Driven by your success.
PRIVATE & CONFIDENTIAL
May 2019
For client and institutional use only, not for public dissemination
Technology, Media, Marketing, and Information Services Industry Sectors
Driven by your success.
1.
3.
4.
Monthly M&A and Investment Activity by Industry Segment
Additional Information
About CG Petsky Prunier
2. Market Environment
Driven by your success.Page 2
Global Team
US Team
Mike Lauzon
Head of Canadian TMT
Toronto
+1 416 869 7238
Myles Hiscock
Managing Director
Toronto
+1 416 869 7232
CanadaEurope
Simon Bridges
Head of European IB &
Head of European Technology
London
+44 20 7523 4606
M&A & Financial Sponsors
Shachar Familia
Vice Chairman
Tel Aviv
+972 58 7782139
Israel
Andrew Pojani
Co-Head of US Technology
Boston
+1 617 788 1635
Jeff Barlow
President, Canaccord Genuity
Boston
+1 617 371 3713
Sanjay Chadda
Co-Head of US Investment Banking
Co-Head of US Technology
New York
+1 212 842 6022
Dan Coyne
Co-Head of US Investment Banking
Boston
+1 617 371 3887
Mark Young
Managing Director
Boston
+1 617 788 1584
Seth Rosenfield
Managing Director
New York
+1 212 842 6018
Dudley Baker
Managing Director
Nashville
+1 615 490 8448
Lisa McClure Byrnes
Managing Director
Boston
+1 617 371 3847
Scott Card
Managing Director
Boston
+1 617 371 3895
Norman Colbert
Managing Director
Las Vegas
+1 702 990 3280
Joseph Laird
Managing Director
New York
+1 212 842 7120
J.P. Michaud
Managing Director
Charlotte
+1 980 237 0380
Trevor Martin
Managing Director
Boston
+1 617 788 1514
Matthew Kratter
Managing Director
New York
+1 212 842 6024
Christopher Dorn
Director
New York
+1 615 490 8444
Marc Flor
Director
New York
+1 212 842 6034
Lexia Schwartz
Director
New York
+1 212 842 7127
Geoff Rhizor
Director
San Francisco
+1 415 229 0650
David Istock
Head of US M&A
San Francisco
+1 415 229 0667
Amy LaBan, CFA
Managing Director
Chicago
+1 212-842-7126
Michael Petsky
Managing Director
New York
+1 212 842 6001
John Prunier
Managing Director
New York
+1 212 842 6021
Isaiah Knouff
Head of US Financial Sponsor Coverage
Nashville
+1 615 490 8484
Duncan Dashiff
Managing Director
Nashville
+1 615 490 8446
John Fang
Managing Director
New York
+1 212 842 6019
Jason Partenza
Managing Director
New York
+1 212 849 3976
Chris French
Managing Director
New York
+1 212 842 6033
Christopher Heasman
Director
New York
+1 212 842 6038
Anil Kuruganti
Director
New York
+1 212 842 7132
Edin Trto
Director
New York
+1 212 842 6015
Clayton Young
Director
New York
+1 212 842 6009
Jason Panzer, CFA
Managing Director
New York
+1 212 514 4203
Matthew Kebel
Director
New York
+1 212 842 6036
Dylan Kearns
Director
New York
+1 212 842 6025
Driven by your success.Page 3
UndisclosedFinancial Advisor on
sale of Publicis Health Solutions to
February 2019
Undisclosed
Financial Advisor on sale to
February 2019
Undisclosed
Financial Advisor on investment from
February 2019
$16 million
Financial Advisor on sale of EMS Division to
February 2019
Undisclosed
Financial Advisor on recapitalization from
February 2019
Undisclosed
Financial Advisor on investment from
February 2019
Undisclosed
Financial Advisor on sale of Sylvania
Lighting Solutions to
March 2019
Undisclosed
Financial Advisor on acquisition of
Cyberbahn & Marque d’or from
March 2019
Undisclosed
Financial Advisor on acquisition of
March 2019
$133 million
Financial Advisor on sale to
January 2019
Undisclosed
Financial Advisor on investment from
February 2019
€100 million
Financial Advisor on sale of CP Or Devises
to
December 2018
$150 million
Financial Advisor on sale to
December 2018
€119 million
Financial Advisor on sale to
December 2018
Undisclosed
Financial Advisor on acquisition of
December 2018
Undisclosed
Financial Advisor on sale to
December 2018
Undisclosed
Financial Advisor on investment from
May 2019
$22 million
Financial Advisor on sale to
May 2019
$310 million
Financial Advisor on sale of Cree Lighting to
May 2019
Undisclosed
Financial Advisor on sale to
April 2019
Undisclosed
Financial Advisor on sale to
March 2019
Undisclosed
Financial Advisor on sale to
April 2019
Undisclosed
Financial Advisor on sale to
May 2019
C$400 million
Financial Advisor on sale to
May 2019
Undisclosed
Financial Advisor on sale to
May 2019
C$60 million
Financial Advisor on acquisition of
Pending
$140 million
Financial Advisor on acquisition of
Pending
$90 million
Financial Advisor on sale to
Pending
Undisclosed
Financial Advisor on sale to
Pending
$76 million
Financial Advisor on sale to
Pending
Undisclosed
Financial Advisor on sale to
Pending
Undisclosed
Financial Advisor on investment from
Pending
Driven by your success.Page 4Sources: Dealogic.
Represents lead-managed transactions.
April 2018
IPO
$200,685,120
Co-Manager
July 2018
IPO
$51,844,408
Joint-Bookrunner
November 2017
IPO
$276,000,000
Co-Manager
March 2018
IPO
$869,400,000
Co-Manager
November 2017
Convertible Debt Offering
$115,000,000
Co-Manager
November 2017
Equity Offering
$88,492,500
Co-Manager
April 2018
Equity Offering
$180,344,856
Co-Manager
April 2018
IPO
$177,100,000
Co-Manager
April 2018
Equity Offering
$25,800,000
Joint Bookrunner
April 2018
IPO
$531,300,000
Co-Manager
June 2018
Equity Offering
$50,312,500
Joint Bookrunner
June 2018
Equity Offering
$222,719,840
Co-Manager
May 2018
Equity Offering
$460,782,000
Co-Manager
May 2018
Convertible Debt Offering
$258,750,000
Co-Manager
June 2018
Equity Offering
$68,999,997
Co-Manager
June 2018
IPO
$84,375,000
Co-Manager
June 2018
Convertible Debt Offering
$250,000,000
Co-Manager
June 2018
Equity Offering
$373,749,969
Co-Manager
September 2018
Equity Offering
$50,347,035
Joint Bookrunner
August 2018
Equity Offering
$446,703,125
Co-Manager
July 2018
Convertible Debt Offering
$230,000,000
Co-Manager
July 2018
Equity Offering
$46,230,000
Joint Bookrunner
October 2018
IPO
$289,800,000
Co-Manager
November 2018
Equity Offering
$455,000,000
Co-Manager
October 2018
IPO
$303,025,000
Co-Manager
November 2018
Equity Offering
$30,529,690
Sole Bookrunner
January 2019
Equity Offering
$127,075,000
Co-Manager
March 2019
Equity Offering
$11,511,500
Sole Bookrunner
March 2019
Equity Offering
$135,625,000
Co-Manager
March 2019
IPO
$2,555,772,840
Co-Manager
March 2019
Equity Offering
$565,180,000
Co-Manager
March 2019
Equity Offering
£27,800,000
Co-Manager
May 2019
IPO
$8,100,000,000
Co-Manager
Pending
Direct Listing
TBD
Co-Manager Lead Manager
$159,390,000
Equity Offering
May 2019 May 2019
IPO
$179,400,000
Co-Manager
So-Young International
Driven by your success.Page 5
• Numbers for CG Petsky Prunier represent total transactions in Media & Information Services as tracked by PitchBook completed for Petsky Prunier LLC
and Canaccord Genuity Group Inc., which merged in February 2019.
• On a stand-alone basis prior to its merger with Canaccord Genuity, Petsky Prunier completed more than 90 transactions during 2016-2018 and has
closed and more than 200 transactions since 2011 across all industries, including Media & Information Services, as well as Advertising and Marketing, E-
commerce, Technology and Software, among other areas.
Source: Pitchbook
2018 2016-2018 2014-2018
Rank Advisor # of
Transactions Rank Advisor # of
Transactions Rank Advisor # of
Transactions
1 CG Petsky Prunier 2 7 1 CG Petsky Prunier 6 4 1 CG Petsky Prunier 1 0 5
2 Houlihan Lokey 12 2 Goldman Sachs 32 2 Goldman Sachs 56
2 JEGI 12 3 JEGI 29 3 Morgan Stanley 49
4 Morgan Stanley 9 4 Bank of America 28 4 Bank of America 47
4 GP Bullhound 9 5 Houlihan Lokey 27 5 JEGI 44
6 Moelis & Company 8 6 Morgan Stanley 26 6 JP Morgan 43
6 JP Morgan 8 6 Credit Suisse 26 7 GP Bullhound 41
8 RBC 7 6 GP Bullhound 26 8 Credit Suisse 38
9 Evercore Group 6 9 JP Morgan 24 9 RBC 36
9 Raymond James 6 10 RBC 23 10 Houlihan Lokey 34
9 KPMG 6 11 Raymond James 19 11 Jefferies Group 28
9 Credit Suisse 6 12 Jefferies Group 17 12 GCA Savvian 27
9 Cambon Partners 6 13 Deutsche Bank 16 12 Deutsche Bank 27
9 Oaklins DeSilva & Phillips 6 13 Cambon Partners 16 14 Moelis & Company 26
15 Deutsche Bank 5 15 Moelis & Company 15 14 Raymond James 26
Driven by your success.Page 6
• Numbers for CG Petsky Prunier as tracked by Refinitiv represent total 2018 U.S. M& A transactions less than $500 million in the Technology, Media, and
Telecom Sectors for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019.
Source: Refinitiv
# of Transact ions
R ank F irm Name 2018
1 C G P et sky P runier 39
1 Raymond James Financial 39
3 Houlihan Lokey 32
4 William Blair 31
5 Moelis 20
5 Robert W Baird 20
7 Jefferies 18
8 Goldman Sachs 16
8 AGC Partners 16
8 Evercore Partners 16
8 JP Morgan 16
8 Duff & Phelps 16
13 Daiwa Securities Group 15
14 KeyBanc Capital Markets 14
14 Citi 14
Driven by your success.Page 7
• Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, digital media, technology, information, business
services, and healthcare services industries
‒ Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume
• Founded in 1999, merged with Canaccord Genuity in February 2019
• Combined CG Petsky Prunier team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville,
Charlotte, Las Vegas, and Toronto
• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders
• Global reach enhanced through Canaccord Genuity’s international network of offices
• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.
• M&A Advisory and Sell-Side Representation
– Privately-Owned Companies
– Entrepreneur-Led Businesses
– Private Equity Portfolio Companies
– VC-Backed Companies
– Corporate Divestitures
– Selected Buy-Side Engagements
• Capital Raising and Private Placements
• Advertising & Marketing
• E-commerce
• Digital Media
• Technology
• Information
• Business & IT Services
• Healthcare Services
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.
$64$54
$104
$169
$268
$303
$145
$116
$158
$198
$146
$194
$239
$452
$434
$281
$451
$202
1,778
1,422
1,880
2,720
3,606
3,327
2,806
2,833
3,146
3,643
3,507
3,082
3,827
4,196
3,792
3,398 3,398
3,970
$0
$100
$200
$300
$400
$500
$600
$700
0
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Page 9
Source: The 451 Group as of 05/31/19(1) Represents 2019 YTD and 2019 on a run-rate basis..
$617
(1)
Driven by your success.
20
28
22
26
18
9
0
5
10
15
20
25
30
35
Q1 Q2 Q3 Q4 Q1 Q2
2018 2019
# o
f D
eal
s
1
Page 10
$1B+ Technology Deals Strategic vs Financial Sponsor Transactions
Median 30-Day Premium
# of Deals 113 126 145 156 119 119
Source: The 451 Group as of 05/31/19. (1) For all deals with disclosed forms of consideration.(2) Represents Q2-19 activity on a run-rate basis.
12119
(2) (2)
(2) (2)
32%
25% 26%28%
32%
37%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
Q1 Q2 Q3 Q4 Q1 Q2
2018 2019
% P
rem
ium
141 145188 186 170
71
29 39
35 3422
18
170184
223 220
192
89
0
50
100
150
200
250
300
Q1 Q2 Q3 Q4 Q1 Q2
2018 2019
# o
f D
eal
s
Strategic Financial Sponsor
73% 67% 61%74%
63%55%
24%24% 32%
22%30% 44%
4% 9% 8% 4% 7%1%
0%
20%
40%
60%
80%
100%
Q1 Q2 Q3 Q4 Q1 Q2
2018 2019
# o
f D
eal
s
% Cash % Cash & Stock % Stock
Median 30-Day Premium(2)Consideration Mix(1)
# of Deals 15 11 13 20 17 12
Driven by your success.
90.0%
95.0%
100.0%
105.0%
110.0%
115.0%
120.0%
125.0%
Mar-19 Apr-19 May-19 Jun-19
70.0%
80.0%
90.0%
100.0%
110.0%
120.0%
130.0%
140.0%
Page 11
Major Indices 2014 – May 2019
Major Indices May 2019, Last 3 Months
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
Major Indices May 2019, LTM
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
VIX 2014 – May 2019
Sources: Capital IQ, as of 05/31/19. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Note: Past performance is not a guarantee of future results.
0
5
10
15
20
25
30
35
40
45
NASDAQ 0.1%
S&P 500 1.7%
DJIA 1.6%
Russell 2000 (10.3%)
FTSE 100 (6.7%)
Summary Performance
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
200.0%
220.0%
NASDAQ 79.9%
S&P 500 50.2%
DJIA 50.9%
Russell 2000 27.4%
FTSE 100 6.6%
Summary Performance
NASDAQ Russell 2000 S&P 500 DJIA FTSE 100
NASDAQ (1.9%)
S&P 500 (1.8%)
DJIA (4.7%)
Russell 2000 (7.8%)
FTSE 100 0.8%
Summary Performance
Driven by your success.Page 12
Sources: The 451 Group and CG LLC proprietary database as of 05/31/19. (1) Transactions include deals with disclosed values over $100mm.(2) Transactions include deals with disclosed values between $50-100mm & disclosed revenue multiple.
Announced Acquirer Target Segment
Deal Value
($mm)
EV/LTM
Revenue
EV/LTM
EBITDA
Premium
(1 Month)Cash Mix %
05/30/19 American Tower Eaton Towers Technology $1,850 0.0%
05/30/19 Morningstar, Inc. DBRS Limited Information 669 4.0x 100.0%
05/29/19 NXP Semiconductors Marvell Technology Group Technology 1,760 5.9x 100.0%
05/29/19 Palo Alto Networks Twistlock Software 410 100.0%
05/28/19 Global Payments Total System Services Business & IT Services 21,210 6.1x 19.7x 0.0%
05/28/19 FireEye Verodin Software 250 52.0%
05/28/19 Authentic Brands Group Sports Illustrated Traditional Media 110 0.0%
05/28/19 Shopify Handshake Corporation Marketing Technology 100 0.0%
05/27/19 Canal+ [Vivendi] M7 Group [Astorg Partners] Traditional Media 1,120 2.5x 0.0%
05/23/19 ShopClues SnapDeal Digital Media/Commerce 250 100.0%
05/23/19 NASCAR International Speedway Corporation Traditional Media 2,000 3.0x 8.9x 100.0%
05/22/19 Nuvei SafeCharge International Group Business & IT Services 889 5.7x 22.9x 36.6% 100.0%
05/21/19 Broadridge Financial Solutions RPM Technologies [Bayshore Capital] Software 300 0.0%
05/20/19 Marvell Technology Group Avera Semi [Mubadala] Technology 650 1.3x 100.0%
05/17/19 Hewlett Packard Enterprise Cray Technology 1,439 2.7x 26.9% 100.0%
05/15/19 SiSense, Ltd. Periscope Data Marketing Technology 100 100.0%
05/15/19 CM Group Vuture Ltd. Marketing Technology 410 100.0%
05/14/19 RLDatix iContracts, Inc. Software 200 100.0%
05/13/19 ION Group Acuris Information 1,703 100.0%
05/13/19 Edgewell Personal Care Harry's, Inc. Digital Media/Commerce 1,370 100.0%
05/13/19 E2open [Insight Venture Partners] Amber Road Software 425 4.8x 46.6% 100.0%
05/09/19 SnapAV [Hellman & Friedman] Control4 Technology 637 2.3x 23.4x 41.7% 100.0%
05/07/19 Orange SecureLink [Investcorp] Business Services 577 2.1x 0.0%
05/07/19 EnBW Plusnet Communications services 256 1.1x 0.0%
05/06/19 Marvell Technology Group Aquantia Technlogy 452 4.1x 45.1% 100.0%
05/02/19 Mediahuis Independent News & Media, PLC Traditional Media 163 0.7x 5.6x 100.0%
05/01/19 Intercontinental Exchange Simplifile Information 335 100.0%
05/01/19 OYO Rooms Leisure Group Europe B.V. Digital Media/Commerce 415 2.8x 100.0%
05/01/19 Pluralsight GitPrime Software 170 100.0%
Mean: $1,387 3.3x 16.1x 39.4% 71%
Median: $425 2.8x 19.7x 41.7% 100%
>$
10
0M
(1)
Driven by your success.Page 13
Sources: The 451 Group and CG LLC proprietary database as of 05/31/19. Note: Transactions include deals with disclosed revenue multiple or values over $100mm.
