CEO Cybersecurity Spotlight – July 2016

Technology Investment BankingCybersecurity SpotlightJuly 2016

Confidential

Section Page

I. Overview of New Century Capital Partners

II. Cybersecurity Industry Overview

III. Cybersecurity Public Capital Markets

IV. Cybersecurity M&A Landscape

V. Cybersecurity Private Capital Markets

VI. Cybersecurity Precedent Financings

VII. Cybersecurity Precedent M&A

Table of Contents

3

4

8

11

13

15

28

2

Confidential

New Century Capital Partners

3

New Century Capital Partners is a leading independent investment banking firm focused on providing growth equity financing and M&A advisory services to market leaders in Cybersecurity.

Acquired by

$1,300,000,00

Acquired by

$30,000,000

Financing

$40,000,000

Financing

$75,000,000

$30,000,000

Financing

$75,000,000

Acquired by

Confidential

Cybersecurity Problem Sizing

4

0

20

40

60

80

100

120

2012 2015

Number of Attacks per Company

Attacks are Increasing and Costly

$145

$127

$96

$86

$82

$43

Losses from Attacks ($ thousands)

Malicious Insiders Denial of Service

Web-based Phishing & SE

Malicious Code Other

7.7

5.8

0123456789

WithoutSecurity

Technologies

With SecurityTechnologies

Cost of an Attack($ millions)

Enterprise security solutions save business

up to $1.9 million

How to Reduce the Costs of Attacks

Decrease the Number of

Attacks

Reduce the Damage from

Attacks

Security Governance can save up to $1.5m

Security Information and Event

Management (SIEM)

Application security diminishes

vulnerability

Intrusion Prevention can

save up to $1.6m

SIEM can shorten time to detect attacks and

save $1.9m

Data encryption and protection can save up

to $800k

Resolve Attacks Faster

Confidential

Cybersecurity Market Sizing

5

Security Services

$50.9 billion

Identity Access Management

$3.5 billion

Infrastructure Security

$14.3 billion

Network Security

$9.5 billion

$77 billion

Identity Governance

$1.7 MM

Web AccessManagement

$914 MM

Other$860 MM

VPN, Firewall$8.0 Bn

IPS/IDS$1.5 Bn

Consulting$18.4 Bn

Implementation$15.3 Bn

Hardware Support$1.5 Bn

IT Outsourcing$15.6 Bn

Secure E-mailGateway$1.7 Bn

Secure Web Gateway

$1.7 Bn

EndpointProtection

$3.6 Bn

SIEM$1.9 Bn

Data LossPrevention

$689 Bn

Other$3.2 Bn

___________________________Source: NCCP Research, Gartner, 2016

Confidential

90%

110%

130%

150%

170%

190%

210%

230%

250%

Cybersecurity Basket Nasdaq S&P 500

Cybersecurity Growth Drivers

6

110 million accounts were stolen accounts from the retailer Target

$1-$3 million credit cards were then sold on the black market

Hackers made $53.7 million and cost Target $148 million

83 million J.P. Morgan Chase accounts were accessed, unnoticed, for two months

56 million accounts were stolen from Home Depot’s payment system, costing the Company $62 million

100 terabytes of internal files were stolen from Sony, costing the company an estimate of $80 million

11.5 million files were leaked from Mossack Fonesca in what became known as the “Panama Papers”, raising questions of finances of some of the world’s most prominent leaders

Data Breaches over Market Performance

High Profile Data Breaches Raise Public Awareness

Panama

Papers

___________________________________________________________________________NCCP Cybersecurity Basket: CHKP, CUDA, CYBR, FEYE, FTNT, IMPV, PANW, PFPT, QYLS, SYMCSource: Capital IQ as of July 18, 2016

Confidential

$1,099 $764 $-

$500

$1,000

Q4'15 Q1'16

Top 10 Cybersecurity Events of 2016

7

After stock prices dropped from $53 to $12 in the past year and rumors of an unsuccessful sale, FireEye announced that Kevin Mandiawould be replacing Dave DeWalt as CEO.

Although Cybersecurity deal count was in line with the previous four quarters, Q1 2016 saw a 30% drop in overall investment size from Q4 2015.

Deutsche Bank downgrades Palo Alto Networks as growing expenses outpace revenue: revenue grew 48% to $345.8 MM as expenses rose 50% to $309.5 MM.

Access codes were stolen from Swift, the global interbank network, allowing hackers to steal $12 MM from an Ecuadorian bank and $81 MM from a Bangladesh bank.

Peace, the alias of a Russian hacker, placed 117 email and password combinations on a dark web marketplace. However, LinkedIn’s cyber-security may improve with Microsoft’s acquisition.

Although just filing for an IPO on June 2, Blue Coat was acquired by Symantec for $4.65 Bn on June 13. Bain had previously acquired the company from Thoma Bravo for $2.4 Bn.

Mossack Fonseca, a Panamanian law firm, was hacked and the overseas assets of 140 politicians, executives and celebrities were leaked, including links to Vladimir Putin.

Crowdstrike identified a group of Russian hackers that are suspected of breaching the Democratic National Committee, the Clinton Foundation and Hillary Clinton’s campaign.

________________________________________________________________________________________________Source: WSJ, “Bromium’s Post-Money Valuation is Sliced in Half in Down Round,” Mar. 28, 2016; WSJ, “Cybersecurity Firm SecureWorks Prices IPO Below Expectations, Apr. 21, 2016; KPMG/CB Insights Venture Pulse Report Q1 2016, April 16, 2016; WSJ, “Palo Alto Networks Loss Widens on Climbing Expenses,” May 26, 2016; Bloomberg, “Ecuador Bank Says It Lost $12 Million in Swift 2015 Cyber Hack,” May 20, 2016; Fortune, “LinkedIn Lost 167 Million Account Credentials in Data Breach,” May 18,2016; WSJ, “Panama Papers,” Apr. 5, 2016; Bloomberg, “Clinton Foundation Said to Be Breached by Russian Hackers,” June 21, 2106.

Bromium raised $40 MM in a March 2016 round of funding that cut the endpoint security company’s valuation in half, from $491.6 MM to $242.3 MM.

SecureWorks, Dell’s Cybersecurity spin-off, targeted a 9 MM share sale at $15.50 -$17.50, but ultimately priced its IPO at $14 and only sold 8 MM shares.

Confidential

Cybersecurity Winners and Losers

8

Rapid7 Case Study Rapid7 jumped 50% within the

first day of trading to a market cap of $938 MM

Current market cap is $516 MM With unicorns raising more than

$100 MM in single rounds, would Rapid7 have been better off raising money privately?

IPO’s on the Horizon

Varied Performance

Some recent Cybersecurity IPO’s have meaningfully outperformed the market, but others have dramatically underperformed

In Cybersecurity, it is a best-of-breed world, both in terms of solutions and extending into market performance 20%

70%

120%

170%

220%

270% Performance of Recently Public Cybersecurity Companies

CyberArkSoftware

Palo AltoNetworks

Nasdaq

BarracudaNetworks

FireEye

_______________________________Source: Capital IQ as of July 18, 2016

35%

45%

55%

65%

75%

85%

95%

105%

115%

Nasdaq

Rapid7

Since IPO

Confidential

Cybersecurity Paths to Exit: Secureworks and Blue Coat

9

Merged with LURHQ in

2006

Foundedin 1998

Acquired MSSfrom

in 2009

IPO as CacheFlow

in 1999Rebranded as Blue Coat

in 2002

Filed IPO for 9 MM shares priced between $15.50-$17.50 in Dec.

2015

Priced IPO at $14 and sold 8 MM shares in April 2016, and has a current market cap of

$1.2 Bn

Founded in 1996

Taken private by

for $1.25 BnIn 2012

Acquired by

for $2.3 BnIn 2015

Filed for IPO on June 2,

2016

Acquired by

for $4.65 Bnon June 13, 2016

Acquired by

In 2011 for $612 MM

Confidential

Top Public Companies

10

Web Security

IAM Endpoint Protection/AntivirusApplication Security

Mobile

Endpoint Response

Internet of ThingsSIEM

Network Monitoring Threat Intelligence

CloudData Security Threat Surveillance

Threat Analysis

!

Vulnerability Assessment

Consulting & MSSP’s

________________________________________________________Source: NCCP Research, Street Research, Cybersecurity Ventures 500, 2016

Confidential

Cybersecurity M&A Strategies

11

SaaS Security Proprietary Platform and Partnerships

Cloud Security Integrating Automation

Blue Coat acquired Elastica for $280 million in November 2015. The acquisition stands as the largest transaction in the sector

Blue Coat acquired Perspecsys for $105 million in July 2015, adding cloud encryption and tokenization to Blue Coat’s platform.

Elastica and Perspecsys gave Blue Coat, one of the most comprehensive SaaS security platforms on the market.

Cisco has made 5 security acquisitions in the last 24months, with just Lancope, OpenDNS, and ThreatGridtotaling an estimated $1.4 billion. Cisco continues toexpand its security portfolio through and has acquiredthe much sought after product offerings of behavioranalytics, threat visibility, and security intelligence.

Microsoft acquired Adallom for $250 million in September 2015, enhancing Office 365 and allowing customers greater control/security.

Microsoft acquired Secure Islands in December 2015, enhancing Microsoft’s data rights management capabilities.

Adallom and Secure Islands enhance Microsoft’s data protection of cloud services, including Office 365, SharePoint, and OneDrive.

