monthly business & tech-enabled services sector summary report · business & tech-enabled...

1

Business & Tech-Enabled ServicesSector Summary Report

April 2017

2

$28.1 Billion 879

M&A Volume YTD M&A Transactions YTD

Quarterly M&A Volume ($Bn) and Deal Count Select M&A Transactions

Announced Date Acquirer Target EV ($MM)

3/24/2017 NA

3/21/2017 NA

3/20/2017 $205

3/20/2017 NA

3/6/2017 $110

3/3/2017 NA

3/3/2017 $125

2/28/2017 NA

2/20/2017 $101

2/16/2017 $135

2/16/2017 $215

2/14/2017 NA

2/10/2017 $4,800

1/27/2017 $690

1/19/2017 NA

1/17/2017 $413

966 944 964 995 986901 929 917 873

0

200

400

600

800

1000

1200

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17

De

al C

ou

nt

90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

Business & Tech-Enabled Services S&P 500

Last 12 Months Business & Tech-Enabled Services Performance vs. S&P 500 (1)

Government IT Services Business

Benefits Administration and HR BPO Platform

(Investment)

$19.1

$31.1

$19.2 $24.6 $21.7

$48.5

$27.4

$37.1

$25.2

$0.0

$10.0

$20.0

$30.0

$40.0

$50.0

$60.0

Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17

Vo

lum

e (

$B

n)

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD

Notes:Source: Capital IQ and PitchBook. Market Data as of 4/3/17.1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

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Key Sector 3 Months 1 Year 3 Years

Advertising & Marketing Services 3.3% 7.1% 13.7%

Events & Exhibitions 7.8% 15.7% 17.3%

Information Services 8.8% 11.8% 38.5%

Consulting & Training (8.5%) 15.1% 18.4%

HR Services (1.6%) 17.2% 58.2%

Staffing & Recruiting 14.4% 29.3% 16.9%

IT & BPO Services 5.5% 3.7% 13.0%

Customer Care / CRM Services (1.7%) 8.9% 42.7%

S&P 500 4.5% 14.2% 24.9%

70%

80%

90%

100%

110%

120%

130%

140%

150%

160%

170%

Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17

80%

90%

100%

110%

120%

130%

140%

Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17

RECENT STOCK PERFORMANCEIndex Performance

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 4/3/17.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

4

3.9x

3.4x

2.1x

1.9x1.7x

1.1x

0.7x0.5x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

InformationServices

Events &Exhibitions

HR Services IT & BPOServices

Advertising &MarketingServices

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

13.0x 12.8x

10.4x9.9x 9.9x

9.5x9.2x

8.3x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

InformationServices

HR Services Events &Exhibitions

IT & BPOServices




CustomerCare / CRM

Services

TRADING COMPARABLESValuation Metrics

EV / 2017E EBITDA EV / 2017E Revenue

Notes:Source: Capital IQ. Market Data as of 4/3/17. Figures reflect median values.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

5

8.3%

7.4%

5.8% 5.6%

5.1% 4.6%

4.2%

2.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

HR Services IT & BPOServices

InformationServices



CustomerCare / CRM

Services


Events &Exhibitions

30.8%

26.9%

17.3% 16.6%

13.7% 12.3%

11.5%

6.5%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

InformationServices

Events &Exhibitions

IT & BPOServices


HR Services Consulting &Training

CustomerCare / CRM

Services


TRADING COMPARABLESOperational Metrics

2017E EBITDA Margin 2018E / 2017E Rev. Growth

Notes:Source: Capital IQ. Market Data as of 4/3/17. Figures reflect median values.Advertising & Marketing Services: ADS, GFK, HAV, HUBS, IPG, IPS, JCOM, KOSE:A030000, MDCA, MDP, MONY, OMC, PUB, QNST, RATE, TREE, TSE:2433, TSE:4324, WPP, YELP, YOU.Consulting & Training: CBZ, CRAI, EXPO, FC, FCN, GPX, HCKT, HURN, ICFI, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, CEB, CLGX, DNB, EFX, ERM, EXPN, FDS, FICO, FORR, INF, INFO, IT, MCO, MORN, MSCI, NLSN, NRCI.B, NWSA, REL, SCOR, SPGI, TRI, TRU, VRSK, WKL.IT & BPO Services: ACN, ATO, BSE:507685, BSE:526299, BSE:532819, BSE:533179, CAP, CNDT, CPI, CTSH, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNSStaffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

6

$MM, Except Per Share Data

Stock LTM Trading Statistics Operating Metrics

Price Price Range Equity Cash & Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth Gross Margin EBITDA Margin

4/3/17 Low High Value Equiv. Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E CY 17E CY 18E

Advertising & Marketing Services

WPP plc $21.60 $15.01 $24.04 $27,622 $3,009 $8,109 $33,269 1.9x 1.7x 1.6x 10.6x 10.1x 9.6x 13.7x 12.9x 9.4% 4.4% NA NA 17.0% 17.1%

Omnicom Group Inc. 85.70 75.61 89.66 20,099 3,023 4,997 22,773 1.5x 1.5x 1.4x 9.9x 9.6x 9.2x 16.9x 15.6x 1.5% 4.2% 27.0% 27.2% 15.2% 15.2%

Dentsu Inc. 54.57 39.71 57.99 15,483 2,076 3,457 17,285 2.4x 2.1x 1.9x 11.0x 9.9x 9.4x 19.1x 17.5x 17.3% 5.3% NA NA 20.7% 20.7%

Publicis Groupe S.A. 68.87 61.18 74.09 15,422 2,352 3,495 16,576 1.6x 1.5x 1.5x 8.9x 8.6x 8.1x 13.5x 12.5x 4.9% 3.7% NA NA 17.8% 18.4%

Alliance Data Systems Corporation 250.33 185.02 251.26 14,000 1,859 20,949 33,089 4.6x 4.3x 3.9x 22.6x 15.5x 13.7x 13.5x 11.8x 8.3% 10.8% 41.7% 41.6% 27.5% 28.1%

The Interpublic Group of Companies, Inc. 24.39 21.67 25.33 9,578 1,101 1,690 10,460 1.3x 1.3x 1.3x 9.5x 8.9x 8.4x 16.7x 15.0x 2.0% 4.2% 38.5% 38.6% 14.7% 15.0%

Hakuhodo DY Holdings Inc 12.00 9.45 13.46 4,473 1,086 88 3,644 0.3x 0.3x 0.3x 8.0x 7.4x 7.0x 18.7x 17.1x 8.4% 2.7% 19.7% 19.7% 4.3% 4.4%

j2 Global, Inc. 83.00 59.43 90.88 4,000 124 781 4,656 5.3x 4.0x 3.7x 12.6x 9.6x 8.4x 14.3x 12.7x 32.1% 9.2% 83.6% 83.7% 41.8% 44.0%

Havas SA 8.91 6.93 9.43 3,739 - (157) 3,582 1.5x 1.4x 1.4x 10.2x 8.5x 8.2x 16.9x 15.9x 6.0% 3.4% NA NA 16.6% 16.7%

Meredith Corporation 64.00 43.85 66.25 2,847 44 676 3,478 2.0x 2.1x 2.0x 9.7x 11.1x 10.5x 19.5x 18.2x (1.8%) 2.0% NA NA 18.7% 19.5%

Yelp Inc. 32.63 19.22 43.41 2,597 480 - 2,118 3.0x 2.4x 2.0x NM 13.2x 9.8x 31.6x 22.9x 24.8% 20.2% 92.1% 92.2% 18.1% 20.2%

Moneysupermarket.com Group PLC 4.10 2.81 4.38 2,239 55 - 2,184 5.6x 5.1x 4.8x 16.1x 13.2x 12.4x 19.4x 17.8x 9.9% 5.7% 73.2% 75.3% 38.6% 39.0%

HubSpot, Inc. 61.35 39.01 66.10 2,218 114 1 2,105 7.8x 6.0x 4.8x NM NM NM NM NM 30.0% 25.6% 79.0% 79.7% 1.1% 4.6%

GfK SE 52.09 28.23 55.66 1,901 189 510 2,239 1.4x 1.4x 1.4x 13.3x 9.4x 8.6x 20.5x 17.2x 1.2% 3.5% 34.0% 34.6% 15.0% 15.9%

