May 2016 - Petsky Prunier

Transcription

May 2016
M&A and Investment Summary
Table of Contents
1
Overview of Monthly M&A and Investment Activity
3
2
Monthly M&A and Investment Activity by Industry Segment
8
3
Additional Monthly M&A and Investment Activity Data
40
4
About Petsky Prunier
52
Securities offered through Petsky Prunier Securities, LLC, member of FINRA.
This M&A and Investment Summary has been prepared by and is being distributed in the United States by Petsky Prunier, a broker dealer registered with the U.S. SEC and a member of
FINRA.
2 | M&A and Investment Summary May 2016
M&A and Investment Summary for All Segments
Transaction Distribution
 A total of 432 deals were announced in May 2016, of which 271 were worth $15.5 billion in aggregate reported value
 Software was the most active segment with 127 deals announced — 88 of these transactions reported $2.5 billion in value
 Digital Media/Commerce was also active with 108 transactions announced, of which 77 were worth a reported $5.1 billion in value
 Strategic buyers announced 163 deals (32 reported $3.2 billion in value)
 VC/Growth Capital investors announced 253 transactions (235 reported $7.2 billion in value)
 Buyout investors announced 16 deals during the month (six reported $5 billion in value)
May 2016
BUYER/INVESTOR BREAKDOWN
Transactions
Reported Value
#
%
Software
127
Digital Media/Commerce
108
Marketing Technology
Strategic
Buyout
Venture/Growth Capital
$MM
%
#
$MM
#
$MM
#
29%
$2,461.2
16%
39
$779.8
4
$378.0
84
$1,303.3
25%
5,136.4
33%
34
513.8
1
73
4,622.6
89
21%
6,445.0
42%
33
1,237.1
2
4,400.4
54
807.5
Business Services
38
9%
363.8
2%
17
10.3
3
136.1
18
217.4
Digital Advertising
24
6%
228.8
1%
10
148.0
1
-
13
80.8
Agency & Marketing Services
21
5%
328.9
2%
17
218.9
2
60.0
2
50.0
Information
16
4%
296.4
2%
7
237.0
2
-
7
59.4
Traditional Media
9
2%
196.5
1%
6
58.0
1
50.0
2
88.5
100%
15,457.0
100%
163
3,202.9
16
5,024.6
253
7,229.5
Total
432
-
$MM
* Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division , and Hellman & Friedman and
Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan have been excluded to limit comparative distortions
M&A and Investment Summary for All Segments
Transaction Distribution
 Reported transaction activity in May was up seven percent from April of 2016 and down six percent from May 2015
 Strategic activity accounted for 38 percent of reported deal activity during the month and included significant transactions:
• NICE Systems’ acquisition of contact center optimization tools developer inContact for $940 million
• The $532 million purchase of OPOWER, a provider of a customer engagement solutions for the utilities industry, by Oracle
• Asset International’s acquisition of FactSet’s market research service assets Market Metrics and Matrix-Data for a reported
$175 million
• The acquisition of Spain-based ticket marketplace Ticketbis by StubHub for $165 million
• Tech Mahindra’s $164 million purchase of Target Group, a developer of lending and investment software for financial institutions
$120.0
$110.0
$100.0
$90.0
$80.0
$70.0
$60.0
$50.0
$40.0
$30.0
$20.0
$10.0
$-
$500.0
$98.0
$400.0
Bright
House/
Charter
$300.0
Time
Warner/
Charter
$44.7
$40.4
Sungard
$18.3
$23.1
Veritas
$200.0
IMS Health
$26.7
$23.7
Solera
Inter. Data
$27.4
$24.9
$14.4
$21.3
$22.1
$13.7
HP IT / CSC
MultiPlan
458
466
448
376
403
424
363
407
418
427
433
404
432
May-15
Jun-15
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
$100.0
$-
*Note, Charter Communications’ $78.8 billion and $10.8 billion acquisitions of Time Warner and Bright House Networks, Quintiles Transnational’s $13.5 billion acquisition of IMS Health, Fidelity National
Information Services‘ $9.1 billion acquisition of SunGard Data Systems, Computer Science Corporation’s $8.5 billion acquisition of Hewlett Packard Enterprises’ IT Services Division, The Carlyle Group’s $8
billion acquisition of Veritas Systems, Hellman & Friedman and Leonard Green & Partners’ $7.5 billion acquisition of MultiPlan, Intercontinental Exchange’s $7.4 billion acquisition of Interactive Data, and
Vista Equity Partners’ $6.7 billion acquisition of Solera Holdings have been excluded to limit comparative distortions.
Selected Transactions with Valuation Information Disclosed
($ in Millions)
Selected Transactions With Multiples Information
Target
Subsegment
Buyer/Investor
Ent. Value
Rev
EBITDA
EV/REV
EV/EBITDA
Sard Verbinnen & Co 1
Public Relations
Golden Gate Capital
Business Services
adept4 Limited
IT Consulting/Systems Integration
Pinnacle Technology Group plc
Ticketbis, SL
United Online, Inc.
Quickspin AB
eCommerce
Web Search/Portals
Gaming
Information
NextAdvisor, Inc.
Marketo, Inc.
inContact, Inc.
mBlox, Inc.
Software
Opower, Inc.
SciQuest, Inc.
Target Group Limited
1
40 percent stake acquisition
$
150.0
$
75.0
$
-
2.0x
NA
10.3
7.4
1.1
1.4x
9.4x
StubHub
B. Riley Financial, Inc.
Playtech plc
165.0
66.4
55.8
45.0
145.3
6.5
15.0
2.3
3.7x
0.5x
8.6x
NA
4.4x
24.5x
Financial Information
Bankrate, Inc.
225.0
31.2
NA
7.2x
SFA/Lead Management
Teleservices/eServices
Mobile Technology
Vista Equity Partners
NICE Systems, Ltd.
CLX Communications AB
Cloud Computing Technology
ERP Software
Financial Software
Oracle Corporation
Accel-KKR, LLC
Tech Mahindra Limited
-
1,700.4
881.2
117.0
226.0
233.0
140.4
(53.8)
21.6
6.9
7.5x
3.8x
0.8x
NM
40.8x
17.0x
490.8
378.0
163.9
152.0
106.3
75.2
9.4
-
3.2x
3.6x
2.2x
NA
40.1x
NA
Securities in Registration
($ in Millions)
Date
Company Name
Country
Aggregate
Offering Value
Segment
May-16
Twilio, Inc.
United States
May-16
Blue Coat Systems, Inc.
United States
Software
Apr-16
Optiv Security Inc.
United States
Business Services
Apr-16
Medpace, Inc.
United States
Apr-16
inVentiv Group Holdings
Dec-15
Nutanix, Inc.
Sep-15
Jul-15
100.0
$
EBITDA
167.0
NA
100.0
950.0
NA
100.0
NA
NA
Business Services
NA
NA
100.0
United States
Business Services
100.0
1,700.0
NA
United States
Software
200.0
283.1
NA
PointClickCare Corp.
United States
Software
100.0
112.6
3.8
Apptio, Inc.
United States
Software
NA
100.0
NA
$
LTM
Rev
LTM IPO Performance
Initial Offering
Final Price
Stock Price at Close
Stock Price on
% Change from
Date
Ticker
Company Name
Country
Price Range
Per Share
on 1st Trading Day
Jun 3, 2016
1st Trading Day
Jun-16
Na s da qGM:NH
Na ntHea l th, LLC
Uni ted States
$13.00-$15.00
14.00
$19.47 up 39%
18.59
32.8%
Ma y-16
NYSE:COTV
Cotivi ti Hol di ngs , Inc.
Uni ted States
17.00-19.00
19.00
18.14 down 4.6%
19.65
3.4%
Apr-16
Na s da qGS:SCWX
SecureWorks Corp.
Uni ted States
15.50-17.50
14.00
13.88 down 1%
13.45
(3.1%)
Dec-15
Na s da qGS:TEAM
Atl a s s i a n Corpora tion Pl c
Aus tra l i a
18.00-20.00
21.00
27.78 up 32%
24.15
(13.1%)
Dec-15
NYSE:YRD
Yi renda i Ltd.
Chi na
9.00-11.00
10.00
9.10, down 9%
15.93
75.1%
Nov-15
NYSE:INST
Ins tructure, Inc.
Uni ted States
16.00-18.00
16.00
18.00 up 12.5%
18.04
0.2%
Nov-15
Na s da qGS:MTCH
Ma tch Group, Inc.
Uni ted States
12.00-14.00
12.00
14.74, up 23%
13.21
(10.4%)
Nov-15
Na s da qGS:MIME
Mi meca s t Li mi ted
Uni ted Ki ngdom
11.00-13.00
10.00
10.10, up 1.0%
8.96
(11.3%)
Nov-15
NYSE:SQ
Squa re, Inc.
Uni ted States
11.00-13.00
9.00
13.07, up 45%
9.46
(27.6%)
Oct-15
NYSE:PSTG
Pure Stora ge, Inc.
Uni ted States
16.00-18.00
17.00
16.01, down 5.8%
11.70
(26.9%)
Oct-15
NYSE:FDC
Fi rs t Da ta Corpora tion
Uni ted States
18.00-20.00
16.00
15.75, down 1.5%
12.32
(21.8%)
Jul -15
Na s da qGM:RPD
Ra pi d7, Inc.
Uni ted States
13.00-15.00
16.00
26.75, up 67%
13.14
(50.9%)
Jul -15
NYSE:TDOC
Tel a doc, Inc.
Uni ted States
15.00-17.00
19.00
28.50, up 50%
11.82
(58.5%)
Jun-15
Na s da qGM:APPF
AppFol i o, Inc.
Uni ted States
12.00-14.00
12.00
14.10, up 17%
14.60
3.5%
Jun-15
NYSE:XTLY
Xa ctly Corpora tion
Uni ted States
10.00-12.00
8.00
8.70, up 9%
10.37
19.2%
Jun-15
NYSE:FIT
Fi tbi t Inc.
Uni ted States
17.00-19.00
20.00
29.68, up 48%
14.63
(50.7%)
Jun-15
Na s da qGM:MB
MINDBODY, Inc.
Uni ted States
13.00-15.00
14.00
11.56, down 17.4%
13.92
20.4%
Jun-15
NYSE:TGNA
TEGNA Inc.
Uni ted States
26.00-28.00
30.00
31.63, up 5%
22.84
(27.8%)
Jun-15
NYSE:EVH
Evol ent Hea l th, Inc.
Uni ted States
14.00-16.00
17.00
18.86, up 11%
15.41
(18.3%)
Ma y-15
NYSE:SHOP
Shopi fy Inc.
Ca na da
14.00-16.00
17.00
28.31, up 51%
29.58
4.5%
Ma y-15
Na s da qGS:BZUN
Ba ozun Inc.
Chi na
12.00-14.00
10.00
10.44, up 4%
6.16
(41.0%)
Ma y-15
NYSE:PGND
Pres s Ga ney Hol di ngs , Inc.
Uni ted States
22.00-24.00
25.00
27.50, up 10 %
34.41
25.1%
Apr-15
Na s da qGS:APIC
Api gee Corpora tion
Uni ted States
16.00-18.00
17.00
10.60, down 8%
11.37
7.3%
Apr-15
Na s da qGS:ETSY
Ets y, Inc.
Uni ted States
14.00-16.00
16.00
30.00, up 86%
9.21
(69.3%)
Apr-15
Na s da qGM:WOWO
JM WOWO
Hong Kong
9.00-11.00
10.00
10.29, up 3%
4.15
(59.7%)
Apr-15
NYSE:GDDY
GoDa ddy Inc.
Uni ted States
17.00-19.00
20.00
26.15, up 31%
33.24
27.1%
 Of the total $5.1 billion in value reported in the Digital Media/Commerce segment, $4.6 billion in Venture/Growth Capital investments
were announced, while more than $500 million in Strategic transactions were made
 eCommerce was the most active subsegment across all segments with 42 transactions announced, of which 27 were reported for
$1.4 billion. Select acquisitions from the subsegment include:
• GrubHub’s acquisition of on-demand restaurant delivery service Labite for a reported $65 million
 Select Digital Media/Commerce transactions include:
• The $1.8 billion raised by Snapchat at a reported valuation of $20 billion from General Atlantic, T. Rowe Price, Sequoia Capital, Lone
Pine Capital, Coatue Management, and Fidelity Investments
• B. Riley Financial’s acquisition of United Online in a transaction valued at $170 million
• On-demand ride sharing company Via Transportation’s $100 million round of funding from Hearst Ventures, 83 North, Poalim
Ventures, C4 Ventures, Ervington Investments, and Pitango Venture Capital
DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
#
#
$MM
#
$MM
$314.4
1
-
26
$1,048.7
-
0
-
24
1,403.3
60.7
0
-
7
29.7
55.8
0
-
6
25.1
3
-
0
-
4
143.5
1
-
0
-
6
1,972.3
42
39%
$1,363.1
27%
15
Mobile Content/Apps
26
24%
1,403.3
27%
2
Niche Content
14
13%
90.4
2%
7
Gaming
10
9%
80.9
2%
4
Classifieds/Auctions/P-to-P
7
6%
143.5
3%
Social Media/Apps
7
6%
1,972.3
38%
Total
$MM
eCommerce
Web Search/Portals
Buyout
2
2%
82.9
2%
2
82.9
0
-
0
108
100%
5,136.4
100%
34
513.8
1
0.0
73
4,622.6
Digital Media and Internet
Public Company Valuation (1/2)
($ in Millions, except stock price data)
US-Based Digital Media and Internet
Company Name
Alphabet Inc.
Stock Price
05/31/16
Chg % From
52WK High
Equity
$
Value
509,621.4
Ent.
$
LTM
Value
443,550.4
Revenue
$ 77,988.0
748.85
-8%
99.86
-25%
546,975.7
571,043.7
227,535.0
Blucora, Inc.
8.98
-46%
371.4
815.9
Demand Media, Inc.
5.26
-23%
107.1
Everyday Health, Inc.
6.73
-53%
223.4
118.81
-12%
339,832.8
14.18
-73%
3,084.7
2.39
-65%
GoPro, Inc.
10.27
IAC/InterActiveCorp
LinkedIn Corporation
$
EBITDA
25,512.0
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
17.4x
32.7%
15.0%
5.7x
78,498.0
34.5%
7.2%
2.5x
7.3x
202.4
$35.6
17.6%
NA
4.0x
22.9x
76.6
119.7
(22.4)
NM
-25.4%
0.6x
NM
306.0
246.0
22.6
9.2%
30.9%
1.2x
13.5x
319,211.8
19,767.0
9,435.0
47.7%
46.3%
16.1x
33.8x
2,293.0
2,026.6
288.1
14.2%
108.2%
1.1x
8.0x
316.2
156.9
235.0
(5.6)
NM
-5.3%
0.7x
NM
-84%
1,419.9
1,031.2
1,440.4
(48.5)
NM
-5.3%
0.7x
NM
55.88
-34%
4,425.7
4,808.3
3,277.6
382.8
11.7%
4.3%
1.5x
12.6x
136.50
-47%
18,229.5
16,235.4
3,213.9
266.1
8.3%
34.9%
5.1x
61.0x
3.78
-17%
180.4
154.5
58.6
11.6
19.8%
24.8%
2.6x
13.3x
102.57
-23%
43,930.7
44,230.5
7,164.1
319.7
4.5%
23.4%
6.2x
NM
11.79
-48%
2,697.3
2,587.0
1,230.6
(112.4)
NM
28.6%
2.1x
NM
RealNetworks Inc.
4.30
-40%
158.0
71.2
122.9
(46.7)
NM
-12.9%
0.6x
NM
TheStreet, Inc.
1.22
-40%
43.0
13.2
66.8
0.8
1.1%
5.2%
0.2x
17.2x
Twitter, Inc.
15.22
-61%
10,601.75
8,628.02
2,376.61
(66.76)
NM
49.6%
3.6x
NM
United Online, Inc.
10.93
-37%
163.77
65.70
145.29
15.07
10.4%
NA
0.5x
4.4x
WebMD Health Corp.
65.75
-3%
2,431.8
2,530.2
651.6
153.5
23.6%
10.4%
3.9x
16.5x
XO Group Inc.
16.93
-7%
431.5
339.3
144.7
21.5
14.8%
0.6%
2.3x
15.8x
Yahoo! Inc.
37.94
-12%
36,039.9
4,622.4
4,829.5
245.4
5.1%
2.5%
1.0x
18.8x
Zynga, Inc.
2.57
-16%
2,245.4
1,387.9
768.1
(26.4)
NM
8.9%
1.8x
Apple Inc.
Facebook, Inc.
Fitbit Inc.
Glu Mobile, Inc.
MeetMe, Inc.
Netflix, Inc.
Pandora Media, Inc.
Average
2.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (32.9x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value
*Note: Google Inc. pricing represents (Nasdaq:GOOGL)
NM
13.2x
Digital Media and Internet
Internationally-based Digital Media and Internet
Stock Price
05/31/16
Chg % From
52WK High
China
178.54
Changyou.com Limited
China
CyberAgent Inc.
Company Name
Headquarters
Baidu, Inc.
Equity
Ent.
LTM
-18%
Value
$61,827.7
Value
$56,818.1
Revenue
$10,764.6
EBITDA
$2,759.6
19.27
-44%
979.0
356.2
682.8
Japan
47.68
-17%
2,995.1
2,757.8
DeNA Co., Ltd.
Japan
20.08
-16%
2,912.3
G5 Entertainment AB (publ)
Sweden
3.92
-42%
* France
Japan
9.04
iDreamSky Technology Limited
China
International Game Technology PLC
United Kingdom
KongZhong Corporation
China
Mixi, Inc.
Japan
NCsoft Corporation
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
25.6%
32.9%
5.3x
20.6x
218.7
32.0%
-12.8%
0.5x
1.6x
2,483.6
382.1
15.4%
19.8%
1.1x
7.2x
2,436.5
1,279.0
258.7
20.2%
0.9%
1.9x
9.4x
34.5
30.0
47.9
4.3
8.9%
28.7%
0.6x
7.0x
0%
786.9
748.4
278.2
15.5
5.6%
12.7%
2.7x
48.3x
5.77
-21%
1,349.7
652.5
669.0
175.9
26.3%
-23.4%
1.0x
3.7x
13.74
-6%
622.5
551.0
252.4
31.9
12.6%
66.5%
2.2x
17.3x
18.96
-5%
3,811.6
11,533.8
5,122.4
1,553.8
30.3%
41.4%
2.3x
7.4x
5.76
-33%
271.3
166.3
179.1
23.1
12.9%
-21.3%
0.9x
7.2x
38.58
-38%
3,251.9
2,113.4
1,858.3
882.6
47.5%
84.9%
1.1x
2.4x
South Korea
202.18
-14%
4,294.3
3,684.3
783.9
266.8
34.0%
5.0%
4.7x
13.8x
Naver Corporation
South Korea
605.27
-1%
17,635.8
16,517.4
3,033.2
856.9
28.3%
20.0%
5.4x
19.3x
NetEase, Inc.
