Monthly Business & Tech-Enabled Services Sector Summary Report

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

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $99.3 Billion M&A Volume YTD

2,103 M&A Transactions YTD

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

Select M&A Transactions Announced Date

Acquirer

Target

EV ($MM)

7/31/2017

$182

7/27/2017

$112

7/24/2017

$2,617

7/18/2017

$150

7/17/2017

NA

7/12/2017

NA

7/10/2017

$199

7/5/2017

NA

7/5/2017

NA

7/3/2017

$1,438

7/3/2017

$293

110.0%

6/30/2017

NA

105.0%

6/22/2017

NA

6/20/2017

NA

6/19/2017

$627

6/19/2017

$886

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

100.0% 95.0% 90.0% Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Jan-17

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

Business & Tech-Enabled Services

Jul-17

Aug-17

S&P 500

Notes: Source: Capital IQ and PitchBook. Market Data as of 8/7/17. 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

150%

180% 170%

140%

160% 150% 130% 140% 120%

130% 120%

110% 110% 100%

100% 90%

90% Aug-16 Sep-16 Oct-16 Nov-16 Dec-16

Jan-17

Key

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

Jul-17

Aug-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

80% Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17 Aug-17

3 Months (1.7%) 6.9% 6.6% (6.8%) 10.6% (0.8%) 3.7% 10.7% 3.4%

1 Year 6.2% 25.2% 15.3% (3.2%) 19.8% 40.9% 4.3% 23.8% 13.8%

3 Years 17.4% 38.4% 51.3% 12.2% 66.7% 36.1% 14.7% 65.0% 29.9%

Notes: Source: Capital IQ. Market Data as of 8/7/17. 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

5.0x 14.3x

14.0x

13.8x

4.5x

4.4x

4.0x 12.0x

3.5x

11.2x 3.5x

10.3x 9.6x

10.0x

9.4x

9.0x

8.7x

8.0x

3.0x 2.4x

2.5x

2.0x

2.0x

6.0x

1.6x

1.5x 4.0x

1.0x 1.0x

0.8x 0.5x

2.0x

0.5x

0.0x

0.0x Information Services

HR Services

Events & Exhibitions

IT & BPO Services

Consulting & Advertising & Training Marketing Services

Staffing & Recruiting

Customer Care / CRM Services

Information Services


HR Services

IT & BPO Services

Advertising & Consulting & Marketing Training Services


Notes: Source: Capital IQ. Market Data as of 8/7/17. 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% 30.9%

7.9%

30.5%

8.0%

30.0%

7.0%

6.6%

25.0%

5.8%

6.0% 20.0%

17.0%

4.6%

5.0% 16.4%

4.5%

4.4%

4.0%

13.7%

15.0%

5.5%

12.2%

11.6% 3.0%

2.3%

10.0% 6.3% 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 Services

Customer Advertising & Care / CRM Marketing Services Services


Consulting & Training

Notes: Source: Capital IQ. Market Data as of 8/7/17. 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

8/7/17

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

$20.58

$19.94

$25.11

$26,192

$3,009

$8,109

$31,839

1.8x

1.6x

1.5x

10.2x

9.3x

8.9x

12.7x

11.9x

14.4%

3.8%

NA

NA

16.9%

17.0%

Omnicom Group Inc.

79.06

77.50

89.66

18,243

1,874

4,980

22,042

1.4x

1.4x

1.4x

9.6x

9.4x

9.0x

15.6x

14.6x

(0.8%)

3.4%

26.2%

25.4%

15.3%

15.5%

Publicis Groupe S.A.

74.96

68.85

82.00

16,940

1,313

3,673

19,313

1.9x

1.6x

1.6x

10.7x

9.4x

8.8x

13.6x

12.5x

14.0%

2.9%

36.8%

37.5%

17.6%

18.2%

Dentsu Inc.

47.74

43.64

59.11

13,458

2,043

4,236

16,093

2.2x

1.9x

1.8x

10.7x

9.5x

9.1x

17.5x

15.9x

16.9%

5.8%

NA

NA

20.2%

20.0%

238.97

193.67

266.25

13,259

1,946

21,707

33,020

4.6x

4.2x

3.8x

22.6x

16.7x

14.6x

13.2x

11.2x

9.4%

11.0%

42.8%

42.2%

25.4%

26.2%

The Interpublic Group of Companies, Inc.

21.55

20.94

25.71

8,475

661

1,823

9,910

1.3x

1.2x

1.2x

9.0x

8.6x

8.1x

15.1x

13.5x

1.0%

3.8%

NA

NA

14.5%

14.9%

Hakuhodo DY Holdings Inc

14.27

9.47

14.49

5,317

1,296

97

4,303

0.4x

0.4x

0.4x

9.5x

8.4x

7.9x

20.3x

19.5x

11.1%

3.1%

19.7%

20.3%

4.3%

4.4%

Havas SA

10.91

8.25

11.05

4,614

855

698

4,472

1.9x

1.6x

1.5x

11.6x

9.7x

9.3x

18.9x

17.8x

17.0%

3.0%

NA

NA

16.4%

16.6%

j2 Global, Inc.

76.94

62.55

91.48

3,708

187

828

4,349

5.0x

3.8x

3.5x

11.8x

9.1x

8.1x

13.3x

12.1x

30.6%

7.6%

84.4%

84.5%

41.9%

43.6%

Yelp Inc.

41.73

26.93

43.41

3,414

512

-

2,902

4.1x

3.4x

2.9x

NM

19.4x

15.2x

43.3x

33.3x

20.8%

17.9%

92.0%

92.0%

17.4%

18.8%

233.45

75.05

234.15

2,801

356

232

2,678

7.0x

4.5x

3.7x

48.5x

25.4x

19.5x

NM

48.5x

53.4%

21.3%

97.2%

97.3%

17.9%

19.2%

HubSpot, Inc.

70.80

44.90

78.50

2,621

492

290

2,419

8.9x

6.6x

5.3x

NM

NM

NM

NM

NM

34.4%

25.8%

80.0%

80.5%

4.5%

6.7%

Meredith Corporation

58.25

43.85

66.25

2,597

22

698

3,273

1.9x

1.9x

1.9x

9.1x

10.2x

9.1x

16.8x

15.1x

(0.7%)

3.0%

NA

NA

19.1%

20.7%

Alliance Data Systems Corporation

LendingTree, Inc.

Moneysupermarket.com Group PLC

4.19

3.37

4.75

2,262

23

-

2,239

5.7x

5.0x

4.7x

16.5x

13.2x

12.2x

19.3x

17.5x

13.7%

6.2%

73.5%

75.1%

38.3%

38.9%

GfK SE

55.49

31.25

61.60

2,026

189

510

2,363

1.5x

1.4x

1.3x

14.0x

8.9x

9.0x

22.7x

20.7x

11.3%

1.5%

NA

NA

15.3%

14.8%

Cheil Worldwide Inc.

17.86

13.03

18.80

1,933

400

16

1,560

0.6x

0.5x

0.5x

10.0x

8.4x

8.1x

18.6x

17.2x

9.6%

4.0%

31.2%

32.3%

6.3%

6.3%

Ipsos SA

34.61

31.60

42.02

1,483

140

708

2,070

1.1x

1.0x

1.0x

9.8x

8.5x

8.0x

11.0x

10.3x

12.6%

2.7%

65.2%

65.3%

11.5%

11.9%

Bankrate, Inc.

13.85

7.10

14.25

1,231

189

297

1,340

3.1x

2.6x

2.4x

14.3x

10.6x

9.4x

19.9x

16.8x

16.5%

11.9%

47.0%

47.0%

25.0%

25.1%

MDC Partners Inc.

9.35

2.75

14.00

532

20

909

1,539

1.1x

1.0x

1.0x

10.3x

7.5x

6.8x

32.5x

18.3x

7.2%

5.2%

NA

NA

13.7%

14.5%

YouGov plc

3.61

2.45

3.83

380

19

-

361

2.9x

2.5x

NA

29.2x

17.0x

NA

24.3x

NA

17.7%

NA

78.0%

NA

14.6%

NA

QuinStreet, Inc.

3.72

2.61

4.63

169

50

-

120

0.4x

0.4x

0.4x

NM

6.1x

4.6x

NM

49.1x

1.0%

6.5%

10.0%

15.7%

6.5%

8.1%

2.8x 1.9x

2.3x 1.6x

2.1x 1.6x

14.8x 10.7x

11.3x 9.4x

9.8x 9.0x

19.4x 18.1x

19.8x 16.8x

14.8% 13.7%

7.5% 4.6%

56.0% 56.1%

55.0% 47.0%

17.3% 16.4%

18.1% 16.8%

Mean Median Events & Exhibitions UBM plc

$9.30

$8.70

$10.13

$3,656

$152

$870

$4,424

4.2x

3.4x

3.4x

15.2x

11.2x

11.1x

14.3x

14.1x

21.3%

0.4%

30.6%

30.9%

30.5%

30.8%

4.70

3.08

4.90

1,882

97

372

2,157

5.8x

4.4x

4.0x

20.3x

13.9x

12.4x

20.6x

18.5x

32.5%

10.9%

NA

NA

31.7%

31.9%

Emerald Expositions Events, Inc.

