private & confidential€¦ · private & confidential 1h19 for client and institutional use...

Driven by your success.

PRIVATE & CONFIDENTIAL

1H19

For client and institutional use only, not for public dissemination

Technology, Media, Marketing and Information Services Industry Sectors


1.

3.

4.

M&A and Investment Activity by Industry Segment

Additional Information

About CG Petsky Prunier

2. Market Environment

Driven by your success.Page 2

Global Team

US Team

Mike Lauzon

Head of Canadian TMT

Toronto

+1 416 869 7238

[email protected]

Myles Hiscock

Managing Director

Toronto

+1 416 869 7232

[email protected]

CanadaEurope

Simon Bridges

Head of European IB &

Head of European Technology

London

+44 20 7523 4606

[email protected]

M&A & Financial Sponsors

Shachar Familia

Vice Chairman

Tel Aviv

+972 58 7782139

[email protected]

Israel

Andrew Pojani

Co-Head of US Technology

Boston

+1 617 788 1635

[email protected]

Jeff Barlow

President, Canaccord Genuity

Boston

+1 617 371 3713

[email protected]

Sanjay Chadda

Co-Head of US Investment Banking

Co-Head of US Technology

New York

+1 212 842 6022

[email protected]

Dan Coyne

Co-Head of US Investment Banking

Boston

+1 617 371 3887

[email protected]

Mark Young

Managing Director

Boston

+1 617 788 1584

[email protected]

Seth Rosenfield

Managing Director

New York

+1 212 842 6018

[email protected]

Dudley Baker

Managing Director

Nashville

+1 615 490 8448

[email protected]

Lisa McClure Byrnes

Managing Director

Boston

+1 617 371 3847

[email protected]

Scott Card

Managing Director

Boston

+1 617 371 3895

[email protected]

Norman Colbert

Managing Director

Las Vegas

+1 702 990 3280

[email protected]

Joseph Laird

Managing Director

New York

+1 212 842 7120

[email protected]

J.P. Michaud

Managing Director

Charlotte

+1 980 237 0380

[email protected]

Trevor Martin

Managing Director

Boston

+1 617 788 1514

[email protected]

Matthew Kratter

Managing Director

New York

+1 212 842 6024

[email protected]

Christopher Dorn

Director

New York

+1 615 490 8444

[email protected]

Marc Flor

Director

New York

+1 212 842 6034

[email protected]

Lexia Schwartz

Director

New York

+1 212 842 7127

[email protected]

Geoff Rhizor

Director

San Francisco

+1 415 229 0650

[email protected]

David Istock

Managing Director

Head of US M&A

San Francisco

+1 415 229 0667

[email protected]

Amy LaBan, CFA

Managing Director

US Financial Sponsor Coverage

Chicago

+1 212-842-7126

[email protected]

Michael Petsky

Managing Director

New York

+1 212 842 6001

[email protected]

John Prunier

Managing Director

New York

+1 212 842 6021

[email protected]

Isaiah Knouff

Managing Director

US Financial Sponsor Coverage

Nashville

+1 615 490 8484

[email protected]

Duncan Dashiff

Managing Director

Nashville

+1 615 490 8446

[email protected]

John Fang

Managing Director

New York

+1 212 842 6019

[email protected]

Jason Partenza

Managing Director

New York

+1 212 849 3976

[email protected]

Chris French

Managing Director

New York

+1 212 842 6033

[email protected]

Christopher Heasman

Director

New York

+1 212 842 6038

[email protected]

Anil Kuruganti

Director

New York

+1 212 842 7132

[email protected]

Edin Trto

Director

New York

+1 212 842 6015

[email protected]

Clayton Young

Director

New York

+1 212 842 6009

[email protected]

Jason Panzer, CFA

Managing Director

New York

+1 212 514 4203

[email protected]

Matthew Kebel

Director

New York

+1 212 842 6036

[email protected]

Dylan Kearns

Director

New York

+1 212 842 6025

[email protected]

Driven by your success.Page 3Sources: Dealogic, Canaccord Genuity Inc. (includes transactions led by senior bankers with prior firms)

October 2018

Financial Advisor on sale to

October 2018


September 2018


September 2018


September 2018


September 2018


October 2018

Financial Advisor on investment from

October 2018


$278,000,000

January 2019


December 2018


November 2018


November 2018


December 2018


December 2018


January 2019



February 2019

April 2019


March 2019


March 2019

Financial Advisor on acquisition of

February 2019


February 2019


February 2019

Financial Advisor on investment from

March 2019


April 2019


May 2019


Pending


$140,000,000

May 2019


June 2019


$300,000,000

June 2019


June 2019

Financial Advisor on Investment from

May 2019


June 2019


$182,000,000

Pending


June 2019


June 2019

Recapitalization led by

IOTFinTech

MarTech & AdTech

MediaVertical

(HCIT, etc)

Infrastructure

HCM

IOT

E-CommerceCollaborationAgency & Marketing Services

AI CRM

Consulting & Digital Transformation

Data & Info Services

Digital/Mobile

⚫ Advisory credentials across a wide range of outcomes

⚫ Executed transactions up to $1B+ in value

⚫ Deep, extensive strategic & sponsor relationships

August 2018



Infrastructure Internet Marketing

IOT Media Vertical

AI CRM DevOps

Collaboration Data, Information Services

HCM

Sources: Dealogic.

Represents lead-managed transactions.

