Monthly Business & Tech-Enabled Services Sector Summary Report

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

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD $28.1 Billion M&A Volume YTD

879 M&A Transactions YTD

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

Select M&A Transactions

Volume ($Bn)

$60.0 $40.0 $30.0 $20.0

Announced Date

$48.5

$50.0

$37.1

$31.1 $19.2

$19.1

$24.6

$27.4

$21.7

$25.2

$10.0

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

1000

966

964

944

995

986

929

901

917

Acquirer

Target

EV ($MM)

3/24/2017

NA

3/21/2017

NA

3/20/2017

$205

3/20/2017

NA

3/6/2017

$110

873

3/3/2017

800 600

NA

(Investment)

3/3/2017

$125

2/28/2017

NA

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

2/20/2017

$101

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

2/16/2017

$135

2/16/2017

$215

110.0%

2/14/2017

NA

105.0%

2/10/2017

400 200 0

120.0%

115.0%

Benefits Administration and HR BPO Platform

$4,800

100.0%

1/27/2017 95.0% 90.0% Apr-16 May-16 Jun-16

Jul-16

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

Business & Tech-Enabled Services

Jan-17

Government IT Services Business

$690

1/19/2017

NA

1/17/2017

$413

Feb-17 Mar-17 Apr-17

S&P 500

Notes: Source: Capital IQ and PitchBook. Market Data as of 4/3/17. 1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

2

RECENT STOCK PERFORMANCE Index Performance

Last 12 Months

Last 3 Years 170%

140%

160% 130% 150% 140% 120%

130% 120%

110%

110% 100% 100% 90%

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

Jul-16

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

Key

Feb-17 Mar-17 Apr-17

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

70% Apr-14

3 Months 3.3% 7.8% 8.8% (8.5%) (1.6%) 14.4% 5.5% (1.7%) 4.5%

Jul-14

Oct-14 Jan-15 Apr-15

1 Year 7.1% 15.7% 11.8% 15.1% 17.2% 29.3% 3.7% 8.9% 14.2%

Jul-15


Jul-16


3 Years 13.7% 17.3% 38.5% 18.4% 58.2% 16.9% 13.0% 42.7% 24.9%

Notes: Source: Capital IQ. Market Data as of 4/3/17. 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, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, 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, 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.

3

TRADING COMPARABLES Valuation Metrics

EV / 2017E EBITDA 14.0x

13.0x

EV / 2017E Revenue 4.5x

12.8x 4.0x

12.0x 10.4x

9.9x

10.0x

9.9x

3.9x 3.4x

3.5x 9.5x

9.2x 8.3x

3.0x

8.0x

2.5x

6.0x

2.0x

2.1x 1.9x

1.7x

1.5x 1.1x

4.0x 1.0x

0.7x 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 4/3/17. 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, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, 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, 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 Operational Metrics

2017E EBITDA Margin

2018E / 2017E Rev. Growth

35.0%

9.0% 30.8%

8.3%

8.0%

30.0% 26.9%

7.4%

7.0%

25.0%

5.8%

6.0%

5.6% 5.1%

20.0%

17.3%

4.2%

4.0%

13.7%

15.0%

4.6%

5.0%

16.6% 12.3%

11.5% 3.0%

2.2%

10.0% 6.5% 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 Consulting & Advertising & Customer Services Training Marketing Care / CRM Services Services


Notes: Source: Capital IQ. Market Data as of 4/3/17. 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, GLO, ITE, MCHN, TRS, UBM, VVI. HR Services: ADP, BBSI, NSP, PAYX, TNET. Information Services: ABCO, ACXM, CEB, 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, 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

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

LTM

Price

Price Range

4/3/17

Trading Statistics Equity

Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY Rev. Growth

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E

EBITDA Margin CY 17E

CY 18E

Advertising & Marketing Services WPP plc

$21.60

$15.01

$24.04

$27,622

$3,009

$8,109

$33,269

1.9x

1.7x

1.6x

10.6x

10.1x

9.6x

13.7x

12.9x

9.4%

4.4%

NA

NA

17.0%

17.1%

Omnicom Group Inc.

85.70

75.61

89.66

20,099

3,023

4,997

22,773

1.5x

1.5x

1.4x

9.9x

9.6x

9.2x

16.9x

15.6x

1.5%

4.2%

27.0%

27.2%

15.2%

15.2%

Dentsu Inc.

54.57

39.71

57.99

15,483

2,076

3,457

17,285

2.4x

2.1x

1.9x

11.0x

9.9x

9.4x

19.1x

17.5x

17.3%

5.3%

NA

NA

20.7%

20.7%

Publicis Groupe S.A.

68.87

61.18

74.09

15,422

2,352

3,495

16,576

1.6x

1.5x

1.5x

8.9x

8.6x

8.1x

13.5x

12.5x

4.9%

3.7%

NA

NA

17.8%

18.4%

250.33

185.02

251.26

14,000

1,859

20,949

33,089

4.6x

4.3x

3.9x

22.6x

15.5x

13.7x

13.5x

11.8x

8.3%

10.8%

41.7%

41.6%

27.5%

28.1%

The Interpublic Group of Companies, Inc.

24.39

21.67

25.33

9,578

1,101

1,690

10,460

1.3x

1.3x

1.3x

9.5x

8.9x

8.4x

16.7x

15.0x

2.0%

4.2%

38.5%

38.6%

14.7%

15.0%

Hakuhodo DY Holdings Inc

12.00

9.45

13.46

4,473

1,086

88

3,644

0.3x

0.3x

0.3x

8.0x

7.4x

7.0x

18.7x

17.1x

8.4%

2.7%

19.7%

19.7%

4.3%

4.4%

j2 Global, Inc.

83.00

59.43

90.88

4,000

124

781

4,656

5.3x

4.0x

3.7x

12.6x

9.6x

8.4x

14.3x

12.7x

32.1%

9.2%

83.6%

83.7%

41.8%

44.0%

Alliance Data Systems Corporation

Havas SA

8.91

6.93

9.43

3,739

-

(157)

3,582

1.5x

1.4x

1.4x

10.2x

8.5x

8.2x

16.9x

15.9x

6.0%

3.4%

NA

NA

16.6%

16.7%

Meredith Corporation

64.00

43.85

66.25

2,847

44

676

3,478

2.0x

2.1x

2.0x

9.7x

11.1x

10.5x

19.5x

18.2x

(1.8%)

2.0%

NA

NA

18.7%

19.5%

Yelp Inc.

32.63

19.22

43.41

2,597

480

-

2,118

3.0x

2.4x

2.0x

NM

13.2x

9.8x

31.6x

22.9x

24.8%

20.2%

92.1%

92.2%

18.1%

20.2%

4.10

2.81

4.38

2,239

55

-

2,184

5.6x

5.1x

4.8x

16.1x

13.2x

12.4x

19.4x

17.8x

9.9%

5.7%

73.2%

75.3%

38.6%

39.0%

HubSpot, Inc.

