SEPTEMBER 2010
Expertise. Commitment. Results.
Marketing, Information and Digital Media / Commerce Industries
M&A & Investment Summary
TABLE OF CONTENTS
Overview of Monthly M&A and Investment Activity
3
Monthly M&A and Investment Activity by Industry Segment
7
Additional Monthly M&A and Investment Activity Data
24
About Petsky Prunier
27
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
2
MARKETING, INFORMATION AND DIGITAL MEDIA / COMMERCE INDUSTRIES
Transaction Distribution
• A total of 72 deals worth approximately $4.4 billion were announced in September 2010
• Digital Advertising was the most active segment with 17 transactions for nearly $440 million
• Marketing Technology was the highest value segment with 15 deals worth approximately $1.9 billion
• Strategic buyers were the most active and announced 46 deals for approximately $3.2 billion (72% of total)
• VC/Growth Capital investors announced 23 deals for approximately $408 million
• There were three buyouts in September for approximately $830 million
SEPTEMBER 2010
BUYER/INVESTOR BREAKDOWN
($ in millions)
Transactions
#
Est. Value
%
Strategic
$
%
#
Buyout
$
VC /Growth Capital
#
$
#
$
Digital Advertising
17
24%
437.0
10%
12
382.0
0
0.0
5
55.0
Marketing Technology
15
21%
1,909.8
43%
6
1,801.6
0
0.0
9
108.2
Digital Media / Commerce
14
19%
916.8
21%
9
185.0
1
640.0
4
91.8
Software & Information
13
18%
767.1
17%
11
732.5
0
0.0
2
34.6
Marketing Services
8
11%
157.0
4%
7
82.0
0
0.0
1
75.0
Out-of-Home & Specialty Media
3
4%
210.0
5%
0
0.0
2
190.0
1
20.0
Advertising & Promotion
Total
3%
34.0
1%
1
10.0
0
0.0
1
24.0
100%
4,431.6
100%
46
3,193.1
3
830.0
23
408.5
Marketing, Information and Digital Media / Commerce Industries
M&A and Investment Volume
$7.6
Last 13 Months
$9.4
Value ($ in billions)
2
72
$5.1
$4.4
$4.7
$3.5
$2.5
$2.6
$1.8
$1.4
$-
$3.5
$3.6
$2.7
$2.3
$2.8
49
80
65
57
79
54
68
72
98
56
71
58
72
Sep-09
Oct-09
Nov-09
Dec-09
Jan-10
Feb-10
Mar-10
Apr-10
May-10
Jun-10
Jul-10
Aug-10
Sep-10
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
3
SELECTED TRANSACTIONS WITH
VALUATION INFORMATION DISCLOSED
($ in Millions)
Select Transactions With Multiples Information
Target
Segment
EV/
REV
EV/
EBITDA
Buyer/Investor
Ent. Value
Rev
EBITDA
$ 1,700.0
10.9
$223.2
-
$ 19.7
0.5
7.6x
NA
86.3x
21.8x
640.0
107.5
40.4
6.0x
15.8x
(12.8)
1.8x
NM
Marketing Technology
Netezza, Inc.
Intrepid Consultants, Inc.
Segmentation/Data Mining
Web Analytics & Reporting
IBM Corporation
Alterian plc
Digital Media / Commerce
Internet Brands, Inc.
Niche Content
Hellman & Friedman, LLC
Software & Information
Salary.com, Inc.
HR Software
Kenexa Technology
80.0
45.6
Marketing Services
Match Point Media, LLC
DR Media Buying
DG FastChannel, Inc.
26.0
18.7
4.0
1.4x
6.5x
Digital Advertising
Autotropolis, Inc.
Online Lead Generation
Autobytel, Inc.
15.0
10.0
-
1.5x
NA
Note: Transaction values where not publicly disclosed have been estimated.
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
4
EQUITY MARKETS
Index Performance Since Jan 1, 2010
• S&P 500 – S 1%
Index Performance Since Sept 1, 2010
• S&P 500 – S 7%
• Dow Jones Industrial –S 2%
• Dow Jones Industrial –S 6%
• NASDAQ – S 3%
• NASDAQ – S 9%
115
Index Performance (%)
110
105
100
95
90
85
Jan-10
Feb-10
Mar-10
Apr-10
S&P 500
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
May-10
Jun-10
Dow Jones Industrial
5
Jul-10
Aug-10
NASDAQ
Sep-10
IPO PIPELINE ($ in Millions)
Securities in Registration
Aggregate
Offering Value
Segment
Nielsen Holdings (Netherlands)
Market Research
Toys R US
Multichannel Retailer
800.0
13,568.0
1,130.0
Affinion Group Holdings
Loyalty Solutions Provider
400.0
1,386.1
296.6
Newegg
eCommerce
175.0
2,289.8
55.7
Demand Media
Domain Portfolio/Marketplace
125.0
221.1
46.8
Everyday Health
Healthcare Information
100.0
95.7
3.0
Epocrates
Healthcare Information
75.0
93.3
17.7
Reply.com
Online Lead Generation
60.0
38.3
8.1
$
1,750.0
Rev
LTM
Adj. EBITDA
Company Name
$
4,902.0
$
1,345.0
IPO Performance
Initial Offering
Final Price
Stock Price at Close
Stock Price on
Price Range
Per Share
on 1st Trading Day
Sep 30, 2010
Date
Ticker
Company Name
Feb-10
QNST
QuinStreet
$17.00 - $19.00
$15.00
$15.00, flat
$14.99
Mar-10
FNGN
Financial Engines
$9.00 - $11.00
$12.00
$17.25, up 44%
$13.28
Mar-10
SSNC
SS&C Technologies
$13.00 - $15.00
$15.00
$15.08, up 1%
$15.80
Apr-10
SPSC
SPS Commerce
$11.00 - $13.00
$12.00
$13.60, up 13%
$12.82
Apr-10
CNVO
Convio
$10.00 - $12.00
$9.00
$10.24, up 14%
$9.22
May-10
RLOC
ReachLocal
$17.00 - $19.00
$13.00
$14.98, up 15%
$13.78
Jun-10
MOTR
Motricity
$10.00 - $11.00
$10.00
$9.26, down 7%
$12.01
Jul-10
QLIK
Qlik Technologies
$8.50 - $9.50
$10.00
$14.06, up 41%
$22.05
Jul-10
GDOT
Green Dot Corp.
$32.00 - $35.00
$36.00
$44.99, up 25%
$48.48
Aug-10
MDMD
MediaMind Technologies
$14.00 - $16.00
$11.50
$11.00, down 4%
$13.80
Aug-10
MMYT
MakeMyTrip Ltd. (India)
$12.00 - $14.00
$14.00
$26.45, up 89%
$38.78
Sep-10
CCIH
ChinaCache (China)
$10.00 - $12.00
$13.90
$27.15, up 95%
$27.15
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
6
DIGITAL ADVERTISING
Transactions by Segment & Buyer Type ($ in Millions)
• With four transactions each, Digital Video and Interactive Agency were the most active subsegments in
Digital Advertising
• Select acquisitions
› United Internet AG’s (Germany) acquisition of Mail.com for a reported $100 million
› America Online’s acquisition of 5Min.com for $65 million
› Selling Source’s acquisition of Q Interactive, an online lead generation company
› Schawk’s acquisition of Untitled London Limited (London), an interactive agency
• Select investments
› CID Group’s $22 million investment in Ooyala, a digital video business
› Kennet Partners’ $15 million investment in NetShelter Technology Media, an ad network business
› Verizon Investments’ $7 million investment in Geodelic, a location-based mobile marketing company
› BlueRun Ventures’ $7 million investment in Verve Wireless, a mobile ad network and publishing platform
DIGITAL ADVERTISING TRANSACTIONS BY SEGMENT
Transactions
#
%
Digital Video
4
24%
Interactive Agency
4
24%
Mobile Marketing
3
Online Lead Generation
BUYER/INVESTOR BREAKDOWN
Est. Value
Buyout
#
101.0
23%
2
75.0
0
0.0
2
95.0
22%
4
95.0
0
0.0
0
0.0
18%
21.0
5%
1
7.0
0
0.0
2
14.0
2
12%
65.0
15%
2
65.0
0
0.0
0
0.0
Blogs/Podcasting/RSS
2
12%
40.0
9%
2
40.0
0
0.0
0
0.0
Email Services
1
6%
100.0
23%
1
100.0
0
0.0
0
0.0
Ad Networks/Exchanges
1
6%
15.0
3%
0
0.0
0
0.0
1
15.0
17
100%
437.0
100%
12
382.0
0
0.0
5
55.0
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
7
$
#
Venture/Growth Capital
%
Total
$
Strategic
$
#
$
26.0
DIGITAL ADVERTISING
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$525.79
Chg % From
52WK High
-16%
Equity
Value
167,748.4
Ent.
Value
137,689.4
Revenue
$ 26,213.6
LTM
181,338.9
62,484.0
Company Name
Google Inc.
Headquarters
United States
Microsoft Corporation
United States
24.49
-22%
2 ergo Group plc
United Kingdom
$1.12
-47%
Atrinsic, Inc.
United States
0.47
-60%
9.8
2.5
51.5
Autobytel Inc.
United States
0.87
-39%
39.5
15.6
Blinkx plc
United Kingdom
1.30
-18%
401.4
Burst Media Corp,
United States
0.08
-46%
6.0
BV! Media Inc.
Canada
Constant Contact, Inc.
