July 2012 Marketing, Media, Technology, and Service Industries …petskyprunier.com ›...

July 2012 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 35

2M&A & INVESTMENT SUMMARY JULY 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 255 d l th i t l $16 billi d i J l 2012

Transaction Distribution• A total of 255 deals worth approximately $16 billion were announced in July 2012

• Digital Media/Commerce was the most active segment with 83 transactions

• Software & Information was the highest value segment worth approximately $7.2 billion

• Strategic buyers announced 92 deals for approximately $11.4 billion (36% of total volume)

• VC/Growth Capital investors announced 152 deals for approximately $1.6 billion

• Buyout investors announced 11 deals for approximately $2.9 billionJULY 2012

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 83 33% 1,527.5 10% 26 774.6 0 0.0 57 752.9

Marketing Technology 77 30% 973.6 6% 25 603.0 1 8.0 51 362.6

Software & Information 42 16% 7,216.0 45% 10 4,219.9 5 2,733.1 27 263.0

Agency/Consulting 18 7% 5,134.1 32% 17 5,117.1 0 0.0 1 17.0

Digital Advertising 15 6% 262.1 2% 3 45.0 1 98.0 11 119.1

$25.1 27.0

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

Marketing Services 11 4% 171.1 1% 4 80.0 3 65.0 4 26.1

Out-of-Home & Specialty Media 9 4% 727.4 5% 7 702.4 1 10.0 1 15.0

Total 255 100% 16,011.8 100% 92 11,542.0 11 2,914.1 152 1,555.6

$13.4 $16.0

$9.9

$14.6

$23.3

$11.0 $11.2 $8.8 $10.4 $10.8

$4 5

$

$11.5

6 0 9.0

12.0 15.0 18.0 21.0 24.0

ue

($ in

bil

lio

ns)

$10.3 HPQ/ AU


$4.5

-3.0 6.0

Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12

Val

u

255294 259 243284275231 266 226 260 231222 280

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Digital Media/CommerceLe Jardin de Catherine eCommerce Mr. Bricolage SA $18.9 $31.6 - 0.6x NA

Marketing TechnologyZencoder Content Management Brightcove, Inc. 30.0 2.0 1.2 15.0x 25.0

Selected Transactions With Multiples Information

Oversi Networks Ltd. Content Delivery Network Allot Communications Ltd 16.0 8.0 - 2.0x NAPress Index Social Technology Kantar Media 13.8 20.0 0.7 0.7x 19.7

Agency/ConsultingAegis Group plc Media Planning/Buying Dentsu, Inc. 4,761.1 1,766.7 323.5 2.7x 14.7 Catch Stone Advertising Digital Agency Aegis Group plc 86.0 21.5 - 4.0x NAMMPI Canada Experiential Marketing Informa PLC 53.0 24.5 - 2.2x NA

Software & InformationSoftware & InformationQuest Software ERP Software Dell, Inc. 2,237.1 881.5 160.3 2.5x 14.0 MModal IP LLC Healthcare Software One Equity Partners, LLC 1,057.0 450.0 114.5 2.3x 9.2 GeoEye Geo-Demo Information DigitalGlobe, Inc. 453.0 359.1 174.6 1.3x 2.6 Breaking Point Systems Unclassified Software Ixia 160.0 46.9 40.8 3.4x 3.9 20-20 Technologies, Inc. Engineering Software Vector Capital Corporation 71.2 69.9 7.6 1.0x 9.4

Out-of-Home & Specialty MediaCinemaxX Entertainment Media Vue Entertainment Ltd 257 4 251 7 37 7 1 0x 6 8 CinemaxX Entertainment Media Vue Entertainment Ltd. 257.4 251.7 37.7 1.0x 6.8 Classic Media, Inc. Entertainment Media DreamWorks LLC 155.0 82.2 - 1.9x NAEye Corp Pty Ltd.(1) Traditional Outdoor Outdoor Media Operations 120.0 - 16.0 NA 7.5

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

Digital Media/Commerce

IPOs After Final Pricing*

Kayak Software Corporation eCommerce IPO $971.2 $245.2 $41.9 4.0x 23.2x

Software & InformationPalo Alto Networks Infrastructure Software IPO 2,376.6 219.7 8.0 10.8x 297.1xE2open, Inc. ERP Software IPO 364.4 63.9 1.1 5.7x 331.3x


(1) Eye Corp EBITDA multiple per FNArena* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

SECURITIES IN REGISTRATION ($ in Millions)Aggregate

Date Company Name Segment Offering Value Rev EBITDALTM

Jul-12 Performant Financial Corporation Marketing Services $161.6 $173.8 $58.8

Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0

Mar-12 Gogo Technologies Software & Information 100.00 160.20 NM

Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3

Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9

Mar-12 Reval Holdings Software & Information 75.00 47.00 NM

Mar-12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0


LTM IPO PERFORMANCE ($ in Millions)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 Jul 31, 2012 1st Trading Day

Jul-12 EOPN E2open, Inc. United States $15.00-$17.00 $15.00 $13.50, down 10% $12.60 (6.7%)

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.56 1.1%

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 57.14 7.5%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 27.00 9.0%

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 21.71 (43.2%)

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 18.05 (5.5%)

May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 14.19 12.6%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 9.90 71.6%

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.82 (2.0%)

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.01 (1.4%)

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 29.40 (17.1%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.97 (58.1%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 24.57 1.0%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 22.80 (9.2%)

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 9.93 (60.3%)

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 5.56 1.1%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.84 19.8%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 19.96 (18.8%)

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.03 (23.4%)

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 15.50 (6.1%)

F b 12 BCOV B i ht I U it d St t 10 00 12 00 11 00 15 15 36% 14 81 (2 2%)Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 14.81 (2.2%)

Feb-12 FX FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 22.10 49.9%

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 20.03 33.1%

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 20.76 27.3%

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.95 (68.9%)

Nov 11 ANGI Angie's List Inc United States 11 00 13 00 13 00 16 26 up 25% 13 00 (20 0%)


Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 13.00 (20.0%)

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 6.66 (74.5%)

Transactions by Segment and Buyer TypeDIGITAL ADVERTISING

• Mobile Marketing was the most active segment with seven announced transactions worth approximately $77 million, while Digital Video was the highest value worth approximately $128 million

• Select acquisitions› Madison Dearbon Partners’ $98 million acquisition of QuickPlay Media, a Canada-based cloud video services

company› Deutsche Post’s acquisition of Germany-based IntelliAd Media, a digital marketing agency specializing in

optimizing search ad purchases• Select investments

› The $28 million investment in JumpTap, a mobile ad network operator that reaches approximately 263 million people worldwide, led by Keating Capital

› The $27 million investment in SAY Media, an online video platform and ad network company, led by New Enterprise Associates, Shea Ventures and Correlation Ventures

› The $20 million investment in I-Media, a company claiming to be China’s largest mobile ad network operator, led by Kleiner Perkins Caufield & Byers

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

Mobile Marketing 7 47% 76.6 29% 1 5.0 0 0.0 6 71.6

Digital Video 4 27% 128.0 49% 0 0.0 1 98.0 3 30.0

Ad Networks/Exchanges 2 13% 17.5 7% 0 0.0 0 0.0 2 17.5



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

g

Search Marketing 2 13% 40.0 15% 2 40.0 0 0.0 0 0.0Total 15 100% 262.1 100% 3 45.0 1 98.0 11 119.1


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

($ in millions, except stock price data)

g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $632.68 -6% $206,907.4 $173,306.4 $47,616.0 $7,707.0 $43,162.0 $15,451.0 35.8% 29.5% 4.0x 11.2xMicrosoft Corporation United States 29.41 -11% 246,555.7 197,286.7 58,348.0 13,148.0 73,723.0 30,714.0 41.7% 5.4% 2.7x 6.4x

Bankrate, Inc. United States $17.57 -32% $1,756.6 $1,872.3 $64.5 193.7 $473.8 $139.4 29.4% 37.2% 4.0x 13.4xBlucora, Inc. United States 15.36 -8% 619.5 552.0 129.9 84.2 339.5 67.4 19.9% 64.7% 1.6x 8.2xConstant Contact, Inc. United States 16.00 -50% 462.0 380.9 143.0 - 233.9 23.9 10.2% 20.0% 1.6x 16.0xeHealth, Inc. United States 17.83 -4% 349.3 227.2 116.2 - 150.5 16.8 11.1% -7.0% 1.5x 13.5xExactTarget, Inc. United States 22.01 -26% 1,450.6 1,239.1 211.5 - 227.5 (4.8) NM 0.0% 5.4x NMHi-Media S A France 2 39 -50% 108 0 146 1 23 3 62 1 298 7 26 2 8 8% 3 6% 0 5x 5 6xHi Media S.A. France 2.39 50% 108.0 146.1 23.3 62.1 298.7 26.2 8.8% 3.6% 0.5x 5.6xIAC/InterActiveCorp United States 52.47 -3% 4,596.4 3,852.3 775.6 95.8 2,435.0 356.8 14.7% 34.5% 1.6x 10.8xMillennial Media Inc. United States 9.30 -67% 707.6 776.5 9.1 - 115.1 (2.7) NM 0.0% 6.7x NMMotricity, Inc. United States 0.47 -91% 21.7 25.6 10.4 21.0 116.6 (13.7) NM -12.2% 0.2x NMOPT, Inc. Japan 1,083.84 -19% 159.5 19.1 173.8 8.9 880.4 21.4 2.4% 18.5% 0.0x 0.9xPacific Online Ltd. China 0.33 -45% 356.6 288.0 68.6 - 101.5 46.1 45.4% 25.9% 2.8x 6.3xQuinStreet, Inc. United States 8.88 -34% 392.2 394.6 115.4 108.2 370.5 59.7 16.1% -8.1% 1.1x 6.6xResponsys, Inc. United States 10.63 -34% 511.2 415.5 97.5 1.8 142.9 23.7 16.6% 36.3% 2.9x 17.6xSepteni Holdings Co Ltd Japan 641.62 -38% 80.7 38.2 62.5 13.5 495.3 21.8 4.4% 15.8% 0.1x 1.8xThe Active Network, Inc. * United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3xTradeDoubler AB Sweden 2.28 -57% 97.3 57.6 40.5 - 392.2 17.6 4.5% 7.4% 0.1x 3.3xTree.Com, Inc. United States 13.14 -3% 148.3 89.3 59.0 - 53.9 (16.7) NM -1.7% 1.7x NMTudou Holdings Limited * China 25.52 -43% 745.2 648.0 110.4 13.2 91.0 (49.9) NM 70.6% 7.1x NMValueClick, Inc. United States 15.34 -30% 1,237.0 1,234.4 107.7 105.0 596.5 169.5 28.4% 32.1% 2.1x 7.3xVelti Plc Ireland 5.68 -63% 356.5 325.2 41.0 9.6 211.4 22.9 10.8% 63.2% 1.5x 14.2xYandex N.V. * Netherlands 19.74 -53% 6,443.7 6,075.9 349.3 - 748.3 327.2 43.7% 54.7% 8.1x 18.6xYahoo! Inc. United States 15.99 -5% 19,552.6 17,815.5 2,209.9 40.0 4,979.8 1,306.4 26.2% -10.6% 3.6x 13.6x

Low 0 0 0 9

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2 0 standard deviations above the mean (7 3x) Low 0.0x 0.9x

Mean 2.6x 13.6x

Median 1.6x 10.8x

Weighted Avg 4.0x 13.8x

Adj. W Avg* 3.3x 13.6xHigh 8.1x 73.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)

and EBITDA multiples that are 1.0 standard deviations above the mean (29.9x).

Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.


AGENCY/CONSULTINGTransactions by Segment and Buyer Type

• Digital Agency was the most active segment with six deals announced, while the highest value segment was Media Planning/Buying worth approximately $4.8 billion

• Select acquisitions› Dentsu’s $4.8 billion acquisition of Japanese advertising company Aegis Group› Aegis Group’s $86 million acquisition of Catch Stone Advertising a China-based digital media and marketing › Aegis Group s $86 million acquisition of Catch Stone Advertising, a China based digital media and marketing

services company› Informa’s acquisition of MMPI Canada, a Canadian producer of trade shows, conferences and consumer shows,

for $53 million, and its acquisition of MediaPro, which operates events for the media and marketing community› Mudd Group’s acquisition of TargetClick Marketing Solutions, a Web design and development, strategic online

and social media marketing agency

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

Digital Agency 6 33% 163.0 3% 5 146.0 0 0.0 1 17.0



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

General Agency 3 17% 42.0 1% 3 42.0 0 0.0 0 0.0

Experiential Marketing 2 11% 68.0 1% 2 68.0 0 0.0 0 0.0

Media Planning/Buying 2 11% 4,781.1 93% 2 4,781.1 0 0.0 0 0.0

Public Relations 2 11% 55.0 1% 2 55.0 0 0.0 0 0.0

Design Agency 1 6% 15.0 0% 1 15.0 0 0.0 0 0.0

Ethnic/Multicultural Agency 1 6% 5.0 0% 1 5.0 0 0.0 0 0.0/ g y

Social Agency 1 6% 5.0 0% 1 5.0 0 0.0 0 0.0

Total 18 100% 5,134 100% 17 5,117 0 0 1 17


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $10.21 0% $240.1 $237.7 $119.4 $24.4 20.4% 0.0% 2.0x 9.7xAegis Group plc * United Kingdom 3.68 0% 4,233.4 4,413.4 1,766.7 320.3 18.1% 20.6% 2.5x 13.8xCello Group Plc United Kingdom 0.58 -21% 47.3 60.3 207.9 13.4 6.4% 6.9% 0.3x 4.5xCharm Communications Inc. China 4.80 -62% 186.9 61.9 251.4 41.4 16.5% 18.2% 0.2x 1.5xChime Communications plc United Kingdom 2.87 -28% 229.6 225.9 507.3 46.7 9.2% 8.7% 0.4x 4.8xDentsu Inc. Japan 26.38 -23% 6,572.7 5,692.9 22,971.2 815.2 3.5% 3.3% 0.2x 7.0xEnero Group Limited Australia 0.55 -57% 47.3 16.5 512.3 34.8 6.8% -0.2% 0.0x 0.5xH F 4 83 12% 1 845 6 1 896 0 2 137 1 322 4 Havas France 4.83 -12% 1,845.6 1,896.0 2,137.1 322.4 15.1% 5.6% 0.9x 5.9xHuntsworth plc United Kingdom 0.70 -36% 173.5 284.4 274.4 40.7 14.8% 1.5% 1.0x 7.0xM&C Saatchi plc United Kingdom 2.29 -8% 145.2 126.3 238.4 27.6 11.6% 22.4% 0.5x 4.6xMDC Partners Inc. * Canada 9.44 -47% 292.8 883.5 999.9 43.9 4.4% 19.2% 0.9x 20.1xNext Fifteen Communications Group plc United Kingdom 1.43 -6% 83.4 95.9 142.8 18.2 12.7% 14.7% 0.7x 5.3xOmnicom Group Inc. United States 49.57 -5% 13,166.7 16,099.5 14,101.9 2,116.4 15.0% 6.7% 1.1x 7.6xPublicis Groupe SA France 49.59 -7% 9,760.8 10,934.0 7,860.8 1,451.5 18.5% 11.1% 1.4x 7.5xSapient Corp. United States 9.71 -30% 1,370.1 1,166.9 1,040.1 130.3 12.5% 18.0% 1.1x 9.0xThe Interpublic Group of Companies, Inc. United States 9.78 -20% 4,275.1 4,884.6 7,021.6 849.6 12.1% 3.7% 0.7x 5.7xWPP plc Ireland 12.76 -3% 16,111.1 20,312.4 15,599.3 2,432.4 15.6% 7.4% 1.3x 8.4x

Low 0.0x 0.5x

Mean 0.9x 7.2x

Median 0.9x 7.0x


Adj. W Avg* 1.1x 7.5x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)


High 2.5x 20.1x


DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Social Media/Apps was the most active segment with 21 transactions announced. Gaming was the highest value segment worth approximately $552 million

• Select acquisitions› Sony Computer Entertainment’s $380 million acquisition of Gaikai, which operates as a cloud-based gaming

company› Salesforce.com’s $70 million acquisition of Canada-based GoInstant, which offers a browser that allows two

or more people to search the Web together› Autodesk’s $60 million acquisition of Socialcam, which offers a mobile app for recording and sharing videos

• Select investments› The $105 million investment in fab com which operates a design oriented flash sales site led by Atomico › The $105 million investment in fab.com, which operates a design-oriented flash sales site, led by Atomico

Ventures› The $100 million investment in GitHub, which offers developers a site where they can store, write and

collaborate on software-coding projects, led by Andreessen Horowitz

BUYER/INVESTOR BREAKDOWNDIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

Social Media/Apps 21 25% 258.4 17% 6 49.0 0 0.0 15 209.4

eCommerce 19 23% 337.5 22% 2 18.7 0 0.0 17 318.8

Gaming 14 17% 552.1 36% 3 394.8 0 0.0 11 157.3

Mobile Content/Apps 12 14% 127.1 8% 6 92.5 0 0.0 6 34.6


Classifieds/Auctions/P-to-P 8 10% 52.2 3% 2 25.0 0 0.0 6 27.2

Niche Content 5 6% 109.6 7% 5 109.6 0 0.0 0 0.0

Vertical Search 1 1% 0.7 0% 0 0.0 0 0.0 1 0.7

Web Search/Portals 1 1% 70.0 5% 1 70.0 0 0.0 0 0.0

Comparison Shopping 1 1% 15.0 1% 1 15.0 0 0.0 0 0.0

Virtual Goods 1 1% 5.0 0% 0 0.0 0 0.0 1 5.0


Virtual Goods 1 1% 5.0 0% 0 0.0 0 0.0 1 5.0

Total 83 100% 1,527 100% 26 775 0 0 57 753

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $233.30 -5% $105,466.8 $100,496.8 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.8x 51.8xeBay Inc. United States 44.30 -4% 57,088.1 53,416.1 5,754.0 2,082.0 13,020.7 3,758.2 28.9% 29.5% 4.1x 14.2xFacebook, Inc. United States 21.71 -52% 46,510.8 37,028.8 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 8.6x 35.3xpriceline.com Incorporated United States 661.74 -15% 32,950.0 30,956.2 3,618.7 1,441.6 4,583.5 1,546.6 33.7% 38.5% 6.8x 20.0x

1-800-Flowers.com Inc. United States $3.51 -15% $227.4 $235.6 $24.9 $33.1 $737.0 $37.4 5.1% 12.5% 0.3x 6.3xAirMedia Group Inc. China 1.77 -56% 110.8 (9.5) 117.9 - 276.9 10.0 3.6% 14.1% NM NMAncestry.com Inc. United States 33.47 -8% 1,426.4 1,356.8 69.6 - 434.9 141.5 32.5% 22.7% 3.1x 9.6xAngie's List, Inc. United States 13.00 -34% 750.9 689.2 76.5 14.8 119.1 (54.1) NM 69.7% 5.8x NMAOL Inc. United States 31.86 -2% 2,991.7 1,645.6 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 0.8x 3.7xBetfair Group PLC United Kingdom 11.98 -15% 1,191.2 978.8 219.8 - 632.5 132.3 20.9% -0.9% 1.5x 7.4xBIDZ.com, Inc. United States 0.74 -18% 13.6 12.0 1.6 - 79.6 (6.6) NM -21.6% 0.2x NMBlinkx plc United Kingdom 0.62 -75% 224.1 186.4 38.4 - 114.4 12.8 11.2% 73.1% 1.6x 14.6xBlue Nile Inc. United States 25.68 -49% 355.1 294.5 53.7 0.7 361.4 13.3 3.7% 5.4% 0.8x 22.2xBluefly Inc. United States 1.20 -57% 34.3 31.7 2.5 - 98.9 (16.5) NM 9.8% 0.3x NMCyberAgent Inc. Japan 1,980.92 -46% 1,282.4 1,040.6 270.2 12.3 1,662.2 267.4 16.1% 15.5% 0.6x 3.9xDemand Media, Inc. United States 11.12 -6% 865.5 769.9 95.6 - 331.6 57.4 17.3% 18.9% 2.3x 13.4xDeNA Co., Ltd. Japan 21.79 -61% 3,117.7 2,428.0 699.0 - 1,768.3 837.3 47.4% 29.3% 1.4x 2.9xDice Holdings, Inc. United States 7.54 -34% 468.4 426.9 56.5 15.0 188.7 76.2 40.4% 20.1% 2.3x 5.6xg , 40.4% 20.1% 2.3x 5.6xE-Commerce China Dangdang Inc. China 5.04 -55% 402.7 181.6 221.1 - 637.2 (57.8) NM 59.3% 0.3x NMEdiets.com Inc. United States 0.25 -84% 3.6 4.3 0.3 1.0 22.3 (4.9) NM -11.9% 0.2x NMExpedia Inc. United States 56.99 -8% 7,735.9 6,699.1 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.8x 9.7xG5 Entertainment AB (publ) Sweden 5.11 -29% 40.9 38.2 2.8 - 8.1 3.1 38.2% 88.0% 4.7x 12.3xGameLoft SA France 5.74 -13% 445.6 400.1 49.4 1.4 223.9 33.2 14.8% 14.1% 1.8x 12.1xGlu Mobile, Inc. United States 4.80 -19% 309.6 280.7 24.5 - 77.2 (17.9) NM 18.5% 3.6x NMGree, Inc. Japan 15.92 -56% 3,721.6 3,061.5 626.9 - 1,689.6 895.6 53.0% 157.7% 1.8x 3.4xGroupon, Inc. United States 6.66 -79% 4,301.0 3,144.2 1,161.0 - 1,874.2 (45.0) NM 232.2% 1.7x NMHollywood Media Corp. United States 1.27 -22% 29.4 26.1 3.4 0.0 3.5 (4.8) NM NA 7.4x NMHomeAway, Inc. United States 22.96 -50% 1,887.3 1,666.1 221.3 - 255.3 46.1 18.1% 27.2% 6.5x 36.1xHSN, Inc. United States 42.36 -3% 2,441.3 2,371.2 181.3 239.2 3,262.0 272.0 8.3% 5.9% 0.7x 8.7xInternational Game Technology United States 11.32 -38% 3,341.7 5,070.2 241.3 1,969.8 2,059.4 721.1 35.0% 8.9% 2.5x 7.0xJiayuan.com International Ltd. China 4.10 -75% 129.8 34.6 95.2 - 55.6 6.1 11.0% 64.4% 0.6x 5.7xKayak Software Corporation United States 33.56 -5% 1,264.3 1,221.5 43.9 - 245.2 41.9 17.1% 31.4% 5.0x 29.1xKongzhong Corp. China 7.74 -5% 331.5 153.3 178.2 - 159.4 21.7 13.6% 9.3% 1.0x 7.1xLeGuide.com S.A. France 34.41 1% 120.7 85.6 46.4 5.0 41.0 14.5 35.2% 13.0% 2.1x 5.9xLinkedIn Corporation * United States 102.65 -15% 10,603.9 9,983.1 617.1 - 723.9 87.4 12.1% 101.9% 13.8x 114.2xLiquidity Services, Inc. United States 45.72 -31% 1,426.9 1,383.8 84.6 41.5 432.2 91.3 21.1% 39.4% 3.2x 15.2xMakeMyTrip Limited * India 16 58 51% 616 1 529 0 87 5 0 3 196 6 6 3 3 2% 57 6% 2 7 84 2MakeMyTrip Limited * India 16.58 -51% 616.1 529.0 87.5 0.3 196.6 6.3 3.2% 57.6% 2.7x 84.2xMixi, Inc. Japan 1,453.36 -68% 225.4 92.0 126.5 - 161.8 40.7 25.1% -21.0% 0.6x 2.3xMove, Inc. United States 9.21 -8% 361.6 319.3 45.2 - 190.8 15.7 8.2% -3.2% 1.7x 20.4xNexon Co. Ltd. Japan 20.76 -4% 9,001.9 7,406.5 1,722.0 280.3 1,138.7 621.6 NM 25.6% 6.5x NMNetflix, Inc. United States 56.85 -77% 3,157.1 2,743.8 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.8x 12.0xOpenTable, Inc. United States 36.36 -46% 820.6 762.8 71.9 - 150.4 42.9 28.5% 22.0% 5.1x 17.8xOrbitz Worldwide, Inc. United States 4.34 -4% 451.8 704.6 187.7 440.5 771.7 113.7 14.7% 2.2% 0.9x 6.2xOverstock.com Inc. United States 8.04 -32% 188.5 145.5 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.1x 16.8xPacific Online Ltd. China 0.33 -45% 356.7 288.0 68.6 - 101.5 46.1 45.4% 25.9% 2.8x 6.3xPandora Media, Inc. United States 9.87 -62% 1,642.1 1,561.5 80.6 - 304.1 (20.8) NM 81.9% 5.1x NM


