Mergers & Acquisitions Capital Raising Strategic …vistapointadvisors.com/.../04/Software-Update-Q1-2015.pdfMergers & Acquisitions Capital Raising Strategic Advisory Software Industry

1 │ Software Industry Update Q1 2015

Mergers & Acquisitions Capital Raising Strategic Advisory

Software Industry Update Q1 2015

http://www.victorypharma.com/index.shtml





Vista Point Advisors Overview

Unconflicted AdviceDeep Technology Domain Expertise

Differentiated Negotiation Framework

Vista Point exclusively provides sell-

side M&A and Capital Raising advisory

services to technology businesses

removing the conflict of interest

associated with working both sides of

the table.

Vista Point bankers are industry

specialists that focus exclusively on

core technology markets allowing us

to provide relevant insights into our

client’s business and create the

strategic framework to optimize

valuation.

The firm utilizes a unique negotiation

framework to increase the

competitiveness of the transaction

process, and ultimately yield higher

valuations at better terms for clients.

Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and

middle markets are unique and require specialized attention and advice when considering investment and exit

opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures

our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder-

owned and operated businesses to deliver the most favorable transactions at premium valuations.


Representative Vista Point Advisors Transactions

*Completed by VPA professionals while at another investment bank

has been acquired by

April 2014


March 2014

received investment from

March 2013


January 2013


November 2013


August 2014


December 2014


February 2015


November 2014


November 2014


January 2013

has been acquired by*

October 2010

has been acquired by*

December 2010


March 2012


March 2015


• There were 265 reported software M&A transactions in Q1 2015 totaling $15 billion in transaction value

─ Notable strategic deals include:

o SS&C Technologies' $2.6 billion acquisition of Advent Software

o Hewlett-Packard’s $2.4 billion acquisition of Aruba Networks

o D+H’s $1.3 billion acquisition of Fundtech

o Lexmark’s $955 million acquisition of Kofax

o Autodesk’s acquisition of Tweak Software

• The software IPO market continues to be active with 2 major IPOs pricing in Q1 2015

─ Box (NYSE:BOX), a cloud-based enterprise content collaboration solution, raised $175 million and has traded up 39%

─ MaxPoint Interactive (NYSE:MXPT), a digital advertising services provider, raised $75 million and has traded down 17%,

reflecting continued trouble for publically traded ad-tech assets

• In on-going public market performance, results have been positive in the last 3 months:

─ Financial Technology traded up 17.2%

─ CRM traded up 10.1%

─ Supply Chain Management traded up 6.0%

─ Human Capital Management traded up 5.9%

Q1 2015 Software Industry Overview


Most Active Acquirers (Since 2010)

Source: Capital IQ as of 3/31/2015

Notable Recent Transactions

Deals <$1bn

Deals >$1bn

Acquirer

Target

Date 02/02/15 02/09/15 03/02/15 03/24/15 03/30/15

EV $2,550m N/A $2,360m $955m $1,250m

EV / LTM Rev 6.4x N/A 2.9x 3.2x 4.8x

EV / LTM EBITDA 24.8x N/A 29.2x 43.0x 21.0x

Active Acquirers and Notable Transactions

$4.7 $3.9

$14.1

$0.7 $0.0

$16.4

$4.2 $4.0

$1.2 $1.3 $0.4

$15.1

$4.4 $2.5

$0.3

$0.0

$10.0

$20.0

Re

po

rte

d V

alu

e (

$b

n)

47

35 33

23 21 20 20 20 2015 15 14 14 13 13

1

2 5

1 2 2

1 3 1 1

0

10

20

30

40

50

Nu

mb

er

of

Tran

sact

ion

s


Quarterly Software M&A Value and Deal Count (Since 2010)


Software M&A Market Overview

344 334 327 336 337 340366 363 368

349363

322299

286

207

304324

308

345

250265

0

100

200

300

400

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Nu

mb

er

of

Tran

sact

ion

s

$8

$24$22

$14

$6

$15

$31

$13$18 $19

$17 $17

$5

$22 $22

$18$15

$23

$48

$9

$15

$0

$10

$20

$30

$40

$50

$60

Tran

sact

ion

Val

ue

($

bn

)


69%

9%

8%

5%

5%

4%

Q4 '14

60%

10%

8%

10%

3%

10%

Q1 '15

Transactions by Reported Value

Transactions by Target Funding

Total: $9B Total: $15B

50M+

$30 - $50M

$10 - $30M

$0.1 - $10M

Undisclosed

No Funding

$500M - $1B>$1B

$250M - $500M$100M - $250M$50M - $100M<$50M


Software M&A Market Overview

72%65% 66% 65% 66% 68% 72% 73% 71% 70%

65%71% 67% 67% 64% 64% 64% 66% 62% 66% 65%

0%

20%

40%

60%

80%

100%

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15


35

44

23

25

17

17

18

13

17

14

12

11

8

8

12

7

9

5

5

3

62

45

30

27

22

22

15

17

12

12

13

10

12

9

4

9

6

10

9

10

84

66

40

50

51

30

23

22

30

29

29

11

23

16

9

9

10

23

19

10

181

155

93

102

90

69

56

52

59

55

54

32

43

33

25

25

25

38

33

23

050100150200

Investments Made

Within last 6 months Within 6-12 months Within 12-24 months

13

4

4

6

6

3

6

2

1

3

4

9

4

2

4

4

1

3

18

7

3

1

9

4

4

7

4

3

4

3

4

4

1

10

1

2

29

11

9

8

12

8

7

7

6

5

5

12

7

6

7

5

4

10

8

3

60

22

16

15

27

15

17

16

11

11

13

24

15

6

13

5

9

24

10

8

0 15 30 45 60

Portfolio Exits

Within last 6 months Within 6-12 months Within 12-24 monthsSource: Capital IQ as of 3/31/2015

Despite High Valuations, Investments Lead Exits 3:1Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years


Average Price Performance Post IPO

Year # of IPOs % Primary vs. Secondary File to Price Change 1 Day 7 Days130 Days

Since IPO

2015YTD

22.6% 13.5% 12.9% 14.3%

2014 27.1% 25.2% 19.9% 17.5%

2013 26.0% 28.4% 33.9% 16.4%


IPO Summary

20 12 9 41

0 10 20 30 40 50

Software Internet Hardware

84.2%

15.8%

% Primary Shares % Secondary Shares

90.5%

9.5%


100.0%

0.0%


33.3%

66.7%

0.0%

Increase No Change No Decrease

33.3%

55.6%

11.1%


34.1%

51.2%

14.6%


26 14 5 45

0 10 20 30 40 50


2 1 3

0 2 4



0%

50%

100%

150%

200%

250%

300%

Apr-12 Jun-12 Aug-12 Oct-12 Dec-12 Feb-13 Apr-13 Jun-13 Aug-13 Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15

EV / Revenue EV / EBITDA

3 Year Public Market Performance

% of 52 Week High

LTM

2015E

LTM

2015E

High Growth Software: AKAM, ATHN, AZPN, CALD, CKSW, CRM, CSLT, CSOD, CYBR, DATA, ELLI, ENV, EPAY, FEYE, FLTX, FTNT, HDP, HSTM, LOGM, MDSO, MOBL, N, NOW, NQ, OTEX, PANW, PCTY, PFPT, QIHU, QLYS, QTWO, SPLK, SWI, TRAK, TSX:CSU, TXTR, ULTI, VDSI, VEEV, VRNS, VRNT, WDAY, WK, YDLEAll Software: See all bucketed companiesHigh Margin Software: AKAM, AVG, AZPN, CA, CHKP, EBIX, FDS, FISV, INTU, JKHY, MDAS, MSCI, MSFT, NSR, ORCL, OTEX, PAYX, PRGS, SAP, SWI, TSX:DSG, VRSNSource: Capital IQ as of 3/31/2015

Software Public Market Performance

Index Performance Over Last 3 Years High Growth Software (>20% LTM Revenue Growth) +102%NASDAQ Composite Index +57%All Software +52%S&P 500 Index +46%High Margin Software (>30% LTM EBITDA Margins) +33%

91%

96%

87%

80%

85%

90%

95%

100%

All Software High Margin High Growth

4.5x5.4x

7.7x

4.0x

5.0x

6.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x


19.5x

14.4x

29.0x

14.4x 12.9x

26.8x

0.0x

10.0x

20.0x

30.0x

40.0x




Public Company SummarySoftware Internet & Digital Media

CRM Accounting / ERPSupply Chain

Management

Human Capital

Management

Knowledge /

Content

Management

Business IntelligenceSystems / Network

ManagementSecurity / Storage

Application

InfrastructureFinancial Technology

Healthcare IT / Life

Sciences SoftwareMedian Mean

52-Wk High 74% 93% 90% 88% 93% 94% 90% 89% 82% 99% 82% 90% 88%

Aggregate Mkt Cap ($ in m) $46,427 $485,354 $121,934 $42,791 $65,382 $211,127 $99,300 $142,849 $763,496 $62,102 $44,996 $99,300 $189,614

Aggregate EV ($ in m) $48,189 $546,048 $130,039 $42,572 $68,778 $244,065 $101,123 $139,141 $842,264 $67,466 $47,111 $101,123 $206,981

Quarterly Mkt Cap % Change 10.1% 0.3% 6.0% 5.9% 4.4% 1.7% 2.3% (5.4%) (8.1%) 17.2% 2.1% 2.3% 3.3%

Quarterly EV % Change 9.2% 1.4% 13.1% 5.2% 5.4% (0.3%) 2.4% (5.1%) (6.9%) 15.5% 1.2% 2.4% 3.7%

LTM EV / Revenue 2.8x 4.2x 5.9x 8.1x 3.9x 3.3x 5.5x 4.3x 3.6x 5.3x 3.3x 4.2x 4.6x

2015E EV / Revenue 2.4x 4.2x 5.4x 7.1x 3.6x 3.1x 4.4x 3.6x 3.2x 4.6x 3.1x 3.6x 4.1x

2016E EV / Revenue 2.1x 4.4x 4.5x 6.2x 3.5x 2.9x 3.4x 3.2x 3.0x 4.0x 2.8x 3.4x 3.6x

LTM EV / EBITDA 25.4x 13.4x 20.4x 15.7x 17.1x 18.5x 15.8x 18.5x 10.6x 16.9x 19.8x 17.1x 17.5x

2015E EV / EBITDA 19.1x 11.7x 17.2x 30.7x 13.4x 13.2x 12.6x 14.2x 8.9x 14.8x 14.1x 14.1x 15.4x

2016E EV / EBITDA 15.7x 11.5x 15.0x 21.3x 12.0x 11.5x 12.0x 11.4x 8.0x 14.9x 12.3x 12.0x 13.2x

LTM P / E NM 25.1x 46.9x 69.6x 38.6x 28.3x 36.1x 26.0x 16.4x 32.9x 48.8x 34.5x 36.9x

2015E P / E 35.0x 18.2x 32.6x 51.0x 21.4x 19.2x 20.3x 19.4x 14.9x 25.8x 26.8x 21.4x 25.9x

2016E P / E 28.7x 17.0x 26.9x 31.7x 18.9x 17.4x 17.8x 17.1x 13.4x 24.2x 20.7x 18.9x 21.2x

LTM Revenue Growth 25% 2% 13% 32% 5% 7% 21% 18% 1% 9% 12% 12% 13%

2015E Revenue Growth 24% 1% 9% 25% 7% 7% 20% 15% 0% 7% 18% 9% 12%

2016E Revenue Growth 16% 5% 12% 23% 7% 7% 16% 15% 4% 8% 11% 11% 11%

LTM EBITDA Margin 4% 27% 25% (5%) 20% 15% 10% 16% 26% 21% 17% 17% 16%

2015E EBITDA Margin 14% 28% 30% 8% 34% 23% 18% 23% 28% 27% 20% 23% 23%

2016E EBITDA Margin 15% 29% 31% 16% 36% 24% 18% 23% 28% 26% 22% 24% 24%

LTM Net Margin (4%) 14% 11% (11%) 7% 8% 5% 8% 13% 12% 2% 8% 6%

2015E Net Margin 7% 18% 18% 3% 21% 15% 9% 11% 18% 15% 9% 15% 13%

2016E Net Margin 8% 19% 19% 6% 22% 15% 10% 13% 19% 16% 10% 15% 14%


Enterprise Target LTM Enterprise Value / Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

Note: $ in Millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ as of 3/31/2015

