March 2016 - Petsky Prunier

Transcription

March 2016
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
8
3
Additional Monthly M&A and Investment Activity Data
42
4
About Petsky Prunier
53
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 March 2016
M&A and Investment Summary for All Segments
Transaction Distribution
 A total of 433 deals were announced in March 2016, of which 250 were worth $20.6 billion in aggregate reported value
 Digital Media/Commerce was the most active segment with 106 deals announced — 72 of these transactions reported $2.4 billion
in value
 Software was also active with 105 transactions announced, of which 64 were worth a reported $3.6 billion in value
 Strategic buyers announced 184 deals (31 reported $12 billion in value)
 VC/Growth Capital investors announced 233 transactions (212 reported $6.6 billion in value)
 Buyout investors announced 16 deals during the month (seven reported $2.1 billion in value)
March 2016
BUYER/INVESTOR BREAKDOWN
Transactions
Reported Value
Strategic
Buyout
Venture/Growth Capital
#
%
$MM
%
#
$MM
#
$MM
Digital Media/Commerce
106
24%
$2,445.6
12%
34
$487.1
0
-
Software
105
24%
3,563.1
17%
38
1,111.7
7
Marketing Technology
94
22%
588.3
3%
33
29.3
4
Agency & Marketing Services
33
8%
910.6
4%
28
265.6
3
Digital Advertising
32
7%
538.4
3%
12
175.7
0
-
20
362.7
Business Services
31
7%
5,948.7
29%
23
4,201.5
0
-
8
1,747.2
Traditional Media
17
4%
817.3
4%
9
534.0
Information
15
3%
5,803.8
28%
7
*Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data has been excluded to limit comparative distortions
Total
433
100%
20,615.8
100%
184
1,567.2
390.0
#
$MM
72
$1,958.5
60
884.2
57
559.0
2
255.0
187.7
2
95.6
6
5,542.0
0
-
8
261.8
12,000.6
16
233
6,562.5
2,052.8
M&A and Investment Summary for All Segments
Transaction Distribution
 Aggregate reported transaction value in March was up 55 percent from February of 2016 and up 13 percent from March 2015
 Strategic activity accounted for 58 percent of reported deal value during the month and included significant transactions:
• Business research provider IHS’ pending acquisition of Markit in an all-stock deal valuing the company at approximately $5.5 billion,
as part of a consolidated company with a total market value of more than $13 billion
• The $540 million purchase of IT application development company Serena Software by Micro Focus International from HGGC
• Sykes Enterprises’ acquisition of Clearlink, a provider of marketing and technology-enabled customer acquisition services to the
home services and insurance sectors, from Pamlico Capital for $207 million (A Petsky Prunier-led transaction)
• IBM’s acquisition of cloud consulting and implementation services company Bluewolf Group from Riordan, Lewis & Haden in a
transaction valued at a reported $200 million
$120.0
$110.0
$100.0
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$-
$500.0
$108.4
$400.0
Bright
House/
Charter
$300.0
Time
Warner/
Charter
$25.9
$18.8
425
$25.9
492
458
$200.0
$40.4
Sungard
466
$23.1
448
Veritas
376
$26.7
Solera
403
$23.7
$27.4
Inter. Data
424
$24.9
363
407
$20.6
$13.7
$14.4
418
427
433
$100.0
$-
Mar-15
Apr-15
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks , Fidelity National Information Services‘ $9.1 billion acquisition of SunGard Data
Systems, The Carlyle Group’s $8 billion acquisition of Veritas Systems, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and Vista Equity Partners’ $6.7 billion acquisition of Solera
Holdings have been excluded to limit comparative distortions.
Selected Transactions with Valuation Information Disclosed
($ in Millions)
Selected Transactions With Multiples Information
Target
Subsegment
Buyer/Investor
BAMKO, Inc.
MCD Partners
Ad Specialty/Premiums
Digital Agency
Superior Uniform Group
M&C Saatchi plc
Business Services
Dell's Information Technology Division
IT Consulting/Systems Integration
NTT DATA, Inc.
Digital Advertising
InnerActive Ltd.
JUICE Mobile
Ad Networks/Exchanges
Mobile Marketing
RNTS Media N.V.
Yellow Pages Limited
Information
Markit Group Limited
Financial Information
IHS, Inc.
Software
Serena Software, Inc.
MedicalDirector
Conject Holding GmbH
Adaptive Software LLC
Evantage Consulting Ltd.
Application Management Software
Healthcare Software
Collaboration Software
Healthcare Software
Healthcare Software
Micro Focus International plc
Affinity Equity Partners
Aconex Ltd.
Decision Resources Group
Wilmington plc
Broadcast Television
Entertainment One Ltd.
Ent. Value
$
27.0
19.6
Rev
$
EBITDA
31.5
14.9
$
EV/REV
EV/EBITDA
2.5
0.9x
1.3x
NA
7.8x
3,050.0
2,826.0
-
1.1x
NA
72.0
26.2
43.2
18.0
-
1.7x
1.5x
NA
NA
5,500.0
1,113.4
382.3
4.9x
14.4x
540.0
117.2
73.6
24.5
8.6
176.2
29.3
26.6
3.2
1.7
87.0
-
3.1x
4.0x
2.8x
7.7x
5.1x
6.2x
NA
NA
NA
NA
35.4
35.1
-
1.0x
NA
Traditional Media
Renegade83 1
1
65 percent stake acquisition
Securities in Registration
($ in Millions)
Aggregate
Date
Company Name
Country
Segment
Mar-16
SecureWorks Corp.
United States
Software
Jan-16
Blue Coat Systems, Inc.
United States
Software
Dec-15
Nutanix, Inc.
United States
Software
Sep-15
PointClickCare Corp.
United States
Software
Jul-15
Apptio, Inc.
United States
Mar-15
Veracode, Inc.
United States
LTM
Offering Value
$
100.0
Rev
$
EBITDA
339.5
NA
500.0
950.0
NA
200.0
283.1
NA
100.0
112.6
3.8
Software
NA
100.0
NA
Software
450.0
16.7
NA
LTM IPO Performance
Initial Offering
Final Price
Stock Price at Close
Stock Price on
% Change from
Date
Ticker
Company Name
Country
Price Range
Per Share
on 1st Trading Day
Mar 31, 2016
1st Trading Day
Dec-15
Na s da qGS:TEAM
Atl a s s i a n Corpora tion Pl c
Aus tra l i a
$18.00-$20.00
21.00
$27.78 up 32%
25.15
(9.5%)
Dec-15
NYSE:YRD
Yi renda i Ltd.
Chi na
9.00-11.00
10.00
9.10, down 9%
11.64
27.9%
Nov-15
NYSE:INST
Ins tructure, Inc.
Uni ted States
16.00-18.00
16.00
18.00 up 12.5%
17.94
(0.3%)
Nov-15
Na s da qGS:MTCH
Ma tch Group, Inc.
Uni ted States
12.00-14.00
12.00
14.74, up 23%
11.06
(25.0%)
Nov-15
Na s da qGS:MIME
Mi meca s t Li mi ted
Uni ted Ki ngdom
11.00-13.00
10.00
10.10, up 1.0%
9.73
(3.7%)
Nov-15
NYSE:SQ
Squa re, Inc.
Uni ted States
11.00-13.00
9.00
13.07, up 45%
15.28
16.9%
Oct-15
NYSE:PSTG
Pure Stora ge, Inc.
Uni ted States
16.00-18.00
17.00
16.01, down 5.8%
13.69
(14.5%)
Oct-15
NYSE:FDC
Fi rs t Da ta Corpora tion
Uni ted States
18.00-20.00
16.00
15.75, down 1.5%
12.94
(17.8%)
Jul -15
Na s da qGM:RPD
Ra pi d7, Inc.
Uni ted States
13.00-15.00
16.00
26.75, up 67%
13.07
(51.1%)
Jul -15
NYSE:TDOC
Tel a doc, Inc.
Uni ted States
15.00-17.00
19.00
28.50, up 50%
9.60
(66.3%)
Jun-15
Na s da qGM:APPF
AppFol i o, Inc.
Uni ted States
12.00-14.00
12.00
14.10, up 17%
12.24
(13.2%)
Jun-15
NYSE:XTLY
Xa ctly Corpora tion
Uni ted States
10.00-12.00
8.00
8.70, up 9%
6.85
(21.3%)
Jun-15
NYSE:FIT
Fi tbi t Inc.
Uni ted States
17.00-19.00
20.00
29.68, up 48%
15.15
(49.0%)
Jun-15
Na s da qGM:MB
MINDBODY, Inc.
Uni ted States
13.00-15.00
14.00
11.56, down 17.4%
13.33
15.3%
Jun-15
NYSE:TGNA
TEGNA Inc.
Uni ted States
26.00-28.00
30.00
31.63, up 5%
23.46
(25.8%)
Jun-15
NYSE:EVH
Evol ent Hea l th, Inc.
Uni ted States
14.00-16.00
17.00
18.86, up 11%
10.56
(44.0%)
Ma y-15
NYSE:SHOP
Shopi fy Inc.
Ca na da
14.00-16.00
17.00
28.31, up 51%
28.21
(0.4%)
Ma y-15
Na s da qGS:BZUN
Ba ozun Inc.
Chi na
12.00-14.00
10.00
10.44, up 4%
5.84
(44.1%)
Ma y-15
NYSE:PGND
Pres s Ga ney Hol di ngs , Inc.
Uni ted States
22.00-24.00
25.00
27.50, up 10 %
30.08
9.4%
Apr-15
Na s da qGS:APIC
Api gee Corpora tion
Uni ted States
16.00-18.00
17.00
10.60, down 8%
8.31
(21.6%)
Apr-15
Na s da qGS:ETSY
Ets y, Inc.
Uni ted States
14.00-16.00
16.00
30.00, up 86%
8.70
(71.0%)
Apr-15
Na s da qGM:WOWO
JM WOWO
Hong Kong
9.00-11.00
10.00
10.29, up 3%
4.10
(60.2%)
Apr-15
NYSE:GDDY
GoDa ddy Inc.
Uni ted States
17.00-19.00
20.00
26.15, up 31%
32.33
23.6%
 Of the total $2.4 billion in value reported in the Digital Media/Commerce segment, $2 billion in Venture/Growth Capital investments
were announced, while nearly $500 million in Strategic transactions were made
 eCommerce was the most active subsegment across all segments with 46 transactions announced, of which 34 were reported for
$1.1 billion. Select acquisitions from the subsegment include:
• Trainline’s acquisition railway ticketing competitor Captain Train for a reported $189 million
 Select Digital Media/Commerce transactions include:
• The $175 million Fidelity Investments-led funding of Snapchat at a reported valuation of $16 billion; the same valuation the
company received after its $540 million round of funding in May of 2015
• Local business on-demand delivery services provider Doordash’s $127 million round of funding from Sequoia Capital, Kleiner Perkins
Caufield & Byers, and Khosla Ventures
• The acquisition of Clarus Commerce, a leader in eCommerce and subscription commerce and loyalty marketing solutions, by
Trivergance, Falcon Investment Partners, and Landon Capital Partners from Norwest Venture Partners (A Petsky Prunier-led
transaction)
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
$MM
#
$MM
#
$MM
43%
$1,147.5
47%
11
$189.0
0
-
35
$958.5
Mobile Content/Apps
21
20%
568.9
23%
6
205.0
Social Media/Apps
12
11%
77.6
3%
5
Classifieds/Auctions/P-to-P
11
10%
348.0
14%
Gaming
10
9%
274.6
11%
6
6%
29.0
106
100%
2,445.6
%
#
46
Total
$MM
Buyout
eCommerce
Niche Content
%
Strategic
0
-
15
363.9
-
0
-
7
77.6
2
3.5
0
-
9
344.5
8
89.6
0
-
2
185.0
1%
2
-
0
-
4
29.0
100%
34
0
0.0
72
1,958.5
487.1
Digital Media and Internet
Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-Based Digital Media and Internet
Stock Price
03/31/16
Chg % From
52WK High
108.99
Blucora, Inc.
Company Name
Equity
Ent.
LTM
-19%
Value
$604,304.1
Value
$628,910.1
Revenue
$234,988.0
EBITDA
$82,791.0
5.16
-69%
$212.6
$732.3
$117.7
$22.7
Demand Media, Inc.
5.00
-27%
99.6
61.1
126.0
Everyday Health, Inc.
5.60
-61%
184.1
265.0
232.0
114.10
-3%
334,694.2
316,575.2
15.15
-71%
3,272.5
2,608.0
2.82
-60%
372.8
Apple Inc.
Facebook, Inc.
Fitbit Inc.
Glu Mobile, Inc.
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
35.2%
17.6%
2.7x
7.6x
19.3%
13.5%
6.2x
32.3x
(16.8)
NM
-26.9%
0.5x
NM
24.1
10.4%
25.9%
1.1x
11.0x
17,928.0
8,239.0
46.0%
43.8%
17.7x
38.4x
1,858.0
356.1
19.2%
149.3%
1.4x
7.3x
192.3
249.9
6.2
2.5%
12.0%
0.8x
30.8x
Google Inc.
762.90
-6%
518,916.8
454,638.8
74,989.0
24,423.0
32.6%
13.6%
6.1x
18.6x
GoPro, Inc.
11.96
-82%
1,636.9
1,162.9
1,620.0
83.7
5.2%
16.2%
0.7x
13.9x
IAC/InterActiveCorp
47.08
-44%
3,910.9
4,620.2
3,230.9
384.3
11.9%
3.9%
1.4x
12.0x
LinkedIn Corporation
114.35
-57%
15,102.7
13,136.7
2,990.9
246.8
8.3%
34.8%
4.4x
53.2x
2.84
-37%
134.8
116.1
56.9
11.1
19.6%
27.0%
2.0x
10.4x
102.23
-23%
43,762.6
43,823.3
6,779.5
368.1
5.4%
23.2%
6.5x
NM
Pandora Media, Inc.
8.95
-60%
2,037.9
1,901.9
1,164.0
(67.2)
NM
26.4%
1.6x
NM
RealNetworks Inc.
4.06
-43%
149.0
49.8
125.3
(51.0)
NM
-19.8%
0.4x
NM
TheStreet, Inc.
1.24
-40%
43.7
15.2
67.7
1.8
2.7%
10.8%
0.2x
8.2x
Twitter, Inc.
16.55
-69%
11,459.17
9,566.78
2,218.03
(175.01)
NM
58.1%
4.3x
NM
United Online, Inc.
11.54
-36%
172.44
67.60
151.12
15.26
10.1%
NA
0.4x
4.4x
WebMD Health Corp.
62.63
-1%
2,252.3
2,413.8
636.4
146.5
23.0%
9.6%
3.8x
16.5x
XO Group Inc.
16.05
-10%
404.8
316.3
141.6
20.1
14.2%
-1.4%
2.2x
15.7x
Yahoo! Inc.
36.81
-20%
34,852.1
4,622.4
4,968.3
330.7
6.7%
7.6%
0.9x
14.0x
Zynga, Inc.
2.28
-27%
1,967.5
980.3
764.7
(49.1)
NM
10.8%
1.3x
NM
MeetMe, Inc.
Netflix, Inc.
Average
2.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (10.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (31.8x)
*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)
11.6x
Digital Media and Internet
Internationally-based Digital Media and Internet
Stock Price
03/31/16
Chg % From
52WK High
China
190.88
Changyou.com Limited
China
CyberAgent Inc.
DeNA Co., Ltd.
Company Name
Headquarters
Baidu, Inc.
Forgame Holdings Limited
G5 Entertainment AB (publ)
GameLoft SE
Gree, Inc.
iDreamSky Technology Limited
International Game Technology PLC
Equity
Ent.
LTM
-15%
Value
$66,056.8
Value
$61,605.8
Revenue
$10,224.4
EBITDA
$2,409.5
18.78
-47%
954.1
768.2
761.6
Japan
46.55
-27%
2,923.8
2,803.5
Japan
17.26
-28%
2,502.5
* China
Sweden
1.47
-61%
4.16
-38%
* France
Japan
8.52
5.50
13.74
* China
United Kingdom
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
23.6%
35.3%
6.0x
25.6x
242.8
31.9%
0.8%
1.0x
3.2x
2,204.3
329.8
15.0%
17.8%
1.3x
8.5x
1,894.8
1,205.1
275.4
22.9%
-0.8%
1.6x
6.9x
201.9
28.5
78.8
(7.0)
NM
-20.5%
0.4x
NM
36.6
32.4
45.5
3.5
7.7%
111.1%
0.7x
9.3x
-1%
727.2
685.1
278.2
8.1
2.9%
12.7%
2.5x
84.2x
-30%
1,293.2
608.5
668.4
165.7
24.8%
-25.0%
0.9x
3.7x
-6%
633.0
533.7
223.8
2.9
1.3%
0.0%
2.4x
NM
18.25
-14%
3,624.4
11,331.1
4,689.1
1,458.6
31.1%
40.6%
2.4x
7.8x
10.1x
Kongzhong Corp.
China
7.18
-16%
337.8
232.9
179.1
23.1
12.9%
-21.3%
1.3x
Mixi, Inc.
Japan
37.20
-37%
3,135.9
2,331.6
1,621.8
768.6
47.4%
163.2%
1.4x
3.0x
NCsoft Corporation
South Korea
223.01
-7%
4,736.9
3,915.9
712.4
231.5
32.5%
-0.1%
5.5x
16.9x
Naver Corporation
South Korea
560.39
-6%
16,328.2
15,232.9
2,762.8
774.2
28.0%
17.9%
5.5x
19.7x
NetEase, Inc.
China
143.58
-23%
18,768.9
15,176.7
3,512.2
1,148.2
32.7%
94.7%
4.3x
13.2x
NEXON Co., Ltd.
Japan
17.08
-7%
7,424.5
4,917.5
1,582.9
626.9
39.6%
10.0%
3.1x
7.8x
Pacific Online Ltd.
