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

Transcription

1 July 2012 Marketing, Media, Technology, and Service Industries M&A & Investment Summary Expertise. Commitment. Results.

2 TABLE OF CONTENTS Overview of Monthly M&A and Investment Activity 3 Monthly M&A and Investment Activity by Industry Segment 7 Additional Monthly M&A and Investment Activity Data 24 About Petsky Prunier 35 2

3 MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES Transaction Distribution A total t of 255 deals worth approximately $16 billion were announced in July 2012 Digital Media/Commerce was the most active segment with 83 transactions Software & Information was the highest value segment worth approximately $7.2 billion Strategic buyers announced 92 deals for approximately $11.4 billion (36% of total volume) VC/Growth Capital investors announced 152 deals for approximately $1.6 billion Buyout investors announced 11 deals for approximately $2.9 billion JULY 2012 BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Media/Commerce 83 33% 1, % Marketing Technology 77 30% % Software & Information 42 16% 7, % 10 4, , Agency/Consulting 18 7% 5, % 17 5, Digital Advertising 15 6% % Marketing Services 11 4% % Out-of-Home & Specialty Media 9 4% % Total % 16, % 92 11, , ,555.6 Valu ue ($ in billions) $13.4 Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months $23.3 $10.3 HPQ/ AU $11.2 $11.0 $8.8 $10.8 $4.5 $10.4 $ Jul-11 Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 $11.5 $14.6 $9.9 $

4 SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING ($ in Millions) Selected Transactions With Multiples Information Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Le Jardin de Catherine ecommerce Mr. Bricolage SA $18.9 $ x NA Marketing Technology Zencoder Content Management Brightcove, Inc x 25.0 Oversi Networks Ltd. Content Delivery Network Allot Communications Ltd x NA Press Index Social Technology Kantar Media x 19.7 Agency/Consulting Aegis Group plc Media Planning/Buying Dentsu, Inc. 4, , x 14.7 Catch Stone Advertising Digital Agency Aegis Group plc x NA MMPI Canada Experiential Marketing Informa PLC x NA Software & Information Quest Software ERP Software Dell, Inc. 2, x 14.0 MModal IP LLC Healthcare Software One Equity Partners, LLC 1, x 9.2 GeoEye Geo-Demo Information DigitalGlobe, Inc x 2.6 Breaking Point Systems Unclassified Software Ixia x Technologies, Inc. Engineering Software Vector Capital Corporation x 9.4 Out-of-Home & Specialty Media CinemaxX Entertainment Media Vue Entertainment Ltd x 1.0x Classic Media, Inc. Entertainment Media DreamWorks LLC x NA Eye Corp Pty Ltd. (1 ) Traditional Outdoor Outdoor Media Operations NA 7.5 IPOs After Final Pricing* Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA Digital Media/Commerce Kayak Software Corporation ecommerce IPO $971.2 $245.2 $ x 23.2x Software & Information Palo Alto Networks Infrastructure Software IPO 2, x 297.1x E2open, Inc. ERP Software IPO x 331.3x (1) Eye Corp EBITDA multiple per FNArena * IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing 4

5 SECURITIES IN REGISTRATION ($ in Millions) Aggregate LTM Date Company Name Segment Offering Value Rev EBITDA Jul-12 Performant Financial Corporation Marketing Services $161.6 $173.8 $58.8 Apr-12 BlackStratus, Inc. Software & Information NM Mar-12 Exponential Interactive, Inc. Digital Advertising Mar-12 Gogo Technologies Software & Information NM Mar-12 LegalZoom.com, Inc. Digital Media/Commerce Mar-12 Professional Diversity Network Digital Media/Commerce Mar-12 Reval Holdings Software & Information NM Mar-12 Shutterstock, Inc. Digital Media/Commerce

6 LTM IPO PERFORMANCE ($ in Millions) Initial Offering Final Price Stock Price at Close Stock Price on % Change from Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Jul 31, st Trading Day Jul-12 EOPN E2open, Inc. United States $15.00-$17.00 $15.00 $13.50, down 10% $12.60 (6.7%) Jul-12 KYAK Kayak Software United States , up 28% % Jul-12 PANW Palo Alto Networks United States , up 27% % Jun-12 NOW ServiceNow United States , up 38% % May-12 FB Facebook United States , flat (43.2%) May-12 ADNC Audience, Inc. United States , up 12.4% (5.5%) May-12 WAGE WagWorks, Inc. United States , up 40% % Apr-12 AQ Acquity Group Hong Kong , down 4% % Apr-12 PFPT Proofpoint, Inc. United States , up 8% (2.0%) Apr-12 BLOX Infloblox United States , up 33% (1.4%) Apr-12 SPLK Splunk, Inc. United States , up 109% (17.1%) Mar-12 MACK CafePress, Inc. United States , up 0.2% 7.97 (58.1%) Mar-12 DWRE Demandware, Inc. United States , up 52% % Mar-12 ET ExactTarget, Inc. United States , up 32% (9.2%) Mar-12 MM Millennial Media, Inc. United States , up 92% 9.93 (60.3%) Mar-12 VIPS VIPshop China , down 15% % Mar-12 VCRA Vocera Communications United States , up 40% % Mar-12 YELP Yelp!, Inc. United States , up 64% (18.8%) Feb-12 AVG AVG Technologies Netherlands , down 16% (23.4%) Feb-12 BV BazaarVoice, Inc. United States , up 31% (6.1%) Feb-12 BCOV Bi Brightcove, Inc. United Statest , up 36% (2.2%) 2%) Feb-12 FX FX Alliance Inc. United States , up 15% % Dec-11 JIVE Jive Software United States , up 25% % Dec Nexon Japan down 2% % Dec-11 ZNGA Zynga United States , down 5% 2.95 (68.9%) Nov-11 ANGI Angie's List, Inc. United States , up 25% (20.0%) 0%) Nov-11 GRPN Groupon United States , up 31% 6.66 (74.5%) 6

