TECHNOLOGY REPORT Q2 2016

Explore M&A Activity, Capital Market Conditions and Current Trends for the Tech Industry

720.221.9220 | SDRVENTURES.COM Investment Banking & Securities Offered Through SDR Capital Markets, Inc., Member FINRA & SIPC. Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 INDUSTRY UPDATE BREXIT’S EFFECT ON TECHNOLOGY CONTENTS Although the Technology sector performed well this quarter with many top stocks setting new highs, the effect of the Brexit decision in the U.K. was felt Transaction Activity noticeably at the end of the quarter. Technology companies saw the brunt of Active Buyers the decline in the days after Brexit, with many stocks falling over 3% in one Public Basket day. Many of our technology clients have inquired about the short-term effects M&A Market Activity of Brexit after seeing the impact on technology stocks, but there remains About SDR Ventures uncertainty about the long-term effects of the decision as well. Although not always obvious from the onset, we have seen historically that cooler heads usually prevail in the world of technology (at least eventually). Plus, most ABOUT SDR middle-market technology companies do not have a large exposure to the Established in 2002, SDR Ventures has United Kingdom. The only apparent effect of Brexit so far is that it may make it developed deep M&A and capital even harder for technology companies to find talent, which has already been a transaction knowledge and expertise. tough endeavor without the recent Brexit decision. SDR offers transaction advisory, private EVER-CHANGING WORLD OF ENTERPRISE TECH capital formation and business The enterprise technology arena changed significantly this quarter with consulting services across a wide range Microsoft acquiring LinkedIn for $26 billion, one of the largest tech deals of industries. We serve business owners announced in 2016. As reported by Re/Code, LinkedIn had a total of five and operators of privately held suitors including Google, Salesforce and Facebook. So what was so valuable companies and provide them with a that five of the most influential technology companies would compete to professional-class experience. acquire LinkedIn? According to Satya Nadella, Microsoft’s CEO, the deal is intended to combine the tools that workers use to get jobs done (i.e., TECHNOLOGY Microsoft Office) with the professional network that connects workers. With over 433 million members, LinkedIn is one of the largest professional networks CONTACTS and provides key social data on Microsoft users. Integrating the Microsoft Chris Bouck Office suite and the LinkedIn Professional network will pose an initial challenge, Principal – but if done successfully, Microsoft could achieve its dream of once again Technology Team dominating the enterprise tech space. 720.221.9220 [email protected] Middle-market enterprise technology companies that have been challenging Microsoft for business IT spend will need to look toward additional ways to Anthony Wong stand out with proprietary data and information solutions. Many have tackled Vice President – this through integrating with key sources of information like a company’s CRM Technology Team or ERP system. 720.221.9220 [email protected]

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

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VERTICAL ENTERPRISE SOFTWARE & TECHNOLOGY – THE NEXT FRONTIER FOR MIDDLE- MARKET INVESTMENT As the market for consumer technology matures, one of the largest opportunities for technology is in vertical-specific software and technology solutions. Horizontal software solutions that offer solutions across verticals have the benefit of very large addressable markets and a wide number of use cases, but oftentimes they struggle in the middle market where old systems and processes prevail. Vertical solutions, however, oftentimes take old processes and solutions, and modernize the software to make it easier to use and provide more value to the customer. Due to the understanding of the customer in terms of adoption and implementation, vertical-specific software has been a highly prioritized acquisition and investment ground for larger strategic companies and private equity groups. Most recently in Q2 2016, there were M&A transactions involving larger software consolidators adding vertical solutions and private equity interest in middle-market vertical solutions.

Date Target Buyer/Investor Vertical Focus Transaction Value EV/Revenue 5/28/16 Buildium, LLC Sumeru Equity Multifamily - $65MM (Growth Capital) Undisclosed Partners Property Management 5/16/16 Elynx Black Knight Financial Services Undisclosed Undisclosed Financial Services 5/02/2016 OPower Oracle Energy & Utility $532MM 7.21x

4/28/16 Textura Corporation Oracle Construction $663MM 3.57x

Source: S&P Capital IQ

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities.

