Quarterly Enterprise Software Market Review - Shea & Company · Quarterly Enterprise Software Market Review 1Q 2015 San Francisco 201 Mission Street, ... 02/11/15 Neolog Consultoria

Boston

201 Clarendon Street, Floor 25

Boston, MA 02116

Michael S. Barker

Managing Director

415.762.8101

[email protected]

Christopher J. Pingpank

Principal

617.896.2218

[email protected]

Shea & Company, LLC

www.shea-co.com

Member FINRA & SIPC

Copyright ©2015

Peter M. Falvey

Managing Director

617.896.2251

[email protected]

Brad E. McCarthy

Vice President

617.896.2245

[email protected]

Quarterly Enterprise Software Market Review 1Q 2015

San Francisco

201 Mission Street, Suite 1850

San Francisco, CA 94105

Michael H.M. Shea

Managing Director

617.896.2255

[email protected]

Jeffrey G. Cook

Vice President

617.896.2252

[email protected]

Copyright ©2015 Shea & Company, LLC

Advisory Services and Selected Transactions

Shea & Company Overview

1

Mergers & Acquisitions

Sell-side and buy-side M&A advisory

Divestitures

Restructuring

Private Placements & Capital Raising

Late-stage venture and growth equity

Recapitalizations

IPO advisory

Corporate Strategy

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 Platform Computing

has been acquired by


financial advisor to Mimecast

has received an investment from


financial advisor to Ping Identity



financial advisor to Bomgar Corporation

has received a majority investment from


financial advisor to GrabCAD



financial advisor to Freshbooks



financial advisor to SeeWhy



financial advisor to VersionOne



financial advisor to TA Associates

has acquired


financial advisor to MRI



financial advisor to Lacoon



financial advisor to Bronto


Copyright ©2015 Shea & Company, LLC 2

Contents

M&A Activity

Software M&A Summary: 2011 – 1Q 2015 p. 3

Software Acquisitions: Trend Analysis p. 4

Publicly Available Software M&A Transaction Data: 1Q 2015 p. 5

Announced Software Acquisitions: 1Q 2015 p. 6

Most Active Software Acquirers: 2007 – 1Q 2015 p. 10

Most Active Software Acquirers: 2012 – 1Q 2015 p. 11

Public Equity Market Valuations

Relative Performance by Index p. 20

Price Performance and Valuation Metrics by Segment p. 21

Equity Trading Multiples by Growth Tranche p. 22

Price Performance and Valuation Metrics of Selected Software Vendors p. 23

Equity Trading Multiples by Segment p. 24

Equity Trading Multiples by Comparable Subset p. 30

Equity Financing Activity

Software IPOs: Trailing Six Months p. 33

Software IPO Pricing & Performance Data p. 34

Software IPO Pipeline p. 35

Software Private Capital Raise Activity: 1Q 2015 p. 36


Transaction Count by Deal Size

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

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

$250m - $500m 2 10 4 2 6 2 4 2 0 3 1 3 2 2 4 4 2

< $250m 31 28 30 31 33 32 30 32 36 29 28 44 34 51 35 47 27

No Reported Value 74 52 47 92 82 95 95 103 103 117 126 116 115 155 153 124 155

Total 108 95 88 130 124 134 134 142 140 158 164 169 155 210 200 182 187

Acquirer

Target

Date 01/23/15 02/05/15 02/09/15 02/10/15 02/16/15 02/23/15 03/02/15 03/10/15 03/24/15 03/24/15

Enterprise Value n/a $255 n/a n/a $200 n/a $2,685 $2,400 $954 n/a

EV / LTM Rev n/a 3.3x n/a n/a n/a n/a 3.7x n/a 3.2x n/a

EV / LTM EBITDA n/a nm n/a n/a n/a n/a 21.0x n/a 38.2x n/a

M&A Activity Software M&A Summary: 2011 – 1Q 2015

Notable Announced Transactions: 1Q 2015 ($ millions)

Sources: Company releases, Wall Street research

Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

3

NASDAQ

$6.7

$12.8

$23.2

$10.1 $7.4

$12.0

$7.9 $7.6

$3.1

$20.1

$14.1 $11.5

$6.3 $4.8

$27.5

$13.1

$-

$10

$20

$30

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

2011 2012 2013 2014An

no

un

ce

d D

ea

l V

alu

e (

$ b

illio

ns)

NASDAQ

$6.7

$12.8

$23.2

$10.1 $7.4

$12.0

$7.9 $7.7

$3.1

$20.1

$14.1 $11.5

$6.3 $4.8

$27.5

$13.1

$7.5

$-

$10

$20

$30

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

2011 2012 2013 2014 2015An

no

un

ce

d D

ea

l V

alu

e (

$b

illio

ns)


214

66

114

150

67

331

83

113

147

57

93

25 24 33

5

0

50

100

150

200

250

300

350

Business

Applications

IT Security Information

Management

Infrastructure Financial

Applications

# of Deals 2013

2014

2015 $13

$4

$2

$15 $15

$18

$7

$2

$12

$10

$1

$3

$1 $<1

$-

$4

$8

$12

$16

$20

Business

Applications


Management


Applications

Aggregate Deal Value ($ billions)

2.7x 2.5x

3.9x

2.9x

3.8x

2.2x

4.5x

4.9x

4.2x

3.6x

2.5x

4.3x

4.8x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

Business

Applications


Management


Applications

Median EV / LTM Rev

137

7 11 14

167

12 11 10

27

2 1 2

0

30

60

90

120

150

180

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

Deal Value (Enterprise Value)

# of Deals 2013

2014

2015

$6

$3

$8

$32

$8

$4

$8

$29

$1 $1 $1

$5

$-

$5

$10

$15

$20

$25

$30

$35

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

Deal Value (Enterpise Value)

Aggregate Deal Value ($ billions)

2.6x

3.8x 3.7x 3.7x

3.0x

3.6x 3.8x

3.4x 3.3x

2.7x

3.2x

3.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

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

Deal Value (Enterpise Value)

Median EV / LTM Rev

4

M&A Activity

Software Acquisitions: Trend Analysis

By Transaction Size (2013 – 1Q 2015)

By Target Segment (2013 – 1Q 2015)

Notes:

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

Information Management includes: Business Intelligence; Content Management

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



Consideration Equity Enterprise EV / Revenue EV / EBITDA

Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

03/30/15 b-pack Selectica 10% 90% - $13 2.8x - - - - -

03/24/15 Kofax Lexmark International 100% - $1,014 $954 3.2x 3.0x 2.8x 38.2x 21.7x 15.5x

03/16/15 MobPartner Cheetah Mobile - - - $58 - - - - - -

03/11/15 TreeHouse Interactive Kennet Partners - - - $17 - - - - - -

03/10/15 Blue Coat Systems Bain Capital 100% - - $2,400 - - - - - -

03/05/15 Appfluent Attunity 61% 39% - $18 5.5x - - - - -

03/03/15 ecVision AmberRoad 100% - - $24 - - - - - -

03/02/15 Aia Holdings Kofax 100% - - $20 - - - - - -

03/02/15 Aruba Networks HP 100% - $3,000 $2,685 3.7x 3.3x 2.9x 21.0x 13.9x 10.8x

03/02/15 Emerging Threats Proofpoint - - - $40 - - - - - -

02/26/15 Prelytix First Derivatives 80% 20% - $8 3.8x - - nm - -

02/24/15 Optenet (operations) Allot Communications 100% - - $12 - - - - - -

02/16/15 Panaya Infosys 100% - - $200 - - - - - -

02/11/15 Neolog Consultoria e Sistemas TOTVS SA - - - $6 1.6x - - - - -

02/10/15 Saba Software Vector Capital 100% - - $268 2.2x - - - - -

02/09/15 Offspark ARM - - - $2 - - - - - -

02/05/15 SocialMoov Marin Software 43% 57% - $19 - - - - - -

02/05/15 E2open Insight Venture Partners 100% - - $255 3.3x 2.9x 2.4x nm nm -

02/04/15 F-Secure (assets) Synchronoss 100% - - $60 - - - - - -

02/03/15 Vexigo Mer Telemanagement Solutions 100% - - $4 0.5x - - - - -

02/02/15 Yashi Nexstar Broadcasting - - - $33 - - - - - -

01/29/15 Librato SolarWinds 100% - - $40 - - 16.0x - - -

01/28/15 Coversant Ubiquity - 100% - $6 4.8x - - - - -

01/26/15 Bundle Tech Borderfree 100% - - $22 - - - - - -

01/21/15 Hipcricket (assets) SITO Mobile 100% - - $5 - - - - - -

01/13/15 Intellinx Bottomline Technologies 79% 21% - $85 - - 8.5x - - -

01/12/15 Tomax Demandware 100% - - $60 - - 2.7x - - -

01/08/15 NetProspex Dun & Bradstreet - - - $125 - - - - - -

01/06/15 Selectable Media Meredith Corporation 100% - - $23 - - - - - -

01/05/15 Distribion A. H. Belo - - - $15 - - 1.5x 14.6x - -

01/05/15 Informative Graphics OpenText - - - $39 - - - - - -

01/02/15 Birdstep Technology Elektrobit 100% - $2 $2 - - - - - -

M&A Activity

Publicly Available Software M&A Transaction Data: 1Q 2015

5

Includes only transactions for which data was publicly available


Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

($ millions)


Announced Target Acquirer(s) Target Segment & Description Price

03/30/15 ActionX Xaxis Advertising Technology - Cross-screen mobile advertising n/a

03/30/15 b-pack Selectica ERP & Business Applications - Purchase-to-pay, invoice and catalog management $13

03/26/15 LiveLoop Microsoft ERP & Business Applications - Microsoft PowerPoint presentation collaboration tools n/a

03/26/15 Quantum Secure HID Global IT Security - Identity access management and authorization and policy compliance n/a

03/25/15 ReTargeter Sellpoints Advertising Technology - Web, social and mobile ad network tracking n/a

03/24/15 edocr Accusoft Content Management - Document management, collaboration and distribution n/a

03/24/15 FoundationDB Apple Storage Management - Open-source, non-relational NoSQL database n/a

03/24/15 Kofax Lexmark International Content Management - Document and records management $954

03/24/15 Playbook HR Intuit ERP & Business Applications - Employee and contractor workforce management n/a

03/24/15 ScrapeLogo RiteTag ERP & Business Applications - Corporate logo image capture n/a

03/24/15 SugarSync (assets) j2 Global Storage Management - Subscription-based online file storage, synchronization and sharing n/a

03/23/15 Viralheat Cision ERP & Business Applications - Social media monitoring, analytics and publishing n/a

03/20/15 Triggit Gravity4 Advertising Technology - Native retargeting demand-side advertising n/a

03/19/15 Deep Forest Media Rakuten Advertising Technology - Mobile advertising and marketing analytics n/a

03/19/15 Enterworks Black Dragon Capital Content Management - Master data management, digital asset management and categorization n/a

03/19/15 First Point Global KPMG Australia IT Security - Identity and access management, threat detection and remediation n/a

03/19/15 SurfEasy Opera Software Network Infrastructure - Virtual private network n/a

03/18/15 Yieldex AppNexus Advertising Technology - Buy and sell-side media inventory and revenue management n/a

03/17/15 CloudVertical (assets) Cloudability IT Operations Management - Amazon Web Services, Heroku and VMware private cloud cost and usage analytics n/a

03/16/15 MobPartner Cheetah Mobile Advertising Technology - In-app advertising, re-targeting and related analytics $58

03/16/15 Triton Digital Vector Capital Advertising Technology - Programmatic ad buying and digital audio audience measurement n/a

03/16/15 Careerify LinkedIn ERP & Business Applications - Social media-based employee referral and recruiting n/a

03/16/15 MarketMeSuite LocalVox Marketing Applications - Social media monitoring and lead generation n/a

03/16/15 MediaBeacon Esko Content Management - Digital asset management and enterprise search n/a

03/12/15 2lemetry Amazon Platforms, Development Tools & Deployment - Application integration and IoT middleware n/a

03/12/15 BGPmon OpenDNS IT Security - Network security and routing monitoring n/a

03/12/15 Expicient Publicis Groupe ERP & Business Applications - Order, inventory and pricing management n/a

03/12/15 Kitematic Docker Platforms, Development Tools & Deployment - Open-source, Mac-based Docker tools n/a

03/11/15 Algorithmic Research Docusign ERP & Business Applications - Electronic document signature platform n/a

03/11/15 mzSolutions & Software Sencha Platforms, Development Tools & Deployment - JavaScript application framework tools n/a

03/11/15 TreeHouse Interactive Kennet Partners ERP & Business Applications - Marketing automation sales performance management $17

03/10/15 Blue Coat Systems Bain Capital IT Security - Web traffic management and mobile device security $2,400

03/10/15 CyActive PayPal IT Security - Predictive malware detection and prevention n/a

03/10/15 Found AS Elasticsearch Platforms, Development Tools & Deployment - Fully managed and hosted Elasticsearch-based search n/a

03/10/15 Rarewire Data Systems International Platforms, Development Tools & Deployment - iOS and Android mobile application development n/a

03/10/15 Sidengo OwnLocal Content Management - Website creation and web content management n/a

03/10/15 Vauntz NewsHunt Business Intelligence - Mobile and web business intelligence and application development n/a

03/09/15 RelatedMatters (assets) Ceridian ERP & Business Applications - Mobile workforce management and team collaboration n/a

03/06/15 Axpa Agility Multichannel Content Management - Product information and master data management n/a

03/06/15 Sigma Seven Capita ERP & Business Applications - GIS-based workforce management, data management and team collaboration n/a

03/05/15 AdIQuity Technologies Flipkart Advertising Technology - Mobile advertising and online ad exchange n/a

03/05/15 Adplus Digital Solusindo Yello Mobile Advertising Technology - Online, video, mobile and social media video and display advertising n/a

03/05/15 Appfluent Attunity Business Intelligence - Analytics, data usage, data warehousing and Hadoop migration $18

03/04/15 Veenome Integral Ad Science Advertising Technology - Web video data analytics and video quality management n/a

03/04/15 AlchemyAPI IBM Business Intelligence - Natural language processing platform tools n/a

03/04/15 Direxxis Broadridge Financial Solutions Marketing Applications - Integrated marketing automation, data integration and campaign management n/a

03/04/15 eXelate Nielsen Advertising Technology - Customer data management and analytics n/a

03/04/15 TimeSimplicity SwipeClock ERP & Business Applications - Workforce management, employee scheduling and team collaboration n/a

03/03/15 Amplidata HGST Network Infrastructure - Object-based storage archiving and virtualization n/a

03/03/15 AXIT Siemens Logistics and Airport Solutions ERP & Business Applications - Supplier integration, shipment tracking and order management n/a

M&A Activity

Announced Software Acquisitions: 1Q 2015

6

($ millions)




03/03/15 Channel Auction.com ERP & Business Applications - Real estate liquidation, asset and workflow management n/a

03/03/15 ecVision AmberRoad ERP & Business Applications - Automated supply chain management and electronic data interchange $24

03/03/15 Second Decimal Ryan & Company Financial Applications - Tax calculation and workflow management n/a

03/03/15 Subspace Box IT Security - Device security, containerized content management and collaboration n/a

03/02/15 Aia Holdings Kofax ERP & Business Applications - Customer communications and document management $20

03/02/15 Aruba Networks HP Network Infrastructure - Wireless LAN systems provider and cloud management $2,685

03/02/15 BBN Solutions Madison Logic ERP & Business Applications - CRM management and advertising n/a

