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

October 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 34

2M&A & INVESTMENT SUMMARY OCTOBER 2012

MARKETING, MEDIA, TECHNOLOGY, AND SERVICE INDUSTRIES

A t t l f 310 d l th i t l $6 9 billi d i O t b 2012

Transaction Distribution• A total of 310 deals worth approximately $6.9 billion were announced in October 2012

• Digital Media/Commerce was the most active and highest value segment with 114 transactions worth approximately $3.2 billion

• Strategic buyers announced 137 deals for approximately $3.5 billion (44% of total volume)

• VC/Growth Capital investors announced 167 deals for approximately $1 8 billion• VC/Growth Capital investors announced 167 deals for approximately $1.8 billion

• Buyout investors announced six deals for approximately $1.6 billion

OCTOBER 2012

BUYER/INVESTOR BREAKDOWN

Transactions Reported Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 114 37% 3,161.9 46% 32 978.9 2 1,590.4 80 592.7

Marketing Technology 81 26% 813.9 12% 31 500.4 0 0.0 50 313.5

Software & Information 59 19% 1,924.0 28% 35 1,610.3 2 0.0 22 313.6

Agency/Consulting 25 8% 376.6 5% 21 326.6 1 40.3 3 9.8

Digital Advertising 16 5% 119.4 2% 9 82.9 0 0.0 7 36.5

Marketing, Media, Technology, and Service Industries M&A and Investment Volume - Last 13 Months

g g

Out-of-Home & Specialty Media 10 3% 544.2 8% 6 25.0 1 0.0 3 519.2

Marketing Services 5 2% 3.2 0% 3 0.0 0 0.0 2 3.2

Total 310 100% 6,943.2 100% 137 3,524.2 6 1,630.7 167 1,788.4

$6.4

$3.8

$7.9

$1.9 $2.5

$11.9

$6.4

$11.5

$7.7

$11.4 $9.2

$2.3

$6.9

$4.0 $6.0 $8.0 $10.0 $12.0 $14.0

orted Va

lue

($BN

)


$

$‐$2.0

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

Rep

297 269 253 206 220 263 289 258 261 256 247 221 310

($ 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 Media/CommerceAncestry.com Inc. eCommerce Permira Advisers $1,590.4 $460.2 $151.2 3.5x 10.5xGloops Gaming NEXON Corporation 468.4 305.0 38.5 1.5x 12.2xXING Social Media/Apps Burda Digital 280.7 87.7 27.5 3.2x 10.2xPriceGrabber, LowerMyBills and ClassesUSA.com eCommerce (Management Buyout) 80.0 283.0 20.0 0.3x 4.0x

Selected Transactions With Multiples Information

Marketing TechnologyHeiler Software BI Tools Informatica Corporation 103.9 24.4 0.4 4.3x NM

Agency/ConsultingVertis Communications DM Agency Quad/Graphics, Inc. 258.5 1,100.0 60.0 0.2x 4.3x

Software & InformationSerasa Financial Information Experian plc 5,067.6 870.0 - 5.8x NA

Out-of-Home & Specialty MediaVariety Magazine B-to-B Media Penske Media Corporation 25.0 30.0 6.0 0.8x 4.2x

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

Digital Media/CommerceShutterstock, Inc. eCommerce IPO $543.3 $144.1 $24.1 3.8x 22.5x

Marketing TechnologyFleetmatics Group Limited Mobile Technology IPO 600 6 108 1 18 7 5 6x 32 1x

IPOs After Final Pricing*

Fleetmatics Group Limited Mobile Technology IPO 600.6 108.1 18.7 5.6x 32.1x

Software & InformationWorkday, Inc. Human Capital Management Software IPO 4,553.3 199.1 (75.8) 22.9x NM

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


SECURITIES IN REGISTRATION ($ in Millions)

Aggregate LTMgg gDate Company Name Segment Offering Value Rev EBITDA

Oct-12 YY, Inc. Digital Media/Commerce $100.0 $82.7 $2.9

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

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

Mar-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


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

Oct-12 FLTX Fleetmatics Group Limited United States $15.00-$17.00 $17.00 $22.30, up 31% $21.69 (2.7%)

Oct-12 SSTK Shutterstock, Inc. United States 13.00-15.00 17.00 21.66, up 27% 23.75 9.6%

Oct-12 WDAY Workday, Inc. United States 24.00-26.00 28.00 48.69, up 74% 48.50 (0.4%)

Sep-12 TRLA Trulia, Inc. United States 14.00-16.00 17.00 24,00, up 41.8% 22.55 (6.0%)

Aug-12 ELOQ Eloqua, Inc. United States 10.00-11.50 11.50 12.89, up 12% 23.33 81.0%

Aug-12 PFMT Performant Financial Corporation United States 12.00-14.00 9.00 10.60, down 18% 9.87 (6.9%)g p ( )

Jul-12 EOPN E2open, Inc. United States 15.00-17.00 15.00 13.50, down 10% 17.50 29.6%

Jul-12 KYAK Kayak Software United States 22.00-25.00 26.00 33.18, up 28% 33.13 (0.2%)

Jul-12 PANW Palo Alto Networks United States 38.00-40.00 42.00 53.13, up 27% 54.98 3.5%

Jun-12 NOW ServiceNow United States 15.00-17.00 18.00 24.77, up 38% 30.65 23.7%

May-12 ADNC Audience, Inc. United States 14.00-16.00 17.00 19.10, up 12.4% 7.54 (60.5%)

May-12 FB Facebook United States 36.00-38.00 38.00 38.23, flat 21.11 (44.8%)

May-12 WAGE WagWorks, Inc. United States 10.00-12.00 9.00 12.60, up 40% 19.39 53.9%

Apr-12 AQ Acquity Group Hong Kong 6.00-8.00 6.00 5.77, down 4% 10.02 73.7%

Apr-12 BLOX Infloblox United States 12.00-14.00 16.00 21.30, up 33% 16.61 (22.0%)

Apr-12 PFPT Proofpoint, Inc. United States 10.00-12.00 13.00 14.10, up 8% 13.21 (6.3%)

Apr-12 SPLK Splunk, Inc. United States 11.00-13.00 17.00 35.48, up 109% 28.03 (21.0%)

Mar-12 MACK CafePress, Inc. United States 16.00-18.00 19.00 19.03, up 0.2% 6.18 (67.5%)

Mar-12 DWRE Demandware, Inc. United States 12.50-14.50 16.00 24.33, up 52% 29.69 22.0%

Mar-12 ET ExactTarget, Inc. United States 15.00-17.00 19.00 25.11, up 32% 23.32 (7.1%)

Mar-12 MM Millennial Media, Inc. United States 11.00-13.00 13.00 25.00, up 92% 16.03 (35.9%)

Mar-12 VIPS VIPshop China 8.50-10.50 6.50 5.50, down 15% 10.03 82.4%

Mar-12 VCRA Vocera Communications United States 12.00-14.00 16.00 22.40, up 40% 26.89 20.0%

Mar-12 YELP Yelp!, Inc. United States 12.00-14.00 15.00 24.58, up 64% 24.10 (2.0%)

Feb-12 AVG AVG Technologies Netherlands 16.00-18.00 16.00 13.09, down 16% 10.49 (19.9%)

Feb-12 BV BazaarVoice, Inc. United States 8.00-12.00 12.00 16.51, up 31% 12.76 (22.7%)

Feb-12 BCOV Brightcove, Inc. United States 10.00-12.00 11.00 15.15, up 36% 12.62 (16.7%)

Dec-11 JIVE Jive Software United States 8.00-10.00 12.00 15.05, up 25% 11.20 (25.6%)

Dec-11 3659 Nexon Japan 15.40-17.96 16.68 16.30. down 2% 12.18 (25.3%)

Dec-11 ZNGA Zynga United States 8.50-10.00 10.00 9.50, down 5% 2.24 (76.4%)

Nov 11 ANGI Angie's List Inc United States 11 00 13 00 13 00 16 26 up 25% 11 44 (29 6%)


Nov-11 ANGI Angie s List, Inc. United States 11.00-13.00 13.00 16.26, up 25% 11.44 (29.6%)

Nov-11 GRPN Groupon United States 16.00-18.00 20.00 26.11, up 31% 4.12 (84.2%)

Transactions by Subsegment and Buyer TypeDIGITAL ADVERTISING

• The were 16 transactions announced in the Digital Advertising segment worth approximately $120 million• Select acquisitions

› DealerTrack ‘s $49 million acquisition of ClickMotive, an interactive marketing solutions provider with core competencies in search marketing

› TeleNav’s $23 million acquisition of ThinkNear a hyper-local mobile advertising firm offering services that › TeleNav s $23 million acquisition of ThinkNear, a hyper local mobile advertising firm offering services that drives customers to merchants by distributing mobile coupons

• Select investments› The $11 million investment in Brandscreen, which operates a demand side platform that connects media

buyers and trading desks with real-time advertising exchanges, from Macquarie Capital, Southern Cross Venture Partners and SingTel Innov8

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

Ad Networks/Exchanges 6 38% 19.2 16% 4 0.0 0 0.0 2 19.2



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

Digital Video 5 31% 14.0 12% 1 0.0 0 0.0 4 14.0

Mobile Marketing 2 13% 25.8 22% 1 22.5 0 0.0 1 3.3

Search Marketing 2 13% 48.9 41% 2 48.9 0 0.0 0 0.0

Affiliate/CPA Network 1 6% 11.5 10% 1 11.5 0 0.0 0 0.0Total 16 100% 119.4 100% 9 82.9 0 0.0 7 36.5


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 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $681.79 -12% $222,968.0 $185,136.0 $41,722.0 $8,121.0 $47,543.0 $15,347.0 32.3% 32.9% 3.9x 12.1x

