In 2014, M&A activity returned to pre-financial crisis levels with 1,481 deals totaling $128.3 billion. Deal volume rose modestly by 6% but deal value nearly doubled compared to 2013, driven by mega-deals like Facebook's $19.7 billion acquisition of WhatsApp. The marketing services & technology sector saw the most activity with 602 deals worth $39.7 billion. Looking ahead, 2015 is expected to continue the strong M&A pace due to an improving US economy and high levels of ongoing deal activity.

1. JEGI Press Release
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
JEGI 2014 M&A Overview
M&A Surges in 2014 to Pre‐Crisis Levels, Driven by Mega Deals
New York, NY January 6, 2015 – 2014 saw a return to pre‐financial crisis levels for mergers and
acquisitions across the media, information, marketing and technology sectors, with 1,481 M&A
transactions announced for a total value of $128.3
billion. Deal volume increased by a modest 6%
over 2013, but deal value nearly doubled against
2013’s $66.7 billion, due in large measure to mega
transactions like Facebook’s $19.7 billion acqui‐
sition of mobile messaging app WhatsApp. And,
with strong Q4 activity and an active M&A
pipeline, 2015 is likely to continue the 2014 pace,
according to The Jordan, Edmiston Group, Inc.
(JEGI) (www.jegi.com), the leading independent
investment bank specializing in these core markets.
Marketing Services & Technology was the most
active sector in 2014, with 602 transactions worth
$39.7 billion, accounting for 41% of total deal
volume and 31% of value for the year. Healthcare Information & Technology was the distant runner‐up,
with 234 transactions totaling $27.9 billion in value. Mobile Media & Technology was the third sector to
surpass $20 billion in value in 2014, coming in at $24.7 billion for the year, primarily due to the
Facebook/WhatsApp transaction.
Industry Sector
No. of
Deals
Value
(millions)
No. of
Deals
Value
(millions)
No. of
Deals
Value
B2B Online Media & Technology 57 $601 65 $2,898 14% 382%
B2C Online Media & Technology 219 $6,197 175 $15,014 (20%) 142%
Business‐to‐Business Media 34 $452 38 $3,156 12% 598%
Consumer Magazines 37 $1,703 31 $1,603 (16%) (6%)
Database & Information Services 69 $6,029 70 $6,938 1% 15%
Education Information, Technology & Training 81 $6,954 72 $5,354 (11%) (23%)
Exhibitions & Conferences 64 $3,751 53 $1,106 (17%) (71%)
Healthcare Information & Technology 209 $10,458 234 $27,866 12% 166%
Marketing Services & Technology 478 $23,203 602 $39,716 26% 71%
Mobile Media & Technology 145 $7,398 141 $24,681 (3%) 234%
Total 1,393 $66,747 1,481 $128,331 6% 92%
Source: JEGI Transaction Database
Media, Information, Marketing & Technology M&A Activity
20142013
January ‐ DecemberJanuary ‐ December % Change

2. JEGI Press Release 2
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
Mega Deals in 2014
2014 saw 18 deals hit the $1 billion+ mark, including eight transactions in the Marketing Services &
Technology sector. The balance of the $1 billion+ deals fell within Mobile Media & Technology, Healthcare
Information & Technology, B2C Online Media & Technology, Education Information & Technology and
Database & Information Services. These 18 $1 billion+ deals alone accounted for more than half of 2014’s
total deal value – without these, 2014 deal value would have decreased by approximately 8% over the total
in 2013.
