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BUSINESS AND TECH-ENABLED SERVICESSECTOR REPORTFebruary 2019

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GCA BUSINESS & TECH-ENABLED SERVICES OVERVIEW

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

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

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

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

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

MARKETING SERVICES

INFORMATION SERVICES

PROFESSIONAL & IT SERVICES

CUSTOMER CARE & CLAIMS SERVICES

Recent Business & Tech-Enabled Services Transactions

Key Contact

Advisor to Finanzen

Acquired byAcquired by

Advisor to Livingstone

Acquired by

Advisor to Risk International

Investment in

Advisor to TCV

Advisor to LRN

Received a Significant Investment from

Acquired by

Advisor to BazaarvoiceAdvisor to Mackevision

Acquired by

Acquired by

Advisor to FuelsPricing.com

Received an Investment from

Advisor to Moneypenny

Acquired by

Advisor to QuoteWizardAdvisor to Adaptly

Acquired by

Advisor to BE-terna

Acquired by

Advisor to NorthEdge

Investment in

Advisor to WorkMarket

Acquired by

HR Services Information Services IT Services Corporate Training Digital Marketing IT Services Digital MarketingCRM Services Information Services

Information Services Risk Mgmt Services Software Services Patent Services IT Services Digital Marketing Marketing ServicesHR Solutions Digital Marketing

Acquired by

Advisor to RPX

Advisor to UKFast

Received an Investment from

Advisor to ATTOM

Acquired by

Advisor to CareerTeam

Acquired by

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CASE STUDY: SALE OF CAREERTEAM GROUP TO CROSSLANTIC CAPITAL

GCA acted as exclusive financial advisor to TruVenturo, the founder and managers, on the sale of a majority stake in CareerTeam Group, a fast-growing tech-enabled executive search platform, to CrosslanticCapital

TRANSACTION DETAILSClosedFebruary 2019

SECTORHR Services

DEAL TYPEM&A

Company Overview

CareerTeam Group is the leading data-driven European executive search platform for digital experts and IT professionals

Its recruitment process combines a software-enabled selection and a KPI-based multi-channel search empowered by recruiting teams with long-term industry experience

The Company was founded in 2011 and has grown rapidly over the past eight years

The Group, which has developed into the leading executive search platform in the digital and IT space, has 200 employees in five locations in Germany, Switzerland, the Netherlands and France, and operates under six brands, including Paltron, Numeris, Sinceritas and alphacoders

Commentary

Crosslantic Capital commented:

− “CareerTeam Group disrupts the executive search industry by applying a technology-driven approach that leads to better and faster outcomes for their clients in need of Digital experts

− We are excited to make CareerTeam Group the leading European executive search firm in the digital sector”

Florian Haupt, Partner at TruVenturo, added:

− “Crosslantic Capital is specialised in fast-growing companies and with their strong know-how and international network they are ideally positioned to support the CareerTeam Group in the upcoming phase”

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BUSINESS & TECH-ENABLED SERVICES SECTOR REPORT

Notes:Source: Capital IQ, PitchBook, and Mergermarket.

− Business & Tech-Enabled Services sector saw over $6.7 billion in volume across 748 transactions YTD

− Private equity and PE-backed companies accounted for all material transactions in February, with the largest being:

• Astorg acquisition of Anaqua• DiscoverOrg acquisition of ZoomInfo

− Several significant transactions in the marketing services and data space are expected to be announced in the coming months:

• Take-private of Nielsen• Alliance Data Systems divestiture of Epsilon• WPP majority stake sale of Kantar• Sale of MDC Partners

Executive Summary

Select M&A Transactions

Ann. Date Acquirer Target TEV ($MM)

2/27/19(Workday and

Cornerstone OnDemand biz)

$110

2/26/19 NA

2/25/19(Investment)

NA

2/20/19(Investment)

NA

2/13/19(TEV incl. $40MM earnout)

$85

2/13/19 $700

2/11/19($44MM Investment)

NA

2/11/19 NA

2/6/19 NA

2/6/19 & NA

2/4/19 Carrington Property Services

NA

2/4/19(Significant Minority Stake)

$350

2/4/19 $800

2/1/19 NA

5

60%

70%

80%

90%

100%

110%

120%

130%

140%

Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19

BUSINESS & TECH-ENABLED SERVICES LTM STOCK PRICE PERFORMANCE

Notes:Source: Capital IQ.

Advertising & Marketing Services

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

(8.8%) (22.4%) 13.7% 26.9% 34.9% (1.3%) 4.5% (19.3%)

LTM Share Price Performance

S&P 500

3.5%

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BUSINESS & TECH-ENABLED SERVICES TRADING COMPARABLES

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

Advertising & Marketing Services

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

8.8x / 1.4x 8.4x / 2.8x 15.3x / 4.8x 10.3x / 1.2x 15.1x / 3.5x 7.7x / 0.6x 11.4x / 2.0x 6.8x / 0.6x

2019E EBITDA / 2019E Revenue Multiple

EV / 2019E EBITDA EV / 2019E Revenue

15.3x 15.1x

11.4x10.3x

8.8x 8.4x 7.7x6.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

InformationServices

HR Services IT & BPOServices

Consulting &Training

Advertising& Marketing

Services

Events &Exhibitions

Staffing &Recruiting

CustomerCare / CRM

Services

4.8x

3.5x

2.8x

2.0x1.4x 1.2x

0.6x 0.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

InformationServices

HR Services Events &Exhibitions

IT & BPOServices

Advertising& Marketing

Services

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

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

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

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

1/30/2019 $163 10.7x NA 0.5x NAOnline adtech company that connects brands and audiences through digital advertising and content distribution primarily in the U.S.