21.72

18.67

23.37

1,568

10

556

2,114

6.5x

6.0x

5.7x

14.4x

13.8x

12.6x

20.6x

18.8x

8.4%

6.1%

72.8%

73.1%

43.8%

44.9%

Viad Corp

53.85

34.40

54.75

1,099

44

241

1,309

1.1x

1.0x

1.0x

11.0x

9.0x

8.8x

19.5x

19.2x

6.8%

2.0%

NA

NA

11.3%

11.3%

GL Events

30.07

18.81

30.30

694

215

628

1,158

1.2x

1.0x

1.0x

8.5x

7.1x

7.1x

14.5x

13.6x

13.2%

2.3%

NA

NA

14.4%

14.1%

2.27

1.66

2.37

604

20

89

713

4.2x

3.7x

3.5x

19.1x

17.7x

16.3x

21.2x

19.5x

14.6%

4.6%

41.3%

41.9%

20.7%

21.5%

MCH Group AG

76.76

65.81

85.50

461

227

295

530

1.2x

NA

NA

6.2x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Tarsus Group plc

4.00

3.12

4.06

451

35

144

565

6.7x

3.5x

4.4x

24.5x

11.1x

13.2x

11.5x

17.0x

90.6%

(19.6%)

NA

NA

31.6%

33.1%

3.9x 4.2x

3.3x 3.5x

3.3x 3.5x

14.9x 14.8x

12.0x 11.2x

11.6x 12.4x

17.5x 19.5x

17.2x 18.5x

26.8% 14.6%

1.0% 2.3%

48.2% 41.3%

48.6% 41.9%

26.3% 30.5%

26.8% 30.8%

Ascential plc

ITE Group plc

Mean Median

Notes: Source: Capital IQ and Wall Street Estimates. Multiples 50 considered NM. Negative margins considered NM. Market Data as of 8/7/17.

7

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

Price

Price Range

8/7/17

Operating Metrics

Trading Statistics

Stock

Equity

Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

CY 16A

CY 17E

CY 18E

CY 16A

CY 17E

CY Rev. Growth

Price / EPS

EV / EBITDA

EV / Revenue

CY 18E

CY 17E

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Information Services RELX PLC

$21.83

$16.58

$22.50

$43,820

$208

$6,748

$50,404

5.9x

5.2x

5.0x

19.8x

14.9x

13.4x

20.7x

19.3x

14.5%

3.9%

41.3%

52.9%

34.7%

37.1%

S&P Global Inc.

150.95

107.21

158.35

38,794

2,384

3,566

41,137

7.3x

7.0x

6.6x

16.7x

14.9x

14.0x

23.8x

21.6x

3.8%

5.8%

NA

NA

46.9%

47.4%

47.16

41.01

49.54

33,811

813

7,339

40,831

3.7x

3.6x

3.5x

17.1x

11.9x

11.5x

19.4x

18.2x

1.9%

3.1%

NA

NA

30.1%

30.4%

129.07

93.51

135.20

24,652

3,367

4,887

26,385

7.3x

6.7x

6.4x

16.1x

14.3x

13.5x

23.4x

21.9x

8.5%

5.0%

70.9%

72.7%

47.2%

47.5%

Experian plc

19.82

17.97

22.24

18,464

84

3,294

21,686

NA

5.0x

4.7x

NA

14.2x

13.5x

21.4x

19.3x

NA

6.3%

55.0%

57.0%

34.9%

34.6%

IHS Markit Ltd.

45.98

34.02

47.92

18,239

163

4,000

22,135

8.1x

6.2x

6.0x

29.0x

15.9x

14.7x

22.3x

19.4x

29.6%

4.5%

62.8%

63.6%

39.3%

40.6%

145.47

110.87

147.02

17,511

404

2,832

19,999

6.4x

5.9x

5.5x

17.8x

15.8x

14.5x

23.9x

21.5x

8.4%

7.2%

64.8%

65.0%

37.2%

37.7%

Nielsen Holdings plc

43.08

36.96

54.99

15,361

510

8,527

23,578

3.7x

3.6x

3.5x

14.6x

11.6x

11.1x

15.9x

15.1x

4.1%

3.4%

58.4%

58.7%

30.9%

31.3%

Verisk Analytics, Inc.

82.52

75.60

88.17

13,579

144

2,403

15,838

7.9x

7.6x

7.1x

16.9x

15.5x

14.4x

26.3x

24.1x

4.9%

6.2%

63.5%

64.1%

48.7%

49.4%

Wolters Kluwer N.V.

44.10

36.14

47.35

12,571

1,151

3,741

15,167

3.3x

2.9x

2.8x

12.8x

10.6x

10.2x

16.4x

15.4x

16.3%

2.4%

68.9%

68.9%

27.2%

27.5%

Gartner, Inc.

126.25

84.54

130.02

11,417

589

3,428

14,256

NM

4.4x

3.6x

NM

20.2x

16.3x

36.3x

30.0x

NM

21.1%

61.8%

62.5%

21.7%

22.1%

MSCI Inc.

111.20

76.52

113.38

10,015

751

2,077

11,341

9.9x

9.0x

8.2x

19.9x

17.3x

15.4x

29.3x

25.1x

10.1%

8.9%

78.2%

78.8%

51.9%

53.2%

TransUnion

46.10

28.92

46.53

8,386

159

2,400

10,725

6.3x

5.7x

5.3x

19.0x

14.5x

13.1x

25.3x

22.6x

10.0%

7.9%

68.0%

68.6%

39.3%

40.3%

News Corporation

14.34

10.99

14.68

8,348

1,850

376

7,152

0.9x

0.9x

0.9x

10.7x

7.7x

7.3x

32.6x

25.3x

(1.2%)

(2.2%)

NA

NA

11.4%

12.4%

9.28

6.25

9.65

7,642

56

2,091

9,679

5.8x

4.3x

4.2x

18.5x

12.7x

12.0x

15.3x

14.3x

36.4%

2.8%

NA

NA

33.6%

34.6%

FactSet Research Systems Inc.

162.52

150.95

183.64

6,375

194

575

6,757

5.9x

5.4x

5.0x

16.8x

15.7x

14.6x

21.7x

19.9x

10.2%

7.9%

55.3%

55.7%

34.1%

34.1%

Fair Isaac Corporation

139.61

109.77

147.02

4,276

131

612

4,757

5.3x

5.0x

4.7x

23.0x

19.7x

17.4x

27.5x

23.4x

4.7%

6.8%

69.7%

70.2%

25.6%

27.2%

The Dun & Bradstreet Corporation

113.37

100.46

140.44

4,183

375

1,707

5,515

3.2x

3.1x

3.0x

12.3x

11.1x

10.5x

16.1x

15.3x

3.7%

3.3%

67.8%

67.7%

28.1%

28.7%

CoreLogic, Inc.

45.54

34.59

45.99

3,839

89

1,642

5,392

2.8x

2.9x

2.8x

12.9x

11.4x

10.6x

19.6x

17.7x

(4.9%)

3.3%

47.2%

49.2%

25.4%

26.5%

Morningstar, Inc.

82.15

67.74

84.68

3,494

340

230

3,384

4.2x

NA

NA

14.6x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

The Advisory Board Company

53.40

24.85

59.50

2,167

144

599

2,622

3.3x

3.2x

3.1x

21.1x

13.1x

12.1x

27.1x

25.0x

0.6%

5.1%

51.7%

52.7%

24.8%

25.5%

Acxiom Corporation

24.06

22.72

30.40

1,913

163

230

1,980

2.3x

2.2x

2.0x

21.8x

11.8x

9.6x

33.8x

24.4x

2.2%

11.2%

45.1%

47.8%

18.7%

20.5%

comScore, Inc.

29.65

20.81

34.85

1,698

147

33

1,584

NA

2.6x

2.3x

NA

9.8x

8.0x

15.3x

12.2x

NA

12.8%

71.1%

NA

26.2%

28.4%

Euromoney Institutional Investor PLC

14.94

12.29

16.15

1,603

47

152

1,718

3.4x

3.0x

2.9x

12.0x

11.3x

10.5x

15.1x

13.8x

12.9%

5.5%

NA

NA

26.7%

27.3%

National Research Corporation

52.70

32.57

55.81

1,290

32

2

1,261

11.5x

10.6x

9.7x

35.6x

31.6x

28.5x

16.4x

14.6x

8.3%

9.8%

58.2%

58.6%

33.7%

34.0%

Forrester Research, Inc.

39.95

34.95

44.40

709

135

-

574

1.8x

1.7x

1.6x

14.2x

15.6x

12.7x

33.6x

25.4x

1.2%

6.6%

59.8%

60.3%

11.2%

12.9%

5.2x 5.3x

4.7x 4.4x

4.4x 4.2x

18.0x 16.9x

14.5x 14.3x

13.2x 13.1x

23.1x 22.3x

20.2x 19.9x

8.5% 6.6%

6.3% 5.8%

61.0% 62.3%

61.8% 62.5%

31.6% 30.9%

32.4% 31.3%

Thomson Reuters Corporation Moody's Corporation

Equifax Inc.

