Quarterly Enterprise Software Market Review - shea-co.com · 09/03/13 Actix Amdocs 100% - - $120 - 2.3x - - - 08/23/13 Omnitracs Vista Equity Partners 100% ... Business intelligence

Shea & Company, LLC

www.shea-co.com

Member FINRA & SIPC

Copyright ©2013

Boston

200 Clarendon Street, Floor 25

Boston, MA 02116

Michael H.M. Shea

Managing Director

617.896.2255

[email protected]

Christopher J. Pingpank

Principal

617.896.2218

[email protected]

San Francisco

201 Mission Street, Suite 1850

San Francisco, CA 94105

Michael S. Barker

Managing Director

415.203.5286

[email protected]

Brad E. McCarthy

Vice President

617.896.2245

[email protected]

Quarterly Enterprise Software Market Review 3Q 2013

Copyright ©2013 Shea & Company, LLC 1

Contents

M&A Activity

Software M&A Summary: 3Q 2013 p. 2

Software Acquisitions: Trend Analysis p. 3

Publicly-Available Software M&A Transaction Data: 3Q 2013 p. 4

Announced Software Acquisitions: 3Q 2013 p. 5

Most Active Software Acquirers: 2007 – 2013 p. 9

Public Equity Market Valuations

Relative Performance by Index p. 17

Price Performance and Valuation Metrics by Segment p. 18

Price Performance and Valuation Metrics of Notable Software Vendors p. 19

Equity Trading Multiples by Growth Tranche p. 20

Equity Trading Multiples by Segment p. 21

Equity Trading Multiples by Comparable Subset p. 27

Public & Private Equity Financing Activity

Software IPOs: Trailing Twelve Months p. 30

Software IPO Pricing & Performance Data p. 31

Software IPO Pipeline p. 32

Software Private Capital Raise Activity: 3Q 2013 p. 33

Copyright © 2013 Shea & Company, LLC

NASDAQ

$1.5

$14.4

$4.4

$9.7

$4.8

$19.3 $19.2

$7.9

$2.5

$9.8

$23.1

$10.1

$6.7

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$6.2 $7.5

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$-

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Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2009 2010 2011 2012 2013

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M&A Activity Software M&A Summary: 3Q 2013

Notable Announced Transactions: 3Q 2013 ($ millions)

Source: Company releases, Wall Street research

Acquirer

Target

Date 07/01/13 07/08/13 07/11/13 07/23/13 08/15/13 08/20/13 09/30/13

Enterprise Value $1,025 n/a n/a $2,494 n/a n/a $946

EV / 2013 Rev 3.4x n/a n/a 8.9x n/a n/a 2.1x

EV / 2014 Rev 3.2x n/a n/a 7.4x n/a n/a 1.9x

2

Transaction Count by Deal Size

> $1bn 0 3 1 3 2 6 5 2 0 3 6 4 2 3 3 2 1 3 4

$500m - $1bn 1 1 1 2 0 4 3 2 0 1 1 1 1 2 0 3 0 5 5

$250m - $500m 1 0 1 2 1 6 3 3 2 8 4 2 5 3 3 1 0 3 1

< $250m 16 34 26 23 27 26 26 24 31 25 24 30 26 27 25 28 28 22 20

No Reported Value 70 51 63 37 79 63 93 48 69 49 47 92 85 93 93 105 103 117 123

Total 88 89 92 67 109 105 130 79 102 86 82 129 119 128 124 139 132 150 153


M&A Activity

Software Acquisitions: Trend Analysis

By Transaction Size (2011 – 2013 YTD)

By Target Segment (2011 – 2013 YTD)

Note:

Business Applications includes: ERP & Business Applications; Marketing Applications; Technical & Embedded Applications

Information Management includes: Business Intelligence; Content Management

Infrastructure includes: Application Delivery & Network Acceleration; Platforms, Development Tools & Deployment; Storage Management; Systems & Network Management


110

16

3

13

106

12 6

10

70

4 10 8

0

20

40

60

80

100

120

< $250m $250m - $500m $500m - $1bn > $1bn

# o

f D

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Deal Value (Enterprise Value)

2011

2012

2013

$6 $6

$2

$32

$5 $4

$5

$18

$3 $1

$8

$22

$0

$5

$10

$15

$20

$25

$30

$35

< $250m $250m - $500m $500m - $1bn > $1bn

Aggre

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2.2x

4.9x

6.5x

3.7x

1.6x

3.5x

5.1x

4.0x

2.2x

5.6x

3.7x 3.7x

0x

1x

2x

3x

4x

5x

6x

7x

< $250m $250m - $500m $500m - $1bn > $1bn

Me

dia

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V /

LTM

Re

v


166

47 34

85

53

218

57 68

102

46

129

50

87

108

45

0

50

100

150

200

250

Business

Applications

IT Security Information

Management

Infrastructure Financial

Applications

# o

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2011

2012

2013

$22

$2

$13

$3

$5

$20

$2 $1

$5

$2

$5 $4

$1

$13

$8

$0

$5

$10

$15

$20

$25

Business

Applications


Management


Applications

Aggre

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3.7x

1.9x

2.8x

5.2x

2.1x

2.9x

3.8x

1.2x

2.7x

1.8x 1.9x

2.5x

3.8x

2.6x

3.8x

0x

1x

2x

3x

4x

5x

6x

Business

Applications


Management


Applications

Me

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Copyright ©2013 Shea & Company, LLC

M&A Activity

Publicly-Available Software M&A Transaction Data: 3Q 2013

4

Note:

Includes only transactions for which data was publicly available

P/E multiples in excess of 100x or less than 0x are considered to be not meaningful


3Q 2013 ($ millions)

Consideration Equity Enterprise EV / Revenue P/E Ratio

Date Target Acquirer % Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr

09/30/13 Active Network Vista Equity Partners 100% - $1,050 $946 2.1x 2.1x 1.9x nm nm

09/23/13 Greenway Medical Technologies Vista Equity Partners 100% - $644 $633 4.7x 4.6x 3.9x nm -

09/20/13 SBB Services Xchanging UK Ltd. 100% - - $11 - - - - -

09/16/13 Conduit (Client Connect business) Perion Network Ltd. - 100% - $751 2.7x - - - -

09/04/13 ACT Teleconferencing Premiere Global Services 100% - - $44 - - 1.0x - -

09/04/13 ILS Technology Telit Communications 100% - - $9 - - - - -

09/03/13 CombineNet SciQuest 60% 40% - $43 - - 3.6x - -

09/03/13 Actix Amdocs 100% - - $120 - 2.3x - - -

08/23/13 Omnitracs Vista Equity Partners 100% - - $800 - - - - -

08/20/13 Saperion AG Lexmark 100% - - $72 - - - - -

08/16/13 Cordys Software BV OpenText - - - $33 - - - - -

08/09/13 Diversinet (assets) IMS Health - - $4 $2 1.4x - - - -

08/09/13 Armorize Technologies Proofpoint 100% - - $25 - - - - -

08/06/13 Avelo FS Ltd. IRESS Market Technology - - - $321 3.8x - - - -

08/02/13 Ensighta Security FireEye 28% 72% - $3 - - - - -

08/02/13 Tall Maple Systems FireEye - 100% - $1 - - - - -

08/01/13 ICCM Professional Services OpenText 100% - $19 $14 - - - - -

07/31/13 Kapow Technologies Kofax 100% - $42 $40 2.5x - - - -

07/30/13 icon-scm E2open 100% - - $34 - 3.4x - - -

07/25/13 VerticalResponse Deluxe Corporation 100% - - $27 - - - - -

07/25/13 Abaca Technology Proofpoint 100% - - $3 - - - - -

07/23/13 Sourcefire Cisco Systems 100% - $2,700 $2,494 10.7x 8.9x 7.4x 79.5x 61.5x

07/23/13 Harland Financial Solutions Davis + Henderson - - - $1,200 4.3x 4.0x - - -

07/16/13 AD-X Ltd. Criteo SA - - - $7 - - - - -

07/16/13 RMS Software SA TOTVS SA - - - $16 - 1.8x - - -

07/11/13 Invensys Schneider Electric SA 63% 37% $4,908 $4,534 1.7x 1.4x 1.5x 25.8x 23.4x

07/11/13 ActiveRisk Sword Group 100% - $15 $11 1.1x 0.9x 0.8x - -

07/09/13 Mirror42 BV ServiceNow 100% - - $13 - - - - -

07/01/13 Decision Insight Information Group (assets) CoreLogic Systems - - - $661 - 6.0x - - -

07/01/13 Intuit (IFS Division) Thoma Bravo 100% - - $1,025 - 3.4x 3.2x - -


M&A Activity

Announced Software Acquisitions: 3Q 2013

5


($ millions)

Announced Target Acquirer Target Segment & Description Price

09/30/13 Active Network Vista Equity Partners ERP & Business Applications - Registration and event management software and SaaS $946

09/30/13 AdStack TellApart Marketing Applications - Email marketing optimization and testing SaaS n/a

09/30/13 Sensory Networks Intel IT Security - Intrusion prevention and deep packet data scanning SaaS n/a

09/26/13 SaaSID Intermedia.net IT Security - Single sign-on cloud application management SaaS n/a

09/25/13 IdenTrust Parallax Capital Partners & StepStone Group IT Security - Digital identity authentication for governments and banks n/a

09/25/13 Learnboost Automattic Storage Management - File sharing software n/a

09/24/13 InduSoft Invensys Platforms, Development Tools & Deployment - Development software for Windows-based supervisory control and data acquisition n/a

09/24/13 Jumpshot AVAST Software a.s. IT Security - Cloud-based anti-malware n/a

09/24/13 Kanbox Alibaba.com Storage Management - File storage and collaboration n/a

09/23/13 Greenway Medical Technologies Vista Equity Partners Content Management - Electronic health record management $633

09/23/13 Temenos SA Third Financial Software Ltd. Financial Applications - EDI and risk management software for the financial sector n/a

09/20/13 SBB Services Xchanging UK Ltd. ERP & Business Applications - Procurement request and negotiation SaaS $11

09/19/13 Centauris Solutions Intrix Technology Financial Applications - Accounts receivable management, business intelligence and CRM SaaS n/a

09/19/13 Daeja Image Systems Ltd. IBM Content Management - Multi-format document viewing n/a

09/19/13 Empathica Mindshare Technologies ERP & Business Applications - Location-specific customer and employee experience management SaaS n/a

09/19/13 Rapidlogix UG AppDynamics Systems & Network Management - Application performance management for Node.js applications n/a

09/19/13 IronStratus Gemalto NV IT Security - Secure access management for cloud applications and password protected websites n/a

09/18/13 Arxan Technologies TA Associates IT Security - Anti-malware and code protection software n/a

09/18/13 Extended Results TIBCO Software Business Intelligence - Business intelligence metric aggregation and analysis SaaS n/a

09/18/13 Metadata Partners Relevance Platforms, Development Tools & Deployment - Open source transactional database development SaaS n/a

09/17/13 Adept Cloud Hightail Storage Management - File sharing and team collaboration SaaS n/a

09/17/13 Versafe Ltd. F5 Networks IT Security - End-user anti-malware SaaS for online retailers n/a

09/16/13 American Cadastre Riverside Partners Content Management - Records management software for Government agencies n/a

09/16/13 Anchor Box eFolder Storage Management - File sync and backup software n/a

09/16/13 BugSense Splunk Systems & Network Management - Mobile application performance monitoring SaaS n/a

09/16/13 Conduit (Client Connect business) Perion Network Ltd. ERP & Business Applications - Syndication and customer engagement software $751

09/16/13 Mapflow LexisNexis Risk Solutions Financial Applications - Geographic risk and data management SaaS for the insurance sector n/a

09/16/13 Portfolio Director Scivantage Financial Applications - Portfolio management SaaS n/a

09/16/13 Spigit Mindjet ERP & Business Applications - Team collaboration SaaS n/a

09/16/13 StillSecure Versata Enterprises IT Security - Network access control solutions n/a

09/16/13 Vivere Brasil Accenture Financial Applications - Java-based mortgage process automation for lenders in Brazil n/a

09/12/13 Covi Point (assets) F3 Technologies Business Intelligence - Business intelligence analytics and CRM software n/a

09/12/13 Data Agent Confluence Technologies Financial Applications - Regulatory reporting and data management n/a

09/12/13 Four Soft Ltd. (assets) Transport IT Solutions ERP & Business Applications - Freight forwarding, SCM logistics and process management SaaS n/a

09/11/13 Blytheco (Abila practice) Net@Work ERP & Business Applications - Accounting and fundraising software for the non-profit sector n/a

09/11/13 Crowdnub Kuliza Technologies Ltd. Platforms, Development Tools & Deployment - Social media marketing app development platform n/a

09/11/13 H-1 Smart Social Media Marketing Applications - Social media marketing management n/a

09/10/13 Asure Software (WebEvent solution division) Active Data Exchange ERP & Business Applications - Calendaring and scheduling SaaS n/a

09/10/13 CitizenHawk Wolters Kluwer ERP & Business Applications - Intellectual property monitoring SaaS n/a

09/10/13 KXEN SAP Business Intelligence - Customer lifecycle predictive analytics SaaS n/a

09/10/13 Newvem Insight Ltd. DataPipe Systems & Network Management - Cloud hosting, monitoring, metrics and analysis SaaS n/a

09/10/13 Standing Cloud AppDirect Platforms, Development Tools & Deployment - Cloud application marketplace n/a

09/09/13 Safeharbor Knowledge Solutions Enghouse Systems Limited Marketing Applications - IT help desk management SaaS n/a

09/05/13 Gradient X Amobee Business Intelligence - Predictive analytics for advertising bidding n/a

09/05/13 Mitchell International KKR ERP & Business Applications - Collision claims and auto repair management software for auto industry n/a


M&A Activity

Announced Software Acquisitions: 3Q 2013 continued

6

($ millions)



09/04/13 ACT Teleconferencing Premiere Global Services ERP & Business Applications - Conferencing and file sharing SaaS $44

09/04/13 ILS Technology Telit Communications Systems & Network Management - Machine-to-machine connectivity platform $9

09/03/13 Actix Amdocs Systems & Network Management - Wireless performance management $120

09/03/13 CombineNet SciQuest ERP & Business Applications - Bid analysis and procurement SaaS $43

09/03/13 Packetloop Arbor Networks IT Security - Network packet capture security analysis SaaS n/a

08/29/13 Hstreaming Adello AG Business Intelligence - Big data analytics software and SaaS n/a

08/28/13 APOS Systems (Location Intelligence division) Galigeo Business Intelligence - Location-based business intelligence software n/a

08/28/13 Axceler (SharePoint business) Metalogix Platforms, Development Tools & Deployment - SharePoint migration and management n/a

08/28/13 Trendrr Twitter Business Intelligence - Social media monitoring and analytics n/a

08/27/13 Sensinode Oy ARM Ltd. Platforms, Development Tools & Deployment - Machine-to-machine software development n/a

08/26/13 RyanTech (automotive technology portfolio) Authenticom ERP & Business Applications - Inventory and vehicle identification management SaaS n/a

08/23/13 Omnitracs Vista Equity Partners ERP & Business Applications - GPS-based fleet tracking $800

08/22/13 Jackbe Software AG Business Intelligence - Operational business intelligence SaaS n/a

