction Services, Inc. 210.0 100.0 - 2.1x NA

Boston Proper(2) eCommerce Chico's 205.0 110.0 - 1.9x NA

Multifamily Technology Solutions, Inc. Local Search RealPage, Inc. 74.4 16.1 (2.3) 4.6x NM

Digital Advertising

Tudou Holdings Limited(3) Digital Video Sina Corporation 729.7 52.7 (45.0) 13.8x NM

Software & Information

Autonomy Corporation PLC ERP Software Hewlett-Packard Company 10,300.0 565.9 249.4 18.2x 41.3x

Sungard Higher Education(4) ERP Software Datatel, Inc. 1,800.0 5,030.0 - 0.4x NA

MYOB Limited(5) Financial Software Bain Capital 1,300.0 - 115.0 NA 11.3x

Vangent Healthcare Providers Software General Dynamics Corporation 1,299.1 713.0 87.1 1.8x 14.9x

Bureau of National Affairs Legal Bloomberg L.P. 990.0 330.0 66.4 3.0x 14.9x

Renaissance Learning, Inc. ERP Software Permira Funds 434.0 135.6 39.5 3.2x 11.0x

Medical Education Technologies(6) Healthcare Providers Software CAE Healthcare 130.0 60.0 - 2.2x NA

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

Tudou Holdings Limited* Digital Video IPO $729.7 $52.7 ($45.0) 13.8x NM

(1) Annualized revenue and EBITDA (calculated from midpoint of EBITDA margin) per Web.com's PREM14A SEC filing, 8/23/11

(2) Revenue for period ending 1/31/11 per Chico's Q2 2011 Earnings Call, 8/17/11

(3) Sina Corporation acquired 9% of Tudou Holdings Limited for $66.4 million

(4) Annualized revenue per sungard.com

(5) EBITDA per Reuters

(6) Revenue approximation per meti.com

*IPO Multiples based on Mar-2011 LTM financials per F-1/A filing, 4/28/11

Selected Transactions With Multiples Information

IPOs After Final Pricing


($ in Millions)IPO PIPELINE

Initial Offering Final Price Stock Price at Close Stock Price on

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2011

Aug-11 TUDO Tudou Holdings Limited China $28.00-$30.00 $29.00 25.56, down 11.9% $26.10

Jul-11 Z Zillow, Inc. United States $12.00-$14.00 $20.00 35.77, up 79% 37.18

Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 16.65

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 41.84

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 13.20

Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 8.45

May-11 LNKD LinkedIn Corp. United States 12.00 - 14.00 11.00 14.75, up 34% 84.12

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 6.62

May-11 RENN RenRen Inc. United States 22.00 - 24.00 25.00 38.84, up 55% 7.34

May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 16.18

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 12.91

May-11 NQ NetQin Mobile India 32.00 - 35.00 45.00 94.25, up 109% 6.14

May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 30.97

Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 14.56

Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 23.80

Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 18.07

Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 15.52

Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 10.63

Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 9.46

Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 29.66

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 8.65

IPO Performance

Aggregate Company Name Segment Offering Value Rev Adj. EBITDA

Zynga Digital Media/Commerce $1,000.0 732.0 198.7

Groupon Digital Media/Commerce 750.0 713.4 NM

TIM W.E. SGPS Digital Advertising 181.3 246.6 20.2

Demandware Marketing Technology 100.0 32.4 2.2

Greenway Medical Software & Information 100.0 43.9 2.8

Jive* Marketing Technology 100.0 34.0 NM

Eloqua Corporation* Marketing Technology 100.0 54.4 NM

Newgistics Marketing Services 86.3 174.6 18.2

Bazaarvoice, Inc.* Marketing Technology 86.3 64.5 NM

Cafepress Digital Media/Commerce 80.0 138.0 9.9

Loyalty Alliance Enterprise Corp. Marketing Services 75.5 6.0 4.2

Angie's List* Digital Media/Commerce 75.0 70.2 NM

Reply.com Digital Advertising 60.0 38.3 8.1

WageWorks, Inc. Software & Information 52.0 126.7 18.3

Brightcove* Software & Information 50.0 43.7 NM

Kayak.com Digital Media/Commerce 50.0 112.7 16.2

* Filed August 2011

Securities in Registration (as of 8/31/11)

LTM


Transactions by Segment and Buyer Type

DIGITAL ADVERTISING

• Online Lead Gen was the most active subsegment with seven transactions. With $333 million, Ad Networks/Exchanges was the highest value subsegment

• Select acquisitions

› ValueClick’s $295 million acquisition of Dotomi, an internet advertising and media management services provider

› DG FastChannel’s $66 million acquisition of EyeWonder, Limelight Network’s video and rich media advertising unit

› Augme Technologies’ $45 million acquisition of HipCricket, a mobile marketing ad company

• Select investments

› The $66 million investment in Tudou Holdings, a Chinese online video company, from Sina Corporation

› The $50 million growth capital investment in Zocdoc, which provides a platform for people to find and book appointment with doctors, dentists, and other health professionals, from Digital Sky Technologies

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

Online Lead Generation 7 28% 70.3 8% 2 9.5 0 0.0 5 60.8

Ad Networks/Exchanges 5 20% 332.8 39% 4 329.8 0 0.0 1 3.0

Digital Video 5 20% 282.8 33% 1 174.0 0 0.0 4 108.8

Mobile Marketing 3 12% 78.7 9% 2 63.7 0 0.0 1 15.0

Search Marketing 3 12% 65.0 8% 2 35.0 0 0.0 1 30.0

Email Services 1 4% 11.0 1% 0 0.0 0 0.0 1 11.0

Affiliate/CPA Network 1 4% 20.0 2% 0 0.0 0 0.0 1 20.0

Total 25 100% 860.6 100% 11 612.0 0 0.0 14 248.6



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $540.96 -16% $174,669.4 $141,688.4 $33,328.0 $12,785.0 38.4% 27.1% 4.3x 11.1xMicrosoft Corporation United States 26.60 -10% 222,861.9 184,628.9 69,943.0 30,030.0 42.9% 11.9% 2.6x 6.1x

Bankrate, Inc. United States $16.65 -12% $1,665.0 $1,797.2 $345.4 $110.2 31.9% 156.2% 5.2x 16.3xConstant Contact, Inc. * United States 19.13 -47% 567.7 448.0 194.8 15.6 8.0% 28.2% 2.3x 28.7xeHealth, Inc. United States 12.74 -20% 272.7 136.8 161.9 34.5 21.3% 14.2% 0.8x 4.0xHi-Media S.A. France 4.86 -35% 214.9 265.2 297.7 24.4 8.2% 28.9% 0.9x 10.9xIAC/InterActiveCorp. United States 39.53 -10% 3,358.6 2,599.1 1,810.0 221.4 12.2% 25.1% 1.4x 11.7xInfoSpace, Inc. United States 9.56 -3% 364.7 101.3 238.6 16.3 6.8% -0.1% 0.4x 6.2x

Motricity, Inc. United States 2.33 -93% 108.2 105.2 140.7 21.0 14.9% 24.7% 0.7x 5.0xOPT, Inc. Japan 1,277.21 -42% 190.7 28.2 736.5 22.1 3.0% 6.5% 0.0x 1.3xQuinStreet, Inc. United States 12.06 -52% 573.6 512.4 403.0 76.4 18.9% 20.4% 1.3x 6.7xResponsys, Inc. * United States 14.56 -20% 685.1 603.3 116.9 21.6 18.5% 0.0% 5.2x 28.0xSepteni Holdings Co Ltd Japan 581.74 -49% 73.2 34.8 423.9 13.7 3.2% 5.6% 0.1x 2.5xThe Active Network, Inc. * United States 16.18 -31% 876.9 722.3 306.4 22.1 7.2% 0.0% 2.4x 32.7xTradeDoubler AB Sweden 4.42 -46% 188.6 154.6 462.3 20.8 4.5% 3.8% 0.3x 7.4xTree.Com, Inc. United States 5.32 -44% 58.7 24.4 176.8 (11.6) NM 31.8% 0.1x NMValueClick, Inc. United States 15.30 -22% 1,210.9 1,068.4 477.1 136.7 28.7% 16.1% 2.2x 7.8xVelti Plc * Ireland 9.46 -53% 582.3 444.9 142.0 10.9 7.7% 24.5% 3.1x 40.8xYandex N.V. * Netherlands 30.97 -26% 10,003.0 9,334.0 563.0 254.2 45.1% 0.0% 16.6x 36.7xYahoo! Inc. United States 13.61 -28% 17,184.1 14,710.6 5,569.7 1,430.3 25.7% -14.4% 2.6x 10.3x

Low 0.0x 1.3x

Mean 2.5x 15.1x

Median 1.4x 10.3x

Weighted Avg 6.2x 18.9x

Adj. W Avg* 2.5x 10.9x

High 16.6x 40.8x

($ in millions, except stock price data)

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.2x)

and EBITDA multiples that are 1.0 standard deviations above the mean (28.1x).

Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.