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M&A TRANSACTIONS BY SEGMENT TRANSACTIONS BY TYPE 150 Financial 100 12% 88 98 50 16 59 52 23 44 40 32 27 2 - Strategic 88%

Source: S&P Capital IQ

TRANSACTIONS BY LOCATION

20 or more transactions

11-20 transactions

1-10 transactions

0 transactions

Source: S&P Capital IQ

M&A TRANSACTION ACTIVITY Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/21/2016 Dematic Group S.à r.l. KION GROUP AG Supply Chain Software 3,250 1.81x 16.17x 06/13/2016 LinkedIn Corporation Microsoft Corporation Tech Conglomerates 29,351 8.15x 98.41x 06/12/2016 Blue Coat, Inc. Symantec Corporation IT Security 4,859 7.89x - 06/02/2016 Qlik Technologies, Inc. Thoma Bravo, LLC Data & Analytics 2,985 4.15x - 06/01/2016 Demandware, Inc. salesforce.com, inc. Enterprise Software 2,858 10.48x - 05/31/2016 Marketo, Inc. Vista Equity Partners Marketing Software 1,795 7.52x - 05/18/2016 inContact, Inc. NICE Ltd. Other SaaS 968 3.78x - 05/03/2016 IMS Health Holdings, Inc. Quintiles Transnational Healthcare IT 13,549 4.30x 17.73x Holdings Inc. 05/02/2016 OPOWER, Inc. Oracle Corporation Enterprise Software 552 3.23x - 04/29/2016 TiVo Inc. Rovi Corporation Tech Conglomerates 1,881 2.52x 14.46x 04/28/2016 Textura Corporation Oracle Corporation Supply Chain Software 683 6.51x - 04/18/2016 Cvent, Inc. Vista Equity Partners Marketing Software 1,591 7.11x 225.25x 04/15/2016 J.D. Power and Associates, Inc. XIO Group IT Services 1,100 3.14x - 04/15/2016 Ancestry.com LLC Silver Lake; GIC Pte. Ltd. Other SaaS - 3.64x 9.93x

ACCESS FULL LIST Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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ACTIVE BUYERS MOST ACTIVE STRATEGIC BUYERS Strategic Buyer Inv. Date Select Corporate Acquisitions j2 Global, Inc. 6/30/2016 • Overvault, LLC 6/30/2016 • 24sevenbackup 4/1/2016 • Certain assets of Publicaster 4/6/2016 • Certain assets of Electronic Vaulting Services 3/31/2016 • Glabal Data Vault, LLC, Server Backup Asset Microsoft Corporation 6/16/2016 • Wand Labs, Inc. 6/13/2016 • LinkedIn 5/3/2016 • Solair Srl 3/18/2016 • Xamarin Inc. 2/3/2016 • TouchType Limited 1/19/2016 • TeacherGaming LLC, MinecraftEdu 2/8/2016 • YOUR SL GmbH 5/12/2016 • Implisit Insights Ltd. 4/4/2016 • MetaMind Inc. 2/29/2016 • TappingStone Inc. You & Mr Jones Inc. 6/11/2016 • Automat 5/26/2016 • Jivox Corporation 4/29/2016 • Reach Labs, Inc. 1/29/2016 • Beeswax, Inc. and GfyCat, Inc. 1/29/2016 • 55 SAS Oracle Corporation 6/14/2016 • OPOWER, Inc. 6/10/2016 • Textura Corporation 4/21/2016 • Crosswise, Ltd. 3/11/2016 • Ravello Systems Inc. 12/18/2015 • StackEngine, Inc. Source: S&P Capital IQ SELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGS

Financial Buyer Inv. Date Select Holdings Vista Equity Partners 6/30/2016 • Ping Identity Corporation 6/30/2016 • Vetafore, Inc. 1/14/2016 • Fiverun Inc. 1/14/2016 • Telarix, Inc. Thoma Bravo, LLC 6/23/2016 • Bomgasr Corporation 2/5/2016 • SolarWinds, Inc. 1/5/2016 • Infogix, Inc. 12/18/2015 • MarketLive, Inc. 10/30/2015 • MedeAnalytics, Inc. ScaleWorks 6/9/2016 • FollowUp.cc 5/19/2016 • Assembla Cloud Equity Group 5/31/2016 • Beachcomber Creations and Jiffynet and ServerRhino and Webolocity and NetLink 5/4/2016 • CloudAccess.net, LLC 10/14/2015 • Virous Networks, Inc. 3/4/2015 • Fresh Raoster Hosting LLC 10/11/2014 • Just199 Hosting, LLC Genstar Capital, LLC 6/30/2016 • Ping Identity Corporation 6/1/2016 • HIS Inc. Operational Excellence and Risk Management Business 5/18/2016 • Accruent, LLC 6/30/2015 • All Web Leads., Inc. 1/15/2015 • Telestream, Inc. Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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PUBLIC BASKET TECHNOLOGY SEGMENTS VS. S&P 500 Running 12 Months

