march 2011 marketing, information and di gital media/commerce...

March 2011 Marketing, Information and Digital Media/Commerce IndustriesM&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 6

Additional Monthly M&A and Investment Activity Data 24

About Petsky Prunier 32

2M&A & INVESTMENT SUMMARY MARCH 2011

MARKETING, INFORMATION AND DIGITAL MEDIA/COMMERCE INDUSTRIES

A t t l f 240 d l th i t l $10 6 billi d i M h 2011

Transaction Distribution

• A total of 240 deals worth approximately $10.6 billion were announced in March 2011

• Digital Media/Commerce was the most active segment with 93 transactions

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

• Strategic buyers announced 116 deals for approximately $8.6 billion (48% of total volume)

• VC/Growth Capital investors announced 119 deals for approximately $1.2 billion

• Buyout investors announced 5 deals for approximately $840 million

MARCH 2011

BUYER/INVESTOR BREAKDOWN

Transactions Est Value Strategic Buyout Venture/Growth Capital

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

Digital Media/Commerce 93 39% 4,759.4 45% 43 3,443.7 2 770.0 48 545.7

Marketing Technology 65 27% 4,091.9 38% 26 3,731.4 1 50.0 38 310.5

Software & Information 34 14% 901.0 8% 15 751.8 0 0.0 19 149.2

Digital Advertising 28 12% 559.2 5% 15 363.6 0 0.0 13 195.6

Transactions Est. Value Strategic Buyout Venture/Growth Capital

Marketing, Information and Digital Media/Commerce Industries M&A and Investment Volume - Last 13 Months

Agency/Consulting 14 6% 215.2 2% 12 195.7 2 19.5 0 0.0

Marketing Services 6 3% 121.6 1% 5 115.9 0 0.0 1 5.7

Total 240 100% 10,648.3 100% 116 8,602.1 5 839.5 119 1,206.8

$3.2 $2.8

$8.1

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$10.6

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$6.0

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Mar-10 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep-10 Oct-10 Nov-10 Dec-10 Jan-11 Feb-11 Mar-11

Val

24058 71 97 49 74 87 149 21264 63 199182

($ 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

Agency/Consulting

Merisel Design Agency Saints VC 20.9$ 71.9$ 5.1$ 0.3x 4.1x

Atomic Public Relations Public Relations Huntsworth 13.3 - 1.9 NA 7.0x

MedErgy HealthGroup Healthcare Agency Cello Group 11.1 9.0 2.3 1.2x 4.8x

Selected Transactions With Multiples Information

Digital Advertising

Polymedia Digital Video KIT digital 38.6 22.5 - 1.7x NA

Digital Media/Commerce

carsales.com (1) Classifieds/Auctions/P-to-P Private Investors 1,150.7 141.4 75.5 8.1x 15.2x

Gullivers Travel Associates eCommerce Kuoni Reisen Holding 720.0 294.0 84.0 2.4x 8.6x

Drugstore.com eCommerce Walgreen Company 429.0 456.0 7.8 0.9x 55.0x

BeatThatQuote.com Comparison Shopping Google, Inc. 61.0 13.7 - 4.4x NAeat atQuote co Co pa so S opp g Goog e, c 6 0 3

Tarsin, Mobile Services Platform Mobile Content/Apps Spare Backup 2.5 2.5 - 1.0x NA

Marketing Services

eLoyalty, ICS Unit Call Center TeleTech Holdings 40.9 54.0 - 0.8x NA

Marketing Technology

GSI Commerce Commerce Management eBay Incorporated 2,400.0 1,358.0 103.9 1.8x 23.1x

Radian6 Technologies (2) Social Technology Salesforce.com 326.0 45.0 - 7.2x NA

m Wise Mobile Technology Vringo 4 1 2 8 (0 8) 1 5x NMm-Wise Mobile Technology Vringo 4.1 2.8 (0.8) 1.5x NM

Software & Information

Mortgagebot Financial Software Davis + Henderson 231.8 37.7 - 6.1x NA

Bright Consulting Limited IT Consulting/Systems Integration VanceInfo Techhologies 0.7 1.5 - 0.5x NA

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

IPOs After Final Pricing (3)

Digital Media/Commerce

Qihoo 360 Technology Web Search/Portals IPO 1,057.0$ 53.8$ 13.4$ 19.7x 79.1x

Marketing Services

ServiceSource Corporation Performance/Contract Sales IPO 588.9 152.9 15.4 3.9x 38.2x

Software & Information

Cornerstone OnDemand, Inc. HR Software IPO 557.2 43.7 (10.2) 12.8x NM


(1) A 49.1 percent interest in carsales.com.au was sold through UBS to institutional investors for $565 million(2) Radian6 revenue represents 2011E, as reported by The New York Times and other press(3) IPO multiples based on TTM financials and pro forma balance sheets as of 12/31/10 per S-1 Registration Filings

($ in Millions)IPO PIPELINE

Aggregate Company Name Segment Offering Value Rev Adj EBITDA

Securities in Registration (as of 3/31/11)

LTMCompany Name Segment Offering Value Rev Adj. EBITDA

Affinion Group Holdings eCommerce $400.0 $1,386.1 $296.6

HomeAway* Classifieds/Auctions/P-to-P 230.0 167.9 43.2

Newegg eCommerce 175.0 2,289.8 55.7

LinkedIn Corporation Social Media/Apps 175.0 200.7 36.9

The Active Network Niche Content 150 0 272 3 11 0The Active Network Niche Content 150.0 272.3 11.0

Newgistics* Fulfillment 86.3 174.6 18.2

Reply.com Online Lead Generation 60.0 38.3 8.1

Responsys Email Services 60.0 83.3 14.8

Kayak.com Vertical Search 50.0 112.7 16.2

* Filed March 2011

Initial Offering Final Price Stock Price at Close Stock Price on

Date Ticker Company Name Country Price Range Per Share on 1st Trading Day Mar 31, 2011

Apr-10 SPSC SPS Commerce United States $11.00 - $13.00 $12.00 $13.60, up 13% $15.51

Apr-10 CNVO Convio United States 10.00 - 12.00 9.00 10.24, up 14% 11.60

May-10 RLOC ReachLocal United States 17.00 - 19.00 13.00 14.98, up 15% 20.00

Jun-10 MOTR Motricity United States 10.00 - 11.00 10.00 9.26, down 7% 15.03

IPO Performance

Jul-10 QLIK Qlik Technologies United States 8.50 - 9.50 10.00 14.06, up 41% 26.00

Jul-10 GDOT Green Dot Corp. United States 32.00 - 35.00 36.00 44.99, up 25% 42.91

Aug-10 MDMD MediaMind Technologies United States 14.00 - 16.00 11.50 11.00, down 4% 13.81

Aug-10 MMYT MakeMyTrip Ltd. India 12.00 - 14.00 14.00 26.45, up 89% 29.31

Sep-10 CCIH ChinaCache International Holdings China 10.00 - 12.00 13.90 27.15, up 95% 18.23

Oct-10 BET Betfair Group United Kingdom 19.72 - 20.50 20.49 24.29, up 19% 15.65

Nov-10 BAH Booz Allen Hamilton United States 17.00 - 19.00 17.00 19.50, up 15% 18.01

D 10 DANG E C Chi D d Chi 13 00 15 00 16 00 29 91 87% 20 63Dec-10 DANG E-Commerce China Dangdang China 13.00 - 15.00 16.00 29.91, up 87% 20.63

Dec-10 YOKU Youku.com China 9.00 - 11.00 12.80 33.44, up 161% 47.51

Dec-10 MOBI Sky-mobi Ltd. China 8.00 - 10.00 8.00 6.00, down 25% 12.30

Dec-10 ISS Isoftstone Holdings Ltd. China 11.00 - 13.00 13.00 16.62, up 28% 18.51

Jan-11 NLSN Nielsen Holdings B.V. United States 20.00 - 22.00 23.00 25.00, up 9% 27.31

Jan-11 DMD Demand Media, Inc. United States 14.00 - 16.00 17.00 22.65, up 33% 23.55

Jan-11 VELT Velti Plc United Kingdom 9.00 - 11.00 12.00 15.58, up 30% 12.59

Feb-11 EPOC Epocrates Inc United States 13 00 - 15 00 16 00 21 96 up 37% 19 80


Feb 11 EPOC Epocrates, Inc. United States 13.00 15.00 16.00 21.96, up 37% 19.80

Mar-11 CSOD Cornerstone OnDemand United States 9.00 - 11.00 13.00 19.07, up 47% 18.23

Mar-11 SREV ServiceSource International United States 7.50 - 9.00 10.00 12.18, up 22% 12.18

Mar-11 QIHU Qihoo 360 Technology China 10.50 - 12.50 14.50 34.00, up 134% 29.59

Transactions by Segment and Buyer Type

DIGITAL ADVERTISING

• Ad Networks/Exchanges was the most active subsegment with eight transactions. Digital Video was the highest value subsegment worth $244 million

• Select acquisitions

› Polycom’s $50 million acquisition of Accordent Technologies, a provider of live video streaming solutions

Y T b ’ i i i f G P Pi di i l id h l › YouTube’s acquisition of Green Parrot Pictures, a digital video technology company

› Collective’s acquisition of Web TV Enterprise, an online video ad network

• Select investments

› The $48 million venture capital investment in Just-Eat, a take-out food ordering service, led by Greylock Partners and Redpoint Venturesp

› The $30 million growth capital investment in TidalTV, an online video ad network, led by New Enterprise Associates

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



DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT

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

Ad Networks/Exchanges 8 29% 128.0 23% 4 70.0 0 0.0 4 58.0

Digital Video 7 25% 243.6 44% 5 193.6 0 0.0 2 50.0

Mobile Marketing 7 25% 59.2 11% 3 45.0 0 0.0 4 14.2

Affiliate/CPA Network 2 7% 25.4 5% 1 20.0 0 0.0 1 5.4

Online Lead Generation 2 7% 68.0 12% 0 0.0 0 0.0 2 68.0

Search Marketing 2 7% 35.0 6% 2 35.0 0 0.0 0 0.0

Total 28 100% 559.2 100% 15 363.6 0 0.0 13 195.6


DIGITAL ADVERTISING PUBLIC COMPANY VALUATION

($ in millions, except stock price data)

Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAGoogle Inc. United States $586.76 -9% $188,656.3 $159,507.3 $29,321.0 $11,777.0 40.2% 24.0% 5.4x 13.5xMicrosoft Corporation United States 25.39 -20% 213,336.5 183,037.5 66,690.0 29,579.0 44.4% 13.6% 2.7x 6.2x

Constant Contact, Inc. * United States $34.90 -3% $1,026.5 $902.2 $174.2 $14.4 8.3% 35.0% 5.2x 62.6xeHealth, Inc. United States 13.29 -17% 283.7 155.7 160.4 35.9 22.4% 18.9% 1.0x 4.3xHi-Media S.A. France 5.05 -39% 222.5 272.0 253.8 25.4 10.0% 38.6% 1.1x 10.7xIAC/InterActiveCorp United States 30 91 4% 2 734 3 1 583 9 1 636 8 169 2 10 3% 3 2% 1 0x 9 4xIAC/InterActiveCorp. United States 30.91 -4% 2,734.3 1,583.9 1,636.8 169.2 10.3% -3.2% 1.0x 9.4xInfoSpace Inc. United States 8.66 -25% 315.4 61.9 246.8 20.4 8.3% 18.9% 0.3x 3.0xOPT Inc. Japan 1,451.76 -28% 215.0 65.6 716.5 23.2 3.2% 6.8% 0.1x 2.8x

QuinStreet, Inc. United States 22.73 -9% 1,062.4 1,053.7 380.5 69.7 18.3% 29.8% 2.8x 15.1xSepteni Holdings Co Ltd Japan 574.43 -44% 72.2 30.1 412.8 16.0 3.9% 3.6% 0.1x 1.9xTradeDoubler AB Sweden 7.42 -10% 316.5 283.2 422.6 16.9 4.0% -5.8% 0.7x 16.8xTravelzoo Inc. United States 66.59 -5% 1,096.2 1,054.9 112.8 25.9 23.0% 20.0% 9.4x 40.7xTree.Com, Inc. United States 5.89 -40% 64.6 90.4 198.2 7.2 3.6% -8.6% 0.5x 12.5xValueClick Inc United States 14 45 16% 1 167 4 970 1 430 8 119 8 27 8% 1 9% 2 3 8 1ValueClick, Inc. United States 14.45 -16% 1,167.4 970.1 430.8 119.8 27.8% 1.9% 2.3x 8.1xVelti Plc United Kingdom 10.91 -23% 554.4 608.9 124.6 36.5 29.3% 183.3% 4.9x 16.7x

Yahoo! Inc. United States 16.68 -13% 21,841.0 19,035.2 6,324.7 1,513.0 23.9% -2.1% 3.0x 12.6x

Low 0.1x 1.9x

Mean 2.3x 15.5x

Median 1.0x 11.6x

Summary Multiples

*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (10.2x)

and EBITDA multiples that are 2.0 standard deviations above the mean (48.9x).

Weighted Avg 3.0x 14.7x

Adj. W Avg* 3.0x 13.1x

High 9.4x 62.6x

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


AGENCY/CONSULTING


• General Agency was the most active subsegment in Agency/Consulting with four transactions. Digital Agency was the highest value subsegment, worth approximately $60 million


› Publicis Groupe’s acquisitions of Kitcatt Nohr, which offers TV, radio, email and taxi side advertising and Airlock, a digital agency that offers creative development, social media, and digital outdoor advertisingAirlock, a digital agency that offers creative development, social media, and digital outdoor advertising

› Saint Capital’s $14.5 million buyout of Merisel, which offers design services for posters and banners for use in retail stores and outdoor displays

› Cello Group’s $11.1 million acquisition of MedErgy, a healthcare consultancy, communication and branding company

› WPP’s acquisition of full-service digital agency Who Digital› WPP s acquisition of full-service digital agency Who Digital

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

General Agency 4 29% 40.5 19% 3 35.5 1 5.0 0 0.0



AGENCY/CONSULTING TRANSACTIONS BY SEGMENT

Digital Agency 3 21% 60.0 28% 3 60.0 0 0.0 0 0.0

Healthcare Agency 2 14% 36.1 17% 2 36.1 0 0.0 0 0.0

Public Relations 2 14% 28.3 13% 2 28.3 0 0.0 0 0.0

Design Agency 1 7% 14.5 7% 0 0.0 1 14.5 0 0.0

DM Agency 1 7% 30.0 14% 1 30.0 0 0.0 0 0.0

Media Planning/Buying 1 7% 5.8 3% 1 5.8 0 0.0 0 0.0g/ y g

Total 14 100% 215.2 100% 12 195.7 2 19.5 0 0.0


AGENCY/CONSULTINGPUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAegis Group plc United Kingdom $2.29 -5% $2,883.4 $3,358.3 $2,055.4 $297.6 14.5% 0.1% 1.6x 11.3x

Cello Group Plc United Kingdom 0.90 -12% 65.3 79.8 198.6 10.7 5.4% 4.5% 0.4x 7.5x

Chime Communications plc United Kingdom 4.29 -6% 315.2 302.7 448.0 37.7 8.4% 0.0% 0.7x 8.0x

Dentsu Inc. Japan 25.91 -22% 6,455.5 6,450.0 22,350.8 871.4 3.9% 8.5% 0.3x 7.4x

Havas France 5.37 -12% 2,310.2 2,167.0 1,805.1 262.8 14.6% -2.8% 1.2x 8.2x

LTM

Huntsworth plc United Kingdom 1.12 -21% 274.9 359.9 249.7 31.2 12.5% 7.5% 1.4x 11.5x

IPG United States 12.57 -6% 6,149.2 5,747.4 6,531.9 701.0 10.7% 8.4% 0.9x 8.2x

M&C Saatchi plc United Kingdom 2.39 -2% 148.0 104.1 167.4 18.7 11.1% 9.2% 0.6x 5.6x

MDC Partners Inc. Canada 16.73 -13% 481.7 876.6 697.8 59.9 8.6% 27.8% 1.3x 14.6x

mktg, inc. United States 0.83 -36% 7.1 4.2 105.7 4.0 3.8% 26.6% 0.0x 1.0x

Omnicom Group Inc. United States 49.06 -4% 13,934.8 15,348.9 12,542.5 1,726.2 13.8% 7.0% 1.2x 8.9x

Photon Group Limited Australia 0.07 -95% 110.0 290.4 589.8 45.2 7.7% -7.2% 0.5x 6.4x

Publicis Groupe SA France 56.12 -2% 10,235.2 10,143.0 7,265.2 1,296.7 17.8% 19.8% 1.4x 7.8x

Sapient Corp. *United States 11.45 -15% 1,568.8 1,340.5 863.5 82.3 9.5% 29.5% 1.6x 16.3x

WPP plc Ireland 12.33 -11% 15,579.4 18,933.3 14,569.4 2,113.8 14.5% 7.4% 1.3x 9.0x

Low 0.0x 1.0x

Mean 1.0x 8.8x



Summary Multiples

Median 1.2x 8.2x



High 1.6x 16.3x


DIGITAL MEDIA/COMMERCETransactions by Segment and Buyer Type

• Niche Content was the most active subsegment with 20 transactions worth approximately $158 million. eCommerce was the highest value subsegment worth approximately $2.5 billion


› Apax’s $745 million buyout of Trader Corporation’s auto assets, including AutoTrader.ca, Canada's leading online automotive classified marketplace. online automotive classified marketplace.

› Walgreen’s $429 million of online retailer Drugstore.com

› Facebook’s acquisition of Snaptu, a mobile apps technology company


› The $42 million venture capital investment in Rovio, maker of the Angry Birds game franchise, led by Accel p , g y g , yPartners

› The $41 million venture capital investment in Color Labs, a mobile social networking company, led by Sequoia Capital



DIGITAL MEDIA/COMMERCE TRANSACTIONS BY SEGMENT

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

Niche Content 20 22% 158.3 3% 12 135.0 0 0.0 8 23.3

eCommerce 17 18% 2,466.9 52% 5 2,191.0 1 25.0 11 250.9

Mobile Content/Apps 15 16% 205.4 4% 8 187.5 0 0.0 7 17.9

Gaming 10 11% 159.2 3% 6 105.0 0 0.0 4 54.2

Social Media/Apps 8 9% 94.5 2% 1 20.0 0 0.0 7 74.5Social Media/Apps 8 9% 94.5 2% 1 20.0 0 0.0 7 74.5

Digital Promotion/Coupon 7 8% 84.6 2% 3 60.8 0 0.0 4 23.8

Classifieds/Auctions/P-to-P 5 5% 1,393.5 29% 4 648.5 1 745.0 0 0.0

Comparison Shopping 4 4% 75.5 2% 2 71.0 0 0.0 2 4.5

Digital Place-Based Media 2 2% 13.2 0% 1 10.0 0 0.0 1 3.2

Domain Portfolio/Marketplace 2 2% 22.9 0% 1 15.0 0 0.0 1 7.9

Web Sea ch/Po tals 2 2% 32 0 1% 0 0 0 0 0 0 2 32 0


Web Search/Portals 2 2% 32.0 1% 0 0.0 0 0.0 2 32.0

Local Search 1 1% 53.6 1% 0 0.0 0 0.0 1 53.6

Total 93 100% 4,759.4 100% 43 3,443.7 2 770.0 48 545.7

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAmazon.com Inc. United States $180.13 -6% $81,239.4 $73,342.4 $34,204.0 $1,790.0 5.2% 39.6% 2.1x 41.0x

eBay Inc. United States 31.04 -12% 40,276.5 35,468.3 9,156.3 2,837.5 31.0% 4.9% 3.9x 12.5x

priceline.com Inc. United States 506.44 -1% 24,892.5 23,752.5 3,084.9 839.0 27.2% 31.9% 7.7x 28.3x

Yahoo! Inc. United States 16.68 -13% 21,841.0 19,035.2 6,324.7 1,405.0 22.2% -2.1% 3.0x 13.5x

1-800-Flowers.com Inc. United States $3.30 -10% $211.2 $247.4 $660.9 $29.5 4 5% -1 9% 0 4x 8 4x1 800 Flowers.com Inc. United States $3.30 10% $211.2 $247.4 $660.9 $29.5 4.5% -1.9% 0.4x 8.4x

Alibaba.com Limited China 1.72 -25% 8,664.8 7,187.5 842.9 267.4 31.7% 43.4% 8.5x 26.9x