Informa plc

Mean Median


8

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

Price

Price Range

8/7/17

Operating Metrics

Trading Statistics

Stock

Equity

Cash & Equiv.

Low

High

Value

Enterprise Value

Debt

CY 16A

CY 17E

CY 18E

CY 16A

CY 17E

CY Rev. Growth

Price / EPS

EV / EBITDA

EV / Revenue

CY 18E

CY 17E

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Consulting & Training $66.90

$48.42

$68.30

$1,726

$162

$0

$1,564

5.2x

4.8x

4.6x

23.0x

18.4x

16.9x

34.0x

33.1x

8.4%

5.0%

37.4%

38.3%

26.2%

27.2%

FTI Consulting, Inc.

32.62

31.65

47.12

1,259

139

481

1,601

0.9x

0.9x

0.9x

8.2x

8.3x

7.7x

17.4x

15.7x

(1.1%)

2.2%

32.2%

32.9%

10.8%

11.3%

ICF International, Inc.

45.40

39.25

59.55

851

9

278

1,119

0.9x

0.9x

0.9x

10.0x

9.6x

8.9x

15.2x

14.1x

3.0%

4.0%

38.0%

38.0%

9.6%

9.9%

CBIZ, Inc.

14.70

10.73

15.90

794

1

212

1,005

1.3x

1.2x

1.1x

11.4x

9.6x

8.9x

16.9x

15.5x

7.1%

5.0%

12.7%

13.8%

12.2%

12.6%

Navigant Consulting, Inc.

15.95

15.79

27.86

754

7

185

932

1.0x

0.9x

0.9x

6.6x

6.8x

6.2x

13.2x

11.9x

5.0%

4.0%

31.6%

32.1%

13.8%

14.7%

Huron Consulting Group Inc.

33.35

33.15

64.00

708

14

401

1,096

1.5x

1.5x

1.4x

8.6x

10.6x

9.4x

15.0x

12.9x

1.1%

4.4%

34.5%

35.3%

14.1%

15.2%

GP Strategies Corporation

28.35

22.70

30.00

474

24

58

509

1.0x

1.0x

0.9x

13.4x

13.1x

10.1x

22.1x

17.7x

5.0%

7.8%

16.9%

17.4%

7.5%

9.1%

The Hackett Group, Inc.

15.83

13.80

20.69

463

17

9

455

1.7x

1.5x

1.4x

11.5x

9.3x

8.4x

15.9x

14.1x

14.3%

7.0%

40.3%

40.8%

16.5%

17.0%

Resources Connection, Inc.

13.30

12.41

19.80

397

62

48

383

0.6x

0.7x

0.6x

7.5x

10.2x

9.1x

22.9x

19.0x

(1.9%)

2.6%

37.8%

37.4%

6.5%

7.1%

CRA International, Inc.

36.87

25.50

40.00

303

15

-

289

0.9x

0.8x

0.8x

10.8x

5.0x

4.7x

23.9x

20.9x

10.9%

4.3%

29.8%

30.2%

16.2%

16.4%

Franklin Covey Co.

17.50

15.20

22.45

243

8

39

274

1.4x

1.4x

1.3x

18.8x

23.5x

14.6x

NM

NM

(1.2%)

8.0%

65.9%

67.8%

6.1%

9.1%

1.5x 1.0x

1.4x 1.0x

1.4x 0.9x

11.8x 10.8x

11.3x 9.6x

9.5x 8.9x

19.7x 17.2x

17.5x 15.6x

4.6% 5.0%

4.9% 4.4%

34.3% 34.5%

34.9% 35.3%

12.7% 12.2%

13.6% 12.6%

Exponent, Inc.

Mean Median HR Services $112.17

$85.48

$121.77

$49,846

$2,784

$2,002

$49,064

4.1x

3.9x

3.7x

18.0x

18.5x

16.9x

30.2x

27.9x

5.2%

5.8%

45.0%

44.7%

20.9%

21.6%

Paychex, Inc.

55.94

52.78

63.03

20,105

323

-

19,781

6.5x

6.1x

5.8x

15.1x

14.0x

13.1x

24.5x

22.8x

5.1%

5.4%

70.8%

71.1%

43.8%

44.4%

TriNet Group, Inc.

39.68

17.78

41.58

2,753

234

441

2,960

1.0x

0.9x

0.8x

19.4x

13.5x

12.4x

26.9x

23.5x

9.3%

13.3%

72.4%

72.2%

6.5%

6.3%

Insperity, Inc.

84.20

64.55

93.65

1,755

244

104

1,616

0.5x

0.5x

0.4x

13.5x

9.5x

8.3x

18.5x

16.3x

12.1%

10.1%

16.8%

17.0%

5.1%

5.3%

Barrett Business Services, Inc.

54.75

41.99

66.93

397

19

5

382

0.5x

NA

NA

11.9x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

2.5x 1.0x

2.8x 2.4x

2.7x 2.2x

15.5x 15.1x

13.9x 13.8x

12.7x 12.8x

25.0x 25.7x

22.6x 23.1x

7.9% 7.2%

8.7% 7.9%

51.2% 57.9%

51.2% 57.9%

19.1% 13.7%

19.4% 13.9%

Automatic Data Processing, Inc.

Mean Median


9

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

LTM

Price

Price Range

8/7/17


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

CY Rev. Growth 17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Staffing & Recruiting Recruit Holdings Co.,Ltd.

$17.41

$11.03

$19.07

$29,083

$3,106

$1,904

$27,932

1.9x

1.5x

1.4x

14.4x

12.8x

10.6x

NM

23.3x

27.1%

7.0%

48.0%

46.1%

11.4%

12.9%

Adecco Group AG

76.71

54.86

80.10

13,062

1,278

2,158

13,951

0.6x

0.5x

0.5x

11.2x

9.1x

8.8x

13.1x

12.5x

17.1%

3.6%

18.8%

18.8%

5.5%

5.5%

Randstad Holding NV

60.15

44.99

68.87

11,022

374

2,150

12,798

0.6x

0.5x

0.5x

12.7x

9.5x

8.8x

12.2x

11.3x

26.6%

2.9%

20.4%

20.3%

4.9%

5.1%

ManpowerGroup Inc.

107.92

67.30

119.59

7,202

573

891

7,607

0.4x

0.4x

0.3x

9.2x

8.8x

7.9x

15.7x

14.4x

5.2%

5.4%

16.8%

16.9%

4.2%

4.4%

Robert Half International Inc.

43.87

34.42

50.98

5,569

298

1

5,272

1.0x

1.0x

1.0x

8.5x

8.9x

8.3x

16.8x

15.3x

(0.4%)

4.1%

41.1%

41.3%

11.3%

11.6%

Persol Holdings Co., Ltd.

19.36

13.24

21.24

4,527

623

229

4,265

0.9x

0.7x

0.7x

11.9x

10.6x

9.1x

21.7x

19.3x

20.7%

9.4%

23.7%

23.6%

6.8%

7.2%

2.22

1.52

2.30

3,210

141

82

3,151

0.5x

0.5x

0.5x

8.3x

10.0x

9.4x

16.2x

15.4x

11.2%

8.7%

18.7%

18.8%

4.9%

4.8%

48.41

32.05

55.53

2,557

19

580

3,118

1.3x

1.2x

1.1x

12.3x

10.2x

9.4x

17.0x

15.6x

6.8%

6.9%

32.3%

32.3%

11.7%

12.0%

Hays plc On Assignment, Inc. PageGroup plc

6.42

4.22

6.64

1,985

115

-

1,871

1.3x

1.1x

1.0x

13.9x

10.9x

10.3x

19.1x

17.7x

17.0%

4.9%

51.3%

51.2%

9.9%

10.1%

Korn/Ferry International

33.12

19.94

36.07

1,886

415

257

1,731

1.1x

1.1x

1.0x

8.8x

7.2x

6.5x

13.9x

12.4x

3.3%

5.5%

29.8%

30.2%

14.9%

15.6%

Kelly Services, Inc.

21.87

18.01

24.70

837

46

-

791

0.1x

0.2x

0.1x

9.0x

8.2x

7.5x

12.7x

11.7x

(0.4%)

2.8%

17.6%

17.6%

1.8%

2.0%

TrueBlue, Inc.

21.30

16.50

28.70

797

29

111

879

0.3x

0.4x

0.3x

6.1x

7.2x

6.6x

12.6x

11.7x

(8.7%)

2.4%

25.2%

25.3%

4.9%

5.2%

Kforce Inc.

18.20

15.95

26.95

460

4

128

584

0.4x

0.4x

0.4x

8.1x

7.4x

6.9x

12.1x

11.1x

2.3%

3.5%

30.1%

30.0%

5.8%

6.1%

Heidrick & Struggles International, Inc.

