December 2015 M&A and Investment...

December 2015 M&A and Investment Summary

2 | M&A and Investment Summary December 2015

Table of Contents

Overview of Monthly M&A and Investment Activity 3 1

Monthly M&A and Investment Activity by Industry Segment 9 2

Additional Monthly M&A and Investment Activity Data 43 3

About Petsky Prunier 54 4

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 registered 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 407 deals were announced in December 2015, of which 242 were worth $14.4 billion in aggregate reported value

Software was the most active segment with 114 deals announced — 73 of these transactions reported $4.3 billion in value

Digital Media/Commerce was the highest reported value segment with 81 transactions announced, of which 62 were reported worth $4.3 billion

Strategic buyers announced 178 deals (42 reported $7.3 billion of value)

VC/Growth Capital investors announced 206 transactions (197 reported $6.1 billion of value)

Buyout investors announced 23 deals during the month (three reported $940 million of value)

*Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions

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

Software 114 28% $4,337.4 30% 43 $2,235.8 7 $664.3 64 $1,437.3

Digital Media/Commerce 81 20% 4,344.7 30% 18 942.4 2 - 61 3,402.3

Marketing Technology 74 18% 1,228.5 9% 30 737.2 5 46.5 39 444.8

Business Services 46 11% 721.8 5% 27 418.4 1 - 18 303.3

Digital Advertising 38 9% 515.5 4% 17 200.0 0 - 21 315.5

Agency & Marketing Services 22 5% 359.6 3% 19 342.3 2 - 1 17.3

Traditional Media 20 5% 619.7 4% 17 619.7 3 - 0 -

Information 12 3% 2,224.2 15% 7 1,784.0 3 225.0 2 215.2

Total 407 100% 14,351.3 100% 178 7,279.7 23 935.8 206 6,135.7

December 2015

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital


$27.4$25.9

$40.4

$14.4

$23.5

$11.2 $15.0

$26.7$18.8 $18.3

$108.4

$23.1 $23.7

407380 385 425 456 492 458 466 448 376 403 424 363 $-

$100.0

$200.0

$300.0

$400.0

$500.0

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

$110.0

$120.0

Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Transaction Distribution

Transaction activity in December was up seven percent from December of 2014 while aggregate reported transaction value of $14.4

billion was down 48 percent from November 2015

Strategic activity accounted for 51 percent of reported deal value during the month and included significant transactions:

• The $841 million sale of PR Newswire to GTCR-backed public relations software developer Cision from UBM

• Bloomberg’s $780 million acquisition of Barclay’s Risk Analytics an Index Solutions business

• CoreLogic’s $475 million acquisition of property valuation and workflow platform developer FNC

• Quote-to-cash app developer Steelbrick’s $300 million sale to Salesforce

• The acquisition of digital marketing company Fluent by IDI for approximately $225 million (a Petsky Prunier-led transaction)

M&A and Investment Summary for All Segments

Time Warner/ Charter

Bright House/ Charter

Sungard

Veritas Solera

*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data

Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera

Holdings have been excluded to limit comparative distortions.

Inter. Data


Selected Transactions with Valuation Information Disclosed ($ in Millions)

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

Business Services

Viteos Group Financial Consulting Wipro Limited 130.0$ 26.5$ -$ 4.9x NA

Cellent AG IT Consulting/Systems Integration Wipro Limited 77.7 105.3 - 0.7x NA

Cinteros Ab IT Consulting/Systems Integration Innofactor Plc 8.5 9.5 0.8 0.9x 10.1x

Digital Advertising

Undertone Ad Networks/Exchanges Perion Network Ltd. 180.0 145.0 22.0 1.2x 8.2x

Digital Media/Commerce

Ikyu Corporation eCommerce Yahoo Japan 771.7 60.6 22.0 12.7x 35.0x

Jiayuan.com International Ltd. eCommerce Baihe Network Co., Ltd. 155.7 110.9 4.9 1.4x 31.7x

Information

PR Newswire Association LLC Financial Information Cision, Inc. 841.0 297.0 - 2.8x NA

Marketing Technology

ShopperTrak Analytics & Targeting Tyco Retail Solutions 175.0 75.0 13.1 2.3x NA

Experian Simmons and Experian Hitwise Analytics & Targeting Symphony Technology Group 46.5 74.0 - 0.6x NA

Software

Industrial & Financial Systems 1 ERP Software EQT Holdings AB 993.0 391.9 47.7 2.5x 20.8x

Xchanging plc Data Management Software Ebix, Inc. 733.0 836.0 - 0.9x NA

Inventus Solutions, Inc. Legal Software RPX Corporation 232.0 55.0 - 4.2x NA

Kepware, Inc. Application Management Software PTC 118.0 20.0 - 5.9x NA

Route Monkey Limited ERP Software Trakm8 Holdings plc 14.4 2.7 - 5.4x NA

Traditional Media

Stephens Media Group Newspaper Publishing News + Media Capital Group LLC 125.4 145.4 20.8 0.9x 6.0x

1 67 percent stake acquisition

Selected Transactions With Multiples Information


Securities in Registration ($ in Millions)

Aggregate

Date Company Name Country Segment Offering Value Rev EBITDA

Dec-15 Nutanix, Inc. United States Software 200.0$ 283.1$ NA

Dec-15 SecureWorks Corp. United States Software 100.0 316.9 NA

Nov-15 Ameriquest, Inc. United States Business Services 100.0 65.0 NA

Sep-15 PointClickCare Corp. United States Software 100.0 112.6 3.8

Jul-15 Apptio, Inc. United States Software NA 100.0 NA

Mar-15 Veracode, Inc. United States Software 450.0 16.7 NA

Mar-15 Truven Health Analytics United States Information 41.2 504.9 72.1

LTM


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 Dec 31, 2015 1st Trading Day

Dec-15 NasdaqGS:TEAM Atlass ian Corporation Plc Austra l ia $18.00-$20.00 21.00 $27.78 up 32% 30.21 8.7%

Dec-15 NYSE:YRD Yirendai Ltd. China 9.00-11.00 10.00 9.10, down 9% 9.53 4.7%

Nov-15 NYSE:INST Instructure, Inc. United States 16.00-18.00 16.00 18.00 up 12.5% 20.92 16.2%

Nov-15 NasdaqGS:MTCH Match Group, Inc. United States 12.00-14.00 12.00 14.74, up 23% 13.60 (7.7%)

Nov-15 NasdaqGS:MIME Mimecast Limited United Kingdom 11.00-13.00 10.00 10.10, up 1.0% 9.64 (4.6%)

Nov-15 NYSE:SQ Square, Inc. United States 11.00-13.00 9.00 13.07, up 45% 12.78 (2.2%)

Oct-15 NYSE:PSTG Pure Storage, Inc. United States 16.00-18.00 17.00 16.01, down 5.8% 16.05 0.2%

Oct-15 NYSE:FDC Firs t Data Corporation United States 18.00-20.00 16.00 15.75, down 1.5% 16.38 4.0%

Jul -15 NasdaqGM:RPD Rapid7, Inc. United States 13.00-15.00 16.00 26.75, up 67% 14.97 (44.0%)

Jul -15 NYSE:TDOC Teladoc, Inc. United States 15.00-17.00 19.00 28.50, up 50% 18.31 (35.8%)

Jun-15 NasdaqGM:APPF AppFol io, Inc. United States 12.00-14.00 12.00 14.10, up 17% 14.64 3.8%

Jun-15 NYSE:XTLY Xactly Corporation United States 10.00-12.00 8.00 8.70, up 9% 8.59 (1.3%)

Jun-15 NYSE:FIT Fi tbi t Inc. United States 17.00-19.00 20.00 29.68, up 48% 29.63 (0.2%)

Jun-15 NasdaqGM:MB MINDBODY, Inc. United States 13.00-15.00 14.00 11.56, down 17.4% 15.24 31.8%

Jun-15 NYSE:TGNA TEGNA Inc. United States 26.00-28.00 30.00 31.63, up 5% 25.70 (18.7%)

Jun-15 NYSE:EVH Evolent Health, Inc. United States 14.00-16.00 17.00 18.86, up 11% 12.54 (33.5%)

May-15 NYSE:SHOP Shopify Inc. Canada 14.00-16.00 17.00 28.31, up 51% 25.98 (8.2%)

May-15 NasdaqGS:BZUN Baozun Inc. China 12.00-14.00 10.00 10.44, up 4% 8.21 (21.4%)

May-15 NYSE:PGND Press Ganey Holdings , Inc. United States 22.00-24.00 25.00 27.50, up 10 % 31.60 14.9%

Apr-15 NasdaqGS:APIC Apigee Corporation United States 16.00-18.00 17.00 10.60, down 8% 8.38 (20.9%)

Apr-15 NasdaqGS:ETSY Etsy, Inc. United States 14.00-16.00 16.00 30.00, up 86% 8.48 (71.7%)

Apr-15 NasdaqGM:WOWO JM WOWO Hong Kong 9.00-11.00 10.00 10.29, up 3% 5.22 (49.3%)

Apr-15 NYSE:GDDY GoDaddy Inc. United States 17.00-19.00 20.00 26.15, up 31% 32.92 25.9%

Mar-15 NYSE:MXPT MaxPoint Interactive, Inc. United States 10.50-12.50 11.50 10.60, down 8% 1.77 (83.3%)

Jan-15 NYSE:BOX Box, Inc. United States 11.00-13.00 14.00 23.23, up 65% 13.90 (40.2%)

Dec-14 NYSE:NEWR New Rel ic, Inc. United States 20.00-22.00 23.00 31.10, up 35% 36.67 17.9%

Dec-14 NYSE:ONDK On Deck Capita l , Inc. United States 16.00-18.00 20.00 27.98, up 40% 10.34 (63.0%)


LTM IPO Performance (2/2)

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 Dec 31, 2015 1st Trading Day

Dec-14 NasdaqGS:MOMO Momo Inc. China $12.50-$14.50 13.50 $17.02, up 26% 16.05 (5.7%)

Dec-14 NasdaqGM:CNXR Connecture, Inc. United States 12.00-14.00 8.00 8.80, up 10% 3.50 (60.2%)

Dec-14 NasdaqGS:HDP Hortonworks , Inc. United States 14.00-16.00 16.00 26.38, up 65% 21.63 (18.0%)

Dec-14 NYSE:WK Workiva Inc. United States 13.00-15.00 14.00 13.99, up 4% 18.18 29.9%

Dec-14 NYSE:LC LendingClub Corporation United States 12.00-14.00 15.00 23.34, up 56% 10.83 (53.6%)


Digital Media/Commerce

Of the total $4.3 billion in value reported in the Digital Media/Commerce segment, $3.4 billion in Venture/Growth Capital investments

were announced, while an additional $940 million in Strategic transactions were made

eCommerce was the most active subsegment across all segments with 28 transactions announced, of which 23 were reported for

$1.4 billion. Select acquisitions from the subsegment include:

• Yahoo Japan’s $822 million acquisition of online travel and restaurant reservation platform Ikyu

Select Digital Media/Commerce transactions include:

• The $2.1 billion raised by Uber at a reported valuation of more than $62 billion

• The $248 million Kingdom Holding Company-led round of funding in Lyft at a reported valuation of $4.9 billion

• The second of two separate $200 million rounds of funding raised by Vice Media from the Walt Disney Company at a reported

valuation of $4 billion

• Online pre-owned vehicle buying platform Vroom.com’s $95 million round of funding from Catterton Partners and T. Rowe Price

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

eCommerce 28 35% $1,386.0 32% 5 $927.4 1 - 22 $458.6

Mobile Content/Apps 18 22% 2,273.6 52% 4 - 0 - 14 2,273.6

Niche Content 12 15% 317.5 7% 3 15.0 0 - 9 302.5

Classifieds/Auctions/P-to-P 10 12% 213.5 5% 2 - 0 - 8 213.5

Gaming 7 9% 6.4 0% 4 - 1 - 2 6.4

Social Media/Apps 6 7% 147.7 3% 0 - 0 - 6 147.7

Domain Portfolio/Marketplace 0 0% - 0% 0 - 0 - 0 -

Web Search/Portals 0 0% - 0% 0 - 0 - 0 -

Total 81 100% 4,344.7 100% 18 942.4 2 0.0 61 3,402.3

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT


Digital Media and Internet Public Company Valuation (1/2)

*Note: Google Inc. pricing represents (Nasdaq:GOOGL)

*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

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples

Company Name 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Apple Inc. 105.26 -22% $586,859.3 $609,339.3 $233,715.0 $82,487.0 35.3% 27.9% 2.6x 7.4x

Blucora, Inc. 9.80 -41% $401.7 $327.4 $486.7 $64.8 13.3% -23.9% 0.7x 5.1x

Demand Media, Inc. 5.50 -20% 109.6 71.7 134.5 (17.6) NM -25.6% 0.5x NM

Everyday Health, Inc. 6.02 -60% 194.8 271.7 213.3 19.9 9.3% 22.4% 1.3x 13.7x

Facebook, Inc. 104.66 -5% 295,977.9 280,269.9 15,938.0 6,655.0 41.8% 42.3% 17.6x 42.1x

Fitbit Inc. 29.59 -43% 6,633.7 6,058.2 1,516.6 319.4 21.1% 0.0% 4.0x 19.0x

Glu Mobile, Inc. 2.43 -65% 319.1 136.7 261.7 13.8 5.3% 41.4% 0.5x 9.9x

Google Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x

GoPro, Inc. 18.01 -74% 2,476.8 1,963.7 1,817.3 294.3 16.2% 62.0% 1.1x 6.7x

IAC/InterActiveCorp 60.05 -29% 5,331.0 5,535.8 3,213.0 410.0 12.8% 7.0% 1.7x 13.5x

LinkedIn Corporation 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x NM

MeetMe, Inc. 3.58 -4% 163.4 149.8 50.0 5.3 10.5% 11.7% 3.0x 28.5x

Netflix, Inc. 114.38 -14% 48,884.7 48,696.8 6,440.9 372.1 5.8% 24.0% 7.6x NM

Pandora Media, Inc. 13.41 -41% 2,861.9 2,498.3 1,095.9 (37.7) NM 26.0% 2.3x NM

RealNetworks Inc. 4.25 -41% 154.1 41.8 130.9 (62.2) NM -23.6% 0.3x NM

TheStreet, Inc. 1.50 -35% 52.3 24.8 68.0 1.0 1.5% 16.0% 0.4x 24.8x

Twitter, Inc. 23.14 -57% 15,803.39 13,916.31 1,986.64 (208.41) NM 70.3% 7.0x NM

United Online, Inc. 11.79 -35% 174.70 75.05 204.35 24.87 12.2% NA 0.4x 3.0x

WebMD Health Corp. 48.30 -3% 1,781.5 1,971.8 607.0 128.6 21.2% 7.6% 3.2x 15.3x

XO Group Inc. 16.06 -12% 421.7 335.4 140.6 18.3 13.0% 1.0% 2.4x 18.3x

Yahoo! Inc. 33.26 -34% 31,409.2 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x

Zynga, Inc. 2.68 -14% 2,500.4 1,430.6 771.5 (16.2) NM 14.4% 1.9x NM

Average 2.9x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (26.1x)

US-Based Digital Media and Internet


Digital Media and Internet Public Company Valuation (2/2)



Company Name Headquarters 12/31/15 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA

Baidu, Inc. China 189.04 -19% $65,337.4 $60,751.3 $9,711.4 $2,525.0 26.0% 38.6% 6.3x 24.1x

Changyou.com Limited China 24.82 -30% 1,290.1 973.8 815.6 293.9 36.0% 11.1% 1.2x 3.3x

CyberAgent Inc. Japan 41.85 -30% 2,626.7 2,305.3 2,124.5 326.0 15.3% 23.9% 1.1x 7.1x

DeNA Co., Ltd. Japan 15.80 -30% 2,290.8 1,699.3 1,214.8 292.8 24.1% -5.1% 1.4x 5.8x

Forgame Holdings Limited * China 1.68 -55% 234.3 36.2 99.3 (0.2) NM -35.0% 0.4x NM

G5 Entertainment AB (publ) Sweden 5.98 -8% 52.6 49.0 34.3 2.6 7.6% 39.3% 1.4x 18.7x

GameLoft SE * France 6.58 -8% 559.6 522.0 271.2 7.8 2.9% 3.5% 1.9x 66.7x

Gree, Inc. Japan 4.79 -35% 1,120.6 519.7 721.1 189.8 26.3% -25.4% 0.7x 2.7x

iDreamSky Technology Limited * China 13.39 -24% 620.0 520.7 223.8 2.9 1.3% 0.0% 2.3x NM

International Game Technology PLC United Kingdom 16.18 -24% 3,213.3 11,409.4 3,877.9 1,245.9 32.1% -0.5% 2.9x 9.2x

iProperty Group Limited * Malaysia 2.88 0% 539.9 534.9 20.0 (0.6) NM 15.8% 26.8x NM

King Digital Entertainment plc Ireland 17.88 -1% 5,577.4 4,657.1 2,104.3 725.7 34.5% -9.2% 2.2x 6.4x

Kongzhong Corp. China 7.50 -13% 352.9 274.0 198.3 51.7 26.1% -5.1% 1.4x 5.3x

Mixi, Inc. Japan 37.85 -32% 3,190.9 2,491.0 1,447.5 698.0 48.2% 301.8% 1.7x 3.6x

NCsoft Corporation South Korea 181.01 -15% 3,612.6 2,808.3 706.5 240.5 34.0% 2.8% 4.0x 11.7x

Naver Corporation South Korea 559.17 -18% 16,476.8 15,438.9 2,625.0 760.2 29.0% 17.7% 5.9x 20.3x

