Business Services Report Q4 2016 · Services Pte Ltd. Business Process Outsourcing 150.00 0.75x -...

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Date Target Buyer(s) SegmentAmount ($ in

Mil)TEV/ Rev TEV/ EBITDA

12/1/2016 The Encima Group, Inc. Indegene Lifesystems Pvt Ltd. Marketing Services $16.00 1.43x -

12/1/2016 Alsbridge, Inc. Information Services Group, Inc. IT Service 74.23 1.29x -

11/29/2016 Ateb, Inc. Omnicell, Inc. IT Service 41.00 1.52x -

11/20/2016 LifeLock, Inc. Symantec Corp. Information Services 2,096.19 3.22x 60.45x

10/21/2016 Everyday Health, Inc. Ziff Davis LLC Marketing Services 447.17 1.76x 15.43x

10/6/2016 C3/CustomerContactChannels, Inc. Everstone Capital Management;

C3/CustomerContactChannels, Inc. /Private

Group//; Sunrise BPO Pte Ltd.; Everise

Services Pte Ltd.

Business Process

Outsourcing

150.00 0.75x -

10/3/2016 FLSV Fund Administration Services LLC Sanne Group Plc Business Process

Outsourcing

65.80 3.66x 12.90x

Strategic91%

Financial9%

8 18 13 13

7

43

2 20

47

-

10

20

30

40

50

Educationand Training

BusinessProcess

Outsourcing

FacilityServices and

IndustrialServices

HumanResources

In formationServices

MarketingServices

Real EstateServices

IT Services SpecialtyConsulting


Financial Buyer Inv. Date Select Corporate Acquisitions9/21/2016 ▪ Finn Partners, Inc.

8/2/2016 ▪ PMX Agency Inc.

01/05/2016 ▪ Code and Theory Inc.

11/16/2015 ▪ Nielsen National Research Group, Inc.

10/8/2015 ▪ SKDKnickerbocker LLC

8/23/2016 ▪ HEPACO, LLC

8/18/2016 ▪ Smile Brands Group Inc.

12/7/2015 ▪ Jensen Hughes, Inc.

6/5/2016 ▪ Bisnow LLC

1/6/2016 ▪ Little Sprouts, Inc.

7/6/2015 ▪ McMurry/TMG, LLC

09/30/2016 ▪ Destin Jet, LLC

06/17/2016 ▪ Evergreen Industrial Services, Inc.

6/17/2016 ▪ NorthAmerican Services Group, LLC

5/3/2016 ▪ Impact Sales, Inc.

3/21/2016 ▪ HERO Digital LLC

6/1/2015 ▪ A-T Solutions, Inc.

The Stagwell Group

Gryphon Investors

The Wicks Group of Companies, L.L.C.

The Sterling Group, L.P.

CI Capital Partners LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions09/05/2016 ▪ Integra Realty Resources-Houston LLC

08/14/2016 ▪ PDM International Limited

07/05/2016 ▪ Sage Capital Advisors, LLC

06/08/2016 ▪ Travis Commercial Real Estate Services, Ltd.

06/07/2016 ▪ Business Products Group, Inc.

12/01/2016 ▪ Action Termite & Pest Control LLC

11/02/2016 ▪ Whitco Pest Management, Inc.

05/10/2016 ▪ Spencer Pest Control Co. Of South Carolina, Inc.

03/07/2016 ▪ Frye Exterminating Co., Inc.

01/21/2016 ▪ BugMaster Termite & Pest Control

11/28/2016 ▪ GALLINA LLP

07/01/2016 ▪ Peto & Company CPA's, PLLC And Repanich & Clevenger CPAs

05/27/2016 ▪ Clifton Larson Allen

01/04/2016 ▪ Komisar Brady & Co., LLP

12/07/2015 ▪ Accounting Management Solutions, Inc.

9/14/2016 ▪ Enviro-Tank Clean, Inc.

9/6/2016 ▪ Pedricktown Tank Wash, Inc.

4/27/2016 ▪ South St Paul Truck Wash & Detail Center

11/23/2015 ▪ Gator Environmental & Rentals, Inc.

1/12/2015 ▪ Long's Tank Wash Inc.

08/18/2016 ▪ Sandwich Isle Pest Solutions, Inc.

05/02/2016 ▪ Catseye Pest Control, Northern Division Operations

11/05/2015 ▪ Alterra, LLC

07/21/2015 ▪ Capelouto Termite & Pest Control, Inc.

04/08/2015 ▪ Team Termite & Pest Control Inc.

Jones Lang LaSalle Incorporated (NYSE:JLL)

Arrow Extermination

CliftonLarsonAllen LLP

QualaWash Holdings, LLC

The Terminix International Company


-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Education & Training Business Process OutsourcingFacility Services and Industrial Services Human ResourcesInformation Services Marketing ServicesReal Estate Services IT ServicesSpecialty Consulting S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Pearson Plc 8,315$ 10.11$ 8.7% 11.2% 76.6% 14.5% (6.6%) 2.0x 10.7x NM 1.7x 9.5x

John Wiley & Sons, Inc. 3,137 54.50 5.6% 21.0% 92.6% 2.7% 21.8% 2.2x 10.5x 35.6x 2.1x 10.3x

Graham Holdings Co. 2,382 511.95 6.4% 5.6% 93.5% NM 14.6% 1.0x 6.4x 15.9x NM NM

DeVry Education Group Inc. 1,954 31.20 35.3% 23.3% 95.0% 0.7% 13.1% 1.0x 6.4x 120.0x 1.0x 6.3x

