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About January 2014

Strategy

Investments

Team

News

Research

VSS 2013 Activity: ear in Review


Veronis Suhler Stevenson (VSS) was very active in 2013 investing in four businesses: Tho sons !nline "enefits# $ast % $rew# &T'(rnity# an) *avtech+ ,e also e-ite) two invest ents: Syste !ne an) .ostway# an) continue) to e-ecute our a))'on ac/uisition strategy+ 0eca1itali2ations inclu)e) Strata# Trover# T34 ,orl)wi)e# San)ow# an) &nfobase 5earning+ Tab!e o" #ontents 1+ &nvest ents 2+ 0eali2e) &nvest ents 3+ 6))'ons 4+ 0eca1itali2ations 7+ 4ortfolio $o 1any *ews

About VSS
Veronis Suhler Stevenson is a lea)ing 1rivate invest ent fir that invests in the infor ation# business services# healthcare &T# e)ucation# e)ia an) ar:eting services in)ustries in *orth 6 erica an) (uro1e+ VSS 1rovi)es ca1ital for buyouts# reca1itali2ations# growth financings an) strategic ac/uisitions to lower i))le ar:et co 1anies an) anage ent tea s with the goal of buil)ing co 1anies organically as well as through a focuse) a))'on ac/uisition 1rogra + VSS a:es 1rivately'negotiate) invest ents across the ca1ital structure an) has the ability to invest in situations re/uiring control an) non'control e/uity# e22anine securities an) structure) e/uity securities+ Since 1;<=# VSS has anage) si- 1rivate

Investments:

Tho sons !nline "enefits is a benefits anage ent software'as'a' service (SaaS) co 1any with 2809 )e1loy ents worl)wi)e+ The co 1any offers a co 1lete benefits an) 1ension a) inistration wor:flow an) re1orting clou)'base) 1ro)uct# together with value benefits consulting services+ $o 1any !verview

$ast % $rew is a lea)ing 1rovi)er of technology'enable) 1ayroll an) relate) business 1rocess outsourcing ("4!) services in the fil # television# live entertain ent an) co ercial 1ro)uction ar:ets in *orth 6 erica+ $o 1any !verview

invest ent fun)s with aggregate initial ca1ital co it ents totaling over @3 billion inclu)ing four e/uity fun)s an) two structure) ca1ital fun)s+ To )ate# VSS fun)s have investe) in =4 1latfor co 1anies# which have together co 1lete) over 330 a))'on ac/uisitions+ The co 1any>s website is www+vss+co +

&T'(rnity is the thir) largest 1rovi)er of clou) an) anage)'base) hosting in the *etherlan)s+ The co 1any>s 1ro)ucts an) services serve a variety of businesses# with a focus towar)s s all'to' e)iu si2e) business (S3"s)+ $o 1any !verview +

Investment #riteria
In%ustry Vertica!s: A &nfor ation A "usiness Services A .ealthcare &T A ()ucation A 3e)ia % 3ar:eting Services Investment Si$e: A ("&TB6 of @7 ' @27 A &nvest ent of @17 ' @70 VSS #a&ita! '""erings: A 3e22anine Bebt A Subor)inate) Bebt A 4referre)CSenior (/uity A $o on (/uity Transaction Ty&es: A 0efinancings A 6c/uisitions A Bivi)en) 0eca1itali2ations A Drowth $a1ital A 5everage) "uyouts VSS welco es transaction o11ortunities re/uiring buyout an) growth e/uity# )ebt

*avtech is a global lea)er in flight o1erations software an) tools for the co ercial aviation in)ustry+ The co 1any is one of only three businesses with a co 1rehensive aviation charts 1ortfolio an) navigation )ata 1latfor + $o 1any !verview "6$? T! T!4

Rea!i$e% Investments:

VSS e-ite) its invest ent in Syste !ne# a 1rovi)er of anage) staffing an) technical outsourcing solutions to i 1rove 1ro)uctivity+ Syste !ne s1eciali2es in the energy# engineering# infor ation# technology# co ercial an) scientific sectors+