NetEase, Inc. China 181.24 -3% 23,691.8 20,250.9 2,888.7 989.9 34.3% 72.1% 7.0x 20.5x

NEXON Co., Ltd. Japan 16.46 -4% 7,143.2 6,353.3 1,564.9 679.1 43.4% 13.9% 4.1x 9.4x

Pacific Online Ltd. China 0.30 -54% 342.0 301.4 173.4 44.3 25.5% 18.1% 1.7x 6.8x

Phoenix New Media Limited China 6.02 -39% 428.4 290.3 254.3 20.1 7.9% 1.0% 1.1x 14.5x

Rediff.com India Limited * India 0.66 -72% 18.2 9.9 14.3 (7.2) NM -9.3% 0.7x NM

Renren Inc. * China 3.68 -17% 1,247.2 1,075.0 54.8 (76.1) NM -31.6% 19.6x NM

Sky-mobi Limited * China 2.32 -68% 65.2 (23.9) 123.0 - 0.0% 0.0% NM NM

Taomee Holdings Ltd. * China 3.60 -14% 128.1 55.8 35.6 (3.8) NM -21.8% 1.6x NM

Tomorrow Focus AG Germany 3.82 -37% 222.6 237.7 189.3 10.5 5.6% 92.5% 1.3x 22.6x

Weibo Corporation * China 19.50 -6% 4,029.5 3,684.0 434.1 41.4 9.5% 44.5% 8.5x 89.0x

WeMade Entertainment Co., Ltd. * South Korea 31.70 -47% 526.3 501.8 112.3 (10.7) NM -22.3% 4.5x NM

Yandex N.V. Netherlands 15.72 -26% 5,013.4 4,831.5 858.6 263.6 30.7% 17.0% 5.6x 18.3x

YY Inc. China 62.47 -24% 3,422.7 3,619.1 813.0 188.8 23.2% 65.6% 4.5x 19.2x

Average 2.7x 11.5x


Internationally-based Digital Media and Internet


eCommerce Public Company Valuation (1/2)




1-800-Flowers.com Inc. 7.28 -46% $472.2 $728.5 $1,150.8 $68.5 6.0% 51.4% 0.6x 10.6x

Amazon.com, Inc. 675.89 -3% 316,831.6 320,990.6 100,588.0 7,007.0 7.0% 18.0% 3.2x 45.8x

Apple Inc. 105.26 -22% 586,859.3 609,339.3 233,715.0 82,487.0 35.3% 27.9% 2.6x 7.4x

Blucora, Inc. 9.80 -41% 401.7 327.4 486.7 64.8 13.3% -23.9% 0.7x 5.1x

Blue Nile Inc. 37.13 -5% 428.2 395.1 487.5 16.9 3.5% 5.5% 0.8x 23.4x

CafePress Inc. 3.84 -28% 65.1 25.7 136.4 (1.8) NM 39.1% 0.2x NM

CDW Corporation 42.04 -10% 7,074.3 10,599.3 12,620.4 952.1 7.5% 7.5% 0.8x 11.1x

Chegg, Inc. 6.73 -24% 592.8 490.5 317.6 20.5 6.5% 6.8% 1.5x 23.9x

Copart, Inc. 38.01 -5% 4,570.2 4,702.3 1,144.5 390.3 34.1% -2.5% 4.1x 12.0x

eBay Inc. 27.48 -59% 32,994.0 35,132.0 17,705.0 4,889.0 27.6% 61.0% 2.0x 7.2x

Etsy, Inc. 8.26 -77% 926.0 650.1 250.5 6.1 2.4% 45.4% 2.6x NM

Expedia Inc. 124.30 -12% 18,678.2 20,295.5 6,329.7 702.7 11.1% 13.9% 3.2x 28.9x

FTD Companies, Inc. 26.17 -26% 750.2 1,040.1 1,079.6 100.1 9.3% 69.4% 1.0x 10.4x

Alphabet Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x

GrubHub Inc. 24.20 -50% 2,055.2 1,760.1 335.2 86.8 25.9% 46.0% 5.3x 20.3x

HSN, Inc. 50.67 -37% 2,658.9 3,296.6 3,710.3 329.0 8.9% 6.3% 0.9x 10.0x


Liberty Interactive Corporation $27.32 -14% 17,444.9 21,943.9 9,871.0 1,744.0 17.7% -5.5% 2.2x 12.6x

Liberty Ventures 45.11 -1% 6,401.4 5,630.4 1,147.0 (191.0) NM 0.0% 4.9x NM

Liquidity Services, Inc. 6.50 -41% 198.6 103.1 397.1 20.4 5.1% -19.9% 0.3x 5.1x

Match Group, Inc. 13.55 -15% 3,363.8 3,339.8 991.9 260.5 26.3% 0.0% 3.4x 12.8x

Overstock.com Inc. 12.28 -53% 309.9 228.3 1,647.9 20.5 1.2% 15.7% 0.1x 11.1x

PetMed Express, Inc. 17.14 -7% 345.3 287.5 227.6 32.4 14.2% -0.5% 1.3x 8.9x

The Priceline Group Inc. 1,274.95 -14% 63,472.0 65,862.5 9,064.1 3,437.7 37.9% 11.3% 7.3x 19.2x

Shutterfly, Inc. 44.56 -9% 1,565.7 1,815.1 994.7 93.0 9.3% 17.2% 1.8x 19.5x

Shutterstock, Inc. 32.34 -56% 1,166.9 884.8 400.4 49.8 12.4% 31.4% 2.2x 17.8x

Spark Networks, Inc. 3.85 -25% 98.9 84.5 51.7 9.0 17.4% -20.0% 1.6x 9.4x

Stamps.com Inc. 109.61 -4% 1,819.64 1,722.26 185.93 47.03 25.3% 34.9% 9.3x 36.6x

U.S. Auto Parts Network, Inc. 2.95 -12% 100.5 116.1 294.1 5.4 1.8% 7.8% 0.4x 21.6x

EVINE Live Inc. 1.78 -75% 101.7 157.9 683.0 6.9 1.0% 2.5% 0.2x 23.0x

Wayfair Inc. 47.62 -16% 4,006.1 3,680.8 1,918.7 (116.0) NM 59.1% 1.9x NM

Average 1.9x 14.8x


US-based eCommerce


eCommerce Public Company Valuation (2/2)




58.com Inc. * China 65.96 -21% $ 9,323.7 $ 9,125.0 $ 539.8 $ (178.0) NM 134.6% 16.9x NM

Alibaba Group Holding Limited * China 81.27 -23% 204,185.0 200,838.6 13,532.0 4,497.7 33.2% 35.7% 14.8x 44.7x

Cnova N.V. * Netherlands 2.41 -72% 1,063.5 1,158.1 4,058.7 (3.8) NM 10.6% 0.3x NM

E-Commerce China Dangdang Inc. * China 7.19 -37% 581.9 316.6 1,451.6 (5.7) NM 21.4% 0.2x NM

eLong Inc. * China 17.12 -37% 628.7 442.4 154.8 (155.9) NM -10.6% 2.9x NM

JD.com, Inc. * China 32.27 -15% 44,139.1 41,293.9 25,390.1 (207.8) NM 60.7% 1.6x NM

Jiayuan.com International Ltd. China 7.45 -21% 231.9 151.6 110.9 4.9 4.4% 22.7% 1.4x 30.9x

Jumei International Holding Limited China 9.06 -68% 1,315.5 918.2 1,045.6 28.0 2.7% 78.2% 0.9x 32.7x

LightInTheBox Holding Co., Ltd. * China 2.96 -55% 141.7 107.0 348.4 (39.7) NM -0.2% 0.3x NM

Mercadolibre, Inc. Argentina 114.34 -25% 5,048.9 5,004.9 632.4 188.5 29.8% 19.4% 7.9x 26.5x

PChome Online Inc. Taiwan 9.98 -34% 996.3 870.5 673.6 34.3 5.1% 16.5% 1.3x 25.3x

Rakuten, Inc. Japan 11.67 -41% 16,623.8 17,657.1 5,754.9 1,288.2 22.4% 20.2% 3.1x 13.7x

Travelport Worldwide Limited United Kingdom 12.90 -28% 1,593.2 3,985.2 2,182.0 377.0 17.3% 2.3% 1.8x 10.6x

Vipshop Holdings Limited China 15.27 -50% 8,881.7 8,558.7 5,596.4 354.2 6.3% 90.1% 1.5x 24.2x

Yirendai Ltd. China 9.45 -9% 552.8 522.6 156.7 50.7 32.4% 0.0% 3.3x 10.3x

Average 2.5x 17.7x


Internationally-based eCommerce


Digital Advertising

There was a total of 38 transactions announced in the Digital Advertising segment, of which 23 were worth more than $515 million in

reported value

Ad Networks/Exchanges was the most valuable subsegment with seven transactions worth a reported $330 million in value

Select Transactions:

• The $180 million acquisition of display and video advertising solutions company Undertone by Perion

• Goldman Sachs’ $41 million investment in healthcare search platform developer Vitals

• Email marketing platform Bluecore’s $21 million round of funding led by Georgian Partners with participation from FirstMark Capital

and Felicis Ventures

• Muirlands Capital and Prudential Capital Group’s majority stake in EducationDynamics, a provider of marketing services for higher

education institutions, from Halyard Capital

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

Vertical Search 10 26% $92.6 18% 5 - 0 - 5 $92.6

Ad Networks/Exchanges 7 18% 329.5 64% 4 200.0 0 - 3 129.5

Digital Video 6 16% 37.8 7% 3 - 0 - 3 37.8

Email Services 3 8% 21.0 4% 2 - 0 - 1 21.0

Local Search 3 8% 11.7 2% 0 - 0 - 3 11.7

Mobile Marketing 3 8% 3.5 1% 1 - 0 - 2 3.5

Online Lead Generation 3 8% 4.5 1% 1 - 0 - 2 4.5

Other* 3 8% 14.9 3% 1 - 0 - 2 14.9

Total 38 100% 515.5 100% 17 200.0 0 0.0 21 315.5

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Digital Advertising Public Company Valuation (1/3)


US-based Digital Advertising



Alliance Data Systems Corporation $276.57 -11% $ 16,908.9 $ 31,463.3 $ 6,176.6 $ 1,608.4 26.0% 24.6% 5.1x 19.6x

Angie's List, Inc. $9.35 -17% 547.1 548.0 340.0 20.0 5.9% 12.7% 1.6x 27.5x

Autobytel Inc. 22.56 -10% 236.9 246.4 122.8 10.9 8.9% 21.7% 2.0x 22.7x

Bankrate, Inc. 13.30 -16% 1,321.7 1,475.2 551.8 112.7 20.4% 4.1% 2.7x 13.1x

Blinkx plc 0.25 -58% 101.2 28.3 200.4 (8.5) NM -17.1% 0.1x NM

Blucora, Inc. 9.80 -41% 401.7 327.4 486.7 64.8 13.3% -23.9% 0.7x 5.1x

Care.com, Inc. 7.16 -16% 230.4 170.6 143.2 (19.7) NM 35.5% 1.2x NM

Constant Contact, Inc. 29.24 -32% 941.9 761.4 361.9 45.5 12.6% 13.6% 2.1x 16.7x

Demand Media, Inc. 5.50 -20% 109.6 71.7 134.5 (17.6) NM -25.6% 0.5x NM

DHI Group, Inc. 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x

Digital Globe Services Inc. 0.86 -63% 25.5 25.2 40.3 2.0 5.0% 3.4% 0.6x 12.6x

Facebook, Inc. * 104.66 -5% 295,977.9 280,269.9 15,938.0 6,655.0 41.8% 42.3% 17.6x 42.1x

Alphabet Inc. 778.01 -3% 528,447.6 466,032.6 71,763.0 23,304.0 32.5% 12.8% 6.5x 20.0x

Groupon, Inc. 3.07 -63% 1,885.9 1,178.7 3,235.1 85.8 2.7% 10.5% 0.4x 13.7x


MaxPoint Interactive, Inc. 1.71 -85% 44.6 23.4 137.7 (13.2) NM 49.5% 0.2x NM

Monster Worldwide, Inc. 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x

QuinStreet, Inc. 4.29 -37% 193.1 147.5 285.3 (2.3) NM 3.8% 0.5x NM

Quotient Technology Inc. 6.82 -66% 610.1 420.1 227.9 (22.7) NM 6.3% 1.8x NM

ReachLocal, Inc. 1.65 -54% 48.5 56.6 402.6 (28.5) NM -19.3% 0.1x NM

RetailMeNot, Inc. 9.92 -54% 520.0 324.2 253.4 50.1 19.8% -0.9% 1.3x 6.5x

Rocket Fuel Inc. 3.49 -79% 150.2 150.5 475.7 (53.9) NM 34.1% 0.3x NM

Rovi Corporation 16.66 -37% 1,376.9 2,236.1 510.9 155.4 30.4% -8.8% 4.4x 14.4x

The Rubicon Project, Inc. 16.45 -20% 730.0 650.2 196.3 (7.0) NM 75.9% 3.3x NM

TiVo Inc. 8.63 -28% 844.39 490.74 480.64 86.06 17.9% 8.3% 1.0x 5.7x

Travelzoo Inc. 8.37 -41% 123.3 93.7 132.8 10.3 7.7% -15.1% 0.7x 9.1x

LendingTree, Inc. 89.28 -36% 1,095.2 988.9 219.7 22.9 10.4% 37.4% 4.5x 43.1x

Tremor Video, Inc. 2.06 -37% 107.4 41.8 177.8 (14.9) NM 15.5% 0.2x NM

TripAdvisor Inc. 85.25 -9% 12,291.9 11,893.9 1,471.0 366.0 24.9% 25.6% 8.1x 32.5x

TrueCar, Inc. 9.54 -57% 788.8 692.1 251.7 (34.3) NM 31.6% 2.7x NM

TubeMogul, Inc. 13.60 -38% 476.7 393.9 158.3 (11.3) NM 58.0% 2.5x NM



*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.


US-based Digital Advertising



Twitter, Inc. 23.14 -57% $ 15,803.4 $ 13,916.3 $ 1,986.6 $ (208.4) NM 70.3% 7.0x NM

Voltari Corporation 5.00 -77% 45.0 82.3 12.2 (15.2) NM 287.8% 6.7x NM

Web.com Group, Inc. 20.01 -23% 1,017.9 1,447.7 539.7 104.0 19.3% -0.2% 2.7x 13.9x

Yahoo! Inc. 33.26 -34% 31,409.2 4,629.7 4,948.0 477.1 9.6% 6.8% 0.9x 9.7x

Yelp Inc. * 28.80 -51% 2,167.4 1,798.5 505.9 16.2 3.2% 49.5% 3.6x 111.0x

YuMe, Inc. 3.51 -45% 120.8 72.4 176.5 (11.5) NM 1.0% 0.4x NM

Zillow Group, Inc. 26.04 -41% 4,609.7 4,302.9 567.6 (15.7) NM 94.5% 7.6x NM

Average 2.3x 17.0x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (44.6x)



*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

*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)




Adgorithms LTD * Israel $0.41 -82% $ 25.0 $ (7.6) $ 25.6 $ 0.0 0.1% 0.0% NM NM

Criteo SA France 39.60 -31% 2,465.1 2,167.3 1,188.0 100.6 8.5% 64.2% 1.8x 21.5x

Ctrip.com International Ltd. China 46.33 -19% 20,073.9 21,261.2 1,563.2 31.5 2.0% 44.6% 13.6x NM

InternetQ PLC United Kingdom 0.94 -83% 37.9 41.5 154.5 19.0 12.3% 9.1% 0.3x 2.2x

Just Dial Limited India 12.73 -48% 897.1 774.2 94.3 26.6 28.2% 27.9% 8.2x 29.1x

MakeMyTrip Limited India 17.16 -39% 720.5 614.0 300.4 (18.6) NM 5.0% 2.0x NM

Matomy Media Group Ltd. Israel 1.54 -57% 143.5 157.8 254.9 19.3 7.6% 25.1% 0.6x 8.2x

Opera Software ASA Norway 5.71 -52% 829.8 905.3 576.8 92.8 16.1% 38.7% 1.6x 9.8x

Pacific Online Ltd. China 0.30 -54% 342.0 301.4 173.4 44.3 25.5% 18.1% 1.7x 6.8x

Rightmove plc * United Kingdom 60.83 -1% 5,768.3 5,751.0 282.6 205.5 72.7% 17.4% 20.3x 28.0x

Septeni Holdings Co., Ltd. Japan 22.30 -7% 578.0 495.1 539.1 26.3 4.9% 18.8% 0.9x 18.8x

Taptica International Ltd Israel 0.92 -65% 61.2 39.8 66.2 7.0 10.6% 20.8% 0.6x 5.7x

TradeDoubler AB Sweden 0.66 -56% 27.83 20.27 199.85 (4.98) NM -6.0% 0.1x NM

XLMedia PLC Channel Islands 1.20 -4% 240.8 200.6 67.6 21.9 32.4% 76.2% 3.0x 9.2x

Yandex N.V. Netherlands 15.72 -26% 5,013.4 4,831.5 858.6 263.6 30.7% 17.0% 5.6x 18.3x

Youku Tudou Inc. * China 27.13 -14% 5,314.9 4,397.2 926.0 70.3 7.6% 51.6% 4.7x 62.5x

Zhaopin Ltd. China 15.32 -13% 833.0 578.6 208.7 50.7 24.3% 19.2% 2.8x 11.4x

Average 2.4x 16.1x

Internationally-based Digital Advertising




The Marketing Technology segment announced 74 transactions, of which 44 reported a total of $1.2 billion in value

Analytics & Targeting was the most active and valuable subsegment with 14 transactions announced, nine of which reported $180

million in value


• Tyco’s $175 million acquisition of retail consumer insights and location analytics company ShopperTrak

