M&A Snapshot Q2 2017

Web: architectpartners.com | Email: jar@architectpartners.com

 M&A SNAPSHOT
Q2 - 2017
2015 2016 2017
Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2

Total M&A Exits (a) 785 604 630 688 792 797 730 837 779
Core M&A exits up 13%
year-over-year.

113 116
103 102
86 94 91
80 79
Core M&A Exits (b)

$25.9 $25.1
$22.1
$20.5 $21.0 $21.2 $21.2
$20.0
Consideration
$14.8
Exchanged
$billions (b)

Average Consideration
$216mm.
Proportion Premium Value (c) Up 6%Year-OverYear

% of Total M&A Exits 3% 3% 3% 3% 2% 3% 2% 2% 2%

% of Core M&A Exits 20% 24% 19% 25% 18% 23% 15% 19% 14%
Source: Architect Partners LLC, Capital IQ, company filings and public information
a) M&A exits within Mobile | Internet | Digital Media sectors
b) Core M&A exits are defined as transactions with announced or estimated values between $25 million and $1 billion in consideration, as these typically represent successful business-
building endeavors
2
c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times estimated last twelve months revenue (LTM)
 M&A BY SECTOR Service
Provider
Consumer
Application
Q2 - 2017 Analytics
Ecommerce Application
7% 9%
10% 3%

Media
9%

Security 4% Enterprise
32%
Application
6%
Network
Core Transactions by Sector Infrastructure 11%

Hardware
11%
Number of Deals
Digital by Sector
Marketing

SECTORS
Consumer Application
Enterprise Application
Analytics Application
Network Infrastructure
Security
Ecommerce
Digital Marketing
Media
App Development
Hardware
$2,792 $6,541 $388 $1,752 $474 $2,816 $4,265 $1,717 $2,158 $2,615 $2,380 Service Provider
Total sector M&A value in $mm Source: Architect Partners LLC, Capital IQ, company filings and public information 3
PREMIUM VALUE DEALS Premium Value is defined as greater than 5 times invested equity capital
Q2 - 2017 or 5 times the estimated last 12 months revenue (LTM)

Target | Acquirer x LTM Revenue

Viptela | Cisco Systems 24x LTM revenue multiple of
the target at the time of
Get Educated Int. Proprietary | 2U South Africa acquisition
Guavus, Inc. | Thales S.A.
LTM revenue multiple of
MelcoLot Ltd | 500.com Ltd 47x the acquirer at the time
of acquisition, if available
The Yield Book & Citigroup Index | FTSE Int.
Xactly Corpration | Vista Equity Partners
TeleCable de Asturias | Euskaltel S.A.
0 2 4 6 8 10 12 14 16 18 20

Target | Acquirer x Invested Capital

Conjur, Inc. | CyberArk Software
StarStreet | Paddy Power Betfair
Moat | Oracle Corp
Hexadite | Microsoft
Placed | Snap Inc.
MindMeld | Cisco Systems
Zenly | Snap Inc.
Space Ape | Supercell
Carco Technologies | KAR Auction Services
0 2 4 6 8 10 12 14 16 18 20
Source: Architect Partners LLC, Capital IQ, company filings and public information
4
MOST ACTIVE
ACQUIRERS LTM
(In terms of number of Acquisitions)

1. 2. 3. 4. 5.
1 / 14 | $737mm 6 / 10 | $160mm 2 / 7 | $220mm 1 / 7 | $10.3B 0 / 7 | $1.4B
Owlchemy Labs Cloudyn Beddit StraightPath None
Deis SensoMotoric Communications
Heighten Software
Hexadite
Intentional Software
Open Build Service

6. 7. 8. 9. 10.
0 / 7 | $1.1B 3 / 6 | $4.8B 3 / 6 | $593mm 1 / 6 | $14.B 2 / 5 | $9.9B
None MindMeld Cntrl Me Robotics Whole Foods Moat
Saggezza Placed Wercker B.V.
Vitela Zenly

Number of new deals in Q2 / total deals last 4 quarters | total spend last 4 quarters (a)

a) A number of transactions do not disclose acquisition price, so aggregate value of deals over the last twelve months is likely understated.

