Petsky Prunier

Petsky Prunier is one of the leading investment banks in the technology, media, marketing, eCommerce, and healthcare industries. Our firm's mergers and acquisitions and private placements advisory services reflect a unique blend of product specialization and industry expertise. Together with strategic consulting firm Winterberry Group, a Petsky Prunier company, our organization represents one of the largest industry-specific advisors providing strategic and transactional services. In addition, we offer international reach through our partnership with investment bank Altium, which operates from nine offices across Europe. Securities transactions are processed through Petsky Prunier Securities LLC.
About Jack Berlin

About Prizm Share
million Billion invested Digital Media Commerce Media Active Reported Transactions
About Jack Berlin

About Prizm Share
million Billion invested Digital Media Commerce Media Active Reported Transactions
Marketing, Media, and Technology Industries
4Q13â€“4Q14 M&A and Investment Activity
($ in Billions)
Marketing, Media, and Technology Industries
2014 M&A and Investment Activity
($ in Millions)
Securities offered through Petsky Prunier Securities, LLC
1
2H14
DEAL 
NOTES
M&A and Investments Review
Marketing, Media, and Technology 
Industries
Overview 
1
Segment Analysis 
 Digital Media/Commerce 
5 
 Digital Advertising  
6 
 Marketing Technology 
7 
 Agency & Marketing Services 
8 
 Traditional Media 
9
Selected Recent Transactions 
10
About Petsky Prunier 
11
  2014 Review of M&A and Investment Activity in  
the Marketing, Media, and Technology Industries:  
2,907 Transactions Totaling a Reported 
$126.6 Billion; 25 +$1 Billion Transactions 
During the Year
    Digital Media/Commerce was the Most Active Segment in 2014  
for Both M&A and Investment Activity, Totaling 1,075 Transactions 
and $49.1 Billion in Reported Deal Value 
 
 During 2014, Petsky Prunier tracked 2,907 M&A and investment transactions, of which 
1,825 were reported for a total of $126.6 billion across five broad segments: Digital 
Media/Commerce, Digital Advertising, Marketing Technology, Agency & Marketing 
Services, and Traditional Media. Digital Media/Commerce was the most active and 
highest-value segment spanning control transactions and minority investments with a 
total of 1,075 transactions, of which 747 were reported worth $49.1 billion in deal value. 
There was a total of 349 Digital Media/Commerce acquisitions, of which 85Â were worth 
$28.3 billion in aggregate reported value. Of the 25 +$1 billion transactions announced 
during the year, nine acquisitions worth $22.5 billion were reported in the Digital Media/
Commerce segment. Marketing Technology was the second most active segment with 
978Â transactions, of which 639 were reported at $19.4 billion. [continued on page 2]
Deal Notes Second Half 2014
2
 
  Microsoftâ€™s $2.5 billion purchase of Sweden-based gaming company 
Mojang, the maker of Minecraft
 
  Amazonâ€™s $970 million acquisition of Twitch, which operates a live 
streaming site for gaming
 
  The $350 million purchase of Trunk Club, an online clothing retailer 
for men, by Nordstrom
There were 214 Agency & Marketing Services acquisitions in 2014, of 
which 43 were worth a total of $14.5 billion. Digital Agency was the most 
active subsegment and accounted for 42 percent of the segmentâ€™s M&A 
volume. Transactions during the second half of the year included: 
 
  Publicis Groupeâ€™s pending acquisition of digital agency Sapient for 
$3.7Â billion
 
  ICF Internationalâ€™s acquisition of digital marketing agency OLSON  
for $295 million
 
  Blackhawk Networkâ€™s acquisition of Parago, a provider of customer 
incentive and engagement solutions, for approximately $290 million
Petsky Prunier tracked 146 Traditional Media transactions in 2014, of 
which 55 were worth $16.9 billion. The B-to-B Media subsegment totaled 
24 transactions, of which five reported $1.4 billion in value. Transactions 
during the second half of the year included:
 
  UBMâ€™s $972 million purchase of tradeshow organizer Advanstar 
fromÂ Anchorage Capital Group, Ares Management, and Veronis Suhler 
Stevenson, at a valuation of 4.6x revenue
 
