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DELANCEY STREET

DELANCEY STREET

PARTNERS

CAPITAL PARTNERS

HUMAN CAPITAL TECHNOLOGY & SERVICES QUARTERLY Your Single Source For “All Things Human Capital™” Mergers & Acquisitions Public and Private Financings Strategic Advisory & Growth Capital

Fourth Quarter 2014

www.delanceystreetpartners.com

Five Tower Bridge | Suite 420 | 300 Barr Harbor Drive | West Conshohocken | PA| 19428

DELANCEY STREET

DELANCEY STREET

PARTNERS

CAPITAL PARTNERS

Core Focus on the Human Resources Sector The human resources sector is a core focus for Delancey Street Partners and Delancey Street Capital Partners. We are delighted to provide you with this edition of the DSP “Human Capital Technology & Services Quarterly” our informational update of “All Things Human Capital™”. Here you will find an overview of select company financial performance, mergers & acquisition activity, venture & private equity activity and general news and relevant information. We possess a unique combination of deep HR Services & Technology knowledge, principal investing, Board of Directors experience and strategic advisory services. We partner with leading companies in the human resources sector to provide strategic M&A advisory services, orchestrate strategic capital raises and advise Boards of Directors on critical company initiatives. Contact DSP today to see how we can play a role in your company’s success.

Delancey Street’s Human Capital Sector Contact Information William J. Filip Managing Director Head of Business & Technology Services and Merchant Banking [emailprotected] 484.533.6312 David K. Allebach Vice President [emailprotected] 484.533.6315

www.delanceystreetpartners.com

Robel Chiappini Associate [emailprotected] 484.533.6310

Five Tower Bridge | Suite 420 | 300 Barr Harbor Drive | West Conshohocken | PA| 19428

Contents

PAGE 2

DSP’s Human Capital Technology & Services Quarterly Volume: Fourth Quarter 2014 Departments ____________________________________ 1 3 9 12 16

The DSP Team Contact Information Sector News Key Labor Benchmarks Equity Market Performance Valuation Multiples & Financial Statistics 18 Staffing 22 Executive Search 23 HR & Outsourcing Services 25 HR Technology 30 DSP’s Five Year Summary of Select M&A Transactions 31 By Sector M&A Summary 32 Staffing & Recruiting Services 34 HR Technology 38 HR Outsourcing 40 Important Notes & Disclosures 42 About Delancey Street Partners & Delancey Street Capital Partners

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How to Subscribe This quarterly was prepared by Delancey Street Partners and is for informational purposes only (see important disclosures). If you would like a free subscription (or reprints of prior editions) please email your name and contact info to Halle Marra at [emailprotected]

HUMAN CAPITAL TECHNOLOGY & SERVICES

Human Capital Sector News

Industry News

PAGE 4

HR Technology ■ Fourth Quarter New Customers Highlighted by Workday – December 31, 2014 - During the fourth quarter 2014, Workday publicly announced the following new clients: Rolls-Royce, TalkTalk, Opera Software, Unilever, Digital King and the City of Orlando. ■ Futurestep’s Top Five Talent Acquisition Trends for 2015 – December 17, 2014 – Futurestep released its top five talent management trends report for 2015. The trends are: 1) “Mobile makes it easier – tap and apply” (mobile job applications proliferate), 2) “Talent data capture enables C-suite decision making” (analytics across talent lifecycle), 3) “Niche becomes the norm” (creating niche talent strategies and communities), 4) “Streamline for success” (global shared service/infrastructure vs. multi-country) and 5) “Tailored tech takes off” (development best fit technology solutions). ■ WilsonHCG Recognized in Glassdoor’s Best Places to Work – December 10, 2014 – RPO provider WilsonHCG was selected to Glassdoor’s Employees Choice Awards, as one of the 50 Best Places to work in the US (under 1,000 employees category). ■ Dice Holdings Announces Appointment of Burton M. Goldfield to Board of Directors – December 8, 2014 – Dice Holdings, a leading provider of specialized websites for professional communities, announced Burton M. Goldfield, President and CEO of TriNet, has been appointed to the Board of Directors.

■ Primus Capital Invests in SkillSurvey – December 3, 2014 – Cleveland, Ohio-based private equity firm Primus Capital announced it has made a major growth investment in Wayne, PAbased SkillSurvey. SkillSurvey provides cloud-based reference assessments primarily used in the recruiting part of the talent lifecycle. Phil Molner and Aaron Davis of Primus have been added to the SkillSurvey Board of Directors. ■ SmashFly Technologies Expands its Management Team – December 2, 2014 – SmashFly Technologies, a provider of recruitment marketing platforms and analytics, announced three appointments to its management team. Lori Sylvia joins as CMO, Marisa Linardos as CFO and Tim Hennessy as VP of Engineering. ■ Ebix Acquires Oakstone Publishing – December 2, 2014 – Ebix, announced the acquisition of Birmingham, Alabama-based Oakstone Publishing, a provider of continuing education, certification materials for healthcare professionals. Oakstone will be integrated into Ebix’s A.D.A.M Health Information Exchange Division. ■ WilsonHCG Expands EMEA Leadership Team – November 24, 2014 – Prashanie Dharmadasa has joined WilsonHCG as EEA Client Engagement Lead. Ms. Dharmadasa had previously been with RPO provider Cielo Talent (Ochre House).

■ CallidusCloud Wins 2014 Best in Biz Award – December 3, 2014 – Callidus Software, a global leader in cloud-based sales, marketing, learning and customer experience solutions, has been presented the Best in Biz Award for its “Lead to Money” suite.

■ Elance-oDesk Announces Leadership Change – November 19, 2014 – Elance-oDesk, a leading contingent online workplace, announced that Daphne Li has been hired as Senior VP of Enterprise.

■ Saba Software Opens First Australian Data Center – December 3, 2014 – Saba Software, a cloud-based intelligent talent management solutions provider, has announced the opening of its first Australian data center. It will be introduced to the market to address the needs of enterprises in Australia, New Zealand and Asia-Pacific.

■ Intuit Partners with Revel Systems – November 18, 2014 – Intuit is partnering with Revel Systems as its premier partner to launch a new Online iPad point-of-sale solution.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Industry News

PAGE 5

HR Technology ■ Concur Technologies Partners with routeRANK – November 13, 2014 – Concur Technologies announced the partnership with Lausanne Switzerland-based routeRANK, a world leading provider of multimodal, multicriteria travel planning. Through this partnership joint customers can plan a complete door-to-door trip through routeRANK’s technology and directly book the trip with Concur’s proprietary bookings tool. ■ Saba Software Highlighted by IDC MarketSpace – November 7, 2014 – Saba Software announced it was named a Major Player in the IDC MarketSpace for Integrated Talent Management. The IDC MarketSpace vendor analysis model provides an overview of the competitive fitness of ICT suppliers in a given market. ■ Monster Worldwide Announces Leadership Changes – November 4, 2014 – Monster Worldwide announced that Salvatore Iannuzzi has stepped down as CEO and President. Timothy Yates, its Executive Vice President and CFO has been appointed CEO. Mark Stoever has also been appointed COO. ■ Namely Receives $12mm Series B Financing – November 4, 2014 – Namely, a provider of a cloud-based human capital management platform including payroll and benefits functionality, received a $12mm in Series B Financing led by Matrix Partners. Prior investors True Ventures, Lerer Hippeau Ventures and Bullpen Capital also participated. To date, Namely has raised $22 million. ■ Workday Unveils Insight Application – November 4, 2014 – Workday unveiled its Workday Insight Applications, its new data and science machine learning/algorithm functionality that will provide customers with new workforce analytics to assist in financial and workforce decision making. `

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■ Ebix Acquires VERTEX – November 3, 2014 – Ebix announced the launch of Ebix Consulting, with the acquisition of VERTEX, a specialized software and services firm focusing on the life and annuity marketplace. The stated goal of the acquisition is to assist in creating a strategic management consulting practice targeted on the insurance, healthcare and financial industries. ■ Futurestep Announces New APAC Leadership Appointments – November 3, 2014 – Futurestep announced the following: Chong Ng will assume the role of President of Futurestep Asia Pacific, Sue Campbell has been promoted to the role of Managing Director for Asia and Tim Powell is assuming the Managing Director role for Futurestep Australia and New Zealand. ■ Select LinkedIn Q3 Results – October 30, 2014 – LinkedIn released its third quarter financial results, including the following revenue composition during the quarter: Q3 revenue totaled $568mm (60% from the US, 40% from international markets), and increase of 45% compared to $393mm in the Q3 2013. Q4 revenue by segment: 61% from Talent Solutions (a 45% increase) 19% from Marketing Solutions (and 45% increase) and 20% from Premium Subscriptions (a 43% increase). ■ Asure Software Launches Portal for Channel Partners – October 23, 2014 – Asure Software, a leading provider of workplace management software solutions, announced it has launched the AsureSpace channel partner portal. The portal consolidates many partner needs into a onestop knowledge base. It also enables Asure to distribute key information within the partner in a very interactive way. ■ Sage North America Expands Mobile Strategy – October 21, 2014 – Sage North America announced the availability of its Sage One mobile app which will provide users expanded functionality in conducting mobile accounting and project and invoicing on a mobile basis.

HUMAN CAPITAL TECHNOLOGY & SERVICES

Industry News HR Technology ■ Sage North America closes PayChoice Payroll Acquisition – October 16, 2014 – Sage North America announced the closing of its acquisition of privately-held PayChoice, a leading provider of payroll solutions for small and medium-sized businesses. PayChoice had been a portfolio company of Great Hill Partners, Baird Venture Partners and North Hill Ventures. ■ Snagajob Announced Leadership Change – October 31, 2014 – Snagajob, a leading marketplace for hourly employment, announced that Mike Fulkerson has joined the team as CTO. ■ Ultimate Software Cited as a Leader in SaaS HR Management Systems by Independent Research Firm – October 15, 2014 – Ultimate Software, a leading cloud provider of people management solutions, announced that the company has been cited as a leader in an industry evaluation report published by Forrester Research, Inc. ■ Cornerstone OnDemand Signs Definitive Agreement to Acquire Evolv – October 7, 2014 – Cornerstone OnDemand, a global leader in cloud-based talent management solutions, announced that the company has entered into a definitive agreement to acquire Evolv Inc. Evolv is a big data analytics company that helps solve workforce performance issues for the C-suite. ■ Asure Software Names Brad Wolfe as CFO – October 6, 2014 – Asure Software announced that Brad Wolfe has been named CFO. He has more than 30 years of financial operating experience with the company.

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Staffing ■ AMN Healthcare Acquires Avantas – December 22, 2014 – AMN Healthcare announced the acquisition of Avantas, a leading provider of labor management services including SaaS-based scheduling technology. ■ TeamHealth Acquires Certified Anesthesia Services – December 22, 2014 – TeamHealth Holdings, one of the largest providers of outsourced physician staffing solutions for hospitals, announced the acquisition of Washington, DC based Certified Anesthesia Services. ■ Hays Acquires 80% of Veredus Corp – December 4, 2014 – Hays, the leading global specialist recruitment company, has acquired 80% of Veredus Corp, a U.S. specialist IT staffing company. ■ Randstad Sourceright Introduces Career Transition Services – December 4, 2014 – Randstad Sourceright announced the launch of its Career Transition Services line of business in the U.S. The services is designed to provide transitioning employees with support during corporate restructurings, downsizing, etc. ■ Day & Zimmermann Awarded Maintenance Contract at Largest Power Production Plant in the U.S. – December 2, 2014 – Day & Zimmermann announced that they have secured a 3-year contract by Arizona Public Service Company to deliver maintenance services at the Palo Verde Nuclear Generation Station.

■ Lever, Inc. Receives a $10mm Series A Financing – October 2, 2014 – San Francisco-based Lever, a hiring software provider, received $10mm in Series A financing from Matrix Partners.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Industry News

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Staffing ■ Hays Secures Master Vendor Agreement with Transport for London – December 1, 2014 – Hays secured one of the largest Master Vendor contracts in the UK with Transport for London. The three year agreement covers the provision of Professional, Administrative, IT and Technology staff on a temporary and permanent basis. ■ Elance-oDesk Receives $30mm in Financing – November 25, 2014 – Elance-oDesk received $30mm in Series B funding. Benchmark led the round, with participation from T. Rowe Price, FirstMark, Sigma West, NEA, and the Stripes Group. ■ Kelly Services Partners with Devry University – November 24, 2014 – Kelly Services, a leading provider of workforce solutions, announced its partnership with Devry University. This partnership was formed to address a skills gap within the science, technology, engineering and math (STEM) career fields. ■ Recruit Holdings Invests in Zirtual – November 17, 2014 – Based in Las Vegas, NV, Zirtual Inc. is a provider of crowdsourced virtual assistant services. ■ Recruit Holdings Invests in Teleborder Inc. – November 11, 2014 – Recruit Holdings has invested in San Francisco based Teleborder, a provider of visa application, tax calculation and relocation services for expatriates.

■ Novotus RPO Posts Record Growth – November 10, 2014 – Austin, TXbased RPO provider Novotus has reported record growth in the first three quarters of 2014. The company indicated its growth has been driven by clients in the energy, healthcare and technology sectors. Earlier in the year, Novotus was selected by HRO Today as a leading “Mid-Tier/Specialty” RPO provider. ■ Seven Step Leadership Addition – November 7, 2014 – Boston-based RPO Provider Seven Step announced that Amy Bush has joined the firm as VP of Global Client Services. Previously, she had held senior leadership roles at Alexander Mann Solutions and KellyOCG. ■ A3 Solutions Becomes Part of the Onin Group – November 4, 2014 – Dallas-based A3 Solutions, an IT and engineering staffing solutions company has become the newest member of the Onin Group. The Onin Group was previously composed of Onin Staffing, Excelsior Staffing, Focus IT and Momentum Capital Funding. ■ Robert Half Released Professional Salary Guide – October 2, 2014 – Robert Half released the results of its 2015 Salary Guide Survey and reported that U.S. starting salaries for professional occupations are projected to increase an average of 3.8 percent next year. The largest gains are expected in the technology sector at 5.7% percent while F&A and Marketing salaries were projected to increase 3.5 percent, according to the research.

