Monthly Business & Tech-Enabled Services Sector Summary Report

Business & Tech-Enabled Services Sector Summary Report May 2017 1

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $38.5 Billion M&A Volume YTD

1,257 M&A Transactions YTD

Quarterly M&A Volume ($Bn) and Deal Count

Select M&A Transactions

Volume ($Bn)

$60.0 $40.0 $30.0 $20.0

Announced Date

$48.5

$50.0

$37.1

$31.1 $19.2

$19.1

$27.4

$24.6 $21.7

$27.1 $11.4

$10.0

$0.0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 1200 Deal Count

1000

966

944

964

995

986

901

929

917

382

400

Target

EV ($MM)

4/17/2017

NA

4/14/2017

$2,000+

4/10/2017

$457

4/7/2017

NA

4/4/2017

NA

4/4/2017

NA

875

800 600

Acquirer

200

4/3/2017

Email / Cross-Channel Marketing Business

$400

4/3/2017

$900

4/3/2017

$2,735

4/3/2017

$288

4/3/2017

$125

3/23/2017

NA

3/21/2017

NA

3/20/2017

$205

3/20/2017

NA

3/6/2017

$110

0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17

Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 (1) 120.0% 115.0% 110.0% 105.0% 100.0%

95.0% 90.0% May-16 Jun-16

Jul-16

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Business & Tech-Enabled Services

Jan-17

Feb-17 Mar-17 Apr-17 May-17

S&P 500

Notes: Source: Capital IQ and PitchBook. Market Data as of 5/8/17. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

2

GCA OVERVIEW Business & Tech-Enabled Services Team

New York th

640 Fifth Avenue, 10 Fl. New York, NY 10019 United States Phone: (212) 999-7090

Tokyo

Milan

Frankfurt

London

11-1 Marunouchi 1-chome Chiyoda-ku, Tokyo 100-6230 Japan Phone: +81 (3) 6212-7100

Piazza San Fedele 4 20121 Milano Italy Phone: +39 02 76 01 73 40

Thurn-und-Taxis-Platz 6 60313 Frankfurt Germany Phone: +49 69 204 34 6410

1 Southampton St. London WC2R0LR United Kingdom Phone:+44 20 7484 4040

Derek Bell Managing Director

Stephen Georgiadis* Managing Director

Akikazu Ida* Managing Director

Sascha Pfeiffer* Managing Director

Phone: (212) 999-7089 Mobile: (914) 953-0689 [email protected]

Phone: +44 207 484 4040 Mobile: +44 7770 827335 [email protected]

Phone: +81 (3) 6212-7241 Mobile: +81 (80) 9027-3023 [email protected]

Phone: +49 69 204 346 415 Mobile: +49 177 741 5643 [email protected]

Adrian Reed* Managing Director

Tobias Schultheiss* Managing Director

Alessandro Soprano* Managing Director

Raiko Stelten* Director

Phone: +44 845 505 4343 Mobile: +44 7887 626800 [email protected]


Phone: +39 02 7601 7340 Mobile: +39 348 231 6056 [email protected]


Notes: *Stephen Georgiadis, Adrian Reed, and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Akikazu Ida is a Managing Director at GCA Corporation. *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.

3

RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

Last 3 Years 170%

140%

160% 130% 150% 140% 120%

130% 120%

110%

110% 100% 100% 90%

90% 80% 80% May-16 Jun-16

Jul-16

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17

Key

Feb-17 Mar-17 Apr-17 May-17

Sector Advertising & Marketing Services Events & Exhibitions Information Services Consulting & Training HR Services Staffing & Recruiting IT & BPO Services Customer Care / CRM Services S&P 500

70% May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17

3 Months 4.3% 10.3% 7.4% (1.4%) 1.9% 11.6% 2.3% 4.6% 4.6%

1 Year 9.2% 19.8% 15.3% 9.6% 15.9% 37.5% 3.7% 20.7% 16.5%

3 Years 20.0% 16.1% 44.7% 26.0% 55.3% 24.5% 13.6% 57.7% 27.9%

Notes: Source: Capital IQ. Market Data as of 5/8/17. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

4

TRADING COMPARABLES Valuation Metrics

EV / 2017E EBITDA

EV / 2017E Revenue

16.0x 14.0x

4.0x 13.5x

3.7x

3.5x

13.0x

12.0x

3.3x

3.0x 10.3x

10.1x

10.0x

9.8x

9.6x

9.5x

2.5x 8.3x

8.0x

2.0x 1.9x

2.0x

1.6x 6.0x

1.5x

4.0x

1.0x

2.0x

0.5x

1.2x 0.8x 0.6x

0.0x

0.0x Information Services

HR Services

Events & Exhibitions

Consulting & Training

IT & BPO Services

Staffing & Recruiting

Advertising & Customer Marketing Care / CRM Services Services

Information Services


HR Services

IT & BPO Services

Advertising & Consulting & Marketing Training Services

Customer Care / CRM Services

Notes: Source: Capital IQ. Market Data as of 5/8/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.


5

TRADING COMPARABLES Operational Metrics

2017E EBITDA Margin

2018E / 2017E Rev. Growth

35.0%

9.0% 30.2%

8.0%

30.0% 26.7%

7.9% 7.2%

7.0%

25.0%

5.8%

6.0%

5.0%

20.0%

17.4%

5.0%

4.8% 4.4%

16.4% 4.0%

13.8%

15.0%

4.9%

12.3%

11.5% 3.0%

2.4%

10.0% 6.6% 5.0%

2.0% 1.0%

0.0%

0.0% Information Services


IT & BPO Services

Advertising & HR Services Consulting & Customer Marketing Training Care / CRM Services Services


HR Services

IT & BPO Services

Information Advertising & Customer Consulting & Services Marketing Care / CRM Training Services Services


Notes: Source: Capital IQ. Market Data as of 5/8/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU. Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN. Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC. Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL. IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.


6

PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics $MM, Except Per Share Data Stock

LTM

Price

Price Range

5/8/17

Trading Statistics Equity

Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY Rev. Growth

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E

EBITDA Margin CY 17E

CY 18E

Advertising & Marketing Services WPP plc

$21.75

$15.58

$24.94

$27,329

$3,009

$8,109

$32,976

1.9x

1.6x

1.6x

10.5x

9.6x

9.2x

13.4x

12.6x

14.6%

2.2%

NA

NA

16.8%

17.2%

Omnicom Group Inc.

83.73

75.61

89.66

19,503

2,486

4,993

22,733

1.5x

1.5x

1.4x

9.9x

9.8x

9.3x

16.7x

15.5x

(1.2%)

3.7%

25.4%

25.4%

15.3%

15.4%

Dentsu Inc.

57.92

39.11

58.09

16,353

2,076

3,457

18,155

2.5x

2.2x

2.1x

12.1x

10.6x

10.1x

20.6x

18.9x

15.5%

5.3%

NA

NA

20.7%

20.7%

Publicis Groupe S.A.

71.04

62.72

75.96

15,834

2,352

3,733

17,225

1.7x

1.6x

1.5x

9.5x

8.8x

8.3x

13.6x

12.5x

7.5%

3.7%

37.5%

37.5%

17.7%

18.2%

257.36

185.02

266.25

14,329

1,867

20,671

33,133

4.6x

4.2x

3.9x

22.7x

16.4x

14.6x

13.9x

12.0x

9.6%

10.0%

42.4%

41.9%

25.8%

26.4%

The Interpublic Group of Companies, Inc.

24.13

21.67

25.34

9,534

778

1,917

10,947

1.4x

1.4x

1.3x

10.0x

9.4x

8.8x

16.3x

14.6x

1.9%

4.2%

36.1%

36.2%

14.5%

14.9%

Hakuhodo DY Holdings Inc

12.60

9.30

13.26

4,697

1,411

106

3,579

0.3x

0.3x

0.3x

7.9x

7.4x

7.0x

19.9x

18.2x

6.7%

2.9%

NA

19.7%

4.3%

4.4%

j2 Global, Inc.

90.27

60.00

91.48

4,350

187

828

4,991

5.7x

4.3x

4.0x

13.5x

10.3x

9.1x

15.5x

13.8x

32.1%

9.2%

83.6%

86.4%

41.9%

43.7%

Alliance Data Systems Corporation

Havas SA

9.21

7.10

9.67

3,867

855

698

3,726

1.6x

1.4x

1.4x

9.6x

8.7x

8.4x

17.2x

16.2x

8.4%

3.2%

NA

NA

16.4%

16.6%

Yelp Inc.

35.70

23.92

43.41

2,868

485

-

2,383

3.3x

2.7x

2.2x

NM

14.9x

11.1x

34.6x

25.2x

24.6%

20.2%

92.2%

92.3%

18.0%

20.1%

HubSpot, Inc.

69.55

41.63

74.80

2,542

123

1

2,421

8.9x

6.7x

5.4x

NM

NM

NM

NM

NM

32.4%

25.7%

79.6%

80.1%

3.2%

5.7%

Meredith Corporation

56.70

43.85

66.25

2,528

27

632

3,133

1.8x

1.9x

1.8x

8.8x

9.8x

9.1x

16.9x

15.4x

(1.2%)

2.5%

NA

NA

19.0%

20.0%

Moneysupermarket.com Group PLC

4.62

2.92

4.62

2,510

55

-

2,455

6.3x

5.5x

5.2x

18.1x

14.3x

13.3x

21.1x

19.2x

14.1%

6.1%

73.1%

75.5%

38.6%

39.0%

51.39

28.95

57.06

1,876

189

510

2,214

1.4x

1.4x

1.3x

13.1x

8.9x

8.2x

22.7x

16.3x

3.4%

4.5%

34.0%

34.6%

15.4%

16.0%

147.95

64.07

150.95

1,767

105

-

1,662

4.3x

3.1x

2.6x

30.1x

16.9x

13.6x

39.9x

30.3x

40.7%

17.6%

97.1%

97.0%

18.1%

19.2%

Cheil Worldwide Inc.

