Monthly Business & Tech-Enabled Services Sector Summary Report · PDF fileSECTOR REPORT...

1

BUSINESS AND TECH-ENABLED SERVICESSECTOR REPORT

January 2018

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BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD

Notes:Source: Capital IQ and PitchBook. Market Data as of 1/12/18.1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

$132.4 Billion 3,354

M&A Volume YTD M&A Transactions YTD

Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions

Announced Date Acquirer Target EV ($MM)

12/22/2017 $219

12/22/2017 NA

12/18/2017 $476

12/11/2017 NA

12/6/2017(Investment)

NA

12/6/2017 NA

12/6/2017 NA

12/6/2017 NA

12/5/2017 NA

12/1/2017 NA

12/1/2017 NA

11/30/2017(Investment)

NA

11/30/2017 $280

11/30/2017 $2,000

11/30/2017 NA

11/27/2017 $456

Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 (1)

90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

125.0%

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

Business & Tech-Enabled Services S&P 500

$19.1

$31.1

$19.2$24.6

$21.7

$48.5

$27.4

$37.1

$26.9

$45.1 $45.5

$14.9

0

10

20

30

40

50

60

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17

Vo

lum

e (

$B

n)

966 944 964 995 986901 929 917 875 894

797 788

0

200

400

600

800

1000

1200

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17

Dea

l Cou

nt

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GCA OVERVIEWBusiness & Tech-Enabled Services Team

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone:+44 20 7484 4040

FrankfurtThurn-und-Taxis-Platz 6

60313 FrankfurtGermany

Phone: +49 69 204 34 6410

MilanPiazza San Fedele 4

20121 MilanoItaly

Phone: +39 02 76 01 73 40

Notes:*Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Akikazu Ida is a Managing Director at GCA Corporation. *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.*Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.

Derek Bell Stephen Georgiadis* Akikazu Ida* Sascha Pfeiffer*

Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241 Phone: +49 69 204 346 415

Mobile: (914) 953-0689 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023 Mobile: +49 177 741 5643

[email protected] [email protected] [email protected] [email protected]

Adrian Reed* Tobias Schultheiss* Alessandro Soprano* Raiko Stelten*

Managing Director Managing Director Managing Director Director

Phone: +44 845 505 4343 Phone: +49 69 204 346 416 Phone: +39 02 7601 7340 Phone: +49 69 204 346 418

Mobile: +44 7887 626800 Mobile: +49 160 534 6278 Mobile: +39 348 231 6056 Mobile: +49 171 335 0879

[email protected] [email protected] [email protected] [email protected]

4

80%

100%

120%

140%

160%

180%

Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18

75%

85%

95%

105%

115%

125%

135%

145%

155%

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

RECENT STOCK PERFORMANCEIndex Performance

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 1/12/18.Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

Key Sector 3 Months 1 Year 3 Years

Advertising & Marketing Services 6.3% 2.6% 13.2%

Events & Exhibitions 3.4% 27.1% 58.4%

Information Services 7.1% 28.7% 57.1%

Consulting & Training 7.0% 5.0% 25.1%

HR Services 6.4% 18.1% 55.4%

Staffing & Recruiting 5.5% 46.1% 78.0%

IT & BPO Services 11.4% 23.1% 31.8%

Customer Care / CRM Services 1.4% 23.8% 78.0%

S&P 500 9.2% 22.7% 37.4%

5

4.8x

3.5x3.3x

2.2x

1.7x

1.1x0.8x

0.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

InformationServices

Events &Exhibitions

HR Services IT & BPOServices

Advertising &MarketingServices

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

14.9x14.6x

11.6x11.2x

10.6x 10.6x10.2x

9.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

InformationServices


Events &Exhibitions


CustomerCare / CRM

Services



TRADING COMPARABLESValuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

Notes:Source: Capital IQ. Market Data as of 1/12/18. Figures reflect median values, except for HR services, which reflects mean values.Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

6

7.3%

6.7% 6.5%

6.2%

5.6% 5.6%

5.1% 4.8%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%


CustomerCare / CRM

Services

InformationServices

Events &Exhibitions




30.9%

26.9%

21.6%

16.8% 16.0%

12.1% 10.9%

6.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

InformationServices

Events &Exhibitions




CustomerCare / CRM

Services


TRADING COMPARABLESOperational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

Notes:Source: Capital IQ. Market Data as of 1/12/18. Figures reflect median values, except for HR services, which reflects mean values.Advertising & Marketing Services: ADS, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

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PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.Negative margins considered NM. Market Data as of 1/12/18.

$MM, Except Per Share Data

Stock LTM Trading Statistics Operating Metrics

Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin

1/12/18 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $18.54 $16.95 $26.39 $23,187 $3,709 $9,774 $29,820 1.7x 1.4x 1.4x 9.5x 8.6x 8.3x 11.4x 10.8x 16.1% 3.7% NA NA 16.7% 16.8%

Omnicom Group Inc. 75.92 65.32 87.43 17,502 1,851 4,995 21,355 1.4x 1.4x 1.4x 9.3x 9.1x 8.8x 14.9x 14.2x (0.7%) 3.1% NA NA 15.3% 15.4%

Publicis Groupe S.A. 69.08 63.25 83.86 15,613 1,313 3,700 18,014 1.8x 1.5x 1.5x 10.0x 8.9x 8.3x 12.7x 11.7x 13.6% 2.4% 36.8% 37.5% 17.4% 18.1%

Alliance Data Systems Corporation 276.37 209.00 278.33 15,269 3,326 23,483 35,426 5.0x 4.6x 4.1x 24.2x 17.7x 15.4x 15.3x 12.4x 8.7% 10.8% 42.4% 42.5% 25.9% 26.8%

Dentsu Inc. 44.51 39.79 58.90 12,547 1,505 4,229 15,732 2.2x 1.9x 1.8x 10.5x 10.1x 9.2x 17.1x 15.5x 14.0% 7.5% NA NA 19.1% 19.5%

The Interpublic Group of Companies, Inc. 21.74 18.30 25.71 8,448 705 2,099 10,107 1.3x 1.3x 1.2x 9.2x 8.8x 8.4x 15.5x 14.1x (0.1%) 3.2% 35.5% 36.2% 14.6% 14.9%

Hakuhodo DY Holdings Inc 14.06 11.53 14.71 5,244 1,158 84 4,361 0.4x 0.4x 0.4x 9.6x 8.7x 8.0x 21.2x 19.3x 9.6% 4.9% 19.7% 20.2% 4.3% 4.5%

LendingTree, Inc. 364.00 102.40 370.74 4,357 345 235 4,247 11.0x 7.0x 5.4x NM 37.6x 28.3x NM NM 58.4% 29.1% 97.2% 97.2% 18.5% 19.1%

Yelp Inc. 45.39 26.93 48.40 3,762 558 - 3,204 4.5x 3.8x 3.4x NM 20.4x 16.2x 44.6x 34.8x 18.3% 12.8% 92.0% 92.5% 18.6% 20.7%

j2 Global, Inc. 77.03 71.09 91.48 3,729 403 999 4,326 4.9x 3.9x 3.7x 11.7x 9.3x 8.5x 13.5x 12.8x 28.4% 5.4% 84.6% 84.9% 41.6% 43.0%

HubSpot, Inc. 92.65 49.40 93.53 3,462 492 294 3,264 12.0x 8.8x 6.9x NM NM NM NM NM 36.9% 27.5% 80.7% 81.5% 5.9% 7.5%

Meredith Corporation 67.20 50.63 72.25 3,002 28 706 3,680 2.2x 2.2x 2.1x 10.3x 11.4x 10.3x 19.1x 17.3x (1.3%) 3.9% NA NA 19.3% 20.5%

Moneysupermarket.com Group PLC 4.85 4.00 5.05 2,601 23 - 2,578 6.6x 5.7x 5.2x 19.0x 14.8x 13.6x 21.7x 19.4x 16.2% 8.3% 73.5% 73.5% 38.3% 38.7%

Cheil Worldwide Inc. 18.68 15.34 20.89 2,020 378 16 1,666 0.6x 0.5x 0.5x 10.7x 8.6x 7.8x 16.6x 16.1x 17.2% 5.0% 30.4% 31.3% 6.1% 6.4%

Ipsos SA 39.23 30.66 43.31 1,635 140 708 2,222 1.2x 1.0x 1.0x 10.6x 9.0x 8.4x 12.4x 11.4x 14.3% 3.5% 65.7% 65.6% 11.5% 11.9%

MDC Partners Inc. 9.40 6.13 12.26 549 19 931 1,566 1.1x 1.0x 1.0x 10.5x 7.7x 6.9x 21.9x 16.0x 9.7% 5.7% NA NA 13.4% 14.1%

YouGov plc 4.62 2.95 4.93 486 31 0 456 3.7x 3.0x 2.8x 36.8x 19.8x 17.3x 29.7x 26.3x 23.9% 8.6% 78.0% 78.0% 15.1% 15.9%

QuinStreet, Inc. 9.34 2.96 10.97 427 50 - 377 1.3x 1.2x 1.1x NM 18.4x 13.7x NM NM 8.0% 10.0% 10.0% 14.1% 6.3% 7.8%

Mean 3.5x 2.8x 2.5x 13.7x 13.5x 11.6x 19.2x 16.8x 16.2% 8.6% 57.4% 58.1% 17.1% 17.9%

Median 2.0x 1.7x 1.6x 10.5x 9.3x 8.8x 16.6x 15.5x 14.2% 5.6% 65.7% 65.6% 16.0% 16.3%

Events & Exhibitions

UBM plc $10.12 $8.75 $10.64 $3,981 $152 $870 $4,748 4.5x 3.5x 3.5x 16.3x 11.7x 11.5x 15.0x 14.9x 26.1% 0.7% 30.7% 31.1% 30.3% 30.6%

Ascential plc 5.25 3.83 5.48 2,102 97 372 2,376 6.4x 4.7x 4.0x 22.4x 14.8x 13.3x 22.1x 20.1x 37.4% 16.0% NA NA 31.6% 30.3%

Emerald Expositions Events, Inc. 20.20 18.67 24.56 1,459 14 556 2,001 6.2x 5.8x 5.4x 13.6x 13.1x 12.2x 19.2x 18.2x 7.0% 6.3% 73.6% 72.4% 44.2% 44.4%

Viad Corp 56.00 42.05 61.85 1,143 53 185 1,289 1.1x 1.0x 1.0x 10.8x 8.9x 8.4x 21.5x 19.4x 7.7% 3.3% NA NA 11.1% 11.5%

GL Events 31.60 21.03 35.85 734 239 712 1,258 1.3x 1.1x 1.0x 9.2x 7.7x 7.3x 15.7x 14.1x 13.2% 5.5% NA NA 14.4% 14.3%

ITE Group plc 2.39 2.03 2.70 636 31 98 733 4.3x 3.5x 3.3x 19.7x 14.9x 13.8x 21.7x 20.2x 23.2% 5.7% 40.5% 38.2% 23.6% 24.1%

Tarsus Group plc 4.50 3.56 4.60 507 35 144 622 7.4x 3.8x 4.8x 26.9x 10.8x 14.4x 12.5x 19.1x 96.0% (21.0%) NA NA 34.9% 32.9%

MCH Group AG 68.20 63.05 85.67 410 72 273 612 1.4x 1.2x 1.0x 7.2x 7.4x 6.9x 24.1x 22.9x 23.1% 17.4% NA NA 15.9% 14.4%

Mean 4.1x 3.1x 3.0x 15.8x 11.1x 11.0x 19.0x 18.6x 29.2% 4.2% 48.3% 47.2% 25.8% 25.3%

Median 4.4x 3.5x 3.4x 15.0x 11.2x 11.9x 20.3x 19.2x 23.2% 5.6% 40.5% 38.2% 26.9% 27.2%

8

PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics – continued





Information Services

RELX PLC $22.70 $19.12 $24.42 $45,367 $208 $6,748 $51,951 6.1x 5.2x 4.9x 20.4x 14.9x 14.0x 20.8x 19.2x 18.3% 5.1% 64.5% 52.8% 34.6% 35.0%

S&P Global Inc. 177.64 111.94 178.50 45,298 2,312 3,568 47,769 8.4x 8.0x 7.6x 19.3x 16.6x 15.5x 26.7x 24.6x 5.5% 5.9% 71.7% 72.5% 48.1% 48.6%

Thomson Reuters Corporation 43.41 43.20 50.19 30,811 979 7,359 37,685 3.4x 3.3x 3.2x 15.8x 11.1x 10.6x 17.6x 16.6x 1.6% 2.5% NA NA 30.0% 30.5%

Moody's Corporation 157.25 96.70 157.56 30,050 1,071 5,721 34,913 9.7x 8.5x 7.7x 21.3x 17.7x 16.1x 26.4x 23.6x 13.9% 9.9% 70.8% 70.8% 48.0% 48.2%

Experian plc 22.94 19.54 23.38 20,829 122 3,587 24,304 NA 5.7x 5.1x NA 15.9x 15.0x 25.6x 21.9x NA 11.1% 55.0% 57.0% 35.5% 34.0%

IHS Markit Ltd. 47.85 36.73 48.53 18,941 134 4,193 23,020 8.4x 6.5x 6.0x 30.1x 16.6x 15.2x 23.3x 21.7x 30.5% 6.7% 62.0% 62.7% 38.8% 39.8%

Verisk Analytics, Inc. 97.50 75.60 98.60 16,057 146 2,882 18,793 9.4x 8.8x 8.2x 20.1x 18.1x 16.7x 30.7x 27.4x 6.8% 7.7% 63.5% 63.6% 48.9% 49.1%

Equifax Inc. 122.85 89.59 147.02 14,752 315 2,707 17,208 5.5x 5.1x 5.0x 15.3x 14.1x 14.1x 20.7x 20.6x 6.5% 3.0% 64.6% 64.6% 36.3% 35.4%

Wolters Kluwer N.V. 51.94 41.62 54.69 14,596 1,151 3,741 17,192 3.8x 3.2x 3.2x 14.5x 11.8x 11.6x 19.2x 17.8x 17.6% 1.4% 68.9% 68.9% 27.2% 27.5%

Nielsen Holdings plc 37.46 34.22 45.73 13,342 662 8,447 21,328 3.4x 3.2x 3.1x 13.2x 10.5x 10.3x 14.0x 14.3x 4.0% 3.2% 58.1% 57.5% 30.9% 30.5%

MSCI Inc. 135.89 80.38 136.93 12,239 799 2,077 13,518 11.7x 10.6x 9.6x 23.7x 20.5x 18.0x 35.5x 29.0x 10.6% 10.6% 78.3% 78.6% 51.9% 53.4%

Gartner, Inc. 130.13 95.40 130.55 11,796 630 3,350 14,516 NM 4.3x 3.6x NM 20.8x 17.4x 37.7x 32.4x NM 19.8% 60.6% 62.5% 20.8% 20.8%

TransUnion 57.05 31.38 57.38 10,405 268 2,387 12,623 7.4x 6.6x 6.0x 22.3x 17.0x 15.1x 30.6x 26.7x 12.4% 9.0% 67.1% 67.9% 38.9% 39.9%

News Corporation 17.15 11.88 17.22 9,997 1,877 386 8,789 1.1x 1.1x 1.1x 13.1x 9.4x 9.1x 38.8x 32.3x 0.6% 0.3% NA NA 11.4% 11.7%

Informa plc 10.21 6.57 10.58 8,411 56 2,091 10,447 6.3x 4.5x 4.3x 20.0x 13.3x 12.5x 16.4x 15.2x 41.2% 3.9% NA NA 33.5% 34.4%