  CBS Outdoor Americasâ€™ $690 million acquisition of Van Wagner 
Communicationsâ€™ outdoor advertising businesses
 
  Whale Media Investmentsâ€™ $475 million purchase of a majority stake 
in Forbes Media
 
  Informaâ€™s $237 million purchase of Hanley Wood Exhibitions
[continued on page 3]
M&A Activity
There were 1,271 mergers and acquisitions in 2014, accounting for 
44Â percent of aggregate deal volume. Of those deals, 327 had a reported 
$88.7Â billion in total deal value. Marketing Technology was the most 
active M&A segment with 375 transactions. Transactions in the Marketing 
Technology segment during the second half of the year included: 
 
  Oracleâ€™s pending acquisition of data company Datalogix
 
  Salesforceâ€™s reported $350 million acquisition of RelateIQ, a provider 
of customer relationship management software solutions
 
  Australian telecommunications company Telstraâ€™s increased stake in 
video service provider Ooyala from 23 percent to 98 percent, paying 
$270 million on top of the $61 million it had previously invested 
 
  Emdeonâ€™s $200 million purchase of Change Healthcare Corporation, 
provider of a consumer engagement platform
The Digital Advertising segment generated 187 transactions in 2014, 
ofÂ which 59 totaled $18.3 million in value. The segment was driven by 
13Â Online Lead Generation deals, of which eight were reported totaling 
$5.4 billion. Digital Video was the most active subsegment during the year 
with 39 acquisitions, of which 13 were reported at $2.7 billion in aggregate 
value. Transactions in the Digital Advertising segment during the second 
half of the year included: 
 
  Zillowâ€™s $3.3 billion purchase of Trulia, a provider of tools for 
researching homes for sale, at a valuation of 19.1x revenue
 
  Alliance Data Systemsâ€™ pending $2.3 billion purchase of digital 
marketing services company Conversant at a valuation of 4.0x revenue 
and 12.0x EBITDA
   Gannettâ€™s acquisition of the remaining 73 percent stake in Cars.com 
for $1.8 billion
 
  The $950 million purchase of Move, which operates an online network 
of Websites for real estate search, by News Corporation 
The Digital Media/Commerce segment had 349 transactions in 2014, of  
which 85 were reported at $28.3 billion in aggregate value. Fifty-nine 
percent of reported value in the segment was from the Gaming subsegment 
with 36 acquisitions, of which 18 were worth $16.7 billion. In addition to 
GTECHâ€™s $6.5 billion acquisition of gaming company International Game 
Technology, the largest acquisitions in the segment included:
Deal Notes Second Half 2014
3
Investment Activity
Minority investments accounted for 56 percent of overall volume and 
30Â percent of reported deal value in 2014. Of the total 1,635 investments, 
1,498 had a reported value of $37.8 billion. Eighty-one percent of 
investments was in the Digital Media/Commerce and Marketing 
Technology segments. Digital Media/Commerce was the most active and 
highest value segment among investors with 725 investments, of which 
662 were reported at $20.8 billion in aggregate deal value. eCommerce, 
Mobile Content/Apps, and Social Media/Apps, together, accounted for 
76 percent of investments in the Digital Media/Commerce segment. 
Investments in the segment during the second half of the year included:
 
  Uber reportedly raised up to $3 billion in multiple rounds of funding 
at a latest valuation of more than $40 billion
 
  More than $2 billion raised in multiple rounds during the year by 
eCommerce site Flipkart, reaching a reported valuation of $11Â billion, 
from investors including DST Global, GIC, ICONIQ Capital, 
TigetÂ Global, Baillie Gifford, Greenoaks Capital, Steadview Capital, 
T.Â Rowe Price, and Qatar Investment Authority
 
  Snapchat raised $485.6 million in new funding from 23 investors  
at a reported valuation of $10 million
Marketing Technology had 603 transactions, of which 554 were worth 
$8.6 billion in aggregate reported value. Investment activity in the segment 
was led by the Analytics & Targeting subsegment with 147 transactions,  
of which 140 were reported at a total of $1.4 billion in value. Investments 
in Marketing Technology during the second half of the year included:
 
  MasterCardâ€™s $185 million investment in Mozido, a provider  
of real-time customer analytics
 