In 2014, FireEye acquired Mandinat for nearly $1 billion, which began its path to a robust product offering. Since the beginning of 2016, FireEye now has a solution for every stage of incident response with its acquisitions of Invotas and iSight Partners.

_______________________________1 Bluecoat Acquired by Symantec, Estimated to Close in Q3 2016

1

Confidential

Cybersecurity M&A Landscape

12

M&A will play a significant role in Cybersecurity moving forward as vendors look to provide more integrated solutions and keep up with enterprise demand as threats evolve and frequency increases. Although many of

the major industry players have the resources to develop new security platforms, consolidation is still the primary route for gaining market share and enhancing product offerings.

Build or BuyBig Deals

In October 2015, Thales Group announced that it will acquire Vormetric for $400,000,000.

In December 2015, CACI International announced that it will acquire L-3 National Security Solutions for $550,000,000.

IBM is one of the few major players that built a product completely in house withCloud Security Enforcer.

The current favorable financing environment and a highly fragmented industry sector usually leads to an increase in M&A activity, but will likely include a broad range of acquires, including telco’s, consulting firms,

and defense contractors.

Telecommunications Consulting Defense Contractors

Confidential

$100 MMSeries B

$75 MMSeries C

Cybersecurity Private Funding

13

$589 $795 $1,067 $1,099 $764

61

66

6264

62

50

55

60

65

70

$-

$200

$400

$600

$800

$1,000

$1,200

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16

Cybersecurity Investment Activity

Investments ($m) Deals

Cybersecurity Unicorns 10 Largest Funding Rounds of 2016 YTD

$100 MMSeries D

$56 MMSeries B

$96 MMPrivate Equity

$30 MMSeries C

$40 MMSeries D

$75 MMSeriesC$72 MM

Series A

$35 MMSeries C

$30 MMGrowth Equity

Cybersecurity Down Last Quarter Although Cybersecurity deal count was in

line with the previous four quarters, Q1 2016 saw a 30% drop in overall investment size from Q4 2015.

Although there is still activity in the space, some critics have said that the sector is overfunded.

As was the case with Bromium, look for valuations to fall this year and note that there have been no Cybersecurity unicorn fundraising in 2016.

___________________________________________________________________________Source: KPMG/CB Insights Venture Pulse Report Q1 2016, April 16, 2016

Confidential

!

Vulnerability Assessment

Threat Intelligence

Top Private Companies

14

Web Security

IAM Endpoint Protection/AntivirusApplication Security

Mobile

Endpoint Response

Internet of ThingsSIEM

Network Monitoring

CloudData Security Threat Surveillance

Threat AnalysisConsulting & MSSP’s

________________________________________________________Source: NCCP Research, Street Research, Cybersecurity Ventures 500, 2016

Confidential

Cybersecurity Market Performance

15___________________________________________________________________________NCCP Cybersecurity Basket: CHKP, CUDA, CYBR, FEYE, FTNT, IMPV, PANW, PFPT, QYLS, SYMCSource: Capital IQ, June 16, 2016

June 16, 2013 – June 16, 2016

90%

110%

130%

150%

170%

190%

210%

230%

250%

Cybersecurity Market Performance

Cybersecurity Basket Nasdaq S&P 500

65%

85%

105%

Cybersecurity Performance YTD

Confidential

Selected Public Companies

16

($ in millions)

Closing

Company Ticker 7/6/2016 LTM 2016 E LTM 2016 E

Security

AVG 18.76$ 16.12$ - 29.15$ 1,063.1$ 428.3$ 4.0% 128.3$ 2.5x 2.4x 8.3x 6.6x

CUDA 14.94$ 9.44$ - 39.99$ 621.5$ 308.6$ 14.4% 8.4$ 1.9x 1.8x NM 11.4x

CA 33.00$ 25.16$ - 33.58$ 13,080.5$ 4,039.0$ -6.1% 1,256.0$ 3.2x 3.2x 10.4x 8.3x

CHKP 81.70$ 65.09$ - 89.98$ 12,302.5$ 1,661.5$ 7.5% 857.4$ 7.4x 6.9x 14.3x 12.5x

CSCO 28.64$ 22.46$ - 29.49$ 107,574.7$ 49,589.0$ -0.3% 14,426.0$ 2.2x 2.2x 7.5x 7.4x

CYBR 50.13$ 31.50$ - 64.30$ 1,410.8$ 160.8$ 28.7% 35.1$ 8.1x 6.4x 40.2x 29.9x

FFIV 113.59$ 86.03$ - 135.20$ 6,760.9$ 1,958.1$ 3.6% 586.1$ 3.5x 3.3x 11.5x 8.4x

FEYE 15.99$ 11.35$ - 50.94$ 2,445.5$ 623.0$ 33.0% (410.6)$ 3.7x 2.9x NM NM

GUID 5.95$ 3.27$ - 10.22$ 174.5$ 107.0$ 3.4% (9.6)$ 1.6x 1.6x NM NM

IMPV 43.59$ 31.11$ - 77.99$ 1,114.9$ 234.3$ 30.3% (47.6)$ 4.5x 3.5x NM 55.5x

BLOX 18.49$ 13.22$ - 26.74$ 775.5$ 355.1$ 22.9% 0.6$ 2.2x 2.2x NM 16.9x

PANW 119.60$ 111.09$ - 200.55$ 10,067.3$ 1,150.0$ 46.6% (140.0)$ 8.0x 5.9x NM 26.4x

PFPT 64.10$ 35.56$ - 75.46$ 2,598.1$ 286.6$ 32.9% (61.4)$ 9.1x 6.9x NM NM

QLYS 30.16$ 16.96$ - 42.97$ 851.0$ 164.3$ 20.1% 42.5$ 4.9x 4.1x 20.0x 13.0x

SOPH 2.63$ 1.88$ - 3.78$ 1,422.8$ 465.8$ 0.0% 40.4$ 3.3x 2.6x 39.3x 19.8x

SYMC 20.40$ 16.14$ - 23.99$ 8,707.5$ 6,178.0$ -30.3% 892.0$ 2.4x 2.4x 9.8x 7.2x

TSE:4704 36.17$ 33.35$ - 53.93$ 3,718.0$ 1,034.3$ 11.4% 353.3$ 3.0x 2.7x 9.4x 9.3x

VDSI 15.40$ 12.35$ - 29.11$ 500.7$ 241.4$ -13.4% 40.7$ 2.2x 2.4x 12.3x 12.1x

Mean 3,832.5$ 11.6% 999.9$ 4.1x 3.5x 16.6x 16.3x

Median 447.1$ 9.4% 40.5$ 3.3x 2.8x 11.5x 12.1x

Source of information: S&P Capital IQ.

VASCO Data

Palo Alto Networks

Proofpoint

Qualys

Sophos

Symantec

Trend Micro

Infoblox

EV / EBITDA

AVG Technologies

Barracuda Networks

CA Technologies

Check Point

Cisco

CyberArk

F5 Networks

FireEye

Guidance Software

Imperva

Selected Public Companies Review

Market Statistics Metrics Valuation Benchmarks

52-week

High-Low

Enterprise

Value

Revenue

LTM

LTM Rev.

Growth

EBITDA

LTM

EV/ Revenue

Confidential

Selected Precedent Financings

17

($ in millions)

Date Company Amount Raised Round

Cybersecurity

Selected Precendent Financing Transactions

Transaction

Investors

6-Jul-16 Twistlock 10.0 1

6-Jul-16 Veriflow Systems 8.2 -

5-Jul-16 Darktrace 65.0 -

22-Jun-16 LightCyber 20.0 2

22-Jun-16 Moqom 3.0 -

20-Jun-16 Smart Security Systems 1.0 -

20-Jun-16 Unomaly 4.6 1

14-Jun-16 Sixgill 5.0 1

13-Jun-16 Rank Software - -

12-Jun-16 Symantec 1,250.0 -

9-Jun-16 Interset - -

3-Jun-16 ITrust 2.0 2

2-Jun-16 Validian 1.2 -

24-May-16 vArmour Networks 41.0 4

23-May-16 Zimperium 25.2 3

Warburg Pincus; Sierra Ventures; Lazarus Management

Company; Telstra Ventures; Lazarus Israel Opportunities Fund

Silver Lake; Bain Capital Private Equity

-

YL Ventures; Rally Ventures; Ten Eleven Ventures

Menlo Ventures; New Enterprise Associates

KKR & Co.; Summit Partners; SoftBank Capital; Softbank China

& India; SB ISAT Investment Fund; PT Indosat, Investment Arm;

Ten Eleven VenturesBattery Ventures; Glilot Capital Partners; Amplify Partners;

ClalTech

Pinemont

-

EQT Ventures

Elron Electronic Industries

Export Development Canada; Trellis Capital; Generation Capital

Management; MaRS Investment Accelerator Fund; MaRs

Discovery District, Investment Arm; Exiger

In-Q-Tel

Pyrénées Gascogne Développement; New Alpha Asset

Management; Caisse d'Epargne Développement; New Alpha

Asset Management - New Alpha Fintech Fund

Highland Capital Partners; Allegis Capital; Menlo Ventures;

Redline Capital Management; Telstra Ventures; Citi Ventures;