16.09

12.96

17.41

1,741

356

16

1,412

0.5x

0.5x

0.5x

9.1x

8.1x

7.7x

17.6x

16.2x

7.7%

5.7%

32.2%

32.5%

6.0%

6.0%

Ipsos SA

32.75

26.23

36.52

1,365

178

752

1,961

1.0x

1.0x

1.0x

9.3x

8.4x

7.8x

11.2x

10.5x

6.5%

2.0%

64.7%

NA

11.6%

12.3%

Bankrate, Inc.

GfK SE LendingTree, Inc.

10.95

6.91

11.95

980

183

296

1,093

2.5x

2.2x

1.9x

11.6x

8.7x

7.6x

15.6x

13.2x

16.3%

11.5%

47.2%

47.6%

24.9%

25.5%

MDC Partners Inc.

8.40

2.75

19.26

478

23

888

1,469

1.1x

1.0x

0.9x

9.8x

7.2x

6.3x

32.3x

10.1x

7.1%

4.8%

NA

NA

13.8%

14.9%

YouGov plc

3.69

2.06

3.80

387

19

-

369

3.0x

2.6x

NA

29.8x

18.7x

NA

26.3x

26.5x

15.2%

NA

78.0%

NA

13.9%

NA

QuinStreet, Inc.

4.08

2.61

4.63

185

42

-

144

0.5x

0.5x

0.4x

NM

7.2x

5.4x

NM

NM

2.6%

5.9%

10.4%

16.6%

6.5%

8.1%

2.7x 1.8x

2.3x 1.6x

2.0x 1.5x

13.6x 10.3x

10.7x 9.5x

9.2x 8.8x

20.3x 17.2x

16.7x 15.5x

12.6% 8.4%

7.5% 5.0%

55.6% 47.2%

51.7% 39.7%

17.3% 16.4%

18.2% 16.9%

Mean Median Events & Exhibitions UBM plc

$9.29

$7.30

$10.06

$3,656

$105

$848

$4,443

4.2x

3.4x

3.4x

15.3x

11.3x

11.1x

14.3x

14.0x

21.9%

0.6%

30.6%

30.9%

30.3%

30.6%

4.33

2.59

4.61

1,736

77

353

2,012

5.4x

4.1x

3.7x

18.9x

13.0x

11.7x

19.4x

17.3x

32.7%

9.9%

NA

NA

31.6%

31.9%

Emerald Expositions Events, Inc.

20.30

18.67

20.72

1,466

15

703

2,154

6.7x

NA

NA

14.6x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Viad Corp

43.35

29.50

48.85

883

25

237

1,108

0.9x

0.9x

0.9x

9.3x

8.0x

7.7x

17.6x

16.5x

4.2%

2.5%

NA

NA

11.0%

11.2%

Ascential plc

ITE Group plc

2.26

1.53

2.34

594

20

97

704

NA

3.8x

3.6x

NA

16.6x

15.3x

18.8x

16.8x

NA

7.2%

42.4%

43.7%

23.1%

23.4%

GL Events

24.47

15.62

24.60

565

215

628

1,028

1.0x

1.0x

1.0x

7.5x

6.8x

6.8x

13.1x

12.3x

4.1%

2.4%

NA

NA

14.3%

14.0%

MCH Group AG

78.25

61.96

78.80

470

227

295

538

1.3x

NA

NA

6.3x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Tarsus Group plc

3.74

3.04

3.90

421

20

106

511

6.0x

3.2x

3.9x

22.1x

9.3x

12.4x

10.7x

15.7x

91.7%

(19.8%)

NA

NA

33.8%

31.6%

3.6x 4.2x

2.7x 3.3x

2.7x 3.5x

13.4x 14.6x

10.8x 10.3x

10.8x 11.4x

15.7x 16.0x

15.4x 16.1x

30.9% 21.9%

0.5% 2.4%

36.5% 36.5%

37.3% 37.3%

24.0% 26.7%

23.8% 27.0%

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 50 considered NM. Negative margins considered NM. Market Data as of 5/8/17.

7

PUBLIC COMPANY VALUATIONS Business & Tech-Enabled Services Trading Statistics – continued $MM, Except Per Share Data Stock

LTM

Price

Price Range

5/8/17


Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E

CY Rev. Growth 17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Information Services RELX PLC

$20.53

$8.16

$20.74

$41,461

$200

$5,980

$47,288

5.6x

4.9x

4.7x

18.5x

14.0x

12.7x

19.6x

18.2x

14.3%

3.9%

64.5%

64.6%

34.8%

36.9%

S&P Global Inc.

136.86

99.15

138.05

35,283

2,411

3,565

37,572

6.6x

6.5x

6.1x

15.2x

13.8x

12.9x

22.1x

20.0x

2.5%

6.0%

NA

NA

46.8%

47.3%

44.49

36.42

45.76

32,132

943

7,432

39,113

3.5x

3.5x

3.4x

16.4x

11.6x

11.2x

18.9x

17.5x

1.5%

2.7%

NA

NA

29.6%

30.0%

116.68

87.30

119.99

22,321

2,262

4,076

24,337

6.8x

6.4x

6.0x

14.8x

13.6x

13.0x

22.0x

20.2x

6.3%

5.2%

71.8%

71.9%

46.7%

46.6%

Experian plc

21.74

15.84

21.93

20,189

166

3,327

23,364

NA

4.9x

4.6x

NA

14.1x

13.3x

23.1x

20.9x

NA

5.9%

55.0%

55.0%

34.7%

34.8%

IHS Markit Ltd.

43.99

32.78

44.00

17,970

155

3,729

21,602

7.9x

6.1x

5.8x

28.3x

15.6x

14.3x

21.3x

18.4x

29.2%

4.8%

63.3%

64.4%

39.3%

40.7%

137.23

110.87

139.89

16,496

123

2,669

19,107

6.1x

5.6x

5.2x

17.0x

15.3x

14.0x

22.6x

20.4x

8.3%

7.2%

64.7%

65.1%

36.7%

37.4%

Nielsen Holdings plc

40.48

38.31

55.94

14,464

451

8,418

22,625

3.6x

3.4x

3.3x

14.0x

11.1x

10.6x

15.1x

14.0x

4.6%

3.6%

58.6%

58.8%

30.8%

31.3%

Verisk Analytics, Inc.

79.30

75.60

87.40

13,111

159

2,288

15,240

7.6x

7.3x

6.9x

16.3x

14.8x

13.7x

25.0x

22.5x

4.4%

6.0%

64.5%

65.0%

49.6%

50.4%

Wolters Kluwer N.V.

43.28

33.48

43.84

12,398

992

3,038

14,449

3.2x

2.9x

2.8x

12.2x

10.8x

10.4x

17.2x

16.1x

9.3%

3.3%

68.7%

68.7%

27.0%

27.2%

113.32

84.54

116.48

10,248

1,228

1,635

10,655

NM

3.1x

2.7x

NM

15.1x

12.2x

32.6x

26.8x

NM

18.1%

61.8%

62.5%

20.8%

21.8%

MSCI Inc.

98.21

71.51

109.29

8,884

697

2,076

10,263

8.9x

8.2x

7.7x

18.0x

16.2x

14.6x

27.2x

23.4x

8.2%

7.7%

78.2%

78.6%

51.0%

52.4%

TransUnion

41.17

20.43

41.51

7,450

155

2,402

9,795

5.7x

5.3x

4.9x

17.3x

13.4x

12.2x

23.1x

20.9x

9.2%

7.7%

67.7%

68.0%

39.3%

40.0%

News Corporation

12.79

10.54

14.68

7,444

1,850

376

6,248

0.8x

0.8x

0.8x

9.3x

6.8x

6.3x

30.1x

22.7x

(2.1%)

(2.5%)

NA

NA

11.5%

12.7%

8.53

6.21

9.86

7,025

61

1,895

8,861

5.3x

3.9x

3.8x

17.0x

11.7x

11.0x

13.9x

13.0x

36.0%

3.4%

NA

NA

33.7%

34.4%

FactSet Research Systems Inc.

161.23

148.50

183.64

6,362

185

365

6,542

5.7x

5.2x

4.8x

16.3x

15.1x

13.9x

21.5x

19.7x

10.1%

8.6%

55.6%

56.3%

34.4%

34.4%

Fair Isaac Corporation

137.08

103.50

139.00

4,245

116

626

4,755

5.3x

5.0x

4.8x

23.0x

18.1x

17.3x

26.6x

22.2x

4.8%

5.7%

69.2%

70.5%

27.7%

27.6%

The Dun & Bradstreet Corporation

112.35

100.46

141.57

4,145

375

1,707

5,493

3.2x

3.1x

3.0x

12.2x

11.1x

10.5x

16.0x

15.2x

3.7%

3.6%

68.4%

68.1%

28.0%

28.5%

CoreLogic, Inc.

42.30

34.59

43.44

3,580

103

1,587

5,065

2.6x

2.7x

2.7x

12.1x

10.9x

10.1x

18.6x

16.4x

(5.1%)

3.0%

47.7%

50.8%

25.2%

26.4%

Morningstar, Inc.

73.25

67.74

85.49

3,145

318

235

3,062

3.8x

3.6x

3.4x

13.2x

13.1x

11.7x

31.2x

25.8x

7.5%

4.3%

55.6%

55.7%

27.1%

29.3%

Acxiom Corporation

28.79

19.11

30.40

2,257

138

237

2,356

2.7x

2.6x

2.3x

25.9x

13.1x

11.0x

38.2x

29.2x

4.3%

12.0%

45.1%

45.3%

19.6%

20.8%

The Advisory Board Company

51.20

24.85

54.50

2,069

152

606

2,523

3.1x

3.1x

3.0x

20.3x

12.6x

11.7x

26.0x

24.1x

0.5%

5.1%

51.8%

52.7%

24.8%

25.5%

comScore, Inc.

