Piper Jaffray Cybersecurity Earnings Update

Second Quarter 2017

Marc Steifman Greg Klancher Co-Head of Technology Principal Investment Banking Piper Jaffray & Co. Piper Jaffray & Co.

Piper Jaffray & Co., Member SIPC and FINRA 8/17 Piper Jaffray Case Study: Sale of Delta ID to Fingerprint Cards AB

$120,000,000 Delta ID

. Delta ID develops biometric identity and authentication software based on iris recognition technology

. Delta ID`s ActiveIRIS(TM) software is the world`s first and only iris recognition software for Has Been Acquired By mobile phones, PCs, tablets and vehicles

. The ActiveIRIS(TM) software is also certified for use with Aadhaar, the world`s largest biometric identity system with about 1.2 billion users. June 2017 . Delta ID was founded in 2011 and is headquartered in Newark, California

Transaction Overview & Process Buyer: Fingerprint Cards AB

. Piper Jaffray introduced Delta ID to strategic parties which led to in-bound interest in the Transaction $106 MM + $14 MM company Value: earnout Type: Strategic Investor . Piper Jaffray was engaged to help management and the board of directors to explore Iris Biometric alternatives and maximize possible outcome Expertise: Software . Delta ID was in the early stages of executing their growth strategy after a recent fundraising Value-Add / Industry Expertise Industry Relationships round Requirements:

. Piper Jaffray successfully marketed Delta ID’s competitive advantage as the premier iris biometrics software provider in a mobile biometrics industry that is large, but mostly untested

. Piper Jaffray ran an expedited process, reaching out to a targeted list of strategic parties, creating a competitive process

PIPER JAFFRAY 1 Revenue Growth Slowed in Q2; Revenue Growth Expected to Increase in Q3 Year-over-Year Revenue Growth in Q2 slowed to the lowest levels in the past 7 quarters

Year-over-Year Revenue Growth – Post Q2 2017 Earnings Quarter-over-Quarter Revenue Growth – Post Q2 2017 Earnings

18.0% 12.0% 16.0% 16.5% 10.0% 16.0% 10.0% 9.0% 14.2% 14.3% 14.0% 13.2% 8.0% 11.9% 10.9% 12.0% 10.4% 6.0% 4.8% 4.9% 10.0% 4.0% 2.5% 2.9% 8.0% 2.0% 6.0% 0.0% 4.0% (2.0%)

2.0% (4.0%) (3.3%) (4.0%) 0.0% (6.0%) C4Q15 A / C1Q16 A / C2Q16 A / C3Q16 A / C4Q16 A / C1Q17 A / C2Q17 A / 3Q 17 C4Q15A / C1Q16A / C2Q16A / C3Q16A / C4Q16A / C1Q17A / C2Q17A / 3Q 17 C4Q14A C1Q15A C2Q15A C3Q15A C4Q15A C1Q16A C2Q16A Guidance C3Q15A C4Q15A C1Q16A C2Q16A C3Q16A C4Q16A C1Q17A Guidance vs. 3Q 16 vs. 2Q 17 Actual Actual Quarterly Revenue vs. Street T+1 Share Price Reaction Post Q2 2017 Announcement

2.0% 0.0%

1.5% (0.5%)

(1.0%) 1.0% 0.9% (0.9%)

(1.5%) 0.5%

(2.0%) 0.0% (0.1%) (2.5%)

(0.5%) (2.7%) (3.0%) Q2 '17A vs Q2 '17 Street Q3 '17 Guidance vs Q3 '17 Street Mean Median Source: Company filings, S&P Capital IQ and FactSet; median of companies listed on page 3

PIPER JAFFRAY 2 Q2 Revenues Were Better Than Street Expectations; Q3 Guidance was Mostly In-Line with Street Expectations • Three companies with high perpetual license revenue (RPD, GUID and CYBR) reported either weaker than expected Q2 results or provided weaker than expected Q3 guidance, or both – the global ransomware attacks in the last days of Q2 seemed to have pressured those companies the most

• Email security vendors PFPT and MIME remain the growth leaders, both exceeding 35% YoY revenue growth in Q2

T+1 Percent 2Q17 Q/Q Revenue 2Q17 Y/Y Revenue 2Q17 Actual vs. CQ3E QoQ Growth CQ3E YoY Growth CQ3E Guidance vs. CY17 YoY Growth CY17 Guidance vs. Reaction 1Q17 Ticker Company 2Q17 Earnings Date growth growth Street (Guidance) (Guidance) Street (Guidance) Street Announcement Security OKTA Okta, Inc. 09/07/17 NA NA NA NA NA NA NA NA NA PANW Palo Alto Networks, Inc. 08/31/17 NA NA NA NA NA NA NA NA NA SPLK Splunk Inc. 08/24/17 NA NA NA NA NA NA NA NA NA TSX:ABT Absolute Software Corporation 08/17/17 NA NA NA NA NA NA NA NA NA TMICF Trend Micro Incorporated 08/09/17 NA NA NA NA NA NA NA NA NA MIME Mimecast Limited 08/07/17 11.0% 40.3% 5.8% 3.2% 35.3% 2.9% 45.9% 2.3% 5.7% RPD Rapid7, Inc. 08/07/17 4.9% 27.3% 2.4% 4.5% 23.0% (0.6%) 24.8% 0.3% 0.1% VRNS Varonis Systems, Inc. 08/03/17 24.3% 29.8% 5.6% 0.5% 23.1% 1.2% 25.3% 1.5% 2.7%