03/02/15 CloudShield Lookingglass Cyber Solutions Network Infrastructure - Deep packet inspection and network traffic performance management n/a

03/02/15 EarthIntegrate Pageflex Marketing Applications - CRM marketing automation and web content management n/a

03/02/15 Emerging Threats Proofpoint IT Security - Network anti-malware and threat detection $40

03/02/15 Storm Flex Systems Xurpas ERP & Business Applications - Employee benefits management n/a

03/02/15 Xerocole Akamai Technologies IT Operations Management - Secure and optimized web search n/a

03/01/15 Connectem Brocade Network Infrastructure - Mobile network virtualization, management and IoT network enablement n/a

02/27/15 TrialPay Visa Advertising Technology - Ad enablement, customer loyalty and offer management n/a

02/27/15 InferSystems Kochava Marketing Applications - Mobile advertising and predictive marketing n/a

02/26/15 Converser Swrve Marketing Applications - Mobile in-app marketing automation, messaging and customer analytics n/a

02/26/15 HRsmart Deltek ERP & Business Applications - Recruitment and workforce management n/a

02/26/15 Prelytix First Derivatives Advertising Technology - B2B predictive analytics and marketing automation $8

02/26/15 Trax Technologies Strattam Capital ERP & Business Applications - Supply chain analytics and data management n/a

02/25/15 Gapso Accenture ERP & Business Applications - Supply chain analytics, logistics and production planning n/a

02/25/15 Igap Technology Snow Software ERP & Business Applications - Help desk functionality and project management n/a

02/24/15 Authy Twilio IT Security - Two-factor authentication security n/a

02/24/15 Notys Systems Groupe T2i ERP & Business Applications - Workforce management, accounting and expense management n/a

02/24/15 Optenet (operations) Allot Communications IT Security - Web and email security, endpoint integrity assurance and network security $12

02/24/15 Red Hot Labs Google Platforms, Development Tools & Deployment - Mobile marketing, analytics and a/b testing n/a

02/23/15 PowerPlan Thoma Bravo ERP & Business Applications - Asset-focused accounting, budgeting and forecasting ERP and analytics n/a

02/20/15 Airpost Box IT Operations Management - Cloud application activity monitoring n/a

02/19/15 appiris AppLift Advertising Technology - RTB advertising network and mobile app advertising trading n/a

02/19/15 Insite Software (assets) Epicor ERP & Business Applications - Multi-carrier domestic and international supply chain management n/a

02/19/15 Netchemia PeopleAdmin ERP & Business Applications - Employee management, recruiting and staff evaluation n/a

02/19/15 Tindall Associates MSG Global Solutions Financial Applications - Life insurance and reinsurance administration and reporting n/a

02/18/15 Datapop Criteo Advertising Technology - Web and mobile ad creation, placement and tracking n/a

02/18/15 Hyperwise Check Point Software IT Security - Advanced persistent threat detection n/a

02/18/15 William Data Systems Syncsort IT Security - Systems management and security monitoring n/a

02/17/15 Construction Computer Software EOH Holdings ERP & Business Applications - Project and cost planning management n/a

02/17/15 Nuvotera (assets) Excel Micro IT Security - Multi-layered anti-spam, threat detection and endpoint security n/a

02/16/15 Panaya Infosys ERP & Business Applications - ERP and CRM automation $200

02/16/15 ProSyst Bosch Software Innovations Platforms, Development Tools & Deployment - Connected device M2M middleware n/a

02/15/15 2X Software Parallels Platforms, Development Tools & Deployment - Virtualization, remote application delivery and mobile device management n/a

02/13/15 Vizubi Qlik Business Intelligence - QlikView report generation, viewing, distribution and scheduling n/a

02/12/15 Automated Insights STATS LLC Business Intelligence - AI-enabled natural language data processing n/a

02/12/15 FrontRange Solutions Lumension Security IT Operations Management - Service level and IT project automation management n/a

02/12/15 NextPrinciples Insightpool Marketing Applications - Social marketing automation and sales lead generation n/a

02/11/15 MakeMeReach Perion Network Advertising Technology - Mobile social network advertising management and optimization n/a

02/11/15 Mortar Data Datadog Storage Management - Data integration, data warehousing and datamart development n/a

02/11/15 Neolog Consultoria e Sistemas TOTVS SA ERP & Business Applications - Supply chain management, logistics and fleet management $6

02/11/15 ScreenConnect ConnectWise ERP & Business Applications - Remote support and remote access enablement and web conferencing n/a

02/11/15 SpaceBound Web Labs BookMyShow ERP & Business Applications - Conference analytics and social media data archiving n/a

02/10/15 Appsfire Mobile Network Group Advertising Technology - Mobile advertising app development, distribution and customer analytics n/a

02/10/15 Pentaho Hitachi Data Systems Business Intelligence - Open-source business intelligence analytics and data integration n/a

M&A Activity

Announced Software Acquisitions: 1Q 2015 continued

7

($ millions)




02/10/15 Saba Software Vector Capital ERP & Business Applications - Employee training and performance management $268

02/10/15 ZenPurchase Coupa Software ERP & Business Applications - Procurement, supplier relationship management and team collaboration n/a

02/09/15 Juggernaut Aysling ERP & Business Applications - Customer analytics, marketing automation, reporting and sales force automation n/a

02/09/15 Keinoby Software Lab Comala Platforms, Development Tools & Deployment - Atlassian and team collaboration tools n/a

02/09/15 Offspark ARM IT Security - Open-source and commercial embedded security $2

02/09/15 SwingMobility Divalto Group ERP & Business Applications - Employee tracking, scheduling and Salesforce management n/a

02/09/15 Virtual Bridges (assets) NIMBOXX Platforms, Development Tools & Deployment - Public, private and hybrid cloud desktop virtualization n/a

02/09/15 Voltage Security HP IT Security - Enterprise data encryption and transaction security n/a

02/06/15 FT Technologies Palantir Business Intelligence - Customer analytics, pricing optimization and inventory management n/a

02/05/15 SocialMoov Marin Software Advertising Technology - Social media advertising creation, management and related customer analytics $19

02/05/15 E2open Insight Venture Partners ERP & Business Applications - Inventory, order and supply chain management $255

02/05/15 Port25 Solutions Message Systems Content Management - Email delivery management, monitoring and reporting n/a

02/05/15 Porticor Intuit IT Security - Security key management and data encryption n/a

02/05/15 Riverbed Technology (assets) Brocade App. Delivery & Network Acceleration - Application delivery control and network traffic management n/a

02/04/15 F-Secure (assets) Synchronoss IT Security - Email, anti-virus, mobile and network security management $60

02/03/15 Vexigo Mer Telemanagement Solutions Advertising Technology - Online and mobile video advertising and web content syndication $4

02/03/15 Cougar Software MRI Software Financial Applications - Real estate investment portfolio management, modeling and planning n/a

02/03/15 Immidio VMware Platforms, Development Tools & Deployment - User environment management (UEM) desktop virtualization n/a

02/03/15 Integrity Software Systems JDM Technology Group ERP & Business Applications - Project, accounting, contract and invoice management n/a

02/03/15 Presensoft Smarsh ERP & Business Applications - Email, instant messaging and social media compliance n/a

02/03/15 Xplain.io Cloudera Platforms, Development Tools & Deployment - Hadoop-based data hub management and big data integration n/a

02/02/15 Yashi Nexstar Broadcasting Advertising Technology - Online video ad placement and video ad buying exchange $33

02/02/15 Kallidus FF&P Private Equity MBO ERP & Business Applications - Workforce training, e-learning and performance management n/a

01/29/15 Librato SolarWinds IT Operations Management - Cloud monitoring and application performance management $40

01/28/15 Coversant Ubiquity Platforms, Development Tools & Deployment - IoT and mobile device management $6

01/28/15 IntelCrawler InfoArmor IT Security - Malware detection, transaction security and network activity monitoring n/a

01/28/15 Screenhero Slack ERP & Business Applications - Web conferencing, screen sharing and voice chat n/a

01/28/15 TermSync Esker ERP & Business Applications - Accounts receivable, invoice management and related analytics n/a

01/27/15 CDB Software (assets) BMC Software Platforms, Development Tools & Deployment - IBM DB2 mainframe database management n/a

01/27/15 HvNAS Pty NetApp Storage Management - Virtual storage and datacenter file access n/a

01/27/15 Vulnr ZeroFOX IT Security - Mobile device vulnerability detection n/a

01/26/15 Adnologies TradeDoubler Marketing Applications - Online video ad campaign enablement n/a

01/26/15 Bundle Tech Borderfree ERP & Business Applications - Trade, customs, import duty and tax management $22

01/26/15 Hive Group Visual Action Software Business Intelligence - Visual analytics, treemapping and asset management n/a

01/23/15 RDC Group IS Group BV ERP & Business Applications - ERP desktop-as-a-service n/a

01/23/15 Revolution Analytics Microsoft Business Intelligence - R-based statistical computing and predictive analytics n/a

01/21/15 EfroTech Services (assets) SGS Pakistan ERP & Business Applications - ERP, SCM and point-of-sale electronic data interchange n/a

01/21/15 FaceDouble (assets) Avigilon Business Intelligence - Video, online and mobile facial image search n/a

01/21/15 Hipcricket (assets) SITO Mobile Advertising Technology - SMS-focused, targeted mobile marketing and advertising $5

01/21/15 Matygo Educational (assets) ServiceRocket ERP & Business Applications - Customer education and product training management n/a

01/21/15 SixSq RHEA Systems Platforms, Development Tools & Deployment - Cloud application deployment n/a

01/21/15 TCELab AnalyticsWeek Business Intelligence - CRM analytics, customer surveying and data aggregation n/a

01/21/15 ZeroPaper Intuit Financial Applications - Accounts payable, accounts receivable and reporting enablement n/a

01/20/15 Aragon-eRH Digital Dimension ERP & Business Applications - Employee timesheets, recruitment, training and workforce management n/a

01/20/15 Blue Sky Technologies (assets) Wynright ERP & Business Applications - Supply chain analytics, business intelligence and data warehousing n/a

01/20/15 Equivio Microsoft Content Management - E-discovery, text analysis and predictive information coding n/a

01/20/15 J9 Technologies Axxiome Group IT Operations Management - Application performance and business service management n/a

01/20/15 Red Earth Software OPSWAT IT Security - Email anti-spam, anti-malware and signature management n/a

01/20/15 TwoDesk (assets) Embarcadero Technologies Platforms, Development Tools & Deployment - Delphi-based software and mobile application development n/a

01/20/15 ZipDial Twitter Marketing Applications - Click-to-call mobile marketing and analytics n/a

M&A Activity


8

($ millions)




01/19/15 Access Technology Group TA Associates ERP & Business Applications - Business intelligence, CRM and payroll management n/a

01/15/15 AIM Software Welsh, Carson, Anderson & Stowe Platforms, Development Tools & Deployment - Master data and risk management n/a

01/15/15 PeopleVine Alliance Creative Group Marketing Applications - Marketing automation, customer engagement and analytics n/a

01/14/15 Identity Finder Inverness Graham Investments IT Security - Data breach, leakage prevention and sensitive data discovery n/a

01/13/15 Appoxee Teradata Marketing Applications - Mobile marketing automation and targeted advertising n/a

01/13/15 Axida Paragon Software Systems ERP & Business Applications - Supply chain management n/a

01/13/15 C3global Bentley Systems IT Operations Management - IT infrastructure performance monitoring and related predictive analytics n/a

01/13/15 Data Intelligence SCIO Health Analytics Business Intelligence - Market research, market intelligence and data analytics n/a

01/13/15 Dispop Admedo Advertising Technology - Online, display and mobile programmatic advertising n/a

01/13/15 TONBELLER Fair Isaac Corporation ERP & Business Applications - Anti-money laundering, transaction fraud prevention and governance n/a

01/13/15 Zurmo Gravity4 ERP & Business Applications - Open-source and open platform sales force automation n/a

01/13/15 Intellinx Bottomline Technologies IT Security - Abnormal behavior tracking and fraud prevention $85

01/13/15 Trusteq KPMG IT Security - Identity and access management n/a

01/12/15 Digital Publishing Solutions Diversified Global Graphics Content Management - Document management and team collaboration n/a

01/12/15 Mobius Innovations Fractal Analytics Advertising Technology - Mobile context awareness advertising n/a

01/12/15 Sanbolic Citrix Storage Management - Workload-oriented storage virtualization n/a

01/12/15 Tomax Demandware ERP & Business Applications - Turn-key transaction processing, merchandising and analytics reporting $60

01/09/15 Crossboard Mobile (operating unit) Flatiron Media Advertising Technology - Mobile application signup promotion and cost-per-lead advertising n/a

01/09/15 Negotium Technologies (assets) Technology Evaluation Centers Network Infrastructure - Electronic data interchange and data connectivity n/a

01/09/15 PrismaStar FACT-Finder Business Intelligence - Data quality and customer analytics n/a

01/09/15 Sky Analytics Huron Consulting ERP & Business Applications - Outside legal expense management and invoice benchmarking n/a

01/08/15 Halcyon Software HelpSystems IT Operations Management - IT systems management and monitoring n/a

01/08/15 NetProspex Dun & Bradstreet Marketing Applications - B2B marketing data management $125

01/07/15 CalvaEDI Esker Network Infrastructure - Electronic data interchange and operations monitoring n/a

01/07/15 First Byte Corporation (assets) Insync Municipal Systems Financial Applications - Property tax, accounting and municipal utilities billing management n/a

01/06/15 Achilles Guard Alert Logic IT Security - Application security vulnerability assessment and remediation n/a

01/06/15 Decisiv Email NetVoyage Content Management - Email management and categorization n/a

01/06/15 Selectable Media Meredith Corporation Advertising Technology - Mobile and web-based native video advertising network $23

01/06/15 Temenos (assets) Zumasys Platforms, Development Tools & Deployment - Multi-dimensional, open database n/a

01/06/15 Timberlake Membership Software Naylor ERP & Business Applications - Organization membership management n/a

01/05/15 Arion IT Solutions j2 Global Storage Management - Backup, disaster recovery and data storage n/a

01/05/15 Distribion A. H. Belo Marketing Applications - Automated social media and email marketing analytics $15

01/05/15 FieldWorker Mobile Complete Innovations ERP & Business Applications - Logistics, asset management and business intelligence n/a

01/05/15 Informative Graphics OpenText Content Management - Document viewing, editing and collaboration $39

01/05/15 Newrise j2 Global ERP & Business Applications - Online e-fax document transfer and review n/a

01/05/15 Stay Secure j2 Global IT Security - Email and web anti-spam and anti-virus protection n/a

01/02/15 Birdstep Technology Elektrobit IT Security - Secure mobile virtual private network $2

M&A Activity


9

($ millions)



$30.4

$15.1

$26.0

$11.8

$22.6

$4.8 $4.0

$38.6

$29.6

$4.5

$6.4

$1.5 $1.3

$4.5

80 79

75

66

60

40

37

34 34

28 26

25

21 21

0

10

20

30

40

50

60

70

80

90

$-

$5

$10

$15

$20

$25

$30

$35

$40

$45

# o

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Announced Deal Value [a]

Number of Deals

M&A Activity

Most Active Software Acquirers: 2007 – 1Q 2015

10

[a] Includes only transactions for which data was publicly available


$1.4

$8.7

$3.3

$10.6 $10.7

$0.8

$13.9

$3.1

$3.7 $3.6

$2.9

$0.1 $0.2

29

27

26

24 24

18

17

13

12

11 11

6

5

4

0

5

10

15

20

25

30

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$2

$4

$6

$8

$10

$12

$14

$16

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Announced Deal Value [a]

