Week of May 22, 2017 - GCA Advisors · 2 DEAL DASHBOARD Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 05/18/2017. 1) Criteria based on software

11

C O M P A N Y P R E S E N T A T I O NSoftware

Sector SummaryWeek of May 22, 2017

22

DEAL DASHBOARD

Notes:Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 05/18/2017.1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017.5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3)

$Bn $Bn37% 98%

33%20%

Software

Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4)

Company Amount ($MM) Target Acquirer EV ($MM)

$231 $3,903

$100 $834

$63 $800

$55 $610

$52 $614

$41 $425

$40 $331

$33 $270

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

`

$21.0 BillionFinancing Volume YTD (1)(2)

240Financing Transactions YTD (1)(2)

$15.1 BillionM&A Volume YTD (3)

39M&A Transactions YTD (3)

3.9x

3.1x

4.2x

3.5x3.9x

4.6x

2.0x

4.7x

3.9x

5.3x

4.0x3.6x

4.9x

2.4x2.7x

2.2x

2.9x 3.0x

4.4x4.1x

1.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

2011 2012 2013 2014 2015 2016 2017

All Buyers Strategic Buyers PE Buyers

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

SPX IGV

7286

118103 111

127

94

123

156

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17

$3$4

$6 $6

$9 $10

$5 $6

$14

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

$5

$14

$24

$15

$7

$50

$41

$15 $12

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

713

24 27

15

2924

2725

Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17

16%

30%

( )

( )

33

Software Team

GCA OVERVIEW

Notes:* Adrian Reed, Managing Director; Sascha Pfeiffer, Managing Director and Raiko Stelten, Director respresent GCA Altium AG, a wholly-owned subsidiary of GCA Corporation.** Akikazu Ida is a Managing Director at GCA Corporation.*** Saif Malik is Vice President at GCA Savvian Europe Ltd.

New York640 Fifth Avenue, 10

thFl.

New York, NY 10019United States

Phone: (212) 999-7090

Tokyo11-1 Marunouchi 1-chome

Chiyoda-ku, Tokyo 100-6230Japan

Phone: +81 (3) 6212-7100

San FranciscoOne Maritime Plaza, 25th Fl.

San Francisco, CA 94111United States

Phone: (415) 318-3600

London1 Southampton St.London WC2R0LRUnited Kingdom

Phone:+44 20 7484 4040

FrankfurtThurn-und-Taxis-Platz 6

60313 FrankfurtGermany

Phone: +49 69 204 34 6410

Todd Carter Clark Callander Steve Fletcher Paul DiNardo Sascha Pfeiffer* Akikazu Ida**

Co-President and CEO Co-Head of Investment Banking Head of Software Managing Director Managing Director Managing Director

Phone: (415) 318-3610 Phone: (415) 318-3680 Phone: (415) 318-3661 Phone: (212) 999-7097 Phone: +49 (69) 204-346 415 Phone: +81 (3) 6212-7241

Mobile: (415) 314-9898 Mobile: (415) 515-2468 Mobile: (415) 518-6725 Mobile: (650) 483-7246 Mobile: +49 (0) 177-74-15643 Mobile: +81 (80) 9027-3023

[email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Daniel Avrutsky Chris Gough James Orozco Joshua Wepman Adrian Reed*

Managing Director Managing Director Managing Director Managing Director Managing Director

Phone: (212) 999-7087 Phone: (415) 318-3658 Phone: (415) 318-3667 Phone: (212) 999-7092 Phone: +44 845 505 4314

Mobile: (646) 321-3576 Mobile: (415) 385-9427 Mobile: (415) 722-0922 Mobile: (917) 306-4168 Mobile: +44 7887 626 800

[email protected] [email protected] [email protected] [email protected] [email protected]

Glen Kruger Raiko Stelten* Gautam Garg Mike Janovec Saif Malik***

Director Director Vice President Vice President Vice President

Phone: (212) 999-7082 Phone: +49 (69) 204 34 6418 Phone: (415) 318-3692 Phone: (415) 318-3693 Phone: +44 (0) 20 7484-4106

Mobile: (617) 792-6496 Mobile: +49 171 335 0879 Mobile: (650) 504-1722 Mobile: (415) 961-1325 Mobile: +44 (0) 77 8606-8553

[email protected] [email protected] [email protected] [email protected] [email protected]

44

Index Performance

RECENT STOCK PERFORMANCE

Last 12 Months Last 3 Years

Notes:Source: Capital IQ. Market Data as of 05/18/2017.BI & Analytics: ATTU, AYX, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: GOOGL, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

Sector 3 Months 1 Year 3 Years

Platform 5.7% 26.6% 44.4%

Infrastructure (0.3%) 24.1% 19.7%

Security 0.4% 29.2% 47.0%

SaaS / On Demand 8.9% 31.8% 65.4%

BI & Analytics 0.1% 20.4% 12.9%

Vertical 11.0% 23.2% 49.6%

(10%)

(5%)

0%

5%

10%

15%

20%

25%

30%

35%

May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17

(30%)

(20%)

(10%)

0%

10%

20%

30%

40%

50%

60%

May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 Feb-17 May-17

55

23%

18% 16% 16%

14%

10%

0%

5%

10%

15%

20%

25%

30%

SaaS / OnDemand

BI & Analytics Infrastructure Security Vertical Platform

Median: 16%

5.7x

4.9x 4.7x4.4x

4.0x 3.6x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

SaaS / OnDemand

Infrastructure Vertical Platform Security BI & Analytics

Median: 4.5x33.7x

31.5x

28.7x24.0x

20.7x

11.8x

0.0x

5.0x

10.0x

15.0x

20.0x

25.0x

30.0x

35.0x

40.0x

SaaS / OnDemand

BI & Analytics Security Vertical Infrastructure Platform

Median: 26.3x

36%

27%

23% 20%

17% 15%

0%

5%

10%

15%

20%

25%

30%

35%

40%

Platform Infrastructure Vertical Security SaaS / OnDemand

BI & Analytics

Median: 22%

Valuation and Operational Metrics

TRADING COMPARABLES

Notes:Source: Capital IQ. Market Data as of 05/18/2017.Figures represent mean values of respective comp groups.BI & Analytics: ATTU, AYX, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT.Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW.Platform: GOOGL, IBM, MSFT, ORCL, SAP.SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN.Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI.Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

EV / 2017E Revenue EV / 2017E EBITDA

2017E / 2016A Rev. Growth 2017E EBITDA Margin

66

Software Trading Statistics

PUBLIC COMPANY VALUATIONS

Notes:Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM.Negative margins considered NM. Market Data as of 05/18/2017.

