2014 YEAR in REVIEW Growth Equity Valuation Report: B2B Software

GrowthCap Insights January 2015

Special Edition: Annual Valuation Report

.GrowthCap, LLC

www.growthcap.co

2014 YEAR IN REVIEW Growth Equity Valuation Report: B2B Software

Graybar Building | 420 Lexington Avenue, New York, NY, 10170 Copyright 2014 GrowthCap LLC. +1 (212) 537 0576 All rights reserved. Contents Introduction & Methodology ...... 4 2014 B2B Software Growth Equity Valuations ...... 5 a. 2014 B2B Software Growth Equity Valuations (by industry) ...... 5 b. 2014 B2B Software Growth Equity Valuations (by capital raised) ...... 6 Valuation Increases Over Prior Rounds ...... 7 a. Valuation Increases Over Prior Rounds (by industry)...... 7 b. Valuation Increases Over Prior Rounds (by days since last funding) ...... 8 c. Valuation Increases Over Prior Rounds (by capital raised) ...... 9 d. Valuation Increases Over Prior Rounds (by year founded) ...... 10 The Top Growth-Stage Investors and Companies of 2014 ...... 11 a. Top Growth Equity Investors* (deal volume by pre-money valuation) ...... 11 b. Top Investors* in the Fastest Growing Companies (based on valuation increase over prior round) ...... 12 c. The Fastest Growing Companies of 2014 (by valuation increase) ...... 13 2014 B2B Software Growth Equity Transactions & Valuations ...... 14 a. Advertising Technology ...... 14 b. Internet Infrastructure & Development ...... 19 c. Business Intelligence & Analytics ...... 24 d. Financial Technology & Planning ...... 27 g. IT Security ...... 30 h. Human Resources & Training Software ...... 33 i. Health Care Software ...... 35 j. Customer Service & CRM Software ...... 37 k. Productivity & Workflow Management ...... 38 l. Communications Technology ...... 39 m. Media & Content ...... 40 n. Utilities & Energy Management ...... 41

GROWTH CAPITAL ADVISORY

FOR PRIVATE COMPANIES

GrowthCap advises top performing growth-stage companies on raising private capital from family offices and select institutions. Our team includes seasoned investment banking and private equity professionals who have deep experience transacting in the private capital markets. We maintain long-standing relationships with sophisticated investors. GrowthCap strives to become the premier partner for private company CEOs seeking to raise growth capital.

Visit www.GrowthCap.co

Introduction & Methodology

About GrowthCap

GrowthCap is an advisory firm which focuses exclusively on established private companies seeking to raise equity or debt capital. Its principals have deep experience and extensive relationships in the private capital markets having worked at top tier investment banks including Credit Suisse, Lazard, Lehman Brothers, and Merrill Lynch. They have completed over $5 billion in transactions and have worked across a range of sectors with heavy emphasis in software and services. GrowthCap's mission is to become the premier partner for private company CEOs seeking capital from the private markets.

Report Methodology

This report focuses on private company growth equity valuation and financing data, as well as the top investors and companies that participated in transactions throughout 2014 in the B2B software industry. Data provided represents a compilation of information from leading private company financial research firms, publicly available filings, and GrowthCap’s own analysis.

For purposes of this report, GrowthCap defined growth financings as 1) those that represented a company’s Series B round or later, 2) with a transaction size from $5 million to $40 million, and 3) a pre-money valuation of less than $200 million. Only transactions with available valuation data were included in our analysis which could lead to an incomplete picture of the industry as whole; this report represents an analysis of a total of 247 transactions with valuation data.

Key Highlights  Industries with the highest median valuations included IT Security, Advertising, and Customer Service & CRM Software as investors continue to see these sectors as large addressable markets  Valuation for companies in this report increased by a median of 77% over their previous round; this increase occurred over a median period of 16 months  The Advertising and Internet Infrastructure & Development industries led in overall deal volume, representing 45 and 43 transactions, respectively

Sources • S&P Capital IQ • Crunchbase • Dow Jones Venture Wire • Pitchbook • FormDs.com

Disclaimer: This report has been prepared by GrowthCap, LLC solely for information purposes from the above sources and other publicly available information. GrowthCap does not assume responsibility for, or make any representation or warranty (express or implied) with respect to, the accuracy or completeness of the information contained in this report. Nothing in this report is intended to be 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.

P a g e | 4 2014 B2B Software Growth Equity Valuations

a. 2014 B2B Software Growth Equity Valuations (by industry)

Average Pre-Money Valuation By Industry ($ in millions)

90.0 82.5 80.0 74.2 74.1 71.0 70.0 63.4 63.0 59.8 58.3 57.8 60.0 55.3

50.0 46.2

40.0 32.7 30.0

20.0 17.2

10.0

0.0

Median Pre-Money Valuation By Industry ($ in millions)

80.0 70.8 70.0 66.2 65.4 63.2

60.0 52.7 52.3 48.3 50.0 46.2 45.6 40.0 40.0 31.2 30.0 23.2

20.0 17.6

10.0

0.0

2014 Growth Equity Valuation Report: B2B Software P a g e | 5 b. 2014 B2B Software Growth Equity Valuations (by capital raised)

Average Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions)

120.0

99.5 100.0 90.2

80.0

67.8 63.4

60.0

46.3

40.0 31.9 33.6

20.0

0.0 Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+

Median Pre-Money Valuation By Total Capital Raised Prior to Most Recent Round ($ in millions)

100.0

88.6 90.0 86.7

80.0

70.0 62.7

60.0 52.7

50.0 45.0

40.0

30.0 25.6 23.7

20.0

10.0

0.0 Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M $40M+

P a g e | 6 Valuation Increases Over Prior Rounds

a. Valuation Increases Over Prior Rounds (by industry)

Average Valuation Increase By Industry (current round pre-money vs. previous round post-money)

160% 139% 138% 140% 136% 121% 119% 120% 116% 101% 103% 100% 94% 87% 82% 80%

60%

37% 40% 22% 20%

Median Valuation Increase By Industry (current round pre-money vs. previous round post-money)

160%

140% 134% 132%

120% 101% 98% 100% 93% 85% 77% 80% 73% 65% 59% 57% 60% 41% 40%

20% 6% 0%

2014 Growth Equity Valuation Report: B2B Software P a g e | 7 b. Valuation Increases Over Prior Rounds (by days since last funding)

Average Valuation Increase By Days Since Last Funding

160% 150%

140%

124%

120%

101% 102% 100% 91% 81% 80%

65%

60%

40%

20%

0% Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years

Median Valuation Increase By Days Since Last Funding

120%

108%

100% 93%

82% 80% 77% 72%

60%

43%

40%

25%

20%

0% Total 0 to 6 Months 6 to 12 Months 12 to 18 Months 18 to 24 Months 2 to 3 Years 3+ Years

P a g e | 8 c. Valuation Increases Over Prior Rounds (by capital raised)

Average Valuation Increase By Total Capital Raised Prior to Most Recent Round 250%

207% 200%

161%

150% 132% 116% 101% 100%

49% 50%

0% Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M

Median Valuation Increase By Total Capital Raised Prior to Most Recent Round 250%

226%

200%

147% 150%

105% 100% 85% 77%

48% 50%

0% Total $0 to $2M $2M to $5M $5M to $10M $10M to $20M $20M to $40M

2014 Growth Equity Valuation Report: B2B Software P a g e | 9 d. Valuation Increases Over Prior Rounds (by year founded)

Average Valuation Increase Over Prior Round By Years Since Founding 200%

180% 174%

160%

140%

120% 113% 101% 100% 97%

80%

60%

40% 33%

19% 20%

0% Total 0 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10+ Years

Median Valuation Increase Over Prior Round By Years Since Founding 180% 170%

160%

140%

120%

100% 93% 86%

80% 77%

60%

40%

22% 20% 14%

0% Total 0 to 3 Years 3 to 5 Years 5 to 7 Years 7 to 10 Years 10+ Years

P a g e | 10 The Top Growth-Stage Investors and Companies of 2014

a. Top Growth Equity Investors* (deal volume by pre-money valuation) * Does not reflect pure play growth equity firms due to lack of publicly reported valuation data.