SYMC Symantec Corporation(1) 08/02/17 5.4% 32.9% (2.4%) 8.5% 44.2% 0.4% 37.9% 1.2% (2.1%) RDWR Radware Ltd. 08/02/17 4.2% 2.8% 1.5% 2.0% 11.0% 2.1% NA NA 0.6% QLYS Qualys, Inc. 08/02/17 4.1% 14.1% 0.8% 5.9% 14.8% 0.9% 15.0% 0.4% 13.6% FEYE FireEye, Inc. 08/01/17 6.8% 6.0% 5.1% 0.3% (0.2%) (0.1%) 3.6% 1.2% 0.7% GUID Guidance Software, Inc.(2) 08/01/17 (7.9%) (10.5%) (13.3%) NA NA NA NA NA 0.0% ZIXI Zix Corporation 08/01/17 3.1% 9.7% 0.2% 2.6% 9.7% (0.0%) 10.5% 0.1% 0.2% LSE:SOPH Sophos Group plc 07/27/17 4.0% 10.4% 11.3% NA NA NA NA NA (3.8%) IMPV Imperva, Inc. 07/27/17 2.9% 28.6% 0.2% 10.2% 19.9% (0.4%) 21.5% 0.0% (6.5%) VDSI VASCO Data Security International, Inc. 07/27/17 8.9% (15.8%) 6.6% NA NA NA (3.8%) (0.5%) (3.5%) MOBL MobileIron, Inc. 07/27/17 0.9% 9.7% (1.8%) 5.5% 8.3% (3.0%) 9.8% (1.6%) (19.8%) PFPT Proofpoint, Inc. 07/27/17 8.0% 36.1% 2.3% 7.1% 31.3% 1.8% 32.6% (0.3%) 0.7% FTNT Fortinet, Inc. 07/26/17 6.7% 16.7% 0.7% 1.8% 16.8% (0.5%) 15.8% (0.9%) (5.3%) AKAM Akamai Technologies, Inc. 07/25/17 (0.1%) 6.4% 0.7% 0.2% 4.4% (1.4%) NA NA (14.6%) CHKP Check Point Software Technologies Ltd. 07/20/17 5.3% 8.5% 0.9% (2.4%) 4.7% (3.4%) 7.7% (0.3%) (0.9%) CYBR CyberArk Software Ltd. 07/13/17 (2.6%) 14.1% (7.1%) 8.7% 13.7% (2.3%) 17.5% (0.6%) (16.3%) CUDA Barracuda Networks, Inc. 07/10/17 5.5% 8.7% 3.3% (1.3%) 5.8% (0.1%) 8.0% (0.4%) (3.4%)

Mean 5.0% 14.5% 1.2% 3.6% 16.6% (0.2%) 18.1% 0.2% (2.7%) Median 4.9% 10.4% 0.9% 2.9% 14.3% (0.1%) 15.8% 0.0% (0.9%)

(1) Symantec Corporation revenue growth includes acquisitions (2) Announced sale of company together with Q2 results Source: Company filings, S&P Capital IQ and FactSet

PIPER JAFFRAY 3 Top Performing Security Stocks in 2017

Year to Date Stock Price Change % of 52-Week High

SOPH 86.6% SOPH 99.5%

MIME 66.5% MIME 99.0%

QLYS 43.9% TSX:ABT 96.1%

VRNS 39.2% RDWR 95.9%

OKTA 38.6% QLYS 95.9%

TSX:ABT 27.4% VRNS 93.3%

CHKP 26.0% PFPT 92.1%

RPD 23.8% CHKP 91.3%

PFPT 23.0% GUID 90.6%

FTNT 21.2% FTNT 87.9%

RDWR 20.6% FEYE 86.2%

SYMC 19.3% SYMC 85.8%

FEYE 18.8% SPLK 85.1%

SPLK 15.1% CUDA 84.2% OKTA IMPV 14.6% 83.4% PANW 78.2% MOBL 9.3% RPD 78.1% ZIXI 5.1% ZIXI 77.8% CUDA 4.9% IMPV 76.9% PANW 3.7% CYBR 67.8% GUID (0.3%) VDSI 67.4% VDSI (4.8%) AKAM 66.0% CYBR (11.6%) MOBL 60.5% AKAM (29.1%) 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% (80.0%) (40.0%) 0.0% 40.0% 80.0% 120.0% % of 52-week high YTD % Change Source: S&P Capital IQ, as of 8/8/2017 Note: OKTA stock price change from IPO pricing of $17.00 on 4/7/2017

PIPER JAFFRAY 4 2017 “Rule of 40” – 2017E Revenue Growth + 2017E FCF Margin

10.0x AVG EV/Rev 2.3x 9.0x AVG Rev Growth + FCF Margin CHKP 7.7% 8.0x PFPT Largest Movers in LTM y = 8.4411x + 1.6241 7.0x 8/8/2017 8/8/2016 Change MIME R² = 0.6541 MIME 6.8x 3.6x 3.2x SOPH 5.7x 3.2x 2.5x QLYS QLYS 6.3x 4.5x 1.8x 6.0x SPLK 6.0x 7.9x (1.9x) SPLK CYBR 4.4x 7.7x (3.3x) LSE:SOPH PANW

5.0x VRNS CYBR TMICF SYMC 4.0x

2017E EV / Revenue ZIXI IMPV FEYE AKAM 3.0x RDWR RPD CUDA TSX:ABT 2.0x VDSI AVG EV/Rev AVG EV/Rev GUID MOBL 3.9x 6.4x 1.0x AVG Rev Growth + FCF Margin AVG Rev Growth + FCF Margin 31.0% 51.3% 0.0x -10% 0% 10% 20% 30% 40% 50% 60% 70% 80% 2017E Rev Growth + FCF Margin

Source: CapitalIQ as of 8/8/2017

PIPER JAFFRAY 5 2018 “Rule of 40” – 2018E Revenue Growth + 2018E FCF Margin

10.0x AVG EV/Rev AVG EV/Rev 2.3x 3.4x 9.0x AVG Rev Growth + FCF Margin AVG Rev Growth + FCF Margin 12.6% 29.1% 8.0x CHKP

7.0x

y = 7.856x + 1.1566 6.0x R² = 0.4887 QLYS PFPT MIME 5.0x LSE:SOPH SPLK PANW SYMC VRNS TMICF 4.0x CYBR 2018E EV / Revenue ZIXI FEYE 3.0x AKAM IMPV RDWR CUDA RPD 2.0x GUID TSX:ABT AVG EV/Rev MOBL VDSI 5.1x 1.0x AVG Rev Growth + FCF Margin 49.1% 0.0x 0% 10% 20% 30% 40% 50% 60% 70% 2018E Rev Growth + FCF Margin

Source: CapitalIQ as of 8/8/2017

PIPER JAFFRAY 6 Companies with High Quality Financial Models Continue to Trade at Premium Valuations

Enterprise Value / LTM Revenue Multiple Stock Price Index LTM

8.00x 40.0%

7.00x 30.0%

6.00x 20.0%

5.00x 10.0%

4.00x 0.0%

3.00x (10.0%)

2.00x (20.0%)

1.00x (30.0%)

Revenue Growth + FCF Revenue Growth + FCF NASDAQ Revenue Growth + FCF HACK – Security ETF Margin > 40% Margin 20% to 40% Margin < 20%

Security Company Median Valuation Multiples & Operating Metrics Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Revenue Growth + FCF Margin > 40% Margin 20% to 40% Margin < 20% Margin > 40% Margin 20% to 40% Margin < 20% 7.5x 6.3x 5.4x 4.3x 25.8% 26.3% 3.9x 21.2% 3.3x 14.2% 13.7% 14.7% 9.8% 2.2x 2.1x 1.9x 4.5% 4.7%

