September 2011 Marketing, Media, Technology, and Service...

September 2011 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 26

About Petsky Prunier 34

2M&A & INVESTMENT SUMMARY SEPTEMBER 2011

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 276 d l th i t l $9 5 billi d i S t b 2011

Transaction Distribution

• A total of 276 deals worth approximately $9.5 billion were announced in September 2011

• Digital Media/Commerce was the most active segment with 98 transactions

• Digital Media/Commerce was also the highest value segment worth approximately $3.1 billion

• Strategic buyers announced 127 deals for approximately $3.5 billion (46% of total volume)

• VC/Growth Capital investors announced 134 deals for approximately $4.2 billion

• Buyout investors announced 15 deals for approximately $1.9 billion

SEPTEMBER 2011

BUYER/INVESTOR BREAKDOWN

Transactions Est. Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 98 36% 3,053.4 32% 41 842.6 2 12.0 55 2,198.8

Marketing Technology 63 23% 2,143.9 23% 24 613.0 4 311.0 35 1,219.9

Software & Information 53 19% 2,257.3 24% 21 1,336.5 6 640.0 26 280.8

Agency/Consulting 28 10% 1,257.7 13% 24 378.4 1 852.0 3 27.3

Digital Advertising 23 8% 516.2 5% 8 96.6 1 20.0 14 399.6

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

Marketing Services 11 4% 274.5 3% 9 230.0 1 20.0 1 24.5

Total 276 100% 9,502.85 100% 127 3,497.1 15 1,855.0 134 4,150.8

$11 7 24 0

$5.8 $3.0

$7.6 $9.6 $8.5

$6.0

$10.7

$14.7

$9.8

$6.0

$6.0

$11.7

$9.5

4.0 6.0 8.0

10.0 12.0 14.0 16.0 18.0 20.0 22.0 24.0

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$ in

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$8.5 Skype/ MSFT

$10.3 HPQ/ AU


-2.0 4.0

Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11 Jul-11 Aug-11 Sep-11

Va

248 248 276241 25465 149 182 24664 89 207199

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

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

Agency/Consulting

Infront Sports & Media AG(1) Specialty Agency Bridgepoint Capital Limited $852.0 $852.0 - 1.0x NA

Marketing Technology

Group NBT plc Website Creation/Hosting HgCapital 230.8 74.5 15.3 3.1x 15.1x

Selected Transactions With Multiples Information

(1) Revenue per www.ft.com

(2) Revenue per www.businessinsider.com

(3) Revenue and EBITDA per Financial Information and Balance Sheet for period ending 10/31/10

Group NBT plc Website Creation/Hosting HgCapital 230.8 74.5 15.3 3.1x 15.1x

Ning, Inc.(2) Website Creation/Hosting Glam Media, Inc. 150.0 30.0 - 5.0x NA

eFront CRM/SFA/BI Francisco Partners 55.5 37.0 4.3 1.5x 12.8x

Response One(3) Database/Analytics St. Ives, PLC 29.7 30.6 3.0 1.0x 10.0x

Contactual, Inc.(4) Teleservices/eServices 8x8, Inc. 28.4 8.4 - 3.4x NA

(4) Revenue per www.forbes.com


($ in Millions)IPO PIPELINE

Securities in Registration (as of 9/30/11)

Aggregate Company Name Segment Offering Value Rev Adj. EBITDA

360buy.com* Digital Media/Commerce $2,000.0 $1,600.0 NA

Zynga Digital Media/Commerce 1,000.0 732.0 198.7

Groupon Digital Media/Commerce 750.0 713.4 NM

LTM

Groupon Digital Media/Commerce 750.0 713.4 NM

TIM W.E. SGPS Digital Advertising 181.3 246.6 20.2

Demandware Marketing Technology 100.0 32.4 2.2

Greenway Medical Software & Information 100.0 43.9 2.8

Jive Marketing Technology 100.0 34.0 NM

Eloqua Corporation* Marketing Technology 100.0 54.4 NM

Guidewire Software, Inc. * Software & Information 100.0 167.2 24.8

Newgistics Marketing Services 86.3 174.6 18.2

Bazaarvoice, Inc. Marketing Technology 86.3 64.5 NM

Cafepress Digital Media/Commerce 80 0 138 0 9 9Cafepress Digital Media/Commerce 80.0 138.0 9.9

Loyalty Alliance Enterprise Corp. Marketing Services 75.5 6.0 4.2

Angie's List Digital Media/Commerce 75.0 70.2 NM

MobiTV, Inc.* Marketing Technology 75.0 72.3 NM

ExactTarget, Inc.* Marketing Technology 70.0 NA NA

Reply.com Digital Advertising 60.0 38.3 8.1

WageWorks, Inc. Software & Information 52.0 126.7 18.3

Brightcove Software & Information 50.0 43.7 NM

Kayak.com Vertical Search 50.0 112.7 16.2


* Filed September 2011

($ in Millions)IPO PIPELINE

Initial Offering Final Price Stock Price at Close Stock Price on

IPO Performance

Initial Offering Final Price Stock Price at Close Stock Price on

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2011

Aug-11 TUDO Tudou Holdings Limited China $28.00-$30.00 $29.00 25.56, down 11.9% $26.10

Jul-11 Z Zillow, Inc. United States 12.00-14.00 $20.00 35.77, up 79% 37.18

Jun-11 RATE Bankrate, Inc. United States 14.00-16.00 15.00 16.44, up 9.6% 16.65

Jun-11 AWAY HomeAway United States 25.00 - 27.00 27.00 40.21, up 49% 41.84

Jun-11 P Pandora United States 10.00 - 12.00 17.42 17.42, down 13% 13.20

Jun-11 TAOM Taomee Holdings Ltd. China 9.00 - 11.00 9.00 8.23, down 8% 8.45

May-11 LNKD LinkedIn Corp. United States 12.00 - 14.00 11.00 14.75, up 34% 84.12

May-11 FENG Phoenix New Media United States 12.00 - 14.00 14.00 18.01, up 29% 6.62

May-11 RENN RenRen Inc. United States 22.00 - 24.00 25.00 38.84, up 55% 7.34

May-11 ACTV The Active Network United States 16.00 - 18.00 15.00 15.9, up 6% 16.18

May-11 DATE Jiayuan.com International China 10.00 - 12.00 11.00 10.52, down 4% 12.91

May-11 NQ NetQin Mobile India 32.00 - 35.00 45.00 94.25, up 109% 6.14

May-11 YNDX Yandex China 9.50 - 11.50 11.50 9.30, down 19% 30.97

Apr-11 MKTG Responsys United Kingdom 8.50 - 10.00 12.00 15.40, up 28% 14.56

Mar 11 QIHU Qihoo 360 Technology United States 10 50 12 50 14 50 34 00 up 134% 23 80Mar-11 QIHU Qihoo 360 Technology United States 10.50 - 12.50 14.50 34.00, up 134% 23.80

Mar-11 SREV ServiceSource International China 7.50 - 9.00 10.00 12.18, up 22% 18.07

Mar-11 CSOD Cornerstone OnDemand China 9.00 - 11.00 13.00 19.07, up 47% 15.52

Feb-11 EPOC Epocrates, Inc. China 13.00 - 15.00 16.00 21.96, up 37% 10.63

Jan-11 VELT Velti Plc China 9.00 - 11.00 12.00 15.58, up 30% 9.46

Jan-11 NLSN Nielsen Holdings B.V. Netherlands 20.00 - 22.00 23.00 25.00, up 9% 29.66Jan 11 NLSN Nielsen Holdings B.V. Netherlands 20.00 22.00 23.00 25.00, up 9% 29.66

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 8.65

Dec-10 ISS Isoftstone Holdings Ltd. China 11.00 - 13.00 13.00 16.62, up 28% 9.08

Dec-10 MOBI Sky-mobi Ltd. China 8.00 - 10.00 8.00 6.00, down 25% 6.00

Dec-10 DANG E-Commerce China Dangdang China 13.00 - 15.00 16.00 29.91, up 87% 7.87

Dec-10 YOKU Youku.com China 9.00 - 11.00 12.80 33.44, up 161% 25.07


Nov-10 BAH Booz Allen Hamilton United States 17.00 - 19.00 17.00 19.50, up 15% 16.04

Oct-10 BET Betfair Group United Kingdom 19.72 - 20.50 20.49 24.29, up 19% 10.03

Transactions by Segment and Buyer Type

DIGITAL ADVERTISING

• Online lead Generation was the most active subsegment with 8 transactions. With $239 million, Ad Networks/Exchanges was the highest value subsegment

• Select acquisitions

› Market Leader’s $8.3 million acquisition of RealEstate.com, which operates as a residential real estate brokerage company

› Zibrant’s $8.3 million acquisition of Goldserve, a U.K.-based online destination marketing solutions company providing online marketing services for the conference, meetings, travel, and convention industry

• Select investments

› The $200 million investment in InMobi, an India-based mobile advertising network, from SoftBank Capital

› The $50 million growth capital investment in GrubHub com which offers a platform for users to order food › The $50 million growth capital investment in GrubHub.com, which offers a platform for users to order food from local restaurants, led by Lightspeed Venture Partners

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



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Online Lead Generation 8 35% 131.7 26% 3 26.6 1 20.0 4 85.1

Ad Networks/Exchanges 5 22% 239.0 46% 1 10.0 0 0.0 4 229.0

Digital Video 4 17% 82.0 16% 1 20.0 0 0.0 3 62.0

Mobile Marketing 3 13% 23.5 5% 0 0.0 0 0.0 3 23.5

Email Services 3 13% 40.0 8% 3 40.0 0 0.0 0 0.0

Search Marketing 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0Search Marketing 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

Affiliate/CPA Network 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

Total 23 100% 516.2 100% 8 96.6 1 20.0 14 399.6


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $515.04 -20% $166,300.1 $133,319.1 $33,328.0 $12,785.0 38.4% 27.1% 4.0x 10.4xMicrosoft Corporation United States 24.89 -16% 208,535.0 170,302.0 69,943.0 30,030.0 42.9% 11.9% 2.4x 5.7x

