40 35 37 Financial 30 6% 25 20 23 15 13 14 15 18 10 6 13 15 5 3 - Strategic - 94%

Amount ($ in Date Target Buyer(s) Segment TEV/ Rev TEV/ EBITDA Mil) 3/29/2017 DataRPM Corp. Progress Software Corp. Data & Analytics 30.00 - - 3/15/2017 Greenview Data, Inc. Zix Corp. IT Security 8.10 - - 3/8/2017 Sotera Defense Solutions, Inc. The KEYW Corp. IT Security 235.00 - - 3/6/2017 Veracode, Inc. CA, Inc. IT Security 614.00 - - 2/22/2017 Turn, Inc. Amobee, Inc. Marketing Software 310.00 - - 1/31/2017 IDV Solutions LLC Everbridge, Inc. Data & Analytics 27.50 - - 1/31/2017 Double-Take Software, Inc. Carbonite, Inc. IT Security 65.35 - - 1/17/2017 CynergisTek, Inc. Auxilio, Inc. Healthcare IT 34.96 2.33x 6.99x 1/9/2017 BluVector, Inc. LLR Partners, Inc. IT Security 50.00 - - 1/4/2017 Sterling Payment Technologies LLC Madison Dearborn Partners LLC; EVO Financial Technology 195.00 - - Payments International LLC Strategic Buyer Inv. Date Select Corporate Acquisitions Alphabet Inc. (NasdaqGS:GOOGL) 03/08/2017 ▪ Kaggle, Inc. 01/18/2017 ▪ Fabric 12/13/2016 ▪ Cronologics Corp. 11/21/2016 ▪ Qwiklabs, Inc. 10/25/2016 ▪ Eyefluence, Inc. 09/08/2016 ▪ Apigee Corporation (NasdaqGS:APIC) 08/08/2016 ▪ Orbitera Inc. International Business Machines Corp. 01/23/2017 ▪ Agile 3 Solutions LLC 05/12/2016 ▪ Blue Wolf Group, LLC 02/29/2016 ▪ Resilient, an IBM Company 01/21/2016 ▪ Ustream, Inc. Microsoft Corporation (NasdaqGS:MSFT) 08/10/2016 ▪ Beam Interactive, Inc. 06/16/2016 ▪ Wand Labs, Inc. 06/13/2016 ▪ LinkedIn Corporation (NYSE:LNKD) Oracle Corporation (NYSE:ORCL) 01/19/2017 ▪ Apiary, Inc. 11/21/2016 ▪ Dynamic Network Services, Inc. 09/18/2016 ▪ Palerra, Inc. 09/06/2016 ▪ LogFire, Inc 07/28/2016 ▪ NetSuite Inc. (NYSE:N) salesforce.com, inc. (NYSE:CRM) 12/13/2016 ▪ Twin Prime, Inc. 10/03/2016 ▪ Krux Digital, Inc. 09/07/2016 ▪ HeyWire, Inc. 08/15/2016 ▪ BeyondCore, Inc. 08/01/2016 ▪ Quip, Inc.

Financial Buyer Inv. Date Select Corporate Investments Cloud Equity Group 11/07/2016 ▪ Node Serv, LLC 10/31/2016 ▪ ComfortHost.Net 05/31/2016 ▪ Beachcomber Creations and Jiffynet and ServerRhino and Webolocity and NetLink 05/04/2016 ▪ CloudAccess.net, LLC H.I.G. Capital, LLC 12/16/2016 ▪ TeamQuest Corp. 12/12/2016 ▪ Lionbridge Technologies, Inc. (Delaware) 07/29/2016 ▪ Symplicity Corporation 04/28/2016 ▪ AVI-SPL, Inc. 03/03/2016 ▪ Quicken Investment Services, Inc. 01/07/2016 ▪ Salary.com, Inc. KKR & Co. LP 03/20/2017 ▪ Communication Cable Co. 02/16/2017 ▪ RedTail Solutions, Inc. 12/06/2016 ▪ Optiv Security, Inc. 08/29/2016 ▪ Calabrio, Inc. 07/05/2016 ▪ Epicor Software Corporation 05/31/2016 ▪ SciQuest, Inc. (NasdaqGS:SQI) 11/05/2015 ▪ Nexidia Inc. Thoma Bravo LLC 02/16/2017 ▪ Data3Sixty, Inc. 01/19/2017 ▪ PlanView, Inc. 09/29/2016 ▪ T2 Systems, Inc. 07/13/2016 ▪ Imprivata, Inc. (NYSE:IMPR) 06/23/2016 ▪ Bomgar Corporation Vista Equity Partners 12/07/2016 ▪ Fidelity National Information Services, Inc. (Sungard Educ) 09/26/2016 ▪ GovDelivery, Inc. 09/19/2016 ▪ Infoblox Inc. (NYSE:BLOX) 08/18/2016 ▪ Granicus Inc. 06/01/2016 ▪ Ping Identity Corporation 20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25%

Enterprise Software Financial Technology Supply Chain Software Human Capital Management Other SaaS Marketing Software Healthcare IT Data Analytics IT Services IT Security Hosting Data Center Tech Conglomerates S&P 500