United States
Cyberplex Inc.
Canada
eHealth, Inc.
United States
E-mail Vision
*
$
$
211,925.9
$
36.6
$
$
EBITDA
10,825.5
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
41.3%
17.7%
5.3x
12.7x
27,197.0
43.5%
6.9%
2.9x
6.7x
4.5
13.7%
-16.1%
1.0x
7.0x
(11.8)
NM
-45.3%
0.0x
NM
49.5
(6.6)
NM
-15.7%
0.3x
NM
386.3
33.7
(6.5)
NM
141.6%
11.5x
NM
3.5
36.6
(1.1)
NM
41.2%
0.1x
NM
31.7
$
33.1
$
0.39
-6%
23.4
23.1
12.6
1.8
14.1%
48.9%
1.8x
13.0x
21.43
-19%
621.0
505.1
151.9
7.1
4.7%
41.5%
3.3x
70.8x
20.1x
0.46
-68%
60.7
95.0
78.3
4.7
6.0%
-15.1%
1.2x
12.91
-32%
304.0
162.7
141.8
28.1
19.8%
15.0%
1.1x
5.8x
France
5.39
-1%
106.9
105.9
42.1
2.5
6.0%
34.9%
2.5x
42.1x
Glu Mobile, Inc.
United States
1.41
-17%
43.4
46.3
71.9
(4.9)
NM
-16.5%
0.6x
NM
Hi-Media S.A.
France
4.36
-46%
191.8
243.5
253.8
25.4
10.0%
38.6%
1.0x
9.6x
10.9x
IAC/InterActiveCorp.
United States
26.27
-3%
2,747.7
1,436.9
1,492.5
131.3
8.8%
7.2%
1.0x
InfoSpace Inc.
United States
8.66
-29%
312.0
88.6
246.0
21.8
8.9%
54.7%
0.4x
4.1x
interCLICK, Inc.
United States
4.05
-33%
96.4
90.2
72.0
2.5
3.5%
116.4%
1.3x
35.4x
InsWeb Corp.
United States
5.57
-10%
27.0
17.1
36.3
0.8
2.2%
9.5%
0.5x
21.8x
Internet Brands, Inc.
United States
13.28
-1%
615.0
556.3
107.5
40.4
37.6%
6.8%
5.2x
13.8x
LookSmart, Ltd.
United States
2.02
-14%
34.7
11.7
51.6
0.4
0.7%
-9.2%
0.2x
33.0x
Lyris, Inc.
United States
0.33
-27%
40.0
39.9
44.2
0.9
2.1%
2.2%
0.9x
42.6x
Marchex, Inc.
United States
OPT Inc.
Japan
5.45
-8%
192.2
159.3
91.0
0.3
0.3%
-23.9%
1.8x
NM
1,271.02
-32%
188.3
48.2
629.6
18.4
2.9%
-2.0%
0.1x
2.6x
PubliGroupe SA
Switzerland
98.89
-20%
233.4
304.6
1,415.4
1.6
0.1%
-15.8%
0.2x
193.0x
QuinStreet, Inc.
United States
14.99
-18%
675.8
613.7
334.8
56.7
16.9%
28.5%
1.8x
10.8x
ReachLocal, Inc.
United States
13.78
-19%
383.1
299.2
246.4
(4.8)
NM
NA
1.2x
NM
Septeni Holdings Co Ltd
Japan
479.33
-52%
60.3
20.7
365.5
12.9
3.5%
-2.1%
0.1x
1.6x
*
TradeDoubler AB
Sweden
5.16
-56%
220.8
202.9
361.5
6.1
1.7%
-11.8%
0.6x
33.1x
Travelzoo Inc.
United States
25.76
-5%
423.6
391.5
104.0
18.7
18.0%
22.7%
3.8x
21.0x
Tree.Com, Inc.
United States
6.54
-33%
73.7
91.0
192.4
(3.1)
NM
-11.2%
0.5x
NM
ValueClick, Inc.
United States
13.08
-6%
1,070.0
898.3
410.8
113.8
27.7%
22.7%
2.2x
7.9x
14.0x
Velti Plc
United Kingdom
9.58
-5%
359.6
389.7
114.0
27.8
24.4%
59.6%
3.4x
Vertro, Inc.
United States
2.63
-24%
18.5
12.6
32.0
(1.1)
NM
2.6%
0.4x
NM
Yahoo! Inc.
United States
14.17
-26%
19,105.1
16,515.8
6,505.7
1,328.0
20.4%
-3.6%
2.5x
12.4x
YOC AG
Germany
47.49
-26%
82.1
88.5
37.9
2.9
7.7%
24.5%
2.3x
30.4x
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (8.1x)
Low
0.0x
1.6x
and EBITDA multiples that are 2.0 standard deviations above the mean (105.1x).
Mean
1.7x
27.4x
Median
1.0x
13.9x
Weighted Avg
2.4x
14.7x
Adj. W Avg*
2.3x
13.8x
11.5x
193.0x
Note: Revenue and EBITDA multiples for Google and Microsoft excluded from Summary Multiples.
High
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
8
ADVERTISING & PROMOTION
Transactions by Segment & Buyer Type ($ in Millions)
• There was one transaction each in the Pharma Agency and Public Relations subsegments
• Transactions
› OrbiMed Advisors’ $24 million investment in China-based Eddingpharm, a pharma marketing agency
› MDC Partners’ acquisition of Kwittken & Company, a public relations agency
ADVERTISING & PROMOTION TRANSACTIONS BY SEGMENT
Transactions
Pharma Agency
#
%
1
50%
BUYER/INVESTOR BREAKDOWN
Est. Value
$
24.0
Strategic
%
#
71%
0
Buyout
$
0
0
Public Relations
1
50%
10.0
29%
1
10.0
Total
2
100%
34.0
100%
1
10.0
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
9
#
0.0
Venture/Growth Capital
$
0.0
0
#
$
1
24.0
0.0
0
0.0
0.0
1
24.0
ADVERTISING & PROMOTION
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$1.94
Ent.
Value
$ 2,779.0
Revenue
$
2,055.4
EBITDA
$
297.6
14.5%
0.1%
1.4x
9.3x
-1%
48.9
67.9
198.6
10.7
5.4%
4.5%
0.3x
6.4x
3.14
-14%
230.7
219.8
448.0
37.7
8.4%
0.0%
0.5x
5.8x
23.15
-29%
5,767.1
5,738.3
19,365.6
678.9
3.5%
-4.9%
0.3x
8.5x
Headquarters
United Kingdom
Cello Group Plc
United Kingdom
0.79
Chime Communications plc
United Kingdom
Dentsu Inc.
Japan
Chg % From
52WK High
-11%
LTM
Equity
Value
$ 2,207.7
Company Name
Aegis Group plc
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
Havas
France
4.87
-16%
2,093.5
2,226.6
1,805.1
282.4
15.6%
-2.8%
1.2x
7.9x
Huntsworth plc
United Kingdom
1.26
-10%
282.1
370.7
249.7
31.2
12.5%
7.5%
1.5x
11.9x
10.03
-49%
4,902.9
5,403.4
6,187.0
774.9
12.5%
-4.0%
0.9x
7.0x
1.70
-8%
105.2
86.4
167.4
18.8
11.2%
9.2%
0.5x
4.6x
13.35
-1%
381.2
708.3
590.5
47.2
8.0%
7.7%
1.2x
15.0x
IPG
United States
M&C Saatchi plc
United Kingdom
MDC Partners Inc.
Canada
mktg, inc.
United States
0.77
-41%
6.6
5.4
87.3
1.1
1.3%
-6.9%
0.1x
4.7x
Omnicom Group Inc.
United States
39.48
-10%
11,897.6
14,004.2
12,064.6
1,704.1
14.1%
-2.0%
1.2x
8.2x
0.08
-96%
15.3
270.5
497.3
36.2
7.3%
-10.1%
0.5x
7.5x
47.33
-4%
9,071.3
9,943.5
5,959.4
1,059.7
17.8%
3.5%
1.7x
9.4x
Photon Group Limited
Australia
Publicis Groupe SA
France
Sapient Corp.
United States
WPP plc
Ireland
*
11.97
-3%
1,616.0
1,447.9
766.2
69.9
9.1%
16.2%
1.9x
20.7x
11.07
-6%
13,900.6
18,955.7
13,227.3
1,908.2
14.4%
4.9%
1.4x
9.9x
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (2.7x)
Low
0.1x
4.6x
and EBITDA multiples that are 2.0 standard deviations above the mean (17.5x).
Mean
1.0x
9.1x
Median
1.2x
8.2x
Weighted Avg
1.2x
9.2x
Adj. W Avg*
1.2x
8.9x
High
1.9x
20.7x
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
10
OUT-OF-HOME & SPECIALTY MEDIA
Transactions by Segment & Buyer Type ($ in Millions)
• Three transactions in the Place-Based Media subsegment were announced in September for approximately
$210 million
• Select acquisitions
› Marlin Equity Partners’ acquisition of Hospedia, UK's largest patient bedside media company
› Shamrock Capital Advisors’ acquisition of Screenvision for $140 million
• The only investment in the segment included VantagePoint Venture Partners-led $20 million investment in Phreesia
OUT-OF-HOME & SPECIALTY MEDIA TRANSACTIONS BY SEGMENT
Transactions
#
%
$
Strategic
%
Place-Based Media
3
100%
210.0
100%
Total
3
100%
210.0
100%
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
BUYER/INVESTOR BREAKDOWN
Est. Value
#
11
Buyout
$
#
Venture/Growth Capital
$
#
$
0
0.0
2
190.0
1
20.0
0
0.0
2
190.0
1
20.0
OUT-OF-HOME & SPECIALTY MEDIA
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Company Name
Astral Media Inc.
