Overview & Highlights April 2016 - Palazzo - Palazzo · REVShare. 1/28/2016 Sentinel Capital Marketplace Events N/A N/A Marketplace Events is an organizer of consumer home and garden

Q 1 | 2016 | 1

Overview & Highlights Last year’s torrid pace in the M&A markets continued in Q1 2016 with over 800 transactions completed. While the number of transactions reported remains consistent with quarterly activity in 2015, the industry has not seen that “mega-deal” in 2016 which is driving the lower total transaction volume compared to quarterly statistics last year. The first quarter witnessed a wave of mobile ad-tech deals, as the industry continues to consolidate and acquirers seek to expand and enhance their technology platforms and services. Notable transactions this quarter included:

Fyber’s acquisition of Heyzap for $45mm Telenor’s acquisition of Tapad for $360mm, representing 6.3x revenue RNTS Media’s acquisition of Inneractive for $72mm RTL Group acquisition of Smartclip for $53mm YP acquisition of JUICE Mobile for $35mm

While the Ad-Holding Co’s remained active, we witnessed an acceleration of marketing services deal activity from the so-called ‘new entrants’ in the market. Notable transactions included:

IBM’s acquisition of Resource/Ammirati Hakuhodo’s (kyu) minority investment in IDEO Deloitte Digital’s acquisition of Heat Web.com’s acquisition of Yodle for $342mm, representing 1.6x revenue

Private Equity firms continue to be active acquirers of marketing services and tech-enabled services firms. Notable transactions this quarter included:

Searchlight Capital Partners’ acquisition of 160over90 for $175mm (rumored) CI Capital Partners’ majority acquisition of Hero Digital Thoma Bravo’s acquisition of Infogix

The Fed’s quarter point rate hike at the end of last year and the ensuing volatility in the public equity markets during the first quarter has not dampened or slowed the pace of deal activity. Transaction valuations remain strong given the large numbers of acquirers competing for select assets combined with historically low cost of capital. We expect transaction volumes to accelerate in the near term as the underpinnings for a robust M&A marketplace remain in place. As always, we’ll continue to monitor events as they unfold and will update and comment on changes as they emerge throughout the year. In the meantime, we hope you find the report helpful, and, as always, we welcome your feedback and commentary.

Regards,

Philip A. Palazzo, Jr. Founder and President

April 2016

Note: All figures and charts in this report are based on public data gathered by PALAZZO. All time period statistics are based on the transaction announcement date.

Reported Data Q1 2016 Q4 2015 Q3 2015 Q2 2015

# Transactions 815 827 872 867

Volume $16.4 B $35.3 B $65.4 B $29.6 B

DEAL SUMMARY BY QUARTER

Q 1 | 2016 | 2

MARKETING: TRANSACTION OVERVIEW

SECTOR SUMMARY

Q1 2016 Reported Volume: $1.0 B

YTD 2016 Reported Volume: $1.0 B

Reported Transactions:


211

211

NOTABLE TRANSACTIONS


DATE BUYER TARGET SIZE($000's) VALUATION DESCRIPTION

1/5/2016 Stagwell Group Code and Theory N/A N/A

Digital agency Code and Theory's clients include Bloomberg, LA Times,

Huffington Post, Vogue, Mashable, Maybelline and Burger King. The agency's

revenue was $35M in 2013. The deal expands Stagewell's digital portfolio.

1/28/2016 IBMResource/

AmmiratiN/A N/A

Resource/Ammirati is a digital marketing and creative agency. This acquisition

adds to IBM's global, leading design and digital experience capabilities.

2/9/2016 Kyu IDEO N/A N/A

Hakuhodo's kyu collective acquired a minority stake in design firm IDEO.

IDEO is known for its human-centered approach. The deal helps kyu expand

internationally and allows IDEO to take on more systemic design challenges.

2/11/2016 Web.com Group Yodle $342,000 1.6x RevenueYodle is a digital marketing agency. The acquisition helps scale Web.com and

expand their digital marketing capabilities as well as long term growth.