• The Mercato Partners-led $49 million investment in Steelhouse, a provider of retargeting solutions for eCommerce companies

• The $47 million sale of Experian’s traffic measurement division Hitwise and consumer usage database arm Simmons to Symphony

Technology Group

• Andreessen Horowitz and Index Ventures’ $35 million investment in mobile location data solutions company Factual

• American Capital Equity’s acquisition of local marketing solutions company Brandmuscle from The Riverside Company

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

Analytics & Targeting 15 20% $354.9 29% 6 $175.0 1 $46.5 8 $133.4

CRM 6 8% 34.7 3% 1 - 0 - 5 34.7

Social Technology 6 8% 34.5 3% 4 - 0 - 2 34.5

Mobile Technology 5 7% 44.5 4% 1 - 0 - 4 44.5

Content Management 4 5% 22.0 2% 1 - 0 - 3 22.0

Email/Messaging Software 4 5% 3.0 0% 2 3.0 1 - 1 -

Market Research 4 5% 19.8 2% 1 - 1 - 2 19.8

Other* 30 41% 715.1 58% 14 559.2 2 - 14 150.3

Total 74 100% 1,228.5 100% 30 737.2 5 46.5 39 444.8

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Marketing Technology Public Company Valuation (1/3)




Adobe Systems Incorporated * 93.94 -3% $ 46,857.21 $ 44,776.36 $ 4,795.51 $ 1,242.14 25.9% 15.6% 9.3x 36.0x

AppFolio, Inc. 14.60 -27% 489.5 449.6 67.8 (12.2) NM 0.0% 6.6x NM

Bazaarvoice, Inc. 4.38 -53% 352.8 299.8 196.7 (17.9) NM 9.3% 1.5x NM

Blackbaud Inc. 65.86 -4% 3,035.3 3,260.8 614.9 97.6 15.9% 12.5% 5.3x 33.4x

Brightcove Inc. 6.20 -27% 202.6 180.4 131.0 (1.0) NM 6.1% 1.4x NM

ChannelAdvisor Corporation 13.85 -38% 348.3 291.5 95.0 (18.4) NM 16.5% 3.1x NM

Constant Contact, Inc. 29.24 -32% 941.9 761.4 361.9 45.5 12.6% 13.6% 2.1x 16.7x

Covisint Corporation 2.50 -25% 99.1 57.4 82.1 (21.2) NM -10.6% 0.7x NM

Cvent, Inc. 34.91 -6% 1,464.5 1,306.0 176.1 2.4 1.4% 31.8% 7.4x NM

Demandware, Inc. 53.97 -29% 2,033.9 1,851.1 214.2 (31.5) NM 46.3% 8.6x NM

eBay Inc. 27.48 -59% 32,994.0 35,132.0 17,705.0 4,889.0 27.6% 61.0% 2.0x 7.2x

Endurance International Group

Holdings, Inc. 10.93 -53% 1,497.4 2,567.5 720.2 186.0 25.8% 21.2% 3.6x 13.8x

Five9, Inc. 8.70 -4% 439.4 426.5 121.1 (22.0) NM 23.0% 3.5x NM

GoDaddy Inc. 32.06 -9% 2,100.2 3,082.5 1,553.6 104.6 6.7% 17.6% 2.0x 29.5x

HubSpot, Inc. * 56.31 -6% 1,920.0 1,816.1 163.0 (54.1) NM 56.6% 11.1x NM

Interactive Intelligence Group Inc. * 31.42 -38% 681.8 651.7 375.7 9.0 2.4% 10.7% 1.7x 72.8x

IBM Corporation 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x

Jive Software, Inc. 4.08 -36% 309.6 202.6 193.3 (22.8) NM 13.5% 1.0x NM

LivePerson Inc. 6.75 -50% 386.8 346.0 238.1 16.6 7.0% 19.9% 1.5x 20.9x

Marin Software Incorporated 3.58 -58% 132.8 102.6 106.5 (27.3) NM 13.1% 1.0x NM

Marketo, Inc. 28.71 -19% 1,243.2 1,137.2 193.9 (57.2) NM 42.8% 5.9x NM

MicroStrategy Inc. 179.29 -21% 2,037.6 1,580.7 535.2 140.5 26.2% -10.3% 3.0x 11.3x

MINDBODY, Inc. 15.13 -18% 593.3 509.1 93.3 (25.6) NM 0.0% 5.5x NM

NetSuite Inc. * 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM

Nuance Communications, Inc. 19.89 -9% 6,180.7 7,767.7 1,931.1 246.4 12.8% 0.4% 4.0x 31.5x

Oracle Corporation 36.53 -19% 153,470.6 143,483.6 37,473.0 15,214.0 40.6% -3.5% 3.8x 9.4x

PayPal Holdings, Inc. 36.20 -15% 44,225.2 39,926.2 8,885.0 1,895.0 21.3% 0.0% 4.5x 21.1x

Press Ganey Holdings, Inc. * 31.55 -13% 1,662.6 1,832.1 309.2 28.5 9.2% 12.7% 5.9x 64.4x

PROS Holdings, Inc. 23.04 -17% 684.2 641.6 180.1 (29.2) NM 5.4% 3.6x NM

PTC Inc. 34.63 -19% 3,966.2 4,360.9 1,255.2 253.5 20.2% -7.5% 3.5x 17.2x

Qlik Technologies, Inc. 31.66 -26% 2,944.73 2,623.55 590.05 2.68 0.5% 10.1% 4.4x NM

Rightside Group, Ltd. 8.30 -20% 157.6 136.6 208.6 (3.3) NM 12.4% 0.7x NM

Rovi Corporation 16.66 -37% 1,376.87 2,236.11 510.94 155.42 30.4% -8.8% 4.4x 14.4x

The Rubicon Project, Inc. 16.45 -20% 730.0 650.2 196.3 (7.0) NM 75.9% 3.3x NM

salesforce.com, inc. * 78.40 -5% 52,057.6 52,763.5 6,302.4 399.8 6.3% 24.2% 8.4x 132.0x

Sizmek Inc. 3.65 -57% 108.0 43.1 166.2 8.6 5.2% -1.9% 0.3x 5.0x

US-based Marketing Technology






Square, Inc. 13.09 -7% 3,939.4 4,280.2 1,143.7 (95.4) NM 0.0% 3.7x NM

Synchronoss Technologies, Inc. 35.23 -33% 1,554.5 1,587.6 551.8 157.3 28.5% 30.1% 2.9x 10.1x

Tableau Software, Inc. * 94.22 -28% 6,824.5 6,074.3 593.8 (8.6) NM 69.1% 10.2x NM

Teradata Corporation 26.42 -44% 3,513.9 3,349.9 2,572.0 442.0 17.2% -6.1% 1.3x 7.6x

Verint Systems Inc. 40.56 -39% 2,525.0 2,912.1 1,161.1 164.8 14.2% 8.3% 2.5x 17.7x

Xactly Corporation 8.53 -20% 248.9 213.3 71.2 (14.4) NM 20.9% 3.0x NM

Zendesk, Inc. * 26.44 -6% 2,345.2 2,064.5 184.7 (65.3) NM 66.3% 11.2x NM

Adjusted Weighted Average 4.3x 13.5x


US-based Marketing Technology






Baozun Inc. * China 8.21 -44% $ 412.62 $ 276.04 $ 356.28 $ 4.90 1.4% 68.2% 0.8x 56.3x

Bitauto Holdings Limited * China 28.28 -71% 1,701.6 1,144.9 589.5 22.4 3.8% 90.5% 1.9x 51.2x

ChinaCache International Holdings Ltd. China 8.24 -47% 213.5 108.6 217.3 6.0 2.7% -0.3% 0.5x 18.2x

InfraStrata plc United Kingdom 0.02 -73% 3.7 4.5 0.6 (1.1) NM 2231.2% 7.0x NM

Infosystems S.A. Poland 0.19 -70% 0.8 1.1 2.0 1.0 51.9% 0.0% 0.6x 1.1x

Mercadolibre, Inc. Argentina 114.34 -25% 5,048.9 5,004.9 632.4 188.5 29.8% 19.4% 7.9x 26.5x

Open Text Corporation Canada 47.93 -22% 5,816.4 6,694.1 1,832.7 509.9 27.8% 4.5% 3.7x 13.1x


Sage Group plc United Kingdom 8.90 -4% 9,603.49 10,107.25 2,172.20 588.18 27.1% 6.1% 4.7x 17.2x

SAP SE Germany 80.25 -2% 95,928.8 102,107.5 22,217.5 7,164.8 32.2% 15.7% 4.6x 14.3x

Shopify Inc. * Canada 25.80 -39% 1,971.2 1,784.2 170.2 (10.1) NM 0.0% 10.5x NM

Sky-mobi Limited China 2.32 -68% 65.2 (23.9) 123.0 - 0.0% 0.0% NM NM

Weborama France 9.45 -6% 32.5 32.6 30.4 1.1 3.6% 0.9% 1.1x 29.7x

Wix.com ltd Israel 22.75 -21% 903.0 802.5 188.2 (47.4) NM 50.3% 4.3x NM



Internationally-based Marketing Technology


Agency & Marketing Services

There were 22 transactions announced in the Agency & Marketing Services segment in December. Digital Agency was the most active

subsegment with eight transactions

Select transactions:

• STW Communication’s $313 million acquisition of WPP’s Australia and New Zealand Businesses in a deal that will see WPP take a

majority stake in the combined entity

• The $24 million acquisition of sales promotion consultancy Opia by cinema and theme park media company Village Roadshow

• The majority stake taken by The Carlyle Group in point-of-purchase display solutions company Array Marketing

• Accenture’s purchase of biotech digital marketing services firm Boomerang Pharmaceutical Communications

• MDC Partners’ acquisition of search marketing agency Unique Influence

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

Digital Agency 8 36% $5.7 2% 8 $5.7 0 - 0 -

Marketing Consulting 3 14% 24.0 7% 2 24.0 1 - 0 -

General Agency 2 9% 312.6 87% 2 312.6 0 - 0 -

Healthcare Agency 2 9% - 0% 2 - 0 - 0 -

Public Relations 2 9% - 0% 2 - 0 - 0 -

Experiential Marketing 1 5% - 0% 1 - 0 - 0 -

Loyalty/Retention 1 5% 17.3 5% 0 - 0 - 1 17.3

Media Planning/Buying 1 5% - 0% 1 - 0 - 0 -

Other* 2 9% 0.0 0% 1 0.0 1 0.0 0 0.0

Total 22 100% 359.6 100% 19 342.3 2 0.0 1 17.3

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Agency Public Company Valuation




Cello Group Plc United Kingdom $1.30 -18% $ 110.7 $ 125.3 $ 265.1 $ 10.3 3.9% 1.3% 0.5x 12.2x

Creston plc United Kingdom 1.84 -23% 106.9 110.7 120.9 17.9 14.8% 4.5% 0.9x 6.2x

Dentsu Inc. * Japan 55.57 -8% 15,846.4 17,082.8 (286.5) 1,371.7 -478.8% NM NM 12.5x

Enero Group Limited Australia 0.60 -14% 51.1 34.4 163.6 7.4 4.5% -0.2% 0.2x 4.7x

Globant S.A. * Luxembourg 37.51 -2% 1,275.6 1,202.9 237.4 28.2 11.9% 24.4% 5.1x 42.6x

Havas France 8.42 -9% 3,516.6 3,676.3 2,263.4 366.5 16.2% 13.2% 1.6x 10.0x

Huntsworth plc United Kingdom 0.58 -20% 185.7 235.3 260.9 31.4 12.0% -0.4% 0.9x 7.5x

M&C Saatchi plc United Kingdom 4.81 -17% 346.7 352.5 274.1 25.5 9.3% 6.0% 1.3x 13.8x

MDC Holdings Inc. United States 25.53 -18% 1,248.1 1,979.2 1,835.8 115.3 6.3% 10.5% 1.1x 17.2x

Next Fifteen Communications Group plc United Kingdom 3.56 -13% 251.2 263.5 180.3 21.6 12.0% 0.0% 1.5x 12.2x

Omnicom Group Inc. United States 75.66 -7% 18,329.0 22,134.2 15,176.2 2,228.5 14.7% 0.0% 1.5x 9.9x

OPT Holding, Inc. Japan 5.09 -17% 131.6 127.1 538.7 19.6 3.6% -0.7% 0.2x 6.5x

Porta Communications Plc United Kingdom 0.10 -35% 28.6 40.1 48.3 2.1 4.4% 186.2% 0.8x 19.0x

Publicis Groupe SA France 66.66 -23% 13,876.7 17,054.5 9,400.2 1,723.2 18.3% 21.3% 1.8x 9.9x

The Interpublic Group of Companies, Inc. United States 23.28 -2% 9,459.8 10,584.5 7,624.7 1,005.5 13.2% 2.3% 1.4x 10.5x

WPP plc United Kingdom 23.05 -3% 29,842.6 35,330.8 18,713.0 3,589.9 19.2% 6.6% 1.9x 9.8x

1.7x 10.5xAdjusted Weighted Average



Marketing Services Public Company Valuation




Acxiom Corporation United States $20.92 -11% $ 1,629.1 $ 1,657.4 $ 1,033.4 $ 157.5 15.2% 11.3% 1.6x 10.5x

Aimia Inc. Canada 6.78 -37% 1,063.3 1,166.4 1,856.8 140.6 7.6% 3.8% 0.6x 8.3x

Alliance Data Systems Corporation * United States 276.57 -11% 16,908.9 27,096.4 6,176.6 1,608.4 26.0% 24.6% 4.4x 16.8x

CSG Systems International Inc. United States 35.98 -7% 1,176.4 1,261.5 748.9 131.2 17.5% -0.4% 1.7x 9.6x

Data Group Ltd. Canada 0.01 -98% 14.4 75.2 226.9 13.9 6.1% -3.5% 0.3x 5.4x

DST Systems Inc. United States 114.06 -15% 3,946.9 4,559.6 2,808.3 411.1 14.6% 3.6% 1.6x 11.1x

Fair Isaac Corporation * United States 94.18 -3% 2,926.7 3,448.6 838.8 189.6 22.6% 6.3% 4.1x 18.2x

Harte-Hanks Inc. United States 3.24 -61% 198.5 249.6 512.0 46.1 9.0% -8.5% 0.5x 5.4x

High Co. SA France 10.47 -1% 108.7 67.2 156.1 12.9 8.3% 5.0% 0.4x 5.2x

Insignia Systems Inc. United States 2.87 -22% 33.4 14.4 26.8 2.2 8.4% -1.4% 0.5x 6.4x

Interpace Diagnostics Group, Inc. United States 0.47 -83% 7.8 26.3 140.1 (14.9) NM 13.7% 0.2x NM

Multiplus S.A. Brazil 9.43 -12% 1,529.4 1,126.3 543.0 119.8 22.1% 23.1% 2.1x 9.4x

Pitney Bowes Inc. United States 20.65 -16% 4,069.1 6,607.8 3,625.0 840.6 23.2% -5.8% 1.8x 7.9x

Points International Ltd. Canada 9.73 -26% 149.8 112.3 280.9 10.6 3.8% 8.4% 0.4x 10.6x

Viad Corp United States 28.23 -14% 568.5 622.9 1,060.5 79.0 7.4% 1.6% 0.6x 7.9x

1.6x 9.3xAdjusted Weighted Average



Traditional Media

There were 20 transactions announced in the Traditional Media segment in December, of which seven reported a total of $620 million

in aggregate reported value; all transactions reported this month were acquisitions

Activity in the segment was up more than 100 percent month-over-month compared with the nine transactions announced in

November


• Alibaba’s $266 million acquisition of China-based newspaper publisher South China Morning Post

• The $160 million acquisition of television station operator Drewry Communications by Raycom Media

• News + Media Capital Group’s $140 million acquisition of newspaper publisher Stephens Media from New Media Investment Group

• The $21.6 million sale of B-to-B online gambling company iGaming Business to Clarion Events

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

B-to-B Media 5 25% $22.1 4% 4 $22.1 1 - 0 -

Entertainment Media 4 20% 13.7 2% 4 13.7 0 - 0 -

Traditional Outdoor 4 20% 32.5 5% 2 32.5 2 - 0 -

Newspaper Publishing 3 15% 391.4 63% 3 391.4 0 - 0 -

Radio 2 10% - 0% 2 - 0 - 0 -

Broadcast Television 1 5% 160.0 26% 1 160.0 0 - 0 -

Other* 1 5% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 20 100% 619.7 100% 17 619.7 3 0.0 0 0.0

TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Traditional Media Public Company Valuation (1/3)




CBS Corporation United States $47.13 -26% $ 22,223.2 $ 30,889.2 $ 13,657.0 $ 3,073.0 22.5% -0.3% 2.3x 10.1x

Discovery Communications, Inc. United States 26.68 -24% 15,315.9 22,207.9 6,424.0 2,484.0 38.7% 4.9% 3.5x 8.9x

Time Warner Inc. United States 64.67 -29% 51,702.4 72,884.4 28,564.0 8,020.0 28.1% 4.1% 2.6x 9.1x

Twenty-First Century Fox, Inc. United States 27.16 -28% 53,541.3 68,312.3 27,177.0 6,131.0 22.6% -16.9% 2.5x 11.1x

Viacom, Inc. United States 41.16 -45% 16,465.9 28,424.9 13,268.0 4,118.0 31.0% -3.7% 2.1x 6.9x

The Walt Disney Company * United States 105.08 -14% 173,715.9 190,912.9 52,465.0 15,643.0 29.8% 7.5% 3.6x 12.2x