Columbus Nova Technology Partners; Work-Bench Ventures

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


18

17-May-16 Trusted Knight 3.8 -

17-May-16 Digital Authentication Technologies 1.0 -

16-May-16 Efflux Systems 0.1 -

16-May-16 InteliSecure 5.5 -

10-May-16 Bridgeline Digital 1.8 -

10-May-16 Bayshore Networks 10.0 1

6-May-16 Finjan Holdings 9.5 -

5-May-16 Falanx Group 0.5 -

5-May-16 Bandura 0.5 -

4-May-16 DFLabs 5.5 1

3-May-16 Ripjar - -

3-May-16 Secucloud Network - 2

2-May-16 EclecticIQ 5.5 1

29-Apr-16 Sqreen 2.0 Seed

27-Apr-16 Cyber adAPT 6.0 -

26-Apr-16 Phantom Cyber - -

21-Apr-16 Veracity 3.5 -

21-Apr-16 Cryptosoft 1.3 -

21-Apr-16 Pivotal Software 253.0 3

13-Apr-16 CoreOS 31.0 2

-

-

About Face Limited

Trident Capital; Trident Capital Cybersecurity Fund I

Halcyon Long Duration Recoveries Management; Soryn IP

Group

Granite Point Capital; Fundamental Capital Management; Alvin

Fund; Black River Investments

In-Q-Tel

Microsoft; Ford Motor; EMC Corporation; VMware; General

Electric

Darwin Capital

-

Evolution Equity Partners

Winton Ventures

-

INKEF Capital; KPN Ventures

-

500 Startups

Alven Capital Partners; Kima Ventures; Point Nine Capital; 50

Partners; Point Nine Capital III

Alsop Louie Partners; TERN

Microsemi

Accel Partners; Kleiner Perkins Caufield & Byers; Intel Capital; Y

Combinator; GV; Fuel Capital; Y Combinator Continuity Fund I

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


19

13-Apr-16 Cipherloc 40.0 -

12-Apr-16 Security First 15.0 -

24-Mar-16 Bromium 40.0 -

15-Mar-16 Skyport Systems 30.0 3

14-Mar-16 PCPursuit 0.1 -

14-Mar-16 Hill Top Security 0.1 -

14-Mar-16 NormShield 0.1 -

14-Mar-16 Provenance Cyber Security 0.1 -

11-Mar-16 GreatHorn 2.5 Seed

8-Mar-16 Cloud Constellation - 1

3-Mar-16 Duo Consulting - -

2-Mar-16 SGA Solutions 15.0 -

29-Feb-16 Endgame 6.4 -

25-Feb-16 ThousandEyes 35.0 3

23-Feb-16 Re-Sec Technologies 5.0 1

22-Feb-16 CyberSponse 4.6 -

19-Feb-16 IDSS Holdings 5.3 -

19-Feb-16 Avalon Cyber 2.0 -

18-Feb-16 HYAS Infosec - Seed

-

-

-

Mach37

Mach37

Sutter Hill Ventures; Index Ventures; Intel Capital; Thomvest

Ventures; Northgate Capital Group; Cisco Investments; GV;

InstantScale

Mach37

Mach37

-

CIGNEX Datamatics

Sequoia Capital; Sutter Hill Ventures; Tenaya Capital; GV

RRE Ventures; SoftTech; TechStars; Zelkova Ventures; ff

Venture Capital; Softtech VC IV

ASAM Investment Advisory Company; Synergy Partners Co.;

SBI Savings Bank, Investment Arm; SK Securities Co.,

Investment Arm

-

Founders Group

-

Wesley Clover

-

Silver Lake; Silver Lake Waterman

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


20

17-Feb-16 Qihoo 360 Software Co. 100.0 1

11-Feb-16 SafeToNet 3.0 -

11-Feb-16 Veniam 22.0 2

10-Feb-16 Cynet 7.0 1

10-Feb-16 Hexadite 8.0 1

9-Feb-16 ActionPacked Networks 36.0 2

5-Feb-16 Clavister Holding 21.2 -

5-Feb-16 Zentera Systems 2.8 -

4-Feb-16 CyberFlow Analytics - -

3-Feb-16 eSentire 14.0 0

3-Feb-16 Symantec 500.0 -

1-Feb-16 NES SARL - -

1-Feb-16 Fischer Block 0.7 -

31-Jan-16 Secful 0.1 -

29-Jan-16 Silicon Safe 0.7 Seed

29-Jan-16 Phirelight Security Solutions 1.9 -

Edison Partners; Information Venture Partners; Cisco

Investments; Georgian Partners; Northleaf Capital Partners;

Northleaf Venture Catalyst Fund; Information Venture Partners

Fund II

Union Square Ventures; True Ventures; Cisco Investments;

Verizon Ventures; Orange Capital; Cane Investments; Orange

Digital Ventures; Yamaha Motor Ventures & Laboratory Silicon

Valley

YL Ventures GP Ltd.; Ten Eleven Ventures; Hewlett Packard

Ventures

Insight Venture Partners; Cisco Investments; AITV; Accelerate-

IT Ventures Fund I

360 Capital; Shanghai Ziyou Investment Management Co.

DuKlaw

Lazarus Management Company

Y Combinator

-

-

-

-

Plug and Play Tech Center

Silver Lake

Bpifrance Investissement; Fonds de Consolidation et de

Développement des Entreprises, FCPR; Consolidation et

Développement Gestion

-

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


21

27-Jan-16 Sentryo 2.5 1

26-Jan-16 Fireglass 20.0 1

26-Jan-16 Digital Shadows 14.0 2

25-Jan-16 imVision Technologies 4.0 1

21-Jan-16 Malwarebytes Corporation 50.0 2

20-Jan-16 Global Velocity 7.5 -

19-Jan-16 F.TRON 7.7 -

13-Jan-16 StorageCraft Technology Corporation 187.0 -

13-Jan-16 Shape Security 25.0 4

8-Jan-16 Identity Theft Guard Solutions 3.9 -

31-Dec-15 Safe Swiss Cloud - -

22-Dec-15 Preempt Security 8.0 1

22-Dec-15 Point3 Security - -

15-Dec-15 Digital Comply 4.0 2

15-Dec-15 Jask 2.3 Seed

11-Dec-15 LookingGlass Cyber Solutions 49.2 3

2-Dec-15 Avecto 66.0 -

25-Nov-15 ForeScout Technologies 133.7 -

24-Nov-15 Blackpoint Holdings 1.5 -

Groupe Rhône-Alpes Création; ACE Management; Rhône-Alpes

Création II, SCR; R2V; Breed Reply

Pitango Venture Capital; CE Ventures

Fidelity Management & Research Company

NewSpring Capital; Alsop Louie Partners; Neuberger Berman

Group

JMI Equity

Wellington Management Group

-

Sandbox Industries; BlueCross BlueShield Venture Partners;

Blue Cross and Blue Shield Association, Endowment Arm;

Sandbox Advantage Fund

-

General Catalyst Partners

Emerging Technology Center

Bain Capital Ventures

Battery Ventures; Vertical Venture Partners

Innovation Network Corporation of Japan

Kleiner Perkins Caufield & Byers; Norwest Venture Partners;

Venrock; EPIC Ventures; Northern Light Venture Capital;

Baseline Ventures; GV; TomorrowVentures

TA Associates Management

Norwest Venture Partners; Lightspeed Venture Partners;

SingTel Innov8 Holdings

Trinity Ventures; Storm Ventures LLC; Paladin Capital Group;

Passion Capital; Ten Eleven Ventures

-

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


22

20-Nov-15 Ecrime Management Strategies 7.0 2

20-Nov-15 ZeroFOX 27.0 2

18-Nov-15 ThreatConnect 20.0 2

16-Nov-15 TruSTAR Technology 2.0 Seed

13-Nov-15 ThreatQuotient 10.3 1

12-Nov-15 iMapData 2.5 -

10-Nov-15 Tenable Network Security 250.0 2

5-Nov-15 root9B Technologies 7.7 -

4-Nov-15 ProtectWise 20.0 2

30-Oct-15 NexDefense 5.6 -

29-Oct-15 Lumeta - -

28-Oct-15 Bricata 0.1 -

28-Oct-15 Efflux Systems 0.1 -

16-Oct-15 iboss 39.0 1

15-Oct-15 InteliSecure 8.1 2

14-Oct-15 Area 1 Security 15.0 2

9-Oct-15 Wombat Security Technologies 3.3 -

8-Oct-15 Cyber Reliant 5.0 -

2-Oct-15 Lastline 0.3 -

1-Oct-15 Blue Coat 7.9 -

Fulcrum Equity Partners

Highland Capital Partners; New Enterprise Associates; Core

Capital Partners; Genacast Ventures; SVB Silicon Valley Bank,

Investment Arm

CrossLink Capital; Trinity Ventures; Paladin Capital Group;

Arsenal Venture Partners; Tola Capital

-

-

TEDCO Capital Partners; Cybersecurity Investment Fund

TEDCO Capital Partners; Cybersecurity Investment Fund

Goldman Sachs Private Capital Investing

Grotech Ventures; SAP National Security Services

Resolute Ventures

New Enterprise Associates; CIT GAP Funds; Blu Venture

Investors

-

Accel Partners; Insight Venture Partners

-

Frontier Capital

Kleiner Perkins Caufield & Byers; Allegis Capital; Icon Ventures;

