Monthly Business & Tech-Enabled Services Sector Summary Report

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Business & Tech-Enabled Services Sector Summary Week of February 6th , 2017 1

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $8.6 Billion M&A Volume YTD

369 M&A Transactions YTD

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

Select M&A Transactions

Volume ($Bn)

$60.0

Announced Date

$48.5

$50.0 $40.0

1/27/2017

$37.1

$31.1

$27.4

Acquirer

Target Government IT Services Business

EV ($MM) $690

1/19/2017

NA

1/17/2017

$413

1/11/2017

NA

1/10/2017

$150

1/6/2017

$200

1/5/2017

$3,312

1/5/2017

NA

1/4/2017

$424

1/3/2017

NA

12/20/2016

$560

120.0%

12/19/2016

NA

110.0%

12/14/2016

$2,871

100.0%

12/12/2016

$435

12/8/2016

$2,043

12/6/2016

NA

$30.0 $20.0

$19.2

$19.1

$24.6

$21.7

$8.6

$10.0 $0.0

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 YTD '17 1200

Deal Count

1000

966

944

964

995

986

901

929

917

800 600

369

400

200 0 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 YTD '17

Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 (1) 130.0%

90.0% Feb-16 Mar-16 Apr-16 May-16 Jun-16

Jul-16

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Business & Tech-Enabled Services

Jan-17

Feb-17

S&P 500

Notes: Source: Capital IQ and PitchBook. Market Data as of 2/7/17. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

2

RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

Last 3 Years 170%

150%

160%

140% 150% 140% 130% 130% 120%

120%

110% 110% 100% 90% 100% 80% 90% Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16

Key

Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-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% Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17

3 Months 6.4% 3.4% 4.4% 1.9% 7.2% 17.2% 4.0% 4.0% 7.6%

1 Year 20.2% 26.5% 26.1% 24.8% 25.3% 30.4% 13.8% 22.4% 23.7%

3 Years 8.4% 3.2% 35.8% 25.3% 57.1% 14.5% 15.0% 54.9% 27.6%

Notes: Source: Capital IQ. Market Data as of 2/7/17. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, 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: GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, 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, CSC, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, 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.

3

TRADING COMPARABLES Valuation Metrics

EV / 2016E EBITDA

EV / 2016E Revenue 4.5x

16.0x 13.9x

4.0x

13.3x

14.0x

4.3x

11.9x

12.0x

3.4x

3.5x

10.0x 10.0x

9.9x

9.9x

9.6x

3.0x

9.0x 2.5x 2.1x

8.0x

2.0x

2.0x

1.9x

6.0x

1.5x

4.0x

1.1x 0.8x

1.0x

0.5x

2.0x

0.5x

0.0x

0.0x

Information Services

HR Services

Events & Exhibitions

IT & BPO Services

Advertising & Marketing Services

Staffing & Recruiting

Consulting & Customer Training Care / CRM Services

Information Services

Events & Exhibitions

HR Services Advertising & Marketing Services

IT & BPO Services

Consulting & Training

Customer Care / CRM Services

Notes: Source: Capital IQ. Market Data as of 2/7/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, 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: GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, 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, CSC, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, 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.

Staffing & Recruiting

4

TRADING COMPARABLES Operational Metrics

2016E EBITDA Margin

2017E / 2016E Rev. Growth 9.0%

35.0%

8.4%

31.0% 8.0%

30.0%

7.3% 6.8%

7.0%

25.3%

6.4%

25.0% 6.0% 20.0% 16.9%

4.7%

5.0%

16.6%

4.0% 4.0%

13.9%

15.0%

5.6%

11.8%

10.8%

3.4%

3.0%

10.0% 6.1%

5.0%

2.0% 1.0% 0.0%

0.0% Information Services

Events & Exhibitions

IT & BPO Services

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

Staffing & Recruiting

HR Services

IT & BPO Services

Advertising & Customer Marketing Care / CRM Services Services

Information Consulting & Services Training

Events & Exhibitions

Notes: Source: Capital IQ. Market Data as of 2/7/17. Figures reflect median values. Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, 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: GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, 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, CSC, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, 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.

Staffing & Recruiting

5

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

LTM

Price

Price Range

2/7/17

Trading Statistics Equity

Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY Rev. Growth

CY 17E

16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin CY 16E

CY 17E

Advertising & Marketing Services WPP plc

$22.94

$15.02

$23.76

$29,378

$2,680

$7,982

$35,253

2.2x

2.0x

1.8x

14.8x

12.0x

10.9x

16.5x

14.4x

14.2%

11.0%

NA

NA

16.8%

Omnicom Group Inc.

84.26

69.72

89.66

19,875

1,969

5,033

22,939

1.5x

1.5x

NA

10.0x

10.0x

NA

17.8x

NA

1.9%

NA

26.8%

NA

14.9%

NA

Publicis Groupe S.A.

66.24

53.98

74.33

14,905

1,137

3,830

17,618

1.7x

1.7x

1.6x

9.3x

9.7x

9.0x

13.9x

12.7x

2.0%

4.8%

37.8%

37.9%

17.3%

17.8%

Dentsu Inc.

16.8%

46.63

39.32

54.21

13,296

2,348

3,154

14,410

1.7x

2.0x

1.8x

8.1x

9.3x

8.7x

18.0x

16.1x

(13.3%)

7.9%

NA

NA

21.4%

21.0%

225.11

176.63

241.69

13,002

1,859

20,949

32,092

4.5x

4.4x

4.2x

20.5x

15.4x

15.2x

13.3x

12.2x

12.5%

6.7%

40.4%

41.7%

28.8%

27.2%

The Interpublic Group of Companies, Inc.