B-to-B Media



Euromoney Institutional Investor PLC United Kingdom $14.67 -22% $ 1,855.3 $ 1,853.7 $ 610.4 $ 252.6 41.4% -0.8% 3.0x 7.3x

Global Sources Ltd. Bermuda 7.80 -20% 235.8 176.7 181.1 34.6 19.1% -4.2% 1.0x 5.1x

Informa plc United Kingdom 9.04 -3% 5,859.7 7,207.3 1,865.4 573.5 30.7% 4.5% 3.9x 12.6x

TechTarget, Inc. United States 8.03 -36% 259.5 238.9 113.1 16.9 15.0% 13.9% 2.1x 14.1x

UBM plc United Kingdom 7.76 -10% 3,436.5 4,252.7 1,323.0 306.7 23.2% 10.2% 3.2x 13.9x



Radio Broadcasting



Beasley Broadcast Group Inc. United States $3.59 -35% $ 83.4 $ 162.5 $ 96.1 $ 18.5 19.2% 74.2% 1.7x 8.8x

Cumulus Media Inc. United States 0.33 -93% 77.2 2,481.3 1,189.1 234.9 19.8% -1.7% 2.1x 10.6x

Emmis Communications Corp. United States 0.64 -71% 29.2 324.3 237.3 39.0 16.4% 7.3% 1.4x 8.3x

Entercom Communications Corp. United States 11.23 -16% 446.0 969.3 395.2 94.8 24.0% 4.6% 2.5x 10.2x

Pandora Media, Inc. United States 13.41 -41% 2,861.9 2,498.3 1,095.9 (37.7) NM 26.0% 2.3x NM

Radio One Inc. United States 1.72 -59% 82.9 1,059.2 451.2 121.4 26.9% 1.8% 2.3x 8.7x

Salem Media Group, Inc. United States 4.98 -38% 126.8 408.5 262.6 45.8 17.4% -0.3% 1.6x 8.9x

Sirius XM Holdings Inc. * United States 4.07 -3% 21,213.3 26,466.7 4,464.9 1,564.0 35.0% 9.2% 5.9x 16.9x

Spanish Broadcasting System Inc. United States 3.24 -56% 23.5 416.2 143.0 41.3 28.9% -3.1% 2.9x 10.1x

Townsquare Media, Inc. United States 11.96 -17% 213.6 785.2 421.9 96.5 22.9% 18.5% 1.9x 8.1x



Large Cap Diversified Media






Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM


AMC Networks Inc. United States $74.68 -14% $ 5,406.0 $ 8,070.4 $ 2,511.4 $ 848.2 33.8% 25.5% 3.2x 9.5x

Sky plc * United Kingdom 16.40 -6% 27,853.1 35,953.7 15,708.4 2,706.4 17.2% 34.1% 2.3x 13.3x

Cablevision Systems Corporation United States 31.90 -4% 8,827.4 17,585.6 6,511.8 1,751.3 26.9% 1.5% 2.7x 10.0x

CBS Corporation United States 47.13 -26% 22,223.2 30,889.2 13,657.0 3,073.0 22.5% -0.3% 2.3x 10.1x

Charter Communications, Inc. * United States 183.10 -8% 20,552.3 53,854.3 9,602.0 3,318.0 34.6% 7.9% 5.6x 16.2x

Comcast Corporation United States 56.43 -13% 138,022.7 185,202.7 72,997.0 24,540.0 33.6% 7.4% 2.5x 7.5x

Crown Media Holdings Inc. United States 5.61 -9% 2,017.8 2,297.8 454.2 325.3 71.6% 13.6% 5.1x 7.1x

Discovery Communications, Inc. United States 26.68 -24% 15,315.9 22,207.9 6,424.0 2,484.0 38.7% 4.9% 3.5x 8.9x

Dish Network Corp. United States 57.18 -29% 26,493.7 38,916.2 14,971.9 3,048.7 20.4% 3.3% 2.6x 12.8x

Entravision Communications Corporation United States 7.71 -19% 679.5 966.2 254.0 74.4 29.3% 7.2% 3.8x 13.0x

General Communication Inc. United States 19.78 -12% 762.6 2,152.9 966.0 318.8 33.0% 7.4% 2.2x 6.8x

Gray Television, Inc. United States 16.30 -10% 1,201.5 2,356.1 605.8 230.9 38.1% 42.3% 3.9x 10.2x

Grupo Televisa, S.A.B. Mexico 5.48 -24% 14,094.2 18,257.1 5,150.1 1,980.6 38.5% 12.4% 3.5x 9.2x

Liberty Global plc United Kingdom 42.36 -28% 34,943.8 81,877.4 18,296.0 8,271.2 45.2% 1.1% 4.5x 9.9x

Media General, Inc. * United States 16.15 -8% 2,065.4 4,307.7 1,155.7 311.5 26.9% 103.4% 3.7x 13.8x

Nexstar Broadcasting Group, Inc. United States 58.70 -5% 1,797.4 3,264.6 842.4 295.6 35.1% 46.1% 3.9x 11.0x

Scripps Networks Interactive, Inc. United States 55.21 -28% 7,098.2 11,378.8 2,835.6 1,278.3 45.1% 7.0% 4.0x 8.9x

Sinclair Broadcast Group, Inc. United States 32.54 -9% 3,082.2 6,828.3 2,221.2 744.2 33.5% 24.1% 3.1x 9.2x

TEGNA Inc. United States 25.52 -34% 5,657.6 10,294.9 6,440.0 1,572.8 24.4% 93.0% 1.6x 6.5x

The E. W. Scripps Company * United States 19.00 -34% 1,593.5 1,915.8 1,031.8 112.4 10.9% 81.3% 1.9x 17.0x

Time Warner Cable Inc. United States 185.59 -4% 52,558.6 74,809.6 23,415.0 7,829.0 33.4% 3.6% 3.2x 9.6x

Time Warner Inc. United States 64.67 -29% 51,702.4 72,884.4 28,564.0 8,020.0 28.1% 4.1% 2.6x 9.1x



Entertainment Media



DreamWorks Animation SKG Inc. * United States $25.77 -13% $ 2,214.9 $ 2,566.0 $ 830.8 $ 48.4 5.8% 26.9% 3.1x 53.0x

Eros International Plc United Kingdom 9.15 -77% 508.9 754.4 337.7 99.4 29.4% 37.4% 2.2x 7.6x

Lions Gate Entertainment Corp. United States 32.39 -22% 4,813.8 6,226.8 2,283.1 186.7 8.2% -11.0% 2.7x 33.3x

Live Nation Entertainment, Inc. United States 24.57 -17% 4,971.7 6,409.9 7,080.9 514.9 7.3% 2.5% 0.9x 12.4x

SFX Entertainment, Inc. United States 0.19 -96% 18.8 316.9 402.4 (86.3) NM 17.4% 0.8x NM

Twenty-First Century Fox, Inc. United States 27.16 -28% 53,541.3 68,312.3 27,177.0 6,131.0 22.6% -16.9% 2.5x 11.1x

Liberty Media Corporation * United States 39.25 -7% 12,852.0 26,347.0 4,682.0 1,419.0 30.3% 6.9% 5.6x 18.6x

Village Roadshow Limited Australia 5.40 -3% 866.4 1,173.5 762.3 115.6 15.2% 3.5% 1.5x 10.2x

World Wrestling Entertainment Inc. United States 17.84 -25% 1,354.1 1,277.2 633.1 67.0 10.6% 21.7% 2.0x 19.1x


LTM Multiples

LTM Multiples






Out-of-Home Media



AirMedia Group Inc. China $5.59 -27% $ 356.8 $ 243.3 $ 192.6 $ (44.8) NM -12.2% 1.3x NM

APG|SGA SA Switzerland 386.28 -6% 1,156.7 1,068.0 338.5 82.6 24.4% 4.7% 3.2x 12.9x

Clear Channel Outdoor Holdings Inc. United States 5.59 -52% 2,007.2 6,946.6 2,836.1 695.6 24.5% -4.4% 2.4x 10.0x

Clear Media Ltd. Hong Kong 1.03 -20% 559.2 504.7 231.8 96.1 41.5% 6.4% 2.2x 5.3x

JCDecaux SA France 38.34 -14% 8,134.2 8,191.7 2,917.1 570.6 19.6% 10.1% 2.8x 14.4x

Lamar Advertising Co. United States 59.98 -3% 5,793.9 7,733.3 1,334.1 557.9 41.8% 5.0% 5.8x 13.9x

Mood Media Corporation United States 0.09 -85% 17.2 629.7 477.1 85.1 17.8% -4.4% 1.3x 7.4x

National CineMedia, Inc. United States 15.71 -6% 966.1 2,061.0 433.2 208.4 48.1% 10.1% 4.8x 9.9x

NTN Buzztime Inc. United States 0.16 -73% 14.8 16.9 24.7 (4.6) NM -4.3% 0.7x NM

Tom Group Ltd. * Hong Kong 0.26 -33% 993.9 1,314.8 184.0 8.7 4.7% -15.1% 7.1x 151.5x



Publishing



A. H. Belo Corporation * United States $5.00 -54% $ 107.7 $ 31.5 $ 272.2 $ 1.4 0.5% -0.3% 0.1x 21.9x

Daily Mail and General Trust plc United Kingdom 10.32 -29% 3,458.3 4,717.4 2,788.4 443.2 15.9% 1.7% 1.7x 10.6x

Emmis Communications Corp. United States 0.64 -71% 29.2 324.3 237.3 39.0 16.4% 7.3% 1.4x 8.3x

Gannett Co., Inc. United States 16.29 -9% 1,873.9 1,731.2 2,964.6 401.8 13.6% 0.0% 0.6x 4.3x

Glacier Media, Inc. Canada 0.53 -56% 47.6 138.6 173.1 12.4 7.2% 2.6% 0.8x 11.2x

John Wiley & Sons Inc. United States 45.03 -31% 2,618.2 3,199.5 1,763.9 326.2 18.5% -3.6% 1.8x 9.8x

Meredith Corporation United States 43.25 -24% 2,221.5 3,016.7 1,607.7 293.4 18.2% 8.4% 1.9x 10.3x

News Corporation United States 13.36 -24% 7,522.1 5,809.1 8,539.0 757.0 8.9% 2.4% 0.7x 7.7x

Scholastic Corporation United States 38.56 -17% 1,323.8 983.9 1,627.2 83.3 5.1% 11.2% 0.6x 11.8x

The E. W. Scripps Company * United States 19.00 -34% 1,593.5 1,915.8 1,031.8 112.4 10.9% 81.3% 1.9x 17.0x

The McClatchy Company United States 1.21 -64% 103.9 1,050.1 1,080.8 163.7 15.1% -7.9% 1.0x 6.4x

The New York Times Company United States 13.42 -8% 2,172.6 1,960.2 1,579.2 249.3 15.8% -0.5% 1.2x 7.9x

Time Inc. United States 15.67 -40% 1,720.2 2,766.2 3,083.0 399.0 12.9% -7.8% 0.9x 6.9x





Software

Within the Software segment, $2.2 billion in reported value involved Strategic buyers, while more than $1.4 million in investments

were announced

Healthcare Software was the most active subsegment with 20 transactions which accounted more than $170 million in value


• The $200 million raised by Palantir Technologies to complete an $880 million round of funding that values the company at a

reported $20.3 billion

• Blackstone’s $170 million investment in travel and transportation software solutions developer IBS Software

• Application performance management company AppDynamics’ $158 million round of funding at a reported valuation of $1.9 billion

from General Atlantic

• Impellam Group’s $120 million acquisition of workforce management software developer Bartech From Sverica Capital Management

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

Healthcare 20 18% $172.6 4% 4 - 1 - 15 $172.6

Security 17 15% 360.5 8% 6 21.0 1 - 10 339.5

ERP 12 11% 1,035.6 24% 6 140.4 2 664.3 4 230.9

Collaboration 11 10% 183.6 4% 4 107.1 0 - 7 76.5

Financial 10 9% 916.4 21% 5 882.0 1 - 4 34.4

Cloud Computing 7 6% 18.0 0% 4 - 1 - 2 18.0

Other* 37 27% 1,400.6 32% 14 1,085 1 0 22 315.3

Total 114 100% 4,337.4 100% 43 2,235.8 7 664.3 64 1,437.3

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Software Public Company Valuation (1/3)




Ebix Inc. United States 32.79 -14% 1,107.2 1,260.1 255.9 89.9 35.1% 25.1% 4.9x 14.0x

Epiq Systems, Inc. United States 13.07 -32% 490.3 876.6 478.1 63.5 13.3% 4.7% 1.8x 13.8x

First Data Corporation United States 16.02 -11% 14,405.2 38,311.2 7,722.0 2,612.0 33.8% 3.5% 5.0x 14.7x

Fidessa group plc United Kingdom 29.54 -21% 1,124.4 1,033.5 446.2 78.1 17.5% 2.5% 2.3x 13.2x

Guidewire Software, Inc. United States 60.16 -7% 4,301.0 3,764.4 383.1 17.3 4.5% 5.4% 9.8x NM

Intuit Inc. United States 96.50 -12% 25,476.4 25,852.4 4,293.0 1,169.0 27.2% 1.4% 6.0x 22.1x

Management Consulting Group PLC United Kingdom 0.22 -22% 106.8 168.4 380.5 18.3 4.8% -6.5% 0.4x 9.2x

Model N, Inc. United States 11.16 -12% 297.6 206.6 93.8 (15.1) NM 14.7% 2.2x NM

NetSuite Inc. United States 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM

Performant Financial Corporation United States 1.79 -73% 88.6 106.8 158.0 10.7 6.8% -26.7% 0.7x 9.9x

Q2 Holdings, Inc. United States 26.37 -13% 1,020.9 901.3 100.6 (15.0) NM 38.5% 9.0x NM

RealPage, Inc. * United States 22.45 -6% 1,759.8 1,785.2 451.3 40.8 9.0% 14.1% 4.0x 43.8x

Solera Holdings Inc. United States 54.83 -3% 3,686.9 6,415.8 1,174.1 421.0 35.9% 11.9% 5.5x 15.2x

SS&C Technologies Holdings, Inc. United States 68.27 -12% 6,954.8 9,280.0 900.1 294.4 32.7% 20.1% 10.3x 31.5x

Tyler Technologies, Inc. * United States 174.32 -5% 5,916.2 5,668.5 559.5 126.5 22.6% 17.5% 10.1x 44.8x



Healthcare Software



Allscripts Healthcare Solutions, Inc. United States 15.38 -3% 2,907.1 3,481.8 1,381.6 98.2 7.1% -0.5% 2.5x 35.5x

athenahealth, Inc. * United States 160.97 -6% 6,250.5 6,432.5 880.4 68.3 7.8% 23.8% 7.3x 94.2x

Cegedim SA France 34.75 -26% 485.1 681.9 563.7 77.1 13.7% 214.3% 1.2x 8.8x

Cerner Corporation United States 60.17 -21% 20,584.5 20,750.6 4,103.4 1,133.0 27.6% 29.0% 5.1x 18.3x

Civitas Solutions, Inc. United States 28.79 -5% 1,068.0 1,676.5 1,366.9 142.3 10.4% 8.8% 1.2x 11.8x

Computer Programs & Systems Inc. United States 49.75 -21% 562.3 523.9 184.2 35.3 19.1% -12.2% 2.8x 14.9x

Craneware plc United Kingdom 11.76 -5% 315.6 276.4 44.8 13.4 29.8% 5.3% 6.2x 20.7x

HealthEquity, Inc. * United States 25.07 -30% 1,444.7 1,319.6 115.8 31.2 27.0% 44.5% 11.4x 42.2x

McKesson Corporation United States 197.23 -19% 45,384.4 50,908.4 187,716.0 4,213.0 2.2% 17.5% 0.3x 12.1x

MedAssets, Inc. United States 30.94 -1% 1,836.8 2,634.5 764.2 217.8 28.5% 10.4% 3.4x 12.1x

Medidata Solutions, Inc. * United States 49.29 -20% 2,729.1 2,691.6 382.8 40.1 10.5% 19.5% 7.0x 67.1x

Quality Systems Inc. United States 16.12 -14% 981.1 870.3 499.3 57.2 11.5% 8.0% 1.7x 15.2x

Streamline Health Solutions, Inc. United States 1.41 -68% 26.5 35.1 28.5 (5.1) NM 3.6% 1.2x NM

USMD Holdings, Inc. United States 7.50 -58% 82.6 122.3 320.8 (3.8) NM 15.6% 0.4x NM

Veeva Systems Inc. United States 28.85 -14% 3,836.9 3,497.5 382.0 90.9 23.8% 32.2% 9.2x 38.5x



Financial & Credit/Risk Management Software





HR Software



51job Inc. China $29.46 -23% $ 1,730.7 $ 1,158.6 $ 310.1 $ 93.4 30.1% 11.3% 3.7x 12.4x

Benefitfocus, Inc. United States 36.39 -23% 1,061.0 1,026.6 171.0 (47.0) NM 34.1% 6.0x NM

Castlight Health, Inc. United States 4.27 -63% 404.1 256.9 68.5 (79.1) NM 88.9% 3.8x NM

Cornerstone OnDemand, Inc. United States 34.53 -15% 1,880.4 1,896.8 320.2 (59.2) NM 32.3% 5.9x NM

DHI Group, Inc. United States 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x

LinkedIn Corporation * United States 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x 120.1x

Monster Worldwide, Inc. United States 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x

Paycom Software, Inc. United States 37.63 -19% 2,224.1 2,201.6 203.6 40.9 20.1% 48.4% 10.8x 53.9x

Paylocity Holding Corporation United States 40.55 -14% 2,061.4 1,982.7 166.7 (6.0) NM 42.0% 11.9x NM