2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018

25.8% 27.3% 29.6x 23.3% 22.1% 19.3% 21.0% 21.4x 17.1x 17.9x 13.9% 14.0x 16.0x 14.5x 13.2x 11.5x 8.1% 9.7%

2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 2016 2017 2018 Source: Wall Street Research. Data as of 8/8/2017

PIPER JAFFRAY 7 Public Security Comparables – 2017 Recurring Revenue Distribution

QLYS 99.0% MIME 99.0% Total Total Other / Product Support Revenue Revenue Revenue Revenue Revenue License / Prof Srvcs Recurring Revenue (%) Revenue (%) ZIXI 99.0% Subscription Subscription Maintenance / PFPT 97.9% QLYS $0.0 $226.5 100.0% $0.0 $0.0 99.0% $226.5 TSX:ABT 94.0% MIME $0.0 $241.5 100.0% $0.0 $0.0 99.0% $241.5 OKTA 89.3% ZIXI $0.0 $65.8 100.0% $0.0 $0.0 99.0% $65.8 PFPT $0.0 $494.1 97.9% $0.0 $10.6 97.9% $504.7 FEYE 87.2% TSX:ABT $0.0 $0.0 0.0% $0.0 $94.0 94.0% $94.0 CUDA 79.8% OKTA $0.0 $143.1 89.3% $0.0 $17.2 89.3% $160.3 LSE.SOPH 76.2% FEYE $93.9 $637.1 87.2% $0.0 $0.0 87.2% $731.0 MOBL 75.8% CUDA $77.0 $303.3 79.8% $0.0 $0.0 79.8% $380.3 AKAM 71.2% LSE.SOPH $133.6 $480.2 76.2% $0.0 $16.6 76.2% $630.3 CHKP 69.0% MOBL $43.9 $72.1 39.8% $65.3 $0.0 75.8% $181.3 IMPV 67.3% AKAM $709.5 $1,532.9 62.3% $217.1 $0.0 71.2% $2,459.5 CHKP $581.8 $485.8 25.9% $806.9 $0.0 69.0% $1,874.5 FTNT 60.9% IMPV $90.9 $124.9 38.9% $91.5 $14.1 67.3% $321.4 PANW 60.5% FTNT $582.8 $908.2 60.9% $0.0 $0.0 60.9% $1,491.0 RDWR 48.4% PANW $686.3 $1,052.2 60.5% $0.0 $0.0 60.5% $1,738.5 SPLK 45.9% RDWR $106.5 $99.8 48.4% $0.0 $0.0 48.4% $206.3 VRNS 43.7% SPLK $646.0 $0.0 0.0% $547.8 $0.0 45.9% $1,193.8 CYBR 43.3% VRNS $116.0 $0.0 0.0% $90.0 $0.0 43.7% $206.0 GUID 36.3% CYBR $147.5 $0.0 0.0% $112.5 $0.0 43.3% $260.0 GUID $43.8 $0.0 0.0% $41.8 $29.5 36.3% $115.0 RPD 23.8% RPD $111.8 $0.0 0.0% $46.8 $38.1 23.8% $196.7 VDSI N/A VDSI $139.0 $0.0 0.0% $0.0 $46.6 N/A $185.6 SYMC N/A SYMC $0.0 $0.0 0.0% $0.0 $5,005.0 N/A $5,005.0

Source: Wall Street Estimates, Piper Jaffray Note: OKTA Figures are FY 2018, ending 1/31/2018; MIME and SOPH Figures are FY 2018, ending 3/31/2018

PIPER JAFFRAY 8 Public Company Valuations

(in millions) Price Equity Enterprise Revenue Revenue Growth EBITDA Margin FCF Margin TEV / Revenue TEV / EBITDA TEV / FCF P/E Company 8/8/2017 Value Cash Debt Value CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 CY17 CY18 Revenue Growth + FCF Margin > 40% Check Point Software Technologies Ltd. $106.46 $17,400 $1,599 $0 $15,801 $1,872 $2,002 7.5% 6.9% 55.2% 53.9% 53.9% 51.8% 8.4x 7.9x 12.7x 12.2x 15.7x 15.3x 18.8x 17.3x Symantec Corporation $28.49 $17,459 $2,314 $6,202 $21,347 $5,005 $5,396 32.5% 7.8% 46.8% 52.6% 19.1% 26.1% 4.3x 4.0x 8.3x 7.2x 22.4x 15.2x 13.9x 13.2x Palo Alto Networks, Inc. $129.64 $11,904 $1,372 $518 $11,050 $1,924 $2,333 22.8% 21.2% 25.8% 27.3% 36.1% 39.3% 5.7x 4.7x 17.1x 14.0x 15.9x 12.1x 34.9x 29.2x Splunk Inc. $58.89 $8,149 $1,087 $84 $7,145 $1,200 $1,507 26.3% 25.6% 12.8% 15.1% 19.3% 21.3% 6.0x 4.7x 37.2x 25.0x 30.9x 22.3x NM 50.4x Proofpoint, Inc. $86.88 $3,860 $429 $378 $3,808 $506 $647 34.8% 27.8% 13.7% 18.6% 21.0% 23.7% 7.5x 5.9x 43.3x 24.7x 35.9x 24.9x NM 52.9x Qualys, Inc. $45.55 $1,709 $279 $0 $1,430 $228 $264 15.0% 16.0% 33.5% 36.3% 25.7% 26.6% 6.3x 5.4x 16.7x 13.0x 24.5x 20.4x 44.2x 36.4x Mimecast Limited $29.80 $1,694 $112 $14 $1,596 $234 $289 36.7% 23.7% 10.4% 15.2% 8.6% 8.2% 6.8x 5.5x 52.6x 30.2x 79.5x 67.4x NM 64.8x Median $8,149 $1,087 $84 $7,145 $1,200 $1,507 26.3% 21.2% 25.8% 27.3% 21.0% 26.1% 6.3x 5.4x 17.1x 14.0x 24.5x 20.4x 26.9x 36.4x

