1. M&A Snapshot Q4 2014
Website: architectpartners.com | Email: info@architectpartners.com

2. M&A SNAPSHOT
2012 2013
Total M&A Exits (a)
2014
Proportion Premium Value (c)
$13.8
$18.5
$12.3
$9.4$9.6$8.1$7.0$6.1
$9.7
2
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
c) Premium value transactions are defined as greater than 5 times invested equity capital or 5 times the estimated last twelve months revenue (LTM)
% of Total M&A Exits
% of Core M&A Exits
63
7470
45
61
41
3334
63
Core M&A Exits (b)
Consideration
Exchanged
$billions (b)
466 387 327 406 416 494
3% 3% 5% 2% 3% 4%
21% 32% 42% 17% 18% 29%
Q4 - 2014
Q4 Q1 Q2 Q3 Q4 Q1 Q2
464
4%
27%
2014 core M&A activity up 50% from 2013
Q3
4%
20%
509
Q4
539
3%
17%
2014 core M&A consideration exchanged up 75%
from 2013 with average deal size $213.4mm

3. $3,435
M&A BY SECTOR
M&A ended 2014 on a strong note albeit slightly below
Q3. Enterprise Application accounted for the most
active sector while Digital Marketing and Media were
down substantially. The most strategically interesting
transactions in Q4 included Yahoo’s purchase of video
ad specialist BrightRoll for $640mm, the acquisition of
Big Fish Games by horse racing notable, Churchill
Downs, and the merger between Germany-based
mobile supply-side platform Fyber and Luxembourg-
listed RNTS Media.
Core Transactions by Sector
$3,365 $202 $1,059 $195$1,140 $354$2,085 $225
Total sector M&A value in $mm 3
Consumer Application
Enterprise Application
Analytics Application
Network Infrastructure
App Development
Security
Commerce
Digital Marketing
Media
Hardware
Service Provider
SECTORS
$1,594
2%11%
17%
3%
6%
5%
5%
10%
24%
3%
14%
Commerce Consumer
Application
Analytics
Application
Enterprise
Application
Digital
Marketing
Hardware
Network
Infrastructure
Security
Media
Service
Provider
Number of Deals
by Sector
Source: Architect Partners LLC, Capital IQ, company filings and public information
Q4 - 2014
$100
App
Development

4. BrightRoll | Yahoo!
0 0.8 1.6 2.4 3.2 4 4.8 5.6 6.4 7.2 8
PREMIUM VALUE DEALS
Target | Acquirer
Prism Technologies | Internet Patents Corp.
Fyber | RNTS Media
Smarterer | Plurasight
ContactAtOnce! | LivePerson
Nexgate | Proofpoint
StyleHaul | RTL Group
Big Fish Games | Churchill Downs
Nimbuzz | New Call Telecom
Tripwire | Belden
Xtime | Cox Automotive
0 2 4 6 8 10 12 14 16 18 20
x LTM Revenue
x Invested Capital
Premium Value is defined as greater than 5 times invested equity capital
or 5 times the estimated last 12 months revenue (LTM)
33x
4
LTM revenue multiple of
the acquirer at the time
of acquisition
Source: Architect Partners LLC, Capital IQ, company filings and public information
Q4 - 2014
Target | Acquirer
Columbus Communications |
Cable & Wireless Communications
LTM revenue multiple of
the target at the time of
acquisition

5. a) A number of transactions do not disclose acquisition price, so aggregate value of deals over the last twelve months is likely understated.
9.
1 / 7 | $375mm
Number of new deals in Q4 / total deals last 4 quarters | total spend last 4 quarters (a)
5
1.
5 / 19 | $990mm
Aorato
Acompli
Bit Stadium GmbH
2.
1 / 25 | $4.8B
3.
1 / 9 | $19.2B
4.
3 / 8 | $2.6B
5.
6.
1 / 4 | $650mm
7.
0 / 5 | $850mm
8.
2 / 4 | $2.5B
10.
0 / 6 | $3B
MOST ACTIVE
ACQUIRERS LTM
Source: Architect Partners LLC, Capital IQ, company filings and public information
BrightRoll
Cooliris
FROSK, Inc
LIttleInc Labs
Media Group One Digital GmbH
GSF Telecom Holdings
Rooster Teeth
PasswordBox
DataLogixRelative Wave Nimble
0 / 5 | $100mm

