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June 2013 M&A and Investment Summary

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Table of Contents

Overview of Monthly M&A and Investment Activity 31

Monthly M&A and Investment Activity by Industry Segment 82

Additional Monthly M&A and Investment Activity Data 383 Additional Monthly M&A and Investment Activity Data 383

About Petsky Prunier 524

Securities offered through Petsky Prunier Securities, LLC, member of FINRA.

This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer register with the d b f k ff l d h l l d b h d h l d l

2 | M&A and Investment Summary June 2013

U.S. SEC and a member of FINRA. Petsky Prunier is not affiliated with Altium Capital Ltd, but has partnered with Altium to expand its international presence. Altium has not prepared or verified the information in this Summary. Persons in the United States should contact Petsky Prunier for further information or services. This M&A and Investment Summary is not being distributed by Altium Capital Ltd in the United States and Altium Capital Ltd is not offering any services to persons in the United States.

M&A and Investment Summary for All Segments

Transaction Distribution

A total of 392 deals were announced in June 2013, of which 210 were reported at $21.6 billion in aggregate value

Digital Media/Commerce and Software were the most active segments with a combined total of 164 transactions announced, of which 86 were worth $3.1 billion in aggregate value

Information & Business Services was the highest reported value segment, with 42 transactions announced, of which ten were reported at $6.7 billion in aggregate value

Strategic buyers announced 164 deals (42 percent of total volume), of which 38 were worth $12.4 billion in aggregate value

VC/Growth Capital investors announced 208 deals, of which 188 were worth $2.5 billion in aggregate reported value

Buyout investors announced 20 deals during the month, of which seven were reported at $6.6 billion in aggregate value

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

Digital Media/Commerce 82 21% 2,257.7 10% 23 1,194.0 2 ‐ 57 1,063.7

JUNE 2013

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

g / , , ,

Software 82 21% 828.5 4% 33 380.2 5 34.6 44 413.8

Marketing Technology 77 20% 5,207.0 24% 22 4,680.0 2 8.0 53 519.0

Information & Business Services 42 11% 6,654.5 31% 32 1,897.5 3 4,670.0 7 87.0

Technology & Communications 35 9% 2,738.7 13% 12 2,040.7 1 395.0 22 303.1

Digital Advertising 30 8% 77.4 0% 10 ‐ 1 ‐ 19 77.4

Agency &Marketing Services 23 6% 21 0 0% 19 1 3 21 0


Agency & Marketing Services 23 6% 21.0 0% 19 ‐ 1 ‐ 3 21.0

Traditional Media 21 5% 3,780.0 18% 13 2,256.5 5 1,460.0 3 63.5

Total 392 100% 21,564.7 100% 164 12,448.8 20 6,567.6 208 2,548.3

M&A and Investment Summary for All Segments

Transaction Distribution

With an increase of seven percent versus May 2013, June was the highest reported value month in more than a year, and the numberof deals increased on a month‐over‐month basis for the fifth month in a row

Control transactions accounted for 50 percent of reported deal value during the month, and included:

• BC Partners’ $4.4 billion acquisition of Springer Science+Business Media, which publishes academic and professional books, journals, and periodicals

• Salesforce.com’s $2.5 billion acquisition of ExactTarget, a marketing execution company providing cross‐channel, digital marketing SaaS solutions, along with its acquisition of EdgeSpring, an enterprise business intelligence and analytics startup

• SAP’s $1.5 billion acquisition of Hybris, a multi‐channel communication and commerce software solutions provider

$19.1

$15.9

$20.2 $21.6

$20.0

$25.0

M&A and Investment Volume For All Segments ‐ Last 13 Months ($BN)All transactions; Value based on reported values only

376 402 401 342 305 305 253 409 298 335 357 361 384

35

5

22 3 2 1

11 2

3 8$12.8

$7.1 $9.5 $9.8 $9.9

$8.5 $6.1

$8.7 $7.5

$5.0

$10.0

$15.0


3 6 402 0 342 305 305 253 409 298 335 357 361 384 $-

Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13

Note: Aggregate totals do not include Liberty Global’s $24.3 billion acquisition of Virgin Media, Comcast’s $16.7 billion acquisition of its remaining 49 percent stake in NBC Universal, or Vodafone’s $14 billion acquisition of Kabel Deutschland

Selected Transactions with Valuation Information Disclosed($ in Millions)

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

Digital Media/Commerce

Zalando GmbH(1) eCommerce Investment AB Kinnevik $3,720.0 $1,528.1 ‐ 2.4x NA

Selected Transactions With Multiples Information

Fanatics, Inc.(2) eCommerce Temasek Holdings (Pte) Limited 3,100.0 900.0 ‐ 3.4x NA

Society6, LLC eCommerce Demand Media, Inc. 94.0 15.0 4.0 * 6.3x 23.5x

Marketing Technology

ExactTarget, Inc. Email/Messaging Software Salesforce.com 2,500.0 317.1 (0.6) 7.9x NM

Hybris GmbH Commerce Management SAP AG 1,500.0 110.0 ‐ 13.6x NA

Neolane, Inc. Online Targeting/Optimization Adobe Systems, Inc. 600.0 70.0 ‐ 8.6x NA

Traditional MediaTraditional Media

Kabel Deutschland Holding AG Cable & Satell ite Television Vodafone Group plc 13,947.7 2,393.2 1,029.1 5.8x 13.6x

Belo Corporation Broadcast Television Gannett Company, Inc. 2,200.0 719.2 261.6 3.1x 8.4x

Digital Rights Group Entertainment Media Modern Times Group MTG AB 22.4 35.6 2.4 0.6x 9.3x

Youngseo Broadcasting Network Cable & Satell ite Television CJ HelloVision 52.3 22.0 ‐ 2.4x NA

Technology & Communications

SoftLayer Technologies, Inc. Cloud Computing Technology IBM Corporation 2,000.0 335.0 ‐ 6.0x NA y g , p g gy p ,

Keynote Systems, Inc. Communications Software Thoma Bravo, Inc. 395.0 123.9 14.7 3.2x 26.9x

AutoVision Wireless, Inc. Satell ite & Microwave Equipment BSM Technologies, Inc. 14.7 5.3 2.5 2.8x 5.9x

Software

Agilysys, Inc. Infrastructure Software Clearlake Capital Group 34.6 225.1 0.3 0.2x NM

Twilio, Inc. Software Development Tools Redpoint Ventures 500.0 85.0 ‐ 5.9x NA

ISS Group Infrastructure Software P2 Energy Solutions, Inc. 36.8 21.5 1.5 1.7x 24.7x

Veramark Technologies Inc. Financial Software Hubspoke Holdings, Inc. 11.8 15.6 1.0 0.8x 11.7x

Information & Business Services

Springer Science+Business Media Engineering/Scientific/Tech Information BC Partners Limited 4,400.0 1,289.0 448.1 3.4x 9.8x

GFI Informatique S.A. IT Consulting/Systems Integration Boussard & Gavaudan Holding Ltd 333.6 889.8 59.3 0.4x 5.6x

R.L. Polk & Company Marketing Data IHS, Inc. 1,400.0 400.0 100.0 3.5x 14.0x

Panopticon Software, Inc. Credit/Risk Management Information Datawatch Corporation 31.4 5.0 ‐ 6.3x NA


(1) Zalando sold a four percent stake to Investment AB Kinnevik for $130 million(2) Fanatics sold a six percent stake to Temasek Holdings and Alibaba Group, for $170 mill ion*EBITDA represented by EBIT proxy

Selected Transactions with Valuation Information Disclosed (Contd.)($ in Millions)

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

Digital Media/CommerceLight in the Box eCommerce IPO $912.5 $236.4 $4.9 3.9x NM

Digital Advertising

IPOs After Final Pricing

g g

Tremor Video Digital Video IPO 600.9 112.7 (6.2) 5.3x NM

Technology & CommunicationsGigamon LLC eCommerce IPO 565.6 105.8 8.8 5.3x 64.3x

Gogo Inc. Internet Services Provider IPO 2,194.4 250.0 9.1 8.8x NM

Software

Textura Corporation Collaboration Software IPO 75.0 27.3 (15.1) 2.7x NM

fInformation & Business Services

Luxoft Holding, Inc. IT Consulting/Systems Integration IPO 566.5 314.6 52.1 1.8x 10.9x


Note: IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

Securities in Registration($ in Millions)

Aggregate Date Company Name Segment Offering Value Rev EBITDA

Jun‐13 Reta i lMeNot, Inc. Digi ta l Advertis ing $230.0 $155.6 $71.3

J 13 SFX E t t i t I T di ti l M di 75 0 NA NA

LTM

Jun‐13 SFX Enterta inment Inc. Traditional Media 75.0 NA NA

May‐13 Covis int Corporation Technology & Communications 100.0 75.0 NA

Apr‐13 Textura Corporation Software 50.0 24.0 (14.2)

Oct‐12 Viol in Memory, Inc. Technology & Communications NA 100.0 NA

Jun‐12 goldenTech SA Software 5.2 NA NA g

Jun‐12 Shanghai Amarsoft Information Technology Software NA NA NA

Apr‐12 BlackStratus , Inc. Software 20.0 9.2 (0.6)

Apr‐12 NSFOCUS Information Technology Co., Ltd. Technology & Communications NA NA NA

Apr‐12 Shenzhen Tinno Mobi le Technology Corp. Technology & Communications 451.0 NA NA

Mar‐12 Exponentia l Interactive, Inc. Digi ta l Advertis ing 75.0 169.1 22.0

Mar‐12 Reval Holdings , Inc. Software 75.0 47.0 (12.1)


LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 29, 2013 1st Trading Day

Jun‐13 GIMO Gigamon LLC United States $18.00‐$20.00 $19.00 $28.47, up 50% $27.56 (3.2%)

Jun‐13 GOGO Gogo Inc. United States 15.00‐17.00 17.00 16.00, down 6% 13.97 (12.7%)g , ( )

Jun‐13 JUSTDIAL Just Dial Limited India 8.39‐9.69 9.46 10.77, up 14% 10.94 1.5%

Jun‐13 LITB Light in the Box China 8.50‐10.50 9.50 11.61, up 22% 13.46 15.9%

Jun‐13 LXFT Luxoft Holding, Inc. Switzerland 16.00‐18.00 17.00 20.71, up 22% 19.89 (2.4%)

Jun‐13 TXTR Textura Corporation United States 13.00‐15.00 15.00 20.35, up 36% 26.01 27.8%

Jun‐13 TRMR Tremor Video, Inc. United States 11.00‐13.00 10.00 8.50, down 15% 9.00 5.9%

May‐13 ECOM ChannelAdvisor Corporation United States 12.00‐14.00 14.00 18.44, up 32% 15.73 (14.7%)

May‐13 CYAN Cyan, Inc. United States 10.00‐12.00 11.00 11.14, up 1% 10.45 (6.2%)

May‐13 MKTO Marketo, Inc. United States 11.00‐13.00 13.00 23.10, up 78% 24.87 7.7%

May‐13 Q Quinti les Transnational Holdings Inc. United States 36.00‐40.00 40.00 42.11, up 5% 42.56 1.1%

May‐13 DATA Tableau Software, Inc. United States 28.00‐30.00 31.00 50.75, up 64% 55.42 9.2%

Apr‐13 RALY Ral ly Software Development Corp. United States 11.00‐13.00 14.00 17.81, up 27% 24.82 39.4%

Mar‐13 MRIN Marin Software United States 11.00‐13.00 14.00 16.26, up 16% 10.24 (37.0%)

Mar‐13 MODN Model N, Inc. United States 12.50‐14.50 15.50 18.45, up 19% 23.36 26.6%

Mar‐13 3182 Ois ix Inc. Japan 10.42‐12.51 12.51 28.73, up 30% 37.79 31.5%

Mar‐13 IPDN Profess ional Divers i ty Network LLC United States 10.00‐12.00 8.00 7.67, down 4% 4.19 (45.4%)

Feb‐13 DGS Digita l Globe Services , Ltd. United States No Range 2.47 2.59, up 5% 3.18 22.9%

Feb‐13 3671 Softmax Co., Ltd Japan 11.44‐13.52 13.52 31.16, up 30% 37.33 19.8%

Feb‐13 XOOM Xoom Corporation United States 13.00‐15.00 16.00 25.49, up 59% 22.92 (10.1%)

Nov‐12 3666 Tecnos Japan Incorporated Japan 16.77‐18.72 18.72 27.66, up 48% 19.38 (29.9%)

Nov‐12 YY YY, Inc. China 10.50‐12.50 10.50 11.31, up 8% 26.83 137.2%

O 12 RKUS R k Wi l I U i d S 13 00 15 00 15 00 12 25 d 18% 12 81 4 6%


Oct‐12 RKUS Ruckus Wireless , Inc. United States 13.00‐15.00 15.00 12.25, down 18% 12.81 4.6%

Oct‐12 FLTX Fleetmatics Group Limited United States 15.00‐17.00 27.00 22.30, up 31% 33.23 49.0%

Oct‐12 RLGY Realogy Holdings Corp. United States 23.00‐27.00 27.00 34.20, up 27% 48.04 40.5%

LTM IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jun 29, 2013 1st Trading Day

Oct‐12 SSTK Shutterstock, Inc. United States 13.00‐15.00 17.00 21.66, up 27% 55.78 157.5%

Oct‐12 WDAY Workday, Inc. United States 24.00‐26.00 28.00 48.69, 74% 64.09 30.9%y, ,

Sep‐12 TRLA Trul ia , Inc. United States 14.00‐16.00 17.00 24.00, up 41.8% 31.09 29.5%

Aug‐12 PFMT Performant Financia l Corporation United States 12.00‐14.00 9.00 10.60, down 18% 11.59 9.3%

Jul ‐12 EOPN E2open, Inc. United States 15.00‐17.00 15.00 13.50, down 10% 17.50 29.6%

Jul ‐12 PANW Palo Alto Networks United States 38.00‐40.00 42.00 53.13, up 27% 42.16 (20.6%)


Digital Media/Commerce

eCommerce was the most active subsegment with 36 transactions announced, of which 27 were reported at $907 million in aggregate value. The highest value subsegment was Mobile Content/Apps, with 17 transactions announced, of which 12 reported $1.3 billion in value

Select acquisitions:

• Google’s acquisition of Waze, which operates a social traffic and navigation app, reportedly valued at more than $1 billion

• Demand Media’s $94 million acquisition of Society6, an eCommerce marketplace for artists

Select investments:

• The $170 million investment in Fanatics, an online retailer of officially licensed sports merchandise, from Temasek Holdings and Alibaba Group, at a $3.1 billion valuation

• The $150 million Tencent‐led investment in eCommerce company Fab at a $1 billion pre‐money valuationThe $150 million Tencent led investment in eCommerce company Fab, at a $1 billion pre money valuation

• The $60 million Institutional Venture Partners‐led investment in Snapchat, which has developed a photo messaging application for mobile phones, at an $800 million pre‐money valuation

BUYER/INVESTOR BREAKDOWN


DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

eCommerce 36 44% 906.7 40% 6 94.0 2 ‐ 28 812.7

Social Media/Apps 13 16% 64.3 3% 3 ‐ 0 ‐ 10 64.3

Mobile Content/Apps 17 21% 1,250.4 55% 6 1,100.0 0 ‐ 11 150.4

Niche Content 5 6% 3.3 0% 4 ‐ 0 ‐ 1 3.3

Gaming 6 7% 26 6 1% 3 ‐ 0 ‐ 3 26 6

p g y p


Gaming 6 7% 26.6 1% 3 0 3 26.6

Classifieds/Auctions/P‐to‐P 4 5% 6.5 0% 0 ‐ 0 ‐ 4 6.5

Web Search/Portals 1 1% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Total 82 100% 2,257.7 100% 23 1,194.0 2 0.0 57 1,063.7

Digital Media/CommercePublic Company Valuation

($ in Millions, except stock price data)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMediabistro Inc. * United States 1.65 ‐69% 9.9 16.0 1.6 7.6 12.8 (2.1) NM ‐7.7% 1.2x NM 1‐800‐Flowers.com Inc. United States 6.19 ‐6% 395.2 396.2 17.0 18.0 746.1 44.8 6.0% 3.8% 0.5x 8.8xAmazon.com Inc. United States 277.69 ‐2% 126,416.4 121,561.4 7,895.0 3,040.0 63,978.0 2,710.0 4.2% 24.5% 1.9x 44.9xAOL Inc. United States 36.48 ‐17% 2,825.4 2,473.0 467.8 104.2 2,200.6 482.3 21.9% 0.9% 1.1x 5.1xBaidu, Inc. China 94.60 ‐30% 33,083.3 29,752.9 5,440.7 1,914.2 3,863.1 2,066.3 53.5% 47.1% 7.7x 14.4xBetfair Group PLC United Kingdom 12.96 ‐10% 1,321.0 1,065.5 261.6 ‐ 602.2 117.6 19.5% ‐0.7% 1.8x 9.1xBlue Nile Inc. United States 37.78 ‐13% 468.2 428.4 40.5 0.7 414.0 14.5 3.5% 18.0% 1.0x 29.6xCafePress Inc. United States 6.27 ‐59% 107.4 84.0 26.1 2.7 230.4 10.4 4.5% 25.7% 0.4x 8.1xCyberAgent Inc. Japan 1,914.45 ‐22% 1,192.4 912.4 333.8 0.5 1,647.6 169.2 10.3% 21.0% 0.6x 5.4xDemand Media, Inc. United States 6.00 ‐52% 519.7 410.3 109.4 ‐ 395.0 171.8 43.5% 19.1% 1.0x 2.4xDeNA Co., Ltd. Japan 19.63 ‐43% 2,633.3 1,987.9 714.9 ‐ 2,149.4 879.5 40.9% 38.9% 0.9x 2.3xeBay Inc. United States 51.72 ‐11% 67,121.7 62,235.7 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.4xE‐Commerce China Dangdang Inc. * China 6.94 ‐16% 556.4 463.7 141.0 48.3 875.9 (67.1) NM 35.6% 0.5x NM Expedia Inc. United States 60.15 ‐12% 8,128.8 7,755.2 2,089.1 1,249.4 4,226.2 640.8 15.2% 19.5% 1.8x 12.1xFacebook, Inc. United States 24.88 ‐45% 60,157.5 52,946.5 9,472.0 2,261.0 5,489.0 1,310.0 23.9% 35.9% 9.6x 40.4xG5 Entertainment AB (publ) Sweden 7.61 ‐12% 66.9 60.4 6.8 ‐ 14.0 5.0 35.9% 67.3% 4.3x 12.0xGameLoft SA France 6.99 ‐6% 556.2 483.9 73.4 0.1 274.7 42.8 15.6% 26.7% 1.8x 11.3xGlu Mobile, Inc. * United States 2.21 ‐63% 151.3 130.1 21.2 ‐ 85.1 (8.9) NM 19.3% 1.5x NM Google Inc. United States 880.37 ‐4% 292,076.9 249,354.9 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8xGree, Inc. Japan 8.87 ‐50% 2,070.0 1,918.9 394.6 234.4 1,648.9 665.8 40.4% 11.5% 1.2x 2.9xHollywood Media Corp. * United States 1.34 ‐11% 30.4 20.5 9.9 0.1 0.5 (6.1) NM 90.2% 39.3x NM HSN, Inc. United States 53.72 ‐12% 2,867.3 2,967.2 150.9 250.7 3,301.5 286.3 8.7% 6.2% 0.9x 10.4xIAC/InterActiveCorp United States 47.58 ‐14% 3,983.4 3,993.1 679.6 580.0 2,902.6 451.0 15.5% 29.6% 1.4x 8.9xInternational Game Technology United States 16.71 ‐11% 4,351.3 5,944.1 236.5 1,829.3 2,294.1 840.8 36.7% 13.8% 2.6x 7.1xJiayuan.com International Ltd. China 5.20 ‐68% 156.1 66.4 89.8 ‐ 70.0 11.5 16.4% 24.2% 0.9x 5.8xKongzhong Corp. China 6.50 ‐21% 272.7 142.8 139.0 9.1 184.2 31.1 16.9% 15.6% 0.8x 4.6xLifeLock, Inc. United States 11.71 ‐6% 1,018.0 872.7 145.3 ‐ 300.9 21.3 7.1% 44.9% 2.9x 40.9xLightInTheBox Holding Co., Ltd. * China 13.46 ‐26% 658.9 641.4 25.9 8.4 236.4 4.9 2.1% 88.9% 2.7x 131.2xLinkedIn Corporation * United States 178.30 ‐12% 19,677.9 18,847.6 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 17.0x 126.1xLiquidity Services, Inc. * United States 34.67 ‐40% 1,096.4 1,039.2 57.2 ‐ 496.1 NA NA 25.8% 2.1x NA MeetMe, Inc. * United States 1.63 ‐62% 62.1 62.2 4.3 4.3 44.1 (4.0) NM 133.7% 1.4x NM Mercadolibre, Inc. Argentina 107.76 ‐16% 4,757.9 4,564.4 197.7 0.2 392.6 142.9 36.4% 22.2% 11.6x 31.9xMixi, Inc. Japan 13.34 ‐44% 206.9 73.9 140.1 ‐ 134.1 33.5 25.0% ‐5.3% 0.6x 2.2xNCsoft Corporation South Korea 141.47 ‐44% 2,812.8 2,314.7 539.6 9.5 716.6 172.7 24.1% 34.1% 3.2x 13.4xNetfl ix, Inc. * United States 211.09 ‐15% 12,337.3 12,011.4 1,025.9 700.0 3,763.5 129.9 3.5% 12.1% 3.2x 92.4xNexon Co. Ltd. Japan 11.02 ‐35% 4,827.4 4,255.4 1,173.2 529.5 1,299.8 687.6 52.9% 0.0% 3.3x 6.2xOpenTable, Inc. United States 63.95 ‐11% 1,457.0 1,360.4 96.6 ‐ 167.8 49.0 29.2% 15.6% 8.1x 27.8xOrbitz Worldwide, Inc. United States 8.03 ‐8% 846.8 1,077.0 219.8 450.0 791.9 106.5 13.4% 2.6% 1.4x 10.1xOverstock.com Inc. United States 28.20 ‐1% 666.9 585.0 81.9 ‐ 1,148.9 32.4 2.8% 9.3% 0.5x 18.1xPacific Online Ltd. China 0.44 ‐10% 477.9 407.3 70.6 ‐ 114.8 49.0 42.7% 11.8% 3.5x 8.3xPandora Media, Inc. * United States 18.40 ‐5% 3,216.4 3,140.9 75.4 ‐ 471.9 (38.5) NM 55.2% 6.7x NM PC Home Online Inc. Taiwan 5.24 ‐17% 431.3 343.2 101.8 ‐ 507.2 19.5 3.8% 7.9% 0.7x 17.6xPerform Group plc. United Kingdom 7.71 ‐18% 1,842.6 1,804.6 54.6 11.5 246.4 53.6 21.7% 46.9% 7.3x 33.7xPhoenix New Media Limited China 5.49 ‐7% 422.9 231.0 191.9 ‐ 185.6 18.1 9.8% 13.3% 1.2x 12.7x


