Business
Services
Business
Services
Sector
Overview
After
a
quiet
second
half
of
2011,
the
Business
Services
sector
experienced
a
strong
rebound
in
the
First
Quarter
of
2012.
This
rebound
was
led
by
IT
Services,
HR
and
Staffing
Services,
and
(Digital)
Marketing
Services.
Despite
continued
economic
uncertainty,
each
of
these
sectors
is
showing
high
single
digit
or
even
double
digit
year
‐
over
‐
year
growth
as
companies
choose
to
outsource
key
services
instead
of
making
long
term
commitments
to
personnel
and
equipment.
In
addition,
as
mentioned
in
our
previous
Quarterly
Dialogue,
the
rapidly
changing
media
landscape,
along
with
corporate
America’s
growing
reliance
on
data
collection
and
analytics
services,
will
continue
to
create
opportunities
for
entrepreneurial
marketing
and
information
services
firms.
It
is
no
surprise
that
firms
in
these
areas
have
led
the
reemergence
of
the
IPO
market.
Merger
&
Acquisition
Activity
Similar
to
its
rebound
in
capital
markets
activity,
the
Business
Services
sector
experienced
a
dramatic
increase
in
merger
and
acquisition
activity
during
the
First
Quarter
of
2012.
Activity
was
up
in
all
sectors,
with
a
number
of
high
profile
mergers.
Of
particular
note
are
the
following
transactions:
•
On
Assignment,
Inc.’s
(NASD:
ASGN)
$600
million
acquisition
of
Apex
Systems,
Inc.
(IT
staffing)
•
Vocus
Inc.’s
(NASD:
VOCI)
$189
million
acquisition
of
IContact
Corporation
(digital
marketing)
•
Veririsk
Analytics,
Inc.’s
(NASD:
VRSK)
$250
million
acquisition
of
MediConnect
Global
(information
services)
•
InVentiv
Health
Inc.’s
acquisition
of
KForce
(NASD:
KFRC)
(clinical
trial
staffing)
We
expect
the
current
level
of
merger
and
acquisition
activity
to
continue
in
2012
as
private
equity
firms
seek
to
deploy
their
significant
equity
backlog
and
take
advantage
of
current
growth
opportunities.
In
addition,
we
believe
market
leaders
in
all
sectors
will
continue
to
acquire
specialty,
higher
growth
competitors.
Net
Increase
/
Decrease
in
U.S.
Employment
Temporary
Help
Services
2Q
2002
–
1Q
2012
(in
thousands)
2Q
2010
–
1Q
2012
-1,000 -800 -600 -400 -200 0 200 400 600 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Recession 0.00% 0.20% 0.40% 0.60% 0.80% 1.00% 1.20% 1.40% 1.60% 1.80% 2.00% 0 500 1,000 1,500 2,000 2,500 3,000
Apr May Jun Jul Aug Sep Oc t No v De c Ja n Fe b Ma r
Apr May Jun Jul Aug Sep Oc t No v De c Ja n Fe b Ma r 2010 2011 2012 T emporar y E m ployment as a % of To ta l E m ployment T emporar y Help E m p loye es (in Thou sa n d s)
Temporary Help Services Temporary Help Penetration
For
Additional
Information,
Contact
the
NCA
Business
Services
Investment
Banking
Team:
Edward
R.
Casas
Senior
Managing
Director
Head
of
Navigant
Capital
Advisors
847/583.1619
[email protected]
Gregory
Hagood
Managing
Director
M&A
Practice
Area
Leader
404/504.2017
[email protected]
Alan
Mustacchi
Managing
Director
M&A
646/227.4348
[email protected]
Kim
Brady
Managing
Director
Restructuring
847/583.1718
[email protected]
About
Navigant
Capital
Advisors
Navigant
Capital
Advisors
is
the
dedicated
corporate
finance
business
unit
of
Navigant
Consulting,
Inc.
(NYSE:
NCI).
Navigant
Consulting
is
a
specialized
independent
consulting
firm
providing
financial,
operational,
dispute
and
regulatory
advisory
services
to
large
companies,
financial
institutions,
legal
counsel
and
government
agencies.
We
offer
independent
and
objective
advice
supported
by
advanced
technical
skills,
proven
competence
and
in
‐
depth
industry
knowledge.
Business
Services
Industry
Historical
Trading
Multiples
&
First
Quarter
2012
Stock
Price
Performance
TEV / TTM EBITDA Industry Segment Mar‐12 Dec‐11 Sep‐11 Jun‐11
Business Process Outsourcing 8.1x 7.5x 8.0x 8.8x HR S ervices 15.9x 13.2x 10.2x 16.5x Information S ervices 16.1x 15.6x 14.2x 17.2x IT Consulting 10.7x 10.6x 10.5x 12.0x Professional S taffing 8.5x 7.5x 6.6x 9.7x Marketing S ervices 7.8x 6.3x 5.1x 7.6x S pecialty Consulting 8.3x 8.3x 7.9x 9.4x 60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
BPO vs. S&P 500
S&P 500 Business Process Outsourcing
60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
HR Services vs. S&P 500 S&P 500 HR Services 60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
Information Services vs. S&P 500
S&P 500 Information Services
60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
IT Consulting vs. S&P 500 S&P 500 IT Consulting 60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
Professional Staffing vs. S&P 500
S&P 500 Professional Staffing
60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
Marketing Services vs. S&P 500
S&P 500 Marketing Services
60 70 80 90 100 110 120 130 140
Dec‐11 Jan‐12 Feb‐12 Mar‐12
Specialty Consulting vs. S&P 500
Table
of
Contents
Business
Services:
Valuation
Metrics
...2
Business
Services
Industry
Transactions
...5
Distressed
Market
Indicators
...8
Appendix
...9
Notes/Subscription
Form
...12
©2012 Navigant Capital Advisors, LLC. All rights reserved. Navigant Capital Advisors, LLC (Member FINRA, SIPC) is a wholly owned broker/dealer of Navigant
Consulting, Inc. Navigant Consulting is not a certified public accounting firm and does not provide audit, attest, or public accounting services. See
www.navigant.com/licensing for a complete listing of private investigator licenses.
