PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. ·...

54
Driven by your success. May 2020 This is intended for client and institutional use only, and may not be disseminated further Technology, Media, Marketing, and Information Services Industry Sectors

Transcript of PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. ·...

Page 1: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.

PRIVATE & CONFIDENTIAL

May 2020

This is intended for client and institutional use only, and may not be

disseminated further

Technology, Media, Marketing, and Information Services Industry Sectors

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Driven by your success.

1.

3.

4.

Monthly M&A and Investment Activity by Industry Segment

Additional Information

About CG Petsky Prunier

2. Market Environment

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Driven by your success.Page 2

Global Team

US Team

Mike Lauzon

Head of Canadian TMT

Toronto

+1 416 869 7238

[email protected]

Myles Hiscock

Managing Director

Toronto

+1 416 869 7232

[email protected]

CanadaEurope

Simon Bridges

Head of European IB &

Head of European Technology

London

+44 20 7523 4606

[email protected]

M&A & Financial Sponsors

Shachar Familia

Vice Chairman

Tel Aviv

+972 58 7782139

[email protected]

Israel

Andrew Pojani

Co-Head of US Technology

Boston

+1 617 788 1635

[email protected]

Jeff Barlow

President, Canaccord Genuity

Boston

+1 617 371 3713

[email protected]

Sanjay Chadda

Co-Head of US Investment Banking

Co-Head of US Technology

New York

+1 212 842 6022

[email protected]

Dan Coyne

Co-Head of US Investment Banking

Boston

+1 617 371 3887

[email protected]

David Istock

Managing Director

Head of US M&A

San Francisco

+1 415 229 0667

[email protected]

Amy LaBan, CFA

Managing Director

US Financial Sponsor Coverage

Chicago

+1 212-842-7126

[email protected]

Isaiah Knouff

Managing Director

US Financial Sponsor Coverage

Nashville

+1 615 490 8484

[email protected]

Jen Pardi

Head of U.S. ECM

Boston

+1 617 788 1554

[email protected]

Mark Young

Managing Director

Boston

+1 617 788 1584

[email protected]

Seth Rosenfield

Managing Director

New York

+1 212 842 6018

[email protected]

Lisa McClure Byrnes

Managing Director

Boston

+1 617 371 3847

[email protected]

Scott Card

Managing Director

Boston

+1 617 371 3895

[email protected]

Joseph Laird

Managing Director

New York

+1 212 842 7120

[email protected]

J.P. Michaud

Managing Director

Charlotte

+1 980 237 0380

[email protected]

Trevor Martin

Managing Director

Boston

+1 617 788 1514

[email protected]

Matthew Kratter

Managing Director

New York

+1 212 842 6024

[email protected]

Lexia Schwartz

Director

New York

+1 212 842 7127

[email protected]

Geoff Rhizor

Director

San Francisco

+1 415 229 0650

[email protected]

Michael Petsky

Managing Director

New York

+1 212 842 6001

[email protected]

John Prunier

Managing Director

New York

+1 212 842 6021

[email protected]

Dudley Baker

Managing Director

Nashville

+1 615 490 8448

[email protected]

Jason Partenza

Managing Director

New York

+1 212 849 3976

[email protected]

Chris French

Managing Director

New York

+1 212 842 6033

[email protected]

Christopher Heasman

Director

New York

+1 212 842 6038

[email protected]

Anil Kuruganti

Director

New York

+1 212 842 7132

[email protected]

Edin Trto

Director

New York

+1 212 842 6015

[email protected]

Clayton Young

Director

New York

+1 212 842 6009

[email protected]

Jason Panzer, CFA

Managing Director

New York

+1 212 514 4203

[email protected]

Matthew Kebel

Director

New York

+1 212 842 5989

[email protected]

Dylan Kearns

Director

New York

+1 212 842 6025

[email protected]

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Driven by your success.Page 3

IOT

⚫ Advisory credentials across a wide range of outcomes

⚫ Executed transactions up to $1B+ in value

⚫ Deep, extensive strategic & sponsor relationships

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms) (1)Other industry-focused businesses in verticals including education, entertainment, insurance, legal, real estate, and travel, among others

⚫ Advisory credentials across a wide range of outcomes

⚫ Executed transactions up to $1B+ in value

⚫ Deep, extensive sponsor & strategic relationships

Agency & Marketing Services

CRM

Consulting & Digital Transformation

Collaboration Data & Info Services

Digital/MobileAI

Infrastructure

HCIT MarTech/AdTech

Software

Media

Other Vertical(1)

FinTech

E-Commerce HCM

Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms)

June 2020

Financial advisor on sale to

June 2019

Financial advisor on investment from

June 2019

Financial advisor on sale to

$182,000,000

June 2019

Financial advisor on sale to

July 2019

Financial advisor on recapitalization by

Financial advisor on sale to

July 2019

Financial advisor on sale to

July 2019August 2019

Financial advisor on sale to

August 2019

Financial advisor on sale to

September 2019

Financial advisor on investment in

September 2019

Financial advisor on growth financing from

October 2019

Financial advisor on acquisition of

$140,000,000

October 2019

Financial advisor on sale to

October 2019

Financial advisor on sale to

October 2019

Financial advisor on sale to

November 2019

Financial advisor on recapitalization by

Pending

Financial advisor on

merger with

November 2019

Financial advisor on sale to

December 2019

Financial advisor on sale to

December 2019

Financial advisor on acquisition of

December 2019

Financial advisor on

acquisition of

December 2019

Financial advisor on

investment from

January 2020

Financial advisor on

sale to

January 2020

Financial advisor on

acquisition of

January 2020

Financial advisor on

sale to

January 2020

Financial advisor on

investment from

January 2020

Financial advisor on sale to

February 2020

Financial advisor on

sale to

February 2020

Financial advisor on merger with

February 2020

Financial advisor on

sale to

January 2020

Financial advisor on sale to

February 2020

Financial advisor on

sale to

February 2020

Financial advisor on

sale to

March 2020

Financial advisor on

sale to

April 2020

Financial advisor on

sale to

February 2020

Financial advisor on sale to

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Driven by your success.Page 4Sources: Dealogic.

Represents lead-managed transactions.

Agency & Marketing Services

CRM

Consulting & Digital Transformation

Collaboration Data & Info Services

Digital/Mobile

⚫ 250+ completed transactions since 2012⚫ Raised $47B+ capital⚫ 110+ as bookrunner or lead manager⚫ Unique access to global growth investors

Infrastructure

HCIT MarTech/AdTech

Software

Media

Other Vertical

FinTech

E-Commerce HCM

AI

October 2018

IPO

$289,800,000

Co-Manager

October 2018

IPO

$303,025,000

Co-Manager

November 2018

Equity Offering

$455,000,000

Co-Manager

November 2018

Equity Offering

$35,109,144

Sole Bookrunner

January 2019

Equity Offering

$146,136,250

Co-Manager

March 2019

Equity Offering

$155,968,750

Co-Manager

March 2019

Equity Offering

$11,511,500

Sole Bookrunner

March 2019

Equity Offering

$718,218,000

Co-Manager

March 2019

IPO

$2,555,772,840

Co-Manager

March 2019

Equity Offering

£27,800,000

Co-Manager

May 2019

IPO

$206,310,000

Co-Manager

So-Young International

Lead Manager

$159,390,000

Equity Offering

May 2019May 2019

IPO

$8,100,000,000

Co-Manager

June 2019

Convertible Debt Offering

$230,000,000

Co-Manager

June 2019

Equity Offering

$244,950,000

Co-Manager

June 2019

Equity Offering

$286,898,490

Co-Manager

June 2019

Equity Offering

$645,322,500

Joint Bookrunner

June 2019

Equity Offering

$26,714,324

Joint Bookrunner

June 2019

Equity Offering

$13,955,800

Joint Bookrunner

June 2019

Debt Offering

Sole Advisor

$200,000,000

June 2019

Direct Listing

Advisor

July 2019

IPO

Co-Manager

$655,216,848

September 2019

Debt Offering

Sole Advisor

$45,000,000

September 2019

IPO

Co-Manager

$1,160,000,000

September 2019

Equity Offering

Joint-Bookrunner

A$23,200,000

October 2019

IPO

$65,110,000

Joint Bookrunner

December 2019

Equity Offering

Co-Manager

$782,718,750

Pending

IPO

Co-Manager

TBD

December 2019

IPO

Co-Manager

$160,703,261

December 2019

IPO

Co-Manager

$248,535,276

January 2020

Convertible Debt Offering

Co-Manager

$1,150,000,000

January 2020

Equity Offering

Sole Bookrunner

$17,267,250

February 2020

Equity Offering

Co-Manager

$862,500,000

April 2020

Convertible Debt Offering

Co-Manager

$862,500,000

May 2020

Equity Offering

Joint Bookrunner

A$70,000,000

May 2020

Convertible Debt Offering

Co-Manager

$650,000,000

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Driven by your success.Page 5

• Numbers for Canaccord Genuity represent total transactions in Technology, Media & Telecommunications as tracked by PitchBook

completed for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019

• The table includes US-based Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions less than

$500 million in the Technology, Media & Telecommunications industries as classified by PitchBook

Source: Pitchbook

Rank Firm Name

# of Transactions

2019 Rank Firm Name

# of Transactions

2017-2019

1 Canaccord Genuity 42 1 Canaccord Genuity 137

1 Raymond James 42 2 William Blair 133

3 William Blair 41 3 Raymond James 132

4 Goldman Sachs 36 4 Goldman Sachs 118

5 Jefferies 31 5 Houlihan Lokey 104

5 Piper Jaffray 31 6 J.P. Morgan 102

7 Bank of America 26 7 Morgan Stanley 95

8 Robert W. Baird 25 8 Jefferies 80

9 Morgan Stanley 23 9 Bank of America 79

9 Needham 23 10 Piper Sandler 78

11 JP Morgan 21 10 Needham 78

12 Houlihan Lokey 20 12 Stifel Financial 73

12 Stifel Financial 20 13 Robert W. Baird 67

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Driven by your success.Page 6

• Numbers for Canaccord Genuity represent total transactions in Media & Information Services as tracked by PitchBook completed for

Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019

• The table includes Corporate & Strategic M&A, Private Equity, IPO/Liquidity, and Venture Capital transactions in the Media &

Information Services industry as classified by PitchBook

Source: Pitchbook

Rank Firm Name

# of Transactions

2019 Rank Firm Name

# of Transactions

2017-2019

1 Canaccord Genuity 21 1 Canaccord Genuity 65

2 Goldman Sachs 10 2 Goldman Sachs 28

3 JEGI 8 2 Houlihan Lokey 28

4 Raymond James 7 4 JEGI 26

4 GP Bullhound 7 5 Bank of America 23

6 Morgan Stanley 5 6 Raymond James 22

6 Bank of America 5 6 GP Bullhound 22

6 Houlihan Lokey 5 8 Morgan Stanley 20

6 Lincoln International 5 9 JP Morgan 15

6 Needham 5 9 RBC 15

6 Robert W. Baird 5 9 Credit Suisse 15

6 Stifel Financial 5 9 KPMG 15

13 Moelis 4 13 Deutsche Bank 14

13 JP Morgan 4 13 Moelis 14

13 Evercore 4 13 GCA Advisors 14

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Driven by your success.

Rank Total Value No. Rank No. Rank No.

($M)

JPMorgan 1 390,492.3 647 1 630 68 17

Morgan Stanley 2 406,400.3 626 2 599 45 27

Goldman Sachs 3 412,532.1 614 3 594 58 20

C anaccord Genuit y 4 49,107.7 543 6 366 1 177

Citi 5 337,396.3 485 4 465 58 20

BofA Securities 6 345,163.7 481 5 460 56 21

Credit Suisse 7 250,559.9 378 7 355 48 23

UBS 8 193,709.8 323 8 306 68 17

RBC Capital Markets 9 174,847.2 300 11 209 6 91

Barclays 10 191,526.4 288 9 259 42 29

Co-ManagerLead ManagerTotal RolesBank

IPO

$934,500,000

Co-Manager

June 2020

$90,438,825

Sole Bookrunner

March 2020

Registered Direct

Source: Dealogic as of 5/31/2020Includes all IPO, FO, & CONV

Page 7

$70,000,000

Lead Manager

May 2020

Follow-On Offering

May 2020

C$57,546,000

Sole Bookrunner

Follow-On Offering

$179,226,031

Co-Manager

May 2020

IPO

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Driven by your success.Page 8

• Top-ranked, global investment bank dedicated to the digital advertising and marketing, e-commerce, digital media, software, information, business

services, healthcare IT & services, and the Fintech industries

‒ Extensive sell-side M&A and capital raising expertise, with a transaction closing rate unmatched at our level of deal volume

• Canaccord Genuity’s North American investment banking team has more than 100 focused professionals in offices in New York, Boston, San

Francisco, Chicago, Nashville, Charlotte, Las Vegas, and Toronto

• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, VC groups, family offices, and lenders

• Global reach enhanced through Canaccord Genuity’s international network of offices and practice groups

• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.

• 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

• E-commerce

• Digital Media

• Software

• Information

• Business & IT Services

• Healthcare IT & Services

• FinTech

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Driven by your success.

PRIVATE & CONFIDENTIAL

For client and institutional use only, not for public dissemination

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Driven by your success.Page 10

Source: The 451 Group, as of 05/31/20.(1) Represents YTD 2020 and 2020 on a run-rate basis.

$64$54

$104

$169

$268

$303

$145

$116

$158

$198

$146

$194

$239

$452

$434

$281

$451

$450

$88

1,778

1,422

1,880

2,720

3,606

3,327

2,806 2,833

3,146

3,643

3,507

3,082

3,827

4,196

3,792

3,3983,398

3,265

1,282

$0

$100

$200

$300

$400

$500

$600

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

3,099(1)

$213(1)

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Driven by your success.

145 188 186 170

124 124 122 114 69

39

35 34 22

20 25 25 22

7

184

223 220

192

144 149 147 136

76

--

50

100

150

200

250

300

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f De

als

Strategic Financial Sponsor

Page 11

$1B+ Deals by Subsector Strategic vs Financial Sponsor Transactions

Median 30-Day Premium

# of Deals 126 145 156 119 145 148 151 96 113(2)

Source: The 451 Group, as of 05/31/20. (1) For all deals with disclosed forms of consideration.(2) Represents Q2’20 on a run-rate basis.

Consideration Mix(1)

# of Deals 11 13 20 17 19 13 12 12 0

28

22

26

18 18 19

11

14

1

0

5

10

15

20

25

30

35

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f De

als

2(2)

114(2)

24.7% 25.7% 28.4%

32.1% 32.5% 36.2%

25.8% 22.0%

--0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

% P

rem

ium

N/A

67% 61% 74%

63% 52%

44%

66% 65% 73%

24% 32% 22%

30% 46%

34%

25% 29% 16%

9% 8% 4% 7% 2% 22%

9% 6% 11%

0%

20%

40%

60%

80%

100%

Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

2019 2020

# o

f De

als

% Cash % Cash & Stock % Stock

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Driven by your success.

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

2/29/2020 3/31/2020 4/30/2020 5/31/2020

60.0%

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

70.0%

90.0%

110.0%

130.0%

150.0%

170.0%

190.0%

210.0%

230.0%

250.0%

Page 12

Major Indices 2014 – May 2020

Major Indices May 2020, Last 3 Months

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Major Indices May 2020, LTM

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

VIX 2014 – May 2020

Sources: Capital IQ, as of 05/31/20. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Past performance is not a guarantee of future results.