Revenue Growth + FCF Margin 20% to 40% Akamai Technologies, Inc. $47.27 $8,103 $683 $651 $8,071 $2,471 $2,689 5.6% 8.8% 36.8% 37.5% 15.5% 15.3% 3.3x 3.0x 7.5x 6.8x 21.1x 19.6x 17.6x 15.8x Trend Micro Incorporated $50.15 $6,830 $1,120 $0 $5,710 $1,492 $1,419 16.9% (4.9%) 35.0% 35.9% 18.2% 20.7% 3.8x 4.0x 10.5x 9.7x 21.0x 19.4x NA NA Fortinet, Inc. $36.52 $6,422 $1,207 $0 $5,214 $1,330 $1,713 9.3% 28.8% 21.6% 23.1% 25.7% 26.6% 3.9x 3.0x 13.8x 11.5x 15.2x 11.4x 31.8x 26.4x Sophos Group plc $6.35 $2,931 $53 $266 $3,218 $561 $630 8.8% 12.3% 7.1% 12.6% 15.1% 17.3% 5.7x 5.1x 43.9x 30.3x 38.0x 29.5x NM 55.8x Imperva, Inc. $44.00 $1,488 $320 $0 $1,168 $321 $380 21.5% 18.1% 15.0% 17.0% 10.9% 14.0% 3.6x 3.1x 20.6x 15.7x 33.3x 22.0x 45.8x 37.6x CyberArk Software Ltd. $40.20 $1,397 $261 $0 $1,136 $256 $306 18.2% 19.4% 23.3% 25.2% 20.9% 22.7% 4.4x 3.7x 16.5x 13.3x 21.2x 16.4x 30.8x 25.4x Barracuda Networks, Inc. $22.47 $1,190 $207 $4 $987 $371 $400 7.0% 7.7% 20.3% 21.2% 16.8% 18.2% 2.7x 2.5x 12.5x 11.2x 15.8x 13.6x 26.4x 21.5x Varonis Systems, Inc. $37.30 $1,026 $122 $0 $904 $206 $241 25.3% 17.1% 4.5% NA 6.0% 7.5% 4.4x 3.7x NM NA 73.2x 49.7x NM NM Rapid7, Inc. $15.07 $656 $84 $0 $572 $197 $238 25.1% 20.6% (5.6%) 0.6% 2.2% 4.1% 2.9x 2.4x NM NM 129.8x 58.7x NM NM Zix Corporation $5.19 $287 $30 $0 $257 $66 $74 10.5% 10.7% 28.9% NA 22.6% 25.8% 3.9x 3.5x 12.0x NA 17.2x 13.5x 15.7x NA Median $1,442 $234 $0 $1,152 $346 $390 13.7% 14.7% 21.0% 22.1% 16.1% 17.8% 3.9x 3.3x 13.2x 11.5x 21.1x 19.5x 28.6x 25.9x

Revenue Growth + FCF Margin < 20% FireEye, Inc. $14.14 $2,576 $871 $761 $2,466 $742 $802 3.9% 8.1% 9.3% 13.9% (4.7%) 4.5% 3.3x 3.1x 33.2x 20.4x NM 67.8x NM 57.7x Radware Ltd. $17.58 $759 $156 $0 $603 $207 $222 5.4% 7.2% 8.7% NA NA NA 2.9x 2.7x 22.9x NA NA NA 62.8x 67.6x VASCO Data Security International, Inc. $13.00 $519 $156 $0 $362 $187 $204 (2.7%) 9.1% 10.2% 9.2% 13.4% 18.6% 1.9x 1.8x 17.5x 17.8x 14.5x 9.5x 33.3x29.5x MobileIron, Inc. $4.10 $386 $89 $0 $297 $180 $200 9.8% 11.1% (1.4%) (2.5%) (0.6%) 9.0% 1.6x 1.5x NM NM NM 16.5x NM NM Absolute Software Corporation $6.40 $253 $36 $0 $217 $96 $107 8.8% 10.5% 11.4% 16.8% 6.2% 0.0% 2.2x 2.0x 17.9x 10.7x 36.3x NA 36.6x 12.5x Guidance Software, Inc. $7.06 $216 $14 $1 $203 $103 $121 (6.4%) 16.7% 12.8% 14.9% 13.2% 14.2% 2.0x 1.7x 12.9x 11.3x 14.8x 11.9x 18.6x 17.7x Median $452 $123 $0 $330 $184 $202 4.7% 9.8% 9.7% 13.9% 6.2% 9.0% 2.1x 1.9x 17.9x 14.5x 14.5x 14.2x 34.9x 29.5x