Bankrate, Inc. United States $15.21 -19% $1,521.0 $1,653.2 $345.4 $110.2 31.9% 156.2% 4.8x 15.0xConstant Contact, Inc. * United States 17.29 -52% 513.1 393.4 194.8 15.6 8.0% 28.2% 2.0x 25.2xeHealth, Inc. United States 13.66 -15% 292.4 156.5 161.9 34.5 21.3% 14.2% 1.0x 4.5xHi-Media S.A. France 3.31 -53% 149.8 179.9 335.3 27.7 8.3% 11.7% 0.5x 6.5xIAC/InterActiveCorp. United States 39.55 -10% 3,360.3 2,600.8 1,810.0 221.4 12.2% 25.1% 1.4x 11.7xInfoSpace, Inc. United States 8.36 -15% 318.9 55.5 238.6 16.3 6.8% -0.1% 0.2x 3.4x

Motricity, Inc. United States 1.69 -95% 78.2 75.2 140.7 21.0 14.9% 24.7% 0.5x 3.6xOPT, Inc. Japan 1,099.87 -50% 164.2 3.0 736.5 22.1 3.0% 6.5% 0.0x 0.1xQuinStreet, Inc. United States 10.35 -58% 492.2 431.1 403.0 74.9 18.6% 20.4% 1.1x 5.8xResponsys, Inc. United States 10.78 -41% 507.3 425.4 116.9 21.6 18.5% 0.0% 3.6x 19.7xSepteni Holdings Co Ltd Japan 501.95 -55% 63.2 25.1 423.9 13.7 3.2% 5.6% 0.1x 1.8xThe Active Network, Inc. * United States 14.75 -37% 799.4 644.8 306.4 22.1 7.2% 0.0% 2.1x 29.2xTradeDoubler AB Sweden 3.36 -56% 143.5 112.2 462.3 20.8 4.5% 3.8% 0.2x 5.4xTree.Com, Inc. United States 5.00 -47% 55.2 20.9 176.8 (11.6) NM 31.8% 0.1x NMValueClick, Inc. United States 15.56 -21% 1,231.5 1,089.0 477.1 136.7 28.7% 16.1% 2.3x 8.0xVelti Plc * Ireland 6.61 -67% 406.9 269.5 142.0 10.0 7.0% 24.5% 1.9x 27.1xYandex N.V. * Netherlands 20.46 -51% 6,608.4 5,939.4 563.0 254.2 45.1% 0.0% 10.5x 23.4xYahoo! Inc. United States 13.17 -30% 16,628.6 14,155.1 5,569.7 1,430.3 25.7% -14.4% 2.5x 9.9x

Summary Multiples

Low 0.0x 0.1x

Mean 1.9x 11.8x

Median 1.3x 8.0x

Weighted Avg 4.0x 13.7x

Adj. W Avg* 2.4x 10.2x

High 10.5x 29.2x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)

and EBITDA multiples that are 1.0 standard deviations above the mean (21.4x).

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


AGENCY/CONSULTING


• Digital Agency was the most active and highest value subsegment with 11 transactions worth $173 million


› Bridgepoint Capital’s $852 million buyout of Infront Sports & Media, a Sweden-based international sports and media marketing company

› SapientNitro’s $41 4 million acquisition of Digital and Direct a U K -based digital and direct marketing agency› SapientNitro s $41.4 million acquisition of Digital and Direct, a U.K. based digital and direct marketing agency

› Borenstein Group’s buyout of Q2 Marketing, a B-to-B marketing communications firm serving technology companies


› The investment in Resource Interactive, a marketing agency focused on social media, from WestView Capital PartnersPartners

› The $5.3 million investment in myGengo, a provider of human translation services for websites, led by Atomico Investments

BUYER/INVESTOR BREAKDOWNAGENCY/CONSULTING TRANSACTIONS BY SEGMENT

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

Digital Agency 11 58% 173.4 54% 9 151.4 0 0.0 2 22.0

Design Agency 3 16% 75.0 23% 3 75.0 0 0.0 0 0.0

B-to-B Agency 2 11% 25.0 8% 2 25.0 0 0.0 0 0.0

General Agency 2 11% 25.0 8% 2 25.0 0 0.0 0 0.0


Ge e a ge cy % 5 0 8% 5 0 0 0 0 0 0 0

Experiential Marketing 1 5% 25.0 8% 1 25.0 0 0.0 0 0.0

DM Agency 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

DR Media Buying 0 0% 0.0 0% 0 0.0 0 0.0 0 0.0

Total 19 100% 323 100% 17 301 0 0 2 22


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION

S k P i Ch % F E i E LTM M i LTM LTM M l i l LTM

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc United Kingdom $1.95 -29% $2,451.0 $2,988.2 $2,470.2 $282.5 11.4% 33.7% 1.2x 10.6x

Cello Group Plc United Kingdom 0.52 -47% 41.0 59.3 203.0 12.5 6.1% -2.6% 0.3x 4.8x

Charm Communications Inc. China 8.40 -34% 328.8 197.7 234.7 45.1 19.2% 0.0% 0.8x NM

Chime Communications plc United Kingdom 2.94 -38% 231.4 220.2 509.8 46.4 9.1% 6.1% 0.4x 4.7x

Dentsu Inc. Japan 32.09 -12% 7,994.9 7,359.9 22,550.5 792.1 3.5% 6.1% 0.3x 9.3x

Havas France 3.71 -36% 1,599.1 1,716.0 2,314.3 367.3 15.9% 8.4% 0.7x 4.7x

LTM

Huntsworth plc United Kingdom 1.07 -21% 262.5 376.0 280.6 47.8 17.0% 4.7% 1.3x 7.9x

IPG United States 7.20 -46% 3,445.4 3,913.3 6,798.7 711.1 10.5% 10.1% 0.6x 5.5x

M&C Saatchi plc United Kingdom 1.90 -20% 119.4 100.5 223.0 25.7 11.5% 24.1% 0.5x 3.9x

MDC Partners Inc. Canada 14.40 -21% 419.7 882.5 850.0 80.8 9.5% 44.2% 1.0x 10.9x

mktg, inc. United States 0.75 -40% 6.6 4.5 120.1 5.5 4.6% 37.5% 0.0x 0.8x

Next Fifteen Communications Group plc United Kingdom 1.17 -13% 64.5 71.5 126.5 15.6 12.3% 19.4% 0.6x 4.6x

Omnicom Group Inc. United States 36.84 -28% 10,295.8 13,193.7 13,220.1 1,972.1 14.9% 9.6% 1.0x 6.7x

Photon Group Limited Australia 0.03 -71% 45.0 142.4 577.7 55.0 9.5% -8.4% 0.2x 2.6x

Publicis Groupe SA France 42.24 -25% 7,838.0 8,159.4 8,100.2 1,389.5 17.2% 15.0% 1.0x 5.9x

Sapient Corp. United States 10.14 -38% 1,410.8 1,176.0 976.4 105.1 10.8% 27.4% 1.2x 11.2x

WPP plc Ireland 9.40 -30% 11,636.8 16,474.3 15,423.0 2,301.6 14.9% 8.7% 1.1x 7.2x

Low 0.0x 0.8x

Mean 0.7x 6.3x



Summary Multiples

Median 0.7x 5.7x



High 1.3x 11.2x


DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Social Media/Apps was the most active subsegments with 28 transactions. With approximately $1.9 billion, eCommerce was the highest value subsegment


› Google’s $175 million acquisition of DailyDeal.de, a Germany-based group buying site, and $125 million acquisition of Zagat Survey, a publisher of restaurant guides

› Rakuten’s $39.2 million acquisition of Play.com, a U.K.-based eCommerce site

› eBay’s $20 million acquisition of Appchee Applications, which operates as a social eCommerce platform for group gifts


› The $1 6 billion investment in Alibaba Group from Silver Lake Capital and Digital Sky Technologies valuing › The $1.6 billion investment in Alibaba Group from Silver Lake Capital and Digital Sky Technologies, valuing the company at $32 billion

› The $100 million investment in TrueCar, an online publisher of new car transaction data, from GSV Asset Management, Allen & Co., and DealerTrak Holdings

BUYER/INVESTOR BREAKDOWNDIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

Social Media/Apps 28 29% 393.3 13% 8 218.8 1 10.0 19 164.5

eCommerce 21 21% 1,869.8 61% 6 96.4 1 2.0 14 1,771.4

Mobile Content/Apps 10 10% 80.9 3% 5 56.5 0 0.0 5 24.4

Digital Promotion/Coupon 8 8% 316.0 10% 7 310.0 0 0.0 1 6.0

G i 8 8% 90 5 3% 4 60 1 0 0 0 4 30 4


Gaming 8 8% 90.5 3% 4 60.1 0 0.0 4 30.4

Niche Content 8 8% 140.8 5% 5 32.8 0 0.0 3 108.0

Digital Place-Based Media 5 5% 50.6 2% 3 35.0 0 0.0 2 15.6

Classifieds/Auctions/P-to-P 4 4% 27.4 1% 2 18.0 0 0.0 2 9.4

Local Search 3 3% 6.1 0% 0 0.0 0 0.0 3 6.1

Comparison Shopping 1 1% 33.0 1% 0 0.0 0 0.0 1 33.0

Vertical Search 1 1% 15 0 0% 1 15 0 0 0 0 0 0 0


Vertical Search 1 1% 15.0 0% 1 15.0 0 0.0 0 0.0

Web Search/Portals 1 1% 30.0 1% 0 0.0 0 0.0 1 30.0

Total 98 100% 3,053 100% 41 843 2 12 55 2,199

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $216.23 -11% $98,154.4 $91,799.4 $40,277.0 $1,827.0 4.5% 40.51% 2.3x 50.2x

eBay Inc. United States 29.49 -17% 38,005.5 36,154.3 10,050.7 3,012.3 30.0% 11.42% 3.6x 12.0x

priceline.com Incorporated United States 449.46 -20% 22,369.6 21,062.7 3,645.1 1,061.3 29.1% 38.90% 5.8x 19.8x

Yahoo! Inc. United States 13.17 -30% 16,628.6 14,155.1 5,569.7 1,430.3 25.7% -14.39% 2.5x 9.9x

1-800-Flowers.com Inc. United States $2.32 -40% $149.0 $173.6 $689.8 $34.1 4.9% 3.31% 0.3x 5.1x

AirMedia Group Inc. China $2.49 -70% $164.3 $48.2 $244.6 $13.0 5.3% 32.72% 0.2x 3.7x

Alibaba.com Limited China 0.94 -59% 4,710.0 3,287.3 947.4 304.6 32.2% 29.06% 3.5x 10.8x

Ancestry.com Inc. United States 23.50 -49% 1,068.1 997.1 354.4 117.4 33.1% 38.44% 2.8x 8.5x