The Ultimate Software Group, Inc. United States 195.51 -10% 5,602.5 5,481.8 582.9 65.6 11.3% 20.8% 9.4x 83.5x

Workday, Inc. United States 79.68 -16% 15,457.9 14,069.6 1,065.2 (164.4) NM 51.4% 13.2x NM



Security Software



Absolute Software Corporation Canada $5.37 -30% $ 206.3 $ 148.6 $ 94.4 $ 18.3 19.4% 2.1% 1.6x 8.1x

AVG Technologies N.V. Netherlands 20.05 -31% 1,049.4 1,170.4 419.0 121.9 29.1% 11.5% 2.8x 9.6x

Check Point Software Technologies Ltd. United States 81.38 -8% 14,717.9 13,418.8 1,592.4 841.8 52.9% 8.9% 8.4x 15.9x

Cisco Systems, Inc. United States 27.16 -10% 137,840.9 103,362.9 49,598.0 13,674.0 27.6% 4.9% 2.1x 7.6x

Cheetah Mobile Inc. China 16.02 -56% 2,281.1 2,108.4 494.1 43.8 8.9% 117.5% 4.3x 48.2x

CyberArk Software, Ltd. Israel 45.14 -41% 1,429.0 1,179.4 145.7 33.0 22.7% 67.9% 8.1x 35.7x

FireEye, Inc. United States 20.74 -63% 3,330.1 2,857.7 581.2 (388.9) NM 71.0% 4.9x NM

Fortinet Inc. * United States 31.17 -38% 5,369.5 4,461.3 936.7 61.4 6.6% 29.4% 4.8x 72.7x

Gemalto NV Netherlands 60.03 -35% 5,284.2 5,823.2 3,153.7 514.6 16.3% 18.6% 1.8x 11.3x

Imperva Inc. United States 63.31 -19% 1,989.7 1,735.9 213.0 (47.8) NM 37.1% 8.2x NM

Imprivata, Inc. United States 11.30 -48% 282.6 231.4 113.9 (15.0) NM 27.2% 2.0x NM

Infoblox Inc. United States 18.39 -34% 1,100.6 750.5 333.4 (7.9) NM 31.5% 2.3x NM

Juniper Networks, Inc. United States 27.60 -15% 10,649.5 10,614.7 4,639.8 974.0 21.0% -3.3% 2.3x 10.9x

Mimecast Limited United Kingdom 9.60 -11% 518.5 553.7 128.4 18.5 14.4% 0.0% 4.3x 29.9x

Mobileye N.V. * Israel 42.28 -34% 9,161.9 8,982.4 208.7 66.5 31.9% 54.2% 43.0x 135.1x

NQ Mobile Inc. China 3.64 -44% 325.4 380.8 368.9 (14.7) NM 18.8% 1.0x NM

Palo Alto Networks, Inc. United States 176.14 -12% 15,132.0 14,863.0 1,033.0 (108.6) NM 56.0% 14.4x NM

Proofpoint, Inc. United States 65.01 -14% 2,625.6 2,550.0 246.7 (49.3) NM 36.8% 10.3x NM

Qihoo 360 Technology Co. Ltd. China 72.81 -1% 8,716.3 9,203.8 1,630.3 439.4 27.0% 64.2% 5.6x 20.9x

Symantec Corporation United States 21.00 -23% 14,186.0 12,569.0 6,153.0 1,734.0 28.2% -7.9% 2.0x 7.2x

Trend Micro Inc. Japan 41.01 -10% 5,598.6 4,561.1 1,026.1 348.2 33.9% 9.3% 4.4x 13.1x

VeriSign, Inc. United States 87.36 -7% 9,741.3 9,711.8 1,042.7 652.2 62.6% 4.3% 9.3x 14.9x


LTM Multiples

LTM Multiples






Engineering Software



Ansys, Inc. United States $92.50 -6% $ 8,231.8 $ 7,454.9 $ 945.5 $ 431.2 45.6% 3.0% 7.9x 17.3x

Autodesk, Inc. * United States 60.93 -7% 13,728.9 12,931.5 2,520.4 170.7 6.8% 3.5% 5.1x 75.8x

AVEVA Group plc United Kingdom 23.86 -31% 1,525.0 1,369.2 309.8 66.1 21.3% -4.7% 4.4x 20.7x

Dassault Systemes SA France 80.12 -4% 20,296.9 18,982.5 3,031.3 802.6 26.5% 24.2% 6.3x 23.7x



Infrastructure Software



Adobe Systems Incorporated United States $93.94 -3% $ 46,857.2 $ 44,776.4 $ 4,795.5 $ 1,242.1 25.9% 15.6% 9.3x 36.0x

Atlassian Corporation Plc * Australia 30.08 NM 6,276.9 6,056.3 353.4 14.9 4.2% 0.0% 17.1x NM

CA, Inc. United States 28.56 -15% 11,900.8 11,238.8 4,096.0 1,286.0 31.4% -6.1% 2.7x 8.7x

CommVault Systems, Inc. * United States 39.35 -24% 1,782.9 1,382.9 583.6 13.5 2.3% -4.9% 2.4x 102.8x

Covisint Corporation United States 2.50 -25% 99.1 57.4 82.1 (21.2) NM -10.6% 0.7x NM

Endurance International Group Holdings, Inc. United States 10.93 -53% 1,497.4 2,567.5 720.2 186.0 25.8% 21.2% 3.6x 13.8x

First Data Corporation United States 16.02 -11% 14,405.2 38,311.2 7,722.0 2,612.0 33.8% 3.5% 5.0x 14.7x

Guidance Software, Inc. United States 6.02 -41% 184.3 166.4 107.6 (6.5) NM -0.7% 1.5x NM

Hortonworks Inc. United States 21.90 -27% 1,012.4 898.7 99.2 (215.4) NM 124.1% 9.1x NM

IBM Corporation United States 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x

IntraLinks Holdings, Inc. United States 9.07 -29% 528.5 549.8 272.3 10.7 3.9% 8.5% 2.0x 51.4x

NetSuite Inc. United States 84.62 -23% 6,726.3 6,636.2 692.8 (57.7) NM 34.9% 9.6x NM


Oracle Corporation United States 36.53 -19% 153,470.6 143,483.6 37,473.0 15,214.0 40.6% -3.5% 3.8x 9.4x

salesforce.com, inc. * United States 78.40 -5% 52,057.6 52,763.5 6,302.4 399.8 6.3% 24.2% 8.4x 132.0x

Rapid7, Inc. United States 15.13 - 629.3 505.3 99.6 (27.4) NM 0.0% 5.1x NM

ServiceNow, Inc. United States 86.56 -5% 13,763.0 13,500.9 917.8 (114.9) NM 50.5% 14.7x NM

Textura Corporation United States 21.58 -31% 563.0 489.8 80.9 (4.7) NM 41.6% 6.1x NM

Varonis Systems, Inc. United States 18.80 -51% 484.3 379.2 117.1 (20.9) NM 25.5% 3.2x NM





Information

The Information segment reported 12 transactions worth more than $2.2 billion in reported value

Healthcare Information was the most active subsegment with six deals, followed by the Financial Information subsegment with three

transactions


• The $468 million acquisition of vehicle history report services company CarProof by IHS

• New Mountain Capital’s $225 million purchase of healthcare information company Equian from Great Point Partners

• The $212 million round of funding raised by financial services learning platform developer Gerson Lehrman Group from SFW Capital

partners

• Lee Equity Partners’ sale of healthcare information provider PDR Network to Genstar Capital

*Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions

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

Healthcare Information 6 50% $228.7 10% 3 - 2 $225.0 1 $3.7

Financial Information 3 25% 1,052.5 47% 2 841.0 0 - 1 211.5

Credit/Risk Management Information 1 8% 475.0 21% 1 475.0 0 - 0 -

Engineering/Scientific/Tech Information 1 8% - 0% 0 - 1 - 0 -

Geo-Demo Information 0 0% - 0% 0 - 0 - 0 -

HR Information 0 0% - 0% 0 - 0 - 0 -

IT Information 0 0% - 0% 0 - 0 - 0 -

Legal Information 0 0% - 0% 0 - 0 - 0 -

Total 12 100% 2,224.2 100% 7 1,784.0 3 225.0 2 215.2

INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Information Public Company Valuation (1/2)




Broadridge Financial Solutions, Inc. United States $53.73 -11% $ 6,371.6 $ 6,819.6 $ 2,733.1 $ 580.5 21.2% 6.4% 2.5x 11.7x

Computershare Limited Australia 8.46 -14% 4,648.8 5,809.5 1,966.2 531.3 27.0% -2.2% 3.0x 10.9x

CoreLogic, Inc. United States 33.86 -20% 2,984.7 4,229.3 1,482.7 336.0 22.7% 6.8% 2.9x 12.6x

CoStar Group Inc. * United States 206.69 -8% 6,715.2 6,709.6 674.9 79.2 11.7% 26.0% 9.9x 84.7x

DST Systems Inc. United States 114.06 -15% 3,946.9 4,559.6 2,808.3 411.1 14.6% 3.6% 1.6x 11.1x

Dun & Bradstreet Corp. United States 103.93 -24% 3,755.3 5,231.9 1,700.5 426.0 25.1% 6.6% 3.1x 12.3x

Envestnet, Inc. United States 29.85 -49% 1,071.0 1,012.0 399.3 48.6 12.2% 22.4% 2.5x 20.8x

Equifax Inc. United States 111.37 -3% 13,194.6 14,458.4 2,621.9 912.2 34.8% 9.7% 5.5x 15.9x

Experian plc Ireland 17.71 -5% 17,039.7 20,310.3 4,656.0 1,486.0 31.9% -4.8% 4.4x 13.7x

FactSet Research Systems Inc. United States 162.57 -8% 6,730.4 6,827.1 1,034.6 370.5 35.8% 10.1% 6.6x 18.4x

Fair Isaac Corporation United States 94.18 -3% 2,926.7 3,448.6 838.8 189.6 22.6% 6.3% 4.1x 18.2x

Fidelity National Information Services, Inc. United States 60.60 -18% 19,779.4 24,383.8 6,409.5 1,660.1 25.9% 1.8% 3.8x 14.7x

Financial Engines, Inc. United States 33.67 -27% 1,734.1 1,406.8 305.5 60.7 19.9% 11.6% 4.6x 23.2x

McGraw Hill Financial, Inc. United States 98.58 -10% 26,646.2 29,550.2 5,228.0 2,166.0 41.4% 5.3% 5.7x 13.6x

Moody's Corporation United States 100.34 -12% 19,837.2 21,250.1 3,496.1 1,602.1 45.8% 8.0% 6.1x 13.3x

Morningstar Inc. United States 80.41 -7% 3,555.5 3,292.8 783.6 248.0 31.6% 5.3% 4.2x 13.3x

MSCI Inc. United States 72.13 -2% 7,406.0 7,991.4 1,053.2 459.1 43.6% 7.2% 7.6x 17.4x

Reis, Inc. United States 23.73 -14% 266.9 241.0 47.4 14.1 29.7% 19.1% 5.1x 17.1x

SEI Investments Co. United States 52.40 -6% 8,627.1 7,979.5 1,321.6 396.5 30.0% 6.4% 6.0x 20.1x

Thomson Reuters Corporation United States 37.77 -7% 29,008.0 37,179.9 12,272.0 2,592.0 21.1% -3.2% 3.0x 14.3x

Verisk Analytics, Inc. United States 76.88 -6% 13,025.7 16,051.6 1,972.3 922.1 46.8% 16.1% 8.1x 17.4x

Workiva Inc. United States 17.57 -7% 716.6 658.5 135.5 (39.0) NM 27.7% 4.9x NM



Marketing Information



Acxiom Corporation United States $20.92 -11% $ 1,629.1 $ 1,657.4 $ 1,033.4 $ 157.5 15.2% 11.3% 1.6x 10.5x

Alliance Data Systems Corporation United States 276.57 -11% 16,908.9 31,463.3 6,176.6 1,608.4 26.0% 24.6% 5.1x 19.6x

Brainjuicer Group Plc United Kingdom 5.26 -18% 66.8 59.0 39.4 6.9 17.5% 0.7% 1.5x 8.6x

Cello Group Plc United Kingdom 1.30 -18% 110.7 125.3 265.1 10.3 3.9% 1.3% 0.5x 12.2x

comScore, Inc. * United States 41.15 -37% 1,603.7 1,492.9 361.3 23.0 6.4% 14.5% 4.1x 64.9x

Cross Marketing Inc. Japan 3.34 -36% 65.3 79.4 80.0 7.3 9.1% 38.1% 1.0x 10.9x

Ebiquity plc United Kingdom 2.06 -11% 150.1 190.6 113.5 17.9 15.7% 7.9% 1.7x 10.7x

GfK SE Germany 33.55 -26% 1,224.9 1,644.3 1,692.6 234.3 13.8% 3.9% 1.0x 7.0x

Harte-Hanks Inc. United States 3.24 -61% 198.5 249.6 512.0 46.1 9.0% -8.5% 0.5x 5.4x

InnerWorkings Inc. United States 7.50 -14% 404.3 519.7 1,005.7 35.4 3.5% 0.9% 0.5x 14.7x

Financial & Credit/Risk Management Information



Information Public Company Valuation (2/2)


Marketing Information



Intage Holdings Inc. Japan 14.21 -24% $ 283.7 $ 242.4 $ 375.2 $ 42.6 11.3% 3.7% 0.6x 5.7x

Ipsos SA France 23.05 -21% 1,043.7 1,664.0 1,945.3 222.9 11.5% 6.0% 0.9x 7.5x

NeuStar, Inc. United States 23.97 -27% 1,284.5 1,710.1 1,022.2 407.4 39.9% 7.7% 1.7x 4.2x

Nielsen N.V. Netherlands 46.60 -6% 16,965.1 24,147.1 6,181.0 1,538.0 24.9% -1.4% 3.9x 15.7x

Onvia Inc. * United States 3.72 -28% 27.8 19.9 23.4 0.2 1.0% 4.0% 0.9x 86.8x

Pearson plc United Kingdom 10.85 -52% 8,802.1 12,363.5 7,837.7 896.4 11.4% 1.2% 1.6x 13.8x

Rentrak Corporation * United States 47.53 -44% 730.7 653.4 115.7 5.2 4.5% 30.5% 5.6x 124.8x

YouGov plc United Kingdom 2.15 -7% 223.7 209.0 119.0 10.2 8.6% 13.0% 1.8x 20.5x



Other Information



Centaur Media plc United Kingdom $1.04 -19% $ 148.2 $ 169.6 $ 104.4 $ 9.2 8.8% 0.0% 1.6x 18.5x

CEB Inc. United States 61.39 -33% 2,031.5 2,447.4 925.6 218.1 23.6% 3.7% 2.6x 11.2x

Forrester Research Inc. United States 28.48 -29% 505.3 401.1 313.4 34.9 11.1% 1.5% 1.3x 11.5x

Gartner Inc. * United States 90.70 -4% 7,515.1 7,983.9 2,103.3 337.6 16.1% 7.4% 3.8x 23.7x

IHS Inc. United States 118.43 -12% 8,074.4 9,918.5 2,307.9 584.1 25.3% 4.5% 4.3x 17.0x

Informa plc United Kingdom 9.04 -3% 5,859.7 7,207.3 1,865.4 573.5 30.7% 4.5% 3.9x 12.6x

National Research Corp. United States 35.82 -6% 459.1 428.0 101.1 29.3 29.0% 4.6% 4.2x 14.6x

Markit Ltd. United Kingdom 30.17 -2% 5,418.9 5,818.0 1,093.3 393.0 35.9% 5.4% 5.3x 14.8x

NIC Inc. United States 19.68 -6% 1,291.4 1,168.9 287.2 74.2 25.8% 7.6% 4.1x 15.7x

Premier, Inc. United States 35.27 -11% 1,538.2 1,533.9 1,048.6 340.4 32.5% 16.6% 1.5x 4.5x

Proofpoint, Inc. * United States 65.01 -14% 2,625.6 2,550.0 246.7 (49.3) NM 36.8% 10.3x NM

Reed Elsevier plc(1) United Kingdom 17.65 -3% 36,121.6 42,113.8 9,510.4 2,309.6 24.3% 4.5% 4.4x 18.2x

Solera Holdings Inc. United States 54.83 -3% 3,686.9 6,415.8 1,174.1 421.0 35.9% 11.9% 5.5x 15.2x

Tarsus Group plc Ireland 3.23 -7% 328.7 401.4 112.3 33.8 30.1% -2.2% 3.6x 11.9x

TechTarget, Inc. United States 8.03 -36% 259.5 238.9 113.1 16.9 15.0% 13.9% 2.1x 14.1x

The Advisory Board Company * United States 49.61 -18% 2,078.4 2,581.9 722.3 76.2 10.5% 0.0% 3.6x 33.9x

UBM plc United Kingdom 7.76 -10% 3,436.5 4,252.7 1,323.0 306.7 23.2% 10.2% 3.2x 13.9x

Wolters Kluwer NV Netherlands 33.63 -8% 9,813.3 12,066.9 4,409.9 1,099.4 24.9% 11.9% 2.7x 11.0x



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


Business Services

The Business Services segment reported 46 transactions in December worth more than $720 million in reported value

The IT Consulting/Systems Integration and Corporate Training subsegments together accounted for more than half of the segments

total activity with 18 and 10 transactions, respectively


• Wipro’s $130 million acquisition of securities processing and consulting services provider Viteos

• The $112 million sale of Huron Consulting Group’s legal practice Huron Legal to Consilio

• TrueBlue’s $68 million acquisition of on-premise staffing services firm SIMOS Insourcing Solutions

• Norwest Venture Partners’ $60 million investment in behavioral health consulting services company RiverMend Health

