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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

SEG Research Distribution

• 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.

Copyright © 2013 by Software Equity Group, LLC

p ,

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

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, .kbeible@softwareequity.com , 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.

Copyright © 2013 by Software Equity Group, LLC

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

Select Software Industry M&A TransactionsJune 2013

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

Select June 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJun-28-2013 Renaissance Learning Inc. Subtext Media, Inc. - - - -Jun-28-2013 Deutsche Post AG (XTRA:DPW) optivo GmbH - - - -Jun-27-2013 Silverback Enterprise Group Inc. Noetix Corporation - - - -Jun-27-2013 Reputation.com, Inc. Readabl, Inc. - - - -Jun-27-2013 TEMIS S.A. i3 Analytics - - - -Jun-27-2013 Take One Media Ltd. Top Attractions Ltd - - - -Jun-27-2013 Raytheon Co. (NYSE:RTN) Raytheon Visual Analytics Incorporated - - - -Jun-27-2013 Adobe Systems Inc. (NasdaqGS:ADBE) Neolane SA $58.2 $600.0 10.3x -Jun-26-2013 EMN8, Inc. Snapfinger $275.0 - - -Jun-26-2013 IT Asset Management Solutions Ltd. Liken Limited, Software Asset Management And IT Asset Management Business - - - -Jun-26-2013 Broadridge Financial Solutions, Inc. (NYSE:BR) Bonaire Software Solutions, LLC - - - -Jun-26-2013 Page.ly BlogDroid - - - -Jun-26-2013 AirWatch, LLC Motorola Solutions, Inc., Mobility Services Platform - - - -Jun-26-2013 TeamSnap, Inc. Rteamsite.com - - - -Jun-26-2013 Cequel Data Centers, LLC Baltimore Technology Park, LLC. - - - -Jun-26-2013 Youth Pulse Inc. Thumb, Inc. - - - -Jun-26-2013 VTT Maritime AS Visionaire Consult AS - - - -Jun-25-2013 Axcel Management A/S EG A/S $263.4 - - -Jun-25-2013 Veeva Systems, Inc. AdvantageMS - - - -Jun-25-2013 Rent The Runway, Inc. Go Try It On, Inc. - - - -Jun-25-2013 Hill & Knowlton, Inc. SJR Group LLC $13.6 - - -Jun-25-2013 Virima Technologies, Inc. Aruvio, Inc. - - - -Jun-25-2013 The Dalton Agency Inc. Ant Hill Communications, LLC - - - -Jun-25-2013 HR Path, SAS ICRH Consulting - - - -Jun-25-2013 Yippy, Inc. (OTCPK:YIPI) Gigablast Inc. and Web Research Properties, LLC - - - -Jun-24-2013 Hutchison 3G Ireland Limited Telefónica Ireland Limited $823.6 $1,112.9 1.4x -Jun-24-2013 LINE-X Franchise Development Corporation American Aftermarket Group LLC - - - -Jun-24-2013 Payday Loans Organization Ltd AAA Payday Loan - - - -Jun-24-2013 PrimeSport, Inc. Premiere Global Sports, Inc. - - - -Jun-24-2013 Incentivated Limited Ad.IQ Limited - - - -Jun-24-2013 Minjar Cloud Solutions Pvt. Ltd. Adepto Solutions Pvt. Ltd. - - - -Jun-24-2013 Private Investors MurphyEpson, Inc. - - - -Jun-24-2013 Vivio Technologies Inc. Alurium, Inc. - - - -Jun-24-2013 Darrow Associates Inc. Summit IR Group Inc. - - - -Jun-24-2013 Private Investors Patient Reminders Limited - - - -Jun-24-2013 DIGIEON Technologies Pvt. Ltd SmartVault Corporation - - - -Jun-24-2013 Rex Electric & Technologies, LLC Integrisys Group, LLC - - - -Jun-24-2013 Return on Intelligence, Inc. Exigen Services, Ltd. - - - -Jun-23-2013 Adapt Services Limited Sleek Networks Ltd. $4.6 - - -Jun-23-2013 Thoma Bravo, LLC Keynote Systems, Inc. (NasdaqGS:KEYN) $123.9 $340.8 2.8x 23.1xJun-21-2013 Accelerated Analytics, LLC afterBOT Inc., Retail POS Reporting Business - - - -Jun-21-2013 Private Investors Splash Media L.P. - - - -Jun-21-2013 AdStage, Inc. Semply, Inc. - - - -Jun-21-2013 Intuit Inc. (NasdaqGS:INTU) Elastic Intelligence, Inc. - - - -Jun-21-2013 Moore Communications Group, Inc. White Dog Design Group, LLC - - - -Jun-20-2013 Malwarebytes Corporation ZeroVulnerabilityLabs, Inc. - - - -Jun-20-2013 Capita plc (LSE:CPI) Creating Careers Ltd. - - - -Jun-20-2013 Kennet Partners Limited; Fidelity Growth Partners Europe Rivo Software Ltd. - - - -Jun-20-2013 McGraw-Hill Education, Inc. ALEKS Corporation - - - -Jun-20-2013 Fixmo Inc. Fixmo Carrier Services - - - -Jun-20-2013 Cisco Systems, Inc. (NasdaqGS:CSCO) Composite Software, Inc. - $180.0 - -

