monthly business & tech-enabled services sector summary report · japan phone: +81 (3)...

1

BUSINESS AND TECH-ENABLED SERVICESSECTOR REPORT

March 2018

2

BUSINESS & TECH-ENABLED SERVICES DEAL DASHBOARD

Notes:Source: Capital IQ and PitchBook. Market Data as of 4/2/18.1) Business & Tech-Enabled Services is comprised of all of the companies listed under Public Company Valuations.

$94.4 Billion 788

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)

3/29/2018 NA

3/29/2018 NA

3/28/2018(Sig. M inority Stake)

$4,000

3/26/2018(Investment)

NA

3/21/2018 NA

3/21/2018 NA

3/19/2018 $1,180

3/15/2018 $383

3/15/2018 NA


NA

3/13/2018 $205

3/13/2018 NA

3/12/2018 $108

3/6/2018 $564

3/5/2018 NA


NA

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

90.0%

95.0%

100.0%

105.0%

110.0%

115.0%

120.0%

125.0%

Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18

Business & Tech-Enabled Services S&P 500

$19.1

$31.1

$19.2$24.6 $21.7

$48.5

$27.4$37.1

$26.9

$45.1 $45.5

$14.9

$94.4

0

20

40

60

80

100

Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18

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e (

$B

n)

966 944 964 995 986901 929 917 875 894

797 788 788

0

200

400

600

800

1000

1200

Q1 '15Q2 '15Q3 '15Q4 '15Q1 '16Q2 '16Q3 '16Q4 '16Q1 '17Q2 '17Q3 '17Q4 '17Q1 '18

Dea

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nt

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GCA OVERVIEWBusiness & Tech-Enabled Services Team

Notes:*Stephen Georgiadis and Alessandro Soprano are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation.*Akikazu Ida is a Managing Director at GCA Corporation. *Sascha Pfeiffer and Tobias Schultheiss are Managing Directors at GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.*Sameer Jindal is a Managing Director at GCA India Investment Advisors, a wholly-owned subsidiary of GCA Corporation.

For a complete list of GCA’s global offices, visit www.gcaglobal.com.

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

Mumbai146, Maker Chambers 6

Nariman Point, Mumbai 400 021India

Phone: +91-22-6106-9000

Derek BellManaging Director

Phone: (212) 999-7089Mobile: (914) 953-0689

[email protected]

Stephen Georgiadis *Managing Director

Phone: +44 207 484 4040Mobile: +44 77770 827335

[email protected]

Akikazu Ida *Managing Director

Phone: +81 (3) 6212-7241Mobile: +81 (80) 9027-3023

[email protected]

Sascha Pfeiffer *Managing Director

Phone: +49 69 204 346 415Mobile: +49 177 741 5643

[email protected]

Tobias Schultheiss *Managing Director

Phone: +49 69 204 346 416Mobile: +49 160 534 6278

[email protected]

Alessandro Soprano *Managing Director

Phone: +39 08 7601 7340Mobile: +39 348 231 6056

[email protected]

James Craven *Managing Director

Phone: +44 207 484 4083Mobile: +44 7884 314 630

[email protected]

Sameer Jindal *Managing Director

Phone: +91 22 6106 9001Mobile: +91 90 0441 4205

[email protected]

4

75%

100%

125%

150%

175%

Apr-15 Jul-15 Oct-15 Jan-16 Apr-16 Jul-16 Oct-16 Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18

80%

90%

100%

110%

120%

130%

140%

150%

Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18

RECENT STOCK PERFORMANCEIndex Performance

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 4/2/18.Advertising & Marketing Services: ADS, 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, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, 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, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

Key Sector 3 Months 1 Year 3 Years

Advertising & Marketing Services (3.6%) 0.4% 2.1%

Events & Exhibitions 9.1% 36.6% 57.2%

Information Services (0.6%) 19.5% 43.3%

Consulting & Training 5.9% 15.4% 27.7%

HR Services (3.1%) 13.8% 46.7%

Staffing & Recruiting 2.1% 34.5% 56.3%

IT & BPO Services 1.2% 16.7% 22.0%

Customer Care / CRM Services (6.8%) 24.7% 57.2%

S&P 500 (4.2%) 14.6% 29.5%

5

4.3x

3.7x

3.0x

2.0x

1.4x

1.0x

0.7x0.6x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

5.0x

InformationServices

Events &Exhibitions

HR Services IT & BPOServices

Advertising &MarketingServices

Consulting &Training

CustomerCare / CRM

Services

Staffing &Recruiting

14.0x13.7x

13.1x

10.8x

9.8x9.3x

8.7x8.0x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

InformationServices

HR Services Events &Exhibitions

IT & BPOServices




CustomerCare / CRM

Services

TRADING COMPARABLESValuation Metrics

EV / 2018E EBITDA EV / 2018E Revenue

Notes:Source: Capital IQ. Market Data as of 4/2/18. Figures reflect median values, except for HR services, which reflects mean values.Advertising & Marketing Services: ADS, 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, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, 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, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

6

31.8%

24.7%

21.6%

17.0% 17.0%

12.0% 10.7%

6.1%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

InformationServices

Events &Exhibitions

HR Services Advertising &MarketingServices

IT & BPOServices


CustomerCare / CRM

Services


TRADING COMPARABLESOperational Metrics

2018E EBITDA Margin 2019E / 2018E Rev. Growth

Notes:Source: Capital IQ. Market Data as of 4/2/18. Figures reflect median values, except for HR services, which reflects mean values.Advertising & Marketing Services: ADS, 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, III, NCI, RECN.Customer Care /CRM Services: ATTO, CVG, RCF, SNX, SYKE, TSE:4708, TSE:6183, TSE:9715, TTEC.Events & Exhibitions: ASCL, EEX, GLO, ITE, MCHN, TRS, UBM, VVI.HR Services: ADP, BBSI, NSP, PAYX, TNET.Information Services: ABCO, ACXM, 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, CVON, DXC, EPAM, EXLS, G, GIB.A, GLOB, HCLTECH, HEXAWARE, IBM, INFY, LXFT, PRFT, PSDO, SYNT, TCS, TECHM, TSE:4307, TSE:9613, VRTU, WNS.Staffing & Recruiting: ADEN, ASGN, HAS, HSII, KELY.A, KFRC, KFY, MAN, PAGE, RAND, RHI, TBI, TSE:2181, TSE:6098.

8.6%

7.0%

5.8% 5.6% 5.5%

4.9% 4.7% 4.2%

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

9.0%

10.0%

HR Services IT & BPOServices

InformationServices



CustomerCare / CRM

Services


Events &Exhibitions

7

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 4/2/18.

$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

4/2/18 Low High Value Equiv. Debt Value CY 17A CY 18E CY 19E CY 17A CY 18E CY 19E CY 18E CY 19E 18E/17A 19E/18E CY 18E CY 19E CY 18E CY 19E

Advertising & Marketing Services

WPP plc $15.91 $15.20 $24.92 $19,836 $3,232 $9,292 $26,529 1.3x 1.2x 1.2x 8.3x 7.5x 7.3x 9.6x 9.2x 3.6% 2.8% NA NA 16.5% 16.5%

Omnicom Group Inc. 71.27 65.32 86.71 16,411 3,796 4,964 18,298 1.2x 1.2x 1.1x 7.8x 7.6x 7.2x 12.7x 11.9x 3.5% 2.9% 25.4% 25.6% 15.2% 15.7%

Publicis Groupe S.A. 69.61 64.03 84.89 15,745 2,890 3,758 16,616 1.4x 1.4x 1.4x 7.7x 8.0x 7.7x 12.1x 11.5x 1.2% 2.7% 38.0% 38.0% 17.6% 17.9%

Dentsu Inc. 43.64 40.81 61.74 12,303 2,715 4,089 14,182 1.7x NA NA 8.3x NA NA NA NA NA NA NA NA NA NA

Alliance Data Systems Corporation 208.00 205.61 278.33 11,536 4,190 25,818 33,164 4.3x 4.0x 3.6x 19.1x 15.1x 13.8x 9.2x 8.1x 7.4% 9.7% 44.4% 44.9% 26.5% 26.5%

The Interpublic Group of Companies, Inc. 22.67 18.30 26.01 8,716 791 1,373 9,584 1.2x 1.2x 1.1x 8.5x 7.9x 7.6x 13.2x 12.2x 3.4% 3.1% 36.2% 36.3% 14.9% 15.0%

Hakuhodo DY Holdings Inc 13.71 12.13 16.00 5,110 1,186 83 4,206 0.4x 0.3x NA 7.9x NA NA NA NA 9.8% NA 20.3% NA NA NA

HubSpot, Inc. 107.50 58.45 124.45 4,070 504 298 3,864 10.3x 8.0x 6.4x NM NM NM NM NM 28.8% 24.2% 81.8% 82.4% 8.7% 10.6%

LendingTree, Inc. 321.95 116.70 404.40 3,942 369 238 3,812 6.2x 4.9x 3.9x 44.8x 25.5x 19.5x NM 42.4x 27.1% 24.2% 96.9% 97.0% 19.0% 20.1%

j2 Global, Inc. 77.12 70.27 91.48 3,785 351 1,002 4,436 4.0x 3.6x 3.4x 10.8x 9.0x 8.0x 12.6x 11.4x 9.3% 7.6% 84.5% 84.5% 40.3% 42.1%