China
0.28
-57%
311.0
244.1
168.9
36.3
21.5%
11.0%
1.4x
6.7x
Phoenix New Media Limited
China
4.45
-55%
317.4
171.0
247.9
17.8
7.2%
-1.8%
0.7x
9.6x
* India
* China
0.79
-64%
21.8
14.9
14.3
(7.2)
NM
-9.3%
1.0x
NM
3.27
-27%
1,108.3
936.0
54.8
(76.1)
NM
-31.6%
17.1x
NM
* China
* China
2.09
-68%
58.6
(32.1)
93.7
(0.9)
NM
-22.1%
NM
NM
3.68
-8%
131.3
59.0
35.6
(3.8)
NM
-21.8%
1.7x
NM
6.5
5.8%
-37.2%
1.7x
29.3x
55.8x
Rediff.com India Limited
Renren Inc.
Sky-mobi Limited
Taomee Holdings Ltd.
Tomorrow Focus AG
Germany
3.01
-52%
175.5
191.4
113.4
Weibo Corporation
* China
* South Korea
17.95
-13%
3,709.2
3,380.7
477.9
60.6
12.7%
43.0%
7.1x
27.49
-55%
456.4
435.9
107.6
(1.1)
NM
-22.2%
4.1x
NM
Yandex N.V.
Netherlands
15.32
-28%
4,895.4
4,687.8
831.5
234.6
28.2%
17.8%
5.6x
20.0x
YY Inc.
China
61.59
-25%
3,380.6
3,346.9
908.3
194.1
21.4%
60.3%
3.7x
17.2x
WeMade Entertainment Co., Ltd.
Average
2.3x
12.4x
eCommerce
US-based eCommerce
Company Name
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
LTM
7.88
-41%
Value
$509.9
Amazon.com, Inc.
593.64
-15%
279,510.7
277,249.7
107,006.0
Apple Inc.
1-800-Flowers.com Inc.
Value
$526.1
Revenue
$1,165.0
EBITDA
$79.6
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
6.8%
13.3%
0.5x
6.6x
7,879.0
7.4%
20.2%
2.6x
35.2x
108.99
-19%
604,304.1
628,910.1
234,988.0
82,791.0
35.2%
17.6%
2.7x
7.6x
Blucora, Inc.
5.16
-69%
212.6
732.3
117.7
22.7
19.3%
13.5%
6.2x
32.3x
Blue Nile Inc.
25.71
-34%
298.3
212.3
480.1
17.2
3.6%
1.4%
0.4x
12.3x
CafePress Inc.
3.69
-31%
61.9
12.5
104.5
3.9
3.8%
-20.9%
0.1x
3.2x
41.50
-12%
6,886.4
10,551.3
12,988.7
979.6
7.5%
7.6%
0.8x
10.8x
Chegg, Inc.
4.46
-50%
401.2
316.4
301.4
2.7
0.9%
-1.1%
1.0x
NM
Copart, Inc.
40.77
-2%
4,566.3
5,083.1
1,168.0
402.3
34.4%
0.4%
4.4x
12.6x
eBay Inc.
23.86
-64%
27,263.3
27,911.3
8,592.0
2,946.0
34.3%
-2.3%
3.2x
9.5x
Etsy, Inc.
8.70
-76%
980.5
700.8
273.5
12.9
4.7%
39.8%
2.6x
54.5x
107.82
-23%
16,235.6
18,878.7
6,672.3
731.2
11.0%
15.8%
2.8x
25.8x
26.25
-22%
727.5
969.6
1,219.8
104.8
8.6%
90.4%
0.8x
9.3x
Alphabet Inc.
762.90
-6%
518,916.8
454,638.8
74,989.0
24,423.0
32.6%
13.6%
6.1x
18.6x
GrubHub Inc.
25.13
-47%
2,125.4
1,814.7
361.8
89.3
HSN, Inc.
IAC/InterActiveCorp
52.31
47.08
-31%
-44%
2,734.6
3,910.9
3,310.9
4,620.2
3,690.6
3,230.9
320.4
384.3
24.7%
8.7%
11.9%
42.5%
2.9%
3.9%
5.0x
0.9x
1.4x
20.3x
10.3x
12.0x
$25.25
-20%
12,527.0
18,722.0
9,169.0
1,827.0
19.9%
-8.6%
2.0x
10.2x
39.12
-14%
5,560.1
4,801.1
820.0
(8.0)
NM
74.1%
5.9x
NM
5.18
-53%
158.5
73.1
337.9
(0.5)
NM
-32.3%
0.2x
NM
Match Group, Inc.
11.06
-31%
2,746.0
3,339.8
1,020.4
245.4
24.0%
14.9%
3.3x
13.6x
Overstock.com Inc.
14.38
-45%
363.7
207.5
1,657.8
11.3
0.7%
10.7%
0.1x
18.4x
PetMed Express, Inc.
17.91
-4%
360.8
298.1
229.3
32.4
14.1%
0.5%
1.3x
9.2x
1,288.96
-13%
63,953.8
67,463.7
9,224.0
3,509.0
38.0%
9.3%
7.3x
19.2x
CDW Corporation
Expedia Inc.
FTD Companies, Inc.
Liberty Interactive Corporation
Liberty Ventures
Liquidity Services, Inc.
The Priceline Group Inc.
Shutterfly, Inc.
46.37
-6%
1,616.2
1,687.4
1,059.4
114.7
10.8%
15.0%
1.6x
14.7x
Shutterstock, Inc.
36.73
-51%
1,296.0
1,007.6
425.1
55.3
13.0%
29.6%
2.4x
18.2x
2.22
-56%
57.4
50.8
48.1
0.2
0.4%
-21.9%
1.1x
NM
106.28
-14%
1,776.19
1,864.14
213.96
64.20
30.0%
45.3%
8.7x
29.0x
U.S. Auto Parts Network, Inc.
2.56
-22%
87.3
105.9
291.1
5.9
2.0%
2.7%
0.4x
17.9x
EVINE Live Inc.
1.17
-83%
66.9
127.7
693.3
6.5
0.9%
2.8%
0.2x
19.7x
43.22
-24%
3,646.9
3,260.9
2,249.9
(64.2)
NM
70.6%
1.4x
NM
Spark Networks, Inc.
Stamps.com Inc.
Wayfair Inc.
Average
1.7x
12.9x
eCommerce
Internationally-based eCommerce
Company Name
58.com Inc.
Alibaba Group Holding Limited
Cnova N.V.
E-Commerce China Dangdang Inc.
eLong Inc.
JD.com, Inc.
Jiayuan.com International Ltd.
Jumei International Holding Limited
Headquarters
* China
* China
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
$
LTM
Value
7,712.6
Revenue
$
714.9
$
EBITDA
(245.0)
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
NM
169.8%
10.8x
NM
33.3%
13.3x
39.1x
EV/EBITDA
55.65
-34%
79.03
-17%
198,557.1
193,733.9
14,537.4
4,952.9
34.1%
3.00
-56%
1,323.9
1,042.3
3,714.8
(79.6)
NM
-1.5%
0.3x
NM
7.13
-38%
577.1
311.7
1,451.6
(5.7)
NM
21.4%
0.2x
NM
* China
* China
17.53
-36%
661.3
518.4
158.9
(172.8)
NM
-5.0%
3.3x
NM
26.50
-30%
36,331.4
34,154.6
27,922.5
(345.8)
NM
57.6%
1.2x
NM
China
7.45
-21%
231.9
151.6
110.9
4.9
4.4%
22.7%
1.4x
30.9x
China
6.51
19.5x
* Netherlands
* China
$
Value
7,876.4
-77%
945.2
547.9
1,045.6
28.0
2.7%
78.2%
0.5x
* China
Argentina
2.40
-63%
113.3
78.7
348.4
(39.7)
NM
-0.2%
0.2x
NM
117.85
-23%
5,203.9
5,131.2
651.8
178.6
27.4%
17.1%
7.9x
28.7x
PChome Online Inc.
Taiwan
11.03
-29%
1,101.2
881.6
693.9
35.4
5.1%
15.1%
1.3x
24.9x
Rakuten, Inc.
Japan
9.66
-55%
13,764.4
15,100.6
5,936.4
1,308.0
22.0%
19.2%
2.5x
11.5x
Travelport Worldwide Limited
United Kingdom
13.66
-20%
1,690.0
4,030.0
2,221.0
393.0
17.7%
3.4%
1.8x
10.3x
Vipshop Holdings Limited
China
12.88
-58%
7,404.8
7,265.5
6,192.3
377.2
6.1%
64.1%
1.2x
19.3x
LightInTheBox Holding Co., Ltd.
Mercadolibre, Inc.
Average
1.6x
16.3x
Digital Advertising
 There was a total of 32 transactions announced in the Digital Advertising segment, of which 23 were worth nearly $540 million in
reported value
 Digital Video was the most valuable subsegment with 10 transactions worth more than $190 million in value
 Select Transactions:
• The pending purchase of Israel-based mobile ad exchange InnerActive by RNTS Media for $46 million in cash, plus up to $26 million
in earn-outs and retention payments
• The $26.2 million acquisition of mobile advertising network JUICE Mobile by Yellow Pages
• China-based mobile advertising services provider Mobvista’s $25 million acquisition of mobile user acquisition company NativeX
• Ebate’s acquisition of mobile product discovery and promotions app developer Shopular
• eBay’s acquisition of Cargigi, a provider of online advertising services for car dealerships
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT
Transactions
#
Digital Video
Reported Value
%
Strategic
$MM
%
#
Buyout
$MM
$MM
#
$MM
0
-
7
$140.9
10
31%
$193.4
36%
3
Vertical Search
7
22%
130.3
24%
2
-
0
-
5
130.3
Comparison Shopping
3
9%
21.3
4%
0
-
0
-
3
21.3
Mobile Marketing
3
9%
80.2
15%
2
26.2
0
-
1
54.0
Online Lead Generation
3
9%
27.0
5%
2
25.0
0
-
1
2.0
Ad Networks/Exchanges
2
6%
73.5
14%
1
72.0
0
-
1
1.5
Local Search
2
6%
12.7
2%
0
-
0
-
2
12.7
Other*
Total
$52.5
#
2
6%
0.0
0%
2
-
0
-
0
0.0
32
100%
538.4
100%
12
175.7
0
0.0
20
362.7
Digital Advertising
US-based Digital Advertising
Stock Price
03/31/16
Chg % From
52WK High
$220.00
-29%
762.90
-6%
$8.07
17.36
Bankrate, Inc.
Blinkx plc
Company Name
Equity
Ent.
LTM
Value
29,226.0
Revenue
$
6,439.7
518,916.8
454,638.8
74,989.0
-28%
-31%
473.2
184.5
475.7
187.5
9.17
-42%
892.5
0.31
-47%
123.7
5.16
-69%
Care.com, Inc.
6.15
Demand Media, Inc.
5.00
DHI Group, Inc.
Digital Globe Services Inc.
Alliance Data Systems Corporation
$
Value
13,048.7
$
$
EBITDA
1,508.7
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
23.4%
21.4%
4.5x
19.4x
24,423.0
32.6%
13.6%
6.1x
18.6x
344.1
133.2
21.5
11.7
6.3%
8.8%
9.2%
25.4%
1.4x
1.4x
22.1x
16.1x
953.9
370.5
107.7
29.1%
5.8%
2.6x
8.9x
52.4
200.4
(8.5)
NM
-17.1%
0.3x
NM
212.6
732.3
117.7
22.7
19.3%
13.5%
6.2x
32.3x
-18%
199.6
138.3
138.7
(10.1)
NM
25.3%
1.0x
NM
-27%
99.6
61.1
126.0
(16.8)
8.07
1.09
-23%
-1%
422.9
32.5
489.9
32.0
259.8
45.6
64.4
4.2
NM
24.8%
-26.9%
-1.1%
0.5x
1.9x
NM
7.6x
9.3%
15.0%
0.7x
7.6x
114.10
-3%
334,694.2
316,575.2
17,928.0
8,239.0
46.0%
43.8%
17.7x
38.4x
3.99
47.08
-47%
-44%
2,341.7
3,910.9
1,547.2
4,620.2
3,119.5
3,230.9
64.8
384.3
2.1%
2.5%
0.5x
23.9x
11.9%
3.9%
1.4x
12.0x
IDI, Inc.
5.80
-55%
266.8
19.7
14.1
(42.4)
NM
331.2%
1.4x
NM
MaxPoint Interactive, Inc.
1.77
-83%
46.5
19.7
140.1
(16.7)
NM
31.6%
0.1x
NM
Monster Worldwide, Inc.
3.26
-60%
293.1
324.4
666.9
94.0
14.1%
-8.1%
0.5x
3.5x
Alphabet Inc.
Angie's List, Inc.
Autobytel Inc.
Blucora, Inc.
Facebook, Inc.
*
*
Groupon, Inc.
IAC/InterActiveCorp
QuinStreet, Inc.
3.42
-50%
154.7
119.0
283.6
(4.0)
NM
3.0%
0.4x
NM
10.60
-28%
872.0
712.1
237.3
(22.3)
NM
7.0%
3.0x
NM
ReachLocal, Inc.
1.79
-49%
53.8
65.4
382.6
(17.2)
NM
-19.4%
0.2x
NM
RetailMeNot, Inc.
8.01
-63%
390.0
202.8
249.1
43.1
17.3%
-5.9%
0.8x
4.7x
Rocket Fuel Inc.
3.15
-67%
137.4
142.7
461.6
(33.6)
NM
13.0%
0.3x
NM
Rovi Corporation
20.51
-13%
1,708.4
2,491.5
526.3
167.3
31.8%
-3.0%
4.7x
14.9x
Quotient Technology Inc.
The Rubicon Project, Inc.
18.28
-5%
862.4
722.7
248.5
19.0
7.7%
98.3%
2.9x
38.0x
TiVo Inc.
9.51
-17%
930.69
603.48
489.61
85.43
17.4%
8.4%
1.2x
7.1x
Travelzoo Inc.
8.12
-43%
117.9
87.6
141.7
9.6
6.8%
-7.5%
0.6x
9.1x
*
97.78
-30%
1,161.2
954.3
254.2
28.9
11.4%
51.9%
3.8x
33.0x
1.76
-46%
92.5
32.6
173.8
(10.9)
NM
9.0%
0.2x
NM
*
66.50
-29%
9,660.1
9,284.1
1,492.0
280.0
18.8%
19.7%
6.2x
33.2x
5.59
-67%
466.9
381.5
259.8
(37.1)
NM
25.7%
1.5x
NM
12.94
-27%
460.1
380.5
180.7
(9.2)
NM
58.2%
2.1x
NM
LendingTree, Inc.
*
Tremor Video, Inc.
TripAdvisor Inc.
TrueCar, Inc.
TubeMogul, Inc.
Digital Advertising
Stock Price
03/31/16
Company Name
Twitter, Inc.
Chg % From
52WK High
Equity
Ent.
Revenue
$
2,218.0
-69%
3.94
-82%
35.4
77.0
0.0
Web.com Group, Inc.
19.82
-24%
971.6
1,375.5
Yahoo! Inc.
36.81
-20%
34,852.1
Yelp Inc.
19.88
-62%
1,512.0
3.74
-35%
25.55
-28%
YuMe, Inc.
Zillow Group, Inc.
*
$
LTM
Value
9,566.8
16.55
Voltari Corporation
$
Value
11,459.2
$
EBITDA
(175.0)
LTM Margin
LTM
EBITDA
Rev Growth
EV/EBITDA
NM
NM
58.1%
4.3x
(4.7)
NM
0.0%
1570.9x
NM
543.5
110.7
20.4%
-0.1%
2.5x
12.4x
4,622.4
4,968.3
330.7
6.7%
7.6%
0.9x
14.0x
1,141.1
549.7
0.1
0.0%
45.6%
2.1x
NM
130.1
81.6
173.3
(11.8)
NM
-2.5%
0.5x
NM
4,559.2
4,269.0
644.7
(4.5)
NM
97.8%
6.6x
NM
Average
*Ca l cul a tion i s ma rket ca p wei ghted a nd excl udes revenue mul tipl es tha t a re 2.0 s tanda rd devi a tions a bove the mea n (566.7x)a nd EBITDA mul tipl es tha t a re 1.0 s tanda rd devi a tions a bove the mea n (29.7x)
*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.
LTM Multiples
EV/Rev
1.8x
14.3x
Digital Advertising
Internationally-based Digital Advertising
Company Name
Adgorithms LTD
Criteo SA
Ctrip.com International Ltd.
InternetQ PLC
Headquarters
Stock Price
03/31/16
Chg % From
52WK High
Equity
$
Value
14.2
Ent.
$
LTM
Value
(17.6)
Revenue
$
25.6
* Israel
France
$0.23
-89%
41.42
-28%
2,587.9
2,249.5
* China
United Kingdom
44.26
-23%
19,928.4
2.59
-46%
104.0
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
0.0
0.1%
0.0%
1,323.2
114.1
8.6%
33.9%
1.7x
19.7x
23,432.1
1,678.5
109.6
6.5%
48.3%
14.0x
213.7x
107.5
154.5
19.0
12.3%
9.1%
0.7x
5.7x
28.2%
27.9%
7.3x
26.0x
NM
NM
Just Dial Limited
India
11.56
-45%
815.7
692.8
94.3
26.6
MakeMyTrip Limited
India
18.09
-25%
763.2
678.7
306.7
(32.4)
NM
5.1%
2.2x
NM
Matomy Media Group Ltd.
Israel
1.21
-57%
113.2
134.3
271.0
24.7
9.1%
14.1%
0.5x
5.4x
Opera Software ASA
Norway
7.98
-15%
1,166.6
1,234.9
615.9
99.2
16.1%
28.1%
2.0x
12.4x
Pacific Online Ltd.
China
0.28
-57%
311.0
244.1
168.9
36.3
21.5%
11.0%
1.4x
6.7x
60.65
0%
5,726.3
5,708.4
283.3
203.7
71.9%
15.0%
20.1x
28.0x
Rightmove plc
Septeni Holdings Co., Ltd.
* United Kingdom
Japan
24.68
-4%
640.2
545.1
453.1
30.2
6.7%
-2.5%
1.2x
18.0x
Taptica International Ltd
Israel
1.04
-58%
65.3
47.0
75.8
5.9
7.8%
20.1%
0.6x
7.9x
TradeDoubler AB
Sweden
0.67
-56%
28.47
16.16
192.41
(4.28)
NM
-6.3%
0.1x
NM
XLMedia PLC
Channel Islands
1.04
-13%
209.2
169.1
89.2
26.7
30.0%
75.9%
1.9x
6.3x
Yandex N.V.