Date Seller Buyer Sector Value
1 Feb‐14 WhatsApp Facebook Mobile Media & Technology $19,697
2 Oct‐14 CareFusion Becton, Dickinson and Company Healthcare Information & Technology $12,058
3 Jul‐14
Acosta Sales & Marketing
(Thomas H. Lee Partners)
Carlyle Group Marketing Services & Technology $4,750
4 Jun‐14
Advantage Sales & Marketing
(Apax Partners)
CVC Capital, Leonard Green & Partners Marketing Services & Technology $4,200
5 Nov‐14 Sapient Publicis Groupe Marketing Services & Technology $3,376
6 Sep‐14 TriZetto Cognizant Technology Solutions Healthcare Information & Technology $2,700
7 Jun‐14 OpenTable Priceline Group B2C Online Media & Technology $2,496
8 Sep‐14 Conversant Alliance Data Systems Marketing Services & Technology $2,365
9 Mar‐14 SkillSoft (SSI Investments) Charterhouse Capital Partners Education Information & Technology $2,300
10 Mar‐14
Catalina Marketing Corporation
(Hellman & Friedman)
Berkshire Partners Marketing Services & Technology $2,000
11 Dec‐14 Fitch Group (Fimalac) Hearst Corporation Database & Information Services $1,965
12 Aug‐14 Classified Ventures (various investors) Gannett B2C Online Media & Technology $1,828
13 Jan‐14
AutoTrader Group
(Providence Equity Partners)
Cox Enterprises B2C Online Media & Technology $1,800
14 Aug‐14 Siemens Health Services (Siemens) Cerner Corporation Healthcare Information & Technology $1,300
15 Mar‐14 Renaissance Learning (Permira Advisers) Hellman & Friedman Education Information & Technology $1,100
16 Jun‐14 Internet Brands (Hellman & Friedman) Kohlberg Kravis Roberts & Co. Marketing Services & Technology $1,100
17 May‐14 Fullscreen Relativity Media B2C Online Media & Technology $1,000
18 Sep‐14 Ebates Performance Marketing Rakuten Marketing Services & Technology $1,000
19 Jan‐14 Trader Media (Guardian Media) Apax Partners Business‐to‐Business Media $979
20 Oct‐14
Advanstar Communications
(VSS, Anchorage Capital, APEN)
UBM Business‐to‐Business Media $972
Top 30 Largest Deals of 2014

3. JEGI Press Release 3
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
JEGI Closings in Q4 2014
JEGI saw a very active year in 2014, closing 16 transactions across the media, information, marketing and
technology sectors, with six deals announced in the last quarter, including (JEGI client listed first):
 The sale of both onPeak and Travel Planners, two leading event housing software and services
providers serving the global tradeshow and corporate event industries, to GES, a subsidiary of Viad
Corp. in October (JEGI managed two separate sales of onPeak and Travel Planners to close on the
same date as a prepackaged rollup);
 The sale of RTM Productions, a TV and digital content production, distribution and marketing
platform specializing in automotive tech programming, to Raycom Media in October;
 The sale of MarketCast, a leading provider of entertainment marketing insights and analytics and a
portfolio company of Shamrock Capital Advisors, to RLJ Equity Partners in November; and
 The sale of IRON Solutions, a leading software and data provider to the agriculture market, to
Trimble (NASDAQ: TRMB), announced in December.
Looking Ahead to 2015
JEGI expects robust M&A activity to continue in 2015, primarily due to the steady progress of the US
economy and the improving economic outlook. Unemployment is at its lowest level since mid‐2008, as
businesses gain confidence and begin spending again. Resulting improvements in the labor markets, along
with plunging oil prices and lower costs at the gas pump, have stimulated consumer confidence.
Date Seller Buyer Sector Value
21 Aug‐14 Twitch Interactive Amazon B2C Online Media & Technology $970
22 Apr‐14 Ipreo (Kohlberg Kravis Roberts & Co.) Blackstone Group, Goldman Sachs Database & Information Services $962
23 Mar‐14 Maker Studios Walt Disney Company B2B Online Media & Technology $950
24 Mar‐14 TravelClick (Genstar Capital) Thoma Bravo Marketing Services & Technology $930
25 Sep‐14 Move News Corp B2C Online Media & Technology $916
26 Nov‐14 Big Fish Games (Salmon River Capital) Churchill Downs Mobile Media & Technology $835
27 Jan‐14
Stream Global Services (Providence
Equity, Ares Management, LiveIt)
Convergys Marketing Services & Technology $820
28 Aug‐14 Answers Corporation (TA Associates) Apax Partners B2C Online Media & Technology $819
29 Dec‐14
Fotolia (Kohlberg Kravis Roberts & Co.,
TA Associates)
Adobe B2B Online Media & Technology $800
30 Jun‐14 iParadigms (Warburg Pincus) Insight Venture Partners, GIC Education Information & Technology $752
Top 30 Largest Deals of 2014 (continued)

4. JEGI Press Release 4
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
According to the Thomas Reuters and University of Michigan Index of Consumer Sentiment, US consumer
confidence reached its highest point in December since January 2007.