Announced Acquirer Target Segment
Deal Value
($mm)
EV/LTM
Revenue
EV/LTM
EBITDA
Premium
(1 Month)Cash Mix %
05/30/19 Golden Gate Capital Ensemble Health Partners Software $1,200 100.0%
05/30/19 Genstar Capital, LP Prometheus Group Software 1,000 0.0%
05/30/19 Insight Venture Partners Recorded Future Software 780 12.0x 100.0%
05/30/19 Thoma Bravo, Inc. Cority Software 600 100.0%
05/28/19 Charterhouse Capital Partners LLC Tarsus Group plc. Traditional Media 735 5.8x 16.7x 0.0%
05/20/19 Providence Equity Partners, Inc. GlobalTranz Enterprises, Inc. Business & IT Services 930 0.6x 0.0%
05/17/19 JP Morgan Chase & Co. InstaMed Communications, LLC Information 600 0.0%
05/14/19 The Blackstone Group L.P. Superbet Digital Limited Traditional Media 196 0.0%
05/09/19 Apax Partners Trade Me Group Digital Media/Commerce 1,700 0.0%
05/08/19 Digital Colony Zayo Group Carrier infrastructure 8,245 5.4x 11.9x 18.7% 100.0%
05/08/19 Asterion Industrial Partners Telefonica Hosted services 616 - 0.0%
05/03/19 Clearlake Capital Group Dude Solutions [Warburg Pincus] Application software 525 5.3x 17.5x 0.0%
05/01/19 Thoma Bravo, Inc. Autodata Solutions, Inc. Digital Advertising 1,000 0.0%
Mean: $1,394 5.8x 2.1x 18.7% 31%
Median: $780 5.4x 14.3x 18.7% 0%
05/30/19 Silverfleet Capital Microgen Financial Systems Limited Software 64 2.8x 7.2x 0.0%
05/14/19 Oakley Capital Investments, Ltd. Videotel Marine Asia Limited Business & IT Services 90 5.3x 0.0%
Mean: $77 4.1x 7.2x NA 0%
Median: $77 4.1x 7.2x NA 0%
$5
0-1
00
M(2
)>
$1
00
M(1
)
Driven by your success.Page 14
Observations:
• Private markets remain active and open, particularly for the strongest companies
• Exit environment (IPOs, M&A) constructive leading to more favorable private valuation discussions
Sources: PitchBook and CG LLC’s proprietary database as of 05/31/19.Note: List includes selected high profile financings with minimum Post Money Valuation of $800mm.
Company Segment
Date of Latest
Funding
Latest Round of
Funding ($mm)
Latest
Valuation ($mm)
Total Equity
Funding ($mm) Est. % Sold Recent Lead Investor(s)
SoFi Software 05/29/19 $500 $4,300 $500 10.4% Qatar Investment Authority
DoorDash Digital Media/Commerce 05/28/19 600 12,600 600 4.8% Darsana Capital Partners, Sands Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital
Trax Technologies Marketing Technology 05/28/19 100 1,000 100 NA NA
Robinhood Digital Media/Commerce 05/28/19 200 7,000 200 NA NA
TransferWise Software 05/22/19 292 3,500 292 NA Lead Edge Capital, Lone Pine Capital, and Vitruvian Partners
Marqeta Software 05/21/19 260 1,885 260 13.8% Coatue Management, Geodesic Capital, Lone Pine Capital
Ivalua Software 05/21/19 60 1,000 60 6.0% Tiger Global Management
Canva Marketing Technology 05/21/19 70 2,500 70 NA Bond, Felicis Ventures, Blackbird Capital
Auth0 Software 05/20/19 103 1,160 103 8.9% NA
Zipline International Business & IT Services 05/17/19 190 1,200 190 9.1% Temasek, GV, Katalyst Ventures, Baillie Gifford, Bright Success Capital, Goldman Sachs, Oakhouse Partners
Quora Consumer Products and Services 05/17/19 60 2,000 60 3.0% NA
Away Digital Media/Commerce 05/15/19 100 1,400 100 6.9% Wellington Management Company, Baillie Gifford, Lone Pine Capital, Global Founders Capital
Tealium Marketing Technology 05/15/19 55 850 55 6.5% ABN AMRO Bank, Declaration Partners, Industry Ventures
Nextdoor Digital Media/Commerce 05/14/19 123 2,100 123 NA Riverwood Capital
Sumo Logic Business & IT Services 05/08/19 110 1,185 110 9.3% Battery Ventures, Franklin Templeton Investments
Face++ Software 05/08/19 750 400 7,500 NA Bank of China Group Investment, Macquarie Group, ICBC Asset Management, Alibaba Group
Exabeam Software 05/07/19 75 820 75 9.2% Sapphire Ventures
VTS Software 05/07/19 90 940 90 9.6% Brookfield Ventures, GLP, Tishman Speyer Properties
Acquia Marketing Technology 05/07/19 10 1,110 10 0.9% NA
Carta Software 05/06/19 300 1,700 300 17.7% Alumni Ventures Group, Andreessen Horowitz
Unity Software 05/06/19 125 6,250 125 2.0% NA
Kaseya Business & IT Services 05/03/19 500 1,750 500 NA TPG Capital
Driven by your success.Page 15*Source: Nasdaq
Aggregate
Date Company Name Country Segment Offering Value Revenue EBITDA
May-19 Revolve Group United States Digital Media/Commerce 243.5 522.8 44.0
May-19 Crowdstrike Holdings, Inc. United States Software 476.1 249.8 (121.5)
May-19 Endeavor Group Holdings, Inc. United States Traditional Media 100.0 3,903.1 350.8
May-19 Fiverr International LTD Israel Digital Media/Commerce 100.0 82.5 (26.0)
Sep-18 Valtech SE United Kingdom Agency & Marketing Services 100.0 298.0 21.0
Last Twelve Months
Driven by your success.Page 16*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.**Source: S&P Capital IQ
Ini tia l Offering Fina l Price Stock Price at Close Stock Price on % Change from
Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day May 31, 2019 1st Trading Day
May-19 PSN Bus iness Services Parsons Corporation United States $26.00-$28.00 27.00 $30.07, up 11.4% 31.75 5.6%
May-19 HHR Bus iness Services HeadHunter Group PLC Russ ia 11.00-13.50 13.50 $14.75, up 16.7% 17.26 9.6%
May-19 FSLY Software Fastly, Inc. United States 14.00-16.00 16.00 $24.00, up 50.0% 20.80 (13.3%)
May-19 UBER Digi ta l Media/Commerce Uber Technologies , Inc. United States 44.00-50.00 45.00 $41.57, down 7.6% 40.41 (2.8%)
Apr-19 PINS Digi ta l Media/Commerce Pinterest, Inc. United States 15.00-17.00 19.00 $24.40, up 28.4% 24.92 2.1%
Apr-19 ZM Software Zoom Video Communications , Inc. United States 33.00-35.00 36.00 $72.00, up 72.2% 79.73 28.6%
Apr-19 JMIA Digi ta l Media/Commerce Jumia Technologies AG Germany 13.00-16.00 14.50 $25.45, up 75.6% 26.62 4.6%
Apr-19 PD Software PagerDuty, Inc. United States 21.00-23.00 24.00 $38.25, up 59.4% 51.40 34.4%
Apr-19 TW Software Tradeweb Markets Inc. United States 24.00-26.00 27.00 $35.81, up 32.6% 45.09 25.9%
Mar-19 LYFT Digi ta l Media/Commerce Lyft, Inc. United States 62.00-68.00 72.00 $78.29, up 8.7% 57.62 (26.4%)
Mar-19 FHL Software Futu Holdings Limited Hong Kong 10.00-12.00 12.00 $15.32, up 27.7% 10.98 (28.3%)
Dec-18 QFIN Software 360 Finance, Inc. China 16.50-18.50 16.50 $16.49, down 0.1% 16.07 (2.5%)
Dec-18 TME Digi ta l Media/Commerce Tencent Mus ic Enterta inment Group China 13.00-15.00 13.00 $14.19, up 9.2% 13.24 (6.7%)
Dec-18 MOGU Digi ta l Media/Commerce MOGU Inc. China 14.00-16.00 12.00 $14.00, up 16.7% 4.95 (64.6%)
Nov-18 WEI Software Weidai Ltd. China 9.00-$11.00 10.50 $10.25, down 2.4% 9.55 (6.8%)
Oct-18 STNE Software StoneCo Ltd. Brazi l 21.00-23.00 24.00 $31.35, up 30.6% 25.20 (19.6%)
Oct-18 SWI Software SolarWinds Corporation United States 15.00-16.00 15.00 15.03, up 0.0% 17.50 16.4%
Oct-18 PLAN Software Anaplan, Inc. United States 13.00-15.00 17.00 24.30, up 42.9% 43.51 79.1%
Oct-18 ESTC Marketing Technology Elastic N.V. United States 33.00-35.00 36.00 70.00, up 94.4% 82.05 17.2%
Oct-18 UPWK Digi ta l Media/Commerce Upwork Inc. United States 12.00-14.00 15.00 21.18, up 41.2% 14.98 (29.3%)
Sep-18 CTK Digi ta l Media/Commerce CooTek (Cayman) Inc. China 12.00-14.00 12.00 9.44, down 21.3% 9.73 3.1%
Sep-18 EB Marketing Technology Eventbri te, Inc. United States 19.00-21.00 23.00 36.5, up 58.7% 15.66 (57.1%)
Sep-18 FTCH Digi ta l Media/Commerce Farfetch Limited United Kingdom 17.00-19.00 20.00 28.45, up 42.3% 20.05 (29.5%)
Sep-18 NYSE: LAIX Digi ta l Media/Commerce LAIX Inc. China 11.50-13.50 12.50 12.65, up 1.2% 9.75 (22.9%)
Sep-18 QTT Digi ta l Media/Commerce Qutoutiao Inc. China 7.00-9.00 7.00 15.97, up 128.1% 4.44 (72.2%)
Sep-18 SVMK Marketing Technology SVMK Inc. United States 9.00-11.00 12.00 17.24, up 43.7% 17.20 (0.2%)
Jul -18 JG Software Aurora Mobi le Limited China 8.50-10.50 8.50 $8.80, up 3.5% 7.06 (19.8%)
Jul -18 CANG Digi ta l Media/Commerce Cango Inc. China 10.00-12.00 11.00 12.52, up 13.8% 5.20 (58.5%)
Jul -18 DAVA Bus iness Services Endava plc United Kingdom 17.00-19.00 20.00 25.2, up 26.0% 37.44 48.6%
Jul -18 OPRA Digi ta l Media/Commerce Opera Limited Norway 10.00-12.00 12.00 13.11, up 9.3% 11.47 (12.5%)
Jul -18 PDD Digi ta l Media/Commerce Pinduoduo Inc. China 16.00-19.00 19.00 26.70, up 40.5% 19.42 (27.3%)
Jul -18 TENB Software Tenable Holdings , Inc. United States 20.00-22.00 23.00 30.25, up 31.5% 27.85 (7.9%)
Jun-18 AVLR Software Avalara , Inc. United States 21.00-23.00 24.00 44.94, up 87.3% 67.64 50.5%
Jun-18 DOMO Software Domo, Inc. United States 19.00-22.00 21.00 27.30, up 30.0% 33.50 22.7%
Jun-18 EVER Digi ta l Advertis ing EverQuote, Inc. United States 15.00-17.00 18.00 18.02, up 0.1% 11.34 (37.1%)
Jun-18 IIIV Software i3 Vertica ls , Inc. United States 11.00-13.00 13.00 18.35, up 41.2% 25.57 39.3%
Jun-18 UXIN Digi ta l Media/Commerce Uxin Limited China 10.50-12.50 9.00 9.67, up 7.4% 2.30 (76.2%)
Driven by your success.Page 17
Observations:
• Follow-on market activities track broader market direction
• Better known, more liquid issuers using accelerating formats
• Average discount to last sale of (3.6%) for May deals vs (2.4%) for April deals
Indicates Canaccord Genuity Transaction
Sources: Dealogic, Capital IQ as of 05/31/19. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.
Pricing Amount Mkt Cap % Mkt %
Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current
Ceridian 05/21/19 $404.0 $7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% (2.6%)
Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) (0.3%)
SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) (2.8%)
Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% (11.0%)
Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (9.0%)
Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (5.4%)
Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% 34.2%
Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% 11.4%
Endava 04/17/19 156.7 1,382.4 11.3% 0.0% (2.3%) (2.5%) 10.1% 37.4%
EVO Payments 04/03/19 152.4 719.5 21.2% 100.0% (2.4%) (9.3%) 5.4% 11.1%
Ceridian 03/19/19 656.5 6,986.4 9.4% 0.0% (0.6%) (1.7%) (1.1%) (2.6%)
Yext 03/18/19 150.5 2,350.0 6.4% 100.0% (6.5%) (6.5%) 2.5% (14.6%)
eGain 03/14/19 22.0 347.7 6.3% 100.0% (11.7%) (11.7%) 0.8% (28.4%)
Pluralsight 03/06/19 456.1 4,051.2 11.3% 0.0% (1.2%) (11.3%) (1.0%) 8.9%
ShotSpotter 03/06/19 17.8 517.3 3.4% 64.8% (2.5%) (2.5%) (1.6%) (0.5%)
Bandwidth 03/06/19 156.0 733.5 21.3% 100.0% (1.7%) (6.0%) 12.8% 33.8%
BlackLine 03/04/19 236.9 2,739.6 8.6% 0.0% (2.7%) (2.7%) (0.5%) 6.0%
Benefitfocus 02/28/19 275.3 1,572.7 17.5% 0.0% (1.8%) (16.5%) (4.6%) (41.2%)
HubSpot 02/14/19 354.8 6,742.5 5.3% 100.0% (4.0%) (4.0%) 0.7% 5.0%
eHealth 01/23/19 133.9 996.1 13.4% 100.0% (5.5%) 6.7% 12.6% 45.5%
Everbridge 01/15/19 146.1 1,671.4 8.7% 100.0% (2.0%) 0.0% (1.8%) 42.3%
Angi Homeservices 12/11/18 24.7 1,244.3 2.0% 0.0% (1.3%) (1.3%) 4.3% (12.1%)
Sabre Corp 11/26/18 581.5 6,929.6 8.4% 0.0% (0.9%) (0.9%) 1.6% (18.7%)
Internap 10/19/18 40.0 222.7 18.0% 100.0% (14.0%) (14.0%) (5.8%) (72.6%)
Cision 09/12/18 192.0 2,146.3 8.9% 0.0% (2.6%) (11.1%) (0.5%) (31.4%)
Appian 08/20/18 70.3 2,236.6 3.1% 83.8% (3.0%) (3.0%) (5.4%) 2.8%
PROS Holdings 08/15/18 148.6 1,164.6 12.8% 100.0% (4.4%) (14.5%) 2.2% 66.8%
SailPoint 08/15/18 446.7 2,510.0 17.8% 0.0% (1.4%) (0.6%) 0.3% (37.8%)
Maxwell Technologies 08/08/18 24.7 128.0 19.3% 100.0% (9.7%) (9.7%) 13.5% (100.0%)
Sabre 08/07/18 372.8 6,947.5 5.4% 0.0% (1.6%) (1.6%) 1.1% (18.4%)
Teladoc 07/24/18 352.7 4,430.2 8.0% 95.0% (3.7%) (3.7%) (0.2%) (13.3%)
Carbonite 07/18/18 235.6 1,081.8 21.8% 87.2% (0.9%) (2.3%) (1.3%) (36.9%)
Adesto 07/10/18 46.2 145.9 31.7% 100.0% (11.8%) (31.8%) 0.0% 25.5%
Trupanion 06/21/18 69.0 1,250.0 5.5% 100.0% (19.7%) (19.7%) 21.4% (11.1%)
Yatra Online 06/21/18 57.0 185.0 30.8% 100.0% (13.4%) (23.3%) 6.0% (22.2%)
Globant 06/21/18 348.0 1,886.0 18.5% 0.0% (1.6%) (8.8%) 7.8% 78.5%
Veritone 06/21/18 35.0 351.0 10.0% 100.0% (16.7%) (16.7%) (0.1%) (50.9%)
Cision 06/14/18 180.0 2,057.0 8.8% 0.0% (4.7%) (10.9%) 0.1% (26.8%)
Asure Software 06/14/18 50.0 233.0 21.5% 80.0% (5.4%) (5.4%) 1.2% (63.3%)
Sabre 06/05/18 368.0 6,982.0 5.3% 0.0% (3.0%) (3.0%) 0.4% (17.4%)
Mean: $216.4 $2,384.0 12.9% 60.3% (4.8%) (7.3%) 2.5% (6.1%)
Median: $158.0 $1,570.7 9.7% 97.5% (2.9%) (5.3%) 0.5% (7.2%)
Premium/Discount to: Aftermarket Performance
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.Page 19
Transaction Distribution
• A total of 746 deals were announced in May 2019 of which 326 were worth $35.4 billion in aggregate reported value
• Software accounted for nearly 40 percent of transactions with 286 deals announced – 160 of which reported $14.7 billion in value
• Business & IT Services was the second most active segment, with 124 transactions announced – 19 of which were valued at $2.5 billion
• Strategic buyers announced 387 deals (60 reported $15.3 billion in value)
• VC/Growth Capital investors announced 320 transactions (254 reported $12.5 billion in value)
• Private Equity buyers announced 39 deals during the month (12 reported $7.6 billion in value)
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
# % $MM % # $MM # $MM # $MM
Software 286 38% $14,733.9 42% 112 $4,667.6 8 $4,080.0 166 $5,986.3
Business Services 124 17% $2,499.9 7% 91 $683.6 10 $1,020.0 23 $796.3
Marketing Technology 122 16% $1,663.4 5% 65 $879.5 6 - 51 $783.9
Digital Media/Commerce 95 13% $6,577.1 19% 36 $2,107.6 4 - 55 $4,469.5
Agency & Marketing Services 45 6% $761.3 2% 38 $42.4 5 $718.9 2 -
Traditional Media 32 4% $4,739.5 13% 26 $3,913.7 3 $740.8 3 $85.0
Information 23 3% $3,111.6 9% 9 $3,015.3 1 - 13 $96.3
Digital Advertising 19 3% $1,275.7 4% 10 $23.0 2 $1,000.0 7 $252.7
Total 746 100% 35,362.3 100% 387 15,332.6 39 7,559.7 320 12,470.0
May 2019
BUYER/INVESTOR BREAKDOWN
Transactions Reported Value Strategic Buyout Venture/Growth Capital
Driven by your success.