Select Q1 2015 Announced M&A Transactions

03/31/15 TSI evolve MPS North America SaaS Education N/A N/A N/A N/A N/A 03/31/15 Black Mountain Systems Stone Point Capital On Premise Fintech N/A N/A N/A N/A N/A 03/31/15 Defaqto Group Synova Capital On Premise Fintech $36 N/A N/A N/A N/A 03/31/15 Swisscom Hospitality Services HoistLocatel SaaS Systems / Network N/A N/A N/A N/A N/A 03/30/15 Action Exchange Xaxis On Premise Advertising and Marketing N/A N/A N/A N/A N/A 03/30/15 Cadillac Jack AGS On Premise Gaming $375 N/A N/A N/A N/A 03/30/15 Fundtech DH SaaS Fintech $1,250 $263 $59 4.8x 21.0x03/30/15 Colibrium Partners Hinduja Global Solutions On Premise CRM N/A $13 N/A N/A N/A 03/30/15 Mortgage Banking Systems ComplianceEase On Premise Content / Document Management N/A N/A N/A N/A N/A 03/29/15 Epositive Solutions GA Wedderburn & Co On Premise Retail Software N/A N/A N/A N/A N/A 03/26/15 Quantum Secure ASSA ABLOY On Premise Security / Storage N/A N/A N/A N/A N/A 03/25/15 Connexion Media Yonder & Beyond SaaS Diversified Media $13 N/A N/A N/A N/A 03/25/15 Fielding Systems Quorum Business Solutions SaaS Oil & Gas N/A N/A N/A N/A N/A 03/24/15 ERCL GETECH Group SaaS Oil & Gas $6 N/A N/A N/A N/A 03/24/15 Accumuli NCC Group On Premise IT Infrastructure & Management $73 $31 $4 2.3x 16.2x03/24/15 EnerPath Services Lime Energy On Premise Oil & Gas $11 N/A N/A N/A N/A 03/24/15 Kofax Lexmark International Technology On Premise Content / Document Management $955 $298 $22 3.2x 43.0x03/24/15 PSI Systems Stamps.com SaaS Content / Document Management $215 $59 N/A 3.6x N/A 03/24/15 Playbook Labs Intuit On Premise Human Capital N/A N/A N/A N/A N/A 03/24/15 Tetherball Waterfall International SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/24/15 Korrect The Orchard Enterprises On Premise Accounting / ERP N/A N/A N/A N/A N/A 03/24/15 RoyaltyShare The Orchard Enterprises SaaS Accounting / ERP N/A N/A N/A N/A N/A 03/23/15 BEEcube National Instruments On Premise Systems / Network N/A N/A N/A N/A N/A 03/23/15 Forte Engineering Bastian Solutions On Premise Transportation / Logistics N/A N/A N/A N/A N/A 03/23/15 Image Trends Astrotech On Premise Video Management N/A N/A N/A N/A N/A 03/19/15 OverDrive Rakuten SaaS Content / Document Management $410 N/A N/A N/A N/A 03/19/15 Medesync TELUS Health Solutions SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 03/19/15 Integrated Global Resource Solutions Benetech SaaS Human Capital N/A N/A N/A N/A N/A 03/19/15 Digital Voice Systems Avtex Solutions SaaS Telecommunications N/A N/A N/A N/A N/A 03/18/15 ClearBenefits PlanSource Benefits Administration On Premise Human Capital N/A N/A N/A N/A N/A 03/18/15 Yieldex AppNexus SaaS Advertising and Marketing $100 N/A N/A N/A N/A 03/17/15 Solstice Consulting St Ives On Premise Development $74 $24 $4 3.0x 18.5x03/17/15 Insight Marketing Systems FocusVision Worldwide SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/16/15 Sidus BioData ByteGrid On Premise Hosting / Data Center N/A N/A N/A N/A N/A 03/16/15 Phoenix Interactive Design Diebold On Premise Fintech N/A N/A N/A N/A N/A 03/16/15 Zero2Ten Edgewater Fullscope On Premise CRM $14 N/A N/A N/A N/A 03/16/15 Novariant AgJunction On Premise Mapping / Tracking $21 $24 N/A 0.9x N/A 03/16/15 Careerify LinkedIn On Premise Human Capital N/A N/A N/A N/A N/A 03/16/15 Revcaster The Rainmaker Group Ventures SaaS Travel / Hospitality N/A N/A N/A N/A N/A 03/16/15 MediaBeacon Esko-Graphics On Premise Fintech N/A N/A N/A N/A N/A 03/16/15 Dmi HC2 Holdings On Premise Development $6 N/A N/A N/A N/A 03/15/15 SSP Holdings LDC (Managers); Scottish Equity Partners SaaS Human Capital $305 N/A N/A N/A N/A 03/13/15 iiNet TPG Telecom SaaS Telecommunications $1,356 $867 $140 1.6x 9.7x03/12/15 NBS Technologies Ai Holdings On Premise Fintech $21 N/A N/A N/A N/A 03/12/15 Kitematic Docker On Premise Development N/A N/A N/A N/A N/A




Select Q1 2015 Announced M&A Transactions (cont.)

03/12/15 2lemetry Amazon.com SaaS Integration / Middleware N/A N/A N/A N/A N/A 03/11/15 Domino Printing Sciences Brother Industries On Premise Content / Document Management $1,481 $560 $100 2.6x 14.7x03/11/15 4Degrés Colocation Videotron On Premise Hosting / Data Center $28 N/A N/A N/A N/A 03/11/15 ColocationZone Lightower Fiber Networks On Premise Hosting / Data Center N/A N/A N/A N/A N/A 03/11/15 TreeHouse Interactive Kennet Partners SaaS CRM N/A N/A N/A N/A N/A 03/11/15 Kili Technology Square On Premise Fintech N/A N/A N/A N/A N/A 03/10/15 eValua Open Windows Australia On Premise Advertising and Marketing N/A N/A N/A N/A N/A 03/10/15 InterAct911 N. Harris Computer SaaS Transportation / Logistics N/A N/A N/A N/A N/A 03/10/15 Overheer Systems ITL Group SaaS Security / Storage N/A N/A N/A N/A N/A 03/10/15 2DIALOG The Pursuant Group On Premise Advertising and Marketing N/A N/A N/A N/A N/A 03/10/15 Sidengo OwnLocal SaaS Content and Services N/A N/A N/A N/A N/A 03/09/15 Callista Software Services Tribal Group SaaS Education $3 $12 N/A 0.2x N/A 03/09/15 Acentia Maximus Federal Services SaaS Business Software $301 N/A N/A N/A N/A 03/09/15 Apex Metrology Solutions Transcat On Premise Testing N/A N/A N/A N/A N/A 03/09/15 Hothouse Labs SugarCRM On Premise CRM N/A N/A N/A N/A N/A 03/09/15 RelatedMatters Ceridian On Premise Human Capital N/A N/A N/A N/A N/A 03/09/15 Cloudeeva First Tek SaaS IT Infrastructure & Management $6 N/A N/A N/A N/A 03/05/15 NavSeeker Quindell On Premise Mapping / Tracking $8 N/A N/A N/A N/A 03/05/15 Dytecna Exsel Dytecna Engineering On Premise Law Enforcement N/A N/A N/A N/A N/A 03/05/15 Urban Robotics OGSystems SaaS Mapping / Tracking N/A N/A N/A N/A N/A 03/05/15 Appfluent Technology Attunity On Premise Business Intelligence $18 N/A N/A N/A N/A 03/04/15 Plum Software Praemium On Premise Human Capital $3 N/A N/A N/A N/A 03/04/15 AlchemyAPI The IBM Watson Group SaaS Business Intelligence N/A N/A N/A N/A N/A 03/04/15 Veenome Integral Ad Science SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/04/15 eXelate Nielsen SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/04/15 Fresh Roasted Hosting Cloud Equity Group On Premise Hosting / Data Center N/A N/A N/A N/A N/A 03/03/15 Direxxis Broadridge Financial Solutions SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/03/15 Shot Spirits My Big Coin Pay On Premise Travel / Hospitality N/A N/A N/A N/A N/A 03/03/15 Channel Auction.com SaaS Fintech N/A N/A N/A N/A N/A 03/03/15 Second Decimal Ryan On Premise Accounting / ERP N/A N/A N/A N/A N/A 03/03/15 OrgSync iModules Software SaaS Education N/A N/A N/A N/A N/A 03/03/15 Group DCA PRI Healthcare Solutions On Premise Education N/A N/A N/A N/A N/A 03/02/15 Mavenir Systems Mitel U.S. Holdings On Premise Telecommunications $492 $130 ($11) 3.8x N/M 03/02/15 Nexgen Wireless PCTEL RF Solutions SaaS Telecommunications $23 N/A N/A N/A N/A 03/02/15 Xerocole Akamai Technologies On Premise Systems / Network N/A N/A N/A N/A N/A 03/02/15 Aruba Networks Hewlett-Packard On Premise Telecommunications $2,360 $812 $81 2.9x 29.2x03/02/15 Activate Networks Decision Resources On Premise Knowledge / Content (Social) N/A N/A N/A N/A N/A 03/02/15 ANC Sports Enterprises Learfield Sports On Premise Sports N/A N/A N/A N/A N/A 03/02/15 Damian Services Sterling National Bank On Premise Human Capital N/A N/A N/A N/A N/A 03/02/15 Emerging Threats Pro Proofpoint SaaS Security / Storage $40 N/A N/A N/A N/A 03/02/15 EarthIntegrate Pageflex SaaS Advertising and Marketing N/A N/A N/A N/A N/A 03/02/15 Infrax Systems HempTech On Premise Business Software N/A $0 ($1) N/A N/A 03/02/15 The Sleeter Group Diversified Communications SaaS Accounting / ERP N/A N/A N/A N/A N/A 03/02/15 Row Sham Bow Knetik Media On Premise Testing N/A N/A N/A N/A N/A 03/02/15 Roundbox QuickPlay Media On Premise Diversified Media N/A N/A N/A N/A N/A





03/01/15 Connectem Brocade Communications Systems On Premise Telecommunications N/A N/A N/A N/A N/A 03/01/15 IMR KeyMark On Premise Content / Document Management N/A N/A N/A N/A N/A 02/28/15 I Education Frog Education On Premise Education $6 N/A N/A N/A N/A 02/26/15 Zik Energy Points Lux Research SaaS Oil & Gas N/A N/A N/A N/A N/A 02/26/15 Finance Express DealerSocket SaaS Business Software N/A N/A N/A N/A N/A 02/25/15 Uber Global Melbourne IT SaaS IT Infrastructure & Management $16 N/A N/A N/A N/A 02/25/15 GranDuke Geomatics Farmers Edge Precision Consulting On Premise Oil & Gas N/A N/A N/A N/A N/A 02/24/15 Fission Software Bitcentral On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 02/23/15 Calyx Managed Services MXC Capital On Premise IT Infrastructure & Management $12 N/A $1 N/A 19.5x02/23/15 Total Attorneys Internet Brands SaaS Business Software N/A N/A N/A N/A N/A 02/23/15 StoreFeeder Royal Mail SaaS Ecommerce N/A N/A N/A N/A N/A 02/22/15 Starfish Retention Solutions Hobsons Australia SaaS Education N/A N/A N/A N/A N/A 02/20/15 EPL DEDAGROUP On Premise Business Software N/A N/A N/A N/A N/A 02/20/15 TimelessMIND Ericsson On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 02/20/15 shelley plate reporting U.S. Legal Support On Premise Content / Document Management N/A N/A N/A N/A N/A 02/19/15 Tindall Associates MSG Global Solutions; LOGiQ³ On Premise Business Software N/A N/A N/A N/A N/A 02/19/15 Netchemia PeopleAdmin SaaS Human Capital N/A N/A N/A N/A N/A 02/18/15 William Data Systems Syncsort On Premise Systems / Network N/A N/A N/A N/A N/A 02/18/15 Excelian Luxoft Holding On Premise IT Infrastructure & Management $20 N/A N/A N/A N/A 02/18/15 SSS Consulting GrowthPlay On Premise Human Capital N/A N/A N/A N/A N/A 02/18/15 Ensphere Consulting Certus Technology Group On Premise Accounting / ERP $3 $4 N/A 0.7x N/A 02/17/15 Global Markets Exchange Group Societe Generale Newedge UK On Premise Fintech N/A N/A N/A N/A N/A 02/17/15 Linko Data Systems WaterTrax On Premise Oil & Gas N/A N/A N/A N/A N/A 02/16/15 Quindell Morgan Stanley SaaS Business Software N/A $982 $386 N/A N/A 02/15/15 Document Conversion Associates KeyMark On Premise Content / Document Management N/A N/A N/A N/A N/A 02/13/15 AlertMe.com British Gas Services On Premise Integration / Middleware $86 N/A N/A N/A N/A 02/13/15 Seccuris Above Security SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 02/13/15 Vizubi Software Qlik Technologies On Premise Business Intelligence $21 N/A N/A N/A N/A 02/12/15 NextPrinciples InsightPool On Premise Advertising and Marketing N/A N/A N/A N/A N/A 02/12/15 Emergency CallWorx Motorola Solutions On Premise Telecommunications N/A N/A N/A N/A N/A 02/12/15 comScore Cavendish Square SaaS Advertising and Marketing $1,558 $329 $23 4.7x 68.2x02/11/15 Ticketsoft Vista Group International On Premise Fintech N/A N/A N/A N/A N/A 02/11/15 Mortar Data Datadog SaaS Business Intelligence N/A N/A N/A N/A N/A 02/11/15 PowerPlan Thoma Bravo On Premise Accounting / ERP N/A N/A N/A N/A N/A 02/11/15 Sunrise Atelier Microsoft On Premise Business Software N/A N/A N/A N/A N/A 02/11/15 UberScan Infinite Group On Premise Security / Storage $0 N/A N/A N/A N/A 02/11/15 Direct Tech Software Paradigms International On Premise Retail Software N/A N/A N/A N/A N/A 02/11/15 ThoughtWright Education Advisory Board On Premise Education N/A N/A N/A N/A N/A 02/11/15 PureSense Environmental Jain Irrigation SaaS Business Software N/A N/A N/A N/A N/A 02/11/15 Collectrium Christie's International SaaS Business Software N/A N/A N/A N/A N/A 02/10/15 Academic Management Systems Invoke Solutions SaaS Education N/A N/A N/A N/A N/A 02/10/15 Pentaho Hitachi Data Systems SaaS Business Intelligence N/A N/A N/A N/A N/A 02/10/15 Akcelerant Software Temenos U.S.A. On Premise Fintech $55 N/A N/A N/A N/A 02/10/15 Wireless Logic CVC Capital Partners SaaS IT Infrastructure & Management N/A $35 $11 N/A N/A 02/10/15 ZenPurchase Coupa Software SaaS Fintech N/A N/A N/A N/A N/A





