august 2012 marketing, media, technology, and service...

August 2012 Marketing, Media, Technology, and Service Industries M&A & Investment Summary

Expertise Commitment ResultsExpertise. Commitment. Results.

TABLE OF CONTENTS

Overview of Monthly M&A and Investment Activity 3

Monthly M&A and Investment Activity by Industry Segment 7

Additional Monthly M&A and Investment Activity Data 26

About Petsky Prunier 33

2M&A & INVESTMENT SUMMARY AUGUST 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 239 d l th i t l $11 9 billi d i A t 2012

Transaction Distribution• A total of 239 deals worth approximately $11.9 billion were announced in August 2012

• Digital Media/Commerce was the most active segment with 79 transactions

• Digital Media/Commerce was also the highest value segment worth approximately $4.8 billion

• Strategic buyers announced 105 deals for approximately $5.8 billion (44% of total volume), including four +$1 billion dealsbillion deals

• VC/Growth Capital investors announced 130 deals for approximately $1.4 billion

• Buyout investors announced four deals for approximately $4.7 billion, including The Carlyle Group’s $3.3 billion buyout of Getty Images

AUGUST 2012

BUYER/INVESTOR BREAKDOWN

# % $MM % # $MM # $MM # $MM

Digital Media/Commerce 79 33% 4,757.4 40% 24 759.0 1 3,300.0 54 698.4

Marketing Technology 67 28% 875.6 7% 26 518.4 0 0.0 41 357.2

Agency/Consulting 32 13% 958.0 8% 26 786.1 1 100.0 5 71.9

Digital Advertising 24 10% 247 8 2% 15 174 2 0 0 0 9 73 6


Transactions Est. Value Strategic Buyout Venture/Growth Capital

Marketing, Media, Technology, and Service Industries M&A and In estment Vol me Last 13 Months

Digital Advertising 24 10% 247.8 2% 15 174.2 0 0.0 9 73.6

Software & Information 23 10% 3,308.7 28% 5 1,871.5 2 1,271.1 16 166.1

Marketing Services 9 4% 104.0 1% 5 100.1 0 0.0 4 3.9

Out-of-Home & Specialty Media 5 2% 1,647.6 14% 4 1,637.6 0 0.0 1 10.0

Total 239 100% 11,898.9 100% 105 5,846.9 4 4,671.1 130 1,380.9

$11.9 $16.0

$9.9 $14.6

$23.3*

$11.0 $11.2 $8.8

$10.4 $10.8

$4.5

$25.1

$11.5

5.0 10.0 15.0 20.0 25.0 30.0

Val

ue

($ in

b

illi

on

s)

Investment Volume - Last 13 Months


-Aug-11 Sep-11 Oct-11 Nov-11 Dec-11 Jan-12 Feb-12 Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12

239243 222 226259294275 284 280 247 255260 231

*Hewlett-Packard acquired Autonomy for $10.3 billion

($ in Millions)

SELECTED TRANSACTIONS WITH VALUATION INFORMATION DISCLOSED AND IPOS AFTER FINAL PRICING

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDA

Digital AdvertisingFelix Affiliate/CPA Network CityGrid Media $30.0 $30.0 NA 1.0x NA

Digital Media/CommerceGetty Images, Inc. eCommerce The Carlyle Group 3,300.0 945.0 - 3.5x NABleacher Report, Inc. Niche Content Time Warner, Inc. 175.0 30.0 - 5.8x NA

Selected Transactions With Multiples Information

Pixmania SA eCommerce Dixons Retail plc 57.1 1,080.0 - 0.1x NAeDiets.com, Inc. eCommerce As Seen On TV, Inc. 13.2 22.5 (4.0) 0.6x NM

Software & InformationKenexa Corporation Human Capital Management Software IBM 1,200.0 318.0 26.7 3.8x 44.9xDeltek, Inc. ERP Software Thoma Bravo, Inc. 1,000.0 341.3 56.5 2.9x 17.7xTMW Systems Engineering Software Trimble Navigation Limited 335.0 96.0 - 3.5x NAUC4 Software GmbH Infrastructure Software EQT Partners 271.1 82.0 - 3.3x NAServigistics ERP Software Parametric Technology Corporation 220 0 80 0 - 2 8x NAServigistics ERP Software Parametric Technology Corporation 220.0 80.0 2.8x NA

Out-of-Home & Specialty MediaSuperMedia, Inc. Yellow Pages Dex One Corporation 1,476.6 1,495.0 539.0 1.0x 2.7x

Marketing ServicesPresstek Printer MAI Holdings, Inc. 26.6 113.4 (2.2) 0.2x NM

Target Subsegment Buyer/Investor Ent. Value Rev EBITDA EV/REV EV/EBITDAIPOs After Final Pricing*

Marketing TechnologyEloqua, Inc. SFA/Lead Management IPO $364.5 $84.7 $0.9 4.3x 405.0x

Software & InformationPerformant Financial Corporation Financial Software IPO 542.3 185.3 62.5 2.9x 8.7x

* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing


* IPO multiples based on TTM financials and pro forma balance sheets per latest Registration Filing

SECURITIES IN REGISTRATION ($ in Millions)Aggregate

Date Company Name Segment Offering Value Rev EBITDALTM

Aug-12 Trulia, Inc. Digital Media/Commerce 75.00 51.30 NM

Aug-12 Workday, Inc. Software & Information 400.00 134.40 NM

Apr-12 BlackStratus, Inc. Software & Information 20.00 9.20 NM

Mar-12 Exponential Interactive, Inc. Digital Advertising 75.00 169.10 22.0

h l f fMar-12 Gogo Technologies Software & Information 100.00 160.20 NM

Mar-12 LegalZoom.com, Inc. Digital Media/Commerce 96.00 173.60 12.3

Mar-12 Professional Diversity Network Digital Media/Commerce 17.50 5.73 2.9

Mar-12 Reval Holdings Software & Information 75.00 47.00 NM

Mar-12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0Mar 12 Shutterstock, Inc. Digital Media/Commerce 115.00 132.40 24.0


LTM IPO PERFORMANCE ($ in Millions)Initial Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Aug 31, 2012 1st Trading Day

Aug-12 ELOQ Eloqua Inc United States $10 00-$11 50 $11 50 $12 89 up 12% $13 99 8 5%Aug-12 ELOQ Eloqua, Inc. United States $10.00-$11.50 $11.50 $12.89, up 12% $13.99 8.5%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 10.85 2.4%

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 12.76 (5.5%)

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 27.29 (17.8%)

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 64.38 21.2%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 31.10 25.6%

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 18.06 (52.8%)

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 18.07 (5.4%)

May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 17.06 35.4%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 10.57 83.2%

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 12.98 (7.9%)

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 21.79 2.3%

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 34.40 (3.0%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 7.96 (58.2%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 26.00 6.9%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 21.17 (15.7%)

M 12 MM Mill i l M di I U i d S 11 00 13 00 13 00 25 00 92% 11 53 (53 9%)Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 11.53 (53.9%)

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 6.00 9.1%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 28.16 25.7%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 22.00 (10.5%)

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.42 (20.4%)

Feb-12 BV BazaarVoice Inc United States 8 00-12 00 12 00 16 51 up 31% 14 84 (10 1%)Feb 12 BV BazaarVoice, Inc. United States 8.00 12.00 12.00 16.51, up 31% 14.84 (10.1%)

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 12.92 (14.7%)

Feb-12 FXAI FX Alliance Inc. United States 13.50-15.50 12.00 14.74, up 15% 23.00 56.0%

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 15.09 0.3%

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 14.42 (11.5%)

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.80 (70.5%)


Nov-11 ANGI Angie's List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 9.56 (41.2%)

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 4.15 (84.1%)

Transactions by Segment and Buyer TypeDIGITAL ADVERTISING

• Online Lead Generation was the most active segment with six announced transactions worth approximately $38 million, while Search Marketing was the highest value worth approximately $54 million

• Select acquisitions› CityGrid Media’s $30 million acquisition of Felix, a pay-per-call advertising business› Did-it com’s acquisition of Idearc Inceptor a provider of SEO paid search marketing and social media › Did it.com s acquisition of Idearc Inceptor, a provider of SEO, paid search marketing and social media

marketing› Publicis Groupe’s acquisition of Resultrix, an India-based performance based digital marketing firm specializing

in SEM technology, social media, mobile marketing and analytics• Select investments

› The $19 million investment in MovieClips which operates a site where users can view movie clips led by U S › The $19 million investment in MovieClips, which operates a site where users can view movie clips, led by U.S. Venture Partners

› The $5 million investment in Nexage, a startup offering a real-time bidding platform for mobile ads, from Hearst Interactive Media

# % $MM % # $MM # $MM # $MM

Online Lead Generation 6 25% 37.6 15% 4 32.0 0 0.0 2 5.6

Digital Video 5 21% 50.0 20% 2 27.0 0 0.0 3 23.0

Mobile Marketing 4 17% 26.2 11% 3 21.2 0 0.0 1 5.0



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Search Marketing 4 17% 54.0 22% 4 54.0 0 0.0 0 0.0

Ad Networks/Exchanges 2 8% 25.0 10% 0 0.0 0 0.0 2 25.0

Game Advertising 2 8% 25.0 10% 1 10.0 0 0.0 1 15.0

Affiliate/CPA Network 1 4% 30.0 12% 1 30.0 0 0.0 0 0.0Total 24 100% 247.8 100% 15 174.2 0 0.0 9 73.6


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. Cash & ST. Total LTM LTM Margin LTM LTM Multiples

($ in millions, except stock price data)

g q y g pCompany Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $669.22 -2% $218,857.2 $185,256.2 $41,722.0 $8,121.0 $43,162.0 $15,451.0 35.8% 29.5% 4.3x 12.0xMicrosoft Corporation United States 30.69 -7% 257,286.5 208,017.5 62,044.0 12,775.0 73,723.0 30,714.0 41.7% 5.4% 2.8x 6.8x