7 DIGITAL ADVERTISING Transactions by Segment and Buyer Type Mobile Marketing was the most active segment with seven announced transactions worth approximately $77 million, while Digital Video was the highest value worth approximately $128 million Select acquisitions Madison Dearbon Partners $98 million acquisition of QuickPlay Media, a Canada-based cloud video services company Deutsche Post s acquisition of Germany-based IntelliAd Media, a digital marketing agency specializing in optimizing search ad purchases Select investments The $28 million investment in JumpTap, a mobile ad network operator that reaches approximately 263 million people worldwide, led by Keating Capital The $27 million investment in SAY Media, an online video platform and ad network company, led by New Enterprise Associates, Shea Ventures and Correlation Ventures The $20 million investment in I-Media, a company claiming to be China s largest mobile ad network operator, led by Kleiner Perkins Caufield & Byers DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Mobile Marketing 7 47% % Digital Video 4 27% % Ad Networks/Exchanges 2 13% % Search Marketing 2 13% % Total % %

8 DIGITAL ADVERTISING PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Google Inc. United States $ % $206,907.4 $173,306.4 $47,616.0 $7,707.0 $43,162.0 $15, % 29.5% 4.0x 11.2x Microsoft Corporation United States % 246, , , , , , % 5.4% 2.7x 6.4x Bankrate, Inc. United States $ % $1,756.6 $1,872.3 $ $473.8 $ % 37.2% 4.0x 13.4x Blucora, Inc. United States % % 64.7% 1.6x 8.2x Constant Contact, Inc. United States % % 20.0% 1.6x 16.0x ehealth, Inc. United States % % -7.0% 1.5x 13.5x ExactTarget, Inc. United States % 1, , (4.8) NM 0.0% 5.4x NM Hi-Media S.A. France % % 8.8% 36% 3.6% 05x 0.5x 56x 5.6x IAC/InterActiveCorp United States % 4, , , % 34.5% 1.6x 10.8x Millennial Media Inc. United States % (2.7) NM 0.0% 6.7x NM Motricity, Inc. United States % (13.7) NM -12.2% 0.2x NM OPT, Inc. Japan 1, % % 18.5% 0.0x 0.9x Pacific Online Ltd. China % % 25.9% 2.8x 6.3x QuinStreet, Inc. United States % % -8.1% 1.1x 6.6x Responsys, Inc. United States % % 36.3% 2.9x 17.6x Septeni Holdings Co Ltd Japan % % 15.8% 0.1x 1.8x The Active Network, Inc. * United States % % 24.2% 2.1x 73.3x TradeDoubler AB Sweden % % 7.4% 0.1x 3.3x Tree.Com, Inc. United States % (16.7) NM -1.7% 1.7x NM Tudou Holdings Limited * China % (49.9) NM 70.6% 7.1x NM ValueClick, Inc. United States % 1, , % 32.1% 2.1x 7.3x Velti Plc Ireland % % 63.2% 1.5x 14.2x Yandex N.V. * Netherlands % 6, , % 54.7% 8.1x 18.6x Yahoo! Inc. United States % 19, , , , , % -10.6% 3.6x 13.6x Summary Multiples *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x) Low x x and EBITDA multiples that are 1.0 standard deviations above the mean (29.9x). Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples. Mean 2.6x 13.6x Median 1.6x 10.8x Weighted Avg 4.0x 13.8x Adj. W Avg* 3.3x 13.6x High 8.1x 73.3x 8

9 AGENCY/CONSULTING Transactions by Segment and Buyer Type Digital Agency was the most active segment with six deals announced, while the highest value segment was Media Planning/Buying worth approximately $4.8 billion Select acquisitions Dentsu s $4.8 billion acquisition of Japanese advertising company Aegis Group Aegis Group s $86 million acquisition of Catch Stone Advertising, a China-based digital media and marketing services company Informa s acquisition of MMPI Canada, a Canadian producer of trade shows, conferences and consumer shows, for $53 million, and its acquisition of MediaPro, which operates events for the media and marketing community Mudd Group s acquisition of TargetClick Marketing Solutions, a Web design and development, strategic online and social media marketing agency AGENCY/CONSULTING TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Digital Agency 6 33% % General Agency 3 17% % Experiential Marketing 2 11% % Media Planning/Buying 2 11% 4, % 2 4, Public Relations 2 11% % Design Agency 1 6% % Ethnic/Multicultural Agency 1 6% 5.0 0% Social Agency 1 6% 5.0 0% Total % 5, % 17 5,