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Oracle Corp. ORCL-US $ 183,556 $ 44.61 16.0% 16.0% 94.9% 2.6% 41.3% 4.8x 11.5x 4.8x 10.3x International Business Machines Corp. IBM-US 164,251 174.14 4.9% 4.9% 95.3% (1.5%) 25.7% 2.5x 11.9x 2.6x 10.5x Adobe Systems, Inc. ADBE-US 64,375 130.13 26.4% 26.4% 99.6% 24.5% 32.0% 10.1x 31.6x 8.2x 20.3x Intuit, Inc. INTU-US 29,669 115.99 1.2% 1.2% 90.3% 10.4% 7.6% 6.2x 21.2x 5.7x 14.5x Constellation Software, Inc. CSU-CA 10,384 490.01 7.1% 7.1% 99.0% 16.3% 26.4% 4.9x 19.6x 4.2x 16.2x The Sage Group Plc SGE-GB 8,522 7.88 -3.7% -3.7% 79.4% 18.1% 31.1% 4.5x 15.3x 3.9x 13.1x Open Text Corp. OTC-CA 8,918 33.89 9.0% 9.0% 96.5% 29.3% 35.4% 4.9x 14.5x 3.6x 10.2x TOTVS SA TOTS3-BR 1,448 8.74 15.4% 15.4% 83.5% 3.8% 9.6% 2.3x 13.2x 2.2x 12.1x 12.9% 26.1% 5.0x 17.3x 4.4x 13.4x 13.3% 28.7% 4.8x 14.9x 4.0x 12.6x Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Visa, Inc. V-US $ 165,122 $ 88.87 13.9% 13.9% 96.5% 16.5% 73.1% 13.7x 19.4x 12.2x 17.2x Mastercard, Inc. MA-US $ 119,061 $ 112.47 8.9% 8.9% 99.1% 12.2% 53.2% 10.9x 18.8x 9.9x 17.0x American Express Co. AXP-US $ 71,300 $ 79.11 6.8% 6.8% 96.5% (3.9%) NM 2.9x NM 3.1x NM Fidelity National Information Services, Inc. FIS-US $ 26,178 $ 79.62 5.3% 5.3% 94.9% 3.6% 29.9% 3.9x 13.1x 3.8x 11.5x Fiserv, Inc. FISV-US $ 24,741 $ 115.31 8.5% 8.5% 97.5% 6.5% 33.5% 5.3x 15.6x 5.1x 14.4x The Western Union Co. WU-US $ 9,691 $ 20.35 -6.3% -6.3% 89.6% 0.2% NM 2.1x NM 2.2x 9.1x MSCI, Inc. MSCI-US $ 8,800 $ 97.19 23.4% 23.4% 88.9% 9.5% 50.2% 9.1x 18.3x 8.5x 16.5x Jack Henry & Associates, Inc. JKHY-US $ 7,227 $ 93.10 4.9% 4.9% 97.3% 7.2% 35.6% 5.2x 14.6x 4.9x 13.7x Black Knight Financial Services, Inc. BKFS-US $ 2,680 $ 38.30 1.3% 1.3% 90.8% 7.8% 42.9% 5.1x 11.7x 4.6x 9.7x Envestnet, Inc. ENV-US $ 1,403 $ 32.30 -8.4% -8.4% 77.9% 18.3% 8.5% 2.8x 35.6x 2.4x 12.2x Q2 Holdings, Inc. QTWO-US $ 1,410 $ 34.85 20.8% 20.8% 92.7% 37.1% (6.1%) 8.7x NM 6.2x 131.9x Bottomline Technologies, Inc. EPAY-US $ 959 $ 23.65 -5.5% -5.5% 75.0% 7.1% 8.8% 3.0x 31.3x 2.6x 12.0x 10.2% 33.0% 6.1x 19.8x 5.5x 24.1x 7.5% 34.5% 5.1x 18.3x 4.7x 13.7x

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Manhattan Associates, Inc. MANH-US $ 3,664 $ 52.05 -1.8% -1.8% 75.9% 5.4% 32.3% 5.9x 17.5x 5.7x 16.2x The Descartes Systems Group, Inc. DSG-CA 1,734 22.85 6.4% 6.4% 96.4% 15.7% 33.8% 8.4x 25.5x 7.4x 20.6x Kinaxis, Inc. KXS-CA 1,393 55.61 18.7% 18.7% 96.1% 30.7% 14.8% 10.9x 66.9x 8.7x 33.6x SPS Commerce, Inc. SPSC-US 1,005 58.49 -16.3% -16.3% 78.1% 18.9% 10.9% 4.4x 45.3x 3.8x 25.8x American Software, Inc. AMSWA-US 278 10.28 -0.5% -0.5% 86.1% 6.2% 16.9% 2.1x 14.8x 2.0x 11.5x 15.4% 21.7% 15.7% 16.9%

