TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

www.harriswilliams.com

Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business. TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

HARRIS WILLIAMS & CO. OVERVIEW

HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM CONTENTS . DEAL SPOTLIGHT . WHAT WE’RE READING KEY FACTS . NOTEWORTHY SOFTWARE TRANSACTIONS . 24 year history with over 170 . SOFTWARE M&A ACTIVITY closed transactions in the . SOFTWARE SECTOR OVERVIEWS past 3 years . SOFTWARE PRIVATE PLACEMENTS OVERVIEW . Approximately 230 . SOFTWARE PUBLIC COMPARABLES professionals across eight OVERVIEW offices in the U.S. and Europe . TECHNOLOGY IPO OVERVIEW . MIDDLE MARKET DEBT OVERVIEW . Strategic relationships in India and China STRATEGIC RELATIONSHIPS TMT CONTACTS

. 10 industry groups HW&Co. OFFICE UNITED STATES Jeff Bistrong Managing Director [email protected] HW&CO. TECHNOLOGY, MEDIA & TELECOM (TMT) GROUP INDUSTRY SECTORS Mike Wilkins Managing Director SOFTWARE / SAAS INTERNET & DIGITAL MEDIA [email protected]

. Application Software . Infrastructure Software . AdTech and Marketing . Consumer Internet EUROPE . Data and Analytics . Telecom and Data Center Solutions . eCommerce Thierry Monjauze . IT and Tech-Enabled Solutions . Digital Media, Content and . Mobile Managing Director Services Gaming [email protected]

TMT VERTICAL FOCUS AREAS TO SUBSCRIBE PLEASE EMAIL [email protected] . Accounting and Legal . Energy . Healthcare . Education . Finance and Retail . Public Sector

SELECT 2014 HW&CO. TMT TRANSACTIONS

has received a minority has received a majority has received a has been acquired by has been acquired by has merged with has become a wholly Investment from Investment from has been acquired by has been acquired by has been acquired by has been acquired by significant investment has merged with owned subsidiary of from

www.harriswilliams.com PAGE | 1 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

DEAL SPOTLIGHT – LOGIBEC HW&Co. advised Logibec, the leading provider of clinical and administrative IT solutions for the Canadian Healthcare System, on its sale to GI Partners.

. HW&Co. worked closely with Logibec’s management team to educate potential acquirers on similarities and difference between US and Canadian healthcare systems.

. GI Partners has extensive IT infrastructure and healthcare services expertise a portfolio company of that it will bring to bear as Logibec enhances its healthcare IT solutions.

. Logibec expects to pursue key strategic initiative including the introduction of new solutions, geographic expansion, and execution of add-on acquisitions. has been acquired by . HW&Co. has advised on 14 recent HCIT transactions, all of which have been consummated with a strategic acquirer; Logibec will be HW&Co.’s first HCIT M&A transaction sold to a financial investor.

ABOUT LOGIBEC

FOR MORE INFORMATION, . Dedicated entirely to the health and social services sectors, Logibec was founded in 1982 and is headquartered in Montreal. PLEASE CONTACT:

Jeff Bistrong, Managing Director . Logibec is one of Canada's largest healthcare IT companies, with a comprehensive [email protected] and robust suite of clinical and administrative information systems. Sam Hendler, Director [email protected] . Proven track record of acquiring and integrating tuck-in acquisitions to expand its geographic reach across Canada and enhance its software solution suite.

PAGE | 2 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

WHAT WE’RE READING

TechCrunch| 12/25/14 . Spurred by the recent success of vertical software companies such as Veeva, Opower, and Guidewire, TechCrunch estimates THE ENTERPRISE IN 2015 there will be greater investment activity in vertical cloud applications than in horizontal applications in 2015. . Furthermore, TechCrunch is predicting stronger M&A activity from large diversified software companies as nascent industries begin to consolidate throughout the year. Read the full article here.

Fortune | 12/22/14 WHY MONEY IS POURING . Traditionally, before software began “eating the world,” the business of relational databases was largely dominated by Oracle. INTO ENTERPRISE STORAGE . Today, the industry is ripe for change as data storage has become cheaper, consumers are accessing larger data remotely STARTUPS and more frequently, and storage providers have shifted towards the software-defined storage model. . As a result, investment in enterprise storage startups has totaled approximately $1 billion (reported) annually over the last three years. Read the full article here.

Business Insider | 12/18/14 BILLIONS OF DOLLARS ARE SET . According to Business Insider, seven tech trends are expected to drive significant investment activity over the next twelve TO FLOW INTO THESE 7 AREAS months. OF TECH IN 2015 . Specifically, Business Insider cites the maturation of big data, the emerging threat of cyber attacks, and the evolving popularity of online marketplaces and the “share” economy as key factors that will impact investment allocation in 2015. Read the full report here.

Fortune | 11/19/14 DIGITAL HEALTHCARE . In 2014, investors poured capital into healthcare IT companies as the system grapples with seemingly unjustifiable increases in INVESTMENTS ARE SOARING healthcare costs and an ever-changing regulatory environment. AGAIN. HERE'S WHY . By 2H 2014, investment in healthcare IT companies reached $2.3 billion, surpassing the previous year’s total, according to Rock Health, a startup incubator. Read the full article here.

Channelnomics | 11/18/14 . According to a report from EY, aggregate deal volume reached a new post-bubble high of $73.7 billion from July to September DOTCOM DAYS ARE HERE 2014, up 41% from the previous quarter and 4% year-over-year. AGAIN . Increased confidence in the global economy coupled with emerging cloud/SaaS applications and smart mobility are driving deals. . Forecasted growth in tech M&A is equally favorable as investors look towards 2015 to continue momentum in the sector. Read the full article here.