10 AGENCY/CONSULTING PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acquity Group Limited Hong Kong $ % $240.1 $237.7 $119.4 $ % 0.0% 2.0x 9.7x Aegis Group plc * United Kingdom % 4, , , % 20.6% 2.5x 13.8x Cello Group Plc United Kingdom % % 6.9% 0.3x 4.5x Charm Communications Inc. China % % 18.2% 0.2x 1.5x Chime Communications plc United Kingdom % % 8.7% 0.4x 4.8x Dentsu Inc. Japan % 6, , , % 3.3% 0.2x 7.0x Enero Group Limited Australia % % -0.2% 0.0x 0.5x Havas France % 1, , , % 5.6% 0.9x 5.9x Huntsworth plc United Kingdom % % 1.5% 1.0x 7.0x M&C Saatchi plc United Kingdom % % 22.4% 0.5x 4.6x MDC Partners Inc. * Canada % % 19.2% 0.9x 20.1x Next Fifteen Communications Group plc United Kingdom % % 14.7% 0.7x 5.3x Omnicom Group Inc. United States % 13, , , , % 6.7% 1.1x 7.6x Publicis Groupe SA France % 9, , , , % 11.1% 1.4x 7.5x Sapient Corp. United States % 1, , , % 18.0% 1.1x 9.0x The Interpublic Group of Companies, Inc. United States % 4, , , % 3.7% 0.7x 5.7x WPP plc Ireland % 16, , , , % 7.4% 1.3x 8.4x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x) and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x). Summary Multiples Low 0.0x 0.5x Mean 0.9x 7.2x Median 0.9x 7.0x Weighted Avg 1.2x 8.0x Adj. W Avg* 1.1x 7.5x High 2.5x 20.1x 10

11 DIGITAL MEDIA/COMMERCE Transactions by Segment and Buyer Type Social Media/Apps was the most active segment with 21 transactions announced. Gaming was the highest value segment worth approximately $552 million Select acquisitions Sony Computer Entertainment s $380 million acquisition of Gaikai, which operates as a cloud-based gaming company Salesforce.com s $70 million acquisition of Canada-based GoInstant, which offers a browser that allows two or more people to search the Web together Autodesk s $60 million acquisition of Socialcam, which offers a mobile app for recording and sharing videos Select investments The $105 million investment in fab.com, which operates a design-oriented flash sales site, led by Atomico Ventures The $100 million investment in GitHub, which offers developers a site where they can store, write and collaborate on software-coding projects, led by Andreessen Horowitz DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Social Media/Apps 21 25% % ecommerce 19 23% % Gaming 14 17% % Mobile Content/Apps 12 14% % Classifieds/Auctions/P-to-P 8 10% % Niche Content 5 6% % Vertical Search 1 1% 0.7 0% Web Search/Portals 1 1% % Comparison Shopping 1 1% % Virtual Goods 1 1% 5.0 0% Total % 1, %