China
177.84
-5%
23,381.9
19,565.2
4,192.2
1,399.4
33.4%
108.0%
4.7x
14.0x
NEXON Co., Ltd.
Japan
16.43
-15%
7,152.6
4,673.3
1,742.5
532.2
30.5%
10.4%
2.7x
8.8x
Pacific Online Ltd.
China
0.26
-50%
282.4
215.6
168.9
36.2
21.5%
11.0%
1.3x
6.0x
Phoenix New Media Limited
China
3.99
-60%
284.6
154.9
242.8
18.7
7.7%
-4.8%
0.6x
8.3x
* China
Germany
2.23
-50%
758.7
926.2
41.1
(97.9)
NM
-11.9%
22.5x
NM
3.01
-46%
175.7
138.1
124.6
4.2
3.3%
1.1%
1.1x
33.2x
GameLoft S.E.
Gree, Inc.
Renren Inc.
Tomorrow Focus AG
Weibo Corporation
* China
* South Korea
26.59
-4%
5,656.4
5,290.4
500.9
69.6
13.9%
38.0%
10.6x
76.0x
22.36
-62%
371.3
362.5
108.2
3.8
3.5%
-22.4%
3.4x
95.4x
Yandex N.V.
Netherlands
20.60
-1%
6,689.1
6,148.4
952.6
279.0
29.3%
22.4%
6.5x
22.0x
YY Inc.
China
43.45
-47%
2,387.3
2,273.3
991.0
226.7
22.9%
53.7%
2.3x
10.0x
WeMade Entertainment Co., Ltd.
Average
1.7x
11.5x
eCommerce
US-based eCommerce
Company Name
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
LTM
8.06
-26%
Value
$527.4
Alphabet Inc.
748.85
-8%
509,621.4
443,550.4
77,988.0
Amazon.com, Inc.
722.79
-1%
341,032.5
342,785.5
113,417.0
99.86
-25%
546,975.7
571,043.7
227,535.0
Blucora, Inc.
8.98
-46%
371.4
815.9
202.4
Blue Nile Inc.
26.37
-32%
306.1
276.9
CafePress Inc.
3.33
-38%
55.7
17.5
42.56
-9%
7,048.3
10,424.9
Chegg, Inc.
4.88
-45%
439.8
378.3
283.2
Copart, Inc.
49.51
-1%
5,415.5
5,978.7
1,218.1
eBay Inc.
24.46
-63%
28,102.2
29,125.2
8,668.0
Etsy, Inc.
9.25
-61%
1,045.9
789.1
296.8
1-800-Flowers.com Inc.
Apple Inc.
CDW Corporation
Expedia Inc.
Value
$586.8
Revenue
$1,166.9
EBITDA
$84.7
25,512.0
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
7.3%
8.0%
0.5x
6.9x
32.7%
15.0%
5.7x
17.4x
9,087.0
8.0%
23.3%
3.0x
37.7x
78,498.0
34.5%
7.2%
2.5x
7.3x
35.6
17.6%
NA
4.0x
22.9x
476.7
16.8
3.5%
0.1%
0.6x
16.5x
99.0
2.6
2.6%
-23.2%
0.2x
6.9x
13,350.2
1,000.5
7.5%
9.6%
0.8x
10.4x
3.2
1.1%
-10.2%
1.3x
NM
429.8
35.3%
5.8%
4.9x
13.9x
2,978.0
34.4%
26.5%
3.4x
9.8x
21.7
7.3%
39.0%
2.7x
36.4x
23.0x
111.24
-21%
16,550.3
18,429.4
7,202.9
800.2
11.1%
21.3%
2.6x
FTD Companies, Inc.
27.24
-19%
754.9
980.0
1,182.6
102.6
8.7%
44.5%
0.8x
9.5x
GrubHub Inc.
25.59
-36%
2,167.9
1,843.5
385.8
89.3
HSN, Inc.
IAC/InterActiveCorp
52.37
55.88
-31%
-34%
2,738.2
4,425.7
3,309.3
4,808.3
3,665.5
3,277.6
312.5
382.8
23.2%
8.5%
11.7%
36.1%
0.4%
4.3%
4.8x
0.9x
1.5x
20.6x
10.6x
12.6x
$26.98
-15%
12,925.8
19,192.8
9,598.0
1,764.0
18.4%
0.7%
2.0x
10.9x
37.31
-18%
5,317.1
4,664.1
687.0
(32.0)
NM
-8.0%
6.8x
NM
6.70
-37%
205.9
88.3
321.8
(5.4)
NM
-32.0%
0.3x
NM
Match Group, Inc.
14.00
-12%
3,484.5
3,339.8
1,070.6
263.5
24.6%
17.2%
3.1x
12.7x
Overstock.com Inc.
17.05
-29%
432.0
330.8
1,673.2
8.0
0.5%
7.7%
0.2x
41.2x
PetMed Express, Inc.
18.83
-9%
380.1
342.4
234.7
33.2
14.1%
2.3%
1.5x
10.3x
1,264.33
-14%
62,760.6
65,801.5
9,531.4
3,649.6
38.3%
10.3%
6.9x
18.0x
Shutterfly, Inc.
48.30
-2%
1,664.4
1,874.3
1,081.2
120.7
11.2%
14.5%
1.7x
15.5x
Shutterstock, Inc.
41.96
-35%
1,468.4
1,192.9
444.3
59.9
13.5%
26.0%
2.7x
19.9x
1.51
-64%
39.1
35.0
44.5
(4.0)
NM
-23.9%
0.8x
NM
90.99
-26%
1,587.49
1,639.88
251.74
80.69
32.1%
59.3%
6.5x
20.3x
U.S. Auto Parts Network, Inc.
3.87
-12%
134.2
144.8
295.5
7.0
2.4%
1.2%
0.5x
20.6x
EVINE Live Inc.
1.54
-52%
87.8
142.5
701.8
8.7
1.2%
4.2%
0.2x
16.4x
41.18
-28%
3,488.6
3,179.1
2,572.9
(75.3)
NM
75.7%
1.2x
NM
QVC Group
Liberty Ventures
Liquidity Services, Inc.
The Priceline Group Inc.
Spark Networks, Inc.
Stamps.com Inc.
Wayfair Inc.
Average
1.7x
14.2x
eCommerce
Internationally-based eCommerce
Company Name
58.com Inc.
Alibaba Group Holding Limited
Cnova N.V.
E-Commerce China Dangdang Inc.
JD.com, Inc.
Jumei International Holding Limited
LightInTheBox Holding Co., Ltd.
Headquarters
* China
* China
* Netherlands
China
* China
China
Stock Price
05/31/16
Chg % From
52WK High
Equity
$
Value
7,652.3
Ent.
$
LTM
Value
7,424.9
Revenue
$
859.0
$
EBITDA
(205.1)
54.05
-35%
82.00
-10%
204,612.7
200,681.5
15,670.6
5,606.6
5.19
-13%
2,290.3
2,580.9
3,723.0
(99.5)
6.27
-45%
515.9
308.6
1,434.3
19.8
24.61
-35%
33,765.8
31,776.1
30,772.7
(176.3)
5.16
-81%
756.6
308.7
1,131.0
27.9
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
NM
182.7%
8.6x
NM
35.8%
32.7%
12.8x
35.8x
NM
-8.9%
0.7x
NM
1.4%
17.0%
0.2x
15.6x
NM
54.0%
1.0x
NM
2.5%
88.9%
0.3x
11.1x
* China
* Argentina
2.64
-59%
180.8
149.9
323.8
(37.0)
NM
-15.3%
0.5x
NM
136.50
-10%
6,027.5
5,986.0
661.3
168.5
25.5%
12.2%
9.1x
35.5x
PChome Online Inc.
Taiwan
11.95
-22%
1,193.2
967.0
744.5
38.6
5.2%
15.0%
1.3x
25.0x
Rakuten, Inc.
Japan
10.77
-46%
15,341.0
15,892.8
6,541.8
1,288.6
19.7%
18.7%
2.4x
12.3x
Travelport Worldwide Limited
United Kingdom
13.24
-14%
1,638.8
3,977.6
2,258.1
428.6
19.0%
5.1%
1.8x
9.3x
Vipshop Holdings Limited
China
11.67
-55%
6,748.5
6,729.0
6,779.9
448.8
6.6%
59.5%
1.0x
15.0x
Mercadolibre, Inc.
Average
1.1x
12.6x
Digital Advertising
 There was a total of 24 transactions announced in the Digital Advertising segment, of which 16 were worth more than $225 million in
reported value
 Digital Video was the most valuable subsegment with seven transactions worth $125 million in value
 Select Transactions:
• Comcast’s acquisition of France-based video supply-side platform StickyADS.tv in a transaction valued at a reported $100 million
• The $43 million acquisition of local services marketplace Oneflare by Domain Group
• Affiliate marketing optimization platform provider VigLink’s acquisition of Prosperent, a developer of performance marketing tools
for publishers
• Vimeo’s acquisition of over-the-top subscription video channels provider VHX
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
Buyout
$MM
%
#
$MM
#
$MM
#
$MM
Digital Video
7
29%
$125.4
55%
4
$100.0
0
-
3
$25.4
Vertical Search
6
25%
22.7
10%
0
-
1
-
5
22.7
Local Search
3
13%
70.5
31%
1
43.0
0
-
2
27.5
Online Lead Generation
3
13%
5.0
2%
3
5.0
0
-
0
-
Mobile Marketing
2
8%
1.1
0%
1
-
0
-
1
1.1
Affiliate/CPA Network
1
4%
-
0%
1
-
0
-
0
-
Digital Promotion/Coupon
1
4%
3.0
1%
0
-
0
-
1
3.0
Other*
Total
%
Strategic
1
4%
0.0
0%
0
-
0
-
1
1.1
24
100%
228.8
100%
10
148.0
1
0.0
13
80.8
Digital Advertising
US-based Digital Advertising
Stock Price
05/31/16
Chg % From
52WK High
$222.19
-28%
748.85
-8%
$8.80
14.33
Bankrate, Inc.
Blinkx plc
Company Name
Equity
Ent.
LTM
Value
30,249.1
Revenue
$
6,514.6
509,621.4
443,550.4
77,988.0
-22%
-43%
516.0
153.1
514.8
154.8
344.4
143.2
9.09
-42%
821.5
911.0
0.34
-29%
138.4
91.1
Blucora, Inc.
8.98
-46%
371.4
Care.com, Inc.
8.93
-3%
Demand Media, Inc.
5.26
-23%
DHI Group, Inc.
7.05
-33%
Alliance Data Systems Corporation
Alphabet Inc.
Angie's List, Inc.
Autobytel Inc.
*
Digital Globe Services Inc.
$
Value
13,095.8
$
$
EBITDA
1,523.2
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
23.4%
14.9%
4.6x
19.9x
25,512.0
32.7%
15.0%
5.7x
17.4x
16.5
12.2
4.8%
8.5%
5.7%
35.7%
1.5x
1.1x
31.3x
12.6x
374.8
96.3
25.7%
23.7%
2.4x
9.5x
166.7
(16.9)
NM
-22.4%
0.5x
NM
815.9
202.4
35.6
17.6%
NA
4.0x
22.9x
290.9
238.6
145.9
(3.5)
NM
24.2%
1.6x
NM
107.1
76.6
119.7
(22.4)
NM
-25.4%
0.6x
NM
365.6
432.6
254.3
59.3
23.3%
-4.3%
1.7x
7.3x
1.24
-12%
37.2
36.6
45.6
4.2
9.3%
15.0%
0.8x
8.7x
Facebook, Inc.
*
118.81
-12%
339,832.8
319,211.8
19,767.0
9,435.0
47.7%
46.3%
16.1x
33.8x
Groupon, Inc.
IAC/InterActiveCorp
*
3.54
55.88
-42%
-34%
2,046.3
4,425.7
1,411.3
4,808.3
3,101.1
3,277.6
30.7
382.8
1.0%
1.2%
0.5x
46.0x
11.7%
4.3%
1.5x
12.6x
5.09
-60%
243.9
19.7
52.3
(46.5)
NM
0.0%
0.4x
NM
MaxPoint Interactive, Inc.
10.47
-74%
69.1
19.7
140.9
(19.5)
NM
17.6%
0.1x
NM
Monster Worldwide, Inc.
2.65
-68%
235.7
288.4
651.8
92.5
14.2%
-6.9%
0.4x
3.1x
NM
IDI, Inc
QuinStreet, Inc.
Quotient Technology Inc.
RetailMeNot, Inc.
Rocket Fuel Inc.
3.70
-46%
168.0
128.3
289.5
(4.8)
NM
3.8%
0.4x
11.16
-17%
925.4
776.2
247.8
(21.1)
NM
9.7%
3.1x
NM
7.22
-64%
351.8
163.4
243.4
36.6
15.0%
-7.7%
0.7x
4.5x
2.57
-72%
112.7
125.8
462.0
(20.6)
NM
5.4%
0.3x
NM
Rovi Corporation
16.81
-29%
1,379.9
2,193.3
510.6
165.0
32.3%
-4.4%
4.3x
13.3x
The Rubicon Project, Inc.
14.65
-28%
710.0
551.6
280.5
28.4
10.1%
101.2%
2.0x
19.4x
TiVo Inc.
9.95
-8%
992.05
673.60
482.14
84.20
17.5%
5.0%
1.4x
8.0x
Travelzoo Inc.
8.10
-37%
114.3
84.7
137.4
9.6
7.0%
-9.7%
0.6x
8.8x
83.25
-40%
989.0
814.7
298.0
35.2
11.8%
67.2%
2.7x
23.1x
LendingTree, Inc.
Tremor Video, Inc.
TripAdvisor Inc.
TrueCar, Inc.
*
1.81
-45%
95.4
39.0
170.4
(11.8)
NM
4.7%
0.2x
NM
67.74
-28%
9,870.1
9,289.1
1,481.0
233.0
15.7%
11.5%
6.3x
39.9x
7.59
-45%
635.8
557.0
263.1
(38.0)
NM
18.9%
2.1x
NM
TubeMogul, Inc.
12.41
-30%
443.8
369.3
192.5
(11.8)
NM
57.1%
1.9x
NM
Twitter, Inc.
15.22
-61%
10,601.7
8,628.0
2,376.6
(66.8)
NM
49.6%
3.6x
NM
Web.com Group, Inc.
16.97
-35%
804.9
1,515.3
555.7
108.5
19.5%
2.4%
2.7x
14.0x
Yahoo! Inc.
37.94
-12%
36,039.9
4,622.4
4,829.5
245.4
5.1%
2.5%
1.0x
18.8x
Yelp Inc.
26.19
-45%
2,002.8
1,627.3
589.8
(8.9)
NM
40.6%
2.8x
NM
3.89
-32%
135.0
72.9
172.3
(9.5)
NM
-4.6%
0.4x
NM
29.24
-18%
5,234.5
4,950.9
703.4
(10.4)
NM
81.8%
7.0x
NM
YuMe, Inc.
Zillow Group, Inc.
Average
*Ca l cul a ti on i s ma rket ca p wei ghted a nd excl udes revenue mul ti pl es tha t a re 2.0 s ta nda rd devi a ti ons a bove the mea n (8.4x)a nd EBITDA mul ti pl es tha t a re 1.0 s ta nda rd devi a ti ons a bove the mea n (30.1x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value.
1.6x
13.2x
Digital Advertising
Internationally-based Digital Advertising
Company Name
Headquarters
Criteo SA
France
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
LTM
44.87
-22%
Value
2,829.6
* China
India
45.76
-20%
21,148.4
25,133.3
1,678.5
10.13
-48%
703.6
593.9
MakeMyTrip Limited
India
14.62
-36%
616.8
619.3
Matomy Media Group Ltd.
Israel
1.15
-39%
107.3
Opera Software ASA
Norway
8.07
-10%
Pacific Online Ltd.
China
0.26
-50%
61.49
Ctrip.com International Ltd.
Just Dial Limited
Rightmove plc
Septeni Holdings Co., Ltd.
* United Kingdom
Japan
Value
2,459.5
Revenue
1,430.3
EBITDA
129.0
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
9.0%
27.9%
1.7x
19.1x
107.1
6.4%
48.3%
15.0x
234.8x
104.2
24.3
23.3%
17.1%
5.7x
24.4x
336.1
(55.9)
NM
12.1%
1.8x
NM
128.6
271.0
24.7
9.1%
14.1%
0.5x
5.2x
1,180.2
1,348.8
652.6
88.2
13.5%
25.4%
2.1x
15.3x
282.4
215.6
168.9
36.2
21.5%
11.0%
1.3x
6.0x
-1%
5,781.2
5,763.2
283.3
203.7
71.9%
15.0%
20.3x
28.3x
30.92
-8%
802.1
691.9
384.0
35.8
9.3%
-24.4%
1.8x
19.3x
Taptica International Ltd
Israel
1.17
-54%
73.3
54.8
75.8
5.9
7.8%
20.1%
0.7x
9.3x
TradeDoubler AB
Sweden
0.81
-12%
34.49
25.50
193.10
(7.96)
NM
-9.0%
0.1x
NM
XLMedia PLC
Channel Islands
1.03
-17%
205.6
165.9
89.2
23.9
26.8%
75.9%
1.9x
6.9x
Yandex N.V.
Netherlands
20.60
-1%
6,689.1
6,148.4
952.6
279.0
29.3%
22.4%
6.5x
22.0x
Zhaopin Ltd.