22.97

19.79

24.82

9,119

895

1,741

10,247

1.3x

1.3x

1.3x

9.6x

9.3x

8.7x

17.5x

15.9x

3.0%

3.2%

38.3%

38.4%

14.1%

14.5%

j2 Global, Inc.

84.97

55.43

87.15

4,083

325

599

4,357

5.3x

5.1x

3.8x

12.6x

11.2x

8.9x

17.2x

14.2x

19.7%

34.3%

83.4%

82.1%

45.3%

42.4%

Havas SA

8.93

6.92

9.46

3,746

623

718

3,855

1.6x

1.6x

1.5x

10.1x

9.7x

9.1x

18.1x

16.8x

3.8%

4.4%

NA

NA

16.4%

16.7%

Yelp Inc.

41.69

14.53

43.41

3,271

432

-

2,839

4.2x

4.0x

3.2x

NM

25.0x

17.4x

NM

38.9x

29.7%

25.7%

91.6%

92.0%

15.9%

18.3%

Meredith Corporation

61.15

38.07

62.40

2,721

44

676

3,352

2.0x

2.0x

2.0x

9.4x

9.2x

9.5x

15.5x

16.3x

4.8%

(1.4%)

NA

NA

21.6%

21.1%

4.20

2.81

4.41

2,305

26

12

2,292

6.2x

5.8x

5.5x

17.5x

15.1x

13.9x

21.7x

20.2x

11.6%

6.9%

77.6%

78.0%

38.6%

39.2%

HubSpot, Inc.

54.35

27.00

59.97

1,935

114

1

1,822

7.4x

6.8x

5.2x

NM

NM

NM

NM

NM

47.7%

30.3%

77.8%

78.3%

NM

0.4%

GfK SE

46.51

28.33

47.26

1,698

190

519

2,043

1.3x

1.3x

1.3x

38.7x

8.7x

8.1x

19.1x

16.6x

(2.5%)

1.3%

31.0%

33.3%

14.6%

15.4%

Alliance Data Systems Corporation

Moneysupermarket.com Group PLC

Ipsos SA

33.42

17.86

33.99

1,393

135

680

1,959

1.0x

1.0x

1.0x

8.8x

8.9x

8.2x

12.5x

11.5x

0.9%

2.6%

64.6%

64.7%

11.5%

12.1%

113.50

52.11

114.95

1,338

177

-

1,161

3.2x

3.0x

2.3x

23.6x

17.2x

12.3x

36.7x

26.2x

49.9%

34.3%

96.4%

96.6%

17.7%

18.5%

10.60

6.59

12.93

955

136

295

1,115

2.7x

2.5x

2.2x

12.0x

9.8x

9.0x

16.9x

15.4x

18.8%

13.2%

48.8%

48.6%

25.9%

24.9%

MDC Partners Inc.

6.90

2.75

23.90

369

22

951

1,426

1.1x

1.0x

1.0x

10.3x

8.5x

7.0x

NM

11.2x

3.1%

5.8%

NA

NA

12.2%

14.1%

YouGov plc

3.31

1.56

3.37

345

19

-

326

3.0x

2.7x

2.4x

30.8x

20.2x

18.5x

28.0x

26.1x

17.8%

13.1%

77.5%

78.0%

13.5%

13.0%

QuinStreet, Inc.

3.22

2.61

4.32

147

54

15

109

0.4x

0.4x

0.4x

NM

11.0x

7.3x

NM

NM

6.5%

2.5%

9.6%

10.9%

3.3%

4.8%

2.7x 2.0x

2.6x 2.0x

2.3x 1.9x

15.4x 11.1x

12.2x 9.9x

10.7x 9.0x

18.8x 17.5x

17.8x 16.0x

12.2% 6.5%

11.5% 6.8%

57.3% 56.7%

60.0% 64.7%

19.4% 16.6%

18.8% 17.3%

LendingTree, Inc. Bankrate, Inc.

Mean Median Events & Exhibitions UBM plc

$8.80

$6.70

$9.36

$3,465

$603

$649

$3,548

3.6x

3.4x

2.9x

13.3x

11.9x

9.7x

19.0x

14.6x

9.6%

15.8%

27.6%

30.6%

28.4%

30.1%

Viad Corp

42.95

26.29

47.40

872

53

194

1,028

0.9x

0.9x

0.8x

8.5x

8.2x

7.8x

18.1x

17.4x

10.4%

2.1%

NA

NA

10.4%

10.8%

1.99

1.47

2.26

524

19

93

629

3.8x

3.7x

3.6x

15.7x

14.7x

15.8x

15.5x

17.6x

(2.9%)

4.0%

44.1%

42.5%

25.3%

22.7%

GL Events

19.88

15.05

20.01

457

231

678

941

0.9x

0.9x

0.9x

7.2x

7.5x

7.1x

12.7x

12.0x

3.1%

1.6%

93.7%

93.7%

12.1%

12.6%

MCH Group AG

71.36

58.27

77.23

429

178

301

552

1.3x

NA

NA

6.4x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Tarsus Group plc

3.28

2.77

3.61

369

11

79

442

4.4x

5.5x

2.9x

13.0x

17.1x

8.2x

18.8x

9.8x

(22.0%)

89.2%

NA

NA

32.4%

35.9%

2.5x 2.4x

2.9x 3.4x

2.2x 2.9x

10.7x 10.7x

11.9x 11.9x

9.7x 8.2x

16.8x 18.1x

14.3x 14.6x

(0.4%) 3.1%

22.5% 4.0%

55.1% 44.1%

55.6% 42.5%

21.7% 25.3%

22.4% 22.7%

ITE Group plc

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

6

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

LTM

Price

Price Range

2/7/17

Trading Statistics Equity

Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY Rev. Growth

CY 17E

16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin CY 16E

CY 17E

Information Services RELX PLC

$18.21

$7.87

$18.89

$37,057

$263

$6,012

$42,853

5.5x

5.1x

4.7x

18.4x

14.6x

12.6x

20.7x

18.4x

12.7%

8.1%

65.0%

65.1%

34.9%

S&P Global, Inc.