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Paychex, Inc. PAYX-US $ 21,157 $ 58.90 -3.3% -3.3% 93.4% 6.9% 42.4% 6.7x 15.6x 6.3x 14.7x Workday, Inc. WDAY-US 10,410 83.28 26.0% 26.0% 89.2% 34.1% (16.9%) 9.8x NM 7.1x 53.0x The Ultimate Software Group, Inc. ULTI-US 5,791 195.21 7.1% 7.1% 87.1% 30.5% 11.0% 7.2x 82.1x 5.7x 23.6x Paycom Software, Inc. PAYC-US 3,421 57.51 26.4% 26.4% 99.6% 36.2% 19.0% 10.3x 47.4x 7.5x 27.2x Cornerstone OnDemand, Inc. CSOD-US 2,203 38.89 -8.1% -8.1% 81.4% 18.1% (5.5%) 5.1x NM 4.2x 36.0x Paylocity Holding Corp. PCTY-US 1,987 38.63 28.7% 28.7% 77.8% 33.7% 4.6% 7.2x 137.7x 5.4x 37.0x Benefitfocus, Inc. BNFT-US 858 27.95 -5.9% -5.9% 62.1% 19.4% (2.6%) 3.9x NM 3.1x 47.3x Xactly Corp. XTLY-US 375 11.90 8.2% 8.2% 73.9% 21.4% (11.7%) 3.6x NM 2.9x NM Halogen Software, Inc. HGN-CA 199 9.32 49.9% 49.9% 95.1% 9.3% 11.3% 2.3x 24.4x 2.1x 16.9x 23.3% 5.7% 21.4% 4.6% Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA ServiceNow, Inc. NOW-US $ 14,521 $ 87.47 17.7% 17.7% 92.3% 41.3% (0.1%) 10.3x NM 7.1x 31.6x Snap, Inc. SNAP-US $ 15,257 $ 22.53 #N/A #N/A 76.5% 215.6% NM 62.9x NM 19.6x (44.8x) Guidewire Software, Inc. GWRE-US 4,165 56.33 14.2% 14.2% 88.0% 22.2% 10.0% 8.0x 166.0x 6.6x 35.0x LogMeIn, Inc. LOGM-US 5,126 97.50 1.0% 1.0% 88.6% 208.9% 8.4% 6.9x 45.6x 2.3x 6.6x RealPage, Inc. RP-US 2,826 34.90 16.3% 16.3% 93.3% 22.4% 17.4% 4.9x 32.1x 3.8x 15.4x Zendesk, Inc. ZEN-US 2,759 28.04 32.3% 32.3% 88.0% 44.3% (19.9%) 8.0x NM 5.3x 148.7x Atlassian Corp. Plc TEAM-US 2,529 29.95 24.4% 24.4% 85.2% 40.4% 5.8% 11.0x 812.4x 7.8x 35.8x Ebix, Inc. EBIX-US 1,929 61.25 7.4% 7.4% 94.1% 12.1% 38.0% 7.1x 19.1x 6.5x 17.6x Xero Ltd. XRO-NZ 1,904 13.83 13.1% 13.1% 91.0% 67.5% (19.5%) 10.2x NM 6.1x NM RingCentral, Inc. RNG-US 1,739 28.30 37.4% 37.4% 99.5% 35.5% (2.6%) 5.2x NM 3.7x 57.6x Alarm.com Holdings, Inc. ALRM-US 1,421 30.74 10.5% 10.5% 89.3% 28.7% 8.6% 4.9x 60.9x 4.0x 19.5x Five9, Inc. FIVN-US 896 16.46 16.0% 16.0% 87.0% 21.5% 7.5% 5.5x 361.0x 4.3x 74.1x MINDBODY, Inc. MB-US 912 27.45 28.9% 28.9% 97.2% 38.1% (4.1%) 7.5x NM 5.3x 108.9x Instructure, Inc. INST-US 671 23.40 19.7% 19.7% 86.9% 46.3% (36.7%) 5.4x NM 3.6x NM Workiva, Inc. WK-US 476 15.65 14.7% 14.7% 82.2% 18.8% (14.0%) 3.4x NM 2.8x NM AppFolio, Inc. APPF-US 319 27.20 14.0% 14.0% 97.5% 38.4% 5.5% 8.4x 589.3x 6.1x NM Model N, Inc. MODN-US 294 10.45 18.1% 18.1% 74.8% 27.1% (23.4%) 2.2x NM 1.7x NM Castlight Health, Inc. CSLT-US 187 3.65 -26.3% -26.3% 66.4% 28.5% (28.3%) 2.7x NM 1.9x NM 53.2% (2.8%) 36.8% (0.1%)

Market Stats Operating Stats LTM Multiples NTM Multiples Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Adobe Systems, Inc. ADBE-US $ 64,375 $ 130.13 26.4% 26.4% 99.6% 24.5% 32.0% 10.1x 31.6x 8.2x 20.3x salesforce.com, inc. CRM-US 58,362 82.49 20.5% 20.5% 97.6% 25.0% 6.8% 7.0x 82.3x 5.5x 24.9x Criteo SA CRTO-US 3,045 49.99 21.7% 21.7% 94.6% (45.5%) 12.3% 1.7x 16.8x 3.2x 10.2x HubSpot, Inc. HUBS-US 2,189 60.55 28.8% 28.8% 91.6% 38.1% (13.9%) 7.7x NM 5.4x 253.7x Callidus Software, Inc. CALD-US 1,361 21.35 27.1% 27.1% 99.1% 23.3% (0.9%) 5.7x NM 4.2x 33.0x ChannelAdvisor Corp. ECOM-US 293 11.15 -22.3% -22.3% 70.1% 12.4% 6.6% 2.0x NM 1.8x 30.0x Bazaarvoice, Inc. BV-US 360 4.30 -11.3% -11.3% 70.1% 3.2% 2.6% 1.6x 323.9x 1.5x 15.4x 11.6% 6.5% 23.3% 6.6%