Headquarters
Canada
Clear Channel Outdoor Holdings Inc.
United States
Clear Media Ltd.
Focus Media Holding Ltd.
Stock Price
09/30/10
$37.43
Chg % From
52WK High
-4%
LTM
Equity
Value
$ 2,121.4
Ent.
Value
$ 2,694.6
Revenue
$
899.2
EBITDA
$
313.4
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
34.9%
2.8%
3.0x
8.6x
4,068.3
6,205.9
2,733.9
533.0
19.5%
-4.9%
2.3x
11.6x
11.43
-14%
Hong Kong
0.59
-14%
309.5
259.3
151.1
56.3
37.3%
-0.8%
1.7x
4.6x
Hong Kong
24.25
-2%
3,472.4
2,900.8
553.8
116.0
20.9%
281.8%
5.2x
25.0x
JCDecaux SA
France
26.31
-16%
5,824.4
6,570.4
2,583.7
523.0
20.2%
3.8%
2.5x
12.6x
Lamar Advertising Co.
United States
31.82
-18%
2,936.3
5,456.4
1,064.6
453.7
42.6%
-4.4%
5.1x
12.0x
17.90
-12%
948.8
1,859.7
398.0
192.2
48.3%
3.0%
4.7x
9.7x
0.10
-10%
396.0
556.1
319.3
16.3
5.1%
-3.9%
1.7x
34.2x
33.89
-12%
1,667.0
2,161.1
2,279.0
291.9
12.8%
-0.3%
0.9x
7.4x
National CineMedia, Inc.
United States
Tom Group Ltd.
Hong Kong
Valassis Communications Inc.
United States
*
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (7.8x)
Low
0.9x
4.6x
and EBITDA multiples that are 2.0 standard deviations above the mean (33.0x).
Mean
3.0x
14.0x
Median
2.5x
11.6x
Weighted Avg
3.3x
13.7x
Adj. W Avg*
3.3x
13.3x
High
5.2x
34.2x
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
12
DIGITAL MEDIA / COMMERCE
Transactions by Segment & Buyer Type ($ in Millions)
• With four transactions each, eCommerce and Social Media were the most active subsegments in the
Digital Media / Commerce segment
• Select acquisitions
› Hellman & Friedman’s acquisition of Internet Brands for $640 million
› Open Table’s acquisition of TopTable.com (United Kingdom), a restaurant reservation website for $55 million
› RealNetwork’s acquisition of Backstage Technologies, a social gaming company
› Zynga’s acquisition of German gaming company Dextrose
• Select investments
› Ace Ltd’s (Hong Kong) $75 million investment in Chegg.com, an online textbook rental company
› Menlo Ventures’ $9 million investment in Bloomspot, an ecommerce company offering discounts on luxury
restaurants, spas and weekend vacations
› Accel Partners’ $6 million investment in BranchOut, a social media application on Facebook for career networking
› Estonian Development Fund’s $2 million investment in Fits.me
DIGITAL MEDIA / COMMERCE TRANSACTIONS BY SEGMENT
Transactions
#
%
BUYER/INVESTOR BREAKDOWN
Est. Value
$
Strategic
%
#
Buyout
$
#
Venture/Growth Capital
$
e
#
$
eCommerce
4
29%
140.8
15%
1
55.0
0
0.0
3
85.8
Social Media
4
29%
51.0
6%
3
45.0
0
0.0
1
6.0
Niche Content
3
21%
665.0
73%
2
25.0
1
640.0
0
0.0
Social Games
2
14%
35.0
4%
2
35.0
0
0.0
0
0.0
Comparison Shopping
Total
1
7%
25.0
3%
1
25.0
0
0.0
0
0.0
14
100%
916.8
100%
9
185.0
1
640.0
4
91.8
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
13
DIGITAL MEDIA / COMMERCE
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$157.06
24.40
Chg % From
52WK High
-3%
-14%
Company Name
Amazon.com Inc.
eBay Inc.
Headquarters
United States
United States
Yahoo! Inc.
United States
14.17
-26%
1-800-Flowers.com Inc.
United States
$1.89
-61%
Alloy Inc.
United States
9.70
-3%
Equity
Value
$ 70,335.4
32,016.6
Ent.
Value
$ 65,359.4
27,118.7
Revenue
$ 28,665.0
9,020.2
19,105.1
16,515.8
6,505.7
$
120.8
$
154.0
124.9
64.4
LTM
$
667.7
213.9
$
EBITDA
1,720.0
2,761.7
LTM
Rev Growth
39.8%
LTM Multiples
EV/Rev
EV/EBITDA
2.3x
38.0x
30.6%
9.0%
3.0x
9.8x
20.4%
-3.6%
2.5x
12.4x
28.6
4.3%
-6.5%
0.2x
5.4x
8.4
3.9%
6.6%
0.3x
7.7x
12.3x
1,328.0
$
LTM Margin
EBITDA
6.0%
Ancestry.com Inc.
United States
22.76
-3%
997.1
939.4
256.0
76.3
29.8%
21.7%
3.7x
AOL, Inc.
United States
24.75
-16%
2,641.9
2,319.3
2,849.9
863.0
30.3%
-21.4%
0.8x
2.7x
BIDZ.com, Inc.
United States
1.66
-51%
32.6
22.9
106.2
0.3
0.3%
-28.6%
0.2x
69.1x
44.49
-34%
637.0
590.7
320.5
21.8
6.8%
13.1%
1.8x
27.1x
2.30
-27%
56.6
45.0
82.2
0.5
0.6%
-5.4%
0.5x
93.0x
Blue Nile Inc.
United States
Bluefly Inc.
United States
*
CyberAgent Inc.
Japan
1,802.41
-20%
1,168.6
945.0
1,062.0
121.3
11.4%
0.7%
0.9x
7.8x
Dena Co. Ltd.
Japan
31.46
-11%
4,481.1
4,076.5
717.1
359.1
50.1%
69.7%
5.7x
11.4x
23.9x
Drugstore.com Inc.
United States
1.92
-51%
203.6
186.1
458.5
7.8
1.7%
27.3%
0.4x
Ediets.com Inc.
United States
0.87
-57%
50.0
47.0
18.6
(8.0)
-43.1%
-0.9%
2.5x
NM
Expedia Inc.
United States
28.23
-5%
8,031.3
7,860.1
3,101.8
765.5
24.7%
8.5%
2.5x
10.3x
15.5x
Gree, Inc.
Japan
16.24
-14%
3,693.8
3,438.2
397.9
221.7
55.7%
152.6%
8.6x
Hollywood Media Corp.
United States
1.18
-33%
36.8
30.1
108.7
(1.3)
-1.2%
2.5%
0.3x
NM
HSN, Inc.
United States
29.88
-14%
1,719.3
1,773.4
2,853.1
221.8
7.8%
4.9%
0.6x
8.0x
Info Edge (India) Ltd.
India
15.60
-10%
425.8
339.3
52.8
14.2
26.9%
-3.5%
6.4x
23.9x
Kongzhong Corp.
China
6.15
-62%
216.7
85.2
140.8
21.1
15.0%
23.9%
0.6x
4.0x
MakeMyTrip Limited
India
38.78
-10%
1,323.7
1,346.2
83.6
(5.1)
-6.1%
21.9%
16.1x
Media General, Inc.
United States
8.96
-34%
206.6
863.3
660.1
122.7
18.6%
-8.5%
1.3x
Mixi, Inc.
Japan
Monster Worldwide, Inc.
United States
Move, Inc.
United States
Netflix, Inc.
United States
OpenTable, Inc.
United States
Orbitz Worldwide, Inc.
Overstock.com Inc.
*
NM
7.0x
5,200.17
-50%
804.8
662.5
164.4
38.9
23.7%
19.0%
4.0x
17.0x
12.96
-32%
1,682.4
1,435.4
857.9
31.9
3.7%
-22.0%
1.7x
45.0x
2.23
-20%
349.0
306.7
200.8
2.7
1.3%
-12.0%
1.5x
113.5x
162.16
-7%
8,490.4
8,448.4
1,881.1
276.3
14.7%
25.1%
4.5x
30.6x
68.08
-3%
1,556.3
1,475.2
79.9
19.6
24.5%
30.8%
18.5x
75.2x
United States
6.30
-22%
644.4
996.4
742.3
136.2
18.4%
-6.8%
1.3x
7.3x
United States
15.72
-41%
362.5
337.8
1,011.7
21.0
2.1%
26.4%
0.3x
16.1x
*
*
PC Connection, Inc.
United States
6.83
-14%
185.0
138.4
1,752.0
30.4
1.7%
10.6%
0.1x
4.6x
PC Home Online Inc.
Taiwan
5.52
-10%
321.0
284.9
286.7
6.8
2.4%
18.3%
1.0x
42.1x
PC Mall Inc.
United States
6.38
-21%
78.0
136.0
1,224.2
14.1
1.1%
3.7%
0.1x
9.7x
priceline.com
United States
348.34
-3%
16,855.1
16,186.3
2,624.2
620.3
23.6%
29.1%
6.2x
26.1x
RealNetworks Inc.