  Accel Partnersâ€™ $60 million investment in Hootsuite Media, a provider 
of social media management solutions
 
  BlueRun Ventures and Formation 8â€™s $55 million co-led investment  
in sales and marketing intelligence provider Radius
 
  The $50 million Sequoia Capital-led investment in Medallia,  
a provider of customer experience tracking software
Buyer & Investor Activity
Strategic buyers announced 1,225 transactions in 2014, of which 307 were 
reported totaling $71.2 billion in value. More than half of acquisitions 
by strategic buyers occurred within the Digital Media/Commerce and 
Marketing Technology segments, while another 17 percent was within  
the Agency & Marketing Services segment. The most active buyers across 
all segments were WPP with 25 acquisitions, Publicis with 17, and Yahoo 
with 15.
Private equity buyout firms completed 47 acquisitions, 20 of which were 
reported for a total of $17.6 billion. Agency & Marketing Services was 
the highest value segment with eight reported buyouts, of which four 
were worth $9 billion in aggregate deal value. In addition to The Carlyle 
Groupâ€™s reported $4.8 billion purchase of outsourced sales and marketing 
company Acosta Sales & Marketing, private equity transactions during  
the second half of the year included:
 
  CVC Capital Partnersâ€™ $1.1 billion acquisition of Sky Betting and 
Gaming from British Sky Broadcasting Group 
 
