Software Equity Group 2013 Flash Report - Sandhill · Nov-25-2013 Linx Sistemas E Consultoria Ltda. Ionics Informatica e Automacao Ltda., Certain Assets $2.4 $5.2 2.2x - Nov-22-2013

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Software Equity Group

Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank founded in

LEADERS IN SOFTWARE M&AIndustry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit• Growth capital

We Do Deals.

Growth capital• Buyout • Inorganic growth via acquisition• Buy and sell-side mentoring• Fairness opinions and valuationsFairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies• Clients span virtually every software technology, product

category, delivery model and vertical market• Global presence providing advice and guidance to more

th 2 000 i t d bli i th h t USthan 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

Copyright © 2013 by Software Equity Group, LLC

EXTENSIVE GLOBAL REACH

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France,

Recent Sell-side Representation

Germany, Australia & Saudi Arabia

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

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• SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are q y p y pdistributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 76 countries.


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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and

ABOUT SOFTWARE EQUITY GROUPq y p y g gy , g

advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling We are skilled and accomplished investment bankers with extraordinary software internet and technologyOur value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

P h t i t t th l ti hi ' b ilt d th i d t t ti j S ft E it G i k d t d b bli lPerhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. g

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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, [email protected] , 2800-509) 858Beible, Director, Business Development (Kris please contact

CONTACT INFORMATION:

Software Equity Group, L.L.C.12220 El Camino Real, Suite 320San Diego, CA 92130www softwareequity comwww.softwareequity.comp: (858) 509-2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.


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List of Commonly Used Acronyms

CRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Company Ticker Index CategoryAdditions: 58.com WUBA Internet Services

