TECHNOLOGY M&A

Market review and trends

TMT SECTOR THEMES

TABLE OF CONTENTS

J.P. Morgan highlights 1

Technology M&A market highlights 3

Sector M&A themes 4

IPO markets impacting M&A 5

Robust M&A multiples and healthy premiums paid 6

Ongoing activist pressure: Activist tactics continue to evolve as

landscape shifts 7

J.P. Morgan leadership across large and mid-cap clients 8

Appendix Technology M&A transactions in 2016 9

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 Technology M&A |1

J.P. Morgan highlights

J.P. Morgan leadership since Technology M&A pickup in 2013

20132016 Global Technology deals announced, by volume 20152016 Global Technology deals announced, by volume
Rank Advisor Volume ($bn) % share Rank Advisor Volume ($bn) % share
1 Goldman Sachs 515 34% 1 Goldman Sachs 410 39%

2 J.P. Morgan 443 29% 2 J.P. Morgan 351 33%

3 Morgan Stanley 362 24% 3 Morgan Stanley 291 27%

4 Credit Suisse 353 23% 4 Credit Suisse 282 27%

5 Bank of America Merrill Lynch 327 22% 5 Bank of America Merrill Lynch 252 24%

6 Barclays 303 20% 6 Barclays 237 22%

7 Deutsche Bank 255 17% 7 Citi 189 18%

8 Citi 242 16% 8 Evercore Partners 189 18%

9 Evercore Partners 217 14% 9 Deutsche Bank 171 16%

10 UBS 186 12% 10 UBS 154 15%

11 Centerview Partners 182 12% 11 Centerview Partners 139 13%

12 Qatalyst Partners 178 12% 12 Qatalyst Partners 129 12%

Top 30 transactions breakdown1

18
16

10

Buy-sides: 9 6 3 0
Sell-sides: 9 10 7 6

Sources: Dealogic as of December 31, 2016, company filings, press releases

1
Based on top 30 transactions of 20152016

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2 | Technology M&A

J.P. Morgan highlights

Delivering the highest premiums in technology sell-sides

Sell-side premiums, 201320161

50%

43%
41% 41%

37% 37%
34%

30%

1-day 1-month 1-day 1-month 1-day 1-month 1-day 1-month

Sources: Dealogic as of December 31, 2016, company filings, press releases

1
Includes technology sell-side transactions with deal value greater than $500mm involving a U.S. public target between January 1, 2013 to December 31, 2016; Premium calculated based on
offer price at announcement compared to the 1-day and 1-month unaffected pre-announcement trading price

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 Technology M&A |3

Technology M&A market highlights

Global M&A activity remained strong in 2016, driven primarily by broad based CEO and board confidence, the need for earnings growth
and scale, strong cash reserves, deep debt capital markets, healthy stock valuations and strong investor permissioning. While 2016
M&A volume of $3.9 trillion was down 18%, it remained in line with the third best year on record, despite a nearly 40% decrease in
the number of deals of $10 billion or greater. Cross-border transactions remained a feature of the market, accounting for a growing
percentage of the market at 36% of overall volume, up from 31% in 2015.
Technology M&A was the most active sector despite lower overall M&A activity, with volumes of $481 billion, down 21% year-over-year.
For the second straight year, technology M&A represented 13% of total M&A, equaling the record-high percentage set in 2015. A number
of large deals defined the year for technology M&A with six deals of greater than $10 billion announced, keeping pace with 2015, while
transactions greater than $1 billion increased 18%. Technology cross-border transaction volume climbed 119% in 2016 as companies
sought diversification and entry into both stable and growth markets. Consistent with the broader M&A market, the United States
technology market posted the strongest performance, contributing 69% of global technology M&A volume.
With an improving outlook, we expect healthy technology M&A activity in 2017, driven by the need to drive revenue and earnings
in what is expected to be a low GDP growth environment, consolidation pressures, large corporate cash balances, expectations for
favorable tax reform, growing appetite of financial buyers, continued access to capital at historically low rates and the established role of
activist investors.

