I N DEPEN DENT I NVESTMENT BAN KI NG FOR MEDIA, INFORMATION, MARKETING & TECHNOLOGY

Client Briefing November 2015

since 1987

The 9th annual Outsell Signature Event, a collaborative effort between Outsell, a leading research firm for the information industry, and JEGI, a premier investment bank for the information industry, was held September 30 – October 2 at the renowned Pinehurst Resort in North Carolina.

Nearly 150 senior executives and thought leaders from across the global informa-tion industry came together for three days of networking, learning and sharing ideas among peers on the theme of “Success in the Digital Machine Age”.This peer-to-peer, by-invitation-only event was highlighted by a first-class roster of industry leading executives and thought leading speakers, including: Sir Martin Sorrell, CEO, WPP; Raju Narisetti, SVP, Strat-egy, News Corp; Michael Rhodin, SVP, IBM Watson; Debra Walton, Chief Content Offi-cer, Thomson Reuters; David Williams, CEO, Merkle; John Ross, President of Analytics, Inmar; and many more.

The conference opened with “on the re-cord” presentations from Outsell, JEGI, and The Financial Times, providing an out-look on the 2016 economy, M&A market and key trends in the information industry.Excerpts from these presentations follow.

Outsell’s 2016 Information Industry OutlookAnthea Stratigos, Co-Founder & CEO, Outsell

In 2014, the information industry totaled $766.5 billion, 3.9% over 2013, led by Edu-cation Content, EdTech & Human Capital Management (HCM) ($117.2 billion); Mar-keting Services ($116.8 billion); and Search & Aggregation ($96.8 billion).

The information industry continues to grow at an average of 4% year-over-year, consistent with global GDP. Slow growth in Consumer Books and Magazines, and negative growth in News and Yellow Pages, were outweighed by high growth areas, such as Search & Aggregation, with a 14.2% compound annual growth rate (CAGR) from 2012-2014, and Marketing Automation, Analytics & CRM, with an 11.2% CAGR over the same period.

However, looking ahead to 2015-2018, Marketing Automation, Analytics & CRM is projected as the leading segment, and the flourishing areas of Financial, Credit, and Governance, Risk & Compliance are expected to help fuel industry growth.

(continued on page 3)

2015 Outsell Signature Event

1 > for more information visit www.jegi.com

To subscribe to JEGI’s Client Briefing Newsletter: http://bit.ly/YzEqQK

Follow JEGI on Twitter: http://twitter.com/JordanEdmiston

In This Issue

(from left) Joseph Sanborn, Managing Director & Co-Head of Technology Banking, JEGI; Tim Lavender, Partner, Kelley Drye (dinner partner); Patty Thorell, VP, Payment Processing, Comcast; Joe Proto, Chairman & CEO, Transactis (modera-tor); and Tim Reedy, SVP, Business Communica-tion Services, RR Donnelley

JEGI November 2015 Dinner: Convergence of Payments, Mobile & Big Data

• 2015 Outsell Signature Event • Information Industry Outlook01

02

04

06

08

• Global Economic Outlook • JEGI Q3 M&A Overview

• A Look Into Merkle

• Digital Experience Design

• Exceptional Transaction Experience

2

Global Economic OutlookChris Giles, Economics Editor, The Financial TimesThe title of the conference “Success in the Digital Machine Age” is very relevant. You can’t ignore that we’re all now part of a glob-al economy. And, when you get the Chinese official state news agency calling a day in the stock markets “Black Monday”, I think you know things have soured globally, or at least in China.

It is a difficult time. Fear is rising again in the global economy. We recently heard that the last three months showed the worst performance for equity markets around the world since 2011. It used to be that China was boosted by consumption in the US, Europe and Japan, but now it’s a pretty big economy on its own, and it can be quite scary if China’s economy is not performing well.