Source: Architect Partners LLC, Capital IQ, company filings and public information 5
CORE TRANSACTIONS
Q2 - 2017
BUYER
Get Educated International
2U South Africa
500.com Ltd
AMPLEXOR
Apollo Global Management;
GSO Capital Partners;
Arbiter Partners Capital
Apollo Global Management;
Ontario Teachers' Pension
Plan Board
Marvell Technology Group Ltd.,
ASR Microelectronics Co.
LTE Thin-Modem Business
Asseco Business Solutions
SA
Asure Software, Inc.
Avatar Systems, Inc.
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Premium Value M&A
TRANSACTION AP M&A
TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Oers online education and training courses in accounting, marketing,
123 project management, and tourism management. Founded in 2008, based in
Proprietary Ltd
Cape City, South Africa.
Oers technological solutions and games Including interactive lottery
mobile phone games, high frequency lottery games, and an online lottery
MelcoLot Ltd 62
betting platform for lottery operators. Founded in 2002, based in Central
Hong Kong.
Provides a language translation product to companies in the technology,
consumer products, medical and life sciences, financial services,
Sajan, Inc. 28
manufacturing, and retail industries worldwide. Founded in 2000, based in
River Falls, WI.
Provides in-store audio, visual, mobile, voice, drive thru, commercial TV,
social, and scent marketing solutions to specialist retailers, department
Mood Media Corporation 647
stores, supermarkets, financial institutions and fitness clubs, hotels, car
dealerships, and restaurants. Founded in 2006, based in Austin, TX.
Provides HR software as a service solutions that connect job seekers and
employers in the United States, Canada, China, France, Germany, Greece,
CareerBuilder, LLC 475
India, Italy, the Netherlands, Spain, Sweden, the United Kingdom, and
Vietnam. Founded in 1995, based in Chicago, IL.
LTE thin-modem business of Marvell Technology Group Ltd. comprises the
45
business unit that develops LTE thin-modems.
Oers Macrologic Merit, an enterprise resource planning (ERP) software
solution that supports various areas of business activity, including records
Macrologic SA 28
and resource planning, and information and knowledge management.
Founded in 1998, in Warsaw, Poland.
Develops payroll, tax, and HR software for the payroll service bureau market
iSystems, LLC 59 and other financial services providers in the United States. Founded in 1996,
based in Colchester, VT.
Provides physical design solutions for designing integrated circuits. It oers
ATopTech, Inc. 35 Aprisa, a place-and-route engine, and a block level implementation tool.
Founded in 2004, based in San Jose, CA.
6
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Axel Springer Digital Publishes magazines on real estate news and operates a real estate news
Concept Multimedia S.A. 115
Classifieds France SAS website. Founded in 1994, based in Aix-en-Provence, France.

Develops and manufactures fiber optic KVM solutions such as routers,

Belden Inc. Thinklogical Inc. 160 switches, video/DVI solutions and SDI routers. Founded in 2003, based in
Milford, CT.

TeleSign, a mobile identity company, provides phone-based verification,

Belgacom International
TeleSign Corp. 230 authentication, and notification services through SMS and voice messaging x
Carrier Services S.A.
for online companies. Founded in 2004, based in Marina del Rey, CA.

Provides digital health systems and wireless remote diagnostic patient

BioTelemetry, Inc. LifeWatch AG 261 monitoring services in the US, Canada, Europe, and Asia. Founded in 2001,
based in Zug, Switzerland.

Operates an online fundraising platform for supporting charity and personal

Blackbaud Global Ltd. Giving.com Limited 121
causes. Founded in 1999, based in London, England.

Develops cloud-based scholarship management software for public

Blackbaud, Inc. AcademicWorks, Inc. 50 institutions, private institutions, community colleges, and community
foundations. Founded in 2010, based in Austin, TX.

Provides software-defined wide area network (SD-WAN) technology that

Cisco Systems Viptela, Inc. 610 allows global companies to build carrier agnostic, policy-controlled, and x
cost-eective WANs. Founded in 2012, based in San Jose, CA.

Develops a platform that adds voice interfaces, including question-

Cisco Systems, Inc. MindMeld, Inc. 125 answering and language-understanding capabilities, to applications and x
devices. Founded in 2011, based in San Francisco, CA.

