PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. ·...
Transcript of PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. ·...
Driven by your success.
PRIVATE & CONFIDENTIAL
May 2020
This is intended for client and institutional use only, and may not be
disseminated further
Technology, Media, Marketing, and Information Services Industry Sectors
Driven by your success.
1.
3.
4.
Monthly M&A and Investment Activity by Industry Segment
Additional Information
About CG Petsky Prunier
2. Market Environment
Driven by your success.Page 2
Global Team
US Team
Mike Lauzon
Head of Canadian TMT
Toronto
+1 416 869 7238
Myles Hiscock
Managing Director
Toronto
+1 416 869 7232
CanadaEurope
Simon Bridges
Head of European IB &
Head of European Technology
London
+44 20 7523 4606
M&A & Financial Sponsors
Shachar Familia
Vice Chairman
Tel Aviv
+972 58 7782139
Israel
Andrew Pojani
Co-Head of US Technology
Boston
+1 617 788 1635
Jeff Barlow
President, Canaccord Genuity
Boston
+1 617 371 3713
Sanjay Chadda
Co-Head of US Investment Banking
Co-Head of US Technology
New York
+1 212 842 6022
Dan Coyne
Co-Head of US Investment Banking
Boston
+1 617 371 3887
David Istock
Managing Director
Head of US M&A
San Francisco
+1 415 229 0667
Amy LaBan, CFA
Managing Director
US Financial Sponsor Coverage
Chicago
+1 212-842-7126
Isaiah Knouff
Managing Director
US Financial Sponsor Coverage
Nashville
+1 615 490 8484
Jen Pardi
Head of U.S. ECM
Boston
+1 617 788 1554
Mark Young
Managing Director
Boston
+1 617 788 1584
Seth Rosenfield
Managing Director
New York
+1 212 842 6018
Lisa McClure Byrnes
Managing Director
Boston
+1 617 371 3847
Scott Card
Managing Director
Boston
+1 617 371 3895
Joseph Laird
Managing Director
New York
+1 212 842 7120
J.P. Michaud
Managing Director
Charlotte
+1 980 237 0380
Trevor Martin
Managing Director
Boston
+1 617 788 1514
Matthew Kratter
Managing Director
New York
+1 212 842 6024
Lexia Schwartz
Director
New York
+1 212 842 7127
Geoff Rhizor
Director
San Francisco
+1 415 229 0650
Michael Petsky
Managing Director
New York
+1 212 842 6001
John Prunier
Managing Director
New York
+1 212 842 6021
Dudley Baker
Managing Director
Nashville
+1 615 490 8448
Jason Partenza
Managing Director
New York
+1 212 849 3976
Chris French
Managing Director
New York
+1 212 842 6033
Christopher Heasman
Director
New York
+1 212 842 6038
Anil Kuruganti
Director
New York
+1 212 842 7132
Edin Trto
Director
New York
+1 212 842 6015
Clayton Young
Director
New York
+1 212 842 6009
Jason Panzer, CFA
Managing Director
New York
+1 212 514 4203
Matthew Kebel
Director
New York
+1 212 842 5989
Dylan Kearns
Director
New York
+1 212 842 6025
Driven by your success.Page 3
IOT
⚫ Advisory credentials across a wide range of outcomes
⚫ Executed transactions up to $1B+ in value
⚫ Deep, extensive strategic & sponsor relationships
Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) (1)Other industry-focused businesses in verticals including education, entertainment, insurance, legal, real estate, and travel, among others
⚫ Advisory credentials across a wide range of outcomes
⚫ Executed transactions up to $1B+ in value
⚫ Deep, extensive sponsor & strategic relationships
Agency & Marketing Services
CRM
Consulting & Digital Transformation
Collaboration Data & Info Services
Digital/MobileAI
Infrastructure
HCIT MarTech/AdTech
Software
Media
Other Vertical(1)
FinTech
E-Commerce HCM
Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms)
June 2020
Financial advisor on sale to
June 2019
Financial advisor on investment from
June 2019
Financial advisor on sale to
$182,000,000
June 2019
Financial advisor on sale to
July 2019
Financial advisor on recapitalization by
Financial advisor on sale to
July 2019
Financial advisor on sale to
July 2019August 2019
Financial advisor on sale to
August 2019
Financial advisor on sale to
September 2019
Financial advisor on investment in
September 2019
Financial advisor on growth financing from
October 2019
Financial advisor on acquisition of
$140,000,000
October 2019
Financial advisor on sale to
October 2019
Financial advisor on sale to
October 2019
Financial advisor on sale to
November 2019
Financial advisor on recapitalization by
Pending
Financial advisor on
merger with
November 2019
Financial advisor on sale to
December 2019
Financial advisor on sale to
December 2019
Financial advisor on acquisition of
December 2019
Financial advisor on
acquisition of
December 2019
Financial advisor on
investment from
January 2020
Financial advisor on
sale to
January 2020
Financial advisor on
acquisition of
January 2020
Financial advisor on
sale to
January 2020
Financial advisor on
investment from
January 2020
Financial advisor on sale to
February 2020
Financial advisor on
sale to
February 2020
Financial advisor on merger with
February 2020
Financial advisor on
sale to
January 2020
Financial advisor on sale to
February 2020
Financial advisor on
sale to
February 2020
Financial advisor on
sale to
March 2020
Financial advisor on
sale to
April 2020
Financial advisor on
sale to
February 2020
Financial advisor on sale to
Driven by your success.Page 4Sources: Dealogic.
Represents lead-managed transactions.
Agency & Marketing Services
CRM
Consulting & Digital Transformation
Collaboration Data & Info Services
Digital/Mobile
⚫ 250+ completed transactions since 2012⚫ Raised $47B+ capital⚫ 110+ as bookrunner or lead manager⚫ Unique access to global growth investors
Infrastructure
HCIT MarTech/AdTech
Software
Media
Other Vertical
FinTech
E-Commerce HCM
AI
October 2018
IPO
$289,800,000
Co-Manager
October 2018
IPO
$303,025,000
Co-Manager
November 2018
Equity Offering
$455,000,000
Co-Manager
November 2018
Equity Offering
$35,109,144
Sole Bookrunner
January 2019
Equity Offering
$146,136,250
Co-Manager
March 2019
Equity Offering
$155,968,750
Co-Manager
March 2019
Equity Offering
$11,511,500
Sole Bookrunner
March 2019
Equity Offering
$718,218,000
Co-Manager
March 2019
IPO
$2,555,772,840
Co-Manager
March 2019
Equity Offering
£27,800,000
Co-Manager
May 2019
IPO
$206,310,000
Co-Manager
So-Young International
Lead Manager
$159,390,000
Equity Offering
May 2019May 2019
IPO
$8,100,000,000
Co-Manager
June 2019
Convertible Debt Offering
$230,000,000
Co-Manager
June 2019
Equity Offering
$244,950,000
Co-Manager
June 2019
Equity Offering
$286,898,490
Co-Manager
June 2019
Equity Offering
$645,322,500
Joint Bookrunner
June 2019
Equity Offering
$26,714,324
Joint Bookrunner
June 2019
Equity Offering
$13,955,800
Joint Bookrunner
June 2019
Debt Offering
Sole Advisor
$200,000,000
June 2019
Direct Listing
Advisor
July 2019
IPO
Co-Manager
$655,216,848
September 2019
Debt Offering
Sole Advisor
$45,000,000
September 2019
IPO
Co-Manager
$1,160,000,000
September 2019
Equity Offering
Joint-Bookrunner
A$23,200,000
October 2019
IPO
$65,110,000
Joint Bookrunner
December 2019
Equity Offering
Co-Manager
$782,718,750
Pending
IPO
Co-Manager
TBD
December 2019
IPO
Co-Manager
$160,703,261
December 2019
IPO
Co-Manager
$248,535,276
January 2020
Convertible Debt Offering
Co-Manager
$1,150,000,000
January 2020
Equity Offering
Sole Bookrunner
$17,267,250
February 2020
Equity Offering
Co-Manager
$862,500,000
April 2020
Convertible Debt Offering
Co-Manager
$862,500,000
May 2020
Equity Offering
Joint Bookrunner
A$70,000,000
May 2020
Convertible Debt Offering
Co-Manager
$650,000,000
Driven by your success.Page 5
• Numbers for Canaccord Genuity represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook
completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019
• The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than
$500 million in the Technology, Media & Telecommunications industries as classified by PitchBook
Source: Pitchbook
Rank Firm Name
# of Transactions
2019 Rank Firm Name
# of Transactions
2017-2019
1 Canaccord Genuity 42 1 Canaccord Genuity 137
1 Raymond James 42 2 William Blair 133
3 William Blair 41 3 Raymond James 132
4 Goldman Sachs 36 4 Goldman Sachs 118
5 Jefferies 31 5 Houlihan Lokey 104
5 Piper Jaffray 31 6 J.P. Morgan 102
7 Bank of America 26 7 Morgan Stanley 95
8 Robert W. Baird 25 8 Jefferies 80
9 Morgan Stanley 23 9 Bank of America 79
9 Needham 23 10 Piper Sandler 78
11 JP Morgan 21 10 Needham 78
12 Houlihan Lokey 20 12 Stifel Financial 73
12 Stifel Financial 20 13 Robert W. Baird 67
Driven by your success.Page 6
• Numbers for Canaccord Genuity represent total transactions in Media & Information Services as tracked by PitchBook completed for
Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019
• The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media &
Information Services industry as classified by PitchBook
Source: Pitchbook
Rank Firm Name
# of Transactions
2019 Rank Firm Name
# of Transactions
2017-2019
1 Canaccord Genuity 21 1 Canaccord Genuity 65
2 Goldman Sachs 10 2 Goldman Sachs 28
3 JEGI 8 2 Houlihan Lokey 28
4 Raymond James 7 4 JEGI 26
4 GP Bullhound 7 5 Bank of America 23
6 Morgan Stanley 5 6 Raymond James 22
6 Bank of America 5 6 GP Bullhound 22
6 Houlihan Lokey 5 8 Morgan Stanley 20
6 Lincoln International 5 9 JP Morgan 15
6 Needham 5 9 RBC 15
6 Robert W. Baird 5 9 Credit Suisse 15
6 Stifel Financial 5 9 KPMG 15
13 Moelis 4 13 Deutsche Bank 14
13 JP Morgan 4 13 Moelis 14
13 Evercore 4 13 GCA Advisors 14
Driven by your success.
Rank Total Value No. Rank No. Rank No.
($M)
JPMorgan 1 390,492.3 647 1 630 68 17
Morgan Stanley 2 406,400.3 626 2 599 45 27
Goldman Sachs 3 412,532.1 614 3 594 58 20
C anaccord Genuit y 4 49,107.7 543 6 366 1 177
Citi 5 337,396.3 485 4 465 58 20
BofA Securities 6 345,163.7 481 5 460 56 21
Credit Suisse 7 250,559.9 378 7 355 48 23
UBS 8 193,709.8 323 8 306 68 17
RBC Capital Markets 9 174,847.2 300 11 209 6 91
Barclays 10 191,526.4 288 9 259 42 29
Co-ManagerLead ManagerTotal RolesBank
IPO
$934,500,000
Co-Manager
June 2020
$90,438,825
Sole Bookrunner
March 2020
Registered Direct
Source: Dealogic as of 5/31/2020Includes all IPO, FO, & CONV
Page 7
$70,000,000
Lead Manager
May 2020
Follow-On Offering
May 2020
C$57,546,000
Sole Bookrunner
Follow-On Offering
$179,226,031
Co-Manager
May 2020
IPO
Driven by your success.Page 8
• Top-ranked, global investment bank dedicated to the digital advertising and marketing, e-commerce, digital media, software, information, business
services, healthcare IT & services, and the Fintech industries
‒ Extensive sell-side M&A and capital raising expertise, with a transaction closing rate unmatched at our level of deal volume
• Canaccord Genuity’s North American investment banking team has more than 100 focused professionals in offices in New York, Boston, San
Francisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto
• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, VC groups, family offices, and lenders
• Global reach enhanced through Canaccord Genuity’s international network of offices and practice groups
• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.
• M&A Advisory and Sell-Side Representation
– Privately-Owned Companies
– Entrepreneur-Led Businesses
– Private Equity Portfolio Companies
– VC-Backed Companies
– Corporate Divestitures
– Selected Buy-Side Engagements
• Capital Raising and Private Placements
• Advertising & Marketing
• E-commerce
• Digital Media
• Software
• Information
• Business & IT Services
• Healthcare IT & Services
• FinTech
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.Page 10
Source: The 451 Group, as of 05/31/20.(1) Represents YTD 2020 and 2020 on a run-rate basis.
$64$54
$104
$169
$268
$303
$145
$116
$158
$198
$146
$194
$239
$452
$434
$281
$451
$450
$88
1,778
1,422
1,880
2,720
3,606
3,327
2,806 2,833
3,146
3,643
3,507
3,082
3,827
4,196
3,792
3,3983,398
3,265
1,282
$0
$100
$200
$300
$400
$500
$600
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
3,099(1)
$213(1)
Driven by your success.
145 188 186 170
124 124 122 114 69
39
35 34 22
20 25 25 22
7
184
223 220
192
144 149 147 136
76
--
50
100
150
200
250
300
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020
# o
f De
als
Strategic Financial Sponsor
Page 11
$1B+ Deals by Subsector Strategic vs Financial Sponsor Transactions
Median 30-Day Premium
# of Deals 126 145 156 119 145 148 151 96 113(2)
Source: The 451 Group, as of 05/31/20. (1) For all deals with disclosed forms of consideration.(2) Represents Q2’20 on a run-rate basis.
Consideration Mix(1)
# of Deals 11 13 20 17 19 13 12 12 0
28
22
26
18 18 19
11
14
1
0
5
10
15
20
25
30
35
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020
# o
f De
als
2(2)
114(2)
24.7% 25.7% 28.4%
32.1% 32.5% 36.2%
25.8% 22.0%
--0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020
% P
rem
ium
N/A
67% 61% 74%
63% 52%
44%
66% 65% 73%
24% 32% 22%
30% 46%
34%
25% 29% 16%
9% 8% 4% 7% 2% 22%
9% 6% 11%
0%
20%
40%
60%
80%
100%
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2
2019 2020
# o
f De
als
% Cash % Cash & Stock % Stock
Driven by your success.
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
2/29/2020 3/31/2020 4/30/2020 5/31/2020
60.0%
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
70.0%
90.0%
110.0%
130.0%
150.0%
170.0%
190.0%
210.0%
230.0%
250.0%
Page 12
Major Indices 2014 – May 2020
Major Indices May 2020, Last 3 Months
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Major Indices May 2020, LTM
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
VIX 2014 – May 2020
Sources: Capital IQ, as of 05/31/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Past performance is not a guarantee of future results.
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
NASDAQ 129.1%
S&P 500 66.2%
DJIA 54.4%
Russell 2000 21.1%
FTSE 100 (9.5%)
Summary Performance
NASDAQ 17.9%
S&P 500 4.1%
DJIA (4.0%)
Russell 2000 (11.6%)
FTSE 100 (17.7%)
Summary Performance
NASDAQ 6.0%
S&P 500 (1.5%)
DJIA (4.9%)
Russell 2000 (8.2%)
FTSE 100 (8.7%)
Summary Performance
--
10.00
20.00
30.00
40.00
50.00
60.00
70.00
80.00
90.00
Driven by your success.Page 13
Sources: The 451 Group and CG LLC proprietary database, as of 05/31/20. (1) Transactions include deals with disclosed values over $100mm.(2) Transactions include deals with disclosed values between $50-100mm.