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

NASDAQ 129.1%

S&P 500 66.2%

DJIA 54.4%

Russell 2000 21.1%

FTSE 100 (9.5%)

Summary Performance

NASDAQ 17.9%

S&P 500 4.1%

DJIA (4.0%)

Russell 2000 (11.6%)

FTSE 100 (17.7%)

Summary Performance

NASDAQ 6.0%

S&P 500 (1.5%)

DJIA (4.9%)

Russell 2000 (8.2%)

FTSE 100 (8.7%)

Summary Performance

--

10.00

20.00

30.00

40.00

50.00

60.00

70.00

80.00

90.00

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Driven by your success.Page 13

Sources: The 451 Group and CG LLC proprietary database, as of 05/31/20. (1) Transactions include deals with disclosed values over $100mm.(2) Transactions include deals with disclosed values between $50-100mm.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

05/25/20 Phoenix Tower Eircom (tower assets) Technology $329 ND ND NA

05/19/20 Revance Therapeutics HintMD Software 180 ND ND NA

05/13/20 CoStar Ten-X Software 190 3.3x ND NA 100%

05/11/20 Melody Investment Advisors Uniti Group (wireless tower business) Technology 220 ND ND NA 100%

05/05/20 Sinch SAP (SAP Digital Interconnect assets) Software 250 0.7x ND NA

05/04/20 Intel Moovit Digital Media/Commerce 900 ND ND NA 100%

05/04/20 Change Healthcare eRx Network Business & IT Services 213 3.2x ND NA

Mean: $326 2.4x NA NA 100.0%

Median: $220 3.2x NA NA 100.0%

05/13/20 CyberArk Software Idaptive Software $70 3.5x ND NA 100.0%

05/04/20 Kaufman Hall Change Healthcare (analytics assets) Business & IT Services 55 ND ND NA

Mean: $63 3.5x NA NA 100.0%

Median: $63 3.5x NA NA 100.0%

Mean: $267 2.7x NA NA 100.0%

Median: $213 3.3x NA NA 100.0%Blended

$5

0-1

00

M(2

)>

$1

00

M(1

)

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Driven by your success.Page 14

Sources: The 451 Group and CG LLC proprietary database, as of 05/31/20. (1) Transactions include deals with disclosed values over $50mm.

Announced Acquirer Target Segment

Deal Value

($mm)

EV/LTM

Revenue

EV/LTM

EBITDA

Premium

(1 Month)Cash Mix %

05/19/20 Charlesbank Capital Partners Cyberbit Software 48 ND ND NA

05/05/20 Equitix Investment Management Crail Meters Technology 362 ND ND NA 100.0%

Mean: $205 NA NA NA 100.0%

Median: $205 NA NA NA 100.0%

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Driven by your success.Page 15

Observations:

• Private markets remain active and open

• Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions

Sources: PitchBook and CG LLC’s proprietary database as of 05/31/20.Note: List includes selected high profile financings with minimum Post Money Valuation of $800mm.

Company Segment

Date of Latest

Funding

Latest Round of

Funding ($mm)

Latest

Valuation ($mm)

Total Funding

($mm) Recent Lead Investor(s)

Marqeta Software 05/28/20 $150 $4,300 $526 Coatue Management, ICONIQ Capital, Visa Ventures

Amplitude Software 05/21/20 50 1,000 187 GIC, Sequoia Capital

MasterClass Software 05/20/20 100 800 241 Fidelity Management & Research, IVP

Coalition Software 05/20/20 90 900 140 Ribbit Capital, Valor Equity Partners

Samsara Software 05/15/20 700 5,400 930 Andreessen Horowitz, General Catalyst

Carta Software 05/15/20 180 3,100 662 Andreessen Horowitz, Lightspeed Venture Partners, Meritech Capital

DigitalOcean Software 05/14/20 50 1,150 596 Access Technology Ventures

Quizlet Software 05/13/20 30 1,000 62 General Atlantic, Icon Ventures

Waymo Digital Media/Commerce 05/12/20 3,000 30,750 3,000 Fidelity Management & Research, Perry Creek Capital, T. Rowe Price

Robinhood Software 05/04/20 280 8,300 1,192 DST Global, Sequoia Capital

Asapp Software 05/01/20 185 800 260 Emergence Capital Partners, Telstra Ventures

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Driven by your success.Page 16*The stock prices shown are as of 5/31/2020 and should not be relied upon as current thereafter.**Source: S&P Capital IQ

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

Date Ticker Segment Company Name Country Price Range Per Share on 1st Trading Day May 29, 2020 1st Trading Day

May-19 SLQT Digital Advertising SelectQuote, Inc. United States $17.00-19.00 20.00 $27.00, up 35.0% 27.52 1.9%

Dec-19 BILL Software Bill.com Holdings, Inc. United States $19.00-21.00 22.00 $35.50, up 61.4% 69.64 96.2%

Dec-19 SPT Software Sprout Social, Inc. United States 16.00-18.00 17.00 $16.60, down 2.4% 27.55 66.0%

Sep-19 PTON Software Peloton Interactive, Inc. United States 26.00-29.00 29.00 $25.10, down 13.4% 42.19 68.1%

Sep-19 DDOG Software Datadog, Inc. United States 24.00-26.00 27.00 $27.55, up 2.0% 71.27 158.7%

Sep-19 NET Software Cloudflare, Inc. United States 12.00-14.00 15.00 $18.00, up 20.0% 29.07 61.5%

Aug-19 SDC Software SmileDirectClub, Inc. United States 19.00-22.00 23.00 $16.67, down 27.5% 7.81 (53.1%)

Aug-19 DT Software Dynatrace, Inc. United States 13.00-15.00 16.00 $23.85, up 49.1% 38.47 61.3%

Jul-19 HCAT Software Health Catalyst, Inc. United States 24.00-25.00 26.00 $39.17, up 50.7% 27.14 (30.7%)

Jul-19 MDLA Software Medallia, Inc. United States 16.00-18.00 21.00 $37.05, up 76.4% 28.28 (23.7%)

Jun-19 WORK Software Slack Technologies, Inc. United States 24.00 38.50 $38.62, up 0.3% 35.05 (9.2%)

Jun-19 CHWY Digital Media/Commerce Chewy, Inc. United States 19.00-21.00 22.00 $34.99, up 29.6% 44.44 27.0%

Jun-19 FVRR Digital Media/Commerce Fiverr International Ltd. Israel 18.00-20.00 21.00 $39.90, up 90.0% 65.12 63.2%

Jun-19 CRWD Software CrowdStrike Holdings, Inc. United States 28.00-30.00 34.00 $58.00, up 70.6% 87.81 51.4%

Jun-19 RVLV Digital Media/Commerce Revolve Group, Inc. United States 16.00-18.00 18.00 $34.00, up 88.9% 14.06 (58.6%)

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Driven by your success.Page 17

Observations:

• Follow-on market activities track broader market direction

• Better known, more liquid issuers using accelerating formats

• With no technology follow-ons in April, average discount to last sale of (4.1%) for March deals, and (4.3%) in May.

Indicates Canaccord Genuity Transaction

Sources: Dealogic, Capital IQ as of 05/31/20. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.

Pricing Amount Mkt Cap % Mkt %

Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current

Appian 05/29/20 $141.3 $2,059.8 6.9% 100.0% (4.7%) (4.7%) 0.8% 0.8%

Repay 05/28/20 160.0 833.1 19.2% 100.0% (3.0%) (9.2%) 15.2% 15.2%

Fiverr 05/28/20 120.0 1,939.9 6.2% 100.0% (1.2%) (3.8%) 8.5% 8.5%

Fastly 05/21/20 286.4 4,089.1 7.0% 100.0% (2.4%) 6.3% 6.6% 4.0%

RealPage 05/20/20 345.0 5,935.5 5.8% 100.0% (4.3%) (9.4%) 7.3% 14.9%

Alarm.com 05/20/20 266.8 2,430.2 11.0% 0.0% (4.7%) (4.7%) 0.1% (0.4%)

Carvana 05/19/20 465.0 6,316.0 7.4% 100.0% (5.7%) (5.7%) (4.4%) (0.0%)

Q2 05/13/20 362.2 3,854.4 9.4% 100.0% (2.8%) (6.1%) 2.2% 8.0%

Ping Identity 05/13/20 234.6 1,946.9 12.0% 0.0% (1.4%) (15.4%) (3.2%) 18.0%

Sequans 05/12/20 25.0 141.8 17.6% 100.0% (13.0%) (13.0%) 0.2% (0.6%)

eHealth 03/03/20 238.1 2,812.3 8.5% 100.0% (4.1%) (7.2%) 27.0% 13.4%

Clarivate Analytics 02/05/20 558.9 6,303.2 8.9% 100.0% (1.4%) (1.5%) 5.6% 13.0%

Rada Electronic Industries 01/08/20 22.0 241.9 9.1% 100.0% (16.5%) (16.5%) 14.5% (4.8%)

Phreesia 12/12/19 201.8 1,028.8 19.6% 0.0% (9.3%) (9.8%) 2.2% 12.8%

Livongo Health 12/11/19 75.0 2,622.4 2.9% 0.0% (2.0%) (1.6%) 0.2% 122.0%

EVO Payments 12/05/19 124.2 2,153.4 5.8% 100.0% (0.6%) (0.6%) (0.7%) (19.8%)

Dynatrace 12/05/19 782.7 7,041.5 11.1% 0.0% (1.4%) (8.4%) (1.4%) 55.4%

Plug Power 12/05/19 126.5 806.7 15.7% 100.0% (11.0%) (27.6%) 14.6% 53.1%

TTEC Holdings 12/06/19 109.5 1,771.6 6.2% 0.0% (4.2%) (18.4%) 7.2% 16.1%

Clarivate Analytics 12/04/19 857.0 5,354.7 16.0% 0.0% (1.7%) (3.9%) (0.9%) 32.7%

GSX Techedu 11/21/19 289.8 3,434.3 8.4% 0.0% (3.9%) (16.4%) 15.7% 124.0%

Internap Corp 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (100.0%)

Opera 09/20/19 75.0 1,165.7 6.4% 100.0% (5.4%) (22.8%) 1.0% (38.2%)

NCR 09/19/19 299.0 4,281.4 7.0% 0.0% (2.6%) (2.6%) (1.4%) (44.9%)

International Money Express 09/11/19 76.5 493.8 15.5% 0.0% (1.9%) (6.3%) 9.8% (13.5%)

Cardlytics 09/10/19 105.3 779.6 13.5% 55.7% (0.4%) (11.2%) 10.1% 100.3%

Clarivate Analytics 09/06/19 634.8 4,933.4 12.9% 0.0% (1.0%) (9.2%) 8.0% 43.1%

Appian 09/04/19 130.4 3,763.3 3.5% 78.4% (3.5%) (3.5%) (1.3%) 1.7%

Workiva 08/13/19 72.4 2,631.0 2.8% 0.0% (1.4%) (9.2%) (8.3%) (20.8%)

EVO Payments 08/13/19 114.0 2,411.4 4.7% 0.0% (3.0%) (3.0%) 0.1% (22.3%)

Ceridian 08/06/19 497.5 7,136.8 7.0% 0.0% (1.1%) (1.1%) 1.4% 38.4%

Anterix 07/16/19 100.0 693.9 14.4% 100.0% (4.4%) (3.9%) (1.7%) 19.1%

HealthEquity 07/09/19 473.5 3,966.3 11.9% 100.0% (3.5%) (3.6%) 10.6% 1.6%

InterXion 06/26/19 291.0 5,254.9 5.5% 100.0% (0.5%) (3.1%) 3.1% (100.0%)

Iteris 06/14/19 28.8 170.2 16.9% 100.0% (8.8%) (8.8%) 5.8% 3.4%

Smartsheet 06/12/19 645.3 4,636.0 13.9% 60.5% (0.2%) (4.4%) 4.8% 32.6%

Q2 06/06/19 210.8 3,114.6 6.8% 95.5% (1.3%) (4.6%) 1.2% 18.9%

Avalara 06/05/19 286.9 4,860.9 5.9% 100.0% (0.1%) 6.0% 3.9% 54.3%

Descartes Systems 06/05/19 245.0 2,828.7 8.7% 100.0% (3.1%) (9.0%) 6.2% 34.1%

i3 Verticals 06/05/19 117.5 545.9 21.5% 100.0% (4.9%) (7.8%) 0.6% 26.9%

Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) 29.5%

SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) 1.6%

Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (38.4%)

Ceridian 05/21/19 404.0 7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% 36.4%

Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% 43.0%

Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (66.6%)

Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% (24.6%)

Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% (17.7%)

Mean: $257.0 $2,904.7 10.9% 64.4% (3.9%) (7.1%) 3.8% 10.1%

Median: $222.7 $2,626.7 9.1% 100.0% (3.0%) (5.9%) 1.3% 10.7%

Premium/Discount to: Aftermarket Performance

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Driven by your success.

PRIVATE & CONFIDENTIAL

For client and institutional use only, not for public dissemination

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Driven by your success.Page 19

Transaction Distribution

• A total of 570 deals was announced in May 2020, of which 310 were worth $15.2 billion in aggregate reported value

• Software accounted for 50 percent of transactions with 268 deals announced – 186 of which reported $8.2 billion in value

• Digital Media/Commerce was the second most valuable segment with 83 transactions– 44 of which were valued at $4.1 billion

• VC/Growth Capital investors completed 303 transactions

• Strategic buyers announced 237 deals, down 39 percent from May 2019

• Private Equity buyers announced 30 deals during the month

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

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

Software 286 50% $8,204.4 54% 94 $2,527.0 10 $20.0 182 $5,657.4

Digital Media/Commerce 83 15% $4,120.1 27% 20 $26.1 5 $0.0 48 $1,321.7

Marketing Technology 73 13% $1,347.8 9% 39 $2,000.0 3 $0.0 41 $2,120.1

Business Services 72 13% $1,064.1 7% 45 $330.0 6 $0.0 21 $734.1

Agency & Marketing Services 25 4% $294.0 2% 15 $0.0 4 $0.0 6 $294.0

Traditional Media 13 2% $48.8 0% 12 $11.5 1 $37.3 0 $0.0

Digital Advertising 12 2% $67.0 0% 9 $0.0 1 $0.0 2 $67.0

Information 6 1% $57.0 0% 3 $0.0 0 $0.0 3 $57.0

Total 570 100% 15,203.2 100% 237 4,894.6 30 57.3 303 10,251.3

May 2020

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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Driven by your success.

$60.9 $65.1

$67.7

$28.6

$35.5 $35.0 $38.5

$56.0

$63.0

$54.1

$14.1 $15.2

634 684 660 720 785598 549

716 688 660 576 570

0

1000

2000

3000

4000

5000

6000

7000

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

$70.0

$80.0

$90.0

$100.0

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Page 20

Willis

Towers

Watson/

Aon

*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include the $15.7 billion acquisition of Tableau by Salesforce, the sale

of Refinitiv to London Stock Exchange for $27 billion, the pending $6 billion acquisition of Just Eat by Takeaway, CBS’ purchase of Viacom for $11.7 Billion, the $10.7 billion acquisition of Symantec’s enterprise

security assets by Broadcom, the $6 billion acquisition of The Stars Group by Flutter Entertainment, the $13 billion acquisition of E*TRADE by Morgan Stanley, Worldline’s $8.4 billion purchase of Ingenico, and

Credit Karma’s sale to Intuit for $7.1 billion, and the $30 billion purchase of Willis Towers Watson by Aon

The Stars Group

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Tableau/

Salesforce

Refinitiv/

London Stock

Exchange

Transaction Distribution

• M&A total deal value in May 2020 was down 57 percent, while deal volume was down 24 percent compared with May 2019

• The largest transactions recorded during the month were:

‒ Network security platform ThousandEyes’ acquisition by Cisco for a reported $1 billion.