April 2018

IPO

$200,685,120

Co-Manager

April 2018

IPO

$177,100,000

Co-Manager

April 2018

IPO

$531,300,000

Co-Manager

June 2018

Equity Offering

$222,719,840

Co-Manager

May 2018

Equity Offering

$460,782,000

Co-Manager

May 2018

Convertible Debt Offering

$258,750,000

Co-Manager

June 2018

Equity Offering

$50,312,500

Joint Bookrunner

June 2018

Equity Offering

$68,999,997

Co-Manager

June 2018


$250,000,000

Co-Manager

July 2018

IPO

$51,844,408

Joint-Bookrunner

June 2018

IPO

$84,375,000

Co-Manager

June 2018

Equity Offering

$373,749,969

Co-Manager

August 2018

Equity Offering

$446,703,125

Co-Manager

July 2018


$230,000,000

Co-Manager

July 2018

Equity Offering

$46,230,000

Joint Bookrunner

September 2018

Equity Offering

$50,347,035

Joint Bookrunner

October 2018

IPO

$289,800,000

Co-Manager

October 2018

IPO

$303,025,000

Co-Manager

November 2018

Equity Offering

$455,000,000

Co-Manager

November 2018

Equity Offering

$30,529,690

Sole Bookrunner

January 2019

Equity Offering

$127,075,000

Co-Manager

March 2019

Equity Offering

$11,511,500

Sole Bookrunner

March 2019

Equity Offering

$135,625,000

Co-Manager

March 2019

Equity Offering

$565,180,000

Co-Manager

March 2019

IPO

$2,555,772,840

Co-Manager

March 2019

Equity Offering

£27,800,000

Co-Manager

May 2019

IPO

$179,400,000

Co-Manager

So-Young International

May 2019

IPO

$8,100,000,000

Co-Manager

June 2019

Direct Listing

Advisor Lead Manager

$159,390,000

Equity Offering

May 2019June 2019

Equity Offering

$286,898,490

Co-Manager

June 2019

Equity Offering

$244,950,000

Co-Manager

June 2019


$230,000,000

Co-Manager

June 2019

Equity Offering

$26,714,324

Joint Bookrunner

June 2019

Equity Offering

$645,322,500

Joint Bookrunner

June 2019

Equity Offering

$13,955,800

Joint Bookrunner

FinTech

MarTech & AdTech

MediaVertical

(HCIT, etc)

Infrastructure

HCM

IOT

E-CommerceCollaborationAgency & Marketing Services

AI CRM

Consulting & Digital Transformation

Data & Info Services

Digital/Mobile

⚫ 245+ completed transactions since 2012⚫ Raised $45B+ capital⚫ ~110 as bookrunner or lead manager⚫ Unique access to global growth investors


• Numbers for CG Petsky Prunier as tracked by Refinitiv represent total 2018 and 1H19 U.S. M& A transactions less than $500 million in the Technology, Media,

and Telecom Sectors for Petsky Prunier LLC and Canaccord Genuity Group Inc., which merged in February 2019.

Source: Refinitiv

Rank Firm Name

# of Transactions

2018 Rank Firm Name

# of Transactions

1H19

1 CG Petsky Prunier 39 1 Raymond James Financial 19

1 Raymond James Financial 39 2 CG Petsky Prunier 16

3 Houlihan Lokey 32 2 William Blair 16

4 William Blair 31 4 Jefferies 15

5 Moelis 20 5 Evercore 14

5 Robert W Baird 20 6 Barclays 12

7 Jefferies 18 6 JP Morgan 12

8 Goldman Sachs 16 8 Deloitte 11

8 AGC Partners 16 8 Houlihan Lokey 11

8 Evercore Partners 16 10 Piper Jaffray 10

8 JP Morgan 16 10 Robert W Baird 10

8 Duff & Phelps 16 12 Shea & Co 9

13 Daiwa Securities Group 15 13 Goldman Sachs 8

14 KeyBanc Capital Markets 14 13 Bank of America Merrill Lynch 8

14 Citi 14 13 Morgan Stanley 8


• Numbers for CG Petsky Prunier represent total transactions in Media & Information Services as tracked by PitchBook completed for Petsky Prunier LLC

and Canaccord Genuity Group Inc., which merged in February 2019.

• On a stand-alone basis prior to its merger with Canaccord Genuity, Petsky Prunier completed more than 90 transactions during 2016-2018 and has

closed and more than 200 transactions since 2011 across all industries, including Media & Information Services, as well as Advertising and Marketing, E-

commerce, Technology and Software, among other areas.

Source: Pitchbook

Rank Firm Name

# of Transactions

2018 Rank Firm Name

# of Transactions

1H19

1 CG Petsky Prunier 27 1 CG Petsky Prunier 9

2 Houlihan Lokey 12 2 Raymond James 5

2 JEGI 12 3 Goldman Sachs 4

4 Morgan Stanley 9 3 Lincoln International 4

4 GP Bullhound 9 4 Morgan Stanley 3

6 Moelis & Company 8 4 GP Bullhound 3

6 JP Morgan 8 4 ROTH Capital Partners 3

8 RBC 7 5 Deutsche Bank 2

9 Evercore Group 6 5 7 Mile Advisors 2

9 Raymond James 6 5 Robert W. Baird 2

9 KPMG 6 5 Evercore Group 2

9 Credit Suisse 6 5 Bank of America Merrill Lynch 2

9 Cambon Partners 6 5 Berkery Noyes 2

9 Oaklins DeSilva & Phillips 6 5 Houlihan Lokey 2

15 Deutsche Bank 5 5 JP Morgan 2


• Top-ranked, global investment bank dedicated to digital advertising and marketing, e-commerce, digital media, technology, information, business

services, and healthcare services industries

‒ Extensive sell-side M&A and capital raise expertise, with a transaction closing rate unmatched at our level of deal volume

• Founded in 1999, merged with Canaccord Genuity in February 2019

• Combined CG Petsky Prunier team has more than 100 focused professionals in offices in New York, Boston, San Francisco, Chicago, Nashville,

Charlotte, Las Vegas, and Toronto

• Deep relationships across a broad spectrum of strategic buyers, as well as private equity, growth equity, and VC groups and lenders

• Global reach enhanced through Canaccord Genuity’s international network of offices

• Securities transactions are processed through Canaccord Genuity LLC, a registered broker-dealer regulated by the SEC and FINRA. Member SIPC.

• M&A Advisory and Sell-Side Representation

– Privately-Owned Companies

– Entrepreneur-Led Businesses

– Private Equity Portfolio Companies

– VC-Backed Companies

– Corporate Divestitures

– Selected Buy-Side Engagements

• Capital Raising and Private Placements

• Advertising & Marketing

• E-commerce

• Digital Media

• Technology

• Information

• Business & IT Services

• Healthcare Services


Source: The 451 Group as of 06/30/19(1) Represents 2019 YTD and 2019 on a run-rate basis..