  Great Hill Partnersâ€™ 60 percent stake in UK-based Momondo Group, 
an online travel search company, for $130 million
Venture and growth capital investors announced 1,635 transactions,  
of which 1,498 were reported at $37.8 billion in aggregate deal value. 
Sequoia Capital and Accel Partners were the most active investors with 
25Â and 19 investments, respectively, during the year.
IPO Activity
There were 20 IPOs in the Marketing, Media, and Technology 
industries in 2014. Seven IPOs were completed in the second half of 
the year, including Cnova, HubSpot, Wayfair, iDreamSky Technologies, 
Townsquare Media, TubeMogul, and Alibaba, which raised $25 billion  
in the largest global IPO ever. Seven of the public offerings in 2014 priced 
above their initial filing ranges: Care.com, Grubhub, Coupons.com, 
JD.com, HubSpot, Wayfair, and iDreamSky Technologies. GoDaddy  
and Zoosk filed to go public in 2014 but have yet to price. 
[continued on page 4]
[continued from page 2]
Deal Notes Second Half 2014
4
4Q14 M&A and Investment Summary 
In 4Q14, Petsky Prunier tracked 739 M&A and investment transactions, 
of which 512 were reported for a total of $27 billion in aggregate value. 
Digital Media/Commerce was the most active and highest value segment 
in 4Q14, accounting for 45 percent of aggregate reported deal value, 
helped by $4.7 billion in Mobile Content/Apps investments. The largest 
deal in the quarter is the pending acquisition of Sapient by Publicis for a 
reported $3.7 billion. Fundraising in 4Q14 was led by Uberâ€™s $1.8 billion, 
including up to $600 million from China-based eCommerce company 
Baidu.com, at a reported valuation of more than $40 billion.
Marketing, Media, and Technology Industries
4Q14 M&A and Investment Activity
($ in Millions)
[continued from page 3]
Buyers 
Strategic buyers accounted for 29 percent of transactions in the segment, with 156 deals of which 44 were worth $19.9 billion in aggregate reported 
value. In the fourth quarter, reported strategic deal value and volume were down 82 percent and 25 percent, respectively, from 3Q14. Private equity 
investors completed four acquisitions in the second half. The most active strategic buyer during 2H14 was Yahoo with three transactions.
Deal Notes Second Half 2014
M&A and Investment Activity 
Petsky Prunier tracked 542 transactions (160 acquisitions and 382 investments) in the Digital Media/Commerce segment during the second half 
ofÂ 2014, of which 395 had a reported aggregate value of $33.3 billion. Activity was up six percent in the fourth quarter, while reported value  
decreased 42 percent. Mobile Content/Apps was the most active subsegment during the seconds half of the year, with 163 transactions (42 acquisitions 
and 121Â investments), followed by eCommerce, which together accounted for 57 percent of the segmentâ€™s total activity. In addition to Microsoftâ€™s 
$2.5Â billion acquisition of Mojang and Amazonâ€™s $970 million purchase of Twitch, transactions during the second half of the year included:
  Churchill Downsâ€™ $885 million purchase of social casino studio and mobile gaming producer Big Fish Games
  Expediaâ€™s $606 million acquisition of Australia-based online travel booking services provider Wotif.com, at a valuation of 4.7x revenue  
and 9.9x EBITDA
  The $200 million purchase of email prioritization app developer Acompli by Microsoft
  Intertain Groupâ€™s $126 million acquisition of online gaming company Vera&John
In addition to the multi-billion dollar investments in Uber and Flipkart, as well as Snapchat raising nearly $500 million at a reported $10 billion 
valuation, Digital Media/Commerce investments during the second half of the year included:
  The $700 million Series D raised by China-based taxi-hailing app developer Didi-Dache
  India-based eCommerce marketplace Snapdealâ€™s $627 million round of funding from SoftBank Capital
  Vice Mediaâ€™s $250 million investment from Technology Crossover Ventures and an additional $250 million from A&E Networks, reportedly valuing 
the company at more than $2.5 billion
5
Digital Media/Commerce
Most Active Digital Media/Commerce Subsegments
Digital Media/Commerce Transactions by Type of Buyer/Investor
Deal Notes Second Half 2014
M&A and Investment Activity 
There were 234 transactions (92 acquisitions and 142 investments) in the Digital Advertising segment during the second half of 2014, of which 170 
had a reported aggregate value of $16.6 billion. Compared to 3Q14, volume decreased 10 percent, while value decreased 71 percent. 
Vertical Search and Digital Video were the most active subsegments with 52 transactions each. In addition to Zillowâ€™s $3.3 billion acquisition of Trulia 
and Gannettâ€™s purchase of Cars.com for $1.8 billion, activity for the second half of the year included:
  News Corp.â€™s $950 million purchase of Move, which operates an online network of Websites for real estate search
  Yahooâ€™s $640 million acquisition of video ad provider Brightroll
  The $200 million purchase of digital video adtech company TrueX Media by 21st Century Fox
Digital Advertising investments in the second half of the year included:
  Local services marketplace Thumbtackâ€™s $100 million round of funding from Google Capital 
  $50 million in equity and debt raised by location-based mobile ad specialist xAd from Institutional Venture Partners, Emergence Capital, 
SoftBankÂ Capital, and Silicon Valley Bank
  $45 million in debt financing raised by adtech company The Trade Desk from Bridge Bank and Opus Bank
Buyers
Strategic buyers accounted for 38 percent of all transactions in the segment during 2H14, with 89 acquisitions, of which 33 were worth $13.7 billion 
in aggregate reported value. The most active strategic buyer during the 2H14 was Yahoo with four.  Segment activity between the third and fourth 
