May, 2014 Dear Clients and Friends, Welcome to Our May 2014 Market

May, 2014

Dear Clients and Friends,

Welcome to our May 2014 Market Update.

Is it 2007 redux? Cash sitting on balance sheets is at record highs; interest rates are low; and banks are lending at multiples we haven’t seen in years. The result: so far this year there has been more than $49bn in announced m&a transactions, more than double the value in the same period last year, according to Bloomberg. And the big keep getting bigger: Facebook is buying WhatsApp for $19bn and Oculus for $2bn; Google bought NEST for $3.2bn; IBM bought Silverpop on the heels of their March acquisition of Cloudant. It’s not 2007. But it is a busy time.

The attached report focuses on our current sense of m&a values, activity and trends for the dozen plus sectors that we follow and sometimes lead.

Some of the notable deals this past month include:

 Goldman Sachs (NYSE:GS) and Blackstone (NYSE:BX) (together advised by Marlin & Associates) agreed to acquire a majority stake in Ipreo for a reported $975mm;  Summit Partners (Boston, MA) agreed to acquire a majority stake in ABILITY Network for $550mm;  The Shizuoka Bank (Shizuoka, Japan) agreed to acquire a minority stake in Monex Group for ¥24.4bn ($235mm);  TIBCO Software (Nasdaq:TIBX) acquired Jaspersoft for $185mm;  Alignment Healthcare (Irvine, CA) raised $125mm in funding from General Atlantic;  2Checkout (Columbus, OH) raised $60mm in funding from Chicago Growth Partners and Trident Capital;  Morningstar (NasdaqGS:MORN) acquired Marlin & Associates’ client, ByAllAccounts, for $28mm; and  IBM (NYSE:IBM) agreed to acquire Silverpop Systems for an undisclosed sum.

Marlin & Associates is one of the most active firms advising buyers and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in New York City, with offices in San Francisco, CA, Washington, DC, Toronto, Canada, and Hong Kong, China and has been the recipient of numerous awards including “Middle-Market Investment Bank of the Year”, "Middle-Market Financing Agent of the Year - Equity", and “TMT Advisory Bank of the Year”. Two transactions on which Marlin & Associates advised have been recognized as “Deals-of- the Decade”. Marlin & Associates' team of professionals has advised over 200 information-technology transactions.

Sincerely,

Kenneth B. Marlin www.MarlinLLC.com

M&A Market Update

May 2014

Investment Banking and Strategic Advisory to the Technology, Information and Healthcare Industries

New York, NY San Francisco, CA Washington, DC Hong Kong, China Toronto, Canada

www.MarlinLLC.com Marlin & Associates Market Update – MAY 2014

. Sector Comparison Snapshot 3

. Sector Analyses

Application Software 4

B2B E-commerce & Marketing Technologies 5

Banking Software & Processors 6

Business Intelligence Software 7

Capital Markets Software 8

Data & Analytics – Financial Services 9

Financial Processors & Services 10

Healthcare Information Software Systems 11

Information & Market Research 12

Insurance Technology 13

Payment Processors 14

Securities Exchanges 15

Security Software 16

Technology-Enabled Financial Institutions 17

Technology-Enabled Healthcare Services 18

Asia-Pacific Financial Technology 19

. Merger-and-Acquisition Activity Trends 20

© Marlin & Associates Holding LLC. M&A is a registered trademark of Marlin & Associates. Other names, trademarks, and logos are properties of their respective holders. Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. The information and any opinions contained in this report are for information purposes only. While they have been obtained from sources that we consider reliable, we do not represent such information and opinions are accurate 2 or complete, and thus should not be relied upon as such. The information contained in this report does not constitute an offer to sell or a solicitation of an offer to buy any security. The price and value of the companies referred to in this communication may fluctuate. Past performance is not indicative or a guarantee of future performance.

Sector Comparison Snapshot: Current Revenue & EBITDA Multiples

Enterprise Value / 2013 Revenue

Securities Exchanges 8.1x Business Intelligence Software 5.4x B2B E-commerce & Marketing Technologies 5.3x Data & Analytics - FinSvcs 5.1x APAC FinTech 4.6x Security Software 4.3x Payment Processors 4.0x Healthcare Info Software 3.9x Banking Software & Processors 3.9x Application Software 3.9x Capital Markets Software 3.5x Information & Market Research 3.2x Tech-enabled Financial Inst. * 3.0x Insurance Technology 3.0x Tech-enabled Healthcare Svcs 2.8x Financial Processors & Svcs 2.8x

0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x

Enterprise Value / 2013 EBITDA

APAC FinTech 30.4x Healthcare Info Software 20.4x Financial Processors & Svcs 18.1x Capital Markets Software 18.1x Banking Software & Processors 17.6x Business Intelligence Software 17.5x Security Software 17.3x Tech-enabled Healthcare Svcs 16.6x B2B E-commerce & Marketing Technologies 16.5x Payment Processors 14.5x Information & Market Research 14.4x Application Software 14.1x Insurance Technology 13.6x Data & Analytics - FinSvcs 13.5x Tech-enabled Financial Inst. * 13.3x Securities Exchanges 13.3x

0.0x 4.0x 8.0x 12.0x 16.0x 20.0x 24.0x 28.0x 32.0x

Source: Marlin & Associates, Capital IQ and Public sources. Implied trim mean multiples as of 4/30/14. Marlin calculates mean and median multiples for each sector using data from a set of firms that it believes to be reasonable for that sector and which may not be identical to the set reflected on the sector pages herein. * Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT. 3 Application Software

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 5.0x 25x 5.0x 25x

4.0x 20x 4.0x 20x

3.0x 15x 3.0x 15x EV / EBITDA EV / EBITDA EV / Revenue 2.0x 10x EV / Revenue 2.0x 10x

1.0x 5x 1.0x 5x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Oracle 187,026 174,506 4.6x 4.4x 10.7x 9.0x 1% 5% 43% 49% SAP 96,626 96,171 4.1x 4.0x 12.0x 11.3x 4% 4% 34% 35% Intuit 21,513 20,681 5.0x 4.4x 15.9x 10.8x 12% 14% 31% 41% CA Technologies 13,503 12,420 2.7x 2.8x 7.9x 7.1x (2%) (3%) 34% 39% Amdocs 7,550 6,441 1.9x 1.8x 10.3x 8.9x 4% 7% 19% 20% Constellation Softw are 4,693 5,020 4.1x 2.9x 32.4x 15.5x 36% 41% 13% 19% Concur Technologies 4,554 4,423 7.5x 6.1x nm 36.5x 27% 24% 6% 17% TIBCO Softw are 3,285 3,070 2.9x 2.7x 15.9x 9.6x 4% 8% 18% 28% Softw are AG 3,092 3,246 2.4x 2.5x 9.6x 8.8x (7%) (3%) 25% 28% NICE Sy s tems 2,547 2,345 2.5x 2.3x 13.7x 9.8x 8% 7% 18% 23% Manhattan Associates 2,421 2,295 5.5x 5.0x 21.4x 17.2x 10% 12% 26% 29% Compuw are 2,295 2,207 3.0x 2.9x 17.5x 13.1x 0% 6% 17% 22% SciQuest 587 556 6.2x 5.3x nm 30.5x 36% 16% na 17% Trim Mean 14,734 14,393 3.9x 3.6x 14.1x 13.1x 9% 9% 24% 27% Median 4,554 4,423 4.1x 2.9x 13.7x 10.8x 4% 7% 22% 28%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/28/14 TIBCO Software (Nasdaq:TIBX) acquires Jaspersoft for $185mm.