18.05

17.37

27.10

339

58

-

281

0.5x

0.5x

0.4x

5.2x

5.3x

4.9x

42.6x

15.5x

3.8%

3.9%

31.1%

30.9%

8.8%

9.2%

0.8x 0.6x

0.7x 0.5x

0.7x 0.5x

10.0x 9.1x

9.0x 9.0x

8.2x 8.5x

17.3x 15.7x

14.8x 14.8x

9.4% 6.0%

5.1% 4.5%

28.9% 27.5%

28.8% 27.6%

7.6% 6.3%

8.0% 6.6%

Mean Median


10

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

Trading Statistics

Stock

LTM

Price

Price Range

Equity

Cash &

Enterprise

CY 16A

CY 17E

Price / EPS

EV / EBITDA

EV / Revenue CY 18E

CY 16A

CY 17E

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

8/7/17

Low

High

Value

Equiv.

Debt

Value

$143.47

$142.75

$182.79

$133,705

$12,297

$45,676

$167,209

2.1x

2.1x

2.2x

9.0x

9.0x

8.9x

10.4x

10.4x

(2.5%)

(0.2%)

47.7%

48.2%

23.8%

24.2%

129.68

108.83

130.67

80,140

3,385

28

77,493

2.3x

2.2x

2.1x

13.7x

13.0x

12.1x

21.7x

19.7x

5.5%

6.6%

31.6%

31.4%

17.0%

17.0%

Tata Consultancy Services Limited

39.21

32.13

42.98

75,050

4,884

13

70,232

4.1x

3.7x

3.4x

14.9x

14.1x

13.4x

19.1x

17.7x

10.0%

7.8%

44.4%

43.8%

26.3%

25.8%

Cognizant Technology Solutions Corporation

69.59

45.44

71.57

41,101

4,378

991

37,714

2.8x

2.5x

2.3x

14.1x

12.9x

11.0x

18.8x

16.1x

9.7%

9.1%

38.9%

39.7%

19.7%

21.2%

Infosys Limited

15.16

14.11

17.15

34,658

5,188

-

29,470

2.9x

2.7x

2.5x

10.6x

10.1x

9.6x

15.5x

14.5x

8.3%

6.3%

37.6%

37.2%

26.7%

26.4%

DXC Technology Company

78.87

67.76

80.83

22,450

1,263

2,964

24,429

NA

1.2x

1.0x

NA

6.5x

4.6x

13.7x

9.9x

NM

21.6%

27.9%

27.7%

18.9%

21.9%

4.52

3.21

4.66

21,864

5,755

2,262

18,409

2.3x

2.1x

2.1x

11.5x

10.2x

11.0x

16.3x

15.9x

7.9%

1.8%

29.3%

28.8%

20.7%

18.9%

13.88

11.53

14.53

19,800

1,431

97

18,493

2.7x

2.3x

2.2x

12.3x

10.3x

10.2x

14.2x

13.8x

16.6%

5.6%

33.6%

33.6%

22.7%

21.8%

Capgemini SE

107.92

83.83

114.95

17,685

1,505

3,966

20,157

1.5x

1.3x

1.3x

12.1x

9.9x

9.2x

15.4x

14.2x

14.2%

3.8%

30.4%

31.6%

13.4%

13.9%

Atos SE

151.10

102.76

156.23

15,922

2,300

1,910

16,143

1.3x

1.1x

1.0x

10.0x

8.3x

7.8x

15.4x

14.2x

22.0%

2.0%

55.8%

54.2%

12.8%

13.4%

NTT Data Corporation

10.92

9.02

11.71

15,315

1,741

4,983

18,836

1.3x

1.0x

1.0x

8.5x

7.1x

6.7x

27.3x

25.7x

31.3%

(2.6%)

25.3%

24.7%

14.3%

15.6%

CGI Group Inc.

51.32

47.70

54.57

14,965

233

1,375

16,106

2.0x

1.9x

1.8x

11.9x

10.3x

9.7x

17.4x

15.9x

9.4%

2.7%

NA

NA

18.0%

18.6%

Nomura Research Institute, Ltd.

38.45

26.75

41.11

9,221

1,460

504

8,371

2.3x

2.1x

2.0x

11.4x

10.0x

9.4x

22.3x

21.6x

13.3%

4.5%

33.3%

34.5%

20.7%

21.0%

Tech Mahindra Limited

6.36

5.59

8.20

6,209

1,412

219

5,114

1.2x

1.1x

1.0x

8.0x

8.4x

7.5x

13.2x

12.3x

11.6%

5.4%

31.5%

29.4%

13.1%

13.8%

Capita plc

8.75

5.62

13.89

5,825

1,439

3,994

8,473

1.4x

1.4x

1.4x

11.2x

10.6x

10.5x

13.0x

12.4x

(1.8%)

(0.3%)

24.9%

24.3%

13.4%

13.7%

Genpact Limited

29.47

22.58

31.93

5,684

441

1,270

6,518

2.5x

2.4x

2.3x

15.5x

14.2x

13.1x

18.9x

16.9x

4.8%

6.6%

38.9%

39.1%

17.0%

17.3%

EPAM Systems, Inc.

82.23

54.53

87.93

4,314

444

25

3,895

3.4x

2.7x

2.3x

22.9x

15.2x

12.4x

24.2x

20.2x

23.0%

20.4%

37.3%

37.7%

18.0%

18.2%

Conduent Incorporated

16.29

13.10

18.15

3,410

255

2,121

5,276

0.8x

0.9x

0.9x

11.9x

7.8x

7.1x

21.6x

17.0x

(5.4%)

(1.5%)

17.1%

17.6%

11.2%

12.4%

Luxoft Holding, Inc.

61.00

48.20

67.85

2,040

110

1

1,931

2.6x

2.1x

1.8x

20.1x

12.5x

9.9x

19.1x

15.6x

20.4%

20.8%

40.3%

39.9%

17.2%

17.8%

ExlService Holdings, Inc.

56.75

42.00

59.84

1,915

237

46

1,723

2.5x

2.3x

2.1x

17.4x

13.3x

11.5x

21.8x

19.8x

10.2%

9.6%

34.3%

34.9%

17.1%

18.2%

9.39

6.66

10.25

1,814

389

40

1,464

1.6x

1.5x

1.4x

10.2x

9.7x

8.7x

15.7x

13.4x

9.5%

8.7%

27.7%

27.2%

15.3%

15.8%

WNS (Holdings) Limited

35.29

24.82

36.07

1,784

194

117

1,707

2.9x

2.5x

2.2x

18.8x

12.8x

10.3x

38.6x

23.9x

16.0%

11.9%

34.8%

33.8%

19.6%

21.8%

Syntel, Inc.

18.41

15.82

46.95

1,540

87

398

1,851

1.9x

2.1x

2.1x

6.9x

8.4x

8.2x

10.7x

10.5x

(8.5%)

0.3%

36.4%

36.8%

24.8%

25.4%

Globant S.A.

43.42

30.90

47.51

1,508

42

0

1,466

4.5x

3.7x

3.1x

24.0x

22.5x

17.6x

34.2x

27.4x

21.1%

20.3%

39.3%

40.0%

16.7%

17.7%

7.57

6.26

9.73

1,273

149

16

1,140

1.5x

1.4x

1.2x

10.4x

11.1x

9.0x

18.8x

15.7x

8.3%

11.0%

33.9%

33.9%

12.3%

13.6%

13.48

12.75

16.38

1,226

28

939

2,136

0.8x

0.7x

0.7x

10.9x

8.8x

8.2x

10.7x

9.8x

3.4%

6.4%

20.8%

21.0%

8.4%

8.4%

3.97

2.79

4.19

1,178

66

-

1,112

2.1x

1.8x

1.6x

13.3x

10.9x

9.8x

16.2x

14.8x

18.5%

10.4%

34.1%

34.6%

16.5%

16.6%

31.88

18.03

34.92

933

216

105

911

1.1x

1.0x

0.9x

19.0x

13.9x

9.7x

21.4x

16.9x

13.9%

8.4%

27.9%

30.0%

7.1%

9.4%

9.76

7.85

11.07

781

95

0

686

1.6x

1.4x

1.3x

10.9x

8.7x

7.6x

14.8x

13.2x

14.0%

13.6%

36.1%

35.0%

16.6%

16.8%

17.52

14.15

21.19

615

6

68

678

1.4x

1.4x

1.3x

13.5x

9.5x

8.2x

14.2x

12.1x

5.5%

7.1%

33.1%

33.4%

14.4%

15.6%

2.1x 2.1x

1.9x 2.0x

1.8x 1.8x

13.3x 11.9x

11.0x 10.3x

9.8x 9.7x

18.5x 16.8x

16.0x 15.6x

10.7% 10.0%

7.6% 6.6%

33.9% 33.9%

33.9% 33.9%

17.1% 17.0%

17.7% 17.5%

IT & BPO Services International Business Machines Corporation Accenture plc

Wipro Limited HCL Technologies Limited

MphasiS Limited

Mindtree Limited Presidio, Inc. Hexaware Technologies Limited Virtusa Corporation Persistent Systems Limited Perficient, Inc.