NCA gathers its data from sources it considers reliable. However, it does not guarantee the accuracy or completeness of the information provided within this
publication. Any opinions presented reflect the current judgment of the authors and are subject to change. NCA makes no warranties, expressed or implied,
regarding the accuracy of this information or any opinions expressed by the authors. (Officers, directors and employees of Navigant Consulting, Inc. and its
subsidiaries may have positions in the securities of the companies discussed.) This publication does not constitute a recommendation with respect to the securities
of any company discussed herein, and it should not be construed as such. NCA or its affiliates may from time to time provide investment banking or related services
to these companies. Like all NCA employees, the authors of this publication receive compensation that is affected by overall firm profitability.
Business
Services:
Valuation
Metrics
Market Enterprise Enterprise Value to: Stock 52 ‐ Week % of 52 Cap Value LTM LTM 2011 2012 Ticker Company Name P rice High Low Week High ($ mm) ($ mm) Sales EBITDA EBITDA EBITDA P /E
Business P rocess Outsourcing
CVG Convergys Corporation 13.35 14.63 8.49 91.3% 1,549.6 1,232.3 0.5x 2.3x 5.7x 4.6x 5.0x EXLS Exlservice Holdings, Inc. 27.44 28.85 17.94 95.1% 861.7 777.4 2.2x 11.8x 9.6x 8.1x 24.9x G Genpact Ltd. 16.30 18.16 13.37 89.8% 3,625.7 3,576.9 2.2x 12.1x 10.9x 9.7x 20.1x GEO The GEO Group, Inc. 19.01 26.95 16.40 70.5% 1,154.7 2,719.6 1.7x 9.5x 8.6x 8.2x 15.5x IRM Iron Mountain Inc. 28.80 35.79 27.68 80.5% 4,927.3 8,100.5 2.7x 8.7x 8.8x 8.3x 23.3x PGI Premiere Global S ervices, Inc. 9.04 9.91 5.60 91.2% 453.5 621.3 1.3x 9.6x 6.9x 6.2x 26.6x PRGX PRGX Global, Inc. 6.29 8.39 4.07 75.0% 157.8 146.5 0.7x 8.9x 5.1x 4.6x 57.2x PRS C Providence S ervice Corp. 15.51 15.94 8.35 97.3% 201.7 316.0 0.3x 6.3x 6.4x 5.7x 12.2x S RT S tarTek, Inc. 2.19 5.58 1.55 39.2% 33.2 23.5 0.1x NM 3.4x 1.7x NM S YKE S ykes Enterprises, Incorporated 15.80 22.88 10.56 69.0% 682.8 471.7 0.4x 3.9x 4.4x 3.7x 13.7x TTEC TeleTech Holdings Inc. 16.10 22.39 14.10 71.9% 911.5 833.0 0.7x 5.9x 6.0x 5.2x 12.6x WNS WNS (Holdings) Ltd. 12.05 13.05 7.82 92.3% 603.4 675.0 1.3x 10.0x 9.0x 8.6x 63.3x Mean 1.2x 8.1x 7.1x 6.2x 24.9x
HR Services
ADP Automatic Data Processing, Inc. 55.19 57.10 44.72 96.7% 27,074.9 25,755.7 2.5x 11.7x 11.4x 10.4x 20.4x BBS I Barrett Business S ervices Inc. 19.83 21.10 12.25 94.0% 197.8 131.9 0.4x 25.0x 7.8x 6.3x 14.1x NS P Insperity, Inc. 30.64 32.38 19.85 94.6% 796.5 528.3 0.3x 7.3x 5.7x 4.9x 26.4x KNXA Kenexa Corp. 31.24 33.19 13.96 94.1% 851.4 767.6 2.7x 31.9x 13.5x 11.0x NM MWW Monster Worldwide, Inc. 9.75 18.47 6.34 52.8% 1,200.2 1,138.7 1.1x 8.3x 6.9x 6.0x 22.7x PAYX Paychex, Inc . 30.99 33.71 25.12 91.9% 11,235.2 10,731.9 4.9x 11.4x 11.3x 10.7x 20.7x Mean 2.0x 15.9x 9.4x 8.2x 20.8x
Information Services
ABCO Advisory Board Co. 88.62 90.05 45.41 98.4% 1,477.4 1,423.1 4.0x 27.7x 20.2x 16.8x 67.7x S COR comS c ore, Inc. 21.39 31.28 12.50 68.4% 725.5 700.4 3.0x 66.8x 11.9x 9.6x NM CPRT Copart, Inc. 26.07 26.84 17.88 97.1% 3,300.8 3,658.7 4.0x 11.1x 10.7x 9.9x 20.7x EXBD Corporate Exec utive Board Co. 43.01 45.79 27.90 93.9% 1,433.0 1,295.8 2.7x 11.3x 10.1x 9.0x 25.8x CS GP CoS tar Group Inc. 69.05 73.43 46.41 94.0% 1,757.0 1,208.3 4.8x 24.0x 20.3x 14.2x 111.4x TRAK DealerTrack Holdings, Inc. 30.26 31.90 14.01 94.9% 1,269.3 1,190.9 3.4x 22.0x 12.6x 11.6x 19.8x DNB Dun & Bradstreet Corp. 84.73 86.52 58.50 97.9% 4,054.5 4,938.8 2.8x 9.3x 8.5x 7.8x 16.0x EFX Equifax Inc. 44.26 44.60 28.59 99.2% 5,304.4 6,209.6 3.2x 9.8x 9.0x 8.3x 23.7x FDS FactS et Research S ystems Inc . 