Top Growth Equity Investors Segmented by Deal Pre-Money Valuation Investor < $25M $25M to $50M $50M to $100M $100M to $150M $150M to $200M Total Bessemer Venture Partners - 3 2 3 4 12 Lightspeed Venture Partners 1 1 5 2 2 11 New Enterprise Associates 2 2 6 1 - 11 Andreessen Horowitz - 2 3 3 2 10 Menlo Ventures - 1 3 2 3 9 Accel Partners - 1 3 4 1 9 First Round Capital 1 3 4 1 - 9 Bain Capital Ventures 1 3 3 - 1 8 Social+Capital Partnership 2 3 2 1 - 8 Khosla Ventures 1 2 1 4 - 8 Norwest Venture Partners 1 3 2 - 1 7 North Bridge Venture Partners - 2 4 1 - 7 Tenaya Capital - - 1 3 2 6 Redpoint Ventures - 2 3 - 1 6 Battery Ventures 1 2 3 - - 6 DCM 1 - 3 2 - 6 Intel Capital 1 2 2 1 - 6 Kleiner Perkins Caufield & Byers - 2 2 2 - 6 Google Ventures 1 1 3 1 - 6 Sequoia Capital - 1 5 - - 6 Trinity Ventures 2 1 1 2 - 6 August Capital - 2 - 2 1 5 Comcast Ventures 1 2 1 - 1 5 Draper Fisher Jurvetson 1 - 2 1 1 5 US Venture Partners - 1 3 - 1 5 Matrix Partners 1 1 1 1 1 5 Triangle Peak Partners 1 - 3 - 1 5 Fairhaven Capital Partners - 3 2 - - 5 General Catalyst Partners - 1 4 - - 5 JAFCO Ventures - 1 4 - - 5 Mayfield Fund - 1 3 1 - 5 Rembrandt Venture Partners 2 1 2 - - 5 Shasta Ventures - 3 1 1 - 5 InterWest Partners - 2 1 2 - 5 True Ventures 2 2 - 1 - 5 Sapphire Ventures - 1 3 1 - 5 Greylock Partners - - - 3 1 4 StarVest Partners - 2 - 1 1 4 Atlas Venture 2 - 1 1 - 4 Edison Partners 3 1 - - - 4 Elevation Partners - 2 2 - - 4 Flybridge Capital Partners 1 1 2 - - 4 Formation 8 1 1 2 - - 4 Mohr Davidow Ventures 1 3 - - - 4 Northgate Capital 1 1 2 - - 4 Ignition Venture Partners - - 3 1 - 4 FLOODGATE Fund - 2 2 - - 4 Trident Capital - 1 1 2 - 4 Scale Venture Partners 1 1 2 - - 4 ONSET Ventures - - 2 2 - 4 Storm Ventures - 2 2 - - 4 Silver Creek Ventures - 2 2 - - 4 Raven Venture Partners - - 2 2 - 4

2014 Growth Equity Valuation Report: B2B Software P a g e | 11 b. Top Investors* in the Fastest Growing Companies (based on valuation increase over prior round) * Does not reflect pure play growth equity firms due to lack of publicly reported valuation data.

Top 10 Investors in the Fastest Growing Companies of 2014 (by # of deals with valuation increases over 100% since previous round) Highest Highest # Investor Deals Increase (%) Increase (Company) 1 New Enterprise Associates 7 457% Captora 2 Accel Partners 6 249% Krux Digital 3 Lightspeed Venture Partners 6 283% Comprehend Systems 4 Andreessen Horowitz 5 420% Quantifind 5 Bessemer Venture Partners 5 354% PagerDuty 6 First Round Capital 5 261% Remind 7 Social+Capital Partnership 5 261% Remind 8 Intel Capital 4 467% Nexmo 9 Khosla Ventures 4 321% ClearStory Data 10 Sequoia Capital 4 311% Clari

P a g e | 12 c. The Fastest Growing Companies of 2014 (by valuation increase)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/21 Nexmo 17.9 80.9 3.3 467% 334 Developer of an 21Vianet Group, Intel international messaging Capital, NHN platform. Investment Corporation, Sorenson Capital

4/24 WellCentive 12.0 80.7 6.5 462% 278 Provider of population Harbert Venture health management and Partners, Noro-Moseley data analytics services Partners, Summit with a national footprint. Partners

5/20 Captora 22.0 81.9 5.2 457% 424 Developer of cloud-based Bain Capital Ventures, software products for New Enterprise marketing campaigns. Associates

7/22 Quantifind 12.0 72.4 11.0 420% 966 Developer of AME Cloud Ventures, technologies to extract Andreessen Horowitz, information from Comcast Ventures, Iris business intelligence Capital Management, data. Redpoint Ventures, US Venture Partners

9/22 HoneyBook 9.0 20.5 1.0 358% 531 Developer of event Aleph, Ben Narasin, planning platform. Evan Williams, HillsVen Capital, Michael Birch, Naval Ravikant, Ooga Labs, Rick Marini, Upwest Labs

7/31 PagerDuty 27.2 179.9 12.7 354% 559 Provider of an alarm Andreessen Horowitz, dispatching service for Baseline Ventures, system administrators Bessemer Venture and support teams. Partners, Harrison Metal Capital

4/30 Renewable Funding 13.5 50.6 17.2 353% 28 Provider of district Angeleno Group, Apollo legislation financing and Investment, Claremont on line application Creek Ventures, NGEN processing for property Partners, Prelude assessed clean energy Ventures (PACE) programs in the United States. 2/25 ClearStory Data 20.1 120.3 11.4 321% 447 Developer of tools for Andreessen Horowitz, users to conduct self Duff Ackerman & driven big data Goodrich, Google exploration. Ventures, Khosla Ventures, Kleiner Perkins Caufield & Byers

6/17 Clari 20.0 63.5 6.0 311% 76 Operator of an enterprise Bain Capital Ventures, mobile application Northgate Capital, platform for sales teams. Sequoia Capital

2/24 NuoDB 14.2 88.4 12.1 283% 686 Provider of client/cloud Dassault Systemes, relational database Hummer Winblad technology. Venture Partners, Longworth Venture Partners, Morgenthaler

2014 Growth Equity Valuation Report: B2B Software P a g e | 13 2014 B2B Software Growth Equity Transactions & Valuations

a. Advertising Technology

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 6/2 RichRelevance 20.0 188.9 57.8 17% 657 Provider of Centerview Capital, personalization and Crosslink Capital, product recommendation Draper Fisher tools for electronic Jurvetson, Greylock commerce sites. Partners, J.F. Shea & Company 8/22 Delivery Agent 8.0 183.5 120.8 27% 568 Provider of shopping N/A enabled entertainment for television shows, movies, magazines, sports and music videos.

7/21 Intent Media 22.7 164.5 28.3 26% 986 Provider of an advertising Insight Venture platform. Partners, Matrix Partners, Redpoint Ventures 7/30 Dstillery 24.3 161.6 31.7 55% 1,223 Provider of internet Menlo Ventures, advertising services. NewSpring Capital, US Venture Partners, Venrock 10/8 Urban Airship 12.1 143.8 58.7 1% 609 Provider of mobile push N/A messaging that builds relationships with connected consumers. 1/3 Spredfast 32.5 139.5 33.7 65% 332 Provider of social- Austin Ventures, marketing software. InterWest Partners, Lead Edge Capital, OpenView Venture Partners 6/25 Sprout Social 8.0 126.9 11.0 142% 1,218 Provider of support to Lightbank, New businesses to manage Enterprise Associates customer relations across 1/2 Integral Ad Science 30.0 118.0 20.3 171% 624 Providersocial networking of online tools. Atlas Venture, August advertising brand Capital, Pelion Venture protection and risk Partners management services.

2/26 Lattice Engines 5.0 105.4 37.9 6% 468 Developer of a platform N/A designed to help sales and marketing processes.