China
15.47
-11%
841.1
551.3
225.2
50.3
22.3%
19.3%
2.4x
11.0x
Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (16.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (97.3x)
*Yahoo! multiples based on Petsky Prunier estimates. Yahoo’s ownership interest in Alibaba and Yahoo! Japan equals approximately 90% of the enterprise value of Yahoo!, enterprise value reflects Adjusted Enterprise Value
*NOTE: Google Inc. pricing represents (Nasdaq:GOOGL)
1.4x
13.6x
 The Marketing Technology segment announced 89 transactions, of which 56 reported $6.4 billion in value
 Analytics & Targeting was the most active subsegment with 20 transactions announced, 15 of which reported more nearly $230 million
in value
• Bain Capital Private Equity and Vista Equity Partners’ acquisition of insurance agency management systems provider Vertafore in a
transaction valued at a reported $2.7 billion
• The acquisition of lead management solutions developer Marketo by Vista Equity Partners for a reported $1.8 billion
• GoDaddy’s $42 million acquisition of virtual phone systems and teleservices provider FreedomVoice
• Salesforce’s purchase of data entry automation and CRM solutions startup Implist Insights
• The acquisition of content marketing and social engagement platform Livefyre by Adobe
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
Buyout
#
$MM
#
$MM
#
$MM
Analytics & Targeting
20
22%
$229.9
4%
4
-
0
-
16
$229.9
Content Management
10
11%
165.5
3%
4
-
0
-
6
165.5
Commerce Management
8
9%
90.3
1%
4
-
0
-
4
90.3
Market Research
8
9%
208.5
3%
5
192.1
0
-
3
16.4
MRM/Workflow Management
7
8%
2,715.4
42%
3
4.8
1
2,700.0
3
10.6
SFA/Lead Management
6
7%
1,728.4
27%
1
-
1
1,700.4
Teleservices/eServices
5
6%
933.7
14%
3
923.2
0
4
28.0
-
2
10.5
Other*
25
28%
373.3
6%
9
117.0
0
-
16
189.3
Total
89
100%
6,445.0
100%
33
1,237.1
2
4,400.4
54
807.5
US-based Marketing Technology
Stock Price
05/31/16
Company Name
Adobe Systems Incorporated
*
AppFolio, Inc.
Bazaarvoice, Inc.
Blackbaud Inc.
Brightcove Inc.
Chg % From
52WK High
Equity
$
Value
49,755.84
Ent.
$
LTM
Value
47,574.79
Revenue
$ 5,069.67
99.47
-1%
14.00
-30%
470.5
449.3
82.3
3.72
-43%
305.3
253.4
62.67
-9%
2,908.1
$
EBITDA
1,378.25
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
27.2%
19.1%
9.4x
34.5x
(11.8)
NM
53.4%
5.5x
NM
199.8
(6.0)
NM
4.5%
1.3x
NM
3,319.5
660.2
110.5
16.7%
13.1%
5.0x
30.0x
6.70
-11%
219.5
191.3
138.1
2.1
1.5%
8.9%
1.4x
91.5x
12.40
-16%
315.9
256.2
104.3
(7.0)
NM
18.4%
2.5x
NM
2.01
-40%
81.3
43.6
79.5
(19.8)
NM
-11.2%
0.5x
NM
35.81
-4%
1,511.1
1,334.0
198.9
6.3
3.2%
30.9%
6.7x
212.6x
Demandware, Inc.
47.99
-37%
1,754.9
1,559.5
254.1
(33.7)
NM
42.5%
6.1x
NM
eBay Inc.
24.46
-63%
28,102.2
29,125.2
8,668.0
2,978.0
34.4%
26.5%
3.4x
9.8x
Endurance International Group
Holdings,
Five9,
Inc.Inc.
9.42
-58%
1,323.0
3,300.0
801.1
155.6
19.4%
21.1%
4.1x
21.2x
10.19
-9%
528.1
515.6
136.6
(9.3)
NM
25.2%
3.8x
NM
GoDaddy Inc.
32.53
-8%
2,642.6
3,482.9
1,664.7
154.1
9.3%
15.3%
2.1x
22.6x
HubSpot, Inc.
47.76
-21%
1,668.9
1,562.2
202.7
(41.9)
NM
56.1%
7.7x
NM
Interactive Intelligence Group Inc.
41.23
-12%
910.3
856.8
400.7
(0.3)
NM
14.0%
2.1x
NM
153.74
-12%
147,584.5
178,419.5
80,835.0
19,003.0
23.5%
-10.3%
2.2x
9.4x
Jive Software, Inc.
3.80
-37%
291.1
181.4
199.3
(19.1)
NM
7.9%
0.9x
NM
LivePerson Inc.
6.98
-35%
400.9
356.3
234.7
16.4
7.0%
5.8%
1.5x
21.8x
*
ChannelAdvisor Corporation
Covisint Corporation
Cvent, Inc.
*
IBM Corporation
Marin Software Incorporated
2.36
-69%
90.0
56.1
109.3
(15.7)
NM
6.2%
0.5x
NM
Marketo, Inc.
35.23
0%
1,568.6
1,480.2
226.1
(53.8)
NM
38.1%
6.5x
NM
MaxPoint Interactive, Inc.
10.47
-74%
69.1
61.0
140.9
(19.5)
NM
17.6%
0.4x
NM
186.54
-18%
2,131.3
1,595.0
525.0
144.0
27.4%
-7.2%
3.0x
11.1x
MINDBODY, Inc.
13.39
-27%
531.5
455.9
111.1
(26.8)
NM
45.0%
4.1x
NM
NetSuite Inc.
79.31
-23%
6,379.7
6,280.1
792.9
(62.9)
NM
32.6%
7.9x
NM
Nuance Communications, Inc.
16.72
-23%
4,668.5
6,615.1
1,946.9
305.7
15.7%
1.0%
3.4x
21.6x
Oracle Corporation
40.20
-11%
166,824.4
156,629.4
37,159.0
14,908.0
40.1%
-4.3%
4.2x
10.5x
PayPal Holdings, Inc.
37.79
-11%
45,802.5
41,035.5
9,655.0
2,021.0
20.9%
16.5%
4.3x
20.3x
PROS Holdings, Inc.
13.99
-45%
424.2
388.0
162.5
(48.4)
NM
-13.8%
2.4x
NM
PTC Inc.
35.74
-16%
4,096.6
4,566.3
1,179.3
198.6
16.8%
-12.2%
3.9x
23.0x
Qlik Technologies, Inc.
28.70
-33%
2,696.78
2,326.83
630.50
3.83
0.6%
11.4%
3.7x
NM
Rightside Group, Ltd.
9.05
-4%
173.8
151.8
217.1
(0.4)
NM
9.8%
0.7x
NM
16.81
-29%
1,379.92
2,193.33
510.63
165.01
32.3%
-4.4%
4.3x
13.3x
14.65
-28%
710.0
551.6
280.5
28.4
10.1%
101.2%
2.0x
19.4x
83.71
-1%
56,713.5
56,747.8
7,072.7
522.3
7.4%
25.0%
8.0x
108.7x
Sizmek Inc.
2.44
-69%
71.0
30.8
176.5
6.4
3.6%
4.3%
0.2x
4.8x
Square, Inc.
9.53
-40%
3,195.5
2,781.4
1,395.8
(101.1)
NM
52.6%
2.0x
NM
MicroStrategy Inc.
Rovi Corporation
The Rubicon Project, Inc.
salesforce.com, inc.
*
Stock Price
05/31/16
Company Name
Chg % From
52WK High
Equity
$
LTM
Value
1,760.9
Revenue
$
588.6
Synchronoss Technologies, Inc.
35.27
-31%
Tableau Software, Inc.
51.44
-61%
3,826.9
3,018.9
695.1
Teradata Corporation
28.34
-28%
3,684.2
3,437.2
2,493.0
Verint Systems Inc.
32.99
-49%
2,052.0
2,390.0
Xactly Corporation
9.86
-8%
294.2
262.0
24.49
-13%
2,246.8
1,992.5
Zendesk, Inc.
$
Ent.
Value
1,590.1
$
EBITDA
144.5
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
12.2x
24.5%
19.7%
3.0x
(58.1)
NM
48.5%
4.3x
NM
379.0
15.2%
-7.2%
1.4x
9.1x
1,130.3
139.3
12.3%
0.2%
2.1x
17.2x
76.0
(16.3)
NM
24.3%
3.4x
NM
235.0
(74.2)
NM
63.0%
8.5x
NM
Adjusted Weighted Average
4.0x
14.1x
Internationally-based Marketing Technology
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Baozun Inc.
China
6.42
-49%
Bitauto Holdings Limited
China
20.29
-68%
ChinaCache International Holdings Ltd.
China
7.25
136.50
Mercadolibre, Inc.
Open Text Corporation
* Argentina
Canada
Equity
Ent.
LTM
Value
213.12
Revenue
$
432.18
1,226.4
703.5
674.7
-54%
195.3
132.5
-10%
6,027.5
$
Value
317.85
$
$
EBITDA
5.23
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
1.2%
55.6%
0.5x
40.8x
61.8
9.2%
55.1%
1.0x
11.4x
194.9
(14.9)
NM
-11.7%
0.7x
NM
5,986.0
661.3
168.5
25.5%
12.2%
9.1x
35.5x
58.68
-2%
7,117.3
7,809.4
1,823.1
556.8
30.5%
-2.1%
4.3x
14.0x
Opera Software ASA
Norway
8.07
-10%
1,180.2
1,348.8
652.6
88.2
13.5%
25.4%
2.1x
15.3x
Sage Group plc
United Kingdom
8.92
-4%
9,631.49
10,025.82
2,109.75
562.58
26.7%
3.6%
4.8x
17.8x
SAP SE
Germany
81.20
-5%
97,273.5
100,128.1
23,942.8
6,635.2
27.7%
14.5%
4.2x
15.1x
29.29
-30%
2,375.9
2,186.5
240.6
(16.7)
NM
94.7%
9.1x
NM
Weborama
* Canada
France
13.86
-8%
47.1
45.7
31.8
1.2
3.7%
9.8%
1.4x
39.0x
Wix.com ltd
Israel
27.66
-3%
1,115.4
1,002.0
220.6
(45.7)
NM
40.0%
4.5x
NM
Shopify Inc.
4.5x
16.2x
 There were 21 transactions announced in the Agency & Marketing Services segment in May. Digital Agency was the most active
subsegment with eight transactions
 Select transactions:
• Sard Verbinnen & Company’s sale to Golden Gate Capital at a valuation of $150 million in a transaction that will see Golden Gate
Capital invest a further $50 million in the company
• The $29 million acquisition of design and user experience agency MMT Digital by Be Heard Group
• UDG Healthcare’s $25 million purchase of healthcare public relations firm Pegasus Public Relations
• Omnicom Health Group’s acquisition of BioPharm Communications, a leading communications agency that specializes in proprietary,
multi-channel marketing programs to physicians and healthcare practitioners for pharmaceutical and biotechnology clients (A Petsky
Prunier-led transaction)
• Accel-KKR’s strategic investment in website design and digital marketing solutions firm Cedyn
AGENCY & MARKETING SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
#
Buyout
$MM
$MM
#
$MM
0
-
1
-
1
60.0
1
50.0
Digital Agency
8
38%
$29.4
9%
7
Public Relations
3
14%
110.0
33%
1
Healthcare Agency
3
14%
189.5
58%
3
0
-
0
-
Specialty Agency
2
10%
-
0%
2
-
0
-
0
-
Ad Specialty/Premiums
1
5%
-
0%
1
-
0
-
0
-
Branded Communications
1
5%
-
0%
1
-
0
-
0
-
Other*
Total
$29.4
#
189.5
2
10%
0
0%
1
0.0
1
0.0
0
0.0
21
100%
328.9
100%
17
218.9
2
60.0
2
50.0
Agency
Public Company Valuation
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Cello Group Plc
United Kingdom
$1.43
-8%
Creston plc
United Kingdom
1.32
-44%
Dentsu Inc.
Japan
50.57
Enero Group Limited
Australia
* Luxembourg
Japan
Globant S.A.
Hakuhodo DY Holdings Inc
Equity
Ent.
LTM
Value
130.2
Revenue
$
232.0
76.8
80.5
120.9
-26%
14,418.2
15,673.5
0.86
-3%
73.8
40.14
0%
$
Value
124.0
$
$
LTM Margin
LTM
EBITDA
Rev Growth
EBITDA
13.2
LTM Multiples
EV/Rev
EV/EBITDA
5.7%
-7.4%
0.6x
9.9x
17.9
14.8%
4.5%
0.7x
4.5x
7,836.6
1,651.6
21.1%
NM
2.0x
9.5x
50.4
158.8
9.2
5.8%
6.9%
0.3x
5.5x
1,380.6
1,311.0
272.6
41.0
15.0%
29.2%
4.8x
32.0x
12.55
-9%
4,675.6
3,464.2
10,815.7
455.9
4.2%
7.4%
0.3x
7.6x
Havas SA
France
8.43
-10%
3,517.6
3,436.3
2,376.3
378.0
15.9%
17.3%
1.4x
9.1x
Huntsworth plc
United Kingdom
0.66
-8%
210.1
254.3
248.3
26.5
10.7%
1.6%
1.0x
9.6x
M&C Saatchi plc
United Kingdom
4.92
-10%
358.8
357.1
263.9
30.9
11.7%
5.6%
1.4x
11.5x
MDC Holdings Inc.
United States
23.24
-26%
1,139.0
1,878.8
1,928.3
126.8
6.6%
9.9%
1.0x
14.8x
Next Fifteen Communications Group plc
United Kingdom
3.94
-11%
284.1
294.8
183.9
23.3
12.6%
22.8%
1.6x
12.7x
Omnicom Group Inc.
United States
83.33
-3%
19,811.7
23,503.2
15,164.3
2,225.6
14.7%
-0.8%
1.5x
10.6x
OPT Holding, Inc.
Japan
7.37
-7%
190.5
167.6
589.2
28.7
4.9%
3.8%
0.3x
5.8x
Publicis Groupe SA
France
72.41
-14%
15,382.4
17,529.1
10,427.4
1,878.9
18.0%
32.3%
1.7x
9.3x
St Ives plc
United Kingdom
1.47
-59%
209.8
336.8
503.5
65.9
13.1%
5.2%
0.7x
5.1x
The Interpublic Group of Companies, Inc.
United States
23.90
-2%
9,617.5
10,959.5
7,679.8
1,040.5
13.5%
1.4%
1.4x
10.5x
WPP plc
United Kingdom
23.17
-6%
29,522.9
34,747.5
18,043.4
3,157.5
17.5%
6.1%
1.9x
11.0x
1.7x
10.2x
Marketing Services
Public Company Valuation
Company Name
Acxiom Corporation
Headquarters
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
850.1
$21.18
-10%
6.44
-44%
981.5
1,176.1
1,828.0
* United States
United States
222.19
-28%
13,095.8
25,926.7
42.51
-9%
1,379.0
United States
120.92
-10%
* United States
United States
111.43
0.99
9.79
* United States
Brazil
Pitney Bowes Inc.
United States
Points International Ltd.
Canada
Viad Corp
United States
CSG Systems International Inc.
DST Systems Inc.
Fair Isaac Corporation
Harte-Hanks Inc.
High Co. SA
IDI, Inc
Multiplus S.A.
France
$
LTM
Value
1,642.6
* United States
Canada
Aimia Inc.
$
Value
1,642.0
$
EBITDA
79.3
LTM Margin
LTM
EBITDA
Rev Growth
EV/EBITDA
9.3%
5.6%
1.9x
20.7x
111.7
6.1%
-5.9%
0.6x
10.5x
6,514.6
1,523.2
23.4%
14.9%
4.0x
17.0x
1,550.5
753.1
157.0
20.8%
0.6%
2.1x
9.9x
4,012.1
4,680.4
2,868.6
400.5
14.0%
3.6%
1.6x
11.7x
-3%
3,474.2
3,999.9
848.9
197.8
23.3%
4.0%
4.7x
20.2x
-85%
60.8
127.9
484.9
27.3
5.6%
-10.6%
0.3x
4.7x
-11%
101.2
55.9
168.0
14.0
8.3%
19.2%
0.3x
4.0x
5.09
-60%
243.9
284.7
52.3
(46.5)
NM
0.0%
5.4x
NM
9.18
-23%
1,487.7
1,085.1
646.1
157.2
24.3%
19.9%
1.7x
6.9x
18.63
-17%
3,514.0
6,120.7
3,532.0
785.8
22.2%
-6.4%
1.7x
7.8x
9.31
-29%
142.2
96.9
302.7
9.6
3.2%
14.8%
0.3x
10.0x
31.81
-3%
644.2
778.2
1,066.0
75.6
7.1%
2.1%
0.7x
10.3x
3.0x
9.5x
LTM Multiples
EV/Rev
Traditional Media
 Of the nine transactions announced in the Traditional Media segment in May, four reported nearly $200 million in aggregate reported
value
• Bauer Media’s $58 million acquisition of local radio programming provider Orion Media
• Private equity firm Wicks Group’s acquisition of trade publication and events company Bisnow in a transaction valued at a reported
$50 million
• Live Nation’s acquisition of YouTube music rights management company InDMusic
• Out-of-home campaigns and advertising agency Posterscope’s acquisition of digital out-of-home advertising campaigns platform
developer Liveposter
• Argyle Executive Forum’s acquisition of corporate engagement events and marketing services company The Innovation Enterprise
TRADTIONAL MEDIA TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Buyout
%
#
$MM
#
25%
1
-
1
-
0%
2
-
0
-
0
-
85.0
43%
1
-
0
-
1
85.0
3.5
2%
1
-
0
-
1
3.5
58.0
30%
1
58.0
0
-
0
-
100%
6
58.0
1
50.0
2
88.5
B-to-B Media
2
22%
Consumer Magazine Publishing
2
22%
Entertainment Media
2
22%
Digital Place-Based Media
2
22%
Radio
1
11%
Total
9
100%
196.5
Strategic
$50.0
$MM
$50.0
#
0
$MM
-
Traditional Media
Large Cap Diversified Media
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
CBS Corporation
United States
$55.20
-11%
Discovery Communications, Inc.
United States
27.85
-20%
Time Warner Inc.
United States
75.66
* United States
United States
United States
Twenty-First Century Fox, Inc.
Viacom, Inc.
The Walt Disney Company
Equity
Ent.
LTM
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
22.6%
3.6%
2.3x
10.2x
2,433.0
37.9%
0.4%
3.6x
9.6x
28,299.0
8,046.0
28.4%
2.2%
2.9x
10.1x
71,335.3
26,885.0
6,348.0
23.6%
-13.8%
2.7x
11.2x
30,089.8
13,001.0
3,785.0
29.1%
-6.0%
2.3x
7.9x
180,971.6
54,826.0
16,717.0
30.5%
8.1%
3.3x
10.8x
Value
32,979.6
Revenue
$ 14,235.0
15,545.8
23,297.8
6,418.0
-17%
59,498.3
81,661.3
28.88
-17%
54,993.3
44.37
-35%
17,761.8
99.22
-19%
160,978.6
$
Value
25,141.6
$
$
EBITDA
3,222.0
LTM Multiples
3.0x
10.4x
B-to-B Media
Company Name
Headquarters
Euromoney Institutional Investor PLC
United Kingdom
Global Sources Ltd.
