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Page 4: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Strategic80%

Financial20%

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev TEV/ EBITDA

9/21/2017 Acturus, Inc. MetrixLab BV Specialty Consulting 13.40 0.58x 4.47x

9/21/2017 Smart Resources, Inc. BG Staffing, Inc. Human Resources 6.00 0.45x -

9/20/2017 Absolute Consulting, Inc. GSE Performance Solutions, Inc. Specialty Consulting 8.75 0.22x -

9/7/2017 Institutional Shareholder Services, Inc. Genstar Capital LLC Business Process

Outsourcing

720.00 - -

8/7/2017 Symphony Health Solutions Corp. Pharmaceutical Research Associates, Inc. Specialty Consulting 530.00 - -

8/3/2017 Latam Digital Ventures Prisa Brand Solutions SL Marketing Services 2.96 0.29x -

7/31/2017 CDI Corp. AE Industrial Partners LLC Human Resources 151.74 0.20x NM

7/25/2017 Intacct Corp. The Sage Group Plc Professional Services 850.00 8.85x -

7/12/2017 Wells Fargo & Co. (Share Registration &

Services Bus)

Equiniti Group Plc Professional Services 227.00 2.18x -

7/12/2017 GCA Services Group, Inc. ABM Industries, Inc. Facility Services and

Industrial Services

1,250.00 - -

7/5/2017 Accountable Healthcare Holdings Corp. Mitsui & Co., Ltd. Human Resources 88.39 0.62x -

18 24

15

34

5

48

2 7

29 26

-

10

20

30

40

50

60

Educationand Training

BusinessProcess

Outsourcing

FacilityServices and

IndustrialServices

HumanResources

InformationServices

MarketingServices

Real EstateServices

IT Services SpecialtyConsulting

ProfessionalServices

Page 5: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Financial Buyer Inv. Date Select Corporate Acquisitions8/28/2017 ▪ Bartlett Holdings, Inc.

7/31/2017 ▪ CDI Corp.

6/27/2017 ▪ Vortex Aviation, Inc.

CI Capital Partners LLC 9/7/2017 ▪ Delphic Digital LLC

8/3/2017 ▪ Performance Sales & Marketing

6/6/2017 ▪ Nature's Trees, Inc.

4/4/2017 ▪ Signature Specialty Sales & Marketing, Inc.

3/6/2017 ▪ Simplified Logistics LLC

Genstar Capital LLC 9/7/2017 ▪ Institutional Shareholder Services, Inc.

7/10/2017 ▪ STACK Media, Inc.

11/1/2016 ▪ BrightScope, Inc.

New Mountain Capital LLC 7/11/2017 ▪ First Recovery Group LLC

3/31/2017 ▪ TRC Cos., Inc.

10/6/2016 ▪ Convey Health Solutions, Inc.

Wind Point Advisors LLC 7/7/2017 ▪ Ultra Environmental Services, Inc.

6/6/2017 ▪ Valicor Environmental Services LLC

AE Industrial Partners LLC

Strategic Buyer Inv. Date Select Corporate Acquisitions3/9/2017 ▪ Exterm-A-Tech, Inc.

12/1/2016 ▪ Action Termite & Pest Control LLC

11/02/2016 ▪ Whitco Pest Management, Inc.

5/10/2016 ▪ Spencer Pest Control Co. Of South Carolina, Inc.

3/7/2016 ▪ Frye Exterminating Co., Inc.

1/21/2016 ▪ BugMaster Termite & Pest Control

1/5/2016 ▪ Universal Pest Control Inc.

9/6/2017 ▪ Interactive Broadband Consulting Group LLC

9/6/2017 ▪ Matter, Inc.

7/12/2017 ▪ clearhead Group LLC

6/7/2017 ▪ Phase One Consulting Group, Inc.

6/1/2017 ▪ LabAnswer Government LLC

4/12/2017 ▪ Beespath, Inc. /Closingbridge/

3/24/2017 ▪ First Annapolis Consulting, Inc.

3/1/2017 ▪ Davies Consulting LLC

Terracon Consultants, Inc. 7/5/2017 ▪ Dente Engineering PC

12/6/2016 ▪ CHJ Consultants, Inc.

11/3/2016 ▪ Geotechnical Consulting & Testing, Inc.

8/4/2016 ▪ Mayes Testing Engineers, Inc.

Asure Software, Inc. 5/26/2017 ▪ iSystems LLC

1/3/2017 ▪ Corporate Payroll, Inc.

1/3/2017 ▪ Personnel Management Systems, Inc.

1/3/2017 ▪ Payroll Specialties NW, Inc.

Sunbelt Rentals, Inc. 6/1/2017 ▪ MSP Equipment Rentals, Inc.

5/22/2017 ▪ RGR Equipment LLC

5/1/2017 ▪ Noble Rents, Inc. /Equipment Rental Operations/

4/26/2017 ▪ Van's Equipment Denver LLC

4/3/2017 ▪ Pride Equipment Corp.

9/15/2016 ▪ Tower Tech, Inc. (Rental Division)

6/6/2016 ▪ One Source Cooling LLC

HUB International Ltd. 9/18/2017 ▪ Benefits Advisory Group LLC

7/14/2017 ▪ MillsonJames LLC

Arrow Exterminators, Inc.