• The $47 million round of funding raised by database administration services company Datavail from Catalyst Investors

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

IT Consulting/Systems Integration 18 39% $160.9 22% 14 $108.9 1 - 3 $52.0

Corporate Training 10 22% 48.6 7% 3 - 0 - 7 48.6

Logistics 6 13% 138.5 19% 0 - 0 - 6 138.5

Healthcare Consulting 3 7% 64.2 9% 1 - 0 - 2 64.2

BPO 2 4% - 0% 2 - 0 - 0 -

Legal Consulting 2 4% 112.0 16% 2 112.0 0 - 0 -

Staffing 2 4% 67.5 9% 2 67.5 0 - 0 -

Engineering Consulting 1 2% - 0% 1 - 0 - 0 -

Other* 2 4% 130.0 18% 2 130.0 0 0.0 0 0.0

Total 46 100% 721.8 100% 27 418.4 1 0.0 18 303.3

BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN



Business Services Public Company Valuation (1/3)


HR Services



Automatic Data Processing, Inc. United States 84.72 -7% 39,073.4 37,856.7 11,086.4 2,312.7 20.9% 6.3% 3.4x 16.4x

Barrett Business Services Inc. United States 43.54 -18% 313.6 326.5 723.6 39.2 5.4% 19.5% 0.5x 8.3x

Capita plc United Kingdom 17.81 -10% 11,799.0 14,584.1 7,227.6 1,069.0 14.8% 10.8% 2.0x 13.6x

DHI Group, Inc. United States 9.17 -13% 482.9 550.6 262.5 66.7 25.4% 3.6% 2.1x 8.3x

Edenred SA France 18.95 -36% 4,375.6 5,352.0 1,126.1 363.1 32.2% 7.8% 4.8x 14.7x

Insperity, Inc. United States 48.15 -13% 1,169.0 958.1 2,549.5 96.8 3.8% 9.9% 0.4x 9.9x

LinkedIn Corporation * United States 225.08 -19% 29,504.9 27,557.3 2,772.4 229.5 8.3% 37.1% 9.9x 120.1x

Marsh & McLennan Companies, Inc. United States 55.45 -8% 28,925.4 32,174.4 12,801.0 2,772.0 21.7% -0.1% 2.5x 11.6x

Monster Worldwide, Inc. United States 5.73 -30% 523.1 680.1 727.5 95.4 13.1% -2.9% 0.9x 7.1x

Paychex, Inc. United States 52.89 -3% 19,090.4 18,614.0 2,841.9 1,215.0 42.8% 8.0% 6.5x 15.3x

Professional Diversity Network LLC United States 0.50 -91% 7.3 3.2 38.2 (6.7) NM 664.3% 0.1x NM

Towers Watson & Co. United States 128.46 -9% 8,920.3 8,530.2 3,662.5 727.4 19.9% 3.2% 2.3x 11.7x

TriNet Group, Inc. United States 19.35 -49% 1,354.9 1,713.4 2,537.3 124.2 4.9% 22.5% 0.7x 13.8x

WageWorks, Inc. United States 45.37 -29% 1,630.7 1,231.7 329.7 54.2 16.4% 34.9% 3.7x 22.7x




Consulting



CRA International Inc. United States 18.65 -43% 167.3 146.9 309.6 28.1 9.1% 2.0% 0.5x 5.2x

FTI Consulting, Inc. United States 34.66 -25% 1,454.1 1,869.1 1,762.1 200.7 11.4% 0.9% 1.1x 9.3x

Information Services Group, Inc. United States 3.62 -27% 134.6 172.6 208.6 18.2 8.7% -0.6% 0.8x 9.5x

Navigant Consulting Inc. United States 16.06 -11% 764.2 906.9 821.3 120.7 14.7% 10.3% 1.1x 7.5x

ICF International Inc. United States 35.56 -19% 683.6 1,010.0 1,127.9 111.2 9.9% 12.4% 0.9x 9.1x

Huron Consulting Group Inc. United States 59.40 -25% 1,301.9 1,708.5 814.5 159.7 19.6% -1.8% 2.1x 10.7x

The Hackett Group, Inc. * United States 16.07 -20% 472.2 465.1 228.9 26.4 11.5% 11.0% 2.0x 17.6x

Towers Watson & Co. United States 128.46 -9% 8,920.3 8,530.2 3,662.5 727.4 19.9% 3.2% 2.3x 11.7x






IT Consulting/Systems Integration



Accenture plc Ireland 104.50 -5% $ 65,617.0 $ 63,073.8 $ 31,165.4 $ 5,195.1 16.7% 2.0% 2.0x 12.1x

Amdocs Limited Channel Islands 54.57 -11% 8,204.7 7,071.3 3,643.5 703.7 19.3% 2.2% 1.9x 10.0x

Bechtle AG Germany 95.64 -5% 2,008.4 1,955.1 3,087.4 155.5 5.0% 11.1% 0.6x 12.6x

Booz Allen Hamilton Holding Corporation United States 30.85 -2% 4,579.6 5,994.2 5,321.4 493.9 9.3% 0.4% 1.1x 12.1x

Broadridge Financial Solutions, Inc. United States 53.73 -11% 6,371.6 6,819.6 2,733.1 580.5 21.2% 6.4% 2.5x 11.7x

Business & Decision SA France 6.11 -30% 48.2 86.8 245.8 13.4 5.5% 11.3% 0.4x 6.5x

Cap Gemini S.A. France 92.97 -6% 16,021.1 14,544.1 12,338.6 1,344.5 10.9% 9.0% 1.2x 10.8x

CGI Group, Inc. Canada 39.93 -7% 12,314.9 13,628.7 7,679.3 1,311.5 17.1% -2.0% 1.8x 10.4x

Cognizant Technology Solutions Corporation United States 60.02 -14% 36,496.3 33,395.6 11,925.7 2,372.8 19.9% 20.8% 2.8x 14.1x

Computer Sciences Corporation United States 32.68 -55% 4,535.5 5,356.5 11,329.0 964.0 8.5% -12.0% 0.5x 5.6x

CSG Systems International Inc. United States 35.98 -7% 1,176.4 1,261.5 748.9 131.2 17.5% -0.4% 1.7x 9.6x

Digi International Inc. United States 11.38 -16% 290.9 198.7 212.9 12.8 6.0% 10.5% 0.9x 15.5x

Globant S.A. * Luxembourg 37.51 -2% 1,275.6 1,202.9 237.4 28.2 11.9% 24.4% 5.1x 42.6x

International Business Machines Corporation United States 137.62 -22% 133,506.6 163,755.6 83,795.0 21,410.0 25.6% -12.8% 2.0x 7.6x

Infosys Limited India 16.69 -9% 38,153.5 33,543.8 9,024.0 2,536.0 28.1% 5.8% 3.7x 13.2x

ITS Group France 7.17 -20% 54.8 62.8 210.9 8.5 4.0% 17.7% 0.3x 7.4x

NCI, Inc. United States 13.65 -21% 182.3 193.6 323.5 27.0 8.4% 0.3% 0.6x 7.2x

NTT Data Corporation Japan 48.92 -7% 13,721.6 15,894.0 13,022.2 2,004.0 15.4% 9.3% 1.2x 7.9x

Perficient Inc. United States 17.12 -21% 604.7 657.0 450.2 54.4 12.1% 9.5% 1.5x 12.1x

Tata Consultancy Services Limited * India 36.80 -13% 72,510.4 69,401.8 15,492.3 3,944.1 25.5% 14.3% 4.5x 17.6x

Wipro Ltd. India 8.45 -17% 20,758.2 17,999.2 7,455.0 1,641.4 22.0% 6.9% 2.4x 11.0x






Outsourced Services



AMREP Corporation United States $4.35 -23% $ 35.1 $ 39.9 $ 43.9 $ (2.8) NM -17.8% 0.9x NM

Cenveo Inc. United States 0.87 -68% 59.1 1,291.5 1,904.1 149.4 7.8% 4.8% 0.7x 8.6x

Communisis plc United Kingdom 0.60 -35% 126.4 177.0 547.7 38.1 7.0% 9.4% 0.3x 4.6x

Cineplex Inc. * Canada 34.27 -8% 2,162.0 2,457.5 967.3 165.7 17.1% 5.7% 2.5x 14.8x

Contax Participacoes S.A. Brazil 0.03 -95% 9.2 268.6 833.5 33.9 4.1% -5.0% 0.3x 7.9x

Convergys Corporation United States 24.89 -6% 2,427.6 2,571.8 2,962.7 370.1 12.5% 13.1% 0.9x 6.9x

Elanders AB Sweden 8.11 -2% 215.2 327.9 502.0 44.5 8.9% 30.4% 0.7x 7.4x

Eniro AB Sweden 0.11 -88% 51.7 269.7 307.6 47.7 15.5% -20.1% 0.9x 5.7x

Exlservice Holdings, Inc. United States 44.93 -6% 1,480.6 1,367.6 597.9 88.0 14.7% 22.5% 2.3x 15.5x

Firstsource Solutions Limited India 0.65 -6% 438.3 592.4 460.6 57.1 12.4% -3.1% 1.3x 10.4x

Genpact Limited Bermuda 24.98 -4% 5,313.0 5,653.1 2,416.0 408.2 16.9% 8.0% 2.3x 13.8x

InnerWorkings Inc. United States 7.50 -14% 404.3 519.7 1,005.7 35.4 3.5% 0.9% 0.5x 14.7x

Luxoft Holding, Inc. * SwitzerlandSwitzerland 77.13 -4% 2,537.0 2,455.7 592.7 109.3 18.4% 30.5% 4.1x 22.5x

MAXIMUS, Inc. United States 56.25 -20% 3,675.1 3,814.7 2,099.8 310.9 14.8% 23.5% 1.8x 12.3x

Quad/Graphics, Inc. United States 9.30 -61% 461.3 1,973.2 4,767.2 494.9 10.4% -0.4% 0.4x 4.0x

Quintiles Transnational Holdings Inc. United States 68.66 -15% 8,451.6 10,083.9 4,261.9 781.5 18.3% 3.8% 2.4x 12.9x

R.R. Donnelley & Sons Company United States 14.72 -27% 3,072.1 6,504.9 11,391.5 1,064.1 9.3% 0.9% 0.6x 6.1x

Salmat Limited Australia 0.56 -53% 89.6 81.6 383.4 11.3 3.0% 10.0% 0.2x 7.2x

Serco Group plc United Kingdom 1.39 -59% 1,516.1 1,926.7 5,846.8 (990.1) NM -11.4% 0.3x NM

St Ives plc United Kingdom 3.30 -2% 435.8 528.5 538.9 71.7 13.3% 4.2% 1.0x 7.4x

StarTek, Inc. United States 3.58 -65% 55.8 92.4 264.1 1.6 0.6% 5.9% 0.3x 58.5x

Sykes Enterprises, Incorporated United States 30.78 -7% 1,311.9 1,155.2 1,299.0 154.0 11.9% -1.1% 0.9x 7.5x

Teleperformance S.A. France 84.17 -2% 4,807.3 5,231.0 3,532.2 464.5 13.2% 27.8% 1.5x 11.3x

TeleTech Holdings Inc. United States 27.91 -9% 1,350.7 1,392.0 1,283.1 163.8 12.8% 5.0% 1.1x 8.5x

Trans Cosmos, Inc. Japan 25.96 -9% 1,067.8 880.3 1,776.2 99.8 5.6% 10.7% 0.5x 8.8x

Transcontinental Inc. Canada 12.44 -21% 973.8 1,222.8 1,530.3 296.0 19.3% 0.6% 0.8x 4.1x

Cimpress N.V. Netherlands 81.14 -14% 2,548.0 3,324.4 1,536.0 200.0 13.0% 15.6% 2.2x 16.6x

West Corporation United States 21.57 -40% 1,795.1 5,012.7 2,274.8 661.4 29.1% 27.9% 2.2x 7.6x

Xchanging plc United Kingdom 2.85 -1% 705.4 777.5 836.0 (0.9) NM -14.4% 0.9x NM




PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 3.4x 2.1x 7.1x 4.6x

Internationally-based Digital Media and Internet 4.3x 2.1x 5.7x 5.5x

US-based eCommerce 2.4x 1.8x 4.2x 4.0x

Internationally-based eCommerce 3.9x 1.6x 11.4x 2.3x

US-based Digital Advertising 2.8x 1.8x 9.7x 2.3x

Internationally-based Digital Advertising 4.2x 1.9x 10.7x 2.4x

US-based Marketing Technology 4.2x 3.5x 4.4x 4.3x

Internationally-based Marketing Technology 3.5x 3.7x 4.7x 4.6x

Agency 1.4x 1.3x 1.4x 1.7x

Marketing Services 1.4x 0.6x 3.2x 1.6x

Traditional Media 2.5x 2.3x 3.1x 3.0x

Software 5.2x 4.4x 5.0x 4.5x

Information 3.6x 3.8x 4.6x 4.4x

Business Services 1.4x 0.9x 2.9x 2.2x

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

Current Summary Trading Valuation Information

Revenue Multiples

As of close of business on 12/31/15

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


PPLLC Indices Valuation Summary

Public Company Index MEAN MEDIAN W. AVG ADJ. W. AVG*US-based Digital Media and Internet 15.8x 13.7x 17.9x 13.3x

Internationally-based Digital Media and Internet 18.3x 11.7x 20.8x 19.2x

US-based eCommerce 16.6x 12.8x 20.0x 13.5x

Internationally-based eCommerce 26.1x 25.9x 33.2x 19.3x

US-based Digital Advertising 21.3x 13.8x 26.5x 17.0x

Internationally-based Digital Advertising 17.8x 11.4x 16.1x 16.1x

US-based Marketing Technology 16.8x 17.2x 24.5x 13.5x

Internationally-based Marketing Technology 23.7x 17.7x 15.2x 14.9x

Agency 12.8x 10.3x 10.9x 10.5x

Marketing Services 9.5x 8.8x 13.8x 9.3x

Traditional Media 13.3x 10.0x 11.1x 10.7x

Software 30.7x 15.2x 25.0x 13.1x

Information 20.7x 14.6x 17.8x 15.8x

Business Services 12.2x 10.3x 19.6x 12.6x

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

Current Summary Trading Valuation Information

EBITDA Multiples

As of close of business on 12/31/15

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


Digital Advertising

PPLLC Indices LTM Share Pricing Trends

Note: LTM as of 12/31/2015

LTM Index Performance • S&P 500 – 0.2 % • Digital Media/Commerce – 23.8 %

• Traditional Media – (7.2 %)

LTM Index Performance • S&P 500 – 0.2 %

• Marketing Technology – (8.8 %)

LTM Index Performance • S&P 500 – 0.2 % • Digital Advertising – 33.7 %


• Agency – 7.5 %

• Marketing Services – 1.9 %

Digital Media/Commerce and Traditional Media

Software



• Software – (1.2 %)

Agency & Marketing Services

Information & Business Services LTM Index Performance • S&P 500 – 0.2 %

• Information – 5.4 %

• Business Services – (4.1 %)

80%

95%

110%

125%

140%

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15

Ind

ex P

erfo

rman

ce (

%)

Traditional Media S&P 500 Index (^SPX) Digital Media/Commerce

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Digital Advertising S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Marketing Technology S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Agency Marketing Services S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Software S&P 500 Index (^SPX)

80%

90%

100%

110%

120%

130%

140%

150%


Ind

ex P

erfo

rman

ce (

%)

Information Business Services S&P 500 Index (^SPX)


All Segments ($ in Millions)

Strategic Transactions Target Target Segment Buyer/Investor Reported TV

StrategicValues Disclosed

PR Newswire Association LLC Information Cis ion, Inc. 841.0$ Barclays Risk Analytics & Index Solutions Software Bloomberg L.P. 780.4 Ikyu Corporation Digi ta l Media/Commerce Yahoo Japan 771.7 Xchanging plc Software Ebix, Inc. 733.0 FNC, Inc. Information CoreLogic, Inc. 475.0 CarProof, Inc. Information IHS, Inc. 468.0 WPP's Austra l ian & New Zealand Bus inesses Agency & Marketing Services STW Communications Group Limited 312.6 SteelBrick, Inc. Marketing Technology Sales force.com 300.0 South China Morning Post Traditional Media Al ibaba Group Holding Ltd. 266.0 Inventus Solutions , Inc. Software RPX Corporation 232.0 Undertone Digi ta l Advertis ing Perion Network Ltd. 180.0 ShopperTrak Marketing Technology Tyco Retai l Solutions 175.0 Drewry Communications Group Traditional Media Raycom Media, Inc. 160.0 Jiayuan.com International Ltd. Digi ta l Media/Commerce Baihe Network Co., Ltd. 155.7 WIRmachenDRUCK GmbH Marketing Technology Cimpress N.V. 154.0 Vi teos Group Bus iness Services Wipro Limited 130.0 The Bartech Group, Inc. Software Impel lam Group plc 126.0 Stephens Media Group Traditional Media News + Media Capita l Group LLC 125.4 Kepware, Inc. Software PTC 118.0 Huron Legal Bus iness Services Firs t Advantage Li tigation Consulting, LLC 112.0 Career Partner Software Apol lo Education Group, Inc. 107.1 Campus Labs LLC Software iModules Software, Inc. 91.0 Cel lent AG Bus iness Services Wipro Limited 77.7 SIMOS Insourcing Solutions , Inc. Bus iness Services TrueBlue, Inc. 67.5 Statis ta GmbH Marketing Technology Stroer Media SE 57.2 Si lverl ink Communications , Inc. Marketing Technology Wel lTok, Inc. 45.0 iSi te Media Traditional Media QMS Media Limited 32.5 Opia Limited Agency & Marketing Services Vi l lage Roadshow Ltd. 24.0 M2 Dynamics , Inc. Bus iness Services Edgewater Technology, Inc. 22.7 iGaming Bus iness Ltd. Traditional Media Clarion Events , Ltd. 22.1 Trustev Limited Software TransUnion, LLC 21.0 Heyzap Digi ta l Advertis ing RNTS Media N.V. 20.0 RSVP Calendar Digi ta l Media/Commerce ViewMarket 15.0 Route Monkey Limited Software Trakm8 Holdings plc 14.4 Socia l Money Software Q2 Holdings , Inc. 10.6 Digi ta l Mus ic Dis tribution Pty. Ltd. Traditional Media Stingray Digi ta l Group, Inc. 8.7 Cinteros Ab Bus iness Services Innofactor Plc 8.5 ODD London Limited Agency & Marketing Services Next Fi fteen Communications Group plc 5.7 Burn LLC Traditional Media HZDG 5.0 SpeechStorm Ltd. Marketing Technology Genesys Telecommunications Laboratories , Inc. 3.0 Cvent Consumer Ticketing Assets Marketing Technology Vendini , Inc. 3.0 Corona Labs , Inc. Software Perk.com, Inc. 2.3