FactSet Research Systems Inc. 197.75 155.09 207.25 7,717 254 575 8,038 7.0x 6.3x 5.9x 20.0x NA 17.1x 26.2x 23.2x 10.6% 8.4% 55.2% 53.3% NA 34.2%

Fair Isaac Corporation 159.56 119.54 162.94 4,785 106 605 5,284 5.9x 5.6x 5.2x 25.5x 23.1x 19.8x 32.2x 28.1x 5.2% 6.5% 69.7% 69.4% 24.1% 26.4%

The Dun & Bradstreet Corporation 119.96 100.46 125.57 4,434 431 1,682 5,701 3.3x 3.2x 3.2x 12.7x 11.3x 10.9x 16.7x 16.3x 3.3% 2.8% 67.8% 67.7% 28.6% 29.0%

Morningstar, Inc. 97.32 68.43 99.11 4,139 324 205 4,020 5.0x NA NA 17.4x NA NA NA NA NA NA NA NA NA NA

CoreLogic, Inc. 46.81 34.59 49.30 3,856 149 1,798 5,504 2.8x 3.0x 2.9x 13.1x 11.6x 11.2x 20.1x 18.5x (5.4%) 1.4% 47.5% 50.3% 25.6% 26.1%

Acxiom Corporation 28.13 21.80 30.40 2,230 170 230 2,291 2.6x 2.5x 2.3x 25.2x 13.3x 10.6x 37.7x 28.5x 2.3% 10.7% 45.1% 48.1% 19.1% 21.7%

Euromoney Institutional Investor PLC 16.40 13.62 17.93 1,759 6 227 1,992 4.0x 3.4x 3.3x 13.9x 12.8x 12.1x 15.7x 14.8x 15.5% 3.4% NA NA 26.8% 27.3%

comScore, Inc. 29.10 20.81 33.91 1,667 147 33 1,553 NA 2.5x 2.3x NA 9.8x 8.0x 14.8x 11.8x NA 12.4% NA NA 26.0% 28.4%

National Research Corporation 55.94 38.76 58.16 1,370 36 2 1,336 12.2x 11.3x 10.5x 37.7x 34.4x 31.2x NA NA 8.2% 8.0% 58.1% 58.5% 32.8% 33.5%

Forrester Research, Inc. 43.45 34.95 47.75 781 134 - 647 2.0x 1.9x 1.9x 16.0x 16.9x 14.7x 35.9x 29.6x 1.8% 5.2% 59.4% 60.5% 11.5% 12.6%

Mean 5.9x 5.2x 4.8x 19.6x 15.7x 14.4x 25.4x 22.3x 10.0% 6.6% 62.5% 62.5% 31.7% 32.4%

Median 5.7x 4.8x 4.6x 19.7x 14.9x 14.4x 25.6x 21.9x 6.8% 6.2% 63.5% 62.7% 30.9% 32.0%


9






Consulting & Training

Exponent, Inc. $71.80 $55.75 $77.15 $1,853 $166 $0 $1,688 5.6x 5.1x 4.8x 24.8x 19.8x 18.3x 34.4x 33.9x 10.4% 5.5% 35.9% 36.5% 25.9% 26.4%

FTI Consulting, Inc. 43.65 31.65 45.27 1,616 158 461 1,919 1.1x 1.1x 1.0x 9.8x 9.7x 8.8x 21.2x 19.4x (1.1%) 3.0% 32.2% 33.0% 11.0% 11.8%

ICF International, Inc. 54.30 40.20 56.55 1,012 6 230 1,236 1.0x 1.0x 1.0x 11.0x 10.7x 9.8x 18.1x 17.0x 2.5% 4.1% 37.8% 37.9% 9.5% 9.9%

Navigant Consulting, Inc. 19.76 14.62 25.55 907 9 177 1,075 1.1x 1.1x 1.1x 7.6x 8.0x 7.6x 16.5x 15.4x 4.1% 3.5% 31.0% 31.9% 13.8% 14.0%

Huron Consulting Group Inc. 41.75 29.53 47.65 887 9 375 1,254 1.7x 1.7x 1.7x 9.8x 12.1x 11.4x 18.8x 17.0x 1.3% 3.0% 34.3% 34.4% 14.1% 14.5%

CBIZ, Inc. 16.25 12.70 17.25 879 1 208 1,086 1.4x 1.3x 1.2x 12.4x 10.5x 10.0x 19.3x 18.1x 6.5% 4.5% NA NA 12.1% 12.2%

Resources Connection, Inc. 16.60 12.05 17.58 521 56 48 513 0.9x 0.9x 0.8x 10.0x 13.7x 10.9x 25.6x 16.3x (0.6%) 14.7% 37.8% NA 6.4% 7.0%

The Hackett Group, Inc. 15.87 13.24 20.69 455 16 22 461 1.8x 1.6x 1.6x 11.7x 9.7x 8.8x 16.1x 14.5x 7.5% 4.8% 34.0% 35.3% 17.0% 17.8%

GP Strategies Corporation 26.45 22.30 31.25 444 18 59 484 1.0x 1.0x 0.9x 12.7x 14.2x 10.0x 25.4x 18.5x 3.9% 6.2% 16.1% 17.1% 6.7% 8.9%

Franklin Covey Co. 30.45 15.20 31.10 422 8 49 463 2.4x 2.5x 2.1x 31.7x NM 30.5x NM NM (2.9%) 14.9% 65.9% 68.8% 4.1% 7.0%

CRA International, Inc. 48.12 31.77 49.31 390 21 - 370 1.1x 1.0x 1.0x 13.8x NA NA 30.3x 25.9x 11.7% 4.9% 30.5% 29.9% NA NA

Information Services Group, Inc. 4.16 2.95 4.63 181 22 116 274 1.3x 1.0x 0.9x 23.4x 8.2x 7.6x 12.5x 11.6x 25.8% 6.2% 41.3% 41.0% 12.2% 12.4%

Mean 1.7x 1.6x 1.5x 14.9x 11.7x 12.2x 21.6x 18.9x 5.7% 6.3% 36.1% 36.6% 12.1% 12.9%

Median 1.2x 1.1x 1.1x 12.0x 10.6x 10.0x 19.3x 17.0x 4.0% 4.8% 34.3% 34.9% 12.1% 12.2%

HR Services

Automatic Data Processing, Inc. $118.47 $94.11 $121.77 $52,540 $2,477 $2,132 $52,195 4.3x 4.1x 3.8x 19.1x 20.0x 18.0x 31.4x 29.0x 5.7% 7.0% 45.0% 43.6% 20.4% 21.3%

Paychex, Inc. 67.66 54.20 70.39 24,302 339 133 24,097 7.9x 7.4x 7.0x 18.4x 17.1x 15.9x 29.4x 25.6x 5.6% 7.0% 70.8% 70.7% 43.6% 43.7%

TriNet Group, Inc. 42.07 24.09 45.25 2,923 264 432 3,091 1.0x 3.8x 3.8x 20.2x 11.1x 11.1x 21.1x 21.2x (73.7%) 0.4% 74.1% 73.6% 34.6% 34.6%

Insperity, Inc. 59.05 34.60 61.48 2,462 288 104 2,278 0.8x 0.7x 0.6x 19.0x 13.1x 11.5x 25.0x 21.6x 11.7% 10.7% 17.1% 17.1% 5.3% 5.5%

Barrett Business Services, Inc. 65.55 44.52 69.32 479 36 4 447 0.5x 0.5x 0.4x 13.9x 11.4x 10.0x 21.4x 18.2x 9.9% 11.5% 17.0% 16.4% 4.2% 4.3%

Mean 2.9x 3.3x 3.1x 18.1x 14.6x 13.3x 25.6x 23.1x (8.2%) 7.3% 44.8% 44.3% 21.6% 21.9%

Median 1.0x 3.8x 3.8x 19.0x 13.1x 11.5x 25.0x 21.6x 5.7% 7.0% 45.0% 43.6% 20.4% 21.3%


10






Staffing & Recruiting

Recruit Holdings Co.,Ltd. $24.75 $14.25 $25.87 $41,368 $3,121 $1,772 $40,063 2.7x 2.2x 1.9x 20.6x 16.9x 15.5x 32.8x 28.8x 24.0% 12.2% 48.0% 46.1% 12.7% 12.4%

Adecco Group AG 81.82 70.11 82.27 13,933 1,139 2,406 15,210 0.6x 0.5x 0.5x 12.2x 10.0x 9.6x 14.2x 13.2x 18.4% 4.4% 18.6% 18.6% 5.4% 5.4%

Randstad Holding NV 68.13 58.46 70.99 12,486 326 1,968 14,128 0.6x 0.5x 0.5x 14.1x 10.2x 9.5x 13.8x 12.7x 27.7% 4.7% 20.3% 20.2% 5.0% 5.1%

ManpowerGroup Inc. 129.75 91.13 131.99 8,598 667 923 8,945 0.5x 0.4x 0.4x 10.8x 10.2x 9.3x 18.4x 16.7x 6.6% 6.7% 16.6% 16.7% 4.2% 4.3%

Robert Half International Inc. 56.36 42.92 57.67 6,941 348 1 6,594 1.3x 1.3x 1.2x 10.7x 11.4x 10.8x 21.9x 17.7x (0.3%) 4.7% 41.0% 41.2% 11.1% 11.2%

Persol Holdings Co., Ltd. 24.58 16.52 26.35 5,747 722 202 5,362 1.1x 0.9x 0.7x 15.0x 13.7x 10.8x 34.3x 25.3x 19.4% 34.6% 23.7% 24.0% 6.7% 6.3%

Hays plc 2.74 2.00 2.74 3,971 145 1 3,826 0.7x 0.5x 0.5x 10.1x 11.5x 10.4x 19.4x 17.4x 22.0% 8.5% 18.9% 18.8% 4.7% 4.8%

On Assignment, Inc. 66.59 43.25 68.29 3,464 28 610 4,046 1.7x 1.5x 1.5x 16.0x 13.1x 12.1x 20.9x 19.3x 7.0% 6.9% 32.4% 32.4% 11.8% 12.0%

Korn/Ferry International 42.16 27.47 44.08 2,383 283 246 2,349 1.5x 1.4x 1.3x 11.9x 9.5x 8.7x 17.4x 15.4x 6.8% 5.5% 29.8% 30.6% 14.9% 15.3%

PageGroup plc 7.45 5.57 7.46 2,303 116 - 2,188 1.5x 1.2x 1.1x 16.3x 12.0x 10.9x 20.5x 18.3x 24.3% 8.4% 52.7% 52.7% 9.9% 10.1%

Kelly Services, Inc. 28.55 20.27 30.93 1,097 22 24 1,099 0.2x 0.2x 0.2x 12.5x 10.2x 8.9x 14.0x 13.9x 1.7% 3.0% 17.5% 17.6% 2.0% 2.2%

TrueBlue, Inc. 27.40 19.30 29.50 1,007 35 135 1,107 0.4x 0.4x 0.4x 7.6x 9.1x 8.4x 16.1x 14.6x (8.9%) 2.2% 25.3% 25.1% 4.9% 5.1%

Kforce Inc. 26.65 16.75 27.30 673 1 129 801 0.6x 0.6x 0.6x 11.1x 9.9x 8.9x 17.5x 14.2x 2.7% 4.0% 30.1% 30.1% 6.0% 6.4%

Heidrick & Struggles International, Inc. 25.85 17.90 27.10 486 106 - 380 0.7x 0.6x 0.6x 7.1x 7.4x 6.6x 23.6x 21.6x 4.4% 3.4% 31.3% 31.3% 8.4% 9.1%

Mean 1.0x 0.9x 0.8x 12.6x 11.1x 10.0x 20.3x 17.8x 11.1% 7.8% 29.0% 29.0% 7.7% 7.8%

Median 0.7x 0.6x 0.6x 12.1x 10.2x 9.5x 18.9x 17.0x 6.9% 5.1% 27.5% 27.6% 6.3% 6.3%


11






IT & BPO Services

International Business Machines Corporation $163.14 $139.13 $182.79 $151,034 $11,515 $45,642 $185,291 2.3x 2.4x 2.4x 10.0x 9.7x 9.4x 11.8x 11.8x (1.6%) 0.1% 47.5% 48.0% 24.3% 25.2%

Accenture plc 160.11 112.31 160.64 98,735 3,682 25 95,869 2.9x 2.7x 2.5x 17.8x 15.8x 14.2x 26.7x 23.8x 6.6% 9.4% 31.6% 31.7% 17.1% 17.3%

Tata Consultancy Services Limited 43.67 33.87 44.39 83,598 5,175 12 78,436 4.6x 4.1x 3.9x 16.6x 15.6x 14.8x 21.2x 19.5x 10.0% 7.1% 44.4% 43.2% 26.5% 26.2%

Cognizant Technology Solutions Corporation 74.56 51.52 76.51 43,964 4,713 823 40,074 3.0x 2.7x 2.5x 15.0x 13.1x 11.4x 20.1x 17.1x 9.8% 9.4% 38.2% 39.1% 20.6% 21.7%

Infosys Limited 16.96 13.53 17.08 36,864 3,615 - 33,249 3.3x 3.1x 2.9x 12.0x 11.4x 11.0x 17.0x 16.0x 8.0% 5.4% 37.6% 37.0% 26.8% 26.5%

DXC Technology Company 101.29 67.76 102.71 28,895 2,671 8,525 35,116 NA 1.7x 1.5x NA 9.0x 7.2x 15.2x 12.1x NM 19.2% 27.9% 25.5% 19.4% 20.4%

Wipro Limited 5.01 3.50 5.14 24,278 5,885 2,226 20,656 2.6x 2.4x 2.4x 12.9x 11.3x 11.3x 17.8x 17.0x 6.3% 1.7% 29.3% 29.2% 21.4% 20.9%

Capgemini SE 129.25 90.00 130.35 21,059 1,505 3,966 23,532 1.8x 1.5x 1.5x 14.1x 11.2x 10.5x 18.2x 16.8x 15.8% 4.3% 32.1% 33.9% 13.7% 14.0%

HCL Technologies Limited 14.56 12.25 14.85 20,275 1,119 120 19,276 2.8x 2.4x 2.3x 12.8x 11.0x 10.5x 14.7x 14.4x 16.7% 6.5% 33.6% 33.8% 22.2% 21.9%

NTT Data Corporation 12.31 9.03 12.80 17,265 1,758 5,100 20,895 1.5x 1.1x 1.1x 9.4x 8.0x 7.4x 32.5x 25.5x 29.6% 0.6% 25.3% 24.6% 14.2% 15.2%

Atos SE 154.35 119.03 164.56 16,162 2,300 1,910 16,384 1.3x 1.1x 1.0x 10.2x 8.0x 7.7x 15.6x 14.2x 23.8% 4.1% 55.7% 54.6% 13.3% 13.4%

CGI Group Inc. 53.45 48.65 55.92 15,161 133 1,551 16,579 2.1x 1.9x 1.8x 12.3x 10.5x 9.9x 18.0x 16.3x 9.8% 4.2% NA NA 18.1% 18.5%

Nomura Research Institute, Ltd. 47.93 31.47 49.01 11,429 1,152 524 10,906 3.1x 2.7x 2.6x 14.8x 13.3x 12.3x 28.4x 26.2x 12.5% 5.2% 33.3% 34.6% 20.5% 21.1%

Tech Mahindra Limited 8.66 5.61 8.74 8,484 1,373 220 7,431 1.8x 1.6x 1.5x 11.6x 11.5x 10.1x 16.3x 15.1x 12.6% 6.7% 31.5% 28.9% 13.6% 14.5%

