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Technology, Media, andTelecommunicationsQuarterly UpdateQ3 2017Deloitte Corporate Finance LLC www.investmentbanking.deloitte.com
Quarterly Update Q3 2017 TMTIn This UpdateTMT TrendsCybersecuirty1Financial Technologies(“Fintech”)2A series of highly publicizedsecurity breaches has shedlight on the importance ofcyber security. Corporationsare becoming increasinglyaware of the importance ofputting in place enhancedsecurity measures toprotect business criticaldata. It is estimated thatdata breaches cost, onaverage, 3.6 million perinstance.Many financial servicescompanies are pouringmoney into fintechinvestments, embracingthe agility and flexibilityfintech solutions offer. It isestimated that fintechstartups could generate upto 4.6 trillion in revenueand 470 billion in profit.Automotive Technology3The increasing global adoptionof smartphone technologies isforcing the automotive industryto rethink how cars are made,bought, and driven. Softwarecompetence is increasinglybecoming one of the mostimportant differentiating factorsfor the industry. Driven byshared mobility, connectivityservices, and feature upgrades,new business models couldexpand automotive revenuepools by 1.5 trillion. TMT TrendsEconomic OutlookIndustry AnalysisSelect M&A TransactionsAppendixThis update will focus on newsand trends in the followingareas:Cloud Adoption4Although still in the earlystages of adoption, thecontinued development andapplication of the cloud canprovide small-to-medium sizedenterprises access tosophisticated capabilities onceonly available to largemultinational corporations. Thefuture of cloud will represent acombination of cloud-basedsoftware and on-premisesplatforms to create a hybrid ITsolution that balances thescalability and flexibilityassociated with cloud.In the NewsJuly 30, 20175 – Discovery Communications, Inc. (NasdaqGS:DISC.A) (“Discovery”), a renowned mass media company based inMaryland, entered into a definitive agreement to acquire ScrippsNetwork Interactive, Inc. (NasdaqGS:SNI) (“Scripps”) fromScripps family, Miramar Services, Inc. and other shareholders for 15.1 billion. Combined, Discovery is expected to have nearly20% of ad-supported pay-TV ownership in the US. In addition,Discovery will be provided the optionality for next-generationgrowth opportunities through exploitation of brands, formats,talent, and over 8,000 hours of original programming, annually.August 9, 20176 – Vantiv, Inc. (NYSE:VNTV) (“Vantiv”), a UScredit card processing company, signed a definitive agreement toacquire Worldpay Group plc (LSE:WPG) (“Worldpay”), the UK’slargest payment processing company, for 10.4 billion. Theacquisition is anticipated to bolster Vantiv’s position in the US andgain significant access to the UK, markets where Worldpayprocesses millions of payments daily in stores, online, and onmobile phones. SoftwareInternetIT ServicesHardwareMedia & TelecommunicationsAutomotive TechnologyWho We AreDeloitte Corporate Finance LLCis a leading global middlemarket M&A adviser. Thefirm’s professionals haveextensive knowledge in theTMT space and use theirexperience to help the firm’sclients maximize value.ContactsRon RiveraManaging Directorrorivera@deloitte.com 1 (404) 631-3710Jonathan OhmManaging Directorjohm@deloitte.com 1 (212) 436-2287Byron NelsonSenior Vice Presidentbynelson@deloitte.com 1 (469) 417-2462www.investmentbanking.deloitte.com Page 2