4/10/14 IBM (NYSE:IBM) agrees to acquire Silverpop Systems for an undisclosed sum.

3/31/14 Siris Capital Group (New York, NY) acquires Stratus Technologies for $352mm.

MuleSoft (San Francisco, CA) raises $50mm in a round of funding from Bay 3/4/14 Partners and other investors.

Court Square Capital (New York, NY), in partnership with management of AFS 2/18/14 Technologies, acquires AFS Technologies for an undisclosed sum.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 4 B2B E-commerce & Marketing Technologies

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 8.0x 55x 8.0x 55x 50x 50x 6.0x 45x 6.0x 45x 40x 40x 4.0x 35x 4.0x 35x 30x 30x EV / EBITDA EV / EBITDA EV / Revenue 2.0x 25x EV / Revenue 2.0x 25x 20x 20x 0.0x 15x 0.0x 15x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E NetSuite 5,832 5,623 13.6x 10.3x na nm 34% 31% na 12% Mercadolibre 4,118 3,921 8.3x 7.7x 23.7x 22.4x 26% 7% 44% 37% Demandw are 1,733 1,458 14.1x 10.1x na nm 31% 39% na 4% Marketo 1,069 958 10.0x 6.8x na na 64% 47% na na Constant Contact 839 708 2.5x 2.1x 26.5x 11.8x 13% 16% 11% 21% Focus Technology 739 585 7.1x na 23.2x na 14% na 35% na ChannelAdvisor 635 541 8.0x 6.3x na na 27% 25% na na Digital River 470 213 0.5x 0.6x 6.6x 4.7x 5% (3%) 9% 12% Demand Media 376 318 0.8x 0.8x 7.1x 5.8x 4% (3%) 12% 14% Points International 350 285 1.4x 1.0x 55.1x 21.2x 45% 37% 4% 7% QuinStreet 265 228 0.8x 0.8x 8.5x 6.3x (10%) (4%) 8% 12% Mediagrif Interactive 261 292 5.0x 4.4x 13.2x 10.7x 5% 14% 40% 47% Speed Commerce 214 245 0.5x 0.5x 13.6x 10.2x 4% 1% 4% 5% Trim Mean 987 867 5.3x 4.1x 16.5x 11.0x 19% 16% 17% 15% Median 635 541 5.0x 3.3x 13.6x 10.5x 14% 15% 11% 12%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/16/14 STELO Cielo (BOVESPA:CIEL3) agrees to acquire Stelo for an undisclosed sum.

RelateIQ (Palo Alto, CA) raises $40mm in a Series C round from Redpoint 3/25/14 Ventures and other existing and new investors.

The Carlyle Group LP (Nasdaq:CG) acquires eCommerce Industries for an 3/12/14 undisclosed sum.

eCommera (London, United Kingdom) raises $41mm in Series C funding from 2/23/14 The Dawn Capital Fund and other existing investors.

Volusion (Austin, TX) raises $35mm in a debt financing round from Silicon 1/13/14 Valley Bank.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 5.0x 25x 5.0x 25x

4.0x 4.0x 20x 20x

3.0x 3.0x 15x 15x 2.0x 2.0x EV / EBITDA EV / EBITDA EV / Revenue 10x EV / Revenue 10x 1.0x 1.0x

0.0x 5x 0.0x 5x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Fiserv 15,718 19,259 4.0x 3.8x 13.9x 11.7x 9% 5% 29% 33% FIS 15,596 19,805 3.3x 3.1x 12.6x 10.2x 5% 5% 26% 30% Jack Henry & Associates 4,714 4,569 3.9x 3.6x 11.4x 10.4x 10% 7% 34% 35% Oracle Financial Services 4,219 4,219 6.8x 6.1x 18.1x 16.3x 8% 12% 38% 37% Temenos Group 2,501 2,597 5.6x 5.1x 24.9x 16.0x 4% 8% 22% 32% ACI Worldw ide 2,195 2,921 3.4x 2.7x 15.7x 10.0x 30% 24% 22% 27% Bottomline Technologies 1,173 1,095 4.1x 3.4x 37.7x 15.9x 12% 19% 11% 21% Ellie Mae 709 634 4.9x 4.2x 25.3x 15.9x 26% 17% 20% 27% Polaris Financial Technology 296 196 0.5x 0.4x 4.2x 3.2x 4% 12% 12% 14% Sw ord Group 241 197 1.3x 1.2x 9.1x 7.1x (10%) 10% 15% 17% Microgen 178 143 2.8x 2.9x 8.6x 10.8x (8%) (1%) 33% 26% Gresham Computing 145 138 5.8x 5.4x 36.4x 25.5x 36% 7% 16% 21% Trim Mean 3,182 3,583 3.9x 3.5x 17.6x 12.4x 10% 10% 23% 27% Median 1,684 1,846 3.9x 3.5x 14.8x 11.3x 8% 9% 22% 27%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Fidelity National Information Services (NYSE:FIS) acquires Credit Management 4/14/14 Solutions for an undisclosed sum.

Bottomline Technologies (Nasdaq:EPAY) agrees to acquire Andera for $48mm, 3/31/14 valuing the Company at an implied 3.2x LTM revenue.

Equiniti Group (West Sussex, United Kingdom) acquires Pancredit Systems for 3/21/14 an undisclosed sum.

Tradeshift (San Francisco, CA) raises $75mm in Series C funding from 2/25/14 Scentan Ventures Scentan Ventures.