AOL, Inc. United States 12.00 -57% 1,283.6 944.8 2,253.8 463.0 20.5% -21.07% 0.4x 2.0x

Betfair Group PLC United Kingdom 11.59 -54% 1,195.1 958.4 656.2 75.5 11.5% 15.37% 1.5x 12.7x

BIDZ.com, Inc. United States 0.50 -80% 9.7 7.6 95.8 (3.7) -3.9% -9.78% 0.1x NM

Blinkx plc United Kingdom 2.31 -8% 817.8 766.4 66.1 8.5 12.9% 96.36% 11.6x 89.7x g 12.9% 96.36% 11.6x 89.7x

Blue Nile Inc. United States 35.28 -45% 503.2 429.8 342.9 23.0 6.7% 6.99% 1.3x 18.7x

Bluefly Inc. United States 2.38 -32% 58.6 55.2 93.5 (1.5) -1.6% 13.69% 0.6x NM

CyberAgent Inc. Japan 2,704.28 -32% 1,762.0 1,565.4 1,426.0 193.5 13.6% 22.31% 1.1x 8.1x

Demand Media, Inc. United States 8.00 -71% 671.4 567.8 297.9 61.2 20.6% 34.69% 1.9x 9.3x

Dena Co. Ltd. Japan 42.41 -24% 6,260.4 5,636.9 1,527.5 779.7 51.0% 94.03% 3.7x 7.2x

E-Commerce China Dangdang Inc. China 4.94 -86% 391.0 136.7 432.4 (0.5) -0.1% 0.00% 0.3x NM

Ediets.com Inc. United States 1.25 -75% 16.6 14.5 25.8 (5.5) 21 4% 38 93% 0 6x NMEdiets.com Inc. United States 1.25 75% 16.6 14.5 25.8 (5.5) -21.4% 38.93% 0.6x NM

Expedia Inc. United States 25.75 -22% 7,062.1 6,550.5 3,642.0 867.7 23.8% 17.42% 1.8x 7.5x

G5 Entertainment AB Sweden 3.14 -20% 25.1 24.1 5.4 2.5 46.1% 159.74% 4.5x 9.8x

GameLoft SA France 4.98 -32% 377.1 342.0 237.1 37.9 16.0% 20.87% 1.4x 9.0x

Glu Mobile, Inc. United States 2.11 -65% 133.3 106.9 65.2 (2.4) -3.7% -9.35% 1.6x NM

Gree, Inc. Japan 30.86 -12% 7,119.0 6,831.2 795.8 388.3 48.8% 82.16% 8.6x 17.6x

Hollywood Media Corp. United States 1.49 -24% 34.5 30.0 4.1 (6.6) -162.6% 0.00% 7.4x NM

HomeAway Inc * United States 33 62 27% 2 708 1 3 093 3 200 8 33 7 16 8% 0 00% 15 4 91 8HomeAway, Inc. * United States 33.62 -27% 2,708.1 3,093.3 200.8 33.7 16.8% 0.00% 15.4x 91.8x

HSN, Inc. United States 33.13 -12% 1,947.9 1,919.4 3,094.5 234.6 7.6% 8.46% 0.6x 8.2x

Jiayuan.com China 8.00 -50% 250.1 159.8 32.5 7.0 21.5% 0.00% 4.9x 22.8x

Kongzhong Corp. China 4.03 -63% 152.2 19.2 152.0 22.4 14.7% 7.94% 0.1x 0.9x

LinkedIn Corporation * United States 78.08 -36% 7,516.9 7,144.8 358.5 47.9 13.4% 0.00% 19.9x 149.2x

MakeMyTrip Limited India 22.08 -46% 813.7 716.4 143.0 5.9 4.1% 0.00% 5.0x 121.2x

Mixi, Inc. Japan 3,656.29 -42% 567.1 436.8 196.5 39.7 20.2% 8.88% 2.2x 11.0x



Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMonster Worldwide, Inc. United States 7.18 -72% $881.9 $805.0 $1,015.0 $111.7 11.0% 18.31% 0.8x 7.2x

Move, Inc. United States 1.45 -50% 232.2 191.0 197.2 12.5 6.3% -1.83% 1.0x 15.3x

NCSoft South Korea 285.33 -7% 5,650.6 5,209.8 596.6 194.8 32.7% -8.81% 8.7x 26.7x

Netflix, Inc. United States 113.27 -63% 5,950.8 5,809.6 2,656.3 403.2 15.2% 41.21% 2.2x 14.4x

OpenTable, Inc. United States 46.01 -61% 1089.38 1020.28 123.28 34.77 28.2% 54.27% 8.3x 29.3x

Orbitz Worldwide Inc United States 2 17 69% 224 3 551 5 763 6 112 2 Orbitz Worldwide, Inc. United States 2.17 -69% 224.3 551.5 763.6 112.2 14.7% 2.92% 0.7x 4.9x

Overstock.com Inc. United States 9.27 -48% 215.8 177.1 1,094.8 15.8 1.4% 8.21% 0.2x 11.2x

Pandora Media, Inc. United States 14.65 -44% 2,362.5 2,267.2 203.3 -1.0 -0.5% 0.00% 11.2x NM

PC Connection, Inc. United States $7.98 -19% 213.4 160.5 2,062.9 52.0 2.5% 17.75% 0.1x 3.1x

PC Home Online Inc. Taiwan 5.90 -25% 406.4 345.1 431.2 16.1 3.7% 34.22% 0.8x 21.4x

PC Mall Inc. United States 5.28 -52% 65.5 129.1 1,459.3 24.4 1.7% 19.21% 0.1x 5.3x

Phoenix New Media Limited China 5.68 -62% 429.2 251.1 109.3 9.9 9.1% 0.00% 2.3x 25.3x

Qihoo 360 Technology Co. Ltd * China 16.34 -55% 1,886.9 1,577.5 93.3 0.6 0.69% 119.98% 16.9x 2466.8x

Quepasa Corp. United States 3.44 -78% 57.3 52.7 8.7 (4.5) -51.65% 363.45% 6.1x NM

Rakuten, Inc. Japan 1,171.21 -5% 15,378.2 18,749.8 4,460.1 1,084.3 24.3% 11.51% 4.2x 17.3x

ReachLocal, Inc. United States 10.87 -62% 317.8 224.1 334.5 (6.3) -1.9% 35.76% 0.7x NM

RealNetworks Inc. United States 8.43 -51% 288.3 (39.6) 355.3 3.1 0.9% -29.40% NM NM

Rediff.com India Ltd. India 6.57 -63% 178.7 142.4 22.0 (5.0) -22.6% 15.42% 6.5x NM

Renren Inc. China 5.10 -79% 1,999.3 771.0 83.1 11.1 13.4% 0.00% 9.3x 69.3x

Scripps Networks Interactive, Inc. United States 37.17 -31% 6,012.5 6,556.5 2,171.5 958.9 44.2% 27.38% 3.0x 6.8x

Shutterfly, Inc. United States 41.18 -38% 1,423.1 1,347.2 348.2 33.1 9.5% 31.82% 3.9x 40.7x

Sify Technologies Limited India 3.99 -53% 710.2 761.4 166.3 8.1 4.9% 9.51% 4.6x 93.7x

Sky-mobi Limited China 3.25 -86% 104.6 22.4 104.9 5.7 5.4% 0.00% 0.2x 3.9x

Stamps.com Inc. United States 20.44 -19% 292.1 268.8 92.8 11.7 12.6% 10.40% 2.9x 22.9x

Taomee Holdings Ltd. China 5.88 -67% 212.6 93.2 41.9 22.3 53.2% 0.00% 2.2x 4.2x

TechTarget, Inc. United States 5.71 -42% 215.8 183.5 99.6 13.9 14.0% 7.75% 1.8x 13.2x 14.0% 7.75% 1.8x 13.2x

The Active Network, Inc. United States 14.75 -37% 799.4 644.8 306.4 22.1 7.2% 0.00% 2.1x 29.2x

TheStreet, Inc. United States 1.98 -46% 63.3 7.1 58.2 (4.6) -7.9% -2.90% 0.1x NM

Tudou Holdings Limited China 13.65 -51% 387.1 339.2 51.3 (43.9) -85.5% 0.00% 6.6x NM

United Online, Inc. United States 5.23 -30% 463.9 614.6 923.2 158.0 17.1% -3.84% 0.7x 3.9x

ValueVision Media Inc. United States 2.36 -73% 114.4 101.9 586.8 8.8 1.5% 11.58% 0.2x 11.6x

Vringo, Inc. * United States 1.42 -57% 8.7 9.4 0.5 (6.8) -1322.3% 443.62% 18.3x NM

WebMD Health Corp. United States 30.15 -49% 1,769.0 1,420.4 576.8 150.7 26 1% 20 06% 2 5x 9 4x


WebMD Health Corp. United States 30.15 49% 1,769.0 1,420.4 576.8 150.7 26.1% 20.06% 2.5x 9.4x


Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAWebMediaBrands Inc United States 0.60 -70% $25.6 $28.9 $10.7 ($3.0) -27.7% 42.56% 2.7x NM

Yandex N.V. Netherlands 20.46 -51% 6,608.4 5,939.4 563.0 254.2 45.1% 0.00% 10.5x 23.4x

Youku.com Inc China 16.36 -77% 1,863.7 1,243.1 91.7 3.2 3.5% 0.00% 13.6x 386.5x

Zillow, Inc. * United States 27.35 -54% 753.7 737.5 44.9 1.3 2.8% 0.00% 16.4x 583.5x

Summary Multiples

Low 0.1x 0.9x

Mean 4.3x 91.5x

Median 2.2x 12.2x



High 19.9x 2466.8x



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


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Social Technology was the most active and highest value subsegment with 11 transactions worth approximately $825 million


› Glam Media’s $150 million acquisition of Ning, a developer of social websites

› Salesforce com’s $50 million acquisition of Assistly which operates a multi-channel support platform› Salesforce.com s $50 million acquisition of Assistly, which operates a multi channel support platform


› The $682 million investment in Zfere Holdings, which develops technologies for social media, social commerce, marketing, and mobile payment systems, led by Equity Partners Fund

› The $133 million investment in Rearden Commerce, a provider of eCommerce software solutions, led by CitigroupCitigroup