Source: S&P Capital IQ, as of 8/8/2017

PIPER JAFFRAY 9 Precedent Transactions – Security

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 8/8/17 Datablink, Inc. WatchGuard Technologies, Inc. NA NA NA NA NA NA 8/2/17 Symantec (website security and PKI solutions) DigiCert NA $950 NA NA NA NA 8/1/17 Nevis Net Qualys NA NA NA NA NA NA 7/26/17 Guidance Software Open Text Corporation $236 $225 2.1x 1.9x NM 18.9x 7/18/17 Komand Rapid7, Inc. NA NA NA NA NA NA 7/11/17 Skycure Ltd. Symantec Corporation NA NA NA NA NA NA 7/11/17DataGravity Hytrust NANANANANANA 7/6/17 Fireglass Symantec Corporation NA NA NA NA NA NA 5/25/17 EchoSat Communications Group, Inc. ControlScan, Inc. NA NA NA NA NA NA 5/24/17 Resolve Systems, LLC Insight Venture Partners LLC NA NA NA NA NA NA 5/24/17 Hexadite Microsoft NA NA NA NA NA NA 5/18/17 Are You a Human, LLC Distil, Inc. NA NA NA NA NA NA 5/11/17 Conjur CyberArk Software Ltd. $42 $42 NA NA NA NA 5/11/17 Digital Assurance F-Secure Oyj NA NA NA NA NA NA 5/1/17 Viptela, Inc. Cisco Systems, Inc. $610 $610 NA NA NA NA 4/25/17 TeleSign Corporation BICS $230 $230 2.3x NA NA NA 4/18/17 InfoReliance Corporation ECS Federal, Inc. NA NA NA NA NA NA 3/29/17 NuData Security Inc. Mastercard Incorporated NA NA NA NA NA NA 3/14/17 Auth0, Inc. Bessemer Venture Partners; MeriTech Capital Partner NA NA NA NA NA NA 3/11/16 GreatHorn, Inc. RRE Ventures LLC; SoftTech VC; Techstars Central LL NA NA NA NA NA NA 3/6/17 Stormpath Okta, Inc. NA NA NA NA NA NA 3/6/17 Veracode, Inc. CA, Inc. $614 $614 NA 7.7x NA NA 2/28/17 LightCyber Ltd. Palo Alto Networks, Inc. $105 $105 10.5x NA NA NA 2/8/17 Skyfence Networks Ltd. Okta, Inc. $40 $40 NA NA NA NA 2/8/17 Endgame, Inc., U.S. Federal Government Services Business Accenture plc NA NA NA NA NA NA 2/8/17 Invincea, Inc. Sophos Group plc $100 $120 12.2x NA NA NA 2/1/17 Delta ID Inc. Fingerprint Cards AB (publ) $106 $120 NA NA NA NA 1/31/17 Seculert Ltd. Radware Ltd. NA NA NA NA NA NA 1/24/17 AppDynamics, Inc. Cisco Systems, Inc. $3,700 $3,903 18.9x NA NM NA 1/9/17 Harvest.ai Amazon Web Services, Inc. NA NA NA NA NA NA 12/27/16 HexaTier Huawei NA $42 NA NA NA NA 12/6/17 Optiv Security KKR NA $1,900 2.0x NA NA NA 12/6/16 InAuth, Inc. American Express Company NA NA NA NA NA NA 11/23/16 iSheriff, Inc. Mimecast Limited $6 $8 NA NA NA NA 11/21/16 Dyn Oracle Corporation NA $650 6.5x NA NA NA 11/20/16 LifeLock, Inc. Symantec Corporation $2,338 $2,362 3.6x 3.3x 50.0x 24.0x 11/11/16 Virtual Security Research NCC Group NA $6 NA NA NA NA 11/7/16 Cigital, Inc. and Codiscope, LLC Synopsys, Inc. NA NA NA NA NA NA 11/4/16 Catbird Networks, Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Easy Solutions Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/4/16 Cryptzone North America Inc. BC Partners; Medina Capital NA NA NA NA NA NA 11/1/16 Barricade Security Systems Sophos $2 NA NA NA NA NA 10/27/16 Palamida, Inc. Flexera Software LLC NA NA NA NA NA NA 10/25/16 FortyCloud Ltd FireMon, LLC NA NA NA NA NA NA 10/24/16 Masergy Communications, Inc. Berkshire Partners LLC NA NA NA NA NA NA 10/20/16 Triumfant, Inc. Nehemiah Security, LLP NA NA NA NA NA NA 10/20/16 FireLayers, Inc. Proofpoint, Inc. $55 $55 NA NA NA NA

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 10 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 10/4/16 Soha Systems, Inc. Akamai Technologies, Inc. NA NA NA NA NA NA 10/4/16 ValidSoft UK Management Buyout NA $3 NA NA NA NA 9/19/16 InfoBlox Vista Equity Partners NA $1,254 3.5x NA NA NA 9/19/16 CyberFlow Analytics, Inc. Webroot Inc. NA NA NA NA NA NA 9/18/16 Palerra, Inc. Oracle Corporation NA NA NA NA NA NA 9/15/16 Prelert Inc. ELASTICSEARCH GLOBAL BV NA NA NA NA NA NA 9/13/16 EyeVerify Inc. Ant Financial Services Group NA NA NA NA NA NA 9/7/16 Intel Security Inc. (nka:McAfee LLC) TPG Capital, L.P. $2,157 $4,157 NA NA NA NA 9/6/16 LaunchKey, Inc. iovation Inc. NA NA NA NA NA NA 8/26/16 PhenixID Clavister Holding NA $4,200 NA NA NA NA 8/24/16 Return Path - Email Fraud Protection Division Proofpoint, Inc. $18 $18 NA NA NA NA 8/17/16 Modulo Security SAI Global NA $5 NA NA NA NA 8/17/16 Sypris Electronics Analog Devices NA $42 NA NA NA NA 8/2/16 UnboundID, Corp. Ping Identity Corporation NA NA NA NA NA NA 7/26/16 Appcito A10 Networks NA $7 NA NA NA NA 7/25/16 OpenLimit WISekey NA $20 13.1x NA NA NA 7/25/16 Fireblade Ltd. StackPath, LLC NA NA NA NA NA NA 7/22/16 Damballa, Inc. Core Security Technologies, Inc. $9 $9 NA NA NA NA 7/19/16 Confer Technologies, Inc. Carbon Black, Inc. NA NA NA NA NA NA 7/13/16 Imprivata, Inc. Thoma Bravo, LLC; Thoma Bravo Fund XII, L.P. $489 $497 3.8x 3.5x NM NM 7/7/16 AVG Technologies N.V. Avast Software B.V. $1,326 $1,463 3.4x 3.3x 11.7x 9.0x 6/29/16 IDScan Biometrics GB Group NA $61 10.3x NA NA NA 6/28/16 CloudLock, Inc. Cisco Systems, Inc. $293 $293 NA NA NA NA 6/20/16 Dell Software, Inc. and Dell SonicWALL, Inc. Francisco Partners Management LLC; Elliott Managem $2,400 $2,400 NA NA NA NA 6/13/16 Arkin Net Inc. VMware, Inc. $67 $77 NA NA NA NA 6/12/16 Blue Coat, Inc. Symantec Corporation $3,073 $4,722 7.9x NA NM NA 6/7/16 AccelOps, Inc. Fortinet, Inc. $28 $32 NA NA NA NA 6/1/16 BrightPoint Security, Inc. ServiceNow, Inc. $20 $20 NA NA NA NA 6/1/16 Ping Identity Corporation Vista Equity Partners LLC; Vista Equity Partners Fund NA NA NA NA NA NA 5/18/16 Hexis Cyber Solutions, Inc., Hexis HawkEye G WatchGuard Technologies, Inc. NA NA NA NA NA NA 5/8/16 Cyberinc aurionPro Solutions Limited NA NA NA NA NA NA 5/6/16 Jumio Corporation Centana Growth Partners $1 $1 NA NA NA NA 5/5/16 Advanced Security Consulting Falanx Group NA $1 NA NA NA NA 4/27/16 ANXeBusiness Open Text Corporation NA $104 NA NA NA NA 4/21/16 DeviceAuthority, Inc. Cryptosoft Ltd. (nka:Device Authority Ltd) NA NA NA NA NA NA 4/18/16 CSIdentity Corporation Experian Information Solutions, Inc. $360 $360 NA NA NA NA 4/15/16 Click Security, Inc. Alert Logic, Inc. NA NA NA NA NA NA 4/12/16 Wave Systems Corp., Substantially all assets excluding certainESW Capital, LLC $4$4NANANANA 4/8/16 Bluebox Security, Inc. Lookout, Inc. NA NA NA NA NA NA 4/1/16 Aimetis Corp. Senstar Corporation NA $22 2.1x NA NA NA 3/23/16 Sookasa Barracuda Networks, Inc. NA NA NA NA NA NA 3/10/16 Agata Solutions CyberArk Software Ltd. NA $3 NA NA NA NA 3/3/16 Safend SuperCom NA $2 NA NA NA NA 2/29/16 Resilient, an IBM Company International Business Machines Corporation NA NA NA NA NA NA 2/25/16 Sentrix Ltd. Trusted Knight Corp. NA NA NA NA NA NA 2/23/16 Arellia Corporation Thycotic Software Ltd. NA NA NA NA NA NA