Mean Median


11

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

LTM

Price

Price Range


Cash &

Value

Equiv.

8/7/17

Low

High

Teleperformance SE

$138.13

$96.45

$142.85

$7,978

SYNNEX Corporation

119.55

100.06

131.35

4,775

Convergys Corporation

23.57

20.15

30.92

TeleTech Holdings, Inc.

40.85

24.45

Sykes Enterprises, Incorporated

33.43

25.77

transcosmos inc.

21.75

Atento S.A.

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

$375

$2,064

$9,680

2.5x

1.9x

1.8x

17.8x

11.2x

10.4x

19.6x

17.9x

30.8%

5.5%

NA

NA

17.2%

311

1,096

5,560

0.4x

0.4x

0.3x

10.8x

8.7x

8.4x

14.1x

13.2x

12.0%

3.9%

9.6%

9.7%

4.1%

4.1%

2,219

189

345

2,374

0.8x

0.8x

0.8x

6.5x

6.5x

6.3x

12.7x

12.1x

(0.7%)

1.8%

36.8%

36.4%

12.5%

12.9%

42.90

1,864

78

-

1,786

1.4x

1.3x

1.2x

11.3x

9.4x

8.7x

23.2x

20.4x

10.7%

5.6%

26.3%

26.7%

13.5%

13.7%

34.49

1,406

-

-

1,406

1.0x

0.9x

0.8x

8.6x

7.7x

7.0x

15.9x

14.7x

8.6%

4.5%

35.6%

35.8%

11.6%

12.2%

20.61

26.74

902

294

139

780

0.4x

0.3x

0.3x

7.8x

8.4x

7.3x

10.4x

12.1x

14.8%

8.4%

17.9%

17.4%

4.0%

4.2%

11.85

6.85

12.00

876

171

540

1,244

0.7x

0.7x

0.6x

6.7x

5.5x

5.3x

14.8x

15.0x

6.3%

3.2%

NA

NA

12.1%

12.1%

BELLSYSTEM24 Holdings, Inc.

11.24

7.50

11.26

823

63

739

1,510

1.6x

1.5x

1.4x

16.2x

14.8x

13.1x

18.4x

14.6x

9.5%

7.0%

18.1%

18.7%

9.9%

10.5%

Relia, Inc.

11.01

8.12

11.49

759

128

27

658

0.8x

0.7x

0.6x

13.0x

9.1x

7.6x

22.6x

19.0x

24.5%

7.5%

14.2%

15.6%

7.3%

8.2%

1.1x 0.8x

0.9x 0.8x

0.9x 0.8x

11.0x 10.8x

9.0x 8.7x

8.2x 7.6x

16.9x 15.9x

15.4x 14.7x

12.9% 10.7%

5.3% 5.5%

22.6% 18.1%

22.9% 18.7%

10.2% 11.6%

10.6% 12.1%


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

Enterprise Value (EV)

LTM

NTM

EV / Revenue LTM

NTM

Target Description

7/27/2017

$112

NA

NA

NA

NA

Provider of merchant risk intelligence for acquirers, commercial banks, and payment system providers

7/24/2017

$2,617

14.4x

10.8x

3.7x

3.6x

Provides health information through websites, mobile platforms, and publications

7/18/2017

$150

NM

NM

0.3x

0.4x

Predictive marketing company that uses AI to anticipate people's need for products and services

7/5/2017

NA

NA

NA

NA

NA

Provides assisted living referral services

7/3/2017

$1,438

15.0x

11.1x

3.1x

2.8x

Operates as a publisher, aggregator, and distributor of personal finance content on the Internet

6/30/2017

NA

NA

NA

NA

NA

Marketing solutions and search platform provider and publisher of the Real Yellow Pages and YP.com

6/20/2017

NA

NA

NA

NA

NA

Owns and operates a Website that enables customers to shop for energy rates

6/16/2017

$63

NM

NA

5.6x

NA

Provides identity theft detection, protection, and resolution services

6/5/2017

NA

NA

NA

NA

NA

Provides B2B data and data-driven marketing services

6/5/2017

$200

NA

NA

NA

NA

Provides location-driven insights and mobile advertising intelligence

5/15/2017

$3,293

22.0x

NA

11.3x

NA

Provides business intelligence and company information

5/11/2017

$4,074

10.2x

9.6x

1.6x

1.6x

Provides advertising, digital, and communications services

5/3/2017

$700

NA

NA

NA

NA

Provides hospitality, merchandise, ticket sales, sponsorship, and experiential services

4/17/2017

NA

NA

NA

NA

NA

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

4/10/2017

$455

14.8x

8.0x

1.5x

1.5x

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

(Investment)

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 8/7/17.

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

Target

Acquirer


LTM

NTM

EV / Revenue LTM

NTM

Target Description

4/4/2017

NA

NA

NA

NA

NA

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

4/3/2017

$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

$45

NA

NA

3.2x

NA

Performance marketing network serving online merchants

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

$3,300

18.5x

13.3x

3.5x

3.4x

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

1/5/2017

NA

NA

NA

NA

NA

Provides marketers with a comprehensive view into consumer behavior patterns

Email/Cross-Channel Marketing Business



Acquirer

Target


LTM

NTM

EV / Revenue LTM

NTM

Target Description

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

10/13/2016

NA

NA

NA

NA

NA

Provider of digital media and online advertising services

Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 8/7/17. 1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

15

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

EV / Revenue Target Description


LTM

NTM

LTM

NTM

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

21.1x

NA

3.2x

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

$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

5/3/2016

$13,267

17.9x

14.0x

4.3x

4.2x

Provider of information and technology services to the global healthcare industry

Announced Date

Target

Acquirer

Intellectual Property & Science Business



Acquirer

Target


LTM

NTM

EV / Revenue LTM

NTM

Target Description

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

15.4x 15.0x

11.0x 10.8x

3.6x 3.2x

2.5x 2.2x

Mean Median


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

Acquirer

Target


LTM

NTM

EV / Revenue LTM

NTM

Target Description

7/31/2017

$182

NM

NA

0.2x

NA

Provides engineering, IT and staffing solutions worldwide

7/17/2017

NA

NA

NA

NA

NA

Provides integrated workforce management solutions to manage their temporary staffing and outside service

7/12/2017

NA

NA

NA

NA

NA

Operates as a PEO that provides workforce solutions for businesses in the U.S.

7/10/2017

$199

6.9x

NA

0.3x

NA

Canada-based provider of IT services and data center solutions in North America and the U.K.

7/5/2017

NA

NA

NA

NA

NA

Independent integrator of Microsoft Dynamics 365 for mid-market and enterprise customers

7/3/2017

$293

10.4x

9.6x

0.9x

0.9x

Provides IT solutions to defense, intelligence, healthcare, and government agencies worldwide

6/19/2017

$627

NA

NA

0.9x

NA

Provides HR SaaS solutions that connect job seekers and employers in the U.S. and internationally

6/19/2017

$886

NA

NA

NA

NA

UK-based IT training and learning solutions company

6/15/2017

$837

NA

NA

NA

NA

Provides engineering and design services and PLM products and services

6/13/2017

$1,675

NA

NA

NA

NA

Provides IT and infrastructure solutions for businesses in North America

6/6/2017

$921

10.4x

NA

0.4x

NA

Technology distributor of security, collaboration, networking, and data center products

6/1/2017

NA

NA

NA

NA

NA

Provides travel visa and passport services to corporations, travel companies and individuals

5/25/2017

NA

NA

NA

NA

NA

Provides enterprise managed solutions

5/22/2017

$330

NA

NA

NA

NA

Provider of specialized BPO services

5/18/2017

$93

NA

NA

0.3x

NA

Provides IT and related staffing services


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

Target

Acquirer


LTM

NTM

EV / Revenue LTM

NTM

Target Description

5/16/2017

$837

NM

NM

5.2x

3.8x

Provides subscription-based enterprise support services for Oracle, SAP, and other software products

5/15/2017

NA

NA

NA

NA

NA

Provides technology solutions that streamline the claims management process

5/10/2017

$4,600

13.7x

NA

1.9x

NA

Provides outsourced services to the pharmaceutical, biotechnology, and healthcare industries

5/9/2017

$4,950

7.6x

7.6x

2.2x

2.1x

Provides communication and network infrastructure services

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

$2,702

11.6x

10.7x

1.0x

1.0x

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

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



LTM

NTM

LTM

NTM

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

$6,030

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

Announced Date

Acquirer

Target


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



LTM

NTM

LTM

NTM

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


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

$741

8.9x

6.1x

0.8x

0.8x

Provider of information-technology services

Announced Date

Acquirer

Target


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

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

10.6x 10.4x

8.7x 8.9x

1.6x 1.0x

Target Description

1.6x 1.2x


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

Announced Date

Acquirer

Target


7/31/2017

AE Industrial Partners, LLC

CDI Corp.

$182

7/27/2017

Dentsu Aegis Network Ltd.