First Round Capital; Cowboy Ventures; Data Collective

-

-

-

-

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


23

30-Sep-15 Cybereason 59.0 3

30-Sep-15 Bit9 68.5 6

30-Sep-15 Panaseer 2.3 Seed

28-Sep-15 Phantom Cyber 6.5 1

25-Sep-15 SECEON 2.3 -

21-Sep-15 Morphick 10.0 1

18-Sep-15 Vectra Networks 43.8 3

14-Sep-15 IDSS Holdings 3.0 -

10-Sep-15 SignalSense 5.5 Seed

8-Sep-15 BAE Systems 17.4 -

31-Aug-15 Secucloud Network - -

26-Aug-15 IronNet Cybersecurity 32.5 1

25-Aug-15 Clavister Holding 30.0 -

25-Aug-15 Garrison Technology 2.0 Seed

7-Aug-15 Onapsis 17.0 2

4-Aug-15 Motorola Solutions 1,000.0 -

4-Aug-15 Cyber Advanced Technology 1.4 -

3-Aug-15 Dell SecureWorks 25.0 -

3-Aug-15 Threat X 1.0 -

22-Jul-15 Darktrace 22.5 2

CRV; SoftBank Corp.; Spark Capital Partners

Highland Capital Partners; Kleiner Perkins Caufield & Byers;

Sequoia Capital; The Blackstone Group; .406 Ventures;

Founders Circle Capital; Evolution Equity Partners; Accomplice

Albion Ventures; Winton Capital Management; Notion Capital

Partners; C5 Capital; Elix-IRR Partners

Rein Capital; The Blackstone Group L.P.; TechOperators

-

Orchard Holdings Group

-

Imperial Innovations Group

.406 Ventures; Arsenal Venture Partners; Evolution Equity

Silver Lake

-

-

Accel Partners; Intel Capital; Khosla Ventures; DAG Ventures; IA

Ventures; Juniper Networks, Investment Arm; Junos Innovation

fund; AME Cloud Ventures; Wipro Ventures

-

Ignition Partners; Trilogy Equity Partners; Tola Capital

-

-

Kleiner Perkins Caufield & Byers; Trident Capital; Trident Capital

Cybersecurity Fund I

-

Summit Partners

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


24

10-Jul-15 CyberSense 14.0 2

8-Jul-15 Palantir Technologies 847.8 -

6-Jul-15 RiskLens 0.6 -

30-Jun-15 Venafi 39.0 -

30-Jun-15 Traversal Networks 0.1 -

30-Jun-15 SecureWorks Holding 22.5 -

29-Jun-15 Cipherloc 2.3 -

26-Jun-15 Rapid7 5.0 -

23-Jun-15 Replicated 1.5 Seed

18-Jun-15 Cryptzone Group 15.0 -

17-Jun-15 Zentera Systems 5.1 -

12-Jun-15 Analyze 1.1 -

12-Jun-15 Verodin 2.6 -

9-Jun-15 Assured Information Security 0.5 -

8-Jun-15 Menlo Security 25.0 2

4-Jun-15 Zentera Systems 4.9 1

28-May-15 Power Fingerprinting 2.0 -

20-May-15 Cyber adAPT 3.5 -

19-May-15 CounterTack 17.9 3

Y Combinator

Centerview Capital

-

Technology Crossover Ventures

Founder Collective; BOLDstart Ventures; MuckerLab;

TenOneTen Ventures; Mucker Capital; Wonder Ventures

Kayne Anderson Capital Advisors; Kayne Partners Fund;

Medina Capital

BRM Group; Intel Capital; Opus Capital; Liberty Israel Venture

Fund; Strategic Cyber Ventures

-

-

Foundation Capital; Silver Lake; Pelion Venture Partners;

QuestMark Partners; Intel Capital; Mercato Partners; Silver

Lake Waterman

-

-

Goldman Sachs, Merchant Banking Division; EDB Investments;

Siemens Venture Capital; Alcatel-Lucent; Mitsui & Co. Global

Investment; OnPoint Technologies;

-

-

-

-

Sutter Hill Ventures; Osage Partners; General Catalyst Partners;

Engineering Capital

CDIB Venture Capital

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


25

18-May-15 Cyber adAPT 4.1 1

8-May-15 Uniken 120.0 -

6-May-15 Cybereason 25.0 2

4-May-15 Sayers Group - -

1-May-15 MyApprovals 0.5 -

30-Apr-15 Delta Risk 0.0 -

28-Apr-15 ThreatQuotient 1.5 Seed

28-Apr-15 Bandura 0.1 -

27-Apr-15 Nodal Industries 0.1 -

23-Apr-15 Auth0 9.3 1

20-Apr-15 BurstIQ 0.3 Seed

20-Apr-15 Raytheon|Websense 335.0 -

17-Apr-15 Flashpoint Global Partners 5.0 1

16-Apr-15 Recorded Future 12.0 4

16-Apr-15 Attivo Networks 8.0 1

14-Apr-15 NSS Labs 7.0 -

14-Apr-15 Bandura 0.1 -

26-Mar-15 Red Canary 2.5 Seed

24-Mar-15 LookingGlass Cyber Solutions 20.0 2

24-Mar-15 Secucloud Network - -

19-Mar-15 Ridgeback Network Defense 0.1 -

17-Mar-15 Darktrace 18.0 1

Granite Point Capital; Fundamental Capital Management; Alvin

Fund

Exfinity Venture Partners

CRV; Lockheed Martin Corporation; Spark Capital Partners, LLC

PV Ventures

Vista Equity Partners; Vista Equity Associates V

Greycroft Partners; Cisco Investments; TechOperators; K2

Intelligence; Bloomberg Beta

Atlas Venture; In-Q-Tel; Reed Elsevier Ventures; Balderton

Capital; GV; IA Ventures; MassMutual Ventures

Bain Capital Ventures

Chevron Technology Ventures; LiveOak Venture Partners

Virgo Capital

-

The Chertoff Group

CIT GAP Funds; Blu Venture Investors

500 Startups

Bessemer Venture Partners; K9 Ventures

-

SixThirty

Kyrus Tech

NB Alternatives Advisers; Alsop Louie Partners; NB Private

Equity Partners

Heilemann Ventures

TEDCO Capital Partners; Cybersecurity Investment FundTalis Capital; Invoke Capital; Invoke Capital Fund; Hoxton

Ventures

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


26

17-Mar-15 TowerSec - Seed

12-Mar-15 root9B Technologies 4.1 -

9-Mar-15 Osirium 0.8 -

6-Mar-15 EiQ Networks 13.7 3

3-Mar-15 Atomicorp 0.1 -

3-Mar-15 Nelson- Harris 0.1 -

3-Mar-15 Eunomic 0.1 -

27-Feb-15 CyberSpa 0.4 -

27-Feb-15 LookingGlass Cyber Solutions 20.4 -

20-Feb-15 Tyche Consulting 0.5 -

20-Feb-15 Centripetal Networks - -

20-Feb-15 iMapData 1.5 -

19-Feb-15 Syncurity 0.8 -

19-Feb-15 TechnoCom 2.3 -

18-Feb-15 Zimperium 12.0 2

17-Feb-15 SurfWatch Labs 5.2 -

13-Feb-15 Vidder 12.0 2

12-Feb-15 Rivetz 3.5 -

12-Feb-15 vThreat 0.6 -

11-Feb-15 Digital Shadows 8.0 -

10-Feb-15 Ecrypt Technologies 1.8 -

9-Feb-15 root9B Technologies 7.4 -

3-Feb-15 Itelagen - -

3-Feb-15 Ecrypt Technologies 0.2 -

27-Jan-15 ThreatQuotient 1.5 -

Arrowroot Capital

Mach37

Mach37

Mach37

Storm Ventures; Passion Capital; Ten Eleven Ventures

LG Capital Funding

Vernon & Park Capital

-

Sierra Ventures; Samsung Electronics; TOYO; Lazarus

Management Company; Telstra Ventures; Lazarus Israel

Opportunities Fund

-

Onset Ventures; Voyager Capital; Presidio STX

-

-

-

IncWell

-

-

-

-

-

-

Intersouth Partners; Hamilton Lane Advisors; Florida Growth

Fund

GPB Holdings; GPB Capital Holdings

Typenex Co-Investment

-

Confidential

($ in millions)


Cybersecurity


Transaction

Investors


27

21-Jan-15 Ecrypt Technologies 0.4 -

19-Jan-15 Ecrypt Technologies 0.1 -

13-Jan-15 RedSeal 17.0 3

7-Jan-15 Bridgeline Digital 0.5 -

2-Jan-15 AlphaCipher Acquisition 7.5 -

2-Jan-15 PrimaDesk 0.3 -

-

-

-

JMJ Financial

JSJ Investments

OVP Venture Partners; Sutter Hill Ventures; Venrock; Tyco

International; Leapfrog Ventures; Icon Ventures; Math Venture

Partners; Pallasite Ventures; DRW Ventures

Confidential

Selected Precedent M&A

28

($ in millions)