61.35

39.01

66.10

2,218

114

1

2,105

7.8x

6.0x

4.8x

NM

NM

NM

NM

NM

30.0%

25.6%

79.0%

79.7%

1.1%

4.6%

GfK SE

52.09

28.23

55.66

1,901

189

510

2,239

1.4x

1.4x

1.4x

13.3x

9.4x

8.6x

20.5x

17.2x

1.2%

3.5%

34.0%

34.6%

15.0%

15.9%

Moneysupermarket.com Group PLC

Cheil Worldwide Inc. LendingTree, Inc. Ipsos SA

16.65

13.16

17.68

1,801

356

16

1,472

0.5x

0.5x

0.5x

9.4x

8.2x

7.9x

17.9x

16.5x

9.1%

6.2%

32.8%

32.6%

6.1%

6.0%

121.80

64.07

130.20

1,442

91

-

1,351

3.5x

2.6x

2.2x

24.5x

14.1x

11.4x

30.5x

24.1x

33.9%

18.6%

96.8%

96.9%

18.6%

19.4%

30.87

21.16

35.62

1,286

174

752

1,886

1.0x

1.0x

0.9x

9.0x

8.3x

7.7x

10.8x

10.1x

3.8%

2.2%

64.7%

64.9%

11.6%

12.3%

Bankrate, Inc.

9.90

6.91

11.90

890

177

296

1,009

2.3x

2.0x

1.8x

10.7x

8.0x

7.2x

14.3x

12.0x

16.3%

9.5%

47.5%

47.6%

24.8%

25.4%

MDC Partners Inc.

9.30

2.75

23.90

514

28

936

1,549

1.1x

1.1x

1.0x

10.4x

7.6x

6.6x

19.6x

11.2x

6.4%

4.8%

NA

NA

13.8%

15.1%

YouGov plc

3.34

1.68

3.43

350

19

-

332

2.7x

2.4x

NA

26.8x

17.7x

NA

25.0x

25.0x

10.8%

NA

78.0%

NA

13.7%

NA

QuinStreet, Inc.

3.64

2.61

4.32

165

37

-

128

0.4x

0.4x

0.4x

NM

6.3x

4.8x

NM

NM

2.6%

5.9%

10.9%

16.6%

6.6%

8.2%

2.5x 1.9x

2.1x 1.7x

1.9x 1.6x

13.0x 10.5x

10.3x 9.5x

8.9x 8.4x

18.6x 17.9x

16.1x 15.9x

11.3% 8.4%

7.6% 5.1%

54.6% 47.5%

53.7% 44.6%

17.3% 16.6%

18.3% 16.9%

Mean Median Events & Exhibitions UBM plc

$9.40

$7.04

$9.70

$3,698

$105

$848

$4,485

4.2x

3.6x

3.6x

15.1x

11.8x

11.6x

15.0x

14.8x

17.5%

0.6%

30.6%

30.9%

30.3%

30.7%

3.99

2.50

4.03

1,598

77

353

1,875

5.1x

4.0x

3.6x

17.6x

12.4x

11.1x

18.2x

16.2x

28.0%

10.9%

NA

NA

31.9%

32.1%

Viad Corp

43.70

27.96

48.30

888

21

249

1,130

0.9x

0.9x

0.9x

9.5x

8.2x

8.0x

17.3x

16.5x

4.2%

2.5%

NA

NA

11.0%

10.9%

GL Events

23.44

15.24

23.44

538

-

-

538

0.5x

0.5x

0.5x

4.3x

3.7x

3.7x

13.5x

12.5x

1.2%

1.9%

NA

NA

14.3%

14.0%

2.02

1.47

2.26

532

20

97

643

NA

3.7x

3.4x

NA

15.6x

14.1x

17.4x

15.6x

NA

6.5%

42.5%

43.8%

23.4%

24.4%

MCH Group AG

70.33

61.61

76.76

422

182

307

548

1.2x

NA

NA

6.2x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

Tarsus Group plc

3.55

2.93

3.61

400

20

106

489

5.8x

3.1x

3.8x

21.2x

8.9x

11.7x

10.5x

15.3x

85.0%

(18.5%)

NA

NA

35.1%

32.8%

3.0x 2.7x

2.6x 3.4x

2.6x 3.5x

12.3x 12.3x

10.1x 10.4x

10.0x 11.4x

15.3x 16.1x

15.2x 15.4x

27.2% 17.5%

0.6% 2.2%

36.5% 36.5%

37.3% 37.3%

24.3% 26.9%

24.2% 27.6%

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 4/3/17.

6

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

LTM

Price

Price Range

4/3/17


Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E

CY Rev. Growth 17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Information Services RELX PLC

$19.47

$7.87

$19.72

$39,435

$200

$5,980

$45,261

5.3x

4.8x

4.7x

17.7x

13.8x

12.5x

19.3x

17.9x

10.1%

3.9%

64.5%

64.6%

34.9%

37.1%

S&P Global Inc.

129.35

95.83

133.08

33,445

2,400

3,564

35,740

6.3x

6.3x

5.9x

14.5x

13.6x

12.8x

21.6x

19.4x

0.8%

5.9%

NA

NA

46.0%

46.3%

43.10

37.34

44.90

31,195

2,556

7,716

36,838

3.3x

3.3x

3.2x

15.5x

11.1x

10.6x

18.4x

17.0x

1.4%

2.7%

NA

NA

29.4%

29.9%

111.90

87.30

114.03

21,375

2,225

3,363

22,711

6.3x

6.0x

5.7x

13.8x

13.0x

12.2x

21.5x

19.5x

5.2%

5.7%

72.1%

NA

46.1%

46.3%

Experian plc

20.20

15.21

20.64

18,793

166

3,327

21,968

NA

4.6x

4.3x

NA

13.3x

12.5x

21.4x

19.2x

NA

6.5%

55.0%

55.0%

34.7%

34.7%

IHS Markit Ltd.

41.78

32.78

42.20

16,840

155

3,729

20,472

7.5x

5.8x

5.5x

26.8x

14.7x

13.6x

20.3x

17.5x

29.2%

4.8%

63.3%

64.4%

39.3%

40.7%

136.10

110.87

137.76

16,431

129

2,672

19,033

6.1x

5.6x

5.2x

17.0x

15.2x

14.0x

22.5x

20.3x

8.2%

7.2%

64.8%

64.9%

36.8%

37.4%

Nielsen Holdings plc

41.87

40.28

55.94

14,970

754

7,931

22,338

3.5x

3.4x

3.2x

13.8x

11.0x

10.4x

15.6x

14.2x

4.5%

4.3%

58.8%

59.2%

30.8%

31.1%

Verisk Analytics, Inc.

79.84

75.72

87.40

13,283

139

2,387

15,532

7.8x

7.4x

7.0x

16.6x

14.7x

13.7x

24.2x

22.0x

5.4%

6.2%

65.2%

65.4%

50.3%

50.9%

Wolters Kluwer N.V.