Investment represents 20% of the US economy. In China, it’s 47%. South Korea is another country that has traditionally invested heavily, particularly in the ’80’s and ’90’s, when it was investing up to 40% of its economy. South Korea was a large investor until 1997 and the Asian financial crisis, and it hasn’t recovered since.

One of the more interesting things that came out of WikiLeaks was a cable from the US ambassador to China, which said that he didn’t trust the official figures for China’s economy. If the Chi-nese economy were measured on the proxies of electricity con-sumption, rail freight volumes, and the number of loans, growth would be 3.2%, rather than 7%.

For 2016, things are looking better in advanced economies. This is why the Fed is considering raising interest rates, and why the Bank of England may be doing the same. Growth is stronger, and there isn’t enough evidence in the data to suggest economists should change their forecast.

Emerging economies offer a mixed pic-ture. Brazil’s economy, for one, is doing badly at the moment; it was growing at approximately 3% two years ago and is now showing negative growth. Inflation is rising, while the exchange rate against all of its trading partners is falling.

Its neighbor, Colombia, also a commodi-ties exporter, is faring much better. Infla-tion is stable, and it has been able to suc-cessfully deal with a fall in its exchange rate by having effective policies in place.

Four things are pretty consistent across emerging economies:

1) Commodity prices have fallen very hard, and commodity ex-porters (like Brazil) are having a very tough time at the moment.

2) Productivity, the efficiency of emerging economies and how quickly they can adapt to the processes of richer countries, has decreased, and emerging economies are finding it harder to catch up.

3) Population – demographics don’t change very quickly, so work-ing populations of emerging countries are not going to continue to grow at a rapid rate for a long period of time.

(continued on page 5)

JEGI Q3 2015 M&A OverviewOverall M&A activity across the media, information, marketing, software and tech-enabled services sectors was red-hot dur-ing the first three quarters of 2015, with 1,758 transactions an-

nounced at a total value of $106.2 billion year to date. Both deal volume and value showed solid gains over the same pe-riod in 2014, when 1,636 deals totaled $96.8 billion in value. With the M&A market continuing its surge, deal activity inched closer to a level not seen since the pre-recession period in 2007, according to JEGI, the leading inde-pendent investment bank across these core markets.

large deals through Q3 2015

Twenty transactions in these sectors surpassed $1 billion in value through Q3 2015, including the following select deals:

• Fidelity National Information Services $5.1 billion acquisition of financial software and services provider SunGard

• Verizon $4.8 billion acquisition of digital media company AOL

• Cox Automotive $4.5 billion acquisition of DealerTrack Tech-nologies, a provider of web-based marketing solutions to the automotive retail industry

• Media General $3.1 billion acquisition of diversified consumer media company Meredith

• Audi, BMW and Daimler $3.1 billion acquisition of Nokia’s HERE, a provider of maps and location content for navigation, location-based services and mobile advertising applications

• Verisk Analytics $2.8 billion acquisition of Wood Mackenzie, a global energy, metals and mining research and consultancy group

(continued on page 7)

3

tipping point

As the information industry continues to transform year-over-year, through a sus-tained period of change, we are starting to see a bigger kind of transition taking place.

We believe the industry is at a tipping point. As smart machines get smarter and the role we play at work is adapted, there is great opportunity for the information in-dustry to capitalize on this transformation.

Here are 10 key trends most likely to drive industry change and disruption in the years ahead:

1. Millennials and How They Work Millen-nials will make up 50% of the workforce by 2020. As they move into top management positions over the next few years, their habits will change how the industry uses information. This generation’s top meth-ods for sharing information are email and social, and time spent using authoritative sources like market research is declining. Having integrated workflows is extremely important, as is user experience design. A deep understanding of nuances and perso-nas will be essential to garnering Millenni-als’ adoption of platforms and solutions.