Bankrate, Inc. United States $10.97 -58% $1,096.7 $1,212.5 $78.0 193.8 $473.8 $140.2 29.6% 37.2% 2.6x 8.6xBlucora, Inc. United States 17.28 -7% 698.3 631.0 141.9 74.6 339.5 68.5 20.2% 64.7% 1.9x 9.2xConstant Contact, Inc. United States 17.10 -47% 521.5 440.4 81.1 - 233.9 24.3 10.4% 20.0% 1.9x 18.1xeHealth, Inc. United States 20.53 -5% 405.2 283.1 122.1 - 150.5 17.9 11.9% -7.0% 1.9x 15.8xExactTarget, Inc. * United States 22.51 -25% 1,486.5 1,275.0 211.6 - 248.0 (0.4) NM 0.0% 5.1x NM Hi-Media S.A. France 2.75 -41% 121.8 144.3 30.5 51.3 270.3 23.2 8.6% -7.7% 0.5x 6.2xIAC/InterActiveCorp United States 52 69 -5% 4 613 5 3 869 4 945 8 95 8 2 435 0 351 0 14 4% 34 5% 1 6x 11 0xIAC/InterActiveCorp United States 52.69 5% 4,613.5 3,869.4 945.8 95.8 2,435.0 351.0 14.4% 34.5% 1.6x 11.0xMillennial Media Inc. * United States 14.73 -47% 1,130.6 1,007.2 123.5 - 132.1 (3.9) NM 0.0% 7.6x NM Motricity, Inc. * United States 0.42 -81% 19.2 23.0 17.6 21.5 116.6 (11.5) NM -6.0% 0.2x NM OPT, Inc. Japan 1,130.65 -12% 166.4 27.9 156.9 5.8 880.4 22.6 2.6% 18.5% 0.0x 1.2xPacific Online Ltd. China 0.34 -37% 368.1 329.8 38.3 - 106.5 46.7 43.9% 19.3% 3.1x 7.1xQuinStreet, Inc. United States 6.87 -45% 293.8 296.1 105.3 107.6 370.5 58.6 15.8% -8.1% 0.8x 5.1xReachLocal, Inc. * United States 11.73 -16% 333.5 238.9 94.6 - 414.6 5.7 1.4% 24.0% 0.6x 41.6xResponsys, Inc. United States 9.19 -29% 445.8 347.2 100.1 1.6 148.7 19.4 13.1% 27.2% 2.3x 17.9xSepteni Holdings Co., Ltd. Japan 901.24 -12% 113.5 72.5 65.7 15.2 495.3 21.6 4.4% 15.8% 0.1x 3.4xThe Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9xTradeDoubler AB Sweden 2.06 -62% 87.9 60.7 25.9 - 371.6 12.9 3.5% 8.6% 0.2x 4.7xTree.Com, Inc. * United States 15.15 -11% 172.4 77.7 94.7 - 54.0 (11.8) NM -6.9% 1.4x NM ValueClick, Inc. United States 16.60 -24% 1,246.5 1,330.9 88.2 172.5 632.4 178.8 28.3% 32.6% 2.1x 7.4xVelti Plc Ireland 7.52 -49% 487.0 450.6 44.7 8.3 235.8 30.8 13.1% 66.0% 1.9x 14.6xYandex N.V. * Netherlands 22.24 -47% 7,259.8 6,892.0 367.8 - 748.3 327.2 43.7% 54.7% 9.2x 21.1xYahoo! Inc. United States 15.84 -5% 18,764.3 16,936.1 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.4x 13.0x

Low 0.0x 1.2x

Summary Multiples*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (7.0x)

d EBITDA lti l th t 1 0 t d d d i ti b th (36 7 ) Mean 2.3x 16.4x

Median 1.9x 10.1x

Weighted Avg 4.1x 14.2x

Adj. W Avg* 2.9x 13.9xHigh 9.2x 88.9x

and EBITDA multiples that are 1.0 standard deviations above the mean (36.7x).

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


AGENCY/CONSULTINGTransactions by Subsegment and Buyer Type

• Digital Agency was the most active subsegment with eight deals announced. The highest value segment was DM Agency worth approximately $264 million

• Select acquisitions› Quad/Graphics’ $256 million acquisition of Vertis Communications, provider of retail advertising inserts, direct

marketing solutions and in-store marketing solutions› Gresham Private Equity’s $40 million acquisition of U.K.-based Investis, an online corporate communication

services provider› VSA Partners’ acquisition of Tender Creative, a digital creative agency offering digital design, development and

branding solutions

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

Digital Agency 8 32% 72.0 19% 7 63.0 0 0.0 1 9.0

Branded Communications 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0

Design Agency 3 12% 0.0 0% 3 0.0 0 0.0 0 0.0



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

DM Agency 2 8% 263.6 70% 2 263.6 0 0.0 0 0.0

Public Relations 2 8% 40.3 11% 1 0.0 1 40.3 0 0.0

Experiential Marketing 2 8% 0.0 0% 2 0.0 0 0.0 0 0.0

Healthcare Consulting 2 8% 0.8 0% 1 0.0 0 0.0 1 0.8

Ethnic/Multicultural Agency 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Marketing Consulting 1 4% 0 0 0% 0 0 0 0 0 0 1 0 0Marketing Consulting 1 4% 0.0 0% 0 0.0 0 0.0 1 0.0

Other Consulting 1 4% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 25 100% 377 100% 21 327 1 40 3 10


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 10/31/12 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcquity Group Limited Hong Kong $10.03 -9% $235.9 $203.9 $130.2 $27.0 20.8% 0.0% 1.6x 7.5xAegis Group plc * United Kingdom 3.76 -1% 4,327.2 4,827.2 1,902.1 330.8 17.4% 18.9% 2.5x 14.6xCello Group Plc United Kingdom 0.66 -12% 54.5 76.5 212.2 12.5 5.9% 8.1% 0.4x 6.1xCharm Communications Inc. China 4.81 -60% 187.3 70.9 220.1 31.2 14.2% -6.2% 0.3x 2.3xChime Communications plc United Kingdom 3.53 -14% 281.8 248.6 563.5 42.7 7.6% 20.4% 0.4x 5.8xDentsu Inc. Japan 23.91 -29% 5,957.5 4,615.4 24,251.1 901.8 3.7% 6.6% 0.2x 5.1xEnero Group Limited Australia 0.52 -59% 44.2 24.4 343.1 4.7 1.4% -16.0% 0.1x 5.2xH F 5 21 11% 1 990 1 2 630 7 2 166 4 333 8 Havas France 5.21 -11% 1,990.1 2,630.7 2,166.4 333.8 15.4% 7.2% 1.2x 7.9xHuntsworth plc United Kingdom 0.76 -23% 193.0 304.5 276.6 44.4 16.1% 1.0% 1.1x 6.9xM&C Saatchi plc United Kingdom 2.88 -4% 182.6 164.1 257.3 29.5 11.5% 18.2% 0.6x 5.6xMDC Partners Inc. * Canada 11.98 -32% 371.7 967.8 999.9 59.2 5.9% 19.5% 1.0x 16.3xNext Fifteen Communications Group plc United Kingdom 1.70 -3% 99.3 112.2 142.8 18.2 12.7% 14.7% 0.8x 6.2xOmnicom Group Inc. United States 48.91 -11% 12,921.1 16,095.2 14,127.7 2,132.5 15.1% 3.8% 1.1x 7.5xPublicis Groupe SA France 55.41 -5% 10,904.3 12,146.6 7,860.8 1,431.2 18.2% 11.1% 1.5x 8.5xSapient Corp. United States 10.26 -26% 1,411.0 1,245.2 1,064.5 135.4 12.7% 13.7% 1.2x 9.2xThe Interpublic Group of Companies, Inc. United States 10.90 -10% 4,764.7 5,374.2 7,021.6 849.6 12.1% 3.7% 0.8x 6.3xWPP plc Ireland 13.45 -5% 16,989.6 21,947.8 16,124.9 2,503.2 15.5% 7.1% 1.4x 8.8x

Low 0.1x 2.3x

Mean 1.0x 7.6x

Median 1.0x 6.9x


Adj. W Avg* 1.1x 7.8x



High 2.5x 16.3x


DIGITAL MEDIA/COMMERCETransactions by Subsegment and Buyer Type

• eCommerce was the most active and highest value subsegments with 34 transactions announced worth approximately $1.9 billion

• Select acquisitions› Permira Advisers’ $1.6 billion acquisition of genealogy Website Ancestry.com› NEXON’s $468 million acquisition of Gloops a mobile games developer› NEXON s $468 million acquisition of Gloops, a mobile games developer› Yelp’s $50 million acquisition of Germany-based Qype, which operates a user-generated local reviews Website

• Select investments› The $40 million investment in Switzerland-based HouseTrip, which operates a holiday rental booking Website,

led by Accel Partners› The $32 million investment in Spartoo, a France-based online retailer of shoes and handbags, led by Sofina of

Belgium› The $26 million investment in Pearl.com (fka JustAnswer), which operates a Website for connecting people

with verified professionals to help answer questions and solve problems, led by Crosslink Capital

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

eCommerce 34 30% 1,940.2 61% 8 30.0 1 1,590.4 25 319.8

Social Media/Apps 29 25% 324.6 10% 7 216.7 0 0.0 22 108.0

Mobile Content/Apps 17 15% 54.2 2% 5 20.0 0 0.0 12 34.2



DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

Local Search 10 9% 84.5 3% 3 50.5 0 0.0 7 34.0

Gaming 9 8% 681.4 22% 5 660.7 0 0.0 4 20.7

Classifieds/Auctions/P-to-P 8 7% 66.0 2% 2 1.0 0 0.0 6 65.0

Niche Content 6 5% 11.1 0% 1 0.0 1 0.0 4 11.1

Vertical Search 1 1% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 114 100% 3,162 100% 32 979 2 1,590 80 593


DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $240.00 -9% $108,495.6 $103,525.6 $4,970.0 $0.0 $54,326.0 $1,939.0 3.6% 34.9% 1.9x 53.4xeBay Inc. United States 49.97 -2% 64,660.4 60,043.4 5,754.0 2,082.0 13,458.7 3,934.2 29.2% 25.0% 4.5x 15.3xFacebook, Inc. United States 19.00 -58% 40,705.0 31,223.0 10,188.0 706.0 4,327.0 1,048.0 24.2% 0.0% 7.2x 29.8xpriceline.com Incorporated United States 560.50 -28% 27,926.9 25,541.4 3,942.3 1,446.7 4,807.6 1,682.2 35.0% 31.9% 5.3x 15.2x