Capella Education Co. 1,007 87.80 51.3% 90.0% 97.1% 4.8% 19.6% 2.0x 9.3x 27.0x 2.0x 9.4x

Strayer Education, Inc. 895 80.63 72.7% 34.1% 96.1% 7.5% 8.9% 1.8x 10.2x 24.1x 1.6x 8.4x

K12, Inc. 698 17.16 19.6% 95.0% 96.2% 5.2% (2.2%) 0.7x 7.5x 81.7x 0.6x 5.1x

Career Education Corp. 691 10.09 48.6% 178.0% 95.8% (31.5%) 2.8% 0.6x 12.4x 4.4x 0.8x 12.2x

GP Strategies Corp. 477 28.60 16.2% 13.9% 95.3% 5.5% 7.8% 1.1x 13.2x 24.4x 1.0x 11.3x

Bridgepoint Education, Inc. 469 10.13 47.5% 33.1% 92.7% (3.5%) 8.4% 0.3x 5.0x NM 0.3x 6.1x

$2,002 31.2% 50.5% 93.1% 0.7% 8.8% 1.3x 9.2x 41.6x 1.2x 8.7x$951 27.4% 28.2% 95.2% 4.8% 8.6% 1.0x 9.7x 25.7x 1.0x 9.4x

Market Stats Operating Stats LTM Multiples NTM Multiples



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Waste Management, Inc. 31,342$ 70.91$ 11.2% 32.9% 98.8% 5.0% 28.9% 3.0x 10.9x 28.5x 2.9x 10.5x

Republic Services, Inc. 19,395 57.05 13.1% 29.7% 98.4% 4.4% 29.3% 2.9x 10.3x 33.2x 2.8x 9.9x

Waste Connections, Inc. 13,780 78.59 5.2% 60.7% 98.4% 47.5% 29.5% 6.2x 21.6x 38.2x 4.0x 12.6x

Cintas Corp. 12,135 115.56 2.6% 26.9% 94.6% 5.9% 19.3% 2.6x 13.3x 35.0x 2.5x 12.9x

United Rentals, Inc. 9,097 105.58 34.5% 45.5% 96.1% 0.3% 48.7% 2.9x 6.2x 16.4x 2.9x 6.1x

Aramark 8,743 35.72 -6.1% 10.8% 93.3% 1.2% 8.9% 0.9x 9.1x 30.8x 0.9x 9.6x

Iron Mountain, Inc. 8,557 32.48 -13.5% 20.3% 78.3% 14.8% NM 4.4x NM 126.5x 3.8x 11.6x

Stericycle, Inc. 6,555 77.04 -3.9% -36.1% 59.7% 1.5% 25.0% 2.7x 13.5x 28.0x 2.7x 10.7x

Clean Harbors, Inc. 3,194 55.65 16.0% 33.6% 95.6% 2.9% 17.5% 1.6x 11.3x NM 1.6x 9.7x

ABM Industries, Inc. 2,269 40.84 2.9% 43.4% 90.7% 3.7% 4.3% 0.5x 15.2x 40.6x 0.5x 10.6x

UniFirst Corp. 2,217 143.65 8.9% 37.9% 97.3% 6.5% 17.7% 1.7x 9.6x 24.9x 1.7x 9.8x

Covanta Holding Corp. 2,034 15.60 1.4% 0.7% 87.9% 1.0% 26.6% 2.8x 13.8x 31.8x 2.8x 11.2x

FirstService Corp. 1,648 47.48 1.7% 17.4% 89.3% 12.9% 11.3% 1.4x 17.5x 57.2x 1.3x 13.7x

Team, Inc. 1,125 39.25 20.0% 22.8% 99.1% 15.2% 3.0% 1.3x 20.2x NM 1.1x 9.9x

US Ecology, Inc. 1,070 49.15 9.6% 34.9% 97.8% (0.3%) 24.9% 2.7x 11.6x 31.1x 2.7x 10.9x

H&E Equipment Services, Inc. 827 23.25 38.7% 33.0% 95.7% (2.9%) 32.9% 1.7x 5.7x 22.6x 1.7x 5.7x

SP Plus Corp. 629 28.15 10.1% 17.8% 92.9% (43.4%) 5.8% 0.5x 9.0x 39.6x 0.9x 8.9x

Casella Waste Systems, Inc. 503 12.41 20.5% 107.5% 92.5% 2.5% 24.6% 1.8x 8.6x NM 1.8x 8.3x

CECO Environmental Corp. 476 13.95 23.7% 81.6% 93.8% 1.5% 15.1% 1.4x 10.7x 49.8x 1.4x 9.4x

4.2% 20.7%2.9% 21.9%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cognizant Technology Solutions Corp. 33,994$ 56.03$ 17.4% -6.6% 88.3% 11.7% 19.5% 2.3x 11.3x 21.9x 2.0x 10.2x

Wipro Ltd. 16,977 6.98 -0.8% -15.3% 76.2% 8.5% 19.3% 1.8x 8.8x 13.3x 1.6x 8.1x

Convergys Corp. 2,342 24.56 -19.3% -1.3% 79.4% 3.2% 12.7% 0.9x 6.2x 16.2x 0.9x 7.2x

West Corp. 2,061 24.76 12.1% 14.8% 95.8% 1.9% 27.4% 2.2x 8.1x 12.5x 2.2x 7.7x

TeleTech Holdings, Inc. 1,418 30.50 5.2% 9.3% 95.4% 2.4% 14.3% 1.2x 8.4x 28.8x 1.1x 8.0x