02/10/15 Nodejitsu Go Daddy Software SaaS Hosting / Data Center N/A N/A N/A N/A N/A 02/09/15 Agilex Technologies Accenture Federal Services SaaS Business Software N/A N/A N/A N/A N/A 02/09/15 Code Red FactSet Research Systems On Premise Fintech N/A N/A N/A N/A N/A 02/09/15 CRS Advanced Technology Frontline Technologies Group On Premise Education N/A N/A N/A N/A N/A 02/09/15 Tweak Software Shotgun Software On Premise Video Management N/A N/A N/A N/A N/A 02/09/15 Kerridge Commercial Systems Accel-KKR On Premise Accounting / ERP N/A N/A N/A N/A N/A 02/07/15 Linear Logics Ameri100 On Premise Supply Chain N/A N/A N/A N/A N/A 02/06/15 Spikes Cavell Analytic Xchanging SaaS Business Intelligence $12 $3 N/A 3.8x N/A 02/06/15 Enviance Battery Ventures SaaS Accounting / ERP N/A N/A N/A N/A N/A 02/06/15 CompuDyne - Public Safety & Justice TriTech Software Systems On Premise Law Enforcement N/A N/A N/A N/A N/A 02/05/15 E2open Insight Venture Partners On Premise Supply Chain $250 $79 ($26) 3.2x N/M 02/05/15 Port25 Solutions Message Systems On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 02/05/15 ARAS 360 Technologies FARO Technologies On Premise Law Enforcement N/A N/A N/A N/A N/A 02/05/15 Decision UR Patriot National On Premise Human Capital $2 N/A N/A N/A N/A 02/04/15 Newmerical Technologies Ansys On Premise Testing N/A N/A N/A N/A N/A 02/04/15 Leisure Logic Technology Systems Puget Technologies On Premise Travel / Hospitality $0 N/A N/A N/A N/A 02/04/15 Schoolwires Blackboard On Premise Education N/A N/A N/A N/A N/A 02/03/15 Laser Scan 1Spatial Holdings On Premise Mapping / Tracking $5 N/A N/A N/A N/A 02/03/15 Orissa Software Gemstone Workforce Logistics On Premise Oil & Gas N/A N/A N/A N/A N/A 02/03/15 Aurelius DataStax On Premise Hosting / Data Center N/A N/A N/A N/A N/A 02/03/15 Video Insight Panasonic On Premise Video Management N/A N/A N/A N/A N/A 02/03/15 AON Kloud Aon Hewitt SaaS Accounting / ERP N/A N/A N/A N/A N/A 02/03/15 Service Dynamics Solera Holdings On Premise Business Software N/A N/A N/A N/A N/A 02/03/15 Sysec The Herjavec Group On Premise Security / Storage N/A N/A N/A N/A N/A 02/03/15 Presensoft Smarsh On Premise Content and Services N/A N/A N/A N/A N/A 02/03/15 Cougar Software MRI Software SaaS Business Software N/A N/A N/A N/A N/A 02/03/15 Advanced E-Learning Solutions eLearning Innovation On Premise Education N/A N/A N/A N/A N/A 02/03/15 Innovative Computer Systems Intellinet On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 02/03/15 AirVend 365 Retail Markets SaaS Ecommerce N/A N/A N/A N/A N/A 02/02/15 Advent Software SS&C Technologies SaaS Fintech $2,550 $397 $103 6.4x 24.8x02/02/15 Doozi Entertainment Telecorp On Premise Development $1 N/A N/A N/A N/A 02/02/15 eMoney Advisor Fidelity Investments SaaS Fintech N/A N/A N/A N/A N/A 02/02/15 Daybreak Game Company Columbus Nova On Premise Gaming N/A N/A N/A N/A N/A 02/02/15 Kallidus FF&P Private Equity SaaS Human Capital N/A $11 N/A N/A N/A 02/02/15 Acumen Factory Big Bang ERP On Premise Accounting / ERP N/A N/A N/A N/A N/A 02/02/15 BlueBat Games Greentube Internet Entertainment On Premise Development N/A N/A N/A N/A N/A 02/02/15 Integrity Software Systems JDM Technology Group On Premise Accounting / ERP N/A N/A N/A N/A N/A 01/29/15 RewardStream 3TL Technologies On Premise Advertising and Marketing $5 $1 N/A 3.2x N/A 01/29/15 Librato SolarWinds SaaS Business Intelligence $40 N/A N/A N/A N/A 01/29/15 Damovo UK Daisy Group On Premise Telecommunications N/A N/A N/A N/A N/A 01/29/15 Picturelife Milestone Project SaaS Diversified Media N/A N/A N/A N/A N/A 01/28/15 Avenir Technology GMEX Technologies On Premise Fintech N/A N/A N/A N/A N/A 01/28/15 Coversant Ubiquity On Premise Systems / Network $6 N/A N/A N/A N/A 01/28/15 Harvest Solutions and ClosedWon LiquidHub On Premise Business Intelligence N/A N/A N/A N/A N/A 01/28/15 ENOSERV Doble Engineering On Premise Testing N/A $8 N/A N/A N/A





01/28/15 Safeguard Communications (UK) MyTeam1 SaaS Telecommunications N/A N/A N/A N/A N/A 01/28/15 CDB Software BMC Software On Premise Systems / Network N/A N/A N/A N/A N/A 01/27/15 On-Site Analysis Spectro Scientific On Premise Oil & Gas N/A N/A N/A N/A N/A 01/27/15 Ektron EPiServer SaaS Content / Document Management N/A N/A N/A N/A N/A 01/27/15 Storycode Topaz Design On Premise Development N/A N/A N/A N/A N/A 01/26/15 MBA Systems CREALOGIX SaaS Fintech N/A N/A N/A N/A N/A 01/26/15 The Hive Group Visual Action On Premise Accounting / ERP N/A N/A N/A N/A N/A 01/26/15 KEP Marine Sparton IED, LLC On Premise Mapping / Tracking $4 $3 N/A 1.4x N/A 01/26/15 Research Now Group Court Square Capital Partners SaaS Business Intelligence N/A N/A N/A N/A N/A 01/26/15 RGB Networks Imagine Communications SaaS Telecommunications N/A N/A N/A N/A N/A 01/23/15 ReliaSoft Spectris On Premise Testing $42 N/A N/A N/A N/A 01/23/15 Revolution Analytics Microsoft On Premise Business Intelligence N/A N/A N/A N/A N/A 01/22/15 Red Bend Software Harman Becker Automotive Systems On Premise Platform / OS $200 N/A N/A N/A N/A 01/22/15 Symphony Teleca Harman International Industries SaaS Development $780 $370 $60 2.1x 13.0x01/22/15 Orobi Salient On Premise Business Intelligence N/A N/A N/A N/A N/A 01/21/15 ArcMail Technology Sonasoft On Premise Security / Storage N/A N/A N/A N/A N/A 01/21/15 TCELab AnalyticsWeek On Premise CRM N/A N/A N/A N/A N/A 01/21/15 Accounting Technology Resources SWK Technologies SaaS Accounting / ERP N/A N/A N/A N/A N/A 01/21/15 Chrysalis Software Waterfield Technologies On Premise Telecommunications N/A N/A N/A N/A N/A 01/20/15 InSync Software ORBCOMM SaaS Mapping / Tracking $16 N/A N/A N/A N/A 01/20/15 TWIST Solutions The Aldridge Company SaaS IT Infrastructure & Management N/A $3 N/A N/A N/A 01/20/15 FlightView OAG Aviation Group SaaS Transportation / Logistics N/A N/A N/A N/A N/A 01/20/15 ClearMomentum Ipreo Holdings On Premise Fintech N/A N/A N/A N/A N/A 01/20/15 GoGrid Datapipe SaaS Hosting / Data Center N/A N/A N/A N/A N/A 01/20/15 Strategic Systems USA CEI The Digital Office Company SaaS Content / Document Management N/A $17 N/A N/A N/A 01/20/15 J9 Technologies Axxiome On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 01/20/15 Red Earth Software OPSWAT On Premise Integration / Middleware N/A N/A N/A N/A N/A 01/19/15 Access Technology TA Associates Management On Premise Accounting / ERP N/A $91 N/A N/A N/A 01/19/15 SDI Group Dematic Group On Premise Transportation / Logistics $33 N/A N/A N/A N/A 01/19/15 Discoverture Solutions MindTree On Premise IT Infrastructure & Management $15 N/A N/A N/A N/A 01/16/15 XoDoc Technologies Phantom Fiber On Premise Fintech N/A N/A N/A N/A N/A 01/16/15 Canadian Oil and Gas Software 3es Innovation On Premise Oil & Gas N/A N/A N/A N/A N/A 01/16/15 Webcore Technologies Evolve IP SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 01/16/15 Vision Integrated Graphics Concentric Equity Partners On Premise Advertising and Marketing N/A N/A N/A N/A N/A 01/15/15 PeopleVine Alliance Creative Group SaaS CRM N/A N/A N/A N/A N/A 01/14/15 Velosecure Inverness Graham Investments On Premise Security / Storage N/A N/A N/A N/A N/A 01/14/15 NimbleTV Synacor SaaS Diversified Media N/A N/A N/A N/A N/A 01/14/15 Chandler Macleod Group RGF Staffing Melbourne two On Premise Human Capital $319 $1,142 $28 0.3x 11.2x01/14/15 Advanced Reliability Technologies Pinnacle Asset Integrity Services On Premise Oil & Gas N/A N/A N/A N/A N/A 01/14/15 KloudSign iMedia International SaaS Content and Services N/A N/A N/A N/A N/A 01/14/15 Knit Foolproof On Premise Development N/A N/A N/A N/A N/A 01/14/15 Spruce Computer Systems eCommerce Industries On Premise Business Software N/A N/A N/A N/A N/A 01/13/15 BuildingBlok Contractors Register SaaS Business Software N/A N/A N/A N/A N/A 01/13/15 Axida Paragon Software Systems SaaS Transportation / Logistics N/A N/A N/A N/A N/A 01/13/15 Ulticom Mavenir Systems On Premise Telecommunications $20 N/A N/A N/A N/A