TechCrunch | 11/11/14 THE RISE OF THE SENSORNET: . Gartner estimates a 30% increase in the number of connected objects in use, which is largely being driven by widespread and 4.9BN CONNECTED THINGS IN increasing use of sensor-connected devices proliferating the Internet of Things. 2015, SAYS GARTNER . Sectors privy to the highest growth rates of connected devices include the automotive, consumer, and business sectors, resulting in a combined 25 billion devices forecasted by 2020. Read the full report here.

PAGE | 3 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

OTHER NOTEWORTHY SOFTWARE TRANSACTIONS – 4Q 2014

Announced 12/15/14 Thoma Bravo’s pending take-private of Riverbed Technology . Riverbed is a leading provider of application performance infrastructure solutions that optimize and control the hybrid enterprise. . Riverbed provides world-class solutions to more than 25,000 customers worldwide, including 97 percent of the Fortune 100 and Forbes Global 100. Ent. Value: $3.47B EV / Revenue: 3.2x Revenue: $1.09B EV / EBITDA: 18.7x . Riverbed represents the largest acquisition in Thoma’s 20+ year history and marks the firm’s second multi-billion dollar take- private acquisition in just three months, following the acquisition of Compuware in September for $2.4 billion.

Announced 11/25/14 Vista Equity Partners’ pending take-private of Advanced Computer Software Group . British software maker, Advanced Computer Software provides patient management software to health care providers, back- office systems for businesses and outsourced information technology services. . Under Vista’s ownership, ACS plans to pursue acquisitions more aggressively after struggling over the past year to beat out well- armed private equity investors or lure would-be targets away from appealing opportunities in the equity markets. Ent. Value: $1.14B EV / Revenue: 3.3x . The transaction marks the second take-private for Vista in 2014, following the firm’s blockbuster acquisition of TIBCO, which Revenue: $333.3M EV / EBITDA: 23.6x closed in December.

Closed 11/3/14 Aetna’s acquisition of bswift . bswift offers software and services that streamline benefits, human resources, and payroll administration for employers and exchanges nationwide. . As a combined entity, Aetna and bswift will contribute to more affordable health care by offering consumers more choice, education, and ease of use in order to make value-based decisions. Ent. Value: $400M EV / Revenue: NA . The acquisition has important implications for the health industry as more insurers turn their focus on private Revenue: NA EV / EBITDA: NA exchanges.

Announced 10/30/14 Permira’ pending acquisition of Metalogix Software . Metalogix develops management software tools for mission-critical collaboration platforms, including SharePoint, Exchange, and Office 365. . Permira plans to scale Metalogix’s organic growth and pursue M&A opportunities within the rapidly increasing collaboration services software market, which is expected to reach $67 billion by 2018 according to Forrester Research. Ent. Value: NA EV / Revenue: NA . The Metalogix acquisition furthers Permira’s stated technology strategy of investing in software companies in secular growth Revenue: NA EV / EBITDA: NA markets.

Announced 10/9/14 Apax Partners’ pending take-private of Exact Holding . Exact Holding provides cloud-based business software for SMBs in the Netherlands and other Nordic regions in Europe. . Apax Partners’ considerable international software expertise will enable Exact to accelerate and expand its international growth strategy in cloud and scale up its portfolio of cloud-based business software. . This acquisition marks yet another private equity takeover in the rapidly consolidating Dutch enterprise software market, Ent. Value: $860.5M EV / Revenue: 3.2x following the acquisition of cloud-software maker Unit4 by Advent International in March of 2014. Revenue: $268.5M EV / EBITDA: 16.2

PAGE | 4 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SOFTWARE ACQUISITION ACTIVITY – STRATEGIC ACQUIRERS

MOST ACTIVE STRATEGIC ACQUIRERS OF SOFTWARE ASSETS BY VOLUME 1, 2

. Google, Oracle, and Microsoft led 2014 the way in 2014 completing a 2013 combined 43 acquisitions. 7 2012 . Google made three notable 23 2011 acquisitions in 2014 to bolster its 9 10 cloud platform – Firebase, a 2010 5 backend app developer service, 8 5 12 6 4 Stackdriver, a monitoring service, 4 1 9 3 and Zync, a visual effects rendering 7 7 2 5 10 9 10 software company. 5 5 8 7 5 8 5 3 5 5 . In 2014, Oracle focused on 8 8 13 7 7 expanding its vertical footprint, 10 5 9 5 4 4 5 1 specifically in retail with the MICROS 3 1 3 2 3 3 acquisition, and enhancing its BI capabilities through the Blue Kai and DataLogix acquisitions.

GLOBAL STRATEGIC ACQUIRER SOFTWARE M&A ACTIVITY BY VOLUME 2

. Overall, strategic software M&A activity in 2014 was slightly up compared to 2013, despite a slight decrease in activity in 4Q. . Traditional software bellwethers continue to consolidate niche markets as they look to fill product 408 gaps and maintain a competitive 377 375 364 372 371 354 361 357 343 343 advantage against nimbler, more 330 310 325 316 318 disruptive innovators. 290

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

(1) This analysis compiles software M&A transactions for the most active strategic acquirers from 2010 to 2014. (2) Non-control, private placement transactions were excluded from this analysis. Source: Capital IQ and HW&Co. research. PAGE | 5 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SOFTWARE ACQUISITION ACTIVITY – PRIVATE EQUITY

NEW PLATFORM PRIVATE EQUITY SOFTWARE ACQUISITION VOLUME 1, 2

. In 2014, Vista Equity, Thoma Bravo, and Accel-KKR were the most 2014 active investors in new software 2013 platforms, completing a combined 10 22 new platform acquisitions. 2012 2011 . SaaS-based, niche market leaders 6 across multiple verticals (e.g., 7 2010 healthcare, consumer, finance) 3 remain among the most sought 4 3 2 after acquisition targets for private 6 2 6 5 5 4 9 4 3 6 1 equity investors. 2 2 1 2 3 4 2 2 3 2 2 5 2 3 1 3 3 3 1 1 2 2 2 1

GLOBAL NEW PLATFORM PRIVATE EQUITY SOFTWARE ACQUISITION VOLUME 2

. At 42 completed new software platform transactions, activity in 4Q 2014 was consistent with average levels seen over the last few years.