08/22/13 OpenLogic Rogue Wave Software Platforms, Development Tools & Deployment - Open source public and private cloud software development SaaS and PaaS n/a

08/22/13 Singly Appcelerator Platforms, Development Tools & Deployment - Mobile API integration management n/a

08/21/13 Avectra Abila ERP & Business Applications - CRM SaaS for the non-profit sector n/a

08/20/13 Alert Logic Welsh, Carson, Anderson & Stowe IT Security - Intrusion detection, vulnerability assessment and security log management SaaS n/a

08/20/13 Saperion AG Lexmark Content Management - Enterprise content management and business process management $72

08/20/13 Time Link Kronos ERP & Business Applications - Attendance, scheduling and workforce management n/a

08/20/13 VisibleRisk Click Security IT Security - Data forensics and threat vulnerability software n/a

08/19/13 e-conomic international A/S HgCapital ERP & Business Applications - Accounting software n/a

08/19/13 IMN Reynolds and Reynolds Marketing Applications - Digital marketing creation software SaaS n/a

08/19/13 WorkOasis Verisae ERP & Business Applications - Facilities and work order management SaaS n/a

08/19/13 Locu The Go Daddy Group Marketing Applications - Marketing automation SaaS for SMBs n/a

08/16/13 Cordys Software BV OpenText Platforms, Development Tools & Deployment - Business process management and cloud migration software, SaaS and PaaS $33

08/15/13 BlackLine Systems Silver Lake Sumeru, BlackLine & ICONIQ Financial Applications - Financial and accounting reconciliation SaaS n/a

08/15/13 OneView Handshake Software ERP & Business Applications - SharePoint search and collaboration software for the legal sector n/a

08/15/13 Trusteer IBM IT Security - Financial anti-fraud, endpoint integrity and mobile device security software and SaaS n/a

08/14/13 Insurecom Applied Systems Financial Applications - Insurance collaboration and management SaaS n/a

08/14/13 ReportGrid RichRelevance Business Intelligence - Social media business analytics SaaS n/a

08/12/13 proALPHA Software AG Bregal Capital ERP & Business Applications - ERP software for businesses in Europe n/a

08/12/13 Prodigy Group ACL Services Ltd. IT Security - Government, risk and compliance and audit analytics software n/a

08/09/13 Armorize Technologies Proofpoint IT Security - Anti-malware, website monitoring and source-code analysis SaaS $25

08/09/13 Diversinet (assets) IMS Health IT Security - Data security for wired and wireless endpoints $2

08/08/13 OnSharp (SmartPay assets) CardConnect Financial Applications - Billing, payment and invoice management SaaS n/a

08/07/13 Causata NICE Systems Business Intelligence - Hadoop-based customer experience analysis n/a

08/06/13 Asset Control Marlin Equity Partners Financial Applications - Data lifecycle management software for the financial sector n/a

08/06/13 Avelo FS Ltd. IRESS Market Technology Financial Applications - Practice management and CRM for the financial sector $321

08/06/13 VisPower Technology 3D Systems ERP & Business Applications - Project management and collaboration SaaS n/a

08/06/13 Infochimps Computer Sciences Corporation Platforms, Development Tools & Deployment - Hadoop-based data management PaaS n/a

08/06/13 Partnerpedia BMC Software Platforms, Development Tools & Deployment - Mobile application storefront development software n/a

08/05/13 Cosinus RIB Software AG ERP & Business Applications - ERP and CRM software for the construction and manufacturing sectors n/a

08/05/13 Newron System SA ABB Group ERP & Business Applications - Facility management SaaS n/a

08/02/13 Ensighta Security FireEye IT Security - Android and mobile application security $3

08/02/13 KineticGlue Ltd. BMC Software ERP & Business Applications - Team collaboration SaaS utilizing social networks n/a


M&A Activity


7

($ millions)



08/02/13 Tall Maple Systems FireEye Platforms, Development Tools & Deployment - Linux development and deployment <$1

08/02/13 Teletrac Danaher ERP & Business Applications - Fleet management SaaS n/a

08/01/13 ICCM Professional Services OpenText ERP & Business Applications - IT service desk and business process management SaaS $14

08/01/13 Lumata (US business assets) Vibes Media Marketing Applications - Marketing campaign creation and management SaaS n/a

08/01/13 Search Discovery Adobe ERP & Business Applications - Website tag management SaaS n/a

07/31/13 Kapow Technologies Kofax Platforms, Development Tools & Deployment - Data and content integration SaaS $40

07/31/13 Palaran Yahoo Business Intelligence - E-commerce analytics SaaS n/a

07/30/13 icon-scm E2open ERP & Business Applications - Supply chain management software $34

07/30/13 Tech 7 Systems Interactive Leisure Systems ERP & Business Applications - ERP and CRM software for the travel and tourism sectors n/a

07/29/13 IT Resources Software Paradigms International ERP & Business Applications - Supply chain management software n/a

07/25/13 Abaca Technology Proofpoint IT Security - Email anti-spam SaaS $3

07/25/13 PassBan EMC IT Security - Enterprise mobile authentication n/a

07/25/13 VerticalResponse Deluxe Corporation Marketing Applications - Email marketing campaign creation and newsletter software $27

07/24/13 Advanced Software Development VerticaLive ERP & Business Applications - Open-source ERP and CRM software n/a

07/24/13 EASY Software Solutions Bullhorn ERP & Business Applications - Timesheet and back office management SaaS n/a

07/24/13 FoxWeave CloudBees ERP & Business Applications - Enterprise data integration, migration and synchronization n/a

07/24/13 Social Cloud Reputation.com IT Security - Consumer secure single sign-on and automatic login n/a

07/24/13 Torbit @WalmartLabs Systems & Network Management - Website monitoring and optimization SaaS n/a

07/23/13 Digital Technology International Vista Equity Partners Marketing Applications - Print and digital advertising management SaaS n/a

07/23/13 Harland Financial Solutions Davis + Henderson Financial Applications - EDI, CRM and ERP for the financial sector $1,200

07/23/13 Smart Button Aimia Marketing Applications - Marketing automation SaaS n/a

07/23/13 Sourcefire Cisco Systems IT Security - Intrusion detection and prevention SaaS $2,494

07/22/13 Dimensio Informatics GmbH mic IT AG Business Intelligence - Database optimization and data mining n/a

07/22/13 Saxotech Vista Equity Partners Business Intelligence - Readership analytics and targeted content SaaS n/a

07/19/13 IntelliFlo Ltd. HgCapital Financial Applications - Workflow and practice management SaaS for the financial sector n/a

07/19/13 Locationary Apple Content Management - Data integration and master data management SaaS n/a

07/18/13 Fifo Pty Ltd. Intuit Financial Applications - Cloud-based accounting and collaboration SaaS n/a

07/18/13 PasswordBank Symantec IT Security - Single sign-on and identity access management n/a

07/18/13 ThoughtLeadr Chaotic Moon Studios Business Intelligence - Social media engagement and content analysis SaaS n/a

07/18/13 Ztelic Yahoo Business Intelligence - Social data analytics and natural language processing SaaS n/a

07/18/13 Monoidics Ltd. Facebook Platforms, Development Tools & Deployment - Source code analysis and debugging n/a

07/17/13 Anaqua Insight Venture Partners ERP & Business Applications - Intellectual property asset management software and SaaS n/a

07/17/13 Evenex HighJump Software ERP & Business Applications - EDI and invoice management SaaS n/a

07/17/13 Akiban Technologies FoundationDB Platforms, Development Tools & Deployment - Open source SQL relational database for SaaS-based applications n/a

07/17/13 Cloudsmith Puppet Labs Platforms, Development Tools & Deployment - Software development SaaS for open source code sharing n/a

07/16/13 AD-X Ltd. Criteo SA Marketing Applications - Mobile advertising analytics SaaS $7

07/16/13 Enigma Information Retrieval Systems PTC ERP & Business Applications - Supplier relationship management n/a

07/16/13 MatrixGroup Eka Software Solutions Pvt ERP & Business Applications - SCM and commodity handling n/a

07/16/13 Myrrix Cloudera Business Intelligence - Machine learning recommendation engine n/a

07/16/13 RMS Software SA TOTVS SA ERP & Business Applications - ERP, CRM and e-commerce software $16

07/16/13 Rover Apps Kaseya Systems & Network Management - Mobile application management software n/a

07/15/13 Acumen Deltek ERP & Business Applications - Project and risk management SaaS n/a

07/15/13 Mortgage Cadence Accenture Financial Applications - Mortgage management software n/a

07/11/13 ActiveRisk Sword Group ERP & Business Applications - Enterprise and project risk management $11

07/11/13 Invensys Schneider Electric SA Systems & Network Management - Industrial control and automation $4,534


M&A Activity


8

($ millions)



07/11/13 ScaleIO EMC Storage Management - Elastic converged storage virtual SAN software n/a

07/11/13 United Systems Technology StarDyne Technologies ERP & Business Applications - ERP software for the public sector n/a

07/10/13 ProSuite Conveyancing Software Do Process Content Management - Legal document management software n/a

07/10/13 VeloBit Hitachi Storage Management - Data caching and storage optimization n/a

07/10/13 MyRedis Garantia Data Ltd. Platforms, Development Tools & Deployment - Cloud-hosted NoSQL database SaaS n/a

07/09/13 CopperEgg Idera Systems & Network Management - Server, systems, website and application performance monitoring SaaS n/a

07/09/13 CSL International IBM Systems & Network Management - Systems management and virtualization SaaS n/a

07/09/13 Gantto Toms Planner NV ERP & Business Applications - Project management and collaboration SaaS n/a

07/09/13 Mirror42 BV ServiceNow ERP & Business Applications - IT performance management SaaS $13

07/09/13 Tribold Limited Sigma Systems Group ERP & Business Applications - Product lifecycle management n/a

07/09/13 Zyrion Kaseya Systems & Network Management - IT business service management and network monitoring SaaS n/a

07/08/13 Blue Horseshoe (assets) Microsoft ERP & Business Applications - Warehouse and transportation supply chain management n/a

07/08/13 Aveksa EMC IT Security - Identity and access management SaaS n/a

07/03/13 Xobni Yahoo ERP & Business Applications - Outlook-based email search, organization and navigation n/a

07/02/13 Customer Value Group Ltd. Xerox ERP & Business Applications - Accounts receivable, collections and customer service management SaaS n/a

07/02/13 Precise Software Idera Systems & Network Management - Application performance management n/a

07/01/13 Decision Insight Information Group (assets) CoreLogic Systems Financial Applications - Property valuation and data management SaaS for the insurance sector $661

07/01/13 Intuit (IFS Division) Thoma Bravo Financial Applications - Online and mobile banking SaaS $1,025


M&A Activity

Most Active Software Acquirers: 2007 – 2013

9

$24.2

$13.1

$23.5

$9.9

$22.4

$4.8

$19.9

$35.9

$1.1

$4.0

$6.5

$4.5

$1.3 $1.2

68 67

60

54 53

35

30 29 29

26 25

20 20

13

0

10

20

30

40

50

60

70

$0

$5

$10

$15

$20

$25

$30

$35

$40

Nu

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De

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Announced Deal Value [a]

Number of Deals

[a] Includes only transactions for which data was publicly available (2007 – 2013 YTD)


M&A Activity

Most Active Software Acquirers

10

Note: “Known acquired value” includes only transactions for which data was publicly available (2007 – 2013 YTD)

2007 – 2013 YTD ($ millions)

Cisco

Dell

Salesforce

HP

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA

EMC

Continued

Consideration Equity Enterprise

Date Target % Cash % Stock Value Value

CA Technologies Known acquired value (since 2007): $1,314

04/22/13 Layer 7 Technologies 100.0% - - $155

03/24/13 Nolio 100.0% - - $42

09/10/12 Paragon Global Technology - - - -

07/29/11 Watchmouse BV - - - -

06/29/11 Interactive TKO 100.0% - - $330

05/16/11 SE-Consulting GmbH - - - -

04/06/11 Base Technologies - - - -

01/25/11 Torokina Networks - - - -

09/28/10 Hyperformix - - - -

08/30/10 Arcot Systems 100.0% - - $200

08/12/10 4Base Technology - - - -

03/10/10 Nimsoft 100.0% - - $350

02/24/10 3Tera - - - -

01/11/10 Oblicore 100.0% - - $20

09/14/09 NetQoS 100.0% - $200 $200

06/02/09 Cassatt - - - -

01/05/09 Orchestria - - - -

11/13/08 Eurekify - - - $17

10/15/08 Optinuity - - - -

10/07/08 IDFocus - - - -

Cisco Systems Known acquired value (since 2007): $22,429

09/10/13 Whiptail Technologies 100.0% - - $415

07/23/13 Sourcefire 100.0% - $2,700 $2,494

06/20/13 Composite Software 100.0% - - $180

05/29/13 JouleX 100.0% - - $107

04/03/13 Ubiquisys - - - $310

03/25/13 SolveDirect Service Management GmbH - - $21 $21

01/29/13 Cognitive Security sro - - - -

01/23/13 Intucell 100.0% - $475 $475

12/18/12 BroadHop - - - -

11/29/12 Cariden Technologies 100.0% - $141 $141

11/18/12 Meraki 100.0% - $1,200 $1,200

11/15/12 Cloupia 100.0% - $125 $125

10/04/12 vCider - - - -

07/13/12 Virtuata - - - -

05/03/12 Truviso - - - -

03/28/12 ClearAccess - - - -

03/15/12 NDS Group Ltd. - - $3,896 $5,000

10/20/11 BNI Video - - - $99

08/29/11 Versly - - - -

03/29/11 newScale - - - -

02/04/11 Inlet Technologies 100.0% - - $95



Cisco Systems (continued)

01/26/11 Pari Networks - - - -

12/01/10 LineSider Technologies - - - -

09/02/10 Arch Rock Corporation - - - -

08/26/10 ExtendMedia - - - -

05/20/10 CoreOptics 100.0% - - $99

05/18/10 MOTO Development Group - - - -

01/05/10 Rohati Systems - - - -

11/02/09 DVN Holdings (set-top box business) - - - $45

10/27/09 ScanSafe 100.0% - - $183

10/13/09 Starent Networks 100.0% - $2,900 $2,510

10/01/09 Tandberg 100.0% - $3,400 $3,400

04/09/09 Tidal Software 100.0% - - $105

03/19/09 Pure Digital Technologies - - - $590

01/27/09 Richards-Zeta Building Intelligence - - - -

09/19/08 Jabber - - - -

08/27/08 PostPath - - - $215

07/23/08 Pure Networks 100.0% - - $120

06/10/08 DiviTech A/S - - - -

11/01/07 Securent - - - -

10/23/07 Navini Networks - - - $330

09/27/07 Latigent - - - -

09/18/07 Cognio - - - -

07/23/07 GlooLabs - - - -

05/21/07 BroadWare Technologies - - - -

03/28/07 SpansLogic - - - -

03/15/07 WebEx 100.0% - $3,200 $3,145

03/13/07 NeoPath Networks - - - $60

03/05/07 Utah Street Networks (assets) - - - -

02/26/07 Qovia - - - -

02/21/07 Reactivity 100.0% - - $135

02/09/07 Five Across - - - -

01/04/07 IronPort Systems - - - $830

Dell Known acquired value (since 2007): $6,496

05/06/13 Enstratius 100.0% - - -

12/18/12 Credant Technologies - - - -

11/16/12 Gale Technologies - - - -

10/23/12 Kitenga - - - -

06/25/12 Quest Software 100.0% - $2,383 $2,408

04/05/12 MAKE Technologies - - - -

04/03/12 Clerity Solutions - - - -

04/02/12 Wyse Technology - - - -

03/13/12 SonicWALL - - - $1,250


M&A Activity

Most Active Software Acquirers continued

11

2007 – 2013 YTD ($ millions)