01/13/15 Magic Pixel Games Kabam On Premise Development N/A N/A N/A N/A N/A 01/13/15 Zurmo Gravity4 SaaS CRM N/A N/A N/A N/A N/A 01/13/15 TopVue Defense Compusearch Software Systems On Premise Law Enforcement N/A N/A N/A N/A N/A 01/13/15 Decipher FocusVision Worldwide SaaS Advertising and Marketing N/A N/A N/A N/A N/A 01/12/15 Tomax Demandware SaaS Retail Software $75 N/A N/A N/A N/A 01/12/15 Foster Consulting Group enChoice On Premise Accounting / ERP N/A N/A N/A N/A N/A 01/12/15 Sanbolic Citrix Systems On Premise Hosting / Data Center N/A N/A N/A N/A N/A 01/12/15 rapid! Financial Services UniRush SaaS Fintech N/A N/A N/A N/A N/A 01/12/15 Alternative Computing Environments Worldwide Interactive Services On Premise Fintech N/A N/A N/A N/A N/A 01/12/15 Digital Publishing Solutions DG3 SaaS Content / Document Management N/A N/A N/A N/A N/A 01/12/15 Asentinel Marlin Equity Partners On Premise Telecommunications N/A N/A N/A N/A N/A 01/12/15 Patech Solutions Version 1 Software SaaS Accounting / ERP N/A N/A N/A N/A N/A 01/12/15 Smart Marketing Concepts LocoMobi SaaS Retail Software N/A N/A N/A N/A N/A 01/12/15 Narus Symantec On Premise Security / Storage N/A N/A N/A N/A N/A 01/12/15 Verdiem Aptean On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 01/12/15 Newteq Computer Services eGuard Tech Consulting Services On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 01/09/15 RTI Manager Packaging Logistics Services On Premise Mapping / Tracking N/A N/A N/A N/A N/A 01/08/15 Halcyon Software HelpSystems On Premise Systems / Network N/A N/A N/A N/A N/A 01/08/15 Dun & Bradstreet NetProspex Dun & Bradstreet SaaS Advertising and Marketing $125 N/A N/A N/A N/A 01/08/15 Sky Analytics Huron Legal (UK) SaaS Business Software N/A N/A N/A N/A N/A 01/08/15 Quickfire Networks Facebook On Premise Systems / Network N/A N/A N/A N/A N/A 01/07/15 Detectent Silver Spring Networks SaaS Oil & Gas $12 N/A N/A N/A N/A 01/07/15 First Byte Insync Municipal Systems On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 01/06/15 Neocog Technologies Doxim On Premise Business Software N/A N/A N/A N/A N/A 01/06/15 Achilles Guard Alert Logic On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 01/06/15 Structure Consulting Group Accenture On Premise Oil & Gas N/A N/A N/A N/A N/A 01/06/15 Timberlake Membership Software Naylor SaaS Human Capital N/A N/A N/A N/A N/A 01/06/15 BAIR Analytics LexisNexis Risk Solutions SaaS Law Enforcement N/A N/A N/A N/A N/A 01/06/15 Nixle Everbridge SaaS Transportation / Logistics N/A N/A N/A N/A N/A 01/06/15 Sirsi ICV Partners On Premise Business Software N/A N/A N/A N/A N/A 01/05/15 DivX NeuLion On Premise Video Management $66 N/A N/A N/A N/A 01/05/15 FieldWorker Products Complete Innovations On Premise Business Software N/A N/A N/A N/A N/A 01/05/15 Informative Graphics Open Text On Premise Content / Document Management N/A N/A N/A N/A N/A 01/05/15 Leo Tek Redux Holdings On Premise Development N/A N/A N/A N/A N/A 01/05/15 Kinetic Solutions Volaris Group On Premise Travel / Hospitality N/A N/A N/A N/A N/A 01/05/15 jBASE Software Zumasys On Premise Hosting / Data Center N/A N/A N/A N/A N/A 01/05/15 Wit.AI Facebook On Premise Speech Recognition N/A N/A N/A N/A N/A 01/05/15 Digital Ignite YourMembership.com SaaS Education N/A N/A N/A N/A N/A 01/02/15 Telestream Genstar Capital On Premise Video Management N/A N/A N/A N/A N/A 01/01/15 Wellkeeper Dixie Electric SaaS Oil & Gas N/A N/A N/A N/A N/A

Software Median $23 $35 $23 3.0x 19.0x

Software Mean $260 $226 $58 2.7x 24.1x


Note: $ in Millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”).Source: Capital IQ as of 3/31/2015

Software IPOsLTM Multiples Metrics and Financings Share Information

IPO DateDays on

FileCompany EV IPO Amount Raised Market Cap EV / Rev

EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Software03/05/15 30 MaxPoint Interactive $233 $75 $308 2.2x NM 61% NM ($31) $12 -- 100% $10 (17%)01/22/15 304 Box 1,658 175 1,833 8.6 NM 83% 34% 125 14 8% 100% 20 39%12/11/14 31 Hortonworks 736 100 836 16.6 NM 302% 52% 43 16 14% 100% 24 50%12/11/14 31 New Relic 1,074 115 1,189 12.6 NM 187% 40% 92 23 5% 100% 34 50%12/11/14 55 Workiva 480 101 581 4.5 NM 100% 21% (16) 14 -- 100% 14 2%11/05/14 62 Upland Software 132 46 178 2.2 NM 165% 22% (24) 12 -- 100% 7 (41%)10/08/14 44 HubSpot 714 144 858 6.9 NM 102% 32% (6) 25 4% 100% 40 59%10/02/14 94 Yodlee 293 84 377 3.5 NM 46% 20% (5) 12 -- 100% 13 12%09/23/14 91 Cyber-Ark Software 458 99 556 6.0 47.9 60% 21% 75 16 7% 100% 57 255%07/17/14 113 TubeMogul 180 50 231 2.1 NM 151% 30% 11 7 -- 100% 14 94%07/17/14 324 Globant 263 67 330 1.5 12.8 25% 20% (1) 10 (9%) 74% 21 112%06/25/14 84 Materialise 470 110 581 4.7 45.4 27% 11% (7) 12 -- 100% 7 (43%)06/11/14 65 MobileIron 660 115 775 6.1 NM 164% 13% 61 9 -- 100% 9 3%05/14/14 34 Zendesk 588 115 703 7.1 NM 118% 45% 23 9 -- 100% 23 152%04/16/14 35 Leju Holdings 1,220 100 1,320 3.3 12.7 118% 35% 99 10 -- 100% 8 (20%)04/16/14 85 Sabre 3,409 810 4,219 1.1 5.5 28% NM (3,432) 16 (11%) 100% 24 51%04/14/14 35 Paycom Software 625 115 739 5.3 42.7 52% 29% (74) 15 (17%) 69% 32 114%04/03/14 31 Five9 283 81 363 3.2 NM 40% 24% (19) 7 (22%) 100% 6 (21%)04/03/14 31 OPOWER 904 133 1,037 9.2 NM 64% 24% 23 19 -- 100% 10 (47%)04/01/14 56 The Rubicon Project 466 102 568 5.2 NM 58% 35% 20 15 -- 80% 18 20%03/27/14 34 2U 448 127 575 5.4 NM 49% 27% 7 13 -- 87% 25 93%03/21/14 31 Borderfree 452 92 544 4.1 NM 36% 25% 44 16 -- 100% 6 (62%)03/19/14 35 Q2 Holdings 370 116 486 6.5 NM 38% 29% 11 13 -- 81% 21 62%03/13/14 31 Castlight Health 1,463 204 1,668 NM NM 212% 184% 25 16 7% 100% 8 (50%)03/20/14 38 Amber Road 257 111 368 4.9 NM 21% 16% (5) 13 4% 65% 9 (29%)03/18/14 47 Paylocity 708 138 846 7.8 NM 64% 24% 2 17 6% 71% 29 71%02/27/14 128 Varonis Systems 481 121 602 6.4 NM 40% 28% 10 22 5% 100% 26 18%12/12/13 55 Nimble Storage 1,608 168 1,776 15.4 NM 644% 66% 35 21 5% 100% 22 6%11/06/13 33 Mavenir Systems 203 55 258 2.2 NM 12% 23% (25) 10 (33%) 98% 18 78%11/05/13 35 Barracuda Networks 860 75 934 3.9 NM 35% 10% 24 18 -- 100% 39 116%10/15/13 35 Veeva Systems 2,562 300 2,862 15.3 NM 174% 31% 39 20 11% 75% 26 28%Median 38 $481 $111 $602 5.3x 27.8x 61% 27% $11 5% 100% 28%Mean 69 $783 $137 $919 6.1x 27.8x 106% 34% ($93) (1%) 94% 37%



LTM Multiples Metrics and Financings Share Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Internet IPOs

Internet and Digital Media12/10/14 33 Momo $5,035 $432 $5,467 NM NM NM 313% $162 $14 -- 100% $11 (22%)12/10/14 105 LendingClub 5,135 1,001 6,135 NM NM 131% 87% (2,518) 15 7% 87% 20 32%10/09/14 87 MOL Global 575 169 744 9.9 43.9 86% 69% (4) 13 -- 55% 2 (82%)09/18/14 135 Alibaba 144,094 25,032 169,126 15.6 30.2 66% 44% (1,639) 68 -- 38% 84 24%08/06/14 34 iDreamSky Technology 2,440 116 2,555 NM NM 1962% 220% 25 15 7% 100% 7 (53%)06/23/14 31 Xunlei 3,724 439 4,163 21.3 NM 24% 24% 302 12 9% 100% 6 (47%)05/15/14 42 TrueCar 661 70 731 4.3 NM 91% 33% 38 9 (25%) 100% 18 98%05/07/14 35 Cheetah Mobile 2,031 168 2,199 13.6 NM 224% 104% 71 14 -- 100% 17 23%04/17/14 34 Weibo 3,173 286 3,459 13.8 NM 249% 55% (57) 17 -- 100% 13 (25%)04/03/14 34 GrubHub 2,051 104 2,155 12.1 NM 107% 44% 113 26 4% 54% 46 78%03/27/14 31 Everyday Health 388 105 492 2.5 36.7 13% 14% (55) 14 -- 75% 13 (9%)03/25/14 35 King Digital Entertainment 6,586 500 7,086 3.5 9.1 1046% 34% 409 23 -- 70% 16 (30%)03/06/14 34 Coupons.com 1,136 168 1,304 6.8 NM 50% 24% 16 16 14% 100% 12 (26%)01/23/14 42 Care.com 461 105 566 5.7 NM 68% 35% 30 17 6% 100% 8 (55%)11/14/13 37 Zulily 2,534 291 2,825 4.5 NM 298% 71% 103 22 10% 55% 13 (41%)11/12/13 90 Chegg 910 188 1,098 3.7 20.5 43% 17% (5) 13 9% 96% 8 (36%)11/06/13 34 Twitter 13,377 2,093 15,470 NM NM 403% 83% (29) 26 4% 100% 51 95%11/05/13 35 Wix.com 444 127 571 6.5 NM 180% 60% 8 17 -- 74% 19 16%10/24/13 45 Endurance International 1,262 253 1,515 2.5 16.1 163% 14% (1,165) 12 (14%) 100% 19 60%Median 35 $2,051 $188 $2,199 6.5x 25.4x 119% 44% $16 7% 100% (22%)Mean 50 $10,317 $1,665 $11,982 8.4x 26.1x 289% 71% ($221) 3% 84% 0%



Hardware IPOsLTM Multiples Metrics and Financings Share Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Hardware and Services03/26/15 36 SolarEdge Technologies $651 $126 $777 3.0x NM 173% NM $19 $18 -- 100% $22 21%05/28/14 124 Resonant 23 19 42 NM NM NM NM (6) 6 -- 100% 7 21%05/21/14 254 SunEdison Semiconductor 213 108 320 0.2 4.6 NM 6% (98) 13 -- 100% 26 102%04/10/14 183 Sysorex Global Holdings 85 20 105 1.4 NM 624% 37% (4) 6 -- 95% 1 (82%)03/20/14 30 A10 Networks 754 193 946 5.3 NM 18% 41% 1 15 -- 72% 4 (71%)03/27/14 42 Aerohive Networks 401 86 487 3.7 NM 50% 39% 15 10 -- 100% 4 (56%)10/24/13 83 CommScope 2,193 625 2,818 0.6 3.4 6% 0% (2,703) 15 (17%) 80% 29 92%09/26/13 31 Violin Memory 619 162 781 6.5 NM 27% 70% 13 9 -- 100% 4 (59%)06/26/13 96 CDW 2,668 395 3,063 0.3 3.6 4% 9% (3,725) 17 -- 100% 37 119%06/25/13 34 Luxoft 451 80 531 1.4 8.6 16% 23% (12) 17 -- 50% 51 202%06/20/13 546 Gogo 1,273 187 1,460 5.1 NM 39% 30% (57) 17 -- 100% 19 12%05/02/13 36 Qiwi plc 672 213 884 2.2 10.8 21% NM 325 17 -- 100% 24 41%04/18/13 31 Blackhawk Network 721 230 951 0.7 8.1 32% 25% 182 23 5% 0% 36 57%04/11/13 64 EVERTEC 598 505 1,103 1.7 4.6 6% 6% (738) 20 -- 100% 22 9%03/12/13 614 Silver Spring Networks 715 93 808 3.6 NM NM 79% 73 17 -- 100% 9 (47%)Median 64 $651 $162 $808 2.0x 4.6x 24% 28% ($4) (6%) 100% 21%Mean 147 $802 $203 $1,005 2.6x 6.2x 85% 30% ($448) (6%) 86% 24%



Public Company ValuationPrice 52-Wk EV / Revenue EV / EBITDA P / E 52 Week

Company 03/31/15 High Mkt Cap EV LTM 2015E 2016E LTM 2015E 2016E LTM 2015E 2016E

CRMsalesforce.com, inc. $66.81 95% $42,818 $44,108 8.2x 6.8x 5.6x NM 40.1x 30.6x NM 97.2x 73.0xDealertrack Technologies, Inc. 38.52 77% 2,132 2,690 3.1 2.5 2.1 25.4 12.1 10.0 NM 26.6 21.0Interactive Intelligence Group Inc. 41.18 55% 894 858 2.5 2.3 2.0 NM NM NM NM NM NM LivePerson Inc. 10.24 71% 583 533 2.5 2.0 1.7 NM 19.1 15.7 NM 35.0 28.7Median 74% $1,513 $1,774 2.8x 2.4x 2.1x 25.4x 19.1x 15.7x NM 35.0x 28.7x Mean 75% $11,607 $12,047 4.1x 3.4x 2.9x 25.4x 23.8x 18.8x NM 52.9x 40.9x