Ancestry.com Inc. United States 35.45 -8% 1,612.4 1,546.9 300.9 97.3 32.3% 33.8% 5.1x 15.9x

AOL, Inc. United States 19.53 -34% 2,087.6 1,371.9 2,416.7 705.3 29.2% -25.5% 0.6x 1.9x

BIDZ.com, Inc. United States 1.47 -41% 28.5 20.3 104.8 (1.0) -0.9% -5.1% 0.2x NM

Blinkx plc *United Kingdom 1.61 -6% 536.2 519.0 47.9 2.3 4.9% 132.0% 10.8x 221.2x

Blue Nile Inc. United States 54.02 -16% 787.2 674.7 332.9 22.9 6.9% 10.2% 2.0x 29.5x

Bluefly Inc United States 2 98 15% 73 3 62 9 88 6 (1 3) 1 5% 9 0% 0 7 NMBluefly Inc. United States 2.98 -15% 73.3 62.9 88.6 (1.3) -1.5% 9.0% 0.7x NM

CyberAgent Inc. Japan 3,535.87 -1% 2,292.5 2,127.6 1,281.8 160.2 12.5% 13.1% 1.7x 13.3x

Demand Media, Inc. United States 23.55 -11% 1,951.2 2,292.8 252.9 50.9 20.1% 27.5% 9.1x 45.1x

Dena Co. Ltd. Japan 36.26 -9% 5,346.3 4,843.3 1,230.6 643.6 52.3% 152.5% 3.9x 7.5x

Drugstore.com Inc. United States 3.85 -3% 407.8 388.8 456.5 7.8 1.7% 21.5% 0.9x 49.6x

E-Commerce China Dangdang Inc. *China 20.63 -43% 1,613.5 1,356.9 346.1 5.0 1.4% 56.5% 3.9x 273.1x

Ediets.com Inc. United States 0.57 -62% 34.9 34.0 23.4 (7.9) -34.0% 29.0% 1.5x NM

Expedia Inc. United States 22.66 -24% 6,210.2 6,689.3 3,348.1 824.0 24.6% 13.3% 2.0x 8.1x

Gree, Inc. Japan 16.83 -10% 3,851.4 3,598.5 578.4 293.0 50.7% 94.9% 6.2x 12.3x

GSI Commerce Inc. United States 29.27 -7% 2,113.6 2,038.2 1,358.0 103.9 7.7% 35.2% 1.5x 19.6x

Hollywood Media Corp. United States 1.78 -10% 41.3 11.9 4.0 (6.2) -156.3% -96.1% 3.0x NM

HSN, Inc. United States 32.03 -8% 1,858.5 1,813.0 2,996.8 220.4 7.4% 9.0% 0.6x 8.2x

Info Edge (India) Ltd. India 14.97 -14% 817.5 730.2 52.8 14.2 26.9% -3.5% 13.8x 51.4x

Kongzhong Corp. China 10.07 -2% 354.8 201.2 146.4 20.4 13.9% 14.0% 1.4x 9.9x

MakeMyTrip Limited *India 29.31 -32% 1,000.5 948.3 114.5 3.0 2.6% 0.0% 8.3x 321.0x

Mixi, Inc. Japan 3,891.87 -49% 603.6 455.2 201.9 42.7 21.2% 27.9% 2.3x 10.7x

Monster Worldwide, Inc. United States 15.90 -39% 2,070.2 2,031.6 914.1 49.4 5.4% 1.0% 2.2x 41.1x

Move, Inc. United States 2.38 -18% 377.3 335.4 197.5 11.4 5.8% -6.8% 1.7x 29.3x

Netflix, Inc. United States 237.78 -4% 12,576.4 12,462.2 2,162.6 321.7 14.9% 29.5% 5.8x 38.7x

OpenTable, Inc. United States 106.35 -1% 2,495.4 2,452.9 99.0 24.1 24.3% 44.3% 24.8x 101.9x

Orbitz Worldwide, Inc. United States 3.57 -53% 365.4 763.1 757.5 126.8 16.7% 2.7% 1.0x 6.0x


6 % % 0 6 0

Overstock.com Inc. United States 15.72 -41% 365.5 291.3 1,089.9 24.5 2.2% 24.3% 0.3x 11.9x

PC Connection, Inc. United States 8.86 -11% 238.4 205.9 1,974.2 44.1 2.2% 25.8% 0.1x 4.7x

PC Home Online Inc. Taiwan 6.16 -17% 358.2 300.8 368.1 12.5 3.4% 27.6% 0.8x 24.1x

DIGITAL MEDIA/COMMERCE PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAPC Mall Inc. United States $10.37 -6% $128.5 $173.5 $1,368.3 $22.6 1.7% 20.2% 0.1x 7.7x

Qihoo 360 Technology Co. Ltd *China 29.59 -18% 2,117.5 2,127.7 57.7 10.4 18.0% 78.5% 36.9x 205.3x

Rakuten, Inc. Japan 902.67 -4% 11,844.5 8,235.8 4,266.3 1,079.9 25.3% 16.1% 1.9x 7.6x

RealNetworks Inc. United States 3.72 -25% 507.3 172.9 401.7 1.2 0.3% -28.6% 0.4x 140.0x

Rediff.com India Ltd. India 7.50 -24% 204.0 159.3 21.1 (5.6) -26.4% 14.9% 7.5x NM

Scripps Interactive, Inc. United States 50.09 -7% 8,402.9 9,041.5 2,067.2 873.8 42.3% 34.1% 4.4x 10.3x

Shutterfly, Inc. United States 52.36 0% 1,488.9 1,236.7 307.7 46.5 15.1% 24.9% 4.0x 26.6x

Sify Technologies India 3.59 -8% 640.3 688.1 151.6 6.9 4.6% 4.5% 4.5x 99.1x

Sky-mobi Limited China 12.30 -6% 395.7 317.9 97.8 6.0 6.1% 0.0% 3.3x 52.9x

Stamps.com Inc. United States 13.35 -19% 194.1 173.8 85.5 7.6 8.8% 4.2% 2.0x 23.0x

TechTarget, Inc. United States 8.91 -9% 332.0 281.9 95.0 8.8 9.2% 9.8% 3.0x 32.1x

The Knot, Inc. United States 12.05 0% 380.9 241.3 112.9 11.9 10.6% 6.1% 2.1x 20.2x

TheStreet.com, Inc. United States 3.35 -16% 107.0 60.4 59.0 0.9 1.5% -3.5% 1.0x 69.2x

United Online, Inc. United States 6.31 -28% 554.9 712.7 920.6 167.1 18.1% -7.0% 0.8x 4.3x

ValueVision Media Inc. United States 6.36 -17% 293.1 286.2 538.7 (9.7) -1.8% 4.2% 0.5x NM

Vringo, Inc. United States 1.70 -53% 9.7 5.7 0.1 (6.3) -4527.3% 1444.4% 41.2x NM

WebMD Health Corp. United States 53.42 -9% 3,179.1 2,778.6 534.5 131.9 24.7% 21.9% 5.2x 21.1x

WebMediaBrands Inc United States 1.40 -29% 53.2 46.2 9.0 (4.2) -46.8% 10.0% 5.1x NM

Youku.com Inc *China 47.51 -10% 5,005.4 4,736.8 58.7 (10.4) 17 7% 10 0% 80 7x NMYouku.com Inc *China 47.51 10% 5,005.4 4,736.8 58.7 (10.4) -17.7% 10.0% 80.7x NM

Low 0.1x 1.9x

Mean 6.6x 51.5x

Median 2.2x 23.0x



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

Summary Multiples



High 80.7x 321.0x


MARKETING TECHNOLOGYTransactions by Segment and Buyer Type

• With 12 transactions for approximately $230 million, Mobile Technology was the most active subsegment in Marketing Technology. Commerce Management was the highest value subsegment worth approximately $2.4 billion


› eBay’s $2.4 billion acquisition of GSI Commerce, which provides eCommerce fulfillment and online marketing services for retailers

› Salesforce’s $326 million acquisition of Radian6, a social media monitoring technology company

› Teradata’s acquisition of Aster Data, a provider of data management and analytics solutions for enterprises, for $263 million.


› The $40 million growth capital investment in flash website developer Wix com led by Insight Venture Partners › The $40 million growth capital investment in flash website developer Wix.com, led by Insight Venture Partners

› The $10 million venture capital investment in Appia, a mobile apps marketplace, led by Venrock Associates

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



MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT

Mobile Technology 12 18% 230.0 6% 7 186.0 0 0.0 5 44.0

Social Technology 11 17% 432.5 11% 4 372.0 0 0.0 7 60.5

Analytics & Reporting 8 12% 353.8 9% 4 299.9 1 50.0 3 3.9

Online Targeting/Optimization 5 8% 16.3 0% 0 0.0 0 0.0 5 16.3

Commerce Management 5 8% 2,445.5 60% 2 2,415.0 0 0.0 3 30.5

Email/Messaging Software 3 5% 48.0 1% 2 45.0 0 0.0 1 3.0

Media Management System 3 5% 23.0 1% 0 0.0 0 0.0 3 23.0

Website Creation/Hosting 3 5% 48.5 1% 0 0.0 0 0.0 3 48.5

Content Delivery Network 2 3% 45.0 1% 2 45.0 0 0.0 0 0.0

CRM 2 3% 32.0 1% 1 20.0 0 0.0 1 12.0

Marketing Asset Management 2 3% 35.0 1% 1 20.0 0 0.0 1 15.0

Other* 9 14% 382.3 9% 3 328.5 0 0.0 6 53.8


* Other consists of MRM/Workflow Management, Teleservices/eServices, Content Management, Search & Discovery, SEM/SEO tools, SFA/Lead Management and Web to Print

Other 9 14% 382.3 9% 3 328.5 0 0.0 6 53.8

Total 65 100% 4,091.9 100% 26 3,731.4 1 50.0 38 310.5

MARKETING TECHNOLOGY PUBLIC COMPANY VALUATION


Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAdobe Systems Inc. United States $33.16 -9% $16,782.7 $15,666.3 $3,969.0 $1,420.7 35.8% 28.99% 3.9x 11.0x

Akamai Technologies Inc. United States 38.00 -30% 7,111.7 6,505.1 1,023.6 385.6 37.7% 19.05% 6.4x 16.9x