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Cerner Corp. CERN-US $ 19,404 $ 58.85 24.2% 24.2% 87.2% 10.2% 30.3% 4.1x 13.5x 3.9x 11.6x athenahealth, Inc. ATHN-US 4,453 112.69 7.2% 7.2% 78.3% 23.4% 20.3% 4.2x 26.1x 3.5x 14.5x Veeva Systems, Inc. VEEV-US 5,468 51.28 26.0% 26.0% 99.2% 24.8% 24.0% 12.0x 53.6x 10.4x 33.6x Medidata Solutions, Inc. MDSO-US 3,329 57.69 16.1% 16.1% 98.2% 24.3% 17.6% 6.9x 49.0x 5.5x 22.2x Allscripts Healthcare Solutions, Inc. MDRX-US 2,289 12.68 24.2% 24.2% 83.6% 12.8% 15.1% 2.5x 16.4x 2.3x 11.7x HMS Holdings Corp. HMSY-US 1,699 20.33 11.9% 11.9% 84.7% 12.7% 23.3% 3.5x 15.6x 3.2x 12.8x Quality Systems, Inc. QSII-US 952 15.24 15.9% 15.9% 95.8% 3.1% 20.0% 1.9x 11.6x 1.8x 10.1x Inovalon Holdings, Inc. INOV-US 822 12.60 22.3% 22.3% 62.8% 5.6% 10.4% 3.6x 20.4x 3.5x 14.6x 14.6% 20.1% 12.7% 20.1% Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Splunk, Inc. SPLK-US $ 8,611 $ 62.29 21.8% 21.8% 93.7% 30.8% (20.2%) 7.9x NM 5.8x 50.3x Alteryx, Inc. AYX-US $ 141 $ 15.63 #N/A #N/A 89.3% NM NM 2.2x NM NM NM Teradata Corp. TDC-US 4,073 31.12 14.5% 14.5% 93.4% (8.9%) 22.7% 1.6x 7.4x 1.7x 9.0x Pegasystems, Inc. PEGA-US 3,361 43.85 21.8% 21.8% 96.4% 17.3% 9.0% 4.3x 49.8x 3.8x 23.5x Tableau Software, Inc. DATA-US 2,971 49.55 17.6% 17.6% 79.2% 8.9% 0.4% 3.5x NM 3.1x 46.9x Verint Systems, Inc. VRNT-US 2,707 43.38 23.0% 23.0% 97.0% 8.3% 16.5% 3.0x 21.2x 2.7x 12.1x MicroStrategy, Inc. MSTR-US 1,765 187.80 -4.9% -4.9% 90.6% 3.3% 29.2% 3.0x 12.5x 3.0x 10.7x Inovalon Holdings, Inc. INOV-US 822 12.60 22.3% 22.3% 62.8% 5.6% 10.4% 3.6x 20.4x 3.5x 14.6x PROS Holdings, Inc. PRO-US 747 24.19 12.4% 12.4% 94.3% 9.8% (35.4%) 4.9x NM 4.5x NM Hortonworks, Inc. HDP-US 612 9.81 18.1% 18.1% 74.8% 37.4% (105.8%) 2.9x NM 1.9x 28.9x 12.5% (8.1%) 8.9% 9.0%

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA International Business Machines Corp. IBM-US $ 164,251 $ 174.14 4.9% 4.9% 95.3% (1.5%) 25.7% 2.5x 11.9x 2.6x 10.5x Cognizant Technology Solutions Corp. CTSH-US 36,226 59.52 6.2% 6.2% 94.1% 11.5% 18.9% 2.4x 12.0x 2.1x 10.6x CGI Group, Inc. GIB.A-CA 12,756 47.78 -1.1% -1.1% 94.4% 3.1% 18.1% 1.9x 10.6x 1.9x 10.3x Leidos Holdings, Inc. LDOS-US 7,696 51.14 0.0% 0.0% 93.0% 47.1% 9.5% 1.5x 16.6x 0.8x 8.0x Booz Allen Hamilton Holding Corp. BAH-US 5,307 35.39 -1.9% -1.9% 91.8% 6.6% 8.7% 1.2x 12.6x 1.1x 11.2x Teradata Corp. TDC-US 4,073 31.12 14.5% 14.5% 93.4% (8.9%) 22.7% 1.6x 7.4x 1.7x 9.0x EPAM Systems, Inc. EPAM-US 3,865 75.52 17.4% 17.4% 96.3% 27.1% 13.9% 3.0x 22.3x 2.5x 13.7x CACI International, Inc. CACI-US 2,861 117.30 -5.6% -5.6% 86.7% 3.3% 9.3% 1.0x 11.0x 1.0x 10.6x Interxion Holding NV INXN-US 2,793 39.56 12.8% 12.8% 98.9% 11.4% 42.9% 7.4x 16.9x 6.7x 14.7x ManTech International Corp. MANT-US 885 34.63 -18.0% -18.0% 76.1% 4.3% 7.4% 0.8x 10.4x 0.8x 9.9x Virtusa Corp. VRTU-US 905 30.22 20.3% 20.3% 78.9% 17.0% 2.4% 1.2x 94.1x 1.0x 12.4x Unisys Corp. UIS-US 703 13.95 -6.7% -6.7% 83.5% (3.4%) 10.4% 0.2x 2.2x 0.2x 1.7x The Hackett Group, Inc. HCKT-US 557 19.49 10.4% 10.4% 94.2% 7.7% 15.1% 1.9x 14.3x 2.0x 12.1x ServiceSource International, Inc. SREV-US 343 3.88 -31.7% -31.7% 62.1% 1.4% 3.3% 1.2x 523.2x 1.1x 18.3x 9.0% 14.9% 5.5% 12.1%