2/29/2016 Deloitte Heat N/A N/A

Based in San Francisco, Heat is an advertising agency whose clients include

EA Sports, Bank of the West, Hotwire, Esurance and Credit Karma. The

acquisition helps Deloitte build its digital consulting practice.

3/1/2016Searchlight

Capital Partners160Over90 $175,000 N/A

160Over90 is a branding and creative services agency. The company has 150

employees and their clients include Nike, UCLA, Under Armour and Ferrari.

3/7/2016 AKQA Potato N/A N/A

Digital agency Potato is headquartered in London and employs over 100. The

agency specializes in designing and building web apps. Potato generated

$10M in 2015 revenue.

3/16/2016 M&C Saatchi MCD Partners N/A N/AM&C Saatchi has acquired MCD Partners, a digital customer experience

agency with 120 employees and offices in NY and Chicago.

3/24/2016 WPP Viscira N/A N/A

WPP's healthcare communications network Sudler & Hennessey has acquired

Viscira, a provider of interactive new-media and marketing solutions for the

healthcare industry.

Q 1 | 2016 | 3

MARKETING: VALUATION COMPS


Q1 PERFORMANCE LTM PERFORMANCE

INDEX STOCK PERFORMANCE (Market Cap Weighted)

Marketing Services: 3.6% S&P 500: 2.5% Marketing Services: -0.9% S&P 500: -0.2%

-12%

-8%

-4%

0%

4%

8%

4 Ja

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25 Ja

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29 F

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14 M

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21 M

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28 M

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15%

10%

-5%

0%

5%

10%

31 M

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5

30 A

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31 M

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30 Ju

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31 Ju

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6

OVERVIEW EV/Rev EV/EBITDA P/E Last 12 P/E Fwd 12

Low 0.32 x 5.40 x 13.77 x 9.19 x

Median 1.28 x 8.89 x 18.87 x 15.13 x

High 2.68 x 12.37 x 26.45 x 25.11 x

Average 1.18 x 8.99 x 19.27 x 15.62 x

Market Cap

Enterprise

Value Revenue EBITDA EV/REV EV/EBITDA P/E Last 12 P/E Fwd 12

Aimia Inc. 992$ 1,328$ 1,773$ 129$ 0.70 x 9.02 x NM 10.39 x

BlueFocus Communication Group Co. 3,166$ 3,581$ 1,329$ (65)$ 2.68 x NM NM 23.60 x

Cello Group Plc 112$ 118$ 232$ 14$ 0.52 x 8.79 x 26.45 x 10.15 x

Cheil Worldwide Inc. 1,618$ 1,317$ 2,385$ 141$ 0.53 x 8.99 x 22.08 x 16.94 x

Creston plc 88$ 92$ 121$ 18$ 0.80 x 5.40 x 13.77 x 9.19 x

Dentsu Inc. 14,338$ 15,264$ 2,567$ 1,851$ 1.82 x 8.25 x 16.68 x 17.92 x

Hakuhodo DY Holdings Inc 4,229$ 3,308$ 9,813$ 391$ 0.32 x 7.78 x 20.69 x 20.13 x

Harte-Hanks Inc. 155$ 215$ 495$ 37$ 0.43 x 5.86 x NM 12.05 x

Havas SA 3,350$ 3,250$ 2,376$ 358$ 1.30 x 8.65 x 17.19 x 14.64 x

Huntsworth plc 187$ 231$ 248$ 26$ 0.95 x 9.05 x NM 11.74 x

MDC Partners Inc. 1,180$ 2,009$ 1,326$ 166$ 1.51 x 12.02 x NM 25.11 x

Next Fifteen Communications Group plc 239$ 251$ 180$ 22$ 1.51 x 12.37 x 18.87 x -

Omnicom Group Inc. 19,941$ 22,513$ 15,134$ 2,211$ 1.49 x 10.14 x 18.87 x 17.65 x

Publicis Groupe SA 15,555$ 17,543$ 10,427$ 1,932$ 1.60 x 8.62 x 15.47 x 13.42 x

The Interpublic Group of Companies, Inc. 9,229$ 9,770$ 7,614$ 1,028$ 1.28 x 9.49 x 21.06 x 17.56 x

Viad Corp 588$ 673$ 1,089$ 81$ 0.62 x 8.34 x 21.76 x 13.75 x

WPP plc 29,812$ 34,982$ 18,043$ 3,157$ 1.99 x 11.10 x 18.40 x 15.62 x

Q 1 | 2016 | 4

T O P P E R F O R M E R S

3 MONTH STOCK PERFORMANCE

YTD STOCK PERFORMANCE

LTM STOCK PERFORMANCE

MARKETING: STOCK PERFORMANCE

B O T T O M P E R F O R M E R S


10.01%8.66%

5.43%3.41% 3.29%

Omnicom GroupInc.