6. CORE TRANSACTIONS
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Accesso Technology
Group
VisionOne Worldwide $33
Develops and executes e-business and enterprise solutions that
include an Internet-based box office and ticketing solution. British
Virgin Island-based.
x
Adobe Systems Inc. Fotolia LLC $800
Operates an online stock photography community that enables
professional and amateur photographers to sell their image licenses.
New York-based.
Altisource Portfolio
Solutions S.A.
Owners Advantage, LLC $27
Owns and operates an on-line real estate service that puts consumers
in control of all aspects of homeownership including buying and
selling. San Francisco-based.
x
Anite plc Xceed Technologies Inc. $35
Provides Web-based and desktop based post-processing products for
multimedia wireless network optimization. Netherlands-based.
Apax Partners LLP Exact Holding NV $932
Develops, distributes, and markets cloud-based business software
solutions for small and medium-sized businesses worldwide.
AS Starman UAB Cgates $69 Provides digital television and Internet services. Lithuania-based.
BAE Systems plc
Eclipse Electronic Systems,
Inc.
$28
Designs, manufactures, and supports embedded digital receiver
commercial products and related signal processing components.
Texas-based.
x
BAE Systems plc
Perimeter Internetworking
Corp.
$233 Provides Security-as-a-Service security solutions. Connecticut-based. x
Belden Inc. Tripwire, Inc. $710
Provides IT security and compliance management solutions for
enterprises, government agencies, and service providers. Oregon-
based.
x
C.H. Robinson Company, Freightquote.com, Inc. $365
Operates as an online freight shipping brokerage company in North
America. Kansas City-based.
x
Carlisle Companies
Incorporated
LHi Technology (S) Pte Ltd. $195
Manufactures OEM medical cable interconnects and assemblies.
Singapore-based.
Churchill Downs Inc. Big Fish Games, Inc. $835
Develops casual games for PCs and mobile devices worldwide.
California-based.
x
Cornerstone OnDemand Evolv, Inc. $45
Develops software-as-a-service platform based call center hiring
management solutions. San Francisco-based.
x
Premium Value M&A
6Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.
Q4 - 2014

7. CORE TRANSACTIONS (CONTINUED)
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Cox Automotive, Inc. Xtime Inc. $325
Provides hosted Web scheduling and customer relationship
management solutions for automotive service departments in North
America. California-based.
x
Cuscal Limited
Strategic Payments Services
Pty Ltd.
$33
Designs and develops electronic payments processing solutions for
financial institutions, retailers, and businesses in Australia. Sydney-
based
Danube Private Holdings
II, LLC
Digital River Inc. $911
PRovides end-to-end cloud-commerce, payments, and marketing
solutions to various companies in the United States, Europe, the Asia
Pacific, and South America. Minnesota-based.
Dealertrack Technologies,
Inc.
Incadea Plc $209
Provides enterprise software solutions and services to the automotive
retail and wholesale markets. The Channel Islands-based.
DHC Software Co., Ltd.
Shenzhen Siecom
Communication Technology
Development Co Ltd
$131
Develops communication products including mobile phones. China-
based.
DHX Media Ltd.
Nerd Corps Entertainment
Inc.
$50
Creates, develops, produces, and distributes animated projects for
television, online, and mobile platforms. Canada-based.
Digital Domain Holdings
Limited
Beijing Carina International E-
Commerce Co. Ltd
$40 Distributes skin care products online. Beijing-based.
Digital Turbine, Inc. Appia, Inc. $75
Operates a mobile user acquisition platform, provides mobile
performance solutions for developers, publishers, and advertisers
worldwide. UK-based
Doro AB CareTech AB $31
Develops and markets social alarm and personal security products.
Germany-based.
Econet Wireless
International (Pty) Ltd.
Telecel Globe $65
Provides global system for mobile communication services. Egypt-
based.
Elbrus Capital Investment
Adviser
HeadHunter Company $209
Provides online resources for job hunting and personnel hiring for mid-
level and top managers. Moscow-based.
Fuchun Communications
Co., Ltd.
Shanghai The Dream
Network Technology Co. Ltd.
$146
Provides Web games, social games, mobile Internet games, and
various cross platform gaming services. Shanghai-based.
Premium Value M&A
7
Q4 - 2014
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