Continued

EMC

Cisco

Salesforce

HP

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA


Dell



Dell (continued)

02/24/12 AppAssure - - - -

06/20/11 RNA Networks - - - -

01/04/11 SecureWorks - - - -

12/22/10 InSite One - - - -

12/13/10 Compellent Technologies 100.0% - $960 $820

11/02/10 Boomi - - - -

07/19/10 Ocarina Networks - - - -

07/01/10 Scalent - - - -

02/11/10 Kace Networks 100.0% - - $123

02/12/08 MessageOne 100.0% - - $155

02/08/08 Exanet - - - -

11/15/07 Everdream - - - -

11/05/07 EqualLogic 100.0% - $1,418 $1,400

08/06/07 Zing Systems - - - -

08/02/07 ASAP Software - - - $340

07/18/07 SilverBack Technologies - - - -

EMC Known acquired value (since 2007): $4,754

09/23/13 STM Group - - - -

07/25/13 PassBan - - - -

07/11/13 ScaleIO 100.0% - - -

07/08/13 Aveksa - - - -

05/21/13 Adaptivity (assets) - - - -

01/04/13 iWave Software - - - -

11/29/12 MoreVRP - - - -

10/30/12 Silver Tail Systems - - - -

05/31/12 Watch4Net Solutions - - - -

05/21/12 Syncplicity - - - -

05/10/12 XtremIO - - - -

03/20/12 Likewise Software - - - -

10/03/11 Zettapoint - - - -

04/04/11 NetWitness - - - -

11/15/10 Isilon 100.0% - $2,434 $2,250

07/06/10 Greenplum 100.0% - - -

01/04/10 Archer Technologies - - - -

09/01/09 Kazeon Systems - - - -

08/31/09 FastScale Technology - - - -

06/01/09 Data Domain 100.0% - $2,378 $2,100

05/27/09 Configuresoft - - - $87

01/02/09 SourceLabs - - - -

04/08/08 Iomega 100.0% - $213 $148

04/07/08 WysDM Software - - - -

04/01/08 Conchango plc 100.0% - - $84



EMC (continued)

03/10/08 Infra Corporation - - - -

02/21/08 Pi 100.0% - - -

12/27/07 Document Sciences 100.0% - $87 $85

10/30/07 Voyence - - - -

10/15/07 Illuminator - - - -

10/04/07 Berkeley Data Systems - - - -

08/30/07 BusinessEdge Solutions - - - -

08/09/07 Tablus - - - -

07/19/07 X-Hive Corporation - - - -

06/04/07 Verid - - - -

HP Known acquired value (since 2007): $35,915

12/03/12 Digital Risk 100.0% - $175 $175

12/06/11 Hiflex Software GmbH - - - -

08/18/11 Autonomy 100.0% - $11,560 $10,889

05/24/11 Printelligent - - - -

02/14/11 Vertica - - - -

09/13/10 ArcSight 100.0% - $1,651 $1,500

08/26/10 Stratavia - - - -

08/23/10 3PAR 100.0% - $2,400 $2,296

08/17/10 Fortify Software - - - -

06/10/10 Phoenix Technologies (HyperSpace assets) 100.0% - - $12

04/28/10 Palm 100.0% - $1,400 $1,199

11/11/09 3Com 100.0% - $3,131 $2,705

07/17/09 IBRIX - - - -

06/22/09 Excellerate HRO - - - -

10/01/08 LeftHand Networks 100.0% - - $360

08/11/08 Colubris Networks - - - -

05/13/08 Electronic Data Systems - - - $13,900

03/31/08 Tower Software - - - $100

01/22/08 Exstream Software - - - $720

12/10/07 NUR Macroprinters 100.0% - - $118

11/12/07 EYP Mission Critical Facilities - - - -

10/22/07 AOME - - - -

09/13/07 MacDermid ColorSpan - - - -

07/23/07 Neoware 100.0% - $328 $206

07/23/07 Opsware 100.0% - $1,673 $1,600

06/19/07 SPI Dynamics - - - $135

03/22/07 Tabblo - - - -

02/26/07 PolyServe - - - -

02/05/07 Bristol Technology - - - -

IBM


M&A Activity


12

Continued

EMC

Cisco

Dell

Salesforce

HP

IBM

Intel

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

2007 – 2013 YTD ($ millions)




IBM Known acquired value (since 2007): $13,139

09/19/13 Daeja Image Systems Ltd. - - - -

08/15/13 Trusteer - - - -

07/09/13 CSL International - - - -

06/04/13 SoftLayer Technologies - - - -

04/22/13 UrbanCode - - - -

02/01/13 Star Analytics - - - -

12/19/12 StoredIQ - - - -

09/24/12 Butterfly Software Ltd. - - - -

08/27/12 Kenexa 100.0% - $1,307 $1,280

05/02/12 Tealeaf Technology - - - -

04/25/12 Vivisimo - - - -

04/13/12 Varicent Software - - - -

01/31/12 Worklight - - - -

01/04/12 Green Hat - - - -

12/15/11 Emptoris - - - -

12/08/11 DemandTec 100.0% - $504 $439

12/05/11 Curam Software Ltd. - - - -

10/11/11 Platform Computing - - - -

10/04/11 Q1 Labs - - - -

09/01/11 Algorithmics - - - $387

08/31/11 i2 - - - -

03/22/11 TRIRIGA 100.0% - - $108

10/21/10 Clarity Systems Ltd. - - - -

10/14/10 PSS Systems - - - -

09/27/10 BLADE Network Technologies - - - -

09/20/10 Netezza 100.0% - $1,836 $1,700

09/15/10 OpenPages - - - -

08/13/10 Unica 100.0% - $523 $480

08/10/10 Datacap - - - -

07/29/10 Storwize - - - -

07/01/10 BigFix - - - -

06/15/10 Coremetrics - - - -

05/24/10 Sterling Commerce 100.0% - - $1,400

05/03/10 Cast Iron Systems 100.0% - - -

02/16/10 Intelliden - - - -

02/03/10 Initiate Systems - - - -

01/20/10 National Interest Security Company - - - -

12/16/09 Lombardi - - - -

11/30/09 Guardium - - - $225

10/05/09 Wilshire Credit Corporation - - - -

09/22/09 RedPill Solutions - - - -

07/28/09 Ounce Labs - - - -

07/25/09 SPSS 100.0% - $1,170 $859



IBM (continued)

05/04/09 Exeros 100.0% - - $12

01/15/09 Outblaze - - - $8

11/18/08 Transitive - - - -

07/28/08 ILOG SA 100.0% - - -

07/02/08 Platform Solutions - - - -

04/29/08 InfoDyne - - - -

04/18/08 Diligent Technologies - - - -

04/10/08 FilesX - - - $50

03/12/08 Encentuate - - - -

01/23/08 AptSoft - - - -

01/18/08 Net Integration Technologies - - - -

01/02/08 XIV - - - $325

12/21/07 Solid Information Technology - - - -

12/06/07 Arsenal Digital Solutions - - - -

11/12/07 Cognos 100.0% - $5,000 $4,960

10/24/07 NovusCG - - - -

08/22/07 WebDialogs - - - -

08/03/07 Princeton Softech - - - -

07/16/07 DataMirror 100.0% - $179 $161

06/11/07 Telelogic 100.0% - $745 $745

06/06/07 Watchfire - - - -

Intel Known acquired value (since 2007): $11,097

09/30/13 Sensory Networks - - - -

09/13/13 Indisys - - - -

07/16/13 Omek Interactive - - - $50

05/29/13 ST-Ericsson (assets) - - - -

05/06/13 Stonesoft Oyj 100.0% - - $389

04/24/13 Aepona - - - -

04/17/13 Mashery - - - -

04/03/13 ProFUSION - - - -

02/26/13 LynuxWorks (ValidEdge technology) - - - -

02/22/13 appMobi (HTML5 developer tools division) - - - -

11/28/12 Rocketbox Studios GmbH - - - -

11/19/12 ZiiLABS 100.0% - $30 $30

08/24/12 NEVEX - - - -

07/13/12 Whamcloud - - - -

07/02/12 IDesia Ltd. - - - -

04/24/12 Cray (assets) - - $140 $140

01/23/12 Qlogic (InfiniBand assets) 100.0% - - $125

10/04/11 NitroSecurity - - - -

09/28/11 Telemap Ltd. - - - -

09/14/11 CoFluent Design - - - -


M&A Activity


13

Continued

EMC

Cisco

Dell

Salesforce

HP

IBM

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

Intel

[a] Acquired by McAfee prior to Intel acquisition


2007 – 2013 YTD ($ millions)



Intel (continued)

09/01/11 GraphTech - - - -

07/19/11 Fulcrum Microsystems - - - -

05/25/11 SiPort Corporation - - - -

03/23/11 Sentrigo - - - $35

03/14/11 SySDSoft - - - -

02/14/11 Silicon Hive BV - - - -

01/04/11 Nordic Edge AB - - - -

12/02/10 InternetSafety.com [a] 100.0% - $11 $10

11/17/10 CognoVision - - - $17

09/02/10 Neocleus - - - -

08/30/10 Infineon Technologies AG (assets) 100.0% - - $1,400

08/19/10 McAfee 100.0% - $7,680 $6,876

08/16/10 Texas Instruments (assets) - - - -

07/29/10 tenCube [a] 100.0% - $11 $10

05/25/10 Trust Digital [a] 100.0% - $33 $32

05/24/10 Comsys Communications - - - $30

02/05/10 Virtutech - - - -

08/19/09 RapidMind - - - -

07/31/09 Cilk Arts - - - -

07/30/09 MX Logic [a] 100.0% - $138 $163

06/04/09 Wind River Systems 100.0% - $884 $714

05/15/09 Solidcore Systems [a] 100.0% - $32 $41

05/12/09 Endeavor Security [a] 100.0% - $3 $3

02/16/09 Swiftfoot Graphics AB - - - -

10/15/08 NetEffect - - - $8

09/22/08 Secure Computing [a] 100.0% - $497 $465

08/29/08 OpenedHand - - - -

07/31/08 Reconnex [a] 100.0% - $40 $45

05/19/08 WebVMC - - - -

02/25/08 Offset Software - - - -

11/28/07 Neoptica - - - -

10/30/07 ScanAlert [a] 100.0% - $48 $54

10/08/07 SafeBoot [a] 100.0% - $339 $350

09/14/07 Havok 100.0% - - $110

Intuit Known acquired value (since 2007): $1,154

08/08/13 GoodApril - - - -

07/18/13 Fifo Pty Ltd. - - - -

06/21/13 Elastic Intelligence - - - -

01/28/13 Payvment (assets) - - - -

04/23/12 Demandforce 100.0% - $424 $424

04/10/12 AisleBuyer - - - -

05/11/10 Medfusion 100.0% - - $91



Intuit (continued)

09/14/09 Mint.com 100.0% - - $170

06/02/09 PayCycle 100.0% - - $170

04/17/09 BooRah - - - -

12/03/08 Entellium (CRM assets) 100.0% - - $8

12/19/07 Electronic Clearing House 100.0% - $131 $122

11/26/07 Homestead Technologies 100.0% - - $170

Microsoft Known acquired value (since 2007): $23,483

09/03/13 Nokia (devices and services) 100.0% - - $5,010

07/08/13 Blue Horseshoe (assets) - - - -

06/03/13 InCycle Software (assets) - - - -

03/19/13 Netbreeze GmbH - - - -

03/14/13 Pando Networks - - - -

03/05/13 MetricsHub - - - -

01/03/13 id8 Group R2 Studios - - - -

10/17/12 MarketingPilot Software - - - -

10/16/12 StorSimple - - - -

10/04/12 PhoneFactor - - - -

07/09/12 Perceptive Pixel - - - -

06/25/12 Yammer 100.0% - $1,200 $1,200

06/07/11 Prodiance - - - -

05/10/11 Skype Global - - - $8,500

10/29/10 Canesta - - - -

10/06/10 AVIcode - - - -

12/11/09 Opalis Software - - - -

12/10/09 Sentillion - - - -

11/09/09 SourceGear (Teamprise assets) - - - -

09/22/09 Computer Generated Solutions (assets) - - - -

09/22/09 Fullscope (assets) - - - -

09/22/09 LS Retail EHF (assets) - - - -

09/22/09 To-Increase Denmark A/S (assets) - - - -

09/21/09 Interactive Supercomputing - - - -

08/06/09 Office.com - - - -

06/01/09 Rosetta Biosoftware - - - -

05/07/09 BigPark - - - -

02/21/09 3DV Systems - - - -

10/31/08 Wysiwyg Comunicacion Interactiva - - - -

08/29/08 Greenfield Online 100.0% - $486 $455

07/24/08 DATAllegro - - - -

07/14/08 Zoomix - - - -

07/01/08 Powerset 100.0% - - -

06/26/08 MobiComp - - - -

06/18/08 Navic Networks - - - -


M&A Activity


14

[a] Acquired by Sun Microsystems prior to Oracle acquisition


EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

Oracle

VMware

CA

Symantec

2007 – 2013 YTD ($ millions)

Continued

Salesforce

SAP



Microsoft (continued)

04/17/08 Farecast - - - -

03/31/08 90 Degree Software - - - -

03/20/08 Komoku - - - -

03/14/08 Rapt - - - -

03/12/08 Kidaro - - - $100

02/27/08 YaData - - - $25

02/11/08 Danger 100.0% - - $500

02/07/08 Caligari Corporation - - - -

01/21/08 Calista Technologies - - - $125

01/08/08 Fast Search & Transfer 100.0% - $1,289 $1,200

12/12/07 Multimap - - - -

11/30/07 Webfives - - - -

11/12/07 Musiwave - - - $50

10/29/07 GCS (assets) - - - -

10/02/07 Jellyfish.com - - - -

08/29/07 Parlano - - - -

07/26/07 AdECN - - - -

06/08/07 Stratature - - - -

06/05/07 Engyro - - - -

05/18/07 aQuantive 100.0% - $6,370 $6,319

05/03/07 ScreenTonic - - - -

03/28/07 devBiz Business Solutions - - - -

03/14/07 eBECS (assets) - - - -

03/14/07 Tellme Networks - - - -

02/26/07 Medstory - - - -

Oracle Known acquired value (since 2007): $24,203

03/25/13 Tekelec - - - -

03/13/13 Nimbula - - - -

02/04/13 Acme Packet 100.0% - $2,063 $1,700

12/20/12 Eloqua 100.0% - $958 $872

11/08/12 Instantis - - - -

09/17/12 SelectMinds - - - -

07/30/12 Xsigo Systems - - - -

07/19/12 Skire - - - -

07/10/12 Involver - - - -

06/05/12 Collective Intellect - - - -

05/23/12 Vitrue - - - -

02/09/12 Taleo 100.0% - $1,900 $2,010

10/24/11 RightNow Technologies 100.0% - $1,500 $1,434

10/18/11 Endeca Technologies - - - -

09/22/11 GoAhead Software - - - -

07/28/11 InQuira - - - -



Oracle (continued)