1-800-Flowers.com Inc. United States $3.52 -15% $227.4 $227.8 $28.9 $29.3 $716.3 $39.0 5.4% 6.6% 0.3x 5.8xAirMedia Group Inc. China 2.07 -48% 129.6 14.2 114.0 - 286.4 20.6 7.2% 17.1% 0.0x 0.7xAncestry.com Inc. United States 29.18 -14% 1,254.8 1,185.2 69.6 - 434.9 142.3 32.7% 22.7% 2.7x 8.3xAngie's List, Inc. * United States 9.32 -53% 538.4 476.7 76.5 14.8 119.1 (54.0) NM 69.7% 4.0x NM AOL Inc. United States 36.27 -4% 3,408.4 2,062.3 1,468.5 108.4 2,169.0 447.6 20.6% -3.8% 1.0x 4.6xBetfair Group PLC United Kingdom 11.77 -19% 1,177.5 960.7 219.8 - 632.5 104.9 16.6% -0.9% 1.5x 9.2xBIDZ.com, Inc. * United States 0.62 -30% 11.4 9.4 2.0 - 74.2 (7.3) NM -22.5% 0.1x NM Blinkx plc United States 0.82 -68% 298.5 260.1 38.4 - 114.4 12.8 11.2% 73.1% 2.3x 20.4xBlue Nile Inc. United States 37.72 -25% 468.4 415.4 53.7 0.7 361.4 13.3 3.7% 5.4% 1.1x 31.3xBluefly Inc. * United States 1.08 -53% 30.8 29.0 1.7 - 97.0 (20.2) NM 3.8% 0.3x NM CafePress Inc. United States 5.49 -76% 93.8 35.5 61.2 2.9 193.1 17.4 9.0% 29.0% 0.2x 2.0xCyberAgent Inc. Japan 1,885.67 -47% 1,220.7 362.3 886.0 12.3 1,662.2 267.4 16.1% 15.5% 0.2x 1.4xDemand Media, Inc. United States 9.63 -23% 771.5 677.3 94.2 - 345.2 58.5 16.9% 15.9% 2.0x 11.6xDeNA Co., Ltd. Japan 30.96 -30% 4,378.8 3,687.0 730.9 - 1,985.1 893.6 45.0% 28.8% 1.9x 4.1x, p , , , 45.0% 28.8% 1.9x 4.1xDice Holdings, Inc. United States 8.50 -23% 528.1 486.5 56.5 15.0 188.7 76.2 40.4% 20.1% 2.6x 6.4xE-Commerce China Dangdang Inc. * China 4.05 -64% 323.9 113.2 226.4 15.7 697.2 (68.8) NM 58.5% 0.2x NM Ediets.com Inc. * United States 0.32 -74% 4.6 5.5 0.1 1.0 22.5 (4.0) NM -10.3% 0.2x NM eHealth, Inc. United States 20.53 -5% 405.2 283.1 122.1 - 150.5 17.9 11.9% -7.0% 1.9x 15.8xExpedia Inc. United States 52.10 -14% 7,072.1 6,035.4 2,393.5 1,249.3 3,664.1 688.3 18.8% 17.3% 1.6x 8.8xG5 Entertainment AB (publ) Sweden 5.32 -28% 42.6 40.2 2.3 - 9.2 2.7 29.2% 88.3% 4.4x 15.0xGameLoft SA France 6.93 -2% 550.9 494.0 55.8 0.5 241.8 29.4 12.2% 21.1% 2.0x 16.8xGlu Mobile, Inc. * United States 3.28 -44% 213.7 189.2 24.5 - 77.2 (16.7) NM 18.5% 2.4x NM Gree, Inc. Japan 17.37 -51% 4,068.2 3,372.8 910.3 218.4 1,979.6 1,056.7 53.4% 146.6% 1.7x 3.2xGroupon, Inc. United States 4.69 -85% 3,065.8 1,879.0 1,189.8 - 2,049.9 105.6 5.2% 117.6% 0.9x 17.8xHollywood Media Corp. * United States 1.31 -13% 30.4 28.0 2.4 0.0 3.4 (5.1) NM NA 8.2x NM HomeAway, Inc. United States 25.34 -34% 2,090.8 1,869.6 221.3 - 255.3 46.1 18.1% 27.2% 7.3x 40.5xHSN, Inc. United States 48.48 -2% 2,698.1 2,756.0 181.3 239.2 3,262.0 272.0 8.3% 7.2% 0.8x 10.1xInternational Game Technology United States 13.00 -28% 3,472.3 5,200.8 241.3 1,969.8 2,059.4 726.6 35.3% 8.9% 2.5x 7.2xJiayuan.com International Ltd. China 6.37 -60% 201.7 106.5 95.2 - 57.6 8.2 14.3% 0.0% 1.8x 12.9xKayak Software Corporation United States 30.52 -18% 1,175.5 1,367.6 65.5 - 265.4 51.6 19.4% 32.9% 5.2x 26.5xKongzhong Corp. China 5.80 -29% 248.4 75.4 173.0 - 167.2 24.3 14.5% 10.0% 0.5x 3.1xLeGuide.com S.A. France 33.22 -10% 116.6 74.7 - - 43.8 10.5 24.0% 22.1% 1.7x 7.1xLinkedIn Corporation * United States 106 72 15% 11 280 8 10 663 7 617 1 723 9 91 1 12 6% 101 9% 14 7 117 0LinkedIn Corporation * United States 106.72 -15% 11,280.8 10,663.7 617.1 - 723.9 91.1 12.6% 101.9% 14.7x 117.0xLiquidity Services, Inc. United States 39.94 -40% 1,238.0 1,194.9 84.6 41.5 432.2 91.3 21.1% 40.6% 2.8x 13.1xMakeMyTrip Limited * India 14.80 -56% 550.0 452.3 98.0 0.3 208.7 4.4 2.1% 45.9% 2.2x 101.8xMercadolibre, Inc. * Argentina 85.23 -18% 3,762.9 3,596.5 170.6 0.2 340.7 123.8 36.3% 36.8% 10.6x 29.1xMixi, Inc. Japan 1,718.03 -55% 266.5 130.0 135.4 - 173.7 48.5 27.9% -12.4% 0.7x 2.7xMove, Inc. United States 8.12 -19% 319.2 274.0 45.2 - 190.8 15.7 8.2% -3.2% 1.4x 17.5xNexon Co. Ltd. Japan 12.52 -41% 5,437.5 4,583.5 1,722.0 280.3 1,138.7 621.6 NM 25.6% 4.0x 7.4xNetflix, Inc. United States 64.98 -51% 3,608.6 3,195.3 813.3 400.0 3,456.4 228.1 6.6% 30.1% 0.9x 14.0xOpenTable, Inc. United States 43.59 -18% 985.3 913.4 71.9 - 150.4 42.8 28.5% 22.0% 6.1x 21.3xOrbitz Worldwide, Inc. United States 2.25 -53% 236.3 506.3 170.4 440.4 770.8 106.7 13.8% 0.9% 0.7x 4.7x


, 13.8% 0.9% 0.7x 4.7xOverstock.com Inc. United States 11.10 -6% 260.3 217.3 60.0 17.0 1,055.7 8.6 0.8% -3.6% 0.2x 25.1xPacific Online Ltd. China 0.34 -37% 368.1 329.8 38.3 - 106.5 46.7 43.9% 19.3% 3.1x 7.1xPandora Media, Inc. * United States 9.10 -65% 1,536.8 1,454.5 82.3 - 338.4 (26.7) NM 66.4% 4.3x NM Perform Group plc. * United Kingdom 7.20 0% 1,720.9 1,684.7 54.1 15.3 196.8 35.4 18.0% 53.4% 8.6x 47.6x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPC Connection, Inc. United States 10.28 -20% 271.9 210.0 63.4 1.5 2,170.1 59.3 2.7% 5.2% 0.1x 3.5xPC Home Online Inc. Taiwan 5.68 -12% 464.2 373.1 101.4 - 484.8 17.9 3.7% 16.4% 0.8x 20.9xPC Mall Inc. United States 6.06 -10% 72.9 153.9 8.6 89.5 1,462.3 20.4 1.4% 0.2% 0.1x 7.5xPhoenix New Media Limited China 3.67 -53% 286.0 109.9 176.1 - 168.9 23.1 13.7% 51.9% 0.7x 4.7xQihoo 360 Technology Co. Ltd China 21.96 -17% 2,621.0 2,263.6 359.1 - 251.9 58.2 23.1% 169.9% 9.0x 38.9xRakuten, Inc. Japan 9.66 -16% 12,689.8 11,394.9 5,266.2 3,971.2 5,039.2 1,154.9 22.9% 12.0% 2.3x 9.9xRealNetworks Inc. United States 7.65 -33% 268.5 (14.4) 282.9 - 297.1 (34.6) NM -16.4% NM 0.4xRediff.com India Limited * India 3.95 -65% 109.0 84.4 - - 18.2 (7.2) NM -17.2% 4.6x NM R I Chi 3 36 57% 1 303 5 381 4 922 1 143 9 (56 8)Renren Inc. * China 3.36 -57% 1,303.5 381.4 922.1 - 143.9 (56.8) NM 0.0% 2.7x NM Scripps Networks Interactive, Inc. United States 63.19 -5% 9,414.8 10,913.1 261.8 1,384.1 2,193.6 1,006.3 45.9% 10.4% 5.0x 10.8xShutterfly, Inc. United States 29.84 -40% 1,074.0 955.9 118.1 - 530.6 51.2 9.6% 52.4% 1.8x 18.7xShutterstock, Inc. United States 22.83 -9% 749.7 734.7 15.0 - 144.1 24.1 16.7% 0.0% 5.1x 30.5xSify Technologies Limited India 2.51 -61% 330.3 349.2 - - 144.9 10.6 7.3% 1.9% 2.4x 32.9xSky-mobi Limited China 2.37 -61% 76.5 (18.1) 94.6 - 105.9 4.6 4.3% -0.8% NM NM Spark Networks, Inc. * United States 6.28 -8% 129.8 117.1 12.7 - 55.1 (1.8) NM 28.3% 2.1x NM Stamps.com Inc. United States 20.62 -39% 338.5 286.5 52.0 - 108.7 20.4 18.7% 17.1% 2.6x 14.1xTaomee Holdings Ltd. China 3.60 -51% 132.1 10.2 122.0 - 42.1 8.0 18.9% 0.0% 0.2x 1.3xTechTarget Inc United States 5 04 -36% 199 0 143 9 55 0 - 104 9 18 0 17 2% 5 4% 1 4x 8 0xTechTarget, Inc. United States 5.04 36% 199.0 143.9 55.0 104.9 18.0 17.2% 5.4% 1.4x 8.0xThe Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9xTheStreet, Inc. * United States 1.57 -32% 51.6 10.9 40.7 - 53.9 (3.2) NM -7.3% 0.2x NM TripAdvisor Inc. United States 29.93 -37% 4,260.0 4,196.1 478.2 414.4 699.5 300.8 43.0% 24.0% 6.0x 14.0xTrulia, Inc. * United States 22.44 -16% 591.9 591.6 10.4 10.1 51.3 (7.2) NM 0.0% 11.5x NM United Online, Inc. United States 5.47 -12% 495.8 628.2 111.4 243.8 874.8 134.5 15.4% -5.2% 0.7x 4.7xValueVision Media Inc. * United States 2.43 -36% 118.9 118.7 38.2 38.0 554.5 (8.0) NM -5.5% 0.2x NM WebMD Health Corp. United States 14.23 -65% 698.5 534.3 964.2 800.0 505.4 65.3 12.9% -12.4% 1.1x 8.2xWebMediaBrands Inc * United States 2.50 -74% 15.3 19.4 3.6 7.6 14.1 (1.5) NM 32.1% 1.4x NM Yahoo! Inc. United States 15.84 -5% 18,764.3 16,936.1 1,910.5 39.0 4,979.8 1,306.4 26.2% -10.6% 3.4x 13.0xYandex N.V. Netherlands 22.24 -47% 7,259.8 6,892.0 367.8 - 748.3 327.2 43.7% 54.7% 9.2x 21.1xYelp, Inc. * United States 24.61 -23% 1,506.8 1,384.1 122.6 - 107.2 (13.5) NM 0.0% 12.9x NM Youku Tudou Inc. * China 19.60 -40% 2,283.0 1,738.7 546.3 2.0 193.4 (1.7) NM 107.3% 9.0x NM Zillow, Inc. * United States 36.61 -22% 1,194.4 1,124.8 69.6 - 89.5 9.9 11.1% 99.4% 12.6x 113.6xZynga, Inc. * United States 2.40 -85% 1,823.1 706.2 1,216.9 100.0 1,271.5 (458.2) NM 43.1% 0.6x NM

Low 0.1x 0.4x

Mean 3.1x 18.2x

M di 1 8 10 3



Median 1.8x 10.3x



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


MARKETING TECHNOLOGYTransactions by Subsegment and Buyer Type

• Content Management was the most active subsegment with 12 transactions. The highest value subsegment was BI Tools worth approximately $418 million

• Select acquisitions› Informatica’s $104 million acquisition of Heiler Software, which provides a central master data management

system for enterprise product information and enterprise online procurement› ExactTarget’s $96 million acquisition of Pardot, which offers cloud-based B-to-B marketing automation

solutions made for companies with multi-touch sales cycles• Select investments

› The $34 million investment in Attivio, which provides a unified information access platform that integrates, joins and presents structured data, from Oak Investment Partners