, , , ( ) NM 81.9% 5.1x NMPerform Group plc. * United Kingdom 5.80 -16% 1,386.1 1,287.7 118.1 20.2 160.6 26.5 16.5% 53.0% 8.0x 48.6xPC Connection, Inc. United States 11.89 -8% 313.9 265.9 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 4.5xPC Home Online Inc. Taiwan 5.57 -20% 455.3 370.9 101.8 3.4 477.0 18.4 3.9% 20.7% 0.8x 20.2xPC Mall Inc. United States 5.72 -28% 68.8 142.9 8.6 82.7 1,461.6 18.3 1.2% 3.3% 0.1x 7.8x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPhoenix New Media Limited China 3.93 -58% 306.3 117.7 188.6 - 161.5 23.9 14.8% 68.7% 0.7x 4.9xQihoo 360 Technology Co. Ltd China 14.75 -44% 1,760.5 1,398.6 363.5 - 214.2 58.5 27.3% 202.1% 6.5x 23.9xRakuten, Inc. Japan 9.96 -18% 13,083.5 11,987.2 4,845.5 3,749.3 4,752.9 1,063.4 22.4% 10.7% 2.5x 11.3xReachLocal, Inc. United States 12.51 -30% 356.4 261.8 90.8 - 414.6 6.5 1.6% 24.0% 0.6x 40.0xRealNetworks Inc. United States 7.48 -43% 260.0 93.0 167.0 - 315.3 (28.4) NM -12.5% 0.3x NMRediff.com India Ltd. India 3.05 -73% 84.2 47.2 - - 18.2 (7.2) NM -17.2% 2.6x NMRenren Inc. China 3.73 -60% 1,468.7 418.0 1,050.7 - 129.5 (34.5) NM 55.9% 3.2x NMScripps Networks Interactive, Inc. United States 53.73 -7% 8,164.9 9,315.3 645.5 1,384.0 2,126.6 995.8 46.8% 10.1% 4.4x 9.4xSh fl I U i d S 31 85 42% 1 145 3 1 027 2 143 9 530 6 51 2 Shutterfly, Inc. United States 31.85 -42% 1,145.3 1,027.2 143.9 - 530.6 51.2 9.6% 52.4% 1.9x 20.1xSify Technologies Limited India 2.11 -67% 178.5 202.3 - - 134.1 10.6 7.9% 0.5% 1.5x 19.1xSky-mobi Limited China 1.90 -74% 62.1 (30.3) 92.5 - 108.8 7.1 6.6% 1.5% NM NMSpark Networks, Inc. United States 5.38 -8% 110.8 98.3 12.5 - 52.1 (0.9) NM 26.2% 1.9x NMStamps.com Inc. United States 20.11 -40% 331.1 264.9 49.1 - 108.7 20.3 18.7% 17.1% 2.4x 13.1xTaomee Holdings Ltd. China 3.84 -74% 139.9 18.7 121.1 - 43.4 11.6 26.8% 3.7% 0.4x 1.6xTechTarget, Inc. United States 4.00 -49% 157.4 104.3 53.1 - 106.6 18.4 17.3% 10.5% 1.0x 5.7xThe Active Network, Inc. * United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3xTheStreet, Inc. United States 1.45 -49% 47.5 12.3 35.2 - 56.5 (3.7) NM -2.3% 0.2x NMTripAdvisor Inc United States 36 57 -24% 5 205 1 5 141 2 208 6 414 6 699 5 300 7 43 0% 24 0% 7 4x 17 1xTripAdvisor Inc. United States 36.57 24% 5,205.1 5,141.2 208.6 414.6 699.5 300.7 43.0% 24.0% 7.4x 17.1xUnited Online, Inc. United States 4.20 -32% 380.5 512.9 137.7 260.6 874.8 131.2 15.0% -5.2% 0.6x 3.9xValueVision Media Inc. United States 1.81 -72% 88.3 83.8 42.5 38.0 551.4 (8.4) NM -5.1% 0.2x NMWebMD Health Corp. United States 15.10 -62% 748.7 584.5 1,142.1 800.0 505.4 65.3 12.9% -12.4% 1.2x 9.0xWebMediaBrands Inc United States 0.62 -56% 26.1 30.2 3.3 7.6 14.1 (1.3) NM 32.1% 2.1x NMYahoo! Inc. United States 15.99 -5% 19,552.6 17,815.5 1,910.5 130.1 4,979.8 1,306.4 26.2% -10.6% 3.6x 13.6xYandex N.V. Netherlands 19.74 -53% 6,443.7 6,075.9 349.3 - 748.3 327.2 43.7% 54.7% 8.1x 18.6xYelp, Inc. * United States 18.82 -41% 1,150.7 1,019.9 130.7 - 94.2 (13.5) NM 0.0% 10.8x NMYouku Inc. China 16.42 -50% 1,885.0 1,311.8 575.7 2.4 165.0 (1.7) NM 122.9% 7.9x NMZillow, Inc. * United States 36.52 -17% 1,052.5 969.5 83.1 - 77.6 9.2 11.8% 113.3% 12.5x 105.5xZynga, Inc. United States 2.81 -82% 2,070.0 953.0 1,062.7 - 1,271.5 (458.2) NM 43.1% 0.7x NM

Low 0.1x 1.6x

Mean 2.8x 19.1x

Median 1.8x 11.7x





Note: Revenue and EBITDA multiples for Amazon.com, eBay, Facebook and priceline.com excluded from Summary Multiples.


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Content Management was the most active segments with 20 transactions. The highest value segment was Social Technology worth approximately $336 million

• Select acquisitions› Google acquisition of Wildfire Interactive, which offers a social marketing campaign management platform, for

a rumored $250 million› Brightcove’s $30 million acquisition of Zencoder, an audio and video encoding/transcoding software as a

service company• Select investments

› The $28 million investment in Asana, an enterprise workflow tool provider, led by The Founders Fund› The $17 million investment in music intelligence company The Echo Nest which offers a music management › The $17 million investment in music intelligence company The Echo Nest, which offers a music management

platform for media companies and developers, led by Norwest Venture Partners

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

Content Management 20 26% 232.0 22% 4 57.0 1 98.0 15 77.0



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Social Technology 12 15% 336.4 31% 5 298.0 0 0.0 7 38.4

Commerce Management 7 9% 59.9 6% 2 35.0 0 0.0 5 24.9

Analytics & Reporting 6 8% 39.7 4% 2 25.0 0 0.0 4 14.7

Mobile Technology 5 6% 42.8 4% 0 0.0 0 0.0 5 42.8

Media Management System 4 5% 54.0 5% 1 10.0 0 0.0 3 44.0

Online Targeting/Optimization 4 5% 46.4 4% 1 10.0 0 0.0 3 36.4

Content Delivery Network 3 4% 56.0 5% 3 56.0 0 0.0 0 0.0

Email/Messaging Software 3 4% 43.0 4% 1 25.0 1 8.0 1 10.0

MRM/Workflow Management 3 4% 30.2 3% 0 0.0 0 0.0 3 30.2

Product/Price Software 3 4% 40.0 4% 2 35.0 0 0.0 1 5.0

SEM/SEO Tools 2 3% 12.0 1% 0 0.0 0 0.0 2 12.0

Other* 6 8% 79 7% 4 52 0 0 2 27


Other 6 8% 79 7% 4 52 0 0 2 27

Total 78 100% 1,072 100% 25 603 2 106 51 363

*Other includes Ad Serving, BI Tools, CRM, Data Quality, Teleservices/eServices and Website Creation/Hosting

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $30.69 -12% $15,092.2 $13,604.2 $2,998.1 $1,510.1 $4,335.0 $1,492.5 34.4% 7.1% 3.1x 9.1xsalesforce.com, inc United States 124.57 -24% 17,190.7 17,030.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 6.9x 160.8x