Software Networking & Network PerformanceSoftware Security

Wix.com WIX Internet Services

SEG Index Changes

Barracuda Networks CUDA

Removals: The Active Network - Software Vertical - Other


Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


Select November 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDANov-29-2013 UXC Limited (ASX:UXC) Keystone Management Solutions Pty Ltd - $25.6 - -Nov-28-2013 ZenithOptimedia Limited Walker Media Holdings Ltd. - $78.4 - -Nov-28-2013 Exatel SA E-Telbank Sp. z o.o. - - - -Nov-28-2013 LX Ventures Inc. (TSXV:LXV) Copper.io Inc. - $6.6 - -Nov-28-2013 Hangzhou Kuaizhi Technology Co., Ltd. Shanghai Dahuangfeng Network Information - - - -Nov-27-2013 Wirecard AG (XTRA:WDI) PT. Aprisma Indonesia - $120.2 - -Nov-27-2013 Textmunication Holdings, Inc. (OTCPK:FSTW.D) Textmunication Holdings, Inc., Prior to - - - -Nov-27-2013 Telecom Holding LLC LLC "Norilsk telecom" - - - -Nov-26-2013 Yume no Machi Souzou Iinkai Co., Ltd. (JASDAQ:2484) ZEN Co. Ltd. - - - -Nov-26-2013 TOTVS S.A. (BOVESPA:TOTS3) Seventeen Tecnologia da Informacao Em Informatica Ltda $5.8 $7.9 1.4x -Nov-26-2013 Altice VII Sarl Orange Dominicana SA $581.0 $1,435.0 2.5x -Nov-26-2013 Infoniqa SQL AG GlassHouse Technologies, AG - - - -Nov-25-2013 UUX OTT Networks - - - -Nov-25-2013 Appfire Technologies, Inc. Bob Swift Software, LLC - - - -Nov-25-2013 Ygl Convergence Berhad (KLSE:YGL) Ygl E Manufacturing Sdn Bhd - - - -Nov-25-2013 Apkudo LLC Blue Potato - - - -Nov-25-2013 Nielsen Holdings N.V. (NYSE:NLSN) Harris Interactive Inc. (NasdaqGS:HPOL) $139.7 $102.9 0.7x 8.7xNov-25-2013 Brandon Advertising, Inc. Wilson Lass+Brandon - - - -Nov-25-2013 Omnitracs, Inc. Roadnet Technologies, Inc. - - - -Nov-25-2013 StreamTrack Media, Inc. Robot Fruit, Inc. - $0.0 - -Nov-25-2013 Linkem S.p.A. E-via S.p.A., WiMAX Business Unit - $37.1 - -Nov-25-2013 Byliner.com Seesaw Decisions Corp - - - -Nov-25-2013 Linx Sistemas E Consultoria Ltda. Ionics Informatica e Automacao Ltda., Certain Assets $2.4 $5.2 2.2x -Nov-22-2013 Sibername Internet and Software Technologies Inc. Webspawner Ltd. - - - -Nov-22-2013 Trivone Digital Services Pvt. Ltd. Godot Entertainment & Media Pvt Ltd. - - - -Nov-22-2013 Kreata Global Digital Media Service Pvt. Ltd. Flamingos Media Pvt Ltd - - - -Nov-22-2013 Towers Watson & Co. (NYSE:TW) Liazon Corporation - $215.0 - -Nov-22-2013 Mobiquity, Inc. Mobility Effect LLC - - - -Nov-22-2013 Worth Global Style Network Limited Stylesight Inc. - - - -Nov-22-2013 The CHR Group, Inc. Stone Canoe Inc. - - - -Nov-22-2013 Miles 33 (Holdings) Ltd. Virtualcom Interactive Srl - - - -Nov-21-2013 Trimble Navigation Limited (NasdaqGS:TRMB) Computer Services Consultants (UK) Limited - - - -Nov-21-2013 NTT DATA, Inc. Optimal Solutions Integration, Inc. $153.0 - - -Nov-21-2013 Pure Auto, LLC Tentail, Inc. - - - -Nov-21-2013 i.d.e.a. Rappaport Communications Inc. - - - -Nov-21-2013 i Media Networks Limited RAM Vision Ltd. - - - -Nov-21-2013 The Reynolds and Reynolds Company HCD Software, LLC - - - -Nov-21-2013 BOKU, Inc. Spunk Media Pvt. Ltd. - - - -Nov-21-2013 Livefyre, Inc. Realtidbits Inc. - - - -Nov-21-2013 AMN Healthcare Services Inc. (NYSE:AHS) ShiftWise, Inc. - - - -Nov-21-2013 Reply S.p.A. (BIT:REY) Mind Services Informatica Ltda. $4.2 $3.4 0.8x -Nov-21-2013 Shenzhen Keybridge Communications Co., Ltd. 65% Stake in Emaxx Telecom and 49% Stake in Star Digital Muds - - - -Nov-21-2013 STaSIS Engineering, Inc. RTL Technologies, Inc. - - - -Nov-20-2013 Ideagen PLC (AIM:IDEA) Pentana Limited $3.9 $4.9 1.3x -Nov-20-2013 Kallisto Neunzigste Vermögensverwaltungs-GmbH P&I Personal & Informatik Aktiengesellschaft (XTRA:PUI) $119.2 - - -Nov-20-2013 SiteCore A/S Commerceserver.net - - - -Nov-20-2013 PasswordBox Legacy Locker Inc. - - - -Nov-20-2013 TEOCO Corporation AIRCOM International Limited - - - -Nov-20-2013 CM Telecom B.V. Mobillion B.V., Mobillion Activities - - - -Nov-20-2013 Private Invesor(s) Scalix, Inc. - - - -Nov-20-2013 VML, Inc. Biggs|Gilmore Communications, Inc. $21.0 - - -