Acquirer

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

Select June 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJun-20-2013 NET(net), Inc. xPeerient, Inc. - - - -Jun-20-2013 Nektan LTD Mfuse Ltd. - - - -Jun-20-2013 The FARM Digital Australia Pty Ltd. Barnett Interactive - - - -Jun-20-2013 Demand Media, Inc. (NYSE:DMD) Society6, LLC $15.0 $94.3 6.3x -Jun-20-2013 VishDream Privilege Server - - - -Jun-20-2013 GIMV NV (ENXTBR:GIMB) Luciad NV $14.9 - - -Jun-19-2013 M&M Information Technologies Limited Codesnap Limited - - - -Jun-19-2013 TripAdvisor Inc. (NasdaqGS:TRIP) GateGuru, Inc. - - - -Jun-19-2013 Covenant Eyes Inc. SAAVI LLC - - - -Jun-19-2013 BIPB Limited Cockpit Consulting Limited - - - -Jun-19-2013 TopSites Law National Top Lawyers - - - -Jun-19-2013 Drilling Info, Inc. Transform Software and Services, Inc. - - - -Jun-19-2013 Tyco International Ltd. (NYSE:TYC) Exacq Technologies, Inc. $55.0 $150.0 2.7x -Jun-19-2013 Zynga, Inc. (NasdaqGS:ZNGA) Spooky Cool Labs LLC - - - -Jun-19-2013 Tele2-Voronezh ZAO CJSC Kodotel - - - -Jun-19-2013 Twitter, Inc. Spindle Labs, Inc. - - - -Jun-19-2013 IBM Italia S.p.A. UniCredit Business Integrated Solutions S.C.p.A. - - - -Jun-19-2013 Telepool Gmbh NETLEIH GmbH & Co. KG - - - -Jun-19-2013 CompareNetworks, Inc. Scrazzl Ltd. - - - -Jun-19-2013 Avian Communications Network Limited Blue Square Limited - - - -Jun-18-2013 Miller Heiman, Inc. Miller Heiman Europe GmbH - - - -Jun-18-2013 Descom Oy Estime Oy $6.7 - - -Jun-18-2013 Openet Telecom Limited Forkstream Limited - - - -Jun-18-2013 Dunnhumby Limited Standard Analytics LLC - - - -Jun-18-2013 Deag Deutsche Entertainment Ag (XTRA:ERM) Wizard Promotions Konzertagentur GmbH - - - -Jun-18-2013 Payformance Corporation mPay Gateway, Inc. - - - -Jun-18-2013 Mediware Information Systems, Inc. Fastrack Healthcare Systems, Inc. - - - -Jun-18-2013 Zycron, Inc. Computer Professionals, Incorporated - - - -Jun-18-2013 8fold, LLC Lucid Marketing to Moms - - - -Jun-18-2013 The Leith Agency Limited Newhaven Communications Limited - - - -Jun-18-2013 eTrawler Limited Holiday Autos Group Limited, Online Assets - - - -Jun-18-2013 Occipital Inc. SARL ManCTL - - - -Jun-18-2013 Quaturo Ltd. Spades Media Ltd - - - -Jun-18-2013 CDI Computer Dealers, Inc. Vernon Technology Solutions Inc. - - - -Jun-18-2013 Private Investors The Herald-Dispatch - $10.0 - -Jun-17-2013 Nippon Telegraph and Telephone Corporation (TSE:9432) Solutionary, Inc. - - - -Jun-17-2013 Tollfreenumber.org North American Telephone Map - - - -Jun-17-2013 EarthLink Inc. (NasdaqGS:ELNK) CenterBeam, Inc. - $22.0 - -Jun-17-2013 Mitel Networks Corporation (NasdaqGM:MITL) prairieFyre Software Inc. - $20.0 - -Jun-17-2013 PTT, LLC Electrotank Inc. - - - -Jun-17-2013 Vitera Healthcare Solutions, LLC SuccessEHS, Inc. - - - -Jun-17-2013 Lulu Software DOC2PDF Limited - - - -Jun-17-2013 Professional Diversity Network LLC (NasdaqCM:IPDN) Resunate - - - -Jun-17-2013 Yaskawa Motoman Robotics Agile Planet, Inc. - - - -Jun-17-2013 DV Bern Ag PBroker AG - - - -Jun-17-2013 CTS Eventim AG (XTRA:EVD) abc Production AG - - - -Jun-17-2013 Sago Networks Inc. Razor Servers, Inc. - - - -Jun-17-2013 Otto Group GmbH NetImpact Framework GmbH And Creative-Task GmbH - - - -Jun-17-2013 Hecht SA Zebra Graphics S.A. - - - -Jun-16-2013 DPA Group NV (ENXTAM:DPA) ICT Automatisering NV (ENXTAM:ICT) $102.6 $46.3 0.4x 14.2xJun-14-2013 Tribus Real Estate Technologies SquaredR Consulting, Inc. - - - -