Globally, the US is expected to lead as the strongest economy in 2015. US GDP grew at an annual rate of
5% from July through September 2014, the fastest growth for any quarter in over a decade. Brisk growth is
expected to continue for 2015 at 3.1%, according to the National Association for Business Economics.
Another indicator is JEGI’s a very robust pipeline of active engagements heading into 2015, which points to
another busy year for M&A.
M&A Highlights for 2014
 The B2B online media and technology sector saw 2014 deal value rise to $2.9 billion over 65
transactions vs. $601 million for 57 deals in 2013, driven by the recent acquisition by Adobe of online
stock photography community Fotolia for $800 million and Walt Disney’s acquisition of Maker Studios
for up to $950 million in Q1. Other notable transactions in Q4 2014 included the Genstar Capital
acquisition of BidClerk and iSqFt, two search and lead gen platforms for the commercial construction
industry, which Genstar merged for an undisclosed amount, and QuestionPro’s acquisition of
RapidEngage, a survey application to engage web site visitors, for an undisclosed amount.
 B2C online media and technology deal value rose substantially in 2014 to a total value of $15 billion,
despite a 20% decline in volume, due to several mega deals, including the Cox Enterprises $1.8 billion
acquisition of a 25% stake in AutoTrader Group in Q1; Priceline’s $2.5 billion acquisition of OpenTable
in Q2; and the Gannett acquisition of a majority stake in Classified Ventures, valued at $2.5 billion, in
Q3. Notable deals in Q4 2014 included the: Great Hill Partners acquisition of online travel site
Momondo for $129 million; RTL Group acquisition of 71% of StyleHaul, an online video community
that provides make‐up and style tutorials, for approximately $107 million; and Hearst acquisition of a
25% stake in teen YouTube channel AwesomenessTV from DreamWorks Animation for approximately
$81 million, valuing the company near $325 million.
 Deal value also sharply increased in the business‐to‐business media sector in 2014, up to $3.2 billion,
from $452 million in 2013. Deal volume remained fairly steady with 38 transactions in 2014 vs. 34 in
2013. The increase in value was due to UBM’s $972 million acquisition of b2b media company
Advanstar Communications in Q4, as well as the Apax Partners acquisition of a 50% stake in Trader
Media for approximately $979 million in Q1. Other notable deals in the fourth quarter of 2014 included
the United Communications Group acquisition of Buyouts and VCJ Publications & Events, Thomson
Reuters’ editorial and conference franchise for the private equity and venture capital industry, for $5
million, and SouthComm Communications’ acquisition of 11 public safety and security publications
and related web sites from Cygnus Business Media for an undisclosed amount.
 The consumer magazines sector slowed overall in 2014 with 31 transactions, compared to 37 in 2013,
and deal value down 6% to $1.6 billion. Notable Q4 2014 deals included the: Postmedia Network
Canada acquisition of the English language operations of Sun Media from Quebecor, which include
specialty publications, newspapers and digital properties, for $282 million; Rockbridge Growth Equity

5. JEGI Press Release 5
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
acquisition of CurtCo Robb Report, publisher of lifestyle, consumer product, real estate and travel
publications, for approximately $60 million; and Bertelsmann acquisition of a 25% stake in European
printing and publishing company Gruner + Jahr for an undisclosed sum.