Netherlands
15.32
-28%
4,895.4
4,687.8
831.5
234.6
28.2%
17.8%
5.6x
20.0x
Youku Tudou Inc.
China
27.49
-13%
5,385.4
4,467.7
926.0
70.3
7.6%
51.6%
4.8x
63.5x
Zhaopin Ltd.
China
15.88
-10%
863.4
591.3
214.6
49.3
23.0%
19.3%
2.8x
12.0x
Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (15.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (86.3x)
*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)
2.0x
15.7x
 The Marketing Technology segment announced 94 transactions, of which 53 reported nearly $590 million in value
 Analytics & Targeting was the most active subsegment with 24 transactions announced, 16 of which reported more than $135 million
in value
• Business intelligence executive management platform Domo’s $131 million round of funding from BlackRock, Credit Suisse, and
Canyon Capital Advisors at a reported valuation of $2 billion
• The Insight Venture Partners-led $50 million investment in analytics company Moat
• The $30 million raised by live inbound call analytics platform Invoca from Morgan Stanley Alternative Investment Partners, Accel
Partners, Upfront Ventures, and Salesforce Ventures
• Social data platform Crimson Hexagon’s $20 million round of funding from Sageview Capital
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
Strategic
$MM
%
#
Analytics & Targeting
23
24%
$136.5
23%
6
BI Tools
Buyout
$MM
$17.5
#
$MM
#
$MM
0
-
17
$119.0
10
11%
188.4
32%
0
-
2
-
8
188.4
Commerce Management
9
10%
21.6
4%
4
-
1
-
4
21.6
Content Management
8
9%
15.8
3%
5
-
0
-
3
15.8
CRM
8
9%
37.0
6%
4
-
0
-
4
37.0
MRM/Workflow Management
7
7%
71.2
12%
2
11.8
0
-
5
59.4
Social Technology
7
7%
28.9
5%
3
-
0
-
4
28.9
Other*
22
23%
88.9
15%
9
-
1
-
12
63.8
Total
94
100%
588.3
100%
33
29.3
4
0.0
57
559.0
US-based Marketing Technology
Stock Price
03/31/16
Company Name
Adobe Systems Incorporated
*
AppFolio, Inc.
Bazaarvoice, Inc.
Blackbaud Inc.
Brightcove Inc.
Chg % From
52WK High
Equity
$
Value
46,919.66
Ent.
$
LTM
Value
44,738.60
Revenue
$ 5,069.67
93.80
-4%
12.24
-39%
410.9
388.6
75.0
3.15
-52%
256.2
204.2
62.89
-8%
2,816.0
$
EBITDA
1,378.25
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
27.2%
19.1%
8.8x
32.5x
(12.1)
NM
57.3%
5.2x
NM
197.4
(18.2)
NM
6.1%
1.0x
NM
3,209.7
637.9
104.6
16.4%
13.0%
5.0x
30.7x
6.24
-19%
204.4
177.6
134.7
1.5
1.1%
7.8%
1.3x
119.4x
11.25
-24%
285.8
229.5
100.6
(11.5)
NM
18.5%
2.3x
NM
2.00
-40%
80.9
43.2
79.5
(19.8)
NM
-11.2%
0.5x
NM
Cvent, Inc.
21.40
-43%
899.8
754.4
187.7
0.9
0.5%
32.0%
4.0x
NM
Demandware, Inc.
39.10
-48%
1,474.6
1,278.0
237.3
(34.2)
NM
47.8%
5.4x
NM
eBay Inc.
23.86
-64%
27,263.3
27,911.3
8,592.0
2,946.0
34.3%
-2.3%
3.2x
9.5x
Endurance International Group
Holdings,
Five9, Inc.Inc.
10.53
-55%
1,447.7
2,521.1
741.3
182.8
24.7%
17.7%
3.4x
13.8x
8.89
-10%
455.6
443.7
128.9
(13.8)
NM
25.0%
3.4x
NM
GoDaddy Inc.
32.33
-9%
2,195.4
3,173.9
1,607.3
212.8
13.2%
15.9%
2.0x
14.9x
*
ChannelAdvisor Corporation
Covisint Corporation
HubSpot, Inc.
*
43.62
-27%
1,513.9
1,410.2
181.9
(43.7)
NM
57.0%
7.8x
NM
Interactive Intelligence Group Inc.
*
36.42
-28%
802.4
761.4
390.9
3.6
0.9%
14.5%
1.9x
210.0x
8.8x
IBM Corporation
151.45
-14%
145,525.4
177,385.4
81,741.0
20,082.0
24.6%
-11.9%
2.2x
Jive Software, Inc.
3.78
-37%
289.3
186.6
195.8
(21.0)
NM
9.6%
1.0x
NM
LivePerson Inc.
5.85
-45%
335.7
286.9
239.0
17.0
7.1%
13.9%
1.2x
16.9x
Marin Software Incorporated
3.02
-60%
115.1
80.8
108.5
(21.1)
NM
9.2%
0.7x
NM
19.57
-42%
868.6
768.7
209.9
(55.7)
NM
40.0%
3.7x
NM
1.77
-83%
46.5
36.6
140.1
(16.7)
NM
31.6%
0.3x
NM
179.72
-21%
2,049.7
1,564.1
529.9
148.3
28.0%
-8.6%
3.0x
10.5x
MINDBODY, Inc.
13.33
-28%
528.8
451.3
101.4
(28.7)
NM
44.8%
4.5x
NM
NetSuite Inc.
68.49
-33%
5,478.1
5,397.3
741.1
(61.7)
NM
33.2%
7.3x
NM
Nuance Communications, Inc.
18.69
-14%
5,690.1
7,243.5
1,943.2
296.9
15.3%
0.8%
3.7x
24.4x
Oracle Corporation
40.91
-10%
169,770.8
159,575.8
37,159.0
14,908.0
40.1%
-4.3%
4.3x
10.7x
PayPal Holdings, Inc.
38.60
-9%
47,195.3
43,784.3
9,248.0
1,951.0
21.1%
15.2%
4.7x
22.4x
PROS Holdings, Inc.
11.79
-57%
357.5
309.6
168.2
(42.2)
NM
-9.5%
1.8x
NM
PTC Inc.
33.16
-22%
3,797.9
4,219.2
1,220.8
236.2
19.3%
-10.1%
3.5x
17.9x
Qlik Technologies, Inc.
28.92
-33%
2,709.91
2,389.86
612.73
3.66
0.6%
10.0%
3.9x
NM
Rightside Group, Ltd.
8.05
-21%
154.5
136.2
212.5
(1.7)
NM
10.8%
0.6x
NM
Rovi Corporation
20.51
-13%
1,708.36
2,491.52
526.27
167.33
31.8%
-3.0%
4.7x
14.9x
The Rubicon Project, Inc.
18.28
-5%
862.4
722.7
248.5
19.0
7.7%
98.3%
2.9x
38.0x
Marketo, Inc.
MaxPoint Interactive, Inc.
MicroStrategy Inc.
Stock Price
03/31/16
Company Name
salesforce.com, inc.
Chg % From
52WK High
Equity
Ent.
Revenue
$
6,667.2
-11%
Sizmek Inc.
2.90
-63%
83.9
41.9
172.7
Square, Inc.
15.28
-4%
5,122.8
4,652.1
Synchronoss Technologies, Inc.
32.34
-38%
1,436.1
1,526.9
Tableau Software, Inc.
45.87
-65%
3,411.3
Teradata Corporation
26.24
-43%
3,382.8
Verint Systems Inc.
33.38
-50%
Xactly Corporation
6.85
-36%
20.93
-26%
Zendesk, Inc.
*
$
LTM
Value
50,247.5
73.83
*
$
Value
49,532.5
$
EBITDA
465.8
LTM Margin
LTM
EBITDA
Rev Growth
EV/EBITDA
7.0%
24.1%
7.5x
107.9x
9.1
5.3%
1.1%
0.2x
4.6x
1,267.1
(95.4)
NM
49.0%
3.7x
NM
578.8
157.4
27.2%
26.6%
2.6x
9.7x
2,615.4
653.6
(28.4)
NM
58.4%
4.0x
NM
3,323.8
2,530.0
377.0
14.9%
-7.4%
1.3x
8.8x
2,078.5
2,416.5
1,130.3
139.3
12.3%
0.2%
2.1x
17.3x
202.4
170.1
76.0
(17.3)
NM
24.3%
2.2x
NM
1,894.3
1,648.7
208.8
(68.4)
NM
64.3%
7.9x
NM
Adjusted Weighted Average
LTM Multiples
EV/Rev
3.9x
13.9x
Internationally-based Marketing Technology
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Baozun Inc.
China
5.84
-60%
Bitauto Holdings Limited
China
24.79
-63%
ChinaCache International Holdings Ltd.
China
7.89
InfraStrata plc
Infosystems S.A.
Mercadolibre, Inc.
Open Text Corporation
* United Kingdom
Poland
* Argentina
Canada
Equity
Ent.
LTM
Value
165.91
Revenue
$
400.22
1,491.6
1,023.3
617.9
-50%
204.4
135.7
0.02
-65%
4.3
0.26
-46%
117.85
51.80
$
Value
294.86
$
$
EBITDA
3.34
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
0.8%
64.0%
0.4x
49.6x
(22.4)
NM
63.1%
1.7x
NM
208.5
(3.6)
NM
-2.2%
0.7x
NM
4.8
0.6
(0.8)
NM
2320.6%
8.2x
NM
1.0
1.4
2.0
0.9
47.5%
0.0%
0.7x
1.5x
-23%
5,203.9
5,131.2
651.8
178.6
27.4%
17.1%
7.9x
28.7x
-11%
6,274.5
7,116.8
1,830.2
527.5
28.8%
-1.5%
3.9x
13.5x
Opera Software ASA
Norway
7.98
-15%
1,166.6
1,234.9
615.9
99.2
16.1%
28.1%
2.0x
12.4x
Sage Group plc
United Kingdom
9.06
1%
9,777.99
10,270.00
2,172.20
588.18
27.1%
6.1%
4.7x
17.5x
SAP SE
Germany
80.84
-6%
96,845.5
103,434.0
22,582.7
6,206.9
27.5%
18.4%
4.6x
16.7x
* Canada
China
28.21
-33%
2,266.4
2,074.9
205.2
(12.0)
NM
95.4%
10.1x
NM
2.09
-68%
58.6
(32.1)
93.7
(0.9)
NM
-22.1%
NM
NM
Weborama
France
12.76
-6%
43.9
44.0
30.4
1.1
3.6%
0.9%
1.4x
40.1x
Wix.com ltd
Israel
20.27
-29%
804.6
694.6
203.5
(43.6)
NM
43.5%
3.4x
Shopify Inc.
Sky-mobi Limited
4.6x
NM
17.0x
 There were 33 transactions announced in the Agency & Marketing Services segment in March. Digital Agency was the most active
subsegment with 10 transactions
 Select transactions:
• The $250 million raised by WME|IMG at a reported valuation of $5.5 billion from SoftBank in exchange for an eight percent
equity stake
• Searchlight Capital Partner’s majority acquisition creative services agency 160over90 in a transaction valued at $175 million
• The acquisition of customer experience agency MCD Partners by M&C Saatchi in a transaction valued at a reported $19.6 million
• The majority interest taken in digital consulting firm Hero Digital by CI Capital Partners (A Petsky Prunier-led transaction)
• The New York Times’ acquisition of digital marketing agency HelloSociety from Science Media
• The acquisition of healthcare media agency Communications Media by WPP
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Digital Agency
Reported Value
%
Strategic
$MM
%
#
$266.6
Buyout
$MM
#
$MM
#
2
$235.0
$MM
10
30%
29%
8
0
-
Public Relations
4
12%
-
0%
4
-
0
-
0
-
Ad Specialty/Premiums
2
6%
27.0
3%
2
27.0
0
-
0
-
Design Agency
2
6%
-
0%
2
-
0
-
0
-
DM Agency
2
6%
-
0%
2
-
0
-
0
-
General Agency
2
6%
-
0%
2
-
0
-
0
-
Healthcare Agency
2
6%
-
0%
2
-
0
-
0
-
Other*
Total
$31.6
9
27%
617
68%
6
207.0
1
155.0
2
255.0
33
100%
910.6
100%
28
265.6
3
390.0
2
255.0
Agency
Public Company Valuation
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Cello Group Plc
United Kingdom
$1.31
-13%
Creston plc
United Kingdom
1.53
-34%
* Japan
Australia
50.28
* Luxembourg
France
Dentsu Inc.
Enero Group Limited
Globant S.A.
Havas
Equity
Ent.
LTM
Value
117.9
Revenue
$
232.0
88.5
92.2
120.9
-23%
14,338.2
15,264.1
0.87
-5%
74.7
30.86
-19%
$
Value
111.8
$
$
LTM Margin
LTM
EBITDA
Rev Growth
EBITDA
13.7
LTM Multiples
EV/Rev
EV/EBITDA
5.9%
-7.4%
0.5x
8.6x
17.9
14.8%
4.5%
0.8x
5.1x
(2,566.5)
1,851.4
-72.1%
NM
49.9
158.8
9.2
5.8%
6.9%
0.3x
5.4x
1,055.4
992.7
253.8
30.3
11.9%
27.1%
3.9x
32.8x
9.1x
NM
8.2x
8.03
-14%
3,350.1
3,249.9
2,376.3
358.4
15.1%
17.3%
1.4x
Huntsworth plc
United Kingdom
0.58
-16%
187.1
230.8
248.3
26.1
10.5%
1.6%
0.9x
8.8x
M&C Saatchi plc
United Kingdom
4.81
-6%
346.4
344.7
263.9
30.3
11.5%
5.6%
1.3x
11.4x
MDC Holdings Inc.
United States
25.06
-20%
1,228.1
1,935.5
1,909.0
123.3
6.5%
12.7%
1.0x
15.7x
Next Fifteen Communications Group plc
United Kingdom
3.36
-15%
238.5
250.6
180.3
21.6
12.0%
0.0%
1.4x
11.6x
Omnicom Group Inc.
United States
83.23
-1%
19,941.1
22,512.7
15,134.4
2,211.2
14.6%
-1.2%
1.5x
10.2x
OPT Holding, Inc.
Japan
5.57
-15%
144.0
129.2
532.9
22.4
4.2%
-4.4%
0.2x
5.8x
Porta Communications Plc
United Kingdom
0.08
-44%
23.2
34.4
48.3
2.1
4.4%
186.2%
0.7x
16.3x
Publicis Groupe SA
France
70.28
-22%
15,554.8
17,543.3
10,427.4
1,932.1
18.5%
32.3%
1.7x
9.1x
The Interpublic Group of Companies, Inc.
United States
22.95
-4%
9,228.9
9,769.7
7,613.8
1,028.1
13.5%
1.0%
1.3x
9.5x
WPP plc
United Kingdom
23.43
1%
29,805.0
34,974.6
18,043.4
3,157.5
17.5%
6.1%
1.9x
11.1x
1.6x
9.9x
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
03/31/16
Chg % From
52WK High
Equity
$
Ent.
Value
1,666.4
$
LTM
Value
1,681.0
Revenue
$
1,046.3
$21.44
-8%
6.52
-43%
992.0
1,328.2
1,773.4
220.00
-29%
13,048.7
23,236.2
45.16
-2%
1,460.0
1,503.7
0.02
-97%
19.3
-16%
$
EBITDA
169.7
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.2%
20.6%
1.6x
9.9x
129.3
7.3%
-0.3%
0.7x
10.3x
6,439.7
1,508.7
23.4%
21.4%
3.6x
15.4x
752.5
145.9
19.4%
0.2%
2.0x
10.3x
60.2
219.5
14.9
6.8%
-2.7%
0.3x
4.0x
3,815.0
4,302.6
2,825.1
405.2
14.3%
2.8%
1.5x
10.6x
Data Group Ltd.
Canada
DST Systems Inc.
United States
112.77
* United States
United States
106.09
-3%
3,328.9
3,857.1
849.3
194.9
23.0%
6.9%
4.5x
19.8x
2.53
-68%
155.0
214.7
495.3
36.6
7.4%
-10.5%
0.4x
5.9x
10.12
-8%
104.7
58.3
168.0
13.9
8.3%
19.2%
0.3x
4.2x
3.8x
Fair Isaac Corporation
Harte-Hanks Inc.
High Co. SA
France
Insignia Systems Inc.
United States
2.85
-7%
33.1
15.1
28.2
4.0
14.1%
7.2%
0.5x
Interpace Diagnostics Group, Inc.
United States
0.28
-90%
5.1
5.1
9.4
(23.9)
NM
539.9%
0.5x
NM
Multiplus S.A.
Brazil
9.23
-23%
1,495.1
1,074.9
571.0
132.6
23.2%
24.3%
1.9x
8.1x
Pitney Bowes Inc.
United States
21.54
-10%
4,084.8
6,583.1
3,578.1
817.7
22.9%
-6.4%
1.8x
8.1x
Points International Ltd.
Canada
8.64
-38%
132.1
77.2
296.3
11.0
3.7%
16.2%
0.3x
7.0x
Viad Corp
United States
29.16
-11%
588.3
673.5
1,089.0
80.8
7.4%
2.3%
0.6x
8.3x
2.5x
9.3x
Traditional Media
 Of the 17 transactions announced in the Traditional Media segment in March, 10 reported more than $815 million in aggregate
reported value
• The $400 million in funding received by film and production studio Relativity Media from Maple Leaf Capital
• Time Internet’s acquisition of US-based cricket broadcaster Willow TV International for a reported $100 million
• Digital First Media’s $52 million acquisition of Freedom Communications’ Orange County Register and Riverside Press-Enterprise
newspaper properties
• The majority acquisition of broadcast network programming provider Renegade 83 by Entertainment One in a transaction valued at
a reported $35 million
• Vice Media’s acquisition of UK-based film, television, and digital production studio Pulse Films
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
Strategic
$MM
%
#
Buyout
$MM
#
-
$MM
#
$MM
0
-
5
$528.0
1
95.6
0
-
Entertainment Media
8
47%
$528.0
65%
3
Broadcast Television
3
18%
231.0
28%
2
B-to-B Media
2
12%
6.0
1%
1
-
0
-
1
6.0
Consumer Book Publishing
2
12%
-
0%
1
-
1
-
0
-
Newspaper Publishing
1
6%
52.3
6%
1
52.3
0
-
0
-
Traditional Outdoor
1
6%
-
0%
1
-
0
-
0
-
Other*
0
0%
0.0
0%
0
0.0
0
0.0
0
0.0
17
100%
817.3
100%
9
187.7
2
95.6
6
534.0
Total
135.4
Traditional Media
Large Cap Diversified Media
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
CBS Corporation
United States
$55.09
-14%
Discovery Communications, Inc.