99.04 112.40 78.25 88.1% 4,437.0 4,236.8 5.5x 14.6x 13.7x 12.4x 26.2x FICO Fair Isaac Corp. 43.90 44.35 20.05 99.0% 1,581.8 1,862.2 2.9x 10.1x 9.9x 9.6x 20.1x FORR Forrester Research Inc. 32.40 40.00 29.15 81.0% 734.4 516.4 1.8x 11.2x 9.4x 8.2x 32.7x IT Gartner Inc. 42.64 43.39 31.98 98.3% 3,981.2 4,048.4 2.8x 17.0x 13.0x 11.0x 30.7x IHS IHS Inc. 93.65 98.50 67.88 95.1% 6,156.2 6,731.9 4.9x 24.4x 13.5x 12.0x 48.6x III Information S ervices Group, Inc. 1.31 2.40 0.85 54.6% 47.6 93.2 0.5x 6.4x 4.6x 4.2x NM INWK InnerWorkings Inc. 11.65 12.24 6.52 95.2% 559.3 605.0 1.0x 21.1x 12.8x 10.2x 34.3x LQDT Liquidity S ervices, Inc . 44.80 48.34 17.61 92.7% 1,373.0 1,344.7 3.8x 22.4x 15.4x 12.6x 49.1x MORN Morningstar Inc. 63.05 64.00 51.11 98.5% 3,160.9 2,694.0 4.3x 14.5x NA NA 32.8x RBA Ritchie Bros. Auctioneers Incorporated 23.76 31.75 17.90 74.8% 2,528.1 2,565.2 6.5x 17.6x 13.3x 11.4x 33.0x [1] comS core, Inc. is excluded from the EV/TTM EBITDA calculation Mean 3.4x 16.1x 12.3x 10.5x 32.1x [2] CoS tar Group Inc. is excluded from the P/E calculation
Business
Services:
Valuation
Metrics
(cont.)
Market Enterprise Enterprise Value to: Stock 52 ‐ Week % of 52 Cap Value LTM LTM 2011 2012 Ticker Company Name P rice High Low Week High ($ mm) ($ mm) Sales EBITDA EBITDA EBITDA P /E
IT Consulting
ACN Accenture plc 64.50 65.89 47.40 97.9% 41,567.1 36,525.7 1.3x 8.4x 8.3x 7.6x 17.1x CBR CIBER, Inc. 4.24 6.98 2.71 60.7% 308.5 309.7 0.3x 16.3x 7.6x 5.8x NM CTS H Cognizant Technology S olutions Corpora 76.95 83.48 53.54 92.2% 23,344.8 20,912.5 3.4x 16.6x 13.6x 11.4x 27.0x CTGX Computer Task Group Inc . 15.32 15.45 9.47 99.2% 284.0 261.5 0.7x 12.8x 9.9x 8.4x 21.6x DS T DS T S ystems Inc. 54.23 59.41 40.48 91.3% 2,326.5 3,409.0 1.4x 8.6x 8.1x 7.7x 13.7x EDGW Edgewater Technology Inc. 3.92 4.02 1.59 97.5% 44.6 34.3 0.4x 4.3x 3.6x NA 130.7x IGTE iGATE Corporation 16.76 19.58 9.32 85.6% 952.3 1,876.4 2.4x 11.6x 6.9x 6.0x 44.1x ORCC Online Resourc es Corp. 2.85 4.05 2.11 70.4% 92.1 201.2 1.3x 9.5x 6.0x 5.4x NM PRFT Perficient Inc. 12.01 12.80 6.41 93.8% 375.5 365.8 1.5x 12.4x 7.3x 6.3x NM S APE S apient Corp. 12.45 16.25 9.00 76.6% 1,746.1 1,538.6 1.5x 11.7x 9.8x 8.1x 23.9x S NX S YNNEX Corp. 38.14 44.25 22.56 86.2% 1,413.5 1,639.8 0.2x 5.7x 5.6x 5.1x 8.9x S YNT S yntel, Inc. 56.00 62.03 38.10 90.3% 2,342.2 2,021.8 3.1x 11.3x 11.7x 10.2x 19.0x [1] Edgewater Tec hnology Inc. is exc luded from the P/E c alc ulation Mean 1.5x 10.7x 8.2x 7.5x 21.9x
P rofessional Staffing
S WX:ADEN Adec co S .A. 47.30 62.65 31.98 75.5% 8,931.9 9,991.9 0.4x 8.9x NA NA 14.3x AHS AMN Healthc are S ervic es Inc . 6.06 9.33 3.60 65.0% 246.0 475.0 0.5x 8.8x 7.3x 6.3x 55.1x CDI CDI Corp. 17.93 18.25 9.84 98.2% 343.9 321.1 0.3x 8.2x 7.5x 6.3x 23.3x CCRN Cross Country Healthc are, Inc . 5.01 8.00 3.76 62.6% 156.7 186.5 0.4x 9.0x 7.7x 6.6x 38.5x KELY.A Kelly S ervic es, Inc . 15.99 22.25 10.77 71.9% 586.7 602.0 0.1x 6.6x 4.8x 4.3x 9.3x KFRC Kforce Inc . 14.90 18.56 8.12 80.3% 515.4 565.6 0.5x 9.9x 8.5x 7.4x 21.3x MAN ManpowerGroup 47.37 69.64 31.81 68.0% 3,796.8 3,916.5 0.2x 6.0x 6.4x 5.4x 15.6x AS GN On Assignment Inc . 17.47 18.25 6.27 95.7% 653.4 723.0 1.2x 13.6x 11.4x 10.2x 27.3x ENXTAM:RAND Randstad Holding NV 28.29 40.17 19.59 70.4% 4,867.9 6,169.3 0.4x 10.1x NA NA 28.3x RCMT RCM Tec hnologies Inc. 5.57 5.93 3.98 93.9% 71.2 42.8 0.3x 5.2x 0.0x 0.0x 16.9x RECN Resourc es Connection Inc . 14.05 17.00 8.26 82.6% 606.1 485.4 0.8x 11.0x 8.8x 9.1x 16.8x RHI Robert Half International Inc. 30.30 31.83 19.69 95.2% 4,306.9 4,029.3 1.1x 13.4x 10.4x 8.9x 29.1x TBI TrueBlue, Inc . 17.88 18.13 10.40 98.6% 691.4 582.3 0.4x 9.1x 7.5x 6.5x 24.5x VIS I Volt Information S ciences Inc. 6.24 10.80 5.45 57.8% 130.1 0.0 0.0x 0.0x NA NA NM Mean 0.5x 8.5x 7.3x 6.4x 24.6x
Business
Services:
Valuation
Metrics
(cont.)