Bankrate, Inc. United States $17.55 -32% $1,754.6 $1,870.3 $78.0 193.8 $473.8 $140.2 29.6% 37.2% 3.9x 13.3xBlucora, Inc. United States 15.71 -6% 634.8 567.5 141.9 74.6 339.5 68.5 20.2% 64.7% 1.7x 8.3xConstant Contact, Inc. United States 17.94 -44% 547.1 466.0 81.1 - 233.9 24.3 10.4% 20.0% 2.0x 19.2xeHealth, Inc. United States 17.00 -8% 335.5 213.4 122.1 - 150.5 17.9 11.9% -7.0% 1.4x 11.9xExactTarget, Inc. United States 21.57 -28% 1,424.6 1,213.1 211.6 - 248.0 (0.4) NM 0.0% 4.9x NMHi-Media S A France 2 70 -45% 122 4 161 1 23 3 62 1 298 7 26 2 8 8% 3 6% 0 5x 6 2xHi Media S.A. France 2.70 45% 122.4 161.1 23.3 62.1 298.7 26.2 8.8% 3.6% 0.5x 6.2xIAC/InterActiveCorp United States 51.92 -4% 4,546.1 3,802.0 945.8 95.8 2,435.0 351.0 14.4% 34.5% 1.6x 10.8xMillennial Media Inc. United States 10.55 -62% 803.1 679.6 123.5 - 132.1 (4.1) NM 0.0% 5.1x NMMotricity, Inc. United States 0.47 -82% 21.7 25.6 17.6 21.5 116.6 (11.5) NM -6.0% 0.2x NMOPT, Inc. Japan 1,037.11 -20% 152.6 13.0 156.9 5.8 880.4 22.6 2.6% 18.5% 0.0x 0.6xPacific Online Ltd. China 0.33 -43% 356.3 318.0 38.3 - 106.5 46.3 43.5% 19.3% 3.0x 6.9xQuinStreet, Inc. United States 8.37 -34% 357.9 360.2 105.3 107.6 370.5 59.7 16.1% -8.1% 1.0x 6.0xReachLocal, Inc. * United States 12.25 -21% 348.3 253.7 94.6 - 414.6 5.7 1.4% 24.0% 0.6x 44.2xResponsys, Inc. United States 9.50 -37% 460.8 362.2 100.1 1.6 148.7 19.4 13.1% 27.2% 2.4x 18.6xSepteni Holdings Co., Ltd. Japan 781.65 -25% 98.4 57.2 65.7 15.2 495.3 21.6 4.4% 15.8% 0.1x 2.6xThe Active Network, Inc. * United States 11.04 -38% 658.3 562.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.5x 100.5xTradeDoubler AB Sweden 2.38 -56% 101.7 74.4 25.9 - 371.6 12.9 3.5% 8.6% 0.2x 5.8xTree.Com, Inc. United States 16.00 -3% 182.0 87.3 94.7 - 54.0 (11.8) NM -6.9% 1.6x NMValueClick, Inc. United States 16.15 -26% 1,212.7 1,297.1 88.2 172.5 632.4 178.8 28.3% 32.6% 2.1x 7.3xVelti Plc Ireland 7.19 -51% 465.6 429.2 44.7 8.3 235.8 30.8 13.1% 66.0% 1.8x 13.9xYandex N.V. * Netherlands 20.77 -51% 6,779.9 6,412.2 367.8 - 748.3 327.2 43.7% 54.7% 8.6x 19.6xYahoo! Inc. United States 14.85 -12% 17,591.6 15,763.3 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.2x 12.1x

Low 0 0x 0 6x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2 0 standard deviations above the mean (6 2x) Low 0.0x 0.6x

Mean 2.2x 17.1x

Median 1.6x 11.4x

Weighted Avg 3.8x 14.1x

Adj. W Avg* 2.8x 13.2xHigh 8.6x 100.5x

*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (6.2x)

and EBITDA multiples that are 1.0 standard deviations above the mean (40.0x).

Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.


AGENCY/CONSULTINGTransactions by Segment and Buyer Type

• Digital Agency was the most active segment with 10 deals announced, while the highest value segment was Marketing Consulting worth approximately $450 million

• Select acquisitions› Verisk Analytics’ $425 million acquisition of Argus Information & Advisory Services, a provider of marketing

benchmarking, scoring solutions, analytics, and customized services to financial institutions› Catterton Partners’ acquisition of ePrize, a provider of digital engagement specializing in mobile, social and

Web campaigns, for reportedly more than $100 million› United Drugs’ acquisitions of healthcare bio-pharmaceutical business services companies Drug Safety Alliance

and Synopia RX, for $21 million and $3 million, respectively› Ron Sachs Communications’ acquisition of Vicki Johnson Communications, a communications and PR campaign

management company

# % $MM % # $MM # $MM # $MM

Digital Agency 10 31% 159.8 17% 9 150.0 0 0.0 1 9.8



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

Digital Agency 10 31% 159.8 17% 9 150.0 0 0.0 1 9.8

Public Relations 5 16% 56.9 6% 5 56.9 0 0.0 0 0.0

Social Agency 4 13% 60.0 6% 4 60.0 0 0.0 0 0.0

Healthcare Consulting 3 9% 25.3 3% 2 24.2 0 0.0 1 1.1

Branded Communications 2 6% 30.0 3% 2 30.0 0 0.0 0 0.0

Marketing Consulting 2 6% 450.0 47% 1 425.0 0 0.0 1 25.0

P ti A 2 6% 134 0 14% 0 0 0 1 100 0 1 34 0Promotion Agency 2 6% 134.0 14% 0 0.0 1 100.0 1 34.0

Design Agency 1 3% 10.0 1% 1 10.0 0 0.0 0 0.0

Experiential Marketing 1 3% 15.0 2% 1 15.0 0 0.0 0 0.0

Other* 2 6% 17 2% 1 15 0 0 1 2

Total 32 100% 958 100% 26 786 1 100 5 72

* Other includes General Agency and Media Planning/Buying


Other includes General Agency and Media Planning/Buying

AGENCY/CONSULTINGPUBLIC COMPANY VALUATION

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 08/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $10.69 -1% $251.3 $219.4 $130.2 $27.0 20.8% 0.0% 1.7x 8.1xAegis Group plc * United Kingdom 3.72 -1% 4,282.0 4,463.4 1,766.7 320.3 18.1% 20.6% 2.5x 13.9xCello Group Plc United Kingdom 0.64 -13% 52.7 65.8 207.9 13.4 6.4% 6.9% 0.3x 4.9xCharm Communications Inc. China 6.02 -50% 234.4 92.6 220.1 31.2 14.2% -6.2% 0.4x 3.0xChime Communications plc United Kingdom 3.03 -25% 243.0 239.3 507.3 46.7 9.2% 8.7% 0.5x 5.1xDentsu Inc. Japan 25.74 -23% 6,413.9 5,072.9 24,251.1 901.8 3.7% 6.6% 0.2x 5.6xEnero Group Limited Australia 0.55 -57% 47.4 16.9 512.3 34.8 6.8% -0.2% 0.0x 0.5xH F 5 11 9% 1 953 6 2 004 2 2 137 1 322 4 Havas France 5.11 -9% 1,953.6 2,004.2 2,137.1 322.4 15.1% 5.6% 0.9x 6.2xHuntsworth plc United Kingdom 0.82 -26% 203.0 311.5 276.6 44.5 16.1% 1.0% 1.1x 7.0xM&C Saatchi plc United Kingdom 2.43 -4% 154.3 135.3 238.4 27.6 11.6% 22.4% 0.6x 4.9xMDC Partners Inc. * Canada 9.50 -46% 302.7 900.6 999.9 59.2 5.9% 19.5% 0.9x 15.2xNext Fifteen Communications Group plc United Kingdom 1.55 -3% 89.9 102.5 142.8 18.2 12.7% 14.7% 0.7x 5.6xOmnicom Group Inc. United States 52.28 0% 13,886.5 16,819.3 14,101.9 2,116.4 15.0% 6.7% 1.2x 7.9xPublicis Groupe SA France 51.19 -5% 10,074.0 11,251.7 7,860.8 1,431.2 18.2% 11.1% 1.4x 7.9xSapient Corp. United States 9.84 -29% 1,353.3 1,187.4 1,064.5 131.9 12.4% 13.7% 1.1x 9.0xThe Interpublic Group of Companies, Inc. United States 11.36 -7% 4,965.8 5,575.3 7,021.6 849.6 12.1% 3.7% 0.8x 6.6xWPP plc Ireland 13.45 -4% 16,986.1 21,219.1 15,599.3 2,432.4 15.6% 7.4% 1.4x 8.7x

Low 0.0x 0.5x

Mean 0.9x 7.1x

Median 0.9x 6.6x


Adj. W Avg* 1.1x 7.7x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (2.2x)


High 2.5x 15.2x


DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• eCommerce was the most active and highest value segment with 28 transactions announced worth approximately $3.7 billion

• Select acquisitions› The Carlyle Group’s $3.3 billion acquisition of online stock photography company Getty Images from Hellman

& Friedman, the largest acquisition for our coverage in August› IAC/InterActiveCorp’s $300 million acquisition of the New York Times’ online information service About.com › Time Warner’s $175 million acquisition of the Bleacher Report, which offers a sports journalist and blogging

Website• Select investments

› The $150 million investment in India based eCommerce company FlipKart Online Services from MIH Group› The $150 million investment in India-based eCommerce company FlipKart Online Services, from MIH Group› The $50 million investment in Care.com, an online marketplace for users to find help for everything from

childcare and tutoring to housekeeping, led by Institutional Venture Partners› The $32 million investment Lumos Labs, a maker of games and training exercises aimed at improving the

brain's cognitive functions, led by Discovery Communications

# % $MM % # $MM # $MM # $MM

eCommerce 28 35% 3,748.2 79% 5 83.2 1 3,300.0 22 365.0

Gaming 15 19% 208.2 4% 6 87.8 0 0.0 9 120.4

Niche Content 9 11% 538.0 11% 7 522.0 0 0.0 2 16.0



DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Classifieds/Auctions/P-to-P 8 10% 110.9 2% 2 25.0 0 0.0 6 85.9

Mobile Content/Apps 8 10% 69.8 1% 0 0.0 0 0.0 8 69.8

Social Media/Apps 8 10% 49.4 1% 3 21.0 0 0.0 5 28.4

Digital Promotion/Coupon 2 3% 21.0 0% 1 20.0 0 0.0 1 1.0

Comparison Shopping 1 1% 12.0 0% 0 0.0 0 0.0 1 12.0

Total 79 100% 4,757 100% 24 759 1 3,300 54 698


Total 79 100% 4,757 100% 24 759 1 3,300 54 698

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $243.92 -1% $110,267.7 $105,297.7 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.9x 54.3xeBay Inc. United States 46.98 -2% 60,541.7 56,869.7 5,754.0 2,082.0 13,020.7 3,758.2 28.9% 29.5% 4.4x 15.1xFacebook, Inc. United States 19.15 -57% 41,026.3 31,544.3 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 7.3x 30.1xpriceline.com Incorporated United States 588.40 -24% 29,317.0 26,931.5 3,942.3 1,446.7 4,807.6 1,682.2 35.0% 31.9% 5.6x 16.0x