07/21/11 Ksplice - - - -

06/30/11 Pillar Data Systems - - - -

06/21/11 FatWire Software - - - -

06/20/11 Datanomic - - - -

11/02/10 Art Technology Group 100.0% - $1,000 $817

10/05/10 Passlogix - - - -

05/26/10 eServGlobal (pre-paid software assets) - - - -

05/25/10 Market2Lead (assets) - - - -

05/20/10 Secerno - - - -

04/16/10 Phase Forward 100.0% - $755 $714

02/10/10 Convergin - - - -

02/08/10 AmberPoint - - - -

01/04/10 Silver Creek Systems - - - -

10/12/09 Sophoi - - - -

09/29/09 HyperRoll - - - -

07/23/09 GoldenGate Software - - - -

06/17/09 Conformia - - - -

05/13/09 Virtual Iron - - - -

04/20/09 Sun Microsystems 100.0% - $7,400 $5,667

03/23/09 Relsys International - - - -

02/04/09 mValent - - - -

01/07/09 Q-layers [a] - - - -

11/03/08 Tacit Software - - - -

10/29/08 Haley Ltd. - - - $100

10/08/08 Primavera Systems - - - -

10/01/08 Advanced Visual Technology - - - $5

09/02/08 ClearApp - - - -

07/31/08 Global Knowledge Software - - - -

06/23/08 Skywire Software - - - -

05/13/08 AdminServer - - - -

04/25/08 Montalvo Systems [a] - - - $25

04/09/08 Auptyma - - - -

03/27/08 Empirix (e-TEST software) - - - -

02/12/08 innotek [a] - - - -

01/16/08 BEA Systems 100.0% - $8,352 $6,852

01/16/08 Captovation - - - -

01/16/08 MySQL [a] - - - $1,000

12/06/07 Moniforce - - - -

11/13/07 Vaau [a] - - - -

10/24/07 Interlace Systems - - - -

10/09/07 LogicalApps - - - -

09/12/07 Cluster File Systems [a] - - - -

09/02/07 Netsure Telecom - - - -


M&A Activity


15

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

SAP

CA

Symantec

2007 – 2013 YTD ($ millions)

Salesforce

Oracle

VMware

Continued

[a] Acquired by Sun Microsystems prior to Oracle acquisition




Oracle (continued)

08/31/07 Bridgestream - - - -

07/18/07 Bharosa - - - -

05/15/07 Agile Software 100.0% - $495 $301

05/01/07 Revenue Technologies - - - -

04/24/07 Lodestar - - - -

04/18/07 AppForge - - - -

04/12/07 SavaJe Technologies [a] - - - -

03/23/07 Tangosol - - - -

03/01/07 Hyperion 100.0% - $3,192 $2,706

Salesforce.com Known acquired value (since 2007): $3,984

06/07/13 EdgeSpring - - - -

06/04/13 ExactTarget 100.0% - $2,500 $2,399

02/06/13 EntropySoft - - - -

09/11/12 BlueTail - - - -

07/09/12 GoInstant 100.0% - - $51

06/25/12 Thinkfuse - - - -

06/18/12 ChoicePass - - - -

06/04/12 Buddy Media - - - $689

05/01/12 Stypi - - - -

12/15/11 Rypple - - - -

11/14/11 Model Metrics 100.0% - - $58

09/21/11 Assistly 100.0% - - $50

08/26/11 Navajo Systems - - - -

03/30/11 Radian6 84.7% 15.3% - $326

02/01/11 Manymoon - - - -

01/06/11 Dimdim 100.0% - - $31

12/21/10 Etacts - - - -

12/08/10 Heroku 100.0% - - $212

09/24/10 Activa Live - - - -

06/04/10 Sitemasher - - - -

04/21/10 Jigsaw Data Corporation 100.0% - - $142

01/21/10 Informavores - - - -

12/11/09 GroupSwim - - - -

08/04/08 InStranet - - $32 $27

10/23/07 CrispyNews - - - -

04/10/07 Koral - - - -

SAP Known acquired value (since 2007): $19,945

09/10/13 KXEN - - - -

05/16/13 KMS Software - - - -

03/07/13 Camilion Solutions - - - -

02/22/13 SmartOps - - - -



SAP (continued)

01/31/13 Ticket-Web GmbH - - - -

05/22/12 Ariba 100.0% - $4,500 $4,267

04/30/12 Purisma 100.0% - $2 $2

04/10/12 Syclo - - - -

01/16/12 Datango AG (assets) - - - -

12/03/11 SuccessFactors 100.0% - $3,650 $3,400

09/20/11 Crossgate AG - - - -

09/06/11 Right Hemisphere - - - -

01/12/11 SECUDE AG (IdM assets) - - - -

12/16/10 cundus AG (disclosure management assets) - - - -

05/12/10 Sybase 100.0% - $6,100 $5,800

04/21/10 TechniData AG - - - -

12/03/09 SOALogix - - - -

07/20/09 SAF Simulation, Analysis & Forecasting 100.0% - - -

06/10/09 SkyData Systems - - - -

05/11/09 Clear Standards - - - -

05/06/09 Highdeal - - - -

02/18/09 Coghead - - - -

07/10/08 Ness Technologies (SAP distribution division) - - - $21

06/17/08 Visiprise - - - -

10/17/07 YASU Technologies - - - -

10/07/07 Business Objects 100.0% - $6,770 $6,455

05/14/07 MaXware - - - -

05/14/07 Wicom Communications - - - -

05/08/07 OutlookSoft - - - -

02/20/07 Pilot Software - - - -

Symantec Known acquired value (since 2007): $4,515

07/18/13 PasswordBank - - - -

03/20/12 Nukona - - - -

03/05/12 Odyssey Software - - - -

01/16/12 LiveOffice - - - $115

05/19/11 Clearwell Systems - - $410 $390

05/19/10 VeriSign (identity & authentication assets) 100.0% - - $1,280

04/29/10 GuardianEdge 100.0% - - $73

04/29/10 PGP Corporation 100.0% - - $300

01/12/10 Gideon Technology - - - -

11/01/09 SoftScan - - - -

04/21/09 Mi5 Networks - - - $18

10/08/08 MessageLabs 100.0% - - $695

08/18/08 PC Tools 100.0% - - $250

08/05/08 nSuite Technologies 100.0% - - $20

06/06/08 SwapDrive 100.0% - - $123


M&A Activity


16

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Oracle

VMware


2007 – 2013 YTD ($ millions)

Salesforce

SAP



Symantec (continued)

04/09/08 AppStream 100.0% - - $52

01/02/08 Transparent Logic 100.0% - - $12

11/05/07 Vontu 100.0% - - $350

02/23/07 4FrontSecurity 100.0% - - $7

01/29/07 Altiris 100.0% - $1,030 $830

VMware Known acquired value (since 2007): $1,055

02/11/13 Virsto Software 100.0% - - -

08/07/12 Pattern Insight (assets) - - - -

05/22/12 Wanova - - - $75

04/24/12 Cetas Software - - - -

08/26/11 PacketMotion - - - -

06/13/11 Digital Fuel Technologies - - - -

05/31/11 Socialcast - - - -

05/16/11 Shavlik Technologies - - - -

04/26/11 SlideRocket - - - -

03/08/11 WaveMaker - - - -

01/14/11 NeoAccel 100.0% - - $15

08/31/10 Integrien - - - $100

08/31/10 TriCipher - - - -

05/06/10 GemStone Systems - - - -

04/13/10 Rabbit Technologies 100.0% - - -

02/25/10 EMC (Ionix software assets) 100.0% - - $200

02/23/10 RTO Software - - - -

01/12/10 Zimbra 100.0% - - $100

08/10/09 SpringSource 86.2% 13.8% $362 $420

11/26/08 Tungsten Graphics - - - -

11/10/08 Trango Virtual Processors - - - -

10/09/08 Blue Lane Technologies - - - -

05/28/08 B-hive Networks - - - $61

01/15/08 Thinstall - - - -

01/14/08 Foedus - - - -

10/01/07 Sciant - - - $9

09/11/07 Dunes Technologies 100.0% - - $45

08/07/07 Determina 100.0% - - $9

06/11/07 Propero 100.0% - - $21

Symantec

Copyright © 2013 Shea & Company, LLC 17

Public Equity Market Valuations Relative Performance by Index

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High


Small Cap Software includes: AMSW.A, ATTU, AVID, CKSW, DWCH, EXA, FALC, LLNW, MODN, NTWK, OM:RSOF B, QAD, TISA, TSX:NXJ, VOCS, WSE:CMR

Large Cap Software includes: CSCO, DELL, EMC, HPQ, IBM, INTC, MSFT, ORCL, SAP

High Growth Software includes: ASX:IRE, CNQR, CRM, CSOD, CYNI, DATA, DWCH, ENV, EOPN, GIMO, JIVE, MKTO, N, NOW, PANW, SPLK, WDAY

High Profitability Software includes: AKAM, ANSS, CA, CHKP, EBIX, FFIV, INTC, INTU, MCRO, MSCI, MSFT, ORCL, SSNC, SWI, VMW, VRSK, VRSN

103%

83%

140%

106%

75%

100%

125%

150%

175%

Sep-12 Dec-12 Mar-13 Jun-13 Sep-13

1 Year Relative Performance NASDAQ

Large Cap Software

Small Cap Software

High Growth Software

High Profitability Software

50%

100%

150%

200%

250%

300%

Sep-10 Sep-11 Sep-12 Sep-13

3 Year Relative Performance

118%

2.0x

8.3x

5.3x

1.2x

1.9x

6.5x

4.6x

1.1x

0x

2x

4x

6x

8x

10x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

CY13E

CY14E

6x

28x

11x 11x

6x

37x

10x 9x

0x

10x

20x

30x

40x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

88% 93% 94%

77%

0%

25%

50%

75%

100%

Large Cap

Software

High Growth

Software

High

Profitability

Software

Small Cap

Software


nm

14x

11x

19x

16x

24x

13x

19x

13x 12x

18x

12x

7x

12x

6x

28x 27x

11x 11x

nm

12x 10x

17x

14x

19x

11x

16x

11x 10x

24x

11x 11x 12x

6x

37x

21x

10x 9x

0x

10x

20x

30x

40x

50x CY13E CY14E

Median CY13E Median CY14E


Price Performance and Valuation Metrics by Segment

18


Me

dia

n E

V /

Re

ve

nu

e

Me

dia

n E

V /

EB

ITD

A

Me

dia

n %

of

52

We

ek

Hig

h

14.6x

5.8x 5.2x

4.9x 4.5x

4.2x 4.1x 4.1x 3.7x 3.7x

3.2x 3.0x 2.6x

2.2x 2.0x

8.3x 8.3x

5.3x

1.2x

10.4x

5.1x 4.5x

4.2x 4.0x 3.5x 3.5x 3.5x 3.5x 3.2x

2.6x 2.9x

2.0x 2.1x 1.9x

6.5x 6.5x

4.6x

1.1x

0x

4x

8x

12x

16x CY13E CY14E


94% 92% 92% 95% 96%

80%

97% 91% 93%

79%

95% 97%

86%

94% 88%

93% 93% 94%

77%

0%

25%

50%

75%

100%

125%

HCM Sys. &

Network

Mgmt

IT

Security

ERP &

General

Business

Apps

Supply

Chain

Mgmt

Marketing

Apps

Financial

Apps

Business

Intelligence

Platforms,

Dev

Tools

&

Deployment

App

Delivery

& Network

Acceleration

Storage

Mgmt

Tech.

&

Embedded

Apps

Network

Infra.

Content

Mgmt

Global

Diversified

High

Growth

SaaS High

Profitability

Small Cap

% of 52-Wk High

Median % of 52-Wk High


nm

16x

21x

15x 15x

11x

14x

8x

10x 11x 10x

7x 6x 7x 8x

6x 5x 6x

7x

4x

7x

40x

15x

18x

13x 14x

10x

12x

7x

9x 10x 9x 7x

6x 6x 8x

6x 5x 5x

7x

4x 5x

0x

10x

20x

30x

40x

50x CY13E CY14E



Price Performance and Valuation Metrics of Notable Software Vendors

19

EV

/ R

eve

nu

e

EV

/ E

BIT

DA

%

of

52

We

ek

Hig

h


8.3x

7.3x

6.1x 5.8x

5.1x

4.1x 4.0x 3.7x 3.6x 3.5x

3.0x 2.7x 2.5x

2.3x 2.2x 2.0x 2.0x 1.8x 1.6x

0.5x 0.3x

6.5x 6.7x

5.6x

5.1x 4.7x

3.9x 3.5x 3.6x

3.3x 3.4x

2.8x 2.8x 2.4x

2.2x 2.1x 1.9x 1.9x 1.8x

1.5x

0.5x 0.3x

0x

2x

4x

6x

8x

10x

CY13E CY14E


96% 97% 98%

81%

96% 97%

91% 91% 84%

98% 97% 94%

91% 91% 86% 92% 88% 88%

95%

76%

94%

0%

25%

50%

75%

100%

CRM vrsk ADBE VMW DSY INTU CTXS ORCL SAP FISV FIS CA MSFT SYMC IBM EMC intc CSCO NTAP

52-Wk High

Median % of 52-Wk High



Equity Trading Multiples by Growth Tranche

20

Market Valuations of Publicly-Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median P/E by Growth Tranche