41.82

32.66

42.21

12,015

992

3,038

14,066

3.1x

2.9x

2.8x

11.9x

10.7x

10.4x

17.1x

15.9x

6.7%

3.1%

68.7%

68.7%

27.0%

27.2%

108.95

84.54

112.42

9,041

474

694

9,261

3.8x

3.4x

3.1x

23.1x

18.0x

16.0x

33.8x

29.5x

10.8%

11.0%

61.8%

62.4%

19.0%

19.3%

MSCI Inc.

96.76

71.51

109.29

8,752

792

2,075

10,035

8.7x

8.1x

7.5x

17.6x

15.9x

14.5x

27.2x

23.4x

7.4%

7.6%

78.3%

78.6%

50.9%

52.2%

News Corporation

12.79

10.54

14.68

7,443

1,564

355

6,507

0.8x

0.8x

0.8x

9.7x

7.0x

6.6x

27.8x

22.1x

(1.7%)

(2.9%)

NA

NA

11.6%

12.7%

TransUnion

37.98

20.43

38.76

6,917

215

2,382

9,194

5.4x

5.0x

4.6x

16.2x

12.7x

11.6x

21.9x

19.8x

8.5%

7.7%

67.0%

67.2%

39.0%

39.7%

Informa plc

8.07

5.99

9.50

6,649

61

1,895

8,484

5.1x

3.9x

3.8x

16.2x

11.6x

10.9x

13.7x

12.8x

31.4%

3.0%

NA

NA

33.6%

34.5%

FactSet Research Systems Inc.

164.22

145.48

183.64

6,498

185

365

6,677

5.8x

5.4x

5.0x

16.6x

15.5x

14.3x

22.0x

20.1x

7.7%

8.8%

55.7%

56.8%

34.9%

34.8%

The Dun & Bradstreet Corporation

107.91

100.46

141.57

3,982

353

1,617

5,260

3.1x

3.0x

2.9x

11.7x

10.5x

9.9x

15.4x

14.7x

3.7%

3.8%

68.3%

68.0%

28.3%

28.9%

Fair Isaac Corporation

127.94

102.77

133.14

3,974

88

621

4,506

5.0x

4.8x

4.5x

21.8x

18.0x

16.6x

24.6x

21.0x

4.4%

5.9%

69.3%

70.6%

26.6%

27.3%

CoreLogic, Inc.

40.22

33.41

43.43

3,399

72

1,604

4,932

2.5x

2.7x

2.6x

11.8x

10.5x

9.8x

17.7x

15.8x

(4.8%)

2.9%

49.4%

50.7%

25.2%

26.3%

Morningstar, Inc.

77.13

67.74

89.09

3,388

304

250

3,335

4.2x

4.0x

3.8x

14.4x

12.0x

11.0x

24.3x

21.8x

5.0%

5.0%

57.5%

57.9%

33.0%

34.5%

CEB Inc.

78.85

47.33

79.70

2,528

135

875

3,267

3.4x

3.4x

3.2x

16.3x

13.1x

12.1x

20.8x

19.2x

0.8%

5.8%

64.5%

64.7%

26.0%

26.7%

Acxiom Corporation

28.21

19.11

30.40

2,206

138

237

2,305

2.6x

2.5x

2.2x

25.3x

12.7x

10.8x

37.2x

28.6x

4.3%

11.9%

45.1%

45.3%

19.7%

20.8%

The Advisory Board Company

46.85

24.85

51.23

1,885

91

585

2,379

3.0x

3.0x

2.8x

19.2x

12.1x

11.1x

24.3x

22.0x

0.0%

4.9%

52.1%

52.5%

24.5%

25.4%

Euromoney Institutional Investor PLC

13.07

9.95

15.46

1,403

14

1

1,401

NA

2.6x

2.5x

NA

10.1x

9.5x

14.2x

13.1x

NA

4.2%

NA

NA

26.1%

26.7%

comScore, Inc.

21.95

20.81

34.85

1,257

147

33

1,143

NA

1.9x

1.6x

NA

7.5x

6.3x

11.7x

9.5x

NA

18.1%

71.1%

NA

25.9%

26.0%

National Research Corporation

39.90

32.18

46.37

975

33

4

945

8.6x

7.9x

7.1x

26.7x

23.8x

NA

12.4x

11.0x

8.7%

11.3%

58.2%

58.6%

33.3%

NA

Forrester Research, Inc.

38.20

31.92

44.40

691

138

-

553

1.7x

1.7x

1.6x

13.7x

14.6x

11.8x

32.8x

25.1x

0.9%

6.3%

60.5%

60.8%

11.5%

13.4%

4.7x 4.6x

4.2x 3.9x

4.0x 3.8x

17.0x 16.3x

13.2x 13.0x

11.7x 11.7x

21.6x 21.5x

19.0x 19.4x

6.6% 5.1%

6.1% 5.8%

62.3% 63.9%

61.8% 63.4%

31.3% 30.8%

31.9% 30.5%

Thomson Reuters Corporation Moody's Corporation

Equifax Inc.

Gartner, Inc.

Mean Median


7


LTM

Price

Price Range

4/3/17


Cash & Equiv.

Low

High

Value

Enterprise Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY Rev. Growth

CY 18E

17E/16A

18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Consulting & Training FTI Consulting, Inc.

$41.16

$33.95

$47.12

$1,657

$216

$366

$1,806

1.0x

1.0x

0.9x

9.2x

8.7x

8.2x

18.0x

16.5x

1.9%

4.2%

33.4%

33.5%

11.2%

11.4%

Exponent, Inc.

58.30

45.00

64.80

1,492

174

-

1,319

4.4x

4.2x

4.0x

19.4x

16.7x

14.7x

32.7x

29.9x

4.8%

6.5%

37.6%

39.6%

25.2%

26.9%

Navigant Consulting, Inc.

22.50

15.07

27.86

1,055

8

135

1,182

1.3x

1.2x

1.1x

8.3x

8.0x

7.6x

16.9x

15.5x

6.1%

4.5%

32.7%

32.6%

14.9%

15.0%

Huron Consulting Group Inc.

41.70

39.15

65.00

885

17

292

1,160

1.6x

1.5x

1.4x

9.1x

9.9x

9.1x

16.3x

14.7x

4.9%

5.5%

34.3%

33.5%

15.4%

15.9%

ICF International, Inc.

40.40

34.16

59.55

768

6

259

1,022

0.9x

0.8x

0.8x

9.1x

8.6x

8.1x

13.7x

12.7x

2.7%

3.4%

37.6%

37.8%

9.8%

10.0%

CBIZ, Inc.

13.80

9.30

14.26

743

3

193

932

1.2x

1.1x

1.1x

10.6x

9.0x

8.5x

16.8x

15.5x

5.7%

4.3%

13.6%

13.8%

12.3%

12.5%

The Hackett Group, Inc.

19.35

13.06

20.69

565

20

7

552

2.1x

1.8x

1.7x

14.0x

10.8x

10.2x

18.7x

16.3x

17.6%

7.1%

38.6%

38.8%

16.7%

16.6%

Resources Connection, Inc.