Acquirer


Select November 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDANov-20-2013 Intuit Inc. (NasdaqGS:INTU) Prestwick Services, LLC - - - -Nov-20-2013 Uvet S.p.A Jakala Events S.p.A. $33.6 - - -Nov-20-2013 Woven Digital, LLC Brotips.com - - - -Nov-19-2013 Asya Infrastructure and Tourism Corporation Limited (BSE:511144) Ideal Systems Pvt. Ltd. - - - -Nov-19-2013 Canal Digitaal B.V. EuroNet Internet BV - - - -Nov-19-2013 Savvis, Inc. Tier 3, Inc. - - - -Nov-19-2013 Authentic Brands Group LLC Muhammad Ali Enterprises LLC - - - -Nov-19-2013 Ziff Davis Media Inc. Techbargains.com, L.L.C. - - - -Nov-19-2013 Brandon Advertising, Inc. Benghiat Marketing & Communications, Inc. - - - -Nov-19-2013 SilverRail Technologies, Inc. Jeppesen Sanderson, Inc., Journey Planning Business and IPTIS Solution - - - -Nov-19-2013 Redhawk Network Security LLC Redhawk Network Engineering, Inc. - - - -Nov-19-2013 Red Book Connect, Inc. Schoox Inc. - - - -Nov-19-2013 MRM Worldwide, Inc. E/OU MRM - - - -Nov-19-2013 E-Smart Bull Marketing Rural Ltda - - - -Nov-19-2013 Marco Business Systems Inc. Trust Technology Services Inc. - - - -Nov-19-2013 Panna Cotta PCG GmbH MT Performance GmbH - - - -Nov-18-2013 Redcentric plc (AIM:RCN) InTechnology Managed Services Limited $65.9 $104.7 1.6x 7.8xNov-18-2013 Trayport Limited Contigo Ltd. - - - -Nov-18-2013 BiologicTx, Inc. Silverstone Solutions, Inc. - - - -Nov-18-2013 Allconnect, Inc. WhiteFence, Inc. - - - -Nov-18-2013 Advent International Corporation Unit 4 N.V. (ENXTAM:UNIT4) $623.0 $1,709.1 2.6x 17.8xNov-18-2013 Securus Technologies, Inc. Archonix Systems, LLC - - - -Nov-18-2013 Triangle Services, Inc. Content Critical, LLC - - - -Nov-18-2013 StudentUniverse.com, Inc. WeHostels Inc. - - - -Nov-18-2013 H&H B.V. Buurt & Co B.V. and Next Level Ventures B.V. - - - -Nov-18-2013 FinancialForce.com, inc. Less Software Incorporated - - - -Nov-18-2013 FinancialForce.com, inc. Vana Group Inc. - - - -Nov-18-2013 The Project Factory Pty Ltd Envelop Entertainment Pty Ltd. - - - -Nov-18-2013 Her Campus Media LLC HerUni Media Limited - - - -Nov-18-2013 Heroku, Inc. CloudConnect, Inc. - - - -Nov-18-2013 Add Shoppers, LLC ShareYourCart Ltd. - - - -Nov-17-2013 Dropbox, Inc. PiCloud, Inc. - - - -Nov-16-2013 Oracle Corporation (NYSE:ORCL) Bitzer Mobile, Inc. - - - -Nov-15-2013 3PD, Inc. Optima Service Solutions, LLC $35.7 $26.6 0.7x 7.2xNov-15-2013 LB Interactive LLC Lagunabeach.com - - - -Nov-15-2013 The Gage Team The A Team, Inc. - - - -Nov-15-2013 cXense AS EMediate ApS $5.9 $10.0 1.7x 8.2xNov-15-2013 Premier Alliance Group