EV / Revenue Price / Earnings

Revenue Current Year Forward Year Current Year Forward Year

Growth Date Mean Median Mean Median Mean Median Mean Median

< 5% 3Q 2013 2.2 x 2.2 x 2.2 x 2.1 x 17.4 x 14.4 x 15.2 x 12.8 x

2Q 2013 2.3 2.3 2.2 2.2 17.0 13.2 14.3 11.5

1Q 2013 2.2 2.3 2.2 2.2 14.0 13.6 12.2 11.6

4Q 2012 1.8 2.0 1.9 2.0 15.6 14.7 15.3 13.2

3Q 2012 1.8 1.9 1.8 1.9 14.2 12.8 12.3 11.5

2Q 2012 1.8 1.9 1.7 1.8 13.4 12.2 11.4 10.9

1Q 2012 2.3 2.2 2.2 2.1 13.8 13.6 12.6 12.3

4Q 2011 2.1 2.0 2.0 1.9 14.0 13.7 13.1 12.1

3Q 2011 1.8 1.9 1.7 1.8 11.1 11.2 11.1 10.4

2Q 2011 2.4 2.6 2.3 2.5 12.9 13.9 11.7 12.4

1Q 2011 2.2 2.5 2.2 2.4 12.5 13.2 11.5 12.4

4Q 2010 2.6 2.4 2.7 2.4 19.9 18.7 18.7 16.2

5 - 10% 3Q 2013 3.3 x 2.7 x 3.0 x 2.5 x 21.4 x 21.2 x 20.7 x 18.0 x

2Q 2013 2.7 2.5 2.5 2.3 20.1 17.4 16.6 15.4

1Q 2013 2.9 2.6 2.7 2.5 20.1 18.1 16.7 15.1

4Q 2012 3.1 3.0 2.8 2.8 22.0 19.7 18.7 17.7

3Q 2012 2.7 2.4 2.5 2.2 21.6 18.0 16.9 15.2

2Q 2012 2.7 2.4 2.5 2.3 17.1 15.6 13.9 13.4

1Q 2012 3.0 2.5 2.7 2.3 16.9 17.3 14.6 15.1

4Q 2011 2.3 2.1 2.1 2.0 17.6 14.7 13.4 11.5

3Q 2011 2.2 2.1 2.0 1.9 15.9 13.0 12.3 11.2

2Q 2011 2.6 2.4 2.4 2.2 18.0 16.3 14.3 14.6

1Q 2011 2.9 2.5 2.6 2.3 20.2 18.6 16.5 15.6

4Q 2010 2.9 2.7 2.7 2.5 17.7 17.1 14.8 14.3

10 - 20% 3Q 2013 4.5 x 3.9 x 3.9 x 3.4 x 33.5 x 28.6 x 31.8 x 25.7 x

2Q 2013 3.5 3.1 3.1 2.8 33.2 24.3 29.2 22.2

1Q 2013 3.3 3.1 2.9 2.6 33.6 27.0 25.6 21.2

4Q 2012 3.6 3.2 3.2 2.9 31.8 25.0 27.4 22.0

3Q 2012 3.9 3.3 3.4 2.9 28.6 25.8 23.1 21.3

2Q 2012 3.6 2.7 3.1 2.4 25.7 22.7 20.9 19.4

1Q 2012 4.1 3.3 3.6 2.8 30.9 28.6 25.6 22.4

4Q 2011 3.4 2.9 3.0 2.6 27.1 24.5 21.2 20.3

3Q 2011 3.1 2.5 2.7 2.3 24.5 20.7 18.6 16.8

2Q 2011 4.3 3.7 3.7 3.3 33.0 27.9 26.0 22.3

1Q 2011 4.4 3.9 3.9 3.5 32.0 27.3 27.2 22.4

4Q 2010 3.8 3.7 3.3 3.2 32.3 26.6 26.9 22.4

> 20% 3Q 2013 9.0 x 7.5 x 6.9 x 6.1 x 53.3 x 52.9 x 50.0 x 56.1 x

2Q 2013 7.8 6.4 6.0 5.3 56.2 58.5 47.8 48.1

1Q 2013 6.9 6.2 5.4 5.0 59.2 62.5 52.3 49.0

4Q 2012 7.7 7.3 5.9 5.9 55.2 47.4 49.0 41.1

3Q 2012 7.9 6.7 6.0 5.3 54.9 52.8 52.1 49.9

2Q 2012 6.4 6.0 5.0 4.9 51.0 49.4 48.4 39.1

1Q 2012 6.4 6.1 5.0 5.0 46.8 37.2 38.2 31.1

4Q 2011 6.4 6.4 5.0 5.0 48.3 41.9 35.9 33.3

3Q 2011 5.2 4.8 4.1 3.9 47.0 43.3 79.8 33.0

2Q 2011 6.6 6.7 5.4 5.5 44.7 45.2 39.1 39.1

1Q 2011 6.6 7.2 5.4 5.9 58.2 54.2 45.4 42.1

4Q 2010 7.3 7.2 5.7 6.0 52.5 52.0 42.2 37.0

0x

1x

2x

3x

4x

5x

6x

7x

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2009 2010 2011 2012 2013

> 20% growth

10 - 20% growth

5 - 10% growth

< 5% growth

0x

10x

20x

30x

40x

50x

60x

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q

2009 2010 2011 2012 2013



Equity Trading Multiples by Segment

21

Notes:

[a] Wall Street consensus estimates

[b] EV/EBITDA multiples in excess of 50x or less than 0x and P/E multiples in excess of 100x or less than 0x are considered to be not meaningful

[c] Acquisition pending


Business Intelligence

Global Diversified

ERP & General

Business Applications

Financial Applications

Human Capital

Management

IT Security

Management

Network

Infrastructure

Platforms, Dev Tools

& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Supply Chain

Management

Small Cap

Marketing

Applications

Application Delivery &

Network Acceleration

Content Management

($ millions)

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P/E Multiple [b]

Company (09/30/13) Value Value CY13E CY14E y/y CY13E CY14E CY13E mgn CY14E mgn CY13E CY14E CY13E CY14E

Global Diversified

Microsoft 33.28$ 278,547$ 205,676$ 81,090$ 87,298$ 8% 2.5 x 2.4 x 32,267$ 40% 34,187$ 39% 6.4 x 6.0 x 12.5 x 11.7 x

IBM 185.18 203,895 223,066 102,333 104,814 2% 2.2 2.1 27,516 27% 29,479 28% 8.1 7.6 11.1 10.1

Oracle 33.17 154,608 140,057 37,497 39,315 5% 3.7 3.6 18,393 49% 19,782 50% 7.6 7.1 11.9 10.9

Cisco Systems 23.43 126,090 91,699 49,642 52,292 5% 1.8 1.8 16,123 32% 16,876 32% 5.7 5.4 11.4 10.8

Intel 22.92 114,681 103,741 52,897 54,623 3% 2.0 1.9 20,218 38% 21,562 39% 5.1 4.8 12.3 11.7

SAP AG 71.11 85,177 80,965 22,500 24,398 8% 3.6 3.3 7,717 34% 8,690 36% 10.5 9.3 16.1 14.4

EMC 25.56 57,853 47,112 23,454 25,436 8% 2.0 1.9 7,277 31% 7,976 31% 6.5 5.9 13.8 12.2

Hewlett Packard 20.99 40,386 52,258 109,615 107,004 -2% 0.5 0.5 14,114 13% 13,543 13% 3.7 3.9 5.9 5.8

Dell [c] 13.75 24,200 19,183 57,299 56,961 -1% 0.3 0.3 2,922 5% 3,500 6% 6.6 5.5 14.3 12.4

Mean 59,592$ 61,349$ 4% 2.1 x 2.0 x 16,283$ 30% 17,288$ 31% 6.7 x 6.2 x 12.1 x 11.1 x

Median 52,897 54,623 5% 2.0 1.9 16,123 32% 16,876 32% 6.5 5.9 12.3 11.7

Application Delivery & Network Acceleration

Citrix Systems 70.61$ 13,333$ 11,813$ 2,974$ 3,355$ 13% 4.0 x 3.5 x 841$ 28% 983$ 29% 14.0 x 12.0 x 22.9 x 20.1 x

Akamai Technologies 51.70 9,336 8,218 1,558 1,778 14% 5.3 4.6 671 43% 772 43% 12.2 10.6 26.4 23.3

F5 Networks 85.81 6,736 5,470 1,495 1,685 13% 3.7 3.2 573 38% 674 40% 9.6 8.1 18.8 16.2

Riverbed Technology 14.59 2,430 2,434 1,058 1,165 10% 2.3 2.1 298 28% 346 30% 8.2 7.0 15.4 12.9

Radware 13.95 628 468 189 206 9% 2.5 2.3 35 19% 45 22% 13.2 10.5 21.3 17.0

Mean 1,455$ 1,638$ 12% 3.5 x 3.2 x 484$ 31% 564$ 33% 11.5 x 9.7 x 20.9 x 17.9 x

Median 1,495 1,685 13% 3.7 3.2 573 28% 674 30% 12.2 10.5 21.3 17.0


Tableau Software 71.24$ 4,718$ 4,496$ 202$ 276$ 37% 22.3 x 16.3 x (6)$ nm 1$ 0% nm x nm x nm x nm x

Qlik Technologies 34.23 3,100 2,876 479 576 20% 6.0 5.0 56 12% 84 15% nm 34.0 91.2 60.0

Rocket Fuel 53.74 1,650 1,650 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

MicroStrategy 103.76 1,174 856 573 624 9% 1.5 1.4 31 5% 52 8% 28.0 16.3 nm 52.1

Actuate 7.35 372 299 140 153 9% 2.1 2.0 29 21% 34 22% 10.2 8.8 19.2 16.3

Mean 348$ 407$ 19% 8.0 x 6.2 x 28$ 13% 43$ 11% 19.1 x 19.7 x 55.2 x 42.8 x

Median 340 426 15% 4.1 3.5 30 12% 43 12% 19.1 16.3 55.2 52.1

Content Management

Adobe 51.94$ 26,112$ 24,468$ 4,042$ 4,351$ 8% 6.1 x 5.6 x 1,173$ 29% 1,342$ 31% 20.9 x 18.2 x 38.7 x 32.8 x

Open Text 74.65 4,432 4,527 1,380 1,447 5% 3.3 3.1 439 32% 459 32% 10.3 9.9 13.6 12.4

IntraLinks 8.80 495 494 225 234 4% 2.2 2.1 36 16% 40 17% 13.8 12.3 72.1 50.3

Kofax 5.55 478 391 267 280 5% 1.5 1.4 42 16% 45 16% 9.2 8.6 18.5 16.5

Guidance Software 9.07 262 239 113 128 13% 2.1 1.9 (7) nm 10 8% nm 23.6 nm nm

Mean 1,205$ 1,288$ 7% 3.0 x 2.8 x 337$ 23% 379$ 21% 13.6 x 14.5 x 35.7 x 28.0 x

Median 267 280 5% 2.2 2.1 42 22% 45 17% 12.1 12.3 28.6 24.7



Equity Trading Multiples by Segment continued

22

($ millions)

Notes:





Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management



ERP & General Business Applications

Salesforce.com 51.91$ 33,188$ 33,593$ 4,025$ 5,183$ 29% 8.3 x 6.5 x 543$ 13% 835$ 16% nm x 40.2 x nm x 99.4 x

NetSuite 107.94 8,162 7,969 409 523 28% 19.5 15.2 42 10% 54 10% nm nm nm nm

Sage Group 5.02 6,080 6,405 2,111 2,166 3% 3.0 3.0 623 30% 649 30% 10.3 9.9 14.7 13.4

Constellation Software 172.53 3,656 3,807 1,182 1,381 17% 3.2 2.8 229 19% 279 20% 16.6 13.6 19.6 16.0

Guidewire Software 47.11 2,875 2,668 306 362 18% 8.7 7.4 31 10% 51 14% nm nm nm nm

Medidata Solutions 98.93 2,703 2,563 276 335 21% 9.3 7.7 65 24% 82 24% 39.1 31.4 72.0 61.6

Aveva Group 39.51 2,692 2,402 368 411 12% 6.5 5.8 122 33% 142 35% 19.7 16.9 30.2 25.7

RealPage 23.11 1,812 1,778 387 458 18% 4.6 3.9 90 23% 113 25% 19.8 15.8 39.1 30.9

Blackbaud 39.04 1,787 1,976 501 547 9% 3.9 3.6 103 21% 118 22% 19.1 16.7 31.9 27.5

Synchronoss Technologies 38.06 1,576 1,524 350 421 21% 4.4 3.6 110 31% 139 33% 13.9 11.0 28.9 22.9

Fleetmatics 37.55 1,366 1,285 172 214 24% 7.5 6.0 54 31% 67 31% 23.9 19.2 46.2 35.4

Cvent 35.17 1,204 1,163 108 135 25% 10.7 8.6 11 10% 12 9% nm nm nm nm

SPS Commerce 66.92 1,052 979 103 123 19% 9.5 8.0 13 13% 17 14% nm nm nm nm

ServiceSource 12.08 1,024 892 272 315 15% 3.3 2.8 16 6% 27 8% nm 33.5 nm 87.2

Unit 4 N.V. 37.66 1,005 1,143 640 685 7% 1.8 1.7 129 20% 144 21% 8.9 7.9 23.7 21.0

PROS 34.19 994 905 145 175 21% 6.2 5.2 23 16% 28 16% 39.0 31.9 67.2 60.7

Jive Software 12.50 920 769 145 182 25% 5.3 4.2 (28) nm (21) nm nm nm nm nm

Enghouse Systems Ltd. 24.80 656 568 177 n/a n/a 3.2 n/a 46 26% n/a n/a 12.3 nm 28.1 nm

E2open 22.40 594 552 72 90 25% 7.7 6.2 (9) nm (0) nm nm nm nm nm

TechnologyOne 1.87 575 535 165 178 8% 3.2 3.0 37 22% 41 23% 14.6 13.0 22.6 19.8

Exact Holding N.V. 24.23 553 480 281 288 3% 1.7 1.7 62 22% 63 22% 7.7 7.7 14.6 14.9

SciQuest 22.46 523 477 92 113 23% 5.2 4.2 18 19% 22 20% 26.6 21.3 65.4 52.2

Callidus Software 9.17 433 409 107 122 14% 3.8 3.4 9 8% 14 12% 47.8 28.3 nm 59.8

Basware 28.23 365 335 163 183 12% 2.1 1.8 16 10% 27 15% 20.8 12.3 99.5 28.3

Mean 523$ 634$ 17% 5.9 x 5.0 x 98$ 19% 126$ 20% 21.3 x 19.4 x 40.2 x 39.8 x

Median 274 315 18% 4.9 4.2 44 20% 54 20% 19.4 16.7 30.2 28.3




23

($ millions)

Notes:





Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management




Intuit 66.31$ 19,013$ 17,768$ 4,359$ 4,612$ 6% 4.1 x 3.9 x 1,684$ 39% 1,815$ 39% 10.6 x 9.8 x 20.4 x 18.0 x

FIS 46.44 13,835 18,089 6,072 6,376 5% 3.0 2.8 1,844 30% 1,959 31% 9.8 9.2 16.4 14.8

Fiserv 101.05 13,312 16,945 4,798 5,037 5% 3.5 3.4 1,568 33% 1,693 34% 10.8 10.0 17.1 15.3

Verisk Analytics 64.96 11,284 12,512 1,726 1,875 9% 7.3 6.7 778 45% 855 46% 16.1 14.6 28.2 25.2

Concur 110.50 7,389 6,021 576 725 26% 10.5 8.3 123 21% 162 22% 49.0 37.2 nm 85.8

MSCI 40.26 4,922 5,405 1,022 1,073 5% 5.3 5.0 454 44% 475 44% 11.9 11.4 18.4 17.0

Jack Henry 51.66 4,449 4,337 1,176 1,273 8% 3.7 3.4 397 34% 425 33% 10.9 10.2 23.0 21.1

SS&C Technologies 38.10 3,363 4,213 719 778 8% 5.9 5.4 293 41% 322 41% 14.4 13.1 19.6 17.6

Fair Isaac 55.28 1,986 2,371 775 838 8% 3.1 2.8 210 27% 217 26% 11.3 10.9 16.5 14.9

Advent Software 31.75 1,751 1,572 380 403 6% 4.1 3.9 105 28% 131 33% 14.9 12.0 25.8 24.0

Temenos Group 23.55 1,636 1,783 474 512 8% 3.8 3.5 137 29% 158 31% 13.0 11.3 21.1 18.0

SimCorp 32.37 1,375 1,314 300 337 12% 4.4 3.9 78 26% 90 27% 16.9 14.6 25.7 21.2

Asseco Poland 14.64 1,215 1,791 1,756 1,816 3% 1.0 1.0 273 16% 277 15% 6.6 6.5 10.8 10.8