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 11 Precedent Transactions – Security (Cont’d)

($ in millions) Transaction Multiples Transaction Values Revenue EBITDA Announced Target Acquirer Equity Enterprise LTM NTM LTM NTM 2/18/16 ValidSoft Cross River Initiatives NA $13 NA NA NA NA 2/17/16 SMS Passcode A/S Censornet Ltd. NA NA NA NA NA NA 2/8/16 IronKey Enterprise Management Services DataLocker NA NA NA NA NA NA 2/8/16 Digital Footprints International LLC Infoblox Inc. NA $45 NA NA NA NA 2/1/16Invotas FireEye, Inc. NA$30NANANANA 1/20/16 iSight Security, Inc. FireEye, Inc. $275 $275 6.9x NA NA NA 1/5/16 TowerSec Inc. Harman Becker Automotive Systems Manufacturing K $38$76NANANANA

Mean 6.9x 4.4x 30.9x 16.5x Median 5.1x 3.4x 30.9x 16.5x

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 12 Private Placements – Security

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 8/9/2017 Socure Inc. 13.90 Commerce Ventures, Flint Capital, Work-Bench, Santander InnoVentures, Two Sigma Ventures Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

7/27/2017 CallSign Ltd. 35.00 Accel Partners; Allegis Capital; PTB Ventures Develops an artificial intelligence-based authentication platform designed to provide secure and seamless authentication

7/25/2017 Nyotron 21.00 DGB Investments; Mitvah Shamir; Gil Agmon; Shmuel Harlap Develops antivirus software for clients in Israel, Europe, and internationally

7/25/2017 PerimeterX 23.00 Canaan Partners; Vertex Ventures; Data Collective Develops cloud security solutions

7/25/2017 Bricata 8.00 Edison Partners Develops network security and data protection solutions and provides threat protection across network and cloud-based devices

7/17/2017 Awake Security 31.00 Greylock; Bain Capital Offers visibility into network operations and security

7/12/2017 ZeroFox 40.00 Redline Capital Management; Silver Lake Waterman; NEA; Highland Capital Partners; Core Capital Provides real-time social threat analytics, intelligence, and advanced security protection via its cloud-based cyber platform

7/11/2017 Lastline, Inc. 28.50 Thomvest Ventures; Osage University Partners; Redpoint Ventures Develops and delivers security and malware protection platform to detect, stop, and manage attacks

6/27/2017 Sumo Logic, Inc. 75.00 Accel Partners; Institutional Venture Partners Provides a cloud-native machine data analytics service to build, run, and secure applications

6/20/2017 Cybereason Inc. 100.00 SoftBank Group Corp. (TSE:9984) Operates an automated platform to detect, visualize, and terminate cyber attacks

6/6/2017 Netskope, Inc. 100.00 Accel Partners; Sapphire Ventures LLC; Lightspeed Provides a SaaS based platform that helps people to get and use their favorite cloud applications

5/31/2017 Sqrrl Data, Inc. 12.30 Accomplice, LLC; Matrix Partners; Rally Ventures; Spring Lake Equity Parters LLC Enables organizations to target, hunt, and disrupt advanced cyber threats

5/30/2017 CounterTack, Inc. 20.00 SAP National Security Services, Inc.; Singtel Innov8 Pte. Ltd. Provides real-time endpoint threat detection and response solutions

5/22/2017 Karamba Security 12.00 Liberty Mutual Strategic Ventures, Paladin Capital Group, Presidio Ventures and Asgent Develops security systems for connected cars

5/18/2017 Wandera, Inc. 27.50 83 North; Bessemer Venture Partners; Sapphire Ventures LLC Provides Enterprise Mobile Security for mobile threat defense and content filtering protect data

5/17/2017 CrowdStrike, Inc. 100.00 Accel Partners; CapitalG; Warburg Pincus; March Capital Partners; Telstra Develops malware protection, threat intelligence, and response solutions

5/9/2017 Signal Sciences Corporation 15.00 CRV; Index Ventures; O'Reilly AlphaTech Ventures, LLC; Harrison Metal Capital Develops a software as a service platform to provide security for user's web applications

4/28/2017 Deep Sentinel Corp 7.40 Lux Capital Management; Shasta Ventures; Bezos Expeditions, LLC; UP2398 LLC Develops an artificial intelligence based security software for homes

4/25/2017 Twistlock Inc. 17.00 Polaris Partners; YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps

4/14/2017 802 Secure, Inc. 6.00 Daylight Investors, LLC Security solutions and services for enterprises to deploy wireless and Internet of Things (IoT)

3/21/2017 SlashNext, Inc. 9.00 Norwest Venture Partners; Wing Venture Partners Develops cyber-security solutions

3/8/2017 Dyadic Security Ltd. 12.00 Goldman Sachs Principal Strategies; Innovation Endeavors; Citi Ventures, Inc. Provides distributed security module software solutions

2/27/2017 Fortscale Security Ltd. 7.00 Blumberg Capital; Intel Capital; Swarth Investments L.L.C.; Valor Capital Group; Evolution Equity Partners; UST Global Provides data security services developing system which analyzes information and tracks patterns of potential threats

2/7/2017 Exabeam, Inc. 30.00 Norwest Venture Partners; Lightspeed Venture Partners; Icon Ventures; Cisco Investments; Aspect Ventures Provides behavior-based security intelligence platform.