P a g e | 14 a. Advertising Technology (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 6/11 Krux Digital 35.0 101.0 13.5 249% 993 Provider of cloud-based Accel Partners, IDG data management Ventures USA, Sapphire platform. Ventures, Temasek Holdings, The Entrepreneurs Fund III, Time Warner 9/30 Sharethrough 10.0 98.4 27.9 74% 251 Provider of a social video BritishInvestments, Sky Broadcasting advertising and Group, Elevation distribution platform. Partners, FLOODGATE Fund, North Bridge Venture Partners, Silver 11/24 Zealot Networks 5.3 94.7 24.7 N/A N/A Provider of a digital N/ACreek Ventures media platform.

5/22 true[x] media 26.0 92.8 23.9 72% 1,472 Operator of an online JAFCO Ventures, advertising network. Norwest Venture Partners, Pinnacle Ventures, Redpoint Ventures 6/10 The Mobile Majority 8.0 92.5 13.4 N/A N/A Provider of mobile 3G Capital, Grind engagement services. Games

2/6 eDo Interactive 7.5 91.3 57.3 2% 266 Provider of online N/A advertising software platform.

8/25 Dynamic Signal 12.0 91.3 21.3 14% 770 Provider of a technology Cox Enterprises, platform for brand Rembrandt Venture marketers to use in social Partners, Time Warner marketing. Investments, Trinity Ventures, Venrock

4/14 AgilOne 25.0 90.5 16.3 77% 502 Provider of an online Four Rivers Group, retail marketing platform. Mayfield Fund, Next World Capital, Sequoia Capital, Tenaya Capital

5/5 UberMedia 8.0 87.8 51.6 -33% 1,068 Developer of a cross- Blue Chip Venture, screen mobile advertising Gordon Crawford platform. 5/20 Captora 22.0 81.9 5.2 457% 424 Developer of cloud-based Bain Capital Ventures, software products for New Enterprise marketing campaigns. Associates

2014 Growth Equity Valuation Report: B2B Software P a g e | 15 a. Advertising Technology (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 6/20 OwnerIQ 11.0 76.0 28.4 18% 718 Provider of a platform to Individual Investor help consumers find and store self-supportive product information. 10/21 YieldMo 10.0 74.0 12.0 179% 321 Provider of a platform for Dace Ventures, mobile advertising. Genacast Ventures, Google Ventures, 3/7 Invoca 21.8 67.1 10.7 102% 487 Provider of pay-per-call AccelRhodium, Partners, Time RinconWarner platform for the Venture Partners, performance marketing Salesforce.com, 9/11 Ifbyphone 30.0 66.2 34.0 28% 247 Providerindustry. of a voice based ApexUpfront Venture Ventures Partners, marketing platform. BlueCrest Capital Management, Chicago Ventures, NewSpring Capital, Origin Ventures, River Cities Capital Funds, Second Century Ventures, Spring Mill Venture Partners, SSM Partners

6/6 Curalate 8.6 60.5 3.7 249% 506 Provider of visual First Round Capital, analytics and marketing MentorTech Ventures, platform. New Enterprise Associates, Vayner RSE

6/5 Yieldbot 18.0 57.0 8.4 90% 356 Provider of an online City National Bank, advertising platform. CommonAngels, New Atlantic Ventures, RRE Ventures, SJF Ventures

2/4 Char Software 15.9 54.6 8.7 98% 512 Provider of an analytics Foundation Capital, and marketing platform Polaris Partners for mobile and web applications.

11/17 Eyeviewdigital 15.0 51.4 20.5 54% 481 Developer of technology Marker platform to create personalized online video advertisements. 3/20 Crowdtap 5.0 50.4 10.0 166% 997 Provider of a social Alta Communications, influence marketing Foundry Group, The platform. Mustang Group, Tribeca Venture Partners 1/22 Sharethrough 17.0 49.5 10.9 61% 468 Provider of a social video Elevation Partners, advertising and FLOODGATE Fund, distribution platform. North Bridge Venture Partners, Patrick Keane, Silver Creek Ventures

P a g e | 16 a. Advertising Technology (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 11/18 Boost Media 19.0 49.3 11.0 76% 438 Provider of a platform for Battery Ventures, optimizing ad creative at Javelin Venture scale across search, Partners, Pinnacle social, display & mobile. Ventures, Webb Investment Network

10/2 Appboy 15.0 44.2 7.6 114% 330 Provider of a marketing Blumberg Capital, IDG automation platform. Ventures USA, InterWest Partners, Rally Ventures, T5 Capital

7/23 SmartZip Analytics 12.0 42.0 11.1 176% 1,302 Provider of investment Claremont Creek ratings, research and Ventures, Crest Capital analysis for residential Ventures, Intel Capital real estate properties.

1/14 Main Street Hub 14.0 42.0 6.0 51% 229 Provider of a multi- Bessemer Venture channel marketing Partners, Harrison platform for small retail Metal Capital businesses.

12/8 Extole 14.0 37.7 34.9 82% 372 Provider of a social Norwest Venture advocacy platform for Partners, Redpoint brands and agencies to Ventures, Scale Venture drive results through Partners, Shasta word of mouth Ventures, Trident marketing. Capital

9/29 Datorama 15.0 36.0 3.8 268% 425 Provider of a cross- Cedar Fund, Innovation channel marketing Endeavors, Marker analytics platform.

6/26 CrowdTwist 9.0 34.5 11.0 N/A N/A Developer of loyalty Bertelsmann Digital software services for fan Media Investments, clubs. Fairhaven Capital Partners, kbs+ Ventures, SoftBank Capital, StarVest Partners, TechStars

10/23 Visible Measures 7.0 34.0 63.1 -84% 800 Provider of measurement Advance Publications, platform for internet Commonfund Capital, video publishers, viral Duff Ackerman & marketing Goodrich, General professionals,and Catalyst Partners, Mohr advertisers. Davidow Ventures, Northgate Capital

7/28 ChoiceStream 7.5 28.4 92.7 N/A N/A Provider of Fred Alger Management personalization services to electronic retail, entertainment services and television and mobile providers.

2014 Growth Equity Valuation Report: B2B Software P a g e | 17 a. Advertising Technology (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/7 Medialets 5.0 28.4 28.4 -38% 426 Developer of media Gotham Ventures advertising and an analytics platform for mobile applications.

2/4 Jivox 5.8 23.7 25.6 N/A N/A Provider of interactive Diaz Nesamoney, advertising technology. Fortisure Ventures, Helion Venture Partners, Opus Capital, Shah Capital Partners

5/19 Autopilot 7.0 20.1 5.9 N/A N/A Developer of marketing Blackbird Ventures, and digital advertising Rembrandt Venture tools for small and Partners, Southern medium-sized Cross Venture Partners businesses. 8/26 Bizible 8.0 18.7 2.5 149% 161 Provider of an online tool Investment Group of to help local businesses Santa Barbara, with online marketing. Madrona Venture Group, MHS Capital, Rob Glaser, Scale Venture Partners, Tim Kopp

9/17 Windsor Circle 6.3 18.0 2.4 113% 307 Provider of a retention Comcast Ventures, marketing platform. IDEA Fund Partners, Origin Ventures, Triangle Angel Partners

2/20 Smarter Remarketer 7.0 15.0 3.3 N/A N/A Provider of an e-mail Battery Ventures marketing automation and analysis suite.

5/1 PunchTab 6.3 8.6 5.3 -68% 905 Developer of social Mohr Davidow loyalty and reward Ventures platform.