AGENCY/CONSULTING


• Digital Agency was the most active and highest value subsegment with six transactions worth $99 million


› WPP Digital’s buyout of Rockfish Interactive, a multi-media consulting and technology agency providing strategy and market research services to brand identity and social media campaigns

› BLITZ’s acquisition of bigMETHOD, a digital marketing company focusing on leveraging social media to connect its clients directly to their audience

› Warner Music Spain’s acquisition of Newiscom, a Spanish event production and marketing agency


› The $20 million investment in WRG Creative Communications, a creative agency specializing in live, marketing, and healthcare communications, from Lloyd’s Development Capital

› The $11 million investment in Lbi International, a Dutch digital marketing and technology agency providing a range of customer acquisitions and customer engagement services, from Project Hollands Deelnemingen

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

Digital Agency 6 38% 99.4 36% 3 42.0 1 40.0 2 17.4

General Agency 3 19% 54.7 20% 2 35.0 0 0.0 1 19.7

DM Agency 2 13% 45.0 16% 2 45.0 0 0.0 0 0.0

Experiential Marketing 2 13% 35.0 13% 2 35.0 0 0.0 0 0.0

B-to-B Agency 1 6% 20.0 7% 1 20.0 0 0.0 0 0.0

Design Agency 1 6% 15.0 5% 1 15.0 0 0.0 0 0.0

DR Media Buying 1 6% 8.0 3% 0 0.0 0 0.0 1 8.0

Total 16 100% 277 100% 11 192 1 40 4 45



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc United Kingdom $2.22 -22% $2,800.0 $3,359.1 $2,470.2 $282.5 11.4% 12.0% 1.4x 11.9x

Cello Group Plc United Kingdom 0.52 -50% 40.3 55.3 195.1 12.6 6.5% 1.0% 0.3x 4.4x

Charm Communications Inc. China 11.55 -9% 452.1 321.0 234.7 45.1 19.2% 0.0% 1.4x NM

Chime Communications plc United Kingdom 2.81 -43% 222.3 210.7 509.8 46.4 9.1% 6.1% 0.4x 4.5x

Dentsu Inc. Japan 31.30 -14% 7,797.6 7,157.5 22,550.5 792.1 3.5% 6.1% 0.3x 9.0x

Havas France 4.02 -35% 1,734.1 1,612.9 2,089.2 320.5 15.3% 8.1% 0.8x 5.0x

Huntsworth plc United Kingdom 1.00 -29% 245.4 363.5 280.6 47.8 17.0% 4.7% 1.3x 7.6x

IPG United States 8.63 -35% 4,129.7 4,597.6 6,798.7 711.1 10.5% 10.1% 0.7x 6.5x

M&C Saatchi plc United Kingdom 1.89 -24% 118.1 73.6 195.4 22.3 11.4% 21.0% 0.4x 3.3x

MDC Partners Inc. Canada 15.76 -19% 459.3 951.2 850.0 80.8 9.5% 44.2% 1.1x 11.8x

mktg, inc. United States 0.83 -36% 7.3 5.2 120.1 5.5 4.6% 37.5% 0.0x 1.0x

Next Fifteen Communications Group plc United Kingdom 1.28 -9% 70.2 77.6 126.5 15.6 12.3% 19.4% 0.6x 5.0x

Omnicom Group Inc. United States 40.55 -21% 11,332.6 14,230.5 13,220.1 1,972.1 14.9% 9.6% 1.1x 7.2x

Photon Group Limited Australia 0.04 -68% 57.7 164.7 577.6 54.3 9.4% -8.3% 0.3x 3.0x

Publicis Groupe SA France 47.21 -22% 8,686.2 9,030.9 8,100.2 1,389.5 17.2% 15.0% 1.1x 6.5x

Sapient Corp. United States 10.73 -34% 1,492.9 1,258.0 976.4 105.1 10.8% 27.4% 1.3x 12.0x

WPP plc Ireland 10.48 -26% 13,212.8 18,246.2 15,423.0 2,301.6 14.9% 8.7% 1.2x 7.9x

Low 0.0x 1.0x

Mean 0.8x 6.7x

Median 0.8x 6.5x



High 1.4x 12.0x

LTM



Summary Multiples



DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Social Media/Apps was the most active subsegments with 25 transactions. With $828 million, eCommerce was the highest value subsegment


› Web.com $756 million acquisition of Network Solutions, a domain registrar and hosting provider

› KAR Auction Services’ $210 million acquisition of OPENLANE, an internet-based B-to-B automotive remarketing company

› Chico’s $205 million acquisition of Boston Proper, an online and catalog women’s clothing retailer


› The $400 million investment in Twitter from Digital Sky Technologies, which also invested $144 million in Facebook, and $50 million in ZocDoc in August

› The $100 million venture capital investment in Xiu.com, a Chinese online retailer of luxury goods from Warburg Pincus and Kleiner Perkins Caufield & Byers

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

Social Media/Apps 25 24% 762.6 25% 8 253.0 0 0.0 17 509.6

eCommerce 20 19% 828.3 27% 7 530.8 0 0.0 13 297.5

Mobile Content/Apps 14 14% 66.2 2% 0 0.0 0 0.0 14 66.2

Digital Promotion/Coupon 11 11% 242.2 8% 6 125.0 0 0.0 5 117.2

Gaming 8 8% 143.5 5% 4 120.0 0 0.0 4 23.5

Niche Content 8 8% 86.8 3% 2 35.0 0 0.0 6 51.8

Classifieds/Auctions/P-to-P 5 5% 23.1 1% 0 0.0 0 0.0 5 23.1

Digital Place-Based Media 3 3% 69.0 2% 1 20.0 0 0.0 2 49.0

Local Search 3 3% 85.4 3% 2 79.4 0 0.0 1 6.0

Domain Portfolio/Marketplace 2 2% 758.5 24% 2 758.5 0 0.0 0 0.0

Web Search/Portals 2 2% 22.0 1% 1 20.0 0 0.0 1 2.0

Comparison Shopping 1 1% 8.0 0% 0 0.0 0 0.0 1 8.0

Vertical Search 1 1% 7.0 0% 0 0.0 0 0.0 1 7.0

Total 103 100% 3,102 100% 33 1,942 0 0 70 1,161



DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $215.23 -5% $97,700.4 $91,345.4 $40,277.0 $1,827.0 4.5% 40.51% 2.3x 50.0x

eBay Inc. United States 30.87 -13% 39,784.0 37,932.8 10,050.7 3,012.3 30.0% 11.42% 3.8x 12.6x

priceline.com Incorporated United States 537.26 -4% 26,739.4 25,432.5 3,645.1 1,061.3 29.1% 38.90% 7.0x 24.0x

Yahoo! Inc. United States 13.61 -28% 17,184.1 14,710.6 5,569.7 1,430.3 25.7% -14.39% 2.6x 10.3x

1-800-Flowers.com Inc. United States $2.49 -35% $159.4 $183.7 $689.8 $34.1 4.9% 3.31% 0.3x 5.4x

Alibaba.com Limited China 1.06 -53% 5,360.5 3,938.3 947.4 304.6 32.2% 29.06% 4.2x 12.9x

Ancestry.com Inc. United States 35.67 -22% 1,621.3 1,550.3 354.4 117.4 33.1% 38.44% 4.4x 13.2x

AOL, Inc. United States 15.58 -44% 1,666.6 1,327.8 2,253.8 463.0 20.5% -21.07% 0.6x 2.9x

Betfair Group PLC United Kingdom 10.03 -62% 1,046.2 799.9 656.2 75.5 11.5% 15.37% 1.2x 10.6x

BIDZ.com, Inc. United States 0.62 -75% 12.0 9.9 95.8 (3.7) -3.9% -9.78% 0.1x NM

Blinkx plc United Kingdom 1.86 -26% 655.7 602.2 66.1 8.5 12.9% 96.36% 9.1x 70.5x

Blue Nile Inc. United States 38.83 -40% 553.9 480.5 342.9 23.0 6.7% 6.99% 1.4x 20.9x

Bluefly Inc. United States 1.59 -55% 39.1 35.7 93.5 (1.5) -1.6% 13.69% 0.4x NM

CyberAgent Inc. Japan 3,287.80 -18% 2,133.7 1,935.6 1,426.0 193.5 13.6% 22.31% 1.4x 10.0x

Demand Media, Inc. United States 8.65 -68% 726.0 622.4 297.9 61.2 20.6% 34.69% 2.1x 10.2x

Dena Co. Ltd. Japan 51.77 -8% 7,641.4 7,012.9 1,527.5 779.7 51.0% 94.03% 4.6x 9.0x

E-Commerce China Dangdang Inc. China 7.87 -78% 3,114.4 2,860.1 432.4 (0.5) -0.1% 0.00% 6.6x NM

Ediets.com Inc. United States 1.50 -70% 19.9 17.9 25.8 (5.5) -21.4% 38.93% 0.7x NM

Expedia Inc. United States 30.31 -8% 8,312.7 7,801.1 3,642.0 867.7 23.8% 17.42% 2.1x 9.0x

G5 Entertainment AB Sweden 3.56 -16% 28.5 27.4 5.4 2.5 46.1% 159.74% 5.1x 11.1x

GameLoft SA France 5.80 -27% 439.4 400.0 234.2 41.2 17.6% 19.36% 1.7x 9.7x

Glu Mobile, Inc. United States 3.05 -50% 192.6 166.2 65.2 (2.4) -3.7% -9.35% 2.5x NM