Cheil Worldwide Inc. 16.65 13.16 17.68 1,801 356 16 1,472 0.5x 0.5x 0.5x 9.4x 8.2x 7.9x 17.9x 16.5x 9.1% 6.2% 32.8% 32.6% 6.1% 6.0%

LendingTree, Inc. 121.80 64.07 130.20 1,442 91 - 1,351 3.5x 2.6x 2.2x 24.5x 14.1x 11.4x 30.5x 24.1x 33.9% 18.6% 96.8% 96.9% 18.6% 19.4%

Ipsos SA 30.87 21.16 35.62 1,286 174 752 1,886 1.0x 1.0x 0.9x 9.0x 8.3x 7.7x 10.8x 10.1x 3.8% 2.2% 64.7% 64.9% 11.6% 12.3%

Bankrate, Inc. 9.90 6.91 11.90 890 177 296 1,009 2.3x 2.0x 1.8x 10.7x 8.0x 7.2x 14.3x 12.0x 16.3% 9.5% 47.5% 47.6% 24.8% 25.4%

MDC Partners Inc. 9.30 2.75 23.90 514 28 936 1,549 1.1x 1.1x 1.0x 10.4x 7.6x 6.6x 19.6x 11.2x 6.4% 4.8% NA NA 13.8% 15.1%

YouGov plc 3.34 1.68 3.43 350 19 - 332 2.7x 2.4x NA 26.8x 17.7x NA 25.0x 25.0x 10.8% NA 78.0% NA 13.7% NA

QuinStreet, Inc. 3.64 2.61 4.32 165 37 - 128 0.4x 0.4x 0.4x NM 6.3x 4.8x NM NM 2.6% 5.9% 10.9% 16.6% 6.6% 8.2%

Mean 2.5x 2.1x 1.9x 13.0x 10.3x 8.9x 18.6x 16.1x 11.3% 7.6% 54.6% 53.7% 17.3% 18.3%

Median 1.9x 1.7x 1.6x 10.5x 9.5x 8.4x 17.9x 15.9x 8.4% 5.1% 47.5% 44.6% 16.6% 16.9%

Events & Exhibitions

UBM plc $9.40 $7.04 $9.70 $3,698 $105 $848 $4,485 4.2x 3.6x 3.6x 15.1x 11.8x 11.6x 15.0x 14.8x 17.5% 0.6% 30.6% 30.9% 30.3% 30.7%

Ascential plc 3.99 2.50 4.03 1,598 77 353 1,875 5.1x 4.0x 3.6x 17.6x 12.4x 11.1x 18.2x 16.2x 28.0% 10.9% NA NA 31.9% 32.1%

Viad Corp 43.70 27.96 48.30 888 21 249 1,130 0.9x 0.9x 0.9x 9.5x 8.2x 8.0x 17.3x 16.5x 4.2% 2.5% NA NA 11.0% 10.9%

GL Events 23.44 15.24 23.44 538 - - 538 0.5x 0.5x 0.5x 4.3x 3.7x 3.7x 13.5x 12.5x 1.2% 1.9% NA NA 14.3% 14.0%

ITE Group plc 2.02 1.47 2.26 532 20 97 643 NA 3.7x 3.4x NA 15.6x 14.1x 17.4x 15.6x NA 6.5% 42.5% 43.8% 23.4% 24.4%

MCH Group AG 70.33 61.61 76.76 422 182 307 548 1.2x NA NA 6.2x NA NA NA NA NA NA NA NA NA NA

Tarsus Group plc 3.55 2.93 3.61 400 20 106 489 5.8x 3.1x 3.8x 21.2x 8.9x 11.7x 10.5x 15.3x 85.0% (18.5%) NA NA 35.1% 32.8%

Mean 3.0x 2.6x 2.6x 12.3x 10.1x 10.0x 15.3x 15.2x 27.2% 0.6% 36.5% 37.3% 24.3% 24.2%

Median 2.7x 3.4x 3.5x 12.3x 10.4x 11.4x 16.1x 15.4x 17.5% 2.2% 36.5% 37.3% 26.9% 27.6%

PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >50 considered NM.Negative margins considered NM. Market Data as of 4/3/17.

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Information Services

RELX PLC $19.47 $7.87 $19.72 $39,435 $200 $5,980 $45,261 5.3x 4.8x 4.7x 17.7x 13.8x 12.5x 19.3x 17.9x 10.1% 3.9% 64.5% 64.6% 34.9% 37.1%

S&P Global Inc. 129.35 95.83 133.08 33,445 2,400 3,564 35,740 6.3x 6.3x 5.9x 14.5x 13.6x 12.8x 21.6x 19.4x 0.8% 5.9% NA NA 46.0% 46.3%

Thomson Reuters Corporation 43.10 37.34 44.90 31,195 2,556 7,716 36,838 3.3x 3.3x 3.2x 15.5x 11.1x 10.6x 18.4x 17.0x 1.4% 2.7% NA NA 29.4% 29.9%

Moody's Corporation 111.90 87.30 114.03 21,375 2,225 3,363 22,711 6.3x 6.0x 5.7x 13.8x 13.0x 12.2x 21.5x 19.5x 5.2% 5.7% 72.1% NA 46.1% 46.3%

Experian plc 20.20 15.21 20.64 18,793 166 3,327 21,968 NA 4.6x 4.3x NA 13.3x 12.5x 21.4x 19.2x NA 6.5% 55.0% 55.0% 34.7% 34.7%

IHS Markit Ltd. 41.78 32.78 42.20 16,840 155 3,729 20,472 7.5x 5.8x 5.5x 26.8x 14.7x 13.6x 20.3x 17.5x 29.2% 4.8% 63.3% 64.4% 39.3% 40.7%

Equifax Inc. 136.10 110.87 137.76 16,431 129 2,672 19,033 6.1x 5.6x 5.2x 17.0x 15.2x 14.0x 22.5x 20.3x 8.2% 7.2% 64.8% 64.9% 36.8% 37.4%

Nielsen Holdings plc 41.87 40.28 55.94 14,970 754 7,931 22,338 3.5x 3.4x 3.2x 13.8x 11.0x 10.4x 15.6x 14.2x 4.5% 4.3% 58.8% 59.2% 30.8% 31.1%

Verisk Analytics, Inc. 79.84 75.72 87.40 13,283 139 2,387 15,532 7.8x 7.4x 7.0x 16.6x 14.7x 13.7x 24.2x 22.0x 5.4% 6.2% 65.2% 65.4% 50.3% 50.9%

Wolters Kluwer N.V. 41.82 32.66 42.21 12,015 992 3,038 14,066 3.1x 2.9x 2.8x 11.9x 10.7x 10.4x 17.1x 15.9x 6.7% 3.1% 68.7% 68.7% 27.0% 27.2%

Gartner, Inc. 108.95 84.54 112.42 9,041 474 694 9,261 3.8x 3.4x 3.1x 23.1x 18.0x 16.0x 33.8x 29.5x 10.8% 11.0% 61.8% 62.4% 19.0% 19.3%

MSCI Inc. 96.76 71.51 109.29 8,752 792 2,075 10,035 8.7x 8.1x 7.5x 17.6x 15.9x 14.5x 27.2x 23.4x 7.4% 7.6% 78.3% 78.6% 50.9% 52.2%

News Corporation 12.79 10.54 14.68 7,443 1,564 355 6,507 0.8x 0.8x 0.8x 9.7x 7.0x 6.6x 27.8x 22.1x (1.7%) (2.9%) NA NA 11.6% 12.7%

TransUnion 37.98 20.43 38.76 6,917 215 2,382 9,194 5.4x 5.0x 4.6x 16.2x 12.7x 11.6x 21.9x 19.8x 8.5% 7.7% 67.0% 67.2% 39.0% 39.7%

Informa plc 8.07 5.99 9.50 6,649 61 1,895 8,484 5.1x 3.9x 3.8x 16.2x 11.6x 10.9x 13.7x 12.8x 31.4% 3.0% NA NA 33.6% 34.5%

FactSet Research Systems Inc. 164.22 145.48 183.64 6,498 185 365 6,677 5.8x 5.4x 5.0x 16.6x 15.5x 14.3x 22.0x 20.1x 7.7% 8.8% 55.7% 56.8% 34.9% 34.8%