Acquirer

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

Select June 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJun-14-2013 Primetime Medical Software, Inc. Cobalt Medical, Inc. - - - -Jun-14-2013 Moore Stephens Financial Management Limited Evolution Consulting Limited - - - -Jun-14-2013 Datawatch Corporation (NasdaqCM:DWCH) Panopticon Software AB $5.0 $31.4 6.3x -Jun-14-2013 Plum District, Inc. Spotivate, Inc. - - - -Jun-13-2013 Capinfo Company Limited (SEHK:1075) Shanghai Hengyue Computer Technology Co., Ltd. - $0.4 - -Jun-13-2013 Entertainment One Ltd. (LSE:ETO) Art Impressions Media Group Inc. - - - -Jun-13-2013 The Carlyle Group LP (NasdaqGS:CG); KARITA & Company Inc. Simplex Holdings Inc. (TSE:4340) $176.4 $216.2 1.2x 7.1xJun-13-2013 Accumuli plc (AIM:ACM) Signify Solutions Limited $4.6 $4.1 0.9x 4.6xJun-13-2013 Cupertino Electric, Inc. California Data Center Design Group - - - -Jun-13-2013 Software AG (XTRA:SOW) Apama Inc. - - - -Jun-13-2013 toplink GmbH thetakom. telekommunikationssysteme gmbh - - - -Jun-13-2013 Social Gaming Network, Inc. Mob Science, Inc. - - - -Jun-13-2013 Billeo, Inc. Swag.io - - - -Jun-13-2013 Maher Bird Associates LLP MBA Brighton Limited - - - -Jun-13-2013 OpenTable, Inc. (NasdaqGS:OPEN) JustChalo Inc. - $11.0 - -Jun-13-2013 Savvis, Inc. AppFog, Inc. - - - -Jun-13-2013 Business Technology Services, Inc. EDS Services - - - -Jun-13-2013 Wonderware Corporation Sarla Analytics, LLC, SmartGlance - - - -Jun-13-2013 OwnUtah.com SellUtah.com - - - -Jun-13-2013 YourStory Media Pvt. Ltd. ThinkChange India - - - -Jun-12-2013 Bright Mountain Holdings Inc. (Florida Corporation) War Documentary Films - - - -Jun-12-2013 Paychex, Inc. (NasdaqGS:PAYX) HR Services, Inc. - - - -Jun-12-2013 ReviMedia, Inc. N2O Marketing, LLC - - - -Jun-12-2013 IntApp, Inc. Advanced Productivity Software, Inc. - - - -Jun-12-2013 AVG Technologies N.V. (NYSE:AVG) LPI Level Platforms Inc. - - - -Jun-12-2013 New York Publishing Group, Inc.; Kitara Media, LLC Ascend Acquisition Corp. (OTCBB:ASCQ) $0.1 - - -Jun-12-2013 AdRoll, Inc. Bitdeli Inc. - - - -Jun-12-2013 OnX Enterprise Solutions Ltd. Worknet Inc. - - - -Jun-12-2013 DMGx, LLC Bluegill Creative, LLC - - - -Jun-12-2013 Yahoo! Inc. (NasdaqGS:YHOO) GhostBird Software Inc. - - - -Jun-12-2013 WANdisco plc (AIM:WAND) TortoiseSVN.net - - - -Jun-12-2013 Yahoo! Inc. (NasdaqGS:YHOO) Rondee, Inc. - - - -Jun-12-2013 CentriLogic, Inc. Dacentec Inc. - - - -Jun-12-2013 SWIFT Networks Ltd Direct On PC, 4G Business - - - -Jun-12-2013 Private Investors Morning Star Software Technology Co., Ltd. $10.0 $8.2 0.8x -Jun-12-2013 Daugaard Holding ApS; JCA Holding ApS; Søren Alminde Holding ApS; P. REuroInvestor.com A/S (CPSE:EI) $4.9 - - -Jun-12-2013 Private Investors Teliae SARL $2.4 - - -Jun-11-2013 Universal Business Listing Local Incite, Inc. - - - -Jun-11-2013 NetGain Technologies, Inc. NCDTech - - - -Jun-11-2013 Private Investors Olley and Associates, LLC - - - -Jun-11-2013 ReelTime Media Limited Eren Enterprises Pty Ltd., Managed IT Services Business - - - -Jun-11-2013 Howard-Sloan Professional Search, Inc. Jonathan Roberts Associates, Inc. - - - -Jun-11-2013 TIBCO Software Inc. (NasdaqGS:TIBX) StreamBase Systems, Inc. - - - -Jun-11-2013 DiCentral Corporation ALLiGACOM - - - -Jun-11-2013 Eckoh Plc (AIM:ECK) Veritape Ltd. $1.2 $16.5 13.8x -Jun-11-2013 Google Inc. (NasdaqGS:GOOG) Waze Ltd. - - - -Jun-11-2013 Infinity a.s. 3NET a.s. - - - -Jun-11-2013 Visma Norge Holding AS In Instore Midt-Norge - $8.6 - -Jun-11-2013 Hollingsworth Capital Partners, LLC Summit Data Center LLC, TekLinks Building - $1.7 - -Jun-11-2013 Copart UK Limited Autoresiduos S.L.U. - - - -Jun-11-2013 Caesars Interactive Entertainment, Inc. Electronic Arts Inc., World Series of Poker Game Assets - - - -