Sykes Enterprises, Inc. 1,238 28.86 2.6% -6.2% 92.0% 15.0% 12.5% 0.9x 10.0x 19.0x 0.8x 6.7x

Virtusa Corp. 753 25.12 1.8% -39.2% 54.2% 24.7% 1.1% 1.1x 34.8x 36.9x 0.9x 12.4x

Unisys Corp. 749 14.95 53.5% 35.3% 89.5% (2.6%) 8.9% 0.3x 2.4x NM 0.3x 2.0x

8.1% 14.5%5.9% 13.5%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Automatic Data Processing, Inc. 46,372$ 102.78$ 16.5% 21.3% 98.9% 9.4% 22.0% 3.8x 17.2x 30.8x 3.5x 16.3x

Robert Half International, Inc. 6,287 48.78 28.8% 3.5% 98.3% 2.2% 12.1% 1.1x 9.4x 17.6x 1.1x 9.4x

ManpowerGroup, Inc. 5,960 88.87 23.0% 5.4% 95.6% 1.9% 4.6% 0.3x 7.8x 14.6x 0.3x 8.0x

WageWorks, Inc. 2,657 72.50 19.0% 59.8% 96.3% 40.6% 21.3% 6.0x 26.9x 129.5x 4.4x 15.0x

On Assignment, Inc. 2,338 44.16 21.7% -1.8% 96.4% 8.3% 11.4% 1.2x 11.3x 25.7x 1.2x 9.7x

51job, Inc. 2,011 33.80 1.3% 14.7% 94.2% 11.5% NM 4.0x 13.7x 25.3x 3.4x 10.8x

TriNet Group, Inc. 1,763 25.62 18.4% 32.4% 96.2% (76.1%) 5.0% 0.7x 13.7x 35.1x 3.0x 10.7x

Korn/Ferry International 1,690 29.43 40.1% -11.3% 87.0% (1.9%) 14.0% 1.1x 6.1x 84.1x 1.0x 6.9x

Insperity, Inc. 1,510 70.95 -2.3% 47.4% 86.3% 13.3% 3.8% 0.5x 11.4x 24.5x 0.4x 8.0x

TrueBlue, Inc. 1,047 24.65 8.8% -4.3% 89.4% (9.3%) 6.5% 0.4x 7.7x NM 0.4x 8.4x

Kelly Services, Inc. 875 22.92 19.3% 41.9% 97.1% (4.9%) 2.0% 0.2x 8.9x 6.6x 0.2x 8.4x

Kforce, Inc. 626 23.10 12.7% -8.6% 90.6% 2.5% 5.2% 0.6x 10.1x 17.5x 0.5x 9.2x

Heidrick & Struggles International, Inc. 449 24.15 30.2% -11.3% 86.3% 0.8% 10.7% 0.6x 7.1x 28.1x 0.6x 6.2x

(0.1%) 9.9%2.2% 8.6%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Thomson Reuters Corp. 32,197$ 43.82$ 8.3% 12.1% 95.9% (0.5%) 29.7% 3.6x 12.7x 26.1x 3.6x 12.5x

S&P Global, Inc. 27,864 107.54 -15.0% 9.1% 83.8% 0.8% 45.9% 5.4x 12.4x 15.8x 5.5x 11.7x

Experian Plc 18,373 19.45 1.9% 31.1% 93.0% 24.1% 33.3% 5.4x 15.9x 22.2x 4.4x 12.8x

Moody's Corp. 18,024 94.27 -12.9% -6.0% 85.1% 7.5% 47.8% 5.6x 12.4x 20.3x 5.2x 11.4x

IHS Markit Ltd. 14,941 35.41 -5.7% 17.4% 93.6% 29.7% 31.3% 5.2x 18.3x 73.8x 4.1x 10.7x

Equifax, Inc. 14,159 118.23 -12.1% 6.2% 86.3% 13.6% 34.4% 5.6x 16.7x 29.9x 5.0x 13.9x

Verisk Analytics, Inc. 13,592 81.17 -0.1% 5.6% 94.4% 3.0% 50.5% 7.7x 15.6x 23.5x 7.6x 15.0x

Alliance Data Systems Corp. 13,198 228.50 6.5% -17.4% 81.6% 12.6% 29.0% 4.3x 15.6x 24.2x 3.9x 15.1x

Gartner, Inc. 8,349 101.07 14.3% 11.4% 95.8% 14.2% 14.1% 3.6x 21.4x 44.1x 3.2x 16.5x

FactSet Research Systems Inc. 6,488 163.43 0.8% 0.5% 89.2% 6.8% 35.6% 5.8x 16.5x 19.4x 5.5x 15.5x

CoStar Group, Inc. 6,145 188.49 -12.9% -8.8% 83.9% 16.6% 27.1% 7.3x 28.9x 77.6x 6.3x 20.0x

Dun & Bradstreet Corp. 4,463 121.32 -11.2% 16.7% 85.7% 3.6% 28.5% 3.4x 11.9x 46.0x 3.3x 11.0x

Fair Isaac Corp. 3,689 119.22 -4.3% 26.6% 89.7% 6.5% 22.7% 4.7x 20.8x 35.2x 4.6x 15.7x

CoreLogic, Inc. 3,181 36.83 -6.1% 8.8% 84.8% 3.0% 25.0% 2.5x 11.1x 23.6x 2.5x 9.4x