9.8% 13.3% 1.2x 12.7xpriceline.com Incorporated United States 826.67 ‐2% 42,639.6 39,111.1 5,181.6 1,462.2 5,525.7 1,983.5 35.9% 20.6% 7.1x 19.7xRakuten, Inc. Japan 11.82 ‐13% 15,552.4 15,766.4 3,284.8 3,445.1 4,861.4 1,133.7 23.3% 16.9% 3.2x 13.9xRediff.com India Limited * India 2.42 ‐48% 66.8 42.2 ‐ ‐ 15.7 (8.2) NM ‐21.5% 2.7x NM Renren Inc. * China 2.99 ‐35% 1,132.6 278.1 854.7 ‐ 190.6 (80.6) NM 47.2% 1.5x NM Shutterfly, Inc. United States 55.91 ‐1% 2,123.0 1,958.6 164.5 ‐ 666.0 83.3 12.5% 31.3% 2.9x 23.5xShutterstock, Inc. United States 55.78 ‐3% 1,870.0 1,763.0 107.0 ‐ 183.2 38.5 21.0% 38.4% 9.6x 45.8x

Digital Media/CommercePublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMediabistro Inc. * United States 1.65 ‐69% 9.9 16.0 1.6 7.6 12.8 (2.1) NM ‐7.7% 1.2x NM Sky‐mobi Limited China 3.11 ‐11% 98.0 (1.3) 99.4 ‐ 96.7 4.6 4.7% ‐12.3% NM NM Spark Networks, Inc. * United States 8.45 ‐9% 195.5 187.5 8.0 ‐ 64.5 (7.6) NM 23.7% 2.9x NM Stamps.com Inc. United States 39.39 ‐2% 608.5 561.3 47.3 ‐ 119.5 29.5 24.7% 11.6% 4.7x 19.1xTaomee Holdings Ltd. China 4.64 ‐12% 169.6 53.6 116.1 ‐ 39.4 4.3 10.9% ‐9.3% 1.4x 12.4xThe Active Network, Inc. United States 7.57 ‐51% 466.9 364.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 33.1xTheStreet, Inc. * United States 1.86 ‐7% 63.0 16.2 46.9 ‐ 50.5 (1.3) NM ‐10.6% 0.3x NM United Online, Inc. United States 7.58 ‐3% 701.2 813.0 132.3 244.1 876.0 93.9 10.7% ‐2.5% 0.9x 8.7xValueVision Media Inc. United States 5.11 ‐6% 252.3 256.6 33.7 38.0 601.6 8.1 1.4% 9.1% 0.4x 31.6xVipshop Holdings Limited * China 29.16 ‐24% 1,611.2 1,238.5 372.7 ‐ 901.5 7.5 0.8% 201.0% 1.4x 164.5xWebMD Health Corp. United States 29.37 ‐7% 1,441.9 1,242.7 999.2 800.0 475.7 40.2 8.5% ‐10.9% 2.6x 30.9xYahoo! Inc. United States 25.13 ‐9% 27,206.6 24,275.5 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 4.9x 18.3xYandex N.V. Netherlands 27.65 ‐34% 9,096.4 8,747.9 348.4 ‐ 995.0 435.4 43.8% 40.3% 8.8x 20.1xYY Inc. China 26.83 ‐13% 1,458.5 1,216.4 242.2 ‐ 160.6 32.2 20.0% 151.5% 7.6x 37.8xZynga, Inc. United States 2.78 ‐50% 2,207.0 1,038.3 1,268.7 100.0 1,223.9 143.7 11.7% 0.5% 0.8x 7.2x

Adjusted Weighted Average 4.7x 22.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (58.7x)


Digital Advertising

Local Search and Vertical Search were the most active Digital Advertising subsegments, with a combined total of 16 transactions announced, of which nine were reported at $52 million in aggregate reported value

S l t i iti Select acquisitions:

• ReviMedia’s acquisition of N2O Interactive, which offers a pay per lead advertising platform

• Huntsman Gay Global Capital ‘s acquisition of MyWebGrocer, which offers Web and digital marketing services for grocery stores

Select investments:Select investments:

• The $22 million investment in MDx Medical, the operator of health‐care website Vitals.com, where users can comparison‐shop for doctors by reading reviews and comparing prices, led by Piper Jaffray Merchant Banking

• The $15 million investment in Wrapp, a Sweden‐based company offering a social gifting app that allows people to send each other free digital coupons as gifts via SMS and social networks that can be redeemed in physical retail stores from Greylock Partnersfree digital coupons as gifts via SMS and social networks that can be redeemed in physical retail stores, from Greylock Partners, Atomico, and American Express

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

DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Local Search 11 37% 40.3 52% 4 ‐ 0 ‐ 7 40.3

Vertical Search 5 17% 12.0 16% 0 ‐ 0 ‐ 5 12.0

Digital Promotion/Coupon 3 10% 20.5 27% 0 ‐ 0 ‐ 3 20.5

Search Marketing 3 10% 2.2 3% 2 ‐ 0 ‐ 1 2.2

Ad Networks/Exchanges 2 7% ‐ 0% 1 ‐ 1 ‐ 0 ‐

Online Lead Generation 2 7% 1.2 2% 1 ‐ 0 ‐ 1 1.2


Other* 4 13% 1.2 2% 2 ‐ 0 ‐ 2 1.2

Total 30 100% 77.4 100% 10 0.0 1 0.0 19 77.4

*Other includes Affiliate/CPA Network, Digital Video, and Mobile Marketing

Digital AdvertisingPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAngie's List, Inc. United States 26.68 ‐4% 1,550.2 1,502.2 62.9 14.9 176.9 (43.0) NM 70.9% 8.5x NM Autobytel Inc. United States 4.59 ‐10% 40.7 31.0 14.7 5.0 68.4 3.2 4.7% 6.0% 0.5x 9.7xBankrate, Inc. United States 14.55 ‐26% 1,455.7 1,560.5 89.2 194.0 440.6 105.1 23.8% ‐2.1% 3.5x 14.9xBlinkx plc United States 1.71 ‐21% 624.8 568.8 55.9 ‐ 198.0 28.2 14.2% 73.0% 2.9x 20.2xBlucora, Inc. United States 18.60 ‐3% 762.4 614.0 401.7 253.3 456.6 81.5 17.8% 55.9% 1.3x 7.5xConstant Contact, Inc. United States 16.04 ‐24% 492.6 395.3 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.5x 20.8xCtrip.com International Ltd. China 32.72 ‐7% 4,246.0 3,658.2 873.2 252.6 709.3 118.5 16.7% 21.0% 5.2x 30.9xDemand Media, Inc. United States 6.14 ‐51% 531.8 422.5 109.4 ‐ 395.0 70.8 17.9% 19.1% 1.1x 6.0xDice Holdings, Inc. United States 9.12 ‐13% 546.0 534.4 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.7xDigital Globe Services Inc. United States 3.19 ‐14% 94.7 96.5 0.9 2.9 22.8 3.6 15.8% 0.0% 4.2x 26.7xeHealth, Inc. United States 23.56 ‐16% 458.7 345.1 113.6 ‐ 161.6 21.2 13.1% 6.9% 2.1x 16.3xExactTarget, Inc. United States 33.67 0% 2,345.0 2,244.0 101.0 ‐ 317.1 (0.6) NM 39.4% 7.1x NM Google Inc. United States 877.07 ‐5% 290,982.1 248,260.1 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.6x 14.8xGroupon, Inc. United States 8.39 ‐21% 5,550.5 4,382.4 1,165.7 ‐ 2,376.6 142.6 6.0% 26.8% 1.8x 30.7xHi‐Media S.A. France 2.17 ‐26% 96.9 123.5 27.4 52.7 256.8 17.2 6.7% ‐15.3% 0.5x 7.2xHomeAway, Inc. * United States 32.53 ‐5% 2,763.0 2,448.6 314.4 ‐ 295.8 56.4 19.1% 22.0% 8.3x 43.4xJust Dial Limited * India 10.45 ‐8% 730.4 651.4 35.5 0.0 52.1 13.8 26.5% 43.9% 12.5x 47.1xLeGuide.com S.A. France 36.15 ‐1% 128.5 96.1 32.8 ‐ 57.7 15.5 26.8% 53.6% 1.7x 6.2xMakeMyTrip Limited India 13.96 ‐25% 524.9 443.2 83.7 1.3 228.8 (15.1) NM 16.4% 1.9x NM Millennial Media Inc. United States 8.70 ‐48% 692.0 558.5 133.5 ‐ 194.2 (1.7) NM 68.7% 2.9x NM Monster Worldwide, Inc. United States 4.86 ‐46% 566.4 604.6 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.7x 4.5xMove, Inc. United States 12.85 ‐1% 512.3 482.1 30.2 ‐ 205.7 15.3 7.4% 8.1% 2.3x 31.5xOpera Software ASA Norway 7.87 ‐1% 962.3 910.5 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.5xOPT, Inc. Japan 7.93 ‐34% 233.6 128.1 130.7 6.5 873.0 26.6 3.0% 26.2% 0.1x 4.8xPacific Online Ltd. China 0.43 ‐12% 468.0 397.5 70.6 ‐ 114.8 49.0 42.7% 11.8% 3.5x 8.1xQuinStreet, Inc. United States 8.36 ‐18% 358.4 342.0 113.8 97.4 315.1 38.0 12.1% ‐16.8% 1.1x 9.0xReachLocal, Inc. United States 12.72 ‐27% 361.5 273.2 88.2 ‐ 473.2 9.2 1.9% 19.7% 0.6x 29.7xResponsys, Inc. United States 14.39 ‐5% 710.4 605.0 106.3 0.9 173.3 19.5 11.2% 21.3% 3.5x 31.1xRightmove plc * United Kingdom 32.10 ‐1% 3,169.7 3,158.9 11.5 ‐ 194.0 136.3 70.3% 23.0% 16.3x 23.2xRovi Corporation United States 23.06 ‐13% 2,322.9 2,971.1 737.8 1,386.0 633.6 216.3 34.1% ‐9.5% 4.7x 13.7xSepteni Holdings Co., Ltd. Japan 1,095.70 ‐40% 138.1 95.3 61.2 8.8 459.7 18.4 4.0% 15.9% 0.2x 5.2xThe Active Network, Inc. United States 7.27 ‐53% 448.4 345.9 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 31.4xTiVo Inc. United States 10.86 ‐23% 1,374.8 976.4 570.9 172.5 318.7 (14.8) NM 22.5% 3.1x NM TradeDoubler AB Sweden 2.55 ‐8% 108.7 86.4 23.0 ‐ 336.2 2.7 0.8% ‐15.6% 0.3x 31.7x 0.8% 15.6% 0.3x 31.7xTree.Com, Inc. * United States 17.08 ‐21% 192.2 118.8 73.3 ‐ 92.3 1.8 1.9% 71.1% 1.3x 67.1xTripAdvisor Inc. * United States 60.84 ‐7% 8,722.7 8,707.9 406.1 391.3 809.2 324.4 40.1% 20.5% 10.8x 26.8xTrulia, Inc. * United States 30.24 ‐21% 974.6 770.2 214.3 9.9 79.9 (4.2) NM 87.8% 9.6x NM ValueClick, Inc. United States 24.47 ‐24% 1,865.0 1,815.8 129.1 80.0 679.9 211.7 31.1% 21.7% 2.7x 8.6xVelti Plc Ireland 1.38 ‐87% 125.2 156.1 16.3 47.8 259.6 (4.9) NM 22.8% 0.6x NM Vocus Inc. * United States 10.47 ‐49% 220.9 258.3 41.0 0.9 182.2 2.6 1.4% 48.4% 1.4x 101.1xVoltari Corporation United States 3.62 ‐62% 16.9 13.2 54.3 23.0 85.6 15.7 18.3% ‐11.0% 0.2x 0.8xWeb.com Group, Inc. United States 25.01 2% 1,191.9 1,878.0 13.6 699.7 431.7 68.5 15.9% 71.8% 4.4x 27.4xYahoo! Inc. United States 25.47 ‐8% 27,574.7 24,643.6 3,013.2 36.0 4,905.7 1,327.1 27.1% ‐1.7% 5.0x 18.6xYelp, Inc. * United States 34.33 ‐5% 2,212.3 2,117.8 94.5 ‐ 156.3 (4.5) NM 66.0% 13.5x NM


Yelp, Inc. United States 34.33 5% 2,212.3 2,117.8 94.5 156.3 (4.5) NM 66.0% 13.5x NM Youku Tudou Inc. China 19.22 ‐24% 3,168.9 2,601.9 567.7 0.7 328.4 (1.6) NM 96.3% 7.9x NM Zil low, Inc. * United States 57.84 ‐9% 1,997.1 1,818.1 179.1 ‐ 133.0 8.1 6.1% 71.3% 13.7x 224.0x



Marketing Technology

There were 77 deals announced in the Marketing Technology segment, of which 55 reported $5.2 billion in value

Select acquisitions:

• Salesforce.com’s proposed $2.5 billion acquisition of ExactTarget, and its acquisition of EdgeSpring, an enterprise business intelligence and analytics startup

• SAP’s $1.5 billion acquisition of Hybris, a provider of multi‐channel communication and commerce software solutions

Select investments:Select investments:

• The $43 million Insight Venture Partners‐led investment in BrightEdge, a company that offers tools for search engine optimization and content marketing

• The $30 million investment in Dataminr, a provider of real‐time social media analytics for the financial and government markets, co‐led by Venrock and Institutional Venture Partnersled by Venrock and Institutional Venture Partners

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

Content Management 12 16% 64.5 1% 2 ‐ 0 ‐ 10 64.5

Analytics & Reporting 10 13% 30.3 1% 4 ‐ 0 ‐ 6 30.3

MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


y p g

BI Tools 9 12% 146.0 3% 4 ‐ 1 8.0 4 138.0

Mobile Technology 8 10% 100.0 2% 0 ‐ 0 ‐ 8 100.0

Social Technology 6 8% 36.9 1% 1 ‐ 0 ‐ 5 36.9

CRM 5 6% 22.8 0% 1 ‐ 0 ‐ 4 22.8

SEM/SEO Tools 2 3% 44.3 1% 0 ‐ 0 ‐ 2 44.3


Other* 25 32% 4,762.3 91% 10 4,680.0 1 ‐ 14 82.3

Total 77 100% 5,207.0 100% 22 4,680.0 2 8.0 53 519.0

*Other includes Ad Serving, Commerce Management, Email/Messaging Software, Market Research Software, Media Management System, MRM/Worflow Management, Online Targeting/Optimization, Product/Price Software, Search & Discovery, SFA/Lead Management, and Teleservices/eServices

Marketing TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAActuate Corporation United States 6.64 ‐8% 314.2 246.9 68.2 0.8 138.9 21.1 15.2% 0.9% 1.8x 11.7xAdobe Systems Inc. United States 45.56 ‐3% 22,883.0 20,542.9 3,865.7 1,525.6 4,252.4 1,133.1 26.6% ‐1.9% 4.8x 18.1xBazaarvoice, Inc. United States 9.43 ‐50% 686.2 590.9 95.3 ‐ 160.3 (39.2) NM 51.0% 3.7x NM Bitauto Holdings Limited China 10.97 ‐17% 435.9 349.0 86.8 ‐ 179.9 30.5 17.0% 51.5% 1.9x 11.4xBlackbaud Inc. United States 32.57 ‐5% 1,486.6 1,690.3 8.4 212.1 468.3 71.9 15.3% 23.6% 3.6x 23.5xBrightcove, Inc. United States 8.76 ‐49% 246.3 219.4 26.9 ‐ 92.8 (9.2) NM 31.7% 2.4x NM Constant Contact, Inc. United States 16.07 ‐24% 493.5 396.2 97.3 ‐ 260.4 19.0 7.3% 16.1% 1.5x 20.8xDealertrack Technologies, Inc. United States 35.43 ‐2% 1,540.8 1,534.2 170.9 164.2 406.3 55.9 13.8% 10.5% 3.8x 27.4xDemandware, Inc. * United States 42.41 0% 1,279.2 1,177.1 107.2 5.0 83.9 (9.0) NM 37.5% 14.0x NM Digital Generation, Inc. United States 7.37 ‐42% 204.7 560.5 47.3 403.1 385.7 100.7 26.1% 9.1% 1.5x 5.6xDigital River Inc. United States 18.77 ‐1% 662.0 325.2 645.4 308.6 397.5 35.8 9.0% ‐1.2% 0.8x 9.1xE2open, Inc. United States 17.50 ‐20% 451.1 416.9 35.6 1.4 74.9 0.6 0.8% 25.6% 5.6x NM eBay Inc. United States 51.72 ‐11% 67,121.7 62,235.7 9,402.0 4,516.0 14,543.0 4,310.0 29.6% 17.4% 4.3x 14.4xExactTarget, Inc. United States 33.72 0% 2,348.5 2,247.5 101.0 ‐ 317.1 (0.6) NM 39.4% 7.1x NM Informatica Corporation United States 34.98 ‐20% 3,780.6 3,189.5 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.8xInfosystems S.A. Poland 1.05 ‐38% 4.3 4.0 ‐ ‐ 2.5 0.6 23.7% 54.6% 1.6x 6.7xInteractive Intelligence Group Inc. United States 51.60 ‐3% 1,026.7 958.0 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.7x 64.5xInternational Business Machines Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8xJive Software, Inc. United States 18.17 ‐17% 1,210.8 1,077.2 143.8 10.2 122.2 (43.3) NM 41.2% 8.8x NM LivePerson Inc. United States 8.96 ‐54% 493.2 398.4 94.8 ‐ 163.1 14.3 8.7% 17.0% 2.4x 27.9xMarin Software Incorporated United States 10.24 ‐49% 333.7 224.2 115.5 6.0 63.7 (25.4) NM 0.0% 3.5x NM Market Leader, Inc. United States 10.70 ‐4% 289.1 267.1 22.0 ‐ 47.7 (3.9) NM 29.1% 5.6x NM Marketo, Inc. United States 24.87 ‐7% 889.9 857.4 36.2 3.6 65.9 (35.1) NM 0.0% 13.0x NM Mercadolibre, Inc. Argentina 107.76 ‐16% 4,757.9 4,564.4 197.7 0.2 392.6 142.9 36.4% 22.2% 11.6x 31.9xMicroStrategy Inc. United States 86.96 ‐37% 982.7 652.5 330.2 ‐ 586.5 40.7 6.9% 1.4% 1.1x 16.0xNetSuite Inc. * United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Nuance Communications, Inc. United States 18.40 ‐29% 5,846.6 7,187.5 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.0x 19.3xOpen Text Corporation Canada 68.47 ‐7% 4,012.8 4,139.4 446.9 573.5 1,321.7 390.7 29.6% 11.3% 3.1x 10.6xOpera Software ASA Norway 7.71 ‐2% 942.3 890.9 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.2xOracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4xPitney Bowes Inc. United States 14.68 ‐11% 2,957.6 6,339.9 947.4 4,032.6 4,850.8 954.9 19.7% ‐3.4% 1.3x 6.6xPTC Inc. United States 24.53 ‐6% 2,930.9 2,998.2 240.8 308.1 1,270.0 239.2 18.8% 1.5% 2.4x 12.5xQlik Technologies, Inc. * United States 28.27 ‐10% 2,460.1 2,245.4 214.8 0.2 405.9 11.5 2.8% 20.5% 5.5x 194.8xRealNetworks Inc. United States 7.56 ‐14% 267.8 7.2 260.6 ‐ 248.7 (19.2) NM ‐21.1% 0.0x NM Responsys, Inc. United States 14.31 ‐5% 706.4 601.1 106.3 0.9 173.3 19.5 11.2% 21.3% 3.5x 30.9xSage Group plc United Kingdom 5.17 ‐13% 5,706.8 6,056.4 133.0 483.5 2,088.2 617.6 29.6% 2.9% 2.9x 9.8xSalesforce.com, Inc United States 38.18 ‐20% 22,523.7 22,118.3 2,099.8 1,694.4 3,247.4 72.5 2.2% 32.1% 6.8x NM SAP AG Germany 73.04 ‐13% 87,098.9 87,677.4 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.2x 12.3xSky‐mobi Limited China 3.11 ‐11% 98.0 (1.3) 99.4 ‐ 96.7 4.6 4.7% ‐12.3% NM NM Synchronoss Technologies, Inc. United States 30.87 ‐6% 1,184.7 1,127.4 66.5 9.3 287.4 62.7 21.8% 19.4% 3.9x 18.0xTableau Software, Inc. * United States 55.42 ‐7% 3,187.5 3,147.0 40.5 ‐ 143.1 0.2 0.1% 0.0% 22.0x NM Teradata Corporation United States 50.23 ‐38% 8,207.6 7,625.6 853.0 271.0 2,639.0 615.0 23.3% 6.9% 2.9x 12.4xThe Active Network, Inc. United States 7.57 ‐51% 466.9 364.4 107.0 4.5 430.5 11.0 2.6% 19.9% 0.8x 33.1xTIBCO Software Inc. United States 21.41 ‐35% 3,512.4 3,318.0 726.6 532.1 1,035.2 193.4 18.7% 4.4% 3.2x 17.2x