Technology M&A deal volume ($bn) Key drivers

U.S. Non-U.S. 1. Capture the cloud by strategics

$611

$481

2. Sponsors: growth oriented approach

$246
$192 $462
$156 $172 $333
$136
$130
$137 $152 $180 3. Sponsors: traditional buyout
$75 $105 $100

2009 2010 2011 2012 2013 2014 2015 2016

U.S. #
of deals1: 81 135 153 133 121 178 207 170
4. Consolidation among low growth technology sectors
U.S.
median
premium2: 43% 33% 41% 38% 46% 32% 30% 36%
Services

2016 sector breakdown3 5. Activists catalyzing actions

Semis Systems
21% 13%

Technology as % of global M&A volume: 6. Corporate carve-outs/spins

13% (versus 13% in 2015)
Internet
20% Software
33%
Services
13% 7. Cross-border consolidation, particularly from China
Financial
Source: Dealogic as of December 31, 2016, includes rank eligible deals greater than $10mm consortium4
1
Includes rank eligible deals greater than $100mm with final stake greater than 90%
2
1-month premiums, deals greater than $100mm
3
Includes rank eligible deals greater than $300mm
4
Includes JAC Capital and Wise Road Capital

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4 | Technology M&A

Sector M&A themes

Select transactions
# of Deal
transactions value
over $300mm Acquirer Target ($bn) Themes and focus areas

$9.2 Cloud, Data and Security remain driving pillars of disruption,

innovation and investment
$8.8 M&A driven by need to buy growth, consolidation, convergence and
Software

79 activist pressure
$4.7 Large enterprise software players expected to remain aggressive
Sponsors to continue both traditional buyouts and the new
$2.8 growth game

$8.8 Commoditization and adoption of hybrid cloud pressuring Original

Equipment Manufacturers, driving increased consolidation
Software differentiation increasingly viewed as critical to successful
$6.0
Systems

positioning and driving premium valuation

35
Portfolio optimization continues given continued challenges with
$3.6
IT spend
Optimism around potential US tax reform in light of large trapped
$2.6 cash balances
Technology Solutions

$28.1 Activity driven by a handful of large transactions

Increasing pace of convergence, with non-technology buyers
$4.8 acquiring sector disrupters (e.g., Walmart/Jet.com, Unilever/Dollar
Internet

30 Shave Club)
$3.3 Asian buyers, with several mid-cap acquisitions, largely focused on
capturing multiple arbitrage
$0.8 Expectations for major platforms to pursue M&A following IPOs

$3.1 Scarcity of strategic assets resulting in robust valuations

Services
Economies of scale promoting larger consolidation transactions
$2.9
Services

Potential disruption from high-growth creative competitors and

28
new business models (i.e., Adyen, Stripe)
$2.3
Differentiated capabilities (e.g., digital services, technology-
$1.1 focused distribution channels, etc.) driving interest of buyers

$46.9 Massive consolidation wave driven by underlying trends of scale,

diversification and fewer growth markets
$33.5 Significant value creation through optimizing research &
Semis

27 development investment and rationalizing costs

$12.9 Significant cross-border interest in the U.S.
2017 activity to be primarily driven by mid-cap consolidation, but
$3.2 with expectations for select mega mergers

Source: Dealogic as of December 31, 2016, includes rank eligible deals greater than $300mm where final stake > 80%

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 Technology M&A |5

IPO markets impacting M&A

Broader market volatility impacted technology IPO volume in 2016. The technology IPO market saw reduced volume with $4 billion
raised, down 63% year-over-year. While 2016 IPOs delivered double the market return and private funding was robust, both markets
remained very selective. This selectivity led private companies to aggressively explore and entertain M&A, driving up the number of
technology private M&A exits. While we expect the IPO market to be more active in 2017, we expect M&A to remain a highly competitive
exit alternative, driving dual-track approaches into even higher focus.