Number of Deals

M&A Activity

Most Active Software Acquirers: 2012 – 1Q 2015

11

[a] Includes only transactions for which data was publicly available

n/a


Consideration Equity Enterprise

Announced Target % Cash % Stock Value Value

Cisco Systems (continued)

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

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): $6,373

03/24/14 StatSoft - - - -



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

10/28/14 Identropy (SCUID assets) - - - -

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): $22,604

12/10/14 Neohapsis - - - -

09/18/14 Memoir Systems - - - -

09/17/14 Metacloud - - - -

06/27/14 Assemblage - - - -

06/17/14 Tail-f Systems - - - $175

05/21/14 ThreatGRID - - - -

12/17/13 Kibits - - - -

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 - - $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 - - - -

M&A Activity

Most Active Software Acquirers

12

Note: “Known acquired value” includes only transactions for which data was publicly available

2007 – 1Q 2015 ($ millions)

Cisco

Dell

Salesforce

HP

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA

EMC

Continued




EMC (continued)

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

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): $38,600

03/02/15 Aruba Networks 100.0% - $3,000 $2,685

02/09/15 Voltage Security - - - -

09/11/14 Eucalyptus Systems - - - -

06/27/14 European Recycling Platform SAS - - - -

03/04/14 Shunra Software (assets) - - - -

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



Dell (continued)

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

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% - - -

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

10/28/14 Maginatics - - - -

10/28/14 Spanning Cloud Apps - - - -

10/13/14 Cloudscaling - - - -

07/08/14 Symplified (IP assets) - - - -

07/08/14 TwinStrata - - - -

05/05/14 DSSD - - - -

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 - - - -

M&A Activity

Most Active Software Acquirers continued

13

2007 – 1Q 2015 ($ millions)

EMC

Cisco

Salesforce

HP

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA


Dell

IBM

Continued




IBM (continued)

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

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



HP (continued)

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 Known acquired value (since 2007): $15,139

03/27/15 Blekko (assets) - - - -

03/04/15 AlchemyAPI - - - -

08/11/14 Lighthouse Security Group (assets) - - - -

07/31/14 CrossIdeas - - - -

05/20/14 Cognea - - - -

04/10/14 Silverpop Systems - - - -

02/24/14 Cloudant - - - -

12/19/13 Aspera - - - -

12/06/13 Associated Dexia Technology Services - - - -

11/13/13 Fiberlink Communications 100.0% - - -

10/03/13 Xtify - - - -

10/01/13 The Now Factory - - - -

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

08/15/13 Trusteer - - - -

07/09/13 CSL International - - - -

06/04/13 SoftLayer Technologies 100.0% - - $2,000

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 - - - -

M&A Activity


14

Continued

EMC

Cisco

Dell

Salesforce

IBM

Intel

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

2007 – 1Q 2015 ($ millions)


HP




Intel (continued)

10/04/11 NitroSecurity - - - -

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

09/14/11 CoFluent Design - - - -

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 100.0% - $40 $45

05/19/08 WebVMC - - - -

02/25/08 Offset Software - - - -

11/28/07 Neoptica - - - -

10/30/07 ScanAlert 100.0% - $48 $54

10/08/07 SafeBoot 100.0% - $339 $350

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

Intuit Known acquired value (since 2007): $1,514

03/24/15 Playbook HR - - - -

02/05/15 Porticor - - - -

12/10/14 Acrede - - - -

08/13/14 Itrios - - - -



IBM (continued)

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 - - - -

04/26/07 Serbian Business Systems (assets) - - - -

01/30/07 DM Information Systems - - - -

01/29/07 Softek - - - -

Intel Known acquired value (since 2007): $11,766

03/25/15 Lemoptix - - - -

02/02/15 Lantiq - - - -

01/20/15 Composyt Light Labs - - - -

12/01/14 PasswordBox - - - -

09/10/14 Powerwave - - - -

08/13/14 LSI 100.0% - - $650

05/09/14 Ginger Software (assets) - - - -

04/01/14 INSIDE Secure (assets) 100.0% - - $19

03/04/14 BASIS Science - - - -

12/16/13 Mindspeed Technologies (assets) - - - -

12/03/13 Hacker League (assets) - - - -

11/08/13 Kno - - - -

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

M&A Activity


15

Continued

EMC

Cisco

Dell

Salesforce

HP

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

Intel

[a] Acquired by McAfee prior to Intel acquisition


2007 – 1Q 2015 ($ millions)

IBM




Microsoft (continued)

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 - - - -

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 - - - -



Intuit (continued)

08/07/14 PaySuite - - - -

07/30/14 KDK Softwaress - - - -

05/27/14 Check - - - $360

05/14/14 Invitco - - - -

05/08/14 Lettuce - - - -

12/04/13 Docstoc - - - -

11/20/13 Prestwick Services - - - -

10/30/13 Full Slate - - - -

10/23/13 Level Up Analytics - - - -

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

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): $25,983

03/26/15 LiveLoop - - - -

02/12/15 N-trig - - - -

02/04/15 Sunrise Atelier - - - -

01/23/15 Revolution Analytics 100.0% - - -

12/11/14 Bit Stadium - - - -

12/01/14 Acompli - - - -

11/13/14 Aorato - - - -

09/15/14 Mojang AB - - - $2,500

07/11/14 InMage Systems - - - -

05/28/14 Capptain - - - -

05/01/14 GreenButton Limited - - - -

03/04/14 Junction Solutions (JunctionMCR) - - - -

01/27/14 Epic Games (assets) - - - -

01/07/14 Parature - - - -

10/23/13 Apiphany - - - -

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 - - - -

M&A Activity


16


EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

Oracle

VMware

CA

Symantec

2007 – 1Q 2015 ($ millions)

Salesforce

SAP

Continued




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 $848

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 - - - -

10/24/07 Interlace Systems - - - -

10/09/07 LogicalApps - - - -

09/12/07 Cluster File Systems - - - -

09/02/07 Netsure Telecom - - - -



Microsoft (continued)

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): $30,376

12/22/14 Datalogix - - - -

09/14/14 Front Porch Digital - - - -

07/31/14 TOA Technologies - - - -

06/23/14 MICROS Systems 100.0% - $5,300 $4,642

06/20/14 LiveLOOK - - - -

05/15/14 GreenBytes - - - -

02/24/14 BlueKai - - - -

01/07/14 Corente - - - -

12/20/13 Responsys 100.0% - $1,608 $1,500

11/15/13 Bitzer Mobile - - - -

10/23/13 BigMachines - - - -

10/17/13 Compendium - - - -

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 - - - -

M&A Activity


17

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

2007 – 1Q 2015 ($ millions)

Salesforce

Oracle

VMware

[a] Acquired by Sun Microsystems prior to Oracle acquisition


Symantec

SAP

Continued




SAP (continued)

03/26/14 Fieldglass - - - -

09/10/13 KXEN - - - -

06/05/13 hybris GmbH 100.0% - - $1,341

05/16/13 KMS Software - - - -

03/07/13 Camilion Solutions - - - -

02/22/13 SmartOps - - - -

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% - $52 $28

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): $4,543

05/28/14 Nitrodesk - - - -

07/18/13 PasswordBank - - - -

03/20/12 Nukona 100.0% - - $28

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



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 - - - -

03/23/07 Tangosol - - - -

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

Salesforce.com Known acquired value (since 2007): $4,470

07/10/14 RelateIQ - 100.0% $392 $352

11/18/13 Cloudconnect.com - - - -

06/07/13 EdgeSpring 47.0% 53.0% - $134

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): $29,615

09/18/14 Concur Technologies - - - $8,300

05/20/14 SeeWhy - - - -

M&A Activity


18

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Oracle


2007 – 1Q 2015 ($ millions)

Salesforce

Symantec

SAP

VMware

Continued




VMware (continued)

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 (continued)

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

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): $3,982

02/03/15 Immidio - - - -

10/29/14 Continuent (assets) - - - -

08/20/14 CloudVolumes - - - -

08/04/14 Virtual System (cloud migration assets) - - - -

03/06/14 Third Sky - - - -

01/22/14 AirWatch 76.0% 24.0% - $1,540

10/15/13 Desktone - - - -

02/11/13 Virsto Software 100.0% - - $185

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

07/23/12 Nicira 83.3% 16.7% - $1,260

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 100.0% - $362 $362

11/26/08 Tungsten Graphics - - - -

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

M&A Activity


19

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Oracle

VMware


2007 – 1Q 2015 ($ millions)

Salesforce

Symantec

SAP


-50%

-30%

-10%

10%

30%

50%

70%

90%

Mar-14 Jun-14 Sep-14 Dec-14 Mar-15

1 Year Relative Performance NASDAQ

Large Cap Software

Small Cap Software

High Growth Software

20

Public Equity Market Valuations Relative Performance by Index

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


Small Cap Software includes: AMBR, ATTU, COVS, CYNI, DWCH, ECOM, EXA, FALC, GUID, MM, MRIN, NTWK, TISA, TRMR, TSX:NXJ, UPLD, YUME

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

High Growth Software includes: CMCM, DATA, DWRE, FEYE, HDP, MKTO, NEWR, NOW, NZSE:XRO, PANW, SPLK, TUBE, WDAY, ZEN

High Profitability Software includes: ADVS, AKAM, ANSS, AVG, AZPN, CA, CHKP, EBIX, FFIV, INOV, INTC, JCOM, MSCI, MSFT, ORCL, SSNC, SWI, SWX:TEMN, VMW, VRSK, VRSN

-100%

0%

100%

200%

300%

Mar-12 Mar-13 Mar-14 Mar-15

3 Year Relative Performance

2.4x

11.0x

5.6x

1.3x

2.4x

8.0x

5.3x

1.2x

0x

2x

4x

6x

8x

10x

12x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

CY15E

CY16E 83%

80%

95%

88%

0%

25%

50%

75%

100%

Large Cap

Software

High Growth

Software

High

Profitability

Software

Small Cap

Software

8.0x

13.3x

19.6x

7.2x

22.6x

11.5x

20.3x

0x

5x

10x

15x

20x

25x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

-44%

-1% 3%

15%

nm


8.1x

5.6x 5.6x 5.1x

4.8x 4.5x

4.3x 4.0x 3.8x

3.5x 3.1x 3.1x 2.9x 2.5x

2.4x 2.1x

11.0x

5.6x

4.8x

1.3x

6.6x

4.7x

5.6x

3.9x 4.3x

4.0x 3.6x 3.8x

3.2x 3.1x

2.4x

2.7x 2.8x

2.3x 2.4x 2.0x

8.0x

5.3x

4.0x

1.2x

0x

2x

4x

6x

8x

10x

12x

14x

16x CY15E CY16E

Median Median

nm

14.0x

17.8x

nm

15.0x 13.7x

29.8x

13.4x

18.7x

13.5x

23.6x

10.5x

13.0x 14.1x

8.0x 8.9x

nm

13.3x

24.1x

19.6x

30.7x

11.5x

17.8x

22.1x

13.7x 12.4x

23.8x

13.3x

15.9x

13.2x

16.9x

9.2x

11.5x

10.9x

7.2x 8.7x

22.6x

11.5x

19.3x 20.3x

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

50x

86%

93% 97%

85%

96%

90% 91% 94%

87% 89%

68%

95%

89%

80% 83%

92%

80%

95%

84% 88%

0%

25%

50%

75%

100%

HCM IT

Security

Supply

Chain

Mgmt

Marketing

Apps

Financial

Apps

IT

Ops.

Mgmt

Business

Intelligence

Tech.

&

Embedded

Apps

ERP &

General

Business

Apps

App

Delivery &

Network

Acceleration

Ad

Tech

Platforms,

Dev

Tools

&

Deployment

Content

Mgmt

Storage

Mgmt

Global

Diversified

Network

Infra.