$MM, Except Per Share Data

Stock Trading Statistics Operating Metrics

Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin

5/18/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E

Platform

Alphabet Inc. $950.50 $657,511 ($88,502) $569,009 5.3x 4.6x 13.0x 11.1x 23.0x 19.5x 18.9% 16.2% 40.7% 41.2%

Microsoft Corporation $67.71 522,756 (35,581) 487,175 4.9 4.6 12.7 11.5 21.8 19.5 16.6% 6.5% 38.6% 40.0%

Oracle Corporation $44.17 181,745 (5,385) 176,360 4.6 4.5 10.4 9.8 16.2 14.9 2.2% 3.2% 44.5% 45.8%

International Business Machines Corporation $150.78 141,657 32,091 173,748 2.2 2.2 9.4 9.3 11.0 10.8 (2.1%) (0.2%) 23.6% 24.0%

SAP SE $104.58 125,348 799 126,147 4.7 4.4 13.8 12.7 22.2 20.3 14.5% 6.5% 34.4% 34.9%

Mean 4.4x 4.1x 11.8x 10.9x 18.8x 17.0x 10.0% 6.5% 36.4% 37.2%

Median 4.7 4.5 12.7 11.1 21.8 19.5 14.5% 6.5% 38.6% 40.0%

Infrastructure

VMware, Inc. $92.28 $37,688 ($6,485) $31,203 4.1x 3.9x 11.8x 10.9x 19.0x 17.5x 6.6% 5.9% 34.8% 35.7%

ServiceNow, Inc. $98.97 16,813 (459) 16,354 8.7 6.7 39.8 27.3 85.0 58.0 35.0% 29.4% 21.9% 24.7%

Red Hat, Inc. $85.52 15,203 (715) 14,488 5.5 4.8 20.8 17.4 34.5 28.9 14.0% 13.3% 26.3% 27.8%

CA, Inc. $31.04 12,969 157 13,126 3.2 3.1 8.8 8.2 13.3 12.5 1.7% 2.2% 36.2% 38.4%

Citrix Systems, Inc. $82.59 12,483 43 12,527 4.4 4.3 12.9 12.0 17.8 16.3 (17.3%) 4.1% 34.4% 35.5%

Splunk Inc. $65.31 9,035 (997) 8,038 6.7 5.3 59.4 41.4 NM 73.2 25.6% 26.2% 11.3% 12.9%

F5 Networks, Inc. $125.90 8,146 (1,015) 7,131 3.3 3.1 8.5 7.9 15.1 13.6 5.9% 6.3% 39.3% 39.8%

Atlassian Corporation Plc $35.34 7,968 (504) 7,465 10.5 8.2 44.1 34.1 90.3 62.5 33.5% 28.8% 23.9% 24.0%

Micro Focus International plc $31.32 7,193 1,613 8,805 6.3 6.2 12.1 13.1 17.4 16.1 NA 1.4% 51.9% 47.2%

LogMeIn, Inc. $110.35 5,807 (266) 5,541 5.5 4.8 15.9 12.6 28.5 22.8 5.6% 15.8% 34.7% 37.6%

Software Aktiengesellschaft $45.31 3,461 (101) 3,361 3.3 3.2 10.3 10.3 16.3 15.4 9.4% 2.8% 32.5% 31.5%

NetScout Systems, Inc. $34.10 3,130 (143) 2,987 2.6 2.4 10.3 8.2 18.7 14.9 2.3% 9.0% 25.1% 28.9%

MuleSoft, Inc. $24.15 3,110 (340) 2,771 10.4 7.7 NM NM NM NM 41.7% 36.0% NM NM

Commvault Systems, Inc. $55.00 2,472 (450) 2,022 3.0 2.7 21.5 16.7 51.0 39.8 7.1% 10.2% 13.8% 16.1%

Nutanix, Inc. $16.00 2,291 (355) 1,936 2.3 1.7 NM NM NM NM 42.1% 35.1% NM NM

New Relic, Inc. $41.69 2,231 (206) 2,024 6.3 4.9 NM 60.2 NM NM 33.3% 27.1% 0.1% 8.2%

Pure Storage, Inc. $10.32 2,146 (547) 1,599 1.6 1.2 NM 20.9 NM NM 35.8% 31.2% NM 5.9%

Progress Software Corporation $29.13 1,406 (134) 1,272 3.2 3.2 8.9 8.9 17.5 17.4 (3.2%) 0.9% 36.4% 36.0%

A10 Networks, Inc. $8.16 566 (116) 450 1.7 1.6 25.0 15.9 66.6 36.9 12.6% 11.5% 6.9% 9.8%

Mean 4.9x 4.2x 20.7x 19.2x 35.1x 29.7x 16.2% 15.6% 26.8% 27.1%

Median 4.1 3.9 12.9 13.1 18.9 17.5 11.0% 11.5% 29.4% 28.9%

77








Security Software

Symantec Corporation $29.74 $18,404 $3,939 $22,343 4.5x 4.2x 10.1x 8.5x 19.5x 14.8x 31.6% 7.7% 44.7% 49.3%

Check Point Software Technologies Ltd. $108.69 17,765 (1,468) 16,297 8.7 8.1 16.1 15.0 21.0 19.2 7.8% 6.8% 53.8% 54.1%

Palo Alto Networks, Inc. $113.71 10,465 (842) 9,623 5.1 4.1 22.2 16.8 41.6 31.8 21.2% 22.3% 22.8% 24.7%

Splunk Inc. $65.31 9,035 (997) 8,038 6.7 5.3 59.4 41.4 NM 73.2 25.6% 26.2% 11.3% 12.9%

Fortinet, Inc. $39.67 6,972 (1,199) 5,774 3.9 3.4 19.1 15.4 43.6 35.5 16.9% 14.8% 20.3% 22.0%

Trend Micro Incorporated $48.62 6,676 (1,113) 5,563 4.2 4.0 13.1 12.3 29.1 26.6 16.9% 5.3% 32.2% 32.6%

Proofpoint, Inc. $80.90 3,537 (41) 3,496 7.0 5.5 59.6 39.1 NM 85.1 33.0% 27.9% 11.8% 14.0%

FireEye, Inc. $15.16 2,704 (124) 2,580 3.5 3.2 40.1 29.4 NM NM 2.3% 9.4% 8.8% 11.0%

CyberArk Software Ltd. $46.46 1,599 (287) 1,312 4.9 4.0 20.8 16.3 38.4 30.4 24.6% 20.9% 23.3% 24.6%

Imperva, Inc. $47.65 1,594 (313) 1,282 4.0 3.4 39.3 28.0 NM 72.1 21.5% 18.3% 10.1% 12.1%

Qualys, Inc. $42.10 1,559 (245) 1,314 5.8 5.0 18.2 15.1 49.7 41.1 14.5% 16.4% 31.8% 33.1%

Mimecast Limited $24.93 1,394 (109) 1,284 5.6 4.5 72.8 46.2 NM NM 33.8% 24.9% 7.7% 9.7%

Barracuda Networks, Inc. $22.26 1,178 (196) 982 2.7 2.4 14.3 11.6 29.4 26.1 6.2% 10.2% 18.7% 20.8%

SecureWorks Corp. $10.43 843 (117) 727 1.6 1.4 NM NM NM NM 7.5% 10.7% NM 0.9%

Rapid7, Inc. $18.15 778 (79) 698 3.6 2.9 NM NM NM NM 24.6% 21.3% NM NM

F-Secure Oyj $4.62 721 (103) 618 3.3 3.0 32.9 19.4 65.6 36.8 13.6% 9.5% 9.9% 15.3%

VASCO Data Security International, Inc. $13.95 557 (146) 411 2.2 2.0 25.5 15.5 42.3 35.8 (3.2%) 12.0% 8.6% 12.7%

MobileIron, Inc. $5.25 484 (91) 393 2.2 1.9 NM NM NM NM 11.6% 12.0% NM NM

Zix Corporation $5.79 315 (23) 292 4.4 4.0 16.3 13.8 20.7 17.4 10.4% 11.0% 26.9% 28.6%

Absolute Software Corporation $5.51 218 (35) 183 1.9 1.8 21.3 13.8 NM 35.9 8.8% 8.3% 8.9% 12.7%