Annc. Closed Target Aquirer Revenue EBITDA Revenue EBITDA

Cybersecurity

Selected Transaction Review

Transaction Metrics Valuation Benchmarks Date Enterprise

Value

Target TTM Implied EV /

Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


14-Jun-16 14-Jun-16 QuadMetrics Fair Isaac na na na na na

13-Jun-16 13-Jun-16 Oceans Edge ManTech na na na na na

12-Jun-16 - Blue Coat Symantec 4,737.7$ 598.3$ 8.9$ 7.9x nm

9-Jun-16 9-Jun-16 Onyx Group Pulsant na na na na na

10-Dec-15 3-Dec-15 Sophos Group Apax Partners na 465.8$ 56.7$ na na

9-Jun-16 3-Jun-16 Innovative Security Designs FLIR Systems na na na na na

9-Jun-16 9-Jun-16 Global Data Systems Briefing Media na na na na na

7-Jul-16 - AVG Technologies AVAST Software 1,382.0$ 433.4$ 128.3$ 3.2x 10.8x

7-Jun-16 7-Jun-16 AccelOps Fortinet 32.0$ na na na na

6-Jul-16 6-Jul-16 Copenhagen Network Investeringsaktieselskab na na na na na

4-Jul-16 - ADISTA Equistone Partners Europe na na na na na

1-Jul-16 1-Jul-16 CyberHound Pty BigAir Group 5.2$ na na na na

29-Jun-16 29-Jun-16 Mobile Active Defense Cyber adAPT na na na na na

29-Jun-16 29-Jun-16 CloudLock Cisco Systems na na na na na

22-Jun-16 22-Jun-16 Junco Technologies Quick Heal Technologies na na na na na

22-Jun-16 22-Jun-16 Socure Santander Innoventures na na na na na

20-Jun-16 - Dell Software and SonicWALL Elliott; Francisco Partners 2,000.0$ na na na na

6-Jun-16 6-Jun-16 AssureTec Technologies Acuant na na na na na

3-Jun-16 - Beijing Cyber Xing Venustech Group 95.3$ na na na na

2-Jun-16 2-Jun-16 Linoma Software HelpSystems na na na na na

2-Jun-16 2-Jun-16 Adaptive Communications Optiv Security na na na na na

1-Jun-16 - BrightPoint Security ServiceNow na na na na na

1-Jun-16 - Ping Identity Vista Equity Partners na na na na na

1-Jun-16 1-Jun-16 Lanway Corporate Business Chess na 31.4$ na na na

1-Jun-16 1-Jun-16 Bulletproof Solutions Gaming Laboratories na na na na na

Confidential


29

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


1-Jun-16 1-Jun-16 LogicNow SolarWinds na na na na na

31-May-16 29-Feb-16 Shadow NetWorks Acalvio Technologies na na na na na

31-May-16 31-May-16 Samarind Instem 3.6$ 1.7$ na 2.1x na

26-May-16 - Demonsaw MGT Cybersecurity 44.8$ na na na na

25-May-16 25-May-16 Giacom World Networks LDC na 5.6$ na na na

19-May-16 19-May-16 JURINNOV Technology Concepts & Design na na na na na

19-May-16 24-May-16 UNITEAM Biesse 3.0$ na na na na

19-May-16 19-May-16 Secure Holdings Hangzhou Hikvision Digital na na na na na

18-May-16 18-May-16 Comms-care Group Ingram Micro na 38.2$ na na na

18-May-16 4-Jun-16 Hexis Cyber Solutions WatchGuard Technologies na na na na na

16-May-16 16-May-16 Innometriks Tyco Security Products na na na na na

12-May-16 20-Jun-16 Vision Solutions Clearlake Capital Group na na na na na

11-May-16 11-May-16 ICT Technical Services OneSource Technology na na na na na

9-May-16 - D-Vasive MGT Capital Investments 104.3$ na na na na

8-May-16 - Spikes Security aurionPro Solutions na na na na na

6-May-16 - WinCore Transtema Group 23.3$ na na na na

5-May-16 1-Jun-16 TELUS International Baring Private Equity Asia 382.2$ na na na na

5-May-16 17-Jun-16 NextAdvisor Bankrate 209.4$ na na na na

5-May-16 5-May-16 Centric Systems Equity Networks na na na na na

4-May-16 1-Jul-16 United Online B. Riley Financial 66.3$ 145.3$ 15.1$ 0.5x 4.4x

4-May-16 - A&S Ireland Aberdein Considine & Co na 30.4$ na na na

3-May-16 3-May-16 Milestone Systems Kudelski na na na na na

3-May-16 - RMS Managed ICT Security IntroNovo na na na na na

3-May-16 3-May-16 Virtual Stack Rampart Hosting na na na na na

29-Apr-16 29-Apr-16 L.A. Systems Chakrabarti Management na na na na na

Confidential


30

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


28-Apr-16 28-Apr-16 Cloak StackPath na na na na na

27-Apr-16 2-May-16 ANXeBusiness Open Text Corporation 104.0$ na na na na

25-Apr-16 - Gehirn Sakura Internet 1.5$ na na na na

25-Apr-16 - Alura Business Solutions Pegasus Technologies na na na na na

22-Apr-16 - TSonNet HAURI na 2.5$ na na na

21-Apr-16 21-Apr-16 DeviceAuthority Cryptosoft na na na na na

19-Apr-16 19-Apr-16 Enion Convergint Technologies na na na na na

18-Apr-16 - CSIdentity Experian Information Solutions 360.0$ na na 3.5x na

15-Apr-16 15-Apr-16 Click Security Alert Logic na na na na na

15-Apr-16 15-Apr-16 Graves Technology Bennett Thrasher na na na na na

14-Apr-16 14-Apr-16 Gotham Digital Science Stroz Friedberg na na na na na

12-Apr-16 12-Apr-16 Advancive Technology Solutions Optiv Security na na na na na

12-Apr-16 12-Apr-16 The Van Dyke Technology Group Jacobs Engineering Group na na na na na

9-Apr-16 - Dataware Midco na na na na na

8-Apr-16 - Bluebox Security Lookout na na na na na

6-Apr-16 6-Apr-16 Choice Technologies Data Processing Solutions na na na na na

5-Apr-16 5-Apr-16 Data Concept Informatique Naxicap Partners na 53.5$ na na na

4-Apr-16 4-Apr-16 Intelemage Medidata Solutions na na na na na

4-Apr-16 4-Apr-16 Espion Group BSI Professional Services na na na na na

4-Apr-16 4-Apr-16 Orsys 123 Venture na 54.1$ na na na

1-Apr-16 1-Apr-16 Pugmarks NetSource Communications na na na na na

30-Mar-16 30-Mar-16 netAura CenturyLink na na na na na

30-Mar-16 - Europoint Networking Nixu Oyj 1.8$ na na na na

24-Mar-16 - Force 3 Sirius Computer Solutions na na na na na

23-Mar-16 23-Mar-16 Computer Systems Pinnacle Network Design na na na na na

Confidential


31

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


17-Mar-16 - XL Internet Services Voxtel na na na na na

15-Mar-16 9-Mar-16 Quotium Technologies Groupe Technologies 4.4$ 4.3$ (0.8)$ 1.0x -5.8x

14-Mar-16 19-Apr-16 AppSense LANDESK Software na na na na na

11-Mar-16 15-Apr-16 Groupe LEXSI Orange Cyberdefense na na na na na

10-Mar-16 - Agata Solutions CyberArk Software 3.1$ na na na na

10-Mar-16 - Critical Stack Capital One Financial na na na na na

3-Mar-16 3-Mar-16 Safend SuperCom 1.5$ na na na na

29-Feb-16 6-Apr-16 Resilient IBM na na na na na

29-Feb-16 29-Feb-16 Red Cloud IT Solutions First Class Technologies na na na na na

25-Feb-16 - Sentrix Trusted Knight na na na na na

24-Feb-16 19-Feb-16 Encription BlackBerry na na na na na

23-Feb-16 23-Feb-16 Arellia Thycotic Software na na na na na

22-Feb-16 29-Apr-16 Tourisme Hôtellerie SequoiaSoft na 7.5$ na na na

21-Feb-16 1-Apr-16 Nakina Systems Nokia na na na na na

18-Feb-16 - ValidSoft Cross River Initiatives 12.6$ na na na na

17-Feb-16 - Ingram Micro Tianjin Tianhai Investment 6,048.4$ 43,025.9$ 769.8$ 0.1x 7.9x

8-Feb-16 8-Feb-16 Digital Footprints International Infoblox 45.0$ na na na na

8-Feb-16 8-Feb-16 Telnes Broadband GTT Communications 20.0$ 17.0$ 1.0$ 1.2x 20.0x