High

Growth

High

Profitability

SaaS Small Cap


Price Performance and Valuation Metrics by Segment

21

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

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful



EV / Revenue EV / EBITDA

Revenue Current Year Forward Year Current Year Forward Year

Growth Date Mean Median Mean Median Mean Median Mean Median

< 5% Q1 2015 3.0 x 2.5 x 3.0 x 2.4 x 9.5 x 8.1 x 8.7 x 8.0 x

Q4 2014 2.6 2.4 2.5 2.4 12.1 9.5 10.5 8.3

Q3 2014 2.5 2.4 2.5 2.4 9.3 7.3 8.8 7.3

Q2 2014 2.3 2.2 2.3 2.2 8.7 8.2 7.4 7.1

Q1 2014 2.3 2.4 2.3 2.4 8.3 8.0 7.8 7.7

Q4 2013 2.7 2.3 2.6 2.4 10.7 9.0 9.6 8.5

Q3 2013 2.3 2.2 2.2 2.1 8.8 8.1 8.3 7.7

Q2 2013 2.3 2.3 2.2 2.2 7.8 8.2 7.2 7.3

Q1 2013 2.2 2.3 2.2 2.2 7.7 8.1 7.3 7.7

Q4 2012 2.0 2.0 1.9 2.0 7.2 7.3 6.9 7.5

Q3 2012 1.9 1.9 1.8 1.9 6.6 6.6 6.3 6.1

Q2 2012 1.8 1.9 1.7 1.8 7.0 6.9 6.1 5.9

5 - 15% Q1 2015 3.7 x 3.2 x 3.4 x 3.0 x 14.7 x 14.2 x 15.1 x 13.2 x

Q4 2014 3.9 3.5 3.6 3.2 15.6 14.0 13.6 12.6

Q3 2014 3.6 3.3 3.3 3.0 14.4 13.7 13.6 11.5

Q2 2014 3.5 3.1 3.2 2.9 15.4 12.8 13.5 11.7

Q1 2014 3.5 3.1 3.3 2.9 12.8 11.5 12.1 11.0

Q4 2013 3.9 3.5 3.5 3.2 15.5 13.1 14.3 12.4

Q3 2013 3.5 3.1 3.2 2.8 13.9 13.0 12.1 11.3

Q2 2013 3.0 2.6 2.7 2.4 12.2 10.0 9.8 9.1

Q1 2013 3.1 2.6 2.8 2.4 11.5 10.8 9.8 9.6

Q4 2012 3.3 2.9 3.0 2.6 12.2 10.4 10.5 9.6

Q3 2012 3.0 2.7 2.7 2.4 10.8 10.1 9.4 8.7

Q2 2012 2.9 2.4 2.6 2.3 9.8 8.9 8.6 7.9

15 - 25% Q1 2015 4.4 x 3.9 x 3.7 x 3.3 x 25.5 x 23.6 x 20.3 x 19.9 x

Q4 2014 4.6 4.2 3.8 3.7 28.0 28.5 23.6 20.2

Q3 2014 4.5 4.3 3.8 3.6 25.8 24.2 19.7 17.5

Q2 2014 4.9 4.8 4.0 3.9 25.5 22.7 20.2 18.4

Q1 2014 5.3 4.8 4.4 4.0 26.1 26.8 22.5 19.3

Q4 2013 5.8 5.2 4.8 4.3 26.6 8.1 23.5 20.4

Q3 2013 5.9 5.9 4.9 4.9 26.3 21.8 24.8 25.6

Q2 2013 4.9 4.9 4.1 4.1 23.3 23.2 21.8 20.5

Q1 2013 4.6 4.3 3.8 3.6 23.5 20.7 19.6 18.9

Q4 2012 4.8 4.1 4.0 3.4 23.8 19.7 21.7 15.8

Q3 2012 5.2 4.6 4.3 3.9 39.3 22.2 34.0 18.5

Q2 2012 5.0 4.6 4.1 3.8 41.7 22.9 24.4 16.6

> 25% Q1 2015 8.6 x 8.9 x 6.4 x 6.9 x 24.8 x 27.3 x 22.2 x 16.9 x

Q4 2014 9.2 8.6 6.6 6.5 24.2 27.9 28.6 27.1

Q3 2014 7.8 6.8 5.7 4.9 28.2 24.3 29.0 28.4

Q2 2014 8.4 8.4 6.2 6.4 25.9 26.4 25.1 26.3

Q1 2014 10.0 9.3 7.4 7.1 15.3 15.3 21.8 17.3

Q4 2013 12.7 8.9 9.1 6.6 25.6 0.0 25.3 24.1

Q3 2013 11.6 8.3 8.5 6.4 30.4 28.5 30.6 36.8

Q2 2013 10.4 9.0 7.6 7.0 26.9 26.9 22.6 24.9

Q1 2013 9.1 9.6 6.7 6.5 45.7 45.7 23.6 23.6

Q4 2012 8.3 7.9 6.1 6.1 35.2 32.9 nm 28.8

Q3 2012 9.4 7.8 6.8 5.7 55.8 36.6 nm 28.7

Q2 2012 7.9 8.3 5.9 6.2 32.4 33.6 nm 25.6

0x

2x

4x

6x

8x

10x

12x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2

2015201420132012

> 25% growth

15 - 25% growth

5 - 15% growth

< 5% growth


Equity Trading Multiples by Growth Tranche

22

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

Forward Year Median EV / EBITDA by Growth Tranche

0x

5x

10x

15x

20x

25x

30x

35x

40x

45x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2

2015201420132012

> 25% growth

15 - 25% growth

5 - 15% growth

< 5% growth





Price Performance and Valuation Metrics of Selected Software Vendors E

V /

Re

ve

nu

e

EV

/ E

BIT

DA

%

of

52

We

ek

Hig

h

23

87%

97% 97%

78%

91%

60%

92% 97%

94% 97%

72%

92%

73%

88%

98%

83% 86%

0%

25%

50%

75%

100%

WDAY NOW PANW SPLK DATA FEYE ADBE RHT CRM AKAM MKTO ORCL VMW CTXS CA intc SYMC

13.7x

12.5x 12.0x

11.3x 10.8x

10.1x

7.4x 6.9x 6.9x

5.6x 5.1x

4.8x 4.4x 3.2x 3.1x

2.7x 2.2x

9.9x 9.2x 9.2x

8.7x 8.0x

7.4x

5.9x 6.0x 5.7x

4.8x 3.9x 4.6x

4.0x 3.0x 3.1x

2.5x 2.2x

0x

5x

10x

15x CY15E CY16E

Median Median

nm nm nm nm nm nm

21.3x

26.1x

40.8x

13.5x

nm

10.1x 12.1x 12.0x

8.2x 6.3x 6.5x

nm nm

36.9x

nm nm nm

14.9x

22.3x

33.1x

11.3x

nm

9.3x 11.5x 11.4x

7.2x 5.8x 6.6x

0x

10x

20x

30x

40x

50x




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

Company (03/31/15) Value Value CY15E CY16E y/y CY15E CY16E CY15E mgn CY16E mgn CY15E CY16E CY15E CY16E

Global Diversified

Microsoft 40.66$ 335,149$ 271,958$ 94,610$ 100,571$ 6% 2.9 x 2.7 x 33,131$ 35% 37,644$ 37% 8.2 x 7.2 x 15.4 x 13.4 x

Oracle 43.15 195,729 184,646 38,595 40,002 4% 4.8 4.6 18,266 47% 19,794 49% 10.1 9.3 14.9 13.7

IBM 160.50 158,642 191,116 85,434 85,553 0% 2.2 2.2 23,684 28% 23,993 28% 8.1 8.0 10.0 9.7

Intel 31.27 148,695 148,352 55,743 58,342 5% 2.7 2.5 23,707 43% 25,366 43% 6.3 5.8 14.5 12.9

Cisco Systems 27.53 140,508 108,023 49,692 52,016 5% 2.2 2.1 13,466 27% 14,928 29% 8.0 7.2 12.5 11.7

SAP AG 72.59 86,787 95,074 21,328 22,454 5% 4.5 4.2 7,425 35% 7,760 35% 12.8 12.3 18.2 17.1

Hewlett Packard 31.16 56,635 63,174 105,248 105,269 0% 0.6 0.6 12,523 12% 12,857 12% 5.0 4.9 8.6 8.2

EMC 25.56 51,134 49,937 26,042 27,630 6% 1.9 1.8 7,070 27% 7,426 27% 7.1 6.7 12.9 11.6

Mean 59,587$ 61,480$ 4% 2.7 x 2.6 x 17,409$ 32% 18,721$ 33% 8.2 x 7.7 x 13.4 x 12.3 x

Median 52,718 55,179 5% 2.4 2.4 15,866 31% 17,361 32% 8.0 7.2 13.7 12.3

Advertising Technology

Criteo 39.50$ 2,410$ 2,112$ 480$ 611$ 27% 4.4 x 3.5 x 123$ 26% 179$ 29% 17.2 x 11.8 x 37.1 x 26.0 x

The Rubicon Project 17.92 725 628 177 227 29% 3.6 2.8 21 12% 37 16% 29.9 16.9 85.8 38.2

TubeMogul 13.82 441 397 150 196 31% 2.7 2.0 (11) nm 5 3% nm nm nm nm

Rocket Fuel 9.20 396 376 536 656 22% 0.7 0.6 (5) nm 16 2% nm 22.9 nm nm

Mean 335$ 422$ 27% 2.8 x 2.2 x 32$ 19% 59$ 13% 23.6 x 17.2 x 61.5 x 32.1 x

Median 328 419 28% 3.1 2.4 8 19% 27 9% 23.6 16.9 61.5 32.1

Application Delivery & Network Acceleration

Akamai Technologies 71.05$ 12,787$ 12,634$ 2,260$ 2,625$ 16% 5.6 x 4.8 x 939$ 42% 1,115$ 42% 13.5 x 11.3 x 26.7 x 22.3 x

Citrix Systems 63.87 10,208 10,712 3,318 3,538 7% 3.2 3.0 892 27% 941 27% 12.0 11.4 17.5 15.7

F5 Networks 114.94 8,306 7,652 1,993 2,234 12% 3.8 3.4 766 38% n/a n/a 10.0 nm 17.6 15.4

Infoblox 23.87 1,415 1,115 319 379 19% 3.5 2.9 34 11% 54 14% 33.2 20.6 88.1 47.4

Radware 20.91 984 849 248 274 11% 3.4 3.1 56 22% 64 23% 15.3 13.2 20.2 17.5

Limelight Networks 3.63 357 264 162 173 7% 1.6 1.5 4 3% 8 5% nm 32.9 nm nm

Mean 1,383$ 1,537$ 12% 3.5 x 3.1 x 448$ 24% 436$ 22% 16.8 x 17.9 x 34.0 x 23.7 x

Median 1,156 1,307 11% 3.5 3.1 411 25% 64 23% 13.5 13.2 20.2 17.5

Business Intelligence

Tableau Software 92.52$ 7,003$ 6,322$ 587$ 794$ 35% 10.8 x 8.0 x 42$ 7% 80$ 10% nm x nm x nm x nm x

Inovalon 30.21 4,555 4,695 436 530 22% 10.8 8.9 158 36% 197 37% 29.8 23.8 55.3 44.0

Qlik Technologies 31.13 2,880 2,636 619 723 17% 4.3 3.6 58 9% 81 11% 45.1 32.4 95.6 61.6

MicroStrategy 169.19 1,923 1,577 586 614 5% 2.7 2.6 133 23% 152 25% 11.9 10.3 26.8 22.1

Varonis Systems 25.66 634 522 132 168 28% 4.0 3.1 (14) nm (10) nm nm nm nm nm

Mean 472$ 566$ 21% 6.5 x 5.2 x 75$ 19% 100$ 21% 28.9 x 22.2 x 59.2 x 42.5 x

Median 586 614 22% 4.3 3.6 58 16% 81 18% 29.8 23.8 55.3 44.0

Content Management

Supply Chain

Management


Equity Trading Multiples by Segment

24


Global Diversified

ERP & General

Business Applications

Financial Applications

Human Capital

Management

IT Security

Network

Infrastructure

Platforms, Dev Tools

& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Small Cap

Marketing

Applications

Application Delivery &

Network Acceleration

($ millions)

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


IT Operations

Management

Advertising

Technology




Content Management

Adobe 73.94$ 37,193$ 35,917$ 4,883$ 6,044$ 24% 7.4 x 5.9 x 1,690$ 35% 2,403$ 40% 21.3 x 14.9 x 35.1 x 22.6 x

Open Text 52.89 6,458 7,208 1,998 2,065 3% 3.6 3.5 686 34% 733 36% 10.5 9.8 13.5 12.0

Avid Technology 14.90 591 566 540 563 4% 1.0 1.0 78 14% 93 17% 7.3 6.1 10.2 8.1

IntraLinks 10.34 591 603 270 291 8% 2.2 2.1 39 14% 46 16% 15.5 13.3 nm 73.9

Mean 1,923$ 2,241$ 10% 3.6 x 3.1 x 623$ 24% 819$ 27% 13.6 x 11.0 x 19.6 x 29.1 x

Median 1,269 1,314 6% 2.9 2.8 382 24% 413 26% 13.0 11.5 13.5 17.3

ERP & General Business Applications

Salesforce.com 66.81$ 44,610$ 44,986$ 6,513$ 7,878$ 21% 6.9 x 5.7 x 1,102$ 17% 1,361$ 17% 40.8 x 33.1 x 97.2 x 73.1 x

Sage Group 6.98 7,660 8,253 2,147 2,260 5% 3.8 3.7 643 30% 682 30% 12.8 12.1 18.2 16.8

Constellation Software 357.47 7,575 7,799 1,909 2,226 17% 4.1 3.5 433 23% 512 23% 18.0 15.2 22.2 18.6

NetSuite 92.76 7,244 7,069 722 926 28% 9.8 7.6 61 8% 81 9% nm nm nm nm

Guidewire Software 52.61 3,691 3,146 390 425 9% 8.1 7.4 60 15% 81 19% nm 38.7 nm 78.0

j2 Global 65.68 3,194 3,258 698 807 16% 4.7 4.0 303 43% 352 44% 10.7 9.3 17.0 14.7

Medidata Solutions 49.04 2,763 2,731 401 480 20% 6.8 5.7 94 23% 122 25% 29.0 22.5 56.3 44.1

Blackbaud 47.38 2,465 2,731 634 690 9% 4.3 4.0 136 21% 155 22% 20.1 17.6 32.8 28.8

Synchronoss Technologies 47.46 2,080 2,032 570 662 16% 3.6 3.1 189 33% 225 34% 10.8 9.0 22.6 19.8

Zendesk 22.69 1,801 1,685 189 259 37% 8.9 6.5 (16) nm 8 3% nm nm nm nm

Fleetmatics 44.85 1,728 1,577 289 351 22% 5.5 4.5 92 32% 115 33% 17.1 13.7 34.9 27.4

RealPage 20.14 1,597 1,590 456 504 11% 3.5 3.2 82 18% 100 20% 19.4 15.9 45.7 37.3

Aveva Group 22.13 1,413 1,239 324 343 6% 3.8 3.6 101 31% 110 32% 12.3 11.2 19.3 17.6

Cvent 28.04 1,191 1,033 178 219 23% 5.8 4.7 18 10% 26 12% nm 39.2 nm nm

SPS Commerce 67.10 1,134 1,007 157 187 19% 6.4 5.4 22 14% 28 15% 46.5 36.2 86.7 68.1

Enghouse Systems Ltd. 40.99 1,096 1,013 229 n/a n/a 4.4 n/a 58 25% n/a n/a 17.4 nm 34.9 nm

TechnologyOne 3.12 964 905 170 189 11% 5.3 4.8 39 23% 46 24% 23.0 19.7 33.8 28.6

PROS 24.71 734 683 224 261 16% 3.0 2.6 30 13% 39 15% 22.6 17.6 66.9 46.6

Callidus Software 12.68 628 602 165 197 20% 3.7 3.1 22 13% 31 16% 27.7 19.2 51.0 31.7

Basware 43.14 614 570 157 192 22% 3.6 3.0 26 16% 49 26% 22.1 11.6 48.9 19.5

Workiva 14.40 608 532 141 175 24% 3.8 3.0 (34) nm (33) nm nm nm nm nm

OPOWER 10.13 541 416 147 179 22% 2.8 2.3 (23) nm (13) nm nm nm nm nm

SciQuest 16.93 471 343 108 121 12% 3.2 2.8 22 21% 26 22% 15.4 13.1 55.4 42.7

QAD 24.20 436 331 302 315 4% 1.1 1.0 26 9% 31 10% 12.9 10.6 28.5 25.6

Jive Software 5.13 383 275 197 221 12% 1.4 1.2 1 0% 7 3% nm 38.8 nm nm

Model N 11.96 317 220 96 108 12% 2.3 2.1 (3) nm n/a n/a nm nm nm nm

ClickSoftware 8.79 295 254 141 160 13% 1.8 1.6 6 4% 9 5% 40.0 29.4 71.3 44.0

Five9 5.56 275 244 120 143 19% 2.0 1.7 (19) nm (10) nm nm nm nm nm

ServiceSource 3.10 263 169 243 247 2% 0.7 0.7 (12) nm 18 7% nm 9.5 nm nm

Comarch SA 31.96 260 236 275 293 6% 0.9 0.8 31 11% 31 11% 7.7 7.6 18.9 19.3

Mean 610$ 725$ 16% 4.2 x 3.6 x 116$ 19% 150$ 19% 21.3 x 19.6 x 43.1 x 35.1 x

Median 236 261 16% 3.8 3.2 31 17% 42 19% 18.7 15.9 34.9 28.7

Content Management


Equity Trading Multiples by Segment continued

25

($ millions)

Notes:




Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology





Intuit 96.96$ 27,071$ 26,203$ 4,547$ 5,220$ 15% 5.8 x 5.0 x 1,474$ 32% 1,910$ 37% 17.8 x 13.7 x 34.8 x 23.9 x

FIS 68.06 19,673 24,382 6,802 7,214 6% 3.6 3.4 2,052 30% 2,210 31% 11.9 11.0 19.9 17.6

Fiserv 79.40 19,315 22,824 5,307 5,587 5% 4.3 4.1 1,766 33% 1,894 34% 12.9 12.1 21.0 18.7

Verisk Analytics 71.40 11,628 13,022 1,898 2,094 10% 6.9 6.2 895 47% 991 47% 14.6 13.1 25.7 23.0

MSCI 61.31 7,854 8,145 1,069 1,162 9% 7.6 7.0 437 41% 487 42% 18.6 16.7 28.1 23.8

Jack Henry 69.89 5,721 5,692 1,348 1,457 8% 4.2 3.9 469 35% 513 35% 12.1 11.1 25.2 22.1

SS&C Technologies 62.30 5,571 6,100 866 928 7% 7.0 6.6 361 42% 395 43% 16.9 15.5 23.7 21.6

Fair Isaac 88.72 2,849 3,352 847 901 6% 4.0 3.7 236 28% 244 27% 14.2 13.7 20.6 nm

Advent Software 44.11 2,440 2,624 421 450 7% 6.2 5.8 149 35% 161 36% 17.6 16.3 28.6 26.4