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

Content Management 12 15% 80.0 10% 4 21.0 0 0.0 8 59.0

BI Tools 10 12% 417.7 51% 5 353.9 0 0.0 5 63.8



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Mobile Technology 9 11% 53.9 7% 3 30.0 0 0.0 6 23.9

Analytics & Reporting 7 9% 25.3 3% 2 0.0 0 0.0 5 25.3

Commerce Management 6 7% 16.6 2% 2 0.0 0 0.0 4 16.6

Social Technology 6 7% 10.4 1% 2 0.0 0 0.0 4 10.4

CRM 4 5% 5.9 1% 1 0.0 0 0.0 3 5.9

Product/Price Software 4 5% 2 1 0% 3 0 0 0 0 0 1 2 1Product/Price Software 4 5% 2.1 0% 3 0.0 0 0.0 1 2.1

Online Targeting/Optimization 3 4% 96.6 12% 2 95.5 0 0.0 1 1.1

MRM/Workflow Management 3 4% 1.7 0% 1 0.0 0 0.0 2 1.7

Email/Messaging Software 4 5% 41.0 5% 1 0.0 0 0.0 3 41.0

Ad Serving 2 2% 3.2 0% 1 0.0 0 0.0 1 3.2

Other* 11 14% 60 7% 4 0 0 0 7 60

Total 81 100% 814 100% 31 500 0 0 50 313


Total 81 100% 814 100% 31 500 0 0 50 313*Other includes Marketing Asset Management, Media Management System, Search & Discovery, SEM/SEO Tools, SFA/Lead Management, Teleservices/eServices, Web to Print and Website Creation/Hosting

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $33.24 -4% $16,455.6 $14,719.2 $3,247.4 $1,511.0 $4,402.4 $1,505.3 34.2% 8.1% 3.3x 9.8xsalesforce.com, inc United States 149.01 -10% 20,712.4 20,163.1 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.6x 173.5x

Akamai Technologies, Inc. United States $36.37 -10% $6,448.6 $5,952.1 $496.5 - $1,256.4 $504.4 40.1% 15.1% 4.7x 11.8xBazaarvoice, Inc. * United States 13.96 -34% 964.0 821.2 142.8 - 119.7 (21.3) NM 62.6% 6.9x NM Bitauto Holdings Limited China 4.94 -22% 203.5 127.8 75.6 - 130.6 17.9 13.7% 0.0% 1.0x 7.2xBlackbaud Inc. United States 24.00 -29% 1,084.2 1,323.5 21.2 260.5 395.4 63.2 16.0% 12.9% 3.3x 21.0xBrightcove, Inc. * United States 12.24 -52% 334.6 282.3 53.6 - 76.8 (10.6) NM 48.3% 3.7x NM ChinaCache International China 5.09 -40% 116.7 69.0 47.9 0.3 112.7 13.6 12.1% 0.0% 0.6x 5.1xC aCac e e a o a C a 5 09 0% 6 69 0 9 0 3 3 6 12.1% 0.0% 0.6x 5.1xDemandware, Inc. * United States 32.62 -5% 948.9 846.0 110.0 7.1 66.5 (2.4) NM 45.0% 12.7x NM Digital Generation, Inc. United States 10.43 -50% 287.9 1,296.9 57.0 1,066.0 382.1 115.4 30.2% 45.7% 3.4x 11.2xDigital River Inc. United States 13.97 -39% 497.6 207.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.5x 3.6xEloqua, Inc. * United States 20.20 -8% 647.2 644.0 5.0 1.9 84.7 0.9 1.1% 42.3% 7.6x NM ExactTarget, Inc. * United States 22.51 -25% 1,486.5 1,275.0 211.6 - 248.0 (0.4) NM 0.0% 5.1x NM Fleetmatics Group Limited Ireland 21.75 -9% 748.6 765.3 8.2 24.8 108.1 18.7 17.3% 0.0% 7.1x 40.9xInformatica Corporation United States 29.22 -46% 3,171.2 2,606.0 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.4xInnerWorkings Inc. United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8xInteractive Intelligence United States 29.72 -13% 573.0 508.2 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.3xJDA Software Group Inc. United States 34.05 -2% 1,465.9 1,376.9 362.4 273.5 665.5 180.3 27.1% 8.5% 2.1x 7.6xJive Software, Inc. * United States 11.52 -59% 717.5 572.2 157.2 12.0 95.6 (37.6) NM 56.8% 6.0x NM Keynote Systems Inc. United States 13.43 -47% 238.1 192.6 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4xLivePerson Inc. United States 15.61 -20% 868.7 768.2 100.6 - 146.1 23.7 16.2% 21.4% 5.3x 32.4xMercadolibre, Inc. Argentina 85.23 -18% 3,762.9 3,596.5 170.6 0.2 340.7 123.8 36.3% 36.8% 10.6x 29.1xNQ Mobile Inc. China 7.26 -43% 319.0 196.0 128.6 0.7 60.1 7.2 11.9% 113.4% 3.3x 27.4xOpen Text Corp. Canada 51.32 -18% 2,999.3 3,036.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.5x 9.1xPROS Holdings, Inc. United States 19.01 -8% 521.0 449.9 71.2 - 106.6 11.2 10.5% 31.5% 4.2x 40.2xRovi Corporation United States 13.60 -74% 1,459.0 2,062.3 873.2 1,476.4 692.4 217.6 31.4% 13.5% 3.0x 9.5xS l k I U i d S 31 51 21% 3 049 1 2 780 8 268 3 156 0 (11 0)Splunk, Inc. * United States 31.51 -21% 3,049.1 2,780.8 268.3 - 156.0 (11.0) NM 0.0% 17.8x NM Synacor, Inc. United States 6.12 -66% 165.4 135.5 35.1 5.1 114.4 9.6 8.4% 0.0% 1.2x 14.1xTeradata Corporation United States 72.29 -11% 12,188.1 11,649.1 821.0 282.0 2,553.0 636.0 24.9% 20.2% 4.6x 18.3xThe Active Network, Inc. * United States 9.95 -44% 593.3 497.8 107.8 12.2 381.7 5.6 1.5% 24.6% 1.3x 88.9xTIBCO Software Inc. United States 26.47 -24% 4,327.7 4,210.4 675.5 557.0 1,017.6 234.5 23.0% 16.7% 4.1x 18.0xVerint Systems Inc. United States 27.08 -17% 1,077.1 1,788.5 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.3xVocus Inc. * United States 17.72 -28% 366.8 418.4 27.6 1.7 137.9 1.1 0.8% 29.9% 3.0x NM Weborama France 22.02 -32% 76.8 69.7 13.5 6.5 33.8 6.0 17.8% 35.7% 2.1x 11.6x

Summary MultiplesLow 0.5x 3.6x

Mean 4.3x 20.7x

Median 3.3x 14.2x



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

y p*Calculation is market cap weighted and excludes revenue multiples that are 2.0 standard deviations above the mean (11.7x)



SOFTWARE & INFORMATIONTransactions by Subsegment and Buyer Type

• Healthcare Software was the most active subsegment within Software & Information with 19 transactions, while Financial Information was the highest value subsegment worth $1.5 billion

• Select acquisitions› Experian’s $1.5 billion acquisition of Serasa, a Brazil-based financial information and analysis company› Accelrys Software’s $30 million acquisition of Aegis Analytics which provides manufacturing enterprise › Accelrys Software s $30 million acquisition of Aegis Analytics, which provides manufacturing enterprise

compliance software and services• Select investments

› The $75 million investment in Homecare Homebase, a healthcare software company providing cloud-based solutions for the homecare and hospice industries

› The $38 million investment in Dyn an Infrastructure as a Service company led by North Bridge Growth › The $38 million investment in Dyn, an Infrastructure-as-a-Service company, led by North Bridge Growth Equity

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

H lth S ft 19 32% 118 4 6% 11 8 0 0 0 0 8 110 3



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

Healthcare Software 19 32% 118.4 6% 11 8.0 0 0.0 8 110.3

ERP Software 12 20% 88.3 5% 7 30.0 1 0.0 4 58.3

Financial Software 7 12% 77.0 4% 5 62.0 0 0.0 2 15.0

Infrastructure Software 6 10% 108.0 6% 1 0.0 0 0.0 5 108.0

Market Research 4 7% 17.8 1% 2 0.5 1 0.0 1 17.3

Human Capital Management Software 2 3% 4.7 0% 0 0.0 0 0.0 2 4.7

Financial Information 1 2% 1,500.0 78% 1 1,500.0 0 0.0 0 0.0

Healthcare Information 1 2% 9.8 1% 1 9.8 0 0.0 0 0.0

Other* 6 10% 1,510 78% 6 1,510 0 0 0 0

Total 59 100% 1,924 100% 35 1,610 2 0 22 314

*Other includes Credit/Risk Management Infornation, Credit/Risk Software, Engineering Software, Engineering/Scientific/Tech Information, Geo-Demo Information, Geo-Demo Software, Human Capital Management Consulting, Human Capital Management Information, IT Information, Legal Information, Legal Software, Marketing Data,