Acxiom Corp. 2,080 26.80 0.6% 28.1% 96.8% 5.3% 13.5% 2.4x 17.3x 233.9x 2.3x 11.9x

comScore, Inc. 1,790 31.58 3.0% -23.3% 72.5% NM NM 4.5x 45.1x NM 2.0x 8.0x

The Advisory Board Co. 1,335 33.25 -25.7% -33.0% 64.9% 8.2% 16.0% 2.3x 12.9x NM 2.1x 9.1x

Forrester Research, Inc. 782 42.95 10.4% 50.8% 96.7% 6.8% 12.5% 2.0x 18.2x 56.5x 1.9x 15.1x

9.5% 29.2%6.8% 29.0%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

WPP Plc 28,741$ 22.44$ 0.1% 16.2% 90.3% 11.2% 13.2% 2.2x 14.2x 22.8x 2.0x 10.9x

Omnicom Group, Inc. 20,076 85.11 0.1% 12.5% 94.9% 4.5% 13.9% 1.6x 10.5x 18.3x 1.5x 10.0x

Publicis Groupe SA 15,609 69.14 -2.6% 6.8% 88.5% 5.6% 12.5% 1.8x 10.5x 15.0x 1.7x 9.4x

Interpublic Group of Cos., Inc. 9,294 23.41 4.7% 0.6% 94.3% 4.5% 12.8% 1.3x 9.8x 17.6x 1.3x 8.8x

UBM Plc 3,560 9.04 2.5% 36.6% 90.2% 17.7% 25.5% 4.2x 14.8x 5.5x 3.5x 11.5x

Ipsos SA 1,399 31.48 2.7% 40.6% 92.8% 3.0% 7.4% 1.0x 9.0x 11.1x 1.0x 8.5x

KMA Holding, Inc. 678 0.02 -68.1% -92.0% 4.0% NM NM NM NM NM NM NM

InnerWorkings, Inc. 540 9.85 4.6% 31.3% 97.7% 5.5% 5.4% 0.6x 12.8x NM 0.6x 9.6x

7.4% 13.0%5.5% 12.8%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CBRE Group, Inc. 10,621$ 31.49$ 12.5% -8.9% 90.2% 6.9% 6.1% 1.1x 17.6x 21.7x 1.1x 8.8x

CoStar Group, Inc. 6,145 188.49 -12.9% -8.8% 83.9% 16.6% 27.1% 7.3x 28.9x 77.6x 6.3x 20.0x

Jones Lang LaSalle, Inc. 4,568 101.04 -11.2% -36.8% 62.7% 8.6% NM 1.0x NM 13.2x 0.9x 8.9x

Realogy Holdings Corp. 3,670 25.73 -0.5% -29.8% 68.9% 2.4% NM 1.2x NM 23.0x 1.2x 9.1x

Kennedy-Wilson Holdings, Inc. 2,324 20.50 -9.1% -14.9% 84.0% 8.8% NM 11.3x NM 175.5x 10.3x 26.6x

Fang Holdings Ltd. 1,161 3.28 -26.9% -55.6% 44.1% 1.9% 2.4% 1.0x NM NM 1.4x 26.0x

RE/MAX Holdings, Inc. 988 56.00 27.9% 50.1% 98.4% 9.5% NM 3.8x NM 41.5x 3.5x 6.5x

Altisource Portfolio Solutions SA 502 26.59 -17.9% -4.4% 72.4% (19.4%) NM 0.8x NM 78.2x 1.0x 5.0x

4.4% 11.8%7.7% 6.1%




($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

International Business Machines Corp. 157,832$ 165.99$ 4.5% 20.6% 97.7% (1.0%) 20.7% 2.4x 12.1x 13.6x 2.4x 9.7x

Accenture Plc 72,929 117.13 -4.1% 12.1% 93.2% 0.2% 17.1% 2.0x 12.3x 17.4x 2.1x 12.4x

Cognizant Technology Solutions Corp. 33,994 56.03 17.4% -6.6% 88.3% 11.7% 19.5% 2.3x 11.3x 21.9x 2.0x 10.2x

CGI Group, Inc. 13,075 48.05 3.1% 16.3% 94.9% 3.0% 18.8% 2.0x 10.8x 18.1x 1.9x 10.3x

Leidos Holdings, Inc. 7,690 51.14 18.2% -9.1% 86.0% 89.1% 10.0% 1.9x 21.9x 12.9x 0.9x 9.3x

Booz Allen Hamilton Holding Corp. 5,392 36.07 14.1% 16.9% 93.6% 5.5% 9.5% 1.2x 12.9x 18.0x 1.1x 11.5x

Teradata Corp. 3,529 27.17 -12.4% 2.8% 82.1% (11.5%) 23.6% 1.3x 6.0x 194.1x 1.5x 6.9x

EPAM Systems, Inc. 3,282 64.31 -7.2% -18.2% 80.6% 27.1% 13.7% 2.7x 19.5x 33.5x 2.2x 12.2x

CACI International, Inc. 3,030 124.30 23.2% 34.0% 93.0% 6.9% 8.2% 1.1x 12.5x 21.2x 1.0x 11.7x

Interxion Holding NV 2,472 35.07 -3.2% 16.3% 90.3% 6.4% 43.4% 6.8x 14.8x 52.6x 6.4x 13.9x

ManTech International Corp. 1,071 42.25 12.1% 39.7% 92.8% 3.5% 7.5% 1.0x 12.5x 28.4x 0.9x 12.0x