Yelp Inc. 40.71 26.93 48.40 3,398 821 - 2,577 3.0x 2.7x 2.3x NM 14.1x 11.1x 34.4x 27.0x 12.6% 16.4% 92.6% 92.6% 19.2% 20.9%

Meredith Corporation 52.70 50.63 72.25 2,358 35 697 3,019 1.8x 0.7x 0.7x 9.2x 3.7x 2.8x 9.1x NA 149.6% (1.3%) NA NA 19.6% 26.4%

Moneysupermarket.com Group PLC 4.03 3.39 5.18 2,160 47 - 2,113 4.7x 4.4x 4.2x 13.6x 11.9x 11.3x 17.4x 16.2x 7.0% 5.9% 73.2% 73.1% 37.1% 37.0%

Cheil Worldwide Inc. 18.14 16.67 21.17 1,962 350 12 1,634 0.5x 0.5x 0.5x 9.0x 7.9x 7.4x 16.1x 14.5x 5.5% 4.4% 31.4% 31.8% 6.2% 6.4%

Ipsos SA 39.27 31.03 43.84 1,637 167 724 2,215 1.0x 1.0x 1.0x 8.8x 8.7x 8.1x 11.5x 10.6x 2.4% 3.9% 65.3% 65.4% 11.6% 12.0%

QuinStreet, Inc. 12.51 3.36 14.65 578 42 - 536 1.6x 1.4x 1.3x 47.4x 16.7x 12.8x 48.7x 31.3x 12.9% 9.5% 14.5% 16.0% 8.5% 10.1%

YouGov plc 5.35 3.44 5.48 564 30 - 534 3.4x 3.1x 2.8x 25.0x 17.8x 15.2x 26.6x NA 7.3% 10.3% 63.9% 64.5% 17.6% 18.7%

MDC Partners Inc. 6.95 6.53 12.26 406 46 883 1,364 0.9x 0.9x 0.8x 7.8x 6.3x 5.7x 9.7x 7.8x 4.9% 5.1% NA NA 13.6% 14.3%

Mean 2.7x 2.4x 2.2x 15.3x 11.2x 9.7x 17.4x 16.5x 17.4% 8.2% 54.9% 57.8% 18.3% 19.4%

Median 1.7x 1.4x 1.3x 8.9x 8.7x 8.0x 12.6x 11.9x 7.3% 5.5% 54.1% 64.5% 17.0% 17.2%

Events & Exhibitions

UBM plc $13.18 $8.98 $13.45 $5,187 $105 $800 $5,927 4.4x 4.3x 4.2x 14.9x 14.3x 13.3x 18.9x 17.9x 1.1% 4.0% 31.1% 32.0% 30.2% 31.3%

Ascential plc 5.86 4.27 5.91 2,345 62 429 2,712 5.3x 4.7x 4.3x 18.7x 15.2x 13.7x 22.0x 19.4x 14.4% 7.6% NA NA 30.7% 31.6%

Emerald Expositions Events, Inc. 19.00 18.19 24.56 1,383 11 555 1,927 5.6x 5.2x 5.0x 13.1x 12.2x 11.6x 15.4x 14.4x 7.6% 4.5% 71.7% 71.9% 42.8% 43.3%

Viad Corp 52.15 42.05 61.85 1,065 54 209 1,241 0.9x 0.9x 0.9x 9.0x 8.1x 7.7x 19.1x 17.6x 1.8% 2.2% NA NA 11.6% 11.9%

GL Events 30.08 24.63 36.29 699 - - 699 0.6x 0.6x 0.6x 4.3x 4.0x 3.8x 13.5x 13.3x 8.3% 0.7% NA NA 14.1% 14.7%

ITE Group plc 2.19 2.08 2.77 586 31 98 683 NA 3.0x 2.9x NA 15.7x 14.2x 18.1x 15.7x NA 3.8% 38.2% 39.0% 19.1% 20.4%

Tarsus Group plc 4.21 3.84 4.72 475 30 146 597 3.8x 4.6x 3.3x 11.5x 13.9x 9.1x 17.9x 10.5x (18.0%) 37.7% NA NA 32.9% 36.5%

MCH Group AG 50.47 46.39 87.07 303 119 253 439 0.9x 0.7x 0.7x 7.7x 6.3x 6.3x 17.5x 16.5x 19.7% 9.1% NA NA 11.7% 10.7%

Mean 3.1x 3.0x 2.7x 11.3x 11.2x 10.0x 17.8x 15.6x 5.0% 8.7% 47.0% 47.6% 24.1% 25.0%

Median 3.8x 3.7x 3.1x 11.5x 13.1x 10.3x 18.0x 16.1x 7.6% 4.2% 38.2% 39.0% 24.7% 25.8%

8

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





Information Services

S&P Global Inc. $186.63 $127.60 $197.76 $46,538 $2,791 $3,569 $48,723 8.0x 7.6x 7.1x 16.6x 15.3x 14.3x 21.9x 19.7x 6.1% 6.1% 72.7% 72.7% 49.4% 49.9%

RELX PLC 20.58 19.65 25.06 40,806 150 6,604 47,288 4.8x 4.5x 4.3x 15.7x 12.9x 12.3x 17.5x 16.4x 5.8% 4.0% 52.8% 53.0% 35.0% 35.1%

Moody's Corporation 158.66 110.82 171.68 30,321 1,183 5,541 34,891 8.3x 7.4x 7.0x 17.5x 15.3x 14.2x 20.6x 18.6x 11.9% 6.1% 70.1% 70.4% 48.6% 49.2%

Thomson Reuters Corporation 38.65 38.14 48.65 27,423 972 7,272 34,221 3.0x 3.0x 2.9x 13.6x 9.9x 10.0x 14.9x 14.0x 1.3% 3.7% NA NA 30.2% 28.7%

Experian plc 21.60 20.06 23.99 19,572 122 3,587 23,047 NA 4.8x 4.5x NA 14.0x 13.2x 20.6x 19.4x NA 6.3% 57.0% 57.0% 34.1% 34.1%

IHS Markit Ltd. 47.52 41.43 50.00 18,166 156 4,280 22,298 6.2x 5.8x 5.4x 19.9x 14.6x 13.5x 20.9x 18.4x 7.6% 5.8% 63.3% 64.0% 39.3% 40.4%

Verisk Analytics, Inc. 101.59 75.60 106.07 16,764 146 3,009 19,627 9.1x 8.3x 7.8x 19.9x 17.1x 15.8x 25.4x 22.9x 10.1% 6.9% 63.5% 63.8% 48.6% 49.1%

Wolters Kluwer N.V. 53.14 43.50 55.36 14,783 1,226 3,710 17,272 3.3x 3.2x 3.1x 11.9x 12.0x 11.4x 18.2x 16.8x 0.3% 3.6% 69.2% 69.2% 27.1% 27.5%

Equifax Inc. 114.95 89.59 147.02 13,808 336 2,704 16,241 4.8x 4.7x 4.4x 14.6x 13.7x 12.6x 19.4x 17.9x 3.9% 5.7% 64.2% 64.4% 33.9% 34.9%

MSCI Inc. 145.94 95.01 159.98 13,117 890 2,078 14,305 11.2x 10.0x 9.1x 21.7x 18.3x 16.4x 27.8x 24.1x 12.6% 9.2% 79.3% 79.5% 54.6% 55.6%

Nielsen Holdings plc 30.83 30.65 43.61 10,995 656 8,441 18,978 2.9x 2.8x 2.7x 11.2x 9.3x 8.6x 11.7x 10.3x 4.4% 3.5% 56.9% 57.3% 29.9% 31.2%

Gartner, Inc. 116.06 107.70 142.16 10,542 539 3,279 13,282 NM 3.2x 2.9x NM 17.1x 15.2x 29.8x 25.1x NM 10.9% 62.3% 62.7% 18.7% 19.0%

TransUnion 55.65 37.56 61.42 10,233 137 2,465 12,656 6.5x 5.9x 5.5x 18.0x 15.2x 13.9x 24.1x 21.4x 10.4% 7.6% 67.4% 67.9% 38.9% 39.7%

News Corporation 15.41 12.19 17.29 8,985 1,856 281 7,708 0.9x 0.9x 0.9x 9.4x 7.9x 7.4x 27.5x 24.3x 0.7% 0.2% NA NA 11.7% 12.5%

Informa plc 10.09 8.86 10.86 8,314 74 1,930 10,185 4.3x 4.1x 4.0x 13.5x 12.3x 11.0x 14.9x 14.3x 3.5% 3.2% NA NA 33.7% 36.5%

FactSet Research Systems Inc. 196.15 155.09 217.36 7,655 265 575 7,964 6.3x 5.8x 5.4x 18.6x 17.2x 16.0x 22.5x 20.4x 8.8% 6.8% 52.3% 53.9% 33.7% 33.9%

Fair Isaac Corporation 163.17 125.71 179.58 4,907 94 664 5,477 5.8x 5.4x 5.0x 25.4x 19.9x 18.4x 25.7x 22.1x 7.0% 7.0% 69.5% 70.3% 27.1% 27.4%

The Dun & Bradstreet Corporation 114.92 101.17 130.95 4,262 442 1,678 5,514 3.2x 3.1x 3.0x 12.0x 10.6x 10.2x 14.0x 13.4x 1.9% 2.5% 67.1% 67.2% 29.4% 29.7%

Morningstar, Inc. 94.75 68.43 103.46 4,027 353 180 3,853 4.2x NA NA 16.4x NA NA NA NA NA NA NA NA NA NA