$504

(1)

$64$54

$104

$169

$268

$303

$145

$116

$158

$198

$146

$194

$239

$452

$434

$281

$451

$2491,778

1,422

1,880

2,720

3,606

3,327

2,806

2,833

3,146

3,643

3,507

3,082

3,827

4,196

3,792

3,398 3,398

3,138

$0

$100

$200

$300

$400

$500

$600

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019


20

28

22

26

18 18

0

5

10

15

20

25

30

35

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f De

als

1

141 145188 186 170

124

29 39

35 3422

20

170184

223 220

192

144

0

50

100

150

200

250

300

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f De

als

Strategic Financial Sponsor

73% 67% 61%74%

63%52%

24%24% 32%

22%30% 46%

4% 9% 8% 4% 7% 2%

0%

20%

40%

60%

80%

100%

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

# o

f De

als

% Cash % Cash & Stock % Stock

32%

25% 26%28%

32% 32%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

Q1 Q2 Q3 Q4 Q1 Q2

2018 2019

% P

rem

ium

Page 10

$1B+ Technology Deals Strategic vs Financial Sponsor Transactions

# of Deals 113 126 145 156 119 144

Source: The 451 Group as of 06/30/19. (1) For all deals with disclosed forms of consideration.

Median 30-Day PremiumConsideration Mix(1)

# of Deals 15 11 13 20 17 19


80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

200.0%

220.0%

Page 11

Major Indices 2014 – June 2019

Major Indices June 2019, Last 3 Months

NASDAQ Russell 2000 S&P 500 DJIA FTSE 100

Major Indices June 2019, LTM


VIX 2014 – June 2019

Sources: Capital IQ, as of 06/30/19. Index returns are unmanaged and do not reflect the deduction of any fees or expenses.Note: Past performance is not a guarantee of future results.


0

5

10

15

20

25

30

35

40

45

90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

125.0%

Mar-19 Apr-19 May-19 Jun-19

70.0%

80.0%

90.0%

100.0%

110.0%

120.0%

130.0%

140.0%

NASDAQ 93.2%

S&P 500 60.6%

DJIA 61.8%

Russell 2000 36.1%

FTSE 100 10.5%

Summary Performance

NASDAQ 5.8%

S&P 500 7.9%

DJIA 9.4%

Russell 2000 (5.3%)

FTSE 100 (1.6%)

Summary Performance

NASDAQ 2.3%

S&P 500 2.6%

DJIA 1.3%

Russell 2000 0.7%

FTSE 100 1.5%

Summary Performance

Driven by your success.Page 12*The stock prices shown are as of 5/31/2019 and should not be relied upon as current thereafter.**Source: S&P Capital IQ

• There were 16 IPOs announced in the Marketing, Media, Software, Information, and Business Services Industries in 1H19

• IPO activity was down 24 percent in 1H19 compared with 2H18

• The government shutdown in January contributed to the lull in IPO activity

• Since its April offer date, ZoomVideo has seen a 139.8% return from its IPO***

• Highly anticipated rideshare giants Uber and Lyft went public, but have underperformed the market

Ini tia l Offering Final Price Stock Price at Close Stock Price on % Change from

Date Ticker PPLLC Segment Company Name Country Price Range Per Share on 1st Trading Day Jun 28, 2019 1st Trading Day

Jun-19 WORK Software Slack Technologies , Inc. United States $24.00 38.50 $38.62, up 0.3% 37.50 (2.9%)

Jun-19 CHWY Digi ta l Media/Commerce Chewy, Inc. United States 19.00-21.00 22.00 $34.99, up 29.6% 35.00 0.0%

Jun-19 FVRR Digi ta l Media/Commerce Fiverr International Ltd. Is rael 18.00-20.00 21.00 $39.90, up 90.0% 29.70 (25.6%)

Jun-19 CRWD Software CrowdStrike Holdings , Inc. United States 28.00-30.00 34.00 $58.00, up 70.6% 68.29 17.7%

Jun-19 RVLV Digi ta l Media/Commerce Revolve Group, Inc. United States 16.00-18.00 18.00 $34.00, up 88.9% 34.50 1.5%

May-19 PSN Bus iness Services Parsons Corporation United States 26.00-28.00 27.00 $30.07, up 11.4% 36.86 22.6%

May-19 HHR Bus iness Services HeadHunter Group PLC Russ ia 11.00-13.50 13.50 $14.75, up 16.7% 16.25 3.2%

May-19 FSLY Software Fastly, Inc. United States 14.00-16.00 16.00 $24.00, up 50.0% 20.28 (15.5%)

May-19 UBER Digi ta l Media/Commerce Uber Technologies , Inc. United States 44.00-50.00 45.00 $41.57, down 7.6% 46.38 11.6%

Apr-19 PINS Digi ta l Media/Commerce Pinterest, Inc. United States 15.00-17.00 19.00 $24.40, up 28.4% 27.22 11.6%

Apr-19 ZM Software Zoom Video Communications , Inc. United States 33.00-35.00 36.00 $72.00, up 72.2% 88.79 43.2%

Apr-19 JMIA Digi ta l Media/Commerce Jumia Technologies AG Germany 13.00-16.00 14.50 $25.45, up 75.6% 26.42 3.8%

Apr-19 PD Software PagerDuty, Inc. United States 21.00-23.00 24.00 $38.25, up 59.4% 47.05 23.0%

Apr-19 TW Software Tradeweb Markets Inc. United States 24.00-26.00 27.00 $35.81, up 32.6% 43.81 22.3%

Mar-19 LYFT Digi ta l Media/Commerce Lyft, Inc. United States 62.00-68.00 72.00 $78.29, up 8.7% 65.71 (16.1%)

Mar-19 FHL Software Futu Holdings Limited Hong Kong 10.00-12.00 12.00 $15.32, up 27.7% 10.57 (31.0%)

***Source: Renaissance Capital


Observations:

• Follow-on market activities track broader market direction

• Better known, more liquid issuers able to use accelerated offerings with bookbuilds done very quickly, often with little to no marketing

• Average discount to last sale of (3,3%) for 1H 19 deals vs (5.6%) for 1H 18 deals

Indicates Canaccord Genuity Transaction

Sources: Dealogic, Capital IQ as of 06/30/19. Past performance is no guarantee of future results.Represents issuers with deal values >$10MM and market cap between $125MM and $7.5B.