Genpact Limited 33.12 23.34 33.75 6,394 443 1,220 7,174 2.8x 2.6x 2.5x 17.1x 15.8x 14.3x 20.7x 18.7x 6.0% 6.8% 38.8% 39.1% 16.7% 17.2%

EPAM Systems, Inc. 110.87 63.32 111.95 5,855 513 25 5,367 4.6x 3.7x 3.0x 31.6x 20.8x 16.8x 32.3x 26.6x 24.8% 21.7% 36.9% 37.3% 17.8% 18.1%

Capita plc 5.76 5.30 9.87 3,832 1,541 4,410 6,795 1.1x 1.2x 1.2x 9.0x 9.0x 8.9x 8.9x 8.6x (3.8%) (0.3%) 25.9% 25.9% 13.0% 13.2%

Conduent Incorporated 16.91 13.75 18.15 3,557 468 2,062 5,151 0.8x 0.9x 0.9x 11.6x 7.7x 7.1x 21.6x 17.3x (6.2%) (2.4%) 17.1% 17.6% 11.1% 12.4%

MphasiS Limited 11.45 8.13 12.17 2,212 389 60 1,883 2.1x 1.9x 1.7x 13.2x 12.4x 11.0x 18.9x 15.8x 9.8% 10.5% 27.7% 27.0% 15.4% 15.7%

ExlService Holdings, Inc. 62.04 44.25 63.35 2,106 249 45 1,902 2.8x 2.5x 2.3x 19.2x 14.6x 12.8x 23.7x 21.7x 10.5% 9.6% 34.4% 34.7% 17.2% 17.8%

WNS (Holdings) Limited 41.10 26.86 42.36 2,070 183 103 1,990 3.4x 2.9x 2.6x 21.4x 15.7x 12.1x 44.2x 28.0x 17.3% 11.8% 34.8% 33.7% 18.4% 21.5%

Syntel, Inc. 23.50 15.82 26.33 1,947 109 388 2,226 2.3x 2.5x 2.5x 8.3x 9.8x 9.6x 12.5x 13.0x (7.1%) (0.7%) 36.6% 36.8% 25.3% 25.9%

Luxoft Holding, Inc. 57.15 40.15 67.85 1,919 56 2 1,864 2.5x 2.1x 1.8x 19.4x 13.8x 10.8x 20.4x 16.9x 17.8% 18.5% 40.3% 37.8% 15.3% 16.5%

Presidio, Inc. 18.70 12.75 19.74 1,715 25 923 2,613 0.9x 0.9x 0.9x 13.4x 10.9x 10.4x 14.8x 13.7x 2.6% 6.1% 20.8% 21.1% 8.4% 8.3%

Hexaware Technologies Limited 5.64 2.95 5.76 1,675 68 - 1,607 3.1x 2.6x 2.3x 19.2x 15.3x 13.8x 21.3x 20.0x 18.6% 10.9% 34.9% 34.8% 17.0% 16.9%

Globant S.A. 47.28 32.11 47.74 1,660 45 11 1,625 5.0x 4.0x 3.3x 26.6x 24.9x 19.5x 36.3x 30.3x 26.1% 20.6% 38.4% 39.0% 16.0% 17.0%

Mindtree Limited 9.94 6.84 10.12 1,629 121 38 1,546 2.0x 1.9x 1.7x 14.1x 15.1x 12.5x 23.3x 20.7x 7.8% 11.9% 33.9% 33.0% 12.3% 13.3%

Virtusa Corporation 45.77 24.84 48.71 1,344 239 105 1,302 1.6x 1.4x 1.2x 24.4x 19.2x 13.6x 30.9x 23.2x 19.5% 14.2% 27.9% 28.8% 7.1% 8.7%

Persistent Systems Limited 12.32 8.78 12.46 985 113 0 873 2.1x 1.8x 1.6x 14.7x 11.8x 9.9x 19.4x 16.2x 13.4% 14.9% 36.1% 34.7% 15.7% 16.3%

Perficient, Inc. 19.62 16.20 20.22 685 2 65 747 1.6x 1.5x 1.5x 14.9x 10.7x 9.4x 16.2x 14.1x 3.4% 6.2% 33.3% 33.2% 14.4% 15.5%

Mean 2.5x 2.2x 2.0x 15.4x 12.9x 11.3x 21.3x 18.4x 11.1% 8.1% 34.0% 33.7% 17.1% 17.7%

Median 2.3x 2.2x 2.1x 14.1x 11.6x 10.9x 19.7x 16.9x 10.0% 6.7% 33.9% 33.9% 16.8% 17.1%


12






Customer Care / CRM Services

Teleperformance SE $153.14 $116.88 $156.78 $8,845 $375 $2,064 $10,546 2.7x 2.1x 2.0x 19.3x 12.1x 11.2x 21.5x 19.2x 31.7% 6.5% NA NA 17.1% 17.5%

SYNNEX Corporation 137.97 101.48 141.94 5,514 556 1,942 6,899 0.5x 0.4x 0.4x 13.4x 10.4x 8.9x 15.8x 13.5x 17.9% 17.3% 9.2% 9.1% 4.0% 4.0%

Convergys Corporation 22.90 20.15 26.66 2,116 181 280 2,216 0.8x 0.8x 0.8x 6.1x 6.2x 6.4x 12.4x 12.4x (4.0%) (2.9%) 37.7% 37.1% 12.7% 12.7%

TTEC Holdings, Inc. 40.30 28.20 43.75 1,848 79 255 2,031 1.6x 1.4x 1.3x 12.9x 10.6x 9.6x 23.2x 19.9x 12.3% 6.5% 25.1% 25.7% 13.4% 13.8%

Sykes Enterprises, Incorporated 31.89 25.77 34.49 1,357 328 267 1,296 0.9x 0.8x 0.8x 7.9x 7.5x 6.9x 16.5x 15.8x 8.0% 4.2% 34.6% 35.0% 10.9% 11.4%

transcosmos inc. 26.08 20.54 26.64 1,082 264 126 977 0.5x 0.4x 0.4x 9.8x 11.1x 9.5x 18.9x 18.3x 13.4% 8.9% 17.9% 17.6% 3.8% 4.1%

BELLSYSTEM24 Holdings, Inc. 14.08 8.17 14.36 1,036 49 697 1,696 1.8x 1.7x 1.6x 18.2x 16.8x 14.9x 22.3x 18.5x 8.2% 5.5% 18.1% 18.8% 9.9% 10.6%

Relia, Inc. 12.18 9.17 12.56 840 129 24 735 0.9x 0.8x 0.7x 14.5x 11.0x 8.9x 28.4x 23.7x 21.8% 7.7% 14.2% 14.9% 7.0% 8.0%

Atento S.A. 10.15 7.70 12.90 750 163 511 1,110 0.6x 0.6x 0.6x 6.0x 5.0x 4.9x 13.7x 10.1x 9.1% 3.0% NA NA 11.7% 11.5%

Mean 1.1x 1.0x 0.9x 12.0x 10.1x 9.0x 19.2x 16.8x 13.2% 6.3% 22.4% 22.6% 10.0% 10.4%

Median 0.9x 0.8x 0.8x 12.9x 10.6x 8.9x 18.9x 18.3x 12.3% 6.5% 18.1% 18.8% 10.9% 11.4%


13

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2017 & 2016)

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18.

($MM)

EV / EBITDA EV / Revenue

Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

12/22/2017 $219 NA NA NA NAProvides eCommerce analytics, with proprietary

technology, for consumer product companies

12/18/2017 $476 5.8x NA 1.0x NA Largest direct mail production provider in North America

11/30/2017 $280 NA NA NA NAProvides market and cost intelligence solutions to

energy companies

11/27/2017 $456 NM 19.6x 2.2x 2.2xProvides marketing tools to retailer and brand clients for

understanding consumer voice

11/22/2017 NA NA NA NA NA Provider of data and analytics for capital markets

11/14/2017 NA NA NA 2.4x NAProvides under-banked consumer risk management and identity

verification services to alternative financial services industry

10/12/2017 NA NA NA NA NAGlobal leader in consumer and business-to-business

digital research data for business decisions

10/5/2017 $70 NM NA 2.7x NALeader in sales intelligence and acceleration for

businesses selling to the public sector

10/2/2017 $1,188 16.5x 16.6x 0.4x 0.4xJapan-based advertising agency and provider of

animation programs

9/26/2017 $558 NA NA NA NAProvides predictive analytics and marketing automation

technology for the automotive industry

9/5/2017 $113 11.2x NA 0.7x NAProvides digital video brand advertising solutions in the

U.S. and internationally

8/29/2017 $1,300 6.3x 6.4x 1.6x 1.6xProvides research, technology, and data-enabled

services to healthcare sector worldwide

8/29/2017 $1,550 NA NA NA NAProvides research and advice to academic, business, and

student leaders at Universities

8/28/2017 $105 NM NM 0.7x 1.0xProvides a data management platforms for display

advertising and in-store ad campaign solutions

7/27/2017 $112 NA NA NA NAProvides merchant risk intelligence for acquirers,

commercial banks, and payment systems

14

($MM)



7/24/2017 $2,617 14.4x 10.8x 3.7x 3.6xProvides health information through websites, mobile

platforms, and publications

7/18/2017 $147 NM NM 0.4x 0.3xPredictive marketing company that uses AI to anticipate

people's need for products and services

7/5/2017 NA NA NA NA NA Provides assisted living referral services

7/3/2017 $1,435 14.2x 11.1x 3.0x 2.8xOperates as a publisher, aggregator, and distributor of

personal finance content on the Internet

6/30/2017 NA NA NA NA NAMarketing solutions and search platform provider and

publisher of the Real Yellow Pages and YP.com

6/20/2017 NA NA NA NA NAOwns and operates a Website that enables customers to

shop for energy rates

6/16/2017 $63 NM NA 5.6x NAProvides identity theft detection, protection, and

resolution services

6/5/2017 NA NA NA NA NA Provides B2B data and data-driven marketing services

6/5/2017 $200 NA NA NA NAProvides location-driven insights and mobile advertising

intelligence

5/15/2017 $3,293 22.0x NA 11.6x NA Provides business intelligence and company information

5/11/2017 $4,309 11.4x 10.0x 1.7x 1.6xProvides advertising, digital, and communications

services

5/3/2017 (Investment)

$700 NA NA NA NAProvides hospitality, merchandise, ticket sales,

sponsorship, and experiential services

4/17/2017 NA NA NA NA NAProvides subscription-based advertising, brand, and

pricing intelligence solutions

4/10/2017 $464 15.1x 8.2x 1.6x 1.5xOperates as a savings destination with digital offers for

online and in-store purchases

4/4/2017 NA NA NA NA NAProvides analytics and services to engage with shoppers

and patients and optimize results

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2017 & 2016) – continued


15


($MM)



4/3/2017Email/Cross-Channel Marketing Business

$400 NA NA NA NAIncludes the Experian Marketing Suite, CheetahMail, and

Mail Publisher

4/3/2017 $900 17.0x NA 4.2x NAProvides agricultural market intelligence to farmers,

agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

3/20/2017 NA NA NA NA NACision provides public relations software (reverse

merger)

3/3/2017 $125 16.2x NA 4.2x NAProvides information and data for the global forest

products industry

2/28/2017 NA NA NA NA NAProvides software, workflow tools, and technologies to

the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information

1/19/2017 NA NA NA NA NAProvides technology media, data, and marketing

services to customers worldwide

1/10/2017 $45 NA NA 3.2x NAPerformance marketing network serving online

merchants

1/10/2017 $150 NA NA 2.5x NAMonitors and analyzes business information for

companies worldwide

1/6/2017 $200 NA NA 2.8x 2.4xProvides data-driven, omni-channel marketing services

for clients in the financial services sector

1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4xProvides best practice and talent management insights

in the U.S., Europe, and internationally

1/5/2017 NA NA NA NA NAProvides marketers with a comprehensive view into

consumer behavior patterns

1/4/2017 $418 NA NA NA NAUK-based producer and provider of technical

information for the automotive aftermarket


16


($MM)



1/3/2017 NA NA NA NA NAProvides integrated marketing solutions including

digital, social, and direct mail

12/20/2016 $560 NA NA NA NAOperator of entertainment data and technology

company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3x Provider of market research and related services

11/21/2016 $144 NA NA NA NAProvider of business and financial information on public

and private companies globally

11/17/2016 $140 (1) NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

11/17/2016 $90 6.5x 5.9x 0.7x 0.8xProvider of marketing insights and communications

services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

11/14/2016 NA NA NA NA NAProvider of geographic information products and

services

10/25/2016 NA NA NA NA NA Provider of marketing research services

10/14/2016 $225 NA NA 7.2x NAProvider of data, research and analysis on private and

public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 1/12/18.1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

17


($MM)



9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/15/2016 $1,558 11.0x NA 4.2x NAPublisher of trade magazines and industry-specific web

sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

8/9/2016 $2,393 22.8x 16.0x 6.9x 6.2xProvider of strategic advisory services for healthcare

organizations

8/8/2016 $1,500 21.1x NA 3.2x NA Provider of performance marketing services

7/11/2016Intellectual Property & Science Business

$3,550 11.0x NA 3.5x NAProvider of intellectual property and scientific

information services

6/27/2016 $158 NM 8.9x 0.4x 0.5x Provider of online advertising services

6/10/2016 $260 19.3x NA 5.7x NAProvider of data and research related to digital

marketing, media, and commerce

6/9/2016 NA NA NA NA NAProvider of sales and marketing services for the

insurance sector

6/7/2016 NA NA NA NA NAProvider of information, news and data for the travel

and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

5/3/2016 $13,267 17.9x 14.0x 4.3x 4.2xProvider of information and technology services to the

global healthcare industry

4/25/2016 $820 NA NA NA NAProvider of risk assessment and decision analytics

services to the global healthcare industry


18


($MM)



4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $7,303 19.1x 13.8x 6.6x 6.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 14.6x 11.6x 3.5x 2.3x

Median 14.4x 11.0x 2.7x 1.9x


19

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2017 & 2016)

($MM)



12/22/2017 NA NA NA NA NAProvider of l itigation support services including electronic

discovery, data management and managed review services

12/11/2017 NA NA NA NA NA Bankruptcy claims and noticing agency in the U.S.

12/6/2017 NA NA NA NA NAProvides claim management, loss adjusting, and risk solutions

to insurers, brokers, and risk managers

12/1/2017 NA NA NA NA NAReverse merger with SPAC to become a Nasdaq-listed

public company

11/30/2017 $2,000 10.4x NA 2.9x NAProvides software development, engineering, and

product design services

11/1/2017 $1,750 NA NA NA NAProvides advisory services in valuation, M&A, compliance and

regulatory consulting, disputes and investigations, real estate,

restructuring, and tax

10/30/2017(65% Stake)

$250 NA NA NA NAGlobal IT consulting and next-generation software

services company with focus on telecom sector

10/23/2017 $140 NA NA 2.4x NAProvider of clearance and protection solutions for

trademark and intellectual property professionals

10/18/2017 $2,497 NA NA NA NAProvides underwriting, claims administration, and

marketing services worldwide

10/18/2017 $320 11.8x NA 2.0x NACzech Republic-based provider of translation,

localization, and testing services

10/3/2017 $998 NA NA NA NAProvides IT managed services, infrastructure solutions,

consulting, and products to SMBs and Fortune 1000 companies

9/28/2017 NA NA NA NA NAEnterprise IT company providing advisory services,

security, hosting and technology solutions

9/18/2017 $180 NA NA NA NAProvides managed cloud, agile software development, DevOps,

systems engineering, and IT services to the U.S. federal

government

9/7/2017 $720 NA NA NA NAProvides proxy advisory and corporate governance solutions to

financial market participants

8/29/2017 $3,100 15.5x NA NA NA Provides IP and legal support services worldwide


20

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2017 & 2016) – continued

($MM)



8/21/2017 NA NA NA NA NAProvides PEO services to small and medium-sized

businesses

8/7/2017 $530 NA NA 2.6x NAProvides data, applications, analytics, and consulting

services to life sciences companies

7/31/2017 $154 NM NA 0.2x NAProvides engineering, IT and staffing solutions

worldwide

7/17/2017 NA NA NA NA NAProvides integrated workforce management solutions to

manage their temporary staffing and outside service

7/12/2017 NA NA NA NA NAOperates as a PEO that provides workforce solutions for

businesses in the U.S.