The Dun & Bradstreet Corporation 107.91 100.46 141.57 3,982 353 1,617 5,260 3.1x 3.0x 2.9x 11.7x 10.5x 9.9x 15.4x 14.7x 3.7% 3.8% 68.3% 68.0% 28.3% 28.9%

Fair Isaac Corporation 127.94 102.77 133.14 3,974 88 621 4,506 5.0x 4.8x 4.5x 21.8x 18.0x 16.6x 24.6x 21.0x 4.4% 5.9% 69.3% 70.6% 26.6% 27.3%

CoreLogic, Inc. 40.22 33.41 43.43 3,399 72 1,604 4,932 2.5x 2.7x 2.6x 11.8x 10.5x 9.8x 17.7x 15.8x (4.8%) 2.9% 49.4% 50.7% 25.2% 26.3%

Morningstar, Inc. 77.13 67.74 89.09 3,388 304 250 3,335 4.2x 4.0x 3.8x 14.4x 12.0x 11.0x 24.3x 21.8x 5.0% 5.0% 57.5% 57.9% 33.0% 34.5%

CEB Inc. 78.85 47.33 79.70 2,528 135 875 3,267 3.4x 3.4x 3.2x 16.3x 13.1x 12.1x 20.8x 19.2x 0.8% 5.8% 64.5% 64.7% 26.0% 26.7%

Acxiom Corporation 28.21 19.11 30.40 2,206 138 237 2,305 2.6x 2.5x 2.2x 25.3x 12.7x 10.8x 37.2x 28.6x 4.3% 11.9% 45.1% 45.3% 19.7% 20.8%

The Advisory Board Company 46.85 24.85 51.23 1,885 91 585 2,379 3.0x 3.0x 2.8x 19.2x 12.1x 11.1x 24.3x 22.0x 0.0% 4.9% 52.1% 52.5% 24.5% 25.4%

Euromoney Institutional Investor PLC 13.07 9.95 15.46 1,403 14 1 1,401 NA 2.6x 2.5x NA 10.1x 9.5x 14.2x 13.1x NA 4.2% NA NA 26.1% 26.7%

comScore, Inc. 21.95 20.81 34.85 1,257 147 33 1,143 NA 1.9x 1.6x NA 7.5x 6.3x 11.7x 9.5x NA 18.1% 71.1% NA 25.9% 26.0%

National Research Corporation 39.90 32.18 46.37 975 33 4 945 8.6x 7.9x 7.1x 26.7x 23.8x NA 12.4x 11.0x 8.7% 11.3% 58.2% 58.6% 33.3% NA

Forrester Research, Inc. 38.20 31.92 44.40 691 138 - 553 1.7x 1.7x 1.6x 13.7x 14.6x 11.8x 32.8x 25.1x 0.9% 6.3% 60.5% 60.8% 11.5% 13.4%

Mean 4.7x 4.2x 4.0x 17.0x 13.2x 11.7x 21.6x 19.0x 6.6% 6.1% 62.3% 61.8% 31.3% 31.9%

Median 4.6x 3.9x 3.8x 16.3x 13.0x 11.7x 21.5x 19.4x 5.1% 5.8% 63.9% 63.4% 30.8% 30.5%

PUBLIC COMPANY VALUATIONSBusiness & Tech-Enabled Services Trading Statistics – continued


8





Consulting & Training

FTI Consulting, Inc. $41.16 $33.95 $47.12 $1,657 $216 $366 $1,806 1.0x 1.0x 0.9x 9.2x 8.7x 8.2x 18.0x 16.5x 1.9% 4.2% 33.4% 33.5% 11.2% 11.4%

Exponent, Inc. 58.30 45.00 64.80 1,492 174 - 1,319 4.4x 4.2x 4.0x 19.4x 16.7x 14.7x 32.7x 29.9x 4.8% 6.5% 37.6% 39.6% 25.2% 26.9%

Navigant Consulting, Inc. 22.50 15.07 27.86 1,055 8 135 1,182 1.3x 1.2x 1.1x 8.3x 8.0x 7.6x 16.9x 15.5x 6.1% 4.5% 32.7% 32.6% 14.9% 15.0%

Huron Consulting Group Inc. 41.70 39.15 65.00 885 17 292 1,160 1.6x 1.5x 1.4x 9.1x 9.9x 9.1x 16.3x 14.7x 4.9% 5.5% 34.3% 33.5% 15.4% 15.9%

ICF International, Inc. 40.40 34.16 59.55 768 6 259 1,022 0.9x 0.8x 0.8x 9.1x 8.6x 8.1x 13.7x 12.7x 2.7% 3.4% 37.6% 37.8% 9.8% 10.0%

CBIZ, Inc. 13.80 9.30 14.26 743 3 193 932 1.2x 1.1x 1.1x 10.6x 9.0x 8.5x 16.8x 15.5x 5.7% 4.3% 13.6% 13.8% 12.3% 12.5%

The Hackett Group, Inc. 19.35 13.06 20.69 565 20 7 552 2.1x 1.8x 1.7x 14.0x 10.8x 10.2x 18.7x 16.3x 17.6% 7.1% 38.6% 38.8% 16.7% 16.6%

Resources Connection, Inc. 16.40 12.30 19.80 487 64 58 482 0.8x 0.8x NA 9.4x 9.9x NA 19.8x NA 0.6% NA 38.0% NA 8.2% NA

GP Strategies Corporation 25.00 19.59 30.00 419 16 63 465 0.9x 0.9x 0.8x 12.2x 11.3x 8.4x 19.0x 14.3x 5.9% 9.1% 16.9% 17.5% 8.0% 9.8%

CRA International, Inc. 34.92 18.44 40.00 298 54 - 245 0.8x 0.7x 0.7x 9.2x 4.3x 4.1x 22.1x 20.0x 7.9% 5.8% 29.9% 30.0% 16.3% 16.3%

Franklin Covey Co. 20.95 13.45 22.45 289 11 40 319 1.6x 1.6x 1.5x 21.8x 23.9x 15.0x NM NA (0.6%) 9.1% 67.1% 67.4% 6.9% 10.1%

Mean 1.5x 1.4x 1.4x 12.0x 11.0x 9.4x 19.4x 17.3x 5.2% 5.9% 34.5% 34.4% 13.2% 14.4%

Median 1.2x 1.1x 1.1x 9.4x 9.9x 8.4x 18.3x 15.5x 4.9% 5.6% 34.3% 33.5% 12.3% 13.7%

HR Services

Automatic Data Processing, Inc. $101.27 $84.36 $105.20 $45,460 $2,746 $2,003 $44,717 3.7x 3.5x 3.3x 16.4x 16.4x 14.6x 26.7x 24.0x 5.7% 6.6% 45.4% 46.0% 21.4% 22.5%

Paychex, Inc. 58.44 51.06 63.03 20,994 404 55 20,646 6.7x 6.4x 6.0x 15.8x 14.7x 13.7x 25.4x 23.7x 6.1% 6.1% 70.7% 71.0% 43.2% 43.6%

TriNet Group, Inc. 28.25 14.23 30.17 1,929 184 459 2,204 0.7x 0.7x 0.6x 14.4x 10.8x 9.5x 20.6x 17.3x 9.8% 13.9% 71.6% 71.7% 6.1% 6.1%

Insperity, Inc. 85.00 50.61 90.55 1,785 288 104 1,602 0.5x 0.5x 0.4x 13.4x 9.8x 8.6x 19.8x 17.3x 12.1% 10.0% 16.7% 16.9% 4.9% 5.1%

Barrett Business Services, Inc. 53.10 26.58 66.93 385 56 5 333 0.4x NA NA 10.3x NA NA NA NA NA NA NA NA NA NA

Mean 2.4x 2.8x 2.6x 14.0x 12.9x 11.6x 23.1x 20.6x 8.4% 9.1% 51.1% 51.4% 18.9% 19.3%

Median 0.7x 2.1x 1.9x 14.4x 12.8x 11.6x 23.0x 20.5x 7.9% 8.3% 58.0% 58.5% 13.7% 14.3%



9





Staffing & Recruiting

Recruit Holdings Co.,Ltd. $52.32 $28.37 $53.31 $29,135 $2,546 $1,733 $28,365 1.9x 1.5x 1.4x 14.6x 12.4x 10.7x 28.0x 32.9x 25.7% 7.9% 48.0% 47.8% 12.1% 13.0%