United States
28.63
-18%
Time Warner Inc.
United States
72.55
Twenty-First Century Fox, Inc.
United States
Viacom, Inc.
United States
The Walt Disney Company
United States
Equity
Ent.
LTM
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
22.4%
0.6%
2.4x
10.8x
2,442.0
38.2%
2.1%
3.7x
9.6x
28,118.0
7,895.0
28.1%
2.8%
2.8x
10.0x
70,780.5
26,497.0
6,145.0
23.2%
-18.7%
2.7x
11.5x
29,070.1
13,078.0
4,022.0
30.8%
-6.1%
2.2x
7.2x
180,885.2
54,318.0
16,439.0
30.3%
8.9%
3.3x
11.0x
Value
33,441.1
Revenue
$ 13,886.0
15,926.3
23,363.3
6,394.0
-21%
57,325.7
78,991.7
27.88
-21%
53,728.5
41.28
-44%
16,541.1
99.31
-19%
162,031.2
$
Value
25,316.1
$
$
EBITDA
3,107.0
LTM Multiples
3.0x
10.6x
B-to-B Media
Company Name
Headquarters
Euromoney Institutional Investor PLC
United Kingdom
Global Sources Ltd.
Bermuda
Informa plc
United Kingdom
TechTarget, Inc.
UBM plc
Stock Price
03/31/16
Chg % From
52WK High
Equity
$
Value
1,715.3
Ent.
$
LTM
Value
1,713.7
Revenue
$
610.4
$
EBITDA
252.6
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
41.4%
-0.8%
2.8x
6.8x
$13.57
-25%
8.10
-17%
244.9
171.2
162.1
31.7
19.6%
-15.3%
1.1x
5.4x
10.00
-2%
6,479.2
7,772.2
1,787.6
550.7
30.8%
6.6%
4.3x
14.1x
United States
7.42
-38%
239.1
213.6
111.8
17.6
15.7%
5.3%
1.9x
12.2x
* United Kingdom
8.66
0%
3,831.1
4,594.3
1,135.4
292.4
25.8%
39.9%
4.0x
15.7x
3.9x
12.4x
Radio Broadcasting
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Beasley Broadcast Group Inc.
United States
$3.51
-32%
Cumulus Media Inc.
United States
0.46
-82%
Emmis Communications Corp.
United States
0.58
Entercom Communications Corp.
United States
10.58
Pandora Media, Inc.
United States
Radio One Inc.
Salem Media Group, Inc.
Sirius XM Holdings Inc.
Spanish Broadcasting System Inc.
Townsquare Media, Inc.
Equity
Ent.
LTM
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
20.2%
80.5%
1.5x
7.3x
234.5
20.1%
-7.5%
2.1x
10.7x
234.0
37.3
16.0%
1.1%
1.4x
8.5x
411.4
97.6
23.7%
8.3%
2.3x
9.5x
1,901.9
1,164.0
(67.2)
NM
26.4%
1.6x
NM
1,037.9
450.9
115.4
25.6%
2.1%
2.3x
9.0x
Value
155.0
Revenue
$
105.9
108.8
2,502.5
1,168.7
-70%
26.7
319.0
-21%
422.5
928.0
8.95
-60%
2,037.9
United States
1.42
-66%
69.7
$
Value
81.4
$
$
EBITDA
21.4
LTM Multiples
EV/EBITDA
United States
5.76
-16%
146.8
424.6
265.8
47.6
17.9%
-0.3%
1.6x
8.9x
* United States
United States
3.95
-6%
20,129.2
25,465.7
4,570.1
1,579.2
34.6%
9.3%
5.6x
16.1x
3.35
-54%
24.3
417.0
143.0
41.3
28.9%
-3.1%
2.9x
10.1x
United States
11.21
-22%
200.2
756.4
441.2
93.7
21.2%
18.0%
1.7x
8.1x
1.8x
9.1x
Traditional Media
Broadcast, Cable, and Satellite Television
Company Name
Headquarters
AMC Networks Inc.
United States
Sky plc
Stock Price
03/31/16
Chg % From
52WK High
Equity
LTM
Value
7,330.5
Revenue
$
2,580.9
25,161.2
34,001.8
16,819.1
Rev Growth
EV/Rev
LTM Multiples
32.9%
18.6%
2.8x
8.6x
2,827.0
16.8%
41.2%
2.0x
12.0x
EV/EBITDA
United Kingdom
14.75
-12%
Cablevision Systems Corporation
United States
33.00
-1%
9,129.7
17,760.6
6,509.7
1,739.4
26.7%
0.8%
2.7x
10.2x
CBS Corporation
United States
55.09
-14%
25,316.1
33,441.1
13,886.0
3,107.0
22.4%
0.6%
2.4x
10.8x
* United States
United States
202.43
-2%
22,760.0
58,488.0
9,754.0
3,400.0
34.9%
7.1%
6.0x
17.2x
61.08
-6%
149,181.7
202,331.7
74,510.0
24,876.0
33.4%
8.3%
2.7x
8.1x
Crown Media Holdings Inc.
United States
5.08
-18%
1,827.2
2,106.8
478.7
368.3
76.9%
15.2%
4.4x
5.7x
Discovery Communications, Inc.
United States
28.63
-18%
15,926.3
23,363.3
6,394.0
2,442.0
38.2%
2.1%
3.7x
9.6x
Dish Network Corp.
United States
46.26
-39%
21,474.3
33,902.4
15,068.9
2,980.4
19.8%
2.9%
2.2x
11.4x
Entravision Communications Corporation
United States
7.44
-22%
661.5
936.7
254.1
71.6
28.2%
5.0%
3.7x
13.1x
General Communication Inc.
United States
18.32
-18%
705.7
2,126.6
978.5
317.8
32.5%
7.5%
2.2x
6.7x
Gray Television, Inc.
United States
11.72
-35%
848.0
1,986.2
597.4
201.6
33.8%
17.6%
3.3x
9.9x
Grupo Televisa, S.A.B.
Mexico
5.54
-23%
14,247.4
18,543.8
5,110.8
1,918.7
37.5%
9.9%
3.6x
9.7x
Liberty Global plc
United Kingdom
38.50
-34%
31,744.6
78,579.7
18,280.0
8,376.5
45.8%
0.2%
4.3x
9.4x
Media General, Inc.
United States
16.31
-7%
2,103.1
4,336.5
1,304.9
332.2
25.5%
93.3%
3.3x
13.1x
Nexstar Broadcasting Group, Inc.
United States
44.27
-28%
1,356.9
2,799.9
896.4
301.8
33.7%
42.0%
3.1x
9.3x
Scripps Networks Interactive, Inc.
United States
65.50
-9%
8,430.5
12,629.6
3,018.2
1,363.1
45.2%
13.2%
4.2x
9.3x
Sinclair Broadcast Group, Inc.
United States
30.75
-14%
2,912.5
6,590.8
2,219.1
687.9
31.0%
12.3%
3.0x
9.6x
TEGNA Inc.
United States
23.46
-39%
5,128.8
9,490.5
3,050.9
1,116.5
36.6%
16.2%
3.1x
8.5x
* United States
United States
15.59
-40%
1,308.0
1,599.1
715.7
32.2
4.5%
43.5%
2.2x
49.7x
204.62
-1%
57,962.8
79,385.8
23,697.0
7,777.0
32.8%
3.9%
3.4x
10.2x
United States
72.55
-21%
57,325.7
78,991.7
28,118.0
7,895.0
28.1%
2.8%
2.8x
10.0x
The E. W. Scripps Company
Time Warner Cable Inc.
Time Warner Inc.
$
LTM
EBITDA
-26%
Comcast Corporation
$
LTM Margin
EBITDA
850.4
$64.94
Charter Communications, Inc.
$
Ent.
Value
4,701.3
3.0x
9.9x
Entertainment Media
Company Name
Headquarters
DreamWorks Animation SKG Inc.
United States
Eros International Plc
United Kingdom
Stock Price
03/31/16
Chg % From
52WK High
Equity
Revenue
$
915.9
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
12.3%
33.8%
2.7x
21.9x
11.51
-70%
640.2
889.4
297.8
56.6
19.0%
15.0%
3.0x
15.7x
* United States
United States
21.85
-47%
3,277.3
4,872.6
2,202.3
66.8
3.0%
-11.0%
2.2x
72.9x
22.31
-25%
4,516.9
5,732.5
7,245.7
543.6
7.5%
5.5%
0.8x
10.5x
SFX Entertainment, Inc.
United States
0.04
-99%
3.8
301.9
402.4
(86.3)
NM
17.4%
0.8x
NM
Twenty-First Century Fox, Inc.
United States
27.88
-21%
53,728.5
70,780.5
26,497.0
6,145.0
23.2%
-18.7%
2.7x
11.5x
* United States
Australia
38.63
-9%
12,824.5
26,687.5
4,795.0
1,424.0
29.7%
7.8%
5.6x
18.7x
3.98
-32%
641.3
1,031.1
761.1
114.3
15.0%
10.1%
1.4x
9.0x
United States
17.66
-25%
1,341.2
1,260.4
658.8
71.3
10.8%
21.4%
1.9x
17.7x
Liberty Media Corporation
Village Roadshow Limited
World Wrestling Entertainment Inc.
$
EBITDA
112.5
-16%
Live Nation Entertainment, Inc.
$
LTM
Value
2,459.2
$24.95
Lions Gate Entertainment Corp.
$
Ent.
Value
2,154.7
2.5x
13.1x
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
03/31/16
Chg % From
52WK High
Equity
Revenue
$
192.6
$
EBITDA
(44.8)
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
NM
-12.2%
1.3x
NM
EV/EBITDA
-27%
418.38
-2%
1,252.8
1,107.8
314.8
77.9
24.8%
0.6%
3.5x
14.2x
United States
4.70
-60%
1,690.1
6,624.4
2,806.2
678.9
24.2%
-5.2%
2.4x
9.8x
Hong Kong
0.86
-33%
467.9
393.8
236.5
103.2
43.6%
4.1%
1.7x
3.8x
France
43.81
-6%
9,301.5
9,729.0
3,048.7
578.1
19.0%
13.1%
3.2x
16.8x
Lamar Advertising Co.
United States
61.50
0%
5,946.8
7,844.0
1,353.4
565.7
41.8%
5.2%
5.8x
13.9x
Mood Media Corporation
United States
0.05
-92%
9.9
657.1
475.1
81.6
17.2%
-3.8%
1.4x
8.1x
National CineMedia, Inc.
United States
15.21
-9%
949.0
2,075.4
446.5
209.5
46.9%
13.3%
4.6x
9.9x
NTN Buzztime Inc.
United States
0.15
-75%
13.8
18.2
24.5
(3.7)
NM
-5.9%
0.7x
NM
0.25
-35%
962.9
1,284.2
163.5
8.8
5.4%
-16.1%
7.9x
145.8x
* Hong Kong
$
LTM
Value
243.9
$5.60
Tom Group Ltd.
$
Ent.
Value
357.5
3.9x
14.5x
Publishing
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
NM
-0.2%
0.1x
NM
443.2
15.9%
1.7%
1.6x
10.3x
234.0
37.3
16.0%
1.1%
1.4x
8.5x
2,885.0
383.5
13.3%
-9.0%
0.5x
4.1x
159.1
10.4
6.5%
-11.0%
0.7x
11.3x
3,255.7
1,734.4
302.8
17.5%
-5.6%
1.9x
10.8x
2,849.6
1,615.2
301.3
18.7%
5.7%
1.8x
9.5x
7,501.2
5,825.2
8,442.0
639.0
7.6%
2.4%
0.7x
9.1x
-19%
1,275.9
941.0
1,646.7
97.6
5.9%
14.6%
0.6x
9.6x
15.59
-40%
1,308.0
1,599.1
715.7
32.2
4.5%
43.5%
2.2x
49.7x
1.05
-46%
82.9
1,011.4
1,056.6
161.1
15.2%
-7.8%
1.0x
6.3x
12.46
-14%
1,996.2
1,815.7
1,579.2
242.7
15.4%
-0.6%
1.1x
7.5x
-36%
1,618.9
2,200.9
3,107.0
404.0
13.0%
-5.3%
0.7x
5.4x
Company Name
Headquarters
A. H. Belo Corporation
United States
$4.81
-43%
Daily Mail and General Trust plc
United Kingdom
10.02
-29%
Emmis Communications Corp.
United States
0.58
-70%
26.7
319.0
Gannett Co., Inc.
United States
15.14
-15%
1,763.6
1,566.9
Glacier Media, Inc.
Canada
0.54
-51%
48.2
117.7
John Wiley & Sons Inc.
United States
48.89
-20%
2,826.7
Meredith Corporation
United States
47.50
-14%
2,076.4
News Corporation
United States
12.77
-22%
Scholastic Corporation
United States
37.37
* United States
United States
The New York Times Company
United States
Time Inc.
United States
15.44
The E. W. Scripps Company
The McClatchy Company
$
Value
103.8
3,353.3
$
LTM
Value
27.9
Revenue
$
272.1
4,583.1
2,788.4
$
EBITDA
(1.8)
LTM Multiples
1.2x
EV/EBITDA
8.8x
Software
 Within the Software segment, nearly $900 million in reported value involved Venture/Growth Capital investments, while more than
$1.1 billion in Strategic transactions were announced
 Healthcare and HR Software were the most active subsegments with 16 transactions each, accounting for $1.2 billion and nearly $200
million in value, respectively
• GI Partners’ $950 million acquisition of health and human services software developer Netsmart Technologies from Genstar Capital
• The H.I.G. Capital acquisition of personal finance software developer Quicken from Intuit in a transaction valued at a reported
$500 million
• The $260 million acquisition of internal data center and public cloud computing startup CliQr by Cisco
• Nasdaq’s $200 million acquisition of Boardvantage, a provider of technology solutions for boards of directors and leadership
communications
SOFTWARE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
#
4
192.8
5%
2
-
1
545.9
15%
6
5.0
1
9%
65.9
2%
4
-
0
-
5
65.9
6%
111.4
3%
0
-
0
-
6
111.4
-
0
-
15%
$1,170.6
HR
16
15%
Financial
14
13%
Security
9
Big Data
6
Total
$MM
$33.1
#
%
16
Other*
Buyout
33%
Healthcare
ERP
Strategic
3
$MM
$1,067.2
500.0
#
$MM
9
$70.3
13
192.8
7
40.9
6
6%
5.0
0%
4
2
5.0
38
31%
1,353.5
38%
18
1,074
2
0
18
279.9
105
100%
3,563.1
100%
38
1,111.7
7
1,567.2
60
884.2
Software
Financial & Credit/Risk Management Software
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Ebix Inc.
United States
40.79
-2%
Epiq Systems, Inc.
United States
15.02
-19%
First Data Corporation
United States
12.94
Fidessa group plc
United Kingdom
Guidewire Software, Inc.
Intuit Inc.
* United States
United States
Equity
Ent.
LTM
Value
1,520.8
Revenue
$
265.5
565.8
925.7
-28%
11,635.7
35.17
-2%
54.48
$
Value
1,372.4
$
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
97.8
36.8%
23.9%
5.7x
15.5x
505.9
78.4
15.5%
13.9%
1.8x
11.8x
33,868.7
7,764.0
2,374.0
30.6%
2.9%
4.4x
14.3x
1,339.6
1,226.8
435.7
74.1
17.0%
7.4%
2.8x
16.6x
-16%
3,925.5
3,334.6
395.8
21.5
5.4%
7.1%
8.4x
154.8x
104.01
-5%
26,712.0
27,623.0
4,467.0
1,302.0
29.1%
6.4%
6.2x
21.2x
0.22
-20%
106.5
84.2
204.9
(0.1)
NM
-42.8%
0.4x
NM
NM
Management Consulting Group PLC
United Kingdom
Model N, Inc.
United States
10.77
-15%
291.3
220.9
96.2
(17.8)
NM
16.8%
2.3x
NetSuite Inc.
United States
68.49
-33%
5,478.1
5,397.3
741.1
(61.7)
NM
33.2%
7.3x
NM
Performant Financial Corporation
United States
1.70
-54%
84.5
107.6
159.4
18.7
11.8%
-18.4%
0.7x
5.7x
Q2 Holdings, Inc.
United States
24.04
-21%
936.6
826.1
108.9
(16.2)
NM
37.6%
7.6x
NM
RealPage, Inc.
United States
20.84
-13%
1,640.1
1,649.2
468.5
52.8
11.3%
15.8%
3.5x
31.2x
SS&C Technologies Holdings, Inc.
United States
63.42
-18%
6,262.7
8,579.9
1,000.3
329.6
32.9%
30.3%
8.6x
26.0x
Tyler Technologies, Inc.
United States
128.61
-30%
4,654.9
4,674.4
591.0
129.1
21.8%
19.9%
7.9x
36.2x
6.2x
21.5x
Healthcare Software
Stock Price
03/31/16
Company Name
Headquarters
Allscripts Healthcare Solutions, Inc.
United States
13.21
* United States
France
Cerner Corporation
Chg % From
52WK High
Equity
Ent.
LTM
-16%
Value
2,501.2
Value
3,021.1
Revenue
1,386.4
EBITDA
112.5
138.78
-19%
5,406.5
5,562.7
924.7
29.04
-41%
405.4
600.8
United States
52.96
-30%
18,007.3
Civitas Solutions, Inc.