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

Social Technology 11 17% 824.8 38% 6 120.0 0 0.0 5 704.8

Analytics & Reporting 8 13% 149.0 7% 2 19.0 0 0.0 6 130.0



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Content Management 7 11% 61.5 3% 3 40.0 0 0.0 4 21.5

Commerce Management 6 9% 207.9 10% 1 20.0 1 14.7 4 173.2

CRM 4 6% 85.0 4% 3 75.0 0 0.0 1 10.0

Email/Messaging Software 4 6% 60.0 3% 2 49.0 0 0.0 2 11.0

Mobile Technology 3 5% 22.7 1% 1 10.0 0 0.0 2 12.7

Online Targeting/Optimization 3 5% 65.0 3% 0 0.0 0 0.0 3 65.0g g/ p

Ad Serving 2 3% 88.0 4% 1 80.0 0 0.0 1 8.0

BI tools 2 3% 61.2 3% 0 0.0 1 55.5 1 5.7

Media Management System 2 3% 35.0 2% 1 15.0 0 0.0 1 20.0

MRM/Workflow Management 2 3% 20.0 1% 0 0.0 1 10.0 1 10.0

Other* 10 0 492 0 5 213 1 231 4 48

Total 64 100% 2 172 100% 25 641 4 311 35 1 220


Total 64 100% 2,172 100% 25 641 4 311 35 1,220

*Other includes Internet Service Providers, Website Creation/Hosting, Search & Discovery, SEM/SEO tools, SFA/Lead Management, Content Delivery Network, Product/Price Software, and Teleservices/eServices

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION($ in millions, except stock price data)

Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $24.17 -33% $11,936.8 $10,733.9 $4,072.0 $1,418.6 34.8% 14.73% 2.6x 7.6x

Akamai Technologies, Inc. United States 19.88 -64% 3,665.4 3,168.2 1,091.2 420.8 38.6% 17.31% 2.9x 7.5x

Autonomy Corp. plc(1) United Kingdom 39.87 0% 9,692.0 9,736.4 931.1 410.7 44.1% 12.18% 10.5x 23.7x

Salesforce.com United States 114.28 -29% 15,484.9 15,437.8 1,936.3 115.1 5.9% 33.01% 8.0x 134.1x

Alterian plc United Kingdom $0.99 -71% $60.4 $49.5 $59.3 $1.3 2.1% -2.75% 0.8x 38.8x

Blackbaud Inc. United States 22.27 -27% 964.8 931.4 350.9 67.9 19.3% 11.35% 2.7x 13.7x

ChinaCache International Holdings Ltd. China 4.54 -87% 109.5 41.9 80.1 8.3 10.3% 66.76% 0.5x 5.1x

Convio, Inc. United States 8.41 -35% 153.8 104.1 73.8 6.4 8.7% 10.19% 1.4x 16.3x

DemandTec, Inc. United States 6.54 -54% 212.9 148.7 88.5 (8.4) -9.5% 13.21% 1.7x NM

DG FastChannel, Inc. United States 16.95 -55% 466.4 407.2 268.4 120.4 44.9% 24.09% 1.5x 3.4x

Digital River Inc. United States 20.73 -48% 822.6 467.8 373.4 52.0 13.9% -2.98% 1.3x 9.0x

Informatica Corporation *United States 40.95 -34% 4,368.6 3,804.4 720.0 177.7 24.7% 27.42% 5.3x 21.4x

I W ki I U it d St t 7 84 15% 364 2 406 5 550 3 22 7 InnerWorkings Inc. United States 7.84 -15% 364.2 406.5 550.3 22.7 4.1% 25.43% 0.7x 17.9x

Interactive Intelligence, Inc. United States 27.08 -35% 509.7 440.0 192.2 31.1 16.2% 34.51% 2.3x 14.2x

JDA Software Group Inc. United States 23.44 -33% 997.0 1,013.8 653.2 159.0 24.3% 32.50% 1.6x 6.4x

Keynote Systems Inc. United States 21.13 -19% 363.0 271.5 96.0 17.5 18.2% 21.45% 2.8x 15.5x

NetQin Mobile China 3.83 -68% 175.5 57.0 28.2 (6.7) -23.8% 0.00% 2.0x NM

Open Text Corp. Canada 52.12 -28% 2,988.2 3,001.6 1,033.3 295.3 28.6% 13.30% 2.9x 10.2x

PROS Holdings, Inc. United States 12.89 -35% 347.2 282.8 81.1 8.5 10.5% 18.18% 3.5x 33.3x

Ri ht T h l i I U it d St t 33 05 10% 1 098 9 1 018 0 207 1 21 3 Rightnow Technologies Inc. *United States 33.05 -10% 1,098.9 1,018.0 207.1 21.3 10.3% 24.87% 4.9x 47.8x

Sage Group plc United Kingdom 4.01 -16% 5,287.1 5,401.4 2,341.4 647.0 27.6% 3.48% 2.3x 8.3x

S1 Corporation United States 9.17 -3% 501.1 429.4 227.3 12.3 5.4% 2.06% 1.9x 35.0x

Sky-mobi Limited China 3.25 -86% 104.6 22.4 104.9 5.7 5.4% 0.00% 0.2x 3.9x

SoundBite Communications, Inc. United States 2.50 -21% 41.1 12.8 38.6 (1.5) -3.9% -5.17% 0.3x NM

The Active Network, Inc. United States 14.75 -37% 799.4 644.8 306.4 22.1 7.2% 0.00% 2.1x 29.2x

TIBCO Software Inc. United States 22.39 -29% 3,642.7 3,408.9 872.0 193.0 22.1% 23.09% 3.9x 17.7x

Verint Systems Inc United States 26 29 31% 1 019 8 1 727 2 744 8 137 2 8 % 3% 2 3 2 6Verint Systems Inc. United States 26.29 -31% 1,019.8 1,727.2 744.8 137.2 18.4% 4.53% 2.3x 12.6x

Vocus Inc. *United States 16.76 -50% 349.2 232.8 106.2 0.2 0.2% 19.11% 2.2x 1124.4x

Low 0.2x 3.4x

Mean 2.1x 70.7x

Median 2.1x 15.5x



(1) Autonomy is being acquired by Hewlett Packard, 8/18/11

Summary Multiples




High 5.3x 1124.4x

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

SOFTWARE & INFORMATION


• Market Research was the most active subsegment within Software & Information with 11 transactions. Worth $887 million, Credit/Risk Software was the highest value subsegment


› IBM’s $387 million acquisition of Algorithmics, a Canada-based risk management analytics software developer

› NICE System’s $80 million acquisition of Fizzback Group a U K -based provider of real-time customer › NICE System s $80 million acquisition of Fizzback Group, a U.K. based provider of real time customer feedback and customer experience management software


› The $25 million investment in WorldOne Research, a research agency specializing in healthcare data collection for market research companies, from Kennet Partners

› The $22 5 million investment in West World Media a which provides movie showtimes and event listings and › The $22.5 million investment in West World Media, a which provides movie showtimes and event listings and venue marketing services, from Monroe Capital

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

Market Research 11 21% 269.6 12% 6 163.0 1 60.0 4 46.6



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

Infrastructure Software 9 17% 95.3 4% 1 7.8 0 0.0 8 87.5

ERP Software 5 10% 60.2 3% 1 24.6 0 0.0 4 35.6

Marketing Consulting 5 10% 59.4 3% 5 59.4 0 0.0 0 0.0

Marketing Data 4 8% 62.5 3% 2 30.0 0 0.0 2 32.5

Financial 4 8% 583.2 27% 3 573.2 0 0.0 1 10.0

HC-Providers Software 2 4% 19.0 1% 0 0.0 0 0.0 2 19.0

Financial Software 2 4% 78.0 4% 1 76.5 0 0.0 1 1.5

Credit/Risk Software 2 4% 887.0 41% 1 387.0 1 500.0 0 0.0

HR Software 1 2% 5.0 0% 0 0.0 0 0.0 1 5.0

Credit/Risk Consulting 1 2% 10.0 0% 0 0.0 1 10.0 0 0.0

Credit/Risk Management 1 2% 40.0 2% 0 0.0 1 40.0 0 0.0

Other* 5 4% 18 1% 0 0 0 0 2 18


Other 5 4% 18 1% 0 0 0 0 2 18

Total 52 94% 2,187 100% 20 1,322 4 610 25 256

*Other includes Engineering Consulting, Healthcare-BioPharma, Healthcare-Providers, HR, and HR Consulting

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

S k i % Ch i i l i l


Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $6.06 -32% $334.9 $219.3 $114.8 ($8.0) NM 0.00% 1.9x NM

Actuate Corporation United States 5.52 -18% 260.5 206.2 137.9 29.6 21.4% 15.04% 1.5x 7.0x

Acxiom Corporation United States 10.64 -43% 867.5 1,074.9 1,178.5 240.5 20.4% 5.82% 0.9x 4.5x

Adobe Systems Inc. United States 24.17 -33% 11,936.8 10,733.9 4,072.0 1,418.6 34.8% 14.73% 2.6x 7.6x

Advent Software, Inc. United States 20.85 -34% 1,090.1 1,011.5 302.9 62.9 20.8% 13.85% 3.3x 16.1x

Advisory Board Co. United States 64.53 -5% 1,045.4 1,010.2 305.2 40.6 13.3% 22.41% 3.3x 24.9x

Akamai Technologies, Inc. United States 19.88 -64% 3,665.4 3,168.2 1,091.2 420.8 38.6% 17.31% 2.9x 7.5x

Alliance Data Systems Corporation United States 92.70 -9% 4,720.1 11,038.7 2,939.1 833.2 28.3% 24.50% 3.8x 13.2x

Allocate Software plc. United Kingdom $1.19 -16% 74.8 61.7 49.5 9.2 18.7% 37.10% 1.2x 6.7x

Allscripts Healthcare Solutions, Inc. United States 18.02 -22% 3,387.1 3,695.5 923.6 150.3 16.3% 0.00% 4.0x 24.6x

Alterian plc United Kingdom 0.99 -71% 60.4 49.5 59.3 1.3 2.1% -2.75% 0.8x 38.8x

Arbitron Inc. United States 33.08 -26% 900.4 897.2 407.8 103.4 25.4% 6.21% 2.2x 8.7x

athenahealth, Inc. *United States 59.55 -18% 2,083.5 1,979.1 280.3 47.4 16.9% 30.46% 7.1x 41.8x

Automatic Data Processing, Inc. United States 47.15 -14% 23,023.1 21,634.4 9,879.5 2,142.9 21.7% 10.66% 2.2x 10.1x