CoreLogic, Inc. 44.19 38.50 49.30 3,603 119 1,754 5,238 2.8x 2.8x 2.8x 13.6x 11.1x 10.4x 17.0x 15.3x (0.2%) 2.0% 48.4% 48.6% 25.6% 26.7%

Euromoney Institutional Investor PLC 17.19 14.40 19.08 1,846 6 227 2,079 NA 3.5x 3.5x NA 12.9x 12.6x 16.0x 15.7x NA (0.1%) NA NA 27.0% 27.7%

Acxiom Corporation 23.28 18.60 32.93 1,831 178 230 1,883 2.1x 2.0x 1.8x 23.0x 9.9x 8.5x 23.9x 18.7x 6.7% 7.5% 48.7% 49.0% 19.8% 21.5%

comScore, Inc. 23.87 20.96 31.00 1,305 38 8 1,276 3.2x 3.1x 3.0x NM NM 37.5x NM NA 0.6% 4.2% 55.0% NA 5.6% 8.0%

National Research Corporation 49.83 39.00 58.16 1,221 35 1 1,188 10.1x 9.3x NA 30.6x 27.8x NA NA NA 8.7% NA 58.5% NA 33.5% NA

Forrester Research, Inc. 41.10 36.95 47.75 743 134 - 608 1.8x 1.7x 1.6x 17.4x 15.2x 11.0x 29.1x 22.0x 5.0% 6.4% 60.1% 60.9% 11.3% 14.7%

Mean 5.1x 4.7x 4.3x 17.2x 14.3x 13.7x 21.1x 18.7x 5.6% 5.2% 61.9% 62.9% 31.1% 31.9%

Median 4.5x 4.3x 4.0x 16.6x 14.0x 12.6x 20.8x 18.7x 5.8% 5.8% 62.8% 63.9% 31.8% 31.2%


9






Consulting & Training

Exponent, Inc. $77.20 $56.95 $81.15 $1,989 $196 $0 $1,793 5.4x 5.1x 4.8x 22.9x 20.0x 18.0x 31.7x 28.9x 6.7% 7.2% 35.0% 35.8% 25.5% 26.5%

FTI Consulting, Inc. 48.34 31.65 50.81 1,765 190 396 1,971 1.1x 1.1x 1.0x 10.5x 9.2x 8.8x 19.3x 17.4x 2.7% 4.2% 33.5% 33.0% 11.6% 11.6%

ICF International, Inc. 59.55 40.20 62.00 1,109 12 206 1,303 1.1x 1.0x 1.0x 11.6x 10.6x 9.9x 16.1x 14.7x 3.1% 5.0% 37.5% 37.6% 9.7% 9.9%

CBIZ, Inc. 18.20 13.45 19.65 993 1 182 1,174 1.4x 1.3x 1.2x 13.1x 10.9x 10.1x 17.3x 15.4x 5.8% 5.6% NA NA 12.0% 12.2%

Navigant Consulting, Inc. 18.78 14.62 24.47 846 8 133 971 1.0x 1.0x 1.0x 7.7x 7.7x 7.3x 14.5x 13.2x 3.2% 3.5% 30.7% 30.9% 13.0% 13.3%

Huron Consulting Group Inc. 37.80 29.53 46.85 812 17 343 1,138 1.6x 1.5x 1.5x 10.9x 12.6x 11.2x 16.9x 15.2x 1.3% 4.7% 33.4% 35.9% 12.2% 13.0%

Resources Connection, Inc. 15.15 12.05 17.00 475 56 48 467 0.8x 0.7x 0.7x 10.1x 9.8x 8.7x 15.8x 14.4x 17.0% 3.3% 37.7% 38.1% 6.9% 7.5%

The Hackett Group, Inc. 15.56 13.24 20.36 455 18 19 457 1.7x 1.5x 1.5x 11.1x 9.0x 8.3x 14.0x 12.8x 11.9% 5.5% 38.0% 39.1% 17.2% 17.7%

CRA International, Inc. 52.52 31.77 54.17 440 54 - 386 1.0x 1.0x 0.9x 15.1x NA NA 24.5x 21.8x 6.0% 6.8% 29.9% 30.3% NA NA

Franklin Covey Co. 26.25 17.35 31.20 364 8 49 405 2.1x 1.9x 1.7x NM 26.7x NA NM NA 12.2% 9.4% 68.8% 69.6% 7.0% NA

GP Strategies Corporation 21.80 20.30 31.25 362 24 69 407 0.8x 0.8x 0.7x 12.9x 7.9x 6.2x 15.1x 10.3x 3.6% 7.8% 17.1% 17.7% 9.8% 11.4%

Information Services Group, Inc. 4.16 2.99 4.63 182 28 114 268 1.0x 0.9x 0.9x 11.1x 7.5x 6.8x 11.9x 10.1x 6.5% 6.1% 41.3% 41.7% 12.4% 12.9%

Mean 1.6x 1.5x 1.4x 12.5x 12.0x 9.5x 17.9x 15.9x 6.7% 5.8% 36.6% 37.2% 12.5% 13.6%

Median 1.1x 1.0x 1.0x 11.1x 9.8x 8.8x 16.1x 14.7x 5.9% 5.6% 35.0% 35.9% 12.0% 12.6%

HR Services

Automatic Data Processing, Inc. $113.30 $95.50 $125.24 $50,222 $1,777 $2,002 $50,448 3.9x 3.7x 3.4x 18.5x 17.4x 15.6x 25.5x 22.6x 7.4% 6.8% 43.5% 43.4% 21.1% 22.0%

Paychex, Inc. 60.32 54.20 73.10 21,671 421 58 21,308 6.6x 6.1x 5.7x 15.1x 14.9x 14.3x 22.8x 21.1x 8.1% 6.2% 70.0% 69.8% 40.9% 40.1%

TriNet Group, Inc. 45.02 27.27 49.00 3,154 336 423 3,241 1.0x 3.8x 3.5x 13.8x 10.5x 9.5x 17.4x 17.0x (73.9%) 8.1% 74.4% 74.5% 36.2% 36.8%

Insperity, Inc. 67.60 34.88 72.60 2,839 356 104 2,588 0.8x 0.7x 0.6x 18.0x 13.1x 11.5x 22.3x 19.5x 12.4% 11.0% 17.2% 17.2% 5.3% 5.5%

Barrett Business Services, Inc. 81.20 44.52 89.87 593 61 4 537 0.6x 0.5x 0.5x 15.2x 12.4x 10.3x 18.7x 16.2x 11.8% 11.0% 3.0% 3.0% 4.2% 4.6%

Mean 2.6x 3.0x 2.8x 16.1x 13.7x 12.2x 21.3x 19.3x (6.8%) 8.6% 41.6% 41.6% 21.6% 21.8%

Median 1.0x 3.7x 3.4x 15.2x 13.1x 11.5x 22.3x 19.5x 8.1% 8.1% 43.5% 43.4% 21.1% 22.0%


10






Staffing & Recruiting

Recruit Holdings Co.,Ltd. $24.72 $17.28 $27.12 $41,295 $3,218 $1,782 $39,904 2.1x 1.8x 1.7x 15.8x 15.0x 12.6x 27.1x 22.7x 14.0% 7.9% 46.4% 46.5% 12.2% 13.5%

Randstad Holding NV 65.72 59.18 73.25 12,019 396 1,623 13,247 0.5x 0.4x 0.4x 10.6x 8.8x 8.3x 11.9x 11.3x 6.8% 3.3% 20.0% 20.0% 5.0% 5.2%

Adecco Group AG 71.21 69.15 83.88 11,808 1,155 2,351 13,014 0.5x 0.4x 0.4x 9.0x 8.3x 7.9x 11.8x 11.2x 5.7% 3.2% 18.3% 18.3% 5.2% 5.3%

ManpowerGroup Inc. 113.63 97.15 136.93 7,517 689 948 7,858 0.4x 0.3x 0.3x 8.7x 7.9x 7.4x 12.6x 12.3x 10.2% 4.9% 16.5% 16.4% 4.3% 4.4%

Robert Half International Inc. 57.48 42.92 60.59 7,021 295 1 6,728 1.3x 1.2x 1.1x 11.6x 10.9x 10.2x 17.6x 16.2x 6.0% 5.2% 41.3% 41.4% 11.0% 11.3%

Persol Holdings Co., Ltd. 28.75 18.72 29.50 6,723 703 954 7,096 1.2x 0.8x 0.7x 17.6x 13.4x 11.8x 28.8x 24.2x 51.6% 7.2% 23.7% 23.5% 6.0% 6.3%

ASGN Incorporated 82.52 44.66 86.13 4,306 34 575 4,846 1.8x 1.5x 1.3x 17.1x 12.4x 11.2x 19.6x 17.7x 25.9% 11.2% 31.3% 31.0% 11.9% 11.8%

Hays plc 2.65 2.18 2.90 3,837 155 108 3,791 0.5x 0.5x 0.5x 11.5x 9.8x 9.2x 16.0x 14.5x 8.5% 4.3% 18.7% 18.8% 4.8% 5.0%

Korn/Ferry International 50.69 29.84 52.17 2,865 391 241 2,718 1.6x 1.5x 1.4x 12.6x 9.8x 8.8x 17.2x 15.5x 7.2% 4.0% 33.7% 34.5% 15.2% 16.2%