8. CORE TRANSACTIONS (CONTINUED)
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
GTT Communications,
Inc.
United Network Services, Inc. $40
A voice and data carrier company, provides business-grade Internet
and private networking solutions for enterprise businesses, small-to-
midsize businesses, and service providers in the United States. Texas-
based.
Guangbo Group Stock
Co., Ltd.
Tibet Shannan Yun Media Co.,
Ltd.
$130 Offers internet advertising services. China-based.
GuestLogix Inc. OpenJaw Technologies, Ltd. $41
Provides travel distribution software solutions to the travel industry.
Ireland-based.
Host Europe WVS
Limited
intergenia Holding GmbH $261 Provides Web hosting and server solutions. Germany-based.
Ideagen PLC Gael Limited $28
Designs and develops business and quality management solutions.
UK-based.
Imperus Technologies
Corp.
Diwip Ltd. $100
Develops social and mobile gaming for PC, Mac, iOS, and Android
platforms. Israel-based.
Insider Group Perfect World Co., Ltd. $952
Operates as an online game developer and operator in the People's
Republic of China, North America, and internationally. Beijing-based.
Internet Patents
Corporation
Prism Technologies LLC $82
Develops new internet security technologies and offers intellectual
property licensing and technology research and development
services. Nebraska-based.
x
j2 Global, Inc. Carbonite, Inc. $366
Provides cloud backup solutions with access to files stored in its
servers in the United States. Boston-based.
Fuchun Communications
Co., Ltd.
Shanghai JunMeng Network
Technology Co., Ltd.
$145
Develops games. China-based.
Jiangsu Phoenix
Publishing & Media
Corporation Limited
AdSame Networks
Technology Incorporated
$56 Operates as an intelligent digital marketing engine. Shanghai-based. x
Premium Value M&A
8
Q4 - 2014
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

9. CORE TRANSACTIONS (CONTINUED)
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Lindsay Corporation Elecsys Corporation $73
Provides machine to machine (M2M) communication technology
solutions, data acquisition and management systems, and custom
electronic equipment for critical industrial applications worldwide.
Kansas-based.
LivePerson Inc. ContactAtOnce! LLC $70
Provides Website chat software that enables online shoppers to
connect and chat. Georgia-based.
x
MedImmune, LLC Definiens AG $150
Develops intelligent software solutions for digital image analysis,
knowledge management, and other simulation activities. Germany-
based.
Nemetschek AG Bluebeam Software, Inc. $100
Develops PDF solutions for digitizing project communications.
California-based.
Nets Holding A/S DIBS Payment Services AB $108
Provides online payment services in the Nordic countries. Sweden-
based.
x
New Call Telecom Ltd Nimbuzz B.V. $175
Provides call, chat, and messaging applications for mobile phones and
Internet. India-based.
New Call Telecom Ltd WaveCrest (UK) Ltd. $240
Provides voice services to residential, pre-paid calling card, and
wholesaler carrier markets in Europe and the United States. London-
based.
Newtree Group Holdings
Limited
DigiSmart (Group) Limited $40
Develops enterprise resource management and mobile applications.
British Virgin Islands-based.
x
Next Co., Ltd. Trovit Search S.L. $101
Operates a search engine for classified ads of real estate, jobs, cars,
and vacation rentals. Spain-based.
Nordic Capital VIZRT Ltd. $369
Provides real-time 3D graphics, studio automation, sports analysis,
and asset management tools for the broadcast industry. Norway-
based.
Novacap Investments,
Inc.
Dialogic, Inc. $94
Provides various communication products and technologies to
wireless and wireline service providers for the transport, transcode,
manage, and optimize video, voice, and data traffic. California-based.
Open Joint Stock
Company Long-Distance
and International
Telecommunications
Rostelecom
RuTube $88
Operates an internet portal that allows people to upload, tag, and
share personal video clips. Russia-based.
Premium Value M&A
9
Q4 - 2014
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

10. CORE TRANSACTIONS (CONTINUED)
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
Open Text Corporation Actuate Corporation $307
Provides software solutions and services to corporate and
government customers worldwide. California-based.
PCCW Global Limited; LM
Ericsson Ltd.; Sahara
Energy Resources Ltd;
Prime Union Investment
Limited; Olutoyi Estate
Development & Services
Limited; Legal Resources
Alliance & Co
Nigerian Telecommunications
Limited
$252 Provides telecommunication services. Nigeria-based.
Perficient Inc. Zeon Solutions, Inc. $36
Provides enterprise e-commerce, Web solutions, and custom
application development services to advertising specialty, direct
marketing, industrial business-to-business, education, and business-
to-consumer industries worldwide. Wisconsin-based.
Pluralsight LLC Smarterer, Inc. $75
Operates a skill ranking platform. Smarterer scores and validates
individuals’ digital, social, and technical skills using crowd-sourced
test design and an adaptive scoring algorithm. Boston-based.
x
Proofpoint, Inc. Nexgate Corporation $35
Provides cloud-based social media security and compliance solutions.
California-based.
x
RNTS Media N.V. Fyber $190
A Web-based technology advertising service company, empowers
application developers to execute smart advertisement monetization
strategies across various connected devices through a unified mobile
supply side platform. Germany-based.
x
RTL Group SA StyleHaul Inc. $107
StyleHaul Inc. owns and operates an online video community through
which it provides makeup and style tutorial videos. California-based.
x
Spirit Communications,
Inc.
SCANA Communications, Inc. $157
Provides bandwidth, Ethernet, communication tower, and data center
services to telecommunication service providers, enterprises, and
governmental agencies in South Carolina, North Carolina, and
Georgia. South Carolina-based.
Tack Fiori International
Group Limited
Beijing Feiliu Jiutian
Technology Co., Ltd.
$625
Develops mobile applications for interest-based online communities
including mobile technology, automotive, health care, entertainment,
books, games, and others. China-based.
Telstra Corporation
Limited
Pacnet Limited $697
Provides managed data connectivity solutions to telecommunications
carriers, large multinational enterprises, and government entities in
the Asia-Pacific region and internationally. Hongkong-based.
Premium Value M&A
10
Q4 - 2014
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