Acquirer

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

Select June 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJun-11-2013 Fiducial Office Solutions (ENXTPA:SACI) Y-Proximité - - - -Jun-11-2013 Legacy Marketing Partners LLC Kambio Group LLC - - - -Jun-11-2013 GfK SE (XTRA:GFK) Sensemetric Web & Social Media Mining GmbH - - - -Jun-11-2013 DocDoc Pte. Ltd. NewCo Internet Pte Ltd - - - -Jun-11-2013 Wi-Lan Inc. (TSX:WIN) Cypress Semiconductor Corporation, Portfolio of Patents - - - -Jun-11-2013 Softbank Technology Corp. (TSE:4726) Fontworks Inc. - $20.7 - -Jun-11-2013 Private Investors Must Informatique $3.7 - - -Jun-11-2013 eBGenius AdSenseBoy Software - - - -Jun-10-2013 Avnet, Inc. (NYSE:AVT) Seamless Technologies Inc $14.0 - - -Jun-10-2013 Parallax Capital Partners, LLC Fox Technologies, Inc. - - - -Jun-10-2013 Contractors Register, Inc. JobSite123.com, LLC - - - -Jun-10-2013 Progress Software Corp. (NasdaqGS:PRGS) Rollbase, Inc. - - - -Jun-10-2013 Agilysys Inc. (NasdaqGS:AGYS) TimeManagement Corporation - - - -Jun-10-2013 @WalmartLabs Inkiru, Inc. - - - -Jun-10-2013 Office Management AB Hermelin IT-Partner AB - - - -Jun-10-2013 APGI Absys Cyborg SAS, Agencies in Strasbourg, Mulhouse and Besancon $2.7 - - -Jun-10-2013 Private Investors StudentUniverse.com, Inc., SUMM Agency - - - -Jun-10-2013 AFS Logistics, LLC Trendset Inc. - $1.1 - -Jun-10-2013 Digital Alchemy Consulting Pty Ltd. Go React Pte. Ltd. - - - -Jun-10-2013 RAR Beauty LLC Pronto Corp. (OTCBB:POTO) - - - -Jun-08-2013 IHS Automotive, Inc. R. L. Polk & Co. - $1,400.0 - -Jun-07-2013 Ketchum Pleon GmbH Brandzeichen Markenberatung und Kommunikation GmbH - - - -Jun-07-2013 Trilogic Digital Media Limited (BSE:531712) Snip Entertainment and Sphere Entertainment - - - -Jun-07-2013 Salesforce.com, Inc (NYSE:CRM) EdgeSpring, Inc. - $79.6 - -Jun-07-2013 DECK13 Interactive GmbH Cranberry