12 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Amazon.com Inc. United States $ % $105,466.8 $100,496.8 $4,970.0 $0.0 $54,326.0 $1, % 34.9% 1.8x 51.8x ebay Inc. United States % 57, , , , , , % 29.5% 4.1x 14.2x Facebook, Inc. United States % 46, , , , , % 0.0% 8.6x 35.3x priceline.com Incorporated United States % 32, , , , , , % 38.5% 6.8x 20.0x Flowers.com Inc. United States $ % $227.4 $235.6 $24.9 $33.1 $737.0 $ % 12.5% 0.3x 6.3x AirMedia Group Inc. China % (9.5) % 14.1% NM NM Ancestry.com Inc. United States % 1, , % 22.7% 3.1x 9.6x Angie's List, Inc. United States % (54.1) NM 69.7% 5.8x NM AOL Inc. United States % 2, , , , % -3.8% 0.8x 3.7x Betfair Group PLC United Kingdom % 1, % -0.9% 1.5x 7.4x BIDZ.com, Inc. United States % (6.6) NM -21.6% 0.2x NM Blinkx plc United Kingdom % % 73.1% 1.6x 14.6x Blue Nile Inc. United States % % 5.4% 0.8x 22.2x Bluefly Inc. United States % (16.5) NM 9.8% 0.3x NM CyberAgent Inc. Japan 1, % 1, , , % 15.5% 0.6x 3.9x Demand Media, Inc. United States % % 18.9% 2.3x 13.4x DeNA Co., Ltd. Japan % 3, , , % 29.3% 1.4x 2.9x Dic e Holdings, Inc. United States % % 20.1% 2.3x 5.6x E-Commerce China Dangdang Inc. China % (57.8) NM 59.3% 0.3x NM Ediets.com Inc. United States % (4.9) NM -11.9% 0.2x NM Expedia Inc. United States % 7, , , , , % 17.3% 1.8x 9.7x G5 Entertainment AB (publ) Sweden % % 88.0% 4.7x 12.3x GameLoft SA France % % 14.1% 1.8x 12.1x Glu Mobile, Inc. United States % (17.9) NM 18.5% 3.6x NM Gree, Inc. Japan % 3, , , % 157.7% 1.8x 3.4x Groupon, Inc. United States % 4, , , ,874.2 (45.0) NM 232.2% 1.7x NM Hollywood Media Corp. United States % (4.8) NM NA 7.4x NM HomeAway, Inc. United States % 1, , % 27.2% 6.5x 36.1x HSN, Inc. United States % 2, , , % 5.9% 0.7x 8.7x International Game Technology United States % 3, , , , % 8.9% 2.5x 7.0x Jiayuan.com International Ltd. China % % 64.4% 0.6x 5.7x Kayak Software Corporation United States % 1, , % 31.4% 5.0x 29.1x Kongzhong Corp. China % % 9.3% 1.0x 7.1x LeGuide.com S.A. France % % 13.0% 2.1x 5.9x LinkedIn Corporation * United States % 10, , % 101.9% 13.8x 114.2x Liquidity Services, Inc. United States % 1, , % 39.4% 3.2x 15.2x MakeMyTrip Limited * India % % 3.2% 57.6% x 84.2x Mixi, Inc. Japan 1, % % -21.0% 0.6x 2.3x Move, Inc. United States % % -3.2% 1.7x 20.4x Nexon Co. Ltd. Japan % 9, , , , NM 25.6% 6.5x NM Netflix, Inc. United States % 3, , , % 30.1% 0.8x 12.0x OpenTable, Inc. United States % % 22.0% 5.1x 17.8x Orbitz Worldwide, Inc. United States % % 2.2% 0.9x 6.2x Overstock.com Inc. United States % , % -3.6% 0.1x 16.8x Pacific Online Ltd. China % % 25.9% 2.8x 6.3x Pandora Media, Inc. United States % 1, , (20.8) NM 81.9% 5.1x NM Perform Group plc. * United Kingdom % 1, , % 53.0% 8.0x 48.6x PC Connection, Inc. United States % , % 5.2% 0.1x 4.5x PC Home Online Inc. Taiwan % % 20.7% 0.8x 20.2x PC Mall Inc. United States % , % 3.3% 0.1x 7.8x 12

13 DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Phoenix New Media Limited China % % 68.7% 0.7x 4.9x Qihoo 360 Technology Co. Ltd China % 1, , % 202.1% 6.5x 23.9x Rakuten, Inc. Japan % 13, , , , , , % 10.7% 2.5x 11.3x ReachLoc al, Inc. United States % % 24.0% 0.6x 40.0x RealNetworks Inc. United States % (28.4) NM -12.5% 0.3x NM Rediff.com India Ltd. India % (7.2) NM -17.2% 2.6x NM Renren Inc. China % 1, , (34.5) NM 55.9% 3.2x NM Scripps Networks Interactive, Inc. United States % 8, , , , % 10.1% 4.4x 9.4x Shutterfly, Inc. United States % 1, , % 52.4% 1.9x 20.1x Sify Technologies Limited India % % 0.5% 1.5x 19.1x Sky-mobi Limited China % 62.1 (30.3) % 1.5% NM NM Spark Networks, Inc. United States % (0.9) NM 26.2% 1.9x NM Stamps.com Inc. United States % % 17.1% 2.4x 13.1x Taomee Holdings Ltd. China % % 3.7% 0.4x 1.6x TechTarget, Inc. United States % % 10.5% 1.0x 5.7x The Active Network, Inc. * United States % % 24.2% 2.1x 73.3x TheStreet, Inc. United States % (3.7) NM -2.3% 0.2x NM TripAdvisor Inc. United States % 5, , % 24.0% 74x 7.4x 17.1x1x United Online, Inc. United States % % -5.2% 0.6x 3.9x ValueVision Media Inc. United States % (8.4) NM -5.1% 0.2x NM WebMD Health Corp. United States % , % -12.4% 1.2x 9.0x WebMediaBrands Inc United States % (1.3) NM 32.1% 2.1x NM Yahoo! Inc. United States % 19, , , , , % -10.6% 3.6x 13.6x Yandex N.V. Netherlands % 6, , % 54.7% 8.1x 18.6x Yelp, Inc. * United States % 1, , (13.5) NM 0.0% 10.8x NM Youku Inc. China % 1, , (1.7) NM 122.9% 7.9x NM Zillow, Inc. * United States % 1, % 113.3% 12.5x 105.5x Zynga, Inc. United States % 2, , ,271.5 (458.2) NM 43.1% 0.7x NM *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (43.4x). Note: Revenue and EBITDA multiples for Amazon.com, ebay, Facebook and priceline.com excluded from Summary Multiples. Summary Multiples Low 0.1x 1.6x Mean 2.8x 19.1x Median 1.8x 11.7x Weighted Avg 4.5x 19.8x Adj. W Avg* 3.6x 12.3x High 13.8x 114.2x 13