P a g e | 18 b. Internet Infrastructure & Development Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 12/2 SendGrid 20.7 183.7 27.3 133% 1,047 Provider of an e-mail Bain Capital Ventures, delivery platform. Bessemer Venture Partners, Foundry Group

7/10 Avere Systems 20.0 165.6 52.0 13% 735 Developer of demand- Lightspeed Venture driven storage services. Partners, Menlo Ventures, Norwest Venture Partners, Tenaya Capital, Western Digital 7/30 Dstillery 24.3 161.6 31.7 55% 1,223 Provider of internet Menlo Ventures, advertising services. NewSpring Capital, US Venture Partners, Venrock

10/30 Capriza 27.0 161.1 23.3 64% 811 Developer of mobile- Allen & Company, enterprise software. Andreessen Horowitz, Charles River Ventures, Harmony Partners, Tenaya Capital

11/13 Axcient 10.0 152.6 53.5 2% 682 Provider of on-demand N/A data protection services for small and medium sized businesses. 1/22 MemSQL 10.6 147.4 36.6 50% 79 Developer of technology Accel Partners, First for Big Data analytics. Round Capital, Khosla Ventures, The Data Collective

5/7 Maxta 25.0 128.4 10.0 228% 1,027 Provider of enterprise Andreessen Horowitz, storage platform. Intel Capital, Tenaya Capital

6/24 Phunware 30.7 122.8 29.8 47% 419 Provider of consumer Central Texas Angels mobile experiences and Cisco Investments, infrastructure. Firsthand Technology, Fraser McCombs Capital, Maxima Ventures, Samsung Venture, Wild Basin Investments

5/13 Instart Logic 26.0 122.6 26.0 104% 391 Provider of a cloud-based Andreessen Horowitz, service to reduce Greylock Partners, network congestion. Kleiner Perkins Caufield & Byers, Sutter Hill Ventures, Tenaya Capital

2014 Growth Equity Valuation Report: B2B Software P a g e | 19 b. Internet Infrastructure & Development (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 12/9 Nok Nok Labs 8.3 109.0 35.9 58% 285 Provider of DCM, DDS, Lenovo, authentication ONSET Ventures, Raven infrastructure services to Venture Partners enterprise customers.

4/3 Boundary 22.0 90.9 19.0 43% 643 Provider of platforms for Adams Street Partners, visualizing, exploring and Lightspeed Venture troubleshooting data Partners, Scale Venture networks. Partners, Triangle Peak Partners

10/21 SnapLogic 22.3 89.4 42.4 3% 204 Provider of an open- Andreessen Horowitz, source, data-integration H. Barton Asset framework. Management, Ignition Venture Partners, Netapp, Pharus Capital Management, Tresoro Ventures, Triangle Peak Partners

2/24 NuoDB 14.2 88.4 12.1 283% 686 Provider of client/cloud Dassault Systemes, relational database Hummer Winblad technology. Venture Partners, Longworth Venture Partners, Morgenthaler

3/31 SnapLogic 5.5 81.3 36.9 0% 558 Provider of an open- Andreessen Horowitz, source, data-integration Ignition Venture framework. Partners

5/7 Metacloud 15.0 79.3 10.0 205% 315 Provider of openstack- AME Cloud Ventures, based private cloud Canaan Partners, Pelion services for the Venture Partners, enterprise. Silicon Valley Bank, Storm Ventures, UMC Capital

12/9 Altiscale 30.0 76.3 12.0 112% 544 Provider of a data General Catalyst management platform. Partners, Northgate Capital, Sequoia Capital

4/22 Electric Cloud 12.0 75.7 29.3 N/A N/A Provider of technology Mayfield Fund, that automates and Rembrandt Venture accelerates the software Partners, RRE Ventures, delivery process. Siemens Venture Capital, US Venture Partners

9/19 Hazelcast 11.0 68.2 2.8 98% 409 Provider of an open Bain Capital Ventures, source clustering data Earlybird Venture distribution platform. Capital

11/3 LeadPages 6.0 67.8 5.0 239% 403 Provider of a platform to N/A create mobile responsive landing pages, and other Web pages focused on customer interaction.

P a g e | 20 b. Internet Infrastructure & Development (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 8/6 InVisionApp 21.1 66.5 13.1 60% 278 Developer of a user FirstMark Capital, Tiger interface prototyping Global Management tool.

8/26 Black Duck Software 20.0 65.1 58.1 -46% 1,048 Provider of products and Flagship Ventures, services for accelerating Focus Ventures, software development General Catalyst using open source. Partners, Intel Capital, Red Hat, Sapphire Ventures, Split Rock Partners, Volition Capital

12/9 ThousandEyes 20.0 63.2 5.5 265% 538 Developer of an Salesforce.com, information technology Sequoia Capital, Sutter performance Hill Ventures management platform for SaaS and cloud applications.

2/21 Unidesk 10.3 61.9 29.7 3% 646 Developer of virtual Dell Ventures, Ignition desktop management Venture Partners, software. Matrix Partners, North Bridge Venture Partners, Tresoro Ventures

6/24 CloudPhysics 15.1 56.9 12.5 58% 315 Provider of a platform to JAFCO Ventures, Kleiner focus on virtualization Perkins Caufield & and cloud infrastructure. Byers, Mayfield Fund

11/5 Gravitant 25.0 52.9 15.3 54% 281 Provider of cloud Cielo Private Equity, S3 computing services. Ventures

8/1 VeloCloud Networks 15.0 50.8 5.4 231% 499 Provider of cloud 21Vianet Group, New networking services. Enterprise Associates, Venrock

6/24 Aerospike 20.0 39.4 10.1 128% 666 Provider of a data Alsop Louie Partners, storage and management Columbus Nova system. Technology Partners, New Enterprise Associates, Regis McKenna

8/6 Splice Machine 18.0 35.5 4.3 125% 698 Provider of a SQL- Correlation Ventures, compliant database for InterWest Partners, data applications. Mohr Davidow Ventures, Roger Bamford, Roger J. Sippl

7/15 SpaceCurve 10.0 35.4 23.8 N/A N/A Provider of a parallel Triage Ventures analytical database platform for join-oriented semantic, spatial and relational applications.

2014 Growth Equity Valuation Report: B2B Software P a g e | 21 b. Internet Infrastructure & Development (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/6 Blue Box Group 14.0 34.0 5.8 N/A N/A Provider of cloud hosting Founder Collective, and managed services. Voyager Capital

11/4 Prelert 7.6 31.1 4.3 165% 1,519 Provider of machine Fairhaven Capital intelligence-based Partners, Intel Capital, predictive analytics. Sierra Ventures

4/30 Ayla Networks 14.6 30.7 5.6 100% 453 Provider of a cloud-based Cisco Investments, connectivity platform. Crosslink Capital, International Finance Corporation, Linear Venture, SAIF Partners, SJF Ventures, Voyager Capital

12/10 Canvas Solutions 9.0 29.2 8.1 28% 316 Publisher of data Camber Creek, Osage collection applications on Partners, River Cities wireless smart phones Capital Funds and other mobile devices, such as laptops, tablets, bar code scanning devices and net books for businesses and mobile professionals.

10/23 SwiftStack 16.0 29.0 7.6 62% 591 Provider of a platform to Mayfield Fund, deploy and manage OpenView Venture private cloud-storage Partners, Storm systems. Ventures, UMC Capital

3/14 VoltDB 8.0 28.7 16.1 N/A N/A Provider of distributed Kepha Partners, Sigma structured query Partners language database for transactional (OLTP) applications.

7/1 PLUMgrid 16.3 26.1 12.7 11% 785 Provider of a network Hummer Winblad infrastructure software Venture Partners, vendor. Longworth Venture Partners, Qualcomm Ventures, Swisscom Ventures, US Venture Partners 1/30 Piston Cloud Computing6.4 25.4 13.0 7% 360 Provider of commercial Hummer Winblad OpenStack software for Venture Partners businesses.

10/14 Loggly 15.0 25.0 21.0 12% 406 Provider of a cloud based Cisco Investments, log management service. Harmony Partners, Matrix Partners, The Data Collective, Trinity Ventures, True Ventures

P a g e | 22 b. Internet Infrastructure & Development (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 8/14 Luminal 10.0 23.0 6.2 42% 168 Developer of security and Core Capital Partners, infrastructure software. Maryland Venture Fund, New Enterprise Associates

7/2 Racemi 9.9 20.8 15.4 N/A N/A Provider of an image- Harbert Venture based provisioning Partners, Milestone software for data center Venture Partners, consolidation and Paladin Capital Group disaster recovery.