125.84

81.95

128.49

32,605

2,392

3,564

34,857

6.2x

6.2x

NA

14.1x

14.1x

13.3x

23.8x

NA

5.3%

NA

NA

NA

44.1%

NA

44.59

36.16

45.71

32,440

956

9,476

41,442

3.4x

3.7x

3.6x

16.2x

13.2x

12.5x

21.6x

19.1x

(7.8%)

1.2%

NA

NA

27.9%

29.2%

Thomson Reuters Corporation Moody's Corporation

37.4%

107.06

77.76

110.83

20,470

2,058

3,418

22,037

6.2x

6.2x

5.8x

13.9x

13.7x

12.9x

NA

NA

2.5%

5.7%

71.4%

71.9%

44.9%

45.2%

Experian plc

19.47

13.28

20.19

18,365

166

3,327

21,540

4.7x

4.6x

4.5x

15.4x

13.5x

13.4x

21.6x

21.3x

NA

2.5%

56.5%

55.0%

34.3%

33.8%

IHS Markit Ltd.

39.51

32.78

39.98

15,881

139

3,402

19,202

7.0x

7.0x

5.4x

25.1x

19.6x

13.9x

22.4x

19.2x

25.1%

29.0%

65.3%

63.6%

35.9%

39.3%

Nielsen Holdings plc

41.86

40.28

55.94

14,962

446

7,969

22,674

3.6x

3.6x

3.6x

14.5x

11.8x

11.5x

15.2x

15.4x

2.1%

1.0%

58.8%

59.1%

30.5%

30.9%

121.14

91.72

136.97

14,508

112

2,843

17,281

5.7x

5.5x

5.1x

16.7x

15.4x

14.2x

22.1x

20.4x

18.0%

7.8%

64.9%

65.7%

35.6%

36.0%

Verisk Analytics, Inc.

83.01

65.02

86.00

13,900

168

2,286

16,018

7.0x

8.0x

7.6x

15.5x

16.0x

15.0x

26.9x

24.8x

(3.3%)

5.6%

65.3%

65.7%

50.0%

50.6%

Wolters Kluwer N.V.

38.98

30.34

41.35

11,181

842

2,813

13,157

2.9x

2.9x

2.7x

10.9x

11.0x

10.3x

17.8x

16.2x

1.6%

5.0%

68.7%

68.7%

26.2%

26.7%

MSCI Inc.

92.65

62.27

94.80

8,459

974

2,074

9,559

8.3x

8.3x

7.7x

16.8x

16.8x

15.2x

31.4x

26.1x

6.9%

7.5%

78.2%

78.3%

49.5%

50.9%

Gartner, Inc.

98.68

79.00

105.45

8,152

466

751

8,438

3.5x

3.4x

3.1x

20.6x

17.9x

16.4x

33.4x

30.6x

13.5%

10.4%

61.5%

61.8%

19.2%

19.0%

News Corporation

12.20

10.21

14.68

7,096

1,499

377

6,190

0.8x

0.8x

0.8x

9.5x

6.9x

7.2x

38.9x

31.7x

(2.9%)

(2.1%)

NA

NA

11.0%

10.7%

174.01

135.95

183.17

6,885

194

365

7,056

6.2x

6.2x

5.8x

17.5x

17.3x

16.9x

25.6x

23.9x

10.8%

6.0%

56.9%

56.5%

35.7%

34.4%

Informa plc

8.31

7.13

9.51

6,844

64

1,381

8,163

5.3x

4.8x

3.7x

17.0x

14.7x

11.1x

15.9x

14.0x

12.7%

28.9%

NA

NA

32.5%

33.5%

TransUnion

32.80

20.43

35.79

6,001

163

2,420

8,383

5.1x

4.9x

4.6x

15.5x

13.4x

12.1x

23.1x

20.9x

12.5%

7.8%

66.0%

66.6%

37.0%

37.9%

The Dun & Bradstreet Corporation

122.41

85.99

141.57

4,503

327

1,606

5,795

3.4x

3.4x

3.3x

13.7x

11.7x

11.3x

16.6x

16.0x

4.2%

2.9%

66.7%

66.7%

29.0%

29.2%

Fair Isaac Corporation

123.31

90.35

132.95

3,830

88

621

4,362

4.8x

4.9x

4.7x

21.1x

20.8x

18.1x

25.3x

24.8x

5.2%

5.0%

70.1%

69.3%

23.4%

25.7%

Morningstar, Inc.

76.98

67.74

89.44

3,315

265

60

3,110

3.9x

3.9x

3.8x

12.5x

12.4x

11.5x

26.8x

24.7x

0.3%

4.5%

56.5%

57.5%

31.6%

32.8%

CoreLogic, Inc.

36.24

31.71

43.43

3,130

101

1,623

4,653

2.5x

2.4x

2.5x

11.9x

9.3x

9.4x

15.5x

15.1x

26.6%

(1.8%)

48.1%

50.6%

25.8%

26.0%

CEB Inc.

76.35

47.33

77.30

2,462

136

886

3,212

3.4x

3.4x

3.3x

16.6x

13.1x

12.7x

20.3x

19.7x

2.5%

2.9%

63.9%

64.5%

25.7%

25.8%

Acxiom Corporation

28.37

18.76

30.40

2,208

138

237

2,307

2.6x

2.6x

2.5x

25.4x

15.0x

13.9x

43.2x

39.5x

5.3%

5.0%

41.9%

44.8%

17.6%

18.1%

The Advisory Board Company

46.70

18.87

51.23

1,875

55

565

2,385

3.0x

3.0x

3.0x

20.5x

12.7x

12.1x

26.5x

24.9x

4.9%

(0.5%)

51.2%

51.7%

23.2%

24.6%

comScore, Inc.