1-800-Flowers.com Inc. United States $3.77 -8% $244.3 $244.7 $28.9 $29.3 $716.3 $39.0 5.4% 3.8% 0.3x 6.3xAirMedia Group Inc. China 1.51 -62% 94.6 (20.9) 114.0 - 286.4 20.6 7.2% 17.1% NM NMAncestry.com Inc. United States 30.65 -16% 1,318.0 1,248.4 69.6 - 434.9 142.3 32.7% 22.7% 2.9x 8.8xAngie's List, Inc. United States 9.02 -55% 520.8 459.0 76.5 14.8 119.1 (54.0) NM 69.7% 3.9x NMAOL Inc. United States 33.86 -2% 3,181.9 1,835.8 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 0.8x 4.1xBetfair Group PLC United Kingdom 11.22 -22% 1,121.2 907.3 219.8 - 632.5 104.9 16.6% -0.9% 1.4x 8.6xBIDZ.com, Inc. United States 0.76 -14% 14.0 12.0 2.0 - 74.2 (7.3) NM -22.5% 0.2x NMBlinkx plc United Kingdom 0.79 -69% 287.2 249.2 38.4 - 114.4 12.8 11.2% 73.1% 2.2x 19.5xBlue Nile Inc. United States 38.28 -23% 475.4 422.4 53.7 0.7 361.4 13.3 3.7% 5.4% 1.2x 31.8xBluefly Inc. United States 1.10 -61% 31.4 29.6 1.7 - 97.0 (20.2) NM 3.8% 0.3x NMCafePress Inc. United States 9.10 -60% 155.4 97.2 61.2 2.9 193.1 17.4 9.0% 29.0% 0.5x 5.6xCyberAgent Inc. Japan 2,085.66 -42% 1,350.2 484.7 886.0 12.3 1,662.2 267.4 16.1% 15.5% 0.3x 1.8xDemand Media, Inc. United States 9.87 -21% 790.7 696.5 94.2 - 345.2 58.5 16.9% 15.9% 2.0x 11.9xDeNA Co., Ltd. Japan 30.17 -42% 4,267.8 3,570.3 730.9 - 1,985.1 893.6 45.0% 28.8% 1.8x 4.0x, p , , , 45.0% 28.8% 1.8x 4.0xDice Holdings, Inc. United States 7.97 -28% 495.1 453.6 56.5 15.0 188.7 76.2 40.4% 20.1% 2.4x 6.0xE-Commerce China Dangdang Inc. China 4.94 -56% 395.1 184.4 226.4 15.7 697.2 (68.8) NM 58.5% 0.3x NMEdiets.com Inc. United States 0.47 -69% 6.7 7.4 0.3 1.0 22.5 (4.0) NM -12.8% 0.3x NMeHealth, Inc. United States 17.00 -8% 335.5 213.4 122.1 - 150.5 17.9 11.9% -7.0% 1.4x 11.9xExpedia Inc. United States 52.18 -16% 7,083.0 6,046.2 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.7x 8.8xG5 Entertainment AB (publ) Sweden 5.10 -31% 40.8 38.0 2.8 - 8.1 3.1 38.2% 88.0% 4.7x 12.3xGameLoft SA France 5.93 -13% 471.8 425.5 49.4 1.4 223.9 33.2 14.8% 14.1% 1.9x 12.8xGlu Mobile, Inc. United States 5.05 -14% 329.0 304.5 24.5 - 77.2 (16.7) NM 18.5% 3.9x NMGree, Inc. Japan 17.21 -52% 4,023.8 3,322.5 910.3 218.4 1,979.6 1,056.7 53.4% 146.6% 1.7x 3.1xGroupon, Inc. United States 4.41 -86% 2,882.7 1,696.0 1,189.8 - 2,049.9 105.6 5.2% 117.6% 0.8x 16.1xHollywood Media Corp. United States 1.31 -18% 30.4 28.0 2.4 0.0 3.4 (5.1) NM NA 8.2x NMHomeAway, Inc. United States 23.90 -48% 1,972.0 1,750.7 221.3 - 255.3 46.1 18.1% 27.2% 6.9x 38.0xHSN, Inc. United States 44.32 -3% 2,466.6 2,524.5 181.3 239.2 3,262.0 272.0 8.3% 7.2% 0.8x 9.3xInternational Game Technology United States 12.18 -33% 3,253.3 4,981.8 241.3 1,969.8 2,059.4 726.6 35.3% 8.9% 2.4x 6.9xJiayuan.com International Ltd. China 4.58 -72% 145.0 49.8 95.2 - 57.6 8.2 14.3% 0.0% 0.9x 6.1xKayak Software Corporation United States 27.60 -22% 1,063.0 1,020.2 43.9 - 245.2 41.9 17.1% 31.4% 4.2x 24.3xKongzhong Corp. China 7.03 -14% 301.1 128.1 173.0 - 167.2 24.3 14.5% 10.0% 0.8x 5.3xLeGuide.com S.A. France 34.95 -1% 122.6 82.4 45.3 3.5 37.0 12.3 33.3% 5.2% 2.2x 6.7xLinkedIn Corporation * United States 104 67 13% 11 064 1 10 447 0 617 1 723 9 91 1 12 6% 101 9% 14 4 114 7LinkedIn Corporation * United States 104.67 -13% 11,064.1 10,447.0 617.1 - 723.9 91.1 12.6% 101.9% 14.4x 114.7xLiquidity Services, Inc. United States 48.04 -28% 1,489.1 1,446.0 84.6 41.5 432.2 91.3 21.1% 40.6% 3.3x 15.8xMakeMyTrip Limited * India 14.75 -56% 548.1 450.5 98.0 0.3 208.7 4.4 2.1% 45.9% 2.2x 101.4xMercadolibre, Inc. * Argentina 79.35 -24% 3,503.3 3,336.9 170.6 0.2 340.7 123.8 36.3% 36.8% 9.8x 27.0xMixi, Inc. Japan 1,574.73 -64% 244.3 106.7 135.4 - 173.7 48.5 27.9% -12.4% 0.6x 2.2xMove, Inc. United States 7.83 -22% 307.8 262.6 45.2 - 190.8 15.7 8.2% -3.2% 1.4x 16.8xNexon Co. Ltd. Japan 14.62 -32% 6,338.8 5,477.7 1,722.0 280.3 1,138.7 621.6 NM 25.6% 4.8x NMNetflix, Inc. United States 62.39 -74% 3,464.8 3,051.4 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.9x 13.4xOpenTable, Inc. United States 42.98 -34% 971.5 899.6 71.9 - 150.4 42.8 28.5% 22.0% 6.0x 21.0xOrbitz Worldwide, Inc. United States 2.76 -42% 289.9 559.9 170.4 440.4 770.8 106.7 13.8% 0.9% 0.7x 5.2x


, 13.8% 0.9% 0.7x 5.2xOverstock.com Inc. United States 8.53 -22% 200.0 157.0 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.1x 18.2xPacific Online Ltd. China 0.33 -43% 356.3 318.0 38.3 - 106.5 46.3 43.5% 19.3% 3.0x 6.9xPandora Media, Inc. United States 10.05 -61% 1,672.1 1,591.5 80.6 - 304.1 (20.8) NM 81.9% 5.2x NMPerform Group plc. * United Kingdom 6.00 -15% 1,434.2 1,335.0 118.1 20.2 160.6 26.5 16.5% 53.0% 8.3x 50.4x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPC Connection, Inc. United States 11.91 -8% 315.0 253.1 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 4.3xPC Home Online Inc. Taiwan 5.59 -17% 457.2 380.7 101.4 12.4 484.8 17.9 3.7% 16.4% 0.8x 21.3xPC Mall Inc. United States 5.97 -10% 71.8 152.8 8.6 89.5 1,462.3 20.4 1.4% 0.2% 0.1x 7.5xPhoenix New Media Limited China 3.82 -51% 297.7 121.6 176.1 - 168.9 23.1 13.7% 51.9% 0.7x 5.3xQihoo 360 Technology Co. Ltd * China 22.98 -13% 2,742.7 2,385.4 359.1 - 251.9 58.2 23.1% 169.9% 9.5x 41.0xRakuten, Inc. Japan 9.94 -18% 13,061.1 11,766.1 5,266.2 3,971.2 5,039.2 1,154.9 22.9% 12.0% 2.3x 10.2xRealNetworks Inc. United States 7.99 -36% 279.1 (3.9) 282.9 - 297.1 (34.6) NM -16.4% NM 0.1xRediff.com India Limited India 2.80 -75% 77.3 52.7 - - 18.2 (7.2) NM -17.2% 2.9x NMR I Chi 3 85 51% 1 493 6 571 5 922 1 143 9 (56 8)Renren Inc. China 3.85 -51% 1,493.6 571.5 922.1 - 143.9 (56.8) NM 0.0% 4.0x NMScripps Networks Interactive, Inc. United States 58.92 -4% 8,778.6 10,276.9 261.8 1,384.1 2,193.6 1,006.3 45.9% 10.4% 4.7x 10.2xShutterfly, Inc. United States 30.25 -45% 1,088.7 970.7 118.1 - 530.6 51.2 9.6% 52.4% 1.8x 19.0xSify Technologies Limited India 2.12 -67% 279.1 296.4 - - 134.1 10.6 7.9% 0.5% 2.2x 27.9xSky-mobi Limited China 1.92 -71% 62.0 (32.6) 94.6 - 105.9 4.6 4.3% -0.8% NM NMSpark Networks, Inc. United States 5.92 -13% 122.4 109.7 12.7 - 55.1 (1.8) NM 28.3% 2.0x NMStamps.com Inc. United States 22.10 -34% 362.8 310.8 52.0 - 108.7 20.4 18.7% 17.1% 2.9x 15.3xTaomee Holdings Ltd. China 3.73 -58% 136.9 14.9 122.0 - 42.1 8.0 18.9% 0.0% 0.4x 1.9xTechTarget, Inc. United States 5.13 -35% 202.5 147.5 55.0 - 104.9 18.0 17.2% 5.4% 1.4x 8.2xThe Active Network Inc * United States 11 04 -38% 658 3 562 8 107 8 12 2 381 7 5 6 1 5% 24 6% 1 5x 100 5xThe Active Network, Inc. * United States 11.04 38% 658.3 562.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.5x 100.5xTheStreet, Inc. United States 1.36 -44% 44.7 4.0 40.7 - 53.9 (3.2) NM -7.3% 0.1x NMTripAdvisor Inc. United States 33.97 -29% 4,835.0 4,771.1 478.2 414.4 699.5 300.8 43.0% 24.0% 6.8x 15.9xUnited Online, Inc. United States 4.96 -20% 449.6 581.9 111.4 243.8 874.8 134.5 15.4% -5.2% 0.7x 4.3xValueVision Media Inc. United States 1.95 -52% 95.4 95.2 38.2 38.0 554.5 (8.0) NM -5.5% 0.2x NMWebMD Health Corp. United States 14.76 -63% 724.5 560.3 964.2 800.0 505.4 65.3 12.9% -12.4% 1.1x 8.6xWebMediaBrands Inc United States 3.09 -68% 18.9 23.0 3.6 7.6 14.1 (1.3) NM 32.1% 1.6x NMYahoo! Inc. United States 14.85 -12% 17,591.6 15,763.3 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.2x 12.1xYandex N.V. Netherlands 20.77 -51% 6,779.9 6,412.2 367.8 - 748.3 327.2 43.7% 54.7% 8.6x 19.6xYelp, Inc. * United States 19.11 -40% 1,170.0 1,047.4 122.6 - 107.2 (13.5) NM 0.0% 9.8x NMYouku Tudou Inc. China 17.71 -46% 2,062.8 1,518.6 546.3 2.0 193.4 (1.7) NM 107.3% 7.9x NMZillow, Inc. * United States 38.97 -12% 1,151.3 1,081.7 69.6 - 89.5 9.9 11.1% 99.4% 12.1x 109.3xZynga, Inc. United States 3.06 -81% 2,324.5 1,207.5 1,216.9 100.0 1,271.5 (458.2) NM 43.1% 0.9x NM

Low 0.1x 0.1x

Mean 2.9x 19.4x

Median 1.8x 10.8x




Note: Revenue and EBITDA multiples for Amazon.com, eBay, Facebook and priceline.com excluded from Summary Multiples.



MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• Content Management was the most active segments with 14 transactions. The highest value segment was Mobile Technology worth approximately $140 million

• Select acquisitions› Libero’s $108 million acquisition of Italy-based Matrix, which engages in the ownership and operation of

Virgilio, an internet service provider› Gannett’s $23 million acquisition of BLiNQ Media, a provider of Facebook advertising software and service

• Select investments› The $28 million investment in ClearSlide, which provides a Web-based sales communications platform

designed to facilitate communication demands among sales teams, led by Bessemer Venture Partners› The $25 million investment in mobile payments company Square from Starbucks as part of a $200 million › The $25 million investment in mobile payments company Square, from Starbucks, as part of a $200 million

round

# % $MM % # $MM # $MM # $MM

Content Management 14 21% 135.9 16% 6 95.0 0 0.0 8 40.9



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Mobile Technology 11 16% 140.2 16% 4 62.2 0 0.0 7 78.0

Social Technology 9 13% 91.5 10% 4 68.0 0 0.0 5 23.5

Analytics & Reporting 6 9% 67.5 8% 1 20.0 0 0.0 5 47.5

SFA/Lead Management 4 6% 55.9 6% 0 0.0 0 0.0 4 55.9

BI Tools 3 4% 43.3 5% 2 35.0 0 0.0 1 8.3

Commerce Management 3 4% 30.8 4% 0 0.0 0 0.0 3 30.8g

Online Targeting/Optimization 3 4% 36.3 4% 2 35.0 0 0.0 1 1.3

Email/Messaging Software 2 3% 30.0 3% 2 30.0 0 0.0 0 0.0

Internet Service Providers 2 3% 128.2 15% 2 128.2 0 0.0 0 0.0

MRM/Workflow Management 2 3% 5.1 1% 0 0.0 0 0.0 2 5.1

Search & Discovery 2 3% 21.0 2% 0 0.0 0 0.0 2 21.0

Other* 6 9% 90 10% 3 45 0 0 3 45


Other 6 9% 90 10% 3 45 0 0 3 45

Total 67 100% 876 100% 26 518 0 0 41 357

*Other includes Ad Serving, CRM, Media Management System, SEM/SEO Tools and Website Creation/Hosting

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $33.92 -2% $16,680.6 $15,192.6 $2,998.1 $1,510.1 $4,335.0 $1,492.5 34.4% 7.1% 3.5x 10.2xsalesforce.com, inc United States 147.57 -10% 20,364.7 20,204.4 710.4 550.1 2,457.6 105.9 4.3% 37.7% 8.2x 190.8x

Akamai Technologies, Inc. United States $37.05 -5% $6,569.2 $6,072.7 $496.5 - $1,256.4 $504.4 40.1% 15.1% 4.8x 12.0xBazaarvoice, Inc. United States 13.84 -34% 842.6 717.4 125.2 - 106.1 (20.6) NM 64.6% 6.8x NMBitauto Holdings Limited China 4.32 -41% 177.9 102.3 75.6 - 130.6 17.9 13.7% 0.0% 0.8x 5.7xBlackbaud Inc. United States 25.18 -26% 1,137.5 1,376.8 21.2 260.5 395.4 63.2 16.0% 12.9% 3.5x 21.8xBrightcove, Inc. United States 12.00 -53% 328.1 275.8 53.6 - 76.8 (10.6) NM 48.3% 3.6x NMChinaCache International China 5.77 -32% 132.3 84.6 47.9 0.3 112.7 13.6 12.1% 0.0% 0.8x 6.2xC aCac e e a o a C a 5 3 % 3 3 8 6 9 0 3 3 6 12.1% 0.0% 0.8x 6.2xDemandware, Inc. United States 25.60 -20% 744.7 641.8 110.0 7.1 66.5 (2.4) NM 45.0% 9.6x NMDigital Generation, Inc. United States 9.53 -58% 263.1 1,272.0 57.0 1,066.0 382.1 115.4 30.2% 45.7% 3.3x 11.0xDigital River Inc. United States 16.28 -32% 579.9 289.6 644.0 353.8 400.7 57.7 14.4% 7.3% 0.7x 5.0xEloqua, Inc. * United States 13.20 -16% 422.9 600.7 5.0 1.9 84.7 0.9 1.1% 42.3% 7.1x 667.4xExactTarget, Inc. United States 21.32 -29% 1,408.1 1,196.5 211.6 - 248.0 (0.4) NM 0.0% 4.8x NMInformatica Corporation United States 30.68 -44% 3,329.7 2,764.4 565.3 - 809.5 181.4 22.4% 12.4% 3.4x 15.2xInnerWorkings Inc. United States 12.18 -13% 600.7 661.0 12.8 73.0 723.0 32.2 4.5% 31.4% 0.9x 20.5xInteractive Intelligence United States 29.00 -16% 559.1 494.4 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 27.5xJDA Software Group Inc. United States 30.33 -13% 1,298.5 1,209.5 362.4 273.5 665.5 180.3 27.1% 8.5% 1.8x 6.7xJive Software, Inc. United States 15.70 -44% 977.8 832.6 157.2 12.0 95.6 (37.6) NM 56.8% 8.7x NMKeynote Systems Inc. United States 13.47 -48% 238.8 193.3 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4xLivePerson Inc. United States 15.76 -20% 877.1 776.5 100.6 - 146.1 23.7 16.2% 21.4% 5.3x 32.8xMercadolibre, Inc. Argentina 84.66 -19% 3,737.7 3,571.4 170.6 0.2 340.7 123.8 36.3% 36.8% 10.5x 28.9xNQ Mobile Inc. China 7.72 -39% 339.2 216.2 128.6 0.7 60.1 7.2 11.9% 113.4% 3.6x 30.2xOpen Text Corp. Canada 54.47 -13% 3,181.4 3,218.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.7x 9.7xPROS Holdings, Inc. United States 16.11 -22% 441.6 370.4 71.2 - 106.6 11.2 10.5% 31.5% 3.5x 33.1xRovi Corporation United States 14.51 -72% 1,556.6 2,159.9 873.2 1,476.4 692.4 217.6 31.4% 13.5% 3.1x 9.9xSplunk, Inc. * United States 31.44 -16% 3,040.0 2,774.0 266.1 - 137.5 (10.4) NM 0.0% 20.2x NMSynacor, Inc. United States 7.86 -56% 212.4 182.5 35.1 5.1 114.4 9.6 8.4% 0.0% 1.6x 19.0xThe Active Network, Inc. United States 11.25 -37% 670.9 575.3 107.8 12.2 381.7 5.6 1.5% 24.6% 1.5x 102.7xTIBCO Software Inc. United States 28.68 -17% 4,648.6 4,556.3 647.3 553.9 991.5 225.4 22.7% 19.8% 4.6x 20.2xVerint Systems Inc. United States 29.15 -11% 1,159.4 1,855.3 189.8 595.6 803.0 132.7 16.5% 9.9% 2.3x 14.0xVocus Inc. * United States 19.13 -22% 396.0 447.6 27.6 1.7 137.9 1.1 0.8% 29.9% 3.2x 400.7xWeborama France 24.69 -21% 86.2 81.5 11.5 6.6 31.5 5.7 18.2% 46.5% 2.6x 14.2x

Low 0.7x 5.0x

Mean 4 3x 63 5x


and EBITDA multiples that are 1 0 standard deviations above the mean (215 0x) Mean 4.3x 63.5x

Median 3.4x 17.1x



Note: Revenue and EBITDA multiples for Adobe Systems and Salesforce.com excluded from Summary Multiples.



SOFTWARE & INFORMATIONTransactions by Segment and Buyer Type

• Human Capital Management Software was the most active segment within Software & Information with five transactions. The highest value segments were ERP Software and Human Capital Management Software, each worth approximately $1.2 billion

• Select acquisitions› IBM’s $1.2 billion acquisition of Kenexa, a provider of on-demand human resources software› Thoma Bravo’s $1 billion acquisition of Deltek, a provider of enterprise software and information solutions for

professional services firms and government contractors› Trimble Navigation’s $335 million acquisition of TMW Systems, a provider of enterprise software to

transportation and logistics companies• Select investments

› The $46 million investment in Best Doctors, an online provider of medical information for the diagnosis and treatment of patients from Brown Brothers Harriman

› The $24 million investment in YottaMark, a company using big data and software-as-a-service to track produce from the farm to the supermarket, led by Westbury Partners