VSS e-ite) its invest ent in .ostway# a lea)er in clou)# anage)# web an) hybri) hosting+ .ostway )elivers reliable# secure an) scalable infrastructure'as'a'service (laaS) solutions to over 700#000 custo ers worl)wi)e+ View 4ress 0elease "6$? T! T!4

refinancings an) reca1itali2ations an) other fle-ible financing solutions+

#ontact VSS

A%%(ons:
Ta- $re)it $o+# a national 1rovi)er of ta- incentive consulting# a) inistration an) technology# serving clients ranging fro s all businesses to Eortune 100 co 1anies# ac/uire) &ncentive 6)visors+ &T'(rnity ac/uire) Signet# which 1rovi)es internet access an) networ:ing ca1abilities (Fconnectivity>)# in a))ition to tele1hony# anage) clou) servers# )o ain registration# share) hosting# colocation e ail# an) bac:u1 services+ Signet has the largest networ: coverage in The *etherlan)s+ 3ar:et Strategies &nternational# a full'service ar:et research an) consulting fir with e-tensive e-1erience in the co unications# energy# financial services# healthcare# an) technology sectors# ac/uire) $ogent 0esearch+ View 4ress 0elease Southern Theatres ac/uire) 3ovie Tavern to beco e the <th largest circuit of ovie theatres in the Gnite) States+ 3ovie Tavern is one of the largest )ine'in cine a chains with 131 all')igital screens at 18 locations in seven states+ View 4ress 0elease (bi/uity ac/uire) Stratigent# re1resenting a significant ste1 into ar:eting 1erfor ance o1ti i2ation in the Gnite) States ar:et+ Stratigent is a GS' base) ulti'channel analytics 1rovi)er that hel1s its clients to easure an) o1ti i2e their consu er co unications an) engage ent# 1re)o inately focuse) on >owne)> channels+ 5earning 6'H# a $a biu 5earning co 1any ac/uire) .ea)s1rout# a )evelo1er of the 3i io0ea)ing classroo suite+ View 4ress 0elease "6$? T! T!4

Reca&ita!i$ations:
VSS reca1itali2e): Strata# Trover# T34 ,orl)wi)e# San)ow# an) &nfobase 5earning an) a)e )istributions+

Strata is a 1ioneer an) lea)er in )evelo1 ent of innovative SaaS'base) solutions for financial an) business analytics an) )ecision su11ort for the healthcare in)ustry+ Trover is a lea)ing in)e1en)ent 1rovi)er of outsource) insurance subrogation# clai s recovery an) cost contain ent solutions for the healthcare 1ayor an) 1ro1erty an) casualty in)ustries+ T34 ,orl)wi)e is a global# technology enable) talent ac/uisition co 1any that leverages software# a)vertising an) creativity to )evelo1 an) )e1loy clients> e 1loyer bran)s across )igital# social an) obile 1latfor s connecting can)i)ates an) e 1loyers+ San)ow is a lea)er in buil)ing utli'1latfor bran)s that infor # ins1ire an) engage highly covete) consu er an) business au)iences+ &nfobase 5earning co 1lete) a )ivi)en) reca1itali2ation an) VSS a)e a )istribution+ &nfobase 5earning is an e)ucational solutions co 1any 1rovi)ing awar)'winning )igital reference content to the school an) library co unity+ "6$? T! T!4

)ort"o!io #om&any News:


&n I2# San)ow announce) the sale of Eurniture To)ay 3e)ia Drou1 to ET .ol)ings# 55$+ San)ow 1urchase) the Eurniture To)ay 3e)ia Drou1 in 2010+ San)ow is a lea)er in buil)ing ulti'1latfor bran)s that infor # ins1ire an) engage highly covete) consu er an) business au)iences+ View 4ress 0elease &n I2# 6)vanstar co 1lete) a refinancing which e-ten)e) the aturity of its )ebt fro 2014 to 201;+ 6)vanstar is a lea)ing event an) ar:eting services co 1any that serves business 1rofessionals an) consu ers in the fashion# licensing# life sciences# an) 1ower s1orts in)ustries+The new ca1ital consiste) of @4=7 illion in ter loan )ebt an) a @;7 illion 1referre) e/uity tranche+ &n I3# 6)vanstar an) "alluun Joine) forces# erging 6)vanstar>s innovative FSho1 the EloorF offerings with "alluun>s 1owerful software 1latfor + "alluun is the lea)er in 1rovi)ing 1atente) technology solutions for tra)eshows that facilitate# anage# an) buil) wholesale co erce for buyers an) sellers worl)wi)e an) across in)ustries+ View 4ress 0elease &n I4# 3ar:et Strategies &nternational sol) )ata an) analytics co 1any 5in: 6nalytics 55$ to ?43D+ "6$? T! T!4