Adecco Group AG 70.53 44.87 73.02 12,014 1,196 2,127 12,953 0.5x 0.5x 0.5x 10.4x 9.5x 9.1x 13.7x 12.9x 5.4% 3.4% 18.9% 18.9% 5.4% 5.4%

Randstad Holding NV 55.59 33.82 62.23 10,154 410 1,245 10,990 0.5x 0.5x 0.4x 10.9x 9.0x 8.6x 12.3x 11.7x 11.5% 3.0% 20.1% 20.1% 5.0% 5.1%

ManpowerGroup Inc. 99.59 57.26 103.90 6,736 599 825 7,048 0.4x 0.4x 0.3x 8.5x 8.3x 7.6x 15.2x 13.8x 1.8% 4.4% 17.1% 17.0% 4.2% 4.4%

Robert Half International Inc. 46.86 34.34 50.98 5,989 260 1 5,729 1.1x 1.1x 1.0x 9.3x 9.4x 8.9x 17.5x 16.3x 0.5% 3.7% 41.1% 41.2% 11.5% 11.7%

Temp Holdings Co., Ltd. 18.67 13.21 19.00 4,365 621 240 4,101 0.8x 0.7x 0.7x 11.4x 9.9x 8.9x 21.4x 18.2x 16.0% 7.8% 23.7% 23.6% 7.3% 7.5%

Hays plc 1.94 1.14 2.07 2,805 141 82 2,745 0.5x 0.5x 0.4x 7.3x 9.5x 9.0x 15.4x 15.0x 5.8% 5.2% 18.7% 18.7% 4.7% 4.8%

On Assignment, Inc. 46.63 32.05 49.12 2,455 27 640 3,069 1.3x 1.2x 1.1x 12.1x 9.9x 9.0x 16.2x 14.8x 7.2% 7.2% 32.5% 32.5% 11.9% 12.1%

Korn/Ferry International 30.30 18.57 32.52 1,732 355 261 1,640 1.1x 1.0x 1.0x 8.3x 6.8x 6.2x 12.8x 11.6x 3.4% 5.9% 29.8% 30.0% 15.0% 15.5%

PageGroup plc 5.33 1.95 5.54 1,663 115 - 1,548 1.0x 1.0x 0.9x 11.4x 10.4x 9.6x 18.4x 16.7x 9.4% 3.1% 51.5% 51.4% 9.2% 9.7%

TrueBlue, Inc. 26.35 16.50 27.85 1,089 35 138 1,192 0.4x 0.5x 0.5x 8.2x 9.0x 8.1x 14.9x 13.4x (7.8%) 2.3% 25.3% 25.3% 5.2% 5.6%

Kelly Services, Inc. 20.88 17.81 23.61 799 30 - 769 0.1x 0.1x 0.1x 8.7x 7.9x 7.3x 13.7x 12.7x (1.0%) 3.1% 17.0% 17.0% 1.9% 2.0%

Kforce Inc. 23.00 15.78 26.95 577 1 116 692 0.5x 0.5x 0.5x 9.6x 8.9x 8.3x 14.6x 13.0x 3.8% 4.0% 30.5% 30.3% 5.7% 5.8%

Heidrick & Struggles International, Inc. 25.65 16.23 26.50 479 165 - 314 0.5x 0.5x 0.5x 5.8x 5.0x 4.8x 22.6x 20.4x 7.6% 4.4% 31.2% 31.3% 9.9% 10.0%

Mean 0.8x 0.7x 0.7x 9.8x 9.0x 8.3x 16.9x 16.0x 6.4% 4.7% 28.9% 28.9% 7.8% 8.1%

Median 0.5x 0.5x 0.5x 9.5x 9.2x 8.7x 15.3x 14.3x 5.6% 4.2% 27.5% 27.7% 6.5% 6.7%



10





IT & BPO Services

International Business Machines Corporation $174.50 $142.50 $182.79 $164,591 $8,527 $42,176 $198,386 2.5x 2.5x 2.5x 10.7x 10.2x 10.1x 12.7x 12.3x (1.6%) (0.1%) 48.6% 48.7% 24.8% 25.1%

Tata Consultancy Services Limited 37.08 31.55 42.20 73,064 5,723 38 67,430 3.9x 3.5x 3.2x 14.3x 12.7x 11.9x 17.2x 15.7x 12.0% 11.0% 44.3% 44.0% 27.6% 26.6%

Accenture plc 117.64 108.66 126.53 72,947 3,241 27 70,384 2.1x 2.0x 1.9x 12.4x 11.8x 11.0x 19.9x 17.9x 5.2% 6.6% 31.3% 31.4% 16.9% 17.1%

Cognizant Technology Solutions Corporation 58.25 45.44 63.23 35,453 5,169 878 31,162 2.3x 2.1x 1.9x 11.7x 10.4x 9.0x 15.9x 13.6x 9.1% 9.2% 39.7% 40.0% 20.4% 21.4%

Infosys Limited 15.51 13.85 19.67 35,452 4,487 - 30,965 3.1x 2.8x 2.6x 11.1x 10.3x 9.7x 15.5x 15.0x 10.3% 7.7% 37.8% 37.3% 27.0% 26.6%

HCL Technologies Limited 13.32 10.86 13.69 19,003 1,676 99 17,452 2.6x 2.2x 2.1x 11.6x 10.3x 9.9x 14.2x 13.6x 14.6% 7.3% 33.6% 33.3% 21.8% 21.2%

Wipro Limited 7.80 6.30 9.33 18,845 4,882 2,302 16,302 2.0x 1.9x 1.8x 10.1x 9.3x 8.9x 14.1x 13.8x 4.4% 8.2% 29.4% 29.5% 20.9% 20.1%

Cap Gemini S.A. 91.51 75.75 95.67 14,995 1,984 3,641 16,666 1.3x 1.2x 1.2x 10.0x 8.8x 8.3x 14.6x 13.4x 4.1% 4.6% 26.8% 35.9% 13.8% 14.0%

CGI Group Inc. 47.40 39.98 50.13 13,988 234 1,369 15,124 1.9x 1.9x 1.8x 11.2x 9.9x 9.5x 16.8x 15.9x 2.7% 3.0% NA NA 18.7% 19.0%

NTT Data Corporation 48.36 41.20 54.48 13,565 1,623 5,270 17,469 1.2x 1.0x 1.0x 7.8x 6.9x 6.7x 28.6x 21.2x 20.9% 4.8% 25.1% 25.1% 14.8% 14.6%

Atos SE 122.90 75.05 124.28 12,637 2,240 1,732 12,677 1.0x 1.0x 0.9x 7.6x 7.5x 7.1x 14.4x 13.3x 6.5% 2.4% 54.7% 53.3% 12.8% 13.3%

Nomura Research Institute, Ltd. 37.55 26.69 38.05 9,309 1,206 500 8,700 2.4x 2.2x 2.1x 11.8x 10.3x 9.8x 28.3x 20.9x 10.6% 5.1% 33.3% 33.7% 21.3% 21.5%

Tech Mahindra Limited 6.97 6.23 8.67 6,786 1,191 191 5,853 1.4x 1.2x 1.1x 9.1x 7.5x 6.8x 12.0x 11.6x 13.7% 7.4% 30.1% 30.9% 16.2% 16.9%

Genpact Limited 24.00 22.58 28.52 4,775 425 901 5,256 2.0x 2.0x 1.9x 12.5x 11.4x 10.7x 15.4x 13.9x 3.1% 5.6% 39.5% 39.6% 17.3% 17.6%

Capita plc 6.96 5.38 13.73 4,636 1,470 4,261 7,519 1.2x 1.3x 1.3x 9.7x 9.6x 9.0x 10.5x 9.6x (2.8%) 1.6% 23.0% 26.6% 13.4% 14.0%

EPAM Systems, Inc. 74.34 54.53 78.40 3,805 362 25 3,468 3.0x 2.5x 2.1x 20.4x 13.7x 11.4x 21.8x 18.4x 20.4% 20.9% 36.8% 37.4% 18.1% 17.9%