d / f d l f d f


Product/Price Information and Unclassified Software

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION



Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $8.61 -10% $478.2 $334.3 $143.9 - $153.8 $15.3 9.9% 19.5% 2.2x 21.9xActuate Corporation United States 6.08 -17% 299.6 218.7 80.9 - 140.2 31.3 22.4% 1.6% 1.6x 7.0xAcxiom Corporation United States 17.08 -10% 1,281.1 1,376.3 179.3 274.5 1,126.2 235.9 20.9% 0.6% 1.2x 5.8xAdobe Systems Inc. United States 33.24 -4% 16,455.6 14,719.2 3,247.4 1,511.0 4,402.4 1,505.3 34.2% 8.1% 3.3x 9.8xAdvent Software, Inc. United States 23.26 -21% 1,178.2 1,093.7 132.0 47.5 347.5 71.5 20.6% 14.7% 3.1x 15.3xAdvisory Board Co. United States 47.03 -9% 1,627.3 1,582.1 45.2 - 394.6 63.7 16.2% 33.0% 4.0x 24.8xAkamai Technologies, Inc. United States 36.37 -10% 6,448.6 5,952.1 496.5 - 1,256.4 504.4 40.1% 15.1% 4.7x 11.8xAlliance Data Systems Corporation United States 144.33 -1% 7,203.1 14,231.0 766.3 7,794.2 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3xAllocate Software plc. United Kingdom 1.26 -13% 80.9 73.9 12.8 6.2 56.3 8.0 14.2% 21.7% 1.3x 9.2xp g 14.2% 21.7% 1.3x 9.2xAllscripts Healthcare Solutions, Inc. United States 13.58 -37% 2,326.1 2,696.7 120.4 491.0 1,486.6 237.1 15.9% 19.9% 1.8x 11.4xArbitron Inc. United States 36.61 -14% 956.6 943.8 12.8 - 436.5 123.4 28.3% 7.1% 2.2x 7.7xathenahealth, Inc. * United States 73.31 -25% 2,659.1 2,478.9 180.2 - 398.5 50.0 12.5% 32.4% 6.2x 49.6xAutomatic Data Processing, Inc. United States 58.42 -3% 28,294.5 26,732.8 1,578.5 16.8 10,665.2 2,333.5 21.9% 8.0% 2.5x 11.5xAveva Group plc United Kingdom 32.83 -1% 2,232.1 1,945.6 286.2 - 313.3 95.3 30.4% 12.6% 6.2x 20.4xAVG Technologies N.V. Netherlands 10.32 -33% 561.3 634.9 123.7 197.4 311.0 83.9 27.0% 0.0% 2.0x 7.6xBlackbaud Inc. United States 24.00 -29% 1,084.2 1,323.5 21.2 260.5 395.4 63.2 16.0% 12.9% 3.3x 21.0xBooz Allen Hamilton Holding Corporation United States 12.35 -36% 1,636.4 2,255.4 336.1 955.1 5,844.8 495.6 8.5% 2.6% 0.4x 4.6xBrainjuicer Group Plc United Kingdom 5.69 -3% 71.2 67.4 3.8 - 34.5 4.8 14.0% 20.6% 2.0x 14.0xBroadridge Financial Solutions, Inc. United States 22.93 -8% 2,800.5 3,004.4 320.5 524.4 2,303.5 340.0 14.8% 6.3% 1.3x 8.8xCegedim SA France 18.91 -51% 264.1 890.1 72.7 681.5 1,151.6 181.8 15.8% -5.3% 0.8x 4.9xCello Group Plc United Kingdom 0.66 -12% 54.5 76.5 1.9 23.4 212.2 12.5 5.9% 8.1% 0.4x 6.1xCerner Corporation United States 70.43 -20% 12,056.1 11,252.3 980.0 176.1 2,415.7 658.1 27.2% 24.5% 4.7x 17.1xCision AB Sweden 8.06 -15% 119.6 183.3 7.6 68.2 142.1 24.5 17.2% -4.0% 1.3x 7.5xcomScore, Inc. United States 14.87 -38% 523.9 485.9 50.3 12.3 243.9 18.4 7.5% 17.3% 2.0x 26.4xConcur Technologies, Inc. * United States 66.22 -13% 3,641.1 3,409.1 481.2 248.5 417.1 52.5 12.6% 25.7% 8.2x 64.9xConstant Contact, Inc. United States 17.10 -47% 521.5 440.4 81.1 - 233.9 24.3 10.4% 20.0% 1.9x 18.1xCoreLogic, Inc. United States 26.51 -6% 2,792.5 3,306.9 282.4 794.6 1,441.3 259.5 18.0% 11.7% 2.3x 12.7xCornerstone OnDemand, Inc. * United States 28.99 -11% 1,454.0 1,392.1 67.0 5.0 93.1 (19.8) NM 72.2% 14.9x NM CoStar Group Inc. * United States 77.47 -10% 2,185.1 2,253.8 104.2 172.8 283.8 52.6 18.5% 19.7% 7.9x 42.9xCRA International Inc. United States 16.07 -42% 165.1 126.4 41.8 2.3 282.9 27.4 9.7% 0.0% 0.4x 4.6xCraneware plc United Kingdom 6.83 -31% 184.3 154.9 28.8 - 41.1 11.3 27.6% 7.7% 3.8x 13.6xDigital Generation, Inc. United States 10.43 -50% 287.9 686.9 57.0 456.0 382.1 115.4 30.2% 45.7% 1.8x 6.0xDigital River Inc. United States 13.97 -39% 497.6 207.4 644.0 353.8 400.7 57.7 14.4% 7.3% 0.5x 3.6xDun & Bradstreet Corp. United States 80.84 -7% 3,628.3 4,527.1 118.6 1,013.6 1,724.8 519.5 30.1% 1.3% 2.6x 8.7xE2open, Inc. * United States 16.67 -6% 417.7 379.1 40.0 1.4 70.2 3.5 5.0% 0.0% 5.4x 108.0xEbiquity plc United Kingdom 1.57 -1% 86.3 106.6 10.0 29.9 85.9 13.8 16.0% 19.8% 1.2x 7.7xEbi I U it d St t 21 92 19% 834 4 888 4 26 8 80 7 178 2 76 5 Ebix Inc. United States 21.92 -19% 834.4 888.4 26.8 80.7 178.2 76.5 42.9% 18.2% 5.0x 11.6xEnvestnet, Inc. United States 13.61 -2% 439.3 425.9 13.4 - 133.2 16.0 12.0% 18.1% 3.2x 26.6xEPIQ Systems, Inc. United States 12.28 -16% 441.2 676.4 6.9 242.1 311.0 71.3 22.9% 32.2% 2.2x 9.5xEpocrates, Inc. * United States 9.56 -20% 237.2 155.3 81.9 - 110.7 0.0 0.0% -0.7% 1.4x NM Equifax Inc. United States 50.43 -2% 6,044.7 6,853.0 183.1 968.8 2,058.6 672.8 32.7% 7.5% 3.3x 10.2xExperian plc Ireland 17.15 -2% 16,976.8 19,104.2 261.0 2,227.0 4,487.0 1,495.0 33.3% 15.5% 4.3x 12.8xFactSet Research Systems Inc. United States 91.07 -17% 4,050.1 3,847.1 203.0 - 805.8 306.8 38.1% 10.9% 4.8x 12.5xFair Isaac Corp. United States 43.71 -5% 1,479.3 1,832.6 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.7xFidelity National Information Services, Inc. United States 32.41 -7% 9,548.4 14,028.7 533.8 4,871.1 5,850.2 1,708.5 29.2% 5.8% 2.4x 8.2xFidessa group plc United Kingdom 21 96 -23% 811 2 730 0 79 5 - 443 1 90 6 20 4% 4 3% 1 6x 8 1x


Fidessa group plc United Kingdom 21.96 -23% 811.2 730.0 79.5 - 443.1 90.6 20.4% 4.3% 1.6x 8.1xFinancial Engines, Inc. United States 23.53 -6% 1,099.0 945.5 153.4 - 162.5 28.2 17.3% 25.6% 5.8x 33.6xForrester Research Inc. United States 29.06 -27% 651.5 415.0 236.4 - 293.8 52.0 17.7% 10.4% 1.4x 8.0xFTI Consulting, Inc. United States 25.38 -44% 1,020.9 1,652.3 166.0 797.4 1,596.0 264.1 16.5% 9.0% 1.0x 6.3x




Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGartner Inc. United States 45.63 -11% 4,262.9 4,312.5 150.5 200.1 1,540.1 254.6 16.5% 12.1% 2.8x 16.9xGfK SE Germany 45.92 -14% 1,676.3 2,290.0 88.2 634.3 1,817.8 257.4 14.2% 6.6% 1.3x 8.9xGreen Dot Corporation United States 10.03 -72% 359.6 210.9 194.4 45.7 527.0 98.3 18.6% 21.4% 0.4x 2.1xHarris Interactive Inc. United States 1.35 -17% 77.5 72.2 11.5 6.2 147.5 10.3 7.0% -8.2% 0.5x 7.0xHarte-Hanks Inc. United States 6.57 -36% 414.0 496.0 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.5xIHS Inc. United States 89.65 -25% 5,911.3 6,624.3 298.4 1,011.5 1,486.2 308.3 20.7% 20.3% 4.5x 21.5xInfoblox Inc. * United States 17.71 -27% 821.2 664.6 156.6 - 169.2 (0.8) NM 27.4% 3.9x NM Informa plc Switzerland 6.54 -10% 3,934.0 5,290.6 83.3 1,412.4 1,976.5 561.4 28.4% 1.8% 2.7x 9.4xI f i C i U i d S 29 22 46% 3 171 2 2 606 0 565 3 809 5 181 4 Informatica Corporation United States 29.22 -46% 3,171.2 2,606.0 565.3 - 809.5 181.4 22.4% 12.4% 3.2x 14.4xInformation Services Group, Inc. United States 1.22 -18% 44.1 96.6 14.2 66.6 184.4 12.1 6.6% 23.0% 0.5x 8.0xInnerWorkings Inc. United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8xInteractive Intelligence Group Inc. United States 29.72 -13% 573.0 508.2 64.8 - 217.4 18.0 8.3% 13.1% 2.3x 28.3xInternational Datacasting Corporation * Canada 0.20 -43% 12.2 7.8 4.4 0.0 29.6 (1.4) NM -18.1% 0.3x NM Ipsos SA France 31.58 -15% 1,430.7 2,344.6 96.2 968.6 2,081.1 232.4 11.2% 40.3% 1.1x 10.1xIsoftstone Holdings Limited China 4.86 -56% 271.0 228.0 60.1 15.0 337.9 33.4 9.9% 42.7% 0.7x 6.8xJDA Software Group Inc. United States 34.05 -2% 1,465.9 1,376.9 362.4 273.5 665.5 180.3 27.1% 8.5% 2.1x 7.6xJohn Wiley & Sons Inc. United States 44.00 -15% 2,644.2 3,011.2 149.3 516.3 1,763.4 326.7 18.5% -0.1% 1.7x 9.2xKenexa Corp * United States 45 89 1% 1 266 6 1 210 0 89 7 28 3 318 0 26 7 8 4% 32 1% 3 8x 45 4xKenexa Corp. * United States 45.89 -1% 1,266.6 1,210.0 89.7 28.3 318.0 26.7 8.4% 32.1% 3.8x 45.4xKeynote Systems Inc. United States 13.43 -47% 238.1 192.6 45.5 - 121.5 18.6 15.3% 26.5% 1.6x 10.4xLender Processing Services, Inc. United States 29.07 -6% 2,462.1 3,409.6 138.5 1,086.0 2,092.5 255.6 12.2% -6.7% 1.6x 13.3xMacdonald Dettwiler & Associates Ltd. Canada 49.71 -20% 1,583.1 1,446.4 236.4 103.4 682.0 156.1 22.9% -10.4% 2.1x 9.3xMedAssets, Inc. United States 17.28 -7% 1,010.7 1,952.8 5.4 947.5 613.2 182.1 29.7% 27.6% 3.2x 10.7xMediware Information Systems, Inc. United States 21.98 -1% 186.8 146.6 40.2 - 64.6 13.6 21.1% 16.3% 2.3x 10.8xMerge Healthcare Incorporated United States 3.33 -53% 307.0 521.9 35.6 250.0 248.0 48.5 19.6% 24.2% 2.1x 10.8xMoody's Corp. United States 45.62 -2% 10,141.3 10,619.8 839.5 1,238.3 2,386.0 1,009.1 42.3% 5.6% 4.5x 10.5xMorningstar Inc. United States 63.16 -2% 3,056.6 2,668.3 389.9 - 645.3 182.5 28.3% 6.9% 4.1x 14.6xMSCI Inc. United States 27.02 -29% 3,290.9 3,807.4 359.8 876.2 918.8 413.9 45 0% 0 0% 4 1x 9 2xMSCI Inc. United States 27.02 29% 3,290.9 3,807.4 359.8 876.2 918.8 413.9 45.0% 0.0% 4.1x 9.2xNational Research Corp. United States 49.69 -6% 338.0 340.4 11.2 13.6 80.7 25.8 32.0% 15.3% 4.2x 13.2xNavigant Consulting Inc. United States 10.61 -27% 547.4 715.4 - 168.0 720.7 103.4 14.4% 9.6% 1.0x 6.9xNielsen Holdings N.V. Netherlands 31.45 -2% 11,358.6 17,945.6 283.0 6,866.0 5,569.0 1,373.0 24.7% 1.6% 3.2x 13.1xOnvia Inc. United States 3.83 -11% 32.6 20.7 12.1 0.1 22.2 1.3 5.7% -11.7% 0.9x 16.2xOpen Text Corp. Canada 51.32 -18% 2,999.3 3,036.0 559.7 596.4 1,207.5 333.4 27.6% 16.9% 2.5x 9.1xPalo Alto Networks, Inc. * United States 60.02 -17% 4,075.0 3,752.4 322.6 - 255.1 10.0 3.9% 115.1% 14.7x NM Parametric Technology Corporation United States 20.22 -30% 2,400.5 2,302.4 238.0 140.0 1,269.8 220.6 17.4% 15.9% 1.8x 10.4xPaychex, Inc. United States 32.55 -6% 11,830.5 11,439.6 390.9 - 2,244.9 959.9 42.8% 5.4% 5.1x 11.9xProofpoint, Inc. * United States 12.51 -30% 398.2 321.7 81.4 4.8 93.7 (11.4) NM 0.0% 3.4x NM PROS Holdings, Inc. United States 19.01 -8% 521.0 449.9 71.2 - 106.6 11.2 10.5% 31.5% 4.2x 40.2xQlik Technologies, Inc. * United States 20.55 -39% 1,758.1 1,563.0 195.1 - 348.5 22.5 6.5% 29.7% 4.5x 69.4xQuality Systems Inc. United States 18.15 -62% 1,077.1 942.2 134.9 - 447.7 122.2 27.3% 20.7% 2.1x 7.7xRealPage, Inc. United States 21.33 -26% 1,598.9 1,588.1 45.8 35.0 292.0 38.3 13.1% 32.0% 5.4x 41.5xReed Elsevier plc United Kingdom 9.73 -9% 21,675.5 10,069.1 3.8 11.4 9,342.4 2,663.3 28.5% 0.0% 1.1x 3.8xReis, Inc. United States 10.99 -8% 117.6 97.9 19.7 - 28.5 5.5 19.3% 11.4% 3.4x 17.8xSage Group plc United Kingdom 4.95 -5% 6,044.7 5,849.2 521.3 326.1 2,137.7 620.1 29.0% 8.8% 2.7x 9.4xsalesforce.com, inc * United States 149.01 -10% 20,712.4 20,163.1 1,107.7 558.3 2,643.3 116.2 4.4% 36.5% 7.6x 173.5xSolera Holdings Inc. United States 26.60 NA 1,924.8 2,562.4 508.2 1,145.9 790.2 338.5 42.8% 15.4% 3.2x 7.6x


