February 2015 - Petsky Prunier

Transcription

February 2015
Expertise. Commitment. Results.
M&A and Investment Summary
Table of Contents
1
Overview of Monthly M&A and Investment Activity
3
2
Monthly M&A and Investment Activity by Industry Segment
9
3
Additional Monthly M&A and Investment Activity Data
42
4
About Petsky Prunier
55
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 registered with
the 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.
2 | M&A and Investment Summary February 2015
M&A and Investment Summary for All Segments
Transaction Distribution
 A total of 425 deals were announced in February 2015, of which 256 were worth $15 billion in aggregate reported value
 Digital Media/Commerce was the most active and highest reported value segment with 123 deals announced, of which 85 were
reported at $5.9 billion in aggregate value
 The Software segment reported 116 transactions of which 71 were reported for $4.6 billion
 Strategic buyers announced 174, deals of which 32 were worth $8.5 billion in aggregate value
 VC/Growth Capital investors announced 237 transactions, of which 220 were reported for $5.8 billion
 Buyout investors announced 16 deals during the month, five of which were worth $627 million in reported aggregate value
February 2015
BUYER/INVESTOR BREAKDOWN
Transactions
Reported Value
Strategic
Buyout
Venture/Growth Capital
#
%
$MM
%
#
$MM
#
Digital Media/Commerce
123
29%
$5,877.1
39%
39
$2,873.5
2
$76.1
82
$2,927.5
Software
116
27%
4,624.3
31%
43
2,787.6
4
249.9
69
1,586.8
Marketing Technology
69
16%
1,469.5
10%
20
565.0
2
20.0
47
884.5
Digital Advertising
37
9%
256.0
2%
18
120.4
0
-
19
135.6
Business Services
32
8%
1,144.7
8%
16
711.4
4
12
167.3
Agency & Marketing Services
26
6%
1,341.8
9%
23
1,291.0
0
-
3
50.8
Traditional Media
14
3%
179.8
1%
11
104.8
2
15.0
1
60.0
Information Services
8
2%
95.5
1%
2
70.0
2
-
4
25.5
100%
14,988.8
100%
172
8,523.7
16
237
5,838.0
Total
425
$MM
266.0
627.1
#
$MM
M&A and Investment Summary for All Segments
Transaction Distribution
 Aggregate reported transaction value in February increased 27 percent from January 2015, yet decreased 15 percent from February
2014
 Strategic activity accounted for 41 percent of reported deal value during the month and included:
• SS&C Technologies $2.5 billion purchase of investment management solutions developer Advent Software
• The $1.7 billion purchase of online travel company Orbitz by Expedia
• Hitachi Data Systems’ $500 million purchase of Pentaho, a provider of open source business intelligence solutions
• The $475 million acquisition of nutrition tracking app MyFitnessPal by Under Armor
$81.5
Time
Warner
Cable/
Comcast
WhatsApp
/Facebook
$65.1
$38.7
AT&T/
DirecTV
$37.5
$31.3
$22.4
$12.4
$24.8
$23.5
$14.5
$14.5
$11.2
$15.0
Selected Transactions with Valuation Information Disclosed
($ in Millions)
Selected Transactions With Multiples Information
Target
Subsegment
Buyer/Investor
Ent. Value
Revenue
EBITDA
EV/Rev
EV/EBITDA
Infront Sports & Media AG
WatConsult*
Specialty Agency
Digital Agency
Dalian Wanda Group Corporation
Dentsu Aeigis Network
1,050.0
32.0
807.7
4.3
-
1.3x
7.4x
NA
NA
26.4
3.5
-
7.5x
NA
14.7
1,689.9
76.1
6.8
932.0
21.8
2.2x
1.8x
3.5x
NA
12.1x
NA
20.0
2.0
-
10.0x
NA
306.4
278.5
37.4
1.1x
8.2x
2,549.6
249.9
398.4
78.1
102.8
-
6.4x
3.2x
24.8x
NA
Digital Advertising
Mobile Marketing
Enterprise Development Holdings
MUSE & Co. Ltd.
Orbitz Worldwide, Inc.
Sofa.com Ltd.
Gravitas Group Limited
eCommerce
eCommerce
eCommerce
Mixi, Inc.
Expedia, Inc.
CBPE Capital LLP
Prelytix, LLC
Analytics & Targeting
Market Resource Partners, LLC
Information & Business Services
Courier Corporation
Printing Services
R.R. Donnelley & Sons Company
Software
Advent Software, Inc.
E2open, Inc.
Financial Software
ERP Software
SS&C Technologies Holdings, Inc.
Insight Venture Partners
* 75 percent stake acquisition
139.2
-
Securities in Registration
($ in Millions)
Aggregate
Date
Company Name
Country
Segment
LTM
Offering Value
EBITDA
Feb-15
Maxpoint Interactive, Inc.
United States
Jan-15
Wowo Ltd.
China
40.0
NA
NA
Dec-14
Patriot National Inc.
United States
100.0
90.9
32.9
Oct-14
Sidoti & Co.
United States
35.0
28.9
NA
Jun-14
The Go Daddy Group, Inc.
United States
100.0
NA
NA
May-14
Good Technology, Inc.
United States
Technology & Communications
100.0
160.0
NA
Apr-14
Goodman Networks, Inc.
United States
Software
100.0
931.7
19.6
Apr-14
Zoosk, Inc.
United States
100.0
178.2
2.3
Mar-14
Globoforce Group plc
Ireland
Software
NA
NA
NA
Jun-12
goldenTech SA
Switzerland
Software
5.2
NA
NA
Apr-12
BlackStratus, Inc.
United States
Software
20.0
9.2
(0.6)
Mar-12
Reval Holdings, Inc.
United States
Software
75.0
47.0
(12.1)
81.3
Rev
106.5
(9.0)
LTM IPO Performance (1/2)
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
Feb 27, 2015
1st Trading Day
Feb-15
Na s da qGS:INOV
Inova l on Hol di ngs , Inc.
Uni ted States
$24.00-$26.00
$27.00
$27.00, fl a t
$31.06
15.0%
Ja n-15
NYSE:BOX
Box, Inc.
Uni ted States
11.00-13.00
14.00
23.23, up 65%
18.66
(19.7%)
Dec-14
NYSE:NEWR
New Rel i c, Inc.
Uni ted States
20.00-22.00
23.00
31.10, up 35%
34.46
10.8%
Dec-14
NYSE:ONDK
On Deck Ca pi tal , Inc.
Uni ted States
16.00-18.00
20.00
27.98, up 40%
19.40
(30.7%)
Dec-14
Na s da qGS:MOMO
Momo Inc.
Chi na
12.50-14.50
13.50
17.02, up 26%
11.31
(33.5%)
Dec-14
Na s da qGS:HDP
Hortonworks , Inc.
Uni ted States
14.00-16.00
16.00
26.38, up 65%
23.03
(12.7%)
Dec-14
NYSE:WK
Worki va Inc.
Uni ted States
13.00-15.00
14.00
13.99, up 4%
12.80
(8.5%)
Dec-14
NYSE:LC
Lendi ngCl ub Corpora tion
Uni ted States
12.00-14.00
15.00
23.34, up 56%
20.37
(12.7%)
Dec-15
Na s da qGM:CNXR
Connecture, Inc.
Uni ted States
7.00-8.00
8.00
8.80, up 10%
8.64
20.8%
Nov-14
Na s da qGS:CNV
Cnova N.V.
Netherl a nds
12.50-14.00
7.00
7.15, fl a t
6.63
(7.3%)
Nov-14
Na s da qGM:UPLD
Upl a nd Softwa re, Inc.
Uni ted States
12.00-14.00
12.00
9.75, down 19%
7.05
(27.7%)
Oct-14
NYSE:HUBS
HubSpot, Inc.
Uni ted States
22.00-24.00
25.00
30.10, up 20%
41.09
36.5%
Oct-14
NYSE:W
Wa yfa i r Inc.
Uni ted States
25.00-28.00
29.00
37.72, down 30%
23.35
(38.1%)
Oct-14
Na s da qGS:YDLE
Yodl ee, Inc.
Uni ted States
11.00-13.00
12.00
13.44, up 12%
12.89
(4.1%)
Sep-14
NYSE:BABA
Al i ba ba Group Hol di ng Li mi ted
Chi na
66.00-68.00
68.00
93.89, up 38%
85.12
(9.3%)
Sep-14
NYSE:CIVI
Ci vi tas Sol utions , Inc.
Uni ted States
20.00-23.00
17.00
16.61, down 2%
18.99
14.3%
Sep-14
Na s da qGS:CYBR
CyberArk Softwa re, Ltd.
Is ra el
13.00-15.00
16.00
29.93, up 87%
59.27
98.0%
Sep-14
NYSE:TVPT
Tra vel port Worl dwi de Li mi ted
Uni ted Ki ngdom
14.00-16.00
16.00
16.40, up 3%
15.94
(2.8%)
Aug-14
Na s da qGS:DSKY
i Drea mSky Technol ogy Li mi ted
Chi na
12.00-14.00
15.00
19.05, up 27%
11.24
(41.0%)
Aug-14
NYSE:MBLY
Mobi l eye N.V.
Is ra el
21.00-23.00
25.00
37.00, up 48%
35.48
(4.1%)
Jul -14
Na s da qGS:HQY
Hea l thEqui ty, Inc.
Uni ted States
10.00-12.00
14.00
17.60, up 26%
20.27
15.2%
Jul -14
NYSE:TSQ
Towns qua re Medi a , Inc.
Uni ted States
14.00-16.00
11.00
10.25, down 7%
13.23
29.1%
Jul -14
Na s da qGS:TUBE
TubeMogul , Inc.
Uni ted States
7.00-8.00
7.00
11.50, up 64%
13.82
20.2%
Jun-14
NYSE:ANET
Ari s ta Networks , Inc.
Uni ted States
36.00-40.50
43.00
55.00, up 28%
69.21
25.8%
Jun-14
NYSE:IMPR
Impri va ta, Inc.
Uni ted States
14.00-16.00
15.00
16.25, up 8%
13.69
(15.8%)
Jun-14
Na s da qGS:MRKT
Ma rki t Ltd.
Uni ted Ki ngdom
23.00-25.00
24.00
26.70, up 11%
26.65
(0.2%)
Jun-14
Na s da qGS:MOBL
Mobi l eIron, Inc.
Uni ted States
8.00-10.00
9.00
11.02, up 22%
8.93
(19.0%)
LTM IPO Performance (2/2)
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
Feb 27, 2015
1st Trading Day
Jun-14
NYSE:ZPIN
Zha opi n Ltd.
Chi na
$12.50-$14.50
13.50
$14.65, up 9%
16.95
15.7%
Ma y-14
NYSE:CMCM
Cheetah Mobi l e Inc.
Chi na
12.50-14.50
14.00
14.10, fl a t
19.25
36.5%
Ma y-14
Na s da qGS:JD
JD.com, Inc.
Chi na
16.00-18.00
19.00
22.80, up 20%
28.00
22.8%
Ma y-14
NYSE:JMEi
Jumei Interna tiona l Hol di ng Li mi ted
Chi na
19.50-21.50
22.00
25.52, up 16%
14.14
(44.6%)
Ma y-14
Na s da qGS:TRUE
TrueCa r, Inc.
Uni ted States
12.00-14.00
9.00
10.44, up 16%
19.21
84.0%
Ma y-14
NYSE:ZEN
Zendes k, Inc.
Uni ted States
8.00-10.00
9.00
13.43, up 49%
24.63
83.4%
Apr-14
Na s da qGM:FIVN
Fi ve9, Inc.
Uni ted States
9.00-11.00
7.00
8.25, up 18%
3.86
(53.2%)
Apr-14
NYSE:GRUB
GrubHub Inc.
Uni ted States
23.00-25.00
26.00
34.00, up 31%
41.75
22.8%
Apr-14
NYSE:IMS
IMS Hea l th Hol di ngs , Inc.
Uni ted States
18.00-21.00
20.00
23.90, up 20%
26.52
11.0%
Apr-14
NYSE:PAYC
Pa ycom Softwa re, Inc.
Uni ted States
18.00-20.00
15.00
15.00, fl a t
32.84
118.9%
Apr-14
Na s da qGS:SPWH
Sports ma n's Wa rehous e Hol di ngs , Inc.
Uni ted States
11.00-13.00
$9.50
$7.43
(38.1%)
Apr-14
NYSE:RUBI
The Rubi con Project, Inc.
Uni ted States
15.00-17.00
15.00
20.04, up 34%
18.99
(5.2%)
Apr-14
Na s da qGS:WB
Wei bo Corpora tion
Chi na
17.00-19.00
17.00
20.24, up 19%
13.26
(34.5%)
Ma r-14
NYSE:ATEN
A10 Networks , Inc.
Uni ted States
13.00-15.00
15.00
16.21, up 8%
4.40
(72.9%)
Ma r-14
NYSE:AMBR
Amber Roa d, Inc.
Uni ted States
10.50-12.50
13.00
11.50, down 11%
8.15
(29.1%)
Ma r-14
NYSE:HIVE
Aerohi ve Networks , Inc.
Uni ted States
9.00-11.00
10.00
9.99, down 1%
4.68
(53.2%)
Ma r-14
Na s da qGS:BRDR
Borderfree, Inc.
Uni ted States
14.00-16.00
16.00
20.10, up 26%
7.78
(61.3%)
Ma r-14
NYSE:CSLT
Ca s tli ght Hea l th, Inc.
Uni ted States
13.00-15.00
16.00
38.85, up 143%
7.50
(80.7%)
Ma r-14
NYSE:COUP
Coupons .com Incorpora ted
Uni ted States
12.00-14.00
16.00
30.00, up 88%
9.89
(67.0%)
Ma r-14
NYSE:EVDY
Everyda y Hea l th, Inc.
Uni ted States
13.00-15.00
14.00
14.50, fl a t
14.56
0.4%
Ma r-14
NYSE:KING
Ki ng Di gi tal Entertai nment pl c
Irel a nd
21.00-24.00
22.50
19.00, down 15%
15.95
(11.8%)
Ma r-14
Na s da qGS:PCTY
Pa yl oci ty Hol di ng Corpora tion
Uni ted States
14.00-16.00
17.00
28.50, up 68%
29.70
4.2%
Ma r-14
NYSE:QTWO
Q2 Hol di ngs , Inc.
Uni ted States
11.00-13.00
13.00
16.68, up 28%
21.02
26.0%
Ma r-14
NYSE:TNET
Tri Net Group, Inc.
Uni ted States
15.00-17.00
16.00
19.10, up 19%
36.66
91.9%
Ma r-14
Na s da qGS:VRNS
Va roni s Sys tems , Inc.
Uni ted States
19.00-21.00
22.00
44.56, up 103%
30.98
(30.5%)
12.00, up 26%
 Of the total $5.9 billion in value reported in the Digital Media/Commerce segment, $2.9 million in strategic transactions were
announced, while an additional $2.9 billion of Venture/Growth Capital investments were made
 eCommerce was the most active subsegment across all segments with 39 transactions announced, of which 24 were reported for $3.3
billion. Select investments from the subsegment include:
• Germany-based food ordering network Delivery Hero’s $568 million round from Rocket Internet
• The $140 million invested in stealth eCommerce company Jet from Bain Capital Ventures
 Additional select Digital Media/Commerce transactions include:
• Uber’s $1.2 billion expansion on its Series E funding, raising the round total to $2.8 billion, from investors including Sequoia Capital,
Fidelity Investments, Wellington Management, and Kleiner Perkins Caufield & Byers
• King Digital Entertainment’s $150 million purchase of mobile gaming company Z2
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
#
$MM
#
#
$MM
32%
$3,285.9
56%
16
$2,089.6
2
76.1
21
$1,120.2
Mobile Content/Apps
36
29%
2,006.8
34%
8
575.0
0
-
28
1,431.8
Gaming
16
13%
252.8
4%
6
171.7
0
-
10
81.1
Niche Content
9
7%
46.6
1%
4
-
0
-
5
46.6
Classifieds/Auctions/P-to-P
8
7%
120.5
2%
0
-
0
-
8
120.5
Domain Portfolio/Marketplace
6
5%
32.2
1%
1
-
0
-
5
32.2
Social Media/Apps
6
5%
92.1
2%
2
-
0
-
4
92.1
Web Search/Portals
3
1%
13.2
0%
1
10.2
0
-
2
3.0
%
39
Total
$MM
Buyout
eCommerce
Virtual Goods
%
Strategic
$MM
1
2%
27.0
0%
1
27.0
0
-
0
123
101%
5,877.1
100%
39
2,873.5
2
76.1
83
2,927.5
Public Company Valuation (1/3)
($ in Millions, except stock price data)
Company Name
Headquarters
Stock Price
02/27/15
1-800-Flowers.com Inc.
United States
$12.48
-1%
41.68
-29%
85.12
58.com Inc.
Alibaba Group Holding Limited
Amazon.com Inc.
AOL Inc.
* China
* China
* United States
United States
Chg % From
52WK High
Equity
Ent.
LTM
Value
848.3
Revenue
$
1,027.9
3,659.6
3,033.4
230.0
-29%
211,720.2
203,379.0
380.16
-2%
176,540.2
40.54
-19%
3,157.5
203.75
-19%
$
Value
807.5
$
13.2x
NM
11,417.3
4,787.3
41.9%
44.1%
17.8x
42.5x
173,693.2
88,988.0
4,365.0
4.9%
19.5%
2.0x
39.8x
3,130.3
2,527.2
423.0
16.7%
8.9%
1.2x
7.4x
71,529.0
66,882.7
7,909.1
2,492.1
31.5%
53.6%
8.5x
26.8x
608.3
585.9
580.7
91.1
355.1
264.5
473.5
14.82
29.98
-20%
* United States
* United States
3.19
-48%
55.6
26.4
7.99
-62%
251.6
168.5
United States
37.63
-2%
6,482.7
China
Cnova N.V.
Copart, Inc.
Cupid plc
CyberAgent Inc.
8.2x
83.8%
United States
Chegg, Inc.
EV/EBITDA
10.7%
United States
Changyou.com Limited
LTM Multiples
EV/Rev
24.6
Blue Nile Inc.
CDW Corporation
Rev Growth
0.8x
Blucora, Inc.
Care.com, Inc.
LTM
EBITDA
36.3%
China
CafePress Inc.
LTM Margin
10.1%
Baidu, Inc.