Accounting / ERPOracle Corporation $43.15 93% $195,729 $214,285 5.5x 5.6x 5.4x 12.8x 11.7x 10.8x 18.0x 14.9x 13.7xInternational Business Machines Corporation 160.50 81% 158,753 191,081 2.1 2.2 2.2 7.8 8.1 8.0 10.3 10.0 9.7SAP SE 72.30 88% 88,315 97,704 4.6 4.6 4.4 13.4 13.2 12.6 21.8 18.2 17.1Intuit Inc. 96.96 97% 27,179 27,196 5.9 6.0 5.2 19.4 18.5 14.2 35.0 34.8 23.9Sage Group plc 6.93 92% 7,439 8,082 3.8 3.8 3.6 13.4 13.0 12.2 25.1 18.2 16.8NetSuite Inc. 92.76 82% 7,250 7,157 12.9 9.9 7.7 NM NM NM NM NM NM QAD Inc. 24.20 96% 400 294 1.0 1.0 0.9 17.6 11.5 9.5 31.4 28.5 25.6American Software, Inc. 10.22 98% 289 248 2.4 2.2 NM 22.1 11.0 NM 36.5 23.8 NM Median 93% $17,309 $17,639 4.2x 4.2x 4.4x 13.4x 11.7x 11.5x 25.1x 18.2x 17.0x Mean 91% $60,669 $68,256 4.8x 4.4x 4.2x 15.2x 12.4x 11.2x 25.4x 21.2x 17.8x

Supply Chain ManagementSAP SE $72.30 88% $88,315 $97,704 4.6x 4.6x 4.4x 13.4x 13.2x 12.6x 21.8x 18.2x 17.1xDassault Systemes SA 67.83 96% 17,302 16,401 5.9 5.6 5.1 23.6 16.8 15.0 49.2 30.2 26.9PTC Inc. 36.17 91% 4,157 4,502 3.3 3.4 3.2 15.9 12.4 NM 28.5 15.8 14.1Manhattan Associates, Inc. 50.61 92% 3,764 3,648 7.4 6.8 6.2 27.3 22.8 20.3 46.9 39.2 34.8Aspen Technology, Inc. 38.49 82% 3,414 3,255 7.8 7.1 6.5 19.9 17.0 14.4 33.2 28.8 25.4Fleetmatics Group PLC 44.85 97% 1,733 1,582 6.8 5.5 4.5 27.2 17.2 13.7 63.2 34.9 27.4The Descartes Systems Group Inc 15.09 96% 1,148 1,029 6.0 5.4 4.8 20.4 17.3 15.1 71.9 24.4 21.6Textura Corporation 27.18 90% 729 662 10.5 7.4 5.3 NM NM 31.0 NM NM 46.7BasWare Oyj 42.97 79% 608 579 3.7 3.7 3.0 NM 22.5 11.8 NM 43.9 19.5SciQuest, Inc. 16.93 62% 468 409 4.0 3.8 3.4 NM 18.4 15.7 NM 55.4 42.7ClickSoftware Technologies Ltd. 8.79 86% 297 266 2.1 1.9 1.7 NM 41.9 30.8 NM 71.3 44.0Median 90% $1,733 $1,582 5.9x 5.4x 4.5x 20.4x 17.2x 15.0x 46.9x 32.6x 26.9x Mean 87% $11,085 $11,822 5.7x 5.0x 4.4x 21.1x 20.0x 18.0x 44.9x 36.2x 29.1x



Public Company Valuation (cont.)Price 52-Wk EV / Revenue EV / EBITDA P / E 52 Week


Human Capital ManagementPaychex, Inc. $49.62 96% $18,106 $17,841 6.6x 6.3x 5.9x 15.7x 14.8x 13.6x 27.4x 25.8x 24.0xWorkday, Inc. 84.41 88% 15,953 16,149 20.5 14.1 10.2 NM NM NM NM NM NM The Ultimate Software Group, Inc. 169.96 99% 4,965 4,865 9.6 7.9 6.5 NM 31.8 24.9 111.8 68.8 55.3Cornerstone OnDemand, Inc. 28.89 58% 1,557 1,616 6.1 4.8 3.8 NM NM NM NM NM NM Paylocity Holding Corporation 28.64 88% 1,523 1,434 11.2 8.7 7.0 NM NM NM NM NM NM Callidus Software Inc. 12.68 77% 687 668 4.9 4.1 3.4 NM 30.7 21.3 NM 51.0 31.7Median 88% $3,261 $3,240 8.1x 7.1x 6.2x 15.7x 30.7x 21.3x 69.6x 51.0x 31.7x Mean 84% $7,132 $7,095 9.8x 7.6x 6.1x 15.7x 25.8x 19.9x 69.6x 48.5x 37.0x

Knowledge / Content ManagementAdobe Systems Incorporated $73.94 93% $37,101 $38,289 9.0x 7.8x 6.3x 45.4x 22.7x 15.9x 121.2x 35.5x 22.8xAkamai Technologies, Inc. 71.05 97% 12,818 13,185 6.7 5.8 5.0 19.3 14.0 11.8 38.6 26.7 22.3VeriSign, Inc. 66.97 100% 7,828 9,017 8.9 8.5 8.1 14.4 12.7 12.0 26.6 21.2 18.9Open Text Corporation 52.89 86% 6,514 7,263 3.9 3.6 3.5 13.0 10.6 9.9 23.8 13.5 12.0SDL plc 6.47 92% 525 505 1.2 1.2 1.2 17.1 12.5 10.4 52.1 21.4 17.5Limelight Networks, Inc. 3.63 93% 357 299 1.8 1.9 1.7 NM NM 37.3 NM NM NM Brightcove Inc. 7.33 68% 240 218 1.7 1.6 1.5 NM 36.2 23.2 NM NM NM Median 93% $6,514 $7,263 3.9x 3.6x 3.5x 17.1x 13.4x 12.0x 38.6x 21.4x 18.9x Mean 90% $9,340 $9,825 4.8x 4.4x 3.9x 21.8x 18.1x 17.2x 52.5x 23.6x 18.7x

Business IntelligenceInternational Business Machines Corporation $160.50 81% $158,753 $191,081 2.1x 2.2x 2.2x 7.8x 8.1x 8.0x 10.3x 10.0x 9.7xConstellation Software Inc. 345.72 98% 7,326 7,550 4.5 4.0 3.4 30.9 17.4 14.8 71.1 21.5 18.0Teradata Corporation 44.14 90% 6,602 6,236 2.3 2.3 2.2 10.4 9.4 8.8 18.9 17.2 15.2Tableau Software, Inc. 92.52 93% 6,581 5,900 14.3 10.1 7.4 NM NM NM NM NM NM Informatica Corporation 43.86 98% 4,857 4,488 4.3 4.0 3.6 22.9 16.3 14.8 42.6 26.7 23.3Nuance Communications, Inc. 14.35 74% 4,671 6,290 3.3 3.2 3.0 33.7 11.7 10.8 NM 12.7 12.1DST Systems Inc. 110.71 101% 4,153 4,555 1.7 2.3 2.1 10.7 10.0 9.4 7.6 18.4 16.4Verint Systems Inc. 61.93 99% 3,772 4,224 3.7 3.5 3.1 26.5 13.1 11.7 119.1 16.9 15.2NICE Systems Ltd. 61.31 100% 3,747 3,559 3.5 3.3 3.1 18.5 13.9 12.6 36.3 19.6 17.9Qlik Technologies, Inc. 31.13 95% 2,921 2,677 4.8 4.3 3.7 NM 45.8 32.9 NM 95.6 61.6MicroStrategy Inc. 169.19 93% 1,916 1,769 3.1 3.0 2.9 44.3 13.3 11.6 NM 26.8 22.1Pegasystems Inc. 21.75 94% 1,714 1,599 2.7 2.4 2.2 21.2 17.3 13.9 51.8 27.4 23.1Progress Software Corporation 27.17 98% 1,382 1,119 3.4 2.6 2.5 10.7 8.9 7.8 28.3 18.8 16.9NeuStar, Inc. 24.62 72% 1,372 1,838 1.9 1.9 2.6 5.1 3.9 6.2 9.0 6.0 9.9Exact Holding NV 34.21 81% 781 676 3.0 3.0 2.8 14.5 13.6 11.4 27.8 24.5 24.0Workiva Inc. 14.40 90% 579 502 4.5 3.6 2.9 NM NM NM NM NM NM Median 94% $3,760 $3,892 3.3x 3.1x 2.9x 18.5x 13.2x 11.5x 28.3x 19.2x 17.4x Mean 91% $13,195 $15,254 3.9x 3.5x 3.1x 19.8x 14.5x 12.5x 38.4x 24.4x 20.4x





Systems / Network ManagementVMware, Inc. $82.01 73% $35,069 $34,498 5.7x 5.2x 4.6x 22.6x 14.1x 13.4x 40.2x 20.3x 17.8xCA, Inc. 32.61 98% 14,464 13,179 3.0 3.1 3.1 9.6 8.3 7.5 18.7 13.4 12.8ServiceNow, Inc. 78.78 98% 12,745 12,937 19.0 13.1 9.6 NM NM NM NM NM NM L-3 Communications Holdings Inc. 125.79 95% 10,548 14,046 1.2 1.2 1.2 10.5 10.6 10.2 16.6 16.5 15.1Citrix Systems, Inc. 63.87 88% 10,208 11,241 3.6 3.4 3.2 16.7 12.6 12.0 43.4 17.6 15.8Splunk, Inc. 59.20 79% 7,401 7,014 15.6 11.6 8.9 NM NM NM NM NM NM SolarWinds, Inc. 51.24 96% 3,955 3,717 8.7 7.1 5.9 27.2 15.6 13.5 50.2 25.5 21.6NetScout Systems, Inc. 43.85 93% 1,809 1,702 3.8 3.4 3.0 15.0 10.9 9.1 32.0 22.1 18.5LogMeIn, Inc. 55.99 97% 1,406 1,305 5.9 5.0 4.3 NM 23.1 19.6 NM 43.4 36.9MobileIron, Inc. 9.26 77% 801 696 5.3 4.1 3.2 NM NM NM NM NM NM Varonis Systems, Inc. 25.66 69% 702 625 6.2 4.7 3.7 NM NM NM NM NM NM Cyan, Inc. 3.99 85% 193 163 1.6 1.2 1.0 NM NM NM NM NM NM Median 90% $5,678 $5,365 5.5x 4.4x 3.4x 15.8x 12.6x 12.0x 36.1x 20.3x 17.8x Mean 87% $8,275 $8,427 6.6x 5.3x 4.3x 16.9x 13.6x 12.2x 33.5x 22.7x 19.8x

Security / StorageEMC Corporation $25.56 83% $51,043 $50,195 2.1x 1.9x 1.8x 8.6x 7.0x 6.6x 19.4x 13.0x 11.7xSymantec Corporation 23.37 88% 15,961 15,292 2.3 2.4 2.3 8.0 7.0 7.0 17.6 12.3 11.4Check Point Software Technologies Ltd. 81.97 96% 15,065 14,803 9.9 9.1 8.5 18.2 16.3 15.0 23.9 20.6 18.5Palo Alto Networks, Inc. 146.08 98% 12,615 12,748 17.3 12.5 9.6 NM NM 42.4 NM 131.9 75.0NetApp, Inc. 35.46 82% 11,055 10,010 1.6 1.6 1.6 10.0 7.2 6.9 18.7 12.7 11.8FireEye, Inc. 39.25 61% 6,669 6,523 15.3 10.5 7.6 NM NM NM NM NM NM Qihoo 360 Technology Co. Ltd. 51.20 49% 6,447 6,437 4.6 3.3 2.4 18.7 10.7 8.1 30.2 14.9 10.9Fortinet Inc. 34.95 99% 6,116 5,832 7.6 6.3 5.4 NM 38.4 29.9 NM 70.4 54.7Riverbed Technology, Inc. 20.91 100% 3,315 3,528 3.2 3.1 3.0 20.1 12.0 10.5 47.5 16.9 15.5Proofpoint, Inc. 59.22 99% 2,564 2,546 13.0 10.2 8.2 NM NM NM NM NM NM Barracuda Networks, Inc. 38.47 95% 2,142 1,987 7.5 6.4 5.4 NM 25.6 22.7 NM 122.2 85.2CommVault Systems, Inc. 43.70 62% 1,981 1,666 2.7 2.6 2.3 23.7 14.2 10.9 54.9 31.1 25.3CyberArk Software, Ltd. 55.57 79% 1,941 1,817 17.6 13.7 10.9 NM NM NM NM NM 145.8Qualys, Inc. 46.48 93% 1,832 1,755 13.1 10.4 8.4 NM 40.6 31.3 57.4 87.2 67.0Imperva Inc. 42.70 75% 1,179 1,111 6.8 5.6 4.6 NM NM NM NM NM NM AVG Technologies N.V. 21.65 95% 1,117 1,203 3.2 2.9 2.6 10.7 7.9 7.6 21.2 11.6 10.2VASCO Data Security International Inc. 21.54 72% 849 777 3.9 3.4 3.0 19.8 15.0 12.5 26.0 20.5 17.1Carbonite, Inc. 14.30 93% 401 355 2.9 2.6 2.4 NM 19.2 18.5 NM NM 115.3NQ Mobile Inc. 3.73 21% 331 351 1.1 0.8 0.6 NM 7.8 3.8 NM 11.7 5.0Zix Corporation 3.93 91% 226 205 4.1 3.7 3.4 24.4 14.9 11.9 56.1 19.4 16.4Median 89% $2,353 $2,267 4.3x 3.6x 3.2x 18.5x 14.2x 11.4x 26.0x 19.4x 17.1x Mean 82% $7,142 $6,957 7.0x 5.7x 4.7x 16.2x 16.2x 15.4x 33.9x 39.8x 41.0x