Misys Limited (London, United Kingdom) acquires IND Group for an 2/10/14 undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 1 Year LTM Revenue & EBITDA Multiples[1]

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 8.0x 40x 8.0x 40x

6.0x 32x 6.0x 32x

4.0x 24x 4.0x 24x EV / Revenue EV / EBITDA EV / EV / EBITDA EV / EV / Revenue 2.0x 16x 2.0x 16x

0.0x 8x 0.0x 8x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Open Text 6,024 7,021 5.1x 3.8x 16.6x 11.7x 8% 35% 33% 44% Splunk 5,896 4,999 16.5x 12.3x na nm 52% 34% na 3% Informatica 3,968 3,238 3.4x 3.1x 19.7x 11.5x 17% 12% 20% 30% Tableau Softw are 3,883 3,630 15.6x 11.1x nm na 82% 41% 8% na Verint Systems 2,387 2,625 2.9x 2.4x 16.0x 9.5x 8% 22% 20% 30% Qlik Technologies 1,961 1,707 3.6x 3.1x nm 40.2x 21% 17% 3% 9% Microstrategy 1,372 1,006 1.7x 1.7x 25.0x 21.1x 2% 6% 7% 8% Actuate 269 204 1.5x 2.1x 14.9x 28.7x (3%) (26%) 10% 5% Trim Mean 3,245 2,868 5.4x 4.2x 17.5x 18.3x 18% 21% 13% 17% Median 3,135 2,932 3.5x 3.1x 16.6x 16.4x 12% 19% 10% 9%

[1]Tableau Software (DATA) added to the index as of IPO day 5/17/13

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/29/14 Dun & Bradstreet (NYSE:DNB) acquires Indicee for an undisclosed sum.

4/23/14 Noetix (Redmond, WA) acquires Kalido for an undisclosed sum.

4/16/14 FICO (NYSE:FICO) acquires Karmasphere for an undisclosed sum.

Platfora (Palo Alto, CA) raises $38mm in Series C round from new investor 3/19/14 Tenaya Capital and existing investors.

Cloudera (Palo Alto, CA) raises $900mm from Intel Capital, T. Rowe Price 3/18/14 Group, Google Ventures and MSD Capital.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 5.0x 22x 5.0x 22x 20x 20x 4.0x 18x 4.0x 18x 16x 16x 3.0x 14x 3.0x 14x 12x 12x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 2.0x 10x 2.0x 10x 8x 8x 1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E SS&C Technologies 3,382 4,034 5.7x 5.3x 14.3x 12.7x 29% 8% 40% 41% SimCor p 1,589 1,523 4.9x 4.4x 19.4x 16.5x 8% 10% 25% 27% Advent Softw are 1,551 1,801 4.7x 4.5x 25.3x 15.1x 7% 4% 19% 30% Fidessa group 1,440 1,317 2.8x 2.8x 14.4x 10.4x 0% 1% 19% 26% Envestnet 1,339 1,289 5.3x 3.9x 54.5x 24.3x 54% 38% 10% 16% IRESS 1,186 1,294 5.6x 4.1x 21.4x 13.0x 21% 37% 26% 31% First Derivatives 323 349 3.1x 2.6x 16.6x 14.9x 24% 17% 19% 18% Linedata Services 230 287 1.3x 1.3x 6.0x 5.2x 11% 1% 22% 25% Brady 113 101 2.0x 1.8x 35.7x 10.3x 4% 12% 6% 18% StatPro Group 94 87 1.6x 1.6x 9.8x 11.4x 2% 1% 16% 14% Lombard Risk Management 45 43 1.4x 1.2x 4.5x 3.6x 23% 15% 30% 33% Trim Mean 874 894 3.5x 3.0x 18.1x 12.2x 14% 12% 21% 25% Median 1,186 1,289 3.1x 2.8x 16.6x 12.7x 11% 10% 19% 26%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Goldman (NYSE:GS) and Blackstone (NYSE:BX) agree to acquire a majority 4/14/14 stake in Ipreo for a reported $975mm. (advised by M&A)

4/1/14 Morningstar (NasdaqGS:MORN) acquires ByAllAccounts for $28mm.

Wealthfront (Palo Alto, CA) raises $35mm from DAG Ventures, Greylock 4/1/14 Partners, Index Ventures, Ribbit Capital and The Social+Capital Partnership.

Pico Quantitative Trading (Chicago, IL) acquires SpryWare for an undisclosed 3/21/14 sum.

HgCapital (London, United Kingdom), together with the Ullink SAS 3/4/14 management team, acquires Ullink SAS for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 6.0x 14x 6.0x 14x

5.0x 12x 5.0x 12x

4.0x 10x 4.0x 10x EV / EBITDA EV / EBITDA EV / Revenue 3.0x 8x EV / Revenue 3.0x 8x

2.0x 6x 2.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Experian 19,088 22,390 4.6x 4.3x 13.4x 12.5x 4% 7% 34% 35% Moody's 17,152 17,387 5.8x 5.4x 13.0x 11.8x 9% 8% 45% 46% Verisk Analytics 10,241 11,085 6.9x 6.3x 15.1x 13.7x 13% 10% 46% 46% Equifax 8,809 10,382 4.5x 4.2x 12.8x 12.1x 11% 6% 35% 35% MSCI 4,808 5,257 5.1x 5.0x 11.6x 12.0x 9% 1% 44% 42% CoStar Group 4,640 4,565 10.4x 8.1x 48.6x 26.3x 26% 28% 21% 31% FactSet Research Systems 4,591 4,488 5.2x 4.8x 13.7x 12.9x 6% 7% 38% 37% CoreLogic 2,563 3,840 2.9x 2.8x 14.2x 10.3x 8% 2% 20% 28% FICO 2,020 2,395 3.2x 3.1x 12.5x 10.6x 6% 5% 26% 29% Trim Mean 7,543 8,143 5.1x 4.7x 13.5x 12.2x 9% 6% 35% 36% Median 4,808 5,257 5.1x 4.8x 13.4x 12.1x 9% 7% 35% 35%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Fitch Group, a subsidiary of The Hearst Corporation (New York, NY), acquires 3/14/14 Business Monitor International for an undisclosed sum.

Fair Isaac Corporation (NYSE:FICO) agrees to acquire InfoCentricity for an 3/13/14 undisclosed sum.

Moody’s (NYSE:MCO) agrees to acquire a 26.5% stake in ICRA for INR 5.3bn 2/21/14 ($85.3mm), implying an enterprise value of INR 19.6bn ($316mm), valuing the Company at an implied 7.1x LTM revenue and 26.5x LTM EBITDA.

SNL Financial (Charlottesville, VA) acquires IntierraRMG for an undisclosed 1/8/14 sum.

12/18/13 KPMG LLP (New York, NY) acquires Link Analytics for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 3.5x 18x 3.5x 18x 16x 16x 14x 14x 2.5x 2.5x 12x 12x 10x 10x 1.5x 1.5x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 8x 8x 6x 6x 0.5x 4x 0.5x 4x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Computershare 6,385 7,423 3.7x 3.7x 21.5x 16.3x 0% 1% 23% 28% Broadridge 4,758 5,042 2.2x 2.0x 12.4x 10.1x 7% 5% 20% 21% DST 3,909 4,135 2.2x 1.6x 11.1x 9.6x 40% (19%) 16% 22% Solium Capital 284 242 5.3x 3.9x 22.6x 15.9x 35% 15% 25% 27% GBST 185 193 2.6x 2.3x 20.4x 15.5x 15% 11% 15% 22% Trim Mean 2,984 3,140 2.8x 2.7x 18.1x 13.8x 19% 6% 20% 24% Median 3,909 4,135 2.6x 2.3x 20.4x 15.5x 15% 5% 20% 22%

Note: Outstanding proposal from Ironbridge Capital to acquire Bravura Solutions as of 6/28/13

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/1/14 Computershare (ASX:CPU) acquires SG Vestia for an undisclosed sum.