Fidessa 30.23 1,131 1,054 427 446 4% 2.5 2.4 120 28% 127 29% 8.8 8.3 24.5 22.8

Envestnet 31.00 1,115 1,077 239 310 29% 4.5 3.5 38 16% 52 17% 28.5 20.9 57.7 39.6

Bottomline Technologies 27.88 1,071 916 269 318 19% 3.4 2.9 52 19% 65 20% 17.6 14.1 28.6 19.5

IRESS Market Technology 8.30 1,070 1,013 219 305 39% 4.6 3.3 74 34% 103 34% 13.7 9.8 24.9 19.7

Ellie Mae 32.01 897 775 132 161 22% 5.9 4.8 44 34% 58 36% 17.5 13.4 29.0 23.8

Ebix 9.94 395 434 207 216 4% 2.1 2.0 81 39% 86 40% 5.3 5.0 6.9 6.3

Mean 1,349$ 1,443$ 12% 4.3 x 3.8 x 440$ 31% 477$ 31% 15.1 x 12.8 x 23.0 x 22.9 x

Median 576 725 8% 4.1 3.5 137 30% 162 33% 13.0 11.3 22.1 19.5

Human Capital Management

Workday 80.93$ 15,239$ 14,421$ 445$ 673$ 51% 32.4 x 21.4 x (82)$ nm (79)$ nm nm x nm x nm x nm x

Ultimate Software 147.40 4,245 4,165 409 500 22% 10.2 8.3 87 21% 116 23% 47.6 35.9 nm 80.1

Cornerstone OnDemand 51.44 2,770 2,697 185 260 41% 14.6 10.4 1 1% 16 6% nm nm nm nm

Benefitfocus 49.16 1,177 1,165 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Mean 347$ 478$ 38% 19.0 x 13.4 x 2$ 11% 18$ 15% nm x nm x nm x nm x

Median 409 500 41% 14.6 10.4 1 11% 16 15% nm nm nm nm




24

($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management

Notes:



[c] Acquisition pending




IT Security Management

Symantec 24.75$ 17,360$ 15,671$ 6,929$ 7,086$ 2% 2.3 x 2.2 x 2,104$ 30% 2,424$ 34% 7.4 x 6.5 x 13.6 x 11.9 x

Check Point 56.56 11,350 10,109 1,392 1,474 6% 7.3 6.9 829 60% 879 60% 12.2 11.5 16.7 15.3

Verisign 50.89 8,213 6,965 960 1,021 6% 7.3 6.8 621 65% 665 65% 11.2 10.5 22.0 19.9

Trend Micro 36.84 4,890 3,595 1,085 1,117 3% 3.3 3.2 343 32% 353 32% 10.5 10.2 26.7 26.1

FireEye 41.53 4,702 4,722 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Fortinet 20.26 3,449 2,634 601 684 14% 4.4 3.9 129 21% 157 23% 20.5 16.8 44.0 35.9

Sourcefire [c] 76.00 2,427 2,190 281 339 21% 7.8 6.5 57 20% 71 21% 38.6 31.0 76.7 63.3

AVG Technologies 23.94 1,324 1,318 423 485 15% 3.1 2.7 145 34% 159 33% 9.1 8.3 11.6 10.2

Proofpoint 32.12 1,279 1,191 130 155 19% 9.1 7.7 (5) nm 5 3% nm nm nm nm

Imperva 42.02 1,062 950 136 170 25% 7.0 5.6 0 0% 11 7% nm nm nm nm

Qualys 21.39 782 657 108 126 17% 6.1 5.2 17 16% 23 18% 38.7 28.8 nm 75.9

F-Secure 2.34 372 327 206 215 5% 1.6 1.5 43 21% 47 22% 7.6 7.0 16.8 14.2

Vasco Data Security 7.89 313 227 160 173 8% 1.4 1.3 22 14% 28 16% 10.5 8.0 23.2 18.1

Mean 1,034$ 1,087$ 12% 5.1 x 4.5 x 359$ 28% 402$ 28% 16.6 x 13.9 x 27.9 x 29.1 x

Median 352 412 11% 5.2 4.5 93 21% 114 22% 10.9 10.3 22.0 19.0

Marketing Applications

Marketo 31.88$ 1,414$ 1,300$ 90$ 116$ 28% 14.4 x 11.3 x (32)$ nm (23)$ nm nm x nm x nm x nm x

Responsys 16.52 925 822 197 234 19% 4.2 3.5 25 12% 32 14% 33.4 25.6 nm 77.1

Constant Contact 23.68 744 645 286 320 12% 2.3 2.0 45 16% 54 17% 14.4 11.9 35.1 27.8

Bazaarvoice 9.07 704 619 181 210 16% 3.4 3.0 (16) nm 8 4% nm nm nm nm

Marin Software 12.55 438 324 77 94 22% 4.2 3.5 (28) nm (25) nm nm nm nm nm

Mean 166$ 195$ 19% 5.7 x 4.6 x (1)$ 14% 9$ 12% 23.9 x 18.8 x nm x 52.5 x

Median 181 210 19% 4.2 3.5 (16) 14% 8 14% 23.9 18.8 nm 52.5

Network Infrastructure

Juniper Networks 19.86$ 10,101$ 7,281$ 4,610$ 4,893$ 6% 1.6 x 1.5 x 1,070$ 23% 1,221$ 25% 6.8 x 6.0 x 16.6 x 14.9 x

Brocade 8.05 3,635 3,444 2,194 2,250 3% 1.6 1.5 559 25% 625 28% 6.2 5.5 10.9 9.9

Palo Alto Networks 45.82 3,477 3,040 467 630 35% 6.5 4.8 47 10% 83 13% nm 36.8 nm 82.7

Infoblox 41.82 2,276 2,067 251 304 21% 8.2 6.8 34 13% 52 17% nm 39.7 91.5 63.8

Aruba Networks 16.64 2,025 1,610 624 739 18% 2.6 2.2 123 20% 150 20% 13.0 10.7 31.8 20.8

Cyan 10.05 502 414 142 207 46% 2.9 2.0 (20) nm (0) nm nm nm nm nm

Extreme Networks 5.22 499 294 300 670 123% 1.0 0.4 n/a n/a n/a n/a nm nm 24.9 9.5

Mean 1,227$ 1,385$ 36% 3.5 x 2.8 x 302$ 18% 355$ 21% 8.7 x 19.7 x 35.1 x 33.6 x

Median 467 670 21% 2.6 2.0 85 20% 116 20% 6.8 10.7 24.9 17.8




25

($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management

Notes:






Platforms, Development Tools & Deployment

Red Hat 46.14$ 8,748$ 7,884$ 1,469$ 1,663$ 13% 5.4 x 4.7 x 408$ 28% 486$ 29% 19.3 x 16.2 x 33.5 x 30.3 x

Informatica 38.97 4,372 3,768 924 1,037 12% 4.1 3.6 244 26% 285 27% 15.5 13.2 27.5 23.8

TIBCO Software 25.59 4,298 4,110 1,067 1,167 9% 3.9 3.5 283 26% 326 28% 14.5 12.6 24.8 20.9

Software AG 34.23 2,869 2,979 1,296 1,372 6% 2.3 2.2 346 27% 374 27% 8.6 8.0 13.7 12.4

Micro Focus 11.53 1,810 1,988 421 431 3% 4.7 4.6 191 46% 196 46% 10.4 10.1 12.6 11.7

Pegasystems 39.81 1,555 1,381 506 557 10% 2.7 2.5 88 17% 97 17% 15.6 14.3 30.7 26.7

Progress Software 25.85 1,425 1,183 337 350 4% 3.5 3.4 110 33% 129 37% 10.8 9.2 22.0 16.2

Rally Software 29.96 753 649 74 91 24% 8.8 7.1 (15) nm (13) nm nm nm nm nm

Axway Software 25.95 527 512 316 338 7% 1.6 1.5 51 16% 59 18% 10.1 8.7 13.0 12.3

Covisint 12.83 469 468 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Magic Software 6.88 256 217 136 147 8% 1.6 1.5 n/a n/a n/a n/a nm nm 13.8 11.5

Mean 655$ 715$ 10% 3.9 x 3.5 x 189$ 27% 216$ 29% 13.1 x 11.5 x 21.3 x 18.4 x

Median 463 494 9% 3.7 3.5 191 27% 196 28% 12.7 11.4 22.0 16.2

Storage Management

NetApp 42.62$ 14,718$ 10,629$ 6,557$ 6,972$ 6% 1.6 x 1.5 x 1,435$ 22% 1,602$ 23% 7.4 x 6.6 x 16.4 x 13.8 x

CommVault Systems 87.92 4,386 3,927 562 645 15% 7.0 6.1 137 24% 164 25% 28.6 23.9 53.2 47.2

Carbonite 15.00 402 343 106 130 23% 3.2 2.6 1 1% 7 5% nm 49.7 nm nm

Mean 2,408$ 2,582$ 15% 4.0 x 3.4 x 524$ 16% 591$ 18% 18.0 x 26.8 x 34.8 x 30.5 x

Median 562 645 15% 3.2 2.6 137 22% 164 23% 18.0 23.9 34.8 30.5

Supply Chain Management

Manhattan Associates 95.45$ 1,863$ 1,757$ 411$ 451$ 10% 4.3 x 3.9 x 108$ 26% 121$ 27% 16.2 x 14.5 x 27.9 x 25.6 x

Descartes Systems 11.23 736 714 150 170 13% 4.7 4.2 44 29% 51 30% 16.3 13.9 17.5 14.5

Mean 281$ 311$ 11% 4.5 x 4.0 x 76$ 28% 86$ 29% 16.3 x 14.2 x 22.7 x 20.0 x

Median 281 311 11% 4.5 4.0 76 28% 86 29% 16.3 14.2 22.7 20.0

Systems & Network Management

VMware 80.90$ 35,083$ 30,210$ 5,198$ 5,946$ 14% 5.8 x 5.1 x 2,049$ 39% 2,347$ 39% 14.7 x 12.9 x 24.3 x 21.3 x

CA Technologies 29.67 13,532 12,356 4,512 4,479 -1% 2.7 2.8 1,756 39% 1,695 38% 7.0 7.3 10.1 11.5

ServiceNow 51.95 7,551 7,297 409 593 45% 17.8 12.3 23 6% 63 11% nm nm nm nm

Splunk 60.04 6,778 6,431 282 378 34% 22.8 17.0 7 2% 24 6% nm nm nm nm

SolarWinds 35.06 2,688 2,491 326 396 22% 7.6 6.3 175 54% 202 51% 14.3 12.3 23.0 20.2

Compuware 11.19 2,424 2,357 966 1,032 7% 2.4 2.3 167 17% 225 22% 14.1 10.5 36.0 25.7

Gigamon 38.64 1,147 1,124 135 175 30% 8.3 6.4 19 14% 25 14% nm 45.4 nm nm

Netscout Systems 25.53 1,059 896 373 424 14% 2.4 2.1 104 28% 123 29% 8.6 7.3 18.7 15.7

LogMeIn 31.05 787 585 164 189 16% 3.6 3.1 30 18% 47 25% 19.6 12.5 60.6 41.2

Mean 1,374$ 1,513$ 20% 8.2 x 6.4 x 481$ 24% 528$ 26% 13.1 x 15.5 x 28.8 x 22.6 x

Median 373 424 16% 5.8 5.1 104 18% 123 25% 14.2 12.3 23.6 20.7


($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management



Notes:






Technical & Embedded Applications

Dassault Systemes 128.35$ 16,323$ 14,321$ 2,781$ 3,038$ 9% 5.1 x 4.7 x 937$ 34% 1,054$ 35% 15.3 x 13.6 x 27.1 x 24.3 x

Autodesk 41.17 9,303 7,768 2,276 2,361 4% 3.4 3.3 589 26% 610 26% 13.2 12.7 23.9 22.4

ANSYS 86.52 8,213 7,580 872 956 10% 8.7 7.9 437 50% 493 52% 17.3 15.4 28.9 26.4

Synopsys 37.70 5,909 5,129 1,993 2,121 6% 2.6 2.4 572 29% 627 30% 9.0 8.2 15.8 14.5

Cadence Design 13.51 3,864 3,643 1,462 1,580 8% 2.5 2.3 445 30% 508 32% 8.2 7.2 15.7 13.4

Parametric Technology 28.46 3,399 3,410 1,290 1,351 5% 2.6 2.5 333 26% 361 27% 10.2 9.5 15.5 13.8

Aspen Technology 34.55 3,303 3,078 336 391 16% 9.2 7.9 89 27% 119 30% 34.5 25.9 50.9 46.3

Mentor Graphics 23.37 2,718 2,743 1,158 1,230 6% 2.4 2.2 279 24% 310 25% 9.8 8.9 14.7 13.5

Mean 1,521$ 1,629$ 8% 4.6 x 4.2 x 460$ 31% 510$ 32% 14.7 x 12.7 x 24.1 x 21.8 x

Median 1,376 1,466 7% 3.0 2.9 441 28% 500 30% 11.7 11.1 19.9 18.4



Equity Trading Multiples by Comparable Subset

27

($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management

Notes:







Salesforce.com 51.91 33,188 33,593 4,025 5,183 29% 8.3 6.5 543 13% 835 16% nm 40.2 nm 99.4

Workday 80.93 15,239 14,421 445 673 51% 32.4 21.4 (82) nm (79) nm nm nm nm nm



Concur 110.50 7,389 6,021 576 725 26% 10.5 8.3 123 21% 162 22% 49.0 37.2 nm 85.8

Splunk 60.04 6,778 6,431 282 378 34% 22.8 17.0 7 2% 24 6% nm nm nm nm

Ultimate Software 147.40 4,245 4,165 409 500 22% 10.2 8.3 87 21% 116 23% 47.6 35.9 nm 80.1


RealPage 23.11 1,812 1,778 387 458 18% 4.6 3.9 90 23% 113 25% 19.8 15.8 39.1 30.9

Rocket Fuel 53.74 1,650 1,650 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Marketo 31.88 1,414 1,300 90 116 28% 14.4 11.3 (32) nm (23) nm nm nm nm nm

Fleetmatics 37.55 1,366 1,285 172 214 24% 7.5 6.0 54 31% 67 31% 23.9 19.2 46.2 35.4

Cvent 35.17 1,204 1,163 108 135 25% 10.7 8.6 11 10% 12 9% nm nm nm nm

Benefitfocus 49.16 1,177 1,165 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Envestnet 31.00 1,115 1,077 239 310 29% 4.5 3.5 38 16% 52 17% 28.5 20.9 57.7 39.6

SPS Commerce 66.92 1,052 979 103 123 19% 9.5 8.0 13 13% 17 14% nm nm nm nm

Responsys 16.52 925 822 197 234 19% 4.2 3.5 25 12% 32 14% 33.4 25.6 nm 77.1


LogMeIn 31.05 787 585 164 189 16% 3.6 3.1 30 18% 47 25% 19.6 12.5 60.6 41.2

Rally Software 29.96 753 649 74 91 24% 8.8 7.1 (15) nm (13) nm nm nm nm nm

Constant Contact 23.68 744 645 286 320 12% 2.3 2.0 45 16% 54 17% 14.4 11.9 35.1 27.8