Announced Acquirer Target Segment
Deal Value
($mm)
EV/LTM
Revenue
EV/LTM
EBITDA
Premium
(1 Month)Cash Mix %
05/25/20 Phoenix Tower Eircom (tower assets) Technology $329 ND ND NA
05/19/20 Revance Therapeutics HintMD Software 180 ND ND NA
05/13/20 CoStar Ten-X Software 190 3.3x ND NA 100%
05/11/20 Melody Investment Advisors Uniti Group (wireless tower business) Technology 220 ND ND NA 100%
05/05/20 Sinch SAP (SAP Digital Interconnect assets) Software 250 0.7x ND NA
05/04/20 Intel Moovit Digital Media/Commerce 900 ND ND NA 100%
05/04/20 Change Healthcare eRx Network Business & IT Services 213 3.2x ND NA
Mean: $326 2.4x NA NA 100.0%
Median: $220 3.2x NA NA 100.0%
05/13/20 CyberArk Software Idaptive Software $70 3.5x ND NA 100.0%
05/04/20 Kaufman Hall Change Healthcare (analytics assets) Business & IT Services 55 ND ND NA
Mean: $63 3.5x NA NA 100.0%
Median: $63 3.5x NA NA 100.0%
Mean: $267 2.7x NA NA 100.0%
Median: $213 3.3x NA NA 100.0%Blended
$5
0-1
00
M(2
)>
$1
00
M(1
)
Driven by your success.Page 14
Sources: The 451 Group and CG LLC proprietary database, as of 05/31/20. (1) Transactions include deals with disclosed values over $50mm.
Announced Acquirer Target Segment
Deal Value
($mm)
EV/LTM
Revenue
EV/LTM
EBITDA
Premium
(1 Month)Cash Mix %
05/19/20 Charlesbank Capital Partners Cyberbit Software 48 ND ND NA
05/05/20 Equitix Investment Management Crail Meters Technology 362 ND ND NA 100.0%
Mean: $205 NA NA NA 100.0%
Median: $205 NA NA NA 100.0%
Driven by your success.Page 15
Observations:
• Private markets remain active and open
• Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions
Sources: PitchBook and CG LLC’s proprietary database as of 05/31/20.Note: List includes selected high profile financings with minimum Post Money Valuation of $800mm.
Company Segment
Date of Latest
Funding
Latest Round of
Funding ($mm)
Latest
Valuation ($mm)
Total Funding
($mm) Recent Lead Investor(s)
Marqeta Software 05/28/20 $150 $4,300 $526 Coatue Management, ICONIQ Capital, Visa Ventures
Amplitude Software 05/21/20 50 1,000 187 GIC, Sequoia Capital
MasterClass Software 05/20/20 100 800 241 Fidelity Management & Research, IVP
Coalition Software 05/20/20 90 900 140 Ribbit Capital, Valor Equity Partners
Samsara Software 05/15/20 700 5,400 930 Andreessen Horowitz, General Catalyst
Carta Software 05/15/20 180 3,100 662 Andreessen Horowitz, Lightspeed Venture Partners, Meritech Capital
DigitalOcean Software 05/14/20 50 1,150 596 Access Technology Ventures
Quizlet Software 05/13/20 30 1,000 62 General Atlantic, Icon Ventures
Waymo Digital Media/Commerce 05/12/20 3,000 30,750 3,000 Fidelity Management & Research, Perry Creek Capital, T. Rowe Price
Robinhood Software 05/04/20 280 8,300 1,192 DST Global, Sequoia Capital
Asapp Software 05/01/20 185 800 260 Emergence Capital Partners, Telstra Ventures
Driven by your success.Page 16*The stock prices shown are as of 5/31/2020 and should not be relied upon as current thereafter.**Source: S&P Capital IQ
Initial Offering Final Price Stock Price at Close Stock Price on % Change from
Date Ticker Segment Company Name Country Price Range Per Share on 1st Trading Day May 29, 2020 1st Trading Day
May-19 SLQT Digital Advertising SelectQuote, Inc. United States $17.00-19.00 20.00 $27.00, up 35.0% 27.52 1.9%
Dec-19 BILL Software Bill.com Holdings, Inc. United States $19.00-21.00 22.00 $35.50, up 61.4% 69.64 96.2%
Dec-19 SPT Software Sprout Social, Inc. United States 16.00-18.00 17.00 $16.60, down 2.4% 27.55 66.0%
Sep-19 PTON Software Peloton Interactive, Inc. United States 26.00-29.00 29.00 $25.10, down 13.4% 42.19 68.1%
Sep-19 DDOG Software Datadog, Inc. United States 24.00-26.00 27.00 $27.55, up 2.0% 71.27 158.7%
Sep-19 NET Software Cloudflare, Inc. United States 12.00-14.00 15.00 $18.00, up 20.0% 29.07 61.5%
Aug-19 SDC Software SmileDirectClub, Inc. United States 19.00-22.00 23.00 $16.67, down 27.5% 7.81 (53.1%)
Aug-19 DT Software Dynatrace, Inc. United States 13.00-15.00 16.00 $23.85, up 49.1% 38.47 61.3%
Jul-19 HCAT Software Health Catalyst, Inc. United States 24.00-25.00 26.00 $39.17, up 50.7% 27.14 (30.7%)
Jul-19 MDLA Software Medallia, Inc. United States 16.00-18.00 21.00 $37.05, up 76.4% 28.28 (23.7%)
Jun-19 WORK Software Slack Technologies, Inc. United States 24.00 38.50 $38.62, up 0.3% 35.05 (9.2%)
Jun-19 CHWY Digital Media/Commerce Chewy, Inc. United States 19.00-21.00 22.00 $34.99, up 29.6% 44.44 27.0%
Jun-19 FVRR Digital Media/Commerce Fiverr International Ltd. Israel 18.00-20.00 21.00 $39.90, up 90.0% 65.12 63.2%
Jun-19 CRWD Software CrowdStrike Holdings, Inc. United States 28.00-30.00 34.00 $58.00, up 70.6% 87.81 51.4%
Jun-19 RVLV Digital Media/Commerce Revolve Group, Inc. United States 16.00-18.00 18.00 $34.00, up 88.9% 14.06 (58.6%)
Driven by your success.Page 17
Observations:
• Follow-on market activities track broader market direction
• Better known, more liquid issuers using accelerating formats
• With no technology follow-ons in April, average discount to last sale of (4.1%) for March deals, and (4.3%) in May.
Indicates Canaccord Genuity Transaction
Sources: Dealogic, Capital IQ as of 05/31/20. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.
Pricing Amount Mkt Cap % Mkt %
Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current
Appian 05/29/20 $141.3 $2,059.8 6.9% 100.0% (4.7%) (4.7%) 0.8% 0.8%
Repay 05/28/20 160.0 833.1 19.2% 100.0% (3.0%) (9.2%) 15.2% 15.2%
Fiverr 05/28/20 120.0 1,939.9 6.2% 100.0% (1.2%) (3.8%) 8.5% 8.5%
Fastly 05/21/20 286.4 4,089.1 7.0% 100.0% (2.4%) 6.3% 6.6% 4.0%
RealPage 05/20/20 345.0 5,935.5 5.8% 100.0% (4.3%) (9.4%) 7.3% 14.9%
Alarm.com 05/20/20 266.8 2,430.2 11.0% 0.0% (4.7%) (4.7%) 0.1% (0.4%)
Carvana 05/19/20 465.0 6,316.0 7.4% 100.0% (5.7%) (5.7%) (4.4%) (0.0%)
Q2 05/13/20 362.2 3,854.4 9.4% 100.0% (2.8%) (6.1%) 2.2% 8.0%
Ping Identity 05/13/20 234.6 1,946.9 12.0% 0.0% (1.4%) (15.4%) (3.2%) 18.0%
Sequans 05/12/20 25.0 141.8 17.6% 100.0% (13.0%) (13.0%) 0.2% (0.6%)
eHealth 03/03/20 238.1 2,812.3 8.5% 100.0% (4.1%) (7.2%) 27.0% 13.4%
Clarivate Analytics 02/05/20 558.9 6,303.2 8.9% 100.0% (1.4%) (1.5%) 5.6% 13.0%
Rada Electronic Industries 01/08/20 22.0 241.9 9.1% 100.0% (16.5%) (16.5%) 14.5% (4.8%)
Phreesia 12/12/19 201.8 1,028.8 19.6% 0.0% (9.3%) (9.8%) 2.2% 12.8%
Livongo Health 12/11/19 75.0 2,622.4 2.9% 0.0% (2.0%) (1.6%) 0.2% 122.0%
EVO Payments 12/05/19 124.2 2,153.4 5.8% 100.0% (0.6%) (0.6%) (0.7%) (19.8%)
Dynatrace 12/05/19 782.7 7,041.5 11.1% 0.0% (1.4%) (8.4%) (1.4%) 55.4%
Plug Power 12/05/19 126.5 806.7 15.7% 100.0% (11.0%) (27.6%) 14.6% 53.1%
TTEC Holdings 12/06/19 109.5 1,771.6 6.2% 0.0% (4.2%) (18.4%) 7.2% 16.1%
Clarivate Analytics 12/04/19 857.0 5,354.7 16.0% 0.0% (1.7%) (3.9%) (0.9%) 32.7%
GSX Techedu 11/21/19 289.8 3,434.3 8.4% 0.0% (3.9%) (16.4%) 15.7% 124.0%
Internap Corp 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (100.0%)
Opera 09/20/19 75.0 1,165.7 6.4% 100.0% (5.4%) (22.8%) 1.0% (38.2%)
NCR 09/19/19 299.0 4,281.4 7.0% 0.0% (2.6%) (2.6%) (1.4%) (44.9%)
International Money Express 09/11/19 76.5 493.8 15.5% 0.0% (1.9%) (6.3%) 9.8% (13.5%)
Cardlytics 09/10/19 105.3 779.6 13.5% 55.7% (0.4%) (11.2%) 10.1% 100.3%
Clarivate Analytics 09/06/19 634.8 4,933.4 12.9% 0.0% (1.0%) (9.2%) 8.0% 43.1%
Appian 09/04/19 130.4 3,763.3 3.5% 78.4% (3.5%) (3.5%) (1.3%) 1.7%
Workiva 08/13/19 72.4 2,631.0 2.8% 0.0% (1.4%) (9.2%) (8.3%) (20.8%)
EVO Payments 08/13/19 114.0 2,411.4 4.7% 0.0% (3.0%) (3.0%) 0.1% (22.3%)
Ceridian 08/06/19 497.5 7,136.8 7.0% 0.0% (1.1%) (1.1%) 1.4% 38.4%
Anterix 07/16/19 100.0 693.9 14.4% 100.0% (4.4%) (3.9%) (1.7%) 19.1%
HealthEquity 07/09/19 473.5 3,966.3 11.9% 100.0% (3.5%) (3.6%) 10.6% 1.6%
InterXion 06/26/19 291.0 5,254.9 5.5% 100.0% (0.5%) (3.1%) 3.1% (100.0%)
Iteris 06/14/19 28.8 170.2 16.9% 100.0% (8.8%) (8.8%) 5.8% 3.4%
Smartsheet 06/12/19 645.3 4,636.0 13.9% 60.5% (0.2%) (4.4%) 4.8% 32.6%
Q2 06/06/19 210.8 3,114.6 6.8% 95.5% (1.3%) (4.6%) 1.2% 18.9%
Avalara 06/05/19 286.9 4,860.9 5.9% 100.0% (0.1%) 6.0% 3.9% 54.3%
Descartes Systems 06/05/19 245.0 2,828.7 8.7% 100.0% (3.1%) (9.0%) 6.2% 34.1%
i3 Verticals 06/05/19 117.5 545.9 21.5% 100.0% (4.9%) (7.8%) 0.6% 26.9%
Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) 29.5%
SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) 1.6%
Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (38.4%)
Ceridian 05/21/19 404.0 7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% 36.4%
Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% 43.0%
Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (66.6%)
Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% (24.6%)
Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% (17.7%)
Mean: $257.0 $2,904.7 10.9% 64.4% (3.9%) (7.1%) 3.8% 10.1%
Median: $222.7 $2,626.7 9.1% 100.0% (3.0%) (5.9%) 1.3% 10.7%
Premium/Discount to: Aftermarket Performance
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.Page 19
Transaction Distribution
• A total of 570 deals was announced in May 2020, of which 310 were worth $15.2 billion in aggregate reported value
• Software accounted for 50 percent of transactions with 268 deals announced – 186 of which reported $8.2 billion in value
• Digital Media/Commerce was the second most valuable segment with 83 transactions– 44 of which were valued at $4.1 billion
• VC/Growth Capital investors completed 303 transactions
• Strategic buyers announced 237 deals, down 39 percent from May 2019
• Private Equity buyers announced 30 deals during the month
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
# % $MM % # $MM # $MM # $MM
Software 286 50% $8,204.4 54% 94 $2,527.0 10 $20.0 182 $5,657.4
Digital Media/Commerce 83 15% $4,120.1 27% 20 $26.1 5 $0.0 48 $1,321.7
Marketing Technology 73 13% $1,347.8 9% 39 $2,000.0 3 $0.0 41 $2,120.1
Business Services 72 13% $1,064.1 7% 45 $330.0 6 $0.0 21 $734.1
Agency & Marketing Services 25 4% $294.0 2% 15 $0.0 4 $0.0 6 $294.0
Traditional Media 13 2% $48.8 0% 12 $11.5 1 $37.3 0 $0.0
Digital Advertising 12 2% $67.0 0% 9 $0.0 1 $0.0 2 $67.0
Information 6 1% $57.0 0% 3 $0.0 0 $0.0 3 $57.0
Total 570 100% 15,203.2 100% 237 4,894.6 30 57.3 303 10,251.3
May 2020
BUYER/INVESTOR BREAKDOWN
Transactions Reported Value Strategic Buyout Venture/Growth Capital
Driven by your success.
$60.9 $65.1
$67.7
$28.6
$35.5 $35.0 $38.5
$56.0
$63.0
$54.1
$14.1 $15.2
634 684 660 720 785598 549
716 688 660 576 570
0
1000
2000
3000
4000
5000
6000
7000
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Page 20
Willis
Towers
Watson/
Aon
*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include the $15.7 billion acquisition of Tableau by Salesforce, the sale
of Refinitiv to London Stock Exchange for $27 billion, the pending $6 billion acquisition of Just Eat by Takeaway, CBS’ purchase of Viacom for $11.7 Billion, the $10.7 billion acquisition of Symantec’s enterprise
security assets by Broadcom, the $6 billion acquisition of The Stars Group by Flutter Entertainment, the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and
Credit Karma’s sale to Intuit for $7.1 billion, and the $30 billion purchase of Willis Towers Watson by Aon
The Stars Group
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Tableau/
Salesforce
Refinitiv/
London Stock
Exchange
Transaction Distribution
• M&A total deal value in May 2020 was down 57 percent, while deal volume was down 24 percent compared with May 2019
• The largest transactions recorded during the month were:
‒ Network security platform ThousandEyes’ acquisition by Cisco for a reported $1 billion.