25.42

20.81

34.85

1,456

147

33

1,342

NA

2.4x

2.1x

NA

8.3x

6.8x

13.6x

11.0x

NA

13.0%

71.1%

NA

28.6%

30.8%

Euromoney Institutional Investor PLC

13.39

10.32

16.04

1,437

14

1

1,435

NA

2.6x

2.4x

NA

9.7x

9.0x

13.9x

12.4x

NA

6.4%

NA

NA

26.3%

26.7%

National Research Corporation

43.61

32.18

46.37

1,067

35

3

1,035

9.5x

8.7x

7.8x

29.2x

26.3x

NA

13.6x

12.0x

8.2%

11.9%

58.2%

58.6%

33.2%

NA

Forrester Research, Inc.

39.95

34.71

44.40

729

135

-

594

1.8x

1.8x

1.7x

14.7x

15.8x

12.8x

34.0x

24.1x

1.0%

6.6%

60.5%

60.7%

11.4%

13.3%

5.0x 5.3x

4.4x 3.7x

4.1x 3.6x

17.3x 16.3x

13.5x 13.5x

11.9x 12.2x

22.6x 22.0x

19.5x 20.1x

7.6% 5.6%

6.3% 5.8%

62.0% 63.3%

62.1% 63.5%

31.5% 30.2%

32.3% 30.8%

Thomson Reuters Corporation Moody's Corporation

Equifax Inc.

Gartner, Inc.

Informa plc

Mean Median


8


LTM

Price

Price Range

5/8/17


Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY Rev. Growth

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Consulting & Training Exponent, Inc.

$61.25

$45.00

$64.80

$1,585

$155

$0

$1,430

4.8x

4.5x

4.3x

21.0x

17.9x

16.1x

33.2x

31.6x

5.4%

5.7%

36.5%

37.7%

25.3%

26.6%

FTI Consulting, Inc.

34.71

33.94

47.12

1,402

121

403

1,683

0.9x

0.9x

0.9x

8.6x

8.4x

8.1x

18.1x

16.4x

(0.2%)

2.1%

32.4%

33.1%

11.1%

11.3%

Navigant Consulting, Inc.

21.09

15.07

27.86

996

9

178

1,166

1.2x

1.2x

1.1x

8.2x

8.0x

7.5x

16.3x

14.7x

7.7%

4.3%

32.3%

32.4%

14.5%

14.7%

Huron Consulting Group Inc.

44.65

39.15

65.00

948

13

422

1,358

1.9x

1.8x

1.7x

10.6x

11.6x

10.6x

17.3x

15.8x

5.9%

4.8%

35.3%

35.0%

15.3%

15.9%

ICF International, Inc.

47.40

38.54

59.55

891

8

276

1,159

1.0x

0.9x

0.9x

10.4x

9.9x

9.2x

15.8x

14.7x

2.9%

3.4%

37.8%

38.0%

9.6%

10.0%

CBIZ, Inc.

15.50

9.77

15.90

829

2

214

1,041

1.3x

1.2x

1.2x

11.8x

9.9x

9.3x

18.7x

17.0x

6.3%

4.4%

13.1%

13.9%

12.3%

12.6%

The Hackett Group, Inc.

19.82

13.06

20.69

578

17

9

570

2.2x

1.9x

1.7x

14.5x

11.2x

10.5x

19.1x

16.7x

17.6%

7.1%

38.6%

38.8%

16.7%

16.6%

GP Strategies Corporation

25.65

19.59

30.00

429

15

61

474

1.0x

0.9x

0.9x

12.5x

11.8x

9.8x

19.9x

16.3x

5.2%

7.3%

16.8%

17.1%

7.8%

8.7%

Resources Connection, Inc.

13.65

12.41

19.80

405

45

48

408

0.7x

0.7x

0.7x

8.0x

10.1x

8.1x

21.1x

16.7x

(1.7%)

2.3%

37.8%

37.0%

7.0%

8.5%

Franklin Covey Co.

21.05

13.45

22.45

291

11

40

321

1.6x

1.7x

1.5x

22.0x

24.0x

15.1x

NM

NA

(0.6%)

9.1%

67.1%

67.4%

6.9%

10.1%

CRA International, Inc.

33.80

22.32

40.00

290

22

6

275

0.8x

0.8x

0.7x

10.3x

4.7x

4.5x

22.6x

19.2x

9.1%

5.2%

29.4%

29.8%

16.5%

16.6%

1.6x 1.2x

1.5x 1.2x

1.4x 1.1x

12.5x 10.6x

11.6x 10.1x

9.9x 9.3x

20.2x 18.9x

17.9x 16.5x

5.2% 5.4%

5.1% 4.8%

34.3% 35.3%

34.6% 35.0%

13.0% 12.3%

13.8% 12.6%

Mean Median HR Services Automatic Data Processing, Inc.

$96.70

$84.36

$105.68

$43,265

$2,999

$2,003

$42,268

3.5x

3.3x

3.1x

15.5x

15.6x

14.1x

25.4x

23.1x

4.9%

6.2%

45.8%

46.1%

21.4%

22.4%

Paychex, Inc.

58.06

51.09

63.03

20,858

404

55

20,509

6.7x

6.3x

5.9x

15.7x

14.6x

13.6x

25.3x

23.5x

6.0%

6.5%

70.7%

71.0%

43.2%

43.5%

TriNet Group, Inc.

31.01

17.78

33.49

2,127

216

450

2,361

0.8x

0.7x

0.6x

15.4x

11.4x

10.0x

21.9x

18.4x

9.1%

13.9%

71.8%

71.8%

6.2%

6.2%

Insperity, Inc.

82.05

64.40

93.65

1,729

306

104

1,527

0.5x

0.5x

0.4x

12.7x

9.5x

8.2x

19.0x

16.6x

11.3%

9.4%

16.6%

16.9%

4.9%

5.2%

Barrett Business Services, Inc.

56.91

27.28

66.93

413

19

5

398

0.5x

NA

NA

12.4x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

2.4x 0.8x

2.7x 2.0x

2.5x 1.9x

14.3x 15.4x

12.8x 13.0x

11.5x 11.8x

22.9x 23.6x

20.4x 20.8x

7.8% 7.6%

9.0% 7.9%

51.2% 58.3%

51.4% 58.5%

18.9% 13.8%

19.3% 14.3%

Mean Median


9


LTM

Price

Price Range

5/8/17


Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Staffing & Recruiting Recruit Holdings Co.,Ltd.

$52.86

$27.94

$52.86

$29,436

$3,106

$1,904

$28,285

1.9x

1.5x

1.4x

14.5x

12.6x

10.8x

28.8x

33.4x

23.7%

8.3%

48.0%

47.8%

12.1%

13.1%

Adecco Group AG

75.19

45.13

76.05

12,805

1,278

2,158

13,693

0.6x

0.5x

0.5x

11.0x

9.7x

9.4x

14.2x

13.3x

8.4%

3.5%

19.0%

19.0%

5.4%

5.4%

Randstad Holding NV

61.25

34.68

63.80

11,223

419

1,627

12,431

0.6x

0.5x

0.5x

12.4x

9.7x

9.2x

13.4x

12.4x

16.2%

2.8%

20.4%

20.1%

5.0%

5.2%

ManpowerGroup Inc.

102.92

57.26

106.99

6,904

724

834

7,100

0.4x

0.4x

0.3x

8.6x

8.3x

7.6x

15.3x

14.1x

2.3%

4.4%

17.0%

17.0%

4.2%

4.4%

Robert Half International Inc.

47.27

34.34

50.98

6,014

260

1

5,754

1.1x

1.1x

1.1x

9.3x

9.5x

9.0x

17.7x

16.3x

0.0%

4.1%

41.1%

41.3%

11.5%

11.7%

Temp Holdings Co., Ltd.

19.41

13.01

19.44

4,538

621

240

4,274

0.9x

0.8x

0.7x

11.9x

10.5x

9.4x

22.5x

19.3x

14.3%

7.8%

23.7%

23.6%

7.3%

7.5%

2.25

1.18

2.28

3,249

141

82

3,190

0.6x

0.5x

0.5x

8.4x

10.4x

9.8x

16.7x

16.2x

9.7%

8.2%

18.7%

18.7%

4.8%

4.8%

51.41

32.05

53.80

2,714

24

617

3,307

1.4x

1.3x

1.2x

13.1x

10.6x

9.7x

17.7x

16.2x

7.8%

7.3%

32.5%

32.5%

11.8%

12.1%

Hays plc On Assignment, Inc. PageGroup plc

6.55

2.02

6.55

2,023

115

-

1,909

1.3x

1.1x

1.1x

14.2x

11.5x

10.7x

19.9x

18.5x

16.3%

3.4%

51.5%

51.4%

9.7%

10.0%

Korn/Ferry International

32.40

18.57

33.14

1,852

355

261

1,760

1.1x

1.1x

1.0x

8.9x

7.3x

6.6x

13.7x

12.4x

3.4%

5.9%

29.8%

30.0%

15.0%

15.5%

TrueBlue, Inc.

26.95

16.50

28.70

1,114

26

80

1,168

0.4x

0.5x

0.4x

8.1x

8.6x

7.9x

14.9x

13.6x

(7.9%)

2.8%

25.4%

25.4%

5.3%

5.7%

Kelly Services, Inc.