Accenture PLC

Page 6: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Pearson Plc PSON-GB 6,758$ 8.21$ -11.9% -25.2% 0.791156 (4.8%) 6.3% 1.4x 5.6x NM 1.5x 9.6x

John Wiley & Sons, Inc. JW.A-US 3,076 53.50 1.0% -1.8% 92.6% 0.5% 20.6% 2.0x 9.3x 33.9x 2.0x 9.5x

Graham Holdings Co. GHC-US 2,707 585.10 -0.9% 14.3% 95.0% NM 15.4% 1.1x 6.3x 24.7x NM NM

Strayer Education, Inc. STRA-US 975 87.27 -7.0% 8.2% 91.2% 6.8% 16.4% 1.8x 10.4x 27.2x 1.7x 9.1x

Capella Education Co. CPLA-US 819 70.15 -17.9% -20.1% 70.7% 3.4% 18.6% 1.5x 7.5x 19.9x 1.5x 7.2x

K12, Inc. LRN-US 727 17.84 -1.1% 4.0% 84.2% 4.1% 11.2% 0.6x 5.3x NM 0.5x 3.9x

Career Education Corp. CECO-US 718 10.39 8.3% 3.0% 82.5% (5.5%) 8.9% 0.9x 38.4x NM 0.9x NM

GP Strategies Corp. GPX-US 516 30.85 13.8% 7.9% 99.4% 7.5% 8.4% 1.1x 14.0x 24.1x 1.0x 12.0x

Bridgepoint Education, Inc. BPI-US 278 9.60 -36.0% -5.2% 60.6% (7.2%) 6.8% 0.1x 1.8x NM 0.1x 2.2x

$1,842 (5.7%) (1.7%) 83.9% 0.6% 12.5% 1.2x 11.0x 26.0x 1.2x 7.7x$819 (1.1%) 3.0% 84.2% 2.0% 11.2% 1.1x 7.5x 24.7x 1.2x 9.1x

Market Stats Operating Stats LTM Multiples NTM Multiples

-25.0%

-20.0%

-15.0%

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Education & Training Facility Services and Industrial Services Real Estate Services Specialty Consulting S&P 500

-10.0%

-5.0%

0.0%

5.0%

10.0%

15.0%

Business Process Outsourcing Information Services Human Resources

Marketing Services IT Services S&P 500

Page 7: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Waste Management, Inc. WM-US 34,442$ 78.27$ 7.2% 10.4% 99.3% 4.6% 28.8% 3.1x 11.0x 26.8x 3.0x 10.6x

Republic Services, Inc. RSG-US 22,246 66.06 4.5% 15.8% 98.3% 5.6% 28.0% 3.1x 10.9x 33.9x 2.9x 10.4x

Waste Connections, Inc. WCN-US 18,373 69.96 9.1% 33.5% 98.9% 10.1% 30.9% 5.1x 16.8x 57.3x 4.6x 14.3x

Cintas Corp. CTAS-US 15,588 144.28 16.0% 24.9% 99.5% 14.6% 20.0% 3.1x 16.1x 33.5x 2.8x 14.0x

United Rentals, Inc. URI-US 11,725 138.74 26.5% 31.4% 99.1% 11.7% 44.3% 3.2x 7.0x 20.2x 3.0x 6.3x

Iron Mountain, Inc. IRM-US 10,285 38.90 13.8% 19.8% 95.7% 3.0% 33.5% 4.4x 14.6x 54.4x 4.3x 12.6x

Aramark ARMK-US 9,954 40.61 -0.2% 13.7% 97.3% 3.2% 8.4% 1.1x 9.7x 29.4x 1.0x 10.2x

Stericycle, Inc. SRCL-US 6,112 71.62 -7.3% -7.0% 81.4% 1.8% 19.1% 2.5x 11.6x NM 2.4x 10.1x

Clean Harbors, Inc. CLH-US 3,241 56.70 4.0% 1.9% 92.0% 7.4% 16.0% 1.6x 11.2x NM 1.5x 9.3x

ABM Industries, Inc. ABM-US 2,717 41.71 0.3% 2.1% 92.4% 21.7% 3.1% 0.6x 15.0x 157.2x 0.4x 7.2x

UniFirst Corp. UNF-US 2,336 151.50 8.0% 5.5% 99.1% 3.0% 17.1% 1.6x 10.0x 44.0x 1.7x 9.9x

FirstService Corp. FSV-US 2,269 65.72 2.8% 38.4% 92.8% 11.3% 10.7% 1.7x 18.4x 52.6x 1.5x 15.6x

Covanta Holding Corp. CVA-US 1,946 14.85 12.5% -4.8% 90.0% 4.7% 16.5% 2.8x 14.8x NM 2.7x 10.5x

US Ecology, Inc. ECOL-US 1,174 53.80 3.2% 9.5% 97.8% 9.3% 21.1% 3.0x 13.6x 42.0x 2.8x 11.3x

H&E Equipment Services, Inc. HEES-US 1,039 29.20 46.8% 25.6% 96.7% 4.0% 31.1% 1.9x 6.1x 26.3x 1.8x 5.9x

SP Plus Corp. SP-US 889 39.50 27.0% 40.3% 98.8% (44.5%) 8.7% 0.6x 9.2x 22.9x 1.1x 10.5x

Casella Waste Systems, Inc. CWST-US 772 18.80 12.6% 51.5% 98.3% 2.6% 23.4% 2.2x 10.3x NM 2.2x 9.7x

Team, Inc. TISI-US 398 13.35 -43.3% -66.0% 33.6% 4.0% 2.1% 0.6x 28.1x NM 0.6x 7.4x

CECO Environmental Corp. CECE-US 293 8.46 -10.5% -39.4% 56.9% 0.6% 8.7% 1.0x 9.5x NM 1.0x 7.7x

4.1% 19.6%4.6% 19.1%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cognizant Technology Solutions Corp. CTSH-US 42,844$ 72.54$ 9.7% 29.5% 99.4% 12.0% 19.4% 2.8x 14.6x 23.3x 2.5x 12.1x

Wipro Ltd. 507685-IN 20,932 4.30 8.4% 18.5% 90.6% 4.9% 19.6% 2.0x 10.1x 16.2x 1.9x 9.8x

Convergys Corp. CVG-US 2,415 25.89 7.9% 5.4% 84.7% (2.5%) 13.3% 0.9x 6.6x 19.7x 1.0x 7.7x

West Corp. WSTC-US 1,964 23.47 0.7% -5.2% 82.1% 1.0% 26.7% 2.1x 7.7x 9.3x 2.1x 7.5x

TeleTech Holdings, Inc. TTEC-US 1,914 41.75 2.6% 36.9% 96.1% 7.4% 13.0% 1.5x 10.5x 43.0x 1.4x 10.6x

Sykes Enterprises, Inc. SYKE-US 1,254 29.16 -12.9% 1.0% 84.5% 5.2% 9.3% 0.8x 6.8x 18.3x 0.7x 6.8x