7/10/2017 $199 6.9x NA 0.3x NACanada-based provider of IT services and data center

solutions in North America and the U.K.

7/5/2017 $152 NA NA NA NAIndependent integrator of Microsoft Dynamics 365 for

mid-market and enterprise customers

7/3/2017 $293 10.4x 9.6x 0.9x 0.8xProvides IT solutions to defense, intelligence,

healthcare, and government agencies worldwide

6/19/2017 $627 NA NA 0.9x NAProvides HR SaaS solutions that connect job seekers and

employers in the U.S. and internationally

6/19/2017 $886 NA NA NA NA UK-based IT training and learning solutions company

6/15/2017 $787 10.9x NA 1.8x NAProvides engineering and design services and PLM

products and services

6/13/2017 $1,675 NA NA NA NAProvides IT and infrastructure solutions for businesses in

North America

6/6/2017 $830 15.8x NA 0.2x NATechnology distributor of security, collaboration,

networking, and data center products

6/1/2017 NA NA NA NA NAProvides travel visa and passport services to

corporations, travel companies and individuals

5/25/2017 NA NA NA NA NA Provides enterprise managed solutions


21


($MM)



5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

5/16/2017 $837 NM NM 5.2x 3.8xProvides subscription-based enterprise support services

for Oracle, SAP, and other software products

5/15/2017 NA NA NA NA NAProvides technology solutions that streamline the claims

management process

5/10/2017 $4,600 15.4x NA 2.1x NAProvides outsourced services to the pharmaceutical,

biotechnology, and healthcare industries

5/9/2017 $4,955 7.6x 7.6x 2.2x 2.1xProvides communication and network infrastructure

services

4/14/2017 $2,000+ NA NA NA NAProvides technology-based educational, curriculum, and

assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

4/3/2017 $2,702 11.6x 10.7x 1.0x 1.0xProvides infrastructure design, engineering, and project

management consultancy services

4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

3/6/2017 $110 NA NA 0.9x NAProvides technology consulting to healthcare service

providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

2/10/2017Benefits Administration & HR Platform

$4,800 12.1x NA 2.1x NABenefits administration platform which provides cloud-

based HR management services

1/27/2017Government IT Services Business

$690 NA NA 0.7x NA Provides communications, engineering, and IT solutions

1/11/2017(48% stake)

$1,500 NA NA NA NAProvides full-lifecycle software development services to

customers worldwide


22


($MM)



12/19/2016 NA NA NA NA NA Provider of recruitment services

12/14/2016 NA NA NA NA NAProvides managed hosting and cloud computing

services, with strong AWS focus

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

12/6/2017 NA NA NA NA NAProvider of information security and compliance

management services to enterprise clients

12/1/2016 NA NA NA NA NAProvider of data-driven benchmarking, outsourcing

consulting and network advisory services

11/16/2016 NA NA NA NA NAProvider of debt collection and business process

outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

10/21/2016 $410 NA NA NA NAProvider of information management and data recovery

services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services


23


($MM)



10/5/2016 NA NA NA NA NA Provider of consulting and advisory services

9/26/2016 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services


7/27/2016 $1,023 11.7x 8.9x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services


5/24/2016 $8,642 5.1x NA 0.5x NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1xProvider of global IT and business process outsourcing

services

3/30/2016 NA NA NA NA NAProvider of cloud-enabled consulting and

implementation services

3/28/2016 $3,055 NA NA NA NAProvider of information technology and business

services


24


($MM)



2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

2/8/2016 $741 9.1x 6.1x 0.8x 0.8\ Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.3x 8.7x 1.8x 1.7x

Median 11.1x 8.9x 1.4x 1.2x


25

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

12/29/2017 Baifendian Information Technology Co., Ltd. InsightWorks NA China-based provider of online survey and consumer insight products and services

12/26/2017 Cision Ltd. PRIME Research International AG & Co. KG NAGermany-based global provider of media measurement and analysis services that

help PR professionals craft meaningful campaigns

12/22/2017 Ascential plc Clavis Insight $219Provides eCommerce analytics, with proprietary technology enabling consumer

product companies to track and optimize performance

12/22/2017 Levine Leichtman Capital Partners Law Business Research Ltd NAUK-based publisher of research, data, and analysis on international business law

and legal markets

12/22/2017 JLL Partners Xact Data Discovery NAProvider of litigation support services including electronic discovery, data

management and managed review services

12/20/2017 GP Strategies Corporation Hula Partners, LLC NA Provides SAP SuccessFactors HCM implementation services

12/20/2017 Advanced Technology Services, Inc. Innovative Technology Solutions LLC NA Provides IT consulting and managed services

12/19/2017 Dentsu, Inc. David Wood And Associates Inc. (DWA) NA Provides B2B digital marketing services

12/19/2017 HS2 Solutions, Inc. LunaMetrics, LLC NAProvides digital marketing services including search marketing, CRO, data science

solutions, advertising strategy, and Google analytics

12/18/2017 WPP plc ARBA NAHong Kong-based provider of bespoke digital design and software engineering

services

12/18/2017 ModusLink Global Solutions, Inc. IWCO Direct Holdings Inc. $476 Largest direct mail production provider in North America

12/18/2017 ConvergeOne, Inc. Alexander Open Systems, Inc. (AOS) NA Leading IT consulting group in the Midwest

12/14/2017 Accenture plc Rothco Limited NA Ireland-based full-service creative agency

12/14/2017 ICF International The Future Customer Ltd. NA UK-based loyalty strategy and marketing company

12/13/2017 ABRY Partners Nexus Technologies, Inc. NA Dba NexusTek, provides IT consulting services to businesses in Colorado


26

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017) – continued

($MM)


12/12/2017 OneDigital Health and Benefits, Inc. Ruggieri Consulting, LLC NAProvides consulting services on health, welfare and retirement plans, and

advanced administrative capabilities

12/11/2017 Engine Shop The Gamer Agency (TGA) NA Esports strategy, event production, and development company

12/11/2017 Inmar, Inc. RASMAS (from Noblis, Inc.) NAProvides notification, distribution, organization and management of product alerts

and recalls throughout the healthcare industry

12/11/2017 YouGov plc Galaxy Research Pty Ltd NA Australia-based market research and opinion polling agency

12/11/2017 Mercer LLC Promerit Aktiengesellschaft NAGermany-based consulting firm for HR management, transformation and

digitization in German-speaking countries

12/11/2017 The Carlyle Group Prime Clerk LLC NA Bankruptcy claims and noticing agency in the U.S.

12/11/2017 Renovus Capital Partners Lockstep Technology Group NAProvides IT services, cloud solutions, IT risk management and security, and

strategic IT consulting to education and government institutions

12/8/2017 ALKU, LLC Holland Square Group, LLC NAProvides IT consulting and staffing services to a range of healthcare clients,

including payers and healthcare services providers

12/11/2017 Output Services Group, Inc. Diamond Marketing Solutions Group, Inc. NA Full-service provider of data-driven customer communications

12/7/2017 The Stagwell Group Forward 3D Group Limited NAUK-based marketing agency that runs campaigns across digital media formats using

technology based on linguistics and data science

12/8/2017 GlobalData Plc MEED Media FZ LLC $18Provides Middle East business intelligence including news, insight & analysis, data

on tenders and contracts awarded, plus projects and events

12/8/2017 Qualfon, S.C. Dialog Direct, Inc. NA BPO company that provides lead generation, sales, and customer support services

12/7/2017 Koddi Inc. HookLogic Travel Business (from Criteo S.A.) NAHookLogic Travel Business of Criteo S.A. provides hotel advertising technology

solutions

12/6/2017 Dentsu Inc. Swirl, Inc. NAFull-service digital marketing agency focused on digital advertising and social

media marketing services

12/6/2017H.I.G. Growth Partners, LLC

(Investment)Carlton Group Limited NA

Technology company specialized in developing SaaS-based solutions for global

engagement, sales incentive, loyalty and reward management


27

($MM)


12/6/2017Long Point Capital

(Investment)Woolpert, Inc. NA Design, geospatial, and infrastructure management company

12/6/2017 ABRY Partners, LLC Breakthrough Technology Group, LLC NAProvides private cloud, connectivity and managed IT services for mid-market

enterprise clients

12/6/2017 DPE Deutsche Private Equity GmbH AWK Group AG NASwitzerland’s leading independent IT consulting firm with key services including

consulting, engineering and project management

12/6/2017 Sedgwick Claims Management Services, Inc. Cunningham Lindsey Group Limited NAProvides claim management, loss adjusting, and risk solutions to insurers, brokers,

and risk managers in the U.S. and internationally

12/5/2017Shamrock Capital Advisors, LLC

(Investment)Branded Cities Network LLC NA

Digital Out-Of-Home media company with assets located in iconic and high-impact

destinations in the U.S. and Canada

12/5/2017 Zeta Interactive Corp. Disqus, Inc. NAOperates a blogger platform that helps users build a community from their

website's audience

12/5/2017 Sprout Social, Inc. Simply Measured, Inc. NA Develops social analytics solutions for brand marketers and social teams

12/5/2017 PSP Capital Partners, LLC; Growth Catalyst Partners Beachfront Media LLC NAProgrammatic mobile video advertising platform that enables viewers and

advertisers to connect while engaging with online video

12/5/2017 Drillinginfo, Inc. Pattern Recognition Technologies Inc. (PRT) NAProvides short-term power demand and price forecasts to the electric, gas, solar

and wind markets based on machine learning technologies

12/5/2017 Global ID Group Bioagricert Srl NAItaly-based provider of organic certification services according to Italian national

and international standards

12/5/2017 Oasis Outsourcing Holdings Inc. Staff One, Inc. NA PEO that provides HR management services to SMBs

12/5/2017 Stone-Goff Partners DSG Global Inc. NAProvides outsourced sales training and enablement services to companies in North

America and Europe

12/5/2017One Equity Partners

(Investment)OneLink NA

Central and South America-based provider of an integrated portfolio of BPO and

CRM services to North and Latin American clients

12/1/2017 InterVision Systems, LLC Independent Technology Group LLC NA Integrator of networking, storage and security solutions

12/1/2017 ConvergeOne, Inc. Forum Merger Corporation NA Reverse merger with SPAC to become a Nasdaq-listed public company



28

($MM)


12/1/2017 Vital Source Technologies, Inc. Intrepid Learning, Inc. NA Develops an online corporate learning solution

11/30/2017LLR Partners

(Investment)eLocal.com NA

Provides performance marketing services to support new customer acquisition for

local businesses

11/30/2017 Innovid, Inc. Taykey, Inc. NAReal-time data intelligence and advertising technology company that works with

over 200 brands

11/30/2017 Emerald Expositions Events, Inc. Connecting Point Marketing Group, Inc. NAOrganizes and hosts invitation-only senior executive level trade events for the

retail, restaurant, healthcare, and hotel industries

11/30/2017 Verisk Analytics, Inc. Power Advocate, Inc. $280 Provides market and cost intelligence solutions to energy companies

11/30/2017 Altran US Aricent Inc. $2,000 Provides software development, engineering, and product design services

11/30/2017 BV Investment Partners Apps Associates LLC NAIT services company that specializes in implementing, optimizing and maintaining

complex ERP, BI, and cloud applications

11/30/2017 Ernst & Young LLP E-STET LLC NAProvices litigation support services through its eDiscovery solution, insight

accelerator and managed review services

11/27/2017 Marlin Equity Partners, LLC Bazaarvoice, Inc. $456Provides marketing tools to retailer and brand clients for understanding consumer

voice

11/27/2017 Solebury Communications Group LLC The Trout Group LLC NAProvides IR and strategic advisory services to energy technology and life sciences

sectors

11/27/2017Great Hill Partners, LLC

(Investment)Reliam, Inc. NA Managed service provider for public cloud platforms

11/22/2017 ION Trading Ireland Limited Dealogic (Holdings) Limited NA Provider of data and analytics for capital markets

11/21/2017Livingbridge

(Investment)Giacom World Networks Limited NA

Provides cloud-based software, infrastructure and IT support services to the SMB

market via the IT consultants community

11/21/2017 Ardian CCC Holding GmbH NAProvides call center and BPO services to corporations in Austria, France, Germany,

Poland, Romania, Switzerland, Slovakia, and Turkey

11/20/2017 UL LLC ChemADVISOR, Inc. NAOffers database products, training programs, and consulting services for handling

hazardous materials



29

($MM)


11/20/2017 Addison Group, LLC Bridgepoint Consulting, LLC NAManagement consulting firm focused on financial operations, risk/compliance and

technology services

11/20/2017 The Carlyle Group L.P. Centerstone Insurance and Financial Services, Inc. NADba BenefitMall, provides payroll, HR, employee benefits, and employer services

for SMBs in the U.S.

11/17/2017 Focus Technology Solutions, Inc. NSK & Associates, Inc. NAIT consulting company focused on IT management and custom software

development services

11/16/2017 Ziff Davis, LLC Mashable, Inc. $50 Operates an online news community

11/16/2017 Magna5 LLC Netserve365, LLC NAProvides managed services, hosting options, security services, and IT consulting

services

11/15/2017 Inova Payroll, Inc. Payroll Strategies, LLC NA Provides payroll and HR services

11/14/2017 TransUnion FactorTrust, Inc. NAProvides under-banked consumer risk management and identity verification

services to alternative financial services industry

11/14/2017 The Hilb Group, LLC HR Knowledge, Inc. NAProvides integrated HR services including payroll, employee benefits, HR

management and benefits brokerage & administration

11/14/2017 H.I.G. Capital, LLC Whitney, Bradley and Brown, Inc. NAOffers financial and management consulting services to federal government

clients in the U.S.