Productions GmbH - - - -Jun-07-2013 MaKheiA Group Société Anonyme (ENXTPA:ALMAK) SAS La Deuxieme Maison - - - -Jun-07-2013 Alliance Entreprendre SAS SA Sorgem Holding $17.2 - - -Jun-06-2013 Qforma Inc. Qforma Inc., Prior to Merger with SkilaMederi - - - -Jun-06-2013 Thomson Reuters Corporation (TSX:TRI) Pricing Partners SAS - - - -Jun-06-2013 RxVantage, Inc. RepAccess - - - -Jun-06-2013 ChinaAMC Capital Management Limited iSoftStone Holdings Limited (NYSE:ISS) $390.7 $298.6 0.8x 7.1xJun-06-2013 IS Group BV Nxs Internet B.V. - - - -Jun-06-2013 Intraway Corporation BakingSoftware SpA - - - -Jun-06-2013 Innofactor Plc (HLSE:IFA1V) Innofactor Business Solutions Oy $23.0 $21.2 0.9x 6.0xJun-06-2013 Private Investors Grape Digital Ltd. - - - -Jun-06-2013 Senior Solution Consultoria em Informática Ltda. Drive Consultoria e Informatica Ltda. $7.1 $7.1 1.0x -Jun-06-2013 Sikich LLP Pannell Kerr Forster of Texas, P.C., Microsoft Dynamics NAV Practice - - - -Jun-06-2013 Computer & Technologies Holdings Ltd. (SEHK:46) VITOVA Limited - - - -Jun-06-2013 Internet Media Labs Inc. TweetChat.com - - - -Jun-06-2013 Games2win India Pvt Ltd. Backyard Game FactorRy Pvt Ltd - - - -Jun-06-2013 Next Level Hockey, LLC Findex.com Inc. (OTCBB:FIND) $0.0 - - -Jun-06-2013 Canal Digitaal B.V. Stream Group B.V. - - - -Jun-05-2013 Datacom Systems Pty Ltd. Xcitelogic Pty Ltd - - - -Jun-05-2013 TMS Health, LLC LearnSomething, Inc. - - - -Jun-05-2013 Revolution, Inc. DanceStudioOwner.com - - - -Jun-05-2013 SilverSky, Inc. Latis Networks, Inc., Managed Security Services Division - - - -Jun-05-2013 Nestle Purina PetCare Company Petfinder.com - - - -Jun-05-2013 Elitetele.com PLC Property Hunt Limited $6.2 - - -Jun-05-2013 Wolters Kluwer Corporate Legal Services IQS AvantIQ AG - $12.1 - -Jun-05-2013 NeoSystems Corp. MoCo IT, Inc. - - - -Jun-05-2013 Rakuten, Inc. (JASDAQ:4755) Webgistix Corporation - - - -