‒ Intel’s purchase of mobility app Moovit for $900 million
‒ Insight Venture Partners’ $715 million sale of document automation company Conga to Thoma Bravo-backed Apttus
‒ The $500 million round of funding China-based meal kit delivery company MissFresh raised from Tencent, Goldman Sachs, and Tiger Global
‒ The $400 million IoT sensor company Samsara Networks raised at a $5.4 billion valuation from AllianceBernstein, Franklin Templeton, General Atlantic,
Sands Capital Management, and Warburg Pincus
Just Eat/
Takeaway
Viacom/CBS
Symantec’
Enterprise
Security Assets
Ingenico/
Worldline
E*TRADE/
Morgan Stanley
Credit Karma/
Intuit
Driven by your success.Page 21
• Of the 83 transactions recorded in the Digital Media/Commerce segment in May, 44 were announced for $4.1 billion in reported value
• In addition to the acquisition of Moovit and investment in MissFresh, Digital Media/Commerce transactions include:
‒ Facebook’s $400 million acquisition of Gif sharing platform Giphy
‒ CoStar’s $190 million purchase of online real estate classifieds and auction website Ten-X from Thomas H. Lee
‒ The $120 million investment refurbished device marketplace Back Market received from Goldman Sachs, Aglae Ventures, and Eurazeo
Growth
‒ Spotify’s acquisition of Joe Rogan’s podcast for a reported $100 million
‒ Draganfly’s sale of video creation and collaboration mobile application maker Sauce Video to Oracle
‒ The purchase of mobile game company Redemption Games by AppLovin
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 110 $17,853.6 133 $5,400.2 518 $37,424.2 39 $2,000.0
Private Equity - Buyout 18 8,240.9 11 608.0 59 16,624.0 3 0.0
Private Equity - VC/Growth Capital 138 6,305.0 138 9,164.9 601 34,271.3 41 2,120.1
Total 266 $32,399.5 282 $15,173.1 1,178 $88,319.5 83 $4,120.1
DIGITAL MEDIA/COMMERCE
4Q19 1Q20 LTM May-20
$9.1
$4.7
$10.7
$8.1
$5.5
$16.6
$10.2
$6.1
$3.7
$5.4
$4.0 $4.1
115 101 134 121102 83 81 97
95 90 7683
10
30
50
70
90
110
130
150
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 22*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alphabet Inc. $1,433.52 -6% $ 977,003.4 $ 876,578.4 $ 166,677.0 $ 48,300.0 29.0% 17.4% 5.3x 18.1x
Apple Inc. 317.94 -3% 1,378,058.5 1,402,768.5 267,981.0 77,305.0 28.8% 3.7% 5.2x 18.1x
Facebook, Inc. 225.09 -7% 641,304.7 591,829.7 73,357.0 32,545.0 44.4% 24.4% 8.1x 18.2x
Fitbit, Inc. 6.34 -13% 1,692.6 1,354.4 1,351.1 (295.2) NM -12.0% 1.0x NM
Glu Mobile Inc. 9.98 -7% 1,512.9 1,438.4 422.8 5.4 1.3% 11.0% 3.4x NM
GoPro, Inc. 4.71 -23% 691.7 817.4 1,071.3 (11.1) NM -9.9% 0.8x NM
IAC/InterActiveCorp 270.37 -6% 22,972.0 24,791.0 4,880.0 787.9 16.1% 11.6% 5.1x 31.5x
J2 Global, Inc. 78.30 -25% 3,736.0 4,787.2 1,404.6 519.3 37.0% 14.5% 3.4x 9.2x
Leaf Group Ltd. 2.73 -63% 72.9 78.6 153.8 (17.4) NM -1.0% 0.5x NM
The Meet Group, Inc. 6.18 -12% 443.7 452.7 217.3 28.8 13.2% 14.1% 2.1x 15.7x
Netflix, Inc. 419.73 -9% 184,598.9 195,712.6 21,403.1 3,212.0 15.0% 28.8% 9.1x 60.9x
Pinterest, Inc. 20.29 -45% 11,899.2 10,320.8 1,212.8 (1,456.3) NM 46.7% 8.5x NM
RealNetworks, Inc. 1.85 -17% 70.7 72.4 175.8 (16.7) NM 96.8% 0.4x NM
Remark Holdings, Inc. 2.64 -26% 262.3 284.6 5.0 (19.3) NM -50.1% 56.7x NM
Roku, Inc. 109.51 -38% 13,220.0 13,131.4 1,243.0 (88.0) NM 53.0% 10.6x NM
Snap Inc. 18.94 -5% 27,376.6 26,528.0 1,857.6 (888.5) NM 46.2% 14.3x NM
Twitter, Inc. 30.97 -32% 24,253.5 20,719.8 3,480.1 622.0 17.9% 10.0% 6.0x 33.3x
Upwork Inc. 12.44 -30% 1,432.4 1,344.1 315.3 (16.3) NM 20.1% 4.3x NM
Zynga Inc. 9.15 -8% 8,751.5 8,209.3 1,460.0 183.2 12.5% 51.4% 5.6x 44.8x
Average 6.1x 18.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (44.4x)
US-Based Digital Media and Internet
Last Twelve Months Multiples Last Twelve Months
Driven by your success.Page 23*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Baidu, Inc. China $106.55 -28% $ 36,724.2 $ 27,810.5 $ 14,944.2 $ 3,709.1 24.8% -1.2% 1.9x 7.5x
Bilibili Inc. * China 32.43 -11% 11,267.3 10,760.5 1,090.1 (74.2) NM 66.6% 9.9x NM
CyberAgent, Inc. Japan 50.42 -1% 6,357.3 6,269.3 4,370.6 421.4 9.6% 6.8% 1.4x 14.9x
DeNA Co., Ltd. Japan 13.74 -36% 1,413.9 906.5 1,128.1 158.3 14.0% -2.2% 0.8x 5.7x
Fiverr International Ltd. * Israel 65.12 -11% 2,098.0 1,961.3 117.5 (25.8) NM 42.3% 16.7x NM
G5 Entertainment AB (publ) Sweden 17.50 -18% 157.8 139.7 124.7 5.5 4.4% -10.4% 1.1x 25.4x
GREE, Inc. Japan 4.10 -20% 937.4 138.9 604.8 47.8 7.9% -10.2% 0.2x 2.9x
HolidayCheck Group AG * Germany 1.79 -44% 101.1 92.6 109.8 (44.1) NM -30.2% 0.8x NM
HUYA Inc. China 15.52 -45% 3,406.5 1,963.9 1,292.7 61.6 4.8% 67.9% 1.5x 31.9x
International Game Technology PLC United Kingdom 8.43 -48% 1,723.4 9,210.7 4,581.1 1,343.8 29.3% -3.9% 2.0x 6.9x
iQIYI, Inc. China 16.59 -40% 12,171.2 13,398.4 4,187.2 1,167.2 27.9% 9.4% 3.2x 11.5x
mixi, Inc. Japan 16.27 -28% 1,225.7 95.4 1,042.5 186.5 17.9% -22.1% 0.1x 0.5x
Meitu, Inc. * China 0.19 -48% 800.9 459.7 140.4 (42.8) NM 3.2% 3.3x NM
Ncsoft Corporation South Korea 638.76 -7% 13,163.2 11,822.6 1,705.6 429.7 25.2% 29.7% 6.9x 27.5x
NAVER Corporation South Korea 182.73 -10% 26,563.1 25,235.0 5,605.3 1,053.9 18.8% 17.7% 4.5x 23.9x
NetEase, Inc. China 382.90 -10% 49,898.2 43,716.7 8,737.8 2,435.0 27.9% 20.3% 5.0x 18.0x
NEXON Co., Ltd. Japan 20.85 -5% 18,414.5 13,805.1 2,214.0 949.1 42.9% -7.0% 6.2x 14.5x
Opera Limited Norway 6.18 -59% 737.0 576.4 423.2 67.0 15.8% 131.7% 1.4x 8.6x
Pacific Online Limited China 0.15 -42% 167.0 105.8 142.3 32.8 23.1% -3.1% 0.7x 3.2x
Phoenix New Media Limited * China 1.26 -66% 91.7 (66.0) 214.8 (33.0) NM 10.4% NM 2.0x
Renren Inc. * China 4.49 -18% 104.3 190.9 449.6 (79.9) NM 3.0% 0.4x NM
Sea Limited * Singapore 79.80 -9% 37,192.9 36,184.9 2,538.4 (785.4) NM 147.9% 14.3x NM
Sogou Inc. China 3.19 -45% 1,248.4 117.7 1,176.8 100.3 8.5% 4.3% 0.1x 1.2x
Spotify Technology S.A. * Sweden 180.93 -8% 33,644.8 32,695.3 7,803.3 4.4 0.1% 26.1% 4.2x NM
Tencent Music Entertainment China 12.92 -23% 21,673.7 18,747.9 3,672.6 621.5 16.9% 26.2% 5.1x 30.2x
Weibo Corporation China 30.77 -45% 6,968.2 6,303.8 1,691.1 558.6 33.0% -4.3% 3.7x 11.3x
Wemade Co.,Ltd. * South Korea 25.31 -20% 415.1 350.7 96.9 4.3 4.5% -0.7% 3.6x 81.0x
Yandex N.V. Netherlands 40.23 -18% 13,182.7 12,315.2 2,372.7 505.8 21.3% 33.8% 5.2x 24.3x
JOYY Inc. China 61.05 -24% 4,915.8 2,820.9 3,945.9 278.9 7.1% 61.6% 0.7x 10.1x
Average 4.4x 17.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)
Internationally-based Digital Media and Internet
Last Twelve Months
Driven by your success.Page 24*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
1-800-FLOWERS.COM, Inc. $22.14 -13% $ 1,423.2 $ 1,358.5 $ 1,331.1 $ 87.1 6.5% 9.2% 1.0x 15.6x
Alphabet Inc. 1,433.52 -6% 977,003.4 876,578.4 166,677.0 48,300.0 29.0% 17.4% 5.3x 18.1x
Amazon.com, Inc. 2,442.37 -3% 1,218,195.6 1,247,054.6 296,274.0 36,270.0 12.2% 22.7% 4.2x 34.4x
Apple Inc. 317.94 -3% 1,378,058.5 1,402,768.5 267,981.0 77,305.0 28.8% 3.7% 5.2x 18.1x
Blucora, Inc. 12.15 -63% 581.4 884.6 755.5 81.1 10.7% 30.2% 1.2x 10.9x
Blue Apron Holdings, Inc. 9.42 -67% 126.1 186.2 414.8 (31.2) NM -32.3% 0.4x NM
Booking Holdings Inc. 1,639.42 -22% 67,103.0 69,128.0 14,517.0 5,439.0 37.5% 0.6% 4.8x 12.7x
CarGurus, Inc. 25.98 -36% 2,926.7 2,848.5 611.3 48.9 8.0% 24.6% 4.7x 58.2x
Carvana Co. 92.98 -19% 6,430.5 8,186.8 4,282.9 (296.2) NM 82.2% 1.9x NM
CDW Corporation 110.91 -24% 15,784.5 19,517.0 18,463.7 1,444.7 7.8% 11.3% 1.1x 13.5x
Chegg, Inc. 61.08 -10% 7,552.3 7,719.9 445.1 59.4 13.4% 30.3% 17.3x NM
Chewy, Inc. 44.44 -11% 17,844.9 17,848.7 4,846.7 (230.7) NM 37.2% 3.7x NM
Copart, Inc. 89.39 -15% 20,986.8 21,196.7 2,222.5 891.1 40.1% 14.1% 9.5x 23.8x
eBay Inc. 45.54 -3% 32,000.0 36,765.0 10,761.0 3,070.0 28.5% 1.7% 3.4x 12.0x
Etsy, Inc. 80.98 -8% 9,610.5 9,660.1 877.1 117.6 13.4% 34.5% 11.0x 82.1x
Expedia Group, Inc. 79.48 -45% 11,205.3 15,954.3 11,667.0 1,069.0 9.2% 3.0% 1.4x 14.9x
Grubhub Inc. 56.74 -29% 5,217.5 5,413.6 1,351.4 41.4 3.1% 23.0% 4.0x NM
IAC/InterActiveCorp 270.37 -6% 22,972.0 24,791.0 4,880.0 787.9 16.1% 11.6% 5.1x 31.5x
Liberty TripAdvisor Holdings, Inc. 2.38 -82% 243.6 3,337.6 1,462.0 239.0 16.3% -9.4% 2.3x 14.0x
Liquidity Services, Inc. 5.71 -32% 194.3 153.9 218.0 (10.5) NM 1.8% 0.7x NM
Lyft, Inc. 31.26 -54% 9,590.9 7,453.8 3,795.6 (1,838.5) NM 49.7% 2.0x NM
Match Group, Inc. 89.04 -7% 25,300.1 26,646.7 2,131.3 717.1 33.6% 19.3% 12.5x 37.2x
Overstock.com, Inc. 18.37 -38% 740.8 730.3 1,443.3 (97.3) NM -17.2% 0.5x NM
Peloton Interactive, Inc. 42.19 -15% 11,949.6 11,038.9 1,442.2 (193.4) NM 80.7% 7.7x NM
PetMed Express, Inc. 36.10 -13% 721.4 617.8 284.1 33.2 11.7% 0.2% 2.2x 18.6x
Qurate Retail, Inc. 8.24 -44% 3,435.0 10,054.0 13,293.0 1,805.0 13.6% -4.5% 0.8x 5.6x
Revolve Group, Inc. 14.06 -71% 975.5 901.9 609.7 50.5 8.3% 16.6% 1.5x 17.9x
Shutterstock, Inc. 37.92 -18% 1,351.1 1,100.9 648.5 39.6 6.1% 2.4% 1.7x 27.8x
SmileDirectClub, Inc. 7.81 -63% 848.3 936.6 721.8 (588.2) NM 49.1% 1.3x NM
Spark Networks SE 2.99 -76% 77.8 76.1 114.7 5.8 5.1% 4.4% 0.7x 13.1x
Stamps.com Inc. 198.15 -11% 3,385.4 3,251.9 587.2 121.9 20.8% -0.4% 5.5x 26.7x
Stitch Fix, Inc. 23.12 -29% 2,369.3 2,218.1 1,737.6 24.1 1.4% 26.7% 1.3x 92.2x
Uber Technologies, Inc. 36.32 -23% 62,978.4 64,457.4 14,591.0 (8,223.0) NM 23.8% 4.4x NM
U.S. Auto Parts Network, Inc. 6.97 -27% 271.1 275.8 293.7 1.6 0.5% 2.8% 0.9x NM
Wayfair Inc. 171.55 -13% 16,234.6 17,854.7 9,512.3 (856.3) NM 30.0% 1.9x NM
Average 4.8x 23.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (49.8x)
US-based e-commerce
Last Twelve Months
Driven by your success.Page 25*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Internationally-based e-commerce
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
58.com Inc. China $48.01 -31% $ 7,195.0 $ 5,841.4 $ 2,237.1 $ 467.1 20.9% 18.6% 2.6x 12.5x
Alibaba Group Holding Limited China 207.39 -10% 556,583.4 539,266.5 71,972.7 17,779.9 24.7% 35.3% 7.5x 30.3x
Cango Inc. China 4.80 -51% 724.7 660.3 188.4 39.1 20.7% 11.7% 3.5x 16.9x
Cnova N.V. Netherlands 3.56 -13% 1,228.1 1,780.3 2,463.1 55.4 2.2% 0.9% 0.7x 32.1x
Despegar.com, Corp. Argentina 7.10 -54% 480.6 314.6 542.1 70.8 13.1% -9.2% 0.6x 4.4x
Farfetch Limited * United Kingdom 13.86 -41% 4,706.8 4,730.7 1,178.4 (310.3) NM 81.1% 4.0x NM
JD.com, Inc. * China 54.33 -6% 79,493.8 76,744.0 85,006.0 1,688.0 2.0% 24.6% 0.9x 45.5x
Jumia Technologies AG * Germany 4.49 -84% 352.1 152.2 173.9 (241.9) NM 18.0% 0.9x NM
LightInTheBox Holding Co., Ltd. * China 0.80 -49% 89.4 65.2 243.6 (13.5) NM 7.1% 0.3x NM
MercadoLibre, Inc. * Argentina 851.67 -3% 42,336.5 41,283.9 2,474.6 (113.8) NM 55.4% 16.7x NM
MOGU Inc. * China 1.32 -74% 140.7 (13.9) 117.9 (49.7) NM -22.2% NM 0.3x
PChome Online Inc. Taiwan 3.86 -30% 452.7 382.6 1,334.8 17.6 1.3% 13.4% 0.3x 21.7x
Pinduoduo Inc. * China 66.87 -4% 80,085.3 75,211.7 4,537.9 (1,432.1) NM 97.4% 16.6x NM
Rakuten, Inc. * Japan 9.06 -25% 12,301.8 14,237.6 12,221.7 (223.2) NM 15.4% 1.2x NM
Secoo Holding Limited China 2.33 -72% 117.1 241.2 986.5 33.7 3.4% 27.5% 0.2x 7.2x
trivago N.V. Germany 2.10 -61% 741.3 619.0 845.6 27.4 3.2% -11.0% 0.7x 22.6x
Uxin Limited * China 1.53 -60% 452.7 748.9 228.1 (143.9) NM 140.9% 3.3x NM
Vipshop Holdings Limited China 17.34 -8% 11,659.8 11,095.8 12,774.5 899.7 7.0% 5.2% 0.9x 12.3x
X Financial * China 0.69 -83% 110.6 (33.7) 443.5 119.2 26.9% -12.8% NM NM
Average 6.4x 29.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.2x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 26