, , ,Verint Systems Inc. United States 35.47 ‐4% 1,869.5 2,205.7 319.3 649.5 847.7 157.7 18.6% 5.6% 2.6x 14.0xVocus Inc. * United States 10.52 ‐49% 221.9 259.3 41.0 0.9 182.2 2.6 1.4% 48.4% 1.4x 101.5x



Agency & Marketing Services

There were 23 transactions announced in the Agency and Marketing Services segment. Digital Agency was the most active subsegmentwith eight acquisitions announced


• Match Marketing Group’s acquisition of Canada‐based shopper marketing agency SVM

• Ketchum’s acquisition of Germany‐based Brandzeichen, a creative brand public relations agency

• LEWIS PR’s acquisition of Davies Murphy Group, a $9 million public relations and marketing consultancy with offices in the U.S., UK,LEWIS PR s acquisition of Davies Murphy Group, a $9 million public relations and marketing consultancy with offices in the U.S., UK, and Germany

Select investments:

• The $21 million Chestnut Hill Ventures‐led investment in Affinity Solutions, a provider of transaction‐enabled relationship marketing programsprograms

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

Digital Agency 8 35% ‐ 0% 7 ‐ 0 ‐ 1 ‐

AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Public Relations 5 22% ‐ 0% 4 ‐ 1 ‐ 0 ‐

Marketing Consulting 4 17% ‐ 0% 3 ‐ 0 ‐ 1 ‐

Promotion Agency 3 13% ‐ 0% 3 ‐ 0 ‐ 0 ‐

Branded Communications 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Loyalty/Retention 1 4% 21.0 100% 0 ‐ 0 ‐ 1 21.0

Retail Services 1 4% ‐ 0% 1 ‐ 0 ‐ 0 ‐


Total 23 100% 21.0 100% 19 0.0 1 0.0 3 21.0

AgencyPublic Company Valuation


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACello Group Plc United Kingdom $0.79 ‐12% $65.3 $78.8 $219.7 $12.8 5.8% 5.8% 0.4x 6.1xCharm Communications Inc. China 4.51 ‐38% 180.5 90.9 170.1 (3.8) NM ‐32.4% 0.5x NM Chime Communications plc * United Kingdom 3.95 ‐6% 333.8 329.5 559.5 19.3 3.5% 20.5% 0.6x 17.1xp g 3.5% 20.5% 0.6x 17.1xCreston plc United Kingdom 1.64 ‐1% 99.4 82.3 114.2 18.3 16.0% 0.4% 0.7x 4.5xDentsu Inc. Japan 34.80 ‐13% 8,670.6 8,993.7 20,608.6 771.7 3.7% 2.5% 0.4x 11.7xEnero Group Limited Australia 0.31 ‐49% 26.7 12.1 307.1 3.8 1.2% ‐17.8% 0.0x 3.2xHavas France 6.28 ‐9% 2,443.7 2,801.8 2,344.3 365.2 15.6% 8.1% 1.2x 7.7xHuntsworth plc United Kingdom 0.87 ‐11% 214.3 317.2 281.2 53.4 19.0% ‐1.8% 1.1x 5.9xM&C Saatchi plc United Kingdom 3.66 ‐14% 247.0 223.6 275.5 31.8 11.6% 10.7% 0.8x 7.0xMDC Partners Inc. * United States 17.73 ‐3% 556.7 1,195.3 1,102.6 77.5 7.0% 14.8% 1.1x 15.4xNext Fifteen Communications Group plc United Kingdom 1.29 ‐28% 77.1 88.6 147.2 17.3 11.7% 2.6% 0.6x 5.1xOmnicom Group Inc. United States 62.03 ‐4% 16,040.0 19,084.5 14,311.0 2,097.9 14.7% 2.0% 1.3x 9.1xOPT, Inc. Japan 8.35 ‐31% 246.1 139.7 873.0 26.6 3.0% 26.2% 0.2x 5.3xPublicis Groupe SA France 70.21 ‐7% 14,744.9 14,537.6 8,715.1 1,674.5 19.2% 13.7% 1.7x 8.7xSapient Corp. United States 12.81 ‐4% 1,789.0 1,569.6 1,153.3 142.6 12.4% 10.9% 1.4x 11.0xThe Interpublic Group of Companies, Inc. United States 14.27 ‐5% 6,113.7 7,185.7 6,992.4 826.6 11.8% ‐0.8% 1.0x 8.7xWPP plc United Kingdom 16.74 ‐9% 23,138.3 27,858.6 16,860.0 2,851.2 16.9% 3.5% 1.7x 9.8x

1.3x 9.4xAdjusted Weighted Average



Marketing ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $22.02 ‐4% $1,629.3 $1,660.2 $223.0 $254.3 $1,099.4 $213.2 19.4% ‐2.8% 1.5x 7.8xAimia Inc. Canada 13.12 ‐17% 2,261.9 2,541.4 487.8 780.2 2,252.1 342.6 15.2% 7.2% 1.1x 7.4xAlliance Data Systems Corporation United States 172.63 ‐7% 8,491.0 12,730.7 764.1 5,003.9 3,803.3 1,164.0 30.6% 14.4% 3.3x 10.9xCSG Systems International Inc United States 21 57 8% 686 4 786 9 172 7 273 1 752 5 139 9 18 6% 2 2% 1 0 5 6CSG Systems International Inc. United States 21.57 ‐8% 686.4 786.9 172.7 273.1 752.5 139.9 18.6% 2.2% 1.0x 5.6xData Group Inc Canada 1.92 ‐58% 45.1 139.4 ‐ 97.0 326.9 28.4 8.7% ‐0.6% 0.4x 4.9xDST Systems Inc. United States 64.86 ‐10% 2,847.8 3,432.0 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.3x 9.0xFair Isaac Corporation United States 44.98 ‐12% 1,613.5 1,986.4 131.2 504.0 715.9 190.6 26.6% 11.7% 2.8x 10.4xHarte‐Hanks Inc. United States 8.96 ‐9% 559.5 605.6 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 7.2xHigh Co. SA France 5.84 ‐20% 61.1 25.1 60.2 23.6 174.3 16.6 9.5% ‐3.6% 0.1x 1.5xInsignia Systems Inc. United States 1.91 ‐18% 26.1 6.6 19.5 ‐ 23.6 2.1 8.8% 44.8% 0.3x 3.2xMultiplus SA Brazil 14.80 ‐35% 2,397.5 2,355.4 47.1 ‐ 742.2 121.2 16.3% 11.1% 3.2x 19.4xPoints International Ltd. * Canada 20.52 0% 311.8 273.4 39.6 ‐ 148.4 3.5 2.3% 21.1% 1.8x 78.4xValassis Communications Inc. United States 24.22 ‐23% 940.4 1,427.0 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.1xViad Corp United States 25.69 ‐10% 522.1 437.6 95.7 2.5 1,041.6 71.5 6.9% 13.1% 0.4x 6.1x




Traditional Media

There were a total of 21 transactions announced (18 acquisitions and three investments) in the Traditional Media segment in June. Of those, six were reported at $3.8 billion in aggregate value


• Vodafone’s proposed $13.9 billion acquisition of Germany‐based cable television company Kabel Deutschland*

• Gannett’s announced $2.2 billion acquisition of television station owner and operator Belo

• The proposed merger of Media General, a television broadcast and digital company, with media company Young Broadcasting, whichThe proposed merger of Media General, a television broadcast and digital company, with media company Young Broadcasting, which owns and operates television stations, Websites, and mobile news applications

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

TRADITIONAL MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Entertainment Media 6 29% 1,480.7 39% 4 20.7 2 1,460.0 0 ‐

B‐to‐B Media 3 14% ‐ 0% 3 ‐ 0 ‐ 0 ‐

Cable & Satellite Television 3 14% 35.8 1% 1 35.8 1 ‐ 1 ‐

Broadcast Television 3 14% 2,200.0 58% 2 2,200.0 1 ‐ 0 ‐

Digital Place‐Based Media 2 10% 63.5 2% 0 ‐ 0 ‐ 2 63.5

Radio 2 10% ‐ 0% 1 ‐ 1 ‐ 0 ‐

Consumer Book Publishing 2 10% ‐ 0% 2 ‐ 0 ‐ 0 ‐

Total 21 100% 3,780.0 100% 13 2,256.5 5 1,460.0 3 63.5


* Aggregate totals do not include Vodafone’s acquisition of Kabel Deutschland

Traditional Media Public Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACBS Corporation United States 48.87 ‐7% 31,051.4 37,109.4 409.0 6,467.0 14,333.0 3,597.0 25.1% 2.9% 2.6x 10.3xDiscovery Communications, Inc. * United States 77.24 ‐5% 27,171.9 31,161.9 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 6.8x 15.9xTwenty‐First Century Fox, Inc. United States 32.58 ‐4% 75,649.4 86,629.4 9,324.0 16,474.0 35,469.0 6,975.0 19.7% 3.4% 2.4x 12.4x

Large Cap Diversified Media

y y , , , , , , , 19.7% 3.4% 2.4x 12.4xTime Warner Inc. United States 57.82 ‐6% 53,898.3 70,847.3 2,493.0 19,441.0 28,689.0 7,427.0 25.9% ‐2.0% 2.5x 9.5xViacom, Inc. United States 68.03 ‐4% 33,009.9 40,835.9 1,260.0 8,933.0 13,053.0 3,829.0 29.3% ‐13.6% 3.1x 10.7xThe Walt Disney Company United States 63.15 ‐7% 113,729.4 128,769.4 3,952.0 16,937.0 43,765.0 11,353.0 25.9% 5.4% 2.9x 11.3x


B‐to‐B Media

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA


Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEuromoney Institutional Investor PLC United Kingdom 15.55 ‐3% 1,960.0 2,029.3 26.9 84.7 595.3 178.1 29.9% 1.8% 3.4x 11.4xGlobal Sources Ltd. Hong Kong 6.71 ‐21% 230.8 145.4 96.4 ‐ 218.3 43.8 20.1% ‐3.6% 0.7x 3.3xInforma plc Switzerland 7.45 ‐9% 4,492.8 5,712.3 38.8 1,343.0 2,003.3 599.4 29.9% ‐3.4% 2.9x 9.5xTechTarget, Inc. United States 4.47 ‐26% 171.8 139.9 32.0 ‐ 95.8 11.3 11.8% ‐10.1% 1.5x 12.4xThe Dolan Company United States 1.63 ‐76% 49.4 201.0 2.4 151.4 249.2 27.8 11.2% ‐2.9% 0.8x 7.2xUBM plc United Kingdom 9.97 ‐17% 2,432.2 3,359.3 127.6 1,074.8 1,296.7 315.3 24.3% 2.0% 2.6x 10.7x



Radio Broadcasting

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABeasley Broadcast Group Inc. United States 8.38 ‐8% 191.5 293.0 14.2 115.8 101.8 29.9 29.4% 3.9% 2.9x 9.8xCC Media Holdings, Inc. United States 5.31 ‐24% 459.5 20,510.5 721.6 20,479.4 6,229.2 1,894.3 30.4% 0.5% 3.3x 10.8xCumulus Media Inc. United States 3.39 ‐13% 596.5 3,284.6 82.8 2,698.5 1,073.5 344.3 32.1% 52.4% 3.1x 9.5xDial Global, Inc. * United States 0.27 ‐93% 15.4 303.7 8.4 286.0 239.0 4.7 2.0% 82.0% 1.3x 64.3xEmmis Communications Corp. United States 2.14 ‐17% 88.6 273.0 5.0 141.8 197.7 32.6 16.5% 1.9% 1.4x 8.4xEntercom Communications Corp. United States 9.44 ‐7% 351.1 906.4 6.5 561.8 387.3 109.7 28.3% 1.9% 2.3x 8.3xJournal Communications Inc United States 7 49 3% 381 0 618 2 2 1 239 3 412 5 91 3 22 1% 16 1% 1 5x 6 8xJournal Communications Inc. United States 7.49 ‐3% 381.0 618.2 2.1 239.3 412.5 91.3 22.1% 16.1% 1.5x 6.8xRadio One Inc. United States 2.32 ‐13% 114.3 1,103.8 49.6 817.4 420.7 151.8 36.1% 4.6% 2.6x 7.3xSalem Communications Corp. United States 7.49 ‐26% 184.9 491.4 0.1 306.7 230.5 49.0 21.3% 4.2% 2.1x 10.0xSIRIUS XM Radio Inc. * United States 3.35 ‐8% 21,380.3 23,561.9 206.7 2,388.3 3,494.7 1,186.9 34.0% 12.9% 6.7x 19.9xSpanish Broadcasting System Inc. United States 3.50 ‐30% 25.4 360.5 37.4 280.1 146.5 46.5 31.7% 3.0% 2.5x 7.8xPandora Media, Inc. * United States 18.40 ‐5% 3,216.4 3,140.9 75.4 ‐ 471.9 (38.5) NM 55.2% 6.7x NM






Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAMC Networks Inc. * United States 65.33 ‐8% 4,716.1 6,350.0 554.9 2,188.9 1,408.3 482.3 34.2% 13.5% 4.5x 13.2xBritish Sky Broadcasting Group plc United Kingdom 12.04 ‐13% 18,990.3 21,166.8 2,122.8 4,297.3 10,772.2 2,400.0 22.3% 3.7% 2.0x 8.8xCablevision Systems Corporation United States 16.82 ‐11% 4,492.3 14,309.4 244.1 10,047.9 6,693.9 1,781.3 26.6% 1.7% 2.1x 8.0xy p , , , , , 26.6% 1.7% 2.1x 8.0xCBS Corporation United States 48.87 ‐7% 31,051.4 37,109.4 409.0 6,467.0 14,333.0 3,597.0 25.1% 2.9% 2.6x 10.3xCharter Communications, Inc. United States 123.85 ‐4% 12,539.9 25,343.9 65.0 12,869.0 7,594.0 2,662.0 35.1% 4.6% 3.3x 9.5xComcast Corporation United States 41.75 ‐5% 108,916.5 152,777.5 4,680.0 47,226.0 63,002.0 20,323.0 32.3% 7.5% 2.4x 7.5xCrown Media Holdings Inc. United States 2.47 ‐7% 888.4 1,340.1 18.3 469.9 351.7 265.3 75.4% 5.4% 3.8x 5.1xDIRECTV United States 61.64 ‐6% 34,429.2 51,515.2 1,679.0 18,365.0 30,274.0 7,411.0 24.5% 8.3% 1.7x 7.0xDiscovery Communications, Inc. * United States 77.24 ‐5% 27,171.9 31,161.9 2,474.0 6,429.0 4,558.0 1,965.0 43.1% 6.0% 6.8x 15.9xDish Network Corp. United States 42.52 ‐1% 19,332.4 24,147.0 7,095.1 11,879.6 14,239.8 2,867.0 20.1% ‐1.2% 1.7x 8.4xEntravision Communications Corporation United States 6.15 ‐2% 533.1 841.8 32.3 340.9 225.8 76.9 34.1% 14.7% 3.7x 10.9xFisher Communications, Inc. United States 41.08 ‐2% 364.5 345.6 18.9 ‐ 171.1 31.7 18.5% 6.7% 2.0x 10.9xGeneral Communication Inc. United States 7.83 ‐25% 324.6 1,292.4 30.8 966.4 724.5 224.4 31.0% 5.5% 1.8x 5.8xGray Television Inc. United States 7.20 ‐4% 414.2 1,226.2 21.0 832.9 402.3 170.7 42.4% 26.5% 3.0x 7.2xGrupo Televisa, S.A.B. Mexico 24.84 ‐15% 14,159.3 17,538.9 1,937.0 4,639.6 5,656.2 2,239.5 39.6% 7.9% 3.1x 7.8xJournal Communications Inc. United States 7.49 ‐3% 381.0 618.2 2.1 239.3 412.5 91.3 22.1% 16.1% 1.5x 6.8xLiberty Global plc * United States 73.49 ‐7% 27,020.0 56,901.6 3,031.5 32,941.9 10,541.5 4,826.3 45.8% 7.7% 5.4x 11.8xLIN TV Corp. United States 15.30 ‐8% 828.1 1,760.2 23.5 952.5 591.3 214.1 36.2% 43.0% 3.0x 8.2xNexstar Broadcasting Group, Inc. * United States 35.46 ‐2% 1,041.1 1,946.4 22.6 928.0 407.2 151.9 37.3% 27.2% 4.8x 12.8xScripps Networks Interactive, Inc. United States 66.76 ‐6% 9,838.8 11,198.9 421.2 1,384.3 2,366.2 1,049.1 44.3% 11.3% 4.7x 10.7xSinclair Broadcast Group Inc. * United States 29.37 ‐3% 2,933.3 5,185.8 25.8 2,270.9 1,121.9 438.0 39.0% 39.4% 4.6x 11.8xThe E. W. Scripps Company United States 15.58 ‐3% 888.1 861.2 221.2 192.1 895.0 132.5 14.8% 18.5% 1.0x 6.5xTime Warner Cable Inc. United States 112.48 ‐1% 32,727.6 56,265.6 3,290.0 26,824.0 21,727.0 7,626.0 35.1% 8.7% 2.6x 7.4xZiggo N.V. Netherlands 39.97 ‐2% 7,994.7 11,639.0 79.9 3,671.9 1,970.2 1,138.5 57.8% 2.3% 5.9x 10.2x


Entertainment Media

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADreamWorks Animation SKG Inc. * United States 25.66 ‐1% 2,144.3 2,234.2 76.2 165.0 748.4 104.2 13.9% 2.0% 3.0x 21.4xEros International Plc United Kingdom 3.08 ‐22% 382.6 583.2 109.7 262.5 215.3 158.7 73.7% 4.3% 2.7x 3.7x


Lions Gate Entertainment Corp. * United States 27.47 ‐10% 3,742.7 5,007.6 62.4 1,327.3 2,708.1 283.9 10.5% 70.6% 1.8x 17.6xLive Nation Entertainment, Inc. United States 15.50 ‐5% 2,977.0 3,654.7 1,246.4 1,732.6 5,874.7 417.8 7.1% 8.7% 0.6x 8.7xVillage Roadshow Limited Australia 5.20 ‐1% 829.3 1,077.5 174.0 446.3 964.2 170.7 17.7% 2.3% 1.1x 6.3xWorld Wrestling Entertainment Inc. United States 10.31 0% 771.4 639.2 132.3 ‐ 484.9 59.7 12.3% ‐0.4% 1.3x 10.7x






Out‐of‐Home Media

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. * China 1.84 ‐29% 111.8 (3.5) 112.9 ‐ 284.2 21.3 7.5% 2.7% NM NM APG|SGA SA Switzerland 244.08 ‐5% 718.6 631.0 94.5 ‐ 349.6 122.0 34.9% 1.9% 1.8x 5.2xClear Channel Outdoor Holdings Inc. * United States 7.46 ‐15% 2,669.3 7,306.8 547.3 4,940.6 2,945.9 696.0 23.6% ‐2.0% 2.5x 10.5xg , , , , % %Clear Media Ltd. Hong Kong 0.68 ‐10% 361.5 208.5 166.4 ‐ 196.4 80.2 40.9% 2.4% 1.1x 2.6xJCDecaux SA France 27.24 ‐6% 6,052.6 5,960.3 621.4 583.7 3,458.1 734.0 21.2% 6.5% 1.7x 8.1xLamar Advertising Co. * United States 43.39 ‐13% 4,090.9 6,170.3 75.5 2,154.9 1,200.1 518.1 43.2% 4.9% 5.1x 11.9xMood Media Corporation Canada 1.02 ‐66% 174.3 704.5 43.9 591.5 488.8 112.8 23.1% 50.1% 1.4x 6.2xNational CineMedia, Inc. United States 16.89 ‐11% 960.8 1,860.6 98.8 879.0 451.9 217.3 48.1% 1.8% 4.1x 8.6xNTN Buzztime Inc. * United States 0.41 ‐7% 29.3 27.1 2.3 0.1 24.1 1.8 7.7% 0.7% 1.1x 14.7xTom Group Ltd. Hong Kong 0.12 ‐14% 461.4 685.9 102.8 285.9 284.6 1.7 0.6% ‐5.2% 2.4x NM Valassis Communications Inc. United States 24.59 ‐22% 954.7 1,441.3 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.1x


Publishing

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States 6.86 ‐5% 151.3 119.5 31.9 ‐ 434.5 27.7 6.4% ‐4.3% 0.3x 4.3xDaily Mail and General Trust plc * United Kingdom 11.70 ‐2% 4,307.7 5,524.0 94.8 1,156.2 2,652.5 500.8 18.9% 7.6% 2.1x 11.0xEmmis Communications Corp. United States 2.14 ‐17% 88.6 273.0 5.0 141.8 197.7 32.6 16.5% 1.9% 1.4x 8.4xGannett Co., Inc. United States 24.46 ‐9% 5,598.6 7,116.1 142.8 1,449.2 5,372.3 1,121.8 20.9% 3.2% 1.3x 6.3xGlacier Media, Inc. Canada 1.57 ‐24% 140.0 297.9 3.8 119.9 330.0 45.9 13.9% 23.8% 0.9x 6.5x