Guidance Software, Inc. $6.41 209 (17) 193 1.7 1.6 15.6 12.5 20.4 16.3 4.3% 7.2% 10.7% 12.5%

iPass Inc. $1.26 83 (13) 69 1.0 0.8 NM 18.3 NM 41.8 10.4% 21.7% NM 4.4%

Mean 4.0x 3.5x 28.7x 20.4x 35.1x 37.6x 15.6% 14.8% 20.1% 20.4%

Median 3.9 3.4 21.1 15.5 33.9 35.5 14.1% 12.0% 15.2% 14.7%

88








SaaS / On Demand

Salesforce.com, inc. $87.75 $62,420 ($1,400) $61,020 NA NA 27.4x 21.9x NA NA NA NA NA NA

Workday, Inc. $95.44 19,646 (1,462) 18,183 9.0 7.2 67.9 47.6 NM NM 28.9% 25.1% 13.2% 15.1%

ServiceNow, Inc. $98.97 16,813 (459) 16,354 8.7 6.7 39.8 27.3 85.0 58.0 35.0% 29.4% 21.9% 24.7%

Shopify Inc. $92.11 8,449 (396) 8,053 12.8 9.2 NM NM NM NM 61.7% 39.7% 0.7% 4.3%

Veeva Systems Inc. $59.54 8,302 (519) 7,783 11.8 9.9 38.7 31.9 75.2 61.8 21.0% 19.2% 30.6% 31.1%

The Ultimate Software Group, Inc. $208.66 6,201 (75) 6,126 6.3 5.2 26.0 20.9 52.4 42.3 23.9% 21.7% 24.3% 24.9%

LogMeIn, Inc. $110.35 5,807 (266) 5,541 5.5 4.8 15.9 12.6 28.5 22.8 5.6% 15.8% 34.7% 37.6%

Aspen Technology, Inc. $57.78 4,304 38 4,343 8.9 8.4 18.4 17.0 28.9 26.2 2.9% 6.1% 48.5% 49.4%

j2 Global, Inc. $80.86 3,897 641 4,538 3.9 3.6 9.5 8.4 13.8 12.4 31.6% 8.2% 41.5% 43.1%

Paycom Software, Inc. $64.22 3,816 (61) 3,755 8.8 7.0 31.6 24.5 58.7 46.3 30.1% 24.7% 27.7% 28.7%

Blackbaud, Inc. $79.40 3,727 342 4,069 5.2 4.8 21.5 19.3 37.3 33.1 7.7% 8.3% 24.0% 24.7%

MuleSoft, Inc. $24.15 3,110 (340) 2,771 10.4 7.7 NM NM NM NM 41.7% 36.0% NM NM

RealPage, Inc. $33.50 2,770 61 2,831 4.4 3.9 17.7 14.3 36.9 30.4 13.9% 13.1% 24.7% 27.1%

Zendesk, Inc. $25.29 2,503 (248) 2,255 5.4 4.1 NM 83.1 NM NM 34.8% 29.7% 3.0% 5.0%

RingCentral, Inc. $32.55 2,447 (150) 2,297 4.7 3.8 75.5 50.1 NM NM 29.1% 23.8% 6.2% 7.6%

HubSpot, Inc. $66.70 2,438 (122) 2,317 6.5 5.1 NM 89.9 NM NM 32.4% 25.9% 3.2% 5.7%

Paylocity Holding Corporation $44.25 2,279 (101) 2,178 6.6 5.3 38.8 28.7 68.7 54.3 24.9% 23.8% 17.0% 18.6%

Box, Inc. $17.06 2,265 (102) 2,163 4.3 3.5 NM NM NM NM 26.1% 22.7% NM NM

New Relic, Inc. $41.69 2,231 (206) 2,024 6.3 4.9 NM 60.2 NM NM 33.3% 27.1% 0.1% 8.2%

Cornerstone OnDemand, Inc. $36.78 2,090 (50) 2,040 4.2 3.7 36.5 24.5 90.2 46.7 13.8% 15.6% 11.6% 15.0%

Okta, Inc. $22.99 2,087 (37) 2,050 9.0 6.5 NM NM NM NM 41.6% 39.0% NM NM

2U, Inc. $42.00 1,997 (129) 1,868 6.9 5.3 NM 98.6 NM NM 31.4% 30.5% 3.8% 5.4%

Coupa Software Incorporated $31.35 1,597 (202) 1,395 8.3 6.7 NM NM NM NM 26.1% 23.7% NM NM

Qualys, Inc. $42.10 1,559 (245) 1,314 5.8 5.0 18.2 15.1 49.7 41.1 14.5% 16.4% 31.8% 33.1%

Mimecast Limited $24.93 1,394 (109) 1,284 5.6 4.5 72.8 46.2 NM NM 33.8% 24.9% 7.7% 9.7%

Callidus Software Inc. $20.10 1,304 (183) 1,121 4.6 3.9 37.1 28.1 64.4 48.4 18.4% 18.2% 12.4% 13.8%

Five9, Inc. $21.24 1,156 (11) 1,146 5.9 5.1 NM 59.6 NM NM 18.9% 16.8% 5.6% 8.5%

Yext, Inc. $13.22 1,151 (19) 1,132 6.8 5.1 NM NM NM NM 33.5% 33.2% NM NM

Alteryx, Inc. $17.47 1,019 (164) 855 6.9 5.1 NM NM NM NM 43.4% 35.8% NM NM

SPS Commerce, Inc. $58.25 1,001 (154) 847 3.8 3.3 26.3 21.6 68.7 55.6 14.4% 14.7% 14.6% 15.4%

99








SaaS / On Demand (cont'd)

Benefitfocus, Inc. $30.60 $950 $51 $1,001 3.8x 3.2x 63.2x 33.9x NM NM 13.9% 18.6% 6.0% 9.4%

Instructure, Inc. $26.35 762 (38) 724 4.8 3.7 NM NM NM NM 36.8% 30.4% NM NM

Workiva Inc. $17.35 718 (44) 674 3.3 2.9 NM NM NM NM 14.6% 15.0% NM NM

Apptio, Inc. $15.25 589 (111) 478 2.6 2.3 NM 64.7 NM NM 12.8% 15.4% NM 3.5%

LivePerson, Inc. $9.50 555 (48) 507 2.4 2.3 27.4 21.4 NM 63.3 (6.9%) 5.2% 8.9% 10.9%

Carbonite, Inc. $19.35 532 (3) 529 2.2 2.0 9.8 8.1 25.2 19.7 17.2% 9.7% 22.4% 24.7%

Castlight Health, Inc. $3.75 489 (103) 386 2.9 2.3 NM NM NM NM 31.4% 26.3% NM NM

Bazaarvoice, Inc. $4.65 385 (46) 339 1.7 1.6 20.2 13.8 NM 44.6 1.7% 6.4% 8.2% 11.3%

ChannelAdvisor Corporation $11.45 301 (62) 239 1.9 1.7 34.7 23.1 NM NM 9.4% 11.4% 5.6% 7.5%

Park City Group, Inc. $12.05 234 (10) 224 NA NA NA NA NA NA NA NA NA NA

Brightcove Inc. $6.00 205 (28) 176 1.2 1.1 NM 23.7 NM 93.8 1.0% 7.0% NM 4.6%

Amber Road, Inc. $7.21 195 8 203 2.5 2.2 NM 73.2 NM NM 12.1% 13.3% NM 3.0%

Covisint Corporation $1.90 78 (30) 47 NA NA NA NA NA NA NA NA NA NA

Marin Software Incorporated $1.35 53 (30) 23 NA NA NA NA NA NA NA NA NA NA

Mean 5.7x 4.6x 33.7x 35.9x 52.2x 44.5x 23.0% 20.7% 16.4% 17.1%

Median 5.4 4.6 27.4 24.5 52.4 45.5 24.4% 20.5% 12.8% 13.8%

1010








Business Intelligence & Analytics

Splunk Inc. $65.31 $9,035 ($997) $8,038 6.7x 5.3x 59.4x 41.4x NM 73.2x 25.6% 26.2% 11.3% 12.9%