-28%
$
EBITDA
103.4
15.7%
1.2%
1.0x
6.4x
17.8
3.8%
5.2%
0.6x
14.8x
229.5
0.5
0.2%
-6.6%
0.1x
49.7x
105.7
(33.0)
NM
41.1%
1.6x
NM
9,660.3
12,074.5
880.9
7.3%
12.1%
0.8x
11.0x
28.01
-13%
1,480.2
1,490.2
755.3
52.9
7.0%
2.4%
2.0x
28.2x
* United States
Netherlands
8.12
-7%
682.1
592.7
304.8
11.6
3.8%
19.3%
1.9x
51.0x
6.63
-23%
2,925.8
2,287.2
4,204.8
78.6
1.9%
19.8%
0.5x
29.1x
United States
37.42
-3%
4,727.5
4,821.5
1,163.8
417.4
35.9%
5.1%
4.1x
11.6x
* United Kingdom
Japan
0.29
-73%
20.5
2.9
29.6
(7.7)
NM
-43.6%
0.1x
NM
51.56
-2%
3,227.2
3,082.6
1,877.8
298.5
15.9%
36.0%
1.6x
10.3x
1.7x
Demand Media, Inc.
United States
4.93
-82%
90.7
51.2
365.9
29.4
8.0%
40.0%
0.1x
DeNA Co., Ltd.
Japan
11.95
-37%
1,549.1
1,189.6
1,219.0
334.4
27.4%
-24.6%
1.0x
3.6x
eBay Inc.
United States
57.91
-3%
70,073.8
67,602.8
17,902.0
5,039.0
28.1%
11.6%
3.8x
13.4x
29.6x
E-Commerce China Dangdang Inc.
eLong Inc.
Everyday Health, Inc.
Expedia Inc.
Facebook, Inc.
Forgame Holdings Limited
G5 Entertainment AB (publ)
GameLoft SE
9.23
-52%
745.4
472.4
1,249.7
16.0
1.3%
28.5%
0.4x
* China
United States
China
16.70
-30%
589.3
310.0
175.1
(46.5)
NM
7.6%
1.8x
NM
14.30
-28%
440.7
423.1
174.4
15.4
8.8%
23.2%
2.4x
27.5x
United States
91.75
-3%
11,626.6
12,284.4
5,763.5
752.4
13.1%
20.8%
2.1x
16.3x
* United States
China
78.97
-4%
221,038.0
210,072.0
12,466.0
6,225.0
49.9%
58.4%
16.9x
33.7x
1.73
-78%
220.2
40.1
152.3
28.8
18.9%
-5.6%
0.3x
1.4x
Sweden
3.81
-18%
33.5
29.6
23.3
1.3
5.5%
82.1%
1.3x
23.1x
France
8.6x
4.38
-51%
375.7
311.7
322.0
36.3
11.3%
5.7%
1.0x
* United States
* United States
7.24
-53%
48.7
(6.1)
140.7
(6.7)
NM
1.8%
NM
0.9x
5.03
-34%
538.0
467.0
223.1
10.8
4.9%
111.3%
2.1x
43.1x
Google Inc.
United States
562.63
-8%
381,497.8
326,879.8
66,001.0
21,475.0
32.5%
18.9%
5.0x
15.2x
Gree, Inc.
Japan
5.87
-40%
1,391.5
802.6
894.7
281.3
31.4%
-25.0%
0.9x
2.9x
* United States
* United States
42.01
-8%
3,424.9
3,111.7
253.9
67.7
26.7%
85.1%
12.3x
46.0x
0.72
-55%
16.3
(6.6)
0.4
(4.8)
NM
-31.1%
NM
1.4x
HSN, Inc.
United States
67.57
-15%
3,542.7
3,610.9
3,588.0
328.5
9.2%
5.4%
1.0x
11.0x
IAC/InterActiveCorp
United States
67.42
-16%
5,676.8
5,647.3
3,109.5
497.8
16.0%
2.9%
1.8x
11.3x
iDreamSky Technology Limited
China
11.24
-57%
475.7
312.7
64.1
13.4
20.8%
0.0%
4.9x
23.4x
International Game Technology
United States
17.84
-1%
4,436.2
6,044.8
1,967.5
608.3
30.9%
-16.4%
3.1x
9.9x
2.27
-28%
422.9
412.8
17.9
0.0
0.2%
14.6%
23.1x
NM
j2 Global, Inc.
* Malaysia
United States
67.25
-2%
3,215.0
3,278.5
599.0
249.5
41.7%
15.0%
5.5x
13.1x
JD.com, Inc.
* China
27.67
-16%
37,693.1
32,984.5
16,356.7
(671.7)
NM
62.5%
2.0x
NM
Geeknet, Inc.
Glu Mobile, Inc.
GrubHub Inc.
Hollywood Media Corp.
iProperty Group Limited
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Jiayuan.com International Ltd.
China
4.79
-46%
JobStreet Corp. Bhd.
Malaysia
0.13
-84%
Jumei International Holding Limited
China
13.65
King Digital Entertainment plc
Ireland
Kongzhong Corp.
China
LifeLock, Inc.
Equity
Ent.
LTM
Value
50.09
Revenue
$
93.55
90.1
51.9
-65%
1,953.7
15.79
-33%
5.04
-59%
United States
13.98
Liberty Interactive Corporation
United States
LightInTheBox Holding Co., Ltd.
* China
* United States
LinkedIn Corporation
Liquidity Services, Inc.
MeetMe, Inc.
Mercadolibre, Inc.
$
Value
142.98
$
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
13.0x
3.87
4.1%
22.2%
0.5x
7.1
5.8
81.5%
NM
7.3x
8.9x
1,361.2
607.0
75.5
12.4%
49.1%
2.2x
18.0x
4,964.9
4,000.9
2,269.4
744.9
32.8%
20.4%
1.8x
5.4x
232.1
35.9
208.9
22.2
10.6%
21.5%
0.2x
1.6x
-34%
1,314.5
1,040.6
476.0
37.3
7.8%
28.8%
2.2x
27.9x
29.53
-4%
14,052.8
19,015.8
10,499.0
1,857.0
17.7%
-6.7%
1.8x
10.2x
5.58
-39%
284.0
197.7
349.0
(25.5)
NM
25.4%
0.6x
NM
267.20
-3%
33,431.5
31,075.2
2,218.8
232.4
10.5%
45.2%
14.0x
NM
United States
9.88
-64%
296.2
222.0
498.9
48.5
9.7%
-1.3%
0.4x
4.6x
* United States
Argentina
1.94
-56%
87.1
74.1
44.8
1.4
3.1%
11.0%
1.7x
53.9x
$130.97
-9%
5,783.0
5,694.9
556.5
186.9
33.6%
17.8%
10.2x
30.5x
36.73
-37%
3,056.0
2,709.5
618.2
263.2
42.6%
716.8%
4.4x
10.3x
Mixi, Inc.
Japan
NCsoft Corporation
South Korea
162.32
-22%
3,239.6
2,505.7
769.0
267.3
34.8%
0.0%
3.3x
9.4x
* United States
Japan
474.91
-3%
28,731.1
28,052.2
5,504.7
456.7
8.3%
25.8%
5.1x
61.4x
10.35
-1%
4,462.3
2,987.8
1,443.4
510.3
35.4%
11.3%
2.1x
5.9x
Orbitz Worldwide, Inc.
United States
11.58
-2%
1,283.0
1,542.3
932.0
139.2
14.9%
10.0%
1.7x
11.1x
Overstock.com Inc.
United States
22.72
-17%
546.1
364.5
1,497.1
29.6
2.0%
14.8%
0.2x
12.3x
Pacific Online Ltd.
China
0.37
-57%
415.0
369.4
146.4
54.6
37.3%
20.1%
2.5x
6.8x
14.80
-63%
3,095.0
2,740.4
920.8
(15.8)
NM
40.6%
3.0x
NM
11.85
-3%
1,032.0
913.6
626.5
31.7
5.1%
22.2%
1.5x
28.8x
Netflix, Inc.
NEXON Co., Ltd.
Pandora Media, Inc.
PChome Online Inc.
* United States
Taiwan
Perform Group plc.
United Kingdom
PetMed Express, Inc.
United States
Phoenix New Media Limited
China
The Priceline Group Inc.
United States
Rakuten, Inc.
RealNetworks Inc.
Rediff.com India Limited
Renren Inc.
Shanda Games Limited
Shutterfly, Inc.
Japan
4.10
-11%
1,080.3
1,017.7
401.1
50.9
12.7%
32.7%
2.5x
20.0x
15.39
-6%
311.8
259.2
228.0
29.4
12.9%
-3.3%
1.1x
8.8x
7.34
-46%
542.8
321.1
260.6
49.6
19.0%
20.6%
1.2x
6.5x
1,237.48
-10%
64,273.5
63,869.9
8,442.0
3,288.0
38.9%
24.3%
7.6x
19.4x
16.65
-1%
22,019.0
23,421.5
4,996.2
1,139.7
22.8%
15.4%
4.7x
20.6x
* United States
* India
7.11
-15%
256.2
94.5
156.2
(61.9)
NM
-24.2%
0.6x
NM
1.92
-50%
53.0
40.4
15.8
(10.6)
NM
-2.7%
2.6x
NM
* China
China
2.57
-46%
923.0
110.8
90.9
(94.5)
NM
-46.4%
1.2x
NM
5.60
-17%
1,505.5
1,501.0
661.0
291.0
44.0%
-6.3%
2.3x
5.2x
United States
48.01
-13%
1,812.4
1,701.9
921.6
90.1
9.8%
17.6%
1.8x
18.9x
* United States
China
56.55
-45%
2,013.3
1,725.1
328.0
46.3
14.1%
39.3%
5.3x
37.3x
4.48
-65%
123.7
27.0
101.8
1.8
1.8%
13.7%
0.3x
14.9x
* United States
* United States
0.21
-51%
8.1
7.6
13.2
(2.4)
NM
-2.5%
0.6x
NM
3.59
-42%
87.4
78.0
64.6
(4.2)
NM
-5.7%
1.2x
NM
Sportsman's Warehouse Holdings,
Inc.
Stamps.com Inc.
United States
7.36
-33%
307.8
537.3
650.2
61.1
9.4%
-1.0%
0.8x
8.8x
United States
56.06
-5%
892.0
834.3
147.3
38.8
26.4%
15.2%
5.7x
21.5x
Taomee Holdings Ltd.
China
3.26
-63%
115.8
7.1
45.5
3.0
6.6%
1.4%
0.2x
2.4x
2.01
-33%
69.3
14.9
58.6
0.3
0.5%
9.5%
0.3x
52.6x
15.94
-14%
1,935.3
4,255.3
2,148.0
470.0
21.9%
3.5%
2.0x
9.1x
Shutterstock, Inc.
Sky-mobi Limited
SNAP Interactive, Inc.
Spark Networks, Inc.
TheStreet, Inc.
Travelport Worldwide Limited
* United States
United Kingdom
Company Name
Twitter, Inc.
Headquarters
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
Revenue
$ 1,403.00
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
NM
111.0%
20.0x
NM
5.7%
0.4x
18.7x
EV/EBITDA
-14%
2.78
-32%
93.3
112.5
272.7
6.0
2.2%
United Online, Inc.
United States
16.37
-3%
233.9
155.1
217.2
17.9
8.2%
NA
0.7x
8.7x
EVINE Live Inc.
United States
6.33
-10%
356.7
375.5
666.6
14.3
2.2%
6.7%
0.6x
26.2x
* China
United States
24.45
-7%
14,002.4
13,268.1
3,773.7
145.1
3.8%
122.4%
3.5x
91.4x
44.05
-17%
1,599.0
1,844.5
580.4
126.1
21.7%
12.6%
3.2x
14.6x
* China
* South Korea
13.34
-49%
2,631.2
2,132.9
300.4
(2.9)
NM
106.6%
7.1x
NM
37.33
-26%
621.9
612.7
161.7
(12.2)
NM
-20.5%
3.8x
NM
United States
15.52
-17%
417.2
331.5
139.2
14.2
10.2%
4.3%
2.4x
23.4x
* United States
Netherlands
44.28
-16%
41,948.7
35,310.6
4,618.1
843.5
18.3%
-1.3%
7.6x
41.9x
16.45
-57%
5,225.2
5,220.2
827.2
322.7
39.0%
28.5%
6.3x
16.2x
52.69
-45%
2,981.3
2,580.4
508.3
162.7
32.0%
111.1%
5.1x
15.9x
14.01
-81%
1,751.1
1,377.3
1,200.1
1.1x
50.1x
2.30
-61%
2,096.8
1,180.3
690.4
WebMD Health Corp.
Weibo Corporation
WeMade Entertainment Co., Ltd.
XO Group Inc.
Yahoo! Inc.
Yandex N.V.
YY Inc.
zulily, Inc.
Zynga, Inc.
China
* United States
* United States
$
EBITDA
(330.70)
48.08
Vipshop Holdings Limited
$
LTM
Value
28,044.02
* United States
United States
U.S. Auto Parts Network, Inc.
$
Value
30,058.61
27.5
(104.8)
2.3%
NM
Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (37.0x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value
*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
72.5%
-20.9%
1.7x
3.3x
NM
15.6x
Digital Advertising
 There was a total of 37 transactions announced in the Digital Advertising segment worth a total of $256 million in aggregate reported
value
 Ad Networks/Exchanges was the most active subsegment with eight transactions announced, worth a reported $69 million
 Select acquisitions:
• Nexstar Broadcasting Group’s $33 million purchase of online video demand side platform developer Yashi
• Priceline Group’s $20 million acquisition of Rocketmiles, a provider of frequent flier mile rewards programs
 Select investments:
• App monetization platform developer Metaps $36 million Series C from Fidelity Growth Partners
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
Buyout
$MM
%
#
$MM
#
#
$MM
Ad Networks/Exchanges
8
22%
$68.5
27%
4
$21.0
0
-
4
$47.5
Vertical Search
7
19%
39.7
16%
4
20.0
0
-
3
19.7
Digital Video
6
16%
45.1
18%
2
33.0
0
-
4
12.1
Mobile Marketing
5
14%
43.4
17%
2
26.4
0
-
3
17.0
Online Lead Generation
4
11%
30.0
12%
2
20.0
0
-
2
10.0
Comparison Shopping
2
5%
9.3
4%
0
-
0
-
2
9.3
Local Search
2
5%
20.0
8%
1
-
0
-
1
20.0
Digital Promotion/Coupon
1
3%
-
0%
1
-
0
-
0
-
Other*
1
3%
0.0
0%
1
0.0
0
0.0
0
0.0
37
100%
18
120.4
0
0.0
19
135.6
Total
*Other includes Email Services
%
Strategic
256.0
100%
$MM
Digital Advertising
Company Name
Headquarters
Stock Price
02/27/15
Chg % From
52WK High
Alliance Data Systems Corporation
United States
$278.51
-8%
Angie's List, Inc.
United States
$6.74
-54%
AOL Inc.
United States
40.54
-19%
Autobytel Inc.
United States
12.89
-22%
Bankrate, Inc.
United States
12.76
-41%
Blinkx plc
United States
0.48
-75%
Blucora, Inc.
United States
14.82
Constant Contact, Inc.
United States
Coupons.com Incorporated
United States
Criteo SA
France
Equity
Ent.
LTM
Value
31,163.2
Revenue
$
5,302.9
394.4
389.0
315.0
3,157.5
3,130.3
2,527.2
114.5
111.7
106.3
1,332.6
1,453.6
531.0
192.3
83.2
241.7
-28%
608.3
585.9
41.33
-4%
1,328.0
$
Value
17,830.2
$
$
EBITDA
1,517.4
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
20.5x
28.6%
22.8%
5.9x
(4.4)
NM
28.2%
1.2x
NM
423.0
16.7%
8.9%
1.2x
7.4x
8.2
7.7%
35.6%
1.1x
13.6x
119.5
22.5%
24.0%
2.7x
12.2x
12.7
5.3%
6.2%
0.3x
6.5x
580.7
91.1
15.7%
1.2%
1.0x
6.4x
1,165.4
331.7
37.3
11.2%
16.2%
3.5x
31.3x
9.75
-70%
779.5
585.9
221.8
(11.5)
NM
32.1%
2.6x
NM
45.36
-26%
2,762.5
2,428.3
901.9
77.8
8.6%
67.8%
2.7x
31.2x
* China
United States
45.37
-35%
6,457.2
6,570.8
1,119.8
92.4
8.3%
36.2%
5.9x
71.1x
4.93
-82%
90.7
51.2
365.9
29.4
8.0%
40.0%
0.1x
1.7x
Dice Holdings, Inc.
United States
8.76
-24%
473.2
556.9
262.6
74.0
28.2%
23.0%
2.1x
7.5x
Digital Globe Services Inc.
United States
2.02
-41%
60.3
60.4
38.9
4.0
10.2%
52.5%
1.6x
15.2x
* United States
* United States
9.10
-83%
162.1
110.7
179.7
1.0
0.5%
0.3%
0.6x
115.7x
78.97
-4%
221,038.0
210,072.0
12,466.0
6,225.0
49.9%
58.4%
16.9x
33.7x
United States
562.63
-8%
381,497.8
326,879.8
66,001.0
21,475.0
32.5%
18.9%
5.0x
15.2x
* United States
France
8.18
-6%
5,524.5
4,492.9
3,191.7
89.2
2.8%
24.0%
1.4x
50.3x
2.58
-22%
116.0
34.3
243.9
2.9
1.2%
-4.7%
0.1x
11.8x
HomeAway, Inc.
United States
31.00
-35%
2,930.1
2,442.8
446.8
65.4
14.6%
28.9%
5.5x
37.4x
IAC/InterActiveCorp
United States
67.42
-16%
5,676.8
5,647.3
3,109.5
497.8
16.0%
2.9%
1.8x
11.3x
InternetQ PLC
United Kingdom
5.10
-20%
203.0
199.8
174.0
19.6
11.3%
52.1%
1.1x
10.2x
* India
France
22.24
-16%
1,565.7
1,470.8
88.8
25.5
28.8%
28.9%
16.6x
57.6x
34.53
-5%
124.8
92.3
58.1
5.1
8.8%
-11.9%
1.6x
18.1x
MakeMyTrip Limited
India
23.53
-35%
980.7
911.2
291.9
(8.2)
NM
16.9%
3.1x
NM
Millennial Media Inc.
United States
1.58
-80%
219.8
143.3
306.4
(21.7)
NM
39.0%
0.5x
NM
Monster Worldwide, Inc.
United States
6.72
-21%
610.3
781.6
770.0
68.7
8.9%
-4.7%
1.0x
11.4x
Opera Software ASA
Norway
7.74
-44%
1,098.4
1,024.6
480.8
106.5
22.2%
60.2%
2.1x
9.6x
Pacific Online Ltd.
China
0.37
-57%
415.0
369.4
146.4
54.6
37.3%
20.1%
2.5x
6.8x
QuinStreet, Inc.
United States
6.71
-12%
298.5
252.1
275.3
(1.7)
NM
-7.6%
0.9x
NM
ReachLocal, Inc.
United States
2.99
-72%
87.2
44.3
474.9
(21.4)
NM
-7.6%
0.1x
NM
RetailMeNot, Inc.