MDC Partners Inc. Publicis Groupe SA Hakuhodo DYHoldings Inc

Viad Corp

-27.75%-21.91%

-17.18%-14.98%

-9.52%

BlueFocusCommunicationGroup Co., Ltd. Harte-Hanks Inc. Creston plc

Cheil WorldwideInc. Dentsu Inc.

10.01%8.66%

5.43%3.41% 3.29%

Omnicom GroupInc.

MDC Partners Inc. Publicis Groupe SA Hakuhodo DYHoldings Inc

Viad Corp

-27.75%-21.91%

-17.18% -14.98%-9.52%

BlueFocusCommunicationGroup Co., Ltd. Harte-Hanks Inc. Creston plc

Cheil WorldwideInc. Dentsu Inc.

35.55%

17.16%

6.73% 6.46% 5.82%

Next FifteenCommunications

Group plc

Dentsu Inc. Omnicom GroupInc.

Hakuhodo DYHoldings Inc

Havas SA

-67.56%

-44.29%-36.09% -31.10%

-16.75%

Harte-Hanks Inc.

BlueFocusCommunicationGroup Co., Ltd. Aimia Inc.

Cheil WorldwideInc. MDC Partners Inc.

Q 1 | 2016 | 5

MEDIA: TRANSACTION OVERVIEW

SECTOR SUMMARY





234

234




1/14/2016 SmithBucklin SDI N/A N/A

SDI is an incentive travel, strategic meetings and special events company

based in Chicago. The transaction enhances the company’s corporate event-

planning portfolio, and brings to the company new, specialized talent in

incentive travel.

1/27/2016 Nexstar Media General $4,600,000 N/A

Nexstar said it agreed to acquire Media General for $4.6 billion after

Meredith Corp. withdrew its merger transaction with Media General. Media

General and Nexstar will the pure-play broadcasting and digital media leader.

1/28/2016

Cannella

Response

Television

Media Properties

HoldingN/A N/A

Cannella acquired Media Properties Holdings, parent company of AdMore,

which includes holdings in AdMore and short-form direct-response company

REVShare.

1/28/2016 Sentinel CapitalMarketplace

EventsN/A N/A

Marketplace Events is an organizer of consumer home and garden shows in

North America. Sentinel invests in promising companies at the lower end of

the middle market.

2/11/2016 Time Inc. Viant Technology N/A N/A

The assets of people-based performance platform Viant Technology were

acquired. Viant owns multiple ad-tech and media companies. Time becomes a

majority owner of Viant.

2/12/2016 Nasdaq Marketwired N/A N/A

Marketwired is a press release distribution service. The transaction expands

Nasdaq's corporate services offerings. Marketwired is currently owned by PE

firm OMERS.

3/2/2016 Mobvista NativeX $25,000 N/A

NativeX is a mobile ad monetization platform. The deal aids Mobvista in

accelerating global growth. Rob Weber, CEO of NativeX, becomes VP of the

Mobvista Group.

3/17/2016Tribune

Publishing Co.

Freedom

Communications

Inc.

$56,000 N/A

Freedom Communications is the owner of the Orange County Register. The

acquisition marks a deep expansion in Southern California for Tribune

Publishing Co.