21.72

18.01

23.61

831

46

-

785

0.1x

0.2x

0.1x

8.9x

8.1x

7.4x

14.3x

13.2x

(1.0%)

3.1%

17.0%

17.0%

1.9%

2.0%

Kforce Inc.

20.50

15.78

26.95

517

3

136

650

0.5x

0.5x

0.5x

9.0x

8.2x

7.5x

13.0x

11.6x

3.2%

4.4%

30.0%

30.0%

5.8%

6.1%

Heidrick & Struggles International, Inc.

21.55

16.23

27.10

404

68

25

360

0.6x

0.6x

0.6x

6.7x

6.4x

5.9x

20.0x

18.3x

5.6%

4.9%

31.1%

31.1%

9.1%

9.4%

0.8x 0.6x

0.7x 0.6x

0.7x 0.5x

10.4x 9.2x

9.4x 9.6x

8.6x 9.1x

17.3x 16.0x

16.3x 15.2x

7.3% 6.7%

5.1% 4.4%

28.9% 27.6%

28.9% 27.7%

7.8% 6.6%

8.1% 6.8%

Mean Median


10


LTM

Price

Price Range


Cash &

Enterprise

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E

EBITDA Margin

5/8/17

Low

High

Value

Equiv.

Debt

Value

CY 17E

CY 18E

$153.03

$142.50

$182.79

$143,771

$10,695

$42,786

$175,983

2.2x

2.2x

2.3x

9.5x

9.5x

9.4x

11.2x

11.0x

(2.0%)

(0.1%)

47.6%

48.1%

23.7%

24.0%

121.11

108.66

126.53

75,098

3,241

27

72,535

2.2x

2.1x

1.9x

12.8x

12.2x

11.3x

20.4x

18.4x

5.2%

6.6%

31.3%

31.4%

16.9%

17.1%

Tata Consultancy Services Limited

36.42

31.90

42.68

71,766

7,053

45

64,814

3.8x

3.4x

3.1x

13.8x

12.6x

11.8x

17.4x

16.2x

9.7%

10.0%

44.2%

44.3%

27.2%

26.5%

Cognizant Technology Solutions Corporation

64.28

45.44

64.43

37,861

4,274

1,209

34,796

2.6x

2.4x

2.2x

13.0x

11.7x

10.1x

17.5x

15.1x

9.0%

9.1%

39.3%

39.9%

20.3%

21.4%

Infosys Limited

14.70

14.01

19.89

33,602

5,027

-

28,575

2.8x

2.6x

2.5x

10.3x

10.0x

9.4x

15.2x

14.3x

7.5%

6.3%

37.7%

37.1%

26.5%

26.3%

DXC Technology Company

78.41

67.76

78.60

22,203

1,111

2,924

24,304

NA

1.2x

1.0x

NA

6.2x

4.5x

14.0x

10.3x

NM

20.0%

27.9%

28.9%

19.5%

22.1%

7.81

6.37

8.98

18,900

5,320

2,198

15,814

2.0x

1.8x

1.7x

9.8x

8.5x

8.7x

14.3x

13.8x

8.5%

5.5%

29.3%

28.8%

21.4%

19.7%

13.06

10.98

13.84

18,641

1,955

84

16,770

2.5x

2.2x

2.0x

11.2x

9.8x

9.4x

13.9x

13.2x

14.8%

8.3%

33.6%

33.2%

21.9%

21.2%

Cap Gemini S.A.

105.34

77.66

106.31

17,262

1,984

3,641

18,933

1.4x

1.3x

1.3x

11.3x

9.7x

9.1x

16.3x

15.0x

7.0%

4.1%

26.9%

31.4%

13.8%

14.1%

Atos SE

137.96

77.35

138.61

14,529

2,240

1,732

14,569

1.2x

1.0x

1.0x

9.0x

7.9x

7.5x

14.9x

13.9x

12.9%

2.1%

56.4%

55.0%

13.1%

13.6%

CGI Group Inc.

48.07

39.00

48.99

14,067

212

1,359

15,214

1.9x

1.9x

1.8x

11.2x

10.3x

9.8x

17.4x

16.2x

0.7%

3.6%

NA

NA

18.5%

18.8%

NTT Data Corporation

49.76

40.58

52.77

13,957

1,944

5,788

18,083

1.3x

1.1x

1.0x

8.1x

7.2x

7.0x

25.5x

22.2x

19.1%

4.9%

25.3%

25.1%

14.8%

14.6%

Nomura Research Institute, Ltd.

35.92

26.29

37.47

8,913

1,425

516

8,108

2.3x

2.1x

2.0x

11.0x

9.8x

9.2x

29.2x

21.1x

10.2%

4.5%

33.3%

34.2%

21.0%

21.4%

Tech Mahindra Limited

6.55

6.30

8.77

6,380

1,191

191

5,447

1.3x

1.1x

1.0x

8.5x

7.0x

6.2x

11.5x

10.8x

14.1%

8.8%

31.5%

33.7%

16.3%

16.8%

Capita plc

7.52

5.58

14.24

5,003

1,439

3,994

7,651

1.3x

1.3x

1.2x

10.1x

9.4x

8.8x

10.9x

10.0x

0.4%

1.4%

23.0%

26.6%

13.4%

14.1%

Genpact Limited

25.54

22.58

28.47

4,922

393

1,094

5,628

2.2x

2.1x

2.0x

13.4x

12.3x

11.4x

16.4x

14.7x

3.9%

6.4%

39.4%

39.6%

17.2%

17.4%

EPAM Systems, Inc.

80.89

54.53

81.01

4,193

399

25

3,820

3.3x

2.7x

2.2x

22.5x

14.9x

12.3x

23.6x

19.8x

21.9%

20.3%

37.1%

37.6%

18.2%

18.2%

Conduent Incorporated

17.70

13.10

18.15

3,604

255

2,121

5,470

0.9x

0.9x

0.9x

12.3x

8.1x

7.3x

23.7x

18.0x

(3.9%)

(1.3%)

15.9%

16.5%

11.0%

12.4%

Luxoft Holding, Inc.

63.10

46.58

66.18

2,095

98

1

1,997

2.7x

2.2x

1.8x

20.8x

12.6x

9.7x

19.5x

15.0x

20.3%

22.9%

40.3%

40.7%

17.6%

18.5%

9.09

6.61

9.67

1,913

494

53

1,472

1.6x

1.5x

1.4x

10.4x

9.2x

8.4x

14.0x

12.9x

11.4%

7.9%

24.6%

20.9%

16.0%

16.2%

ExlService Holdings, Inc.

50.50

42.00

54.78

1,701

218

46

1,528

2.2x

2.0x

1.9x

15.4x

11.5x

10.1x

19.6x

17.7x

9.8%

9.5%

34.8%

35.2%

17.7%

18.4%

WNS (Holdings) Ltd.

32.32

24.82

32.99

1,616

182

117

1,551

2.6x

2.3x

2.1x

17.1x

11.7x

10.6x

33.5x

21.0x

13.3%

12.6%

34.8%

34.8%

20.0%

19.6%

Syntel, Inc.

18.50

15.82

48.41

1,547

74

447

1,920

2.0x

2.2x

2.2x

7.1x

8.9x

8.6x

11.0x

10.8x

(9.7%)

0.3%

36.4%

36.7%

24.8%

25.5%

Presidio, Inc.

15.92

13.26

15.99

1,444

28

939

2,355

0.8x

0.8x

0.7x

12.0x

9.7x

9.1x

12.1x

11.4x

7.9%

5.3%

20.3%

20.5%

8.0%

8.1%

7.82

6.22

10.60

1,313

164

15

1,165

1.5x

1.4x

1.2x

10.7x

10.0x

8.2x

18.6x

14.0x

10.6%

11.8%

33.9%

34.0%

13.7%

14.9%

37.04

30.90

47.19

1,286

61

0

1,226

3.8x

3.1x

2.6x

20.1x

17.2x

13.9x

27.4x

22.4x

20.9%

20.3%

40.4%

40.7%

18.3%

18.7%

3.88

2.77

3.90

1,152

47

-

1,104

2.1x

1.8x

1.6x

13.2x

11.1x

10.0x

16.4x

15.0x

17.0%

10.4%

33.8%

33.8%

16.3%

16.4%

31.60

18.03

36.61

1,011

215

188

1,066

1.3x

1.2x

1.1x

28.4x

14.4x

11.6x

18.2x

15.3x

14.0%

7.9%

27.9%

30.4%

8.1%

9.2%

9.07

7.79

11.53

725

128

0

597

1.4x

1.2x

1.1x

9.5x

7.5x

6.5x

13.9x

12.1x

15.9%

12.8%

36.1%

36.2%

16.4%

17.0%

16.82

14.15

22.66

593

11

39

620

1.3x

1.3x

1.2x

12.4x

8.8x

7.6x

13.8x

11.9x

4.8%

6.6%

32.7%

33.2%

14.4%

15.6%

2.0x 2.0x

1.8x 1.9x

1.7x 1.8x

12.9x 11.3x

10.3x 9.8x

9.3x 9.3x

17.7x 16.4x

15.1x 14.8x

9.5% 9.8%

8.3% 7.2%

33.6% 33.8%

34.1% 34.0%

17.5% 17.4%

17.9% 17.8%

IT & BPO Services International Business Machines Corporation Accenture plc

Wipro Limited HCL Technologies Limited

MphasiS Limited

MindTree Limited Globant S.A. Hexaware Technologies Limited Virtusa Corporation Persistent Systems Limited Perficient, Inc.

Mean Median


11


LTM

Price

Price Range


Cash &

Value

Equiv.

5/8/17

Low

High

Teleperformance SE

$127.47

$72.80

$130.09

$7,217

SYNNEX Corporation

108.86

79.38

129.24

4,345

Convergys Corporation

22.97

20.15

30.92

2,172

TeleTech Holdings, Inc.