Temenos Group 35.16 2,383 2,483 543 573 5% 4.6 4.3 194 36% 220 38% 12.8 11.3 21.6 18.7

Xero 18.51 2,357 2,226 148 236 59% 15.0 9.5 (39) nm (19) nm nm nm nm nm

Envestnet 56.08 2,117 2,057 427 520 22% 4.8 4.0 77 18% 106 20% 26.7 19.5 53.4 38.4

Ellie Mae 55.31 1,678 1,603 206 254 24% 7.8 6.3 40 19% 62 24% 40.5 26.1 59.8 42.0

SimCorp 32.97 1,349 1,320 285 312 9% 4.6 4.2 76 26% 88 28% 17.5 15.0 25.0 21.0

Asseco Poland 15.81 1,313 1,936 1,819 1,769 -3% 1.1 1.1 258 14% 254 14% 7.5 7.6 13.4 13.6

IRESS 8.16 1,278 1,359 271 291 7% 5.0 4.7 85 31% 94 32% 16.0 14.4 25.4 22.6

Fidessa 32.98 1,257 1,143 438 466 6% 2.6 2.5 99 23% 106 23% 11.5 10.8 26.8 24.7

Ebix 30.38 1,117 1,185 247 n/a n/a 4.8 n/a 89 36% n/a n/a 13.3 nm 18.9 nm

Bottomline Technologies 27.37 1,097 1,064 348 387 11% 3.1 2.8 71 20% 83 21% 15.0 12.9 19.8 15.4

Q2 Holdings 21.14 792 708 105 135 29% 6.7 5.2 (13) nm (12) nm nm nm nm nm

Yodlee 13.46 397 325 108 131 21% 3.0 2.5 10 9% 15 12% 33.0 21.2 nm 68.2

Mean 1,336$ 1,504$ 13% 5.4 x 4.6 x 418$ 29% 490$ 30% 17.4 x 14.6 x 27.3 x 26.0 x

Median 438 546 8% 4.8 4.3 149 31% 190 32% 15.0 13.7 25.1 22.6

Human Capital Management

Workday 84.41$ 17,516$ 15,661$ 1,143$ 1,587$ 39% 13.7 x 9.9 x 35$ 3% 63$ 4% nm x nm x nm x nm x

Ultimate Software 169.96 4,865 4,759 617 751 22% 7.7 6.3 153 25% 196 26% 31.1 24.3 68.8 55.3

Paycom Software 32.06 1,726 1,728 197 251 28% 8.8 6.9 34 17% 46 19% nm 37.2 nm 81.3

Cornerstone OnDemand 28.89 1,593 1,536 338 426 26% 4.5 3.6 5 2% 19 5% nm nm nm nm

Paylocity 28.64 1,480 1,394 164 203 23% 8.5 6.9 1 1% 2 1% nm nm nm nm

Benefitfocus 36.79 1,125 1,122 174 214 24% 6.5 5.2 (40) nm (26) nm nm nm nm nm

Mean 439$ 572$ 27% 8.3 x 6.5 x 31$ 9% 50$ 11% nm x 30.7 x nm x 68.3 x

Median 268 339 25% 8.1 6.6 20 3% 33 5% nm 30.7 nm 68.3



26

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




IT Operations Management

VMware 82.01$ 35,195$ 29,620$ 6,697$ 7,493$ 12% 4.4 x 4.0 x 2,452$ 37% 2,583$ 34% 12.1 x 11.5 x 20.3 x 17.8 x

CA Technologies 32.61 14,444 13,021 4,195 4,261 2% 3.1 3.1 1,595 38% 1,807 42% 8.2 7.2 13.3 12.7

ServiceNow 78.78 13,012 12,344 990 1,344 36% 12.5 9.2 132 13% 199 15% nm nm nm nm

Splunk 59.20 7,657 6,807 603 787 30% 11.3 8.7 36 6% 65 8% nm nm nm nm

SolarWinds 51.24 3,937 3,670 522 625 20% 7.0 5.9 239 46% 276 44% 15.4 13.3 25.5 21.6

New Relic 34.70 1,870 1,669 134 176 31% 12.4 9.5 (39) nm (20) nm nm nm nm nm

Netscout Systems 43.85 1,809 1,614 501 575 15% 3.2 2.8 157 31% 187 33% 10.3 8.6 22.1 18.5

LogMeIn 55.99 1,415 1,214 262 304 16% 4.6 4.0 57 22% 67 22% 21.5 18.2 43.4 36.9

MobileIron 9.26 793 675 170 220 29% 4.0 3.1 (58) nm (57) nm nm nm nm nm

Gigamon 21.24 719 569 193 223 15% 3.0 2.6 26 14% 35 16% 21.5 16.5 55.0 40.9

Mean 1,427$ 1,601$ 21% 6.6 x 5.3 x 460$ 26% 514$ 27% 14.8 x 12.6 x 29.9 x 24.7 x

Median 511 600 18% 4.5 4.0 94 26% 127 27% 13.7 12.4 23.8 20.0

IT Security

Symantec 23.37$ 15,956$ 14,311$ 6,412$ 6,586$ 3% 2.2 x 2.2 x 2,198$ 34% 2,170$ 33% 6.5 x 6.6 x 12.3 x 11.4 x

Check Point 81.97 15,733 14,420 1,621 1,747 8% 8.9 8.3 909 56% 986 56% 15.9 14.6 20.6 18.5

Palo Alto Networks 146.08 12,423 12,224 1,020 1,334 31% 12.0 9.2 191 19% 331 25% nm 36.9 nm 75.0

Verisign 66.97 9,058 8,383 1,055 1,107 5% 7.9 7.6 709 67% 752 68% 11.8 11.1 21.2 18.9

FireEye 39.25 6,677 6,275 619 854 38% 10.1 7.4 (207) nm (137) nm nm nm nm nm

Fortinet 34.95 6,098 5,378 926 1,088 18% 5.8 4.9 152 16% 195 18% 35.4 27.6 70.4 54.7

Trend Micro 33.30 4,672 3,516 1,034 1,065 3% 3.4 3.3 359 35% 365 34% 9.8 9.6 23.1 22.3

Proofpoint 59.22 2,744 2,555 249 312 25% 10.3 8.2 1 1% 20 6% nm nm nm nm

Cheetah Mobile 17.09 2,220 1,961 557 985 77% 3.5 2.0 72 13% 239 24% 27.3 8.2 42.8 11.5

Barracuda Networks 38.47 2,084 1,917 309 365 18% 6.2 5.3 78 25% 88 24% 24.7 21.9 nm 85.2

Qualys 46.48 1,825 1,698 168 208 24% 10.1 8.1 43 26% 56 27% 39.3 30.3 87.2 67.0

CyberArk 55.57 1,710 1,533 133 166 25% 11.5 9.2 14 11% 20 12% nm nm nm nm

Imperva 42.70 1,181 1,071 199 240 21% 5.4 4.5 (18) nm (6) nm nm nm nm nm

AVG Technologies 21.65 1,124 1,210 421 458 9% 2.9 2.6 153 36% 159 35% 7.9 7.6 11.6 10.2

Vasco Data Security 21.54 855 718 228 256 12% 3.1 2.8 52 23% 62 24% 13.9 11.5 20.5 17.1

F-Secure 2.90 461 395 163 169 4% 2.4 2.3 43 27% 38 22% 9.1 10.4 14.6 21.3

Imprivata 14.00 370 292 122 150 23% 2.4 1.9 (6) nm (5) nm nm nm nm nm

Absolute Software 8.26 363 302 101 113 12% 3.0 2.7 21 21% 24 21% 14.1 12.7 38.6 62.0

Mean 852$ 956$ 20% 6.2 x 5.1 x 265$ 27% 297$ 29% 18.0 x 16.1 x 33.0 x 36.5 x

Median 365 411 18% 5.6 4.7 62 25% 75 24% 14.0 11.5 21.2 21.3

Marketing Applications

Demandware 60.90$ 2,325$ 2,082$ 234$ 312$ 34% 8.9 x 6.7 x 10$ 4% 24$ 8% nm x nm x nm x nm x

Hubspot 39.90 1,340 1,220 161 204 26% 7.6 6.0 (36) nm (32) nm nm nm nm nm

Constant Contact 38.21 1,279 1,116 388 454 17% 2.9 2.5 76 19% 96 21% 14.8 11.7 28.0 21.9

Marketo 25.62 1,162 1,054 206 270 31% 5.1 3.9 (35) nm (25) nm nm nm nm nm

Bazaarvoice 5.65 453 405 203 229 13% 2.0 1.8 (1) nm 12 5% nm 32.6 nm 96.3

Mean 238$ 294$ 24% 5.3 x 4.2 x 3$ 12% 15$ 11% nm x 22.1 x nm x 59.1 x

Median 206 270 26% 5.1 3.9 (1) 12% 12 8% nm 22.1 nm 59.1



27

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




Network Infrastructure

Juniper Networks 22.58$ 9,203$ 8,580$ 4,496$ 4,710$ 5% 1.9 x 1.8 x 1,122$ 25% 1,174$ 25% 7.6 x 7.3 x 13.8 x 12.2 x

Brocade 11.87 5,021 4,746 2,284 2,346 3% 2.1 2.0 593 26% 604 26% 8.0 7.9 12.8 11.9

Aruba Networks 24.49 2,761 2,470 917 1,058 15% 2.7 2.3 224 24% 261 25% 11.0 9.4 19.9 16.9

Infoblox 23.87 1,415 1,115 319 379 19% 3.5 2.9 34 11% 54 14% 33.2 20.6 88.1 47.4

Extreme Networks 3.16 314 294 587 617 5% 0.5 0.5 33 6% n/a n/a 8.9 nm 18.3 10.2

Mean 1,721$ 1,822$ 9% 2.1 x 1.9 x 401$ 18% 523$ 22% 13.7 x 11.3 x 30.6 x 19.7 x

Median 917 1,058 5% 2.1 2.0 224 24% 433 25% 8.9 8.7 18.3 12.2

Platforms, Development Tools & Deployment

Red Hat 75.75$ 13,900$ 13,495$ 1,945$ 2,234$ 15% 6.9 x 6.0 x 517$ 27% 606$ 27% 26.1 x 22.3 x 43.2 x 36.8 x

Informatica 43.86 4,837 4,115 1,131 1,248 10% 3.6 3.3 275 24% 303 24% 15.0 13.6 26.7 23.3

Micro Focus 17.66 2,467 2,726 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Software AG 26.16 2,274 2,351 940 964 3% 2.5 2.4 262 28% 276 29% 9.0 8.5 12.3 11.8

Pegasystems 21.75 1,690 1,479 654 730 12% 2.3 2.0 93 14% 115 16% 16.0 12.8 27.4 23.1

Progress Software 27.17 1,382 1,319 427 449 5% 3.1 2.9 125 29% 143 32% 10.5 9.2 18.9 17.0

Hortonworks 23.84 1,260 1,056 86 130 51% 12.3 8.1 (100) nm (90) nm nm nm nm nm

Rally Software 15.69 411 344 105 128 22% 3.3 2.7 (18) nm (2) nm nm nm nm nm

Axway Software 19.41 398 423 310 335 8% 1.4 1.3 51 17% 59 18% 8.2 7.2 10.6 9.4

Magic Software 6.50 289 211 178 191 7% 1.2 1.1 27 15% 29 15% 7.8 7.3 12.7 11.8

Mean 642$ 712$ 15% 4.1 x 3.3 x 137$ 22% 160$ 23% 13.2 x 11.5 x 21.7 x 19.0 x

Median 427 449 10% 3.1 2.7 93 24% 115 24% 10.5 9.2 18.9 17.0

Storage Management

NetApp 35.46$ 11,055$ 7,292$ 6,149$ 6,343$ 3% 1.2 x 1.1 x 1,386$ 23% 1,447$ 23% 5.3 x 5.0 x 12.7 x 11.8 x

Box 19.75 2,509 2,221 283 367 29% 7.8 6.1 (123) nm (95) nm nm nm nm nm

CommVault Systems 43.70 2,027 1,662 637 718 13% 2.6 2.3 118 18% 152 21% 14.1 10.9 31.1 25.3

Carbonite 14.30 395 334 137 149 9% 2.4 2.2 22 16% 21 14% 15.0 15.5 nm nm

Mean 1,802$ 1,894$ 13% 3.5 x 2.9 x 351$ 19% 381$ 19% 11.5 x 10.5 x 21.9 x 18.5 x

Median 460 543 11% 2.5 2.3 70 18% 87 21% 14.1 10.9 21.9 18.5

Supply Chain Management

Manhattan Associates 50.61$ 3,764$ 3,640$ 538$ 584$ 9% 6.8 x 6.2 x 160$ 30% 180$ 31% 22.8 x 20.2 x 39.2 x 34.8 x

Descartes Systems 15.61 1,175 1,057 190 213 12% 5.6 5.0 60 31% 68 32% 17.8 15.5 25.3 22.3

American Software 10.22 292 235 114 n/a n/a 2.1 n/a 23 20% n/a n/a 10.4 nm 23.8 nm

Mean 280$ 398$ 10% 4.8 x 5.6 x 81$ 27% 124$ 31% 17.0 x 17.8 x 29.4 x 28.5 x

Median 190 398 10% 5.6 5.6 60 30% 124 31% 17.8 17.8 25.3 28.5



28

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




Technical & Embedded Applications

Dassault Systemes 68.10$ 17,327$ 16,377$ 2,940$ 3,218$ 9% 5.6 x 5.1 x 979$ 33% 1,101$ 34% 16.7 x 14.9 x 30.0 x 26.7 x

Autodesk 58.64 13,389 12,109 2,628 2,723 4% 4.6 4.4 432 16% 631 23% 28.0 19.2 49.9 36.3

ANSYS 88.19 7,939 7,150 968 1,048 8% 7.4 6.8 492 51% 538 51% 14.5 13.3 25.3 23.1

Synopsys 46.32 7,197 6,582 2,245 2,416 8% 2.9 2.7 624 28% 657 27% 10.5 10.0 17.3 15.3

Cadence Design 18.44 5,506 4,832 1,700 1,811 7% 2.8 2.7 527 31% 586 32% 9.2 8.3 18.3 16.3

Parametric Technology 36.17 4,159 4,504 1,329 1,399 5% 3.4 3.2 364 27% n/a n/a 12.4 nm 15.8 14.1

Aspen Technology 38.49 3,476 3,245 458 504 10% 7.1 6.4 191 42% 226 nm 17.0 14.4 28.8 25.4

Mentor Graphics 24.03 2,832 2,853 1,283 1,367 7% 2.2 2.1 314 24% 352 26% 9.1 8.1 13.1 11.9

Mean 1,694$ 1,811$ 7% 4.5 x 4.2 x 490$ 32% 584$ 32% 14.7 x 12.6 x 24.8 x 21.1 x

Median 1,515 1,605 7% 4.0 3.8 462 29% 586 30% 13.4 13.3 21.8 19.7

29

($ millions)



Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology





Salesforce.com 66.81$ 44,610$ 44,986$ 6,513$ 7,878$ 21% 6.9 x 5.7 x 1,102$ 17% 1,361$ 17% 40.8 x 33.1 x 97.2 x 73.1 x

Workday 84.41 17,516 15,661 1,143 1,587 39% 13.7 9.9 35 3% 63 4% nm nm nm nm


Splunk 59.20 7,657 6,807 603 787 30% 11.3 8.7 36 6% 65 8% nm nm nm nm

NetSuite 92.76 7,244 7,069 722 926 28% 9.8 7.6 61 8% 81 9% nm nm nm nm

Ultimate Software 169.96 4,865 4,759 617 751 22% 7.7 6.3 153 25% 196 26% 31.1 24.3 68.8 55.3