4-Feb-16 4-Feb-16 Obsidian Analysis The Cadmus Group na na na na na

3-Feb-16 1-Mar-16 Brohl & Appell Rexel na 24.0$ na na na

3-Feb-16 3-Feb-16 Networks First Convergence Group na 11.4$ na na na

3-Feb-16 3-Feb-16 Skybox Security Providence Equity Partners na na na na na

1-Feb-16 1-Feb-16 Invotas FireEye 30.0$ 1.0$ na 30.0x na

1-Feb-16 1-Feb-16 Tradentrix Centre Technologies na na na na na

27-Jan-16 27-Jan-16 No Blue Screen System Oceanet Technology na na na na na

Confidential


32

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


26-Jan-16 - Leidos Holdings Lockheed Martin na 5,140.4$ 434.2$ na na

25-Jan-16 25-Jan-16 Smart Card Software Rambus 64.7$ na na na na

20-Jan-16 14-Jan-16 iSight Security FireEye 271.1$ 40.0$ na 6.8x na

19-Jan-16 19-Jan-16 Ocedo Riverbed Technology na na na na na

14-Jan-16 31-Dec-15 MXToolBox j2 Global na na na na na

13-Jan-16 13-Jan-16 ScrapeSentry Distil 10.0$ na na na na

13-Jan-16 13-Jan-16 Equivoice MNJ Technologies Direct na na na na na

12-Jan-16 12-Jan-16 Horne Cyber Solutions HORNE na na na na na

6-Jan-16 6-Jan-16 Talentscale SCST na na na na na

6-Jan-16 6-Jan-16 Nodal Industries Luma Home na na na na na

5-Jan-16 10-Mar-16 TowerSec Harman International 75.8$ na na na na

29-Dec-15 31-Mar-16 NewCom SpeedCast International 34.6$ na na na na

22-Dec-15 22-Dec-15 ihotdesk On Direct Business Services na na na na na

21-Dec-15 21-Dec-15 SecureLink Group Investcorp na na na na na

21-Dec-15 21-Dec-15 Verisec Svolder na 7.5$ nm na na

21-Dec-15 21-Dec-15 HarborLite Networks Lightower Fiber Networks na na na na na

21-Dec-15 18-Dec-15 ALKU WestView Capital Partners na na na na na

18-Dec-15 18-Dec-15 PRO OnCall Southeast Logic Speak na na na na na

16-Dec-15 16-Dec-15 IPV Gateways The Newton Group na na na na na

14-Dec-15 14-Dec-15 SurfRight Sophos Group 31.8$ na na na na

9-Dec-15 21-Dec-15 Cimation Accenture na na na na na

8-Dec-15 4-Dec-15 InfoGard Laboratories UL na na na na na

8-Dec-15 8-Dec-15 Tier3 Solutions Group MDL Technology 0.2$ na na na na

24-Nov-15 27-Nov-15 Fox-IT Group NCC Group 140.6$ 29.0$ na 4.9x na

23-Nov-15 23-Feb-16 TeleCommunication Systems Comtech 430.0$ 364.1$ 35.4$ 1.2x 12.2x

Confidential


33

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


19-Nov-15 19-Nov-15 Ondeso alphaBit Gesellschaft na na na na na

10-Nov-15 10-Nov-15 Acropolis Telecom Foliateam 4.1$ 7.2$ 0.1$ 0.6x nm

9-Nov-15 - Secure Islands Microsoft 150.0$ na na na na

9-Nov-15 - Elastica Blue Coat 280.0$ na na na na

4-Nov-15 - Eosensa Scalar Decisions na na na na na

3-Nov-15 30-Oct-15 MAR Oasis Systems na na na na na

31-Oct-15 14-Jan-16 McAfee Raytheon na na na na na

30-Oct-15 30-Oct-15 Athena IT-Group Helge Munk Holding 7.5$ 9.5$ 1.9$ 0.8x 4.0x

30-Oct-15 1-Jul-16 Boice Enterprises Data Strategy na na na na na

28-Oct-15 15-Oct-15 CIO Services Karpel Computer Systems na na na na na

27-Oct-15 21-Dec-15 Lancope Cisco Systems 452.5$ na na na na

21-Oct-15 9-Mar-16 TippingPoint TrendMicro 300.0$ 169.0$ na 1.8x na

19-Oct-15 17-Mar-16 Vormetric Thales e-Security 421.0$ 53.5$ na 7.9x na

16-Oct-15 16-Oct-15 Integrated Business Solutions Datashield na na na na na

14-Oct-15 14-Oct-15 Malcovery Security PhishMe na na na na na

13-Oct-15 13-Oct-15 RevelOps Rapid7 71.1$ na na na na

12-Oct-15 12-Oct-15 Napatech SEB Investment Management na 29.7$ nm na na

7-Oct-15 15-Oct-15 Viewfinity CyberArk 30.5$ na na na na

6-Oct-15 30-Sep-15 Code Green Networks Digital Guardian 18.0$ na na na na

5-Oct-15 5-Oct-15 CenterTools Software Nordwind Capital na na na na na

29-Sep-15 12-Oct-15 Intronis Baracuda Networks na 20.6$ 0.3$ na nm

24-Sep-15 9-Oct-15 Billguard Prosper 30.0$ na na na na

22-Sep-15 30-Sep-15 Elitecore Technologies Sterlite Technologies 27.4$ 22.3$ 2.4$ 1.2x 11.3x

21-Sep-15 5-Oct-15 Absolute Software HEAT Software 11.0$ na na na na

17-Sep-15 31-Mar-15 PlusServer PlusServer na na na na na

Confidential


34

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


16-Sep-15 16-Sep-15 Coalfire Systems The Carlyle Group na na na na na

11-Sep-15 11-Sep-15 Secunia ApS Flexera Software na na na na na

9-Sep-15 30-Sep-15 Johnson Controls Security Versar 20.0$ 41.5$ 4.2$ 0.5x 4.8x

8-Sep-15 8-Sep-15 Adallom Microsoft Corporation 320.0$ na na na na

4-Sep-15 30-Oct-15 Good Technology Blackberry 425.0$ 211.9$ (53.0)$ 2.0x na

31-Aug-15 31-Aug-15 Integrated Business Solutions EarthBend na na na na na

31-Aug-15 30-Nov-15 SRA Companies Computer Sciences Government na 1,389.2$ 161.0$ na na

31-Aug-15 31-Aug-15 Turnberry Solutions SageNet na na na na na

28-Aug-15 22-Oct-15 DigiCert Thoma Bravo na na na na na

27-Aug-15 31-Oct-15 Novetta Solutions The Carlyle Group na na na na na

25-Aug-15 25-Aug-15 Sirrustec Censornet na na na na na

20-Aug-15 - Triad Biometrics COREwafer Industries 3.8$ na na na na

17-Aug-15 14-Aug-15 Qualys Alpha Sociedad de Valores na 148.3$ 30.7$ na na

11-Aug-15 11-Aug-15 Credence Corporation LDiscovery na na na na na

11-Aug-15 15-Sep-15 CRGT Salient Federal Solutions na na na na na

3-Aug-15 3-Aug-15 Genua Bundesdruckerei na na na na na

30-Jul-15 30-Jul-15 PerspecSys Blue Coat na na na na na

23-Jul-15 21-Aug-15 Alion Science and Technology Veritas Capital na 896.1$ 73.4$ na na

20-Jul-15 20-Jul-15 Mycroft Ernst & Young na na na na na

9-Jul-15 9-Jul-15 Caspida Splunk 190.0$ na na na na

8-Jul-15 8-Jul-15 Remotium AVAST Software na na na na na

30-Jun-15 26-Aug-15 OpenDNS Cisco Systems 635.0$ na na na na

30-Jun-15 - NSFOCUS NSFOCUS Technology 1.9$ na na na na

21-Jun-15 21-Jun-15 Buguroo Offensive Security TICNOVA na 2.0$ na na na

9-Jun-15 5-Jun-15 Reflexion Networks Sophos 22.0$ na na na na

Confidential


35

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


9-Jun-15 23-Nov-15 Global Defense STG Group na na na na na

8-Jun-15 8-Jun-15 IdMlogic CA Technologies 20.0$ na na na na

2-Jun-15 2-Jun-15 nSense F-Secure 18.0$ 7.0$ na 2.6x na

2-Jun-15 2-Jun-15 SymQuest Group Konica Minolta na na na na na

30-May-15 4-Mar-15 Lookout BlackRock na na na na na

28-May-15 20-Jul-15 Quotium Technologies Synopsys na na na na na

27-May-15 22-May-15 ShieldArc Palo Alto Networks 18.0$ na na na na

27-May-15 7-Jul-15 Meru Networks Fortinet 30.1$ 87.7$ (14.9)$ 0.3x nm

26-May-15 9-Jul-15 Virtustream EMC Corporation 1,219.0$ na na na na

20-May-13 25-Jun-13 Websense Raytheon 971.1$ 359.4$ 54.4$ 2.7x 17.9x

12-May-15 12-May-15 Resolution1 Security General Dynamics na na na na na

8-May-15 8-May-15 Savant Protection Digital Guardian na na na na na

6-May-15 5-May-15 Privax AVG 60.0$ na na na na

6-May-15 6-May-15 Sirrix ROHDE & SCHWARZ na na na na na

21-Apr-15 7-May-15 Watchdox Blackberry 59.0$ na na na na

14-Apr-15 4-May-15 General Dynamics Marlin Equity Partners na na na na na

14-Apr-15 14-Apr-15 CloudLink Technologies EMC Corporation na 1.0$ na na na

10-Apr-15 10-Apr-15 Information Security Solutions Assured Information Security na na na na na

7-Apr-15 1-Sep-15 TrustWave Holdings Singapore Telecommunications 785.7$ 216.0$ na 3.6x na

1-Apr-15 1-Apr-15 Picviz Labs ESI Group na na na na na

1-Apr-15 1-Apr-15 LTC Engineering Associates CACI International 16.0$ 16.0$ na 1.0x na

31-Mar-15 31-Mar-15 Anicut Systems CipherCloud na na na na na

24-Mar-15 20-Mar-15 XCOM FinTech Group na na na na na

23-Mar-15 23-Mar-15 Fluidata Specialist Computer Centres na na na na na

19-Mar-15 27-Mar-15 RackForce Networks Tero Networks 33.0$ 10.9$ na 3.0x na

Confidential


36

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


18-Mar-15 13-Mar-15 Ponte Technologies KEYW Holdings na na na na na

18-Mar-15 16-Jan-15 Milestone Intelligence KEYW Holdings na na na na na

10-Mar-15 26-May-15 Blue Coat Bain Capital 2,400.0$ na na na na

10-Mar-15 9-Apr-15 CyActive Paypal 43.0$ na na na na

3-Mar-15 22-Jun-15 e-shelter GmbH & Co. NTT Communications 961.9$ na na na na

2-Mar-15 2-Mar-15 Clesys Econocom Group na 6.0$ na na na

2-Mar-15 27-Feb-15 CloudShield Technologies LookingGlass Cyber Solutions 5.0$ na na na na