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Cisco Systems, Inc. CSCO-US $ 169,266 $ 33.80 11.8% 11.8% 97.9% 1.1% 31.3% 2.7x 8.8x 2.7x 7.8x Palo Alto Networks, Inc. PANW-US 10,371 112.68 -9.9% -9.9% 68.0% 27.2% (9.5%) 6.1x NM 4.7x 20.0x Symantec Corp. SYMC-US 18,986 30.68 28.4% 28.4% 98.6% 38.8% 20.0% 5.4x 22.6x 3.9x 9.5x VeriSign, Inc. VRSN-US 8,914 87.11 14.5% 14.5% 94.7% 1.5% 63.9% 7.9x 12.1x 9.7x 13.8x Fortinet, Inc. FTNT-US 6,724 38.35 27.3% 27.3% 99.5% 20.3% 16.4% 4.4x 58.9x 3.7x 18.4x FireEye, Inc. FEYE-US 2,238 12.61 6.0% 6.0% 67.3% 3.8% (10.9%) 2.9x NM 2.5x 49.5x Cheetah Mobile, Inc. CMCM-US 393 10.74 12.3% 12.3% 62.7% 15.7% NM 1.9x 59.9x 1.7x 37.9x Check Point Software Technologies Ltd. CHKP-US 17,955 102.66 21.5% 21.5% 98.4% 9.1% 50.3% 9.2x 18.6x 8.6x 16.1x Gemalto NV GTO-NL 5,066 56.02 -4.6% -4.6% 76.6% 1.7% 22.2% 1.5x 7.5x 1.5x 7.8x Trend Micro, Inc. 4704-JP 6,232 44.42 19.1% 19.1% 98.2% 11.8% 37.4% 4.1x 11.9x 3.7x 11.4x Proofpoint, Inc. PFPT-US 3,219 74.36 5.3% 5.3% 84.5% 40.0% (6.8%) 8.5x NM 5.9x 50.2x Imperva, Inc. IMPV-US 1,371 41.05 6.9% 6.9% 71.7% 25.2% 2.2% 4.2x NM 3.2x 34.4x CyberArk Software Ltd. CYBR-US 1,751 50.87 11.8% 11.8% 85.8% 30.4% 23.2% 6.8x 34.8x 5.5x 22.4x AVG Technologies NV AVGTF-US 1,248 24.65 -2.6% -2.6% 70.4% NM NM 3.2x 11.7x NM NM Qualys, Inc. QLYS-US 1,378 37.90 19.7% 19.7% 95.5% 18.9% 25.7% 5.7x 24.1x 5.1x 15.9x Rapid7, Inc. RPD-US 639 14.98 23.1% 23.1% 77.7% 30.5% (19.0%) 3.6x NM 2.7x NM Mimecast Ltd. (Jersey) MIME-US 1,234 22.39 25.1% 25.1% 91.0% 32.1% 0.6% 6.6x NM 5.0x 55.1x Varonis Systems, Inc. VRNS-US 862 31.80 18.7% 18.7% 99.2% 25.8% 9.5% 4.6x NM 3.5x 231.8x 19.6% 16.0% 20.3% 18.2% Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Equinix, Inc. EQIX-US $ 31,020 $ 400.37 12.0% 12.0% 99.2% 15.2% NM 10.2x NM 8.3x 17.4x Digital Realty Trust, Inc. DLR-US 16,965 106.39 8.3% 8.3% 94.0% 8.4% NM 11.1x NM 9.9x 17.2x Akamai Technologies, Inc. AKAM-US 10,340 59.70 -10.5% -10.5% 83.3% 12.2% 33.7% 4.3x 12.6x 3.9x 10.2x DuPont Fabros Technology, Inc. DFT-US 3,763 49.59 12.9% 12.9% 95.3% 12.4% NM 10.9x NM 9.5x 15.2x GoDaddy, Inc. GDDY-US 3,399 37.90 8.4% 8.4% 99.7% 22.6% 13.8% 2.2x 19.1x 1.6x 6.6x CoreSite Realty Corp. COR-US 3,079 90.05 13.5% 13.5% 98.0% 22.7% NM 10.1x NM 8.0x 14.8x QTS Realty Trust, Inc. QTS-US 2,336 48.75 -1.8% -1.8% 82.1% 16.0% NM 8.5x NM 7.9x 17.4x Extreme Networks, Inc. EXTR-US 812 7.51 49.3% 49.3% 92.6% 21.1% 3.4% 1.5x 30.5x 1.2x 8.8x 16.3% 16.9% 15.6% 13.8%

Market Stats Operating Stats LTM Multiples NTM Multiples

Est. TEV/ TEV/ Market Cap Quarter YTD % of 52 EBITDA TEV/ TEV/ Company Name Symbol Price ($) Revenue NTM NTM ($ in Mil) Change Change Week High Margin Rev EBITDA Growth Revenue EBITDA Alphabet, Inc. GOOGL-US $ 536,937 $ 847.80 7.0% 7.0% 97.0% 1.4% 31.9% 5.6x 17.1x 5.6x 11.3x Microsoft Corp. MSFT-US 508,935 65.86 6.0% 6.0% 99.5% 19.9% 34.9% 5.5x 16.8x 4.7x 12.1x Facebook, Inc. FB-US 334,552 142.05 23.5% 23.5% 99.4% 46.0% 58.8% 13.8x 25.7x 9.6x 15.3x Oracle Corp. ORCL-US 183,556 44.61 16.0% 16.0% 94.9% 2.6% 41.3% 4.8x 11.5x 4.8x 10.3x International Business Machines Corp. IBM-US 164,251 174.14 4.9% 4.9% 95.3% (1.5%) 25.7% 2.5x 11.9x 2.6x 10.5x Cisco Systems, Inc. CSCO-US 169,266 33.80 11.8% 11.8% 97.9% 1.1% 31.3% 2.7x 8.8x 2.7x 7.8x SAP SE SAP-US 120,857 98.17 13.6% 13.6% 99.4% 5.8% 33.9% 5.0x 17.1x 4.7x 14.4x salesforce.com, inc. CRM-US 58,362 82.49 20.5% 20.5% 97.6% 25.0% 6.8% 7.0x 82.3x 5.5x 24.9x 12.5% 33.1% 4.2% 32.9%

         Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 3/31/2017 Metriguard, Inc. Raute, Inc. Data & Analytics - - - 3/31/2017 Strenuus LLC Zelis Healthcare, Inc. Healthcare IT - - - 3/31/2017 Full Service Networking Modern Office Methods, Inc. IT Services - - - 3/30/2017 Lenmar Group of Cos. Kellton Tech Solutions Ltd. IT Services - - - 3/30/2017 ABS Associates, Inc. Mechdyne Corp. Infrastructure/Hosting - - - 3/29/2017 DataRPM Corp. Progress Software Corp. Data & Analytics 30.00 - - 3/29/2017 SOASTA, Inc. Akamai Technologies, Inc. Enterprise Software - - - 3/29/2017 ABC Camps LLC Aquiline Capital Partners LLC; Togetherwork Other SaaS - - - Holdings, LLC 3/29/2017 International Information Systems Group LLC DCIM Solutions LLC Other SaaS - - - 3/28/2017 Bracket Global LLC Genstar Capital LLC Data & Analytics - - - 3/28/2017 Bulletin Intelligence LLC GTCR LLC; Cision US, Inc. Data & Analytics - - - 3/28/2017 Mightytv, Inc. Spotify Sweden AB; Spotify Ltd.; Spotify Other SaaS - - - Technology SA 3/27/2017 Structured Network Solutions, Inc. (New York) Orion Systems Integrators LLC; Potomac Equity Enterprise Software - - - Partners LLC 3/27/2017 Velocity Managed Services, Inc. (Medical Cloud Hosting Sol) Trapp Technology, Inc. Infrastructure/Hosting - - - 3/27/2017 Day 1 Solutions, Inc. Deloitte Consulting LLP Infrastructure/Hosting - - - 3/24/2017 Midtown Record & Storage Corp. Topspin Management LLC; Two Twenty Infrastructure/Hosting - - - Records Management LLC 3/24/2017 Vernalis Group, Inc. Orion Systems Integrators LLC Other SaaS - - - 3/24/2017 StepOne, Inc. FanThreeSixty LLC Enterprise Software - - - 3/23/2017 Finitepaths, Inc. Lyft, Inc. Other SaaS - - - 3/23/2017 Praeses LLC Digital Pharmacist, Inc. Enterprise Software - - - 3/22/2017 DeskConnect Inc Apple, Inc. Other SaaS - - - 3/21/2017 Fanatic Software, Inc. COMPLETExRM, Inc. Other SaaS - - - 3/21/2017 Pragmatix Studio Fuzic Inc Other SaaS - - - 3/21/2017 Stelligent Systems LLC Pamlico Capital Management LP; Hosting.com, Other SaaS - - - Inc. 3/21/2017 Aerialink, Inc. Alpine Investors; CSF Corp. Infrastructure/Hosting - - - 3/21/2017 Orthogonal Labs, Inc. Conversocial Ltd. Other SaaS - - - 3/20/2017 Tk20, Inc. Taskstream LLC Other SaaS - - - 3/20/2017 Aporia Solutions LLC The Outsourcing Partnership LLC; Nadavon IT Security - - - Capital Partners LLC 3/20/2017 Communication Cable Co. Kohlberg Kravis Roberts & Co. LP; Optiv IT Security - - - Security, Inc. 3/20/2017 Zen Planner LLC GI Manager LP; Daxko LLC Other SaaS - - - 3/20/2017 Information Technologies, Inc. Riverside Partners LLC (New York) IT Services - - - 3/17/2017 NetSource Communications, Inc. FlatWorld Capital LLC; Venture Technologies, Infrastructure/Hosting - - - Inc. 3/16/2017 Manywho, Inc. Dell, Inc.; Boomi, Inc. Other SaaS - - - 3/15/2017 Greenview Data, Inc. Zix Corp. IT Security 8.10 - - 3/15/2017 Fyre LLC PeopleNet Corp. Enterprise Software - - - 3/15/2017 Capsci Health, Inc. Traffk LLC Other SaaS - - - 3/15/2017 Zimcom Internet Solutions Liberty Center One Infrastructure/Hosting - - - 3/15/2017 Supply Chain Coach, Inc. Rockfarm Supply Chain Solutions, Inc. Supply Chain Software - - - 3/14/2017 Kaybus, Inc. Prysm, Inc. Marketing Software - - - 3/14/2017 Verisys Corp. Spectrum Equity Management, Inc.; Cressey & Healthcare IT - - - Co. LP; Spectrum Equity Management LP; Verisys Corp. (Private Group)

3/13/2017 Communications Resources, Inc. (GA) Interdev, LLC IT Security - - - 3/13/2017 ObjectVideo, Inc. Alarm.com Holdings, Inc. IT Security 6.00 - - 3/9/2017 Virtual Bridges, Inc. NComputing, Inc. Infrastructure/Hosting - - - 3/8/2017 Sotera Defense Solutions, Inc. The KEYW Corp. IT Security 235.00 - - 3/7/2017 Core Technology Corp. Harris Systems USA, Inc. Enterprise Software - - - 3/7/2017 JCKM, Inc SendGrid, Inc. Marketing Software - - - 3/7/2017 Newswire Network Ltd. Viratech Corp.; Cancer.im, Inc Marketing Software - - - 3/7/2017 Clearview Staffing Software, Inc. Healthcaresource HR, Inc. Healthcare IT - - - 3/7/2017 SafeGuard PII Corp Adama Technologies Corp. Data & Analytics - - - 3/6/2017 Veracode, Inc. CA, Inc. IT Security 614.00 - - 3/6/2017 Salford Systems, Inc. Minitab, Inc. Data & Analytics - - - 3/6/2017 Core Informatics LLC Thermo Fisher Scientific, Inc. Enterprise Software - - - 3/2/2017 Hummingbill, Inc. Sequoia Capital India Advisors Pvt Ltd.; Prime Other SaaS - - - Venture Partners; Minions Ventures Pvt Ltd.