11. CORE TRANSACTIONS (CONTINUED)
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
The Descartes Systems
Group Inc
AirClic, Inc. $30
Provides cloud-based enterprise mobility software solutions to
automate and streamline paper-based processes. Pennsylvania-
based.
Vector Capital ChyronHego Corp. $117
Provides software and hardware products and solutions that are
designed to provide broadcast-quality, real-time, graphics creation,
enhancement, and playout for television stations, networks, video
production, and post-production markets worldwide. New York-
based.
Vonage Holdings
Corporation
Telesphere Networks, Ltd. $114
Telesphere Networks, Ltd. provides managed cloud communication
services to small and medium-sized businesses, and call center
operators in the United States. Arizona-based.
Wirecard AG The AMARA Group Limited $45
Operates as a software developer and offers CRM enhanced payment
solutions. South Africa-based.
Xiamen 35.Com
Technology Co., Ltd.
Shenzhen Daoxi Technology $134 Develops web and mobile games. China-based.
Yahoo! Inc. BrightRoll Inc. $640
Provides digital video advertising solutions to advertisers and
agencies, publishers, and developers to broadcast in Web, mobile, and
connected TV. San Francisco-based.
x
Premium Value M&A
11
Q4 - 2014
Mobile | Internet | Digital Media M&A transactions with announced or estimated consideration between $25 million and $1 billion.

12. OTHER NOTABLE DEALS
BUYER TARGET
TRANSACTION
VALUE ($MM)
TARGET DESCRIPTION
AP M&A
ALERT
VC-BACKED
BT Group plc EE Limited $19,551
Operates as a digital communications company in the United
Kingdom. UK-based.
Ontario Teachers'
Pension Plan; Thoma
Bravo, LLC; Ontario
Teachers' Pension Plan -
International Investments
Riverbed Technology, Inc. $3,866
Provides application performance infrastructure solutions in the
United States and internationally. San Francisco-based.
Bollore; Compagnie du
Cambodge; La Société
Industrielle et Financière
de l'Artois
Havas $3,356
Operates as an advertising and communications services company in
France. France-based.
Cable & Wireless
Communications Plc
Columbus Communications
Inc.
$3,087
Provides cable television services‚ digital video, high speed internet
access‚ digital telephony, telecom capacity and Internet protocol (IP),
and corporate data services through its subsidiaries in the Caribbean
and Central America. Bahamas-based.
x
NJJ Capital Orange Communications SA $2,856
Provides wirefree communications services to business and private
customers in Switzerland. Switzerland-based.
x
AT&T, Inc.
GSF Telecom Holdings,
S.A.P.I. de C.V.
$2,500 Provides wireless telecommunication services. Mexico-based. x
Iron Mountain Inc. Recall Holdings Limited $2,354
Provides information management solutions in the Americas, Europe,
Australia and New Zealand, and Asia. Australia-based.
x
- Portugal Telecom, SGPS S.A. $1,468
Provides various telecommunications and multimedia services in
Portugal, Brazil, and internationally. Portugal-based.
Centerbridge Partners,
L.P.
IPC Systems, Inc. $1,200
Provides trading communication systems to investment banks, hedge
funds, and investment managers. New Jersey-based.
CVC Capital Partners
Limited
Sky Betting & Gaming $1,132 Provides online betting services. UK-based.
Oracle Datalogix undisclosed
Tracks and analyzes consumer purchases data to help marketers and
media companies with better ad targeting.
x
12M&A transactions with consideration in excess of $1B or with unannounced transaction values
Q4 - 2014
Premium Value M&A

13. Website: architectpartners.com | Email: info@architectpartners.com