Autonomy Corp. plc United Kingdom 25.50 -21% 6,183.4 5,943.2 870.4 395.6 45.4% 17.67% 6.8x 15.0x

Salesforce.com United States 133.58 -12% 17,755.6 17,739.0 1,657.1 160.1 9.7% 26.93% 10.7x 110.8x

Alterian plc United Kingdom $3.00 -14% $182.8 $169.8 $62.6 $12.0 19 2% 6 35% 2 7x 14 1xAlterian plc United Kingdom $3.00 14% $182.8 $169.8 $62.6 $12.0 19.2% 6.35% 2.7x 14.1x

Blackbaud Inc. United States 27.24 -5% 1,212.2 1,184.2 327.1 63.4 19.4% 5.74% 3.6x 18.7x

Convio, Inc. United States 11.60 -5% 206.7 151.5 69.7 7.0 10.1% 10.55% 2.2x 21.6x

DemandTec, Inc. United States 13.16 -7% 409.5 342.1 82.4 (7.0) -8.5% 1.23% 4.2x NM

DG FastChannel, Inc. United States 32.19 -27% 899.1 825.7 247.5 112.3 45.4% 29.67% 3.3x 7.4x

Digital River Inc. United States 37.43 -6% 1,460.7 1,086.4 363.2 44.3 12.2% -10.04% 3.0x 24.6x

Informatica Corporation United States 52.19 0% 4,951.9 4,681.6 650.1 153.3 23.6% 29.84% 7.2x 30.5x

InnerWorkings Inc United States 7 38 16% 340 2 378 0 482 2 24 2 5 0% 20 42% 0 8 15 6InnerWorkings Inc. United States 7.38 -16% 340.2 378.0 482.2 24.2 5.0% 20.42% 0.8x 15.6x

Interactive Intelligence, Inc. United States 38.71 -1% 717.1 631.2 166.3 28.0 16.8% 26.55% 3.8x 22.6x

JDA Software Group Inc. United States 30.26 -5% 1,277.5 1,378.6 617.2 147.7 23.9% 59.98% 2.2x 9.3x

Keynote Systems Inc. United States 18.55 -7% 285.4 216.3 84.0 9.6 11.5% 4.73% 2.6x 22.4x

MediaMind Technologies Inc. United States 13.81 -16% 258.6 161.3 80.8 15.5 19.1% 24.24% 2.0x 10.4x

Open Text Corp. Canada 62.32 -2% 3,555.7 3,513.9 937.7 291.3 31.1% 9.72% 3.7x 12.1x

PROS Holdings, Inc. United States 14.57 -2% 387.5 331.6 71.0 3.2 4.6% 3.29% 4.7x 102.1x

Rightnow Technologies Inc. United States 31.32 -6% 1,021.3 919.6 185.5 20.0 10.8% 21.50% 5.0x 46.0x

Sage Group plc United Kingdom 4.46 -9% 5,875.4 6,168.0 2,254.0 618.4 27.4% -0.30% 2.7x 10.0x

S1 Corporation United States 6.67 -9% 356.3 299.4 209.1 19.8 9.5% -9.25% 1.4x 15.1x

Sky-mobi Limited China 12.30 -6% 395.7 317.9 97.8 6.0 6.1% 0.00% 3.3x 52.9x

smartFOCUS Group Plc United Kingdom 0.25 -10% 24.3 20.7 19.3 1.8 9.6% 16.41% 1.1x 11.2x

SoundBite Communications, Inc. United States 2.65 -22% 43.4 9.3 39.5 (1.4) -3.6% -1.71% 0.2x NM

Tibco Software, Inc. United States 27.25 0% 4,509.8 4,287.6 784.3 171.4 21.9% 21.34% 5.5x 25.0x

Verint Systems Inc. United States 35.84 -6% 1,318.6 2,074.7 712.7 83.9 11.8% 1.06% 2.9x 24.7x

Vocus Inc. *United States 25.86 -9% 499.3 399.2 96.8 0.8 0.9% 14.40% 4.1x 473.6x

Low 0.2x 7.4x

Mean 3.1x 46.2x

Median 3.0x 21.6x

Summary Multiples



Note: Revenue and EBITDA multiples for Adobe Systems Akamai Technologies Autonomy and Salesforce com excluded from Summary Multiples




High 7.2x 473.6x

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

SOFTWARE & INFORMATION


• With six transactions, Market Research was the most active subsegment in Software & Information. Financial Software was the highest value subsegment worth approximately $320 million


› Bottomline’s $48 million acquisition of Allegient Systems, a legal software provider

T l li k’ i i i f R bi i i k i lli i h l i d› Travelclick’s acquisition of Rubicon, a competitive market intelligence company serving the travel industry


› The $15 million growth capital investment in Globant, a software and IT services company, led by Riverwood Capital

› The $7 million venture capital investment in CrowdFlower, a provider of labor-on-demand solutions, led by p , p , yHarmony Partners

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

Market Research 6 18% 62.7 7% 3 55.0 0 0.0 3 7.7



SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT

HR Software 5 15% 56.0 6% 0 0.0 0 0.0 5 56.0

Financial Software 4 12% 319.6 35% 3 313.1 0 0.0 1 6.5

Infrastructure Software 3 9% 12.3 1% 0 0.0 0 0.0 3 12.3

IT Consulting/Systems Integration 3 9% 40.7 5% 2 25.7 0 0.0 1 15.0

Credit/Risk Software 2 6% 17.2 2% 0 0.0 0 0.0 2 17.2

ERP Software 2 6% 40.0 4% 1 25.0 0 0.0 1 15.0

HC-BioPharma Software 2 6% 220.0 24% 2 220.0 0 0.0 0 0.0

HC-Providers Software 2 6% 14.1 2% 0 0.0 0 0.0 2 14.1

Financial 1 3% 20.0 2% 1 20.0 0 0.0 0 0.0

IT 1 3% 20.0 2% 1 20.0 0 0.0 0 0.0

Legal Software 1 3% 48.0 5% 1 48.0 0 0.0 0 0.0

Marketing Consulting 1 3% 25.0 3% 1 25.0 0 0.0 0 0.0


g g

Software NEC 1 3% 5.5 1% 0 0.0 0 0.0 1 5.5

Total 34 100% 901.0 100% 15 751.8 0 0.0 19 149.2

SOFTWARE & INFORMATION PUBLIC COMPANY VALUATION

Stock Price % Chg Frm Equity Ent LTM LTM Margin LTM LTM Multiples


Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAccelrys Inc. United States $8.00 -11% $443.2 $302.1 $101.0 ($5.4) NM 22.89% 3.0x NM

Actuate Corporation United States 5.20 -14% 239.2 200.6 131.5 23.6 17.9% 10.17% 1.5x 8.5x

Acxiom Corporation United States 14.35 -28% 1,153.0 1,405.4 1,149.5 241.9 21.0% 3.90% 1.2x 5.8x

Adobe Systems Inc. United States 33.16 -9% 16,782.7 15,666.3 3,969.0 1,309.1 33.0% 28.99% 3.9x 12.0x

Advent Software, Inc. United States 28.69 -9% 1,501.6 1,349.6 283.5 48.4 17.1% 9.25% 4.8x 27.9x

Advisory Board Co. United States 51.50 -2% 816.2 778.9 276.4 40.6 14.7% 19.08% 2.8x 19.2x

Akamai Technologies Inc. United States 38.00 -30% 7,111.7 6,505.1 1,023.6 385.6 37.7% 19.05% 6.4x 16.9x

Alliance Data Systems Corporation United States 85.89 0% 4,391.6 10,711.3 2,791.4 745.2 26.7% 42.10% 3.8x 14.4x

Allocate Software plc. United Kingdom $1.28 -12% 80.5 71.7 45.0 9.6 21.4% 58.17% 1.6x 7.4x

Allscripts Healthcare Solutions, Inc. United States 20.99 -7% 3,967.8 4,330.5 923.6 150.3 16.3% 0.00% 4.7x 28.8x

Alterian plc United Kingdom 3.00 -14% 182.8 169.8 62.6 12.0 19.2% 6.35% 2.7x 14.1x

Arbitron Inc. United States 40.03 -11% 1,083.7 1,117.7 395.4 92.3 23.3% 2.71% 2.8x 12.1x

athenahealth, Inc. United States 45.13 -11% 1,563.3 1,456.9 245.5 34.0 13.8% 30.24% 5.9x 42.9x

Automatic Data Processing, Inc. United States 51.31 0% 25,471.2 24,167.1 9,268.8 2,073.7 22.4% 5.76% 2.6x 11.7x

Autonomy Corp. plc United Kingdom 25.50 -21% 6,183.4 5,943.2 870.4 395.6 45.4% 17.67% 6.8x 15.0x

Aveva Group plc United Kingdom 25.92 -8% 1,761.8 1,536.9 246.5 83.0 33.7% -1.36% 6.2x 18.5x

Blackbaud Inc. United States 27.24 -5% 1,212.2 1,184.2 327.1 63.4 19.4% 5.74% 3.6x 18.7x

Blackboard Inc. United States 36.24 -20% 1,256.6 1,348.6 447.3 96.6 21.6% 18.65% 3.0x 14.0x

Booz Allen Hamilton Inc. United States 18.01 -13% 2,302.9 3,074.4 5,450.9 368.3 6.8% 0.00% 0.6x 8.3x

Brainjuicer Group Plc United Kingdom 3.92 -3% 48.8 44.3 25.5 3.0 11.7% 38.94% 1.7x 14.8x

Broadridge Financial Solutions Inc United States 22 69 6% 2 843 2 2 977 8 2 105 0 336 3 16 0% 2 00% 1 4 8 9Broadridge Financial Solutions Inc. United States 22.69 -6% 2,843.2 2,977.8 2,105.0 336.3 16.0% -2.00% 1.4x 8.9x

Cegedim SA France 68.35 -24% 954.5 1,597.2 1,091.7 211.1 19.3% 2.36% 1.5x 7.6x

Cello Group Plc United Kingdom 0.90 -12% 65.3 79.8 195.1 10.7 5.5% 4.52% 0.4x 7.5x

Cerner Corporation United States 111.20 0% 9,271.9 8,793.7 1,850.2 483.7 26.1% 10.67% 4.8x 18.2x