Quarterly Update Q3 2017 TMTMacroeconomic OutlookU.S. Treasury Yield Curve(Nominal vs. Real)2U.S. Gross Domestic Product13.5%5.0%3.0% 102.0%1.0% 02.0%1.5%1.0%0.5%0.0%0.0%GDP ( in Trillions)2.5%Real Yield (%)YoY % Growth (Adj. for Inflation)U.S. Unemployment Rate(% Unemployed)3ISM Non-Manufacturing Indexand Consumer Confidence Index4% ial Jobless ClaimsISM Non-Manufacturing*600Jobless Claims (Thousands)10.0%Nominal Yield (%)6413562125601155810556955485527550*654855ISM Non-ManufacturingUnemployment Rate (%)Consumer Confidence 53.0%Interest Rate4.0% 15YoY Percent Change in Trillions 20Consumer Confidence*An ISM Non-Manufacturing Index value above 50 signals economicexpansion.TMT Sector OutlookU.S. Corporate Profits and YoY PercentChange5 3,00030%30% 2,50025%10% 1,5000% 1,000-10% 500 --20%YOY Percent Change20% 2,000 in BillionsInternet User Growthby Region620%18%17%% Change19%15%10%8%9%7%5%6%3%6%4%0%AfricaCorporate Profits26%24%ArabStatesAsia &Pacific2006 - 2011 CAGRCISEuropeTheAmericas2012 - 2017 CAGRwww.investmentbanking.deloitte.com Page 3
Quarterly Update Q3 2017 TMTTMT Sector Breakdown & Trading Statistics1LTMSectorNumber ofCompanies% of 52Week HighMedianRevenue CAGR(3 Yr)( M)MedianLTM EBITDA( M)Application Software/SaaS1598.0 %10.9 %Internet & Digital 84.2Traditional Media2784.9Telecommunications239IT ServicesAutomotive TechnologyTMT Index113 1,371MedianEBITDA Margin29.6 %MedianEV( M) 31,207EV/RevenueNTMEV/EBITDAEV/EBITDA7.0 x19.9 x16.6 2.893.4 %4.2 % 2,40823.2 30,0092.6x10.6 x9.9 xPublic Comparables Three-Year Stock Market Performance2S&P 500 IndexNASDAQ Composite IndexTMT Index*33.5%53.87%47.92%*TMT Index companies listed on pages 6 & 7 in the Appendix.www.investmentbanking.deloitte.com Page 4
Quarterly Update Q3 2017 TMTRecent Transactions1Select TMT M&A TransactionsEnterpriseValue ("EV")Target Business DescriptionIndustryClose Date Target/AcquirorEV /EBITDA( in millions)PendingScripps Network Interactive, Inc.Discovery Communications, Inc.Traditional MediaScripps Network Interactive, Inc. develops lifestyleoriented television content. 14,920.1PendingTribute Media CompanySinclair Broadcast Group, Inc.Traditional MediaTribute Media Company, through its subsidiaries,operates as a media and entertainment company inthe United States.6,570.911.7PendingWorldpay Group plcVantiv, Inc.SoftwareWorldpay Group plc, together with its subsidiaries,provides payments processing technology andsolutions for merchant customers.11,710.919.7PendingNXP Semiconductors N.V.QUALCOMM IncorporatedNXP Semiconductors N.V., provides high-performancemixed signal and standard product solutions.48,009.020.4PendingSiliconware Precision Industries Co., Ltd.Advanced Semiconductor Engineering, Inc.Siliconware Precision Industries Co., Ltd. providessemiconductor packaging and testing services.5,310.06.5PendingNets A/SAdvent International CorporationNets A/S provides digital payment services andrelated technology solutions.6,349.619.0PendingGeneral Communication, Inc.Liberty VenturesTelecommunicationsGeneral Communication, Inc., provides a range ofwireless, data, video, voice, and managed services.2,716.610.0Sep-17WebMD Health Corp.MH SUB I, LLCInternet & Digital MediaWebMD Health Corp. provides health informationservices through its websites, mobile platforms, andhealth-focused publications.2,641.214.3Aug-17Whole Foods Market, Inc.Amazon.com, Inc.Internet & Digital