PageGroup plc 7.54 5.72 7.95 2,334 129 - 2,205 1.2x 1.1x 1.0x 12.6x 10.3x 9.6x 17.4x 16.2x 10.5% 5.0% 55.0% 54.0% 10.4% 10.7%

Kelly Services, Inc. 28.75 20.27 30.99 1,105 33 10 1,083 0.2x 0.2x 0.2x 10.0x 8.5x 7.6x 12.2x 10.6x 5.1% 3.4% 17.9% 18.0% 2.3% 2.4%

TrueBlue, Inc. 25.95 19.30 29.50 1,031 29 119 1,121 0.4x 0.4x 0.4x 9.0x 8.6x 8.1x 11.8x 10.8x 2.3% 3.2% 25.2% 25.4% 5.1% 5.2%

Kforce Inc. 26.35 16.75 29.35 656 0 120 776 0.6x 0.5x 0.5x 10.2x 8.7x 7.9x 12.4x 11.0x 3.9% 4.6% 30.0% 30.1% 6.3% 6.7%

Heidrick & Struggles International, Inc. 30.40 17.90 32.65 572 208 - 364 0.6x 0.6x 0.5x 6.5x 5.5x 5.0x 19.7x 18.1x 4.4% 4.8% 30.4% 30.5% 10.2% 10.7%

Mean 0.9x 0.8x 0.8x 11.6x 9.9x 9.0x 16.9x 15.2x 11.6% 5.2% 29.2% 29.2% 7.9% 8.2%

Median 0.6x 0.6x 0.5x 11.1x 9.3x 8.6x 16.6x 15.0x 7.0% 4.7% 27.6% 27.7% 6.1% 6.5%


11






IT & BPO Services

International Business Machines Corporation $150.07 $139.13 $176.33 $138,240 $12,582 $46,858 $172,647 2.2x 2.2x 2.1x 10.4x 8.9x 8.7x 10.8x 10.6x 1.3% 0.3% 47.5% 47.7% 24.3% 24.6%

Accenture plc 147.98 114.82 165.58 95,164 3,598 29 92,350 2.6x 2.3x 2.2x 15.8x 13.6x 12.6x 21.9x 20.0x 11.1% 6.6% 31.5% 31.6% 17.1% 17.3%

Tata Consultancy Services Limited 44.71 34.62 50.08 85,592 5,729 12 79,932 4.2x 4.0x 3.7x 15.9x 15.2x 14.0x 20.3x 18.2x 5.6% 9.1% 43.1% 43.5% 26.4% 26.2%

Cognizant Technology Solutions Corporation 79.21 57.50 85.10 46,580 5,056 873 42,397 2.9x 2.6x 2.4x 14.0x 12.3x 10.7x 17.4x 15.4x 9.6% 8.8% 39.0% 39.5% 21.3% 22.5%

Infosys Limited 17.47 13.22 18.76 37,977 3,615 - 34,362 3.2x 3.0x 2.8x 11.9x 11.5x 10.6x 16.6x 15.4x 5.4% 7.3% 36.8% 36.6% 26.4% 26.7%

DXC Technology Company 99.48 67.76 107.85 28,420 2,926 8,540 34,399 NA 1.4x 1.4x NA 6.8x 6.7x 11.2x 10.5x NM (1.0%) 26.1% 27.1% 21.0% 21.6%

HCL Technologies Limited 15.05 12.24 15.99 20,956 843 92 20,206 2.7x 2.5x 2.2x 11.7x 10.9x 10.0x 15.4x 14.0x 8.2% 9.5% 34.0% 33.9% 22.6% 22.4%

Capgemini SE 124.51 104.38 133.92 20,863 2,387 4,057 22,538 1.5x 1.4x 1.3x 11.6x 10.2x 9.6x 16.6x 15.2x 3.4% 5.3% 30.0% 32.2% 14.0% 14.0%

Wipro Limited 4.45 3.72 5.14 20,035 4,532 2,067 17,607 2.1x 2.0x 1.9x 10.4x 9.9x 9.7x 15.3x 14.8x 1.5% 6.1% 29.5% 29.7% 20.5% 19.8%

CGI Group Inc. 57.09 47.80 59.79 16,218 191 1,521 17,548 2.0x 2.0x 1.9x 12.1x 10.8x 10.3x 17.3x 16.1x 1.4% 3.2% NA NA 18.3% 18.6%

NTT Data Corporation 10.36 9.46 13.42 14,529 1,890 5,261 18,203 1.0x 0.9x 0.9x 7.2x 6.1x 5.9x 22.3x 18.7x 9.6% (0.5%) 24.6% 25.1% 14.7% 15.3%

Atos SE 136.69 127.52 166.58 14,368 2,714 2,345 14,676 1.0x 0.9x 0.9x 7.7x 6.7x 6.5x 12.7x 11.6x 1.7% 2.5% 52.2% 51.0% 14.1% 14.3%

Nomura Research Institute, Ltd. 47.70 36.20 52.69 10,717 1,036 519 10,307 2.5x 2.2x 2.2x 12.5x 11.0x 10.4x 24.7x 22.8x 13.1% 4.3% 34.3% 34.6% 20.3% 20.8%

Tech Mahindra Limited 9.84 5.48 10.02 9,640 1,397 242 8,560 1.8x 1.7x 1.6x 13.0x 10.7x 9.4x 16.0x 14.5x 5.3% 5.0% 29.5% 30.1% 16.1% 17.4%

Genpact Limited 31.50 23.34 34.79 6,095 509 1,220 6,810 2.5x 2.3x 2.1x 16.0x 13.6x 12.4x 18.2x 16.2x 8.4% 7.9% 38.5% 38.6% 16.9% 17.2%

EPAM Systems, Inc. 112.20 73.49 125.88 5,951 583 25 5,394 3.7x 3.0x 2.4x 25.7x 16.8x 13.6x 27.4x 22.6x 25.2% 21.3% 36.9% 37.1% 17.7% 17.9%

Conduent Incorporated 18.35 14.95 20.32 3,862 658 2,061 5,265 0.9x 0.9x 0.9x 7.6x 7.3x 6.8x 17.6x 15.0x (5.0%) 0.7% 18.1% 18.5% 12.5% 13.4%

MphasiS Limited 13.01 8.03 14.33 2,514 444 60 2,130 2.2x 2.0x 1.8x 13.7x 12.1x 10.7x 17.8x 15.9x 8.4% 12.6% 27.7% 27.5% 16.4% 16.5%

WNS (Holdings) Limited 44.73 27.69 48.26 2,250 208 103 2,145 3.0x 2.8x 2.5x 23.4x 12.2x 10.6x 29.5x 27.7x 9.0% 10.9% 33.7% 34.7% 22.6% 23.4%

Syntel, Inc. 25.16 15.82 27.72 2,087 123 359 2,323 2.5x 2.5x 2.4x 9.4x 10.0x 9.6x 13.5x 12.8x 0.9% 2.1% 36.6% 36.8% 25.0% 25.5%

Mindtree Limited 12.41 6.68 13.42 2,035 136 39 1,938 2.3x 2.1x 1.9x 18.1x 14.5x 12.3x 23.1x 19.3x 9.9% 12.0% 34.1% 33.8% 14.6% 15.4%

Hexaware Technologies Limited 6.37 3.06 6.45 1,891 84 - 1,807 2.9x 2.7x 2.3x 17.8x 15.9x 14.0x 21.9x 19.8x 10.2% 13.4% 33.9% 33.9% 16.7% 16.8%

ExlService Holdings, Inc. 55.00 45.05 64.34 1,881 265 61 1,677 2.2x 2.0x 1.8x 15.0x 11.2x 9.9x 19.9x 18.0x 10.8% 9.0% 35.0% 35.3% 17.7% 18.3%

Globant S.A. 49.94 33.56 54.84 1,758 62 6 1,702 4.1x 3.4x 2.8x 33.0x 19.9x 16.4x 31.5x 25.7x 21.7% 19.9% 38.5% 38.6% 17.0% 17.2%

Presidio, Inc. 15.34 12.75 19.74 1,410 21 884 2,274 0.8x 0.8x 0.7x 10.5x 9.6x 8.2x 10.8x 9.1x 7.4% 6.7% 21.0% 21.4% 7.9% 8.7%

Virtusa Corporation 46.97 25.72 52.88 1,382 293 130 1,315 1.4x 1.1x 1.0x 19.8x 13.9x NA 21.9x 17.8x 24.8% 12.2% 29.2% 29.9% 7.8% NA

Luxoft Holding, Inc. 40.00 39.15 67.85 1,353 69 1 1,284 1.5x 1.3x 1.1x 13.8x 8.5x 6.7x 13.2x 10.2x 12.7% 14.7% 37.7% 38.2% 15.3% 16.9%

Persistent Systems Limited 10.53 8.58 13.48 842 134 0 708 1.5x 1.4x 1.2x 9.9x 8.2x 7.1x 14.5x 12.6x 10.1% 12.4% 35.0% 35.7% 16.6% 17.2%

Perficient, Inc. 22.33 16.20 24.30 777 6 55 826 1.7x 1.7x 1.6x 15.5x 10.8x 9.9x 15.0x 13.6x 1.9% 4.6% 36.3% 36.4% 15.9% 16.6%

ConvergeOne Holdings, Inc. 9.19 7.95 9.95 641 13 572 1,199 1.3x 0.8x 0.8x 16.0x 7.7x 7.0x 9.1x 7.9x 59.5% 5.6% 30.2% 30.5% 10.6% 11.1%