Glacier Media, Inc. Canada 1.57 24% 140.0 297.9 3.8 119.9 330.0 45.9 13.9% 23.8% 0.9x 6.5xJohn Wiley & Sons Inc. United States 40.09 ‐23% 2,352.3 2,727.9 334.1 709.7 1,760.8 318.3 18.1% ‐1.2% 1.5x 8.6xJournal Communications Inc. United States 7.49 ‐3% 381.0 618.2 2.1 239.3 412.5 91.3 22.1% 16.1% 1.5x 6.8xMartha Stewart Living Omnimedia Inc. United States 2.41 ‐37% 162.2 111.5 50.6 ‐ 185.0 (4.4) NM ‐15.4% 0.6x NM Meredith Corporation United States 47.70 ‐1% 2,108.4 2,438.9 24.5 355.0 1,458.9 258.4 17.7% 7.7% 1.7x 9.4xReed Elsevier plc * United Kingdom 11.35 ‐7% 13,289.5 30,287.9 2,673.1 7,753.8 9,635.3 2,209.0 22.9% 0.0% 3.1x 13.7xScholastic Corporation United States 29.32 ‐15% 935.2 950.9 196.7 212.4 1,968.8 174.8 8.9% ‐2.3% 0.5x 5.4xThe E. W. Scripps Company United States 15.58 ‐3% 888.1 861.2 221.2 192.1 895.0 132.5 14.8% 18.5% 1.0x 6.5xThe McClatchy Company United States 2.28 ‐34% 196.4 1,986.5 17.6 1,807.7 1,219.1 308.0 25.3% ‐4.2% 1.6x 6.4xThe New York Times Company United States 11.06 ‐1% 1,637.5 1,664.0 674.8 698.2 1,980.6 283.2 14.3% 2.8% 0.8x 5.9xThe Washington Post Company United States 483.77 ‐2% 3,590.3 3,302.1 770.7 458.4 4,021.3 548.9 13.6% ‐0.6% 0.8x 6.0xg p y , , ,Valassis Communications Inc. United States 24.59 ‐22% 954.7 1,441.3 97.2 583.8 2,126.0 279.9 13.2% ‐3.7% 0.7x 5.1x




Technology & Communications

Activity in the Technology and Communications segment was led by the Financial Technology subsegment, with eight deals announcedfor $58 million in aggregate reported value


• IBM’s $2 billion acquisition of SoftLayer Technologies, which operates a unified cloud infrastructure platform

• Thoma Bravo’s announced $395 million acquisition of Keynote Systems, which provides Internet performance products and services that enable companies to benchmark, test, manage, and improve their business websites

Select investments:

• The $50 million investment in Hortonworks, a provider of open‐source software used for managing massive amounts of data, led by Tenaya Capital and Dragoneer Investment Group

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN

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

Financial Technology 8 24% 57.9 2% 3 6.0 0 ‐ 5 51.9

Cloud Computing Technology 5 15% 2,050.0 76% 1 2,000.0 0 ‐ 4 50.0

Big Data Technology 4 12% 80.6 3% 1 ‐ 0 ‐ 3 80.6

Cloud Storage 3 9% 14 0 1% 0 ‐ 0 ‐ 3 14 0

TECHNOLOGY & COMMUNICATIONS TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Cloud Storage 3 9% 14.0 1% 0 ‐ 0 ‐ 3 14.0

Communications Software 3 9% 395.0 15% 2 ‐ 1 395.0 0 ‐

Web Conferencing Software 3 9% 35.0 1% 2 20.0 0 ‐ 1 15.0

Infrastructure Technology 2 6% 2.3 0% 1 ‐ 0 ‐ 1 2.3

Networking Equipment 2 6% 29.0 1% 0 ‐ 0 ‐ 2 29.0

Mobile Infrastructure 1 3% ‐ 0% 1 ‐ 0 ‐ 0 ‐

Data Center Technology 1 3% 8 0 0% 0 0 1 8 0


Data Center Technology 1 3% 8.0 0% 0 ‐ 0 ‐ 1 8.0

Virtualization Technology 1 3% 1.3 0% 0 ‐ 0 ‐ 1 1.3

Satellite & Microwave Equipment 1 3% 14.7 1% 1 14.7 0 ‐ 0 ‐

Total 34 100% 2,687.7 100% 12 2,040.7 1 395.0 21 252.1

TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA3M Company United States 109.35 ‐3% 75,472.8 77,478.8 4,376.0 5,936.0 30,052.0 7,806.0 26.0% 0.9% 2.6x 9.9xACI Worldwide, Inc. United States 46.48 ‐10% 1,852.2 2,410.2 112.5 670.5 691.0 145.8 21.1% 38.7% 3.5x 16.5xADATA Technology Co., Ltd. Taiwan 2.23 ‐7% 470.2 588.5 78.9 197.9 965.0 44.4 4.6% ‐2.5% 0.6x 13.2xAdvanced Micro Devices, Inc. United States 4.08 ‐33% 2,915.1 3,956.1 1,003.0 2,044.0 4,925.0 (170.0) NM ‐24.7% 0.8x NM, , , , , , ( ) NM 24.7% 0.8x NM Akamai Technologies, Inc. United States 42.55 ‐12% 7,561.1 7,048.1 513.0 ‐ 1,422.5 521.0 36.6% 18.3% 5.0x 13.5xAVG Technologies N.V. Netherlands 19.45 ‐3% 1,051.2 1,065.6 60.8 75.2 377.7 118.7 31.4% 28.2% 2.8x 9.0xBrightcove, Inc. United States 8.76 ‐49% 246.3 219.4 26.9 ‐ 92.8 (9.2) NM 31.7% 2.4x NM CA Technologies United States 28.62 ‐4% 12,962.7 11,601.7 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.5x 6.9xCarbonite, Inc. United States 12.39 ‐8% 321.8 265.3 56.5 ‐ 90.0 (5.4) NM 35.9% 2.9x NM Check Point Software Technologies Ltd. Israel 49.68 ‐6% 9,758.9 8,373.9 1,385.1 ‐ 1,352.3 762.5 56.4% 5.7% 6.2x 11.0xChinaCache International Holdings Ltd. China $4.05 ‐31% $94.8 $56.1 $38.7 $0.0 $138.8 $6.1 4.4% 29.3% 0.4x 9.2xCitrix Systems, Inc. United States 60.36 ‐30% 11,294.8 10,636.9 657.9 ‐ 2,669.5 599.6 22.5% 15.8% 4.0x 17.7xCommVault Systems, Inc. * United States 75.89 ‐14% 3,527.4 3,091.5 435.9 ‐ 495.9 85.8 17.3% 21.9% 6.2x 36.0xCray Inc United States 19 64 17% 735 7 497 6 238 1 388 3 18 7 4 8% 25 9% 1 3 26 6Cray Inc. United States 19.64 ‐17% 735.7 497.6 238.1 ‐ 388.3 18.7 4.8% 25.9% 1.3x 26.6xCrossroads Systems, Inc. United States 1.86 ‐61% 22.1 18.5 6.0 2.4 14.3 (11.9) NM ‐3.9% 1.3x NM Datalink Corporation United States 10.64 ‐15% 198.9 201.2 5.7 8.0 505.7 23.8 4.7% 22.3% 0.4x 8.5xDell Inc. United States 13.33 ‐9% 23,399.7 19,771.7 10,905.0 7,256.0 56,592.0 3,792.0 6.7% ‐7.9% 0.3x 5.2xDot Hill Systems Corp. United States 2.19 ‐5% 128.4 90.9 40.3 2.8 184.4 (7.1) NM ‐8.4% 0.5x NM Elecom Co., Ltd. Japan 13.10 ‐38% 288.5 212.0 163.4 19.2 665.0 73.5 11.0% 0.2% 0.3x 2.9xEMC Corporation United States 23.62 ‐16% 49,621.8 45,967.3 6,527.8 1,695.0 22,006.9 5,237.3 23.8% 7.4% 2.1x 8.8xePlus inc. United States 59.89 ‐5% 488.1 542.4 53.7 108.0 983.1 74.5 7.6% 19.1% 0.6x 7.3xEuronet Worldwide Inc. United States 31.86 ‐3% 1,588.1 1,726.8 155.3 291.1 1,305.6 156.0 11.9% 9.1% 1.3x 11.1xF‐Secure Oyj Finland 2.76 0% 428.2 377.7 49.8 ‐ 201.4 43.0 21.3% 4.6% 1.9x 8.8xFusion‐io, Inc. * United States 14.24 ‐56% 1,399.7 1,045.0 354.6 ‐ 432.9 10.1 2.3% 33.4% 2.4x 103.9xGemalto NV Netherlands 81.49 ‐17% 6,852.5 6,413.4 472.8 13.5 2,960.6 444.4 15.0% 11.4% 2.2x 14.4xGoogle Inc. United States 880.37 ‐4% 292,076.9 249,354.9 50,098.0 7,376.0 53,499.0 16,813.0 31.4% 33.8% 4.7x 14.8xGraphOn Corp. United States 0.36 ‐55% 31.9 28.4 3.6 ‐ 6.5 (2.6) NM ‐2.7% 4.3x NM Green Dot Corporation United States 19.95 ‐20% 721.0 303.3 470.9 53.2 565.9 83.1 14.7% 11.9% 0.5x 3.7xImperva Inc. United States 45.04 ‐1% 1,104.3 993.2 109.9 ‐ 111.3 (7.9) NM 33.5% 8.9x NM Integrated Electrical Services, Inc. United States 4.44 ‐32% 67.1 60.0 13.5 6.5 488.8 7.1 1.5% 23.9% 0.1x 8.4xIntel Corporation United States 24.23 ‐10% 120,447.3 116,633.3 17,165.0 13,351.0 53,015.0 21,148.0 39.9% ‐1.9% 2.2x 5.5xIBM Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8xInterxion Holding NV Netherlands 26.13 ‐7% 1,787.6 2,091.9 77.6 381.8 366.1 143.7 39.3% 13.3% 5.7x 14.6xJ‐Stream Inc. Japan 498.77 ‐45% 58.0 51.5 8.6 ‐ 54.3 4.5 8.3% ‐3.3% 0.9x 11.5xKeynote Systems, Inc. United States 19.76 ‐1% 365.6 307.7 57.9 ‐ 123.9 14.7 11.9% 5.2% 2.5x 20.9xLimelight Networks, Inc. United States 2.25 ‐29% 216.3 97.8 120.2 1.7 181.7 (3.5) NM 4.3% 0.5x NM LogMeIn, Inc. * United States 24.46 ‐29% 594.7 389.5 205.2 ‐ 143.6 6.1 4.3% 14.8% 2.7x 63.5xLSI Corporation United States 7.14 ‐12% 3,923.9 3,265.3 658.5 ‐ 2,452.3 366.2 14.9% 11.8% 1.3x 8.9xMelbourne IT Ltd. Australia 2.00 ‐11% 164.7 179.6 18.5 35.5 177.1 24.3 13.7% ‐5.1% 1.0x 7.4xMicron Technology Inc. United States 14.33 ‐1% 14,761.4 16,531.4 2,552.0 3,624.0 8,193.0 1,820.0 22.2% ‐2.6% 2.0x 9.1xMicrosoft Corporation United States 34.55 ‐3% 288,489.0 229,466.0 73,788.0 14,765.0 76,012.0 30,368.0 40.0% 4.1% 3.0x 7.6xNEC Corporation Japan 2.19 ‐26% 5,681.2 10,957.2 2,112.2 6,339.0 32,609.0 2,299.7 7.1% 1.1% 0.3x 4.8xNetApp, Inc. United States 37.78 ‐4% 13,642.8 8,942.6 6,952.6 2,252.4 6,332.4 821.5 13.0% 1.6% 1.4x 10.9x


Oracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4xProAct IT Group AB Sweden 10.54 ‐45% 98.1 124.9 4.6 30.6 361.7 21.4 5.9% ‐4.8% 0.3x 5.8xQUALCOMM Incorporated United States 61.09 ‐11% 105,553.4 92,099.4 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.1xQualys, Inc. * United States 16.12 ‐2% 510.6 419.6 92.6 1.7 95.1 10.6 11.1% 19.3% 4.4x 39.7xQuantum Corporation United States 1.37 ‐37% 333.5 469.5 69.0 205.0 587.6 (5.5) NM ‐9.9% 0.8x NM Rackspace Hosting, Inc. United States 37.89 ‐53% 5,233.1 5,060.3 278.6 105.8 1,370.1 443.3 32.4% 25.0% 3.7x 11.4x

TechnologyPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDARed Hat, Inc. United States 47.82 ‐20% 9,052.0 8,198.4 853.6 ‐ 1,377.3 277.3 20.1% 16.4% 6.0x 29.6xSanDisk Corp. United States 61.10 ‐4% 14,867.4 13,275.2 3,310.2 1,720.6 5,187.7 1,193.0 23.0% ‐6.9% 2.6x 11.1xSAP AG Germany 73.04 ‐13% 87,098.9 87,677.4 5,896.6 6,455.3 21,108.3 7,142.0 33.8% 13.2% 4.2x 12.3xSeagate Technology Public Limited Company Ireland 44.83 ‐1% 16,073.9 16,655.9 1,909.0 2,478.0 15,409.0 3,590.0 23 3% 15 7% 1 1x 4 6xSeagate Technology Public Limited Company Ireland 44.83 1% 16,073.9 16,655.9 1,909.0 2,478.0 15,409.0 3,590.0 23.3% 15.7% 1.1x 4.6xSilicon Graphics International Corp. United States 13.38 ‐16% 452.5 303.1 149.4 ‐ 776.2 (2.6) NM 0.9% 0.4x NM SK Hynix, Inc. South Korea 27.25 ‐5% 18,922.3 22,777.6 1,759.5 5,727.9 9,487.0 3,131.8 33.0% 5.6% 2.4x 7.3xSony Corporation Japan 20.94 ‐14% 21,166.9 31,885.7 16,178.8 12,799.6 71,902.1 3,140.9 4.4% 4.7% 0.4x 10.2xSplunk, Inc. * United States 46.36 ‐3% 4,812.7 4,481.5 331.3 ‐ 219.0 (26.3) NM 59.2% 20.5x NM Symantec Corporation United States 22.48 ‐11% 15,660.4 14,004.4 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.0x 7.4xSynchronoss Technologies, Inc. United States 30.87 ‐6% 1,184.7 1,127.4 66.5 9.3 287.4 62.7 21.8% 19.4% 3.9x 18.0xTableau Software, Inc. * United States 55.42 ‐7% 3,187.5 3,147.0 40.5 ‐ 143.1 0.2 0.1% 0.0% 22.0x NM Teradata Corporation United States 50.23 ‐38% 8,207.6 7,625.6 853.0 271.0 2,639.0 615.0 23.3% 6.9% 2.9x 12.4xTrend Micro Inc. Japan 31.74 ‐9% 4,185.8 2,984.8 1,265.5 ‐ 1,029.7 337.7 32.8% 2.1% 2.9x 8.8xTh KEYW H ldi C ti U it d St t 13 25 19% 484 8 578 2 3 1 96 4 265 6 27 6The KEYW Holding Corporation United States 13.25 ‐19% 484.8 578.2 3.1 96.4 265.6 27.6 10.4% 29.8% 2.2x 20.9xUnisys Corporation United States 22.07 ‐11% 974.1 819.7 628.6 210.7 3,587.9 308.6 8.6% ‐7.3% 0.2x 2.7xVeriSign, Inc. United States 44.66 ‐11% 6,732.3 5,876.0 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.5x 10.7xVMware, Inc. United States 66.99 ‐35% 28,683.6 24,196.9 4,936.7 450.0 4,741.3 1,171.4 24.7% 19.2% 5.1x 20.7xWestern Digital Corporation United States 62.09 ‐5% 14,677.0 12,630.0 4,060.0 2,013.0 16,377.0 3,836.0 23.4% 61.7% 0.8x 3.3xXoom Corporation United States 22.92 ‐12% 755.6 645.0 135.6 25.0 87.4 (2.0) NM 0.0% 7.4x NM




CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAastra Technologies Ltd. Canada 18.83 ‐5% 217.5 105.9 115.8 0.2 582.9 32.9 5.6% ‐12.5% 0.2x 3.2xADTRAN Inc. United States 24.62 ‐18% 1,459.3 1,257.4 247.9 46.0 628.9 59.6 9.5% ‐8.4% 2.0x 21.1xAlcatel‐Lucent, S.A. France 1.82 ‐9% 4,142.4 5,685.5 8,006.9 8,577.1 18,535.5 794.4 4.3% ‐2.8% 0.3x 7.2xAllot Communications Ltd. Israel 13.71 ‐53% 446.5 311.7 134.8 ‐ 104.6 7.9 7.5% 23.4% 3.0x 39.5x 7.5% 23.4% 3.0x 39.5xAmbient Corporation United States 2.36 ‐69% 39.3 28.3 11.0 ‐ 34.5 (8.9) NM ‐45.6% 0.8x NM Anaren, Inc. United States 22.94 ‐7% 303.0 267.1 35.9 ‐ 154.2 26.0 16.9% ‐1.4% 1.7x 10.3xAruba Networks, Inc. United States 15.36 ‐43% 1,753.6 1,312.7 440.9 ‐ 586.2 35.7 6.1% 19.3% 2.2x 36.7xAudioCodes Ltd. * Israel 4.43 ‐7% 168.5 144.8 44.6 20.8 127.4 1.3 1.0% ‐13.4% 1.1x 110.6xAviat Networks, Inc. United States 2.62 ‐33% 160.5 77.4 92.9 9.8 478.3 12.3 2.6% 6.5% 0.2x 6.3xAxesstel Inc. United States 0.70 ‐64% 17.1 30.1 2.2 15.1 57.7 4.3 7.5% 7.9% 0.5x 6.9xBlackline GPS Corp. Canada 1.05 ‐26% 18.5 13.7 5.2 0.1 2.7 (3.0) NM 19.1% 5.0x NM Blonder Tongue Laboratories Inc. United States 1.07 ‐37% 6.7 12.7 0.1 6.1 30.9 (0.1) NM 13.5% 0.4x NM BroadSoft, Inc. United States 27.60 ‐36% 772.9 694.2 167.4 88.6 166.1 22.9 13.8% 13.2% 4.2x 30.3xBrocade Communications Systems, Inc. United States 5.76 ‐11% 2,556.2 2,391.2 764.3 599.3 2,261.2 495.0 21 9% 4 8% 1 1x 4 8xBrocade Communications Systems, Inc. United States 5.76 11% 2,556.2 2,391.2 764.3 599.3 2,261.2 495.0 21.9% 4.8% 1.1x 4.8xCalAmp Corp. United States 14.60 ‐3% 503.9 486.9 63.1 4.7 190.5 18.9 9.9% 28.7% 2.6x 25.8xCalix Inc. * United States 10.10 ‐8% 494.6 446.6 48.1 ‐ 342.2 2.2 0.6% ‐2.7% 1.3x 201.0xCiena Corporation United States 19.43 ‐6% 1,982.9 2,736.2 456.5 1,209.8 1,900.4 88.6 4.7% 6.5% 1.4x 30.9xCisco Systems, Inc. United States 24.34 ‐3% 130,054.4 98,924.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.1x 7.5xClearfield, Inc. United States 9.42 ‐31% 121.3 106.0 15.3 ‐ 42.0 5.4 12.9% 13.1% 2.5x 19.6xClearOne, Inc. United States 8.51 ‐13% 77.5 34.9 42.6 ‐ 47.6 6.8 14.4% 4.5% 0.7x 5.1xCOM DEV International Ltd. Canada 3.81 ‐2% 290.7 284.7 32.9 20.1 217.2 33.6 15.5% 10.5% 1.3x 8.5xCommunications Systems Inc. United States 9.62 ‐19% 82.0 62.0 21.5 1.5 107.5 5.7 5.3% ‐21.6% 0.6x 10.9xCorning Inc. United States 14.23 ‐13% 20,990.5 18,193.5 5,775.0 2,932.0 7,906.0 2,466.0 31.2% 0.2% 2.3x 7.4xCTX Virtual Technologies Inc United States 1 67 ‐5% 13 3 13 5 2 8 2 9 119 2 16 9 14 2% 198 1% 0 1x 0 8xCTX Virtual Technologies, Inc. United States 1.67 5% 13.3 13.5 2.8 2.9 119.2 16.9 14.2% 198.1% 0.1x 0.8xCyan, Inc. United States 10.45 ‐31% 465.3 562.0 14.0 12.6 108.0 (12.9) NM 0.0% 5.2x NM DDS Wireless International Inc. Canada 2.13 ‐7% 29.4 20.1 9.6 ‐ 39.8 4.1 10.4% ‐9.6% 0.5x 4.9xDialogic, Inc. United States 0.75 ‐82% 11.9 83.7 6.5 78.3 160.0 (11.6) NM ‐19.2% 0.5x NM Digi International Inc. United States 9.37 ‐17% 242.2 162.4 79.8 ‐ 190.1 19.1 10.1% ‐5.8% 0.9x 8.5xDragonWave Inc. Canada 2.88 ‐26% 109.4 106.2 23.0 19.7 123.9 (51.3) NM 171.3% 0.9x NM EchoStar Corp. United States 39.11 ‐5% 3,465.5 4,410.1 1,527.0 2,462.7 3,152.4 597.1 18.9% 3.5% 1.4x 7.4xEmulex Corporation United States 6.52 ‐18% 592.4 500.8 91.6 ‐ 487.2 72.5 14.9% ‐1.8% 1.0x 6.9xEricsson Sweden 11.27 ‐12% 36,222.4 30,008.1 11,040.3 4,398.9 35,047.8 4,103.2 11.7% 1.7% 0.9x 7.3xExtreme Networks Inc. United States 3.44 ‐11% 319.9 200.0 119.9 ‐ 307.5 16.5 5.4% ‐5.3% 0.7x 12.1xF5 Networks, Inc. United States 68.80 ‐38% 5,421.4 4,898.5 522.8 ‐ 1,430.9 463.5 32.4% 12.9% 3.4x 10.6xF5 Networks, Inc. United States 68.80 38% 5,421.4 4,898.5 522.8 1,430.9 463.5 32.4% 12.9% 3.4x 10.6xFinisar Corp. United States 16.95 ‐1% 1,589.7 1,346.3 289.1 40.0 934.3 73.6 7.9% ‐1.9% 1.4x 18.3xFleetmatics Group PLC * Ireland 33.23 ‐4% 1,151.0 1,073.0 102.0 24.0 138.0 28.1 20.3% 39.6% 7.8x 38.2xFranklin Wireless Corp. United States 1.70 ‐31% 17.6 7.3 10.7 0.1 40.5 2.0 5.0% 196.2% 0.2x 3.6xGigamon Inc. * United States 27.56 ‐4% 812.0 789.2 22.7 ‐ 105.8 8.8 8.3% 41.6% 7.5x 89.8xGogo Inc. * United States 13.97 ‐11% 1,186.3 1,242.9 78.0 134.6 250.0 9.1 3.6% 38.9% 5.0x 137.2xHarmonic Inc. United States 6.35 ‐2% 643.5 415.2 228.3 ‐ 515.7 30.5 5.9% ‐3.2% 0.8x 13.6xHarris Corporation United States 49.25 ‐6% 5,397.0 6,865.7 459.1 1,925.0 5,188.3 1,050.0 20.2% 0.2% 1.3x 6.5xInfoblox Inc. United States 29.26 ‐3% 1,465.2 1,273.5 191.7 ‐ 207.1 (2.2) NM 26.6% 6.2x NM Interactive Intell igence Group Inc. * United States 51.60 ‐3% 1,026.7 958.0 68.7 ‐ 257.8 14.9 5.8% 20.2% 3.7x 64.5xJDS Uniphase Corporation United States 14 39 8% 3 403 7 2 989 8 608 1 194 2 1 709 3 165 5 9 7% 0 5% 1 7 18 1