IPO markets have been selective in assigning premium valuations

Enterprise value/1-year forward revenue1

At pricing Filing range
multiple multiple

5.4x 5.2x
3.9x
3.4x
3.1x

IPO date: October 5, 2016 October 27, 2016 June 22, 2016 July 28, 2016 September 22, 2016
1-year forward
revenue ($mm): $158 $157 $314 $130 $183
1-year forward
revenue growth: 28% 33% 29% 30% 18%

Availability of private nancing has contributed to a slow down in public exits

Number of $500mm+ technology M&A exits

Number of $500mm+ technology IPOs1 14
20
33
Number of $500mm+ technology private deals

42
43 38
29
21 19 20 105 101
9 12 14 90
7 20
3 3 13 29
3 2 5 10 17

2008 2009 2010 2011 2012 2013 2014 2015 2016

Sources: Dealogic, Renaissance Capital LLC, company filings and FactSet

1
Includes global technology IPOs where company market capitalization >$500mm

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6 | Technology M&A

Robust M&A multiples and healthy premiums paid

Technology premiums remain healthy with buyers seeking growth and strategic repositioning amid an improving but still uncertain
macro environment. Massive disruption continues to drive technology incumbents, non-technology buyers, international buyers and
financial sponsors to pay healthy multiples for technology assets. Premiums in technology were better than what we saw in 2015 and
exceeded trends observed across other industries.

Technology premiums remain healthy1 Premium assets continue to draw outsized premiums

U.S. technology U.S. all industries 1-month premium

46%

70% 67%
36% 63% 59% 55% 51%
33%
32%
30% 29%
28%
25%

Acquirer/
target:

Announcement May 31, April 18, June 1, Nov 20, June 13, May 2,
date: 2016 2016 2016 2016 2016 2016

1-year forward
25% 22% 26% 12% 20% 12%
revenue growth:

2013 2014 2015 2016

Strong nancial sponsor activity in technology, led by software take privates

Global financial sponsor technology M&A activity ($bn)

In addition to traditional investing, private equity funds continue to explore alternative paths
to deploy capital, including taking minority stakes and investing in private and public entities to $245
support both organic and inorganic activity
Technology financial sponsor M&A was down 36% in volume versus 2015, down 13% when $157
adjusted to exclude the privatization of EMC
$95 $89
Technology represented 20% of all sponsor M&A activity vs 24% in 2015
Notable buyouts were Dell Software (Francisco/Elliott), Qlik Technologies (Thoma Bravo),
Marketo (Vista), Epicor (KKR) and Optiv (KKR)
2013 2014 2015 2016

Cloud/Apps Vertical software Security Legacy software Infrastructure Communication Big data analytics

# software transactions 11 10 7 6 4 3 2

# strategic 8 8 3 4 4 3 1

Mean FV/Rev 1-yr fwd 7.1x 4.7x 4.0x 2.6x 4.8x 3.4x N/A

# sponsor 3 2 4 2 0 0 1

Mean FV/Rev 1-yr fwd 6.4x 2.6x 3.9x 3.7x N/A N/A 3.7x

Sources: Dealogic as of December 31, 2016, company filings and FactSet; includes rank eligible deals greater than $10mm
1
Represents median 1-month premiums for deals >$100mm involving a U.S. party

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 Technology M&A |7

Ongoing activist pressure: Activist tactics continue to evolve as landscape shifts

Spectrum of demands span across large caps but the focus

remains on restructuring and operations

Balance sheet campaigns are declining

Enhanced focus on pushing for sales/breakups at

mid-cap companies

Growth internationally given peak valuations and

diminishing vulnerability in the U.S.

Continue to campaign against M&A up 73% in 2016

versus 2015

Plateau in success of activist campaigns resulting in board seats

Activist campaigns resulting in settlement agreements1 Activist campaigns resulting in Board representation as a
% of completed campaigns1

At least 1 seat for activist

96 98

79 49% 53%
60%

51% 47%
40%

2014 2015 LTM 2016 2014 2015 Q1 Q3 2016

Sources: SharkRepellent, press articles, as of December 31, 2016

1
Represents the following campaign types: Board control and representation, enhance corporate governance, maximize shareholder value, remove director(s), remove officer(s) and vote/
activism against a merger