Gree, Inc. Japan 32.25 -1% 7,395.0 7,104.9 795.8 388.3 48.8% 82.16% 8.9x 18.3x

Hollywood Media Corp. United States 1.57 -20% 36.4 31.9 4.1 (6.6) -162.6% 0.00% 7.8x NM

HomeAway, Inc. United States 41.84 -5% 3,370.3 3,755.5 200.8 33.7 16.8% 0.00% 18.7x 111.5x

HSN, Inc. United States 32.14 -12% 1,889.7 1,861.2 3,094.5 234.6 7.6% 8.46% 0.6x 7.9x

Jiayuan.com China 12.91 -20% 403.6 313.3 32.5 7.0 21.5% 0.00% 9.6x 44.7x

Kongzhong Corp. China 4.31 -60% 162.8 45.5 145.9 21.1 14.5% 4.78% 0.3x 2.2x

LinkedIn Corporation * United States 84.12 -31% 8,098.4 7,726.3 358.5 47.9 13.4% 0.00% 21.6x 161.3x

MakeMyTrip Limited India 19.00 -56% 695.4 598.1 143.0 5.9 4.1% 0.00% 4.2x 101.2x

Mixi, Inc. Japan 4,314.01 -33% 669.1 537.8 196.5 39.7 20.2% 8.88% 2.7x 13.6x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMonster Worldwide, Inc. United States 9.44 -64% $1,159.5 $1,082.6 $1,015.0 $111.7 11.0% 18.31% 1.1x 9.7x

Move, Inc. United States 1.81 -37% 289.9 248.6 197.2 12.5 6.3% -1.83% 1.3x 19.9x

Netflix, Inc. United States 235.01 -23% 12,346.5 12,205.3 2,656.3 403.2 15.2% 41.21% 4.6x 30.3x

OpenTable, Inc. United States 61.01 -49% 1444.53 1375.43 123.28 34.77 28.2% 54.27% 11.2x 39.6x

Orbitz Worldwide, Inc. United States 2.54 -64% 262.5 589.8 763.6 112.2 14.7% 2.92% 0.8x 5.3x

Overstock.com Inc. United States 10.47 -41% 243.7 205.0 1,094.8 15.8 1.4% 8.21% 0.2x 12.9x

Pandora Media, Inc. United States 13.20 -49% 2,126.6 2,031.3 203.3 -1.0 -0.5% 0.00% 10.0x NM

PC Connection, Inc. United States $8.91 -10% 238.3 185.4 2,062.9 52.0 2.5% 17.75% 0.1x 3.6x

PC Home Online Inc. Taiwan 7.40 -10% 509.8 445.3 431.2 16.1 3.7% 34.22% 1.0x 27.7x

PC Mall Inc. United States 6.33 -42% 78.6 142.1 1,459.3 24.4 1.7% 19.21% 0.1x 5.8x

Phoenix New Media Limited China 6.62 -56% 500.2 322.1 109.3 9.9 9.1% 0.00% 2.9x 32.4x

Qihoo 360 Technology Co. Ltd * China 23.80 -34% 2,748.3 2,439.0 93.3 0.6 0.69% 119.98% 26.1x 3813.9x

Quepasa Corp. United States 4.61 -70% 76.8 72.2 8.7 (4.5) -51.65% 363.45% 8.3x NM

Rakuten, Inc. Japan 1,128.18 -4% 14,811.6 18,702.4 4,460.1 1,084.3 24.3% 11.51% 4.2x 17.2x

ReachLocal, Inc. United States 14.55 -49% 425.4 331.7 334.5 (6.3) -1.9% 35.76% 1.0x NM

RealNetworks Inc. United States 8.80 -49% 300.9 (26.9) 355.3 3.1 0.9% -29.40% NM NM

Rediff.com India Ltd. India 8.66 -52% 235.6 190.9 22.0 (5.0) -22.6% 15.42% 8.7x NM

Renren Inc. * China 7.34 -69% 2,877.4 1,649.1 83.1 11.1 13.4% 0.00% 19.9x 148.3x

Scripps Networks Interactive, Inc. United States 42.85 -20% 6,931.3 7,475.3 2,171.5 958.9 44.2% 27.38% 3.4x 7.8x

Shutterfly, Inc. United States 53.66 -20% 1,854.4 1,778.5 348.2 33.1 9.5% 31.82% 5.1x 53.8x

Sify Technologies Limited India 4.80 -44% 854.4 905.6 166.3 8.1 4.9% 9.51% 5.4x 111.4x

Sky-mobi Limited China 6.00 -74% 193.0 110.9 104.9 5.7 5.4% 0.00% 1.1x 19.5x

Stamps.com Inc. United States 19.64 3% 280.6 257.4 92.8 11.7 12.6% 10.40% 2.8x 21.9x

Taomee Holdings Ltd. China 8.45 -53% 305.6 186.1 41.9 22.3 53.2% 0.00% 4.4x 8.4x

TechTarget, Inc. United States 6.39 -35% 241.5 209.2 99.6 13.9 14.0% 7.75% 2.1x 15.0x

The Active Network, Inc. United States 16.18 -31% 876.9 722.3 306.4 22.1 7.2% 0.00% 2.4x 32.7x

TheStreet, Inc. United States 2.41 -34% 77.1 20.8 58.2 (4.6) -7.9% -2.90% 0.4x NM

Tudou Holdings Limited China 26.10 -6% 740.1 692.2 51.3 (43.9) -85.5% 0.00% 13.5x NM

United Online, Inc. United States 5.42 -28% 480.7 631.5 923.2 158.0 17.1% -3.84% 0.7x 4.0x

ValueVision Media Inc. United States 3.79 -57% 183.7 171.2 586.8 8.7 1.5% 11.58% 0.3x 19.8x

Vringo, Inc. United States 1.45 -60% 8.9 9.5 0.5 (6.8) -1322.3% 443.62% 18.7x NM

WebMD Health Corp. United States 35.32 -40% 2,072.3 1,723.8 576.8 150.7 26.1% 20.06% 3.0x 11.4x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAWebMediaBrands Inc United States 0.90 -54% $38.3 $41.7 $10.7 ($3.0) -27.7% 42.56% 3.9x NM

Yandex N.V. Netherlands 30.97 -26% 10,003.0 9,334.0 563.0 254.2 45.1% 0.00% 16.6x 36.7x

Youku.com Inc * China 25.07 -64% 2,855.9 2,235.4 91.7 3.2 3.5% 0.00% 24.4x 695.0x

Zillow, Inc. * United States 37.18 -38% 1,024.6 1,008.4 44.9 1.3 2.8% 0.00% 22.5x 797.8x

Low 0.1x 2.2x

Mean 5.7x 138.7x

Median 3.0x 16.1x



High 26.1x 3813.9x


Summary Multiples



Note: Revenue and EBITDA multiples for Adobe Systems, Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples.


MARKETING TECHNOLOGY

• With nine transactions Content Management was the most active and highest value subsegment. With $166 million, Mobile Technology was the highest value subsegment with Mobile Technology


› Great Hill Partners’ $115 million buyout of Plimus, a provider of a SaaS that powers eCommerce for retailers

› Skype’s acquisition of GroupMe, a provider of mobile group messaging and conference call technologies


› The $54 million growth capital investment in Buddy Media, a provider of Facebook Page and social media management tools to brands, led by GGV Capital

› The $15 million venture capital investment in Janrain, which provides website development tools for social sites that enables sharing, profile storage, and single sign-on, led by Emergence Capital Partners


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

Content Management 9 18% 76.8 8% 4 53.0 0 0.0 5 23.8

Mobile Technology 6 12% 165.9 17% 5 151.5 0 0.0 1 14.4

Social Technology 6 12% 65.2 7% 2 40.0 0 0.0 4 25.2

Commerce Management 3 6% 133.4 14% 0 0.0 1 115.0 2 18.4

Creative Production Platform 3 6% 125.0 13% 2 50.0 1 75.0 0 0.0

Analytics & Reporting 3 6% 53.5 5% 2 52.0 0 0.0 1 1.5

Search & Discovery 3 6% 32.8 3% 1 20.0 0 0.0 2 12.8

Ad Serving 2 4% 86.0 9% 2 86.0 0 0.0 0 0.0

BI tools 2 4% 23.0 2% 0 0.0 0 0.0 2 23.0

CRM 2 4% 25.0 3% 1 20.0 0 0.0 1 5.0

Media Management System 2 4% 87.0 9% 0 0.0 0 0.0 2 87.0

MRM/Workflow Management 2 4% 35.0 4% 2 35.0 0 0.0 0 0.0

Other* 7 14% 78 8% 3 37 0 0 4 41

Total 50 100% 987 100% 24 545 2 190 24 252

*Other includes Internet Service Providers, Online Targeting/Optimization, SEM/SEO tools, SFA/Lead Management, and Website Creation/Hosting



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT


MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $25.24 -30% $12,465.2 $11,358.1 $4,049.2 $1,449.7 35.8% 24.34% 2.8x 7.8x