3/2/2017 IQS, Inc. Norwest Venture Partners; Medgate, Inc. Other SaaS - - - 3/2/2017 Network Access Products, Inc. Comm-Works Investment Holding Co. LLC IT Services - - - 3/1/2017 HealthSystems Co. Seaport Capital LLC; Quatris LLC Healthcare IT - - - Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 3/1/2017 NetVoyage Corp. CCG Operations LLC; Clearlake Capital Group Infrastructure/Hosting - - - LP 2/28/2017 NoWait, Inc. Yelp, Inc. Other SaaS 40.00 - - 2/28/2017 Infusion Software, Inc. Avanade, Inc. Infrastructure/Hosting - - - 2/28/2017 WhiteSpace Health, Inc. TA Associates Management LP; OMH Data & Analytics - - - HealthEdge Holdings, Inc. 2/28/2017 ConEst Software Systems, Inc. JDM Technology Group Other SaaS - - - 2/24/2017 Cola, Inc. Greycroft LLC; FUEL Capital Ltd; SV Angel LLC; Enterprise Software - - - Crunch Fund Management LLC; Promus Ventures LLC; AME Cloud Ventures LLC; Microsoft Ventures; Layer, Inc.; Salesforce Ventures LLC 2/24/2017 Skry, Inc. Bloq, Inc. Data & Analytics - - - 2/23/2017 Vigillo LLC SAMBA Holdings, Inc.; ABRY Partners LLC; Supply Chain Software - - - Main Street Capital Partners LLC; Cerca Group LLC 2/23/2017 High Line Health LLC Apax Partners (UK) Ltd.; One Call Care Data & Analytics - - - Management, Inc. 2/22/2017 Turn, Inc. Amobee, Inc. Marketing Software 310.00 - - 2/22/2017 Syncplicity LLC Axway Software SA IT Security - - - 2/22/2017 Workstraight.com Mindshare Design, Inc. Other SaaS - - - 2/22/2017 Tilt.com, Inc. General Catalyst LLC; Sequoia Capital; Other SaaS 62.10 - - FirstMark Capital LLC; Y Combinator LLC; YVentures; AH Capital Management LLC; Airbnb, Inc.; ENIAC Ventures, Inc.; DST Global (Mgmt); A-Grade Investments; Sherpacapital LLC 2/22/2017 LiftMetrix, Inc. HootSuite Media, Inc.; OMERS Ventures Other SaaS - - - Management, Inc. 2/21/2017 RTB Global, Inc. Providence Equity Partners LLC; Abacus Data Infrastructure/Hosting - - - Systems, Inc. 2/21/2017 Results Software LLC Providence Equity Partners LLC; Abacus Data Enterprise Software - - - Systems, Inc. 2/17/2017 Quatro Systems, Inc. Integra Business Center, Inc. IT Services - - - 2/16/2017 PreClarity, Inc. TA Associates Management LP; TEOCO Corp. Data & Analytics - - -

2/16/2017 RedTail Solutions, Inc. Accel-KKR LLC; HighJump Software, Inc. Other SaaS - - - 2/16/2017 Data3Sixty, Inc. Infogix, Inc.; Thoma Bravo LLC Financial Technology - - - 2/16/2017 Kavi Corp. JMI Management, Inc.; Higher Logic LLC Other SaaS - - - 2/15/2017 Evidon, Inc. (Ghostery Consumer Business) Burda GmbH; Mozilla Corp.; Cliqz GmbH Marketing Software - - - 2/15/2017 TrialWorks LLC Ridge Road Partners LLC IT Services - - - 2/15/2017 Verba Software, Inc. Vital Source Technologies, Inc.; Ingram Content Other SaaS - - - Group, Inc. 2/14/2017 M-Tech Systems USA, Inc. Munters AB; Nordic Capital AB Other SaaS - - - 2/13/2017 Steelwedge Software, Inc. Insight Venture Management LLC; E2open LLC Enterprise Software - - -

2/13/2017 Eclipsecurity LLC Halock Security Labs IT Security - - - 2/13/2017 BRIX Software Hyphen Solutions LLC Enterprise Software - - - 2/10/2017 Argo AI LLC Ford Motor Co. Other SaaS 1000.00 - - 2/9/2017 Eirene, Inc. Riverside Partners LLC (New York); ProSites, Inc. Other SaaS - - -

2/8/2017 OpsClarity, Inc. Lightbend, Inc. IT Services - - - 2/7/2017 NetSeer, Inc. Inuvo, Inc. Marketing Software 5.51 - - 2/7/2017 Revolutionary Security LLC Guidepost Solutions LLC IT Security - - - 2/7/2017 Cole Information Services, Inc. Brook Venture Partners LLC; Eagle Private IT Services - - - Capital LLC; Resolute Capital Partners; Cole Information Services, Inc. (Private Group)