16.40

12.30

19.80

487

64

58

482

0.8x

0.8x

NA

9.4x

9.9x

NA

19.8x

NA

0.6%

NA

38.0%

NA

8.2%

NA

GP Strategies Corporation

25.00

19.59

30.00

419

16

63

465

0.9x

0.9x

0.8x

12.2x

11.3x

8.4x

19.0x

14.3x

5.9%

9.1%

16.9%

17.5%

8.0%

9.8%

CRA International, Inc.

34.92

18.44

40.00

298

54

-

245

0.8x

0.7x

0.7x

9.2x

4.3x

4.1x

22.1x

20.0x

7.9%

5.8%

29.9%

30.0%

16.3%

16.3%

Franklin Covey Co.

20.95

13.45

22.45

289

11

40

319

1.6x

1.6x

1.5x

21.8x

23.9x

15.0x

NM

NA

(0.6%)

9.1%

67.1%

67.4%

6.9%

10.1%

1.5x 1.2x

1.4x 1.1x

1.4x 1.1x

12.0x 9.4x

11.0x 9.9x

9.4x 8.4x

19.4x 18.3x

17.3x 15.5x

5.2% 4.9%

5.9% 5.6%

34.5% 34.3%

34.4% 33.5%

13.2% 12.3%

14.4% 13.7%

Mean Median HR Services Automatic Data Processing, Inc.

$101.27

$84.36

$105.20

$45,460

$2,746

$2,003

$44,717

3.7x

3.5x

3.3x

16.4x

16.4x

14.6x

26.7x

24.0x

5.7%

6.6%

45.4%

46.0%

21.4%

22.5%

Paychex, Inc.

58.44

51.06

63.03

20,994

404

55

20,646

6.7x

6.4x

6.0x

15.8x

14.7x

13.7x

25.4x

23.7x

6.1%

6.1%

70.7%

71.0%

43.2%

43.6%

TriNet Group, Inc.

28.25

14.23

30.17

1,929

184

459

2,204

0.7x

0.7x

0.6x

14.4x

10.8x

9.5x

20.6x

17.3x

9.8%

13.9%

71.6%

71.7%

6.1%

6.1%

Insperity, Inc.

85.00

50.61

90.55

1,785

288

104

1,602

0.5x

0.5x

0.4x

13.4x

9.8x

8.6x

19.8x

17.3x

12.1%

10.0%

16.7%

16.9%

4.9%

5.1%

Barrett Business Services, Inc.

53.10

26.58

66.93

385

56

5

333

0.4x

NA

NA

10.3x

NA

NA

NA

NA

NA

NA

NA

NA

NA

NA

2.4x 0.7x

2.8x 2.1x

2.6x 1.9x

14.0x 14.4x

12.9x 12.8x

11.6x 11.6x

23.1x 23.0x

20.6x 20.5x

8.4% 7.9%

9.1% 8.3%

51.1% 58.0%

51.4% 58.5%

18.9% 13.7%

19.3% 14.3%

Mean Median


8


LTM

Price

Price Range

4/3/17


Cash &

Enterprise

Low

High

Value

Equiv.

Debt

Value

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E


CY 18E

Staffing & Recruiting Recruit Holdings Co.,Ltd.

$52.32

$28.37

$53.31

$29,135

$2,546

$1,733

$28,365

1.9x

1.5x

1.4x

14.6x

12.4x

10.7x

28.0x

32.9x

25.7%

7.9%

48.0%

47.8%

12.1%

13.0%

Adecco Group AG

70.53

44.87

73.02

12,014

1,196

2,127

12,953

0.5x

0.5x

0.5x

10.4x

9.5x

9.1x

13.7x

12.9x

5.4%

3.4%

18.9%

18.9%

5.4%

5.4%

Randstad Holding NV

55.59

33.82

62.23

10,154

410

1,245

10,990

0.5x

0.5x

0.4x

10.9x

9.0x

8.6x

12.3x

11.7x

11.5%

3.0%

20.1%

20.1%

5.0%

5.1%

ManpowerGroup Inc.

99.59

57.26

103.90

6,736

599

825

7,048

0.4x

0.4x

0.3x

8.5x

8.3x

7.6x

15.2x

13.8x

1.8%

4.4%

17.1%

17.0%

4.2%

4.4%

Robert Half International Inc.

46.86

34.34

50.98

5,989

260

1

5,729

1.1x

1.1x

1.0x

9.3x

9.4x

8.9x

17.5x

16.3x

0.5%

3.7%

41.1%

41.2%

11.5%

11.7%

Temp Holdings Co., Ltd.

18.67

13.21

19.00

4,365

621

240

4,101

0.8x

0.7x

0.7x

11.4x

9.9x

8.9x

21.4x

18.2x

16.0%

7.8%

23.7%

23.6%

7.3%

7.5%

1.94

1.14

2.07

2,805

141

82

2,745

0.5x

0.5x

0.4x

7.3x

9.5x

9.0x

15.4x

15.0x

5.8%

5.2%

18.7%

18.7%

4.7%

4.8%

On Assignment, Inc.

46.63

32.05

49.12

2,455

27

640

3,069

1.3x

1.2x

1.1x

12.1x

9.9x

9.0x

16.2x

14.8x

7.2%

7.2%

32.5%

32.5%

11.9%

12.1%

Korn/Ferry International

Hays plc

30.30

18.57

32.52

1,732

355

261

1,640

1.1x

1.0x

1.0x

8.3x

6.8x

6.2x

12.8x

11.6x

3.4%

5.9%

29.8%

30.0%

15.0%

15.5%

PageGroup plc

5.33

1.95

5.54

1,663

115

-

1,548

1.0x

1.0x

0.9x

11.4x

10.4x

9.6x

18.4x

16.7x

9.4%

3.1%

51.5%

51.4%

9.2%

9.7%

TrueBlue, Inc.

26.35

16.50

27.85

1,089

35

138

1,192

0.4x

0.5x

0.5x

8.2x

9.0x

8.1x

14.9x

13.4x

(7.8%)

2.3%

25.3%

25.3%

5.2%

5.6%

Kelly Services, Inc.

20.88

17.81

23.61

799

30

-

769

0.1x

0.1x

0.1x

8.7x

7.9x

7.3x

13.7x

12.7x

(1.0%)

3.1%

17.0%

17.0%

1.9%

2.0%

Kforce Inc.

23.00

15.78

26.95

577

1

116

692

0.5x

0.5x

0.5x

9.6x

8.9x

8.3x

14.6x

13.0x

3.8%

4.0%

30.5%

30.3%

5.7%

5.8%

Heidrick & Struggles International, Inc.

25.65

16.23

26.50

479

165

-

314

0.5x

0.5x

0.5x

5.8x

5.0x

4.8x

22.6x

20.4x

7.6%

4.4%

31.2%

31.3%

9.9%

10.0%

0.8x 0.5x

0.7x 0.5x

0.7x 0.5x

9.8x 9.5x

9.0x 9.2x

8.3x 8.7x

16.9x 15.3x

16.0x 14.3x

6.4% 5.6%

4.7% 4.2%

28.9% 27.5%

28.9% 27.7%

7.8% 6.5%

8.1% 6.7%

Mean Median


9

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

4/3/17

Low

High

Value

Equiv.