Provides mobile messaging services. It specializes in delivering application-

CLX Communications AB Dialogue Communications 41 to-person messaging solutions. Founded in 1994, based in Sheeld,
England.

Oers a sourcing platform, TESS, which is used to run projects ranging

from routine sourcing, such as simple reverse auctions, to advanced projects
Coupa Software Inc. Trade Extensions Tradeext AB 45
involving goods and services worth billions of dollars. Founded in 2000,
based in Uppsala, Sweden.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 7
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Provides fiber optic and data center infrastructure solutions to businesses,
Crown Castle International
Wilcon Holdings LLC 600 wireless carriers, and other communications service providers in Southern
Corp.
California. Founded in 1998, based in Los Angeles, CA.

Owns and operates an online travel agency for flights. Founded in 2002,
CVC Capital Partners eTRAVELi Holding 565
based in Uppsala, Sweden.

Oers directory services and cloud native authorization platform for

developers and security teams to monitor, adopt, manage, secure, and audit
CyberArk Software Ltd. Conjur, Inc. 42 x
modern infrastructure environments. Founded in 2011, based in Waltham,
MA.

Operates a multi-screen performance network; and provides data for digital

Dentsu Aegis Network Smile Vun Group Pvt. 129 marketing in India, the Southeast Asia, the Unites Arab Emirates, the Middle
East, and North Africa. Founded in 2006, based in Gurgaon, India.

Publishes yellow pages and runs a SMB marketing automation platform.

Dex Media, Inc. YP Holdings 600
Founded in 2012, based in Tucker, GA.

80% of Peanuts Worldwide LLC Operates Peanuts comic strip, DVDs, and TV shows. Strawberry Shortcake
DHX Media Ltd. &100% of Strawberry Shortcake 345 produces cartoon shows. Peanuts Worldwide LLC and Strawberry Shortcake
brand brand are based in the United States.

Provides domain name registration and related value-added services to

Donuts Inc. Rightside Group, Ltd. 218 resellers and domain name registrants in the United States, Ireland, Canada,
Australia, and the Cayman Islands. Founded in 2013, based in Kirkland, WA.

Double Down Interactive, LLC develops social casino games such as

DOUBLEUGAMES Co., Ltd. Double Down Interactive 825 DoubleDown Casino, which is one of the largest free-to-play online casino
games. Founded in 2010, based in Seattle, WA.

Provides prepaid payment solutions such as reloadable prepaid cards from

Ebix, Inc. Itz Cash Card 120 Visa & MasterCard to consumers and various business entities in India. x
Founded in 2005, based in Mumbai, India.

Operates as an online retail and auction company in Australia and New

Zealand. The company operates through two segments, Business to
Eclipx Group Ltd Grays eCommerce Group 134
Business; and Business to Consumer. Founded in 2002, based in Lidcombe,
Australia.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 8
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Elektrophoenix Gesellschaft Designs and manufactures fiber optic Ethernet products and Ethernet
EtherWAN Systems, Inc. 33
Mit Beschrnkter Haftung equipment for harsh environments. Founded in 1996, based in Anaheim, CA.

Oers an ecommerce marketplace for theretail of mens, womens, and kids

Emaar Malls PJSC Namshi General Trading L.L.C 151 apparel, accessories, and shoes in the United Arab Emirates, Saudi Arabia, x
Bahrain, Kuwait, Oman, and Qatar. Founded in 2012, based in Dubai, UAE.

Provides demand response solutions and energy intelligence software (EIS)

Enel Green Power North solutions to serve utility customers and electric power grid operators in the
EnerNOC, Inc. 367
America, Inc. United States, Australia, South Korea, and internationally. Founded in 2001,
based in Boston, MA.

Develops and provides software-as-a-service (SaaS) based market

Energy Services Group Utiligroup Holdings Ltd 128 interaction platform for utilities and energy industries. Founded in 1998,
based in Chorley, England.

Oers cable broadcasting and telecommunication services in Spain.

Euskaltel, S.A. TeleCable de Asturias S.A.U. 768
Founded in 1995, based in Oviedo, Spain.