2. Machines Getting Smarter and Taking Charge Due to convergence in the indus-try, platforms offering full scope solutions are emerging. Beyond predictive analytics, we are seeing an evolution to “prescrip-tive analytics” – actually making decisions, such as recommendation engines decid-ing legal outcomes and adaptive learning solutions rewriting students’ quizzes for better comprehension. There is huge po-tential for prescriptive decision-making across all verticals, including healthcare, manufacturing, education and financial.

3. Enterprise Getting into the Game As companies look to build out their inte-grated offerings, we see enterprise cus-tomers becoming competitors. BMW and Audi acquired mapping technology from Nokia to ensure they own a critical driving technology, and agricultural product pro-vider Monsanto acquired data-intensive Climate Corp to enhance its offerings for

farmers. Suddenly, there’s a much wider group of strategics in the market for these assets, which will increase values and competi-tion in information services.

4. Hyper-Niche Convergence in content, technology and solu-tions is also creating opportuni-ties for extreme scaling in the niche. Whether focusing deeply in vertical niches – such as food and drink technology, law firms with fewer than 20 employees, or designer farming to the square inch – hyper-verticalization de-livers scale to startups and mar-ket share leaders alike, as the world gets sliced into narrower and narrower sub-sub-verticals.

5. Hyper-Scale Goes Big The large players are whittling down their portfolios dra-matically, to focus more intently on spe-cific markets and integrating applications to function across work streams. We saw McGraw-Hill Financial increase scale with the purchase of SNL Financial; Verisk Ana-lytics expand its commercial intelligence in mining, energy and chemicals with the acquisition of Wood Mackenzie; and Pearson sell off The Financial Times and The Economist Group to focus on its edu-cation business. The top 10 information companies are now almost all pure plays.

6. Hyper-Aggregation Driving Disinterme-diation The push to platforms is causing disintermediation, and hyper-aggregation is creating value by delivering content into workflows in new ways. For example, CSR-Hub is a hyper-aggregator of data from hundreds of information sources, and pro-vides ratings and rankings of 15,000+ com-panies and their social responsibility index. Once users get hooked on truly aggregated workflows, there is no turning back.

7. Web Tipping to Apps As mobile becomes more and more prevalent in the work-place, content is shifting from the web to mobile apps and fueling the demand for instant answers. This is driving the need for companies to take a “mobile-first” ap-

proach and deliver seamless single sign-on solutions that integrate with existing desktop workflows.

8. Convergence of Face-to-Face Events con-tinue to drive high value, be it through ex-periential marketing, professional educa-tion or community-oriented shows, while building trust between brands and cus-tomers. We will see technology continue to enhance customers’ ability to go straight from intention to commerce at events.

9. Replatforming Achieving scale via plat-form requires attention to technology and data. Companies must have a clear strategy for which audiences they need to reach, with a clear voice of the customer forming the basis for any platform and product roadmap.

10. Why Should I Work for You? Differen-tiating to get the right talent is critical. We are seeing companies partner with universities on product and solution de-velopment, and offering stronger intern programs to up the ante on the experi-ence. This makes these companies appear dynamic and interesting, so that talent wants to be a part of their mission. Mil-lennials are also interested in fighting for a cause and having flexible work policies.

There is momentum toward irreversible change in the information industry. It’s an exciting time for leaders to seize the current opportunities, but it is not for the faint of heart! n

Information Industry Outlook (continued from page 1)

4

At the Outsell Signature Event, Wilma Jordan, Founder & CEO of JEGI, had a fireside chat with David Williams, Chairman & CEO, of Merkle. Here is an excerpt of their discussion…

jordan: Rewinding to 1988, tell us why you bought Merkle and what your vision was at the time.

williams: After graduation, I became a retail stockbroker, and through interacting with clients, I grew a passion for business and a desire to own one myself. After looking at several differ-ent companies I came across Merkle Computer Systems. I wasn’t necessarily trying to enter the marketing technology space; I just wanted to own a business. I didn’t have a big vision at that time. Instead, it was more about controlling my own destiny, having fun and creating wealth, while doing it.