685713
726 671 868 669 546
747 626
646
$27.9
748
$30.5
$35.5
$68.1
$46.3
$62.6
$37.2 $42.7
$71.4
$42.4
$71.4
739
$30.5 ,
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
$80.0
$90.0
$100.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Page 20
Transaction Distribution
• M&A total deal activity was up nine percent compared with May of last year
• Significant transactions completed during the month included:
‒ BC Partners’ sale of Germany-based financial intelligence platform Acuris to ION Investment Group for $1.7 billion
‒ Edgewell’s $1.3 billion acquisition of online shaving product company Harry’s
‒ Golden Gate Capital’s $1.2 billion purchase of hospital billing software Ensemble Health Partners from Mercy Health
‒ The sale of Luxembourg-based television operator M7 Group to Canal + SA for $1.1 billion
‒ Internet Brands’ sale of auto-focused marketing solutions company Autodata to Thoma Bravo for a reported $1 billion
CA
Technologies
/ Broadcom
Tribune First Data/
Fiserv Ultimate
Software
Worldpay/
Fidelity
Global
Payments/
TSYS
Regional Sports
Networks/
Sinclair
GithubSedgwick
*Note, transactions valued at $6 billion or more have been excluded from totals to limit comparative distortions. The aggregate total does not include Microsoft’s $7.5 billion TEV acquisition of GitHub, Broadcom’s
$18.4 billion acquisition of CA Technologies, Carlyle Group’s $6.7 billion acquisition of Sedgwick Management Services, IBM’s pending $34 billion acquisition of Red Hat, SAP’s $8 billion acquisition of Qualtrics,
Nexstar’s pending $6.4 billion acquisition of Tribune Media, Fiserv’s pending $22 billion acquisition of First Data Corporation, Ultimate Software’s $11 billion sale to a consortium of buyers, and Fidelity’s pending
$35.2 billion acquisition of Worldpay, Disney’s pending sale of 21 regional sports networks to Sinclair Broadcast Group for $10.6 Billion, and TSYS’ pending $22.1 billion acquisition of Global Payments.
Red Hat/
IBM
Qualtrics
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Driven by your success.Page 21
• Of the 95 transactions recorded in the Digital Media/Commerce segment in May, 54 announced $6.6 billion in reported value
• E-commerce was the most active across all subsegments, with 53 transactions announced, of which 37 were reported for $6.2 billion, including:
‒ Softbank’s $1 billion investment in Colombia-based delivery app Rappi
‒ The $600 million round of funding food delivery platform DoorDash raised at a $12.6 billion valuation from Darsana Capital Partners, Sands
Capital, Coatue Management, Dragoneer, DST Global, Sequoia Capital, Softbank Vision Fund, and Temasek.
‒ Axel Springer’s $415 million sale of the Netherlands-based vacation rental company Leisure Group to OYO
• Select Digital Media/Commerce transactions include:
‒ The sale of restaurant reservation app developer Resy to American Express
‒ The $123 million round of funding neighborhood-focused social media platform raised from Riverwood Capital, Benchmark, Tiger Global, and
Kleiner Perkins
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 127 $5,306.3 116 $7,129.2 522 $28,887.8 36 $2,107.6
Private Equity - Buyout 9 3,555.5 10 220.0 39 4,472.7 4 0.0
Private Equity - VC/Growth Capital 243 17,007.6 162 12,568.7 890 64,117.4 55 4,469.5
Total 379 $25,869.4 288 $19,917.9 1,451 $97,477.9 95 $6,577.1
DIGITAL MEDIA/COMMERCE
May-194Q18 1Q19 LTM
$10.1
$6.3
$14.3
$10.3
$7.7 $8.4
$9.7
$5.8
$3.1
$11.0
$4.1
$6.6
147 137 157 137 147 13399 105 86 97 100 95
10
30
50
70
90
110
130
150
170
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Driven by your success.Page 22*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alphabet Inc. $1,106.50 -15% $ 767,181.3 $ 665,965.3 $ 142,012.0 $ 42,142.0 29.7% 21.1% 4.7x 15.8x
Apple Inc. 175.07 -25% 805,510.2 838,048.2 258,490.0 77,345.0 29.9% 4.5% 3.2x 10.8x
Facebook, Inc. 177.47 -19% 506,586.1 468,553.1 58,949.0 27,460.0 46.6% 32.2% 7.9x 17.1x
Fitbit, Inc. 4.63 -41% 1,180.7 667.0 1,536.0 (128.0) NM -1.8% 0.4x NM
Glu Mobile Inc. 7.98 -32% 1,159.1 1,099.9 381.0 6.6 1.7% 22.3% 2.9x NM
GoPro, Inc. 6.30 -18% 967.2 1,060.0 1,188.7 (4.5) NM 2.2% 0.9x NM
IAC/InterActiveCorp 220.85 -9% 18,573.1 19,741.7 4,373.7 811.1 18.5% 23.5% 4.5x 24.3x
j2 Global, Inc. 84.29 -8% 4,125.0 4,987.9 1,226.6 462.6 37.7% 7.2% 4.1x 10.8x
Leaf Group Ltd. 7.19 -40% 185.9 176.1 155.3 (17.2) NM 14.6% 1.1x NM
The Meet Group, Inc. 3.87 -38% 291.5 311.5 190.5 25.3 13.3% 34.8% 1.6x 12.3x
Netflix, Inc. 343.28 -19% 150,088.9 157,932.9 16,614.5 1,705.4 10.3% 30.2% 9.5x 92.6x
Pinterest, Inc. 24.92 -29% 13,520.0 14,505.6 826.5 (42.8) NM 0.0% 17.6x NM
RealNetworks, Inc. 1.87 -52% 71.0 63.5 89.3 (23.6) NM 13.5% 0.7x NM
Remark Holdings, Inc. 1.00 -84% 43.0 71.0 81.8 (16.6) NM 13.6% 0.9x NM
Roku, Inc. 90.40 -6% 10,253.0 10,063.3 812.6 (9.6) NM 47.9% 12.4x NM
Snap Inc. 11.89 -18% 15,933.4 15,100.0 1,270.2 (1,067.4) NM 40.2% 11.9x NM
TheStreet, Inc. 6.19 -75% 39.7 (75.3) 53.1 (4.8) NM 10.5% NM 15.5x
Twitter, Inc. 36.44 -24% 27,939.7 24,966.0 3,164.4 806.7 25.5% 23.6% 7.9x 30.9x
Upwork Inc. 14.98 -40% 1,605.3 1,533.0 263.1 (5.2) NM 22.9% 5.8x NM
Zynga Inc. 6.29 -2% 5,882.9 5,765.7 964.4 7.7 0.8% 10.2% 6.0x NM
Average 5.3x 14.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (14.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (51.6x)
US-Based Digital Media and Internet
Last Twelve Months Multiples Last Twelve Months
Driven by your success.Page 23*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Baidu, Inc. China $110.00 -60% $ 38,501.7 $ 30,008.5 $ 15,956.4 $ 4,309.4 27.0% 18.0% 1.9x 7.0x
Bilibili Inc. * China 13.50 -41% 4,402.7 3,815.1 690.5 (34.9) NM 59.1% 5.5x NM
CyberAgent, Inc. Japan 38.46 -40% 4,843.6 4,747.5 3,972.6 307.0 7.7% 10.3% 1.2x 15.5x
DeNA Co., Ltd. Japan 20.17 -2% 2,931.3 2,032.0 1,120.1 189.9 17.0% -11.0% 1.8x 10.7x
G5 Entertainment AB (publ) Sweden 9.57 -85% 86.0 71.4 149.2 15.3 10.2% 8.6% 0.5x 4.7x
Gree, Inc. Japan 4.53 -25% 1,067.5 273.6 654.3 59.6 9.1% -7.3% 0.4x 4.6x
HolidayCheck Group AG * Germany 3.02 -32% 172.9 150.6 160.6 2.3 1.4% 7.7% 0.9x 65.6x
HUYA Inc. * China 21.37 -58% 4,659.3 3,729.4 812.2 10.2 1.3% 107.3% 4.6x NM
International Game Technology PLC United Kingdom 13.00 -51% 2,657.1 10,707.3 4,767.5 1,406.2 29.5% -4.5% 2.2x 7.6x
iQIYI, Inc. China 18.23 -61% 13,218.9 13,251.6 4,038.0 1,093.1 27.1% 42.9% 3.3x 12.1x
mixi, Inc. Japan 21.09 -34% 1,588.9 260.3 1,299.8 379.9 29.2% -23.8% 0.2x 0.7x
Meitu, Inc. * China 0.34 -69% 1,423.0 1,050.5 405.9 (133.3) NM -37.8% 2.6x NM
Ncsoft Corporation South Korea 400.86 -11% 8,257.7 7,254.7 1,405.7 587.9 41.8% -19.8% 5.2x 12.3x
NAVER Corporation South Korea 93.70 -29% 13,697.7 12,444.5 5,090.0 1,024.1 20.1% 18.0% 2.4x 12.2x
NetEase, Inc. China 248.61 -14% 31,812.3 27,144.2 10,629.3 1,847.5 17.4% 30.6% 2.6x 14.7x
NEXON Co., Ltd. Japan 14.88 -11% 13,327.2 8,934.8 2,312.8 1,009.3 43.6% 2.2% 3.9x 8.9x
Opera Limited Norway 11.47 -27% 1,265.0 1,106.1 184.1 50.3 27.3% 28.9% 6.0x 22.0x
Pacific Online Limited China 0.19 -24% 208.1 141.8 148.7 27.5 18.5% 6.1% 1.0x 5.2x
Phoenix New Media Limited * China 3.76 -32% 273.7 128.9 205.2 (23.3) NM -12.0% 0.6x NM
Renren Inc. * China 1.33 -87% 92.6 195.3 498.2 (108.8) NM 185.3% 0.4x NM
Sea Limited * Singapore 28.44 -11% 12,654.9 11,063.8 1,023.8 (935.0) NM 115.4% 10.8x NM
Sogou Inc. China 4.17 -73% 1,631.9 540.5 1,128.5 83.5 7.4% 13.5% 0.5x 6.5x
Spotify Technology S.A. * Luxembourg 125.58 -37% 22,688.3 21,691.6 6,319.9 (29.2) NM 30.1% 3.4x NM
Tencent Music Entertainment * China 13.24 -34% 21,649.4 18,964.2 3,070.1 550.8 17.9% 60.3% 6.2x 34.4x
Weibo Corporation China 41.52 -63% 9,343.5 8,752.6 1,767.8 654.5 37.0% 35.9% 5.0x 13.4x
Wemade Co.,Ltd. * South Korea 28.95 -36% 480.7 412.5 104.3 (40.8) NM 7.1% 4.0x NM
Yandex N.V. Netherlands 35.92 -10% 11,697.6 11,264.3 2,111.9 530.8 25.1% 38.4% 5.3x 21.2x
YY Inc. China 68.45 -46% 5,399.6 3,785.9 2,576.9 407.1 15.8% 37.5% 1.5x 9.3x
Average 3.4x 11.6x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.9x) and EBITDA multiples that are 1.0 standard deviations above the mean (28.6x)
Internationally-based Digital Media and Internet
Last Twelve Months
Driven by your success.Page 24*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name 04/30/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
1-800-FLOWERS.COM, Inc. $21.29 -2% $ 1,365.9 $ 1,255.4 $ 1,219.2 $ 77.6 6.4% 5.0% 1.0x 16.2x
Alphabet Inc. 1,198.96 -8% 828,720.8 727,504.8 142,012.0 42,142.0 29.7% 21.1% 5.1x 17.3x
Amazon.com, Inc. 1,926.52 -6% 948,487.0 980,472.0 241,545.0 29,131.0 12.1% 25.0% 4.1x 33.7x
Apple Inc. 200.67 -14% 924,543.7 957,081.7 258,490.0 77,345.0 29.9% 4.5% 3.7x 12.4x
Blucora, Inc. 35.00 -15% 1,688.9 1,889.7 560.5 105.0 18.7% 10.0% 3.4x 18.0x
Blue Apron Holdings, Inc. 1.03 -75% 200.9 256.2 612.8 (50.6) NM -26.4% 0.4x NM
Booking Holdings Inc. 1,854.99 -16% 81,427.8 83,817.8 14,527.0 5,780.0 39.8% 14.6% 5.8x 14.5x
CarGurus, Inc. 40.74 -29% 4,521.1 4,363.4 454.1 28.2 6.2% 43.3% 9.6x NM
Carvana Co. 71.56 -3% 2,948.4 3,657.0 1,955.5 (197.2) NM 127.7% 1.9x NM
CDW Corporation 105.60 -5% 15,449.5 18,881.6 16,592.0 1,275.4 7.7% 9.3% 1.1x 14.8x
Chegg, Inc. 35.65 -14% 4,226.2 4,051.1 341.5 21.1 6.2% 26.8% 11.9x NM
Copart, Inc. 67.32 0% 15,362.8 15,747.5 1,873.7 714.4 38.1% 14.9% 8.4x 22.0x
eBay Inc. 38.75 -5% 33,771.7 39,305.7 10,809.0 3,062.0 28.3% 5.9% 3.6x 12.8x
Etsy, Inc. 67.54 -8% 8,115.6 7,773.8 603.7 97.8 16.2% 36.8% 12.9x 79.5x
EVINE Live Inc. 0.38 -78% 25.8 76.8 596.6 (7.0) NM -8.0% 0.1x NM
Expedia Group, Inc. 129.84 -7% 19,315.0 22,138.0 11,324.0 1,303.0 11.5% 9.1% 2.0x 17.0x
FTD Companies, Inc. 0.72 -89% 20.3 212.2 1,014.2 22.1 2.2% -6.4% 0.2x 9.6x
Grubhub Inc. 66.79 -55% 6,082.9 6,312.6 1,098.5 142.9 13.0% 44.6% 5.7x 44.2x
IAC/InterActiveCorp 224.84 -4% 18,923.3 19,701.6 4,262.9 819.8 19.2% 28.9% 4.6x 24.0x
Liberty TripAdvisor Holdings, Inc. 14.74 -29% 1,105.6 4,285.6 1,615.0 293.0 18.1% 2.9% 2.7x 14.6x
Liquidity Services, Inc. 6.79 -26% 226.2 157.6 217.4 (15.6) NM -16.5% 0.7x NM
Lyft, Inc. 59.80 -33% 17,095.5 20,209.6 2,156.6 (956.4) NM 103.5% 9.4x NM
Match Group, Inc. 60.40 -4% 16,976.7 18,305.7 1,729.9 587.2 33.9% 30.0% 10.6x 31.2x
Overstock.com, Inc. 13.18 -73% 425.1 365.6 1,821.6 (190.4) NM 4.4% 0.2x NM
PetMed Express, Inc. 21.85 -53% 447.6 354.4 283.4 48.4 17.1% 3.5% 1.3x 7.3x
Qurate Retail, Inc. 17.05 -32% 7,325.7 14,165.7 14,070.0 1,979.0 14.1% 35.2% 1.0x 7.2x
Shutterfly, Inc. 43.83 -56% 1,498.2 2,305.1 2,086.8 219.4 10.5% 74.2% 1.1x 10.5x
Shutterstock, Inc. 40.45 -27% 1,424.5 1,242.0 633.6 55.9 8.8% 9.3% 2.0x 22.2x
Spark Networks SE 14.40 -18% 187.0 187.9 119.7 5.1 4.2% 22.1% 1.6x 37.1x
Stamps.com Inc. 85.80 -70% 1,503.8 1,474.5 586.9 221.0 37.7% 25.2% 2.5x 6.7x
Stitch Fix, Inc. 26.65 -49% 2,664.2 2,387.3 1,371.6 56.3 4.1% 25.3% 1.7x 42.4x
U.S. Auto Parts Network, Inc. 1.02 -51% 36.1 43.3 289.5 1.0 0.3% -4.6% 0.1x 44.1x
Wayfair Inc. 162.15 -7% 14,819.1 14,777.3 7,319.7 (481.3) NM 41.7% 2.0x NM
Average 4.3x 21.0x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.0x) and EBITDA multiples that are 1.0 standard deviations above the mean (40.1x)
US-based e-commerce
Last Twelve Months
Driven by your success.Page 25*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Internationally-based e-commerce
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
58.com Inc. China $57.03 -33% $ 8,473.1 $ 7,935.1 $ 2,040.5 $ 418.5 20.5% 29.8% 3.9x 19.0x
Alibaba Group Holding Limited China 149.26 -29% 386,908.8 393,980.3 56,148.2 12,332.8 22.0% 50.6% 7.0x 31.9x
Cango Inc. China 5.20 -63% 787.3 729.0 177.9 40.8 22.9% 8.0% 4.1x 17.9x
Cnova N.V. * Netherlands 3.79 -21% 1,308.3 1,532.6 2,489.4 29.1 1.2% 6.8% 0.6x 52.7x
Despegar.com, Corp. Argentina 12.00 -52% 812.3 514.5 542.1 70.8 13.1% -5.9% 0.9x 7.3x
Farfetch Limited * United Kingdom 20.05 -38% 6,012.1 5,312.5 650.8 (207.5) NM 53.0% 8.2x NM
JD.com, Inc. * China 25.76 -43% 37,562.9 37,171.7 71,960.9 682.4 0.9% 24.7% 0.5x 54.5x
Jumei International Holding Limited * China 2.42 -17% 286.9 (44.7) 623.6 (13.4) NM -26.3% NM 3.3x