Eventbrite, Inc.
Provides ticketing, marketing, and analytics tools that help event promoters
and venues to book talent, streamline operations, sell tickets, increase
Ticketfly, Inc. 200
revenue, and reward loyal fans. Founded in 2008, based in San Francisco,
CA.

Provides information and integrated marketing services in the Peoples

Expo Holdings Global Sources Ltd. 489 Republic of China, rest of Asia, the United States, Europe, and
internationally. Founded in 1970, based in Hamilton, Bermuda.

Provides payment processing solutions to small and medium business

First Data CardConnect Corp. 750 merchants and enterprise customers in the United States. Founded in 2002,
based in King of Prussia, PA.

Operates FINKit, a platform and toolkit that provides application

Fiserv (Europe) Limited Monitise plc 87 development and operations for bank grade security, compliance, and
performance. Founded in 2003, based in London, England.

Oers online payment solutions. Additionally, it oers hedging strategies

FleetCor Technologies Cambridge Global Payments 675
and risk management services. Founded in 1992, based in Toronto, Canada.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 9
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Fondi Italiani per le
Provides telecommunications and data center services for enterprises and
Infrastrutture SGR SpA; Infracom Italia S.p.A. 143
telco operators. Founded in 1999, based in Verona, Italy.
Marguerite Adviser SA

Designs, develops, manufactures, and markets network policy control

Francisco Partners
Sandvine Corp. 416 solutions for fixed, mobile, and converged communications service
Management LLC
providers. Founded in 2001, based in Waterloo, Canada.

The Yield Book Inc. and
FTSE International Ltd
Citigroup Index LLC
The Yield Book Inc. provides tools to aid in bond investment strategy for
investors; Citigroup Index LLC develops and oers a fixed income analytics
685
platform. The Yield Book Inc. and Citigroup Index LLC are based in the
United States.

ShenZhen Fulianwang Internet

Futaihua Industrial Provides IoT home furnishing applications to Chinese customers. Founded in
Of Things Intelligent Home 290
(Shenzhen) Co. 2010, based in Shenzhen, China.
Furnishing Co.

Futaihua Precision
ShanXi Yuding Precision Manufactures and sells computer, component and consumer electronics (3C)
Electronics (Zhengzhou) 162
Technology CO.,LTD. electronic products. Founded in 1982, based in China.
Co., Ltd.

Develops information as a service for nationwide postcodes for marketers to

use for address and data capture, validation, cleansing, geo-coding,
GB Group plc Postcode Anywhere Ltd. 96
mapping, route planning, and optimization. Founded in 2001, based in
Worcester, England.

Develops and provides a mobile application that connects drivers with

people who need a ride. The application also oers users to arrange and
Gett, Inc. Juno USA, LP 200 x
schedule transportation with third party providers. Founded in 2015, based
in New York, NY.

Develops, manufactures, and markets end-to-end solutions for the

Gilbarco Inc. Orpak Systems Ltd. 160 automation of service stations and fleet management worldwide. Founded
in 1983, based in Bnei-Brak, Israel.

Operates an integrated platform of branded marketplaces and digital

Goldman Sachs; Eurazeo Dominion Web Solutions 680 marketing solutions for the powersport, RV, commercial truck, and
equipment industries. Founded in 2009, based in Norfolk, VA.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 10
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Develops and provides electronic payment-processing and merchant
solutions. The company oers debit and credit card processing, gift and
GTCR, LLC Sage Payment Solutions, Inc. 260
loyalty, and electronic check and automated clearing house (ACH) payment
solutions. Founded in 1993, based in Reston, VA.

Operates an automated platform that enables users to buy and sell access
GTT Americas, LLC GC Pivotal LLC 160
network solutions. Founded in 2000, based in Chicago, IL.

Provides connectivity, managed hosting, market data, and time-as-a-service

GTT Communications, Inc. Perseus, Inc. 41 to clients spanning finance, media, eCommerce, and iGaming. Founded in
2010, based in New York, NY.

Provides petroleum retail pricing and network planning software solutions

Hanover Investors and services to the petroleum retail, and oil and gas wholesale industries in
Kalibrate Technologies plc 38
Management North America, Europe, and internationally. Founded in 1993, based in
Manchester, England.