JDS Uniphase Corporation United States 14.39 ‐8% 3,403.7 2,989.8 608.1 194.2 1,709.3 165.5 9.7% 0.5% 1.7x 18.1xJuniper Networks, Inc. United States 19.31 ‐16% 9,775.8 8,118.7 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.8x 12.3xKVH Industries Inc. United States 13.31 ‐11% 206.5 177.2 44.8 15.6 150.3 15.3 10.2% 30.9% 1.2x 11.6xMeru Networks, Inc. United States 4.03 ‐42% 89.1 62.4 35.6 8.9 102.8 (16.9) NM 14.6% 0.6x NM Mitel Networks Corporation Canada 3.84 ‐16% 206.2 425.3 69.0 288.1 576.9 79.7 13.8% ‐5.7% 0.7x 5.3xMotorola Solutions, Inc. United States 57.73 ‐11% 15,682.8 14,443.8 3,718.0 2,454.0 8,715.0 1,483.0 17.0% 4.7% 1.7x 9.7xNetgear Inc. United States 30.54 ‐25% 1,176.5 754.1 422.4 ‐ 1,239.7 133.9 10.8% 1.0% 0.6x 5.6x

CommunicationsPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDANokia Corporation Finland 3.70 ‐22% 13,734.0 9,076.2 13,366.6 7,203.5 36,740.3 1,382.5 3.8% ‐19.5% 0.2x 6.6xNuance Communications, Inc. United States 18.40 ‐29% 5,846.6 7,187.5 1,005.3 2,341.6 1,813.8 371.8 20.5% 25.4% 4.0x 19.3xNumerex Corp. United States 11.16 ‐19% 217.6 194.5 25.5 2.3 68.9 5.7 8.3% 16.6% 2.8x 33.9xOptical Cable Corp. United States 4.43 ‐14% 27.7 37.2 0.8 10.9 80.6 5.2 6.4% 3.5% 0.5x 7.2xp p 6.4% 3.5% 0.5x 7.2xPalo Alto Networks, Inc. * United States 42.16 ‐42% 2,999.1 2,637.4 361.7 ‐ 359.4 (6.8) NM 63.6% 7.3x NM PCTEL, Inc. United States 8.48 0% 151.5 99.5 52.0 0.0 96.8 5.0 5.1% 27.7% 1.0x 20.1xPHAZAR CORP United States 1.23 ‐55% 2.9 2.7 0.7 0.5 5.9 (1.2) NM ‐9.5% 0.5x NM Plantronics, Inc. United States 43.92 ‐7% 1,856.0 1,510.6 345.4 ‐ 762.2 153.7 20.2% 6.8% 2.0x 9.8xPolycom, Inc. United States 10.53 ‐12% 1,816.7 1,133.9 682.8 ‐ 1,385.7 111.0 8.0% ‐2.9% 0.8x 10.2xProcera Networks, Inc. * United States 13.73 ‐47% 278.6 162.4 116.2 ‐ 61.5 1.6 2.6% 23.4% 2.6x 101.7xQUALCOMM Incorporated United States 61.09 ‐11% 105,553.4 92,099.4 13,493.0 22.0 21,639.0 7,630.0 35.3% 24.6% 4.3x 12.1xRadiSys Corporation United States 4.81 ‐26% 137.6 138.9 31.7 33.0 278.8 10.5 3.8% ‐16.2% 0.5x 13.2xRadware Ltd. Israel 13.79 ‐29% 618.2 555.4 62.8 ‐ 189.3 38.6 20.4% 9.1% 2.9x 14.4xRELM Wireless Corp. United States 3.00 ‐20% 40.6 36.1 4.5 ‐ 30.3 4.5 14 8% 39 2% 1 2x 8 1xR MWireless Corp. United States 3.00 0% 40.6 36. 4.5 30.3 4.5 14.8% 39.2% 1.2x 8.1xResearch In Motion Limited Canada 10.51 ‐40% 5,509.2 2,737.6 2,654.0 ‐ 11,336.0 1,318.0 11.6% ‐30.6% 0.2x 2.1xRiverbed Technology, Inc. United States 15.56 ‐36% 2,542.9 2,658.4 406.7 522.2 900.6 137.4 15.3% 20.8% 3.0x 19.3xSandvine Corporation Canada 1.99 ‐7% 275.5 198.4 83.0 4.0 92.9 7.5 8.0% 1.7% 2.1x 26.6xShoreTel, Inc. United States 4.03 ‐22% 237.2 220.5 48.4 31.7 306.4 (9.4) NM 36.4% 0.7x NM Sierra Wireless Inc. Canada 12.74 ‐1% 392.9 338.9 55.9 ‐ 406.4 (5.1) NM 44.5% 0.8x NM SolarWinds, Inc. * United States 38.81 ‐37% 2,918.4 2,652.6 265.8 ‐ 282.2 139.1 49.3% 31.2% 9.4x 19.1xSolera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5xSonus Networks, Inc. United States 3.01 ‐16% 849.5 626.7 225.2 2.4 253.1 (24.7) NM ‐1.4% 2.5x NM Symmetricom Inc. United States 4.49 ‐37% 182.4 112.7 69.7 ‐ 221.5 12.1 5.5% ‐6.1% 0.5x 9.3xT l C Ltd S th K 8 46 21% 59 7 17 5 43 4 51 6 6 9Telcoware Co Ltd South Korea 8.46 ‐21% 59.7 17.5 43.4 ‐ 51.6 6.9 13.4% 0.0% 0.3x 2.5xTeleCommunication Systems Inc. United States 2.33 ‐14% 137.1 237.8 57.5 158.3 482.1 38.0 7.9% 10.8% 0.5x 6.3xTellabs Inc. United States 1.98 ‐49% 702.3 130.7 781.2 209.6 1,004.1 13.4 1.3% ‐17.8% 0.1x 9.8xTESSCO Technologies Inc. United States 26.40 ‐1% 216.8 215.0 4.5 2.7 752.6 32.9 4.4% 2.6% 0.3x 6.5xTransmode Holding AB Sweden 11.88 ‐6% 330.0 267.5 64.5 ‐ 155.6 28.1 18.1% 4.6% 1.7x 9.5xUbiquitous Corporation * Japan 2,171.39 ‐45% 188.2 175.4 13.5 ‐ 9.5 1.0 11.0% ‐2.5% 18.5x 168.6xVecima Networks Inc. Canada 4.31 ‐25% 96.2 76.1 24.6 3.8 97.2 13.7 14.1% 12.1% 0.8x 5.6xVerint Systems Inc. United States 35.47 ‐4% 1,869.5 2,205.7 319.3 649.5 847.7 157.7 18.6% 5.6% 2.6x 14.0xViaSat Inc. United States 71.46 ‐3% 3,217.9 3,705.6 105.7 588.7 1,119.7 129.6 11.6% 29.6% 3.3x 28.6xVonage Holdings Corporation United States 2.83 ‐10% 600.0 573.3 105.9 79.1 842.3 124.5 14.8% ‐2.8% 0.7x 4.6xWestell Technologies, Inc. United States 2.39 ‐7% 140.8 28.2 112.6 ‐ 40.0 (9.4) NM ‐42.5% 0.7x NM ZTE Corp. China 2.08 ‐12% 6,843.4 9,667.0 2,583.6 5,197.5 13,466.3 (152.3) NM ‐6.9% 0.7x NM

2.5x 10.0x


Adjusted Weighted Average


Software

There were 82 transactions announced in the Software segment. Security Software was the most active and highest reported value subsegment with 21 deals announced, of which 12 were reported at $209 million in aggregate value


• Cisco Systems’ $180 million acquisition of Composite Software, a provider of data virtualization solutions which virtually integrates data from various sources

• Tyco International’s $150 million acquisition of Exacq Technologies, a security and surveillance products company

Select investments:

• The $70 million Redpoint Ventures‐led investment in Twilio, which provides Web‐service infrastructure application programming interfaces to build cloud communications applications, at a $500 million valuation

• The $33 million investment in Kenandy a provider of cloud‐based supply chain software solutions led by Lightspeed VentureThe $33 million investment in Kenandy, a provider of cloud based supply chain software solutions, led by Lightspeed Venture Partners

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

S it 21 26% 209 3 25% 9 151 6 1 11 57 7

SOFTWARE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Security 21 26% 209.3 25% 9 151.6 1 ‐ 11 57.7

Healthcare 14 17% 90.9 11% 6 ‐ 0 ‐ 8 90.9

Application Management 9 11% 16.2 2% 3 ‐ 0 ‐ 6 16.2

HR 9 11% 52.1 6% 4 ‐ 0 ‐ 5 52.1

Infrastructure 6 7% 86.9 10% 2 36.8 1 34.6 3 15.6

Software Development Tools 6 7% 82.8 10% 2 ‐ 0 ‐ 4 82.8


Other* 17 21% 290.3 35% 7 191.8 3 ‐ 7 98.5

Total 82 100% 828.5 100% 33 380.2 5 34.6 44 413.8

*Other includes Collaboration,Credit/Risk, Data Management, Geo‐Demo, HR, and Legal

SoftwarePublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdvent Software, Inc. United States 35.06 ‐1% 1,801.8 1,708.8 185.5 92.5 364.4 82.7 22.7% 7.9% 4.7x 20.7xEbix Inc. United States 9.26 ‐63% 344.2 377.9 43.8 77.5 208.1 87.0 41.8% 20.5% 1.8x 4.3xEPIQ Systems, Inc. United States 13.47 ‐6% 488.4 713.0 2.8 227.3 364.8 74.6 20 5% 25 9% 2 0x 9 6x

Financial & Credit/Risk Management Software

EPIQ Systems, Inc. United States 13.47 6% 488.4 713.0 2.8 227.3 364.8 74.6 20.5% 25.9% 2.0x 9.6xFidessa group plc United Kingdom 29.30 ‐6% 1,087.9 978.3 117.2 ‐ 452.9 92.2 20.4% 0.1% 2.2x 10.6xGuidewire Software, Inc. United States 42.05 ‐4% 2,413.9 2,259.8 154.1 ‐ 271.3 8.9 3.3% 25.9% 8.3x NM Innovation Group plc United Kingdom 0.43 ‐2% 419.0 383.1 67.9 27.2 301.8 34.3 11.4% 7.5% 1.3x 11.2xManagement Consulting Group PLC United Kingdom 0.43 ‐12% 209.1 255.1 24.2 73.4 464.5 43.6 9.4% ‐5.6% 0.5x 5.8xModel N, Inc. * United States 23.36 ‐2% 532.9 428.3 109.1 4.5 92.9 4.3 4.7% 0.0% 4.6x 98.7xNetSuite Inc. * United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Performant Financial Corporation United States 11.59 ‐18% 552.9 658.5 39.3 145.0 213.6 60.8 28.5% 22.9% 3.1x 10.8xRealPage, Inc. United States 18.34 ‐32% 1,404.8 1,382.0 22.8 ‐ 336.7 53.8 16.0% 22.5% 4.1x 25.7xSolera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5xSS&C Technologies Holdings Inc United States 32 90 4% 2 752 9 3 651 5 68 8 967 5 631 4 243 1 38 5% 68 1% 5 8 15 0SS&C Technologies Holdings, Inc. United States 32.90 ‐4% 2,752.9 3,651.5 68.8 967.5 631.4 243.1 38.5% 68.1% 5.8x 15.0xTemenos Group AG Switzerland 24.41 ‐5% 1,686.9 1,805.1 92.8 210.7 453.5 82.7 18.2% ‐3.7% 4.0x 21.8xTyler Technologies, Inc. United States 68.55 ‐3% 2,159.6 2,155.1 4.5 ‐ 376.4 74.0 19.7% 18.1% 5.7x 29.1x


Healthcare Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA


Accelrys Inc. United States 8.40 ‐16% 469.1 370.1 99.0 ‐ 165.2 10.7 6.5% 10.8% 2.2x 34.5xAllscripts Healthcare Solutions, Inc. United States 12.94 ‐9% 2,284.4 2,759.7 92.2 567.5 1,428.7 105.8 7.4% ‐3.0% 1.9x 26.1xathenahealth, Inc. United States 84.73 ‐15% 3,113.0 3,170.2 47.8 105.0 451.3 43.5 9.6% 28.7% 7.0x 72.9xCegedim SA France 30.55 ‐15% 426.8 1,078.7 61.1 703.0 1,179.4 201.0 17.0% 4.0% 0.9x 5.4xCerner Corporation United States 96.09 ‐4% 16,515.9 15,693.1 1,005.2 182.4 2,645.9 745.6 28.2% 14.7% 5.9x 21.0xComputer Programs & Systems Inc. United States 49.14 ‐17% 544.5 527.0 17.5 ‐ 188.4 45.6 24.2% 6.1% 2.8x 11.6xCraneware plc United Kingdom 5.21 ‐29% 140.6 113.8 28.6 ‐ 42.4 12.1 28.4% 5.3% 2.7x 9.4xGreenway Medical Technologies, Inc. * United States 12.34 ‐37% 367.1 353.9 13.2 ‐ 135.7 1.9 1.4% 15.9% 2.6x 186.1xMcKesson Corporation United States 114.50 ‐4% 26,161.8 28,578.8 2,456.0 4,873.0 122,455.0 2,903.0 2.4% ‐0.2% 0.2x 9.8xMedAssets, Inc. United States 17.74 ‐11% 1,080.8 1,947.6 8.5 875.3 663.1 210.3 31.7% 11.0% 2.9x 9.3xMedidata Solutions, Inc. * United States 77.45 ‐1% 2,059.3 1,939.1 120.4 0.1 231.2 37.0 16.0% 19.2% 8.4x 52.5xMerge Healthcare Incorporated United States 3.60 ‐11% 336.5 541.9 45.3 250.3 251.6 29.0 11.5% 4.5% 2.2x 18.7xQuality Systems Inc. United States 18.71 ‐34% 1,114.2 996.2 118.0 ‐ 460.2 101.0 21.9% 7.1% 2.2x 9.9xStreamline Health Solutions, Inc. United States 6.57 ‐11% 82.4 99.7 4.0 13.4 24.8 (0.1) NM 34.6% 4.0x NM


HR Software

Stock Price Chg % From Equity Ent Cash & ST Total LTM LTMMargin LTM LTMMultiples



Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA51job Inc. China 67.51 ‐1% 1,966.6 1,514.8 451.8 ‐ 233.0 80.4 34.5% 6.7% 6.5x 18.8xAllocate Software plc. United Kingdom 1.12 ‐19% 71.7 68.5 9.8 6.4 58.7 6.9 11.7% 21.3% 1.2x 10.0xConcur Technologies, Inc. * United States 81.38 ‐4% 4,543.5 4,335.3 466.3 258.0 481.2 36.9 7.7% 22.3% 9.0x 117.5xCornerstone OnDemand, Inc. United States 43.30 ‐6% 2,209.7 2,140.5 76.2 6.9 131.6 (28.3) NM 61.9% 16.3x NM Dice Holdings, Inc. United States 9.21 ‐12% 551.4 539.8 45.6 34.0 199.7 69.1 34.6% 7.8% 2.7x 7.8x



HR Software (Contd.)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALinkedIn Corporation * United States 178.30 ‐12% 19,677.9 18,847.6 830.3 ‐ 1,108.6 149.5 13.5% 79.8% 17.0x 126.1xMonster Worldwide, Inc. United States 4.91 ‐46% 572.2 610.4 130.9 169.1 868.6 135.5 15.6% ‐10.1% 0.7x 4.5xSaba Software, Inc. United States 9.75 ‐7% 290.4 276.2 15.0 0.9 121.3 (9.8) NM 7 7% 2 3x NMSaba Software, Inc. United States 9.75 7% 290.4 276.2 15.0 0.9 121.3 (9.8) NM 7.7% 2.3x NM The Ultimate Software Group, Inc. United States 117.29 ‐1% 3,242.6 3,174.2 79.0 10.6 351.9 48.5 13.8% 24.4% 9.0x 65.5xWorkday, Inc. * United States 64.09 ‐8% 11,087.6 10,303.1 805.8 21.3 308.5 (98.5) NM 88.3% 33.4x NM


Security Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAVG T h l i N V N th l d 19 45 3% 1 051 2 1 065 6 60 8 75 2 377 7 118 7 31 4% 28 2% 2 8 9 0


AVG Technologies N.V. Netherlands 19.45 ‐3% 1,051.2 1,065.6 60.8 75.2 377.7 118.7 31.4% 28.2% 2.8x 9.0xCheckpoint Systems Inc. United States 14.19 ‐5% 582.1 564.3 131.1 112.8 695.4 48.5 7.0% ‐4.2% 0.8x 11.6xCisco Systems, Inc. United States 24.34 ‐3% 130,054.4 98,924.4 47,388.0 16,248.0 47,880.0 13,230.0 27.6% 5.1% 2.1x 7.5xFortinet Inc. United States 17.50 ‐38% 2,838.9 2,378.6 460.4 ‐ 552.2 109.5 19.8% 20.7% 4.3x 21.7xGemalto NV Netherlands 81.49 ‐17% 6,852.5 6,413.4 472.8 13.5 2,960.6 444.4 15.0% 11.4% 2.2x 14.4xImperva Inc. United States 45.04 ‐1% 1,104.3 993.2 109.9 ‐ 111.3 (7.9) NM 33.5% 8.9x NM Infoblox Inc. United States 29.26 ‐3% 1,465.2 1,273.5 191.7 ‐ 207.1 (2.2) NM 26.6% 6.2x NM Juniper Networks, Inc. United States 19.31 ‐16% 9,775.8 8,118.7 2,656.8 999.2 4,392.1 659.2 15.0% 0.3% 1.8x 12.3xNQ Mobile Inc. China 8.08 ‐24% 419.0 304.3 121.9 ‐ 109.0 5.9 5.5% 122.4% 2.8x 51.2xPalo Alto Networks, Inc. United States 42.16 ‐42% 2,999.1 2,637.4 361.7 ‐ 359.4 (6.8) NM 63.6% 7.3x NM P f i t I U it d St t 24 25 1% 826 2 739 6 90 2 3 6 112 4 (14 0) NM 28 2% 6 6 NMProofpoint, Inc. United States 24.25 ‐1% 826.2 739.6 90.2 3.6 112.4 (14.0) NM 28.2% 6.6x NM Qihoo 360 Technology Co. Ltd. * China 46.17 ‐6% 5,668.4 5,367.4 301.1 ‐ 369.6 66.2 17.9% 72.6% 14.5x 81.0xSourcefire, Inc. * United States 55.55 ‐7% 1,726.8 1,520.9 205.9 ‐ 233.0 17.0 7.3% 28.6% 6.5x 89.6xSymantec Corporation United States 22.48 ‐11% 15,660.4 14,004.4 4,747.0 3,091.0 6,906.0 1,886.0 27.3% 2.6% 2.0x 7.4xTrend Micro Inc. Japan 31.74 ‐9% 4,185.8 2,984.8 1,265.5 ‐ 1,029.7 337.7 32.8% 2.1% 2.9x 8.8xVeriSign, Inc. United States 44.66 ‐11% 6,732.3 5,876.0 1,562.4 706.1 904.3 548.6 60.7% 13.6% 6.5x 10.7x