‒ Intel’s purchase of mobility app Moovit for $900 million

‒ Insight Venture Partners’ $715 million sale of document automation company Conga to Thoma Bravo-backed Apttus

‒ The $500 million round of funding China-based meal kit delivery company MissFresh raised from Tencent, Goldman Sachs, and Tiger Global

‒ The $400 million IoT sensor company Samsara Networks raised at a $5.4 billion valuation from AllianceBernstein, Franklin Templeton, General Atlantic,

Sands Capital Management, and Warburg Pincus

Just Eat/

Takeaway

Viacom/CBS

Symantec’

Enterprise

Security Assets

Ingenico/

Worldline

E*TRADE/

Morgan Stanley

Credit Karma/

Intuit

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Driven by your success.Page 21

• Of the 83 transactions recorded in the Digital Media/Commerce segment in May, 44 were announced for $4.1 billion in reported value

• In addition to the acquisition of Moovit and investment in MissFresh, Digital Media/Commerce transactions include:

‒ Facebook’s $400 million acquisition of Gif sharing platform Giphy

‒ CoStar’s $190 million purchase of online real estate classifieds and auction website Ten-X from Thomas H. Lee

‒ The $120 million investment refurbished device marketplace Back Market received from Goldman Sachs, Aglae Ventures, and Eurazeo

Growth

‒ Spotify’s acquisition of Joe Rogan’s podcast for a reported $100 million

‒ Draganfly’s sale of video creation and collaboration mobile application maker Sauce Video to Oracle

‒ The purchase of mobile game company Redemption Games by AppLovin

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 110 $17,853.6 133 $5,400.2 518 $37,424.2 39 $2,000.0

Private Equity - Buyout 18 8,240.9 11 608.0 59 16,624.0 3 0.0

Private Equity - VC/Growth Capital 138 6,305.0 138 9,164.9 601 34,271.3 41 2,120.1

Total 266 $32,399.5 282 $15,173.1 1,178 $88,319.5 83 $4,120.1

DIGITAL MEDIA/COMMERCE

4Q19 1Q20 LTM May-20

$9.1

$4.7

$10.7

$8.1

$5.5

$16.6

$10.2

$6.1

$3.7

$5.4

$4.0 $4.1

115 101 134 121102 83 81 97

95 90 7683

10

30

50

70

90

110

130

150

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

$16.0

$18.0

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

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Driven by your success.Page 22*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise

Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Alphabet Inc. $1,433.52 -6% $ 977,003.4 $ 876,578.4 $ 166,677.0 $ 48,300.0 29.0% 17.4% 5.3x 18.1x

Apple Inc. 317.94 -3% 1,378,058.5 1,402,768.5 267,981.0 77,305.0 28.8% 3.7% 5.2x 18.1x

Facebook, Inc. 225.09 -7% 641,304.7 591,829.7 73,357.0 32,545.0 44.4% 24.4% 8.1x 18.2x

Fitbit, Inc. 6.34 -13% 1,692.6 1,354.4 1,351.1 (295.2) NM -12.0% 1.0x NM

Glu Mobile Inc. 9.98 -7% 1,512.9 1,438.4 422.8 5.4 1.3% 11.0% 3.4x NM

GoPro, Inc. 4.71 -23% 691.7 817.4 1,071.3 (11.1) NM -9.9% 0.8x NM

IAC/InterActiveCorp 270.37 -6% 22,972.0 24,791.0 4,880.0 787.9 16.1% 11.6% 5.1x 31.5x

J2 Global, Inc. 78.30 -25% 3,736.0 4,787.2 1,404.6 519.3 37.0% 14.5% 3.4x 9.2x

Leaf Group Ltd. 2.73 -63% 72.9 78.6 153.8 (17.4) NM -1.0% 0.5x NM

The Meet Group, Inc. 6.18 -12% 443.7 452.7 217.3 28.8 13.2% 14.1% 2.1x 15.7x

Netflix, Inc. 419.73 -9% 184,598.9 195,712.6 21,403.1 3,212.0 15.0% 28.8% 9.1x 60.9x

Pinterest, Inc. 20.29 -45% 11,899.2 10,320.8 1,212.8 (1,456.3) NM 46.7% 8.5x NM

RealNetworks, Inc. 1.85 -17% 70.7 72.4 175.8 (16.7) NM 96.8% 0.4x NM

Remark Holdings, Inc. 2.64 -26% 262.3 284.6 5.0 (19.3) NM -50.1% 56.7x NM

Roku, Inc. 109.51 -38% 13,220.0 13,131.4 1,243.0 (88.0) NM 53.0% 10.6x NM

Snap Inc. 18.94 -5% 27,376.6 26,528.0 1,857.6 (888.5) NM 46.2% 14.3x NM

Twitter, Inc. 30.97 -32% 24,253.5 20,719.8 3,480.1 622.0 17.9% 10.0% 6.0x 33.3x

Upwork Inc. 12.44 -30% 1,432.4 1,344.1 315.3 (16.3) NM 20.1% 4.3x NM

Zynga Inc. 9.15 -8% 8,751.5 8,209.3 1,460.0 183.2 12.5% 51.4% 5.6x 44.8x

Average 6.1x 18.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (32.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (44.4x)

US-Based Digital Media and Internet

Last Twelve Months Multiples Last Twelve Months

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Driven by your success.Page 23*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise Last Twelve Months Multiples

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Baidu, Inc. China $106.55 -28% $ 36,724.2 $ 27,810.5 $ 14,944.2 $ 3,709.1 24.8% -1.2% 1.9x 7.5x

Bilibili Inc. * China 32.43 -11% 11,267.3 10,760.5 1,090.1 (74.2) NM 66.6% 9.9x NM

CyberAgent, Inc. Japan 50.42 -1% 6,357.3 6,269.3 4,370.6 421.4 9.6% 6.8% 1.4x 14.9x

DeNA Co., Ltd. Japan 13.74 -36% 1,413.9 906.5 1,128.1 158.3 14.0% -2.2% 0.8x 5.7x

Fiverr International Ltd. * Israel 65.12 -11% 2,098.0 1,961.3 117.5 (25.8) NM 42.3% 16.7x NM

G5 Entertainment AB (publ) Sweden 17.50 -18% 157.8 139.7 124.7 5.5 4.4% -10.4% 1.1x 25.4x

GREE, Inc. Japan 4.10 -20% 937.4 138.9 604.8 47.8 7.9% -10.2% 0.2x 2.9x

HolidayCheck Group AG * Germany 1.79 -44% 101.1 92.6 109.8 (44.1) NM -30.2% 0.8x NM

HUYA Inc. China 15.52 -45% 3,406.5 1,963.9 1,292.7 61.6 4.8% 67.9% 1.5x 31.9x

International Game Technology PLC United Kingdom 8.43 -48% 1,723.4 9,210.7 4,581.1 1,343.8 29.3% -3.9% 2.0x 6.9x

iQIYI, Inc. China 16.59 -40% 12,171.2 13,398.4 4,187.2 1,167.2 27.9% 9.4% 3.2x 11.5x

mixi, Inc. Japan 16.27 -28% 1,225.7 95.4 1,042.5 186.5 17.9% -22.1% 0.1x 0.5x

Meitu, Inc. * China 0.19 -48% 800.9 459.7 140.4 (42.8) NM 3.2% 3.3x NM

Ncsoft Corporation South Korea 638.76 -7% 13,163.2 11,822.6 1,705.6 429.7 25.2% 29.7% 6.9x 27.5x

NAVER Corporation South Korea 182.73 -10% 26,563.1 25,235.0 5,605.3 1,053.9 18.8% 17.7% 4.5x 23.9x

NetEase, Inc. China 382.90 -10% 49,898.2 43,716.7 8,737.8 2,435.0 27.9% 20.3% 5.0x 18.0x

NEXON Co., Ltd. Japan 20.85 -5% 18,414.5 13,805.1 2,214.0 949.1 42.9% -7.0% 6.2x 14.5x

Opera Limited Norway 6.18 -59% 737.0 576.4 423.2 67.0 15.8% 131.7% 1.4x 8.6x

Pacific Online Limited China 0.15 -42% 167.0 105.8 142.3 32.8 23.1% -3.1% 0.7x 3.2x

Phoenix New Media Limited * China 1.26 -66% 91.7 (66.0) 214.8 (33.0) NM 10.4% NM 2.0x

Renren Inc. * China 4.49 -18% 104.3 190.9 449.6 (79.9) NM 3.0% 0.4x NM

Sea Limited * Singapore 79.80 -9% 37,192.9 36,184.9 2,538.4 (785.4) NM 147.9% 14.3x NM

Sogou Inc. China 3.19 -45% 1,248.4 117.7 1,176.8 100.3 8.5% 4.3% 0.1x 1.2x

Spotify Technology S.A. * Sweden 180.93 -8% 33,644.8 32,695.3 7,803.3 4.4 0.1% 26.1% 4.2x NM

Tencent Music Entertainment China 12.92 -23% 21,673.7 18,747.9 3,672.6 621.5 16.9% 26.2% 5.1x 30.2x

Weibo Corporation China 30.77 -45% 6,968.2 6,303.8 1,691.1 558.6 33.0% -4.3% 3.7x 11.3x

Wemade Co.,Ltd. * South Korea 25.31 -20% 415.1 350.7 96.9 4.3 4.5% -0.7% 3.6x 81.0x

Yandex N.V. Netherlands 40.23 -18% 13,182.7 12,315.2 2,372.7 505.8 21.3% 33.8% 5.2x 24.3x

JOYY Inc. China 61.05 -24% 4,915.8 2,820.9 3,945.9 278.9 7.1% 61.6% 0.7x 10.1x

Average 4.4x 17.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (34.0x)

Internationally-based Digital Media and Internet

Last Twelve Months

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Driven by your success.Page 24*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise Last Twelve Months Multiples

Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

1-800-FLOWERS.COM, Inc. $22.14 -13% $ 1,423.2 $ 1,358.5 $ 1,331.1 $ 87.1 6.5% 9.2% 1.0x 15.6x

Alphabet Inc. 1,433.52 -6% 977,003.4 876,578.4 166,677.0 48,300.0 29.0% 17.4% 5.3x 18.1x

Amazon.com, Inc. 2,442.37 -3% 1,218,195.6 1,247,054.6 296,274.0 36,270.0 12.2% 22.7% 4.2x 34.4x

Apple Inc. 317.94 -3% 1,378,058.5 1,402,768.5 267,981.0 77,305.0 28.8% 3.7% 5.2x 18.1x

Blucora, Inc. 12.15 -63% 581.4 884.6 755.5 81.1 10.7% 30.2% 1.2x 10.9x

Blue Apron Holdings, Inc. 9.42 -67% 126.1 186.2 414.8 (31.2) NM -32.3% 0.4x NM

Booking Holdings Inc. 1,639.42 -22% 67,103.0 69,128.0 14,517.0 5,439.0 37.5% 0.6% 4.8x 12.7x

CarGurus, Inc. 25.98 -36% 2,926.7 2,848.5 611.3 48.9 8.0% 24.6% 4.7x 58.2x

Carvana Co. 92.98 -19% 6,430.5 8,186.8 4,282.9 (296.2) NM 82.2% 1.9x NM

CDW Corporation 110.91 -24% 15,784.5 19,517.0 18,463.7 1,444.7 7.8% 11.3% 1.1x 13.5x

Chegg, Inc. 61.08 -10% 7,552.3 7,719.9 445.1 59.4 13.4% 30.3% 17.3x NM

Chewy, Inc. 44.44 -11% 17,844.9 17,848.7 4,846.7 (230.7) NM 37.2% 3.7x NM

Copart, Inc. 89.39 -15% 20,986.8 21,196.7 2,222.5 891.1 40.1% 14.1% 9.5x 23.8x

eBay Inc. 45.54 -3% 32,000.0 36,765.0 10,761.0 3,070.0 28.5% 1.7% 3.4x 12.0x

Etsy, Inc. 80.98 -8% 9,610.5 9,660.1 877.1 117.6 13.4% 34.5% 11.0x 82.1x

Expedia Group, Inc. 79.48 -45% 11,205.3 15,954.3 11,667.0 1,069.0 9.2% 3.0% 1.4x 14.9x

Grubhub Inc. 56.74 -29% 5,217.5 5,413.6 1,351.4 41.4 3.1% 23.0% 4.0x NM

IAC/InterActiveCorp 270.37 -6% 22,972.0 24,791.0 4,880.0 787.9 16.1% 11.6% 5.1x 31.5x

Liberty TripAdvisor Holdings, Inc. 2.38 -82% 243.6 3,337.6 1,462.0 239.0 16.3% -9.4% 2.3x 14.0x

Liquidity Services, Inc. 5.71 -32% 194.3 153.9 218.0 (10.5) NM 1.8% 0.7x NM

Lyft, Inc. 31.26 -54% 9,590.9 7,453.8 3,795.6 (1,838.5) NM 49.7% 2.0x NM

Match Group, Inc. 89.04 -7% 25,300.1 26,646.7 2,131.3 717.1 33.6% 19.3% 12.5x 37.2x

Overstock.com, Inc. 18.37 -38% 740.8 730.3 1,443.3 (97.3) NM -17.2% 0.5x NM

Peloton Interactive, Inc. 42.19 -15% 11,949.6 11,038.9 1,442.2 (193.4) NM 80.7% 7.7x NM

PetMed Express, Inc. 36.10 -13% 721.4 617.8 284.1 33.2 11.7% 0.2% 2.2x 18.6x

Qurate Retail, Inc. 8.24 -44% 3,435.0 10,054.0 13,293.0 1,805.0 13.6% -4.5% 0.8x 5.6x

Revolve Group, Inc. 14.06 -71% 975.5 901.9 609.7 50.5 8.3% 16.6% 1.5x 17.9x

Shutterstock, Inc. 37.92 -18% 1,351.1 1,100.9 648.5 39.6 6.1% 2.4% 1.7x 27.8x

SmileDirectClub, Inc. 7.81 -63% 848.3 936.6 721.8 (588.2) NM 49.1% 1.3x NM

Spark Networks SE 2.99 -76% 77.8 76.1 114.7 5.8 5.1% 4.4% 0.7x 13.1x

Stamps.com Inc. 198.15 -11% 3,385.4 3,251.9 587.2 121.9 20.8% -0.4% 5.5x 26.7x

Stitch Fix, Inc. 23.12 -29% 2,369.3 2,218.1 1,737.6 24.1 1.4% 26.7% 1.3x 92.2x

Uber Technologies, Inc. 36.32 -23% 62,978.4 64,457.4 14,591.0 (8,223.0) NM 23.8% 4.4x NM

U.S. Auto Parts Network, Inc. 6.97 -27% 271.1 275.8 293.7 1.6 0.5% 2.8% 0.9x NM

Wayfair Inc. 171.55 -13% 16,234.6 17,854.7 9,512.3 (856.3) NM 30.0% 1.9x NM

Average 4.8x 23.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (49.8x)

US-based e-commerce

Last Twelve Months

Page 26: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 25*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Internationally-based e-commerce

Stock Price Change % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

58.com Inc. China $48.01 -31% $ 7,195.0 $ 5,841.4 $ 2,237.1 $ 467.1 20.9% 18.6% 2.6x 12.5x

Alibaba Group Holding Limited China 207.39 -10% 556,583.4 539,266.5 71,972.7 17,779.9 24.7% 35.3% 7.5x 30.3x

Cango Inc. China 4.80 -51% 724.7 660.3 188.4 39.1 20.7% 11.7% 3.5x 16.9x

Cnova N.V. Netherlands 3.56 -13% 1,228.1 1,780.3 2,463.1 55.4 2.2% 0.9% 0.7x 32.1x

Despegar.com, Corp. Argentina 7.10 -54% 480.6 314.6 542.1 70.8 13.1% -9.2% 0.6x 4.4x

Farfetch Limited * United Kingdom 13.86 -41% 4,706.8 4,730.7 1,178.4 (310.3) NM 81.1% 4.0x NM

JD.com, Inc. * China 54.33 -6% 79,493.8 76,744.0 85,006.0 1,688.0 2.0% 24.6% 0.9x 45.5x