BUYER/INVESTOR BREAKDOWNSOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

# % $MM % # $MM # $MM # $MM

Human Capital Management Software 5 22% 1,209.5 37% 1 1,200.0 0 0.0 4 9.5

ERP Software 3 13% 1,244.0 38% 1 220.0 1 1,000.0 1 24.0

Credit/Risk Software 2 9% 130.0 4% 1 115.0 0 0.0 1 15.0

H lth I f ti 2 9% 57 5 2% 0 0 0 0 0 0 2 57 5



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

Healthcare Information 2 9% 57.5 2% 0 0.0 0 0.0 2 57.5

Healthcare Software 2 9% 5.7 0% 0 0.0 0 0.0 2 5.7

Infrastructure Software 2 9% 276.1 8% 0 0.0 1 271.1 1 5.0

Market Research 2 9% 40.0 1% 0 0.0 0 0.0 2 40.0

Engineering Software 1 4% 335.0 10% 1 335.0 0 0.0 0 0.0

Financial Information 1 4% 0.9 0% 0 0.0 0 0.0 1 0.9

O h * 3 13% 10 0% 1 2 0 0 2 9


Other* 3 13% 10 0% 1 2 0 0 2 9

Total 23 100% 3,309 100% 5 1,872 2 1,271 16 166

*Other includes Geo-Demo Information, Marketing Data and Unclassified Software

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $7.69 -9% $427.1 $283.2 $143.9 - $153.8 $15.3 9.9% 19.5% 1.8x 18.5xActuate Corporation United States 6.99 -4% 344.5 263.5 80.9 - 140.2 31.3 22.4% 1.6% 1.9x 8.4xAcxiom Corporation United States 17.06 -2% 1,280.0 1,375.2 179.3 274.5 1,126.2 235.9 20.9% 0.6% 1.2x 5.8xAdobe Systems Inc. United States 31.27 -10% 15,377.4 13,889.4 2,998.1 1,510.1 4,335.0 1,492.5 34.4% 7.1% 3.2x 9.3xAdvent Software, Inc. United States 23.76 -19% 1,203.6 1,119.1 132.0 47.5 347.5 71.5 20.6% 14.7% 3.2x 15.6xAdvisory Board Co. United States 44.33 -15% 1,533.9 1,488.7 45.2 - 394.6 63.7 16.2% 33.0% 3.8x 23.4xAkamai Technologies, Inc. United States 37.51 -4% 6,650.7 6,154.2 496.5 - 1,256.4 504.4 40.1% 15.1% 4.9x 12.2xAlliance Data Systems Corporation United States 137.65 -1% 6,869.7 13,769.5 642.2 7,542.0 3,450.4 1,032.3 29.9% 17.4% 4.0x 13.3xAllocate Software plc. United Kingdom 1.16 -14% 74.3 67.4 12.8 6.2 56.3 8.0 14.2% 21.7% 1.2x 8.4xp g 14.2% 21.7% 1.2x 8.4xAllscripts Healthcare Solutions, Inc. United States 10.50 -52% 1,798.6 2,169.2 120.4 491.0 1,486.6 237.1 15.9% 19.9% 1.5x 9.1xArbitron Inc. United States 35.17 -18% 919.0 906.2 12.8 - 436.5 123.4 28.3% 7.1% 2.1x 7.3xathenahealth, Inc. United States 88.37 -9% 3,181.2 3,025.9 155.4 - 376.3 49.2 13.1% 34.2% 8.0x 61.4xAutomatic Data Processing, Inc. United States 58.08 -1% 28,140.1 26,578.4 1,578.5 16.8 10,665.2 2,333.5 21.9% 8.0% 2.5x 11.4xAveva Group plc United Kingdom 29.42 -2% 1,999.9 1,715.7 286.2 - 313.3 95.3 30.4% 12.6% 5.5x 18.0xAVG Technologies N.V. Netherlands 10.42 -33% 566.7 640.4 123.7 197.4 311.0 83.9 27.0% 0.0% 2.1x 7.6xBlackbaud Inc. United States 24.38 -28% 1,101.4 1,340.7 21.2 260.5 395.4 63.2 16.0% 12.9% 3.4x 21.2xBooz Allen Hamilton Holding Corporation United States 18.36 -5% 2,432.7 3,051.7 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.5x 6.2xBrainjuicer Group Plc United Kingdom 5.25 -3% 65.7 59.9 5.7 - 32.2 4.6 14.2% 26.6% 1.9x 13.0xBroadridge Financial Solutions, Inc. United States 23.68 -5% 2,957.7 3,161.6 320.5 524.4 2,303.5 340.0 14.8% 6.3% 1.4x 9.3xCegedim SA France 21.46 -42% 299.5 882.6 95.0 695.8 1,184.1 195.8 16.5% -1.6% 0.7x 4.5xCello Group Plc United Kingdom 0.60 -20% 48.8 62.1 6.5 18.5 207.9 13.4 6.4% 6.9% 0.3x 4.6xCerner Corporation United States 73.14 -17% 12,520.0 11,716.2 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.9x 17.8xCision AB Sweden 7.50 -20% 111.3 174.6 7.6 68.2 142.1 24.5 17.2% -4.0% 1.2x 7.1xcomScore, Inc. United States 14.12 -41% 497.5 459.5 50.3 12.3 243.9 18.4 7.5% 17.3% 1.9x 25.0xConcur Technologies, Inc. * United States 72.40 -1% 3,980.9 3,749.0 481.2 248.5 417.1 52.5 12.6% 25.7% 9.0x 71.4xConstant Contact, Inc. United States 19.55 -39% 596.2 515.1 81.1 - 233.9 24.3 10.4% 20.0% 2.2x 21.2xCoreLogic, Inc. United States 24.60 -1% 2,591.3 3,105.7 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.2x 12.0xCornerstone OnDemand, Inc. * United States 26.81 -10% 1,344.7 1,282.7 67.0 5.0 93.1 (19.8) NM 72.2% 13.8x NMCoStar Group Inc. United States 81.25 -5% 2,291.7 2,360.4 104.2 172.8 283.8 52.6 18.5% 19.7% 8.3x 44.9xCRA International Inc. United States 15.85 -43% 162.8 124.1 41.8 2.3 282.9 27.4 9.7% 0.0% 0.4x NMCraneware plc United Kingdom 5.20 -47% 140.4 116.3 23.6 - 40.3 9.6 23.8% 27.2% 2.9x 12.1xDigital Generation, Inc. United States 11.15 -49% 307.8 706.7 57.0 456.0 382.1 115.4 30.2% 45.7% 1.8x 6.1xDigital River Inc. United States 16.66 -30% 593.4 303.2 644.0 353.8 400.7 57.7 14.4% 7.3% 0.8x 5.3xDun & Bradstreet Corp. United States 80.95 -6% 3,633.2 4,532.0 118.6 1,013.6 1,724.8 519.5 30.1% 1.3% 2.6x 8.7xE2open, Inc. United States 12.76 -12% 318.1 320.3 10.1 12.3 63.9 1.1 1.6% 0.0% 5.0x 304.7xEbiquity plc United Kingdom 1.55 0% 84.4 104.5 10.0 29.9 85.9 13.8 16.0% 19.8% 1.2x 7.6xEbi I U it d St t 23 99 11% 890 4 944 4 26 8 80 7 178 2 76 5 Ebix Inc. United States 23.99 -11% 890.4 944.4 26.8 80.7 178.2 76.5 42.9% 18.2% 5.3x 12.3xEnvestnet, Inc. United States 11.54 -12% 372.5 359.1 13.4 - 133.2 16.0 12.0% 18.1% 2.7x 22.4xEPIQ Systems, Inc. United States 11.72 -20% 421.1 656.3 6.9 242.1 311.0 71.3 22.9% 32.2% 2.1x 9.2xEpocrates, Inc. * United States 8.92 -17% 221.4 139.4 81.9 - 110.7 0.0 0.0% -0.7% 1.3x 3768.3xEquifax Inc. United States 45.78 -7% 5,487.4 6,295.7 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.1x 9.4xExperian plc Ireland 15.94 -2% 15,777.1 17,887.2 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 4.0x 12.0xFactSet Research Systems Inc. United States 92.27 -16% 4,103.4 3,861.3 242.1 - 790.1 295.3 37.4% 12.4% 4.9x 13.1xFair Isaac Corp. United States 42.71 -7% 1,445.4 1,798.7 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.5xFidelity National Information Services, Inc. United States 31.50 -10% 9,280.3 13,760.6 533.8 4,871.1 5,850.2 1,708.5 29.2% 5.8% 2.4x 8.1xFidessa group plc United Kingdom 22 74 -19% 838 7 758 2 79 5 - 443 1 90 6 20 4% 4 3% 1 7x 8 4x


Fidessa group plc United Kingdom 22.74 -19% 838.7 758.2 79.5 - 443.1 90.6 20.4% 4.3% 1.7x 8.4xFinancial Engines, Inc. United States 21.30 -15% 994.8 841.4 153.4 - 162.5 28.2 17.3% 25.6% 5.2x 29.9xForrester Research Inc. United States 29.28 -26% 656.4 420.0 236.4 - 293.8 52.0 17.7% 10.4% 1.4x 8.1xFTI Consulting, Inc. United States 26.01 -42% 1,046.2 1,677.6 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.1x 6.4x




Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAFX Alliance Inc United States 23.00 0% 654.9 586.2 68.8 - 122.9 46.6 37.9% 15.7% 4.8x 12.6xGartner Inc. United States 49.39 -1% 4,614.2 4,663.8 150.5 200.1 1,540.1 254.6 16.5% 12.1% 3.0x 18.3xGfK SE Germany 44.27 -14% 1,615.9 2,209.4 88.2 634.3 1,817.8 257.4 14.2% 6.6% 1.2x 8.6xGreen Dot Corporation United States 11.45 -69% 410.5 261.8 194.4 45.7 527.0 98.3 18.6% 21.4% 0.5x 2.7xHarris Interactive Inc. United States 1.18 -13% 67.5 62.1 11.5 6.0 147.5 10.6 7.2% -10.7% 0.4x 5.9xHarte-Hanks Inc. United States 6.96 -32% 438.6 520.6 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.7xIHS Inc. United States 114.04 -1% 7,502.1 8,081.3 268.2 847.5 1,439.3 294.3 20.5% 23.2% 5.6x 27.5xInfoblox Inc. * United States 21.79 -7% 995.9 838.5 157.4 - 163.6 1.8 1.1% 0.0% 5.1x 463.3xI f l S i l d 6 46 10% 3 883 1 5 228 7 83 3 1 412 4 1 976 5 561 4 Informa plc Switzerland 6.46 -10% 3,883.1 5,228.7 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 2.6x 9.3xInformatica Corporation United States 32.60 -40% 3,538.1 2,972.8 565.3 - 809.5 181.4 22.4% 12.4% 3.7x 16.4xInformation Services Group, Inc. United States 1.24 -17% 44.9 97.3 14.2 66.6 184.4 12.1 6.6% 23.0% 0.5x 8.0xInnerWorkings Inc. United States 12.05 -14% 594.3 654.6 12.8 73.0 723.0 32.2 4.5% 31.4% 0.9x 20.3xInteractive Intelligence Group Inc. United States 29.56 -14% 569.9 505.1 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.1xInternational Datacasting Corporation Canada 0.21 -43% 12.9 5.7 7.2 0.0 31.1 (1.2) NM -17.9% 0.2x NMIpsos SA France 29.83 -17% 1,351.7 2,235.6 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.1x 9.6xIsoftstone Holdings Limited China 4.41 -60% 245.9 202.9 60.1 15.0 337.9 33.4 9.9% 42.7% 0.6x 6.1xJDA Software Group Inc. United States 30.80 -12% 1,318.6 1,229.6 362.4 273.5 665.5 180.3 27.1% 8.5% 1.8x 6.8xKenexa Corp United States 45 84 1% 1 262 9 1 206 3 89 7 28 3 318 0 26 7 8 4% 32 1% 3 8x 45 3xKenexa Corp. United States 45.84 -1% 1,262.9 1,206.3 89.7 28.3 318.0 26.7 8.4% 32.1% 3.8x 45.3xKeynote Systems Inc. United States 13.13 -49% 232.7 187.3 45.5 - 121.5 18.6 15.3% 26.5% 1.5x 10.1xLender Processing Services, Inc. United States 28.07 -1% 2,377.4 3,324.9 138.5 1,086.0 2,092.5 255.6 12.2% -6.7% 1.6x 13.0xMacdonald Dettwiler & Associates Ltd. Canada 60.01 -4% 1,910.6 1,772.9 236.4 103.4 682.0 156.1 22.9% -10.4% 2.6x 11.4xMedAssets, Inc. United States 17.07 -2% 998.4 1,940.6 5.4 947.5 613.2 182.1 29.7% 27.6% 3.2x 10.7xMediware Information Systems Inc. United States 14.68 -5% 120.8 83.4 37.4 - 63.9 12.5 19.5% 21.0% 1.3x 6.7xMerge Healthcare Incorporated United States 3.16 -56% 291.3 506.2 35.6 250.0 248.0 48.5 19.6% 24.2% 2.0x 10.4xMoody's Corp. United States 39.60 -8% 8,803.1 9,281.6 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 3.9x 9.2xMorningstar Inc. United States 59.41 -7% 2,875.1 2,486.9 389.9 - 645.3 182.5 28.3% 6.9% 3.9x 13.6xMSCI Inc. United States 35.08 -8% 4,272.6 4,789.1 359.8 876.2 918.8 413.9 45 0% 0 0% 5 2x 11 6xMSCI Inc. United States 35.08 8% 4,272.6 4,789.1 359.8 876.2 918.8 413.9 45.0% 0.0% 5.2x 11.6xNational Research Corp. United States 49.76 -6% 338.5 340.9 11.2 13.6 80.7 25.8 32.0% 15.3% 4.2x 13.2xNavigant Consulting Inc. United States 11.05 -24% 570.1 738.1 - 168.0 720.7 103.4 14.4% 9.6% 1.0x 7.1xNielsen Holdings N.V. Netherlands 28.04 -11% 10,127.0 16,714.0 283.0 6,866.0 5,559.0 1,365.0 24.6% 3.8% 3.0x 12.2xOnvia Inc. United States 3.89 -9% 33.2 21.2 12.1 0.1 22.2 1.3 5.7% -11.7% 1.0x 16.6xOpen Text Corp. Canada 53.80 -14% 3,142.2 3,178.9 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.6x 9.5xPalo Alto Networks, Inc. * United States 64.38 -6% 4,287.8 4,197.5 90.3 - 219.7 8.0 3.6% 0.0% 19.1x 524.4xParametric Technology Corporation United States 21.25 -27% 2,522.7 2,424.7 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.9x 11.0xPaychex, Inc. United States 33.26 -1% 12,065.4 11,749.1 316.3 - 2,229.8 951.7 42.7% 7.0% 5.3x 12.3xProofpoint, Inc. United States 12.98 -27% 413.2 336.6 81.4 4.8 93.7 (11.4) NM 0.0% 3.6x NMPROS Holdings, Inc. United States 17.28 -16% 473.6 402.5 71.2 - 106.6 11.2 10.5% 31.5% 3.8x 36.0xQlik Technologies, Inc. United States 21.15 -37% 1,809.4 1,614.3 195.1 - 348.5 22.5 6.5% 29.7% 4.6x 71.7xQuality Systems Inc. United States 17.67 -65% 1,048.6 913.7 134.9 - 447.7 122.2 27.3% 20.7% 2.0x 7.5xRealPage, Inc. United States 25.51 -12% 1,879.1 1,868.3 45.8 35.0 292.0 38.3 13.1% 32.0% 6.4x 48.8xReed Elsevier NV Netherlands 13.07 -1% 9,619.2 9,626.8 3.8 11.4 - - NM 0.0% NM NMReis, Inc. United States 11.69 -2% 125.1 105.4 19.7 - 28.5 5.5 19.3% 11.4% 3.7x 19.1xSage Group plc United Kingdom 4.70 -6% 5,823.2 5,629.3 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.6x 9.1xsalesforce.com, inc United States 145.18 -12% 20,180.0 19,630.7 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.4x 168.9xSolera Holdings Inc. United States 41.13 -28% 2,876.4 3,612.8 508.2 1,145.9 790.2 338.5 42.8% 15.4% 4.6x 10.7x