Engineering Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAnsys, Inc. United States 73.10 ‐10% 6,813.4 6,188.5 651.5 26.6 810.4 381.8 47.1% 12.8% 7.6x 16.2xAutodesk, Inc. United States 33.94 ‐18% 7,629.7 6,287.6 2,087.9 745.8 2,294.0 469.3 20.5% 0.8% 2.7x 13.4xAveva Group plc United Kingdom 34.26 ‐8% 2,330.4 2,041.1 289.1 ‐ 334.4 104.7 31.3% 12.4% 6.1x 19.5xDassault Systemes SA France 122.17 ‐4% 15,270.1 13,388.1 1,956.1 76.9 2,628.3 814.3 31.0% 11.7% 5.1x 16.4x


*C l l i i k i h d d l d l i l h 2 0 d d d i i b h (9 ) d l i l h 0 d d d i i b h ( 8 9 )





Infrastructure Software

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States 45.56 ‐3% 22,883.0 20,542.9 3,865.7 1,525.6 4,252.4 1,133.1 26.6% ‐1.9% 4.8x 18.1xCA Technologies United States 28.62 ‐4% 12,962.7 11,601.7 2,787.0 1,426.0 4,643.0 1,674.0 36.1% ‐3.6% 2.5x 6.9xCommVault Systems, Inc. United States 75.89 ‐14% 3,527.4 3,091.5 435.9 ‐ 495.9 85.8 17 3% 21 9% 6 2x 36 0xCommVault Systems, Inc. United States 75.89 14% 3,527.4 3,091.5 435.9 495.9 85.8 17.3% 21.9% 6.2x 36.0xDaegis Inc. United States 0.99 ‐43% 14.6 26.8 5.5 17.7 40.2 4.0 9.9% ‐7.5% 0.7x 6.7xGuidance Software, Inc. * United States 8.74 ‐33% 246.2 220.6 26.1 0.4 130.4 2.1 1.6% 21.8% 1.7x 103.0xIBM Corporation United States 191.11 ‐11% 211,901.6 233,362.6 12,058.0 33,397.0 103,242.0 26,399.0 25.6% ‐3.5% 2.3x 8.8xInformatica Corporation United States 34.98 ‐20% 3,780.6 3,189.5 592.9 ‐ 829.9 169.5 20.4% 2.2% 3.8x 18.8xIntraLinks Holdings, Inc. * United States 7.26 ‐1% 399.1 400.4 74.7 76.0 220.9 5.1 2.3% 4.6% 1.8x 78.1xNetSuite Inc. United States 91.74 ‐4% 6,768.8 6,592.1 190.7 14.0 331.1 (21.0) NM 31.3% 19.9x NM Opera Software ASA Norway 7.71 ‐2% 942.3 890.9 53.6 ‐ 231.1 62.8 27.2% 35.9% 3.9x 14.2xOracle Corporation United States 30.71 ‐16% 142,212.1 128,987.1 32,216.0 18,494.0 37,180.0 17,333.0 46.6% 0.2% 3.5x 7.4xRally Software Development Corp. United States 24.82 ‐3% 595.3 491.6 103.6 ‐ 59.9 (11.9) NM 0.0% 8.2x NM ServiceNow Inc United States 40 39 ‐8% 5 424 4 5 085 5 338 9 ‐ 282 2 (26 6) NM 87 8% 18 0x NMServiceNow, Inc. United States 40.39 ‐8% 5,424.4 5,085.5 338.9 ‐ 282.2 (26.6) NM 87.8% 18.0x NM Textura Corporation * United States 26.01 ‐6% 569.7 583.9 5.0 19.1 27.3 (15.1) NM 0.0% 21.4x NM TIBCO Software Inc. United States 21.41 ‐35% 3,512.4 3,318.0 726.6 532.1 1,035.2 193.4 18.7% 4.4% 3.2x 17.2x




Information & Business Services

A total of 36 acquisitions and seven investments were announced in the Information & Business Services segment, of which 14 werereported at $6.7 billion in value. IT Consulting/Systems Integration was the most active subsegment with 13 deals announced


• BC Partners’ $4.4 billion acquisition of Springer Science+Business Media

• IHS‘ $1.4 billion acquisition of R.L. Polk, a provider of automotive information and analytics solutions

• McGraw Hill Financials’ purchase of an additional 22 percent stake in India‐based credit ratings agency Crisil, for approximately $336McGraw Hill Financials purchase of an additional 22 percent stake in India based credit ratings agency Crisil, for approximately $336 million, bringing its total ownership percentage to 75 percent

Select investments:

• The $30 million investment in Relationship Science, an online source of information on more than two million executives across corporate America and Wall Street from a group of private investorscorporate America and Wall Street, from a group of private investors

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

IT Consulting/Systems Integration 13 31% 403.7 6% 9 111.7 2 270.0 2 22.0

BPO 4 10% - 0% 4 - 0 - 0 -

INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


BPO 4 10% 0% 4 0 0

Financial Information 3 7% 18.4 0% 3 18.4 0 - 0 -

Credit/Risk Management Information 3 7% 367.4 6% 2 367.4 0 - 1 -

Healthcare Information 2 5% - 0% 2 - 0 - 0 -

Staffing 1 2% - 0% 1 - 0 - 0 -

Market Research 1 2% - 0% 1 - 0 - 0 -

Other* 15 36% 5,865.0 88% 10 1,400.0 1 4,400.0 4 65.0


Total 42 100% 6,654.5 100% 32 1,897.5 3 4,670.0 7 87.0

*Other includes Fulfillment, Healthcare Consulting, Legal Consulting, Legal Information, and Marketing Data

Information & Business ServicesPublic Company Valuation


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDABroadridge Financial Solutions, Inc. United States 26.58 ‐5% 3,222.2 3,564.5 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 9.8xComputershare Limited Australia 9.40 ‐10% 5,229.3 6,417.2 446.2 1,781.7 2,016.2 355.4 17.6% 24.6% 3.2x 18.1xCoreLogic, Inc. United States 23.17 ‐21% 2,213.8 2,860.1 147.4 793.8 1,606.7 340.6 21.2% 16.4% 1.8x 8.4x

Financial & Credit/Risk Management Information

g , , , , % %CoStar Group Inc. * United States 129.07 ‐1% 3,683.8 3,682.6 167.4 166.3 385.3 59.7 15.5% 47.8% 9.6x 61.7xDST Systems Inc. United States 65.33 ‐10% 2,868.4 3,452.6 454.2 1,038.4 2,605.8 382.3 14.7% 6.4% 1.3x 9.0xDun & Bradstreet Corp. United States 97.45 ‐4% 3,892.7 5,026.6 172.8 1,302.8 1,641.2 531.6 32.4% ‐6.6% 3.1x 9.5xEnvestnet, Inc. * United States 24.60 ‐5% 797.3 765.1 32.2 ‐ 171.2 17.0 9.9% 35.3% 4.5x 45.0xEquifax Inc. United States 58.93 ‐8% 7,107.5 8,648.2 107.6 1,622.3 2,221.1 679.9 30.6% 11.4% 3.9x 12.7xExperian plc Ireland 17.37 ‐11% 17,096.7 20,186.5 256.0 3,303.0 4,730.0 1,590.0 33.6% 5.4% 4.3x 12.7xFactSet Research Systems Inc. United States 101.94 ‐3% 4,485.4 4,227.9 257.4 ‐ 846.4 305.2 36.1% 7.1% 5.0x 13.9xFair Isaac Corporation United States 45.83 ‐10% 1,644.0 2,016.9 131.2 504.0 715.9 190.6 26.6% 11.7% 2.8x 10.6xFidelity National Information Services, Inc. United States 42.84 ‐7% 12,556.9 16,736.9 590.6 4,611.8 5,872.2 1,677.2 28.6% 3.3% 2.9x 10.0xFinancial Engines, Inc. * United States 45.59 ‐4% 2,229.6 2,037.1 192.5 ‐ 198.0 36.7 18.5% 29.0% 10.3x 55.5xgLender Processing Services, Inc. United States 32.35 ‐5% 2,757.3 3,744.6 88.4 1,075.7 1,983.5 338.2 17.1% 2.7% 1.9x 11.1xMcGraw Hil l Financial, Inc. United States 53.19 ‐9% 14,579.4 14,335.4 1,905.0 799.0 4,596.0 1,618.0 35.2% 23.3% 3.1x 8.9xMoody's Corporation United States 60.93 ‐13% 13,581.3 13,536.9 1,769.6 1,642.1 2,815.3 1,199.0 42.6% 19.8% 4.8x 11.3xMorningstar Inc. United States 77.58 0% 3,607.5 3,281.9 326.8 ‐ 666.4 205.1 30.8% 4.1% 4.9x 16.0xMSCI Inc. United States 33.27 ‐10% 4,016.4 4,582.3 263.0 829.0 973.0 437.7 45.0% 7.3% 4.7x 10.5xReis, Inc. United States 18.49 ‐3% 201.4 194.7 6.7 ‐ 32.2 6.4 19.8% 15.4% 6.1x 30.5xSEI Investments Co. United States 28.43 ‐9% 4,901.4 4,449.3 452.1 ‐ 1,026.5 246.6 24.0% 9.8% 4.3x 18.0xThomson Reuters Corporation United States 32.57 ‐7% 27,007.5 34,118.9 527.0 7,532.0 13,138.0 3,024.0 23.0% ‐4.7% 2.6x 11.3xVerisk Analytics, Inc. United States 59.70 ‐4% 10,053.2 11,231.1 272.5 1,450.4 1,591.1 707.3 44.5% 16.5% 7.1x 15.9x

Adj d W i h d A 3 7 12 0Adjusted Weighted Average 3.7x 12.0x

Marketing Information

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States 22.68 ‐1% 1,678.1 1,709.0 223.0 254.3 1,099.4 213.2 19.4% ‐2.8% 1.6x 8.0xAlliance Data Systems Corporation United States 181.03 ‐2% 8,904.1 17,273.9 764.1 9,133.9 3,803.3 1,164.0 30.6% 14.4% 4.5x 14.8xArbitron Inc. United States 46.45 ‐2% 1,247.4 1,163.7 83.7 ‐ 455.2 126.1 27.7% 6.4% 2.6x 9.2xBrainjuicer Group Plc United Kingdom 3.80 ‐32% 47.7 42.0 6.1 ‐ 33.8 3.2 9 5% 0 5% 1 2x 13 0x


Brainjuicer Group Plc United Kingdom 3.80 32% 47.7 42.0 6.1 33.8 3.2 9.5% 0.5% 1.2x 13.0xCello Group Plc United Kingdom 0.76 ‐15% 62.7 76.0 6.7 20.9 219.7 12.8 5.8% 5.8% 0.3x 5.9xCision AB Sweden 5.86 ‐33% 87.0 138.6 9.9 63.1 144.3 20.7 14.4% ‐0.8% 1.0x 6.7xcomScore, Inc. * United States 24.39 ‐1% 871.1 816.3 73.7 18.9 261.8 19.2 7.3% 8.3% 3.1x 42.5xCross Marketing Inc. Japan 9.55 ‐41% 56.6 47.5 10.9 1.2 58.8 9.3 15.7% 0.0% 0.8x 5.1xEbiquity plc United Kingdom 1.42 ‐6% 79.8 102.9 7.0 30.7 95.7 15.1 15.8% 24.6% 1.1x 6.8xGfK SE Germany 50.69 ‐13% 1,850.5 2,436.8 139.1 659.9 1,944.4 242.6 12.5% 7.7% 1.3x 10.0xHarris Interactive Inc. United States 1.81 ‐3% 104.6 92.1 14.9 2.4 140.2 11.8 8.4% ‐9.7% 0.7x 7.8xHarte‐Hanks Inc. United States 8.60 ‐12% 537.0 583.2 61.0 107.2 760.0 84.6 11.1% ‐4.7% 0.8x 6.9xInnerWorkings Inc. United States 10.85 ‐31% 549.9 609.8 10.6 70.5 813.5 34.0 4.2% 20.1% 0.7x 17.9xINTAGE Inc. Japan 23.10 ‐18% 232.3 217.0 63.5 46.7 423.9 53.4 12.6% 8.9% 0.5x 4.1x


p 12.6% 8.9% 0.5x 4.1xIpsos SA France 37.69 ‐13% 1,707.5 2,533.0 184.9 1,006.9 2,359.4 266.7 11.3% 31.3% 1.1x 9.5xKeynote Systems, Inc. United States 19.76 ‐1% 365.6 307.7 57.9 ‐ 123.9 14.7 11.9% 5.2% 2.5x 20.9xMacromill, Inc. Japan 5.91 ‐34% 336.5 305.6 91.0 55.1 175.5 42.1 24.0% 20.7% 1.7x 7.3xNeuStar, Inc. United States 48.68 ‐4% 3,203.2 3,448.7 378.2 623.8 848.2 377.9 44.6% 25.9% 4.1x 9.1xNielsen Holdings N.V. Netherlands 33.59 ‐9% 12,560.9 18,714.9 233.0 6,338.0 5,654.0 1,565.0 27.7% 1.6% 3.3x 12.0xPearson plc United Kingdom 17.80 ‐10% 14,369.7 16,236.1 1,735.9 3,692.8 8,222.7 1,497.0 18.2% 5.0% 2.0x 10.8x

Information & Business Services Public Company Valuation


Other Information

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACorporate Executive Board Co. United States 63.22 ‐1% 2,125.0 2,500.6 142.0 517.6 684.5 154.8 22.6% 37.0% 3.7x 16.2xForrester Research Inc. United States 36.69 ‐2% 753.2 488.6 264.6 ‐ 294.2 42.8 14.5% 2.1% 1.7x 11.4xGartner Inc. United States 56.99 ‐4% 5,342.9 5,287.9 269.1 214.1 1,653.4 272.8 16.5% 9.6% 3.2x 19.4x, , ,IHS Inc. United States 104.38 ‐12% 6,866.1 7,610.8 267.1 1,011.8 1,600.6 358.1 22.4% 11.2% 4.8x 21.3xInforma plc Switzerland 7.45 ‐9% 4,492.8 5,712.3 38.8 1,343.0 2,003.3 599.4 29.9% ‐3.4% 2.9x 9.5xNational Research Corp. United States 34.94 ‐25% 493.2 496.4 9.2 12.4 88.9 28.3 31.8% 13.4% 5.6x 17.6xNIC Inc. United States 16.53 ‐15% 1,072.1 1,008.4 63.7 ‐ 223.6 55.6 24.8% 19.6% 4.5x 18.1xProofpoint, Inc. United States 24.25 ‐1% 826.2 739.6 90.2 3.6 112.4 (14.0) NM 28.2% 6.6x NM Reed Elsevier plc United Kingdom 11.35 ‐7% 25,207.2 30,287.9 2,673.1 2,407.7 9,635.3 2,209.0 22.9% 2.3% 3.1x 13.7xSolera Holdings Inc. United States 55.65 ‐5% 3,833.9 4,629.9 447.1 1,145.8 818.0 341.8 41.8% 5.7% 5.7x 13.5xThe Advisory Board Company United States 54.65 ‐1% 1,940.0 1,865.6 74.4 ‐ 450.8 63.8 14.2% 21.7% 4.1x 29.2xWolters Kluwer NV Netherlands 21.13 ‐9% 6,240.8 8,973.3 432.5 3,178.9 4,750.5 1,193.2 25.1% 7.4% 1.9x 7.5x

Adj t d W i ht d A 3 5 14 3Adjusted Weighted Average 3.5x 14.3x

Consulting

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDACRA International Inc. United States 18.47 ‐20% 188.0 159.9 30.6 1.7 264.4 24.7 9.3% ‐10.6% 0.6x 6.5xFTI Consulting, Inc. United States 32.89 ‐16% 1,297.3 1,919.6 100.7 723.0 1,588.8 254.3 16.0% ‐0.7% 1.2x 7.5xInformation Services Group, Inc. United States 1.93 ‐10% 71.0 113.4 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.4xNavigant Consulting Inc. United States 12.00 ‐14% 605.2 767.4 2.9 165.1 744.3 113.3 15.2% 4.5% 1.0x 6.8x


g g 15.2% 4.5% 1.0x 6.8xICF International Inc. United States 31.51 ‐1% 621.3 703.6 4.5 86.7 943.4 91.0 9.6% 8.0% 0.7x 7.7xHuron Consulting Group Inc. United States 46.24 ‐1% 971.3 1,168.9 5.7 203.3 651.4 129.7 19.9% 7.1% 1.8x 9.0xThe Hackett Group, Inc. United States 5.19 ‐10% 164.1 173.3 11.3 20.5 209.1 18.7 8.9% 3.3% 0.8x 9.3xTowers Watson & Co. United States 81.94 ‐1% 5,782.1 5,689.7 499.1 385.0 3,547.6 684.3 19.3% 3.0% 1.6x 8.3x


*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 (23.3x) ( , p p )

IT Consulting/Systems Integration

St k P i Ch % F E it E t C h & ST T t l LTM LTMM i LTM LTMM lti lStock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccenture plc Ireland 71.96 ‐15% 46,403.3 40,947.9 5,940.6 ‐ 28,312.0 4,366.1 15.4% 2.2% 1.4x 9.4xAmdocs Limited Channel Islands 37.09 0% 5,970.5 4,992.3 978.2 ‐ 3,290.3 612.4 18.6% 1.9% 1.5x 8.2xBechtle AG Germany 45.75 ‐10% 960.7 920.5 127.4 87.8 2,720.5 128.2 4.7% 4.8% 0.3x 7.2xBooz Allen Hamilton Holding Corporation United States 17.38 ‐10% 2,418.5 3,783.2 350.4 1,715.2 5,758.1 524.2 9.1% ‐1.7% 0.7x 7.2xBroadridge Financial Solutions, Inc. United States 26.58 ‐5% 3,222.2 3,564.5 182.2 524.5 2,366.0 364.9 15.4% 3.8% 1.5x 9.8xBusiness & Decision SA France 3.80 ‐40% 29.9 62.0 14.1 47.5 293.2 17.1 5.8% ‐10.9% 0.2x 3.6xCap Gemini S.A. France 48.55 ‐7% 7,650.6 6,678.2 2,667.3 1,633.6 13,532.9 1,294.7 9.6% 5.9% 0.5x 5.2xCGI Group, Inc. Canada 29.23 ‐7% 9,030.1 11,817.6 164.9 3,052.9 7,603.2 1,012.0 13.3% 87.9% 1.6x 11.7xCognizant Technology Solutions Corporation United States 62 64 ‐23% 18 893 2 16 148 8 2 744 4 ‐ 7 655 9 1 573 1 20 5% 18 5% 2 1x 10 3x


Cognizant Technology Solutions Corporation United States 62.64 23% 18,893.2 16,148.8 2,744.4 7,655.9 1,573.1 20.5% 18.5% 2.1x 10.3xComputer Sciences Corporation United States 43.77 ‐13% 6,575.5 7,272.5 2,060.0 2,732.0 14,993.0 1,999.5 13.3% ‐2.4% 0.5x 3.6xCSG Systems International Inc. United States 21.78 ‐7% 693.0 793.4 172.7 273.1 752.5 139.9 18.6% 2.2% 1.1x 5.7xDynamics Research Corporation United States 5.57 ‐24% 57.7 154.4 0.0 96.7 304.7 29.3 9.6% ‐10.1% 0.5x 5.3xInformation Services Group, Inc. United States 1.93 ‐10% 71.0 113.4 18.2 60.6 197.1 17.6 8.9% 3.7% 0.6x 6.4xInfosys Ltd. India 41.94 ‐17% 23,961.8 19,997.6 4,341.0 ‐ 7,398.0 2,128.0 28.8% 5.8% 2.7x 9.4xiSoftStone Holdings Limited China 5.16 ‐27% 294.3 260.2 99.9 59.0 390.7 42.6 10.9% 24.9% 0.7x 6.1x

Business Services Public Company Valuation


IT Consulting/Systems Integration (Contd.)