Pricing Amount Mkt Cap % Mkt %

Issuer Date Offered ($mm) at Offer Cap @ Offer Primary Last Sale Filing Price Offer + 1 Day Offer/Current

InterXion 06/26/19 $291.0 $5,254.9 5.5% 100.0% (0.5%) (3.1%) 3.1% 1.3%

Iteris 06/14/19 28.8 170.2 16.9% 100.0% (8.8%) (8.8%) 5.8% 14.8%

Smartsheet 06/12/19 645.3 4,636.0 13.9% 60.5% (0.2%) (4.4%) 4.8% (1.2%)

Q2 06/06/19 210.8 3,114.6 6.8% 95.5% (1.3%) (4.6%) 1.2% 5.4%

Avalara 06/05/19 286.9 4,860.9 5.9% 100.0% (0.1%) 6.0% 3.9% (2.5%)

Descartes Systems 06/05/19 245.0 2,828.7 8.7% 100.0% (3.1%) (9.0%) 6.2% 13.0%

i3 Verticals 06/05/19 117.5 545.9 21.5% 100.0% (4.9%) (7.8%) 0.6% 12.4%

Ceridian 05/21/19 404.0 7,211.0 5.6% 0.0% (1.4%) (1.4%) 1.1% (2.6%)

Mercury Systems 05/22/19 476.1 3,437.9 13.8% 100.0% (2.8%) (5.3%) (0.3%) (0.3%)

SolarWinds 05/22/19 270.0 5,578.0 4.8% 0.0% (6.0%) (6.1%) (1.6%) (2.8%)

Carvana 05/21/19 273.0 2,959.7 9.2% 100.0% (3.0%) (3.3%) 0.2% (11.0%)

Veoneer 05/22/19 420.0 1,568.8 26.8% 100.0% (2.6%) (7.5%) 0.0% (9.0%)

Waitr Holdings 05/16/19 50.0 546.1 9.2% 100.0% (5.3%) (5.3%) 0.7% (5.4%)

Dasan Zhone Solutions 05/16/19 46.0 165.7 27.8% 100.0% (2.3%) (2.3%) 7.5% 34.2%

Upland Software 05/08/19 159.4 949.9 16.8% 100.0% (5.2%) (9.6%) 10.7% 11.4%

Endava 04/17/19 156.7 1,382.4 11.3% 0.0% (2.3%) (2.5%) 10.1% 37.4%

EVO Payments 04/03/19 152.4 719.5 21.2% 100.0% (2.4%) (9.3%) 5.4% 11.1%

Ceridian 03/19/19 656.5 6,986.4 9.4% 0.0% (0.6%) (1.7%) (1.1%) (2.6%)

Yext 03/18/19 150.5 2,350.0 6.4% 100.0% (6.5%) (6.5%) 2.5% (14.6%)

eGain 03/14/19 22.0 347.7 6.3% 100.0% (11.7%) (11.7%) 0.8% (28.4%)

Pluralsight 03/06/19 456.1 4,051.2 11.3% 0.0% (1.2%) (11.3%) (1.0%) 8.9%

ShotSpotter 03/06/19 17.8 517.3 3.4% 64.8% (2.5%) (2.5%) (1.6%) (0.5%)

Bandwidth 03/06/19 156.0 733.5 21.3% 100.0% (1.7%) (6.0%) 12.8% 33.8%

BlackLine 03/04/19 236.9 2,739.6 8.6% 0.0% (2.7%) (2.7%) (0.5%) 6.0%

Benefitfocus 02/28/19 275.3 1,572.7 17.5% 0.0% (1.8%) (16.5%) (4.6%) (41.2%)

HubSpot 02/14/19 354.8 6,742.5 5.3% 100.0% (4.0%) (4.0%) 0.7% 5.0%

eHealth 01/23/19 133.9 996.1 13.4% 100.0% (5.5%) 6.7% 12.6% 45.5%

Everbridge 01/15/19 146.1 1,671.4 8.7% 100.0% (2.0%) 0.0% (1.8%) 42.3%

Mean: $244.2 $2,665.7 12.0% 72.2% (3.3%) (5.0%) 2.8% 5.7%

Median: $223.9 $2,010.7 9.3% 100.0% (2.5%) (4.9%) 1.0% 3.2%

Premium/Discount to: Aftermarket Performance


Transaction Summary

• There were 4,151 M&A and Investment transactions announced in 1H19, 1,962 of which were valued at a reported $306.2 billion

• 2,130 transactions were completed in 2Q19, an increase from the 2021 reported in 1Q19

‒ Strategic buyers were the most active in 1H19 with 2,138 transactions, 330 of which announced $216.6 in value

‒ There were 157 buyout transactions in 1H19, 38 of which were valued at $35.4 billion

‒ VC/Growth Capital investors announced 1,858 transactions, 1,573 of which were reported for $57.4 billion in value

*The information contained on this page is sourced from CG LLC's proprietary

database. A more detailed methodology may be found in the appendix.

Quarterly M&A and Investment Activity by Buyer/Investor Type

$ in Billions/# of Transactions

Strategic Buyout VC/Growth Capital

$87.7

$72.6 $65.1

$104.6

$92.6 $85.5 $85.2

$104.1

$135.9

$169.5

$150.5 $148.0

536 500 638 645 721725 776

914992 976 1028 1108

5060

54

73 80

100100

111

100

8284

73

767

725758

842 893

838 975

989

1037

1021

909949

0

500

1000

1500

2000

2500

3000

3500

4000

4500

5000

$0.0

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

$140.0

$160.0

$180.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19


$157.4 $11.4 $25.7

Software Information Business Services

Page 16

Segment Activity

• Software was the most active and most valuable segment with 1,611 transactions,949 of which were valued at $157.4 billion

• Business & IT Services was the second most active segment with 673 transactions

• In Traditional Media, reported segment value increased more than 60 percent from 2H18

• Activity in the Business & IT Services segment was up 14 percent compared with 2H18



1H19 M&A and Investment Activity by Segment

1,445

$40.3 $35.2 $2.9 $7.1 $26.2

Digital Media/Commerce Marketing Technology Digital Advertising Agency/Marketing Services Traditional Media

Software, Information, and Business Services Industries

Marketing, Media, and Technology Industries


106623590 180

673871,611

284


• The Digital Media/Commerce segment recorded 590 transactions in 1H19, 353 of which were valued at $40.3 billion