14 MARKETING TECHNOLOGY Transactions by Segment and Buyer Type Content Management was the most active segments with 20 transactions. The highest value segment was Social Technology worth approximately $336 million Select acquisitions Google acquisition of Wildfire Interactive, which offers a social marketing campaign management platform, for a rumored $250 million Brightcove s $30 million acquisition of Zencoder, an audio and video encoding/transcoding software as a service company Select investments The $28 million investment in Asana, an enterprise workflow tool provider, led by The Founders Fund The $17 million investment in music intelligence company The Echo Nest, which offers a music management platform for media companies and developers, led by Norwest Venture Partners MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Content Management 20 26% % Social Technology 12 15% % Commerce Management 7 9% % Analytics & Reporting 6 8% % Mobile Technology 5 6% % Media Management System 4 5% % Online Targeting/Optimization 4 5% % Content Delivery Network 3 4% % /Messaging Software 3 4% % MRM/Workflow Management 3 4% % Product/Price Software 3 4% % SEM/SEO Tools 2 3% % Other* 6 8% 79 7% Total % 1, % *Other includes Ad Serving, BI Tools, CRM, Data Quality, Teleservices/eServices and Website Creation/Hosting 14

15 MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Adobe Systems Inc. United States $ % $15,092.2 $13,604.2 $2,998.1 $1,510.1 $4,335.0 $1, % 7.1% 3.1x 9.1x salesforce.com, inc United States % 17, , , % 37.7% 6.9x 160.8x Akamai Technologies, Inc. United States $ % $6,253.1 $5,756.6 $ $1,256.4 $ % 15.1% 4.6x 11.5x Bazaarvoic e, Inc. United States % (20.6) NM 64.6% 7.4x NM Bitauto Holdings Limited China % % 48.3% 0.7x 4.9x Blackbaud Inc. United States % 1, , % 12.5% 2.9x 16.0x Brightc ove, Inc. United States % (10.8) NM 48.3% 4.2x NM ChinaCache International a China % % 50.4% 0.6x 4.3x Demandware, Inc. * United States % % 48.7% 9.4x 414.9x Digital Generation, Inc. United States % , , % 40.0% 3.7x 10.8x Digital River Inc. United States % % 7.3% 0.6x 4.1x ExactTarget, Inc. United States % 1, , (4.8) NM 0.0% 5.4x NM Informatica Corporation United States % 3, , % 12.4% 3.2x 14.4x InnerWorkings Inc. United States % % 31.5% 0.9x 20.7x Interactive Intelligence United States % % 13.1% 1.9x 22.7x JDA Software Group Inc. United States % 1, , % 8.8% 1.8x 7.5x Jive Software, Inc. * United States % 1, , (38.7) NM 64.2% 11.9x NM Keynote Systems Inc. United States % % 26.5% 1.6x 10.3x LivePerson Inc. United States % % 21.4% 6.1x 37.5x Mercadolibre, Inc. Argentina % 2, , % 38.3% 8.5x 24.2x NQ Mobile Inc. China % % 114.3% 4.3x 35.5x Open Text Corp. Canada % 2, , , % 20.2% 2.4x 8.6x PROS Holdings, Inc. United States % % 36.1% 2.9x 26.2x Rovi Corporation United States % 1, , , % 26.2% 2.8x 8.5x Splunk, Inc. * United States % 2, , (10.4) NM 0.0% 18.4x NM Synacor, Inc. United States % % 0.0% 1.8x 21.7x The Active Network, Inc. United States % % 24.2% 2.1x 73.3x TIBCO Software Inc. United States % 4, , % 19.8% 4.3x 19.1x Verint Systems Inc. United States % 1, , % 9.9% 2.2x 13.0x Vocus Inc. United States % (4.3) NM 29.9% 3.2x NM Weborama France % % 46.5% 2.3x 12.7x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (119.8x). Summary Multiples Low 0.6x 4.1x Mean 4.2x 35.8x Median 2.9x 14.4x Note: Revenue and EBITDA multiples for Adobe Systems and Salesforce.com excluded from Summary Multiples. Weighted Avg 5.5x 21.1x Adj. W Avg* 4.4x 17.1x High 18.4x 414.9x 15

16 SOFTWARE & INFORMATION Transactions by Segment and Buyer Type Infrastructure Software was the most active segment within Software & Information with 20 transactions. The highest value segment was ERP Software worth approximately $2.3 billion Select acquisitions Dell s $2.2 billion acquisition of Quest Software, a provider of database applications and other enterprise systems management software products Hellman & Friedman s $1.5 billion acquisition of Wood Mackenzie, a UK-based provider of energy market research and analysis One Equity Partners $1.1 billion acquisition of MModal, a provider of documentation and speech recognition solutions for the healthcare industry Select investments The $54 million investment in Sportradar, a Switzerland-based provider of sports-related live data and fraud detection services to media companies, sports federations, and government agencies, from EQT Partners The $25 million investment in Sonatype, a provider of component lifecycle management solutions, led by New Enterprise Associates SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Infrastructure Software 20 48% % Market Research 6 14% 1, % , Healthcare Software 4 10% 1, % , ERP Software 3 7% 2, % 2 2, Financial Software 2 5% % Human Capital Management Software 2 5% % Legal Software 2 5% 4.3 0% Engineering Software 1 2% % Other* 2 5% 507 7% Total % 7, % 10 4, ,