■ Hudson Global Announces Sale of Legal eDiscovery Business to DTI – November 10, 2014 – Hudson Global, a leading global talent solutions company, announced that it has sold its Legal eDiscovery business to DTI, a large privately-held legal process outsourcing company. The sale was made in order for Hudson Global to focus on its core businesses.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Industry News Executive Search ■ CTPartners Executive Search Announces Withdrawal of Public Offering – December 8, 2014 – CTPartners Executive Search announced the withdrawal of its public offering of common stock. ■ CTPartners Executive Search Completes Acquisition of AustrianBased Neumann – December 1, 2014 - CTPartners announced its completed acquisition of Austrian-based Neumann, a leading executive search and leadership consulting firm. This acquisition will increase CTPartners’ presence in key German-speaking markets. ■ Korn Ferry International Partners with PT. Combiphar – October 22, 2014 – Korn Ferry, a leadership and talent consulting services provider, announced its partnership with PT. Combiphar, a leading pharmaceutical company. This partnership was formed to manage the company’s recruitment process outsourcing solutions.

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HR & Outsourcing Services ■ New Federal Legislation Supports PEO Regulatory Position – December 17, 2014 – Insperity, a leading provider of human resources and business performance solutions, discussed the U.S. Congress’ approval of the federal Small Business Efficiency Act. This move is expected to provide additional regulatory certainty to Professional Employer Organizations. ■ Capita Acquires Complete Imaging Limited – December 10, 2014 – London-based Capita announced the acquisition of managed print and document technology solutions company, Complete Imaging Limited (Birmingham, UK). ■ Paychex Delivers Streamlined and Integrated Workforce Management – October 8, 2014 – Paychex announced its SaaS platform and newly expanded service offering, Paychex Flex.

HUMAN CAPITAL TECHNOLOGY & SERVICES

Key Labor Market Benchmarks: Employment

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Change in Employment (in thousands)

Trailing Six Months

1,000 800 600 400

267

200

363 212

353

261

142

252

(200) (400) (600) (800)

(1,000)

Source: Bureau of Labor Statistics.

Change in Payrolls by Company Size (in thousands) 400 300

Small (1-49 Employees)

Medium (50-499 Employees)

Large (500-999 Employees)

Enterprise (>1,000 Employees)

Trailing Six Months 96

126 108 85

200

78

69 37

14

115

93

92 6359

100

121

45

42

22 3

7

18

13

39 23

-5

(100)

Small (1-49 Employees) Medium (50-499 Employees) Large (500-999 Employees) Enterprise (>1,000 Employees)

(200) (300) (400) 2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

07-14

08-14

09-14

10-14

11-14

12-14

Source: ADP; American Staffing Association.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Key Labor Market Benchmarks: Unemployment

PAGE 10

Trailing Six Months

U.S Unemployment Rate (U-3) 10.0% 9.0%

8.0% 7.0%

6.1%

6.0%

6.2%

6.1%

5.9%

5.70%

5.80%

5.60%

5.0% 4.0% 3.0% 2.0%

1.0% 0.0%

Source: Bureau of Labor Statistics. U-3 rate defined as total unemployed persons as a percent of civilian labor force. Data is seasonally adjusted.

Labor Underutilization (U-3, U-5 & U-6) 20.0% 18.0%

U-3

U-5

Trailing Six Months

U-6

U-3

U-5

U-6

16.0% 14.0% 12.0% 10.0% 8.0% 6.0%

12.1%

12.0%

12.2%

12.0%

11.70% 11.50% 11.40% 11.20%

7.5% 7.5% 7.4% 7.3% 7.30% 7.10% 7.10% 6.90% 6.3% 6.2% 6.1% 6.1% 5.9% 5.70% 5.80% 5.60%

4.0%

2.0% 0.0%

Source: Bureau of Labor Statistics. U-5 rate defined as total unemployed persons, plus discouraged workers, plus all other persons marginally attached to the labor force, as a percent of the civilian labor force plus all persons marginally attached to the labor force. U-6 rate defined as total unemployed persons, plus all persons marginally attached to the labor force, plus total persons employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force. Data is seasonally adjusted.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Delancey Street Human Capital Industry Taxonomy HR Technology Enterprise/Core HRIS Oracle Corporation (ORCL) SAP SE (DB:SAP) Workday, Inc. (WDAY) Sage Group plc (LSE:SGE)

Social/Community LinkedIn Corporation (LNKD) XING AG (XTRA:01BC)

Payroll/Benefits Technology Benefit Focus (BNFT) Intuit (INTU) Ultimate Software (ULTI) Paylocity (PCTY) Paycom (PAYC) Ebix (EBIX) eHealth (EHTH) Health Equity (HQY)

Administrative Technology Callidus Software (CALD) Bond International (AIM:BDI) Asure Software (ASUR)

HR & Outsourcing Services Automatic Data Processing (ADP) Barrett Business Services (BBSI) Capita (LSE:CPI) Insperity (NSP) Paychex (PAYX) Towers Watson (TW) TriNet Group (TNET) WageWorks (WAGE) Xchanging (XCH.L)

Staffing United States AMN Healthcare (AHS) CDI (CDI) Cross Country Healthcare (CCRN) Hudson Global (HSON) Kforce (KFRC) Kelly Services (KELY.A) Manpower Group (MAN) Michael Page (MPI) On Assignment (ASGN) Resources Connection (RECN) Robert Half (RHI) Trueblue (TBI)

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Executive Search CTPartners Executive Search (CTP) Heidrick and Struggles (HSII) Korn/Ferry International (KFY)

Europe Adecco (ADEN) Brunel (BRNL:EN) CRIT (CEN:EN) Hays (LSE:HAS) Randstad (ENXTAM:RAND) Sthree (LSE:STHR) Synergie (SDG.PA) USG People (ENXTAM:USG)

Learning/Performance/Assess Cornerstone OnDemand (CSOD) Healthstream (HSTM) Saba Software (SABA)

Recruitment Technology SEEK (ASX:SEK) 51job (JOBS) Zhaopin (ZPIN) Monster Worldwide (MWW) Dice Holdings (DHX)

DELANCEY STREET

Please see your Delancey Street representative to discuss the universe of private companies within the Human Capital Industry that we actively follow.

HUMAN CAPITAL TECHNOLOGY & SERVICES

Equity Market Performance: One-Year Stock Performance (Equal Weighting)

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One Year Stock Performance (Equal Weighting)

THE DSP HUMAN CAPITAL INDEX vs. MARKET INDICES Sector

Performance

NASDAQ Composite

113

S&P 500

111

Dow Jones Industrial

108

DSP Human Capital Index

103

DSP Index

Dow Jones

NASDAQ

Price (Indexed to 100)

S&P 500

125

120

115

110

105

100

95

90

Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

May-14

Jun-14

Jul-14

Aug-14

Sep-14

Oct-14

Nov-14

85 Dec-14

Note: The DSP Human Capital Index includes all companies in DSP's Staffing, Executive Search, HR & Outsourcing Services and HR Technology industry categories.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Equity Market Performance: Three-Year Stock Performance (Equal Weighting)

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Three Year Stock Performance (Equal Weighting)

THE DSP HUMAN CAPITAL INDEX vs. MARKET INDICES Sector

DSP Index

Performance

DSP Human Capital Index

192

NASDAQ Composite

180

S&P 500

163

Dow Jones Industrial

145

Dow Jones

NASDAQ

Price (Indexed to 100)

S&P 500

220 210 200

190 180 170 160

150 140 130 120

110 100 90

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

80 Dec-14

Note: The DSP Human Capital Index includes all companies in DSP's Staffing, Executive Search, HR & Outsourcing Services and HR Technology industry categories.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Equity Market Performance: One-Year Stock Performance (Equal Weighting)

PAGE 14

DSP HUMAN CAPITAL INDICES vs. S&P 500 Sector

Price (Indexed to 100)

Performance

210

Executive Search

165

S&P 500

111

HR Technology

102

HR & Outsourcing Services

96

170

Staffing

96

160

200 190

180

150 140

130 120 110

100 90

80 70 Dec-13

Jan-14

Feb-14

Mar-14

Apr-14

Staffing Mean

LTM Revenue Market Value LTM Gross Margin LTM EBITDA Margin 3-Year Rev. CAGR EV / LTM Revenue EV / LTM EBITDA

$5,041.6 2,481.3 24.6% 5.7% 5.1% 0.6x 11.2x

May-14

Jun-14

Jul-14

Executive Search Median

$1,655.0 863.9 22.8% 4.8% 2.2% 0.5x 11.3x

Mean

$533.9 655.7 29.0% 9.8% 5.6% 0.9x 9.1x

Aug-14

Sep-14

Oct-14

Nov-14

HR & Outsourcing Services

Median

$494.3 424.9 28.5% 8.8% 8.5% 1.0x 9.3x

Mean

$3,378.4 9,117.6 35.9% 17.0% 11.9% 2.7x 16.3x

Median

$2,357.8 2,345.8 30.0% 15.1% 6.5% 2.1x 13.9x

60 Dec-14

HR Technology Mean

$3,105.0 16,255.1 72.0% 23.4% 20.9% 6.4x 14.0x

Median

$238.5 1,277.3 72.6% 26.1% 14.0% 5.2x 12.3x

Staffing includes: ADEN, AHS, ASGN, BRNL, CCRN, CDI, RAND, USG, CEN, SDG, HSON, KELY.A, KFRC, HAS, SDG, STHR, MAN, MPI, RECN, RHI, TBI. Executive Search includes: KFCTP, HSII, KFY. HR & Outsourcing Services includes: ADP, BBSI, CPI, XCH, NSP, PAYX, TNET, TW, WAGE. HR Technology includes: BDI, ASUR, SEK, BNFT, CALD, CSOD, SAP, DHX, EBIX, EHTH, HQY, HSTM, INTU, JOBS, LNKD, SGE, MWW, ORCL, PAYC, PCTY, ULTI, WDAY, O1BC, ZPIN

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Equity Market Performance: Three-Year Stock Performance (Equal Weighting)

PAGE 15

DSP HUMAN CAPITAL INDICES vs. S&P 500 Sector

Price (Indexed to 100)

Performance

280

HR & Outsourcing Services

226

Staffing

186

260

Executive Search

185

240

HR Technology

183

220

S&P 500

163

200

180 160 140 120

100 80 Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Staffing Mean

LTM Revenue Market Value LTM Gross Margin LTM EBITDA Margin 3-Year Rev. CAGR EV / LTM Revenue EV / LTM EBITDA

$5,041.6 2,481.3 24.6% 5.7% 5.1% 0.6x 11.2x

Mar-13

Jun-13

Sep-13

Executive Search Median

$1,655.0 863.9 22.8% 4.8% 2.2% 0.5x 11.3x

Mean

$533.9 655.7 29.0% 9.8% 5.6% 0.9x 9.1x

Dec-13

Mar-14

Jun-14

Sep-14

HR & Outsourcing Services

Median

$494.3 424.9 28.5% 8.8% 8.5% 1.0x 9.3x

Mean

$3,378.4 9,117.6 35.9% 17.0% 11.9% 2.7x 16.3x

Median

$2,357.8 2,345.8 30.0% 15.1% 6.5% 2.1x 13.9x

60 Dec-14

HR Technology Mean

$3,105.0 16,255.1 72.0% 23.4% 20.9% 6.4x 14.0x

Median

$238.5 1,277.3 72.6% 26.1% 14.0% 5.2x 12.3x

Staffing includes: ADEN, AHS, ASGN, CCRN, CDI, BRNL, RAND, USG, CEN, SDG, HSON, KELY.A, KFRC, HAS, STHR, MAN, MPI, RECN, RHI, TBI. Executive Search includes: KFCTP, HSII, KFY. HR & Outsourcing Services includes: ADP, BBSI, CPI, XCH, NSP, PAYX, TNET, TW, WAGE. HR Technology includes: BDI, ASUR, SEK, BNFT, CALD, CSOD, SAP, DHX, EBIX, EHTH, HQY, HSTM, INTU, JOBS, LNKD, SGE, MWW, ORCL, PAYC, PCTY, ULTI, WDAY, O1BC, ZPIN

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Valuation Multiples & Financial Statistics

Select Top Performers Comparison by Sector (Three-Year)

PAGE 17

TOP PERFORMERS IN EACH SECTOR BY 3-YEAR REVENUE CAGR (1) Sector

Price (Indexed to 100)

Performance

320

HR Technology

262

300

HR & Outsourcing Services

258

280

Staffing

186

Executive Search

169

220

S&P 500

163

200

260 240

180 160 140 120 100 80

Dec-11

Mar-12

Jun-12

Sep-12

Dec-12

Mar-13

Jun-13

Sep-13

Dec-13

Mar-14

Jun-14

Sep-14

60 Dec-14

TOP PERFORMERS IN EACH SECTOR BY 3-YEAR REVENUE CAGR (EV/LTM Revenue) (1)

Top Performers: Staffing On Assignment Inc. TrueBlue, Inc. Cross Country Healthcare, Inc. SThree Plc. Brunel International NV

Top Performers: HR & Outsourcing Services TriNet Group, Inc. Barrett Business Services Inc. WageWorks, Inc. Capita plc Paychex, Inc.

12.00x

Overall Group Median

11.00x 10.00x

9.67x

9.00x 8.00x 7.00x 6.00x

Top Performers: HR Technology Workday, Inc. LinkedIn Corporation Cornerstone OnDemand, Inc. Paycom Software, Inc. Asure Software, Inc.

Top Performers: Executive Search CTPartners Executive Search Inc. Korn/Ferry International

Source: Capital IQ as of 12/31/14.

5.00x 4.00x

3.48x

3.00x

2.00x

1.09x 0.67x

1.00x 0.00x HR Technology

HR & Outsourcing Services

Executive Search

Staffing

(1) 3-Year Revs CAGR represents 2015P metric vs 2012A results.