11/13/2017 Publicis Healthcare Communications Group, Inc. Plowshare Group, Inc. NACommunications agency that specializes in working with nonprofits and federal

agencies on social issue and cause marketing campaigns

11/13/2017 Cardiff International, Inc. 495 Communications, LLC NA Provides cross-platforms advertising and content marketing services

11/13/2017 NTT Communications Corporation Secure-24, Inc. NAProvides managed IT operations, application hosting, and managed cloud services

to enterprises in the U.S. and internationally

11/12/2017 Olympus Partners LP Vaco, LLC NA Provides executive search, consulting, placement and strategic staffing services

11/10/2017 Converge Technology Partners Inc. Northern Micro Inc. NACanada-based provider of customized IT solutions, including devices, equipment,

professional service, and support

11/9/2017 Elite SEM Inc. OrionCKB, LLC NASocial advertising agency that focuses on customer acquisition and lead generation

from paid social channels



30


($MM)


11/9/2017 TeleTech Holdings, Inc. Motif, Inc. NAOutsourcing services firm based in India and the Philippines with a focus on digital

trust and fraud prevention services

11/9/2017 The Freeman Companies Helios Interactive Technologies, Inc. NAOperates a design studio that ideates, builds, and deploys consumer solutions

using technologies such as augmented and virtual reality

11/8/2017 Infogroup, Inc. Anne Lewis Strategies NA Provides digital strategy, planning and online lead generation services

11/8/2017 FFL Partners, LLCProservice Hawaii Business Development

CorporationNA Provides HR administration services in Hawaii

11/7/2017 Beringer Capital BrandShop LLC NA Provides digital commerce solutions for Fortune 1000 companies

11/7/2017 Shore Group Associates LLC LabSpot of ResearchConnection, Inc. NAProvides deep data mining, machine learning, and natural language processing

technology and services

11/1/2017 SDI Media Group, Inc. Picture Production Company Limited NA UK-based producer of marketing collateral and content for the global film industry

11/1/2017Primus Capital

(Investment)Dave Edwards Toyota NA

Provides website design and digital marketing technologies for car dealers and

OEMs

11/1/2017 Permira Advisers Ltd. Duff & Phelps Corporation $1,750Provides advisory services in valuation, M&A, compliance and regulatory

consulting, disputes and investigations, real estate, restructuring, and tax

11/1/2017 Resources Connection, Inc. Accretive Solutions, Inc. $38Professional services firm specializing in accounting and finance, enterprise

governance, business technology and transformation services

11/1/2017 West Monroe Partners, LLC CAST Management Consultants, Inc. NASpecializes in performance optimization solutions for the financial services

industry

10/31/2017 Gorilla, Inc. SPROUT Content, LLC NAPlatinum HubSpot partner specializing in content marketing, demand generation,

and marketing automation

10/30/2017TELUS International, Inc.

(65% Stake)Xavient Information Systems Inc. $250

Global IT consulting and next-generation software services company with focus on

telecom sector

10/26/2017 Cognizant Technology Solutions Corporation Zone Ltd NAUK-based provider of outsourced digital strategy, technology development, and

content creation for online and offline firms

10/25/2017 CoAdvantage, Inc. Total HR Management NAProvides HR administration services including payroll administration, workers

comp, and benefits


31


($MM)


10/24/2017Ridgemont Equity Partners

(Investment)Service Management Group, Inc. NA

Offers customer experience, brand research, employee engagement, and

reporting and analytics services

10/24/2017 Cognizant Technology Solutions Corporation Netcentric AG NASwitzerland-based provider of digital experience and marketing solutions, and a

leading independent Adobe partner in Europe

10/23/2017 Audax Group, Inc. Corsearch, Inc. $140Provider of clearance and protection solutions for trademark and intellectual

property professionals

10/20/2017 Booz Allen Hamilton Holding Corporation Morphick Inc NAProvides a tech-enabled managed service that tailors cyber security solutions to

their clients and enables them to stay ahead of attackers

10/19/2017 Sandbox Group LLC ymarketing, LLC NADesigns, executes, and optimizes digital marketing campaigns for consumer-

focused businesses across multiple disciplines

10/18/2017 Assurant, Inc. The Warranty Group, Inc. $2,497 Provides underwriting, claims administration, and marketing services worldwide

10/18/2017 RWS Holdings plc Moravia IT s.r.o. $320 Czech Republic-based provider of translation, localization, and testing services

10/17/2017 HERO Digital LLC Beyond Vigilant, LLC NAMarketing technology agency that helps clients to envision and execute their

future customer experiences

10/17/2017 Accenture plc Altima SA NA France-based full-service digital commerce agency

10/17/2017Moody's Corporation

(Investment)CompStak , Inc. NA

Provides an online database of commercial lease comps with complete deal

information

10/17/2017CIP Capital

(Investment)Wilson Human Capital Group, Inc. NA Provides recruitment process outsourcing and outsourced talent solutions

10/12/2017 Research Now SSI Survey Sampling International, LLC NAGlobal leader in consumer and business-to-business digital research data for

better insights and business decisions

10/12/2017 Equistone Partners Europe Inspired Thinking Group Limited NAUK-based provider of multi-channel marketing services, including creative,

content, print and digital campaigns

10/11/2017KeyPoint Government Solutions, Inc.; Vencore

Holding Corp.DXC Technology, U.S. Public Sector Business NA

Provides cybersecurity, cloud computing, data, and application technology services

for U.S. public sector clients

10/11/2017 Lexitas NextGen Reporting, LLC NA Provides court reporting and trial services for clients engaged in litigation


32


($MM)


10/11/2017 Converge Technology Partners Inc. Corus Group, LLC NA Dba Corus360, provides information technology consulting solutions

10/10/2017 Pelmorex Media, Inc. Addictive Mobility Inc. NA Offers a mobile advertising platform in Canada

10/10/2017 TransUnion eBureau, LLC NAProvides big data, predictive analytic, and information solutions to B2C and B2B

companies

10/10/2017 CoAdvantage, Inc. Progressive Employer Management Company, Inc. NAProvides payroll administration, workers' compensation, employee benefits, and

HR solutions to SMBs

10/10/2017 DXC Technology Company Logicalis Smc B.V. $42 Provides IT consulting services focused on the ServiceNow platform

10/5/2017 Roper Technologies Onvia, Inc. $70Leader in sales intelligence and acceleration for businesses selling to the public

sector

10/5/2017 Avtex Solutions, LLC The Interactive Engineering Consortium, LLC NA Provides contact center solutions and consulting services

10/4/2017 Digital Media Solutions, LLC. Mocade Media LLC NA Provides an email optimization platform

10/4/2017 IBM Interactive Experience Vivant Digital Pty Ltd NAAustralia-based boutique digital and innovation agency serving start-ups and

corporates, primarily in the financial services and distribution industries

10/4/2017 Designit A/S Cooper Software, Inc. $9 Provides design and strategy consulting services for the digital world

10/4/2017 The Cadmus Group, Inc. Meister Consultants Group, Inc. NAProvides sustainability policy, strategy, and stakeholder engagement consulting

services

10/4/2017 STEELE Compliance Solutions, Inc. Compliance Wave LLC NAProvides a compliance content library of 2,000+ micro-learning & communication

tools in 30+ languages

10/4/2017 AVI-SPL, Inc. Sharp's Audio Visual Ltd. NACanada-based designer and integrator of AV systems technology for meeting and

collaborative spaces and digital signage solutions

10/3/2017 ALM Media Properties, LLC Global Leaders in Law Limited NAInvitation-only membership group for General Counsels to exchange ideas and

participate in an advanced leadership skills development

10/3/2017 Office Depot, Inc. THL Portfolio Holdings Corp. $998Provides IT managed services, infrastructure solutions, consulting, and products to

SMBs and Fortune 1000 companies


33


($MM)


10/3/2017 PSAV, Inc. Hawthorn NAUK-based provider of creative design and technical event production equipment

for the event industry in the UK

10/2/2017 TowerBrook Capital Partners L.P. Rewards Network Inc. NAProvides loyalty services, dining rewards programs and financing to the restaurant

industry

10/2/2017 Bain Capital Private Equity, LP Asatsu-DK Inc. $1,188 Japan-based advertising agency and provider of animation programs

10/2/2017 ITA Group, Inc. Chadwick Martin Bailey, Inc. NA Provides market research and consulting services in the U.S. and internationally

10/2/2017 DTI NuLegal Pty Ltd NAAustralia-based provider of e-discovery and e-trial solutions to the Australian

market

9/28/2017 The Cadmus Group, Inc. IFOK GmbH NAGermany-based provider of strategic consulting and communication services in the

climate, energy, food, and farming sectors

9/28/2017 Sirius Computer Solutions, Inc. Forsythe Technology, Inc. NAEnterprise IT company providing advisory services, security, hosting and

technology solutions

9/27/2017 Nielsen Holdings plc Visual IQ, Inc. NAProvides hosted cross-channel marketing intelligence software for marketers and

advertising agencies

9/27/2017Enlightenment Capital

(Investment)CyberCore Technologies LLC NA

Provides managed IT, supply chain risk management and professional services for

government and commercial clients

9/26/2017 IHS Markit Ltd. automotiveMastermind, Inc. $558Provides predictive analytics and marketing automation technology for the

automotive industry

9/25/2017 CVC Growth Fund VelocityEHS NAProvides cloud-based chemical and safety data sheet management tools (fka

MSDSonline)

9/25/2017 Eliassen Group, LLC. Principle Solutions Group, LLC NA Provides IT staffing services

9/21/2017 Scribble Technologies Inc. i-on interactive, inc. NAProvides businesses with interactive content marketing solutions that focus on

improving customer engagement

9/20/2017Wunderman Limited

(WPP plc)Pierry, Inc. NA

Marketing software integration and solutions company specializing in optimizing

campaigns on the Salesforce Marketing Cloud

9/20/2017 MetrixLab US, Inc. Acturus Inc. $13Provides custom research-based services and multi-sponsored studies using qual,

quant and advanced analytical techniques


34


($MM)


9/19/2017 Bertram Capital Management LLC Spectrio, LLC NA Operates as an audio/video marketing company in the U.S.

9/19/2017NewSpring Capital

(Investment)TenFour LLC NA

Provides comprehensive IT network infrastructure services that deliver a

technological competitive edge while reducing operating costs

9/18/2017 ePlus Technology, inc. Integrated Data Storage, LLC NAProvides data center integration, cloud, and IT consulting services to enterprises

worldwide

9/18/2017Court Square Capital Partners L.P.

(Investment)System1 NA Developer of a pre-targeting platform for identifying consumer intent

9/18/2017 Finn Partners, Inc. ABI, Inc. NA Provides marketing and PR services to industrial and trade sectors

9/18/2017 Havas SA The 88 NA Provides digital advertising services

9/18/2017 ManTech International Corporation InfoZen, Inc. $180Provides managed cloud, agile software development, DevOps, systems

engineering, and IT services to the U.S. federal government

9/14/2017 UDG Healthcare plc MicroMass Communications, Inc. $76Healthcare communications agency with unique expertise in changing patient and

provider behavior

9/11/2017 Ansira, Inc. Local Biz Now, LLC NA Provides a local digital marketing platform

9/11/2017ClearPoint Investment Partners

(Investment)Shore Group Associates LLC NA

Prepares and processes unstructured data into actionable information and insights

across industries

9/11/2017 Rackspace Hosting, Inc. Datapipe, Inc. NA Architects, deploys and manages multi-platform hybrid IT and cloud solutions

9/10/2017NewSpring Capital

(Investment)Atlantic Metro Communications, Inc. NA

Managed infrastructure services provider focusing on private and hybrid cloud

hosting services

9/8/2017 Clear Link Technologies, LLC Portent, Inc. NAProvides SEO, PPC and paid media, social media, analytics, content, and creative

services

9/7/2017 Red Ventures, LLC Allconnect, Inc. NAPartners with utility and energy companies to help customers compare and

purchase home services

9/7/2017 HERO Digital LLC Delphic, a Hero Digital Company, LLC NA Provides digital marketing and web design services


35


($MM)


9/7/2017 Genstar Capital, LLC Institutional Shareholder Services Inc. $720Provides proxy advisory and corporate governance solutions to financial market

participants

9/7/2017 Genpact Limited TandemSeven, Inc. NADelivers customer and digital experience innovation consulting using design

thinking at its core

9/7/2017 U.S. Legal Support, Inc. Wheeler & Hallford Inc NA Court reporting agency serving the SF Bay Area legal community

9/6/2017 Kelly Services, Inc. Teachers On Call, Inc. $41Provides substitute teacher staffing services for K-12 public, private and charter

schools, and early child care centers

9/6/2017 Accenture plc Interactive Broadband Consulting Group, LLC NAConsulting firm focused on broadband and mobile operators, media companies

and technology providers

9/6/2017 Accenture plc MATTER INC. NADesign and innovation firm focused on designing products and experiences for the

connected world

9/6/2017 Counsel on Call Services, Inc. DSicovery, LLC NA Provides e-discovery, digital forensics and data management services

9/5/2017 RhythmOne plc YuMe, Inc. $113 Provides digital video brand advertising solutions in the U.S. and internationally

9/5/2017 Hewlett Packard Enterprise Company Cloud Technology Partners, Inc. NAProvides cloud application and infrastructure consulting solutions for mid-market

and enterprise customers in the U.S.

9/5/2017 GP Strategies Corporation CLS Performance Solutions Limited NAUK-based provider of learning solutions for ERP implementations for large

multinational clients

9/5/2017 GP Strategies Training Limited YouTrain Ltd NA UK-based provider of IT training services to commercial clients

8/31/2017 Warburg Pincus LLC SCM Insurance Services Inc. NACanada-based provider of claims management, risk management, and related

services

8/31/2017 GTCR, LLC Simplifi Holdings, Inc. NAAdvertising technology company that delivers localization and personalization at

scale through the use of unstructured data

8/29/2017 OptumInsight, Inc. The Advisory Board Company $1,300Provides best practices research and insight, technology, consulting and

management, and data-enabled services to healthcare sector worldwide

8/29/2017 Vista Equity Partners LLC Education Advisory Board $1,550Provides research and practical advice to academic, business, and student affairs

leaders at Universities


36


($MM)


8/29/2017 Meltwater News US Inc. Algo LLC NA Norway-based real-time data analytics platform

8/29/2017 Leonard Green & Partners, L.P. CPA Global Limited $3,100 Provides IP and legal support services worldwide

8/28/2017 Harland Clarke Holdings Corp. MaxPoint Interactive, Inc. $105Provides a data management platform that drives display advertising and in-store

campaign solutions for advertising clients

8/28/2017 TransUnion Datalink Services, Inc NAOffers nationwide driving and vehicle records, as well as driver pre-screening

services

8/27/2017 DiscoverOrg, LLC Rain King Software, Inc. NAProvides sales and marketing intelligence on a database of various technology and

marketing buyers in North America and Europe

8/24/2017 Verisk Analytics, Inc. LCI, INC. $151Provides bankruptcy data, risk insight, prediction and management solutions for

banks and creditors

8/24/2017 Accenture plc Verax, Inc. NA Canada-based technology and systems integration consulting firm

8/23/2017 Providence Equity Partners LLC DoubleVerify, Inc. NAProvides marketing measurement software and other data and analytics services

for marketers

8/23/2017 Havas SA Blink Ltd NA Israel-based social media marketing agency

8/23/2017 WPP plc Design Bridge Limited NA London-based brand strategy and design agency

8/23/2017 CGI Group Inc. Summa Technologies, Inc. NAProvides IT consulting serves with expertise in custom software solution, agile

transformation, and Salesforce consulting

8/23/2017 Apax Partners LLP ThoughtWorks, Inc. NAProvides software development and digital transformation consulting services to

the commercial, social and government sectors

8/21/2017 Paychex, Inc. HR OutSourcing, LLC NA Provides PEO services to small and medium-sized businesses

8/18/2017Clarion Capital Partners, LLC

(Investment)AML RightSource LLC NA

Provides anti-money laundering, fraud prevention, and financial crimes

compliance services

8/17/2017Rothschild Merchant Banking

(Investment)Opus 2 International Ltd NA

London-based provider of collaborative software and services for use throughout

the litigation and arbitration lifecycles


37


($MM)


8/17/2017 ConvergeOne, Inc.Strategic Products and Services, LLC (nka:SPS, a

ConvergeOne Company)NA Provides multivendor communication and networking managed services

8/17/2017 Global Knowledge Training LLC ctc TrainCanada Inc. NAProvides IT training solutions for corporate and government organizations in

Canada

8/16/2017 Deloitte Digital Acne AB NA Stockholm-based advertising and design company

8/16/2017Warburg Pincus LLC

(Investment)eSentire Inc. NA

Provides managed security solutions to help guard the IP and infrastructure of mid-

sized enterprises

8/16/2017Bregal Sagemount

(Investment)Options Technology Ltd. NA

London-based provider of financial technology managed services and hedge fund

technology and IT infrastructure solutions

8/16/2017 TELUS International, Inc.Voxpro Limited (nka:Voxpro powered by TELUS

International)NA Ireland-based provider of contact center services to clients in Europe

8/16/2017 The Results Companies, LLC USA800, Inc. NA Operates an inbound call center in the U.S.