Akamai Technologies, Inc. United States 21.94 -60% 4,045.2 3,548.0 1,091.2 420.8 38.6% 17.31% 3.3x 8.4x

Autonomy Corp. plc(1) United Kingdom 41.00 -1% 9,966.0 10,012.2 931.1 410.7 44.1% 12.18% 10.8x 24.4x

Salesforce.com United States 128.75 -20% 17,239.6 17,283.2 1,936.3 116.4 6.0% 33.01% 8.9x 148.5x

Alterian plc United Kingdom $1.25 -64% $76.9 $65.5 $59.3 $1.3 2.1% -2.75% 1.1x 51.4x

Blackbaud Inc. United States 25.04 -18% 1,084.8 1,051.4 350.9 67.9 19.3% 11.35% 3.0x 15.5x

ChinaCache International Holdings Ltd. China 7.16 -80% 172.7 105.1 80.1 8.3 10.3% 66.76% 1.3x 12.7x

Convio, Inc. United States 9.22 -29% 168.6 118.9 73.8 6.4 8.7% 10.19% 1.6x 18.6x

DemandTec, Inc. United States 6.58 -53% 214.2 148.8 86.8 (7.4) -8.5% 11.97% 1.7x NM

DG FastChannel, Inc. United States 21.89 -42% 600.7 541.6 268.4 120.4 44.9% 24.09% 2.0x 4.5x

Digital River Inc. United States 20.12 -50% 798.4 443.6 373.4 52.0 13.9% -2.98% 1.2x 8.5x

Informatica Corporation United States 41.78 -33% 4,457.1 3,893.0 720.0 177.7 24.7% 27.42% 5.4x 21.9x

InnerWorkings Inc. United States 7.58 -17% 352.1 394.4 550.3 22.7 4.1% 25.43% 0.7x 17.4x

Interactive Intelligence, Inc. United States 32.32 -23% 608.4 538.6 192.2 31.1 16.2% 34.51% 2.8x 17.3x

JDA Software Group Inc. United States 26.41 -25% 1,123.3 1,140.1 653.2 159.0 24.3% 32.50% 1.7x 7.2x

Keynote Systems Inc. United States 24.03 -6% 412.8 321.3 96.0 17.5 18.2% 21.45% 3.3x 18.4x

NetQin Mobile *China 6.14 -48% 281.3 162.9 28.2 (6.7) -23.8% 0.00% 5.8x NM

Open Text Corp. Canada 59.00 -18% 3,382.6 3,396.1 1,033.3 295.3 28.6% 13.30% 3.3x 11.5x

PROS Holdings, Inc. United States 15.86 -20% 427.2 362.8 81.1 8.5 10.5% 18.18% 4.5x 42.7x

Rightnow Technologies Inc. United States 32.79 -11% 1,090.3 1,009.3 207.1 21.3 10.3% 24.87% 4.9x 47.4x

Sage Group plc United Kingdom 4.10 -17% 5,408.1 5,527.1 2,341.4 647.0 27.6% 3.48% 2.4x 8.5x

S1 Corporation United States 9.19 -3% 502.2 430.5 227.3 12.3 5.4% 2.06% 1.9x 35.1x

Sky-mobi Limited China 6.00 -74% 193.0 110.9 104.9 5.7 5.4% 0.00% 1.1x 19.5x

SoundBite Communications, Inc. United States 2.83 -10% 46.6 18.2 38.6 (1.5) -3.9% -5.17% 0.5x NM

The Active Network, Inc. United States 16.18 -31% 876.9 722.3 306.4 22.1 7.2% 0.00% 2.4x 32.7x

TIBCO Software Inc. United States 22.38 -29% 3,641.1 3,402.9 827.5 184.3 22.3% 22.74% 4.1x 18.5x

Verint Systems Inc. United States 28.58 -25% 1,095.4 1,801.6 730.5 140.9 19.3% 4.20% 2.5x 12.8x

Vocus Inc. *United States 21.53 -36% 448.6 332.1 106.2 0.2 0.2% 19.11% 3.1x 1604.5x

Low 0.5x 4.5x

Mean 2.6x 96.5x

Median 2.4x 18.4x



High 5.8x 1604.5x


(1) Autonomy is being acquired by Hewlett Packard, 8/18/11

Note: Revenue and EBITDA multiples for Adobe Systems, Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples.


Summary Multiples



SOFTWARE & INFORMATION

• With 11 transactions worth approximately $12.6 billion, ERP Software was the most active and highest value subsegment in Software & Information


› Hewlett-Packard Company’s $10.3 billion acquisition of Autonomy, a provider of infrastructure software for the enterprise

› Bain Capital’s $1.3 billion buyout of MYOB Limited, an accounting software company specializing in SMBs


› The $30 million investment in ISGN, a provider of technology and fulfillment services to mortgage lenders, led by New Enterprise Associates

› The $27 million growth capitalinvestment in Awarepoint, a provider of real-time location system solutions for the healthcare market, led by Kleiner Perkins Caufield & Byers


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

ERP Software 11 26% 12,604.6 78% 4 12,131.5 1 434.0 6 39.1

Infrastructure Software 10 24% 112.5 1% 0 0.0 0 0.0 10 112.5

HC-Providers Software 4 10% 162.3 1% 1 130.0 1 3.0 2 29.3

Financial Software 3 7% 1,340.0 8% 0 0.0 1 1,300.0 2 40.0

Market Research 3 7% 65.0 0% 3 65.0 0 0.0 0 0.0

Engineering Software 2 5% 13.6 0% 0 0.0 0 0.0 2 13.6

Marketing Consulting 2 5% 13.0 0% 2 13.0 0 0.0 0 0.0

Engineering/Scientific/Tech 1 2% 50.0 0% 1 50.0 0 0.0 0 0.0

Geo-Demo Software 1 2% 267.0 2% 0 0.0 1 267.0 0 0.0

HC-BioPharma Software 1 2% 10.3 0% 0 0.0 0 0.0 1 10.3

HR Software 1 2% 574.7 4% 0 0.0 1 574.7 0 0.0

Legal 1 2% 990.0 6% 1 990.0 0 0.0 0 0.0

Other* 2 5% 26 0% 1 20 0 0 1 6

Total 42 100% 16,229 100% 13 13,400 5 2,579 24 251

*Other includes Management Consulting and Marketing Data



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT


SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $6.50 -27% $359.2 $243.6 $114.8 ($8.0) NM 0.00% 2.1x NM

Actuate Corporation United States 6.38 -6% 301.0 246.8 137.9 29.6 21.4% 15.04% 1.8x 8.3x

Acxiom Corporation United States 10.97 -42% 894.4 1,101.9 1,178.5 240.5 20.4% 5.82% 0.9x 4.6x

Adobe Systems Inc. United States 25.24 -30% 12,465.2 11,358.1 4,049.2 1,449.7 35.8% 24.34% 2.8x 7.8x

Advent Software, Inc. United States 23.19 -27% 1,212.4 1,133.9 302.9 62.9 20.8% 13.85% 3.7x 18.0x

Advisory Board Co. United States 62.18 -3% 1,007.3 972.1 305.2 40.6 13.3% 22.41% 3.2x 23.9x

Akamai Technologies, Inc. United States 21.94 -60% 4,045.2 3,548.0 1,091.2 420.8 38.6% 17.31% 3.3x 8.4x

Alliance Data Systems Corporation United States 93.41 -8% 4,756.3 11,074.8 2,939.1 833.2 28.3% 24.50% 3.8x 13.3x

Allocate Software plc. United Kingdom $1.04 -29% 65.7 56.8 45.0 9.6 21.4% 58.17% 1.3x 5.9x

Allscripts Healthcare Solutions, Inc. United States 17.96 -22% 3,374.9 3,683.3 923.6 150.3 16.3% 0.00% 4.0x 24.5x

Alterian plc United Kingdom 1.25 -64% 76.9 65.5 59.3 1.3 2.1% -2.75% 1.1x 51.4x

Arbitron Inc. United States 37.55 -16% 1,022.1 1,018.9 407.8 103.4 25.4% 6.21% 2.5x 9.9x

athenahealth, Inc. United States 57.99 -6% 2,028.9 1,924.5 280.3 47.4 16.9% 30.46% 6.9x 40.6x

Automatic Data Processing, Inc. United States 50.03 -9% 24,498.6 23,109.9 9,879.5 2,142.9 21.7% 10.66% 2.3x 10.8x

Autonomy Corp. plc(1) *United Kingdom 41.00 -1% 9,966.0 10,012.2 931.1 410.7 44.1% 12.18% 10.8x 24.4x

Aveva Group plc United Kingdom 25.64 -12% 1,739.6 1,490.4 279.3 85.7 30.7% 17.29% 5.3x 17.4x

Blackbaud Inc. United States 25.04 -18% 1,084.8 1,051.4 350.9 67.9 19.3% 11.35% 3.0x 15.5x

Blackboard Inc. United States 42.23 -16% 1,483.9 1,610.2 481.4 79.1 16.4% 18.22% 3.3x 20.3x