• The Marketing Technology segment announced 73 transactions in May 2020
• Marketing Technology transactions included:
‒ The $225 million investment event and ticketing platform Eventbrite received from Francisco Partners
‒ The $190 million round of funding digital experience analytics platform Contentsquare raised from BlackRock, Bpifrance, Eurazeo
Growth, Canaan, GPE Hermes, Highland Europe, H14 and KKR
‒ Customer experience software Asapp’s $185 million round of funding from Emergence Capital, March Capital Partners, Euclidean
Capital, Telstra Ventures, HOF Capital, and Vast Ventures
‒ The sale of mobile marketing analytics tracking platform TUNE to Constellation Software-owned Perseus Operating Group
‒ Templafy’s purchase of Denmark-based sales enablement platform Napp
‒ K1 Investment Management’s sale of financial adviser marketing automation company FMG Suite to Aurora Capital Partners
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 114 $3,073.9 101 $1,908.3 398 $10,320.3 20 $26.1
Private Equity - Buyout 10 1,107.0 9 2,350.0 40 5,312.0 5 0.0
Private Equity - VC/Growth Capital 130 3,187.8 119 2,285.5 489 11,001.1 48 1,321.7
Total 254 $7,368.7 229 $6,543.8 927 $26,633.4 73 $1,347.8
Marketing Technology
4Q19 1Q20 LTM May-20
$4.0
$2.9 $3.0
$0.9
$2.9
$1.6
$2.8
$1.6
$3.8
$1.1
$0.7
$1.3
59 82 83 73 105 79 70 76 7875 74 73
10
20
30
40
50
60
70
80
90
100
110
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
$3.0
$3.5
$4.0
$4.5
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 27*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. $386.60 -1% $ 186,264.21 $ 186,804.21 $ 11,661.30 $ 4,077.89 35.0% 22.1% 16.0x 45.8x
AppFolio, Inc. 158.51 -10% 5,428.8 5,498.2 271.4 17.9 6.6% 32.5% 20.3x NM
Blackbaud, Inc. 58.61 -40% 2,831.1 3,454.0 908.2 105.8 11.7% 5.6% 3.8x 32.6x
Brightcove Inc. 8.03 -38% 313.0 306.7 189.3 (3.3) NM 14.4% 1.6x NM
Cardlytics, Inc. 68.09 -37% 1,836.2 1,746.7 220.0 (16.4) NM 42.9% 7.9x NM
ChannelAdvisor Corporation 13.95 -4% 395.7 354.5 130.4 14.7 11.3% -0.7% 2.7x 24.2x
Eventbrite, Inc. 8.62 -62% 751.0 401.1 294.6 (179.5) NM -1.3% 1.4x NM
eBay Inc. 45.54 -3% 32,000.0 36,765.0 10,761.0 3,070.0 28.5% 1.7% 3.4x 12.0x
Endurance International Group 3.58 -42% 502.8 2,164.9 1,104.8 271.1 24.5% -2.6% 2.0x 8.0x
Five9, Inc. 104.20 -4% 6,463.4 6,364.7 348.6 13.7 3.9% 27.5% 18.3x NM
GoDaddy Inc. 77.25 -6% 12,766.7 14,600.0 3,070.1 470.7 15.3% 12.2% 4.8x 31.0x
HubSpot, Inc. 199.94 -8% 8,722.8 8,364.7 722.0 (33.7) NM 31.2% 11.6x NM
IBM Corporation 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x
LivePerson, Inc. 37.45 -17% 2,479.1 2,508.1 303.3 (71.4) NM 17.6% 8.3x NM
Marin Software Incorporated 1.49 -56% 10.2 15.9 44.2 (13.2) NM -21.9% 0.4x NM
Medallia, Inc. 28.28 -37% 3,907.9 3,573.0 421.5 (129.6) NM 25.2% 8.5x NM
MicroStrategy Incorporated 124.48 -25% 1,215.4 786.0 482.4 27.1 5.6% -1.6% 1.6x 29.0x
Nuance Communications, Inc. 22.88 -4% 6,435.5 7,793.5 1,854.4 388.2 20.9% 10.0% 4.2x 20.1x
Oracle Corporation 53.77 -11% 169,568.2 197,922.2 39,766.0 16,371.0 41.2% 1.0% 5.0x 12.1x
PayPal Holdings, Inc. 155.01 -2% 182,006.7 180,561.7 18,262.0 3,298.0 18.1% 14.9% 9.9x 54.7x
PROS Holdings, Inc. 38.95 -48% 1,686.2 1,575.9 260.5 (46.6) NM 26.9% 6.0x NM
salesforce.com, inc. 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x
SharpSpring, Inc. 9.90 -37% 114.1 110.2 24.4 (8.5) NM 23.4% 4.5x NM
Sprout Social, Inc. 27.55 -13% 1,387.4 1,275.4 109.9 (48.6) NM 30.6% 11.6x NM
SVMK Inc. 20.15 -10% 2,782.1 2,938.9 327.0 (46.9) NM 23.7% 9.0x NM
Square, Inc. 81.08 -12% 35,622.6 35,287.6 5,135.3 16.1 0.3% 43.1% 6.9x NM
GlobalData Plc 17.59 -7% 2,075.1 2,198.4 236.0 45.6 19.3% 13.1% 9.3x 48.2x
Teradata Corporation 21.41 -43% 2,323.0 2,624.0 1,865.0 130.0 7.0% -12.3% 1.4x 20.2x
Verint Systems Inc. 46.37 -22% 2,992.1 3,579.3 1,303.6 159.1 12.2% 6.0% 2.7x 22.5x
Veritone, Inc. 8.49 -30% 229.9 180.8 49.4 (53.0) NM 42.1% 3.7x NM
Zoom Video Communications, Inc. 179.48 -20% 50,605.2 49,822.5 828.8 53.0 6.4% 111.2% 60.1x NM
Zendesk, Inc. 85.75 -10% 9,794.9 9,924.6 872.4 (116.3) NM 34.1% 11.4x NM
Adjusted Weighted Average 8.7x 12.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.2x)
US-based Marketing Technology
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 28*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Baozun Inc. China $26.49 -53% $ 1,669.59 $ 1,781.44 $ 1,061.15 $ 74.58 7.0% 30.5% 1.7x 23.9x
Bitauto Holdings Limited China 12.88 -17% 914.9 4,601.8 1,544.3 (30.9) NM 1.6% 3.0x NM
ChinaCache International Holdings China 0.02 -96% 0.68 73.19 131.93 (0.27) NM -0.4% 0.6x NM
MercadoLibre, Inc. Argentina 851.67 -3% 42,336.5 41,283.9 2,474.6 (113.8) NM 55.4% 16.7x NM
Open Text Corporation Canada 41.54 -13% 11,248.8 14,267.9 3,030.3 895.7 29.6% 5.4% 4.7x 15.9x
Shopify Inc. Canada 757.80 -10% 90,433.0 88,214.0 1,727.7 (133.2) NM 46.5% 51.1x NM
The Sage Group plc United Kingdom 8.53 -18% 9,301.3 9,595.0 2,432.7 732.1 30.1% 2.6% 3.9x 13.1x
United Internet AG Germany 41.00 -6% 7,676.6 9,672.6 5,765.9 1,212.4 21.0% 2.7% 1.7x 8.0x
Wix.com Ltd. Israel 222.33 -4% 11,455.8 11,177.4 802.8 (73.4) NM 25.4% 13.9x NM
Adjusted Weighted Average 6.5x 15.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (45.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (21.9x)
Last Twelve Months Multiples
Internationally-based Marketing Technology
Last Twelve Months
Driven by your success.Page 29
• There were 12 transactions completed in the Digital Advertising segment in May 2020
• Strategic transactions accounted for two-thirds of segment activity
• Select transactions in the segment include:
‒ The $50 million round of funding marketing automation tool Bluecore raised from Georgian Partners, FirstMark Capital, and Norwest
Venture Partners
‒ Twitter’s acquisition of payable ad demand-side platform CrossInstall
‒ Move.com’s sale of online senior housing directory SeniorHousingNet.com to Caring.com
‒ The acquisition of personalized notification platform Jeeng by PowerInbox
‒ CANOPY’s purchase of Amazon-focused keyword optimization platform PPC Scope
‒ The sale of paid search platform BrandVerity to Partnerize
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 35 $3,073.9 30 $1,829.1 126 $4,494.4 9 $0.0
Private Equity - Buyout 1 1,107.0 3 1,100.0 14 2,852.0 1 0.0
Private Equity - VC/Growth Capital 26 3,187.8 29 1,023.8 119 3,505.9 2 67.0
Total 62 $7,368.7 62 $3,952.9 259 $10,852.3 12 $67.0
Digital Advertising
4Q19 1Q20 LTM May-20
$0.6
$1.9
$1.4
$0.5 $0.6
$0.9 $0.9
$1.9 $1.9
$0.2 $0.1 $0.127 30 21 33 27 19 16 25
1720
12
12 10
15
20
25
30
35
$0.0
$0.5
$1.0
$1.5
$2.0
$2.5
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 30*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
US-based Digital Advertising
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alliance Data Systems Corporation $46.33 -71% $ 2,206.6 $ 18,877.2 $ 5,628.9 $ 976.1 17.3% 0.2% 3.4x 19.3x
Alphabet Inc. 1,433.52 -6% 977,003.4 876,578.4 166,677.0 48,300.0 29.0% 17.4% 5.3x 18.1x
ANGI Homeservices Inc. 10.85 -30% 5,372.6 5,263.8 1,366.4 161.7 11.8% 15.8% 3.9x 32.6x
AutoWeb, Inc. 0.97 -76% 12.8 15.9 106.8 (7.3) NM -14.4% 0.1x NM
CarGurus, Inc. 25.98 -36% 2,926.7 2,848.5 611.3 48.9 8.0% 24.6% 4.7x 58.2x
DHI Group, Inc. 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x
EverQuote, Inc. 53.92 -9% 1,457.6 1,407.1 277.9 (2.8) NM 59.0% 5.1x NM
Facebook, Inc. 225.09 -7% 641,304.7 591,829.7 73,357.0 32,545.0 44.4% 24.4% 8.1x 18.2x
Fluent, Inc. 2.00 -67% 152.1 198.9 294.1 22.0 7.5% 12.7% 0.7x 9.0x
Groupon, Inc. 1.28 -66% 724.1 346.0 2,218.9 89.0 4.0% -15.8% 0.2x 3.9x
Inuvo, Inc. 0.43 -45% 27.2 29.6 61.0 (4.7) NM -10.7% 0.5x NM
LendingTree, Inc. 260.02 -40% 3,396.9 3,774.8 1,127.3 139.4 12.4% 33.2% 3.3x 27.1x
QuinStreet, Inc. 10.14 -41% 526.8 443.8 495.3 19.3 3.9% 11.4% 0.9x 23.0x
Quotient Technology Inc. * 6.96 -42% 626.0 607.1 436.8 7.0 1.6% 9.7% 1.4x 87.0x
Redfin Corporation 29.99 -9% 2,953.5 2,904.2 860.7 (58.3) NM 66.4% 3.4x NM
SelectQuote, Inc. 27.52 -5% 4,453.2 4,860.3 464.5 122.5 26.4% 0.0% 10.5x 39.7x
Snap Inc. 18.94 -5% 27,376.6 26,528.0 1,857.6 (888.5) NM 46.2% 14.3x NM
The Rubicon Project, Inc. 6.27 -52% 673.4 622.7 160.3 (1.5) NM 21.2% 3.9x NM
The Trade Desk, Inc. * 311.56 -13% 14,349.9 14,274.3 700.7 135.5 19.3% 36.7% 20.4x 105.4x
Travelzoo 6.12 -67% 69.2 63.1 111.4 10.6 9.5% 0.1% 0.6x 5.9x
TripAdvisor, Inc. 19.28 -60% 2,587.2 2,514.2 1,462.0 194.0 13.3% -9.4% 1.7x 13.0x
TrueCar, Inc. 2.70 -52% 289.6 147.8 351.8 (28.8) NM -1.8% 0.4x NM
Twitter, Inc. 30.97 -32% 24,253.5 20,719.8 3,480.1 622.0 17.9% 10.0% 6.0x 33.3x
Yelp Inc. 21.74 -45% 1,562.9 1,313.1 1,028.2 37.8 3.7% 7.6% 1.3x 34.8x
Yext, Inc. 15.79 NA 1,854.7 1,722.4 298.8 (114.0) NM 30.9% 5.8x NM
Zillow Group, Inc. 57.96 -13% 12,809.4 12,527.1 3,414.6 (175.2) NM 129.5% 3.7x NM
Average 8.0x 19.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.4x)
Last Twelve Months
Driven by your success.Page 31*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Internationally-based Digital Advertising
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cliq Digital AG Germany $6.39 -6% $ 39.5 $ 52.6 $ 70.9 $ 6.6 9.3% 8.5% 0.7x 8.0x
Criteo S.A. France 10.25 -51% 632.7 391.8 2,206.8 243.8 11.0% -3.8% 0.2x 1.6x
iClick Interactive Asia Group Limited Hong Kong 5.21 -8% 384.3 423.1 209.2 (5.9) NM 27.6% 2.0x NM
MakeMyTrip Limited India 15.49 -49% 1,595.3 1,405.1 526.8 (106.8) NM 0.6% 2.7x NM
Matomy Media Group Ltd. Israel 0.08 -10% 7.7 30.9 74.0 7.9 10.7% -16.6% 0.4x 3.9x
Metaps Inc. Japan 7.24 -42% 98.3 61.1 91.7 (2.1) NM 0.0% 0.7x NM
Pacific Online Limited China 0.15 -42% 167.0 105.8 142.3 32.8 23.1% -3.1% 0.7x 3.2x
Perion Network Ltd. Israel 5.51 -43% 147.2 130.4 273.7 22.4 8.2% 11.3% 0.5x 5.8x
Rightmove plc * United Kingdom 7.24 -19% 6,296.5 6,266.8 383.2 285.3 74.5% 8.0% 16.4x 22.0x
Septeni Holdings Co., Ltd. Japan 2.03 -48% 257.1 134.4 160.2 24.7 15.4% 10.0% 0.8x 5.4x
Tencent Holdings Limited * China 52.94 -8% 501,624.2 514,877.3 56,465.5 20,164.8 35.7% 23.2% 9.1x 25.5x
TradeDoubler AB (publ) * Sweden 0.28 -32% 12.5 26.6 121.5 1.1 0.9% 1.3% 0.2x 24.0x
XLMedia PLC Cyprus 0.30 -71% 55.5 37.8 79.7 27.2 34.2% -14.8% 0.5x 1.4x
Yandex N.V. * Netherlands 40.23 -18% 13,182.7 12,315.2 2,372.7 505.8 21.3% 33.8% 5.2x 24.3x
Average 2.8x 9.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.6x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 32
• A total of 24 transactions was announced in the Agency & Marketing Services segment
• Strategic transactions accounted for more than two-thirds percent of segment activity
• Select Agency & Marketing Services transactions include:
‒ The purchase of healthcare consultancy Integrated Medhealth Communication by Waterland Private Equity
‒ S4 Capital’s acquisition of Argentina-based digital analytics consulting company Digodat
‒ The acquisition of marketing services agency Tiny Horse by Team Whistle
‒ Penske Media’s acquisition of experiential production agency LDJ Productions
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value
# o
f dea
ls
40 63 53 41 68 48 39 60 54 53 23 240
10
20
30
40
50
60
70
80
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 117 $5,114.4 135 $3,060.0 430 $9,597.3 15 $0.0
Private Equity - Buyout 14 3,183.6 16 628.5 58 15,127.2 4 0.0
Private Equity - VC/Growth Capital 24 958.7 16 371.1 78 2,971.4 5 263.0
Total 155 $9,256.7 167 $4,059.6 566 $27,695.9 24 $263.0
Agency & Marketing Services