22.86

20.81

43.53

1,307

147

33

1,193

3.2x

2.4x

2.0x

32.1x

10.0x

7.9x

14.1x

12.2x

36.0%

17.0%

69.5%

71.1%

23.8%

25.9%

National Research Corporation

40.12

32.18

46.37

981

29

4

956

8.9x

8.7x

8.1x

27.9x

27.4x

25.3x

NA

NA

7.1%

8.0%

58.2%

58.0%

31.8%

31.9%

Forrester Research Inc.

40.65

29.97

44.40

741

133

-

607

1.9x

1.9x

1.8x

17.0x

15.1x

13.4x

33.5x

32.3x

3.7%

6.1%

60.2%

60.5%

12.4%

13.2%

4.6x 4.3x

4.5x 4.3x

4.1x 3.7x

17.6x 16.6x

14.5x 13.9x

13.2x 12.8x

24.3x 22.7x

22.2x 20.9x

8.2% 5.3%

6.9% 5.6%

62.0% 64.4%

62.4% 64.0%

30.5% 31.0%

30.7% 30.9%

Equifax Inc.

FactSet Research Systems Inc.

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

7

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

LTM

Price

Price Range

2/7/17

Trading Statistics Equity

Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY Rev. Growth

CY 17E

16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin CY 16E

CY 17E

Consulting & Training FTI Consulting, Inc.

$41.75

$31.99

$47.12

$1,737

$225

$470

$1,982

1.1x

1.1x

1.1x

9.8x

9.5x

9.4x

18.3x

18.3x

1.2%

2.9%

33.7%

33.6%

11.6%

11.4%

Exponent, Inc.

57.75

45.00

64.80

1,478

174

-

1,304

4.4x

4.4x

4.2x

19.2x

17.0x

16.1x

33.9x

32.4x

0.5%

5.1%

36.8%

37.6%

25.7%

25.9%

Navigant Consulting, Inc.

24.01

14.07

27.86

1,130

7

161

1,284

1.4x

1.4x

1.3x

9.3x

9.1x

8.6x

19.5x

18.0x

12.0%

6.2%

32.9%

32.8%

15.0%

15.0%

ICF International, Inc.

51.45

31.27

59.55

975

10

281

1,247

1.1x

1.0x

1.0x

11.3x

10.8x

9.9x

17.7x

16.2x

5.3%

4.1%

37.5%

38.0%

9.6%

10.2%

Huron Consulting Group Inc.

44.80

41.20

65.00

933

9

326

1,250

1.7x

1.7x

1.6x

8.2x

9.1x

8.6x

13.6x

13.3x

5.0%

4.4%

37.7%

37.9%

18.8%

19.0%

CBIZ, Inc.

12.95

9.30

14.05

682

1

221

902

1.1x

1.1x

1.1x

10.7x

9.6x

9.0x

17.5x

16.0x

6.1%

4.7%

12.9%

13.5%

11.8%

12.0%

Resources Connection, Inc.

16.30

12.30

19.80

484

64

58

479

0.8x

0.8x

0.8x

9.4x

9.3x

10.1x

22.2x

22.1x

(1.1%)

1.0%

38.6%

38.0%

8.8%

8.0%

The Hackett Group, Inc.

16.37

12.76

18.35

467

14

13

466

1.8x

1.6x

1.5x

12.8x

10.1x

9.5x

17.8x

16.2x

22.1%

5.6%

38.3%

38.6%

16.0%

16.2%

GP Strategies Corporation

25.65

19.59

30.00

428

16

59

472

1.0x

1.0x

0.9x

11.9x

12.4x

10.2x

22.2x

18.2x

(0.3%)

5.7%

16.3%

17.1%

7.8%

8.9%

CRA International, Inc.

33.71

16.25

37.48

279

25

-

254

0.8x

0.8x

0.7x

10.1x

4.9x

4.7x

24.7x

22.3x

6.4%

5.6%

29.9%

29.5%

16.2%

15.9%

Franklin Covey Co.

17.65

13.45

22.45

244

8

42

278

1.4x

1.4x

1.4x

19.0x

14.3x

24.9x

NM

NM

(5.1%)

(1.7%)

67.8%

66.3%

9.9%

5.8%

1.5x 1.1x

1.5x 1.1x

1.4x 1.1x

12.0x 10.7x

10.5x 9.6x

11.0x 9.5x

20.7x 18.9x

19.3x 18.1x

4.7% 5.0%

4.0% 4.7%

34.8% 36.8%

34.8% 37.6%

13.8% 11.8%

13.5% 12.0%

Mean Median HR Services Automatic Data Processing, Inc.

$96.29

$79.08

$104.09

$43,225

$2,746

$2,003

$42,481

3.5x

3.5x

3.3x

15.5x

16.1x

16.0x

27.2x

26.2x

7.5%

5.5%

48.4%

45.4%

21.9%

20.8%

Paychex, Inc.

57.57

46.08

62.18

20,659

293

103

20,469

6.7x

6.7x

6.3x

15.6x

15.6x

15.1x

27.1x

26.0x

8.1%

6.6%

70.8%

70.6%

42.7%

41.5%

TriNet Group, Inc.

24.48

11.10

26.64

1,685

161

468

1,993

0.7x

0.7x

0.6x

13.8x

10.9x

9.9x

20.6x

17.5x

15.2%

12.0%

71.6%

71.8%

6.0%

5.9%

Insperity, Inc.