Autonomy Corp. plc(1) *United Kingdom 39.87 0% 9,692.0 9,736.4 931.1 410.7 44.1% 12.18% 10.5x 23.7x

Aveva Group plc United Kingdom 22.00 -22% 1,492.6 1,253.1 279.3 85.7 30.7% 17.29% 4.5x 14.6x

Blackbaud Inc. United States 22.27 -27% 964.8 931.4 350.9 67.9 19.3% 11.35% 2.7x 13.7x

Blackboard Inc. United States 44.66 -11% 1,569.3 1,695.6 481.4 79.1 16.4% 18.22% 3.5x 21.4x

Booz Allen Hamilton Inc. United States 14.87 -28% 1,940.4 2,699.0 5,696.2 407.9 7.2% 8.81% 0.5x 6.6x

Brainjuicer Group Plc United Kingdom 4.54 -5% 56.7 53.5 29.3 4.0 13.7% 28.70% 1.8x 13.3x

B d id Fi i l S l ti I U it d St t 20 14 19% 2 488 4 2 769 2 2 166 9 352 1 Broadridge Financial Solutions Inc. United States 20.14 -19% 2,488.4 2,769.2 2,166.9 352.1 16.2% -1.91% 1.3x 7.9x

Cegedim SA France 30.79 -54% 430.0 1,082.3 1,359.6 242.4 17.8% 5.33% 0.8x 4.5x

Cello Group Plc United Kingdom 0.52 -47% 41.0 59.3 203.0 12.5 6.1% -2.57% 0.3x 4.8x

Cerner Corporation United States 68.52 -8% 11,583.5 11,016.3 1,978.8 527.9 26.7% 12.23% 5.6x 20.9x

Cision AB Sweden 5.42 -37% 80.9 142.1 162.4 26.8 16.5% -18.13% 0.9x 5.3x

comScore, Inc. United States 16.87 -46% 537.5 508.0 207.9 9.0 4.3% 44.56% 2.4x 56.4x

Concur Technologies, Inc. United States 37.23 -36% 2,010.2 1,691.1 331.8 48.8 14.7% 18.40% 5.1x 34.7x

Constant Contact Inc United States 17 29 -52% 513 1 393 4 194 8 15 6 8 0% 28 25% 2 0x 25 2xConstant Contact, Inc. United States 17.29 52% 513.1 393.4 194.8 15.6 8.0% 28.25% 2.0x 25.2x

Convio, Inc. United States 8.41 -35% 153.8 104.1 73.8 6.4 8.7% 10.19% 1.4x 16.3x

CoreLogic, Inc. *United States 10.67 -49% 1,135.4 1,870.0 1,614.8 208.8 12.9% 5.93% NA 9.0x

Cornerstone OnDemand, Inc. *United States 12.54 -47% 602.7 523.5 54.1 (18.2) NM 0.00% 9.7x NM

Corporate Executive Board Co. United States 29.80 -35% 1,029.8 879.7 463.2 92.1 19.9% 9.12% 1.9x 9.6x

CoStar Group Inc. United States 51.97 -29% 1,315.2 764.0 237.1 34.7 14.6% 8.18% 3.2x 22.0x

CRA International Inc. *United States 20.01 -33% 215.9 167.0 267.0 - NM 0.00% 0.6x NA

Craneware plc United Kingdom 9.23 -4% 248.8 225.3 38.1 9.6 25.2% 34.25% 5.9x 23.4x


DemandTec, Inc. United States 6.54 -54% 212.9 148.7 88.5 (8.4) NM 13.21% 1.7x NM




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADG FastChannel, Inc. United States $16.95 -55% $466.4 $407.2 $268.4 $120.4 44.9% 24.09% 1.5x 3.4x

Digital River Inc. United States 20.73 -48% 822.6 467.8 373.4 52.0 13.9% -2.98% 1.3x 9.0x

Dun & Bradstreet Corp. United States 61.26 -30% 3,013.5 3,800.5 1,702.5 498.9 29.3% 2.73% 2.2x 7.6x

Ebix Inc. United States 14.70 -52% 550.2 552.2 150.7 66.4 44.1% 27.27% 3.7x 8.3x

Ebiquity plc United Kingdom 1.14 -30% 67.1 73.9 73.7 8.7 11.8% 108.15% 1.0x 8.5x

Envestnet, Inc. United States 10.00 -43% 317.4 239.0 112.8 14.3 12.7% 29.02% 2.1x 16.7x

EPIQ Systems, Inc. United States 12.53 -18% 447.3 641.9 259.4 62.3 24.0% 11.18% 2.5x 10.3x

Epocrates, Inc. United States 9.01 -70% 212.0 130.7 111.4 6.5 5.8% 12.31% 1.2x 20.2x

Equifax Inc. United States 30.74 -23% 3,762.9 4,654.0 1,915.5 610.6 31.9% 8.58% 2.4x 7.6x

Experian plc Ireland 11.34 -14% 11,390.1 13,078.4 4,239.0 1,314.0 31.0% 9.25% 3.1x 10.0x

FactSet Research Systems Inc. United States 88.97 -21% 4,012.5 3,830.9 726.5 275.2 37.9% 13.33% 5.3x 13.9x

Fair Isaac Corp. United States 21.83 -31% 842.9 1,096.4 614.5 153.6 25.0% 2.00% 1.8x 7.1x

Fidelity National Information Services, Inc. United States 24.32 -28% 7,441.9 12,122.0 5,588.6 1,594.9 28.5% 21.03% 2.2x 7.6x

Fidessa group plc United Kingdom 24.55 -26% 883.2 798.0 435.1 90.6 20.8% 7.97% 1.8x 8.8x

Financial Engines, Inc. United States 18.11 -38% 817.8 692.7 129.4 20.7 16.0% 31.97% 5.4x 33.5x

Forrester Research Inc. United States 32.51 -19% 737.8 519.5 266.1 34.5 13.0% 11.24% 2.0x 15.1x

FTI Consulting, Inc. United States 36.81 -10% 1,529.6 2,227.8 1,464.6 260.8 17.8% 5.32% 1.5x 8.5x

Gartner Inc. United States 34.87 -20% 3,365.9 3,467.1 1,373.5 212.3 15.5% 13.86% 2.5x 16.3x

GfK SE Germany 38.41 -31% 1,393.4 1,944.3 1,952.3 303.0 15.5% 10.51% 1.0x 6.4x

GlobeOp Financial Services S.A United Kingdom 4.52 -35% 476.2 390.7 210.3 56.6 26.9% 26.10% 1.9x 6.9x

G D t C ti U it d St t 31 32 52% 1 320 6 1 161 6 434 2 74 3 Green Dot Corporation United States 31.32 -52% 1,320.6 1,161.6 434.2 74.3 17.1% 30.57% 2.7x 15.6x

Harris Interactive Inc. United States 0.49 -66% 27.3 23.8 165.3 0.6 0.4% -1.87% 0.1x 37.7x

Harte-Hanks Inc. United States 8.48 -38% 532.5 650.1 866.1 107.3 12.4% 3.77% 0.8x 6.1x

IHS Inc. United States 74.81 -17% 4,863.4 5,475.2 1,257.9 283.8 22.6% 21.57% 4.4x 19.3x

Informa plc Switzerland 5.12 -30% 3,077.9 4,450.9 1,987.2 529.0 26.6% 2.31% 2.2x 8.4x

Informatica Corporation United States 40.95 -34% 4,368.6 3,804.4 720.0 177.7 24.7% 27.42% 5.3x 21.4x

Information Services Group, Inc. United States 1.06 -57% 38.6 97.8 154.7 7.6 4.9% 14.48% 0.6x 12.9x

InnerWorkings Inc United States 7 84 -15% 364 2 406 5 550 3 22 7 4 1% 25 43% 0 7x 17 9xInnerWorkings Inc. United States 7.84 15% 364.2 406.5 550.3 22.7 4.1% 25.43% 0.7x 17.9x

Interactive Intelligence, Inc. United States 27.08 -35% 509.7 440.0 192.2 31.1 16.2% 34.51% 2.3x 14.2x

International Datacasting Corporation Canada 0.29 -39% 17.4 11.1 37.9 2.6 6.9% 35.71% 0.3x 4.2x

Ipsos SA France 32.58 -35% 1,473.2 1,739.6 1,699.0 214.4 12.6% 14.19% 1.0x 8.1x

Isoftstone Holdings Limited China 6.49 -71% 326.9 217.1 236.8 18.0 7.6% 0.00% 0.9x 12.1x

JDA Software Group Inc. United States 23.44 -33% 997.0 1,013.8 653.2 159.0 24.3% 32.50% 1.6x 6.4x

Kenexa Corp. United States 15.64 -53% 423.0 378.7 240.8 17.6 7.3% 46.93% 1.6x 21.5x

Keynote Systems Inc. United States 21.13 -19% 363.0 271.5 96.0 17.5 18.2% 21.45% 2.8x 15.5x


LECG Corporation United States 0.02 -99% 1.8 53.9 297.0 -7.8 NM 11.26% 0.2x NM




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDALender Processing Services, Inc. United States $13.69 -61% $1,155.2 $2,367.1 $2,349.1 $581.1 24.7% -2.41% 1.0x 4.1x

Macdonald Dettwiler & Associates Ltd. Canada 45.67 -19% 1,881.4 1,219.7 806.0 138.7 17.2% 147.83% 1.5x 8.8x

MedAssets, Inc. United States 9.61 -57% 565.7 1,466.7 480.7 132.9 27.6% 31.12% 3.1x 11.0x

Mediware Information Systems Inc. United States 11.44 -17% 92.5 62.5 55.5 10.9 19.6% 16.61% 1.1x 5.8x

Merge Healthcare Incorporated United States 6.09 -16% 545.9 751.0 199.6 45.2 22.6% 134.43% 3.8x 16.6x

Misys plc United Kingdom 3.36 -50% 1,090.5 1,237.8 608.2 141.9 23.3% 8.22% 2.0x 8.7x

Moody's Corp. United States 30.45 -27% 6,963.9 7,266.9 2,259.9 980.9 43.4% 19.45% 3.2x 7.4x

Morningstar Inc. United States 56.44 -12% 2,854.4 2,425.2 603.7 178.5 29.6% 19.06% 4.0x 13.6x