Tableau Software, Inc. $59.69 4,655 (955) 3,700 4.2 3.9 71.2 50.8 NM NM 6.1% 8.4% 5.9% 7.7%

Fair Isaac Corporation $131.54 4,073 510 4,583 4.9 4.6 18.6 16.7 25.5 21.4 4.6% 6.5% 26.1% 27.3%

Teradata Corporation $28.04 3,670 (603) 3,067 1.5 1.5 8.4 8.0 22.2 21.1 (9.8%) (0.7%) 17.4% 18.3%

Verint Systems Inc. $39.75 2,491 439 2,930 2.6 2.4 11.5 10.5 14.7 13.0 7.1% 6.0% 22.5% 23.1%

MicroStrategy Incorporated $184.13 2,107 (618) 1,489 2.9 2.8 10.9 9.6 24.9 24.4 1.8% 2.9% 26.2% 28.8%

Alteryx, Inc. $17.47 1,019 (164) 855 6.9 5.1 NM NM NM NM 43.4% 35.8% NM NM

Hortonworks, Inc. $12.62 793 (83) 710 3.0 2.4 NM 10.9 NM NM 29.4% 26.2% NM 21.7%

Gridsum Holding Inc. $11.67 347 (76) 271 3.0 1.9 52.1 8.7 96.4 15.8 56.5% 58.6% 5.8% 21.7%

Attunity Ltd. $7.12 120 (12) 108 1.7 1.5 20.1 16.9 59.3 27.4 15.1% 15.9% 8.6% 8.8%

Datawatch Corporation $8.30 100 (28) 72 2.0 NA NM NA NM NA 15.2% NA NM NA

Mean 3.6x 3.1x 31.5x 19.3x 40.5x 28.1x 17.7% 18.6% 15.5% 18.9%

Median 3.0 2.6 19.4 10.9 25.2 21.4 15.1% 12.1% 14.4% 21.7%

Vertical

Cerner Corporation $63.82 $21,088 $18 $21,106 4.0x 3.8x 12.4x 11.3x 25.5x 23.0x 10.8% 7.8% 32.8% 33.3%

Constellation Software Inc. $497.33 10,539 (125) 10,414 4.4 3.8 16.8 14.6 22.7 19.7 12.6% 13.4% 25.9% 26.2%

Veeva Systems Inc. $59.54 8,302 (519) 7,783 11.8 9.9 38.7 31.9 75.2 61.8 21.0% 19.2% 30.6% 31.1%

SS&C Technologies Holdings, Inc. $36.52 7,450 2,336 9,786 5.8 5.5 14.2 12.9 18.8 16.8 13.2% 5.3% 41.1% 43.0%

athenahealth, Inc. $130.07 5,181 186 5,367 4.4 3.8 20.5 16.8 69.7 52.9 12.9% 15.0% 21.4% 22.8%

Guidewire Software, Inc. $60.84 4,499 (583) 3,916 7.4 6.4 45.7 27.3 89.0 55.2 17.9% 16.0% 16.2% 23.3%

Medidata Solutions, Inc. $69.49 4,048 (98) 3,950 7.1 6.0 29.1 23.5 53.8 45.2 19.2% 18.5% 24.5% 25.7%

Blackbaud, Inc. $79.40 3,727 342 4,069 5.2 4.8 21.5 19.3 37.3 33.1 7.7% 8.3% 24.0% 24.7%

Ellie Mae, Inc. $107.21 3,653 (393) 3,259 7.4 6.0 22.5 17.0 57.5 44.1 21.8% 23.1% 33.0% 35.6%

CoreLogic, Inc. $41.20 3,487 1,485 4,972 2.7 2.6 10.7 9.9 18.1 16.0 (5.1%) 3.0% 25.2% 26.4%

RealPage, Inc. $33.50 2,770 61 2,831 4.4 3.9 17.7 14.3 36.9 30.4 13.9% 13.1% 24.7% 27.1%

Allscripts Healthcare Solutions, Inc. $11.86 2,152 1,224 3,376 2.0 1.9 9.7 8.9 19.1 16.7 10.9% 5.9% 20.2% 20.9%

WebMD Health Corp. $55.90 2,028 11 2,039 2.8 2.8 8.6 8.3 27.4 27.1 2.2% 2.8% 32.9% 33.1%

Inovalon Holdings, Inc. $13.05 1,905 (274) 1,631 3.6 3.4 15.2 13.6 43.3 37.1 4.9% 7.4% 23.9% 24.8%

AppFolio, Inc. $27.95 946 (27) 919 6.6 5.3 53.1 36.7 NM NM 31.0% 26.3% 12.5% 14.3%

HealthStream, Inc. $28.16 898 (115) 783 3.1 2.8 21.8 17.9 NM 92.5 11.1% 11.3% 14.3% 15.6%

Instructure, Inc. $26.35 762 (38) 724 4.8 3.7 NM NM NM NM 36.8% 30.4% NM NM

Silver Spring Networks, Inc. $9.88 525 (117) 409 1.4 1.2 44.1 17.6 NM 39.5 (3.3%) 12.2% 3.1% 6.9%

Castlight Health, Inc. $3.75 489 (103) 386 2.9 2.3 NM NM NM NM 31.4% 26.3% NM NM

Exa Corporation $12.81 191 (22) 169 2.2 2.0 29.1 18.5 NM NM 4.9% 12.1% 7.6% 10.7%

Mean 4.7x 4.1x 24.0x 17.8x 42.4x 38.2x 13.8% 13.9% 23.0% 24.7%

Median 4.4 3.8 21.0 16.9 37.1 35.1 12.7% 12.7% 24.3% 25.3%

1111Notes:

Source: Capital IQ as of 05/18/2017. Consensus Estimates used for CY2017E figures.

Estimates for COVS, CLDR, MRIN and PCYG are not available.

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1212

Select Software M&A Transactions

RECENT ACQUISITIONS

($MM)

Announced Aggregate AV / Revenue

Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description

5/11/17 Mobility $125 NA NAProvides artificial intelligence (AI), conversation-based mobile user interface development software for

developers

5/9/17 Information Management $96 5.6x NA

Provides customer address verification software as a service (SaaS) to e-commerce companies and other

businesses. Also provides verification SaaS for other customer data such as phone numbers and email

addresses

5/3/17Infrastructure

Management$490 6.1x 5.2x

Provides software, Web application and API code review, testing and quality assurance (QA) software for

businesses

5/1/17 Enterprise Networking $610 24.4x 15.3xProvides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic

WAN and network infrastructures that connect them to their facilities, users and applications

5/1/17 Information Management $331 1.6x 1.6xProvides social media-based team collaboration and social media monitoring and marketing software as a

service (SaaS) for businesses

4/28/17Marlin Equity

PartnersTangoe Mobility $270 NA 1.1x

Provides telecom expense management, network provisioning, M2M and mobile device management software

and SaaS for businesses. Also provides related business process outsourcing (BPO) services

4/25/17 Security $230 2.3x 1.8x

Offers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and

authenticate end users across account lifecycles. Includes phone-based verification and two-factor

authentication and real-time security intelligence, data and analytics on phone numbers

4/25/17 Application Software $75 1.9x NA

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also

provides features for data processing and aggregation, data warehouse automation, and the reporting and

analysis of CRM, sales and supply chain analytics

4/12/17 Application Software $120 NA NA

Provides channel data management SaaS for the consumer electronics sector globally. Software enables

companies to intelligently manage global indirect channel sales and inventory data, as well as increase channel

visibility


Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-

based communications for healthcare markets. Also provides customer analytics software and a directory of

healthcare insurance plans

4/3/17 Application Software $50 NA NAProvides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides

features for the digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA Provides mathematical data analysis and modeling software to engineering and scientific research markets


Management$92 0.5x NA Provides trading software, collaborative data management and EDI software for the securities trading sector

4/3/17 Application Software $400 NA NAExperian's cross-channel marketing business, which provides marketing automation and email advertising SaaS

and outsourced BPO services for businesses and ad agencies worldwide

3/30/17 Security $366 NA NA

Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and

BlackBerry smart phone anti-virus and anti-malware software for businesses and consumers globally. Also

provides mobile call blocking and device optimization software

( )

(Tongfang Investment

Fund Series SPC)

(Bei jing Feiliu Jiutian

Technology Co.)