1/25/2017 Telos Corporation 11.00 Not Disclosed Provides information technology (IT) solutions and services worldwide

1/18/2017 Secret Double Octopus Ltd. 6.00 Jerusalem Venture Partners; Iris Capital; Benhamou Global Ventures LLC; Liberty Israel Venture Fund, LLC Develops network-level security solutions

1/18/2017 Jungle Disk, LLC 11.00 Not Disclosed Develops and provides data threat protection cloud solutions

1/17/2017 OPAQ Networks, Inc. 21.00 Columbia Capital, L.P.; Harmony Partners; Zero Gravity Corporation Operates as a Network Security as-a-Service company that enables organizations to simplify, centralize, and secure their networks

1/12/2017 SentinelOne Inc. 70.00 Redpoint Ventures; Third Point Ventures L.P.; The Westly Group; Granite Hill Capital Partners, LLC; Data Collective Provides endpoint security solutions

1/11/2017 Transmit Security, Inc. 40.00 Not Disclosed Designs and develops a platform that addresses problems in security and usability

1/10/2017 Phantom Cyber Corporation 13.50 Foundation Capital; Kleiner Perkins Caufield & Byers; In-Q-Tel, Inc.; Rein Capital, LLC; The Blackstone Group Provides security automation and orchestration platform

1/6/2017 Beijin Shenxing Technology Co. 100.00 Zero2IPO Ventures; Matrix Partners China; Kinzon Capital Develops facial recognition solutions based on artificial intelligence (AI)

1/4/2017 Demisto, Inc. 20.00 Accel Partners; Slack Technologies, Inc., Investment Arm; ClearSky Operates a security operations platform for security operations centers (SOCs)

12/27/2016 Zimperium, Inc. 15.00 SoftBank Group Corp. (TSE:9984) Develops mobile intrusion prevention system

12/23/2016 Bitglass, Inc. 45.00 New Enterprise Associates; Norwest Venture Partners; SingTel Ventures (Pte) Ltd.; Australian Government Future Fund Provides security solutions that segments, tracks, and secures businesses’ sensitive data

12/15/2016 SenseTime group Limited 120.00 IDG Capital Partners; Dalian Wanda Group Co Ltd; CDH Investments; StarVC Develops face recognition technology that can be applied to payment and picture analysis for bank card verification

12/13/2016 Socure Inc. 13.00 ff Venture Capital; Santander UK plc, Investment Arm; Two Sigma Ventures; Flint Capital Provides software-as-a-solution (SaaS)-based anti-fraud and compliance solutions

12/7/2016 Kenna 15.00 Peakspan Capital; Costanoa Ventures; Hyde Park Angels; OurCrowd; The R-Group LLC; USVP Developer of vulnerability management and workflow automation software

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 13 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 12/6/2016 Cyber Secdo Ltd. 10.00 RDC - Rafael Development Corporation Ltd. Develops cyber solutions that enable security operations teams to detect, investigate, and remediate advanced threats

11/8/2016 Indeni Limited 10.00 Sequoia Capital Israel; CIRTech Fund Provides network security monitoring and troubleshooting devices

11/17/2016 Prevalent 60.00 Insight Venture Partners Provider of risk management and cyber threat monitoring services

11/15/2016 Siemplify 10.00 83 North; G20 Ventures Provider of an online information security platform

11/1/2016 CounterTack, Inc. 10.00 Goldman Sachs Group, Merchant Banking Division; EDB Investments Pte. Ltd.; Siemens Venture Capital GmbH Provides real-time endpoint threat detection and response solutions

10/28/2016 RiskIQ, Inc. 30.45 Battery Ventures; Summit Partners LLP; Georgian Partners; MassMutual Ventures LLC Develops cloud-based security solutions that eliminate email threats and fraud

10/26/2016 Invincea, Inc. 10.00 New Atlantic Ventures; Comerica Bank; ORIX Growth Capital; Harbert Venture Partners, LLC; Dell Corporate Ventures Develops endpoint security software solutions.

10/21/2016 Nozomi Networks Inc. 7.50 Lux Capital Management; GGV Capital; Planven Investments SA Offers cybersecurity and operational visibility solutions for industrial control systems (ICS)

10/12/2016 tCell.io, Inc. 9.40 Allegis Capital; Menlo Ventures; SV Angel; A Capital; Webb Investment Network; CrunchFund Develops in-application instrumentation and cloud-based analytics solutions

10/11/2016 GigaMedia Access Corporation 20.00 Balance Point Capital Advisors, LLC Provides enterprise rights management software for content protection and authentication services

9/30/2016 Megvii Technology Inc. 20.00 Foxteq Holdings Inc. Operates a face detection, recognition, and analysis platform for Websites, mobile apps, and smart televisions

9/28/2016 Contrast Security, Inc. 16.00 General Catalyst Partners; Acero Capital Develops application security software that stops hackers from stealing data through Web applications

9/15/2016 BitSight Technologies, Inc. 40.00 Globespan Capital Partners; Menlo Ventures, Comcast Ventures; GGV Capital; Flybridge Capital Partners Offers data analytics and security software

8/25/2016 Asiasoft Security Limited 90.00 Beijing Teamsun Technology Co., Ltd. Develops and integrates dynamic password technology product solutions and provides related software services

8/24/2016 LeapYear Technologies 9.68 Not Disclosed Provides a security platform for data throughout its lifecycle

8/12/2016 SecureKey Technologies Inc. 20.57 Desjardins Business Capital régional et coopératif; Roynat Capital, Inc.; RBC Capital Partners; BMO Capital Partners Develops platform-as-a-service based hardware and software solutions for chip-based identity and payment technologies

8/8/2016 ThreatQuotient, Inc. 12.00 New Enterprise Associates; CIT GAP Funds; Blu Venture Investors, LLC Develops and operates a threat intelligence platform that enables organizations to manage threat intelligence

8/2/2016 Cyber X, Inc. 9.00 GlenRock Israel, Ltd.; Swarth Investments L.L.C.; ff Venture Capital; Glilot Capital Partners; Flint Capital Operates a platform for real-time security of the industrial Internet

7/27/2016 PhishMe, Inc. 42.50 Bessemer Venture Partners; Paladin Capital Group Provides phishing threat management solutions that empower employees to be a layer of human security sensors

7/26/2016 SafeBreach Inc. 15.00 Sequoia Capital Israel; Maverick Ventures; Hewlett Packard Ventures; Deutsche Telekom Capital Partners Management Develops a platform for users to protect their system and repair breaches from hackers

7/25/2016 StackPath, LLC 180.00 ABRY Partners, LLC Develops cyber security solutions

7/19/2016 GuardiCore Ltd. 20.00 Battery Ventures; 83 North; Cisco Investments Develops and delivers internal data center security and breach detection software

7/13/2016 Distil, Inc. 21.25 Bessemer Venture Partners; Foundry Group; TechStars, LLC; SVB Silicon Valley Bank, Investment Arm Provides public and private cloud security software that blocks malicious bots and automated computer programs

7/7/2016 PQ Solutions Limited 8.00 VMS Investment Group Limited; AM Partners Consulting Company LLC Provides data confidentiality, authenticity, and access control solutions