Jumia Technologies AG * Germany 26.62 -47% 2,087.2 1,949.2 150.5 (199.2) NM 0.0% 13.0x NM
LightInTheBox Holding Co., Ltd. * China 1.45 -36% 97.5 111.8 227.5 (36.6) NM -28.9% 0.5x NM
MercadoLibre, Inc. * Argentina 570.52 -7% 28,137.2 26,428.4 1,592.4 20.5 1.3% 25.6% 16.6x NM
MOGU Inc. * China 4.95 -81% 529.1 307.3 160.1 (54.8) NM 10.4% 1.9x NM
Netshoes (Cayman) Limited * Brazil 3.66 -5% 113.7 192.2 455.9 (53.1) NM -1.4% 0.4x NM
PChome Online Inc. * Taiwan 3.83 -25% 449.1 399.5 1,153.3 (21.6) NM 16.0% 0.3x NM
Pinduoduo Inc. * China 19.42 -39% 22,412.8 18,064.4 2,425.7 (1,801.0) NM 426.6% 7.4x NM
Rakuten, Inc. Japan 10.44 -9% 14,126.9 17,137.5 10,287.0 2,197.5 21.4% 17.0% 1.7x 7.8x
Secoo Holding Limited China 7.17 -54% 360.3 385.0 783.3 34.5 4.4% 44.0% 0.5x 11.1x
trivago N.V. Germany 3.68 -51% 1,294.6 1,192.5 969.9 38.3 3.9% -15.9% 1.2x 31.2x
Uxin Limited * China 2.30 -78% 675.2 805.3 482.1 (359.1) NM 72.8% 1.7x NM
Vipshop Holdings Limited China 7.54 -40% 5,017.9 4,371.5 12,809.5 488.4 3.8% 11.9% 0.3x 9.0x
X Financial China 4.29 -79% 666.3 494.5 525.7 213.3 40.6% 48.8% 0.9x 2.3x
Average 6.2x 30.4x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.8x) and EBITDA multiples that are 1.0 standard deviations above the mean (38.8x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 26
• The Marketing Technology segment announced 122 transactions in May, of which 54 reported $4.1 billion in value
• Select transactions:
‒ Audience View’s purchase of digital box office management software Vendini (A Canaccord Genuity-led transaction)
‒ The acquisition of legal and professional services-focused marketing platform Vuture by CM Group for $410 million
‒ Shopify’s $100 million purchase of B2B e-commerce solution Handshake
‒ The sale of customer management platform and data analytics company Venga to Bookings Holdings
‒ Intuit’s purchase of data integration and analytics platform Origami Logic
‒ The acquisition of identity resolutions solutions company Drawbridge by Microsoft’s LinkedIn business
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
$5.2
$2.0 $1.9
$7.3
$6.5
$1.3 $1.7
$2.1
$4.9
$2.4
$4.1 $4.1
86 85 72 101 122 83 86 107 106 92 117 122
50
60
70
80
90
100
110
120
130
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Number of
Transactions
Reported
Value ($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 120 $3,841.4 141 $2,197.2 520 $16,107.4 65 $879.5
Private Equity - Buyout 9 37.9 10 4,400.0 49 10,789.1 6 2,470.0
Private Equity - VC/Growth Capital 162 5,624.7 153 2,843.0 612 14,851.8 51 783.9
Total 291 $9,504.0 304 $9,440.2 1,181 $41,748.3 122 $4,133.4
MARKETING TECHNOLOGY
4Q18 1Q19 LTM May-19
Driven by your success.Page 27*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. $270.90 -7% $ 132,185.91 $ 133,095.52 $ 9,552.01 $ 3,247.33 34.0% 24.1% 13.9x 41.0x
AppFolio, Inc. 96.40 -3% 3,278.2 3,316.2 204.8 21.8 10.6% 33.0% 16.2x 152.1x
Blackbaud, Inc. 76.92 -36% 3,686.2 4,364.7 860.3 121.6 14.1% 6.5% 5.1x 35.9x
Brightcove Inc. 9.98 -7% 377.6 368.0 165.5 (7.9) NM 3.7% 2.2x NM
Cardlytics, Inc. 22.95 -19% 518.0 528.3 154.0 (34.3) NM 13.0% 3.4x NM
ChannelAdvisor Corporation 9.20 -41% 256.3 228.2 131.3 0.1 0.1% 4.5% 1.7x NM
Cision Ltd. 10.98 -40% 1,628.9 2,912.0 736.9 231.3 31.4% 10.8% 4.0x 12.6x
Eventbrite, Inc. 15.66 -61% 1,262.4 831.0 298.4 (25.5) NM 28.6% 2.8x NM
eBay Inc. 35.93 -12% 31,314.0 36,848.0 10,809.0 3,062.0 28.3% 5.9% 3.4x 12.0x
Endurance International Group 4.45 -59% 649.5 2,483.9 1,134.6 299.3 26.4% -3.3% 2.2x 8.3x
Five9, Inc. 51.35 -11% 3,064.4 2,982.2 273.3 18.7 6.8% 28.8% 10.9x 159.6x
GoDaddy Inc. 74.40 -12% 13,065.3 14,626.4 2,736.9 363.2 13.3% 15.2% 5.3x 40.3x
HubSpot, Inc. 173.28 -10% 7,295.6 6,837.9 550.2 (32.6) NM 34.9% 12.4x NM
IBM Corporation 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x
LivePerson, Inc. 27.83 -10% 1,703.4 1,655.7 258.0 (11.6) NM 14.1% 6.4x NM
Marin Software Incorporated 2.36 -80% 14.2 21.6 56.7 (18.2) NM -19.1% 0.4x NM
MicroStrategy Incorporated 132.91 -13% 1,360.9 925.6 490.0 (4.1) NM -2.9% 1.9x NM
Nuance Communications, Inc. 17.17 -5% 4,981.9 6,272.4 2,041.5 418.7 20.5% 9.4% 3.1x 15.0x
Oracle Corporation 50.60 -9% 172,933.3 189,792.3 39,831.0 16,336.0 41.0% 1.4% 4.8x 11.6x
PayPal Holdings, Inc. 109.75 -4% 128,948.9 123,098.9 15,894.0 2,815.0 17.7% 15.1% 7.7x 43.7x
PROS Holdings, Inc. 56.70 -1% 2,147.4 2,129.1 205.2 (36.5) NM 16.2% 10.4x NM
salesforce.com, inc. 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x
Senvion S.A. 0.89 -93% 65.0 329.9 1,676.8 70.0 4.2% -31.6% 0.2x 4.7x
SharpSpring, Inc. 14.58 -31% 158.6 154.9 19.8 (8.0) NM 35.5% 7.8x NM
SVMK Inc. 17.20 -14% 2,237.8 2,377.5 264.5 (108.1) NM 17.9% 9.0x NM
Square, Inc. 61.95 -39% 26,202.8 26,159.5 3,588.9 26.2 0.7% 48.2% 7.3x NM
Tableau Software, Inc. 112.47 -18% 9,692.6 8,906.9 1,191.6 (91.5) NM 29.1% 7.5x NM
Teradata Corporation 34.34 -31% 4,004.9 3,914.9 2,126.0 129.0 6.1% -2.1% 1.8x 30.3x
Verint Systems Inc. 56.75 -11% 3,732.6 4,165.1 1,255.8 181.5 14.5% 7.9% 3.3x 22.9x
Veritone, Inc. 8.84 -64% 179.8 128.9 34.8 (58.2) NM 121.7% 3.7x NM
Zoom Video Communications, Inc. 79.73 -13% 20,691.4 20,689.4 330.5 13.2 4.0% 118.2% 62.6x NM
Zendesk, Inc. 84.25 -7% 9,230.8 9,365.2 650.4 (114.9) NM 39.6% 14.4x NM
Adjust ed Weight ed Average 7.9x 33.5x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (29.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (90.4x)
US-based Marketing Technology
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 28*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Baozun Inc. China $39.23 -42% $ 2,269.69 $ 2,351.71 $ 858.01 $ 67.16 7.8% 35.0% 2.7x 35.0x
Bitauto Holdings Limited China 10.74 -65% 753.6 4,251.9 1,660.3 126.5 7.6% 18.8% 2.6x 33.6x
ChinaCache International Holdings Ltd. China 0.88 -47% 23.55 73.95 130.12 (31.96) NM -7.8% 0.6x NM
MercadoLibre, Inc. Argentina 570.52 -7% 28,137.2 26,428.4 1,592.4 20.5 1.3% 25.6% 16.6x NM
Open Text Corporation Canada 39.72 -3% 10,671.9 12,524.2 2,875.8 882.0 30.7% 5.6% 4.4x 14.2x
Shopify Inc. Canada 274.90 -4% 30,642.0 28,749.1 1,179.4 (84.9) NM 55.1% 24.4x NM
The Sage Group plc United Kingdom 9.43 -3% 10,242.0 10,774.5 2,479.5 682.4 27.5% 7.3% 4.3x 15.8x
United Internet AG Germany 35.68 -45% 7,146.9 9,690.0 5,775.8 1,327.2 23.0% 13.7% 1.7x 7.3x
Weborama SA France 5.68 -60% 23.2 19.9 42.5 (1.9) NM 3.5% 0.5x NM
Wix.com Ltd. Israel 137.34 -5% 6,848.1 6,504.7 640.2 (27.6) NM 36.0% 10.2x NM
Adjust ed Weight ed Average 4.8x 18.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (24.7x) and EBITDA multiples that are 1.0 standard deviations above the mean (33.6x)
Last Twelve Months Multiples
Internationally-based Marketing Technology
Last Twelve Months
Driven by your success.Page 29
• A total of 19 transactions were announced in the Digital Advertising segment, of which six were valued at $1.3 billion
• Strategic transactions represent more than half of segment activity
• Select transactions:
‒ TV and digital video advertising solution VideoAmp $70 million round of funding from The Raine Group and Ankona Capital
‒ The investment South Africa-based online travel price comparison platform Travelstart received from HarbourVest
‒ The sale of wedding venue sourcing platform Wedding Spot to Cvent
‒ Aware Ads’ purchase of mobile content marketing company AdMobo
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
$0.9
$1.6
$0.2
$0.4
$1.4
$0.3 $0.3 $0.3 $0.3 $0.3
$0.7
$1.3
23 33 27 21 27 15 14 18 17 18 16 1910
15
20
25
30
35
$-
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 30 $649.3 32 $318.9 140 $3,445.2 10 $23.0
Private Equity - Buyout 2 108.5 3 27.5 11 1,136.0 2 1,000.0
Private Equity - VC/Growth Capital 24 1,179.5 18 455.3 97 3,109.2 7 252.7
Total 56 $1,937.3 53 $801.7 248 $7,690.4 19 $1,275.7
DIGITAL ADVERTISING
4Q18 1Q19 LTM May-19
Driven by your success.Page 30*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
US-based Digital Advertising
Stock Price Change % From Equity Enterprise Last Twelve Months Multiples
Company Name 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alliance Data Systems Corporation $137.50 -45% $ 7,202.7 $ 27,787.9 $ 7,743.7 $ 1,836.0 23.7% 7.2% 3.6x 15.1x
Alphabet Inc. 1,106.50 -15% 767,181.3 665,965.3 142,012.0 42,142.0 29.7% 21.1% 4.7x 15.8x
ANGI Homeservices Inc. 14.42 -40% 7,304.1 7,357.8 1,180.4 232.2 19.7% 40.4% 6.2x 31.7x
AutoWeb, Inc. 3.47 -31% 45.6 38.8 124.8 (14.5) NM -9.0% 0.3x NM
Care.com, Inc. 14.29 -45% 464.1 420.5 198.3 11.6 5.8% 11.4% 2.1x 36.3x
CarGurus, Inc. * 34.16 -40% 3,799.9 3,722.0 490.8 29.6 6.0% 40.9% 7.6x 125.8x
DHI Group, Inc. 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x
EverQuote, Inc. 11.34 -49% 289.1 251.4 174.9 (16.3) NM 29.3% 1.4x NM
Facebook, Inc. 177.47 -19% 506,586.1 468,553.1 58,949.0 27,460.0 46.6% 32.2% 7.9x 17.1x
Fluent, Inc. 4.88 -35% 373.5 420.9 260.9 32.5 12.5% 19.4% 1.6x 12.9x
Groupon, Inc. 3.53 -36% 2,005.7 1,730.8 2,588.6 148.6 5.7% -7.4% 0.7x 11.6x
Inuvo, Inc. 0.69 -61% 22.5 26.0 68.3 (3.3) NM -17.6% 0.4x NM
LendingTree, Inc. 375.74 -6% 4,839.2 5,226.9 846.2 108.5 12.8% 27.0% 6.2x 48.2x
QuinStreet, Inc. 15.33 -23% 768.8 701.8 444.7 16.3 3.7% 18.8% 1.6x 43.1x
Quotient Technology Inc. 10.57 -34% 990.0 873.5 398.3 16.1 4.0% 18.4% 2.2x 54.2x
Redfin Corporation 15.76 -39% 1,434.0 1,215.9 517.2 (66.1) NM 32.6% 2.4x NM
Snap Inc. 11.89 -18% 15,933.4 15,100.0 1,270.2 (1,067.4) NM 40.2% 11.9x NM
Telaria, Inc. 7.50 -18% 342.2 339.0 59.2 (10.2) NM 25.2% 5.7x NM
The Rubicon Project, Inc. 5.50 -27% 284.7 218.1 132.2 (20.2) NM -1.6% 1.6x NM
The Trade Desk, Inc. * 198.81 -15% 8,812.2 8,673.9 512.6 113.5 22.1% 50.5% 16.9x 76.4x
TiVo Corporation 7.20 -52% 898.9 1,648.3 664.3 138.9 20.9% -18.0% 2.5x 11.9x
Travelzoo 17.01 -26% 201.8 198.6 111.3 11.1 10.0% 2.1% 1.8x 17.9x
TripAdvisor, Inc. 42.27 -39% 5,876.8 5,237.8 1,613.0 247.0 15.3% 3.3% 3.2x 21.2x
TrueCar, Inc. 6.52 -55% 686.5 555.0 358.1 (22.4) NM 9.0% 1.5x NM
Twitter, Inc. 36.44 -24% 27,939.7 24,966.0 3,164.4 806.7 25.5% 23.6% 7.9x 30.9x
Yelp Inc. 30.73 -41% 2,412.3 2,050.0 955.6 52.5 5.5% 9.1% 2.1x 39.1x
Yext, Inc. 18.36 NA 2,040.0 1,792.5 246.0 (70.8) NM 33.6% 7.3x NM
Zillow Group, Inc. 42.33 -35% 8,781.8 8,368.2 1,487.8 (31.2) NM 31.6% 5.6x NM
Average 7.8x 18.3x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (12.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (65.5x)
Last Twelve Months
Driven by your success.Page 31*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Internationally-based Digital Advertising
Stock Price Change % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cliq Digital AG Germany $2.68 -55% $ 16.5 $ 26.2 $ 66.6 $ 3.9 5.8% -17.5% 0.4x 6.8x
Criteo S.A. France 18.36 -50% 1,185.9 1,036.7 2,294.3 223.4 9.7% -2.1% 0.5x 4.6x
iClick Interactive Asia Group Limited Hong Kong 3.90 -53% 222.3 228.4 164.0 (25.2) NM 21.8% 1.4x NM
MakeMyTrip Limited India 23.50 -44% 2,419.1 2,108.1 486.0 (126.1) NM -28.0% 4.3x NM
Matomy Media Group Ltd. Israel 0.06 -90% 5.7 24.0 88.7 11.4 12.9% -54.4% 0.3x 2.1x
Metaps Inc. Japan 10.19 -68% 137.9 106.3 135.8 13.1 9.6% -17.1% 0.8x 8.1x
Pacific Online Limited China 0.19 -24% 208.1 141.8 148.7 27.5 18.5% 6.1% 1.0x 5.2x
Perion Network Ltd. Israel 3.10 -23% 80.1 91.6 245.8 23.2 9.4% -9.9% 0.4x 4.0x
Rightmove plc * United Kingdom 7.30 -1% 6,474.2 6,465.5 341.3 257.5 75.4% 10.1% 18.9x 25.1x
Septeni Holdings Co., Ltd. * Japan 2.96 -24% 374.6 236.9 141.3 10.8 7.6% 1.9% 1.7x 22.0x
Taptica International Ltd. Israel 1.75 -65% 224.7 170.8 276.9 36.8 13.3% 31.3% 0.6x 4.6x
Tencent Holdings Limited * China 41.59 -24% 393,292.00 401,184.73 48,368.65 17,601.62 36.4% 24.0% 8.3x 22.8x
TradeDoubler AB (publ) Sweden 0.37 -37% 16.51 28.87 128.49 2.93 2.3% 5.9% 0.2x 9.9x
XLMedia PLC Cyprus 0.65 -71% 132.5 92.5 117.9 36.9 31.3% -14.4% 0.8x 2.5x
Yandex N.V. * Netherlands 35.92 -10% 11,697.6 11,264.3 2,111.9 530.8 25.1% 38.4% 5.3x 21.2x
Average 3.0x 9.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (19.4x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 32
• With 45 transactions, activity in the Agency & Marketing Services segment was up 22 percent from May of last year