(Cross -channel Marketing Division)

Notes:Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 05/18/2017, where Aggregate Value is > $50MM.Transactions highlighted in yellow denote Private Equity Acquirers.

1313


RECENT ACQUISITIONS

($MM)




Management $200 6.3x 4.4x

Provides Web and mobile application testing software for enterprises. Features include website performance

testing and management, application load testing, and performance analytics

3/21/17 Application Software $270 NA NAProvides water resource and environmental management and simulation software to the utilities industry

globally. Stantec obtained ownership of Innovyze through the 2016 acquisition of MWH Global


Provides investment portfolio business intelligence (BI) software for the investment and finance sector globally.

Software provides features for data management, portfolio performance analytics, risk management and

reporting

3/7/17 Security $614 5.6x NAProvides automated application penetration and network vulnerability testing SaaS for enterprise software

developers

3/7/17 Application Software $317 5.3x NAProvides on-premise and cloud-based accounting and performance management software and SaaS, including

budgeting, planning, reporting and analytics, for businesses

2/28/17 Security $105 10.5x NAProvides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or

targeted attacks, insider threats and malware that have circumvented traditional security controls

2/27/17 Application Software $290 8.1x NAThe multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting,

forecasting and revenue cycle management software for multi-family real estate sectors

2/23/17 Enterprise Networking $325 5.4x NA

Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP

address management SaaS for enterprises. Software provides features for the management and automation of

network DNS activity, mobile BYOD device management and the detection of threats

2/23/17 Application Software $175 2.4x 2.3x

Provides Web-based SaaS for the automation and management of performance appraisals, feedback,

compensation management, succession planning, job descriptions, learning management and recruiting for

corporate HR departments


Provides insurance policy and pharmacy claims processing software and SaaS for the insurance and

pharmaceutical sector. Also provides colocation, disaster recovery, managed hosting and systems integration

services

2/14/17 Application Software $59 1.9x 1.6xProvides wealth management and ERP and transaction processing SaaS for the investment and finance sector

globally

2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1xProvides network management and operational support system (OSS) software and related managed services

for telecom service provides globally

2/8/17 Sophos Invincea Security $120 12.2x NA

Provides endpoint security software for small businesses and enterprises in the healthcare, financial services

and government industries. Software provides features for detection of spear-phishing, watering hole and

website hijacking attacks. Also provides server security breach management SaaS

2/2/17 Hexagon ABMSC Software

CorporationApplication Software $834 3.6x NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles

( )

( )

( )

( )

(Multi-Family Housing Business)

( )


1414


RECENT ACQUISITIONS

($MM)



1/31/17 Storage $67 NA NAProvides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for

use in disaster recovery for businesses

1/27/17 Application Software $128 NA NA Provides K-12 education assessment management software for schools and educators

1/25/17 Application Software $1,400 NA NA

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and

pharmaceutical companies. Software is integrated into electronic health records so that healthcare providers

and doctors can provide electronic authorization


Management $3,903 18.9x NA

Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring

and troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides

related analytics reporting software

1/20/17 Hosted Services $84 NA NAProvides domain name registration and related services to corporate and consumer website owners. Related

services include web hosting and an auction service for website domain name resellers

1/19/17 Application Software $800 4.6x NAProvides project and portfolio management SaaS and related systems integration services for enterprises.

Software includes features for plan design, agile project portfolio management and cost analysis and control

1/17/17 Storage $650 6.5x NA

Provides backup and recovery storage systems and storage management software for businesses. Storage

systems feature virtual machine (VM) level management, in-line de-duplication and compression of data,

including backup copies of VMs that can be replicated to secondary datacenters

1/9/17 Information Management $425 NA NAProvides social collaboration online software for enterprise employees and consumers. Software allows

employees and consumers to create "boards" where members collaborate to complete tasks for a project

1/4/17 Application Software $134 19.1x 7.0xProvides health benefits management SaaS for businesses. Software provides features for financial

management, customized health benefit plans, and data and analytics reporting

12/23/16 Application Software $53 NA NAProvides cloud-based global import and export trade reference software and an online database of analysis

content, cargo details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA Provides client reporting software and services for the investment and financial services sectors globally

12/20/16 Security $560 NA NAProvides digital rights management SaaS for businesses and content producers, as well as an online digital

music and video content recognition database for consumers and the entertainment sector


Provides insurance policy administration and management software as a service (SaaS) and on-premise for

property and casualty insurance companies. Features include claims management, billing and document

management. Also provides related services

12/19/16 Mobility $67 NA NADesigns and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive

and other embedded display manufacturers


The vendor management software and related assets of Beeline, which provides vendor management systems

(VMS) for businesses globally. Software provides spending management, procurement cycle automation and

quality control monitoring

( )

)(

( )

( )

( )

( )


1515


RECENT ACQUISITIONS

($MM)




Provides on premise and cloud-based channel and contract management software for businesses in the life

sciences industry. Software provides features for revenue management, contract lifecycle management and

performance analytics reporting

12/9/16 Security $850 4.0x NAThe identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and

3M's document reader and secure materials systems and software


Sungard's public sector business, which provides ERP administration SaaS for government and public safety

entities and the K-12 business, provides cloud-based administration and student management software for K-12

educators

12/6/16

Hosted Services /

Managed Security

Services

$1,800 2.6x NAProvides network and wireless network IT security auditing, compliance and penetration testing services for

businesses and government agencies globally

12/6/16 Application Software $2,800 NA 5.2xProvides ERP, HR management, CRM and project management software, SaaS and systems integration services,

for government contractors, professional services firms and other project-based businesses

12/6/16 Information Management $856 2.9x 2.7xProvides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas,

technology and manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses


Management $636 5.1x NA

Provides IT process automation and job scheduling software for businesses globally. Applications manage file

transfers, virtual machine provisioning, application release management and error identification and

remediation

11/30/16 Information Management $112 2.2x NAProvides enterprise data quality SaaS for business. Software provides features for data analysis, profiling,

validation and cleansing for businesses operating in the retail, insurance, healthcare and financial industries

11/29/16 Application Software $190 3.8x NA Provides online advertising campaign management and ad-serving SaaS for businesses

11/20/16 Security $2,362 3.6x 3.3x Provides online identity theft and credit rating monitoring software for consumers and businesses in the US

11/15/16 Information Management $153 NA NAProvides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in the

energy, aviation and manufacturing sectors


Provides field service and contract management SaaS and mobile applications for service-oriented businesses

and enterprises. Software provides features for dispatch and scheduling, warranty, parts and return

management and field service metrics reporting

11/10/16 Application Software $270 NA NA Provides asset and financial management SaaS to businesses and investors in the global aviation industry


Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides

features for scheduling, project planning, workforce management and analytics reporting, accessible on

desktop systems and mobile devices

( )

( )

(Public Sector & K-12 Education Businesses)/

(Identity Management Business)

( )

( )


1616


RECENT ACQUISITIONS


($MM)



10/31/16 Information Management $632 NA 4.2xProvides data management SaaS to the manufacturing and construction industry in the United States and

Canada

10/27/16 Information Management $55 NA 3.7xProvides team collaboration messaging SaaS that enables physicians at hospitals to communicate with patients

via a managed messaging system

10/24/16 Security $58 NA 3.7x Provides IP traffic classification and network intelligence software used in physical, SDN and NFV architectures

10/21/16 Information Management $410 NA NA

Provides electronic evidence and data recovery SaaS and services for law firms, government agencies and

corporate law departments. Software provides features for data collection, portfolio and project management,

forensic review and data replication and destruction


Provides cloud application control (CAC) software for enterprises. Software enables detection and targeted

attack protection (TAP) for enterprises using SaaS applications on enterprise networks and on mobile devices

against malware attacks


Provides cloud-based third-party access control SaaS to IT businesses, enabling access to applications that are

hosted in data centers and to Microsoft SharePoint on enterprise networks. Software also provides data path

protection, identity access management and application security

10/4/16 Application Software $250 NA 1.9x Provides retail brand and e-commerce online shopping marketing and advertising SaaS for businesses


Provides real-time audience data management and targeting SaaS for marketers, Web publishers and ad

agencies. Software enables continuous customer and prospect data collection from digital interactions,

including website visits or ads served

9/29/16 Application Software $180 2.4x NAProvides parking software, SaaS and systems that enables parking management, enforcement, permits,

collections, access and revenue control


Provides email and digital subscription management SaaS that enables US government agencies to provide

citizens with information about such topics as local emergencies, events, council minutes and other matters

through email, wireless alerts, and RSS feeds

All Software

Median 4.8x 3.3x

Mean 6.1x 4.0x

PE Acquirers

Median 3.6x 2.0x

Mean 4.1x 2.6x

( )

( )

1717

RECENT PRIVATE FINANCINGS

Notes:Source: Pitchbook. Reflects deal activity through 05/18/2017. Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM.

($MM)

Deal Date CompanyAmount

Raised Brief Description Investors

5/18/17 Wandera $28Provider of enterprise mobile security and data management platform

intended to offer protection against threats and manage data usage. Sapphire Ventures, 83North, Bessemer Venture Partners

5/17/17 Smule $54Developer of a social music application designed to connect the world

through music. Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Franklin Templeton Investments, Shasta Ventures

5/17/17 QASymphony $40Developer of a software testing platform designed to improve speed,

efficiency and collaboration throughout the software testing lifecycle. Insight Venture Partners

5/16/17 Wish $500Provider of a mobile e-commerce platform intended to sell items directly

from the manufacturer. China Everbright, IDG Capital, Temasek Holdings, DST Global, Formation 8, GGV Capital

5/16/17 Tile $25 Developer of a mobile tracking device designed to locate personal items. Lead Edge Capital, Bessemer Venture Partners, GGV Capital, Khosla Ventures

5/16/17

Symphony

Communication

Services

$63 Provider of open source secure communication and workflow platform. BNP Paribas, Alphabet, Bank of America, BlackRock Private Equity Partners, Citibank, Deutsche Bank, Goldman Sachs Principal

Strategic Investments, HSBC Holdings, J.P. Morgan, Lakestar, Merus Capital, Natixis, Societe Generale Group, UBS

5/16/17 Scientist $24Provider of an online marketplace for outsourced research designed to

simplify the purchase of research services.5AM Ventures, Heritage Provider Network, Leerink Transformation Partners, Bootstrap Incubation, Jack Giarraputo

5/16/17 OpenGov $30Developer of a cloud-based financial application designed to build integrated

cloud based platforms for budgeting, management reporting and open data. Emerson Collective

5/16/17LevelUp (Mobile

Payment)$50

Developer of a next-generation mobile payment network designed to

connect consumers and merchants. CentroCredit Bank, J.P. Morgan Chase & Co (Global Special Opportunities Group), US Boston Capital

5/16/17 Fetchr $41Provider of a software application intended to make shipping a delightful

experience for individuals and businesses.

BECO Capital, Iliad Partners, Majid Al Futtaim Trust, Nokia Growth Partners, Raed Ventures, Swicorp, VentureSouq, Yusuf Bin

Ahmed Kanoo, New Enterprise Associates

5/15/17 Yitu $55Provider and developer of artificial intelligence technology intended to

improve the current healthcare quality by applying AI technologies.Hillhouse Capital Management, Banyan Capital, Sequoia Capital China, Yunfeng Capital, ZhenFund

5/12/17 AdRise $21Developer of an advertising platform designed to offer a large library of

streaming movies and TV shows available for free. DHVC, Jump Capital, Cota Capital, Foundation Capital

5/11/17 Verse $20 Developer of a mobile-payment application. Spark Capital

5/11/17 TradeBlock $22 Provider of distributed ledger technology to the financial services industry. Citigroup, Goldman Sachs Private Capital Investing Group, JPEL Private Equity, NEX Euclid Opportunities, Thomson Reuters,

Wells Fargo, Andreessen Horowitz, Digital Currency Group, FinTech Collective, F-Prime Capital Partners

5/11/17

Podium (Review

Management

Platform)

$33Developer of an online reputation management platform designed to change

the way businesses communicate with their customers. Accel, GV, Summit, Y Combinator

1818

RECENT PRIVATE FINANCINGS($MM)



5/11/17 Pocket Gems $90 Developer of social games for tablets and smartphones. Tencent

5/11/17 OpCity $29Developer of an online real estate referrals platform designed to match top

agents with qualified home buyers and sellers in real-time. 8VC, Georgian Partners, Icon Ventures, LiveOak Venture Partners

5/11/17 Improbable $502Developer of an operating system designed to build virtual gaming

experiences. SoftBank Group, Andreessen Horowitz, Horizons Ventures, Temasek Holdings

5/11/17 CrowdStrike $100Developer of a cloud-based cybersecurity platform designed to prevent,

detect, and respond to attacks in real-time. March Capital Partners, Telstra, Accel, CapitalG, Warburg Pincus

5/10/17Modernizing

Medicine$231

Provider of mobile, cloud-based, specialty-specific technologies for value-

based healthcare.Warburg Pincus

5/10/17 Cockroach Labs $27Provider of an open source database designed for building global, scalable

cloud services that survive disasters. Redpoint Ventures, Benchmark Capital, FirstMark Capital, GV, Index Ventures (UK)

5/9/17 Gamblit Gaming $25Developer of mobile and computer games intended for the gambling

purposes. NA

5/9/17 Gainsight $52Provider of customer success management platform designed to empower

the customer success movement to drive revenue and increase retention.

Bain Capital Ventures, Battery Ventures, Bessemer Venture Partners, Cisco Investments, Insight Venture Partners, Lightspeed

Venture Partners, Salesforce Ventures

5/9/17Broadway

Technology$42

Provider of financial trading software and services intended for electronic

fixed-income markets. Long Ridge Equity Partners

5/9/17 AdRise $20Developer of an advertising platform designed to offer a large library of

streaming movies and TV shows available for free. DHVC, Jump Capital, Cota Capital, Foundation Capital

5/8/17 Sea $550Developer of a multiple use mobile platform designed for entertainment and

communication.