Mean 2.2x 2.0x 1.8x 14.5x 11.2x 10.0x 18.1x 16.1x 10.1% 7.7% 33.8% 34.1% 17.6% 18.4%

Median 2.2x 2.0x 1.9x 13.7x 10.8x 9.9x 17.4x 15.4x 8.4% 7.0% 34.1% 34.6% 17.0% 17.3%


12






Customer Care / CRM Services

Teleperformance SE $155.02 $123.15 $159.20 $8,954 $342 $1,934 $10,560 2.1x 2.0x 1.9x 13.7x 11.4x 10.6x 19.3x 17.4x 5.3% 6.5% NA NA 17.5% 17.7%

SYNNEX Corporation 96.80 96.06 141.94 3,882 378 1,816 5,320 0.3x 0.3x 0.3x 7.9x 7.2x 6.7x 9.6x 9.0x 13.7% 3.5% 9.0% 9.0% 3.8% 3.9%

Convergys Corporation 22.07 20.60 26.66 2,022 207 269 2,084 0.7x 0.8x 0.8x 5.8x 6.3x 6.1x 13.1x 12.8x (5.4%) 0.2% 37.4% 37.5% 12.4% 12.8%

TTEC Holdings, Inc. 30.45 28.65 43.75 1,397 74 344 1,673 1.1x 1.1x 1.1x 9.0x 8.0x 7.6x 15.6x 14.6x 2.8% 4.0% 25.6% 26.5% 13.8% 13.9%

Sykes Enterprises, Incorporated 28.18 25.77 34.49 1,199 344 275 1,130 0.7x 0.7x 0.6x 6.6x 6.4x 5.8x 14.1x 12.3x 6.9% 4.4% 34.1% 34.5% 10.4% 11.1%

transcosmos inc. 26.49 21.53 31.39 1,099 236 124 1,016 0.4x 0.4x 0.4x 11.6x 9.4x 8.2x 21.9x 17.5x 14.1% 10.0% 17.9% 18.2% 4.1% 4.3%

BELLSYSTEM24 Holdings, Inc. 14.01 8.57 15.35 1,031 49 697 1,691 1.7x 1.5x 1.4x 16.0x 14.0x 12.7x 17.5x 15.6x 10.4% 8.7% 18.8% 19.1% 10.7% 10.9%

Relia, Inc. 12.59 9.61 14.26 868 124 24 768 0.8x 0.7x 0.7x 13.1x 9.1x 8.2x 23.8x 21.1x 12.4% 6.3% 14.7% 15.0% 7.8% 8.1%

Atento S.A. 8.05 7.60 12.90 595 163 511 943 0.5x 0.5x 0.5x 4.7x 4.2x 4.0x 9.4x 8.1x 2.2% 4.9% NA NA 11.5% 11.4%

Mean 0.9x 0.9x 0.8x 9.8x 8.5x 7.8x 16.0x 14.3x 6.9% 5.4% 22.5% 22.8% 10.2% 10.5%

Median 0.7x 0.7x 0.7x 9.0x 8.0x 7.6x 15.6x 14.6x 6.9% 4.9% 18.8% 19.1% 10.7% 11.1%


13

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2016 - 2018 YTD)

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18.

($MM)

EV / EBITDA EV / Revenue

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

3/15/2018 $383 NA NA 7.0x NAUK-based provider of free access to credit reports and scores

and consumer finance matching solutions

3/13/2018 $205 NA NA 2.8x NAProvides environmental risk information services and

solutions serving the property due diligence industry

2/12/2018Global Market Intelligence Division

$181 12.0x NA NA NATwo main units are CEIC and EMIS, which provide global

financial information from the macro and micro perspectives,

with a focus on data for emerging markets

1/30/2018Financial & Risk Business (55% stake)

$20,000 10.4x NA 3.3x NAOffers critical news, information, and analytics enabling

transactions and connecting communities of trading,

investment, financial, and corporate professionals

1/29/2018PR Solutions & Digital Media Services

$335 13.4x NA 1.7x NAPublic relations, webcasting, and webhosting products,

including GlobeNewswire, Media Intell igence, and Influencers

Database

1/29/2018 $830 NA NA NA NAProvides context-based business security and fraud prevention

solutions for businesses in various industries worldwide

1/17/2018 $6,057 14.8x 14.5x 4.4x 4.4x Organizes business-to-business events worldwide

12/22/2017 $219 NA NA NA NAProvides eCommerce analytics, with proprietary

technology, for consumer product companies

12/18/2017 $476 5.8x NA 1.0x NA Largest direct mail production provider in North America

11/30/2017 $200 NA NA NA NAProvides market and cost intelligence solutions to

energy companies

11/27/2017 $456 NM 19.6x 2.2x 2.2xProvides marketing tools to retailer and brand clients for

understanding consumer voice

11/22/2017 NA NA NA NA NA Provider of data and analytics for capital markets

11/14/2017 NA NA NA 2.4x NAProvides under-banked consumer risk management and identity

verification services to alternative financial services industry

10/12/2017 NA NA NA NA NAGlobal leader in consumer and business-to-business

digital research data for business decisions

10/5/2017 $70 NM NA 2.7x NALeader in sales intelligence and acceleration for

businesses selling to the public sector

14

($MM)



10/2/2017 $1,188 16.5x 16.6x 0.4x 0.4xJapan-based advertising agency and provider of

animation programs

9/26/2017 $558 NA NA NA NAProvides predictive analytics and marketing automation

technology for the automotive industry

9/5/2017 $113 11.2x NA 0.7x NAProvides digital video brand advertising solutions in the

U.S. and internationally

8/29/2017 $1,300 6.3x 6.4x 1.6x 1.6xProvides research, technology, and data-enabled

services to healthcare sector worldwide

8/29/2017 $1,550 NA NA NA NAProvides research and advice to academic, business, and

student leaders at Universities

8/28/2017 $105 NM NM 0.7x 1.0xProvides a data management platforms for display

advertising and in-store ad campaign solutions

7/27/2017 $112 NA NA NA NAProvides merchant risk intelligence for acquirers,

commercial banks, and payment systems

7/24/2017 $2,617 14.4x 10.8x 3.7x 3.6xProvides health information through websites, mobile

platforms, and publications

7/18/2017 $147 NM NM 0.4x 0.3xPredictive marketing company that uses AI to anticipate

people's need for products and services

7/5/2017 NA NA NA NA NA Provides assisted living referral services

7/3/2017 $1,435 14.2x 11.1x 3.0x 2.8xOperates as a publisher, aggregator, and distributor of

personal finance content on the Internet

6/30/2017 NA NA NA NA NAMarketing solutions and search platform provider and

publisher of the Real Yellow Pages and YP.com

6/20/2017 NA NA NA NA NAOwns and operates a Website that enables customers to

shop for energy rates

6/16/2017 $63 NM NA 5.6x NAProvides identity theft detection, protection, and

resolution services

6/5/2017 NA NA NA NA NA Provides B2B data and data-driven marketing services

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Marketing & Information Services M&A Transactions (2016 - 2018 YTD) – continued


15


($MM)



6/5/2017 $200 NA NA NA NAProvides location-driven insights and mobile advertising

intelligence

5/15/2017 $3,293 22.0x NA 11.6x NA Provides business intelligence and company information

5/11/2017 $4,309 11.4x 10.0x 1.7x 1.6xProvides advertising, digital, and communications

services

5/3/2017 (Investment)

$700 NA NA NA NAProvides hospitality, merchandise, ticket sales,

sponsorship, and experiential services

4/17/2017 NA NA NA NA NAProvides subscription-based advertising, brand, and

pricing intelligence solutions

4/10/2017 $464 15.1x 8.2x 1.6x 1.5xOperates as a savings destination with digital offers for

online and in-store purchases

4/4/2017 NA NA NA NA NAProvides analytics and services to engage with shoppers

and patients and optimize results

4/3/2017Email/Cross-Channel Marketing Bus.

$400 NA NA NA NAIncludes the Experian Marketing Suite, CheetahMail, and

Mail Publisher

4/3/2017 $900 17.0x NA 4.2x NAProvides agricultural market intelligence to farmers,

agribusinesses, and commodity traders

3/20/2017 $205 NA NA 7.3x NA Provides portfolio performance measurement

3/20/2017 NA NA NA NA NACision provides public relations software (reverse

merger)

3/3/2017 $125 16.2x NA 4.2x NAProvides information and data for the global forest

products industry

2/28/2017 NA NA NA NA NAProvides software, workflow tools, and technologies to

the automotive repair industry

2/20/2017 $104 17.0x 14.0x 1.9x 1.7x German full-service digital agency

2/16/2017 $215 NA NA NA NA Leading global provider of digital flight information


16


($MM)



1/19/2017 NA NA NA NA NAProvides technology media, data, and marketing

services to customers worldwide

1/10/2017 $45 NA NA 3.2x NAPerformance marketing network serving online

merchants

1/10/2017 $150 NA NA 2.5x NAMonitors and analyzes business information for

companies worldwide

1/6/2017 $200 NA NA 2.8x 2.4xProvides data-driven, omni-channel marketing services

for clients in the financial services sector

1/5/2017 $3,300 18.5x 13.3x 3.5x 3.4xProvides best practice and talent management insights

in the U.S., Europe, and internationally

1/5/2017 NA NA NA NA NAProvides marketers with a comprehensive view into

consumer behavior patterns

1/4/2017 $418 NA NA NA NAUK-based producer and provider of technical

information for the automotive aftermarket

1/3/2017 NA NA NA NA NAProvides integrated marketing solutions including

digital, social, and direct mail

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

company.