Bazaarvoice 9.07 704 619 181 210 16% 3.4 3.0 (16) nm 8 4% nm nm nm nm

SciQuest 22.46 523 477 92 113 23% 5.2 4.2 18 19% 22 20% 26.6 21.3 65.4 52.2

IntraLinks 8.80 495 494 225 234 4% 2.2 2.1 36 16% 40 17% 13.8 12.3 72.1 50.3

Covisint 12.83 469 468 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Callidus Software 9.17 433 409 107 122 14% 3.8 3.4 9 8% 14 12% 47.8 28.3 nm 59.8

Mean 405$ 517$ 25% 9.8 x 7.5 x 44$ 14% 70$ 16% 29.5 x 23.4 x 53.8 x 56.6 x

Median 197 234 24% 8.3 6.5 23 15% 32 16% 26.6 21.1 57.7 51.3



Equity Trading Multiples by Comparable Subset continued

28

($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management

Notes:






Small Cap (<$250m Market Value)

American Software 8.54$ 237$ 167$ 100$ 110$ 10% 1.7 x 1.5 x 18$ 18% 20$ 19% 9.3 x 8.1 x 23.1 x 21.4 x

Avid Technology 6.00 232 161 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Exa 15.49 231 203 54 61 13% 3.8 3.3 4 7% 6 9% nm 35.3 nm nm

Model N 9.90 227 123 100 78 -22% 1.2 1.6 5 5% (2) nm 22.5 nm nm nm

Comarch SA 25.94 209 211 272 283 4% 0.8 0.7 31 12% 34 12% 6.7 6.3 17.5 13.1

QAD 13.64 209 156 261 277 6% 0.6 0.6 15 6% 18 7% 10.3 8.6 30.3 25.3

ClickSoftware 6.09 200 147 110 136 23% 1.3 1.1 8 7% 10 7% 18.8 14.7 48.1 18.8

Vocus 9.31 197 239 189 209 11% 1.3 1.1 16 9% 26 12% 14.6 9.2 47.4 25.9

Datawatch 27.90 189 182 32 43 34% 5.6 4.2 2 6% 8 18% nm 23.7 nm nm

Limelight Networks 1.93 188 71 177 186 5% 0.4 0.4 5 3% 5 2% 15.4 15.3 nm nm

Attunity 8.87 114 112 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

ReadSoft 3.36 111 88 116 123 7% 0.8 0.7 8 7% 14 11% 11.0 6.3 28.8 13.7

NetSol Technologies 10.03 91 107 55 67 22% 2.0 1.6 18 32% 19 n/a 6.1 5.6 10.8 8.3

FalconStor Software 1.32 63 42 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

NexJ Systems 2.00 41 8 27 33 25% 0.3 0.2 (17) nm (10) nm nm nm nm nm

Top Image Systems 3.29 39 38 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Mean 124$ 134$ 12% 1.6 x 1.4 x 9$ 10% 12$ 11% 12.8 x 13.3 x 29.4 x 18.0 x

Median 105 117 10% 1.2 1.1 8 7% 12 11% 11.0 8.9 28.8 18.8

High Growth (>25% CY14E Revenue Growth)

Workday 80.93$ 15,239$ 14,421$ 445$ 673$ 51% 32.4 x 21.4 x (82)$ nm (79)$ nm nm x nm x nm x nm x

Cyan 10.05 502 414 142 207 46% 2.9 2.0 (20) nm (0) nm nm nm nm nm



IRESS Market Technology 8.30 1,070 1,013 219 305 39% 4.6 3.3 74 34% 103 34% 13.7 9.8 24.9 19.7

Tableau Software 71.24 4,718 4,496 202 276 37% 22.3 16.3 (6) nm 1 0% nm nm nm nm

Palo Alto Networks 45.82 3,477 3,040 467 630 35% 6.5 4.8 47 10% 83 13% nm 36.8 nm 82.7

Splunk 60.04 6,778 6,431 282 378 34% 22.8 17.0 7 2% 24 6% nm nm nm nm

Datawatch 27.90 189 182 32 43 34% 5.6 4.2 2 6% 8 18% nm 23.7 nm nm

Gigamon 38.64 1,147 1,124 135 175 30% 8.3 6.4 19 14% 25 14% nm 45.4 nm nm

Envestnet 31.00 1,115 1,077 239 310 29% 4.5 3.5 38 16% 52 17% 28.5 20.9 57.7 39.6

Salesforce.com 51.91 33,188 33,593 4,025 5,183 29% 8.3 6.5 543 13% 835 16% nm 40.2 nm 99.4

Marketo 31.88 1,414 1,300 90 116 28% 14.4 11.3 (32) nm (23) nm nm nm nm nm


Concur 110.50 7,389 6,021 576 725 26% 10.5 8.3 123 21% 162 22% 49.0 37.2 nm 85.8


E2open 22.40 594 552 72 90 25% 7.7 6.2 (9) nm (0) nm nm nm nm nm

Mean 475$ 628$ 34% 12.2 x 9.0 x 44$ 12% 77$ 14% 30.4 x 30.6 x 41.3 x 65.4 x

Median 219 305 34% 8.3 6.5 7 10% 24 14% 28.5 36.8 41.3 82.7



Equity Trading Multiples by Comparable Subset continued

29

($ millions)


Global Diversified

ERP & General



Human Capital

Management

IT Security

Management

Network

Infrastructure


& Deployment

Storage Management

Systems & Network

Management

Technical &

Embedded Apps

High Growth

High Profitability


Supply Chain

Management

Small Cap

Marketing

Applications



Content Management

Notes:






High Profitability (>35% CY13E EBITDA Margin)

Verisign 50.89$ 8,213 6,965 960$ 1,021$ 6% 7.3 x 6.8 x 621$ 65% 665$ 65% 11.2 x 10.5 x 22.0 x 19.9 x

Check Point 56.56 11,350 10,109 1,392 1,474 6% 7.3 6.9 829 60% 879 60% 12.2 11.5 16.7 15.3

SolarWinds 35.06 2,688 2,491 326 396 22% 7.6 6.3 175 54% 202 51% 14.3 12.3 23.0 20.2

ANSYS 86.52 8,213 7,580 872 956 10% 8.7 7.9 437 50% 493 52% 17.3 15.4 28.9 26.4

Oracle 33.17 154,608 140,057 37,497 39,315 5% 3.7 3.6 18,393 49% 19,782 50% 7.6 7.1 11.9 10.9

Micro Focus 11.53 1,810 1,988 421 431 3% 4.7 4.6 191 46% 196 46% 10.4 10.1 12.6 11.7

Verisk Analytics 64.96 11,284 12,512 1,726 1,875 9% 7.3 6.7 778 45% 855 46% 16.1 14.6 28.2 25.2

MSCI 40.26 4,922 5,405 1,022 1,073 5% 5.3 5.0 454 44% 475 44% 11.9 11.4 18.4 17.0

Akamai Technologies 51.70 9,336 8,218 1,558 1,778 14% 5.3 4.6 671 43% 772 43% 12.2 10.6 26.4 23.3

SS&C Technologies 38.10 3,363 4,213 719 778 8% 5.9 5.4 293 41% 322 41% 14.4 13.1 19.6 17.6

Microsoft 33.28 278,547 205,676 81,090 87,298 8% 2.5 2.4 32,267 40% 34,187 39% 6.4 6.0 12.5 11.7

VMware 80.90 35,083 30,210 5,198 5,946 14% 5.8 5.1 2,049 39% 2,347 39% 14.7 12.9 24.3 21.3

Ebix 9.94 395 434 207 216 4% 2.1 2.0 81 39% 86 40% 5.3 5.0 6.9 6.3

CA Technologies 29.67 13,532 12,356 4,512 4,479 -1% 2.7 2.8 1,756 39% 1,695 38% 7.0 7.3 10.1 11.5

Intuit 66.31 19,013 17,768 4,359 4,612 6% 4.1 3.9 1,684 39% 1,815 39% 10.6 9.8 20.4 18.0

F5 Networks 85.81 6,736 5,470 1,495 1,685 13% 3.7 3.2 573 38% 674 40% 9.6 8.1 18.8 16.2

Intel 22.92 114,681 103,741 52,897 54,623 3% 2.0 1.9 20,218 38% 21,562 39% 5.1 4.8 12.3 11.7

Mean 11,544$ 12,233$ 8% 5.1 x 4.6 x 4,792$ 45% 5,118$ 45% 11.0 x 10.0 x 18.4 x 16.7 x

Median 1,495 1,685 6% 5.3 4.6 671 43% 772 43% 11.2 10.5 18.8 17.0

Copyright © 2013 Shea & Company, LLC

3.6x

10.8x

2.6x

4.7x

3.3x 2.4x

6.4x

4.1x

2.7x

5.7x

n/a n/a n/a n/a

6.0x

21.4x

1.6x

3.5x

7.1x

2.0x

16.3x

11.3x

6.4x

8.6x

n/a n/a n/a n/a

0x

5x

10x

15x

20x

25x

Median at IPO

Median at 09/30/13

Fo

rwa

rd R

eve

nu

e M

ult

iple

30

Public & Private Equity Financing Activity Software IPOs: Trailing Twelve Months


Ma

rke

t V

alu

e (

$ m

illio

ns)

Change from IPO 134% 240% -32% 1% 136% 2% 165% 204% 105% 48% 83% 62% 100% 6%

IPO Pricing

IPO Date 10/4/12 10/11/12 3/20/13 3/21/13 4/11/13 5/8/13 5/16/13 5/16/13 6/11/13 8/9/13 9/18/13 9/20/13 9/20/13 9/26/13

Original Range $15 - $17 $24 - $26 $12.5 - $14.5 $11 - $13 $13 - $11 $10 - $12 $28 - $30 $11 - $13 $18 - $20 $17 - $19 $22 - $25 $27 - $29 $15 - $17 $9 - $11

Pricing $17.00 $28.00 $15.50 $14.00 $14.00 $11.00 $31.00 $13.00 $19.00 $21.00 $26.50 $29.00 $20.00 $10.00

vs. Midpoint 6% 12% 15% 17% 17% 0% 7% 8% 0% 17% 15% 4% 25% 0%

Current $37.55 $80.93 $9.90 $12.55 $29.96 $10.05 $71.24 $31.88 $38.64 $35.17 $49.16 $53.74 $41.53 $12.83

vs. Pricing 121% 189% (36%) (10%) 114% (9%) 130% 145% 103% 67% 86% 85% 108% 28%

Operating Statistics at IPO ($ millions)

CY Revenue $126 $274 $104 $74 $72 $141 $193 $83 $150 $107 n/a n/a n/a n/a

CY+1 Revenue $158 $405 $125 $91 $90 $207 $271 $106 $200 $134 n/a n/a n/a n/a

Growth 25% 48% 20% 23% 26% 47% 40% 28% 33% 25% n/a n/a n/a n/a

$585

$4,488

$332 $433 $318 $490

$1,783

$465 $560 $812 $644 $942

$2,349

$364

$1,366

$15,239

$227 $438 $753 $502

$4,718

$1,414 $1,147 $1,204 $1,177 $1,650

$4,702

$387

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

$16,000

$18,000

At IPO

At 09/30/13



Software IPO Pricing & Performance Data

31

Initial Equity Issuances from 2011 – 2013 YTD ($ millions)

Notes:

[a] Primary shares only

[b] Price at acquisition


Current Trading Data Valuation at IPO

Share Price Market Enterprise EV / Revenue Performance Share Amount Market Enterprise EV / Revenue Revenue at IPO

Company (09/30/13) Value Value CY13E CY14E Since IPO IPO Date Price Raised [a] Value Value TTM CY CY +1 TTM

Covisint $ 12.83 $ 469 $ 468 n/a x n/a x 28 % 09/26/13 $ 10.00 $ 64 $ 364 $ 363 3.8 x n/a x n/a x

FireEye 41.53 4,702 4,722 n/a n/a 108 09/20/13 20.00 304 2,349 2,315 20.1 n/a n/a

Rocket Fuel 53.74 1,650 1,650 n/a n/a 85 09/20/13 29.00 116 942 943 5.9 n/a n/a

Benefitfocus 49.16 1,177 1,165 n/a n/a 86 09/18/13 26.50 80 644 633 6.9 n/a n/a

Cvent 35.17 1,204 1,163 10.7 8.6 67 08/09/13 21.00 118 812 771 8.6 7.2 5.7

Gigamon 38.64 1,147 1,124 8.3 6.4 103 06/11/13 19.00 86 560 537 5.1 3.6 2.7

Marketo 31.88 1,414 1,300 14.4 11.3 145 05/16/13 13.00 75 465 434 6.6 5.2 4.1

Tableau Software 71.24 4,718 4,496 22.3 16.3 130 05/16/13 31.00 155 1,783 1,742 12.2 9.0 6.4

Cyan 10.05 502 414 2.9 2.0 (9) 05/08/13 11.00 88 490 489 4.5 3.5 2.4

Rally Software 29.96 753 649 8.8 7.1 114 04/11/13 14.00 84 318 302 5.3 4.2 3.3

Marin Software 12.55 438 324 4.2 3.5 (10) 03/21/13 14.00 105 433 433 7.3 5.8 4.7

Model N 9.90 227 123 1.2 1.6 (36) 03/20/13 15.50 93 332 325 6.4 3.1 2.6

Workday 80.93 15,239 14,421 32.4 21.4 189 10/11/12 28.00 637 4,488 4,382 22.0 16.0 10.8

Fleetmatics 37.55 1,366 1,285 7.5 6.0 121 10/04/12 17.00 106 585 569 5.3 4.5 3.6

Qualys 21.39 782 657 6.1 5.2 78 09/27/12 12.00 80 361 332 4.0 3.6 3.1

Eloqua 23.50 [b] 918 833 7.4 5.7 104 08/01/12 11.50 81 368 365 4.3 4.0 3.3

E2open 22.40 594 552 7.7 6.2 49 07/25/12 15.00 56 374 335 4.8 4.5 3.9

Palo Alto Networks 45.82 3,477 3,040 6.5 4.8 9 07/19/12 42.00 202 2,850 2,527 9.9 8.1 5.5

ServiceNow 51.95 7,551 7,297 17.8 12.3 189 06/29/12 18.00 162 2,218 2,129 10.8 9.1 5.9

Exa 15.49 231 203 3.8 3.3 55 06/28/12 10.00 42 132 127 2.7 2.4 2.0

Infoblox 41.82 2,276 2,067 8.2 6.8 161 04/19/12 16.00 92 844 794 5.2 4.5 3.7

Proofpoint 32.12 1,279 1,191 9.1 7.7 147 04/19/12 13.00 67 426 418 5.1 4.1 3.5

Splunk 60.04 6,778 6,431 22.8 17.0 253 04/18/12 17.00 213 1,740 1,711 19.4 9.7 7.0

ExactTarget 33.75 [b] 2,519 2,418 6.4 5.3 78 03/21/12 19.00 162 1,228 1,185 6.3 4.4 3.6

Demandware 46.33 1,469 1,368 13.6 10.0 190 03/14/12 16.00 88 449 438 7.8 5.9 4.4

Bazaarvoice 9.07 704 619 3.4 3.0 (24) 02/23/12 12.00 108 682 670 9.1 5.4 4.2

AVG Technologies 23.94 1,324 1,318 3.1 2.7 50 02/07/12 16.00 64 768 920 3.4 2.9 2.5