Sokrati Technologies Pvt Ltd (nka:Merkle Sokrati)

NA

India-based data-driven performance marketing and analytics agency

7/27/2017

Brite Media Group LLC

Clean Zone Marketing, LLC

NA

Provides transit and outdoor advertising services

7/27/2017


G2 Web Services, LLC

$112

7/27/2017

Baird Capital (Investment)

Prescient Healthcare Group Limited

NA

London-based global product strategy consultancy for the biopharmaceutical industry

7/27/2017

OEP Capital Advisors, L.P.

Lutech S.p.A.

NA

Italy-based engineering firm that designs, implements, and manages information and communication technology solutions

7/26/2017

Daiwa Securities Group Inc.

73% Stake In Sagent Advisors, LLC And 100% Stake In Signal Hill Holdings LLC

NA

Investment banking firms that provides strategic advisory and capital raising services

7/25/2017

Synthesio SAS

Social Karma SPRL

NA

Belgium-based provider of social media analytics tools, statistics, and metrics for social networks

7/24/2017

Internet Brands, Inc.

WebMD Health Corp.

$2,617

Provides health information to consumers, physicians, healthcare professionals, and health plans through its websites and mobile platforms

7/24/2017

Morningstar, Inc.

Sustainalytics B.V.

NA

Netherlands-based provider of environmental, social, and governance research and ratings

7/23/2017

Scorpion

Driven Local

NA

Provides digital marketing solutions for companies in the franchise and home services markets

7/19/2017

WestView Capital Partners (Investment)

Abacus Group, LLC

NA

Provides managed IT solutions and infrastructure for the financial services sector

7/18/2017

Freeman Decorating Co.

B.a.A.M. PRODUCTIONS

NA

Canadian creative production company that specializes in high-profile and large scale sports, cultural, and entertainment projects

7/18/2017

Sizmek Inc.

Rocket Fuel Inc.

$150

7/18/2017

Zeta Interactive Corp.

boomtrain, Inc.

NA

Provides engineering, IT and staffing solutions worldwide

Provider of merchant risk intelligence solutions for acquirers, commercial banks, and other payment system providers

Predictive marketing company that uses AI to empower agencies and marketers to anticipate people's need for products and services Operates a marketing platform that employs artificial intelligence to personalize messages across digital platforms


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

Target

Acquirer


Target Description

7/18/2017

Infogix, Inc.

Data Clairvoyance Group, Inc.

NA

Data strategy consultancy that helps organizations maximize the quality and value of their data

7/17/2017

The Carlyle Group L.P.; Carlyle Partners VI, L.P.

ZeroChaos, LLC

NA

Provides integrated workforce management solutions to help companies manage their temporary staffing and outside service providers

7/14/2017

The Stagwell Group; Stagwell Media LLC

Nielsen Holdings plc, Certain Mobile Research Assets

NA

Including television pilot testing services and the promotional testing and consumer tracking of those pilots

7/14/2017

NewSpring Capital (Investment)

ExecOnline, Inc.

NA

Partners with leading business schools to deliver online leadership development programs that generate measurable organizational impact

7/12/2017

Kelso & Company (Minority stake)

Oasis Outsourcing, Inc.

NA

Operates as a PEO that provides workforce solutions for businesses in the U.S.

7/12/2017

Accenture plc

Clearhead Group LLC

NA

Offers data-driven digital optimization services to help brands personalize and improve digital products

7/12/2017

Franklin Covey Co.

Jhana Education Inc.

NA

Develops and offers online micro-learning content and tools for leaders and managers

7/12/2017

Leeds Equity Partners, LLC

Dalton Education LLC

NA

Dalton provides certified financial planning education and exam preparation solutions

7/12/2017

Leeds Equity Partners, LLC

Money Education

NA

Money Education publishes digital textbooks and reference workbooks for tax and financial planning

7/10/2017

Press Ganey Holdings, Inc.

Soyring Consulting, Inc.

NA

Provides clinical and operational consulting assistance to hospitals and healthcare facilities

7/10/2017

Cincinnati Bell Inc.

OnX Enterprise Solutions Ltd.

$199

7/10/2017

BARBRI, INC.

iLawVentures, LLC

NA

Provides online legal education courses

7/10/2017

CPA Global Limited

Markpro GLOBAL.LTD

NA

Seoul-based provider of patent renewals, trademark renewals and IP software

7/7/2017

Mastech Digital, Inc.

InfoTrellis Inc.

$55

Provides consulting and technology services for master data management, data integration, and big data

7/6/2017

FTI Consulting, Inc.

CDG Group, LLC

NA

Provides restructuring advisory, turnaround management, value enhancement, and transaction advisory services

Canada-based provider of IT services and data center solutions in North America and the U.K.


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

Announced Date

Acquirer

Target


7/6/2017

Oasis Outsourcing, Inc.

DHR Operations, LLC

NA

Provides HR services to clients in the Western region of the U.S.

7/6/2017

Technology Crossover Ventures (Investment)

Axiom Software Laboratories, Inc.

NA

Provides risk data management and regulatory reporting technology for the financial services industry

7/5/2017

General Atlantic LLC; Silver Lake

A Place for Mom, Inc.

NA

Provides assisted living referral services

7/5/2017

UXC Eclipse (USA) Inc.

Tribridge, Inc.

NA

One of the largest independent integrators of Microsoft Dynamics 365 for midmarket and enterprise customers

7/3/2017

Red Ventures Holdco, LP

Bankrate, Inc.

$1,438

7/3/2017

Merkle Inc.

Aquila Insight Ltd.

NA

7/3/2017

H.I.G. Capital, LLC

NCI, Inc.

$293

6/30/2017

Dex Media, Inc.

YP Holdings LLC

NA

Marketing solutions and search platform provider and publisher of the Real Yellow Pages and YP.com; combined company to be called DexYP

6/29/2017

Marquis Software Solutions, Inc.

DocuMatix, LLC

NA

Develops a communication software platform to conduct marketing operations

6/29/2017

Market Track, LLC

InfoScout, Inc.

NA

Provides real-time shopper insights, including household purchase data for brickand-mortar and online retailers

6/28/2017

Alaris Royalty Corp. (Investment)

Accscient LLC

NA

Provides IT staffing, consulting, and outsourcing services and specializes in digital infrastructure management, ERP, BI, and Database management

6/28/2017

Accenture plc

Intrepid Pursuits, LLC

NA

Develops mobile experiences for connected devices

6/27/2017

Silver Point Capital L.P.; Searchlight Capital Partners (Investment)

PatientPoint, LLC

NA

Provides patient and physician engagement solutions, including advertising, in doctors' offices and hospitals

6/27/2017

FTV Capital (Investment)

Sitehands, Inc.

NA

Provides start-to-finish enterprise IT field services

6/27/2017

RhythmOne plc

RadiumOne, Inc., Certain Assets and Related Liabilities

$26

Data-driven marketing platform that enables brands and agencies to access performance- and engagement-based audiences and marketplaces

Operates as a publisher, aggregator, and distributor of personal finance content on the internet Provides big data analytics using technology and human input from insight professionals, to help clients connect with individual customers Provides IT and professional services and solutions to defense, intelligence, healthcare, and civilian government agencies worldwide



Acquirer

Target


Target Description

6/23/2017

Perficient, Inc.

Clarity Consulting, Inc.

$9

Designs, develops, customizes, and implements Miscorosft enterprise software applications for businesses

6/22/2017

Meltwater News Canada Inc.

Infomart

$29

Canada-based provider of media monitoring and analytics, research and insights reports, executive summaries, and corporate data

6/22/2017

Rockbridge Growth Equity, LLC

Kings III of America, Inc.

NA

Provides turnkey emergency monitoring for building owners with hardware, installation, monitoring, and maintenance for on-site emergency phones

6/21/2017

Sverica Capital Management, LLC; Sverica Capital Partners IV LP

iWave Information Systems Inc.

NA

SaaS company that offers fundraising intelligence to healthcare, education, and non-profit organizations

6/20/2017

Red Ventures, LLC

Choose Energy, Inc.

NA

Owns and operates a website that enables customers to shop for energy rates based on price, provider, energy type, and other factors

6/20/2017

LendingTree, LLC

Camino del Avion Delaware, LLC

$40

Offers consumers personalized comparisons of banking and credit-based products

6/20/2017

HarbourVest Partners, LLC; Resurgens Technology Partners (Investment)

Investment Metrics, LLC

NA

Provides performance analytics and reporting solutions to institutional consultants, plan sponsors, asset managers, and private wealth advisors

6/19/2017

Union Grove Venture Partners (Investment)

Free Stream Media Corp.

NA

Helps advertisers and broadcasters understand TV viewership habits of the modern consumer through its TV Audience Platform

6/19/2017

Verve Wireless, Inc.

matchinguu UG

NA

Germany-based provider of a contextual mobile notifications and marketing platform for generating sales lead

6/19/2017

Apollo Global Management, LLC; Ontario Teachers' Pension Plan Board

CareerBuilder, LLC

$627

Provides HR SaaS solutions that connect job seekers and employers in the U.S. and internationally

6/19/2017

Renovus Capital Partners (Investment)

The Panum Group, LLC

NA

Provides program management, mission, and acquisition support and IT services to Federal Government agencies

6/19/2017

CVC Capital Partners Limited; CVC European Equity Partners VI LP

QA Limited

$886

UK-based provider of IT training and learning solutions

6/16/2017

Equifax Consumer Services, Inc.