12/14/2016 $2,886 6.9x 5.0x 2.5x 2.3x Provider of real-time information and analysis services

12/8/2016 $2,015 11.6x 8.3x 1.3x 1.3xMarket research company that publishes data on

consumer confidence and products

11/21/2016 $144 NA NA NA NAProvider of business and financial information on public

and private companies globally

11/17/2016 $140 (1) 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

Notes:Source: Capital IQ and Wall Street Estimates. Market Data as of 4/2/18.1) Combined Enterprise Value (EV) for both Arbor Technologies, Inc. and Circulate, Inc.

17


($MM)



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 $941 10.3x 9.0x 2.2x 2.1x Provider of business management information services

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 $2,393 22.8x 16.0x 6.9x 6.2xProvider of strategic advisory services for healthcare

organizations

8/8/2016 $1,500 21.1x NA 3.2x 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 $158 NM 8.9x 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


18


($MM)



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 $13,267 17.9x 14.0x 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

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 $7,303 19.1x 13.8x 6.6x 6.1x 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


19


($MM)



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 14.4x 11.7x 3.3x 2.4x

Median 14.2x 11.1x 2.8x 2.1x


20

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD)

($MM)



3/21/2018 $33 NA NA 1.7x NAProvides Guidewire platform implementation services

to P&C insurance carriers

3/19/2018 $1,180 10.5x 8.1x 0.6x 0.6xProvides title insurance and real estate transaction

services

2/12/2018 $9,871 11.7x 12.0x 1.9x 1.8xProvides IT solutions and professional services to its U.S.

government customers to modernize legacy systems, and

protect and enhance networks and assets

2/6/2018Talent Assessment Business

$400 10.5x NA NA NA Formerly SHL, provides talent assessment solutions

2/5/2018 NA NA NA 2.0x NADigital customer engagement firm that specializes in

developing and delivering compelling customer experiences

1/31/2018 $775 11.5x NA 1.3x NAProvides cybersecurity, cloud, DevOps, IT modernization and

advanced science and engineering solutions to government

enterprises

1/11/2018 $5,650 13.1x 12.2x 2.8x 2.6xProvides technology-based information processing and

servicing solutions worldwide

12/22/2017 $185 NA NA NA NAProvider of l itigation support services including electronic

discovery, data management and managed review services

12/11/2017 NA NA NA NA NA Bankruptcy claims and noticing agency in the U.S.

12/6/2017 NA NA NA NA NAProvides claim management, loss adjusting, and risk solutions

to insurers, brokers, and risk managers

12/1/2017 NA NA NA NA NAReverse merger with SPAC to become a Nasdaq-listed

public company

11/30/2017 $2,000 10.4x NA 2.9x NAProvides software development, engineering, and

product design services

11/1/2017 $1,750 NA NA NA NAProvides advisory services in valuation, M&A, compliance and

regulatory consulting, disputes and investigations, real estate,

restructuring, and tax

10/30/2017(65% Stake)

$250 NA NA NA NAGlobal IT consulting and next-generation software

services company with focus on telecom sector

10/23/2017 $140 NA NA 2.4x NAProvider of clearance and protection solutions for

trademark and intellectual property professionals


21

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect Professional, IT & BPO Services M&A Transactions (2016 - 2018 YTD) – continued

($MM)



10/18/2017 $2,497 NA NA NA NAProvides underwriting, claims administration, and

marketing services worldwide

10/18/2017 $320 11.8x NA 2.0x NACzech Republic-based provider of translation,

localization, and testing services

10/3/2017 $998 NA NA NA NAProvides IT managed services, infrastructure solutions,

consulting, and products to SMBs and Fortune 1000 companies

9/28/2017 NA NA NA NA NAEnterprise IT company providing advisory services,

security, hosting and technology solutions

9/18/2017 $180 NA NA NA NAProvides managed cloud, agile software development, DevOps,

systems engineering, and IT services to the U.S. federal

government

9/7/2017 $720 NA NA NA NAProvides proxy advisory and corporate governance solutions to

financial market participants

8/29/2017 $3,100 15.5x NA NA NA Provides IP and legal support services worldwide

8/21/2017 NA NA NA NA NAProvides PEO services to small and medium-sized

businesses

8/7/2017 $530 NA NA 2.6x NAProvides data, applications, analytics, and consulting

services to life sciences companies

7/31/2017 $154 NM NA 0.2x NAProvides engineering, IT and staffing solutions

worldwide

7/17/2017 NA NA NA NA NAProvides integrated workforce management solutions to

manage their temporary staffing and outside service

7/12/2017 NA NA NA NA NAOperates as a PEO that provides workforce solutions for

businesses in the U.S.

7/10/2017 $199 6.9x NA 0.3x NACanada-based provider of IT services and data center

solutions in North America and the U.K.

7/5/2017 $152 NA NA NA NAIndependent integrator of Microsoft Dynamics 365 for

mid-market and enterprise customers

7/3/2017 $293 10.4x 9.6x 0.9x 0.8xProvides IT solutions to defense, intelligence,

healthcare, and government agencies worldwide


22


($MM)



6/19/2017 $627 NA NA 0.9x NAProvides HR SaaS solutions that connect job seekers and

employers in the U.S. and internationally

6/19/2017 $886 NA NA NA NA UK-based IT training and learning solutions company

6/13/2017 $1,675 NA NA NA NAProvides IT and infrastructure solutions for businesses in

North America

6/6/2017 $830 15.8x NA 0.2x NATechnology distributor of security, collaboration,

networking, and data center products

6/1/2017 NA NA NA NA NAProvides travel visa and passport services to

corporations, travel companies and individuals

5/25/2017 NA NA NA NA NA Provides enterprise managed solutions

5/22/2017 $330 NA NA NA NA Provider of specialized BPO services

5/18/2017 $93 NA NA 0.3x NA Provides IT and related staffing services

5/16/2017 $837 NM NM 5.2x 3.8xProvides subscription-based enterprise support services

for Oracle, SAP, and other software products

5/15/2017 NA NA NA NA NAProvides technology solutions that streamline the claims

management process

5/10/2017 $4,600 15.4x NA 2.1x NAProvides outsourced services to the pharmaceutical,

biotechnology, and healthcare industries

5/9/2017 $4,955 7.6x 7.6x 2.2x 2.1xProvides communication and network infrastructure

services

4/14/2017 $2,000+ NA NA NA NAProvides technology-based educational, curriculum, and

assessment solutions

4/7/2017 NA NA NA NA NA Develops contingent workforce management solutions

4/3/2017 $2,702 11.6x 10.7x 1.0x 1.0xProvides infrastructure design, engineering, and project

management consultancy services


23


($MM)



4/3/2017 $288 NA NA 0.7x NA Provides IT and BPO services

3/6/2017 $110 NA NA 0.9x NAProvides technology consulting to healthcare service

providers

2/16/2017 $135 NA NA NA NA Provides strategy and growth consulting services

2/10/2017Benefits Administration & HR Platform

$4,800 12.1x NA 2.1x NABenefits administration platform which provides cloud-

based HR management services

1/27/2017Government IT Services Business

$690 NA NA 0.7x NA Provides communications, engineering, and IT solutions

1/11/2017(48% stake)

$1,500 NA NA NA NAProvides full-lifecycle software development services to

customers worldwide

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

12/14/2016 NA NA NA NA NAProvides managed hosting and cloud computing

services, with strong AWS focus

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

12/6/2017 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 $6,030 15.0x 11.6x 1.4x 1.2x Provider of healthcare administrative services


24


($MM)



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

9/26/2016 $941 10.3x 9.0x 2.2x 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 $1,023 11.7x 8.9x 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


25


($MM)




5/24/2016 $8,642 5.1x NA 0.5x 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

2/8/2016 $741 9.1x 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 11.3x 9.2x 1.7x 1.6x

Median 11.4x 9.0x 1.4x 1.2x


26

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2018 YTD)

($MM)

Announced Date Acquirer Target Enterprise Value (EV) Target Description

3/29/2018 Accenture plc Meredith Xcelerated Marketing NAContent-focused leader in integrated marketing, cross-channel strategy

development and creative execution

3/29/2018 Investcorp Bank B.S.C. ICR, LLC NA Provides strategic communications and advisory services

3/29/2018 Ankura Consulting Group, LLC C3 Consulting LLC NAManagement consulting firm with strong strategy and operational consulting

capabilities

3/28/2018 Spectrio, LLC 10 Foot Wave, LLC NAProvides for the design, creation, deployment and management of digital signage

media networks

3/28/2018 TravelClick, Inc. Digital Alchemy, LLC NA Provides CRM and e-mail marketing solutions to hotels, resorts, and spas

3/28/2018 Silver LakeCredit Karma, Inc.