Conduent Incorporated 16.40 13.10 17.44 3,327 390 1,941 4,878 0.8x 0.8x 0.8x 11.0x 7.2x 6.5x 22.1x 16.9x (3.9%) (1.3%) 15.9% 16.5% 11.0% 12.3%

Luxoft Holding, Inc. 62.35 46.58 66.18 2,070 98 1 1,972 2.6x 2.2x 1.8x 20.5x 12.5x 9.6x 19.2x 14.8x 20.3% 22.9% 40.3% 40.7% 17.4% 18.4%

MphasiS Limited 8.81 6.53 9.56 1,855 494 53 1,414 1.6x 1.4x 1.3x 9.9x 8.9x 8.1x 13.7x 12.6x 10.4% 8.2% 24.5% 20.9% 16.1% 16.2%

Exlservice Holdings, Inc. 45.96 42.00 54.78 1,553 227 46 1,372 2.0x 1.8x 1.7x 13.8x 10.3x 9.0x 17.9x 16.2x 9.1% 9.7% 35.1% 35.6% 17.9% 18.5%

WNS (Holdings) Ltd. 28.45 24.82 32.82 1,421 153 - 1,268 2.2x 2.0x 1.8x 14.0x 9.7x 9.5x 20.1x 17.2x 6.0% 14.6% 34.9% 35.3% 21.1% 18.7%

Presidio, Inc. 15.63 13.26 15.99 1,418 46 1,195 2,567 0.9x 0.8x 0.8x 13.1x 10.5x 9.8x 11.8x 10.8x 8.6% 5.6% 20.2% 20.4% 8.0% 8.2%

Syntel, Inc. 16.58 16.22 50.92 1,387 100 500 1,787 1.8x 1.9x 1.9x 6.6x 7.4x 6.9x 8.7x 7.9x (4.9%) 2.8% 37.8% 37.9% 26.4% 27.4%

Globant S.A. 36.09 30.58 47.19 1,249 61 0 1,188 3.7x 3.0x 2.5x 19.8x 16.5x 13.3x 26.6x 21.4x 20.8% 20.3% 40.9% 41.3% 18.5% 19.1%

MindTree Limited 7.03 6.15 11.65 1,181 90 1 1,092 1.4x 1.3x 1.1x 10.0x 8.4x 7.2x 14.8x 12.2x 11.6% 12.4% 33.9% 33.8% 15.1% 15.6%

Hexaware Technologies Limited 3.30 2.74 4.20 978 64 - 915 1.8x 1.5x 1.4x 10.9x 9.1x 8.3x 14.1x 12.8x 17.0% 10.5% 34.5% 34.1% 16.5% 16.5%

Virtusa Corporation 27.89 18.03 38.31 836 215 188 891 1.1x 1.0x 0.9x 23.8x 11.9x 9.7x 16.0x 13.5x 14.0% 8.0% 27.9% 30.4% 8.1% 9.3%

Persistent Systems Limited 9.05 7.70 12.02 724 90 0 635 1.5x 1.3x 1.1x 10.1x 7.6x 6.5x 13.6x 11.6x 19.9% 13.1% 36.1% 36.6% 16.6% 17.4%

Perficient, Inc. 16.83 14.15 22.66 596 10 32 618 1.3x 1.2x 1.2x 12.4x 8.6x 7.5x 13.7x 11.9x 5.8% 6.8% 32.3% 33.0% 14.5% 15.5%

Mean 2.0x 1.8x 1.6x 12.4x 10.0x 9.0x 16.7x 14.5x 9.2% 8.2% 33.9% 34.4% 17.7% 17.9%

Median 1.9x 1.9x 1.8x 11.2x 9.9x 9.0x 15.4x 13.6x 9.1% 7.4% 34.2% 34.7% 17.3% 17.6%



11





Customer Care / CRM Services

Teleperformance SE $109.10 $71.01 $114.37 $6,177 $298 $2,057 $7,947 2.1x 1.7x 1.6x 14.6x 10.3x 9.5x 17.8x 16.0x 17.9% 6.5% NA NA 16.9% 17.3%

SYNNEX Corporation 110.52 77.54 129.24 4,412 215 1,009 5,206 0.4x 0.3x 0.3x 10.1x 9.3x 8.7x 14.0x 13.4x 7.1% 4.1% 9.6% 9.7% 3.7% 3.8%

Convergys Corporation 20.69 20.15 30.92 1,957 151 299 2,104 0.7x 0.7x 0.7x 5.8x 5.8x 5.6x 11.3x 10.6x (0.9%) 1.9% 36.5% 36.3% 12.6% 12.8%

TeleTech Holdings, Inc. 29.30 24.45 31.97 1,345 55 217 1,514 1.2x 1.1x 1.1x 9.6x 8.4x 7.8x 18.0x 14.9x 3.8% 4.4% 27.4% 28.2% 13.6% 14.1%

Sykes Enterprises, Incorporated 28.56 25.77 31.37 1,205 267 267 1,205 0.8x 0.8x 0.7x 7.4x 6.6x 6.1x 14.2x 12.6x 8.9% 4.6% 35.2% 35.3% 11.5% 11.9%

transcosmos inc. 23.81 21.25 29.27 988 254 131 895 0.4x 0.4x 0.4x 9.0x 7.7x 7.0x 14.9x 12.5x 14.2% 6.8% 17.9% 18.2% 5.0% 5.2%

Relia, Inc. 9.75 8.10 10.94 672 118 43 597 0.8x 0.6x 0.6x 11.8x 8.3x 7.2x 18.0x 15.4x 17.4% 14.6% 14.2% 15.0% 7.8% 7.9%

Atento S.A. 9.05 6.77 14.64 668 195 535 1,007 0.6x 0.6x 0.5x 4.9x 4.5x 4.3x 13.0x 12.0x 3.9% 4.3% NA NA 12.3% 12.3%

BELLSYSTEM24 Holdings, Inc. 8.65 6.61 13.35 633 51 696 1,278 1.4x 1.3x 1.2x 13.7x 12.1x 10.9x 12.4x 10.6x 7.9% 7.1% 18.1% 19.0% 10.4% 10.8%

Mean 0.9x 0.8x 0.8x 9.6x 8.1x 7.4x 14.8x 13.1x 8.9% 6.0% 22.7% 23.1% 10.4% 10.7%

Median 0.8x 0.7x 0.7x 9.6x 8.3x 7.2x 14.2x 12.6x 7.9% 4.6% 18.1% 19.0% 11.5% 11.9%



12

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

3/29/2017Endeavour Capital, Inc.

(Investment)Berkeley Research Group, LLC NA

Provides independent expert testimony, litigation and regulatory support, and

strategic advice

3/28/2017Heritage Group, LLC

(Investment)Reputation.com, Inc. NA Provides online reputation management solutions for businesses and individuals

3/28/2017 Cision AB Bulletin Intelligence LLC NAPublishes and provides open-source intelligence information to senior corporate

and government executives

3/27/2017 Deloitte Digital Day1 Solutions LLC NA Provides cloud consulting, implementation, and managed services and solutions

3/27/2017 Cache Inc. Software Link, Inc. NA Provides Sage software solutions

3/24/2017 Rhone Capital, L.L.C. Garda World Security Corp. NA Provides security and cash services

3/23/2017New Enterprise Associates

(Investment)DataRobot, Inc. NA

Develops machine learning automation software for enterprises to help users gain

insights from data scientists

3/23/2017 Accenture plc First Annapolis Consulting, Inc. NA Provides strategic and tactical advisory services focusing on the payments industry

3/23/2017 Orion Systems Integrators, LLC Vernalis Group, Inc. NADevelops custom software and technology solutions for enterprise clients in the

financial services and professional sports industries

3/22/2017FTV Capital; Zodius Advisors India Private Limited

(Investment)MarketsandMarkets NA

India-based provider of syndicated and custom research focused on high-growth

and niche markets

3/22/2017 Paladin Security Group Ltd. Criterion Security (nka:PalAmerican Security) NAProvides security guard services; combined company rebranded as PalAmerican

Security

3/21/2017 Accenture plc Focus Group Europe Ltd NAUK-based provider of implementation and deployment services for ServiceNow

software

3/21/2017 Summit Partners LLP Ascentis Corporation NAProvides HR software, online payroll services, and human capital management

solutions

3/21/2017 Hosting.com, Inc. Stelligent Systems, llc NAProvides DevOps automation and continuous delivery solutions within the

Amazon Web Services (AWS) public cloud

3/20/2017 FactSet Research Systems Inc. BI-SAM Technologies S.A. $205Provides portfolio performance measurement, including attribution, multi-asset

risk, GIPS composites management, and reporting

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017 YTD)

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 4/3/17.