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8 | Technology M&A

J.P. Morgan leadership across large and mid-cap clients

Select J.P. Morgan Technology transactions

Pending Pending Pending Pending Pending Pending

$3.7bn $2.5bn $8.8bn $4.5bn $3.2bn $8.8bn

Acquired by Acquired Acquired by Acquired Acquired by Acquired

Software Business

Pending Pending Pending Pending January 2017 December 2016

$4.8bn $5.1bn $2.7bn $0.8bn $0.9bn $2.8bn

Operating Business
Acquired by Acquired Acquired by Acquired by Acquired by Acquired by

November 2016 October 2016 September 2016 September 2016 September 2016 August 2016
$3.0bn $3.6bn $3.3bn $1.2bn $65.7bn $1.0bn

Acquired Acquired by Acquired Acquired by Acquired Acquired

August 2016 August 2016 July 2016 July 2016 July 2016 June 2016
$9.8bn $4.7bn $1.0bn $6.2bn $9.1bn $23.3bn

Acquired by Acquired Acquired by Acquired by Acquired by Acquired

Europe

May 2016 April 2016 April 2016 April 2016 March 2016 March 2016
$18.2bn $4.5bn $1.9bn $3.6bn $1.4bn $5.8bn

Acquired Acquired by Acquired by Acquired Acquired Acquired

February 2016 February 2016 February 2016 January 2016 January 2016 January 2016
$36.6bn $4.5bn $5.8bn $7.4bn $2.2bn $1.9bn

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Hua
Capital

Source: Dealogic as of December 31, 2016

Note: Tombstones are ordered as of completion date with the exception of Pending deals

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 Technology M&A |9

Appendix Technology M&A transactions in 2016

Software transactions in 2016 (> $300mm)
Announcement date Target Acquirer Deal value ($mm)
12/8/16 3M (Identity Management Business) Gemalto 850
Fidelity National Information Services (SunGard Public
12/7/16 Vista Equity 850
Sector and Education unit)
12/6/16 IntraLinks Synchronoss Technologies 853
12/1/16 Automic CA Technologies 637
11/21/16 Dyn Oracle 650
11/20/16 Lifelock Symantec 2,513
11/14/16 Mentor Graphics Siemens 4,529
11/14/16 Amaya Private Investor 4,170
11/11/16 Digi International Belden 359
11/10/16 TubeMogul Adobe Systems 617
10/31/16 ConstructConnect Roper Technologies 632
10/26/16 Camp Systems International Hearst 2,000
10/21/16 Kroll Ontrack LDiscovery 410
10/3/16 Donnelley Financial Solutions Existing Shareholders 602
10/3/16 Krux Digital Salesforce.com 583
9/29/16 Safran Identity & Security Advent/Bpifrance 2,718
9/19/16 Infoblox Vista Equity 1,607
9/14/16 Meridium General Electric 366
9/12/16 Dell Technologies (Enterprise Content division) Open Text 1,620
9/8/16 Apigee Alphabet 614
9/7/16 Hewlett Packard Enterprise (Non-core software) Micro Focus 8,822
9/7/16 Beijing Haike Rongtong Pay Service Anhui Xinli 356
8/31/16 Interactive Intelligence Genesys Telecommunications Laboratories 1,442
8/9/16 Press Ganey EQT Partners 2,397
8/2/16 Beijing Topsec Guangdong Nanyang Cable Group 859
8/1/16 Fleetmatics Verizon 2,556
8/1/16 Quip Salesforce 582
7/28/16 NetSuite Oracle 9,464
7/27/16 EPIQ Systems Document Technologies/Harvest Partners 1,010
7/26/16 GetGo LogMeIn 1,803
7/22/16 Suzhou Haowu Information Technology Zhejiang Ming 360
7/21/16 VocaLink MasterCard 920
7/18/16 Opera Beijing Kunlun/Qihoo 360/Golden Brick Capital 575
7/13/16 Imprivata Thoma Bravo 546
7/8/16 AVG Technologies AVAST Software 1,433