United States
17.43
-42%
Computer Programs & Systems Inc.
United States
52.12
-12%
United Kingdom
10.80
-9%
289.9
24.67
-31%
1,425.1
157.25
-35%
35,945.3
* United States
United States
38.71
-37%
15.24
Streamline Health Solutions, Inc.
United States
1.41
USMD Holdings, Inc.
United States
Veeva Systems Inc.
United States
athenahealth, Inc.
Cegedim SA
Craneware plc
HealthEquity, Inc.
McKesson Corporation
Medidata Solutions, Inc.
Quality Systems Inc.
* United States
United States
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
8.1%
0.6%
2.2x
26.9x
60.9
6.6%
22.9%
6.0x
91.4x
462.8
85.3
18.4%
-13.6%
1.3x
7.0x
18,099.3
4,352.5
1,206.2
27.7%
31.4%
4.2x
15.0x
646.7
1,261.6
1,378.1
130.9
9.5%
7.1%
0.9x
9.6x
699.7
663.9
182.2
33.3
18.3%
-11.0%
3.6x
20.0x
246.0
46.4
14.1
30.5%
7.8%
5.3x
17.4x
1,301.4
126.8
34.7
27.4%
44.3%
10.3x
37.5x
42,719.3
189,131.0
4,294.0
2.3%
10.0%
0.2x
9.9x
2,179.8
2,162.9
392.5
40.1
10.2%
17.1%
5.5x
54.0x
-15%
927.9
823.1
493.0
57.0
11.6%
3.3%
1.7x
14.4x
-60%
26.5
35.1
28.5
(5.1)
NM
3.6%
1.2x
NM
10.75
-10%
118.4
158.1
320.8
(3.8)
NM
15.6%
0.5x
NM
25.04
-15%
3,359.2
3,013.0
409.2
88.6
21.6%
30.6%
7.4x
34.0x
LTM Margin
2.3x
14.1x
Software
HR Software
Company Name
Headquarters
51job Inc.
China
Benefitfocus, Inc.
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
316.6
-18%
United States
33.35
-30%
974.1
950.6
Castlight Health, Inc.
United States
3.33
-68%
321.9
Cornerstone OnDemand, Inc.
United States
32.77
-19%
DHI Group, Inc.
United States
8.07
United States
United States
Paycom Software, Inc.
United States
The Ultimate Software Group, Inc.
Workday, Inc.
$
LTM
Value
1,238.4
$31.02
Paylocity Holding Corporation
$
Value
1,828.8
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
96.1
30.3%
12.2%
3.9x
12.9x
185.1
(45.2)
NM
34.7%
5.1x
NM
201.5
75.3
(78.2)
NM
65.1%
2.7x
NM
1,795.6
1,783.7
339.7
(60.3)
NM
28.9%
5.3x
NM
-23%
422.9
489.9
259.8
64.4
24.8%
-1.1%
1.9x
7.6x
114.35
-57%
15,102.7
13,136.7
2,990.9
246.8
8.3%
34.8%
4.4x
53.2x
3.26
-60%
293.1
324.4
666.9
94.0
14.1%
-8.1%
0.5x
3.5x
35.60
-23%
2,103.5
2,078.6
224.7
42.1
18.7%
48.8%
9.3x
49.4x
United States
32.74
-30%
1,668.3
1,589.3
187.6
(0.4)
NM
46.7%
8.5x
NM
* United States
United States
193.50
-11%
5,581.9
5,470.3
618.1
64.0
10.3%
22.2%
8.9x
85.5x
76.84
-18%
14,983.8
13,521.8
1,162.3
(181.7)
NM
47.5%
11.6x
NM
7.7x
47.4x
Security Software
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Absolute Software Corporation
Canada
$4.84
-41%
AVG Technologies N.V.
Netherlands
20.75
-29%
Check Point Software Technologies Ltd.
United States
87.47
Cisco Systems, Inc.
United States
Cheetah Mobile Inc.
China
CyberArk Software, Ltd.
FireEye, Inc.
Fortinet Inc.
Equity
Ent.
LTM
Value
153.7
Revenue
$
92.5
1,086.0
1,202.5
-1%
15,819.3
28.47
-5%
16.33
-55%
Israel
42.63
United States
17.99
Gemalto NV
* United States
Netherlands
Imperva Inc.
United States
Imprivata, Inc.
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
9.1x
-1.2%
1.7x
428.3
124.1
29.0%
14.5%
2.8x
9.7x
14,535.1
1,629.8
851.9
52.3%
9.0%
8.9x
17.1x
143,264.5
107,495.5
49,589.0
14,283.0
28.8%
3.1%
2.2x
7.5x
2,325.2
2,084.7
567.5
51.6
9.1%
108.9%
3.7x
40.4x
-44%
1,420.1
1,181.8
160.8
35.1
21.8%
56.1%
7.3x
33.7x
-67%
2,985.4
2,521.8
623.0
(395.7)
NM
46.4%
4.0x
NM
30.63
-39%
5,256.2
4,364.9
1,009.3
55.8
5.5%
31.0%
4.3x
78.3x
73.99
-24%
6,519.1
6,907.9
3,390.2
504.9
14.9%
26.6%
2.0x
13.7x
50.50
-35%
1,629.1
1,364.3
234.3
(43.2)
NM
42.9%
5.8x
NM
United States
12.63
-42%
317.1
266.1
119.1
(17.0)
NM
22.8%
2.2x
NM
Infoblox Inc.
United States
17.10
-39%
989.2
662.0
355.1
2.0
0.6%
33.0%
1.9x
NM
Juniper Networks, Inc.
United States
25.51
-21%
9,760.2
9,760.9
4,857.8
1,077.9
22.2%
5.0%
2.0x
9.1x
NQ Mobile Inc.
United Kingdom
* Israel
China
$
LTM Margin
18.2%
Mobileye N.V.
$
EBITDA
16.8
Mimecast Limited
$
Value
187.9
9.73
-12%
526.2
428.6
135.7
13.7
10.1%
0.0%
3.2x
31.3x
37.29
-42%
8,080.6
7,868.5
240.9
81.1
33.6%
67.7%
32.7x
97.1x
4.58
-30%
434.0
415.5
406.7
(19.7)
NM
22.4%
1.0x
NM
NM
Palo Alto Networks, Inc.
United States
163.14
-19%
14,416.8
13,949.7
1,150.0
(121.9)
NM
55.6%
12.1x
Proofpoint, Inc.
United States
53.78
-29%
2,213.8
2,153.4
265.4
(55.5)
NM
35.7%
8.1x
NM
Qihoo 360 Technology Co. Ltd.
China
75.55
-1%
9,576.8
10,064.4
1,630.3
439.4
27.0%
64.2%
6.2x
22.9x
Symantec Corporation
United States
18.38
-30%
11,987.8
11,458.8
6,178.0
1,949.0
31.5%
32.0%
1.9x
5.9x
Trend Micro Inc.
Japan
36.67
-24%
5,005.2
3,708.0
1,034.3
326.4
31.6%
7.9%
3.6x
11.4x
VeriSign, Inc.
United States
88.54
-6%
9,692.3
9,646.6
1,059.4
667.4
63.0%
4.9%
9.1x
14.5x
3.8x
10.1x
Software
Engineering Software
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Ansys, Inc.
United States
$89.46
-9%
* United States
United Kingdom
58.31
-11%
22.68
79.41
Autodesk, Inc.
AVEVA Group plc
Dassault Systemes SA
France
Equity
Ent.
LTM
Value
7,080.5
Revenue
$
942.8
13,090.2
12,327.0
2,504.1
-32%
1,449.9
1,297.7
-9%
20,143.6
18,626.5
$
Value
7,865.1
$
$
EBITDA
432.1
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
45.8%
0.7%
7.5x
16.4x
147.1
5.9%
-0.3%
4.9x
83.8x
309.8
66.1
21.3%
-4.7%
4.2x
19.6x
3,083.9
840.3
27.2%
23.8%
6.0x
22.2x
5.9x
20.5x
Infrastructure Software
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Adobe Systems Incorporated
United States
$93.80
-4%
* Australia
United States
25.15
NM
30.79
* United States
United States
Endurance International Group Holdings, Inc.
Equity
Ent.
LTM
Value
44,738.6
Revenue
$
5,069.7
5,341.7
4,659.7
387.3
-5%
12,832.1
12,582.1
4,039.0
43.17
-10%
1,949.8
1,548.7
2.00
-40%
80.9
43.2
United States
10.53
-55%
1,447.7
First Data Corporation
United States
12.94
-28%
Guidance Software, Inc.
United States
4.30
-58%
Hortonworks Inc.
United States
11.30
IBM Corporation
United States
IntraLinks Holdings, Inc.
NetSuite Inc.
Opera Software ASA
Norway
Atlassian Corporation Plc
CA, Inc.
CommVault Systems, Inc.
Covisint Corporation
$
Value
46,919.7
$
$
EBITDA
1,378.3
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
32.5x
27.2%
19.1%
8.8x
15.7
4.1%
0.0%
12.0x
NM
1,232.0
30.5%
-6.6%
3.1x
10.2x
586.3
8.4
1.4%
-4.5%
2.6x
184.1x
79.5
(19.8)
NM
-11.2%
0.5x
NM
2,521.1
741.3
182.8
24.7%
17.7%
3.4x
13.8x
11,635.7
33,868.7
7,764.0
2,374.0
30.6%
2.9%
4.4x
14.3x
138.3
119.4
107.0
(7.7)
NM
-1.5%
1.1x
NM
-61%
616.8
522.5
121.9
(174.7)
NM
164.8%
4.3x
NM
151.45
-14%
145,525.4
177,385.4
81,741.0
20,082.0
24.6%
-11.9%
2.2x
8.8x
United States
7.88
-38%
456.0
478.5
276.2
8.3
3.0%
7.9%
1.7x
57.4x
United States
68.49
-33%
5,478.1
5,397.3
741.1
(61.7)
NM
33.2%
7.3x
NM
7.98
-15%
1,166.6
1,234.9
615.9
99.2
16.1%
28.1%
2.0x
12.4x
Oracle Corporation
United States
40.91
-10%
169,770.8
159,575.8
37,159.0
14,908.0
40.1%
-4.3%
4.3x
10.7x
salesforce.com, inc.
* United States
United States
73.83
-11%
49,532.5
50,247.5
6,667.2
465.8
7.0%
24.1%
7.5x
107.9x
13.07
-
543.6
457.1
110.5
(39.4)
NM
43.8%
4.1x
NM
ServiceNow, Inc.
United States
61.18
-33%
9,836.9
9,510.2
1,005.5
(106.0)
NM
47.3%
9.5x
NM
Textura Corporation
United States
18.63
-40%
488.0
409.3
86.7
(7.9)
NM
37.7%
4.7x
NM
Varonis Systems, Inc.
United States
18.25
-39%
477.1
370.6
127.2
(17.5)
NM
25.5%
2.9x
NM
Rapid7, Inc.
4.5x
12.8x
Information
 The Information segment reported 15 transactions worth more than $5.8 billion in value
 Healthcare Information was the most active subsegment with four deals, followed by the Credit/Risk Management Information and
Financial Information subsegments with three transactions each
• Employee benefits and information services company Ceridian’s $150 million round of funding from Thomas H. Lee Partners and
Fidelity National Financial Ventures Group
• Guidewire Software’s $42 million acquisition of EagleEye Analytics, a provider of data for property/casualty insurers
• The $33 million raised by AlphaSense, developer of an information search platform for financial professionals, from Tribeca Venture
Partners, Triangle Peak Equity, and Quantum Strategic Partners
• Human resources information and recruitment startup BizReach’s $32 million round of funding from YJ Capital, Salesforce Ventures,
Dentsu Digital, Gree, and Rakuten
INFORMATION TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
Buyout
#
$MM
#
$MM
#
$MM
Healthcare Information
4
27%
$35.0
1%
1
-
0
-
3
$35.0
Credit/Risk Management Information
3
20%
53.0
1%
2
42.0
0
-
1
11.0
5,500.0
33.0
Financial Information
3
20%
5,533.0
95%
2
*Intercontinental
Data has been excluded
to limit comparative
distortions
Legal
Information Exchange’s $7.4 billion acquisition
2 of Interactive13%
0%
2
HR Information
2
13%
Geo-Demo Information
1
7%
Other*
0
0%
15
100%
Total
182.8
0
-
1
-
0
-
0
3%
0
-
0
-
2
-
0%
0
-
0
-
1
-
0%
0
-
0
-
0
100%
7
0
0.0
8
5,803.8
5,542.0
182.8
261.8
Information
Financial & Credit/Risk Management Information
Company Name
Headquarters
Broadridge Financial Solutions, Inc.
United States
Computershare Limited
Australia
CoreLogic, Inc.
Stock Price
03/31/16
Chg % From
52WK High
Equity
$
Value
7,048.0
Ent.
$
LTM
Value
7,497.3
Revenue
$
2,797.5
$59.31
-1%
7.52
-25%
4,122.6
5,594.2
1,943.7
United States
34.70
-18%
3,064.8
4,311.4
1,528.1
* United States
United States
188.17
-16%
6,118.1
6,051.4
112.77
-16%
3,815.0
4,302.6
The Dun & Bradstreet Corporation
United States
103.08
-24%
3,733.6
5,203.5
Envestnet, Inc.
United States
27.20
-52%
1,142.6
Equifax Inc.
United States
114.29
-2%
Experian plc
Ireland
17.93
FactSet Research Systems Inc.
United States
Fair Isaac Corporation
$
EBITDA
593.7
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
21.2%
6.7%
2.7x
595.7
30.6%
-2.6%
2.9x
9.4x
324.0
21.2%
8.8%
2.8x
13.3x
711.8
91.4
12.8%
23.6%
8.5x
66.2x
2,825.1
405.2
14.3%
2.8%
1.5x
10.6x
1,637.1
428.1
26.1%
3.3%
3.2x
12.2x
1,391.4
420.9
50.6
12.0%
20.7%
3.3x
27.5x
13,567.0
14,708.4
2,663.6
914.6
34.3%
9.3%
5.5x
16.1x
0%
16,817.0
20,011.4
4,656.0
1,486.0
31.9%
-4.8%
4.3x
13.5x
151.53
-15%
6,212.7
6,314.6
1,068.6
377.0
35.3%
11.2%
5.9x
16.7x
United States
106.09
-3%
3,328.9
3,857.1
849.3
194.9
23.0%
6.9%
4.5x
19.8x
Fidelity National Information Services, Inc.
United States
63.31
-14%
20,564.4
31,476.7
6,595.2
1,685.2
25.6%
2.8%
4.8x
18.7x
Financial Engines, Inc.
United States
31.43
-32%
1,936.8
1,591.7
310.7
57.9
18.6%
10.2%
5.1x
27.5x
McGraw Hill Financial, Inc.
United States
98.98
-8%
26,277.1
29,370.1
5,313.0
2,210.0
41.6%
5.2%
5.5x
13.3x
Moody's Corporation
United States
96.56
-15%
18,817.6
20,218.4
3,484.5
1,586.9
45.5%
4.5%
5.8x
12.7x
Morningstar Inc.
United States
88.27
-1%
3,787.8
3,574.5
788.8
255.0
32.3%
3.8%
4.5x
14.0x
MSCI Inc.
United States
74.08
-1%
7,286.3
8,088.0
1,075.0
481.7
44.8%
7.9%
7.5x
16.8x
Reis, Inc.
United States
23.55
-13%
266.3
237.7
50.9
15.9
31.3%
23.1%
4.7x
14.9x
SEI Investments Co.
United States
43.05
-22%
7,045.1
6,365.5
1,334.2
388.5
29.1%
5.4%
4.8x
16.4x
Thomson Reuters Corporation
United States
40.58
-5%
30,604.2
39,430.0
12,209.0
2,595.0
21.3%
-3.2%
3.2x
15.2x
Verisk Analytics, Inc.
United States
79.92
-3%
13,429.3
16,455.4
2,068.0
944.8
45.7%
18.4%
8.0x
17.4x
Workiva Inc.
United States
11.65
-38%
476.8
423.6
145.3
(39.3)
NM
28.9%
2.9x
NM
CoStar Group Inc.
DST Systems Inc.
12.6x
4.8x
15.1x
Marketing Information
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
LTM
Company Name
Headquarters
Acxiom Corporation
United States
$21.44
-8%
* United States
United Kingdom
220.00
-29%
4.59
-26%
58.3
49.2
Cello Group Plc
United Kingdom
1.31
-13%
111.8
117.9
comScore, Inc.
United States
30.04
-54%
1,702.3
1,588.4
3.28
Brainjuicer Group Plc
Cross Marketing Inc.
13,048.7
$
Value
1,681.0
Revenue
$
1,046.3
29,226.0
6,439.7
$
EBITDA
169.7
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.2%
20.6%
1.6x
9.9x
1,508.7
23.4%
21.4%
4.5x
19.4x
37.1
6.9
18.6%
2.2%
1.3x
7.1x
232.0
13.7
5.9%
-7.4%
0.5x
8.6x
368.8
37.1
10.1%
12.1%
4.3x
42.8x
-42%
64.0
69.4
123.6
13.3
10.7%
82.5%
0.6x
5.2x
* United Kingdom
Germany
1.95
-12%
142.4
184.9
95.8
0.7
0.8%
0.0%
1.9x
248.7x
37.65
-21%
1,374.4
1,768.2
1,676.3
226.9
13.5%
6.2%
1.1x
7.8x
Harte-Hanks Inc.
United States
2.53
-68%
155.0
214.7
495.3
36.6
7.4%
-10.5%
0.4x
5.9x
InnerWorkings Inc.
United States
7.95
-9%
422.1
490.6
1,029.4
35.4
3.4%
2.9%
0.5x
13.9x
Ebiquity plc
GfK SE
Japan
$
Value
1,666.4
Information
Marketing Information
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
Intage Holdings Inc.
Japan
12.86
-36%
Ipsos SA
France
23.38
-24%
NeuStar, Inc.
United States
24.60
Nielsen Holdings plc
United Kingdom
Onvia Inc.
United States
Pearson plc
United Kingdom
YouGov plc
United Kingdom
1.97
Equity
Ent.