United States
17.43
-64%
946.4
751.9
264.7
69.2
26.1%
26.1%
2.8x
10.9x
* United Kingdom
United States
46.80
-1%
4,550.6
4,533.3
260.3
192.1
73.8%
19.3%
17.4x
23.6x
9.77
-84%
403.5
383.3
354.7
(29.5)
NM
81.8%
1.1x
NM
Rovi Corporation
United States
24.88
-6%
2,281.5
3,067.6
542.3
186.1
34.3%
0.9%
5.7x
16.5x
Septeni Holdings Co., Ltd.
Japan
8.43
-33%
218.4
151.0
466.1
19.5
4.2%
17.3%
0.3x
7.7x
The Rubicon Project, Inc.
United States
18.83
-19%
692.9
595.8
125.3
(6.3)
NM
49.5%
4.8x
NM
TiVo Inc.
United States
11.18
-22%
1,146.7
642.4
443.7
73.4
16.5%
14.1%
1.4x
8.8x
TradeDoubler AB
Sweden
0.97
-55%
41.1
25.9
221.4
1.5
0.7%
-13.4%
0.1x
17.4x
Travelzoo Inc.
United States
10.08
-58%
148.5
93.7
142.1
15.9
11.2%
-10.2%
0.7x
5.9x
LendingTree, Inc.
United States
53.04
0%
603.9
517.7
167.4
13.5
8.1%
20.2%
3.1x
38.2x
Ctrip.com International Ltd.
Demand Media, Inc.
eHealth, Inc.
Facebook, Inc.
Google Inc.
Groupon, Inc.
Hi-Media S.A.
Just Dial Limited
LeGuide.com S.A.
Rightmove plc
Rocket Fuel Inc.
Digital Advertising
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Tremor Video, Inc.
United States
2.43
-52%
TripAdvisor Inc.
United States
89.25
-20%
TrueCar, Inc.
United States
19.90
TubeMogul, Inc.
United States
13.82
* United States
United States
Twitter, Inc.
Voltari Corporation
Web.com Group, Inc.
Yahoo! Inc.
Yelp, Inc.
Yandex N.V.
Ent.
Revenue
$
159.5
12,756.2
12,531.2
1,246.0
-20%
1,535.2
1,393.8
-42%
411.7
367.9
48.08
-14%
30,058.6
0.72
-82%
United States
17.85
United States
* United States
Netherlands
China
YuMe, Inc.
United States
Zhaopin Ltd.
China
* United States
$
Value
124.1
LTM
Value
46.3
Youku Tudou Inc.
Zillow Group, Inc.
Equity
$
$
EBITDA
(16.5)
LTM Margin
LTM
EBITDA
Rev Growth
EV/EBITDA
NM
21.0%
0.3x
NM
375.0
30.1%
31.9%
10.1x
33.4x
206.6
(40.4)
NM
54.3%
6.7x
NM
114.2
(0.7)
NM
99.7%
3.2x
NM
28,044.0
1,403.0
(330.7)
NM
111.0%
20.0x
NM
3.4
26.2
13.0
(15.3)
NM
2731.4%
2.0x
NM
-53%
937.6
1,422.4
543.9
114.6
21.1%
10.5%
2.6x
12.4x
44.28
-16%
41,948.7
6,599.5
4,618.1
843.5
18.3%
-1.3%
1.4x
7.8x
48.00
-53%
3,480.9
3,115.1
377.5
28.6
7.6%
62.0%
8.3x
108.7x
16.45
-57%
5,225.2
5,220.2
827.2
322.7
39.0%
28.5%
6.3x
16.2x
16.39
-57%
3,244.6
1,911.1
597.4
63.3
10.6%
32.7%
3.2x
30.2x
5.58
-30%
184.4
120.2
178.1
(3.2)
NM
17.9%
0.7x
NM
16.95
-9%
867.1
705.6
188.4
45.6
24.2%
27.5%
3.7x
15.5x
114.75
-30%
6,594.4
6,221.8
325.9
(2.6)
NM
65.0%
19.1x
NM
Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (50.0x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value
*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
LTM Multiples
EV/Rev
3.0x
19.3x
 The Marketing Technology segment announced 69 transactions worth a total of $1.5 billion in aggregate value
 Analytics & Targeting was the most active and highest value Marketing Technology subsegment with 18 transactions announced, worth
a total of $211 million in aggregate reported value
 The Content Management subsegment reported 13 deals worth $275 million
• Twitter’s $45 million purchase of Niche, a provider of monetization and community services for connecting brands and creative
community
• Content discovery platform Taboola’s $117 million Series E round led by Fidelity Management
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
Strategic
$MM
%
#
Buyout
$MM
#
$MM
#
$MM
Analytics & Targeting
18
26%
$211.3
14%
3
$20.0
0
-
15
$191.3
Content Management
14
20%
274.6
18%
5
45.0
2
20.0
7
209.6
CRM
6
9%
68.0
4%
1
-
0
-
5
68.0
Email/Messaging Software
5
7%
40.1
3%
0
-
0
-
5
40.1
Mobile Technology
4
6%
128.0
8%
1
-
0
-
3
128.0
Market Research
4
6%
-
0%
4
-
0
-
0
-
Commerce Management
2
3%
59.1
4%
0
-
0
-
2
59.1
Other*
16
23%
731.9
48%
7
500.0
0
-
9
231.9
Total
69
100%
1,513.0
100%
22
565.0
2
20.0
49
928.0
*Other includes BI Tools, Content Delivery Network, Creative Production Platform, Email/Messaging Software, MRM/Workflow Management, Search & Discovery, SEM/SEO Tools, and Social Technology
Stock Price
02/27/15
Company Name
Headquarters
Adobe Systems Incorporated
United States
79.10
Bazaarvoice, Inc.
United States
Bitauto Holdings Limited
Chg % From
52WK High
Equity
Ent.
LTM
-1%
Value
39,454.4
Value
37,229.2
Revenue
4,147.1
EBITDA
756.2
9.25
-1%
722.3
667.8
180.0
China
63.45
-35%
2,633.0
2,467.2
Blackbaud Inc.
United States
45.40
-2%
2,102.4
Borderfree, Inc.
United States
7.71
-64%
246.3
Brightcove Inc.
United States
7.81
-30%
ChannelAdvisor Corporation
United States
9.89
ChinaCache International Holdings
Ltd.
Constant
Contact, Inc.
China
9.93
United States
Covisint Corporation
United States
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
49.2x
18.2%
2.3%
9.0x
(27.2)
NM
16.9%
3.7x
NM
320.5
78.4
24.5%
50.1%
7.7x
31.5x
2,368.2
564.4
93.0
16.5%
12.0%
4.2x
25.5x
119.6
125.5
1.6
1.3%
13.6%
1.0x
75.1x
252.1
230.3
125.0
(3.5)
NM
13.8%
1.8x
NM
-80%
246.4
182.6
84.9
(27.7)
NM
24.8%
2.2x
NM
-66%
251.9
183.7
225.6
11.2
5.0%
40.0%
0.8x
16.4x
41.33
-4%
1,328.0
1,165.4
331.7
37.3
11.2%
16.2%
3.5x
31.3x
2.50
-79%
97.5
54.2
89.5
(33.7)
NM
-9.1%
0.6x
NM
* United States
United States
28.95
-35%
1,196.4
1,028.8
142.2
10.4
7.3%
28.0%
7.2x
99.3x
39.77
-32%
2,162.0
2,718.8
854.4
105.9
12.4%
77.4%
3.2x
25.7x
* United States
United States
63.19
-23%
2,294.4
2,051.5
160.6
(21.2)
NM
54.8%
12.8x
NM
8.57
-71%
251.3
233.6
78.5
(26.0)
NM
13.0%
3.0x
NM
eBay Inc.
United States
57.91
-3%
70,073.8
67,602.8
17,902.0
5,039.0
28.1%
11.6%
3.8x
13.4x
Endurance International Group
Holdings,
Five9,
Inc.Inc.
United States
18.62
-9%
2,437.6
3,530.8
629.8
146.2
23.2%
21.1%
5.6x
24.2x
United States
3.90
-58%
190.6
160.0
103.1
(29.1)
NM
22.5%
1.6x
NM
Informatica Corporation
United States
42.95
-4%
4,667.0
3,945.3
1,048.0
195.6
18.7%
10.5%
3.8x
20.2x
Infosystems S.A.
Poland
0.57
-39%
2.4
2.5
2.3
1.6
69.0%
0.0%
1.1x
1.6x
Interactive Intelligence Group Inc.
United States
42.44
-48%
895.0
838.8
341.3
0.4
0.1%
7.2%
2.5x
NM
IBM Corporation
United States
161.94
-19%
160,065.4
192,534.4
92,793.0
24,372.0
26.3%
-5.7%
2.1x
7.9x
Jive Software, Inc.
United States
5.06
-46%
362.3
254.7
178.7
(39.6)
NM
22.6%
1.4x
NM
LivePerson Inc.
United States
11.54
-22%
630.4
581.1
209.9
8.2
3.9%
18.1%
2.8x
70.9x
Marin Software Incorporated
United States
6.58
-48%
241.5
176.5
99.4
(26.8)
NM
28.5%
1.8x
NM
Marketo, Inc.
United States
27.95
-33%
1,151.9
1,045.4
150.0
(46.0)
NM
56.3%
7.0x
NM
Mercadolibre, Inc.
Argentina
130.97
-9%
5,783.0
5,694.9
556.5
186.9
33.6%
17.8%
10.2x
30.5x
United States
178.34
-2%
2,017.0
1,671.6
579.8
45.1
7.8%
0.7%
2.9x
37.0x
* United States
United States
96.42
-20%
7,399.2
7,214.5
556.3
(53.2)
NM
34.2%
13.0x
NM
14.30
-27%
4,652.2
6,210.4
1,927.5
186.7
9.7%
3.5%
3.2x
33.3x
14.1x
Cvent, Inc.
Dealertrack Technologies, Inc.
Demandware, Inc.
E2open, Inc.
MicroStrategy Inc.
NetSuite Inc.
Nuance Communications, Inc.
Open Text Corporation
Canada
58.22
-6%
7,109.1
7,858.6
1,858.4
557.0
30.0%
35.4%
4.2x
Opera Software ASA
Norway
7.74
-44%
1,098.4
1,024.6
480.8
106.5
22.2%
60.2%
2.1x
9.6x
Oracle Corporation
United States
43.82
-6%
192,429.7
180,571.7
38,822.0
16,943.0
43.6%
3.4%
4.7x
10.7x
PROS Holdings, Inc.
United States
24.47
-40%
711.1
660.5
185.8
(4.9)
NM
28.3%
3.6x
NM
PTC Inc.
United States
34.66
-14%
3,982.8
4,327.4
1,357.5
283.2
20.9%
4.5%
3.2x
15.3x
Qlik Technologies, Inc.
United States
32.44
-2%
2,929.8
2,685.7
556.8
2.9
0.5%
18.4%
4.8x
NM
Rightside Group, Ltd.
United States
7.06
-58%
130.6
105.9
191.7
(10.2)
NM
3.5%
0.6x
NM
Rovi Corporation
United States
24.88
-6%
2,281.5
3,067.6
542.3
186.1
34.3%
0.9%
5.7x
16.5x
The Rubicon Project, Inc.
United States
18.83
-19%
692.9
595.8
125.3
(6.3)
NM
49.5%
4.8x
NM
Sage Group plc
United Kingdom
7.49
-1%
8,022.5
8,635.2
2,119.9
602.6
28.4%
-5.0%
4.1x
14.3x
69.38
-2%
43,778.8
44,980.9
5,373.6
302.7
5.6%
32.0%
8.4x
148.6x
salesforce.com, inc.
* United States
Company Name
Headquarters
SAP SE
Germany
Sizmek Inc.
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
Revenue
$ 21,255.2
0%
United States
7.90
-40%
240.2
149.5
170.8
Sky-mobi Limited
China
4.48
-65%
123.7
27.0
101.8
Sungy Mobile Limited
China
4.69
-86%
156.9
37.8
64.0
Synchronoss Technologies, Inc.
United States
44.26
-18%
1,874.1
1,826.2
457.3
* United States
United States
94.01
-7%
6,518.3
5,837.6
412.6
44.52
-10%
6,811.6
6,445.6
2,732.0
Verint Systems Inc.
United States
60.88
-1%
3,696.0
4,207.5
1,072.5
Weborama
France
7.06
-44%
24.7
23.4
Wix.com ltd
Israel
18.33
-43%
698.2
612.2
24.72
-12%
1,873.6
1,758.1
127.0
Teradata Corporation
Zendesk, Inc.
* United States
$
LTM
Value
88,274.2
70.25
Tableau Software, Inc.
$
Value
83,980.9
$
EBITDA
6,990.3
LTM Margin
LTM
EBITDA
Rev Growth
EV/EBITDA
12.6x
32.9%
4.4%
4.2x
23.0
13.5%
6.0%
0.9x
6.5x
1.8
1.8%
13.7%
0.3x
14.9x
5.1
7.9%
35.3%
0.6x
7.5x
124.8
27.3%
31.0%
4.0x
14.6x
19.8
4.8%
77.5%
14.1x
294.3x
677.0
24.8%
1.5%
2.4x
9.5x
141.7
13.2%
21.8%
3.9x
29.7x
37.0
2.4
6.6%
-2.3%
0.6x
9.7x
141.8
(52.8)
NM
76.3%
4.3x
NM
(59.6)
NM
76.3%
13.8x
NM
Adjusted Weighted Average
LTM Multiples
EV/Rev
4.3x
14.2x
 There were 26 transactions announced in the Agency & Marketing Services segment in February. Digital Agency was the most active
subsegment with seven transactions announced
• China-based Dalian Wanda Group’s $1.1 billion purchase of Switzerland-based sports marketing firm Infront Sports & Media from
Bridgepoint Capital
• ICON’s $120 million acquisition of biopharmaceutical and medical device market access solutions provider MediMedia Pharma
Solutions (Petsky Prunier-led transaction)
• The $74 million purchase of insurance industry-focused analytics firm RPM Direct by ExlService Holdings (Petsky Prunier-led
transaction)
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
#
Buyout
$MM
#
$MM
#
$MM
Digital Agency
7
27%
$41.0
3%
7
$41.0
0
-
0
-
Healthcare Agency
2
8%
147.0
11%
1
120.0
0
-
1
27.0
Loyalty/Retention
2
8%
23.8
2%
0
-
0
-
2
23.8
Marketing Consulting
1
4%
6.0
0%
1
6.0
0
-
0
-
Public Relations
4
15%
-
0%
4
-
0
-
0
-
Database/Analytics
1
4%
74.0
6%
1
74.0
0
-
0
-
Specialty Agency
5
19%
1,050.0
78%
5
1,050.0
0
-
0
-
Experiential Marketing
2
8%
-
0%
2
-
0
-
0
-
Other*
2
8%
-
8%
2
0.0
0
0.0
0
0.0
26
100%
100%
18
1,291.0
0
0.0
3
50.8
Total
*Other includes Channel Services and DM Agency
1,341.8
Agency
Public Company Valuation
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Cello Group Plc
United Kingdom
$1.42
-8%
Chime Communications plc
United Kingdom
4.14
-29%
Creston plc
United Kingdom
Dentsu Inc.
Japan
Enero Group Limited
Globant S.A.
Havas
Equity
$
Value
120.7
410.8
Ent.
$
LTM
Value
136.6
Revenue
$
284.7
486.1
611.4
$
LTM Margin
LTM
EBITDA
Rev Growth
EBITDA
19.1
LTM Multiples
EV/Rev
EV/EBITDA
6.7%
15.5%
0.5x
7.1x
35.6
5.8%
12.8%
0.8x
13.6x
1.78
-13%
103.3
93.7
124.1
18.7
15.1%
3.8%
0.8x
5.0x
43.54
-2%
12,555.4
12,807.3
19,953.0
1,283.6
6.4%
9.1%
0.6x
10.0x
Australia
0.64
-37%
55.2
39.3
166.9
7.0
4.2%
-10.0%
0.2x
5.6x
* Luxembourg
France
16.69
3%
560.9
500.0
199.6
27.8
13.9%
26.1%
2.5x
18.0x
10.6x
8.69
-9%
3,626.4
4,002.1
2,457.4
376.2
15.3%
-0.7%
1.6x
Huntsworth plc
United Kingdom
0.63
-44%
199.2
254.1
284.9
41.8
14.7%
-4.1%
0.9x
6.1x
M&C Saatchi plc
United Kingdom
5.72
0%
404.0
392.9
281.4
29.8
10.6%
8.4%
1.4x
13.2x
MDC Partners Inc.
United States
25.84
-7%
1,283.7
2,126.9
1,223.5
152.6
12.5%
6.5%
1.7x
13.9x
Next Fifteen Communications Group plc
United Kingdom
2.58
-1%
158.8
162.7
171.3
18.7
10.9%
5.6%
0.9x
8.7x
Omnicom Group Inc.
United States
79.54
-1%
19,624.2
22,461.1
15,317.8
2,247.3
14.7%
5.0%
1.5x
10.0x
5.72
-18%
147.7
101.8
559.1
45.9
8.2%
-0.9%
0.2x
2.2x
0.12
-55%
31.0
37.5
54.9
0.9
1.6%
111.4%
0.7x
41.4x
OPT, Inc.
Porta Communications Plc
Japan
* United Kingdom
France
81.71
0%
17,428.7
16,342.2
8,781.7
1,677.7
19.1%
4.3%
1.9x
9.7x
The Interpublic Group of Companies, Inc.
United States
22.30
-2%
9,195.2
9,553.1
7,537.1
951.6
12.6%
5.8%
1.3x
10.0x
WPP plc
United Kingdom
23.72
-2%
30,491.3
35,524.6
19,090.7
3,150.4
16.5%
4.0%
1.9x
11.3x
1.5x
10.5x
Publicis Groupe SA
Marketing Services
Public Company Valuation
Company Name
Headquarters
Acxiom Corporation
United States
Aimia Inc.
Canada
CSG Systems International Inc.
* United States
United States
Stock Price
02/27/15
Chg % From
52WK High
Equity
$
Value
1,545.5
Ent.
$
LTM
Value
1,714.7
Revenue
$
1,066.5
$20.00
-49%
10.27
-35%
1,767.3
1,794.7
2,131.8
278.51
-8%
17,830.2
24,202.5
29.91
-3%
1,026.8
1,080.8
0.56
-41%
13.1
$
EBITDA
174.3
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.3%
-0.4%
1.6x
9.8x
151.0
7.1%
47.5%
0.8x
11.9x
5,302.9
1,517.4
28.6%
22.8%
4.6x
15.9x
751.3
135.0
18.0%
0.5%
1.4x
8.0x
86.8
281.7
22.0
7.8%
-2.1%
0.3x
4.0x
Data Group Ltd.
Canada
DST Systems Inc.