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

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10 | Technology M&A

Appendix Technology M&A transactions in 2016

Software transactions in 2016 (> $300mm), continued
Announcement date Target Acquirer Deal value ($mm)
7/5/16 Epicor KKR 3,300
7/1/16 Intelligrated Honeywell 1,500
6/28/16 Change Healthcare McKesson 4,017
6/24/16 AutoForm Engineering Astorg 731
6/21/16 Dematic KION Group 3,250
6/21/16 Telogis Verizon Communications 900
6/20/16 HP (Customer Communications Management Assets) Open Text 315
6/20/16 Dell Software Francisco Partners/Elliott Management 2,400
6/14/16 DST Electronic Solutions Broadridge Financial Solutions 410
6/12/16 Blue Coat Symantec 4,650
6/7/16 AVG Technologies Avast 1,416
6/2/16 Qlik Thoma Bravo 2,986
6/1/16 Ping Vista Equity 600
6/1/16 Demandware Salesforce 2,857
5/31/16 Marketo Vista Equity 1,789
5/31/16 SciQuest Accel-KKR 486
5/23/16 Xura Siris Capital 661
5/18/16 inContact NICE Systems 944
5/3/16 IMS Health Quintiles Transnational 14,725
5/1/16 Opower Oracle 621
4/28/16 Textura Oracle 741
4/19/16 CSIdentity Experian 360
4/19/16 SintecMedia Francisco Partners 400
4/18/16 Cvent Vista Equity 1,647
4/18/16 Cegid Silver Lake/Altaone Capital 667
4/11/16 AssetMark Huatai Securities 768
4/1/16 Sitecore EQT Partners/Existing Management 1,136
3/24/16 Zibolan Network Technology Shenke Slide Bearing 323
3/23/16 Netsmart Technologies GI Partners/Allscripts Healthcare Solutions 950
3/22/16 Serena Software Micro Focus 540
3/8/16 eResearchTechnology-ERT Nordic Capital/Novo 1,800
3/7/16 CardConnect FinTech Acquisition 412
2/24/16 Xamarin Microsoft 400
2/22/16 Brightree ResMed 800
2/18/16 Lytx GTCR 500

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

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 Technology M&A | 11

Appendix Technology M&A transactions in 2016

Software transactions in 2016 (> $300mm), continued
Announcement date Target Acquirer Deal value ($mm)
2/18/16 Truven Health Analytics IBM 2,600
2/17/16 Jumei International Existing Management/Sequoia Capital China 478
2/15/16 Diligent Insight Venture Management 621
2/11/16 HealthPlan Services Wipro 460
2/3/16 Jasper Technologies Cisco 1,400
1/26/16 TransFirst Total System Services 3,406
1/25/16 CD-adapco Siemens 970
1/16/16 BOCOM Smart Network Beibu Gulf Tourism 453
1/8/16 Fangxin Technology Jiangsu Fengdong Thermal Technology 808