71.65

41.83

82.18

1,524

225

104

1,404

0.5x

0.5x

0.4x

12.2x

9.9x

8.5x

20.1x

17.4x

13.1%

10.2%

16.8%

17.0%

4.8%

5.1%

Barrett Business Services, Inc.

61.89

22.55

66.93

448

28

5

425

0.5x

NA

NA

11.8x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

2.4x 0.7x

2.8x 2.1x

2.6x 2.0x

13.8x 13.8x

13.1x 13.3x

12.4x 12.5x

23.8x 23.8x

21.8x 21.7x

10.9% 10.6%

8.6% 8.4%

51.9% 59.6%

51.2% 58.0%

18.8% 13.9%

18.3% 13.3%

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

8

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

LTM

Price

Price Range

2/7/17

Trading Statistics Equity

Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY 17E

CY Rev. Growth 16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin CY 16E

CY 17E

Staffing & Recruiting Recruit Holdings Co.,Ltd.

$45.92

$28.08

$46.18

$25,582

$2,458

$1,838

$24,998

1.7x

1.6x

1.3x

13.2x

13.0x

12.5x

35.3x

36.5x

16.4%

19.5%

49.0%

47.9%

12.3%

10.7%

Adecco Group AG

70.96

45.14

73.17

12,146

1,156

2,463

13,460

0.6x

0.6x

0.5x

10.8x

10.4x

9.9x

15.2x

14.1x

2.8%

3.6%

18.9%

18.8%

5.3%

5.4%

Randstad Holding NV

57.82

33.93

59.71

10,573

632

1,232

11,174

0.5x

0.5x

0.5x

11.1x

10.4x

9.5x

14.9x

13.5x

6.9%

7.7%

18.8%

19.5%

4.9%

5.0%

ManpowerGroup Inc.

97.36

57.26

98.99

6,529

599

825

6,840

0.3x

0.3x

0.3x

8.2x

8.4x

8.1x

15.9x

14.8x

1.8%

1.8%

17.0%

17.0%

4.1%

4.2%

Robert Half International Inc.

47.37

34.34

50.98

6,009

292

1

5,717

1.1x

1.1x

1.1x

9.3x

9.2x

9.4x

17.6x

17.7x

3.5%

(0.0%)

41.2%

41.1%

11.8%

11.5%

Temp Holdings Co., Ltd.

17.84

11.46

18.07

4,194

582

252

3,984

0.8x

0.8x

0.7x

11.0x

11.4x

10.7x

23.4x

22.5x

17.5%

11.9%

23.8%

23.8%

6.9%

6.5%

1.91

1.14

2.06

2,758

78

33

2,712

0.5x

0.5x

0.5x

7.5x

10.4x

9.7x

17.2x

16.8x

12.0%

3.1%

20.2%

18.9%

4.7%

4.9%

46.18

29.34

47.16

2,445

17

659

3,086

1.3x

1.3x

1.2x

12.0x

10.7x

9.9x

16.7x

15.6x

17.9%

6.7%

32.8%

32.8%

11.8%

12.1%

Hays plc On Assignment, Inc. PageGroup plc

5.36

1.95

5.54

1,672

103

11

1,580

1.1x

1.1x

1.0x

12.0x

10.9x

10.7x

18.9x

18.8x

13.0%

5.6%

51.6%

52.8%

9.7%

9.3%

Korn/Ferry International

28.00

18.57

31.53

1,608

280

266

1,597

1.0x

1.0x

1.0x

8.9x

6.9x

6.6x

12.6x

12.4x

35.5%

2.8%

31.1%

29.9%

14.7%

14.9%

TrueBlue, Inc.

24.00

16.50

27.57

990

25

139

1,105

0.4x

0.4x

0.4x

7.2x

7.5x

8.0x

12.0x

13.1x

0.9%

(6.0%)

24.7%

25.2%

5.4%

5.4%

Kelly Services, Inc.

21.26

15.94

23.61

813

30

-

783

0.1x

0.1x

0.1x

8.7x

8.4x

8.1x

13.8x

14.0x

(3.7%)

(1.6%)

17.1%

17.3%

1.8%

1.9%

Kforce Inc.

21.35

14.87

24.55

550

1

116

664

0.5x

0.5x

0.5x

10.1x

9.3x

9.1x

15.4x

14.1x

0.1%

3.0%

31.0%

30.8%

5.4%

5.4%

Heidrick & Struggles International, Inc.

21.50

16.23

25.19

400

100

-

300

0.5x

0.5x

0.5x

6.0x

5.3x

5.2x

22.8x

19.8x

7.1%

3.8%

31.1%

30.9%

9.9%

9.8%

0.8x 0.5x

0.7x 0.5x

0.7x 0.5x

9.7x 9.7x

9.5x 9.9x

9.1x 9.4x

18.0x 16.3x

17.4x 15.2x

9.4% 7.0%

4.4% 3.4%

29.2% 27.8%

29.0% 27.5%

7.8% 6.1%

7.6% 6.0%

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

9

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

LTM

Price

Price Range

Trading Statistics Equity

Cash &

Enterprise

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY Rev. Growth

CY 17E

16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin

2/7/17

Low

High

Value

Equiv.