Vestar Capital Partners (New York, NY) acquires Institutional Shareholder 3/18/14 Services for $364mm.

2/26/14 Broadridge (NYSE:BR) acquires Emerald Connect for $60mm.

Lovell Minnick Partners (El Segundo, CA) acquires Keane for an undisclosed 2/20/14 sum.

Cordium (London, United Kingdom) acquires HedgeStart for an undisclosed 1/23/14 sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 5.0x 26x 5.0x 26x

22x 22x 4.0x 4.0x

18x 18x 3.0x 3.0x 14x 14x EV / EBITDA EV / EBITDA EV / Revenue 2.0x EV / Revenue 2.0x 10x 10x

1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Cerner 18,069 17,199 6.1x 5.2x 23.1x 14.8x 9% 17% 26% 35% athenahealth 4,635 4,729 7.9x 6.4x nm 36.1x 41% 25% 9% 18% Allscripts 2,717 3,216 2.3x 2.2x nm 14.1x (5%) 4% 1% 16% The Advisory Board 2,125 2,053 4.1x 3.6x 33.8x 19.7x 16% 15% 12% 18% Medidata 1,892 1,903 6.9x 5.6x 59.7x 23.7x 27% 23% 12% 24% CompuGroup Medical 1,302 1,719 2.6x 2.4x 15.6x 11.3x 3% 9% 17% 22% Quality Systems 889 795 1.8x 1.7x 10.9x 8.6x (4%) 5% 17% 20% Computer Programs & Systems 704 682 3.4x 3.2x 12.7x 11.2x 10% 5% 27% 29% Merge 219 428 1.8x 2.0x 16.6x 10.2x (7%) (7%) 11% 19% Trim Mean 2,038 2,157 3.9x 3.5x 20.4x 15.0x 8% 11% 15% 21% Median 1,892 1,903 3.4x 3.2x 16.6x 14.1x 9% 9% 12% 20%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Truven Health (Ann Arbor, MI) acquires Fortel Analytics for an undisclosed 4/28/14 sum.

Orange Health Solutions (Jacksonville, FL) raises $23mm in Series A funding 4/16/14 from Great Point Partners and acquires MZI Healthcare.

Symphony Technology Group (Palo Alto, CA) acquires MDdatacor for an 4/16/14 undisclosed sum.

Summit Partners (Boston, MA) agrees to acquire a majority stake in ABILITY 4/7/14 Network for $550mm.

Connolly (Atlanta, GA) agrees to merge with iHealth Technologies for an 4/1/14 undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 4.0x 18x 4.0x 18x

16x 16x

3.0x 14x 3.0x 14x

12x 12x

2.0x 10x 2.0x 10x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 8x 8x

1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Reed Elsevier 32,062 37,224 3.7x 3.8x 12.7x 11.3x (1%) (4%) 29% 33% Thomson Reuters 29,696 37,256 2.9x 2.9x 13.9x 10.9x (3%) (1%) 21% 27% McGraw Hill Financial 20,493 20,615 4.2x 4.0x 11.8x 10.8x 10% 5% 36% 37% Nielsen 18,064 24,502 4.3x 3.9x 18.2x 13.1x 5% 11% 24% 29% Pearson 15,166 15,931 1.9x 1.9x 11.4x 11.0x 2% (2%) 16% 17% Wolters Kluw er 8,334 11,052 2.2x 2.2x 8.9x 9.0x (1%) 0% 25% 25% IHS 8,286 10,119 5.5x 4.5x 26.0x 14.6x 20% 21% 21% 31% Gartner 6,477 6,264 3.5x 3.2x 20.7x 16.4x 10% 9% 17% 20% Informa 4,903 6,226 3.3x 3.2x 10.0x 10.1x 2% 1% 32% 32% Dun & Bradstreet 4,176 5,462 3.3x 3.2x 10.7x 10.7x (0%) 2% 31% 30% UBM 2,731 3,512 2.6x 2.7x 11.0x 11.1x 3% (5%) 24% 25% Euromoney Institutional Investor 2,316 2,345 3.4x 3.3x 11.1x 10.8x 4% 4% 31% 30% comScore 1,060 1,031 3.6x 3.2x 39.3x 16.1x 12% 13% 9% 20% Forrester Research 695 540 1.8x 1.7x 15.3x 16.1x 2% 4% 12% 11% Trim Mean 10,142 12,024 3.2x 3.1x 14.4x 12.2x 4% 4% 24% 27% Median 7,382 8,191 3.3x 3.2x 12.2x 11.0x 3% 3% 24% 28% Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

J.D. Power and Associates, a business unit of McGraw Hill Financial 4/23/14 (NYSE:MHFI), acquires Korrelate for an undisclosed sum.

4/2/14 Kantar Media Research acquires The Data Republic for an undisclosed sum.

Reed Business Information, a subsidiary of Reed Elsevier (LSE:REL), acquires 3/17/14 Innovata for an undisclosed sum.

3/14/14 PT Primera Indonesia GfK (XTRA:GFK) acquires PT Primera Indonesia for an undisclosed sum.

3/11/14 Gartner (NYSE:IT) acquires Software Advice for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 3.5x 30x 3.5x 30x

3.0x 25x 3.0x 25x

2.5x 20x 2.5x 20x

2.0x 15x 2.0x 15x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 1.5x 10x 1.5x 10x

1.0x 5x 1.0x 5x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013E CY2014E CY2013E CY2014E CY2013E CY2014E CY2013E CY2014E Solera Holdings 4,459 5,857 6.6x 5.6x 15.8x 13.8x 11% 18% 41% 40% Guidew ire Softw are 2,544 2,099 6.8x 5.8x 61.6x 48.1x 19% 17% 11% 12% CorVel 968 935 2.0x 1.8x nm n/a 12% 8% na n/a Ebix 608 607 3.0x 2.9x 7.3x 7.6x 3% 3% 41% 38% Innovation Group 535 489 1.4x 1.3x 9.3x 8.4x 8% 9% 15% 15% Sapiens 358 288 2.1x 1.8x 15.7x 13.0x 19% 16% 14% 14% COR&FJA 73 68 0.4x 0.5x nm 5.4x (4%) (21%) na 9% Trim Mean 1,003 884 3.0x 2.7x 13.6x 10.7x 10% 10% 23% 20% Median 608 607 2.1x 1.8x 15.7x 10.7x 11% 9% 15% 15%

Note: Guidewire Software (GWRE) added to the index as of IPO day 1/25/12 Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/17/14 Solera Holdings (NYSE:SLH) acquires Auto Point for an undisclosed sum.