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HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing: Sorted by Market Value COMPANY

PAGE 18

STOCK PERFORMANCE AND COMPANY DATA

$56.98 36.46 38.62 57.55 1.69 5.59 25.97 10.35 20.00 8.75 15.07 17.20 14.74 11.84 4.47 17.51 37.41 5.26 12.91 2.69

$12,239.4 8,786.4 7,912.9 5,501.3 3,264.2 1,992.1 1,802.0 942.5 916.2 912.8 815.0 764.7 638.3 635.1 616.3 543.6 501.7 389.3 350.5 101.6

$13,424.4 9,662.9 7,627.1 5,271.2 3,387.6 1,851.8 2,185.4 1,098.1 1,096.7 1,106.3 664.1 857.4 647.1 531.9 631.9 560.4 588.4 458.8 316.1 68.0

$24,208.7 20,879.7 4,695.0 20,762.8 6,040.4 1,631.6 1,859.9 1,036.0 2,174.0 2,850.6 1,678.4 1,217.3 5,562.7 573.1 1,168.4 1,087.4 1,083.8 617.8 1,123.0 581.2

18.5% 18.4% 41.0% 16.8% 8.4% 50.9% 32.1% 30.5% 24.7% 20.9% 18.0% 30.8% 16.3% 38.6% 29.2% 10.4% 5.1% 25.5% 18.4% 38.3%

5.3% 4.1% 11.6% 3.9% 4.1% 8.4% 10.2% 8.1% 5.4% 3.8% 5.6% 4.6% 1.0% 8.9% 4.3% 4.6% 4.9% N.M. 3.1% N.M.

13.8% 17.4% 39.7% 16.3% 14.4% 6.9% 64.4% N.M. 31.9% 22.9% 7.0% 35.4% 5.4% 18.2% 11.0% 15.4% 18.0% N.M. 26.4% 76.3%

(3.1%) (0.3%) 7.4% (1.9%) 2.2% 0.5% 53.3% 4.9% 18.4% (12.3%) 9.1% 7.8% 0.3% 0.7% 10.7% 2.5% 1.6% 12.2% 2.3% (14.4%)

0.6x 0.5x 1.6x 0.3x 0.6x 1.1x 1.2x 1.1x 0.5x 0.4x 0.4x 0.7x 0.1x 0.9x 0.5x 0.5x 0.5x 0.7x 0.3x 0.1x

0.6x 0.5x 1.6x 0.3x 0.6x 1.2x 1.2x 1.1x 0.5x 0.4x 0.4x 0.7x 0.1x 0.9x 0.6x 0.3x 0.3x 0.7x 0.3x 0.1x

10.5x 11.3x 14.0x 6.5x 13.7x 13.6x 11.5x 13.1x 9.4x 10.3x 7.0x 15.2x 11.6x 10.5x 12.7x 11.2x 11.1x N.M. 9.0x N.M.

10.5x 10.3x 14.0x 6.5x 12.5x 12.3x 10.9x 12.9x 9.4x 9.1x 7.0x 12.4x 11.3x 9.9x 11.1x 5.6x 4.9x N.M. 8.1x N.M.

15.4x 15.6x 26.1x 13.0x 21.8x 24.9x 16.0x 28.0x 15.6x 19.6x 13.6x 21.9x 37.4x 27.8x 19.0x 9.2x 8.1x N.M. 21.3x N.M.

13.9x 13.9x 22.0x 13.4x 18.5x 20.9x 15.1x 21.8x 13.3x 12.5x 17.4x 18.2x 18.0x 21.1x 16.0x 9.3x 7.9x N.M. N.M. N.M.

$2,481.3 863.9 12,239.4 101.6

$2,601.8 977.0 13,424.4 68.0

$5,041.6 1,655.0 24,208.7 573.1

24.6% 22.8% 50.9% 5.1%

5.7% 4.8% 11.6% 1.0%

24.5% 17.7% 76.3% 5.4%

5.1% 2.2% 53.3% (14.4%)

0.6x 0.5x 1.6x 0.1x

0.6x 0.5x 1.6x 0.1x

11.2x 11.3x 15.2x 6.5x

9.9x 10.4x 14.0x 4.9x

19.7x 19.3x 37.4x 8.1x

16.1x 16.0x 22.0x 7.9x

$1,814.0 764.7

$1,832.5 857.4

$3,654.8 1,217.3

28.5% 30.5%

6.3% 5.4%

34.9% 31.9%

8.3% 4.9%

0.7x 0.7x

0.7x 0.7x

11.2x 11.5x

10.6x 10.9x

23.0x 21.9x

17.9x 18.1x

Mean Median

$3,296.8 912.8

$3,542.0 1,106.3

$6,736.6 1,678.4

20.0% 18.4%

5.0% 4.6%

14.1% 14.4%

1.2% 1.6%

0.6x 0.5x

0.5x 0.5x

11.3x 11.2x

9.3x 10.3x

16.4x 15.6x

14.5x 13.9x

Largest Diversified Staffing (Adecco, Manpower and Randstad) Mean Median

$8,842.4 8,786.4

$9,452.8 9,662.9

$21,950.4 20,879.7

17.9% 18.4%

4.4% 4.1%

15.8% 16.3%

(1.8%) (1.9%)

0.4x 0.5x

0.4x 0.5x

9.4x 10.5x

9.1x 10.3x

14.7x 15.4x

13.7x 13.9x

Professional Service Focus (Michael Page, On Assignment, Resources Connection and Robert Half) Mean $3,085.5 Median 1,897.1

$3,049.0 2,018.6

$2,189.9 1,745.7

40.7% 39.8%

9.8% 9.5%

32.3% 28.9%

15.5% 4.1%

1.2x 1.2x

1.2x 1.2x

12.4x 12.5x

11.8x 11.6x

23.7x 25.5x

19.8x 21.0x

12/31/14 $69.31 48.49 58.38 68.17 2.27 6.42 33.19 19.60 22.25 11.30 16.46 24.13 17.02 16.45 4.60 22.57 45.21 12.48 17.71 3.10

Overall Staffing Group Mean Median High Low

$80.33 60.33 59.45 86.93 2.45 7.97 39.86 20.33 31.30 17.16 31.63 24.72 26.17 16.93 6.89 26.38 65.36 13.51 18.89 4.33

Gross Profit % Margin

VALUATION DATA

52-Week Low High

Name

Revenue LTM ($mm)

GROWTH (1)

Market Value ($mm)

Adecco S.A. Randstad Holding NV Robert Half International Inc. ManpowerGroup Inc. Hays plc Michael Page International plc On Assignment Inc. AMN Healthcare Services Inc. TrueBlue, Inc. USG People NV Brunel International NV Kforce Inc. Kelly Services, Inc. Resources Connection Inc. SThree Plc. Synergie SA Groupe CRIT SA Cross Country Healthcare, Inc. CDI Corp. Hudson Global, Inc

Enterprise Value ($mm)

LTM MARGINS EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

All U.S. Staffing (2) Mean Median All European Staffing (3)

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results. (2) U.S. Companies: AMN Healthcare, CDI, Cross Country Healthcare, Hudson Global, Kforce, Kelly Services, Manpower, On Assignment, Resources Connection, Robert Half and TrueBlue. (3) European Companies: Adecco, Brunel, Groupe CRIT, Hays, Michael Page, Randstad, Sthree, Synergie and USG People.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing: Sorted by Gross Margin COMPANY

Name Michael Page International plc Robert Half International Inc. Resources Connection Inc. Hudson Global, Inc On Assignment Inc. Kforce Inc. AMN Healthcare Services Inc. SThree Plc. Cross Country Healthcare, Inc. TrueBlue, Inc. USG People NV Adecco S.A. Randstad Holding NV CDI Corp. Brunel International NV ManpowerGroup Inc. Kelly Services, Inc. Synergie SA Hays plc Groupe CRIT SA

PAGE 19

STOCK PERFORMANCE AND COMPANY DATA

12/31/14 $6.42 58.38 16.45 3.10 33.19 24.13 19.60 4.60 12.48 22.25 11.30 69.31 48.49 17.71 16.46 68.17 17.02 22.57 2.27 45.21

52-Week Low High $7.97 59.45 16.93 4.33 39.86 24.72 20.33 6.89 13.51 31.30 17.16 80.33 60.33 18.89 31.63 86.93 26.17 26.38 2.45 65.36

Enterprise Value ($mm)

Revenue LTM ($mm)

Gross Profit % Margin

GROWTH (1)

VALUATION DATA

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

$1,992.1 7,912.9 635.1 101.6 1,802.0 764.7 942.5 616.3 389.3 916.2 912.8 12,239.4 8,786.4 350.5 815.0 5,501.3 638.3 543.6 3,264.2 501.7

$1,851.8 7,627.1 531.9 68.0 2,185.4 857.4 1,098.1 631.9 458.8 1,096.7 1,106.3 13,424.4 9,662.9 316.1 664.1 5,271.2 647.1 560.4 3,387.6 588.4

$1,631.6 4,695.0 573.1 581.2 1,859.9 1,217.3 1,036.0 1,168.4 617.8 2,174.0 2,850.6 24,208.7 20,879.7 1,123.0 1,678.4 20,762.8 5,562.7 1,087.4 6,040.4 1,083.8

50.9% 41.0% 38.6% 38.3% 32.1% 30.8% 30.5% 29.2% 25.5% 24.7% 20.9% 18.5% 18.4% 18.4% 18.0% 16.8% 16.3% 10.4% 8.4% 5.1%

8.4% 11.6% 8.9% N.M. 10.2% 4.6% 8.1% 4.3% N.M. 5.4% 3.8% 5.3% 4.1% 3.1% 5.6% 3.9% 1.0% 4.6% 4.1% 4.9%

6.9% 39.7% 18.2% 76.3% 64.4% 35.4% N.M. 11.0% N.M. 31.9% 22.9% 13.8% 17.4% 26.4% 7.0% 16.3% 5.4% 15.4% 14.4% 18.0%

0.5% 7.4% 0.7% (14.4%) 53.3% 7.8% 4.9% 10.7% 12.2% 18.4% (12.3%) (3.1%) (0.3%) 2.3% 9.1% (1.9%) 0.3% 2.5% 2.2% 1.6%

1.1x 1.6x 0.9x 0.1x 1.2x 0.7x 1.1x 0.5x 0.7x 0.5x 0.4x 0.6x 0.5x 0.3x 0.4x 0.3x 0.1x 0.5x 0.6x 0.5x

1.2x 1.6x 0.9x 0.1x 1.2x 0.7x 1.1x 0.6x 0.7x 0.5x 0.4x 0.6x 0.5x 0.3x 0.4x 0.3x 0.1x 0.3x 0.6x 0.3x

13.6x 14.0x 10.5x N.M. 11.5x 15.2x 13.1x 12.7x N.M. 9.4x 10.3x 10.5x 11.3x 9.0x 7.0x 6.5x 11.6x 11.2x 13.7x 11.1x

12.3x 14.0x 9.9x N.M. 10.9x 12.4x 12.9x 11.1x N.M. 9.4x 9.1x 10.5x 10.3x 8.1x 7.0x 6.5x 11.3x 5.6x 12.5x 4.9x

24.9x 26.1x 27.8x N.M. 16.0x 21.9x 28.0x 19.0x N.M. 15.6x 19.6x 15.4x 15.6x 21.3x 13.6x 13.0x 37.4x 9.2x 21.8x 8.1x

20.9x 22.0x 21.1x N.M. 15.1x 18.2x 21.8x 16.0x N.M. 13.3x 12.5x 13.9x 13.9x N.M. 17.4x 13.4x 18.0x 9.3x 18.5x 7.9x

$2,481.3 863.9 12,239.4 101.6

$2,601.8 977.0 13,424.4 68.0

$5,041.6 1,655.0 24,208.7 573.1

24.6% 22.8% 50.9% 5.1%

5.7% 4.8% 11.6% 1.0%

24.5% 17.7% 76.3% 5.4%

5.1% 2.2% 53.3% (14.4%)

0.6x 0.5x 1.6x 0.1x

0.6x 0.5x 1.6x 0.1x

11.2x 11.3x 15.2x 6.5x

9.9x 10.4x 14.0x 4.9x

19.7x 19.3x 37.4x 8.1x

16.1x 16.0x 22.0x 7.9x

$1,814.0 764.7

$1,832.5 857.4

$3,654.8 1,217.3

28.5% 30.5%

6.3% 5.4%

34.9% 31.9%

8.3% 4.9%

0.7x 0.7x

0.7x 0.7x

11.2x 11.5x

10.6x 10.9x

23.0x 21.9x

17.9x 18.1x

Mean Median

$3,296.8 912.8

$3,542.0 1,106.3

$6,736.6 1,678.4

20.0% 18.4%

5.0% 4.6%

14.1% 14.4%

1.2% 1.6%

0.6x 0.5x

0.5x 0.5x

11.3x 11.2x

9.3x 10.3x

16.4x 15.6x

14.5x 13.9x

Largest Diversified Staffing (Adecco, Manpower and Randstad) Mean Median

$8,842.4 8,786.4

$9,452.8 9,662.9

$21,950.4 20,879.7

17.9% 18.4%

4.4% 4.1%

15.8% 16.3%

(1.8%) (1.9%)

0.4x 0.5x

0.4x 0.5x

9.4x 10.5x

9.1x 10.3x

14.7x 15.4x

13.7x 13.9x

Professional Service Focus (Michael Page, On Assignment, Resources Connection and Robert Half) Mean $3,085.5 Median 1,897.1

$3,049.0 2,018.6

$2,189.9 1,745.7

40.7% 39.8%

9.8% 9.5%

32.3% 28.9%

15.5% 4.1%

1.2x 1.2x

1.2x 1.2x

12.4x 12.5x

11.8x 11.6x

23.7x 25.5x

19.8x 21.0x

Overall Staffing Group Mean Median High Low

$5.59 38.62 11.84 2.69 25.97 17.20 10.35 4.47 5.26 20.00 8.75 56.98 36.46 12.91 15.07 57.55 14.74 17.51 1.69 37.41

Market Value ($mm)

LTM MARGINS

All U.S. Staffing (2) Mean Median All European Staffing (3)