StrategicUndisclosed

1HQ Limited Agency & Marketing Services Ceuta Healthcare Group of Companies -$ AKH Communications Ltd. Agency & Marketing Services Plus 1 Communications - ASPAC Creative Communications , Inc. Agency & Marketing Services Dentsu Aegis Network, Inc. - Band Agency & Marketing Services Dentsu Aegis Network, Inc. - Boomerang Pharmaceutica l Communications SAS Agency & Marketing Services Accenture plc - Cohes ive Webs ites Agency & Marketing Services Happy Dog Web Productions - Enl ighten Agency & Marketing Services Perficient, Inc. - Exchange Lab, Inc. Agency & Marketing Services WPP Group - FCB Worldwide, Inc. Agency & Marketing Services Interpubl ic Group of Companies , Inc. - MAX & Partners Pty. Ltd. Agency & Marketing Services Brand New Media Pty. Ltd. - Mul len Lowe U.S. Agency & Marketing Services Interpubl ic Group of Companies , Inc. - Nth Degree, Inc. Agency & Marketing Services Gladstone Investment Corporation - System Analytic Ltd. Agency & Marketing Services WPP Group - The Project Factory Pty. Ltd. Agency & Marketing Services Way to Blue Ltd. - Unique Influence, Inc. Agency & Marketing Services MDC Partners , Inc. - Vantage PR, Inc. Agency & Marketing Services PAN Communications , Inc. - A.P.T., Inc. Bus iness Services Evolve IP LLC - Advance Partners Bus iness Services Paychex, Inc. - Big Red Rooster LLC Bus iness Services Jones Lang LaSal le, IP, Inc. - Boice Enterprises LLC Bus iness Services Data Strategy - Cimation LLC Bus iness Services Accenture plc - CleanEdison Bus iness Services Kaplan, Inc. - Datatrade Solutions , Inc. Bus iness Services Healthjump, Inc. - Davisbase Consulting Bus iness Services Solutions IQ, Inc. - Discovery Learning, Inc. Bus iness Services Multi -Health Systems, Inc. - EntranceCorner Bus iness Services Careers360 - Integrated Real Estate Resources , Inc. Bus iness Services Argus Software - Intel lect Bizware Bus iness Services Nihi lent Technologies - Mas Cerca Contact Center Bus iness Services CGS - Pa lmer Legal Technologies Bus iness Services Cons i l io.com - Sequoia Worldwide Bus iness Services Pres idio, Inc. - SIGMAnet, Inc. Bus iness Services ConvergeOne Holdings Corporation - Styracorp Bus iness Services Quess Corporation - Summit Technology, Inc. Bus iness Services Emtec, Inc. - Synergence Bus iness Services Deloitte SA - Tessel la Plc Bus iness Services Altran Technologies SA - WizardsGroup Bus iness Services NTT DATA Corporation - Adazzle Limited Digi ta l Advertis ing Comcast Corporation - AdEngage, Inc. Digi ta l Advertis ing Redirect.com - Apalya Technologies Digi ta l Advertis ing U Digi ta l Content - CLYP Technologies Digi ta l Advertis ing Fishbowl , Inc. - Corner Digi ta l Advertis ing OneTwoTrip -





EducationDynamics LLC Digi ta l Advertis ing Muirlands Capita l LLC -$ Lets Intern.com Digita l Advertis ing Aspiring Minds - Mojn Ltd. Digi ta l Advertis ing LiveIntent, Inc. - RealtyCompass Digi ta l Advertis ing Quikr India Private Limited - ShopSavvy, Inc. Digi ta l Advertis ing Purch - Showyou Digi ta l Advertis ing VEVO LLC - SimpleRelevance, Inc. Digi ta l Advertis ing Rise Interactive - The Hunt Digi ta l Advertis ing Pinterest, Inc. - Vidcaster, Inc. Digi ta l Advertis ing Vidlet, Inc. - Zo Rooms Ltd. Digi ta l Advertis ing OYO Rooms - 247Sports Digi ta l Media/Commerce CBS Corporation - Al lGoods Digi ta l Media/Commerce Vars i ty Brands , Inc. - Bevel Studios Digi ta l Media/Commerce Deco Digi ta l - Ci rca Digi ta l Media/Commerce Sincla i r Broadcast Group, Inc. - Del ivered Dish Digi ta l Media/Commerce GrubHub, Inc. - Fat Rascal Games, Inc. Digi ta l Media/Commerce Socia l Gaming Network, Inc. - Instano Digi ta l Media/Commerce MagicTiger - Ji ffs tore Digi ta l Media/Commerce PepperTap - Kiwi , Inc. Digi ta l Media/Commerce Socia l Gaming Network, Inc. - Love Home Swap Digi ta l Media/Commerce HomeForExchange.com - Pext Digi ta l Media/Commerce Tribune Media Company - PumpOne Digi ta l Media/Commerce Anytime Fi tness LLC - Texas Direct Auto Digi ta l Media/Commerce Vroom - Tickld.com Digita l Media/Commerce Gateway Media, LLC - YouAi , Inc. Digi ta l Media/Commerce Tangel Publ ishing Co., Ltd. - Advanced Answers On Demand, Inc. Information MatrixCare - Blackbox Logic LLC Information Moody's Corporation - Ias is t S.A. Information IMS Health, Inc. - UMS s .r.l . Information Ascom Holdings - Aer.io Marketing Technology Ingram Content Group Inc. - Blue Canary Marketing Technology Blackboard, Inc. - Centris National Model Marketing Technology ShareTracker LLC - ClearSaleing, Inc. Marketing Technology Impact Radius , Inc. - Compressus Marketing Technology Versata Enterprises , Inc. - Connexio Labs Marketing Technology SureShot - Digi ta lBooker Marketing Technology Visma AS - eBay Enterprise, Display Retargeting Bus iness Marketing Technology Ve Interactive Ltd. - Get Me A Shop Marketing Technology Times Internet Ltd. - MarketYze Ltd. Marketing Technology Revionics , Inc. - MinHash Marketing Technology Sales force.com - MotoFuze LLC Marketing Technology AutoAlert, Inc. - Navi lytics Marketing Technology Wingi fy -





nGame, Inc. Marketing Technology Ful lContact, Inc. -$ PureShare, Inc. Marketing Technology TeamQuest Corporation - Quettra , Inc. Marketing Technology Simi larWeb Ltd. - Refulgent Software LLC Marketing Technology ShopKeep.com, Inc. - Respondly, Inc. Marketing Technology Buffer, Inc. - Smi lehouse Oy Marketing Technology Tieto Corporation - socia lBench GmbH Marketing Technology Facel i ft brand bui lding technologies GmbH - Socia lytics , Inc. Marketing Technology AdSpark - Storyworks1 Marketing Technology Ins i te Software - Ta lko Marketing Technology Microsoft Corporation - Archive Systems, Inc. Software Access Information Management - AuriQ Systems, Inc. Software Antuit, Inc. - Caetek, Inc. Software Zuken, Inc. - Cafesoft LLC Software OneLogin, Inc. - Clearleap, Inc. Software International Bus iness Machines Corporation - CloudCredo Software EMC Corporation - Cogent Road, Inc. Software Chronos Solutions LLC - Computron Software LLC Software Aptean, Inc. - Core Securi ty Technologies , Inc. Software Courion Corporation - Corrigo, Inc. Software Jones Lang LaSal le, IP, Inc. - CSI Software, Inc. Software Daxko, Inc. - Goanna Software Pty. Ltd. Software Synopsys , Inc - HealthPay24 Software Invoice Cloud, Inc. - idAlerts , Inc. Software The Col l inson Group Ltd. - IGX Software ePlus Technology, Inc. - iMapData, Inc. Software PlanetRisk, Inc. - Innography, Inc. Software CPA Global Limited - Kontor Software Freshdesk, Inc. - Lively, Inc. Software GreatCal l , Inc. - Marianas Labs Software 1-Page, Inc. - Metanautix, Inc. Software Microsoft Corporation - National Research Corp, Homecare & Hospice Analytics Software ABILITY Network, Inc. - Odin Service Automation Software Ingram Micro, Inc. - Paperless Bus iness Solutions LLC Software Corrisoft LLC - PrismTech Group Limited Software ADLINK Technology, Inc. - Result Group Software Wynne Systems, Inc. - RightCare Solutions , Inc. Software NaviHealth, Inc. - SmartCare Software Indegene Li fesystems Pvt. Ltd. - StackEngine Software Oracle Corporation - SurfRight Software Sophos Ltd. - Technomedia.ca Software Cegid Group SA - TigerBay Software Software Atcore -





Beds and Beats Traditional Media BMG Rights Management GmbH -$ Dishcrawl , Inc. Traditional Media Dinner Lab, Inc. - Divers i fied Suburban Newspapers , Inc. Traditional Media Swift Communications , Inc. - Playtime Gaming Traditional Media Gateway Cas inos & Enterta inment Ltd. - Radionomy Group Traditional Media Vivendi S.A. - Showtime Outdoor Media Traditional Media B Media Group - Vance Publ ishing Agricultura l Properties Traditional Media Farm Journal Media - Vance Publ ishing Beauty Market Products Traditional Media Bobit Bus iness Media - Vance Publ ishing Woodworking Network Traditional Media CCI Media LLC - West World Media LLC Traditional Media Webedia SAS -



Buyout Transactions Target Target Segment Buyer/Investor Reported TV

Buyout DealsValues Disclosed

Industria l & Financia l Systems Software EQT Holdings AB 664.3$ Equian LLC Information New Mountain Capita l , LLC 225.0 Experian Simmons and Experian Hitwise Marketing Technology Symphony Technology Group 46.5

Target Target Segment Buyer/Investor Reported TV Buyout DealsUndisclosed

Array Marketing Group Agency & Marketing Services The Carlyle Group - World 50, Inc. Agency & Marketing Services Paml ico Capita l - IQ Logic, Inc. Bus iness Services Riveria Investment Group - Audley Travel Group Ltd. Digi ta l Media/Commerce 3i Group plc - Constructive Media, Inc. Digi ta l Media/Commerce H.I.G. Capita l LLC - Ai rcraft Technica l Publ ishers Information ParkerGale - PDR Network, LLC Information Genstar Capita l , LP - BlueHornet Networks , Inc. Marketing Technology Marl in Equity Partners - BrandMuscle, Inc. Marketing Technology American Capita l Equity - EidosMedia S.p.A. Marketing Technology HgCapita l - FocusVis ion Worldwide, Inc. Marketing Technology EQT Holdings AB - b+m Informatik Software Main Capita l - Direct Travel , Inc. Software ABRY Partners , LLC - LiveOps, Inc. Software Marl in Equity Partners - SecureLink Group N.V. Software Investcorp Technology Partners - Tover Solutions , Inc. Software New Mountain Capita l , LLC - Xmedius Solutions Software StoneCal ibre, LLC - HMP Communications LLC Traditional Media Susquehanna Growth Equity, LLC - Imagen Publ ici taria Traditional Media H.I.G. Capita l LLC - Impursa Traditional Media H.I.G. Capita l LLC -



Venture/Growth Capital Transactions Target Target Segment Buyer/Investor Reported TV VC/Growth CapitalValues Disclosed

Uber Technologies , Inc. Digi ta l Media/Commerce Tiger Global Management, LLC 2,100.0$ Lyft, Inc. Digi ta l Media/Commerce Kingdom Holding Company 247.7 Gerson Lehrman Group, Inc. Information SFW Capita l Partners 211.5 Pa lantir Technologies , Inc. Software Undisclosed 200.0 Vice Media Digi ta l Media/Commerce The Walt Disney Company 200.0 IBS Software Services Private Limited Software The Blackstone Group L.P. 170.0 AppDynamics Software General Atlantic, LLC 158.0 Vroom Digita l Media/Commerce General Catalyst Partners LLC 95.0 Kount.com Software CVC Capita l Partners Ltd. 80.0 iPinYou Information Technologies Co., Ltd Digi ta l Advertis ing (Private Investors ) 78.0 Huitongda Bus iness Services Jiangsu Coastal Capita l 77.0 Precis ion for Medicine, Inc. Software TPG Capita l 75.0 Peloton Interactive, Inc. Digi ta l Media/Commerce Catterton Partners 75.0 Digi ta l Guardian Software GE Asset Management 66.0 Afanti Digi ta l Media/Commerce Shenzhen Capita l Group 60.0 RiverMend Health LLC Bus iness Services Norwest Venture Partners 60.0 Si teimprove, Inc. Marketing Technology Summit Partners LP 55.0 Gusto.com Software Undisclosed 50.0 Lookingglass Cyber Solutions Software NewSpring Capita l 50.0 SteelHouse, Inc. Marketing Technology Mercato Partners 49.0 Avecto Limited Software JMI Equity 49.0 Yel lo Mobi le Digi ta l Media/Commerce Formation 8 47.2 Datavai l Corporation Bus iness Services Catalyst Investors , LLC 47.0 GoEuro Corporation Digi ta l Advertis ing Atomico Ventures 45.0 Wel lTok, Inc. Digi ta l Media/Commerce Georgian Partners 45.0 Vi ta ls .com Digita l Advertis ing The Goldman Sachs Group, Inc. 41.0 Tastemade, Inc. Digi ta l Media/Commerce Goldman Sachs Merchant Banking 40.0 SnapLogic, Inc. Software Andreessen Horowitz 37.5 Factual , Inc. Marketing Technology Index Ventures 35.0 PokitDok, Inc. Software Lemhi Ventures , Inc. 34.0 Signavio GmbH Software Summit Partners LP 33.6 Zig Bang Digi ta l Media/Commerce Altos Ventures 33.0 Rivigo Bus iness Services SAIF Partners 30.0 Platfora, Inc. Marketing Technology Andreessen Horowitz 30.0 Faasos Food Services Pvt. Ltd. Digi ta l Media/Commerce Sequoia Capita l 30.0 Kiosked Ltd. Digi ta l Advertis ing European Investment Bank 30.0 Flux Factory, Inc. Software Temasek Holdings (Pte) Limited 29.0 Janra in, Inc. Marketing Technology Emergence Capita l 27.0 Vinted.com Digita l Media/Commerce Hubert Burda Media 27.0 ZeroFOX Software New Enterprise Associates 27.0 Blackbuck Bus iness Services Accel Partners 25.0 Dose Media LLC Digi ta l Media/Commerce Tribune Media Company 25.0




Reverb.com LLC Digi ta l Media/Commerce Summit Partners LP 25.0$ MD Revolution, Inc. Digi ta l Media/Commerce Jump Capita l 23.0 Housejoy.in Digi ta l Media/Commerce Amazon.com, Inc. 22.4 Wel lDoc, Inc. Software Samsung Venture Investment Corporation 22.0 DataScience, Inc. Marketing Technology Greycroft Partners 22.0 Adform Digi ta l Advertis ing (Private Investors ) 21.5 iKongJian.com Digita l Media/Commerce Shunwei Capita l 21.0 Bluecore, Inc. Digi ta l Advertis ing Georgian Partners 21.0 Shuttl Digi ta l Media/Commerce Lightspeed Venture Partners 20.0 ThinkTank, Inc. Software Amadeus Capita l Partners Limited 20.0 Fancy Education Bus iness Services Ameba Capita l 19.0 Interlude, Inc. Digi ta l Advertis ing Metro-Goldwyn-Mayer Studios , Inc. 18.2 Innovid, Inc. Digi ta l Advertis ing Sequoia Capita l 17.5 Hol lar, Inc. Digi ta l Media/Commerce Index Ventures 17.5 3PL Centra l LLC Software Mainsai l Partners 17.5 Viggle, Inc. Agency & Marketing Services Perk.com, Inc. 17.3 Real i tyMine Limited Marketing Technology Kennet Partners 17.3 Trustlook, Inc. Software Trustbridge Partners 17.0 Al locadia Software, Inc. Marketing Technology Susquehanna Growth Equity, LLC 16.5 NowThis Media, Inc. Digi ta l Media/Commerce Axel Springer SE 16.2 NextCapita l Group, Inc. Software Route 66 Ventures 16.0 ThreatConnect, Inc. Software Grotech Ventures 16.0 Shoes of Prey Pty Ltd. Digi ta l Media/Commerce Greycroft Partners 15.5 mParticle, Inc. Marketing Technology Battery Ventures 15.0 Trul ioo, Inc. Software American Express Ventures 15.0 EatStreet, Inc. Digi ta l Media/Commerce 4490 Ventures 15.0 Eved, LLC Digi ta l Media/Commerce Pri tzker Group Venture Capita l 14.3 WorkFus ion, Inc. Marketing Technology Greycroft Partners 14.0 Figma, Inc. Marketing Technology Greylock Partners 14.0 Bel lhops Digi ta l Media/Commerce Undisclosed 13.5 Gousto Digi ta l Media/Commerce MMC Ventures , LLC 13.5 Lemonade, Inc. Digi ta l Media/Commerce Sequoia Capita l 13.0 HBI Solutions , Inc. Software Wonders Information Company 12.6 ItsOn, Inc. Marketing Technology Andreessen Horowitz 12.5 Semantic Machines Marketing Technology General Catalyst Partners LLC 12.3 MD Ins ider Software Summation Health Ventures 12.0 Orckestra , Inc. Marketing Technology W Investments 12.0 Masabi Marketing Technology Lepe Partners 12.0 Oration PBC Software Andreessen Horowitz 11.2 Veeve Digi ta l Media/Commerce Smedvig Capita l Limited 11.0 Cloudyn Ltd. Software Carmel Ventures 11.0 Swift Navigation Inc. Software New Enterprise Associates 11.0