Q 1 | 2016 | 6

MEDIA: VALUATION COMPS



Media: 1.7% S&P 500: 2.5% Media: -18.4% S&P 500: -0.2%


Market Cap

Enterprise


CBS Corporation 25,316$ 33,441$ 13,886$ 3,107$ 2.41 x 10.88 x 19.20 x 13.81 x

Clear Channel Outdoor Holdings Inc. 1,690$ 6,624$ 2,806$ 679$ 2.36 x 9.76 x NM NM

Cumulus Media Inc. 109$ 2,502$ 1,169$ 235$ 2.14 x 10.67 x NM NM

Discovery Communications, Inc. 15,926$ 23,363$ 6,394$ 2,442$ 3.65 x 9.56 x 18.16 x 14.49 x

Entercom Communications Corp. 423$ 928$ 411$ 98$ 2.26 x 9.50 x 14.49 x 12.30 x

IAC/InterActiveCorp 3,911$ 4,620$ 3,231$ 384$ 1.43 x 12.00 x 35.32 x 14.67 x

Lamar Advertising Co. 5,947$ 7,844$ 1,353$ 566$ 5.80 x 13.87 x 22.61 x 20.32 x

Meredith Corporation 2,076$ 2,850$ 1,615$ 301$ 1.76 x 9.46 x 19.31 x 12.88 x

News Corporation 7,501$ 5,825$ 8,442$ 639$ 0.69 x 8.58 x NM 25.43 x

Pandora Media, Inc. 2,038$ 1,902$ 1,164$ (67)$ 1.63 x NM NM NM

Sinclair Broadcast Group, Inc. 2,912$ 6,591$ 2,219$ 688$ 2.97 x 9.57 x 17.18 x 9.33 x

Sirius XM Holdings Inc. 20,129$ 25,466$ 4,570$ 1,579$ 5.57 x 16.13 x 43.89 x 28.11 x

TEGNA Inc. 5,129$ 9,490$ 3,051$ 1,117$ 3.11 x 8.54 x 15.04 x 10.19 x

The New York Times Company 1,996$ 1,816$ 1,579$ 243$ 1.15 x 7.51 x 32.79 x 22.84 x

Townsquare Media, Inc. 200$ 756$ 441$ 94$ 1.71 x 8.07 x 31.62 x 10.06 x

Viacom, Inc. 16,541$ 29,070$ 13,078$ 4,022$ 2.22 x 7.05 x 8.86 x 7.72 x

Zynga, Inc. 1,968$ 980$ 765$ (49)$ 1.28 x NM NM 133.96 x


Low 0.69 x 7.05 x 8.86 x 7.72 x

Median 2.22 x 9.56 x 19.25 x 14.15 x

High 5.80 x 16.13 x 43.89 x 133.96 x

Average 2.48 x 10.08 x 23.20 x 24.01 x

-16%

-12%

-8%

-4%

0%

4%

4 Ja

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18 Ja

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25 Ja

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29 F

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7 M

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21 M

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28 M

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-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

31 M

ar

15

30

Ap

r 15

31

Ma

y 1

5

30

Jun

15

31

Jul

15

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15

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15

31

Oct

15

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31 D

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15

31

Jan

16

29 F

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16

Q 1 | 2016 | 7

MEDIA: STOCK PERFORMANCE





T O P P E R F O R M E R S B O T T O M P E R F O R M E R S

40.65%

16.89%9.83%

7.31% 2.53%

Cumulus Media Inc. CBS Corporation MeredithCorporation

DiscoveryCommunications,

Inc.

Lamar AdvertisingCo.

-33.26%

-21.60%-15.92% -14.93%

-8.07%

Pandora Media, Inc. IAC/InterActiveCorp

Clear ChannelOutdoor Holdings

Inc. Zynga, Inc. TEGNA Inc.

40.65%

16.89%9.83% 7.31% 2.53%

Cumulus Media Inc. CBS Corporation MeredithCorporation


Inc.


-33.26%

-21.60%-15.92% -14.93%

-8.07%

Pandora Media, Inc. IAC/InterActiveCorp


Inc. Viacom, Inc. TEGNA Inc.

3.76% 3.40%

-2.10%

-6.92%-9.14%


Sirius XM HoldingsInc.

Sinclair BroadcastGroup, Inc.


Inc.

CBS Corporation

-81.20%

-53.56%-44.79% -39.56% -36.73%

Cumulus Media Inc.


Inc. Pandora Media, Inc. Viacom, Inc. TEGNA Inc.