31.80

24.45

31.97

Sykes Enterprises, Incorporated

29.53

25.77

31.37

transcosmos inc.

22.47

20.93

Atento S.A.

9.85

BELLSYSTEM24 Holdings, Inc. Relia, Inc.

Enterprise

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E

EBITDA Margin

Debt

Value

CY 17E

CY 18E

$298

$2,057

$8,987

2.3x

1.9x

1.8x

16.5x

11.2x

10.4x

19.8x

17.9x

21.8%

6.2%

NA

NA

17.1%

215

1,015

5,144

0.4x

0.3x

0.3x

10.0x

9.2x

8.6x

13.8x

13.2x

7.3%

3.9%

9.6%

9.7%

3.7%

3.8%

189

345

2,328

0.8x

0.8x

0.8x

6.4x

6.4x

6.2x

12.6x

11.7x

(0.9%)

1.9%

36.5%

36.3%

12.6%

12.8%

1,455

66

182

1,578

1.2x

1.2x

1.1x

10.0x

8.6x

7.9x

19.5x

16.2x

5.5%

5.7%

27.4%

28.2%

13.6%

14.1%

1,235

287

267

1,215

0.8x

0.8x

0.7x

7.4x

6.6x

6.1x

14.7x

13.0x

8.9%

4.6%

35.2%

35.3%

11.5%

11.9%

28.82

932

304

140

800

0.4x

0.4x

0.3x

8.0x

7.1x

6.4x

14.5x

12.7x

10.6%

8.7%

17.9%

18.2%

5.0%

5.2%

6.77

14.64

728

171

540

1,097

0.6x

0.6x

0.6x

5.9x

4.9x

4.7x

14.2x

13.1x

5.4%

3.4%

NA

NA

12.0%

12.1%

9.69

6.51

13.15

709

50

698

1,367

1.5x

1.3x

1.3x

14.6x

13.3x

12.1x

15.5x

12.7x

8.9%

4.9%

18.1%

18.6%

10.0%

10.5%

9.93

7.98

10.78

685

128

31

588

0.8x

0.6x

0.6x

11.6x

8.3x

7.2x

19.9x

16.0x

24.2%

9.7%

NA

15.0%

7.5%

7.9%

1.0x 0.8x

0.9x 0.8x

0.8x 0.7x

10.0x 10.0x

8.4x 8.3x

7.7x 7.2x

16.1x 14.7x

14.0x 13.1x

10.2% 8.9%

5.5% 4.9%

24.1% 22.8%

23.1% 18.6%

10.3% 11.5%

10.6% 11.9%

Customer Care / CRM Services

Mean Median


17.4%

12

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016) ($MM) EV / EBITDA Announced Date

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

4/17/2017

NA

NA

NA

NA

NA

Provides subscription-based advertising, brand, and pricing intelligence solutions

4/10/2017

$457

14.9x

8.0x

1.5x

1.5x

Operates as a savings destination with digital offers for online and in-store purchases

4/4/2017

NA

NA

NA

NA

NA

Provides analytics and services to engage with shoppers and patients and optimize results

$400

NA

NA

NA

NA

Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher

4/3/2017

$900

17.0x

NA

4.2x

NA

Provides agricultural market intelligence to farmers, agribusinesses, and commodity traders

3/20/2017

$205

NA

NA

7.3x

NA

Provides portfolio performance measurement

3/20/2017

NA

NA

NA

NA

NA

Cision provides public relations software (reverse merger)

3/3/2017

$125

16.2x

NA

4.2x

NA

Provides information and data for the global forest products industry

2/28/2017

NA

NA

NA

NA

NA

Provides software, workflow tools, and technologies to the automotive repair industry

2/20/2017

$104

17.0x

14.0x

1.9x

1.7x

German full-service digital agency

2/16/2017

$215

NA

NA

NA

NA

Leading global provider of digital flight information

1/19/2017

NA

NA

NA

NA

NA

Provides technology media, data, and marketing services to customers worldwide

1/10/2017

$150

NA

NA

2.5x

NA

Monitors and analyzes business information for companies worldwide

1/6/2017

$200

NA

NA

2.8x

2.4x

Provides data-driven, omni-channel marketing services for clients in the financial services sector

1/5/2017

$3,541

17.7x

14.2x

3.7x

3.7x

Provides best practice and talent management insights in the U.S., Europe, and internationally

4/3/2017 Email/Cross-Channel Marketing Business

Target Description

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17.

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Marketing & Information Services M&A Transactions (2017 YTD & 2016) – continued ($MM) EV / EBITDA Announced Date

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

1/5/2017

NA

NA

NA

NA

NA

Provides marketers with a comprehensive view into consumer behavior patterns

1/4/2017

$418

NA

NA

NA

NA

UK-based producer and provider of technical information for the automotive aftermarket

1/3/2017

NA

NA

NA

NA

NA

Provides integrated marketing solutions including digital, social, and direct mail

12/20/2016

$560

NA

NA

NA

NA

Operator of entertainment data and technology company.

12/14/2016

$2,886

6.9x

5.0x

2.5x

2.3x

Provider of real-time information and analysis services

12/8/2016

$2,015

11.6x

8.3x

1.3x

1.3x

Provider of market research and related services

11/21/2016

$144

NA

NA

NA

NA

Provider of business and financial information on public and private companies globally

11/17/2016

$140 (1)

NA

NA

NA

NA

Provider of an online marketplace for people-based data

11/17/2016

NA

NA

NA

NA

NA

Provider of technology-enabled marketing services

11/17/2016

NA

NA

NA

NA

NA

Provider of social shopper marketing services

11/17/2016

$90

6.5x

5.9x

0.7x

0.8x

Provider of marketing insights and communications services

11/16/2016

$130

NA

NA

NA

NA

Provider of credit card comparison services

11/14/2016

NA

NA

NA

NA

NA

Provider of geographic information products and services

10/25/2016

NA

NA

NA

NA

NA

Provider of marketing research services

10/14/2016

$225

NA

NA

7.2x

NA

Provider of data, research and analysis on private and public companies

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 5/15/17. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

14


Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

10/13/2016

NA

NA

NA

NA

NA

Provider of digital media and online advertising services

10/4/2016

$250

NA

NA

NA

NA

Provider of e-commerce media services

9/26/2016

$941

10.3x

9.0x

2.2x

2.1x

Provider of business management information services

9/15/2016

$1,558

11.0x

NA

4.2x

NA

Publisher of trade magazines and industry-specific web sites

9/6/2016

NA

NA

NA

NA

NA

Provider of governance, risk, and compliance solutions

8/9/2016

$2,393

22.8x

16.0x

6.9x

6.2x

Provider of strategic advisory services for healthcare organizations

8/8/2016

$1,500

NA

NA

NA

NA

Provider of performance marketing services

$3,550

11.0x

NA

3.5x

NA

Provider of intellectual property and scientific information services

6/27/2016

$158

NM

8.9x

0.4x

0.5x

Provider of online advertising services

6/10/2016

$260

19.3x

NA

5.7x

NA

Provider of data and research related to digital marketing, media, and commerce

6/9/2016

NA

NA

NA

NA

NA

Provider of sales and marketing services for the insurance sector

6/7/2016

NA

NA

NA

NA

NA

Provider of information, news and data for the travel and hospitality industries

5/23/2016

$175

NA

NA

NA

NA

Provider of market research services

5/23/2016

$1,447

NA

NA

NA

NA

Publisher of market reports

5/5/2016

$107

7.3x

NA

1.5x

NA

Provider of online review and comparison services

7/11/2016 Intellectual Property & Science Business



Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

5/3/2016

$13,267

17.9x

14.0x

4.3x

4.2x

Provider of information and technology services to the global healthcare industry

4/25/2016

$820

NA

NA

NA

NA

Provider of risk assessment and decision analytics services to the global healthcare industry

4/18/2016

$360

10.3x

NA

NA

NA

Provider of identity fraud services

4/15/2016

$1,100

NA

NA

3.1x

NA

Provider of marketing information services

4/4/2016

NA

NA

NA

NA

NA

Provider of web integration services in Japan

3/21/2016

$7,303

19.1x

13.8x

6.6x

6.1x

Provider of financial information services

3/7/2016

$207

NA

NA

1.7x

NA

Provider of customer acquisition services

2/18/2016

$3,579

35.0x

NA

5.9x

NA

Operator of a healthcare analytics company

2/11/2016

$418

NM

NA

2.0x

NA

Provider of online advertising services

1/28/2016

NA

NA

NA

NA

NA

Operator of a digital marketing agency

1/11/2016

$650

NA

17.0x

NA

NA

Provider of petroleum pricing services

15.1x 15.6x

11.2x 11.4x

3.5x 3.1x

2.7x 2.2x

Mean Median

Target Description


RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) ($MM) EV / EBITDA Announced Date

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

4/14/2017

$2,000+

NA

NA

NA

NA

Provides technology-based educational, curriculum, and assessment solutions

4/7/2017

NA

NA

NA

NA

NA

Develops contingent workforce management solutions

4/3/2017

$2,735

13.0x

11.6x

1.1x

1.1x

Provides infrastructure design, engineering, and project management consultancy services

4/3/2017

$288

NA

NA

0.7x

NA

Provides IT and BPO services

3/6/2017

$110

NA

NA

0.9x

NA

Provides technology consulting to healthcare service providers

2/16/2017

$135

NA

NA

NA

NA

Provides strategy and growth consulting services

$4,800

12.1x

NA

2.1x

NA

Benefits administration platform which provides cloudbased HR management services