Market Enterprise Enterprise Value to: Stock 52 ‐ Week % of 52 Cap Value LTM LTM 2011 2012 Ticker Company Name P rice High Low Week High ($ mm) ($ mm) Sales EBITDA EBITDA EBITDA P /E
Marketing Services
ACXM Acxiom Corporation 14.68 15.41 8.94 95.3% 1,147.8 1,287.8 1.1x 5.4x 5.2x 5.6x NM FMCN Focus Media Holding Ltd. 25.12 37.58 8.79 66.8% 3,243.6 2,677.7 3.4x 9.5x 6.5x 5.4x 17.3x HPOL Harris Interactive Inc. 1.33 1.35 0.27 98.5% 74.4 69.0 0.4x 10.9x NA NA NM HHS Harte‐Hanks Inc. 9.05 12.22 7.00 74.1% 568.6 661.2 0.8x 6.9x 6.3x 6.0x 12.9x VCI Valassis Communications Inc. 23.00 31.95 14.71 72.0% 986.8 1,492.0 0.7x 5.1x 4.8x 4.6x 9.9x VCLK ValueClic k, Inc. 19.74 21.50 13.35 91.8% 1,590.8 1,641.7 2.9x 10.2x 7.5x 6.6x 15.9x VVI Viad Corp 19.43 26.00 15.77 74.7% 393.6 304.7 0.3x 6.5x 4.8x 4.1x 45.2x Mean 1.4x 7.8x 5.9x 5.4x 20.2x
Specialty Consulting
CBZ CBIZ, Inc. 6.32 7.75 5.27 81.5% 316.6 594.4 0.8x 7.7x 6.8x 6.5x 10.9x CRAI CRA International Inc . 25.22 29.80 16.42 84.6% 264.1 191.1 0.6x 5.4x 4.7x 4.3x 16.1x EXPO Exponent Inc. 48.52 53.31 35.56 91.0% 646.4 536.7 2.2x 9.3x 8.2x 7.6x 21.9x FCN FTI Consulting, Inc. 37.52 45.00 33.46 83.4% 1,509.2 2,041.7 1.3x 7.8x NA NA 15.7x HURN Huron Consulting Group Inc. 37.56 40.84 25.30 92.0% 775.7 964.6 1.6x 8.6x 7.8x 6.8x 37.9x MMS MAXIMUS , Inc . 40.67 46.79 31.23 86.9% 1,372.2 1,182.9 1.2x 8.5x 8.4x 6.9x 17.5x NCI Navigant Consulting Inc. 13.91 14.48 8.33 96.1% 723.7 853.0 1.1x 8.5x 7.8x 7.1x 17.4x HCKT The Hac kett Group, Inc. 5.97 6.21 3.17 96.1% 246.3 213.4 1.1x 10.6x 7.5x 6.7x 11.5x Mean 1.2x 8.3x 7.3x 6.5x 18.6x
Business
Services
Industry
Transactions
($ in millions) Transaction
Date Target Buyer Business Description
Transaction Value
Business Process Outsourcing
03/19/2012 New Faneuil, Inc. Harland Clarke Holdings Corp. New Faneuil, Inc., through its subsidiary, operates call centers. $70.0
03/06/2012 LogicsOne, Inc. GreenPages, Inc. LogicsOne, Inc. provides virtualization professional services.
-03/01/2012 CustomCall Data Systems, Inc. Enghouse Systems Ltd. (TSX:ESL) CustomCall Data Systems, Inc. provides billing, provisioning, and OSS workflow solutions. $7.3
02/29/2012 e-autobusiness, LLC AULtec, Inc. e-autobusiness, LLC provides customer relationship management (CRM) solutions.
-02/02/2012 Brazos Records Storage, Inc. Cornerstone Records Management, LLC Brazos Records Storage, Inc. operates as a record storage, management, destruction services.
-01/31/2012 Service Net Warranty, LLC Chartis Inc. Service Net Solutions, LLC provides warranty management and service solutions.
-01/31/2012 EthicsPoint, Inc. ELT, Inc. EthicsPoint, Inc. provides telephone hotline and case management solutions.
-01/25/2012 Marshall & Swift / Boeckh, LLC Symbility Solutions, Inc. Marshall & Swift / Boeckh, LLC, Claims Division comprises claims division. $17.5
01/06/2012 Royall & Company CHS Capital Royall & Company provides student recruitment services to colleges and universities.