4Q19 1Q20 LTM May-20
Driven by your success.Page 33*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cello Health plc United Kingdom $1.34 -29% $ 142.9 $ 147.3 $ 220.9 $ 14.0 6.3% 4.9% 0.7x 10.5x
Dentsu Group Inc. Japan 26.79 -31% 7,340.0 11,397.5 9,758.6 1,615.2 16.6% NM 1.2x 7.1x
Enero Group Limited Australia 1.03 -36% 87.6 77.6 179.4 16.6 9.2% 29.2% 0.4x 4.7x
Hakuhodo DY Holdings Inc Japan 12.43 -28% 4,640.4 4,156.1 13,626.6 646.6 4.7% 1.4% 0.3x 6.4x
M&C Saatchi plc United Kingdom 0.77 -84% 89.1 134.4 538.5 27.9 5.2% 23.5% 0.2x 4.8x
MDC Partners Inc. United States 1.32 -62% 98.0 1,378.6 1,414.8 170.8 12.1% -4.3% 1.0x 8.1x
Next Fifteen Communications Group United Kingdom 4.28 -49% 381.1 458.8 396.7 52.6 13.3% 10.4% 1.2x 8.7x
Omnicom Group Inc. United States 54.79 -36% 11,740.6 16,060.4 14,891.7 2,295.3 15.4% -1.6% 1.1x 7.0x
OPT Holding, Inc. Japan 14.20 -22% 315.1 263.1 853.2 30.1 3.5% 6.8% 0.3x 8.7x
Publicis Groupe S.A. France 28.37 -51% 6,698.3 12,550.4 12,345.4 2,134.4 17.3% 10.6% 1.0x 5.9x
S4 Capital plc * United Kingdom 2.84 -10% 1,344.8 1,348.7 284.9 34.7 12.2% 128.8% 4.7x 38.8x
The Interpublic Group of Companies, United States 17.11 -32% 6,666.3 11,177.4 8,592.4 1,388.5 16.2% 4.0% 1.3x 8.0x
UDG Healthcare plc Ireland 9.05 -15% 2,269.3 2,446.7 1,335.5 188.4 14.1% 3.0% 1.8x 13.0x
WPP plc United Kingdom 7.55 -45% 9,180.3 14,315.7 17,527.4 2,129.5 12.1% 1.4% 0.8x 6.7x
1.0x 7.2xAdjusted Weighted Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.5x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 34*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Aimia Inc. Canada $1.89 -36% $ 177.4 $ 21.9 $ 90.9 $ (30.6) NM NM 0.2x NM
Dolphin Entertainment, Inc. United States 0.50 -64% 10.0 27.7 25.0 (1.5) NM 10.9% 1.1x NM
Fluent, Inc. United States 2.00 -67% 152.1 198.9 294.1 22.0 7.5% 12.7% 0.7x 9.0x
CSG Systems International, Inc. United States 47.35 -19% 1,511.1 1,849.6 997.6 165.8 16.6% 8.7% 1.9x 11.2x
Deluxe Corporation United States 23.33 -57% 975.9 1,859.7 1,996.1 365.1 18.3% -0.5% 0.9x 5.1x
Fair Isaac Corporation * United States 402.65 -8% 11,678.3 12,623.1 1,226.1 316.0 25.8% 16.5% 10.3x 39.9x
Harte Hanks, Inc. United States 2.28 -42% 14.7 42.1 198.9 (7.3) NM -24.2% 0.2x NM
High Co. SA France 3.89 -46% 80.2 31.0 197.2 22.5 11.4% 1.1% 0.2x 1.4x
Kin and Carta plc United Kingdom 0.80 -43% 135.1 212.5 198.8 21.9 11.0% 14.5% 1.1x 9.7x
Pitney Bowes Inc. United States 2.37 -57% 409.1 2,516.0 3,206.3 373.4 11.6% 3.1% 0.8x 6.7x
Points International Ltd. Canada 7.29 -61% 92.9 29.7 387.9 19.3 5.0% 1.3% 0.1x 1.5x
Viad Corp United States 18.34 -75% 373.8 843.2 1,392.1 126.4 9.1% 6.7% 0.6x 6.7x
1.2x 8.0xAdjusted Weighted Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.8x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 35
• In May 2020, there were 13 Traditional Media transactions announced, with strategics accounting for more than 90 percent of activity
• Traditional Media transactions included:
‒ Trustbridge Global Media’s acquisition of children’s book publishing company Walker Books
‒ WarnerMedia’s purchase of the Spanish-Speaking HBO-Branded Services of Ole Communications
‒ Leaf Group’s sale of its library of content to Hearts Newspaper
‒ HQ Global Education’s purchase of TV production company Big M Entertainment Pictures
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 71 $6,334.2 65 $2,089.7 246 $16,293.6 12 $11.5
Private Equity - Buyout 4 485.9 5 526.0 16 1,131.2 1 37.3
Private Equity - VC/Growth Capital 4 18.5 8 308.2 23 886.2 0 0.0
Total 79 $6,838.6 78 $2,923.9 285 $18,311.0 13 $48.8
Traditional Media
4Q19 1Q20 LTM May-20
19 26 24 28 35 16 28 28 30 21 18 130
5
10
15
20
25
30
35
40
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 36*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Discovery, Inc. United States $21.75 -35% $ 13,939.5 $ 30,516.5 $ 11,120.0 $ 4,592.0 41.3% 1.5% 2.7x 6.6x
Fox Corporation United States 28.78 -26% 17,508.7 21,908.7 12,398.0 2,746.0 22.1% 10.0% 1.8x 8.0x
The Walt Disney Company * United States 117.30 -24% 211,875.1 270,657.1 78,212.0 14,544.2 18.6% 30.9% 3.5x 18.6x
ViacomCBS Inc. United States 20.74 -61% 12,960.9 33,091.9 27,381.0 4,569.0 16.7% -10.5% 1.2x 7.2x
Adjusted Weighted Average 3.2x 7.3x
($ in Millions, except stock price data)
B-to-B Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Ascential plc United Kingdom $3.38 -37% $ 1,356.3 $ 1,599.4 $ 551.2 $ 133.9 24.3% 19.4% 2.9x 11.9x
Centaur Media Plc * United Kingdom $0.31 -51% 44.1 37.9 65.8 0.3 0.4% -1.2% 0.6x 143.1x
Emerald Holding, Inc. United States $2.22 -82% 158.6 701.9 323.2 75.2 23.3% -14.0% 2.2x 9.3x
Euromoney Institutional Investor PLC United Kingdom $9.05 -52% 973.8 913.7 320.5 70.9 22.1% 7.0% 2.9x 12.9x
Hyve Group Plc United Kingdom 1.19 -91% 97.5 346.5 260.4 (156.5) NM 0.5% 1.3x NM
Informa plc United Kingdom $5.61 -51% 8,424.5 11,970.4 3,828.0 1,240.1 32.4% 22.0% 3.1x 9.7x
MCH Group AG Switzerland 16.33 -47% 98.1 241.0 451.8 43.7 9.7% -15.2% 0.5x 5.5x
TechTarget, Inc. United States $27.49 -8% 756.8 765.1 135.4 27.3 20.2% 9.2% 5.7x 28.0x
Adjusted Weighted Average 3.2x 11.3x
($ in Millions, except stock price data)
Radio Broadcasting
Stock Price Chg % From Equity Enterprise Last Twelve Months Multiples
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Beasley Broadcast Group, Inc. United States $2.37 -43% $ 66.3 $ 346.0 $ 261.6 $ 39.7 15.2% 1.6% 1.3x 8.7x
Emmis Communications Corporation * United States 1.38 -80% 18.5 (9.1) 39.7 (12.1) NM -0.5% NM 0.7x
Entercom Communications Corp. United States 1.67 -74% 230.5 2,151.3 1,478.0 303.3 20.5% 0.5% 1.5x 7.1x
Salem Media Group, Inc. United States 0.90 -64% 24.0 315.6 251.7 28.9 11.5% -3.0% 1.3x 10.9x
Sirius XM Holdings Inc. * United States 5.82 -21% 25,486.5 33,786.5 8,002.0 2,283.0 28.5% 30.3% 4.2x 14.8x
Townsquare Media, Inc. United States 4.47 -57% 84.8 617.2 450.6 102.0 22.6% 13.6% 1.4x 6.1x
Urban One, Inc. United States 0.71 -69% 33.1 919.0 433.4 121.7 28.1% -1.0% 2.1x 7.6x
Adjusted Weighted Average 4.2x 7.1x
Large Cap Diversified Media
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.2x)
Last Twelve Months
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x)
Last Twelve Months
Driven by your success.Page 37*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Altice Europe N.V. Netherlands $4.00 -48% $ 4,776.5 $ 48,598.2 $ 16,385.2 $ 4,643.5 28.3% 5.2% 3.0x 10.5x
AMC Networks Inc. United States $28.27 -50% 1,471.2 4,251.5 3,010.5 845.6 28.1% -0.2% 1.4x 5.0x
CVC Limited * Australia 0.80 -57% 93.5 80.2 22.6 2.7 11.9% -44.9% 3.6x 30.0x
Charter Communications, Inc. United States 544.00 -1% 112,312.9 197,452.9 46,296.0 16,808.0 36.3% 4.8% 4.3x 11.7x
Comcast Corporation United States 39.60 -17% 180,740.6 283,503.6 108,692.0 33,692.0 31.0% 10.3% 2.6x 8.4x
Discovery, Inc. United States 21.75 -35% 13,939.5 30,516.5 11,120.0 4,592.0 41.3% 1.5% 2.7x 6.6x
DISH Network Corporation United States 31.65 -29% 16,589.7 28,071.3 12,837.9 2,574.3 20.1% -3.8% 2.2x 10.9x
Entravision Communications Corporation United States 1.50 -57% 126.1 261.6 273.1 43.1 15.8% -7.6% 1.0x 6.1x
Gray Television, Inc. United States 13.94 -40% 1,373.1 5,490.1 2,138.0 781.0 36.5% 55.4% 2.6x 7.0x
Grupo Televisa, S.A.B. Mexico 1.18 -45% 3,335.2 9,734.8 4,330.7 1,603.8 37.0% -0.5% 2.2x 6.1x
Liberty Global plc United Kingdom 21.24 -26% 12,625.8 34,138.4 11,549.3 4,585.7 39.7% -1.8% 3.0x 7.4x
Nexstar Media Group, Inc. United States 83.31 -37% 3,770.9 11,638.5 3,504.5 1,238.2 35.3% 26.2% 3.3x 9.4x
Sinclair Broadcast Group, Inc. United States 18.69 -69% 1,497.5 14,433.5 5,127.0 1,187.5 23.2% 64.8% 2.8x 12.2x
TEGNA Inc. United States 11.72 -36% 2,561.2 6,718.4 2,466.9 765.1 31.0% 11.0% 2.7x 8.8x
The E.W. Scripps Company United States 8.67 -49% 705.6 2,752.0 1,562.6 200.5 12.8% 25.4% 1.8x 13.7x
ViacomCBS Inc. United States 20.74 -61% 12,960.9 33,091.9 27,381.0 4,569.0 16.7% -10.5% 1.2x 7.2x
Adjusted Weighted Average 3.1x 9.4x
($ in Millions, except stock price data)
Entertainment Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cineplex Inc. Canada $10.54 -59% $ 667.5 $ 2,100.3 $ 1,283.8 $ 201.5 15.7% 3.3% 1.6x 10.4x
Eros International Plc United States 3.23 -41% 421.4 733.9 196.4 (59.9) NM -27.9% 3.7x NM
Lions Gate Entertainment Corp. United States 7.97 -46% 1,688.7 4,723.0 3,890.0 352.7 9.1% 5.7% 1.2x 13.4x
Live Nation Entertainment, Inc. * United States 49.16 -36% 10,395.8 13,161.1 11,185.8 657.3 5.9% 1.4% 1.2x 20.0x
Fox Corporation United States 28.78 -26% 17,508.7 21,908.7 12,398.0 2,746.0 22.1% 10.0% 1.8x 8.0x
Liberty Global plc United Kingdom 21.24 -26% 12,625.8 34,138.4 11,549.3 4,585.7 39.7% -1.8% 3.0x 7.4x
Village Roadshow Limited Australia 1.36 -52% 265.7 705.9 664.7 42.4 6.4% -2.7% 1.1x 16.7x
World Wrestling Entertainment, Inc. United States 46.27 -41% 3,582.0 3,898.9 1,069.0 232.3 21.7% 15.6% 3.6x 16.8x
Adjusted Weighted Average 2.1x 7.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.9x)
Last Twelve Months Multiples Last Twelve Months
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.8x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 38*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Out-of-Home Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
APG|SGA SA Switzerland $189.31 -39% $ 567.3 $ 523.9 $ 330.6 $ 62.6 18.9% 5.4% 1.6x 8.4x
Clear Channel Outdoor Holdings, Inc. United States 0.97 -82% 450.8 7,131.1 2,647.5 521.1 19.7% -2.3% 2.7x 13.7x
Clear Media Limited Hong Kong 0.95 -1% 514.3 817.9 207.7 64.2 30.9% -19.8% 3.9x 12.7x
JCDecaux SA France 20.33 -36% 4,328.6 10,769.3 3,913.8 830.8 21.2% 9.6% 2.8x 13.0x
Lamar Advertising Company (REIT) United States 66.30 -32% 6,680.3 10,979.5 1,775.8 769.2 43.3% 7.6% 6.2x 14.3x
National CineMedia, Inc. United States 2.75 -72% 214.4 1,344.8 432.6 160.6 37.1% -1.3% 3.1x 8.4x
NTN Buzztime, Inc. United States 1.12 -72% 3.3 6.3 17.4 (0.6) NM -22.5% 0.4x NM
Outfront Media Inc. United States 14.04 -55% 2,026.7 5,972.4 1,795.8 452.9 25.2% 9.5% 3.3x 13.2x
Stingray Group Inc. Canada 3.03 -48% 223.0 497.1 216.4 75.8 35.0% 44.2% 2.3x 6.6x
TOM Group Limited * Hong Kong 0.14 -45% 556.2 970.1 117.6 16.6 14.1% -3.0% 8.2x 58.5x
Adjusted Weighted Average 4.3x 13.3x
($ in Millions, except stock price data)
Publishing
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
A.H. Belo Corporation United States $1.55 -60% $ 33.2 $ 9.3 $ 183.6 $ (0.5) NM -9.3% 0.1x NM
Daily Mail and General Trust plc United Kingdom 8.84 -22% 1,974.6 1,726.2 1,660.0 175.0 10.5% 4.0% 1.0x 9.9x
Emmis Communications Corporation * United States 1.38 -80% 18.5 (9.1) 39.7 (12.1) NM -0.5% NM 0.7x
Gannett Co., Inc. United States 1.31 -88% 171.8 1,948.7 2,429.0 254.9 10.5% 54.4% 0.8x 7.6x
Glacier Media Inc. Canada 0.16 -71% 20.4 57.2 129.7 0.2 0.1% -2.1% 0.4x NM
John Wiley & Sons, Inc. United States 40.20 -20% 2,253.1 3,112.9 1,848.0 307.2 16.6% 3.5% 1.7x 10.1x
Meredith Corporation United States 14.94 -74% 805.5 4,109.4 3,023.0 618.1 20.4% -5.7% 1.4x 6.6x
News Corporation United States 12.25 -19% 7,213.9 9,113.9 9,551.0 880.0 9.2% 2.4% 1.0x 10.4x
Pearson plc United Kingdom 5.80 -50% 4,284.7 5,841.1 5,124.2 688.7 13.4% -6.3% 1.1x 8.5x
Scholastic Corporation United States 29.40 -36% 1,007.6 848.1 1,673.8 75.6 4.5% -0.3% 0.5x 11.2x
The E.W. Scripps Company United States 8.67 -49% 705.6 2,752.0 1,562.6 200.5 12.8% 25.4% 1.8x 13.7x
The McClatchy Company United States 0.11 -97% 0.9 798.2 709.5 50.2 7.1% -12.1% 1.1x 15.9x