60

47 49 48 49 43 42 43 42 37 38 39 40 37 38 33 32

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

(1) This analysis compiles new platform transactions for the most active financial buyers from 2010 to 2014. (2) Non-control, private placement transactions were excluded from this analysis. Source: Capital IQ and HW&Co. research. PAGE | 6 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

APPLICATION SOFTWARE – M&A MARKET SUMMARY

APPLICATION SOFTWARE M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

. After a 2014 peak in 2Q, Application Software M&A 2.7x activity registered a second 296 288 2.5x 285 282 quarter of modest decline in 275 2.4x 2.4x 267 271 268 266 270 2.3x 260 4Q 2014. 256 252 245 246 247 2.1x 2.0x 231 2.0x . In 2014, median revenue 1.9x 1.8x multiples for publicly disclosed 1.7x Application Software 1.7x 1.6x transactions continued an 1.4x 1.5x 1.3x upward trend in a highly 1.2x competitive M&A environment.

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

NOTABLE APPLICATION SOFTWARE M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . Both strategics and private Pending Vista Equity Partners Advanced Computer Software Group Healthcare and business software solutions. $1,114 3.3x equity investors continue to Pending Centerbridge Partners, L.P. IPC Systems, Inc. Trading communication systems for the financial services industry. $1,200 NA exhibit a strong appetite for Pending Nordic Capital VIZRT Ltd. Real-time 3D graphics, studio automation, sports analysis, and asset management tools. $318 2.3x Application Software, notably Pending HgCapital Allocate Software plc. Workforce optimization and compliance software application services. $145 2.3x Pending Apax Partners LLP Exact Holding NV Cloud-based business software solutions for SMBs. $860 3.2x for vertically-focused Pending 3D Systems Corporation Cimatron Ltd. Computer-aided design software products $76 1.6x companies. Pending GI Partners, LLC Logibec Inc. Clinical and administrative information systemsfor the healthcare industry. $342 CONFIDENTIAL5.5x In 4Q 2014 alone, there were 12/22/14 AMN Healthcare Services Inc. Avantas, LLC Labor management solutions and services to the healthcare industry. $25 NA . 12/15/14 Servelec Group plc Corelogic Limited Integrated social care, health, and education case management software. $37 2.4x five notable transactions in the 12/08/14 Emdeon Inc. Change Healthcare Corporation Healthcare cost transparency and consumer engagement solutions. $185 NA healthcare IT sector – Vista- 12/01/14 P2 Energy Solutions Merrick Systems, Inc. IT services, software, and hardware for oil and gas companies. NA NA ACS, AMN-Avantas, GI- 11/30/14 SS&C Technologies Holdings, Inc. DST Global Solutions Limited Financial technology solutions to finance and utilities organizations. $95 1.4x Logibec, Emdeon-Change 11/24/14 Speed Commerce, Inc. Fifth Gear, LLC Order management and warehouse management solutions. $75 1.5x Healthcare, and Cognizant- 11/20/14 Insight Venture Partners TriTech Software Systems Inc. Enterprise-wide cloud-based and on-premise public safety solutions. NA NA TriZetto. 11/20/14 Cognizant Technology Solutions TriZetto Corporation IT and service solutions for the healthcare industry. $2,700 NA 10/31/14 Nemetschek AG Bluebeam Software, Inc. PDF solutions for digitizing project communications. $100 4.5x 10/22/14 Cision AB Gorkana Group Limited Media intelligence and insight services. $323 NA

MEDIAN $185 2.4x

Source: Capital IQ and HW&Co. proprietary information. PAGE | 7 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SAAS – M&A MARKET SUMMARY

SAAS M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

. SaaS M&A activity experienced a moderate 8.8x decline in 4Q 2014 after 59 reaching peak levels in 2Q 55 55 2014. 52 49 50 47 6.7x 45 46 . SaaS M&A multiples continue 43 6.1x to fall within a broad range, 42 6.0x 6.0x 38 39 38 38 with marquee companies 34 35 5.0x 5.0x such as Trulia, Concur, and 4.5x OpenTable registering high 4.0x 3.3x 3.4x 3.3x double-digit revenue multiples 3.1x in 2H 2014. 2.7x 2.8x 2.4x