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results. (2) U.S. Companies: AMN Healthcare, CDI, Cross Country Healthcare, Hudson Global, Kforce, Kelly Services, Manpower, On Assignment, Resources Connection, Robert Half and TrueBlue. (3) European Companies: Adecco, Brunel, Groupe CRIT, Hays, Michael Page, Randstad, Sthree, Synergie and USG People.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing: Sorted by Growth Rate (Three-Year Revenue CAGR) COMPANY

Name On Assignment Inc. TrueBlue, Inc. Cross Country Healthcare, Inc. SThree Plc. Brunel International NV Kforce Inc. Robert Half International Inc. AMN Healthcare Services Inc. Synergie SA CDI Corp. Hays plc Groupe CRIT SA Resources Connection Inc. Michael Page International plc Kelly Services, Inc. Randstad Holding NV ManpowerGroup Inc. Adecco S.A. USG People NV Hudson Global, Inc

STOCK PERFORMANCE AND COMPANY DATA

12/31/14 $33.19 22.25 12.48 4.60 16.46 24.13 58.38 19.60 22.57 17.71 2.27 45.21 16.45 6.42 17.02 48.49 68.17 69.31 11.30 3.10

52-Week Low High $39.86 31.30 13.51 6.89 31.63 24.72 59.45 20.33 26.38 18.89 2.45 65.36 16.93 7.97 26.17 60.33 86.93 80.33 17.16 4.33

Enterprise Value ($mm)

Revenue LTM ($mm)

Gross Profit % Margin

GROWTH (1)

VALUATION DATA

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

$1,802.0 916.2 389.3 616.3 815.0 764.7 7,912.9 942.5 543.6 350.5 3,264.2 501.7 635.1 1,992.1 638.3 8,786.4 5,501.3 12,239.4 912.8 101.6

$2,185.4 1,096.7 458.8 631.9 664.1 857.4 7,627.1 1,098.1 560.4 316.1 3,387.6 588.4 531.9 1,851.8 647.1 9,662.9 5,271.2 13,424.4 1,106.3 68.0

$1,859.9 2,174.0 617.8 1,168.4 1,678.4 1,217.3 4,695.0 1,036.0 1,087.4 1,123.0 6,040.4 1,083.8 573.1 1,631.6 5,562.7 20,879.7 20,762.8 24,208.7 2,850.6 581.2

32.1% 24.7% 25.5% 29.2% 18.0% 30.8% 41.0% 30.5% 10.4% 18.4% 8.4% 5.1% 38.6% 50.9% 16.3% 18.4% 16.8% 18.5% 20.9% 38.3%

10.2% 5.4% N.M. 4.3% 5.6% 4.6% 11.6% 8.1% 4.6% 3.1% 4.1% 4.9% 8.9% 8.4% 1.0% 4.1% 3.9% 5.3% 3.8% N.M.

64.4% 31.9% N.M. 11.0% 7.0% 35.4% 39.7% N.M. 15.4% 26.4% 14.4% 18.0% 18.2% 6.9% 5.4% 17.4% 16.3% 13.8% 22.9% 76.3%

53.3% 18.4% 12.2% 10.7% 9.1% 7.8% 7.4% 4.9% 2.5% 2.3% 2.2% 1.6% 0.7% 0.5% 0.3% (0.3%) (1.9%) (3.1%) (12.3%) (14.4%)

1.2x 0.5x 0.7x 0.5x 0.4x 0.7x 1.6x 1.1x 0.5x 0.3x 0.6x 0.5x 0.9x 1.1x 0.1x 0.5x 0.3x 0.6x 0.4x 0.1x

1.2x 0.5x 0.7x 0.6x 0.4x 0.7x 1.6x 1.1x 0.3x 0.3x 0.6x 0.3x 0.9x 1.2x 0.1x 0.5x 0.3x 0.6x 0.4x 0.1x

11.5x 9.4x N.M. 12.7x 7.0x 15.2x 14.0x 13.1x 11.2x 9.0x 13.7x 11.1x 10.5x 13.6x 11.6x 11.3x 6.5x 10.5x 10.3x N.M.

10.9x 9.4x N.M. 11.1x 7.0x 12.4x 14.0x 12.9x 5.6x 8.1x 12.5x 4.9x 9.9x 12.3x 11.3x 10.3x 6.5x 10.5x 9.1x N.M.

16.0x 15.6x N.M. 19.0x 13.6x 21.9x 26.1x 28.0x 9.2x 21.3x 21.8x 8.1x 27.8x 24.9x 37.4x 15.6x 13.0x 15.4x 19.6x N.M.

15.1x 13.3x N.M. 16.0x 17.4x 18.2x 22.0x 21.8x 9.3x N.M. 18.5x 7.9x 21.1x 20.9x 18.0x 13.9x 13.4x 13.9x 12.5x N.M.

$2,481.3 863.9 12,239.4 101.6

$2,601.8 977.0 13,424.4 68.0

$5,041.6 1,655.0 24,208.7 573.1

24.6% 22.8% 50.9% 5.1%

5.7% 4.8% 11.6% 1.0%

24.5% 17.7% 76.3% 5.4%

5.1% 2.2% 53.3% (14.4%)

0.6x 0.5x 1.6x 0.1x

0.6x 0.5x 1.6x 0.1x

11.2x 11.3x 15.2x 6.5x

9.9x 10.4x 14.0x 4.9x

19.7x 19.3x 37.4x 8.1x

16.1x 16.0x 22.0x 7.9x

$1,814.0 764.7

$1,832.5 857.4

$3,654.8 1,217.3

28.5% 30.5%

6.3% 5.4%

34.9% 31.9%

8.3% 4.9%

0.7x 0.7x

0.7x 0.7x

11.2x 11.5x

10.6x 10.9x

23.0x 21.9x

17.9x 18.1x

Mean Median

$3,296.8 912.8

$3,542.0 1,106.3

$6,736.6 1,678.4

20.0% 18.4%

5.0% 4.6%

14.1% 14.4%

1.2% 1.6%

0.6x 0.5x

0.5x 0.5x

11.3x 11.2x

9.3x 10.3x

16.4x 15.6x

14.5x 13.9x

Largest Diversified Staffing (Adecco, Manpower and Randstad) Mean Median

$8,842.4 8,786.4

$9,452.8 9,662.9

$21,950.4 20,879.7

17.9% 18.4%

4.4% 4.1%

15.8% 16.3%

(1.8%) (1.9%)

0.4x 0.5x

0.4x 0.5x

9.4x 10.5x

9.1x 10.3x

14.7x 15.4x

13.7x 13.9x

Professional Service Focus (Michael Page, On Assignment, Resources Connection and Robert Half) Mean $3,085.5 Median 1,897.1

$3,049.0 2,018.6

$2,189.9 1,745.7

40.7% 39.8%

9.8% 9.5%

32.3% 28.9%

15.5% 4.1%

1.2x 1.2x

1.2x 1.2x

12.4x 12.5x

11.8x 11.6x

23.7x 25.5x

19.8x 21.0x

Overall Staffing Group Mean Median High Low

$25.97 20.00 5.26 4.47 15.07 17.20 38.62 10.35 17.51 12.91 1.69 37.41 11.84 5.59 14.74 36.46 57.55 56.98 8.75 2.69

Market Value ($mm)

LTM MARGINS

PAGE 20

All U.S. Staffing (2) Mean Median All European Staffing (3)

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results. (2) U.S. Companies: AMN Healthcare, CDI, Cross Country Healthcare, Hudson Global, Kforce, Kelly Services, Manpower, On Assignment, Resources Connection, Robert Half and TrueBlue. (3) European Companies: Adecco, Brunel, Groupe CRIT, Hays, Michael Page, Randstad, Sthree, Synergie and USG People.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing: Growth, Profitability and Valuation Relationship Analysis Historical Revenue Growth (3 Year CAGR)

Median Statistics

53%

8%

7%

2%

0%

5%

11%

18% 2%

0%

2%

0%

-3%

18%

19%

12%

9%

2%

1%

-2%

-12%

5%

2%

2%

18%

23%

-14%

Profitability (LTM Gross Margin)

31%

51%

41%

31%

39%

32%

29%

38% 21%

25%

15.2x 14.0x 13.7x 13.6x 13.1x 12.7x 11.6x 11.5x 11.3x 11.2x 11.1x 10.5x 10.5x 10.3x

9.4x

16%

8%

10%

18%

18%

17%

7.0x

6.5x

31%

26%

5%

11.5x

11.2x

11.3x

European

Overall Median

9.0x

US

Valuation (EV / LTM EBITDA)

Historical EV/LTM EBITDA Multiples - U.S.

Hudson

Cross Country

Manpower

Brunel

CDI

TrueBlue

USG

Res. Conn.

Adecco

CRIT

Synergie

Randstad

On Assign.

Kelly Services

Sthree

AMN

Michael Page

Hays

Robert Half

Historical Historical EV/LTM EV/LTM EBITDA EBITDA Multiples Multiples - European - European 18.0x

DELANCEY STREET

Dec-14

Jul-14

Feb-14

Dec-14

Jul-14

Feb-14

-2.0x

Sep-13

-2.0x

Apr-13

3.0x Nov-12

3.0x Jun-12

8.0x

Jan-12

8.0x

Three Year Historical Median EV/LTM EBITDA

10.8x

Sep-13

13.0x

Apr-13

Three Year Historical Median EV/LTM EBITDA

Nov-12

10.0x

13.0x

Jun-12

18.0x

Jan-12

Kforce

N.M. N.M.

HUMAN CAPITAL TECHNOLOGY & SERVICES

Executive Search: Sorted by Market Value COMPANY

STOCK PERFORMANCE AND COMPANY DATA

Name

12/31/14

Korn/Ferry International Heidrick & Struggles International Inc. CTPartners Executive Search Inc.

$28.76 23.05 15.19

52-Week Low High $21.89 15.52 5.26

Market Value ($mm)

$32.78 23.88 23.75

Mean Median High Low

Enterprise Value ($mm)

PAGE 22

GROWTH (1)

LTM MARGINS

Revenue LTM ($mm)

Gross Profit % Margin

VALUATION DATA

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

$1,427.4 424.9 115.0

$1,153.2 242.9 130.3

$977.0 494.3 130.4

28.5% 31.7% 26.6%

12.7% 8.8% 7.9%

11.3% (2.9%) N.M.

8.5% (2.4%) 10.8%

1.2x 0.5x 1.0x

1.1x 0.5x 0.8x

9.3x 5.6x 12.6x

7.4x 4.8x N.M.

15.7x 45.1x 14.7x

14.8x 35.2x N.M.

$655.7 424.9 1,427.4 115.0

$508.8 242.9 1,153.2 130.3

$533.9 494.3 977.0 130.4

29.0% 28.5% 31.7% 26.6%

9.8% 8.8% 12.7% 7.9%

4.2% 4.2% 11.3% (2.9%)

5.6% 8.5% 10.8% (2.4%)

0.9x 1.0x 1.2x 0.5x

0.8x 0.8x 1.1x 0.5x

9.1x 9.3x 12.6x 5.6x

6.1x 6.1x 7.4x 4.8x

25.2x 15.7x 45.1x 14.7x

25.0x 25.0x 35.2x 14.8x

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results.

Historical EV/LTM Revenue Muliple

Historical EV/LTM EBITDA Multiple

1.2x

12.0x

1.0x

10.0x Three Year Historical EV/LTM Revenue Multiple

8.0x

Three Year Historical EV/LTM Revenue Multiple

DELANCEY STREET

Three Year Historical EV/LTM EBITDA Multiple

Dec-14

Jul-14

Feb-14

Sep-13

Apr-13

Three Year Historical EV/LTM EBITDA Multiple

Nov-12

Jul-14

0.7x

7.8x

Jan-12

0.0x

Dec-14

0.0x

Feb-14

2.0x

Sep-13

0.2x

Apr-13

4.0x

Nov12

0.4x

Jun-12

6.0x

Jan-12

0.6x

Jun-12

0.7x

0.8x

7.8x

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR & Outsourcing Services: Sorted by Market Value COMPANY

Name Automatic Data Processing, Inc. Paychex, Inc. Capita plc Towers Watson & Co. WageWorks, Inc. TriNet Group, Inc. Xchanging PLC Insperity, Inc. Barrett Business Services Inc.

STOCK PERFORMANCE AND COMPANY DATA

12/31/14 $83.37 46.17 16.85 113.17 64.57 31.28 2.42 33.89 27.40

Gross Profit % Margin

VALUATION DATA

52-Week Low High $70.50 39.80 15.09 98.10 33.04 17.28 2.27 26.85 18.25

$40,167.7 16,859.0 11,200.0 7,990.3 2,345.8 1,863.2 599.0 837.5 196.2

$38,225.3 16,330.0 14,009.3 7,599.6 2,011.7 2,274.1 611.0 532.4 199.7

$11,147.2 2,521.7 6,823.2 3,564.3 267.8 2,193.5 893.8 2,357.8 636.2

48.7% 70.7% 27.6% 32.5% 62.6% 17.0% 11.0% 17.1% N.M.

20.7% 42.7% 14.2% 19.0% 16.1% 7.8% 12.7% 2.9% N.M.

6.0% 8.2% 16.0% 11.2% N.M. N.M. (1.5%) 13.1% N.M.

4.1% 6.5% 14.1% 1.7% 25.2% 37.0% (14.2%) 6.0% 26.4%

3.4x 6.5x 2.1x 2.1x 7.5x 1.0x 0.7x 0.2x 0.3x

3.3x 6.2x 2.1x 2.1x 7.6x 1.1x 1.0x 0.2x 0.3x

16.6x 15.2x 14.4x 11.2x 46.7x 13.3x 5.4x 7.8x N.M.

16.2x 14.6x 13.4x 10.7x 28.2x 13.1x 5.1x 7.4x N.M.

27.9x 26.0x 16.7x 19.7x N.M. 27.8x 15.7x 30.9x N.M.

27.0x 24.0x 16.1x 18.6x N.M. 22.8x 14.3x 19.6x N.M.