United States
106.29
-3%
3,943.8
4,345.0
2,749.3
456.1
16.6%
3.4%
1.6x
9.5x
* United States
United States
85.12
-1%
2,675.0
3,187.3
794.2
184.7
23.3%
7.6%
4.0x
17.3x
9.0x
Fair Isaac Corporation
Harte-Hanks Inc.
7.75
-15%
481.0
501.1
553.7
55.7
10.1%
-1.1%
0.9x
High Co. SA
France
5.27
-19%
54.6
22.4
182.7
16.0
8.7%
3.3%
0.1x
1.4x
Insignia Systems Inc.
United States
3.03
-32%
37.3
19.8
26.3
1.6
6.0%
-5.2%
0.8x
12.6x
12.23
-5%
1,983.8
1,569.2
684.5
144.8
21.2%
10.2%
2.3x
10.8x
1.79
-67%
27.5
(1.8)
130.0
(10.3)
NM
-13.4%
23.17
-18%
4,671.6
7,109.2
3,821.5
850.5
22.3%
0.8%
1.9x
8.4x
9.75
-63%
150.3
100.4
259.2
7.5
2.9%
48.9%
0.4x
13.4x
26.56
-8%
533.1
512.6
1,065.0
81.6
7.7%
9.5%
0.5x
6.3x
1.9x
9.4x
Multiplus SA
PDI, Inc.
Pitney Bowes Inc.
Brazil
* United States
United States
Points International Ltd.
Canada
Viad Corp
United States
NM
0.2x
Traditional Media
 There were 14 transactions announced in the Traditional Media segment in January worth a total of $180 million in aggregate reported
value; all but one of these transactions were acquisitions
 Select Transactions:
• New Media’s $103 million acquisition of Las Vegas-Review Journal publisher Stephens Media
• Lerner Publishing’s acquisition of children’s book publishing firm Egmont USA from Egmont International
• Boathouse Capital’s majority purchase of out-of-home media specialist Out of Home America Wilkins
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
#
$MM
#
21%
2.3
1%
3
2.3
0
-
0
-
Entertainment Media
3
21%
60.0
33%
2
-
0
-
1
60.0
Business-to-Business Media
2
14%
15.0
8%
1
-
1
15.0
0
-
Consumer Magazine Publishing
2
14%
0%
2
-
0
-
0
-
Newspaper Publishing
2
14%
57%
2
0
-
0
-
1
-
0
-
1
15.0
1
60.0
2
14%
14
100%
*Other includes Traditional Outdoor and Broadcast & Satellite Radio
102.5
179.8
%
#
0%
1
100%
11
$MM
3
Total
$MM
Buyout
Consumer Book Publishing
Other*
%
Strategic
102.5
104.8
$MM
Traditional Media
Large Cap Diversified Media
Stock Price
02/27/15
Chg % From
52WK High
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
23.6%
-1.4%
2.6x
11.1x
2,489.0
39.7%
13.2%
4.5x
11.4x
8,694.0
663.0
7.6%
2.4%
1.0x
12.6x
87,862.5
27,359.0
6,905.0
25.2%
-8.2%
3.2x
12.7x
73,648.2
84,247.2
32,585.0
6,965.0
21.4%
9.4%
2.6x
12.1x
-22%
28,267.2
41,077.2
13,930.0
4,313.0
31.0%
1.8%
2.9x
9.5x
-2%
176,890.5
191,984.5
49,895.0
14,402.0
28.9%
8.4%
3.8x
13.3x
Company Name
Headquarters
CBS Corporation
United States
$59.10
-13%
Discovery Communications, Inc.
United States
32.30
-28%
News Corporation
United States
17.28
Time Warner Inc.
United States
Twenty-First Century Fox, Inc.
Viacom, Inc.
The Walt Disney Company
Equity
Ent.
LTM
Value
36,157.1
Revenue
$ 13,806.0
20,913.6
28,301.6
6,265.0
-7%
10,066.4
8,325.4
81.86
-7%
67,986.5
United States
35.00
-11%
United States
69.94
* United States
104.08
$
Value
29,439.1
$
$
EBITDA
3,255.0
LTM Multiples
3.3x
11.8x
B-to-B Media
Company Name
Headquarters
Euromoney Institutional Investor PLC
United Kingdom
Global Sources Ltd.
Informa plc
TechTarget, Inc.
UBM plc
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
$
LTM
Value
2,109.4
Revenue
$
659.5
$
EBITDA
208.6
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
31.6%
0.5%
3.2x
10.1x
$16.15
-22%
Hong Kong
5.50
-40%
164.0
83.1
195.4
32.2
16.5%
-4.4%
0.4x
2.6x
Switzerland
8.54
-2%
5,538.4
6,894.4
1,772.0
508.5
28.7%
0.4%
3.9x
13.6x
* United States
United Kingdom
$
Value
2,039.6
12.14
-1%
393.0
368.2
106.2
13.3
12.5%
20.0%
3.5x
27.7x
8.38
-26%
3,707.1
4,591.7
1,182.6
295.2
25.0%
-4.4%
3.9x
15.6x
3.7x
13.4x
Radio Broadcasting
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Beasley Broadcast Group Inc.
United States
$5.02
-46%
Cumulus Media Inc.
United States
3.99
-45%
Emmis Communications Corp.
United States
2.15
Entercom Communications Corp.
United States
11.38
Journal Communications Inc.
United States
Pandora Media, Inc.
Radio One Inc.
Salem Communications Corp.
Sirius XM Holdings Inc.
Spanish Broadcasting System Inc.
Townsquare Media, Inc.
Equity
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
Ent.
LTM
26.5%
51.8%
1.9x
7.3x
279.3
23.1%
25.9%
2.8x
12.3x
231.5
37.5
16.2%
14.9%
1.7x
10.7x
379.8
93.9
24.7%
0.6%
2.4x
9.7x
746.9
413.8
92.5
22.4%
1.6%
1.8x
8.1x
3,095.0
2,740.4
920.8
(15.8)
NM
40.6%
3.0x
NM
124.3
1,087.2
441.4
123.9
28.1%
-1.6%
2.5x
8.8x
Value
201.8
Revenue
$
104.0
926.5
3,433.7
1,209.6
-41%
93.7
401.5
-13%
444.8
910.6
11.88
-1%
604.8
United States
14.80
-63%
United States
2.61
-50%
$
Value
116.0
$
$
EBITDA
27.5
LTM Multiples
EV/EBITDA
United States
7.41
-33%
187.3
473.3
263.3
48.6
18.5%
12.1%
1.8x
9.7x
* United States
United States
3.89
-1%
21,711.8
26,065.4
4,181.1
1,386.1
33.2%
10.1%
6.2x
18.8x
3.73
-50%
27.1
406.3
147.5
37.7
25.6%
-3.7%
2.8x
10.8x
United States
13.23
-4%
229.9
731.3
355.9
90.4
25.4%
0.0%
2.1x
2.7x
8.1x
10.0x
Traditional Media
Broadcast, Cable, and Satellite Television
Company Name
Headquarters
AMC Networks Inc.
United States
Sky plc
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
$
LTM
Value
7,719.2
Revenue
$
2,175.6
$
EBITDA
629.0
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
28.9%
36.7%
3.5x
12.3x
14.1x
$72.02
-8%
United Kingdom
15.40
-3%
26,199.4
36,481.4
12,873.1
2,580.8
20.0%
12.0%
2.8x
Cablevision Systems Corporation
United States
18.78
-15%
5,149.8
14,001.8
6,460.9
1,786.3
27.6%
3.7%
2.2x
7.8x
CBS Corporation
United States
59.10
-13%
29,439.1
36,157.1
13,806.0
3,255.0
23.6%
-1.4%
2.6x
11.1x
Charter Communications, Inc.
United States
180.60
-1%
20,227.1
41,263.1
9,108.0
3,135.0
34.4%
11.7%
4.5x
13.2x
Comcast Corporation
United States
59.38
-1%
152,799.4
197,944.4
68,775.0
22,923.0
33.3%
6.4%
2.9x
8.6x
Crown Media Holdings Inc.
United States
3.43
-14%
1,233.7
1,571.1
415.6
322.3
77.5%
10.0%
3.8x
4.9x
DIRECTV
United States
88.60
-1%
44,548.2
61,116.2
33,260.0
8,030.0
24.1%
4.7%
1.8x
7.6x
Discovery Communications, Inc.
United States
32.30
-28%
20,913.6
28,301.6
6,265.0
2,489.0
39.7%
13.2%
4.5x
11.4x
Dish Network Corp.
United States
75.04
-7%
34,655.7
39,923.9
14,643.4
2,908.4
19.9%
5.3%
2.7x
13.7x
Entravision Communications Corporation
United States
6.86
-11%
602.3
911.5
242.0
75.5
31.2%
8.1%
3.8x
12.1x
General Communication Inc.
United States
13.87
-13%
573.8
1,935.7
899.2
312.1
34.7%
15.7%
2.2x
6.2x
Gray Television Inc.
United States
10.94
-22%
640.2
1,866.9
425.8
140.8
33.1%
12.8%
4.4x
13.3x
Grupo Televisa, S.A.B.
Mexico
34.12
-10%
19,735.7
23,274.8
5,427.5
1,684.4
31.0%
8.6%
4.3x
13.8x
United States
11.88
-1%
604.8
746.9
413.8
92.5
22.4%
1.6%
1.8x
8.1x
Liberty Global plc
United Kingdom
54.06
-1%
46,762.3
93,192.0
18,248.3
8,215.2
45.0%
26.1%
5.1x
11.3x
Media General, Inc.
$
Value
5,188.1
* United States
United States
14.91
-37%
1,944.4
4,362.6
675.0
232.4
34.4%
150.1%
6.5x
18.8x
Nexstar Broadcasting Group, Inc.
54.53
-8%
1,684.4
2,707.2
631.3
233.2
36.9%
25.7%
4.3x
11.6x
Scripps Networks Interactive, Inc.
United States
72.30
-16%
9,551.3
11,451.0
2,665.5
1,121.8
42.1%
5.3%
4.3x
10.2x
Sinclair Broadcast Group, Inc.
United States
27.46
-24%
2,622.4
6,290.7
1,976.6
669.7
33.9%
45.0%
3.2x
9.4x
* United States
United States
23.06
-2%
1,319.9
1,395.7
844.2
75.3
8.9%
-1.4%
1.7x
18.5x
154.05
-1%
43,272.6
66,305.6
22,812.0
7,912.0
34.7%
3.1%
2.9x
8.4x
United States
81.86
-7%
67,986.5
87,862.5
27,359.0
6,905.0
25.2%
-8.2%
3.2x
12.7x
47.20
-2%
9,440.0
13,307.2
2,014.2
1,078.7
53.6%
2.7%
6.6x
12.3x
The E. W. Scripps Company
Time Warner Cable Inc.
Time Warner Inc.
Ziggo N.V.
* Netherlands
3.2x
10.6x
Entertainment Media
Company Name
Headquarters
DreamWorks Animation SKG Inc.
United States
Eros International Plc
United Kingdom
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
Revenue
$
684.6
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
NM
-3.2%
3.4x
NM
EV/EBITDA
16.97
-25%
914.6
1,109.5
259.0
65.5
25.3%
15.4%
4.3x
16.9x
* United States
United States
32.59
-9%
4,557.8
5,941.5
2,475.4
274.7
11.1%
-8.1%
2.4x
21.6x
25.59
-7%
5,156.4
6,193.5
6,867.0
515.8
7.5%
6.0%
0.9x
12.0x
SFX Entertainment Inc.
United States
4.76
-47%
431.1
648.5
343.0
(73.6)
NM
240.3%
1.9x
NM
Twenty-First Century Fox, Inc.
United States
35.00
-11%
73,648.2
84,247.2
32,585.0
6,965.0
21.4%
9.4%
2.6x
12.1x
* United States
Australia
38.77
-22%
13,268.0
27,018.0
4,450.0
1,200.0
27.0%
11.2%
6.1x
22.5x
4.33
-34%
691.5
1,020.8
776.6
126.9
16.3%
2.9%
1.3x
8.0x
United States
16.44
-49%
1,241.7
1,152.2
542.6
(10.0)
NM
6.8%
2.1x
Liberty Media Corporation
Village Roadshow Limited
World Wrestling Entertainment Inc.
$
EBITDA
(85.4)
-30%
Live Nation Entertainment, Inc.
$
LTM
Value
2,353.1
$21.41
Lions Gate Entertainment Corp.
$
Value
1,834.2
2.5x
NM
12.1x
Traditional Media
Out-of-Home Media
Company Name
Headquarters
AirMedia Group Inc.
China
APG|SGA SA
Switzerland
Clear Channel Outdoor Holdings Inc.
Clear Media Ltd.
JCDecaux SA
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
Revenue
$
263.9
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
NM
-5.0%
0.2x
NM
EV/EBITDA
368.15
-1%
1,085.3
929.8
318.5
78.4
24.6%
3.2%
2.9x
11.9x
United States
9.76
-13%
3,514.4
8,462.4
2,961.3
715.2
24.2%
0.5%
2.9x
11.8x
Hong Kong
1.06
-5%
571.7
446.9
227.1
91.4
40.3%
6.9%
2.0x
4.9x
France
37.12
-1%
8,312.3
8,394.8
3,723.3
809.5
21.7%
9.2%
2.3x
10.4x
Lamar Advertising Co.
United States
58.10
-2%
5,544.5
7,457.6
1,287.1
546.5
42.5%
3.3%
5.8x
13.6x
Mood Media Corporation
United States
0.48
-37%
86.2
620.8
499.3
82.2
16.5%
-2.7%
1.2x
7.6x
National CineMedia, Inc.
United States
15.24
-14%
927.7
1,983.3
394.0
184.0
46.7%
-14.9%
5.0x
10.8x
United States
0.44
-48%
41.0
35.7
25.9
(1.0)
NM
12.0%
1.4x
NM
0.22
-27%
852.8
1,141.7
194.9
10.1
5.2%
-21.6%
5.9x
112.8x
* Hong Kong
$
EBITDA
(5.9)
-34%
Tom Group Ltd.
$
LTM
Value
65.4
$2.14
NTN Buzztime Inc.
$
Value
127.6
3.6x
11.5x
Publishing
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
2.2%
-25.5%
0.1x
5.4x
481.3
16.4%
8.2%
1.9x
11.7x
231.5
37.5
16.2%
14.9%
1.7x
10.7x
6,008.2
1,420.1
23.6%
16.4%
2.1x
8.9x
254.7
25.6
10.0%
-4.0%
0.8x
8.3x
4,410.7
1,829.9
338.0
18.5%
2.9%
2.4x
13.0x
604.8
746.9
413.8
92.5
22.4%
1.6%
1.8x
8.1x
270.0
216.9
147.9
10.6
7.2%
-12.8%
1.5x
20.4x
2,358.5
3,201.5
1,528.3
295.6
19.3%
4.2%
2.1x
10.8x
19,351.7
42,752.3
9,944.2
3,154.3
31.7%
0.0%
4.3x
13.6x
1,210.1
1,273.0
1,872.2
133.9
7.2%
4.9%
0.7x
9.5x
1,319.9
1,395.7
844.2
75.3
8.9%
-1.4%
1.7x
18.5x
-69%
202.1
1,537.3
1,167.9
197.9
16.9%
-6.0%
1.3x
7.8x
-19%
2,329.2
2,168.0
1,588.5
219.6
13.8%
0.7%
1.4x
9.9x
-9%
2,595.0
3,451.0
3,281.0
507.0
15.5%
-2.2%
1.1x
Company Name
Headquarters
A. H. Belo Corporation
United States
$8.69
-35%
Daily Mail and General Trust plc
United Kingdom
13.19
-19%
Emmis Communications Corp.
United States
2.15
-41%
93.7
401.5
Gannett Co., Inc.
United States
35.40
-2%
8,030.6
12,662.8
Glacier Media, Inc.
Canada
1.21
-10%
108.4
211.2
John Wiley & Sons Inc.
United States
64.66
-1%
3,809.1
United States
11.88
-1%
4.73
-14%
Meredith Corporation
* United States
United States
53.64
-4%
Reed Elsevier plc (1)
Scholastic Corporation
* United Kingdom
United States
17.27
-7%
37.01
-1%
The E. W. Scripps Company
* United States
United States
23.06
-2%
2.32
The New York Times Company
United States
13.99
Time Inc.
United States
23.70
Martha Stewart Living Omnimedia Inc.
The McClatchy Company
$
Value
190.1
4,527.2
$
LTM
Value
31.9
Revenue
$
272.8
5,641.6
2,938.1
$
EBITDA
5.9
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
LTM Multiples
1.8x
EV/EBITDA
6.8x
11.5x
Software
 Within the Software segment, a total of $2.8 billion in reported value involved strategic buyers, while another $1.6 billion in
investments were announced
 Financial was the most active subsegment with 20 transactions worth $3 billion followed by Big Data with 10 transactions worth a total
of $45 million
• Infosys’ $200 million purchase of enterprise resource planning software developer Panaya
• Marketplace lending platform Social Finance’s $200 million Series D round from Third Point Ventures with participation from
Wellington Management, Institutional Venture Partners, and Goldman Sachs
• ABRY Partners’ $144 million investment in government civic engagement solutions provider Accela
SOFTWARE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
Buyout
%
#
$MM
#
$MM
#
$MM
Financial
20
17%
$2,979.4
64%
7
$2,549.6
1
-
12
$429.8
Big Data
10
9%
45.0
1%
4
-
0
-
6
45.0
Healthcare
9
8%
73.3
2%
3
-
0
-
6
73.3
Data Management
7
6%
105.8
2%
1
-
0
-
6
105.8
ERP
6
5%
778.4
17%
2
3
328.5
Infrastructure
Other*
Total
200.0
1
249.9
6
5%
128.1
3%
1
-
0
-
5
128.1
58
50%
514.3
9%
25
38.0
2
-
31
476.3
116
100%
4,624.3
100%
43
2,787.6
4
69
1,586.8
249.9
*Other includes Application Management, Credit/Risk, Collaboration, Engineering, Enterprise Mobility, HR, Legal, Security, Security, Software Development Tools, and Software Platform
Software
Financial & Credit/Risk Management Software
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Advent Software, Inc.
United States
$44.17
0%
Ebix Inc.
United States
26.28
-8%
Epiq Systems, Inc.
United States
17.60
Fidessa group plc
United Kingdom
Equity
Ent.
LTM
Value
2,496.2
Revenue
$
396.8
963.9
980.3
204.5
-12%
640.8
912.3
35.92
-15%
1,365.1
* United States
United Kingdom
55.66
-4%
3,873.3
0.43
-24%
524.0
444.3
Intuit Inc.
United States
97.63
0%
27,016.8
26,148.8
Management Consulting Group PLC
United Kingdom
0.22
-52%
107.9
182.0
Model N, Inc.