• Digital Agency was the most active subsegment and accounted for 30 percent of segment activity with 14 deals announced
• Select transactions:
‒ The pending investment by New Mountain Capital in healthcare-focused communications company W2O, previously a portfolio company of
Mountaingate Capital (A CG Petsky Prunier-Led Transaction)
‒ Erie Street Capital and PSP Capital’s investment in independent digital marketing agency 3Q (A CG Petsky Prunier-Led Transaction)
‒ The sale of health communications agency KYNE to Huntsworth
‒ The acquisition of Netherlands-based media buying agency Pervorm by Deloitte
‒ KPMG’s purchase of Australia-based, UX-focused agency Love Agency
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Note: Deal values are not included in chart, as the majority of Agency & Marketing Services transactions were reported without a value
31 59 39 37 61 42 44 61 53 38 55 45 -
10
20
30
40
50
60
70
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
# o
f de
als
Number of
Transactions
Reported
Value ($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 136 $641.3 136 $244.0 500 $12,142.8 38 $42.4
Private Equity - Buyout 6 278.0 6 0.0 33 1,880.1 5 718.9
Private Equity - VC/Growth Capital 5 29.8 10 48.9 32 506.1 2 0.0
Total 147 $949.1 152 $292.9 565 $14,529.0 45 $761.3
AGENCY/MARKETING SERVICES
4Q18 1Q19 LTM May-19
Driven by your success.Page 33*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cello Health plc United Kingdom $1.69 -5% $ 177.7 $ 169.7 $ 211.0 $ 15.5 7.3% -2.8% 0.8x 10.9x
Dentsu Inc. Japan 32.66 -38% 9,207.2 12,731.3 9,268.0 1,499.3 16.2% NM 1.4x 8.5x
Enero Group Limited Australia 0.92 -12% 77.7 52.9 165.2 13.8 8.3% 41.7% 0.3x 3.8x
Hakuhodo DY Holdings Inc Japan 15.71 -17% 5,862.3 5,434.5 13,045.9 698.7 5.4% 8.3% 0.4x 7.8x
Huntsworth plc United Kingdom 1.26 -30% 462.4 577.9 286.7 47.9 16.7% 14.2% 2.0x 12.1x
M&C Saatchi plc * United Kingdom 4.48 -12% 398.2 410.5 538.4 29.5 5.5% 68.0% 0.8x 13.9x
MDC Partners Inc. United States 2.80 -53% 201.3 1,627.1 1,478.0 175.8 11.9% -1.2% 1.1x 9.3x
Next Fifteen Communications Group plc United Kingdom 7.27 -8% 618.4 629.4 357.9 52.2 14.6% 16.5% 1.8x 12.1x
Omnicom Group Inc. United States 77.36 -8% 17,032.2 21,528.2 15,129.5 2,341.4 15.5% -1.2% 1.4x 9.2x
OPT Holding, Inc. * Japan 12.72 -61% 291.2 244.6 776.1 17.8 2.3% 1.8% 0.3x 13.8x
Publicis Groupe S.A. France 54.51 -20% 12,604.7 14,583.3 10,269.1 1,989.9 19.4% -3.9% 1.4x 7.3x
The Interpublic Group of Companies, Inc. United States 21.22 -15% 8,213.0 13,206.4 8,262.4 1,308.2 15.8% 9.1% 1.6x 10.1x
UDG Healthcare plc * Ireland 8.98 -21% 2,235.5 2,302.3 1,296.5 167.2 12.9% -1.5% 1.8x 13.8x
WPP plc United Kingdom 11.88 -29% 14,987.1 20,591.1 19,885.5 2,346.0 11.8% -1.3% 1.0x 8.8x
1.3x 8.7xAdjust ed Weight ed Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.0x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 34*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Aimia Inc. Canada 2.59 -24% 304.1 49.5 117.3 (84.7) NM #VALUE! 0.4x NM
Alliance Data Systems Corporation United States 137.50 -45% 7,202.7 27,787.9 7,743.7 1,836.0 23.7% 7.2% 3.6x 15.1x
Fluent, Inc. United States 4.88 -35% 373.5 420.9 260.9 32.5 12.5% 19.4% 1.6x 12.9x
CSG Systems International, Inc. United States 44.85 -10% 1,431.5 1,734.3 918.1 152.8 16.6% 14.9% 1.9x 11.4x
Deluxe Corporation United States 37.20 -47% 1,623.3 2,556.9 2,005.2 449.0 22.4% 1.8% 1.3x 5.7x
Fair Isaac Corporation * United States 295.90 -2% 8,578.1 9,323.6 1,084.3 249.6 23.0% 11.5% 8.6x 37.4x
Harte Hanks, Inc. United States 2.92 -76% 18.3 50.2 262.6 (16.2) NM -29.1% 0.2x NM
High Co. SA France 5.68 -15% 119.0 64.1 199.0 20.3 10.2% 16.5% 0.3x 3.2x
Pitney Bowes Inc. United States 3.65 -62% 659.6 3,181.2 3,494.2 513.8 14.7% 6.6% 0.9x 6.2x
Points International Ltd. Canada 11.96 -34% 163.8 100.6 383.1 12.7 3.3% 8.0% 0.3x 7.9x
Viad Corp United States 62.84 -1% 1,274.6 1,562.8 1,304.4 132.2 10.1% 3.6% 1.2x 11.8x
2.5x 12.5xAdjust ed Weight ed Average
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.7x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.5x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 35
• Of the 34 transactions recorded in the Traditional Media segment in May, 11 announced $4.7 billion in reported value
• Entertainment Media was the most active subsegment, with 12 transactions
• Select transactions from the segment included:
‒ NASCAR’s $2 billion acquisition of motorsports event promoter International Speedway
‒ UK-based B2B media company Tarsus Group’s sale to Charterhouse Capital for $735.3 million
‒ The acquisition of sports betting and gaming company Superbet by Blackstone Group for $196.3 million
‒ Meredith’s sale of sports and entertainment magazine Sports Illustrated to Authentic Brands Group for $110 million
‒ Discovery’s purchase of golf media company Golf Digest from Conde Nast
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 59 $2,108.4 77 $8,792.7 267 $25,423.3 26 $3,913.7
Private Equity - Buyout 6 1,060.0 6 0.0 24 2,665.8 3 740.8
Private Equity - VC/Growth Capital 10 847.4 8 252.6 44 1,733.3 5 126.0
Total 75 $4,015.8 91 $9,045.3 335 $29,822.4 34 $4,780.5
TRADITIONAL MEDIA
4Q18 1Q19 LTM May-19
$5.7
$3.5
$1.1 $0.7
$2.0 $1.5
$0.6 $1.0
$0.5
$7.5
$1.2
$4.7
28 27 32 19 33 2616 32
33
27
32
34
-45
5
55
105
155
205
255
305
355
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Driven by your success.Page 36*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
CBS Corporation United States $48.28 -19% $ 18,100.3 $ 27,993.3 $ 14,920.0 $ 3,125.0 20.9% 5.7% 1.9x 9.0x
Discovery, Inc. United States 27.26 -22% 18,852.5 37,081.5 10,953.0 5,081.0 46.4% 44.7% 3.4x 7.3x
Fox Corporation United States 34.71 -16% 21,861.1 25,940.1 11,270.0 2,601.0 23.1% 0.0% 2.3x 10.0x
Viacom Inc. United States 29.03 -16% 11,957.8 20,732.8 12,770.0 3,031.0 23.7% -1.0% 1.6x 6.8x
The Walt Disney Company * United States 132.04 -7% 237,632.2 299,989.2 59,760.0 17,075.0 28.6% 5.0% 5.0x 17.6x
Adjust ed Weight ed Average 4.4x 8.5x
($ in Millions, except stock price data)
B-to-B Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Ascential plc United Kingdom $4.84 -18% $ 1,947.7 $ 2,086.2 $ 444.2 $ 112.5 25.3% 19.0% 4.7x 18.5x
Centaur Media Plc United Kingdom $0.70 -6% 101.0 100.9 89.9 6.5 7.2% 9.0% 1.1x 15.5x
Emerald Expositions Events, Inc. United States $11.70 -46% 840.7 1,404.1 375.9 139.9 37.2% 8.0% 3.7x 10.0x
Euromoney Institutional Investor PLC United Kingdom $16.35 -11% 1,759.6 1,722.6 502.8 253.8 50.5% -1.9% 3.4x 6.8x
Informa plc United Kingdom 9.80 -11% 12,261.3 15,891.3 3,020.0 939.4 31.1% 34.9% 5.3x 16.9x
MCH Group AG Switzerland 17.32 -67% 104.0 253.4 524.6 42.8 8.2% 6.2% 0.5x 5.9x
ITE Group plc United Kingdom 0.99 -47% 743.7 910.8 271.0 49.6 18.3% 31.4% 3.4x 18.4x
Tarsus Group plc Ireland 5.46 0% 669.5 780.1 127.1 41.9 32.9% -15.2% 6.1x 18.6x
TechTarget, Inc. * United States 18.90 -45% 521.6 538.7 124.0 23.0 18.5% 10.4% 4.3x 23.4x
Adjust ed Weight ed Average 4.8x 15.9x
($ in Millions, except stock price data)
Radio Broadcasting
Stock Price Chg % From Equity Enterprise Last Twelve Months Multiples
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Beasley Broadcast Group, Inc. United States $3.17 -74% $ 88.3 $ 355.1 $ 260.0 $ 44.4 17.1% 11.3% 1.4x 8.0x
Emmis Communications Corporation United States 3.60 -37% 47.2 150.8 114.1 12.8 11.2% -23.1% 1.3x 11.8x
Entercom Communications Corp. United States 5.79 -33% 825.7 2,762.9 1,471.0 303.8 20.7% 85.2% 1.9x 9.1x
Salem Media Group, Inc. United States 2.03 -68% 53.2 368.4 259.5 37.3 14.4% -1.2% 1.4x 9.9x
Sirius XM Holdings Inc. * United States 5.31 -31% 24,464.7 32,030.7 6,139.7 2,133.0 34.7% 11.5% 5.2x 15.0x
Townsquare Media, Inc. United States 5.50 -44% 104.3 648.4 436.3 95.7 21.9% 5.3% 1.5x 6.8x
Urban One, Inc. United States 1.80 -25% 81.8 1,030.5 437.9 131.8 30.1% -0.1% 2.4x 7.8x
Adjust ed Weight ed Average 1.8x 8.9x
Large Cap Diversified Media
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (14.5x)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (20.9x)
Last Twelve Months
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (12.6x)
Last Twelve Months
Driven by your success.Page 37*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Broadcast, Cable, and Satellite Television
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Altice Europe N.V. Netherlands $3.07 -24% $ 3,654.1 $ 46,493.7 $ 15,900.3 $ 4,054.8 25.5% -5.7% 2.9x 11.5x
AMC Networks Inc. United States $52.77 -24% 2,997.9 6,010.1 3,015.3 942.0 31.2% 6.7% 2.0x 6.4x
CVC Limited * Australia 1.87 -7% 223.4 225.2 43.3 10.1 23.3% -3.4% 5.2x 22.3x
CBS Corporation United States 48.28 -19% 18,100.3 27,993.3 14,920.0 3,125.0 20.9% 5.7% 1.9x 9.0x
Charter Communications, Inc. United States 376.80 -3% 84,180.2 166,021.2 44,183.0 16,104.0 36.4% 5.0% 3.8x 10.3x
Comcast Corporation United States 41.00 -7% 186,090.4 298,611.4 98,575.0 31,282.0 31.7% 13.0% 3.0x 9.5x
Discovery, Inc. United States 27.26 -22% 18,852.5 37,081.5 10,953.0 5,081.0 46.4% 44.7% 3.4x 7.3x
DISH Network Corporation United States 36.11 -4% 16,941.6 30,899.9 13,350.0 2,756.6 20.6% -5.8% 2.3x 11.2x
Entravision Communications Corporation United States 2.94 -48% 276.8 395.8 295.7 54.3 18.4% -45.8% 1.3x 7.3x
Gray Television, Inc. United States 17.23 -32% 1,721.7 6,116.7 1,376.1 528.8 38.4% 52.0% 4.4x 11.6x
Grupo Televisa, S.A.B. Mexico 1.86 -55% 5,386.4 11,728.7 5,255.7 1,939.8 36.9% 7.1% 2.2x 6.0x
Liberty Global Plc United Kingdom 24.60 -19% 17,960.1 48,039.2 11,762.4 4,847.5 41.2% 0.8% 4.1x 9.9x
Nexstar Media Group, Inc. United States 100.15 -16% 4,616.1 8,503.0 2,778.0 1,057.6 38.1% 10.8% 3.1x 8.0x
Sinclair Broadcast Group, Inc. United States 53.68 -19% 4,903.9 7,988.2 3,111.8 920.7 29.6% 16.3% 2.6x 8.7x
TEGNA Inc. United States 15.14 -9% 3,275.5 6,254.0 2,221.9 782.8 35.2% 14.2% 2.8x 8.0x
The E.W. Scripps Company United States 15.22 -35% 1,229.6 1,951.0 1,246.4 212.1 17.0% 33.6% 1.6x 9.2x
Adjust ed Weight ed Average 3.1x 9.6x
($ in Millions, except stock price data)
Entertainment Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Cineplex Inc. Canada $17.28 -38% $ 1,094.1 $ 2,579.6 $ 1,188.8 $ 180.9 15.2% 2.4% 2.2x 14.3x
Eros International Plc United States 7.73 -48% 559.3 907.2 272.3 54.7 20.1% 12.5% 3.3x 16.6x
Lions Gate Entertainment Corp. United States 14.77 -47% 3,058.4 6,052.4 3,680.5 394.3 10.7% -10.9% 1.6x 15.3x
Live Nation Entertainment, Inc. United States 60.82 -9% 12,871.3 14,722.0 11,033.2 684.9 6.2% 11.1% 1.3x 21.5x
Fox Corporation United States 34.71 -16% 21,861.1 25,940.1 11,270.0 2,601.0 23.1% 0.0% 2.3x 10.0x
Liberty Global Plc United Kingdom 24.60 -19% 17,960.1 48,039.2 11,762.4 4,847.5 41.2% 0.8% 4.1x 9.9x
Village Roadshow Limited Australia 2.36 -13% 457.7 686.1 684.6 50.8 7.4% -0.8% 1.0x 13.5x
World Wrestling Entertainment, Inc. * United States 72.74 -28% 5,677.0 5,588.9 924.9 122.5 13.2% 15.6% 6.0x 45.6x
Adjust ed Weight ed Average 2.9x 12.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.0x)and EBITDA multiples that are 1.0 standard deviations above the mean (13.5x)
Last Twelve Months Multiples Last Twelve Months
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (31.4x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 38*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Out-of-Home Media
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
APG|SGA SA Switzerland $260.29 -34% $ 780.3 $ 720.5 $ 308.7 $ 72.2 23.4% 0.5% 2.3x 10.0x
Clear Channel Outdoor Holdings, Inc. United States 5.08 -20% 1,839.3 9,152.5 2,710.4 592.1 21.8% 2.6% 3.4x 15.5x
Clear Media Limited Hong Kong 0.72 -25% 389.7 342.4 262.2 103.8 39.6% 5.7% 1.3x 3.3x
JCDecaux SA France 27.87 -22% 5,930.6 7,349.9 3,642.5 589.2 16.2% 4.0% 2.0x 12.5x
Lamar Advertising Company (REIT) United States 78.21 -6% 7,820.1 12,017.8 1,650.7 709.3 43.0% 6.1% 7.3x 16.9x
National CineMedia, Inc. United States 6.55 -40% 506.4 1,664.2 438.1 192.2 43.9% 0.9% 3.8x 8.7x
NTN Buzztime, Inc. United States 3.50 -40% 10.0 14.4 22.4 3.1 13.7% 2.8% 0.6x 4.7x