Operates as a savings destination for online and in-store purchases. The

Harland Clarke Holdings RetailMeNot, Inc. 685 companys marketplace connects consumers with retailers, restaurants, and
brands that are oering discounts. Founded in 2007, based in Austin, TX.

Oers membership to a local services e-commerce marketplace with

HomeAdvisor, Inc. Angie's List, Inc. 586 consumer reviews in the United States. It serves 5 million members and
55,000 service professionals. Founded in 1995, based in Indianapolis, IN.

Hongfujin Precision Zhengzhou Fulianwang Zhengzhou Fulianwang electronic technology Co. is a semiconductor and
363
Electronics Co.. Electronic Technology Co. electronic parts manufacturer. Founded in 1988, based in Zhengzhou, China.

Hunan Tianrun Digital

Shenzhen Muzhi Youwan
Entertainment and Cultural 159 Develops free-to-play mobile games. The company is based in China.
Science and Technology Co.
Media Co.

Hunan Tianrun Digital Beijing Hongruan Xiechuang

Provides telecommunication channel broadcasting services to Internet
Entertainment and Cultural Communication and Technology 91
related companies. Founded in 2001, based in Beijing, China.
Media Co. Co.

Develops cloud-based business intelligence (BI) and analytics solutions for

Infor, Inc. Birst, Inc. 100 organizations, software vendors, and OEMs in the United States and x
internationally. Founded in 2004, based in San Francisco, CA.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 11
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Operates a financial news place and provides current market information for
International World News Capital Nine News 92
the general market place. Founded in 2005, based in Singapore.

Develops and supplies vehicle tracking systems, fleet management software,

Investcorp Bank B.S.C. ABAX AS 213 and equipment control technology to businesses operating company
vehicles in Europe. Founded in 2003, based in Larvik, Norway.

Provides intelligent energy management (IEM) solutions for utilities,

Itron, Inc. Comverge, Inc. 100 commercial and industrial customers, and residential consumers. Founded in
1974, based in Norcross, GA.

Provides an online platform that enables automotive dealers to acquire used

KAR Auction Services Carco Technologies, Inc. 43 cars. The company also provides a mobile application for dealers to source x
used vehicle inventory. Founded in 2014, based in Chicago, IL.

Owns and operates a platform that oers editorial content, commentary,

LendingTree, LLC Camino del Avion Delaware, LLC 40 tools, and resources to help consumers compare financial products and
make informed financial decisions. Founded in 2013, based in New York, NY.

Provides telecommunication services in Malta such as prepaid plans as well

Melita plc Vodafone Malta Ltd. 232 as smartphones, tablets and accessories. Founded in 1989, based in
Birkirkara, Malta.

KWHY-TV, virtual and UHF digital channel 22, is a Spanish independent

Meruelo Group KWHY-22 Broadcasting, LLC 83
television station located in Los Angeles, California, United States.

Develops a security orchestration and automation solution to investigate

Microsoft Corp. Hexadite Ltd. 100 x
and resolve cyber incidents. Founded in 2014, based in Boston, MA.

Develops and delivers technologies, such as its Cloudyn Reserved Instance

Microsoft Corp. Cloudyn Software Ltd. 50-70 Calculator, for optimizing the way companies use cloud computing x
resources. Founded in 2011, based in New York, NY.

Operates an online gaming portal. It oers various types of games, including

action, multiplayer, shooter, adventure and RPG, sports and racing, strategy
Modern Times Group Kongregate, Inc. 55
and defense, puzzle, music, and more. Founded in 2006, based in San
Francisco, CA.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 12
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Provides various payment and digital marketing solutions for Website
Natixis S.A. Dalenys 95 publishers, media groups, online retailers, and stores in France and
internationally. Founded in 2002, based in Brussels, Belgium.

Network For Electronic Banking Computer Services Ltd Both companies provide electronic payment services to customers in
27
Transfers Pte and BCS Information System Ltd Singapore. The companies are based in Singapore.

Transactor Global Solutions Limited (TGSL) is a leading insurance software

Open GI Limited Transactor Global Solutions 50
solutions provider for the UK and worldwide insurance markets.