13

($MM)


3/20/2017 Cision AB Capitol Acquisition Corp. III NAProvides public relations software that enables professionals to plan, execute, and

measure influencer-oriented campaigns in one integrated platform

3/16/2017Boathouse Capital; Spring Capital Partners

(Investment)Employee Relations Associates, Inc. NA

Provides contract staffing services in the banking/finance, medical, IT, and legal

industries on a national basis

3/14/2017 Genpact Limited RAGE Frameworks, Inc. NA Provides knowledge-based automation technology and services for enterprises

3/14/2017 Employee Relations Associates, Inc TalentBridge Holdings, LLC NA Provides permanent and temporary staffing services

3/14/2017 Halo Group, LLC Geneva Technical Services, LLC NA Provides IT consulting and staffing services

3/13/2017North Bridge Growth Equity

(Investment)One Source Technology, LLC NA

Designs and develops an integrated system of background screening products for

corporations and government entities

3/8/2017 Business & Legal Resources, Inc. Navis Learning Corporation NAProvider of custom learning and development solutions for a wide range of

companies across multiple industries

3/7/2017 Oak Lane Partners, LLC Maintech, Incorporated $18 Provides infrastructure support services for corporate IT enterprises

3/7/2017 Deposition Solutions, LLC Castle Copy Service, Inc. NA Provides records retrieval services

3/6/2017 Gartner, Inc. L2, Inc. NAProvides brands with digital performance benchmarking and advice on key

industry trends via an annual subscription service

3/6/2017 Tech Mahindra (Americas), Inc. The HCI Group $110Provides technology consulting to healthcare service providers with a focus on

implementation of EHR and EMR software, training, and support services

3/6/2017Norwest Equity Partners

(Investment)Bailiwick, Inc. NA

Provides professionally managed technology integration services for complex,

large-scale IT initiatives

3/3/2017General Atlantic LLC

(Investment)General Information Services, Inc. NA Provides background screening services

3/3/2017 Questel S.A. ITIP Proficiency, LLC NA Provides cost management solutions and services to the IP community

3/3/2017 Euromoney Institutional Investor PLC RISI, Inc. $125 Provides information and data for the global forest products industry

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2017 YTD) – continued


14

($MM)


3/2/2017 Cognizant Technology Solutions Corporation Brilliantservice Co.,Ltd. NAJapan-based provider of end-to-end mobile applications and embedded software

development services

3/2/2017 Cheil Worldwide Inc. Pricing Solutions Ltd. NA Canadian B2B pricing strategy consulting service provider

3/1/2017 Accenture plc Davies Consulting LLC NAConsulting firm that provides utility asset management, risk management, grid and

pipeline network modernization, and emergency management services

2/28/2017 Advent International Corporation CCC Information Services Inc. NA Provides advanced software, workflow tools, and enabling technologies

2/28/2017 Verisk Analytics, Inc. Emergent Network Intelligence Ltd. NA UK-based provider of insurance claims efficiency and fraud detection software

2/23/2017 SambaSafety, Inc. Vigillo, LLC NAProvides real-time data for monitoring and analyzing commercial driver and motor

carrier safety performance

2/22/2017 HootSuite Media Inc. LiftMetrix, Inc. NAData analytics company that measures the impact and effectiveness of marketing

campaigns on social media

2/22/2017Shamrock Capital Advisors, LLC

(Investment)Maple Media, LLC NA

Mobile media, advertising, and technology company which acquires, manages, and

operates mobile applications

2/20/2017 Accenture plc SinnerSchrader Aktiengesellschaft $101German full-service digital agency that specializes in developing and

implementing digital products, services, and marketing solutions

2/16/2017 Cap Gemini S.A. Idean Enterprises Oy NA Provides digital strategy and user experience design services globally

2/16/2017 Huron Consulting Group Inc. Innosight LLC $135Provides strategy and growth consulting services to organizations in business,

education, and healthcare sectors

2/16/2017 Infogix, Inc. Data3Sixty, Inc. NAOperates a cloud-based data governance collaborative platform to solve data

problems for financial services and other industries

2/16/2017 Vitruvian Partners LLP OAG Aviation Holdings Limited $215Leading global provider of digital flight information, aggregating and processing

mission-ciritcal data from thousands of sources for customers worldwide

2/15/2017 Ascendum Solutions LLC Sourcebits, Inc. NAEngages in the design and development of software applications, games, and the

Web

2/15/2017H.I.G. Growth Partners, LLC

(Investment)AdTheorent, Inc. NA

Provides predictive digital advertising technology and solutions for brands and

agencies



15

($MM)


2/15/2017 Moody's CorporationSCDM Germany GmbH, Structured Finance Data

and Analytics BusinessNA Provides analytical tools for participants in securitization markets

2/14/2017 MetaSource, LLC Orion Financial Group, Inc. NAProvides real estate document recording services, including mortgage

assignments, lien releases, and document retrieval services

2/14/2017 Riverside Partners LLC Medical Reimbursements of America, Inc. NAProvides specialty reimbursement solutions for hospitals and health systems in

the U.S.

2/14/2017 RWS Holdings plc LUZ, Inc. $83 Provides language translation services for life sciences

2/13/2017 WILsquare Capital LLC DCM Services, LLC NA Provides data and contact management solutions for the estate recovery market

2/10/2017 The Blackstone Group L.P.Aon plc, Benefits Administration and HR Business

Process Outsourcing Platform$4,800

Comprises a benefits administration platform which provides cloud-based HR

management services

2/9/2017 Accenture plcVeriSign, Inc., iDefense Security Intelligence

Services BusinessNA

Provides cyber intelligence related to vulnerabilities, malicious code, and global

threats to organizations worldwide

2/9/2017 HomeAdvisor, Inc. HomeStars, Inc. NAOperates online community that helps homeowners and home improvement

companies in finding renovators, repairmen, and retailers in Canada

2/8/2017 Accenture plcEndgame, Inc., U.S. Federal Government Services

BusinessNA Endpoint detection and response (EDR) cybersecurity software company

2/8/2017 Condé Nast CitizenNet, Inc. NASocial data and marketing platform that provides tools for real-time social streams,

embedding, searching, and ranking

2/8/2017 Market Track, LLC Brandtale Inc. NANative ad competitive intelligence specialist that provides brands, agencies, ad

tech providers, and publishers with insights to help drive content innovation

2/7/2017Brook Venture Partners; Eagle Private Capital, LLC;

Resolute Capital PartnersCole Information Services, Inc. NA

Provides consumer and business databases in real estate, insurance, credit

collections, small business, law enforcement, and home service industries

2/7/2017 Ascential plc Media Link, LLC $207Provides strategic advisory services focused on growth to the media, advertising,

entertainment, and technology industries

2/7/2017 Webster Capital PharmaLogics Recruiting, LLC NA Recruitment firm for life sciences companies worldwide

2/6/2017Mountaingate Capital

(Investment)Elite SEM NA Performance-driven digital marketing agency



16

($MM)


2/6/2017 Thomson Reuters Corporation Clarient Global LLC NA Operates a platform to provide KYC and legal entity reference data services

2/6/2017 Thomson Reuters Corporation Avox Limited NALondon-based supplier of legal entity data, hierarchies, and identifiers on financial

entities globally

2/6/2017 Salient CRGT, Inc. Information Innovators Inc. NAProvides IT services and solutions for the Department of Defense and other civilian

agencies of the federal government

2/2/2017 GTB Agency, LLC Zubi Advertising Services, Inc. NA Full-service advertising agency that focuses on the Hispanic market in the U.S.