LTM
LTM
EBITDA
Rev Growth
Revenue
$
378.9
1,058.4
1,710.2
-25%
1,322.7
52.66
-2%
19,056.5
3.50
-26%
24.9
18.2
23.6
0.9
12.60
-40%
10,227.3
11,333.4
6,589.0
1,036.7
-11%
205.7
191.2
115.4
10.4
9.1%
$
EBITDA
LTM Margin
Value
216.2
$
Value
256.7
$
LTM Multiples
EV/Rev
EV/EBITDA
42.9
11.3%
4.1%
0.6x
5.0x
1,938.9
216.9
11.2%
6.9%
0.9x
7.9x
2,329.0
1,050.0
400.3
38.1%
9.0%
2.2x
5.8x
26,237.5
6,172.0
1,499.0
24.3%
-1.8%
4.3x
17.5x
4.0%
4.3%
0.8x
19.3x
15.7%
-1.6%
1.7x
10.9x
14.8%
1.7x
18.3x
3.0x
16.3x
Other Information
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
Company Name
Headquarters
Centaur Media plc
United Kingdom
$0.76
-39%
CEB Inc.
United States
64.73
-29%
Forrester Research Inc.
United States
33.61
-11%
597.7
496.6
Gartner Inc.
United States
89.35
-6%
7,357.1
7,814.2
* United States
United States
5.80
-55%
266.8
304.2
124.16
-8%
8,371.6
IDI, Inc.
IHS Inc.
$
Value
108.2
2,113.2
$
LTM
Value
135.4
Revenue
$
104.0
2,561.2
928.4
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
14.6
14.0%
0.1%
1.3x
9.3x
208.9
22.5%
2.1%
2.8x
12.3x
313.7
32.3
10.3%
0.5%
1.6x
15.4x
2,163.1
353.1
16.3%
7.0%
3.6x
22.1x
14.1
(42.4)
NM
331.2%
21.6x
NM
11,309.3
2,218.9
581.3
26.2%
7.2%
5.1x
19.5x
Informa plc
United Kingdom
10.00
-2%
6,479.2
7,772.2
1,787.6
550.7
30.8%
6.6%
4.3x
14.1x
National Research Corp.
United States
35.00
-8%
447.0
410.7
102.3
30.6
29.9%
3.5%
4.0x
13.4x
Markit Ltd.
United Kingdom
35.35
0%
6,126.4
6,840.6
1,113.4
393.6
35.4%
4.5%
6.1x
17.4x
NIC Inc.
United States
18.03
-14%
1,199.3
1,100.9
292.4
74.6
25.5%
7.5%
3.8x
14.8x
Premier, Inc.
United States
33.36
-16%
1,509.7
1,427.2
1,090.8
355.3
32.6%
16.1%
1.3x
4.0x
* United States
United States
30.08
-17%
1,588.3
1,742.4
318.7
28.4
8.9%
13.2%
5.5x
61.4x
53.78
-29%
2,213.8
2,153.4
265.4
(55.5)
NM
35.7%
8.1x
NM
18.64
1%
37,496.9
43,068.9
9,510.4
2,309.6
24.3%
4.5%
4.5x
18.6x
Press Ganey Holdings, Inc.
Proofpoint, Inc.
Reed Elsevier plc(1)
Tarsus Group plc
United Kingdom
Ireland
3.59
0%
365.3
436.1
120.9
43.2
35.8%
61.1%
3.6x
10.1x
TechTarget, Inc.
United States
7.42
-38%
239.1
213.6
111.8
17.6
15.7%
5.3%
1.9x
12.2x
The Advisory Board Company
United States
32.25
-47%
1,341.0
1,822.1
768.3
102.7
13.4%
33.9%
2.4x
17.7x
UBM plc
United Kingdom
8.66
0%
3,831.1
4,594.3
1,135.4
292.4
25.8%
39.9%
4.0x
15.7x
Wolters Kluwer N.V.
Netherlands
39.95
-2%
11,655.7
13,697.7
4,570.2
1,200.1
26.3%
15.0%
3.0x
11.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
4.3x
16.9x
Business Services
 The Business Services segment reported 31 transactions in March worth $5.9 billion in value
 The IT Consulting/Systems Integration and Corporate Training subsegments together accounted for nearly two-thirds of the segments
total activity with 13 and six transactions, respectively
• NTT Data’s acquisition of Dell’s Information Technology Consulting Division for a reported $3.1 billion
• The $100 million raised by governance and compliance consulting firm Ankura Consulting Group from Madison Dearborn Partners
• IBM’s acquisition of UK-based Optevia, a provider of Microsoft Dynamics CRM implementation for public sector organizations
• The acquisition of document management services provider Imagetek Office Systems by Xerox
• Publicis.Sapient’s purchase of Salesforce implementation firm Vertiba
BUSINESS SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
#
$MM
#
$MM
#
$4,201.5
71%
13
$4,201.5
0
-
0
-
Corporate Training
6
19%
25.0
0%
4
-
0
-
2
25.0
Logistics
4
13%
1,533.2
26%
1
-
0
-
3
1,533.2
BPO
3
10%
85.0
1%
2
-
0
-
1
85.0
Credit/Risk Consulting
1
3%
100.0
2%
0
-
0
-
1
100.0
Healthcare Consulting
1
3%
4.0
0%
0
-
0
-
1
4.0
HR Consulting
1
3%
-
0%
1
-
0
-
0
-
Fulfillment
1
3%
-
0%
1
-
0
-
0
-
Other*
1
3%
0.0
0%
1
0.0
0
0.0
0
0.0
31
100%
5,948.7
100%
23
4,201.5
0
0.0
8
1,747.2
%
42%
Total
$MM
Buyout
13
%
Strategic
$MM
Business Services
Consulting
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
CRA International Inc.
United States
19.64
-39%
FTI Consulting, Inc.
United States
35.51
-23%
Information Services Group, Inc.
United States
3.93
Navigant Consulting Inc.
United States
ICF International Inc.
United States
Huron Consulting Group Inc.
The Hackett Group, Inc.
Equity
Ent.
LTM
Value
136.6
Revenue
$
303.6
1,436.3
1,781.3
1,779.1
-21%
147.0
180.8
15.81
-12%
749.6
34.37
-18%
651.8
United States
58.19
-26%
* United States
15.12
-24%
$
Value
175.3
$
$
EBITDA
23.5
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
7.7%
-0.9%
0.4x
199.9
11.2%
1.3%
1.0x
8.9x
209.2
16.8
8.0%
-0.2%
0.9x
10.8x
914.4
833.8
120.4
14.4%
8.8%
1.1x
7.6x
955.5
1,132.2
108.6
9.6%
7.8%
0.8x
8.8x
1,212.6
1,466.4
699.0
155.6
22.3%
11.4%
2.1x
9.4x
456.0
432.5
234.6
27.6
11.8%
9.9%
1.8x
15.6x
1.4x
5.8x
8.9x
HR Services
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
LTM
Company Name
Headquarters
Automatic Data Processing, Inc.
United States
89.71
-1%
Barrett Business Services Inc.
United States
28.75
-46%
Capita plc
United Kingdom
15.01
-21%
DHI Group, Inc.
United States
8.07
-23%
422.9
489.9
Edenred SA
France
19.44
-32%
4,435.3
5,179.0
Insperity, Inc.
$
Value
41,037.9
Value
40,210.9
Revenue
$
11,239.9
207.1
220.0
723.6
9,953.1
12,989.0
7,133.0
$
$
EBITDA
2,331.6
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
20.7%
6.1%
3.6x
39.2
5.4%
19.5%
0.3x
17.2x
5.6x
1,071.7
15.0%
10.5%
1.8x
12.1x
259.8
64.4
24.8%
-1.1%
1.9x
7.6x
1,086.1
345.4
31.8%
4.4%
4.8x
15.0x
United States
51.73
-6%
1,099.7
820.2
2,603.6
92.1
3.5%
10.4%
0.3x
8.9x
* United States
United States
114.35
-57%
15,102.7
13,136.7
2,990.9
246.8
8.3%
34.8%
4.4x
53.2x
60.79
-1%
31,685.4
34,814.4
12,893.0
2,842.0
22.0%
-0.4%
2.7x
12.2x
United States
3.26
-60%
293.1
324.4
666.9
94.0
14.1%
-8.1%
0.5x
3.5x
Paychex, Inc.
United States
54.01
-1%
19,450.1
19,122.9
2,890.2
1,234.5
42.7%
7.6%
6.6x
15.5x
Professional Diversity Network, Inc.
United States
0.35
-93%
5.1
3.0
38.6
(5.4)
NM
231.6%
0.1x
NM
TriNet Group, Inc.
United States
14.35
-62%
1,009.8
1,343.4
2,659.3
125.7
4.7%
21.2%
0.5x
10.7x
WageWorks, Inc.
United States
50.61
-7%
1,835.5
1,413.6
334.3
64.3
19.2%
24.8%
4.2x
22.0x
Marsh & McLennan Companies, Inc.
3.8x
14.8x
Business Services
Company Name
Headquarters
Accenture plc
Ireland
Amdocs Limited
United States
Bechtle AG
Germany
Booz Allen Hamilton Holding Corporation
Stock Price
03/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
31,617.6
-1%
60.42
-2%
9,084.8
7,898.9
3,658.8
103.39
-2%
2,171.2
2,029.2
United States
30.28
-3%
4,505.3
Broadridge Financial Solutions, Inc.
United States
59.31
-1%
Business & Decision SA
France
6.59
Cap Gemini S.A.
France
94.05
CGI Group Inc.
Canada
Cognizant Technology Solutions Corporation
United States
Computer Sciences Corporation
CSG Systems International Inc.
Globant S.A.
International Business Machines Corporation
$
LTM
Value
69,538.5
115.40
Digi International Inc.
$
Value
71,985.5
$
EBITDA
5,282.6
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.7%
2.3%
2.2x
13.2x
693.2
18.9%
1.5%
2.2x
11.4x
3,075.0
162.5
5.3%
9.7%
0.7x
12.5x
5,932.2
5,324.4
494.7
9.3%
-0.1%
1.1x
12.0x
7,048.0
7,497.3
2,797.5
593.7
21.2%
6.7%
2.7x
12.6x
-27%
52.0
92.4
245.8
13.4
5.5%
11.3%
0.4x
6.9x
-9%
16,207.5
14,658.6
12,940.5
1,419.5
11.0%
12.7%
1.1x
10.3x
47.86
0%
14,670.6
15,924.1
7,516.9
1,292.0
17.2%
0.3%
2.1x
12.3x
62.70
-10%
38,191.8
34,529.8
12,416.0
2,472.0
19.9%
21.0%
2.8x
14.0x
United States
34.39
-52%
4,748.1
5,594.1
11,265.0
1,203.0
10.7%
18.1%
0.5x
4.7x
United States
45.16
-2%
1,460.0
1,503.7
752.5
145.9
19.4%
0.2%
2.0x
10.3x
United States
9.43
-30%
243.3
141.0
215.9
16.0
7.4%
12.1%
0.7x
8.8x
* Luxembourg
United States
30.86
-19%
1,055.4
992.7
253.8
30.3
11.9%
27.1%
3.9x
32.8x
151.45
-14%
145,525.4
177,385.4
81,741.0
20,082.0
24.6%
-11.9%
2.2x
8.8x
18.38
-1%
42,017.3
37,498.0
9,214.0
2,558.0
27.8%
6.6%
4.1x
14.7x
Infosys Limited
India
ITS Group
France
6.83
-17%
52.3
60.6
210.9
8.5
4.0%
17.7%
0.3x
7.1x
NCI, Inc.
United States
14.01
-18%
188.6
198.4
333.1
28.8
8.6%
5.1%
0.6x
6.9x
NTT Data Corporation
Japan
50.28
-11%
14,104.9
16,250.9
13,228.6
2,107.0
15.9%
8.3%
1.2x
7.7x
Perficient Inc.
United States
21.72
-1%
781.2
828.3
458.1
55.2
12.1%
4.2%
1.8x
15.0x
38.03
-9%
74,931.3
71,197.4
15,768.3
4,001.3
25.4%
13.5%
4.5x
17.8x
8.50
-10%
20,875.1
17,758.2
7,513.3
1,624.9
21.6%
7.1%
2.4x
10.9x
Tata Consultancy Services Limited
Wipro Ltd.
* India
India
2.3x
11.2x
Business Services
Outsourced Services
Stock Price
03/31/16
Chg % From
52WK High
Company Name
Headquarters
AMREP Corporation
United States
$4.40
-18%
Cenveo Inc.
United States
0.45
-83%
Communisis plc
Cineplex Inc.
Contax Participações S.A.
United Kingdom
* Canada
* Brazil
Luxoft Holding, Inc.
MAXIMUS, Inc.
Quad/Graphics, Inc.
Quintiles Transnational Holdings Inc.
R.R. Donnelley & Sons Company
Salmat Limited
Serco Group plc
St Ives plc
StarTek, Inc.
Sykes Enterprises, Incorporated
Teleperformance SE
TeleTech Holdings Inc.
1,231.5
1,741.8
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
(3.2)
NM
-7.6%
0.9x
NM
145.8
8.4%
-1.1%
0.7x
8.4x
0.68
-22%
143.1
186.6
522.4
36.7
7.0%
3.3%
0.4x
5.1x
39.00
-1%
2,471.5
2,715.7
988.1
175.0
17.7%
11.0%
2.7x
15.5x
12.7
351.6
810.2
10.4
1.3%
-7.0%
0.4x
33.9x
0%
2,682.2
2,806.1
2,950.6
381.4
12.9%
3.3%
1.0x
7.4x
Sweden
9.72
0%
257.7
347.0
501.8
49.4
9.8%
13.6%
0.7x
7.0x
Sweden
0.10
-64%
46.5
256.0
288.8
45.4
15.7%
-18.8%
0.9x
5.6x
* United States
India
51.80
-2%
1,716.7
1,568.5
628.5
99.1
15.8%
25.9%
2.5x
15.8x
0.51
-26%
342.4
496.4
465.8
57.9
12.4%
1.0%
1.1x
8.6x
* Bermuda
* United States
27.19
-2%
5,724.7
6,073.5
2,461.0
417.0
16.9%
8.0%
2.5x
14.6x
7.95
-9%
422.1
490.6
1,029.4
35.4
3.4%
2.9%
0.5x
13.9x
* SwitzerlandSwitzerland
* United States
55.03
-32%
1,810.1
1,712.7
618.9
103.7
16.7%
26.4%
2.8x
16.5x
52.64
-25%
3,416.0
3,614.0
2,189.5
291.5
13.3%
24.3%
1.7x
12.4x
United States
12.94
-45%
646.0
1,991.6
4,677.7
468.5
10.0%
-3.8%
0.4x
4.3x
* United States
United States
65.10
-19%
7,779.5
9,504.4
4,326.4
769.9
17.8%
3.9%
2.2x
12.3x
16.40
-19%
3,423.8
6,471.0
11,256.8
1,147.9
10.2%
-3.0%
0.6x
5.6x
0.47
-33%
74.9
72.7
350.0
12.5
3.6%
1.4%
0.2x
5.8x
* United Kingdom
United Kingdom
1.48
-31%
1,606.3
1,755.5
4,685.1
159.7
3.4%
-11.6%
0.4x
11.0x
3.26
-7%
462.1
587.8
503.5
65.9
13.1%
5.2%
1.2x
8.9x
* United States
United States
4.20
-51%
65.9
107.2
282.1
4.4
1.6%
12.8%
0.4x
24.2x
30.18
-9%
1,281.4
1,116.1
1,286.3
152.2
11.8%
-3.1%
0.9x
7.3x
87.99
-2%
4,930.8
5,352.2
3,690.5
496.0
13.4%
23.2%
1.5x
10.8x
Eniro AB
InnerWorkings Inc.
$
LTM
Revenue
$
42.9
-91%
Elanders AB
Genpact Limited
30.7
Ent.
Value
38.4
0.04
United States
Firstsource Solutions Limited
$
Value
35.5
27.77
Convergys Corporation
Exlservice Holdings, Inc.
Equity
Australia
* France
United States
27.76
-10%
1,342.0
1,393.7
1,286.8
164.0
12.7%
3.6%
1.1x
8.5x
Trans Cosmos, Inc.
Japan
26.02
-15%
1,070.5
915.9
1,813.6
92.7
5.1%
10.3%
0.5x
9.9x
Transcontinental Inc.
Canada
15.87
-5%
1,231.1
1,502.7
1,428.7
278.1
19.5%
0.7%
1.1x
5.4x
90.69
-4%
2,842.3
3,530.1
1,592.4
209.3
13.1%
13.9%
2.2x
16.9x
22.82
-33%
1,904.1
5,121.9
2,280.3
651.8
28.6%
2.8%
2.2x
7.9x
2.75
0%
682.4
757.3
649.2
89.2
13.7%
-23.2%
1.2x
8.5x
Cimpress N.V.