Innovation Group (LSE:TIG) acquires LAS Claims Management for £35mm 2/19/14 ($59mm).

Relay Software (Belfast, United Kingdom) raises an undisclosed sum from 2/10/14 HgCapital.

Kohlberg Kravis Roberts & Co. (NYSE:KKR) acquires a majority stake in 1/28/14 Sedgwick Claims Management Services for $2.4bn.

Verisk Analytics (Nasdaq:VRSK) agrees to acquire EagleView Technologies for 1/14/14 $650mm, valuing the Company at an implied 5.3x LTM revenue and 17.9x LTM EBITDA.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 4.0x 16x 4.0x 16x

14x 14x 3.0x 3.0x 12x 12x

10x 10x 2.0x 2.0x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 8x 8x

1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E FleetCor Technologies 9,780 10,883 12.2x 10.0x 22.1x 17.0x 27% 22% 55% 59% Western Union 8,716 10,866 2.0x 1.9x 7.5x 7.9x (2%) 2% 26% 24% Vantiv 6,118 8,198 7.0x 6.0x 14.1x 13.1x 15% 17% 50% 46% Total System Services 5,985 7,132 3.3x 2.9x 14.3x 9.8x 14% 14% 23% 30% Global Payments 4,841 5,477 2.2x 2.1x 10.6x 9.7x 7% 8% 21% 21% Wirecard 4,703 4,278 6.1x 5.1x 25.3x 18.5x 24% 20% 24% 28% WEX 3,757 4,103 5.7x 5.3x 13.7x 11.7x 15% 9% 42% 45% Euronet Worldw ide 2,427 2,378 1.7x 1.6x 13.3x 10.3x 11% 8% 13% 15% EV ERTEC 1,929 2,632 7.4x 7.0x 18.9x 13.9x 5% 6% 39% 50% Heartland Payment Systems 1,545 1,653 2.8x 2.6x 11.3x 10.6x 13% 8% 24% 24% PayPoint 1,310 1,269 3.6x 3.4x 15.2x 14.2x 2% 6% 23% 24% Blackhaw k Netw ork Holdings 1,250 1,235 1.1x 0.9x 12.0x 9.1x 19% 25% 9% 10% Moneygram International 949 2,072 1.4x 1.4x 7.2x 7.1x 10% 1% 20% 20% Xoom 931 726 5.9x 4.6x 63.9x 51.4x 53% 30% 9% 9% Cass Information Systems 587 362 3.1x 3.1x 9.9x n/a 1% (2%) 31% n/a Trim Mean 3,420 4,001 4.0x 3.6x 14.5x 12.2x 12% 11% 27% 28% Median 2,427 2,632 3.3x 3.1x 13.7x 11.1x 13% 8% 24% 24%

Recent Activity

Acquirer(s) / Date Announced Target / Issuer Description Investor(s)

2Checkout (Columbus, OH) raises $60mm in funding from Chicago Growth 4/24/14 Partners and Trident Capital.

ShopKeep (New York, NY) raises $25mm in Series C funding from Thayer 4/24/14 Street Partners and existing investors.

Warburg Pincus (New York, NY) agrees to acquire Electronic Funds Source 4/16/14 for an undisclosed sum.

The Currency Cloud (London, United Kingdom) raises $10mm in Series B 4/15/14 funding from Anthemis Group, Atlas Venture and other existing investors.

Euronet Worldwide (Nasdaq:EEFT) agrees to acquire HiFX for $242mm, 3/10/14 valuing the Company at an implied 3.7x LTM revenue and 13.3x LTM EBITDA.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 10.0x 16x 10.0x 16x

9.0x 9.0x 14x 14x

8.0x 8.0x 12x 12x 7.0x 7.0x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 10x 10x 6.0x 6.0x

5.0x 8x 5.0x 8x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2012A CY2013A CY2014E CME Group 23,626 24,613 8.4x 7.9x 13.0x 12.4x 1% 6% 67% 65% 64% Hong Kong Exchange 20,943 20,557 18.3x 16.1x 27.7x 22.9x 21% 14% 73% 66% 70% IntercontinentalExchange (ICE) 19,422 23,622 14.1x 6.4x 21.9x 10.8x 23% 122% 69% 64% 59% Deutsche Börse Group 13,492 14,836 4.9x 4.7x 10.9x 9.4x (0%) 4% 48% 45% 50% BM&F Bovespa 9,738 8,123 8.5x 8.5x 13.0x 12.8x 3% 0% 68% 65% 66% London Stock Exchange (LSE) 8,338 9,564 5.3x 4.8x 10.9x 10.2x 26% 10% 51% 48% 47% The Nasdaq OMX Group 6,410 8,344 4.4x 3.9x 9.0x 8.4x 13% 12% 53% 49% 47% Australian Exchange (ASX) 6,349 5,609 10.3x 8.8x 13.6x 11.5x (7%) 17% 75% 76% 77% Singapore Exchange (SGX) 5,946 5,364 9.0x 9.1x 14.2x 15.4x 15% (1%) 62% 64% 59% CBOE 4,646 4,410 7.7x 7.0x 13.6x 12.0x 12% 10% 55% 57% 58% Bolsas y Mercados (BME) 3,643 3,205 7.6x 7.3x 11.2x 10.7x 4% 4% 66% 68% 68% TMX Group 2,853 3,831 5.4x 5.7x 10.4x 11.3x (6%) (4%) 49% 52% 50% Trim Mean 9,893 10,426 8.1x 7.0x 13.3x 11.6x 9% 8% 61% 60% 59% Median 7,374 8,233 8.1x 7.2x 13.0x 11.4x 8% 8% 64% 64% 59%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

FRMO (Elmsford, NY) acquires a 37.6% stake in The Bermuda Stock 4/16/14 Exchange for an undisclosed sum.

FTSE (London, United Kingdom) acquires the Indices Business of MTS for an 4/8/14 undisclosed sum. (Indices Business)

Ambit (Mumbai, India) agrees to acquire a 5% stake in the Indian Energy 3/24/14 Exchange for $12mm.

MTS (Rome, Italy) agrees to acquire Bonds.com for $15mm for an undisclosed 3/24/14 sum.