Debt

Value

$174.50

$142.50

$182.79

$164,591

$8,527

$42,176

$198,386

2.5x

2.5x

2.5x

10.7x

10.2x

10.1x

12.7x

12.3x

(1.6%)

(0.1%)

48.6%

48.7%

24.8%

25.1%

37.08

31.55

42.20

73,064

5,723

38

67,430

3.9x

3.5x

3.2x

14.3x

12.7x

11.9x

17.2x

15.7x

12.0%

11.0%

44.3%

44.0%

27.6%

26.6%

117.64

108.66

126.53

72,947

3,241

27

70,384

2.1x

2.0x

1.9x

12.4x

11.8x

11.0x

19.9x

17.9x

5.2%

6.6%

31.3%

31.4%

16.9%

17.1%

Cognizant Technology Solutions Corporation

58.25

45.44

63.23

35,453

5,169

878

31,162

2.3x

2.1x

1.9x

11.7x

10.4x

9.0x

15.9x

13.6x

9.1%

9.2%

39.7%

40.0%

20.4%

21.4%

Infosys Limited

15.51

13.85

19.67

35,452

4,487

-

30,965

3.1x

2.8x

2.6x

11.1x

10.3x

9.7x

15.5x

15.0x

10.3%

7.7%

37.8%

37.3%

27.0%

26.6%

HCL Technologies Limited

13.32

10.86

13.69

19,003

1,676

99

17,452

2.6x

2.2x

2.1x

11.6x

10.3x

9.9x

14.2x

13.6x

14.6%

7.3%

33.6%

33.3%

21.8%

21.2%

7.80

6.30

9.33

18,845

4,882

2,302

16,302

2.0x

1.9x

1.8x

10.1x

9.3x

8.9x

14.1x

13.8x

4.4%

8.2%

29.4%

29.5%

20.9%

20.1%

Cap Gemini S.A.

91.51

75.75

95.67

14,995

1,984

3,641

16,666

1.3x

1.2x

1.2x

10.0x

8.8x

8.3x

14.6x

13.4x

4.1%

4.6%

26.8%

35.9%

13.8%

14.0%

CGI Group Inc.

47.40

39.98

50.13

13,988

234

1,369

15,124

1.9x

1.9x

1.8x

11.2x

9.9x

9.5x

16.8x

15.9x

2.7%

3.0%

NA

NA

18.7%

19.0%

NTT Data Corporation

48.36

41.20

54.48

13,565

1,623

5,270

17,469

1.2x

1.0x

1.0x

7.8x

6.9x

6.7x

28.6x

21.2x

20.9%

4.8%

25.1%

25.1%

14.8%

14.6%

122.90

75.05

124.28

12,637

2,240

1,732

12,677

1.0x

1.0x

0.9x

7.6x

7.5x

7.1x

14.4x

13.3x

6.5%

2.4%

54.7%

53.3%

12.8%

13.3%

37.55

26.69

38.05

9,309

1,206

500

8,700

2.4x

2.2x

2.1x

11.8x

10.3x

9.8x

28.3x

20.9x

10.6%

5.1%

33.3%

33.7%

21.3%

21.5%

6.97

6.23

8.67

6,786

1,191

191

5,853

1.4x

1.2x

1.1x

9.1x

7.5x

6.8x

12.0x

11.6x

13.7%

7.4%

30.1%

30.9%

16.2%

16.9%

24.00

22.58

28.52

4,775

425

901

5,256

2.0x

2.0x

1.9x

12.5x

11.4x

10.7x

15.4x

13.9x

3.1%

5.6%

39.5%

39.6%

17.3%

17.6%

6.96

5.38

13.73

4,636

1,470

4,261

7,519

1.2x

1.3x

1.3x

9.7x

9.6x

9.0x

10.5x

9.6x

(2.8%)

1.6%

23.0%

26.6%

13.4%

14.0%

EPAM Systems, Inc.

74.34

54.53

78.40

3,805

362

25

3,468

3.0x

2.5x

2.1x

20.4x

13.7x

11.4x

21.8x

18.4x

20.4%

20.9%

36.8%

37.4%

18.1%

17.9%

Conduent Incorporated

16.40

13.10

17.44

3,327

390

1,941

4,878

0.8x

0.8x

0.8x

11.0x

7.2x

6.5x

22.1x

16.9x

(3.9%)

(1.3%)

15.9%

16.5%

11.0%

12.3%

Luxoft Holding, Inc.

62.35

46.58

66.18

2,070

98

1

1,972

2.6x

2.2x

1.8x

20.5x

12.5x

9.6x

19.2x

14.8x

20.3%

22.9%

40.3%

40.7%

17.4%

18.4%

8.81

6.53

9.56

1,855

494

53

1,414

1.6x

1.4x

1.3x

9.9x

8.9x

8.1x

13.7x

12.6x

10.4%

8.2%

24.5%

20.9%

16.1%

16.2%

Exlservice Holdings, Inc.

45.96

42.00

54.78

1,553

227

46

1,372

2.0x

1.8x

1.7x

13.8x

10.3x

9.0x

17.9x

16.2x

9.1%

9.7%

35.1%

35.6%

17.9%

18.5%

WNS (Holdings) Ltd.

28.45

24.82

32.82

1,421

153

-

1,268

2.2x

2.0x

1.8x

14.0x

9.7x

9.5x

20.1x

17.2x

6.0%

14.6%

34.9%

35.3%

21.1%

18.7%

Presidio, Inc.

15.63

13.26

15.99

1,418

46

1,195

2,567

0.9x

0.8x

0.8x

13.1x

10.5x

9.8x

11.8x

10.8x

8.6%

5.6%

20.2%

20.4%

8.0%

8.2%

Syntel, Inc.

16.58

16.22

50.92

1,387

100

500

1,787

1.8x

1.9x

1.9x

6.6x

7.4x

6.9x

8.7x

7.9x

(4.9%)

2.8%

37.8%

37.9%

26.4%

27.4%

Globant S.A.