Akamai Technologies, Inc. United States $35.13 -10% $6,253.1 $5,756.6 $404.5 - $1,256.4 $501.2 39.9% 15.1% 4.6x 11.5xBazaarvoice, Inc. United States 14.90 -29% 907.1 781.9 125.2 - 106.1 (20.6) NM 64.6% 7.4x NMBitauto Holdings Limited China 4.03 -48% 166.0 78.5 87.5 - 117.2 16.0 13.7% 48.3% 0.7x 4.9xBlackbaud Inc. United States 25.96 -24% 1,138.6 1,092.6 46.0 - 378.9 68.3 18.0% 12.5% 2.9x 16.0xBrightcove, Inc. United States 13.68 -46% 373.3 321.0 60.6 - 76.8 (10.8) NM 48.3% 4.2x NMChinaCache International China 5.18 -39% 118.8 59.7 59.7 0.6 105.8 13.7 13.0% 50.4% 0.6x 4.3xC aCac e e a o a C a 5 8 39% 8 8 59 59 0 6 05 8 3 13.0% 50.4% 0.6x 4.3xDemandware, Inc. * United States 23.33 -27% 678.0 573.5 109.3 4.7 61.0 1.4 2.3% 48.7% 9.4x 414.9xDigital Generation, Inc. United States 10.42 -60% 287.3 1,294.4 59.9 1,067.0 353.6 119.3 33.7% 40.0% 3.7x 10.8xDigital River Inc. United States 14.22 -45% 524.8 234.6 701.0 353.8 400.7 57.7 14.4% 7.3% 0.6x 4.1xExactTarget, Inc. United States 22.01 -26% 1,450.6 1,239.1 211.5 - 227.5 (4.8) NM 0.0% 5.4x NMInformatica Corporation United States 29.28 -46% 3,169.7 2,604.4 566.0 - 809.5 181.4 22.4% 12.4% 3.2x 14.4xInnerWorkings Inc. United States 11.86 -15% 578.2 633.1 16.6 71.4 677.2 30.6 4.5% 31.5% 0.9x 20.7xInteractive Intelligence United States 24.50 -36% 470.2 405.5 64.7 - 217.4 17.9 8.2% 13.1% 1.9x 22.7xJDA Software Group Inc. United States 29.32 -16% 1,247.6 1,235.3 285.5 273.2 671.8 164.6 24.5% 8.8% 1.8x 7.5xJive Software, Inc. * United States 19.20 -32% 1,186.3 1,032.8 165.9 12.4 86.5 (38.7) NM 64.2% 11.9x NMKeynote Systems Inc. United States 13.50 -48% 236.2 190.8 43.6 - 121.5 18.5 15.2% 26.5% 1.6x 10.3xLivePerson Inc. United States 17.93 -9% 986.7 886.1 107.9 - 146.1 23.6 16.2% 21.4% 6.1x 37.5xMercadolibre, Inc. Argentina 65.52 -37% 2,892.5 2,738.2 158.6 0.2 321.2 113.1 35.2% 38.3% 8.5x 24.2xNQ Mobile Inc. China 7.82 -38% 343.6 213.0 131.0 - 49.0 6.0 12.2% 114.3% 4.3x 35.5xOpen Text Corp. Canada 46.25 -27% 2,699.0 2,794.4 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.4x 8.6xPROS Holdings, Inc. United States 13.31 -36% 363.9 293.0 70.9 - 102.3 11.2 10.9% 36.1% 2.9x 26.2xRovi Corporation United States 13.41 -74% 1,438.6 2,006.4 906.8 1,474.6 713.1 237.0 33.2% 26.2% 2.8x 8.5xSplunk, Inc. * United States 28.95 -23% 2,799.3 2,533.2 266.1 - 137.5 (10.4) NM 0.0% 18.4x NMSynacor, Inc. United States 8.86 -51% 238.2 208.2 35.1 5.1 114.4 9.6 8.4% 0.0% 1.8x 21.7xThe Active Network, Inc. United States 14.03 -41% 820.7 739.1 95.0 13.4 359.1 10.1 2.8% 24.2% 2.1x 73.3xTIBCO Software Inc. United States 27.09 -22% 4,390.9 4,298.6 647.3 553.9 991.5 225.4 22.7% 19.8% 4.3x 19.1xVerint Systems Inc. United States 26.39 -19% 1,033.0 1,728.9 189.8 595.6 803.0 132.7 16.5% 9.9% 2.2x 13.0xVocus Inc. United States 16.49 -40% 388.9 440.5 27.6 1.7 137.9 (4.3) NM 29.9% 3.2x NMWeborama France 22.23 -27% 77.6 72.9 11.5 6.6 31.5 5.7 18.2% 46.5% 2.3x 12.7x

Low 0.6x 4.1x

Mean 4.2x 35.8x



Median 2.9x 14.4x



Note: Revenue and EBITDA multiples for Adobe Systems and Salesforce.com excluded from Summary Multiples.


SOFTWARE & INFORMATIONTransactions by Segment and Buyer Type

• Infrastructure Software was the most active segment within Software & Information with 20 transactions. The highest value segment was ERP Software worth approximately $2.3 billion

• Select acquisitions› Dell’s $2.2 billion acquisition of Quest Software, a provider of database applications and other enterprise

systems management software products› Hellman & Friedman’s $1.5 billion acquisition of Wood Mackenzie, a UK-based provider of energy market

research and analysis› One Equity Partners’ $1.1 billion acquisition of MModal, a provider of documentation and speech recognition

solutions for the healthcare industry• Select investments

› The $54 million investment in Sportradar, a Switzerland-based provider of sports-related live data and fraud detection services to media companies, sports federations, and government agencies, from EQT Partners

› The $25 million investment in Sonatype, a provider of component lifecycle management solutions, led by New Enterprise Associates

BUYER/INVESTOR BREAKDOWNSOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

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

Infrastructure Software 20 48% 521.1 7% 2 285.0 2 104.9 16 131.2

Market Research 6 14% 1,564.9 22% 2 60.0 1 1,500.0 3 4.9

Healthcare Software 4 10% 1,576.5 22% 1 493.0 1 1,057.0 2 26.5

ERP Software 3 7% 2 284 1 32% 2 2 259 1 0 0 0 1 25 0



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

ERP Software 3 7% 2,284.1 32% 2 2,259.1 0 0.0 1 25.0

Financial Software 2 5% 17.2 0% 0 0.0 0 0.0 2 17.2

Human Capital Management Software 2 5% 669.8 9% 2 669.8 0 0.0 0 0.0

Legal Software 2 5% 4.3 0% 0 0.0 0 0.0 2 4.3

Engineering Software 1 2% 71.2 1% 0 0.0 1 71.2 0 0.0

Other* 2 5% 507 7% 1 453 0 0 1 54

l 00 00 0 0 33 3


Total 42 100% 7,216 100% 10 4,220 5 2,733 27 263

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $8.12 -4% $450.8 $305.4 $167.1 - $153.8 $15.3 9.9% 14.2% 2.0x 20.0xActuate Corporation United States 6.46 -12% 318.4 250.7 80.9 - 140.2 31.3 22.4% 1.6% 1.8x 8.0xAcxiom Corporation United States 16.77 -1% 1,265.8 1,360.0 179.3 273.5 1,126.2 236.0 21.0% -4.4% 1.2x 5.8xAdobe Systems Inc. United States 30.88 -11% 15,185.6 13,697.6 2,998.1 1,510.1 4,335.0 1,492.5 34.4% 7.1% 3.2x 9.2xAdvent Software, Inc. United States 22.76 -23% 1,153.0 1,069.8 130.7 47.5 347.5 71.5 20.6% 14.7% 3.1x 15.0xAdvisory Board Co. United States 44.99 -13% 1,555.6 1,510.4 45.2 - 394.6 63.6 16.1% 29.3% 3.8x 23.8xAkamai Technologies, Inc. United States 35.18 -10% 6,262.0 5,765.5 496.6 - 1,256.4 501.2 39.9% 15.1% 4.6x 11.5xAlliance Data Systems Corporation United States 130.00 -6% 6,546.2 13,423.1 642.2 7,519.1 3,450.5 1,032.3 29.9% 17.4% 3.9x 13.0xAllocate Software plc. United Kingdom 1.17 -11% 74.8 68.0 12.8 6.2 56.4 9.1 16.2% 21.7% 1.2x 7.5xp g 16.2% 21.7% 1.2x 7.5xAllscripts Healthcare Solutions, Inc. United States 9.20 -58% 1,755.8 1,925.8 175.7 345.7 1,473.5 246.7 16.7% 37.1% 1.3x 7.8xArbitron Inc. United States 35.07 -18% 927.7 916.7 11.1 - 436.5 122.7 28.1% 7.1% 2.1x 7.5xathenahealth, Inc. * United States 91.50 -6% 3,293.9 3,138.5 155.4 - 376.3 50.3 13.4% 34.2% 8.3x 62.3xAutomatic Data Processing, Inc. United States 56.55 -2% 27,657.8 25,982.0 1,578.5 16.8 10,665.2 2,279.0 21.4% 8.0% 2.4x 11.4xAveva Group plc United Kingdom 28.01 -2% 1,902.9 1,622.2 286.2 - 313.3 95.3 30.4% 12.6% 5.2x 17.0xAVG Technologies N.V. Netherlands 10.03 -35% 545.5 640.4 123.7 197.4 311.0 83.3 26.8% 0.0% 2.1x 7.7xBlackbaud Inc. United States 26.98 -21% 1,183.3 1,137.4 46.0 - 378.9 68.3 18.0% 12.5% 3.0x 16.6xBooz Allen Hamilton Holding Corporation United States 17.43 -6% 2,309.5 2,790.5 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.5x 5.6xBrainjuicer Group Plc United Kingdom 5.07 -4% 63.5 57.7 5.7 - 32.2 4.6 14.2% 26.6% 1.8x 12.6xBroadridge Financial Solutions Inc. United States 21.17 -15% 2,644.0 2,989.5 218.8 564.3 2,279.3 394.4 17.3% 6.4% 1.3x 7.6xCegedim SA France 29.06 -24% 405.5 975.5 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.8x 5.0xCello Group Plc United Kingdom 0.56 -24% 45.7 58.8 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.4xCerner Corporation United States 73.92 -16% 12,653.5 11,849.7 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.9x 18.0xCision AB Sweden 7.29 -20% 108.2 169.9 7.6 68.2 142.1 24.5 17.2% -4.0% 1.2x 6.9xcomScore, Inc. United States 15.40 -36% 542.6 512.5 50.3 12.3 243.9 18.4 7.5% 17.3% 2.1x 27.8xConcur Technologies, Inc. United States 67.54 -3% 3,699.2 3,469.2 481.2 248.5 417.1 52.5 12.6% 25.7% 8.3x 66.0xConstant Contact, Inc. United States 16.77 -48% 484.2 403.1 81.1 - 233.9 23.9 10.2% 20.0% 1.7x 16.9xCoreLogic, Inc. United States 23.00 -5% 2,422.8 2,937.2 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.0x 11.3xCornerstone OnDemand, Inc. * United States 23.78 -6% 1,183.6 1,101.0 87.2 4.6 81.3 (20.7) NM 63.2% 13.5x NMCorporate Executive Board Co. United States 46.13 -3% 1,545.8 1,360.9 184.9 - 517.7 132.1 25.5% 13.7% 2.6x 10.3xCoStar Group Inc. * United States 82.53 -4% 2,327.8 2,396.5 104.2 172.8 283.8 52.6 18.5% 19.7% 8.4x 45.6xCRA International Inc. United States 15.49 -45% 160.8 119.1 41.8 - 282.9 27.6 9.8% 0.0% 0.4x NMCraneware plc United Kingdom 4.39 -54% 118.5 94.7 23.6 - 40.3 9.6 23.8% 27.2% 2.3x 9.9xDigital Generation, Inc. United States 10.66 -59% 293.9 691.0 59.9 457.0 353.6 119.3 33.7% 40.0% 2.0x 5.8xDigital River Inc. United States 17.79 -27% 656.6 366.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.9x 6.4xDun & Bradstreet Corp. United States 80.19 -7% 3,838.2 4,567.3 117.7 842.8 1,757.7 520.0 29.6% 4.4% 2.6x 8.8xE2open, Inc. * United States 12.60 -13% 314.1 316.3 10.1 12.3 63.9 1.1 1.6% 0.0% 4.9x 300.9xEbi it l U it d Ki d 1 42 1% 77 4 97 2 10 0 29 9 85 9 13 7 Ebiquity plc United Kingdom 1.42 -1% 77.4 97.2 10.0 29.9 85.9 13.7 15.9% 19.8% 1.1x 7.1xEbix Inc. United States 21.69 -19% 791.1 803.5 37.9 50.3 172.7 75.3 43.6% 22.8% 4.7x 10.7xEnvestnet, Inc. United States 12.21 -7% 393.5 323.0 70.6 0.2 126.6 17.3 13.7% 19.8% 2.6x 18.6xEPIQ Systems, Inc. United States 11.29 -23% 406.8 642.0 6.9 242.1 314.1 74.9 23.9% 33.4% 2.0x 8.6xEpocrates, Inc. United States 7.54 -56% 185.7 104.1 81.6 - 111.7 2.6 2.4% 2.6% 0.9x 39.6xEquifax Inc. United States 46.84 -5% 5,614.4 6,422.7 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.1x 9.5xExperian plc Ireland 14.88 -5% 14,719.3 16,803.3 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 3.7x 11.2xFactSet Research Systems Inc. United States 92.96 -15% 4,134.1 3,892.0 242.1 - 790.1 295.3 37.4% 12.4% 4.9x 13.2xFair Isaac Corp. United States 43.29 -4% 1,465.1 1,818.4 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.6xFidelity National Information Services Inc United States 31 44 -10% 9 268 6 13 741 3 533 8 4 863 5 5 850 2 1 708 5 29 2% 4 7% 2 3x 8 0x