Cision AB Sweden 0.86 -22% 127.6 203.9 168.4 29.6 17.6% -23.31% 1.2x 6.9x

Compuware Corporation United States 11.55 -6% 2,526.7 2,444.8 909.4 197.1 21.7% -0.67% 2.7x 12.4x

comScore, Inc. United States 29.50 0% 938.3 917.2 175.0 11.5 6.6% 37.00% 5.2x 79.8x

Concur Technologies Inc United States 55 45 -2% 2 975 3 2 599 8 305 5 64 0 21 0% 19 02% 8 5x 40 6xConcur Technologies, Inc. United States 55.45 2% 2,975.3 2,599.8 305.5 64.0 21.0% 19.02% 8.5x 40.6x

Constant Contact, Inc. United States 34.90 -3% 1,026.5 902.2 174.2 14.4 8.3% 35.00% 5.2x 62.6x

Convio, Inc. United States 11.60 -5% 206.7 151.5 69.7 7.0 10.1% 10.55% 2.2x 21.6x

CoreLogic, Inc. *United States 18.50 -44% 2,139.6 2,340.5 1,623.3 - NM 0.00% NA NA

Cornerstone OnDemand, Inc. *United States 18.23 -10% 850.2 936.6 43.7 (11.4) NM 49.14% 21.4x NM

Corporate Executive Board Co. United States 40.37 -3% 1,386.7 1,274.1 438.9 98.4 22.4% -0.90% 2.9x 13.0x

CoStar Group Inc. United States 62.68 -1% 1,301.4 1,091.2 226.3 42.5 18.8% 7.92% 4.8x 25.7x

CRA International Inc. United States 28.83 -2% 312.7 225.2 267.0 24.7 9.3% -4.71% 0.8x 9.1x


9.3% 4.71% 0.8x 9.1x

Craneware plc United Kingdom 8.62 -13% 228.7 196.6 31.7 8.3 26.2% 23.73% 6.2x 23.7x

DemandTec, Inc. United States 13.16 -7% 409.5 342.1 82.4 (7.0) NM 1.23% 4.2x NM




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDADG FastChannel, Inc. United States $32.19 -27% $899.1 $825.7 $247.5 $112.3 45.4% 29.67% 3.3x 7.4x

Digital River Inc. United States 37.43 -6% 1,460.7 1,086.4 363.2 44.3 12.2% -10.04% 3.0x 24.6x

Dun & Bradstreet Corp. United States 80.24 -8% 3,978.2 4,882.0 1,676.6 495.2 29.5% -0.62% 2.9x 9.9x

Ebix Inc. United States 23.65 -22% 939.1 944.7 132.2 57.4 43.4% 48.39% 7.1x 16.5x

Envestnet, Inc. United States 13.44 -24% 422.5 355.1 98.1 8.0 8.1% 25.83% 3.6x 44.5x

Epicor Software Corporation United States 11.07 -3% 656.5 797.4 440.3 54.7 12.4% 7.48% 1.8x 14.6x

EPIQ Systems, Inc. United States 14.36 0% 505.5 589.9 247.2 57.2 23.1% 3.39% 2.4x 10.3x

Epocrates, Inc. United States 19.80 -35% 462.7 481.4 101.1 11.1 10.9% 0.00% 4.8x 43.5x

Equifax Inc. United States 38.85 0% 4,774.7 5,675.2 1,859.5 597.8 32.1% 8.36% 3.1x 9.5x

Experian plc Ireland 12.39 -6% 12,355.0 14,211.6 4,007.0 1,191.0 29.7% 7.43% 3.5x 11.9x

FactSet Research Systems Inc. United States 104.73 -3% 4,828.1 4,624.9 679.5 264.6 38.9% 6.03% 6.8x 17.5x

Fair Isaac Corp. United States 31.61 -1% 1,266.3 1,543.0 610.1 143.1 23.5% -1.40% 2.5x 10.8x

Fidelity National Information Services, Inc. United States 32.69 -1% 9,890.3 14,966.1 5,269.5 1,482.6 28.1% 41.99% 2.8x 10.1x

Fidessa group plc United Kingdom 28.09 -5% 998.2 897.1 409.6 84.6 20.7% 9.99% 2.2x 10.6x

Financial Engines, Inc. United States 27.56 -1% 1,217.7 1,102.7 111.8 14.7 13.1% 31.52% 9.9x 75.1x

Forrester Research Inc. United States 38.29 -1% 866.7 659.8 250.7 38.0 15.2% 7.45% 2.6x 17.4x

FTI Consulting, Inc. United States 38.33 -17% 1,599.4 2,008.0 1,401.5 274.0 19.6% 0.11% 1.4x 7.3x

Gartner Inc. United States 41.67 0% 4,000.0 4,101.3 1,288.5 185.1 14.4% 13.04% 3.2x 22.2x

GfK Aktiengesellschaft Germany 55.27 -5% 2,004.9 2,619.4 1,707.0 263.1 15.4% 6.76% 1.5x 10.0x

GlobeOp Financial Services S.A United Kingdom 6.42 -11% 668.2 592.7 189.3 50.8 26.8% 21.00% 3.1x 11.7x

Harris Interactive Inc United States 0 99 34% 54 0 54 4 166 8 6 0 3 6% 0 09% 0 3 9 0Harris Interactive Inc. United States 0.99 -34% 54.0 54.4 166.8 6.0 3.6% -0.09% 0.3x 9.0x

Harte-Hanks Inc. United States 11.90 -25% 757.8 864.8 860.5 114.5 13.3% 0.04% 1.0x 7.6x

IHS Inc. United States 88.75 -1% 5,754.5 5,801.2 1,129.7 255.2 22.6% 11.18% 5.1x 22.7x

Informa plc Switzerland 6.69 -11% 4,007.3 5,257.7 1,915.1 502.5 26.2% 0.39% 2.7x 10.5x

Informatica Corporation United States 52.19 0% 4,951.9 4,681.6 650.1 153.3 23.6% 29.84% 7.2x 30.5x

Information Services Group, Inc. United States 2.19 -38% 79.4 108.9 132.0 15.1 11.5% -0.61% 0.8x 7.2x

InnerWorkings Inc. United States 7.38 -16% 340.2 378.0 482.2 24.2 5.0% 20.42% 0.8x 15.6x

Interactive Intelligence, Inc. United States 38.71 -1% 717.1 631.2 166.3 28.0 16 8% 26 55% 3 8x 22 6xInteractive Intelligence, Inc. United States 38.71 1% 717.1 631.2 166.3 28.0 16.8% 26.55% 3.8x 22.6x

International Datacasting Corporation Canada 0.39 -24% 23.4 15.0 29.2 (0.2) NM 30.07% 0.5x NM

Ipsos SA France 49.02 -7% 1,672.7 1,951.7 1,529.8 192.9 12.6% 20.89% 1.3x 10.1x

Isoftstone Holdings Limited China 18.51 -13% 932.5 819.1 197.0 13.2 6.7% 0.00% 4.2x 61.9x

JDA Software Group Inc. United States 30.26 -5% 1,277.5 1,378.6 617.2 147.7 23.9% 59.98% 2.2x 9.3x

Kenexa Corp. United States 27.59 -1% 640.4 652.0 196.4 19.4 9.9% 24.53% 3.3x 33.7x

Keynote Systems Inc. United States 18.55 -7% 285.4 216.3 84.0 9.6 11.5% 4.73% 2.6x 22.4x

Lawson Software, Inc. United States 12.10 -7% 1,979.8 1,910.3 755.2 123.7 16.4% 4.44% 2.5x 15.4x


16.4% 4.44% 2.5x 15.4x

LECG Corporation United States 0.20 -95% 7.7 59.8 297.0 (7.8) NM 11.26% 0.2x NM

Lender Processing Services, Inc. United States 32.19 -19% 2,860.5 4,058.5 2,456.3 652.7 26.6% 3.62% 1.7x 6.2x

Macdonald Dettwiler & Associates Ltd. Canada 55.46 -2% 2,279.5 2,263.2 692.8 117.2 16.9% 32.92% 3.3x 19.3x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAMedAssets, Inc. United States $15.24 -39% $891.7 $1,814.5 $391.3 $99.5 25.4% 14.67% 4.6x 18.2x

MediaMind Technologies Inc. United States 13.81 -16% 258.6 161.3 80.8 15.5 19.1% 24.24% 2.0x 10.4x

Mediware Information Systems Inc. United States 12.42 -8% 99.5 76.1 51.8 8.6 16.6% 22.25% 1.5x 8.9x

Merge Healthcare Incorporated. United States 4.87 -9% 410.3 608.5 140.3 24.0 17.1% 109.95% 4.3x 25.4x

Misys plc United Kingdom 5.08 -22% 1,627.9 245.8 1,222.3 247.6 20.3% 37.54% 0.2x 1.0x

Moody's Corp. United States 33.91 -2% 7,731.5 8,310.0 2,032.0 839.2 41.3% 13.06% 4.1x 9.9x

Morningstar Inc. United States 58.38 -3% 2,917.7 2,553.4 555.4 160.9 29.0% 15.94% 4.6x 15.9x

MSCI Inc. United States 36.82 -10% 4,420.7 5,384.8 662.9 295.2 44.5% 49.66% 8.1x 18.2x

National Research Corp. United States 33.94 -4% 227.8 226.1 63.4 18.4 29.0% 9.89% 3.6x 12.3x

Navigant Consulting Inc. United States 9.99 -26% 514.6 717.0 703.7 88.8 12.6% -0.51% 1.0x 8.1x

Nielsen Holdings B.V. United States 27.31 -3% 9,783.5 17,952.5 5,126.0 1,329.0 25.9% 0.00% 3.5x 13.5x

Onvia Inc. United States 4.20 -48% 35.4 24.5 27.0 1.8 6.8% 5.28% 0.9x 13.4x

Open Text Corp. Canada 62.32 -2% 3,555.7 3,513.9 937.7 291.3 31.1% 9.72% 3.7x 12.1x

OpenTable, Inc. *United States 106.35 -1% 2,495.4 2,452.9 99.0 24.4 24.7% 44.31% 24.8x 100.4x

Parametric Technology Corporation United States 22.49 -11% 2,656.5 2,473.6 1,018.2 129.9 12.8% 6.48% 2.4x 19.0x

Paychex Inc. United States 31.39 -7% 11,356.7 10,887.0 2,057.8 831.2 40.4% 0.64% 5.3x 13.1x