• Select Digital Media/Commerce M&A transactions include:

‒ Uber’s $3.1 billion acquisition of UAE-based ride-hail company Careem

‒ The purchase of personalized products company Shutterfly by Apollo Global Management for $2.7 billion

‒ Edgewell’s $1.3 billion acquisition of online shaving product company Harry’s

‒ Spotify’s acquisitions of podcast production companies Gimlet Media, Anchor FM, and Parcast

• Select Digital Media/Commerce Investments include:

‒ The $975 million round of funding home selling platform OfferPad received from Citi

‒ The $300 million round of funding Reddit raised from Tencent, valuing the company at $3 billion

‒ The $1 billion Colombia-based delivery app Rappi raised from SoftBank



Digital Media/Commerce M&A and Investment Activity by Quarter

$53.0

$14.8 $11.2

$27.5

$21.6

$29.2 $26.2

$51.2

$30.4 $26.0

$19.8 $20.5

318 278 318 331 339 335409

401 432 382 288 302100

200

300

400

500

600

700

800

900

1000

$-

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$15.8

Buyout $2.7

VC/ Growth Capital $21.7

Page 18*The information contained on this page is sourced from CG LLC's proprietary


Strategic 247 Deals

Buyout 16 Deals

VC/Growth Capital327 Deals

• There were 247 Strategic acquisitions, 58 of which were worth $15.8 billion in 1H19,

including:

‒ Airbnb’s $465 million acquisition of last-minute hotel booking company HotelTonight

‒ Spark Networks’ $264 million acquisition of online dating company Zoosk

‒ Unilever’s acquisition of healthy snack e-commerce company Graze from The Carlyle

Group for $200 million

• There were 16 Buyout transactions, five of which were worth $2.7 billion in 1H19, including:

‒ Hardy Capital’s acquisition of lenses and glasses e-commerce company LD Vision (A CG

Petsky Prunier-Led Transaction)

‒ The purchase of book retailer Barnes & Noble by Elliott Management for $602 million

• VC/Growth Capital transactions accounted for 54 percent of segment value in 1H19,

including:

‒ The $400 million round of funding DoorDash raised from Tamasek, Dragoneer

Investment Group, Softbank, DST Global, Coatue Management, GIC, Sequoia Capital, and

Y Combinator

‒ Online home trade-in platform Knock’s $400 million round of funding from Foundry

Group, RRE Ventures, Corazon Capital, WTI, and FJ Labs

1H19 M&A and Investment Activity by Buyer Type

$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 515 $30,459.3 268 $14,542.2 118 $7,127.2 129 $8,789.9

Private Equity - Buyout 38 6,647.5 22 3,915.5 8 222.0 8 2,510.0

Private Equity - VC/Growth Capital 851 59,616.9 524 37,896.5 162 12,568.7 165 9,151.7

Total 1,404 $96,723.7 814 $56,354.2 288 $19,917.9 302 $20,451.6

Digital Media/Commerce

LTM 2H18 1Q19 2Q19


• There were 623 transactions in the Marketing Technology segment, 340 of which were valued at $35.2 billion

• Select Marketing Technology M&A transactions include:

‒ The purchase of data visualization software Tableau for $15.7 billion by Salesforce

‒ Google’s $2.6 billion acquisition of business intelligence platform Looker

‒ The $1.7 billion acquisition of digital printing services and technology company Electronics For Imaging by Siris Capital

‒ IBM’s sale of its marketing platform, including Campaign Automation, Marketing Assistant, Media Optimizer, Customer Experience Analytics, Content Hub,

Intelligent Bidder, Payments Gateway, and other assets, to Centerbridge Partners for $500 million

‒ The acquisition of legal and professional services-focused marketing platform Vuture by CM Group for $410 million

• Select Marketing Technology investments include:

‒ Insignia Capital’s investment in programmatic advertising platform MediaAlpha (A CG Petsky Prunier-Led Transaction)

‒ The $175 million round of funding customer data infrastructure company Segment raised from Accel, GV, Meritech Capital, Thrive Capital, Y Combinator,

eVentures, and Sapphire Ventures



Marketing Technology M&A and Investment Activity by Quarter

$13.9

$10.9

$4.9 $6.5

$8.1

$4.8

$7.3

$10.8 $11.0 $9.5 $9.5

$25.7

242 252 228 253 276 225 245 275 260 291 306 31775

275

475

675

875

1075

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$24.8

Buyout $4.5




Strategic 296 Deals

Buyout 17 Deals


• Strategic Buyers accounted for nearly three-quarters of segment value in 1H19, including:

‒ McDonalds’ $300 million purchase of omnichannel personalization platform Dynamic

Yield

‒ The sale of video advertising analytics platform Data Plus Math to LiveRamp for $150

million

‒ Campaign Monitor’s acquisition of automated email marketing platforms Sailthru and Liveclicker

• There were 17 Buyout transactions, six of which reported $4.5 billion in value, including:

‒ The acquisition of sales analytics software BOARD International by Nordic Capital for

$500 million

‒ Thoma Bravo’s acquisition of mail application programing platform Mailgun from

Turn/River Capital for $270 million

• VC/Growth Capital investments accounted for more than half of segment activity in 1H19,

including:

‒ Summit Partners’ $150 million investment in email marketing automation platform

Klaviyo

‒ The $114 million sales automation platform Outreach raised from Lone Pine Capital,

Meritech Capital Partners, Lemonade Capital, DFJ Growth, Four Rivers Group, Mayfield,

Microsoft Ventures, Sapphire Ventures, Spark Capital, and Trinity Ventures


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 521 $35,169.2 225 $10,352.8 143 $2,156.4 153 $22,660.0

Private Equity - Buyout 37 5,670.8 20 1,187.9 10 4,462.9 7 20.0


Total 1,174 $55,748.5 551 $20,565.3 306 $9,462.3 317 $25,720.9

Marketing Technology

LTM 2H18 1Q19 2Q19


• The Digital Advertising segment recorded 106 transactions, 44 of which were valued at $2.9 billion in 1H19

• Select Digital Advertising M&A transactions include:

‒ Vistria’s sale of post-secondary education marketing and enrollment service provider HigherEducation.com to Red Ventures (A CG Petsky Prunier-Led

Transaction)

‒ Internet Brands’ sale of auto-focused marketing solutions company Autodata to Thoma Bravo for a reported $1 billion

‒ Taptica’s $175 million acquisition of mobile advertising platform RhythmOne

‒ The purchase of AR mapping and visual search solutions company Blippar by Candy Ventures

• Select Digital Advertising investments include:

‒ The $170 million round of funding France-based health practitioner discover platform Doctolib raised from General Atlantic, Accel, Eurazeo, Kernel, and

Bpifrance.