1.0x

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

NOTABLE SAAS M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . Private equity is driving a Pending salesforce.com, inc. RelateIQ, Inc. Online relationship management platform. $391 NA substantial portion of SaaS Pending Zillow, Inc. Trulia, Inc. Software tools to research homes and neighborhoods. $3,091 14.8x M&A activity. Pending Sierra Wireless Inc. Wireless Maingate AB M2M communication solutions for connecting assets, devices, or machines. $90 NA Pending Dealertrack Technologies, Inc. Incadea Plc Enterprise software solutions and services to the automotive retail and wholesale markets. $202 3.7x . As the Internet of Things Pending EnerNOC, Inc. World Energy Solutions, Inc. SaaS-based energy management solutions. $77 2.0x market evolves, machine-2- 12/15/14 KORE Wireless Group Inc. (ABRY) RACO Wireless, LLC M2M wireless data solutions and services. NA NA machine (M2M) technologies 12/04/14 SAP America, Inc. Concur Technologies, Inc. Integrated travel and expense management solutions. $7,652 11.5x 11/30/14 Bertelsmann SE & Co. Relias Learning, LLC E-learning services on clinical, recovery, and compliance topics. $540 NA are becoming increasingly 11/25/14 Aetna Inc. bswift, LLC Online benefits, HR, and payroll administration solutions. $400 NA attractive acquisition targets 11/18/14 Cox Automotive, Inc. Xtime Inc. Hosted Web scheduling and CRM solutions. $325 NA as evidenced by three 2H 10/31/14 Omnitracs, LLC XRS Corporation Compliance and fleet management solutions. $178 3.3x 2014 transactions in the sector 10/16/14 Sage Software, Inc. PAI Group, Inc. Payroll, HR, tax filing, and time and attendance keeping software and services. $158 4.1x – Sierra-Wireless Maingate, 10/01/14 Blackbaud Inc. MicroEdge, LLC Grants management and employee engagement software solutions. $160 CONFIDENTIAL4.5x KORE-RACO, and PTC-Axeda. 09/09/14 Dassault Systèmes BV Quintiq Holding B.V. Supply chain planning and optimization software platform. $337 3.3x 08/11/14 PTC Inc. Axeda Corporation Cloud-based service and software for managing connected products and machines. $170 NA 07/24/14 The Priceline Group Inc. OpenTable, Inc. Restaurant reservation mobile solutions. $2,496 12.6x 06/30/14 Insight Venture Partners iParadigms, LLC Cloud-based educational technologies. $752 NA

MEDIAN $331 4.1x

Source: Capital IQ and HW&Co. proprietary information. PAGE | 8 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

DATA AND ANALYTICS – M&A MARKET SUMMARY

DATA AND ANALYTICS M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

. Data and Analytics M&A activity demonstrated strong 3.3x 91 90

momentum throughout 2014, 3.0x with 4Q reaching its highest 82 76 77 2.7x 2.7x 74 quarterly total since 1Q 2011. 72 73 73 72 70 71 68 2.3x . In 2014, Data and Analytics 63 63 64 64 transaction multiples heated

up as demand continued to 1.8x strengthen for solutions that 1.6x 1.6x enable businesses to optimize 1.4x 1.4x 1.3x their operations and customer 1.2x 1.1x 1.0x experience through data and 0.9x 0.9x predictive analytics. 0.7x

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

NOTABLE DATA AND ANALYTICS M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . The 2H of 2014 highlights strong Pending Oracle Corporation Collective Intellect, Inc. Web-based, automated, real-time text mining and analytics software. NA NA interest in vertically-focused Pending The Carlyle Group Dealogic (Holdings) plc Technology, content, and support for investment banks. $503 3.6x Data and Analytics assets as Pending First Derivatives plc Kx Systems, Inc. Database platform for processing real-time and historical data. $124 9.4x evidenced by Carlyle’s Pending Open Text Corporation Actuate Corporation Enterprise reporting software for business intelligence, performance manaegment, and reporting.$249 2.3x Pending Aval Data Corporation Fixstars Corporation Application Development Tools For Big Data Analysis. $177 7.0x acquisition of Dealogic Pending Engility Holdings, Inc. TASC, Inc. Big-data cybersecurity and counterintelligence solutions. $1,100 0.8x (banking), Symphony’s Pending Oracle Corporation DataLogix Holdings, Inc. Purchase-based audiences models targeting to drive online and offline sales. NA NA acquisition of Dodge Data 12/05/14 Vista Equity Partners TIBCO Software Inc. Data integration and business intelligence software. $4,159 3.9x (construction), and Vista’s 11/20/14 Solera Holdings Inc. CAP Automotive Limited Vehicle values and technical data for the automotive sector. $464 10.1x acquisition of AGDATA 11/18/14 MedeAnalytics, Inc. ONFocus Healthcare, Inc. Enterprise performance management software and support services. NA NA (agriculture). 11/10/14 HGGC, LLC Survey Sampling International, LLC Sampling, data collection, and data analytic solutions. NA CONFIDENTIALNA 11/03/14 Symphony Technology Group Dodge Data & Analytics LLC Data analytics and intelligence solutions for commercial construction industry. $320 1.9x 11/03/14 Cornerstone OnDemand, Inc. Evolv, Inc. Cloud computing, workforce optimization solutions through big data. $45 NA 10/31/14 Qlik Technologies, Inc. DataMarket ehf. Marketplace for structured data and statistics. $14 NA 09/03/14 Teradata Corporation Think Big Analytics, Inc. Big data and advanced analytics consulting services. NA NA 07/21/14 Vista Equity Partners AGDATA LP Agricultural and animal health data and analytical solutions. NA NA 07/01/14 Acxiom Corporation LiveRamp, Inc. Data onboarding platform. $332 12.9x

MEDIAN $320 3.9x

Source: Capital IQ and HW&Co. proprietary information. PAGE | 9 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

INFRASTRUCTURE SOFTWARE – M&A MARKET SUMMARY

INFRASTRUCTURE SOFTWARE M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED)

. 4Q 2014 Infrastructure Software M&A volume was slightly below recent quarterly 80 averages. 4.8x 4.8x 69 69 67 . The median M&A revenue 64 60 61 4.0x multiple of 3.0x in 4Q 2014 was 58 55 56 55 56 in line with high profile take- 52 49 48 48 privates of Riverbed and 3.1x 3.0x 2.9x 3.0x Compuware. 2.8x 38 2.5x 2.3x 2.3x