Stock Price
05/31/16
Chg % From
52WK High
Equity
$
Value
1,674.7
Ent.
$
LTM
Value
1,666.8
Revenue
$
576.0
$
EBITDA
231.7
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
40.2%
-2.1%
2.9x
7.2x
$13.25
-27%
Bermuda
8.60
-12%
205.4
131.7
163.8
28.9
17.6%
-5.0%
0.8x
4.6x
Informa plc
United Kingdom
9.90
-5%
6,416.2
7,723.0
1,787.6
550.7
30.8%
6.6%
4.3x
14.0x
TechTarget, Inc.
United States
8.03
-27%
259.3
230.2
113.2
17.6
15.5%
5.9%
2.0x
13.1x
UBM plc
United Kingdom
8.57
-4%
3,794.6
4,566.0
1,135.4
292.4
25.8%
39.9%
4.0x
15.6x
3.9x
13.4x
Radio Broadcasting
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Beasley Broadcast Group Inc.
United States
$4.70
-8%
Cumulus Media Inc.
United States
0.32
-87%
Emmis Communications Corp.
United States
0.53
Entercom Communications Corp.
United States
12.70
Pandora Media, Inc.
United States
Radio One Inc.
Salem Media Group, Inc.
Sirius XM Holdings Inc.
Spanish Broadcasting System Inc.
Townsquare Media, Inc.
Equity
Ent.
LTM
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
20.5%
55.9%
1.6x
8.0x
229.7
19.7%
-6.1%
2.1x
10.5x
231.4
37.3
16.1%
-2.7%
1.3x
8.2x
429.1
101.7
23.7%
12.9%
2.3x
9.8x
2,587.0
1,230.6
(112.4)
NM
28.6%
2.1x
NM
1,095.9
454.2
117.3
25.8%
4.2%
2.4x
9.3x
Value
179.1
Revenue
$
109.2
75.0
2,421.4
1,166.1
-65%
25.5
305.0
-4%
515.6
991.6
11.79
-48%
2,697.3
United States
2.71
-34%
131.8
$
Value
109.6
$
$
EBITDA
22.3
LTM Multiples
EV/EBITDA
United States
6.61
-19%
168.6
444.2
268.5
47.3
17.6%
0.9%
1.7x
9.4x
* United States
United States
4.02
-4%
19,931.7
25,544.6
4,690.1
1,616.2
34.5%
10.0%
5.4x
15.8x
3.41
-53%
24.8
271.4
146.4
37.0
25.3%
0.5%
1.9x
7.3x
United States
8.83
-38%
162.4
720.8
454.5
90.9
20.0%
20.9%
1.6x
7.9x
2.1x
9.2x
Traditional Media
Broadcast, Cable, and Satellite Television
Company Name
Headquarters
AMC Networks Inc.
United States
Sky plc
Stock Price
05/31/16
Chg % From
52WK High
Equity
LTM
Value
7,199.0
Revenue
$
2,618.8
23,927.1
32,861.9
16,819.1
Rev Growth
EV/Rev
LTM Multiples
33.1%
12.9%
2.7x
8.3x
2,827.0
16.8%
41.2%
2.0x
11.6x
EV/EBITDA
United Kingdom
14.03
-18%
Cablevision Systems Corporation
United States
34.68
0%
9,594.5
18,208.8
6,535.7
1,763.5
27.0%
0.5%
2.8x
10.3x
CBS Corporation
United States
55.20
-11%
25,141.6
32,979.6
14,235.0
3,222.0
22.6%
3.6%
2.3x
10.2x
* United States
United States
218.94
-10%
59,201.4
95,061.4
9,922.0
3,478.0
35.1%
7.1%
9.6x
27.3x
63.30
-3%
153,641.4
206,753.4
75,447.0
25,287.0
33.5%
9.0%
2.7x
8.2x
Discovery Communications, Inc.
United States
27.85
-20%
15,545.8
23,297.8
6,418.0
2,433.0
37.9%
0.4%
3.6x
9.6x
Dish Network Corp.
United States
49.90
-34%
23,189.3
34,867.1
15,131.9
3,044.0
20.1%
2.4%
2.3x
11.5x
Entravision Communications Corporation
United States
7.22
-24%
642.7
910.0
252.7
67.3
26.6%
1.5%
3.6x
13.5x
General Communication Inc.
United States
15.59
-31%
603.6
2,025.3
978.5
305.8
31.2%
5.8%
2.1x
6.6x
Gray Television, Inc.
United States
11.82
-35%
841.6
2,357.1
637.8
218.2
34.2%
15.9%
3.7x
10.8x
Grupo Televisa, S.A.B.
Mexico
5.35
-20%
15,463.5
19,638.2
5,231.9
1,943.2
37.1%
8.3%
3.8x
10.1x
Liberty Global plc
United Kingdom
37.35
-35%
34,690.4
84,006.6
18,351.1
8,417.0
45.9%
0.7%
4.6x
10.0x
Media General, Inc.
United States
17.84
-1%
2,306.2
4,528.6
1,351.7
360.3
26.7%
63.3%
3.4x
12.6x
Nexstar Broadcasting Group, Inc.
United States
53.22
-14%
1,632.8
3,140.3
950.3
322.5
33.9%
35.9%
3.3x
9.7x
Scripps Networks Interactive, Inc.
United States
64.34
-6%
8,296.7
12,051.2
3,176.9
1,438.7
45.3%
18.5%
3.8x
8.4x
Sinclair Broadcast Group, Inc.
United States
31.63
-12%
3,005.7
7,024.2
2,293.3
689.7
30.1%
10.9%
3.1x
10.2x
United States
22.96
-40%
4,995.8
9,414.1
3,101.2
1,128.8
36.4%
58.7%
3.0x
8.3x
* United States
United States
16.86
-33%
1,416.6
1,718.7
802.1
55.5
6.9%
55.3%
2.1x
31.0x
75.66
-17%
59,498.3
81,661.3
28,299.0
8,046.0
28.4%
2.2%
2.9x
10.1x
TEGNA Inc.
The E. W. Scripps Company
Time Warner Inc.
$
LTM
EBITDA
-27%
Comcast Corporation
$
LTM Margin
EBITDA
867.3
$63.94
Charter Communications, Inc.
$
Ent.
Value
4,646.8
2.9x
9.4x
Entertainment Media
Company Name
Headquarters
DreamWorks Animation SKG Inc.
United States
Eros International Plc
United Kingdom
Stock Price
05/31/16
Chg % From
52WK High
Equity
Revenue
$
939.8
$
EBITDA
127.4
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
13.6%
33.5%
4.1x
30.2x
0%
14.70
-62%
831.8
1,081.0
297.8
56.6
19.0%
15.0%
3.6x
19.1x
* United States
United States
22.30
-46%
3,283.2
4,892.4
2,347.4
33.5
1.4%
-2.2%
2.1x
146.1x
24.15
-19%
4,900.8
5,722.7
7,333.1
546.3
7.4%
6.9%
0.8x
10.5x
SFX Entertainment, Inc.
United States
0.02
-100%
2.3
300.4
402.4
(86.3)
NM
17.4%
0.7x
NM
Twenty-First Century Fox, Inc.
United States
28.88
-17%
54,993.3
71,335.3
26,885.0
6,348.0
23.6%
-13.8%
2.7x
11.2x
Liberty Global plc
United Kingdom
37.35
-35%
34,690.4
84,006.6
18,351.1
8,417.0
45.9%
0.7%
4.6x
10.0x
Village Roadshow Limited
Australia
3.80
-32%
612.3
979.5
761.1
114.3
15.0%
10.1%
1.3x
8.6x
World Wrestling Entertainment Inc.
United States
17.57
-26%
1,334.5
1,267.4
653.7
77.9
11.9%
10.2%
1.9x
16.3x
Live Nation Entertainment, Inc.
$
LTM
Value
3,845.7
$40.24
Lions Gate Entertainment Corp.
$
Ent.
Value
3,487.5
3.2x
11.5x
Traditional Media
Out-of-Home Media
Company Name
Headquarters
AirMedia Group Inc.
China
APG|SGA SA
Switzerland
Clear Channel Outdoor Holdings Inc.
Clear Media Ltd.
JCDecaux SA
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
50.2
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
NM
-32.7%
3.7x
NM
EV/EBITDA
392.26
-8%
1,176.4
1,036.6
314.8
78.0
24.8%
0.6%
3.3x
13.3x
United States
6.43
-43%
2,311.3
7,126.5
2,781.9
687.2
24.7%
-5.4%
2.6x
10.4x
Hong Kong
0.92
-28%
497.9
423.9
236.5
103.2
43.6%
4.1%
1.8x
4.1x
France
41.28
-11%
8,764.6
9,221.8
3,048.7
578.1
19.0%
13.1%
3.0x
16.0x
Lamar Advertising Co.
United States
65.05
-1%
6,312.7
8,722.4
1,389.5
578.0
41.6%
6.5%
6.3x
15.1x
Mood Media Corporation
Canada
0.11
-80%
19.6
614.4
472.2
79.4
16.8%
-2.7%
1.3x
7.7x
National CineMedia, Inc.
United States
14.60
-13%
910.9
2,060.2
445.8
202.2
45.4%
11.3%
4.6x
10.2x
United States
0.17
-71%
15.8
21.0
24.3
(2.3)
NM
-4.3%
0.9x
NM
0.26
-14%
1,021.6
1,342.4
163.5
7.4
4.5%
-16.1%
8.2x
181.7x
* Hong Kong
$
EBITDA
(70.3)
-45%
Tom Group Ltd.
$
LTM
Value
183.9
$4.21
NTN Buzztime Inc.
$
Value
263.6
4.0x
14.3x
Publishing
Company Name
A. H. Belo Corporation
Headquarters
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
269.2
LTM Margin
LTM
EBITDA
Rev Growth
EV/Rev
LTM Multiples
EV/EBITDA
0.4%
-1.7%
0.1x
39.7x
-20%
9.97
-31%
3,340.9
4,624.7
2,698.7
411.1
15.2%
2.0%
1.7x
11.3x
Emmis Communications Corp.
United States
0.53
-65%
25.5
305.0
231.4
37.3
16.1%
-2.7%
1.3x
8.2x
Gannett Co., Inc.
United States
15.62
-13%
1,820.2
1,629.3
2,827.0
389.4
13.8%
-8.8%
0.6x
4.2x
Glacier Media, Inc.
Canada
0.49
-53%
43.6
110.5
165.0
12.2
7.4%
-12.2%
0.7x
9.1x
John Wiley & Sons Inc.
United States
53.88
-8%
3,108.5
3,537.6
1,734.4
302.8
17.5%
-5.6%
2.0x
11.7x
Meredith Corporation
United States
49.50
-8%
2,146.5
2,838.8
1,639.8
314.0
19.2%
5.2%
1.7x
9.0x
News Corporation
United States
11.96
-25%
7,015.1
5,631.1
8,292.0
616.0
7.4%
2.4%
0.7x
9.1x
Scholastic Corporation
United States
39.05
-16%
1,333.2
998.3
1,646.7
97.6
5.9%
14.6%
0.6x
10.2x
* United States
United States
16.86
-33%
1,416.6
1,718.7
802.1
55.5
6.9%
55.3%
2.1x
31.0x
1.08
-34%
84.9
1,018.2
1,037.4
157.1
15.1%
-8.0%
1.0x
6.5x
The New York Times Company
United States
12.09
-17%
1,945.6
1,752.4
1,574.5
239.3
15.2%
-0.5%
1.1x
7.3x
Time Inc.
United States
15.87
-35%
1,615.1
2,473.1
3,100.0
379.0
12.2%
-3.6%
0.8x
6.5x
The McClatchy Company
$
EBITDA
1.0
$5.11
The E. W. Scripps Company
$
LTM
Value
37.9
* United States
United Kingdom
Daily Mail and General Trust plc
$
Value
110.3
1.2x
9.1x
Software
 Within the Software segment, more than $1.3 billion in reported value involved Venture/Growth Capital investments, while nearly
$780 million in strategic transactions were announced
 Security and Financial Software were the most active subsegments in May with 22 and 20 transactions announced, respectively
• Accel-KKR’s take private of SaaS-based supply chain management solutions provider SciQuest for a reported $509 million
• The $253 million round of funding raised by Pivotal Software, developer of a cloud native platform for building new enterprise
software, from Ford Motor Company, Microsoft, General Electric, and EMC
• Password and identity management solutions Dashlane’s $22 million round of funding from TransUnion, Rho Ventures, FirstMark
Capital, and Bessemer Venture Partners
• eBay’s acquisition of big data analysis and machine-learning solutions company Expertmaker
• The acquisition of sensitive data disclosure solutions developer Privacy Analytics by IMS Health
SOFTWARE TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
#
Buyout
$MM
#
$MM
#
$MM
Security
22
17%
$224.6
9%
8
$64.8
0
-
14
$159.8
Financial
20
16%
342.7
14%
7
163.9
0
-
13
178.8
Healthcare
17
13%
97.1
4%
2
-
1
-
14
97.1
HR
11
9%
72.9
3%
4
7.1
0
-
7
65.8
Collaboration
9
7%
55.8
2%
3
4.8
0
-
ERP
9
7%
432.9
18%
2
-
2
Other*
Total
6
51.0
378.0
5
54.9
39
24%
901.2
37%
13
539
1
0
25
361.9
127
100%
2,461.2
100%
39
779.8
4
378.0
84
1,303.3
Software
Financial & Credit/Risk Management Software
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Ebix Inc.
United States
45.23
-9%
Epiq Systems, Inc.
United States
15.23
-13%
First Data Corporation
United States
12.53
Fidessa group plc
United Kingdom
Guidewire Software, Inc.
Intuit Inc.
* United States
United States
Equity
Ent.
LTM
Value
1,637.7
Revenue
$
272.8
577.5
956.8
529.7
-30%
11,371.4
33,580.4
34.44
-6%
1,317.8
58.70
-9%
106.66
0.24
$
Value
1,481.7
$
$
EBITDA
101.7
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
37.3%
20.3%
6.0x
16.1x
78.8
14.9%
21.6%
1.8x
12.1x
7,812.0
2,343.0
30.0%
2.7%
4.3x
14.3x
1,203.8
435.7
74.1
17.0%
7.4%
2.8x
16.3x
4,229.6
3,638.6
409.2
22.7
5.5%
9.8%
8.9x
160.3x
-2%
27,291.2
26,678.2
4,636.0
1,413.0
30.5%
17.5%
5.8x
18.9x
-3%
120.6
98.0
204.9
(0.1)
NM
-42.8%
0.5x
NM
NM
Management Consulting Group PLC
United Kingdom
Model N, Inc.
United States
12.30
-5%
338.5
268.5
99.5
(22.1)
NM
18.0%
2.7x
NetSuite Inc.
United States
79.31
-23%
6,379.7
6,280.1
792.9
(62.9)
NM
32.6%
7.9x
NM
Performant Financial Corporation
United States
1.77
-48%
88.5
108.1
159.1
22.1
13.9%
-9.2%
0.7x
4.9x
Q2 Holdings, Inc.
United States
24.98
-18%
979.9
875.0
118.5
(18.6)
NM
37.0%
7.4x
NM
RealPage, Inc.
United States
21.75
-9%
1,740.6
1,807.4
486.4
60.4
12.4%
17.4%
3.7x
29.9x
SS&C Technologies Holdings, Inc.
United States
61.59
-20%
6,104.2
8,726.4
1,118.7
366.2
32.7%
42.0%
7.8x
23.8x
Tyler Technologies, Inc.
United States
153.29
-17%
5,536.6
5,623.0
635.3
133.4
21.0%
23.3%
8.9x
42.2x
6.2x
20.9x
Healthcare Software
Stock Price
05/31/16
Company Name
Headquarters
Allscripts Healthcare Solutions, Inc.
United States
13.49
* United States
France
Cerner Corporation
Chg % From
52WK High
Equity
Ent.
LTM
-15%
Value
2,523.6
Value
3,034.5
Revenue
1,397.4
EBITDA
124.7
126.87
-26%
4,981.3
5,179.0
974.4
28.82
-41%
402.2
639.2
United States
55.61
-26%
18,800.7
Civitas Solutions, Inc.
United States
21.75
-28%
Computer Programs & Systems Inc.
United States
41.35
Cotiviti Holdings, Inc.
United States
Craneware plc
United Kingdom
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
8.9%
1.8%
2.2x
24.3x
75.6
7.8%
22.4%
5.3x
68.5x
491.9
58.7
11.9%
8.2%
1.3x
10.9x
18,892.7
4,493.5
1,252.9
27.9%
27.4%
4.2x
15.1x
807.1
1,452.3
1,388.6
131.9
9.5%
5.6%
1.0x
11.0x
-30%
559.3
692.4
205.6
36.1
17.6%
3.4%
3.4x
19.2x
18.26
-8%
1,638.5
2,651.5
564.4
207.8
36.8%
0.0%
4.7x
12.8x
11.57
-5%
310.7
266.3
46.4
14.1
30.5%
7.8%
5.7x
18.8x
25.81
-28%
1,495.5
1,371.7
126.8
34.7
27.4%
44.3%
10.8x
39.5x
183.14
-23%
41,210.3
46,814.3
190,884.0
4,622.0
2.4%
6.6%
0.2x
10.1x
* United States
United States
45.94
-25%
2,628.4
2,557.7
404.3
43.9
10.9%
15.2%
6.3x
58.3x
12.71
-27%
775.1
843.6
492.5
57.4
11.6%
0.5%
1.7x
14.7x
Streamline Health Solutions, Inc.
United States
1.21
-65%
23.3
30.6
28.3
(3.0)
NM
2.5%
1.1x
NM
USMD Holdings, Inc.
United States
20.48
-2%
233.3
268.8
329.4
(6.4)
NM
8.5%
0.8x
NM
Veeva Systems Inc.
United States
32.95
-5%
4,430.7
3,973.2
439.1
87.8
20.0%
30.5%
9.0x
45.2x
athenahealth, Inc.
Cegedim SA
HealthEquity, Inc.
McKesson Corporation
Medidata Solutions, Inc.
Quality Systems Inc.