jordan: You bought a business with less than $5 million in rev-enue, grew it to $100 million, and now it’s approaching $500 mil-lion. There are very few businesses that have crossed all those milestones with the same CEO. How did you go about retooling your skill set and management style throughout that growth?

williams: We really only ever wanted to do two things: build a platform that the best talent would want to work for, and be a market leader in whatever industry we choose to compete. With those as the guiding principles, I began to think in two time frames: 10 years and 90 days. What do I think will happen over the next decade, and what will we do in the next 90 days to advance against it? This led to a long-term view, a vision-driven mindset, and a focus on reinvention.

jordan: Looking back, are there any challenges that leap out in your memory from 1988 forward that you had to deal with as CEO?

williams: Three months into the leveraged buyout, the guy that I bought the company from, who agreed to teach me the busi-ness, fell ill and was out of the picture. We lost our second big-gest client and our credit lines, when our bank was taken over by the government. So I’ve been through challenging times. I was responsible for figuring out what my leadership and man-agement style would be and how that would form our culture. I spent a lot of time thinking about the company I wanted to build, what that ecosystem would look like, and how it would respond to market conditions.

jordan: Talk a bit about Merkle, your sweet spot now in the digi-tal age, and how you help brands maximize their sales.

williams: We started as a data processing company supporting big direct marketers. Today, we’re a data-driven, tech-enabled performance marketing business. The thesis that we’ve been

working on is that marketing to the individual will be the domi-nant form going forward. We have a saying at Merkle: “people over personas.” The days of trying to get to a “35-45 year-old that makes $72,000 a year and drives a blue Camry” are over. If you look at the skills necessary to capitalize on that, there’s a data management layer, an activation layer focused on how first party data intersects with media channel experiences, and an analyti-cally-driven orchestration and reporting measurement layer that connects those two. Our view is that the middle layer is nascent today. There’s a lot of work in activation and plenty of data man-agement opportunities, but there are few people out there that know how to connect them.

jordan: By our count, you’ve acquired 12 companies since 2010 and fully integrated them into Merkle. What is your philosophy and approach to integration?

williams: We have a “one brand, one Merkle” philosophy. It starts with a candid conversation early on in which we are very clear that we’re not trying to build multiple brands. We’ve done enough tuck-in deals to realize that the most important com-ponent is trust. We have spent a lot of time thinking through the emotional reality of how an acquired employee thinks about trust. There are phases for learning, relationship, and respect. This has shaped our “acquisition blueprint,” which is focused on people and clients.

jordan: You have said that you set aside one billion dollars in outside capital for further acquisitions. What are the plusses and minuses of outside capital?

williams: I had one client that invested in the business, but we never took any institutional money until 2010. Twenty years in, Technology Crossover Ventures out of Palo Alto made a minor-ity investment. In many ways, we’d be a better company, if I had done it earlier. It’s a wonderful relationship and has helped me learn the value of a productive board.

jordan: What’d you look for, besides money, in a tier one investor?

williams: In my view, money is a commodity. It’s the easiest thing in the world to get. It’s more about having a vision, a good value proposition, and a worthy idea. I looked for somebody West Coast-based because we are an East Coast firm with East Coast DNA. I got to know seven people and asked them to bid on a particular security. The most interesting part of the process was then asking them to present their thesis to me. That thesis can’t sit behind the scenes, because it will always be either an align-ing or disruptive force to the behavior I want to execute against.

A Look Into Merkle

“There’s a lot of work in activation and plenty of data management opportunities, but there are few people out there that know how to connect them.”

“Money is a commodity. It’s the easiest thing in the world to get. It’s more about having a vision, a good value proposition, and a worthy idea.”