United States
12.37
-1%
317.3
220.9
* United States
United States
96.42
-20%
7,399.2
5.25
-52%
259.1
Q2 Holdings, Inc.
United States
19.81
-10%
692.1
RealPage, Inc.
United States
20.23
-12%
1,592.7
Solera Holdings Inc.
United States
55.74
-20%
3,745.4
SS&C Technologies Holdings, Inc.
United States
60.68
-7%
5,114.3
Tyler Technologies, Inc.
United States
119.37
-1%
4,008.6
Guidewire Software, Inc.
Innovation Group plc
NetSuite Inc.
Performant Financial Corporation
$
Value
2,312.3
$
$
EBITDA
102.8
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
25.9%
3.6%
6.3x
24.3x
80.0
39.1%
-1.6%
4.8x
12.3x
456.6
57.6
12.6%
12.5%
2.0x
15.8x
1,246.5
428.6
77.9
18.2%
-1.4%
2.9x
16.0x
3,373.1
363.5
32.9
9.1%
19.6%
9.3x
102.4x
340.3
54.2
15.9%
2.6%
1.3x
8.2x
4,582.0
1,400.0
30.6%
11.0%
5.7x
18.7x
442.8
35.5
8.0%
-1.3%
0.4x
5.1x
82.3
(19.6)
NM
-18.6%
2.7x
NM
7,214.5
556.3
(53.2)
NM
34.2%
13.0x
NM
290.6
195.4
39.7
20.3%
-23.5%
1.5x
7.3x
603.7
79.1
(15.0)
NM
39.1%
7.6x
NM
1,585.8
404.6
32.7
8.1%
7.3%
3.9x
48.5x
6,054.3
1,093.1
414.9
38.0%
22.8%
5.5x
14.6x
5,643.6
767.9
300.2
39.1%
7.7%
7.3x
18.8x
3,802.4
493.1
107.6
21.8%
18.4%
7.7x
35.3x
6.0x
20.6x
Healthcare Software
Stock Price
02/27/15
Company Name
Headquarters
Allscripts Healthcare Solutions, Inc.
United States
12.01
* United States
France
Cerner Corporation
Chg % From
52WK High
Equity
Ent.
LTM
-39%
Value
2,164.0
Value
2,687.0
Revenue
1,377.9
127.07
-38%
4,853.6
4,947.1
37.34
-2%
521.7
United States
72.06
-2%
Civitas Solutions, Inc.
United States
18.99
Computer Programs & Systems Inc.
United States
52.60
Craneware plc
United Kingdom
8.03
athenahealth, Inc.
Cegedim SA
HealthEquity, Inc.
EBITDA
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
91.4
6.6%
0.4%
2.0x
29.4x
752.6
61.6
8.2%
26.5%
6.6x
80.4x
1,087.4
1,133.8
149.6
13.2%
-0.8%
1.0x
7.3x
24,686.9
23,396.4
3,312.8
962.0
29.0%
16.6%
7.1x
24.3x
-5%
701.7
1,346.3
1,286.4
134.1
10.4%
7.9%
1.0x
10.0x
-27%
589.6
555.1
204.7
53.2
26.0%
1.9%
2.7x
10.4x
-14%
215.6
186.1
42.6
12.2
28.6%
2.7%
4.4x
15.3x
* United States
United States
20.27
-27%
1,109.9
1,002.0
80.1
21.8
27.1%
0.0%
12.5x
46.1x
228.70
-1%
53,251.7
60,591.7
173,870.0
3,921.0
2.3%
33.7%
0.3x
15.5x
MedAssets, Inc.
United States
19.21
-26%
1,156.4
2,034.1
720.2
215.3
29.9%
5.9%
2.8x
9.4x
Medidata Solutions, Inc.
United States
48.11
-29%
2,617.8
2,585.9
335.1
36.3
10.8%
21.0%
7.7x
71.3x
Merge Healthcare Incorporated
United States
4.00
-15%
383.7
567.3
212.3
41.5
19.5%
-8.4%
2.7x
13.7x
Quality Systems Inc.
United States
17.38
-8%
1,047.8
922.9
477.0
43.0
9.0%
8.2%
1.9x
21.5x
Streamline Health Solutions, Inc.
United States
4.10
-36%
75.7
85.4
27.5
(10.8)
NM
-4.1%
3.1x
NM
* United States
* United States
13.74
-37%
139.9
152.7
277.5
1.0
0.4%
19.6%
0.6x
150.6x
30.87
-22%
4,031.5
3,638.6
289.0
63.1
21.8%
54.4%
12.6x
57.7x
McKesson Corporation
USMD Holdings, Inc.
Veeva Systems Inc.
2.8x
21.8x
Software
HR Software
Company Name
Headquarters
51job Inc.
China
Benefitfocus, Inc.
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
LTM
Revenue
$
288.6
LTM
LTM Multiples
Rev Growth
EV/Rev
EV/EBITDA
15.3%
5.4x
17.7x
137.4
(51.7)
NM
31.2%
6.1x
NM
465.7
45.6
(84.8)
NM
251.5%
10.2x
NM
1,711.9
1,654.9
263.6
(37.5)
NM
42.4%
6.3x
NM
-24%
473.2
556.9
262.6
74.0
28.2%
23.0%
2.1x
7.5x
267.20
-3%
33,431.5
31,075.2
2,218.8
232.4
10.5%
45.2%
14.0x
133.7x
6.72
-21%
610.3
781.6
770.0
68.7
8.9%
-4.7%
1.0x
11.4x
United States
31.88
-9%
1,716.7
1,718.5
150.9
22.9
15.1%
40.3%
11.4x
75.2x
Paylocity Holding Corporation
United States
29.89
-4%
1,509.1
1,419.6
127.8
(9.4)
NM
41.2%
11.1x
NM
The Ultimate Software Group, Inc.
United States
164.65
-3%
4,671.1
4,562.9
505.9
73.6
14.5%
23.3%
9.0x
62.0x
Workday, Inc.
United States
85.50
-27%
15,988.5
14,624.5
787.9
(156.5)
NM
68.0%
18.6x
$35.50
-10%
United States
32.56
-55%
833.8
831.7
Castlight Health, Inc.
United States
7.29
-83%
658.2
Cornerstone OnDemand, Inc.
United States
31.97
-48%
Dice Holdings, Inc.
United States
8.76
* United States
United States
Paycom Software, Inc.
EBITDA
EBITDA
30.5%
$
Value
1,556.3
LTM Margin
88.1
$
Value
2,096.0
$
13.8x
NM
48.7x
Security Software
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Absolute Software Corporation
Canada
$8.18
-2%
AVG Technologies N.V.
Netherlands
22.57
0%
Check Point Software Technologies Ltd.
Israel
83.49
Cisco Systems, Inc.
United States
Cheetah Mobile Inc.
CyberArk Software, Ltd.
* China
* Israel
Equity
Ent.
LTM
Value
303.8
Revenue
$
93.7
1,164.2
1,290.2
-1%
15,929.1
29.51
-2%
19.25
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
22.2%
8.4%
3.2x
14.6x
374.1
112.8
30.2%
-8.1%
3.4x
11.4x
14,616.6
1,495.8
812.1
54.3%
7.3%
9.8x
18.0x
150,640.8
118,155.8
48,083.0
13,979.0
29.1%
0.4%
2.5x
8.5x
-37%
2,466.3
2,195.4
235.2
17.2
7.3%
139.6%
9.3x
127.4x
76.8x
$
EBITDA
LTM Margin
20.8
$
Value
360.9
$
59.27
-16%
1,805.9
1,628.7
103.0
21.2
20.6%
55.7%
15.8x
FireEye, Inc.
United States
44.27
-55%
6,659.1
6,256.9
425.7
(379.2)
NM
163.5%
14.7x
NM
Fortinet Inc.
United States
33.61
-3%
5,540.8
4,820.8
770.4
81.4
10.6%
25.2%
6.3x
59.3x
Gemalto NV
Netherlands
81.34
-17%
7,107.7
6,706.3
3,268.7
488.5
14.9%
1.2%
2.1x
13.7x
Imperva Inc.
United States
46.10
-31%
1,225.6
1,115.8
164.0
(52.8)
NM
19.1%
6.8x
NM
Imprivata, Inc.
United States
13.69
-19%
325.4
248.1
97.0
(12.8)
NM
36.4%
2.6x
NM
Infoblox Inc.
United States
23.25
-7%
1,298.0
998.2
267.0
(23.7)
NM
8.7%
3.7x
NM
Juniper Networks, Inc.
United States
23.91
-12%
9,731.1
9,108.3
4,627.1
817.0
17.7%
-0.9%
2.0x
11.1x
35.48
-41%
7,612.4
7,239.6
143.6
(12.1)
NM
76.8%
50.4x
NM
4.07
-82%
361.3
313.2
310.5
(59.3)
NM
95.4%
1.0x
NM
NM
Mobileye N.V.
NQ Mobile Inc.
* Israel
China
Palo Alto Networks, Inc.
United States
142.22
-3%
11,455.3
11,155.6
662.3
(58.5)
NM
51.1%
16.8x
Proofpoint, Inc.
United States
56.64
-3%
2,208.6
2,156.0
195.6
(33.3)
NM
41.8%
11.0x
NM
Qihoo 360 Technology Co. Ltd.
China
45.73
-63%
5,758.7
5,772.9
1,181.1
291.2
24.7%
113.8%
4.9x
19.8x
Symantec Corporation
United States
25.16
-8%
17,168.7
15,523.7
6,615.0
1,920.0
29.0%
-2.7%
2.3x
8.1x
Trend Micro Inc.
Japan
34.01
0%
4,582.8
3,434.3
961.6
344.5
35.8%
6.4%
3.6x
10.0x
VeriSign, Inc.
United States
64.02
-1%
7,482.9
7,439.4
1,010.1
628.1
62.2%
4.7%
7.4x
11.8x
4.4x
11.1x
Software
Engineering Software
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Ansys, Inc.
United States
$85.97
-3%
* United States
United Kingdom
64.24
-1%
24.64
70.11
Autodesk, Inc.
Aveva Group plc
Dassault Systemes SA
France
Equity
Ent.
LTM
Value
6,950.5
Revenue
$
936.0
14,615.9
13,336.7
2,512.2
-35%
1,573.7
1,393.8
-1%
17,638.8
16,742.5
$
Value
7,739.3
$
$
EBITDA
430.2
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
46.0%
8.7%
7.4x
16.2x
269.7
10.7%
10.5%
5.3x
49.5x
348.4
94.8
27.2%
-7.1%
4.0x
14.7x
2,777.1
734.9
26.5%
11.0%
6.0x
22.8x
6.0x
20.4x
Infrastructure Software
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Adobe Systems Incorporated
United States
$79.10
-1%
CA, Inc.
United States
32.52
-4%
CommVault Systems, Inc.
United States
48.27
Covisint Corporation
United States
Daegis Inc.
United States
Endurance International Group Holdings, Inc.
United States
Guidance Software, Inc.
United States
* United States
United States
Informatica Corporation
United States
IntraLinks Holdings, Inc.
United States
NetSuite Inc.
United States
Opera Software ASA
Norway
Oracle Corporation
United States
Rally Software Development Corp.
United States
Equity
Ent.
LTM
Value
37,229.2
Revenue
$
4,147.1
14,400.0
13,115.0
4,426.0
-33%
2,167.2
1,802.3
2.50
-79%
97.5
0.64
-55%
10.5
18.62
-9%
5.87
-49%
23.03
161.94
$
Value
39,454.4
$
$
EBITDA
756.2
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
49.2x
18.2%
2.3%
9.0x
1,376.0
31.1%
-0.4%
3.0x
9.5x
613.6
70.3
11.5%
8.1%
2.9x
25.6x
54.2
89.5
(33.7)
NM
-9.1%
0.6x
NM
18.1
26.4
3.8
14.5%
-20.9%
0.7x
4.7x
2,437.6
3,530.8
629.8
146.2
23.2%
21.1%
5.6x
24.2x
175.7
157.4
108.7
(5.7)
NM
-1.7%
1.4x
NM
-23%
944.0
739.5
46.0
(171.9)
NM
71.8%
16.1x
NM
-19%
160,065.4
192,534.4
92,793.0
24,372.0
26.3%
-5.7%
2.1x
7.9x
42.95
-4%
4,667.0
3,945.3
1,048.0
195.6
18.7%
10.5%
3.8x
20.2x
10.37
-16%
582.0
608.3
255.8
27.7
10.8%
9.1%
2.4x
22.0x
96.42
-20%
7,399.2
7,214.5
556.3
(53.2)
NM
34.2%
13.0x
NM
7.74
-44%
1,098.4
1,024.6
480.8
106.5
22.2%
60.2%
2.1x
9.6x
43.82
-6%
192,429.7
180,571.7
38,822.0
16,943.0
43.6%
3.4%
4.7x
10.7x
11.90
-42%
300.1
229.6
82.6
(26.3)
NM
17.6%
2.8x
NM
* United States
* United States
69.38
-2%
43,778.8
44,980.9
5,373.6
302.7
5.6%
32.0%
8.4x
148.6x
76.26
-6%
11,309.4
11,084.3
682.6
(108.6)
NM
60.7%
16.2x
NM
Textura Corporation
United States
28.21
-8%
721.8
655.5
63.0
(14.4)
NM
31.2%
10.4x
NM
Varonis Systems, Inc.
United States
30.89
-46%
762.8
651.0
101.3
(16.0)
NM
35.8%
6.4x
Hortonworks Inc.
IBM Corporation
salesforce.com, inc.
ServiceNow, Inc.
4.6x
NM
13.5x
 The Information Services segment reported eight transactions worth $96 million
 Healthcare Information was the most active and highest reported value subsegment with five deals worth $89 million
• The $70 million purchase of customer satisfaction and medical imaging information company DR Systems by health information
systems provider Merge Healthcare
• FactSet Research Systems’ acquisition of research management solutions provider Code Red
• Audax Group’s significant investment in Corepoint, a provider of internal and external health data integration and exchanges for
hospitals
INFORMATION SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
#
93%
1
Buyout
$MM
#
$MM
#
$MM
70.0
1
-
3
$18.5
Healthcare Information
5
63%
Financial Information
1
13%
-
0%
1
-
0
-
0
IT Information
1
13%
-
0%
0
-
1
-
0
-
Legal Information
1
13%
7.0
7%
0
-
0
-
1
7.0
Engineering/Scientific/Tech Information
0
0%
-
0%
0
-
0
-
0
-
Other*
0
0%
0.0
0%
0
-
0
-
0
-
Total
8
100%
95.5
100%
2
70.0
2
0.0
4
25.5
$88.5
Strategic
%
-
Financial & Credit/Risk Management Information
Company Name
Headquarters
Broadridge Financial Solutions, Inc.
United States
Computershare Limited
Australia
CoreLogic, Inc.
CoStar Group Inc.
DST Systems Inc.
Dun & Bradstreet Corp.
Envestnet, Inc.
Equifax Inc.
Stock Price
02/27/15
Chg % From
52WK High
Equity
$
Value
6,433.5
Ent.
$
LTM
Value
6,643.6
Revenue
$
2,622.6
$53.23
-1%
9.83
-4%
5,464.9
6,676.7
1,994.7
United States
33.34
-9%
2,993.6
4,215.2
* United States
United States
199.16
-9%
6,435.3
106.29
-3%
United States
132.48
-3%
* United States
United States
53.88
-6%
1,850.3
1,786.4
93.37
-1%
11,156.5
12,588.8
18.51
-2%
18,313.9
21,971.2
$
EBITDA
522.4
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
19.9%
4.6%
2.5x
12.7x
471.8
23.7%
-0.9%
3.3x
14.2x
1,405.0
304.7
21.7%
5.6%
3.0x
13.8x
6,293.2
575.9
148.4
25.8%
30.6%
10.9x
42.4x
3,943.8
4,345.0
2,749.3
456.1
16.6%
3.4%
1.6x
9.5x
4,765.2
6,097.2
1,681.8
507.7
30.2%
1.6%
3.6x
12.0x
348.7
39.9
11.4%
43.8%
5.1x
44.8x
2,436.4
850.3
34.9%
5.8%
5.2x
14.8x
4,890.0
1,709.0
34.9%
2.2%
4.5x
12.9x
Experian plc
Ireland
FactSet Research Systems Inc.
United States
155.55
-2%
6,487.5
6,347.6
940.0
341.6
36.3%
8.0%
6.8x
18.6x
Fair Isaac Corporation
United States
85.12
-1%
2,675.0
3,187.3
794.2
184.7
23.3%
7.6%
4.0x
17.3x
Fidelity National Information Services, Inc.
United States
67.59
-2%
19,178.7
23,888.4
6,413.8
1,918.4
29.9%
5.7%
3.7x
12.5x
Financial Engines, Inc.
United States
40.30
-34%
2,094.3
1,787.9
281.9
65.7
23.3%
18.0%
6.3x
27.2x
McGraw Hill Financial, Inc.
United States
103.10
-2%
28,197.9
27,357.9
5,051.0
1,951.0
38.6%
7.4%
5.4x
14.0x
Moody's Corporation
United States
96.94
-5%
19,649.7
20,750.1
3,334.3
1,534.9
46.0%
12.2%
6.2x
13.5x
Morningstar Inc.
United States
74.65
-11%
3,328.0
3,133.5
760.1
221.5
29.1%
8.9%
4.1x
14.1x
MSCI Inc.
United States
56.11
-3%
6,289.9
6,634.7
996.7
410.9
41.2%
-3.8%
6.7x
16.1x
Reis, Inc.
United States
24.21
-16%
269.6
253.2
39.8
10.2
25.5%
16.8%
6.4x
24.9x
SEI Investments Co.
United States
43.04
-1%
7,180.4
6,513.0
1,266.0
375.6
29.7%
12.4%
5.1x
17.3x
Thomson Reuters Corporation
United States
39.21
-3%
31,211.1
38,071.2
12,607.0
2,620.0
20.8%
-0.7%
3.0x
14.5x
Verisk Analytics, Inc.
United States
71.81
-4%
11,353.8
12,747.5
1,746.7
790.1
45.2%
9.5%
7.3x
16.1x
Workiva LLC
United States
12.80
-23%
505.9
495.6
106.1
(28.8)
NM
0.0%
4.7x
NM
4.7x
14.3x
Marketing Information
Stock Price
02/27/15
Chg % From
52WK High
Equity
Ent.
LTM
Company Name
Headquarters
Acxiom Corporation
United States
$20.00
-49%
United States
278.51
-8%
Brainjuicer Group Plc
United Kingdom
5.89
-30%
74.5
70.6
Cello Group Plc
United Kingdom
1.42
-8%
120.7
136.6
51.59
-7%
1,763.8
1,747.2
329.2
3.59
-41%
64.8
65.6
72.0
1.97
-9%
142.9
190.6
113.1
41.37
-17%
1,510.3
1,965.5
1,842.3
comScore, Inc.