8/15/2017 KPA, LLC Automotive Compliance Consultants, Inc. NA Provides compliance consulting services to dealerships

8/14/2017 MarketCast LLC Fizziology LLC NAProvides social media insights and analytics services to the media and

entertainment industry

8/14/2017 Great Hill Partners, LLC Zoom Information, Inc. NA Provides B2B data to support marketing campaigns and improve sales prospecting

8/10/2017 AppCard Inc. ProLogic Consumer Marketing Services Inc. NA Provides independent grocers with loyalty marketing solutions

8/9/2017 Cloudreach Europe Limited Emerging Technology Advisors Inc. NAProvides IT system architecture, infrastructure and operations, DevOps and UX

design services

8/9/2017 Accenture plc Wire Stone, LLC NACreates integrated immersive campaigns combining brand positioning, customer

research and data analysis, and promotion execution

8/9/2017 EQT Partners AB; EQT Mid Market US Data Intensity, LLC NAManaged services provider for Oracle enterprise databases, applications, business

intelligence solutions, and analytics

8/8/2017 Advantage Solutions Inc. Brand Connections, LLC NA Provides consumer promotions, retail marketing, and shopper marketing services


38


($MM)


8/7/2017 Deloitte & Touche LLP Blab, Inc. NASocial intelligence platform used by marketing teams to reach online influencers

or spend online marketing and advertising resources

8/7/2017 Teneo Holdings LLC Credo Business Consulting LLP NALondon-based provider of strategy consulting services that enable organizations to

make and implement strategic decisions

8/7/2017 Pharmaceutical Research Associates, Inc. Symphony Health Solutions $530Provides data, applications, analytics, and consulting services to life sciences

companies

8/3/2017 Accenture plc Concrete Solutions Ltda. NABrazil-based provider of software-development methodologies to develop cloud-

based mobile solutions and web applications

8/3/2017Primus Capital

(Investment)EnableComp LLC NA

Healthcare technology enabled services company that partners with healthcare

providers to assist workers' compensation payers

8/3/2017 Nielsen Holdings plc vBrand Ltd. NAIsrael-based startup that has developed a machine learning-enabled platform to

measure brand exposure and impact in sports programming

8/3/2017 Accenture plc Brand Learning Group Limited NAUK-based marketing and sales consultant helping enterprises with customer

strategies, new operating models, amd process development

8/3/2017 Infosys Limited Brilliant Basics Ltd. $10 UK-based product design and customer experience company

8/3/2017 Bridge Growth Partners, LLC BackOffice Associates, LLC NAProvides information governance and data migration solutions to Fortune 1000

companies

8/3/2017 Accenture plc Search Technologies Corp. NAProvides technology consultingand integration management to enhance

enterprise search and big data analytics

8/2/2017 Axel Springer affilinet GmbH NAUnited Internet's online performance marketing business serving 3,500 advertisers

in seven European countries

8/2/2017 CoreLogic, Inc. Clareity Security LLC NA Provides technology and consulting services to real estate professionals

8/2/2017 Evolve IP, LLC. Mtel N.V. NANetherlands-based provider of cloud communications solutions including contact

center, IP phone systems, and business collaboration tools

8/2/2017 Genpact Limited OnSource, LLC NAProvides a mobile-first claims inspection system that improves claims processing

efficiency for insurance companies

8/2/2017 NEP Supershooters, L.P. Bexel Corporation $35Provides premium outsourced broadcast services and rental equipment focused

on US sports, entertainment and live event production markets


39

($MM)


8/1/2017 Main Street Capital Corporation Market Force Information, Inc. NAProvides location-level measurement solutions, customer experience and

employee engagement surveys, and contact center services

8/1/2017 PricewaterhouseCoopers LLP Optimisa Holdings Limited NA UK-based provider of marketing consulting and research related services

7/31/2017 Hospitality Staffing Solutions, LLC D.E.Z STAFFING LLC NA Provides hospitality and industrial staffing services in the Denver market

7/31/2017 Sumeru Equity Partners, Inc. Market Data Services Limited NAUK-based provider of software and services to assist enterprises worldwide

manage their market data and communications costs

7/31/2017AE Industrial Partners, LLC; Ae Industrial Partners Fund I-

B, Lp; Ae Industrial Partners Fund I-A, Lp; AE Industrial

Partners Fund I, LP

CDI Corp. $154 Provides engineering, IT and staffing solutions worldwide

7/27/2017 Dentsu Aegis Network Ltd. Sokrati Technologies Pvt Ltd (nka:Merkle Sokrati) NA India-based data-driven performance marketing and analytics agency

7/27/2017 Brite Media Group LLC Clean Zone Marketing, LLC NA Provides transit and outdoor advertising services

7/27/2017 Verisk Analytics, Inc. G2 Web Services, LLC $112Provider of merchant risk intelligence solutions for acquirers, commercial banks,

and other payment system providers

7/27/2017Baird Capital

(Investment)Prescient Healthcare Group Limited NA

London-based global product strategy consultancy for the biopharmaceutical

industry

7/27/2017 OEP Capital Advisors, L.P. Lutech S.p.A. NAItaly-based engineering firm that designs, implements, and manages information

and communication technology solutions

7/26/2017 Prodigious Uk Limited Translate Plus Limited NA London-based provider of language services for global brands

7/26/2017 Daiwa Securities Group Inc.73% Stake in Sagent Advisors, LLC and 100% Stake

in Signal Hill Holdings LLCNA

Investment banking firms that provides strategic advisory and capital raising

services

7/25/2017 Synthesio SAS Social Karma SPRL NABelgium-based provider of social media analytics tools, statistics, and metrics for

social networks

7/24/2017 MH SUB I, LLC WebMD Health Corp. $2,617Provides health information to consumers, physicians, healthcare professionals,

and health plans through its websites and mobile platforms

7/24/2017 Morningstar, Inc. Sustainalytics B.V. NANetherlands-based provider of environmental, social, and governance research

and ratings



40

($MM)


7/23/2017 Scorpion Inc. Driven Local NAProvides digital marketing solutions for companies in the franchise and home

services markets

7/19/2017WestView Capital Partners

(Investment)Abacus Group, LLC NA Provides managed IT solutions and infrastructure for the financial services sector

7/18/2017 Education Solutions Services, LLC Source4Solutions, LLC NA Provides substitute staffing services for school districts

7/18/2017 ConvergeOne, Inc. Annese & Associates, Inc. NA Designs, installs, and maintains integrated communications systems in the U.S.

7/18/2017 Freeman Decorating Co. B.a.A.M. PRODUCTIONS NACanadian creative production company that specializes in high-profile and large

scale sports, cultural, and entertainment projects

7/18/2017 Sizmek Inc. Rocket Fuel Inc. $147Predictive marketing company that uses AI to empower agencies and marketers to

anticipate people's need for products and services

7/18/2017 Zeta Interactive Corp. boomtrain, Inc. NAOperates a marketing platform that employs artificial intelligence to personalize

messages across digital platforms

7/18/2017 Infogix, Inc. Data Clairvoyance Group, Inc. NAData strategy consultancy that helps organizations maximize the quality and value

of their data

7/17/2017 The Carlyle Group L.P.; Carlyle Partners VI, L.P. ZeroChaos, LLC NAProvides integrated workforce management solutions to help companies manage

their temporary staffing and outside service providers

7/14/2017 The Stagwell Group; Stagwell Media LLCNielsen Holdings plc, Certain Mobile Research

AssetsNA

Including television pilot testing services and the promotional testing and

consumer tracking of those pilots

7/14/2017

New Atlantic Ventures; NewSpring Capital; Osage

Partners LLC; Kaplan Ventures; NewSpring Ventures,

L.P. (Investment)

ExecOnline, Inc. NAPartners with leading business schools to deliver online leadership development

programs that generate measurable organizational impact

7/12/2017Kelso & Company

(Minority stake)Oasis Outsourcing Holdings Inc. NA Operates as a PEO that provides workforce solutions for businesses in the U.S.

7/12/2017 Accenture plc Clearhead Group LLC NAOffers data-driven digital optimization services to help brands personalize and

improve digital products

7/12/2017 Franklin Covey Co. Jhana Education Inc. NADevelops and offers online micro-learning content and tools for leaders and

managers

7/12/2017 Leeds Equity Partners, LLC Dalton Education LLC NADalton provides certified financial planning education and exam preparation

solutions



41


($MM)


7/12/2017 Leeds Equity Partners, LLC Money Education NAMoney Education publishes digital textbooks and reference workbooks for tax and

financial planning

7/10/2017 Press Ganey Holdings, Inc. Soyring Consulting, Inc. NAProvides clinical and operational consulting assistance to hospitals and healthcare

facilities

7/10/2017 Cincinnati Bell Inc. OnX Enterprise Solutions Ltd. $199Canada-based provider of IT services and data center solutions in North America

and the U.K.

7/10/2017 BARBRI, INC. iLawVentures, LLC NA Provides online legal education courses

7/10/2017 CPA Global Limited Markpro GLOBAL.LTD NA Seoul-based provider of patent renewals, trademark renewals and IP software

7/7/2017 Mastech Digital, Inc. InfoTrellis Inc. $55Provides consulting and technology services for master data management, data

integration, and big data

7/6/2017 FTI Consulting, Inc. CDG Group, LLC NAProvides restructuring advisory, turnaround management, value enhancement,

and transaction advisory services

7/6/2017 Oasis Outsourcing Holdings Inc. DHR Operations, LLC NA Provides HR services to clients in the Western region of the U.S.

6/30/2017Technology Crossover Ventures

(Investment)Axiom Software Laboratories, Inc. NA

Provides risk data management and regulatory reporting technology for the

financial services industry

7/5/2017 General Atlantic LLC; Silver Lake A Place for Mom, Inc. NA Provides assisted living referral services

7/5/2017 UXC Eclipse (USA) Inc. Tribridge, Inc. $152One of the largest independent integrators of Microsoft Dynamics 365 for mid-

market and enterprise customers

7/3/2017 Red Ventures Holdco, LP Bankrate, Inc. $1,435Operates as a publisher, aggregator, and distributor of personal finance content on

the internet

7/3/2017 Merkle Inc. Aquila Insight Ltd. NAProvides big data analytics using technology and human input from insight

professionals, to help clients connect with individual customers

7/3/2017 H.I.G. Capital, LLC; HIG Middle Market LBO Fund II NCI, Inc. $293Provides IT and professional services and solutions to defense, intelligence,

healthcare, and civilian government agencies worldwide

6/30/2017 Dex Media, Inc. YP Holdings LLC NAMarketing solutions and search platform provider and publisher of the Real Yellow

Pages and YP.com; combined company to be called DexYP


42


($MM)


6/29/2017 Marquis Software Solutions, Inc. DocuMatix, LLC NA Develops a communication software platform to conduct marketing operations

6/29/2017 Market Track, LLC InfoScout, Inc. NAProvides real-time shopper insights, including household purchase data for brick-

and-mortar and online retailers

6/28/2017Alaris Royalty Corp.

(Investment)Accscient LLC NA

Provides IT staffing, consulting, and outsourcing services and specializes in digital

infrastructure management, ERP, BI, and Database management

6/28/2017 Accenture plc Intrepid Pursuits, LLC NA Develops mobile experiences for connected devices

6/27/2017Silver Point Capital L.P.; Searchlight Capital

Partners (Investment)PatientPoint, LLC NA

Provides patient and physician engagement solutions, including advertising, in

doctors' offices and hospitals

6/27/2017FTV Capital

(Investment)Sitehands, Inc. NA Provides start-to-finish enterprise IT field services

6/27/2017 RhythmOne plcRadiumOne, Inc., Certain Assets and Related

Liabilities$26

Data-driven marketing platform that enables brands and agencies to access

performance- and engagement-based audiences and marketplaces

6/23/2017 Perficient, Inc. Clarity Consulting, Inc. $9Designs, develops, customizes, and implements Microsoft enterprise software

applications for businesses

6/22/2017 Meltwater News Canada Inc. Infomart $30Canada-based provider of media monitoring and analytics, research and insights

reports, executive summaries, and corporate data

6/22/2017 RockBridge Growth Equity, LLC Kings III of America, Inc. NAProvides turnkey emergency monitoring for building owners with hardware,

installation, monitoring, and maintenance for on-site emergency phones

6/21/2017Sverica Capital Management, LLC; Sverica Capital

Partners IV LPiWave Information Systems Inc. NA

SaaS company that offers fundraising intelligence to healthcare, education, and

non-profit organizations

6/20/2017 Red Ventures, LLC Choose Energy, Inc. NAOwns and operates a website that enables customers to shop for energy rates

based on price, provider, energy type, and other factors

6/20/2017 LendingTree, LLC Camino del Avion Delaware, LLC $40 Offers consumers personalized comparisons of banking and credit-based products

6/20/2017HarbourVest Partners, LLC; Resurgens Technology

Partners (Investment)Investment Metrics, LLC NA

Provides performance analytics and reporting solutions to institutional

consultants, plan sponsors, asset managers, and private wealth advisors

6/19/2017 Union Grove Venture Partners

(Investment)Free Stream Media Corp. NA

Helps advertisers and broadcasters understand TV viewership habits of the

modern consumer through its TV Audience Platform


43


($MM)


6/19/2017 Verve Wireless, Inc. matchinguu UG NAGermany-based provider of a contextual mobile notifications and marketing

platform for generating sales lead

6/19/2017Apollo Global Management, LLC; Ontario Teachers'

Pension Plan BoardCareerBuilder, LLC $627

Provides HR SaaS solutions that connect job seekers and employers in the U.S. and

internationally

6/19/2017Renovus Capital Partners

(Investment)The Panum Group, LLC NA

Provides program management, mission, and acquisition support and IT services to

Federal Government agencies

6/19/2017CVC Capital Partners Limited; CVC European Equity

Partners VI LPQA Limited $886 UK-based provider of IT training and learning solutions

6/16/2017 Equifax Consumer Services, Inc. ID Watchdog, Inc. $63Provides identity theft detection, protection, and resolution services primarily to

individuals and families on a subscription basis

6/15/2017 Dentsu Aegis Network Ltd. The Customer Framework Limited NA UK-based provider of digital transformation consulting services

6/15/2017 LendingTree, LLC Deposits Online, LLC. $33Provides consumer-facing financial information relating to depository deals and

analysis online

6/15/2017 Access Intelligence, LLC AdExchanger NA Provider of news, analysis, and events to the data-driven marketing space

6/15/2017 Warburg Pincus LLC Tata Technologies Limited $787Provides engineering and design services and PLM products and services primarily

to manufacturers and their suppliers

6/15/2017H.I.G. Capital, LLC

(Investment)Trace3, Inc. NA

Provides IT solutions to medium- and large-sized enterprise clients, with expertise

in cloud, security, data intelligence, and dev ops

6/14/2017 The Stagwell Group; Stagwell Media LLCNielsen Holdings plc, Certain Mobile Research

AssetsNA

UK-based Mobile Insights Survey and the Total Communication Survey, which will

join Harris Insights and Analytics

6/13/2017 Cision, Inc. (nka:Cision Ltd.) L'Argus de la Presse SA $12 France-based provider of media monitoring solutions

6/13/2017 Peak 10 Holding Corporation ViaWest, Inc. $1,675 Provides IT and infrastructure solutions for businesses in North America

6/13/2017 Health & Safety Institute, Inc. Comprehensive Loss Management, Inc. NADevelops and markets courseware and services that enable employers to improve

employee health and well being

6/13/2017 Cognizant Technology Solutions Corporation TMG Health, Inc. NAProvides tech-enabled BPO services for insurers, employers, health plans, and

providers in the Medicare, Medicaid, and reitree health plan markets


44


($MM)


6/8/2017 LexisNexis Legal & Professional Inc. Ravel Law, Inc. NAProvides a suite of tools and services to help professionals analyze, visualize, and

understand the law and prepare for litigation

6/8/2017 CBIZ, Inc. CMF Associates, LLC NA Provides financial and operational consulting and executive search services

6/8/2017 Worley Catastrophe Response, L.L.C. Apex Claims Service of New England, LLC NA Provides residential and commercial property claims adjusting services

6/7/2017 Arthur J. Gallagher & Co. Total Reward Group Limited NAUK-based consultancy offering remuneration support, executive search, interim

placement, and corporate training services

6/7/2017 Accenture Federal Services LLC Phase One Consulting Group, Inc. NAProvides IT strategy, modernization, and digital transformation services for the

federal market with a specialization in Salesforce solutions

6/7/2017 InterVision Systems, LLC Netelligent Corporation NA Provides managed IT and professional services

6/6/2017 CoreLogic, Inc. Mercury Network, LLC NAProvides a SaaS-based valuation vendor management platform to clients in the

mortgage lending industry in the U.S.