Cathay Financial Holdings, Farallon Capital Management, Hillhouse Capital Management, JG Summit Holdings, Uni-President

Enterprises, GDP Venture

5/8/17 Smule $54Developer of a social music application designed to connect the world

through music. Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Shasta Ventures

5/8/17 BangSun Technology $23The company's financial risk management platform develops real-time risk

control system for the financial sector and anti-fraud products.Co-Stone Capital, F&G Ventures, Jinghong Capital, M Fund, Xinglu Investment, Legend Capital

5/4/17 DeepMap $25Developer of an HD mapping and localization platform intended to bring

autonomous cars onto roads.Accel, GSR Ventures, Andreessen Horowitz

5/4/17 Fuze $134Provider of a cloud-based unified communications platform designed to

simplify business voice communications and flexible video conferencing. Greenspring Associates, Wellington Management, Bessemer Venture Partners, G20 Ventures, Summit Partners


1919




5/4/17 Heap $27Developer of mobile and web analytics tools designed to automatically

capture all user data.Initialized Capital, Menlo Ventures, New Enterprise Associates, Pear Ventures

5/4/17 PayScale $29Provider of online cloud compensation software intended to provide an

immediate and precise snapshot of current market salaries. NA

5/4/17 Signifyd $56Provider of a standalone risk and guaranteed fraud-prevention platform

designed to make commerce safer. Bain Capital Ventures, American Express Ventures, Menlo Ventures

5/4/17 Transwarp (Big Data) $34 Developer of big data software technologies for enterprises. Co-Stone Capital, Tencent, Triwise Capital, Xingrui Zhixin

5/2/17 Dinova $40Provider of a marketplace that connects expense account diners to

restaurants. Frontier Capital

5/2/17 ServiceChannel $54Provider of SaaS based vertical marketplace intended to optimize millions of

transactions and billions of dollars of spend annually. Accel

4/28/17 Electronic Commerce $24 Provider of a cloud-based human capital management (HCM) platform. NA

4/28/17 Rubrik $180Provider of cloud infrastructure technology designed for data protection,

search, analytics, archival and copy data management. IVP, Greylock Partners, Lightspeed Venture Partners

4/27/17 Singapore Life $50Developer of an online insurance technology platform created to transform

the insurance industry.Credit China Holdings, IPGL

4/27/17 Snow Software $128Provider of a software asset management platform developed to help

organizations avoid overpaying for software. Ontario Pension Board, Sumeru Equity Partners

4/27/17 UiPath $30

Developer of a robotic process automation software designed to power the

intelligent process automation service offered by the most technology savvy

BPO providers.

Accel, Credo Ventures, Earlybird Venture Capital, Seedcamp

4/27/17 Zeta Global $140Provider of big data and analytics platform intended to help their customers

solve their most complex marketing problems. GPI Capital, FS Investment Solutions, GSO Capital Partners

4/26/17 Domino (Data Lab) $27Developer of an enterprise data science platform designed to offer cloud

computing, version control and model deployment services. Coatue Management, Bloomberg Beta, Sequoia Capital, Zetta Venture Partners

4/26/17 Domo $107

Provider of a cloud-based business-management platform. The company

offers an intuitive platform that provides a central location for data access

and management.

SharesPost, BlackRock, GGV Capital, Glynn Capital Management, The Capital Group Companies

4/26/17 EverFi $190

Developer of a SaaS digital learning platform designed to empower

organizations to instill knowledge around critical topics in the classroom, in

the office and in the community.

MainStreet Advisors, The Rise Fund, TPG Growth, Advanced Publications, Allen & Company, Bezos Expeditions, Eric Schmidt,

Evan Williams


2020




4/26/17 Ivalua $70Developer of web based spend management software services intended to

unlock maximum procurement Value through realizing savings.Kohlberg Kravis Roberts

4/26/17 Robinhood $110Developer of a mobile stock trading application designed to democratize

access to the financial markets. DST Global, Greenoaks Capital, Thrive Capital, Index Ventures (UK), New Enterprise Associates, Ribbit Capital

4/25/17 LoveCrafts $33Operator of a crafting community and marketplace designed to purchase

and sell craft works and craft material. Scottish Equity Partners, Balderton Capital, Highland Capital Partners Europe

4/25/17 Science 37 $29Developer of clinical research technology focused on making clinical trials

better for patients. Amgen Ventures, Glynn Capital Management, GV, dRx Capital, Lux Capital, Redmile Group, Sanofi-Genzyme Bioventures

4/25/17 Work Market $25Developer of a SaaS labor automation platform designed to help companies

build and scale a flexible workforce. Accenture, Foundry Group

4/24/17 Nav $39 Provider of a platform for business owners to manage their business credit.

Clocktower Technology Ventures, CreditEase, Experian, Point 72 Ventures, The Goldman Sachs Group, ZenStone Venture

Capital, AngelList, Crosslink Capital, CSC UpShot Ventures, Fenway Summer Ventures, Kickstart Seed Fund, Kleiner Perkins

Caufield & Byers, Peak Ventures, Rock & Hammer Ventures, Tencent

4/21/17 Katerra $130Developer of a construction technology platform designed to transform the

way buildings and spaces come to life.

Draper Fisher Jurvetson, Foxconn Technology, Greenoaks Capital, Khosla Ventures, Moore Capital Management, Paxion Capital

Partners

4/21/17 Quora $85Developer of a question and answer website designed to share and grow the

world's knowledge. Collaborative Fund, Dustin Moskovitz, Matrix Partners, Tiger Global Management, Y Combinator

4/20/17 Getaround $45

Provider of a peer-to-peer, car-sharing marketplace. The company offers a

Web-based platform that enables car owners to rent out their cars on an on-

demand basis.

Braemar Energy Ventures, SAIC Capital, SPARX Group, Toyota Motor, Menlo Ventures, SOSV, Triangle Peak Partners

4/20/17 Gladly $36Developer of a SaaS based communication technology designed to simplify

customer service across calls, social media and emails.GGV Capital, Greylock Partners, New Enterprise Associates

4/20/17 Reltio $40Provider of data-driven application designed to manage modern data

management thorough Platform as a Service (PaaS). Sapphire Ventures, .406 Ventures, Crosslink Capital, New Enterprise Associates

4/18/17 CyberGRX $20Provider of a third-party cyber risk management platform designed to

simplify one-click access to third party cyber risk assessments.

Bessemer Venture Partners, Aetna Ventures, Allegis Capital, ClearSky Power & Technology Fund, GV, MassMutual Ventures,

Rally Ventures, Ten Eleven Ventures

4/18/17 SeatGeek $57Developer of a ticket search engine designed to transform the way that fans

buy and sell tickets to their favorite events.

Glynn Capital Management, Accel, Causeway Media Partners, Haystack Partners, Mousse Partners, Technology Crossover

Ventures

4/18/17 Ziften $39 Developer of an enterprise system efficiency software. Spring Mountain Capital, Fayez Sarofim

4/13/17 PagerDuty $44Developer of an incident resolution platform designed to manage digital

operations for businesses. Accel, Andreessen Horowitz, Baseline Ventures, Bessemer Venture Partners, Harrison Metal Capital


2121




4/12/17 Blink Health $90Provider of a reduced-cost prescription platform designed to offer

medications at affordable price. 8VC

4/11/17 Branch (platform) $60Developer of a deep linking technology designed to gain and retain mobile

app users.

Playground Global, Benjamin Narasin, Cowboy Ventures, Founders Fund, Madrona Venture Group, New Enterprise Associates,

Pear Ventures, Samsung NEXT Ventures, Zach Coelius

4/11/17 MobiKwik $50Provider of an independent mobile payments network designed for online

money transactions.