Application InfrastructureMicrosoft Corporation $40.66 82% $333,525 $355,837 3.8x 3.8x 3.5x 10.6x 10.7x 9.5x 16.4x 15.4x 13.4xOracle Corporation 43.15 93% 195,729 214,285 5.5 5.6 5.4 12.8 11.7 10.8 18.0 14.9 13.7International Business Machines Corporation 160.50 81% 158,753 191,081 2.1 2.2 2.2 7.8 8.1 8.0 10.3 10.0 9.7Hewlett-Packard Company 31.16 77% 56,908 63,050 0.6 0.6 0.6 4.8 5.1 4.9 12.0 8.6 8.2Red Hat, Inc. 75.75 99% 13,894 13,562 7.6 7.0 6.1 41.6 26.2 22.4 79.7 43.2 36.8Software AG 26.05 67% 2,056 2,211 2.1 2.4 2.3 8.4 8.5 8.0 15.5 12.3 11.8Progress Software Corporation 27.17 98% 1,382 1,119 3.4 2.6 2.5 10.7 8.9 7.8 28.3 18.8 16.9Hortonworks, Inc. 23.84 82% 1,248 1,119 24.3 13.0 8.6 NM NM NM NM NM NM Median 82% $35,401 $38,306 3.6x 3.2x 3.0x 10.6x 8.9x 8.0x 16.4x 14.9x 13.4x Mean 85% $95,437 $105,283 6.2x 4.6x 3.9x 13.8x 11.3x 10.2x 25.7x 17.6x 15.8x

Financial TechnologyFiserv, Inc. $79.40 99% $19,413 $22,922 4.5x 4.3x 4.1x 15.3x 13.0x 12.1x 26.6x 21.0x 18.7xMSCI Inc. 61.31 101% 6,949 7,240 7.3 6.8 6.2 17.6 16.6 14.9 36.1 28.1 23.8FactSet Research Systems Inc. 159.20 100% 6,900 6,813 7.1 6.6 6.1 19.7 17.9 16.5 30.1 25.8 23.3Jack Henry & Associates Inc. 69.89 100% 5,721 5,732 4.6 4.3 3.9 13.2 12.2 11.2 27.8 25.2 22.1DST Systems Inc. 110.71 101% 4,153 4,555 1.7 2.3 2.1 10.7 10.0 9.4 7.6 18.4 16.4Guidewire Software, Inc. 52.61 95% 3,773 3,647 9.9 9.4 8.6 NM NM 44.8 NM 103.5 78.0Fair Isaac Corporation 88.72 100% 2,892 3,404 4.3 4.0 3.8 18.4 14.4 14.0 32.9 20.6 NM ACI Worldwide, Inc. 21.66 99% 2,560 3,388 3.3 3.2 3.0 16.2 12.0 11.2 37.3 29.3 24.5Advent Software, Inc. 44.11 100% 2,455 2,647 6.7 6.3 5.9 25.7 17.8 16.5 46.9 28.6 26.4Envestnet, Inc. 56.08 98% 2,131 2,066 5.9 4.8 4.0 NM 26.8 19.5 147.6 53.4 38.4Ellie Mae, Inc. 55.31 99% 1,728 1,702 10.5 8.3 6.7 NM 43.0 27.7 110.6 59.8 42.0Ebix Inc. 30.38 97% 1,074 1,144 5.3 4.6 NM 14.5 12.9 NM 18.2 18.9 NM Bottomline Technologies (de), Inc. 27.37 76% 1,060 1,051 3.2 3.0 2.7 25.7 14.8 12.7 NM 19.8 15.4Q2 Holdings, Inc. 21.14 97% 863 796 10.1 7.6 5.9 NM NM NM NM NM NM Yodlee, Inc. 13.46 88% 430 359 4.0 3.3 2.7 NM 36.3 23.4 NM NM 68.2Median 99% $2,560 $3,388 5.3x 4.6x 4.0x 16.9x 14.8x 14.9x 32.9x 25.8x 24.2x Mean 97% $4,140 $4,498 5.9x 5.2x 4.7x 17.7x 19.0x 18.0x 47.4x 34.8x 33.1x

Healthcare IT / Life Sciences SoftwareCerner Corporation $73.26 99% $26,237 $25,732 7.8x 5.3x 4.7x 26.7x 17.2x 14.6x 48.8x 34.7x 29.0xathenahealth, Inc. 119.39 72% 4,661 4,796 6.4 5.2 4.3 NM 30.0 24.1 NM 102.5 80.1Veeva Systems Inc. 25.53 78% 3,334 3,205 10.2 8.1 6.5 43.4 28.1 22.4 91.2 58.4 46.9Medidata Solutions, Inc. 49.04 84% 2,739 2,940 8.8 7.3 6.1 NM 31.3 24.5 NM 56.3 44.1Allscripts Healthcare Solutions, Inc. 11.96 65% 2,159 2,682 1.9 1.9 1.8 47.1 11.2 9.6 NM 26.8 20.7CompuGroup Medical AG 28.83 88% 1,434 1,855 2.9 3.2 3.0 15.8 14.1 12.3 36.1 18.0 14.7MedAssets, Inc. 18.82 74% 1,139 2,016 2.8 2.7 2.5 9.4 8.8 8.3 NM 15.8 14.3Quality Systems Inc. 15.98 90% 963 850 1.8 1.7 1.5 19.8 10.1 9.1 44.4 25.0 20.1Castlight Health, Inc. 7.76 31% 713 696 15.3 9.1 5.8 NM NM NM NM NM NM Healthstream Inc. 25.20 79% 709 627 3.7 3.1 2.7 22.3 22.7 17.5 68.1 82.0 60.6Cegedim SA 33.84 85% 473 1,093 1.8 2.0 2.0 10.4 10.6 10.2 NM 15.2 11.9Merge Healthcare Incorporated 4.47 97% 436 619 2.9 2.5 2.3 17.2 11.5 9.6 NM 21.6 17.9Median 82% $1,286 $1,936 3.3x 3.1x 2.8x 19.8x 14.1x 12.3x 48.8x 26.8x 20.7x Mean 79% $3,750 $3,926 5.5x 4.3x 3.6x 23.6x 17.8x 14.7x 57.7x 41.5x 32.8x



Public Company Operating MetricsPrice 52-Wk Revenue Growth EBITDA Margin Net Margin 52 Week


CRMsalesforce.com, inc. $66.81 95% $42,818 $44,108 32% 21% 21% 3% 17% 18% (5%) 7% 8%Dealertrack Technologies, Inc. 38.52 77% 2,132 2,690 77% 28% 15% 12% 20% 21% (2%) 8% 9%Interactive Intelligence Group Inc. 41.18 55% 894 858 7% 11% 14% (0%) 2% 3% (12%) (1%) (1%)LivePerson Inc. 10.24 71% 583 533 18% 27% 16% 5% 11% 11% (4%) 6% 7%Median 74% $1,513 $1,774 25% 24% 16% 4% 14% 15% (4%) 7% 8%Mean 75% $11,607 $12,047 34% 22% 17% 5% 13% 13% (6%) 5% 6%

Accounting / ERPOracle Corporation $43.15 93% $195,729 $214,285 2% (1%) 3% 43% 47% 50% 28% 33% 34%International Business Machines Corporation 160.50 81% 158,753 191,081 (6%) (8%) 0% 26% 28% 28% 13% 18% 18%SAP SE 72.30 88% 88,315 97,704 (8%) (0%) 5% 34% 35% 35% 19% 22% 22%Intuit Inc. 96.96 97% 27,179 27,196 11% (1%) 15% 31% 32% 37% 18% 18% 22%Sage Group plc 6.93 92% 7,439 8,082 (5%) 7% 5% 28% 29% 29% 14% 19% 19%NetSuite Inc. 92.76 82% 7,250 7,157 34% 30% 28% (9%) 8% 9% (18%) 4% 4%QAD Inc. 24.20 96% 400 294 11% 2% 4% 6% 9% 10% 4% 6% 6%American Software, Inc. 10.22 98% 289 248 1% 12% NM 11% 20% NM 8% 11% NM Median 93% $17,309 $17,639 2% 1% 5% 27% 28% 29% 14% 18% 19%Mean 91% $60,669 $68,256 5% 5% 9% 21% 26% 28% 11% 16% 18%

Supply Chain ManagementSAP SE $72.30 88% $88,315 $97,704 (8%) (0%) 5% 34% 35% 35% 19% 22% 22%Dassault Systemes SA 67.83 96% 17,302 16,401 (2%) 5% 9% 25% 33% 34% 13% 19% 20%PTC Inc. 36.17 91% 4,157 4,502 5% (2%) 5% 21% 27% NM 11% 20% 21%Manhattan Associates, Inc. 50.61 92% 3,764 3,648 19% 9% 9% 27% 30% 31% 17% 18% 19%Aspen Technology, Inc. 38.49 82% 3,414 3,255 20% 9% 10% 39% 42% 45% 25% 26% 28%Fleetmatics Group PLC 44.85 97% 1,733 1,582 31% 25% 22% 25% 32% 33% 12% 18% 19%The Descartes Systems Group Inc 15.09 96% 1,148 1,029 13% 11% 12% 30% 31% 32% 9% 15% 16%Textura Corporation 27.18 90% 729 662 54% 43% 40% (27%) 9% 17% (39%) 5% 14%BasWare Oyj 42.97 79% 608 579 (9%) 2% 22% 6% 16% 26% 2% 9% 16%SciQuest, Inc. 16.93 62% 468 409 13% 6% 12% 5% 21% 22% (0%) 8% 9%ClickSoftware Technologies Ltd. 8.79 86% 297 266 22% 12% 13% 0% 4% 5% (2%) 3% 3%Median 90% $1,733 $1,582 13% 9% 12% 25% 30% 31% 11% 18% 19%Mean 87% $11,085 $11,822 14% 11% 14% 17% 26% 28% 6% 15% 17%



Public Company Operating Metrics (cont.)Price 52-Wk Revenue Growth EBITDA Margin Net Margin 52 Week


Human Capital ManagementPaychex, Inc. $49.62 96% $18,106 $17,841 9% 8% 7% 42% 43% 43% 25% 25% 25%Workday, Inc. 84.41 88% 15,953 16,149 68% 45% 39% (20%) 3% 4% (31%) (4%) 0%The Ultimate Software Group, Inc. 169.96 99% 4,965 4,865 23% 22% 22% 14% 25% 26% 9% 12% 13%Cornerstone OnDemand, Inc. 28.89 58% 1,557 1,616 42% 28% 26% (16%) 2% 5% (25%) (5%) (1%)Paylocity Holding Corporation 28.64 88% 1,523 1,434 41% 29% 24% (7%) 3% NM (13%) (2%) 1%Callidus Software Inc. 12.68 77% 687 668 22% 20% 20% (2%) 13% 16% (8%) 8% 11%Median 88% $3,261 $3,240 32% 25% 23% (5%) 8% 16% (11%) 3% 6%Mean 84% $7,132 $7,095 34% 25% 23% 2% 15% 19% (7%) 6% 8%

Knowledge / Content ManagementAdobe Systems Incorporated $73.94 93% $37,101 $38,289 5% 18% 24% 20% 35% 40% 7% 22% 27%Akamai Technologies, Inc. 71.05 97% 12,818 13,185 24% 15% 16% 35% 42% 42% 17% 21% 22%VeriSign, Inc. 66.97 100% 7,828 9,017 5% 4% 5% 62% 67% 68% 35% 39% 40%Open Text Corporation 52.89 86% 6,514 7,263 35% 8% 3% 30% 34% 36% 15% 24% 25%SDL plc 6.47 92% 525 505 (8%) 1% 5% 7% 10% 11% 3% 6% 7%Limelight Networks, Inc. 3.63 93% 357 299 (6%) (0%) 7% (4%) 3% 5% (15%) (8%) (7%)Brightcove Inc. 7.33 68% 240 218 14% 7% 9% (3%) 5% 6% (14%) (3%) (1%)Median 93% $6,514 $7,263 5% 7% 7% 20% 34% 36% 7% 21% 22%Mean 90% $9,340 $9,825 10% 7% 10% 21% 28% 30% 7% 14% 16%