Q 1 | 2016 | 8

TECHNOLOGY: TRANSACTION OVERVIEW

SECTOR SUMMARY





582

582




1/8/2016 Fyber Heyzap $45,000 N/AMobile ad network Heyzap brings Fyber 130M new monthly users. Prior to

the acquisition, Heyzap raised $8 million.

2/1/2016 Telenor Tapad $360,000 6.3x RevenueNY-based ad tech company Tapad specializes in mobile marketing. The

acquisition improves Telenor's digital capabilities.

2/3/2016 Microsoft SwiftKey $250,000 N/A

SwiftKey is a free keyboard application that powers over 300M Android and

iOS devices. The company previously raised $21.59M. The acquisition brings

greater scale to Microsoft's platform.

3/3/2016 RNTS Media Inneractive $72,000 1.6x Revenue

Inneractive is an Israeli-based real-time bidding and mobile ad exchange. The

deal makes RNTS one of the largest, independent mobile supply-side

platforms globally.

3/14/2016 Upland Software Hipcricket N/A N/A

Hipcricket is a cloud-based mobile messaging platform. Hipcricket has been

folded into Upland's Mobile Commons mobile messaging solution and the

combined company covers all major public and private sector verticals.

3/21/2016 RTL Group Smartclip $52,750 N/A

Montreal-based Yellow Pages Ltd. acquired Juice Mobile, a privately-held,

Toronto-based marketing service provider and automated mobile advertising

platform developer

3/23/2016 YP JUICE Mobile $35,000 1.4x Revenue

Montreal-based Yellow Pages Ltd. acquired Juice Mobile, a privately-held,

Toronto-based marketing service provider and automated mobile advertising

platform developer

3/28/2016 NTT Data Dell (select assets) $3,600,000 N/AJapan's NTT Data Corp acquired Dell Inc's information technology consulting

division to expand in North America and bolster its services business.

Q 1 | 2016 | 9

TECHNOLOGY: VALUATION COMPS



Technology: 4.3% S&P 500: 2.5% Technology: 17.9% S&P 500: -0.2%


Market Cap

Enterprise


Adobe Systems Incorporated 46,920$ 44,739$ 5,070$ 1,378$ 8.82 x 32.46 x 59.75 x 31.06 x

Akamai Technologies, Inc. 9,822$ 9,697$ 2,197$ 692$ 4.41 x 14.00 x 31.22 x 20.55 x

Alphabet Inc. 518,917$ 454,639$ 74,989$ 24,423$ 6.06 x 18.62 x 32.34 x 22.02 x

Criteo SA 2,588$ 2,250$ 1,323$ 114$ 1.70 x 19.72 x 45.52 x 23.78 x

eBay Inc. 27,263$ 27,911$ 8,592$ 2,946$ 3.25 x 9.47 x 14.91 x 12.81 x

EPAM Systems, Inc. 3,761$ 3,567$ 914$ 142$ 3.90 x 25.11 x 46.09 x 23.09 x

Facebook, Inc. 334,694$ 316,575$ 17,928$ 8,239$ 17.66 x 38.42 x 88.27 x 36.37 x

IBM Corporation 145,525$ 177,385$ 81,741$ 20,082$ 2.17 x 8.83 x 11.14 x 11.23 x

Marin Software Incorporated 115$ 81$ 109$ (21)$ 0.74 x NM NM NM

Marketo, Inc. 869$ 769$ 210$ (56)$ 3.66 x NM NM NM

Microsoft Corporation 436,831$ 379,385$ 88,084$ 30,463$ 4.31 x 12.45 x 39.08 x 19.53 x

Oracle Corporation 169,771$ 159,576$ 37,159$ 14,908$ 4.29 x 10.70 x 20.11 x 14.81 x