Box 19.75 2,509 2,221 283 367 29% 7.8 6.1 (123) nm (95) nm nm nm nm nm

Criteo 39.50 2,410 2,112 480 611 27% 4.4 3.5 123 26% 179 29% 17.2 11.8 37.1 26.0

Demandware 60.90 2,325 2,082 234 312 34% 8.9 6.7 10 4% 24 8% nm nm nm nm

Envestnet 56.08 2,117 2,057 427 520 22% 4.8 4.0 77 18% 106 20% 26.7 19.5 53.4 38.4


Fleetmatics 44.85 1,728 1,577 289 351 22% 5.5 4.5 92 32% 115 33% 17.1 13.7 34.9 27.4

Paycom Software 32.06 1,726 1,728 197 251 28% 8.8 6.9 34 17% 46 19% nm 37.2 nm 81.3

RealPage 20.14 1,597 1,590 456 504 11% 3.5 3.2 82 18% 100 20% 19.4 15.9 45.7 37.3

Cornerstone OnDemand 28.89 1,593 1,536 338 426 26% 4.5 3.6 5 2% 19 5% nm nm nm nm

Paylocity 28.64 1,480 1,394 164 203 23% 8.5 6.9 1 1% 2 1% nm nm nm nm

LogMeIn 55.99 1,415 1,214 262 304 16% 4.6 4.0 57 22% 67 22% 21.5 18.2 43.4 36.9

Hubspot 39.90 1,340 1,220 161 204 26% 7.6 6.0 (36) nm (32) nm nm nm nm nm

Constant Contact 38.21 1,279 1,116 388 454 17% 2.9 2.5 76 19% 96 21% 14.8 11.7 28.0 21.9

Cvent 28.04 1,191 1,033 178 219 23% 5.8 4.7 18 10% 26 12% nm 39.2 nm nm


SPS Commerce 67.10 1,134 1,007 157 187 19% 6.4 5.4 22 14% 28 15% 46.5 36.2 86.7 68.1

Benefitfocus 36.79 1,125 1,122 174 214 24% 6.5 5.2 (40) nm (26) nm nm nm nm nm

MobileIron 9.26 793 675 170 220 29% 4.0 3.1 (58) nm (57) nm nm nm nm nm

Q2 Holdings 21.14 792 708 105 135 29% 6.7 5.2 (13) nm (12) nm nm nm nm nm

The Rubicon Project 17.92 725 628 177 227 29% 3.6 2.8 21 12% 37 16% 29.9 16.9 85.8 38.2

Varonis Systems 25.66 634 522 132 168 28% 4.0 3.1 (14) nm (10) nm nm nm nm nm

Callidus Software 12.68 628 602 165 197 20% 3.7 3.1 22 13% 31 16% 27.7 19.2 51.0 31.7

Workiva 14.40 608 532 141 175 24% 3.8 3.0 (34) nm (33) nm nm nm nm nm

IntraLinks 10.34 591 603 270 291 8% 2.2 2.1 39 14% 46 16% 15.5 13.3 nm 73.9

OPOWER 10.13 541 416 147 179 22% 2.8 2.3 (23) nm (13) nm nm nm nm nm

SciQuest 16.93 471 343 108 121 12% 3.2 2.8 22 21% 26 22% 15.4 13.1 55.4 42.7

Bazaarvoice 5.65 453 405 203 229 13% 2.0 1.8 (1) nm 12 5% nm 32.6 nm 96.3

Rally Software 15.69 411 344 105 128 22% 3.3 2.7 (18) nm (2) nm nm nm nm nm

Yodlee 13.46 397 325 108 131 21% 3.0 2.5 10 9% 15 12% 33.0 21.2 nm 68.2

Jive Software 5.13 383 275 197 221 12% 1.4 1.2 1 0% 7 3% nm 38.8 nm nm

Five9 5.56 275 244 120 143 19% 2.0 1.7 (19) nm (10) nm nm nm nm nm

Mean 468$ 581$ 24% 5.7 x 4.5 x 49$ 14% 71$ 14% 25.5 x 23.1 x 57.3 x 51.0 x

Median 197 251 23% 4.8 4.0 18 14% 26 15% 24.1 19.3 52.2 40.6


Equity Trading Multiples by Comparable Subset

30

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




Small Cap (<$250m Market Value)

ChannelAdvisor 9.69$ 244$ 178$ 96$ 112$ 16% 1.9 x 1.6 x (16)$ nm (12)$ nm nm x nm x nm x nm x

Amber Road 9.25 241 203 78 92 18% 2.6 2.2 (7) nm 0 0% nm nm nm nm

Marin Software 6.29 228 163 115 134 17% 1.4 1.2 (11) nm (6) nm nm nm nm nm

Millennial Media 1.45 202 152 323 391 21% 0.5 0.4 (25) nm 7 2% nm 20.3 nm 62.2

Cyan 3.99 198 170 140 163 16% 1.2 1.0 (24) nm (22) nm nm nm nm nm

Exa 11.88 184 166 65 73 12% 2.5 2.3 2 3% 5 7% nm 31.3 nm nm

YuMe 5.19 173 109 202 223 10% 0.5 0.5 2 1% 10 4% nm 11.3 nm nm

Guidance Software 5.41 162 144 110 116 6% 1.3 1.2 2 2% 6 5% nm 23.0 nm nm

Attunity 10.05 158 139 51 68 32% 2.7 2.1 n/a n/a n/a n/a nm nm 35.9 20.5

Tremor Video 2.34 120 43 196 234 19% 0.2 0.2 (5) nm 1 1% nm 29.9 nm nm

Upland Software 7.01 107 99 71 75 6% 1.4 1.3 3 5% 5 7% 29.1 18.1 nm nm

FalconStor Software 1.55 87 66 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Covisint 2.03 79 36 84 86 2% 0.4 0.4 (1) nm (8) nm nm nm nm nm

Datawatch 6.79 78 35 31 n/a n/a 1.1 n/a (10) nm n/a n/a nm nm nm nm

Top Image Systems 3.31 60 56 43 50 17% 1.3 1.1 5 13% 7 13% 10.2 8.3 24.5 13.0

NetSol Technologies 5.77 57 61 51 n/a n/a 1.2 n/a n/a n/a n/a n/a nm nm nm nm

NexJ Systems 1.06 23 8 23 25 12% 0.3 0.3 (4) nm (2) n/a nm nm nm nm

Mean 105$ 132$ 15% 1.3 x 1.1 x (6)$ 5% (0)$ 5% 19.6 x 20.3 x 30.2 x 31.9 x

Median 81 102 16% 1.3 1.2 (5) 3% 1 5% 19.6 20.3 30.2 20.5


Equity Trading Multiples by Comparable Subset continued

31

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology

High Growth




High Growth (>30% CY16E Revenue Growth)

Cheetah Mobile 17.09$ 2,220$ 1,961$ 557$ 985$ 77% 3.5 x 2.0 x 72$ 13% 239$ 24% 27.3 x 8.2 x 42.8 x 11.5 x

Xero 18.51 2,357 2,226 148 236 59% 15.0 9.5 (39) nm (19) nm nm nm nm nm

Hortonworks 23.84 1,260 1,056 86 130 51% 12.3 8.1 (100) nm (90) nm nm nm nm nm

Workday 84.41 17,516 15,661 1,143 1,587 39% 13.7 9.9 35 3% 63 4% nm nm nm nm

FireEye 39.25 6,677 6,275 619 854 38% 10.1 7.4 (207) nm (137) nm nm nm nm nm



Tableau Software 92.52 7,003 6,322 587 794 35% 10.8 8.0 42 7% 80 10% nm nm nm nm

Demandware 60.90 2,325 2,082 234 312 34% 8.9 6.7 10 4% 24 8% nm nm nm nm

Attunity 10.05 158 139 51 68 32% 2.7 2.1 n/a n/a n/a n/a nm nm 35.9 20.5


Palo Alto Networks 146.08 12,423 12,224 1,020 1,334 31% 12.0 9.2 191 19% 331 25% nm 36.9 nm 75.0

New Relic 34.70 1,870 1,669 134 176 31% 12.4 9.5 (39) nm (20) nm nm nm nm nm

TubeMogul 13.82 441 397 150 196 31% 2.7 2.0 (11) nm 5 3% nm nm nm nm

Mean 437$ 610$ 40% 9.3 x 6.7 x 3$ 10% 51$ 11% 27.3 x 22.6 x 39.4 x 35.7 x

Median 220 291 36% 10.5 7.7 (11) 10% 8 9% nm 22.6 39.4 20.5

High Profitability (>35% CY15E EBITDA Margin)

Verisign 66.97$ 9,058$ 8,383$ 1,055$ 1,107$ 5% 7.9 x 7.6 x 709$ 67% 752$ 68% 11.8 x 11.1 x 21.2 x 18.9 x

Check Point 81.97 15,733 14,420 1,621 1,747 8% 8.9 8.3 909 56% 986 56% 15.9 14.6 20.6 18.5

ANSYS 88.19 7,939 7,150 968 1,048 8% 7.4 6.8 492 51% 538 51% 14.5 13.3 25.3 23.1

Oracle 43.15 195,729 184,646 38,595 40,002 4% 4.8 4.6 18,266 47% 19,794 49% 10.1 9.3 14.9 13.7

Verisk Analytics 71.40 11,628 13,022 1,898 2,094 10% 6.9 6.2 895 47% 991 47% 14.6 13.1 25.7 23.0

SolarWinds 51.24 3,937 3,670 522 625 20% 7.0 5.9 239 46% 276 44% 15.4 13.3 25.5 21.6

j2 Global 65.68 3,194 3,258 698 807 16% 4.7 4.0 303 43% 352 44% 10.7 9.3 17.0 14.7

Intel 31.27 148,695 148,352 55,743 58,342 5% 2.7 2.5 23,707 43% 25,366 43% 6.3 5.8 14.5 12.9

Aspen Technology 38.49 3,476 3,245 458 504 10% 7.1 6.4 191 42% 226 45% 17.0 14.4 28.8 25.4

SS&C Technologies 62.30 5,571 6,100 866 928 7% 7.0 6.6 361 42% 395 43% 16.9 15.5 23.7 21.6

Akamai Technologies 71.05 12,787 12,634 2,260 2,625 16% 5.6 4.8 939 42% 1,115 42% 13.5 11.3 26.7 22.3

MSCI 61.31 7,854 8,145 1,069 1,162 9% 7.6 7.0 437 41% 487 42% 18.6 16.7 28.1 23.8

F5 Networks 114.94 8,306 7,652 1,993 2,234 12% 3.8 3.4 766 38% n/a n/a 10.0 nm 17.6 15.4

CA Technologies 32.61 14,444 13,021 4,195 4,261 2% 3.1 3.1 1,595 38% 1,807 42% 8.2 7.2 13.3 12.7

VMware 82.01 35,195 29,620 6,697 7,493 12% 4.4 4.0 2,452 37% 2,583 34% 12.1 11.5 20.3 17.8

AVG Technologies 21.65 1,124 1,210 421 458 9% 2.9 2.6 153 36% 159 35% 7.9 7.6 11.6 10.2

Inovalon 30.21 4,555 4,695 436 530 22% 10.8 8.9 158 36% 197 37% 29.8 23.8 55.3 44.0

Ebix 30.38 1,117 1,185 247 n/a n/a 4.8 n/a 89 36% n/a n/a 13.3 nm 18.9 nm

Temenos Group 35.16 2,383 2,483 543 573 5% 4.6 4.3 194 36% 220 38% 12.8 11.3 21.6 18.7

Advent Software 44.11 2,440 2,624 421 450 7% 6.2 5.8 149 35% 161 36% 17.6 16.3 28.6 26.4

Microsoft 40.66 335,149 271,958 94,610 100,571 6% 2.9 2.7 33,131 35% 37,644 37% 8.2 7.2 15.4 13.4

Mean 10,253$ 11,378$ 10% 5.8 x 5.3 x 4,102$ 43% 4,950$ 44% 13.6 x 12.3 x 22.6 x 19.9 x

Median 1,055 1,134 8% 5.6 5.3 492 42% 538 43% 13.3 11.5 21.2 18.8

Notes:





Equity Trading Multiples by Comparable Subset continued

32

($ millions)

Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology

High Growth


IPO Pricing

IPO Date 10/03/14 10/09/14 11/06/14 12/12/14 12/12/14 12/12/14 01/22/15 02/18/15

Original Range $11 - $13 $19 - $21 $12 - $14 $13 - $15 $20 - $22 $12 - $14 $11 - $13 $24 - $26

Pricing $12.00 $25.00 $12.00 $14.00 $23.00 $16.00 $14.00 $27.00

vs. Midpoint 0% 25% (8%) 0% 10% 23% 17% 8%

Current $13.46 $39.90 $7.01 $14.40 $34.70 $23.84 $19.75 $30.21

vs. Pricing 12% 60% (42%) 3% 51% 49% 41% 12%

Operating Statistics at IPO ($ millions)

CY Revenue $88 $113 $65 $111 n/a $49 $283 $436

CY+1 Revenue $107 $145 $77 $141 $133 $81 $367 $530

Growth 21% 28% 19% n/a n/a 64% 29% 22%

Fo

rwa

rd R

eve

nu

e M

ult

iple

33

Equity Financing Activity Software IPOs: Trailing Six Months


Ma

rke

t V

alu

e (

$ m

illio

ns)

3.2x

5.3x

2.6x 4.1x

7.3x 6.9x

3.8x

7.4x

3.0x

7.6x

1.4x

3.8x

12.4x 12.3x

7.8x

10.8x

0x

5x

10x

15x

20x

25x Median at 03/31/15

Median at IPO

$340 $759

$172 $553

$1,059 $666

$1,630

$3,901

$397

$1,340

$107

$608

$1,870

$1,260

$2,509

$4,555

$-

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000 At IPO

At 03/31/15


Current Trading Data Valuation at IPO

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

Company (03/31/15) Value Value CY15E CY16E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY +1

Inovalon $ 30.21 $ 4,555 $ 4,695 10.8 x 8.9 x 12 % 02/18/15 $ 27.00 $ 600 $ 3,901 $ 3,941 11.7 x 9.0 x 7.4 x

Box 19.75 2,509 2,221 7.8 6.1 41 01/22/15 14.00 175 1,630 1,412 11.4 5.0 3.8

Hortonworks 23.84 1,260 1,056 12.3 8.1 49 12/12/14 16.00 100 666 554 13.3 11.3 6.9

New Relic 34.70 1,870 1,669 12.4 9.5 51 12/12/14 23.00 115 1,059 970 11.4 n/a 7.3

Workiva 14.40 608 532 3.8 3.0 3 12/12/14 14.00 101 553 570 5.4 5.1 4.1

Upland Software 7.01 107 99 1.4 1.3 (42) 11/06/14 12.00 46 172 196 4.9 3.0 2.6

Hubspot 39.90 1,340 1,220 7.6 6.0 60 10/09/14 25.00 125 759 769 8.2 6.8 5.3

Yodlee 13.46 397 325 3.0 2.5 12 10/03/14 12.00 75 340 345 4.4 3.9 3.2

CyberArk 55.57 1,710 1,533 11.5 9.2 247 09/24/14 16.00 86 473 397 9.3 4.2 3.5

TubeMogul 13.82 441 397 2.7 2.0 97 07/18/14 7.00 44 306 317 4.6 2.9 2.0

Imprivata 14.00 370 292 2.4 1.9 (7) 06/24/14 15.00 75 342 338 4.4 3.7 3.0

MobileIron 9.26 793 675 4.0 3.1 3 06/11/14 9.00 100 672 611 5.7 5.3 3.9

Zendesk 22.69 1,801 1,685 8.9 6.5 152 05/14/14 9.00 100 632 598 7.2 5.4 3.7

Cheetah Mobile 17.09 2,220 1,961 3.5 2.0 22 05/07/14 14.00 168 1,934 1,837 14.8 7.3 3.9