Outfront Media Inc. United States 24.65 -5% 3,491.3 7,143.4 1,640.0 422.2 25.7% 7.3% 4.4x 16.9x
Stingray Group Inc. Canada 4.45 -37% 339.6 605.1 125.2 36.0 28.8% 39.5% 4.8x 16.8x
TOM Group Limited * Hong Kong 0.20 -36% 777.1 1,144.5 120.6 14.4 12.0% -1.7% 9.5x 79.2x
Adjust ed Weight ed Average 4.6x 14.8x
($ in Millions, except stock price data)
Publishing
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
A.H. Belo Corporation United States $3.85 -21% $ 82.8 $ 56.4 $ 199.4 $ 6.5 3.2% -15.9% 0.3x 8.7x
Daily Mail and General Trust plc United Kingdom 9.40 -5% 2,141.5 1,922.7 1,829.0 209.5 11.5% -7.3% 1.1x 9.2x
Emmis Communications Corporation United States 3.60 -37% 47.2 150.8 114.1 12.8 11.2% -23.1% 1.3x 11.8x
Gannett Co., Inc. United States 7.86 -34% 900.1 1,416.5 2,857.3 303.1 10.6% -7.7% 0.5x 4.7x
Glacier Media Inc. * Canada 0.48 -28% 52.9 107.6 140.5 4.1 2.9% -0.6% 0.8x 26.3x
John Wiley & Sons, Inc. United States 41.78 -42% 2,379.0 2,878.0 1,786.1 305.9 17.1% 0.9% 1.6x 9.4x
Meredith Corporation United States 51.77 -17% 2,382.9 5,325.5 3,167.0 682.2 21.5% 66.1% 1.7x 7.8x
News Corporation United States 11.39 -30% 6,719.3 7,768.3 10,301.0 1,126.0 10.9% 2.4% 0.8x 6.9x
Pearson plc United Kingdom 9.93 -25% 7,727.9 8,005.5 5,262.5 694.6 13.2% -8.5% 1.5x 11.5x
Scholastic Corporation United States 33.09 -31% 1,165.2 838.1 1,679.4 114.9 6.8% 2.9% 0.5x 7.3x
The E.W. Scripps Company United States 15.22 -35% 1,229.6 1,951.0 1,246.4 212.1 17.0% 33.6% 1.6x 9.2x
The McClatchy Company United States 2.33 -78% 18.5 818.0 788.7 65.2 8.3% -10.5% 1.0x 12.6x
The New York Times Company * United States 31.82 -9% 5,282.2 4,956.3 1,747.7 228.4 13.1% 4.5% 2.8x 21.7x
Adjust ed Weight ed Average 1.2x 8.9x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (8.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (32.1x)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.6x)and EBITDA multiples that are 1.0 standard deviations above the mean (17.4x)
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 39
• A total of 286 transactions were announced in the Software segment, of which 160 were valued at $14.7 billion
• VC/Growth Capital investor transactions represented 62 percent of segment activity and 41 percent of reported segment value
• Select transactions:
‒ Nuvei’s $889 million acquisition of UK-based payments company SafeCharge International
‒ Smart home company Control4’s sale to Hellman & Friedman-backed SnapAV for $668.4 million
‒ The $577 million acquisition of third-party access and remote support software developer SecureLink by Orange
‒ Warburg Pincus’s $500 million sale of operations management software Dude Solutions to Clearlake Capital
‒ Palo Alto Networks’ acquisitions of security solutions Twistlock for $410 million and PureSec for $47 million
‒ Global trade management software Amber Road’s sale to Vista Equity Partners-back E2Open for $427 million
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 291 $18,262.9 287 $13,443.4 1,156 $63,434.9 112 $4,667.6
Private Equity - Buyout 26 16,391.1 22 4,509.1 101 30,120.7 8 4,080.0
Private Equity - VC/Growth Capital 489 13,419.1 483 15,735.3 1,965 54,090.4 166 5,986.3
Total 806 $48,073.1 792 $33,687.8 3,222 $147,646.0 286 $14,733.9
SOFTWARE
4Q18 1Q19 LTM May-19
$11.6 $12.8
$10.0 $9.8
$16.2
$17.9
$13.9 $13.1
$10.0 $10.6
$7.4
$14.7
277 261 254 262 350 265 191 282 247 263 278 286
-45
5
55
105
155
205
255
305
355
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Driven by your success.Page 40*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alfa Financial Software Holdings PLC United Kingdom $1.60 -45% $ 479.2 $ 422.6 $ 90.5 $ 29.3 32.4% -19.1% 4.7x 14.4x
Anaplan, Inc. United States 43.51 -3% 5,500.8 5,207.8 264.9 (125.2) NM 46.4% 19.7x NM
Avalara, Inc. United States 67.64 -10% 4,731.4 4,584.5 295.7 (47.9) NM 31.1% 15.5x NM
BlackLine, Inc. United States 51.41 -12% 2,829.9 2,716.4 240.6 (12.4) NM 27.5% 11.3x NM
Coupa Software Incorporated * United States 109.21 -6% 6,697.8 6,551.0 260.4 (38.2) NM 39.4% 25.2x NM
Donnelley Financial Solutions, Inc. United States 12.33 -42% 421.7 919.2 937.4 95.5 10.2% -5.6% 1.0x 9.6x
Ebix, Inc. United States 46.93 -47% 1,432.7 2,166.1 532.5 169.0 31.7% 35.5% 4.1x 12.8x
First Data Corporation United States 25.42 -6% 23,989.5 43,693.5 8,719.0 3,151.0 36.1% 4.7% 5.0x 13.9x
GreenSky, Inc. United States 11.08 -59% 671.8 716.7 433.0 145.7 33.6% 25.2% 1.7x 4.9x
Guidewire Software, Inc. * United States 100.52 -8% 8,183.8 7,420.7 738.1 64.6 8.8% 28.0% 10.1x 114.9x
i3 Verticals, Inc. United States 25.57 -8% 235.0 382.5 338.9 27.0 8.0% 0.0% 1.1x 14.2x
Intuit Inc. United States 244.85 -10% 63,475.7 60,577.7 6,593.0 1,952.0 29.6% 9.8% 9.2x 31.0x
Model N, Inc. United States 18.02 -11% 585.3 580.2 146.3 (14.8) NM -1.3% 4.0x NM
Performant Financial Corporation United States 1.61 -44% 85.6 135.7 133.5 (14.9) NM -14.4% 1.0x NM
Q2 Holdings, Inc. United States 73.24 -4% 3,236.6 3,292.0 257.6 (24.4) NM 26.1% 12.8x NM
RealPage, Inc. United States 58.32 -12% 5,381.6 5,845.2 902.5 146.6 16.2% 25.5% 6.5x 39.9x
SS&C Technologies Holdings, Inc. United States 55.65 -18% 14,079.1 22,445.6 4,136.4 1,353.4 32.7% 144.8% 5.4x 16.6x
StoneCo Ltd. * Brazil 25.20 -45% 6,990.4 7,029.4 215.7 5.8 2.7% 117.2% 32.6x NM
Tradeweb Markets Inc. United States 45.09 -3% 6,444.9 4,572.3 701.7 159.5 22.7% 0.0% 6.5x 28.7x
Tyler Technologies, Inc. United States 213.35 -15% 8,180.2 8,213.5 961.2 190.1 19.8% 11.5% 8.5x 43.2x
Zuora, Inc. United States 13.99 -63% 1,549.5 1,383.7 246.9 (71.8) NM 31.8% 5.6x NM
Adjust ed Weight ed Average 7.8x 26.7x
($ in Millions, except stock price data)
Healthcare Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Allscripts Healthcare Solutions, Inc. United States $9.73 -35% $ 1,619.4 $ 2,388.5 $ 1,748.3 $ 79.1 4.5% 15.2% 1.4x 30.2x
Cegedim SA France 28.87 -28% 400.2 521.8 535.5 52.4 9.8% 2.2% 1.0x 10.0x
Cerner Corporation United States 69.97 -1% 22,769.7 22,447.2 5,463.3 1,219.7 22.3% 5.6% 4.1x 18.4x
Computer Programs and Systems, Inc. United States 25.81 -26% 354.9 480.4 278.7 32.3 11.6% -1.8% 1.7x 14.9x
Craneware plc United Kingdom 38.55 -16% 1,014.9 976.7 71.8 20.8 29.0% 15.5% 13.6x 46.9x
HealthEquity, Inc. United States 65.36 -36% 4,099.3 3,737.8 287.2 95.9 33.4% 25.1% 13.0x 39.0x
McKesson Corporation United States 122.14 -19% 23,201.9 29,452.9 214,319.0 4,229.0 2.0% 2.9% 0.1x 7.0x
Medidata Solutions, Inc. * United States 91.15 -8% 5,466.8 5,463.6 660.0 80.6 12.2% 16.7% 8.3x 67.8x
NantHealth, Inc. United States 0.54 -85% 59.3 262.8 90.9 (37.2) NM 1.2% 2.9x NM
NextGen Healthcare, Inc. United States 19.25 -19% 1,247.7 1,227.4 529.2 41.2 7.8% -0.3% 2.3x 29.8x
Streamline Health Solutions, Inc. United States 1.38 -16% 27.4 37.7 22.4 0.8 3.6% -8.1% 1.7x 47.1x
Veeva Systems Inc. * United States 154.29 -2% 22,681.9 21,371.6 911.4 266.0 29.2% 26.3% 23.4x 80.3x
Adjusted Weighted Average 3.6x 16.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (23.0x)and EBITDA multiples that are 1.0 standard deviations
Financial & Credit/Risk Management Software
Last Twelve Months Last Twelve Months Multiples
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.4x)and EBITDA multiples that are 1.0 standard deviations
Driven by your success.Page 41*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
HR Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
51job, Inc. China $70.35 -39% $ 4,395.6 $ 3,357.7 $ 572.2 $ 193.9 33.9% 25.9% 5.9x 17.3x
Benefitfocus, Inc. United States 28.36 -53% 922.6 1,053.7 264.7 (24.9) NM 9.6% 4.0x NM
Castlight Health, Inc. ## United States 3.27 -45% 470.8 428.4 155.4 (29.7) NM 10.4% 2.8x NM
Ceridian HCM Holding Inc. United States 49.18 -8% 6,926.8 7,436.0 761.3 116.1 15.3% 10.0% 9.8x 64.0x
Cornerstone OnDemand, Inc. * United States 53.23 -12% 3,175.3 3,161.6 544.9 16.1 2.9% 8.2% 5.8x 197.0x
DHI Group, Inc. United States 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x
Domo, Inc. United States 33.50 -29% 914.9 835.2 142.5 (139.2) NM 31.3% 5.9x NM
Paycom Software, Inc. * United States 212.10 -2% 12,198.0 12,165.6 612.4 205.6 33.6% 31.0% 19.9x 59.2x
Paylocity Holding Corporation United States 100.22 -3% 5,309.0 5,170.0 443.9 60.0 13.5% 24.3% 11.6x 86.2x
Pluralsight, Inc. United States 31.86 -17% 3,035.6 2,885.6 252.0 (117.9) NM 40.6% 11.5x NM
Workday, Inc. United States 204.12 -6% 46,211.2 45,848.3 3,028.6 (269.8) NM 32.7% 15.1x NM
Adjust ed Weight ed Average 12.8x 58.6x
($ in Millions, except stock price data)
Security Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Absolute Software Corporation Canada $6.21 -10% $ 256.2 $ 221.1 $ 97.7 $ 12.0 12.3% 5.4% 2.3x 18.4x
Carbon Black, Inc. United States 15.05 -57% 1,076.3 941.7 219.8 (69.7) NM 26.9% 4.3x NM
Check Point Software Technologies Ltd. Israel 110.28 -17% 16,789.0 15,030.4 1,936.0 924.1 47.7% 3.4% 7.8x 16.3x
Cisco Systems, Inc. United States 52.03 -10% 222,726.5 211,792.5 51,320.0 15,474.0 30.2% 5.6% 4.1x 13.7x
Cheetah Mobile Inc. China 4.29 -66% 585.7 162.8 724.3 81.4 11.2% 0.1% 0.2x 2.0x
CyberArk Software Ltd. Israel 132.05 -5% 4,966.3 4,499.9 367.4 67.8 18.5% 33.9% 12.2x 66.4x
FireEye, Inc. United States 14.59 -29% 3,065.9 3,000.0 842.4 (105.2) NM 6.1% 3.6x NM
Forescout Technologies, Inc. United States 32.12 -31% 1,452.8 1,367.9 313.5 (68.5) NM 29.6% 4.4x NM
Fortinet, Inc. United States 72.48 -25% 12,376.7 10,614.3 1,874.8 307.4 16.4% 20.7% 5.7x 34.5x
Juniper Networks, Inc. United States 24.61 -20% 8,473.8 7,082.6 4,566.6 791.9 17.3% -6.6% 1.6x 8.9x
Mimecast Limited * United Kingdom 45.40 -17% 2,785.1 2,750.0 340.4 30.7 9.0% 30.0% 8.1x 89.7x
Palo Alto Networks, Inc. * United States 200.14 -23% 19,208.4 17,733.1 2,751.8 145.5 5.3% 29.5% 6.4x 121.9x
Proofpoint, Inc. United States 112.36 -15% 6,255.6 6,057.5 757.5 (30.9) NM 33.7% 8.0x NM
Qualys, Inc. United States 88.61 NA 3,469.8 3,213.3 289.4 85.8 29.7% 19.3% 11.1x 37.5x
Rapid7, Inc. United States 52.25 NA 2,518.3 2,465.6 262.8 (33.3) NM 25.0% 9.4x NM
SecureWorks Corp. United States 14.61 NA 1,191.0 1,061.4 518.7 (7.5) NM 10.9% 2.0x NM
Symantec Corporation United States 18.73 -24% 11,578.8 13,987.8 4,731.0 1,000.0 21.1% -2.1% 3.0x 14.0x
Tenable Holdings, Inc. United States 27.85 -29% 2,686.8 2,399.2 288.6 (74.1) NM 39.8% 8.3x NM
Trend Micro Incorporated Japan 44.85 -36% 6,238.5 4,794.6 1,461.0 465.2 31.8% 6.8% 3.3x 10.3x
Tufin Software Technologies Ltd. Israel 22.50 -10% 729.8 741.5 85.0 (1.0) NM 31.7% 8.7x NM
VeriSign, Inc. United States 194.98 -4% 23,238.4 23,779.2 1,222.1 830.1 67.9% 3.9% 19.5x 28.6x
Varonis Systems, Inc. United States 62.54 -25% 1,892.3 1,784.8 273.1 (30.9) NM 19.1% 6.5x NM
Zscaler, Inc. * United States 68.63 -15% 8,520.2 8,167.5 272.9 (14.8) NM 60.0% 29.9x NM
Adjust ed Weight ed Average 5.7x 16.7x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (19.8x)and EBITDA multiples that are 1.0 standard deviations
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (20.4x)and EBITDA multiples that are 1.0 standard deviations
Last Twelve Months
Last Twelve Months Multiples
Last Twelve Months Multiples
Last Twelve Months
Driven by your success.Page 42*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Engineering Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Altair Engineering Inc. * United States $38.11 -13% $ 2,709.7 $ 2,717.2 $ 411.0 $ 34.6 8.4% 11.2% 6.6x 78.6x
ANSYS, Inc. United States 179.50 -9% 15,065.2 14,560.1 1,327.9 542.5 40.9% 18.1% 11.0x 26.8x
Dassault Systèmes SE France 148.09 -7% 38,365.7 36,320.2 4,060.2 1,123.0 27.7% 11.7% 8.9x 32.3x
PTC Inc. * United States 84.06 -22% 9,670.4 10,089.4 1,252.4 142.4 11.4% 3.3% 8.1x 70.9x
Synopsys, Inc. United States 116.44 -6% 17,454.3 17,120.8 3,231.4 561.3 17.4% 10.0% 5.3x 30.5x
Trimble Inc. United States 39.90 -10% 10,039.8 11,842.4 3,167.8 611.6 19.3% 14.0% 3.7x 19.4x
Adjust ed Weight ed Average 7.9x 29.3x
($ in Millions, except stock price data)
Infrastructure Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. United States $270.90 -7% $ 132,185.9 $ 133,095.5 $ 9,552.0 $ 3,247.3 34.0% 24.1% 13.9x 41.0x