6/6/2017 SYNNEX Corporation Westcon Group, Inc. $830Technology distributor of security, collaboration, networking, and data center

products

6/5/2017 Aurora Capital Partners Randall-Reilly, LLC NAProvides B2B data and data-driven marketing services for the trucking,

construction, and agriculture industries

6/5/2017 Snap Inc. Placed, Inc. $200 Provides location-driven insights and mobile advertising intelligence

6/5/2017 Advantage Smollan Limited Intermarketing Agency NA UK-based full service creative agency

6/5/2017 SellUP, Inc. Alchemy Worx Limited NA UK-based email marketing agency

6/5/2017 Periscope, Inc. Anthem Marketing, LLC NAProvides data-driven marketing services, including analytics, database marketing,

journey mapping, and loyalty services

6/5/2017 Wunderman Limited The Cocktail Experience, S.L. NA Spain-based provider of digital brand transformation consultancy services

6/5/2017 Solera Holdings Inc. Colimbra Holding B.V. NANetherlands-based provider of intelligent data management software and services

for the automotive insurance industry


45


($MM)


6/5/2017Excellere Partners

(Investment)Consolidated Services Group, Inc. NA

Provides medical claims management solutions for auto insurance carriers,

workers' compensation administrators, and group health insurers

6/5/2017Emergency Communications Network, LLC

(nka:ONSOLVE, LLC)SWN Communications Inc. NA

Provides web-based and mobile enterprise communications services to

businesses, government agencies, colleges, and non-profit organizations

6/5/2017 Excellere Partners Consolidated Services Group, Inc. NAProvides medical claims management solutions for auto insurance carriers,

workers' compensation administrators and group health insurers

6/2/2017 Accenture plc SolutionsIQ, Inc. NA Provides Agile consulting and transformation solutions

6/1/2017 Clarivate Analytics Publons Limited NANew Zealand-based provider of researcher-facing peer-review data and

recognition platform

6/1/2017 Kohlberg & Company, L.L.C. CIBT, Inc. NAProvides travel visa and passport services to corporations, travel management

companies, and individuals

6/1/2017 Fractal Analytics Inc. 4i, Inc. NA Provides growth strategy and foresight analytics consulting

6/1/2017 Accenture plc LabAnswer Government LLC NA Provides laboratory informatics technology consulting services

6/1/2017 Globant S.A. PointSource, LLC $28 Tech agency specializing in the retail, supply chain, and insurance services sectors

6/1/2017 Marlin Equity Partners, LLCNYSE Governance Services, Inc. (nka:True Office

Learning)NA

Provides analytics-rich, interactive e-learning software and services, specializing in

GRC

6/1/2017 Aquiline Capital Partners LLC Output Services Group, Inc. NAProvides outsourced invoices for middle market companies in sectors including

telecom, financial services, and media

5/31/2017 Softvision Paradigms International Group, LLC Momentus Software Inc. NA Provides an R&D lab, solutions consultancy, and technology delivery services

5/30/2017 Avtex Solutions, LLC Integrated Access Solutions, Inc. NAProvides customer experience and contact center solutions, specializing in

Genesys and Microsoft platforms

5/25/2017Sageview Capital; Silver Lake

(Investment)DEMANDBASE, INC. NA

Provides B2B marketing solutions, including a cloud based ad targeting and web

personalization platform

5/25/2017 Rackspace Hosting, Inc. TriCore Solutions, LLC NAProvides enterprise managed solutions for the healthcare, financial services,

manufacturing, life science, and retail industries


46


($MM)


5/24/2017 Teneo Holdings LLC cabinet DN Sprl NA Public affairs and communications firm

5/24/2017 Havas SA Sorento Healthcare Communications Pvt Ltd NA Healthcare communications agency

5/23/2017 Softvision Paradigms International Group, LLC Momentus Software Inc. NATechnology agency that focuses on emerging technologies that will transform

industries (R&D lab, solutions consultancy, and tech delivery)

5/22/2017 Verisk Analytics, Inc. MAKE Consulting A/S NA Research and advisory business specializing in wind power

5/22/2017 International Institute for Learning, Inc. Orbital Training & Consulting Limited NAProvider of corporate training in project management, business process

improvement, and six sigma

5/22/2017 Advanced Discovery LLC Altep, Inc. NAProvides data forensics, discovery management, and investigative services for

litigations, corporations, and government entities in the U.S.

5/22/2017 Partners Group Holding AG SPi Global Holdings, Inc. $330Provider of specialized BPO services related to the creation, enrichment, and

transformation of content to research and education publishers

5/18/2017 HTC Global Ventures, LLC Ciber, Inc., Substantially All Assets $93 Provides IT and related staffing services

5/18/2017 Franklin Covey Co. Robert Gregory Partners, LLC $8 Provides executive coaching services

5/17/2017 Lighthouse eDiscovery, Inc. Liffey Thames Group, LLC NA Provides e-discovery services to corporations and law firms

5/16/2017 Onepath Systems, LLC Internet & Telephone, LLC NAProvides IT support and telecom services to banks, hospitals, and businesses in the

U.S.

5/16/2017 NGDATA Eccella Corporation NA Provides data management and analytics consulting services

5/16/2017 GP Investments Rimini Street $837Provides subscription-based enterprise support services for Oracle, SAP, and other

software products (reverse merger)

5/16/2017Vista Equity Partners LLC; Vista Equity Endeavor

Fund I, L.P. (Investment)Zapproved Inc. NA Provides e-discovery SaaS solutions for corporate legal teams

5/15/2017 Beringer Capital ICiDigital, Inc. NADigital agency that provides end-to-end strategy, design, and implementation

solutions with expertise in Adobe Marketing Cloud


47


($MM)


5/15/2017 Moody's Analytics, Inc. Bureau van Dijk Electronic Publishing BV $3,293Provides business intelligence and company information, with a database of over

220 million private companies

5/15/2017 Accenture plc Media Hive NAProvides platform development, systems architecture, and retail experiences

creation for the e-commerce industry

5/15/2017 General Atlantic LLC ControlExpert GmbH NAProvides technology solutions that streamline the claims management process by

using software, data analytics, and human expertise

5/15/2017Oakley Capital Investments Limited; Oakley Capital

IIITechInsights Inc. NA

Provides IP and technology services, including reverse engineering to prove patent

infringement

5/11/2017 Vivendi SA (to acquire 60% stake) Havas SA $4,309 Provides advertising, digital, and communications services

5/10/2017 Did-it.com, LLCThe Halo Group, Inc. (nka:The Halo Group, A Didit

Company)NA Marketing communications and branding agency

5/10/2017 AdSupply, Inc. LION New Media LLC NAOnline media agency focused on premium brands running campaigns on local

media websites

5/10/2017INC Research Holdings, Inc. (nka:Syneos Health,

Inc.)Double Eagle Parent, Inc. $4,600

Provides outsourced services to the pharmaceutical, biotechnology, medical

device and diagnostics, and healthcare industries

5/9/2017 The Hackett Group, Inc. Aecus Limited $8Provider of benchmarking and implementation consulting services for BPO, ITO,

and robotic process automation

5/9/2017 ICV Partners, LLC LeadingResponse, LLC NAOffers tech-enabled, data-driven client acquisition services to professional

services end markets

5/9/2017 Possible Worldwide, LLC Marketplace Ignition, LLC NAConsulting firm that helps brands develop marketing strategies for Amazon and

other online marketplaces

5/9/2017 WordStream, Inc. Algorithmic Ads Inc. NADevelops software to help businesses generate display ads based on their existing

website imagery

5/9/2017 Apollo Global Management, LLC West Corporation $4,955 Provides communication and network infrastructure services

5/9/2017 The Hackett Group, Inc. Jibe Consulting, Inc. $20Management and technology consulting firm focused on implementing Oracle ERP

and HCM solutions

5/8/2017 Elysian Capital LLP; Elysian Capital II LP Brand Addition Limited $78Designs, sources, and delivers branded merchandise to businesses for sales and

marketing activities


48


($MM)


5/8/2017 Envoy Health Management LLC. WRB Communications, Inc. $30Provides call center services to pharmaceutical manufacturers, biotech, medical

device organizations, and other health care industries

5/7/2017 Accenture plc The Monkeys Pty Limited NA Creative advertising agency

5/5/2017 MetaSource, LLC DataImage Inc. NAProvides business analytics, workflow design and business process automation,

and electronic document management solutions

5/4/2017 Teneo Holdings LLC Ryan Communication Limited NA Strategic communications firm

5/4/2017NORD Holding

Unternehmensbeteiligungsgesellschaft mbHPPS. Imaging GmbH NA Provides professional print solutions

5/3/2017New Mountain Capital, LLC

(Investment)Legends Hospitality LLC $700

Provides hospitality, merchandise, ticket sales, sponsorship, and experiential

services to the sports and entertainment industries

5/2/2017 Quotient Technology Inc. Crisp Media, Inc. $57Provides mobile advertising technology, media, and services to brand advertisers,

agencies, and publishers

5/2/2017 Deloitte Digital Web Decisions, LLC NA Provides database-driven marketing solutions

5/1/2017 Dentsu Aegis Network Ltd. Accordant Pty Ltd NA Data-driven customer experience agency

5/1/2017 MCH Group AG Creative Management Services LLC NADesigns, produces, and manages integrated marketing programs for events,

exhibits, and permanent environments

5/1/2017 KPMG LLP (Canada) Tomont Solutions Inc. NA Technology consulting firm focused on implementing Oracle software products

5/1/2017 Addison Group, LLC AIM Consulting Group, LLC NA Provides IT consulting and staffing services

4/27/2017 CoStar Group, Inc. LandWatch LLC NA Operates an online site that helps find rural properties and land for sale

4/27/2017 WPP Digital DeepLocal Inc. NAInnovation studio focused on product invention, design, and engineering for its

clients' marketing campaigns

4/27/2017 The Stagwell Group; Stagwell Media LLC Scout Marketing, Inc. NAFull-service marketing communications firm focused on healthcare and consumer

marketing


49


($MM)


4/26/2017Oaktree Capital Management (UK) LLP;

Cornerstone Partners Sp. z o.oIT Kontrakt Sp. z o.o. $40 Poland-based provider of recruitment and outsourcing of IT professionals

4/25/2017 Service Express, Inc. Delta Computer Group, Inc. NA Third-party maintenance services provider for IT infrastructure

4/24/2017 HCL Technologies Limited Urban Fulfillment Services, LLC $30 Provides mortgage business process outsourcing and fulfillment services

4/20/2017 Accenture plc Kunstmaan NV NABelgium-based communications agency focused on brand strategy, creative and

marketing services, content creation, and digital development

4/20/2017 ReachLocal, Inc. SweetiQ Analytics Corp. NAProvides local search marketing solutions that help brands convert online searches

into in-store shoppers

4/20/2017 EverFi, Inc. Workplace Answers, LLC NAProvides online compliance training courses for employees of educational

institutions, commercial organizations, and government organizations

4/19/2017 H.I.G. Europe CONET Technologies AG NA Provides SAP-focused IT systems and consulting services

4/17/2017 Vista Equity Partners LLC Market Track, LLC NA Provides subscription-based advertising, brand, and pricing intelligence solutions

4/14/2017The Blackstone Group L.P.; Canada Pension Plan

Investment BoardAscend Learning, LLC $2,000+ Provides technology-based educational, curriculum, and assessment solutions

4/12/2017 Market Track, LLC 360pi Corporation NACanada-based provider of cloud-based retail price and product intelligence

solutions for retailers and brand manufacturers

4/11/2017North Bridge Growth Equity

(Investment)Lucid Holdings, LLC NA

Market research technology company that provides an audience platform to access

consumers for data-driven decision making

4/10/2017 Harland Clarke Holdings Corp. RetailMeNot, Inc. $464Operates as a savings destination for consumers with digital offers for online and

in-store purchases at retailers, restaurants, and brands

4/5/2017 Merkle Inc. Divisadero Digital Intelligence, S.L. NASpain-based provider of digital intelligence and digital transformation consulting

services

4/5/2017 Teneo Holdings LLC Fitzroy Communications, LLC NA Provides PR and investor communications and consulting services

4/5/2017 Ontellus National Legal Services, LLC NA Provides outsourced legal, document retrieval, and document preparation services


50


($MM)


4/4/2017 OMERS Private Equity Inmar, Inc. NAProvides analytics and technology-enabled services to engage with shoppers and

patients and optimize results

4/4/2017 Yelp Inc. Turnstyle Solutions, Inc. $20Canada-based provider of Wi-Fi digital marketing tools and services to retain and

reward customers

4/4/2017 Impact Group Signature Specialty Sales & Marketing, Inc. NANationally connected sales and marketing company offering headquarter and

retail coverage to mass and natural channels across the Midwest

4/4/2017 Metrostudy, Inc. Templeton Demographics, LLC NA Provides enrollment projection services for school districts

4/4/2017 Renovo Capital, LLC Global HR Research, LLC $30 Provides employee background screening and onboarding solutions in the U.S.

4/4/2017 GP Strategies Corporation Emantras Inc. NA Provides digital and mobile education solutions

4/4/2017HgCapital; TA Associates Management, L.P.

(Strategic Investment)Mitratech Holdings, Inc. NA

Provides Web-based enterprise legal management solutions for corporate legal

departments

4/4/2017 TeleTech Healthcare Solutions, Inc. Connextions, Inc. $80 Develops and provides health care consumer engagement solutions

4/3/2017 Vector CapitalExperian plc, Email/Cross-Channel Marketing

Business$400

Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as

Experian's full portfolio of professional and strategic services

4/3/2017 iProspect, Inc. Leapfrog Online, Inc. NAProvides performance marketing solutions that help brands grow digital market

share, acquire new customers, and deliver sales

4/3/2017 Beringer Capital Blue Acorn, LLC NA Provices data-driven ecommerce design, development, and optimization services

4/3/2017 TBG AG Telvent DTN, LLC $900Provides agricultural information and market intelligence, helping farmers,

agribusinesses, and commodity traders to manage their businesses

4/3/2017 SNC-Lavalin Group Inc. WS Atkins plc $2,702Provides infrastructure design, engineering, and project management consultancy

services

4/3/2017 Accenture plc Genfour Ltd NAUK-based provider of system integration and consulting for deployment of robotic

process automation and artificial intelligence technologies

4/3/2017 Capital Square Partners Aegis Limited $288 Provides IT and BPO services


51


($MM)


4/3/2017 Davies Group Limited CYNERGIE UK Ltd NAUK-based provider of outsourced regulatory and complaint services across the

financial services, utilities, and ombudsman services sectors

4/3/2017 KKR Credit Advisors (US) LLC Angelica Corporation $125Provides healthcare linen and medical laundry services for hospitals, clinics, and

long-term care facilities in the U.S.