$9,117.6 2,345.8 40,167.7 196.2

$9,088.1 2,274.1 38,225.3 199.7

$3,378.4 2,357.8 11,147.2 267.8

35.9% 30.0% 70.7% 11.0%

17.0% 15.1% 42.7% 2.9%

8.8% 9.7% 16.0% (1.5%)

11.9% 6.5% 37.0% (14.2%)

2.7x 2.1x 7.5x 0.2x

2.6x 2.1x 7.6x 0.2x

16.3x 13.9x 46.7x 5.4x

13.6x 13.3x 28.2x 5.1x

23.5x 26.0x 30.9x 15.7x

20.3x 19.6x 27.0x 14.3x

$40,167.7 16,859.0

$38,225.3 16,330.0

$11,147.2 2,521.7

48.7% 70.7%

20.7% 42.7%

6.0% 8.2%

4.1% 6.5%

3.4x 6.5x

3.3x 6.2x

16.6x 15.2x

16.2x 14.6x

27.9x 26.0x

27.0x 24.0x

$28,513.3

$27,277.6

$6,834.5

59.7%

31.7%

7.1%

5.3%

5.0x

4.8x

15.9x

15.4x

27.0x

25.5x

$196.2 837.5 1,863.2

$199.7 532.4 2,274.1

$636.2 2,357.8 2,193.5

N.M. 17.1% 17.0%

N.M. 2.9% 7.8%

N.M. 13.1% N.M.

26.4% 6.0% 37.0%

0.3x 0.2x 1.0x

0.3x 0.2x 1.1x

N.M. 7.8x 13.3x

N.M. 7.4x 13.1x

N.M. 30.9x 27.8x

N.M. 19.6x 22.8x

$837.5

$532.4

$2,193.5

17.1%

5.4%

13.1%

26.4%

0.3x

0.3x

10.5x

10.3x

29.3x

21.2x

$599.0 11,200.0

$611.0 14,009.3

$893.8 6,823.2

11.0% 27.6%

12.7% 14.2%

(1.5%) 16.0%

(14.2%) 14.1%

0.7x 2.1x

1.0x 2.1x

5.4x 14.4x

5.1x 13.4x

15.7x 16.7x

14.3x 16.1x

$5,899.5

$7,310.1

$3,858.5

19.3%

13.4%

7.2%

(0.1%)

1.4x

1.5x

9.9x

9.3x

16.2x

15.2x

$7,990.3 2,345.8

$7,599.6 2,011.7

$3,564.3 267.8

32.5% 62.6%

19.0% 16.1%

11.2% N.M.

1.7% 25.2%

2.1x 7.5x

2.1x 7.6x

11.2x 46.7x

10.7x 28.2x

19.7x N.M.

18.6x N.M.

$5,168.1

$4,805.7

$1,916.1

47.6%

17.5%

11.2%

13.4%

4.8x

4.8x

29.0x

19.5x

19.7x

18.6x

Overall HR Outsourcing Group Mean Median High Low

Revenue LTM ($mm)

GROWTH (1)

Market Value ($mm)

$86.54 48.20 19.45 131.73 68.31 32.79 2.99 36.23 102.20

Enterprise Value ($mm)

LTM MARGINS

PAGE 23

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

Payroll (ADP and Paychex) Automatic Data Processing, Inc. Paychex, Inc.

$83.37 46.17

$70.50 39.80

$86.54 48.20

Median PEO (Barrett Business Services, Insperity and TriNet) Barrett Business Services Inc. Insperity, Inc. TriNet Group, Inc.

$27.40 33.89 31.28

$18.25 26.85 17.28

$102.20 36.23 32.79

Median HR BPO (Xchanging and Capita) Xchanging PLC Capita plc

$2.42 16.85

$2.27 15.09

$2.99 19.45

Median Benefits Related (Towers Watson and WageWorks) Towers Watson & Co. WageWorks, Inc. Median

$113.17 64.57

$98.10 33.04

$131.73 68.31

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR & Outsourcing Services Sector: Payroll & PEOs

PAGE 24

Payroll (ADP & Paychex) Historical EV/LTM Revenue Multiple ADP

8.0x

Historical EV/LTM EBITDA Multiple 20.0x

PAYX

7.0x

ADP

PAYX

17.5x

6.0x

15.0x

5.0x

12.5x

4.0x 3.0x

10.0x

2.0x

7.5x

1.0x

Sep-14

Dec-14

Sep-14

Dec-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

Mar-12

Dec-11

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

Mar-12

5.0x

Dec-11

0.0x

PEO (Barrett, Insperity & TriNet) Historical EV/LTM Revenue Multiple NSP

1.8x

BBSI

Historical EV/LTM EBITDA Multiple 40.0x

TNET

1.6x

35.0x

1.4x

30.0x

1.2x

NSP

BBSI

TNET

25.0x

1.0x

20.0x

0.8x

DELANCEY STREET

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

Mar-12

Dec-14

Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

0.0x

Dec-12

0.0x

Sep-12

5.0x

Jun-12

0.2x

Mar-12

10.0x

Dec-11

0.4x

Dec-11

15.0x

0.6x

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology: Sorted by Market Value COMPANY

STOCK PERFORMANCE AND COMPANY DATA Market Value ($mm)

Enterprise Value ($mm)

$204,568.5 84,526.8 28,208.4 26,781.2 14,683.5 7,955.3 4,888.1 4,308.0 2,140.0 1,875.0 1,644.3 1,365.4 1,189.3 827.8 826.1 785.1 776.4 646.3 628.6 544.6 457.7 406.8 56.6 33.8

$192,710.5 93,980.3 25,852.1 25,691.2 13,338.4 8,598.7 5,831.5 4,199.8 1,594.4 1,818.0 1,536.4 1,367.2 1,099.8 825.7 705.2 623.5 754.7 715.7 547.3 628.4 406.3 578.1 61.0 48.6

Overall HR Technology Group Mean Median High Low

$16,255.1 1,277.3 204,568.5 33.8

Overall Group (Excluding Public Companies > 10.0x EV/Revenue Valuations) Mean Median High Low Median Statistic by Market Value Quartile Quartile 1 (75th Percentile to Max) Quartile 2 (50th Percentile to 75th Percentile) Quartile 3 (25th Percentile to 50th Percentile) Quartile 4 (Min to 25th Percentile)

Name Oracle Corporation SAP SE LinkedIn Corporation Intuit Inc. Workday, Inc. Sage Group plc SEEK Limited The Ultimate Software Group, Inc. 51job Inc. Cornerstone OnDemand, Inc. HealthEquity, Inc. Paycom Software, Inc. Paylocity Holding Corporation Benefitfocus, Inc. Healthstream Inc. Zhaopin Ltd. Callidus Software Inc. Ebix Inc. XING AG Dice Holdings, Inc. eHealth, Inc. Monster Worldwide, Inc. Bond International Software plc Asure Software, Inc.

12/31/14 $44.97 70.62 229.71 92.19 81.61 7.26 14.13 146.82 35.85 35.20 25.45 26.33 26.11 32.84 29.48 15.18 16.33 16.99 112.34 10.01 24.92 4.62 1.34 5.63

52-Week Low High $35.44 60.72 136.02 69.02 64.21 5.40 9.62 109.50 29.24 25.99 16.11 12.28 15.24 20.82 20.76 11.45 9.15 12.12 87.15 6.50 18.70 3.41 1.29 4.55

$46.71 76.26 243.25 95.84 116.47 7.38 15.17 171.96 43.00 61.85 27.74 29.42 31.00 77.00 34.64 18.68 17.31 17.95 129.52 11.49 63.32 8.50 2.40 6.85

PAGE 25 LTM MARGINS

Revenue LTM ($mm)

Gross Profit % Margin

$38,099.0 21,255.2 2,218.8 4,179.0 703.5 3,813.0 593.3 505.9 295.5 263.6 80.1 150.9 109.7 137.4 170.7 171.4 136.6 214.3 120.1 262.6 179.7 770.0 62.5 27.2

$15,979.7 1,233.5 192,710.5 48.6

$17,219.9 827.0 204,568.5 33.8 $27,494.8 2,007.5 805.6 432.2

GROWTH (1)

VALUATION DATA

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

61.3% 72.2% 86.8% 85.7% 65.1% 94.3% 96.8% 59.8% 72.9% 70.5% 54.8% 83.6% 49.8% 36.3% 56.6% 91.2% 59.7% 77.9% 60.3% 85.8% 97.5% 47.6% 85.6% 76.8%

43.4% 34.2% 10.5% 30.2% N.M. 28.7% 40.8% 14.4% 30.4% N.M. 27.1% 14.6% N.M. N.M. 16.4% 25.2% N.M. 36.9% 26.1% 28.2% 0.4% 8.9% 12.7% 16.2%

18.3% 11.3% 61.2% 12.6% N.M. 10.3% 16.5% 67.3% 30.8% N.M. N.M. N.M. N.M. 54.8% 9.4% N.M. N.M. 11.6% 13.7% 15.7% N.M. N.M. N.M. N.M.

1.8% 4.7% 61.3% 5.0% 80.0% 0.0% 17.9% 23.4% 14.0% 52.9% N.M. 37.1% N.M. 25.4% 27.8% N.M. 17.1% 6.9% 12.3% 13.7% 5.6% (7.9%) 3.0% 36.3%

5.1x 4.4x 11.7x 6.1x 19.0x 2.3x 9.8x 8.3x 5.4x 6.9x 19.2x 9.1x 10.0x 6.0x 4.1x 3.6x 5.5x 3.3x 4.6x 2.4x 2.3x 0.8x 1.0x 1.8x

5.0x 4.4x 11.8x 5.6x 17.0x 4.1x 8.8x 8.3x 5.2x 7.0x 17.7x 9.3x 8.8x 6.1x 4.1x 3.3x 5.6x 3.5x 4.6x 2.4x 2.3x 0.7x 1.0x 1.8x

11.6x 12.9x N.M. 20.4x N.M. 7.9x 24.1x N.M. 17.7x N.M. N.M. N.M. N.M. N.M. 25.1x 14.4x N.M. 9.0x 17.5x 8.5x N.M. 8.4x 7.7x 11.0x

10.3x 12.2x 45.1x 15.9x N.M. 13.9x 21.1x 34.7x 16.1x N.M. N.M. N.M. N.M. N.M. 24.8x 13.0x N.M. 8.1x 15.8x 7.4x N.M. 5.8x 7.7x 8.8x

15.5x 16.9x N.M. 28.0x N.M. 20.0x 29.6x N.M. 22.0x N.M. N.M. N.M. N.M. N.M. N.M. 20.1x N.M. 10.7x 36.4x 19.4x N.M. 16.9x 19.1x 43.3x

15.6x 17.7x N.M. 33.1x N.M. 19.0x 27.5x N.M. 19.3x N.M. N.M. N.M. N.M. N.M. N.M. 18.5x N.M. 10.6x 32.1x 18.9x N.M. 12.2x N.M. 23.5x

$3,105.0 238.5 38,099.0 27.2

72.0% 72.6% 97.5% 36.3%

23.4% 26.1% 43.4% 0.4%

25.6% 15.7% 67.3% 9.4%

20.9% 14.0% 80.0% (7.9%)

6.4x 5.2x 19.2x 0.8x

6.2x 5.1x 17.7x 0.7x

14.0x 12.3x 25.1x 7.7x

16.3x 13.5x 45.1x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

$17,084.3 790.2 192,710.5 48.6

$3,570.4 238.5 38,099.0 27.2

73.6% 74.9% 97.5% 36.3%

24.0% 26.1% 43.4% 0.4%

22.7% 14.7% 67.3% 9.4%

15.6% 13.7% 52.9% (7.9%)

4.6x 4.5x 9.8x 0.8x

4.7x 4.5x 9.3x 0.7x

14.0x 12.3x 25.1x 7.7x

14.4x 13.0x 34.7x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

$25,771.6 1,706.2 735.2 476.8

$3,996.0 279.5 154.1 149.9

78.9% 71.7% 58.1% 81.2%

30.2% 27.1% 25.2% 14.4%

12.6% 30.8% 11.6% 14.7%

4.9% 23.4% 21.2% 9.0%

5.6x 8.7x 4.8x 2.0x

5.3x 8.5x 4.9x 2.0x

12.3x 20.9x 14.4x 8.5x

13.9x 21.1x 13.0x 7.7x

18.4x 25.8x 15.4x 19.4x

18.4x 23.4x 14.5x 21.2x

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology: Sorted by Gross Margin COMPANY

STOCK PERFORMANCE AND COMPANY DATA

LTM MARGINS

$18.70 9.62 5.40 11.45 136.02 6.50 69.02 1.29 12.28 12.12 4.55 29.24 60.72 25.99 64.21 35.44 109.50 9.15 87.15 20.76 16.11 15.24 3.41 20.82

$457.7 4,888.1 7,955.3 785.1 28,208.4 544.6 26,781.2 56.6 1,365.4 646.3 33.8 2,140.0 84,526.8 1,875.0 14,683.5 204,568.5 4,308.0 776.4 628.6 826.1 1,644.3 1,189.3 406.8 827.8

$406.3 5,831.5 8,598.7 623.5 25,852.1 628.4 25,691.2 61.0 1,367.2 715.7 48.6 1,594.4 93,980.3 1,818.0 13,338.4 192,710.5 4,199.8 754.7 547.3 705.2 1,536.4 1,099.8 578.1 825.7

$179.7 593.3 3,813.0 171.4 2,218.8 262.6 4,179.0 62.5 150.9 214.3 27.2 295.5 21,255.2 263.6 703.5 38,099.0 505.9 136.6 120.1 170.7 80.1 109.7 770.0 137.4

97.5% 96.8% 94.3% 91.2% 86.8% 85.8% 85.7% 85.6% 83.6% 77.9% 76.8% 72.9% 72.2% 70.5% 65.1% 61.3% 59.8% 59.7% 60.3% 56.6% 54.8% 49.8% 47.6% 36.3%

0.4% 40.8% 28.7% 25.2% 10.5% 28.2% 30.2% 12.7% 14.6% 36.9% 16.2% 30.4% 34.2% N.M. N.M. 43.4% 14.4% N.M. 26.1% 16.4% 27.1% N.M. 8.9% N.M.