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

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12 | Technology M&A

Appendix Technology M&A transactions in 2016

Systems transactions in 2016 (> $300mm)
Announcement date Target Acquirer Deal value ($mm)
12/27/16 BORQS EarlyBird 303
12/15/16 Republic Conduit Nucor 335
12/6/16 Deltek Roper Technologies 2,800
11/29/16 Tecnocom Telecomunicaciones y Energia Indra Sistemas 338
11/21/16 Shenzhen Huaqiang Private Investor 612
11/14/16 Harman International Samsung Electronics 8,854
11/2/16 Brocade Broadcom 5,979
10/31/16 Japan Digital Laboratory JDL Giken 481
10/20/16 SGL GE Showa Denko 384
10/3/16 DirectCash Payments Cardtronics 457
9/21/16 ABB (High-Voltage Cable System business) NKT 934
9/20/16 DTS Tessera Technologies 944
9/19/16 Versum Materials (Materials Technologies business ) Existing Shareholders 3,032
9/19/16 Avnet Inc (Technology Solutions Business) Tech Data 2,593
9/12/16 Samsung Electronics (Printing business) Hewlett-Packard 1,050
8/31/16 Henan Yiteng New Energy Technology Der Future Science & Technology 307
8/26/16 Powertek Group Wuhan P&S Information Technology 395
8/2/16 Vertiv Platinum Equity 4,000
7/29/16 Beijing Pride New Energy Battery Technology Guangdong Dongfang Precision Science & Technology 713
7/28/16 Premier Farnell Avnet 1,139
7/26/16 VIZIO Leshi Internet Information & Technology Corp Beijing 2,000
7/25/16 Outerwall Apollo Global Management 1,499
6/7/16 Solar Quartz Technologies Anasazi Energy 530
5/24/16 Data Device TransDigm Group 1,000
5/18/16 Hunan Shenghua Technology Mianyang Fulin Precision Machining 470
5/18/16 Apical ARM 350
5/18/16 Microsoft (Phone business) FIH Mobile/HMD Global 350
5/9/16 Saft Groupe Total 1,207
4/19/16 Lexmark Apex Technology/Legend Capital/PAG Asia Capital 3,614
4/7/16 Alliance Fiber Optic Products Corning 310
3/30/16 Mitsumi Electric Minebea Co 372
3/11/16 Cruise Automation General Motors 1,000
3/2/16 Checkpoint Systems CCL Industries 443
2/29/16 Shenzhen OptimumNano Energy Shaanxi J&R Fire Protection 1,838
2/25/16 Greatwall Information Industry China Greatwall Computer Shenzhen 3,001

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

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 Technology M&A | 13

Appendix Technology M&A transactions in 2016

Internet transactions in 2016 (> $300mm)
Announcement date Target Acquirer Deal value ($mm)
12/30/16 Shenzhen Yunfang Network Technology Hubei Guochuang Hi-tech Material 547
12/20/16 Gracenote Nielsen 560
12/15/16 Hungryhouse Just Eat 304
11/23/16 Skyscanner Ctrip.com 1,772
11/7/16 Blue Nile Bain Capital 438
11/4/16 Liberty Expedia Existing Shareholders 2,487
10/18/16 ibibo MakeMyTrip 701
10/14/16 Grupa Allegro Cinven/Permira/Mid Europa Partners 3,253
8/29/16 IronPlanet Ritchie Bros Auctioneers 759
8/8/16 Jet.com Wal-Mart 3,300
8/1/16 Uber China Didi Chuxing 7,000
7/30/16 Playtika Chongqing New Century Cruise 4,588
7/25/16 CommerceHub Existing Shareholders 548
7/25/16 Yahoo! Verizon 5,484
7/19/16 Dollar Shave Club Unilever 1,000
7/1/16 Trader Thoma Bravo 1,216
6/23/16 Qunar Fortune Smart/Viking Global Investors/Ctrip.com 1,097
6/22/16 Blackbird Hypersonic Beijing Miteno 912
6/21/16 Supercell Tencent 8,600
6/13/16 LinkedIn Microsoft 28,120
6/7/16 Gocompare.com Existing Shareholders 435
6/3/16 Beijing Huanxiang Yueyou Internet Technology Dalian Zeus Entertainment 519
5/31/16 E-Commerce China Dangdang Existing Management 357
5/5/16 Zhaopin Existing Management/Sequoia China 999
4/28/16 Hotelbeds Cinven/CPPIB 1,347
4/14/16 Privalia Venta Directa vente-privee.com 567
4/4/16 OpenBet NYX Gaming Group 384
3/15/16 Jagex Shanghai Pintian/Shandong Hongda Mining 300
2/18/16 Gameloft Vivendi 519
1/28/16 Union Mobile Pay Qingdao Haili Metal One 855
1/21/16 SouFun Holdings Chongqing Wanli New Energy 2,460
1/7/16 Shanghai Perfect World Network Technology Perfect World Pictures 3,506