-01/01/2012 OnState Communications, Inc. TeleTech Holdings Inc. (NasdaqGS:TTEC) OnState Communications, Inc. provides cloud-based virtual call center and virtual PBX solutions. $3.3
HR Services
03/30/2012 Upstairs Solutions LTC Online HealthNow, Inc. Upstairs Solutions LTC provides online training courses for the senior care staff.
-03/28/2012 WebApps, Inc. Kronos Incorporated WebApps, Inc. provides software as a service (SaaS).
-03/19/2012 Iron Gate Workforce, LLC Workforce Insight, Inc. Iron Gate Workforce, LLC operates as a healthcare workforce management company.
-03/07/2012 Ready Set Work, LLC PrimePay, Inc. Ready Set Work, LLC offers online and mobile employee scheduling services.
-03/01/2012 Payroll Solution Payroll Specialties Inc. Payroll Solution provides payroll services.
-02/27/2012 HR Integrations LLC Talent Technology Corporation HR Integrations LLC offers HRNX, a cloud-based integrations exchange.
-02/17/2012 e-VERIFILE.COM, Inc. Multiple Investors e-VERIFILE.COM, Inc. provides employee screening and workforce management.
-02/16/2012 Inscape Publishing, Inc. John Wiley & Sons Inc. (NYSE:JW.A) Inscape Publishing, Inc. develops and provides corporate training solutions. $85.0
02/03/2012 Valtera Corporation Corporate Executive Board Co. (NYSE:EXBD) Valtera Corporation provides human capital consulting and technology solutions. $23.5
01/31/2012 OutStart, Inc. Kenexa Corp. (NYSE:KNXA) OutStart, Inc. provides formal and on-demand learning and knowledge sharing solutions. $38.9
01/31/2012 SBC Systems, Inc. Morneau Shepell Ltd. SBC Systems, Inc. designs, implements, and supports employee benefits administration software.
-01/16/2012 Regional Internship Center of Southwest Careerimp, Inc. Regional Internship Center of Southwestern Pennsylvania provides Web based career services.
-01/05/2012 WorkforceLogic LLC APC Workforce Solutions, LLC WorkforceLogic LLC operates as a workforce management company.
-01/04/2012 Private Pension Plan Annuity Think Tank Private Pension Plan provides retirement planning tools and guidance online.
-01/03/2012 AGS Benefits Group, LLC NFP Corporate Services (NY), LLC AGS Benefits Group, LLC provides health and welfare benefits brokerage and consulting services.
-Information Services
03/30/2012 Spirit EMX LLC Hallmark Cards, Inc. Spirit EMX LLC operates a content subscription service.
-03/23/2012 MediConnect Global, Inc. Verisk Analytics, Inc. (NasdaqGS:VRSK) MediConnect Global, Inc. provides online medical record retrieval. $348.6
03/19/2012 Media Business Corp., MediaCensus SNL Kagan, LLC MediaCensus of Media Business Corp. comprises competitive business intelligence database.
-03/16/2012 Rhino Imaging, LLC Evolve Discovery Rhino Imaging, LLC provides electronic data processing and document management services.
-03/15/2012 Robot Workshop, LLC Showing Suite, Inc. Robot Workshop, LLC provides real estate search solutions.
-03/13/2012 SocialEarth, Inc. 3BL Media, LLC SocialEarth, Inc. provides news and information about social entrepreneurship.
-03/12/2012 Ingeo Systems, Inc. Corporation Service Company, Inc. Ingeo Systems, Inc. provides electronic document recording solutions.
-03/12/2012 RealAge, Inc. Sharecare, Inc. RealAge, Inc. provides personalized health information and health management tools.
-03/07/2012 Charge Card Systems, Inc. Financial Transaction Services, LLC Charge Card Systems, Inc. provides credit card processing and credit card services.
-03/06/2012 KM Lists, a Division of Redi-Data Redi-Data, Inc. KM Lists, Inc. provides mailing lists and business data.
-03/02/2012 GoTime, Inc. infoGROUP Inc. GoTime, Inc. operates as a data acquisition and management company.
-03/01/2012 PartMiner WorldWide Inc. IHS Inc. (NYSE:IHS) PartMiner WorldWide Inc. comprises a database management service.
-02/26/2012 HLM Consumer Services, LLC Annuity Think Tank HLM Consumer Services, LLC provides information on retirement financial solution.
-02/23/2012 Marketing The PAWS Pet Company, Inc (OTCPK:PAWS) Impact Social Networking, Inc. focuses on the development and sales of database technologies. $2.7
02/20/2012 CollegeEssaySamples.org JD Media Surge, LLC CollegeEssaySamples.org operates as a website that provides actual college essays.
-02/17/2012 TransUnion Advent Intl. and GS Partners TransUnion Corp. provides information and risk management solutions. $3,300.0
02/07/2012 CaseCentral, Inc. Guidance Software, Inc. (NasdaqGM:GUID) CaseCentral, Inc. provides cloud-based eDiscovery software. $54.0
02/06/2012 Adku, Inc. Groupon, Inc. (NasdaqGS:GRPN) Adku, Inc. offers e-commerce information services. $10.0
02/01/2012 BizActions LLC Thomson Reuters (Tax & Accounting) Inc. BizActions LLC provides Software as a Service based email newsletter solutions.
-01/31/2012 LPS Property Tax Solutions, Inc. LERETA, LLC LPS Property Tax Solutions, Inc. provides real estate tax services and information/data.
-01/20/2012 Red Beacon, Inc. The Home Depot, Inc. (NYSE:HD) Red Beacon, Inc. operates an online search directory.
-01/18/2012 InfiniSys Inc., Portion Of The Assets iEnvision Technology Inc. InfiniSys, Inc. includes document management solutions and OCR case management solutions.
-Business
Services
Industry
Transactions
(cont.)