Rocket Fuel Inc. 137$ 143$ 462$ (34)$ 0.31 x NM NM NM

salesforce.com, inc. 49,533$ 50,248$ 6,667$ 466$ 7.54 x 107.88 x NM 72.94 x

The Rubicon Project, Inc. 862$ 723$ 248$ 19$ 2.91 x 38.00 x NM 24.73 x

TubeMogul, Inc. 460$ 381$ 181$ (9)$ 2.11 x NM NM 205.85 x

Twitter, Inc. 11,459$ 9,567$ 2,218$ (175)$ 4.31 x NM NM 30.58 x

Yahoo! Inc. 34,852$ 30,297$ 4,968$ 331$ 6.10 x 42.42 x NM 69.60 x


Low 0.31 x 8.83 x 11.14 x 11.23 x

Median 4.10 x 19.72 x 35.71 x 23.78 x

High 17.66 x 107.88 x 88.27 x 205.85 x

Average 4.68 x 29.08 x 38.84 x 41.26 x

-12%

-8%

-4%

0%

4%

8%

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-15%

-10%

-5%

0%

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10%

15%

20%

31 M

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Ju

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Nov

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Dec

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Q 1 | 2016 | 10

TECHNOLOGY: STOCK PERFORMANCE






11.99% 11.12% 10.67% 10.05% 9.02%

Oracle Corporation The RubiconProject, Inc.

Yahoo! Inc. InternationalBusiness Machines

Corporation

Facebook, Inc.

-31.84%-28.48%

-15.64% -13.17%-9.74%

Marketo, Inc. Twitter, Inc.Marin SoftwareIncorporated eBay Inc. Rocket Fuel Inc.

11.99% 11.12% 10.67% 10.05% 9.02%

Oracle Corporation The RubiconProject, Inc.

Yahoo! Inc. InternationalBusiness Machines

Corporation

Facebook, Inc.

-31.84%-28.48%

-15.64% -13.17%-9.74%

Marketo, Inc. Twitter, Inc.Marin SoftwareIncorporated eBay Inc. Rocket Fuel Inc.

38.78% 37.53% 35.85%

26.86%21.83%

Facebook, Inc. Alphabet Inc. MicrosoftCorporation

Adobe SystemsIncorporated

EPAM Systems, Inc.

-66.95% -65.76%-58.63%

-51.99%

-23.61%

Twitter, Inc. Rocket Fuel Inc. eBay Inc.Marin SoftwareIncorporated Marketo, Inc.

Q 1 | 2016 | 11

INFORMATION: TRANSACTION OVERVIEW

SECTOR SUMMARY





191

191




1/5/2016 Oracle AddThis N/A N/A

AddThis is a web tracking company that covers 15M websites and develops

audience activation and insights tools for brands, publishers and advertisers.

The acquisition strengthens Oracle's Data Cloud offering.

1/5/2016 Thoma Bravo Infogix N/A N/A

Data analytics provider Infogix was a portfolio company of H.I.G. Capital. The

company provides services to Fortune 1000 companies in the healthcare,

financial services, insurance, and media/communications industries.

1/7/2016 NPD Group VideoScan N/A N/A

NPD will blend Nielsen's VideoScan point-of-sale retail tracking service into

its current data assets. With this acquisition, NPD helps those in the

entertainment industry better understand and anticipate how consumers are

acquiring entertainment.

1/27/2016 SSI Instantly N/A N/AInstantly is a provider of online, mobile audiences and insights technology

tools. SSI strengthens itself as a global data solutions and technology company.

2/10/2016 Merkle dbg N/A N/A

U.K.-based performance marketing agency dbg specializes in data services

such as marketing automation and database marketing. dbg's team of 140

joins Merkle's Marketing Solutions Group.

3/3/2016 Nielsen Pointlogic N/A N/A

Pointlogic is a provider of marketing decision support systems. The deal

strengthens Nielsen's product portfolio, which includes Bizpoint, Brandpoint,

Commspoint, Pinpoint and Valuepoint.