Jumia Technologies AG * Germany 4.49 -84% 352.1 152.2 173.9 (241.9) NM 18.0% 0.9x NM

LightInTheBox Holding Co., Ltd. * China 0.80 -49% 89.4 65.2 243.6 (13.5) NM 7.1% 0.3x NM

MercadoLibre, Inc. * Argentina 851.67 -3% 42,336.5 41,283.9 2,474.6 (113.8) NM 55.4% 16.7x NM

MOGU Inc. * China 1.32 -74% 140.7 (13.9) 117.9 (49.7) NM -22.2% NM 0.3x

PChome Online Inc. Taiwan 3.86 -30% 452.7 382.6 1,334.8 17.6 1.3% 13.4% 0.3x 21.7x

Pinduoduo Inc. * China 66.87 -4% 80,085.3 75,211.7 4,537.9 (1,432.1) NM 97.4% 16.6x NM

Rakuten, Inc. * Japan 9.06 -25% 12,301.8 14,237.6 12,221.7 (223.2) NM 15.4% 1.2x NM

Secoo Holding Limited China 2.33 -72% 117.1 241.2 986.5 33.7 3.4% 27.5% 0.2x 7.2x

trivago N.V. Germany 2.10 -61% 741.3 619.0 845.6 27.4 3.2% -11.0% 0.7x 22.6x

Uxin Limited * China 1.53 -60% 452.7 748.9 228.1 (143.9) NM 140.9% 3.3x NM

Vipshop Holdings Limited China 17.34 -8% 11,659.8 11,095.8 12,774.5 899.7 7.0% 5.2% 0.9x 12.3x

X Financial * China 0.69 -83% 110.6 (33.7) 443.5 119.2 26.9% -12.8% NM NM

Average 6.4x 29.7x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.1x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.2x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 26

• The Marketing Technology segment announced 73 transactions in May 2020

• Marketing Technology transactions included:

‒ The $225 million investment event and ticketing platform Eventbrite received from Francisco Partners

‒ The $190 million round of funding digital experience analytics platform Contentsquare raised from BlackRock, Bpifrance, Eurazeo

Growth, Canaan, GPE Hermes, Highland Europe, H14 and KKR

‒ Customer experience software Asapp’s $185 million round of funding from Emergence Capital, March Capital Partners, Euclidean

Capital, Telstra Ventures, HOF Capital, and Vast Ventures

‒ The sale of mobile marketing analytics tracking platform TUNE to Constellation Software-owned Perseus Operating Group

‒ Templafy’s purchase of Denmark-based sales enablement platform Napp

‒ K1 Investment Management’s sale of financial adviser marketing automation company FMG Suite to Aurora Capital Partners

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 114 $3,073.9 101 $1,908.3 398 $10,320.3 20 $26.1

Private Equity - Buyout 10 1,107.0 9 2,350.0 40 5,312.0 5 0.0

Private Equity - VC/Growth Capital 130 3,187.8 119 2,285.5 489 11,001.1 48 1,321.7

Total 254 $7,368.7 229 $6,543.8 927 $26,633.4 73 $1,347.8

Marketing Technology

4Q19 1Q20 LTM May-20

$4.0

$2.9 $3.0

$0.9

$2.9

$1.6

$2.8

$1.6

$3.8

$1.1

$0.7

$1.3

59 82 83 73 105 79 70 76 7875 74 73

10

20

30

40

50

60

70

80

90

100

110

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

$3.0

$3.5

$4.0

$4.5

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Page 28: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 27*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise

Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Adobe Inc. $386.60 -1% $ 186,264.21 $ 186,804.21 $ 11,661.30 $ 4,077.89 35.0% 22.1% 16.0x 45.8x

AppFolio, Inc. 158.51 -10% 5,428.8 5,498.2 271.4 17.9 6.6% 32.5% 20.3x NM

Blackbaud, Inc. 58.61 -40% 2,831.1 3,454.0 908.2 105.8 11.7% 5.6% 3.8x 32.6x

Brightcove Inc. 8.03 -38% 313.0 306.7 189.3 (3.3) NM 14.4% 1.6x NM

Cardlytics, Inc. 68.09 -37% 1,836.2 1,746.7 220.0 (16.4) NM 42.9% 7.9x NM

ChannelAdvisor Corporation 13.95 -4% 395.7 354.5 130.4 14.7 11.3% -0.7% 2.7x 24.2x

Eventbrite, Inc. 8.62 -62% 751.0 401.1 294.6 (179.5) NM -1.3% 1.4x NM

eBay Inc. 45.54 -3% 32,000.0 36,765.0 10,761.0 3,070.0 28.5% 1.7% 3.4x 12.0x

Endurance International Group 3.58 -42% 502.8 2,164.9 1,104.8 271.1 24.5% -2.6% 2.0x 8.0x

Five9, Inc. 104.20 -4% 6,463.4 6,364.7 348.6 13.7 3.9% 27.5% 18.3x NM

GoDaddy Inc. 77.25 -6% 12,766.7 14,600.0 3,070.1 470.7 15.3% 12.2% 4.8x 31.0x

HubSpot, Inc. 199.94 -8% 8,722.8 8,364.7 722.0 (33.7) NM 31.2% 11.6x NM

IBM Corporation 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x

LivePerson, Inc. 37.45 -17% 2,479.1 2,508.1 303.3 (71.4) NM 17.6% 8.3x NM

Marin Software Incorporated 1.49 -56% 10.2 15.9 44.2 (13.2) NM -21.9% 0.4x NM

Medallia, Inc. 28.28 -37% 3,907.9 3,573.0 421.5 (129.6) NM 25.2% 8.5x NM

MicroStrategy Incorporated 124.48 -25% 1,215.4 786.0 482.4 27.1 5.6% -1.6% 1.6x 29.0x

Nuance Communications, Inc. 22.88 -4% 6,435.5 7,793.5 1,854.4 388.2 20.9% 10.0% 4.2x 20.1x

Oracle Corporation 53.77 -11% 169,568.2 197,922.2 39,766.0 16,371.0 41.2% 1.0% 5.0x 12.1x

PayPal Holdings, Inc. 155.01 -2% 182,006.7 180,561.7 18,262.0 3,298.0 18.1% 14.9% 9.9x 54.7x

PROS Holdings, Inc. 38.95 -48% 1,686.2 1,575.9 260.5 (46.6) NM 26.9% 6.0x NM

salesforce.com, inc. 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x

SharpSpring, Inc. 9.90 -37% 114.1 110.2 24.4 (8.5) NM 23.4% 4.5x NM

Sprout Social, Inc. 27.55 -13% 1,387.4 1,275.4 109.9 (48.6) NM 30.6% 11.6x NM

SVMK Inc. 20.15 -10% 2,782.1 2,938.9 327.0 (46.9) NM 23.7% 9.0x NM

Square, Inc. 81.08 -12% 35,622.6 35,287.6 5,135.3 16.1 0.3% 43.1% 6.9x NM

GlobalData Plc 17.59 -7% 2,075.1 2,198.4 236.0 45.6 19.3% 13.1% 9.3x 48.2x

Teradata Corporation 21.41 -43% 2,323.0 2,624.0 1,865.0 130.0 7.0% -12.3% 1.4x 20.2x

Verint Systems Inc. 46.37 -22% 2,992.1 3,579.3 1,303.6 159.1 12.2% 6.0% 2.7x 22.5x

Veritone, Inc. 8.49 -30% 229.9 180.8 49.4 (53.0) NM 42.1% 3.7x NM

Zoom Video Communications, Inc. 179.48 -20% 50,605.2 49,822.5 828.8 53.0 6.4% 111.2% 60.1x NM

Zendesk, Inc. 85.75 -10% 9,794.9 9,924.6 872.4 (116.3) NM 34.1% 11.4x NM

Adjusted Weighted Average 8.7x 12.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (43.2x)

US-based Marketing Technology

Last Twelve Months Last Twelve Months Multiples

Page 29: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 28*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Change % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Baozun Inc. China $26.49 -53% $ 1,669.59 $ 1,781.44 $ 1,061.15 $ 74.58 7.0% 30.5% 1.7x 23.9x

Bitauto Holdings Limited China 12.88 -17% 914.9 4,601.8 1,544.3 (30.9) NM 1.6% 3.0x NM

ChinaCache International Holdings China 0.02 -96% 0.68 73.19 131.93 (0.27) NM -0.4% 0.6x NM

MercadoLibre, Inc. Argentina 851.67 -3% 42,336.5 41,283.9 2,474.6 (113.8) NM 55.4% 16.7x NM

Open Text Corporation Canada 41.54 -13% 11,248.8 14,267.9 3,030.3 895.7 29.6% 5.4% 4.7x 15.9x

Shopify Inc. Canada 757.80 -10% 90,433.0 88,214.0 1,727.7 (133.2) NM 46.5% 51.1x NM

The Sage Group plc United Kingdom 8.53 -18% 9,301.3 9,595.0 2,432.7 732.1 30.1% 2.6% 3.9x 13.1x

United Internet AG Germany 41.00 -6% 7,676.6 9,672.6 5,765.9 1,212.4 21.0% 2.7% 1.7x 8.0x

Wix.com Ltd. Israel 222.33 -4% 11,455.8 11,177.4 802.8 (73.4) NM 25.4% 13.9x NM

Adjusted Weighted Average 6.5x 15.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (45.3x) and EBITDA multiples that are 1.0 standard deviations above the mean (21.9x)

Last Twelve Months Multiples

Internationally-based Marketing Technology

Last Twelve Months

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Driven by your success.Page 29

• There were 12 transactions completed in the Digital Advertising segment in May 2020

• Strategic transactions accounted for two-thirds of segment activity

• Select transactions in the segment include:

‒ The $50 million round of funding marketing automation tool Bluecore raised from Georgian Partners, FirstMark Capital, and Norwest

Venture Partners

‒ Twitter’s acquisition of payable ad demand-side platform CrossInstall

‒ Move.com’s sale of online senior housing directory SeniorHousingNet.com to Caring.com

‒ The acquisition of personalized notification platform Jeeng by PowerInbox

‒ CANOPY’s purchase of Amazon-focused keyword optimization platform PPC Scope

‒ The sale of paid search platform BrandVerity to Partnerize

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 35 $3,073.9 30 $1,829.1 126 $4,494.4 9 $0.0

Private Equity - Buyout 1 1,107.0 3 1,100.0 14 2,852.0 1 0.0

Private Equity - VC/Growth Capital 26 3,187.8 29 1,023.8 119 3,505.9 2 67.0

Total 62 $7,368.7 62 $3,952.9 259 $10,852.3 12 $67.0

Digital Advertising

4Q19 1Q20 LTM May-20

$0.6

$1.9

$1.4

$0.5 $0.6

$0.9 $0.9

$1.9 $1.9

$0.2 $0.1 $0.127 30 21 33 27 19 16 25

1720

12

12 10

15

20

25

30

35

$0.0

$0.5

$1.0

$1.5

$2.0

$2.5

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

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Driven by your success.Page 30*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

US-based Digital Advertising

Stock Price Change % From Equity Enterprise Last Twelve Months Multiples

Company Name 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Alliance Data Systems Corporation $46.33 -71% $ 2,206.6 $ 18,877.2 $ 5,628.9 $ 976.1 17.3% 0.2% 3.4x 19.3x

Alphabet Inc. 1,433.52 -6% 977,003.4 876,578.4 166,677.0 48,300.0 29.0% 17.4% 5.3x 18.1x

ANGI Homeservices Inc. 10.85 -30% 5,372.6 5,263.8 1,366.4 161.7 11.8% 15.8% 3.9x 32.6x

AutoWeb, Inc. 0.97 -76% 12.8 15.9 106.8 (7.3) NM -14.4% 0.1x NM

CarGurus, Inc. 25.98 -36% 2,926.7 2,848.5 611.3 48.9 8.0% 24.6% 4.7x 58.2x

DHI Group, Inc. 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x

EverQuote, Inc. 53.92 -9% 1,457.6 1,407.1 277.9 (2.8) NM 59.0% 5.1x NM

Facebook, Inc. 225.09 -7% 641,304.7 591,829.7 73,357.0 32,545.0 44.4% 24.4% 8.1x 18.2x

Fluent, Inc. 2.00 -67% 152.1 198.9 294.1 22.0 7.5% 12.7% 0.7x 9.0x

Groupon, Inc. 1.28 -66% 724.1 346.0 2,218.9 89.0 4.0% -15.8% 0.2x 3.9x

Inuvo, Inc. 0.43 -45% 27.2 29.6 61.0 (4.7) NM -10.7% 0.5x NM

LendingTree, Inc. 260.02 -40% 3,396.9 3,774.8 1,127.3 139.4 12.4% 33.2% 3.3x 27.1x

QuinStreet, Inc. 10.14 -41% 526.8 443.8 495.3 19.3 3.9% 11.4% 0.9x 23.0x

Quotient Technology Inc. * 6.96 -42% 626.0 607.1 436.8 7.0 1.6% 9.7% 1.4x 87.0x

Redfin Corporation 29.99 -9% 2,953.5 2,904.2 860.7 (58.3) NM 66.4% 3.4x NM

SelectQuote, Inc. 27.52 -5% 4,453.2 4,860.3 464.5 122.5 26.4% 0.0% 10.5x 39.7x

Snap Inc. 18.94 -5% 27,376.6 26,528.0 1,857.6 (888.5) NM 46.2% 14.3x NM

The Rubicon Project, Inc. 6.27 -52% 673.4 622.7 160.3 (1.5) NM 21.2% 3.9x NM

The Trade Desk, Inc. * 311.56 -13% 14,349.9 14,274.3 700.7 135.5 19.3% 36.7% 20.4x 105.4x

Travelzoo 6.12 -67% 69.2 63.1 111.4 10.6 9.5% 0.1% 0.6x 5.9x

TripAdvisor, Inc. 19.28 -60% 2,587.2 2,514.2 1,462.0 194.0 13.3% -9.4% 1.7x 13.0x

TrueCar, Inc. 2.70 -52% 289.6 147.8 351.8 (28.8) NM -1.8% 0.4x NM

Twitter, Inc. 30.97 -32% 24,253.5 20,719.8 3,480.1 622.0 17.9% 10.0% 6.0x 33.3x

Yelp Inc. 21.74 -45% 1,562.9 1,313.1 1,028.2 37.8 3.7% 7.6% 1.3x 34.8x

Yext, Inc. 15.79 NA 1,854.7 1,722.4 298.8 (114.0) NM 30.9% 5.8x NM

Zillow Group, Inc. 57.96 -13% 12,809.4 12,527.1 3,414.6 (175.2) NM 129.5% 3.7x NM

Average 8.0x 19.1x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (62.4x)

Last Twelve Months

Page 32: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 31*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Internationally-based Digital Advertising

Stock Price Change % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Cliq Digital AG Germany $6.39 -6% $ 39.5 $ 52.6 $ 70.9 $ 6.6 9.3% 8.5% 0.7x 8.0x

Criteo S.A. France 10.25 -51% 632.7 391.8 2,206.8 243.8 11.0% -3.8% 0.2x 1.6x

iClick Interactive Asia Group Limited Hong Kong 5.21 -8% 384.3 423.1 209.2 (5.9) NM 27.6% 2.0x NM

MakeMyTrip Limited India 15.49 -49% 1,595.3 1,405.1 526.8 (106.8) NM 0.6% 2.7x NM

Matomy Media Group Ltd. Israel 0.08 -10% 7.7 30.9 74.0 7.9 10.7% -16.6% 0.4x 3.9x

Metaps Inc. Japan 7.24 -42% 98.3 61.1 91.7 (2.1) NM 0.0% 0.7x NM

Pacific Online Limited China 0.15 -42% 167.0 105.8 142.3 32.8 23.1% -3.1% 0.7x 3.2x