2/2/2017 GP Strategies Corporation McKinney Rogers International Limited NA Provides corporate strategy and consulting services

2/2/2017Pamlico Capital

(Investment)Winsight, LLC NA

Provides market intelligence, professional events, and media to global restaurant,

noncommercial foodservice, and convenience retail industries

1/31/2017 Centerfield Media Holdings, LLC Qology Direct, LLC NA Provides performance-based marketing services, fka Saveology.com

1/31/2017 CRA International, Inc. C1 Consulting LLC NAProvides life sciences strategy consulting services for the pharmaceutical and

biotech industries

1/31/2017 Accenture plc InvestTech Systems Consulting, LLC NAProvides investment, wealth, and data management solutions and services for

global investment managers

1/30/2017 The Wicks Group of Companies, L.L.C. Gladson Interactive, Inc. NA Provides syndicated CPG product images and information

1/30/2017 CIP Capital Compliance Solutions Strategies NAProvides compliance and regulatory services to the asset management and

securities industries

1/30/2017 HGGC, LLC Davies Group Limited $112Provider of claims outsourcing and loss adjusting services to insurance companies,

brokers, managing general agents, and self-insured entities

1/27/2017 FactSet Research Systems Inc. Interactive Data Managed Solutions, LLC NAOffers real-time market data desktops, customizable web-based portals, and a

broad range of mobile solutions for wealth management industry

1/27/2017 Symphony Technology Group Fishbowl Inc. NA Provides a SaaS-based marketing analytics platform for the restaurant industry

1/27/2017 Veritas CapitalHarris Corporation, Government IT Services

Business$690

Provides communications, engineering, and IT solutions for Intelligence, defense,

and federal civilian customers



17

($MM)


1/27/2017 Ebates, Inc. Cartera Commerce Inc. NAOperates branded websites for airline and financial services partners that allow

users to earn rewards by shopping on online stores

1/26/2017 Millstein & Co. LLCMuniServices And Broussard Partners & Associates,

Inc. And PRA Government Services And RamWare$92

Provides services related to revenue enhancement, technology, and consulting for

municipal and other government clients in the U.S.

1/26/2017 Reimagine Holdings Group MarketSight LLC NADevelops web-based applications for market researchers to analyze and present

data

1/25/2017 Accenture plc solid-serVision.com GmbH NAGerman-based provider of consulting and implementation services focused on

ServiceNow

1/24/2017 MPF Research Inc. Axiometrics Inc. $75Provides surveys and market research on 500+ apartment markets and submarkets,

along with 680 colleges and universities nationwide

1/24/2017 Solera Holdings Inc. Digidentity B.V. NANetherlands-based provider of identity management solutions for safe

communication between individuals, organizations, and the government

1/23/2017 The Stagwell Group; Stagwell Media LLCNielsen Holdings plc, Certain Custom Research

AssetsNA

Public opinion research firm that focuses on brand management, corporate

reputation, CPG, public opinion, and consumer experience

1/23/2017 Viant Technology Inc. Adelphic, Inc. NADevelops a mobile and cross-channel programmatic advertising platform that

connects brands with audiences

1/23/2017 AIR Worldwide Corporation Arium Limited NAProvides an innovative approach to modeling casualty catastrophic risk for

organizations and their supply chain

1/20/2017 Market Track, LLCAC Nielsen Company Of Canada, Ad Intelligence

ServiceNA

Provides actionable data to assist clients with campaign optimization, competitive

intelligence, and cross-media strategy in Canada

1/20/2017 The NPD Group, Inc.Nielsen Holdings plc, U.S. Market Information and

Research Services for Book Industry UnitNA

Includes U.S.-based BookScan, PubTrack Digital, PubTrack Higher Education,

PubTrack Christian, Books & Consumers, PubEasy, and PubNet

1/20/2017Sageview Capital LP

(Investment)National Arbitration And Mediation Inc. NA

Leading provider of alternative dispute resolution (ADR) services through its panel

of arbitrators and mediators

1/19/2017 Accenture plc Seabury Consulting LLC NA Provides corporate advisory and consulting services to the aviation industry

1/19/2017IDG Capital Partners; China Oceanwide Holdings

Group Co.,LtdInternational Data Group, Inc. NA Provides technology media, data, and marketing services to customers worldwide

1/18/2017 SMS Systems Maintenance Services, Inc. Curvature LLC NAIT services company and leading provider of new and pre-owned network

hardware and IT infrastructure services



18

($MM)


1/18/2017 Augeo Affinity Marketing Inc. Edo Interactive Inc. NAProvides digital and mobile advertising solutions that leverage payment networks

to connect brands with consumers

1/18/2017BV Investment Partners

(Investment)C-4 Analytics, LLC NA Provides tech-enabled digital marketing services

1/17/2017 Proviso Capital LLC Cache Inc. NAProvides IT consulting services including accounting and ERP solutions and CRM

and HR software

1/17/2017 Automatic Data Processing, Inc. The Marcus Buckingham Company, Inc NAProvides leadership development solutions, including tools, research, coaching,

and training programs

1/17/2017Bain Capital Private Equity, LP; Yonghui

Superstores Co., Ltd.Daymon Worldwide, Inc. $413 Provides branding, merchandising, and marketing services for retailers

1/13/2017Carrick Capital Partners, LLC

(Investment)Perfect Sense Digital, LLC NA

Operates as a Web design, development, and operations company with a focus on

delivering digital experiences for its clients' customers

1/12/2017 MCG Health, LLC Work-Loss Data Institute LLC NAEvidence-based guideline company that provides healthcare data and guidelines

to the workers’ compensation industry

1/11/2017Canada Pension Plan Investment Board

(48% Stake)GlobalLogic Inc. NA Provides full-lifecycle software development services to customers worldwide

1/10/2017 The Dun & Bradstreet Corporation Avention, Inc. $150Monitors and analyzes business information for companies worldwide, fka

OneSource Information Services

1/9/2017 Accenture plc Altitude Inc. NA Offers product design, consulting, and innovation services

1/9/2017 Huron Consulting Group Inc. Pope Woodhead & Associates Ltd NAUK-based provider of consultancy services to clients in pharmaceutical, biotech,

and medtech sectors

1/6/2017 Deluxe Corporation First Manhattan Consulting Group LLC $200Data-driven, omni-channel marketing services company that develops and delivers

direct marketing campaigns

1/5/2017 Gartner, Inc. CEB Inc. $3,301Provides best practice and talent management insights in the U.S., Europe, and

internationally

1/5/2017 Impact Sales, Inc. Harlow-HRK Sales & Marketing, Inc. NAProvides sales, marketing, analytical, and retail support services to manufacturers

in the grocery industry

1/5/2017The Carlyle Group LP; Carlyle US Equity

Opportunity Fund II, L.P; The Indian Hill GroupClaritas, LLC NA

Provides marketers with a comprehensive view into consumer behavior patterns

through proprietary segmentation analysis



19

($MM)


1/4/2017 Perficient, Inc. R.A.S. Associates, Inc. NA Operates as a strategy and management consulting company

1/4/2017 Solera Holdings Inc. Autodata Publishing Group Limited $418UK-based producer and provider of automotive technical information for the

automotive aftermarket worldwide

1/4/2017 Financial Times Group Ltd. GIS Planning, Inc. NAProvides subscription-based, proprietary U.S. national site selection data and

intelligence for economic developers

1/3/2017 Macaulay-Brown, Inc. Enlighten IT Consulting Inc. NAProvides big data infrastructure, secure cloud engineering, and analytic solutions

for federal, state, and local clients

1/3/2017 Platinum Equity, LLC Cox Target Media, Inc. NAProvides integrated marketing solutions including digital, social, and direct mail

for agencies, retailers, brands, and shopper marketers



20

($MM)

EV / EBITDA EV / Revenue

Announced Date Acquirer Target Enterprise Value (EV) LTM NTM LTM NTM Target Description

12/20/2016 $560 NA NA NA NAOperator of entertainment data and technology

company.