United States
3.26
-40%
442.2
129.0
503.3
(13.1)
-2.6%
-13.4%
0.3x
NM
Rediff.com India Ltd.
India
5.43
-13%
150.6
105.9
19.1
(5.1)
-26.9%
-13.6%
5.6x
NM
12.1x
Scripps Interactive, Inc.
United States
47.58
-1%
7,912.2
8,718.2
1,779.6
723.4
40.7%
17.3%
4.9x
Shutterfly, Inc.
United States
26.00
-3%
709.1
550.1
264.1
33.8
12.8%
20.8%
2.1x
16.3x
Sify Technologies
India
2.96
-8%
126.7
170.6
160.2
1.9
1.2%
17.9%
1.1x
88.9x
*
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
14
DIGITAL MEDIA / COMMERCE
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$13.00
Chg % From
52WK High
-4%
Ent.
Value
149.0
Revenue
$
84.1
EBITDA
$
8.9
10.6%
1.7%
1.8x
16.8x
223.6
153.2
92.4
3.9
4.2%
-1.6%
1.7x
39.1x
-24%
310.8
186.5
111.3
12.8
11.5%
6.4%
1.7x
14.5x
-29%
89.0
50.8
59.9
1.7
2.9%
-4.8%
0.8x
29.6x
5.72
-38%
499.6
681.2
960.1
180.2
18.8%
1.1%
0.7x
3.8x
1.88
-64%
61.6
55.6
525.9
(16.0)
-3.0%
0.7%
0.1x
NM
United States
49.87
-6%
2,905.8
2,483.5
480.4
91.3
19.0%
21.4%
5.2x
27.2x
United States
0.89
-39%
33.5
26.1
7.5
(6.0)
-79.9%
10.0%
3.5x
NM
Company Name
Stamps.com Inc.
Headquarters
United States
TechTarget, Inc.
United States
5.25
-24%
The Knot, Inc.
United States
9.13
TheStreet.com, Inc.
United States
2.81
United Online, Inc.
United States
ValueVision Media Inc.
United States
WebMD Health Corp.
WebMediaBrands Inc
Equity
Value
$
185.5
$
LTM
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (14.4x)
Low
0.1x
2.7x
and EBITDA multiples that are 2.0 standard deviations above the mean (82.4x).
Mean
2.8x
26.8x
Median
1.5x
16.2x
Weighted Avg
4.9x
20.6x
Adj. W Avg*
4.4x
20.6x
18.5x
113.5x
Note: Revenue and EBITDA multiples for Yahoo, eBay and Amazon excluded from Summary Multiples.
High
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
15
MARKETING TECHNOLOGY
Transactions by Segment & Buyer Type ($ in Millions)
• IBM’s acquisition of Netezza, a provider of data warehouse, analytic, and monitoring appliances to enterprises, midmarket companies, and government agencies for $1.7 billion, was the largest transaction in the Marketing Technology
segment
• Select acquisitions
› comScore’s acquisition of Nedstat (Netherlands), an online tageting/optimization company, for $37 million
› Alterian’s acquisition of Intrepid Consultants for $11 million
› Salesforce.com’s acquisition of Activa Live
› AOL’s acquisition of Thing Labs, a web-based software solutions company, allowing users to create and share content
• Select investments
› Investor Growth Capital’s $15 million investment in Retail Solutions, a SaaS-based BI platform, transforming data,
such as POS and inventory data by store, by day and by SKU into value-added insights for CPG companies
› GGV Capital’s $15 million investment in Conviva
› Foundation Capital’s $15 million investment in SpringCM, an enterprise content management company
› Nokia Growth Partners’ $10 million investment in Rocket Fuel, an ad serving technology company
MARKETING TECHNOLOGY TRANSACTIONS BY SEGMENT
Transactions
#
%
Content Management
3
20%
Ad Serving
2
13%
Mobile Technology
2
13%
Segmentation/Data Mining
1
7%
Online Targeting/Optimization
1
7%
Email/Messaging Software
1
Teleservices/eServices
1
BI tools
BUYER/INVESTOR BREAKDOWN
Est. Value
Buyout
#
50.0
3%
1
20.0
0
0.0
2
30.0
20.0
1%
0
0.0
0
0.0
2
20.0
12.0
1%
1
9.0
0
0.0
1
3.0
1,700.0
89%
1
1700.0
0
0.0
0
0.0
36.7
2%
1
36.7
0
0.0
0
0.0
7%
25.0
1%
1
25.0
0
0.0
0
0.0
7%
25.0
1%
0
0.0
0
0.0
1
25.0
1
7%
15.2
1%
0
0.0
0
0.0
1
15.2
Web Analytics & Reporting
1
7%
10.9
1%
1
10.9
0
0.0
0
0.0
Website Creation/Hosting
1
7%
10.0
1%
0
0.0
0
0.0
1
10.0
Total
$
#
Venture/Growth Capital
%
Social Media Listening Platforms
$
Strategic
$
#
$
1
7%
5.0
0%
0
0.0
0
0.0
1
5.0
15
100%
1,909.8
100%
6
1,801.6
0
0.0
9
108.2
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
16
MARKETING TECHNOLOGY
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Company Name
Akamai Technologies Inc.
Headquarters
United States
Autonomy Corp. plc
United Kingdom
Salesforce.com
Stock Price
09/30/10
$50.18
% Chg Frm
52WK High
-5%
Equity
Value
$
9,112.9
Ent.
Value
$
8,672.9
Revenue
$
930.2
LTM
EBITDA
$
364.3
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
39.2%
12.76%
9.3x
23.8x
28.48
-11%
6,879.6
6,708.9
830.0
388.6
46.8%
38.92%
8.1x
17.3x
United States
111.80
-10%
14,522.8
14,271.2
1,455.8
168.0
11.5%
22.64%
9.8x
85.0x
Adobe Systems Inc.
United States
$26.15
-32%
12,680.8
$ 3,549.3
$ 1,207.9
34.0%
14.35%
3.6x
10.5x
Alterian plc
United Kingdom
3.00
-11%
182.7
165.1
57.7
12.4
21.5%
13.84%
2.9x
13.3x
Art Technology Group Inc.
United States
4.11
-16%
649.8
504.7
186.9
25.5
13.6%
8.35%
2.7x
19.8x
Blackbaud Inc.
United States
24.04
-11%
1,053.1
1,044.1
315.1
63.7
20.2%
1.08%
3.3x
16.4x
Convio, Inc.
United States
9.22
-16%
160.8
108.8
66.9
6.1
9.1%
0.00%
1.6x
17.9x
DemandTec, Inc.
United States
9.41
-13%
282.8
217.7
78.1
(6.9)
-8.8%
0.62%
2.8x
NM
DG FastChannel, Inc.
United States
21.75
-51%
618.5
538.9
220.2
95.5
43.4%
23.36%
2.4x
5.6x
17.0x
Digital River Inc.
United States
Informatica Corporation
United States
InnerWorkings Inc.
$
13,734.6
$
34.04
-17%
1,349.3
1,009.6
384.8
59.5
15.5%
-1.76%
2.6x
38.41
-2%
3,554.7
3,392.5
565.1
130.3
23.1%
21.62%
6.0x
26.0x
United States
6.57
-15%
300.0
332.5
438.8
18.7
4.3%
4.25%
0.8x
17.7x
Interactive Intelligence, Inc.
United States
17.60
-27%
308.2
232.6
142.9
21.9
15.3%
15.52%
1.6x
10.6x
JDA Software Group Inc.
United States
25.36
-20%
1,060.0
1,186.3
493.0
117.7
23.9%
27.23%
2.4x
10.1x
Keynote Systems Inc.
United States
11.62
-5%
173.5
113.1
79.1
7.4
9.4%
-2.89%
1.4x
15.3x
MediaMind Technologies Inc.
United States
13.80
-14%
247.0
214.6
74.9
15.7
21.0%
24.71%
2.9x
13.6x
Open Text Corp.
Canada
47.04
-8%
2,674.1
2,648.4
912.0
265.1
29.1%
16.08%
2.9x
10.0x
PROS Holdings, Inc.
United States
9.28
-13%
242.5
181.7
68.6
4.8
7.0%
-7.81%
2.6x
38.1x
Rightnow Technologies Inc.
United States
19.70
-2%
631.1
531.7
165.9
14.3
8.6%
14.63%
3.2x
37.1x
S1 Corporation
United States
5.21
-24%
276.6
240.2
222.7
28.2
12.7%
-5.78%
1.1x
8.5x
Sage Group plc
United Kingdom
4.34
-3%
5,711.7
6,159.5
2,139.1
570.2
26.7%
0.48%
2.9x
10.8x
11.1x
*
smartFOCUS Group Plc
United Kingdom
0.22
-2%
21.5
18.3
19.3
1.7
8.6%
14.73%
1.0x
Tibco Software, Inc.
United States
17.74
-6%
2,908.2
2,660.0
708.4
156.9
22.1%
15.87%
3.8x
17.0x
Unica Corporation
United States
20.98
-1%
453.8
410.7
109.2
10.1
9.2%
4.19%
3.8x
40.8x
29.55
-6%
1,025.9
1,783.2
712.5
77.0
10.8%
2.82%
2.5x
23.2x
18.48
-16%
359.0
263.8
89.1
1.8
2.0%
8.63%
3.0x
146.9x
Verint Systems Inc.
United States
Vocus Inc.
United States
*
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (6.0x)
Low
0.8x
5.6x
and EBITDA multiples that are 2.0 standard deviations above the mean (80.5x).