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAITS Group France 4.94 ‐22% 28.4 35.5 12.0 17.9 122.6 10.0 8.1% 2.6% 0.3x 3.6xLuxoft Holding, Inc. Switzerland 19.89 ‐8% 649.2 661.5 4.5 16.8 314.6 52.1 16.6% 16.0% 2.1x 12.7xNCI, Inc. United States 4.14 ‐48% 53.5 78.7 0.9 26.0 360.9 18.0 5.0% ‐28.8% 0.2x 4.4x, % %Osiatis SA France 11.45 ‐9% 176.0 176.7 40.5 40.9 407.8 32.5 8.0% 10.4% 0.4x 5.4xWipro Ltd. India 5.88 ‐24% 14,418.0 12,755.0 3,018.0 1,175.4 6,867.6 1,423.4 20.7% 17.4% 1.9x 9.0x



Outsourced Services

S k P i Ch % F E i E C h & ST T l LTM LTMM i LTM LTMM l i l


Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 06/28/13 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAEniro AB Sweden 2.74 ‐7% 274.4 665.8 47.2 445.5 601.3 150.4 25.0% ‐9.0% 1.1x 4.4xExlservice Holdings, Inc. United States 29.56 ‐10% 964.5 860.0 108.6 4.0 454.3 84.8 18.7% 15.8% 1.9x 10.1xFirstsource Solutions Limited India 0.16 ‐38% 104.5 259.9 16.6 186.6 523.8 51.5 9.8% 26.1% 0.5x 5.0xGenpact Ltd. Bermuda 19.24 ‐5% 4,400.1 4,689.1 492.9 779.9 1,970.3 360.5 18.3% 15.5% 2.4x 13.0xInnerWorkings Inc. United States 10.85 ‐31% 549.9 609.8 10.6 70.5 813.5 34.0 4.2% 20.1% 0.7x 17.9xInnotrac Corp. United States 4.06 ‐9% 53.8 52.1 4.2 2.5 112.8 8.2 7.3% 28.4% 0.5x 6.4xMAXIMUS, Inc. United States 74.48 ‐8% 2,543.9 2,358.1 187.3 1.6 1,179.7 189.7 16.1% 21.4% 2.0x 12.4xQuad/Graphics, Inc. United States 24.10 ‐4% 1,148.6 2,654.5 24.2 1,529.9 4,233.9 552.5 13.0% ‐1.3% 0.6x 4.8xQ i ti l T ti l H ldi I U it d St t 42 56 8% 5 486 6 7 454 3 454 3 2 421 6 3 731 7 512 9 13 7% 0 0% 2 0 14 5Quinti les Transnational Holdings Inc. United States 42.56 ‐8% 5,486.6 7,454.3 454.3 2,421.6 3,731.7 512.9 13.7% 0.0% 2.0x 14.5xR.R. Donnelley & Sons Company United States 14.01 ‐2% 2,541.3 5,785.5 302.9 3,533.8 10,235.5 1,213.2 11.9% ‐3.0% 0.6x 4.8xSalmat Ltd. Australia 1.78 ‐30% 280.8 179.8 219.0 104.6 832.3 99.8 12.0% 17.9% 0.2x 1.8xSerco Group plc United Kingdom 9.37 ‐6% 4,577.6 5,464.0 322.8 1,268.6 7,985.4 613.4 7.7% 5.7% 0.7x 8.9xStarTek, Inc. United States 4.73 ‐35% 72.3 65.0 7.3 ‐ 201.0 6.0 3.0% ‐4.6% 0.3x 10.8xSykes Enterprises, Incorporated United States 15.76 ‐5% 678.2 611.4 177.8 111.0 1,150.8 103.2 9.0% 0.3% 0.5x 5.9xTeleperformance France 48.07 ‐3% 2,662.1 2,561.0 229.6 119.1 3,094.6 379.7 12.3% 10.4% 0.8x 6.7xTeleTech Holdings Inc. United States 23.43 ‐6% 1,222.6 1,183.4 170.6 117.8 1,158.7 147.5 12.7% ‐2.7% 1.0x 8.0xTrans Cosmos, Inc. Japan 15.13 ‐11% 622.7 405.0 361.7 96.0 1,765.9 98.0 5.6% 3.2% 0.2x 4.1xTranscom WorldWide SA Luxembourg 0.11 ‐20% 128.5 202.3 34.4 110.6 805.9 24.9 3.1% 12.9% 0.3x 8.1xTranscontinental Inc Canada 12 14 2% 938 8 1 388 0 28 3 402 1 2 136 8 358 7 16 8% 7 0% 0 6 3 9Transcontinental Inc. Canada 12.14 ‐2% 938.8 1,388.0 28.3 402.1 2,136.8 358.7 16.8% 7.0% 0.6x 3.9xVistaprint N.V. Netherlands 49.37 ‐1% 1,611.6 1,798.8 51.3 238.5 1,137.8 108.1 9.5% 16.3% 1.6x 16.6xXchanging PLC United Kingdom 1.92 ‐16% 462.4 378.1 190.8 64.4 1,086.2 113.9 10.5% 2.6% 0.3x 3.3x




PPLLC Indices – LTM as of 6/28/13Public Company Valuation

Index Performance

S&P 500 112 6%

Index Performance

S&P 500 112 6%

Digital Media/Commerce and Traditional Media Digital Advertising

140

150

160

• S&P 500 – 112.6%

• Digital Media/ Commerce – 128.1%

• S&P 500 – 112.6%

• Digital Advertising – 128.1%

90

100

110

120

130

Index P

erform

ance (%

)

100

110

120

130

140

150

Index P

erform

ance (%

)

80Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

S&P 500 Digital Media/Commerce Traditional Media


S&P 500 Digital Advertising

Index Performance

• S&P 500 – 112.6%

• Marketing Technology – 104.6%

Index Performance

• S&P 500 – 112.6%

• Agency – 118.4%

• Marketing Services – 117 2%

Agency & Marketing ServicesMarketing Technology

110

120

130

rmance (%

)

120

130

140

150

form

ance

(%)

Marketing Services 117.2%

90

100

Jul‐12 Sep‐12 Nov‐12 Jan‐13 Mar‐13 May‐13

Index P

erfor

S&P 500 Marketing Technology

90

100

110


Inde

x Perf

S&P 500 Agency Marketing Services


PPLLC Indices – LTM as of 6/28/13Public Company Valuation

Index Performance

S&P 500 112 6%

Index Performance

S&P 500 112 6%

Technology Communications

130 130

• S&P 500 – 112.6%

• Technology – 103.1%

• S&P 500 – 112.6%

• Communications – 98.8%

100

110

120

Index P

erform

ance (%

)

90

100

110

120

Index P

erform

ance (%

)


S&P 500 Technology


S&P 500 Communications

Index Performance

• S&P 500 – 112.6%

• Marketing Technology – 117.3%

Index Performance

• S&P 500 – 112.6%

• Information – 118.3%

• Business Services – 111 8%

Information & Business ServicesSoftware

110

120

130

140

form

ance (%

)

120

130

140

rmance (%

)

Business Services 111.8%

80

90

100


Index P

erf

S&P 500 Software

90

100

110


Index P

erfo

S&P 500 Information Business Services


All Segments($ in Millions)

Strategic Transactions

Target Target Segment Buyer/Investor Reported

Transaction ValueTarget Target Segment Buyer/Investor Transaction Value StrategicValues Disclosed

ExactTarget, Inc. Marketing Technology Sa les force.com $2,500.0Belo Corporation Tradi tional Media Gannett Company, Inc. 2,200.0SoftLayer Technologies , Inc. Technology & Communications International Bus iness Machines Corporatio 2,000.0Hybris GmbH Marketing Technology SAP AG 1,500.0R.L. Polk & Company Information & Bus iness Services IHS, Inc. 1,400.0Waze, Inc.. Digi ta l Media/Commerce Google, Inc. 1,100.0Neolane, Inc. Marketing Technology Adobe Systems, Inc. 600.0CRISIL Limited Information & Bus iness Services McGraw‐Hil l Financia l 336.0Compos ite Software, Inc. Software Cisco Systems, Inc. 180.0Exacq Technologies Software Tyco International Ltd. 150.0GFI Informatique S.A. Information & Bus iness Services Boussard & Gavaudan Holding Ltd 111.7Society6, LLC Digi ta l Media/Commerce Demand Media, Inc. 94.0Tweddle Connect Marketing Technology Nuance Communications , Inc. 80.0ISS Group Software P2 Energy Solutions , Inc. 36.8Youngseo Broadcasting Network Tradi tional Media CJ Hel loVis ion 35 8Youngseo Broadcasting Network Tradi tional Media CJ Hel loVis ion 35.8Panopticon Software, Inc. Information & Bus iness Services Datawatch Corporation 31.4Digita l Rights Group Tradi tional Media Modern Times Group MTG AB 20.7pra irieFyre Software, Inc. Technology & Communications Mitel Networks Corporation 20.0AutoVis ion Wireless , Inc. Technology & Communications BSM Technologies , Inc. 14.7Investor.BG Plc Information & Bus iness Services Bulgaria On Air 12.2Veramark Technologies Inc. Software Hubspoke Holdings , Inc. 11.8Investor.BG Plc Information & Bus iness Services Bulgaria On Air 6.2Indigo Reta i l Holdings Ltd. Technology & Communications HTEC Ltd. 6.0Signi fy Solutions Ltd. Software Accumul i Securi ty Limited 1.6

StrategicUndisclosed

AC Label , LLC Information & Bus iness Services Fort Dearborn Company ‐ Ad.IQ Digi ta l Adverti s ing Incentivated Ltd. ‐ AdBri te, Inc. Digi ta l Adverti s ing Si teScout, Inc. ‐ Advanced Productivi ty Software Software IntApp, Inc. ‐


Advantage Management Solutions , Inc. Information & Bus iness Services Veeva Systems , Inc. ‐ al fabet AG Information & Bus iness Services Software AG ‐ ALLiGAcom Software DiCentra l , Inc. ‐ Android and Me Digi ta l Media/Commerce PhoneDog Media ‐ Ant Hi l l Communications Agency & Marketing Services The Dalton Agency ‐




Transaction ValueTarget Target Segment Buyer/Investor Transaction Value StrategicUndisclosed

Apama Solution Technology & Communications Software AG ‐ AppFog, Inc. Software CenturyLink, Inc. ‐ Appsecute Limited Software ActiveState Software, Inc. ‐ Aptito, Inc. Technology & Communications Net Element International , Inc. ‐ Archaia Enterta inment Tradi tional Media BOOM! Enterta inment, Inc. ‐ Art Impress ions Media Group Agency & Marketing Services Enterta inment One Ltd. ‐ Aruvio, Inc. Software Virima Technologies , Inc. ‐ Avantiq Information & Bus iness Services Wolters Kluwer Corporate Legal Services ‐ BDG Music Tradi tional Media Live Nation Enterta inment, Inc. ‐ Bitdel i Marketing Technology AdRol l , Inc. ‐ Bonaire Software Solutions , LLC Software Broadridge Financia l Solutions , Inc. ‐ BornRich.com Digi ta l Media/Commerce Valnet, Inc. ‐ Boxer Digi ta l Media/Commerce TaskBox ‐Boxer Digi ta l Media/Commerce TaskBox Brandzeichen Agency & Marketing Services Ketchum, Inc. ‐ Brinkmat, LLC Digi ta l Adverti s ing Del ivery.com, LLC ‐ Cal i fornia Data Center Des ign Group Information & Bus iness Services Cupertino Electric, Inc. ‐ Chase Consul tancy Limited Information & Bus iness Services Oxford Consul ting Group, Inc. ‐ Check 6 Consul ting and Kennedy & Company Agency & Marketing Services Phi l l ips & Company ‐ Cobalt Medica l Software Primetime Medical Software, Inc. ‐ Cockpi t Consul ting Information & Bus iness Services BIPB Limited ‐ Construction News Corporation Tradi tional Media Construction JournalConstruction News Corporation Tradi tional Media Construction Journal ‐ Convurgency Inc. Agency & Marketing Services 9th sphere ‐ Davies Murphy Group Agency & Marketing Services LEWIS PR ‐ DOC2PDF Marketing Technology LULU Software ‐ Dream Consul tancy Services & Search Engine Experts Agency & Marketing Services ReelTime Media ‐ EdgeSpring, Inc. Marketing Technology Sa lesforce.com ‐ Elastic Intel l igence Software Intui t, Inc. ‐ Electrotank Digi ta l Media/Commerce High 5 Games ‐


Estime Digi ta l Adverti s ing Descom Oy ‐ Evivar Medical Pty Ltd. Software TherapyEdge, Inc. ‐ Exigen Services Information & Bus iness Services Return on Intel l igence, Inc. ‐ Fastrack Healthcare Systems Software Mediware Information Systems, Inc. ‐





Flati rons Solutions Information & Bus iness Services InfoTrust Group ‐ Forkstream Technology & Communications Openet Telecom Limited ‐ Gala Records Group Tradi tional Media Warner Music Group ‐ GateGuru, Inc. Digi ta l Media/Commerce TripAdvisor, Inc. ‐ GhostBi rd Software Digi ta l Media/Commerce Yahoo!, Inc. ‐ Gigablast Digi ta l Media/Commerce Yippy IncGigablast Digi ta l Media/Commerce Yippy, Inc. ‐ Go React Agency & Marketing Services Digita l Alchemy (Austral ia ) Pty Limited ‐ Go Try It On, Inc. Digi ta l Media/Commerce Rent the Runway ‐ GoldBot Consulting, Inc. Information & Bus iness Services Information Innovators , Inc. ‐ Group SJR Agency & Marketing Services H+K Ltd. ‐ HealthTxts Marketing Technology Vertica l Health, LLC ‐ HR Services Software Paychex, Inc. ‐ ICRH Consulting Information & Bus iness Services HR Path ‐ In Demand Document Services Information & Bus iness Services Xact Data Discovery ‐ Incentia l Software Marketing Technology IMS Health, Inc. ‐ Inki ru, Inc. Marketing Technology @Walmart Labs ‐ InRelease Software Microsoft Corporation ‐ Intel l ichem, Inc. Information & Bus iness Services IHS, Inc. ‐ Interactive Meetings Limited Technology & Communications Lumi Mobi le ‐ Jobs ite123.com, LLC Digi ta l Adverti s ing Contractors Regis ter, Inc. ‐ Jonathan Roberts Associates Information & Bus iness Services Howard Sloan Profess ional Search IncJonathan Roberts Associates Information & Bus iness Services Howard‐Sloan Profess ional Search, Inc. ‐ Kambio Group Agency & Marketing Services Legacy Marketing Partners ‐ KP2 GmbH, Kreuzer & Partners Agency & Marketing Services Mi l ler Heiman, Inc. ‐ KXMZ‐FM Tradi tional Media Pandora Media , Inc. ‐ La Deuxieme Maison Agency & Marketing Services Makheia Group ‐ Loca l Inci te Digi ta l Adverti s ing Universa l Bus iness Lis ting ‐ LPI Level Platforms Software AVG Technologies N.V. ‐ Lucid Marketing Agency & Marketing Services 8fold Integrated Creative Works ‐ Maiden Media Group Agency & Marketing Services Stream Companies


Maiden Media Group Agency & Marketing Services Stream Companies ‐ Mob Science, Inc. Digi ta l Media/Commerce Socia l Gaming Network, Inc. ‐ Mobi leScope Marketing Technology Evidon, Inc. ‐ mPay Gateway, Inc. Technology & Communications PaySpan, Inc. ‐





N2O Interactive Digi ta l Adverti s ing ReviMedia , Inc. ‐ NA Publ i shing, Inc. Tradi tional Media Image Data Convers ion, LLC ‐ National Top Lawyers Digi ta l Adverti s ing TopSi tes law ‐ NCDTech Information & Bus iness Services NetGain Technologies , Inc. ‐ NCP Solutions Information & Bus iness Services Harland Clarke Corp. ‐ Noetix Corporation Marketing Technology Si lverback Enterprise Group, Inc. ‐ North American Telephone Map Information & Bus iness Services Tol l freenumber.org ‐ Novemberfi lm Tradi tional Media Modern Times Group MTG AB ‐ Novocel l Semiconductor Technology & Communications Si l i con Storage Technology, Inc. ‐ Open Marketing Solutions , LLC Agency & Marketing Services Bis l r, Inc. ‐ Oral Health and Denta l Management Tradi tional Media OMICS Group, Inc. ‐ OrderDynamics Corporation Marketing Technology eCommera Limited ‐ Pal i sade Systems Inc Software Absolute Software Corporation ‐Pal i sade Systems, Inc. Software Absolute Software Corporation PaperKarma Digi ta l Media/Commerce Reputation.com, Inc. ‐ Patient Reminders Marketing Technology Cenduit ‐ Payrol l S.A. Information & Bus iness Services Automatic Data Process ing, Inc. ‐ Perlego Systems Software Fixmo, Inc. ‐ PFC Energy Information & Bus iness Services IHS, Inc. ‐ Pipel ine Technology & Communications Guavus , Inc. ‐ Planet Cruise Digi ta l Media/Commerce Iglu.com ‐ Poster Marketing Technology Automattic ‐ Premiere Global Sports Agency & Marketing Services PrimeSport ‐ Pricing Partners Information & Bus iness Services Thomson Reuters ‐ QuadraMed Corporation Software Constel lation Software, Inc. ‐ Redcoon Digi ta l Media/Commerce Media ‐Saturn‐Holding GmbH ‐ RepAccess Software RxVantage ‐ Resunate Software Profess ional Divers i ty Network LLC ‐ Rol lbase Inc Software Progress Software ‐


Rol lbase, Inc. Software Progress Software Rondee Technology & Communications Yahoo!, Inc. ‐ Rteamsite.com Digi ta l Media/Commerce TeamSnap ‐ Saavi Accountabi l i ty Software Covenant Eyes Internet Accountabi l i ty and Fi ‐ Seamless Technologies , Inc. Information & Bus iness Services Avnet, Inc. ‐





Sensemetric Web & Socia l Media Mining Marketing Technology GfK Group ‐ Shoes4you Digi ta l Media/Commerce Mucca Company Servicos De Internet Ltda. ‐ Ski laMederi Software Qforma, Inc. ‐ Solutionary, Inc. Software Nippon Telegraph & Telephone Corp. ‐ Solutionary, Inc. Software Nippon Telegraph & Telephone Corp. ‐ Spades Media Digi ta l Adverti s ing BlueGlass UK ‐ Spindle Labs , Inc. Digi ta l Media/Commerce Twitter, Inc. ‐ Spooky Cool Labs Digi ta l Media/Commerce Zynga Inc. ‐ Spotivate, Inc. Digi ta l Adverti s ing Plum District, Inc. ‐ SquaredR Consul ting Agency & Marketing Services TRIBUS Real Estate Technologies ‐ Standard Analytics LLC Marketing Technology dunnhumby ‐ Staq.io Marketing Technology PlayHaven ‐ Sti l lSecure Software Si lverSky Inc ‐Sti l lSecure Software Si lverSky, Inc. StreamBase Systems Marketing Technology TIBCO Software, Inc. ‐ StreamBase Systems Marketing Technology TIBCO Software, Inc. ‐ SuccessEHS Information & Bus iness Services Vi tera Healthcare Solutions , LLC ‐ SVM Agency & Marketing Services Match Marketing Group ‐ The Book, The BoomBox, NoiseCreep, and Comics Al l iance Digi ta l Media/Commerce Townsquare Media, Inc. ‐ The Outsource Group, Inc. Information & Bus iness Services Para l lon Bus iness Solutions ‐ The Performance Group Information & Bus iness Services Rambol l Management Consulting GmbH ‐ TimeManagement Software Agi lysys , Inc. ‐ ToneMedia LLC Marketing Technology Cel l fi sh Media LLC ‐ TortoiseSVN.net Software WANdisco, Inc. ‐ Totsy Digi ta l Media/Commerce Modnique.com ‐ Trade Service Company LLC Information & Bus iness Services Trimble Navigation Limited ‐ United Media Holdings Digi ta l Media/Commerce Vetek Group of Companies ‐ VICOR Bus iness Services Information & Bus iness Services SWK Technologies , Inc. ‐ Voyager Insti tutional Services Tradi tional Media Strategas Research Partners LLC ‐


Voyager Insti tutional Services Tradi tional Media Strategas Research Partners , LLC Webgistix Marketing Technology Rakuten, Inc. ‐ Wizard Promotions Agency & Marketing Services DEAG Deutsche Enterta inment AG ‐ WorkforceQA Software Compl iance Safety Systems ‐ xPeerient, Inc. Digi ta l Media/Commerce NET (net), Inc. ‐





Young Broadcasting Tradi tional Media Media Genera l , Inc. ‐ Your Travel Ins ider Digi ta l Media/Commerce Northstar Travel Media , LLC ‐ ZeroVulnerabi l i tyLabs , Inc. Software Malwarebytes Corporation ‐



Buyout Transactions

/ dTarget Target Segment Buyer/Investor Reported TV Buyout DealsValues Disclosed

Springer Science+Bus iness Media Information & Bus iness Services BC Partners Limited $4,400.0Vue Enterta inment Ltd. Tradi tional Media OMERS Private Equity 1,460.0 Keynote Systems, Inc. Technology & Communications Thoma Bravo, Inc. 395.0 CSS Corporation Information & Bus iness Services Partners Group AG 270.0 Agi lysys , Inc. Software Clearlake Capita l Group 34.6 ANGOSS Software Corporation Marketing Technology Peterson Partners LP 8.0 p g gy

Buyout DealsUndisclosed

AMERANO GmbH Digi ta l Media/Commerce Project A Ventures ‐ CableOrganizer.com, Inc. Digi ta l Media/Commerce KT Capita l ‐ CMA Communications Tradi tional Media GTCR, LLC ‐ Colyar Consul ting Group, Inc. Marketing Technology Shore Points Capita l Management, LLC ‐ EG A/S Information & Bus iness Services Axcel Management A/S ‐ Fox Technologies , Inc. Software Para l lax Capita l Partners , LLC ‐ Intermountain West Communications DMA 191 & DMA 162 Tradi tional Media (Private Investors )Intermountain West Communications , DMA 191 & DMA 162 Tradi tional Media (Private Investors ) ‐ Inventus , LLC Software Clearlake Capita l Group ‐ Luciad NV Software GIMV NV ‐ Models1 Limited Tradi tional Media Management Buyout ‐ MurphyEpson, Inc. Agency & Marketing Services (Private Investors ) ‐ MyWebGrocer, LLC Digi ta l Adverti s ing HGGC, LLC ‐ Rivo Software, Inc. Software Kennet Partners ‐ Telkomvis ion Tradi tional Media (Private Investors ) ‐



Venture/Growth Capital Transactions

/ Reported

lTarget Target Segment Buyer/Investor Transaction Value VC/Growth CapitalValues Disclosed