* United States
United States
2.4x
14.9x
Software
HR Software
Company Name
Headquarters
51job Inc.
China
Benefitfocus, Inc.
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
328.5
-14%
United States
36.71
-23%
1,078.5
1,081.2
Castlight Health, Inc.
United States
4.21
-59%
448.0
Cornerstone OnDemand, Inc.
United States
40.01
-5%
DHI Group, Inc.
United States
7.05
United States
United States
Paycom Software, Inc.
United States
The Ultimate Software Group, Inc.
Workday, Inc.
$
LTM
Value
1,206.4
$31.01
Paylocity Holding Corporation
$
Value
1,841.1
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
97.5
29.7%
14.0%
3.7x
12.4x
197.3
(44.0)
NM
32.0%
5.5x
NM
327.5
82.1
(76.9)
NM
54.3%
4.0x
NM
2,203.7
2,161.9
365.0
(58.7)
NM
30.3%
5.9x
NM
-33%
365.6
432.6
254.3
59.3
23.3%
-4.3%
1.7x
7.3x
136.50
-47%
18,229.5
16,235.4
3,213.9
266.1
8.3%
34.9%
5.1x
61.0x
2.65
-68%
235.7
288.4
651.8
92.5
14.2%
-6.9%
0.4x
3.1x
40.44
-13%
2,423.4
2,398.6
259.6
61.0
23.5%
53.4%
9.2x
39.3x
United States
36.71
-22%
1,872.6
1,793.6
210.9
4.9
2.3%
49.2%
8.5x
NM
* United States
United States
204.48
-5%
5,904.5
5,818.6
660.4
64.4
9.7%
24.7%
8.8x
90.4x
75.84
-11%
14,859.6
13,293.6
1,256.8
(194.4)
NM
43.0%
10.6x
NM
7.4x
53.4x
Security Software
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Absolute Software Corporation
Canada
$5.17
-30%
AVG Technologies N.V.
Netherlands
19.22
-34%
Check Point Software Technologies Ltd.
United States
84.97
Cisco Systems, Inc.
United States
Cheetah Mobile Inc.
China
CyberArk Software, Ltd.
FireEye, Inc.
Fortinet Inc.
Equity
Ent.
LTM
Value
168.5
Revenue
$
90.1
976.2
1,088.5
-6%
14,570.4
29.05
-1%
10.77
-70%
Israel
45.42
United States
15.92
Gemalto NV
* United States
Netherlands
Imperva Inc.
United States
Imprivata, Inc.
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
12.8x
-3.8%
1.9x
433.4
128.3
29.6%
13.1%
2.5x
8.5x
13,199.4
1,661.5
857.4
51.6%
8.9%
7.9x
15.4x
146,113.1
111,196.1
49,452.0
14,426.0
29.2%
1.6%
2.2x
7.7x
1,534.3
1,320.3
633.7
59.2
9.3%
89.6%
2.1x
22.3x
-41%
1,513.0
1,265.6
174.8
35.1
20.1%
47.5%
7.2x
36.1x
-71%
2,648.4
2,442.2
665.6
(410.6)
NM
39.5%
3.7x
NM
34.21
-32%
5,872.9
4,920.3
1,081.0
53.7
5.0%
32.7%
4.6x
91.6x
61.13
-37%
5,392.8
5,772.8
3,390.2
504.9
14.9%
26.6%
1.7x
11.4x
38.18
-51%
1,231.7
973.0
249.3
(47.6)
NM
40.7%
3.9x
NM
United States
13.59
-37%
344.2
295.4
125.0
(17.7)
NM
21.2%
2.4x
NM
Infoblox Inc.
United States
18.81
-33%
1,069.4
792.3
359.0
0.6
0.2%
26.4%
2.2x
NM
Juniper Networks, Inc.
United States
23.41
-28%
8,988.2
8,874.6
4,888.3
1,092.9
22.4%
8.0%
1.8x
8.1x
NQ Mobile Inc.
United Kingdom
* Israel
China
$
LTM Margin
14.6%
Mobileye N.V.
$
EBITDA
13.2
Mimecast Limited
$
Value
200.8
8.39
-24%
455.1
355.8
141.8
8.0
5.6%
22.2%
2.5x
44.7x
37.97
-41%
8,324.1
8,067.3
270.5
92.2
34.1%
76.1%
29.8x
87.5x
4.27
-35%
410.7
457.1
391.0
(2.1)
NM
14.4%
1.2x
NM
NM
Palo Alto Networks, Inc.
United States
130.46
-35%
11,689.6
11,104.9
1,261.6
(140.0)
NM
53.4%
8.8x
Proofpoint, Inc.
United States
58.62
-22%
2,432.4
2,373.6
286.6
(61.4)
NM
36.1%
8.3x
NM
Qihoo 360 Technology Co. Ltd.
China
74.30
-2%
8,957.6
9,548.0
1,804.6
380.7
21.1%
29.8%
5.3x
25.1x
SecureWorks Corp.
United States
13.82
NA
1,151.3
1,145.9
361.9
(57.1)
NM
29.8%
3.2x
NM
Symantec Corporation
United States
17.36
-29%
10,629.4
6,811.4
3,600.0
892.0
24.8%
-9.0%
1.9x
7.6x
Trend Micro Inc.
Japan
36.23
-29%
4,965.9
3,837.3
1,106.1
353.3
31.9%
5.7%
3.5x
10.9x
VeriSign, Inc.
United States
85.46
-9%
9,270.3
9,239.7
1,082.8
689.1
63.6%
6.2%
8.5x
13.4x
3.4x
9.8x
Software
Engineering Software
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
Ansys, Inc.
United States
$89.10
-9%
Autodesk, Inc.
United States
58.27
-11%
AVEVA Group plc
United Kingdom
23.49
79.64
Dassault Systèmes SE
* France
Equity
Ent.
LTM
Value
6,980.5
Revenue
$
950.9
13,086.8
12,307.9
2,369.5
-31%
1,502.2
1,345.1
-9%
20,214.6
18,463.3
$
Value
7,844.4
$
$
EBITDA
434.8
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.1x
45.7%
1.3%
7.3x
22.5
0.9%
-7.7%
5.2x
NM
290.2
75.5
26.0%
-3.4%
4.6x
17.8x
3,279.3
894.0
27.3%
17.8%
5.6x
20.7x
5.8x
16.3x
Infrastructure Software
Company Name
Headquarters
Adobe Systems Incorporated
United States
Atlassian Corporation Plc
CA, Inc.
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Revenue
$
5,069.7
-1%
Australia
22.57
NM
4,816.5
4,093.2
421.3
United States
32.32
-1%
13,470.1
12,750.1
4,025.0
* United States
United States
45.28
-3%
2,002.4
1,615.2
2.01
-40%
81.3
43.6
Endurance International Group Holdings, Inc.
United States
9.42
-58%
1,323.0
First Data Corporation
United States
12.53
-30%
Guidance Software, Inc.
United States
5.55
-46%
Hortonworks Inc.
United States
11.68
IBM Corporation
United States
IntraLinks Holdings, Inc.
NetSuite Inc.
Opera Software ASA
Norway
Covisint Corporation
$
LTM
Value
47,574.8
$99.47
CommVault Systems, Inc.
$
Value
49,755.8
$
EBITDA
1,378.3
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
34.5x
27.2%
19.1%
9.4x
13.8
3.3%
0.0%
9.7x
NM
1,256.0
31.2%
-5.6%
3.2x
10.2x
595.1
12.9
2.2%
-2.0%
2.7x
125.0x
79.5
(19.8)
NM
-11.2%
0.5x
NM
3,300.0
801.1
155.6
19.4%
21.1%
4.1x
21.2x
11,371.4
33,580.4
7,812.0
2,343.0
30.0%
2.7%
4.3x
14.3x
178.5
158.1
107.8
(9.6)
NM
-0.4%
1.5x
NM
-60%
674.5
549.9
141.0
(197.6)
NM
135.6%
3.9x
NM
153.74
-12%
147,584.5
178,419.5
80,835.0
19,003.0
23.5%
-10.3%
2.2x
9.4x
United States
7.84
-39%
452.2
495.4
280.6
11.1
4.0%
6.7%
1.8x
44.7x
United States
79.31
-23%
6,379.7
6,280.1
792.9
(62.9)
NM
32.6%
7.9x
NM
8.07
-10%
1,180.2
1,348.8
652.6
88.2
13.5%
25.4%
2.1x
15.3x
Oracle Corporation
United States
40.20
-11%
166,824.4
156,629.4
37,159.0
14,908.0
40.1%
-4.3%
4.2x
10.5x
salesforce.com, inc.
* United States
United States
83.71
-1%
56,713.5
56,747.8
7,072.7
522.3
7.4%
25.0%
8.0x
108.7x
12.85
-
538.9
455.4
121.8
(47.9)
NM
45.4%
3.7x
NM
ServiceNow, Inc.
United States
71.63
-22%
11,664.8
11,246.6
1,099.4
(102.3)
NM
45.5%
10.2x
NM
Textura Corporation
United States
26.00
-16%
682.6
600.3
92.2
(6.3)
NM
34.8%
6.5x
NM
Varonis Systems, Inc.
United States
24.32
-6%
637.5
525.7
134.7
(16.5)
NM
26.0%
3.9x
Rapid7, Inc.
4.8x
NM
13.3x
Information
 The Information segment reported 16 transactions worth nearly $300 million in value
 Financial Information was the most active subsegment with seven deals followed by the Healthcare Information which announced five
deals throughout the month
• Bankrate’s $225 million acquisition of personal finance research and reviews source NextAdvisor
• Used car dealership price and trading information platform DRIVN’s $7.5 million round of funding from Columbus Nova Technology
Partners and Lightbank
• Healthline Media’s acquisition of online medical news publishing and information resource MediLexicon
• Genstar Capital’s acquisition of real estate and facilities management information company Accruent
• The majority stake taken by Bregal Sagemount in Discovery Data, a provider of information for the retail financial services industry
INFORMATION TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
Strategic
Buyout
$MM
%
#
$MM
#
$MM
#
$MM
$237.0
2
-
1
$2.4
-
0
-
3
45.5
Product/Price
Information
2 of Interactive13%
11.5 to limit comparative
4%
0
*Intercontinental
Exchange’s $7.4 billion acquisition
Data has been excluded
distortions
Credit/Risk Management Information
1
6%
0%
0
-
0
-
2
11.5
-
0
-
1
-
Engineering/Scientific/Tech Information
-
0
-
0
-
2
0.0
7
59.4
Financial Information
7
44%
$239.4
81%
4
Healthcare Information
5
31%
45.5
15%
2
Total
1
6%
16
100%
296.4
0%
1
100%
7
237.0
Information
Financial & Credit/Risk Management Information
Company Name
Headquarters
Broadridge Financial Solutions, Inc.
United States
Computershare Limited
Australia
CoreLogic, Inc.
CoStar Group Inc.
DST Systems Inc.
The Dun & Bradstreet Corporation
Envestnet, Inc.
Equifax Inc.
Stock Price
05/31/16
Chg % From
52WK High
Equity
$
Value
7,588.2
Ent.
$
LTM
Value
8,053.2
Revenue
$
2,852.1
$64.19
-3%
7.78
-17%
4,261.7
5,647.8
1,943.7
United States
37.27
-12%
3,311.6
4,486.4
* United States
United States
206.59
-8%
6,724.7
120.92
-10%
4,012.1
United States
126.90
-3%
* United States
United States
33.79
$
EBITDA
606.9
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
21.3%
7.6%
2.8x
595.7
30.6%
-2.6%
2.9x
13.3x
9.5x
1,616.9
336.6
20.8%
12.0%
2.8x
13.3x
6,612.8
752.5
123.5
16.4%
22.2%
8.8x
53.5x
4,680.4
2,868.6
400.5
14.0%
3.6%
1.6x
11.7x
4,601.2
5,992.8
1,655.9
415.7
25.1%
4.8%
3.6x
14.4x
-27%
1,442.6
1,699.3
456.3
44.5
9.8%
24.4%
3.7x
38.2x
125.73
-1%
14,963.6
17,981.5
2,740.1
922.4
33.7%
9.4%
6.6x
19.5x
19.01
0%
17,981.5
20,944.7
4,550.0
1,539.0
33.8%
-5.4%
4.6x
13.6x
Experian plc
Ireland
FactSet Research Systems Inc.
United States
159.07
-10%
6,502.8
6,604.7
1,068.6
380.1
35.6%
11.2%
6.2x
17.4x
Fair Isaac Corporation
United States
111.43
-3%
3,474.2
3,999.9
848.9
197.8
23.3%
4.0%
4.7x
20.2x
Fidelity National Information Services, Inc.
United States
74.27
-2%
24,245.4
34,943.4
7,221.2
1,749.6
24.2%
12.0%
4.8x
20.0x
Financial Engines, Inc.
United States
27.64
-40%
1,740.0
1,642.9
327.8
61.6
18.8%
12.7%
5.0x
26.7x
Moody's Corporation
United States
98.64
-13%
19,165.8
20,757.8
3,435.0
1,521.3
44.3%
0.1%
6.0x
13.6x
Morningstar Inc.
United States
84.43
-6%
3,623.0
3,471.6
791.1
254.3
32.1%
2.9%
4.4x
13.7x
MSCI Inc.
United States
79.79
0%
7,699.9
8,834.8
1,091.1
507.2
46.5%
7.0%
8.1x
17.4x
Reis, Inc.
United States
23.42
-12%
265.0
236.1
52.6
16.5
31.5%
23.7%
4.5x
14.3x
SEI Investments Co.
United States
51.44
-7%
8,332.9
7,694.7
1,343.0
382.7
28.5%
4.2%
5.7x
20.1x
Thomson Reuters Corporation
United States
42.05
-3%
31,634.2
40,271.9
12,181.0
2,503.0
20.5%
-1.0%
3.3x
16.1x
Verisk Analytics, Inc.
United States
79.39
-3%
13,350.7
16,196.5
2,176.4
992.4
45.6%
26.4%
7.4x
16.3x
Workiva Inc.
United States
13.80
-27%
565.4
532.0
154.7
(44.6)
NM
29.2%
3.4x
NM
4.9x
16.4x
Information
Marketing Information
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
LTM
Company Name
Headquarters
Acxiom Corporation
United States
$21.18
-10%
United States
222.19
-28%
13,095.8
30,249.1
Brainjuicer Group Plc
United Kingdom
5.27
-17%
64.9
Cello Group Plc
United Kingdom
1.43
-8%
comScore, Inc.
United States
32.38
-50%
3.61
Cross Marketing Inc.
Value
1,642.0
$
Value
1,642.6
$
Revenue
850.1
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
79.3
9.3%
5.6%
1.9x
20.7x
6,514.6
1,523.2
23.4%
14.9%
4.6x
19.9x
55.7
37.1
7.4
19.9%
2.2%
1.5x
7.5x
124.0
130.2
232.0
13.2
5.7%
-7.4%
0.6x
9.9x
1,834.9
1,721.0
368.8
37.1
10.1%
12.1%
4.7x
46.3x
-35%
70.4
79.9
134.0
13.5
10.1%
56.8%
0.6x
5.9x
* United Kingdom
Germany
1.76
-22%
128.6
171.5
95.8
0.7
0.8%
0.0%
1.8x
230.7x
38.88
-18%
1,419.2
1,813.9
1,755.5
248.9
14.2%
4.1%
1.0x
7.3x
Harte-Hanks Inc.
United States
0.99
-85%
60.8
127.9
484.9
27.3
5.6%
-10.6%
0.3x
4.7x
InnerWorkings Inc.
United States
8.62
-3%
459.6
557.3
1,058.3
39.3
3.7%
5.8%
0.5x
14.2x
Intage Holdings Inc.
Japan
13.33
-33%
266.1
209.9
404.8
49.3
12.2%
3.5%
0.5x
4.3x
Ipsos SA
France
31.44
-2%
1,423.2
2,060.1
1,938.9
216.9
11.2%
6.9%
1.1x
9.5x
NeuStar, Inc.
United States
23.55
-28%
1,280.7
2,282.5
1,085.9
396.5
36.5%
10.2%
2.1x
5.8x
Nielsen Holdings plc
United Kingdom
53.39
-2%
19,263.4
26,701.4
6,201.0
1,526.0
24.6%
-0.9%
4.3x
17.5x
Onvia Inc.
United States
3.80
-17%
27.1
19.1
23.8
1.4
5.9%
4.2%
0.8x
13.5x
Pearson plc
United Kingdom
12.21
-36%
9,905.3
11,023.3
6,589.0
1,032.3
15.7%
-1.6%
1.7x
10.7x
YouGov plc
United Kingdom
2.58
-5%
269.5
254.7
115.4
10.4
9.1%
14.8%
2.2x
24.4x
Ebiquity plc
GfK SE
Japan
$
3.5x
17.0x
Other Information
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
Company Name
Headquarters
Centaur Media plc
United Kingdom
$0.75
-41%
CEB Inc.
United States
63.76
-30%
Forrester Research Inc.
United States
36.81
-2%
656.2
536.2
Gartner Inc.
United States
101.62
-1%
8,383.8
8,886.9
IDI, Inc.
United States
5.09
-60%
243.9
284.7
IHS Inc.
United States
122.93
-9%
8,288.7
Informa plc
United Kingdom
9.90
-5%
National Research Corp.
United States
36.90
-17%
Markit Ltd.
United Kingdom
34.37
NIC Inc.
United States
Premier, Inc.
Value
106.9
LTM
EBITDA
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
1.3x
9.2x
208.2
22.4%
1.0%
2.6x
11.8x
315.9
33.2
10.5%
0.6%
1.7x
16.2x
2,249.1
377.0
16.8%
9.9%
4.0x
23.6x
52.3
(46.5)
NM
0.0%
5.4x
NM
11,226.4
2,218.9
581.3
26.2%
7.2%
5.1x
19.3x
6,416.2
7,723.0
1,787.6
550.7
30.8%
6.6%
4.3x
14.0x
416.1
395.9
103.9
32.7
31.4%
4.9%
3.8x
12.1x
-4%
5,956.6
6,645.9
1,129.7
372.1
32.9%
4.9%
5.9x
17.9x
19.85
-5%
1,308.3
1,202.6
300.4
79.6
26.5%
8.4%
4.0x
15.1x
United States
31.80
-19%
1,448.6
1,252.0
1,127.7
368.6
32.7%
15.6%
1.1x
3.4x
34.03
-6%
1,799.0
1,929.0
330.5
31.2
9.4%
13.5%
5.8x
61.9x
Proofpoint, Inc.