Provides a platform that enables organizations to build solutions that

Open Text Corp. Covisint Corp. 102 identify, authenticate, and connect users, devices, applications, and
information. Founded in 2000, based in Southfield, MI.

Oers Moat Analytics, an attention measurement platform, which provides

Oracle Moat, Inc. 850 analytics and insights on ad campaign impressions and Website inventory x
for publishers and advertisers. Founded in 2007, based in New York, NY.

Provides online subscription based fantasy sports information and analysis

Orange Capital Ventures GP
Gaming Nation Inc. 33 services, as well as distributes online sports handicapping information.
LLC
Founded in 2002, based in Thornhill, Canada.

Develops a mobile application for the fantasy sports and sports betting
Paddy Power Betfair StarStreet, Inc. 48 x
market. Founded in 2009, based in New York, NY.

Operates as a strategy games developer and publisher with titles such as

Paradox Interactive AB Triumph Studios B.V. 29 Age of Wonders and Overlord. Founded in 1997, based in Delft, the
Netherlands.

Provides smart network multimedia processor solutions for video over

Pixelworks, Inc. ViXS Systems Inc. 32 Internet protocol (IP) streaming solutions worldwide. Founded in 2002,
based in Toronto, Canada.

Provides trac and logistics software to customers in Germany and

Porsche Zweite Beteiligung PTV Planung Transport Verkehr internationally. The company oers trac software, including transport
338
GmbH AG planning, trac simulation, trac engineering, trac prediction, and trac
signal control solutions. Founded in 1979, based in Karlsruhe, Germany.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 13
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Engages in developing semiconductor processing technology in designing
Powertech Technology
Micron Akita, Inc. 51 DRAM circuits, developing advanced processing technology, and achieving
Japan LLC
better productivity. Founded in 2006, based in Akita, Japan.

Provides a mobile backend as a service platform for developers to setup,

Progress Software Corp. Kinvey, Inc. 49 use, and operate cloud backends for their mobile, tablet, and Web and x
smart device applications. Founded in 2008, based in Boston, MA.

Develops an end-to-end platform that links data, analytics, and personalized

Quotient Technology Inc. Crisp Media, Inc. 57 creative messaging to engage shoppers. Founded in 1999, based in New x
York, NY.

Concurrent Real-Time, Inc, a business segment of Concurrent, provides Linux

computer systems and software solutions for for test and control, product
Real Time, Inc. Concurrent Real-Time, Inc. 35
design and dynamic data analysis. The segment is based in Pompano Beach,
Florida.

Provides pre-hire intelligence software solutions including a platform for

Renovo Capital, LLC Global HR Research, LLC 30 background checks, pre-screening and online applications. Founded in x
2005, based in Fort Myers, FL.

The RadiumOne assets comprise a data-driven marketing platform that

RadiumOne, Inc., Certain Assets
RhythmOne plc 26 enables brands and agencies to access performance- and engagement-
and Related Liabilities
based audience segments and private marketplaces.

Develops software for the design of experiments and multivariate data

Sartorius Stedim Biotech MKS Data Analytics Solutions 73
analysis. Founded in 1987, based in Ume, Sweden.

Develops a ticketing software that provides control over various aspects of

SeatGeek Inc. TopTix Ltd 56 ticketing and customer engagement for the ticketing industry in Israel and
internationally. Founded in 2000, based in Karmiel, Israel.

Sector Telecom Georgia Oers mobile communication services. Founded in 1995 and is based in The
ITC Cellular, LLC 72
LLC United States. Operates as a subsidiary of MIG LLC.

Sekisui Chemical Co., Ltd.; Manufactures and sells electronics parts for automobiles and mobile
PT Cayman Limited 180
Inabata & Co.,Ltd. terminals. Founded in 2006, based in Japan.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 14
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Manufactures chipsets for AV/KVM signal extension, matrix switching,
Semtech Corp. AptoVision Technologies Inc. 75 Internet protocol (IP)-based switching, video-wall, and multi-view
applications. Founded in 2011, based in Saint-Laurent, Canada.

Shanghai Qi Cheng Develops and sells hotel searching and booking software. Founded in 2002,
Hubs1 Interactive Co. 80 x
Network Technology Co. based in Shanghai, China.