JPMorgan Chase (NYSE:JPM) acquires a minority stake in Chi-X Global 1/7/14 Holdings for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 10.0x 36x 10.0x 36x 9.0x 9.0x 32x 32x 8.0x 8.0x 28x 28x 7.0x 7.0x 6.0x 24x 6.0x 24x 5.0x 5.0x EV / EBITDA 20x 20x EV / EBITDA EV / Revenue 4.0x EV / Revenue 4.0x 16x 16x 3.0x 3.0x 2.0x 12x 2.0x 12x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Symantec 14,237 12,441 1.8x 1.9x 6.6x 6.1x (1%) (3%) 28% 31% Check Point Softw are 12,540 11,333 8.1x 7.7x 14.7x 13.4x 4% 6% 55% 57% Qihoo 360 Technology 11,082 10,648 15.9x 9.1x 51.8x 26.1x 104% 74% 31% 35% F5 Netw orks 8,019 7,395 4.9x 4.2x 15.8x 10.9x 7% 16% 31% 38% Palo Alto Netw orks 4,632 4,194 8.7x 6.3x nm 50.3x 49% 37% na 13% Fortinet 3,695 3,134 5.1x 4.4x 36.2x 22.4x 15% 16% 14% 20% Rov i 2,105 2,831 5.3x 5.3x 15.6x 11.7x 2% (0%) 34% 45% Infoblox 1,045 794 3.2x 3.0x nm 29.7x 28% 8% 1% 10% AVG Technologies 1,014 1,001 2.5x 2.6x 7.0x 7.6x 14% (5%) 35% 34% Proofpoint 930 830 6.0x 4.6x nm n/a 30% 30% na n/a Radw are 775 608 3.2x 2.8x 20.5x 15.5x 2% 12% 15% 18% Axw ay Softw are 723 707 2.1x 2.0x 13.2x 11.3x 6% 7% 16% 18% Imperva 578 472 3.4x 3.1x nm n/a 32% 12% na n/a VASCO Data Security 449 340 2.2x 2.0x 20.7x 11.6x 1% 10% 11% 17% Absolute Softw are 277 221 2.6x 2.4x 12.6x 15.3x 10% 7% 20% 15% Zix 200 177 3.7x 3.3x 16.4x 12.2x 11% 11% 22% 27% Trim Mean 3,419 3,179 4.3x 3.8x 17.3x 15.7x 15% 12% 23% 26% Median 1,030 916 3.6x 3.2x 15.7x 12.8x 11% 10% 22% 23% Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Cross Match Technologies (Palm Beach Gardens, FL) agrees to acquire 4/21/14 DigitalPersona for an undisclosed sum.

3/24/14 Palo Alto Networks (NYSE:PANW) acquires Cyvera for an undisclosed sum.

3/18/14 TrustWave (Chicago, IL) acquires Cenzic for an undisclosed sum.

Cylance (Newport Beach, CA) raises $20mm in Series B funding from The 2/25/14 Blackstone Group and other existing investors.

1/17/14 HID Global (Irvine, CA) acquires IdenTrust for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

Market Cap / LTM Revenue Market Cap / LTM EBITDA Market Cap / LTM Revenue Market Cap / LTM EBITDA 4.0x 18x 4.0x 18x

16x 16x

3.0x 14x 3.0x 14x

12x 12x

2.0x 10x 2.0x 10x EV / EBITDA EV / EBITDA EV / Revenue EV / Revenue 8x 8x

1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Market Cap / Revenue Market Cap / EBT Revenue Growth EBT Margin USD millions Cap CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Charles Schw ab 35,179 6.5x 5.8x 20.6x 14.8x 2% 14% 28% 31% TD Ameritrade 17,736 6.2x 5.5x 16.1x 11.4x (4%) 9% 36% 39% E*TRA DE 6,596 4.5x 3.7x 18.2x 9.4x (4%) 7% 16% 25% ICA P 4,563 1.9x 1.9x 7.7x 7.4x (12%) (3%) 14% 24% IG Group 3,919 5.6x 5.9x 11.3x 11.0x (4%) 11% 44% 50% MarketAxess 2,309 1.4x 1.3x nm 7.3x 16% 1% 0% na BGC Partners 2,051 8.6x 7.7x 18.8x 15.2x 11% 25% 47% 46% Interactive Brokers 1,339 1.2x 1.0x 2.6x 1.6x (17%) (5%) 48% 48% FXCM 1,304 2.7x 2.8x 26.9x 8.6x 2% 16% 12% 10% Tullett Prebon 1,170 0.9x 0.9x 6.9x 6.0x (7%) (6%) 13% 13% Monex Group 1,115 2.2x 2.6x 5.0x 6.0x 10% 72% na 45% Investment Technology Group 827 3.2x 3.7x 15.2x 10.1x (25%) 8% 20% 21% BinckBank 767 1.5x 1.4x 17.9x 6.7x (12%) 5% 3% 8% GFI Group 489 0.6x 0.6x nm 5.5x (9%) (2%) na na GAIN Capital 431 1.6x 1.3x 8.8x 5.8x (16%) 77% 1% 18% Trim Mean 3,399 3.0x 2.9x 13.3x 8.5x (5%) 12% 21% 29% Median 1,339 2.2x 2.6x 15.2x 7.4x (4%) 8% 16% 25% Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

The Shizuoka Bank (Shizuoka, Japan) agrees to acquire a minority stake in 4/2/14 Monex Group for ¥24.4bn ($235mm).

Wealthfront (Palo Alto, CA) raises $35mm in Series C funding round from Index 4/3/14 Ventures and Ribbit Capital.

GAIN Capital (NYSE:GCAP) agrees to acquire a majority stake in Global Asset 3/13/14 Advisors and Top Third Ag Marketing for an undisclosed sum.

9/24/13 Oanda (New York, NY) acquires Currensee for an undisclosed sum.

9/23/13 FXCM (NYSE:FXCM) acquires Faros Trading for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 5.0x 20x 5.0x 20x 18x 18x 4.0x 16x 4.0x 16x 14x 14x 3.0x 3.0x 12x 12x EV / EBITDA EV / EBITDA EV / Revenue 2.0x 10x EV / Revenue 2.0x 10x 8x 8x 1.0x 6x 1.0x 6x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E McKesson 39,590 42,033 0.3x 0.3x 12.6x 9.5x 6% 22% 3% 3% WebMD 1,845 2,019 3.9x 3.5x 27.4x 13.0x 10% 12% 14% 27% HMS Holdings 1,429 1,568 3.2x 3.4x 12.3x 12.5x 4% (5%) 26% 27% MedAssets 1,408 2,184 3.2x 3.1x 10.5x 9.3x 6% 4% 31% 33% Accretive Health 812 615 0.6x 0.7x 8.7x 8.8x 6% (13%) 7% 8% Emis 648 673 3.8x 3.0x 11.6x 9.0x 22% 27% 33% 33% Healthw ays 633 893 1.3x 1.2x 31.7x 10.9x (2%) 12% 4% 11% HealthStream 632 530 4.0x 3.2x 23.1x 20.9x 28% 27% 17% 15% Vocera Communication 382 260 2.5x 2.4x nm n/a 2% 7% na n/a Cranew are 247 217 5.1x 4.7x 18.3x 15.8x 0% 9% 28% 30% Trim Mean 974 1,093 2.8x 2.5x 16.6x 11.4x 7% 11% 18% 22% Median 730 783 3.2x 3.0x 12.6x 10.9x 6% 10% 17% 27%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

Doximity (San Mateo, CA) raises $54mm in series C round of funding from 4/29/14 Draper Fisher Jurvetson and T. Rowe Price Associates.