Perion Network Ltd. Israel 5.51 -43% 147.2 130.4 273.7 22.4 8.2% 11.3% 0.5x 5.8x

Rightmove plc * United Kingdom 7.24 -19% 6,296.5 6,266.8 383.2 285.3 74.5% 8.0% 16.4x 22.0x

Septeni Holdings Co., Ltd. Japan 2.03 -48% 257.1 134.4 160.2 24.7 15.4% 10.0% 0.8x 5.4x

Tencent Holdings Limited * China 52.94 -8% 501,624.2 514,877.3 56,465.5 20,164.8 35.7% 23.2% 9.1x 25.5x

TradeDoubler AB (publ) * Sweden 0.28 -32% 12.5 26.6 121.5 1.1 0.9% 1.3% 0.2x 24.0x

XLMedia PLC Cyprus 0.30 -71% 55.5 37.8 79.7 27.2 34.2% -14.8% 0.5x 1.4x

Yandex N.V. * Netherlands 40.23 -18% 13,182.7 12,315.2 2,372.7 505.8 21.3% 33.8% 5.2x 24.3x

Average 2.8x 9.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.6x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 32

• A total of 24 transactions was announced in the Agency & Marketing Services segment

• Strategic transactions accounted for more than two-thirds percent of segment activity

• Select Agency & Marketing Services transactions include:

‒ The purchase of healthcare consultancy Integrated Medhealth Communication by Waterland Private Equity

‒ S4 Capital’s acquisition of Argentina-based digital analytics consulting company Digodat

‒ The acquisition of marketing services agency Tiny Horse by Team Whistle

‒ Penske Media’s acquisition of experiential production agency LDJ Productions

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value

# o

f dea

ls

40 63 53 41 68 48 39 60 54 53 23 240

10

20

30

40

50

60

70

80

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 117 $5,114.4 135 $3,060.0 430 $9,597.3 15 $0.0

Private Equity - Buyout 14 3,183.6 16 628.5 58 15,127.2 4 0.0

Private Equity - VC/Growth Capital 24 958.7 16 371.1 78 2,971.4 5 263.0

Total 155 $9,256.7 167 $4,059.6 566 $27,695.9 24 $263.0

Agency & Marketing Services

4Q19 1Q20 LTM May-20

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Driven by your success.Page 33*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Cello Health plc United Kingdom $1.34 -29% $ 142.9 $ 147.3 $ 220.9 $ 14.0 6.3% 4.9% 0.7x 10.5x

Dentsu Group Inc. Japan 26.79 -31% 7,340.0 11,397.5 9,758.6 1,615.2 16.6% NM 1.2x 7.1x

Enero Group Limited Australia 1.03 -36% 87.6 77.6 179.4 16.6 9.2% 29.2% 0.4x 4.7x

Hakuhodo DY Holdings Inc Japan 12.43 -28% 4,640.4 4,156.1 13,626.6 646.6 4.7% 1.4% 0.3x 6.4x

M&C Saatchi plc United Kingdom 0.77 -84% 89.1 134.4 538.5 27.9 5.2% 23.5% 0.2x 4.8x

MDC Partners Inc. United States 1.32 -62% 98.0 1,378.6 1,414.8 170.8 12.1% -4.3% 1.0x 8.1x

Next Fifteen Communications Group United Kingdom 4.28 -49% 381.1 458.8 396.7 52.6 13.3% 10.4% 1.2x 8.7x

Omnicom Group Inc. United States 54.79 -36% 11,740.6 16,060.4 14,891.7 2,295.3 15.4% -1.6% 1.1x 7.0x

OPT Holding, Inc. Japan 14.20 -22% 315.1 263.1 853.2 30.1 3.5% 6.8% 0.3x 8.7x

Publicis Groupe S.A. France 28.37 -51% 6,698.3 12,550.4 12,345.4 2,134.4 17.3% 10.6% 1.0x 5.9x

S4 Capital plc * United Kingdom 2.84 -10% 1,344.8 1,348.7 284.9 34.7 12.2% 128.8% 4.7x 38.8x

The Interpublic Group of Companies, United States 17.11 -32% 6,666.3 11,177.4 8,592.4 1,388.5 16.2% 4.0% 1.3x 8.0x

UDG Healthcare plc Ireland 9.05 -15% 2,269.3 2,446.7 1,335.5 188.4 14.1% 3.0% 1.8x 13.0x

WPP plc United Kingdom 7.55 -45% 9,180.3 14,315.7 17,527.4 2,129.5 12.1% 1.4% 0.8x 6.7x

1.0x 7.2xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (3.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.5x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 34*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Aimia Inc. Canada $1.89 -36% $ 177.4 $ 21.9 $ 90.9 $ (30.6) NM NM 0.2x NM

Dolphin Entertainment, Inc. United States 0.50 -64% 10.0 27.7 25.0 (1.5) NM 10.9% 1.1x NM

Fluent, Inc. United States 2.00 -67% 152.1 198.9 294.1 22.0 7.5% 12.7% 0.7x 9.0x

CSG Systems International, Inc. United States 47.35 -19% 1,511.1 1,849.6 997.6 165.8 16.6% 8.7% 1.9x 11.2x

Deluxe Corporation United States 23.33 -57% 975.9 1,859.7 1,996.1 365.1 18.3% -0.5% 0.9x 5.1x

Fair Isaac Corporation * United States 402.65 -8% 11,678.3 12,623.1 1,226.1 316.0 25.8% 16.5% 10.3x 39.9x

Harte Hanks, Inc. United States 2.28 -42% 14.7 42.1 198.9 (7.3) NM -24.2% 0.2x NM

High Co. SA France 3.89 -46% 80.2 31.0 197.2 22.5 11.4% 1.1% 0.2x 1.4x

Kin and Carta plc United Kingdom 0.80 -43% 135.1 212.5 198.8 21.9 11.0% 14.5% 1.1x 9.7x

Pitney Bowes Inc. United States 2.37 -57% 409.1 2,516.0 3,206.3 373.4 11.6% 3.1% 0.8x 6.7x

Points International Ltd. Canada 7.29 -61% 92.9 29.7 387.9 19.3 5.0% 1.3% 0.1x 1.5x

Viad Corp United States 18.34 -75% 373.8 843.2 1,392.1 126.4 9.1% 6.7% 0.6x 6.7x

1.2x 8.0xAdjusted Weighted Average

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.1x)and EBITDA multiples that are 1.0 standard deviations above the mean (21.8x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 35

• In May 2020, there were 13 Traditional Media transactions announced, with strategics accounting for more than 90 percent of activity

• Traditional Media transactions included:

‒ Trustbridge Global Media’s acquisition of children’s book publishing company Walker Books

‒ WarnerMedia’s purchase of the Spanish-Speaking HBO-Branded Services of Ole Communications

‒ Leaf Group’s sale of its library of content to Hearts Newspaper

‒ HQ Global Education’s purchase of TV production company Big M Entertainment Pictures

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 71 $6,334.2 65 $2,089.7 246 $16,293.6 12 $11.5

Private Equity - Buyout 4 485.9 5 526.0 16 1,131.2 1 37.3

Private Equity - VC/Growth Capital 4 18.5 8 308.2 23 886.2 0 0.0

Total 79 $6,838.6 78 $2,923.9 285 $18,311.0 13 $48.8

Traditional Media

4Q19 1Q20 LTM May-20

19 26 24 28 35 16 28 28 30 21 18 130

5

10

15

20

25

30

35

40

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

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Driven by your success.Page 36*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Discovery, Inc. United States $21.75 -35% $ 13,939.5 $ 30,516.5 $ 11,120.0 $ 4,592.0 41.3% 1.5% 2.7x 6.6x

Fox Corporation United States 28.78 -26% 17,508.7 21,908.7 12,398.0 2,746.0 22.1% 10.0% 1.8x 8.0x

The Walt Disney Company * United States 117.30 -24% 211,875.1 270,657.1 78,212.0 14,544.2 18.6% 30.9% 3.5x 18.6x

ViacomCBS Inc. United States 20.74 -61% 12,960.9 33,091.9 27,381.0 4,569.0 16.7% -10.5% 1.2x 7.2x

Adjusted Weighted Average 3.2x 7.3x

($ in Millions, except stock price data)

B-to-B Media

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Ascential plc United Kingdom $3.38 -37% $ 1,356.3 $ 1,599.4 $ 551.2 $ 133.9 24.3% 19.4% 2.9x 11.9x

Centaur Media Plc * United Kingdom $0.31 -51% 44.1 37.9 65.8 0.3 0.4% -1.2% 0.6x 143.1x

Emerald Holding, Inc. United States $2.22 -82% 158.6 701.9 323.2 75.2 23.3% -14.0% 2.2x 9.3x

Euromoney Institutional Investor PLC United Kingdom $9.05 -52% 973.8 913.7 320.5 70.9 22.1% 7.0% 2.9x 12.9x

Hyve Group Plc United Kingdom 1.19 -91% 97.5 346.5 260.4 (156.5) NM 0.5% 1.3x NM

Informa plc United Kingdom $5.61 -51% 8,424.5 11,970.4 3,828.0 1,240.1 32.4% 22.0% 3.1x 9.7x

MCH Group AG Switzerland 16.33 -47% 98.1 241.0 451.8 43.7 9.7% -15.2% 0.5x 5.5x

TechTarget, Inc. United States $27.49 -8% 756.8 765.1 135.4 27.3 20.2% 9.2% 5.7x 28.0x

Adjusted Weighted Average 3.2x 11.3x

($ in Millions, except stock price data)

Radio Broadcasting

Stock Price Chg % From Equity Enterprise Last Twelve Months Multiples

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Beasley Broadcast Group, Inc. United States $2.37 -43% $ 66.3 $ 346.0 $ 261.6 $ 39.7 15.2% 1.6% 1.3x 8.7x

Emmis Communications Corporation * United States 1.38 -80% 18.5 (9.1) 39.7 (12.1) NM -0.5% NM 0.7x

Entercom Communications Corp. United States 1.67 -74% 230.5 2,151.3 1,478.0 303.3 20.5% 0.5% 1.5x 7.1x

Salem Media Group, Inc. United States 0.90 -64% 24.0 315.6 251.7 28.9 11.5% -3.0% 1.3x 10.9x

Sirius XM Holdings Inc. * United States 5.82 -21% 25,486.5 33,786.5 8,002.0 2,283.0 28.5% 30.3% 4.2x 14.8x

Townsquare Media, Inc. United States 4.47 -57% 84.8 617.2 450.6 102.0 22.6% 13.6% 1.4x 6.1x

Urban One, Inc. United States 0.71 -69% 33.1 919.0 433.4 121.7 28.1% -1.0% 2.1x 7.6x

Adjusted Weighted Average 4.2x 7.1x

Large Cap Diversified Media

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.8x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (81.2x)

Last Twelve Months

Last Twelve Months Last Twelve Months Multiples

Last Twelve Months Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.3x)

Last Twelve Months

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Driven by your success.Page 37*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Broadcast, Cable, and Satellite Television

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Altice Europe N.V. Netherlands $4.00 -48% $ 4,776.5 $ 48,598.2 $ 16,385.2 $ 4,643.5 28.3% 5.2% 3.0x 10.5x

AMC Networks Inc. United States $28.27 -50% 1,471.2 4,251.5 3,010.5 845.6 28.1% -0.2% 1.4x 5.0x

CVC Limited * Australia 0.80 -57% 93.5 80.2 22.6 2.7 11.9% -44.9% 3.6x 30.0x

Charter Communications, Inc. United States 544.00 -1% 112,312.9 197,452.9 46,296.0 16,808.0 36.3% 4.8% 4.3x 11.7x

Comcast Corporation United States 39.60 -17% 180,740.6 283,503.6 108,692.0 33,692.0 31.0% 10.3% 2.6x 8.4x

Discovery, Inc. United States 21.75 -35% 13,939.5 30,516.5 11,120.0 4,592.0 41.3% 1.5% 2.7x 6.6x

DISH Network Corporation United States 31.65 -29% 16,589.7 28,071.3 12,837.9 2,574.3 20.1% -3.8% 2.2x 10.9x

Entravision Communications Corporation United States 1.50 -57% 126.1 261.6 273.1 43.1 15.8% -7.6% 1.0x 6.1x

Gray Television, Inc. United States 13.94 -40% 1,373.1 5,490.1 2,138.0 781.0 36.5% 55.4% 2.6x 7.0x

Grupo Televisa, S.A.B. Mexico 1.18 -45% 3,335.2 9,734.8 4,330.7 1,603.8 37.0% -0.5% 2.2x 6.1x

Liberty Global plc United Kingdom 21.24 -26% 12,625.8 34,138.4 11,549.3 4,585.7 39.7% -1.8% 3.0x 7.4x

Nexstar Media Group, Inc. United States 83.31 -37% 3,770.9 11,638.5 3,504.5 1,238.2 35.3% 26.2% 3.3x 9.4x

Sinclair Broadcast Group, Inc. United States 18.69 -69% 1,497.5 14,433.5 5,127.0 1,187.5 23.2% 64.8% 2.8x 12.2x

TEGNA Inc. United States 11.72 -36% 2,561.2 6,718.4 2,466.9 765.1 31.0% 11.0% 2.7x 8.8x

The E.W. Scripps Company United States 8.67 -49% 705.6 2,752.0 1,562.6 200.5 12.8% 25.4% 1.8x 13.7x

ViacomCBS Inc. United States 20.74 -61% 12,960.9 33,091.9 27,381.0 4,569.0 16.7% -10.5% 1.2x 7.2x

Adjusted Weighted Average 3.1x 9.4x

($ in Millions, except stock price data)

Entertainment Media

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Cineplex Inc. Canada $10.54 -59% $ 667.5 $ 2,100.3 $ 1,283.8 $ 201.5 15.7% 3.3% 1.6x 10.4x

Eros International Plc United States 3.23 -41% 421.4 733.9 196.4 (59.9) NM -27.9% 3.7x NM

Lions Gate Entertainment Corp. United States 7.97 -46% 1,688.7 4,723.0 3,890.0 352.7 9.1% 5.7% 1.2x 13.4x

Live Nation Entertainment, Inc. * United States 49.16 -36% 10,395.8 13,161.1 11,185.8 657.3 5.9% 1.4% 1.2x 20.0x

Fox Corporation United States 28.78 -26% 17,508.7 21,908.7 12,398.0 2,746.0 22.1% 10.0% 1.8x 8.0x

Liberty Global plc United Kingdom 21.24 -26% 12,625.8 34,138.4 11,549.3 4,585.7 39.7% -1.8% 3.0x 7.4x

Village Roadshow Limited Australia 1.36 -52% 265.7 705.9 664.7 42.4 6.4% -2.7% 1.1x 16.7x

World Wrestling Entertainment, Inc. United States 46.27 -41% 3,582.0 3,898.9 1,069.0 232.3 21.7% 15.6% 3.6x 16.8x

Adjusted Weighted Average 2.1x 7.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (15.9x)

Last Twelve Months Multiples Last Twelve Months

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (4.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.8x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 38*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Out-of-Home Media

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

APG|SGA SA Switzerland $189.31 -39% $ 567.3 $ 523.9 $ 330.6 $ 62.6 18.9% 5.4% 1.6x 8.4x

Clear Channel Outdoor Holdings, Inc. United States 0.97 -82% 450.8 7,131.1 2,647.5 521.1 19.7% -2.3% 2.7x 13.7x

Clear Media Limited Hong Kong 0.95 -1% 514.3 817.9 207.7 64.2 30.9% -19.8% 3.9x 12.7x

JCDecaux SA France 20.33 -36% 4,328.6 10,769.3 3,913.8 830.8 21.2% 9.6% 2.8x 13.0x

Lamar Advertising Company (REIT) United States 66.30 -32% 6,680.3 10,979.5 1,775.8 769.2 43.3% 7.6% 6.2x 14.3x