ServiceNow, Inc. * United States 34.35 -18% 4,232.0 4,212.2 88.3 - 196.3 (20.4) NM 0.0% 21.5x NM SPS Commerce, Inc. * United States 37.97 -7% 546.2 510.7 35.5 - 65.7 5.5 8.4% 31.5% 7.8x 92.8xSS&C Technologies Holdings, Inc. United States 24.67 -9% 1,927.1 2,939.7 134.5 1,147.1 404.5 151.5 37.4% 15.6% 7.3x 19.4x




Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAStreamline Health Solutions, Inc. United States 6.15 -7% 77.1 77.2 4.1 4.1 19.3 2.6 13.5% 9.4% 4.0x 29.6xTemenos Group AG Switzerland 15.19 -30% 1,046.9 1,211.4 62.6 223.7 453.9 53.5 11.8% -5.3% 2.7x 22.6xThe Dolan Company United States 5.00 -54% 151.6 333.6 1.2 174.0 275.9 43.6 15.8% -5.1% 1.2x 7.6xThe Hackett Group, Inc. United States 3.90 -41% 118.8 137.0 13.8 32.0 206.9 20.3 9.8% 8.7% 0.7x 6.8xThe McGraw-Hill Companies, Inc. United States 56.09 -1% 15,716.4 16,935.4 839.0 1,199.0 6,306.0 1,771.0 28.1% 0.6% 2.7x 9.6xThomson Reuters Corporation United States 28.52 -7% 23,544.1 29,354.9 1,892.0 7,198.0 13,693.0 3,348.0 24.5% 1.5% 2.1x 8.8xTIBCO Software Inc. United States 26.47 -24% 4,327.7 4,210.4 675.5 557.0 1,017.6 234.5 23.0% 16.7% 4.1x 18.0xThe Ultimate Software Group, Inc. * United States 96.41 -9% 2,580.8 2,519.8 72.1 11.0 297.9 30.9 10.4% 21.0% 8.5x 81.4xV i S I U i d S 27 08 17% 1 077 1 1 788 5 173 3 594 0 820 4 134 4 Verint Systems Inc. United States 27.08 -17% 1,077.1 1,788.5 173.3 594.0 820.4 134.4 16.4% 10.2% 2.2x 13.3xVerisk Analytics, Inc. United States 46.50 -9% 7,711.3 8,865.5 102.0 1,256.2 1,411.4 624.4 44.2% 15.6% 6.3x 14.2xVocus Inc. * United States 17.72 -28% 366.8 418.4 27.6 1.7 137.9 1.1 0.8% 29.9% 3.0x NM WageWorks, Inc. United States 18.22 -4% 504.9 288.2 261.3 44.6 154.5 21.2 13.7% 22.0% 1.9x 13.6xWolters Kluwer NV Netherlands 19.66 -1% 5,820.8 8,808.0 380.3 3,263.0 4,403.9 1,092.7 24.8% 4.6% 2.0x 8.1xYouGov PLC United Kingdom 1.26 -4% 122.9 111.5 11.7 0.5 91.2 9.4 10.3% 3.6% 1.2x 11.9x

Low 0.2x 2.3x

Mean 3.2x 18.5x



Median 2.7x 10.9x




OOH & SPECIALTY MEDIATransactions by Subsegment and Buyer Type

• There were 10 acquisitions in the Out-of-Home & Specialty Media segment for approximately $544 million• Select acquisitions

› Penske Media’s $25 million acquisition of Variety, a Hollywood trade publication provider• Select investments

› The $517 million investment in Dorna Sports, operates as an international sports management, marketing and media company, from the Canada Pension Plan Investment Board

OOH & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT BUYER/INVESTOR BREAKDOWN


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

B-to-B Media 5 50% 25.0 5% 4 25.0 1 0.0 0 0.0

Entertainment Media 3 30% 517.2 95% 2 0.0 0 0.0 1 517.2

Traditional Outdoor 2 20% 2.0 0% 0 0.0 0 0.0 2 2.0

Total 10 100% 544 100% 6 25 1 0 3 519


OOH & SPECIALTY MEDIAPUBLIC COMPANY VALUATION



Company Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAirMedia Group Inc. China $2.07 -48% $129.6 $14.2 $114.0 $0.0 $286.4 $20.6 7.2% 17.1% 0.0x 0.7xClear Channel Outdoor Holdings Inc. United States 6.45 -57% 2,302.4 6,788.8 491.3 4,742.2 2,977.1 692.9 23.3% 1.7% 2.3x 9.8xClear Media Ltd. Hong Kong 0.54 -15% 285.3 161.3 135.4 - 194.6 76.8 39.5% 10.4% 0.8x 2.1xDHX Media Ltd. * Canada 1.89 -5% 100.5 107.7 22.0 29.1 71.2 7.0 9.9% 31.1% 1.5x 15.3xFocus Media Holding Ltd. Hong Kong 23.99 -20% 3,101.7 2,676.7 650.8 207.5 899.7 331.0 36.8% 44.5% 3.0x 8.1xJCDecaux SA France 23.00 -25% 5,102.7 5,216.2 398.6 555.0 3,211.3 715.1 22.3% 5.1% 1.6x 7.3xLamar Advertising Co. * United States 39.05 -2% 3,645.6 5,736.4 98.9 2,189.7 1,156.1 500.7 43.3% 4.1% 5.0x 11.5xMood Media Corporation Canada 2.42 -45% 413.2 884.4 14.9 470.4 422.3 112.9 26.7% 104.3% 2.1x 7.8xNational CineMedia Inc United States 15 59 -8% 874 4 1 750 0 74 6 865 2 439 8 210 6 47 9% 2 6% 4 0x 8 3xNational CineMedia, Inc. United States 15.59 8% 874.4 1,750.0 74.6 865.2 439.8 210.6 47.9% 2.6% 4.0x 8.3xNTN Buzztime Inc. * United States 0.18 -64% 12.8 10.5 2.5 0.3 24.1 (0.5) NM -2.8% 0.4x NM Tom Group Ltd. * Hong Kong 0.12 -12% 471.8 692.6 110.1 285.8 301.4 1.2 0.4% -0.2% 2.3x NM Valassis Communications Inc. United States 25.85 -7% 1,028.2 1,554.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.6x

Low 0.0x 0.7x

Mean 2.0x 7.6x

Median 1.9x 8.0x






MARKETING SERVICESTransactions by Subsegment and Buyer Type

• There were five acquisitions in the Marketing Services segment in October• Select acquisitions

› SGS International’s acquisition of Stevenson Color, a provider of graphics services to branded consumer products companies and retailers

› SproutLoud Media Networks’ acquisition of Synergy Brand Management a brand management agency › SproutLoud Media Networks acquisition of Synergy Brand Management, a brand management agency specializing in the franchise industry

• Select investments› The investment in Hunter Straker, a Canada-based company offering package design, strategic planning,

retail consulting, promotional marketing and in-store materials, from Mosaic Sales Solutions

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

Retail Services 2 40% 0.0 0% 1 0.0 0 0.0 1 0.0

Collections 1 20% 0.0 0% 1 0.0 0 0.0 0 0.0



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Logistics 1 20% 3.2 100% 0 0.0 0 0.0 1 3.2