6/2 Concurrent 10.0 16.1 4.9 57% 507 Provider of a platform to Bain Capital Ventures, create and manage data Rembrandt Venture applications. Partners, True Ventures

4/18 Placester 8.2 10.6 3.6 N/A N/A Provider of a publishing Angel Street Capital, platform for real estate Romulus Capital websites.

8/29 CENTRI Technology 6.3 7.5 19.7 N/A N/A Provider of mobile data N/A optimization and bandwidth management solutions.

2014 Growth Equity Valuation Report: B2B Software P a g e | 23 c. Business Intelligence & Analytics

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 7/8 RetailNext 30.0 153.6 29.0 132% 434 Developer of in-store Activant Capital Group, business intelligence American Express services for the retail Ventures, August industry. Capital, Commerce Ventures, Nokia Growth Partners, Qualcomm Ventures, StarVest Partners, Tyco Capital 3/18 Simply Measured 20.0 144.1 8.9 226% 420 Provider of social media Bessemer Venture analytics. Partners, Founder's Co- Op, Four Rivers Group, MHS Capital, Social Leverage, Trinity Ventures

2/25 ClearStory Data 20.1 120.3 11.4 321% 447 Developer of tools for Andreessen Horowitz, users to conduct self Duff Ackerman & driven big data Goodrich, Google exploration. Ventures, Khosla Ventures, Kleiner Perkins Caufield & Byers

6/18 ThoughtSpot 30.0 110.5 10.7 258% 747 Provider of platform to Khosla Ventures, access and analyze Lightspeed Venture enterprise data. Partners 5/29 Trifacta 25.0 108.4 16.3 93% 175 Provider of productivity Accel Partners, platforms for data Greylock Partners, analysis. Ignition Venture Partners 5/28 MATRIXX Software 18.5 84.4 24.1 120% 785 Provider of online Telstra Applications and charging and policy Ventures Group management services for communications service providers.

1/29 Origami Logic 15.0 84.0 9.3 161% 441 Developer of platform for Accel Partners, JAFCO visual, self-service Ventures, Lightspeed analytics specifically Venture Partners geared for marketers.

4/29 WellAware Holdings 24.7 80.0 8.7 204% 116 Developer and provider N/A of machine-to-machine data networks. 9/25 Context Relevant 13.6 76.4 30.9 76% 128 Developer of a predictive Bloomberg, BofA Merrill data analytics software. Lynch, Formation 8, Goldman Sachs, GoldPoint Partners

11/28 Narrative Science 10.0 74.1 22.0 42% 444 Developer of automated Battery Ventures, Jump business analytics and Capital, Sapphire natural language Ventures, USAA Life communication Insurance Company technology.

P a g e | 24 c. Business Intelligence & Analytics (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/9 Radius Intelligence 13.0 72.5 19.4 N/A N/A Provider of sales and BlueRun Ventures, marketing intelligence. Darian Shirazi, Formation 8, Kevin Colleran

11/17 InsightSquared 13.5 71.9 13.5 68% 546 Provider of a data Atlas Venture, Draper intelligence software for Fisher Jurvetson, small to medium sized NextView Ventures, businesses. Two Sigma Investments

7/15 Netbase Solutions 15.2 70.1 48.7 N/A N/A Provider of content Altos Ventures, SAIF intelligence services. Partners, Thomvest Ventures, WestSummit Capital

3/12 L2 16.5 55.1 0.0 N/A N/A Provider of subscription- General Catalyst based business Partners intelligence service. 6/17 Wayin 13.1 52.7 21.1 -54% 841 Provider of mobile- US Venture Partners, engagement services. WS Investments

12/9 TrackMaven 14.0 51.9 7.8 95% 308 Provider of intelligence Bowery Capital, New platform for enterprise Enterprise Associates marketers.

2/3 Allegiance Software 19.8 50.8 30.5 19% 382 Provider of a cloud based N/A voice of customer and enterprise feedback management services.

6/17 OpenGov 19.1 48.8 7.2 N/A N/A Developer of a cloud- Accelerate-IT Ventures based financial Management, application. Andreessen Horowitz, Formation 8, SG VC, Thrive Capital

9/15 RJMetrics 16.5 47.7 7.7 113% 487 Developer of business August Capital, intelligence software SoftTech VC, Trinity delivered as a service Ventures over the Internet. 9/24 Numerify 15.0 47.6 8.3 81% 357 Provider of cloud-based Lightspeed Venture business intelligence. Partners, Sequoia Capital

2014 Growth Equity Valuation Report: B2B Software P a g e | 25 c. Business Intelligence & Analytics (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 9/19 SellPoints 5.2 39.2 18.2 N/A N/A Provider of online retail N/A video product tour and brand store.

3/13 Premise Data 11.0 38.8 5.5 N/A N/A Developer of a platform Andreessen Horowitz, that provides real-time Bowery Capital, Google data for a streaming Ventures, Harrison global economy. Metal Capital, Social+Capital Partnership

5/9 Zettics 10.2 37.7 N/A -35% 336 Provider of mobile N/A analytic and measurement applications.

10/6 Zoomdata 17.0 35.1 5.2 187% 452 Provider of a data Accel Partners, B7 analytics and Ventures, Columbus visualization platform for Nova Technology real-time and historical Partners, New Big Data. Enterprise Associates, Razor's Edge Ventures

4/14 Brickstream 8.7 35.0 36.6 N/A N/A Provider of real time N/A customer behavior analytics and in store monitoring technology.

12/10 Qubole 13.0 32.0 7.0 36% 596 Developer of a cloud data Norwest Venture platform. Partners

3/12 Omniata 5.2 26.0 1.6 260% 107 Provider of a data Creandum, Sigma West management platform.

4/29 newBrandAnalytics 5.0 18.6 30.0 -37% 357 Provider of a social media New Enterprise intelligence platform. Associates

6/30 Automated Insights 5.5 17.8 5.3 69% 1,022 Provider of a platform Court Square Ventures, that provides IDEA Fund Partners, personalized narrative OCA Ventures, Osage content from Big Data. Partners, Samsung Venture Investment, Steve Case

8/27 InContext Solutions 12.0 16.8 8.8 11% 210 Provider of market Beringea, Hyde Park research services to Venture Partners, consumer package goods Plymouth Management companies and retailers. Company

P a g e | 26 d. Financial Technology & Planning

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 12/8 Revionics 30.0 152.3 32.0 N/A N/A Provider of price and Goldman Sachs promotion optimization systems for retailers.

9/25 Taulia 40.0 138.1 35.7 33% 395 Provider of cloud-based Duff Ackerman & invoice, payment and Goodrich, Lakestar, discounting management Matrix Partners, service for large buying QuestMark Partners, organizations. TELUS Ventures, Trinity Ventures

3/5 Payoneer 25.0 130.8 14.0 N/A N/A Provider of online Carmel Ventures, payment distribution Greylock Partners, platform and services. Landmark Ventures, New York Angels, Susquehanna Growth Equity, Vintage Ventures Management

2/6 PayNearMe 20.0 130.3 34.5 34% 364 Provider of a cash August Capital, GSV transaction network. Capital, Khosla Ventures, Maveron, True Ventures

11/24 Host Analytics 25.0 114.2 64.3 41% 453 Provider of business Advanced Technology performance Ventures, Centerview management software. Capital, Next World Capital, StarVest Partners, Trident Capital

4/24 ShopKeep.com 25.0 93.5 15.2 166% 505 Provider of a cloud-based Canaan Partners, mobile point-of-sale Contour Venture system. Partners, Matt Coffin, Thayer Street Partners, Tribeca Venture Partners, TTV Capital

10/30 Alkami Technology 17.0 86.7 22.9 151% 252 Provider of electronic N/A banking service to the financial services industry.

6/3 MX 5.0 85.0 16.5 31% 340 Provider of financial Commerce Ventures, management services. North Hill Ventures, Peak Ventures, TTV Capital

5/28 MATRIXX Software 18.5 84.4 24.1 120% 785 Provider of online Telstra Applications and charging and policy Ventures Group management services for communications service providers.