Business IntelligenceInternational Business Machines Corporation $160.50 81% $158,753 $191,081 (6%) (8%) 0% 26% 28% 28% 13% 18% 18%Constellation Software Inc. 345.72 98% 7,326 7,550 38% 14% 17% 15% 23% 23% 6% 18% 18%Teradata Corporation 44.14 90% 6,602 6,236 1% (1%) 3% 22% 25% 25% 13% 14% 15%Tableau Software, Inc. 92.52 93% 6,581 5,900 78% 42% 35% 5% 7% 10% 1% 3% 6%Informatica Corporation 43.86 98% 4,857 4,488 11% 8% 10% 19% 24% 24% 11% 15% 16%Nuance Communications, Inc. 14.35 74% 4,671 6,290 3% 3% 4% 10% 27% 28% (8%) 19% 19%DST Systems Inc. 110.71 101% 4,153 4,555 3% (26%) 7% 16% 22% 23% 22% 11% 11%Verint Systems Inc. 61.93 99% 3,772 4,224 24% 8% 10% 14% 26% 27% 3% 19% 20%NICE Systems Ltd. 61.31 100% 3,747 3,559 7% 6% 7% 19% 24% 24% 10% 18% 18%Qlik Technologies, Inc. 31.13 95% 2,921 2,677 18% 11% 17% 1% 9% 11% (4%) 5% 7%MicroStrategy Inc. 169.19 93% 1,916 1,769 1% 1% 5% 7% 23% 25% 1% 12% 14%Pegasystems Inc. 21.75 94% 1,714 1,599 16% 11% 12% 13% 14% 16% 6% 10% 10%Progress Software Corporation 27.17 98% 1,382 1,119 (0%) 29% 5% 31% 29% 32% 15% 18% 19%NeuStar, Inc. 24.62 72% 1,372 1,838 7% 1% (28%) 37% 48% 43% 17% 24% 20%Exact Holding NV 34.21 81% 781 676 (22%) 0% 7% 21% 22% 24% 20% 15% 15%Workiva Inc. 14.40 90% 579 502 32% 25% 24% (31%) (25%) (19%) (37%) (27%) (23%)Median 94% $3,760 $3,892 7% 7% 7% 15% 23% 24% 8% 15% 15%Mean 91% $13,195 $15,254 13% 8% 8% 14% 20% 22% 6% 12% 13%





Systems / Network ManagementVMware, Inc. $82.01 73% $35,069 $34,498 16% 11% 12% 25% 37% 34% 15% 26% 26%CA, Inc. 32.61 98% 14,464 13,179 (0%) (5%) 2% 31% 38% 41% 18% 25% 26%ServiceNow, Inc. 78.78 98% 12,745 12,937 61% 45% 36% (16%) 14% 15% (26%) 4% 6%L-3 Communications Holdings Inc. 125.79 95% 10,548 14,046 (4%) (3%) 0% 11% 11% 12% 5% 5% 6%Citrix Systems, Inc. 63.87 88% 10,208 11,241 8% 6% 7% 21% 27% 27% 8% 18% 19%Splunk, Inc. 59.20 79% 7,401 7,014 49% 34% 30% (45%) 6% 8% (48%) 3% 5%SolarWinds, Inc. 51.24 96% 3,955 3,717 28% 22% 20% 32% 46% 44% 18% 30% 30%NetScout Systems, Inc. 43.85 93% 1,809 1,702 17% 12% 15% 25% 31% 33% 13% 17% 27%LogMeIn, Inc. 55.99 97% 1,406 1,305 34% 18% 16% 9% 22% 22% 4% 13% 13%MobileIron, Inc. 9.26 77% 801 696 25% 28% 29% (43%) (25%) (13%) (47%) (30%) (16%)Varonis Systems, Inc. 25.66 69% 702 625 36% 30% 28% (16%) (10%) (6%) (19%) (10%) (4%)Cyan, Inc. 3.99 85% 193 163 (14%) 39% 16% (49%) (17%) (13%) (59%) (20%) (16%)Median 90% $5,678 $5,365 21% 20% 16% 10% 18% 18% 5% 9% 10%Mean 87% $8,275 $8,427 21% 20% 18% (1%) 15% 17% (10%) 7% 10%

Security / StorageEMC Corporation $25.56 83% $51,043 $50,195 5% 7% 6% 24% 28% 27% 11% 15% 15%Symantec Corporation 23.37 88% 15,961 15,292 (3%) (3%) 3% 29% 34% 33% 14% 21% 22%Check Point Software Technologies Ltd. 81.97 96% 15,065 14,803 7% 8% 8% 54% 56% 57% 44% 45% 46%Palo Alto Networks, Inc. 146.08 98% 12,615 12,748 53% 38% 31% (10%) 18% 23% (34%) 10% 14%NetApp, Inc. 35.46 82% 11,055 10,010 (3%) (1%) 3% 16% 23% 23% 10% 14% 15%FireEye, Inc. 39.25 61% 6,669 6,523 163% 46% 38% (89%) (33%) (16%) NM (45%) (26%)Qihoo 360 Technology Co. Ltd. 51.20 49% 6,447 6,437 107% 42% 36% 25% 31% 29% 16% 25% 25%Fortinet Inc. 34.95 99% 6,116 5,832 25% 20% 18% 11% 16% 18% 3% 9% 10%Riverbed Technology, Inc. 20.91 100% 3,315 3,528 5% 3% 5% 16% 26% 28% 7% 18% 19%Proofpoint, Inc. 59.22 99% 2,564 2,546 42% 27% 25% (16%) 1% 6% (33%) (5%) (0%)Barracuda Networks, Inc. 38.47 95% 2,142 1,987 18% 16% 18% 3% 25% 24% 1% 6% 7%CommVault Systems, Inc. 43.70 62% 1,981 1,666 8% 4% 13% 11% 18% 21% 6% 10% 12%CyberArk Software, Ltd. 55.57 79% 1,941 1,817 56% 29% 25% 21% 11% 12% 10% 7% 9%Qualys, Inc. 46.48 93% 1,832 1,755 24% 26% 24% 16% 26% 27% 23% 12% 13%Imperva Inc. 42.70 75% 1,179 1,111 19% 21% 21% (32%) (9%) (3%) (36%) (12%) (6%)AVG Technologies N.V. 21.65 95% 1,117 1,203 (8%) 13% 9% 30% 36% 35% 15% 23% 25%VASCO Data Security International Inc. 21.54 72% 849 777 30% 13% 12% 19% 23% 24% 17% 18% 19%Carbonite, Inc. 14.30 93% 401 355 14% 12% 9% 4% 14% 13% (8%) 2% 2%NQ Mobile Inc. 3.73 21% 331 351 155% 33% 37% (23%) 10% 15% (23%) 7% 13%Zix Corporation 3.93 91% 226 205 5% 9% 11% 17% 25% 28% 8% 21% 24%Median 89% $2,353 $2,267 18% 15% 15% 16% 23% 23% 8% 11% 13%Mean 82% $7,142 $6,957 36% 18% 18% 6% 19% 21% 3% 10% 13%





Application InfrastructureMicrosoft Corporation $40.66 82% $333,525 $355,837 12% 1% 6% 36% 35% 37% 22% 23% 24%Oracle Corporation 43.15 93% 195,729 214,285 2% (1%) 3% 43% 47% 50% 28% 33% 34%International Business Machines Corporation 160.50 81% 158,753 191,081 (6%) (8%) 0% 26% 28% 28% 13% 18% 18%Hewlett-Packard Company 31.16 77% 56,908 63,050 (2%) (4%) 0% 12% 12% 12% 4% 6% 7%Red Hat, Inc. 75.75 99% 13,894 13,562 17% 13% 15% 18% 27% 27% 10% 17% 17%Software AG 26.05 67% 2,056 2,211 (22%) (10%) 3% 25% 28% 29% 13% 18% 19%Progress Software Corporation 27.17 98% 1,382 1,119 (0%) 29% 5% 31% 29% 32% 15% 18% 19%Hortonworks, Inc. 23.84 82% 1,248 1,119 72% 86% 51% NM NM (69%) NM NM NM Median 82% $35,401 $38,306 1% 0% 4% 26% 28% 28% 13% 18% 19%Mean 85% $95,437 $105,283 9% 13% 11% 27% 29% 18% 15% 19% 20%

Financial TechnologyFiserv, Inc. $79.40 99% $19,413 $22,922 5% 5% 5% 30% 33% 34% 15% 17% 17%MSCI Inc. 61.31 101% 6,949 7,240 9% 7% 9% 41% 41% 42% 29% 22% 23%FactSet Research Systems Inc. 159.20 100% 6,900 6,813 9% 9% 8% 36% 37% 37% 23% 25% 25%Jack Henry & Associates Inc. 69.89 100% 5,721 5,732 7% 7% 8% 35% 35% 35% 17% 17% 17%DST Systems Inc. 110.71 101% 4,153 4,555 3% (26%) 7% 16% 22% 23% 22% 11% 11%Guidewire Software, Inc. 52.61 95% 3,773 3,647 17% 5% 9% 9% 15% 19% 5% 9% 12%Fair Isaac Corporation 88.72 100% 2,892 3,404 8% 7% 6% 23% 28% 27% 12% 16% NM ACI Worldwide, Inc. 21.66 99% 2,560 3,388 17% 4% 5% 21% 27% 27% 7% 8% 8%Advent Software, Inc. 44.11 100% 2,455 2,647 4% 6% 7% 26% 35% 36% 13% 20% 21%Envestnet, Inc. 56.08 98% 2,131 2,066 44% 23% 22% 11% 18% 20% 4% 9% 11%Ellie Mae, Inc. 55.31 99% 1,728 1,702 26% 27% 24% 19% 19% 24% 9% 14% 16%Ebix Inc. 30.38 97% 1,074 1,144 5% 15% NM 37% 36% NM 30% 26% NM Bottomline Technologies (de), Inc. 27.37 76% 1,060 1,051 20% 8% 11% 13% 20% 21% (3%) 15% 18%Q2 Holdings, Inc. 21.14 97% 863 796 39% 33% 29% (19%) (10%) (5%) (25%) (15%) (9%)Yodlee, Inc. 13.46 88% 430 359 NM 22% 21% (2%) 9% 12% (8%) 2% 5%Median 99% $2,560 $3,388 9% 7% 8% 21% 27% 26% 12% 15% 16%Mean 97% $4,140 $4,498 15% 10% 12% 20% 24% 25% 10% 13% 14%

Healthcare IT / Life Sciences SoftwareCerner Corporation $73.26 99% $26,237 $25,732 17% 47% 13% 29% 31% 32% 16% 15% 16%athenahealth, Inc. 119.39 72% 4,661 4,796 26% 22% 21% 8% 17% 18% (0%) 5% 5%Veeva Systems Inc. 25.53 78% 3,334 3,205 49% 26% 24% 24% 29% 29% 13% 16% 17%Medidata Solutions, Inc. 49.04 84% 2,739 2,940 21% 20% 20% 11% 23% 25% 2% 13% 14%Allscripts Healthcare Solutions, Inc. 11.96 65% 2,159 2,682 0% 4% 6% 4% 17% 18% (5%) 6% 7%CompuGroup Medical AG 28.83 88% 1,434 1,855 (2%) (8%) 7% 19% 22% 24% 6% 10% 13%MedAssets, Inc. 18.82 74% 1,139 2,016 6% 5% 5% 30% 30% 31% (3%) 10% 11%Quality Systems Inc. 15.98 90% 963 850 8% 8% 9% 9% 16% 17% 5% 8% 9%Castlight Health, Inc. 7.76 31% 713 696 252% 67% 58% NM (89%) (42%) NM (85%) (40%)Healthstream Inc. 25.20 79% 709 627 29% 19% 15% 16% 14% 15% 6% 4% 5%Cegedim SA 33.84 85% 473 1,093 (52%) (10%) 3% 18% 19% 19% (40%) 6% 7%Merge Healthcare Incorporated 4.47 97% 436 619 (8%) 17% 10% 17% 22% 24% (0%) 9% 11%Median 82% $1,286 $1,936 12% 18% 11% 17% 20% 22% 2% 9% 10%Mean 79% $3,750 $3,926 29% 18% 16% 17% 13% 17% (0%) 1% 6%