The New York Times Company * United States 39.23 -5% 6,538.2 6,105.1 1,784.8 209.9 11.8% 2.1% 3.4x 29.1x
Adjusted Weighted Average 1.1x 9.8x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.7x)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.3x)
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 39
• A total of 286 transactions was announced in the Software segment, of which 186 were valued at $8.2 billion
• VC/Growth Capital transactions represented 63 percent of segment activity
• In addition to the acquisition of ThousandEyes, Conga, and the investment in Samsara deals completed in the segment include:
‒ The $280 million round of funding investing platform Robinhood raised at an $8.3 billion valuation from Sequoia Capital, NEA, Ribbit Capital,
and Unusual Ventures
‒ Change Healthcare’s acquisition of pharmacy solutions company eRx for $213
‒ SoftBank’s $200 million investment in construction technology company Katerra
‒ The $194 million telehealth company Amwell raised from Allainz X and Takeda
‒ The $150 million round of funding construction software company Procore Technologies raised at a $5 billion valuation from D1 Capital
Partners
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
288
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 276 $14,709.0 366 $23,985.6 1,181 $73,964.5 94 $2,527.0
Private Equity - Buyout 44 7,045.8 53 19,960.0 180 39,319.1 10 20.0
Private Equity - VC/Growth Capital 397 9,115.2 420 15,705.4 1,749 52,439.8 182 5,657.4
Total 717 $30,870.0 839 $59,651.0 3,110 $165,723.4 286 $8,204.4
Software
4Q19 1Q20 LTM May-20
$18.1
$8.3
$18.5$14.9
$9.0
$6.2
$15.7
$26.5
$19.1
$14.0
$7.3 $8.2
245 247 223 285 292225 200 268 277 294 269
286
10
60
110
160
210
260
310
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 40*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alfa Financial Software Holdings PLC United Kingdom $0.96 -40% $ 289.2 $ 240.0 $ 85.4 $ 19.0 22.3% -9.2% 2.8x 12.6x
Anaplan, Inc. United States 45.92 -28% 6,289.5 6,025.4 376.0 (133.2) NM 41.9% 16.0x NM
Avalara, Inc. United States 107.06 -4% 8,395.9 8,015.2 408.9 (48.5) NM 38.3% 19.6x NM
Bill.com Holdings, Inc. * United States 69.64 -29% 5,054.4 4,674.3 147.2 (25.2) NM 0.0% 31.8x NM
BlackLine, Inc. United States 74.30 -7% 4,189.5 3,986.5 307.4 (10.8) NM 27.8% 13.0x NM
Coupa Software Incorporated * United States 227.51 -4% 15,161.5 15,177.7 389.7 (44.9) NM 49.7% 38.9x NM
Donnelley Financial Solutions, Inc. United States 8.15 -45% 274.9 683.7 865.8 99.2 11.5% -7.6% 0.8x 6.9x
Ebix, Inc. United States 22.41 -58% 683.7 1,392.6 575.6 148.8 25.8% 8.1% 2.4x 9.4x
GreenSky, Inc. United States 4.02 -70% 257.3 293.5 547.1 147.4 26.9% 26.3% 0.5x 2.0x
Guidewire Software, Inc. United States 102.58 -17% 8,502.4 7,873.3 706.5 (5.0) NM -6.0% 11.1x NM
i3 Verticals, Inc. United States 28.86 -24% 434.3 619.6 286.3 27.4 9.6% -15.5% 2.2x 22.6x
Intuit Inc. United States 290.32 -5% 75,707.1 72,399.1 6,857.0 1,745.0 25.4% 3.1% 10.6x 41.5x
Model N, Inc. United States 32.12 -10% 1,101.0 1,085.2 149.7 (7.7) NM 2.3% 7.3x NM
Performant Financial Corporation United States 0.60 -62% 32.4 92.3 161.4 1.6 1.0% 20.9% 0.6x 58.8x
Q2 Holdings, Inc. United States 82.62 -12% 4,396.1 4,756.6 336.6 (44.4) NM 30.7% 14.1x NM
RealPage, Inc. United States 67.82 -2% 6,714.0 7,812.6 1,030.5 173.7 16.9% 14.2% 7.6x 45.0x
SS&C Technologies Holdings, Inc. United States 57.90 -13% 14,835.1 22,099.5 4,669.3 1,711.7 36.7% 12.9% 4.7x 12.9x
StoneCo Ltd. * Brazil 31.68 -32% 8,777.7 9,250.2 228.4 12.5 5.5% 40.8% 40.5x NM
Tradeweb Markets Inc. United States 65.96 -4% 11,930.8 10,005.2 774.8 229.2 29.6% 17.3% 12.9x 43.7x
Tyler Technologies, Inc. * United States 375.31 -2% 14,922.9 14,604.6 1,115.9 203.9 18.3% 16.1% 13.1x 71.6x
Zuora, Inc. United States 12.01 -28% 1,389.5 1,296.2 285.8 (71.0) NM 15.8% 4.5x NM
Adjusted Weighted Average 10.2x 37.7x
($ in Millions, except stock price data)
Healthcare Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Allscripts Healthcare Solutions, Inc. United States $6.32 -47% $ 1,027.3 $ 2,004.2 $ 1,756.3 $ 84.2 4.8% 0.5% 1.1x 23.8x
Cegedim SA France 29.68 -18% 410.7 685.7 565.3 74.8 13.2% 7.7% 1.2x 9.2x
Cerner Corporation United States 72.90 -10% 22,187.0 23,306.6 5,714.5 1,168.9 20.5% 4.6% 4.1x 19.9x
Computer Programs and Systems, Inc. United States 22.12 -38% 310.4 415.4 275.3 34.0 12.4% -1.2% 1.5x 12.2x
Craneware plc United Kingdom 23.08 -42% 611.1 571.6 71.4 20.5 28.7% -0.5% 8.0x 27.9x
HealthEquity, Inc. United States 61.97 -30% 4,424.5 5,533.9 635.0 187.4 29.5% 108.6% 8.7x 29.5x
McKesson Corporation United States 158.67 -8% 25,681.3 32,705.3 231,051.0 3,763.0 1.6% 7.8% 0.1x 8.7x
NantHealth, Inc. United States 2.64 -19% 292.0 463.2 93.9 (15.2) NM 7.5% 4.9x NM
NextGen Healthcare, Inc. United States 10.32 -50% 678.0 737.9 540.2 31.6 5.8% 2.1% 1.4x 23.4x
Streamline Health Solutions, Inc. United States 0.93 -55% 28.0 30.2 20.7 0.6 2.8% -7.3% 1.5x 51.3x
Veeva Systems Inc. * United States 218.87 -1% 32,837.0 31,508.6 1,196.4 327.8 27.4% 31.3% 26.3x 96.1x
Adjusted Weighted Average 2.6x 15.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.7x)and EBITDA multiples that are 1.0 standard deviations
Financial & Credit/Risk Management Software
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.4x)and EBITDA multiples that are 1.0 standard deviations
Driven by your success.Page 41*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
HR Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
51job, Inc. China $64.49 -30% $ 4,314.6 $ 2,774.0 $ 547.8 $ 166.1 30.3% -0.3% 5.1x 16.7x
Benefitfocus, Inc. United States 12.73 -56% 408.2 585.7 293.5 (11.8) NM 10.9% 2.0x NM
Castlight Health, Inc. United States 0.79 -76% 117.8 92.9 146.9 (30.7) NM -5.5% 0.6x NM
Ceridian HCM Holding Inc. United States 68.87 -13% 9,987.6 10,448.2 843.1 120.2 14.3% 11.6% 12.4x 86.9x
Cornerstone OnDemand, Inc. United States 38.65 -40% 2,467.1 2,378.2 586.5 28.6 4.9% 7.6% 4.1x 83.3x
DHI Group, Inc. United States 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x
Domo, Inc. United States 25.32 -28% 729.4 731.7 173.4 (112.2) NM 21.7% 4.2x NM
Paycom Software, Inc. * United States 297.23 -13% 17,070.8 16,943.4 780.1 279.1 35.8% 27.4% 21.7x 60.7x
Paylocity Holding Corporation United States 130.01 -14% 6,979.5 6,881.7 551.1 90.1 16.4% 24.2% 12.5x 76.4x
Pluralsight, Inc. United States 20.83 -37% 2,198.1 2,339.8 339.9 (142.2) NM 34.9% 6.9x NM
Workday, Inc. United States 183.43 -19% 43,137.2 42,638.1 3,820.5 (157.7) NM 26.1% 11.2x NM
Adjusted Weighted Average 10.5x 66.3x
($ in Millions, except stock price data)
Security Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Absolute Software Corporation Canada $9.63 -9% $ 408.8 $ 379.5 $ 102.8 $ 17.5 17.0% 5.2% 3.7x 21.7x
Check Point Software Technologies Ltd. Israel 109.67 -9% 15,957.0 14,213.6 2,009.5 895.8 44.6% 3.8% 7.1x 15.9x
Cisco Systems, Inc. United States 47.82 -18% 201,910.2 190,409.2 50,575.0 16,181.0 32.0% -1.5% 3.8x 11.8x
Cheetah Mobile Inc. China 2.74 -40% 377.6 74.6 515.3 (70.5) NM -28.0% 0.1x NM
Cloudflare, Inc. United States 29.07 -6% 8,827.3 8,286.5 316.5 (95.4) NM 48.9% 26.2x NM
CrowdStrike Holdings, Inc. * United States 87.81 -15% 18,930.9 18,019.3 563.4 (122.7) NM 88.7% 32.0x NM
CyberArk Software Ltd. * Israel 103.78 -30% 4,019.5 3,419.1 444.8 61.6 13.8% 21.1% 7.7x 55.5x
FireEye, Inc. United States 12.48 -32% 2,739.5 2,869.8 903.3 (105.6) NM 7.2% 3.2x NM
Forescout Technologies, Inc. United States 23.59 -41% 1,162.2 1,120.7 318.4 (107.8) NM 1.6% 3.5x NM
Fortinet, Inc. United States 139.20 -7% 22,501.5 21,143.3 2,260.5 436.2 19.3% 20.6% 9.4x 48.5x
Juniper Networks, Inc. United States 24.26 -12% 8,038.6 7,976.9 4,441.7 708.4 15.9% -2.7% 1.8x 11.3x
Mimecast Limited * United Kingdom 41.78 -23% 2,630.7 2,686.6 427.0 38.0 8.9% 25.4% 6.3x 70.7x
Palo Alto Networks, Inc. United States 235.27 -6% 22,695.5 22,535.6 3,263.8 36.8 1.1% 18.6% 6.9x NM
Proofpoint, Inc. United States 116.27 -13% 6,662.7 6,532.0 935.0 (33.2) NM 23.4% 7.0x NM
Qualys, Inc. United States 115.32 -3% 4,492.7 4,210.4 332.5 108.2 32.6% 14.9% 12.7x 38.9x
Rapid7, Inc. United States 48.89 -26% 2,469.0 2,496.6 348.1 (36.3) NM 32.5% 7.2x NM
SecureWorks Corp. United States 13.46 -26% 1,105.3 953.1 561.1 (5.4) NM 6.8% 1.7x NM
Tenable Holdings, Inc. United States 31.27 -3% 3,129.5 2,948.0 376.9 (82.1) NM 30.6% 7.8x NM
Trend Micro Incorporated Japan 54.97 -5% 7,650.1 6,190.8 1,559.9 512.3 32.8% 3.7% 4.0x 12.1x
Tufin Software Technologies Ltd. Israel 10.31 -67% 367.1 272.9 102.1 (38.8) NM 14.0% 2.7x NM
VeriSign, Inc. United States 219.01 -1% 25,304.3 25,958.1 1,237.8 858.1 69.3% 1.3% 21.0x 30.3x
Varonis Systems, Inc. United States 84.39 -9% 2,655.6 2,592.1 252.0 (79.6) NM -7.7% 10.3x NM
Zscaler, Inc. * United States 98.09 -13% 12,688.1 12,337.6 391.5 (40.5) NM 43.5% 31.5x NM
Adjusted Weighted Average 6.6x 16.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.3x)and EBITDA multiples that are 1.0 standard deviations
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.9x)and EBITDA multiples that are 1.0 standard deviations
Last Twelve Months
Last Twelve Months Multiples
Last Twelve Months Multiples
Last Twelve Months
Driven by your success.Page 42*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Engineering Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Altair Engineering Inc. * United States $39.09 -10% $ 2,848.4 $ 2,808.9 $ 462.5 $ 24.5 5.3% 12.5% 6.1x 114.5x
ANSYS, Inc. United States 283.00 -5% 24,223.5 24,054.8 1,503.7 526.2 35.0% 13.2% 16.0x 45.7x
Dassault Systèmes SE France 169.26 -9% 44,024.5 46,720.8 4,608.8 1,129.5 24.5% 15.9% 10.1x 41.4x
PTC Inc. United States 76.38 -18% 8,836.8 9,830.7 1,346.2 234.8 17.4% 7.5% 7.3x 41.9x
Synopsys, Inc. United States 180.91 -2% 27,279.2 27,199.0 3,399.8 691.8 20.3% 5.2% 8.0x 39.3x
Trimble Inc. United States 39.12 -16% 9,770.7 11,635.2 3,255.0 640.4 19.7% 2.8% 3.6x 18.2x
Adjusted Weighted Average 10.1x 39.9x
($ in Millions, except stock price data)
Infrastructure Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. United States $386.60 -1% $ 186,264.2 $ 186,804.2 $ 11,661.3 $ 4,077.9 35.0% 22.1% 16.0x 45.8x
Atlassian Corporation Plc Australia 185.30 -3% 45,740.6 44,819.6 1,518.3 17.4 1.1% 35.3% 29.5x NM
Appian Corporation United States 56.96 -12% 3,862.1 3,764.9 278.9 (38.3) NM 18.5% 13.5x NM
Alteryx, Inc. United States 143.94 -10% 9,494.5 9,485.9 450.7 34.0 7.5% 61.4% 21.0x NM
Bandwidth Inc. United States 110.85 -8% 2,644.9 2,444.7 247.8 (6.1) NM 21.2% 9.9x NM
Cloudera, Inc. United States 10.25 -18% 3,027.3 2,877.8 817.2 (200.4) NM 44.9% 3.5x NM
Commvault Systems, Inc. United States 40.46 -22% 1,868.1 1,552.8 670.9 12.2 1.8% -5.6% 2.3x 127.1x
Datadog, Inc. * United States 71.27 -5% 21,336.7 20,601.5 424.0 6.5 1.5% 85.6% 48.6x NM
Elastic N.V. United States 85.92 -17% 7,021.4 6,761.9 427.6 (140.3) NM 57.4% 15.8x NM
Endurance International Group Holdings, Inc. United States 3.58 -42% 502.8 2,164.9 1,104.8 271.1 24.5% -2.6% 2.0x 8.0x
Fastly, Inc. United States 43.14 -15% 4,483.8 4,398.5 217.8 (35.0) NM 38.2% 20.2x NM
Filinvest Development Corporation Philippines 0.17 -41% 1,452.0 3,664.1 1,631.8 539.3 33.0% 8.9% 2.2x 6.8x
IBM Corporation United States 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x
MongoDB, Inc. United States 232.11 -5% 13,482.6 13,482.9 421.7 (130.5) NM 57.9% 32.0x NM