Inc. (OTCPK:PIMO) Root9B LLC - $1.7 - -Nov-14-2013 NewSpring Capital Wealthcare Capital Management, Inc. - - - -Nov-14-2013 InferX Corporation (OTCPK:NFRX) Crossfield Data Services, Inc. - - - -Nov-14-2013 eplus Technology, Inc. AdviStor, Inc. - - - -Nov-14-2013 CCH Incorporated Best Practice Solutions Pty Ltd. - - - -Nov-14-2013 Under Armour, Inc. (NYSE:UA) MapMyFitness, Inc. - $150.0 - -Nov-14-2013 CrowdSource Solutions Inc. Servio, Inc. - - - -Nov-14-2013 NIB Health Funds Limited RealSelf Pty. Ltd. - - - -Nov-14-2013 Sopra Banking Software SA COR&FJA Banking Solutions GmbH $31.4 $17.5 0.6x -Nov-14-2013 DealFlow Analytics, Inc. Goldfish.io - - - -Nov-14-2013 UL LLC The Wercs Ltd. - - - -Nov-14-2013 Textura Corporation (NYSE:TXTR) Latista Technologies, Inc. $3.3 $35.0 10.8x -Nov-14-2013 Exceda Ltda. Menta - - - -Nov-14-2013 Deliver the Crowd LLC Marketingworks, Inc. - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Software Index $2,437.1 $2,475.8 $784.9 71.1% 20.0% 8.1% 3.1x 14.5x 3.0x 11.5x 22.5% Billing & Service Management $884.6 $798.8 $458.6 58.3% 17.6% 7.7% 2.7x 8.8x 2.5x 7.6x 32.9% Business Intelligence $1,686.4 $1,424.2 $472.8 72.1% 14.0% 14.7% 3.3x 20.0x 3.2x 17.0x 29.2% Development Platforms $2,780.1 $2,847.8 $1,138.5 77.5% 20.0% 0.3% 2.8x 16.3x 3.1x 9.8x 14.6% Engineering & PLM $3,854.1 $3,870.3 $1,086.6 84.0% 20.6% 4.4% 3.0x 14.5x 2.6x 11.5x 22.5% Enterprise Resource Planning $6,259.3 $6,636.0 $2,228.0 72.2% 30.6% 2.7% 3.0x 12.8x 2.9x 10.5x 20.1% Financial & Accounting $2,437.1 $2,475.8 $743.4 54.7% 26.7% 10.7% 3.7x 14.1x 3.6x 11.7x 35.2% Gaming $2,595.9 $2,609.9 $1,966.6 66.8% 13.4% 10.7% 1.6x 13.6x 1.5x 7.3x 47.2% Healthcare $1,098.2 $1,033.8 $560.1 55.5% 16.9% 8.0% 2.6x 18.4x 2.5x 10.8x 28.0% IT Conglomerates $160,832.7 $146,263.7 $80,370.0 72.2% 35.0% 1.2% 3.2x 8.5x 3.0x 7.6x 2.7% Mobile Solutions/Content $602.0 $547.5 $232.1 54.6% 6.5% 13.4% 3.1x 18.4x 2.2x 15.8x 22.4% Networking & Network Performance Managemen $2,172.2 $2,002.1 $784.9 71.1% 13.6% 4.6% 2.8x 17.5x 2.5x 10.3x -3.5% Security $1,095.2 $1,014.1 $218.0 76.9% 1.1% 14.2% 3.7x 13.2x 3.4x 14.3x 7.3% Storage, Data Mgmt & Integration $14,058.8 $9,781.1 $4,614.0 73.5% 23.5% 3.3% 3.0x 8.9x 3.0x 7.6x 8.4% Supply Chain Management & Logistics $1,586.1 $1,512.2 $236.1 61.9% 24.1% 14.2% 5.6x 21.2x 5.1x 17.5x 45.6% Systems Management $9,967.5 $9,188.4 $2,142.6 85.7% 24.2% 15.3% 4.6x 16.0x 4.1x 11.7x -13.6% Vertical - Finance $4,045.9 $4,497.1 $858.5 43.7% 26.3% 8.1% 4.8x 13.6x 5.3x 12.2x 55.5% Vertical - Other $1,607.6 $1,765.2 $401.3 52.5% 12.3% 24.6% 3.4x 29.7x 3.1x 16.2x 54.7%