Bennett Coleman and Company, GMO VenturePartners, MediaTek, Net 1 UEPS Technologies, Sequoia Capital India, Cisco

Investments, Tree Line Asia

4/11/17 OverOps $31 Developer of a cloud-based platform designed to debug production code. NA

4/10/17 Bigcommerce $34

Provider of software services to online retailers and merchants. The company

provides a platform for small- and medium-sized businesses, enabling them

to quickly launch professional stores.

GGV Capital, Millenium Partners, Millennium Technology Value Partners, Revolution, Stephan Schambach, Washington

University in St. Louis Endowment, American Express Ventures, Floodgate Fund, General Catalyst Partners, RevolutionGrowth,

SoftBank Capital, Split Rock Partners, Telstra Ventures, Tenaya Capital

4/11/17 Synack $21

Developer of a crowd security testing platform designed to redefine

traditional models of security testing through revolutionary technology and

innovative thinking.

Hewlett Packard Enterprise, Microsoft Ventures, SingTel Innov8, Allegis Capital, GGV Capital, Greylock Partners, GV, Icon

Ventures, Kleiner Perkins Caufield & Byers

4/10/17 Next Insurance $25Provider of online small business insurance platform designed to transform

the insurance experience for small businesses. NA

4/7/17 Mic Network $21Provider of news and media platform intended to inform, empower and

inspire millennials.

Hakuhodo DY Holding, Kyu Collective, Time Warner Investments, You & Mr Jones Brandtech Ventures, Lightspeed Venture

Partners

4/7/17 Otonomo $25Developer of a car data exchange platform designed to easily access,

integrate and explore car-generated data. Delphi Automotive, Bessemer Venture Partners, Maniv Mobility, StageOne Ventures

4/7/17 Reflexis Systems $33 Provider of retail execution management software. Great Hill Partners, Sageview Capital

4/7/17 Souche.com $180 Provider of an online platform designed to buy and sell pre-owned cars. ClearVue Partners, CreditEase New Financial Industrial Fund, Haitong International Securities, VMS Investment Group, Warburg

Pincus, Zuoyu Capital, Morningside Group

4/7/17 Toutiao $1,000 Provider of personalized news articles and pictures for application user. CCB International Asset Management, Sequoia Capital China, Yuri Milner

4/7/17 Upgrade (US) $54Provider of marketing tools intended to help users in understanding and

improving their credit score.

CreditEase, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, SVB Financial Group, Union Square

Ventures, Uprising, Vy Capital, Yuri Milner

4/7/17 Uptake Technologies $90Developer of a predictive analytics platform designed to transform data into

measurable business value.RevolutionGrowth

4/6/17 daPulse $25Provider of a SaaS based project management tool designed to manage

projects, tasks, processes and workflows. Insight Venture Partners, Entrée Capital, Genesis Partners


2222

Recent Software IPO Pricings

SOFTWARE CAPITAL MARKETS UPDATE

Notes:Source: Capital IQ and Dealogic.Market Data as of 05/18/2017.(1) First Trading Day listed as Offer Date.

($ M M )

Offer Date (1)Market Cap

@ IPO Date

Amount

Raised Pre IPO Filing Range Offer Price

% Change

Offer /

Midpoint Price

% Change

1st Trading Day /

Offer Price

% Change Current /

Offer Price

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 21.3% 34.1%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 20.2%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 35.2%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 24.8%

16-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 42.1%

28-Oct-16 $1,169 $146 16.00 - 17.00 $17.00 3.0% 40.5% 86.5%

6-Oct-16 $1,601 $133 14.00 - 16.00 $18.00 20.0% 84.9% 74.2%

Name

2323

Software IPOs in Public Registration

IPO PIPELINE

Notes:Source: Pitchbook and SEC.gov.Offering amounts $20MM or greater. (1) LTM as of 03/31/2017.(2) Reflects GAAP EBIT. (3) Reflects last financing > $25MM.

($MM)

LTM

Revenue Rev Growth EBIT (2)

Business/Productivity

Software27-Apr-17 $86 $135 9.1% ($16) 17-Feb-14 $38 $48 $414

Primary IndustryInitial Filing

Date

Initial Offering

AmountIssuer

Last

Financing

Date

Post Money

Valuation

Amount

Raised (3)Funding TD

(1)

2424

195

160

(5)

(4)

(6)(9) (6)

(7)

(8)

(9)

(3)

(7)

(11)

(8)(11)

(9)

(6)

(10)

(12)

(3)

6

11

717

1617

11

9

5

150

160

170

180

190

200

210 PE Acquisitions Strategic Acquisit ions IPO

Notes:Sources: Capital IQ, company filings.Market Data as of 05/18/2017.

2008 2009 2010 2011 20152012 2013 2014 2016

FortinetCDC Software

LogMeInMedidata

SolarWindsRosetta Stone SciQuest

RealPageIntraLinksEnvestnet

Qlik BroadSoft

Higher One Convio

SPS CommerceSS&C

QuinStreet

JiveImperva

CarboniteTangoe

ResponsysCornerstone

Epocrates

WorkdayFleetmatics

QualysEloquaE2open

ServiceNowExa

IncadeaInfloblox

ProofpointSplunk

ExactTargetDemandwareBazaarvoiceGreenway

AVGGuidewire

MavenirBarracudaWix.comCovisint

RingCentralFireEyeCvent

Gigamon Textura

ChannelAdvisorMarketoTableauHalogen

RallyMarin

Model N

WorkivaHortonworks

New RelicHubSpotCyberArk

MobileIronKinaxis

ZendeskPaycom

OPOWERFive9

2UBorderfree

Amber RoadA10 Networks

PaylocityVaronis Systems

AtlassianMimecast

InstructureRapid7Sophos

AppFolioAlarm.Com

XactlyShopifyApigee

Box

TwilioSecureWorks

TalendEverbridge

Apptio Gridsum Holding

NutanixCoupa

BlackLine, Inc.

2017

MulesoftAlteryx

OktaYext

Cloudera

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIESStrategic and Private Equity Exits Outweigh New Issues

2009 2010 2011 2012 2013 2014 2015 2016 2017

IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 5

Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 3

PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 3

2525

TMT Transactions Since Q1 2002

VENTURE CAPITAL INDUSTRY

Notes:(1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and

Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & Security Systems, and Software.

0

200

400

600

800

1,000

$0

$2

$4

$6

$8

$10

$12

Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017

Nu

mb

er o

f In

vest

men

ts

$B

n

Quarter - Year

Number of Deals Investment Amount(1)

2626

Deep Software Sector Expertise

GCA OVERVIEW

Acquired by

We Advised the Seller


Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


Acquired by


Acquired by

Fairness Opinion to Buddy Media

Acquired by


Acquired by


Acquired by


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Acquired by


Acquired by

We Advised the Seller We Advised the Seller

Acquired by

We Advised the Buyer

Acquisition of


Acquired by


Acquisition ofStrategic Advisory Services

Financial Advisor


Acquired by

Acquired by

Acquired by


Acquisition of



Acquired by


Acquired by


PreferredStock

Financial Advisor

Acquisition of

We Advised the BuyerWe Advised the Seller

Investment by


Acquired byPreferredStock

Financial Advisor

Acquired by


Acquired by


Financial Advisor

Preferred Stock

Notes:The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.

Convertible NoteOffering

Financial Advisor

Acquired by


Documents

Week of May 22, 2017 - GCA Advisors · 2 DEAL DASHBOARD Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 05/18/2017. 1) Criteria based on software