National CineMedia, Inc. United States 2.75 -72% 214.4 1,344.8 432.6 160.6 37.1% -1.3% 3.1x 8.4x

NTN Buzztime, Inc. United States 1.12 -72% 3.3 6.3 17.4 (0.6) NM -22.5% 0.4x NM

Outfront Media Inc. United States 14.04 -55% 2,026.7 5,972.4 1,795.8 452.9 25.2% 9.5% 3.3x 13.2x

Stingray Group Inc. Canada 3.03 -48% 223.0 497.1 216.4 75.8 35.0% 44.2% 2.3x 6.6x

TOM Group Limited * Hong Kong 0.14 -45% 556.2 970.1 117.6 16.6 14.1% -3.0% 8.2x 58.5x

Adjusted Weighted Average 4.3x 13.3x

($ in Millions, except stock price data)

Publishing

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

A.H. Belo Corporation United States $1.55 -60% $ 33.2 $ 9.3 $ 183.6 $ (0.5) NM -9.3% 0.1x NM

Daily Mail and General Trust plc United Kingdom 8.84 -22% 1,974.6 1,726.2 1,660.0 175.0 10.5% 4.0% 1.0x 9.9x

Emmis Communications Corporation * United States 1.38 -80% 18.5 (9.1) 39.7 (12.1) NM -0.5% NM 0.7x

Gannett Co., Inc. United States 1.31 -88% 171.8 1,948.7 2,429.0 254.9 10.5% 54.4% 0.8x 7.6x

Glacier Media Inc. Canada 0.16 -71% 20.4 57.2 129.7 0.2 0.1% -2.1% 0.4x NM

John Wiley & Sons, Inc. United States 40.20 -20% 2,253.1 3,112.9 1,848.0 307.2 16.6% 3.5% 1.7x 10.1x

Meredith Corporation United States 14.94 -74% 805.5 4,109.4 3,023.0 618.1 20.4% -5.7% 1.4x 6.6x

News Corporation United States 12.25 -19% 7,213.9 9,113.9 9,551.0 880.0 9.2% 2.4% 1.0x 10.4x

Pearson plc United Kingdom 5.80 -50% 4,284.7 5,841.1 5,124.2 688.7 13.4% -6.3% 1.1x 8.5x

Scholastic Corporation United States 29.40 -36% 1,007.6 848.1 1,673.8 75.6 4.5% -0.3% 0.5x 11.2x

The E.W. Scripps Company United States 8.67 -49% 705.6 2,752.0 1,562.6 200.5 12.8% 25.4% 1.8x 13.7x

The McClatchy Company United States 0.11 -97% 0.9 798.2 709.5 50.2 7.1% -12.1% 1.1x 15.9x

The New York Times Company * United States 39.23 -5% 6,538.2 6,105.1 1,784.8 209.9 11.8% 2.1% 3.4x 29.1x

Adjusted Weighted Average 1.1x 9.8x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (27.7x)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (18.3x)

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

Last Twelve Months Last Twelve Months Multiples

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 39

• A total of 286 transactions was announced in the Software segment, of which 186 were valued at $8.2 billion

• VC/Growth Capital transactions represented 63 percent of segment activity

• In addition to the acquisition of ThousandEyes, Conga, and the investment in Samsara deals completed in the segment include:

‒ The $280 million round of funding investing platform Robinhood raised at an $8.3 billion valuation from Sequoia Capital, NEA, Ribbit Capital,

and Unusual Ventures

‒ Change Healthcare’s acquisition of pharmacy solutions company eRx for $213

‒ SoftBank’s $200 million investment in construction technology company Katerra

‒ The $194 million telehealth company Amwell raised from Allainz X and Takeda

‒ The $150 million round of funding construction software company Procore Technologies raised at a $5 billion valuation from D1 Capital

Partners

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

288

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 276 $14,709.0 366 $23,985.6 1,181 $73,964.5 94 $2,527.0

Private Equity - Buyout 44 7,045.8 53 19,960.0 180 39,319.1 10 20.0

Private Equity - VC/Growth Capital 397 9,115.2 420 15,705.4 1,749 52,439.8 182 5,657.4

Total 717 $30,870.0 839 $59,651.0 3,110 $165,723.4 286 $8,204.4

Software

4Q19 1Q20 LTM May-20

$18.1

$8.3

$18.5$14.9

$9.0

$6.2

$15.7

$26.5

$19.1

$14.0

$7.3 $8.2

245 247 223 285 292225 200 268 277 294 269

286

10

60

110

160

210

260

310

$0.0

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Page 41: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 40*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Alfa Financial Software Holdings PLC United Kingdom $0.96 -40% $ 289.2 $ 240.0 $ 85.4 $ 19.0 22.3% -9.2% 2.8x 12.6x

Anaplan, Inc. United States 45.92 -28% 6,289.5 6,025.4 376.0 (133.2) NM 41.9% 16.0x NM

Avalara, Inc. United States 107.06 -4% 8,395.9 8,015.2 408.9 (48.5) NM 38.3% 19.6x NM

Bill.com Holdings, Inc. * United States 69.64 -29% 5,054.4 4,674.3 147.2 (25.2) NM 0.0% 31.8x NM

BlackLine, Inc. United States 74.30 -7% 4,189.5 3,986.5 307.4 (10.8) NM 27.8% 13.0x NM

Coupa Software Incorporated * United States 227.51 -4% 15,161.5 15,177.7 389.7 (44.9) NM 49.7% 38.9x NM

Donnelley Financial Solutions, Inc. United States 8.15 -45% 274.9 683.7 865.8 99.2 11.5% -7.6% 0.8x 6.9x

Ebix, Inc. United States 22.41 -58% 683.7 1,392.6 575.6 148.8 25.8% 8.1% 2.4x 9.4x

GreenSky, Inc. United States 4.02 -70% 257.3 293.5 547.1 147.4 26.9% 26.3% 0.5x 2.0x

Guidewire Software, Inc. United States 102.58 -17% 8,502.4 7,873.3 706.5 (5.0) NM -6.0% 11.1x NM

i3 Verticals, Inc. United States 28.86 -24% 434.3 619.6 286.3 27.4 9.6% -15.5% 2.2x 22.6x

Intuit Inc. United States 290.32 -5% 75,707.1 72,399.1 6,857.0 1,745.0 25.4% 3.1% 10.6x 41.5x

Model N, Inc. United States 32.12 -10% 1,101.0 1,085.2 149.7 (7.7) NM 2.3% 7.3x NM

Performant Financial Corporation United States 0.60 -62% 32.4 92.3 161.4 1.6 1.0% 20.9% 0.6x 58.8x

Q2 Holdings, Inc. United States 82.62 -12% 4,396.1 4,756.6 336.6 (44.4) NM 30.7% 14.1x NM

RealPage, Inc. United States 67.82 -2% 6,714.0 7,812.6 1,030.5 173.7 16.9% 14.2% 7.6x 45.0x

SS&C Technologies Holdings, Inc. United States 57.90 -13% 14,835.1 22,099.5 4,669.3 1,711.7 36.7% 12.9% 4.7x 12.9x

StoneCo Ltd. * Brazil 31.68 -32% 8,777.7 9,250.2 228.4 12.5 5.5% 40.8% 40.5x NM

Tradeweb Markets Inc. United States 65.96 -4% 11,930.8 10,005.2 774.8 229.2 29.6% 17.3% 12.9x 43.7x

Tyler Technologies, Inc. * United States 375.31 -2% 14,922.9 14,604.6 1,115.9 203.9 18.3% 16.1% 13.1x 71.6x

Zuora, Inc. United States 12.01 -28% 1,389.5 1,296.2 285.8 (71.0) NM 15.8% 4.5x NM

Adjusted Weighted Average 10.2x 37.7x

($ in Millions, except stock price data)

Healthcare Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Allscripts Healthcare Solutions, Inc. United States $6.32 -47% $ 1,027.3 $ 2,004.2 $ 1,756.3 $ 84.2 4.8% 0.5% 1.1x 23.8x

Cegedim SA France 29.68 -18% 410.7 685.7 565.3 74.8 13.2% 7.7% 1.2x 9.2x

Cerner Corporation United States 72.90 -10% 22,187.0 23,306.6 5,714.5 1,168.9 20.5% 4.6% 4.1x 19.9x

Computer Programs and Systems, Inc. United States 22.12 -38% 310.4 415.4 275.3 34.0 12.4% -1.2% 1.5x 12.2x

Craneware plc United Kingdom 23.08 -42% 611.1 571.6 71.4 20.5 28.7% -0.5% 8.0x 27.9x

HealthEquity, Inc. United States 61.97 -30% 4,424.5 5,533.9 635.0 187.4 29.5% 108.6% 8.7x 29.5x

McKesson Corporation United States 158.67 -8% 25,681.3 32,705.3 231,051.0 3,763.0 1.6% 7.8% 0.1x 8.7x

NantHealth, Inc. United States 2.64 -19% 292.0 463.2 93.9 (15.2) NM 7.5% 4.9x NM

NextGen Healthcare, Inc. United States 10.32 -50% 678.0 737.9 540.2 31.6 5.8% 2.1% 1.4x 23.4x

Streamline Health Solutions, Inc. United States 0.93 -55% 28.0 30.2 20.7 0.6 2.8% -7.3% 1.5x 51.3x

Veeva Systems Inc. * United States 218.87 -1% 32,837.0 31,508.6 1,196.4 327.8 27.4% 31.3% 26.3x 96.1x

Adjusted Weighted Average 2.6x 15.6x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.7x)and EBITDA multiples that are 1.0 standard deviations

Financial & Credit/Risk Management Software

Last Twelve Months Last Twelve Months Multiples

Last Twelve Months Last Twelve Months Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.4x)and EBITDA multiples that are 1.0 standard deviations

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Driven by your success.Page 41*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

HR Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

51job, Inc. China $64.49 -30% $ 4,314.6 $ 2,774.0 $ 547.8 $ 166.1 30.3% -0.3% 5.1x 16.7x

Benefitfocus, Inc. United States 12.73 -56% 408.2 585.7 293.5 (11.8) NM 10.9% 2.0x NM

Castlight Health, Inc. United States 0.79 -76% 117.8 92.9 146.9 (30.7) NM -5.5% 0.6x NM

Ceridian HCM Holding Inc. United States 68.87 -13% 9,987.6 10,448.2 843.1 120.2 14.3% 11.6% 12.4x 86.9x

Cornerstone OnDemand, Inc. United States 38.65 -40% 2,467.1 2,378.2 586.5 28.6 4.9% 7.6% 4.1x 83.3x

DHI Group, Inc. United States 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x

Domo, Inc. United States 25.32 -28% 729.4 731.7 173.4 (112.2) NM 21.7% 4.2x NM

Paycom Software, Inc. * United States 297.23 -13% 17,070.8 16,943.4 780.1 279.1 35.8% 27.4% 21.7x 60.7x

Paylocity Holding Corporation United States 130.01 -14% 6,979.5 6,881.7 551.1 90.1 16.4% 24.2% 12.5x 76.4x

Pluralsight, Inc. United States 20.83 -37% 2,198.1 2,339.8 339.9 (142.2) NM 34.9% 6.9x NM

Workday, Inc. United States 183.43 -19% 43,137.2 42,638.1 3,820.5 (157.7) NM 26.1% 11.2x NM

Adjusted Weighted Average 10.5x 66.3x

($ in Millions, except stock price data)

Security Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Absolute Software Corporation Canada $9.63 -9% $ 408.8 $ 379.5 $ 102.8 $ 17.5 17.0% 5.2% 3.7x 21.7x

Check Point Software Technologies Ltd. Israel 109.67 -9% 15,957.0 14,213.6 2,009.5 895.8 44.6% 3.8% 7.1x 15.9x

Cisco Systems, Inc. United States 47.82 -18% 201,910.2 190,409.2 50,575.0 16,181.0 32.0% -1.5% 3.8x 11.8x

Cheetah Mobile Inc. China 2.74 -40% 377.6 74.6 515.3 (70.5) NM -28.0% 0.1x NM

Cloudflare, Inc. United States 29.07 -6% 8,827.3 8,286.5 316.5 (95.4) NM 48.9% 26.2x NM

CrowdStrike Holdings, Inc. * United States 87.81 -15% 18,930.9 18,019.3 563.4 (122.7) NM 88.7% 32.0x NM

CyberArk Software Ltd. * Israel 103.78 -30% 4,019.5 3,419.1 444.8 61.6 13.8% 21.1% 7.7x 55.5x

FireEye, Inc. United States 12.48 -32% 2,739.5 2,869.8 903.3 (105.6) NM 7.2% 3.2x NM

Forescout Technologies, Inc. United States 23.59 -41% 1,162.2 1,120.7 318.4 (107.8) NM 1.6% 3.5x NM

Fortinet, Inc. United States 139.20 -7% 22,501.5 21,143.3 2,260.5 436.2 19.3% 20.6% 9.4x 48.5x

Juniper Networks, Inc. United States 24.26 -12% 8,038.6 7,976.9 4,441.7 708.4 15.9% -2.7% 1.8x 11.3x

Mimecast Limited * United Kingdom 41.78 -23% 2,630.7 2,686.6 427.0 38.0 8.9% 25.4% 6.3x 70.7x

Palo Alto Networks, Inc. United States 235.27 -6% 22,695.5 22,535.6 3,263.8 36.8 1.1% 18.6% 6.9x NM

Proofpoint, Inc. United States 116.27 -13% 6,662.7 6,532.0 935.0 (33.2) NM 23.4% 7.0x NM

Qualys, Inc. United States 115.32 -3% 4,492.7 4,210.4 332.5 108.2 32.6% 14.9% 12.7x 38.9x

Rapid7, Inc. United States 48.89 -26% 2,469.0 2,496.6 348.1 (36.3) NM 32.5% 7.2x NM

SecureWorks Corp. United States 13.46 -26% 1,105.3 953.1 561.1 (5.4) NM 6.8% 1.7x NM

Tenable Holdings, Inc. United States 31.27 -3% 3,129.5 2,948.0 376.9 (82.1) NM 30.6% 7.8x NM

Trend Micro Incorporated Japan 54.97 -5% 7,650.1 6,190.8 1,559.9 512.3 32.8% 3.7% 4.0x 12.1x

Tufin Software Technologies Ltd. Israel 10.31 -67% 367.1 272.9 102.1 (38.8) NM 14.0% 2.7x NM

VeriSign, Inc. United States 219.01 -1% 25,304.3 25,958.1 1,237.8 858.1 69.3% 1.3% 21.0x 30.3x

Varonis Systems, Inc. United States 84.39 -9% 2,655.6 2,592.1 252.0 (79.6) NM -7.7% 10.3x NM

Zscaler, Inc. * United States 98.09 -13% 12,688.1 12,337.6 391.5 (40.5) NM 43.5% 31.5x NM

Adjusted Weighted Average 6.6x 16.9x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.3x)and EBITDA multiples that are 1.0 standard deviations

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (27.9x)and EBITDA multiples that are 1.0 standard deviations

Last Twelve Months

Last Twelve Months Multiples

Last Twelve Months Multiples

Last Twelve Months

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Driven by your success.Page 42*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Engineering Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Altair Engineering Inc. * United States $39.09 -10% $ 2,848.4 $ 2,808.9 $ 462.5 $ 24.5 5.3% 12.5% 6.1x 114.5x

ANSYS, Inc. United States 283.00 -5% 24,223.5 24,054.8 1,503.7 526.2 35.0% 13.2% 16.0x 45.7x

Dassault Systèmes SE France 169.26 -9% 44,024.5 46,720.8 4,608.8 1,129.5 24.5% 15.9% 10.1x 41.4x

PTC Inc. United States 76.38 -18% 8,836.8 9,830.7 1,346.2 234.8 17.4% 7.5% 7.3x 41.9x