Booz Allen Hamilton Inc. United States 16.04 -23% 2,093.1 2,851.7 5,696.2 407.9 7.2% 8.81% 0.5x 7.0x

Brainjuicer Group Plc United Kingdom 4.38 -12% 54.7 50.2 25.5 3.7 14.3% 38.48% 2.0x 13.7x

Broadridge Financial Solutions Inc. United States 20.82 -16% 2,572.4 2,853.2 2,166.9 352.1 16.2% -1.91% 1.3x 8.1x

Cegedim SA France 39.02 -52% 544.9 1,224.5 1,242.6 233.3 18.8% 6.02% 1.0x 5.2x

Cello Group Plc United Kingdom 0.52 -50% 40.3 55.3 195.1 12.6 6.5% 1.02% 0.3x 4.4x

Cerner Corporation United States 65.96 -3% 11,150.7 10,583.5 1,978.8 527.9 26.7% 12.23% 5.3x 20.1x

Cision AB Sweden 6.89 -25% 102.7 169.0 162.4 26.8 16.5% -18.13% 1.0x 6.3x

comScore, Inc. United States 15.95 -49% 508.2 478.7 207.9 9.0 4.3% 44.56% 2.3x 53.2x

Concur Technologies, Inc. United States 41.82 -28% 2,258.0 1,938.9 331.8 48.8 14.7% 18.40% 5.8x 39.8x

Constant Contact, Inc. United States 19.13 -47% 567.7 448.0 194.8 15.6 8.0% 28.25% 2.3x 28.7x

Convio, Inc. United States 9.22 -29% 168.6 118.9 73.8 6.4 8.7% 10.19% 1.6x 18.6x

CoreLogic, Inc. *United States 11.42 -46% 1,215.2 1,949.8 1,614.8 208.8 12.9% 5.93% NA 9.3x

Cornerstone OnDemand, Inc. *United States 15.52 -34% 746.0 666.8 54.1 (18.2) NM 0.00% 12.3x NM

Corporate Executive Board Co. United States 32.92 -28% 1,137.6 987.5 463.2 92.1 19.9% 9.12% 2.1x 10.7x

CoStar Group Inc. United States 51.18 -30% 1,295.2 744.0 237.1 34.7 14.6% 8.18% 3.1x 21.4x

CRA International Inc. *United States 23.56 -21% 254.3 205.3 267.0 - NM 0.00% 0.8x NA

Craneware plc United Kingdom 8.22 -18% 220.1 195.6 38.1 9.4 24.7% 34.25% 5.1x 20.8x

DemandTec, Inc. United States 6.58 -53% 214.2 148.8 86.8 (7.4) NM 11.97% 1.7x NM




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADG FastChannel, Inc. United States $21.89 -42% $600.7 $541.6 $268.4 $120.4 44.9% 24.09% 2.0x 4.5x

Digital River Inc. United States 20.12 -50% 798.4 443.6 373.4 52.0 13.9% -2.98% 1.2x 8.5x

Dun & Bradstreet Corp. United States 66.89 -23% 3,290.5 4,077.5 1,702.5 498.9 29.3% 2.73% 2.4x 8.2x

Ebix Inc. United States 16.38 -46% 613.1 615.1 150.7 66.4 44.1% 27.27% 4.1x 9.3x

Ebiquity plc United Kingdom 1.14 -33% 67.0 68.0 73.7 2.4 3.3% 108.15% 0.9x 28.2x

Envestnet, Inc. United States 11.82 -33% 375.2 296.8 112.8 14.3 12.7% 29.02% 2.6x 20.7x

EPIQ Systems, Inc. United States 12.52 -18% 447.0 641.5 259.4 62.3 24.0% 11.18% 2.5x 10.3x

Epocrates, Inc. United States 10.63 -65% 250.1 168.8 111.4 6.5 5.8% 12.31% 1.5x 26.2x

Equifax Inc. United States 32.33 -19% 3,957.5 4,848.6 1,915.5 610.6 31.9% 8.58% 2.5x 7.9x

Experian plc Ireland 11.45 -16% 11,212.2 12,968.9 4,239.0 1,314.0 31.0% 9.25% 3.1x 9.9x

FactSet Research Systems Inc. United States 87.90 -22% 4,028.5 3,819.8 702.8 274.6 39.1% 11.86% 5.4x 13.9x

Fair Isaac Corp. United States 25.55 -20% 986.6 1,240.1 614.5 153.6 25.0% 2.00% 2.0x 8.1x

Fidelity National Information Services, Inc. United States 28.18 -17% 8,623.0 13,303.1 5,588.6 1,594.9 28.5% 21.03% 2.4x 8.3x

Fidessa group plc United Kingdom 26.37 -24% 948.8 860.2 435.1 90.6 20.8% 7.97% 2.0x 9.5x

Financial Engines, Inc. United States 22.28 -23% 1,006.1 881.0 129.4 20.7 16.0% 31.97% 6.8x 42.6x

Forrester Research Inc. United States 33.70 -16% 764.8 546.5 266.1 34.5 13.0% 11.24% 2.1x 15.9x

FTI Consulting, Inc. United States 36.38 -11% 1,511.8 2,210.0 1,464.6 260.8 17.8% 5.32% 1.5x 8.5x

Gartner Inc. United States 35.62 -18% 3,438.3 3,539.5 1,373.5 212.3 15.5% 13.86% 2.6x 16.7x

GfK SE Germany 48.04 -19% 1,742.7 2,333.5 1,952.3 303.0 15.5% 10.51% 1.2x 7.7x

GlobeOp Financial Services S.A United Kingdom 5.47 -25% 574.0 485.0 210.3 56.6 26.9% 26.10% 2.3x 8.6x

Green Dot Corporation United States 32.70 -50% 1,378.7 1,219.7 434.2 74.3 17.1% 30.57% 2.8x 16.4x

Harris Interactive Inc. United States 0.67 -53% 36.7 36.8 163.7 5.2 3.2% -2.71% 0.2x 7.0x

Harte-Hanks Inc. United States 7.95 -42% 499.2 616.8 866.1 107.3 12.4% 3.77% 0.7x 5.7x

IHS Inc. United States 77.59 -14% 5,033.6 5,182.2 1,188.4 276.6 23.3% 18.38% 4.4x 18.7x

Informa plc Switzerland 5.75 -24% 3,454.8 4,883.4 1,987.2 529.0 26.6% 2.31% 2.5x 9.2x

Informatica Corporation United States 41.78 -33% 4,457.1 3,893.0 720.0 177.7 24.7% 27.42% 5.4x 21.9x

Information Services Group, Inc. United States 1.30 -47% 47.4 106.6 154.7 7.6 4.9% 14.48% 0.7x 14.0x

InnerWorkings Inc. United States 7.58 -17% 352.1 394.4 550.3 22.7 4.1% 25.43% 0.7x 17.4x

Interactive Intelligence, Inc. United States 32.32 -23% 608.4 538.6 192.2 31.1 16.2% 34.51% 2.8x 17.3x

International Datacasting Corporation Canada 0.37 -27% 22.3 15.3 39.4 3.3 8.3% 58.41% 0.4x 4.7x

Ipsos SA France 41.16 -23% 1,410.2 1,695.9 1,699.0 214.4 12.6% 14.19% 1.0x 7.9x

Isoftstone Holdings Limited China 9.08 -60% 457.4 347.6 236.8 18.0 7.6% 0.00% 1.5x 19.3x

JDA Software Group Inc. United States 26.41 -25% 1,123.3 1,140.1 653.2 159.0 24.3% 32.50% 1.7x 7.2x

Kenexa Corp. United States 21.05 -37% 569.3 525.0 240.8 17.6 7.3% 46.93% 2.2x 29.8x

Keynote Systems Inc. United States 24.03 -6% 412.8 321.3 96.0 17.5 18.2% 21.45% 3.3x 18.4x

LECG Corporation United States 0.02 -99% 1.9 54.1 297.0 -7.8 NM 11.26% 0.2x NM




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALender Processing Services, Inc. United States $17.64 -49% $1,488.5 $2,700.5 $2,349.1 $581.1 24.7% -2.41% 1.1x 4.6x

Macdonald Dettwiler & Associates Ltd. Canada 49.87 -17% 2,053.7 1,350.2 806.0 138.7 17.2% 147.83% 1.7x 9.7x

MedAssets, Inc. United States 11.43 -49% 672.8 1,573.9 480.7 132.9 27.6% 31.12% 3.3x 11.8x

Mediware Information Systems Inc. United States 10.55 -23% 84.6 54.5 52.8 9.5 17.9% 17.32% 1.0x 5.8x

Merge Healthcare Incorporated United States 5.92 -12% 530.7 735.8 199.6 45.2 22.6% 134.43% 3.7x 16.3x

Misys plc United Kingdom 4.57 -35% 1,484.0 1,637.3 608.2 148.1 24.4% -52.70% 2.7x 11.1x

Moody's Corp. United States 30.83 -26% 7,050.8 7,353.8 2,259.9 980.9 43.4% 19.45% 3.3x 7.5x

Morningstar Inc. United States 59.66 -7% 3,017.2 2,588.0 603.7 178.5 29.6% 19.06% 4.3x 14.5x