Printing Services 1 20% 0.0 0% 1 0.0 0 0.0 0 0.0

Total 5 100% 3.2 100% 3 0.0 0 0.0 2 3.2


MARKETING SERVICES PUBLIC COMPANY VALUATION



g q y g pCompany Name Headquarters 10/31/12 52WK High Value Value Investments Debt Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $17.08 -10% $1,281.1 $1,376.3 $179.3 $274.5 $1,126.2 $235.9 20.9% 0.6% 1.2x 5.8xAimia Inc. Canada 14.89 -2% 2,564.8 2,876.7 268.0 583.2 2,092.2 279.6 13.4% 0.0% 1.4x 10.3xAlliance Data Systems * United States 144.33 -1% 7,203.1 14,231.0 642.2 7,542.0 3,517.1 1,067.6 30.4% 14.1% 4.0x 13.3xAMREP Corporation United States 6.88 -34% 41.3 42.4 22.0 23.1 83.4 3.4 4.1% -10.4% 0.5x 12.4xCenveo Inc. United States 2.15 -59% 136.7 1,346.0 14.1 1,223.4 1,856.8 207.6 11.2% 5.7% 0.7x 6.5xConsolidated Graphics, United States 29.91 -46% 299.9 458.6 8.1 166.9 1,040.2 102.9 9.9% -1.9% 0.4x 4.5xConvergys Corporation United States 15.89 -4% 1,786.6 1,090.3 757.0 60.7 2,311.2 281.6 12.2% 11.7% 0.5x 3.9xData Group Inc Canada 3.71 -37% 87.1 188.1 - 98.1 330.4 28.0 8.5% 2.1% 0.6x 6.7xDST Systems Inc. United States 55.95 -4% 2,467.4 3,307.4 374.4 1,214.4 2,500.8 363.0 14.5% -4.8% 1.3x 9.1xElanders AB Sweden 3.39 -12% 77.1 174.7 11.6 104.4 275.1 31.1 11.3% 7.2% 0.6x 5.6xFair Isaac Corp. * United States 43.71 -5% 1,479.3 1,832.6 150.7 504.0 650.6 188.7 29.0% 5.9% 2.8x 9.7xHarte-Hanks Inc. United States 6.57 -36% 414.0 496.0 34.4 116.4 831.7 90.9 10.9% -4.0% 0.6x 5.5xInnerWorkings Inc. * United States 14.15 -6% 706.4 766.7 12.8 73.0 723.0 32.2 4.5% 31.4% 1.1x 23.8xInnotrac Corp. United States 2.09 -20% 27.2 27.9 2.3 3.0 92.2 4.3 4.7% 13.3% 0.3x 6.5xInsignia Systems Inc. * United States 1.66 -32% 22.6 3.0 19.6 - 16.0 (6.9) NM -37.8% 0.2x NM Points International Ltd. * Canada 9.27 -31% 140.6 107.0 32.6 - 126.1 5.5 4.3% 12.9% 0.8x 19.6xQuad/Graphics, Inc. United States 18.83 -11% 887.3 2,236.2 17.6 1,365.8 4,248.8 597.2 14.1% -3.2% 0.5x 3.7xR R Donnelley & Sons United States 10 49 -37% 1 891 0 5 302 4 369 0 3 761 4 10 457 6 1 266 9 12 1% 0 5% 0 5x 4 2xR.R. Donnelley & Sons United States 10.49 -37% 1,891.0 5,302.4 369.0 3,761.4 10,457.6 1,266.9 12.1% 0.5% 0.5x 4.2xStarTek, Inc. * United States 2.94 -14% 44.6 33.2 11.4 - 198.1 (3.7) NM -19.8% 0.2x NM Sykes Enterprises,

d United States 13.78 -27% 590.3 385.7 204.7 - 1,112.4 113.4 10.2% -4.6% 0.3x 3.4x

Teleperformance France 30.46 -1% 1,687.3 1,661.5 200.9 169.4 2,777.9 360.2 13.0% 2.6% 0.6x 4.6xTeleTech Holdings Inc. United States 17.01 -9% 927.6 851.3 170.6 80.9 1,186.2 138.9 11.7% 5.3% 0.7x 6.1xTranscontinental Inc. Canada 9.86 -27% 781.0 1,292.9 28.5 534.9 2,100.1 373.3 17.8% 3.9% 0.6x 3.5xValassis Communications United States 25.85 -7% 1,028.2 1,554.2 75.2 601.3 2,182.6 278.2 12.7% -5.8% 0.7x 5.6xViad Corp United States 20.68 -12% 419.0 351.3 78.0 2.6 928.8 35.3 3.8% -0.2% 0.4x 9.9xVistaprint N.V. Netherlands 34.19 -21% 1,171.2 1,338.0 62.2 229.0 1,020.3 111.6 10.9% 24.9% 1.3x 12.0x

Low 0.2x 3.4x

Mean 0.7x 7.7x

Median 0.6x 5.9x






OCTOBER SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 2.3x 1.9x 4.1x 2.9xAgency/Consulting 1.0x 1.0x 1.2x 1.1xOOH & Specialty Media 2.0x 1.9x 2.7x 2.1x

Revenue Multiples

Digital Media/Commerce 3.1x 1.8x 4.6x 3.5xMarketing Technology 4.3x 3.3x 5.4x 4.5xSoftware & Information 3.2x 2.7x 3.8x 3.5xMarketing Services 0.7x 0.6x 0.9x 0.8x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*Digital Advertising 16.4x 10.1x 14.2x 13.9xAgency/Consulting 7.6x 6.9x 8.3x 7.8x

EBITDA Multiples

OOH & Specialty Media 7.6x 8.0x 8.3x 8.5xDigital Media/Commerce 18.2x 10.3x 21.1x 13.7xMarketing Technology 20.7x 14.2x 15.4x 16.7xSoftware & Information 18.5x 10.9x 22.0x 11.4xMarketing Services 7 7 5 9 7 2 6 4Marketing Services 7.7x 5.9x 7.2x 6.4x

As of close of business on 10/31/12.

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


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

PPLLC INDICES – LTM as of 10/31/12

120

130

(%

)

130

140

(%

)

80

90

100

110

Ind

ex P

erfo

rman

ce

90

100

110

120

nd

ex P

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rman

ce

70

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

I

S&P 500 Digital Advertising

80


I

S&P 500 Agency/Consulting

120

130

e (%

)

120

130

ce (

%)

70

80

90

100

110

Ind

ex P

erfo

rman

ce

80

90

100

110

Ind

ex P

erfo

rman

c

115

120

ce (

%)

60


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

70


S&P 500 Marketing Technology

120

130

ce (

%)

90

95

100

105

110

Ind

ex P

erfo

rman

c

90

100

110

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/InvestorTransaction

Value StrategicValues Disclosed

Lucasfilm Ltd. Walt Disney Co. $4,050.0Serasa Experian plc 1,500.0Gloops NEXON Corporation 468.4Vertis Communications Quad/Graphics, Inc. 258.5Red Bend Software International Business Machines Corporation 250.0pXING Burda Digital 216.7Pokelabo GREE, Inc. 173.0Heiler Software Informatica Corporation 103.9Pardot ExactTarget, Inc. 95.5PriceGrabber, LowerMyBills and ClassesUSA.com (Management Buyout) 80.0Zephyr Associates Informa PLC 62.0Qype GmbH Yelp!, Inc. 50.0ClickMotive DealerTrack, Inc. 48.9Aegis Analytics Corporation Accelrys Software, Inc. 30.0Aegis Analytics Corporation Accelrys Software, Inc. 30.0EZ Prints CafePress, Inc. 30.0Viewdle Google, Inc. 30.0Variety Magazine Penske Media Corporation 25.0ThinkNear, Inc. TeleNav, Inc. 22.5iGoDigital, LLC ExactTarget, Inc. 21.0WorldMate Carlson Wagonlit Travel 20.0Ongame Network Amaya Gaming Group 19.3Relocation.com LLC Move, Inc. 11.5pH Associates Chime Communications, PLC 9.8pH Associates Chime Communications, PLC 9.8Sy.Med Development HealthStream, Inc. 8.0Friars 573 Mission Marketing Group Limited 5.1Stampwants.com Stanley Gibbons Group 1.0Club Vibes Media International myzone Media, Inc. 0.5

StrategicUndisclosed

Infotree Web Services, LLC ForeSite Technologies - Infotree Web Services, LLC ForeSite Technologies 1000memories, Inc. Ancestry.com Inc. - 80/20, Inc. Square, Inc. - Abel & Cole Limited William Jackson Food Group - Accu-Med PointClickCare - Acuitec HealthTech Holdings, Inc. - Adometry, TagScan Technology Ad-Juster, Inc. - AdRevolution Operations, LLC Tactara, LLC - Aleph Global Taxi Magic -


Aleph Global Taxi Magic ALI Solutions, Inc. Noble Systems Corporation - Aquafadas Kobo, Inc. - Arkovi RegEd -


Reported


Value StrategicUndisclosed

Artefact Logibec Groupe Informatique Ltee - ArtM Communications Group Grey Group - Avanon Thomson Reuters - avVenta Worldwide, Inc. Accenture plc - Black Atoms Lattice Engines - Buyfolio Zillow - CapSite Healthcare Information and Management Systems Societ - Color Labs, Inc. Apple Inc. - Creditors Interchange Receivable Management Mercantile Adjustment Bureau - DMLT eFront - Dutchsoftware WoodWing Software BV - EatNow Catch Group - EFEM International Fair & Organization United Business Media Limited - Emmis Interactive Marketron Broadcast Solutions - Escalate Media LP H.I.G. Growth Partners, LLC - Financial Research Corporation, Intellectual Property and Research Products Asset International - Flozio Demand Bridge, LLC - Foghorn Games Playsino - Full Partner, LLC Synduit, LLC - Geoloqi ESRI - Geoloqi ESRI - GetSpotOn Airbnb, Inc. - GlobalEdge Marketing Consultants GfK SE - Gravity Collection Sports Network Rounder - Guidon Performance Solutions, LLC TeleTech Holdings, Inc. - Hablar Aegis Group - HardMetrics iQor - Health Data Essentials Peak Health Solutions, Inc. - ,Health Language Wolters Kluwer Health, Inc. - Hotel Booking Solutions, Inc. IBS Software Services Private Limited - HSMWorks Aps Autodesk, Inc. - IBIS Advisors Arthur J. Gallagher - iCONNECT Direct DMS Business DealerTrack Canada, Inc. - Improve Digital PubliGroupe SA - InforMed Health Care Solutions Conifer Health Solutions - Iris Associates 2020 -


Irokeesi Aegis Group plc - JumpTime OpenX - k102 Grey Group -


Reported



KinLogix Medical Telus Corporation - L&O Public Relations Mobility Public Relations - Liquid Spins Max Sound Corporation - LucidMedia Networks, Inc. Videology - LXE Software Mortgage Builder Software - Makeover Solutions, Inc. StyleCaster Media Group - Marketing Pilot Software LLC Microsoft Corporation - MED3000 McKesson Corporation - MEI Computer Technology Group AFS Technologies, Inc. - Metals Economics Group SNL Financial - Mingle Myriad Interactive Media, Inc. - Miro Technologies The Boeing Company - MyCase Inc. AppFolio, Inc. - notebooksbiliger.de ElectronicPartner Handel SE - Octagon Research Solutions, Inc. Accenture plc - One to One Global Pte. Ltd. Foolproof - Online Print Solutions Electronics for Imaging, Inc. - Open Road Entertainment Happy Hour Creative - OpenTech Systems Rocket Software, Inc. - OptionEase Solium Capital, Inc. - Parallel Smart Media Asia Alpha Entertainment Parallel Media Group - Particle Apple Inc. - Penton Media, Four Marketing Brands Access Intelligence, Inc. - Pinhole Press liveBooks, Inc. - Pinhole Pro liveBooks, Inc. - Platts, Inc. Kingsman - Pluto Technologies Cemtrex Inc. - Popover Games Playsino - p yPrimaTable Hotel Tonight, Inc. - Prime Access, Inc. Global Advertising Strategies, Inc. - Printroom Brand Affinity Technologies - Progress Software businesses - Sonic, Savvion, Actional and DXSI Trilogy Enterprises - Pyxis Systems Polaris Financial Technology Limited - Quiterian Actuate Corporation - Quofore International AFS Technologies, Inc. - Recombinant Data Deloitte Consulting -


gRedkite Financial Markets NICE Systems, Ltd. - Rovion, Inc. Gannett Company, Inc. - Saatchi & Saatchi Arachnid Saatchi & Saatchi Worldwide -


Reported



Savingforcollege.com's 529 Conference and Boot Camp Asset International - SinDelantal Just-Eat.co.uk Ltd. - Skoreit.com Beezid.com - Social Dynamx Lithium Technologies - Spiral Software Invensys Operations Management - Stamped, Inc. Yahoo!, Inc. - StartupDigest Startup Weekend - Stevenson Color SGS International, Inc. - SublimeNZ Professional Public Relations - Synergy Brand Management SproutLoud Media Networks, LLC - TekInsure eBaoTech - Tender Creative LLC VSA Partners - The Real Estate Ad Network Onthehouse Holdings - Trusteria.com Fiore Communications, Inc. - Urbantag Tagged, Inc. - Ventures in Digital Media AlphaBird, Inc. - Viamente Marathon Data Systems - Villij Tout’d - Vine Twitter, Inc. - wahwah.fm Senzari - Wanderfly, Inc. TripAdvisor, Inc. - ZAO Begun Rambler Media Ltd. -