MediaWhole Foods Market, Inc. operates natural andorganic foods supermarkets.13,732.710.3Aug-17Mobileye N.V.Intel CorporationAutomotive TechnologyMobileye N.V. develops technology solutions foradvanced driver assistance systems and autonomousdriving technologies.14,195.7120.2Aug-17NeuStar, Inc.GIC Special Investments Pte. Ltd.Application Software/ SaaSNeuStar, Inc. provides various real-time informationservices worldwide.2,885.96.9Automotive TechnologyHardwareApplication Software/ SaaS9.3 xAnnual TMT M&A Transaction Volume28,0007,0006,6656,243Number of osed2011 100M20122013 100M- 250M2014 250M- 500M20152016 500M- 1B2016YTD 1B2017YTDwww.investmentbanking.deloitte.com Page 5
Quarterly Update Q3 2017 TMTSoftware Acquisition Activity – Strategic Acquirors1,27060506720145015Deal Volume122914302003557181055GoogleMicrosoft2016YTD lesforce1328102015448402013Top 10 Most Active Strategic Acquirors of Software Assets by stellationSoftware Inc.SAPSoftware Acquisition Activity – Financial Acquirors1,250Deal Volume402014920152016301220102013Top 10 Most Active Financial Acquirors of Software Assets by Volume43624244647975753430Vista EquityThoma eEquityEquityYTD 3417576332Accel-KKR233Marlin Equity Summit Partners42JMI Equity1311641LLR PartnersInternet & Digital Media Acquisition Activity – Strategic Acquirors1,26052Deal 02013Most 10 Active Strategic Acquirors of Internet & Digital Media Assets by VolumeOathYTD ricelineInternet & Digital Media Acquisition Activity – Financial Acquirors1,2353030Deal Volume151121276105550Vista Equity2013201432520Top 10 Most Active Financial Acquirors of Internet & Digital Media Assets by Volume633Thoma rs7151Warburg PincusYTD ityPartnersEquity42321HGGCTCVGreat Hillwww.investmentbanking.deloitte.com Page 6
Quarterly Update Q3 2017 TMTAppendixPublic Comparables Analysis1Company (Ticker)% of 52Week High( in Millions)Application Software/SaaS (15)Adobe Systems Incorporated (NasdaqGS:ADBE)Autodesk, Inc. (NasdaqGS:ADSK)Cerner Corporation (NasdaqGS:CERN)Check Point Software Technologies Ltd. (NasdaqGS:CHKP)Fiserv, Inc. (NasdaqGS:FISV)Intuit Inc. (NasdaqGS:INTU)Microsoft Corporation (NasdaqGS:MSFT)Oracle Corporation (NYSE:ORCL)Red Hat, Inc. (NYSE:RHT)Salesforce.com, inc. (NYSE:CRM)SAP SE (DB:SAP)ServiceNow, Inc. (NYSE:NOW)Symantec Corporation (NasdaqGS:SYMC)VMware, Inc. (NYSE:VMW)Workday, Inc. (NasdaqGS:WDAY)92.7 7.497.5MedianMeanLTMRevenueLTMEBITDARevenueCAGR (3 Yr) 6(32)7141,850(230)Last Twelve DA33.6 %NM28.049.431.331.433.838.918.54.924.9NM16.626.1NM 20,49268,608131,29120,27024,10037,21421,04810.0 x13.34.89.85.67.05.84.97.77.34.812.45.65.211.429.7 NM19.4 .256.3EBITDAMarginEV/EBITDA 8827,4361,6324,3107,0931,85318.8 0.944.398.0 % 5,17710.9 % 1,37129.6 % 31,2077.0 x19.9 x16.6 x97.2 % 13,93112.5 % 4,20228.1 % 82,6177.7 x33.3 x29.6 xInternet & Digital Media (12)Alibaba Group Holding Limited (NYSE:BABA)Alphabet Inc. (NasdaqGS:GOOGL)Altaba Inc. (NasdaqGS:AABA)Amazon.com, Inc. (NasdaqGS:AMZN)Baidu, Inc. (NasdaqGS:BIDU)eBay Inc. (NasdaqGS:EBAY)Facebook, Inc. (NasdaqGS:FB)Netflix, Inc. (NasdaqGS:NFLX)Snap Inc. (NYSE:SNAP)Tencent Holdings Limited (SEHK:700)Twitter, Inc. (NYSE:TWTR)Yelp Inc. (NYSE:YELP)94.3 %93.997.287.498.597.795.094.847.596.866.894.7 28,9102,45578745.3 %17.7(15.6)22.523.0(10.4)49.127.7NA39.236.138.4 9381434341.4 %32.511.98.228.631.554.56.9NM41.35.85.5 7713,966405,89810,0552,91715.8 x5.721.53.06.54.713.58.022.314.04.13.738.2 