($ in millions) Transaction
Date Target Buyer Business Description
Transaction Value IT Consulting
03/26/2012 Norton Lamb & Company Oxford County Telephone and Telegraph Company Norton Lamb & Company provides information technology consulting services. -03/22/2012 IT decision Management, LLC Systems Maintenance Services, Inc. IT decision Management, LLC provides IT consulting services. -03/20/2012 To Be Continued LLC 5th Planet Games To Be Continued LLC offers game design consulting services. -03/19/2012 HumanConcepts, LLC Saba Software, Inc. (NasdaqGM:SABA) HumanConcepts, LLC provides software solutions. $23.5 03/17/2012 GlassHouse Technologies, Inc. Taldor Computer Systems Ltd. (TASE:TALD) Glasshouse Technologies, Inc. provides data center consulting. $179.1 03/15/2012 Whiskey Media, LLC BermanBraun, LLC Whiskey Media, LLC engages in the development of Websites. -03/14/2012 Treehouse Agency Phase2 Technology, LLC Treehouse Agency architects, builds, and theme complexes Websites. -03/09/2012 UniFund LLC Tyler Technologies, Inc. (NYSE:TYL) UniFund LLC provides enterprise resource planning solutions. -03/08/2012 CAM Commerce Solutions, LLC Celerant Technology Corp. CAM Commerce Solutions, LLC develops and services ERPs. -03/05/2012 Covisia Solutions, Inc. All Covered, Inc. Covisia Solutions, Inc. provides information application delivery, networking, and security. -03/05/2012 GlobalOne Group, LLC Cloud Sherpas, Inc. GlobalOne Group, LLC provides cloud computing services. -03/02/2012 Strategic eCommerce Solutions, LLC Digital Intersection, Inc. Strategic eCommerce Solutions, LLC operates as a developer of Websites. -02/29/2012 Beacon Software, Inc. Integrated Bank Technology, Inc. Beacon Software, Inc. designs Internet banking solutions. -02/25/2012 Pacific Blue Micro Inc. eplus Technology, Inc. Pacific Blue Micro Inc. designs and develops IT infrastructure solutions. -02/23/2012 Relion Corporation Image Express Inc. Relion Corporation offers document capture and workflow solutions. -02/21/2012 ATS Corporation Salient Federal Solutions, Inc. ATS Corporation provides software and systems development and systems integration. $76.5 02/16/2012 Young CS Technologies LLC Rackspace Hosting, Inc. (NYSE:RAX) Young CS Technologies LLC provides SharePoint consulting services. -02/16/2012 Capital Computer Associates, Inc. Harris Computer Systems, Inc. Capital Computer Associates, Inc. engages in the development of software systems. -02/13/2012 Savid Technologies, Inc. Technology Capital Investors Savid Technologies, Inc. provides specialized IT security services. -02/13/2012 Knowledge Management Associates LLC Sentri, Inc. Knowledge Management Associates LLC comprises SharePoint consulting services unit.
-02/09/2012 Mabec Solutions The Buller Group, LLC Mabec Solutions offers IT consulting services.
-02/03/2012 UniComData, Inc. and Dallas Data Center High Touch, Inc. UniComData, Inc. offers telephony and (IT) network services. -02/03/2012 Commercial Data Systems, Inc. PC Specialists, Inc. Commercial Data Systems, Inc. provides enterprise-level systems integration services. -01/27/2012 Numara Software, Inc. BMC Software Inc. (NasdaqGS:BMC) Numara Software, Inc. offers integrated IT management solutions. $300.0 01/27/2012 ResultWorx Technology Group, Inc. BIS Computer Solutions, Inc. ResultWorx Technology Group, Inc. provides customized IT solutions. -01/24/2012 Redlight Communications LLC SageNet, Inc. Redlight Communications LLC provides network solutions. -01/23/2012 ExpertIO, Inc Synopsys Inc. (NasdaqGS:SNPS) ExpertIO, Inc. offers verification IP for industry standard protocols.
-01/23/2012 Effiscience, Inc. BearingPoint, Inc. Effiscience, Inc. develops software products.
-01/21/2012 CIBER, Inc., Federal Division CRGT, Inc. As of March 9, 2012, CIBER, Inc., Federal Division was acquired by CRGT, Inc.. $40.0
01/17/2012 Cabedge Design ATIBA LLC Cabedge Design plans, writes, designs, and builds Websites.
-01/14/2012 Geeks On Call, LLC Merrymeeting, Inc. Geeks On Call, LLC provides IT services for small and mid-sized businesses. -01/10/2012 GoBeyondIT LLC OUTSOURCEIT, Inc. GoBeyondIT LLC is an information technology consulting services company. -01/05/2012 DP Northwest, Inc. Northwest Computer Support, Inc. DP Northwest, Inc. provides IT support and services. -01/01/2012 Threepress Consulting Inc. Safari Books Online, LLC Threepress Consulting Inc. develops digital publishing software.
-Professional Staffing
03/27/2012 Secrets of the Job Hunt Xceptional HR Consulting, LLC Secrets of the Job Hunt operates as an online job seeker community. -03/20/2012 Apex Systems, Inc. On Assignment Inc. (NasdaqGS:ASGN) Apex Systems, Inc. provides information technology staffing services $693.7 03/17/2012 Kforce Clinical Research Inc. inVentiv Health, Inc. Kforce Clinical Research Inc. provides clinical trial resourcing solutions. $50.0 02/27/2012 Addison Group, LLC Addison Search Ventures, LLC Addison Group, LLC engages in the placement of professionals. -02/16/2012 Employment Control, Inc. Claritas Capital; Harbert Mezzanine Partners Employment Control, Inc. provides commercial temporary staffing services.