ID Watchdog, Inc.

$63

Provides identity theft detection, protection, and resolution services primarily to individuals and families on a subscription basis

6/15/2017


The Customer Framework Limited

NA

UK-based provider of digital transformation consulting services

6/15/2017

LendingTree, LLC

Deposits Online, LLC.

$33

Provides consumer-facing financial information relating to depository deals and analysis online



Announced Date

Acquirer

Target


6/15/2017

Access Intelligence, LLC

AdExchanger

NA

6/15/2017

Warburg Pincus LLC

Tata Technologies Limited

$837

Provides engineering and design services and PLM products and services primarily to manufacturers and their suppliers

6/15/2017

H.I.G. Capital, LLC (Investment)

Trace3, Inc.

NA

Provides IT solutions to medium- and large-sized enterprise clients, with expertise in cloud, security, data intelligence, and dev ops

6/14/2017


Nielsen Holdings plc, Certain Mobile Research Assets

NA

UK-based Mobile Insights Survey and the Total Communication Survey, which will join Harris Insights and Analytics

6/13/2017

Cision, Inc. (nka:Cision Ltd.)

L'Argus de la Presse SA

$12

France-based provider of media monitoring solutions

6/13/2017

Peak 10 Holding Corporation

ViaWest, Inc.

$1,675

6/13/2017

Health & Safety Institute, Inc.

Comprehensive Loss Management, Inc.

NA

Develops and markets courseware and services that enable employers to improve employee health and well being

6/13/2017


TMG Health, Inc.

NA

Provides tech-enabled BPO services for insurers, employers, health plans, and providers in the Medicare, Medicaid, and reitree health plan markets

6/8/2017

LexisNexis Legal & Professional Inc.

Ravel Law, Inc.

NA

Provides a suite of tools and services to help professionals analyze, visualize, and understand the law and prepare for litigation

6/8/2017

CBIZ, Inc.

CMF Associates, LLC

NA

Provides financial and operational consulting and executive search services

6/8/2017

Worley Catastrophe Response, L.L.C.

Apex Claims Service of New England, LLC

NA

Provides residential and commercial property claims adjusting services

6/7/2017

Arthur J. Gallagher & Co.

Total Reward Group Limited

NA

UK-based consultancy offering remuneration support, executive search, interim placement, and corporate training services

6/7/2017

Accenture Federal Services LLC

Phase One Consulting Group, Inc.

NA

Provides IT strategy, modernization, and digital transformation services for the federal market with a specialization in Salesforce solutions

6/7/2017

InterVision Systems, LLC

Netelligent Corporation

NA

Provides managed IT and professional services

6/6/2017

CoreLogic, Inc.

Mercury Network, LLC

NA

Provides a SaaS-based valuation vendor management platform to clients in the mortgage lending industry in the U.S.

Provider of news, analysis, and events to the data-driven marketing space

Provides IT and infrastructure solutions for businesses in North America



Acquirer

Target


Target Description Technology distributor of security, collaboration, networking, and data center products

6/6/2017

SYNNEX Corporation

Westcon Group, Inc.

$921

6/5/2017

Aurora Capital Group

Randall-Reilly, LLC

NA

Provides B2B data and data-driven marketing services for the trucking, construction, and agriculture industries

6/5/2017

Snap Inc.

Placed, Inc.

$200

Provides location-driven insights and mobile advertising intelligence

6/5/2017

Advantage Smollan Limited

Intermarketing Agency

NA

UK-based full service creative agency

6/5/2017

SellUP, Inc.

Alchemy Worx Limited

NA

UK-based email marketing agency

6/5/2017

Periscope, Inc.

Anthem Marketing, LLC

NA

Provides data-driven marketing services, including analytics, database marketing, journey mapping, and loyalty services

6/5/2017

Wunderman Limited

The Cocktail Experience, S.L.

NA

Spain-based provider of digital brand transformation consultancy services

6/5/2017

Solera Holdings Inc.

Colimbra Holding B.V.

NA

Netherlands-based provider of intelligent data management software and services for the automotive insurance industry

6/5/2017

Excellere Partners (Investment)

Consolidated Services Group, Inc.

NA

Provides medical claims management solutions for auto insurance carriers, workers' compensation administrators, and group health insurers

6/5/2017

Emergency Communications Network, LLC (nka:ONSOLVE, LLC)

SWN Communications Inc.

NA

Provides web-based and mobile enterprise communications services to businesses, government agencies, colleges, and non-profit organizations

6/5/2017

Excellere Partners

Consolidated Services Group, Inc.

NA

Provides medical claims management solutions for auto insurance carriers, workers' compensation administrators and group health insurers

6/2/2017

Accenture plc

SolutionsIQ, Inc.

NA

Provides Agile consulting and transformation solutions

6/1/2017

Clarivate Analytics

Publons Limited

NA

New Zealand-based provider of researcher-facing peer-review data and recognition platform

6/1/2017

Kohlberg & Company, L.L.C.

CIBT, Inc.

NA

Provides travel visa and passport services to corporations, travel management companies, and individuals

6/1/2017

Fractal Analytics Inc.

4i, Inc.

NA

Provides growth strategy and foresight analytics consulting



Announced Date

Acquirer

Target


6/1/2017

Accenture plc

LabAnswer Government LLC

NA

Provides laboratory informatics technology consulting services

6/1/2017

Globant S.A.

PointSource, LLC

$28

Tech agency specializing in the retail, supply chain, and insurance services sectors

6/1/2017

Marlin Equity Partners, LLC

NYSE Governance Services, Inc. (nka:True Office Learning)

NA

Provides analytics-rich, interactive e-learning software and services, specializing in GRC

6/1/2017

Aquiline Capital Partners LLC

Output Services Group, Inc.

NA

Provides outsourced invoices for middle market companies in sectors including telecom, financial services, and media

5/30/2017

Avtex Solutions, LLC

Integrated Access Solutions, Inc.

NA

Provides customer experience and contact center solutions, specializing in Genesys and Microsoft platforms

5/25/2017

Sageview Capital; Silver Lake (Investment)

DEMANDBASE, INC.

NA

Provides B2B marketing solutions, including a cloud based ad targeting and web personalization platform

5/25/2017

Rackspace Hosting, Inc.

TriCore Solutions, LLC

NA

Provides enterprise managed solutions for the healthcare, financial services, manufacturing, life science, and retail industries

5/24/2017

Teneo Holdings LLC

cabinet DN Sprl

NA

Public affairs and communications firm

5/24/2017

Havas SA

Sorento Healthcare Communications Pvt Ltd

NA

Healthcare communications agency

5/22/2017


MAKE Consulting A/S

NA

Research and advisory business specializing in wind power

5/22/2017

International Institute for Learning, Inc.

Orbital Training & Consulting Limited

NA

Provider of corporate training in project management, business process improvement, and six sigma

5/22/2017

Advanced Discovery LLC

Altep, Inc.

NA

Provides data forensics, discovery management, and investigative services for litigations, corporations, and government entities in the U.S.

5/22/2017

Partners Group Holding AG

SPi Global Holdings, Inc.

$330

Provider of specialized BPO services related to the creation, enrichment, and transformation of content to research and education publishers

5/18/2017

HTC Global Ventures, LLC

Ciber, Inc., Substantially All Assets

$93


5/18/2017

Franklin Covey Co.

Robert Gregory Partners, LLC

$8

Provides executive coaching services



Announced Date

Acquirer

Target


5/17/2017

Lighthouse eDiscovery, Inc.

Liffey Thames Group, LLC

NA

Provides e-discovery services to corporations and law firms

5/16/2017

NGDATA

Eccella Corporation

NA

Provides data management and analytics consulting services

5/16/2017

GP Investments

Rimini Street

$837

5/16/2017

Vista Equity Partners LLC; Vista Equity Endeavor Fund I, L.P. (Investment)

Zapproved Inc.

NA

Provides e-discovery SaaS solutions for corporate legal teams

5/15/2017

Beringer Capital

ICiDigital, Inc.

NA

Digital agency that provides end-to-end strategy, design, and implementation solutions with expertise in Adobe Marketing Cloud

5/15/2017

Moody's Analytics, Inc.

Bureau van Dijk Electronic Publishing BV

$3,293

5/15/2017

Accenture plc

Media Hive

NA

Provides platform development, systems architecture, and retail experiences creation for the e-commerce industry

5/15/2017

General Atlantic LLC

ControlExpert GmbH

NA

Provides technology solutions that streamline the claims management process by using software, data analytics, and human expertise

5/15/2017

Oakley Capital Investments Limited; Oakley Capital III

TechInsights Inc.

NA

Provides IP and technology services, including reverse engineering to prove patent infringement

5/11/2017

Vivendi SA (to acquire 60% stake)

Havas SA

$4,074

5/10/2017

Did-it.com, LLC

The Halo Group, Inc. (nka:The Halo Group, A Didit Company)

NA

Marketing communications and branding agency

5/10/2017

AdSupply, Inc.