PROS Holdings, Inc. United States 14.57 -2% 387.5 331.6 71.0 3.2 4.6% 3.29% 4.7x 102.1x

Qlik Technologies, Inc. United States 26.00 -11% 2,054.3 1,895.6 226.5 29.3 12.9% 43.95% 8.4x 64.7x

Quality Systems Inc. United States 83.34 0% 2,414.9 2,296.7 334.8 91.7 27.4% 19.93% 6.9x 25.0x

RealPage, Inc. United States 27.73 -19% 1,899.8 1,848.4 188.3 25.9 13.8% 33.62% 9.8x 71.2x

Reed Elsevier plc *United Kingdom 8 67 9% 10 537 1 NM 0 00% NA NAReed Elsevier plc *United Kingdom 8.67 -9% 10,537.1 - - - NM 0.00% NA NA

Reis, Inc. United States 7.89 0% 83.5 74.6 27.6 4.1 14.8% -16.73% 2.7x 18.2x

Rightnow Technologies Inc. United States 31.32 -6% 1,021.3 919.6 185.5 20.0 10.8% 21.50% 5.0x 46.0x

S1 Corporation United States 6.67 -9% 356.3 299.4 209.1 19.8 9.5% -9.25% 1.4x 15.1x

Sage Group plc United Kingdom 4.46 -9% 5,875.4 6,168.0 2,254.0 618.4 27.4% -0.30% 2.7x 10.0x

Salesforce.com United States 133.58 -12% 17,755.6 17,739.0 1,657.1 173.2 10.5% 26.93% 10.7x 102.4x

smartFOCUS Group Plc United Kingdom 0.25 -10% 24.3 20.7 19.3 1.8 9.6% 16.41% 1.1x 11.2x

Solera Holdings Inc. United States 51.10 -7% 3,600.1 3,959.9 644.3 274.7 42 6% 7 84% 6 1x 14 4xSolera Holdings Inc. United States 51.10 7% 3,600.1 3,959.9 644.3 274.7 42.6% 7.84% 6.1x 14.4x

SPS Commerce, Inc. United States 15.51 -10% 184.3 143.9 44.6 4.6 10.2% 18.15% 3.2x 31.5x

SS&C Technologies Holdings, Inc. United States 20.42 -7% 1,574.1 1,780.1 328.9 120.6 36.7% 21.41% 5.4x 14.8x

Streamline Health Solutions, Inc. United States 1.79 -35% 17.5 19.5 19.0 1.1 5.6% 23.99% 1.0x 18.2x

SuccessFactors, Inc. United States 39.09 -1% 3,056.8 2,700.4 205.9 (16.7) NM 34.54% 13.1x NM

Taleo Corp. United States 35.65 -2% 1,454.8 1,313.4 237.3 29.4 12.4% 19.59% 5.5x 44.7x

Temenos Group AG Switzerland 37.99 -11% 2,703.3 2,726.7 448.0 113.6 25.4% 20.96% 6.1x 24.0x

The Dolan Company United States 12.14 -19% 366.5 529.7 311.3 84.1 27.0% 18.41% 1.7x 6.3x


27.0% 18.41% 1.7x 6.3x

The Hackett Group, Inc. United States 3.84 -14% 158.9 133.6 201.3 16.3 8.1% 41.10% 0.7x 8.2x

The McGraw-Hill Companies, Inc. United States 39.40 -3% 11,996.9 11,728.3 6,168.3 1,581.0 25.6% 3.64% 1.9x 7.4x

Thomson Reuters Corporation United States 39.17 -9% 32,732.8 40,020.5 13,070.0 2,421.0 18.5% 0.56% 3.1x 16.5x




Stock Price % Chg Frm Equity Ent. LTM LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDATibco Software, Inc. United States $27.25 0% $4,509.8 $4,287.6 $784.3 $171.4 21.9% 21.34% 5.5x 25.0x

Toluna plc United Kingdom 5.10 0% 257.5 236.2 115.0 27.6 24.0% 164.49% 2.1x 8.6x

Ultimate Software Group, Inc. United States 58.75 -3% 1,505.8 1,460.9 227.8 18.8 8.3% 16.06% 6.4x 77.6x

Verint Systems Inc. United States 35.84 -6% 1,318.6 2,074.7 712.7 83.9 11.8% 1.06% 2.9x 24.7x

Verisk Analytics, Inc. United States 32.76 -7% 5,572.6 6,351.5 1,138.3 497.7 43.7% 10.83% 5.6x 12.8x

Vital Images Inc. United States 13.51 -19% 190.0 55.8 59.7 2.3 3.8% 2.54% 0.9x 24.5x

Vocus Inc. *United States 25.86 -9% 499.3 399.2 96.8 0.8 0.9% 14.40% 4.1x 473.6x

Wolters Kluwer NV Netherlands 23.40 -8% 6,989.2 9,954.5 4,768.4 1,019.1 21.4% 3.82% 2.1x 9.8x

YouGov PLC United Kingdom 0.81 -5% 78.9 59.9 69.4 6.8 9.8% -0.20% 0.9x 8.8x

Low 0.2x 1.0x

Mean 3.9x 26.2x

Median 3.1x 14.5x

Summary Multiples





High 24.8x 473.6x


MARKETING SERVICES


• With two transactions, Printer was the most active subsegment in Marketing Services. The highest value subsegment, with approximately $41 million in value, was Call Center


› TeleTech’s $40.9 million acquisition of the Interactive Contact Solutions unit of eLoyalty Corp

DG3 W ld id ’ i i i f Th A G f ll i i d l i k i l i id› DG3 Worldwide’s acquisition of The Ace Group, a full service print and electronic marketing solutions provider


› The $5.7 million growth capital investment in Barton Nelson, a manufacturer of specialty advertising products, led by Advantage Capital Partners

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

Printer 2 33% 30.0 25% 2 30.0 0 0.0 0 0.0

Ad Specialty/Premiums 1 17% 5.7 5% 0 0.0 0 0.0 1 5.7

Call Center 1 17% 40 9 34% 1 40 9 0 0 0 0 0 0



MARKETING SERVICES TRANSACTIONS BY SEGMENT

Call Center 1 17% 40.9 34% 1 40.9 0 0.0 0 0.0

Fulfillment 1 17% 20.0 16% 1 20.0 0 0.0 0 0.0

Logistics 1 17% 25.0 21% 1 25.0 0 0.0 0 0.0

Total 6 100% 121.6 100% 5 115.9 0 0.0 1 5.7


MARKETING SERVICES PUBLIC COMPANY VALUATION


Stock Price Chg % From Equity Ent. LTM Margin LTM LTM Multiples Company Name Headquarters 03/31/11 52WK High Value Value Revenue EBITDA EBITDA Rev Growth EV/Rev EV/EBITDAAcxiom Corporation United States $14.35 -28% $1,153.0 $1,405.4 $1,149.5 $241.9 21.0% 3.9% 1.2x 5.8x

Alliance Data Systems Corporation United States 85.89 0% 4,391.6 10,711.3 2,791.4 745.2 26.7% 42.1% 3.8x 14.4x

AMREP Corp. United States 9.77 -38% 58.6 54.3 101.4 7.9 7.7% -20.5% 0.5x 6.9x

Cenveo Inc. United States 6.53 -53% 409.7 1,654.0 1,814.7 194.3 10.7% 5.8% 0.9x 8.5x

Consolidated Graphics, Inc. United States 54.63 -3% 617.4 802.6 1,032.9 131.4 12.7% 3.2% 0.8x 6.1x

LTM

Convergys Corporation United States 14.36 -4% 1,758.5 1,782.7 2,203.4 238.2 10.8% -9.0% 0.8x 7.5x

DST Systems Inc. United States 52.82 -1% 2,453.2 3,142.4 2,328.5 474.5 20.4% 5.0% 1.3x 6.6x

Fair Isaac Corp. United States 31.61 -1% 1,266.3 1,543.0 610.1 143.1 23.5% -1.4% 2.5x 10.8x

Groupe Aeroplan Inc. Canada 13.52 -8% 2,470.5 2,753.0 2,064.9 232.4 11.3% 42.9% 1.3x 11.8x

GSI Commerce Inc. United States 29.27 -7% 2,113.6 2,038.2 1,358.0 103.9 7.7% 35.2% 1.5x 19.6x

Harte-Hanks Inc. United States 11.90 -25% 757.8 864.8 860.5 114.5 13.3% 0.0% 1.0x 7.6x

Innotrac Corp. United States 1.43 -18% 17.6 17.5 79.6 1.0 1.2% -20.3% 0.2x 18.3x

Quad/Graphics, Inc. United States 42.54 -15% 2,006.3 3,617.7 3,391.7 486.9 14.4% 89.6% 1.1x 7.4x

R.R. Donnelley & Sons Company United States 18.92 -17% 3,907.5 6,939.5 10,018.9 1,237.3 12.3% 1.6% 0.7x 5.6x

ServiceSource Corporation *United States 12.18 -13% 797.9 792.4 152.9 4.8 3.2% 38.2% 5.2x 163.8x

StarTek, Inc. United States 5.04 -34% 76.2 57.7 265.4 2.5 0.9% -8.2% 0.2x 23.3x

Sykes Enterprises, Incorporated United States 19.77 -16% 930.7 741.3 1,158.7 143.1 12.4% 42.4% 0.6x 5.2x

Team Precision Public Co. Ltd. Thailand 0.09 -20% 49.4 53.1 72.9 5.2 7.1% 47.9% 0.7x 10.3x

Teleperformance France 37.73 -7% 2,133.0 2,129.8 2,760.3 282.7 10 2% 11 2% 0 8x 7 5xTeleperformance France 37.73 7% 2,133.0 2,129.8 2,760.3 282.7 10.2% 11.2% 0.8x 7.5x

TeleTech Holdings Inc. United States 19.38 -17% 1,103.8 997.9 1,094.9 145.5 13.3% -6.3% 0.9x 6.9x

Transcontinental Inc. Canada 15.42 -14% 1,250.5 1,951.3 2,106.9 406.9 19.3% -0.3% 0.9x 4.8x

Viad Corp United States 23.94 -12% 483.9 354.9 844.8 36.6 4.3% 4.8% 0.4x 9.7x

Vistaprint N.V. Netherlands 51.90 -16% 2,221.1 2,043.5 734.9 123.9 16.9% 22.0% 2.8x 16.5x

Low 0.2x 4.8x*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (4.9x)

Summary Multiples

Mean 1.3x 16.7x

Median 0.9x 7.6x



High 5.2x 163.8x



MARCH SUMMARY TRADING VALUATION INFORMATION

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 2.3x 1.0x 3.0x 3.0x

Revenue Multiples

Current Summary Trading Valuation

Agency/Consulting 1.0x 1.2x 1.2x 1.2x

Digital Media/Commerce 6.6x 2.2x 9.4x 5.6x

Marketing Technology 3.1x 3.0x 4.2x 4.2x

Software & Information 3.9x 3.1x 4.4x 4.4x

Marketing Services 1.3x 0.9x 1.7x 1.6x

Segment Name MEAN MEDIAN W. AVG ADJ. W. AVG*

Digital Advertising 15 5x 11 6x 14 7x 13 1x

EBITDA Multiples

g a d e s g 15.5x 11.6x 14.7x 13.1x

Agency/Consulting 8.8x 8.2x 8.8x 8.6x

Digital Media/Commerce 51.5x 23.0x 34.1x 23.2x

Marketing Technology 46.2x 21.6x 28.6x 21.4x

Software & Information 26.2x 14.5x 22.2x 22.5x

Marketing Services 16.7x 7.6x 13.7x 9.9x

As of close of business on 03/31/11.