17 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Accelrys Inc. United States $8.12-4% $450.8 $305.4 $ $153.8 $ % 14.2% 2.0x 20.0x Actuate Corporation United States % % 1.6% 1.8x 8.0x Acxiom Corporation United States % 1, , , % -4.4% 1.2x 5.8x Adobe Systems Inc. United States % 15, , , , , , % 7.1% 3.2x 9.2x Advent Software, Inc. United States % 1, , % 14.7% 3.1x 15.0x Advisory Board Co. United States % 1, , % 29.3% 3.8x 23.8x Akamai Technologies, Inc. United States % 6, , , % 15.1% 4.6x 11.5x Alliance Data Systems Corporation United States % 6, , , , , % 17.4% 3.9x 13.0x Allocate Software plc. United Kingdom % % 21.7% 1.2x 7.5x Allscripts Healthcare Solutions, Inc. United States % 1, , , % 37.1% 1.3x 7.8x Arbitron Inc. United States % % 7.1% 2.1x 7.5x athenahealth, Inc. * United States % 3, , % 34.2% 8.3x 62.3x Automatic Data Processing, Inc. United States % 27, , , , , % 8.0% 2.4x 11.4x Aveva Group plc United Kingdom % 1, , % 12.6% 5.2x 17.0x AVG Technologies N.V. Netherlands % % 0.0% 2.1x 7.7x Blackbaud Inc. United States % 1, , % 12.5% 3.0x 16.6x Booz Allen Hamilton Holding Corporation United States % 2, , , % 2.6% 0.5x 5.6x Brainjuicer Group Plc United Kingdom % % 26.6% 1.8x 12.6x Broadridge Financial Solutions Inc. United States % 2, , , % 6.4% 1.3x 7.6x Cegedim SA France % , % -1.6% 0.8x 5.0x Cello Group Plc United Kingdom % % 6.9% 0.3x 4.4x Cerner Corporation United States % 12, , , % 24.5% 4.9x 18.0x Cision AB Sweden % % -4.0% 1.2x 6.9x comscore, Inc. United States % % 17.3% 2.1x 27.8x Concur Technologies, Inc. United States % 3, , % 25.7% 8.3x 66.0x Constant Contact, Inc. United States % % 20.0% 1.7x 16.9x CoreLogic, Inc. United States % 2, , , % 11.7% 2.0x 11.3x Cornerstone OnDemand, Inc. * United States % 1, , (20.7) NM 63.2% 13.5x NM Corporate Executive Board Co. United States % 1, , % 13.7% 2.6x 10.3x CoStar Group Inc. * United States % 2, , % 19.7% 8.4x 45.6x CRA International Inc. United States % % 0.0% 0.4x NM Craneware plc United Kingdom % % 27.2% 2.3x 9.9x Digital Generation, Inc. United States % % 40.0% 2.0x 5.8x Digital River Inc. United States % % 7.3% 0.9x 6.4x Dun & Bradstreet Corp. United States % 3, , , % 4.4% 2.6x 8.8x E2open, Inc. * United States % % 0.0% 4.9x 300.9x Ebiquity it plc United Kingdom % % 19.8% 1.1x 7.1x Ebix Inc. United States % % 22.8% 4.7x 10.7x Envestnet, Inc. United States % % 19.8% 2.6x 18.6x EPIQ Systems, Inc. United States % % 33.4% 2.0x 8.6x Epocrates, Inc. United States % % 2.6% 0.9x 39.6x Equifax Inc. United States % 5, , , % 7.5% 3.1x 9.5x Experian plc Ireland % 14, , , , , % 15.5% 3.7x 11.2x FactSet Research Systems Inc. United States % 4, , % 12.4% 4.9x 13.2x Fair Isaac Corp. United States % 1, , % 5.9% 2.8x 9.6x Fidelity National Information Services, Inc. United States % 9, , , , , % 2% 47% 4.7% 23x 2.3x 80x 8.0x Fidessa group plc United Kingdom % % 4.3% 1.6x 8.1x Financial Engines, Inc. United States % % 25.6% 4.4x 25.5x Forrester Research Inc. United States % % 10.4% 1.4x 7.8x FTI Consulting, Inc. United States % 1, , , % 9.0% 1.0x 6.2x 17