LION New Media LLC

NA

Online media agency focused on premium brands running campaigns on local media websites

5/10/2017

INC Research Holdings, Inc.

inVentiv Health Inc.

$4,600

Provides outsourced services to the pharmaceutical, biotechnology, medical device and diagnostics, and healthcare industries

5/9/2017


Aecus Limited

$8

Provider of benchmarking and implementation consulting services for BPO, ITO, and robotic process automation

5/9/2017

ICV Partners, LLC

LeadingResponse, LLC

NA

Offers tech-enabled, data-driven client acquisition services to professional services end markets

Provides subscription-based enterprise support services for Oracle, SAP, and other software products (reverse merger)

Provides business intelligence and company information, with a database of over 220 million private companies

Provides advertising, digital, and communications services



Acquirer

Target

Target Description


5/9/2017

Possible Worldwide, LLC

Marketplace Ignition, LLC

NA

Consulting firm that helps brands develop marketing strategies for Amazon and other online marketplaces

5/9/2017

WordStream Inc.

Algorithmic Ads Inc.

NA

Develops software to help businesses generate display ads based on their existing website imagery

5/9/2017

Apollo Global Management, LLC

West Corporation

$4,950

5/9/2017


Jibe Consulting, Inc.

$20

Management and technology consulting firm focused on implementing Oracle ERP and HCM solutions

5/8/2017

Elysian Capital LLP; Elysian Capital II LP

Brand Addition Limited

$78

Designs, sources, and delivers branded merchandise to businesses for sales and marketing activities

5/8/2017

Envoy Health Management LLC.

WRB Communications, Inc.

$30

Provides call center services to pharmaceutical manufacturers, biotech, medical device organizations, and other health care industries

5/7/2017

Accenture plc

The Monkeys Pty Limited

NA

Creative advertising agency

5/5/2017

MetaSource, LLC

DataImage Inc.

NA

Provides business analytics, workflow design and business process automation, and electronic document management solutions

5/4/2017

Teneo Holdings LLC

Ryan Communication Limited

NA

Strategic communications firm

5/4/2017

NORD Holding Unternehmensbeteiligungsgesellschaft mbH

PPS. Imaging GmbH

NA

Provides professional print solutions

5/3/2017

New Mountain Capital, LLC (Investment)

Legends Hospitality LLC

$700

Provides hospitality, merchandise, ticket sales, sponsorship, and experiential services to the sports and entertainment industries

5/2/2017

Quotient Technology Inc.

Crisp Media, Inc.

$57

Provides mobile advertising technology, media, and services to brand advertisers, agencies, and publishers

5/2/2017

Deloitte Digital

Web Decisions, LLC

NA

Provides database-driven marketing solutions

5/1/2017


Accordant Pty Ltd

NA

Data-driven customer experience agency

5/1/2017

MCH Group AG

Creative Management Services LLC

NA

Designs, produces, and manages integrated marketing programs for events, exhibits, and permanent environments

Provides communication and network infrastructure services



Announced Date

Acquirer

Target


5/1/2017

KPMG LLP (Canada)

Tomont Solutions Inc.

NA

Technology consulting firm focused on implementing Oracle software products

5/1/2017

Addison Group, LLC

AIM Consulting Group, LLC

NA

Provides IT consulting and staffing services

4/27/2017

CoStar Group, Inc.

LandWatch LLC

NA

Operates an online site that helps find rural properties and land for sale

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


Scout Marketing, Inc.

NA

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

4/26/2017

Oaktree Capital Management (UK) LLP; 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 focused on 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

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


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

Target Description

Lucid Holdings, LLC

NA

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

Harland Clarke Holdings Corp.

RetailMeNot, Inc.

$455

Operates as a savings destination for consumers with digital offers for online and in-store purchases at retailers, restaurants, and brands

4/10/2017

Capgemini America, Inc.

Ciber, Inc., Substantially All Assets

$50


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

Ontellus

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

Announced Date

Acquirer

4/11/2017

North Bridge Growth Equity (Investment)

4/10/2017

Target


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

Target


Target Description

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

4/3/2017

TBG AG

Telvent DTN, LLC

$900

4/3/2017

SNC-Lavalin Group Inc.

WS Atkins plc

$2,702

Provides infrastructure design, engineering, and project management consultancy services

4/3/2017

Accenture plc

Genfour Ltd

NA

UK-based provider of system integration and consulting for deployment of robotic process automation and artificial intelligence technologies

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 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

Announced Date

Provides agricultural information and market intelligence, helping farmers, agribusinesses, and commodity traders to manage their businesses

Provides IT and BPO services UK-based provider of outsourced regulatory and complaint services across the financial services, utilities, and ombudsman services sectors



Target

Acquirer


Target Description

3/27/2017

Orion Systems Integrators, LLC

Structured Network Solutions, Inc.

NA

Provides technology integration services, including network design, directory authentication, IT security policy, design strategies, and storage

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

3/27/2017

Stratacache, Inc.

LIFT Network

NA

Provides marketing and promotion tools for retail businesses

3/23/2017

Rhone Capital, L.L.C.

Garda World Security Corp.

NA

Provides security and cash services

2/24/2017

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, Inc. (nka:Cision Ltd.)

Capitol Acquisition Corp. III

NA

Provides portfolio performance measurement, including attribution, multi-asset risk, GIPS composites management, and reporting Provides public relations software that enables professionals to plan, execute, and measure influencer-oriented campaigns on one platform



Announced Date

Acquirer

Target


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

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 CJS Solutions Group LLC

$110

Provides technology consulting to healthcare 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



Announced Date

Acquirer

Target


3/3/2017

Euromoney Institutional Investor PLC

RISI, Inc.

$125

3/2/2017


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

2/28/2017

Advent International Corporation

CCC Information Services Inc.

NA

Provides advanced software, workflow tools, and enabling technologies

2/28/2017


Emergent Network Intelligence Ltd.

NA

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

2/27/2017

Generation Growth Capital, Inc.; Generation Growth Capital Fund III, Limited Partnership

Bestmark, Inc.

NA

Provides mystery shopping and customer experience measurement services

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. (nka:Capgemini SE)

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

Provides information and data for the global forest products industry

Global provider of digital flight information, aggregating and processing missionciritcal data from thousands of sources for customers worldwide



Target

Acquirer


Target Description

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

2/13/2017

WILsquare Capital LLC

DCM Services, LLC

NA

Provides data and contact management solutions for the estate recovery market

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 to help homeowners and home improvement companies find 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

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 services

2/7/2017

Ascential plc

Media Link, LLC

$207

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



Announced Date

Acquirer

Target


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.

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

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



Announced Date

Acquirer

Target


1/27/2017

Symphony Technology Group

Fishbowl Inc.

NA

1/27/2017

Veritas Capital Fund Management, LLC

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.

$79

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

1/24/2017


Digidentity B.V.

NA

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

1/23/2017


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, 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

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



Acquirer

Target


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

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

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

Digital Window Ltd.

ShareASale.com, Inc.

$45

Performance marketing network serving online merchants

1/10/2017

The Dun & Bradstreet Corporation

Avention, Inc.

$150

Monitors and analyzes business information for companies worldwide, fka OneSource Information Services

1/9/2017

Accenture plc

Altitude Inc.

NA

Offers product design, consulting, and innovation services

1/9/2017

Stratacache, Inc.

Real Digital Media, LLC

NA

Provides a Web-based digital signage platform for managing distribution of targeted messages and branded experiences across networked displays

1/9/2017


Pope Woodhead & Associates Ltd

NA

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

Provides branding, merchandising, and marketing services for retailers

Provides full-lifecycle software development services to customers worldwide



Acquirer

Target


Target Description Data-driven, omni-channel marketing services company that develops and delivers direct marketing campaigns

1/6/2017

Deluxe Corporation

First Manhattan Consulting Group LLC

$200

1/5/2017

Gartner, Inc.

CEB Inc.

$3,300

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 L.P.; 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


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

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

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


GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

Acquired by

Sold a majority stake to

Acquired by Management and

We Advised the Seller



Acquired

Received Minority Investment from

Acquired by

Acquired by

A portfolio company of


Sold a majority stake in

Acquired by


and the managers / shareholders

Acquired by


Acquired by


We Advised the Shareholders of Cawood Scientific

We Advised the Sellers

Convertible Note Offering

Acquired by

Equity Investment

Acquired by

Acquired

to

Sold

Acquired by

We Advised AXIO


IT Services Business

to

We Advised the Buyer

Financial Advisor


We Advised the Sellers

Financial Advisor


Financial Advisor



Acquired

Acquired by

Preferred Stock

Acquired

Acquired by

Acquired by

Acquired by

Acquired

Acquired by

Consortium Led by


Acquired


Hotel, Rental & Event Production Division

Financial Advisor







Acquired by

Acquired by

Acquired by

Acquired by

Acquired

Acquired by

Acquired by








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.

43