Mean
2.7x
23.4x
Note: Revenue and EBITDA multiples for Akamai Technologies, Autonomy and Salesforce.com excluded from Summary Multiples.
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
17
Median
2.7x
16.4x
Weighted Avg
3.4x
15.6x
Adj. W Avg*
3.2x
14.4x
High
6.0x
146.9x
SOFTWARE & INFORMATION
Transactions by Segment & Buyer Type ($ in Millions)
• Market Research was the most active subsegment in the Software & Information segment with five transactions for
approximately $78 million
• Select acquisitions
› CapitalIQ’s acquisition of TheMarkets.com, a web-based financial data company, for a reported $300 million
› Experian’s acquisition of Mighty Net, a consumer credit information management website, for $208 million
› e-Rewards’ acquisition of Peanut Labs, a market research company
› Thomson Reuters’ acquisition of Healthcare Data Management, a health plan benchmarking company
› MCH Strategic Data’s acquisition of QED Education Database, a marketing data company focused on the
education vertical
• Select investments
› MarketShare Partners, a marketing consultancy, raised $22 million from undisclosed investors
› Prime Technology Ventures’ $13 million investment in Cint, a provider of online market research solutions
SOFTWARE & INFORMATION TRANSACTIONS BY SEGMENT
Transactions
#
%
Market Research
5
38%
Credit/Risk Management
2
15%
BUYER/INVESTOR BREAKDOWN
Est. Value
$
Strategic
Buyout
$
#
Venture/Growth Capital
%
#
$
#
$
78.0
10%
4
65.0
0
0.0
1
13.0
222.5
29%
2
222.5
0
0.0
0
0.0
21.6
Marketing Consulting
2
15%
41.6
5%
1
20.0
0
0.0
1
Financial
1
8%
300.0
39%
1
300.0
0
0.0
0
0.0
HR Software
1
8%
80.0
10%
1
80.0
0
0.0
0
0.0
Healthcare-BioPharma
1
8%
30.0
4%
1
30.0
0
0.0
0
0.0
Marketing Data
1
8%
15.0
2%
1
15.0
0
0.0
0
0.0
13
100%
767.1
100%
11
732.5
0
0.0
2
34.6
Total
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
18
SOFTWARE & INFORMATION
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$5.15
Chg % From
52WK High
-15%
Revenue
$
119.9
EBITDA
$
15.7
1,269.1
1,559.0
1,113.6
-32%
13,734.6
12,680.8
Headquarters
United States
Acxiom Corporation
United States
15.86
-21%
Adobe Systems Inc.
United States
26.15
Equity
Value
$
228.8
LTM
Ent.
Value
205.9
Company Name
Actuate Corporation
$
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
13.1%
-4.6%
1.7x
245.4
22.0%
-7.3%
1.4x
13.1x
6.4x
3,549.3
1,207.9
34.0%
14.4%
3.6x
10.5x
Advent Software, Inc.
United States
52.19
-3%
1,334.4
1,231.9
266.1
42.1
15.8%
4.7%
4.6x
29.3x
Advisory Board Co.
United States
44.15
-2%
688.9
659.1
249.3
36.2
14.5%
8.5%
2.6x
18.2x
Akamai Technologies Inc.
United States
50.18
-5%
9,112.9
8,672.9
930.2
364.3
39.2%
12.8%
9.3x
23.8x
Alliance Data Systems Corporation
United States
65.26
-17%
3,434.8
9,533.8
2,360.6
632.1
26.8%
20.7%
4.0x
15.1x
18.47
-18%
3,442.4
3,301.2
704.5
125.3
17.8%
28.5%
4.7x
26.3x
3.00
-11%
182.7
165.1
57.7
12.4
21.5%
13.8%
2.9x
13.3x
Allscripts Healthcare Solutions, Inc.
United States
Alterian plc
United Kingdom
Arbitron Inc.
United States
27.97
-17%
750.6
805.3
383.9
83.0
21.6%
0.7%
2.1x
9.7x
Art Technology Group Inc.
United States
4.11
-16%
649.8
504.7
186.9
25.5
13.6%
8.3%
2.7x
19.8x
43.6x
Athenahealth, Inc.
United States
33.02
-31%
1,127.4
1,049.7
214.9
24.1
11.2%
34.1%
4.9x
Automatic Data Processing, Inc.
United States
42.03
-8%
20,699.0
19,070.4
8,927.7
2,086.6
23.4%
1.0%
2.1x
9.1x
Autonomy Corp. plc
United Kingdom
28.48
-11%
6,879.6
6,708.9
830.0
388.6
46.8%
38.9%
8.1x
17.3x
16.4x
Aveva Group plc
United Kingdom
22.98
-3%
1,558.2
1,323.1
225.1
80.7
35.8%
-9.6%
5.9x
Blackbaud Inc.
United States
24.04
-11%
1,053.1
1,044.1
315.1
63.7
20.2%
1.1%
3.3x
16.4x
Blackboard Inc.
United States
36.04
-22%
1,235.6
1,257.6
407.2
99.1
24.3%
17.5%
3.1x
12.7x
Brainjuicer Group Plc
United Kingdom
3.22
-7%
40.1
36.4
19.1
2.8
14.9%
26.7%
1.9x
12.8x
Broadridge Financial Solutions Inc.
United States
22.87
-5%
2,898.4
2,809.9
2,209.2
408.2
18.5%
6.6%
1.3x
6.9x
Cegedim SA
France
61.12
-44%
853.2
1,468.9
1,091.7
211.1
19.3%
2.4%
1.3x
7.0x
Cello Group Plc
United Kingdom
Cerner Corp.
United States
0.79
-1%
48.9
67.9
198.6
10.7
5.4%
4.5%
0.3x
6.4x
83.99
-10%
6,927.7
6,411.6
1,763.1
450.9
25.6%
4.7%
3.6x
14.2x
Cision AB
Compuware Corporation
Sweden
0.74
-46%
111.0
198.7
159.4
(20.0)
NM
-29.0%
1.2x
NM
United States
8.52
-5%
1,902.1
1,763.4
884.3
183.6
20.8%
-12.1%
2.0x
9.6x
comScore, Inc.
United States
23.52
-1%
732.2
652.4
143.8
19.9
13.8%
15.8%
4.5x
32.8x
Concur Technologies, Inc.
United States
49.44
-5%
2,566.7
2,240.0
280.3
65.0
23.2%
16.6%
8.0x
34.5x
Constant Contact, Inc.
United States
Convio, Inc.
United States
21.43
-19%
621.0
505.1
151.9
7.1
4.7%
41.5%
3.3x
70.8x
9.22
-16%
160.1
108.1
66.9
6.1
9.1%
0.0%
1.6x
17.8x
CoreLogic, Inc.
Corporate Executive Board Co.
United States
19.16
-49%
2,241.7
2,463.6
5,902.2
641.8
10.9%
53.0%
0.4x
3.8x
United States
31.56
-6%
1,081.6
985.0
424.5
106.9
25.2%
-16.3%
2.3x
9.2x
20.3x
*
CoStar Group Inc.
United States
48.71
-2%
1,008.5
808.0
219.2
39.8
18.2%
5.3%
3.7x
CRA International Inc.
United States
18.05
-38%
198.6
111.9
286.1
22.7
7.9%
-8.5%
0.4x
4.9x
Craneware plc
United Kingdom
8.64
-4%
219.1
188.2
28.4
7.2
25.5%
23.5%
6.6x
26.0x
DealerTrack Holdings, Inc.
United States
17.08
-15%
689.3
523.0
230.7
23.5
10.2%
0.9%
2.3x
DemandTec, Inc.
United States
9.41
-2%
282.8
217.7
78.1
(6.9)
NM
0.6%
2.8x
NM
DG FastChannel, Inc.
United States
21.75
-51%
618.5
538.9
220.2
95.5
43.4%
23.4%
2.4x
5.6x
17.0x
22.3x
Digital River Inc.
United States
34.04
-17%
1,349.3
1,009.6
384.8
59.5
15.5%
-1.8%
2.6x
Dun & Bradstreet Corp.
United States
74.14
-13%
3,710.9
4,437.8
1,657.2
516.3
31.2%
-3.0%
2.7x
8.6x
Ebix Inc.
United States
23.45
-5%
822.5
842.6
118.4
53.4
45.1%
42.0%
7.1x
15.8x
12.3x
Epicor Software Corporation
United States
8.70
-21%
550.8
696.6
418.9
56.8
13.6%
-8.3%
1.7x
Equifax Inc.
United States
31.20
-15%
3,900.6
4,912.6
1,872.6
601.0
32.1%
4.8%
2.6x
8.2x
Experian plc
Ireland
10.89
-2%
10,941.0
12,917.2
3,880.0
1,129.0
29.1%
0.2%
3.3x
11.4x
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
19
SOFTWARE & INFORMATION
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
81.13
Chg % From
52WK High
-4%
LTM
Equity
Value
3,732.0
Ent.
Value
3,536.2
Revenue
641.1
EBITDA
259.0
-9%
1,028.6
1,306.8
602.5
-12%
8,128.7
10,820.0
844.4
549.4
Company Name
FactSet Research Systems Inc.
Headquarters
United States
Fair Isaac Corp.
United States
24.66
Fidelity National Information Services, Inc.
United States
27.13
Fidessa group plc
United Kingdom
23.83
-5%
Financial Engines, Inc.