2-Mar-15 27-Feb-15 Xerocole Akamai 16.6$ na na na na

2-Mar-15 6-Mar-15 Emerging Threats Proofpoint 32.3$ na na na na

24-Feb-15 23-Mar-15 Optenet Allot Communications 38.0$ na na na na

18-Feb-15 17-Feb-15 Hyperwise Check Point 80.0$ na na na na

11-Feb-15 6-Feb-15 UberScan Infinite Group 0.2$ na na na na

10-Feb-15 10-Apr-15 Trüb Gemalto na na na na na

19-Feb-15 1-Apr-15 MegaPath Global Technology & Telecom 152.4$ 124.0$ 20.0$ 1.2x 7.6x

9-Feb-15 - Voltage Security Hewlett-Packard na na na na na

6-Feb-15 - Pay Per Cloud Synoptek na na na na na

3-Feb-15 3-Feb-15 Sysec The Herjavec Group na na na na na

3-Feb-15 3-Feb-15 Presensoft Smarsh na na na na na

30-Jan-15 30-Jan-15 DLT Solutions Millstein & Co. na na na na na

29-Jan-15 29-Jan-15 Damovo Daisy Group na na na na na

22-Jan-15 26-Feb-15 Red Bend Software Harman Becker Automotive 200.1$ na na na na

19-Jan-15 19-Jan-15 Simitu WeCloud na 1.0$ na na na

8-Jan-15 8-Jan-15 Halcyon Software HelpSystems na na na na na

7-Jan-15 7-Jan-15 KiwiSecurity Software red-stars.com na na na na na

6-Jan-15 6-Jan-15 Invisible Citon Computer na na na na na

Confidential


37

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


5-Jan-15 24-Dec-14 Gnostech The O'Neil Group Company na na na na na

2-Jan-15 2-Jan-15 Birdstep Technology Bittium Technologies 2.4$ na na na na

22-Dec-14 11-Feb-15 Peerless Systems LCV Capital Management 12.9$ 2.3$ na 5.6x na

19-Dec-14 18-Dec-14 RandomStorm Accumuli 13.9$ 5.5$ 1.6$ 2.5x 8.9x

10-Dec-14 9-Jan-15 Neohapsis Cisco Systems na na na na na

9-Dec-14 2-Jan-15 Tripwire Belden 710.0$ 118.5$ na 6.0x na

9-Dec-14 3-Dec-14 ServerSpace iomart Group 6.7$ na na na na

4-Dec-14 22-Dec-14 Atea Axcess 52.2$ 98.0$ 6.7$ 0.5x 7.8x

11-Nov-14 26-Mar-15 Prism Technologies Internet Patents 80.9$ 40.0$ na 2.0x na

6-Nov-14 23-Oct-14 XL Internet Services IT-Ernity Internet Services na na na na na

5-Nov-14 5-Nov-14 Blackbird Technologies Raytheon 420.0$ na na na na

5-Nov-14 31-Oct-14 Norman Safeground AVG Technologies 16.9$ na na na na

4-Nov-14 4-Dec-14 Aconite Technology Proxama 6.3$ 2.8$ nm 2.3x nm

4-Nov-14 4-Nov-14 BlueSpace Sterling Computers na na na na na

13-Nov-14 13-Nov-14 Aorato Microsoft 200.0$ na na na na

29-Oct-14 30-Oct-14 WebRunners Gawk 1.0$ na na na na

28-Oct-14 26-Feb-15 TASC Engility 1,100.0$ na na na na

21-Oct-14 11-Dec-14 BAE Systems BAE Systems 232.5$ na na na na

21-Oct-14 21-Oct-14 NSEC - Sistemas Informaticos BitSight Technologies na na na na na

20-Oct-14 20-Oct-14 Crypteia Networks PCCW Global na na na na na

14-Oct-14 30-Sep-14 EyeLynx Zaun na na na na na

13-Oct-14 13-Jul-15 Danaher NetScout Systems 2,266.3$ 836.0$ na 2.7x na

7-Oct-14 7-Oct-14 Mojave Networks Sophos na na na na na

2-Oct-14 2-Oct-14 KERNEL Networks Arismore na 10.1$ na na na

1-Oct-14 1-Oct-14 Excel Micro j2 Global na na na na na

Confidential


38

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


1-Oct-14 1-Oct-14 Red Anvil CoSentry na na na na na

1-Oct-14 1-Oct-14 Cassidian Optronics Airbus Defence & Space na na na na na

30-Sep-14 31-Dec-14 InStep Software Schneider Electric na na na na na

22-Sep-14 2-Sep-14 SafeIT Security Regenersis 2.3$ na na na na

15-Sep-14 15-Sep-14 Cryptosoft TERN 0.1$ na na na na

4-Sep-14 4-Sep-14 Colo5 Cologix na na na na na

3-Sep-14 15-Oct-14 Location Labs AVG Technologies 233.0$ 27.4$ na 8.5x na

2-Sep-14 25-Sep-14 BeyondTrust Software Veritas Capital 310.0$ na na na na

2-Sep-14 1-Sep-14 SoftPro Kofax 34.7$ 13.3$ 1.0$ 2.6x 34.7x

19-Aug-14 19-Aug-14 Layered Technologies Datapipe na na na na na

8-Aug-14 7-Jan-15 SafeNet Gemalto 957.0$ na na 2.6x na

7-Aug-14 7-Aug-14 PrivateCore Facebook na na na na na

6-Aug-14 6-Aug-14 MXSweep FuseMail na na na na na

4-Aug-14 4-Aug-14 Jinny Software Enghouse Systems 17.7$ 22.7$ na 0.8x na

4-Aug-14 30-Jul-14 NetCentrics Haystax Technology na na na na na

12-Aug-14 31-Jul-14 Tenacity Solutions CSC 36.0$ na na na na

31-Jul-14 31-Jul-14 CrossIdeas IBM na na na na na

29-Jul-14 1-Dec-14 Secusmart BlackBerry 9.0$ na na na na

28-Jul-14 30-Jun-14 gateprotect Rohde & Schwarz na na na na na

24-Jul-14 18-Jul-14 Grupo S21sec Sonae.com na na na na na

10-Jul-14 10-Jul-14 Warrior Technology Liberty IT Solutions na na na na na

8-Jul-14 7-Jul-14 Delphiis Auxilio 2.6$ 1.0$ na 2.6x na

8-Jul-14 - Anchiva Systems Beijing Jetsen Technology na 2.9$ na na na

30-Jun-14 30-Jun-14 Network Logix System Care na na na na na

23-Jun-14 20-Jun-14 ArmstrongAdams Accumuli 6.3$ na na na na

Confidential


39

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


11-Jun-14 11-Jun-14 AddPro AB Perusa Partners na 78.5$ 5.4$ na na

11-Jun-14 11-Jun-14 tenacity Solutions Insight Venture Partners na na na na na

10-Jun-14 10-Jun-14 Alcatel-Lucent Cybersecurity Thales na na na na na

7-Jul-14 31-Jul-14 Arcserve Marlin Equity Partners 170.0$ na na na na

3-Jun-14 3-Jun-14 Gazzang Cloudera na na na na na

20-May-14 13-May-14 NetCitadel Proofpoint 22.8$ na na na na

19-May-14 19-May-14 Divide Google 120.0$ na na na na

15-May-14 1-May-14 Lumension Security Clearlake Capital Group na na na na na

14-May-14 18-Jun-14 ConvergeOne Clearlake Capital Group na na na na na

14-May-14 6-May-14 Bee Ware DenyAll na na na na na

14-May-14 29-May-14 Fixmo Good Technology na na na na na

14-May-14 14-May-14 Symantec ValueAct Capital Management na 6,676.0$ 1,944.0$ na na

12-May-14 9-May-14 Midwest Design Computers The Greentree Group na na na na na

12-May-14 16-Jul-14 Foreshore Sure na na na na na

9-May-14 9-May-14 Wurldtech Security Tech General Electric Company na na na na na

6-May-14 9-May-14 nPulse Technologies FireEye 63.3$ na na na na

1-May-14 1-May-14 Pixelweb Telecom Fibrenoire na na na na na

30-Apr-14 30-Apr-14 Arsalon Technologies DataBank Holdings na na na na na

29-Apr-14 29-Apr-14 Crocodial It Security VI Energies Deutschland na 20.7$ na na na