(Significant Minority Stake)$4,000

Provides credit scoring, reporting and monitoring services to consumers for

optimizing their credit and personal finances ($500MM investment)

3/27/2018 Omnicom Health Group Inc. Elsevier Japan KK NAJapan-based healthcare communications firm focused on medical content for promotional

materials and educational programs directed at doctors and patients

3/27/2018 Silver Oak Services Partners, LLC CBN Management, LLC NADba Brilliant Partners, provides search, staffing, and recruitment services to

accounting, finance, and IT industries

3/26/2018 Brite Media Group LLC Mesmerize, LLC. NA Point-of-care media company focused on educating health-conscious consumers

3/26/2018 DFW Capital Partners INSIGHT2PROFIT, LLC NA Provides data-driven pricing and compensation plans to B2B companies

3/26/2018The Chertoff Group

(Investment)ZP Group NA Provides cyber strategy, consulting, technology and compliance services

3/26/2018Peak Rock Capital

(Investment)CloudNine NA

Legal discovery technology company; deal included acquisition of the LexisNexis

eDiscovery product suite

3/23/2018 Infogix, Inc. Lavastorm Analytics, Inc. NA Operates as an agile data management and analytics software company

3/22/2018 NIKE, Inc. Zodiac Inc. NAProvides a predictive analytics solution that accurately forecasts individualized

customer lifetime value based on real-time sales data

3/21/2018 Quad/Graphics, Inc. Rise Interactive, Inc. NA Digital marketing agency specializing in media, analytics and customer experience


27

RECENT BUSINESS & TECH-ENABLED SERVICES ACQUISITIONSSelect M&A Transactions (2018 YTD) – continued

($MM)


3/21/2018 Randall-Reilly, LLC Smart Rhino Labs LLC NA Provides recruiting services in the trucking industry

3/21/2018 Zensar Technologies, Inc. Cynosure, Inc $33 Provides Guidewire platform implementation services to P&C insurance carriers

3/21/2018 GI Partners, LLC Advanced Discovery Inc. and Consilio LLC NA Provide ediscovery and risk management software and services

3/19/2018 Meltwater News US Inc. Datasift Inc. NAOwns and operates a cloud-based enterprise social data platform that enables

social data aggregation and filtration

3/19/2018 Dow Jones & Company, Inc. Complete Electronic Risk Compliance Limited NAProvides end-to-end Know Your Business Partner technology and digital

compliance tools for international businesses

3/19/2018 Fidelity National Financial, Inc. Stewart Information Services Corporation $1,180 Provides title insurance and real estate transaction services

3/16/2018 Valassis Communications Inc. The Flyer Inc. NA Direct mail local shopper in Southeast Florida and the Tampa Bay market

3/16/2018Parthenon Capital Partners

(Investment)Trinity Partners NA

Provides commercialization strategy consulting and analytics services for life

sciences companies to bring innovative treatments to market

3/16/2018 Alithya Group Inc. Edgewater Technology, Inc. NA Provides digital transformation consulting services

3/15/2018 Gladson Interactive, Inc. WebCollage, Inc. NAOperates a cloud-based platform for managing and publishing rich product

information across a network of retailer sites globally

3/15/2018 Institutional Shareholder Services Inc. Oekom Research AG NAGermany-based provider of environmental, social and governance (ESG) ratings

and data

3/15/2018 Gladson Interactive, Inc. FSE Inc. NA Leading product data management and syndication provider

3/15/2018 Experian plc Clear Score Technology Ltd. $383UK-based provider of free access to credit reports and scores and consumer

finance matching solutions

3/15/2018 EPAM Systems, Inc. Continuum LLC NAInnovation design firm with four practices: Strategy, Physical/Digital Design,

Technology and Made Real Lab

3/15/2018 InterVision Systems, LLC Bluelock, LLC NAProvides Disaster Recovery-as-a-Service (DRaaS) and cloud hosting solutions for complex

environments, and sensitive data to help companies mitigate risk


28


($MM)


3/15/2018 Aegis Limited StarTek, Inc. NATransaction will result in the combination of two BPO companies, StarTek and Aegis, with

over 50,000 employees in 12 countries across five continents

3/14/2018The Carlyle Group L.P.

(Investment)DiscoverOrg, LLC NA Provides sales and marketing intelligence

3/13/2018Shamrock Capital Advisors, LLC

(Investment)Wpromote, Inc. NA Provides online marketing services

3/13/2018 Battery Ventures; Silver Lake Environmental Data Resources, Inc. $205Provides environmental risk information services and solutions serving the

property due diligence industry

3/13/2018 Duff & Phelps Corporation Kroll, Inc. NAProvides a range of investigative, intelligence, financial, security, and technology

services worldwide

3/12/2018 Cognizant Technology Solutions Corporation Bolder Healthcare Solutions LLC $108Provides revenue cycle management solutions for hospitals, physicians, and other

healthcare professionals

3/8/2018 Comvest Partners Engage2Excel, Inc. NA Provides managed employee reward and recognition programs

3/7/2018 Health & Safety Institute, Inc. Vivid Learning Systems, Inc. NA Provides online safety training

3/6/2018 Penske Media Corporation SheKnows, LLC NA Operates a women’s lifestyle digital media platform

3/6/2018 Opus Events Agency LLC CRG Events NA Experiential events agency

3/6/2018 S&P Global Inc. Kensho Technologies, Inc. $564Provides analytics, artificial intelligence, machine learning, and data visualization systems

to global banks and investment institutions [$20 million revenue business]

3/6/2018 U.S. Legal Support, Inc. Gramann Reporting, Ltd. NA Court reporting agency

3/6/2018 United Language Group, Inc. viaLanguage, Inc. NA Provides language translation, localization, and e-learning solutions

3/5/2018 Wolters Kluwer Health, Inc. Firecracker Inc. NAAdaptive learning, assessment, and study-planning solution used by U.S. medical

students

3/5/2018 Stone Point Capital LLC Grace Hill, Inc. NAProvides online education and learning management solutions for multifamily

housing professionals worldwide


29


($MM)


3/5/2018 Deposition Solutions, LLC Automated Records Collection, LLC NA Dba Legal Monkeys, provides records retrieval services to law firms

3/1/2018TZP Group

(Investment)FreshAddress, Inc. NA Email marketing database services provider

3/1/2018The Carlyle Group L.P.

(Investment)Corporate Finance Group, Inc. NA Provides accounting, reporting, and tax advisory services

3/1/2018Pamlico Capital

(Investment)Silverline NA Salesforce platinum consulting partner

2/27/2018 Clearview Capital Mudlick Mail NAProvides of direct mail and related marketing services to SMBs and franchises that

operate in the consumer services sector

2/27/2018 Stone Point Capital LLC LegalShield NADesigns, underwrites, and markets membership-based legal expense plans in the

U.S. and Canada

2/26/2018 H.I.G. Capital, LLC HelpSystems, LLC NAProvides IT infrastructure software in the areas of systems and network

management, BI, and security and compliance for customers worldwide

2/26/2018 GlobalData Plc Research Views Limited $150 Provides energy, construction and financial research services

2/21/2018 Anexinet Corp. Propelics, Inc. NA Provides IT strategy and application delivery services

2/20/2018 PWP Growth Equity 360training.com, Inc. NAOffers enterprise e-learning solutions for career, compliance and certification

needs

2/20/2018 S&P Global Market Intelligence Inc. Panjiva, Inc. NAProvdes business intelligence and big data analytics of global supply chain activity and

relationships through its Global Trade Intelligence Platform

2/15/2018 Granicus Inc. Vision Technology Solutions, LLC NADba Vision Internet Providers, provides Website development, hosting, and digital

solutions for government agencies

2/15/2018 Main Street Capital Direct Marketing Solutions, Inc. (DMS) NAProvides omni-channel direct marketing services to a clients in the banking,

alternative lending, technology and telecom sectors

2/15/2018 LiveRamp, Inc. Pacific Data Partners LLC NAProvides access to over 50 billion B2B and B2C data records for use in marketing,

sales, and analytics

2/15/2018 ATTOM Data Solutions Onboard Informatics LLC NAProvides neighborhood data and data-enabled turnkey products to the real estate

industry


30


($MM)


2/15/2018 The Chartis Group, LLCOncology Solutions, LLC

(nka:Chartis Oncology Solutions)NA

Offers oncology consulting services, including strategy, performance,

program/care design and physician alignment

2/15/2018ConvergeOne, Inc. (nka:ConvergeOne Holdings,

Inc.)Arrow Systems Integration, Inc. $31

Specializes in unified communications, contact center, and voice and data

technologies

2/14/2018 Veritas Capital Fund Management, LLCUS Public Sector Business of

PricewaterhouseCoopers LLPNA

With 1,500 partners and staff, helps governments and multilateral agencies solve complex

business problems, improve processes and manage risk

2/13/2018 Dentsu Aegis Network Ltd. Character SF, LLC NA Branding and design agency

2/13/2018 Nielsen Media Research Limited Advertising Intelligence Division of Ebiquity plc $36Digital platform that allows clients to view, sort and analyze competitor

advertising, linking ad creative and ad spend in more than 90 countries

2/13/2018 Frontier Strategy Group Inc. Ducker Worldwide, LLC NA B2B research and consulting firm

2/12/2018 CITIC Capital Partners; Caixin Global LimitedGlobal Market Intelligence Division of Euromoney

Institutional Investor PLC$181

Two main units are CEIC and EMIS, which provide global financial information from the

macro and micro perspectives, with a focus on data for emerging markets

2/12/2018 General Dynamics Corporation CSRA Inc. $9,871Provides IT solutions and professional services to its U.S. government customers to

modernize legacy systems, and protect and enhance networks and assets

2/12/2018Bold Orange Company, LLC

(Backed by Mountaingate Capital)Great Lakes Scrip Center, LLC NA

Great Lakes Scrip Center operates a fundraising tool for non-profit organizations

and retailers

2/8/2018 Unitas Global, LLC Solinea, Inc. NAConsulting firm providing comprehensive enterprise hybrid cloud adoption

strategies

2/7/2018 The Knowland Group Competitive Marketing Exchange (CMX) NA Provides event space marketing intelligence for hotels