United States
13.28
-30%
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
40.4%
3.1%
5.5x
151.4
25.1%
-8.3%
2.2x
13.7x
8.6x
4,681.9
1,180.8
25.2%
39.7%
2.3x
9.2x
781.9
375.6
80.3
21.4%
14.0%
2.1x
9.7x
452.4
98.1
12.1
12.3%
0.0%
4.6x
37.5x
10.7x
Forrester Research Inc.
United States
33.08
-3%
746.2
469.3
239.2
43.9
18.4%
-0.5%
2.0x
FTI Consulting, Inc.
United States
34.69
-28%
1,624.0
2,062.6
1,390.6
301.6
21.7%
2.5%
1.5x
6.8x
Gartner Inc.
United States
29.44
-2%
2,805.9
3,047.2
1,206.3
165.1
13.7%
1.5%
2.5x
18.5x
GfK Aktiengesellschaft
Germany
42.56
-5%
1,529.9
2,179.9
1,494.1
224.8
15.0%
2.4%
1.5x
9.7x
Harris Interactive Inc.
United States
0.91
-41%
49.6
51.0
168.4
6.8
4.0%
-8.6%
0.3x
7.5x
Harte-Hanks Inc.
United States
11.67
-26%
742.5
876.2
834.6
115.5
13.8%
-14.2%
1.0x
7.6x
Health Grades Inc.
United States
8.19
0%
250.1
225.4
58.2
13.0
22.4%
26.1%
3.9x
17.3x
68.00
-1%
4,365.3
4,252.2
1,036.4
248.6
24.0%
10.2%
4.1x
17.1x
6.58
-5%
3,942.8
5,365.4
1,810.3
475.0
26.2%
-6.0%
3.0x
11.3x
26.0x
IHS Inc.
United States
Informa plc
Switzerland
Informatica Corporation
United States
38.41
-2%
3,554.7
3,392.5
565.1
130.3
23.1%
21.6%
6.0x
Information Services Group, Inc.
United States
1.79
-55%
57.3
86.7
135.1
17.4
12.9%
-6.4%
0.6x
5.0x
InnerWorkings Inc.
United States
6.57
-15%
300.0
332.5
438.8
18.7
4.3%
4.3%
0.8x
17.7x
17.60
-27%
308.2
232.6
142.9
21.9
15.3%
15.5%
1.6x
10.6x
0.28
-15%
16.1
8.8
25.9
(2.1)
NM
6.1%
0.3x
NM
45.51
-4%
1,546.3
1,885.4
1,258.3
157.5
12.5%
6.3%
1.5x
12.0x
Interactive Intelligence, Inc.
United States
International Datacasting Corporation
Canada
Ipsos SA
France
JDA Software Group Inc.
United States
25.36
-20%
1,060.0
1,186.3
493.0
117.7
23.9%
27.2%
2.4x
10.1x
Kenexa Corp.
United States
17.52
-5%
396.5
332.9
163.9
17.2
10.5%
-7.6%
2.0x
19.3x
Keynote Systems Inc.
United States
11.62
-5%
173.5
113.1
79.1
7.4
9.4%
-2.9%
1.4x
15.3x
Lawson Software, Inc.
United States
8.47
0%
1,380.4
1,276.0
742.1
120.3
16.2%
0.9%
1.7x
10.6x
LECG Corporation
United States
1.10
-71%
41.9
94.7
282.6
(6.0)
NM
-2.6%
0.3x
NM
Macdonald Dettwiler & Associates Ltd.
Canada
44.07
-10%
1,805.9
1,978.8
930.7
174.4
18.7%
-8.1%
2.1x
11.3x
MedAssets, Inc.
United States
21.04
-16%
1,214.4
1,410.1
366.6
101.5
27.7%
13.6%
3.8x
13.9x
MediaMind Technologies Inc.
United States
13.80
-14%
247.0
214.6
74.9
15.7
21.0%
24.7%
2.9x
13.6x
Mediware Information Systems Inc.
United States
10.52
-2%
83.8
60.5
47.6
6.3
13.3%
17.0%
1.3x
9.5x
Merge Healthcare Incorporated.
United States
2.90
-32%
241.5
440.5
85.2
13.8
16.2%
41.1%
5.2x
31.9x
11.3x
Misys plc
United Kingdom
4.49
-4%
2,381.5
2,615.4
1,136.7
231.9
20.4%
13.0%
2.3x
Moody's Corp.
United States
24.98
-20%
5,852.8
6,484.9
1,892.0
804.9
42.5%
11.5%
3.4x
8.1x
Morningstar Inc.
United States
44.56
-19%
2,208.4
1,889.0
507.1
150.0
29.6%
5.4%
3.7x
12.6x
MSCI Inc.
United States
33.21
-14%
3,912.0
3,769.7
871.7
262.7
30.1%
102.0%
4.3x
14.4x
National Research Corp.
United States
26.08
-5%
173.5
173.2
58.9
18.6
31.6%
5.1%
2.9x
9.3x
Navigant Consulting Inc.
United States
11.63
-25%
582.7
783.5
697.2
98.9
14.2%
-6.8%
1.1x
7.9x
Onvia Inc.
United States
2.97
-65%
25.0
12.1
27.4
2.0
7.1%
20.1%
0.4x
6.2x
10.0x
Open Text Corp.
Canada
OpenTable, Inc.
United States
47.04
-8%
2,674.1
2,648.4
912.0
265.1
29.1%
16.1%
2.9x
68.08
-3%
1,556.3
1,475.2
79.9
19.6
24.5%
30.8%
18.5x
Parametric Technology Corporation
75.2x
United States
19.54
-3%
2,254.0
2,035.0
988.3
130.9
13.2%
-0.3%
2.1x
15.5x
Paychex Inc.
United States
27.49
-16%
9,942.3
9,492.2
2,018.9
821.4
40.7%
-1.5%
4.7x
11.6x
PROS Holdings, Inc.
United States
9.28
-13%
242.5
181.7
68.6
4.8
7.0%
-7.8%
2.6x
38.1x
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
*
20
SOFTWARE & INFORMATION
PUBLIC COMPANY VALUATION
Company Name
Qlik Technologies, Inc.
Headquarters
United States
Quality Systems Inc.
United States
Reed Elsevier plc
Reis, Inc.
Stock Price
09/30/10
22.05
Chg % From
52WK High
-20%
LTM
Equity
Value
1,700.8
Ent.
Value
1,693.7
Revenue
193.0
EBITDA
31.5
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev
EV/EBITDA
16.3%
0.0%
8.8x
53.8x
19.9%
5.9x
21.6x
66.31
-4%
1,917.1
1,816.2
308.1
83.9
27.2%
United Kingdom
8.45
-6%
10,126.9
19,116.9
9,773.8
1,997.5
20.4%
0.0%
2.0x
9.6x
United States
6.39
-8%
67.7
60.8
28.1
3.8
13.4%
-26.0%
2.2x
16.2x
37.1x
Rightnow Technologies Inc.
United States
19.70
-2%
631.1
531.7
165.9
14.3
8.6%
14.6%
3.2x
S1 Corporation
United States
5.21
-24%
276.6
240.2
222.7
28.2
12.7%
-5.8%
1.1x
8.5x
Sage Group plc
United Kingdom
4.34
-3%
5,711.7
6,159.5
2,139.1
570.2
26.7%
0.5%
2.9x
10.8x
Salary.com, Inc.
United States
Salesforce.com
United States
*
4.07
-2%
72.5
66.6
45.6
(12.8)
NM
6.7%
1.5x
NM
111.80
-10%
14,522.8
14,271.2
1,455.8
168.0
11.5%
22.6%
9.8x
85.0x
11.1x
smartFOCUS Group Plc
United Kingdom
0.22
-2%
21.5
18.3
19.3
1.7
8.6%
14.7%
1.0x
Solera Holdings Inc.
United States
44.16
-1%
3,094.0
3,509.3
631.3
262.0
41.5%
13.2%
5.6x
13.4x
SPS Commerce, Inc.
United States
12.82
-12%
148.8
111.2
40.8
4.4
10.7%
0.0%
2.7x
25.4x
SS&C Technologies Holdings, Inc.
United States
15.80
-14%
1,135.5
1,364.2
299.7
114.6
38.2%
10.9%
4.6x
11.9x
Streamline Health Solutions, Inc.
United States
1.21
-56%
11.8
13.6
18.6
1.3
6.7%
19.2%
0.7x
10.8x
SuccessFactors, Inc.
United States
25.11
-5%
1,851.5
1,508.2
171.5
(7.9)
NM
27.1%
8.8x
NM
Taleo Corp.
United States
28.99
-5%
1,160.0
915.3
212.6
27.5
12.9%
10.8%
4.3x
33.3x
21.2x
Temenos Group AG
Switzerland
30.69
-11%
1,836.8
1,988.5
401.3
93.7
23.3%
4.0%
5.0x
The Dolan Company
United States
11.37
-18%
346.7
506.3
288.1
81.2
28.2%
21.1%
1.8x
6.2x
The Hackett Group, Inc.
United States
4.13
-8%
173.3
155.9
169.0
6.3
3.7%
-2.5%
0.9x
24.7x
The McGraw-Hill Companies, Inc.