West Corporation
Xchanging plc
* Netherlands
* United States
United Kingdom
1.3x
9.3x
PPLLC Indices
Valuation Summary
Current Summary Trading Valuation Information
Public Company Index
US-based Digital Media and Internet
US-based eCommerce
MEAN
3.0x
3.2x
Revenue Multiples
MEDIAN
W. AVG
1.5x
7.0x
2.0x
5.1x
ADJ. W. AVG*
2.0x
2.3x
2.5x
3.3x
43.8x
4.2x
1.6x
1.3x
1.4x
2.0x
4.0x
10.4x
9.9x
10.7x
1.7x
1.6x
1.8x
2.0x
Agency
3.4x
3.5x
1.3x
3.3x
3.4x
1.3x
4.4x
4.7x
1.4x
3.9x
4.6x
1.6x
Marketing Services
Traditional Media
Software
1.4x
2.5x
4.5x
0.7x
2.2x
4.0x
2.8x
3.1x
4.5x
2.5x
2.9x
4.2x
Information
Business Services
3.5x
1.3x
3.3x
0.9x
4.5x
2.6x
4.2x
2.1x
As of close of business on 03/31/16
*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
Valuation Summary
Current Summary Trading Valuation Information
Public Company Index
US-based Digital Media and Internet
US-based eCommerce
MEAN
18.4x
17.9x
17.4x
EBITDA Multiples
MEDIAN
W. AVG
13.9x
18.1x
9.9x
20.3x
14.2x
17.0x
ADJ. W. AVG*
11.6x
12.4x
12.9x
23.0x
17.9x
31.8x
22.7x
22.2x
14.9x
15.2x
16.9x
30.1x
25.2x
114.1x
22.1x
16.3x
14.3x
15.7x
13.9x
Agency
Marketing Services
22.5x
11.2x
9.0x
17.1x
9.3x
8.2x
16.5x
10.2x
13.0x
17.0x
9.9x
9.3x
Traditional Media
Software
Information
Business Services
13.8x
36.0x
21.2x
11.1x
9.7x
16.8x
14.8x
10.0x
11.1x
21.3x
17.3x
14.3x
10.6x
14.1x
16.3x
12.8x
As of close of business on 03/31/16
*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
140%
Digital Advertising
LTM Index Performance
150%
• S&P 500 –
140%
(0.3) %
125%
• Digital Media/Commerce –  16.8 %
110%
• Traditional Media –
(9.0 %)
95%
80%
Apr-15
Jun-15
Traditional Media
Aug-15
Oct-15
S&P 500 Index (^SPX)
Dec-15
Index Performance (%)
Digital Media/Commerce and Traditional Media
130%
140%
(0.3) %
110%
100%
90%
Aug-15
Oct-15
Dec-15
(6.2) %
Feb-16
• S&P 500 –
(0.3) %
• Agency –  1.8 %
• Marketing Services –
110%
(11.7) %
100%
90%
Jun-15
Agency
120%
110%
100%
90%
Oct-15
Dec-15
Note: LTM as of 3/31/2016
Feb-16
• S&P 500 –
(0.3) %
Aug-15
Oct-15
• Software –
(3.9) %
Marketing Services
Dec-15
Feb-16
Information & Business Services
150%
• S&P 500 –
140%
130%
Software
Dec-15
120%
140%
Aug-15
Oct-15
Software
Jun-15
Aug-15
130%
80%
Apr-15
Feb-16
150%
80%
Apr-15
Jun-15
• S&P 500 –
• Marketing Technology –
Jun-15
90%
150%
120%
80%
Apr-15
100%
Digital Advertising
140%
• Digital Advertising –  30.1 %
110%
150%
(0.3) %
120%
• S&P 500 –
130%
80%
Apr-15
Feb-16
(0.3) %
130%
• Information –
120%
• Business Services –
110%
100%
90%
80%
Apr-15
Jun-15
Information
Aug-15
Oct-15
Business Services
Dec-15
Feb-16
(1.0) %
(5.9) %
All Segments
($ in Millions)
Strategic Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Values Disclosed
Ma rki t Group Li mi ted
Del l 's Informa tion Technol ogy Di vi s i on
Mpha s i S Ltd.
Serena Softwa re, Inc.
Cl i Qr Tehcnol ogi es , Inc.
Cl ea r Li nk Technol ogi es LLC
Boa rdva ntage, Inc.
Bl uewol f Group LLC
Ca ptai n Tra i n SAS
Stupefl i x SAS a nd Vemory, Inc.
Bi ts tri ps , Inc.
Wi l l ow TV Interna tiona l , Inc.
Bi gpoi nt GmbH
Conject Hol di ng GmbH
InnerActive Ltd.
Sma rtcl i p
Freedom Communi ca tions , Inc.
Ea gl eEye Ana l ytics
Renega de83
BAMKO, Inc.
JUICE Mobi l e
Na tiveX LLC
Ada ptive Softwa re LLC
MCD Pa rtners
Va l ue Edge Res ea rch Servi ces
Thri veHi ve
InfoRea dy Pty. Ltd.
Eva ntage Cons ul ting Ltd.
Ea s yPOS Sol utions
We Repres ent Li mi ted
Informa tion
Bus i nes s Servi ces
Softwa re
Softwa re
Agency & Ma rketing Servi ces
Softwa re
Di gi tal Medi a /Commerce
Tra di tiona l Medi a
Softwa re
Di gi tal Advertis i ng
Informa tion
Softwa re
Ma rketing Technol ogy
Softwa re
Softwa re
IHS, Inc.
NTT DATA, Inc.
The Bl a cks tone Group L.P.
Mi cro Focus Interna tiona l pl c
Ci s co Sys tems , Inc.
SYKES Enterpri s es , Inc.
NASDAQ
Interna tiona l Bus i nes s Ma chi nes Corpora tion
Tra i nl i ne.com Li mi ted
GoPro, Inc.
Sna pcha t, Inc.
Ti mes Internet Ltd.
Youzu Intera ctive
Aconex Ltd.
RNTS Medi a N.V.
RTL Group
Di gi tal Fi rs t Medi a , Inc.
Gui dewi re Softwa re, Inc.
Entertai nment One Ltd.
Superi or Uni form Group
Yel l ow Pa ges Li mi ted
Mobvi s ta
Deci s i on Res ources Group
M&C Sa a tchi pl c
WNS Hol di ngs Ltd.
Propel Ma rketing
Mel bourne IT Ltd.
Wi l mi ngton pl c
Zopper
The Phys i ca l Network
$
5,500.0
3,050.0
940.0
540.0
260.0
207.0
200.0
200.0
189.0
105.0
100.0
100.0
89.6
73.6
72.0
52.5
52.3
42.0
35.4
27.0
26.2
25.0
24.5
19.6
17.5
11.8
11.5
8.6
5.0
3.5
All Segments
($ in Millions)
Strategic
Undisclosed
Target
1to1 Ca rd
5eme Ga uche
Ad Trends Advertis i ng, Inc.
Adexpres Group
Ba rnes , Ca tmur & Fri ends Li mi ted
Comet Gl oba l Cons ul ting
Communi ca tions Medi a , Inc.
Dea n Medi a Group, Inc.
Es s entia l Mus i c & Ma rketing
Fl ock Advertis i ng Mexi co, S. de RL de CV Genera l .
Gra s p
Grea tCi rcl e Studi os
Hel l oSoci ety, LLC
Hot Hous e Ma rketing, Inc.
Kes s l ers Interna tiona l Ltd.
La bel PR
Ori gi na l Impres s i ons LLC
Poi ntlogi c USA, Inc.
Potato
Pri me Publ i c Rel a tions Inc.
Shel ton Intera ctive LLC
Strea m:20 Ltd.
The Troyka Group
Venus Communi ca tions Ltd.
Vi s ci ra , LLC
Auri co Reports , Inc.
Ba s hton Ltd.
CN-TEC, Inc.
Fetchh
Gi bbon
Gra s p.co.uk
Ha l l ma rk Da ta Sys tems
Ima getek Offi ce Sys tems
JenCa l Tra i ni ng Ltd.
LoudCl oud Sys tems , Inc.
Meri di a n Ima gi ng Sol utions , Inc.
netAura
Optevi a Ltd.
PRM Cl oud Sol utions Pty. Ltd.
ProServi ce Agent Tra ns ferowy
Source Support Servi ces , Inc.
StackStorm
Starter Lea gue
Target Segment
Buyer/Investor
SVM, LP
Herezi e
Cus tom Speci a l ties LLC
Dents u Aegi s Network, Inc.
Merkl e, Inc.
WPP Group
fus i on92
Sony Mus i c Entertai nment, Inc.
Atom Ba nk pl c
Pa noptic Medi a Ma rketing, Inc.
The New York Ti mes Compa ny
i ma vex LLC
Endl es s LLP
Attercopi a Group
Pos tal Center Interna tiona l , Inc.
Ni el s en Hol di ngs B.V.
WPP Group
PMK-BNC
Adva ntage Medi a Group, Inc.
CACI Interna tiona l , Inc.
Publ i ci s Groupe S.A.
Publ i ci s Groupe S.A.
Sudl er & Hennes s ey
Ca reerBui l der, Inc.
Cl a ra net Group
Sha rp Deci s i ons , Inc.
Zoom2U
Degreed, Inc.
Atom Ba nk pl c
Omeda Communi ca tions , Inc.
Xerox Corpora tion
GP Stra tegi es Corpora tion
Ba rnes & Nobl e Educa tion, Inc.
Koni ca Mi nol ta, Inc.
CenturyLi nk, Inc.
Interna tiona l Bus i nes s Ma chi nes Corpora tion
Pers i s tent Sys tems Ltd.
Oa ktree Ca pi tal Ma na gement, LLC
Rockl a nd IT Sol utions Corpora tion
Broca de Communi ca tions Sys tems , Inc.
Ful l Stack Aca demy, Inc.
Reported TV
$
-
All Segments
($ in Millions)
Strategic
Undisclosed
Target
Vertiba , Inc.
Ba s e7booki ng.com
Ca rgi gi
Hi pCri cket, Inc.
HomeFi nder.com, LLC
Hyper
OneTwoSee
Shopul a r, Inc.
UpWord Sea rch Ma rketing LLC
AppMyDa y
Bi g Huge Ga mes , Inc.
Bucket
Del i very.com LLC, Hong Kong As s ets
Dri p.com
Fri da yFl a ts
Ga mezebo, Inc.
Gui decentra l
H20 Ca bs
Hones t Dol l a r, Inc.
Hotel Hotli ne
Humi n
InnoGa mes GmbH
Interfa ceIT Pty. Ltd.
Ma rkITx
Ma s quera de Technol ogi es , Inc.
Motocua tro.com
Noi s eTra de LLC
Pa rcel Bri ght.com
Pa rl i o
Ra di a nt Entertai nment, Inc.
Ri va l ry Sports
Ruby Seven Studi os , Inc.
Sa va ree
SpoonRocket, Inc.
Sports Hub Technol ogi es LLC
Ta ps tar Intera ctive, Inc.
The Gui l dery, Inc.
Tri ggerfox Corpora tion
Compa ri on Medi ca l Ana l ytics , Inc.
Conforma nce Check, Inc.
Dye & Durha m Corpora tion
EFT.com
Properji .com
Target Segment
Informa tion
Informa tion
Informa tion
Informa tion
Informa tion
Buyer/Investor
Publ i ci s .Sa pi ent
Tri va go GmbH
eBa y Incorpora ted
Upl a nd Softwa re, Inc.
Pl a ces ter, Inc.
Mi c.com
Comca s t Bus i nes s Communi ca tions , LLC
Eba tes , Inc.
Bus i nes s OnLi ne
HoneyBook, Inc.
NEXON Corpora tion
Ga l a va ntier
FoodPa nda
Ki cks tarter, Inc.
Forenom Oy
i Wi n, Inc.
wi ki How
Commut
The Gol dma n Sa chs Group, Inc.
Hotel Pl a nner.com
Ti nder, Inc.
Funa tics Softwa re GmbH
GeoOp Li mi ted
6fus i on, Inc.
Fa cebook
Motors port.com, Inc.
Pl edgeMus i c.com Li mi ted
Veeqo Ltd.
Quora , Inc.
Ri otGa mes , Inc.
You42
Del a wa re North Compa ni es
Ca reem Networks FZ LLC
i Food
CDM Sports
i Entertai nment Network, Inc.
Mi nted, LLC
Infl ui tive, Inc.
Qua ntros , Inc.
Ni moni k
OneMove Technol ogi es , Inc.
BATS Gl oba l Ma rkets , Inc.
Ma gi cbri cks Rea l ty Servi ces Li mi ted
Reported TV
$
-
All Segments
($ in Millions)
Strategic
Undisclosed
Target
Ampi fi i
AppDa ta LLC
AppScotch, Inc.
Boul der Logi c, LLC
Ca rdi na l Pa th
Cl oud.Ma rket
Contas tic, Inc.
Deja Set, Inc.
eba y Enterpri s e Ma rketing Sol utions ' Studi o Di vi s i on
Encore Al ert
Fa ntai n Sports Pvt. Ltd.
Fra med Da ta, Inc.
Frederi ck
Informa te Mobi l e Intel l i gence Pvt. Ltd.
InNetwork, Inc.
IronArk Softwa re
LIA App
Metri doc
Numero
Openwa ve Mes s a gi ng, Inc.
Pi qora , Inc.
Poetica l td.
Powa Technol ogi es Ltd.
Revee
Sa l es Prodi gy
Sca nma r BV
StageBl oc, Inc.
Vol i con, Inc.
Wel ki o, Inc.
YouEye, Inc.
ZooEffect
Aga ta Sol utions Ltd.
AppSens e, Inc.
Ci mpl eBox, Inc.
Cl a i mremedi , Inc.
Commodi ty Fl ow Li mi ted
Conductant
DocbookMD
EPIC Rea l Es tate Sol utions , Inc.
Expens eWa tch, Inc.
Fi nAna l ytica , Inc.
Force 3, Inc.
Formi ng Technol ogy
Target Segment
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Buyer/Investor
Pos tmedi a Network, Inc.
FI Na vi ga tor Corpora tion
App Anni e Li mi ted
RO Innova tion
Di gi tal Town, Inc.
Suga rCRM, Inc.
Pl edgeMus i c.com Li mi ted
Indus tri a l Col or Bra nds
Mel twa ter.com
BookMyShow
Squa re, Inc.
Booker Softwa re, Inc.
Ni el s en Hol di ngs B.V.
gShi ftLa bs , Inc.
Infl ui tive, Inc.
Showpa d, Inc.
Uni vers a l Softwa re Sol utions , Inc.
Ca l l credi t Informa tion Group Ltd.
Synchronos s Technol ogi es , Inc.
Ol a pi c, Inc.
Conde Na s t
Greenl i ght Di gi tal Ltd.
Outbra i n, Inc.
HootSui te Medi a , Inc.
ma rketingQED
Ful l s creen, Inc.
Veri zon Di gi tal Medi a Servi ces , Inc.
WeWork.com
Us erZoom, Inc.
Ci ncopa
CyberArk Softwa re, Ltd.
LANDes k Softwa re
NCR Corpora tion
eSol utions , Inc.
Pl a tts , Inc.
Docker, Inc.
Scrypt, Inc.
Mortga ge Contra cting Servi ces LLC
Nexoni a , Inc.
BI-SAM Technol ogi es S.A.
Si rui us Computing Sol utions
Hexa gon AB
Reported TV
$
-
All Segments
($ in Millions)
Strategic
Undisclosed
Target
GGY
HyPer
INDUS Corpora tion
Iqi ty Sol utions LLC
Kea l Technol ogy, Inc.
M2S, Inc.
OpenCa r, Inc.
Orderbot Softwa re, Inc.
Reputami GmbH
Ri s k Fa ctor
Sa fend Ltd.
Sentri x Ltd.
Stra tix Corpora tion
Syna ta, Inc.
Terra Technol ogy LLC
Thora ns oft
Veri l ume
Xendo
Yomp
As tra Pa ci fi c
Exhi bi tion Ma na gement Servi ces
Mi ra ma x LLC
Pers eus Books Group
Pul s e Fi l ms Li mi ted
Rea l i s e Studi i o
Target Segment
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
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
Buyer/Investor
Moody's Corpora tion
Ta bl ea u Softwa re, Inc.
Tetra Tech, Inc.
Nets ui te, Inc.
Vertafore, Inc.
Meds trea mi ng
INRIX, Inc.
WebLi nc LLC
eKomi The Feedba ck Compa ny
Equi ni ti Group pl c
SuperCom Ltd.
Trus ted Kni ght Corpora tion
Ta i l wi nd Ca pi tal Group, LLC
Ci s co Sys tems , Inc.
E2open, Inc.
eXpl ora nce
Intra l i nks Hol di ngs
AppDi rect, Inc.
Rewa rd Ga tewa y
Al l Over Medi a , Inc.
dmg events (UK)
beIN Medi a Group
Ha chette Book Group, Inc.
Vi ce Medi a
Fi ni s h TV Li mi ted
Reported TV
$
-
All Segments
($ in Millions)
Buyout Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Buyout Deals
Values Disclosed
160over90
Medi ca l Di rector
Nets ma rt Technol ogi es , Inc.
Qui cken.com
Starma n Group
Target
Softwa re
Softwa re
Softwa re
Target Segment
Sea rchl i ght Ca pi tal
Affi ni ty Equi ty Pa rtners
GI Pa rtners
H.I.G. Ca pi tal LLC
Provi dence Equi ty Pa rtners , Inc.
$
Buyer/Investor
175.0
117.2
950.0
500.0
95.6
Reported TV
Buyout Deals
Undisclosed
Cl a rus Commerce, LLC
Hero Di gi tal LLC
Gues tli ne
Mi 9 Retai l
Performa nce Ma tters LLC
Wi ngArc1s t, Inc.
ERT
InfoVi s ta SA
Qui ckBa s e
Ra et B.V.
Si ghtli ne Medi a Group
Softwa re
Softwa re
Softwa re
Softwa re
Tri verga nce, LLC
CI Ca pi tal Pa rtners LLC
The Ri vers i de Compa ny
Summi t Pa rtners LP
Wel d North LLC
The Ca rl yl e Group
Gens tar Ca pi tal , LP
Apa x Pa rtners , L.P.
Wel s h, Ca rs on, Anders on & Stowe
HgCa pi tal
Regent Equi ty Pa rtners , LLC
$
-
All Segments
($ in Millions)
Venture/Growth Capital Transactions
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Ca i ni a o Logi s tics
Rel a tivi ty Medi a LLC
Afri ca Internet Group
WME l IMG
Gua zi .com
Sna pcha t, Inc.
Ga rena Intera ctive Hol di ng Li mi ted
Bi gBa s ket.com
Ceri di a n Corpora tion
Domo, Inc.
DoorDa s h, Inc.
Ankura Cons ul ting Group LLC
Douyu TV
Betterment LLC
Qi ngCl oud
Tra vel zen Li mi ted
Ka terra
Li nmon Pi ctures
BYJU
Merca ri Ltd.
Mes os phere, Inc.
Pi vot3, Inc.
Bl i ppa r
SoYoung Technol ogy (Bei ji ng) Co., Ltd.
As a na
Moa t, Inc.
eGym GmbH
i fl i x
Bromi um, Inc.
Checkr, Inc.
Open Lendi ng LLC,
M-Fi l es Corpora tion
Soothe LLC
Wa nl i yun Medi ca l Informa tion Technol ogy
Al pha Sens e, Inc.