N.M. 16.5% 10.3% N.M. 61.2% 15.7% 12.6% N.M. N.M. 11.6% N.M. 30.8% 11.3% N.M. N.M. 18.3% 67.3% N.M. 13.7% 9.4% N.M. N.M. N.M. 54.8%

5.6% 17.9% 0.0% N.M. 61.3% 13.7% 5.0% 3.0% 37.1% 6.9% 36.3% 14.0% 4.7% 52.9% 80.0% 1.8% 23.4% 17.1% 12.3% 27.8% N.M. N.M. (7.9%) 25.4%

2.3x 9.8x 2.3x 3.6x 11.7x 2.4x 6.1x 1.0x 9.1x 3.3x 1.8x 5.4x 4.4x 6.9x 19.0x 5.1x 8.3x 5.5x 4.6x 4.1x 19.2x 10.0x 0.8x 6.0x

2.3x 8.8x 4.1x 3.3x 11.8x 2.4x 5.6x 1.0x 9.3x 3.5x 1.8x 5.2x 4.4x 7.0x 17.0x 5.0x 8.3x 5.6x 4.6x 4.1x 17.7x 8.8x 0.7x 6.1x

N.M. 24.1x 7.9x 14.4x N.M. 8.5x 20.4x 7.7x N.M. 9.0x 11.0x 17.7x 12.9x N.M. N.M. 11.6x N.M. N.M. 17.5x 25.1x N.M. N.M. 8.4x N.M.

N.M. 21.1x 13.9x 13.0x 45.1x 7.4x 15.9x 7.7x N.M. 8.1x 8.8x 16.1x 12.2x N.M. N.M. 10.3x 34.7x N.M. 15.8x 24.8x N.M. N.M. 5.8x N.M.

N.M. 29.6x 20.0x 20.1x N.M. 19.4x 28.0x 19.1x N.M. 10.7x 43.3x 22.0x 16.9x N.M. N.M. 15.5x N.M. N.M. 36.4x N.M. N.M. N.M. 16.9x N.M.

N.M. 27.5x 19.0x 18.5x N.M. 18.9x 33.1x N.M. N.M. 10.6x 23.5x 19.3x 17.7x N.M. N.M. 15.6x N.M. N.M. 32.1x N.M. N.M. N.M. 12.2x N.M.

Overall HR Technology Group Mean Median High Low

$16,255.1 1,277.3 204,568.5 33.8

$15,979.7 1,233.5 192,710.5 48.6

$3,105.0 238.5 38,099.0 27.2

72.0% 72.6% 97.5% 36.3%

23.4% 26.1% 43.4% 0.4%

25.6% 15.7% 67.3% 9.4%

20.9% 14.0% 80.0% (7.9%)

6.4x 5.2x 19.2x 0.8x

6.2x 5.1x 17.7x 0.7x

14.0x 12.3x 25.1x 7.7x

16.3x 13.5x 45.1x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

Overall Group (Excluding Public Companies > 10.0x EV/Revenue Valuations) Mean Median High Low

$17,219.9 827.0 204,568.5 33.8

$17,084.3 790.2 192,710.5 48.6

$3,570.4 238.5 38,099.0 27.2

73.6% 74.9% 97.5% 36.3%

24.0% 26.1% 43.4% 0.4%

22.7% 14.7% 67.3% 9.4%

15.6% 13.7% 52.9% (7.9%)

4.6x 4.5x 9.8x 0.8x

4.7x 4.5x 9.3x 0.7x

14.0x 12.3x 25.1x 7.7x

14.4x 13.0x 34.7x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

$2,836.6 1,005.9 9,495.7 827.0

$3,229.9 1,041.5 8,769.1 765.4

$427.9 182.6 604.7 128.8

92.7% 80.8% 63.2% 52.3%

26.7% 23.2% 34.2% 21.3%

16.1% 12.6% 18.3% 13.7%

13.7% 10.5% 20.2% 18.8%

3.0x 4.4x 6.2x 5.3x

3.7x 4.3x 6.3x 5.3x

11.5x 11.0x 12.3x 17.5x

13.9x 8.8x 12.2x 15.8x

20.0x 22.0x 16.2x 26.7x

19.0x 21.4x 16.6x 22.2x

Median Statistic by Gross Margin Quartile Quartile 1 (75th Percentile to Max) Quartile 2 (50th Percentile to 75th Percentile) Quartile 3 (25th Percentile to 50th Percentile) Quartile 4 (Min to 25th Percentile)

12/31/14 $24.92 14.13 7.26 15.18 229.71 10.01 92.19 1.34 26.33 16.99 5.63 35.85 70.62 35.20 81.61 44.97 146.82 16.33 112.34 29.48 25.45 26.11 4.62 32.84

$63.32 15.17 7.38 18.68 243.25 11.49 95.84 2.40 29.42 17.95 6.85 43.00 76.26 61.85 116.47 46.71 171.96 17.31 129.52 34.64 27.74 31.00 8.50 77.00

Gross Profit % Margin

VALUATION DATA

52-Week Low High

Name

Revenue LTM ($mm)

GROWTH (1)

Market Value ($mm)

eHealth, Inc. SEEK Limited Sage Group plc Zhaopin Ltd. LinkedIn Corporation Dice Holdings, Inc. Intuit Inc. Bond International Software plc Paycom Software, Inc. Ebix Inc. Asure Software, Inc. 51job Inc. SAP SE Cornerstone OnDemand, Inc. Workday, Inc. Oracle Corporation The Ultimate Software Group, Inc. Callidus Software Inc. XING AG Healthstream Inc. HealthEquity, Inc. Paylocity Holding Corporation Monster Worldwide, Inc. Benefitfocus, Inc.

Enterprise Value ($mm)

PAGE 26

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology: Sorted by Growth Rate (Three-Year Revenue CAGR) COMPANY

STOCK PERFORMANCE AND COMPANY DATA

$64.21 136.02 25.99 12.28 4.55 20.76 20.82 109.50 9.62 9.15 29.24 6.50 87.15 12.12 18.70 69.02 60.72 1.29 35.44 5.40 3.41 11.45 16.11 15.24

$14,683.5 28,208.4 1,875.0 1,365.4 33.8 826.1 827.8 4,308.0 4,888.1 776.4 2,140.0 544.6 628.6 646.3 457.7 26,781.2 84,526.8 56.6 204,568.5 7,955.3 406.8 785.1 1,644.3 1,189.3

$13,338.4 25,852.1 1,818.0 1,367.2 48.6 705.2 825.7 4,199.8 5,831.5 754.7 1,594.4 628.4 547.3 715.7 406.3 25,691.2 93,980.3 61.0 192,710.5 8,598.7 578.1 623.5 1,536.4 1,099.8

$703.5 2,218.8 263.6 150.9 27.2 170.7 137.4 505.9 593.3 136.6 295.5 262.6 120.1 214.3 179.7 4,179.0 21,255.2 62.5 38,099.0 3,813.0 770.0 171.4 80.1 109.7

65.1% 86.8% 70.5% 83.6% 76.8% 56.6% 36.3% 59.8% 96.8% 59.7% 72.9% 85.8% 60.3% 77.9% 97.5% 85.7% 72.2% 85.6% 61.3% 94.3% 47.6% 91.2% 54.8% 49.8%

N.M. 10.5% N.M. 14.6% 16.2% 16.4% N.M. 14.4% 40.8% N.M. 30.4% 28.2% 26.1% 36.9% 0.4% 30.2% 34.2% 12.7% 43.4% 28.7% 8.9% 25.2% 27.1% N.M.

N.M. 61.2% N.M. N.M. N.M. 9.4% 54.8% 67.3% 16.5% N.M. 30.8% 15.7% 13.7% 11.6% N.M. 12.6% 11.3% N.M. 18.3% 10.3% N.M. N.M. N.M. N.M.

80.0% 61.3% 52.9% 37.1% 36.3% 27.8% 25.4% 23.4% 17.9% 17.1% 14.0% 13.7% 12.3% 6.9% 5.6% 5.0% 4.7% 3.0% 1.8% 0.0% (7.9%) N.M. N.M. N.M.

19.0x 11.7x 6.9x 9.1x 1.8x 4.1x 6.0x 8.3x 9.8x 5.5x 5.4x 2.4x 4.6x 3.3x 2.3x 6.1x 4.4x 1.0x 5.1x 2.3x 0.8x 3.6x 19.2x 10.0x

17.0x 11.8x 7.0x 9.3x 1.8x 4.1x 6.1x 8.3x 8.8x 5.6x 5.2x 2.4x 4.6x 3.5x 2.3x 5.6x 4.4x 1.0x 5.0x 4.1x 0.7x 3.3x 17.7x 8.8x

N.M. N.M. N.M. N.M. 11.0x 25.1x N.M. N.M. 24.1x N.M. 17.7x 8.5x 17.5x 9.0x N.M. 20.4x 12.9x 7.7x 11.6x 7.9x 8.4x 14.4x N.M. N.M.

N.M. 45.1x N.M. N.M. 8.8x 24.8x N.M. 34.7x 21.1x N.M. 16.1x 7.4x 15.8x 8.1x N.M. 15.9x 12.2x 7.7x 10.3x 13.9x 5.8x 13.0x N.M. N.M.

N.M. N.M. N.M. N.M. 43.3x N.M. N.M. N.M. 29.6x N.M. 22.0x 19.4x 36.4x 10.7x N.M. 28.0x 16.9x 19.1x 15.5x 20.0x 16.9x 20.1x N.M. N.M.

N.M. N.M. N.M. N.M. 23.5x N.M. N.M. N.M. 27.5x N.M. 19.3x 18.9x 32.1x 10.6x N.M. 33.1x 17.7x N.M. 15.6x 19.0x 12.2x 18.5x N.M. N.M.

Overall HR Technology Group Mean Median High Low

$16,255.1 1,277.3 204,568.5 33.8

$15,979.7 1,233.5 192,710.5 48.6

$3,105.0 238.5 38,099.0 27.2

72.0% 72.6% 97.5% 36.3%

23.4% 26.1% 43.4% 0.4%

25.6% 15.7% 67.3% 9.4%

20.9% 14.0% 80.0% (7.9%)

6.4x 5.2x 19.2x 0.8x

6.2x 5.1x 17.7x 0.7x

14.0x 12.3x 25.1x 7.7x

16.3x 13.5x 45.1x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

Overall Group (Excluding Public Companies > 10.0x EV/Revenue Valuations) Mean Median High Low

$17,219.9 827.0 204,568.5 33.8

$17,084.3 790.2 192,710.5 48.6

$3,570.4 238.5 38,099.0 27.2

73.6% 74.9% 97.5% 36.3%

24.0% 26.1% 43.4% 0.4%

22.7% 14.7% 67.3% 9.4%

15.6% 13.7% 52.9% (7.9%)

4.6x 4.5x 9.8x 0.8x

4.7x 4.5x 9.3x 0.7x

14.0x 12.3x 25.1x 7.7x

14.4x 13.0x 34.7x 5.8x

22.9x 20.0x 43.3x 10.7x

20.7x 19.0x 33.1x 10.6x

$1,620.2 1,483.9 637.5 1,416.8

$1,592.6 1,210.0 631.5 1,318.1

$217.1 279.0 197.0 470.7

73.7% 66.3% 81.7% 58.0%

15.4% 29.3% 28.1% 27.1%

35.3% 30.8% 12.1% 14.3%

45.0% 17.5% 5.3% 0.0%

8.0x 5.8x 3.9x 4.3x

8.1x 5.9x 3.9x 4.6x

18.1x 17.7x 12.9x 10.0x

24.8x 18.6x 12.2x 11.7x

43.3x 22.0x 19.1x 18.5x

23.5x 19.3x 24.9x 17.1x

Median Statistic by 3-Year Revenue CAGR Quartile Quartile 1 (75th Percentile to Max) Quartile 2 (50th Percentile to 75th Percentile) Quartile 3 (25th Percentile to 50th Percentile) Quartile 4 (Min to 25th Percentile)

12/31/14 $81.61 229.71 35.20 26.33 5.63 29.48 32.84 146.82 14.13 16.33 35.85 10.01 112.34 16.99 24.92 92.19 70.62 1.34 44.97 7.26 4.62 15.18 25.45 26.11

$116.47 243.25 61.85 29.42 6.85 34.64 77.00 171.96 15.17 17.31 43.00 11.49 129.52 17.95 63.32 95.84 76.26 2.40 46.71 7.38 8.50 18.68 27.74 31.00

Gross Profit % Margin

VALUATION DATA

52-Week Low High

Name

Revenue LTM ($mm)

GROWTH (1)

Market Value ($mm)

Workday, Inc. LinkedIn Corporation Cornerstone OnDemand, Inc. Paycom Software, Inc. Asure Software, Inc. Healthstream Inc. Benefitfocus, Inc. The Ultimate Software Group, Inc. SEEK Limited Callidus Software Inc. 51job Inc. Dice Holdings, Inc. XING AG Ebix Inc. eHealth, Inc. Intuit Inc. SAP SE Bond International Software plc Oracle Corporation Sage Group plc Monster Worldwide, Inc. Zhaopin Ltd. HealthEquity, Inc. Paylocity Holding Corporation

Enterprise Value ($mm)

LTM MARGINS

PAGE 27

EBITDA % Margin

5-Year EPS CAGR

3-Year Revs CAGR

EV / Revenue LTM 2014

EV / EBITDA LTM 2014

Price / Earnings 2014 2015

Source: Capital IQ as of 12/31/14. (1) 5-Year EPS Growth represents 2015P metric vs 2010A results; 3-Year Revs CAGR represents 2015P metric vs 2012A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology: Historical Growth vs. Valuation

PAGE 28

HR Technology Historical Revenue Growth vs LTM Revenue Valuation (1) 24.0x Reflects DSP Adjusted Revenue Scale (Relative)

Enterprise Value / LTM Revenue

22.0x 20.0x

Linear (Trendline)

18.0x

Expon. (Trendline)

WDAY

16.0x 14.0x 12.0x

LNKD

10.0x

SEK

INTU ORCL SAP

6.0x 4.0x 2.0x 0.0x

PAYC

ULTI

8.0x

MWW

-2.0x -10%

CALD O1BC JOBS EBIX DHX EHTH SGE BDI

BNFT

0%

25%

-5%

5%

10%

15%

20%

CSOD

HSTM ASUR

30%

35%

40%

45%

50%

55%

60%

65%

70%

75%

80%

85%

Historical Three Year Revenue CAGR HR Technology Legend CAGR

Rev(x)

80%

19.0x

61% 53%

Ticker Company Name

CAGR

Rev(x)

Ticker Company Name

WDAY Workday

18%

9.8x

11.7x

LNKD LinkedIn

17%

5.5x

6.9x

CSOD

Cornerstone

14%

5.4x

37%

9.1x

PAYC

Paycom Software

14%

36%

1.8x

ASUR

Asure Software

12%

28%

4.1x

HSTM Healthstream

7%

3.3x

25%

6.0x

BNFT

Benefitfocus

6%

2.3x

EHTH eHealth

23%

8.3x

ULTI

Ultimate Software

5%

6.1x

INTU

SEK

SEEK Limited

CALD Callidus Software

CAGR

Rev(x)

5%

4.4x

3% 2%

Ticker Company Name SAP

SAP

1.0x

BDI

Bond International

5.1x

ORCL

JOBS

51job

2.4x

DHX

Dice Holdings

0%

2.3x

4.6x

O1BC

XING

-8%

0.8x

MWW Monster

EBIX

Ebix

N.A.