Cross Marketing Inc.
* United States
Japan
$
Value
1,545.5
17,830.2
$
Value
1,714.7
Revenue
$
1,066.5
31,163.2
5,302.9
$
EBITDA
174.3
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.3%
-0.4%
1.6x
9.8x
1,517.4
28.6%
22.8%
5.9x
20.5x
42.6
6.9
16.1%
17.4%
1.7x
10.3x
284.7
19.1
6.7%
15.5%
0.5x
7.1x
22.9
6.9%
14.7%
5.3x
76.4x
6.2
8.6%
36.4%
0.9x
10.6x
18.7
16.5%
6.8%
1.7x
10.2x
275.8
15.0%
-3.2%
1.1x
7.1x
Ebiquity plc
United Kingdom
GfK SE
Germany
Harte-Hanks Inc.
United States
7.75
-15%
481.0
501.1
553.7
55.7
10.1%
-1.1%
0.9x
9.0x
InnerWorkings Inc.
United States
6.35
-33%
334.9
416.9
1,000.1
34.5
3.4%
12.3%
0.4x
12.1x
Marketing Information (Contd.)
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Intage Holdings Inc.
Japan
16.47
-3%
Ipsos SA
France
27.86
-22%
NeuStar, Inc.
United States
26.52
Nielsen N.V.
Netherlands
Onvia Inc.
United States
Pearson plc
United Kingdom
* United States
United Kingdom
Rentrak Corporation
YouGov PLC
Equity
Ent.
LTM
Value
279.5
Revenue
$
365.2
1,261.0
1,896.3
-28%
1,477.6
45.21
-9%
16,784.8
4.66
-16%
34.5
26.5
21.94
-1%
17,792.2
20,497.4
54.75
-37%
832.5
748.2
1.91
-7%
192.5
181.4
$
Value
328.7
$
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
48.0
13.1%
7.6%
0.8x
5.8x
2,020.8
234.6
11.6%
-2.5%
0.9x
8.1x
1,943.6
963.6
358.6
37.2%
6.8%
2.0x
5.4x
23,456.8
6,288.0
1,534.0
24.4%
10.3%
3.7x
15.3x
22.6
2.4
10.4%
2.7%
1.2x
11.3x
7,596.0
1,165.7
15.3%
-3.8%
2.7x
17.6x
96.0
(2.7)
NM
137.6%
7.8x
NM
113.8
9.4
8.2%
7.7%
1.6x
19.4x
3.8x
16.6x
Other Information
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Centaur Media plc
United Kingdom
$1.00
-15%
Corporate Executive Board Co.
United States
78.21
-3%
Forrester Research Inc.
United States
37.62
Gartner Inc.
United States
IHS Inc.
United States
Informa plc
Equity
Ent.
LTM
Value
157.2
Revenue
$
125.9
2,631.0
3,021.6
-10%
684.9
83.11
-5%
117.53
Switzerland
National Research Corp.
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
2.2%
1.2x
10.8x
909.0
206.4
22.7%
10.8%
3.3x
14.6x
572.4
312.1
31.8
10.2%
4.8%
1.8x
18.0x
7,316.0
7,348.6
2,021.4
346.5
17.1%
13.3%
3.6x
21.2x
-18%
8,036.8
9,726.0
2,230.8
510.6
22.9%
21.2%
4.4x
19.0x
8.54
-2%
5,538.4
6,894.4
1,772.0
508.5
28.7%
0.4%
3.9x
13.6x
United States
32.75
-27%
404.9
367.2
98.8
32.0
32.4%
6.7%
3.7x
11.5x
Markit Ltd.
United Kingdom
26.65
-3%
4,841.4
5,195.9
1,065.1
473.9
44.5%
12.4%
4.9x
11.0x
NIC Inc.
United States
17.50
-18%
1,144.0
1,056.0
272.1
71.2
26.2%
9.2%
3.9x
14.8x
Premier, Inc.
United States
36.66
-1%
1,369.4
1,057.3
939.8
315.4
33.6%
2.8%
1.1x
3.4x
* United States
United Kingdom
56.64
-3%
2,208.6
2,156.0
195.6
(33.3)
NM
41.8%
11.0x
NM
17.27
-7%
36,486.4
43,425.8
9,944.2
3,154.3
31.7%
6.6%
4.4x
13.8x
United States
55.74
-20%
3,745.4
6,054.3
1,093.1
414.9
38.0%
22.8%
5.5x
14.6x
3.28
-9%
328.5
390.7
124.8
42.6
34.2%
25.0%
3.1x
9.2x
12.14
-1%
393.0
368.2
106.2
13.3
12.5%
20.0%
3.5x
27.7x
54.12
-23%
2,282.3
2,194.6
574.2
63.7
11.1%
14.3%
3.8x
34.4x
8.38
-26%
3,707.1
4,591.7
1,182.6
295.2
25.0%
-4.4%
3.9x
15.6x
32.50
-1%
9,590.7
11,731.2
4,430.2
1,093.0
24.7%
2.7%
2.6x
10.7x
Reed Elsevier plc
Solera Holdings Inc.
Tarsus Group plc
TechTarget, Inc.
The Advisory Board Company
Ireland
* United States
* United States
UBM plc
United Kingdom
Wolters Kluwer NV
Netherlands
$
LTM Margin
11.5%
(1)
$
EBITDA
14.5
Proofpoint, Inc.
$
Value
141.7
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
4.0x
14.4x
Business Services
 Corporate Training was the most active and highest reported value subsegment with seven deals worth $274 million, followed by
Logistics which reported six deals worth $43 million
• Pharmacy benefit management services provider Catamaran’s $405 million purchase of healthcare services provider Healthcare
Solutions, which focuses on the workers’ compensation market
• R.R. Donnelley & Sons $306 million purchase printing services firm Courier Corp.
• Vector Capital’s acquisition of enterprise talent management software solutions developer Saba Software
INFORMATION & BUSINESS SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
#
$MM
#
7
22%
274.1
24%
1
-
3
Logistics
6
19%
43.0
4%
4
-
0
Financial Consulting
5
16%
90.0
8%
1
-
Healthcare Consulting
5
16%
426.0
37%
3
IT Consulting/Systems Integration
3
9%
$2.2
0%
2
BPO
2
6%
-
0%
Staffing
0
0%
-
0%
Contact Center
0
0%
-
Other*
4
13%
32
100%
*Other includes Printing Services and Fulfillment
$MM
Buyout
Training
Total
%
Strategic
$MM
#
$MM
3
8.1
-
2
43.0
1
-
3
90.0
0
-
2
21.0
-
0
-
1
2.2
2
-
0
-
0
-
0
-
0
-
0
-
0%
0
-
0
-
0
-
312.4
27%
3
306.4
0
-
1
6.0
1,147.7
100%
16
711.4
4
12
170.3
405.0
266.0
266.0
Business Services
Consulting
Stock Price
02/27/15
Company Name
Headquarters
CRA International Inc.
United States
30.09
FTI Consulting, Inc.
United States
Information Services Group, Inc.
Chg % From
52WK High
Equity
Ent.
LTM
-7%
Value
286.7
Value
238.5
Revenue
306.4
EBITDA
29.8
36.87
-14%
1,480.3
1,907.6
1,756.2
United States
3.91
-28%
143.5
176.8
Navigant Consulting Inc.
United States
13.99
-26%
672.7
ICF International Inc.
United States
41.90
-1%
Huron Consulting Group Inc.
United States
66.65
The Hackett Group, Inc.
United States
8.81
* United States
131.50
Towers Watson & Co.
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
9.7%
10.0%
0.8x
8.0x
206.0
11.7%
6.3%
1.1x
9.3x
209.8
21.4
10.2%
1.3%
0.8x
8.3x
779.9
766.6
116.7
15.2%
4.4%
1.0x
6.7x
812.8
1,150.7
1,050.1
93.2
8.9%
10.6%
1.1x
12.4x
-16%
1,466.7
1,567.1
811.3
154.9
19.1%
12.6%
1.9x
10.1x
-6%
256.3
259.9
213.5
21.0
9.8%
6.6%
1.2x
12.4x
-2%
9,148.3
8,757.6
3,619.8
690.6
19.1%
5.6%
2.4x
12.7x
2.0x
9.8x
HR Services
Stock Price
02/27/15
Company Name
Headquarters
Automatic Data Processing, Inc.
United States
88.84
Barrett Business Services Inc.
United States
Capita plc
United Kingdom
Dice Holdings, Inc.
United States
Edenred SA
France
Insperity, Inc.
Chg % From
52WK High
Equity
Ent.
LTM
-1%
Value
42,212.5
Value
40,270.1
Revenue
12,585.9
EBITDA
2,653.3
37.25
-48%
265.1
268.7
636.2
18.35
-5%
12,110.4
14,895.4
6,823.2
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
21.1%
16.9%
3.2x
(43.5)
NM
19.4%
0.4x
15.2x
NM
970.5
14.2%
12.4%
2.2x
15.3x
8.76
-24%
473.2
556.9
262.6
74.0
28.2%
23.0%
2.1x
7.5x
27.34
-10%
6,195.1
6,531.5
1,159.6
369.2
31.8%
0.8%
5.6x
17.7x
United States
51.80
-2%
1,312.6
1,007.5
2,357.8
68.4
2.9%
4.5%
0.4x
14.7x
* United States
United States
267.20
-3%
33,431.5
31,075.2
2,218.8
232.4
10.5%
45.2%
14.0x
133.7x
56.89
-3%
30,651.2
32,080.2
12,951.0
2,686.3
20.7%
5.6%
2.5x
11.9x
United States
6.72
-21%
610.3
781.6
770.0
68.7
8.9%
-4.7%
1.0x
11.4x
Paychex, Inc.
United States
49.84
-1%
18,097.4
17,568.4
2,632.5
1,123.8
42.7%
9.3%
6.7x
15.6x
Professional Diversity Network LLC
United States
4.81
-16%
62.2
51.6
5.0
(2.7)
NM
16.5%
10.3x
NM
Towers Watson & Co.
United States
131.50
-2%
9,148.3
8,757.6
3,619.8
690.6
19.1%
5.6%
2.4x
12.7x
TriNet Group, Inc.
United States
36.34
-2%
2,529.1
2,981.4
2,071.5
171.1
8.3%
39.5%
1.4x
17.4x
WageWorks, Inc.
United States
57.45
-12%
2,041.8
1,707.7
267.8
56.8
21.2%
22.1%
6.4x
30.1x
Marsh & McLennan Companies, Inc.
3.5x
14.6x
Business Services
IT Consulting/Systems Integration
Stock Price
02/27/15
Chg % From
52WK High
Company Name
Headquarters
Accenture plc
Ireland
90.03
-2%
Amdocs Limited
Channel Islands
52.50
-1%
Bechtle AG
Germany
81.37
Booz Allen Hamilton Holding Corporation
United States
Broadridge Financial Solutions, Inc.
United States
Business & Decision SA
Equity
Ent.
LTM
Value
52,637.3
Revenue
$
30,539.4
8,156.4
6,887.8
3,605.9
-5%
1,708.8
1,677.4
29.76
-5%
4,401.8
53.23
-1%
France
5.98
Cap Gemini S.A.
France
CGI Group, Inc.
$
Value
56,550.5
$
$
EBITDA
4,820.5
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
15.8%
6.4%
1.7x
10.9x
683.2
18.9%
6.6%
1.9x
10.1x
3,143.6
165.3
5.3%
13.0%
0.5x
10.1x
5,840.3
5,331.7
520.7
9.8%
-5.2%
1.1x
11.2x
6,433.5
6,643.6
2,622.6
522.4
19.9%
4.6%
2.5x
12.7x
-4%
47.1
80.4
271.3
13.9
5.1%
-5.0%
0.3x
5.8x
81.03
0%
12,863.9
11,631.6
12,797.9
1,361.7
10.6%
4.8%
0.9x
8.5x
Canada
41.81
-9%
13,053.8
14,624.0
8,977.2
1,481.7
16.5%
2.0%
1.6x
9.9x
Cognizant Technology Solutions Corporation
United States
62.49
-1%
38,048.2
35,911.0
10,262.7
2,078.5
20.3%
16.1%
3.5x
17.3x
Computer Sciences Corporation
United States
70.92
-3%
10,003.1
10,359.1
12,593.0
1,319.0
10.5%
-4.4%
0.8x
7.9x
CSG Systems International Inc.
United States
29.91
-3%
1,026.8
1,080.8
751.3
135.0
18.0%
0.5%
1.4x
8.0x
* United States
Luxembourg
10.58
-2%
257.7
180.0
194.1
4.7
2.4%
-0.8%
0.9x
38.3x
16.69
3%
560.9
500.0
199.6
27.8
13.9%
26.1%
2.5x
18.0x
International Business Machines Corporation
United States
161.94
-19%
160,065.4
192,534.4
92,793.0
24,372.0
26.3%
-5.7%
2.1x
7.9x
Infosys Ltd.
India
36.69
-3%
41,933.1
36,489.2
8,644.0
2,489.0
28.8%
6.8%
4.2x
14.7x
ITS Group
France
8.52
-15%
64.7
76.0
220.6
13.3
6.0%
78.7%
0.3x
5.7x
NCI, Inc.
United States
12.03
-8%
156.5
130.6
317.0
20.3
6.4%
-4.6%
0.4x
6.4x
NTT Data Corporation
Japan
41.24
-1%
11,568.3
13,755.7
12,255.9
1,852.4
15.1%
10.2%
1.1x
7.4x
Perficient Inc.
United States
19.88
-6%
684.3
753.7
411.0
56.3
13.7%
19.6%
1.8x
13.4x
43.13
-6%
84,474.4
82,173.8
14,550.3
4,253.6
29.2%
19.9%
5.6x
19.3x
10.60
-2%
26,003.8
23,393.0
7,350.3
1,668.4
22.7%
12.7%
3.2x
14.0x
Digi International Inc.
Globant S.A.
Tata Consultancy Services Limited
Wipro Ltd.
* India
India
2.3x
12.2x
Outsourced Services
Company Name
AMREP Corporation
Cenveo Inc.
Communisis plc
Cineplex Inc.
Contax Participacoes S.A.
Headquarters
* United States
United States
United Kingdom
* Canada
Brazil
Equity
$
Value
43.6
Ent.
$
LTM
Value
42.9
Revenue
$
81.3
$5.41
-29%
2.09
-46%
141.6
1,361.4
0.90
-21%
185.5
39.86
-1%
2,512.1
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
2.6
3.2%
-4.8%
0.5x
16.4x
1,949.0
136.3
7.0%
9.6%
0.7x
10.0x
241.5
544.4
37.7
6.9%
33.5%
0.4x
6.4x
2,763.5
1,066.2
170.1
16.0%
5.4%
2.6x
16.2x
0.56
-57%
292.2
566.9
1,419.1
184.1
13.0%
-3.9%
0.4x
3.1x
-8%
2,213.6
2,377.6
2,855.5
356.2
12.5%
39.6%
0.8x
6.7x
Sweden
5.55
-4%
147.1
254.4
476.7
37.4
7.8%
77.9%
0.5x
6.8x
Sweden
0.51
-94%
51.4
338.2
383.7
80.6
21.0%
-18.0%
0.9x
4.2x
34.90
-2%
1,148.4
1,011.7
499.3
60.8
12.2%
4.4%
2.0x
16.6x
United States
Elanders AB
Eniro AB
Firstsource Solutions Limited
Chg % From
52WK High
22.35
Convergys Corporation
Exlservice Holdings, Inc.
Stock Price
02/27/15
* United States
India
Genpact Limited
Bermuda
InnerWorkings Inc.
United States
0.51
-29%
340.7
448.5
483.1
59.0
12.2%
1.5%
0.9x
7.6x
22.22
-1%
4,859.2
5,190.1
2,279.4
373.6
16.4%
6.9%
2.3x
13.9x
6.35
-33%
334.9
416.9
1,000.1
34.5
3.4%
12.3%
0.4x
12.1x
Business Services
Outsourced Services (Contd.)
Company Name
Luxoft Holding, Inc.
MAXIMUS, Inc.
Headquarters
* SwitzerlandSwitzerland
United States
Stock Price
02/27/15
Chg % From
52WK High
Equity
$
Value
1,665.6
Ent.
$
LTM
Value
1,625.3
Revenue
$
489.5
50.70
-4%
59.23
-1%
3,900.9
3,752.4
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
94.5
19.3%
29.5%
3.3x
17.2x
1,761.4
277.0
15.7%
21.3%
2.1x
13.5x
Quad/Graphics, Inc.
United States
23.43
-3%
1,143.2
2,568.2
4,862.4
545.0
11.2%
1.4%
0.5x
4.7x
Quintiles Transnational Holdings Inc.
United States
64.98
-2%
8,078.0
9,518.4
4,165.8
687.3
16.5%
9.4%
2.3x
13.8x
R.R. Donnelley & Sons Company
United States
19.07
-3%
3,810.4
6,941.6
11,603.4
1,105.3
9.5%
10.7%
0.6x
6.3x
* Australia
United Kingdom
0.93
-43%
148.6
139.8
388.0
6.4
1.6%
3.9%
0.4x
22.0x
3.44
-55%
1,846.5
2,752.2
7,171.0
308.2
4.3%
-1.8%
0.4x
8.9x
St Ives plc
United Kingdom
2.90
-16%
368.5
434.5
556.6
54.8
9.8%
2.5%
0.8x
7.9x
StarTek, Inc.
United States
7.60
-25%
117.0
111.7
250.1
9.5
3.8%
8.1%
0.4x
11.8x
Sykes Enterprises, Incorporated
United States
23.25
-6%
1,006.5
866.3
1,327.5
138.0
10.4%
5.1%
0.7x
6.3x
Teleperformance S.A.
France
77.40
-2%
4,422.4
4,845.1
3,338.4
437.0
13.1%
13.4%
1.5x
11.1x
TeleTech Holdings Inc.
United States
24.30
-19%
1,184.2
1,109.7
1,241.8
155.1
12.5%
4.1%
0.9x
7.2x
Trans Cosmos, Inc.
Japan
20.07
-3%
825.8
593.6
1,649.3
99.1
6.0%
10.8%
0.4x
6.0x
Transcontinental Inc.
Canada
13.35
-2%
1,044.3
1,398.0
1,834.3
332.8
18.1%
-1.3%
0.8x
4.2x
Cimpress N.V.