Nutanix, Inc. United States 24.06 -36% 4,683.4 4,591.3 1,279.7 (759.8) NM 3.2% 3.6x NM
Okta, Inc. United States 195.58 -5% 24,366.3 24,080.6 643.7 (177.5) NM 46.0% 37.4x NM
PagerDuty, Inc. United States 26.55 -56% 2,082.2 1,730.8 166.4 (53.2) NM 41.2% 10.4x NM
Rapid7, Inc. United States 48.89 -26% 2,469.0 2,496.6 348.1 (36.3) NM 32.5% 7.2x NM
Resonance Health Limited Australia 0.12 -38% 53.0 50.9 2.6 (0.6) NM 7.2% 19.8x NM
SailPoint Technologies Holdings, Inc. * United States 22.83 -16% 2,058.9 1,952.2 303.4 11.6 3.8% 16.4% 6.4x 168.0x
salesforce.com, inc. United States 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x
ServiceNow, Inc. * United States 387.93 -2% 73,979.7 73,324.1 3,717.9 380.1 10.2% 32.4% 19.7x 192.9x
Smartsheet Inc. United States 57.66 -5% 6,881.5 6,380.1 300.2 (97.2) NM 51.9% 21.3x NM
Splunk Inc. United States 185.84 -4% 29,518.5 29,861.8 2,368.2 (332.3) NM 23.6% 12.6x NM
Synchronoss Technologies, Inc. United States 2.73 -70% 112.6 381.4 297.8 (36.7) NM -9.8% 1.3x NM
GlobalData Plc United Kingdom 17.59 -7% 2,075.1 2,198.4 236.0 45.6 19.3% 13.1% 9.3x 48.2x
Talend S.A. France 30.83 -31% 966.4 945.6 258.3 (49.4) NM 19.2% 3.7x NM
Twilio Inc. United States 197.60 -6% 27,674.5 26,479.3 1,266.2 (267.8) NM 67.9% 20.9x NM
Varonis Systems, Inc. United States 84.39 -9% 2,655.6 2,592.1 252.0 (79.6) NM -7.7% 10.3x NM
Adjusted Weighted Average 14.3x 47.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.5x)and EBITDA multiples that are 1.0 standard deviations
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.1x)and EBITDA multiples that are 1.0 standard deviations
Last Twelve Months
Last Twelve Months
Last Twelve Months Multiples
Last Twelve Months Multiples
Driven by your success.Page 43*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
SaaS/Cloud Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. United States $386.60 -1% $ 186,264.2 $ 186,804.2 $ 11,661.3 $ 4,077.9 35.0% 22.1% 16.0x 45.8x
Anaplan, Inc. United States 45.92 -28% 6,289.5 6,025.4 376.0 (133.2) NM 41.9% 16.0x NM
Asure Software, Inc. United States 6.18 -40% 97.3 108.9 71.7 (4.5) NM 10.7% 1.5x NM
AppFolio, Inc. United States 158.51 -10% 5,428.8 5,498.2 271.4 17.9 6.6% 32.5% 20.3x NM
Avalara, Inc. United States 107.06 -4% 8,395.9 8,015.2 408.9 (48.5) NM 38.3% 19.6x NM
Benefitfocus, Inc. United States 12.73 -56% 408.2 585.7 293.5 (11.8) NM 10.9% 2.0x NM
BlackLine, Inc. United States 74.30 -7% 4,189.5 3,986.5 307.4 (10.8) NM 27.8% 13.0x NM
Box, Inc. United States 19.98 -5% 3,065.9 3,268.3 716.9 (63.6) NM 13.6% 4.6x NM
Carbacid Investments plc Kenya 0.08 -5% 21.5 14.6 6.1 2.7 44.0% 11.5% 2.4x 5.5x
Ceridian HCM Holding Inc. United States 68.87 -13% 9,987.6 10,448.2 843.1 120.2 14.3% 11.6% 12.4x 86.9x
ChannelAdvisor Corporation United States 13.95 -4% 395.7 354.5 130.4 14.7 11.3% -0.7% 2.7x 24.2x
Coupa Software Incorporated * United States 227.51 -4% 15,161.5 15,177.7 389.7 (44.9) NM 49.7% 38.9x NM
DocuSign, Inc. United States 139.74 -8% 25,590.2 25,582.6 974.0 (147.4) NM 38.9% 26.3x NM
Dropbox, Inc. United States 22.57 -14% 9,326.2 9,309.2 1,730.7 134.8 7.8% 18.5% 5.4x 69.1x
Everbridge, Inc. United States 146.26 -12% 5,025.2 4,982.5 217.0 (43.1) NM 36.1% 23.0x NM
HubSpot, Inc. United States 199.94 -8% 8,722.8 8,364.7 722.0 (33.7) NM 31.2% 11.6x NM
LivePerson, Inc. United States 37.45 -17% 2,479.1 2,508.1 303.3 (71.4) NM 17.6% 8.3x NM
LogMeIn, Inc. United States 84.90 -2% 4,140.6 4,258.8 1,275.1 316.2 24.8% 3.5% 3.3x 13.5x
Paycom Software, Inc. United States 297.23 -13% 17,070.8 16,943.4 780.1 279.1 35.8% 27.4% 21.7x 60.7x
Paylocity Holding Corporation United States 130.01 -14% 6,979.5 6,881.7 551.1 90.1 16.4% 24.2% 12.5x 76.4x
Pluralsight, Inc. United States 20.83 -37% 2,198.1 2,339.8 339.9 (142.2) NM 34.9% 6.9x NM
Q2 Holdings, Inc. United States 82.62 -12% 4,396.1 4,756.6 336.6 (44.4) NM 30.7% 14.1x NM
RealPage, Inc. United States 67.82 -2% 6,714.0 7,812.6 1,030.5 173.7 16.9% 14.2% 7.6x 45.0x
RingCentral, Inc. United States 274.25 -6% 24,107.0 24,429.0 968.9 (4.3) NM 33.7% 25.2x NM
salesforce.com, inc. United States 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x
Shopify Inc. * Canada 757.80 -10% 90,433.0 88,214.0 1,727.7 (133.2) NM 46.5% 51.1x NM
Smartsheet Inc. United States 57.66 -5% 6,881.5 6,380.1 300.2 (97.2) NM 51.9% 21.3x NM
SolarWinds Corporation United States 18.29 -16% 5,703.1 7,485.3 963.7 219.3 22.8% 13.1% 7.8x 34.1x
SPS Commerce, Inc. United States 68.16 -6% 2,380.7 2,188.9 286.4 59.5 20.8% 11.8% 7.6x 36.8x
Veeva Systems Inc. United States 218.87 -1% 32,837.0 31,508.6 1,196.4 327.8 27.4% 31.3% 26.3x 96.1x
Workday, Inc. United States 183.43 -19% 43,137.2 42,638.1 3,820.5 (157.7) NM 26.1% 11.2x NM
Workiva Inc. United States 44.54 -31% 2,099.6 1,928.0 313.7 (43.1) NM 23.3% 6.1x NM
Yext, Inc. United States 15.79 -30% 1,854.7 1,722.4 298.8 (114.0) NM 30.9% 5.8x NM
Zendesk, Inc. United States 85.75 -10% 9,794.9 9,924.6 872.4 (116.3) NM 34.1% 11.4x NM
Zuora, Inc. United States 12.01 -28% 1,389.5 1,296.2 285.8 (71.0) NM 15.8% 4.5x NM
Adjusted Weighted Average 19.6x 38.3x
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.5x)and EBITDA multiples that are 1.0 standard deviations
Driven by your success.Page 44
• The Information Segment had 7 transactions in May 2020
• Select transactions from the segment included:
‒ The $50 million round of funding product intelligence platform Amplitude raised from Sorenson Capital, Sequoia Capital, Bench mark
Ventures, IVP, and Lead Edge Capital
‒ The $31 million round of funding data intelligence and market research company Morning Consult has raised at a $306 million v aluation from
Advance Venture Partners and Lupa Systems
‒ The round of funding product information management platform Sales Layer raised from SONAE IM, Swanlaab Venture Factory, and Global
Omnium
‒ ByteDance’s acquisition of video-oriented medical encyclopedia portal operator Baikemy.com
‒ The purchase of energy and environmental data company OnLocation by KeyLogic
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value
# o
f dea
ls
# o
f dea
ls
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 28 $753.0 35 $3,401.5 121 $6,402.4 3 $0.0
Private Equity - Buyout 1 0.0 3 10.0 9 234.0 0 0.0
Private Equity - VC/Growth Capital 26 651.0 21 638.7 87 1,962.4 4 88.0
Total 55 $1,404.0 59 $4,050.2 217 $8,598.8 7 $88.0
Information
4Q19 1Q20 LTM May-20
16 27 18 20 20 21 14 30 20 9 15 70
5
10
15
20
25
30
35
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 45*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Broadridge Financial Solutions, Inc. United States $121.10 -12% $ 13,904.4 $ 15,908.4 $ 4,378.3 $ 855.5 19.5% -2.1% 3.6x 18.6x
Computershare Limited Australia 8.70 -32% 4,704.2 6,349.2 2,346.3 625.1 26.6% 2.9% 2.7x 10.2x
CoreLogic, Inc. United States 49.56 -4% 3,935.6 5,601.8 1,788.4 414.3 23.2% 1.5% 3.1x 13.5x
CoStar Group, Inc. * United States 656.80 -12% 25,626.0 24,587.6 1,463.1 431.7 29.5% 17.4% 16.8x 57.0x
Envestnet, Inc. * United States 72.61 -17% 3,885.6 4,512.6 947.0 108.6 11.5% 16.3% 4.8x 41.5x
Equifax Inc. United States 153.56 -12% 18,639.9 21,821.5 3,619.4 885.0 24.5% 6.7% 6.0x 24.7x
Experian plc Ireland 34.72 -6% 31,223.2 35,419.6 5,179.0 1,792.0 34.6% 6.5% 6.8x 19.8x
FactSet Research Systems Inc. United States 307.51 -2% 11,645.9 12,137.9 1,465.3 508.0 34.7% 5.2% 8.3x 23.9x
Fair Isaac Corporation * United States 402.65 -8% 11,678.3 12,623.1 1,226.1 316.0 25.8% 16.5% 10.3x 39.9x
Fidelity National Information Services, Inc. United States 138.83 -12% 85,773.9 104,967.9 11,354.0 3,922.0 34.5% 34.9% 9.2x 26.8x
IHS Markit Ltd. United Kingdom 69.46 -15% 27,708.7 33,186.5 4,449.0 1,529.2 34.4% 7.9% 7.5x 21.7x
Moody's Corporation United States 267.41 -7% 50,143.7 55,476.7 4,977.0 2,400.0 48.2% 11.6% 11.1x 23.1x
Morningstar, Inc. United States 153.32 -8% 6,561.0 6,914.5 1,244.1 251.9 20.2% 20.2% 5.6x 27.4x
MSCI Inc. * United States 328.85 -8% 27,490.4 29,777.0 1,603.2 865.5 54.0% 10.3% 18.6x 34.4x
S&P Global Inc. United States 325.02 -3% 78,297.3 83,345.3 6,914.0 3,679.0 53.2% 10.4% 12.1x 22.7x
SEI Investments Company United States 54.22 -22% 8,020.9 7,319.7 1,663.8 500.0 30.1% 2.7% 4.4x 14.6x
SS&C Technologies Holdings, Inc. United States 57.90 -13% 14,835.1 22,099.5 4,669.3 1,711.7 36.7% 12.9% 4.7x 12.9x
Thomson Reuters Corporation Canada 66.80 -18% 33,116.8 36,047.1 5,939.0 1,203.0 20.3% 5.9% 6.1x 30.0x
TransUnion United States 86.29 -15% 16,377.8 19,972.3 2,724.4 1,012.3 37.2% 13.6% 7.3x 19.7x
Verisk Analytics, Inc. United States 172.68 -1% 28,018.9 31,145.2 2,671.9 1,092.4 40.9% 9.6% 11.7x 28.5x
Workiva Inc. United States 44.54 -31% 2,099.6 1,928.0 313.7 (43.1) NM 23.3% 6.1x NM
Adjusted Weighted Average 8.7x 24.1x
($ in Millions, except stock price data)
Marketing Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
comScore, Inc. United States $3.77 -57% $ 266.8 $ 495.9 $ 375.9 $ (12.1) NM -9.6% 1.3x NM
Ebiquity plc United Kingdom 0.37 -50% 29.0 49.2 91.0 8.8 9.6% -0.9% 0.5x 5.6x
InnerWorkings, Inc. United States 1.19 -80% 62.3 232.4 1,157.8 32.8 2.8% 3.3% 0.2x 7.1x
INTAGE HOLDINGS Inc. Japan 8.08 -16% 322.6 258.8 522.3 54.5 10.4% 4.1% 0.5x 4.7x
Ipsos SA France 24.29 -33% 1,066.9 1,924.0 2,248.1 254.7 11.3% 14.5% 0.9x 7.6x
LiveRamp Holdings, Inc. United States 50.43 -6% 3,295.3 2,598.5 380.6 (144.3) NM 33.2% 6.8x NM
Nielsen Holdings plc United States 13.89 -44% 4,951.4 13,728.4 6,494.0 1,110.0 17.1% 0.4% 2.1x 12.4x
SVMK Inc. * United States 20.15 -10% 2,782.1 2,938.9 327.0 (46.9) NM 23.7% 9.0x NM
System1 Group PLC United Kingdom 1.11 -71% 14.0 12.3 33.8 3.3 9.7% 4.3% 0.4x 3.7x
YouGov plc * United Kingdom 9.07 -6% 977.1 954.6 193.7 38.0 19.6% 15.8% 4.9x 25.1x
Adjusted Weighted Average 3.6x 11.1x
Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.7x)
Last Twelve Months Multiples Last Twelve Months
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.9x)
Last Twelve Months
Driven by your success.Page 46*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Other Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Forrester Research, Inc. United States $31.40 -38% $ 589.06 $ 711.30 $ 467.39 $ 44.36 9.5% 22.8% 1.5x 16.0x
Gartner, Inc. United States 121.70 -29% 10,852.6 13,826.0 4,293.8 646.4 15.1% 7.8% 3.2x 21.4x
HealthStream, Inc. United States 22.78 -24% 728.9 617.0 250.5 34.4 13.7% 3.5% 2.5x 17.9x
IQVIA Holdings Inc. United States 149.52 -12% 28,552.9 40,505.9 11,158.0 1,887.0 16.9% 5.9% 3.6x 21.5x
Informa plc United Kingdom 5.61 -51% 8,424.5 11,970.4 3,828.0 1,240.1 32.4% 22.0% 3.1x 9.7x
National Research Corporation * United States 56.72 -21% 1,425.6 1,451.0 130.4 49.0 37.6% 8.5% 11.1x 29.6x
NIC Inc. United States 24.06 -7% 1,611.3 1,404.0 360.1 68.3 19.0% 4.9% 3.9x 20.6x
Premier, Inc. United States 34.79 -13% 2,490.1 2,572.9 1,273.1 559.8 44.0% 48.2% 2.0x 4.6x
Proofpoint, Inc. United States 116.27 -13% 6,662.7 6,532.0 935.0 (33.2) NM 23.4% 7.0x NM
Reed Elsevier plc(1) United Kingdom 23.12 -13% 44,503.6 52,285.5 10,428.4 3,177.3 30.5% 5.1% 5.0x 16.5x
Wolters Kluwer N.V. Netherlands 79.69 -3% 21,094.3 23,559.0 5,175.6 1,465.6 28.3% 8.3% 4.6x 16.1x
Adjusted Weighted Average 4.3x 17.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.2x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 47
• The Business & IT Services segment had 72 transactions
‒ SAP’s sale of its mobile customer engagement services provider SAP Digital Interconnect to Sinch for $250 million.