-02/14/2012 USA Staffing, Inc. QPS Companies, Inc. USA Staffing, Inc. provides staffing services.
-02/01/2012 Panhandle Correctional Care, Inc. Conmed Healthcare Management, Inc (AMEX:CONM) Panhandle Correctional Care, Inc. provides medical professionals staffing services. -01/23/2012 Military Transitions The Buller Group, LLC Military Transitions offers recruiting, managing, and retaining veterans services. -01/13/2012 PHS Staffing, Inc. Advantage RN, LLC PHS Staffing, Inc. comprises a medical staffing agency. -01/12/2012 Janou Pakter Inc. JBCHoldings NY LLC Janou Pakter Inc. provides executive search and creative recruitment services.
-
Business
Services
Industry
Transactions
(cont.)
($ in millions)
Transaction
Date Target Buyer Business Description
Transaction Value
Marketing Services
03/30/2012 DCI Incentives QuintLoyalty DCI Incentives designs corporate incentive marketing programs.
-03/23/2012 EL Media, LLC Cantor Fitzgerald, L.P, Investment Arm EL Media, LLC operates as a media and sponsorship out-of-home advertising company.
-03/19/2012 Ansira, Inc. KRG Capital Partners Ansira, Inc., an integrated customer engagement agency, provides channel marketing services and
-03/19/2012 DMX, Inc. Mood Media Corporation (TSX:MM) DMX, Inc. engages in programming, distributing, and marketing a digital music service. $86.1
03/16/2012 Social Hour Inc. PlayPhone, Inc. Social Hour Inc. provides mobile social marketing services. $51.5
03/16/2012 ZingDealz, Inc. Crusader Deals Enterprises, LLC ZingDealz, Inc. offers online coupons for Central Oregon businesses.
-03/06/2012 Axel Springer General Atlantic Axel Springer Digital Classifieds GmbH owns and operates a French real estate portal. $313.0
03/05/2012 Impressions Media Versa Capital Management, Inc. Impressions Media provides online marketing solutions.
-03/05/2012 Amobee SingTel Amobee delivers telco-grade system for funding mobile content and communications. $321.0
03/05/2012 dotbox, inc. MDC Partners Inc. (TSX:MDZ.A) dotbox, inc. provides custom, personalized, and socially-connected digital interfaces.
-02/28/2012 Vacation Resorts International, Inc. Interval Leisure Group, Inc. (NasdaqGS:IILG) Vacation Resorts International, Inc. provides management and marketing services. $40.0
02/27/2012 Iknowtion, LLC Peppers & Rogers Group Iknowtion, LLC provides information-based marketing and analytic consulting services. $5.8
02/27/2012 BrandMuscle Inc. Centiv Services, LLC BrandMuscle Inc. provides marketing services.
-02/22/2012 RoundArch Aegis Roundarch, Inc. designs Websites, Web and mobile applications, and social media applications. $125.0
02/16/2012 Mobile Theory, Inc. Opera Software ASA (OB:OPERA) Mobile Theory, Inc. operates mobile advertising network and provides advertising services. $50.0
02/16/2012 Powerhouse Factories Inc. Empower MediaMarketing, Inc. Powerhouse Factories Inc. provides promo materials and brand development services.
-02/07/2012 4G World UBM TechWeb As of February 7, 2012, 4G World was acquired by UBM TechWeb.
-02/07/2012 Aptara, Inc. IEnergizer Ltd. (AIM:IBPO) Aptara, Inc. provides digital publishing solutions. $150.1
02/06/2012 OnMark Solutions, LLC Smart Business Network Inc. OnMark Solutions, LLC operates as an e-marketing services company.
-02/04/2012 Digital Air Strike Company ResponseLogix, Inc. Digital Air Strike Company offers social media and reputation management solutions.
-02/03/2012 Kilgannon, Inc. The Dalton Agency Inc. Kilgannon, Inc. provides marketing programs.
-01/30/2012 Voltier Digital, Inc. BlueGlass Interactive, Inc. Voltier Digital, Inc. operates as an Internet marketing agency.
-01/30/2012 Metro Research Services, Inc. Shugoll Research Inc. Metro Research Services, Inc. provides market research services including data collection.
-01/18/2012 Access Public Relations, LLC Tucker/Hall, Inc. Access Public Relations, LLC offers public relations and strategic communication services.
-01/13/2012 DiJiPOP, LLC OwnerIQ, Inc. DiJiPOP, LLC is a shopper marketing media and technology company.
-01/09/2012 IMS Local Search Authority Integrity Marketing Solutions IMS Local Search Authority provides market research and analysis services.
-01/09/2012 Cellit, LLC ePrize, LLC Cellit, LLC develops and provides mobile marketing and mobile couponing solutions.
-01/03/2012 LeadFormix Inc. Callidus Software Inc. (NasdaqGM:CALD) LeadFormix Inc. provides software-as-a-service based marketing automation solutions. $9.0
01/02/2012 Mindboom Media and Mobile Marketing Dream Local Digital, LTD. Mindboom Media and Mobile Marketing of Maine provides digital marketing services.
-Specialty Consulting
03/28/2012 EDiscover-e Inc. RVM, Inc. EDiscover-e Inc. provides best practices consulting services.
-03/27/2012 MSDSonline Inc. ICG Group, Inc. (NasdaqGS:ICGE) MSDSonline Inc. develops on-demand safety management solutions. $48.1
03/23/2012 Civitas Group, LLC Aveshka, Inc. Civitas Group, LLC comprises policy consulting and strategic advisement operations.
-03/15/2012 Detroit Legal Imaging Inc. D4 LLC Detroit Legal Imaging Inc. offers document imaging and electronic discovery.
-03/14/2012 National Health Quest, Inc. Mitchell International, Inc. National Health Quest, Inc. provides negotiated out-of-network payment services.