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14 | Technology M&A

Appendix Technology M&A transactions in 2016

Services transactions in 2016 (> $300mm)
Announcement date Target Acquirer Deal value ($mm)
12/15/16 Strato United Internet 628
12/14/16 Neustar Golden Gate Capital 2,852
12/6/16 Host Europe GoDaddy 1,799
11/10/16 Moneris Solutions Vantiv 425
10/20/16 Appirio Wipro 500
8/26/16 Rackspace Hosting Apollo Global Management 4,405
8/22/16 Language Line Teleperformance 1,522
8/8/16 Q9 Networks Bell Canada 512
7/11/16 Thomson Reuters (IP & Services business) Onex/Baring Private Equity Asia 3,550
6/20/16 Ausy Randstad 439
6/14/16 DST Systems Broadridge Financial 410
6/1/16 EGS Alorica 1,000
5/31/16 Tessi Pixel 412
5/24/16 Hewlett Packard Enterprise (Enterprise Services segment) Computer Sciences Corporation 8,273
5/19/16 Canberra Data Centres Infratil/Existing Management 812
4/15/16 J.D. Power & Associates XIO Group 1,100
3/28/16 Dell Services Nippon Telegraph & Telephone 3,055
3/21/16 Markit IHS 6,556
3/17/16 Shenzhen Pioneer Data Zhejiang Jinggong Science & Technology 805
3/7/16 CardConnect FinTech 438
2/22/16 Ravello Oracle 500
2/17/16 Ingram Micro Tianjin Tianhai 6,301
2/8/16 Engineering Ingegneria Informatica Apax Partners/Neuberger Berman 895
2/3/16 Kurion Veolia Environnement 350
Lockheed Martin (Information Systems & Global
1/26/16 Leidos 5,778
Solutions business)
1/26/16 TransFirst TSYS 2,350
1/20/16 Unify Atos 456
1/11/16 OPIS IHS 654

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

Confidential & Proprietary to JPMorgan Chase & Co. Not to be Copied or Distributed without the Express Written Permission of JPMorgan Chase & Co. 2017 JPMorgan Chase & Co.
All Rights Reserved.
 Technology M&A | 15

Appendix Technology M&A transactions in 2016

Semiconductor transactions in 2016 (> $300mm)
Announcement date Target Acquirer Deal value ($mm)
12/21/16 InvenSense TDK 1,109
12/1/16 Beijing Haowei Technology Ingenic Semiconductor 1,742
11/21/16 Applied Micro Circuits Macom 764
11/3/16 Carl Zeiss SMT ASML 1,112
11/3/16 Lattice Semiconductor Canyon Bridge Capital 1,287
10/27/16 NXP Qualcomm 46,990
10/24/16 Heptagon Micro Optics ams 855
9/22/16 Analogix Beijing Shanghai/China Integrated Circuit Industry 500
9/20/16 DTS Tessera 930
9/13/16 Intersil Renesas 3,219
8/17/16 SunEdison GlobalWafers 671
8/9/16 Nervana Intel 408
7/26/16 Linear Technology Analog Devices 14,764
7/18/16 ARM SoftBank Group 31,645
7/14/16 Cree (Wolfspeed Power & RF division) Infineon 850
6/15/16 Qlogic Cavium 1,409
6/15/16 Hermes Microvision ASML 2,852
6/13/16 NXP (Standard Products business) China Investment Corp/Wise Road Capital 2,750
5/26/16 Siliconware Precision Industries Advanced Semiconductor Engineering 3,316
5/13/16 AutoChips NavInfo 595
4/28/16 Broadcom Ltd (Wireless IoT business) Cypress Semiconductor 550
4/28/16 STATS ChipPAC Jiangsu Changjiang Electronics Technology 409
3/23/16 Microsemi (Component & packaging business ) Mercury Systems 300
3/2/16 Leaba Semiconductor Cisco 320
2/29/16 API Technologies JF Lehman & Co 306
2/23/16 Newport MKS Intruments 1,003
1/13/16 Atmel Microchip 3,568

Source: Dealogic as of 12/31/16, includes rank eligible deals greater than $300mm where final stake > 80%

Confidential & Proprietary to JPMorgan Chase & Co. Not to be Copied or Distributed without the Express Written Permission of JPMorgan Chase & Co. 2017 JPMorgan Chase & Co.
All Rights Reserved.