MSCI Inc. *United States 34.57 -15% 4,164.5 4,994.8 662.9 295.2 44.5% 49.66% 7.5x 16.9x

National Research Corp. United States 33.77 -24% 226.9 239.4 70.0 21.1 30.2% 18.91% 3.4x 11.3x

Navigant Consulting Inc. United States 9.49 -26% 495.8 701.8 741.0 91.9 12.4% 6.28% 0.9x 7.6x

Nielsen Holdings N.V. Netherlands 29.66 -10% 10,638.7 17,503.7 5,358.0 1,322.0 24.7% 7.37% 3.3x 13.2x

Onvia Inc. United States 3.90 -22% 33.0 22.0 25.2 3.6 14.5% -8.08% 0.9x 6.0x

Open Text Corp. Canada 59.00 -18% 3,382.6 3,396.1 1,033.3 295.3 28.6% 13.30% 3.3x 11.5x

Parametric Technology Corporation United States 18.00 -29% 2,113.9 2,103.1 1,095.6 162.8 14.9% 10.85% 1.9x 12.9x

Paychex Inc. United States 26.98 -20% 9,769.9 9,305.9 2,084.3 875.1 42.0% 4.17% 4.5x 10.6x

PROS Holdings, Inc. United States 15.86 -20% 427.2 362.8 81.1 8.5 10.5% 18.18% 4.5x 42.7x

Qlik Technologies, Inc. United States 25.38 -29% 2,106.8 1,932.3 268.7 14.2 5.3% 39.21% 7.2x 136.2x

Quality Systems Inc. United States 92.02 -2% 2,695.8 2,570.7 370.9 112.3 30.3% 20.38% 6.9x 22.9x

RealPage, Inc. United States 20.82 -39% 1,475.2 1,423.8 221.3 29.1 13.1% 38.31% 6.4x 48.9x

Reed Elsevier plc *United Kingdom 8.18 -15% 9,955.0 - - - NM 0.00% NA NA

Reis, Inc. United States 10.00 -9% 106.0 91.2 29.0 5.2 17.8% 16.53% 3.1x 17.7x

Rightnow Technologies Inc. United States 32.79 -11% 1,090.3 1,009.3 207.1 21.3 10.3% 24.87% 4.9x 47.4x

S1 Corporation United States 9.19 -3% 502.2 430.5 227.3 12.3 5.4% 2.06% 1.9x 35.1x

Sage Group plc United Kingdom 4.10 -17% 5,408.1 5,527.1 2,341.4 647.0 27.6% 3.48% 2.4x 8.5x

Salesforce.com *United States 128.75 -20% 17,239.6 17,283.2 1,936.3 116.4 6.0% 33.01% 8.9x 148.5x

Solera Holdings Inc. United States 58.65 -6% 4,155.2 4,933.4 684.7 293.4 42.9% 8.45% 7.2x 16.8x

SPS Commerce, Inc. United States 18.13 -5% 216.9 187.1 50.0 3.8 7.6% 22.53% 3.7x 49.1x

SS&C Technologies Holdings, Inc. United States 16.49 -25% 1,298.0 1,419.1 349.9 128.1 36.6% 16.74% 4.1x 11.1x

Streamline Health Solutions, Inc. United States 1.89 -14% 18.7 19.8 18.2 1.1 6.3% 1.11% 1.1x 17.4x

Taleo Corp. United States 25.81 -33% 1,066.4 918.0 273.7 35.8 13.1% 28.75% 3.4x 25.7x

Temenos Group AG Switzerland 22.13 -54% 1,582.5 1,784.4 479.4 63.5 13.2% 19.47% 3.7x 28.1x

The Dolan Company United States 8.47 -44% 255.3 405.8 297.1 63.6 21.4% 3.12% 1.4x 6.4x

The Hackett Group, Inc. United States 3.79 -28% 153.9 136.1 212.6 18.1 8.5% 25.82% 0.6x 7.5x

The McGraw-Hill Companies, Inc. United States 42.11 -7% 12,687.7 12,641.5 6,366.6 1,634.3 25.7% 6.06% 2.0x 7.7x

Thomson Reuters Corporation United States 31.00 -27% 25,938.0 33,060.2 13,491.0 2,939.0 21.8% 4.35% 2.5x 11.2x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATIBCO Software Inc. United States $22.38 -29% $3,641.1 $3,402.9 $827.5 $184.3 22.3% 22.74% 4.1x 18.5x

Ultimate Software Group, Inc. United States 50.59 -16% 1,308.3 1,260.8 246.1 21.2 8.6% 16.83% 5.1x 59.5x

Verint Systems Inc. United States 28.58 -25% 1,095.4 1,801.6 730.5 140.9 19.3% 4.20% 2.5x 12.8x

Verisk Analytics, Inc. United States 34.84 -2% 5,742.1 6,710.0 1,220.7 529.3 43.4% 12.89% 5.5x 12.7x

Vocus Inc. *United States 21.53 -36% 448.6 332.1 106.2 0.2 0.2% 19.11% 3.1x 1604.5x

Wolters Kluwer NV Netherlands 19.00 -26% 5,731.3 8,977.4 5,183.3 1,183.3 22.8% 7.85% 1.7x 7.6x

YouGov PLC United Kingdom 0.77 -29% 74.9 57.3 80.0 8.2 10.3% 15.99% 0.7x 7.0x

Low 0.2x 4.4x

Mean 3.0x 34.1x

Median 2.5x 12.9x



High 12.3x 1604.5x


Summary Multiples



(1) Autonomy is being acquired by Hewlett Packard, 8/18/11


MARKETING SERVICES

• There were five transactions worth $103 million across the Loyalty Retention, Database/Analytics, and Lettershop subsegments within Marketing Services


› Qantas Airways’ acquisition of Wishlist Holdings, which operates an employee reward and recognition program and eCommerce site Wishlist.com

› Postcard Mania’s acquisition of Boom! Ink, a provider of direct mail and marketing campaign consulting services


› The $20 million venture capital investment in edo Interactive, a provider of market intelligence through a behavioral targeting marketing platform and loyalty credit card programs, from Robert W. Baird & Co.

› The $8 million venture capital investment in BetterWorks, a startup with a platform for engaging and rewarding employees at small and medium-size business, led by Redpoint Ventures


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

Total 5 100% 78.0 100% 3 50.0 0 0.0 2 28.0



MARKETING SERVICES TRANSACTIONS BY SEGMENT


MARKETING SERVICES PUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 07/12/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $12.74 -32% $1,036.6 $1,258.6 $1,178.5 $240.5 20.4% 5.8% 1.1x 5.2x

Alliance Data Systems Corporation *United States 94.99 -4% 4,846.6 10,745.4 2,939.1 833.2 28.3% 24.5% 3.7x 12.9x

AMREP Corp. United States 9.05 -38% 54.3 49.9 96.7 8.0 8.3% -19.5% 0.5x 6.2x

Cenveo Inc. United States 6.17 -11% 387.4 1,693.6 1,913.8 205.8 10.8% 6.1% 0.9x 8.2x

Consolidated Graphics, Inc. United States 53.99 -11% 597.3 763.7 1,060.7 133.2 12.6% 5.9% 0.7x 5.7x

Convergys Corporation United States 13.48 -10% 1,635.7 1,652.9 2,225.4 251.4 11.3% -1.6% 0.7x 6.6x

DST Systems Inc. United States 54.49 -8% 2,531.8 3,224.2 2,321.8 394.0 17.0% 1.7% 1.4x 8.2x

Fair Isaac Corp. United States 30.00 -6% 1,195.0 1,456.7 614.5 153.6 25.0% 2.0% 2.4x 9.5x

Groupe Aeroplan Inc. Canada 14.16 -4% 2,538.6 2,901.7 2,209.9 294.2 13.3% 23.7% 1.3x 9.9x

Harte-Hanks Inc. United States 8.64 -37% 551.0 667.2 866.1 107.3 12.4% 3.8% 0.8x 6.2x

Innotrac Corp. United States 1.28 -34% 16.3 16.0 81.4 1.7 2.1% 0.0% 0.2x 9.5x

Quad/Graphics, Inc. United States 36.15 -27% 1,705.3 3,309.4 4,766.6 637.9 13.4% 167.5% 0.7x 5.2x

R.R. Donnelley & Sons Company United States 19.37 -9% 4,019.3 7,157.8 10,402.1 1,249.5 12.0% 5.4% 0.7x 5.7x

StarTek, Inc. *United States 3.45 -43% 52.3 31.9 246.9 2.0 0.8% -11.8% 0.1x 15.6x

Sykes Enterprises, Incorporated United States 21.01 -8% 981.2 781.3 1,223.7 143.5 11.7% 27.9% 0.6x 5.4x

Teleperformance France 28.49 -30% 1,611.3 1,618.5 3,103.1 375.1 12.1% 13.2% 0.5x 4.3x

TeleTech Holdings Inc. United States 21.70 -8% 1,231.1 1,131.9 1,126.1 147.1 13.1% 1.8% 1.0x 7.7x