3.6x

ZPIN

Zhaopin

N.A.

19.2x

HQY

HealthEquity

N.A.

10.0x

PCTY

Paylocity

Intuit

SGE

Oracle Sage Group

Source: Capital IQ as of 12/31/14. (1) 3-Year Revs CAGR represents 2015P metric vs 2012A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology: Projected Growth vs. Valuation

PAGE 29

HR Technology Projected Revenue Growth vs Forward Revenue Valuation (1) 24.0x Reflects DSP Adjusted Revenue Scale (Relative)

Enterprise Value / 2014P Revenue

22.0x

20.0x

Linear (Trendline)

18.0x

Expon. (Trendline)

HQY

WDAY

16.0x 14.0x

12.0x

LNKD

10.0x SEK

8.0x 6.0x SAPSGE

4.0x

ORCL

INTU O1BC

MWW

0.0x -2.0x -10%

-5%

0%

5%

JOBS EBIX

10%

BNFT

CALD ZPIN

DHX ASUR

EHTH

2.0x

PAYC PCTY

ULTI

15%

CSOD

HSTM

20%

25%

30%

35%

40%

45%

50%

55%

60%

Projected Two Year Revenue CAGR HR Technology Legend CAGR

Rev(x)

56%

17.0x

40%

11.8x

39%

17.7x

35% 35% 35% 29% 24%

Ticker Company Name

CAGR

Rev(x)

Ticker Company Name

WDAY Workday

23%

8.3x

ULTI

LNKD LinkedIn

CAGR

Rev(x)

Ultimate Software

6%

4.6x

Ticker Company Name O1BC

XING

21%

5.6x

CALD Callidus Software

5%

5.6x

INTU

Intuit

HQY

HealthEquity

20%

3.3x

ZPIN

Zhaopin

1%

5.0x

ORCL

Oracle

9.3x

PAYC

Paycom Software

14%

5.2x

JOBS

51job

-2%

4.1x

7.0x

CSOD

Cornerstone

13%

8.8x

SEK

SEEK Limited

-3%

0.7x

8.8x

PCTY

Paylocity

13%

2.4x

DHX

Dice Holdings

-4%

4.4x

6.1x

BNFT

Benefitfocus

12%

1.8x

ASUR

Asure Software

-4%

2.3x

4.1x

HSTM Healthstream

10%

3.5x

EBIX

Ebix

N.A.

1.0x

SGE

Sage Group

MWW Monster SAP

SAP

EHTH eHealth BDI

Bond International

Source: Capital IQ as of 12/31/14. (1) 2-Year Revs CAGR represents 2015P metric vs 2013A results.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

Summary of Select M&A Transactions

Delancey Street’s Five-Year Summary M&A Database

PAGE 31

Summary M&A Activity Statistics (Five-Year History) Group

Median Statistics (1)

# Transactions Value ($ mm)

Revenue Multiple

EBITDA Multiple

Staffing and Recruiting Services

117

$51.4

0.6x

10.3x

HR Technology

131

$34.5

3.6x

23.3x

HR Outsourcing Services

76

$121.5

1.6x

10.5x

Overall

324

$51.4

1.6x

10.5x

(1)

Source: Capital IQ and other publically available data sources, including company financial reports. (1) Summary median statistics are calculated based only on those transactions that publically disclosed valuation metrics.

Short Form Available on DSP Internet Edition Only The following pages detail only the last 12 months of DSP’s M&A sector database - the more comprehensive report lists the full five year history of transactions summarized in the above table and is provided in the subscription version of the Quarterly. Please contact Halle Marra at [emailprotected] to request your free comprehensive DSP Quarterly subscription. DSP also maintains over a decade of transaction data by subsector which can be obtained through your DSP representative.

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing and Recruiting Services Date

PAGE 32

Buyer / Investor

Target / Issuer

Dec-14

Tempstaff Co., Ltd.

Panasonic Excel Staff Co., Ltd.

138.45

_

_

Dec-14

Programmed Maintenance Services Ltd.

SKILLED Group Limited

422.95

_

80.95x

SKILLED Group Limited provides staffing solutions to the public and private sectors.

Dec-14

AMN Healthcare Services

Avantas, LLC

25.0

_

_

Avantas LLC provides comprehensive healthcare consulting and scheduling software designed to manage labor enterprise wide.

Dec-14

AMN Healthcare Services

Onward Healthcare, Inc.

82.5

_

10.0x

Onward Healthcare, Inc. a healthcare staffing company, provides integrated travel and local per diem staffing for nursing and allied healthcare professionals.

Dec-14

General Employment Enterprises

Scribe Solutions

_

_

_

Dec-14

Hays plc

Veredus Corporation

44.0

_

6.6x

Oct-14

Quad-C Management, Inc.

Vaco, LLC

_

_

_

Nov-14

Kforce Government Solutions, Inc.

Employee Leasing Solutions, Inc., Certain Assets

_

_

_

Nov-14

ARC Industries, Inc; Succession Capital Partners

Shipyard Staffing, LLC

_

_

_

Shipyard Staffing, LLC engages in the short-term, long-term and permanent recruitment and placement of skilled tradesmen for the shipyard/maring industry.

Nov-14

RSP Fund

Zirtual Inc.

_

_

_

Zirtual Inc. is a virtual assistant service provider.

Nov-14

RSP Fund

Teleborder Inc.

_

_

_

Teleborder Inc. is a provider of visa application, tax calculation and relocation services for expatriates.

Nov-14

ZeroChaos

Incepture

_

_

_

Incepture is a staffing and print services affiliate of GuideWell Mutual Holding Corporation.

Nov-14

Qmulus NV; Randstad Innovation Fund

VONQ B.V.

_

_

_

VONQ B.V. owns and operates an online recruitment advertisem*nt portal.

Nov-14

Benchmark; T. Rowe Price; FirstMark; Signma West; NEA; Stripes Group Randstad Innovation Fund

Elance-oDesk

30.0

_

_

Elance-oDesk provides an online staffing platform.

RolePoint Inc.

_

_

_

RolePoint Inc. provides employee referral software for recruitment teams worldwide.

Sep-14

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

Panasonic Excel Staff Co., Ltd. offers temporary staffing services.

Scribe Solutions engages in recruiting, staffing and managing emergency department medical scribes for physicians in emergency departments, OBGYN, fmaily practice, vascular surgery, and more. Veredus Corporation, a technical staffing company, provides information technology staffing services. Vaco, LLC provides project and permanent placement services for senior-level accounting, financial, IT, and administrative professionals on a project and consulting basis. Certain Assets of Employee Leasing Solutions, Inc. manufactures trauma training manikins for military and civilian training needs.

HUMAN CAPITAL TECHNOLOGY & SERVICES

Staffing and Recruiting Services Date

PAGE 33

Buyer / Investor

Target / Issuer

Sep-14

Seven Step RPO

Blue Glue Limited

_

_

_

Blue Glue Limited provides recruitment process outsourcing in the UK.

Aug-14

Mitchell Martin, Inc.

HLP Solutions Inc.

_

_

_

Aug-14

Beecken Petty O'Keefe & Company

himagine solutions, Inc.

119.0

_

_

Jul-14

Allegis Group, Inc.

Talent2 International Ltd.

_

_

_

HLP Solutions Inc., a recruiting and human capital firm, provides recruitment process outsourcing, contract payroll recruiting, contract-to-hire or temporary-to-hire recruiting, and direct hire and contingency workforce recruiting services. himagine solutions, Inc. offers staffing, consulting, outsourcing, and medical coding services for health information technology, health information management, and revenue life cycle improvement. Talent2 International Limited provides human resource advisory, payroll, recruitment, and learning services.

Jul-14

The Adolfsen Group

ISS Personalhuset AS

56.8

0.4x

_

ISS Personalhuset AS operates as a recruitment agency.

Jul-14

EFactor Group Corp. (OTCPK:EFCT)

HT Skills Ltd.

10.7

7.6x

_

HT Skills Ltd. provides apprenticeship, recruitment, and learning services in the workplace.

Jun-14

Cross Country Healthcare, Inc. (NasdaqGS:CCRN)

Medical Staffing Network Healthcare, LLC

48.3

0.2x

_

Medical Staffing Network Healthcare, LLC provides healthcare staffing solutions in United States.

Jun-14

TrueBlue, Inc. (NYSE:TBI)

Seaton L.L.C. (PeopleScout)

460.1

0.7x

22.1x

Seaton L.L.C., through its subsidiaries, provides outsourcing and recruiting services in the United States and internationally.

May-14

StepStone Deutschland GmbH

Evenbase Recruitment Ltd

150.7

_

_

Evenbase Recruitment Ltd., a global digital recruitment company, provides services for connecting jobseekers with recruiters.

Apr-14

Freelance Workforce Services Pty. Ltd.

Freelance Global Ltd.

_

_

_

Freelance Global Ltd. offers corporate management services such as payroll services.

Apr-14

TZP Group

Global Employment Solutions, Inc.

_

_

_

Global Employment Solutions, Inc. provides professional staffing solutions.

Mar-14

Hired, Inc.

15.0

_

_

Hired, Inc. operates a marketplace that enables tech companies to recruit engineers, data scientists, designers, and product managers.

Mar-14

CrossLink Capital, Inc.; Sierra Ventures; SoftTech VC; Sherpa Ventures Impellam Group PLC (AIM:IPEL)

Career Teachers Ltd

37.3

_

_

Career Teachers Ltd. Operates as an education recruitment agency.

Mar-14

Manpower B.V.

Salarisprofs BV

_

_

_

Salarisprofs BV provides payroll consulting and staffing services.

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology Date

PAGE 34

Buyer / Investor

Target / Issuer

Dec-14

Baseline Ventures

TinyPulse

Dec-14

Intuit Inc. (NasdaqGS:INTU)

Dec-14

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

3.5

_

_

TinyPulse provides a solution that pulls anonymous feedback from company teams to reveal insights, trends and opportunities to improve retention, culture and results.

Acrede HR and Payroll Solutions

_

_

_

Acrede HR and Payroll Solutions provides cloud based human resource and payroll solutions.

Primus Capital

SkillSurvey

_

_

_

SkillSurvey provides reference assessments and cloud-based solutions to help human capital management professionals.

Nov-14

Pluralsight

Smarterer

75.0

_

_

Smarterer is an innovative skills assessment company that enables individuals and enterprises to close the gap between skills they have and skills they need.

Nov-14

1-Page

BranchOut

5.4

_

_

1-Page is a HR cloud-based platform that enables companies to identify top candidates based on their ability to solve real-time business challenges.

Nov-14

HgCapital

Personal & Informatik

_

_

_

Personal & Informatik is a leading German payroll and transactional HR software provider.

Nov-14

Aetna Inc.

bswift, LLC

400.0

_

_

Nov-14

Namely

12.0

_

_

Oct-14

Matrix Partners; True Ventures; Lerer Hippeau Ventures; Bullpen Capital Cornerstone OnDemand

bswift, LLC offers software and services that streamline benefits, HR, and pay rool administration for employers, brokers, and public and private exchanges in the United States. Namely is an end-to-end HR payroll, and benefits platform provider for growing companies.

Evolv

44.5

_

_

Evolv, Inc. offers software-as-a-service platform based call center hiring management solutions.

Oct-14

Matrix Partners

Lever

10.0

_

_

Lever provides a modern hiring software that interviewers, managers, recruiters, and entire companies can use.

Sep-14

Safe Software, Inc.

PAI Group

_

_

_

PAI Group, Inc. offers payroll, HR, tax filing, and time and attendance keeping software and services.

Sep-14

SAP America, Inc.

Concur Technologies

8,468.00

11.46

235.84

Sep-14

Accel-KKR LLC

F.W. Davison & Company, Inc.

_

_

_

F.W. Davison & Company, Inc. is the leading provider of software solutions for the PEO and ASO industries. Greg Williams from Accel-KKR will be joining the Davison team.

Sep-14

Point Nine Capital; MHS Capital

ShiftPlanning Inc.

_

_

_

ShiftPlanning Inc. provides online workforce management software solutions.

Sep-14

NAV Investment Research P Ltd.

Keas

7.4

_

_

Keas offers an employee health and wellness platform.

DELANCEY STREET

Concur Technologies, Inc. provides integrated travel and expense management solutions for companies worldwide.

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology Date

PAGE 35

Buyer / Investor

Target / Issuer

Aug-14

Fibernetics Ventures

Plasticity Labs

2.1

_

_

Plasticity provides a portal that improves employee satisfaction.

Aug-14

Institutional Venture Partners; Industry Ventures; Basepoint

ZipRecruiter.com

63.0

_

_

ZipRecruiter is an online job distribution and job board service provider.