x17.5180.137.122.614.924.8114.7NM34.070.567.724.0 94.8 % 10,73027.7 % 3,05428.6 % 77,0097.2 x37.1 x20.8 xMean88.7 % 31,29224.8 % 7,50524.4 % 215,26310.2 x56.6 x43.2 xIT Services (9)Accenture plc (NYSE:ACN)Automatic Data Processing, Inc. (NasdaqGS:ADP)Capgemini SE (ENXTPA:CAP)Cognizant Technology Solutions Corporation (NasdaqGS:CTSH)DXC Technology Company (NYSE:DXC)HCL Technologies Limited (NSEI:HCLTECH)Infosys Limited (NSEI:INFY)Tata Consultancy Services Limited (NSEI:TCS)Wipro Limited (BSE:507685)98.4 %89.496.798.397.894.383.192.195.1 595.1 %6.67.713.8(3.7)NA7.311.27.1 5,9442,7221,9132,7751,2181,6082,8114,9011,67917.1 %22.012.719.610.522.427.127.019.8 ,8642.3 x3.81.42.82.52.52.53.72.113.5 x17.511.314.023.811.09.313.910.612.3 x17.110.212.36.710.19.013.110.6Median95.1 % 12,3807.2 % 2,72219.8 % 28,9582.5 x13.5 x10.6 xMean93.9 % 14,6826.9 % 2,84119.8 % 38,5802.6 x13.9 x11.3 xHardware (18)Amphenol Corporation (NYSE:APH)Apple Inc. (NasdaqGS:AAPL)Applied Materials, Inc. (NasdaqGS:AMAT)Canon Inc. (TSE:7751)Hewlett Packard Enterprise Company (NYSE:HPE)Hitachi, Ltd. (TSE:6501)Intel Corporation (NasdaqGS:INTC)International Business Machines Corporation (NYSE:IBM)Juniper Networks, Inc. (NYSE:JNPR)Lenovo Group Limited (SEHK:992)Murata Manufacturing Co., Ltd. (TSE:6981)Nokia Corporation (HLSE:NOKIA)NXP Semiconductors N.V. (NasdaqGS:NXPI)QUALCOMM Incorporated (NasdaqGS:QCOM)Samsung Electronics Co., Ltd. (KOSE:A005930)Taiwan Semiconductor Manufacturing Company Limited (TSEC:2330)Texas Instruments Incorporated (NasdaqGS:TXN)Xerox Corporation (NYSE:XRX)97.6 1.696.396.499.781.6 410,3849.5 (1.8)14.94.2(18.5) 42,7623,2322,7047,14651,34720,7466,2791,46223.7 .727.364.544.314.1 7,86612,3054.2 .217.5 214.08.416.4 .07.2Median94.8 % 30,0074.2 % 5,57225.3 % 39,1062.4 x9.0 x7.8 xMean89.4 % 50,5235.1 % 13,11125.6 % 115,7232.6 x9.6 x8.4 xwww.investmentbanking.deloitte.com Page 7
Quarterly Update Q3 2017 TMTPublic Comparables Analysis (Cont.)1Company (Ticker)% of 52Week High( in Millions)Traditional Media (27)CBS Corporation (NYSE:CBS)Cumulus Media Inc. (NasdaqCM:CMLS)Discovery Communications, Inc. (NasdaqGS:DISC.A)Fuji Media Holdings, Inc. (TSE:4676)Hakuhodo DY Holdings Inc (TSE:2433)Havas SA (ENXTPA:HAV)iHeartMedia, Inc. (OTCPK:IHRT)Lagardère SCA (ENXTPA:MMB)Meredith Corporation (NYSE:MDP)News Corporation (NasdaqGS:NWSA)Omnicom Group Inc. (NYSE:OMC)Pearson plc (LSE:PSON)Publicis Groupe S.A. (ENXTPA:PUB)RTL Group SA (BDL:006146252)Sirius XM Holdings Inc. (NasdaqGS:SIRI)The Interpublic Group of Companies, Inc. (NYSE:IPG)The New York Times Company (NYSE:NYT)The Walt Disney Company (NYSE:DIS)Thomson Reuters Corporation (TSX:TRI)Time Inc. (NYSE:TIME)Time Warner Inc. (NYSE:TWX)Tribune Media Company (NYSE:TRCO)Twenty-First Century Fox, Inc. (NasdaqGS:FOXA)Viacom, Inc. (NasdaqGS:VIAB)Vivendi SA (ENXTPA:VIV)Wolters Kluwer N.V. (ENXTAM:WKL)WPP plc (LSE:WPP)82.7 671.7MedianMeanLTMRevenueRevenueCAGR (3 Yr)LTMEBITDAEBITDAMarginLast Twelve DA10.6 612.310.115.75.811.616.88.97.530.310.98.19.7 010.29.411.15.711.213.38.47.014.810.58.4EV/EBITDA ) .32.30.55.0(4.0)(4.1)3.48.3(3.7)(0.7)3.67.811.0 59891,3943,61923.1 5.613.914.330.322.513.028.919.424.922.27.426.618.0 202.4 .13.50.83.43.22.21.72.32.91.584.9 % 7,8262.3 % 1,39418.0 % 15,2401.8 x9.1 x9.6 x80.9 % 11,2292.7 % 2,41318.9 % 25,3782.1 x11.0 x9.5 xTelecommunications (23)Altice N.V. (ENXTAM:ATC)América Móvil, S.A.B. de C.V. (BMV:AMX L)ARRIS International plc (NasdaqGS:ARRS)ASUSTeK