24-Apr-14 9-May-14 Dectech GB Group 34.3$ 9.8$ na 3.5x na

23-Apr-14 23-Apr-14 docTrackr Intralinks 10.0$ na na na na

23-Apr-14 3-Mar-14 Left Brain Techs Marcus Networking na na na na na

18-Apr-14 17-Apr-14 SeaWell Networks ARRIS Group 8.9$ na na na na

18-Apr-14 18-Apr-14 Secure Mission Solutions Parsons na na na na na

14-Apr-14 - GalaxyTech The Herjavec Group na na na na na

Confidential


40

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


8-Apr-14 8-Apr-14 Global DataGuard Masergy Communications na na na na na

7-Apr-14 5-Apr-14 Metaforic INSIDE Secure 17.4$ na na na na

3-Apr-14 3-Apr-14 Critical Software j2 Global na na na na na

2-Apr-14 2-Apr-14 JTECH Networks Digitel na na na na na

1-Apr-14 31-Mar-14 Clearview Data Systems Axial Systems 0.1$ na na na na

31-Mar-14 31-Mar-14 BDG & Co NTT Com Security na na na na na

21-Mar-14 21-Mar-14 Network Technology Solutions Capital IT Services 9.4$ 17.5$ na 0.5x na

21-Mar-14 21-Mar-14 Nervogrid ALSO Holding na 4.1$ na na na

19-Mar-14 31-Dec-14 Optellios Senstar na na na na na

18-Mar-14 18-Mar-14 Cenzic TrustWave na na na na na

12-Mar-14 7-Apr-14 Industrial Defender Lockheed Martin na na na na na

11-Mar-14 11-Mar-14 ENETsolutions Computex na na na na na

10-Mar-14 10-Mar-14 SecureForce Baum Romstedt Technology na na na na na

5-Mar-14 4-Mar-14 Data Tactics L-3 Communications 57.0$ na na na na

24-Feb-14 24-Feb-14 Jaal CloudFlare na na na na na

21-Feb-14 27-Mar-14 Cryptzone Group Medina Capital 13.5$ 3.7$ nm 3.7x nm

19-Feb-14 24-Mar-14 Coverity Synopsys 350.0$ na na na na

13-Feb-14 - Time Warner Cable Comcast na 22,120.0$ 7,739.0$ na na

13-Feb-14 13-Feb-14 Carbon Black Bit9 na na na na na

10-Feb-14 7-Feb-14 Cyberoam Technologies Sophos na na na na na

6-Feb-14 7-Feb-14 Skyfence Networks Imperva 65.0$ na na na na

6-Feb-14 31-Mar-14 Incapsula Imperva na na na na na

4-Feb-14 - Exobox Technologies Cherubim Builders Group na na na na na

31-Jan-14 30-Jan-14 Neurosoft Software Centric na 7.9$ 1.6$ na na

31-Jan-14 31-Jan-14 Modern Communications Elitetele.com na na na na na

Confidential


41

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


23-Jan-14 23-Jan-14 ControlCircle Alternative Networks 65.4$ 35.0$ 3.2$ 1.9x 20.7x

22-Jan-14 24-Feb-14 AirWatch Vmware 1,545.0$ na na na na

6-Jan-14 31-Dec-13 EnterEdge Technology Milestone Systems na na na na na

6-Jan-14 26-Dec-13 Morta Security Palo Alto Networks 10.3$ na na na na

1-Jan-14 20-Dec-13 Symmetry and SymSoft Great Hill Partners na na na na na

2-Jan-14 30-Dec-13 Mandiant FireEye 843.0$ 102.0$ nm 8.3x nm

23-Dec-13 - STS Group Cecurity.com na na na na na

17-Dec-13 31-Dec-13 Entrust DataCard na na na na na

12-Dec-13 10-Dec-13 AGS Risk Solutions Insight na na na na na

11-Dec-13 7-Feb-14 Callis Communications Cellular South na na na na na

5-Dec-13 5-Dec-13 eSoft Untangle na na na na na

4-Dec-13 4-Dec-13 Netcentric Technology Vistronix na na na na na

2-Dec-13 30-Jan-14 NextiraOne Management Dimension Data Nederland na na na na na

29-Nov-13 30-Apr-13 Castle Access Grupo redIT na na na na na

19-Nov-13 19-Nov-13 CenturyLink Cloud Savvis na na na na na

19-Nov-13 19-Nov-13 Redhawk Network Engineering Securio Group na na na na na

13-Nov-13 18-Dec-13 Fiberlink Communications IBM na na na na na

13-Nov-13 27-Jan-14 NetFortris Spire Capital Partners na na na na na

11-Nov-13 11-Nov-13 Application Security TrustWave na na na na na

7-Nov-13 7-Nov-13 High Cloud Security HyTrust na na na na na

6-Nov-13 - Bitmonix Cyber Point International na na na na na

6-Nov-13 6-Nov-13 Shelter Six Technologies BriteSky Technologies na na na na na

30-Oct-13 15-Nov-13 ServiceMesh CSC 310.0$ na na na na

18-Oct-13 18-Oct-13 Avitus Technology Services Better Business Systems na na na na na

10-Oct-13 10-Oct-13 Athena IT-Group Frej na 8.5$ 2.0$ na na

Confidential


42

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


1-Oct-13 1-Oct-13 The 41st Parameter Experian 324.0$ na na na na

1-Oct-13 1-Oct-13 Sendmail Proofpoint 23.0$ na na na na

30-Sep-13 1-Oct-13 Sensory Networks Intel 20.0$ na na na na

27-Sep-13 27-Sep-13 N2 Net Security Tangible Software na na na na na

24-Sep-13 24-Sep-13 Jumpshot AVAST Software na na na na na

17-Sep-13 17-Sep-13 Versafe F5 Networks 87.7$ na na na na

11-Sep-13 11-Sep-13 Amor Business Technology Lockheed Martin na 90.4$ na na na

5-Sep-13 - Wolverine Exploration EnigmaMobil na na nm na na

4-Sep-13 30-Aug-13 Venyu Solutions Eatelcorp na na na na na

4-Sep-13 1-Sep-13 EPIC Information Solutions Manitoba Telecom Services 8.9$ na na na na

3-Sep-13 3-Sep-13 Packetloop Arbor Networks na na na na na

3-Sep-13 3-Sep-13 EGIS Systems Santa Rosa Consulting na na na na na

23-Aug-13 23-Aug-13 James Secure Solutions Spry Methods na na na na na

19-Aug-13 31-Aug-13 Alert Logic Welsh,Carson,Anderson na 30.6$ na na na

13-Aug-13 31-Jul-13 Data Processing Sciences Lumenate na na na na na

11-Aug-13 23-Dec-13 Arinc Rockwell Collins 1,390.0$ na na na na

15-Aug-13 3-Sep-13 Trusteer IBM 600.0$ 40.0$ na 15.0x na

9-Aug-13 5-Sep-13 Armorize Technologies Proofpoint 25.0$ na na na na

8-Aug-13 8-Aug-13 Sera-Brynn Towne Bank na na na na na

7-Aug-13 7-Aug-13 Seafaring Security Services Invizeon na na na na na

30-Jul-13 29-Jul-13 Prodware Grandeur Peak Global Advisors na 225.9$ 22.4$ na na

25-Jul-13 19-Jul-13 Abaca Technology Proofpoint 2.5$ na na na na

23-Jul-13 22-Jul-13 S3 ID Group CSE One 15.7$ na na na na

23-Jul-13 7-Oct-13 Sourcefire Cisco Systems 2,193.6$ 247.4$ 18.5$ 8.9x nm

15-Jul-13 15-Jul-13 Clear Government Solutions TWD ESS na na na na na

Confidential


43

($ in millions)


Cybersecurity



Value


Mean 301.7$ 1,714.5$ 403.3$ 3.7x 10.9xMedian 34.4$ 29.7$ 6.1$ 2.6x 8.4x


18-Jul-13 18-Jul-13 PasswordBank Technologies Symantec 24.9$ na na na na

25-Jun-13 25-Jun-13 Palisade Systems Absolute Software 0.7$ na na na na

24-Jun-13 24-Jun-13 Exigen Services Return on Intelligence na na na na na

17-Jun-13 14-Aug-13 Solutionary NTT na na na na na

17-Jun-13 1-Jul-13 CenterBeam EarthLink 22.0$ na na na na

11-Jun-13 11-Jun-13 NCDTech NetGain Technologies na na na na na

10-Jun-13 10-Jun-13 Fox Technologies Parallax Capital Partners na na na na na

6-Jun-13 6-Jun-13 Synergy Systems Concat AG na na na na na

5-Jun-13 5-Jun-13 Latis Networks BAE Systems na na na na na

30-May-13 30-May-13 RedCloud Avigilon 17.4$ na na na na

29-May-13 4-Jul-13 Arkoon Network Security Cassidian 17.2$ 16.4$ 2.9$ 1.0x 6.0x

28-May-13 28-May-13 SafeLine Treolan na na na na na

21-May-13 31-May-13 Solera Networks Blue Coat na na na na na

20-May-13 25-Jun-13 Websense Vista Equity Partners 971.1$ 359.4$ 54.4$ 2.7x 17.9x

15-May-13 15-May-13 SyncDog IntegriCell na na na na na

15-May-13 31-Mar-13 Denali Holding Highfields Capital Management na 56,592.0$ 3,786.0$ na na

9-May-13 9-May-13 Netronome Systems Blue Coat na na na na na

6-May-13 10-Jul-13 Stonesoft McAfee 369.6$ 53.7$ nm 6.9x nm

2-May-13 2-May-13 Waveworks TFM Networks na na na na na

30-Apr-13 30-Apr-13 myON-ID Media AVAST Software na na na na na

29-Apr-13 17-May-13 Arkoon Network Security Cassidian 17.0$ 16.6$ 2.9$ 1.0x 5.9x

Documents

CEO Cybersecurity Spotlight – July 2016