5

A Look Into Merklejordan: Are there specific criteria that you look for in an acquisi-tion, and is there any insight you can provide?

williams: We are acquiring for four parameters: clients, vertical markets, geographies and capabilities. We have a tight capabil-ity footprint, so we’re pretty disciplined in finding opportunities that would make sense to us. What I’ve found is that if I can get to the truth of what’s really happening, then it becomes much easier to work with.

audience question: Can you talk about your experiences around technology integration specifically?

williams: We’re a tech-enabled services business, so much of our business is driven out of proprietary technology. We don’t sell

the technology separately. We have bought a couple of search agencies over the past five years, and we’re in the process of in-tegrating those back ends. Working through that is no different than other development projects, but it takes time and we try not to rush through that.

audience question: What lessons did you learn in building a great board relationship?

williams: Determining the talent I wanted vs. just selecting some smart person with a good brand and reputation was very important. I try to link my board to my strategic agenda and to what I don’t know, because I have no other path to that knowl-edge. I’ve also found that the linkage to the next level within my management team has been really productive. n

4) Emerging countries are about as good at organizing their economies as rich countries. This has become especially evident, following the decline in commodity prices.

looking ahead

2015 is going to be a year where the emerging world will have been disappointing, but advanced economies will have done okay. The fact that emerging economies are growing quite a lot faster than advanced economies means that overall growth will be somewhere around normal.

For 2016, we see India taking the lead in growth, with China second, but falling further behind. In Europe and Japan, the talk is focused on try-ing to stimulate the economies, even though they’re not doing too badly. Inflation is low, but they still have high unemployment.

We are seeing policy differences across very large economies for the first time since the early 1990’s. We don’t know how markets are going to react to policy changes. If the US manages to pull off a suc-cessful interest rate increase, without big market dislocation, that will be a huge coup for the Fed and will give us some com-fort about the world economy as a whole.

China is the big thing that can go wrong. If you look at the UK and the US levels of debt compared with the size of their econ-omies, they were rising fast in the earlier parts of the 2000’s, peaking at 160% in 2008 in the US and closer to 200% in the UK. And when the crisis hit, many households and companies stopped spending and investing. In the UK and the US, levels of debt are now falling.

So if you want to worry about China, worry about their levels of debt. It isn’t necessarily the rise in debt, because if an economy is growing very rapidly, then it can take on more debt. But rising debt with slower growth is a recipe for disaster…and it may be that China has taken on too much debt for now, when their abil-ity to service that debt is diminishing. Here’s another thing to worry about: people in advanced econo-mies are getting shy about spending. The evidence lies in long term interest rates, which have steadily declined since the mid

1980’s. Inflation has gone to zero, primarily due to commodity prices, and if inflation stays down around zero, it will be difficult for our ad-vanced economies.

Putting it all together, we have rela-tively good news in the advanced world, alongside relatively bad news in emerging markets, which creates an average global economy. This economy is growing at a rate similar to the last few decades, but with lots of divergence underneath. And part of that divergence is quite scary when

it comes to China – something we need to be concerned about.

audience question: Isn’t it about expectations? Shouldn’t we be resetting our expectations over the next 10 years in regards to emerging markets?

You’re absolutely right, the idea that China can grow at 10% per year for 10 years is complete nonsense. But China is much big-ger now, so if it grows 4% a year, it will add the same amount of dollars into the world economy as China growing at 10% four or five years ago. In fact, the emerging economies of the world now account for 60% percent of the total; 10 years ago, they ac-counted for 40%. n

Global Economic Outlook (continued from page 2)

6

David Clark, Managing Director, JEGI

What do Salesforce.com (cloud CRM), EPAM Systems (software development), E&Y (industry consulting) and Capital One (con-sumer credit) all have in common?

A lack of experience. Or rather, a rec-ognized lack of experience design ca-pabilities. Enough so that each has acquired digital “Experience” firms to backfill that need.

And they are not alone. In the past 24 months, JEGI has tracked over 20 trans-actions where varied strategic buyers have acquired UI/UX (User Interface/User Experience), or ‘Digital Experience Design’ firms.

