Evercore Investment Banking Pitch Book
Appendix
Selected Precedent Transactions -Education Technology
Date
Announced
8/16/11 Renaissance Learning
7/1/11 Blackboard
5/19/11 Kaplan Virtual Education (K-12 Assets)
4/26/11
Schoolnet
1/18/11
Tutorvista
Presidium Inc.
1/12/11
1/5/11
12/16/10
11/22/10 Wireless Generation
11/16/10 Administrative Assistants
11/2/10
9/1/10
8/3/10
7/2/10
7/1/10
6/10/10
5/14/10
3/25/10
5/1/09
4/3/09
5/14/07
10/12/05
GeoLeaming
GlobalScholar
American Ed Corp
Learn.com
America's Choice
Wimba
Target
KC Distance Leaming
EducationCity
Elluminate
PLATO Leaming
ANGEL Leaming
Sum Total Systems
eCollege
WebCT, Inc.
Source: SDC, Company Slings, CapitallQ
EVERCORE PARTNERS
Permita
Providence Equity
K12
Pearson
Pearson
Blackboard
Sum Total
Harland Clarke Holdings Corp.
News Corp
Pearson
K12
Taleo
Pearson
Blackboard
K12
Acquiror
Archipelago Learning
Blackboard
Thoma Bravo
Blackboard
Vista Equity
Pearson
Blackboard
8
TEV
$433
$1,755
Mean
Median
Max
Min
NA
230
215
59
NA
140
400
NA
ΝΑ
135
80
60
63
87
60
115
95
117
513
148
Confidential
TEV/LFQ
ΝΑ
NA
1.7
NA
NA
1.8
ΝΑ
1.0
9.4
NA
($ in millions)
Revenue EBITDA
3.2x
3.6
NA
NA
NA
NA
NA
NA
ΝΑ
NA
NA
4.8
3.6x
3.2
9.4
1.0
10.9x
20.1
ΝΑ
NA
NA
NA
NA
NA
ΝΑ
NA
NA
ΝΑ
ΝΑ
NA
NA
12.1
ΝΑ
7.8
NA
15.1
27.5
NA
15.6x
13.6
27.5
7.8View entire presentation