*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.

Index Performance• S&P 500 – 12.5 %

PPLLC INDICES – LTM as of 03/31/11

Index Performance• S&P 500 – 12.5%120

130

140

ce (

%)

130

140

ce (

%)

• Software &Information – 24.3%

• Digital Advertising – 11.4%

70

80

90

100

110

120

Ind

ex P

erf

orm

an

c

90

100

110

120

Ind

ex P

erf

orm

an

c

Index Performance• S&P 500 – 12.5 %• Marketing

Index Performance• S&P 500 – 12.5 %• Agency/Consulting – 20.7%

60

Apr-10 Jun-10 Aug-10 Oct-10 Dec-10 Feb-11

S&P 500 Digital Advertising Google Microsoft

80


S&P 500 Software & Information

130

140

150

nce

(%

)

120

130

nce

(%

)

gServices – 6.3%

g y/ g

80

90

100

110

120

Ind

ex P

erf

orm

an

70

80

90

100

110

Ind

ex P

erf

orm

an

Index Performance• S&P 500 – 12.5 %• Digital Media/

Commerce – 27.2%

Index Performance• S&P 500 – 12.5 %• Marketing

Technology – 57.5%


S&P 500 Agency/Consulting

160

180

200

man

ce (

%)

160

180

200

220

man

ce (

%)


S&P 500 Marketing Services

Commerce 27.2% Technology 57.5%

60

80

100

120

140


Ind

ex P

erf

orm

60

80

100

120

140


Ind

ex P

erf

orm


S&P 500 Digital Media/Commerce

Amazon eBay

priceline Yahoo!

S&P 500 Marketing Technology

Adobe Akamai

Autonomy Salesforce

ALL SEGMENTS

T t B /I t

Reported Transaction

V l

Strategic Transactions ($ in Millions)

Target Buyer/Investor Value StrategicValues Disclosed

GSI Commerce, Inc. eBay Incorporated $2,400.0Gullivers Travel Associates Kuoni Reisen Holding AG 720.0 carsales.com (Private Investors) 565.0 Redcoon Media-Saturn-Holding GmbH 499.0 Drugstore.com, Inc. Walgreen Company 429.0 Drugstore.com, Inc. Walgreen Company 429.0 Tiny Prints, Inc. Shutterfly, Inc. 333.0 Radian6 Technologies, Inc. Salesforce.com 326.0 Aster Data, Inc. Teradata Corporation 263.0 Mortgagebot Davis + Henderson, Limited Partnership 231.8 Amcom Software, Inc. USA Mobility, Inc. 163.3 The Listening Company Serco Group plc 90.2 BeatThatQuote.com Google, Inc. 61.0 Accordent Technologies, Inc. Polycom, Inc. 50.0 Allegient Systems Bottomline Technologies, Inc. 48.0 eLoyalty, ICS Unit TeleTech Holdings, Inc. 40.9 kaufDA Axel Springer AG 40.0 Polymedia KIT digital, Inc. 38.6 Occupancy Fairfax Media Ltd. 29.5 JamBok SuccessFactors, Inc. 20.0 At i P bli R l ti H t th PLC 13 3 Atomic Public Relations Huntsworth PLC 13.3 Inca Software Logicalis Group 12.9 MedErgy HealthGroup Cello Group 11.1 M-Factor, Inc. DemandTec, Inc. 9.0 JitterJam Meltwater Group 6.0 Clear Light Group Limited Qin Jia Yuan Media Services Company 5.8 m-Wise Vringo, Inc. 4.1 Tarsin Mobile Services Platform Spare Backup Inc 2 5

StrategicUndisclosed

6Consulting Radian6 Technologies, Inc. - Adometry Click Forensics -

Tarsin, Mobile Services Platform Spare Backup, Inc. 2.5 LocalTwist BuyWithMe 0.8 Bright Consulting Limited VanceInfo Techhologies, Inc. 0.7 Tagline Communications Voice Mobility, Inc. 0.5


Adometry Click Forensics Advertising Kings Media Group Neverblue Media, Inc. - AIM Connection Beyond Commerce, Inc. - Airlock Publicis Groupe S.A. -

T t B /I t


V l

ALL SEGMENTS


Target Buyer/Investor Value StrategicUndisclosed

ArtusLabs PerkinElmer, Inc. - Automated Customer Care Information Architects Corporation - BBS Media Glam Media, Inc. - Beluga Facebook - BeWell com Good Health Media - BeWell.com Good Health Media - BoatQuest.com Active Interest Media, Inc. - BuckyBingo/BOGOFBingo Betfred.com - Buvelo Solutions Sales Optimizer, LLC - CambridgeSoft PerkinElmer, Inc. - CERM Heidelberger Druckmaschinen AG - CertiFyle Adsend - Clicker Media, Inc. CBS Corporation - , pCooledeals.de Qype GmbH - Corporate Services, Inc. Archway Marketing Services - CoveritLive.com Demand Media, Inc. - Decorati Gilt Groupe, Inc. - DigiShopTalk.com CrowdGather, Inc. - Discovereads Goodreads, Inc. - Dress for Less Privalia Venta Directa S.L. - Enterprise Mobile Intermec Technologies Corporation - envIO Networks, Inc. SkyWeaver - Eurekahedge Pte. Ltd. Mizuho Financial Group, Inc. - Eye D Communications Kwan - Eye Traffic Media Penton Media, Inc. - FacebookMarketing.de Mediabistro, Inc. - FanTake SB Nation - FlockEngine and Gaming Apps myYearbook - FlockEngine and Gaming Apps myYearbook - FrogDogMedia zuuka! GmbH - go2 Media, Mobile Web Properties xAD - GOD Barcode Marketing Prism Informataics Ltd. - Green Parrot Pictures YouTube, Inc. - Impact Outdoor Media Graffiti - IMPAQT Merkle, Inc. - Impulse, Inc. GameStop, Inc. -


p , p,InfoEther LivingSocial.com - IO Entertainment Joymax Company Ltd. - Journalism Online R.R. Donnelley -

T t B /I t


V l

ALL SEGMENTS


Target Buyer/Investor Value StrategicUndisclosed

Kahoots RentJuice Corporation - Kitcatt Nohr Publicis Groupe S.A. - Know Your Meme Cheezburger Network - MC3 Sports Media RotoExperts LLC - Mediaprism Group La Poste - Mediaprism Group La Poste - Mobile Commerce Fiserv, Inc. - MobileADict YOC AG - MumsRock.com In the Powder Room - Next New Networks, Inc. YouTube, Inc. - Onebip SRL Neomobile SpA - Outside.in, Inc. America Online, Inc. - Partners + Napier Project: Worldwide - p jPassionFruit Games RALLY Marketing Group - PDAger Mobility AutoNavi Holdings Limited - Pixunity.de Kiwibox.com, Inc. - Rapmusic.com CrowdGather, Inc. - Rocket Pack The Walt Disney Company - Rubicon TravelClick, Inc. - SemanticOverflow.com Mediabistro, Inc. - ShortTail Media AdGent Digital - SideReel Rovi Corporation - Snaptu Facebook - SpawnLabs GameStop, Inc. - Tell Us About Us Market Force Information, Inc. - The Ace Group DG3 Worldwide - The Offside SB Nation - TheInfoPro Inc The 451 Group TheInfoPro, Inc. The 451 Group - Thumbplay, PSMS Business SendMe, Inc. - tinyHippos Research In Motion, Limited - Toor.me Smarter Agent, LLC - Watermelon Healthcare Communications Publicis Healthcare Communications Group - Web Connectivity Limited Advisen Ltd. - Web TV Enterprise Collective - weComm Open Text Corporation -


weComm Open Text Corporation Whitmore Printing The Standard Group - Who Digital WPP Group - Worship House Media/Kids Salem Web Network -


ALL SEGMENTS

Buyouts & Venture/Growth Capital Transactions ($ in Millions)

Target Buyer/Investor Value Buyout DealsValues Disclosed

Trader Corporation Auto Assets Apax Partners, Inc. $745.0Merisel Saints VC 14.5

Buyout DealsUndisclosed

B d P M B Brodeur Partners Management Buyout - DIGIOP Technologies, Ltd The Carlyle Group - Emesa BV Oakley Capital Investments, Ltd. -