-03/07/2012 Phase Line Strategies, LLC R&R Partners, Inc. Phase Line Strategies, LLC provides business development and communication consulting.
-03/06/2012 Meyers Research LLC Kennedy-Wilson Holdings, Inc. (NYSE:KW) Meyers Research LLC provides real estate consulting services.
-03/05/2012 eModal, LLC Advent Intermodal Solutions eModal, LLC provides online logistics solutions for terminals and motor carriers.
-02/29/2012 Western Institutional Review Board, Inc. Arsenal Capital Partners, Inc. Western Institutional Review Board, Inc. provides education and consulting services.
-02/29/2012 Heritage Global Partners, Inc. Counsel RB Capital Inc. (OTCBB:CRBN) Heritage Global Partners, Inc. offers global auction and asset advisory services. $5.0
02/28/2012 PriceSpective Ltd. ICON Public Limited Company (NasdaqGS:ICLR) PriceSpective Ltd. operates as a management consulting company. $55.0
02/22/2012 Kane Partners, Inc. Brown & Brown of Connecticut, Inc. Kane Partners, Inc. provides benefit administration and human resource consulting services.
-02/21/2012 Whitney, Bradley & Brown, Inc. NetStar-1 Holdings, LLC Whitney, Bradley & Brown, Inc. provides technical and management consulting services.
-02/04/2012 ATC Group Services Inc. Cardno Limited (ASX:CDD) ATC Group Services Inc. provides environmental management consulting. $106.0
02/03/2012 Zalco Laboratories, Inc. Enerlabs, Inc. (OTCPK:EGSR) Zalco Laboratories, Inc. provides environmental testing services.
-02/02/2012 ONESOURCE KPMG LLP OneSource Services, Inc. provides outsourced building services
-01/23/2012 PBN Hill+Knowlton Strategies Hill & Knowlton, Inc. PBN Holdings, LLC operates as an international strategic communications consultancy.
-01/17/2012 Dowling Associates Inc Kittelson & Associates, Inc. Dowling Associates Inc offers traffic engineering and transportation planning consulting.
-01/16/2012 Asset Management Resources, Inc. American Appraisal Associates, Inc. Asset Management Resources, Inc. provides fixed asset inventory and reconciliation services.
-01/15/2012 HedgeOp Compliance, LLC IMS Consulting Limited HedgeOp Compliance, LLC offers compliance consulting and due diligence research.
-01/12/2012 Compliance 360, Inc. SAI Global Limited (ASX:SAI) Compliance 360, Inc. provides software-as-a-service solutions. $42.3
01/06/2012 Applied Discovery, Inc. Siris Capital Applied Discovery, Inc. provides electronic discovery services.
-01/05/2012 MRDB Holdings LP Ecova, Inc. MRDB Holdings LP provides energy management solutions. $50.3
Distressed
Market
Indicators
Business
Bankruptcy
Filings
Source:
Federal
Judiciary
Default
Rates
0 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000
Chapter
7
Bankruptcy
Reform
Chapter
11
Chapter
12/13
1.90%
2.80%
1.98%
2.50%
1.50%
1.90%
0.5%
1.0%
1.5%
2.0%
2.5%
3.0%
Business
bankruptcy
filings
totaled
47,806
in
full
year
2011,
down
15%
from
the
56,282
business
bankruptcies
filed
during
2010.
Defaults
rates
during
the
First
Quarter
2012
continue
Appendix
Unemployment
Insurance
Weekly
Initial
Claims
Source:
U.S.
Department
of
Labor
0
100,000
200,000
300,000
400,000
500,000
600,000
700,000
Economic and Employment Data
Major Equity Market Indices
Q1 2010 Q2 2010 Q3 2010 Q4 2010 Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012
Gross Domestic Product Growth 3.9% 3.8% 2.5% 2.3% 0.4% 1.3% 2.5% 2.8% 2.2% Employment Cost Index (3‐month % Change) 0.6% 0.5% 0.4% 0.4% 0.6% 0.7% 0.3% 0.4% 0.4%
Apr 11 May 11 Jun 11 Jul 11 Aug 11 Sep 11 Oct 11 Nov 11 Dec 11 Jan‐12 Feb 12 Mar 12
Unemployment Rate 9.0% 9.1% 9.2% 9.1% 9.1% 9.1% 8.9% 8.7% 8.5% 8.3% 8.3% 8.2% Total Nonfarm Payroll Employment (000ʹs) 131,173 131,227 131,311 131,407 131,492 131,694 131,806 131,963 132,186 132,461 132,701(P) 132,821(P) Change in Nonfarm Payroll Employment (000ʹs) 251 54 84 96 85 202 112 157 223 275 240(P) 120(P) Average Hourly Earnings $22.97 $23.02 $23.05 $23.13 $23.12 $23.16 $23.21 $23.23 $23.25 $23.28 $23.34(P) $23.39(P) Consumer Price Index (1‐month % Change) 0.4% 0.2% ‐0.2% 0.5% 0.4% 0.3% ‐0.1% 0.0% 0.0% 0.2% 0.4% 0.3% U.S. International Trade ‐ Total Exports (Billions) $176.3 $175.7 $171.8 $178.4 $178.6 $181.2 $179.6 $177.6 $178.2 $180.9 $181.2 U.S. International Trade ‐ Total Imports (Billions) $219.5 $226.0 $223.6 $224.0 $223.7 $225.2 $222.7 $225.1 $228.7 $233.4 $227.2 Balance on Goods and Services Trade (Billions) ($43.2) ($50.2) ($51.8) ($45.6) ($45.1) ($44.0) ($43.1) ($47.5) ($50.4) ($52.5) ($46.0)