Computer Inc. (TSEC:2357)AT&T Inc. (NYSE:T)CenturyLink, Inc. (NYSE:CTL)China Mobile Limited (SEHK:941)Comcast Corporation (NasdaqGS:CMCS.A)Deutsche Telekom AG (DB:DTE)Konica Minolta, Inc. (TSE:4902)KT Skylife Co., Ltd. (KOSE:A053210)Liberty Global plc (NasdaqGS:LBTY.A)Motorola Solutions, Inc. (NYSE:MSI)Nippon Telegraph and Telephone Corporation (TSE:9432)Nokia Corporation (HLSE:NOKIA)NTT DOCOMO, INC. (TSE:9437)Orange S.A. (ENXTPA:ORA)Ricoh Company, Ltd. (TSE:7752)Sky plc (LSE:SKY)SoftBank Group Corp. (TSE:9984)Telefónica, S.A. (BME:TEF)Verizon Communications Inc. (NYSE:VZ)Vodafone Group Plc (LSE:VOD)73.0 3.684.091.587.899.387.194.984.490.288.9 8,10517,00679,77063,654123,63956,415123.9 .40.9(2.6)20.14.82.4(0.0)2.0 719,90443,94813,63333.8 .611.630.329.67.514.228.631.335.524.2 813,71129,830208,970116,731314,868116,9123.2 .81.82.61.82.52.19.5 10.112.49.25.97.28.67.8 1.7NA8.75.86.87.0Median88.7 % 41,0632.4 % 12,44227.9 % 82,0431.8 x7.2 x6.8 xMean86.2 % 51,44110.0 % 15,10325.4 % 101,1071.8 x7.4 x6.9 xAutomotive Technology (9)CDK Global, Inc. (NasdaqGS:CDK)Delphi Automotive PLC (NYSE:DLPH)DENSO Corporation (TSE:6902)Inter-Gamma Investment Company Ltd. (TASE:INTR)MAM Software Group, Inc. (NasdaqCM:MAMS)Mobileye N.V. (OTCPK:MBBY.F)NVIDIA Corporation (NasdaqGS:NVDA)Qiming Information Technology Co.,Ltd (SZSE:002232)Visteon Corporation (NYSE:VC)96.3 %93.698.269.998.796.097.086.196.5 2,22017,01441,094153324088,3442243,1704.0 %1.73.7(0.8)1.057.123.72.0(8.8) 5823,0625,4091851392,8161233526.2 %18.013.211.515.034.033.75.310.6 10,53129,19435,8026310213,430107,4336743,5214.7 x1.70.90.43.232.912.93.01.118.1 x9.56.63.621.596.938.257.410.512.8 x9.46.5NA17.743.137.5NA9.1Median96.2 % 2,2202.0 % 33515.0 % 10,5313.0 x18.1 x12.8 xMean92.5 % 8,0739.3 % 1,37518.6 % 22,3066.8 x29.1 x19.4 xwww.investmentbanking.deloitte.com Page 8
Quarterly Update Q3 2017 TMTRecent Transactions1Last Twelve MonthsTarget/Acquiror( in Millions)Close DateLTM RevenueLTMEBITDAEBITDAMargin 14,920.1EV/RevenueEV/EBITDAScripps Networks Interactive, Inc.Discovery Communications, Inc.Pending 3,472.0 1,604.1Tribune Media CompanySinclair Broadcast Group, Inc.Pending1,919.4562.929.36,570.93.411.7Worldpay Group plcVantiv, Inc.Pending1,555.4593.638.211,710.97.519.7NXP Semiconductors N.V.QUALCOMM .4Siliconware Precision Industries Co., Ltd.Advanced Semiconductor Engineering, Inc.Pending2,678.7812.330.35,310.02.06.5Nets A/SAdvent International neral Communication, Inc.Liberty VenturesPending930.8271.029.12,716.62.910.0WebMD Health Corp.MH SUB I, LLCSep-17709.0184.526.02,641.23.714.3Westcon Group, Inc.SYNNEX CorporationSep-172,234.788.84.0830.00.49.3Whole Foods Market, Inc.Amazon.com, e N.V.Intel uStar, Inc.GIC Special Investments Pte. 27.04.4716.31.226.6RetailMeNot, Inc.Harland Clarke Holdings Corp.May-17295.430.710.4455.11.514.8CEB Inc.Gartner, Inc.Apr-17949.8199.921.03,680.73.918.4Linear Technology CorporationAnalog Devices, Inc.Mar-171,423.9685.048.114,569.910.221.3Everett Spinco, Inc.Computer Sciences tersil CorporationRenesas Electronics l-LucentNokia Median 1,423.9 420.127.1 % 6,349.63.4 x14.3 xMean 4,188.5 677.824.1 % 9,286.65.5 x20.3 xCardConnect Corp.First Data Corporation46.2 %EnterpriseValue ("EV")4.3 x9.3 xwww.investmentbanking.deloitte.com Page 9