$690

NA

NA

0.7x

NA

Provides communications, engineering, and IT solutions

$1,500

NA

NA

NA

NA

Provides full-lifecycle software development services to customers worldwide

12/19/2016

NA

NA

NA

NA

NA

Provider of recruitment services

12/14/2016

NA

NA

NA

NA

NA

Provides managed hosting and cloud computing services, with strong AWS focus

12/12/2016

$435

11.2x

7.7x

0.8x

0.8x

Provider of language translation and testing services

12/6/2016

NA

NA

NA

NA

NA

Provider of information security and compliance management services to enterprise clients

12/1/2016

NA

NA

NA

NA

NA

Provider of data-driven benchmarking, outsourcing consulting and network advisory services

11/16/2016

NA

NA

NA

NA

NA

Provider of debt collection and business process outsourcing services

2/10/2017 Benefits Administration & HR Platform 1/27/2017 Government IT Services Business 1/11/2017 (48% stake)


RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) – continued ($MM) EV / EBITDA Announced Date

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

11/14/2016

$4,413

16.5x

NA

7.1x

NA

Provider of credit information services

11/6/2016

$2,500

NA

NA

NA

NA

Provider of business and financial advisory services

10/31/2016

$6,030

15.0x

11.6x

1.4x

1.2x

Provider of healthcare administrative services

10/21/2016

$410

NA

NA

NA

NA

Provider of information management and data recovery services

10/20/2016

$500

NA

NA

2.6x

NA

Provider of enterprise-grade cloud services

10/17/2016

NA

NA

NA

NA

NA

Provider of information technology services

10/11/2016

NA

NA

NA

NA

NA

Provider of risk management services

10/6/2016

NA

NA

NA

NA

NA

Provider of business process outsourcing services

10/5/2016

NA

NA

NA

NA

NA

Provider of outsourcing and consulting services

9/29/2016

NA

NA

NA

NA

NA

Provider of consulting and advisory services

9/26/2016

$941

10.3x

9.0x

2.2x

2.1x

Provider of business management information services

9/22/2016

$166

NA

NA

1.8x

NA

Provider of global strategy consulting services

9/20/2016

NA

NA

NA

NA

NA

Provider of professional staffing services

8/22/2016

$1,522

10.4x

NA

3.9x

NA

Provider of language translation services

8/10/2016

NA

NA

NA

NA

NA



RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select Professional, IT & BPO Services M&A Transactions (2017 YTD & 2016) – continued ($MM) EV / Revenue

EV / EBITDA

Target Description


LTM

NTM

LTM

NTM

7/27/2016

$1,023

11.7x

8.9x

1.9x

1.9x

Provider of technology-based legal services

7/11/2016

$420

NA

NA

NA

NA


7/6/2016

$132

NA

NA

0.8x

NA


6/1/2016

NA

NA

NA

NA

NA


5/24/2016

$8,642

5.1x

NA

0.5x

NA

Provider of IT consulting services

4/4/2016

$275

NA

NA

NA

NA

Operator of a social network for executives

4/3/2016

$1,040

7.7x

7.2x

1.1x

1.1x

Provider of global IT and business process outsourcing services

3/30/2016

NA

NA

NA

NA

NA

Provider of cloud-enabled consulting and implementation services

3/28/2016

$3,055

NA

NA

1.1x

NA

Provider of information technology and business services

2/11/2016

NA

NA

NA

NA

NA

Provider of healthcare staffing services

2/8/2016

$742

8.9x

6.1x

0.8x

0.8x

Provider of information-technology services

2/1/2016

NA

NA

NA

NA

NA

Provider of court reporting services

1/4/2016

NA

NA

NA

NA

NA

Provider of legal and technology consulting services

Announced Date

Acquirer

Target

Mean Median

11.1x 11.2x

8.9x 8.9x

1.7x 1.1x

1.3x 1.1x


RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) ($MM) Announced Date

Acquirer

Target


Target Description

4/27/2017

WPP Digital

DeepLocal Inc.

NA

Innovation studio focused on product invention, design, and engineering for its clients' marketing campaigns

4/27/2017

The Stagwell Group; Stagwell Media LLC

Scout Marketing, Inc.

NA

Full-service marketing communications firm focused on healthcare and consumer marketing

4/26/2017

Oaktree Capital Management, L.P.; Cornerstone Partners Sp. z o.o

IT Kontrakt Sp. z o.o.

$40

Poland-based provider of recruitment and outsourcing of IT professionals

4/25/2017

Service Express, Inc.

Delta Computer Group, Inc.

NA

Third-party maintenance services provider for IT infrastructure

4/24/2017

HCL Technologies Limited

Urban Fulfillment Services, LLC

$30

Provides mortgage business process outsourcing and fulfillment services

4/20/2017

Accenture plc

Kunstmaan NV

NA

Belgium-based communications agency, with capabilities including brand strategy, creative and marketing services, content creation, and digital development

4/20/2017

ReachLocal, Inc.

SweetiQ Analytics Corp.

NA

Provides local search marketing solutions that help brands convert online searches into in-store shoppers

4/20/2017

EverFi, Inc.

Workplace Answers, LLC

NA

Provides online compliance training courses for employees of educational institutions, commercial organizations, and government organizations

4/19/2017

H.I.G. Europe

CONET Technologies AG

NA

Provides SAP-focused IT systems and consulting services

4/17/2017

Vista Equity Partners LLC

Market Track, LLC

NA

Provides subscription-based advertising, brand, and pricing intelligence solutions

4/14/2017

The Blackstone Group L.P.; Canada Pension Plan Investment Board

Ascend Learning, LLC

$2,000+

4/12/2017

Market Track, LLC

360pi Corporation

NA

4/10/2017

Harland Clarke Holdings Corp.

RetailMeNot, Inc.

$457

4/10/2017

North Bridge Growth Equity (Investment)

Lucid Holdings, LLC

NA

Market research technology company that provides an audience platform to access consumers for data-driven decision making

4/10/2017

Capgemini America, Inc.

Ciber, Inc., Substantially All Assets in North America and India

$50

Provides IT and related staffing services

Provides technology-based educational, curriculum, and assessment solutions Canada-based provider of cloud-based retail price and product intelligence solutions for retailers and brand manufacturers Operates as a savings destination for consumers with digital offers for online and in-store purchases at retailers, restaurants, and brands


RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONS Select M&A Transactions (2017 YTD) – continued ($MM) Announced Date

Acquirer

Target


Target Description

4/7/2017

Harvest Partners, LP; Investcorp Bank B.S.C.; Bahrain Mumtalakat Holding Company B.S.C.

PRO Unlimited, Inc.

NA

Develops contingent workforce management solutions

4/5/2017

Merkle Inc.

Divisadero Digital Intelligence, S.L.

NA

Spain-based provider of digital intelligence and digital transformation consulting services

4/5/2017

Teneo Holdings LLC

Fitzroy Communications, LLC

NA

Provides PR and investor communications and consulting services

4/5/2017

Keais Records Service, LLC

National Legal Services, LLC

NA

Provides outsourced legal, document retrieval, and document preparation services

4/4/2017

OMERS Private Equity

Inmar, Inc.

NA

Provides analytics and technology-enabled services to engage with shoppers and patients and optimize results

4/4/2017

Yelp Inc.

Turnstyle Solutions, Inc.

$20

Canada-based provider of Wi-Fi digital marketing tools and services to retain and reward customers

4/4/2017

Impact Group

Signature Specialty Sales & Marketing, Inc.

NA

Nationally connected sales and marketing company offering headquarter and retail coverage to mass and natural channels across the Midwest

4/4/2017

Metrostudy, Inc.

Templeton Demographics, LLC

NA

Provides enrollment projection services for school districts

4/4/2017

Renovo Capital, LLC

Global HR Research, LLC

$30

Provides employee background screening and onboarding solutions in the U.S.

4/4/2017


Emantras Inc.

NA

Provides digital and mobile education solutions

4/4/2017

HgCapital; TA Associates Management, L.P. (Strategic Investment)

Mitratech Holdings, Inc.

NA

Provides Web-based enterprise legal management solutions for corporate legal departments

4/4/2017

TeleTech Healthcare Solutions, Inc.

Connextions, Inc.

$80

Develops and provides health care consumer engagement solutions

4/3/2017

Vector Capital

Experian plc, Email/Cross-Channel Marketing Business

$400

Includes the Experian Marketing Suite, CheetahMail, and Mail Publisher, as well as Experian's full portfolio of professional and strategic services

4/3/2017

iProspect, Inc.

Leapfrog Online, Inc.

NA

Provides performance marketing solutions that help brands grow digital market share, acquire new customers, and deliver sales

4/3/2017

Beringer Capital

Blue Acorn, Inc.

NA

Provices data-driven ecommerce design, development, and optimization services



Acquirer

Target


Target Description

4/3/2017

TBG AG

Telvent DTN, LLC

$900

4/3/2017

SNC-Lavalin Group Inc.

WS Atkins plc

$2,735

4/3/2017

Accenture plc

Genfour Ltd

NA

4/3/2017

Capital Square Partners

Aegis Limited

$288

4/3/2017

Davies Group Limited

CYNERGIE UK Ltd

NA

4/3/2017

KKR Credit Advisors (US) LLC

Angelica Corporation

$125

Provides healthcare linen and medical laundry services for hospitals, clinics, and long-term care facilities in the U.S.

3/31/2017

The Wicks Group of Companies, L.L.C.

EZShield, Inc.

NA

Provides identity theft protection and restoration services in the U.S. and Canada

3/30/2017

Crowe Horwath LLP

SDGblue, LLC

NA

Provides information security, managed services, and network infrastructure solutions

3/29/2017

TZP Growth Partners (Strategic Investment)

Advocate Solutions

NA

Provides strategic advisory, project and risk management services, and unified communications consulting services to state and local governments

3/29/2017

Endeavour Capital, Inc. (Investment)

Berkeley Research Group, LLC

NA

Provides independent expert testimony, litigation and regulatory support, and strategic advice

3/28/2017

Heritage Group, LLC (Investment)

Reputation.com, Inc.