Alignment Healthcare (Irvine, CA) raises $125mm in funding from General 4/28/14 Atlantic.

Hearst Corporation (New York, NY) acquires CareInSync for an undisclosed 4/24/14 sum.

ZirMed (Louisville, KY) acquires certain assets of TransEngen for an 4/3/14 undisclosed sum.

4/1/14 Rite Aid (NYSE:RAD) acquires Health Dialog Services for an undisclosed sum.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 1 Year LTM Revenue & EBITDA Multiples

EV / LTM Revenue EV / LTM EBITDA EV / LTM Revenue EV / LTM EBITDA 6.0x 40x 6.0x 40x

5.0x 5.0x 30x 30x

4.0x 4.0x

20x 20x EV / EBITDA EV / EBITDA EV / Revenue 3.0x EV / Revenue 3.0x

2.0x 10x 2.0x 10x May-09 May-10 May-11 May-12 May-13 May-14 May-13 Aug-13 Nov-13 Feb-14 May-14

Company Market Enterprise EV / Revenue EV / EBIT DA Revenue Growth EBITDA M ar gin USD millions Cap Value CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E CY2013A CY2014E Nomura Research Institute 6,101 5,609 1.6x 1.5x 7.0x 6.8x 8% 3% 22% 22% Hundsun Technologies 2,107 1,996 9.9x 8.1x 64.1x 40.7x 21% 23% 16% 20% Silverlake Axis 1,541 1,423 10.3x 8.6x 19.1x 16.1x 20% 20% 54% 54% Shenzhen Kingdom Technology 1,179 1,213 3.6x 3.3x 78.1x 54.8x 8% 11% 5% 6% Systex Corporation 475 228 0.4x 0.4x na na 7% 17% na na Reckon 233 247 2.8x 2.7x 7.9x 6.6x 3% 5% 35% 40% Censof Holdings Berhad 61 103 5.1x 5.5x na na 47% (7%) na na Trim Mean 1,107 1,021 4.6x 4.2x 30.4x 21.2x 13% 11% 24% 28% Median 1,179 1,213 3.6x 3.3x 19.1x 16.1x 8% 11% 22% 22%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced

4/24/14 N2N Connect (KLSE:N2N) raises MYR108mm ($33mm) from Quick and Nikkei.

Shenzhen Kingdom Technology (SHSE:600446) raises CNY260mm ($42mm) 4/17/14 Four Private Investors from four private investors.

Jack Ma (Chairman of Alibaba) agrees to acquire 20.6% Stake in Hundsun 4/7/14 Jack Ma Technologies for $531mm, implying an enterprise value of $2.5bn, valuing the Company at an implied 14.3x LTM revenue and 73.9x LTM EBITDA.

Vend Limited (Auckland, New Zealand) raises $20mm in a Series B funding 3/25/14 round from Valar Ventures Fund, Square Peg Capital and an existing investor.

Fujian Newland Computer (SZSE:000997) agrees to acquire 75% stake in 3/25/14 Beijing Yada Communication Network for CNY170mm ($27mm).

Software and Services Transaction Activity

Volume Aggregate Value

350 $12

300 $10

250 $8

200 $6

Volume 150

100 Aggregate Value ($B)

$2 50

0 $0 Q22012 Q32012 Q42012 Q12013 Q22013 Q3 2013 Q4 2013 Q1 2014

Software and Services Transaction Multiples

EV / Revenue EV / EBITDA

3.0x 16x

14x

12x

2.0x 10x

8x EV / EBITDA

EV / Revenue 6x 1.0x 4x

0.0x 0x Q22012 Q32012 Q42012 Q12013 Q22013 Q3 2013 Q4 2013 Q12014

Source: Marlin & Associates, Capital IQ and Public sources. All transaction data as of 3/31/14. Transactions are meant to reflect overall industry rather than be a comprehensive list of all transactions. Transactions with implied multiples above 30x LTM Revenue and above 70x LTM EBITDA have been excluded from the Quarterly transaction multiples analysis. Transaction values and volumes include only publicly disclosed data. 20 Clients Choose M&A to Advise Them on Their Important Strategic Moves

has agreed to sell Chicago, Illinois

has been acquired by Chicago, Illinois to

New Yo rk, New Yo rk Stockholm, Sweden Marlin & Associates acted as exclusive strategic and financial advisor to Marlin & Associates acted as exclusive strategic and financial advisor to SpryWare LLC. MarketAxess.

New York, New York New York, New York New York, New York Birmingham, Alabama Tampa, Florida secured a $53 million investment from has been acquired by has been acquired by has agreed to be acquired by was acquired by a portfolio company of Bain Capital Ventures and Lemhi Ventures

has merged with Wayne, Pennsylvania New York, New York London, United Kingdom Paris, France Hamilton, Bermuda

Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to strategic and financial advisor to Bain Capital Ventures. SR Labs, LLC. Knovel Corporation. XcitekSolutionsPlus, LLC. DMLT LLC (dba Investment Cafe). Correlix.

London, United Kingdom Wellingborough, United Kingdom Boston, Massachusetts Hornsby, Australia New York, New York

has been acquired by has been acquired by have acquired a majority interest in has been acquired by has acquired a minority interest in has been acquired by

from Stamford, Connecticut Mum bai, India Englewood, Colorado London, United Kingdom

Marlin & Associates acted as Marlin & Associates acted as exclusive Marlin & Associates acted as exclusive strategic and financial advisor to Marlin & Associates acted as Marlin & Associates acted as strategic and financial advisor to strategic and financial advisor to Marlin & Associates acted as Ideas Inte rnational Ltd. exclusive strategic and financial advisor to financial advisor to exclusive financial advisor to Coalition. IMS Research. NYS E Euronex t. Na v iNe t, I nc . Welsh, Carson, Anderson & Stowe.