2/7/2018 tronc, Inc.BestReviews LLC

(60% stake)$85

Operates an online product review site that helps users to make purchasing decisions

providing recommendations based on testing and researching of consumer products

2/6/2018 Omnicom Health Group Inc. Snow Companies NAProvides direct-to-patient communications, marketing, education and patient

research initiatives

2/6/2018 Exponent Private Equity LLP Talent Assessment Business of CEB Inc. $400 Formerly SHL, provides talent assessment solutions

2/5/2018 Lieberman Research Worldwide, Inc. Strativity Group, LLC NA Provides customer experience strategy design and implementation services


31


($MM)


2/5/2018 Capgemini SE LiquidHub, Inc. NADigital customer engagement firm that specializes in developing and delivering

compelling customer experiences

2/5/2018 Fulcrum IT Services, LLC PTR Group, LP NAProvides innovative software engineering, cyber security, real-time and

embedded systems engineering solutions

2/2/2018 Simplus CirrusOne LLC NAProvides consulting services for configure, price, quote (CPQ), customer lifecycle

management, (CLM), billing, and customer success solutions

2/2/2018 CBIZ, Inc. Laurus Transaction Advisors LLC NAProvides financial due diligence services including buy-side and sell-side due diligence,

forensic due diligence, and post-acquisition dispute resolution

2/2/2018 General Information Services, Inc. Backtrack Inc. NA Provides employment background screening services

1/31/2018 Ernst & Young LLP Citizen Inc. NAStrategic innovation, design and digital consultancy that helps companies improve

business function and customer experience

1/31/2018 On Assignment, Inc. ECS Federal, Inc. $775Provides cybersecurity, cloud, DevOps, IT modernization and advanced science

and engineering solutions to government enterprises

1/30/2018The Blackstone Group L.P.; GIC Pte. Ltd.; Canada

Pension Plan Investment BoardF&R Business of Thomson Reuters Corporation

(55% stake)$20,000

Offers critical news, information, and analytics enabling transactions and connecting

communities of trading, investment, financial, and corporate professionals

1/29/2018 West CorporationPublic Relations Solutions and Digital Media

Services Businesses of Nasdaq, Inc.$335

Public relations, webcasting, and webhosting products, including GlobeNewswire,

Media Intelligence, and Influencers Database

1/29/2018 LexisNexis Risk Solutions Inc. ThreatMetrix Inc. $830Provides context-based business security and fraud prevention solutions for

businesses in various industries worldwide

1/29/2018 IMPAQ, LLC Maher & Maher NAConsulting firm providing business integration, change management, and leading-

edge training solutions

1/29/2018The Carlyle Group L.P.; WestView Capital Partners;

Revolution Growth(Investment)

LDiscovery, LLC NAProvides tech-enabled services and software to help law firms, corporations, government

agencies and consumers solve complex data challenges

1/29/2018 Driven, Inc. Update Legal, Inc. NA Provides legal recruiting and placement services in the U.S.

1/24/2018 OEP Capital Advisors, L.P. Rizing, LLC NAProvides SAP functional and technical services for energy and utilities, facilities,

life sciences, oil and gas, and transportation industries

1/23/2018 GoDaddy Inc. Main Street Hub, Inc. $175 Develops and operates an online marketing platform for local businesses


32


($MM)


1/23/2018 Deloitte Digital ATADATA LLC NAOffers a software platform that provides automated, integrated cloud migration along

with discovery, application mapping, mirroring, and migration for enterprise workloads

1/22/2018 Ankura Consulting Group, LLC Aegis Compliance & Ethics Center, LLP NAProvides compliance and ethics advice and support services for health care, financial,

energy, manufacturing, retail, government, and other industries

1/22/2018 Automatic Data Processing, Inc. Work Market Inc. NAProvides a cloud-based platform that enables enterprises to procure, manage and

compensate labor for projects from unified talent pools worldwide

1/22/2018MidOcean Partners

(Investment)The Planet Group Limited NA

Provides specialized outsourced human capital and niche consulting to the life

sciences and diversified energy & engineering markets

1/22/2018 Hilltop Consultants, Inc. SumaTech Consulting, LLC NA Provides managed IT services to law firms

1/19/2018 GPB Capital Holdings, LLC MatrixOneSource Inc. NA Florida-based PEO serving 700+ companies in the Southeast

1/17/2018Frontier Capital, LLC

(Investment)MediaRadar, Inc NA

Provides sales and marketing intell igence solutions to help broadcasters, dotcoms, ad tech

companies, magazines, and newspapers improve advertisement sales and client

management

1/17/2018 Informa plc UBM plc $6,057 Organizes business-to-business events worldwide

1/17/2018Boathouse Capital

(Investment)Sageworks, Inc. NA

Provides financial industry information, and develops financial analysis and risk

management solutions for private companies

1/17/2018Boathouse Capital

(Investment)Unitas Global, LLC NA

Discovers, designs, builds, deploys, and manages enterprise cloud and hybrid cloud

solutions, and provides IT and operations outsourcing services

1/16/2018NewSpring Capital

(Investment)Pillar Technology Group LLC NA

Technology consulting firm with expertise in design thinking, embedded

solutions, and highly-complex software development

1/16/2018Spectrum Equity Management, L.P.

(Investment)The Expert Institute Group, LLC NA

Operates an online platform for law firms to find and connect with expert witness

candidates

1/12/2018 Kantar Retail Company Mash Strategy Limited NA Provides brand strategy and growth consultancy services

1/11/2018 Internet Brands, Inc. Avvo, Inc. NA Operates an online legal marketplace that connects consumers and lawyers

1/11/2018 SS&C Technologies Holdings, Inc. DST Systems, Inc. $5,650Provides technology-based information processing and servicing solutions

worldwide


33


($MM)


1/10/2018 Accenture plc Mackevision Medien Design GmbH Stuttgart NAProvides 3D visualization, animation, visual effects, and post-production solutions

for automotive OEMs, agencies, and film production

1/10/2018 Baring Private Equity Asia Prometric Inc. $1,000Provides test development and test delivery solutions for organizations

worldwide

1/9/2018 Endeavor, LLC One Sixty Over Ninety, Inc. NA Branding and creative services agency

1/9/2018 Millpond Equity Partners, LLC Ninjathat Inc. NA Providesf digital marketing services for SMBs

1/9/2018Northlane Capital Partners, LLC

(Investment)List Partners, Inc. NA

Provides sales intelligence content used by business development professionals who target

national advertisers and their agencies across the U.S. and the U.K.

1/9/2018Keystone Capital, Inc.

(Investment)Arbour Group, LLC NA Provides regulatory compliance services for the global life sciences industry

1/9/2018Egis Capital Partners LLC

(Investment)Mission Critical Partners, Inc. NA

Provides digital transformation consulting and life cycle management services for

the public safety sector

1/8/2018 Finn Partners, Inc. The Brighter Group NA UK-based PR and marketing firm focused on the travel and tourism sector

1/8/2018LaSalle Capital

(Investment)Gen3 Marketing, LLC NA

Digital marketing agency that provides affiliate marketing services to advertisers by

optimizing positioning of their products and services on third-party websites

1/8/2018 Research Horizons LLCTV Brand Effect Assets of The Nielsen Company

(US), LLCNA Offers memorability and quality tracking platform for advertising campaigns

1/8/2018 Viacom, Inc. WhoSay Inc. NAProvides a media management platform for high profile film, TV, music, and sports

personalities to manage their interactions via social and mainstream media

1/8/2018 Cyxtera Technologies Immunity, Inc. NACybersecurity firm that provides testing, assessment, consulting, and specialized

security products for enterprises and government agencies

1/5/2018 Cision CEDROM-Sni NA Canada-based digital media monitoring and analytics solutions specialist

1/5/2018 Hilltop Consultants, Inc. Strategic Integration Partners, LLC NAProvides managed IT consulting and support services with a focus on on the legal,

accounting, and financial markets

1/4/2018 RFE Investment Partners ThreeBridge Solutions, LLC NAProvides value-added IT and business consulting services for clients in the

Midwest


34


($MM)


1/3/2018 Dentsu Aegis Network, Ltd. / Merkle Inc. HelloWorld, Inc. NAFka ePrize, marketing solutions agency that provides a rich consumer engagement

platform

1/3/2018 KPMG LLPIdentity and Access Management Business of

CyberincNA

Provides advisory, strategy, implementation, and managed services for organizations that

need to transform their enterprise or consumer identity capabilities


35

GCA OVERVIEWDeep Business & Tech-Enabled Services Sector Expertise

Acquired by

We Advised the Seller

Acquired by

Consortium Led by

We Advised the Buyer

Acquired


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Hotel, Rental & Event Production Division

Acquired by


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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.

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IT Services Business

Preferred Stock

Financial Advisor

Acquired


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Equity Investment

Financial Advisor

Convertible Note Offering

Financial AdvisorWe Advised the Sellers

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Sold

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Received Minority Investment from

Financial AdvisorWe Advised the Buyer

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We Advised NorthEdge

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We Advised the Seller We Advised the Seller

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