12/14/2016 $2,871 6.8x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,029 39.5x 8.3x 1.3x 1.3x Provider of market research and related services

11/21/2016 NA NA NA NA NAProvider of business and financial information on public

and private companies globally

11/17/2016 $140 NA NA NA NA Provider of an online marketplace for people-based data

11/17/2016 NA NA NA NA NA Provider of technology-enabled marketing services

11/17/2016 NA NA NA NA NA Provider of social shopper marketing services

11/17/2016 $90 6.5x 5.9x 0.7x 0.8xProvider of marketing insights and communications

services

11/16/2016 $130 NA NA NA NA Provider of credit card comparison services

11/14/2016 NA NA NA NA NAProvider of geographic information products and

services

10/25/2016 NA NA NA NA NA Provider of marketing research services

10/14/2016 $225 NA NA 7.2x NAProvider of data, research and analysis on private and

public companies

10/13/2016 NA NA NA NA NA Provider of digital media and online advertising services

10/4/2016 $250 NA NA NA NA Provider of e-commerce media services

9/26/2016 $931 10.2x 9.0x 2.1x 2.1x Provider of business management information services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2016)

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 12/31/16.1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

(1)

21

($MM)



9/15/2016 $1,558 11.0x NA 4.2x NAPublisher of trade magazines and industry-specific web

sites

9/6/2016 NA NA NA NA NA Provider of governance, risk, and compliance solutions

8/9/2016 $2,382 22.7x 15.9x 6.9x 6.2xProvider of strategic advisory services for healthcare

organizations

8/8/2016 $1,500 NA NA NA NA Provider of performance marketing services

7/11/2016Intellectual Property & Science Business

$3,550 11.0x NA 3.5x NAProvider of intellectual property and scientific

information services

6/27/2016 $157 NM 8.8x 0.4x 0.5x Provider of online advertising services

6/10/2016 $260 19.3x NA 5.7x NAProvider of data and research related to digital

marketing, media, and commerce

6/9/2016 NA NA NA NA NAProvider of sales and marketing services for the

insurance sector

6/7/2016 NA NA NA NA NAProvider of information, news and data for the travel

and hospitality industries

5/23/2016 $175 NA NA NA NA Provider of market research services

5/23/2016 $1,447 NA NA NA NA Publisher of market reports

5/5/2016 $107 7.3x NA 1.5x NA Provider of online review and comparison services

5/3/2016 $13,171 17.7x 13.9x 4.3x 4.2xProvider of information and technology services to the

global healthcare industry

4/25/2016 $820 NA NA NA NAProvider of risk assessment and decision analytics

services to the global healthcare industry

4/18/2016 $360 10.3x NA NA NA Provider of identity fraud services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2016) – continued


22

($MM)



4/15/2016 $1,100 NA NA 3.1x NA Provider of marketing information services

4/4/2016 NA NA NA NA NA Provider of web integration services in Japan

3/21/2016 $6,139 16.1x 11.6x 5.5x 5.1x Provider of financial information services

3/7/2016 $207 NA NA 1.7x NA Provider of customer acquisition services

2/18/2016 $3,579 35.0x NA 5.9x NA Operator of a healthcare analytics company

2/11/2016 $418 NM NA 2.0x NA Provider of online advertising services

1/28/2016 NA NA NA NA NA Operator of a digital marketing agency

1/11/2016 $650 NA 17.0x NA NA Provider of petroleum pricing services

Mean 16.4x 10.6x 3.4x 2.8x

Median 11.0x 9.0x 3.1x 2.2x

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2016) – continued


23

($MM)



12/19/2016 NA NA NA NA NA Provider of recruitment services

12/12/2016 $435 11.2x 7.7x 0.8x 0.8x Provider of language translation and testing services

12/6/2016 NA NA NA NA NAProvider of information security and compliance

management services to enterprise clients

12/1/2016 NA NA NA NA NAProvider of data-driven benchmarking, outsourcing

consulting and network advisory services

11/16/2016 NA NA NA NA NAProvider of debt collection and business process

outsourcing services

11/14/2016 $4,413 16.5x NA 7.1x NA Provider of credit information services

11/6/2016 $2,500 NA NA NA NA Provider of business and financial advisory services

10/31/2016 $6,020 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services

10/21/2016 $410 NA NA NA NAProvider of information management and data recovery

services

10/20/2016 $500 NA NA 2.6x NA Provider of enterprise-grade cloud services

10/17/2016 NA NA NA NA NA Provider of information technology services

10/11/2016 NA NA NA NA NA Provider of risk management services

10/6/2016 NA NA NA NA NA Provider of business process outsourcing services

10/5/2016 NA NA NA NA NA Provider of outsourcing and consulting services

9/29/2016 NA NA NA NA NA Provider of consulting and advisory services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2016)


24

($MM)



9/26/2016 $931 10.2x 9.0x 2.1x 2.1x Provider of business management information services

9/22/2016 $166 NA NA 1.8x NA Provider of global strategy consulting services

9/20/2016 NA NA NA NA NA Provider of professional staffing services

8/22/2016 $1,522 10.4x NA 3.9x NA Provider of language translation services


7/27/2016 $1,009 11.6x 8.8x 1.9x 1.9x Provider of technology-based legal services

7/11/2016 $420 NA NA NA NA Provider of business process outsourcing services

7/6/2016 $132 NA NA 0.8x NA Provider of business process outsourcing services


5/24/2016 $17,000 NA NA NA NA Provider of IT consulting services

4/4/2016 $275 NA NA NA NA Operator of a social network for executives

4/3/2016 $1,040 7.7x 7.2x 1.1x 1.1xProvider of global IT and business process outsourcing

services

3/30/2016 NA NA NA NA NAProvider of cloud-enabled consulting and

implementation services

3/28/2016 $3,055 NA NA 1.1x NAProvider of information technology and business

services

2/11/2016 NA NA NA NA NA Provider of healthcare staffing services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2016) – continued


25

($MM)



2/8/2016 $742 8.9x 6.1x 0.8x 0.8x Provider of information-technology services

2/1/2016 NA NA NA NA NA Provider of court reporting services

1/4/2016 NA NA NA NA NA Provider of legal and technology consulting services

Mean 11.4x 8.4x 2.1x 1.3x

Median 10.8x 8.3x 1.6x 1.2x

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2016) – continued


26

GCA OVERVIEWDeep Business & Tech-Enabled Services Sector Expertise

Acquired by

We Advised the Seller

Equity Investment

Financial Advisor

Acquired by


IT Services Business

Acquired

We Advised the Buyer

Preferred Stock

Financial Advisor

Acquired


Acquired


Preferred Stock

Financial Advisor

Acquired


Acquired by


Acquired


Acquired by


Acquired by


Acquired


Acquired by

Financial Advisor

Acquired by


Acquired by


Acquired by


Acquired by


Preferred Stock

Financial Advisor

Acquired


Convertible Note Offering

Financial Advisor

Acquired by


Acquired


Acquired by


Hotel, Rental & Event Production Division

Acquired by


Acquired by


Received Minority Investment from

Financial Advisor

Acquired by


Acquired by


Acquired by

Consortium Led by


Acquired by


Acquired by



Acquired

Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

A portfolio company of

We Advised AXIO

to

We Advised the Sellers

Acquired by

and the managers / shareholders

Sold a majority stake in

http://www.ikon.com/

27

Derek Bell Sascha Pfeiffer* Stephen Georgiadis* Akikazu Ida*

Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7089 Phone: +49 69 204 346 415 Phone: +44 207 484 4040 Phone: +81 (3) 6212-7241

Mobile: (914) 953-0689 Mobile: +49 177 741 5643 Mobile: +44 7770 827335 Mobile: +81 (80) 9027-3023

[email protected] [email protected] [email protected] [email protected]

Alessandro Soprano* Adrian Reed* Raiko Stelten* Malte Abrams*

Managing Director Managing Director Director Vice President

Phone: +39 02 7601 7340 Phone: +44 845 505 4343 Phone: +49 69 204 346 418 Phone: +49 69 204 346 425

Mobile: +39 348 231 6056 Mobile: +44 7887 626800 Mobile: +49 171 335 0879 Mobile: +49 151 6483 5612

[email protected] [email protected] [email protected] [email protected]

GCA OVERVIEWBusiness & Tech-Enabled Services Team

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone:+44 20 7484 4040

FrankfurtThurn-und-Taxis-Platz 6

60313 FrankfurtGermany

Phone: +49 69 204 34 6410

MilanPiazza San Fedele 4

20121 MilanoItaly

Phone: +39 02 76 01 73 40

Notes:*Sascha Pfeiffer is a Managing Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.*Stephen Georgiadis, Alessandro Soprano, and Adrian Reed are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Akikazu Ida is a Managing Director at GCA Corporation. *Raiko Stelten is a Director at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.*Malte Abrams is a Vice President at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.

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