quarter fell by 38 percent among strategic buyers, while value decreased 87 percent. There were 252 venture and growth capital investments in 2014, 
ofÂ which 76 of which were in the fourth quarter.
6
Digital Advertising
Most Active Digital Advertising Subsegments
Digital Advertising Transactions by Type of Buyer/Investor
Deal Notes Second Half 2014
7
Marketing Technology
M&A and Investment Activity 
A total of 447 deals (166 acquisitions and 281 investments) were completed in the Marketing Technology segment in 2H14, of which 286 had 
a reported aggregate value of $6.7 billion. Activity was driven by the Analytics & Targeting subsegment, with 103 transactions of which 30 were 
acquisitions, the most of any subsegment. Marketing Technology M&A in the second half of the year included:  
  Yahooâ€™s purchase of mobile advertising analytics solutions provider Flurry for a reported $240 million
  The $233 million purchase of Location Labs, a mobile security platform, by AVG Technologies
  Emdeonâ€™s $200 million purchase of consumer engagement and cost transparency solutions provide Change Healthcare
Analytics & Targeting was also the most invested subsegment during the second half of 2014, accounting for one-quarter of total investments in 
theÂ segment. Compared to the third quarter, investment value for the subsegment increased 75 percent in 4Q14, while activity was up 43 percent. 
Marketing Technology investments in 2H14 included:  
  Enterprise information management software developer Magnitude Softwareâ€™s $100 million round of funding from Audax Group
  Andreessen Horowitzâ€™s $65 million investment in mobile analytics platform Mixpanel at a reported valuation of $865 million
  The $50 million round of funding raised by mobile commerce-as-a-service provider Deem from Hony Capital
Buyers
The most active strategic buyer in the segment during 2014 was Yahoo, which completed five acquisitions. Compared to 3Q14, venture and growth 
capital investment activity in the fourth quarter was up 32 percent, while strategic buyer activity was up 13 percent.
Most Active Marketing Technology Subsegments
Marketing Technology Transactions by Type of Buyer/Investor
Deal Notes Second Half 2014
8
Agency & Marketing Services
M&A and Investment Activity 
There were 124 transactions (100 acquisitions and 24 investments) in the Agency & Marketing Services segment in the second half of 2014, of which 
50 were worth $10.7 billion in aggregate reported value. Digital Agency was the most active subsegment with 53 deals, of which 18 were reported at 
$3.6 billion in aggregate deal value. In addition to Publicisâ€™ pending $3.7 billion acquisition of Sapient, ICF Internationalâ€™s $295 million purchase 
ofÂ OLSON, and Blackhawk Networkâ€™s $290 million deal for Parago, other transactions in the segment during the second half of the year included:
  The $169 million acquisition of UK-based advertising and branding services provider The Engine Group to Lake Capital 
  Publicisâ€™ purchase of global technology and digital design company Nurun from Quebecor Media for $114 million 
  Dentsu Aegis Networkâ€™s $48 million purchase of mobile marketing and advertising agency Fetch Media
  BlueFocus Communicationâ€™s $47 million purchase of industrial design and branding service fuseproject
  The $33 million acquisition of digital healthcare agency Cadient Group by Cognizant Technology Solutions 
Buyers
Agency & Marketing Services was an active segment among strategic buyers during 2H14 with 95 acquisitions. The most active buyer in the segment 
during the second half of 2014 was Publicis with nine acquisitions followed by The CHR Group with three.
Most Active Agency & Marketing Services Subsegments
Agency & Marketing Services Transactions by Type of Buyer/Investor
Deal Notes Second Half 2014
M&A and Investment Activity 
A total of 69 transactions (60 acquisitions and nine investments) were reported among traditional media companies in 2H14. Of these deals, 31 had 
$9 billion in reported aggregate deal value. In addition to UBMâ€™s $972 million purchase of tradeshow organizer Advanstar Communications and CBS 
Outdoorâ€™s $690 million acquisition of Van Wagner Communicationsâ€™ outdoor advertising businesses, Traditional Media transactions during the second 
half of the year included: 
  Whale Media Investmentsâ€™ $475 million purchase of a majority stake in Forbes Media  
  Postmedia Networkâ€™s acquisition of Sun Media Corporationâ€™s 175 English-language newspapers for $316 million, at a valuation of 0.6x revenue 
andÂ 3.6x EBITDA
  Evergrande Real Estateâ€™s 75 percent stake in magazine publisher New Media Group for $122.5 million
B-to-B Media was the most active subsegment in 2H14 with 17 M&A deals, of which four were reported at $1.4 billion. Transactions included:
  Informaâ€™s $237 million purchase of Hanley Woodâ€™s trade show division Hanley Wood Exhibitions
  CondÃ© Nastâ€™s $100 million sale of Fairchild Fashion Media, a trade publisher with titles including Womenâ€™s Wear Daily and Footwear News, to  
Penske Media.
Of the nine Traditional Media investments in 2H14, eight were worth $1.4 billion in aggregate reported deal value. Investments in the fourth  
quarter included:
  Softbankâ€™s $250 million investment in production and financing company Legendary Entertainment
  The $50 million investment by Fortress Capital in Spirit Music Group, an independent music publishing house
Buyers
Strategic buyers accounted for 79 percent of deal activity and 76 percent of reported deal value in the segment during the second half of 2014, of which 
23 transactions were in the fourth quarter.
9
Traditional Media
Most Active Traditional Media Subsegments
Traditional Media Transactions by Type of Buyer/Investor
Deal Notes Second Half 2014
10
Selected Recent Transactions