ServiceNow, Inc. * United States 26.60 NA 1,924.8 1,836.5 88.3 - 196.3 (20.4) NM 0.0% 9.4x NMSPS Commerce, Inc. United States 34.95 -1% 433.4 397.9 35.5 - 65.7 5.5 8.4% 31.5% 6.1x 72.3xSS&C Technologies Holdings, Inc. United States 22.18 -18% 1,732.6 2,745.2 134.5 1,147.1 404.5 151.5 37.4% 15.6% 6.8x 18.1xStreamline Health Solutions, Inc. United States 4.32 -14% 46.8 50.8 3.1 7.1 18.4 2.1 11.5% 1.2% 2.8x 24.0x




Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATemenos Group AG Switzerland 14.21 -32% 978.8 1,142.4 59.1 223.7 453.9 53.5 11.8% -5.3% 2.5x 21.3xThe Dolan Company United States 3.55 -67% 107.7 289.7 1.2 174.0 275.9 43.6 15.8% -5.1% 1.0x 6.6xThe Hackett Group, Inc. United States 3.75 -43% 114.3 132.5 13.8 32.0 206.9 20.3 9.8% 8.7% 0.6x 6.5xThe McGraw-Hill Companies, Inc. United States 51.20 0% 14,346.2 15,565.2 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.5x 8.8xThomson Reuters Corporation United States 28.39 -8% 23,430.4 29,280.1 1,892.0 7,198.0 13,693.0 3,348.0 24.5% 1.5% 2.1x 8.7xTIBCO Software Inc. United States 29.92 -14% 4,849.6 4,757.3 647.3 553.9 991.5 225.4 22.7% 19.8% 4.8x 21.1xThe Ultimate Software Group, Inc. United States 99.19 -2% 2,655.2 2,594.2 72.1 11.0 297.9 30.9 10.4% 21.0% 8.7x 83.8xVerint Systems Inc. United States 28.63 -13% 1,138.7 1,834.6 189.8 595.6 803.0 132.7 16.5% 9.9% 2.3x 13.8xV i k A l i I U i d S 48 52 5% 8 046 2 9 200 4 102 0 1 256 2 1 411 4 624 4 Verisk Analytics, Inc. United States 48.52 -5% 8,046.2 9,200.4 102.0 1,256.2 1,411.4 624.4 44.2% 15.6% 6.5x 14.7xVocus Inc. United States 19.42 -21% 402.0 453.6 27.6 1.7 137.9 1.1 0.8% 29.9% 3.3x 406.1xWageWorks, Inc. United States 17.06 -7% 455.9 239.1 261.3 44.6 154.5 22.4 14.5% 22.0% 1.5x 10.7xWolters Kluwer NV Netherlands 18.01 -3% 5,331.3 8,220.2 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 1.9x 7.5xYouGov PLC United Kingdom 1.24 -3% 120.3 104.1 16.3 - 93.0 8.1 8.7% 18.2% 1.1x 12.9x

Low 0.2x 2.7x

Mean 3.3x 70.2x

Median 2.6x 12.0x



ed a 6 0




OOH & SPECIALTY MEDIATransactions by Segment and Buyer Type

• There were four acquisitions and one investment in the Out-of-Home & Specialty Media segment for a combined total of approximately $1.6 billion

• Select acquisitions› Dex One’s $1.5 billion acquisition of SuperMedia, which operates as a yellow pages directory publisher› DHX Media’s $111 million acquisition of Cookie Jar Entertainment a Canada based brand building company › DHX Media s $111 million acquisition of Cookie Jar Entertainment, a Canada-based brand building company

engaging in the development, production, and marketing of children's animated television programs

# % $MM % # $MM # $MM # $MM

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


Digital Place-Based Media 2 40% 30.0 2% 1 20.0 0 0.0 1 10.0

Entertainment Media 1 20% 111.0 7% 1 111.0 0 0.0 0 0.0

Traditional Outdoor 1 20% 30.0 2% 1 30.0 0 0.0 0 0.0

Yellow Pages 1 20% 1,476.6 90% 1 1,476.6 0 0.0 0 0.0

Total 5 100% 1,648 100% 4 1,638 0 0 1 10


OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



Company Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $1.47 -63% $92.1 ($23.4) $114.0 $0.0 $286.4 $20.6 7.2% 17.1% NM NMClear Channel Outdoor Holdings Inc. United States 5.25 -65% 1,874.1 6,360.4 491.3 4,742.2 2,977.1 692.9 23.3% 1.7% 2.1x 9.2xClear Media Ltd. Hong Kong 0.54 -14% 287.8 163.9 135.4 - 194.6 76.8 39.5% 10.4% 0.8x 2.1xDHX Media Ltd. Canada 1.49 -4% 79.1 92.2 23.3 36.2 69.2 6.9 9.9% 30.3% 1.3x 13.5xFocus Media Holding Ltd. Hong Kong 24.05 -27% 3,109.4 2,684.4 590.7 197.6 899.7 331.0 36.8% 44.5% 3.0x 8.1xJCDecaux SA France 22.84 -23% 5,069.1 5,178.9 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.6x 7.2xLamar Advertising Co. United States 33.12 -8% 3,092.0 5,182.8 98.9 2,189.7 1,156.1 500.7 43.3% 4.1% 4.5x 10.4xMood Media Corporation Canada 2.51 -43% 428.1 902.5 36.1 469.8 422.3 112.9 26.7% 104.3% 2.1x 8.0xNational CineMedia Inc United States 14 50 -11% 813 2 1 688 8 74 6 865 2 439 8 210 6 47 9% 2 6% 3 8x 8 0xNational CineMedia, Inc. United States 14.50 11% 813.2 1,688.8 74.6 865.2 439.8 210.6 47.9% 2.6% 3.8x 8.0xNTN Buzztime Inc. United States 0.17 -66% 12.1 9.8 2.5 0.3 24.1 (0.5) NM -2.8% 0.4x NMTom Group Ltd. * Hong Kong 0.11 -2% 416.3 636.8 110.1 285.8 301.4 1.4 0.5% -0.2% 2.1x 455.5xValassis Communications Inc. United States 25.07 -6% 997.1 1,523.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.5x

Low 0.4x 2.1x

Mean 2.1x 52.7x

Median 2.1x 8.1x






MARKETING SERVICESTransactions by Segment and Buyer Type

• There were five acquisitions and four investments for a combined total of approximately $104 million in the Marketing Services segment

• Select acquisitions› Aimia’s $28 million acquisition of Excellence in Motivation, a full-service performance improvement and

business loyalty solutions provider› MAI Holding’s $27 million acquisition of Presstek, a digital offset printing company

# % $MM % # $MM # $MM # $MM

Printer 5 56% 73 3 71% 4 72 1 0 0 0 1 1 2



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Printer 5 56% 73.3 71% 4 72.1 0 0.0 1 1.2

Loyalty/Retention 3 33% 28.7 28% 1 28.0 0 0.0 2 0.7

Logistics 1 11% 2.0 2% 0 0.0 0 0.0 1 2.0

Total 9 100% 104.0 100% 5 100.1 0 0.0 4 3.9


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 08/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $16.94 0% $1,271.0 $1,366.2 $179.3 $274.5 $1,126.2 $235.9 20.9% 0.6% 1.2x 5.8xAimia Inc. Canada 14.23 -2% 2,450.4 2,763.2 268.0 583.2 2,092.2 279.6 13.4% 0.0% 1.3x 9.9xAlliance Data Systems * United States 136.00 -2% 6,787.4 13,687.1 642.2 7,542.0 3,450.4 1,032.3 29.9% 17.4% 4.0x 13.3xAMREP Corporation United States 6.01 -33% 36.0 29.5 27.8 21.3 85.3 4.2 5.0% -11.8% 0.3x 7.0xCenveo Inc. United States 1.97 -62% 125.3 1,334.6 14.1 1,223.4 1,856.8 207.6 11.2% 5.7% 0.7x 6.4xConsolidated Graphics, United States 27.44 -51% 275.1 433.9 8.1 166.9 1,040.2 102.9 9.9% -1.9% 0.4x 4.2xConvergys Corporation United States 15.52 -2% 1,745.0 1,048.7 757.0 60.7 2,311.2 281.6 12.2% 11.7% 0.5x 3.7xData Group Inc Canada 4.39 -26% 103.1 204.4 - 98.1 330.4 28.3 8.6% 2.1% 0.6x 7.2xDST Systems Inc. United States 51.11 -10% 2,254.0 3,094.0 374.4 1,214.4 2,500.8 363.0 14.5% -4.8% 1.2x 8.5xElanders AB Sweden 3.45 -12% 78.3 174.5 11.6 104.4 275.1 31.1 11.3% 7.2% 0.6x 5.6xFair Isaac Corp. * United States 44.68 -2% 1,512.1 1,865.4 150.7 504.0 650.6 188.7 29.0% 5.9% 2.9x 9.9xHarte-Hanks Inc. United States 7.08 -31% 446.2 528.2 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.8xInnotrac Corp. United States 1.62 -1% 21.1 20.6 2.3 1.8 92.2 4.3 4.7% 13.3% 0.2x 4.8xInsignia Systems Inc. United States 1.61 -53% 21.9 1.6 20.3 - 16.0 (7.0) NM -37.8% 0.1x NMPoints International Ltd. * Canada 12.23 -10% 185.4 151.8 32.6 - 126.1 5.5 4.3% 12.9% 1.2x 27.8xQuad/Graphics, Inc. United States 16.00 -28% 754.0 2,102.9 17.6 1,365.8 4,248.8 597.2 14.1% -3.2% 0.5x 3.5xR.R. Donnelley & Sons United States 12.52 -25% 2,256.9 5,668.3 369.0 3,761.4 10,457.6 1,266.9 12.1% 0.5% 0.5x 4.5xStarTek Inc United States 2 93 -16% 44 4 33 1 11 4 - 198 1 (3 7) NM 19 8% 0 2x NMStarTek, Inc. United States 2.93 -16% 44.4 33.1 11.4 - 198.1 (3.7) NM -19.8% 0.2x NMSykes Enterprises, United States 14.02 -26% 615.0 410.4 204.7 - 1,112.4 113.4 10.2% -4.6% 0.4x 3.6xTeleperformance France 24.60 -10% 1,363.0 1,326.7 213.1 169.4 2,777.9 354.8 12.8% 2.5% 0.5x 3.7xTeleTech Holdings Inc. United States 16.98 -9% 926.0 846.8 170.6 78.0 1,186.2 138.7 11.7% 5.3% 0.7x 6.1xTranscontinental Inc. Canada 9.81 -32% 792.3 1,312.2 22.4 541.5 2,078.3 388.7 18.7% 0.2% 0.6x 3.4xValassis Communications United States 24.90 -7% 990.4 1,516.4 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.5xViad Corp United States 19.48 -17% 394.6 327.0 78.0 2.6 928.8 35.3 3.8% -0.2% 0.4x 9.3xVistaprint N.V. * Netherlands 41.02 -6% 1,401.7 1,568.5 62.2 229.0 1,020.3 114.6 11.2% 24.9% 1.5x 13.7x