Virtusa Corp. 753 25.12 1.8% -39.2% 54.2% 24.7% 1.1% 1.1x 34.8x 36.9x 0.9x 12.4x

Unisys Corp. 749 14.95 53.5% 35.3% 89.5% (2.6%) 8.9% 0.3x 2.4x NM 0.3x 2.0x

The Hackett Group, Inc. 504 17.66 6.9% 9.9% 96.2% 6.1% 13.4% 1.8x 14.3x 30.4x 1.9x 11.7x

ServiceSource International, Inc. 494 5.68 16.4% 23.2% 90.9% 8.4% 0.6% 1.7x NM NM 1.6x 22.8x

11.8% 14.4%6.1% 13.4%



($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CEB, Inc. 1,953$ 60.60$ 11.3% -1.3% 89.3% 4.3% 22.1% 2.9x 12.9x 52.2x 2.8x 11.0x

FTI Consulting, Inc. 1,910 45.08 1.2% 30.1% 95.7% 2.3% 10.8% 1.2x 10.3x 21.3x 1.2x 9.5x

Exponent, Inc. 1,543 60.30 18.1% 20.7% 93.1% (1.3%) 22.1% 4.5x 20.7x 34.9x 4.8x 17.8x

The Advisory Board Co. 1,335 33.25 -25.7% -33.0% 64.9% 8.2% 16.0% 2.3x 12.9x NM 2.1x 9.1x

Navigant Consulting, Inc. 1,232 26.18 29.5% 63.0% 94.0% (0.9%) 15.0% 1.4x 10.3x 22.2x 1.4x 9.5x

Huron Consulting Group, Inc. 1,100 50.65 -15.2% -14.7% 77.9% 11.0% 18.2% 1.8x 10.4x 20.1x 1.8x 9.5x

ICF International, Inc. 1,046 55.20 24.5% 55.2% 92.7% 5.3% 10.1% 1.1x 12.0x 24.0x 1.1x 10.6x

CBIZ, Inc. 735 13.70 22.4% 38.9% 97.5% 7.0% 11.4% 1.2x 10.9x 18.9x 1.1x 9.4x

Resources Connection, Inc. 572 19.25 28.8% 17.8% 97.5% (0.4%) 7.1% 1.0x 12.1x 27.5x 1.2x 12.3x

3.9% 14.8%4.3% 15.0%







Date Target Buyer(s) Segment Amount TEV/ RevTEV/

EBITDA12/22/2016 Network Medical Management, Inc. Apollo Medical Holdings, Inc. Business Process

Outsourcing

- - -

12/21/2016 Stanley Black & Decker Inc. /Mechanical Security Bus/ dormakaba Holding AG Facility Services and

Industrial Services

725.00 - -

12/19/2016 Grid Dynamics International, Inc. GDD International Holding Co. IT Service 118.00 - -

12/15/2016 Quantum Management Group, Inc. The British Standards Institution Business Process

Outsourcing

- - -

12/14/2016 The MW Bagnall Co. Arthur J. Gallagher & Co. Specialty Consulting - - -

12/12/2016 Trisect LLC Match Marketing Group, Inc. Specialty Consulting - - -

12/12/2016 Beeline.com, Inc. IQNavigator, Inc.; GTCR LLC Human Resources 130.00 - -

12/9/2016 Fortis Business Media LLC Leeds Equity Partners LLC Education and Training - - -

12/8/2016 Sentient Interactive LLC The W2O Group; Mountaingate

Capital Management LP

Marketing Services - - -

12/8/2016 DotaCoach.org Gamer Sensei LLC Marketing Services - - -

12/8/2016 Wunderlich Perarson & Tetzlaff, Inc. The Marek Group, Inc. Marketing Services - - -

12/7/2016 Computer Assisted Testing Service, Inc. PSI Services LLC Education and Training - - -

12/7/2016 Make Big Change Melanoma Foundation of New

England

Education and Training - - -

12/6/2016 KLG Consultants LLC Auctus Group, Inc.; Auctus Search

Partners LLC

Human Resources - - -

12/6/2016 Dasheroo, Inc. FreshLime, Inc. IT Service - - -

12/6/2016 CHJ Consultants, Inc. Terracon Consultants, Inc. Specialty Consulting - - -

12/5/2016 Radiate Media LLC GTN Ltd. IT Service 15.00 - -

12/5/2016 Sirota Consulting LLC Mercer LLC Specialty Consulting - - -

12/5/2016 Orion Analytical LLC Sotheby's Specialty Consulting - - -

12/5/2016 JRock LLC World Poker Fund Holdings, Inc. Marketing Services 1.50 - -

12/3/2016 DreamJobs Inc Yoh Services LLC Human Resources - - -

12/1/2016 The Encima Group, Inc. Indegene Lifesystems Pvt Ltd. Marketing Services 16.00 1.43x -

12/1/2016 Paramore, The Digital Agency LLC Osborn & Barr Communications, Inc. Marketing Services - - -

12/1/2016 US Resources, Inc. Cross Country Healthcare, Inc. Human Resources - - -

12/1/2016 New Channel Direct Corp. Angstrom Graphics, Inc. Marketing Services - - -

12/1/2016 Presidio Benefits Group, Inc. Marsh LLC; Marsh & McLennan

Agency LLC

Specialty Consulting - - -

12/1/2016 Alsbridge, Inc. Information Services Group, Inc. Human Resources 74.23 1.29x -

12/1/2016 Hermes Development LLC 11 Online, LLC IT Service - - -

12/1/2016 Action Termite & Pest Control LLC Arrow Exterminators, Inc. Facility Services and

