June 09 - Boissevain Agile Equity

Presentation to
June 24, 2009

Agile Equity Introduction
Leading M&A advisory firm founded in 1996 with headquarters in New York City and an office in Washington, DC.
Serves public and private companies on M&A advisory transactions.
Extensive domestic and international cross-border transaction experience including Australia, Canada, India, Israel, Japan, South Korea and U.K.
Deep sector expertise:
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Agile Equity Introduction
Selected BPO Transactions
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Market Conditions
Middle Market M&A
Demand for differentiated companies remains high
Strategic buyers continue to seek opportunistic acquisitions to gain scale, increase market share, enter new growth areas and achieve cost synergies
Venture Capital portfolio companies are looking for exit strategies in a market where the IPO market is not an alternative
Debt is clearly more expensive and leverage ratios have tightened, but financing remains available
Total debt multiples are lower in the second half of 2008, as compared to the second half of 2007, as banks have tightened their lending standards
ABL facilities have tightened and covenants are tougher; liquidation value has taken hold
However, strong cash flow and balance sheet still commands lender appetite
Net cash balance sheets offer flexibility and speed
Acquisition pricing expectations by sellers are moderating to reflect weaker economic and business outlooks for 2009
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Venture Capital
Historical Trends
Venture Capital financing saw a slight decline in terms of deal volume and value in 2008
1Q09 down over 40% in terms of value and volume on an annualized basis
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Market Conditions
Pockets of Opportunity
Digital Media/Advertising
Dynamic ad optimization and content distribution
Growth in mobile ad networks
Digital goods on mobile devices
OneTXT deal is emblematic of this trend, facilitating purchases of virtual goods over handheld devices
Healthcare IT
Expected influx of Obama dollars
Hot Sectors:
Electronic Medical Records
Medical Billing
Revenue Cycle Management
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Market Conditions
Strategic Options
M&A option vs. later stage investment
Capital is available
Providers are seeking late-stage investments
Buyers seeking to invest in growth
Organic growth has been challenging in the current economic environment
Drive for growth has inflated some sectors, perhaps too much
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Case Study
Project Bueno
Hispanic television network
Institutional investors wanted exit
Due to their own liquidity concerns
Company healthy and growing
Result:
Agile Equity generated 3 written offers
Deal will close with the best offer next week
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Case Study
Project Outsource
$4 Billion Asian company seeking investment in medical billing or Legal Process Outsourcing (LPO) space
Medical Billing (HIT) sector attractive due to anticipated government spending
LPO sector hot due to cost cutting amidst the global recession
Interested in enhancing outsourcing capability similar to India
Capitalizing on local labor market and existing infrastructure
Result:
Agile Equity selectively pursuing attractive targets for consideration
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Contact Information
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