‒ Walvis Participaties and Aegon’s $80 million investment in Singapore-based insurance and banking comparison platform GoBear

‒ TV and digital video advertising solution VideoAmp’s $70 million round of funding from The Raine Group and Ankona Capital



Digital Advertising M&A and Investment Activity by Quarter

$3.4

$2.9

$1.9 $2.3

$3.8

$0.5

$1.7

$5.0

$2.1 $1.9

$0.8

$2.1

64 52 64 74 70 69 65 69 82 56 52 5425

45

65

85

105

125

145

165

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$1.1

Buyout $1.0




Strategic 66 Deals

Buyout 3 Deals


• Strategic buyers accounted for more than 60 percent of segment transaction activity in 1H19,

including:

‒ Cinedigm’s purchase of digital video platform Future Today for $60 million

‒ The acquisition of real estate-focused marketing solutions company TORCHx by

Constellation Real Estate Group from Web.com

‒ The sale of app discovery and user acquisition platform AppThis to Aware Ads

• Buyouts accounted for more than one-third of segment value in 1H19, including:

‒ Osceola Capital’s acquisition of insurance lead gen platform 360 Quote

‒ The acquisition of auto dealership marketing tech company Dealer 121 by NextGen Growth

Partners

• There were 37 VC/Growth Capital investments, 33 of which were valued at $833 million in 1H19,

including:

‒ The investment South Africa-based online travel price comparison platform Travelstart

received from HarbourVest

‒ The $58 million round of funding insurance comparison platform CoverHound raised from

Hiscox, Chubb, Aflac Venture, and MS&AD


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 143 $2,838.2 77 $1,900.5 33 $378.9 33 $680.0

Private Equity - Buyout 9 1,108.5 6 108.5 1 0.0 2 1,000.0

Private Equity - VC/Growth Capital 92 2,832.8 55 1,999.8 18 455.3 19 377.7

Total 244 $6,779.5 138 $4,008.8 52 $834.2 54 $2,057.7

Digital Advertising

LTM 2H18 1Q19 2Q19


• The Agency/Marketing Services Segment reported 284 transactions, 29 of with valued at $7.1 billion in 1H19

• Select Agency/Marketing Services M&A transactions include:

‒ Alliance Data Systems’ $4.4 billion sale of marketing services company Epsilon Data Management to Publicis

‒ Accenture’s acquisitions of digital agencies PXP/X, Shackleton, Droga5, Hjaltelin Stahl, ?What If!, and Storm Digital

‒ Clayton Dubilier & Rice’s sale of insurance carrier marketing solution Tranzact to Willis Towers Watson

‒ The investment by New Mountain Capital in healthcare-focused communications company W2O, previously a portfolio company of Mountaingate Capital

(A CG Petsky Prunier-Led Transaction)

• Select Agency/Marketing Services Investments include:

‒ Mountaingate Capital’s investment in marketing database company MeritDirect

‒ The investment digital agency Power Digital Marketing received from Periscope Equity



Agency/Marketing Services M&A and Investment Activity by Quarter

$2.1

$2.8

$0.8

$3.8

$2.0

$4.8 $4.6

$0.7

$6.7

$0.9 $0.4

$6.7

96 6990 82 111 101 92 113 138 146 151 133

40

90

140

190

240

290

340

390

$-

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$6.2

Buyout $0.7




Strategic 251 Deals

Buyout 13 Deals VC/Growth Capital

20 Deals

• Strategic buyers accounted for 88 percent of deal activity in 1H19, including:

‒ BVAccel’s acquisitions of digital agency Katana and WebLinc’s internal commerce agency

‒ Digital marketing agency Springbox’s sale to Prophet

‒ The acquisition of Netherlands-based media buying agency Pervorm by Deloitte

‒ Warburg Pincus’ sale of B-to-B digital marketing company Multiview to Stagwell Group

• The Agency/Marketing Services segment announced 13 Buyout transactions, including:

‒ Schanti Partners’ acquisition of loyalty platform Firepower Marketing

‒ The sale of retail marketing agency Jacobs Marketing Group to Nextgen Growth Partners

• VC/Growth Capital transactions in 1H19 accounted for nearly two-thirds of LTM

investments in the segment, including:

‒ The funding travel e-commerce loyalty company Switchfly raised from Golub Capital and

L Capital


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 505 $12,309.2 254 $6,103.3 136 $369.0 115 $5,896.9

Private Equity - Buyout 31 1,880.1 18 1,161.2 6 0.0 7 718.9

Private Equity - VC/Growth Capital 32 475.1 12 368.8 9 48.9 11 62.4

Total 568 $14,664.4 284 $7,633.3 151 $417.9 133 $6,678.2

Agency/Marketing Services

LTM 2H18 1Q19 2Q19


• The Traditional Media Segment announced 180 transactions, 68 of which reported $26.2 billion in value in 1H19

• Select Traditional Media M&A transactions include:

‒ Disney’s sale of 21 regional sports networks to Sinclair Broadcasting for $10.6 million

‒ The New York Yankees’ repurchase of YES Network from Disney for a reported $3.4 billion

‒ Tenga’s $1.3 billion acquisition of 11 TV stations from E.W. Scripps

‒ The sale of Luxembourg-based television operator M7 Group to Canal + SA for $1.2 billion

• Select Traditional Media Investments include:

‒ The $140 million round of funding media streaming service CuriosityStream raised from Blum Capital Ventures, and TimesSquareCapital

‒ VR entertainment company Sandbox VR’s $68 million round of funding from Andreessen Horowitz, Floodgate, Stanford University, CRCM, and Alibaba