Category Name

TTM Revenue Growth 9.0%TTM EBITDA Growth -18.9%TTM Earnings Growth -55.2%Gross Profit Margin 68.2%EBITDA Margin 19.3%Net Income Margin -4.0%SG&A Expenses as a % of Total Revenue 55.8%R&D Expenses as a % of Total Revenue 17.5%

Current Ratio 2.5Quick Ratio 2.3Cash as Percent of Market Cap 8.9%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 25Working Capital to TTM Operating Expense Ratio 0.6x

Levered FCF Margin 9.2%Cash from Operations Growth (YoY) 16.4%Cash from Investing Growth (YoY) -62.3%Cash from Financing Growth (YoY) 109.9%Levered FCF Growth (YoY) -1.5%

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved December 2013 Monthly Flash Report

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

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DOW S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG SaaS Index $1,426.4 $1,309.8 $166.7 68.7% 0.2% 26.1% 8.2x 62.9x 7.6x 26.1x 39.1% CRM & Marketing $839.2 $732.0 $176.1 71.2% 0.6% 25.1% 3.4x 62.9x 3.0x 25.7x 2.1% ERP & Supply Chain $1,426.4 $1,309.8 $163.1 68.7% 0.2% 37.9% 8.2x 67.6x 7.6x 46.7x 55.6% Vertically Focused $1,740.6 $1,696.6 $260.9 66.9% 15.5% 26.1% 5.5x 29.5x 5.1x 16.8x 39.1% Workforce Management $2,623.5 $2,610.5 $166.7 61.1% -9.8% 42.7% 10.9x 75.7x 9.0x 40.1x 58.1% SaaS Other $1,181.9 $1,104.7 $148.3 72.1% -1.1% 26.0% 9.6x 44.6x 7.7x 26.1x 38.8%

Category Name

TTM Revenue Growth 26.1%TTM EBITDA Growth -18.9%TTM Earnings Growth -55.2%Gross Profit Margin 68.7%EBITDA Margin 0.2%Net Income Margin -4.0%SG&A Expenses as a % of Total Revenue 55.8%R&D Expenses as a % of Total Revenue 17.5%

Current Ratio 2.5Quick Ratio 2.3Cash as Percent of Market Cap 8.9%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 25Working Capital to TTM Operating Expense Ratio 0.6x






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DOW S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Internet Index $2,510.4 $2,141.2 $502.0 64.4% 11.2% 15.9% 3.4x 25.4x 2.7x 14.2x 58.9% Ad Tech & Lead Generation $1,901.6 $1,959.1 $502.3 64.5% 10.2% 16.0% 3.2x 27.7x 2.1x 13.5x 46.3% Commerce $741.7 $580.8 $440.2 41.6% 5.6% 15.9% 1.2x 19.7x 1.2x 15.0x 35.1% Content & Media $3,429.5 $3,367.4 $501.8 50.5% 15.8% 10.8% 3.3x 27.1x 3.6x 12.1x 64.6% Gaming $3,119.26 $2,323.4 $889.9 73.3% 35.2% 15.7% 3.4x 9.1x 2.6x 7.1x 73.8% Infrastructure $597.45 $597.7 $275.7 60.0% 6.1% 4.7% 1.4x 16.3x 1.3x 10.9x 45.1% Services $1,280.78 $1,245.4 $223.1 72.2% 5.3% 45.5% 3.9x 29.2x 2.8x 23.0x 53.1% Social $8,625.35 $8,412.0 $534.5 64.3% 12.1% 56.9% 15.5x 37.2x 11.8x 48.1x 67.9% Travel $4,666.61 $4,156.5 $832.0 82.0% 17.3% 21.1% 4.5x 23.6x 5.4x 18.0x 76.4%

TTM Revenue Growth 16.0%TTM EBITDA Growth 17.7%TTM Earnings Growth 6.0%Gross Profit Margin 64.5%EBITDA Margin 10.2%Net Income Margin 1.7%SG&A Expenses as a % of Total Revenue 39.6%R&D Expenses as a % of Total Revenue 13.7%

Current Ratio 2.4Quick Ratio 2.2Cash as Percent of Market Cap 13.1%Avg Days Outstanding: Accounts Receivable 40Avg Days Outstanding: Accounts Payable 55Working Capital to TTM Operating Expense Ratio 0.5






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DOW S&P NASDAQ SEG Internet Index

To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx

Documents

Software Equity Group 2013 Flash Report - Sandhill · Nov-25-2013 Linx Sistemas E Consultoria Ltda. Ionics Informatica e Automacao Ltda., Certain Assets $2.4 $5.2 2.2x - Nov-22-2013