Quarterly Update Q3 2017 TMTSelect Deloitte Corporate Finance TMT Group TransactionsInformation Builders, Inc.has received aminority investment fromMeredith Corporationhas acquiredAllrecipes.com, Inc.fromIPNet SolutionsNTT Communications Corporationhas acquired 70% of theissued shares ofhas been acquired byInovisa portfolio company ofGoldman, Sachs & Co.The Reader’s DigestAssociation, Inc.Frontline System Austalia Pty LtdGolden Gate CapitalThe undersigned acted as exclusive financialadvisor to Information Builders, Inc.The undersigned rendered a fairness opinionto Meredith CorporationThe undersigned acted as financial advisor toNTT CommunicationsThe undersigned acted as advisor toIPNet SolutionsDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCGlobal Software, Inc.has completed a majoritySureID, Inc.has completed a unitranchecapital raise withWipro Limitedhas acquiredOptimal Payments Plchas acquiredrecapitalization withNerveWire, Inc.Meritus Payment SolutionsGlobal Merchant AdvisorsThompson Street Capital PartnersGoldman SachsSpecialty Lending GroupThe undersigned acted as advisor toWipro LimitedThe undersigned acted as financial advisor toOptimal Payments PlcThe undersigned acted as exclusivefinancial advisor to Global Software, Inc.The undersigned acted as exclusivefinancial advisor to SureID, Inc.Deloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCJVCKENWOOD CorporationTweddle Group, Inc.Substantially all of the Assets ofRent A Toll, Ltd.has acquiredhas received an equity investmentfromhave been acquired byEF Johnson Technologies, Inc.The Gores Group, LLCAmerican Traffic SolutionsThe undersigned acted as advisor toJVCKENWOOD CorporationThe undersigned acted as exclusivefinancial advisor to Tweddle Group, Inc.The undersigned acted as exclusivefinancial advisor to Rent A Toll, Ltd.The undersigned acted as exclusive advisor toBlackBerry LimitedDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Tohmatsu Financial Advisory Co., Ltd.Volkswagen AGhas acquiredBochum, Germany Research andDevelopment Center ofBlackBerry LimitedWin Advanced Systems Limitedhas completed the acquisition ofGeneral Information Services, Inc.Identity Finder, LLCGold Club and International Gold ClubNWN Corporationhas obtained senior debtfinancing fromhas been acquired byPNC Financial ServicesInverness GrahamInvestments, Inc.New State Capital Partners, LLChas been acquired byfunded through a structured capitalraise backed byMetric Capital PartnersThe undersigned acted as M&A and financingadvisor to Win Advanced Systems LimitedThe undersigned acted as financial advisor toGeneral Information Services, Inc.The undersigned acted as exclusivefinancial advisor to Identity Finder, LLCThe undersigned acted as exclusivefinancial advisor to NWN CorporationDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCDeloitte Corporate Finance LLCwww.investmentbanking.deloitte.com Page 10
Quarterly Update Q3 2017 TMTSources CitedPage 2:1. “2017 Ponemon Cost of Data Breach Study”, IBM. June 2017.2. “The Future of Finance,” Goldman Sachs. March 2015.3. “Disruptive Trends That Will Transform the Auto Industry,” McKinsey & Company. January 2016.4. “Global TMT Predictions,” Deloitte. March 20, 2017.5. “Discovery Communications to Acquire Scripps Networks Interactive for 14.6 Billion,” DiscoveryCommunications. July 31, 2017.6. “Vantiv Seals 10.4 Billion Merger with Worldpay,” CNBC. August 9, 2017.Page 3:1. U.S. Bureau of Economic Analysis. September 30, 2017. Data as of September 30, 2017.2. U.S. Department of the Treasury. September 30, 2017. Data as of September 30, 2017.3. Bureau of Labor Statistics. September 30, 2017. Data as of September 30, 2017.4. S&P Capital IQ. September 30, 2017. Data as of September 30, 2017.5. IBISWorld. September 30, 2017. Data as of June 30, 2017.6. ITU World Telecommunications. September 30, 2017. Data as of September 30, 2017.Page 4:1. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.2. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.Page 5:1. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.2. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.Page 6:1. “Q2 Technology, Media, & Telecom Sector Review”, Harris Williams & Co. Q2 2017.2. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.Pages 7-9:1. S&P Capital IQ. October 9, 2017. Data as of October 9, 2017.www.investmentbanking.deloitte.com Page 11
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Quarterly Update Q3 2017 TMTThis newsletter is a periodic compilation of certain completed and announced merger and acquisition activity. Informationcontained in this newsletter should not be construed as a recommendation to sell or a recommendation to buy any security. Anyreference to or omission of any reference to any company in this newsletter shall not be construed as a recommendation to sell,buy or take any other action with respect to any security of any such company. We are not soliciting any action with respect toany security or company based on this newsletter. This newsletter is published solely for the general information of clients andfriends of Deloitte Corporate Finance LLC. It does not take into account the particular investment objectives, financial situation, orneeds of individual recipients. Certain transactions, including those involving early stage companies, give rise to substantial riskand are not suitable for all investors. This newsletter is based on information that we consider reliable, but we do not representthat it is accurate or complete, and it should not be relied upon as such. Prediction of future events is inherently subject to bothknown risks, uncertainties and other factors that may cause actual results to vary materially. We are under no obligation toupdate the information contained in this newsletter. We and our affiliates and related entities, partners, principals, directors, andemployees, including persons involved in the preparation or issuance of this newsletter, may from time to time have “long” and“short” positions in, and buy or sell, the securities, or derivatives (including options) thereof, of companies mentioned herein. Thecompanies mentioned in this newsletter may be: (i) investment banking clients of Deloitte Corporate Finance LLC; or (ii) clients ofDeloitte Financial Advisory Services LLP and its related entities. The decision to include any company for mention or discussion inthis newsletter is wholly unrelated to any audit or other services that Deloitte Corporate Finance LLC may provide or to any auditservices or any services that any of its affiliates or related entities may provide to such company. No part of this newsletter maybe copied or
credit card processing company, signed a definitive agreement to acquire Worldpay Group plc (LSE:WPG) ("Worldpay"), the UK's largest payment processing company, for 10.4 billion. The acquisition is anticipated to bolster Vantiv's position in the US and gain significant access to the UK, markets where Worldpay