United States
33.06
-11%
10,218.8
10,349.1
6,002.8
1,511.6
25.2%
-1.2%
1.7x
6.8x
Thomson Reuters Corporation
United States
37.46
-5%
31,157.7
38,031.7
12,929.0
3,008.0
23.3%
-1.7%
2.9x
12.6x
17.74
-6%
2,908.2
2,660.0
708.4
156.9
22.1%
15.9%
3.8x
17.0x
3.94
-9%
198.3
184.5
107.8
27.6
25.6%
164.5%
1.7x
6.7x
38.64
-2%
969.7
942.6
211.0
11.9
5.7%
11.3%
4.5x
78.9x
40.8x
Tibco Software, Inc.
United States
Toluna plc
United Kingdom
Ultimate Software Group, Inc.
United States
Unica Corporation
United States
20.98
-1%
453.8
410.7
109.2
10.1
9.2%
4.2%
3.8x
Verint Systems Inc.
United States
29.55
-6%
1,025.9
1,783.2
712.5
77.0
10.8%
2.8%
2.5x
23.2x
Verisk Analytics, Inc.
United States
28.01
-12%
5,012.9
5,431.7
1,081.3
457.1
42.3%
12.7%
5.0x
11.9x
13.23
-22%
190.0
72.9
58.8
(0.6)
NM
-7.1%
1.2x
18.48
-16%
359.0
263.8
89.1
1.8
2.0%
8.6%
3.0x
146.9x
20.92
-9%
6,232.8
9,141.5
4,215.6
882.9
20.9%
-1.5%
2.2x
10.4x
0.58
-30%
55.9
38.3
69.0
5.3
7.7%
-2.4%
0.6x
7.2x
Vital Images Inc.
United States
Vocus Inc.
United States
Wolters Kluwer NV
Netherlands
YouGov PLC
United Kingdom
*
*
NM
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (10.6x)
Low
0.3x
3.8x
and EBITDA multiples that are 2.0 standard deviations above the mean (57.9x).
Mean
3.1x
19.0x
Median
2.6x
12.8x
Weighted Avg
3.9x
17.8x
Adj. W Avg*
3.9x
13.5x
18.5x
146.9x
High
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
21
MARKETING SERVICES
Transactions by Segment & Buyer Type ($ in Millions)
• Eight Marketing Services transactions were announced in September for approximately $157 million
• There was further consolidation in the printing subsegment, as four transactions were announced for approximately
$27 million
• Select acquisitions
› Harte Hank’s acquisition of Information Arts (United Kingdom), a provider of data-driven marketing insight to
business-to-business marketers
› Triple I’s acquisition of Healthbridge, a pharmacy benefit manager that offers patient assistance,
reimbursement, sampling and logistic solutions, from Express Scripts
• Select investments
› Technology Crossover Ventures’ $75 million growth investment in Merkle, a database marketing company
MARKETING SERVICES TRANSACTIONS BY SEGMENT
Transactions
#
%
BUYER/INVESTOR BREAKDOWN
Est. Value
$
Strategic
%
#
Buyout
$
#
Venture/Growth Capital
$
#
$
Printer
4
50%
27.0
17%
4
27.0
0
0.0
0
Data Analytics
1
13%
25.0
16%
1
25.0
0
0.0
0
0.0
Marketing Database
1
13%
75.0
48%
0
0.0
0
0.0
1
75.0
DR Media Buying
1
13%
26.0
17%
1
26.0
0
0.0
0
0.0
Fulfillment
1
13%
4.0
3%
1
4.0
0
0.0
0
0.0
Total
8
100%
157.0
100%
7
82.0
0
0.0
1
75.0
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
22
0.0
MARKETING SERVICES
PUBLIC COMPANY VALUATION
($ in millions, except stock price data)
Stock Price
09/30/10
$15.86
Ent.
Value
$ 1,559.0
Revenue
$
1,113.6
EBITDA
$
245.4
22.0%
-7.3%
1.4x
6.4x
-1%
1,229.3
1,270.0
1,111.5
102.7
9.2%
0.0%
1.1x
12.4x
65.26
-17%
3,434.8
9,533.8
2,360.6
632.1
26.8%
20.7%
4.0x
15.1x
12.37
-21%
74.2
75.8
113.0
6.2
5.5%
-20.5%
0.7x
12.3x
Headquarters
United States
ADC Telecommunications Inc.
United States
12.67
Alliance Data Systems Corporation
United States
AMREP Corp.
United States
Cenveo Inc.
United States
Clairvest Group Inc.
Canada
Consolidated Graphics, Inc.
Convergys Corporation
DST Systems Inc.
Chg % From
52WK High
-21%
LTM
Equity
Value
$1,269.1
Company Name
Acxiom Corporation
LTM Margin
EBITDA
LTM
Rev Growth
LTM Multiples
EV/Rev EV/EBITDA
5.03
-64%
313.5
1,554.7
1,804.1
185.7
10.3%
-2.5%
0.9x
8.4x
12.54
-1%
200.1
109.7
21.9
8.0
36.5%
7.8%
5.0x
13.7x
United States
41.45
-15%
478.5
644.6
1,001.7
119.2
11.9%
-7.7%
0.6x
5.4x
United States
10.45
-24%
1,296.6
1,332.5
2,667.2
146.9
5.5%
2.0%
0.5x
9.1x
United States
44.84
-3%
2,095.9
2,974.4
2,283.6
493.6
21.6%
2.0%
1.3x
6.0x
Fair Isaac Corp.
United States
24.66
-9%
1,028.6
1,306.8
602.5
151.4
25.1%
-8.3%
2.2x
8.6x
Groupe Aeroplan Inc.
Canada
12.24
-3%
2,370.1
2,456.5
1,628.3
206.7
12.7%
18.8%
1.5x
11.9x
GSI Commerce Inc.
United States
24.70
-21%
1,638.4
1,729.6
1,157.4
78.7
6.8%
20.3%
1.5x
22.0x
Harte-Hanks Inc.
United States
11.67
-26%
742.5
876.2
834.6
115.5
13.8%
-14.2%
1.0x
7.6x
Innotrac Corp.
United States
0.93
-71%
11.5
11.6
81.4
1.0
1.2%
-35.2%
0.1x
11.9x
*
*
Pareto Corp.
Canada
2.32
-5%
81.9
98.4
77.4
9.9
12.9%
12.3%
1.3x
9.9x
Quad/Graphics, Inc.
United States
46.72
-6%
2,188.4
3,056.8
1,782.1
300.0
16.8%
0.0%
1.7x
10.2x
R.R. Donnelley & Sons Company
United States
16.96
-27%
3,498.8
6,311.0
9,869.9
1,292.2
13.1%
-5.8%
0.6x
4.9x
StarTek, Inc.
United States
4.18
-50%
63.0
41.3
280.1
16.1
5.8%
-2.2%
0.1x
2.6x
Sykes Enterprises, Incorporated
United States
13.58
-50%
643.7
464.2
1,008.4
109.2
10.8%
23.0%
0.5x
4.3x
TechTeam Global Inc.
United States
6.95
-18%
77.8
78.0
195.6
8.4
4.3%
-17.3%
0.4x
9.3x
Teleperformance
France
28.39
-24%
1,605.3
1,556.8
2,314.6
251.7
10.9%
1.7%
0.7x
6.2x
TeleTech Holdings Inc.
United States
14.84
-29%
893.0
766.4
1,105.8
160.7
14.5%
-13.7%
0.7x
4.8x
Transcontinental Inc.
Canada
13.53
-9%
1,088.3
1,774.7
2,149.4
407.2
18.9%
-1.7%
0.8x
4.4x
Viad Corp
United States
19.34
-24%
397.3
280.6
793.9
18.3
2.3%
-17.5%
0.4x
15.4x
Vistaprint N.V.
Netherlands
38.65
-38%
1,698.9
1,531.8
670.0
115.8
17.3%
29.9%
2.3x
13.2x
Summary Multiples
*Calculation is market cap weighted and excludes revenue multiples that are 3.0 standard deviations above the mean (4.7x)
Low
0.1x
and EBITDA multiples that are 2.0 standard deviations above the mean (18.4x).
Mean
1.3x
9.4x
Median
0.9x
9.1x
Weighted Avg
1.6x
9.8x
Adj. W Avg*
1.5x
9.1x
High
5.0x
22.0x
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
23
2.6x
CURRENT SUMMARY TRADING
VALUATION INFORMATION
Segment Name
Digital Advertising
MEAN
MEDIAN
W. AVG
ADJ. W. AVG*
1.7x
1.0x
2.4x
2.3x
Advertising & Promotion
1.0x
1.2x
1.2x
1.2x
OOH & Specialty Media
3.0x
2.5x
3.3x
3.3x
Digital Media / Commerce
2.8x
1.5x
4.9x
4.4x
Marketing Technology
2.7x
2.7x
3.4x
3.2x
Software & Information
3.2x
2.7x
3.9x
3.8x
Marketing Services
1.3x
0.9x
1.6x
1.5x
Segment Name
Digital Advertising
Advertising & Promotion
MEAN
MEDIAN
W. AVG
ADJ. W. AVG*
27.4x
13.9x
14.7x
13.8x
9.1x
8.2x
9.2x
8.9x
OOH & Specialty Media
14.0x
11.6x
13.7x
13.3x
Digital Media / Commerce
26.8x
16.2x
20.6x
20.6x
Marketing Technology
23.4x
16.4x
15.6x
14.4x
Software & Information
18.9x
12.7x
17.7x
13.4x
9.4x
9.1x
9.8x
9.1x
Marketing Services
As of close of business on 09/30/10.