2/6/2017 Information Innovators, Inc. Frontenac Co. LLC; Bridge Growth Partners IT Services - - - LLC; Salient Crgt, Inc. 2/3/2017 Phoenix Kiosk, Inc. Slabb, Inc. Other SaaS - - - 2/1/2017 DC74, LLC Lumos Networks Corp. Infrastructure/Hosting 28.50 - - 2/1/2017 Owl Computing Technologies, Inc. DC Capital Partners LLC; Acuity Technologies IT Security - - - Holding Co. 2/1/2017 Conversa Solutions LLC Vertex Wireless LLC Supply Chain Software - - - 2/1/2017 Panacea Healthcare Solutions, Inc. Revelstoke Capital Partners LLC; Career Step Healthcare IT - - - LLC 2/1/2017 Distinct Software Solutions LLC EZLinks Golf LLC Marketing Software - - - 1/31/2017 VisibilityRx DrFirst.com, Inc. Healthcare IT - - - 1/31/2017 IDV Solutions LLC Everbridge, Inc. Data & Analytics 27.50 - - 1/31/2017 Double-Take Software, Inc. Carbonite, Inc. IT Security 65.35 - - 1/31/2017 Huzza Media, Inc. Kickstarter, PBC Marketing Software - - - 1/31/2017 Sagewood Systems, Inc. CV Enterprises, Inc. Healthcare IT - - - 1/31/2017 365 Services LLC DataBank Ltd. IT Services - - - Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 1/30/2017 Congruity LLC Procurri LLC IT Services - - - 1/30/2017 Switch Labs, Inc. Return Path, Inc. IT Security - - - 1/30/2017 AmpedSense Ezoic, Inc. Other SaaS - - - 1/30/2017 Advertiseng Partners LLC Big Rhino Corp. Marketing Software 5.10 - - 1/27/2017 Gravitas Technology Services LLC Linedata Services SA IT Services - - - 1/27/2017 Fishbowl, Inc. Symphony Technology Group LLC Marketing Software - - - 1/27/2017 Alcyon, Inc. Alutiiq LLC; Afognak Native Corp. IT Services - - - 1/27/2017 LPS Integration, Inc. Platinum Equity LLC; The Gores Group LLC; IT Services - - - Data Blue LLC 1/27/2017 Cloud Tiger Media, Inc. GOOD Worldwide, Inc. Marketing Software - - - 1/26/2017 Valen Technologies, Inc. Insurity, Inc. Data & Analytics - - - 1/26/2017 Cleveland Technology Center LLC H5 Data Centers LLC Infrastructure/Hosting - - - 1/25/2017 Omniata, Inc. King Digital Entertainment Plc Data & Analytics - - - 1/23/2017 Synaptic Digital, Inc. DMA Media Ltd. Marketing Software - - - 1/23/2017 Agile 3 Solutions LLC International Business Machines Corp. IT Security - - - 1/23/2017 Zentri, Inc. Silicon Laboratories, Inc. IT Security 25.50 - - 1/20/2017 New Horizon Security Services, Inc. ZS Fund LP; SOS Security, Inc. IT Security - - - 1/19/2017 PlanView, Inc. Thoma Bravo LLC Enterprise Software - - - 1/18/2017 edo Interactive, Inc. Augeo Affinity Marketing, Inc. Marketing Software - - - 1/18/2017 SPARK Finance, Inc. StockTwits, Inc. Financial Technology - - - 1/18/2017 Healthcare Data Solutions, Inc. Aprima Medical Software, Inc. Healthcare IT - - - 1/17/2017 CynergisTek, Inc. Auxilio, Inc. Healthcare IT 34.96 2.33x 6.99x 1/17/2017 BC Technologies Elavon, Inc.; CLARUS Merchant Services Financial Technology - - - 1/17/2017 Word & Brown Insurance Administrators, Inc. (2 Subsidiaries) National General Holdings Corp. Healthcare IT - - - 1/17/2017 C7 Data Centers, Inc. DataBank Ltd. IT Services - - - 1/13/2017 Unity & Variety, Inc. Quip, Inc. Other SaaS - - - 1/12/2017 Etransmedia Technology, Inc. Formativ Health IT Services 20.40 - - 1/11/2017 GlobalLogic, Inc. Government of Canada; Canada Pension Plan Other SaaS 1500.00 - - Investment Board 1/11/2017 DIYonline.com, Inc. MiTek Industries, Inc. Other SaaS - - - 1/11/2017 Predicata TRIOSE, Inc. Data & Analytics - - - 1/11/2017 T2 Computing, Inc. Axispoint, Inc. IT Services - - - 1/10/2017 Software Secure, Inc. PSI Services LLC IT Security - - - 1/9/2017 BluVector, Inc. LLR Partners, Inc. IT Security 50.00 - - 1/9/2017 NextGen Dealer Solutions LLC Smart Server, Inc. IT Services 2.46 - - 1/9/2017 Tridea Partners LLC Columbus A/S IT Services 8.79 - - 1/6/2017 Teknarus LLC General Informatics LLC IT Services - - - 1/5/2017 TAISTech LLC Mastek (UK) Ltd.; Digility, Inc. Marketing Software 25.00 - - 1/5/2017 1ticket.com, Inc. CVC Capital Partners Ltd.; New Amsterdam Other SaaS - - - Growth Capital LLC; DTI Management LLC

1/5/2017 Pico Digital, Inc. ATX Networks Corp.; H.I.G. Growth Partners Other SaaS - - - LLC 1/5/2017 KREG Corp. Kaufman, Hall & Associates, Inc.; Madison Financial Technology - - - Dearborn Partners LLC 1/4/2017 Yodil, Inc. Duck Creek Technologies, Inc.; Apax Partners Enterprise Software - - - (UK) Ltd. 1/4/2017 Sterling Payment Technologies LLC Madison Dearborn Partners LLC; EVO Financial Technology 195.00 - - Payments International LLC 1/4/2017 iMicron Web Services LLC Techwave Consulting, Inc. Data & Analytics 1.10 - - 1/4/2017 Engage PR LLC Connect2 Communications, Inc. Other SaaS - - - 1/4/2017 Genesis Machinery Products, Inc. R-V Industries, Inc. Healthcare IT - - - 1/4/2017 The Kemtah Group, Inc. Belcan LLC; AE Industrial Partners LLC IT Services - - - 1/3/2017 Floored, Inc. CBRE Group, Inc. Other SaaS - - - 1/3/2017 Watchwith, Inc. Comcast Corp. Marketing Software - - - 1/3/2017 Enlighten IT Consulting, Inc. MacAulay-Brown, Inc. IT Services - - - 1/3/2017 Revant Solutions, Inc. Aviacode, Inc. Healthcare IT - - - 1/3/2017 Payroll Specialties NW, Inc. Asure Software, Inc. Financial Technology 3.61 - - 1/3/2017 Cache, Inc. (Texas) Proviso Capital LLC IT Services - - - 1/1/2017 Grand Itasca Clinic & Hospital Fairview Health Services; Sanford Health Corp. Healthcare IT - - -

1/1/2017 Contingency Planning Solutions, Inc. Digicorp, Inc. (Wisconsin) Other SaaS - - -