Debt

Value

CY 16E

CY 17E

$178.46

$116.90

$179.25

$169,690

$8,527

$42,168

$203,477

2.5x

2.6x

2.6x

11.6x

10.5x

10.4x

13.2x

12.9x

(2.5%)

(1.2%)

49.1%

48.7%

24.2%

24.9%

115.92

91.40

125.72

72,175

4,080

27

68,740

2.1x

2.1x

2.0x

12.2x

12.2x

11.7x

20.9x

19.7x

7.3%

4.8%

31.3%

31.3%

16.8%

16.7%

Tata Consultancy Services Limited

33.32

30.46

40.75

65,664

5,771

38

59,984

3.5x

3.5x

3.2x

12.6x

12.6x

12.4x

17.1x

16.8x

11.7%

8.2%

45.2%

44.4%

27.5%

25.8%

Cognizant Technology Solutions Corporation

53.79

45.44

63.23

32,634

4,859

897

28,672

2.2x

2.1x

1.9x

10.8x

10.6x

9.7x

15.8x

14.7x

8.9%

9.3%

39.8%

39.8%

20.0%

20.0%

Infosys Limited

13.99

13.38

18.99

31,975

4,487

-

27,488

2.7x

2.7x

2.5x

9.9x

10.0x

9.9x

15.2x

15.0x

9.5%

8.0%

38.1%

37.9%

27.1%

25.5%

HCL Technologies Limited

12.11

10.49

13.02

17,090

1,676

99

15,539

2.3x

2.3x

2.0x

10.4x

10.2x

10.1x

14.4x

14.0x

9.4%

13.1%

34.7%

33.8%

22.6%

20.2%

Wipro Limited

6.79

6.09

9.01

16,419

4,922

2,321

13,854

1.7x

1.7x

1.6x

8.6x

8.3x

8.5x

13.3x

13.3x

9.9%

6.8%

31.0%

29.4%

20.6%

18.8%

CGI Group Inc.

48.08

40.71

51.04

14,236

239

1,398

15,396

1.9x

1.9x

1.9x

11.1x

10.2x

10.1x

17.9x

17.0x

2.6%

2.0%

NA

NA

18.6%

18.4%

NTT Data Corporation

48.86

40.79

53.94

13,705

1,689

5,486

17,769

1.2x

1.2x

NA

7.7x

7.5x

7.3x

22.4x

NA

4.3%

NA

24.7%

NA

16.1%

NA

Cap Gemini S.A.

81.60

72.37

95.99

13,569

1,591

4,143

16,148

1.2x

1.2x

1.2x

9.8x

8.9x

8.5x

14.4x

13.2x

5.4%

3.6%

30.5%

30.3%

13.5%

13.6%

IT & BPO Services International Business Machines Corporation Accenture plc

Atos SE

107.64

66.62

111.70

11,068

1,861

1,608

11,102

0.9x

0.9x

0.8x

7.1x

7.1x

6.6x

14.3x

12.9x

9.8%

4.6%

54.1%

54.5%

12.5%

12.9%

Computer Sciences Corporation

70.69

24.27

71.79

9,954

1,111

2,924

12,055

1.6x

1.6x

1.6x

11.8x

10.1x

9.2x

27.5x

25.3x

4.0%

3.1%

30.0%

27.9%

15.9%

16.9%

Nomura Research Institute, Ltd.

33.97

26.42

35.17

8,421

1,255

520

7,787

2.1x

2.1x

2.0x

10.2x

10.0x

10.1x

19.4x

20.4x

(0.8%)

3.3%

31.2%

33.4%

21.1%

20.2%

6.99

6.02

8.37

6,803

1,201

193

5,863

1.4x

1.4x

1.2x

9.1x

8.9x

8.8x

14.1x

13.9x

9.6%

12.7%

30.2%

30.1%

15.6%

14.0%

25.06

22.58

28.52

5,031

421

866

5,478

2.2x

2.1x

2.0x

13.6x

12.6x

11.5x

17.4x

16.0x

4.6%

7.8%

39.3%

39.5%

16.9%

17.2%

6.21

5.38

14.08

4,134

1,247

3,821

6,799

1.1x

1.1x

1.1x

7.2x

7.9x

8.0x

8.0x

8.4x

(0.5%)

(0.7%)

28.0%

28.2%

14.4%

14.3%

EPAM Systems, Inc.

65.84

54.53

78.40

3,360

331

33

3,063

2.8x

2.6x

2.2x

18.6x

14.6x

12.3x

22.5x

19.4x

27.1%

21.0%

36.8%

36.9%

18.0%

17.7%

Conduent Incorporated

14.57

13.10

16.26

2,956

148

1,154

3,962

0.6x

0.6x

0.6x

7.7x

6.1x

5.8x

21.2x

19.3x

(2.0%)

(3.4%)

16.3%

15.9%

9.9%

10.8%

Luxoft Holding, Inc.

59.20

46.58

66.18

1,964

80

0

1,884

2.6x

2.5x

2.1x

19.3x

14.3x

13.8x

20.9x

20.4x

21.4%

20.5%

42.1%

40.8%

17.6%

15.0%

8.48

6.00

9.23

1,784

498

54

1,340

1.5x

1.5x

1.4x

9.4x

8.9x

9.3x

15.0x

14.5x

2.5%

5.6%

25.7%

24.5%

16.5%

14.9%

Syntel, Inc.

20.70

18.00

50.92

1,741

88

479

2,132

2.2x

2.2x

2.2x

7.7x

7.8x

7.5x

8.2x

8.8x

(0.4%)

1.2%

38.0%

38.7%

28.5%

29.2%

Exlservice Holdings, Inc.

45.25

42.00

54.78

1,516

214

45

1,348

2.0x

2.0x

1.8x

13.3x

11.1x

9.5x

19.4x

17.6x

8.9%

10.2%

34.9%

35.6%

17.8%

18.7%

WNS (Holdings) Ltd.

28.55

24.82

32.82

1,426

153

-

1,273

2.2x

2.3x

2.1x

14.0x

11.9x

11.2x

27.2x

25.1x

0.9%

8.8%

37.1%

34.8%

19.3%

18.7%

Globant S.A.