1.8x 1.8x

1.3x 1.3x 1.3x

0.6x

4Q '10 1Q '11 2Q '11 3Q '11 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14

NOTABLE INFRASTRUCTURE SOFTWARE M&A TRANSACTIONS

DATE ENTERPRISE REVENUE CLOSED ACQUIRER TARGET DESCRIPTION VALUE (MM) MULTIPLE . Strategic Infrastructure Pending Thoma Bravo; Ontario Teacher's Riverbed Technologies Application performance infrastructure solutions. $3,866 3.2x Software consolidators such as Pending Marlin Equity Partners, LLC CA Technologies (Arcserve Business) Backup and recovery software solutions. NA NA EMC, Citrix, Red Hat, and Pending Gemalto NV SafeNet, Inc. Data protection and software monetization solutions. $890 NA VMware were active Pending Digital Turbine, Inc. Appia, Inc. Mobile performance solutions for developers, publishers, and advertisers. $75 2.5x Pending j2 Global, Inc. Carbonite, Inc. Online backup services to mainstream computer users. $333 2.8x throughout 2014. Pending Belden Inc. Tripwire, Inc. Configuration audit and control management software. $710 NA . Private equity investors, Pending Red Hat, Inc. FeedHenry Ltd. Cloud-based mobile application platform for enterprise application development. $82 NA specifically, Thoma Bravo, 12/22/14 Atea ASA Axcess A/S Network solutions to Danish enterprises. $53 0.5x 12/18/14 Permira Advisers Ltd. Metalogix Software US, Inc. Management tools for SharePoint, Exchange, and Office 365. NA NA Marlin Equity, and Veritas 12/15/14 Thoma Bravo, LLC Compuware Corporation Software solutions and application practices for information technology organizations. $2,091 2.9x Capital, continue to 12/02/14 Progress Software Corporation Telerik AD User interface tools and cloud services for the application development lifecycle. $263 4.4x demonstrate strong interest in 11/20/14 Micro Focus International plc The Attachmate Group, Inc. Enterprise software solutions to manage and secure complex IT environments. $2,302 2.5x the Infrastructure Software 10/28/14 EMC Corporation Maginatics, Inc. Software-only solutions for enterprise storage applications. NA NA sector. 10/03/14 Anite plc Xceed Technologies, Inc. Wireless network optimization solutions. $35 3.0x 10/01/14 Veritas Capital BeyondTrust Software, Inc. Privileged account management and vulnerability management software. $310 NA 08/15/14 VMware, Inc. CloudVolumes, Inc. Application and workload management within the cloud and datacenter. NA NA 05/28/14 Automic Software GmbH ORSYP S.A.S. IT operations management solutions. $95 CONFIDENTIAL1.8x

MEDIAN $310 2.8x

Source: Capital IQ and HW&Co. proprietary information. PAGE | 10 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

PRIVATE PLACEMENT ACTIVITY BY SOFTWARE SECTOR

PRIVATE PLACEMENTS BY SOFTWARE SECTOR AND NEW CAPITAL RAISED

960 1000 948 945 $10,000 . Despite lower volume in 913 929 924 905 4Q 2104, total new capital 900 $9,000 807 804 raised by software 752 749 800 729 720 $8,000 companies continued its 693 710 upward trend and 700 654 641 $7,000 reached its highest level 600 $6,000 since 2Q 2011 with $9.3 billion of reported capital 500 $5,000 invested. Volume 400 $4,000 300 $3,000 $ in Thousands 200 $2,000 100 $1,000 0 $0 4Q-10 1Q-11 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14

Application Software SaaS Data & Analytics Infrastructure Software Total New Capital (Reported)

PRIVATE PLACEMENT CAPITAL RAISED BY ROUND (AS PERCENTAGE OF TOTAL REPORTED PRIVATE PLACEMENT CAPITAL)

. In 4Q 2014, approximately 16% 14% 47% of all reported private 22% 21% 23% 25% 25% 21% 24% 25% 22% 29% 27% 26% 26% 31% placement capital was 34% deployed in Series B 11% 24% 21% 23% 13% 15% 14% 21% rounds, representing the 24% 18% 18% 41% 15% 24% highest percentage of 27% 16% Series B capital invested in 23% 28% 23% 22% the last 16 quarters. 23% 30% 27% 29% 28% 28% 31% 34% 28% 47% 20% 30% . This increase suggests a 20% 17% number of early stage investments have 36% 34% 33% 28% 25% reached levels requiring 26% 24% 27% 22% 22% 19% 22% 20% 21% 19% 17% new capital for continued 12% growth. 2% 3% 3% 2% 3% 6% 4% 4% 6% 4% 5% 6% 6% 4% 3% 3% 3% 4Q-10 1Q-11 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14

Seed Series A Series B Series C Series D / or later

Source: Capital IQ and PitchBook. PAGE | 11 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SELECT RECENT SOFTWARE PRIVATE PLACEMENTS

TOTAL ROUND DATE COMPANY SECTOR ROUND RAISED INVESTORS (CURRENT ROUND) DESCRIPTION SIZE ($M) ($M)

12/11/2014 Infrastructure D $51 $89 Zouk Capital, Matrix Partners, Hermes GPE, Eden Ventures, Prov ides cloud collaboration and content Software JAFCO Ventures, DAG Ventures management solutions for enterprises and gov ernment agencies internationally.

12/11/2014 Data and B $25 $35 Redpoint Ventures Offers cloud-based, data-powered business Analytics applications.

12/8/2014 Infrastructure B $36 $49 Khoasla Ventures, Andreessen Horowitz, Fuel Capital, SV Angel Prov ider of an application programming interface for Software building distributed systems.