Virtusa Corp. VRTU-US 1,106 37.78 26.9% 50.4% 98.6% 13.1% 2.9% 1.4x 33.6x 54.0x 1.2x 14.6x

Unisys Corp. UIS-US 428 8.50 -33.3% -43.1% 50.9% 0.1% 6.3% 0.2x 2.0x NM 0.2x 1.4x

5.1% 13.8%5.0% 13.1%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Automatic Data Processing, Inc. ADP-US 48,584$ 109.32$ 7.7% 6.4% 89.8% 7.1% 17.0% 3.9x 17.5x 28.4x 3.7x 17.2x

ManpowerGroup, Inc. MAN-US 7,863 117.82 6.8% 32.6% 97.5% 7.7% 4.4% 0.4x 9.7x 18.1x 0.4x 9.0x

Robert Half International, Inc. RHI-US 6,352 50.34 5.4% 3.2% 98.7% 3.7% 11.2% 1.2x 10.2x 19.5x 1.1x 9.8x

51job, Inc. JOBS-US 3,722 60.61 34.1% 79.3% 97.8% 25.3% NM 7.8x 24.9x 44.4x 6.1x 17.1x

On Assignment, Inc. ASGN-US 2,835 53.68 -0.9% 21.6% 96.7% 8.4% 11.4% 1.3x 12.9x 26.3x 1.3x 10.5x

WageWorks, Inc. WAGE-US 2,410 60.70 -9.9% -16.3% 75.4% 18.7% 25.3% 4.3x 18.7x NM 3.5x 11.3x

TriNet Group, Inc. TNET-US 2,333 33.62 2.8% 31.2% 80.9% (75.5%) 8.1% 0.8x 12.0x 22.6x 3.3x 12.0x

Korn/Ferry International KFY-US 2,227 39.43 13.9% 34.0% 98.3% 0.8% 12.8% 1.3x 9.4x 20.5x 1.3x 8.6x

Insperity, Inc. NSP-US 1,834 88.00 23.1% 24.0% 94.0% 14.0% 3.4% 0.5x 12.7x 25.4x 0.5x 8.8x

Kelly Services, Inc. KELYA-US 954 25.09 12.5% 9.5% 98.5% 3.7% 1.9% 0.2x 9.3x 7.5x 0.2x 8.0x

TrueBlue, Inc. TBI-US 943 22.45 -14.5% -8.9% 78.2% (2.1%) 5.0% 0.4x 7.7x 15.8x 0.4x 7.8x

Kforce, Inc. KFRC-US 540 20.20 3.9% -12.6% 75.0% 3.6% 6.3% 0.5x 9.6x 14.7x 0.5x 7.7x

Heidrick & Struggles International, Inc. HSII-US 397 21.15 -4.1% -12.4% 78.0% 1.3% 9.5% 0.6x 6.2x NM 0.5x 6.0x

1.3% 9.7%3.7% 8.8%

Market Stats Operating Stats LTM Multiples NTM Multiples

Page 8: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

S&P Global, Inc. SPGI-US 40,172$ 156.31$ 7.0% 45.4% 98.7% 5.6% 46.0% 7.3x 15.6x 18.3x 7.0x 14.7x

Thomson Reuters Corp. TRI-CA 32,817 45.78 -5.2% -2.6% 94.1% (1.7%) 30.1% 3.3x 11.9x 33.9x 3.4x 11.3x

Moody's Corp. MCO-US 26,589 139.21 14.7% 47.7% 99.5% 13.0% 49.7% 7.4x 15.4x 55.5x 6.6x 14.0x

Experian Plc EXPN-GB 18,626 20.11 -4.9% -4.8% 91.0% 5.4% 37.4% 4.9x 14.0x 21.5x 4.7x 13.5x

IHS Markit Ltd. INFO-US 17,597 44.08 -0.2% 24.5% 90.8% 5.9% 32.2% 6.1x 19.4x 44.1x 5.9x 14.9x

Verisk Analytics, Inc. VRSK-US 13,755 83.19 -0.2% 2.5% 94.4% 7.9% 48.2% 7.9x 16.2x 30.0x 7.4x 15.1x

Equifax, Inc. EFX-US 12,758 105.99 -22.7% -10.4% 72.1% 6.5% 39.1% 4.6x 12.7x 22.5x 4.4x 11.9x

Alliance Data Systems Corp. ADS-US 12,292 221.55 -14.2% -3.0% 83.2% 13.9% 25.7% 3.0x 11.8x 25.2x 2.6x 10.0x

Gartner, Inc. IT-US 11,271 124.41 0.7% 23.1% 95.7% 42.5% 9.9% 5.1x 36.9x NM 3.6x 17.1x

CoStar Group, Inc. CSGP-US 9,580 268.25 3.3% 42.3% 93.2% 18.4% 18.4% 9.5x 37.4x 90.0x 8.0x 24.3x

FactSet Research Systems, Inc. FDS-US 7,065 180.11 6.2% 10.2% 97.8% 11.2% 29.7% 6.1x 18.5x 27.7x 5.5x 16.4x

Fair Isaac Corp. FICO-US 4,304 140.50 1.7% 17.8% 95.6% 8.3% 23.8% 5.2x 23.8x 37.7x 5.1x 16.5x

Dun & Bradstreet Corp. DNB-US 4,302 116.41 8.2% -4.0% 84.6% 5.5% 25.4% 3.3x 11.4x 37.8x 3.1x 10.9x

CoreLogic, Inc. CLGX-US 3,912 46.22 6.7% 25.5% 96.3% (0.6%) 27.1% 2.9x 12.5x 41.4x 2.9x 11.1x

The Advisory Board Co. ABCO-US 2,186 53.63 5.0% 61.3% 90.1% 4.3% 10.4% 3.3x 21.5x 20.4x 3.2x 13.0x

Acxiom Corp. ACXM-US 1,967 24.64 -5.3% -8.1% 81.1% 11.5% 10.6% 2.3x 18.5x NM 2.0x 10.1x

comScore, Inc. SCOR-US 1,647 28.75 9.7% -9.0% 82.5% NM NM NM NM NM NM NM

Forrester Research, Inc. FORR-US 742 41.85 6.8% -2.6% 94.3% 5.5% 13.3% 1.9x 16.4x 42.7x 1.8x 15.2x