‒ Accenture’s acquisitions of Canada-based technology consulting company Callisto, India-based big data analytics consulting company
Byte Prophecy, Italy-based system design firm PLM Systems, and organizational design consultancy Kates Kesler
‒ Cognizant’s purchase of Workday partner Collaborative Solutions from WestView
‒ The acquisition of platform engineering company Innoeye by Rakuten
‒ The purchase of AWS Advanced Technology Partner GorillaStack by SoftwareONE
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 247 $3,274.8 250 $0.0 902 $24,661.2 45 $330.0
Private Equity - Buyout 34 9,020.0 30 4,210.0 128 21,952.8 6 0.0
Private Equity - VC/Growth Capital 62 651.0 67 1,381.9 262 5,943.8 21 734.1
Total 343 $12,945.8 347 $5,591.9 1,292 $52,557.8 72 $1,064.1
Business & IT Services
4Q19 1Q20 LTM May-20
$7.8$6.6
$3.8
$1.1$2.3
$8.0
$3.2
$11.7
$4.4
$1.8$0.9 $1.1
113 108104 119 136 107 101 132 117
98 89 7210
30
50
70
90
110
130
150
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20
Driven by your success.Page 48*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Consulting
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Accenture plc Ireland $201.62 -7% $ 128,437.46 $ 126,853.79 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.8x 17.6x
CRA International, Inc. United States 40.39 -31% 314.6 525.3 471.7 45.0 9.5% 11.2% 1.1x 11.7x
FTI Consulting, Inc. United States 120.46 -16% 4,337.2 4,642.2 2,406.0 333.8 13.9% 15.6% 1.9x 13.9x
Information Services Group, Inc. United States 1.72 -54% 81.9 154.7 264.7 19.9 7.5% -2.6% 0.6x 7.8x
ICF International, Inc. United States 65.58 -31% 1,234.7 1,867.5 1,495.5 126.1 8.4% 8.6% 1.2x 14.8x
Huron Consulting Group Inc. United States 46.26 -35% 997.7 1,376.7 894.9 106.0 11.8% 11.0% 1.5x 13.0x
The Hackett Group, Inc. United States 13.79 -27% 413.4 399.4 263.7 40.4 15.3% 1.1% 1.5x 9.9x
Adjusted Weighted Average 1.7x 13.6x
($ in Millions, except stock price data)
HR Services
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Automatic Data Processing, Inc. * United States $146.49 -20% $ 62,957.65 $ 63,713.45 $ 14,757.30 $ 3,689.10 25.0% 5.8% 4.3x 17.3x
Barrett Business Services, Inc. United States 50.70 -47% 382.1 318.9 943.2 53.1 5.6% 0.9% 0.3x 6.0x
Capita plc United Kingdom 0.42 -82% 691.6 2,520.3 4,872.0 574.1 11.8% -6.1% 0.5x 4.4x
DHI Group, Inc. United States 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x
Edenred SA * France 41.78 -28% 10,144.2 11,865.1 1,761.9 673.3 38.2% 18.3% 6.7x 17.6x
Insperity, Inc. United States 51.84 -64% 2,009.6 2,016.4 4,391.3 208.2 4.7% 10.7% 0.5x 9.7x
Marsh & McLennan Companies, Inc. United States 105.92 -12% 53,608.1 68,156.1 17,232.0 4,319.0 25.1% 14.7% 4.0x 15.8x
Paychex, Inc. United States 72.28 -20% 25,928.0 26,064.8 4,105.8 1,694.5 41.3% 12.9% 6.3x 15.4x
TriNet Group, Inc. United States 53.73 -30% 3,615.5 3,711.5 3,970.0 331.0 8.3% 11.0% 0.9x 11.2x
Adjusted Weighted Average 4.5x 15.2x
Last Twelve Months
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0
Last Twelve Months Multiples
Last Twelve Months Multiples Last Twelve Months
Driven by your success.Page 49*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
IT Consulting
Stock Price Chg % From Equity Enterprise Value
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Accenture plc Ireland $201.62 -7% $ 128,437.46 $ 126,853.79 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.8x 17.6x
Amdocs Limited United States 62.26 -19% 8,311.7 8,219.8 4,144.8 788.8 19.0% 2.7% 2.0x 10.4x
Bechtle AG Germany 176.21 -6% 7,400.8 7,689.3 6,033.2 316.4 5.2% 19.1% 1.3x 24.3x
Booz Allen Hamilton Holding Corporation United States 79.76 -3% 11,001.9 12,821.8 7,463.8 745.4 10.0% 11.3% 1.7x 17.2x
Business & Decision SA * France 8.82 -2% 69.5 139.9 97.4 2.4 NA -2.1% 1.4x 59.3x
Capgemini SE France 102.39 -25% 17,324.7 19,134.6 15,851.2 2,025.6 12.8% 7.0% 1.2x 9.4x
Cerner Corporation United States 72.90 -10% 22,187.0 23,306.6 5,714.5 1,168.9 20.5% 4.6% 4.1x 19.9x
CGI Inc. Canada 63.73 -25% 16,433.9 19,226.1 8,652.9 1,521.1 17.6% 4.2% 2.2x 12.6x
Cognizant Technology Solutions Corporation United States 53.00 -26% 28,650.7 27,767.7 16,898.0 3,390.0 20.1% 3.5% 1.6x 8.2x
Digi International Inc. United States 11.13 -41% 322.3 390.6 261.9 27.1 10.3% 2.5% 1.5x 14.4x
DXC Technology Company United States 14.21 -75% 3,605.4 11,419.4 19,577.0 3,340.0 17.1% -5.7% 0.6x 3.4x
Endava plc * United Kingdom 48.08 -15% 2,525.1 2,479.6 419.7 48.4 11.5% 23.6% 5.9x 51.2x
EPAM Systems, Inc. * United States 230.64 -7% 12,832.7 12,190.9 2,423.8 375.8 15.5% 24.9% 5.0x 32.4x
Globant S.A. * Luxembourg 140.21 -8% 5,191.6 5,248.8 704.7 118.3 16.8% 28.4% 7.4x 44.4x
Hexaware Technologies Limited India 3.36 -44% 1,003.0 1,053.4 778.3 119.4 15.3% 20.5% 1.4x 8.8x
International Business Machines Corporation United States 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x
Infosys Limited India 9.14 -19% 38,756.7 36,319.8 12,780.0 3,055.0 23.9% 8.3% 2.8x 11.9x
Larsen & Toubro Limited India 12.33 -42% 17,310.3 33,746.3 21,398.1 2,713.0 12.7% 10.3% 1.6x 12.4x
NTT DATA Corporation Japan 11.56 -21% 16,212.7 21,676.0 21,066.6 1,332.0 6.3% 4.8% 1.0x 16.3x
Parsons Corporation United States 40.66 -10% 4,093.2 4,576.4 4,021.4 195.1 4.9% 8.4% 1.1x 23.5x
Perficient, Inc. United States 34.04 -37% 1,126.1 1,254.1 577.3 81.0 14.0% 12.9% 2.2x 15.5x
Reply S.p.A. Italy 87.44 -4% 3,270.8 3,157.8 1,361.7 185.0 13.6% 14.5% 2.3x 17.1x
SQLI SA France 18.57 -33% 84.5 142.2 267.9 17.5 6.5% 2.9% 0.5x 8.1x
Synthomer plc United Kingdom 3.91 -20% 1,660.2 1,712.4 1,932.5 219.3 11.3% -9.9% 0.9x 7.8x
Tata Consultancy Services Limited India 26.09 -14% 97,882.7 94,321.3 20,843.2 5,423.9 26.0% 7.2% 4.5x 17.4x
Wipro Limited India 2.81 -30% 15,992.5 12,870.4 8,104.0 1,545.4 19.1% 4.2% 1.6x 8.3x
Adjusted Weighted Average 2.8x 14.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.4x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 50*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Outsourced Services
Stock Price Chg % From Equity Enterprise Value
Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
AMREP Corporation United States $4.21 -40% $ 34.26 $ 21.07 $ 17.61 $ 0.09 0.5% NM 1.2x 231.6x
Cimpress plc Ireland 90.13 -38% 2,332.4 4,044.3 2,727.0 362.0 13.3% 0.7% 1.5x 11.2x
Clairvest Group Inc. Canada 32.96 -19% 500.9 249.4 170.4 107.7 63.2% 24.6% 1.5x 2.3x
CSG Systems International, Inc. United States 47.35 -19% 1,511.1 1,849.6 997.6 165.8 16.6% 8.7% 1.9x 11.2x
Donnelley Financial Solutions, Inc. United States 8.15 -45% 274.9 683.7 865.8 99.2 11.5% -7.6% 0.8x 6.9x
Elanders AB (publ) Sweden 5.02 -50% 177.5 594.3 1,109.3 53.4 4.8% -0.9% 0.5x 11.1x
Eniro AB (publ) Sweden 0.05 -72% 3.5 113.9 102.1 5.6 5.5% -22.8% 1.1x 20.2x
ExlService Holdings, Inc. United States 61.17 -23% 2,099.1 2,179.8 997.8 142.1 14.2% 9.0% 2.2x 15.3x
Firstsource Solutions Limited India 0.42 -43% 288.6 413.3 544.3 83.5 15.3% 7.1% 0.8x 4.9x
Genpact Limited Bermuda 35.95 -20% 6,845.7 8,380.2 3,634.5 549.3 15.1% 16.5% 2.3x 15.3x
InnerWorkings, Inc. United States 1.19 -80% 62.3 232.4 1,157.8 32.8 2.8% 3.3% 0.2x 7.1x
J2 Global, Inc. United States 78.30 -25% 3,736.0 4,787.2 1,404.6 519.3 37.0% 14.5% 3.4x 9.2x
MAXIMUS, Inc. United States 72.02 -12% 4,415.7 4,637.0 3,122.0 370.9 11.9% 22.1% 1.5x 12.5x
Quad/Graphics, Inc. United States 2.85 -76% 153.2 1,267.2 3,784.9 320.3 8.5% -4.9% 0.3x 4.0x
IQVIA Holdings Inc. United States 149.52 -12% 28,552.9 40,505.9 11,158.0 1,887.0 16.9% 5.9% 3.6x 21.5x
R. R. Donnelley & Sons Company United States 1.09 -77% 77.8 2,038.6 6,163.8 391.9 6.4% -6.8% 0.3x 5.2x
Serco Group plc United Kingdom 1.57 -26% 1,922.8 2,647.1 4,302.2 195.1 4.5% 14.5% 0.6x 13.6x
Steel Connect, Inc. United States 0.52 -73% 31.9 485.4 839.1 46.2 5.5% 3.5% 0.6x 10.5x
SYNNEX Corporation United States 106.65 -30% 5,489.9 9,038.6 23,772.0 1,268.5 5.3% 15.8% 0.4x 7.1x
Sykes Enterprises, Incorporated United States 27.26 -29% 1,100.6 1,269.7 1,623.0 164.7 10.1% 0.5% 0.8x 7.7x
Teleperformance SE France 236.91 -15% 13,909.3 16,867.6 6,009.4 1,003.3 16.7% 20.6% 2.8x 16.8x
TTEC Holdings, Inc. United States 42.36 -16% 1,973.9 2,400.0 1,681.6 208.8 12.4% 10.0% 1.4x 11.5x
transcosmos inc. Japan 23.54 -16% 976.2 810.8 2,898.4 134.0 4.6% 9.5% 0.3x 6.1x
Transcontinental Inc. Canada 8.67 -33% 754.9 1,549.5 2,276.3 359.7 15.8% 4.2% 0.7x 4.3x
Adjusted Weighted Average 1.3x 16.0x
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.8x)
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.Page 52
• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public
announcements by companies and investors.
• All trading data related to publicly-traded companies has been sourced from Capital IQ.
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Driven by your success.Page 53
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