What is Digital Experience Design? In short, it is the specialized combination of:

• Digital Strategy and Product/Service Design• Application Development• Back-end Systems Integration

And doing all of them well, together, is hard.

Digital Strategy and Product/Service Design. Think researchers and designers who focus on all of the interactions that make digital content and services easier to access and maintain, from an end-user perspective. Think about the difference between designing an online service like UBER and online payment of a speeding ticket; or the design of an online B2B catalogue cover-ing thousands of industrial parts vs. data visualization tools for complex data analysis, like energy pricing. Each of these cases involve wildly different business requirements, end-user perso-nas, and usability factors. All of which impact Digital Experience, hopefully in a positive way.

Application Development. It is (relatively) easy to design a digital product or service as a mock-up or wireframe. It’s quite another to translate visual and interaction design into feasible technical architecture, and then build IT. “IT” can be a web, mobile or por-tal-based application. IT can operate across multiple operating systems and presentation technologies (HTML, JavaScript, Ajax). IT can run the gamut from a consumer-facing mobile reservation system for a global lodging chain (incorporating multi-lingual, multi-currency ecommerce), to a set of work flow tools that help tax accountants access client and tax code data to streamline corporate filings.

Designing these applications is made more difficult by the “Ama-zon” expectation that online customer interactions will be per-sonalized (via linkage to loyalty programs, for example), and that B2B content delivery will be configured and automated based on end-user roles and rules. So, if you are a consumer or an enter-prise end-user and your application doesn’t recognize you and make YOUR life easier, that’s a BAD EXPERIENCE.

Back-end Integration. In most large enterprises, the data or con-tent required to “power” these applications is housed in multiple back-end systems (Digital Asset Management, CRM, Web Con-tent Management, Inventory, etc.). En route to end users in the form of a personalized, or role-based interaction, this data and content also needs to pass through a variety of marketing auto-mation and analytics suites. I see you. I know you. I observe what you’re doing. I predict your need. I call the database and give you this: a page, an offer, or a work flow prompt.

To deliver these personalized digital experiences, an insane num-ber of technical handshakes are required between core enter-prise systems and data providers, such as Salesforce.com, Experi-an, Sitecore, IBM WebSphere, Adobe and Hybris, and an equally insane array of specialized point applications, such as Tableau (Data Visualization), ClickTale (Customer Experience Analytics) and Maxymiser (Cross-Channel Optimization). Building the con-nections between end-user interfaces and applications and back-end systems is the heavy lifting in Digital Experience Design.

You’re only as strong as your weakest link. We’ve all been spoiled by the really positive digital experience that hums – from the pro-cess of searching for and discovering what you want, tapping on your phone to buy it, and the simultaneous email confirmation that your room is booked, your part has shipped, or your trade is confirmed. From anywhere. The technology that enables that level of digital experience is complex and never sits still. And the skills required to design, build and integrate the component parts – in-terfaces, applications and connectors – are in high demand and short supply. Hence the run on Digital Experience Design firms.

When we look at recent transactions involving Digital Experi-ence Design firms, we see industry-leading firms who for very different reasons have realized that these skill sets are absolutely critical to transforming legacy offers and launching new digital business models, for themselves and their clients. For example:

Buyer Target Rationale

Salesforce.com ÄKTA Experience design for Salesforce cloud products and ecosystem

EPAM NavigationArts* Push offshore developer resources into higher value Sitecore build engagements

EY Seren Expand digital consulting services and capabilities

Capital One Adaptive Path In-house digital product develop-ment and innovation

*JEGI represented NavigationArts in this transaction

Developments in the Internet of Things (“IoT”) will only acceler-ate this trend. No business is unaffected, and that explains the fascinating array of buyer vs. seller transactions in the Digital Experience space and the continued redefinition of marketing and technical services. n