IT & BPO Services International Business Machines Corporation Tata Consultancy Services Limited Accenture plc

Wipro Limited

Atos SE Nomura Research Institute, Ltd. Tech Mahindra Limited Genpact Limited Capita plc

MphasiS Limited

36.09

30.58

47.19

1,249

61

0

1,188

3.7x

3.0x

2.5x

19.8x

16.5x

13.3x

26.6x

21.4x

20.8%

20.3%

40.9%

41.3%

18.5%

19.1%

MindTree Limited

7.03

6.15

11.65

1,181

90

1

1,092

1.4x

1.3x

1.1x

10.0x

8.4x

7.2x

14.8x

12.2x

11.6%

12.4%

33.9%

33.8%

15.1%

15.6%

Hexaware Technologies Limited

3.30

2.74

4.20

978

64

-

915

1.8x

1.5x

1.4x

10.9x

9.1x

8.3x

14.1x

12.8x

17.0%

10.5%

34.5%

34.1%

16.5%

16.5%

27.89

18.03

38.31

836

215

188

891

1.1x

1.0x

0.9x

23.8x

11.9x

9.7x

16.0x

13.5x

14.0%

8.0%

27.9%

30.4%

8.1%

9.3%

9.05

7.70

12.02

724

90

0

635

1.5x

1.3x

1.1x

10.1x

7.6x

6.5x

13.6x

11.6x

19.9%

13.1%

36.1%

36.6%

16.6%

17.4%

16.83

14.15

22.66

596

10

32

618

1.3x

1.2x

1.2x

12.4x

8.6x

7.5x

13.7x

11.9x

5.8%

6.8%

32.3%

33.0%

14.5%

15.5%

2.0x 1.9x

1.8x 1.9x

1.6x 1.8x

12.4x 11.2x

10.0x 9.9x

9.0x 9.0x

16.7x 15.4x

14.5x 13.6x

9.2% 9.1%

8.2% 7.4%

33.9% 34.2%

34.4% 34.7%

17.7% 17.3%

17.9% 17.6%

Virtusa Corporation Persistent Systems Limited Perficient, Inc.

Mean Median


10


LTM

Price

Price Range


Cash &

Value

Equiv.

4/3/17

Low

High

Teleperformance SE

$109.10

$71.01

$114.37

$6,177

SYNNEX Corporation

110.52

77.54

129.24

4,412

Convergys Corporation

20.69

20.15

30.92

1,957

TeleTech Holdings, Inc.

29.30

24.45

31.97

Sykes Enterprises, Incorporated

28.56

25.77

31.37

transcosmos inc.

23.81

21.25

Relia, Inc.

9.75

Atento S.A. BELLSYSTEM24 Holdings, Inc.

Enterprise

EV / Revenue CY 16A

CY 17E

Operating Metrics

EV / EBITDA

CY 18E

CY 16A

CY 17E

Price / EPS

CY 18E

CY 17E

CY 18E


18E/17E

Gross Margin CY 17E

CY 18E

EBITDA Margin

Debt

Value

CY 17E

CY 18E

$298

$2,057

$7,947

2.1x

1.7x

1.6x

14.6x

10.3x

9.5x

17.8x

16.0x

17.9%

6.5%

NA

NA

16.9%

215

1,009

5,206

0.4x

0.3x

0.3x

10.1x

9.3x

8.7x

14.0x

13.4x

7.1%

4.1%

9.6%

9.7%

3.7%

3.8%

151

299

2,104

0.7x

0.7x

0.7x

5.8x

5.8x

5.6x

11.3x

10.6x

(0.9%)

1.9%

36.5%

36.3%

12.6%

12.8%

1,345

55

217

1,514

1.2x

1.1x

1.1x

9.6x

8.4x

7.8x

18.0x

14.9x

3.8%

4.4%

27.4%

28.2%

13.6%

14.1%

1,205

267

267

1,205

0.8x

0.8x

0.7x

7.4x

6.6x

6.1x

14.2x

12.6x

8.9%

4.6%

35.2%

35.3%

11.5%

11.9%

29.27

988

254

131

895

0.4x

0.4x

0.4x

9.0x

7.7x

7.0x

14.9x

12.5x

14.2%

6.8%

17.9%

18.2%

5.0%

5.2%

8.10

10.94

672

118

43

597

0.8x

0.6x

0.6x

11.8x

8.3x

7.2x

18.0x

15.4x

17.4%

14.6%

14.2%

15.0%

7.8%

7.9%

9.05

6.77

14.64

668

195

535

1,007

0.6x

0.6x

0.5x

4.9x

4.5x

4.3x

13.0x

12.0x

3.9%

4.3%

NA

NA

12.3%

12.3%

8.65

6.61

13.35

633

51

696

1,278

1.4x

1.3x

1.2x

13.7x

12.1x

10.9x

12.4x

10.6x

7.9%

7.1%

18.1%

19.0%

10.4%

10.8%

0.9x 0.8x

0.8x 0.7x

0.8x 0.7x

9.6x 9.6x

8.1x 8.3x

7.4x 7.2x

14.8x 14.2x

13.1x 12.6x

8.9% 7.9%

6.0% 4.6%

22.7% 18.1%

23.1% 19.0%

10.4% 11.5%

10.7% 11.9%


Mean Median


17.3%

11

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

Acquirer

Target

Enterprise Value (EV)

Target Description

3/29/2017

Endeavour Capital, Inc. (Investment)

Berkeley Research Group, LLC

NA

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

3/28/2017

Heritage Group, LLC (Investment)

Reputation.com, Inc.

NA

Provides online reputation management solutions for businesses and individuals

3/28/2017

Cision AB

Bulletin Intelligence LLC

NA

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

3/27/2017

Deloitte Digital

Day1 Solutions LLC

NA

Provides cloud consulting, implementation, and managed services and solutions

3/27/2017

Cache Inc.

Software Link, Inc.

NA

Provides Sage software solutions

3/24/2017

Rhone Capital, L.L.C.

Garda World Security Corp.

NA

Provides security and cash services

3/23/2017

New Enterprise Associates (Investment)

DataRobot, Inc.

NA

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

3/23/2017

Accenture plc

First Annapolis Consulting, Inc.

NA

Provides strategic and tactical advisory services focusing on the payments industry

3/23/2017

Orion Systems Integrators, LLC

Vernalis Group, Inc.

NA

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

3/22/2017

FTV Capital; Zodius Advisors India Private Limited (Investment)

MarketsandMarkets

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

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

12 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17.

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

Acquirer

Target


Target Description

3/20/2017

Cision AB

Capitol Acquisition Corp. III

NA

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

3/16/2017

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

3/14/2017

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.

NA

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

3/6/2017

Tech Mahindra (Americas), Inc.

The HCI Group

$110

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

3/6/2017

Norwest Equity Partners (Investment)

Bailiwick, Inc.

NA

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

3/3/2017

General Atlantic LLC (Investment)

General Information Services, Inc.

NA

Provides background screening services

3/3/2017

Questel S.A.

ITIP Proficiency, LLC

NA

Provides cost management solutions and services to the IP community

3/3/2017

Euromoney Institutional Investor PLC

RISI, Inc.

$125

Provides information and data for the global forest products industry



Acquirer

Target


Target Description

3/2/2017

Cognizant Technology Solutions Corporation

Brilliantservice Co.,Ltd.

NA

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

3/2/2017

Cheil Worldwide Inc.

Pricing Solutions Ltd.

NA

Canadian B2B pricing strategy consulting service provider

3/1/2017

Accenture plc

Davies Consulting LLC

NA

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

2/28/2017

Advent International Corporation

CCC Information Services Inc.

NA

Provides advanced software, workflow tools, and enabling technologies

2/28/2017

Verisk Analytics, Inc.