5/29 Swipely 20.0 71.1 20.5 114% 373 Provider of an online First Round Capital, payment platform. Index Ventures, Pritzker Group Venture Capital, Shasta Ventures

2014 Growth Equity Valuation Report: B2B Software P a g e | 27 f. Financial Technology & Planning (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 10/27 I-Matchative 20.0 55.7 7.3 N/A N/A Provider of data analytics Control Empresarial de platform and Capitales, David marketplace. Bonderman, Wells Fargo & Company

7/9 Duetto Research 21.0 54.1 12.2 41% 576 Provider of hotel profit Accel Partners, optimization services. Altimeter Capital Management, Battery Ventures, Leland Pillsbury, Marc Benioff

4/30 Renewable Funding 13.5 50.6 17.2 353% 28 Provider of district Angeleno Group, Apollo legislation financing and Investment, Claremont on line application Creek Ventures, NGEN processing for property Partners, Prelude assessed clean energy Ventures (PACE) programs in the United States. 10/22 Flint Mobile 9.4 45.7 11.1 74% 316 Provider of mobile Digicel Group, payment applications for Peninsula Ventures, small businesses. Storm Ventures, True Ventures, Verizon Communications

10/20 Recurly 12.0 45.5 7.8 136% 999 Provider of subscription Devonshire Investors, billing management as a e.ventures, Greycroft service for companies Partners, Polaris and small businesses. Partners

8/12 Axial 11.0 35.3 9.0 24% 819 Provider of technology- Comcast Ventures, First powered applications and Round Capital, Redpoint services for private Ventures capital markets. 7/16 Redline Trading Solutions5.0 34.9 7.5 118% 1,538 Provider of software Individual Investor products for latency and throughput-sensitive trading applications. 8/21 Transactis 10.9 34.5 31.4 -29% 646 Provides electronic bill Safeguard Scientifics, presentment and StarVest Partners payment services. 10/24 D3 Banking 7.0 34.4 5.0 N/A N/A Provider of finance Route 66 Ventures management software.

10/16 Motionsoft 10.0 28.1 17.6 14% 748 Provider of payment Edison Partners, processing services and Maryland Venture member relationship Fund, Route 66 management software Ventures for the health and wellness industry.

P a g e | 28 f. Financial Technology & Planning (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 7/25 Decision Lens 6.5 26.5 0.0 N/A N/A Provider of strategic Vision Thinkers prioritization and resource optimization software services.

11/12 SimplyTapp 6.0 20.2 1.4 226% 334 Developer of cloud-based Blue Sky Capital, payment technologies. Lightspeed Venture Partners

1/8 Compliance Science 8.3 19.5 0.0 N/A N/A Provider of web based, Edison Partners regulatory compliance technology and services to the financial services community.

7/15 Plastiq 10.0 16.9 8.2 -6% 502 Provider of an e- Atlas Venture, Flybridge commerce payment Capital Partners, Khosla platform. Ventures

8/21 Continuity Engine 10.0 13.8 8.5 33% 62 Provider of software as a BancVue, Connecticut service (SaaS) operations Innovations, River Cities and governance platform Capital Funds, Thomas for community financial J. Watson institutions. 6/13 LogFire 8.3 12.5 0.0 N/A N/A Provider of multi-tenant, Edison Partners, cloud-based warehousing Fulcrum Equity Partners and in-store inventory platform.

9/24 Centage 9.5 8.8 0.0 N/A N/A Developer of financial Northgate Capital, TVC software. Capital 8/19 Clinverse 9.1 8.3 8.6 -39% 328 Provider of an online Edison Partners, clinical trial payment Hatteras Venture network to electronically Partners connect sponsors.

2014 Growth Equity Valuation Report: B2B Software P a g e | 29 g. IT Security

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/5 iSIGHT Partners 30.0 153.1 19.3 N/A N/A Provider of cyber security Bessemer Venture risk-management Partners services. 5/15 Netskope 35.0 145.4 22.5 109% 224 Provider of cloud- Accel Partners, analytics and policy Lightspeed Venture services. Partners, Social+Capital Partnership

7/10 Malwarebytes 30.0 135.8 0.0 N/A N/A Developer of software to Highland Capital protect people and Partners businesses from advanced online threats. 2/18 Invincea 17.3 113.3 13.5 54% 456 Developer of Aeris Capital, CIT GAP cybersecurity software. Funds, Dell Ventures, Grotech Ventures, Harbert Venture Partners, New Atlantic Ventures 11/20 CloudLock 6.7 111.5 28.7 62% 119 Provider of cloud-data Ascent Venture security services. Partners, Bessemer Venture Partners, Cedar Fund 8/20 vArmour Networks 21.0 101.4 23.0 41% 194 Developer of software Citi Ventures, Columbus defined security (SDSec) Nova Technology for virtualized data Partners, Work-Bench centers. 2/13 CloudPassage 25.5 101.2 28.1 N/A N/A Provider of security Benchmark Capital, software as a service for Meritech Capital securing cloud servers. Partners, Musea Ventures, Shasta Ventures, Stephen J. Luczo, Tenaya Capital

8/12 Lastline 10.0 93.2 16.9 113% 410 Provider of active Dell Ventures, malware protection for e.ventures, Presidio networks against Ventures, Redpoint targeted attacks. Ventures

4/16 BetterCloud 8.6 91.2 13.0 52% 203 Provider of enterprise Ashish H. Mistry, class management and Flybridge Capital security tools specifically Partners built to integrate with Google Application domains.

3/19 Digital Guardian 12.0 82.9 42.8 13% 1,076 Provider of information Brookline Venture protection services. Partners, Fairhaven Capital Partners, General Electric Pension Trust

P a g e | 30 g. IT Security (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 2/20 Cylance 20.0 78.4 15.0 125% 372 Developer of security Fairhaven Capital software and services. Partners, Khosla Ventures, The Blackstone Group

2/20 Ionic Security 25.6 74.4 11.4 85% 304 Provider of data security ff Venture Capital, platform. Google Ventures, JAFCO Ventures, Kleiner Perkins Caufield & Byers, Webb Investment Network

4/22 Damballa 13.0 72.5 44.5 0% 582 Developer of firewall and Adams Street Partners, internet security Blumberg Capital, GRA software. Ventures, Imlay Investments, InterWest Partners, Mubadala Development, Noro- Moseley Partners, Paladin Capital, Palomar Ventures

12/4 ThreatStream 22.5 69.1 4.3 246% 287 Provider of a SaaS-based General Catalyst cyber security intelligence Partners, Google platform. Ventures, Institutional Venture Partners, Paladin Capital Group

6/27 Elastica 18.3 63.6 6.8 213% 666 Provider of cloud security N/A software. 8/5 Bitglass 25.0 62.7 10.0 162% 516 Developer of enterprise New Enterprise security software. Associates, Norwest Venture Partners, SingTel Innov8

5/14 Sift Science 18.1 62.2 5.6 209% 421 Provider of a platform First Round Capital, that monitors website Max Levchin, Spark traffic to alert clients of Capital, Union Square fraudulent activity. Ventures

2/7 vArmour Networks 15.0 56.8 8.0 221% 388 Developer of software Draper Nexus, Menlo defined security (SDSec) Ventures for virtualized data centers. 9/23 Agari Data 15.0 55.0 8.0 166% 575 Provider of e-mail Alloy Ventures, Battery authentication and online Ventures, First Round communication Capital, Scale Venture management services. Partners

2/27 Nok Nok Labs 16.5 52.6 19.4 50% 1,153 Provider of DCM, Lenovo, ONSET authentication Ventures infrastructure services to enterprise customers.