Shanghai Wuniu Network China Netcom Technology Oers online lottery system management services, as well as operates
32
Technology Co. Holdings lottery sales halls services. Founded in 1996, based in Hong Kong.

Creates a visual content platform with a range of content formats such as

Shutterstock, Inc. FlashStock Technology Corp. 50 short videos, GIFs, cinemagraphs and 360 videos for marketers and
advertisers. Founded in 2010, based in Toronto, Canada.

Develops mobile Internet applications across iOS, Android, and Windows

Sichuan Xun You Network channels. It oers Power Clean, a professional mobile optimizer app, and
Lionmobi Holding 397
Technology Co. Power Battery, a battery saving application. Founded in 2014, based in New
Territories, Hong Kong.

Develops investment and portfolio management software. Founded in 1983,

SimCorp A/S APL Italiana S.p.A. 40
based in Milan, Italy.

Develops, manufactures, and markets mobile phone based driver assist

devices and applications to detect collisions, track fleet costs, generate trip
Sirius XM Holdings Automatic Labs Inc. 100 x
summaries, and streamline expense reports. Founded in 2011, based in San
Francisco, CA.

Develops and operates a real time location sharing mobile application that
Snap Inc Zenly 250-350 enables users to keep in contact with friends. Founded in 2010, based in x
Paris, France.

Provides location-driven insights and mobile advertising intelligence by

allowing advertisers to evaluate the impact of ads on oine consumer
Snap Inc. Placed, Inc. 125-200 x
behavior and geographically target campaigns. Founded in 2011, based in
Seattle, WA.

Provides real time communications software solutions for service providers,

Sonus Networks, Inc. GENBAND US LLC 412 enterprises, independent software vendors, systems integrators, and x
developers worldwide. Founded in 1999, based in Frisco, TX.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 15
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Develops Internet-based free-to-play mobile and tablet games. Founded in
Supercell Oy Space Ape, Inc. 56 x
2012, based in Waltham, MA.

Oers an IP portfolio in DSP, analog, and mixed signal technologies with

embedded software to deliver silicon and software solutions for enhancing
Synaptics Inc. Conexant Systems Inc. 343
audio and imaging capabilities at home, work, and other areas. Founded in
1996, based in Irvine, CA.

Marvell International Ltd., Marvell Technology, Multimedia Solutions Business provides precise audio
Synaptics Inc. 95
Multimedia Solutions Business technology for video games.

Owns and operates television stations Net5, SBS6, and Veronica. The
Talpa Holding N.V. SBS Broadcasting B.V. 251 company also publishes television listings magazines. Founded in 2008,
based in Amsterdam, the Netherlands.

Provides agricultural information solutions and market intelligence tools that

TBG Treuhand Gnthardt
Telvent DTN, LLC 900 enable farmers, agribusinesses, and commodity traders in the agriculture
AG
industry to manage their businesses. Founded in 1984, based in Omaha, NE.

Manufactures transmitter and receiver systems for mobile communication

Hirschmann Car Communication
TE Connectivity Ltd. 166 and data transmission in Germany and internationally. Founded in 1924,
GmbH
based in Neckartenzlingen, Germany.

Telecommunications
Provides Internet and telecommunication services throughout Trinidad &
Services of Trinidad and Massy Communications Ltd. 38
Tobago. Founded in 2006, based in San Juan, Trinidad & Tobago.
Tobago Ltd.

Oers bConnected, a consumer engagement platform that provides

TeleTech Healthcare
Connextions, Inc. 80 insurance agents and health care exchanges with analytics that drive scoring
Solutions
and segmentation. Founded in 1992, based in Orlando, FL.

Develops and provides big data analytics applications for planning,

Thales S.A. Guavus, Inc. 215 operations, customer experience management, and Internet of Things (IoT). x
Founded in 2006, based in San Mateo, CA.