OpsClari ty, Inc. Software New Enterprise Associates 11.0$ CupoNation GmbH Digi ta l Advertis ing New Enterprise Associates 10.9 Peppermint Technology Limited Software Scottish Equity Partners 10.9 ThreatQuotient, Inc. Software New Enterprise Associates 10.2 PatSnap Pte. Ltd. Marketing Technology Summit Partners LP 10.0 Songkick.com, Inc. Digi ta l Media/Commerce Access Industries 10.0 Pramata Corporation Marketing Technology Vol i tion Capita l LLC 10.0 Mazlo Bus iness Services Polaris Partners 10.0 GNS Healthcare, Inc. Software Cambia Health Solutions , Inc. 10.0 Gigster, Inc. Software Andreessen Horowitz 10.0 Vis ta i r Systems Limited Software Synova Capita l LLP 9.8 Qingteng Cloud Securi ty Software Redpoint Ventures 9.3 Matsmart Scandinavia AB Digi ta l Media/Commerce Northzone 8.6 Textio, Inc. Software Emergence Capita l 8.0 Everwise Software Sequoia Capita l 8.0 Cl ip Software ALTA Ventures Mexico 8.0 younity Digi ta l Media/Commerce Marker Financia l Advisors LLC 8.0 Nestio, Inc. Marketing Technology Trini ty Ventures 8.0 Socia lFlow Marketing Technology Gefinor Ventures 7.5 MapAnything Software Sales force Ventures 7.3 LoopMe Ltd. Marketing Technology Open Ocean Capita l Ltd. 7.0 Oncam Digita l Media/Commerce Tonn Investments 7.0 Arterys , Inc. Software AME Cloud Ventures 7.0 CloudEndure Software Infosys Limited 7.0 Mirador Financia l , Inc. Software Cross l ink Capita l 7.0 Twine Health, Inc. Software Khos la Ventures 6.8 Mobikwik Digi ta l Media/Commerce Sequoia Capita l 6.6 Bra inStorm, Inc. Bus iness Services Kickstart Seed Fund 6.4 Faction, Inc. Software Meritage Private Equity Funds 6.0 Eventbase Technology, Inc. Digi ta l Media/Commerce Madrona Venture Group 6.0 TINYpulse Software Arthur Ventures 6.0 Gimlet Media, Inc. Digi ta l Media/Commerce Graham Holdings Company 6.0 Commercia lTribe Bus iness Services Boulder Ventures , Ltd. 6.0 BrightFunnel , Inc. Marketing Technology Sales force Ventures 6.0 Burpple Pte. Ltd. Digi ta l Media/Commerce Triumph Capita l 6.0 D Square Software (Private Investors ) 5.4 tinyclues Marketing Technology ISAI Gestion 5.4 DealCloud, Inc. Software Cultivation Capita l 5.3 uMake, Inc. Digi ta l Media/Commerce BlueRun Ventures 5.2 Al lovue, Inc. Software Rethink Education 5.1 Shotang Digi ta l Media/Commerce Unitus Impact LLC 5.0 Feedvisor Ltd. Marketing Technology JAL Ventures 5.0




Depos itphotos , Inc. Digi ta l Media/Commerce TMT Investments PLC 5.0$ Omadi , Inc. Marketing Technology Pel ion Venture Partners 5.0 Unitiv, Inc. Bus iness Services Ludvik Holdings , Inc. 5.0 Doctena S.A. Digi ta l Advertis ing (Private Investors ) 5.0 Boundless Spatia l , Inc. Software Motorola Solutions Venture Capita l 5.0 Groundfloor Digi ta l Media/Commerce Fintech Ventures 5.0 seerene GmbH Marketing Technology Earlybird Venture Capita l GmgH & Co. KG 5.0 GoNoodle, Inc. Digi ta l Media/Commerce Chrysa l is Ventures , Inc. 5.0 SeamlessDocs Software Govtech Fund 5.0 Aza lead Software SAS Marketing Technology Idinvest Partners 4.9 Ful l Ci rcle CRM, Inc. Marketing Technology Sales force Ventures 4.7 Barnebys Digi ta l Media/Commerce Active Venture Partners 4.5 Customfurnish.com Digita l Media/Commerce o3 Capita l Global Advisory Pvt. Ltd. 4.5 Edumedics LLC Bus iness Services OCA Ventures 4.2 Gradle Inc. Software True Ventures 4.2 PepperTap Digi ta l Media/Commerce Innoven Capita l 4.0 goby Digi ta l Advertis ing TeleNav, Inc. 4.0 Fresvi i , Inc. Digi ta l Advertis ing Nissay Capita l 4.0 LiveSafe, Inc. Digi ta l Media/Commerce Hearst Ventures 4.0 Patients Know Best Ltd. Information Balderton Capita l 3.7 Weather Decis ion Technologies , Inc. Marketing Technology Undisclosed 3.5 The Happy Home Company Digi ta l Media/Commerce Slow Ventures 3.5 Clari ture Health Marketing Technology Undisclosed 3.5 CapriCoast.com Home Solutions Pvt. Ltd. Digi ta l Media/Commerce Accel Partners 3.5 Vanitee Digi ta l Media/Commerce (Private Investors ) 3.5 Journey Sa les Marketing Technology Kleiner Perkins Caufield & Byers 3.4 LatestOne.com Digita l Media/Commerce Palred Onl ine Technologies Pvt. Ltd. 3.0 QS Recruitment Ltd. Software Fores ight Group 3.0 WHOOP, Inc. Marketing Technology Infosys Limited 3.0 CultureIQ, Inc. Software Lerer Hippeau Ventures 3.0 The Tab Digi ta l Media/Commerce Balderton Capita l 3.0 Anodot, Inc. Software Disrupt-ive Partners 3.0 Jigsaw Academy Bus iness Services (Private Investors ) 3.0 Mezi .com Digita l Media/Commerce Nexus Venture Partners 2.8 EdSurge, Inc. Digi ta l Media/Commerce GSV Capita l Corporation 2.8 Verlocal Digi ta l Advertis ing Big Bas in Partners 2.7 1st Class Hol idays Ltd. Digi ta l Advertis ing PHD Equity Partners LLP 2.7 Snowleader Sarl Digi ta l Media/Commerce Bpifrance SA 2.7 Zootly LLC Bus iness Services (Private Investors ) 2.5 Tvis ion Ins ights Marketing Technology Sigma Prime Ventures 2.5 Adminis trate Limited Bus iness Services Scottish Investment Bank 2.5 CustomerGauge US Marketing Technology (Private Investors ) 2.5



Venture/Growth Capital Transactions

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

NowSecure, Inc. Marketing Technology Baird Capita l Partners 12.5$ Hinge Digi ta l Media/Commerce Shasta Ventures 12.0 Forward Networks , Inc. Technology & Communications Andreessen Horowitz 11.1 Adelphic Mobi le Digi ta l Advertis ing Google Ventures 11.0 OutboundEngine, Inc. Marketing Technology Si lverton Partners 11.0 Open Garden, Inc. Marketing Technology August Capita l Management 10.8 Cel lTrust Corporation Digi ta l Advertis ing Kayne Partners 10.5 Connect Software Corporation Digi ta l Media/Commerce Kinzon Capita l 10.3 Predi lytics , Inc. Software QUALCOMM Ventures 10.0 Playdots , Inc. Digi ta l Media/Commerce Greycroft Partners 10.0 Trapit, Inc. Marketing Technology Rogers Venture Partners 10.0 LockerDome, LLC Digi ta l Media/Commerce Cultivation Capita l 10.0 Narrative Science, Inc. Digi ta l Media/Commerce Battery Ventures 10.0 HashiCorp Technology & Communications Mayfield Fund 10.0 Orchestro, Inc. Marketing Technology Novak Biddle Venture Partners 9.8 Cloud Technology Partners , Inc. Technology & Communications Pri tzker Group 9.1 Canvas Solutions , Inc. Digi ta l Media/Commerce River Ci ties Capita l Fund 9.0 ad2games Digi ta l Advertis ing HitFox Group 9.0 Blab, Inc. Marketing Technology BlueFocus Communication Group Co., Ltd. 8.8 Peernova Technology & Communications Mosaik Partners 8.6 Lancers , Inc. Information & Bus iness Services GMO Venture Partners 8.5 Nok Nok Labs , Inc. Software DCM Ventures 8.3 InfluxDB Software Mayfield Fund 8.1 Ridibooks Digi ta l Media/Commerce NeoPlux 8.0 P97 Networks , Inc. Marketing Technology Emerald Technology Ventures 8.0 Happn Digi ta l Media/Commerce Alven Capita l Partners 8.0 Area 1 Securi ty, Inc. Software Kleiner Perkins Caufield & Byers 8.0 Tufin Ltd Software (Angel Investors ) 8.0 MetaMind, Inc. Technology & Communications Khos la Ventures 8.0 Appcito, Inc. Technology & Communications Atlas Venture 7.5 Zudy Zudy Technology & Communications Miami Stuff LLC 7.5 Ki tchi t, Inc. Digi ta l Media/Commerce Javel in Venture Partners 7.5 MarketInvoice Digi ta l Media/Commerce Northzone 7.5 DoveConviene SRL Digi ta l Advertis ing 360 Capita l Partners 7.3 Carwow Digi ta l Advertis ing Balderton Capita l 7.2 Oneview Healthcare Software (Private Investors ) 7.0 Chute Corporation Marketing Technology Foundry Group 7.0 Space Ape Games Digi ta l Media/Commerce Accel Partners 7.0 ServerSpace Software iomart Group 6.7 Bottlenose, Inc. Marketing Technology KPMG LLP 6.6 Mattermark Software Foundry Group 6.5

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

Seamless Medica l Systems LLC Software (Private Investors ) 2.5$ TRAVO, Inc. Digi ta l Advertis ing Great Oaks Venture Capita l 2.4 Mabaya Digi ta l Advertis ing lool ventures 2.3 Chiron Health, Inc. Software Undisclosed 2.3 Canvera Digi ta l Technologies Pvt. Ltd. Digi ta l Advertis ing Info Edge (India) Limited 2.2 Content Raven Marketing Technology Nauta Capita l 2.2 GoodWal l Digi ta l Media/Commerce Verve Capita l 2.1 Streamroot, Inc. Digi ta l Advertis ing (Private Investors ) 2.1 Cohero Health LLC Software Zaffre Investments 2.0 Blubirch Bus iness Services Chicago Capita l Ventures 2.0 Yumist Foodtech Private Limited Bus iness Services Uni lazer Ventures 2.0 Activi ty Stream Ltd. Software SEED Capita l 2.0 Staffly, Inc. Digi ta l Media/Commerce ff Venture Capita l 2.0 DataBerries Digi ta l Advertis ing Mosaic Venture Partners 1.9 Gojimo Digi ta l Media/Commerce (Private Investors ) 1.8 Springboard, Inc. Bus iness Services 500 Startups 1.7 Feel igo Digi ta l Advertis ing Iris Capita l 1.6 Fama Software Double M Partners , LP 1.5 Stringr, Inc. Digi ta l Media/Commerce Signia Venture Partners 1.5 Codeship, Inc. Software Sigma Prime Ventures 1.5 RoomsTonite eBookings Pvt. Ltd. Digi ta l Advertis ing Alchemy Capita l 1.5 modeFinance Software Gruppo Corval l i s 1.4 Trapl ight Games Digi ta l Media/Commerce Sunstone Capita l A/S 1.4 Innervate, Inc. Digi ta l Media/Commerce Tri logy, Inc. 1.3 Sundar, Inc. Digi ta l Media/Commerce New Enterprise Associates 1.2 Evidentia Health, Inc. Software Invenshure 1.2 Rippleshot Software KGC Capita l 1.2 Passo Marketing Technology Deep Fork Capita l 1.1 Funnely Marketing Technology Verizon Ventures 1.0


Petsky Prunier: Maximizing Shareholder Value

Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,

business services, and healthcare services industries

Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

Founded in 1999

More than 50 focused professionals; growth of 40% since 2011

New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa

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

Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services

Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in

China, and Allegro Advisors and o3 Capital in India

Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity

M&A Advisory and Sell-Side Representation

Privately-Owned Companies

Entrepreneur-Led Businesses

Private Equity Portfolio Companies

VC-Backed Companies

Corporate Divestitures

Selected Buy-Side Engagements

Capital Raising and Private Placements

Advertising & Marketing

eCommerce

Digital Media

Technology

Information

Business Services

Healthcare Services

Business Current Situation Assessment and

Profit Improvement Planning

Opportunity Mapping: Strategic Planning & Development

Competitive Landscape Analysis

M&A Transaction Due Diligence Support

Buy-Side Targeting Criteria & Integration Strategy

Custom Market Research

Publishing, Speaking, and Thought Leadership


Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions

Rank Advisor 2014 Internet & Advertising

Deal Count 2011-2014 Internet & Advertising

Deal Count

1 Petsky Prunier 21 65

2 Goldman Sachs 17 50

3 Morgan Stanley 15 43

4 JP Morgan 14 31

5 Nomura Holdings 12 39

5 Ernst & Young 12 24

7 China Renaissance Partners 11 36

7 PwC 11 34

7 Deloitte 11 18

7 AGC Partners 11 30

11 GCA Savvian 10 41

Based on number of deals announced in 2011 – 2014 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.

With 30 total transactions closed in 2014, and 100 transactions closed since 2011 (across all industries in addition

to Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and

advertising, eCommerce, and media industries

More than 20 transactions completed in 2015 and multiple others under LOI

Two-thirds of transactions since 2011 were with strategic buyers; One-third with financial buyers


$160,000,000*

a portfolio company of

has been sold to

(NYSE: DLX)

*Approximate Value

Representative Recent Transactions*

a big data marketing analytics and database technology and solutions company

has been sold to

$74,000,000*

(NASDAQ: EXLS)

*Approximate Value

the leader in data-driven advocacy campaigns

has been sold to

(NYSE: OMC)

a leading data-driven patient identification and engagement platform

that provides its members access to healthcare education, patient savings,

and other valuable programs

has been sold to

a leading SaaS-based, cross channel campaign management platform

for B2C marketers

has been sold to

has merged with an affiliate of

a leading targeted direct marketing company that connects new movers

with local business

and

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

has been sold to

a disruptive, rapidly expanding marketplace for

insurance clicks, calls, and leads

has sold a majority stake to

(NYSE: WTM)

a provider of outsourced digital campaign management for video, mobile,

display, and email

has been sold to

has been sold to

the leading film and television information, data, and related software company

$50,000,000

a division of

a leading provider of marketing solutions to destinations, resorts, and other

travel-related businesses

has been recapitalized to support future growth with significant debt financing

from

a leading provider of end-to-end customer acquisition solutions to the

insurance industry

has sold a majority stake to

(NYSE: WTM)

$280,000,000*

*Approximate Enterprise Value

has sold

to


has sold


(NASDAQ: ICLR)

to

$120,000,000

has been sold to a leading provider of software-based

social media brand advocacy solutions

has been sold to

the dominant, pure-play eCommerce retailer of envelopes and related products

has received a significant investment from

the leader in strategic launch solutions for orphan and rare disease

pharmaceutical drugs

has been sold to

(NYSE EVDY)

a leading provider of data-driven, full-funnel B2B marketing solutions

has acquired

a leading provider of performance-based digital marketing programs to healthcare

professionals on behalf of leading pharmaceutical companies

has been sold to

(NYSE: EVDY)

$65,000,000

a leading developer of enterprise mobility software

has been sold to

has sold

the most innovative digital strategy, user experience, and software

development firm

(NYSE: ACN)

to

a fast-growing, direct-to-consumer wine eCommerce company

has been sold to

a leading SaaS provider of social intelligence, analytics, insights, and engagement

has been sold to

which is being combined with

both portfolio companies of

one of the largest digital agencies specializing in multi-channel content marketing solutions

for the life sciences industry

has been sold to

(NASDAQ: CTSH)

a leading supplier of data on healthcare professionals and administrator of one of the largest practitioner-level medical

claims databases in the U.S.

has been sold to

(NYSE: RUK)

a division of

a global leader in quantitative data collection and reporting software systems

has been sold to

the leading eCommerce media network in the U.S.

has been sold to

and

Aperion Management

a leading content-driven, strategic digital agency

has been sold to


*For a more comprehensive list, please click here.

a leading digital provider of subscription-based, consumer product images and

related data to the retail food industry


has been sold to

a leading technology and data-driven digital marketing services and

analytics company

has been sold to

has received a significant growth investment from has been sold to

$225,000,000*

(NYSE: IDI)

a leading digital database marketing and advertising technology company

*Approximate Value

http://petskyprunier.com/transactions/

December 2015 M&A and Investment...

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