Industrial Services

- - -

12/1/2016 Pivot Point Consulting, LLC Quad-C Management, Inc.; Vaco

Nashville LLC


12/1/2016 Greythorn, Inc. Quad-C Management, Inc.; Vaco

Nashville LLC


11/30/2016 Micro Advantage, Inc. /Telecom Asstes/ Sangoma Technologies Corp. Facility Services and

Industrial Services

0.65 - -

11/30/2016 Jampole Communications, Inc. WordWrite Communications LLC Facility Services and

Industrial Services

- - -

11/30/2016 Merit Service Solutions LLC Eureka Growth Capital LLC Facility Services and

Industrial Services

- - -

11/30/2016 Madison Logic, Inc. Clarion Capital Partners LLC Marketing Services - - -

11/29/2016 Ateb, Inc. Omnicell, Inc. IT Service 41.00 1.52x -

11/29/2016 Valpak of Volusia County Valpak of Volusia County /Private

Group/


11/29/2016 Upshot, Inc. Leonard Green & Partners LP;

Advantage Sales & Marketing LLC


11/29/2016 Promotion Execution Partners LLC WPP Plc Marketing Services - - -

11/29/2016 Operative Media, Inc. SintecMedia Ltd.; Francisco Partners

Management LLC

Marketing Services 200.00 - -

11/29/2016 The Wonderment Creative House, Inc. Shield Watch IT Services Marketing Services - - -



EBITDA11/28/2016 V12 Group, Inc. Spring Capital Partners; Brook

Venture Management, Inc.; Bay

Capital (Private Equity); DataMentors

LLC; Prides Crossing Capital

Management LLC; Ab Private Credit

Investors LLC


11/28/2016 GNYHA Holdings LLC /Purchasing Companies/ Premier Purchasing Partners LP;

Premier Supply Chain Improvement,

Inc.

Specialty Consulting 379.00 - -

11/28/2016 Kiesling Associates LLP BKD LLP Specialty Consulting - - -

11/28/2016 GALLINA LLP CliftonLarsonAllen LLP Specialty Consulting - - -

11/25/2016 Constellation Healthcare Technologies, Inc. CC Capital Management LLC;

Constellation Healthcare

Technologies, Inc. /Private Group/

Business Process

Outsourcing

223.72 - -

11/25/2016 Euclides Technologies, Inc. /Integration &

Implementation Bus/

AnalytixInsight, Inc. (Canada) Business Process

Outsourcing

1.50 - -

11/24/2016 Opus Executive Search LLC Hanover Search & Selection Ltd. Human Resources - - -

11/23/2016 Data Driven Marketing, Inc. Pathmatics, Inc. Marketing Services - - -

11/22/2016 Mark One Lifestyle, Inc. Anchor Capital Corp. Marketing Services 15.00 - -

11/22/2016 Bluebridge Digital, LLC /Tourism Business/ Simpleview LLC; Simpleview

Intermediate Holdings LLC


11/21/2016 INVIDI Technologies Corp. DISH Network Corp.; AT&T, Inc.;

Dish Network LLC; WPP Plc; Invidi

Technologies Corp. /Private Group/


11/20/2016 LifeLock, Inc. Symantec Corp. Information Services 2,096.19 - -

11/17/2016 Findr Group LLC Dentsu Aegis Network Ltd. Marketing Services - - -

11/17/2016 Buzzshift LLC Ivie & Associates, Inc. Marketing Services - - -

11/17/2016 Adreima LLC nThrive, Inc. Business Process

Outsourcing

- - -

11/17/2016 Ansira Partners, Inc. Advent International Corp.; Ansira

Partners, Inc. /Private Group/


11/16/2016 Northland Group, Inc. Radius Global Solutions LLC Business Process

Outsourcing

- - -

11/16/2016 Two Shea Consulting, Inc. Revel Consulting, Inc. Marketing Services - - -

11/15/2016 DataScale, Inc. DataStax, Inc. IT Service - - -

11/11/2016 CrowdTangle, Inc. Facebook, Inc. IT Service - - -

11/11/2016 Seniority, Inc. Senior Quality Lifestyles Corp. Specialty Consulting - - -

11/10/2016 American Media Group Dolan Family Ventures LLC Marketing Services - - -

11/10/2016 Boom Technology, Inc. (ME) JF Lehman & Co., Inc.; National

Response Corp.


11/10/2016 Kaye Scholer LLP Arnold & Porter LLP Business Process

Outsourcing

- - -

11/10/2016 The LBA Group BDO USA LLP; BDO International

Ltd.


11/10/2016 Proclamation Empower MediaMarketing, Inc. Marketing Services - - -

11/10/2016 IDOC LLC Investors Management Corp. Specialty Consulting - - -

11/9/2016 Altman & Cronin Benefit Consultants LLC Arthur J. Gallagher & Co. Specialty Consulting - - -

11/9/2016 Specialty Consumer Services LP Meta Financial Group, Inc. IT Service 52.86 - -

11/8/2016 Cyber Algorithms Insight Venture Management LLC;

Thycotic Software Ltd.