3/31/2017 The Wicks Group of Companies, L.L.C. EZShield, Inc. NA Provides identity theft protection and restoration services in the U.S. and Canada

3/30/2017 Crowe Horwath LLP SDGblue, LLC NAProvides information security, managed services, and network infrastructure

solutions

3/29/2017TZP Growth Partners

(Strategic Investment)Advocate Solutions NA

Provides strategic advisory, project and risk management services, and consulting

services to state and local governments

3/29/2017Endeavour Capital, Inc.

(Investment)Berkeley Research Group, LLC NA

Provides independent expert testimony, litigation and regulatory support, and

strategic advice

3/28/2017Heritage Group, LLC

(Investment)Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals

3/28/2017 Cision, Inc. (nka:Cision Ltd.)Bulletin Intelligence, LLC, Bulletin News Network,

LLC and Bulletin News Investment, LLC$74

Publishes and provides open-source intelligence information to senior corporate

and government executives

3/27/2017 Orion Systems Integrators, LLC Structured Network Solutions, Inc. NAProvides technology integration services, including network design, directory

authentication, IT security policy, design strategies, and storage

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/27/2017 Stratacache, Inc. LIFT Network NA Provides marketing and promotion tools for retail businesses

3/23/2017 Rhone Capital, L.L.C. Garda World Security Corporation NA Provides security and cash services

2/24/2017New Enterprise Associates

(Investment)DataRobot, Inc. NA

Develops machine learning automation software for enterprises to help users gain

insights from data scientists

3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry


52


($MM)


3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NADevelops custom software and technology solutions for enterprise clients in the

financial services and professional sports industries

3/22/2017FTV Capital; Zodius Advisors India Private Limited

(Investment)MarketsandMarkets Research Private Ltd. NA

India-based provider of syndicated and custom research focused on high-growth

and niche markets

3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NAProvides security guard services; combined company rebranded as PalAmerican

Security

3/21/2017 Accenture plc Focus Group Europe Ltd NAUK-based provider of implementation and deployment services for ServiceNow

software

3/21/2017 Summit Partners LLP Ascentis Corporation NAProvides HR software, online payroll services, and human capital management

solutions

3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NAProvides DevOps automation and continuous delivery solutions within the

Amazon Web Services (AWS) public cloud

3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205Provides portfolio performance measurement, including attribution, multi-asset

risk, GIPS composites management, and reporting

3/20/2017 Cision, Inc. (nka:Cision Ltd.) Capitol Acquisition Corp. III NAProvides public relations software that enables professionals to plan, execute, and

measure influencer-oriented campaigns on one platform

3/16/2017 Onlineprinters GmbH A.G.A Print Ltd. NA Also known as solopress.com, provides online printing services

3/16/2017Boathouse Capital; Spring Capital Partners

(Investment)Employee Relations Associates, Inc. NA

Provides contract staffing services in the banking/finance, medical, IT, and legal

industries on a national basis

3/15/2017 Inflexion Private Equity Partners LLP Cawood Scientific Ltd. NAProvides physical, chemical, spectroscopic, and microbiological analytical services

in the U.K. and Europe

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

3/13/2017North Bridge Growth Equity

(Investment)One Source Technology, LLC NA

Designs and develops an integrated system of background screening products for

corporations and government entities


53


($MM)


3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NAProvider of custom learning and development solutions for a wide range of

companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

3/6/2017 Gartner, Inc. L2, Inc. $150Provides brands with digital performance benchmarking and advice on key

industry trends via an annual subscription service

3/6/2017 Tech Mahindra (Americas), Inc. The CJS Solutions Group LLC $110Provides technology consulting to healthcare providers with a focus on

implementation of EHR and EMR software, training, and support services

3/6/2017Norwest Equity Partners

(Investment)Bailiwick, Inc. NA

Provides professionally managed technology integration services for complex,

large-scale IT initiatives

3/3/2017General Atlantic LLC

(Investment)General Information Services, Inc. NA Provides background screening services

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

3/1/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NAJapan-based provider of end-to-end mobile applications and embedded software

development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

3/1/2017 Accenture plc Davies Consulting LLC NAConsulting firm that provides utility asset management, risk management, grid and

pipeline network modernization, and emergency management

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

2/27/2017Generation Growth Capital, Inc.; Generation

Growth Capital Fund III, Limited PartnershipBestmark, Inc. NA Provides mystery shopping and customer experience measurement services


54


($MM)


2/23/2017 SambaSafety, Inc. Vigillo, LLC NAProvides real-time data for monitoring and analyzing commercial driver and motor

carrier safety performance

2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NAData analytics company that measures the impact and effectiveness of marketing

campaigns on social media

2/22/2017Shamrock Capital Advisors, LLC

(Investment)Maple Media, LLC NA

Mobile media, advertising, and technology company which acquires, manages, and

operates mobile applications

2/20/2017 Accenture Holding GmbH & Co. KG SinnerSchrader Aktiengesellschaft $104German full-service digital agency that specializes in developing and

implementing digital products, services, and marketing solutions

2/16/2017 The Blackstone Group L.P. Cloudreach Europe Limited NAUK-based provider of cloud computing solutions and consulting services in North

America and Europe

2/16/2017 Cap Gemini S.A. (nka:Capgemini SE) Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

2/16/2017 Huron Consulting Group Inc. Innosight LLC $135Provides strategy and growth consulting services to organizations in business,

education, and healthcare sectors

2/16/2017 Infogix, Inc. Data3Sixty, Inc. NAOperates a cloud-based data governance collaborative platform to solve data

problems for financial services and other industries

2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215Global provider of digital flight information, aggregating and processing mission-

ciritcal data from thousands of sources for customers worldwide

2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NAEngages in the design and development of software applications, games, and the

Web

2/15/2017H.I.G. Growth Partners, LLC

(Investment)AdTheorent, Inc. NA

Provides predictive digital advertising technology and solutions for brands and

agencies

2/15/2017 Moody's CorporationSCDM Germany GmbH, Structured Finance Data

and Analytics BusinessNA Provides analytical tools for participants in securitization markets

2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NAProvides real estate document recording services, including mortgage

assignments, lien releases, and document retrieval services

2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NAProvides specialty reimbursement solutions for hospitals and health systems in

the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences


55


($MM)


2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

2/10/2017 The Blackstone Group L.P.Aon plc, Benefits Administration and HR Business

Process Outsourcing Platform$4,800

Comprises a benefits administration platform which provides cloud-based HR

management services

2/9/2017 Accenture plcVeriSign, Inc., iDefense Security Intelligence

Services BusinessNA

Provides cyber intelligence related to vulnerabilities, malicious code, and global

threats to organizations worldwide

2/9/2017 HomeAdvisor, Inc. (nka:ANGI Homeservices Inc.) HomeStars, Inc. $14Operates online community to help homeowners and home improvement

companies find renovators, repairmen, and retailers in Canada

2/8/2017 Accenture plcEndgame, Inc., U.S. Federal Government Services

BusinessNA Endpoint detection and response (EDR) cybersecurity software company

2/8/2017 Condé Nast CitizenNet, Inc. NASocial data and marketing platform that provides tools for real-time social streams,

embedding, searching, and ranking

2/8/2017 Market Track, LLC Brandtale Inc. NAAd competitive intelligence specialist that provides brands, agencies, ad tech

providers, and publishers with insights to help drive content innovation

2/7/2017Brook Venture Partners; Eagle Private Capital, LLC;

Resolute Capital PartnersCole Information Services, Inc. NA

Provides consumer and business databases in real estate, insurance, credit

collections, small business, law enforcement, and home services

2/7/2017 Ascential plc Media Link, LLC $207Provides strategic advisory services focused on growth to the media, advertising,

entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

2/6/2017Mountaingate Capital

(Investment)Elite SEM NA Performance-driven digital marketing agency

2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

2/6/2017 Thomson Reuters Corporation Avox Limited NALondon-based supplier of legal entity data, hierarchies, and identifiers on financial

entities globally

2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NAProvides IT services and solutions for the Department of Defense and other civilian

agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.


56


($MM)


2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

2/2/2017Pamlico Capital

(Investment)Winsight, LLC NA

Provides market intelligence, professional events, and media to global restaurant,

noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

1/31/2017 CRA International, Inc. C1 Consulting LLC NAProvides life sciences strategy consulting services for the pharmaceutical and

biotech industries

1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NAProvides investment, wealth, and data management solutions and services for

global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

1/30/2017 CIP Capital Compliance Solutions Strategies NAProvides compliance and regulatory services to the asset management and

securities industries

1/30/2017 HGGC, LLC Davies Group Limited $112Provider of claims outsourcing and loss adjusting services to insurance companies,

brokers, managing general agents, and self-insured entities

1/27/2017 FactSet Research Systems Inc. FactSet Digital Solutions, LLC NAOffers real-time market data desktops, customizable web-based portals, and a

broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

1/27/2017 Veritas Capital Fund Management, LLC Peraton Corporation $690Provides communications, engineering, and IT solutions for Intelligence, defense,

and federal civilian customers

1/27/2017 Ebates, Inc. Cartera Commerce Inc. NAOperates branded websites for airline and financial services partners that allow

users to earn rewards by shopping on online stores

1/26/2017 Millstein & Co. LLCMuniServices And Broussard Partners & Associates,

Inc. And PRA Government Services And RamWare$92

Provides services related to revenue enhancement, technology, and consulting for

municipal and other government clients in the U.S.

1/26/2017 Reimagine Holdings Group MarketSight LLC NADevelops web-based applications for market researchers to analyze and present

data

1/25/2017 Accenture plc solid-serVision.com GmbH NAGerman-based provider of consulting and implementation services focused on

ServiceNow


57


($MM)


1/24/2017 MPF Research Inc. Axiometrics Inc. $79Provides surveys and market research on 500+ apartment markets and submarkets,

along with 680 colleges and universities nationwide

1/24/2017 Solera Holdings Inc. Digidentity B.V. NANetherlands-based provider of identity management solutions for safe

communication between individuals, organizations, and the government

1/23/2017 The Stagwell Group; Stagwell Media LLCNielsen Holdings plc, Certain Custom Research

AssetsNA

Public opinion research firm that focuses on brand management, corporate

reputation, CPG, public opinion, and consumer experience

1/23/2017 Viant Technology Inc. Adelphic, Inc. NADevelops a mobile and cross-channel programmatic advertising platform that

connects brands with audiences

1/23/2017 AIR Worldwide Corporation Arium Limited NAProvides an innovative approach to modeling casualty catastrophic risk for

organizations and their supply chain

1/20/2017 Market Track, LLCAC Nielsen Company Of Canada, Ad Intelligence

ServiceNA

Provides actionable data to assist clients with campaign optimization, competitive

intelligence, and cross-media strategy in Canada

1/20/2017 The NPD Group, Inc.Nielsen Holdings plc, U.S. Market Information and

Research Services for Book Industry UnitNA

Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education,

PubTrack Christian, PubEasy, and PubNet

1/20/2017Sageview Capital LP

(Investment)National Arbitration And Mediation Inc. NA

Leading provider of alternative dispute resolution (ADR) services through its panel

of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

1/19/2017IDG Capital Partners; China Oceanwide Holdings

Group Co.,LtdInternational Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide

1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NAIT services company and leading provider of new and pre-owned network

hardware and IT infrastructure services

1/18/2017 Augeo Affinity Marketing Inc. Legacy Interactive, Inc. NAProvides digital and mobile advertising solutions that leverage payment networks

to connect brands with consumers

1/18/2017BV Investment Partners

(Investment)C-4 Analytics, LLC NA Provides tech-enabled digital marketing services

1/17/2017 Proviso Capital LLC Cache Inc. NAProvides IT consulting services including accounting and ERP solutions and CRM

and HR software

1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NAProvides leadership development solutions, including tools, research, coaching,

and training programs


58


($MM)


1/17/2017Bain Capital Private Equity, LP; Yonghui

Superstores Co., Ltd.Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers

1/13/2017Carrick Capital Partners, LLC

(Investment)Perfect Sense Digital, LLC NA

Operates as a Web design, development, and operations company with a focus on

delivering digital experiences for its clients' customers

1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NAEvidence-based guideline company that provides healthcare data and guidelines

to the workers’ compensation industry

1/11/2017Canada Pension Plan Investment Board

(48% Stake)GlobalLogic Inc. $1,500 Provides full-lifecycle software development services to customers worldwide

1/10/2017 Digital Window Ltd. ShareASale.com, Inc. $45 Performance marketing network serving online merchants

1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150Monitors and analyzes business information for companies worldwide, fka

OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

1/9/2017 Stratacache, Inc. Real Digital Media, LLC NAProvides a Web-based digital signage platform for managing distribution of

targeted messages and branded experiences across networked displays

1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NAUK-based provider of consultancy services to clients in pharmaceutical, biotech,

and medtech sectors

1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200Data-driven, omni-channel marketing services company that develops and delivers

direct marketing campaigns

1/5/2017 Gartner, Inc. CEB Inc. $3,300Provides best practice and talent management insights in the U.S., Europe, and

internationally

1/5/2017 Impact Group Harlow-HRK Sales & Marketing, Inc. NAProvides sales, marketing, analytical, and retail support services to manufacturers

in the grocery industry

1/5/2017The Carlyle Group L.P.; Carlyle US Equity

Opportunity Fund II, L.P; The Indian Hill GroupClaritas, LLC NA

Provides marketers with a comprehensive view into consumer behavior patterns

through proprietary segmentation analysis

1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. $13 Operates as a strategy and management consulting company

1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418UK-based producer and provider of automotive technical information for the

automotive aftermarket worldwide


59


($MM)


1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NAProvides subscription-based, proprietary U.S. national site selection data and

intelligence for economic developers

1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NAProvides big data infrastructure, secure cloud engineering, and analytic solutions

for federal, state, and local clients

1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. (nka:SKUlocal) NAProvides integrated marketing solutions including digital, social, and direct mail

for agencies, retailers, brands, and shopper marketers


60

GCA OVERVIEWDeep Business & Tech-Enabled Services Sector Expertise

Acquired by

We Advised the Seller

Acquired

We Advised the Buyer

Acquired by


IT Services Business

Preferred Stock

Financial Advisor

Acquired


Acquired


Acquired


Acquired by


Acquired by


Acquired by

Consortium Led by


Acquired by


Acquired


Acquired by


Acquired by


Acquired


Hotel, Rental & Event Production Division

Acquired by


Acquired by


Acquired by


Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

Equity Investment

Financial Advisor

A portfolio company of

We Advised AXIO

Acquired by

Acquired by


Acquired by


Convertible Note Offering

Financial Advisor

Received Minority Investment from

Financial AdvisorWe Advised the Buyer

Acquired

We Advised the Sellers

to

Sold

to

We Advised the Sellers

and the managers / shareholders

Sold a majority stake in



Acquired by


Acquired by


We Advised the Seller We Advised the Seller We Advised the Seller

Acquired byAcquired by

Management and Acquired by


Acquired byRefinancing of

Syndicated Loan Facility

Financial Advisor

Acquired by


Investment in


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