VC/Growth CapitalValues Disclosed

Privalia Venta Directa S.L. General Atlantic, LLC 123.0 Beyond Oblivion, Inc. Wellcome Trust, Investment Division 77.0 Angie's List T Rowe Price Associates 53 6 Angie s List T. Rowe Price Associates 53.6 Anjuke.com Baidu.com, Inc. 50.0 Just-Eat.co.uk Ltd. Greylock Management 48.0 Rovio Mobile Ltd. Accel Partners 42.0 Color Labs, Inc. Sequoia Capital 41.0 Wix.com, Inc. Insight Venture Partners 40.0 Hubspot, Inc. Sequoia Capital 32.0 TidalTV, Inc. New Enterprise Associates 30.0 SnagAJob.com, Inc. August Capital Management 27.0 S ag Job co , c ugust Cap ta a age e t 0RadiumOne, Inc. Crosslink Capital 21.0 Adap.tv Bessemer Venture Partners 20.0 Archetype Media, Inc. Norwest Venture Partners 20.0 GrubHub.com, Inc. Duff Ackerman & Goodrich, LLC 20.0 MyBuys, Inc. Rho Capital Partners, Inc. 20.0 StumbleUpon, Inc. Accel Partners 17.0 Boxee, Inc. SoftBank Capital 16.5 Celergo Frontier Capital, LLC 15.0 Gemvara, Inc. Balderton Capital 15.0 Globant Riverwood Capital, LLC 15.0 Management Dynamics, Inc. Goldman Sachs Special Situations Group, L.P. 15.0Topsy Labs, Inc. BlueRun Ventures 15.0 MediaMath, Inc. European Founders Fund Management GmbH 14.0 Flite, Inc. General Catalyst Partners LLC 12.0 InsideView, Inc. Foundation Capital 12.0 Stack Overflow Internet Services, Inc. Index Ventures 12.0 Guardian Analytics Split Rock Partners LLC 11 0


Guardian Analytics Split Rock Partners, LLC 11.0 Doximity, Inc. Emergence Capital Partners 10.8 8thBridge, Inc. Trident Capital 10.0


ALL SEGMENTS


Target Buyer/Investor Value VC/Growth CapitalValues Disclosed

Appia Venrock Associates $10.0Bubble Motion, Inc. SingTel Innov8 10.0 DotCloud Benchmark Capital 10.0 Kickstarter, Inc. Union Square Ventures 10.0 Limos.com, LLC Austin Ventures 10.0 S i i W b Pi LLC 10 0 Spigit Warburg Pincus LLC 10.0 Uya100.com IDG Capital Partners 10.0 Apperian, Inc. North Bridge Venture Partners 9.5 INVISION, Inc. Wellington Financial LP 8.5 Clovr Media, Inc. Bain Capital, LLC 8.3 Mobile Tag Group XAnge Private Equity 8.2 Group Commerce, Inc. Spark Capital 8.0 Kik Interactive RRE Investors 8.0 MaxPoint Interactive Trinity Ventures 8 0 MaxPoint Interactive Trinity Ventures 8.0 Mformation Technologies, Inc. Wellington Financial LP 8.0 CrowdGather, Inc. (Unnamed Fund Contibuters) 7.9 CrowdFlower Harmony Partners 7.0 BaseKit Platform Limited Nauta Capital 6.5 Bonds.com Group Inc. Oak Investment Partners 6.5 Jumio, Inc. (Private Investors) 6.5 Credit Sesame, Inc. Menlo Ventures 6.2 DailyBooth, Inc. Ignition Partners LLC 6.0 a y oo , g o a 6 0Games2Win India Pvt. Ltd. Clearstone Venture Partners 6.0 Gigya, Inc. (Unnamed Fund Contibuters) 6.0 Visible Technologies Investor Growth Capital 6.0 clickworker.com, Inc. Corporate Finance Partners 5.9 Barton Nelson, Inc. Advantage Capital Partners 5.7 Avangate 3TS Capital Partners, Ltd. 5.5 Total Immersion Intel Capital 5.5 VigLink Emergence Capital Partners 5.4 A Bit Lucky, Inc. NEXON Corporation 5.0 Legolas Media, Inc. Valhalla Partners, L.P. 5.0 Motista El Dorado Ventures 4.5 Offermatic, Inc. Kleiner, Perkins, Caufield & Byers 4.5 Vurve Spark Capital 4.5 MatsSoft Ltd. Beringea LLC 4.3 Indochino Apparel, Inc. Madrona Venture Group 4.0 DarQroom Amundi Private Equity Funds 3.5 M bP t N f d M t 3 5


MobPartner Newfund Management 3.5 Ruckus Media Group, LLC Alsop Louie Partners 3.5 SpareFoot, Inc. FLOODGATE Fund LP 3.5 Ingenious Med Council Ventures 3.3


ALL SEGMENTS


Target Buyer/Investor Value VC/Growth CapitalValues Disclosed

Zadspace, Inc. Connecticut Innovations, Inc. $3.2linked FA, Inc. (Unnamed Fund Contibuters) 3.0 Message Bus True Ventures 3.0 Footbo Pitango Venture Capital 2.5 Illume Software, Inc. Massachusetts Technology Development Corporatio 2.4

l h h d 2HealthTap Mohr, Davidow Ventures 2.4 STELLAService, Inc. Battery Ventures 2.0 Brilig LLC Angel Investors 1.8 ContextLogic, Inc. Ron Conway 1.7 ShowClix, Inc. Innovation Works 1.7 BoostCTR Javelin Venture Partners 1.6 Qriously, Inc. Accel Partners 1.6 Newsy.com, Inc. (Unnamed Fund Contibuters) 1.5 CertiVox Pentech Ventures 1 5 CertiVox Pentech Ventures 1.5 Yuilop Nauta Capital 1.4 The Filter Eden Ventures 1.3 Nimbit, Inc. (Unnamed Fund Contibuters) 1.3 ShopSquad (Private Investors) 1.3 CivicScience, Inc. The NPD Group, Inc. 1.2 MindSnacks Felicis Ventures, LLC 1.2 HomePipe Networks, Inc. Angel Investors 1.1 Profitably, Inc. White Owl Capital Partners LLC 1.1 Profitably, Inc. White Owl Capital Partners LLC 1.1 ZoomSafer, Inc. White Birch Capital Parters, LLC 1.1 BackType, Inc. True Ventures 1.0 BUMP Network, Inc. (Unnamed Fund Contibuters) 1.0 EduLender, Inc. New World Ventures, LLC 1.0 Opinionaided General Catalyst Partners LLC 1.0 Sundrop Mobile Vocap Ventures 0.9 DailyWorth Robin Hood Ventures 0.9 DotCloud Trinity Ventures 0.8 BreezyPrint Corporation Angel Investors 0.8 CMP.LY Safir Capital, LLC 0.8 Daily Grommet (Unnamed Fund Contibuters) 0.6 OwnZones Media Network, Inc. (Unnamed Fund Contibuters) 0.5 Shiny Ads Maple Leaf Angels 0.5 UpNext LLC (Private Investors) 0.5 Visibli Extreme Venture Partners 0.5

VC/Growth CapitalUndisclosed


Undisclosed1SaleADay L.L.C. Optima Ventures - ArtFinder Wellington Partners - Crowd Technologies Ltd. Minerva Business Angel Network. -


ALL SEGMENTS


Target Buyer/Investor Value VC/Growth CapitalUndisclosed

DealsGoRound (Angel Investors) - Genius.com, Inc. Emergence Capital Partners - Inkling, Inc. McGraw-Hill Education - Kobo, Inc. Institutional Investor - MobiCart North East Angel Fund MobiCart North East Angel Fund - Moblyng Motorola Mobility, Inc. - Momondo ApS Cheapflights Media - Moonfruit 500 Startups - Mozido, LLC TomorrowVentures, LLC - North Plains Systems Corporation Accel-KKR, LLC - Thrift Books LLC KCB Management - Z2Live Draper Fisher Jurvetson - Z2Live Draper Fisher Jurvetson


Selected 2011 and 2010 Transactions

REPRESENTATIVE TRANSACTIONS

has received a majority investment from

has sold theExperiential Marketing Business of

to

has been sold tohas been sold to

a portfolio company of

one of North America’s largest mobile marketing and gateway

solution providers

and

has merged with

has acquired

a fast growing compiler

has been acquired by


KRG Capital Partners g g p

of consumer marketing data


a premier provider of benchmark-based advisory services to the

pharmaceutical and biotech industry

a leading online video advertising network

has received a growth capital investment from

has acquired

a division of a leading performance-basedadvertising network

has been sold tohas acquireda provider of multichannel

marketing software services

has been sold to

a digital communications agency with a proprietary software

platform serving biopharmaceutical companies

has been sold to

one of Europe’s leading online advertising networks

has partnered with

Parthenon Capital Partners

has sold its fulfillment and database management

divisions to

has been acquired by has acquired

has been sold to

a leading marketing database and data analytics solution

provider

has sold the assets ofhas sold one of Europe’s largest

independent providers ofdigital direct marketingservices for customera leading online community for

has sold

New Digital Group

has been sold to

to form a joint venture

CentrSource Canada

Selected 2009 Transactions

The Dialogue Companya leading fulfillment and direct

marketing organization

refinancing of debt facilities

a b o d o provider

has been sold toto

a leading national in-storeadvertising network and shopper

marketing companyto

acquisition and retention

has received a majorityinvestment from

g yautomotive enthusiastsand social networkingtechnology platform

to

(NASDAQ: TREE)has acquired certain assets of

an interactive direct marketing company specializing in

lead generation for the for profit

has sold

MIVA Mediaa leading pay–per–click

contextual online advertising network


has divested one of itsmarketing services divisions

a leading direct response television media company

has received a majorinvestment from

(NASDAQ: TREE)

has acquired certain assets of

an online directory service providing trusted lead generation

has sold

a movie review and consumer entertainment site

a global marketing services company


in a combination that createsthe world’s leading loyalty


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

from

tomarketing services divisionsp g gand marketing services for home improvement professionals across

the country

the world s leading loyaltymanagement provider

F d d i 1999

Petsky Prunier: Expertise. Commitment. Results.

• Founded in 1999• Sectors covered: Digital Advertising, Digital Media/Commerce, Marketing Technology, Advertising & Promotion,

Out-of-Home & Specialty Media, Marketing Services and Software & Information

• More than 30 focused professionals

› Unique combination of investment banking and consulting expertise

› New York-based with a West Coast office and a Chicago presence

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

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

STRATEGIC ADVISORYCONSULTINGINVESTMENT BANKING INTELLIGENCE

• Opportunity Mapping: Strategic & Business Planning

• Value Driver Assessment

D i i & T ti l

CONSULTING

• Sell-Side Representation

• Corporate Divestitures

• Capital Raising and Private Placements

INVESTMENT BANKING

• Market Intelligence

• Competitiveness

• Valuation Analysis

INTELLIGENCE

• Decision & Tactical Execution Support• M&A Advisory

• Fairness Opinions


march 2011 marketing, information and di gital media/commerce...

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