Emergent Network Intelligence Ltd.

NA

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

2/23/2017

SambaSafety, Inc.

Vigillo, LLC

NA

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

2/22/2017

HootSuite Media Inc.

LiftMetrix, Inc.

NA

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

2/22/2017

Shamrock Capital Advisors, LLC (Investment)

Maple Media, LLC

NA

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

2/20/2017

Accenture plc

SinnerSchrader Aktiengesellschaft

$101

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

2/16/2017

Cap Gemini S.A.

Idean Enterprises Oy

NA

Provides digital strategy and user experience design services globally

2/16/2017


Innosight LLC

$135

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

2/16/2017

Infogix, Inc.

Data3Sixty, Inc.

NA

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

2/16/2017

Vitruvian Partners LLP

OAG Aviation Holdings Limited

$215

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

2/15/2017

Ascendum Solutions LLC

Sourcebits, Inc.

NA

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

2/15/2017

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

AdTheorent, Inc.

NA

Provides predictive digital advertising technology and solutions for brands and agencies



Acquirer

Target


Target Description

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

2/8/2017

Accenture plc

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

NA

Endpoint detection and response (EDR) cybersecurity software company

2/8/2017

Condé Nast

CitizenNet, Inc.

NA

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

2/8/2017

Market Track, LLC

Brandtale Inc.

NA

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

2/7/2017

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

Cole Information Services, Inc.

NA

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

2/7/2017

Ascential plc

Media Link, LLC

$207

2/7/2017

Webster Capital

PharmaLogics Recruiting, LLC

NA

Recruitment firm for life sciences companies worldwide

2/6/2017

Mountaingate Capital (Investment)

Elite SEM

NA

Performance-driven digital marketing agency

Comprises a benefits administration platform which provides cloud-based HR management services

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



Acquirer

Target


Target Description

2/6/2017

Thomson Reuters Corporation

Clarient Global LLC

NA

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

2/6/2017

Thomson Reuters Corporation

Avox Limited

NA

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

2/6/2017

Salient CRGT, Inc.

Information Innovators Inc.

NA

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

2/2/2017

GTB Agency, LLC

Zubi Advertising Services, Inc.

NA

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

2/2/2017

GP Strategies Corporation

McKinney Rogers International Limited

NA

Provides corporate strategy and consulting services

2/2/2017

Pamlico Capital (Investment)

Winsight, LLC

NA

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

1/31/2017

Centerfield Media Holdings, LLC

Qology Direct, LLC

NA

Provides performance-based marketing services, fka Saveology.com

1/31/2017

CRA International, Inc.

C1 Consulting LLC

NA

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

1/31/2017

Accenture plc

InvestTech Systems Consulting, LLC

NA

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

1/30/2017

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

Gladson Interactive, Inc.

NA

Provides syndicated CPG product images and information

1/30/2017

CIP Capital

Compliance Solutions Strategies

NA

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

1/30/2017

HGGC, LLC

Davies Group Limited

$112

1/27/2017


Interactive Data Managed Solutions, LLC

NA

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

1/27/2017

Symphony Technology Group

Fishbowl Inc.

NA

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

1/27/2017

Veritas Capital

Harris Corporation, Government IT Services Business

$690

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

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



Acquirer

Target


Target Description

1/27/2017

Ebates, Inc.

Cartera Commerce Inc.

NA

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

1/26/2017

Millstein & Co. LLC

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

$92

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

1/26/2017

Reimagine Holdings Group

MarketSight LLC

NA

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

1/25/2017

Accenture plc

solid-serVision.com GmbH

NA

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

1/24/2017

MPF Research Inc.

Axiometrics Inc.

$75

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

1/24/2017

Solera Holdings Inc.

Digidentity B.V.

NA

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

1/23/2017

The Stagwell Group; Stagwell Media LLC

Nielsen Holdings plc, Certain Custom Research Assets

NA

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

1/23/2017

Viant Technology Inc.

Adelphic, Inc.

NA

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

1/23/2017

AIR Worldwide Corporation

Arium Limited

NA

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

1/20/2017

Market Track, LLC

AC Nielsen Company Of Canada, Ad Intelligence Service

NA

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

1/20/2017

The NPD Group, Inc.

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

NA

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

1/20/2017

Sageview Capital LP (Investment)

National Arbitration And Mediation Inc.

NA

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

1/19/2017

Accenture plc

Seabury Consulting LLC

NA

Provides corporate advisory and consulting services to the aviation industry

1/19/2017

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

International Data Group, Inc.

NA

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

1/18/2017

SMS Systems Maintenance Services, Inc.

Curvature LLC

NA

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



Acquirer

Target


Target Description

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.

NA

Provides full-lifecycle software development services to customers worldwide

1/10/2017

The Dun & Bradstreet Corporation

Avention, Inc.

$150

1/9/2017

Accenture plc

Altitude Inc.

NA

Offers product design, consulting, and innovation services

1/9/2017


Pope Woodhead & Associates Ltd

NA

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

1/6/2017

Deluxe Corporation

First Manhattan Consulting Group LLC

$200

1/5/2017

Gartner, Inc.

CEB Inc.

$3,301

1/5/2017

Impact Sales, Inc.

Harlow-HRK Sales & Marketing, Inc.

NA

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

1/5/2017

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

Claritas, LLC

NA

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

Provides branding, merchandising, and marketing services for retailers

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

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



Acquirer

Target


Target Description

1/4/2017

Perficient, Inc.

R.A.S. Associates, Inc.

NA

1/4/2017

Solera Holdings Inc.

Autodata Publishing Group Limited

$418

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

1/4/2017

Financial Times Group Ltd.

GIS Planning, Inc.

NA

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

1/3/2017

Macaulay-Brown, Inc.

Enlighten IT Consulting Inc.

NA

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

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

Operates as a strategy and management consulting company


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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

12/20/2016

$560

NA

NA

NA

NA

Operator of entertainment data and technology company.

12/14/2016

$2,871

6.8x

5.0x

2.5x

2.3x

Provider of real-time information and analysis services

12/8/2016

$2,029

39.5x

8.3x

1.3x

1.3x

Provider of market research and related services

11/21/2016

NA

NA

NA

NA

NA

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

NA

NA

NA

NA

Provider of an online marketplace for people-based data

$140 (1)

11/17/2016

Target Description

11/17/2016

NA

NA

NA

NA

NA

Provider of technology-enabled marketing services

11/17/2016

NA

NA

NA

NA

NA

Provider of social shopper marketing services

11/17/2016

$90

6.5x

5.9x

0.7x

0.8x

Provider of marketing insights and communications services

11/16/2016

$130

NA

NA

NA

NA

Provider of credit card comparison services

11/14/2016

NA

NA

NA

NA

NA

Provider of geographic information products and services

10/25/2016

NA

NA

NA

NA

NA

Provider of marketing research services

10/14/2016

$225

NA

NA

7.2x

NA

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

10/13/2016

NA

NA

NA

NA

NA

Provider of digital media and online advertising services

10/4/2016

$250

NA

NA

NA

NA

Provider of e-commerce media services

9/26/2016

$931

10.2x

9.0x

2.1x

2.1x

Provider of business management information services

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

20

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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