MSCI Inc. United States 30.33 -26% 3,653.7 4,484.0 662.9 295.2 44.5% 49.66% 6.8x 15.2x

National Research Corp. United States 33.14 -25% 222.7 235.1 70.0 21.1 30.2% 18.91% 3.4x 11.1x

Navigant Consulting Inc. United States 9.27 -27% 484.3 690.3 741.0 91.9 12.4% 6.28% 0.9x 7.5x

Nielsen Holdings N.V. Netherlands 26.08 -21% 9,354.6 16,219.6 5,358.0 1,322.0 24.7% 7.37% 3.0x 12.3x

Onvia Inc. United States 3.38 -32% 28.6 17.6 25.2 3.6 14.5% -8.08% 0.7x 4.8x

Open Text Corp. Canada 52.12 -28% 2,988.2 3,001.6 1,033.3 295.3 28.6% 13.30% 2.9x 10.2x

Parametric Technology Corporation United States 15.38 -39% 1,806.2 1,795.4 1,095.6 162.8 14.9% 10.85% 1.6x 11.0x

Paychex Inc. United States 26.37 -22% 9,556.0 9,070.9 2,129.1 907.3 42.6% 5.46% 4.3x 10.0x

PROS Holdings, Inc. United States 12.89 -35% 347.2 282.8 81.1 8.5 10.5% 18.18% 3.5x 33.3x

Qlik Technologies, Inc. United States 21.63 -39% 1,795.5 1,621.0 268.7 14.2 5.3% 39.21% 6.0x 114.3x

Quality Systems Inc. *United States 97.00 -4% 2,841.7 2,716.5 370.9 112.3 30.3% 20.38% 7.3x 24.2x

RealPage, Inc. United States 20.45 -40% 1,448.9 1,397.6 221.3 29.1 13.1% 38.31% 6.3x 48.0x

R d El i l U it d Ki d 7 73 17% 9 404 0 Reed Elsevier plc *United Kingdom 7.73 -17% 9,404.0 - - - NM 0.00% NA NA

Reis, Inc. United States 8.86 -19% 93.9 79.1 29.0 5.2 17.8% 16.53% 2.7x 15.3x

Rightnow Technologies Inc. United States 33.05 -10% 1,098.9 1,018.0 207.1 21.3 10.3% 24.87% 4.9x 47.8x

S1 Corporation United States 9.17 -3% 501.1 429.4 227.3 12.3 5.4% 2.06% 1.9x 35.0x

Sage Group plc United Kingdom 4.01 -16% 5,287.1 5,401.4 2,341.4 647.0 27.6% 3.48% 2.3x 8.3x

Salesforce.com *United States 114.28 -29% 15,484.9 15,437.8 1,936.3 115.1 5.9% 33.01% 8.0x 134.1x

Solera Holdings Inc. United States 50.50 -19% 3,577.8 4,356.0 684.7 293.4 42.9% 8.45% 6.4x 14.8x

SPS Commerce Inc United States 16 29 -14% 194 9 165 1 50 0 3 8 7 6% 22 53% 3 3x 43 3xSPS Commerce, Inc. United States 16.29 14% 194.9 165.1 50.0 3.8 7.6% 22.53% 3.3x 43.3x

SS&C Technologies Holdings, Inc. United States 14.29 -35% 1,124.8 1,245.9 349.9 128.1 36.6% 16.74% 3.6x 9.7x

Streamline Health Solutions, Inc. United States 1.66 -24% 16.7 17.5 17.7 0.9 5.1% -5.04% 1.0x 19.5x

Taleo Corp. United States 25.72 -33% 1,062.7 914.3 273.7 35.8 13.1% 28.75% 3.3x 25.6x

Temenos Group AG Switzerland 13.71 -69% 980.1 1,159.1 479.4 63.5 13.2% 19.47% 2.4x 18.3x

The Dolan Company United States 8.99 -40% 271.0 421.5 297.1 63.6 21.4% 3.12% 1.4x 6.6x

The Hackett Group, Inc. United States 3.73 -29% 151.5 133.6 212.6 18.1 8.5% 25.82% 0.6x 7.4x

The McGraw-Hill Companies, Inc. United States 41.00 -13% 12,353.3 12,307.1 6,366.6 1,634.3 25.7% 6.06% 1.9x 7.5x


Thomson Reuters Corporation United States 27.34 -32% 22,877.4 29,577.3 13,491.0 2,939.0 21.8% 4.35% 2.2x 10.1x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATIBCO Software Inc. United States $22.39 -29% $3,642.7 $3,408.9 $872.0 $193.0 22.1% 23.09% 3.9x 17.7x

Ultimate Software Group, Inc. United States 46.72 -23% 1,208.2 1,160.7 246.1 21.2 8.6% 16.83% 4.7x 54.8x

Verint Systems Inc. United States 26.29 -31% 1,019.8 1,727.2 744.8 137.2 18.4% 4.53% 2.3x 12.6x

Verisk Analytics, Inc. United States 34.77 -2% 5,730.6 6,698.4 1,220.7 529.3 43.4% 12.89% 5.5x 12.7x

Vocus Inc. *United States 16.76 -50% 349.2 232.8 106.2 0.2 0.2% 19.11% 2.2x 1124.4x

Wolters Kluwer NV Netherlands 16.44 -32% 4,959.1 7,986.0 5,183.3 1,183.3 22.8% 7.85% 1.5x 6.7x

YouGov PLC United Kingdom 0.70 -32% 68.4 51.4 80.0 8.2 10.3% 15.99% 0.6x 6.2x

Low 0.1x 3.4x

Mean 2.8x 28.3x

Median 2.2x 12.6x



Summary Multiples



(1) Autonomy is being acquired by Hewlett Packard, 8/18/11

Adj. W Avg 3.1x 21.2x

High 10.5x 1124.4x


MARKETING SERVICES


• There were 11 transactions worth approximately $275 million in Marketing Services


› Euronet Worldwide’s $57 million acquisition of cadooz, a Germany-based provider of vouchers and reward systems for sales incentives, customer loyalty, customer acquisition campaigns, and employee motivation

› St Ives’ $30 million acquisition of Response One a U K -bsed database services company offering data › St. Ives $30 million acquisition of Response One, a U.K. bsed database services company offering data management and customer insight

› TravelShark’s acquisition of eat.shop guides, an International publisher of printed, hyper-local travel guides

• Select investment

› The $25 million growth capital investment in Achievers, an employee rewards and social recognitions company led by Sequoia Capitalcompany, led by Sequoia Capital

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

Database/Analytics 2 20% 44.7 18% 2 44.7 0 0.0 0 0.0



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Logistics 2 20% 30.0 12% 1 10.0 1 20.0 0 0.0

Loyalty/Retention 2 20% 81.4 33% 1 56.9 0 0.0 1 24.5

Printer 2 20% 25.0 10% 2 25.0 0 0.0 0 0.0

Call Center 1 10% 50.0 20% 1 50.0 0 0.0 0 0.0

Offline Lead Generation 1 10% 15.0 6% 1 15.0 0 0.0 0 0.0

Total 10 100% 246.1 100% 8 201.6 1 20.0 1 24.5


MARKETING SERVICES PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 09/30/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $10.64 -43% $867.5 $1,074.9 $1,178.5 $240.5 20.4% 5.8% 0.9x 4.5x

Alliance Data Systems Corporation *United States 92.70 -9% 4,720.1 11,038.7 2,939.1 833.2 28.3% 24.5% 3.8x 13.2x

AMREP Corp. United States 7.27 -50% 43.6 39.6 93.2 8.2 8.8% -17.6% 0.4x 4.9x

Cenveo Inc. United States 3.01 -56% 189.7 1,475.9 1,913.8 205.8 10.8% 6.1% 0.8x 7.2x

Consolidated Graphics, Inc. United States 36.53 -40% 400.0 569.2 1,060.7 133.2 12.6% 5.9% 0.5x 4.3x

C C ti U it d St t 9 38 37% 1 125 7 1 117 2 2 225 4 251 4

LTM

Convergys Corporation United States 9.38 -37% 1,125.7 1,117.2 2,225.4 251.4 11.3% -1.6% 0.5x 4.4x

DST Systems Inc. United States 43.83 -26% 2,039.7 2,816.4 2,321.8 394.0 17.0% 1.7% 1.2x 7.1x

Fair Isaac Corp. United States 21.83 -31% 842.9 1,096.4 614.5 153.6 25.0% 2.0% 1.8x 7.1x

Groupe Aeroplan Inc. Canada 11.48 -16% 2,029.1 2,365.4 2,209.9 294.2 13.3% 23.7% 1.1x 8.0x

Harte-Hanks Inc. United States 8.48 -38% 532.5 650.1 866.1 107.3 12.4% 3.8% 0.8x 6.1x

Innotrac Corp. United States 1.36 -30% 17.8 14.5 81.4 1.7 2.1% 0.0% 0.2x 8.7x

Insignia Systems Inc. United States 2.36 -70% 35.5 (4.8) 25.8 (0.0) NM -16.9% NM NM

Quad/Graphics, Inc. United States 18.07 -61% 854.5 2,444.8 4,766.6 637.9 13.4% 167.5% 0.5x 3.8x

R.R. Donnelley & Sons Company United States 14.12 -34% 2,651.7 6,385.3 10,402.1 1,249.5 12.0% 5.4% 0.6x 5.1x

StarTek, Inc. *United States 2.85 -53% 43.4 23.3 246.9 2.0 0.8% -11.8% 0.1x 11.4x

Sykes Enterprises, Incorporated United States 14.95 -35% 703.5 491.6 1,223.7 143.5 11.7% 27.9% 0.4x 3.4x

Teleperformance France 21.50 -44% 1,215.7 1,253.4 3,103.1 375.1 12.1% 13.2% 0.4x 3.3x

TeleTech Holdings Inc. United States 15.24 -35% 863.8 799.2 1,126.1 147.1 13.1% 1.8% 0.7x 5.4x

Transcontinental Inc. Canada 10.51 -37% 842.7 1,417.9 2,225.5 430.0 19.3% 4.1% 0.6x 3.3x

Viad Corp United States 16.98 -38% 345.9 250.2 930.9 55.9 6.0% 17.3% 0.3x 4.5x

Valassis Communications Inc. United States 18.74 -50% 882.8 1,376.6 2,315.8 294.1 12.7% 1.6% 0.6x 4.7x

Vistaprint N.V. Netherlands 27.03 -52% 1,085.2 848.1 817.0 137.1 16.8% 21.9% 1.0x 6.2x

Low 0.1x 3.3x

Mean 0.8x 6.0x

Median 0.6x 5.1x





High 3.8x 13.2x


SEPTEMBER SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 1.9x 1.3x 4.0x 10.5x

Revenue Multiples

Current Summary Trading Valuation

Agency/Consulting 0.7x 0.7x 0.9x 0.9x

Digital Media/Commerce 4.3x 2.2x 6.5x 4.9x

Marketing Technology 2.1x 2.1x 3.1x 2.5x

Software & Information 2.8x 2.2x 3.6x 3.1x

Marketing Services 0 8x 0 6x 1 4x 0 8xMarketing Services 0.8x 0.6x 1.4x 0.8x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 11.8x 8.0x 13.7x 29.2x

A /C lti

EBITDA Multiples

Agency/Consulting 6.3x 5.7x 7.3x 7.3x

Digital Media/Commerce 91.5x 12.2x 81.9x 36.9x

Marketing Technology 70.7x 15.5x 30.9x 16.2x

Software & Information 28.3x 12.6x 21.8x 21.2x

Marketing Services 6.0x 5.1x 7.1x 5.5x

As of close of business on 09/30/11.