Digital Experience Design

7

JEGI Q3 2015 M&A Overview (continued from page 2)• QVC $2.5 billion acquisition of

zulily, the online retailer of mer-chandise for women, children and housewares

• SS&C Technologies $2.5 billion ac-quisition of Advent Software, a pro-vider of vertical applications for the financial services industry

• McGraw Hill Financial $2.2 billion acquisition of SNL Financial, a pro-vider of analysis and business in-telligence on financial institutions

• Expedia $1.7 billion acquisition of online travel site Orbitz

• LinkedIn $1.5 billion acquisition of Lyn-da.com, a provider of online educational videos for individuals to learn business, software, technology and creative skills

• Nikkei $1.3 billion acquisition of global business news provider The Financial Times

• TPG Capital, Fosun Industrial Holdings and Caisse de dépôt et placement du Québec joint $1.2 billion acquisition of consumer entertainment shows creator Cirque du Soleil

software & tech-enabled services

With overall M&A activity booming, the Software & Tech-Enabled Services sec-tor has been leading the charge. Given the rapid advances in global technology, coupled with the increasing convergence of media, marketing, data and technology, companies are investing heavily in grow-ing their software and technology capa-bilities through M&A.

The most active sector by far, Software & Tech-Enabled Services accounted for more than half of the deal volume and value, with 1,091 transactions totaling $58.1 bil-lion. The chart above shows a breakdown of deal volume by sub-sector within this red-hot sector.

Application software was the most active sub-sector, with nearly one-third of the Software & Tech-Enabled Services sector deals. Other active sub-sectors were IT services & distribution (17% of the deals), mobility (12%), IT outsourcing (10%) and information management (9%).

The chart above shows a further break-down of the segments within the appli-cation software sub-sector. Vertical ap-plications accounted for the highest deal volume (31%), followed by enterprise re-source planning (18%), customer relation-ship management (15%) and business in-telligence (13%). looking ahead In the U.S., M&A activity continues to siz-zle, spurred by the stable domestic econ-omy, strong debt markets and increased confidence in the corporate sector. With unprecedented capital reserves and the need for growth, global corporations and private equity firms have healthy ap-petites for M&A. We also expect Asian buyers to remain active in acquiring U.S. companies, particularly China-based firms with capital parked offshore.

We expect the U.S. economy to continue growing, driven by low unemployment, corporate investment and the political cy-cle, which will drive increased spending in advertising and data & analytics through November 2016. On the technology front, we foresee further growth in software and tech-enabled services, particularly in mar-keting technology solutions, as companies continue to build out their marketing stacks.

We believe strong debt markets will con-tinue, despite inevitable interest rate in-creases by the Federal Reserve down the road. Banks still have robust capital avail-able and continuing interest in building out their loan portfolios. Nonetheless, we remain wary of the volatility in the global stock markets and potential fallout from the economic state in China, as well as the refugee crisis across Europe.

JEGI has been very active on the deal front, with a number of recent and pending trans-action announcements. In Q3 2015, JEGI an-nounced eight transactions:• The sale of dmg events’ Digital Market-

ing division, which operates global, mar-ket-leading B2B events ad:tech, iMedia and Digital Collective, to Comexposium

• The merger of digital experience design firm Manifest Digital and content mar-keting agency McMURRY/TMG

• The significant growth investment in Jun Group, the leading mobile video and branded content advertising platform, from Halyard Capital

• The sale of Soonr, a leading provider of enterprise file sharing and collaboration services for IT business managers, to Autotask Corporation, a portfolio com-pany of Vista Equity Partners

• The sale of Kester Capital’s Briefing Me-dia, the leading provider of business in-formation and marketing solutions to the UK agricultural sector, to UK-based private equity firm Lyceum Capital (JEGI advised Briefing Media with its UK in-vestment banking partner, Clarity)

• The sale of NavigationArts, a digital strategy and experience design firm, to EPAM Systems

• The sale of Selligent, an international SaaS platform delivering omnichannel audience engagement, to HGGC (JEGI advised Selligent with Clarity)