2014 Growth Equity Valuation Report: B2B Software P a g e | 31 g. IT Security (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 5/19 Dashlane 22.0 35.1 8.6 96% 598 Provider of identity Bernard Liautaud, management software. Bessemer Venture Partners, FirstMark Capital, Rho Ventures

12/9 DB Networks 17.0 28.7 6.8 71% 679 Provider of database Citi Ventures, Grotech security software. Ventures, Khosla Ventures 6/16 CounterTack 20.0 25.9 20.2 8% 486 Provider of cyber-threat Alcatel-Lucent, Arsenal detection services. Venture Partners, Fairhaven Capital, Goldman Sachs, Razor's Edge Ventures, Siemens Venture

7/9 Wombat Security Technologies6.7 23.2 0.8 63% 503 Provider of cyber security BlueTree Allied Angels, training and filtering Innovation Works, systems. Level Equity

6/9 Exabeam 10.0 21.8 3.0 190% 369 Developer of security Aspect Venture analytics technologies. Partners, Norwest Venture Partners, Shlomo Kramer

7/31 Confident Technologies5.6 16.0 3.9 16% 1,249 Provider of image-based N/A authentication and verification solutions.

P a g e | 32 h. Human Resources & Training Software

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 12/9 Hired 15.0 188.5 18.0 253% 260 Provider of a marketplace Comcast Ventures, for recruiting software Crosslink Capital, Lumia engineers. Capital, SherpaVentures, Sierra Ventures, Silicon Valley Bank, SoftTech VC

9/1 Jobvite 30.0 119.3 30.7 37% 1,203 Provider of a recruitment ATA Ventures, Catalyst application that allows to Investors, CMEA collaborate on hiring Capital, Trident Capital people.

3/5 GuideSpark 15.0 90.1 4.0 N/A N/A Provider of digital IDG Ventures USA, New employee communication Enterprise Associates, technology. Philip Sanderson, Storm Ventures

5/20 Jibe 20.0 79.3 21.9 132% 470 Provider of browser- Draper Fisher based technology for Jurvetson, Gotham personnel recruiting. Ventures, Longworth Venture Partners, Polaris Partners, Sapphire Ventures, Thrive Capital

4/29 WorkFusion 15.1 47.3 7.0 128% 294 Provider of infrastructure Greycroft Partners, applications for data iNovia Capital, Mohr analysis. Davidow Ventures, RTP Ventures

6/12 HackerRank 9.2 45.0 3.2 237% 1,002 Provider of an online Battery Ventures, Dan platform to connect Rubinstein, Greg corporate professionals Badros, Khosla with students. Ventures, Peeyush Ranjan

2/13 RiseSmart 11.0 41.0 13.9 106% 743 Provider of enterprise Accel-KKR, Norwest career management Venture Partners services.

6/4 Gild 13.5 40.0 12.4 135% 481 Provider of human Baseline Ventures, resource and recruiting Correlation Ventures, software. Drive Capital, Globespan Capital Partners, Mark Kvamme, Menlo Ventures, Sapphire Ventures

11/4 Namely 12.0 32.9 8.3 64% 139 Developer of a cloud- Bullpen Capital, Lerer based human capital Hippeau Ventures, management platform. Matrix Partners, True Ventures

2014 Growth Equity Valuation Report: B2B Software P a g e | 33 h. Human Resources & Training Software (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 10/13 VoloMetrix 12.0 31.0 4.9 158% 537 Developer of applications Shasta Ventures, Split for tracking Rock Partners communications and performance for employees of an organization.

8/12 Hireology 10.0 30.0 2.7 97% 189 Provider of a selection Bain Capital Ventures management platform for hiring employees. 8/14 Greenhouse Software 7.5 26.4 2.7 138% 273 Provider of a Felicis Ventures, comprehensive recruiting Resolute Ventures, performance Social+Capital improvement system. Partnership

8/19 The Resumator 15.0 24.7 3.0 114% 659 Provider of applicant Birchmere Ventures, tracking, social recruiting Blue Cloud Ventures, and job marketing Innovation Works, platform. Rincon Venture Partners, Volition Capital

6/16 SmashFly Technologies 9.0 18.1 0.0 N/A N/A Provider of a recruitment OpenView Venture marketing platform. Partners

2/13 Hoopla Software 8.0 15.8 2.8 165% 729 Provider of sales Illuminate Ventures, gamification application. Safeguard Scientifics, Trinity Ventures

P a g e | 34 i. Health Care Software

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 11/19 Valence Health 15.0 129.4 30.0 21% 883 Provider of clinical Foundation Medical integration and data Partners, GE Ventures, management software. Heritage Group, North Bridge Venture Partners

2/21 Voalte 36.0 76.6 12.0 N/A N/A Developer of hospital Bedford Funding Capital point-of-care Management communications software technology.

12/3 Comprehend Systems 21.0 71.5 11.2 283% 511 Provider of cloud-based Lightspeed Venture clinical data insights Partners, Sequoia tools. Capital

7/14 Remedy Partners 35.2 58.3 0.3 N/A N/A Operator of a health Amedisys, New York information and Digital Health technology company. Accelerator

6/26 Truveris 12.8 45.6 13.8 31% 854 Provider of management Canaan Partners, First tools to sponsors of Round Capital, New prescription benefit plans Atlantic Ventures, New and payers of claims Leaf Venture Partners, under these plans. Tribeca Venture Partners

12/1 Predilytics 10.0 32.7 10.6 250% 431 Provider of predictive- Flybridge Capital analytics services for the Partners, Foundation healthcare industry. Medical Partners, Highland Capital Partners, Qualcomm Ventures 5/12 Apixio 13.5 29.7 9.1 37% 633 Provider of clinical data. Bain Capital Ventures

2014 Growth Equity Valuation Report: B2B Software P a g e | 35 i. Health Care Software (continued)

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 1/8 Zephyr Health 15.0 29.6 1.0 N/A N/A Provider of services that JAFCO Ventures, Kleiner turns data into Perkins Caufield & information for Fortune Byers, Susa Ventures 100 human health companies.

1/29 OnShift 7.1 28.4 5.9 75% 727 Provider of staff Draper Triangle scheduling and shift Ventures, Early Stage management software Partners, Fifth Third for the healthcare Bank, Glengary, HLM industry. Venture Partners, West Capital

3/4 Clinicient 15.0 18.7 13.7 126% 441 Provider of web-based Catalyst Investors software programs.

1/3 DNAnexus 15.0 16.0 16.7 -46% 814 Developer of software to Claremont Creek analyze DNA-sequencing Ventures, First Round data. Capital, Google Ventures, TPG Biotech

7/15 SA Ignite 5.4 15.2 1.6 142% 685 Developer of software N/A products to automate healthcare data collection and analytics. 7/8 Syapse 10.0 14.3 4.5 N/A N/A Developer of software Safeguard Scientifics, applications to accelerate Social+Capital biology-based research Partnership and product

P a g e | 36 j. Customer Service & CRM Software

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 10/10 Gainsight 25.6 165.0 31.4 93% 200 Provider of customer Bessemer Venture success management Partners, Lightspeed services. Venture Partners 6/12 Freshdesk 31.0 151.0 13.1 120% 203 Provider of on-demand, Accel Partners, Google customer-support Capital, Tiger Global software. Management

8/21 DoubleDutch 19.1 104.4 18.5 79% 248 Provider of mobile Bessemer Venture customer-relationship Partners, Bullpen management (CRM) Capital, Enspire Capital, applications. Index Ventures, Mithril Capital Management 9/25 FiveStars 25.0 87.8 20.0 68% 783 Provider of customer DCM, Lightspeed loyalty card and web Venture Partners, platform that people can Menlo Ventures, Rogers use at multiple different Communications retail locations.

5/5 Evariant 18.3 79.5 7.9 258% 705 Provider of SaaS-based Dignity Health, Health Customer Relationship Enterprise Partners, Management (CRM) and Lightspeed Venture marketing automation Partners, software. Salesforce.com

1/22 Intercom 22.8 65.4 7.8 203% 217 Provider of a customer Bessemer Venture relationship management Partners, Social+Capital and messaging tool for Partnership web businesses.