Transcontinental Inc. Canada 15.78 -12% 1,263.4 1,922.8 2,227.3 432.3 19.4% 0.9% 0.9x 4.4x

Viad Corp United States 21.83 -20% 444.8 312.9 930.9 55.9 6.0% 17.3% 0.3x 5.6x

Valassis Communications Inc. United States 30.27 -19% 1,487.3 1,982.9 2,315.8 294.1 12.7% 1.6% 0.9x 6.7x

Vistaprint N.V. Netherlands 46.81 -17% 2,017.5 1,809.4 817.0 137.1 16.8% 21.9% 2.2x 13.2x

Low 0.1x 4.3x

Mean 1.0x 7.7x

Median 0.8x 6.6x



High 3.7x 15.6x


LTM




AUGUST SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 2.5x 1.4x 6.2x 16.6x

Agency/Consulting 0.8x 0.8x 1.0x 1.0x

Digital Media/Commerce 5.7x 3.0x 8.3x 6.0x

Marketing Technology 2.6x 2.4x 3.3x 3.3x

Software & Information 3.0x 2.5x 3.8x 3.3x

Marketing Services 1.0x 0.8x 1.5x 1.1x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 15.1x 10.3x 18.9x 40.8x

Agency/Consulting 6.7x 6.5x 7.7x 7.8x

Digital Media/Commerce 138.7x 16.1x 138.0x 53.2x

Marketing Technology 99.7x 17.9x 43.0x 16.5x

Software & Information 34.3x 13.2x 24.6x 23.1x

Marketing Services 7.7x 6.6x 8.1x 8.1x

Revenue Multiples

EBITDA Multiples

Current Summary Trading Valuation

As of close of business on 08/31/11.

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.


Index Performance• S&P 500 – 16.2%• Software &

Information – 14.2%

Index Performance• S&P 500 – 16.2%• Marketing

Services – 8.8%

Index Performance• S&P 500 – 16.2%• Agency/Consulting – 12.8%

PPLLC INDICES – LTM as of 08/31/11

Index Performance• S&P 500 – 16.2%• Digital Advertising – 10.0%

Index Performance• S&P 500 – 16.2%• Digital Media/

Commerce – 5.3%

Index Performance• S&P 500 – 16.2%• Marketing

Technology – 25.9%

80

90

100

110

120

130

140

150

Sep-10 Nov-10 Jan-11 Mar-11 May-11 Jul-11

Ind

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ce (

%)

S&P 500 Digital Advertising Google Microsoft

80

90

100

110

120

130

140

150


Ind

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%)

S&P 500 Agency/Consulting

80

100

120

140

160

180

200

220

240

260


Ind

ex P

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an

ce (

%)

S&P 500 Digital Media/Commerce Amazon eBay priceline Yahoo!

80

90

100

110

120

130

140


Ind

ex P

erf

orm

an

ce (

%)

S&P 500 Software & Information

80

90

100

110

120

130

140


Ind

ex P

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orm

an

ce (

%)

S&P 500 Marketing Services

60

80

100

120

140

160

180


Ind

ex P

erf

orm

an

ce (

%)

S&P 500 Marketing Technology Adobe

Akamai Autonomy Salesforce


ALL SEGMENTS

Strategic Transactions ($ in Millions)

Target Buyer/Investor

Reported Transaction

Value StrategicValues Disclosed

Autonomy Corporation PLC Hewlett-Packard Company $10,300.0Sungard Higher Education Datatel, Inc. 1,800.0Bureau of National Affairs Bloomberg L.P. 990.0Network Solutions, Inc. Web.com Group, Inc. 756.0Dotomi, Inc. ValueClick, Inc. 295.0OPENLANE, Inc. KAR Auction Services, Inc. 210.0Boston Proper Chico's 205.0Tudou Holdings Limited IPO 174.0Facebook (Unnamed Fund Contibuters) 133.0Medical Education Technologies CAE Healthcare 130.0Multifamily Technology Soultions, Inc. RealPage, Inc. 74.4EyeWonder, Inc. DG 66.0HipCricket, Inc. Augme Technologies, Inc. 44.5AXIOSS Cisco Systems, Inc. 30.7Smilebox, Inc. IncrediMail, Ltd. 25.0AdXpose comScore Networks, Inc. 22.0Nobot Mediba 19.2Dashwire, Inc. HTC Corporation 18.5IndieClick Media Group, Inc. Demand Media, Inc. 14.0Wilson Marketing Group MCH, Inc. 10.0SeniorLiving.net RealPage, Inc. 4.5The Platforum Centaur Media plc 3.0Newstogram ePals Corporation 3.0EPAG Domainservices Tucows, Inc. 2.5SharperAgent Market Leader, Inc. 2.2ShowMe Lerer Ventures 0.8AondeNamoro.com & SolteirosComFilhos.com Cupid.com 0.8


ALL SEGMENTS




Value StrategicUndisclosed

123Chiropractors.com TheDirectory.com - AccuData Integrated Marketing Compact Information Systems, Inc. - Adjug Ltd. IgnitionOne, Inc. - Advantage Marketing InQuest Marketing, Inc. - AllofUs McCann WorldGroup - Anova Group Acquity Group - AudetteMedia Rimm-Kaufman Group LLC - Bagcheck Twitter, Inc. - Bennett's Business Systems Xerox Corporation - Bight Games Electronic Arts, Inc. - Boom! Ink Postcard Mania - Brandspring Solutions The Marek Group, Inc. - Broadcast Media Monitoring Metro Monitor, Inc. - Campaigns and Gray WPP Group - Chintano Datran Media Corporation - Cyrve Acquia, Inc. - DealDaddies.com CrowdSavings.com - Del Mar Datatrac, Inc. Ellie Mae, Inc. - DigiSpace Solutions, LLC Bitzio, Inc. - eConversions WhaleShark Media, Inc. - ExtraCorp ESPN International - Flique Creative Smart Business Network, Inc. - Food Wishes Allrecipes.com - Gerard Murphy & Associates Smith Travel Research, Inc. - GFMS Thomson Reuters - Globalpark UK, Ltd QuestBack - Green Lily Events Retna Media, Inc. - GroupMe Skype Limited - HengryGill Communications E.B. Lane - Icerocket LLC Meltwater Group - Instructables.com Autodesk, Inc. - Jumo GOOD - Lateral Group Innovative Output Solutions - LibreDigital, Inc. R.R. Donnelley & Sons Company - LikeCube Time Out Group Ltd. -


ALL SEGMENTS




Value StrategicUndisclosed

Market Intelligence Group, LLC Empower MediaMarketing - Marketing Analysts, Inc. Nielsen Holdings B.V. - mSpoke LinkedIn Corporation - Netzathleten.net Mediengruppe RTL Deutschland - Newiscom Warner Music Spain, S.A. - Nextive Solutions, LLC Globant - Nexus Enterprise Solutions, Inc. Mutualoan - OneForty Hubspot, Inc. - Philo Media LocalResponse, Inc. - Push Pop Press Facebook - QpunDay.com CrowdSavings.com - Ratchet RBA Consulting - Reinvigorate WebTrends, Inc. - Remodelista SAY Media - RSS Graffiti Demand Media, Inc. - Sandlot Games Corporation Digital Chocolate, Inc. - Scoop St. BuyWithMe - Sequence Personal R.R. Donnelley & Sons Company - Skitch Evernote Corporation - Slong.bg Ofertomat.bg - SnappyTuna.com HomeSav, Inc. - Sommer Corporate Media Elanders AB - Sprout, Inc. InMobi - Student of Fortune Chegg, Inc. - Sucker Punch Entertainment Sony Computer Entertainment Worldwide Studios - Syndicated Methods Ignite Health - Texas Digital Systems Radiant Systems - textunes Thalia Holding GmbH - TicketMonster, Inc. LivingSocial.com - TV Genius Red Bee Media Limited - Twitterfeed Bitly, Inc. - Wishlist Holdings Qantas Airways Limited ABN - Zipadi Elevate Studios, Inc. -


ALL SEGMENTS

Venture/Growth Capital Transactions ($ in Millions)



Value Buyout DealsValues Disclosed

MYOB Limited Bain Capital, LLC $1,300.0Renaissance Learning, Inc. Permira Funds 434.0Global Traffic Network GTCR Golder Rauner, LLC 267.0Plimus, Inc. Great Hill Partners, LLC 115.0Emdeon Business Services LLC The Blackstone Group 3.0

Buyout DealsUndisclosed

Quark Inc. Platinum Equity Advisors, LLC - Raet B.V. Court Square Capital Partners - Rockfish Interactive WPP Digital -