Netherlands
83.50
-4%
2,722.4
3,049.9
1,398.2
203.5
14.6%
15.2%
2.2x
15.0x
West Corporation
United States
34.15
-5%
2,878.2
6,421.9
2,218.6
645.4
29.1%
4.6%
2.9x
10.0x
Xchanging PLC
United Kingdom
2.22
-25%
543.5
555.4
893.8
113.3
12.7%
-16.4%
0.6x
4.9x
Salmat Limited
Serco Group plc
1.3x
7.7x
PPLLC Indices
Valuation Summary
Current Summary Trading Valuation Information
3.5x
3.9x
4.3x
1.1x
1.5x
2.7x
5.8x
3.9x
1.5x
Revenue Multiples
MEDIAN
W. AVG
1.9x
8.6x
2.1x
9.0x
3.6x
4.6x
0.9x
1.5x
1.2x
3.2x
2.4x
3.4x
4.7x
5.3x
3.7x
4.6x
0.9x
3.3x
ADJ. W. AVG*
4.5x
4.6x
4.3x
1.5x
1.9x
3.2x
4.7x
4.4x
2.3x
MEAN
20.1x
23.7x
37.0x
11.6x
9.2x
12.6x
32.3x
16.9x
13.1x
EBITDA Multiples
MEDIAN
W. AVG
14.8x
26.3x
14.4x
21.1x
16.5x
25.2x
10.0x
10.5x
9.5x
13.2x
10.8x
11.7x
16.1x
25.1x
14.1x
15.9x
11.0x
21.8x
ADJ. W. AVG*
20.5x
21.2x
14.2x
10.5x
9.4x
11.7x
15.0x
14.8x
13.0x
Public Company Index
Digital Advertising
Agency
Marketing Services
Traditional Media
Software
Information
Business Services
MEAN
Public Company Index
Digital Advertising
Agency
Marketing Services
Traditional Media
Software
Information
Business Services
As of close of business on 02/27/15
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard
deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
PPLLC Indices
LTM Share Pricing Trends
Digital Media/Commerce and Traditional Media
Digital Advertising
LTM Index Performance
• S&P 500 –  14.0%
• S&P 500 –  14.0%
• Digital Media/Commerce – 
0.9%
• Digital Advertising –
(7.6)%
• Traditional Media –  10.7%
• S&P 500 –  14.0%
• Marketing Technology –
• S&P 500 –  14.0%
(0.3)%
• Agency –  8.9%
• Marketing Services –  1.3%
Note: LTM as of 2/27/2015
PPLLC Indices
LTM Share Pricing Trends
Software
• S&P 500 –  14.0%
• S&P 500 –  14.0%
• Software –  7.6%
• Information –  12.7%
• Business Services –  3.9%
Note: LTM as of 2/27/2015
All Segments
($ in Millions)
Strategic Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Values Disclosed
Advent Softwa re, Inc.
Orbi tz Worl dwi de, Inc.
Infront Sports & Medi a AG
Pentaho Corpora tion
MyFi tnes s Pa l , LLC
Hea l thca re Sol ution, Inc.
R.R. Donnel l ey & Sons Compa ny
Pa na ya Ltd.
Ta l a ba t.com
Z2Li ve, Inc.
Ea t24
Medi Medi a Pha rma Sol utions
Sunri s e Atel i er, Inc.
Di ni ngIn.com, Inc.
RPM Di rect, LLC
DR Sys tems , Inc.
Ni che
Optenet S.A.
Ya s hi , Inc.
Swyft Medi a
Gra vi tas Group Li mi ted
WATCons ul t
YoYo Ga mes Li mi ted
Soci a l Moov SAS
Prel ytix
Rocketmi l es , Inc.
Bri ghtWhi s tle, Inc.
Rel a xnews
MUSE & Co. Ltd.
Thi nki ngOfLi vi ng.com
Ambl i que Pty Ltd.
Softwa re
Di gi tal Medi a /Commerce
Agency & Ma rketing Servi ces
Ma rketing Technol ogy
Bus i nes s Servi ces
Softwa re
Informa tion
Softwa re
Di gi tal Advertis i ng
SS&C Technol ogi es Hol di ngs , Inc.
Expedi a , Inc.
Da l i a n Wa nda Group Corpora tion Ltd.
Hi tachi Da ta Sys tems Corpora tion
Under Armour, Inc.
Ca tama ra n
Couri er Corpora tion
Infos ys Li mi ted
Rocket Internet GmbH
Ki ng Di gi tal Entertai nment
Yel p!, Inc.
ICON pl c
Mi cros oft Corpora tion
GrubCa na da
Exl Servi ce Hol di ngs , Inc.
Merge Hea l thca re
Twi tter, Inc.
Al l ot Communi ca tions Ltd
Nexs tar Broa dca s ting Group, Inc.
Monotype Ima gi ng Hol di ngs , Inc.
Enterpri s e Devel opment Hol di ngs Li mi ted
Dents u Aegi s Network, Inc.
Pl a ytech
Ma ri n Softwa re
Ma rket Res ource Pa rtners , LLC
The Pri cel i ne Group, Inc.
Infl uence Hea l th, Inc.
Publ i ci s Groupe S.A.
Mi xi , Inc.
i Property Group Li mi ted
eCa rgo Hol di ngs Li mi ted
$
2,549.6
1,689.9
1,050.0
500.0
475.0
405.0
306.4
200.0
171.0
150.0
134.0
120.0
100.0
80.0
78.0
70.0
45.0
38.0
33.0
27.0
26.4
24.0
21.7
21.0
20.0
20.0
20.0
17.0
14.7
10.2
6.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
TLGG
NEP Group, Inc.
FWD.DIRECT, LLC
Epi c Communi ca tions
Ba ker & Ta yl or Ma rketing Servi ces (U.S.)
FLM+
Icon Sports Ma na gement
Soa p Crea tive
ARC2 Communi ca tions & Medi a , Inc.
Bri dge Gl oba l Stra tegi es LLC
Des pa rk Ltd.
The Wea ther Di gi tal a nd Pri nt Communi ca tions Li mi ted
Louder Aktiv LLC
LAUNCH!
CGC Events Li mi ted
Mi l i tary Medi a , Inc.
BWM Group
Qua rtet Servi ce, Inc.
Cl a ri ty, Inc.
Kl oud
Ori s s a Softwa re, Inc.
Ga s po
StoreFeeder Ltd.
Intrei s , Inc.
Adva nced InfoDa ta Sys tems GmbH
RevenueMed
Pea ch New Medi a
Amtech Ins ura nce Brokers , Inc.
Excel i a n Li mi ted
Document Convers i on As s oci a tes , Inc.
Fi rs twa y Di gi tal
On Ca l l Cons ul ting LLC
Ha ney/Lowderma n LLC
Weddi ng Pl a nner
Stingy Tra vel
Toro
Total Attorneys , LLC
GoPop
Ema i l Di rect.com
Da taPop
Appi ri s
i ctjob SPRL
Omni com Group, Inc.
NEP Broa dca s ting, LLC
Qua ttro Di rect
Publ i ci s Groupe S.A.
Rea derLi nk Di s tri bution Servi ces LLC
La nd O'La kes , Inc.
WME l IMG
Dents u, Inc.
W2O Group
Di d-i t.com
Pa perha t Group
Story UK Li mi ted
Servi cepl a n Agenturgruppe
Acos ta Mos a i c Group
SMG Corpora tion
Bri ght Mountai n Acqui s i tion Corpora tion
Dents u, Inc.
En Vogue Computers Ltd.
Funda bl e LLC
Aon Hewi tt
Gems tone Logi s tics
Accenture pl c
Roya l Ma i l Group pl c
Servi ceNow, Inc.
TRANSPOREON Group Ameri ca s , Inc.
Na vi ga nt Cons ul ting, Inc.
Abi l a , Inc.
As s uredPa rtners , Inc.
Luxoft Hol di ng, Inc.
KeyMa rk, Inc.
j2 Gl oba l Communi ca tions , Inc.
Mi ra Med Gl oba l Servi ces , Inc.
The Wetri ch Group SCO LLC
Weddi ngWi re, Inc.
Rea l Bi z Medi a Group, Inc.
Googl e, Inc.
Internet Bra nds , Inc.
BuzzFeed, Inc.
Ca mpa i gner
Cri teo
AppLi ft, Inc.
StepStone
$
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Doggyl oot
Ma keMeRea ch
Res tOpol i s s .r.l
RoomHunt
Bl ueBa t Ga mes
ZeTri p
MedCi ty Medi a
Betabox
tri -Ace, Inc.
Ki ndermi nt.com
Li vi ngl y Medi a
Demi urge Studi os
Igni ted Artis ts
Excl us i vel y.In, Inc.
Gyms urfi ng
Si nDel a ntal .MX
Word of Mouth Onl i ne
Lens i t.no AS
Pi zza bo
Strea k Medi a LLC
Ea tOye
Kozi nes s .com
Netzoptiker
Curby
Odys ee.com
MyTa bl e AG
Ba byoye.com
Toda yTi ckets GmbH
La unchpa d Toys , Inc.
ScreenRa nt.com
Croa k.it
Contactive
Code Red, Inc.
Pl uck Corpora tion
FEX DMS
Ai rPR, Inc.
Orni ca r SAS
Ledbury Res ea rch Ltd.
Ucl a s s
Scoutle.com
Innos qua red GmbH
Fa ncy Tha t
Informa tion
Fa mi l yPet
Peri on Network Ltd.
Tri pAdvi s or, Inc.
RentLi ngo, Inc.
Greentube Novoma tic Intera ctive
Brea ki ng Medi a
Va ynerMedi a
Nepro Ja pa n Co. Ltd.
thredUP, Inc.
Axel Spri nger AG
SEGA Networks
SEGA Networks
Sna pdea l .com
Fi tmob, Inc.
Jus t-Ea t pl c
Onefl a re Pty Ltd.
Mi s ter Spex GmbH
Fl uent, Inc.
FoodPa nda
FoodPa nda
MyOptique Group Li mi ted
Curbs tand LLC
Googl e, Inc.
Ma hi ndra Group
Ti cketea S.L.
Googl e, Inc.
Va l net, Inc.
Exotel Techcom Pvt. Ltd.
Thi nki ng Phone Networks , Inc.
Fa ctSet Res ea rch Sys tems , Inc.
Spri nkl r
Dea l erSocket, Inc.
The CHR Group
Fl eetMa tics Group PLC
Wea l th-X
Rena i s s a nce Lea rni ng, Inc.
Tri berr, Inc.
Gui depoi nt Gl oba l LLC
Pa l a ntir Technol ogi es , Inc.
$
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Apps fi re SAS
The Sports Network
Aca demi c Ma na gement Sys tems , Inc.
Vol t Del ta Res ources , LLC
Port25 Sol utions , Inc.
Sa fegua rd Communi ca tions (UK) Li mi ted
Servi ce Dyna mi cs , Inc.
School wi res , Inc.
Fei ngol d Technol ogi es
Hrs ma rt
Fi s s i on Softwa re, Inc.
2X Softwa re
Authy, Inc.
Ca mel Audi o Li mi ted
Ai rpos t, Inc.
Starfi s h Retention Sol utions
Svel toz Sol utions Pvt Ltd.
MedEDI
Netchemi a , LLC
Tra ns Engen, Inc.
Hyperwi s e Securi ty Ltd.
Wi l l i a m Da ta Sys tems Ltd.
oXya
Nuvotera
Nodeji ts u, Inc.
Al l Property Ma na gement LLC
Ti ckets oft LLC
Mortar Da ta Inc.
ScreenConnect
Vol tage Securi ty, Inc.
Tethered LLC
Al wa ys Prepped, Inc.
Acute3D
Akcel era nt Softwa re LLC
WePa y, Inc.
Ma p2a pp, Inc.
SoftWri ters , Inc.
LG l uga r de gente
Pi cturel i fe, Inc.
Integri ty Softwa re Sys tems Ltd.
Couga r Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Mobi l e Network Group S.A.
STATS LLC
Invoke Sol utions , Inc.
NewNet Communi ca tions Technol ogi es B.V.
Mes s a ge Sys tems , Inc.
One Ca l l Now
Sol era Hol di ngs , Inc.
Bl a ckboa rd, Inc.
Sha reca re, Inc.
Del tek, Inc.
Bi tcentra l , Inc.
Pa ra l l el s IP Hol di ngs GmbH
Twi l i o, Inc.
Appl e Inc.
Box, Inc.
Hobs ons , Inc.
Tel ecorp, Inc.
CompuGroup Medi ca l AG
Peopl eAdmi n, Inc.
Vi rMedi ca , Inc.
Check Poi nt Softwa re Technol ogi es Ltd.
Syncs ort, Inc.
Hi tachi Da ta Sys tems Corpora tion
Excel Mi cro, Inc.
GoDa ddy
Bui l di um LLC
Vi s ta Group Interna tiona l
Da tadog, Inc.
ConnectWi s e
Hewl ett-Pa cka rd Compa ny
Connected Li vi ng, Inc.
Al ma
Bentley Sys tems , Inc.
Temenos Group AG
LINE Corpora tion
Bra vofl y Rumbo Group
Roper Indus tri es , Inc.
W3net
Strea mNa tion
Computer Gui da nce Corpora tion
MRI Softwa re LLC
$
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Vi deo Ins i ght, Inc.
Aurel i us
Xpl a i n.io
Pres ens oft, Inc.
The Herja vec Group
eMoney Advi s or LLC
Doozi Entertai nment, Inc.
Luxury Pool s
Egmont USA
Lewes Hol di ngs Ltd.
The Spa rks Tri bune
Stephens Medi a Group
Mobi l e Motion LLC
Gl oba l Ameri ca n Broa dca s ting, Inc.
Uni ted Book Pres s , Inc.
The Box Di s tri bution
Songl i nes
Sony Onl i ne Entertai nment
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Tra di tiona l
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Medi a
Pa na s oni c Corpora tion
Da taStax, Inc.
Cl oudera , Inc.
Sma rs h, Inc.
Sys ec Li mi ted
Fi del i ty Ca pi tal Inves tors , Inc
Tel ecorp, Inc.
RMS Medi a Group
Lerner Publ i s hi ng Group
The Qua rto Group, Inc.
Ba ttl e Born Medi a LLC
New Medi a Inves tment Group, Inc.
Comexpos i um S.A.
Kova s Communi ca tions , Inc.
Ironma rk, Inc.
La ga rdere Entertai nment SAS
Ma rk Al l en Group
Col umbus Nova Technol ogy Pa rtners
$
-
All Segments
($ in Millions)
Buyout Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Buyout Deals
Values Disclosed
Sa ba Softwa re Inc.
E2open, Inc.
Sofa .Com Ltd
Sci ence
Medi a Bus i nes s Ins i ght Li mi ted
Target
Softwa re
Tra di tiona l Medi a
Target Segment
Vector Ca pi tal Corpora tion
Ins i ght Venture Pa rtners
CBPE Ca pi tal LLP
Si l ver La ke Pa rtners
Mobeus Equi ty Pa rtners LLP
$
Buyer/Investor
266.0
249.9
76.13
20.00
15.00
Reported TV
Buyout Deals
Undisclosed
NorthStar Fi na nci a l Servi ces Group LLC
Ca reer Step LLC
Ka l l i dus Li mi ted
Ameri ca n Ma de Shutters
Corepoi nt Hea l th
Mora vi a IT a .s .
Automa ted Ins i ghts , Inc.
PowerPl a n, Inc.
FrontRa nge Sol utions , Inc.
Envi a nce, Inc.
Out Of Home Ameri ca Inc.
Informa tion
Informa tion
Softwa re
Softwa re
Softwa re
TA As s oci a tes
Revel s toke Ca pi tal Pa rtners LLC
FF&P Pri va te Equi ty Li mi ted
MCM Ca pi tal Pa rtners
Auda x Group
Cl a ri on Ca pi tal Pa rtners , LLC
Vi s ta Equi ty Pa rtners
Thoma Bra vo, Inc.
Cl ea rl a ke Ca pi tal Group
Ba ttery Ventures
Boa thous e Ca pi tal
$
-
All Segments
($ in Millions)
Venture/Growth Capital Transactions
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Uber, Inc.
Del i very Hero
Soci a l Fi na nce, Inc.
Accel a , Inc.
Jet.com, Inc.
Hel l oFres h
kCura Corpora tion
Ta bool a Ltd.
17zuoye
K2.com
Worl dRemi t Ltd.
Oportun
Endomondo
Freecha rge
Koba l t Mus i c Group, Ltd.
Betterment LLC
Ma ntha n Softwa re Servi ces Pvt. Ltd.
Moda Opera ndi , Inc.
Dri verUp
Gi l t Groupe, Inc.
Bi l l .com, Inc.
AppDi rect, Inc.
51 Credi t Ca rd Ma na ger
Li vefyre, Inc.
Pi vot3, Inc.
Sci enceLogi c, Inc.
Apttus , Inc.
Tel l tal e Ga mes
Ins tructure, Inc.
News hunt
Qumul o, Inc.
Yel l owPepper
Metaps , Inc.
Pos tma tes , Inc.
Spri ngpa th, Inc.
Tea l i um
Pi ndrop Securi ty
Li ghthous e eDi s covery
Pra cto Technol ogi es Pvt. Ltd.
nCi no, LLC
Sa ndbox Group LLC
Mes s a ge Sys tems , Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
FMR LLC
Thi rd Poi nt Ventures
ABRY Pa rtners , LLC
Ba i n Ca pi tal Ventures
Iconi q Ca pi tal
Fi del i ty Na tiona l Fi na nci a l , Inc.
Tema s ek Hol di ngs (Pte) Li mi ted
Fra nci s co Pa rtners
Accel Pa rtners
FMR LLC
Under Armour, Inc.
Sequoi a Ca pi tal
Googl e Ventures
Fra nci s co Pa rtners
Tema s ek Hol di ngs (Pte) Li mi ted
FMR LLC
Emera l d Devel opment Ma na gers LP
Genera l Atl a ntic, LLC
Augus t Ca pi tal Ma na gement
Mi thri l Ca pi tal Ma na gement LLC
GGV Ca pi tal
Greycroft Pa rtners
InterWes t Pa rtners
New Enterpri s e As s oci a tes
Sa l es force Ventures
Li ons Ga te Entertai nment Corp.
Bes s emer Venture Pa rtners
Sequoi a Ca pi tal
Kl ei ner Perki ns Ca ufi el d & Byers
(Pri va te Inves tors )
Fi del i ty Growth pa rtners
Spa rk Ca pi tal
Sequoi a Ca pi tal
Ba ttery Ventures
Ins titutiona l Venture Pa rtners
Spi re Ca pi tal Pa rtners , L.P.
Sequoi a Ca pi tal
Wel l i ngton Ma na gement Compa ny
Monroe Ca pi tal LLC
Hercul es Technol ogy Growth Ca pi tal , Inc.
$
1,200.0
568.0
200.0
143.5
140.0
126.0
125.0
117.0
100.0
100.0
100.0
90.0
85.0
80.0
60.0
60.0
60.0
60.0
50.0
50.0
50.0
50.0
50.0
47.0
45.0
43.0
41.0
40.0
40.0
40.0
40.0
39.0
36.0
35.0
34.0
30.7
30.0
30.0
30.0
29.0
27.0
27.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Conductor, Inc.