Atlassian Corporation Plc United Kingdom 125.88 -5% 30,344.9 29,418.2 1,115.1 6.3 0.6% 37.9% 26.4x NM
Appian Corporation United States 36.13 -17% 2,337.6 2,262.3 234.6 (51.3) NM 23.4% 9.6x NM
Alteryx, Inc. * United States 86.86 -12% 5,432.4 5,268.6 279.3 27.5 9.9% 82.1% 18.9x 191.4x
Bandwidth Inc. United States 72.57 -12% 1,669.1 1,470.8 204.4 (3.0) NM 15.9% 7.2x NM
Cloudera, Inc. United States 9.17 -55% 2,514.3 2,033.7 479.9 (153.5) NM 28.9% 4.2x NM
Commvault Systems, Inc. United States 46.05 -37% 2,103.5 1,645.2 711.0 42.9 6.0% 1.7% 2.3x 38.3x
Elastic N.V. United States 82.05 -18% 6,024.5 5,717.6 240.6 (81.7) NM 0.0% 23.8x NM
Endurance International Group Holdings, Inc. United States 4.45 -59% 649.5 2,483.9 1,134.6 299.3 26.4% -3.3% 2.2x 8.3x
Fastly, Inc. United States 20.80 -19% 1,886.3 2,095.0 157.6 (16.5) NM 0.0% 13.3x NM
First Data Corporation United States 25.42 -6% 23,989.5 43,693.5 8,719.0 3,151.0 36.1% 4.7% 5.0x 13.9x
IBM Corporation United States 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x
MongoDB, Inc. United States 140.34 -9% 7,761.5 7,512.4 267.0 (93.1) NM 60.8% 28.1x NM
Nutanix, Inc. United States 28.07 -57% 5,111.5 4,622.2 1,240.0 (436.6) NM 12.3% 3.7x NM
Okta, Inc. United States 113.22 -6% 12,917.3 12,791.5 440.9 (139.2) NM 53.2% 29.0x NM
PagerDuty, Inc. * United States 51.40 -13% 3,783.6 3,828.8 117.8 (40.6) NM 48.0% 32.5x NM
Rapid7, Inc. United States 52.25 -8% 2,518.3 2,465.6 262.8 (33.3) NM 25.0% 9.4x NM
Pivotal Software, Inc. United States 19.90 -36% 5,405.0 4,703.9 657.5 (127.2) NM 29.1% 7.2x NM
Red Hat, Inc. United States 184.30 -1% 32,760.4 30,885.3 3,362.1 655.2 19.5% 15.1% 9.2x 47.1x
SailPoint Technologies Holdings, Inc. United States 17.57 -49% 1,558.1 1,515.0 260.6 19.3 7.4% 30.6% 5.8x 78.3x
salesforce.com, inc. United States 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x
ServiceNow, Inc. United States 261.93 -7% 48,592.3 48,022.9 2,808.5 134.8 4.8% 35.1% 17.1x NM
Smartsheet Inc. United States 42.98 -12% 4,563.4 4,356.2 177.7 (47.4) NM 59.7% 24.5x NM
Splunk Inc. United States 113.99 -21% 17,116.9 16,274.2 1,916.2 (217.5) NM 41.3% 8.5x NM
Synchronoss Technologies, Inc. United States 6.38 -25% 257.9 510.0 330.2 (22.2) NM -17.4% 1.5x NM
Tableau Software, Inc. United States 112.47 -18% 9,692.6 8,906.9 1,191.6 (91.5) NM 29.1% 7.5x NM
Talend S.A. United States 46.64 -37% 1,416.6 1,419.2 215.3 (43.5) NM 32.5% 6.6x NM
Twilio Inc. United States 131.99 -9% 17,591.5 17,298.1 754.1 (128.2) NM 71.1% 22.9x NM
Varonis Systems, Inc. United States 62.54 -25% 1,892.3 1,784.8 273.1 (30.9) NM 19.1% 6.5x NM
Adjust ed Weight ed Average 11.3x 41.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (31.1x)and EBITDA multiples that are 1.0 standard deviations
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.2x)and EBITDA multiples that are 1.0 standard deviations
Last Twelve Months
Last Twelve Months
Last Twelve Months Multiples
Last Twelve Months Multiples
Driven by your success.Page 43*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
SaaS/Cloud Software
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Adobe Inc. United States $270.90 -7% $ 132,185.9 $ 133,095.5 $ 9,552.0 $ 3,247.3 34.0% 24.1% 13.9x 41.0x
Amber Road, Inc. United States 12.98 0% 369.1 388.7 86.2 (6.6) NM 7.0% 4.5x NM
Anaplan, Inc. United States 43.51 -3% 5,500.8 5,207.8 264.9 (125.2) NM 46.4% 19.7x NM
Asure Software, Inc. United States 6.43 -65% 99.1 211.7 96.4 10.1 10.5% 53.0% 2.2x 20.9x
AppFolio, Inc. * United States 96.40 -3% 3,278.2 3,316.2 204.8 21.8 10.6% 33.0% 16.2x 152.1x
Avalara, Inc. United States 67.64 -10% 4,731.4 4,584.5 295.7 (47.9) NM 31.1% 15.5x NM
Benefitfocus, Inc. United States 28.36 -53% 922.6 1,053.7 264.7 (24.9) NM 9.6% 4.0x NM
BlackLine, Inc. United States 51.41 -12% 2,829.9 2,716.4 240.6 (12.4) NM 27.5% 11.3x NM
Box, Inc. United States 18.49 -38% 2,708.7 2,604.1 608.4 (87.9) NM 20.2% 4.3x NM
Carbonite, Inc. United States 23.67 -46% 815.4 1,274.8 313.6 33.8 10.8% 27.3% 4.1x 37.7x
Ceridian HCM Holding Inc. United States 49.18 -8% 6,926.8 7,436.0 761.3 116.1 15.3% 10.0% 9.8x 64.0x
ChannelAdvisor Corporation United States 9.20 -41% 256.3 228.2 131.3 0.1 0.1% 4.5% 1.7x NM
Coupa Software Incorporated United States 109.21 -6% 6,697.8 6,551.0 260.4 (38.2) NM 39.4% 25.2x NM
DocuSign, Inc. United States 56.06 -18% 9,715.3 9,385.2 701.0 (391.0) NM 35.2% 13.4x NM
Dropbox, Inc. United States 22.56 -48% 9,276.2 9,054.0 1,461.0 128.3 8.8% 24.3% 6.2x 70.6x
Everbridge, Inc. United States 78.64 -8% 2,589.3 2,443.1 159.4 (36.6) NM 42.3% 15.3x NM
HubSpot, Inc. United States 173.28 -10% 7,295.6 6,837.9 550.2 (32.6) NM 34.9% 12.4x NM
Instructure, Inc. United States 41.58 -17% 1,521.1 1,479.4 219.6 (45.5) NM 25.9% 6.7x NM
LivePerson, Inc. United States 27.83 -10% 1,703.4 1,655.7 258.0 (11.6) NM 14.1% 6.4x NM
LogMeIn, Inc. United States 71.83 -37% 3,578.8 3,748.1 1,232.5 344.8 28.0% 14.0% 3.0x 10.9x
Paycom Software, Inc. United States 212.10 -2% 12,198.0 12,165.6 612.4 205.6 33.6% 31.0% 19.9x 59.2x
Paylocity Holding Corporation United States 100.22 -3% 5,309.0 5,170.0 443.9 60.0 13.5% 24.3% 11.6x 86.2x
Pluralsight, Inc. United States 31.86 -17% 3,035.6 2,885.6 252.0 (117.9) NM 40.6% 11.5x NM
Q2 Holdings, Inc. United States 73.24 -4% 3,236.6 3,292.0 257.6 (24.4) NM 26.1% 12.8x NM
RealPage, Inc. United States 58.32 -12% 5,381.6 5,845.2 902.5 146.6 16.2% 25.5% 6.5x 39.9x
RingCentral, Inc. United States 119.85 -4% 9,820.4 9,678.5 724.8 6.7 0.9% 33.8% 13.4x NM
salesforce.com, inc. United States 151.41 -10% 117,308.4 116,333.4 13,282.0 1,524.0 11.5% 26.0% 8.8x 76.3x
Shopify Inc. Canada 274.90 -4% 30,642.0 28,749.1 1,179.4 (84.9) NM 55.1% 24.4x NM
Smartsheet Inc. United States 42.98 -12% 4,563.4 4,356.2 177.7 (47.4) NM 59.7% 24.5x NM
SolarWinds Corporation United States 17.50 -18% 5,362.1 6,848.9 852.0 200.9 23.6% 12.9% 8.0x 34.1x
SPS Commerce, Inc. United States 101.93 -11% 1,826.0 1,661.8 256.1 43.2 16.9% 12.7% 6.5x 38.4x
Veeva Systems Inc. United States 154.29 -2% 22,681.9 21,371.6 911.4 266.0 29.2% 26.3% 23.4x 80.3x
Workday, Inc. United States 204.12 -6% 46,211.2 45,848.3 3,028.6 (269.8) NM 32.7% 15.1x NM
Workiva Inc. United States 55.64 -3% 2,512.7 2,440.0 254.4 (34.3) NM 17.8% 9.6x NM
Yext, Inc. United States 18.36 -32% 2,040.0 1,792.5 246.0 (70.8) NM 33.6% 7.3x NM
Zendesk, Inc. United States 84.25 -7% 9,230.8 9,365.2 650.4 (114.9) NM 39.6% 14.4x NM
Zuora, Inc. United States 13.99 -63% 1,549.5 1,383.7 246.9 (71.8) NM 31.8% 5.6x NM
Adjust ed Weight ed Average 13.6x 40.2x
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (31.1x)and EBITDA multiples that are 1.0 standard deviations
Driven by your success.Page 44
• The Information Segment had 23 transactions, 16 of which reported $3.1 billion in value
• The Healthcare Information subsegment accounted for more than one-third of segment activity throughout the month
• Select transactions from the segment included:
‒ Digital health information platform Vertical Health’s sale to Remedy Health
‒ Liquidnet’s purchase of research marketplace RSRCHXchange
‒ The $25 million round of funding algorithm marketplace Algorithmia raised from Norwest Venture Partners, Madrona, Gradient Ventures,
Work Bench, Osage University Partners, and Rakuten Ventures
‒ The acquisition of address finding and validation platform Crafty Clicks by Aquiline Capital’s ClearCourse
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
13 15 15 14 17 16 7 9 9 15 13 230
5
10
15
20
25
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Note: Deal values are not included in chart, as the majority of Information transactions were reported without a value
# o
f de
als
Number of
Transactions
Reported
Value ($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 20 $508.0 15 $98.1 76 $7,453.6 9 $3,015.3
Private Equity - Buyout 2 0.0 1 0.0 11 9,541.7 1 0.0
Private Equity - VC/Growth Capital 18 289.3 17 1,546.0 79 3,314.2 13 96.3
Total 40 $797.3 33 $1,644.1 166 $20,309.5 23 $3,111.6
INFORMATION
4Q18 1Q19 LTM May-19
Driven by your success.Page 45*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Financial & Credit/Risk Management Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Broadridge Financial Solutions, Inc. United States $124.87 -10% $ 14,502.3 $ 15,384.2 $ 4,471.4 $ 926.2 20.7% 2.7% 3.4x 16.6x
Computershare Limited Australia 11.56 -20% 6,277.9 7,704.3 2,301.1 619.3 26.9% 5.4% 3.3x 12.4x
CoreLogic, Inc. United States 39.19 -30% 3,162.1 4,958.7 1,761.2 373.9 21.2% -5.1% 2.8x 13.3x
CoStar Group, Inc. * United States 509.64 -4% 18,623.0 17,535.5 1,246.5 395.5 31.7% 23.1% 14.1x 44.3x
Envestnet, Inc. * United States 66.91 -8% 3,470.7 3,774.3 814.0 78.2 9.6% 12.4% 4.6x 48.3x
Equifax Inc. United States 120.90 -13% 14,607.6 17,405.3 3,392.5 684.2 20.2% -0.1% 5.1x 25.4x
Experian plc Ireland 30.12 0% 27,138.8 30,232.6 4,861.0 1,634.0 33.6% 4.3% 6.2x 18.5x
FactSet Research Systems Inc. United States 278.20 -2% 10,638.3 10,967.8 1,392.3 471.1 33.8% 6.8% 7.9x 23.3x
Fair Isaac Corporation * United States 295.90 -2% 8,578.1 9,323.6 1,084.3 249.6 23.0% 11.5% 8.6x 37.4x
Fidelity National Information Services, Inc. United States 120.30 -1% 38,932.7 48,023.7 8,414.0 2,408.0 28.6% -2.0% 5.7x 19.9x
IHS Markit Ltd. United Kingdom 57.39 -3% 22,941.6 28,422.4 4,123.5 1,375.3 33.4% 11.8% 6.9x 20.7x
Moody's Corporation United States 182.88 -8% 34,674.0 39,725.8 4,458.1 2,087.6 46.8% 2.4% 8.9x 19.0x
Morningstar, Inc. United States 140.04 -5% 5,973.5 5,770.7 1,035.3 272.3 26.3% 9.5% 5.6x 21.2x
MSCI Inc. * United States 220.01 -5% 18,630.2 20,754.5 1,454.0 756.8 52.1% 9.8% 14.3x 27.4x
S&P Global Inc. United States 213.88 -4% 52,631.9 57,326.9 6,262.0 3,064.0 48.9% 1.4% 9.2x 18.7x
SEI Investments Company United States 50.25 -25% 7,664.1 7,045.1 1,619.4 462.1 28.5% 3.0% 4.4x 15.2x
SS&C Technologies Holdings, Inc. United States 55.65 -18% 14,079.1 22,445.6 4,136.4 1,353.4 32.7% 144.8% 5.4x 16.6x
Thomson Reuters Corporation Canada 63.55 -3% 31,802.7 32,965.6 5,609.0 1,041.0 18.6% 4.9% 5.9x 31.7x
TransUnion United States 65.54 -18% 12,273.6 16,262.0 2,399.1 844.4 35.2% 19.0% 6.8x 19.3x
Verisk Analytics, Inc. United States 140.00 -3% 22,913.2 25,625.0 2,438.9 1,073.3 44.0% 9.7% 10.5x 23.9x
Workiva Inc. United States 55.64 -3% 2,512.7 2,440.0 254.4 (34.3) NM 17.8% 9.6x NM
Adjust ed Weight ed Average 7.0x 21.1x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (13.4x)and EBITDA multiples that are 1.0 standard deviations above the mean (33.5x)
Last Twelve Months Multiples Last Twelve Months
Driven by your success.Page 46*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Marketing Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Alliance Data Systems Corporation United States 137.50 -45% 7,202.7 27,787.9 7,743.7 1,836.0 23.7% 7.2% 3.6x 15.1x
comScore, Inc. United States 9.12 -64% 552.0 769.2 415.9 (49.2) NM 1.8% 1.8x NM
Ebiquity plc United Kingdom 0.64 -34% 48.4 84.3 88.4 6.1 6.9% 8.0% 1.0x 13.8x
InnerWorkings, Inc. * United States 3.39 -63% 174.3 328.8 1,114.3 10.4 0.9% -3.0% 0.3x 31.7x
INTAGE HOLDINGS Inc. Japan 9.29 -21% 382.5 314.0 487.2 51.2 10.5% 6.9% 0.6x 6.1x
Ipsos SA France 27.48 -19% 1,196.7 1,858.0 2,003.1 222.5 11.1% -1.7% 0.9x 8.3x
LiveRamp Holdings, Inc. United States 51.38 -19% 3,543.8 2,482.3 285.6 (154.5) NM 29.8% 8.7x NM
Nielsen Holdings plc United States 22.73 -29% 8,080.4 16,970.4 6,468.0 1,440.0 22.3% -2.8% 2.6x 11.8x
SVMK Inc. United States 17.20 -14% 2,237.8 2,377.5 264.5 (108.1) NM 17.9% 9.0x NM
System1 Group PLC United Kingdom 2.99 -22% 37.6 33.2 34.3 2.6 7.7% -11.6% 1.0x 12.6x
YouGov plc United Kingdom 6.65 -1% 699.4 668.0 166.6 29.3 17.6% 13.2% 4.0x 22.8x
Adjust ed Weight ed Average 4.3x 13.2x
($ in Millions, except stock price data)
Other Information
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Forrester Research, Inc. * United States 45.53 -12% 839.4 995.4 380.5 31.6 8.3% 12.5% 2.6x 31.5x
Gartner, Inc. United States 151.30 -7% 13,630.7 16,648.1 3,982.3 595.7 15.0% 9.1% 4.2x 27.9x