12/2/2014 Data and Late $35 $145 Sapphire Ventures, Industry Ventures, Vista Equity Partners, Union Prov ides email intelligence solutions that to maximize Analytics Stage Square Ventures, Foundry Group, Costanoa inbox placement and impact, and protect their users and brands.

11/26/2014 Infrastructure C $50 $92 Accel Partners, Charles Riv er Ventures, General Catalyst Prov ider of software that extracts useful information from Software Partners, Andreessen Horowitz stored data sets.

11/24/2014 SaaS Late $28 $142 Sunpower Corporation Prov ider of cloud-based energy serv ices management Stage solutions.

11/23/2014 Data C $104 $104 Access BridgeGap Ventures, Horizons Ventures, Tata Dev elops a data-analysis technology to distribute Analytics Communications artificial intelligence software platform to graphics and computer processors worldwide.

11/19/2014 Application B $15 $45 Heritage Group, Foundation Medical Partners, North Bridge Prov ider of clinical integration and data management Software Growth Equity, GE Ventures solutions to the healthcare industry.

11/12/2014 Infrastructure Late $25 $75 Centerv iew Capital, Adv anced Technology Ventures, Trident Prov ides cloud-based financial applications for Software Stage Capital, Inc., StarVest Partners, Next World Capital planning, consolidation, reporting, and analytics in v arious industries worldwide.

11/10/2014 Application Late $57 $71 Spectrum Equity Inv estors, Accel Partners Prov ides a cloud-based presentation tool for Software Stage v isualization and storytelling.

11/6/2014 Application Late $19 $26 LLR Partners Prov ides project and life cycle management software Software Stage tools.

10/16/2014 Application Late $24 $38 Priv ate Inv estor Prov ides a unified digital banking solution for retail and Software Stage business users.

Note: Total raised represents the total reported amount raised to date. Source: Capital IQ and PitchBook. PAGE | 12 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

PUBLIC SOFTWARE VALUATION MULTIPLES BY SECTOR

STOCK PERFORMANCE (1- & 3-YEAR) REVENUE MULTIPLE ANALYSIS 4Q 2013 VS. 4Q 2014

Bellwethers 18.3% 10.7x 10.7x 4Q '13 4Q '14 53.8%

0.1% 8.9x Communication (9.6%) 8.4x 8.3x 7.7x 8.5% 6.8x Enterprise 50.7% 6.4x 6.0x 6.2x 5.9x 5.7x 5.3x (4.3%) 4.8x HCM 93.0% 4.5x 4.3x 4.0x 4.3x 4.0x 4.1x 3.7x 3.7x 3.9x3.6x 3.1x 3.2x 3.3x3.5x 7.5% 2.8x2.9x Marketing 133.8% 2.4x 2.1x 1.4x 3.6% 61.7% PLM and Design

(16.2%) SCE 101.8%

(32.8%) Energy (8.0%) 2.3%

68.3% Financial EBITDA MULTIPLE ANALYSIS 4Q 2013 VS. 4Q 2014 (6.9%)

65.0% HCIT

7.2% 77.5x 75.5x 4Q '13 4Q '14 56.2% 73.9x 73.9x Public Sector 66.5x (1.9%) 151.5% 61.5x Large-Cap SaaS

(11.7%) Small-Cap SaaS 93.0%

5.5% 36.1x Data and 45.6% Analytics 24.9x 27.3x 23.4x 23.4x 24.8x 22.5x 22.7x 20.8x 9.5% 20.1x 18.5x 17.6x 17.6x 17.3x 16.9x 27.0% 14.5x 15.4x 15.7x 15.2x 17.7x Data Storage 13.9x 12.4x 13.6x 9.6x 10.4x 11.0x 8.9x 8.2x 5.8% IT Security 41.3% 13.5%

Network Management 1 Yr Stock Performance 3 Yr Stock Performance

Note: Large-Cap SaaS companies have market capitalizations greater than $2.0bn, while Small-Cap SaaS companies have market capitalizations less than $2.0bn. Source: Capital IQ. PAGE | 13 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

KEY METRICS BY SECTOR – PUBLIC SOFTWARE COMPANIES

MEDIAN NTM CORRELATION WITH MEDIAN NTM CORRELATION WITH MEDIAN LTM CORRELATION WITH MEDIAN EV / LTM REVENUE MULTIPLE REVENUE GROWTH EV/R MULTIPLE EBITDA GROWTH EV/R MULTIPLE EBITDA MARGIN EV/R MULTIPLE

Large-Cap SaaS 8.3x 22% 79% 24% 76% ─ ─

HCM 8.4x 26% 92% 41% 71% ─ ─

Marketing 6.8x 21% 84% 15% 3% 7% ─

IT Security 6.4x 15% 88% 7% ─ 6% ─

Small-Cap SaaS 6.2x 23% 92% 16% 12% ─ ─

Financial 4.8x 9% 50% 10% 43% 2% 63%

SCE 4.5x 11% 45% 16% 10% ─ 57%

Enterprise 4.1x 7% 20% 6% 63% 9% ─

Public Sector 4.0x 9% 93% ` 8% 96% 7% 59%

Network Mgmt 3.7x 13% 73% 14% ─ 14% 24%

HCIT 3.7x 16% 77% 20% 42% ─ 21%

Data and Analytics 3.6x 11% 95% 27% ─ 6% ─

PLM and Design 3.5x 7% 38% 10% 41% 4% 75%

Communication 3.2x 14% 83% 9% 13% 0% ─

Software Bellwethers 3.1x 4% 66% 4% 44% 18% 81%

Data Storage 2.9x 7% 89% 4% ─ 10% ─

Energy 1.4x 11% 34% 18% 27% ─ ─

Note: Large-Cap SaaS companies have market capitalizations greater than $2.0bn, while Small-Cap SaaS companies have market capitalizations less than $2.0bn. NTM revenue and EBITDA consensus estimates are as of December 31, 2014. Source: Capital IQ. PAGE | 14 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SUMMARY OF TECHNOLOGY IPOS

RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE)

. 2014 was a solid year for U.S. based $0 - 50M $50 - 100M $100 - 250M $250M + technology IPOs, despite a slowdown in the second half of the year. 18 18 . In total, 47 tech companies went public on 16 U.S. exchanges in 2014.