6/17 Clari 20.0 63.5 6.0 311% 76 Operator of an enterprise Bain Capital Ventures, mobile application Northgate Capital, platform for sales teams. Sequoia Capital

2/27 Base CRM 15.0 57.1 8.0 98% 659 Developer of customer Chicago Ventures, Hyde relationship management Park Venture Partners, (CRM) and sales Index Ventures, OCA software. Ventures, RRE Ventures, Social+Capital Partnership

4/1 Buzz Points 19.0 46.0 23.6 -15% 187 Developer of social media Discover Financial & marketing tools for Services, KEC Ventures, financial institutions. Lead Edge Capital

11/5 MediaRadar 6.7 45.0 16.1 0% 1,071 Provider of information Bain Capital Ventures, services that help Mousse Partners websites, magazines and newspaper publishers to improve client management. 5/22 Needle 7.0 42.8 12.5 121% 689 Provider of guided Rembrandt Venture shopping platform and Partners sales chat platform for web, social and mobile commerce.

2014 Growth Equity Valuation Report: B2B Software P a g e | 37 k. Productivity & Workflow Management

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 11/12 VersionOne 20.0 60.0 6.5 N/A N/A Provider of project and LLR Partners life cycle management tools. 1/16 FirstBest 7.8 58.5 26.0 22% 653 Provider of software for Flybridge Capital property and casualty, Partners and worker's compensation insurers.

6/11 Procore Technologies 16.2 57.8 5.3 N/A N/A Provider of an online tool Bessemer Venture for construction project Partners, TenOneTen management. Ventures

7/15 NetDocuments 25.0 43.8 1.1 N/A N/A Provider of an online Frontier Capital portal to store, share and access documents. 11/20 CS Disco 10.5 30.0 2.0 230% 309 Provider of a document Bessemer Venture review software. Partners, LiveOak Venture Partners 5/12 NoWait 10.0 23.2 4.2 145% 218 Provider of a mobile Birchmere Ventures, seating management Drive Capital, service. Innovation Works 8/27 Etouches 12.5 23.1 12.1 -11% 736 Provider of web-based Connecticut event software Innovations management. 7/15 Captricity 11.3 21.8 4.5 134% 412 Provider data capture Atlas Venture, technology that turns Social+Capital paper information into Partnership digital data.

9/22 HoneyBook 9.0 20.5 1.0 358% 531 Developer of event Aleph, Ben Narasin, planning platform. Evan Williams, HillsVen Capital, Michael Birch, Naval Ravikant, Ooga Labs, Rick Marini, Upwest Labs

5/8 LiquidPlanner 8.0 16.3 5.2 N/A N/A Developer of online TVC Capital project management software. 6/27 Knoa Software 5.1 5.2 17.6 -66% 571 Provider of Advantage Capital performance/end-user Partners, Ascent experience management Venture Partners, software. Gefinor Capital, Rand Capital

P a g e | 38 l. Communications Technology

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 7/11 Vidyo 20.0 164.2 119.0 N/A N/A Provider of an internet Four Rivers Group, based video conferencing Juniper Networks, tool. Menlo Ventures, Orr Partners, QuestMark Partners, Rho Ventures, Saints Capital, Sevin Rosen Funds, Triangle Peak Partners

1/21 Nexmo 17.9 80.9 3.3 467% 334 Developer of an 21Vianet Group, Intel international messaging Capital, NHN platform. Investment Corporation, Sorenson Capital

10/6 Kaazing 6.9 60.5 39.9 65% 536 Provider of web N/A communication software for living web applications.

10/21 Benu Networks 27.7 47.9 43.2 8% 406 Developer of a software Arris Group, Comcast platform for mobile Ventures, Liberty Global operators. Ventures, Spark Capital, Sutter Hill Ventures

1/28 CoTap 10.0 44.4 5.5 110% 244 Provider of an enterprise Charles River Ventures, mobile-messaging Emergence Capital service. Partners

2/4 Remind 15.0 34.7 4.5 261% 139 Creator of a mobile- First Round Capital, communication platform Kleiner Perkins Caufield for classrooms. & Byers, Social+Capital Partnership

1/27 TigerText 21.0 28.1 12.1 39% 725 Provider of enterprise- Easton Capital grade messaging Investment Group, New services. Leaf Venture Partners, New Science Ventures, OrbiMed Advisors, Reed Elsevier Ventures, Shasta Ventures, TELUS Ventures

4/17 Altia Systems 10.7 17.4 3.2 23% 520 Developer of a video- Intel Capital, Naya collaboration platform. Ventures

2014 Growth Equity Valuation Report: B2B Software P a g e | 39 m. Media & Content

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 10/6 ShareThis 29.9 138.6 46.0 N/A N/A Provider of an online Blue Chip Venture, DFJ, sharing platform that Harbourton Capital enables individuals and Group, Hercules advertisers to distribute Technology, online content to their IllinoisVENTURES, Jump profiles, blogs, friends Capital, Pritzker and contacts. Company, Mercury Fund, RPM Ventures

1/23 NewsCred 25.0 116.5 19.8 83% 310 Operator of a content FirstMark Capital, IA marketing and Ventures, InterWest syndication platform. Partners, Mayfield Fund

6/2 Movik Networks 21.0 64.2 41.7 0% 1,148 Provider of customized North Bridge Venture content and application Partners awareness solutions for mobile networks in the United States. 10/15 Thismoment 17.6 54.8 39.7 -51% 804 Provider of social media Sierra Ventures, Trident content management Capital, UMC Capital software. 8/21 Netpulse 18.6 41.8 23.8 57% 752 Provider of an interactive August Capital, DFJ digital media platform for Frontier Fund, Docomo fitness centers. Capital, Javelin Venture Partners, Nokia Growth Partners 9/11 Mediamorph 10.0 20.7 17.5 N/A N/A Provider of cross Liberty Global Ventures, platform media tracking Smedvig Capital and business management services.

11/20 Cognitive Media Networks 14.7 18.9 6.0 97% 513 Provider of content DCM, Hearst Ventures, recognition services to Rogers Venture internet television Partners applications.

4/2 GTxcel 8.8 7.3 6.2 N/A N/A Developer of digital N/A publishing technology.

P a g e | 40 n. Utilities & Energy Management

Deal Date Company Capital Pre-money Raised Valuation Days Since Description Investors Raise Valuation Prior Increase Last Round ($M) ($M) to Round (%) 2/27 Noesis Energy 6.0 27.0 15.1 0% 570 Provider of energy Austin Ventures, Black management platform. Coral Capital

1/27 AutoGrid 12.8 24.8 11.1 N/A N/A Provider of big data ClearSky Power & analytics and cloud- Technology Fund, E.ON, computing technology for Foundation Capital, the energy industry. Voyager Capital

6/9 Lucid Design Group 8.2 24.2 1.5 168% 1,616 Provider of cloud-based Formation 8, Zetta information feedback Venture Partners technology to save energy and water in buildings.

1/27 Simple Energy 6.0 19.5 2.9 N/A N/A Provider of a customer Bullet Time GP, The engagement and an e- Westly Group, Vision commerce platform. Ridge Partners

7/1 EnergySavvy 8.3 15.8 4.9 11% 698 Provider of cloud-based El Dorado Investment, demand-side EnerTech Capital management software Partners, Pivotal for the utility industry. Investments, Prelude Ventures 5/20 Powerhouse Dynamics 6.0 13.9 5.9 N/A N/A Provider of electric Highbridge Principal energy monitoring Strategies, systems for home and Massachusetts Clean office. Energy, Point Judith Capital, SOSventures, Vision Ridge

7/2 Veros Systems 11.0 7.6 1.9 N/A N/A Provider of software to Austin Ventures, monitor the reliability and Chevron Technology energy efficiency of Ventures, LiveOak electrically powered Venture Partners, Shell rotating machines. Technology Ventures

4/1 SCIenergy 12.0 4.6 50.3 -90% 466 Provider of cloud-based Blue Hill Investment, energy management Braemar Energy system. Ventures, DFJ Growth, Draper Fisher Jurvetson, Edison Energy, Mitsui & Co., The Westly Group, Triangle Peak Partners

2014 Growth Equity Valuation Report: B2B Software P a g e | 41