ALL SEGMENTSVenture/Growth Capital Transactions ($ in Millions)

Reported

Target Buyer/Investor

Reported Transaction

Value Buyout DealsValues Disclosed

Ancestry.com Inc. Permira Advisers $1,590.4Investis Ltd. Gresham Private Equity 40.3

Buyout DealsUndisclosed

Accellos Inc Accel-KKR LLC - Accellos, Inc. Accel KKR, LLC OneSource Information Services, Inc. GTCR, LLC - Vistage International TowerBrook Capital Partners - Womensforum.com H.I.G. Capital LLC -

VC/Growth CapitalValues Disclosed

Dorna Sports Canada Pension Plan Investment Board $517.2Homecare Homebase (Unnamed Fund Contributors) 75.0Zalando GmbH Commerzbank AG 53.0HouseTrip SA Accel Partners 40.0Dyn, Inc. North Bridge Growth Equity 38.0Attivio, Inc. Oak Investment Partners 34.0The Rainmaker Group Norwest Venture Partner 33.8Spartoo SAS SoFina GmbH 32.4Emailvision, Inc. Izurium Capital Management 30.0D-Wave Systems, Inc. Bezos Expeditions LLC 30.0Fancy, Inc. (Individual Investors) 26.0Borro Ltd. Canaan Partners 26.0P l LLC C li k C it l 26 0Pearl.com LLC Crosslink Capital 26.0BloomReach, Inc. New Enterprise Associates 25.0Zenoss, Inc. Summit Partners LP 25.0Parchment, Inc. The Raine Group, LLC 23.5Pentaho Investor New Enterprise Associates 23.0Glassdoor DAG Ventures 20.0Conductor Investor Growth Capital 20.0Meteor Entertainment Benchmark Capital 18.0textPlus The Raine Group, LLC 18.0I f A I N t V t P t 17 3InfoArmy, Inc. Norwest Venture Partners 17.3OneTwoTrip Atomico Ventures 16.0Decisyon, Inc. Axel Johnson 15.0Rap Genius Andreessen Horowitz 15.0Perfecto Mobile Globespan Capital Partners 15.0ThredUp Highland Capital Partners 14.5Intacct Corporation Split Rock Partners, LLC 13.5Secret Escapes Index Ventures 12.8QuantiaMD Fuse Capital 12.0Brandscreen Inc Macquarie Capital Group 11 2


Brandscreen, Inc. Macquarie Capital Group 11.2Mail Bypass, Inc. North Bridge Venture Partners 11.0Gravity GRP Partners 10.6Beyond the Rack Limited Wellington Financial LP 10.0


Reported



Value VC/Growth CapitalValues Disclosed

7digital Limited (Unnamed Fund Contibuters) $10.0Side.Cr, LLC Google Ventures 10.0Sidecar Google Ventures 10.0Betterment LLC Menlo Ventures 10.0Validity Sensors Inc TeleSoft Partners 10 0Validity Sensors, Inc. TeleSoft Partners 10.0Skyfire Labs, Inc. Panorama Capital, LLC 10.0buuteeq, Inc. Madrona Venture Group 10.0Airstrip Technologies Wellcome Trust, Investment Division 10.0ConnectEDU, Inc. Allen & Co. 9.5Vizury Interactive Solutions Nokia Growth Partnersn 9.0Jelli, Inc. Intel Capital 9.0isocket Foundry Group 8.0iJento MMC Ventures 8.0Reflexion Health West Health Investment Fund 8.0Reflexion Health West Health Investment Fund 8.0Lockerz, LLC Kleiner Perkins Caufield & Byers 7.5Prism SkyLabs Triangle Peak Partners, LP 7.5Branding Brand Insight Venture Partners 7.5Dhingana Lightspeed Venture Partners 7.0Rewarder, Inc. Granite Ventures, LLC 7.0Healthrageous, Inc. North Bridge Venture Partners 6.5Gigwalk, Inc. August Capital Management 6.0The Founders Club First Round Capital 6.0UrbanSitter Canaan Partners 6.0UrbanSitter Canaan Partners 6.0ShoeDazzle.com, Inc. (Unnamed Fund Contibuters) 6.0Zmags North Atlantic Capital 6.0TopFloor, Inc. Polaris Venture Partners 6.0WalkMe Gemini Israel Ventures 5.5LocBox Labs 500 Startups 5.1Sharethrough, Inc. North Bridge Venture Partners 5.0Acumen Brands, Inc (Unnamed Fund Contibuters) 5.0Frank & Oak Bertelsmann Digital Media Investments 5.0PublicStuff, LLC (Unnamed Fund Contibuters) 5.0, ( )Tvinci Ltd. Kaedan Capital Group 4.5Anametrix, Inc. TVC Capital 4.4Visual Sciences, Inc. TVC Capital 4.4Freespee AB Sunstone Capital A/S 4.3Trifacta, Inc. Accel Partners 4.3Eruditor Group Intel Capital 4.0BuildDirect.com Technologies BDC Venture Capital 4.0Upworthy.com NEA 4.0Gigas Hosting S.L. Bonsai Venture Capital, S.A., SCR 3.9


g g p , ,QuickMobile, Inc. BDC Venture Capital 3.3Kabbee Ltd. Samos Investments Advisory Ltd 3.3Inigral, Inc. Retro Venture Partners 3.3PeoplePerHour Index Ventures 3.2


Reported




Shutl e.Ventures $3.2InSkin Media Beringea 3.2Helpshift True Ventures 3.2Datahug DFJ Espirit 3.2Shiftgig I2A Fund 3 0Shiftgig I2A Fund 3.0Oyster Founders Fund 3.0Insightly, Inc. Emergence Capital Partners 3.0getTalent SuccessFactors, Inc. 2.6SMRTV (Unnamed Fund Contributors) 2.5Givit ATA Ventures 2.5Expect Labs, Inc. KPG Ventures 2.4Condition ONE, LLC (Angel Investors) 2.4Instacart Canaan Partners 2.3Lettuce LLC 500 Startups 2.1Lettuce LLC 500 Startups 2.1The Resumator Birchmere Ventures 2.1Selectable Media, Inc. Avalon Ventures 2.0VitaPortal Prostar Capital 2.0Talkbits Runa Capital 2.0Handybook, Inc. Highland Capital Partners 2.0BuzzMob Pegasus Capital Advisors, L. P. 2.0StyleCaster Media Group Greycroft LLC 2.0FSA Store Originate Ventures 2.0AdverCar Canaan Partners 2.0AdverCar Canaan Partners 2.0Streak Battery Ventures 1.9Flashnotes Atlas Ventures 1.8RightCare Solutions, Inc. Compass Investment Partners, LLP 1.8Grantoo, LLC (Angel Investors) 1.7Tictail Balderton Capital 1.6SA Ignite Aligned Partners 1.6SmartAsset Javelin Venture Partners 1.5Yotpo Rhodium 1.5Tradesy Rincon Venture Partners 1.5yCubie Messenger (Unnamed Fund Contibuters) 1.5Punchbowl Software, Inc. Silicon Valley Bank 1.5Samba Mobile (Angel Investors) 1.5Cozy Services Ltd. The Social+Capital Partnership 1.5RegisterPatient.com, Inc. Harbert Venture Partners 1.4Rivet & Sway (Private Investors) 1.3ConWeaver Fraunhofer Venture 1.3Appy Couple ff Venture Capital 1.2Retty, Inc. GREE Ventures, Inc. 1.2


y, ,Zapier Bessemer Venture Partners 1.2Libboo, Inc. Mass Ventures 1.1Perfect Audience New World Ventures, LLC 1.1Pug Pharm Productions Goal Holdings Group 1.0


Reported




Tixdaq (Angel Investors) $1.0Pickie DFJ Gotham Ventures 1.0Fanatix (Angel Investors) 1.0Zagster, Inc. LaunchCapital LLC 1.0Referly New Enterprise Associates 1 0Referly New Enterprise Associates 1.0Swarm (Private Investors) 1.0Contacts+ TriplePoint Capital 1.0Charged.fm (Unnamed Fund Contibuters) 1.0Level Eleven Detroit Venture Partners 1.0Boxever BloomEquity 1.0CallApp Software Ltd. Giza Venture Capital 1.0GraphDive, Inc. Crosslink Capital 1.0Little Bird (Angel Investors) 1.0StageBitz ANU Connect Ventures 0.9StageBitz ANU Connect Ventures 0.9Trendabl, Inc. Khosla Ventures 0.9Preen.Me Horizon Ventures 0.8TrialBee Industrifonden 0.8Laffster Greylock Partners 0.8Namely, Inc. Lerer Ventures 0.8Compstak, Inc. 500 Startups 0.6Efficsys Infotech (Angel Investors) 0.6MiSiedo (Individual Investors) 0.5CourseHorse New York Angels, Inc. 0.5CourseHorse New York Angels, Inc. 0.5Flayvr (Angel Investors) 0.5

VC/Growth CapitalUndisclosed

Ajubeo Grey Mountain Partners - All Campus LLC Noson Lawen Partners - Cartavi FireStarter Fund - Daylife, Inc. NewsCred - eBuddy GREE, Inc. - fabfab Pinova Capital - pFlurish, Inc. Andreessen Horowitz - Guanxi Singtel Innov8 - Guanxi Singtel Innov8 - HolidayInsider AG Dertour GmbH & Co. KG - Hunter Straker Mosaic Sales Solutions Holding Company - iZettle AB American Express Company - Jolted Media Group Hazestone - LionWorks PeopleFund - Llamasoft, Inc. Nike Inc. -


,LLC Russ Outdoor JCDecaux S.A. - musicplayr 24/7 GmbH Holtzbrinck Ventures - PromoBucket Almi Invest -

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

l di di it l di t k ti a leading provider of a leading provider of digital a 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

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 received a mezzanine debt investment from

a leading provider of transportation-based digital

media networkshas been sold to

a leading provider of digital production services to brands and

agencies

(NYSE:ACN)

has been acquired by

a dynamic display media and retargeting company

(JASDAQ:4755)

a leading provider of taxi-based outdoor media

has been sold to

(NYSE: PAY)

has been sold to

the top independentdirect-to-consumer marketer of

dental savings plans

a leading market services and BPO company

has sold

to

has sold

a leading online lead generation business

to

(Nasdaq: TREE)

(NasdaqGS: LEDR)

has acquired

a pioneer in measuring the impact of promotion on

physician prescribing behavior

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 sold

and

a leading provider of services for domain name registration,

acquisition, brokerage and salesto

has been sold to

a global digital marketing agency

a unit of

a leading data management and audience optimization platform

(DMP) company

has sold

a premier provider of affinity programs for universities and colleges

to

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


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

(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

improvement professionals


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

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

a global marketing services company


in a combination that createsthe world’s leading loyalty


improvement professionals across the country

marketing services divisions tomanagement provider

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

Documents