9.6% 28.1%6.5% 27.1%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

WPP Plc WPP-GB 23,513$ 18.58$ -14.9% -23.7% 77.9% (5.3%) 13.1% 1.5x 9.6x 10.3x 1.6x 8.6x

Omnicom Group, Inc. OMC-US 17,092 74.07 -11.1% -13.0% 82.6% 1.7% 16.8% 1.4x 9.0x 15.0x 1.3x 8.7x

Publicis Groupe SA PUB-FR 16,089 69.86 -10.0% -9.9% 89.6% 0.5% 15.9% 1.6x 8.0x NM 1.5x 8.5x

Interpublic Group of Cos., Inc. IPG-US 8,176 20.79 -15.8% -11.2% 80.9% 4.3% 13.1% 1.2x 8.8x 15.1x 1.2x 7.7x

UBM Plc UBM-GB 3,608 9.16 -1.3% -6.7% 94.5% 6.6% 25.7% 3.5x 12.5x 31.5x 3.3x 10.8x

Ipsos SA IPS-FR 1,538 34.62 -11.7% -1.9% 87.0% 2.4% 7.3% 1.0x 8.9x 14.9x 1.0x 8.3x

KMA Holding, Inc. MCDA-US 806 0.02 72.7% 18.7% 9.5% NM NM NM NM NM NM NM

InnerWorkings, Inc. INWK-US 613 11.25 -2.1% 14.2% 94.2% 7.1% 5.4% 0.6x 12.8x NM 0.6x 10.0x

2.5% 13.9%2.4% 13.1%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

CBRE Group, Inc. CBG-US 12,801$ 37.88$ 3.4% 20.3% 97.2% 10.0% 9.0% 1.2x 12.9x 18.5x 1.1x 9.4x

CoStar Group, Inc. CSGP-US 9,580 268.25 3.3% 42.3% 93.2% 18.4% 18.4% 9.5x 37.4x 90.0x 8.0x 24.3x

Jones Lang LaSalle, Inc. JLL-US 5,599 123.50 -0.2% 22.2% 91.6% 7.4% 8.0% 1.0x 13.0x 18.6x 1.0x 10.6x

Realogy Holdings Corp. RLGY-US 4,492 32.95 2.0% 28.1% 93.7% 6.0% 15.4% 1.3x 9.9x 19.4x 1.3x 10.0x

Kennedy-Wilson Holdings, Inc. KW-US 2,119 18.55 -2.6% -9.5% 80.7% 7.7% 29.0% 10.8x 33.1x NM 10.0x 28.1x

Fang Holdings Ltd. SFUN-US 1,269 4.05 27.0% 23.5% 86.2% (16.0%) NM 2.1x NM NM 3.4x 17.4x

RE/MAX Holdings, Inc. RMAX 1,125 63.55 10.0% 13.5% 96.1% 10.4% 52.7% 4.7x 10.5x 48.1x 4.3x 8.0x

Altisource Portfolio Solutions SA ASPS 467 25.87 16.5% -2.7% 55.1% (10.2%) (3.8%) 0.7x 9.1x 83.5x 0.9x 6.6x

4.2% 18.4%7.6% 15.4%

Market Stats Operating Stats LTM Multiples NTM Multiples

Page 9: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

International Business Machines Corp. IBM-US 135,206$ 145.08$ -5.9% -12.6% 79.4% (0.7%) 16.6% 2.2x 11.3x 12.1x 2.2x 8.9x

Accenture Plc ACN-US 83,471 135.07 9.8% 15.3% 97.4% 3.4% 15.9% 2.2x 13.5x 24.8x 2.3x 13.1x

Cognizant Technology Solutions Corp. CTSH-US 42,844 72.54 9.7% 29.5% 99.4% 12.0% 19.4% 2.8x 14.6x 23.3x 2.5x 12.1x

CGI Group, Inc. GIB.A-CA 13,577 51.73 -2.5% 0.4% 96.2% 4.2% 17.1% 1.9x 10.6x 18.7x 1.9x 10.0x

Leidos Holdings, Inc. LDOS-US 8,955 59.22 15.1% 15.8% 99.3% 9.7% 10.7% 1.2x 12.5x 27.0x 1.1x 11.4x

Booz Allen Hamilton Holding Corp. BAH-US 5,559 37.39 15.6% 3.7% 94.2% 7.1% 10.4% 1.2x 12.6x 21.4x 1.1x 11.8x

EPAM Systems, Inc. EPAM-US 4,613 87.93 5.2% 36.7% 99.7% 28.3% 13.9% 3.3x 24.4x 42.5x 2.7x 14.5x

Teradata Corp. TDC-US 4,423 33.79 13.2% 24.4% 99.7% (3.7%) 8.4% 1.7x 10.0x 44.5x 1.8x 10.4x

InterXion Holding NV INXN-US 3,617 50.93 11.7% 45.2% 97.7% 24.7% 43.2% 9.1x 20.8x 79.0x 7.3x 15.9x

CACI International, Inc. CACI-US 3,409 139.35 11.9% 12.1% 97.5% 3.0% 8.6% 1.1x 12.4x 21.3x 1.0x 11.7x

ManTech International Corp. MANT-US 1,134 44.15 12.0% 4.5% 97.0% 5.7% 7.9% 1.0x 12.8x 29.1x 0.9x 12.0x

Virtusa Corp. VRTU-US 1,106 37.78 26.9% 50.4% 98.6% 13.1% 2.9% 1.4x 33.6x 54.0x 1.2x 14.6x

The Hackett Group, Inc. HCKT-US 439 15.19 -0.9% -14.0% 73.4% 2.7% 12.5% 1.5x 11.5x 20.3x 1.7x 9.8x

Unisys Corp. UIS-US 428 8.50 -33.3% -43.1% 50.9% 0.1% 6.3% 0.2x 2.0x NM 0.2x 1.4x