El Segundo, California

New York, New York London, United Kingdom Vancouver, Canada Sydney, Australia Cambridge, MA was acquired by has acquired has been acquired by has been acquired by was acquired by has acquired

Englewood, Colorado Tokyo, Japan Toronto, Canada Seattle, Washington McLean, VA Kansas City, Missouri Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to financial advisor to NaviNet, Inc. iSuppli Corporation. NYS E Euronex t, Inc. Atrium Network. Subserveo, Inc. The Photolibrary Group.

has sold its majority interest in Brussels, Belgium has agreed to sell

Sydney, Australia Santa Fe, New Mexico Los Gatos, CA has acquired was acquired by Wrex ham, UK was acquired by was acquired by Ambit Messaging Hub Oslo, Norway to from to

Way ne, PA New York, New York Jersey City, New Jersey New York, New York New York, NY

Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates acted as Marlin & Associates New York LLC acted as Marlin & Associates New York LLC acted as exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to exclusive strategic and financial advisor to SMARTS Group. SWIFT. Deutsche Börse. Strategic Analytics Inc. NYS E Euronex t, Inc. Vhayu Technologies Corp.

Select deals completed 2008 – 2014

© Marlin & Associates Holding LLC. M&A is a registered trademark of Marlin & Associates. Other names, trademarks, and logos are properties of their respective holders. Marlin & Associates Securities LLC, a wholly-owned subsidiary of Marlin & Associates Holding LLC, is a broker-dealer registered with the Securities and Exchange Commission and is a FINRA/SIPC member firm (www.finra.org). Investment banking and/or securities are offered through Marlin & Associates Securities LLC. The information and any opinions 21 contained in this report are for information purposes only. While they have been obtained from sources that we consider reliable, we do not represent such information and opinions are accurate or complete, and thus should not be relied upon as such. Select Marlin & Associates Awards

. Acquisition International recognized Marlin & Associates for the M&A Award USA TMT Advisory Firm of the Year (2012)

. The Global M&A Network recognized Marlin & Associates for excellence in multiple deal categories through its M&A Atlas Awards:  Financial Technology Deal of the Year (2012, 2011)  North America Small Mid Markets Corporate Deal of the Year (2013)  Entertainment & Media Deal of the Year (2011)  Corporate M&A Deal of the Year (2010)  Technologies Deal of the Year (2010)

. The M&A Advisor and The M&A Forum, conference producers and newsletter publishers serving the middle market finance industry, named Marlin & Associates as the:  Middle Market Investment Banking Firm of the Year (2008 and 2007)  Middle Market Financing Agent of the Year – Equity (2007)

. The M&A Advisor and The M&A Forum have recognized Marlin & Associates for excellence in multiple deal categories including:  Healthcare and Life Science Deal of the Year (Over $100M to $500M) (2013)  Financial Services Deal of the Year (2013, 2012 and 2011)  Nominated for Middle Market Healthcare Services Deal of the Year (2012)  Information Technology Deal of the Year (2011)  Middle Market Deal of the Year <$25M (2011)  Corporate and Strategic Acquisition of the Year (2011)  Middle Market Financial Services Deal of the Year (2011 and 2010)  Middle Market Information Technology Deal of the Year (2011 and 2010)  Middle Market International Financial Services Deal of the Year (2013 and 2010)  Middle Market International Information Technology Deal of the Year (2010)  Middle Market International Professional Services (B-to-B) Deal of the Year (2013)  Middle Market Professional Services Deal of the Year (2010)  Middle Market Financial Services Turnaround Deal of the Year (2009)  Middle Market Information Technology Turnaround Deal of the Year (2009)  Middle Market International Deal of the Year (2008)  Middle Market Financial Services Deal of the Year (2008)  Middle Market Technology Deal of the Year (2008)  Middle Market International/Cross Border Deal of the Year (2007, Below $100M)  Middle Market Financial Services Deal of the Year (2007, Below $100M)  Middle Market Computer and Information Technology Deal of the Year (2007, Below $100M)  Middle Market Financing Deal of the Year - Equity (2007)  Middle Market Financing - Financial Services Deal of the Year (2007)  Middle Market Financing - Computer, Technology and Telecommunications Deal of the Year (2007)

. The 451 Group, a noted independent technology industry analyst company, recently identified Marlin & Associates as a leader in cross-Atlantic technology merger and acquisition transaction advisory . SNL Financial, a market research company, identified Marlin & Associates as leading the most financial technology transactions in 2009, in a tie with Citigroup and Credit Suisse, and one of the top 10 advisors in 2010 . In March 2011, two transactions on which Marlin & Associates advised were named as part of The M&A Advisor’s “Deals of the Decade” Celebration

22 Marlin & Associates Senior Team

. Founder of Marlin & Associates . SVP at Dun & Bradstreet International . CEO of Telekurs (NA) . CEO of Telesphere Corporation . Head of Business Information and Internet practice at Veronis Suhler Stevenson . BA from the University of California (Irvine) . Ken Marlin MBA from UCLA, post-MBA New York University

. 15+ years of investment banking and . 15+ years of M&A experience private equity experience . M&A group of Skadden, Arps, Slate, . Founded Marlin & Associates with Ken Meagher and Flom Marlin . CFO of JCF Group . Led Veronis Suhler Stevenson’s . VP for Bus. Development, FactSet research on companies, industries, . Law Degree from Fordham Law School transactions, and valuations . MBA from Columbia Business School . . Michael Formerly at Morgan Stanley and Jason CFA Charterholder Maxworthy American International Group . BS from Binghamton University Panzer

. 17+ years of investment banking . 15+ years advising firms in Asia experience . Founder of Matrix Services . Focused on entrepreneurial technology- . Focused on strategic advisory for based companies clients doing business in Asia . Formerly at Robertson Stephens . Formerly at Reuters Group . Formerly at PaineWebber (UBS) . MBA from Edinburgh Business School . BS from The Pennsylvania State Paul University Robert Friday Agnew

. . 20+ years of M&A experience 12+ years of M&A experience as . Founder of Chela Capital seller, buyer and advisor . . Global Head of Barclays’ Capital VP of Business Development for Technology Group SunGard . . BA in Economics from Milton college Founder of software company sold to . MBA in International Finance from SunGard . University of Wisconsin-Madison Started career designing trading . Post-MBA Northwestern University Tom software for TD Bank Afsaneh . BaSC, Engineering University of Naimollah Selby Toronto

. 25+ years of investment . 10+ years advising technology and banking/strategic consulting financial services firms . Co-founder of MarketResearch.com . 8+ years in investment banking at UBS . Advisor at Dun & Bradstreet, R.R. and Deutsche Bank Donnelly & Sons, and BDM . BS from Union College . Executive positions in Washington Post’s . MBA from University of Virginia’s Darden Legislate subsidiary and Thomson School of Business George Financials’ legal research business Jonathan Beckerman . National Defense Education Fellow at New York University’s Graduate School Kaufman of Public Administration

23 Sell-side M&A

Recapitalization Strategic & & Management Board Advisory Buyouts

M a rli n & A s Equity Capital IPO Advisory s o ci Raising a t e s

Fairness Divestitures & Opinions & Restructuring Valuations

Buy-side M&A

New York, NY San Francisco, CA Washington, DC Hong Kong, China Toronto, Canada