Software Public Market PerformancePrice % of Change in Price 52 Week

Company 03/31/15 52-Wk High Mkt Cap EV 3 Mos 6 Mos 1 Yr

CRMsalesforce.com, inc. $66.81 95% $42,818 $44,108 13% 18% 17%Dealertrack Technologies, Inc. 38.52 77% 2,132 2,690 -13% -11% -22%Interactive Intelligence Group Inc. 41.18 55% 894 858 -14% -3% -43%LivePerson Inc. 10.24 71% 583 533 -27% -19% -15%Median 74% $1,513 $1,774 -14% -7% -18%Mean 75% $11,607 $12,047 -10% -4% -16%

Accounting / ERPOracle Corporation $43.15 93% $195,729 $214,285 -4% 13% 5%International Business Machines Corporation 160.50 81% 158,753 191,081 0% -14% -17%SAP SE 72.30 88% 88,315 97,704 2% 2% -11%Intuit Inc. 96.96 97% 27,179 27,196 5% 15% 25%Sage Group plc 6.93 92% 7,439 8,082 -4% 21% -1%NetSuite Inc. 92.76 82% 7,250 7,157 -15% 6% -2%QAD Inc. 24.20 96% 400 294 7% 30% 18%American Software, Inc. 10.22 98% 289 248 12% 13% 0%Median 93% $17,309 $17,639 1% 13% 0%Mean 91% $60,669 $68,256 0% 11% 2%

Supply Chain ManagementSAP SE $72.30 88% $88,315 $97,704 2% 2% -11%Dassault Systemes SA 67.83 96% 17,302 16,401 11% 5% 16%PTC Inc. 36.17 91% 4,157 4,502 -1% -1% 2%Manhattan Associates, Inc. 50.61 92% 3,764 3,648 24% 52% 44%Aspen Technology, Inc. 38.49 82% 3,414 3,255 10% 3% -9%Fleetmatics Group PLC 44.85 97% 1,733 1,582 26% 53% 34%The Descartes Systems Group Inc 15.09 96% 1,148 1,029 1% 11% 8%Textura Corporation 27.18 90% 729 662 -5% -1% 8%BasWare Oyj 42.97 79% 608 579 -14% -11% -21%SciQuest, Inc. 16.93 62% 468 409 17% 10% -37%ClickSoftware Technologies Ltd. 8.79 86% 297 266 22% 10% -13%Median 90% $1,733 $1,582 10% 5% 2%Mean 87% $11,085 $11,822 9% 12% 2%



Software Public Market Performance (cont.)Price % of Change in Price 52 Week


Human Capital ManagementPaychex, Inc. $49.62 96% $18,106 $17,841 7% 15% 16%Workday, Inc. 84.41 88% 15,953 16,149 3% 3% -8%The Ultimate Software Group, Inc. 169.96 99% 4,965 4,865 16% 24% 24%Cornerstone OnDemand, Inc. 28.89 58% 1,557 1,616 -18% -16% -40%Paylocity Holding Corporation 28.64 88% 1,523 1,434 10% 39% 19%Callidus Software Inc. 12.68 77% 687 668 -22% 3% 1%Median 88% $3,261 $3,240 5% 9% 9%Mean 84% $7,132 $7,095 -1% 11% 2%

Knowledge / Content ManagementAdobe Systems Incorporated $73.94 93% $37,101 $38,289 2% 10% 12%Akamai Technologies, Inc. 71.05 97% 12,818 13,185 13% 22% 22%VeriSign, Inc. 66.97 100% 7,828 9,017 17% 21% 24%Open Text Corporation 52.89 86% 6,514 7,263 -9% -4% 11%SDL plc 6.47 92% 525 505 0% 19% 14%Limelight Networks, Inc. 3.63 93% 357 299 31% 57% 67%Brightcove Inc. 7.33 68% 240 218 -6% 29% -25%Median 93% $6,514 $7,263 2% 21% 14%Mean 90% $9,340 $9,825 7% 22% 18%

Business IntelligenceInternational Business Machines Corporation $160.50 81% $158,753 $191,081 0% -14% -17%Constellation Software Inc. 345.72 98% 7,326 7,550 16% 35% 42%Teradata Corporation 44.14 90% 6,602 6,236 1% 5% -10%Tableau Software, Inc. 92.52 93% 6,581 5,900 9% 33% 22%Informatica Corporation 43.86 98% 4,857 4,488 15% 31% 16%Nuance Communications, Inc. 14.35 74% 4,671 6,290 1% -6% -16%DST Systems Inc. 110.71 101% 4,153 4,555 18% 33% 17%Verint Systems Inc. 61.93 99% 3,772 4,224 6% 14% 32%NICE Systems Ltd. 61.31 100% 3,747 3,559 21% 49% 38%Qlik Technologies, Inc. 31.13 95% 2,921 2,677 1% 17% 17%MicroStrategy Inc. 169.19 93% 1,916 1,769 4% 27% 47%Pegasystems Inc. 21.75 94% 1,714 1,599 5% 14% 23%Progress Software Corporation 27.17 98% 1,382 1,119 1% 12% 25%NeuStar, Inc. 24.62 72% 1,372 1,838 -11% 0% -24%Exact Holding NV 34.21 81% 781 676 -11% -3% -10%Workiva Inc. 14.40 90% 579 502 7% N/A N/AMedian 94% $3,760 $3,892 4% 14% 17%Mean 91% $13,195 $15,254 5% 17% 13%





Systems / Network ManagementVMware, Inc. $82.01 73% $35,069 $34,498 -1% -13% -24%CA, Inc. 32.61 98% 14,464 13,179 7% 20% 5%ServiceNow, Inc. 78.78 98% 12,745 12,937 16% 36% 31%L-3 Communications Holdings Inc. 125.79 95% 10,548 14,046 0% 11% 6%Citrix Systems, Inc. 63.87 88% 10,208 11,241 0% -7% 11%Splunk, Inc. 59.20 79% 7,401 7,014 0% 7% -17%SolarWinds, Inc. 51.24 96% 3,955 3,717 3% 21% 20%NetScout Systems, Inc. 43.85 93% 1,809 1,702 20% -2% 17%LogMeIn, Inc. 55.99 97% 1,406 1,305 13% 21% 25%MobileIron, Inc. 9.26 77% 801 696 -7% -14% N/AVaronis Systems, Inc. 25.66 69% 702 625 -22% 14% -28%Cyan, Inc. 3.99 85% 193 163 60% 19% -7%Median 90% $5,678 $5,365 2% 12% 6%Mean 87% $8,275 $8,427 7% 9% 4%

Security / StorageEMC Corporation $25.56 83% $51,043 $50,195 -14% -10% -7%Symantec Corporation 23.37 88% 15,961 15,292 -9% 0% 17%Check Point Software Technologies Ltd. 81.97 96% 15,065 14,803 4% 19% 21%Palo Alto Networks, Inc. 146.08 98% 12,615 12,748 19% 49% 113%NetApp, Inc. 35.46 82% 11,055 10,010 -14% -14% -4%FireEye, Inc. 39.25 61% 6,669 6,523 24% 33% -36%Qihoo 360 Technology Co. Ltd. 51.20 49% 6,447 6,437 -11% -24% -49%Fortinet Inc. 34.95 99% 6,116 5,832 14% 40% 59%Riverbed Technology, Inc. 20.91 100% 3,315 3,528 2% 14% 6%Proofpoint, Inc. 59.22 99% 2,564 2,546 23% 58% 60%Barracuda Networks, Inc. 38.47 95% 2,142 1,987 7% 52% 13%CommVault Systems, Inc. 43.70 62% 1,981 1,666 -15% -5% -33%CyberArk Software, Ltd. 55.57 79% 1,941 1,817 40% 94% N/AQualys, Inc. 46.48 93% 1,832 1,755 23% 69% 83%Imperva Inc. 42.70 75% 1,179 1,111 -14% 55% -23%AVG Technologies N.V. 21.65 95% 1,117 1,203 10% 29% 3%VASCO Data Security International Inc. 21.54 72% 849 777 -24% 15% 186%Carbonite, Inc. 14.30 93% 401 355 0% 39% 40%NQ Mobile Inc. 3.73 21% 331 351 -5% -46% -79%Zix Corporation 3.93 91% 226 205 9% 9% -5%Median 89% $2,353 $2,267 3% 24% 6%Mean 82% $7,142 $6,957 4% 24% 19%





Application InfrastructureMicrosoft Corporation $40.66 82% $333,525 $355,837 -12% -11% -1%Oracle Corporation 43.15 93% 195,729 214,285 -4% 13% 5%International Business Machines Corporation 160.50 81% 158,753 191,081 0% -14% -17%Hewlett-Packard Company 31.16 77% 56,908 63,050 -22% -10% -4%Red Hat, Inc. 75.75 99% 13,894 13,562 10% 32% 43%Software AG 26.05 67% 2,056 2,211 7% 10% -28%Progress Software Corporation 27.17 98% 1,382 1,119 1% 12% 25%Hortonworks, Inc. 23.84 82% 1,248 1,119 -12% N/A N/AMedian 82% $35,401 $38,306 -2% 10% -1%Mean 85% $95,437 $105,283 -4% 5% 3%

Financial TechnologyFiserv, Inc. $79.40 99% $19,413 $22,922 12% 23% 40%MSCI Inc. 61.31 101% 6,949 7,240 29% 29% 43%FactSet Research Systems Inc. 159.20 100% 6,900 6,813 13% 31% 48%Jack Henry & Associates Inc. 69.89 100% 5,721 5,732 12% 25% 25%DST Systems Inc. 110.71 101% 4,153 4,555 18% 33% 17%Guidewire Software, Inc. 52.61 95% 3,773 3,647 4% 17% 7%Fair Isaac Corporation 88.72 100% 2,892 3,404 23% 61% 60%ACI Worldwide, Inc. 21.66 99% 2,560 3,388 7% 15% 10%Advent Software, Inc. 44.11 100% 2,455 2,647 44% 41% 50%Envestnet, Inc. 56.08 98% 2,131 2,066 14% 37% 40%Ellie Mae, Inc. 55.31 99% 1,728 1,702 37% 66% 92%Ebix Inc. 30.38 97% 1,074 1,144 79% 119% 78%Bottomline Technologies (de), Inc. 27.37 76% 1,060 1,051 8% 0% -22%Q2 Holdings, Inc. 21.14 97% 863 796 12% 41% 36%Yodlee, Inc. 13.46 88% 430 359 10% N/A N/AMedian 99% $2,560 $3,388 13% 32% 40%Mean 97% $4,140 $4,498 22% 38% 37%

Healthcare IT / Life Sciences SoftwareCerner Corporation $73.26 99% $26,237 $25,732 13% 24% 30%athenahealth, Inc. 119.39 72% 4,661 4,796 -18% -10% -25%Veeva Systems Inc. 25.53 78% 3,334 3,205 -3% -6% -4%Medidata Solutions, Inc. 49.04 84% 2,739 2,940 3% 10% -10%Allscripts Healthcare Solutions, Inc. 11.96 65% 2,159 2,682 -6% -11% -34%CompuGroup Medical AG 28.83 88% 1,434 1,855 20% 19% 15%MedAssets, Inc. 18.82 74% 1,139 2,016 -5% -8% -24%Quality Systems Inc. 15.98 90% 963 850 3% 16% -5%Castlight Health, Inc. 7.76 31% 713 696 -34% -35% -63%Healthstream Inc. 25.20 79% 709 627 -15% 4% -6%Cegedim SA 33.84 85% 473 1,093 -4% 7% -12%Merge Healthcare Incorporated 4.47 97% 436 619 26% 100% 83%Median 82% $1,286 $1,936 -4% 6% -8%Mean 79% $3,750 $3,926 -2% 9% -5%


• Software-as-a-Service

• On-premise

• Application Software

• Healthcare IT

• Financial Tech

Software Internet Mobile

Vista Point Advisors is a boutique investment bank focused on capital raises and M&A advisory for growing technology companies

90 New Montgomery, Suite 700

San Francisco, CA 94105

• Advertising and Marketing

• Digital Media

• Gaming

• Content

• Platforms

• Consumer Applications

• Enterprise Applications

• Gaming

• Payments

• Infrastructure

Hardware

• Communications

• Entertainment

• Industrial

• Systems

• Consumer

Vista Point Advisors Overview

Mike Lyon

415.659.9187

[email protected]

Jeff Bean

415.659.9190

[email protected]

Thomas Lin

415.692.6163

[email protected]

Russell Perkins

415.501.9029

[email protected]

Miles Lacey

415.659.9278

[email protected]

Jeffrey Koons

415.659.9189

[email protected]

David Cho

415.547.8440

[email protected]

Scott Austin

415.547.8437

[email protected]

Drew Pascarella

917.670.1097

[email protected]

Mike Greco

415.659.9191

[email protected]

Documents

Mergers & Acquisitions Capital Raising Strategic …vistapointadvisors.com/.../04/Software-Update-Q1-2015.pdfMergers & Acquisitions Capital Raising Strategic Advisory Software Industry