Q 1 | 2016 | 12

INFORMATION: VALUATION COMPS



Information: 7.5% S&P 500: 2.5% Information: 5.7% S&P 500: -0.2%



Low 0.57 x 5.64 x 7.83 x 4.72 x

Median 2.21 x 14.04 x 24.86 x 18.38 x

High 5.52 x 42.76 x 50.92 x 37.13 x

Average 2.53 x 13.99 x 26.48 x 17.71 x

-12%

-8%

-4%

0%

4%

8%

12%

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21 M

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28 M

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15%

10%

-5%

0%

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10%

31 M

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31 M

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Market Cap

Enterprise


Accenture plc 71,985$ 69,539$ 31,618$ 5,283$ 2.20 x 13.16 x 20.09 x 20.81 x

Acxiom Corporation 1,666$ 1,681$ 1,046$ 170$ 1.61 x 9.91 x NM 37.13 x

Alliance Data Systems Corporation 13,038$ 29,215$ 6,440$ 1,509$ 4.54 x 19.36 x 24.86 x 13.03 x

Cognizant Technology Solutions Corp. 38,192$ 34,530$ 12,416$ 2,472$ 2.78 x 13.97 x 23.66 x 18.47 x

comScore, Inc. 1,702$ 1,588$ 369$ 37$ 4.31 x 42.76 x NM 19.25 x

Equifax Inc. 13,567$ 14,708$ 2,664$ 915$ 5.52 x 16.08 x 32.19 x 22.78 x

Experian plc 16,817$ 20,011$ 4,656$ 1,486$ 4.52 x 14.11 x 27.41 x 19.79 x

Forrester Research Inc. 598$ 497$ 314$ 32$ 1.58 x 15.37 x 50.92 x 28.09 x

FTI Consulting, Inc. 1,436$ 1,781$ 1,779$ 200$ 1.00 x 8.91 x 22.47 x 17.56 x

Genpact Limited 5,725$ 6,073$ 2,461$ 417$ 2.47 x 14.95 x 24.94 x 19.24 x

GfK SE 1,374$ 1,768$ 1,676$ 227$ 1.01 x 7.36 x 32.82 x 11.18 x

ICF International Inc. 652$ 956$ 1,132$ 109$ 0.84 x 8.80 x 17.19 x 12.02 x

NeuStar, Inc. 1,323$ 2,329$ 1,050$ 400$ 2.22 x 5.82 x 7.83 x 4.72 x

Nielsen Holdings plc 19,057$ 26,238$ 6,172$ 1,499$ 4.25 x 17.54 x 34.19 x 18.29 x

Perficient Inc. 781$ 828$ 458$ 55$ 1.81 x 14.99 x 32.42 x 14.90 x

R.R. Donnelley & Sons Company 3,424$ 6,471$ 11,257$ 1,148$ 0.57 x 5.64 x 22.47 x 10.67 x

Teradata Corporation 3,383$ 3,324$ 2,530$ 377$ 1.31 x 8.82 x NM 11.18 x

Thomson Reuters Corporation 30,776$ 39,602$ 12,209$ 2,595$ 3.03 x 14.21 x 23.70 x 19.69 x

Q 1 | 2016 | 13

INFORMATION: STOCK PERFORMANCE






26.87%

18.01%13.00% 12.21% 11.41%

Perficient Inc. Forrester ResearchInc.

Nielsen Holdings plc GfK SE R.R. Donnelley &Sons Company

-27.00%-20.45%

-3.35% -0.68%

1.24%

comScore, Inc.

Alliance DataSystems

CorporationICF International

Inc.Teradata

Corporation Experian plc

26.87%

18.01%13.00% 12.21% 11.41%

Perficient Inc. Forrester ResearchInc.

Nielsen Holdings plc GfK SE R.R. Donnelley &Sons Company

-27.00%-20.45%

-3.35%-0.68%

1.24%

comScore, Inc.



Inc.Teradata

Corporation Experian plc

23.17% 22.89%

18.15% 16.95% 15.95%

Accenture plc Equifax Inc. Nielsen Holdings plc Genpact Limited AcxiomCorporation

-41.33% -40.55%

-25.74%

-15.86% -14.54%

comScore, Inc.Teradata

Corporation



Inc.R.R. Donnelley &Sons Company

Q 1 | 2016 | 14

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PALAZZO is a boutique investment bank with a singular focus on creating value and wealth for owners and stakeholders of marketing services, interactive, digital, information, and new media companies. Our suite of advisory and acquisition services, combined with our ability to deliver superior results, makes us the partner of choice for companies intent on improving performance, or considering an M&A transaction.

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