13 13 . In 2014, over 40% of technology IPOs 12 garnered valuations greater than $1 billion 11 11 11 at trade date. 9 9 9 8 . 43% of technology IPOs experienced LTM 7 7 revenue growth greater than 75% pre-IPO. 6 5

4Q-10 1Q-11 2Q-11 3Q-11 4Q-11 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14

OFFERING SIZE AT IPO MARKET CAP AT IPO REVENUE GROWTH (1YR PRIOR TO IPO)

$0 - 50M $50 - 100M $100 - 250M $250M + $0-50M $50-500M $500M-$1B $1B+ < 25% 25 - 75% > 75%

13% 13% 9% 20%

43% 43% 30% 30%

45% 36% 19%

Note: Analysis includes all technology IPOs on U.S. exchanges. Pie Charts are calculated based on 2014 IPOs. Source: Capital IQ. PAGE | 15 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

KEY PERFORMANCE METRICS FOR RECENT SOFTWARE IPOS

350.0% 302.3%

300.0% 200.7% 1 250.0% 212.3% 186.5% 175.8% 164.0% 164.6% 200.0% 151.0%

Growth 117.7% 101.7% 150.0% 100.5% 64.2% 100.0% 41.2% 24.7% 21.1% % % Revenue 50.0%

0.0%

(50.0%) 250.0% 222.1% 222.1% 200.0% 170.8% 93.5% 94.8% 170.8% 150.0% 75.3%

100.0% 68.8% 62.2%62.2% 68.8% 33.9% 56.2%56.2% 51.5%51.5%

2 50.0% 20.1% 21.5% 34.4%34.4% 11.9% 10.7%10.7% 12.6%12.6% 4.5% 0.0% (4.3%) (9.4%) (4.3%) (12.8%) (13.3%) (16.0%) (13.3%) (20.3%) (26.9%)(26.9%) (21.4%)(21.4%) (25.1%)(25.1%) (20.3%) (50.0%) (27.6%) (26.3%) (29.4%)

(44.7%)

(100.0%) Stock Stock Performance

(150.0%)

(200.0%)

Circle Size Denotes Revenue ($) (250.0%)

TRADE DATE 3/13/14 3/20/14 4/3/14 5/14/14 6/11/14 6/25/14 7/17/14 7/18/14 7/31/14 10/8/14 11/5/14 12/11/14 12/11/14 12/11/14 12/11/14

OFFER PRICE $16.0 $13.0 $19.0 $9.0 $9.0 $15.0 $10.0 $7.0 $25.0 $25.0 $12.0 $16.0 $23.0 $8.0 $14.0

OFFERING SIZE ($M) $177.6 $96.1 $115.9 $100.0 $100.0 $77.5 $58.5 $71.9 $889.7 $125.0 $46.2 $100.0 $115.0 $53.1 $100.8

OFFER TO CURRENT (26.9%) (21.4%) (25.1%) 170.8% 10.7% (13.3%) 56.2% 222.1% 62.2% 34.4% (20.3%) 68.8% 51.5% 12.6% (4.3%)

Source: Capital IQ. (1) Revenue growth based on LTM prior to IPO Date. Offering size and revenue at IPO are shown in millions. (2) Represents the percentage change in stock price from IPO date to December 31, 2014. PAGE | 16 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

MIDDLE MARKET DEBT / LBO MARKET OVERVIEW

MIDDLE MARKET LBO LOAN MULTIPLES 1 MIDDLE MARKET LOAN VOLUME 1

FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA . Debt markets continued to Institutional Pro Rata strengthen during 2014, with 5.6x $189B lenders actively seeking high quality software credits. 4.9x 4.8x 4.8x 4.9x $169B 4.7x 4.7x $164B 4.5x 4.5x Despite a recent slowdown $153B . 4.3x 4.2x 4.3x 4.1x $141B in LBO loan activity, average 4.0x $137B 3.8x 3.8x $132B leverage multiples $126B $125B$127B $120B 3.4x $115B continued their upward 3.3x trajectory, reaching their highest level since 2007. $88B

$72B $66B $62B $54B $53B

1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 YTD 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 3Q14

LBO LOAN VOLUME BY INDUSTRY 2 SPONSORED LOAN VOLUME BY PURPOSE 2

3Q 2014 YTD Volume: $70.6 Billion 3Q 2014 YTD Volume: $255.7 Billion . In 2014, technology companies were the fourth Other 24.0% LBO 27.6% largest recipients of LBO loans, signifying strong Services & Leasing 22.2% Refinancing 23.5% appetite for new platform investments. Manufacturing & Machinery 11.9% Recap / Dividend 16.8% . In 2014, more than 50% of Technology 11.7% Acquisition 13.2% sponsored loans were dedicated to LBOs and Healthcare 11.0% Merger 10.0% refinancings.