Fi rs tCry.com
Syna ck, Inc.
Axci ent, Inc.
Ca rmudi
WeTra ns fer BV
Ma chi ni ma , Inc.
Ja hi a Sol utions Group SA
Gui deSpa rk, Inc.
Ima gi ne Hea l th, Inc.
Opendoor
Luxe Va l et
i ronSource Ltd.
Ma i n Street Hub
Stayzi l l a
6Sens e, Inc.
Tra ceLi nk, Inc.
Fa ncy.com
Borro Ltd.
SecureKey Technol ogi es , Inc.
Ma venl i nk, LLC
La mudi GmbH
Zi g Ba ng
Tea m8
Steel Bri ck, Inc.
Tra cx
Na s ty Ga l , Inc.
Exa bl ox Corpora tion
Ci vi tas Lea rni ng, Inc.
Ski ml i nks Ltd.
Gl i nt, Inc.
Revi na te, Inc.
AppMa chi ne B.V.
Bra nch Metri cs
Dtex Sys tems
Metama rkets Group, Inc.
Grovo Lea rni ng, Inc.
Ra pi dMi ner, Inc.
Cl oudVel ox, Inc.
Res erve Medi a , Inc.
Wa ndera , Inc.
Sa uce La bs , Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Fi rs tMa rk Ca pi tal
Va l i a nt Ca pi tal Pa rtners
GGV Ca pi tal
Al l egi s Ca pi tal
Hol tzbri nck Ventures
Hi ghl a nd Ca pi tal Pa rtners
Wa rner Brothers Entertai nment, Inc.
Invus Group
Tri dent Ca pi tal
Khos l a Ventures
Redpoi nt Ventures
Acces s Indus tri es
Si l i con Va l l ey Ba nk
Ma tri x Pa rtners
Ba i n Ca pi tal Ventures
Fi rs tMa rk Ca pi tal
Cul ture Conveni ence Cl ub Co, Ltd.
Bl ueSky Ca pi tal
Ca rri ck Ca pi tal Pa rtners , LLC
Hol tzbri nck Ventures
Stonebri dge Ca pi tal
Sha s ta Ventures
Edi s on Pa rtners
Index Ventures
Del l Ventures
Rethi nk Educa tion
Greycroft Pa rtners
Norwes t Venture Pa rtners
Tena ya Ca pi tal
Endura nce Interna tiona l Group, Inc.
Norwes t Venture Pa rtners
Khos l a Ventures
Accel Pa rtners
As cent Venture Pa rtners
Ci s co Inves tments
Fi rs t Round Ca pi tal
Toba Ca pi tal
$
27.0
26.0
25.0
25.0
25.0
25.0
24.0
22.5
22.2
21.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
19.5
19.0
19.0
18.0
18.0
18.0
18.0
18.0
16.0
16.0
16.0
16.0
15.5
15.3
15.2
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Za pproved, Inc.
ShopWi ngs
Tri a l Rea ch Ltd.
Bottl enos e, Inc.
Trov
Archer
Zi mperi um Ltd.
Cl us terHQ, Inc.
Mi nera l Tree
Hi gh Fi del i ty, Inc.
The Bea tpa cki ng Compa ny
Appl i ca s ter Ltd.
Pi xel Vel oci ty
Sma rtAi rTri p
Agi l eCra ft LLC
Pi cs Art, Inc.
Fi s ca l Note, Inc.
Pri ceMa tch
Urba n Ai rs hi p, Inc.
Move Loot, Inc.
Huma ni ty.com, Inc.
LE TOTE, Inc.
Tra ns cri ptic, Inc.
AnyPerk, Inc.
Uni fy Squa re, Inc.
Twenty20
Fi refl y Ga mes
Di gi tal Sha dows Ltd.
Ni l a s , Inc.
Ca rgoma tic, Inc.
Coffee Meets Ba gel , Inc.
Di gi Si ght Technol ogi es , Inc.
Hourl yNerd, Inc.
Pl a yFa b, Inc.
Ja mpp.com
i nDi nero, Inc.
s qrrl da ta, Inc.
Ca s etext, Inc.
Vi s i o Fi na nci a l Servi ces , Inc.
Ra di us Networks , Inc.
Derby Ga mes
Ki pfol i o, Inc.
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Informa tion
Softwa re
K1 Inves tment Ma na gement, LLC
Smedvi g Ca pi tal Li mi ted
ff Venture Ca pi tal
Anthemi s Group
NewSpri ng Ca pi tal
Tel s tra Ventures Group
Accel Pa rtners
.406 Ventures , LLC
Vul ca n Ca pi tal
Ca ps tone Pa rtners
Pi tango Venture Ca pi tal
Dra per Tri a ngl e Ventures
Cra ne Nel s on
Sequoi a Ca pi tal
Renren, Inc.
Northzone
Augus t Ca pi tal Ma na gement
Metamorphi c Ventures
Poi nt Ni ne Ca pi tal
Azure Ca pi tal Pa rtners
Da ta Col l ective
DCM Ventures
Mi cros oft Corpora tion
Ca na a n Pa rtners
Ceyua n Ventures , LLC
Storm Ventures LLC
Forma tion 8
Ca na a n Pa rtners
DCM Ventures
GE Ventures
Hi ghl a nd Ca pi tal Pa rtners
Benchma rk Ca pi tal
Hi ghl a nd Ca pi tal Pa rtners Europe
Strea ml i ned Ventures
Atl a s Ca pi tal
Uni on Squa re Ventures
Octavi a Inves tments
Contour Venture Pa rtners
Bul l pen Ca pi tal
OMERS Ventures
$
15.0
13.6
13.5
13.4
13.3
12.5
12.0
12.0
11.1
11.0
11.0
10.5
10.0
10.0
10.0
10.0
10.0
9.1
9.0
9.0
9.0
8.8
8.5
8.5
8.2
8.0
8.0
8.0
8.0
8.0
7.8
7.8
7.8
7.4
7.0
7.0
7.0
7.0
6.7
6.5
6.5
6.2
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Peopl eVox Li mi ted
NVoi cePa y
NoRedInk Corpora tion
Apptimi ze, Inc.
Prol etari a t, Inc.
Des i gnCrowd
Attend.com
nToggl e, Inc.
Si kka Softwa re Corpora tion
Iri s Mobi l e Corpora tion
La urel & Wol f, Inc.
Xeneta AS
LocoMotive La bs , Inc.
Getabl e, Inc.
Q4 Web Sys tems , Inc.
Na mogoo
Woopl r Technol ogi es Pvt. Ltd.
Booki ngPa l , Inc.
Si ndeo, Inc.
Bl ueTa l on, Inc.
Si ght Ma chi ne, Inc.
Mi Tu, Inc.
Li ftoff, Inc.
Ca mpus Qua d, Inc.
ea s ySYS AG
Webda ta Sol utions GmbH
HomeLa ne.com
Onfi do Ltd.
Impa rtus Innova tions
Chefs Feed
News In Shorts
Compa ra Guru Gl oba l Li mi ted
Ra i nfores t QA
Ci nema cra ft
Ema i l a ge
Bona tivo GmbH
Fri ng81 Co., Ltd.
SkyGi ra ffe
cel tx
Ins i ghtpool
Locket, Inc.
LoungeBuddy, Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Index Ventures
Mos a i k Pa rtners
True Ventures
Cos tanoa Venture Ca pi tal
Spa rk Ca pi tal
Starfi s h Ventures
.406 Ventures , LLC
Si erra Ventures
Ori gi n Ventures
Cha rl es Ri ver Ventures
Poi nt Ni ne Ca pi tal
SoftBa nk Ca pi tal
The Soci a l +Ca pi tal Pa rtners hi p
Atl a s Venture
83North
Hel i on Venture Pa rtners
Tha yer Ventures
Renren, Inc.
Si gni a Venture Pa rtners
Mercury Fund
Da her Ca pi tal
Ba s el i ne Ventures
ICG Ventures Ltd.
Reda l pi ne Venture Pa rtners AG
Seventure Pa rtners
Sequoi a Ca pi tal
Wel l i ngton Pa rtners Venture Ca pi tal
Ka i zen Ma na gement Advi s ors Pvt. Ltd
Artis Ca pi tal Ma na gement, LLC
Ti ger Gl oba l Ma na gement, LLC
Sea ya Ventures
Storm Ventures LLC
500 Startups
Fel i ci s Ventures
NTT Docomo, Inc.
500 Startups
Bui l d Ventures
NextPri nci pl es , Inc.
Grea t Oa ks Venture Ca pi tal
The Founders Fund, LLC
$
6.0
6.0
6.0
6.0
6.0
6.0
5.6
5.6
5.5
5.5
5.5
5.3
5.2
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.8
4.5
4.5
4.5
4.1
4.0
4.0
4.0
4.0
3.9
3.8
3.6
3.5
3.3
3.3
3.2
3.2
3.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
NoBroker.in
Li nqi a , Inc.
Docebo S.p.A.
Docebo S.p.A.
Al i ce
myNoticePeri od.com
NodeSource LLC
Lendi ngRobot
HomeLi ght
Mol i o, Inc.
Gpredi ctive Gra di ent GmbH
Credi bl e La bs , Inc.
Ca ptio
Kl a ra GmbH
Bento for Bus i nes s
Deri ng Ha l l , LLC
Gra yLog, Inc.
Ski pta
Ki os ked Ltd.
FundThrough
Ti l s on Technol ogy Ma na gement, Inc.
Revmetri x
Netol ogy Group
PepperTa p
ArmorText
Tri ptea s e Ltd.
TopOPPS, Inc.
Bi va rus , Inc.
Ki mbl e Appl i ca tions Li mi ted
Cha rts pa n Medi ca l Technol ogi es LLC
NewCo Medi a , Inc.
ActionSprout, Inc.
Pa rcel ni nja
Bol s tr, Inc.
Notey Ltd.
Wi go, Inc.
Fa bri c, Inc.
Urba nStems
Kura MD, Inc.
Gra bbl e Li mi ted
Va l et Anywhere
eRel eva nce Corpora tion
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
SAIF Pa rtners
Ri verPa rk Ventures
Kl a s s Ca pi tal
Kl a s s Ca pi tal
Ti s hma n Rea l ty Pri nci pl es
IDG Ventures Indi a
Cros s l i nk Ca pi tal
Runa Ca pi tal
Greycroft Pa rtners
Ta rget Pa rtners
Ca rthona Ca pi tal
Ki bo Ventures
Crea thor Venture Ma na gement GmbH
Anthemi s Group
Hea rs t Ma ga zi nes Interna tiona l
Ma ns a Ca pi tal
Rea l Ventures
CEI Ventures
.406 Ventures , LLC
Bura n Venture Ca pi tal
Sequoi a Ca pi tal
Cervi n Ventures
Notion Ca pi tal
Cul tiva tion Ca pi tal
Excel era te Hea l th Ventures
Sus s ex Pl a ce Ventures
Obvi ous Ventures
Oregon Angel Fund
C5 Ca pi tal
Montage Ventures
Infos eek
Moneta Ventures
CyberAgent Ventures
$
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
3.0
2.8
2.7
2.6
2.5
2.5
2.5
2.5
2.5
2.4
2.2
2.2
2.2
2.1
2.0
2.0
2.0
2.0
1.9
1.8
1.7
1.7
1.7
1.7
1.7
1.6
1.5
1.5
1.5
1.5
1.4
1.4
1.4
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Ba rTrendr, Inc.
greenl i ght.guru LLC
Sha rk Punch, Inc.
Knowma i l .me
Ecomda s h
Wi ps ter
Itera bl e, Inc.
Shopl i ne Li mi ted
Ardus a t
TecSport Ga mes , Inc.
Target
Softwa re
Softwa re
Softwa re
Softwa re
Target Segment
Ba nd of Angel s
DN Ca pi tal
Pl us Ventures
Gemi ni Southern LLC
500 Startups
Ardent Ca pi tal
Fres co Ca pi tal
Moneta Ventures
$
Buyer/Investor
1.3
1.3
1.2
1.2
1.2
1.2
1.2
1.2
1.0
1.0
Reported TV
VC/Growth Capital
Undisclosed
Aye Fi na nce P Ltd.
Os tendi o, Inc.
Sol omonEdwa rds Group LLC
hops ter
JRNL
Spa ce Ape Ga mes
Bi ke24 GmbH
Bui l dASi gn.com
Ha mmer & Chi s el , Inc.
Dea l oka
Impl i s ens e GmbH
Voca bul a ry.com
99Ta xi s
Gl a ds tone As s oci a tes LLC
Ays l i ng LLC
a l tus i ns i ght GmbH
ContaAzul
Softwa re
Softwa re
SAIF Pa rtners
CIT Ga p Funds
Boa thous e Ca pi tal
Sa ndbox Group LLC
SEGA Networks
The Ri vers i de Compa ny
PWP Growth Equi ty
Tencent Hol di ngs Ltd.
SoftBa nk Ca pi tal
Hi gh-Tech Gründerfonds
Fol l ett Corpora tion
Aequi tas Ca pi tal Ma na gement
Juggerna ut LLC
Hi gh Tech Grunderfonds
$
-
Petsky Prunier Ranked #1 by Bloomberg for Mid-Market
Internet & Advertising Transactions
Rank
Advisor
2014 Internet & Advertising
Deal Count
2011-2014 Internet & Advertising
Deal Count
1
Petsky Prunier
21
65
2
Goldman Sachs
17
50
3
Morgan Stanley
15
43
4
JP Morgan
14
31
5
Nomura Holdings
12
39
5
Ernst & Young
12
24
7
China Renaissance Partners
11
36
7
PwC
11
34
7
Deloitte
11
18
7
AGC Partners
11
30
11
GCA Savvian
10
41
Based on number of deals announced in 2011 – 2014 valued at $500 million or less
More than 80 total transactions across multiple sectors closed since 2011:
 Ranging from strategic M&A transactions, including sales and divestitures, to private equity recaps, to
growth equity and late stage venture capital financings
 Across a broad universe of industries, including digital advertising and marketing, eCommerce,
digital media, technology, information, business services, and healthcare services
Petsky Prunier: Maximizing Shareholder Value
 Founded in 1999
 Focused on the digital advertising and marketing, eCommerce, digital media, technology, information, business services, and
healthcare services
 More than 40 focused professionals







Unique combination of investment banking and consulting expertise
New York, Palo Alto, Las Vegas, Chicago, Boston, 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 buyers
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 nine offices across Europe
Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer
 M&A Advisory and Sell-Side Representation
 Privately-Owned Companies
 Entrepreneur-Led Businesses
 Private Equity Portfolio Companies
 VC-Backed Companies
 Corporate Divestitures
 Capital Raising and Private Placements







Advertising & Marketing
eCommerce
Digital Media
Technology
Information
Business Services
Healthcare
 Business Current Situation Assessment and
Profit Improvement Planning
Opportunity Mapping: Strategic Planning & Development
Competitive Landscape Analysis
M&A Transaction Due Diligence Support
Buy-Side Targeting Criteria & Integration Strategy
Custom Market Research





 Publishing, Speaking, and Thought Leadership
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
New York
Las Vegas
Boston
Palo Alto
Chicago
Tampa
Frankfurt
London
Madrid
Manchester
Milan
Munich
Paris
Tel Aviv
Zurich
 A leading advisor for more than 25 years
 Founded as the corporate finance arm of private equity
investor Apax Partners
 Operates nine 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
Bangalore
Delhi
Mumbai
Beijing
Shanghai
Representative Recent Transactions
$74,000,000*
$120,000,000
a portfolio company of
a big data marketing analytics and database
technology and solutions company
a global leader in quantitative data
collection and reporting software systems
has been sold to
a leading supplier of data on healthcare
professionals and administrator of one
of the largest practitioner-level medical
claims databases in the U.S.
has sold
sold
has
has been sold to
to
has sold
the leader in data-driven
advocacy campaigns
has been sold to
has been sold to
has been sold to
a division of
to
to
a leading data-driven patient
identification and engagement platform
that provides its members access to
healthcare education, patient savings,
and other valuable programs
has been sold to
(NYSE: OMC)
(NASDAQ: EXLS)
(NYSE: RUK)
(NASDAQ: ICLR)
*Includes certain future payments and excludes
other compensation
$280,000,000*
a leading provider of performance-based
digital marketing programs to healthcare
professionals on behalf of leading
pharmaceutical companies
a provider of outsourced digital campaign
management for video, mobile,
display, and email
a leading provider of end-to-end
customer acquisition solutions to the
insurance industry
has sold a majority stake to
has been sold to
$50,000,000
one of the largest digital agencies specializing
in multi-channel content marketing solutions
for the life sciences industry
has been sold to
has been sold to
a leading SaaS provider of social intelligence,
analytics, insights, and engagement
has been sold to
which is being combined with
a leading provider of marketing solutions
to destinations, resorts, and other
travel-related businesses
(NYSE: WTM)
a leading targeted direct marketing
company that connects new movers
with local business
has been sold to
has merged with an affiliate of
has been recapitalized to support future
growth with significant debt financing
from
a division of
both portfolio companies of
(NYSE: EVDY)
the leading film and television information,
data, and related software company
and
(NASDAQ: CTSH)
*Approximate Enterprise Value
a disruptive, rapidly
expanding marketplace for
insurance clicks, calls, and leads
has sold a majority stake to
a leading global SaaS-based
tag management, data management,
and marketing attribution provider
has been sold to
the largest independent eCommerce
retailer of promotional products
a leading SaaS-based, cross channel
campaign management platform
for B2C marketers
has been sold to
has been sold to
a consumer enthusiast media
and commerce company
one of the largest independent
in-store media networks in the U.S
has been sold to
has been sold to
a technology company delivering highly
targeted programmatic marketing
solutions using unstructured data
has received a $16MM Series B
investment led by
a leading provider of transaction-based
media cost databases and software
for television, radio, and digital
advertising cost analysis
has been sold to
(NYSE: WTM)
a leading UK-based supplier of
healthcare software and IT services
a leading provider of online customer
acquisition services to the
insurance industry
has been sold to
has been sold to
(NYSE: RATE)
(AIM: EMIS)
has sold
a premier global provider of SaaS-based
online brand protection and
domain recovery solutions
one of the largest digital agencies
has been sold to
has been sold to
has been sold to
(Euronext Amsterdam: WKL)
a leading developer of popular
real-money and social gaming
(Nasdaq:
(ENXTPA:RNWK)
PUB)
(Nasdaq: RNWK)
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)
has received a $68MM minority
investment from
the largest provider of cloud-based SaaS
tools for printing signs, labels, and tags,
and publishing digital displays for retailers
along with digital subsidiary
has been sold to
a unit of
specializing in retail, digital, shopper
marketing, and consumer services
to
(NYSE: LXK)

February 2015 - Petsky Prunier

Transcription

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