12/21/2018 $105 8.8x NA 6.3x NA Personal finance website that provides objective analysis on a variety of financial topics including insurance and credit cards

12/18/2018 $150 NA NA 3.0x NA Full-service digital marketing agency

12/10/2018 $263 NA NA 7.5x 6.7x Provider of credit information and decision analytics in South Africa, with operations across Sub-Saharan Africa

12/3/2018 S4 Capital $150 13.5x NA 3.7x NA Programmatic advertising group that partners with major brands

11/27/2018 $245 30.6x NA 2.8x NA Provides research-based advisory, consulting, and learning solutions for B2B organizations and professionals globally

10/4/2018 $370 14.5x NA 2.4x NA Owns and operates an insurance comparison online marketplace

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

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

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

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

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

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

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

7/27/2018 $45 NA NA 1.0x NA Provides digital advertising and marketing services

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

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

Notes:Source: Capital IQ and Wall Street Estimates.

($MM)

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

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

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

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

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

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

7/2/2018 $778 NA NA 6.0x NA Provides construction cost analytics, estimating information, pricing data, and procurement software and services

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

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

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

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

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

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

5/15/2018Exhibitions Business

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

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

Mean 16.7x 15.8x 3.7x 4.2xMedian 13.1x 15.9x 3.3x 4.2x

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

Notes:Source: Capital IQ and Wall Street Estimates.(1) Includes $40MM earnout

($MM)

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

2/27/2019(Workday & Cornerstone OnDemand biz)

$110 NA NA 2.2x NA Provides HCM solutions to clients in the US, Europe, Middle East, and Africa

2/13/2019 $85 (1) NA NA 2.0x NA Investment bank specializing in the media, marketing, and information services sectors

1/7/2019 $1,965 20.6x 14.6x 2.2x 2.1x Provides software development services and IT solutions to multinational corporations worldwide

12/27/2018 $1,223 7.4x NA 1.4x NA Denmark-based IT and software services provider with a strong customer base among central and local governments

12/21/2018(Investment)

$513 16.2x NA NA NA Provides managed hosting and colocation solutions in the U.K.

12/10/2018 $2,500+ 16.7x 14.3x NA NA Provides payroll and production accounting solutions to the entertainment industry in the U.S. and internationally

12/3/2018 $59 7.4x NA 2.3x NA Assists customers in managing the business immigration needs of their international employees

11/26/2018 $1,000 NA NA NA NAPEO serving 8,400+ clients across all 50 states with its HR solutions, employee benefits, payroll admin, and risk management services

11/6/2018 $1,640 14.7x 9.1x 1.2x 1.0x Provides collaboration and technology solutions for large and medium enterprises in the U.S.

10/22/2018 $69 NA NA NA 2.0x London-based provider of RPA, AI, crowd sourcing, and impact sourcing solutions

10/17/2018(42% stake)

$1,100 NA NA NA NA Provides global tax services and software dedicated exclusively to business taxes

10/9/2018(Citizen Engagement Centers)

$400 10.0x NA 0.6x NA Includes certain assets of General Dynamics' large-scale, citizen-engagement centers in the U.S. Federal civil ian market

10/4/2018 $550 NA NA 3.1x NA Provides software services and creates digital products and solutions that connect brands with consumers

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

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

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

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

Notes:Source: Capital IQ and Wall Street Estimates.

($MM)

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

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

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

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

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

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

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

$1,000+ NA NA NA NA Provides consulting, product engineering, IT, and BPO services to Global 1000 companies

6/25/2018DFLT and TAS Segments

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

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

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

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

5/21/2018(48% stake)

$2,000+ 18.0x NA 3.6x NA Provides full-l ifecycle product development services to customers worldwide

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

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

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

Mean 12.9x 12.6x 2.3x 1.8xMedian 12.7x 14.4x 2.1x 1.4x

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GCA: A LEADING INDEPENDENT GLOBAL INVESTMENT BANKGlobal investment bank that provides strategic M&A and capital markets advisory services to growth companies and market leaders

GCA operates as GCA in America and Asia, and GCA Altium in Europe

NEW YORK

ZURICH

MILAN

FRANKFURTMUNICH

TEL AVIVSAN FRANCISCO

LONDON

MANCHESTER

MUMBAI

OSAKA

SHANGHAI

SINGAPORE

TOKYO

NEW DELHI

NAGOYA

HO CHI MINH CITY

TAIPEI

Globally integrated platform with 21

offices across America, Asia and

Europe

Geographically balanced,

synergistic and complementary

sector focus areas across the firm

Strong in key growth sectors

such as Technology and Tech-Enabled

Services

Strong cross-border capabilities and

deal flow with 35% of all transactions

cross-border

400+professionals

375+ deals closed in the last 3 years

PARISLEEDS

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