Fidelity National Information Services, Inc. United States 31.44 -10% 9,268.6 13,741.3 533.8 4,863.5 5,850.2 1,708.5 29.2% 4.7% 2.3x 8.0xFidessa group plc United Kingdom 21.99 -20% 810.2 730.8 79.5 - 443.1 90.6 20.4% 4.3% 1.6x 8.1xFinancial Engines, Inc. United States 18.77 -25% 863.5 717.3 153.4 - 162.5 28.2 17.3% 25.6% 4.4x 25.5xForrester Research Inc. United States 28.54 -28% 645.3 402.0 243.3 - 293.8 51.7 17.6% 10.4% 1.4x 7.8xFTI Consulting, Inc. United States 25.53 -43% 1,026.9 1,642.4 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.0x 6.2x




Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAFX Alliance Inc United States 22.10 -2% 628.1 572.0 68.8 - 122.9 47.8 38.9% 15.6% 4.7x 12.0xGartner Inc. United States 44.39 -5% 4,140.7 4,251.9 139.0 250.1 1,540.1 254.2 16.5% 12.1% 2.8x 16.7xGfK SE Germany 47.03 -5% 1,716.8 2,258.0 104.0 637.6 1,878.1 279.0 14.9% 6.4% 1.2x 8.1xGreen Dot Corporation United States 10.44 -71% 374.3 225.6 194.4 45.7 527.0 98.3 18.6% 21.4% 0.4x 2.3xHarris Interactive Inc. United States 1.15 -15% 65.8 60.1 13.2 7.4 159.8 7.7 4.8% -0.2% 0.4x 7.8xHarte-Hanks Inc. United States 6.30 -38% 396.9 484.4 30.4 117.9 831.7 90.4 10.9% -4.0% 0.6x 5.4xIHS Inc. United States 110.27 -1% 7,254.1 7,833.3 268.2 847.5 1,439.3 294.3 20.5% 23.2% 5.4x 26.6xInfoblox Inc. * United States 21.01 -10% 960.3 802.9 157.4 - 163.6 1.8 1.1% 0.0% 4.9x 443.6xI f l S i l d 5 80 17% 3 488 1 4 817 0 83 3 1 412 4 1 976 5 561 4 Informa plc Switzerland 5.80 -17% 3,488.1 4,817.0 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 2.4x 8.6xInformatica Corporation United States 29.51 -46% 3,194.6 2,629.3 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.5xInformation Services Group, Inc. United States 1.30 -16% 46.8 98.2 17.0 68.3 184.4 12.1 6.6% 37.9% 0.5x 8.1xInnerWorkings Inc. United States 11.99 -14% 584.5 639.4 16.6 71.4 677.2 30.6 4.5% 31.5% 0.9x 20.9xInteractive Intelligence Group Inc. United States 26.08 -32% 500.6 435.8 64.8 - 217.4 17.9 8.2% 13.1% 2.0x 24.4xInternational Datacasting Corporation Canada 0.22 -44% 13.3 6.2 7.2 0.0 31.1 (1.2) NM -17.9% 0.2x NMIpsos SA France 29.09 -22% 1,317.5 2,054.2 217.0 978.3 1,770.6 237.5 13.4% 19.5% 1.2x 8.6xIsoftstone Holdings Limited China 4.67 -63% 260.4 205.7 71.9 15.1 312.8 34.4 11.0% 45.8% 0.7x 6.0xJDA Software Group Inc. United States 29.58 -15% 1,258.7 1,246.4 285.5 273.2 671.8 164.6 24.5% 8.8% 1.9x 7.6xKenexa Corp United States 23 81 30% 650 8 601 7 83 0 29 0 300 8 25 6 8 5% 38 8% 2 0x 23 5xKenexa Corp. United States 23.81 -30% 650.8 601.7 83.0 29.0 300.8 25.6 8.5% 38.8% 2.0x 23.5xKeynote Systems Inc. United States 13.75 -47% 240.6 195.2 45.5 - 121.5 18.5 15.2% 26.5% 1.6x 10.5xLender Processing Services, Inc. United States 24.67 -9% 2,084.9 3,118.6 138.5 1,077.6 2,092.5 400.1 19.1% -7.4% 1.5x 7.8xMacdonald Dettwiler & Associates Ltd. Canada 54.88 -6% 1,746.9 1,611.4 236.4 103.4 682.0 156.1 22.9% -10.4% 2.4x 10.3xMedAssets, Inc. United States 13.19 -18% 769.3 1,741.3 5.4 939.9 613.2 182.1 29.7% 27.6% 2.8x 9.6xMediware Information Systems Inc. United States 13.79 -11% 113.5 76.1 37.4 - 63.9 12.5 19.5% 21.0% 1.2x 6.1xMerge Healthcare Incorporated United States 2.96 -59% 273.0 490.1 33.0 249.7 248.0 48.7 19.6% 24.2% 2.0x 10.1xMoody's Corp. United States 40.53 -6% 9,009.8 9,488.3 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 4.0x 9.4xMorningstar Inc. United States 58.07 -9% 2,810.3 2,420.4 389.9 - 645.3 185.7 28.8% 6.9% 3.8x 13.0xMSCI Inc. United States 33.15 -13% 4,029.3 4,645.9 460.2 1,076.8 918.8 413.6 45 0% 0 0% 5 1x 11 2xMSCI Inc. United States 33.15 13% 4,029.3 4,645.9 460.2 1,076.8 918.8 413.6 45.0% 0.0% 5.1x 11.2xNational Research Corp. United States 50.32 -5% 341.3 347.4 7.9 14.0 78.4 24.2 30.9% 19.1% 4.4x 14.4xNavigant Consulting Inc. United States 11.63 -20% 600.1 768.1 - 168.0 720.7 103.4 14.4% 9.6% 1.1x 7.4xNielsen Holdings N.V. Netherlands 28.50 -9% 10,293.1 16,880.1 283.0 6,866.0 5,559.0 1,365.0 24.6% 3.8% 3.0x 12.4xOnvia Inc. United States 3.95 -8% 33.6 21.8 12.0 0.2 22.5 1.3 5.9% -13.9% 1.0x 16.4xOpen Text Corp. Canada 45.00 -28% 2,626.0 2,721.5 508.9 604.4 1,187.3 325.0 27.4% 20.2% 2.3x 8.4xPalo Alto Networks, Inc. * United States 57.14 -8% 3,805.6 3,715.3 90.3 - 219.7 8.0 3.6% 0.0% 16.9x 464.1xParametric Technology Corporation United States 21.54 -26% 2,557.2 2,459.1 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.9x 11.1xPaychex, Inc. United States 32.69 -2% 11,858.6 11,542.3 316.3 - 2,229.8 951.7 42.7% 7.0% 5.2x 12.1xProofpoint, Inc. United States 13.82 -22% 429.1 530.8 13.2 5.0 87.7 (11.0) NM 0.0% 6.1x NMPROS Holdings, Inc. United States 13.94 -32% 381.1 310.2 71.2 - 106.6 11.2 10.5% 31.5% 2.9x 27.7xQlik Technologies, Inc. United States 20.00 -40% 1,707.2 1,512.1 195.1 - 348.5 22.5 6.5% 29.7% 4.3x 67.1xQuality Systems Inc. United States 16.16 -68% 959.0 824.1 134.9 - 447.7 120.9 27.0% 20.7% 1.8x 6.8xRealPage, Inc. United States 22.22 -23% 1,631.6 1,627.0 45.8 35.0 292.0 29.7 10.2% 32.0% 5.6x 54.7xReed Elsevier NV Netherlands 11.75 -1% 8,648.2 8,655.5 3.8 11.4 - - NM 0.0% NM NMReis, Inc. United States 10.40 -7% 111.1 93.6 19.7 - 28.5 5.6 19.6% 11.4% 3.3x 16.7xSage Group plc United Kingdom 4.51 -7% 5,631.1 5,439.6 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.5x 8.8xsalesforce.com, inc * United States 124.36 -25% 17,161.7 17,001.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 6.9x 160.5xSolera Holdings Inc. United States 39.05 -35% 2,713.4 3,434.7 372.8 995.4 773.9 331.1 42.8% 17.7% 4.4x 10.4x


ServiceNow, Inc. * United States 26.60 NA 1,924.8 1,829.3 95.5 - 169.0 (11.3) NM 0.0% 10.8x NMSPS Commerce, Inc. United States 32.30 -3% 400.1 364.6 35.5 - 65.7 5.5 8.4% 31.5% 5.5x 66.2xSS&C Technologies Holdings, Inc. United States 24.30 -10% 1,895.4 1,938.4 41.9 85.0 375.5 138.7 36.9% 10.5% 5.2x 14.0xStreamline Health Solutions, Inc. United States 4.34 -5% 45.3 49.3 3.1 7.1 18.4 2.1 11.5% 1.2% 2.7x 23.3x




Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATemenos Group AG Switzerland 12.49 -38% 860.5 1,018.4 59.1 223.7 453.9 53.5 11.8% -5.3% 2.2x 19.0xThe Dolan Company United States 4.79 -56% 148.4 328.5 1.2 172.1 275.9 43.6 15.8% -5.5% 1.2x 7.5xThe Hackett Group, Inc. United States 4.25 -35% 128.9 156.2 12.8 40.0 205.1 20.3 9.9% 10.2% 0.8x 7.7xThe McGraw-Hill Companies, Inc. United States 46.84 -6% 13,124.6 14,343.6 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.3x 8.1xThomson Reuters Corporation United States 27.73 -12% 22,885.2 28,625.5 1,892.0 7,198.0 13,693.0 3,287.0 24.0% 1.5% 2.1x 8.7xTIBCO Software Inc. United States 27.12 -22% 4,395.8 4,303.4 647.3 553.9 991.5 225.4 22.7% 19.8% 4.3x 19.1xThe Ultimate Software Group, Inc. United States 89.60 -10% 2,386.0 2,324.9 72.1 11.0 297.9 30.9 10.4% 21.0% 7.8x 75.1xVerint Systems Inc. United States 26.26 -20% 1,027.9 1,723.8 189.8 595.6 803.0 132.7 16.5% 9.9% 2.1x 13.0xV i k A l i I U i d S 47 79 6% 7 924 7 9 078 9 102 0 1 256 2 1 411 4 624 4 Verisk Analytics, Inc. United States 47.79 -6% 7,924.7 9,078.9 102.0 1,256.2 1,411.4 624.4 44.2% 15.6% 6.4x 14.5xVocus Inc. United States 16.48 -40% 388.6 440.2 27.6 1.7 137.9 (4.3) NM 29.9% 3.2x NMWageWorks, Inc. United States 14.07 -12% 362.1 208.7 197.9 44.5 144.6 20.0 13.9% 19.9% 1.4x 10.4xWolters Kluwer NV Netherlands 16.52 -7% 4,889.8 7,677.0 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 1.7x 7.0xYouGov PLC United Kingdom 1.18 -1% 114.5 98.7 16.3 - 93.0 8.1 8.7% 18.2% 1.1x 12.2x

Low 0.2x 2.3x

Mean 3.1x 28.2x

Median 2.3x 10.7x



ed a 3 0




OOH & SPECIALTY MEDIATransactions by Segment and Buyer Type

• There were eight acquisitions and one investment in the Out-of-Home & Specialty Media segment for a combined total of approximately $727 million

• Select acquisitions› Vue Entertainment’s $257 acquisition of Germany-based CinemaxX, which operates and manages multiplex

cinemas› Dreamworks Animation’s $155 million acquisition of Classic Media, a family entertainment company› Outdoor Media Operations’ $145 million acquisition of Eye Corp. an Australian out-of-home media company

• Select investments› The $15 million investment in Netpulse Media Network, maker of an interactive entertainment kiosk for gym

i t f A t C it lequipment, from August Capital

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

Entertainment Media 4 44% 527.4 73% 3 427.4 1 100.0 0 0.0

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Entertainment Media 4 44% 527.4 73% 3 427.4 1 100.0 0 0.0

Digital Place-Based Media 2 22% 30.0 4% 1 15.0 0 0.0 1 15.0

Traditional Outdoor 2 22% 160.0 22% 2 160.0 0 0.0 0 0.0

B-to-B Media 1 11% 10.0 1% 0 0.0 1 10.0 0 0.0

Total 9 100% 727 100% 6 602 2 110 1 15


OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $1.70 -58% $106.5 ($13.8) $117.9 $0.0 $276.9 $10.0 3.6% 14.1% NM NMClear Channel Outdoor Holdings Inc. United States 4.96 -67% 1,770.4 6,021.3 491.3 4,742.2 2,977.1 704.1 23.6% 1.7% 2.0x 8.6xClear Media Ltd. Hong Kong 0.55 -12% 293.3 177.9 125.3 - 191.3 73.0 38.2% 17.8% 0.9x 2.4xFocus Media Holding Ltd. Hong Kong 18.91 -43% 2,444.9 2,071.1 590.7 197.6 845.6 317.3 37.5% 49.4% 2.4x 6.5xJCDecaux SA France 19.72 -32% 4,375.6 4,482.9 398.6 555.0 3,211.3 718.4 22.4% 5.1% 1.4x 6.2xLamar Advertising Co. * United States 29.93 -12% 2,790.8 4,942.6 35.9 2,187.6 1,144.5 498.1 43.5% 3.7% 4.3x 9.9xMood Media Corporation Canada 2.73 -37% 465.8 898.2 36.1 469.8 381.2 104.3 27.4% 134.9% 2.4x 8.6xNational CineMedia, Inc. United States 14.07 -14% 788.9 1,684.5 82.7 889.0 443.7 214.8 48.4% 7.3% 3.8x 7.8xNTN Buzztime Inc United States 0 14 -72% 10 0 7 2 3 1 0 4 23 9 (0 9) NM -4 4% 0 3x NMNTN Buzztime Inc. United States 0.14 72% 10.0 7.2 3.1 0.4 23.9 (0.9) NM 4.4% 0.3x NMTom Group Ltd. Hong Kong 0.09 -16% 341.1 534.5 123.8 274.5 299.5 (3.1) NM -5.6% 1.8x NMValassis Communications Inc. United States 22.61 -16% 966.8 1,486.6 75.2 595.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5x

Low 0.3x 2.4x

Mean 2.0x 7.0x

Median 1.9x 7.2x


Adj. W Avg* 2.3x 6.7x



High 4.3x 9.9x


MARKETING SERVICESTransactions by Segment and Buyer Type

• There were seven acquisitions and four investments for a combined total of approximately $171 million in the Marketing Services segment

• Select acquisitions› Johnson & Quin’s $20 million acquisition of American Mailers, which provides data processing, logistics

management, and direct-mail production services› Procurian’s $20 million acquisition of Media IQ, a boutique software, services, and information firm

specializing in media auditing, measurement, and benchmarking› Pareto’s acquisition of The Promotional Specialists, a Canada-based provider of promotional products for

brand-oriented clients• Select investments

› The $15 million investment in iMapData, a decision support solution company serving the government and commercial markets, from Frontier Capital

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



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Ad Specialty/Premiums 2 18% 20.0 12% 1 15.0 0 0.0 1 5.0

Database/Analytics 2 18% 35.0 20% 1 20.0 0 0.0 1 15.0

Lettershop 2 18% 45.0 26% 1 20.0 1 25.0 0 0.0

Logistics 2 18% 40.0 23% 0 0.0 2 40.0 0 0.0

Loyalty/Retention 2 18% 6.1 4% 0 0.0 0 0.0 2 6.1

Retail Services 1 9% 25.0 15% 1 25.0 0 0.0 0 0.0

Total 11 100% 171.1 100% 4 80.0 3 65.0 4 26.1


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $15.93 -6% $1,202.4 $1,296.6 $229.6 $279.3 $1,126.2 $236.0 21.0% -4.4% 1.2x 5.5xAimia Inc. Canada 13.21 -7% 2,299.0 2,626.4 232.6 573.2 2,141.8 279.6 13.1% 2.1% 1.2x 9.4xAlliance Data Systems * United States 128.37 -7% 6,464.1 13,341.0 399.0 6,657.5 3,450.5 1,032.3 29.9% 17.4% 3.9x 12.9xAMREP Corp. United States 6.12 -32% 36.7 30.2 26.9 22.0 85.3 4.2 5.0% -11.8% 0.4x 7.1xCenveo Inc. United States 1.91 -65% 121.2 1,353.6 9.3 1,241.8 1,887.8 207.0 11.0% 9.0% 0.7x 6.5xConsolidated Graphics, United States 23.70 -58% 236.4 394.1 6.1 163.7 1,045.2 103.1 9.9% -0.8% 0.4x 3.8xConvergys Corporation United States 15.03 -1% 1,689.9 1,031.8 431.0 121.8 2,311.2 276.6 12.0% 11.7% 0.4x 3.7xData Group Inc Canada 4.41 -25% 103.7 204.6 0.2 101.1 335.1 29.3 8.8% 1.0% 0.6x 7.0xDST Systems Inc. United States 50.57 -11% 2,220.0 3,218.7 361.6 1,360.3 2,500.8 349.6 14.0% 8.4% 1.3x 9.2xElanders AB Sweden 3.61 -17% 82.1 177.1 13.2 112.8 275.1 31.1 11.3% 7.2% 0.6x 5.7xFair Isaac Corp. * United States 42.79 -5% 1,448.1 1,801.4 191.1 512.0 650.6 188.7 29.0% 5.9% 2.8x 9.5xHarte-Hanks Inc. United States 6.17 -40% 388.7 476.2 30.4 117.9 845.6 94.1 11.1% -1.7% 0.6x 5.1xInnotrac Corp. United States 1.58 -4% 20.6 20.3 1.1 0.8 87.9 3.0 3.4% 8.2% 0.2x 6.8xInsignia Systems Inc. United States 1.70 -55% 23.1 2.8 20.3 - 16.0 (7.0) NM -37.8% 0.2x NMPoints International Ltd. * Canada 12.33 -5% 187.0 149.5 37.6 - 122.5 4.6 3.7% 21.7% 1.2x 32.8xQuad/Graphics, Inc. United States 15.47 -51% 729.7 2,115.6 27.1 1,412.2 4,291.8 604.6 14.1% 12.8% 0.5x 3.5xR.R. Donnelley & Sons United States 12.50 -26% 2,253.3 5,664.7 415.0 3,755.3 10,457.6 1,271.5 12.2% 0.5% 0.5x 4.5xStarTek Inc United States 3 00 -24% 45 5 35 0 10 5 - 210 8 (5 7) NM 18 1% 0 2x NMStarTek, Inc. United States 3.00 -24% 45.5 35.0 10.5 - 210.8 (5.7) NM -18.1% 0.2x NMSykes Enterprises, United States 14.30 -25% 628.3 432.3 196.0 - 1,147.9 119.6 10.4% -0.6% 0.4x 3.6xTeleperformance France 24.21 -10% 1,341.5 1,305.3 211.6 174.8 2,777.9 354.8 12.8% 2.5% 0.5x 3.7xTeleTech Holdings Inc. United States 15.95 -15% 884.7 805.5 172.8 87.5 1,186.2 138.7 11.7% 5.3% 0.7x 5.8xTranscontinental Inc. Canada 9.53 -39% 776.0 1,289.7 22.4 541.5 2,078.3 388.7 18.7% 0.2% 0.6x 3.3xValassis Communications United States 22.61 -16% 966.8 1,486.6 107.2 604.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5xViad Corp United States 17.02 -27% 344.7 284.1 71.6 2.9 928.8 34.2 3.7% -0.2% 0.3x 8.3xVistaprint N.V. Netherlands 34.57 -20% 1,179.5 1,346.3 52.1 126.5 1,020.3 114.6 11.2% 24.9% 1.3x 11.7x

Summary MultiplesLow 0.2x 3.3x

Mean 0.7x 7.4x

Median 0.6x 5.7x



*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.9x)



JULY SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 2.6x 1.6x 4.0x 3.3xAgency/Consulting 0.9x 0.9x 1.2x 1.1xOOH & Specialty Media 2.0x 1.9x 2.3x 2.3x

Revenue Multiples

Digital Media/Commerce 2.8x 1.8x 4.5x 3.6xMarketing Technology 4.2x 2.9x 5.5x 4.4xSoftware & Information 3.1x 2.3x 3.8x 3.6xMarketing Services 0.7x 0.6x 0.9x 0.7x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 13.6x 10.8x 13.8x 13.6xAgency/Consulting 7.2x 7.0x 8.0x 7.5x

EBITDA Multiples

OOH & Specialty Media 7.0x 7.2x 7.1x 6.7xDigital Media/Commerce 19.1x 11.7x 19.8x 12.3xMarketing Technology 35.8x 14.4x 21.1x 17.1xSoftware & Information 28.2x 10.7x 28.2x 14.3xMarketing Services 7.4x 5.7x 6.5x 6.2xg 7.4x 5.7x 6.5x 6.2x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean

As of close of business on 07/31/12.

*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.