HealthStream, Inc. United States 25.00 -22% 809.7 696.5 241.9 32.2 13.3% 11.1% 2.9x 21.6x
IQVIA Holdings Inc. United States 135.85 -7% 26,795.1 37,930.1 10,533.0 1,821.0 17.3% 6.3% 3.6x 20.8x
Informa plc United Kingdom 9.80 -11% 12,261.3 15,891.3 3,020.0 939.4 31.1% 34.9% 5.3x 16.9x
National Research Corporation * United States 50.99 -4% 1,263.5 1,302.6 120.1 42.7 35.5% 1.6% 10.8x 30.5x
NIC Inc. United States 15.96 -12% 1,067.9 900.4 343.4 78.8 22.9% 1.0% 2.6x 11.4x
National Research Corporation * United States 50.99 -4% 1,263.5 1,302.6 120.1 42.7 35.5% 1.6% 10.8x 30.5x
Premier, Inc. United States 36.75 -22% 2,272.1 2,292.9 1,680.2 552.6 32.9% 3.1% 1.4x 4.1x
Proofpoint, Inc. United States 112.36 -15% 6,255.6 6,057.5 757.5 (30.9) NM 33.7% 8.0x NM
Reed Elsevier plc(1) United Kingdom 23.25 -1% 45,190.5 53,136.3 9,548.7 2,895.7 30.3% 2.1% 5.6x 18.4x
Wolters Kluwer N.V. Netherlands 69.71 -2% 18,901.6 21,162.2 4,877.5 1,336.2 27.4% -2.5% 4.3x 15.8x
Adjust ed Weight ed Average 4.9x 19.1x
(1) All financials are representative of the Reed Elsevier combined businesses, except per stock data, which represents Reed Elsevier (LSE:REL)
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.5x)and EBITDA multiples that are 1.0 standard deviations above the mean (29.6x)
Last Twelve Months Multiples
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (23.6x)
Last Twelve Months
Driven by your success.Page 47
• The Business & IT Services segment reported 124 transactions, 19 of which were valued at $2.5 billion
• IT Consulting transactions accounted for 40 percent of all transactions throughout the month with 49 deals announced
• Strategic buyers announced 91 deals throughout the month
• Select transaction from the segment include:
‒ Sitecore’s pending purchase of digital transformation firm Hedgehog (A CG Petsky Prunier-Led Transaction)
‒ The $500 million IT managed services and solutions company Kaseya raised from TPG and Insight Partners
‒ AMN Healthcare’s $200 million acquisition of healthcare staffing company Advanced Medical Personnel Services
‒ Canada-based OSS and analytics systems implementation company Sigma Systems’ sale to Hansen for $117 million
‒ The sale of Spain-based data science consulting company Kernel Analytics to BCG
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Number of
Transactions
Reported Value
($MM)
Strategic 193 $6,245.2 216 $4,934.3 870 $31,966.6 91 $683.6
Private Equity - Buyout 26 2,407.9 31 1,082.7 46 3,154.9 10 1,020.0
Private Equity - VC/Growth Capital 70 1,680.9 58 1,201.8 250 6,861.2 23 796.3
Total 289 $10,334.0 305 $7,218.8 1,166 $41,982.7 124 $2,499.9
BUSINESS SERVICES & IT SERVICES
4Q18 1Q19 LTM May-19
$4.9
$5.9
$3.2
$7.2
$3.4
$4.5
$2.5 $2.8
$0.5
$3.9 $3.7
$2.5
80 96 130 74 111 89 89 113 76 96 126 1240
20
40
60
80
100
120
140
$-
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Apr-19 May-19
Driven by your success.Page 48*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Consulting
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Accenture plc Ireland 178.07 -3% 113,578.8 109,526.5 40,839.6 6,676.2 16.3% 8.0% 2.7x 16.4x
CRA International, Inc. United States 37.44 -36% 301.1 429.6 424.0 39.2 9.2% 11.2% 1.0x 11.0x
FTI Consulting, Inc. United States 83.92 -3% 3,107.3 3,398.9 2,081.4 284.7 13.7% 12.0% 1.6x 11.9x
Information Services Group, Inc. United States 3.11 -43% 145.5 235.7 271.7 19.2 7.1% -0.1% 0.9x 12.3x
Navigant Consulting, Inc. United States 22.00 -20% 865.6 868.5 697.4 63.1 9.1% 8.5% 1.2x 13.8x
ICF International, Inc. United States 72.89 -11% 1,372.5 1,742.2 1,376.4 125.2 9.1% 11.4% 1.3x 13.9x
Huron Consulting Group Inc. United States 49.23 -14% 1,067.8 1,454.8 805.9 95.8 11.9% 9.3% 1.8x 15.2x
The Hackett Group, Inc. United States 16.09 -30% 478.5 483.7 260.9 40.2 15.4% 1.9% 1.9x 12.0x
Adjust ed Weight ed Average 1.5x 12.7x
($ in Millions, except stock price data)
HR Services
Stock Price Chg % From Equity Enterprise
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Automatic Data Processing, Inc. * United States 160.12 -3% 69,688.7 69,857.5 13,990.8 3,312.7 23.7% 7.0% 5.0x 21.1x
Barrett Business Services, Inc. United States 72.02 -27% 533.7 524.3 934.9 49.6 5.3% 0.1% 0.6x 10.6x
Capita plc United Kingdom 1.42 -36% 2,344.3 3,134.7 4,994.1 345.3 6.9% -7.5% 0.6x 9.1x
DHI Group, Inc. United States 3.44 -23% 189.3 219.1 155.6 22.0 14.1% -21.7% 1.4x 10.0x
Edenred SA * France 45.59 -4% 10,868.4 11,728.9 1,519.3 557.6 36.7% 5.9% 7.7x 21.0x
Insperity, Inc. United States 113.90 -14% 4,699.0 4,454.3 3,967.2 218.1 5.5% 15.6% 1.1x 20.4x
Marsh & McLennan Companies, Inc. United States 95.60 -2% 48,884.5 62,759.5 15,021.0 3,518.0 23.4% 3.4% 4.2x 17.8x
Paychex, Inc. United States 85.79 -2% 30,832.3 30,953.9 3,641.0 1,520.1 41.7% 9.3% 8.5x 20.4x
TriNet Group, Inc. United States 63.38 -3% 4,436.1 4,606.1 3,576.0 292.0 8.2% 7.5% 1.3x 15.8x
WageWorks, Inc. United States 49.97 -12% 1,992.3 1,116.4 472.2 87.6 18.6% -0.8% 2.4x 12.7x
Adjust ed Weight ed Average 5.3x 18.3x
Last Twelve Months
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)and EBITDA multiples that are 1.0
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (9.2x)and EBITDA multiples that are 1.0
Last Twelve Months Multiples
Last Twelve Months Multiples Last Twelve Months
Driven by your success.Page 49*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
IT Consulting
Stock Price Chg % From Equity Enterprise Value
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
Accenture plc Ireland 178.07 -3% 113,578.8 109,526.5 40,839.6 6,676.2 16.3% 8.0% 2.7x 16.4x
Amdocs Limited United States 59.42 -15% 8,148.3 7,741.0 4,036.5 752.8 18.7% 3.1% 1.9x 10.3x
Bechtle AG Germany 112.14 -9% 4,709.8 4,933.0 5,171.6 268.5 5.2% 23.8% 1.0x 18.4x
Booz Allen Hamilton Holding Corporation United States 63.17 -1% 8,845.7 10,405.0 6,704.0 663.7 9.9% 8.7% 1.6x 15.7x
Business & Decision SA France 8.36 -9% 65.9 98.2 104.3 5.1 NA 6.3% 0.9x 19.2x
Capgemini SE France 111.58 -16% 18,432.4 19,937.3 15,109.9 1,930.4 12.8% 5.4% 1.3x 10.3x
Cerner Corporation United States 69.97 -1% 22,769.7 22,447.2 5,463.3 1,219.7 22.3% 5.6% 4.1x 18.4x
CGI Inc. Canada 72.89 -2% 19,925.1 21,134.0 8,807.6 1,494.5 17.0% 5.0% 2.4x 14.1x
Cognizant Technology Solutions Corporation United States 61.93 -26% 35,255.7 33,198.7 16,323.0 3,183.0 19.5% 7.6% 2.0x 10.4x
Digi International Inc. United States 10.89 -26% 305.6 233.5 256.9 27.9 10.8% 35.0% 0.9x 8.4x
DXC Technology Company United States 47.54 -51% 12,753.6 17,266.6 20,753.0 4,304.0 20.7% -15.5% 0.8x 4.0x
Endava plc * United Kingdom 37.44 -3% 1,855.2 1,778.0 355.2 51.3 14.4% 36.9% 5.0x 34.6x
EPAM Systems, Inc. * United States 172.59 -4% 9,428.9 8,859.1 1,940.1 300.8 15.5% 25.2% 4.6x 29.5x
Globant S.A. * Luxembourg 92.84 -1% 3,382.2 3,381.6 548.7 101.4 18.5% 23.5% 6.2x 33.4x
Hexaware Technologies Limited India 5.18 -35% 1,542.6 1,420.4 701.9 108.4 15.4% 20.7% 2.0x 13.1x
International Business Machines Corporation United States 126.99 -18% 112,594.8 149,817.8 78,701.0 17,119.0 21.8% -1.7% 1.9x 8.8x
Infosys Limited India 10.60 -5% 45,454.2 41,700.2 11,932.6 3,002.2 25.2% 17.2% 3.5x 13.9x
ITS Group France 5.34 -38% 40.2 46.4 153.5 8.4 5.5% 4.2% 0.3x 5.5x
Larsen & Toubro Limited India 22.38 -3% 31,389.5 46,427.5 20,619.0 2,561.1 12.4% 18.0% 2.3x 18.1x
Navigant Consulting, Inc. United States 22.00 -20% 865.6 868.5 697.4 63.1 9.1% 8.5% 1.2x 13.8x
NTT DATA Corporation Japan 11.96 -19% 16,774.8 20,100.0 19,525.5 2,759.3 14.1% 0.0% 1.0x 7.3x
Parsons Corporation United States 31.75 -6% 3,157.1 3,353.4 3,560.5 244.2 6.9% 18.0% 0.9x 13.7x
Perficient, Inc. United States 30.43 -8% 1,002.5 1,117.5 511.2 62.3 12.2% 3.2% 2.2x 17.9x
Presidio, Inc. United States 13.25 -26% 1,096.6 2,007.7 3,047.0 220.0 7.2% 10.3% 0.7x 9.1x
Reply S.p.A. Italy 64.26 -6% 2,403.9 2,331.2 1,203.1 160.5 13.3% 16.5% 1.9x 14.5x
SQLI SA France 23.52 -34% 102.7 160.9 265.6 16.5 6.2% 9.4% 0.6x 9.7x
Synthomer plc United Kingdom 4.63 -37% 1,573.4 1,876.8 2,063.3 224.7 10.9% 9.4% 0.9x 8.4x
Tata Consultancy Services Limited * India 31.55 -3% 118,381.3 112,499.7 21,139.2 5,702.8 27.0% 19.0% 5.3x 19.7x
Wipro Limited India 4.12 -4% 24,723.3 20,749.5 8,455.6 1,592.6 18.8% 7.5% 2.5x 13.0x
Adjust ed Weight ed Average 2.4x 14.2x
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (5.2x)and EBITDA multiples that are 1.0 standard deviations above the mean (22.3x)
Last Twelve Months Last Twelve Months Multiples
Driven by your success.Page 50*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.
**Source: S&P Capital IQ
($ in Millions, except stock price data)
Outsourced Services
Stock Price Chg % From Equity Enterprise Value
Company Name Headquarters 05/31/19 52WK High Value Value Revenue EBITDA EBITDA Margin Revenue Growth Enterprise Value/Revenue Enterprise Value/EBITDA
AMREP Corporation United States 5.16 -48% 41.9 30.3 39.5 1.1 2.7% 2.6% 0.8x 28.5x
Cimpress N.V. Netherlands 87.50 -44% 2,686.7 3,926.2 2,707.5 289.6 10.7% 7.2% 1.5x 13.6x
Clairvest Group Inc. Canada 35.46 -7% 539.5 282.7 129.7 90.8 70.0% -17.6% 2.2x 3.1x
CSG Systems International, Inc. United States 44.85 -10% 1,431.5 1,734.3 918.1 152.8 16.6% 14.9% 1.9x 11.4x
Donnelley Financial Solutions, Inc. United States 12.33 -42% 421.7 919.2 937.4 95.5 10.2% -5.6% 1.0x 9.6x
Elanders AB (publ) Sweden 8.89 -13% 314.4 773.5 1,199.5 80.6 6.7% 15.6% 0.6x 9.6x
Eniro AB (publ) Sweden 0.17 -70% 11.1 120.9 141.7 17.1 12.1% -16.4% 0.9x 7.1x
ExlService Holdings, Inc. United States 59.26 -12% 2,035.1 2,153.4 915.7 123.6 13.5% 16.5% 2.4x 17.4x
Firstsource Solutions Limited India 0.78 -35% 542.0 571.6 552.3 72.2 13.1% 8.2% 1.0x 7.9x
Genpact Limited Bermuda 36.15 -4% 6,879.7 8,197.7 3,121.1 481.8 15.4% 11.4% 2.6x 17.0x
InnerWorkings, Inc. United States 3.39 -63% 174.3 328.8 1,114.3 10.4 0.9% -3.0% 0.3x 31.7x
j2 Global, Inc. United States 84.29 -8% 4,125.0 4,987.9 1,226.6 462.6 37.7% 7.2% 4.1x 10.8x
Liq Participações S.A. Brazil 0.17 -73% 3.8 106.9 325.6 7.3 2.3% -22.0% 0.3x 14.6x
Luxoft Holding, Inc. Switzerland 57.57 -2% 1,950.8 1,848.9 904.4 95.2 10.5% 3.0% 2.0x 19.4x
LSC Communications, Inc. United States 4.85 -71% 162.5 1,171.5 3,742.0 119.0 3.2% 0.8% 0.3x 9.8x
MAXIMUS, Inc. United States 71.25 -4% 4,546.5 4,581.3 2,557.4 361.1 14.1% 4.1% 1.8x 12.7x
Quad/Graphics, Inc. United States 8.37 -66% 431.4 1,708.9 4,230.9 387.7 9.2% 3.2% 0.4x 4.4x
IQVIA Holdings Inc. United States 135.85 -7% 26,795.1 37,930.1 10,533.0 1,821.0 17.3% 6.3% 3.6x 20.8x
R.R. Donnelley & Sons Company United States 2.22 -70% 157.2 2,284.9 6,614.3 396.5 6.0% -5.4% 0.3x 5.8x
Serco Group plc United Kingdom 1.68 -4% 2,044.1 2,287.9 3,615.6 137.9 3.8% -3.9% 0.6x 16.6x
Steel Connect, Inc. United States 1.82 -20% 110.4 502.1 810.4 62.4 7.7% 78.5% 0.6x 8.0x
SYNNEX Corporation United States 86.71 -26% 4,441.2 7,753.6 20,809.9 943.3 4.5% 15.5% 0.4x 8.2x
Sykes Enterprises, Incorporated United States 24.76 -21% 1,050.6 1,227.1 1,614.2 166.4 10.3% -0.1% 0.8x 7.4x
Teleperformance SE France 191.73 -3% 11,188.0 13,538.9 5,084.7 812.9 16.0% 6.2% 2.7x 16.7x
TTEC Holdings, Inc. United States 39.68 -5% 1,837.1 2,170.0 1,528.3 175.0 11.5% 0.9% 1.4x 12.4x
transcosmos inc. Japan 22.04 -21% 913.9 739.0 2,569.2 82.8 3.2% 6.8% 0.3x 8.9x
Transcontinental Inc. Canada 10.57 -57% 921.0 1,975.0 2,167.3 408.6 18.9% 43.3% 0.9x 4.8x
Adjust ed Weight ed Average 1.3x 12.9x
Last Twelve Months Last Twelve Months Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.3x)and EBITDA multiples that are 1.0 standard deviations above the mean (11.7x)
Driven by your success.
PRIVATE & CONFIDENTIAL
For client and institutional use only, not for public dissemination
Driven by your success.Page 52
• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public
announcements by companies and investors.
• All trading data related to publicly-traded companies has been sourced from Capital IQ.
*The information contained on this page is sourced from CG LLC's proprietary
database. A more detailed methodology may be found in the appendix.
Driven by your success.Page 53
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