VC/Growth CapitalValues Disclosed

Twitter, Inc. Digital Sky Technologies $400.0Xiu.com Warburg Pincus LLC 100.0Tudou Holdings Limited Sina Corporation 66.4Buddy Media, Inc. GGV Capital 54.0Jiuxian.com (Unnamed Fund Contibuters) 50.0Zocdoc, Inc. Digital Sky Technologies 50.0TouchTunes Interactive Network VantagePoint Venture Partners 45.0Zulily, Inc. Meritech Capital Partners 43.0bloomspot, Inc. (Unnamed Fund Contibuters) 35.0DoubleVerify, Inc. JMI Equity Fund 33.0ISGN Corporation New Enterprise Associates 30.0Dealer.com, Inc. Accel Partners 30.0Awarepoint Corporation Kleiner Perkins Caufield & Byers 27.0Groupalia Nauta Capital 26.0Wikio Group GIMV NV 25.0LendingClub Union Square Ventures 25.0Thought Equity Motion, Inc. Shamrock Capital Advisors, Inc. 25.0Fubon Multimedia Technology ITOCHU Corp. of Japan 22.3Bleacher Report, Inc. Oak Investment Partners 22.0Airband Communications, Inc. ABRY Partners, LLC 20.0edo Interactive Robert W. Baird & Company, Inc. 20.0CampusBookRentals, Inc. Level Equity 20.0Elevator Labs KGC Capital 20.0WRG Creative Communication Lloyd's Development Capital 19.7On Deck Capital, Inc. SAP Ventures 19.0Box.net, Inc. Draper Fisher Jurvetson 18.6Rocket Lawyer Incorporated August Capital Management 18.5


ALL SEGMENTS




Value VC/Growth CapitalValues Disclosed

Embrane, Inc. New Enterprise Associates $18.0Kixeye Jafco America Ventures, Inc. 18.0Kabbage, Inc. Mohr, Davidow Ventures 17.0Inkling, Inc. Tenaya Capital 17.0Okta, Inc. Greylock Management 16.5RootMusic GGV Capital 16.0Quirky, Inc. Norwest Venture Partners 16.0Hudong.com Draper Fisher Jurvetson 15.6Janrain, Inc. Emergence Capital Partners 15.5Sentilla SingTel Innov8 15.0GoodData Corporation Andreessen Horowitz Fund 15.0Monetate, Inc. OpenView Venture Partners 15.0BigCommerce Pty. Ltd. General Catalyst Partners LLC 15.0Zoove Corporation Panorama Capital, LLC 15.0iZettle AB Index Ventures 14.4Couchbase, Inc. Ignition Partners LLC 14.0Appistry, Inc. eXome Capital 12.0Haolianluo Infinity Group 12.0LBi International AB Project Hollands Deelnemingen 11.4Return Path, Inc. Foundry Group 11.0Kenandy, Inc. Kleiner Perkins Caufield & Byers 10.5BirchBox Accel Partners 10.5NextDocs Corporation OpenView Venture Partners 10.3Wanova, Inc. Greylock Management 10.0Apprenda, Inc. Ignition Partners LLC 10.0BankSimple IA Ventures 10.0HotLink Corporation Foundation Capital 10.0SMS GupShup Globespan Capital Partners 10.0RelayRides Shasta Ventures 10.0Get Satisfaction, Inc. Interwest Partners 10.0WhaleShark Media, Inc. Google Ventures 10.0Innovid, Inc. Sequoia Capital 9.5Taboola Ltd. Crescent Point Group 9.0AppFog, Inc. Ignition Partners LLC 8.0BVI Networks, Inc. August Capital Management 8.0BetterWorks, Inc. Redpoint Ventures 8.0Hopper, Inc. Atlas Venture 8.0Brighter Benchmark Capital 8.0Lucid Commerce, Inc. Rho Capital Partners, Inc. 8.0Joyus Accel Partners 7.9


ALL SEGMENTS





CouchSurfing International, Inc. Benchmark Capital $7.6Turntable.fm Union Square Ventures 7.56fusion, Inc. Grotech Ventures 7.0Socialware, Inc. Morgan Stanley Expansion Capital 7.0MovieClips, Inc. MK Capital Management LLC 7.0High Street Partners, Inc. Baird Venture Partners 6.3Woozworld, Inc. Telesystem Ltd. 6.1Cedexis, Inc. Madrona Venture Group 6.0CinchCast Guggenheim Partners 6.0TakeLessons Crosslink Capital 6.0The Spanfeller Media Group VantagePoint Venture Partners 6.0BrightTag, Inc. New World Ventures, LLC 5.0Salsa Labs Edison Venture Fund 5.0DoughMain (Angel Investors) 5.0Sentilla SingTel Innov8 4.5My True Fit (Unnamed Fund Contibuters) 4.4Opinionaided SoftBank Capital 4.3ChallengePost Betaworks 4.1Kimbia, Inc. S3 Ventures 4.0E la Carte Lightbank 4.0Quixey, Inc. U.S. Venture Partners 3.8Spectraseis SVC 3.6TST Media El Dorado Ventures 3.5Mr. Number Menlo Ventures 3.5Piped Bits Co. Ltd. United Ventures 3.4SinglePlatform DFJ Gotham Ventures 3.3ChoozOn Corporation (Angel Investors) 3.2Skillshare, Inc. Spark Capital 3.1AliveCor, Inc. Burrill and Company 3.0Go Try It On, Inc. SPA Investments 3.0Nanigans, Inc. Avalon Ventures 3.0Q-Sensei Corporation bm-t GmbH 2.5Gild Globespan Capital Partners 2.4Nano Detection Technology CincyTech Ventures 2.3BigTime Software, Inc. LTC Partners 2.0Taptera, Inc. Salesforce.com 2.0Kidzui, Inc. Mission Ventures 2.0iStoryTime Corporate Finance Partners 2.0Kinvey Atlas Venture 2.0CloudOne Corporation (Private Investors) 1.9


ALL SEGMENTS





Medify, Inc. Voyager Capital $1.8UpMo (Private Investors) 1.7Umami Battery Ventures 1.7Copiun, Inc. (Unnamed Fund Contibuters) 1.6COMPANY Reen Family Office 1.6Moat, Inc. SV Angel, LLC 1.5Tawkon TASC, Inc. 1.5Airy Labs Google Ventures 1.5ZeroCater Y Combinator 1.5Rentcycle, Inc. Collaborative Fund 1.4Vizibility, Inc. Boston Harbor Angels 1.3WhosHere Lightbank 1.3Gingerd, Inc. (Private Investors) 1.2Empire Avenue, Inc. Crosslink Capital 1.2Minus IDG Capital Partners 1.0Tinypay.me Aksoy Internet Ventures 1.0LiveClips LLC Connecticut Innovations, Inc. 1.0evly (Unnamed Fund Contibuters) 1.0Sibblingz, Inc. YouWeb 1.0Placester (Unnamed Fund Contibuters) 0.8Drchrono, Inc. General Catalyst Partners LLC 0.7just.me Google Ventures 0.6GoAct, Inc. Finnish Funding Agency for Technology and Innovation 0.5Snapsort, Inc. (Unnamed Fund Contibuters) 0.5

VC/Growth CapitalUndisclosed

Erly.com Kleiner Perkins Caufield & Byers - FinanceAcar Anthemis Group - Lookk.com Eden Ventures - Lot18 Quidsi Inc. - VMG Media JSC NTT Docomo - We R Interactive (Private Investors) - YourNextLeap Nirvana Venture Advisors -


• Founded in 1999• Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting,

Marketing Services, and Software & Information

• More than 30 focused professionals

› Unique combination of investment banking and consulting expertise

› New York-based with a West Coast office and a Chicago presence

• Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and strategic buyers

• Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

Petsky Prunier: Expertise. Commitment. Results.

STRATEGIC ADVISORYIntelligence

• Sell-Side Representation

• Corporate Divestitures

• Capital Raising and Private Placements

• M&A Advisory

• Fairness Opinions

INVESTMENT BANKING Consulting

• Opportunity Mapping: Strategic Development

• Business Process Engineering/Enhancement

• M&T Transaction Due Diligence Support

• Acquisition Strategy/Target Identification

• Market Research

• Competitive Landscape Analysis

• Valuation Analysis

• Publishing & Thought Leadership


REPRESENTATIVE TRANSACTIONS

Selected Transactions in 2010 and 2011

has been acquired by

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online video advertising network

has received a growth capital investment from

has acquired

a division of

has received a majority investment from

has been sold to

a leading marketing database and data analytics solution

provider

has been sold to

has sold theExperiential Marketing Business of

to

has sold the assets of

to

a leading performance-basedadvertising network

has been sold to

has acquired

has been sold to

a leading national in-storeadvertising network and shopper

marketing company

has sold

to

has sold its fulfillment and database management

divisions to

The Dialogue Companya leading fulfillment and direct

marketing organization

a provider of multichannel marketing software services

has been sold to

one of Europe’s largestindependent providers of

digital direct marketingservices for customer

acquisition and retention

has received a majorityinvestment from

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has been sold to

a portfolio company of

KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providers

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to

one of Europe’s leading online advertising networks

has partnered with

to form a joint venture

CentrSource Canada

and


Parthenon Capital Partners

has merged with

has acquired

a fast growing compiler of consumer marketing data

has been sold to

a leading advertising technology company

has been sold to

has sold

an integrated digital and promotional marketing agency

in a management-led buyout

to


Vestar Capital Partners has sold

has sold

a premier provider of affinity programs for universities and colleges

to

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold its

a leading provider of media buying, out-of-home and sampling

services in niche markets

to

Niche Market Media Buying Business

a leading digital contentmarketing agency

refinancing of debt facilities

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