Guidewire Software 47.11 2,875 2,668 8.7 7.4 262 01/24/12 13.00 115 521 483 2.4 2.0 1.7

Mean 9.9 x 7.6 x 97 % $ 130 $ 983 $ 953 7.7 x 5.5 x 4.2 x

Median 8.0 6.3 94 92 572 553 6.1 4.5 3.6



Software IPO Pipeline

32

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and

pricing the offering and issuing shares to the public market

($ millions)

6

7 (6)

(4)

3

15 (8)

(1) 9

18 (9)

(6)

12

14 (20)

(2) 4

15 (12)

0 7

2009 IPO

Backlog

New Filings Priced Withdrawn 2010 IPO

Backlog


Backlog


Backlog


Backlog

New Filings Priced Withdrawn 4Q13 IPO

Backlog

Historical IPO Filing Trends

Company Stage Ticker IPO Date Range Price First Filing Date Revenue (TTM) Net Income (TTM)

Covisint Priced COVS 09/26/13 $9 - $11 $10.00 05/14/13 $94 ($10)

Cvent Priced CVT 08/09/13 $17 - $19 $21.00 07/08/13 $90 $4

FireEye Priced FEYE 09/20/13 $15 - $17 $20.00 08/02/13 $115 ($89)

Benefitfocus Priced BNFT 09/18/13 $21.5 - $24.5 $26.50 08/14/13 $91 ($20)

Rocket Fuel Priced FUEL 09/20/13 $27 - $29 $29.00 08/16/13 $160 ($20)

Wix.com Ltd. F-1 Filed WIX n/a n/a n/a 10/01/13 $59 ($17)

Blackstratus S-1 Filed BLKS n/a n/a n/a 04/13/12 $9 ($1)

Barracuda Networks S-1 Filed CUDA n/a n/a n/a 10/01/13 $218 ($9)

Reval Holdings SEC Review RVAL n/a n/a n/a 03/30/12 $47 ($19)

CommScope SEC Review COMM n/a n/a n/a 08/02/13 $3,488 $34

Endurance International Group Holdings SEC Review EIGI n/a n/a n/a 09/09/13 $451 ($165)

Criteo S.A. SEC Review CRTO n/a n/a n/a 09/18/13 $459 ($10)



Software Private Capital Raise Activity: 3Q 2013

33

($ millions)


Close Date Company Participating Investors Description Amount

09/30/13 Cigital LLR Partners Software development and security solutions $50

09/30/13 Jlizard Ltd. Floodgate, Polaris Partners, RRE Ventures Log-file management SaaS $10

09/30/13 Kahuna Costanoa Venture Capital Partners, Promus, SoftTech VC Mobile marketing software $2

09/30/13 Numerify Lightspeed Business intelligence and analytics $8

09/30/13 Pacejet Logistics Athenian Venture Partners Cloud-based logistics and shipping $5

09/30/13 Perceivant Bootstrap Incubation Big data analytics platform $2

09/30/13 Qbaka Maxfield Capital Website error monitoring and analytics SaaS n/a

09/30/13 Quantifind Redpoint Ventures Business intelligence and analytics n/a

09/30/13 Wrike Bain Capital Ventures Project management and collaboration $10

09/29/13 Minubo GmbH High-Tech Gruenderfonds Management GmbH, Seedcamp E-commerce business intelligence SaaS $1

09/26/13 User Replay EC1 Capital Ltd. Recording and reporting engine $1

09/26/13 VictorOps Costanoa Venture Capital Partners, Foundry Group Vertical collaboration platform for IT and DevOps $7

09/25/13 DoubleDutch Bessemer Venture Partners, Bullpen Capital, Floodgate Mobile event customer relationship management $10

09/23/13 Dhimyotis SA BNP Paribas SA Data exchange protection $1

09/23/13 Mobincube Mobile SL Bankinter, Inveready Technology Investment Group Mobile application development software $1

09/20/13 Bugsnag Matrix Partners Crash monitoring platform $1

09/19/13 Hazelcast Bain Capital Ventures Open-source data distribution $3

09/19/13 Plaid Technologies Felicis Ventures, Google Ventures, Homebrew Ventures, NEA, Spark Capital API platform for banks $3

09/18/13 Illumio Andreessen Horowitz, Formation8 Partners, General Catalyst Partners Virtual machine cloud security $34

09/18/13 Pipedrive Rembrandt, Storm Ventures, TMT Investments Customer relationship management and sales pipeline management SaaS $3

09/18/13 Stackdriver Bain Capital Ventures, Flybridge Capital Partners Application monitoring as a service $10

09/18/13 Yesware Battery Ventures, Foundry Group, Golden Venture Partners, Google Ventures, IDG Ventures USA Email productivity service plugin $14

09/17/13 Apttus K1 Investment Management, Salesforce.com Quote-to-cash process automation SaaS $37

09/17/13 eCommHub Sigma Prime Ventures, United Parcel Service Supply chain management $3

09/17/13 HireIQ Solutions n/a Predictive analytics and HR process automation platform $2

09/17/13 PubNub Relay Ventures, Scale Venture Partners, TiE Angels Messaging infrastructure as a service $11

09/17/13 Stitch Labs True Ventures Inventory management and sales data analytics platform $4

09/16/13 MobileIron Foundation, IVP, Northgate, Norwest, Sequoia, SingTel Innov8 Pte Ltd., Storm Ventures, UMC Capital Smartphone management and remote access platform $48

09/16/13 Newforma Borealis Ventures, Kodiak Venture Partners, North Bridge Project lifecycle management software $5

09/13/13 Layer Anthem, Bloomberg, CrunchFund, Data Collective, Pacific Partners, Promus, SV Angel Application development platform $2

09/13/13 Okta Andreessen Horowitz, Greylock Partners, Khosla Ventures, Sequoia Identity and access management $27

09/12/13 CyberLingua MACH37 Cybersecurity Accelerator Data analysis security n/a

09/12/13 Cypherpath MACH37 Cybersecurity Accelerator Virtual environment collaboration development tools n/a

09/12/13 Nuxeo SAS OTC Asset Management SA Content management platform $4

09/12/13 Pierce Global Threat Intelligence MACH37 Cybersecurity Accelerator Cybersecurity threat analysis <$1

09/12/13 Sikernes Risk Management Center for Innovative Technology Cybersecurity data analytics <$1

09/12/13 TalentSoft SA Bpifrance Investment, Highland Capital Partners HR management SaaS $18

09/11/13 Conjur Amplify Partners, Avalon Ventures Access control management n/a

09/11/13 DataBricks Andreessen Horowitz Data analytics $14

09/10/13 AtScale Storm Ventures, X/Seed Capital Management Data and analytics $2



Software Private Capital Raise Activity: 3Q 2013 continued

34

($ millions)



09/10/13 CPUsage Crosslink Capital, Morado Venture Partners, TriplePoint Capital High performance computing platform as a service $1

09/10/13 Virtustream SAP AG Infrastructure as a service $40

09/09/13 Moki Mobility n/a Mobile device management platform $6

09/09/13 Sumerian Europe Ltd. Scottish Enterprise, Scottish Equity Partners IT performance analytics $4

09/06/13 BlueData Software Amplify Partners, Atlantic Bridge Ventures, Data Collective, Ignition Partners, Intel Capital Big data private cloud $15

09/06/13 Easy Metrics SJF Ventures Labor cost optimization cloud platform $3

09/04/13 AppMesh InterWest Partners, Opus Capital Mobile customer relationship management $3

09/04/13 Jelastic Maxfield Capital Java platform as a service n/a

09/03/13 Jut Accel Partners Enterprise application software n/a

09/03/13 moTwin Naxicap Partners SA, Seventure Partners SA, Sigma Gestion Mobile device communication software $3

08/30/13 Appistry n/a Computing platform for data analytics applications <$1

08/30/13 Catalyze Gener8tor Healthcare backend as a service application development tool <$1

08/30/13 Enigma Technologies Comcast Ventures Big data analytics $5

08/30/13 RiverMeadow Software Cisco Systems Cloud migration SaaS $12

08/29/13 Oculus360 Trailblazer Capital Data analytics $2

08/28/13 9Lenses Kinetic Ventures Enterprise performance software platform $3

08/28/13 AlienVault Adara Venture Partners, Correlation Ventures, GGV Capital, KPCB, Sigma West, Top Tier, Trident Unified security management platform $27

08/28/13 Couchbase Accel Partners, Adams Street Partners, Ignition Partners, Mayfield, North Bridge Cloud database for applications $25

08/28/13 Ordoro n/a Order, purchasing and inventory management <$1

08/23/13 Electric Cloud Mayfield, Rembrandt, RRE Ventures, Siemens Venture Capital GmbH, US Venture Partners Software development applications $8

08/23/13 Safaba Translation Solutions Innovation Works, Newlin Investment Company Enterprise machine translation and localization solutions n/a

08/20/13 Birst Duff Ackerman & Goodrich, Hummer Winblad Venture Partners, Northgate, Sequoia Business intelligence platform $38

08/20/13 Morphlabs Tallwood Venture Capital Applications and delivery platforms for applications $10

08/19/13 FALCON Social ApS NorthCap Partners ApS, Target Partners GmbH Social media management SaaS $7

08/19/13 Revenue Bionics n/a Product lifecycle price management and optimization $11

08/16/13 Cleversafe Alsop Louie, Motorola Solutions Venture Capital, NEA, New World, OCA Ventures, Presidio Ventures Big data storage system $56

08/16/13 SugarCRM Goldman Sachs Private Equity Group Customer relationship management $40

08/14/13 Security First n/a Information assurance and data privacy $6

08/14/13 Zet Universe LETA Capital Collaboration and sharing application for ultrabooks and tablets n/a

08/13/13 CloudPhysics KPCB, Mayfield Big data analytics $10

08/13/13 inRiver AB Industrifonden AB, Zobito AB Product information management $3

08/13/13 OpTier Gemini Israel Funds Ltd., Pitango Venture Capital, Viola Partners Business transaction management SaaS $8

08/12/13 InsideView Emergence Capital Partners, Foundation, Rembrandt, Split Rock Partners Sales intelligence and analytics $19

08/12/13 TidalScale Hummer Winblad Venture Partners, Samsung Electronics Virtual machine binding software $3

08/05/13 Looker Data Sciences First Round Capital, PivotNorth Capital, Redpoint Ventures Business intelligence and data analytics $16

08/05/13 ThetaRay GE Ventures, Jerusalem Venture Partners Advanced persistent threats and zero-day attacks security system n/a

08/01/13 FieldLens n/a Mobile field engagement applications $2

08/01/13 Icinetic Tic SL Caixa Capital Risc SGECR Software development solutions for process automation $1

07/31/13 Datorama Cedar Fund, Innovation Endeavors Big data management platform $3

07/31/13 Less Than Three Labs Felicis Ventures, Index Ventures, Webb Investment Network Developer testing platform $2



Software Private Capital Raise Activity: 3Q 2013 continued

35

($ millions)



07/31/13 Signal Data Atlas Venture Retail location data and analytics $2

07/31/13 Soasta Canaan, Formative Ventures, Macquarie Group Ltd, Pelion Venture Partners, Roth Capital Partners Cloud-based developer testing for web applications and services $30

07/30/13 AcadiaSoft State Street Bank Derivatives and collateral management $2

07/30/13 Veeam Software AG Insight Venture Partners Virtual infrastructure management and data protection n/a

07/29/13 PaySimple Tandem Entrepreneurs Management Services Accounts receivable automation n/a

07/26/13 Apigee Accenture, Bay Partners, BlackRock, Focus, Norwest, SAP Ventures, Third Point Reinsurance Ltd. API for secure cloud gateways $35

07/26/13 Tradescape Draper Nexus Ventures Financial process automation SaaS $43

07/25/13 Catbird Networks Medina Capital Virtual data center security and performance monitoring $10

07/25/13 Librato Baseline Ventures, Cowboy Ventures, Harrison Metal Capital Data center resource management $4

07/25/13 VidSys Atlanta Equity Investors, Flybridge Capital Partners, Motorola Solutions Venture Capital, NewSpring Physical security situation management $16

07/23/13 CompanyLine Felicis Ventures, PivotNorth Capital, Signia Ventures Partners Cross-platform, cross-device messaging software $6

07/23/13 Minetta Brook Naya Ventures, TiE Angels Big data management platform $2

07/23/13 PlayerLync Anschutz Investment Tablet-based team collaboration platform $11

07/23/13 Riskive Core Capital Partners, Genacast Ventures Cloud security platform $2

07/23/13 Tiny Creative Portland Incubator Experiment Mobile application deployment plugin <$1

07/22/13 Contatta Grayhawk Capital, Kickstart Seed Fund Contact management and customer relationship management $3

07/19/13 Catavolt Clayton Associates, Toba Capital Cloud middleware providing mobile remote access to enterprise systems $5

07/19/13 Springbot TechOperators, TTV Capital E-commerce marketing SaaS $3

07/18/13 mxHero White Star Capital Business email application deployment platform $1

07/17/13 Anaqua Insight Venture Partners Intellectual property management $100

07/17/13 Apportable Google Ventures, Morado Venture Partners, Salesforce.com Application conversion platform for developers $2

07/17/13 DataStax Crosslink Capital, Lightspeed, Meritech, Next World Capital, Portage, Scale Venture Partners Database as a service platform $45

07/17/13 Porticor Ltd. Glilot Capital Partners, Lazarus Capital Partners Cloud data encryption $2

07/16/13 aPriori Technologies Sigma Prime Ventures, Sigma West Enterprise cost management $6

07/16/13 Cyberflow Analytics Toshiba America Intellectual property security $3

07/16/13 Sauce Labs Toba Capital, Triage Ventures Web application testing $5

07/15/13 Digital Ocean CrunchFund, IA Venture Partners, TechStars Cloud hosting solutions platform $3

07/15/13 Objective Logistics Atlas Venture, Google Ventures, NextView Ventures Restaurant labor management platform $5

07/11/13 BlueCava n/a Customer activity analysis $10

07/10/13 Liquid Accounts Ltd. Capital for Enterprise Ltd. Accounting SaaS $1

07/10/13 Treasure Data Sierra Ventures Big data analytics $5

07/08/13 Supported Intelligence Ann Arbor SPARK Simulation and decision support $1

07/03/13 Xamarin Charles River Ventures, Floodgate, Ignition Partners Software development tools $16

07/02/13 Cellsec Accel Partners, Marker Advisors Mobile device security and management $9

07/02/13 CloudBees Lightspeed, Matrix Partners Java platform as a service $2


Advisory Services and Selected Transactions

Shea & Company Overview

36

Mergers & Acquisitions

Buy-side and sell-side M&A advisory

Divestitures

Restructuring

Private Placements & Capital Raising

Later-stage venture and growth equity

Recapitalizations

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Corporate Strategy

Strategic corporate development advisory

Fairness opinions

Selected Transactions Shea & Company has advised on billions of dollars of software transactions

Shea & Company is a software-focused investment bank that believes focus underpins success, and

success is measured by the outcomes we achieve with our clients

Shea & Company served as the exclusive

financial advisor to ProfitLogic

has been acquired by


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has received an investment from


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(NASDAQ: PVSW)


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has received an investment from


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