Traditional Media M&A and Investment Activity by Quarter

$11.7

$110.6

$4.1

$24.4

$72.5

$9.0 $10.0 $7.1 $5.9 $10.2 $9.1

$17.2

52 4954

75 67 93 70 82 8377 93 87

40

50

60

70

80

90

100

$-

$20.0

$40.0

$60.0

$80.0

$100.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$24.7

Buyout $1.0




Strategic 152 Deals

Buyout 12 Deals


• 1H19 accounted for 64 percent of Strategic transaction value for the past 12 months,

including:

‒ The $340 million acquisition of free internet TV service Pluto TV by Viacom

‒ Meredith’s sale of sports and entertainment magazine Sports Illustrated to Authentic

Brands Group for $110 million

‒ Penske Media’s acquisition of music-focused magazine Rolling Stone

• There were 12 Buyout transaction in 1H19, 4 of which reported $1 billion in value, including:

‒ UK-based B-to-B media company Tarsus Group’s sale to Charterhouse Capital for

$735.3 million

‒ The majority stake Apollo Global Management took in Cox Media Group’s broadcast TV

stations

‒ The $250 million acquisition of Pearson’s text book unity by Nexus Capital

• VC/Growth Capital recorded 16 transactions in 1H19, including:

‒ The $46 million round of funding e-sports company Gen.G raised from NEA, Conductive

Ventures, Battery Ventures, Canaan Partners, SVB Capital, and private investors


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 272 $38,620.8 120 $13,878.8 76 $8,499.7 76 $16,242.3

Private Equity - Buyout 25 1,518.8 13 485.0 9 293.0 3 740.8

Private Equity - VC/Growth Capital 43 2,244.3 27 1,780.7 8 252.6 8 211.0

Total 340 $42,383.9 160 $16,144.5 93 $9,045.3 87 $17,194.1

Traditional Media

LTM 2H18 1Q19 2Q19


• The Software segment announced 1,611 transactions, 949 of which were reported for $157.4 in aggregate value in 1H19

• Select Software M&A transactions include:

‒ The acquisition of payments processor Worldpay by Fidelity National Information Services for $35.2 billion

‒ Global Payments’ $22.1 billion merger with Total Systems Services

‒ Fiserv’s acquisition of commerce and payment company First Data for $22 billion

‒ The $11 billion sale of HR and payroll solutions Ultimate Software to a consortium of buyers

‒ Palo Alto Networks’ purchases of security solution companies Demisto for $560 million, Twistlock for $410 million, and PureSec for $47 million

• Select Software Investments include:

‒ The $1.5 billion investment Infor raised from Koch Equity Development and Golden Gate Capital

‒ The $700 million round of funding construction industry software company Katerra raised from Softbank



Software M&A and Investment Activity by Quarter

$50.9

$23.7 $22.5 $19.0

$29.4 $31.7 $31.3

$54.2 $60.4

$76.4

$101.1

$56.4

436 430 507 565 388 609 715 774 793 799 796 815300

500

700

900

1100

1300

1500

1700

1900

$-

$20.0

$40.0

$60.0

$80.0

$100.0

$120.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$107.3Buyout

$19.1




Strategic 592 Deals

Buyout 44 Deals

VC/Growth Capital

975 Deals

• Strategic transactions accounted for more than 70 percent of segment value in 1H19,

including:

‒ The $1 billion acquisition of business expense software Chrome River by Certify

‒ Deutsche Borse’s purchase of portfolio risk management software company Axioma for

$850 million

• There were 54 Buyout transactions, 12 of which were valued at $19.1 billion in 1H19,

including:

‒ The $1.5 billion sale of professional services automation software ConnectWise to

Thoma Bravo

‒ The acquisition of investment management software eFront by Blackrock for $1.3 billion

‒ Golden Gate Capital’s $1.2 billion purchase of hospital billing software company Ensemble

Health Partners from Mercy Health

• VC/Growth Capital transactions accounted for more than 60 percent of activity in 1H19,

including:

‒ Restaurant management platform Toast’s $250 million round of funding at a $2.7 billion

valuation from TCV, Tiger Global Management, and other investors

‒ The $200 million raised by mobile banking company Chime from DST Global, Coatue,

General Atlantic, and other investors at a $1.5 billion valuation


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 1,168 $197,458.1 576 $90,178.2 289 $71,232.7 303 $36,047.2

Private Equity - Buyout 95 41,616.8 51 22,572.2 23 14,264.6 21 4,780.0

Private Equity - VC/Growth Capital 1,940 55,194.5 965 24,040.6 484 15,592.0 491 15,561.9

Total 3,203 $294,269.4 1,592 $136,791.0 796 $101,089.3 815 $56,389.1

Software

LTM 2H18 1Q19 2Q19


• There were 87 Information transactions, seven of which reported $11.4 billion in value in 1H19

• Select Information M&A transactions include:

‒ The $1.7 billion purchase of Germany-based financial intelligence platform Acuris by ION Investment Group from BC Partners

‒ The acquisition of credit rating agency DBRS by Morningstar for $669 million

‒ Warburg Pincus’ sale of compensation data analytics company Payscale to Francisco Partners for $325 million

• Select Information Investments include:

‒ The $1 billion round of funding life sciences and health research data company Verily Life Sciences received from Silver Lake, Ontario Teachers’ Pension

Plan, and private investors

‒ Real estate data and analytics platform Real Capital Analytics’ $115 million round of funding from Susquehanna Growth Equity.