18 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA FX Alliance Inc United States % % 15.6% 4.7x 12.0x Gartner Inc. United States % 4, , , % 12.1% 2.8x 16.7x GfK SE Germany % 1, , , % 6.4% 1.2x 8.1x Green Dot Corporation United States % % 21.4% 0.4x 2.3x Harris Interactive Inc. United States % % -0.2% 0.4x 7.8x Harte-Hanks Inc. United States % % -4.0% 0.6x 5.4x IHS Inc. United States % 7, , , % 23.2% 5.4x 26.6x Infoblox Inc. * United States % % 0.0% 4.9x 443.6x Informa plc Switzerland % 3, , , , % 1.8% 2.4x 8.6x Informatica Corporation United States % 3, , % 12.4% 3.2x 14.5x Information Services Group, Inc. United States % % 37.9% 0.5x 8.1x InnerWorkings Inc. United States % % 31.5% 0.9x 20.9x Interactive Intelligence Group Inc. United States % % 13.1% 2.0x 24.4x International Datacasting Corporation Canada % (1.2) NM -17.9% 0.2x NM Ipsos SA France % 1, , , % 19.5% 1.2x 8.6x Isoftstone Holdings Limited China % % 45.8% 0.7x 6.0x JDA Software Group Inc. United States % 1, , % 8.8% 1.9x 7.6x Kenexa Corp. United States % % 8.5% 38.8% 8% 20x 2.0x 23.5x Keynote Systems Inc. United States % % 26.5% 1.6x 10.5x Lender Processing Services, Inc. United States % 2, , , , % -7.4% 1.5x 7.8x Macdonald Dettwiler & Associates Ltd. Canada % 1, , % -10.4% 2.4x 10.3x MedAssets, Inc. United States % , % 27.6% 2.8x 9.6x Mediware Information Systems Inc. United States % % 21.0% 1.2x 6.1x Merge Healthcare Incorporated United States % % 24.2% 2.0x 10.1x Moody's Corp. United States % 9, , , , , % 5.6% 4.0x 9.4x Morningstar Inc. United States % 2, , % 6.9% 3.8x 13.0x MSCI Inc. United States % 4, , , % 00% 0.0% 51x 5.1x 11.2x National Research Corp. United States % % 19.1% 4.4x 14.4x Navigant Consulting Inc. United States % % 9.6% 1.1x 7.4x Nielsen Holdings N.V. Netherlands % 10, , , , , % 3.8% 3.0x 12.4x Onvia Inc. United States % % -13.9% 1.0x 16.4x Open Text Corp. Canada % 2, , , % 20.2% 2.3x 8.4x Palo Alto Networks, Inc. * United States % 3, , % 0.0% 16.9x 464.1x Parametric Technology Corporation United States % 2, , , % 15.9% 1.9x 11.1x Paychex, Inc. United States % 11, , , % 7.0% 5.2x 12.1x Proofpoint, Inc. United States % (11.0) NM 0.0% 6.1x NM PROS Holdings, Inc. United States % % 31.5% 2.9x 27.7x Qlik Technologies, Inc. United States % 1, , % 29.7% 4.3x 67.1x Quality Systems Inc. United States % % 20.7% 1.8x 6.8x RealPage, Inc. United States % 1, , % 32.0% 5.6x 54.7x Reed Elsevier NV Netherlands % 8, , NM 0.0% NM NM Reis, Inc. United States % % 11.4% 3.3x 16.7x Sage Group plc United Kingdom % 5, , , % 8.8% 2.5x 8.8x salesforce.com, inc * United States % 17, , , % 37.7% 6.9x 160.5x Solera Holdings Inc. United States % 2, , % 17.7% 4.4x 10.4x ServiceNow, Inc. * United States NA 1, , (11.3) NM 0.0% 10.8x NM SPS Commerce, Inc. United States % % 31.5% 5.5x 66.2x SS&C Technologies Holdings, Inc. United States % 1, , % 10.5% 5.2x 14.0x Streamline Health Solutions, Inc. United States % % 1.2% 2.7x 23.3x 18

19 SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Temenos Group AG Switzerland % , % -5.3% 2.2x 19.0x The Dolan Company United States % % -5.5% 1.2x 7.5x The Hackett Group, Inc. United States % % 10.2% 0.8x 7.7x The McGraw-Hill Companies, Inc. United States % 13, , , , , % 0.6% 2.3x 8.1x Thomson Reuters Corporation United States % 22, , , , , , % 1.5% 2.1x 8.7x TIBCO Software Inc. United States % 4, , % 19.8% 4.3x 19.1x The Ultimate Software Group, Inc. United States % 2, , % 21.0% 7.8x 75.1x Verint Systems Inc. United States % 1, , % 9.9% 2.1x 13.0x Verisk Analytics, Inc. United States % 7, , , , % 15.6% 6.4x 14.5x Vocus Inc. United States % (4.3) NM 29.9% 3.2x NM WageWorks, Inc. United States % % 19.9% 1.4x 10.4x Wolters Kluwer NV Netherlands % 4, , , , , % 4.6% 1.7x 7.0x YouGov PLC United Kingdom % % 18.2% 1.1x 12.2x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x) and EBITDA multiples that are 1.0 standard deviations above the mean (97.6x). Summary Multiples Low 0.2x 2.3x Mean 3.1x 28.2x Median 2.3x 10.7x Weighted Avg 3.8x 28.2x Adj. W Avg* 3.6x 14.3x High 16.9x 464.1x 19

20 OOH & SPECIALTY MEDIA Transactions by Segment and Buyer Type There were eight acquisitions and one investment in the Out-of-Home & Specialty Media segment for a combined total of approximately $727 million Select acquisitions Vue Entertainment s $257 acquisition of Germany-based CinemaxX, which operates and manages multiplex cinemas Dreamworks Animation s $155 million acquisition of Classic Media, a family entertainment company Outdoor Media Operations $145 million acquisition of Eye Corp. an Australian out-of-home media company Select investments The $15 million investment in Netpulse Media Network, maker of an interactive entertainment kiosk for gym equipment, from August Capital OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Entertainment Media 4 44% % Digital Place-Based Media 2 22% % Traditional Outdoor 2 22% % B-to-B Media 1 11% % Total 9 100% %