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.


p

Index Performance• S&P 500 – 1.7%

PPLLC INDICES – LTM as of 08/31/11


130

140

ce (

%)

130

140

ce (

%)

• Software &Information – 6.9%

• Digital Advertising – 9.6%

90

100

110

120

Ind

ex P

erf

orm

an

c

90

100

110

120

Ind

ex P

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orm

an

c


• Marketing


• Agency/Consulting – 6.4%

80

Oct-10 Dec-10 Feb-11 Apr-11 Jun-11 Aug-11

S&P 500 Digital Advertising Google Microsoft

130

140

150

nce

(%

)

80


S&P 500 Software & Information

120

130

nce

(%

)

gServices – 11.9%

g y/ g

80

90

100

110

120

Ind

ex P

erf

orm

an

80

90

100

110

Ind

ex P

erf

orm

an


• Digital Media/Commerce – 14.3%


• MarketingTechnology – 1.8%


S&P 500 Agency/Consulting

200

220

240

260

man

ce (

%)


S&P 500 Marketing Services

120

140

160

180

man

ce (

%)

Commerce 14.3% Technology 1.8%

80

100

120

140

160

180


Ind

ex P

erf

orm

20

40

60

80

100


Ind

ex P

erf

orm


S&P 500 Digital Media/Commerce Amazon eBay priceline Yahoo! S&P 500 Marketing Technology Adobe Akamai Autonomy Salesforce

ALL SEGMENTS

Strategic Transactions ($ in Millions) Reported

Target Buyer/InvestorTransaction

Value StrategicValues Disclosed

Accuity Holdings Reed Elsevier Group plc $532.0Algorithmics International Business Machines Corporation 387.0DailyDeal.de Google, Inc. 175.0Ning Inc Glam Media Inc 150 0Ning, Inc. Glam Media, Inc. 150.0Zagat Survey, LLC Google, Inc. 125.0Fizzback Group NICE Systems 80.056.com Renren, Inc. 80.0Paladyne Systems, Inc. Broadridge Financial Solutions, Inc. 76.5BDM Global Ventures FriendFinder Networks, Inc. 65.0cadooz AG Euronet Worldwide, Inc. 56.9Assistly, Inc. Salesforce.com 50.0Digital and Direct SapientNitro 41.4Play.com Rakuten, Inc. 39.2Sometrics, Inc. American Express Company 30.0Response One St. Ives, PLC 29.7Contactual, Inc. 8x8, Inc. 28.4Global Management Technologies Verint Systems, Inc. 24.6Appchee Applications Ltd. eBay Incorporated 20.0Air2Web Inc Velti 19 0Air2Web, Inc. Velti 19.0Superclick, Inc. AT&T, Inc. 15.0MenuPages Seamlessweb Professional Solutions, Inc. 15.0mokono Populis 11.4Pragma Consulting St. Ives, PLC 9.4Goldserve Zibrant 8.3RealEstate.com, Inc. Market Leader, Inc. 8.3RepliWeb Attunity Ltd. 7.8RepliWeb Attunity Ltd. 7.8Gamerizon Studio, Inc. Vanedge Capital 5.1Quantivo Corporation (Unnamed Fund Contibuters) 4.0Haute Groupe Catcha Media Berhad 4.0Taptu Limited DFJ Esprit 3.5John Semple Travel Minoan Group Plc 3.2Weemba, Inc. Breslau Capital Partners 2.4Coinflation.com Collectors Universe, Inc. 0.8


ALL SEGMENTS



Value StrategicUndisclosed

118Boardshop.com LeftLane Sports - 49Games, Development Team Bigpoint GmbH - ADBASE and FoundFolios Agency Access - Adnation mokono Adnation mokono - Adotube, Inc. Exponential Interactive, Inc. - B2 Digital Media Advice Interactive Group - Bandsintown Cellfish Media LLC - Being Latino Hispanicize - BlueFont Strategies DDC Advocacy - Bossa Studios Shine Group Ltd. - Brandimage - Desgrippes & Laga Schawk, Inc. - g g pp g ,BrokersWeb Vantage Media, Inc. - Buyster.com.au Wayfair LLC - Cactus Commerce Ascentium Corporation - Carson Systems Wellesley Information Services - Censeo Mercer Management Consulting - Channel Capital Group eVestment Alliance, LLC - CityDeals.com Seven Peaks - C h Mi dj Cohuman Mindjet - Concentric Pharma Advertising MDC Partners, Inc. - CouponCodes.com Vertive, Inc. - Datran Media, LLC ContextWeb, Inc. - Datum Equifax, Inc. - Digital Jigsaw Mobile Interactive Group Limited - Digital Reach Group Take 5 Solutions LLC - DoneDeal ie Schibsted ASA - DoneDeal.ie Schibsted ASA E+M Advertising, Inc. Piazza Advertising, Inc. - eat.shop guides TravelShark - EmPower Research Genpact Limited - FatWallet.com and Anycoupons.com Ebates.com - Frontier Digital ExactTarget, Inc. - Frontline Global Marketing Services Ringgold - Genesis Packaging & Design R.R. Donnelley & Sons Company -


Global Market Insite, Inc. Kantar Media - Graphix Products Consolidated Graphics, Inc. -

ALL SEGMENTS




GSP Marketing Services Marketing Support, Inc. - Handster Opera Software ASA - Highline Data SNL Financial - Imagin Maritz Research Imagin Maritz Research - Information, Inc. SmithBucklin - IntertranspedIA Norway Post - Iridas Adobe Systems, Inc. - IT Business Edge QuinStreet, Inc. - JobScout24 CareerBuilder, Inc. - Julpan Twitter, Inc. - KMDM Mobiquity, Inc. - q y,Laird + Partners MDC Partners, Inc. - MagicBox ClearOne Communications, Inc. - Magicomm LLC Winbrook - MediaBank, LLC Donovan Data Systems, Inc. - MediaMax Marketing FirstClick Consulting Pty Ltd. - Method, Inc. GlobalLogic, Inc. - MetroFlog Batanga Network - Mi d S i R h T R h Mind Spin Researach TroyResearch - Motznik Information Services GeoNorth, LLC - MXit Lifestyle Ltd. World of Avatar - Odopod Nurun, Inc. - Omnia Marketing M45 Marketing Services - OneRiot @Walmart Labs - Panvidea, Inc. Thought Equity Motion, Inc. - Pinpoint Media Group iSIGN Media Solutions - Pinpoint Media Group iSIGN Media Solutions Premiere Global Services, email Marketing Business Mansell Group - Punch Entertainment Vietnam DeNA Co., Ltd. - Q2 Marketing Borenstein Group - Real Estate Contacts Information Architects Corporation - Realty Biz Coach Pro Step Marketing - Retail Eyes Market Force Information, Inc. - ReviewAnalyst TrustYou GmbH -


S2Publicom Interpublic Group of Companies, Inc. - Schemalogic Smartlogic -

ALL SEGMENTS




Schwartz Communications, Inc. MSL GROUP - See Progress Solera Holdings, Inc. - Skinker IMImobile Limited - SkiReport com Mountain News Corporation SkiReport.com Mountain News Corporation - SMART McCann WorldGroup - so2say communications Healthcare Information and Management Systems Societ - Social Graphiti Converseon, Inc. - Social Village BizChangerZ - Synaptris GBS Enterprises, Inc. - TargetRx, Inc. ImpactRx, Inc. - Techneos Systems Confirmit - yTelmap, Ltd. Intel Corporation - The Bliss Agency Cumberland Marketing - Tom Park Results Marketing Dealer Media Group, Inc. - TownHog.com BuyWithMe - UniqueScreen Media Screenvision Cinema Network, LLC - UseCorn.com Biofuels Digest - Vodpod Lockerz, LLC - W ll b G iC i I Wallaby Group iCrossing, Inc. - WeGame Tagged, Inc. - XL World Affiliated Computer Services, Inc. - Zaffera Cognizant Technology Solutions Corporation - Zave Networks Google, Inc. - Zinch Chegg, Inc. -


ALL SEGMENTS

Venture/Growth Capital Transactions ($ in Millions) Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

Infront Sports & Media AG Bridgepoint Capital Limited $852.0Triple Point Technology, Inc. Welsh, Carson, Anderson & Stowe 500.0Group NBT plc HgCapital 230.8Avatar International, Inc. The Riverside Company 60.0eFront Francisco Partners 55.5Clarity Commerce Solutions plc Better Capital 14.7Signature Styles, LLC Artemiss 2.0

Buyout DealsUndisclosed

Capital Exchange Revolution Capital Group LLC - CareCentrix, Inc. Summit Partners LP - Centiv Services, Inc. The Riverside Company - Clark Holdings Inc The Gores Group LLC Clark Holdings, Inc The Gores Group, LLC - G2 Web Services, LLC Primus Capital Funds - Infinisource, Inc. Accel-KKR, LLC - Kanetix Ltd. Monitor Clipper Partners, LLC - Thomson Reuters Trade and Risk Management Business Vista Equity Partners -