* United States
United States
58.62
-22%
2,432.4
2,373.6
286.6
(61.4)
NM
36.1%
8.3x
NM
Reed Elsevier plc(1)
Tarsus Group plc
* United Kingdom
Ireland
18.20
-5%
72,772.3
89,495.5
9,510.4
2,309.6
24.3%
4.5%
9.4x
38.7x
3.71
-5%
378.4
450.0
120.9
43.2
35.8%
930.0
$
LTM Margin
0.1%
2,448.7
$
Revenue
104.0
14.0%
2,053.4
$
Value
134.4
14.6
Press Ganey Holdings, Inc.
$
61.1%
3.7x
10.4x
TechTarget, Inc.
United States
8.03
-27%
259.3
230.2
113.2
17.6
15.5%
5.9%
2.0x
13.1x
The Advisory Board Company
United States
32.83
-46%
1,345.8
1,847.5
789.8
113.1
14.3%
28.8%
2.3x
16.3x
UBM plc
United Kingdom
8.57
-4%
3,794.6
4,566.0
1,135.4
292.4
25.8%
39.9%
4.0x
15.6x
Wolters Kluwer N.V.
Netherlands
39.87
-4%
11,631.7
13,627.1
4,570.2
1,200.1
26.3%
15.0%
3.0x
11.4x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
4.2x
16.0x
Business Services
 The Business Services segment reported 38 transactions in May worth more than $360 million in value
 The IT Consulting/Systems Integration subsegment accounted for more than one-third of the segments total activity with 13
transactions announced
• Baring Private Equity’s acquisition of Telus International, a provider of business process outsourcing services, in a transaction valuing
the company at a reported $390 million
• Computer Science Corporation’s purchase of Aspediens, a provider of IT consulting services for the service-management sector
• The acquisition of analytics consulting and supply chain optimization solutions firm OPS Rules by Accenture
• Huron Capital Partners and RLG Capital’s investment in IT solutions and cloud service company InterVision Systems
BUSINESS SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
Reported Value
%
$MM
Strategic
%
#
13
34%
$30.3
8%
9
Corporate Training
Buyout
$MM
$10.3
#
$MM
#
$MM
1
-
3
$20.0
75.5
11
29%
75.5
21%
1
-
0
-
10
Logistics
4
11%
11.9
3%
2
-
0
-
2
11.9
Financial Consulting
3
8%
110.0
30%
1
-
0
-
2
110.0
Printing Services
2
5%
-
0%
0
-
1
-
1
-
Staffing
2
5%
-
0%
2
-
0
-
0
-
BPO
1
3%
37%
0
-
1
0
-
Management Consulting
1
3%
0%
1
-
0
0
-
38
100%
100%
17
10.3
3
Total
136.1
363.8
136.1
136.1
18
217.4
Business Services
Consulting
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
CRA International Inc.
United States
23.56
-20%
FTI Consulting, Inc.
United States
41.85
-9%
Information Services Group, Inc.
United States
3.78
Navigant Consulting Inc.
United States
ICF International Inc.
United States
Huron Consulting Group Inc.
The Hackett Group, Inc.
Equity
Ent.
LTM
Value
187.8
Revenue
$
306.4
1,701.9
2,089.4
1,817.1
-24%
133.7
166.2
15.93
-11%
758.9
40.78
-2%
775.4
United States
58.54
-25%
1,219.9
* United States
14.62
-27%
419.7
$
Value
211.3
$
$
EBITDA
22.7
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
7.4%
-0.6%
0.6x
210.0
11.6%
3.1%
1.1x
9.9x
208.6
15.1
7.2%
-1.6%
0.8x
11.0x
967.0
856.1
122.6
14.3%
8.0%
1.1x
7.9x
1,103.9
1,142.3
109.4
9.6%
5.9%
1.0x
10.1x
1,556.8
725.1
162.4
22.4%
26.9%
2.1x
9.6x
407.0
241.6
30.0
12.4%
10.3%
1.7x
13.6x
1.4x
8.3x
9.6x
HR Services
Stock Price
05/31/16
Chg % From
52WK High
Equity
Ent.
LTM
Company Name
Headquarters
Automatic Data Processing, Inc.
United States
87.84
-3%
Barrett Business Services Inc.
United States
37.36
-30%
Capita plc
United Kingdom
15.49
-20%
DHI Group, Inc.
United States
7.05
-33%
365.6
432.6
Edenred SA
France
18.53
-33%
4,237.3
4,964.0
Insperity, Inc.
$
Value
40,014.2
Value
39,056.8
Revenue
$
11,464.0
269.4
264.0
740.8
10,298.1
13,308.8
7,133.0
$
$
EBITDA
2,414.2
LTM Margin
LTM
LTM Multiples
EBITDA
Rev Growth
EV/Rev
EV/EBITDA
21.1%
6.3%
3.4x
39.3
5.3%
16.4%
0.4x
16.2x
6.7x
1,070.9
15.0%
10.5%
1.9x
12.4x
254.3
59.3
23.3%
-4.3%
1.7x
7.3x
1,086.1
345.4
31.8%
4.4%
4.6x
14.4x
United States
71.97
-2%
1,539.2
1,322.8
2,706.5
110.8
4.1%
11.8%
0.5x
11.9x
* United States
United States
136.50
-47%
18,229.5
16,235.4
3,213.9
266.1
8.3%
34.9%
5.1x
61.0x
66.07
-1%
34,437.9
38,624.9
13,014.0
2,850.0
21.9%
0.9%
3.0x
13.6x
United States
2.65
-68%
235.7
288.4
651.8
92.5
14.2%
-6.9%
0.4x
3.1x
Paychex, Inc.
United States
54.22
-1%
19,525.8
19,198.6
2,890.2
1,234.5
42.7%
7.6%
6.6x
15.6x
Professional Diversity Network, Inc.
United States
0.50
-84%
7.3
5.8
35.3
(4.4)
NM
67.0%
0.2x
NM
TriNet Group, Inc.
United States
20.15
-31%
1,424.6
1,718.1
2,766.6
114.7
4.1%
19.8%
0.6x
15.0x
WageWorks, Inc.
United States
56.05
-3%
2,030.8
1,547.4
336.0
65.1
19.4%
15.7%
4.6x
23.8x
Marsh & McLennan Companies, Inc.
3.9x
14.9x
Business Services
Company Name
Headquarters
Accenture plc
Ireland
Amdocs Limited
United States
Bechtle AG
Germany
Booz Allen Hamilton Holding Corporation
Stock Price
05/31/16
Chg % From
52WK High
Equity
$
Value
74,107.7
Ent.
$
LTM
Value
71,660.7
Revenue
$
31,617.6
118.97
-1%
57.99
-6%
8,684.9
7,534.8
3,682.1
111.07
-5%
2,332.4
2,213.8
United States
29.27
-7%
4,332.0
Broadridge Financial Solutions, Inc.
United States
64.19
-3%
Business & Decision SA
France
5.22
Cap Gemini S.A.
France
95.38
CGI Group Inc.
Canada
Cognizant Technology Solutions Corporation
United States
Computer Sciences Corporation
$
EBITDA
5,282.6
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.7%
2.3%
2.3x
13.6x
684.8
18.6%
2.0%
2.0x
11.0x
3,318.4
176.4
5.3%
11.4%
0.7x
12.5x
5,741.7
5,405.7
506.1
9.4%
2.5%
1.1x
11.3x
7,588.2
8,053.2
2,852.1
606.9
21.3%
7.6%
2.8x
13.3x
-42%
41.1
70.7
244.7
9.9
4.1%
9.5%
0.3x
7.1x
-7%
16,207.9
18,332.5
12,940.5
1,539.0
11.9%
12.7%
1.4x
11.9x
46.83
-5%
14,038.6
15,487.4
8,157.2
1,394.0
17.1%
2.8%
1.9x
11.1x
61.44
-12%
37,224.6
33,793.8
12,706.6
2,537.8
20.0%
18.2%
2.7x
13.3x
United States
49.20
-31%
6,823.0
8,289.0
7,106.0
1,050.0
14.8%
-41.6%
1.2x
7.9x
CSG Systems International Inc.
United States
42.51
-9%
1,379.0
1,550.5
753.1
157.0
20.8%
0.6%
2.1x
9.9x
Digi International Inc.
United States
11.04
-18%
285.6
170.2
215.7
17.7
8.2%
9.4%
0.8x
9.6x
* Luxembourg
United States
40.14
0%
1,380.6
1,311.0
272.6
41.0
15.0%
29.2%
4.8x
32.0x
153.74
-12%
147,584.5
178,419.5
80,835.0
19,003.0
23.5%
-10.3%
2.2x
9.4x
18.60
-2%
42,507.3
37,625.0
9,501.0
2,624.0
27.6%
9.1%
4.0x
14.3x
Globant S.A.
International Business Machines Corporation
Infosys Limited
India
ITS Group
France
6.58
-20%
50.3
60.7
208.7
7.6
3.6%
3.9%
0.3x
8.0x
NCI, Inc.
United States
12.93
-25%
174.6
194.7
335.8
29.6
8.8%
8.7%
0.6x
6.6x
NTT Data Corporation
Japan
51.56
-13%
14,461.8
16,793.1
14,372.5
2,214.7
15.4%
6.8%
1.2x
7.6x
Perficient Inc.
United States
20.95
-4%
756.4
803.4
470.2
56.7
12.1%
3.8%
1.7x
14.2x
38.27
-7%
75,406.9
71,219.4
16,393.2
4,615.2
28.2%
14.8%
4.3x
15.4x
8.14
-12%
19,979.2
17,392.2
7,732.0
1,631.4
21.1%
9.1%
2.2x
10.7x
Tata Consultancy Services Limited
Wipro Ltd.
* India
India
2.7x
12.0x
Business Services
Outsourced Services
Stock Price
05/31/16
Chg % From
52WK High
Company Name
Headquarters
AMREP Corporation
United States
$4.35
-19%
Cenveo Inc.
United States
0.96
-63%
Communisis plc
Cineplex Inc.
Contax Participações S.A.
United Kingdom
* Canada
Brazil
Luxoft Holding, Inc.
MAXIMUS, Inc.
Quad/Graphics, Inc.
Quintiles Transnational Holdings Inc.
R.R. Donnelley & Sons Company
Salmat Limited
Serco Group plc
St Ives plc
StarTek, Inc.
Sykes Enterprises, Incorporated
1,176.0
1,744.9
EBITDA
$
LTM Margin
LTM
EBITDA
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
(3.2)
NM
-7.6%
0.9x
NM
145.7
8.3%
2.6%
0.7x
8.1x
0.57
-31%
118.8
162.9
522.4
36.7
7.0%
3.3%
0.3x
4.4x
39.38
-3%
2,497.0
2,797.2
1,125.9
201.3
17.9%
17.3%
2.5x
13.9x
3.7
348.8
865.9
(5.6)
NM
-5.7%
0.4x
NM
-1%
2,719.8
2,806.0
2,932.3
384.3
13.1%
-1.9%
1.0x
7.3x
Sweden
8.18
-19%
216.8
306.7
521.9
51.5
9.9%
8.8%
0.6x
6.0x
Sweden
0.08
-57%
38.7
239.3
285.1
50.8
17.8%
-19.4%
0.8x
4.7x
* United States
India
51.80
-2%
1,733.9
1,606.8
652.0
103.2
15.8%
25.1%
2.5x
15.6x
0.59
-13%
399.3
464.2
479.0
61.1
12.8%
4.6%
1.0x
7.6x
* Bermuda
* United States
28.19
-1%
5,934.6
6,356.1
2,483.6
412.6
16.6%
6.2%
2.6x
15.4x
8.62
-3%
459.6
557.3
1,058.3
39.3
3.7%
5.8%
0.5x
14.2x
* SwitzerlandSwitzerland
* United States
64.94
-19%
2,153.0
2,044.9
650.8
99.7
15.3%
25.0%
3.1x
20.5x
57.65
-18%
3,741.3
3,971.0
2,314.2
308.4
13.3%
28.3%
1.7x
12.9x
United States
19.21
-8%
957.2
2,227.9
4,632.2
485.6
10.5%
-4.4%
0.5x
4.6x
* United States
United States
67.89
-16%
8,124.3
9,735.5
4,404.5
804.7
18.3%
5.1%
2.2x
12.1x
16.29
-17%
3,411.1
6,738.4
11,162.1
1,138.8
10.2%
-4.4%
0.6x
5.9x
0.36
-45%
57.9
55.8
350.0
12.5
3.6%
1.4%
0.2x
4.5x
* United Kingdom
United Kingdom
1.55
-21%
1,691.5
1,842.3
4,685.1
159.7
3.4%
-11.6%
0.4x
11.5x
1.47
-59%
209.8
336.8
503.5
65.9
13.1%
5.2%
0.7x
5.1x
* United States
United States
4.26
-35%
67.0
104.1
296.5
7.2
2.4%
18.4%
0.4x
14.4x
Eniro AB
InnerWorkings Inc.
Revenue
$
42.9
-95%
Elanders AB (publ)
Genpact Limited
65.0
$
LTM
Value
38.0
3.15
United States
Firstsource Solutions Limited
$
Ent.
Value
35.1
28.19
Convergys Corporation
Exlservice Holdings, Inc.
Equity
Australia
29.82
-10%
1,261.1
1,071.2
1,283.4
151.2
11.8%
-3.3%
0.8x
7.1x
Teleperformance SE
France
87.23
-4%
4,888.2
5,300.0
3,690.5
496.0
13.4%
23.2%
1.4x
10.7x
TeleTech Holdings Inc.
United States
27.30
-11%
1,313.6
1,382.8
1,273.6
157.2
12.3%
0.7%
1.1x
8.8x
Trans Cosmos, Inc.
Japan
28.98
-10%
1,192.1
1,052.3
1,999.0
109.5
5.5%
12.8%
0.5x
9.6x
Transcontinental Inc.
Canada
14.91
-12%
1,156.2
1,425.0
1,428.7
278.1
19.5%
0.7%
1.0x
5.1x
100.17
-1%
3,152.2
3,986.7
1,689.3
234.3
13.9%
16.4%
2.4x
17.0x
21.10
-34%
1,742.7
4,926.4
2,285.5
651.9
28.5%
1.6%
2.2x
7.6x
2.84
-5%
713.3
787.5
649.2
86.0
13.2%
-23.2%
1.2x
9.2x
Cimpress N.V.
West Corporation
Xchanging plc
* Netherlands
* United States
United Kingdom
1.3x
7.7x
PPLLC Indices
Valuation Summary
Current Summary Trading Valuation Information
Public Company Index
US-based Digital Media and Internet
US-based eCommerce
MEAN
2.9x
3.7x
2.4x
Revenue Multiples
MEDIAN
W. AVG
2.0x
6.7x
2.3x
4.9x
1.7x
3.9x
ADJ. W. AVG*
2.0x
1.7x
1.7x
3.3x
2.4x
4.4x
1.2x
1.6x
1.9x
10.1x
9.2x
12.0x
1.1x
1.6x
1.4x
Agency
3.6x
3.8x
1.3x
3.4x
4.2x
1.4x
4.5x
4.5x
1.7x
4.0x
4.5x
1.7x
Marketing Services
Traditional Media
Software
2.0x
2.6x
4.6x
1.7x
2.3x
3.9x
3.0x
3.7x
4.5x
3.0x
3.0x
4.4x
Information
Business Services
3.7x
1.3x
3.7x
1.0x
5.7x
2.6x
4.6x
2.1x
As of close of business on 05/31/16
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard
deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
PPLLC Indices
Valuation Summary
Current Summary Trading Valuation Information
Public Company Index
US-based Digital Media and Internet
US-based eCommerce
MEAN
18.7x
20.0x
17.2x
EBITDA Multiples
MEDIAN
W. AVG
16.1x
17.2x
9.7x
19.3x
16.0x
18.0x
ADJ. W. AVG*
13.2x
11.5x
14.2x
20.0x
17.8x
33.5x
31.9x
15.3x
14.0x
17.2x
20.3x
28.1x
23.3x
22.0x
23.7x
12.6x
13.2x
13.6x
14.1x
Agency
Marketing Services
23.6x
10.5x
11.1x
16.6x
9.6x
10.2x
15.8x
10.5x
14.4x
16.2x
10.2x
9.5x
Traditional Media
Software
Information
Business Services
16.3x
31.7x
21.8x
11.2x
10.1x
16.3x
14.8x
10.0x
13.1x
21.2x
22.3x
14.9x
12.4x
14.3x
22.4x
12.8x
As of close of business on 05/31/16
*Calculation is market cap weighted and excludes revenue multiples that are 3 standard
deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean
PPLLC Indices
LTM Share Pricing Trends
140%
Digital Advertising
LTM Index Performance
150%
• S&P 500 –
140%
(0.7) %
• Digital Media/Commerce –  16.5 %
125%
• Traditional Media –
110%
(9.6 %)
95%
80%
Jun-15
Aug-15
Traditional Media
Oct-15
Dec-15
S&P 500 Index (^SPX)
Feb-16
Index Performance (%)
Digital Media/Commerce and Traditional Media
120%
110%
100%
90%
Note: LTM as of 5/31/2016
120%
(0.7) %
• Marketing Services –
110%
(12.1) %
100%
90%
80%
Jun-15
Aug-15
Agency
130%
Software
• Agency –  1.6%
• S&P 500 –
(0.7) %
Oct-15
Dec-15
• Software –
(5.4) %
Dec-15
Feb-16
Apr-16
Marketing Services
Feb-16
Apr-16
Information & Business Services
150%
140%
Oct-15
Apr-16
Software
Aug-15
Feb-16
130%
(8.8)%
Apr-16
150%
80%
Jun-15
Dec-15
• S&P 500 –
90%
Feb-16
Oct-15
140%
100%
Dec-15
Aug-15
(0.7) %
110%
Oct-15
90%
• S&P 500 –
• Marketing Technology –
Aug-15
100%
150%
120%
80%
Jun-15
110%
130%
• Digital Advertising –  25.9 %
Digital Advertising
150%
140%
(0.7) %
120%
• S&P 500 –
130%
80%
Jun-15
Apr-16
140%
• S&P 500 –
130%
• Information –  3.9 %
120%
• Business Services –
110%
100%
90%
80%
Jun-15
(0.7) %
Aug-15
Information
Oct-15
Dec-15
Business Services
Feb-16
Apr-16
(4.9)%
All Segments
($ in Millions)
Strategic Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Values Disclosed
i nContact, Inc.
