The document provides an analysis of BrickDiscovery, an eDiscovery company, for a potential sale. It summarizes the company's financials, industry drivers, strengths/weaknesses, and valuation. BrickDiscovery is well-positioned in a rapidly growing industry, with 2018E revenue of $153M and EBITDA of $33.45M. A valuation analysis using comparable companies, precedent transactions, and discounted cash flow yields an enterprise value range of $480-550M. Potential strategic and financial buyers are identified that could realize synergies from acquiring BrickDiscovery.

1. BrickDiscovery
Brian Wilcox | Jack McDonnell| Joe Onorato |Ryan Tull
William Blair Investment Banking Case Competition - 2018

2. Executive Summary 3
Industry Drivers 4
Company Overview 7
Valuation Analysis 11
Strategic Options 17
Final Thoughts 22
2

3. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Executive Summary
3
Potential BuyersCompelling Story and Key Financials
Sell Side Advisory Valuation Overview
 BrickDiscovery is well positioned in a rapidly growing
industry with successful management already in place
 The company’s growth is driven by several industry
factors and growth should not be influenced by
economic downturn
 2018E Revenue: $153M
 2018E EBITDA: $33.45M
 Analyses of past transactions and potential for synergies
leads to a recommendation of pursuing a sale to a
financial sponsor
 A strategic buyer is also viable if the acquirer is looking
to retain BrickDiscovery’s current management team

4. Industry Drivers
4

5. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Industry Drivers
5
Source:
$0
$1,000
$2,000
$3,000
$4,000
$5,000
$6,000
$7,000
2018 2019P 2020P 2021P 2022P
Millions
eDiscovery Market Growth
Commentary
 Rapid displacement of paper files, growth in court cases,
and the outsourcing and globalization of eDiscovery
processes are driving rapid growth
 Growing amounts of electronic data is causing a growing
demand in the eDiscovery market to efficiently filter and
extract organizational data
 Advancements in technology are reducing the costs of
eDiscovery, while the demand has been steadily growing
 Growing demand for eDiscovery has led the market to a
consolidation phase - creating a strong M&A market

6. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Industry Drivers
6
Rapid Displacement of Paper Files
Growth of Court Cases
 By 2020, there will be approximately 44 trillion gigabytes
of electronic data in the world, of which, approximately
75% will be derived from original paper documents
 The global decrease in paper services will allow
established companies in the eDiscovery market to
capitalize on rapid industry growth and will support a
strong M&A market
Outsourcing of eDiscovery Processes
Globalization of eDiscovery Processes
 Companies are continuing to grow across international
borders – a trend that will unlikely slow down due to
stable economic growth
 eDiscovery companies are now planning to cross
national borders which will require more resources for
translation, compliance, and data security
 Monthly court case filings in 2018 are up 4.4% when
compared to filings from 2017
 An increase in court cases is growing the demand for
eDiscovery in order to increase the efficiency and
accuracy of litigation processes
 The majority of Fortune 1000 companies are spending
between $5 and $10 million on eDiscovery each year
 57% of organizations are spending at least $1 million
annually on eDiscovery
 Companies do not have the specialization or resources
to take on eDiscovery processes themselves

7. Company Overview
7

8. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Company Overview
8
30%
29%
25%
16%
2016 Revenue by Segment
32%
31%
28%
9%
2017 Revenue by Segment
33%
33%
30%
4%
2018E Revenue by Segment
10%
12%
14%
16%
18%
20%
22%
24%
$25,000
$27,000
$29,000
$31,000
$33,000
$35,000
$37,000
$39,000
2016A 2017A 2018E 2019P 2020P
THOUSANDS
Projected EBITDA Growth and Margins
EBITDA EBITDA Margin
BrickDiscovery is
moving away from
paper services and
working to grow their
other three segments
The company’s strong
projected EBITDA
growth and
consistent margins
are driven by a strong
management team
and an efficient
business model

9. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Client and Service Diversification
9
Breakdown of Client Base Breadth of Services
 BrickDiscovery has a diverse client base of over 2,000
organizations from a wide range of industries
 The company has established relationships with several
blue chip clients
 BrickDiscovery is recognized for having the highest
service levels and client satisfaction in the industry so
they will be able to maintain strong relationships with
existing clients and will continue to grow their client
base
Four Core
Services
Forensics and
Processing
Hosting
Managed
Review
Paper
Services
Forensics and Processing
2016 – 2018E
CAGR: 10.2%
Hosting
2016 – 2018E
CAGR: 13.2%
Managed Review
2016 – 2018E
CAGR: 13.3%
Paper Services
2016 – 2018E
CAGR: (48.1%)
24/7 collection and analysis of Forensic data to
be paired and stored
Providing easy accessibility for long term
storage of extracted, relevant Forensic data
Contracted attorneys perform outsourced
review of relevant documents
Provides scanning of repro services and
litigation documents

10. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
SWOT Analysis
10
S W
TO
Integrated offshore processing, long-
tenured employee base, highly scalable
platform and proprietary technology
tools
Passionate management team
Client first mentality for both onshore
and offshore teams
44 trillion GB of data expected by 2020
High projected growth rate for data
hosting services in the next few years
Expansion of international operations as
globalization increases
Competition from other companies as
the industry continues to grow and
expand
Economic downturn could result in
fewer companies outsourcing
eDiscovery processes
Top ten corporate clients contribute a
considerable amount of revenues
Have yet to expand into cloud based
services

11. Valuation Analysis
11

12. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Football Field
12
$300 $350 $400 $450 $500 $550 $600 $650 $700 $750 $800
Public Comparables
Precedent Transactions
DCF
Enterprise Value ($ in millions)
Valuation Range:
$480 - $550

13. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Comparable Companies
13
($ in millions except per share data)
Revenue EBITDA LTM Revenue LTM EBITDA 2018E EBITDA
RealPage Inc. NASDAQ: $RP $55.7 $5,720.0 $774.3 $130.2 $225.0 16.8% 7.4x 43.9x 25.4x
CommVault Systems Inc. NASDAQ: $CVLT $59.3 $2,250.4 $709.8 $16.0 $25.0 2.3% 3.2x 140.7x 90.0x
InterXion Holding NYSE: $INXN $60.9 $5,490.0 $614.2 $261.9 $287.9 42.6% 8.9x 21.0x 19.1x
21Vianet Group NASDAQ: $VNET $9.3 $1,260.0 $498.7 $97.1 $109.0 19.5% 2.5x 13.0x 11.6x
Progress Software Corporation NASDAQ: $PRGS` $32.1 $1,460.0 $401.9 $146.8 $166.0 36.5% 3.6x 9.9x 8.8x
BrickDiscovery $153.0 $31.3 $33.5 20.5%
LTM EBITDA Margin
Enterprise Value
Company Name Ticker & Exchange Share Price Enterprise Value
LTM 2018E
EBITDA
Max 5,720.0 774.3 261.9 287.9 42.6% 8.9x 140.7x 90.0x
3rd Quartile 5,605.0 742.0 204.3 256.5 39.6% 8.2x 92.3x 57.7x
Mean 3,236.1 599.8 130.4 162.6 23.5% 5.1x 45.7x 31.0x
Median 2,250.4 614.2 130.2 166.0 19.5% 3.6x 21.0x 19.1x
1st Quartile 1,360.0 450.3 56.5 67.0 9.5% 2.8x 11.5x 10.2x
Min 1,260.0 401.9 16.0 25.0 2.3% 2.5x 9.9x 8.8x
Implied Valuation
2018E EBITDA
Comparables Mulitple 16.0x 22.0x
Enterprise Value Range $535.2 $735.9
$33.5
Valuation Commentary
 Comparable companies offer data services to
institutional clients – similar to BrickDiscovery
 Majority of eDiscovery focused companies are private
 Comparable companies are a little larger in size to
represent BrickDiscovery’s scalable business model

14. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Precedent Transactions
14
Revenue EBIT EBITDA
Epiq Systems OMERS Private Equity Financial July 27, 2016 $1,000.0 2.9x 11.0x 10.5x
Iron Mountain HP Autonomy Strategic May 16, 2011 $380.0 0.1x 0.5x 0.3x
Zenium Technology Partners Cyrus One Strategic December 21, 2017 $442.0 1.1x -- 17.7x
Zantaz HP Autonomy Strategic July 3, 2007 $375.0 3.5x -- 72.1x
FTI Consulting Ringtail eDiscovery Nuix Strategic September 10, 2018 $55.0 2.6x 13.6x 9.5x
Transaction Value
Target Company Acquirer
Transaction
Type
Announcement
Date
Transaction Value
($ in millions)
Max 3.5x 13.6x 72.1x
3rd Quartile 3.2x 13.6x 44.9x
Median 2.6x 11.0x 10.5x
Mean 2.1x 8.4x 22.0x
1st Quartile 0.6x 0.5x 4.9x
Min 0.1x 0.5x 0.3x
2018E EBITDA
Precedents Mulitple Range 11.0x 15.0x
Enterprise Value Range $368.0 $501.8
$33.5
Implied ValuationValuation Commentary
 Precedents range due to a variety in data management
transactions
 Majority of transactions were from strategic buyers
looking to keep up with a rapidly growing industry
 M&A activity has been increasing in the last few years as
the industry continues to gain momentum

15. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Discounted Cash Flow Analysis
15
($ in millions) Estimated
2018E 2019P 2020P 2021P 2022P 2023P
Discounted Cash Flow Analysis
Years 1.0 2.0 3.0 4.0 5.0 6.0
Revenue $153 $172 $192 $212 $233 $254
Operating Expenses 123 139 157 176 194 213
Operating Income $30 $33 $34 $36 $39 $41
Taxes @ 21% 21.0% 6.3 6.9 7.2 7.6 8.1 8.6
Tax-Effected EBIT $24 $26 $27 $29 $31 $32
Plus: Depreciation $3.4 $3.7 $3.8 $4.2 $4.7 $5.1
Change in Working Capital - - 2.55 2.70 2.82 2.92 3.01
Less: Capital Expenditures (3.1) (3.1) (3.2) (3.6) (4.0) (4.3)
Unlevered Free Cash Flow $24.0 $29.1 $30.5 $32.2 $34.2 $36.2
Present Value @ a Discount Rate of: 8.4% $22.2 $24.8 $23.9 $23.3 $22.9 $22.3
Present Value of Projection Period $139.3
Projected
Implied Valuation
Growth Rate 2.3%
Terminal Value 601.6
PV of Terminal Value 401.8
Plus: PV of Future FCF 139.3
Enterprise Value $541.2
Perpetuity Growth Method
Exit Mulitple 5.0x
Terminal Value 698.9
PV of Terminal Value 466.8
Plus: PV of Future FCF 139.3
Enterprise Value $606.2
EBITDA Exit Multiple Method
Commentary
 Assumed steady revenue growth for
the projection period due to strong
industry demand and experienced
management
 Exit multiple method resulted in a
higher valuation due to steady EBITDA
growth
Amount % Total Cost of Capital
Market Value of Debt $13 21.6% 3.0%
Market Value of Equity 46 78.4% 9.9%
Enterprise Value $59 100.0% 8.4%
WACC Calculation

16. Strategic Options
16

17. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Strategic Buyers
17
Buyer Rationale
With a dominant presence in the eDiscovery market, Access Data has the size to acquire
BrickDiscovery. Additionally, their eDiscovery services are completely end-to-end and
primarily directed towards the same customer types that Access Data directs significant
attention towards, such as corporations and law firms.
Advanced Discovery places a significant amount of its focus of the managed services
part of its business. This is a segment that BrickDiscovery has seen substantial growth in
over the past 10 years and makes up 75% of the spending in litigations.
CloudNine offers the fastest eDiscovery automation initiation and access available, in
addition to a simple and highly secured layout through the use of SaaS implementation
with a private protected cloud. This would pair well with the customer type that Brick
Discovery primarily targets, in addition to heightening their security through the use of
a secure-cloud-network.
IBM is an aggressive and innovative company, in the notion that they have continually
shifted their business mix by commoditizing markets focusing on higher-value, more
profitable markets. With the combination of their market size and leadership,
eDiscovery Analyzer, and aggressive product mix strategy we believe their focus would
align hand-in-hand with BrickDiscovery's mission.

18. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Strategic Buyers
18
Buyer Rationale
Relativity brings an innovative and fast-paced approach to the eDiscovery market by
leveraging their advanced technology such as machine learning and visualizations. This
data can then be accessed by clients via their highly-secured cloud network, or on
premise.
OpenText places significant attention to their operation in India in 2012 and have made
that office an integral part of their operations. With this incredibly diverse and powerful
global network, and strong India office, an acquisition with Brick Discovery would
greatly increase BrickDiscovery's global presence while providing addition support to
the aggressive growth strategy they are currently pursuing.
Epiq delivers significant benefits such as: lower internal and external costs, faster lead
times on critical processes, more effective allocation of resources, productivity increases
and effective case management. With over 30 years of experience, some of the most
high-profile clients, and an extremely similar approach to eDiscovery as BrickDiscovery
we think Epiq would pair very synergistically with BrickDiscovery.
KLDiscovery’s customer base is both supportive and parallel to the clients of Brick
Discovery. To support an aggressive growth strategy, KLDiscovery has offices in 43
locations across 19 countries. They deliver best-in-class eDiscovery, information
governance, and data recovery solutions to support the litigation, regulatory
compliance, internal investigation and data recovery and management needs.

19. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Financial Sponsors
19
Buyer Criteria Rationale
Peak Rock focuses on investing in opportunities where they can support
senior management in driving rapid growth and profit improvement
through operational and strategic change.
Private equity firm that recently acquired Consilio and Advanced
Discovery, who together, hold a majority stake in the company. They want
to expand into the civil and criminal data industry.
OMERS has successfully demonstrated its ability to work constructively
with all levels of government, the local communities its businesses serve,
regulators and other key stakeholders. They recently acquired Epiq, an
eDiscovery company.
A private equity firm with a large stake in information technology
corporations, including Epiq an eDiscovery company, and insight global a
provider of information technology.
Revenue:
$50M - $1B
EV:
< $1B
Equity:
$200M - $700M
High FCF
Strong Management Team
Recurring Revenue Model

20. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Financial Sponsors
20
Buyer Criteria Rationale
Not Provided
Not Provided
Not Provided
Not Provided
Recent purchase of Xact Data Discovery, a similar eDiscovery corporation,
JLL partners is a veteran private equity looking to expand investments into
the ever-growing eDiscovery, criminal, and civil data storage industry.
Leeds Equity Partners is the pioneer in private equity investing in the
knowledge sector, which includes the education, training, business
services, information services, and software industries. They recently
purchased Exterro, a leading provider of information governance and e-
discovery software.
Purchased RPX, whom provides an innovative subscription based service
that lowers the cost of IP related litigation for its member clients as well as
provides high quality eDiscovery solutions to corporate legal departments,
law firms and government agencies through its Inventus subsidiary.
MidOcean is a middle market private equity firm with a large stake of their
portfolio representing information technology outsourcing, with such
corporations as Questex, Penton, and System One.

21. Final Thoughts
21

22. Executive
Summary
Industry
Drivers
Company
Overview
Valuation
Analysis
Strategic
Options
Final
Thoughts
Final Recommendation
22
Valuation Overview Suggested Buyers
Final RecommendationStrategic vs Sponsored Buyer
 A strategic buyer will result in more synergies and offers
an opportunity to BrickDiscovery to experience near
immediate growth in its current segments
 A financial sponsor will offer BrickDiscovery the
opportunity to retain current management and will
provide the capital to expand segments
 We recommend that BrickDiscovery engages in a sale to
Peak Rock Capital
 Peak Rock will retain current management and
provide the capital to continue steady growth
 This sale should take place in the near-term to capitalize
on expected industry growth
 Valuation Range: $480 - $550 million

23. Appendix
23

24. Pro Forma Income Statement
24
($ in millions) Estimated
2016 2017 2018E 2019P 2020P 2021P 2022P 2023P
Forensics/Processing $41.2 $45.2 $50.0 $55.5 $59.7 $63.9 $68.1 $72.3
Hosting 40.1 44.8 51.4 64.8 77.9 91.0 104.2 117.3
Managed Review 35.6 40.8 45.7 50.2 53.8 57.3 60.8 64.3
Paper 22.0 13.3 5.9 1.1 0.3 0.0 0.0 0.0
Total Revenue $138.9 $144.1 $153.0 $171.7 $191.7 $212.2 $233.1 $253.9
Cost of Services 60.3 61.8 65.3 74.2 85.4 96.7 108.0 119.2
Gross Profit $78.6 $82.2 $87.7 $97.5 $106.2 $115.5 $125.1 $134.7
SG&A 53.4 54.7 57.7 64.6 71.8 79.1 86.4 93.6
EBIT $25.3 $27.5 $30.0 $32.9 $34.4 $36.4 $38.7 $41.1
Interest Expense 0.9 1.3 1.4 1.5 1.7 1.8
Tax Provision 5.3 5.8 6.3 6.9 7.2 7.6 8.1 8.6
Net Income $20.0 $21.8 $22.8 $24.7 $25.8 $27.2 $28.9 $30.6
Depreciation and Amortization Expense 3.0 3.8 3.4 3.7 3.8 4.2 4.7 5.1
Capital Expenditures 2.9 3.1 3.1 3.1 3.2 3.6 4.0 4.3
EBITDA $28.3 $31.3 $33.5 $36.6 $38.2 $40.7 $43.4 $46.1
Margin Analysis
EBITDA 20.4% 21.7% 21.9% 21.3% 19.9% 19.2% 18.6% 18.2%
D&A (as a % of Total Revenue) 2.2% 2.6% 2.2% 2.1% 2.0% 2.0% 2.0% 2.0%
CapEx (as a % of Total Revenue) 2.1% 2.1% 2.0% 1.8% 1.7% 1.7% 1.7% 1.7%
NWC (as a % of Total Revenue)
EBIT 18.2% 19.1% 19.6% 19.2% 17.9% 17.2% 16.6% 16.2%
Other Assumptions
Tax Rate 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0% 21.0%
Average Interest Rate 7.0% 7.0% 7.0% 7.0% 7.0% 7.0%
Historical Projected