21 OOH & SPECIALTY MEDIA PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA AirMedia Group Inc. China $ % $106.5 ($13.8) $117.9 $0.0 $276.9 $ % 14.1% NM NM Clear Channel Outdoor Holdings Inc. United States % 1, , , , % 1.7% 2.0x 8.6x Clear Media Ltd. Hong Kong % % 17.8% 0.9x 2.4x Focus Media Holding Ltd. Hong Kong % 2, , % 49.4% 2.4x 6.5x JCDecaux SA France % 4, , , % 5.1% 1.4x 6.2x Lamar Advertising Co. * United States % 2, , , , % 3.7% 4.3x 9.9x Mood Media Corporation Canada % % 134.9% 2.4x 8.6x National CineMedia, Inc. United States % , % 7.3% 3.8x 7.8x NTN Buzztime Inc. United States % (0.9) NM -4.4% 4% 03x 0.3x NM Tom Group Ltd. Hong Kong % (3.1) NM -5.6% 1.8x NM Valassis Communications Inc. United States % , , % -5.8% 0.7x 5.5x *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 (9.3x). Summary Multiples Low 0.3x 2.4x Mean 2.0x 7.0x Median 1.9x 7.2x Weighted Avg 2.3x 7.1x Adj. W Avg* 2.3x 6.7x High 4.3x 9.9x 21

22 MARKETING SERVICES Transactions by Segment and Buyer Type There were seven acquisitions and four investments for a combined total of approximately $171 million in the Marketing Services segment Select acquisitions Johnson & Quin s $20 million acquisition of American Mailers, which provides data processing, logistics management, and direct-mail production services Procurian s $20 million acquisition of Media IQ, a boutique software, services, and information firm specializing in media auditing, measurement, and benchmarking Pareto s acquisition of The Promotional Specialists, a Canada-based provider of promotional products for brand-oriented clients Select investments The $15 million investment in imapdata, a decision support solution company serving the government and commercial markets, from Frontier Capital MARKETING SERVICES TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN Transactions Est. Value Strategic Buyout Venture/Growth Capital # % $MM % # $MM # $MM # $MM Ad Specialty/Premiums 2 18% % Database/Analytics 2 18% % Lettershop 2 18% % Logistics 2 18% % Loyalty/Retention 2 18% 6.1 4% Retail Services 1 9% % Total % %

23 MARKETING SERVICES PUBLIC COMPANY VALUATION ($ in millions, except stock price data) Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples Company Name Headquarters 07/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDA Acxiom Corporation United States $ % $1,202.4 $1,296.6 $229.6 $279.3 $1,126.2 $ % -4.4% 1.2x 5.5x Aimia Inc. Canada % 2, , , % 2.1% 1.2x 9.4x Alliance Data Systems * United States % 6, , , , , % 17.4% 3.9x 12.9x AMREP Corp. United States % % -11.8% 0.4x 7.1x Cenveo Inc. United States % , , , % 9.0% 0.7x 6.5x Consolidated Graphics, United States % , % -0.8% 0.4x 3.8x Convergys Corporation United States % 1, , , % 11.7% 0.4x 3.7x Data Group Inc Canada % % 1.0% 0.6x 7.0x DST Systems Inc. United States % 2, , , , % 8.4% 1.3x 9.2x Elanders AB Sweden % % 7.2% 0.6x 5.7x Fair Isaac Corp. * United States % 1, , % 5.9% 2.8x 9.5x Harte-Hanks Inc. United States % % -1.7% 0.6x 5.1x Innotrac Corp. United States % % 8.2% 0.2x 6.8x Insignia Systems Inc. United States % (7.0) NM -37.8% 0.2x NM Points International Ltd. * Canada % % 21.7% 1.2x 32.8x Quad/Graphics, Inc. United States % , , , % 12.8% 0.5x 3.5x R.R. Donnelley & Sons United States % 2, , , , , % 0.5% 0.5x 4.5x StarTek, Inc. United States % (5.7) NM -18.1% 1% 02x 0.2x NM Sykes Enterprises, United States % , % -0.6% 0.4x 3.6x Teleperformance France % 1, , , % 2.5% 0.5x 3.7x TeleTech Holdings Inc. United States % , % 5.3% 0.7x 5.8x Transcontinental Inc. Canada % , , % 0.2% 0.6x 3.3x Valassis Communications United States % , , % -5.8% 0.7x 5.5x Viad Corp United States % % -0.2% 0.3x 8.3x Vistaprint N.V. Netherlands % 1, , , % 24.9% 1.3x 11.7x *Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (14.0x). Summary Multiples Low 0.2x 3.3x Mean 0.7x 7.4x Median 0.6x 5.7x Weighted Avg 0.9x 6.5x Adj. W Avg* 0.7x 6.2x High 2.8x 32.8x 23