9/15/2016

$1,558

11.0x

NA

4.2x

NA

Publisher of trade magazines and industry-specific web sites

9/6/2016

NA

NA

NA

NA

NA

Provider of governance, risk, and compliance solutions

8/9/2016

$2,382

22.7x

15.9x

6.9x

6.2x

Provider of strategic advisory services for healthcare organizations

8/8/2016

$1,500

NA

NA

NA

NA

Provider of performance marketing services

7/11/2016

$3,550

11.0x

NA

3.5x

NA

Provider of intellectual property and scientific information services

6/27/2016

$157

NM

8.8x

0.4x

0.5x

Provider of online advertising services

6/10/2016

$260

19.3x

NA

5.7x

NA

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

6/9/2016

NA

NA

NA

NA

NA

Provider of sales and marketing services for the insurance sector

6/7/2016

NA

NA

NA

NA

NA

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

5/23/2016

$175

NA

NA

NA

NA

Provider of market research services

5/23/2016

$1,447

NA

NA

NA

NA

Publisher of market reports

5/5/2016

$107

7.3x

NA

1.5x

NA

Provider of online review and comparison services

5/3/2016

$13,171

17.7x

13.9x

4.3x

4.2x

Provider of information and technology services to the global healthcare industry

4/25/2016

$820

NA

NA

NA

NA

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

4/18/2016

$360

10.3x

NA

NA

NA

Provider of identity fraud services

Intellectual Property & Science Business

Target Description


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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

4/15/2016

$1,100

NA

NA

3.1x

NA

Provider of marketing information services

4/4/2016

NA

NA

NA

NA

NA

Provider of web integration services in Japan

3/21/2016

$6,139

16.1x

11.6x

5.5x

5.1x

Provider of financial information services

3/7/2016

$207

NA

NA

1.7x

NA

Provider of customer acquisition services

2/18/2016

$3,579

35.0x

NA

5.9x

NA

Operator of a healthcare analytics company

2/11/2016

$418

NM

NA

2.0x

NA

Provider of online advertising services

1/28/2016

NA

NA

NA

NA

NA

Operator of a digital marketing agency

1/11/2016

$650

NA

17.0x

NA

NA

Provider of petroleum pricing services

16.4x 11.0x

10.6x 9.0x

3.4x 3.1x

2.8x 2.2x

Mean Median

Target Description


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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

12/19/2016

NA

NA

NA

NA

NA

Provider of recruitment services

12/12/2016

$435

11.2x

7.7x

0.8x

0.8x

Provider of language translation and testing services

12/6/2016

NA

NA

NA

NA

NA

Provider of information security and compliance management services to enterprise clients

12/1/2016

NA

NA

NA

NA

NA

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

11/16/2016

NA

NA

NA

NA

NA

Provider of debt collection and business process outsourcing services

11/14/2016

$4,413

16.5x

NA

7.1x

NA

Provider of credit information services

11/6/2016

$2,500

NA

NA

NA

NA

Provider of business and financial advisory services

10/31/2016

$6,020

15.0x

11.6x

1.4x

1.2x

Provider of healthcare administrative services

10/21/2016

$410

NA

NA

NA

NA

Provider of information management and data recovery services

10/20/2016

$500

NA

NA

2.6x

NA

Provider of enterprise-grade cloud services

10/17/2016

NA

NA

NA

NA

NA

Provider of information technology services

10/11/2016

NA

NA

NA

NA

NA

Provider of risk management services

10/6/2016

NA

NA

NA

NA

NA

Provider of business process outsourcing services

10/5/2016

NA

NA

NA

NA

NA

Provider of outsourcing and consulting services

9/29/2016

NA

NA

NA

NA

NA

Provider of consulting and advisory services


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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

Target Description

9/26/2016

$931

10.2x

9.0x

2.1x

2.1x

Provider of business management information services

9/22/2016

$166

NA

NA

1.8x

NA

Provider of global strategy consulting services

9/20/2016

NA

NA

NA

NA

NA

Provider of professional staffing services

8/22/2016

$1,522

10.4x

NA

3.9x

NA

Provider of language translation services

8/10/2016

NA

NA

NA

NA

NA


7/27/2016

$1,009

11.6x

8.8x

1.9x

1.9x

Provider of technology-based legal services

7/11/2016

$420

NA

NA

NA

NA


7/6/2016

$132

NA

NA

0.8x

NA


6/1/2016

NA

NA

NA

NA

NA


5/24/2016

$17,000

NA

NA

NA

NA

Provider of IT consulting services

4/4/2016

$275

NA

NA

NA

NA

Operator of a social network for executives

4/3/2016

$1,040

7.7x

7.2x

1.1x

1.1x

Provider of global IT and business process outsourcing services

3/30/2016

NA

NA

NA

NA

NA

Provider of cloud-enabled consulting and implementation services

3/28/2016

$3,055

NA

NA

1.1x

NA

Provider of information technology and business services

2/11/2016

NA

NA

NA

NA

NA

Provider of healthcare staffing services


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

Acquirer

Target

EV / Revenue


LTM

NTM

LTM

NTM

2/8/2016

$742

8.9x

6.1x

0.8x

0.8x

Provider of information-technology services

2/1/2016

NA

NA

NA

NA

NA

Provider of court reporting services

1/4/2016

NA

NA

NA

NA

NA

Provider of legal and technology consulting services

Mean Median

11.4x 10.8x

8.4x 8.3x

2.1x 1.6x

Target Description

1.3x 1.2x


GCA OVERVIEW Deep Business & Tech-Enabled Services Sector Expertise

and the managers / shareholders

A portfolio company of

to We Advised the Sellers

Acquired

We Advised the Buyer

Acquired by

IT Services Business

Acquired

Received Minority Investment from

Acquired by

Convertible Note Offering

Acquired by

Equity Investment

We Advised AXIO


Financial Advisor

We Advised the Seller

Financial Advisor


Financial Advisor


Acquired

Acquired by

Preferred Stock

Acquired

Acquired

Acquired by

Acquired by

Preferred Stock



Financial Advisor





Financial Advisor

Acquired by

Acquired

Acquired by

Acquired by

Acquired by








Acquired by

Acquired by

Acquired by

Acquired by

Preferred Stock

Acquired





Financial Advisor


Sold a majority stake in

Acquired by

Acquired by

Acquired

Hotel, Rental & Event Production Division

Acquired by

Acquired by

Consortium Led by



Acquired

Acquired by



Acquired by

Financial Advisor

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

26

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

Sascha Pfeiffer* Managing Director

Stephen Georgiadis* Managing Director

Akikazu Ida* Managing Director

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

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

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

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

Alessandro Soprano* Managing Director

Adrian Reed* Managing Director

Raiko Stelten* Director

Malte Abrams* Vice President

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

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



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

27