Chemicals 7.3% Other 3.4%

Entertainment & Leisure 4.9% Recap / IPO 2.6%

Retail 4.2% Exit Financing 1.7%

Building Materials 3.0% Corporate Purpose 1.3%

(1) PNC Capital Markets. (2) S&P LCD stats. PAGE | 17 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SOFTWARE SECTOR PUBLIC COMPANY UNIVERSE

Software Bellwethers Microsoft Google Oracle Intel IBM Cisco SAP HP EMC

Communication Software Nuance NICE Synchronoss NeuStar BroadSoft MobileIron Tangoe

Enterprise Software Oracle IBM SAP Adobe Intuit Sage Group Open Text IFS TOTVS

Human Capital Management (HCM) Workday Ultimate SW Cornerstone Paylocity Paycom ClickSoftware Halogen

Marketing Software Salesforce Marketo CTCT HubSpot Callidus Bazaarv oice HORIZONTAL PLM and Design Software Dassault Autodesk Ansys Synopsys Cadence PTC Mentor Graphics

Supply Chain Execution (SCE) Manhattan Aspen Tech Fleetmatics Descartes SPS SciQuest Amber Road American E2open Speed Commerce

Energy Software Av ev a OPOWER Silv er Spring EnerNOC PSI APPLICATION SOFTWARE APPLICATION Financial Software Jack Henry SS&C Oracle Financial Solera DH Corp. Ev estnet Adv ent Bottomline

Healthcare IT (HCIT) Cerner athenahealth Veev a Medidata Allscripts HMS MedAssets Quality Systems CPSI Impriv ata VERTICAL

Public Sector Software Constellation Tyler Tech Blackbaud NIC K12

Large-Cap SaaS (≥ $2Bn Mkt Cap) Salesforce Workday NetSuite athenahealth Ultimate SW Veev a Guidewire Dealertrack Medidata Cornerstone

Small-Cap SaaS (≤ $2Bn Mkt Cap) Demandware Cornerstone Proofpoint Zendesk RealPage Fleetmatics Paycom Qualys LogMeIn Marketo

SAAS Small-Cap SaaS (cont'd) Cv ent Castlight HubSpot SPS RingCentral Callidus OPOWER Q2 Benefitfocus Bazaarv oice

Small-Cap SaaS (cont'd) inContact SciQuest Amber Road E2open Fiv e9 Upland

Data and Analytics Splunk Teradata Tableau Informatica Verint Qlik Fair Isaac MicroStrategy Pegasystems PROS Holdings

Network Management Vmware CA Red Hat Citrix F5 Networks SolarWinds NetScout Progress Radware Infoblox

Data Storage EMC NetApp Iron Mountain Brocade CommVault Nimble Storage Barracuda Carbonite INFRA

SOFTWARE IT Security Symantec VeriSign Fortinet FireEye Trend Micro Proofpoint Imperv a Qualys AVG Tech Checkpoint

PAGE | 18 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

SAMPLE HW&CO. TMT TRANSACTIONS Please contact us regarding our experience in any TMT sector.

has been recapitalized by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has received a significant has been acquired by has been acquired by equity investment from

SUPPLY CHAIN HEALTHCARE HEALTHCARE EDUCATION HEALTHCARE ENTERPRISE ENTERPRISE FINANCIAL HEALTHCARE SOFTWARE TECHNOLOGY TECHNOLOGY TECHNOLOGY ANALYTICS SOFTWARE SOFTWARE TECHNOLOGY TECHNOLOGY SCM software for Cloud-based Cloud-based SaaS-based Patient ERP and e- ERP and e- Transaction Medical claims the food and revenue-cycle clinical guidelines healthcare engagement and commerce commerce processing and processing beverage management software solutions compliance analytics solutions software software payment software software solutions industries solutions training solutions

has received a significant has been acquired by has merged with has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by equity investment from

HEALTHCARE INFRASTRUCTURE SUPPLY CHAIN HEALTHCARE HEALTHCARE HEALTHCARE HEALTHCARE FINANCIAL ENTERPRISE TECHNOLOGY SOFTWARE SOFTWARE TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY TECHNOLOGY SOFTWARE Medical claims ITOM, business Cloud-based SaaS-based Cloud-based Regulatory process Clinical and Property tax SaaS-based giving processing intelligence, and supply chain software for the Medical data management administrative HCIT collection, and employee software solutions security software management post-acute care archiving and solutions for life systems valuation and engagement solutions solutions industry storage solutions sciences industry ancillary solutions solutions

has been acquired by has been acquired by has been acquired by has become a wholly has received a majority has received a significant has been acquired by has received a minority has received a significant owned subsidiary of investment from equity investment from investment from equity investment from

INFRASTRUCTURE ECOMMERCE EDUCATION ENERGY MARKETING ENTERPRISE FINANCIAL ENERGY MOBILE SOFTWARE RETAIL TECHNOLOGY TECHNOLOGY ANALYTICS SOFTWARE TECHNOLOGY TECHNOLOGY INTERNET Data center Discount SaaS-based Solar inverters Sampling, data SaaS-based Specialized payroll SaaS-based Mobile monetization software solutions eCommerce training solutions supported by collection, and parking solutions for the energy service solutions for for IT automation retailer of clothing for senior care leading software data analytic management entertainment management emerging markets and apparel employees solutions software solutions industry solutions

PAGE | 19 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

HARRIS WILLIAMS & CO. INDUSTRY GROUPS

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PAGE | 20 TECHNOLOGY, MEDIA, & TELECOM QUARTERLY SOFTWARE SECTOR REVIEW │ 4Q 2014

HARRIS WILLIAMS & CO.

SOURCES

S&P Capital IQ.

PNC Capital Markets.

S&P LCD stats.

PitchBook.

HW&Co. proprietary transaction information.

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