ServiceSource International, Inc. SREV-US 309 3.46 -11.3% -39.1% 55.4% 2.1% 2.5% 1.1x NM NM 1.1x 11.0x

7.4% 13.1%4.2% 10.7%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

Price/

EPS

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

The Advisory Board Co. ABCO-US 2,186 53.63 5.0% 61.3% 90.1% 4.3% 10.4% 3.3x 21.5x 20.4x 3.2x 13.0x

Exponent, Inc. EXPO-US 1,906 73.90 28.6% 22.6% 98.0% 1.8% 25.0% 5.3x 24.8x 38.3x 5.5x 20.2x

FTI Consulting, Inc. FCN-US 1,403 35.48 2.0% -21.3% 75.3% 2.7% 9.2% 1.0x 11.1x 39.4x 1.0x 8.6x

ICF International, Inc. ICFI-US 1,011 53.95 15.4% -2.3% 90.6% 4.8% 9.5% 1.1x 11.3x 21.7x 1.0x 10.5x

CBIZ, Inc. CBZ-US 891 16.25 7.3% 18.6% 98.5% 6.8% 9.1% 1.3x 11.0x 19.5x 1.2x 9.9x

Navigant Consulting, Inc. NCI-US 791 16.92 -14.5% -35.4% 60.7% (5.4%) 11.4% 0.9x 7.3x 16.3x 1.0x 6.9x

Huron Consulting Group, Inc. HURN-US 758 34.30 -19.8% -32.3% 56.6% (6.9%) 12.0% 1.4x 10.2x NM 1.5x 10.2x

Resources Connection, Inc. RECN-US 416 13.90 1.8% -27.8% 70.2% 1.2% 7.1% 0.7x 11.2x 29.0x 0.7x 8.9x

9.3% 11.7%2.2% 10.0%

Market Stats Operating Stats LTM Multiples NTM Multiples

Page 12: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA9/29/2017 Siteolytics, Inc. diconium GmbH Specialty Consulting - - -

9/29/2017 Aerofil Technology, Inc. HBM Holdings Co. Facility Services and

Industrial Services

- - -

9/29/2017 Not Ordinary Media LLC MTM Choice Holdings LLC Marketing Services 50.66 - -

9/28/2017 WellEz Information Management LLC Quorum Business Solutions, Inc. Business Process

Outsourcing

- - -

9/27/2017 Gilchrist & Rutter PC Cozen O'Connor Professional Services - - -

9/26/2017 Driving Ambition, Inc. Palladium Equity Partners Advisor

LLC

Human Resources - - -

9/26/2017 MSE Corporate Security, Inc. The ADT Corp. Facility Services and

Industrial Services

- - -

9/26/2017 Livestream LLC IAC Consumer Applications &

Portals, Inc.

Business Process

Outsourcing

- - -

9/25/2017 Aisle 9 Retail, Inc. Marketing Management, Inc. Marketing Services - - -

9/25/2017 Dutton Press, Inc. Southeastern Printing Co., Inc. Business Process

Outsourcing

- - -

9/25/2017 Curiosity Media, Inc. OpenX Ltd. Marketing Services - - -

9/25/2017 Eliassen Group LLC Principle Solutions Group LLC Human Resources - - -

9/22/2017 Global Technical Services, Inc. Novume Solutions, Inc. Human Resources - - -

9/22/2017 Global Contract Professionals, Inc. Novume Solutions, Inc. Human Resources - - -

9/22/2017 Lahti Lahti & Oneill P.C. Fletcher Tilton & Whipple Professional Services - - -

9/21/2017 Acturus, Inc. (Connecticut) MetrixLab BV Specialty Consulting 13.40 0.58x 4.47x

9/21/2017 Smart Resources, Inc. BG Staffing, Inc. Human Resources 6.00 0.45x -

9/21/2017 Freeze Frame LLC Picsolve International Ltd. Marketing Services - - -

9/20/2017 Absolute Consulting, Inc. GSE Performance Solutions, Inc. Specialty Consulting 8.75 0.22x -

9/20/2017 The Narrative Group LLC Citizen Relations LLC Marketing Services - - -

9/19/2017 firstPRO, Inc. Staffing 360 Georgia LLC Human Resources 8.00 - -

9/19/2017 Wellington Group Marketing & PR Wellington Group Marketing & PR

(Management)

Marketing Services - - -

9/19/2017 Ewing Consulting, Inc. CPS HR Consulting Human Resources - - -

9/19/2017 Two Twelve Management LLC Blue Equity LLC Marketing Services - - -

9/18/2017 Love The 88 LLC Havas Worldwide New York, Inc. Marketing Services - - -

9/18/2017 National CineMedia, Inc. Standard General LP Marketing Services 938.19 - -

9/18/2017 Benefits Advisory Group LLC HUB International Ltd. Human Resources - - -

9/18/2017 ABI, Inc. Finn Partners, Inc. Specialty Consulting - - -

9/17/2017 Anovia Payments LLC Waud Capital Partners LLC Business Process

Outsourcing

- - -

9/15/2017 Maintenance Design Group LLC HDR, Inc. Specialty Consulting - - -

9/15/2017 Integrity HR, Inc. Epic Insurance Solutions Agency LLC Human Resources - - -

9/15/2017 FUTR Corp. Reliamax Surety Co. Education and Training - - -

9/14/2017 BioBridges LLC Adecco Group AG Education and Training - - -

9/14/2017 Operon Resource Management, Inc. TEG Staffing, Inc. Human Resources - - -

9/14/2017 WealthWise Partners LLC Futurity First Financial Corp. Professional Services - - -

9/14/2017 Curriculum Associates LLC Berkshire Partners LLC Education and Training - - -

9/13/2017 Kesala Silent Circle LLC IT Services - - -

9/13/2017 Hughes Mathews PA Gray, Plant, Mooty, Mooty & Bennett

PA

Professional Services - - -

9/13/2017 Free Agents Marketing LLC Neathawk Dubuque & Packett, Inc. Marketing Services - - -

9/12/2017 Greater Talent Network, Inc. United Talent Agency, Inc. Education and Training - - -

9/12/2017 Levine Sullivan Koch & Schulz LLP Ballard Spahr LLP Professional Services - - -