33.31

22.51

47.19

1,149

55

0

1,094

3.6x

3.4x

2.8x

19.7x

17.0x

14.2x

29.1x

23.2x

26.7%

20.3%

42.3%

41.6%

20.0%

19.9%

MindTree Limited

6.72

5.94

11.93

1,129

91

1

1,039

1.3x

1.3x

1.2x

9.4x

9.1x

9.8x

15.2x

17.2x

23.1%

6.8%

40.9%

35.0%

14.6%

12.8%

Hexaware Technologies Limited

2.92

2.64

4.06

882

67

-

815

1.6x

1.6x

1.4x

9.7x

9.6x

8.3x

14.6x

12.8x

12.4%

13.0%

35.0%

32.9%

16.2%

16.6%

25.31

18.03

38.31

758

201

190

814

1.1x

1.0x

0.9x

19.0x

22.0x

18.7x

18.6x

19.7x

45.2%

14.4%

34.6%

28.1%

4.6%

4.7%

8.94

7.44

11.83

715

83

0

633

1.5x

1.5x

1.3x

10.0x

9.5x

9.3x

15.6x

15.6x

32.0%

15.3%

39.7%

36.1%

15.9%

14.2%

17.60

14.15

22.66

635

10

28

652

1.4x

1.4x

1.3x

11.9x

10.0x

8.9x

16.3x

14.7x

5.5%

4.2%

31.2%

32.1%

13.5%

14.6%

1.9x 1.9x

1.9x 1.9x

1.7x 1.8x

11.5x 10.4x

10.7x 10.0x

10.1x 9.7x

17.6x 16.3x

16.5x 15.8x

10.2% 8.9%

8.0% 7.3%

35.4% 35.0%

34.9% 34.8%

17.8% 16.9%

17.4% 17.1%

Tech Mahindra Limited Genpact Limited Capita plc

MphasiS Limited

Virtusa Corporation Persistent Systems Limited Perficient, Inc.

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

10

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

LTM

Price

Price Range

Trading Statistics Equity

Cash &

Value

Equiv.

Enterprise Debt

Value

EV / Revenue LTM

CY 16E

Operating Metrics

EV / EBITDA

CY 17E

LTM

CY 16E

Price / EPS

CY 17E

CY 16E

CY 17E

CY Rev. Growth 16E/15A

17E/16E

Gross Margin CY 16E

CY 17E

EBITDA Margin

2/7/17

Low

High

CY 16E

CY 17E

Teleperformance SE

$109.62

$71.25

$110.21

$6,206

$315

$653

$6,553

1.8x

1.7x

1.4x

13.1x

10.9x

8.4x

22.9x

17.5x

8.0%

16.3%

NA

NA

15.3%

SYNNEX Corporation

117.76

77.54

129.24

4,684

386

974

5,273

0.4x

0.4x

0.4x

10.2x

10.6x

9.1x

17.9x

15.5x

5.5%

6.4%

9.0%

9.5%

3.5%

3.9%

Convergys Corporation

24.78

23.38

30.92

2,363

141

300

2,522

0.9x

0.9x

0.8x

6.4x

6.8x

6.6x

13.4x

12.7x

(0.9%)

2.7%

36.5%

36.6%

12.6%

12.8%

TeleTech Holdings, Inc.

29.65

24.19

31.97

1,378

61

129

1,453

1.1x

1.1x

1.1x

9.4x

9.0x

7.7x

21.7x

17.3x

(1.3%)

4.4%

26.2%

27.4%

12.7%

14.3%

Sykes Enterprises, Incorporated

27.50

25.77

31.37

1,167

283

272

1,155

0.8x

0.8x

0.7x

7.0x

7.3x

6.5x

15.2x

13.7x

13.7%

6.7%

35.2%

35.3%

10.8%

11.5%

transcosmos inc.

23.16

19.96

28.98

961

264

136

864

0.4x

0.4x

0.4x

8.3x

8.7x

8.9x

17.8x

18.7x

9.5%

9.2%

NA

NA

4.7%

4.2%

Atento S.A.

9.10

6.77

14.64

671

178

614

1,107

0.6x

0.6x

0.6x

5.3x

5.3x

4.8x

11.7x

10.0x

(8.7%)

4.2%

NA

NA

11.7%

12.4%

Relia, Inc.

9.47

7.85

10.83

653

122

45

575

0.7x

0.7x

0.6x

10.9x

10.4x

10.1x

20.3x

21.0x

18.1%

17.1%

14.9%

14.6%

6.8%

6.0%

BELLSYSTEM24 Holdings, Inc.

8.79

6.54

13.22

643

52

709

1,300

1.4x

1.4x

1.3x

13.7x

13.4x

13.4x

13.3x

13.8x

2.7%

3.2%

19.5%

18.6%

10.1%

9.8%

0.9x 0.8x

0.9x 0.8x

0.8x 0.7x

9.4x 9.4x

9.2x 9.0x

8.4x 8.4x

17.1x 17.8x

15.6x 15.5x

5.2% 5.5%

7.8% 6.4%

23.5% 22.8%

23.7% 23.0%

9.8% 10.8%

10.2% 11.5%

Customer Care / CRM Services

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 100 considered NM. Negative margins considered NM. Market Data as of 2/7/17.

17.1%

11

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

Acquirer

Target

Enterprise Value (EV)

2/7/2017

Webster Capital

Pharmalogics Recruiting

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.

2/2/2017

GP Strategies Corporation

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

FactSet Research Systems Inc.

Interactive Data Managed Solutions, LLC

NA

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 2/7/17.

Target Description

Provider of claims outsourcing and loss adjusting services to insurance companies, brokers, managing general agents, and self-insured entities Offers real-time market data desktops, customizable web-based portals, and a broad range of mobile solutions for wealth management industry

12

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

Acquirer

Target

Enterprise Value (EV)

1/27/2017

Symphony Technology Group

Fishbowl Inc.

NA

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

1/24/2017

MPF Research Inc.