VC/Growth CapitalValues Disclosed

Alibaba Group Silver Lake Partners $1,600.0p $ ,Zfere Holdings, Inc. Equity Partners Fund SPC 681.8InMobi SoftBank Capital 200.0Rearden Commerce, Inc. Citigroup, Inc. 133.0TrueCar, Inc. GSV Asset Management 100.0Tumblr, Inc. Greylock Management 85.0Opera Solutions, LLC Silver Lake Sumeru 84.0Adchemy, Inc. Microsoft Corporation 61.0GrubHub.com, Inc. Lightspeed Venture Partners 50.0O Ki L I Ti Gl b l M t LLC 40 0One Kings Lane, Inc. Tiger Global Management, LLC 40.0Tremor Video, Inc. W Capital Partners 37.0TechMediaNetwork ABS Capital Partners 33.0JustFabulous Matrix Partners 33.0Blekko, Inc. U.S. Venture Partners 30.0Qosmos, Inc. DFJ Esprit 28.5WorldOne Research Ltd. Kennet Partners Limited 25.0Zocdoc, Inc. Goldman Sachs & Co. 25.0Achievers, Inc. JLA Ventures 24.5


Achievers, Inc. JLA Ventures 24.5Xinhua Travel Milestone Capital 23.0West World Media LLC Monroe Capital 22.5

ALL SEGMENTS




Value VC/Growth CapitalValues Disclosed

IP Commerce, Inc. Meritage Private Equity Funds $20.7CareCloud Corporation Intel Capital 20.1 Networked Insights Goldman Sachs Asset Management 20.0 ArcSoft, Inc. Intel Capital 20.0 10gen Flybridge Capital Partners 20.0 Yammer, Inc. The Social+Capital Partnership 17.0 Clinipace Worldwide Morgan Stanley Expansion Capital 15.0 Market Force Information, Inc. Monitor Clipper Partners, LLC 15.0 Aventura HQ, Inc. HLM Venture Partners 13.0 Visible Measures Corporation Duff Ackerman & Goodrich, LLC 13.0 SweetLabs, Inc. Intel Capital 13.0 Spredfast Interwest Partners 12.0 Warby Parker Tiger Global Management LLC 12 0 Warby Parker Tiger Global Management, LLC 12.0 Xtium, Inc. OpenView Venture Partners 11.5 Peak Games Earlybird Venture Capital GmgH & Co. KG 11.5 ClearSlide, Inc. Greylock Management 11.0 DataStax Lightspeed Venture Partners 11.0 BonitaSoft Serena Capital 11.0 Krux Digital Accel Partners 11.0 Trunk Club U.S. Venture Partners 11.0 Neo Technology Crosslink Capital 10.6 gy pXignite, Inc. StarVest Partners 10.0 Yieldex, Inc. Triangle Peak Partners, LP 10.0 ActivePath, Inc. Battery Ventures 10.0 Stitcher, Inc. New Enterprise Associates 10.0 HookLogic Bain Capital, LLC 9.5 Innerscope Research (Unnamed Fund Contibuters) 9.4 Mintigo Ltd. Sequoia Capital 9.0 Mintigo Ltd. Sequoia Capital 9.0 Th R i k G H ldi I Sili V ll B k 9 0 The Rainmaker Group Holdings, Inc. Silicon Valley Bank 9.0 Idle Games, Inc. (Private Investors) 9.0 Red Robot Labs, Inc. Benchmark Capital 8.5 iJento Nauta Capital 8.0 LiveIntent, Inc. Shasta Ventures 8.0 CloudOn, Inc. (Unnamed Fund Contibuters) 7.7 Adfonic Ltd. (Private Investors) 7.5 GraphOn Corporation MDB Capital Group 7.1 Business Insider Institutional Venture Partners 7.0


Business Insider Institutional Venture Partners 7.0 TwitVid Azure Capital Partners 6.5 Bluefly.com, Inc. Rho Capital Partners, Inc. 6.5

ALL SEGMENTS




Value VC/Growth CapitalValues Disclosed

Practice Fusion SV Angel, LLC $6.0Karmasphere, Inc. Presidio Ventures 6.0 Zimride Mayfield Fund 6.0 CrowdTwist, Inc. SoftBank Capital 6.0 Ad4Screen MBO Partenaires 6.0 Longboard Media Level Equity 6.0 Platfora, Inc. Andreessen Horowitz Fund 5.7 BidPal Network MK Capital Management LLC 5.6 myGengo, Inc. Atomico Investments 5.3 Work Market, Inc. Union Square Ventures 5.0 Morphlabs, Inc. BBT 5.0 TrustYou GmbH Credit Agricole Private Equity 5.0 Apsalar Inc Thomvest 5 0 Apsalar, Inc. Thomvest 5.0 Fundly Morgenthaler Ventures 5.0 BountyJobs, Inc. Greylock Management 5.0 mDialog Corporation Blackberry Partners Fund 5.0 Visible Technologies Investor Growth Capital 4.0 Automated Insights, Inc. Court Square Ventures 4.0 FanDuel.com Pentech Ventures 4.0 Covestor LLC (Unnamed Fund Contibuters) 4.0 Content Fleet Bertelsmann Digital Media Investments 3.5 gTop10.com Media Ltd. Accel Partners 3.5 WP Technology, Inc. W Media Ventures 3.5 Getaround (Private Investors) 3.4 Pelagicore AB Fouriertransform 3.1 PrivateFly (Private Investors) 3.1 TenMarks Education, Inc. Catamount Ventures 3.0 SOS Online Backup Splashfond Investors 3.0 Ezakus Labs Idinvest Partners 3.0 A I (U d F d C tib t ) 3 0 Awareness, Inc. (Unnamed Fund Contibuters) 3.0 HootSuite Media, Inc. Millennium Technology Ventures, LP 3.0 Miso Media Google Ventures 2.4 Endomondo SEED Capital 2.3 Mertado Blumberg Capital 2.3 meQuilibrium Chrysalis Ventures 2.3 Swrve Media, Inc. Intel Capital 2.2 Socialbakers Earlybird Venture Capital GmgH & Co. KG 2.0 Klip Matrix Partners 2.0


Klip Matrix Partners 2.0 Connexity LLC Silicon Valley Bank 2.0 BetterLesson, LLC Highland Capital Partners 1.6

ALL SEGMENTS

Venture/Growth Capital Transactions ($ in Millions)

T t B /I t Reported

T ti Target Buyer/Investor Transaction VC/Growth CapitalValues Disclosed

Unigo LLC McGraw-Hill Companies $1.6AI Exchange, Inc. Union Square Ventures 1.5 Wikets Battery Ventures 1.5 IndieGoGo, Inc. Metamorphic Ventures 1.5 Bobber Interactive Corporation Peak6 Investments 1.4 Lanyrd Index Ventures 1 4 Lanyrd Index Ventures 1.4 Pantheon First Round Capital 1.3 HomeSav, Inc. (Angel Investors) 1.2 Yesware, Inc. Google Ventures 1.0 RapLeaf North Bridge Venture Partners 1.0 Get.com (Angel Investors) 1.0 FrenchWeb.fr (Angel Investors) 1.0 miiCard Limited IQ Capital Partners LLP 0.9 Echoecho Media, Inc. Google Ventures 0.8 Locu, Inc. Quotidian Ventures 0.6 InternMatch (Private Investors) 0.5 Triposo Interwest Partners 0.5



Value VC/Growth CapitalUndisclosedUndisclosed

42matters AG Gamma Capital Partners - 800APPs Salesforce.com - Adility, Inc. Kima Ventures - apprupt GmbH T-Venture Holding GmbH - BodyShopBids Lightbank - ChinaScope Financial Moody's Corporation - Igobubble Limited Black Pearl Capital Partners - LendingClub Thomvest - MomentFeed, Inc. Rockfish Brand Ventures - Ooyala, Inc. Motorola Ventures - Parking in Motion, Inc. IDG Ventures SF - PeerApp Ltd. Summit Partners LP - Resource Interactive WestView Capital Partners - Restaurant Revolution Technologies BR Venture Fund - Sh 4 R d i t V t


Shoes4you Redpoint Ventures - Songza.com Deep Fork Capital - Zhenai.com Match.com, LP -

F d d i 1999

Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999• Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Agency/Consulting,

Marketing Services, and Software & Information

• More than 30 focused professionals

› Unique combination of investment banking and consulting expertise

› New York-based with a West Coast office and a Chicago presence

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

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

STRATEGIC ADVISORYIntelligenceINVESTMENT BANKING ConsultingIntelligence

• Sell-Side Representation

• Corporate Divestitures

• Capital Raising and Private Placements

M&A Ad iso

INVESTMENT BANKING Consulting

• Opportunity Mapping: Strategic Development

• Business Process Engineering/Enhancement

• M&T Transaction Due Diligence Support

• Market Research

• Competitive Landscape Analysis

• Valuation Analysis

• Publishing & Thought Leadership• M&A Advisory

• Fairness Opinions

M&T Transaction Due Diligence Support

• Acquisition Strategy/Target Identification


REPRESENTATIVE TRANSACTIONS

Selected Transactions in 2010 and 2011

a leading advertising technology company

has been sold to

has sold

an integrated digital and promotional marketing agency

in a management-led buyout

has sold

a premier provider of affinity programs for universities and colleges

to

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold its

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

services in niche markets

to

Niche Market Media Buying Business

has sold

A leading online lead generation business

has acquired

has been sold to

a portfolio company of

KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providers

and


Parthenon Capital Partners

has merged with

has acquired

a fast growing compiler of consumer marketing data

has been sold to

to


Vestar Capital Partners has sold

a leading online video advertising network

has received a growth capital investment from

has received a majority investment from

has sold theExperiential Marketing Business of

to

has been sold to

a provider of multichannel marketing software services

has been sold to

one of Europe’s leading online advertising networks

has partnered with

CentrSource Canada

a leading digital contentmarketing agency

refinancing of debt facilitieshas been acquired by

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

has acquired

a division of a leading performance-basedadvertising network

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold

to

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to

Ce t Sou ce Ca ada

has been sold to

a leading marketing database and data analytics solution

provider

has been sold to

has sold the assets of

to

has sold its fulfillment and database management

divisions to

one of Europe’s largestindependent providers of

digital direct marketingservices for customer

acquisition and retention

has received a majorityi f

a leading online community forautomotive enthusiastsand social networkingtechnology platform

has sold

New Digital Group


The Dialogue Companya leading fulfillment and direct

marketing organization

investment from to

September 2011 Marketing, Media, Technology, and Service...

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Transcript of September 2011 Marketing, Media, Technology, and Service...