9/11/2017 Team People LLC System One Holdings LLC Human Resources - - -

9/8/2017 Orion Financial Group, Inc. U-Mind Club, Inc. Professional Services 0.47 - -

9/8/2017 Glanz, Inc. Carbon Sciences, Inc. Marketing Services - - -

Page 13: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA9/8/2017 Girard Environmental Services, Inc. BrightView Landscapes LLC Facility Services and

Industrial Services

- - -

9/7/2017 Technicon Design Corp. Segula Technologies SA Human Resources - - -

9/7/2017 Marron & Associates LLC NV5 Global, Inc. Professional Services - - -

9/7/2017 Institutional Shareholder Services, Inc. Genstar Capital LLC Business Process

Outsourcing

720.00 - -

9/7/2017 Enterprise Recruiters LLC Gibson Consultants LLC Human Resources - - -

9/7/2017 BrightCurrent, Inc. Horizon Solar Power, Inc. Marketing Services - - -

9/7/2017 GreenJobInterview Montage Talent, Inc. Business Process

Outsourcing

- - -

9/7/2017 Delphic Digital LLC CI Capital Partners LLC Marketing Services - - -

9/7/2017 Iotopia Solutions, Inc. Spiria Digital, Inc. Specialty Consulting - - -

9/6/2017 Govmark Testing Services, Inc. SGS SA Business Process

Outsourcing

- - -

9/6/2017 Interactive Broadband Consulting Group LLC Accenture PLC Specialty Consulting - - -

9/6/2017 Arizona Women's Education & Employment, Inc. A New Leaf Education and Training - - -

9/6/2017 Matter, Inc. Accenture PLC Marketing Services - - -

9/6/2017 Teachers on Call, Inc. Kelly Services, Inc. Human Resources - - -

9/6/2017 KnightHawk Protection Veteran Infrastructure Products LLC Facility Services and

Industrial Services

- - -

9/6/2017 Agility Clinical, Inc. Precision Medicine Group, Inc. Specialty Consulting - - -

9/6/2017 Intelligent Document Solutions, Inc. Doxim, Inc. Business Process

Outsourcing

- - -

9/5/2017 Collegewise ChangedEdu Holdings Pte Ltd. Education and Training - - -

9/5/2017 Lindquist & Vennum PLLP Ballard Spahr LLP Professional Services - - -

9/5/2017 Career Resources Group, Inc. Lee Hecht Harrison LLC Human Resources - - -

9/4/2017 Dentons US LLP (2 Subsidiaries) Science Group Plc Professional Services 17.75 - -

9/1/2017 Adjelly, Inc. Assembly Media Networks, Inc. Marketing Services - - -

9/1/2017 Business Archives, Inc. Certified Records Management Business Process

Outsourcing

- - -

9/1/2017 Chadwick Martin Bailey, Inc. ITAGroup, Inc. Marketing Services - - -

8/31/2017 Rand Investment Group LLC Incline Management Corp. Marketing Services - - -

8/31/2017 Blue Canopy Group LLC Jacobs Engineering Group, Inc. Information Services - - -

8/31/2017 Room 21 Media, Inc. MC Endeavors, Inc. Marketing Services 1.60 - -

8/30/2017 JP Exhibition LLC Victory Hill Exhibitions Pte Ltd. Business Process

Outsourcing

25.00 - -

8/29/2017 Advisory Board Co. (Education Bus) Vista Equity Partners Management

LLC

Education and Training 1,550.00 - -

8/29/2017 eCommission Financial Services, Inc. Marron & Associates LLC Real Estate Services - - -

8/29/2017 Squeeze Report, Inc. Resilient Technologies, Inc. Professional Services - - -

8/29/2017 Imedex LLC HMP Communications Holdings LLC Education and Training - - -

8/28/2017 Bartlett Holdings, Inc. AE Industrial Partners LLC Human Resources - - -

8/28/2017 Derrick, Stubbs & Stith LLP Mauldin & Jenkins Certified Public

Accountants LLC

Professional Services - - -

8/27/2017 MaxPoint Interactive, Inc. MacAndrews & Forbes Holdings, Inc. Marketing Services 101.55 0.70x NM

8/25/2017 EarthColor, Inc. Mittera Group, Inc. Business Process

Outsourcing

- - -

8/24/2017 TekOptimize, Inc. Tekplay Systems Ltd. Specialty Consulting 2.00 - -

8/24/2017 CannaRegs Ltd. MassRoots, Inc. Information Services 12.00 - -

8/24/2017 Hein & Associates LLP Moss Adams LLP Professional Services - - -

8/23/2017 Triumph Learning LLC (New York) School Specialty, Inc. Education and Training - - -

8/23/2017 Transparency AI LLC Semcasting, Inc. Marketing Services - - -

8/22/2017 Dragon Innovation, Inc. Avnet, Inc. Specialty Consulting - - -

8/22/2017 Data Service Solutions, Inc. The Segerdahl Corp. Business Process

Outsourcing

- - -

Page 14: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA8/22/2017 Staffing Options & Solutions LLC Shore Capital Partners LLC Human Resources - - -

8/21/2017 Dovetail Systems, Inc. Fiserv, Inc. Professional Services - - -

8/21/2017 Clondalkin Flexible Packaging Orlando, Inc. The Pritzker Group (Private Equity) Facility Services and

Industrial Services

- - -

8/21/2017 HR Outsourcing, Inc. Paychex, Inc. Human Resources - - -

8/21/2017 Public identity, Inc. Bamko LLC Marketing Services - - -

8/21/2017 HP Advisors LLC Pacific Resources Benefits Advisors

LLC

Human Resources - - -

8/21/2017 Mile High Protection Services LLC General Cannabis Corp. Facility Services and

Industrial Services

0.39 0.69x -

8/18/2017 Waste Industries USA, Inc. HPS Investment Partners LLC Facility Services and

Industrial Services

- - -

8/17/2017 Varsity Facilities Services, Inc Kellermeyer Bergensons Services LLC Facility Services and