Axiometrics Inc.

$75

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 Group LLC, Corporate Advisory and Aviation Consulting Businesses

NA

Provides corporate advisory and consulting services to the aviation industry

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 2/7/17.

Target Description Provides a SaaS-based marketing analytics platform for the restaurant industry Provides communications, engineering, and IT solutions for Intelligence, defense, and federal civilian customers

13

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

Acquirer

Target

Enterprise Value (EV)

Target Description

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

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

Automatic Data Processing, Inc.

The Marcus Buckingham Company, Inc

NA

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

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

1/12/2017

Thompson Street Capital Partners

Software Technology, Inc.

NA

Develops financial and practice management software for the legal industry

1/11/2017

Canada Pension Plan Investment Board (48% Stake)

GlobalLogic Inc.

NA

Provides full-lifecycle software development services to customers worldwide

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

Huron Consulting Group Inc.

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.

$3,312

1/5/2017

Impact Sales, Inc.

Harlow-HRK Sales & Marketing, Inc.

NA

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 2/7/17.

Provides branding, merchandising, and marketing services for retailers

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

14

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

Acquirer

Target

Enterprise Value (EV)

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.

NA

Operates as a strategy and management consulting company

1/4/2017

Solera Holdings Inc.

Autodata Publishing Group Limited

$424

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

1/3/2017

Platinum Equity, LLC

Cox Target Media, Inc.

NA

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

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 2/7/17.

Target Description

15

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

12/20/2016

$560

NA

NA

NA

NA

Operator of entertainment data and technology company.

12/14/2016

$2,871

6.8x

5.0x

2.5x

2.3x

Provider of real-time information and analysis services

12/8/2016

$2,029

39.5x

8.3x

1.3x

1.3x

Provider of market research and related services

11/21/2016

NA

NA

NA

NA

NA

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

NA

NA

NA

NA

Provider of an online marketplace for people-based data

$140 (1)

11/17/2016

Target Description

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

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

$931

10.2x

9.0x

2.1x

2.1x

Provider of business management information services

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

16

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

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

$2,382

22.7x

15.9x

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

7/11/2016

$3,550

11.0x

NA

3.5x

NA

Provider of intellectual property and scientific information services

6/27/2016

$157

NM

8.8x

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

5/3/2016

$13,171

17.7x

13.9x

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

Intellectual Property & Science Business

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.

Target Description

17

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

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

$6,139

16.1x

11.6x

5.5x

5.1x

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

16.4x 11.0x

10.6x 9.0x

3.4x 3.1x

2.8x 2.2x

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.

Target Description

18

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

12/19/2016

NA

NA

NA

NA

NA

Provider of recruitment services

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

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

$6,020

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

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.

Target Description

19

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

9/26/2016

$931

10.2x

9.0x

2.1x

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

Provider of business process outsourcing services

7/27/2016

$1,009

11.6x

8.8x

1.9x

1.9x

Provider of technology-based legal services

7/11/2016

$420

NA

NA

NA

NA

Provider of business process outsourcing services

7/6/2016

$132

NA

NA

0.8x

NA

Provider of business process outsourcing services

6/1/2016

NA

NA

NA

NA

NA

Provider of business process outsourcing services

5/24/2016

$17,000

NA

NA

NA

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

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.

Target Description

20

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

Acquirer

Target

EV / Revenue

Enterprise Value (EV)

LTM

NTM

LTM

NTM

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

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.

11.4x 10.8x

8.4x 8.3x

2.1x 1.6x

Target Description

1.3x 1.2x

21

GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

IT Services Business

Acquired

Received Minority Investment from

Acquired by

Convertible Note Offering

Acquired by

Equity Investment

Acquired by

Acquired

Acquired

We Advised the Buyer

Financial Advisor

We Advised the Seller

Financial Advisor

We Advised the Seller

Financial Advisor

We Advised the Seller

We Advised the Buyer

We Advised the Buyer

Acquired by

Preferred Stock

Acquired

Acquired

Acquired by

Acquired by

Preferred Stock

Acquired by

Acquired

Consortium Led by

We Advised the Seller

Financial Advisor

We Advised the Buyer

Hotel, Rental & Event Production Division

We Advised the Buyer

We Advised the Seller

We Advised the Seller

Financial Advisor

We Advised the Buyer

We Advised the Buyer

Acquired by

Acquired by

Acquired by

Acquired by

Acquired

Acquired by

Acquired by

Acquired

We Advised the Seller

We Advised the Buyer

We Advised the Seller

We Advised the Seller

We Advised the Seller

We Advised the Seller

We Advised the Seller

We Advised the Buyer

We Advised the Seller

Acquired by

Acquired by

Acquired by

Acquired by

Acquired by

Preferred Stock

Acquired

Acquired by

Acquired by

Financial Advisor

We Advised the Seller

We Advised the Seller

We Advised the Seller

We Advised the Seller

Financial Advisor

We Advised the Buyer

We Advised the Seller

We Advised the Seller

Acquired by

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.

22

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

San Francisco

Tokyo

London

Frankfurt

One Maritime Plaza, 25th Fl. San Francisco, CA 94111 United States Phone: (415) 318-3600

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

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

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

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

Derek Bell Managing Director

Sascha Pfeiffer* Managing Director

Stephen Georgiadis* Managing Director

Akikazu Ida* Managing Director

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

Phone: +49 69 20 434 6415 Mobile: +49 177 741 5643 [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]

Alessandro Soprano* Managing Director

Adrian Reed* Managing Director

Raiko Stelten* Director

Malte Abrams* Associate

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

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

Phone: +49 69 20 434 6418 Mobile: +49 171 335 0879 [email protected]

Phone: +49 69 20 434 6425 Mobile: +49 151 6483 5612 [email protected]

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

23