U.S. TRADITIONAL MEDIA PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAA. H. Belo Corporation United States $4.22 -35% $92.2 $50.9 $55.7 - $448.8 $45.7 10.2% -5.8% 0.1x 1.1xAMC Networks Inc. * United States 42.73 -8% 3,065.4 5,118.7 224.2 2,277.5 1,241.1 470.7 37.9% 12.5% 4.1x 10.9xAmerican Greetings Corp. United States 12.88 -42% 398.6 563.6 60.2 225.2 1,684.6 196.8 11.7% 4.9% 0.3x 2.9xCablevision Systems United States 15.34 -33% 4,158.7 14,837.4 493.5 11,157.7 6,704.5 2,210.1 33.0% 6.0% 2.2x 6.7xCBS Corporation United States 33.07 -6% 21,437.5 26,567.5 794.0 5,924.0 14,659.0 3,331.0 22.7% 4.4% 1.8x 8.0xComcast Corporation United States 33.55 -1% 89,376.9 138,900.9 2,435.0 37,785.0 59,470.0 19,373.0 32.6% 30.2% 2.3x 7.2xDIRECTV, Inc. United States 50.10 -1% 32,815.4 46,015.4 4,526.0 17,461.0 27,953.0 6,880.0 24.6% 12.7% 1.6x 6.7xDiscovery * United States 49.30 -11% 18,183.8 21,715.8 1,135.0 4,237.0 4,462.0 1,975.0 44.3% 12.7% 4.9x 11.0xDreamWorks Animation * United States 17.99 -17% 1,516.7 1,435.6 89.4 - 678.6 88.4 13.0% -14.2% 2.1x 16.2xGannett Co., Inc. United States 14.16 -13% 3,276.9 4,978.3 157.5 1,665.3 5,179.4 995.0 19.2% -3.4% 1.0x 5.0xHarte-Hanks Inc. United States 6.17 -40% 388.7 476.2 30.4 117.9 845.6 94.1 11.1% -1.7% 0.6x 5.1xJohn Wiley & Sons Inc. United States 46.74 -9% 2,787.0 3,039.4 259.8 512.3 1,782.7 341.6 19.2% 2.3% 1.7x 8.9xMeredith Corp. United States 33.17 -5% 1,475.0 1,829.2 24.7 420.0 1,376.7 244.8 17.8% -1.7% 1.3x 7.5xNews Corp. United States 23.01 -2% 54,671.0 60,585.0 10,686.0 15,460.0 34,298.0 6,769.0 19.7% 5.4% 1.8x 9.0xScholastic Corporation United States 29.74 -26% 936.0 957.8 111.8 222.5 2,148.8 247.3 11.5% 13.8% 0.4x 3.9xThe McGraw-Hill United States 46.68 -7% 13,079.7 14,298.7 932.0 1,198.0 6,306.0 1,771.0 28.1% 0.6% 2.3x 8.1xThe New York Times United States 7.63 -10% 1,123.3 1,469.4 431.3 774.3 2,325.3 373.5 16.1% 1.4% 0.6x 3.9xTime Warner Cable Inc United States 85 60 -1% 26 749 5 51 267 5 2 637 0 27 147 0 19 982 0 7 159 0 35 8% 4 6% 2 6x 7 2xTime Warner Cable Inc. United States 85.60 -1% 26,749.5 51,267.5 2,637.0 27,147.0 19,982.0 7,159.0 35.8% 4.6% 2.6x 7.2xTime Warner Inc. United States 39.60 -1% 37,577.4 54,986.4 2,877.0 19,520.0 28,984.0 6,939.0 23.9% 3.9% 1.9x 7.9xValassis Communications United States 22.61 -16% 966.8 1,486.6 107.2 604.1 2,182.6 268.9 12.3% -5.8% 0.7x 5.5xViacom, Inc. United States 46.23 -7% 24,497.3 31,280.3 1,135.0 7,778.0 15,102.0 4,256.0 28.2% 18.0% 2.1x 7.3xWalt Disney Co. United States 48.82 -3% 87,259.2 101,420.2 3,731.0 16,029.0 41,508.0 10,243.0 24.7% 5.0% 2.4x 9.9x

Low 0.1x 1.1x

Mean 1.8x 7.3x

Median 1.8x 7.3x



Median 1.8x 7.3x




PPLLC INDICES – LTM as of 7/31/12120

(%)

120

(%)

80

90

100

110

nd

ex P

erfo

rman

ce (

80

90

100

110

nd

ex P

erfo

rman

ce (

70

Aug-11 Oct-11 Dec-11 Feb-12 Apr-12 Jun-12

In

S&P 500 Digital Advertising

70


In

S&P 500 Agency/Consulting

110

120

(%)

120

(%)

70

80

90

100

Ind

ex P

erfo

rman

ce (

80

90

100

110

nd

ex P

erfo

rman

ce (

110

115

e (%

)

60


S&P 500 Digital Media/Commerce OOH & Specialty Media

70


In

S&P 500 Marketing Technology

110

120

e (%

)

85

90

95

100

105

Ind

ex P

erfo

rman

ce

70

80

90

100

Ind

ex P

erfo

rman

ce


80


S&P 500 Software & Information

60


S&P 500 Marketing Services

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

Aegis Group plc Dentsu, Inc. $4,761.1Quest Software Dell, Inc. 2,237.1SHL Group The Corporate Executive Board 660.0MaxIT Healthcare Holdings Vitalize Consulting Solutions, Inc. 493.0G E Di i lGl b I 453 0GeoEye DigitalGlobe, Inc. 453.0Gaikai B.V. Sony Computer Entertainment Worldwide Studios 380.0CinemaxX Vue Entertainment Ltd. 257.4Wildfire Interactive, Inc. Google, Inc. 250.0 Breaking Point Systems Ixia 160.0Classic Media, Inc. DreamWorks LLC 155.0Eye Corp Pty Ltd. Outdoor Media Operations 120.0Catch Stone Advertising Aegis Group plc 86.0GoInstant Salesforce com 70 0GoInstant Salesforce.com 70.0Socialcam, Inc. Autodesk, Inc. 60.0MMPI Canada Informa PLC 53.0Invention Machine IHS, Inc. 40.0Zencoder Brightcove, Inc. 30.0Mackolik Internet Hizmetleri Ticaret PERFORM Group PLC 22.6TRA, Inc. TiVo, Inc. 20.0American Mailers Johnson & Quin, Inc. 20.0Media IQ Procurian Inc 20 0Media IQ Procurian, Inc. 20.0Oversi Networks Ltd. Allot Communications Ltd 16.0GSA Media AllOver Media 15.0Le Jardin de Catherine Mr. Bricolage SA 14.2MOG Beats Electronics, LLC 14.0Press Index Kantar Media 12.0UUMC Green Man Gaming Limited 10.0PeopleCube Asure Software, Inc. 9.8Rent Mine Online Inc. RealPage, Inc. 6.0g ,The Social Feed GrubHub.com, Inc. 5.0Playyoo Probability plc 4.8AGL SAS Cupid plc 4.5UpNext LLC Amazon.com, Inc. 2.5Algo Anywhere 500px, Inc. 2.0

StrategicUndisclosed


5th Finger Merkle, Inc. - Adnamic Magnetic - Alchemedia GroupM Worldwide, Inc. -


Reported


Value StrategicUndisclosed

Alchemy Communications Group Regan Communications Group - Alloy Entertainment Warner Brothers Entertainment, Inc. - American Outdoor Advertising Lamar Advertising Company - Auction Genius vAuto - Auction Genius vAuto Bartle Bogle Hegarty Limited Publicis Groupe S.A. - Besser Betreut Care.com, Inc. - Bixti.com Elo7 - BjM Promotions Halo Branded Solutions - Blue Gecko Datavail Corporation - Boondoggle Havas - Boxcar Kwaga Corporation - Castfire, Inc. AlphaBird, Inc. - Codella Marketing Alexander’s Print Advantage - Dingo Mobile GoGo Cast Inc. - Due North Communications 58Ninety, Inc. - DynamicOps, Inc. VMware, Inc. - Exopolis, Inc. McGarrah Jesse - Findability Group Volume 9, Inc. - Hub'Sales Business & Decision SA Hub'Sales Business & Decision SA - HyperQuality, Inc. Spoken Communications - Impact1 MrTees.com - Inception Media, Digital Services Business Bonded Services Group - IntelliAd Media GmbH Deutsche Post AG - Involver Oracle Corporation - Jingu Rebellion Media - KKLD Commarco Holding - KKLD Commarco Holding Lonny Zimbio, Inc. - MarkMonitor, Inc. Thomson Reuters - McKinney & Silver Cheil Worldwide, Inc. - MediaPro Informa PLC - Metaflow Solutions InMobi - MMGT Labs InMobi - Msnbc.com NBC Universal -


Okezone.com Linktone Ltd. - Onlycart.com Gripsell Technologies Pvt. Ltd. - Pangea Media, Quiz and Sweepstakes Business Adknowledge, Inc. -


Reported


Value StrategicUndisclosed

Parthenon Media Group British Sky Broadcasting Group plc - PersonalityCafe.com CrowdGather, Inc. - Plum Nokia Corporation - Ryma Technology Solutions OneDesk Inc Ryma Technology Solutions OneDesk, Inc. - Sense Networks, Inc. Twitter, Inc. - Sermo, Inc. WorldOne Research Ltd. - ShopForCloud RightScale, Inc. - ShoutOmatic LLC Excel Corporation - SkyHealth Azumio, Inc. - Sparrow Google, Inc. - Spot Influence SpotRight Inc. - p p gSword Ciboodle Kana Software, Inc. - TapEngage Dropbox - The Promotional Specialists Pareto Corporation - The Vox Collective Profero, Inc. - Thinkdesign + Communications Moire Marketing Partners - Upside Software SciQuest.com, Inc. - Weather Underground, Inc. The Weather Channel - Wh t' N t M k ti R S h C i ti What's Next Marketing Ron Sachs Communications -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

Wood Mackenzie Ltd. Hellman & Friedman, LLC $1,724.1MModal IP LLC One Equity Partners, LLC 1,057.0QuickPlay Media Madison Dearborn Partners, Inc. 98.020-20 Technologies, Inc. Vector Capital Corporation 71.2Tessella Plc Management Buyout 27.9

Buyout DealsUndisclosed

Cross Match Technologies, Inc. Francisco Partners - DataSource, Inc. Inverness Graham Investments - Eclipse Advantage, Inc. LaSalle Capital Group, LP - Network Global Logistics Quad-C Management, Inc. - Northstar Travel Media, LLC The Wicks Group of Companies, L.L.C. - Zeta Email Solutions CAIVIS Acquisition Corporation Zeta Email Solutions CAIVIS Acquisition Corporation -

VC/Growth CapitalValues Disclosed

fab.com Atomico Ventures $105.0GitHub, Inc. Andreessen Horowitz 100.0JustFabulous Rho Capital Partners, Inc. 76.0Sportrader AG EQT Partners 54.0DocuSign, Inc. (Angel Investors) 47.5A F d F d 28 0Asana Founders Fund 28.0JumpTap, Inc. Keating Capital 27.5SAY Media New Enterprise Associates 27.0Sonatype, Inc. New Enterprise Associates 25.0Edmodo, Inc. New Enterprise Associates 25.0AlienVault, Inc. Trident Capital 22.4Analyte Health Apex Venture Partners 22.0Ticketfly, Inc. SAP Ventures 22.0FuzeBox Index Ventures 20.0FuzeBox Index Ventures 20.0Origami Blue Mind Candy Ltd 20.0I-Media Kleiner Perkins Caufield & Byers 20.0Nextdoor.com, Inc. DAG Ventures 18.6Totsy Rho Capital Partners, Inc. 18.5The Echo Nest Corporation Norwest Venture Partners 17.0Egnyte, Inc. Google Ventures 16.0Boundary, Inc. Scale Venture Partners 15.0Netpulse Media Network, Inc. August Capital Management 15.0