Industrial Services

- - -

8/17/2017 Horizon Solar Power, Inc. Sungevity, Inc. Facility Services and

Industrial Services

- - -

8/16/2017 Prescient Edge Corp. iJet International, Inc. IT Services - - -

8/16/2017 Alpha Technical Services Corp. LLC Advent International Corp. Business Process

Outsourcing

- - -

8/16/2017 USA 800, Inc. The Results Cos. LLC Business Process

Outsourcing

- - -

8/15/2017 Mixpo, Inc. Netsertive, Inc. Marketing Services - - -

8/15/2017 Automotive Compliance Consultants, Inc. CIVC Partners LP Specialty Consulting - - -

8/15/2017 PI Atlanta PI Southeast LLC Human Resources - - -

8/10/2017 Prologic Consumer Marketing Services, Inc. AppCard Solutions, Inc. Marketing Services - - -

8/10/2017 Medical Knowledge Group LLC MTS Health Investors LLC Education and Training - - -

8/10/2017 The BP360 Group Verify Smart Corp. Marketing Services - - -

8/10/2017 Prosource Solutions LLC (Ohio) Improving Enterprises, Inc. IT Services - - -

8/9/2017 ChoreMate Valet Waste LLC Facility Services and

Industrial Services

- - -

8/8/2017 Datablink, Inc. WatchGuard Technologies, Inc. Business Process

Outsourcing

- - -

8/8/2017 Chaos Management, Inc. Fuse Financial Partners LLC Specialty Consulting - - -

8/8/2017 Stratacuity Staffing Partners, Inc. On Assignment, Inc. Human Resources - - -

8/8/2017 Brand Connections LLC Advantage Solutions, Inc. (California) Marketing Services - - -

8/8/2017 Technical Sales International LLC Applied Software Technology, Inc. Specialty Consulting - - -

8/8/2017 RN Specialties, Inc. Aya Healthcare, Inc. Human Resources - - -

8/8/2017 Fourth Wall Productions, Inc. CenterTable LLC Marketing Services - - -

8/7/2017 Symphony Health Solutions Corp. Pharmaceutical Research Associates,

Inc.

Specialty Consulting 530.00 - -

8/7/2017 Blab, Inc. Deloitte Touche Tohmatsu Ltd. Business Process

Outsourcing

- - -

8/4/2017 Steen Outdoor Advertising Inc Lamar Advertising Co. Marketing Services - - -

8/4/2017 Student Brands LLC Barnes & Noble Education, Inc. Education and Training 58.50 - -

8/4/2017 Frontline Technologies Group LLC Thoma Bravo LLC Human Resources - - -

8/3/2017 DataBank IMX LLC KYOCERA Document Solutions (UK)

Ltd.

Business Process

Outsourcing

- - -

8/3/2017 Clairmont Financial Group LLC Brown & Brown of Minnesota, Inc. Professional Services - - -

8/3/2017 Latam Digital Ventures Prisa Brand Solutions SL Marketing Services 2.96 0.29x -

8/3/2017 Performance Sales & Marketing CI Capital Partners LLC Marketing Services - - -

8/3/2017 Patient Education Network PatientPoint, Inc. Education and Training - - -

Page 15: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA8/3/2017 ARM Energy Management LLC /Commercial &

Industrial Mktg A

Peninsula Energy Services Co., Inc. Marketing Services - - -

8/2/2017 Jamae Law Group Pllc D'Alessio Law Group Ltd. Professional Services - - -

8/2/2017 Symantec Corp. (Website Security & Related PKI

Solutions)

Thoma Bravo LLC IT Services 950.00 - -

8/2/2017 Parscale Media LLC CloudCommerce, Inc. Marketing Services 1.00 - -

8/1/2017 Just Ventures LLC Just Energy Group, Inc. Marketing Services - - -

8/1/2017 W Squared Dynamics, Inc. Lattimore Black Morgan & Cain PC Business Process

Outsourcing

- - -

8/1/2017 Haggerty & Haggerty, P.A. Whisman Giordano & Associates LLC Professional Services - - -

8/1/2017 Social Media Beast LLC Arsenal Capital Management LP Marketing Services - - -

8/1/2017 LAK Reporting, Inc. The Cooper Group LLC Professional Services - - -

8/1/2017 Pierce Global Threat Intelligence, Inc. Zeneth Technology Partners LLC IT Services - - -

8/1/2017 Breakfast At 12 LLC Workhorse Marketing Marketing Services - - -

7/31/2017 CDI Corp. AE Industrial Partners LLC Human Resources 151.74 0.20x NM

7/31/2017 Taylor Winfield, Inc. Focus Search Partners LLC Human Resources - - -

7/31/2017 Media Place Partners LLC Adtegrity.com International, Inc. Marketing Services - - -

7/31/2017 DEZ Staffing LLC Hospitality Staffing Solutions LLC Human Resources - - -

7/31/2017 The Halo Group LLC Fahrenheit IT, Inc. Human Resources - - -

7/27/2017 LifeShield, Inc. Hawk Capital Partners LP Facility Services and

Industrial Services

- - -

7/27/2017 inVNT LLC inVNT LLC (Private Group) Business Process

Outsourcing

- - -

7/26/2017 Essen LLC Basemakers LLC Marketing Services - - -

7/26/2017 Lamplighter Financial LLC LeverPoint Management LLC Professional Services - - -

7/25/2017 Holzer Edwards, CHTD. Hepworth, Janis & Kluksdal, CHTD. Professional Services - - -

7/25/2017 Intacct Corp. The Sage Group Plc Professional Services 850.00 8.85x -

7/25/2017 Narrative_ Will Packer Productions Inc Marketing Services - - -

7/25/2017 Smart Host, Inc. Ten Twenty Four, Inc. Real Estate Services - - -

7/25/2017 Iptargeting.com El Toro LLC Marketing Services - - -

7/25/2017 Northwest Exterminating Co., Inc. Rollins, Inc. Facility Services and

Industrial Services

- - -

7/25/2017 ConServBiz LLC XMi Acquisition LLC Professional Services - - -

7/24/2017 Cranbury International LLC Probility Media Corp. Education and Training 0.50 - -