 Deal volume in the database and information services sector was flat in 2014, with 70 transactions vs.
69 in 2013, while deal value rose by 15% to $6.9 billion. Notable deals in the fourth quarter of 2014
included the: Hearst acquisition of a 30% stake in credit ratings agency Fitch Group for $2 billion;
Carlyle Group acquisition of Dealogic, an online resource for investment banking and capital markets
professionals, for $485 million; Solera Holdings acquisition of automotive database CAP Automotive
for $464 million; and Trimble acquisition of agriculture software and data provider IRON Solutions for
an undisclosed sum (a JEGI transaction).
 M&A activity in the education information, technology and training sector declined in both deal
volume and value in 2014, 11% and 23% respectively, totaling 72 transactions at $5.4 billion. Notable
deals in Q4 2014 included the: Bertelsmann acquisition of Relias Learning, provider of online training
programs in healthcare, law enforcement and human services, from Vista Equity and LLR Partners;
Rhone Capital acquisition of Global Knowledge Training, provider of IT and business skills training
services, from MidOcean Partners; and Ebix acquisition of Oakstone Publishing, provider of continuing
education and certification for healthcare professionals, from BV Investment Partners.
 Deal volume in the exhibitions and conferences sector slowed this year, with 53 transactions,
compared to 64 in 2013. Deal value fell significantly, dropping from $3.8 billion in 2013 to $1.1 billion
in 2014, due to a few large transactions in 2013, including the $950 million Onex acquisition of Nielsen
Expositions (JEGI advised Onex in this deal), $946 million Vista Equity acquisition of event
management software company Active Network, and $900 million Goldman Sachs acquisition of event
services company PSAV. Notable transactions for the fourth quarter of 2014 included the: Informa
acquisition of US trade show operator Hanley Wood Exhibitions for $375 million; GES (Viad)
acquisition of onPeak and Travel Planners, two leading event housing software and services providers,
for an undisclosed sum (JEGI transactions); and i2i Events acquisition of Money20/20, an event for the
financial services sector, for an undisclosed amount.
 The healthcare information and technology sector, the second most active sector in terms of deal
volume, increased by 12% in number of transactions in 2014 compared to 2013, up to 234 deals. Deal
value in the sector rose sharply, up to $27.9 billion vs. 2013’s $10.5 billion, due to several large
transactions, including the recent $12.1 billion Becton, Dickinson and Company acquisition of
CareFusion, provider of various healthcare products and services, including enterprise IT, surveillance
and analytics. Other notable deals in Q4 2014 included the: OptumHealth Care Solutions acquisition of
health management services company Alere Health for $600 million; Catamaran acquisition of specialty
pharmacy services provider Salveo Specialty Pharmacy for $260 million; and Abbott Laboratories
acquisition of 3‐D electrophysiological mapping company Topera for $250 million.