Synopsys, Inc. United States 180.91 -2% 27,279.2 27,199.0 3,399.8 691.8 20.3% 5.2% 8.0x 39.3x

Trimble Inc. United States 39.12 -16% 9,770.7 11,635.2 3,255.0 640.4 19.7% 2.8% 3.6x 18.2x

Adjusted Weighted Average 10.1x 39.9x

($ in Millions, except stock price data)

Infrastructure Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Adobe Inc. United States $386.60 -1% $ 186,264.2 $ 186,804.2 $ 11,661.3 $ 4,077.9 35.0% 22.1% 16.0x 45.8x

Atlassian Corporation Plc Australia 185.30 -3% 45,740.6 44,819.6 1,518.3 17.4 1.1% 35.3% 29.5x NM

Appian Corporation United States 56.96 -12% 3,862.1 3,764.9 278.9 (38.3) NM 18.5% 13.5x NM

Alteryx, Inc. United States 143.94 -10% 9,494.5 9,485.9 450.7 34.0 7.5% 61.4% 21.0x NM

Bandwidth Inc. United States 110.85 -8% 2,644.9 2,444.7 247.8 (6.1) NM 21.2% 9.9x NM

Cloudera, Inc. United States 10.25 -18% 3,027.3 2,877.8 817.2 (200.4) NM 44.9% 3.5x NM

Commvault Systems, Inc. United States 40.46 -22% 1,868.1 1,552.8 670.9 12.2 1.8% -5.6% 2.3x 127.1x

Datadog, Inc. * United States 71.27 -5% 21,336.7 20,601.5 424.0 6.5 1.5% 85.6% 48.6x NM

Elastic N.V. United States 85.92 -17% 7,021.4 6,761.9 427.6 (140.3) NM 57.4% 15.8x NM

Endurance International Group Holdings, Inc. United States 3.58 -42% 502.8 2,164.9 1,104.8 271.1 24.5% -2.6% 2.0x 8.0x

Fastly, Inc. United States 43.14 -15% 4,483.8 4,398.5 217.8 (35.0) NM 38.2% 20.2x NM

Filinvest Development Corporation Philippines 0.17 -41% 1,452.0 3,664.1 1,631.8 539.3 33.0% 8.9% 2.2x 6.8x

IBM Corporation United States 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x

MongoDB, Inc. United States 232.11 -5% 13,482.6 13,482.9 421.7 (130.5) NM 57.9% 32.0x NM

Nutanix, Inc. United States 24.06 -36% 4,683.4 4,591.3 1,279.7 (759.8) NM 3.2% 3.6x NM

Okta, Inc. United States 195.58 -5% 24,366.3 24,080.6 643.7 (177.5) NM 46.0% 37.4x NM

PagerDuty, Inc. United States 26.55 -56% 2,082.2 1,730.8 166.4 (53.2) NM 41.2% 10.4x NM

Rapid7, Inc. United States 48.89 -26% 2,469.0 2,496.6 348.1 (36.3) NM 32.5% 7.2x NM

Resonance Health Limited Australia 0.12 -38% 53.0 50.9 2.6 (0.6) NM 7.2% 19.8x NM

SailPoint Technologies Holdings, Inc. * United States 22.83 -16% 2,058.9 1,952.2 303.4 11.6 3.8% 16.4% 6.4x 168.0x

salesforce.com, inc. United States 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x

ServiceNow, Inc. * United States 387.93 -2% 73,979.7 73,324.1 3,717.9 380.1 10.2% 32.4% 19.7x 192.9x

Smartsheet Inc. United States 57.66 -5% 6,881.5 6,380.1 300.2 (97.2) NM 51.9% 21.3x NM

Splunk Inc. United States 185.84 -4% 29,518.5 29,861.8 2,368.2 (332.3) NM 23.6% 12.6x NM

Synchronoss Technologies, Inc. United States 2.73 -70% 112.6 381.4 297.8 (36.7) NM -9.8% 1.3x NM

GlobalData Plc United Kingdom 17.59 -7% 2,075.1 2,198.4 236.0 45.6 19.3% 13.1% 9.3x 48.2x

Talend S.A. France 30.83 -31% 966.4 945.6 258.3 (49.4) NM 19.2% 3.7x NM

Twilio Inc. United States 197.60 -6% 27,674.5 26,479.3 1,266.2 (267.8) NM 67.9% 20.9x NM

Varonis Systems, Inc. United States 84.39 -9% 2,655.6 2,592.1 252.0 (79.6) NM -7.7% 10.3x NM

Adjusted Weighted Average 14.3x 47.4x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.5x)and EBITDA multiples that are 1.0 standard deviations

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (18.1x)and EBITDA multiples that are 1.0 standard deviations

Last Twelve Months

Last Twelve Months

Last Twelve Months Multiples

Last Twelve Months Multiples

Page 44: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 43*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

SaaS/Cloud Software

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Adobe Inc. United States $386.60 -1% $ 186,264.2 $ 186,804.2 $ 11,661.3 $ 4,077.9 35.0% 22.1% 16.0x 45.8x

Anaplan, Inc. United States 45.92 -28% 6,289.5 6,025.4 376.0 (133.2) NM 41.9% 16.0x NM

Asure Software, Inc. United States 6.18 -40% 97.3 108.9 71.7 (4.5) NM 10.7% 1.5x NM

AppFolio, Inc. United States 158.51 -10% 5,428.8 5,498.2 271.4 17.9 6.6% 32.5% 20.3x NM

Avalara, Inc. United States 107.06 -4% 8,395.9 8,015.2 408.9 (48.5) NM 38.3% 19.6x NM

Benefitfocus, Inc. United States 12.73 -56% 408.2 585.7 293.5 (11.8) NM 10.9% 2.0x NM

BlackLine, Inc. United States 74.30 -7% 4,189.5 3,986.5 307.4 (10.8) NM 27.8% 13.0x NM

Box, Inc. United States 19.98 -5% 3,065.9 3,268.3 716.9 (63.6) NM 13.6% 4.6x NM

Carbacid Investments plc Kenya 0.08 -5% 21.5 14.6 6.1 2.7 44.0% 11.5% 2.4x 5.5x

Ceridian HCM Holding Inc. United States 68.87 -13% 9,987.6 10,448.2 843.1 120.2 14.3% 11.6% 12.4x 86.9x

ChannelAdvisor Corporation United States 13.95 -4% 395.7 354.5 130.4 14.7 11.3% -0.7% 2.7x 24.2x

Coupa Software Incorporated * United States 227.51 -4% 15,161.5 15,177.7 389.7 (44.9) NM 49.7% 38.9x NM

DocuSign, Inc. United States 139.74 -8% 25,590.2 25,582.6 974.0 (147.4) NM 38.9% 26.3x NM

Dropbox, Inc. United States 22.57 -14% 9,326.2 9,309.2 1,730.7 134.8 7.8% 18.5% 5.4x 69.1x

Everbridge, Inc. United States 146.26 -12% 5,025.2 4,982.5 217.0 (43.1) NM 36.1% 23.0x NM

HubSpot, Inc. United States 199.94 -8% 8,722.8 8,364.7 722.0 (33.7) NM 31.2% 11.6x NM

LivePerson, Inc. United States 37.45 -17% 2,479.1 2,508.1 303.3 (71.4) NM 17.6% 8.3x NM

LogMeIn, Inc. United States 84.90 -2% 4,140.6 4,258.8 1,275.1 316.2 24.8% 3.5% 3.3x 13.5x

Paycom Software, Inc. United States 297.23 -13% 17,070.8 16,943.4 780.1 279.1 35.8% 27.4% 21.7x 60.7x

Paylocity Holding Corporation United States 130.01 -14% 6,979.5 6,881.7 551.1 90.1 16.4% 24.2% 12.5x 76.4x

Pluralsight, Inc. United States 20.83 -37% 2,198.1 2,339.8 339.9 (142.2) NM 34.9% 6.9x NM

Q2 Holdings, Inc. United States 82.62 -12% 4,396.1 4,756.6 336.6 (44.4) NM 30.7% 14.1x NM

RealPage, Inc. United States 67.82 -2% 6,714.0 7,812.6 1,030.5 173.7 16.9% 14.2% 7.6x 45.0x

RingCentral, Inc. United States 274.25 -6% 24,107.0 24,429.0 968.9 (4.3) NM 33.7% 25.2x NM

salesforce.com, inc. United States 174.79 -11% 157,208.2 153,247.2 18,226.0 2,051.0 11.3% 30.1% 8.4x 74.7x

Shopify Inc. * Canada 757.80 -10% 90,433.0 88,214.0 1,727.7 (133.2) NM 46.5% 51.1x NM

Smartsheet Inc. United States 57.66 -5% 6,881.5 6,380.1 300.2 (97.2) NM 51.9% 21.3x NM

SolarWinds Corporation United States 18.29 -16% 5,703.1 7,485.3 963.7 219.3 22.8% 13.1% 7.8x 34.1x

SPS Commerce, Inc. United States 68.16 -6% 2,380.7 2,188.9 286.4 59.5 20.8% 11.8% 7.6x 36.8x

Veeva Systems Inc. United States 218.87 -1% 32,837.0 31,508.6 1,196.4 327.8 27.4% 31.3% 26.3x 96.1x

Workday, Inc. United States 183.43 -19% 43,137.2 42,638.1 3,820.5 (157.7) NM 26.1% 11.2x NM

Workiva Inc. United States 44.54 -31% 2,099.6 1,928.0 313.7 (43.1) NM 23.3% 6.1x NM

Yext, Inc. United States 15.79 -30% 1,854.7 1,722.4 298.8 (114.0) NM 30.9% 5.8x NM

Zendesk, Inc. United States 85.75 -10% 9,794.9 9,924.6 872.4 (116.3) NM 34.1% 11.4x NM

Zuora, Inc. United States 12.01 -28% 1,389.5 1,296.2 285.8 (71.0) NM 15.8% 4.5x NM

Adjusted Weighted Average 19.6x 38.3x

Last Twelve Months Last Twelve Months Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (37.5x)and EBITDA multiples that are 1.0 standard deviations

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Driven by your success.Page 44

• The Information Segment had 7 transactions in May 2020

• Select transactions from the segment included:

‒ The $50 million round of funding product intelligence platform Amplitude raised from Sorenson Capital, Sequoia Capital, Bench mark

Ventures, IVP, and Lead Edge Capital

‒ The $31 million round of funding data intelligence and market research company Morning Consult has raised at a $306 million v aluation from

Advance Venture Partners and Lupa Systems

‒ The round of funding product information management platform Sales Layer raised from SONAE IM, Swanlaab Venture Factory, and Global

Omnium

‒ ByteDance’s acquisition of video-oriented medical encyclopedia portal operator Baikemy.com

‒ The purchase of energy and environmental data company OnLocation by KeyLogic

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value

# o

f dea

ls

# o

f dea

ls

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 28 $753.0 35 $3,401.5 121 $6,402.4 3 $0.0

Private Equity - Buyout 1 0.0 3 10.0 9 234.0 0 0.0

Private Equity - VC/Growth Capital 26 651.0 21 638.7 87 1,962.4 4 88.0

Total 55 $1,404.0 59 $4,050.2 217 $8,598.8 7 $88.0

Information

4Q19 1Q20 LTM May-20

16 27 18 20 20 21 14 30 20 9 15 70

5

10

15

20

25

30

35

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

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Driven by your success.Page 45*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Financial & Credit/Risk Management Information

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Broadridge Financial Solutions, Inc. United States $121.10 -12% $ 13,904.4 $ 15,908.4 $ 4,378.3 $ 855.5 19.5% -2.1% 3.6x 18.6x

Computershare Limited Australia 8.70 -32% 4,704.2 6,349.2 2,346.3 625.1 26.6% 2.9% 2.7x 10.2x

CoreLogic, Inc. United States 49.56 -4% 3,935.6 5,601.8 1,788.4 414.3 23.2% 1.5% 3.1x 13.5x

CoStar Group, Inc. * United States 656.80 -12% 25,626.0 24,587.6 1,463.1 431.7 29.5% 17.4% 16.8x 57.0x

Envestnet, Inc. * United States 72.61 -17% 3,885.6 4,512.6 947.0 108.6 11.5% 16.3% 4.8x 41.5x

Equifax Inc. United States 153.56 -12% 18,639.9 21,821.5 3,619.4 885.0 24.5% 6.7% 6.0x 24.7x

Experian plc Ireland 34.72 -6% 31,223.2 35,419.6 5,179.0 1,792.0 34.6% 6.5% 6.8x 19.8x

FactSet Research Systems Inc. United States 307.51 -2% 11,645.9 12,137.9 1,465.3 508.0 34.7% 5.2% 8.3x 23.9x

Fair Isaac Corporation * United States 402.65 -8% 11,678.3 12,623.1 1,226.1 316.0 25.8% 16.5% 10.3x 39.9x

Fidelity National Information Services, Inc. United States 138.83 -12% 85,773.9 104,967.9 11,354.0 3,922.0 34.5% 34.9% 9.2x 26.8x

IHS Markit Ltd. United Kingdom 69.46 -15% 27,708.7 33,186.5 4,449.0 1,529.2 34.4% 7.9% 7.5x 21.7x

Moody's Corporation United States 267.41 -7% 50,143.7 55,476.7 4,977.0 2,400.0 48.2% 11.6% 11.1x 23.1x

Morningstar, Inc. United States 153.32 -8% 6,561.0 6,914.5 1,244.1 251.9 20.2% 20.2% 5.6x 27.4x

MSCI Inc. * United States 328.85 -8% 27,490.4 29,777.0 1,603.2 865.5 54.0% 10.3% 18.6x 34.4x

S&P Global Inc. United States 325.02 -3% 78,297.3 83,345.3 6,914.0 3,679.0 53.2% 10.4% 12.1x 22.7x

SEI Investments Company United States 54.22 -22% 8,020.9 7,319.7 1,663.8 500.0 30.1% 2.7% 4.4x 14.6x

SS&C Technologies Holdings, Inc. United States 57.90 -13% 14,835.1 22,099.5 4,669.3 1,711.7 36.7% 12.9% 4.7x 12.9x

Thomson Reuters Corporation Canada 66.80 -18% 33,116.8 36,047.1 5,939.0 1,203.0 20.3% 5.9% 6.1x 30.0x

TransUnion United States 86.29 -15% 16,377.8 19,972.3 2,724.4 1,012.3 37.2% 13.6% 7.3x 19.7x

Verisk Analytics, Inc. United States 172.68 -1% 28,018.9 31,145.2 2,671.9 1,092.4 40.9% 9.6% 11.7x 28.5x

Workiva Inc. United States 44.54 -31% 2,099.6 1,928.0 313.7 (43.1) NM 23.3% 6.1x NM

Adjusted Weighted Average 8.7x 24.1x

($ in Millions, except stock price data)

Marketing Information

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

comScore, Inc. United States $3.77 -57% $ 266.8 $ 495.9 $ 375.9 $ (12.1) NM -9.6% 1.3x NM

Ebiquity plc United Kingdom 0.37 -50% 29.0 49.2 91.0 8.8 9.6% -0.9% 0.5x 5.6x

InnerWorkings, Inc. United States 1.19 -80% 62.3 232.4 1,157.8 32.8 2.8% 3.3% 0.2x 7.1x

INTAGE HOLDINGS Inc. Japan 8.08 -16% 322.6 258.8 522.3 54.5 10.4% 4.1% 0.5x 4.7x

Ipsos SA France 24.29 -33% 1,066.9 1,924.0 2,248.1 254.7 11.3% 14.5% 0.9x 7.6x

LiveRamp Holdings, Inc. United States 50.43 -6% 3,295.3 2,598.5 380.6 (144.3) NM 33.2% 6.8x NM