*Adj. Weighted Average is market cap weighted and excludes revenue multiples that are 3.0 standard
deviations above the mean and EBITDA mutiples that are 2.0 standard deviations above the mean. Please
see individual business segments for further details.
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
24
ALL SEGMENTS
Strategic Transactions ($ in Millions)
Target
Strategic
Values Disclosed
Strategic
Undisclosed
Buyer/Investor
Netezza, Inc.
TheMarkets.com, Inc.
Mighty Net, Inc.
Mail.com, Inc.
Salary.com, Inc.
5Min, Inc.
TopTable.com
Nedstat
TechCrunch, Inc.
Match Point Media, LLC
Activa Live, Inc.
Autotropolis, Inc.
Intrepid Consultants, Inc.
Quiksee, Inc.
Rally Up, Inc.
IBM Corporation
CapitalIQ, Inc.
Experian plc
United Internet AG
Kenexa Technology
America Online, Inc.
OpenTable, Inc.
comScore, Inc.
America Online, Inc.
DG FastChannel, Inc.
Salesforce.com
Autobytel, Inc.
Alterian plc
Google, Inc.
America Online, Inc.
LEVEL Studios, Inc.
Q Interactive, Inc.
Healthcare Data Management, Inc.
Getprice.au
Information Arts, Inc.
Pipal Research
Dextrose, Inc.
Multiply, Inc.
ChoiceVendor, Inc.
Project House, Inc.
Thing Labs, Inc.
Think360, Inc.
Surebaby.com, Inc.
Backstage Technologies Inc
Comwerks Interactive, Inc.
FRSGlobal
Hospitality Information Services
Access Intelligence's Chemical and Energy Products
QED Education Database
Catterton Printing, inc
Kwittken & Company
Fantastic Zero, Inc.
Six Apart Ltd.
Untitled London Limited
Peanut Labs, Inc.
mSnap, Inc.
TimeBridge, Inc.
Media Lithographics, Inc.
Conley Printing
Balmar, Inc.
Healthbridge, Inc.
Rosetta
The Selling Source, Inc.
Thomson Reuters
News Corporation, Inc.
Harte Hanks, Inc.
Irevna, Inc. (sub of CRISIL India)
Zynga, Inc.
Nasper Ltd.
LinkedIn Corporation
Euro RSCG Worldwide, Inc.
America Online, Inc.
Source Marketing, Inc.
Cyberplex, Inc.
RealNetworks, Inc.
Wunderman, Inc.
Wolters Kluwer Financial Services
Newmarket International
IHS, Inc.
MCH Strategic Data
Craftsman Press
MDC Partners
Glam Media, Inc.
SAY Media
Schawk, Inc.
e-Rewards, Inc.
Marketron, Inc.
MerchantCircle, Inc.
Bang Printing
J. B. Kenehan
HBP, Inc.
Triple I, Inc.
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
25
Reported
Transaction
Value
$
1,700.0
300.0
207.5
100.0
80.0
65.0
55.0
36.7
30.0
26.0
25.0
15.0
10.9
10.0
9.0
-
ALL SEGMENTS
Buyouts & Venture/Growth Capital Transactions ($ in Millions)
Target
Buyout Deals
VC/Growth Capital
Values Disclosed
VC/Growth Capital
Undisclosed
Buyer/Investor
Reported
Transaction
Value
Internet Brands, Inc.
Screenvision, Inc.
Hospedia Ltd.
Hellman & Friedman, LLC
Shamrock Capital Advisors
Marlin Equity Partners,
$
640.0
140.0
50.0
Chegg, Inc.
Merkle, Inc.
Contact Solutions, Inc.
Eddingpharm
Ooyala, Inc.
MarketShare Partners
Phreesia, Inc.
Retail Solutions, Inc.
NetShelter Technology Media, Inc.
Conviva, Inc.
SpringCM, Inc.
Cint, Inc.
DataSphere Technologies, Inc.
Rocket Fuel, Inc.
Locaweb, Inc.
Bloomspot, Inc.
Geodelic, Inc.
Verve Wireless, Inc.
BranchOut, Inc.
Extole, Inc.
Innovid, Inc.
Appssavvy, Inc.
Fits.me
Ace Limited
Technology Crossover Ventures
North Bridge Growth Equity
OrbiMed Advisors
CID Group, Inc.
Investors
VantagePoint Venture Partners
Investor Growth Capital
Kennet Partners
GGV Capital
Foundation Capital
Prime Technology Ventures
OVP Venture Partners
Nokia Growth Partners
Silver Lake Sumeru
Menlo Ventures
Verizon Investments
BlueRun Ventures
Accel Partners
Trident Capital
T-Ventures
Investors
Estonian Development Fund
$
75.0
75.0
25.0
24.0
22.0
21.6
20.0
15.2
15.0
15.0
15.0
13.0
10.0
10.0
10.0
9.0
7.0
7.0
6.0
5.0
4.0
3.0
1.8
None
None
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
26
REPRESENTATIVE TRANSACTIONS
2010 Selected Transactions
Undisclosed
has sold
a leading performance-based
advertising network
has acquired
has been sold to
Refinancing of Debt
Facilities
has been acquired by
a leading national in-store
advertising network and shopper
marketing company
to
Adknowledge, Inc.
a leading marketing database
and data analytics solution
provider
has been sold to
GSI Commerce Inc.
(Nasdaq: GSIC)
e-Dialog, Inc.
a division of
GSI Commerce, Inc.
Acosta Sales & Marketing
(Nasdaq: GSIC)
New Digital Group, Inc.
has sold
one of Europe’s largest
independent providers of
digital direct marketing
services for customer
acquisition and retention
has sold its fulfillment and
database management
divisions to
has sold the assets of
Budco
Prime Point Media
to
has received a majority
investment from
Brite Media Group
Beckett Media LLC
TA Associates
The Dialogue Company
a leading fulfillment and
direct marketing organization
a leading online community for
automotive enthusiasts
and social networking
technology platform
to
Selected Historical Transactions
a global marketing services
company
has been acquired by
Groupe Aeroplan Inc.
(TSX: AER)
in a combination that creates
the world’s leading loyalty
management provider
(Nasdaq: TREE)
(Nasdaq: MIVA)
has acquired certain assets of
a leading direct response
television media company
Done Right!
has received a major
investment from
an online directory service
providing trusted lead generation
and marketing services for home
improvement professionals across
the country
ZM Capital
Palladium Equity Partners
Interactive Prospect Targeting
Holdings PLC
has sold
MIVA Media
a leading pay-per-click contextual
online advertising network
to
has sold the assets of its Core UK
Business performing online
customer acquisition and email list
rental, including
a provider of accredited continuing
education programs for clinicians
an operating company of
Veronis Suhler Stevenson
Volvere PLC
formerly known as MyGreek.com
a fast growing online advertising
network serving the middle
market
has been sold to
has been sold to
in a management-led buyout
sponsored by
Adknowledge
one of the largest and fastest
growing providers of out-of-home
integrated media and marketing
programs reaching consumers in
specialty venues
has acquired certain assets of
Primedia Healthcare
Prime Visibility Media
Group
a portfolio company of
Bridge Investments LLC
On Target Media, LLC
the largest US out-of-home
media company providing
consumer health education and
information in physician offices
a leading online competitive
intelligence database provider
serving the pharmaceutical and
financial service industries
a portfolio company of
has been sold to
Alta Communications
Financial Times Group
has been sold to
a subsidiary of
Catterton Partners
Pearson plc
a nationally recognized leader in
advanced data analytics
a provider of advanced email
marketing technology focused on
the travel and hospitality
industries
has been sold to
Fishbowl, Inc.
has acquired
has sold a majority stake to
Halyard Capital
Mosaic Sales Solutions
to create
a provider of outsourced
merchandising and sales
services to marketers of
branded products
Engauge
a new marketing solutions
agency formed in partnership
with Stan Rapp
Securities offered through Petsky Prunier Securities, LLC, member FINRA/SIPC
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
27
a leading provider of database
management and donor
relationship software and data
mining, predictive modeling and
benchmarking services to
nonprofits
has been sold to
Blackbaud, Inc.
a leading provider of online lead
generation and e-distribution
services to the insurance industry
has been sold to
TRANZACT
a portfolio company of
Halyard Capital
a fast growing provider of online
lead generation services
has been sold to
On Target Media Holdings
a portfolio company of
Seaport Capital
Petsky Prunier: Expertise. Commitment. Results.
•
•
Founded in 1999
Sectors covered: Digital Advertising, Marketing Services & Advertising, Digital Media / Commerce, Marketing
Technology, Out-of-Home & Specialty Media and Software & Information
•
More than 30 focused professionals
›
Unique combination of investment banking and consulting expertise
›
New York-based with a West Coast office and a Chicago presence
•
Deep relationships across a broad spectrum of private equity groups, senior and mezzanine lenders and
strategic buyers
•
Securities transactions processed through Petsky Prunier Securities LLC, a licensed broker-dealer
INVESTMENT BANKING
• Sell-Side Representation
• Corporate Divestitures
• Capital Raising and
Private Placements
• M&A Advisory
• Fairness Opinions
M&A & INVESTMENT SUMMARY SEPTEMBER 2010
STRATEGIC ADVISORY
CONSULTING
INTELLIGENCE
• Opportunity Mapping:
Strategic & Business
Planning
• Value Driver Assessment
• Decision & Tactical
Execution Support
28
• Market Intelligence
• Competitiveness
• Valuation Analysis