 The marketing services and technology sector continued to lead M&A activity in 2014, with 602
transactions and $39.7 billion of value, a 26% and 71% increase over respective 2013 levels. The largest

6. JEGI Press Release 6
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
transaction in the fourth quarter of 2014 was the $3.4 billion Publicis acquisition of marketing
technology company Sapient. Other notable deals in Q4 2014, which reflect the wide range of
transactions and diverse buyer pool for this sector, included the:
 Siris Capital Group acquisition of Digital River, provider of end‐to‐end cloud‐commerce, payments
and marketing solutions, for $646 million
 Yahoo acquisition of Brightroll, provider of digital video advertising solutions, for $640 million
 HGGC acquisition of Survey Sampling International, provider of sampling, data collection and data
analysis, from Providence Equity Partners and Sterling Investment Partners for a reported $500
million
 Oracle acquisition of DataLogix, a provider of consumer purchasing data and digital audience
targeting, for an undisclosed amount reported to exceed $500 million
 BancTec acquisition of SourceHOV, a business process outsourcing and consulting company, from
Citi Venture Capital International and other investors for an undisclosed sum
 Cision/GTCR acquisition of Gorkana, provider of media intelligence and insights for PR agencies,
marketers and journalists, from Exponent Private Equity for approximately $323 million
 ICF International acquisition of Olson, an integrated marketing technology and digital services
provider, from KRG Capital Partners for $295 million
 TPG Capital acquisition of an 18% stake in talent management agency Creative Artists Agency for a
reported $225 million, valuing the company at $1.25 billion
 Rentrak acquisition of Kantar Media’s US‐based TV measurement assets for $128 million
 RLJ Equity Partners’ acquisition of MarketCast, a leading provider of entertainment marketing
insights and analytics, from Shamrock Capital Advisors for an undisclosed sum (a JEGI deal)
 Macromill acquisition of market research company MetrixLab for an undisclosed sum
 Kitara Media acquisition of digital ad network Future Ads for an undisclosed sum
 Kantar Media Research acquisition of IBOPE Media Information, which provides measurement and
analysis of TV ratings and ad spending in Latin America, for an undisclosed sum
 Nielsen acquisition of marketing optimization software provider Affinnova for an undisclosed sum
 Raycom Media acquisition of RTM Productions, a TV and digital content production, distribution
and marketing platform specializing in automotive tech programming, for an undisclosed sum (a
JEGI deal)
 The mobile media and technology sector declined slightly in terms of deal volume in 2014, with 141
transactions vs. 2013’s 145. Deal value, however, grew exponentially to $24.7 billion from $7.4 billion in
2013, due to the $19.7 billion Facebook/WhatsApp transaction in February. Notable Q4 2014 deals
included the: Churchill Downs acquisition of mobile game developer Big Fish Games for $835 million;

7. JEGI Press Release 7
Adam Gross, Chief Marketing Officer
212‐754‐0710; adamg@jegi.com
www.jegi.com
Twenty‐First Century Fox acquisition of True[x] Media, provider of interactive ads that run in mobile
games and apps, for a reported $200 million; and Microsoft acquisition of Acompli, a mobile email
application, for a reported $200 million.
About JEGI
The Jordan, Edmiston Group, Inc. (JEGI) has been the leading independent investment bank for the global
media, information, marketing and technology sectors for nearly 27 years. Headquartered in New York,
with offices in Boston and Atlanta, as well as affiliates in London and India, JEGI has completed over 500
high‐profile M&A transactions, serving global corporations; middle‐market and emerging companies;
entrepreneurial owners; and private equity and venture capital firms. For more information, visit
www.jegi.com.
###

8. 2014 M&A Activityfor media, information, marketing and technology sectors
source: jegi transaction database
2013 2014
no. of
deals
deal
value
avg. deal
size
1,393
$66.7B
$47.9M
1,481
$128.3B
$86.7M
*avg. deal size up 81% from 2013
NumberofDealsby IndustrySector
marketing services & technology
healthcare information & technology
b2c online media & technology
mobile media & technology
education information, technology & training
database & information services
b2b online media & technology
exhibitions & conferences
business-to-business media
consumer magazines
602
234
175
141
72
70
65
38
31
53
Deal Value by Industry Sector
marketing services & technology
healthcare information & technology
mobile media & technology
b2c online media & technology
database & information services
education information, technology & training
business-to-business media
b2b online media & technology
consumer magazines
exhibitions & conferences
$39.7B
$27.9B
$24.7B
$15.0B
$6.9B
$5.4B
$3.2B
$2.9B
$1.6B
$1.1B
LARGEST
DEALS OF
2014
whatsapp
$19.7B
$12.1Bcarefusion
$4.8B
acosta sales
& marketing
$4.2B
advantage sales
& marketing
$3.4B
sapient $2.7B
trizetto $2.5B
opentable
skillsoft
conversant
catalina
marketing
$2.4B
$2.3B
$2.0B
20%
295
1186
sponsored
vs
non-
sponsored
sponsored
non-sponsored
Sponsored vs. Non-Sponsored Deals
sponsoreddeals
IN 2014