25. Pro Forma Balance Sheet
25
($ in millions) Estimated
2018E 2019P 2020P 2021P 2022P 2023P
Current Assets
Cash $20.1 $30.2 $43.9 $61.9 $80.9 $100.6
Accounts Receivable, Net 31.3 32.9 34.5 36.2 38.0 39.9
Short-term Investments 0.0 0.0 0.0 0.0 0.0 0.0
Other Receivables 13.6 13.7 13.9 14.0 14.2 14.3
Prepaids 6.4 6.8 7.0 7.2 7.4 7.6
Total Current Assets $71.4 $83.6 $99.2 $119.4 $140.5 $162.5
Other Assets
Fixed Assets, Net $4.7 $4.9 $5.2 $5.4 $5.7 $6.0
Goodwill 13.3 14.0 14.7 15.4 16.2 17.0
Intangible Assets, Net 12.8 13.4 14.1 14.8 15.6 16.3
Other Long-Term Assets 0.5 0.5 0.6 0.6 0.6 0.6
Total Other Assets $31.3 $32.9 $34.5 $36.2 $38.0 $39.9
Total Assets $102.7 $116.4 $133.7 $155.6 $178.5 $202.4
Current Liabilities
Accounts Payable $17.9 $21.4 $24.0 $26.8 $29.7 $32.6
Other Accrued Expenses 18.5 12.2 13.7 15.3 17.0 18.6
Other Current Liabilities 5.8 4.6 5.2 5.7 6.4 7.0
Total Current Liabilities $42.2 $38.3 $42.9 $47.9 $53.1 $58.3
Long-Term Debt $12.8 $18.2 $20.2 $22.0 $24.0 $26.0
Deferred Rent 0.8 0.9 1.1 1.2 1.4 1.6
Other Long-Term Liabilities 0.5 0.6 0.7 0.9 1.0 1.2
Total Liabiliities $56.3 $58.0 $64.9 $72.0 $79.4 $87.1
Total Member's Equity $46.4 $58.4 $68.8 $83.6 $99.1 $115.4
Total Liabilities and Member's Equity $102.7 $116.4 $133.7 $155.6 $178.5 $202.4
Projected

26. Pro Forma Statement of Cash Flows
26
Estimated
2016 2017 2018E 2019P 2020P 2021P 2022P 2023P
Net Income $23 $25 $26 $27 $29 $31
Depreciation (3.4) (3.7) (3.8) (4.2) (4.7) (5.1)
Change in Working Capital - - 1.2 1.2 1.3 1.4 1.5
Cash from Operating Activities $19 $22 $23 $24 $26 $27
Capital Expenditures (3.1) (3.1) (3.2) (3.6) (4.0) (4.3)
Cash From Investing Activities ($3.1) ($3.1) ($3.2) ($3.6) ($4.0) ($4.3)
Dividends
Change in Long-Term Debt (6.2) (5.4) (2.0) (1.8) (2.0) (2.0)
Cash From Financing Activities ($6.2) ($5.4) ($2.0) ($1.8) ($2.0) ($2.0)
Change in Cash $10.1 $13.7 $18.1 $18.9 $19.7 $20.7
Beginning Cash 20.1 30.2 43.9 61.9 80.9 100.6
Ending Cash $30.2 $43.9 $61.9 $80.9 $100.6 $121.3
Historical Projected