7/23/2017 Driven Local LLC Scorpion Design, Inc. Marketing Services - - -

7/21/2017 AEC360 Holdings LLC Consulting4CRM Marketing Services - - -

7/20/2017 Actionlink LLC Acosta, Inc. Marketing Services - - -

7/20/2017 Graphiq, Inc. Amazon.com, Inc. Information Services 50.00 - -

7/20/2017 Liner LLP DLA Piper Group Professional Services - - -

7/19/2017 GradStaff, Inc. University Ventures Funds

Management LLC

Human Resources - - -

7/19/2017 Sivic Solutions Group LLC Solix, Inc. Specialty Consulting - - -

7/19/2017 Stadium Sports Animation Heart+hammer LLC Marketing Services - - -

7/19/2017 CAGE, Inc. Ross & Baruzzini, Inc. Specialty Consulting - - -

7/18/2017 KMS Solutions LLC (Virginia) Subsystem Technologies, Inc. Specialty Consulting - - -

7/18/2017 H.A. BRUNO LLC Charterhouse Capital Partners LLP Business Process

Outsourcing

- - -

7/18/2017 Education Solutions Services LLC Nautic Partners LLC Human Resources - - -

7/18/2017 CIPS Marketing Group, Inc. ACI Last Mile Network LLC Marketing Services - - -

7/17/2017 Cambridge BioMarketing Group LLC UDG Healthcare Plc Marketing Services 35.00 - -

7/17/2017 Northwind Enterprises, Inc. AGI Partners LLC Specialty Consulting - - -

7/17/2017 APC Workforce Solutions LLC The Carlyle Group LP (Corporate

Private Equity)

Professional Services - - -

Page 16: Business Services Report Q3 2017...Company Name Symbol Market Cap ($ in Mil) Price ($) Quarter Change YTD Change % of 52 Week High Est. Revenue Growth EBITDA Margin TEV/ Rev TEV/ EBITDA

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA7/17/2017 School Improvement Network LLC Frontline Technologies Group LLC Education and Training - - -

7/14/2017 MillsonJames LLC HUB International Ltd. Human Resources - - -

7/14/2017 Nielsen Holdings Plc (TV Pilot Testing Business) The Stagwell Group LLC Information Services - - -

7/14/2017 Teaching Channel, Inc. Teaching Channel, Inc. (Private

Group)

Education and Training - - -

7/13/2017 TradersCrux Salem Media Group, Inc. Marketing Services 0.40 - -

7/12/2017 Wells Fargo & Co. (Share Registration & Services Bus) Equiniti Group Plc Professional Services 227.00 2.18x -

7/12/2017 GCA Services Group, Inc. ABM Industries, Inc. Facility Services and

Industrial Services

1,250.00 - -

7/12/2017 Vynamic LLC UDG Healthcare Plc Specialty Consulting 32.00 - -

7/12/2017 Jhana Education, Inc. Franklin Covey Co. Education and Training 10.70 - -

7/12/2017 clearhead Group LLC Accenture PLC Specialty Consulting - - -

7/12/2017 The Robot Report WTWH Media LLC Information Services - - -

7/12/2017 The Tyton Group LLC The Spencer Thomas Group LLC Specialty Consulting - - -

7/12/2017 Oasis Outsourcing Holdings, Inc. Kelso & Co. LP Business Process

Outsourcing

- - -

7/11/2017 Ruotolo Associates, Inc. Collegium Holdings, Inc. (NY) Professional Services - - -

7/11/2017 First Recovery Group LLC New Mountain Capital LLC Business Process

Outsourcing

- - -

7/11/2017 Sense Networks, Inc. Versata, Inc. Marketing Services - - -

7/10/2017 EnviroVac Holdings LLC Audax Private Equity Facility Services and

Industrial Services

- - -

7/10/2017 Soyring Consulting, Inc. EQT Partners AB Specialty Consulting - - -

7/10/2017 InnoVia Health General Electric Co. Specialty Consulting - - -

7/10/2017 iLawVentures LLC Leeds Equity Partners LLC Education and Training - - -

7/10/2017 STACK Media, Inc. Genstar Capital LLC Education and Training - - -

7/10/2017 Gnarus Advisors LLC Nathan Associates, Inc. Professional Services - - -

7/7/2017 Ultra Environmental Services, Inc. Wind Point Advisors LLC Facility Services and

Industrial Services

- - -

7/6/2017 HM Long Global Partners Ltd. ZRG Partners LLC Human Resources - - -

7/6/2017 Carling Communications, Inc. Lloyds Development Capital

(Holdings) Ltd.

Specialty Consulting - - -

7/6/2017 Wala, Inc. Wala, Inc. (Welch) Business Process

Outsourcing

1.05 - -

7/6/2017 Project Performance Co. LLC Data Systems Analysts, Inc. Specialty Consulting - - -

7/6/2017 TNG, Inc. Point B Capital LLC Marketing Services - - -

7/6/2017 Ksquare Solutions, Inc. InfoLob Solutions, Inc. IT Services - - -

7/6/2017 Diversified Human Resources, Inc. Oasis Outsourcing Holdings, Inc. Human Resources - - -

7/6/2017 Imbutek Holdings Corp. Sibannac, Inc. Specialty Consulting 7.46 - -

7/5/2017 Accountable Healthcare Holdings Corp. Mitsui & Co., Ltd. Human Resources 88.39 0.62x -

7/5/2017 Odava, Inc. Massroots Compliance Technology,

Inc.

Specialty Consulting 1.76 - -

7/5/2017 Integrity Healthcare Physician Staffing LLC NantWorks LLC Human Resources - - -

7/5/2017 Dente Engineering PC Terracon Consultants, Inc. Specialty Consulting - - -

7/5/2017 Leighton Associates, Inc. Lovell Minnick Partners LLC Specialty Consulting - - -

7/4/2017 Hill Top Security, Inc. Big Wind Capital, Inc. IT Services 1.07 - -

7/1/2017 EDJE Web Design LLC Webspec Design LLC Business Process

Outsourcing

- - -

7/1/2017 Quiverr Collective LLC Advantage Sales & Marketing LLC Marketing Services - - -