Chute Corporation Freestyle Capital 15.0AdRoll, Inc. Foundation Capital 15.0Bitly, Inc. Khosla Ventures 15.0


Reported



Value VC/Growth CapitalValues Disclosed

iMapData, Inc. Frontier Capital, LLC $15.0Firespotter Labs Andreessen Horowitz 15.0Revinate, Inc. Benchmark Capital 14.5Tout.com World Wrestling Entertainment, Inc. 13.4Dynamic Signal Venrock Associates 13.333Across, Inc. Pelion Venture Partners 13.1TaskRabbit, Inc. Shasta Ventures 13.0WhoSay, Inc. Comcast Ventures 12.0Paydiant, Inc. Mantella Venture Partners 12.0Kiip, Inc. Relay Ventures 11.0Tealium Battery Ventures 10.5Needle, Inc. Shasta Ventures 10.5FiftyOne Vintage Capital Partners 10 1FiftyOne Vintage Capital Partners 10.1NuoDB, Inc. Morgenthaler Ventures 10.0Zumbox, Inc. Computershare, Inc. 10.0Fiksu, Inc. QUALCOMM Ventures 10.0Backupify Symantec Corporation 9.0FREECULTR Sequoia Capital 9.0Cloudability, Inc. 500 Startups 8.7Mitre Media iNovia Capital 8.5Origo Networks Corporation iNovia Capital 8.5g p pSteelHouse, Inc. QUALCOMM Ventures 8.3TopHatMonocle, Inc. Emergence Capital Partners 8.0Social Point S.L. Idinvest Partners 7.4Racemi, Inc. Paladin Capital 7.0FullContact, Inc. Foundry Group 7.0Portalarium, Inc. m8 Capital 7.0Clustrix, Inc. Sequoia Capital 6.8LockPath, Inc. El Dorado Ventures 6.0W dSt I Si P t LLC 6 0WordStream, Inc. Sigma Partners, LLC 6.0WordStream, Inc. Sigma Partners, LLC 6.0Loggly, Inc. Matrix Partners 5.7Poptent, LLC MK Capital Management LLC 5.5Seculert Ltd. Norwest Venture Partners 5.4SaveUp, Inc. BlueRun Ventures 5.0aPriori Sigma Partners, LLC 5.0Read It Later, Inc. Foundation Capital 5.0Dailybreak.com GSV Capital 5.0


Dailybreak.com GSV Capital 5.0WellFX CMT Ventures 5.0Lyst Ltd. DFJ Esprit 5.0Pocket Change Google Ventures 5.0


Reported




Utah Street Labs Foundation Capital $5.0YesVideo, Inc. Greystripe, Inc. 5.0Openbucks (Private Investors) 4.8KnowledgeTree SA Ltd. River Cities Capital Fund 4.8Practo Technologies Pvt. Ltd. Sequoia Capital 4.5BaubleBar, Inc. Accel Partners 4.5Sonic Notify, Inc. Raptor Ventures, LLC 4.3Parlay Labs, Inc. General Catalyst Partners LLC 4.0littleBits Electronics, Inc. True Ventures 3.7Tapingo Carmel Ventures 3.5Triposo Interwest Partners 3.5Adapx, Inc. OVP Venture Partners 3.0MapMyFitness Inc Square 1 Bank 3 0MapMyFitness, Inc. Square 1 Bank 3.0CivicScience, Inc. New Atlantic Ventures 2.99GAG, Inc. Freestyle Capital 2.8Consensus Point, LLC Relevance Capital 2.6Jawfish Games Inc. Founders Fund 2.6Clavis Technology Delta Partners 2.4Jetpac Khosla Ventures 2.4Space Monkey (Unnamed Fund Contibuters) 2.3Shelby.tv Avalon Ventures 2.2yUppSite Matomy Media Group 2.1Lex Machina, Inc. X/Seed Capital Management 2.0Datacratic BDC Venture Capital 2.0Tip or Skip, Inc. 500 Startups 2.0GiveForward, Inc. Founder Collective 2.0Commerce Sciences Innovation Endeavors LLC 1.8AppHero, Inc. OMERS Ventures 1.8Instacanvas, Inc. First Round Capital 1.7P U P t GRP P t 1 7Pop-Up Pantry GRP Partners 1.7Chaordix Yaletown Venture Partners, Inc. 1.5ThriveHive Founder Collective 1.5Bizzabo Kaedan Capital Group 1.5NatureShare Vermont Seed Capital Fund 1.5Pinfluencer Freestyle Capital 1.4Tout’d Warner Hill Angels 1.4Videolicious Amazon.com, Inc. 1.4DraftKings, Inc. Atlas Venture 1.4


DraftKings, Inc. Atlas Venture 1.4Bomoda.com iNovia Capital 1.4PayDragon Rustic Canyon Partners 1.4Retention Science Mohr, Davidow Ventures 1.3


Reported




Real5d.com DoubleRock Venture Capital $1.2LogEntries Polaris Venture Partners 1.1Phoenix Guild, Inc. YouWeb 1.1Everpix Index Ventures 1.0Olapic, Inc. Great Oaks Venture Capital 1.0Olapic, Inc. Bonobos, Inc. 1.0Booshaka SV Angel, LLC 1.0PealTiX 500 Startups 1.0Apptopia (Private Investors) 1.0TreSensa, Inc. (Angel Investors) 1.0RentHome, LLC (Angel Investors) 1.0Eruptive Games (Angel Investors) 1.0Shopcastr Mantella Venture Partners 1 0Shopcastr Mantella Venture Partners 1.0YBUY, Inc. TomorrowVentures, LLC 1.0youAPPi (Angel Investors) 1.0WillCall SV Angel, LLC 0.9StackSocial Inc. (Unnamed Fund Contibuters) 0.8Open Air Publishing SV Angel, LLC 0.8Chicisimo S.L. VitaminaK 0.8Keen.io. 500 Startups 0.8Zipline Games, Inc. Benaroya Capital 0.8p , y pBalconyTV Polaris Venture Partners 0.8Datical Inc Austin Ventures 0.7Pipedrive Satori Capital 0.7Love With Food 500 Startups 0.7iSpot.tv, Inc. (Angel Investors) 0.6Skift (Angel Investors) 0.5Hello La Mode (Angel Investors) 0.5S4Style Golden Seeds LLC 0.5

VC/G th C it lVC/Growth CapitalUndisclosed

Acceleration Partners, LLC WPP Digital - Baidu Yi Xin NTT Docomo, Inc. - Betable Ltd. Greylock Management - Carpooling.com Daimler - CinnaFilm Inc. Flywheel Ventures - ePetWorld GmbH Blumberg Capital - Forgame Tech Co., Ltd. TA Associates -


Forgame Tech Co., Ltd. TA Associates GoodData Corporation Tenaya Capital - NewsWhip (Angel Investors) - nRelate Ask.com -


Reported



Value VC/Growth CapitalUndisclosed

OwnerIQ, Inc. Atlas Venture - Rancard Solutions Ltd. Intel Capital - Shareaholic, Inc. Kepha Partners - Stamped, Inc. CrunchFund - This Is Open (Unnamed Fund Contibuters) - Tonara Carmel Ventures -


F d d i 1999

Petsky Prunier: Maximizing Shareholder Value

• Founded in 1999

• Focused solely on the internet, marketing, media, technology, healthcare and services industries

• Over 35 focused professionals

› Unique combination of investment banking and consulting expertise

• New York-based with West Coast office and Chicago presence

• Sell-side and private placement close rate is unmatched at our level of deal volume

• Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers

• Together with strategic consulting firm Winterberry Group one of the largest industry specific advisors providing • Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional services

• Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC CONSULTINGINVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

INVESTMENT BANKING

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation AnalysisA i iti St t /T t Id tifi ti

• Marketing• Media• Healthcare• Services

• M&A Advisory• Fairness Opinions• Internet

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

Services• Software• Technology


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

Rank Adviser Deal Count1 Petsky Prunier 192 GCA Savvian Group Corp 143 Nomura Holdings Inc 134 Goldman Sachs & Co 124 China Renaissance Partners 126 Jordan Edmiston Group 106 Sumitomo Mitsui Financial Group Inc 108 Deutsche Bank AG 98 Morgan Stanley 98 KPMG Corp Finance 98 KPMG Corp Finance 911 Bank of America Merrill Lynch 811 Credit Suisse 813 JP Morgan 713 RBC Capital Markets 713 Jefferies Group Inc 716 Barclays Capital 516 Evercore Partners Inc 516 Daiwa Securities Group Inc 516 Lazard Ltd 516 Rothschild 5

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

More than 40 transactions closed in the last two years:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

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


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

REPRESENTATIVE RECENT TRANSACTIONS

a leading digital direct marketing company utilizing a proprietary

a leader in global healthcare has sold has been sold to

company utilizing a proprietary database to provide customer

acquisition solutions for major brandshas received an equity investment from

with debt financing from

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

Apple (iOS), and Android developers

has received $66M investmentfrom

has been sold to

the top independentdirect-to-consumer marketer of

dental savings planshas been sold to

primary market research and influence network mapping

a portfolio company of

a provider of a cloud-based integration platform for the digital

marketing industry

has received a growth equity investment led by

a leader in multichannel retail, ecommerce and loyalty

marketing serviceshas been sold to

has sold

has sold its

Sports Marketing Print Division

to

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has sold its

a leading provider of media buying, out-of-home and sampling services in niche

markets

to

Niche Market Media Buying Business

(Nasdaq: PSEC)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

a premier provider of affinity programs for universities and colleges

to

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

to

a leading provider of integrated data, technology and analytics

solutions

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

has been sold to


KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providershas been sold to

(Nasdaq:GSIC)

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

(Nasdaq: RRD)

has sold theExperiential Marketing Business of

to

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

has been acquired by

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold

to

a leading performance-basedadvertising network

has been sold to

has sold the assets of

to

a global marketing services company

has been acquired by

in a combination that createsthe world’s leading loyalty

management provider

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

lead generation for the for-profit,post-secondary education market

(NASDAQ: TREE)

has acquired certain assets of

an online directory service providing trusted lead

generation and marketing i f h


has divested one of itsmarketing services divisions

a leading direct response television media company

has received a majorinvestment from

has sold

MIVA Media

a leading pay-per-click contextual online advertising

network

has sold

a movie review and consumer entertainment site to

one of the largest and fast growing providers of

out-of-home integrated mediaand marketing programs

reachingconsumers in specialty venues

has been sold to

a provider of accredited continuing education programs

for cliniciansan operating company of

has acquired certain assets of

formerly known as MyGreek.coma fast growing online advertising

network serving the middle market

has been sold to



services for home improvement professionals

across the country

marketing services divisions to Bridge Investments LLC

July 2012 Marketing, Media, Technology, and Service Industries …petskyprunier.com ›...

Documents

Transcript of July 2012 Marketing, Media, Technology, and Service Industries …petskyprunier.com ›...