IT Service - - -

11/8/2016 Staffing Robot Advanced, Inc. (Colorado) Marketing Services - - -

11/8/2016 Hanson Directory Service, Inc. DirecTech LLC Information Services - - -

11/7/2016 Marketeching Solutions LLC The W2O Group; Mountaingate

Capital Management LP




EBITDA11/7/2016 AlixPartners LLP The Caisse de dépôt et placement

du Québec; Province of Québec;

Government of Canada; Investcorp

Bank BSC; The Public Sector Pension

Investment Board; Alixpartners LLP

/Private Group/


11/7/2016 Financial Control Systems, Inc. STP Investment Services, Inc. Business Process

Outsourcing

- - -

11/7/2016 NodeServ LLC Cloud Equity Group LLC IT Service - - -

11/6/2016 Essential Discovery, Inc. FRONTEO USA, Inc. Information Services - - -

11/4/2016 Catbird Networks, Inc. BC Partners Ltd.; Medina Capital

Partners, Inc.; Catbird Networks, Inc.

/Private Group/

IT Service - - -

11/4/2016 Marketing Executives Networking Group The American Marketing Association Marketing Services - - -

11/4/2016 Pratesi, Salemi & Co. LLC UHY Advisors, Inc. Business Process

Outsourcing

- - -

11/3/2016 Axis41, Inc. Merkle, Inc. Marketing Services - - -

11/3/2016 Geotechnical Consulting & Testing, Inc. Terracon Consultants, Inc. Specialty Consulting - - -

11/3/2016 Sandler Systems, Inc. Sandler Systems, Inc. /Scarchilli/ Specialty Consulting - - -

11/3/2016 The Nuss Group, Inc. Consulting Solutions International,

Inc.; White Wolf Capital LLC


11/2/2016 The Seff Group PC CBIZ, Inc. Business Process

Outsourcing

- - -

11/2/2016 Teamsoft, Inc. (United States) Peoplelink LLC Human Resources - - -

11/2/2016 Production Services Associates LLC Plasticard-Locktech International LLP Specialty Consulting - - -

11/2/2016 Whitco Pest Management, Inc. Arrow Exterminators, Inc. Facility Services and

Industrial Services

- - -

11/2/2016 John Allman CPA LLC RPC CPAS & Consultants LLP Business Process

Outsourcing

- - -

11/2/2016 Manhattan Association of Realtors, Inc. Hudson Gateway Association of

REALTORS, Inc.

Real Estate Services - - -

11/1/2016 BrightScope, Inc. Genstar Capital LLC; Strategic

Insights, Inc.

Information Services - - -

11/1/2016 MPA Systems LLC BOXX Modular Holdings, Inc. Real Estate Services 3.10 - -

11/1/2016 MITS&C AccountabilIT LLC Specialty Consulting - - -

11/1/2016 Actuarial Consultants, Inc. CBIZ, Inc. Specialty Consulting - - -

11/1/2016 Scarab Acquisition LLC Franklin Data Ventures, Inc. Business Process

Outsourcing

- - -

11/1/2016 Schmidt, Bettencourt & Medeiros LLP Kennedy & Coe LLC Specialty Consulting - - -

10/31/2016 Ryan Solutions LLC Wasserstein & Co. LP; Sterling Valley

Systems, Inc.


10/31/2016 Green Style Consulting LLC Signal Bay, Inc. Specialty Consulting 0.07 - -

10/31/2016 AuctionVcommerce LLC Integrated Auction Solutions LLC IT Service - - -

10/29/2016 Creative Surroundings, Inc. Columbia Landcare LLC Facility Services and

Industrial Services

- - -

10/28/2016 Roebuck Advertising Co RSN Promotionals, Inc. Marketing Services - - -

10/28/2016 Greene & Ruggeberg PC Sutton Frost Cary LLP Specialty Consulting - - -

10/28/2016 Robert M. Mucha CPA PC Nathan Wechsler & Co. PA Specialty Consulting - - -

10/27/2016 Datasource Consulting LLC ExlService Holdings, Inc. Specialty Consulting - - -

10/27/2016 Bama Air, Inc. Moelis Capital Partners LLC;

Hawthorne Global Aviation Services

LLC

Facility Services and

Industrial Services

- - -

10/27/2016 Auctionservices Com Inc Wavebid LLC Marketing Services - - -

10/27/2016 Starmobile, Inc. PowWow, Inc. IT Service - - -

10/26/2016 DeJONG-RICHTER LLC Cooperative Strategies LLC Education and Training - - -

10/26/2016 Profitable Channels LLC Digital Surgeons LLC Specialty Consulting - - -

10/26/2016 Agribusiness Resources CPA LLC BerganKDV Wealth Management

LLC




EBITDA10/26/2016 McPhillips, Roberts & Deans Plc BDO USA LLP; BDO International

Ltd.


10/25/2016 Eyefluence, Inc. Google, Inc. IT Service - - -

10/25/2016 Datamatics Management Services, Inc. Kronos, Inc. Human Resources - - -

10/25/2016 Ecolab, Inc. /Restroom Cleaning Business/ Enviro-Master International Franchise

LLC

Facility Services and

Industrial Services

- - -

10/24/2016 InfoAccess.net LLC Corcentric, Inc.; AmeriQuest Business

Services, Inc.

Business Process

Outsourcing

- - -

10/24/2016 Submarine Leisure Club, Inc. The New York Times Co. IT Service 25.00 - -

10/24/2016 New England Systems, Inc. Micro Strategies, Inc. IT Service - - -

10/24/2016 Pragmatic Marketing LLC Petra Capital Partners LLC; Renovus

Capital Partners; Pragmatic

Marketing LLC/Private Group/

Education and Training - - -

10/24/2016 Impression Marketing WebStrategies, Inc. Marketing Services - - -

10/21/2016 Everyday Health, Inc. Ziff Davis LLC Marketing Services 447.17 1.76x 15.43x

10/20/2016 International Business Systems, Inc. Maestro Managed Print Solutions

LLC


10/20/2016 The Prasino Group The Context Network, LLC Specialty Consulting - - -

10/18/2016 ThinkVine Corp. Versata, Inc.; Ignite Technologies,

Inc.