Aug-14

SkillSoft Corporation

SumTotal Systems, LLC

_

_

_

SumTotal Systems, LLC provides integrated human resources solutions to customers worldwide.

Aug-14

Volition Capital; Riverfront Ventures; Blue Cloud Ventures; Birchmere Ventures; Rincon VentureLLP Partners KPMG

The Resumator

15.0

_

_

The Resumator is a web-based recruiting and hiring software company.

AXIA Consulting, LLC., Workday Consulting Practice

_

_

_

Workday Consulting Practice of AXIA Consulting comprises enteriprise cloud applications for finance and human capital management.

Aug-14

Beeline International Company (Adecco)

OnForce, Inc.

_

_

_

OnForce, Inc. develops and operates a SaaS online marketplace that enables enterprises to hire IT service professionals for on-site technology support.

Aug-14

Intuit Inc. (NasdaqGS:INTU)

PaySuite Limited

_

_

_

PaySuite Limited develops a cloud and browser based payroll software solution for small-medium businesses, and accountants and bookkeepers in the United Kingdom.

Aug-14

Birchmere Ventures; Innovation Works

Hireku Inc.

15.0

_

_

Hireku Inc., doing business as The Resumator, develops recruiting software.

Aug-14

Bullhorn, Inc.

The Code Works Inc.

_

_

_

Aug-14

Qumra Capital; Bessemer Venture Partners; Accel

Fiverr

30.0

_

_

The Code Works Inc. develops and offers a cloud-based software product that integrates corporate procurement and vendor management systems (VMS) like SAP’s Fieldglass with CRM systems. Fiverr is a global online marketplace offering tasks and services.

Jul-14

Undisclosed

Zebra Strategic Holdings Limited

11.4

0.8x

_

Zebra Strategic Holdings Limited, an investment holding company, provides executive/staff search services and other human resources support services.

Jul-14

SilkRoad Technology Inc.

14.0

_

_

SilkRoad Technology provided end-to-end HR software solutions.

Jul-14

Tenaya Capital; Azure Capital Partners; Intel Capital; Foundation Capital Randstad (Innovation Fund)

twago

_

_

_

Twago is an online marketplace for freelance work.

Jul-14

Pamlico Capital

DayNine Consulting, Inc.

_

_

_

Jul-14

Foundation Capital; IDG Ventures SF; City National Bank, Investment Arm

Simply Hired, Inc.

12.0

_

_

DayNine Consulting, Inc. provides workday enterprise services for deploying and optimizing Workday human capital management, Workday payroll, and Workday financial management in organizations worldwide. Simply Hired, Inc. builds and operates a job search engine on the Web.

Aug-14

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology Date

PAGE 36

Buyer / Investor

Target / Issuer

Jun-14

Paychex, Inc. (NasdaqGS:PAYX)

NETtime Solutions, LLC

_

_

_

NETtime Solutions, LLC develops cloud-based solutions for employ time and attendance management applications.

Jun-14

OpenView Venture Partners

Smashfly Technologies Inc

_

_

_

Jun-14

LLR Partners Inc.

Aasonn, LLC

20.0

_

_

Smashfly Technologies Inc. operates a SaaS based recruitment-marketing platform that helps corporate recruiting organizations and recruitment process outsourcing companies to centralize their recruiting operations. VSN offers engineer dispatching services to information technology, mechatronics and electronics.

Jun-14

Moelis Capital Partners LLC

MC2 Consulting Services, Inc.

_

_

_

MC2 Consulting Services, Inc. provides timekeeping solutions to the payroll industry.

May-14

Jobaline.com

7.0

_

_

Joblaine is the largest mobile and bilingual jobs marketplace.

May-14

Founders Co-op; Madrona Venture Group; Rude Gadre, Trilogy Equity Partners Ringier AG

JobCloud AG

66.0

_

_

JobCloud AG owns and operates online job portals in Switzerland.

May-14

Silver Oak Services Partners, LLC

iSystems, LLC

_

_

_

iSystems, LLC develops payroll, tax, and HR software for the payroll service bureau market and other financial services providers in the United States.

May-14

Govtech Fund

SeamlessDocs

1.3

_

_

SeamlessDocs specializes in digitalizing and automating business and government forms.

Apr-14

Bluestone Global Limited (ASX:BUE)

Freelance Workforce Services Pty. Ltd.

_

_

_

Freelance Workforce Services Pty. Ltd. provides workforce management services to the corporate and individual contractor markets.

Apr-14

Warburg Pincus LLC; Matrix Partners China

Liepin.com

70.0

_

_

Liepin.com is China's leading internet-based recruitment service providere.

Mar-14

Dice Holdings, Inc. (NYSE:DHX)

Oilcareers Ltd.

26.0

3.3x

_

Oilcareers Ltd. provides recruitment and career related services to the Oil & Gas Industry.

Mar-14

Randstad (Innovation Fund)

Gigwalk

_

_

_

Gigwalk enables consumer brands and retailers to track and improve retail execution via a network of mobile-enabled independent contractors.

Feb-14

LinkedIn Corporation

Bright Media Corporation, Inc.

120.0

_

_

Bright Medica Corporation, Inc. owns and operates Bright.com, an online job search portal.

Feb-14

Workday, Inc.

Identified, Inc.

_

_

_

Identified, Inc. operates a web based social job searching network.

Feb-14

Monster Worldwide, Inc.

TalentBin, Inc.

_

_

_

TalentBin, Inc. operates a talent search engine to find candidates.

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Technology Date

PAGE 37

Buyer / Investor

Target / Issuer

Feb-14

Monster Worldwide, Inc.

Gozaik LLC

_

_

_

Gozaik LLC develops social jobs aggregation and distribution technology.

Feb-14

Kleiner Perkins Caufield & Byers; General Catalyst Partners

Switchboard Labs, Inc.

_

_

_

Switchboard Labs, Inc. owns and operates a website through which it offers payroll management services.

Feb-14

Spiceworks, Inc.

_

_

_

Spiceworks, Inc. provides social business application solutions to connect information technology professionals with each other and the tech vendors who they buy from.

Jan-14

Austin Ventures; Goldman Sachs Group, Merchant Banking Division IQNavigator, Inc.

ProcureStaff Technologies, Ltd.

_

_

_

ProcureStaff Technologies, Ltd. provides a vendor management system that allows business enterprises to manage various categories of services spend.

Jan-14

Infor

PeopleAnswers

200.0

_

_

PeopleAnswers provides could-based assessment science platform for hiring.

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Outsourcing Date

PAGE 38

Buyer / Investor

Target / Issuer

Dec-14

Catalyst Investors

Ascentis Corporation

_

_

_

Ascentis Corporation provides human resources management software and online payroll processing services.

Dec-14

Marsh & McLennan Companies Inc.

Denarius SA

_

_

_

Denarius SA is a consulting firm based in Chile focusing on compensation, benefits survey and information products.

Oct-14

Investcorp Bank B.S.C.; Bahrain Mumtalakat Holding Company

PRO Unlimited

300.0

_

_

PRO Unlimited, Inc. develops contingent workforce management solutions for Global and Fortune 500 companies worldwide.

Sep-14

Sage Group plc (LSE:SGE)

PAI Group, Inc.

157.8

4.1x

_

PAI Group, Inc. offers payroll, HR, tax filing and time and attendance keeping software and services to business enterprises.

Aug-14

FleetCor Technologies Inc.

Comdata Network Inc.

3,399.7

5.85x

_

Comdata Inc. is business-to-business provider of innovative electronic payment solutions. It provides fleet, virtual card, and gift card solutions.

Aug-14

MSX International

IQNavigator MSP Division

_

_

_

Aug-14

WageWorks Inc.

CONEXIS, a division of WageWorks, Inc.

118.0

24.0x

_

IQNavigator, Inc. provides non-employee workforce management solutions to Global 2000 companies. Its MSP division was combined with MSX International to form Geometric Results Incorporated. CONEXIS, a division of WageWorks, Inc. provides benefits administration services.

Jul-14

Ascentis Corporation

Starfield TMS, LLC

_

_

_

Starfield TMS, LLC is a leading provider of talent management solutions.

Jun-14

Raymond James & Associates

Paycor Inc.

110.0

_

_

Paycor Inc. provides cloud-based human resource, payroll, and timekeeping software.

Jun-14

Paychex, Inc.

NETtime Solutions LLC

_

_

_

NETtime Solutions LLC is a leading cloud-based time and attendance solutions provider.

May-14

Zenefits Insurance Services

66.5

_

_

Zenefits Insurance Services provides payroll and benefits management, human resource, and insurance brokerage services.

May-14

Institutional Venture Partners; Triple Point Investment Management LLP; Andreessen Horowitz Silver OakLLC Sesrvices Partners, LLC

iSystems, LLC

_

_

_

iSystems LLC is Software as a Service provider of payroll, tax and HR management software for service bureaus.

Apr-14

Radius/Nair

High Street Partners, Inc.

_

_

_

High Street Partners, Inc. provides international business consulting services.

Apr-14

Bond International Software plc (AIM:BDI)

Eurowage Limited

22.7

5.8x

_

Eurowage Limited, doing business as FMP Europe, provides international payroll and HR services to organizations expanding into new countries.

Apr-14

Great Hill Partners, LLC

bswift, LLC

51.0

_

_

bswift, LLC offers software and services that streamline benefits, HR, and payroll administration for employers, brokers, and public and private exchanges in the United States.

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

HR Outsourcing Date

PAGE 39

Buyer / Investor

Target / Issuer

Mar-14

Morneau Shepell Inc. (TSX:MSI)

Groupe AST

28.9

1.6x

_

Groupe AST provides human resources, occupational health and safety, and time management solutions for the employers in Canada.

Feb-14

The Blackstone Group L.P. (NYSE:BX); GIC Pte. Ltd.

Kronos Incorporated

750.0

_

_

Kronos Incorporated provides workforce management solutions in cloud to businesses, schools, governments, and healthcare providers in the United States and internationally.

Feb-14

Norwest Venture Partners; AccelKKR LLC

RiseSmart

11.0

_

_

RiseSmart, Inc. provides outplacement and career transition services and solutions.

Jan-14

Venrock; Maverick Capital, Ltd.; Andreessen Horowitz LLC

Zenefits Insurance Services

17.1

_

_

Zenefits Insurance Services provides payroll and benefits management, human resource, and insurance brokerage services.

DELANCEY STREET

Transaction Details Revenue EBITDA ($ in mm) Multiple Multiple Size

Business Description

HUMAN CAPITAL TECHNOLOGY & SERVICES

Notes & Disclosures

Notes & Disclosures

PAGE 41

Financial Terminology -

EBITDA: Earnings Before Interest, Taxes, Depreciation and Amortization EPS: Earnings Per Share LTM: Last Twelve Months NA: Not Applicable NM: Not Meaningful PE: Price to Earnings Multiple Enterprise Value: Market value of equity plus total debt (including capitalized leases) plus preferred stock at book value minus cash and short-term investments.

Disclosures The financial data and other information in DSP’s Human Capital Markets Quarterly is derived from Capital IQ, company SEC filings and news releases and other news sources. We believe the information obtained from these sources is reliable, but we do not guarantee that the information herein is accurate or complete. This quarterly was prepared by Delancey Street Partners, LLC and is for informational purposes only. This material is not a research report and should not be interpreted as such, or used in any way as the basis for making investment decisions of any kind. This report shall not constitute an offer to sell or the solicitation of any offer to buy any of the securities mentioned herein; past performance does not guarantee future results. Any performance mentioned does not include transaction fees and costs which would reduce an investor’s return. Securities offered through SSG Capital Advisors, LLC Member SIPC | Member FINRA  2014 Delancey Street Partners, LLC

DELANCEY STREET

HUMAN CAPITAL TECHNOLOGY & SERVICES

About Delancey Street Partners & Delancey Street Capital Partners

About Delancey Street Partners & Delancey Street Capital Partners AStreet BOUT Partners DELANCEY STREET PARTNERS About Delancey (DSP) Delancey Street Partners is an independent, industry-focused investment bank. We serve CEOs, Entrepreneurs, Shareholders and Boards of Directors of high growth and middle market private and public companies. Our services include strategic advisory, capital raising and independent board advice. We advise on sell-side and buy-side M&A, growth capital, recapitalizations and strategic evaluations. Our focus sectors include Business & Technology Services, Healthcare Services, Industrial & Industrial Technology and Consumer. We form long-term partnerships with our clients and each engagement is managed by senior professionals with years of industry experience.

ABOUTStreet DELANCEY STREET (DSCP) CAPITAL PARTNERS About Delancey Capital Partners Through Delancey Street Capital Partners, our merchant banking group, we contribute to, and align ourselves with, our client’s success. We complement our advisory expertise with principal investing experience within industry sectors we know and understand extremely well. We provide growth capital to partner clients and manage broader strategic fund-raising initiatives as well as provide additional strategic advisory services at critical inflection points for our clients.

CAPABILITIES Provide investment and merchant banking services to high growth and middle market public and private companies within focused industry sectors Investment Banking

Merchant Banking

Sell-Side & Buy-Side M&A

Growth & Expansion Capital

Partnering with our clients to achieve long-term objectives

Recapitalizations

DSCP proprietary capital

Strategic Evaluations

Focused capital raises

Fairness Opinions

Strategic advisor to management and board

DELANCEY STREET

PAGE 43

BUSINESS, TECHNOLOGY & HEALTHCARE SERVICES ■ Human Capital Services ■ Financial Technology ■ Business Services

& Payments

■ Healthcare Services

■ Marketing Services

■ Technology & Software

■ Education ■ IT Services

DSP SENIOR LEADERSHIP William J. Filip

B. Andrew Schmucker

Managing Director

Managing Partner

484.533.6312

484.533.6313

[emailprotected] [emailprotected] Patrick E. Dolan

David K. Allebach

Managing Director

Vice President

484.533.6311

484.533.6315

[emailprotected]

[emailprotected]

Five Tower Bridge, Suite 420 300 Barr Harbor Drive West Conschohocken, PA 19428

HUMAN CAPITAL TECHNOLOGY & SERVICES

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