Opower, Inc.
NextAdvi s or, Inc.
Ma tri x Da ta Li mi ted
Ti cketbi s , SL
Ta rget Group Li mi ted
mBl ox, Inc.
StickyADS.tv
Styl i ght GmbH
Uni ted Onl i ne, Inc.
La bi te
Ima gi ne Ea s y Sol utions LLC
Ori on Medi a Li mi ted
Qui cks pi n AB
Demons a w LLC
Onefl a re Pty Ltd.
FreedomVoi ce.com
Noveda Technol ogi es , Inc.
MMT Di gi tal
Pega s us Publ i c Rel a tions Ltd.
Ha wkeye AP
Adva nced Softwa re Concepts , Inc.
Ava tar Sol utions
Buy2 Networks Ltd., eCommerce Sector As s ets
Mofi bo
ITG Inves tment Res ea rch
a dept4 Li mi ted
NetBos s Technol ogi es , Inc.
As s etEye Sol ftwa re
PR News wi re's Agi l i ty Medi a Moni tori ng & Workfl ow Pl a tform
Ma rketing Technol ogy
Softwa re
Informa tion
Di gi tal Medi a /Commerce
Softwa re
Di gi tal Advertis i ng
Tra di tiona l Medi a
Softwa re
Softwa re
Agency & Ma rketing Servi ces
Softwa re
Softwa re
Informa tion
Bus i nes s Servi ces
Softwa re
Softwa re
NICE Sys tems , Ltd.
Ora cl e Corpora tion
Ba nkra te, Inc.
As s et Interna tiona l , Inc.
StubHub
Tech Ma hi ndra Li mi ted
CLX Communi ca tions AB
Comca s t Corpora tion
ProSi ebenSa t.1 Medi a AG
B. Ri l ey Fi na nci a l , Inc.
GrubHub, Inc.
Chegg, Inc.
Ba uer Medi a Group
Pl a ytech pl c
MGT Ca pi tal Inves tments , Inc.
Doma i n Group, Inc.
GoDa ddy
Buddy Pl a tform, Inc.
Be Hea rd Group pl c
UDG Hea l thca re pl c
Igni te Ana l ytics
Medi a gri f Intera ctive Technol ogi es
Pres s Ga ney Hol di ngs , Inc.
Azri el i Group Ltd.
Storytel AB
Leuca di a Na tiona l Corpora tion
Pi nna cl e Technol ogy Group pl c
Enghous e Sys tems Li mi ted
Rea l Pa ge, Inc.
Innoda ta, Inc.
$
881.2
490.8
225.0
175.0
165.0
163.9
117.0
100.0
89.6
66.4
65.0
60.7
58.0
55.8
44.8
43.0
42.0
30.0
29.4
24.5
20.0
18.5
17.1
16.5
14.5
12.0
10.3
7.1
4.8
4.8
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Arrechedera Cl a verol
Ba nner Ma na ged Communi ca tion Li mi ted
Ba rkl ey Ka l pa k Agency
Bi oPha rm Communi ca tions , LLC
Bra ndo Advertis i ng Agency
Combus tion LLC
Corpora te Ima gi ng Concepts , Inc.
dBOD
Duet Hea l th LLC
Fa me Hous e LLC
Forza Ma rketing
Muhtayzi k Hoffer
Propa ga nda GEM
VeryStar
We Are Experi ence
As pedi ens Hol di ng SA
Dot Net Sol utions Ltd.
F1 Di s covery LLC
Geeka too, Inc.
GoGoods Logi s tics
Ha ts tand Li mi ted
IdentityMi ne, Inc.
Jus tASC
Ki s ma tic, Inc.
Lea n Huma n Ca pi tal LLC
MC+A
Ops Rul es Pa rtners LLC
Pl a net Logi c LLC
Ri s e Medi ca l Staffi ng LLC
Synergys e Tra i ni ng, Inc.
Ti nyOwl Technol ogy Pvt. Ltd.
Interna l Res ul ts
Mobi l s Ad Sol utions Bra s i l Ltda
OVGui de
Pros perent
Qui ckPl a y Medi a , Inc.
Ri deApa rt, Inc.
VHX Corpora tion
Adpa y, Inc.
Ama ze App
Auctiona ta AG
bLi fe, Inc.
Dents u Aegi s Network, Inc.
Ada re Group
Fi rs t Protocol , Inc.
Omni com Hea l th Group, Inc.
In the Compa ny of Hus ki es
Archer Ma l mo, Inc.
Ca rdi na l Equi ty Pa rtners
WPP Di gi tal
MedDa ta, Inc.
Uni vers a l Mus i c Group, Inc.
Northl i ch, Inc.
Va l l a nce Ca rruthers Col ema n Pri es t
Wa nda Ci nema Li ne Co., Ltd.
Gl oba nt S.A.
Computer Sci ences Corpora tion
New Si gna ture, Inc.
Xa ct Da ta Di s covery
Hel l oTech
Moovo
Synechron, Inc.
Va l orem Cons ul ting Group LLC
Fa l a nx Group Ltd.
Apprenda , Inc.
Hea l thca reSource HR, Inc.
Yi ppy, Inc.
Accenture pl c
ITel a gen LLC
Adva nced Medi ca l Pers onnel Servi ces , Inc.
Googl e, Inc.
Ca rthero Technol ogi es Pvt. Ltd.
Ma di s on Logi c
Gl i s pa GmbH
Fi l mOn TV Networks
Vi gLi nk
AT&T, Inc.
Motor1.com LLC
Vi meo, LLC
Ances try.com Inc.
Za l a ndo SE
Pa ddl e8, Inc.
Ca na ry Hea l th, Inc.
$
-
`
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Ca l l AtHome
Chi cPl a ce.com
Doba LLC
Dri vers Ka rt
Fi ng
Ga meTra i l ers Corpora tion
Gl a s s ful
gp-l i ve.hu
GroceryButler
Hool a i Ga mes
Ja zzmyri de
OverDog, Inc.
Pi ns ha pe, Inc.
Sa l os a
Soci a l Sci ence Res ea rch Network
Spl endi a Ltd.
Ta l kShoe.com
The Works hop Entertai nment, Inc.
Tra i l s .com, Inc.
Vi va di a
Wa l l a pop
Za chtroni cs LLC
Gl oba l Spec, Inc.
Goa l l i ne
Medi Lexi con.com
Meri di a n-IQ
Pros pective Pa yment Speci a l i s ts
10Stori es , Inc.
AcroSoft Corpora tion
Awes ome Commerce LLC
BWI AS
Cel ery
Col Spa ce Corpora tion
Del tamethod GmbH
DocBook
Enga geSci ences
Exhi bi t Surveys , Inc.
Impl i s i t Ins i ghts
Ixxus Li mi ted
Jumi o, Inc.
Knetik, Inc.
Li vefyre, Inc.
Informa tion
Informa tion
Informa tion
Informa tion
Informa tion
Dri veU
Es hop Ventures , S.L.
Focus Technol ogy Co., Ltd.
Dri ven
Domotz Ltd.
IGN Entertai nment, Inc.
Invi no
Motors port.com, Inc.
ShopWi ngs
Wa nda Ci nema Li ne Co., Ltd.
TVS Automobi l e Sol utions Li mi ted
Odd Networks , Inc.
Forml a bs , Inc.
Qui kr Indi a Pri va te Li mi ted
El s evi er, Inc.
Voya ge Pri ve
i otum, Inc.
Skyda nce Medi a LLC
LoveToKnow Corpora tion
Da ma rtex
Letgo
Al l i a nce Medi a Hol di ngs , Inc.
IEEE
Bl ue Star Sports
Hea l thl i ne Medi a , Inc.
Di s covery Da ta, Inc.
Bol der Hea l thca re Sol utions
Tra ckMa ven, Inc.
Hyl a nd Softwa re
Storefront.net
Vi s ma AS
Indi eGoGo, Inc.
Medi a Ocea n, Inc.
crea l ytics GmbH
Doctena S.A.
Wa yIn, Inc.
Freema n Compa ny
Sa l es force.com
Copyri ght Cl ea ra nce Center
Cena na Growth Pa rtners
CIMA Group, Inc.
Adobe Sys tems , Inc.
$
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
Medi a Net Di gi tal , Inc.
Mutua l Mi nd, Inc.
Nui ku, Inc.
Pronoun, Inc.
Repucom
SEOl ytics GmbH
Sma rtwa rds Servi ces Pvt. Ltd.
Spi derbook, Inc.
Ta rgetingMa ntra
Thoma s Da i l y GmbH
Tra debyte Softwa re GmbH
ZIIBRA
Ami cus Technol ogi es Pvt. Ltd.
Brea dcrumb
Ca keHea l th
Ches a pea ke Sys tem Sol utions , Inc.
Cl oa k
Codea n Ltd.
Confi rma tion.com
Cros s Brows erTes ting
Da tal ytics Technol ogi es LLC
DNA Hea l thca re, Inc.
Dres s er & As s oci a tes , Inc.
eLynx Ltd.
Eva ntix GRC LLC
Expertma ker
Indus tri a l CodeBox Ltd.
Intel l i note, Inc.
Ja cks on Key Pra ctice Sol utions EHR & Pra ctice Ma na gement Bus i nes s
JK Group, Inc.
Lea nLogi s tics , Inc.
Meri t Cons ul ting AS
Mi l es tone s ys tems A/S
Ml s tate
Pri me Sol utions LLC
Pri va cy Ana l ytics , Inc.
Project Forge LLC
Si mpl ewa re Ltd.
Spi kes Securi ty, Inc.
Statwi ng, Inc.
Tea cherMa tch LLC
Vl i ne, Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
SOCAN
Sha pi ro+Ra j
Nortek, Inc.
Ma cmi l l a n Publ i s hers Li mi ted
Ni el s en Hol di ngs B.V.
SISTRIX GmbH
Knowl a ri ty Communi ca tions Pvt. Ltd.
Dema ndba s e, Inc.
Sna pdea l .com
CoStar Group, Inc.
Za l a ndo SE
Ta gboa rd
Aba cus Da ta Sys tems , Inc.
Ups erve, Inc.
Inbox Hea l th, Inc.
Tri ntech, Inc.
StackPa th
Trepp, LLC
Veri Fi rm Servi ces Pri va te Li mi ted
Sma rtBea r Softwa re, Inc.
Ma gni tude Softwa re
i Hea l th Sol utions LLC
Net@Work, Inc.
Bl a ck Kni ght Fi na nci a l Servi ces
Optiv Securi ty, Inc.
eBa y Incorpora ted
Ql i k Technol ogi es , Inc.
Broa ds oft, Inc.
DAS Hea l th
CyberGra nts LLC
Kewi l l Pl c
Infor
Kudel s ki SA
Wa l l i x Group SA
Al tami ra Technol ogi es , Inc.
IMS Hea l th, Inc.
Vector Logi c LLC
Synops ys , Inc
a uri onPro Sol utions Li mi ted
Qua l tri cs , LLC
Peopl eAdmi n, Inc.
Ai rtime Medi a , Inc.
$
-
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
Strategic
Undisclosed
WOOMOO, Inc.
CCI As i a-Paci fi c Ltd.
InDMus i c
Li vepos ter
Maxi mum Yi el d Publ i cati ons , Inc.
The Innovati on Enterpri s e Ltd.
Software
Tradi ti onal
Tradi ti onal
Tradi ti onal
Tradi ti onal
Tradi ti onal
Medi a
Medi a
Medi a
Medi a
Medi a
Pri cel i ne.com LLC
Ti me Inc.
Li ve Nati on Entertai nment, Inc.
Chrys al i s Capi tal Advi s ors
Argyl e Executi ve Forum LLC
$
-
Buyout Transactions
Target
Target Segment
Buyer/Investor
Reported TV
Buyout Deals
Values Disclosed
Vertafore, Inc.
Ma rketo, Inc.
Sci Ques t, Inc.
Tel us Interna tiona l
Sa rd Verbi nnen & Co
Bi s now LLC
Target
Softwa re
Target Segment
Vi s ta Equi ty Pa rtners
Vi s ta Equi ty Pa rtners
Accel -KKR, LLC
Ba ri ng Pri va te Equi ty As i a
Gol den Ga te Ca pi tal
The Wi cks Group of Compa ni es , L.L.C.
$
Buyer/Investor
2,700.0
1,700.4
378.0
389.0
150.0
50.0
Reported TV
Buyout Deals
Undisclosed
Impa ct Sa l es , Inc.
Evol ve IP LLC
Mos s , Inc.
Argus Medi a Li mi ted
On Ca mpus Ma rketing
Accruent LLC
Di s covery Da ta, Inc.
DocuTAP
Profes s i ona l Da tas ol utions , Inc.
Vi s i on Sol utions , Inc.
Informa tion
Informa tion
Softwa re
Softwa re
Softwa re
CI Ca pi tal Pa rtners LLC
Grea t Hi l l Pa rtners , LLC
Wa s s ers tei n & Compa ny
Genera l Atl a ntic, LLC
Spi re Ca pi tal Pa rtners , L.P.
Gens tar Ca pi tal , LP
Brega l Sa gemount
Wa rburg Pi ncus LLC
TA As s oci a tes
Cl ea rl a ke Ca pi tal Group
$
-
All Segments
($ in Millions)
Buyout Transactions
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Sna pcha t, Inc.
Di di Chuxi ng
Gett, Inc.
Ta oba o Movi e
Pi votal Softwa re, Inc.
Bei ji ng Cheheji a Informa tion Technol ogy Co., Ltd.
Fa rfetch.com Li mi ted
Letgo
Mus i ca l .ly
Vi a Tra ns portation, Inc.
Fra ctal Ana l ytics , Inc.
YG Entertai nment, Inc.
Pers ona l Ca pi tal Corpora tion
Vi ptel a , Inc.
Ba rk & Co.
Lens Ka rt
VTS
Mobi kwi k
Showpa d, Inc.
ThoughtSpot, Inc.
Wa l kMe, Inc.
Centauri Hea l th Sol utions , Inc.
Outbra i n, Inc.
vArmour Networks , Inc.
Sei s mi c Softwa re, Inc.
Di gi tal Rea s oni ng Sys tems , Inc.
Ca rs on Group Hol di ngs LLC
Bri dge2 Sol utions , Inc.
Wi ckr, Inc.
Si gFi g
gotokeep.com
Ta ntan
Ta ndem Ba nk Li mi ted
Zephyr
Tra des y, Inc.
Bi gCommerce Pty. Ltd.
Cl oudMi nds Worl dwi de
CoreOS, Inc.
Sma rthous e Medi a GmbH
Va ro Money, Inc.
Ma a na , Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Sequoi a Ca pi tal
Appl e Inc.
Vol ks wa gen AG
Ant Fi na nci a l
Ford Motor Compa ny
Pl um Ventures
Tema s ek Hol di ngs (Pte) Li mi ted
Na s pers Ltd.
Greyl ock Pa rtners
Pi tango Venture Ca pi tal
Kha za na h Na s i ona l Berha d
Tencent Hol di ngs Ltd.
IGM Fi na nci a l
Sequoi a Ca pi tal
Augus t Ca pi tal Ma na gement
Interna tiona l Fi na nce Corpora tion
Ins i ght Venture Pa rtners
GMO Venture Pa rtners
Genera l Ca tal ys t Pa rtners LLC
Undi s cl os ed
Si l vers mi th Ca pi tal Pa rtners
Undi s cl os ed
Menl o Ventures
Lemhi Ventures , Inc.
Long Ri dge Equi ty Pa rtners LLC
Upda ta Pa rtners
Undi s cl os ed
Ba i n Ca pi tal Ventures
Morni ngs i de Ventures
DST Gl oba l
Omi dya r Network
Frontier Inves tment Hol di ngs
Kl ei ner Perki ns Ca ufi el d & Byers
GGV Ca pi tal
Wa l den Interna tiona l Inves tment Group
Accel Pa rtners
a des s o AG
Intel Ca pi tal
$
1,800.0
1,000.0
300.0
260.0
253.0
120.0
110.0
100.0
100.0
100.0
100.0
85.0
75.0
75.0
60.0
60.0
55.0
50.0
50.0
50.0
50.0
50.0
50.0
45.0
41.0
40.0
40.0
35.0
35.0
34.0
33.0
32.0
32.0
31.8
31.0
30.0
30.0
30.0
28.0
27.6
27.0
26.0
All Segments
($ in Millions)
Venture/Growth Capital Transactions
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Sna pcha t, Inc.
Di di Chuxi ng
Gett, Inc.
Ta oba o Movi e
Pi votal Softwa re, Inc.
Bei ji ng Cheheji a Informa tion Technol ogy Co., Ltd.
Fa rfetch.com Li mi ted
Letgo
Mus i ca l .ly
Vi a Tra ns portation, Inc.
Fra ctal Ana l ytics , Inc.
YG Entertai nment, Inc.
Pers ona l Ca pi tal Corpora tion
Vi ptel a , Inc.
Ba rk & Co.
Lens Ka rt
VTS
Mobi kwi k
Showpa d, Inc.
ThoughtSpot, Inc.
Wa l kMe, Inc.
Centauri Hea l th Sol utions , Inc.
Outbra i n, Inc.
vArmour Networks , Inc.
Sei s mi c Softwa re, Inc.
Di gi tal Rea s oni ng Sys tems , Inc.
Ca rs on Group Hol di ngs LLC
Bri dge2 Sol utions , Inc.
Wi ckr, Inc.
Si gFi g
gotokeep.com
Ta ntan
Ta ndem Ba nk Li mi ted
Zephyr
Tra des y, Inc.
Bi gCommerce Pty. Ltd.
Cl oudMi nds Worl dwi de
CoreOS, Inc.
Sma rthous e Medi a GmbH
Va ro Money, Inc.
Ma a na , Inc.
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Sequoi a Ca pi tal
Appl e Inc.
Vol ks wa gen AG
Ant Fi na nci a l
Ford Motor Compa ny
Pl um Ventures
Tema s ek Hol di ngs (Pte) Li mi ted
Na s pers Ltd.
Greyl ock Pa rtners
Pi tango Venture Ca pi tal
Kha za na h Na s i ona l Berha d
Tencent Hol di ngs Ltd.
IGM Fi na nci a l
Sequoi a Ca pi tal
Augus t Ca pi tal Ma na gement
Interna tiona l Fi na nce Corpora tion
GMO Venture Pa rtners
Undi s cl os ed
Si l vers mi th Ca pi tal Pa rtners
Undi s cl os ed
Menl o Ventures
Lemhi Ventures , Inc.