Acquirer

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

Select June 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJun-05-2013 NXMH B.V.B.A Bricklink Limited - - - -Jun-05-2013 Sandwich Isles Trading Company, Inc. TeamUpSport Inc. - - - -Jun-05-2013 Alliance Technologies, Inc. Internet Solver, Inc. - - - -Jun-05-2013 GrowthFire, LLC Great Bay Software, Inc. - - - -Jun-04-2013 P2 Energy Solutions Incorporated ISS Group Limited (ASX:ISS) $21.5 $36.8 1.8x 26.6xJun-04-2013 ReelTime Media Limited Dream Consultancy Services Pty. Ltd. And Search Engine Experts Pty. Ltd. - - - -Jun-04-2013 Automatic Data Processing, Inc. (NasdaqGS:ADP) PayRoll S.A. - - - -Jun-04-2013 International Business Machines Corporation (NYSE:IBM) SoftLayer Technologies, Inc. $400.0 $2,000.0 5.0x -Jun-04-2013 Delivery.com, LLC Brinkmat, LLC - - - -Jun-04-2013 KHL Printing Co Pte Ltd Global YP Sdn Bhd - $0.4 - -Jun-04-2013 Starhome BV MACH S.à.r.l., European Data Clearing and NRTRDE Business - - - -Jun-04-2013 Strategas Research Partners, LLC Voyager Institutional Services, LLC - - - -Jun-04-2013 Richard James Phillips & Company LLC Check 6 Consulting and Kennedy & Company - - - -Jun-04-2013 Tollfreenumber.org Reverse800.com - - - -Jun-04-2013 American Wealth Alliance, Inc. PupsUSA.com - - - -Jun-04-2013 Crexendo, Inc. (AMEX:EXE) PBX Central Corporation - - - -Jun-04-2013 AdFederal Media Pvt Ltd. Lyxel Digital Pvt Ltd - - - -Jun-04-2013 Masternaut UK Limited E.Novation BTC GmbH - - - -Jun-04-2013 Evidon, Inc. MobileScope - - - -Jun-04-2013 ActiveState Software Inc. Appsecute Limited - - - -Jun-04-2013 Mindshare A/S Wasabi A/S - - - -Jun-04-2013 Kanetix Ltd. RateSupermarket.ca Inc. - - - -Jun-04-2013 Comore B.V. Agrovision B.V. - - - -Jun-04-2013 Tollfreenumber.org numdumb.com - - - -Jun-03-2013 Swisscom Workplace Services Ltd. Entris Operations AG - - - -Jun-03-2013 HTEC, Ltd. Indigo Retail Technology Ltd. $3.2 $6.0 1.9x 9.0xJun-03-2013 Townsquare Media LLC AOL Inc., Digital Music Sites - - - -Jun-03-2013 InfoTrust Group, Inc. Flatirons Solutions Corporation - - - -Jun-03-2013 Microsoft Corporation (NasdaqGS:MSFT) InCycle Software Inc., InRelease Business Unit - - - -Jun-03-2013 Cellfish Media LLC ToneMedia, LLC - - - -Jun-03-2013 Electronics for Imaging, Inc. (NasdaqGS:EFII) GamSys Software - - - -Jun-03-2013 Timmons Group, Inc. Data Transfer Solutions LLC, Wildfire Division - - - -Jun-03-2013 Software AG (XTRA:SOW) alfabet AG - - - -Jun-03-2013 Match Marketing Group Inc. SVM Inc. - - - -Jun-03-2013 Private Investors Live Connected Pty Limited - - - -Jun-03-2013 Salesforce.com, Inc (NYSE:CRM) ExactTarget, Inc. (NYSE:ET) $317.1 $2,249.6 7.1x -Jun-03-2013 Rebellion Media Group Corp. Crucial Interactive Inc. - - - -Jun-03-2013 Valnet Inc. BornRich.com - - - -Jun-03-2013 JSC System Capital Management ESU LLC - - - -Jun-03-2013 DTM Systems Inc. Knowledgetech Consulting Inc. - - - -Jun-03-2013 Siemens Aktiengesellschaft (DB:SIE) PREACTOR International Ltd - - - -Jun-02-2013 Babylon Ltd. (TASE:BBYL) Woolik Technologies Ltd. - $8.0 - -Jun-02-2013 ShopperTrak RCT Corporation RapidBlue Solutions Oy - - - -Jun-01-2013 Telefonix, Inc. Product Development Technologies, Inc. $19.5 $5.0 0.3x -Jun-01-2013 Oxford Consulting Group, Inc. Chase Consultancy, an Oxford Consulting Group Company - - - -Jun-01-2013 eCommerce Industries, Inc. Red Cheetah Software, LP - - - -Jun-01-2013 ECOonline Oy PrettyBit Software Oy, Chemical Safety Management Division - - - -Jun-01-2013 9thCO Inc. Convurgency Inc. - - - -Jun-01-2013 Purple Agency Limited Navigate Design Limited - - - -

Acquirer

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