NA

Provides online reputation management solutions for businesses and individuals

3/28/2017

Cision AB

Bulletin Intelligence LLC

NA

Publishes and provides open-source intelligence information to senior corporate and government executives

3/27/2017

Deloitte Digital

Day1 Solutions LLC

NA

Provides cloud consulting, implementation, and managed services and solutions

3/27/2017

Cache Inc.

Software Link, Inc.

NA

Provides Sage software solutions

3/23/2017

Rhone Capital, L.L.C.

Garda World Security Corp.

NA

Provides security and cash services

Provides agricultural information and market intelligence, helping farmers, agribusinesses, and commodity traders to manage their businesses Provides infrastructure design, engineering, and project management consultancy services UK-based provider of system integration and consulting services for deployment of robotic process automation and artificial intelligence technologies Provides IT and BPO services UK-based provider of outsourced regulatory and complaints management services across the financial services, utilities, and ombudsman services sectors



Acquirer

Target


Target Description

3/23/2017

New Enterprise Associates (Investment)

DataRobot, Inc.

NA

Develops machine learning automation software for enterprises to help users gain insights from data scientists

3/23/2017

Accenture plc

First Annapolis Consulting, Inc.

NA

Provides strategic and tactical advisory services focusing on the payments industry

3/23/2017

Orion Systems Integrators, LLC

Vernalis Group, Inc.

NA

Develops custom software and technology solutions for enterprise clients in the financial services and professional sports industries

3/22/2017

FTV Capital; Zodius Advisors India Private Limited (Investment)

MarketsandMarkets Research Private Ltd.

NA

India-based provider of syndicated and custom research focused on high-growth and niche markets

3/22/2017

Paladin Security Group Ltd.

Criterion Security (nka:PalAmerican Security)

NA

Provides security guard services; combined company rebranded as PalAmerican Security

3/21/2017

Accenture plc

Focus Group Europe Ltd

NA

UK-based provider of implementation and deployment services for ServiceNow software

3/21/2017

Summit Partners LLP

Ascentis Corporation

NA

Provides HR software, online payroll services, and human capital management solutions

3/21/2017

Hosting.com, Inc.

Stelligent Systems, llc

NA

Provides DevOps automation and continuous delivery solutions within the Amazon Web Services (AWS) public cloud

3/20/2017


BI-SAM Technologies S.A.

$205

3/20/2017

Cision AB

Capitol Acquisition Corp. III

NA

Provides public relations software that enables professionals to plan, execute, and measure influencer-oriented campaigns in one integrated platform

3/16/2017

Onlineprinters GmbH

A.G.A Print Ltd.

NA

Also known as solopress.com, provides online printing services

3/16/2017

Boathouse Capital; Spring Capital Partners (Investment)

Employee Relations Associates, Inc.

NA

Provides contract staffing services in the banking/finance, medical, IT, and legal industries on a national basis

3/15/2017

Inflexion Private Equity Partners LLP

Cawood Scientific Ltd.

NA

Provides physical, chemical, spectroscopic, and microbiological analytical services in the U.K. and Europe

3/14/2017

Genpact Limited

RAGE Frameworks, Inc.

NA

Provides knowledge-based automation technology and services for enterprises

3/14/2017

Employee Relations Associates, Inc

TalentBridge Holdings, LLC

NA

Provides permanent and temporary staffing services

Provides portfolio performance measurement, including attribution, multi-asset risk, GIPS composites management, and reporting



Acquirer

Target


Target Description

3/14/2017

Halo Group, LLC

Geneva Technical Services, LLC

NA

Provides IT consulting and staffing services

3/13/2017

North Bridge Growth Equity (Investment)

One Source Technology, LLC

NA

Designs and develops an integrated system of background screening products for corporations and government entities

3/8/2017

Business & Legal Resources, Inc.

Navis Learning Corporation

NA

Provider of custom learning and development solutions for a wide range of companies across multiple industries

3/7/2017

Oak Lane Partners, LLC

Maintech, Incorporated

$18

Provides infrastructure support services for corporate IT enterprises

3/7/2017

Deposition Solutions, LLC

Castle Copy Service, Inc.

NA

Provides records retrieval services

3/6/2017

Gartner, Inc.

L2, Inc.

$150

Provides brands with digital performance benchmarking and advice on key industry trends via an annual subscription service

3/6/2017

Tech Mahindra (Americas), Inc.

The HCI Group

$110

Provides technology consulting to healthcare service providers with a focus on implementation of EHR and EMR software, training, and support services

3/6/2017

Norwest Equity Partners (Investment)

Bailiwick, Inc.

NA

Provides professionally managed technology integration services for complex, large-scale IT initiatives

3/3/2017

General Atlantic LLC (Investment)

General Information Services, Inc.

NA

Provides background screening services

3/3/2017

Questel S.A.

ITIP Proficiency, LLC

NA

Provides cost management solutions and services to the IP community

3/3/2017

Euromoney Institutional Investor PLC

RISI, Inc.

$125

3/2/2017

Cognizant Technology Solutions Corporation

Brilliantservice Co.,Ltd.

NA

Japan-based provider of end-to-end mobile applications and embedded software development services

3/2/2017

Cheil Worldwide Inc.

Pricing Solutions Ltd.

NA

Canadian B2B pricing strategy consulting service provider

3/1/2017

Accenture plc

Davies Consulting LLC

NA

Consulting firm that provides utility asset management, risk management, grid and pipeline network modernization, and emergency management services

2/28/2017

Advent International Corporation

CCC Information Services Inc.

NA

Provides advanced software, workflow tools, and enabling technologies

Provides information and data for the global forest products industry



Acquirer

Target


Target Description

2/28/2017

Verisk Analytics, Inc.

Emergent Network Intelligence Ltd.

NA

UK-based provider of insurance claims efficiency and fraud detection software

2/23/2017

SambaSafety, Inc.

Vigillo, LLC

NA

Provides real-time data for monitoring and analyzing commercial driver and motor carrier safety performance

2/22/2017

HootSuite Media Inc.

LiftMetrix, Inc.

NA

Data analytics company that measures the impact and effectiveness of marketing campaigns on social media

2/22/2017

Shamrock Capital Advisors, LLC (Investment)

Maple Media, LLC

NA

Mobile media, advertising, and technology company which acquires, manages, and operates mobile applications

2/20/2017

Accenture Holding GmbH & Co. KG

SinnerSchrader Aktiengesellschaft

$104

German full-service digital agency that specializes in developing and implementing digital products, services, and marketing solutions

2/16/2017

Cap Gemini S.A.

Idean Enterprises Oy

NA

Provides digital strategy and user experience design services globally

2/16/2017


Innosight LLC

$135

Provides strategy and growth consulting services to organizations in business, education, and healthcare sectors

2/16/2017

Infogix, Inc.

Data3Sixty, Inc.

NA

Operates a cloud-based data governance collaborative platform to solve data problems for financial services and other industries

2/16/2017

Vitruvian Partners LLP

OAG Aviation Holdings Limited

$215

Leading global provider of digital flight information, aggregating and processing mission-ciritcal data from thousands of sources for customers worldwide

2/15/2017

Ascendum Solutions LLC

Sourcebits, Inc.

NA

Engages in the design and development of software applications, games, and the Web

2/15/2017

H.I.G. Growth Partners, LLC (Investment)

AdTheorent, Inc.

NA

Provides predictive digital advertising technology and solutions for brands and agencies

2/15/2017

Moody's Corporation

SCDM Germany GmbH, Structured Finance Data and Analytics Business

NA

Provides analytical tools for participants in securitization markets

2/14/2017

MetaSource, LLC

Orion Financial Group, Inc.

NA

Provides real estate document recording services, including mortgage assignments, lien releases, and document retrieval services

2/14/2017

Riverside Partners LLC

Medical Reimbursements of America, Inc.

NA

Provides specialty reimbursement solutions for hospitals and health systems in the U.S.

2/14/2017

RWS Holdings plc

LUZ, Inc.

$83

Provides language translation services for life sciences



Acquirer

Target


Target Description

2/13/2017

WILsquare Capital LLC

DCM Services, LLC

NA

2/10/2017

The Blackstone Group L.P.

Aon plc, Benefits Administration and HR Business Process Outsourcing Platform

$4,800

2/9/2017

Accenture plc

VeriSign, Inc., iDefense Security Intelligence Services Business

NA

Provides cyber intelligence related to vulnerabilities, malicious code, and global threats to organizations worldwide

2/9/2017

HomeAdvisor, Inc.

HomeStars, Inc.

NA

Operates online community that helps homeowners and home improvement companies in finding renovators, repairmen, and retailers in Canada

2/8/2017

Accenture plc

Endgame, Inc., U.S. Federal Government Services Business

NA

Endpoint detection and response (EDR) cybersecurity software company

2/8/2017

Condé Nast

CitizenNet, Inc.

NA

Social data and marketing platform that provides tools for real-time social streams, embedding, searching, and ranking

2/8/2017

Market Track, LLC

Brandtale Inc.

NA

Native ad competitive intelligence specialist that provides brands, agencies, ad tech providers, and publishers with insights to help drive content innovation

2/7/2017

Brook Venture Partners; Eagle Private Capital, LLC; Resolute Capital Partners

Cole Information Services, Inc.