Long Ri dge Equi ty Pa rtners LLC
Upda ta Pa rtners
Undi s cl os ed
Morni ngs i de Ventures
DST Gl oba l
Omi dya r Network
Frontier Inves tment Hol di ngs
GGV Ca pi tal
Wa l den Interna tiona l Inves tment Group
Accel Pa rtners
a des s o AG
Intel Ca pi tal
$
1,800.0
1,000.0
300.0
260.0
253.0
120.0
110.0
100.0
100.0
100.0
100.0
85.0
75.0
75.0
60.0
60.0
55.0
50.0
50.0
50.0
50.0
50.0
50.0
45.0
41.0
40.0
40.0
35.0
35.0
34.0
33.0
32.0
32.0
31.8
31.0
30.0
30.0
30.0
28.0
27.6
27.0
26.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Dra wbri dge, Inc.
ON24, Inc.
Vi ctori ous , Inc.
17 Medi a
Da s hl a ne, Inc.
Aga ri Da ta, Inc.
Q4, Inc.
Eva neos .com
Afero, Inc.
Cl oudHea l th Technol ogi es , Inc.
Appboy, Inc.
Gl oba l -e
As s ent Compl i a nce, Inc.
AutoGri d Sys tems
etouches , Inc.
Inves t.com
Kros s over Intel l i gence, Inc.
Li ghtbend, Inc.
orderbi rd AG
Ra ncher La bs , Inc.
Si mpl ee, Inc.
Api xi o, Inc.
Ci rcl eCI, Inc.
Cl ub W, Inc.
AutoFi , Inc.
Ti ki Corpora tion
Bench Accounting, Inc.
OutboundEngi ne, Inc.
360 Ha oya o
Bra i nl y
Ta l l y Technol ogi es , Inc.
Dri veSca l e, Inc.
Wa veworks
Ava na n, Inc.
Avi zi a , Inc.
Evers i ght, Inc.
Ozl o, Inc.
Affectiva , Inc.
Envera Hea l th
Stayzi l l a
Contentful
Refl ektive
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Sequoi a Ca pi tal
Gol dma n Sa chs Pri va te Ca pi tal Inves ting
LeSports Innova tion Fund
Bes s emer Venture Pa rtners
Ba ttery Ventures
Accompl i ce, LLC
Bpi fra nce SA
Fenox Venture Ca pi tal
.406 Ventures , LLC
Ba ttery Ventures
Red Dot Ca pi tal Pa rtners
Vol i tion Ca pi tal LLC
Envi s i on Ventures
Undi s cl os ed
Si ngul a ri Tea m
(Pri va te Inves tors )
Intel Ca pi tal
ConCa rdi s GmbH
Nexus Venture Pa rtners
Soci a l Ca pi tal
SSM Pa rtners
Sca l e Venture Pa rtners
Bes s emer Venture Pa rtners
Cros s l i nk Ca pi tal
VNG Corpora tion
Noro-Mos el ey Pa rtners
SoftBa nk Ca pi tal
Na s pers Ltd.
Sha s ta Ventures
Pel i on Venture Pa rtners
Accel Pa rtners
Ma gma Venture Pa rtners
Undi s cl os ed
Sutter Hi l l Ventures
Greyl ock Pa rtners
Sega Sa mmy Hol di ngs , Inc.
Noro-Mos el ey Pa rtners
Nexus Venture Pa rtners
Benchma rk Ca pi tal
Andrees s en Horowi tz
$
25.0
25.0
25.0
23.0
22.5
22.0
22.0
21.0
20.3
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
20.0
19.0
18.0
17.5
17.0
16.7
16.0
16.0
15.2
15.0
15.0
15.0
15.0
14.9
14.5
14.5
14.0
14.0
14.0
13.0
13.0
13.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Pwni e Expres s
Bl oomfi re, Inc.
Spea ka boos
Kol l ective Technol ogy, Inc.
Chef'd LLC
Embroker, Inc.
ABA Engl i s h
Ski l l s ha re, Inc.
Zebra Medi ca l Vi s i on Ltd.
RedPoi nt Gl oba l , Inc.
E8 Stora ge
Entel o, Inc.
Jol l a Ltd.
Sun Ba s ket
Fres hGra de
AtSca l e, Inc.
Rel a ywa re, Inc.
Roa m Ana l ytics , Inc.
Pa tientPop, Inc.
Accel era te Lea rni ng, Inc.
EduPri s tine
l a l a move
Creema Ltd.
Home Chef
Ti nk AB
Beroe, Inc.
FrontApp, Inc.
Ki os ked Ltd.
Lumi a ta
Lynx Ana l ytics
Shi ft Technol ogy SAS
Incorta, Inc.
Nea rpod, Inc.
Chi meca rd.com
GotIt!
Fea tures pa ce Li mi ted
Mos a i coon s .p.a
Ta gi t Pte. Ltd.
Vee24, Inc.
FR8 Revol ution, Inc.
Sca l a bl e Ca pi tal Vermögens verwa l tung GmbH
AmpMe
Softwa re
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
As cent Venture Pa rtners
Aus tin Ventures
Wel l i ngton Ma na gement Compa ny
MK Ca pi tal Ma na gement LLC
Ca na a n Pa rtners
Na uta Ca pi tal
Spa rk Ca pi tal
Khos l a Ventures
Grotech Ventures
Accel Pa rtners
Ba ttery Ventures
Undi s cl os ed
Rembra ndt Venture Pa rtners
Accel Pa rtners
Comca s t Ventures
Ama deus Ca pi tal Pa rtners Li mi ted
Undi s cl os ed
a thena hea l th, Inc.
Owl Ventures
Ka i zen Ma na gement Advi s ors Pvt. Ltd
Mi ndworks Ventures
Gl obi s Ca pi tal Pa rtners
Shi ni ng Ca pi tal Ma na gement
SEB Venture Ca pi tal
Acces s Indi a
Soci a l Ca pi tal
Undi s cl os ed
Intel Ca pi tal
Undi s cl os ed
Accel Pa rtners
Undi s cl os ed
Storm Ventures LLC
As pect Ventures
Ca pri corn Inves tment Group
TTV Ca pi tal
Undi s cl os ed
SRA Group
As cent Venture Pa rtners
Undi s cl os ed
Hol tzbri nck Ventures
Rel a y Ventures
$
12.9
12.8
12.5
12.3
12.3
12.2
12.0
12.0
12.0
12.0
12.0
12.0
12.0
11.6
11.6
11.0
11.0
10.5
10.5
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
10.0
9.7
9.2
9.0
9.0
9.0
8.9
8.8
8.5
8.5
8.1
8.0
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
Ma keTi me, Inc.
Pa s s port, Inc.
Reba gg
Stra tajet
Ka ntar Medi a
Buddybui l d
DRIVIN
BeMyEye s .r.l.
Tynker
Li ve For Footba l l
Omni Projects , Inc
Swi ggy
Li tBi t, Co.
Robi n Powered, Inc.
Sea ml es s Docs
mynfo, Inc.
Ba ys hore Networks , Inc.
Kontor, Inc.
Sherpa
Funcom N.V.
Ecl ecticIQ B.V.
Ful l Mea s ure Educa tion, Inc.
Hea l thi fyMe Wel l nes s Products a nd Servi ces Pvt. Ltd.
TourRa da r GmbH
Zubi e, Inc.
Si xgi l l LLC
Cyber a dAPT, Inc.
Demi s to, Inc.
Equi pmentSha re.com
DFLa bs S.p.A ,
Twi ggl e
Eoni te Perception, Inc.
Pebbl ePos t
Scoop Technol ogi es , Inc.
Cl oud Al l i a nce Pte. Ltd.
Staq.io
Una ca s t AS
Bi gPa nda , Inc.
ConnXus , Inc.
Sa guna Networks Ltd.
Ta ke the Intervi ew
HundredRooms SL
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Foundry Group
Grotech Ventures
Octopus Ventures , LLC
NAB Ventures
Col umbus Nova Technol ogy Pa rtners
Na uta Ca pi tal
New Enterpri s e As s oci a tes
Ani ma tri x Ca pi tal
Hi ghl a nd Ca pi tal Pa rtners
Accel Pa rtners
Storm Ventures LLC
Accompl i ce, LLC
Motorol a Sol utions Venture Ca pi tal
Al ma z Ca pi tal Pa rtners
Tri dent Ca pi tal
Undi s cl os ed
Al ma Mundi Innvi erte Fund FCRE
Undi s cl os ed
INKEF Ca pi tal
Sa fegua rd Sci entifi cs , Inc.
IDG Ventures USA
Cherry Ventures
Noki a Growth Pa rtners
DRW Ventures
Bl a ck Ri ver Inves tments
Accel Pa rtners
Romul us Ca pi tal
Evol ution Equi ty Pa rtners
Al i ba ba Group Hol di ng Ltd.
Li ghts peed Venture Pa rtners
Undi s cl os ed
Index Ventures
Aetius Ca pi tal
Pereg Ventures
Open Ocea n Ca pi tal Ltd.
Sequoi a Ca pi tal
TechStars , LLC
CE Ventures
3TS Ca pi tal Pa rtners , Ltd.
Sea ya Ventures
$
8.0
8.0
8.0
8.0
7.6
7.6
7.5
7.3
7.1
7.0
7.0
7.0
7.0
7.0
7.0
6.8
6.6
6.5
6.5
6.3
6.3
6.0
6.0
6.0
6.0
6.0
6.0
6.0
5.5
5.5
5.3
5.3
5.2
5.1
5.0
5.0
5.0
5.0
5.0
5.0
5.0
4.6
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
touca nBox
Dojo Ma dnes s GmbH
PowWow Mobi l e, Inc.
TAPPP
Ceterus , Inc.
Ri ppl e.co
Ra ngeMe
Huma nyze
Votiro, Inc.
Goodl ord Ltd.
Meda l , Inc.
Spri ngbuk, Inc.
Ta btor Ma th
School a , Inc.
MPD Group
Di gi Exa m AB
Al thea , Inc.
Luci d Si ght, Inc.
Wea l thBa r Fi na nci a l Servi ces , Inc.
WeCouns el Sol utions LLC
eyeQ
Wi nVi ew Ga mes
Hea l thca re Intera ctive
Roa m Interna tiona l , Inc.
Ni ft Networks , Inc.
Ji rnexu Sdn. Bhd.
Innovu LLC
Si rqul , Inc.
Degree, Inc.
Locus
MDLi nki ng.com
Photomyne Ltd.
Sure, Inc.
Tea cha bl e, Inc
Achi eveIT Onl i ne LLC
Al ugha GmbH
Tecks t, Inc.
CRG Medi ca l , Inc.
Hea l thi fy, Inc.
Sports Hero Enterpri s e Pte. Ltd.
Mes i tis Pte. Ltd.
Bl oomz, Inc.
Softwa re
Softwa re
Informa tion
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Informa tion
BGF
Ma rch Ca pi tal Pa rtners
Vertica l Ventures LLC
Accompl i ce, LLC
TechOpera tors LLC
Ra kuten, Inc.
Si mon Equi ty Pa rtners
Romul us Ca pi tal
Redfi el d As s et Ma na gement
Loca l Gl obe
Undi s cl os ed
Lewi s & Cl a rk Venture Ca pi tal
Syven Ca pi tal
Undi s cl os ed
Pra etura Ca pi tal
Mi ra e As s et Venture Inves tment Co. Ltd.
Ra na Ca pi tal Pa rtners
Ni col a Wea l th Ma na gement
Longmea dow Ca pi tal Pa rtners
Al i gn Ca pi tal Pa rtners
Grotech Ventures
CRV
Accompl i ce
NTT Docomo, Inc.
Ada ms Ca pi tal Ma na gement
Khos l a Ventures
Exfi ni ty Technol ogy Fund
ff Venture Ca pi tal
Accompl i ce, LLC
BIP Ca pi tal
Undi s cl os ed
Zel kova Ventures , LLC
Undi s cl os ed
Ka por Ca pi tal
Neva da Iron
Undi s cl os ed
ff Venture Ca pi tal
$
4.6
4.5
4.3
4.2
4.2
4.0
4.0
4.0
4.0
3.8
3.8
3.8
3.7
3.6
3.6
3.5
3.5
3.5
3.5
3.5
3.5
3.4
3.4
3.3
3.0
3.0
3.0
3.0
2.8
2.8
2.8
2.6
2.6
2.5
2.5
2.5
2.5
2.5
2.5
2.4
2.4
2.3
All Segments
($ in Millions)
Target
Target Segment
Buyer/Investor
Reported TV
VC/Growth Capital
Values Disclosed
CodeComba t, Inc.
Propera ti LLC
Woo
Menu Next Door Li mi ted
Grey Jea n Technol ogi es
Li veNi nja
Metada ta Softwa re LLC
Cl ea rTa x
Obs erva bl e Networks
Wel l th
Zoom2u Pty. Ltd.
ProofPi l ot, Inc.
Rock Pa mper Sci s s ors
Show-Score
Wyzerr, Inc.
Za rget
Fa ttmercha nt, Inc.
Li ttl e Bl a ck Book
Penny App
ConceptDrop
Revl o
Rover La bs , Inc.
Sa ferPa s s s .r.o.
Appi e Mobi qui ty Pvt. Ltd.
Fa ctorDa i l y
Mi ndLi nk Softwa re Li mi ted
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Softwa re
Andrees s en Horowi tz
NXTP La bs
Undi s cl os ed
Index Ventures
Comca s t Ventures
Hi l l s ven Ca pi tal , LLC
Sequoi a Ca pi tal
MK Ca pi tal Ma na gement LLC
AXA Stra tegi c Ventures
CUE BALL Ca pi tal
500 Startups
Connetic Ventures
Accel Pa rtners
Wet Pa i nt Ventures
Soci a l Ca pi tal
Network Ventures
Extreme Venture Pa rtners
Bus i nes s Devel opment Ba nk of Ca na da
Neul ogy Ventures
Accel Pa rtners
$
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
2.0
1.9
1.9
1.7
1.5
1.5
1.5
1.4
1.2
1.2
1.1
1.1
1.1
1.1
1.0
1.0
1.0
Petsky Prunier: Maximizing Shareholder Value
 Top-ranked, global investment bank dedicated to digital advertising and marketing, eCommerce, digital media, technology, information,
business services, and healthcare services industries
 Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume
 Founded in 1999
 More than 50 focused professionals; growth of 40% since 2011
 New York, Palo Alto, Las Vegas, Chicago, Boston, Tampa
 Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders
 Strategic consulting firm Winterberry Group – one of the largest industry-specific advisors providing strategic and transactional services
 Global reach enhanced through our partnerships with investment bank The Mountain Capital Group in China, as well as Allegro
Advisors and o3 Capital in India
 Securities transactions are processed through Petsky Prunier Securities LLC, a member of FINRA and an affiliated entity
 M&A Advisory and Sell-Side Representation
 Privately-Owned Companies
 Entrepreneur-Led Businesses
 Private Equity Portfolio Companies
 VC-Backed Companies
 Corporate Divestitures
 Selected Buy-Side Engagements
 Capital Raising and Private Placements
 Advertising & Marketing
 eCommerce
 Digital Media
 Technology
 Information
 Business Services
 Healthcare Services
 Business Current Situation Assessment and Profit
Improvement Planning
 Opportunity Mapping: Strategic Planning & Development
 Competitive Landscape Analysis
 M&A Transaction Due Diligence Support
 Buy-Side Targeting Criteria & Integration Strategy
 Custom Market Research
 Publishing, Speaking, and Thought Leadership
Ranked #1 by Bloomberg For Mid-Market Internet & Advertising Transactions
Bloomberg M&A League Tables, 2011-2015
TOP ADVISORS SERVING THE MIDDLE MARKET INTERNET & ADVERTISING SECTORS
2015
Rank
Advisor
2011-2015 (5-Year)
Deal Count
Rank
Advisor
Deal Count
1
Petsky Prunier
18
1
Petsky Prunier
84
2
Goldman Sachs
17
2
Goldman Sachs
68
2
PwC
17
3
Jordan Edmiston Group
59
4
Jordan Edmiston Group
15
3
Morgan Stanley
59
4
KPMG Corporate Finance
15
5
PwC
52
4
Morgan Stanley
15
6
China Renaissance Partners
47
7
China Renaissance Partners
11
6
Nomura
47
7
Ernst & Young
11
8
GCA Savvian Group
44
9
Avendus Capital
9
9
KPMG Corporate Finance
43
9
Rothschild
9
10
Ernst & Young
38
11
Citi
8
10
JP Morgan
38
11
Credit Suisse
8
12
Jefferies
37
11
Jefferies
8
13
AGC Partners
35
11
William Blair & Company
8
14
Credit Suisse
34
11
Mooreland Partners
8
15
Daiwa Securities
33
Based on number of deals announced in 2011‐2015 valued at $500 million or less. Internet and Advertising is defined by Bloomberg.
 With 25 total transactions closed in 2015, and more than 100 transactions closed since 2011 (across all industries in addition to
Internet and Advertising), Petsky Prunier is one of the most active M&A practices within the marketing and advertising, eCommerce,
and media industries
Representative Recent Transactions*
$207,000,000*
a portfolio company of
has been sold to
has received a majority
investment from
has been sold to
a division of
has entered into a definitive
agreement to receive a
majority investment from
comprising Media Properties Holdings
has been sold to
has been sold to
and
has been sold to
has been sold to
in partnership with
(NASDAQ: SYKE)
(NYSE: OMC)
*Approximate Value
$225,000,000*
$160,000,000*
has received a significant
growth investment from
has been sold to
(NYSE: IDI)
has sold
has been sold to
has been sold to
has been sold to
has been sold to
(NYSE: DLX)
*Approximate Value
to
has been sold to
(NYSE: ACN)
*Approximate Value
$160,000,000*
$120,000,000
has been sold to
has been sold to
has been sold to
has been sold to
Aperion Management
has received a significant
investment from
has been sold to
has been sold to
has sold
MediMedia Pharma Solutions
to
and
(NYSE: EVDY)
(NASDAQ: EXLS)
*Approximate Value
$280,000,000*
$65,000,000
has been sold to
has been sold to
has sold
has been sold to
a division of
has sold a majority stake to
has been sold to
has been sold to
has been sold to
to
(NYSE: RUK)
(NYSE: OMC)
(NYSE: EVDY)
(NYSE: WTM)
*Approximate Value
*For a more comprehensive list, please click here.
(NASDAQ: CTSH)

May 2016 - Petsky Prunier

Transcription

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