10/18/2016 Peak Consulting Partners, Inc. C4 Recovery Solutions Inc Specialty Consulting - - -

10/18/2016 36 Labs LLC MUNDOmedia Ltd. Marketing Services - - -

10/18/2016 Crowe GHP Horwath P.C. Crowe Horwath LLP Specialty Consulting - - -

10/17/2016 Think Through Learning, Inc. Imagine Learning, Inc. Education and Training - - -

10/17/2016 Conrad, Phillips & Vutech, Inc. Hart Associates, Inc. Marketing Services - - -

10/17/2016 Cappture Webaoo Usa, Inc. Marketing Services - - -

10/14/2016 Starpoint Solutions LLC Yoh Services LLC Human Resources - - -

10/13/2016 Triad Digital Media LLC Xaxis LLC Marketing Services - - -

10/13/2016 TheDodo.com, Inc. Lerer Ventures; NowThis Media, Inc. Information Services - - -

10/13/2016 Advisory Financial Group LLC Atlantix Partners LLC Specialty Consulting - - -

10/13/2016 Asurion Corp. /Customer Support Operations/ iQor US, Inc.; HGGC LLC Human Resources - - -

10/13/2016 MC&A, Inc. JTB Hawaii, Inc. Information Services - - -

10/12/2016 Appterra, Inc. The Descartes Systems Group, Inc. IT Service 7.40 - -

10/12/2016 Intelligent Content Corp. Independence Holding Co. Information Services - - -

10/12/2016 Jim Clary & Associates, Inc. Trinity Consultants, Inc. Specialty Consulting - - -

10/12/2016 Bartos, Hoffer, Lustig & Tomes PC Cole, Inc. /MI/ Specialty Consulting - - -

10/12/2016 Michael G. Thomas C.P.A., P.C. Cole, Inc. /MI/ Specialty Consulting - - -

10/11/2016 FameBit LLC Google, Inc. Marketing Services - - -

10/11/2016 Group 3 Marketing Smartbase Solutions LLC Marketing Services - - -

10/10/2016 Jobhuk, Inc. Compunnel Software Group, Inc. Human Resources - - -

10/7/2016 Vcorp Services LLC Wolters Kluwer NV Specialty Consulting - - -

10/6/2016 C3/CustomerContactChannels, Inc. Everstone Capital Management;

C3/CustomerContactChannels, Inc.

/Private Group//; Sunrise BPO Pte

Ltd.; Everise Services Pte Ltd.

Business Process

Outsourcing

150.00 0.75x -

10/6/2016 Convey Health Solutions, Inc. New Mountain Capital LLC Business Process

Outsourcing

- - -

10/6/2016 TerraCycle, Inc. SUEZ SA Facility Services and

Industrial Services

- - -

10/6/2016 Cost & Compliance Associates LLC PRGX USA, Inc. Specialty Consulting 18.00 - -

10/6/2016 Hiebert & Decker CPA Adams, Brown, Beran & Ball,

Chartered


10/6/2016 Jim Oliver & Associates PC Calvetti, Ferguson & Wagner P.C. Specialty Consulting - - -

10/5/2016 Defense Point Security LLC Accenture Federal Services LLC IT Service - - -

10/5/2016 FIRE Solutions, Inc. National Regulatory Services Education and Training - - -



EBITDA10/5/2016 We Can't Stop Thinking LLC Red Square Agency, Inc. Marketing Services - - -

10/5/2016 Crossbridge Consulting LLC Linium LLC Specialty Consulting - - -

10/5/2016 Medigain LLC Medical Transcription Billing Corp. Business Process

Outsourcing

- - -

10/5/2016 Parke, Guptill & Co. LLP Dixon Hughes Goodman LLP Specialty Consulting - - -

10/4/2016 Falcon Consulting Group LLC New MainStream Capital; Avaap, Inc. Specialty Consulting - - -

10/4/2016 Consumer Testing Laboratories, Inc. Underwriters Laboratories, Inc. Facility Services and

Industrial Services

- - -

10/4/2016 Klinc & Associates LLC Corrigan Krause CPA Specialty Consulting - - -

10/3/2016 FLSV Fund Administration Services LLC Sanne Group Plc Business Process

Outsourcing

65.80 3.66x 12.90x

10/3/2016 Premium Franchise Brands LLC Incline Management Corp. Facility Services and

Industrial Services

- - -

10/3/2016 SCS, Inc. Sikich LLP IT Service - - -

10/3/2016 Robinson, McFadden & Moore PC Sowell Gray Stepp & Laffitte LLC Specialty Consulting - - -

10/3/2016 Flag Pest Services LLC Northwest Exterminating Co., Inc. Facility Services and

Industrial Services

- - -

10/3/2016 Media Works, Inc. (Florida) M. Rogers Design, Inc. Marketing Services - - -

10/3/2016 Collection Management Solutions LLC Northstar Location Services LLC Business Process

Outsourcing

- - -

10/3/2016 Cutting Edge Staffing, Inc. Decton, Inc. Human Resources - - -

10/1/2016 New Paradigm Government Services LLC Electrosoft Services, Inc. Education and Training - - -

10/1/2016 CVM Law Group LLP Haight Brown & Bonesteel LLP Specialty Consulting - - -


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