Jus tworks , Inc.
Bi zRea ch
Attivi o, Inc.
Kunl un Fi ght
8Dol
Indochi no Appa rel , Inc.
Invoca , Inc.
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Informa tion
Informa tion
Softwa re
Informa tion
Tema s ek Hol di ngs (Pte) Li mi ted
Ma pl e Lea f Fi l ms
Rocket Internet GmbH
SoftBa nk Corpora tion
Undi s cl os ed
FMR LLC
Kha za na h Na s i ona l Berha d
Bes s emer Venture Pa rtners
Thoma s H. Lee Pa rtners
Bl a ckRock, Inc.
Sequoi a Ca pi tal
Ma di s on Dea rborn Pa rtners , Inc.
Tencent Hol di ngs Ltd.
Bes s emer Venture Pa rtners
Bl ueRun Ventures
Abdor Ca pi tal
Undi s cl os ed
Hony Ca pi tal
Sequoi a Ca pi tal
Mi ts ui & Co., Ltd.
Andrees s en Horowi tz
S3 Ventures
Kha za na h Na s i ona l Berha d
Tencent Hol di ngs Ltd.
Y Combi na tor
Ins i ght Venture Pa rtners
HPE Growth Ca pi tal
Sky Broa dca s ting Group pl c
Accel Pa rtners
Brega l Sa gemount
Pa rtech Ventures
The Ri vers i de Compa ny
Al i ba ba Group Hol di ng Ltd.
Tri beca Venture Pa rtners
Index Ventures
Sa l es force Ventures
Oa k Inves tment Pa rtners
IDG Ca pi tal Pa rtners
Ji a ngs u Coa s tal Ca pi tal
Da ya ng Group
Accel Pa rtners
$
1,500.0
400.0
330.0
250.0
204.5
175.0
170.0
150.0
150.0
131.0
127.0
100.0
100.0
100.0
100.0
93.0
85.0
76.0
75.0
75.0
73.5
54.6
54.0
50.0
50.0
50.0
45.0
45.0
40.0
40.0
40.0
36.0
35.0
35.0
33.0
33.0
32.8
31.0
31.0
30.7
30.0
30.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Couchba s e, Inc.
Skyport Sys tems , Inc.
MoMo.vn
Stra tos ca l e Ltd.
Sci ence Excha nge
Cya ra
YourMecha ni c
Home24 GmbH
Property Pa rtner
STAFF FINER AG
Ma xwel l Hea l th
Pi eces Technol ogi es , Inc.
Reva ture.com
ezbuy
Cri ms on Hexa gon
BetterWorks , Inc.
Cockroa ch La bs
Ma rl eySpoon GmbH
Hopper, Inc.
Convoy.com
HomeUni on, Inc.
fuboTV
Mi rri a d Advertis i ng Ltd.
Fri ends ura nce
Ma s ha bl e, Inc.
Pl a yBuzz Ltd.
Icertis .com
Ea s yhi n
Us ermi nd
Ha nds ha ke Corpora tion
Pl a nda y
Trus tlook, Inc.
Si ght Ma chi ne, Inc.
Fri chti
Si gna l Di gi tal , Inc.
GoCa rdl es s Ltd.
Voke VR
RedBubbl e Pty. Ltd
HG Da ta, Inc.
Oro, Inc
Arterys , Inc.
Bus tle.com
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
Accel Pa rtners
Intel Ca pi tal
The Gol dma n Sa chs Group, Inc.
Ba ttery Ventures
Index Ventures
Pea kSpa n Ca pi tal , LLC
Rocket Internet GmbH
Index Ventures
Gol dma n Sa chs Pri va te Ca pi tal Inves ting
Ada ms Street Pa rtners , LLC
Jump Ca pi tal
Eden Ca pi tal
CGC Ca pi tal
Sa gevi ew Ca pi tal
Kl ei ner Perki ns Ca ufi el d & Byers
Index Ventures
Kreos Ca pi tal
Accompl i ce, LLC
Greyl ock Pa rtners
NorthGa te Ca pi tal , LLC
Sky Broa dca s ting Group pl c
IP Group Pl c
Hori zons Ventures Ltd.
Ti me Wa rner, Inc.
The Wa l t Di s ney Compa ny
Greycroft Pa rtners
Morni ngs i de Ventures
Sozo Ventures
Idi nves t Pa rtners
Undi s cl os ed
Jump Ca pi tal
Idi nves t Pa rtners
Undi s cl os ed
Accel Pa rtners
Intel Ca pi tal
Bl a ckbi rd Ventures
Upda ta Pa rtners
Hi ghl a nd Ca pi tal Pa rtners Europe
GE Ventures
Ti me Wa rner, Inc.
$
30.0
30.0
28.0
27.0
25.0
25.0
24.0
22.7
22.4
22.0
22.0
21.6
20.0
20.0
20.0
20.0
20.0
17.0
16.0
16.0
16.0
15.0
15.0
15.0
15.0
15.0
15.0
15.0
14.5
14.0
14.0
13.6
13.5
13.4
13.3
13.0
12.5
12.0
12.0
12.0
12.0
11.5
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Ca tal ys t DevWorks
Al ooma Ltd.
Li ghtSa i l , Inc.
Kredi tech Hol di ng SSL GmbH
Ava metri c, Inc.
CornerJob
Zeel Networks , Inc.
Cul ture Amp Pty Ltd.
Inters ec
Stri i m
i cebrg.co
Ma pD
Reddi t Enha ncement Sui te (RES)
Bra nch.io
OneSpa ce.com
CurrencyFa i r Li mi ted
Rocks box, Inc.
Penros e Studi os , Inc.
Li bres trea m Technol ogi es , Inc.
Infl ui tive, Inc.
Afl uenta S.A.
Ma pi l l a ry AB
Cl oud4Wi , Inc.
Tra ns Loc, Inc.
Cel i go, Inc.
Hi ghGround, Inc.
Wel l Doc, Inc.
Ma tterma rk
Pea ch Compa ny
Roofs tock, Inc.
Di s tri bution Technol ogy, Ltd.
6fus i on, Inc.
Compa ra bl y
PowerInbox
Fl oQa s t, Inc.
6 Ri ver Sys tems
da ta Artis a ns
DICOM Gri d, Inc.
NewCo Pl a tform, Inc.
Ha venl y, Inc.
Crowdfox GmbH
Tra vel erCa r
Softwa re
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
Sa l em Pa rtners LLC
Li ghts peed Venture Pa rtners
(Pri va te Inves tors )
Interna tiona l Fi na nce Corpora tion
Khos l a Ventures
Bons a i Venture Ca pi tal , S.A., SCR
Emi l Ca pi tal
Index Ventures
Ci s co Inves tments
Atl a ntic Bri dge
Pel i on Venture Pa rtners
Veri zon Ventures
ORIX Venture Fi na nce
Hi ghl a nd Ca pi tal Pa rtners
Octopus Ventures , LLC
KEC Ventures
Accel era te Pa rtners , LLC
BDC Ca pi tal
Lea ders Fund
El eva r Equi ty LLC
Sequoi a Ca pi tal
Undi s cl os ed
SJF Ventures
TVC Ca pi tal
Undi s cl os ed
Johns on & Johns on Servi ces , Inc.
Foundry Group
Accompl i ce, LLC
Ba i n Ca pi tal Ventures
Northzone Ventures
Grotech Ca pi tal Group
Cros s l i nk Ca pi tal
Ba ttery Ventures
Pol a ri s Pa rtners
Intel Ca pi tal
Undi s cl os ed
True Ventures
Bi na ry Ca pi tal
$
11.5
11.2
11.0
11.0
10.5
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
9.2
9.0
8.9
8.7
8.5
8.3
8.2
8.0
8.0
8.0
8.0
8.0
7.6
7.5
7.3
7.2
7.0
6.8
6.6
6.5
6.5
6.5
6.0
6.0
6.0
6.0
5.8
5.6
5.6
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
AB Ta s ty
LTG Exa m Prep Pl a tform, Inc.
Mi gme
Termi nus Softwa re, LLC
Les s on.ly
ZEFR
Inmoji , Inc.
Kuri o
Vi vens e Home & Li vi ng
RevUp Softwa re
Appva nce, Inc.
Ma i ntena nce As s i s tant, Inc.
Nom
Roomi , Inc.
Di mens i ona l Mecha ni cs
Forge, Inc.
Kkda y.com
Stackl a Pty. Ltd.
Spri ngCM, Inc.
Bl a ck Swa n
Propel PLM, Inc.
Sel eri ty, Inc.
MedECube Hea l thca re Indi a Pvt. Ltd.
Ti qets
Shi ftboa rd, Inc.
Wra p Medi a LLC
Cha rtIQ, Inc.
Cra te Technol ogy GmbH
La bConnect LLC
OneRent
PPM 2000, Inc.
Sl i ce La bs
Offi ceLuv, Inc.
CrowdStreet, Inc.
Pl a ntMi ner Pty. Ltd.
Nuroa Internet S.L.
63Idea s Infol a bs Pri va te Li mi ted
MeWe
Augment SAS
Pa thma tics , Inc.
Zodi a c, Inc.
Hea l thJoy LLC
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Omnes Ca pi tal
Squa re Peg Ca pi tal
Mei tu
Edi s on Pa rtners
OpenVi ew Venture Pa rtners
U.S. Venture Pa rtners
Gunos y, Inc.
Ea rl ybi rd Venture Ca pi tal GmgH & Co. KG
Greyl ock Pa rtners
Ja vel i n Venture Pa rtners
Bui l dGroup Ma na gement LLC
Khos l a Ventures
WME l IMG
a ppWorks Ventures
Ba i l a dor
Undi s cl os ed
Mi ts ui & Co., Ltd.
Ci tigroup Gl oba l Ma rkets , Inc.
Artima n Ma na gement LLC
Ca pi tal Mi l l s
Voya ger Ca pi tal
Drea m Incuba tor, Inc.
Va l ueStrea m
Da wn Ca pi tal
Broa dOa k Ca pi tal Pa rtners
Renren, Inc.
Kl a s s Ca pi tal
Hori zons Ventures Ltd.
Forma tion 8
Ra l l y Ventures
Ma da d Pty. Ltd.
The Mi tul a Group Li mi ted
Accel Pa rtners
Undi s cl os ed
Bertel s ma nn Di gi tal Medi a Inves tments
Metamorphi c Ventures
GoHea l th, LLC
$
5.4
5.3
5.1
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.7
4.7
4.7
4.5
4.5
4.4
4.3
4.2
4.2
4.2
4.0
4.0
4.0
4.0
4.0
4.0
4.0
4.0
4.0
3.9
3.8
3.5
3.5
3.3
3.0
3.0
3.0
3.0
3.0
3.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Wa s hl a va
Ca b Guru Li mi ted
Bi jou Commerce
Servi s Hero
Phenom Peopl e, Inc.
Ka ptio
Repro, Inc.
Medi ca l Depa rtures , Inc.
Ma nda e Servi ços de Cons ul tori a em Logís tica LTDA
Atl a s Obs cura , Inc.
Ca r Next Door
myGubbi .com
ICX Medi a , Inc.
Ql es s , Inc.
Start A Fi re
Credl y, Inc
Ci va l ue
Edj Ana l ytics
Apperi o Ltd.
Shoppi mon Ltd.
Grea tHorn, Inc.
i Ta xi
Trus ted La bs , Inc.
Spectra l Edge Ltd.
Jobba tica l .com
Ma ri a na , Inc.
Ca rs ome Sdn Bhd
Cons tant Thera py, Inc.
La ndi t, Inc.
Nuren Group
Pa rtender
Area Metri cs
Bi va rus , Inc.
Ci rconus , Inc.
CrowdRi ff
Spotins t Ltd.
Za l oni , Inc.
Pyze, Inc.
Confi de, Inc.
SourceKnowl edge
Fi xt, Inc.
App-CM
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Undi s cl os ed
Bl enhei m Cha l cot Ma na gement Li mi ted
Gol den Ga te Ventures
Si gma Pri me Ventures
Ca pi tal A Pa rtners
JAFCO Co., Ltd
Hubert Burda Medi a
QUALCOMM Ventures
The New York Ti mes Compa ny
Ca l tex Aus tra l i a Ltd.
ABS Ca pi tal Pa rtners
Wel l i ngton Fi na nci a l LP
Ca na a n Pa rtners
New Ma rkets Venture Pa rtners
Deuts che Tel ekom AG
Chrys a l i s Ventures , Inc.
Notion Ca pi tal
AOL, Inc.
ff Venture Ca pi tal
Experi or Venture Fund
Sl ow Ventures
IQ Ca pi tal Pa rtners LLP
Uni on Squa re Ventures
Bl umberg Ca pi tal
IMG Inves tment Pa rtners
Ka por Ca pi tal
New Enterpri s e As s oci a tes
Gobi Pa rtners
Ques t Venture Pa rtners
Ha ttera s Venture Pa rtners
NewSpri ng Ca pi tal
Founda tion Ca pi tal
Pi co Venture Pa rtners
Si erra Ventures
Doubl eRock Venture Ca pi tal
WGI Group
BDC Ca pi tal
Hi ghl a nd Ca pi tal Pa rtners
$
2.9
2.8
2.8
2.7
2.7
2.6
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.5
2.4
2.4
2.4
2.3
2.3
2.1
2.1
2.1
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
1.7
1.6
1.5
1.4
1.2
Petsky Prunier: Maximizing Shareholder Value
 Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,
business services, and healthcare services industries
 Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume
 Founded in 1999
 More than 50 focused professionals; growth of 40% since 2011
 New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa
 Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders
 Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services
 Global reach enhanced through our partnerships with investment bank Altium in Europe, as well as The Mountain Capital Group in
China, and Allegro Advisors and o3 Capital in India
 Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
 M&A Advisory and Sell-Side Representation
 Privately-Owned Companies
 Entrepreneur-Led Businesses
 Private Equity Portfolio Companies
 VC-Backed Companies
 Corporate Divestitures
 Selected Buy-Side Engagements
 Capital Raising and Private Placements
 Advertising & Marketing
 eCommerce
 Digital Media
 Technology
 Information
 Business Services
 Healthcare Services
 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
Ranked #1 by Bloomberg for Mid-Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2015
TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS
2015
Rank
Advisor
2011-2015 (5-Year)
Deal Count
Rank
Advisor
Deal Count
1
Petsky Prunier
18
1
Petsky Prunier
84
2
Goldman Sachs
17
2
Goldman Sachs
68
2
PwC
17
3
Jordan Edmiston Group
59
4
Jordan Edmiston Group
15
3
Morgan Stanley
59
4
KPMG Corporate Finance
15
5
PwC
52
4
Morgan Stanley
15
6
China Renaissance Partners
47
7
China Renaissance Partners
11
6
Nomura
47
7
Ernst & Young
11
8
GCA Savvian Group
44
9
Avendus Capital
9
9
KPMG Corporate Finance
43
9
Rothschild
9
10
Ernst & Young
38
11
Citi
8
10
JP Morgan
38
11
Credit Suisse
8
12
Jefferies
37
11
Jefferies
8
13
AGC Partners
35
11
William Blair & Company
8
14
Credit Suisse
34
11
Mooreland Partners
8
15
Daiwa Securities
33
Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.
 With 25 total transactions closed in 2015, and more than 100 transactions closed since 2011 (across all industries in addition to
Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce,
and media industries
Representative Recent Transactions*
$225,000,000*
$207,000,000*
a portfolio company of
has been sold to
a fast-growing, digital consultancy focused
on Customer Experience Management
(CXM) and the implementation of key
marketing technology platforms
has received a majority investment from
a leading provider of cloud-based
hospitality solutions
and
has been sold to
has entered into a definitive agreement
to receive a majority investment from
a leading digital database marketing
and advertising technology company
has been sold to
$160,000,000*
has received a significant
growth investment from
comprising Media Properties Holdings
has been sold to
has been sold to
in partnership with
(NASDAQ: SYKE)
&
*Approximate Value
has been sold to
*Approximate Value
*Approximate Value
a leading digital provider of subscriptionbased, consumer product images and
related data to the retail food industry
a leading technology and data-driven
digital marketing services and
analytics company
(NYSE: DLX)
(NYSE: IDI)
has sold
a leading developer of enterprise
mobility software
has been sold to
has been sold to
the most innovative digital strategy,
user experience, and software
development firm
to
a leading content-driven, strategic
digital agency
has been sold to
the leading eCommerce media network
in the U.S.
has been sold to
a fast-growing, direct-to-consumer
wine eCommerce company
a leading provider of software-based
social media brand advocacy solutions
Aperion Management
has been sold to
has been sold to
and
(NYSE: ACN)
$74,000,000*
$120,000,000
the dominant, pure-play eCommerce
retailer of envelopes and related products
has received a significant
investment from
the leader in strategic launch solutions
for orphan and rare disease
pharmaceutical drugs
has been sold to
a big data marketing analytics & database
technology and solutions company
has been sold to
has been sold to
a global leader in quantitative data
collection and reporting software systems
has been sold to
to
(NYSE EVDY)
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
a division of
the leader in data-driven
advocacy campaigns
has been sold to
(NYSE: OMC)
(NASDAQ: EXLS)
(NASDAQ: ICLR)
(NYSE: RUK)
*Approximate Value
$280,000,000*
$65,000,000
a leading data-driven patient
identification and engagement platform
that provides its members access to
healthcare education, patient savings,
and other valuable programs
a leading provider of performance-based
digital marketing programs to healthcare
professionals on behalf of leading
pharmaceutical companies
$50,000,000
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
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
has been sold to
a leading SaaS provider of social intelligence,
analytics, insights, and engagement
has been sold to
which is being combined with
has been sold to
both portfolio companies of
(NYSE: EVDY)
(NYSE: WTM)
*Approximate Enterprise Value
*For a more comprehensive list, please click here.
(NASDAQ: CTSH)
a leading provider of marketing solutions
to destinations, resorts, and other
travel-related businesses
the leading film and television information,
data, and related software company
has been sold to
has been recapitalized to support future
growth with significant debt financing
from
a division of

March 2016 - Petsky Prunier

Transcription

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