Provides marketing, sales and inventory software-as-a-service (SaaS), data-

True Wind Capital ARI Network Services 147 as-a-service (DaaS), and other solutions to equipment manufacturers,
distributors, and dealers. Founded in 1981, based in Milwaukee, WI.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 16
CORE TRANSACTIONS (CONTINUED)
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Acquisition includes Experians suite of cross-channel and email products,
Experian's Email/Cross-Channel including the Experian Marketing Suite, CheetahMail, and Mail Publisher, as
Vector Capital 300
Marketing Business well as its full portfolio of professional and strategic services. Acquired 75%
of the business.

Designs, develops, manufactures, and markets network policy control

Vector Capital Sandvine Corp. 341 solutions for fixed, mobile, and converged communications service providers
(CSPs) worldwide. Founded in 2001, based in Waterloo, Canada.

Provides cloud-based incentive compensation solutions for employee and

Vista Equity Partners Xactly Corp. 577 sales performance management in the United States and the United
Kingdom. Founded in 2005, based in San Jose, CA.

Provides communication and collaboration solutions through its online Jive

Wave Systems Corp. Jive Software, Inc. 451 platform to businesses, government agencies, and other enterprises.
Founded in 2001, based in Palo Alto, CA.

Develops enterprise asset management (EAM) software solutions to

Wi-Lan Inc. VIZIYA Corp. 29 enhance enterprise resource planning (ERP)-based asset maintenance
systems. Founded in 2006, based in Hamilton, Canada.

Operates as a RF system oriented IC design company in Taiwan. Founded in

WT Microelectronics Co. Maxtek Technology Co., Ltd. 164
1992, based in Taipei, Taiwan.

Xinyu Zhongyu Gaopeng Manufactures radio-frequency and mixed signal system chips. Founded in
Telink Semiconductor Co, Ltd 270 x
Xiangyun LP 2010, based in Shanghai, China.

Oers residential property market insights and analytics through its online
Zoopla Property Group Hometrack.co.uk Ltd 182
platform. Founded in 2000, based in London, UK.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 17
OTHER NOTABLE DEALS
Q2 - 2017 Premium Value M&A

TRANSACTION AP M&A
BUYER TARGET TARGET DESCRIPTION VC-BACKED
VALUE ($MM) ALERT
Mettle's Skybox Suite, a business unit of Mettle, provides the editing tools
Adobe Systems Inc. Mettle - for building transitions, titles and eects in VR applications and 360-degree
videos.

Advanced Micro Devices, Develops high-powered and sophisticated chips that power virtual reality
Nitero, Inc. - x
Inc. (VR) headsets. Founded in 2009, based in Austin, TX.

Owlchemy Labs LLC is a game studio that develops award-winning games

Alphabet Inc. Owlchemy Labs - x
and VR experiences. Founded in 2010, based in Austin, TX.

Develops and markets application-specific gaze and eye tracking systems,

Apple SensoMotoric - original equipment manufacturer solutions, and medical solutions for VR
and medical uses. Founded in 1991, based in Teltow, Germany.

Provides a visual perception software module for robot, HMD, and drone
Baidu, Inc. xPerception Technology Inc. -
applications. Founded in 2016, based in Mountain View, CA.

Operates as a digitally progressive media company in Australia and New

Zealand. It operates through Domain Group, Metropolitan Media, Australian
Hellman & Friedman LLC Fairfax Media Ltd. 2,418
Community Media, New Zealand Media, Radio, and other segments.
Founded in 1990, based in Sydney, Australia.

Builds open source software that helps developers and operators build,
Microsoft Deis - deploy, manage, and scale their applications on top of Kubernetes. Founded x
in 2015, based in San Francisco, CA.

Develops and operates a cloud based platform which helps developers

Oracle Corp. Wercker B.V. - automate the development of applications and microservices into cloud x
environements. Founded in 2012, based in Amsterdam, the Netherlands.

Oers news, entertainment, and sports programming through Tribune

Sinclair Broadcast Group, Broadcasting local television stations, including FOX, CW Network, CBS,
Tribune Media Co. 7,294
Inc. ABC, NBC and independent television stations. Founded in 1847, based in
Chicago, IL.

Operates as an open media library that automatically connects media to its

creator and information about it by creating a blockchain protocol for
Spotify Inc. Mediachain - x
registering, identifying, and tracking creative works online. Founded in 2016,
based in Brooklyn, NY.

Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion. 18
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