2017 Year-End Review

Highlights of the last 12 months include:

	6 New Platform Investments eTix, Hanson McClain, CardWorks, Institutional Cash Distributors, RedCard, and Trinity Partners
	5 Exits Three to strategic acquirers and two to financial acquirers
	14 Add-On Acquisitions at seven portfolio companies
	19 C-Suite Executives Recruited at 10 portfolio companies
	$1 Billion+ of Debt Financing at 12 portfolio companies

As we enter our 20th year, we continue to focus on our core tenets - collaboration with management teams to build leading-edge companies through the development of long-term investment theses and corporate strategies; the sourcing, execution and integration of acquisitions; optimization of human capital; and the build-out of corporate infrastructure and go-to-market strategies in our core financial services, healthcare services and business services sectors.

New Platforms

ICD provides treasury management software and solutions for corporations		HM is a registered investment advisor focused on the mass affluent		CardWorks is a leading credit card issuer and receivables servicer
eTix provides market leading ticketing software to a wide variety of venues with particular leadership in fairs, museums and mid-market entertainment verticals		RedCard is a leading provider of claims communications, payments and enrollment technology and solutions to healthcare payors, providers and members		Leading provider of commercialization strategy and analytics services helping life sciences companies bring products to market

Exits

Cayan is a leader in payment technology and services to a range of merchants and partners		Eliza provides data and analytics software and services to the healthcare community		Bracket is a clinical services provider to pharma to maximize data integrity and clinical trial outcomes

		Triad is a leading nuclear pharmacy with a national footprint			Bryant & Stratton College is a leading post-secondary institution of higher learning

Team

On the team front, Anthony Orazio has been promoted to Principal and Jill Aiello to Chief Financial Officer. Steven Bressler joined as Vice President from Varsity Healthcare and Riverside Partners. New Associates are Jack Doll from Berenson & Company; Tharald Fongaard from Strategy&; Nick Doering from L.E.K. Consulting; and Chris Vandershans from FT Partners. Andrew Wang joined as an Analyst.

Primary Investment Criteria

• Equity investments: $25 million to $200 million per transaction
• Total enterprise value: $35 million - $750 million
• Sector focus: Technology-enabled services and software models
      -    Financial services
      -    Healthcare services
      -    Business, information and technology services
• Common criteria:
      -    Recurring revenue streams
      -    High intellectual property content
      -    Information or software-based operations or products
      -    Density or route-based businesses
• Buy-and-builds:
      -    2/3's of our portfolio is highly acquisitive, averaging eight add-ons
           per company

We focus on sectors where we have substantial experience and expertise. Situations often involve complicated industry ecosystems and competitive dynamics, incomplete management teams and/or unique succession challenges; aggressive buy-and-build strategies; and disruptive technologies and first movers. Our experiences and resources allow us to move quickly and work closely with operators to understand complex situations and to optimally position and build businesses.

Thank you for all your help and support. Our partnerships with you are essential to our business, and we look forward to working with you in 2018. Don’t hesitate to reach out to any member of the Parthenon Capital Partners team. And if in Boston or San Francisco, please stop by to see us.