‒ The $100 round of funding job resource platform Jobcase raised from Providence Strategic Growth



Information M&A and Investment Activity by Quarter

$6.6

$1.6

$4.7 $3.3

$5.9

$1.8

$21.7

$7.9

$11.0

$0.8 $1.7

$9.7

4438

42 34 25 39 29 52 42 40 38 490

20

40

60

80

100

120

140

160

180

200

$-

$5.0

$10.0

$15.0

$20.0

$25.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$9.2

Buyout $0.0




Strategic 39 Deals

Buyout 3 Deals

VC/Growth Capital

45 Deals

• Strategic buyer transactions in 1H19, accounted for over 90 percent of segment value, including:

‒ London Stock Exchange’s acquisition of France-based financial data provider Beyond Ratings

‒ Plaid’s acquisition of wealth and brokerage data platform Quovo

‒ Seeking Alpha’s purchase of investment research and information company CressCap

Investment Research

• There were three Buyout transactions announced in the Information Segment in 1H19, including:

‒ The sale of data and process management platform Black Mountain Systems to Vista Equity

Partners from Stone Point Capital

‒ Lovell Minnick Partner’s purchase of real estate data and analytics platform ATTOM Data

Solutions

• More than half of 1H19 Information transactions were VC/Growth Capital investments, including:

‒ The $44 million round of funding credit report access platform Nav raised from Goldman

Sachs, Point72, and Experian Ventures

‒ The $21 million funding global freight market information platform FreightWaves raised from

8VC


$ in Billions

1H19 M&A and Investment Activity by Buyer Type# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 77 $10,978.6 38 $1,740.2 17 $98.1 22 $9,140.3

Private Equity - Buyout 10 9,005 7 9,004.7 1 0.0 2 0.0

Private Equity - VC/Growth Capital 83 3,245.5 38 1,019.9 20 1,642.0 25 583.6

Total 170 $23,228.8 83 $11,764.8 38 $1,740.1 49 $9,723.9

Information

LTM 2H18 1Q19 2Q19


• The Business & IT Services reported 673 transactions, 152 of which were worth $25.7 billion in 1H19

• Select Business & IT Services M&A transactions include:

‒ EQT Partners’ sale of healthcare measurement and advisory company Press Ganey to Leonard Green and Ares Management for $4 billion

‒ The $2.0 billion acquisition of Switzerland-based global software developing company Luxoft by DXC Technologies

‒ Insight Venture Partners’ sale of Turnitin to Advance Publications for reportedly more than $1.7 billion

‒ Capgemini’s purchase of France-based engineering consulting firm Altran for $4.1 billion

‒ Accenture’s acquisitions of BCT Solutions, Déjà vu Security, Endgame, Bridge Energy Group, Zielpuls, Cirruseo, Caltec Scube, Enterprise System Partners,

?What If Innovation, and Orbium Holding

• Select Business & IT Services Investments include:

‒ The $500 million IT managed services and solutions company Kaseya raised from TPG and Insight Partners

‒ The $300 million round of funding on-demand logistics company Lalamove raised from Hillhouse Capital and Sequoia Capital



Business & IT Services M&A and Investment Activity by Quarter

$5.4 $6.7

$15.1

$27.9

$12.3 $12.9 $15.1

$13.6

$10.6 $10.3

$7.1

$18.6

114 117 40 153 186 223 229 53 301 291 300 3730

100

200

300

400

500

600

700

800

$-

$5.0

$10.0

$15.0

$20.0

$25.0

$30.0

3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19



Strategic$15.7

Buyout $6.4




Strategic 495 Deals

Buyout 50 Deals


• Strategic Buyers accounted for 74 percent of segment activity for 1H19 with 489 transactions,

including:

‒ Madison Dearborn Partners and CoVant Management’s $750 million sale of cybersecurity and

command product developer LGS Innovations to CACI International

‒ The $750 million acquisition of workforce acceleration platform Trilogy Education by 2U

‒ Hexaware’s $182 million purchase of global digital consultancy Mobiquity (A CG Petsky Prunier-

Led Transaction)

• Buyout transactions represented nearly 70 percent of LTM volume in 1H19, with deal value at a

reported $6.5 billion. Buyout deals include:

‒ Axcel’s $556 million sale of IT services provider EG and consultant search platform ERP VAR to

Francisco Partners

‒ The majority investment management consulting firm Teneo received from CVC Capital

Partners

• VC /Growth Capital transactions totaled a reported $3.6 billion in value in 1H19, including:

• Select segment VC/Growth Capital investments include:

‒ The $300 million round of funding security awareness training company KnowBe4 raised at a

$1 billion valuation from KKR, Elephant, and TenEleven Ventures

‒ Corsera’s $103 million raise at a $1 billion valuation from SEEK Group, Future Fund, and NEA


$ in Billions


# of Deals

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Number of

Transactions

Reported Value

($MM)

Strategic 909 $30,733.7 414 $15,063.5 218 $4,934.3 277 $10,735.9

Private Equity - Buyout 97 9,275.6 47 2,822.9 27 1,082.7 23 5,370.0


Total 1,265 $46,713.6 592 $20,972.2 300 $7,122.8 373 $18,618.6

Business & IT Services

LTM 2H18 1Q19 2Q19


• All transaction information has been publicly reported and is sourced from national news publications, industry trade journals and blogs, and public

announcements by companies and investors.

• All trading data related to publicly-traded companies has been sourced from Capital IQ.




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For Canadian Residents This document has been approved by Canaccord Genuity Group Inc., which accepts responsibility for this report and its dissemination in Canada. Canadian clients wishing to effect transactions in any security discussed should do so through a qualified salesperson of Canaccord Genuity in their particular jurisdiction.

For United Kingdom Residents: This material is not for distribution in the United Kingdom to retail customers, as defined under the rules of the Financial Conduct Authority. Canaccord Genuity Limited accepts responsibility for this presentation and its dissemination in the United Kingdom. The information contained in this presentation is only intended for distribution in the UK to persons who qualify as professional clients or eligible counterparties as defined under the rules of the Financial Conduct Authority. This publication is not directed at private individuals in the United Kingdom or Continental Europe, and has not been approved by an authorized person for the purposes of section 21 of the Financial Services and Markets Act 2000, as amended. Within the United Kingdom, it is directed only at persons falling within Article 19 (Investment Professionals) or Article 49 (High Net Worth Companies) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005. Any other person or persons who receive a copy of this presentation should not act upon it and Canaccord Genuity accepts no liability or responsibility whatsoever for any actions taken by such persons in reliance on this publication. The distribution of this publication in jurisdictions other than the United Kingdom may be restricted by law and, therefore, persons into whose possession this publication comes should inform themselves about and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of the securities laws of any such jurisdictions.

This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further information is available on request.

Copyright © Canaccord Genuity, a division of Canaccord Genuity Group Inc., 2018. Member IIROC/CIPF.

Copyright © Canaccord Genuity Limited, 2019. Member LSE, Authorized and Regulated by the Financial Conduct Authority.

Copyright © Canaccord Genuity LLC, 2019. Member FINRA/SIPC.

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