7/6/2016 Twistlock Inc. 10.00 YL Ventures GP Ltd.; Rally Ventures; Ten Eleven Ventures Provides docker container security solutions for DevOps with CI integration, API support, and a security framework

7/5/2016 Darktrace Limited 65.00 KKR & Co; Summit Partners LLP; SoftBank Capital; Softbank China & Indial SB ISAT Investment Fund Offers intelligence-led behavioral cyber defense solutions for cyber-attack vectors

6/30/2016 Bay Dynamics, Inc. 23.00 Comcast Ventures; Carrick Capital Partners, LLC Develops automated cyber security and risk solutions for enterprises

6/28/2016 RiskSense, Inc. 14.00 EPIC Ventures; CenturyLink, Inc. (NYSE:CTL); Paladin Capital Group; Sun Mountain Capital; Jump Capital Develops and provides a hosted Software-as-a-Service cyber security platform for organizations worldwide

6/22/2016 LightCyber Ltd. 20.00 Battery Ventures; Glilot Capital Partners; Amplify Partners; ClalTech Develops solutions for identifying and preventing cyber-attacks and advanced persistent threats (APT)

6/21/2016 Veriflow Systems, Inc. 8.18 Menlo Ventures; New Enterprise Associates Provides software-defined network breach and outage prevention solutions

6/20/2016 Tascent, Inc. 18.25 Not Disclosed Develops, delivers, and supports biometric and identity products

5/25/2016 Demisto, Inc. 6.00 Accel Partners Operates a security operations platform for security operations centers (SOCs)

5/24/2016 vArmour Networks, Inc. 41.00 Highland Capital Partners; Allegis Capital; Menlo Ventures; Redline Capital Management S.A; Provides software-defined security solutions for virtualized data centers for service provider, enterprise, and government

5/23/2016 Zimperium, Inc. 25.08 Warburg Pincus LLC; Sierra Ventures; Lazarus Management Company LLC; Telstra Ventures Pty Limited Develops Mobile Intrusion Prevention System

5/4/2016 DFLabs S.p.A 5.50 Evolution Equity Partners Develops and delivers an automated incident response technology to a portfolio of enterprise customers

5/3/2016 eyeSight Mobile Technologies Ltd. 20.00 KuangChi Science Limited, Investment Arm; Kuang-Chi GCI Fund & Incubator Develops machine vision and gesture recognition technology

4/27/2016 Cyber adAPT, Inc. 6.00 Granite Point Capital Management, L.P.; Fundamental Capital Management, LLC; Alvin Fund LLC Provides real-time network-based threat detection solutions

4/21/2016 Anomali, Inc. 30.00 Institutional Venture Partners; In-Q-Tel Inc.; General Catalyst Partners; Paladin Capital Group; In-Q-Tel; GV Develops a threat intelligence platform

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 14 Private Placements – Security (Cont’d)

($ in millions)

Transaction Announced Target/Issuer Value Investors Business Description [Target/Issuer] 4/20/2016 Bayshore Networks, Inc. 11.05 Trident Capital, Inc.; Yokogawa Electric Corporation (TSE:6841); Benhamou Global Ventures LLC; Samsung NEXT Develops cyber security software for the industrial Internet of things (IoT)

4/13/2016 CoreOS, Inc. 31.00 Accel Partners; Kleiner Perkins Caufield & Byers; Intel Capital; Y Combinator Management LLC; GV; Fuel Capital Develops open source projects for Linux Containers and provides Internet security software solutions

3/31/2016 Hangzhou Gubel Electronics 70.00 China Merchants Technology Holdings Co., Ltd.; Sinovation Ventures Develops and manufactures WiFi smart home solutions

3/29/2016 Bluefin Payment Systems 6.00 Camden Partners Holdings, LLC; Napier Park Financial Partners Fund I, L.P.; Napier Park Financial Partners Provides secure payment technology for independent software vendors, enterprises, financial institutions

3/24/2016 Bromium, Inc. 40.00 Silver Lake Provides technology to address the enterprise security problems and protect end users against malware

3/15/2016 Skyport Systems Inc. 30.00 Sutter Hill Ventures; Index Ventures; Intel Capital; Thomvest Ventures, Inc.; Northgate Capital Group, L.L.C. Develops enterprise security and hyper-secured infrastructure solutions for critical IT and corporate assets

2/29/2016 Endgame, Inc. 9.80 Accenture plc (NYSE:ACN) Provides security intelligence and analytics solutions for federal and commercial customers/enterprises

2/17/2016 Qihoo 360 Software Co., Ltd. 100.00 360 Capital; Shanghai Ziyou Investment Management Co., Ltd. Provides a mobile security software application

2/10/2016 Cynet 7.00 Lazarus Management Company LLC Designs and develops cyber-attack detection and remediation software

2/10/2016 Hexadite Ltd. 8.00 YL Ventures GP Ltd.; Ten Eleven Ventures; Hewlett Packard Ventures Develops a security orchestration and automation solution to investigate and resolve cyber incidents

2/3/2016 eSentire Inc. 14.00 Edison Partners; Information Venture Partners; Cisco Investments; Georgian Partners; Northleaf Capital Partners Provides managed security solutions to help guard the intellectual property and infrastructure of enterprises

2/3/2016 Skybox Security, Inc. 96.00 Providence Equity Partners LLC Provides cybersecurity management solutions for enterprises

1/26/2016 Fireglass 22.00 Norwest Venture Partners; Lightspeed Venture Partners; SingTel Innov8 Holdings Pte. Ltd. Develops and offers cyber security solutions

1/21/2016 Malwarebytes Corporation 50.00 Fidelity Management & Research Company Provides malware prevention and remediation solutions to consumers, and SMBs and enterprise businesses worldwide

1/19/2016 F.TRON Inc. 900.00 Innovation Network Corporation of Japan Develops cyber security software solutions

1/13/2016 Shape Security, Inc. 40.00 Kleiner Perkins Caufield & Byers; Norwest Venture Partners; Venrock; EPIC Ventures; EDB Investments Pte. Ltd. Develops and provides cyber security solutions to defend web and mobile applications from malicious automated attacks

1/13/2016 StorageCraft Technology Corporation 187.00 TA Associates Management, L.P. Develops and provides disk-based backup, disaster recovery, system migration, data protection, and security solutions

1/4/2016 TopSpin Security, Inc. 7.00 Not Disclosed Provides a malware detection technology

Source: Capital IQ, CrunchBase, Company Website, Company Filings, SEC Filings

PIPER JAFFRAY 15