Summary MultiplesLow 0.1x 3.4x

Mean 0.7x 7.2x

Median 0.6x 5.6x



*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (1.9x)



AUGUST SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 2.2x 1.6x 3.8x 2.8xAgency/Consulting 0.9x 0.9x 1.2x 1.1xOOH & Specialty Media 2.0x 2.1x 2.6x 2.6x

Revenue Multiples

Digital Media/Commerce 2.9x 1.8x 4.7x 3.3xMarketing Technology 4.3x 3.4x 5.8x 4.7xSoftware & Information 3.3x 2.6x 3.9x 3.7xMarketing Services 0.7x 0.6x 0.9x 0.7x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 17.1x 11.4x 14.1x 13.2xAgency/Consulting 7.1x 6.6x 8.2x 7.7xOOH & Specialty Media 50 5x 8 1x 19 1x 8 1x

EBITDA Multiples

OOH & Specialty Media 50.5x 8.1x 19.1x 8.1xDigital Media/Commerce 19.4x 10.8x 21.7x 13.2xMarketing Technology 63.5x 17.1x 25.9x 18.7xSoftware & Information 70.2x 12.0x 34.4x 25.4xMarketing Services 7.2x 5.6x 6.6x 5.7x

deviations above the mean and EBITDA multiples that are 2 standard deviations above the mean.

As of close of business on 08/31/12.

*Calculation is market cap weighted and excludes revenue multiples that are 3 standard


PPLLC INDICES – LTM as of 8/31/12

120

130

(%

)

120

130

(%

)

80

90

100

110

Ind

ex P

erfo

rman

ce

90

100

110

120

nd

ex P

erfo

rman

ce

70

Sep-11 Nov-11 Jan-12 Mar-12 May-12 Jul-12

I

S&P 500 Digital Advertising

80


I

S&P 500 Agency/Consulting

120

130

e (%

)

120

130

ce (

%)

80

90

100

110

Ind

ex P

erfo

rman

ce

90

100

110

Ind

ex P

erfo

rman

c

115

120

125

ce (

%)

70


S&P 500 Digital Media/Commerce OOH & Specialty Media

110

120

ce (

%)

80


S&P 500 Marketing Technology

90

95

100

105

110

Ind

ex P

erfo

rman

c

90

100

Ind

ex P

erfo

rman

c


85


S&P 500 Software & Information

80


S&P 500 Marketing Services

ALL SEGMENTSStrategic Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value StrategicValues Disclosed

SuperMedia, Inc. Dex One Corporation $1,476.6Kenexa Corporation International Business Machines Corporation 1,200.0Argus Information & Advisory Services, LLC Verisk Analytics, Inc. 425.0TMW Systems Trimble Navigation Limited 335.0y gServigistics Parametric Technology Corporation 220.0Bleacher Report, Inc. Time Warner, Inc. 175.0Adeptra FICO 115.0Cookie Jar Entertainment DHX Media Ltd. 111.0Matrix S.p.A Libero Srl 108.2Felix CityGrid Media 30.0Urban Touch Fashion and You 30.0Excellence in Motivation Aimia, Inc. 28.0P t k MAI H ldi I 26 6Presstek MAI Holdings, Inc. 26.6Venmo Braintree Payment Solutions 26.2Frommer's Travel Brand Google, Inc. 25.0BLiNQ Media Gannett Company, Inc. 23.0Drug Safety Alliance United Drug plc 21.0eDiets.com, Inc. As Seen On TV, Inc. 13.2Canyon Associates WRG Creative Communication 10.0SmileyHanchulak Marketing Communications WhiteSpace Creative 10.0SynopiaRX United Drug plc 3 2SynopiaRX United Drug plc 3.2GameSpy Technology Glu Mobile, Inc. 2.8M Thirty Communications Parta Dialogue, Inc. 1.9Duedil Ltd. Passion Capital 1.5Illume Mobile Software DecisionPoint Systems, Inc. 1.0

StrategicUndisclosed

(r)evolution Prophet Brand Strategy - 12designer 99designs - 15miles GearyLSF Group - About.com IAC/InterActiveCorp - allesklar media AG Axel Springer Digital Classifieds GmbH - Ant's Eye View PricewaterhouseCoopers LLP - Ascentum Hill + Knowlton Strategies Canada - Atomkeep Jobscience Inc -


Atomkeep Jobscience, Inc. Boss Alien NaturalMotion Ltd. - Bravo Asia Cheil Worldwide, Inc. - BringMeMyLeads Surefire Social -


Reported



Value StrategicUndisclosed

BuzzNumbers Sentia Media - Cloud Nine Media Boingo Wireless, Inc. - Communicate 2 Aegis Media -

d lCondo Domain Better Homes Realty - Content & Motion Beyond - Cottonseed Clothing Fine Folks, Inc. - Crovat Batanga Network - DateHookUp.com IAC/InterActiveCorp - e4e, Worldwide Interactive Entertainment Buisness Division Pole to Win Co., Ltd. - e-Media Taz Solutions, Inc. - FabFind com Teambuy ca - FabFind.com Teambuy.ca Fidlar Printing The Brandt Company - FNUKY THEM Advertising & Digital - Followerwonk SEOmoz - Fortune Cookie Possible Worldwide - Fourpoint Communications Total Outdoor Corporation - Full Tilt Poker PokerStars - Giftiki LaunchRock - GoLightly, Inc. Advanced Solutions International - Hello Bar Crazy Egg, Inc. - Hon Digital Clement Communications, Inc. - Howmark Mobile MOKO.mobi Limited - Hubbard One Web Group One North Interactive LLC - Hubspan Liaison Technologies - HulaMX Javelin Distribution, LLC - Hurley and Frank Industries Dealer com Inc - Hurley and Frank Industries Dealer.com, Inc. - I Spy Marketing iProspect.com, Inc. - Idearc Inceptor, LLC Did-it.com - IM Solutions LeadingResponse LLC - InfoNow, Local Search Marketing Business LocationInisight - Interactive Avenues Marketing Solutions Interpublic Group of Companies, Inc. - Invicta Alliance Partners Ubiquity Corporation - iStopOver 9flats.com -


LetsTalk.com Brightstar Corporation - Log Insight VMware, Inc. - Lone Wolf Mimvi, Inc. -


Reported



Value StrategicUndisclosed

Lost Remote WebMediaBrands, Inc. - Mailgun, Inc. Rackspace Hosting, Inc. - Media 2 Go International Adcentricity, Inc. -

Q h d bl hMeetings Quest Schneider Publishing Company, Inc. - Mobile Ad Spy WhatRunsWhere - Mollom Acquia, Inc. - MultiAd, Print Division The Brandt Company - Netpress Digital RUCH S.A. - Neverblue Media, Inc. GlobalWide Media, Inc. - Nodester AppFog, Inc. - Nology Media Banyan Branch Inc. - o ogy ed a a ya a c cOnLive, Inc. (Unnamed) - Padvance Steel Media Limited - Pandastream MediaCore, Inc. - Petmeds MedicAnimal.com - Philippe Becker Design Diversified Agency Services - PixSense FunSpot - ResellerRatings Answers Corporation -

l blResultrix Publicis Groupe S.A. - ScienceOps Acquisio, Inc. - SciLife Mendeley Ltd. - SermonSpice.com Salem Church Products - SiteTagger BrightTag, Inc. - Sky Technologies Kony Solutions - Smart Future Ventures Canada, Mobile Marketing Technology Security First International Holdings, Inc. - SocialTract DigitalSherpa - SocialTract DigitalSherpa Super Rewards, Inc. Playerize Network, Inc. - The MediTile Company Corum Corporation - TriSystems Ebix, Inc. - TVDuck.com Rebellion Media - Under The Gun Review, Alter The Press!, and PropertyOfZack Under The Gun Review - Vicki Johnson Communications Ron Sachs Communications - Whitmore Print and Imaging, Certain Assets HBP, Inc. -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported



Value Buyout DealsValues Disclosed

Getty Images, Inc. The Carlyle Group $3,300.0Deltek, Inc. Thoma Bravo, Inc. 1,000.0UC4 Software GmbH EQT Partners 271.1

Buyout DealsBuyout DealsUndisclosed

ePrize LLC Catterton Partners -

VC/Growth CapitalValues Disclosed

Flipkart Online Services Private Limited MIH Group $150.0Care.com, Inc. Institutional Venture Partners 50.0Delivery Hero Kreos Capital 50.0Best Doctors Inc Brown Brothers Harriman & Co 45 5Best Doctors, Inc. Brown Brothers Harriman & Co. 45.5Dafiti J.P. Morgan Asset Management 45.0Nasty Gal, Inc. Index Ventures 40.0Momo Alibaba Group 40.0FreeMonee, Inc. Opus Capital Group 34.0Lumos Labs, Inc. Discovery Communications LLC 31.5ClearSlide, Inc. Bessemer Venture Partners 28.0FirmDecisions Ebiquity 25.0Square, Inc. Starbucks Corporation 25.0YottaMark, Inc. Westbury Partners 24.0Visible Measures Corporation DAG Ventures 21.5AbsolutData Technologies, Inc. Fidelity Growth Partners Europe 20.0Connecture, Inc. Great Point Partners, LLC 20.0CCP Games (Unnamed Fund Contibuters) 20.0SumUp Limited Shortcut Ventures GmbH 20.0Vision Critical OMERS Ventures 20.0Vital Insights, Inc. Bregal Sagemount 20.0MovieClips Inc MK Capital Management LLC 18 5MovieClips, Inc. MK Capital Management LLC 18.5CouchSurfing International, Inc. General Catalyst Partners LLC 15.0Discovery Bay Games Trilogy Equity Partners, LLC 15.0Ness Computing, Inc. SingTel Innov8 15.0OpenGamma Limited ICAP plc 15.0Tagged, Inc. Lighthouse Capital Partners 15.0Getaround Menlo Ventures 13.9FiveStars, Inc. Lightspeed Venture Partners 13.9Thrillist.com LLC Oak Investment Partners 13.0