• Time Inc.’s acquisition of inVNT, an ex-periential marketing company specializ-ing in live media, digital and traditional advertising, brand environments and creative services. n

a leading software and dataprovider to the agriculture market

has been sold

to

November 2014

a leading event housing softwareand services provider

has been soldto

October 2014

a subsidiary of

November 2014

a leading provider of entertainmentmarketing insights and analytics

has been sold

to

and a portfolio company of

The Consistent Leader in Media, Marketing, Information, Software

& Tech-Enabled Services M&A

jegi’s client is mentioned first in each of the above transactions.

a television and digital contentproduction, distribution and

marketing platform specializingin automotive tech programming

has been soldto

October 2014

PRODUCTIONS, INC.

Wilma Jordan Founder & CEO

wilmaj@jegi.com

Tom Pecht Managing Director

tomp@jegi.com

Scott Peters Co-President

scottp@jegi.com

David Clark Managing Director

davidc@jegi.com

Tolman Geffs Co-President

tolmang@jegi.com

Joseph Sanborn Managing Director josephs@jegi.com

Sam BarthelmeDirector

samb@jegi.com

Richard Mead Managing Director richardm@jegi.com

Adam Gross Chief Marketing Officer

adamg@jegi.com

Amir Akhavan Managing Director

amira@jegi.com

Tom Creaser Executive Vice President

tomc@jegi.com

Bill HitzigChief Operating Officer

billh@jegi.com

Jeff Becker Managing Director

jeffb@jegi.com

BostonCIC Boston

50 Milk Street, 16th Floor Boston, MA 02109

Phone: +1 (617) 294-6555

Atlanta40 Wallace Road Buford, GA 30519

Phone: +1 (770) 932-8700

London (JEGI Affiliate)90 Long Acre

London WC2E 9RA

Phone: +44 20 3402 4900

Bangalore (JEGI Affiliate)Akash Embassy, 3rd Floor, #9, 3rd Cross

Artillery Road, Ulsoor Bangalore 560 008

Phone: +91 80 42036793

New York (Headquarters)150 East 52nd Street

18th Floor New York, NY 10022

Phone: +1 (212) 754-0710

has sold

September 2015

a division of DMGT plc

to

operator of global, market-leading B2B events ad:tech, iMedia,

and Digital Collective

has been sold to

September 2015

a leading enterprise technology tradeshow organizer

a portfolio company of

has received

a signi�cant investment

from

October 2015

a global corporate events andexperiential marketing agency

has mergedwith

August 2015

and a portfolio company of

the leader in omnichannelcontent creation and delivery

a leader in digital experience design

has received

a signi�cant investment

from

July 2015

a leading mobile video and brandedcontent advertising platform

July 2015

has been soldto

an international SaaS platformdelivering omnichannelaudience engagement

July 2015

has been soldto

and a portfolio company of

the leading provider of businessinformation and marketing

solutions to the UKagricultural sector

has been sold

to

July 2015

a digital strategy andexperience design �rm

has acquired

July 2015

an experiential marketing companyspecializing in live media, digitaland traditional advertising, brandenvironments and creative services

June 2015

has sold its industry-leading brands

a portfolio company of

to

Architectural Record, Engineering News-Record (ENR),

and SNAP

has been soldto

March 2015

a leading provider of digitalmarketing and online customer

growth services

June 2015

has sold its

to

Fiduciary Services andCompetitive Intelligence

Businesshas been sold

to

February 2015

thought leadership forums forbrands, agencies and mobile leaders

Mobile Motion, LLCfounder of

has been sold

to

March 2015

a cloud-based provider of globalsourcing and collaborative

supply chain software solutions

has been sold

to

January 2015

a leading information and marketingplatform serving the insurance,

�nancial and legal markets

July 2015

a leading provider of enterprisesecure �le sharing and collaboration

services for IT business managers

has been soldto

a portfolio company of