Paycom Software 32.06 1,726 1,728 8.8 6.9 114 04/14/14 15.00 69 766 834 7.8 5.9 4.6

Five9 5.56 275 244 2.0 1.7 (21) 04/03/14 7.00 70 338 349 4.2 3.4 2.6

OPOWER 10.13 541 416 2.8 2.3 (47) 04/03/14 19.00 116 902 873 9.8 7.4 6.0

The Rubicon Project 17.92 725 628 3.6 2.8 19 04/01/14 15.00 102 521 495 5.9 4.4 3.3

Amber Road 9.25 241 203 2.6 2.2 (29) 03/20/14 13.00 62 322 327 6.2 5.2 4.4

Q2 Holdings 21.14 792 708 6.7 5.2 63 03/19/14 13.00 81 415 408 7.2 5.5 4.1

Paylocity 28.64 1,480 1,394 8.5 6.9 68 03/18/14 17.00 85 832 832 10.0 7.8 6.2

Varonis Systems 25.66 634 522 4.0 3.1 17 02/27/14 22.00 106 524 510 6.8 5.2 4.1

Mean 6.0 x 4.6 x 40 % $ 118 $ 821 $ 795 7.9 x 5.6 x 4.4 x

Median 4.0 3.1 21 100 593 562 7.2 5.2 4.0


Software IPO Pricing & Performance Data

34

Initial Equity Issuances from 2014 – 1Q 2015 ($ millions)

Notes:

[a] Primary shares only



9

16

(9)

(5)

11

14 (18)

(2)

5

17 (17)

5

27

(21)

(3)

8

1 (2)

7

2011 IPO

Backlog

New Filings Priced Withdrawn 2012 IPO

Backlog


Backlog


Backlog


Backlog


Backlog


Software IPO Pipeline

35

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)

Historical IPO Filing Trends

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

Inovalon Holdings Priced INOV 02/18/15 $24 - $26 $27 12/30/14 $336 $58

Box Priced BOX 01/22/15 $11 - $13 $14 03/24/14 $124 ($169)

Apigee S-1 Filed APIC n/a $16 - $18 n/a 03/20/15 $62 ($55)


Close Date Company Participating Investor(s) Description Amount

03/31/15 ReadyPulse Baesman Group, Divergent, IDG Capital Partners, Moxie Software, Rally Ventures, Walden Venture Capital Marketing campaign management $5

03/31/15 Sprinklr Battery Ventures, ICONIQ Capital, Intel Capital Social media management infrastructure $46

03/31/15 Tanium Andreessen Horowitz Endpoint security and systems management $52

03/30/15 Drifty Arthur Ventures, Founder Collective, Lightbank Mobile application development $3

03/30/15 Jama Software Madrona Venture Group, Oregon Angel Fund, Trinity Ventures, Updata Partners Product and application development and delivery $20

03/30/15 Testlio Click Ventures, Galvanize, Geekdom Fund, Right Side Capital Management, TechStars Mobile application testing $1

03/27/15 Aryaka Networks InterWest Partners, Mohr Davidow Ventures, Nexus Venture Partners, Presidio Ventures, Trinity Ventures Global wide area network optimization $16

03/27/15 HubLogix Mosley Ventures, Sigma Prime Ventures, United Parcel Service Ecommerce supply chain management $4

03/27/15 Security Innovation Brook Venture Partners Application security assessment and training $4

03/27/15 The ADEX Capnamic Ventures, Iris Capital Management Real-time advertising data management $3

03/26/15 Amplience Northstar Equity Investors, Octopus Investments, SVB Ecommerce customer experience management $11

03/26/15 FinancialForce.com Salesforce.com, Technology Crossover Ventures Enterprise resource management $110

03/26/15 FusionOps New Enterprise Associates Supply chain analytics $12

03/26/15 InstallTracker n/a Mobile application analytics $1

03/26/15 Red Canary Kyrus Tech Endpoint security and threat detection $3

03/25/15 Ayasdi Centerview Capital, Citi Ventures, Draper Nexus, FLOODGATE Fund, IVP, Khosla Ventures, KPCB Advanced analytics machine learning $55

03/25/15 Cypherpath n/a IT infrastructure virtualization <$1

03/25/15 Hedvig Atlantic Bridge Ventures, Redpoint Ventures, True Ventures Software-designed distributed storage platform $13

03/25/15 Lookingglass Alsop Louie Partners, Neuberger Berman Cyber threat intelligence platform $20

03/25/15 Nanigans Avalon Ventures, Cheetah Mobile, Wellington Real-time bidding for Facebook advertisements $24

03/25/15 Oomnitza Cherubic Ventures, DoubleRock IT asset management $2

03/24/15 Char Software Foundation Capital, Polaris Partners, Sapphire Ventures Mobile application marketing $35

03/24/15 Falcon Social NorthCap Partners, Prime Ventures, Target Partners Social media and customer interaction management $16

03/24/15 InAuth Bain Ventures Mobile fraud prevention and application security $23

03/24/15 KeyWee Innovation Endeavors, The New York Times, Upwest Labs Data-driven marketing content optimization $9

03/24/15 OneModel TechStars Business data and analytics content management <$1

03/24/15 Realm Khosla Ventures, Scale Venture Partners Mobile database replacement for SQLite and core data $20

03/24/15 Rubrik Lightspeed Venture Partners Converged data management for app development and recovery $10

03/24/15 Security Scorecard BOLDstart Ventures, Evolution Equity Partners, Sequoia Collaboration security risk assessment and remediation $13

03/24/15 Skycure New York Life Insurance Company, Pitango Venture Capital, Shasta Ventures Enterprise mobility threat detection $8

03/23/15 MetricStory TechStars Online customer interaction analytics <$1

03/23/15 Solebit LABS Glilot Capital Partners Code-level cyber attack prevention $2

03/22/15 VIVID Technologies Conrad Labs, Rosemont Group Capital Partners, SunBridge Global Ventures, Telefónica Customer support experience optimization <$1

03/19/15 Fundbox Blumberg Capital, General Catalyst, Khosla Ventures, Nyca Partners SMB cash flow management $40

03/19/15 Quid Artis, Buchanan Investments, Liberty Interactive, Subtraction Capital, Thomas H. Lee Partners, Tiger Partners High performance intelligence platform for data analysis $39

03/19/15 Ridgeback TEDCO Intrusion prevention security appliance <$1

03/19/15 Twin Prime Draper Fisher Jurvetson, Milliways Ventures, Moment Ventures, True Ventures Mobile network data acceleration $10

03/19/15 Vidder LDV Partners, ONSET Ventures, Presidio Ventures, Voyager Capital Access control for network-based attack prevention $12

03/18/15 Azalead Software Aurinvest B2B analytics and advertising $2

03/18/15 Brightwurks CommonAngels, Foundry Group SMB customer support help desk $6


Software Private Capital Raise Activity: 1Q 2015

36

($ millions)




03/18/15 Darktrace Hoxton Ventures, Invoke Capital, Talis Capital Machine learning real-time threat prevention $19

03/18/15 FileTrek Software Anthem Venture Partners, Informatica, Telesystem, Toba Capital Analytics-based threat detection $10

03/18/15 Hypori Green Visor Capital Virtual mobile infrastructure platform $14

03/18/15 InsideSales.com Hummer Winblad, KPCB, Microsoft, Polaris Partners, Salesforce.com, USVP, Zetta Venture Partners Sales productivity acceleration $60

03/18/15 Moltin Y Combinator Rapid ecommerce application development n/a

03/18/15 ProtonMail Charles River Ventures, Fondation Genevoise pour l'Innovation Technologique Encrypted email infrastructure $2

03/18/15 Stratifyd China Growth Capital, New Gen Partners, Social Starts, TEEC Angel Fund Data-driven visual analytics for actionable insights $1

03/17/15 Birst Duff Ackerman & Goodrich, Hummer Winblad, Northgate Capital, Sequoia, Wellington Business intelligence and analytics $65

03/17/15 Dataminr Credit Suisse, Expansion Venture Capital, Fidelity, IVP, Venrock, Wellington, WorldQuant Ventures Real-time information discovery via Twitter stream mining $130

03/17/15 Optimize n/a Marketing platform for programmatic advertising $2

03/16/15 Altocloud ACT Venture Capital, Delta Partners, Digicel Group, Enterprise Ireland, Western Development Commission Predictive analytics and machine learning for communications $2

03/16/15 Clusterpoint BaltCap Management, Imprimatur Capital NoSQL database, enterprise search and cluster storage $1

03/16/15 Deep Info. Sciences n/a Big data processing for business information $7

03/16/15 IdentityMind Global Benhamou Global Ventures, Cybernaut Venture Capital, Lakewood & Company, Mozido, SBT Venture Capital Ecommerce and regulatory compliance risk management n/a

03/16/15 Reltio .406 Ventures, Crosslink Capital Sales, marketing and compliance data applications $10

03/15/15 Honest Dollar Aaron Patzer, Core Innovation Capital, Expansive Ventures, Formation 8 SMB employee retirement benefits management $3

03/13/15 Netbase Solutions Altos Ventures, Spring Lake Equity Partners, Thomvest Ventures, WestSummit Capital Customer engagement social intelligence $24

03/13/15 Worksfire Individual Investors Task management and document sharing collaboration platform <$1

03/12/15 Bringhub Bam Ventures, Canyon Creek Capital, Capital Union Investments, Clark Landry, PreAngel Content publisher ecommerce enablement $2

03/12/15 Ravelin Technology Passion Capital Investments Digital fraud prevention n/a

03/12/15 SignalFx Andreessen Horowitz, Charles River Ventures Modern monitoring platform using streaming analytics $20

03/12/15 Surveypal Finnvera Venture Capital, Vendep Startup Fund Customer feedback automation via mobile surveys $1

03/11/15 Appedo n/a Application performance management $1

03/11/15 Branding Brand n/a Mobile commerce enablement $15

03/11/15 Bugcrowd Blackbird Ventures, Costanoa Venture Capital, Paladin Capital Group, Rally Ventures Crowdsourced security testing $6

03/11/15 ChargeBee Accel Partners, Tiger Global Management Subscription business recurring billing platform $5

03/11/15 Elastica Mayfield Fund, Pelion Venture Partners, Telstra, Third Point Ventures Cloud application security monitoring and defense $9

03/11/15 GlimpzIt Founder's Co-Op, Seattle Angel Conference Consumer visual engagement platform $1

03/11/15 Looker Data Sciences First Round Capital, Meritech Capital Partners, PivotNorth Capital, Redpoint Ventures, Sapphire Ventures Data-driven business intelligence $30

03/11/15 Prevoty USVP Application monitoring and security $8

03/11/15 Zuora Benchmark, BlackRock, Greylock, Index, Next World Capital, Passport Capital, Shasta Ventures, Vulcan Capital, Wellington Subscription revenue billing and payment management $115

03/10/15 Double Fastlane Ventures, Leta Capital, Simile Venture Partners Financial institution big data fraud prevention $3

03/10/15 SimpliVity Accel Partners, Charles River Ventures, DFJ Growth, KPCB, Meritech Capital Partners, WayPoint Capital Partners Software defined data center hyperconverged infrastructure $175

03/09/15 Hyperloop Data Contura Investment Big data transmission, optimization, analysis and delivery <$1

03/09/15 Integral Ad Science n/a Online advertising media valuation platform $4

03/09/15 Search'XPR Bpifrance, Sofimac Partners Data search and recommendation API $2

03/08/15 Onshape Commonwealth Capital Ventures, New Enterprise Associates, North Bridge Venture Partners Computer-aided design $29

03/06/15 4-Tell n/a Digital marketing personalization <$1

03/06/15 All4Staff Recruit Holdings New employee digital onboarding automation $2

03/06/15 Detectify Inventure, Paua Ventures Website security scanning and auditing $2


Software Private Capital Raise Activity: 1Q 2015 continued

37

($ millions)




03/06/15 LeanIX Capnamic Ventures, Iris Capital Management Enterprise architecture management $3

03/06/15 Pelucid 83North, MMC Ventures Predictive lead generation $3

03/06/15 Quixey Alibaba, Atlantic Bridge Ventures, GGV Capital, Goldman Sachs, SK Telecom, Softbank, TransLink Capital, Twitter, USVP Mobile application search engine and content management $60

03/05/15 Custora n/a Ecommerce predictive marketing $8

03/05/15 FollowAnalytics n/a Mobile marketing automation and customer engagement $8

03/05/15 Namely Bullpen Capital, Greenspring Associates, Lerer Hippeau Ventures, Matrix Partners, True Ventures, Vayner/RSE HR, payroll and benefits management $23

03/05/15 Salesfusion BLH Venture Partners, Hallett Capital, Noro-Moseley Partners CRM and marketing automation $5

03/05/15 Swiftype New Enterprise Associates Website and application search and analytics $13

03/04/15 Alation Andreessen Horowitz, Bloomberg Beta, Costanoa Venture Capital, General Catalyst, TenOneTen Ventures, The Data Collective Business data optimization and governance $9

03/03/15 Booker Software Bain Ventures, First Data, Grotech, Jump Capital, Medina Capital, Revolution, Signal Peak, TDF Ventures, Vital Venture Capital Service business management and marketing $35

03/03/15 Clearbit BoxGroup, First Round Capital, FUEL Capital, SV Angel, Zetta Venture Partners Business intelligence APIs $2

03/03/15 Cloudmine Ben Franklin Technology Partners, DeSimone Group, DreamIt Ventures, Robin Hood Ventures, Safeguard Scientifics Mobile application development $7

03/03/15 Greenhouse Software Benchmark, Felicis Ventures, Resolute Ventures, Social+Capital Partnership Applicant tracking and hiring $14

03/03/15 Metric Insights First Round Capital Business intelligence KPI management collaboration $4

03/03/15 ToutApp 500 Startups, Andreessen Horowitz, Founder Collective, Launch Fund, Sigma West Sales tracking and analytics application for sales professionals $15

03/03/15 Vserv Digital Services IDG Ventures India, Maverick Capital Mobile marketing customer interaction data $15

03/02/15 AdotMob Iris Capital Management, Kerala Ventures Mobile real-time bidding $1

03/02/15 Krystallize Technologies n/a Cloud performance management $1

03/02/15 MariaDB Runa Capital Operational database management system $3

03/02/15 Pendo.io n/a Software development data analytics $1

03/02/15 Twilio n/a Text, voice and communications APIs $6

03/01/15 Barricade Security Frontline Ventures, Tribal Ventures Server intrusion and data breach protection $1

03/01/15 Lately n/a Online marketing planning and collaboration n/a

02/28/15 Rezonence Individual Investor Omnichannel content monetization advertising <$1

02/27/15 LeadDesk Dawn Capital, Finnish Industry Investment Call center, inside sales and telemarketing telesales enhancement $6

02/27/15 Neumob Enspire Capital, Menlo Ventures, Plug and Play Tech Center, PradoSV Stealth cloud computing platform n/a

02/27/15 PowWow IT-Farm Corporation, Vertical Venture Partners Application mobilization and deployment $4