Fanatics , Inc. Digi ta l Media/Commerce Temasek Holdings (Pte) Limited $170.0Fab, Inc. Digi ta l Media/Commerce Tencent Holdings Ltd. 150.0 Zalando GmbH Digi ta l Media/Commerce Investment AB Kinnevik 130.2 Lamoda Digi ta l Media/Commerce Summit Partners LP 130.0 Lazada Digi ta l Media/Commerce Verl invest s .a. 100.0 Appl ied Predictive Technologies Marketing Technology Goldman Sachs Merchant Banking 100.0 pp g g gy gSnapchat, Inc. Digi ta l Media/Commerce Insti tutional Venture Partners 80.0 Twi l io, Inc. Software Redpoint Ventures 70.0 Affi rmed Networks , Inc. Technology & Communications Bessemer Venture Partners 51.0 EMN8, Inc. Tradi tional Media Sid R. Bass Associates 50.0 Hortonworks Inc. Technology & Communications Tenaya Capita l 50.0 BrightEdge, Inc. Marketing Technology Ins ight Venture Partners 42.8 NumberFour Marketing Technology Index Ventures 38.0 ResearchGate GmbH Digi ta l Media/Commerce (Private Investors ) 35.0 Kenandy Inc Software Lightspeed Venture Partners 33 0Kenandy, Inc. Software Lightspeed Venture Partners 33.0 EventBri te Digi ta l Media/Commerce Tiger Global Management, LLC 30.0 Relationship Science LLC Information & Bus iness Services (Private Investors ) 30.0 Dataminr, Inc. Marketing Technology Venrock Associates 30.0 RelateIQ Technology & Communications Accel Partners 29.0 TopLine Game Labs Digi ta l Media/Commerce Cantor Ventures , L.P. 25.0 Cl inkle Technology & Communications Accel Partners 25.0 TalentWise, Inc. Software (Unnamed Fund Contibuters ) 25.0 Panzura Technology & Communications Meritech Capita l Partners 25.0 Fracta l Analytics , Inc. Information & Bus iness Services TA Associates 24.0 BitSight Technologies Software Globespan Capita l Partners 24.0 MDX Medica l LLC Digi ta l Adverti s ing Piper Jaffray & Co. 22.0 GoodData Corporation Marketing Technology TOTVS Ventures 22.0 Affini ty Solutions Agency & Marketing Services Chestnut Hi l l Partners , LLC 21.0 COMS Interactive, LLC Software Summit Partners LP 21.0 Repl icon Software Emerge Venture Capita l 20.0 CareCloud Corporation Software Tenaya Capita l 20.0 GainSpan Corporation Technology & Communications Zebra Technologies Corporation 19 0


GainSpan Corporation Technology & Communications Zebra Technologies Corporation 19.0 Kony Solutions Marketing Technology Telstra Ventures 18.3 CustomMade Ventures Corporation Digi ta l Media/Commerce Atlas Venture 18.0 Socrata, Inc. Marketing Technology OpenView Venture Partners 18.0 WorldStores Digi ta l Media/Commerce Serena Capita l 15.2 Easy Taxi Digi ta l Media/Commerce Latin America Internet Holding 15.0



/ Reported


Fi ftyThree Digi ta l Media/Commerce Andreessen Horowitz $15.0Wrapp Digi ta l Adverti s ing Greylock Management 15.0 Vormetric, Inc. Software Spl i t Rock Partners , LLC 15.0 Biba Systems, Inc. Technology & Communications Interwest Partners 15.0 Cumulus Networks Software Andreessen Horowitz 15.0 Medivo, Inc. Software Merck Global Health Innovation LLC 15.0 ,DAQRI Marketing Technology Tarsadia Inves tments LLC 15.0 Healthation, Inc. Software ABS Capita l Partners 14.0 E la Carte Tradi tional Media Intel Capita l 13.5 Planet Labs , Inc. Software Draper Fisher Jurvetson 13.0 AppLi ft GmbH Marketing Technology Prime Ventures 13.0 Covestor LLC Digi ta l Media/Commerce Amadeus Capita l Partners Limited 12.8 Socia lRadar, Inc. Digi ta l Media/Commerce NEA 12.8 Thumbtack, Inc. Digi ta l Adverti s ing Sequoia Capita l 12.5 Bizo Inc Marketing Technology Ci ty National Bank 12 5Bizo, Inc. Marketing Technology Ci ty National Bank 12.5 Yplan Digi ta l Media/Commerce General Catalyst Partners LLC 12.0 Fi reHost, Inc. Technology & Communications Stephens Group, LLC 12.0 3Pi l lar Global Information & Bus iness Services NewSpring Capita l 12.0 N3twork Marketing Technology Google Ventures 12.0 Mobiqui ty, Inc. Marketing Technology New Spring Ventures 12.0 Personetics Technologies Marketing Technology Lightspeed Venture Partners 11.5 Inadco Marketing Technology Redpoint Ventures 11.0 Pindrop Securi ty Software Andreessen Horowitz 11.0 Revel Systems , Inc. Technology & Communications (Private Investors ) 10.1 Tempo AI, Inc. Digi ta l Media/Commerce Relay Ventures 10.0 Metacloud, Inc. Technology & Communications Canaan Partners 10.0 The SAVO Group Marketing Technology NXT Capita l , Inc. 10.0 Lastl ine, Inc. Software Redpoint Ventures 10.0 Space Curve, Inc. Software Divergent Ventures , LLC 10.0 SageCloud, Inc. Technology & Communications Braemar Energy Ventures 10.0 Modus eDiscovery, Inc. Information & Bus iness Services Harbert Management Corporation 10.0 iVantage Heal th Analytics Software Great Point Partners LLC 10 0


iVantage Health Analytics Software Great Point Partners , LLC 10.0 Mirantis , Inc. Information & Bus iness Services Ericsson 10.0 Fastly, Inc. Software August Capita l Management 10.0 Overture Networks , Inc. Technology & Communications Horizon Technology Finance 10.0 Fl i te, Inc. Marketing Technology Iri s Capita l 9.0 nCino, LLC Technology & Communications (Private Investors ) 9.0



/ Reported


Idomoo Ltd. Marketing Technology Carmel Ventures $9.0Civitas Learning, Inc. Marketing Technology Emergence Capita l Partners 8.8 Mathem I Sverige AB Digi ta l Media/Commerce (Private Investors ) 8.5 Appl ied Technologies Internet Marketing Technology iXO Private Equity 8.3 We Heart It Digi ta l Media/Commerce White Oak Capita l Management 8.0 DataTorrent, Inc. Marketing Technology August Capita l Management 8.0 , g gy g p gScribbleLive Marketing Technology Georgian Partners 8.0 Zetta.net Technology & Communications Industry Ventures , LLC 8.0 NationBui lder Marketing Technology Omidyar Network 8.0 Ins ightSquared.com Marketing Technology Draper Fisher Jurvetson 8.0 REACH Health, Inc. Software C&B Capita l , L.P. 7.4 i Zettle AB Marketing Technology Banco Santander, S.A. 6.7 Vets Firs t Choice Digi ta l Media/Commerce HLM Venture Partners 6.5 peerTransfer Technology & Communications QED Investors LLC 6.4 Cortica Inc Marketing Technology Horizons Ventures Ltd 6 4Cortica, Inc. Marketing Technology Horizons Ventures Ltd. 6.4 Bri t + Co. Digi ta l Media/Commerce Oak Investment Partners 6.3 Porch.com, Inc. Digi ta l Media/Commerce SV Angel , LLC 6.3 AFORE Solutions , Inc. Software BDC Venture Capita l 6.0 Intercom App, Inc. Marketing Technology The Socia l+Capi ta l Partnership 6.0 Shopmium SAS Digi ta l Media/Commerce Ventech 5.6 Fi rebase Software Union Square Ventures 5.6 Honest Bui ldings , Inc. Digi ta l Adverti s ing The Westly Group 5.5 Artisan Mobi le, Inc. Software Fi rs tMark Capita l 5.5 Artisan Mobi le, Inc. Marketing Technology Fi rs tMark Capita l 5.5 Ski l l z, Inc. Software Atlas Venture 5.5 Ski l l z, Inc. Software Atlas Venture 5.5 ThousandEyes Marketing Technology Sequoia Capita l 5.5 Amagi Media Labs Marketing Technology Mayfield Fund 5.2 Watchwith Marketing Technology Rogers Venture Partners 5.0 Axeda Corporation Software Wipro Ltd. 5.0 Scripted, Inc. Digi ta l Media/Commerce Cross l ink Capita l 4.5 Muzy Digi ta l Media/Commerce WPP Ventures 4 4


Muzy Digi ta l Media/Commerce WPP Ventures 4.4 adeven Marketing Technology Iri s Capita l 4.3 Graphite Software Corporation Software Cel tic House Venture Partners 4.2 Fi tStar Labs , Inc. Digi ta l Media/Commerce Google Ventures 4.0 InternMatch Digi ta l Adverti s ing Artis Ventures 4.0 Canvas Solutions , Inc. Digi ta l Media/Commerce Osage Investments , Inc. 4.0



/ Reported


CloudByte Inc. Technology & Communications Fidel i ty Growth Partners Europe $4.0GutCheck Marketing Technology Grotech Ventures 4.0 Bra inyak, Inc. Marketing Technology Grotech Ventures 4.0 Figma, Inc. Marketing Technology (Unnamed Fund Contibuters ) 3.8 Numedi i , Inc. Software Claremont Creek Ventures 3.5 Entelo, Inc. Software Battery Ventures 3.5 , yDisconnect, Inc. Software Fi rs t Mark Capita l 3.5 Disconnect, Inc. Software Fi rs tMark Capita l 3.5 ElasticBox, Inc. Software Sierra Ventures 3.4 Namely, Inc. Marketing Technology True Ventures 3.4 RAD Digi ta l Media/Commerce Index Ventures 3.3 Capita ine Tra in SAS Digi ta l Media/Commerce Index Ventures 3.3 Diwanee Group Digi ta l Media/Commerce MedSecuri ties Investments SAL, Asset Manag 3.3 Optimizer HQ Marketing Technology (Unnamed Fund Contibuters ) 3.2 Invi Digi ta l Media/Commerce Horizons Ventures Ltd 3 0Invi Digi ta l Media/Commerce Horizons Ventures Ltd. 3.0 Invino Digi ta l Media/Commerce DN Capita l 3.0 Inventables , Inc. Digi ta l Media/Commerce (Private Investors ) 3.0 ID90 Technologies , Inc. Digi ta l Adverti s ing Gerbera Capita l Asesores S.C. 3.0 Discuzz, Inc. Marketing Technology Igni tion Partners LLC 3.0 RackWare, Inc. Technology & Communications Kickstart Seed Fund 3.0 Hous ing.co.in Digi ta l Adverti s ing Nexus Venture Partners 2.5 Prizeo Digi ta l Adverti s ing Battery Ventures 2.5 Whatsnexx Marketing Technology BDC Venture Capita l 2.3 UltraSoC Technologies Ltd Technology & Communications Octopus Ventures , LLC 2.3 StratusLIVE, Inc. Marketing Technology (Private Investors ) 2.3 Sunrise Digi ta l Media/Commerce Resolute.vc 2.2 Loca l Yokel Media, LLC Digi ta l Adverti s ing Connecticut Innovations , Inc. 2.2 Rockpack Ltd. Digi ta l Media/Commerce QUALCOMM Ventures 2.0 Food Runner Digi ta l Media/Commerce GRP Partners 2.0 ChowNow, Inc. Digi ta l Media/Commerce Kens ington Capita l Partners Limited 2.0 Parakweet Marketing Technology (Private Investors ) 2.0 ENCAP AS Software ProVenture Management AS 2 0


ENCAP AS Software ProVenture Management AS 2.0 Content Raven Software Mass Ventures 2.0 Mercatus , Inc. Software Vis ion Ridge Partners 2.0 Chequed.com Software Cayuga Venture Fund 2.0 Trumaker & Co. Digi ta l Media/Commerce Venrock Associates 1.9 Socia lBro Marketing Technology Scotti sh Equity Partners 1.9



/ Reported


Combat Gent Digi ta l Media/Commerce VegasTechFund $1.8Hul laba lu Digi ta l Media/Commerce SV Angel , LLC 1.8 Ink Marketing Technology Andreessen Horowitz 1.8 Cuyana Digi ta l Media/Commerce Canaan Partners 1.7 Storefront, Inc. Digi ta l Adverti s ing Mohr, Davidow Ventures 1.6 DraftStreet Digi ta l Media/Commerce IAC/InterActiveCorp 1.6 g / / pTake the Interview Software Emerald Stage2 Ventures 1.6 ERN Global Limited Technology & Communications (Unnamed Fund Contibuters ) 1.6 Breather Digi ta l Adverti s ing Real Ventures 1.5 Ludei , Inc. Software Kibo Ventures 1.5 Cognitive Networks , Inc. Marketing Technology DCM 1.5 Si teWit Corporation Marketing Technology Stage 1 Ventures 1.5 SEOshop Group B.V. Marketing Technology Henq Invest 1.5 Bui ldZoom Digi ta l Adverti s ing Formation 8 1.4 i yzi Payments Technology & Communications (Angel Investors ) 1 4iyzi Payments Technology & Communications (Angel Investors ) 1.4 Whittl , Inc. Digi ta l Adverti s ing Origin Ventures 1.3 Propel ler Software Andreessen Horowitz 1.3 WorldDesk Technology & Communications Lough Shore Investments 1.3 Appington, Inc. Digi ta l Adverti s ing Unity Ventures 1.2 OOO Radario Digi ta l Media/Commerce (Unnamed Fund Contibuters ) 1.2 MaxTradeIn.com, LLC Digi ta l Adverti s ing Elevate Ventures 1.2 Dexplora Marketing Technology Creandum 1.2 30Bouqs .com, Inc. Digi ta l Media/Commerce Quest Venture Partners 1.1 Bunch, Inc. Digi ta l Media/Commerce Real Ventures 1.0 Ayannah Information Solutions , Inc. Digi ta l Media/Commerce (Angel Investors ) 1.0 FarmersWeb, LLC Digi ta l Media/Commerce (Unnamed Fund Contibuters ) 1.0 Attendware Marketing Technology .406 Ventures , LLC 1.0 Attendware Information & Bus iness Services .406 Ventures , LLC 1.0 White Source Software Ltd. Software Peregrine Ventures 1.0 Spinnakr Marketing Technology Andreessen Horowitz 1.0 youAPPi Marketing Technology Gl i lot Capita l Partners 1.0 Easypost Marketing Technology Y Combinator 0 9


Easypost Marketing Technology Y Combinator 0.9



/ Reported


Nextt, Inc. Digi ta l Media/Commerce Venture Investors Management LLC $0.7Makeably Digi ta l Media/Commerce Great Oaks Venture Capita l 0.7 BabyLis t Digi ta l Media/Commerce 500 Startups 0.6 Bib + Tuck Digi ta l Media/Commerce (Angel Investors ) 0.6 Sejourning SA Digi ta l Media/Commerce Angelor Capita le 0.5 Reverb.com LLC Digi ta l Media/Commerce (Private Investors ) 0.5 g / ( )My1login Limited Software Scotti sh Investment Bank 0.5

VC/Growth CapitalUndisclosed

Bambuser AB Marketing Technology The Associated Press ‐ BBA, Inc. Software The Founders Club ‐ Card Scanning Solutions , Inc. Software Ins ight Venture Partners ‐ Ektron, Inc. Marketing Technology CEI Ventures ‐ Ful l screen, Inc. Digi ta l Adverti s ing Comcast Ventures ‐ Grupa Heureka Agency & Marketing Services Valentine McCormick Ligibel IncGrupa Heureka Agency & Marketing Services Valentine McCormick Ligibel , Inc. ‐ Hispasat, S.A. Tradi tional Media Aberti s Infraestructuras S.A. ‐ I lus is Interactive Graphics Digi ta l Media/Commerce Confrapar Venture Capita l ‐ Kaseya International Ltd. Software Ins ight Venture Partners ‐ Novus Partners , Inc. Information & Bus iness Services Bain Capita l , LLC ‐ Panzura Technology & Communications SanDisk Ventures ‐ PT. Cipta Buru Sukses Digi ta l Media/Commerce Ardent Capita l ‐ Serendipity Infolabs Pvt. Ltd. Digi ta l Adverti s ing Accel Partners ‐ Snapfinger, Inc. Digi ta l Media/Commerce EMN8, Inc. ‐ Tati lsepeti .com Digi ta l Adverti s ing Bancroft Private Equity ‐ uberMetrics Technologies GmbH Marketing Technology High‐Tech Gründerfonds Management ‐ Vendorl ink.ca Ltd. Software Lumira Capita l Corp. ‐ Wego Pte Ltd. Digi ta l Adverti s ing Tiger Global Management, LLC ‐ Zakaz.ua Digi ta l Media/Commerce (Private Investors ) ‐ Zinc Ahead Ltd. Agency & Marketing Services Accel ‐KKR, LLC ‐


Petsky Prunier: Maximizing Shareholder Value

Overview

Founded in 1999 Focused on the technology, marketing, media, eCommerce, and healthcare industries

• More than 35 focused professionals Unique combination of investment banking and consulting expertise New York, Palo Alto, Las Vegas, Chicago, Tampa Sell‐side and private placement close rate is unmatched at our level of deal volume Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyersp p p p p q y g p , g y With strategic consulting firm Winterberry Group, one of the largest industry‐specific advisors providing strategic and transactional services International reach enhanced through our partnership with investment bank Altium, which operates from ten offices across Europe Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker‐dealer

Sell‐Side Representation Capital Raising and Private Placements Corporate Divestitures M&A Advisory Fairness Opinions

Strategic Development and Competitive Analysis M&A Transaction Due Diligence Support and

Valuation Analysis Acquisition Strategy and Target Identification Publishing and Thought Leadership

Technology Media Marketing eCommerce Healthcare


Fairness Opinions g g pHealthcare

Petsky Prunier was Ranked #1 by Bloomberg in 2011‐2012 for Mid‐Market Internet & Advertising Transactions

Rank Advisor Deal Count1 Petsky Prunier LLC 302 Nomura Holdings Inc 243 GCA Savvian Group Corp 234 Goldman Sachs & Co. 205 Morgan Stanley 196 Jordan Edmiston Group 187 Jefferies Group Inc. 168 China Renaissance Partners 158 Sumitomo Mitsui Financial 1510 JP Morgan 1410 RBC Capital Markets 14

Based on number of deals announced in 2011‐2012 valued at $500 million or less

Nearly 60 transactions closed since 2010:

Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings Across a broad universe of industries including digital advertising and marketing eCommerce and digital


Across a broad universe of industries, including digital advertising and marketing, eCommerce and digital media, technology and software, information services, and healthcare

International Partnership with Altium

Description Network

Altium provides M&A and corporate finance advisory services to companies, private equity firms, and entrepreneurs

European‐based, mid‐market financial advisory group, employee‐owned and truly independent

A leading advisor for more than 25 years

New York Palo AltoLas Vegas ChicagoTampa

Madrid ManchesterLeedsLondonParis

Zurich FrankfurtMilanMunichDubai

Founded as the corporate finance arm of private equity investor Apax Partners

Operates ten international offices in Europe with additional partnerships in the U.S. and Asia

Completed 50+ technology transactions across 12 countries in the past five years

Allegro Advisors is a leading provider of investment banking services to corporations and public institutions in India with offices in Bangalore, Mumbai, Delhi

Hina Group has provided M&A advisory and corporate finance services on 50+ transactions in China

BeijingShanghai

India


Representative Recent Transactions

has been acquired by

a real‐time behavioral advertisingcompany

has been sold to

a leading provider of in‐store and shopper marketing signage to major North American retailers

has sold

specializing in retail, digital, shopper marketing and consumer services

along with digital subsidiary

has been sold to

a leading digital advertising monetization and shopper marketing partner for e‐commerce

retailersa portfolio company of

has sold

provider of online travel guides for top destinations around the world

to

has been sold to

a leading multiplatform travel and lifestyle media company

a subsidiary of

has been sold to

the largest provider of cloud‐based SaaS tools for printing signs, labels and tags,

and publishing digital displays for retailers

a unit ofhas received a $68M minority investment

from

a leading provider of social software solutions and digital marketing services for some of the world’s largest brands, one of just thirteen Facebook Strategic Preferred Marketing Developers (sPMD)

a leader in global healthcare primary market research and influence

network mapping a provider of a cloud‐based integration

platform for the digital marketing industry a leader in multichannel retail

a leader in technology and global in‐app advertising for Facebook,

A l (iOS) d A d id d l

a leading digital direct marketing company utilizing a proprietary database to provide

customer acquisition solutions formajor brands

has received a mezzanine debt

a leading provider of transportation‐based digital media networks

h b i d b

a dynamic display media andretargeting companya leading provider of digital production

services to brands and agencies

(NSYE: AOL)to with financing from

(NYSE: GCI )(NYSE: LXK )

has been sold to

a portfolio company of

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty marketing

services

has been sold to

Apple (iOS), and Android developers

has received $66M investmentfrom

has received a mezzanine debt investment from


(JASDAQ:4755)

has been sold to

(NSYE: ACN)

has received an equity investment from

with debt financing from

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behaviorto


Vestar Capital Partners has sold

has sold

to

a leading provider of integrated data, technology and analytics solutions

a leading provider of taxi‐based outdoor media

has been sold to

(NYSE: PAY)

has sold

and

leading provider of services for domain name registration, acquisition, brokerage

and sales

has been sold to

the top independentdirect‐to‐consumer marketer of

dental savings plans

has been sold to

(TSX: PTO)

a leading shopper marketing execution company

to

(NasdaqGS: LEDR)

has sold

a leading online lead generation business

(Nasdaq: TREE)

has been sold to

one of North America’s largest mobile marketing and gateway solution

providers

has been sold to

has received a majority investment froma leading online video advertising network

has received a growth capital investment from

has been sold to


a premier provider of benchmark‐based advisory services to the pharmaceutical

and biotech industry

has acquired

a division ofa digital communications agency with a proprietary software platform serving

biopharmaceutical companies

has been sold to



KRG Capital Partners (Nasdaq:GSIC)

Date post:	06-Oct-2020
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