Pixmania SA Dixons Retail plc 12.6Affectiva, Inc. Horizons Ventures Ltd. 12.0Hopper, Inc. HootSuite Media, Inc. 12.0Streamline Health Solutions, Inc. Great Point Partners, LLC 12.0


Reported



Value VC/Growth CapitalValues Disclosed

Fuhu, Inc. ORIX Corporation $10.0MOG Music Network Townsquare Media, Inc. 10.0Revel Touch, Inc. Foundation Capital 10.0Netsertive Inc Harbert Venture Partners 9 8Netsertive, Inc. Harbert Venture Partners 9.8LevelUp T-Venture Holding GmbH 9.0Oversight Systems, Inc. Westbury Partners 8.3DocuSign, Inc. Google Ventures 8.2Goko Alsop Louie Partners 8.0RichRelevance, Inc. RTP Ventures 8.0Little Black Bag GRP Partners 8.0Etouches Cava Capital 7.8Cortica, Inc. Horizons Ventures Ltd. 7.0

d f 0App Annie Limited Greycroft LLC 6.0Miinto Group Dawn Capital 6.0Swirl Networks, Inc. SoftBank Capital 6.0Motiga NEOWIZ Games Corporation 5.1Ask Ziggy (Unnamed Fund Contibuters) 5.0Ginger Software Horizon Ventures 5.0LocationInisight United Communications Group 5.0Nexage, Inc. Hearst Interactive Media 5.0Bubble Motion Pte Ltd Jafco America Ventures Inc 5 0Bubble Motion Pte. Ltd. Jafco America Ventures, Inc. 5.0RiverMeadow Software, Inc. (Private Investors) 5.0EcoMom.com Blue Pacific Ventures 4.7InsideSales.com Hummer Winblad Venture Partners 4.1Twice IA Ventures 4.0Mettl.com IndoUS Venture Partners 4.0Playdemic (Private Investors) 4.0Treat Technologies OpenTable.com, Inc. 4.0Patientco Holdings, Inc. BlueCross BlueShield Venture Partners 3.8

fl d C l 3 8Influitive, Inc. First Round Capital 3.8AwesomenessTV Greycroft LLC 3.5QuickPay Corporation (Unnamed Fund Contibuters) 3.5Sawbuck Realty, Inc. Revolution Ventures 3.5Space Curve, Inc. Triage Ventures 3.5Plink, Inc. Grotech Ventures 3.0EnergySavvy Pivotal Investments, LLC 3.0tenXer, Inc. True Ventures 3.0Personal Retailing Inc Hillsven Capital LLC 2 6


Personal Retailing, Inc. Hillsven Capital, LLC 2.6TribeHR Corporation Relay Ventures 2.5OrderAhead Matrix Partners 2.3Educreations, Inc. Accel Partners 2.2


Reported




Plair Media FLOODGATE Fund LP $2.1Viva9 Pty Ltd. Deal Group Media, plc 2.1BrightWhistle, Inc. Eastside Partners 2.1biNu Pty Ltd TomorrowVentures LLC 2 0biNu Pty Ltd. TomorrowVentures, LLC 2.0E-Drive Autos, LLC (Unnamed Fund Contibuters) 2.0Door to Door Organics Greenmont Capital Partners 2.0NiftyThrifty Tribeca Venture Partners 2.0One Jackson Accel Partners 2.0Gild Globespan Capital Partners 2.0NoWait, Inc. Birchmere Ventures 2.0Savveo, Inc. BayCrest Capital 2.0Shutl UPS Strategic Enterprise Fund 2.0

k ( d d b ) 2 0PatientsLikeMe (Unnamed Fund Contibuters) 2.0Sherpaa, Inc. O'Reilly AlphaTech Ventures, LLC 1.9BookMyShow Accel Partners 1.8Funium, LLC Family Odyssey 1.8MyHealthTeams Adams Street Partners, LLC 1.8Silk New Enterprise Associates 1.6ClassDojo General Catalyst Partners LLC 1.6SocialPandas True Ventures 1.5Mango Health Inc Baseline Ventures 1 5Mango Health, Inc. Baseline Ventures 1.5HiConversion, Inc. LB Merchant HC-2 1.3Rallyhood, LLC Calendar Holdings 1.3Deal Décor (Angel Investors) 1.2Retail Relay, Inc. Battery Ventures 1.2Printi Green Oaks Capital Management, L.P. 1.2MarketMeSuite Saturn Parnters 1.1Procured Health (Angel Investors) 1.1ShopLocket, Inc. Rho Canada 1.0

C bb h b k 0MyCabbage Lightbank 1.0CakeStyle, LLC Sandbox Industries, Inc. 1.0Smart Lunches Data Point Capital 1.0MediaCore, Inc. (Private Investors) 1.0Pivotshare, Inc. TownsgateMedia 1.0ShiftPlanning, Inc. Point Nine Capital 1.0Target Data, Inc. Western Technology Investment 1.0The News Funnel (Unnamed Fund Contibuters) 1.0Wantworthy Inc RRE Investors 1 0


Wantworthy, Inc. RRE Investors 1.0Keen Systems, Inc. Apaxys Ventures 0.9SmartAsset Y Combinator 0.9Fandeavor, Inc. (Private Investors) 0.5


Reported




Quilt (Private Investors) $0.5InfoScout (Unnamed Fund Contibuters) 0.4UsingMiles TMT Investments 0.3

VC/Growth CapitalVC/Growth CapitalUndisclosed

Advizzer LLC Draper Fisher Jurvetson - E-Like Solucoes Em Comercio Eletronico Ltda. Intel Capital - Fixmo, Inc. Motorola Solutions Venture Capital - Flite, Inc. Conde Nast - Games.de iVentureCapital GmbH - Pinion Tech Pty Ltd. Bing Fund - PTI Marketing Technologies Ricoh Co., Ltd. - Show Media, Inc. BNY Mezzanine Partners, L.P. - SkyVu Entertainment Lightbank - TargetVacations.ca Jaunt.ca - threadsy Facebook - Zalando GmbH J.P. Morgan Asset Management -


F d d i 1999

Petsky Prunier: Maximizing Shareholder Value

• Founded in 1999

• Focused solely on the internet, marketing, media, technology, healthcare and services industries

• More than 35 focused professionals

› Unique combination of investment banking and consulting expertise

• New York-based with West Coast office and Chicago presence

• Sell-side and private placement close rate is unmatched at our level of deal volume

• Deep relationships across a broad spectrum of venture capital and private equity groups, lenders and strategic buyers

• Together with strategic consulting firm Winterberry Group one of the largest industry specific advisors providing • Together with strategic consulting firm Winterberry Group, one of the largest industry-specific advisors providing strategic and transactional services

• Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer

STRATEGIC CONSULTINGINVESTMENT BANKING STRATEGIC CONSULTING

• Sell-Side Representation• Capital Raising and Private

Placements• Corporate Divestitures

INVESTMENT BANKING

• Strategic Development and Competitive Analysis

• M&A Transaction Due Diligence Support and Valuation AnalysisA i iti St t /T t Id tifi ti

• Marketing• Media• Healthcare• Services

• M&A Advisory• Fairness Opinions• Internet

• Acquisition Strategy/Target Identification• Publishing and Thought Leadership

Services• Software• Technology


Petsky Prunier was Ranked #1 by Bloomberg in 2011 for Mid-Market Internet & Advertising Transactions*

Rank Adviser Deal Count1 Petsky Prunier 192 GCA Savvian Group Corp 143 Nomura Holdings Inc 134 Goldman Sachs & Co 124 China Renaissance Partners 126 Jordan Edmiston Group 106 Sumitomo Mitsui Financial Group Inc 108 Deutsche Bank AG 98 Morgan Stanley 98 KPMG Corp Finance 98 KPMG Corp Finance 911 Bank of America Merrill Lynch 811 Credit Suisse 813 JP Morgan 713 RBC Capital Markets 713 Jefferies Group Inc 716 Barclays Capital 516 Evercore Partners Inc 516 Daiwa Securities Group Inc 516 Lazard Ltd 516 Rothschild 5

*Based on number of deals announced in 2011 valued at $500 million or less

More than 40 transactions closed in the last two years:

• Ranging from strategic sales and divestitures to private equity recaps to growth, mezzanine, and alternative financings

Based on number of deals announced in 2011 valued at $500 million or less


• Across a broad universe of industries, including digital advertising and marketing, digital media, technology and software, information services, and healthcare

REPRESENTATIVE RECENT TRANSACTIONS

h lda leading digital direct marketing company utilizing a proprietary database to provide customer

acquisition solutions for major brandshas received an equity investment from

with debt financing from

a leader in technology and global in-app advertising for Facebook,

Apple (iOS), and Android developers

has received $66M investmentfrom

has been sold to

the top independentdirect-to-consumer marketer of

dental savings planshas been sold to

a leader in global healthcare primary market research and influence network mapping

a portfolio company of

a provider of a cloud-based integration platform for the digital

marketing industry

has received $15M financing led by

a leader in multichannel retail, ecommerce and loyalty

marketing serviceshas been sold to

has sold its

Sports Marketing Print Division

to

has sold

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

has received a mezzanine debt investment from

a leading provider of transportation-based digital

media networks

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has sold its

a leading provider of media buying, out-of-home and sampling services in niche

markets

to

Niche Market Media Buying Business

(Nasdaq: PSEC)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

has sold

a premier provider of affinity programs for universities and colleges

to

has sold

A leading urban and multicultural agency

to

a subsidiary of

(NYSE: IPG)

has sold

to

a leading provider of integrated data, technology and analytics

solutions

has been sold to

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

a leading advertising technology company

has been sold to

(Xetra: DPW.DE)

has been sold to

(TSX: PTO)

to


Vestar Capital Partners has sold

and


Parthenon Capital Partners

has merged with

has been sold to


KRG Capital Partners

one of North America’s largest mobile marketing and gateway

solution providershas been sold to

(Nasdaq:GSIC)

has received a majority investment from

a leading online video advertising network

has received a growth capital investment from

a provider of multichannel marketing software services

has been sold to

(Nasdaq: RRD)

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to has acquired

a division of

has been acquired by

a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online community forautomotive enthusiastsand social networkingtechnology platform

to

has sold

New Digital Group

has been sold toa leading national in-store

advertising network and shoppermarketing company

has sold

to

a leading performance-basedadvertising network

has been sold to

has sold the assets of

to

a global marketing services company

has been acquired by

in a combination that createsthe world’s leading loyalty

management provider

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

lead generation for the for-profit,post-secondary education market

(NASDAQ: TREE)

has acquired certain assets of

an online directory service providing trusted lead

generation and marketing services for home


has divested one of itsmarketing services divisions

a leading direct response television media company

has received a majorinvestment from

has sold

MIVA Media

a leading pay-per-click contextual online advertising

network

to

has sold

a movie review and consumer entertainment site to

one of the largest and fast growing providers of

out-of-home integrated mediaand marketing programs

reachingconsumers in specialty venues

has been sold to

a provider of accredited continuing education programs

for cliniciansan operating company of

has acquired certain assets of

formerly known as MyGreek.coma fast growing online advertising

network serving the middle market

has been sold to


B id I t t LLC


services for home improvement professionals

across the country

to Bridge Investments LLC

august 2012 marketing, media, technology, and service...

Documents