02/27/15 The Mobile Majority n/a Vertically integrated mobile advertising <$1

02/26/15 Emailage Double M Partners, Felicis Ventures, Mucker Capital Fraud detection and risk assessment $4

02/26/15 Exablox DCM, Dell Ventures, Norwest Venture Partners, USVP Scale-out network attached storage $16

02/26/15 SpringCM n/a Sales contract management automation $5

02/26/15 VirtualWorks Group n/a Content virtualization and enterprise search $7

02/26/15 Workable 83North, OpenFund Applicant tracking and hiring $5

02/26/15 WorkForce Software n/a Workforce management automation $7

02/26/15 Zimperium Lazarus Israel Opportunities Fund, Samsung Electronics Co., Sierra Ventures, Telstra, Toyo Corporation Enterprise mobility security assessment and protection $12

02/25/15 BlueTalon Berggruen Holdings, Biosys Capital, Bloomberg Beta, Divergent, Signia Venture Partners, Stanford StartX, The Data Collective Internal and external enterprise big data analysis $6

02/25/15 ironSource Access Industries, Carmel Ventures, Clal Industries, Saban Capital Group Software discovery, delivery, distribution and monetization $105

02/25/15 Lotame Solutions n/a Cross-device marketing data management platform $11

02/25/15 SecureKey Technologies Blue Sky Capital, Rogers Venture Partners Online identity and dynamic authentication security $19

02/24/15 Pivot3 Argonaut Private Equity, InterWest Partners, Mesirow Financial, S3 Ventures Hyperconverged data center infrastructure $45



38

($ millions)




02/24/15 Space-Time Insight E.ON, NEC Corporation Big data analytics for real time visual and temporal analysis $8

02/23/15 Breakout Commerce n/a Global online, offline and mobile commerce enablement $2

02/23/15 easySYS Armada Investment, Redalpine Venture Partners SMB cloud-based business and accounting $5

02/22/15 Namogoo Technologies Adler Chomsky & Warsawasky, Blumberg Capital, FundersGuild, Greylock, Inimiti Capital Partners Client-side injected malware protection $5

02/20/15 myProcess n/a Rapid enterprise mobile app development $4

02/20/15 Urban Airship August Capital, Foundry Group, Franklin Park Associates, QuestMark Partners, True Ventures, Verizon Ventures Mobile push messaging enablement $21

02/19/15 6 Sense Insights Bain Ventures, Battery Ventures, Venrock Marketing and sales predictive intelligence $20

02/19/15 AgileCraft Individual Investors Scaled agile software development $10

02/19/15 altusInsight High-Tech Gründerfonds Big data cloud computation platform <$1

02/19/15 Livefyre Adobe Ventures, Cue Ball Capital, Greycroft Partners, HillsVen Capital, Salesforce.com, USVP Real-time content marketing $32

02/19/15 Revmetrix .406 Ventures, Genacast Ventures Omnichannel commerce customer intelligence $2

02/19/15 ScienceLogic Goldman Sachs, Intel Capital, New Enterprise Associates Single code base hybrid IT monitoring platform $43

02/19/15 Sqrrl Data Atlas Venture, Matrix Partners, Rally Ventures Big data analytics and security $7

02/18/15 Axcient Allegis Capital, Industry Ventures, Peninsula Ventures, Scale Venture Partners, Thomvest Ventures Data backup and disaster recovery $25

02/18/15 inDinero Coyote Ridge Ventures, DH Capital, FundersClub, SaaS Capital, Signatures Capital, Streamlined Ventures SMB accounting and finance $7

02/18/15 Message Systems Hercules Technology Growth Capital, LLR Partners, NewSpring Capital Cloud and on-premise email infrastructure $35

02/18/15 Onfido CrunchFund, Wellington Partners Candidate online background-check platform $5

02/18/15 RapidMiner Ascent Venture Partners, Earlybird Venture Capital, Longworth Venture Partners, Open Ocean Capital Code-free analytics and predictive action $15

02/18/15 SkyGiraffe 500 Startups, Trilogy Equity Partners Enterprise mobility enablement $3

02/18/15 Springpath New Enterprise Associates, Redpoint Ventures, Sequoia Enterprise storage and data management $34

02/18/15 Vector Fabrics Newion Investment Management, Point-One Innovation Fund, PPm Oost Multicore programming platform n/a

02/17/15 APImetrics Bain Ventures API analysis, monitoring and reporting <$1

02/17/15 Apptimize Costanoa Venture Capital Mobile application testing $4

02/17/15 Logz.io Giza Venture Capital, Launch Angels Log analytics $1

02/17/15 Tealium Bain Ventures, Battery Ventures, Georgian Partners, Presidio Ventures, Tenaya Capital Tag management and real-time customer data $31

02/17/15 WeTransfer Highland Capital Partners Europe Online file-transferring $25

02/13/15 CloudVelox Cisco Investments, KAAJ Ventures, Mayfield Fund, Pelion Venture Partners, Third Point Ventures Automated cloud disaster recovery and migration $15

02/13/15 Logtrust Investing Profit Wisely Big data management and analytics $4

02/13/15 Mavenlink Carrick Capital Partners Online project management $19

02/12/15 Bill.com American Express, August Capital, Commerce Ventures, DCM, Napier Park Global Capital, Scale Venture Partners, SVB SMB bill payment and financial management $50

02/12/15 Conductor Blue Cloud Ventures, Catalyst Investors, FirstMark Capital, Investor Growth Capital, Matrix Partners Web presence management and search engine optimization $27

02/12/15 Gummicube F50, Golden Seeds App store optimization and proprietary mobile analytics <$1

02/12/15 Saguna Networks Akamai Technologies, SoftBank Ventures Korea, Xenia Venture Capital Radio access network (RAN) application acceleration $3

02/11/15 Digital Shadows Passion Capital Investments, Storm Ventures, TenEleven Ventures Cyber threat intelligence and data loss prevention $8

02/11/15 ThreatSTOP n/a Dynamic threat source detection and blocking $4

02/10/15 Encap n/a Mobile application security $6

02/10/15 PIP Learning LearnLaunch Accelerator Identity access management n/a

02/10/15 Rainforest Andreessen Horowitz, Crosslink Capital, FundersClub, Morado Venture Partners, Rincon Venture Partners, Storm Ventures Software quality assurance testing $4

02/10/15 Team8 Alcatel-Lucent, Bessemer, Cisco Investments, Innovation Endeavors, Marker Cyber-security testing, ideation and creation environment $18

02/10/15 Wandera 83North, Bessemer Enterprise mobility gateway $15



39

($ millions)




02/09/15 CFEngine Founders Fund, Investinor IT infrastructure configuration management n/a

02/09/15 NodeSource Crosslink Capital, Resolute Ventures Tools for running server-side JavaScript $3

02/09/15 ShiftPlanning Klever Internet Investments, MHS Capital, Point Nine Capital, Team Builder Ventures Workforce management automation $9

02/06/15 Implisense High-Tech Gründerfonds B2B customer search engine n/a

02/06/15 Kimonolabs Cowboy Ventures, Karlin Ventures Code-less app development n/a

02/05/15 Hybrid Cluster Accel Partners, Canaan Partners Full stack cloud platform for commodity hardware $12

02/05/15 Meetrics business angels, IBB Beteiligungsgesellschaft, NW Digital, yabeo Capital Online advertising optimization $1

02/05/15 Sauce Labs Toba Capital Mobile and web application testing $15

02/04/15 Graylog Crosslink Capital, Draper Associates, High-Tech Gründerfonds, Mercury Fund Log management $3

02/04/15 Qumulo Highland Capital Partners, KPCB, Madrona Venture Group, Valhalla Partners Data-aware scale-out network-attached storage $40

02/03/15 MightySignal Draper Associates, QueensBridge Venture Partners, TechStars, Vulcan Capital, Western Technology Investment B2B lead generation $1

02/03/15 PeekAnalytics n/a Marketing audience measurement platform $3

02/03/15 UniFi Software n/a Enterprise-grade big data acquisition and integration $3

02/01/15 nGage Labs n/a Personalized mobile customer engagement n/a

01/29/15 Bench Accounting Altos Ventures, Contour Venture Partners Virtual bookkeeping $7

01/29/15 Datadog Amplify Partners, Index, OpenView Venture Partners, RTP Ventures Servers, cloud and application monitoring $31

01/29/15 Nimble HR Real Ventures Applicant tracking and hiring <$1

01/29/15 No More Filing n/a Online data storage <$1

01/29/15 QASymphony BIP Capital, KMS Technology, Poplar Ventures Real-time software visibility and testing $3

01/29/15 Volusion Main Street Capital Ecommerce enablement and marketing $55

01/28/15 ClickTale Amadeus Capital Partners, Goldrock Capital, Kohlberg Kravis Roberts, Viola Credit Digital customer experience management $35

01/28/15 Insite Software Volition Capital Manufacturer and distributor Ecommerce $17

01/28/15 Pulsate Delta Partners, dunnhumby Ventures, Enterprise Ireland, Paypal Mobile location marketing $1

01/28/15 UserTesting Accel Partners, OpenView Venture Partners User experience testing $46

01/27/15 Beckon August Capital, Canaan Partners, El Dorado Ventures, Venrock Marketing performance management $13

01/27/15 CloudBees Blue Cloud Ventures, Lightspeed Venture Partners, Matrix Partners, Verizon Ventures App development and deployment acceleration $23

01/27/15 Dizzion Access Venture Partners, Correlation Ventures, Grotech, Point B Capital, Service Provider Capital Desktop management and security $4

01/27/15 Fuse Tools Northzone Ventures Native app design and development for iOS and Android $3

01/27/15 magnetic.io Individual Investor Modular and service-based application architecture development <$1

01/27/15 Nilas Formation 8, FUEL Capital, Great Oaks Venture Capital, SV Angel, The Data Collective Email platform and infrastructure $8

01/27/15 ProLeads.io 500 Startups B2B sales automation n/a

01/26/15 Araxid Prime Bessemer, Columbia Capital Business transaction data management $13

01/26/15 Graph Story TENN Master Accelerator Program Graph database management n/a

01/26/15 RedSeal Networks n/a Network cybersecurity analytics $14

01/22/15 Button Atlas Venture, DCM, Greycroft Partners, Redpoint Ventures, Slow Ventures, Vayner/RSE Connected application enablement for mobile apps $14

01/22/15 Persado American Express, Bain Ventures, Citi Ventures, StarVest Partners Digital marketing personalization $21

01/22/15 Starcounter Industrifonden In-memory database engine and application server $2

01/21/15 CloudHealth .406 Ventures, Scale Venture Partners, Sigma Prime Ventures Policy-driven cloud management $12

01/21/15 Cloudsoft Corporation Andromeda Capital, Scottish Enterprise, West Avenue Capital Cloud application management n/a

01/21/15 Interana AME Cloud Ventures, Battery Ventures, FUEL Capital, Harris Barton, Index, Mike Olson, The Data Collective Analytics for data discovery $20



40

($ millions)




01/21/15 Salesoar Club Italia Investimenti Multi-channel ecommerce marketing n/a

01/21/15 VMTurbo Bain Ventures, Globespan Capital Partners, Highland Capital Partners, Iconiq Capital Demand-driven virtualization control platform $50

01/21/15 Work Market Industry Ventures, SVB, SoftBank Capital, Spark Capital, Union Square Ventures Freelancer and contract worker management $20

01/20/15 Appsflyer Fidelity Growth Partners Europe, Magma Venture Partners, Pitango Venture Capital Mobile application measurement and tracking $20

01/20/15 Distelli Andreessen Horowitz Application code deployment $3

01/20/15 Iterable 500 Startups, 645 Ventures, Merus Capital, TEEC Angel Fund Email marketing $1

01/20/15 Peer5 FG Angels, HillsVen Capital, Tapinator Content delivery optimization and web decentralization n/a

01/20/15 Ravello Systems Bessemer, Norwest Venture Partners, Qualcomm Ventures, SanDisk Ventures, Sequoia, Vintage Ventures Management Application development and testing $28

01/20/15 Taykey Innovation Endeavors, Marker, MSR Capital, Sequoia , SoftBank Capital, Tenaya Capital Audience trends-based advertising $15

01/20/15 Truedash Individual Investor Collaborative cloud-based business intelligence <$1

01/20/15 Vaultive .406 Ventures, Harmony Partners, New Science Ventures Cloud data encryption $8

01/19/15 Dataiku Alven Capital Partners, Serena Capital Raw data machine learning $4

01/19/15 RealMatch Carmel Ventures, Edison Partners, ORIX Ventures Online recruitment board advertising $8

01/19/15 Rubikloud Technologies Access Industries, TOM Group Retail business intelligence $7

01/16/15 AppAnalytics.io n/a Mobile application analytics <$1

01/15/15 ChartMogul Point Nine Capital Recurring revenue business analytics <$1

01/15/15 Cloudstitch SXSW Accelerator Web development with Google spreadsheets n/a

01/15/15 Neo Technology Conor Venture Partners, Creandum, Dawn Capital, Fidelity Growth Partners Europe, Sunstone Capital Open source graph database $20

01/15/15 Sandstorm Development Quest Venture Partners Open source platform for personal servers $1

01/14/15 MyDigitalShield Litera Investments SMB network security <$1

01/13/15 App Annie e.ventures, Greycroft Partners, IDG Capital Partners, IVP, Sequoia Mobile application market data platform $55

01/13/15 Argo Technologies Accel Partners Data discovery and analytics collaboration $2

01/13/15 Basho Technologies Georgetown Partners Distributed database platform $25

01/13/15 Ionic Security Google Ventures, Icon Ventures, KPCB, Meritech Capital Partners, TechOperators Security for the entire data lifecycle $40

01/13/15 Licobo BWM, Leonardo Venture Capital Interoperable software creation via universal API <$1

01/13/15 Teads Bpifrance, Elaia Partners, Gimv, Partech Ventures Video advertising campaign management and distribution $30

01/13/15 Ubix Labs Frost Data Capital, Voyager Capital Data processing, analytics and visualization $3

01/12/15 Accengage Mobile First Alliance, OTCAgregator Mobile marketing and engagement $3

01/12/15 DataRPM Individual Investor Business intelligence and analytics n/a

01/08/15 Dato Madrona Venture Group, New Enterprise Associates, Opus Capital, Vulcan Capital Data analytics and predictive modeling $19

01/07/15 Reddo Mobility Atlas Venture, Citrix Systems, Consolidated Investment Group Enterprise application mobilization $4

01/07/15 Torusware Software FinTech Innovation Lab Communication infrastructure optimization n/a

01/06/15 Blue Box Group Founder Collective, Voyager Capital Private cloud-as-a-service based on OpenStack deployment $14

01/06/15 Predikto Analytics Angel Investor Management Group, Atlanta Technology Angels, TechOperators Predictive analytics for downtime prevention $4

01/06/15 Treasure Data AME Cloud Ventures, Scale Venture Partners Big data collection, storage and analytics $15

01/05/15 Apploi OurCrowd, RiverPark Ventures, Three W International Job search and hiring application $7

01/05/15 Cedexis n/a Web performance optimization <$1

01/05/15 Secret Cop Entrepreneurs for the Future (e4f) Website malware monitoring and cleaning n/a

01/02/15 TopOPPS Clifford Holekamp, Cultivation Capital Big data analytics for sales pipeline management $2



41

($ millions)


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Quarterly Enterprise Software Market Review - Shea & Company · Quarterly Enterprise Software Market Review 1Q 2015 San Francisco 201 Mission Street, ... 02/11/15 Neolog Consultoria