NA

Provides consumer and business databases in real estate, insurance, credit collections, small business, law enforcement, and home service industries

2/7/2017

Ascential plc

Media Link, LLC

$207

2/7/2017

Webster Capital

PharmaLogics Recruiting, LLC

NA

Recruitment firm for life sciences companies worldwide

2/6/2017

Mountaingate Capital (Investment)

Elite SEM

NA

Performance-driven digital marketing agency

2/6/2017

Thomson Reuters Corporation

Clarient Global LLC

NA

Operates a platform to provide KYC and legal entity reference data services

2/6/2017

Thomson Reuters Corporation

Avox Limited

NA

London-based supplier of legal entity data, hierarchies, and identifiers on financial entities globally

2/6/2017

Salient CRGT, Inc.

Information Innovators Inc.

NA

Provides IT services and solutions for the Department of Defense and other civilian agencies of the federal government

2/2/2017

GTB Agency, LLC

Zubi Advertising Services, Inc.

NA

Full-service advertising agency that focuses on the Hispanic market in the U.S.

Provides data and contact management solutions for the estate recovery market Comprises a benefits administration platform which provides cloud-based HR management services

Provides strategic advisory services focused on growth to the media, advertising, entertainment, and technology industries



Acquirer

Target


Target Description

2/2/2017


McKinney Rogers International Limited

NA

Provides corporate strategy and consulting services

2/2/2017

Pamlico Capital (Investment)

Winsight, LLC

NA

Provides market intelligence, professional events, and media to global restaurant, noncommercial foodservice, and convenience retail industries

1/31/2017

Centerfield Media Holdings, LLC

Qology Direct, LLC

NA

Provides performance-based marketing services, fka Saveology.com

1/31/2017

CRA International, Inc.

C1 Consulting LLC

NA

Provides life sciences strategy consulting services for the pharmaceutical and biotech industries

1/31/2017

Accenture plc

InvestTech Systems Consulting, LLC

NA

Provides investment, wealth, and data management solutions and services for global investment managers

1/30/2017

The Wicks Group of Companies, L.L.C.

Gladson Interactive, Inc.

NA

Provides syndicated CPG product images and information

1/30/2017

CIP Capital

Compliance Solutions Strategies

NA

Provides compliance and regulatory services to the asset management and securities industries

1/30/2017

HGGC, LLC

Davies Group Limited

$112

1/27/2017


Interactive Data Managed Solutions, LLC

NA

Offers real-time market data desktops, customizable web-based portals, and a broad range of mobile solutions for wealth management industry

1/27/2017

Symphony Technology Group

Fishbowl Inc.

NA

Provides a SaaS-based marketing analytics platform for the restaurant industry

1/27/2017

Veritas Capital

Harris Corporation, Government IT Services Business

$690

1/27/2017

Ebates, Inc.

Cartera Commerce Inc.

NA

Operates branded websites for airline and financial services partners that allow users to earn rewards by shopping on online stores

1/26/2017

Millstein & Co. LLC

MuniServices And Broussard Partners & Associates, Inc. And PRA Government Services And RamWare

$92

Provides services related to revenue enhancement, technology, and consulting for municipal and other government clients in the U.S.

1/26/2017

Reimagine Holdings Group

MarketSight LLC

NA

Develops web-based applications for market researchers to analyze and present data

1/25/2017

Accenture plc

solid-serVision.com GmbH

NA

German-based provider of consulting and implementation services focused on ServiceNow

Provider of claims outsourcing and loss adjusting services to insurance companies, brokers, managing general agents, and self-insured entities

Provides communications, engineering, and IT solutions for Intelligence, defense, and federal civilian customers



Acquirer

Target


Target Description

1/24/2017

MPF Research Inc.

Axiometrics Inc.

$80

Provides surveys and market research on 500+ apartment markets and submarkets, along with 680 colleges and universities nationwide

1/24/2017

Solera Holdings Inc.

Digidentity B.V.

NA

Netherlands-based provider of identity management solutions for safe communication between individuals, organizations, and the government

1/23/2017

The Stagwell Group; Stagwell Media LLC

Nielsen Holdings plc, Certain Custom Research Assets

NA

Public opinion research firm that focuses on brand management, corporate reputation, CPG, public opinion, and consumer experience

1/23/2017

Viant Technology Inc.

Adelphic, Inc.

NA

Develops a mobile and cross-channel programmatic advertising platform that connects brands with audiences

1/23/2017

AIR Worldwide Corporation

Arium Limited

NA

Provides an innovative approach to modeling casualty catastrophic risk for organizations and their supply chain

1/20/2017

Market Track, LLC

AC Nielsen Company Of Canada, Ad Intelligence Service

NA

Provides actionable data to assist clients with campaign optimization, competitive intelligence, and cross-media strategy in Canada

1/20/2017

The NPD Group, Inc.

Nielsen Holdings plc, U.S. Market Information and Research Services for Book Industry Unit

NA

Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education, PubTrack Christian, Books & Consumers, PubEasy, and PubNet

1/20/2017

Sageview Capital LP (Investment)

National Arbitration And Mediation Inc.

NA

Leading provider of alternative dispute resolution (ADR) services through its panel of arbitrators and mediators

1/19/2017

Accenture plc

Seabury Consulting LLC

NA

Provides corporate advisory and consulting services to the aviation industry

1/19/2017

IDG Capital Partners; China Oceanwide Holdings Group Co.,Ltd

International Data Group, Inc.

NA

Provides technology media, data, and marketing services to customers worldwide

1/18/2017

SMS Systems Maintenance Services, Inc.

Curvature LLC

NA

IT services company and leading provider of new and pre-owned network hardware and IT infrastructure services

1/18/2017

Augeo Affinity Marketing Inc.

Edo Interactive Inc.

NA

Provides digital and mobile advertising solutions that leverage payment networks to connect brands with consumers

1/18/2017

BV Investment Partners (Investment)

C-4 Analytics, LLC

NA

Provides tech-enabled digital marketing services

1/17/2017

Proviso Capital LLC

Cache Inc.

NA

Provides IT consulting services including accounting and ERP solutions and CRM and HR software

1/17/2017

Automatic Data Processing, Inc.

The Marcus Buckingham Company, Inc

NA

Provides leadership development solutions, including tools, research, coaching, and training programs



Acquirer

Target


Target Description

1/17/2017

Bain Capital Private Equity, LP; Yonghui Superstores Co., Ltd.

Daymon Worldwide, Inc.

$413

1/13/2017

Carrick Capital Partners, LLC (Investment)

Perfect Sense Digital, LLC

NA

Operates as a Web design, development, and operations company with a focus on delivering digital experiences for its clients' customers

1/12/2017

MCG Health, LLC

Work-Loss Data Institute LLC

NA

Evidence-based guideline company that provides healthcare data and guidelines to the workers’ compensation industry

1/11/2017

Canada Pension Plan Investment Board (48% Stake)

GlobalLogic Inc.

$1,500

1/10/2017

The Dun & Bradstreet Corporation

Avention, Inc.

$150

1/9/2017

Accenture plc

Altitude Inc.

NA

Offers product design, consulting, and innovation services

1/9/2017


Pope Woodhead & Associates Ltd

NA

UK-based provider of consultancy services to clients in pharmaceutical, biotech, and medtech sectors

1/6/2017

Deluxe Corporation

First Manhattan Consulting Group LLC

$200

1/5/2017

Gartner, Inc.

CEB Inc.

$3,541

1/5/2017

Impact Group

Harlow-HRK Sales & Marketing, Inc.

NA

Provides sales, marketing, analytical, and retail support services to manufacturers in the grocery industry

1/5/2017

The Carlyle Group LP; Carlyle US Equity Opportunity Fund II, L.P; The Indian Hill Group

Claritas, LLC

NA

Provides marketers with a comprehensive view into consumer behavior patterns through proprietary segmentation analysis

1/4/2017

Perficient, Inc.

R.A.S. Associates, Inc.

$13

Operates as a strategy and management consulting company

1/4/2017

Solera Holdings Inc.

Autodata Publishing Group Limited

$418

UK-based producer and provider of automotive technical information for the automotive aftermarket worldwide

1/4/2017

Financial Times Group Ltd.

GIS Planning, Inc.

NA

Provides subscription-based, proprietary U.S. national site selection data and intelligence for economic developers

1/3/2017

Macaulay-Brown, Inc.

Enlighten IT Consulting Inc.

NA

Provides big data infrastructure, secure cloud engineering, and analytic solutions for federal, state, and local clients

Provides branding, merchandising, and marketing services for retailers

Provides full-lifecycle software development services to customers worldwide Monitors and analyzes business information for companies worldwide, fka OneSource Information Services

Data-driven, omni-channel marketing services company that develops and delivers direct marketing campaigns Provides best practice and talent management insights in the U.S., Europe, and internationally



Acquirer

Target


1/3/2017

Platinum Equity, LLC

Cox Target Media, Inc.

NA

Target Description Provides integrated marketing solutions including digital, social, and direct mail for agencies, retailers, brands, and shopper marketers


GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

Acquired by

A portfolio company of

and the managers / shareholders

A portfolio company of

Sold a majority stake in A portfolio company of

Acquired by

We Advised the Seller

We Advised the Shareholders of Cawood Scientific

We Advised the Sellers

Convertible Note Offering

Acquired by

Equity Investment

Financial Advisor


Financial Advisor

Acquired

Acquired by

to

Acquired Acquired by

Received Minority Investment from

to

Acquired by

We Advised AXIO


We Advised the Buyer

Financial Advisor


We Advised the Sellers

Acquired

Acquired by

Preferred Stock

Acquired



Financial Advisor


Acquired by

Acquired





Acquired by

Acquired by

Acquired by




IT Services Business

Acquired by

Sold Acquired by

Acquired by

Acquired



Acquired by

Acquired

Hotel, Rental & Event Production Division

Acquired by

Acquired by

Consortium Led by






Acquired by

Acquired by

Acquired by

Acquired

Acquired by






Acquired by

Financial Advisor

Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

31