Nielsen Holdings plc United States 13.89 -44% 4,951.4 13,728.4 6,494.0 1,110.0 17.1% 0.4% 2.1x 12.4x

SVMK Inc. * United States 20.15 -10% 2,782.1 2,938.9 327.0 (46.9) NM 23.7% 9.0x NM

System1 Group PLC United Kingdom 1.11 -71% 14.0 12.3 33.8 3.3 9.7% 4.3% 0.4x 3.7x

YouGov plc * United Kingdom 9.07 -6% 977.1 954.6 193.7 38.0 19.6% 15.8% 4.9x 25.1x

Adjusted Weighted Average 3.6x 11.1x

Last Twelve Months Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (36.7x)

Last Twelve Months Multiples Last Twelve Months

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.9x)and EBITDA multiples that are 1.0 standard deviations above the mean (16.9x)

Last Twelve Months

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Driven by your success.Page 46*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Other Information

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Forrester Research, Inc. United States $31.40 -38% $ 589.06 $ 711.30 $ 467.39 $ 44.36 9.5% 22.8% 1.5x 16.0x

Gartner, Inc. United States 121.70 -29% 10,852.6 13,826.0 4,293.8 646.4 15.1% 7.8% 3.2x 21.4x

HealthStream, Inc. United States 22.78 -24% 728.9 617.0 250.5 34.4 13.7% 3.5% 2.5x 17.9x

IQVIA Holdings Inc. United States 149.52 -12% 28,552.9 40,505.9 11,158.0 1,887.0 16.9% 5.9% 3.6x 21.5x

Informa plc United Kingdom 5.61 -51% 8,424.5 11,970.4 3,828.0 1,240.1 32.4% 22.0% 3.1x 9.7x

National Research Corporation * United States 56.72 -21% 1,425.6 1,451.0 130.4 49.0 37.6% 8.5% 11.1x 29.6x

NIC Inc. United States 24.06 -7% 1,611.3 1,404.0 360.1 68.3 19.0% 4.9% 3.9x 20.6x

Premier, Inc. United States 34.79 -13% 2,490.1 2,572.9 1,273.1 559.8 44.0% 48.2% 2.0x 4.6x

Proofpoint, Inc. United States 116.27 -13% 6,662.7 6,532.0 935.0 (33.2) NM 23.4% 7.0x NM

Reed Elsevier plc(1) United Kingdom 23.12 -13% 44,503.6 52,285.5 10,428.4 3,177.3 30.5% 5.1% 5.0x 16.5x

Wolters Kluwer N.V. Netherlands 79.69 -3% 21,094.3 23,559.0 5,175.6 1,465.6 28.3% 8.3% 4.6x 16.1x

Adjusted Weighted Average 4.3x 17.4x

(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (24.2x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 47

• The Business & IT Services segment had 72 transactions

‒ SAP’s sale of its mobile customer engagement services provider SAP Digital Interconnect to Sinch for $250 million.

‒ Accenture’s acquisitions of Canada-based technology consulting company Callisto, India-based big data analytics consulting company

Byte Prophecy, Italy-based system design firm PLM Systems, and organizational design consultancy Kates Kesler

‒ Cognizant’s purchase of Workday partner Collaborative Solutions from WestView

‒ The acquisition of platform engineering company Innoeye by Rakuten

‒ The purchase of AWS Advanced Technology Partner GorillaStack by SoftwareONE

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 247 $3,274.8 250 $0.0 902 $24,661.2 45 $330.0

Private Equity - Buyout 34 9,020.0 30 4,210.0 128 21,952.8 6 0.0

Private Equity - VC/Growth Capital 62 651.0 67 1,381.9 262 5,943.8 21 734.1

Total 343 $12,945.8 347 $5,591.9 1,292 $52,557.8 72 $1,064.1

Business & IT Services

4Q19 1Q20 LTM May-20

$7.8$6.6

$3.8

$1.1$2.3

$8.0

$3.2

$11.7

$4.4

$1.8$0.9 $1.1

113 108104 119 136 107 101 132 117

98 89 7210

30

50

70

90

110

130

150

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

Jun-19 Jul-19 Aug-19 Sep-19 Oct-19 Nov-19 Dec-19 Jan-20 Feb-20 Mar-20 Apr-20 May-20

Page 49: PRIVATE & CONFIDENTIALpetskyprunier.com/_petskyprunier.com/dynamic/user... · 2020. 6. 8. · Source: Pitchbook Rank Firm Name # of Transactions 2019 Rank Firm Name # of Transactions

Driven by your success.Page 48*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Consulting

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Accenture plc Ireland $201.62 -7% $ 128,437.46 $ 126,853.79 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.8x 17.6x

CRA International, Inc. United States 40.39 -31% 314.6 525.3 471.7 45.0 9.5% 11.2% 1.1x 11.7x

FTI Consulting, Inc. United States 120.46 -16% 4,337.2 4,642.2 2,406.0 333.8 13.9% 15.6% 1.9x 13.9x

Information Services Group, Inc. United States 1.72 -54% 81.9 154.7 264.7 19.9 7.5% -2.6% 0.6x 7.8x

ICF International, Inc. United States 65.58 -31% 1,234.7 1,867.5 1,495.5 126.1 8.4% 8.6% 1.2x 14.8x

Huron Consulting Group Inc. United States 46.26 -35% 997.7 1,376.7 894.9 106.0 11.8% 11.0% 1.5x 13.0x

The Hackett Group, Inc. United States 13.79 -27% 413.4 399.4 263.7 40.4 15.3% 1.1% 1.5x 9.9x

Adjusted Weighted Average 1.7x 13.6x

($ in Millions, except stock price data)

HR Services

Stock Price Chg % From Equity Enterprise

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Automatic Data Processing, Inc. * United States $146.49 -20% $ 62,957.65 $ 63,713.45 $ 14,757.30 $ 3,689.10 25.0% 5.8% 4.3x 17.3x

Barrett Business Services, Inc. United States 50.70 -47% 382.1 318.9 943.2 53.1 5.6% 0.9% 0.3x 6.0x

Capita plc United Kingdom 0.42 -82% 691.6 2,520.3 4,872.0 574.1 11.8% -6.1% 0.5x 4.4x

DHI Group, Inc. United States 2.67 -39% 130.3 157.9 148.9 26.9 18.1% -4.3% 1.1x 5.9x

Edenred SA * France 41.78 -28% 10,144.2 11,865.1 1,761.9 673.3 38.2% 18.3% 6.7x 17.6x

Insperity, Inc. United States 51.84 -64% 2,009.6 2,016.4 4,391.3 208.2 4.7% 10.7% 0.5x 9.7x

Marsh & McLennan Companies, Inc. United States 105.92 -12% 53,608.1 68,156.1 17,232.0 4,319.0 25.1% 14.7% 4.0x 15.8x

Paychex, Inc. United States 72.28 -20% 25,928.0 26,064.8 4,105.8 1,694.5 41.3% 12.9% 6.3x 15.4x

TriNet Group, Inc. United States 53.73 -30% 3,615.5 3,711.5 3,970.0 331.0 8.3% 11.0% 0.9x 11.2x

Adjusted Weighted Average 4.5x 15.2x

Last Twelve Months

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.0x)and EBITDA multiples that are 1.0

Last Twelve Months Multiples

Last Twelve Months Multiples Last Twelve Months

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Driven by your success.Page 49*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

IT Consulting

Stock Price Chg % From Equity Enterprise Value

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

Accenture plc Ireland $201.62 -7% $ 128,437.46 $ 126,853.79 $ 44,655.80 $ 7,198.25 16.1% 5.7% 2.8x 17.6x

Amdocs Limited United States 62.26 -19% 8,311.7 8,219.8 4,144.8 788.8 19.0% 2.7% 2.0x 10.4x

Bechtle AG Germany 176.21 -6% 7,400.8 7,689.3 6,033.2 316.4 5.2% 19.1% 1.3x 24.3x

Booz Allen Hamilton Holding Corporation United States 79.76 -3% 11,001.9 12,821.8 7,463.8 745.4 10.0% 11.3% 1.7x 17.2x

Business & Decision SA * France 8.82 -2% 69.5 139.9 97.4 2.4 NA -2.1% 1.4x 59.3x

Capgemini SE France 102.39 -25% 17,324.7 19,134.6 15,851.2 2,025.6 12.8% 7.0% 1.2x 9.4x

Cerner Corporation United States 72.90 -10% 22,187.0 23,306.6 5,714.5 1,168.9 20.5% 4.6% 4.1x 19.9x

CGI Inc. Canada 63.73 -25% 16,433.9 19,226.1 8,652.9 1,521.1 17.6% 4.2% 2.2x 12.6x

Cognizant Technology Solutions Corporation United States 53.00 -26% 28,650.7 27,767.7 16,898.0 3,390.0 20.1% 3.5% 1.6x 8.2x

Digi International Inc. United States 11.13 -41% 322.3 390.6 261.9 27.1 10.3% 2.5% 1.5x 14.4x

DXC Technology Company United States 14.21 -75% 3,605.4 11,419.4 19,577.0 3,340.0 17.1% -5.7% 0.6x 3.4x

Endava plc * United Kingdom 48.08 -15% 2,525.1 2,479.6 419.7 48.4 11.5% 23.6% 5.9x 51.2x

EPAM Systems, Inc. * United States 230.64 -7% 12,832.7 12,190.9 2,423.8 375.8 15.5% 24.9% 5.0x 32.4x

Globant S.A. * Luxembourg 140.21 -8% 5,191.6 5,248.8 704.7 118.3 16.8% 28.4% 7.4x 44.4x

Hexaware Technologies Limited India 3.36 -44% 1,003.0 1,053.4 778.3 119.4 15.3% 20.5% 1.4x 8.8x

International Business Machines Corporation United States 124.90 -21% 110,897.7 168,614.7 76,536.0 16,027.0 20.9% -2.8% 2.2x 10.5x

Infosys Limited India 9.14 -19% 38,756.7 36,319.8 12,780.0 3,055.0 23.9% 8.3% 2.8x 11.9x

Larsen & Toubro Limited India 12.33 -42% 17,310.3 33,746.3 21,398.1 2,713.0 12.7% 10.3% 1.6x 12.4x

NTT DATA Corporation Japan 11.56 -21% 16,212.7 21,676.0 21,066.6 1,332.0 6.3% 4.8% 1.0x 16.3x

Parsons Corporation United States 40.66 -10% 4,093.2 4,576.4 4,021.4 195.1 4.9% 8.4% 1.1x 23.5x

Perficient, Inc. United States 34.04 -37% 1,126.1 1,254.1 577.3 81.0 14.0% 12.9% 2.2x 15.5x

Reply S.p.A. Italy 87.44 -4% 3,270.8 3,157.8 1,361.7 185.0 13.6% 14.5% 2.3x 17.1x

SQLI SA France 18.57 -33% 84.5 142.2 267.9 17.5 6.5% 2.9% 0.5x 8.1x

Synthomer plc United Kingdom 3.91 -20% 1,660.2 1,712.4 1,932.5 219.3 11.3% -9.9% 0.9x 7.8x

Tata Consultancy Services Limited India 26.09 -14% 97,882.7 94,321.3 20,843.2 5,423.9 26.0% 7.2% 4.5x 17.4x

Wipro Limited India 2.81 -30% 15,992.5 12,870.4 8,104.0 1,545.4 19.1% 4.2% 1.6x 8.3x

Adjusted Weighted Average 2.8x 14.3x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.8x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.4x)

Last Twelve Months Last Twelve Months Multiples

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Driven by your success.Page 50*The stock prices shown are as of 5/29/2020 and should not be relied upon as current thereafter.

**Source: S&P Capital IQ

($ in Millions, except stock price data)

Outsourced Services

Stock Price Chg % From Equity Enterprise Value

Company Name Headquarters 05/29/20 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA

AMREP Corporation United States $4.21 -40% $ 34.26 $ 21.07 $ 17.61 $ 0.09 0.5% NM 1.2x 231.6x

Cimpress plc Ireland 90.13 -38% 2,332.4 4,044.3 2,727.0 362.0 13.3% 0.7% 1.5x 11.2x

Clairvest Group Inc. Canada 32.96 -19% 500.9 249.4 170.4 107.7 63.2% 24.6% 1.5x 2.3x

CSG Systems International, Inc. United States 47.35 -19% 1,511.1 1,849.6 997.6 165.8 16.6% 8.7% 1.9x 11.2x

Donnelley Financial Solutions, Inc. United States 8.15 -45% 274.9 683.7 865.8 99.2 11.5% -7.6% 0.8x 6.9x

Elanders AB (publ) Sweden 5.02 -50% 177.5 594.3 1,109.3 53.4 4.8% -0.9% 0.5x 11.1x

Eniro AB (publ) Sweden 0.05 -72% 3.5 113.9 102.1 5.6 5.5% -22.8% 1.1x 20.2x

ExlService Holdings, Inc. United States 61.17 -23% 2,099.1 2,179.8 997.8 142.1 14.2% 9.0% 2.2x 15.3x

Firstsource Solutions Limited India 0.42 -43% 288.6 413.3 544.3 83.5 15.3% 7.1% 0.8x 4.9x

Genpact Limited Bermuda 35.95 -20% 6,845.7 8,380.2 3,634.5 549.3 15.1% 16.5% 2.3x 15.3x

InnerWorkings, Inc. United States 1.19 -80% 62.3 232.4 1,157.8 32.8 2.8% 3.3% 0.2x 7.1x

J2 Global, Inc. United States 78.30 -25% 3,736.0 4,787.2 1,404.6 519.3 37.0% 14.5% 3.4x 9.2x

MAXIMUS, Inc. United States 72.02 -12% 4,415.7 4,637.0 3,122.0 370.9 11.9% 22.1% 1.5x 12.5x

Quad/Graphics, Inc. United States 2.85 -76% 153.2 1,267.2 3,784.9 320.3 8.5% -4.9% 0.3x 4.0x

IQVIA Holdings Inc. United States 149.52 -12% 28,552.9 40,505.9 11,158.0 1,887.0 16.9% 5.9% 3.6x 21.5x

R. R. Donnelley & Sons Company United States 1.09 -77% 77.8 2,038.6 6,163.8 391.9 6.4% -6.8% 0.3x 5.2x

Serco Group plc United Kingdom 1.57 -26% 1,922.8 2,647.1 4,302.2 195.1 4.5% 14.5% 0.6x 13.6x

Steel Connect, Inc. United States 0.52 -73% 31.9 485.4 839.1 46.2 5.5% 3.5% 0.6x 10.5x

SYNNEX Corporation United States 106.65 -30% 5,489.9 9,038.6 23,772.0 1,268.5 5.3% 15.8% 0.4x 7.1x

Sykes Enterprises, Incorporated United States 27.26 -29% 1,100.6 1,269.7 1,623.0 164.7 10.1% 0.5% 0.8x 7.7x

Teleperformance SE France 236.91 -15% 13,909.3 16,867.6 6,009.4 1,003.3 16.7% 20.6% 2.8x 16.8x

TTEC Holdings, Inc. United States 42.36 -16% 1,973.9 2,400.0 1,681.6 208.8 12.4% 10.0% 1.4x 11.5x

transcosmos inc. Japan 23.54 -16% 976.2 810.8 2,898.4 134.0 4.6% 9.5% 0.3x 6.1x

Transcontinental Inc. Canada 8.67 -33% 754.9 1,549.5 2,276.3 359.7 15.8% 4.2% 0.7x 4.3x

Adjusted Weighted Average 1.3x 16.0x

Last Twelve Months Last Twelve Months Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (10.8x)

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Driven by your success.

PRIVATE & CONFIDENTIAL

For client and institutional use only, not for public dissemination

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Driven by your success.Page 52

• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public

announcements by companies and investors.

• All trading data related to publicly-traded companies has been sourced from Capital IQ.

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

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Driven by your success.Page 53

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