20%

15%

10%

5%

0%

-5%

-10%

-15%

-20%

-25% 6/30/2015 8/31/2015 10/31/2015 12/31/2015 2/29/2016 4/30/2016 6/30/2016

Enterprise Software Financial Technology Supply Chain Software Human Capital Management Other SaaS Marketing Software Healthcare IT Data Analytics IT Services IT Security Hosting Data Center Tech Conglomerates S&P 500 Source: S&P Capital IQ ENTERPRISE SOFTWARE Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Oracle Corporation NYSE: ORCL $168,743 $41 1.8% 12.0% 2.5% 39.8% 4.2x 10.6x 23.6x 4.1x 9.2x International Business NYSE: IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x Machines Corporation SAP SE NYSE: SAP $81,077 $75 (7.5%) (5.2%) 5.1% 28.2% 4.0x 14.4x NM NM 11.3x Adobe Systems NASDAQ: ADBE $47,731 $96 (3.7%) 2.0% 21.1% 28.8% 8.5x 29.7x 68.6x 7.1x 18.6x Incorporated Intuit Inc. NASDAQ: INTU $28,558 $112 4.6% 15.7% 11.5% 30.5% 6.0x 19.8x 41.6x 5.6x 14.2x Sage Group plc LSE: SGE $6,968 $6 5.3% 7.0% 7.6% 26.7% 4.9x 18.5x 32.7x 4.6x 15.6x Constellation Software TSX:CSU $10,596 $500 (6.2%) (13.3%) 13.3% 23.2% 4.3x 18.7x 54.3x 3.9x 15.1x Inc. Open Text Corporation NASDAQ: OTEX $7,175 $59 0.8% 23.4% (1.4%) 30.5% 4.3x 14.1x 36.5x 3.9x 10.9x TOTVS S.A. BOVESPA:TOTS $4,991 $31 3.1% (1.6%) 20.3% 17.2% 2.7x 15.8x 28.8x 2.3x 11.3x 3 Segment Average $55,727 -0.3% 5.6% 8.6% 0.3x 4.6x 16.8x 33.5x 3.7x 12.7x Segment Median $43,170 -0.6% 7.0% 7.6% 0.3x 4.3x 15.8x 32.7x 4.0x 11.3x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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FINANCIAL TECHNOLOGY

Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Fiserv, Inc. NASDAQ: FISV $24,174 $109 3.2% 18.9% 5.8% 30.8% 5.3x 15.6x 30.1x 5.0x 14.5x MSCI Inc. NYSE: MSCI $7,442 $77 (3.3%) 6.9% 7.0% 46.5% 7.9x 16.9x 36.9x 7.3x 15.4x Jack Henry & Associates NASDAQ: JKHY $6,884 $87 3.4% 11.8% 6.9% 34.8% 5.2x 15.1x 33.6x 4.9x 14.2x Inc. SS&C Technologies NASDAQ: SSNC $5,566 $28 (8.8%) (17.7%) 50.1% 32.7% 7.3x 22.4x 106.3x 5.2x 12.9x Holdings, Inc. Fidelity National NYSE: FIS $24,053 $74 (0.8%) 21.6% 42.0% 24.3% 4.8x 19.9x 36.3x 3.6x 11.8x Information Services, Inc. Black Knight Financial NYSE: BKFS $2,598 $38 7.4% 13.7% 9.4% 36.1% 5.4x 15.7x 205.7x 4.9x 11x Services, Inc. Bottomline NASDAQ: EPAY $881 $22 (14.1%) (27.6%) 3.2% 13.3% 2.6x 19.9x NM 2.6x 13.2x Technologies (de), Inc. Envestnet, Inc. NYSE: ENV $1,422 $33 (1.4%) 11.6% 38.4% 9.8% 3.7x 37.8x NM 2.7x 14.8x Q2 Holdings, Inc. NYSE: QTWO $1,099 $28 12.2% 6.3% 35.7% (15.7%) 8.4x NM NM 6.3x NM The Western Union NYSE: WU $9,420 $19 (1.4%) 7.1% (0.4%) 25.2% 2.1x 8.3x 16.7x 2.1x 8.5x Company American Express NYSE: AXP $57,785 $61 (7.6%) (12.6%) (3.0%) 27.8% 1.9x 6.9x 11.5x 1.8x N/A Company Visa Inc. NYSE: V $176,889 $74 (6.0%) (4.4%) 8.4% 68.2% 12.1x 18.0x 30.1x 10.8x 15.6x MasterCard NYSE: MA $96,752 $88 (8.2%) (9.6%) 8.6% 56.6% 9.5x 16.8x 31.2x 8.7x 15.1x Incorporated Segment Average $31,920 -2.0% 2.0% 16.3% 30.0% 5.9x 17.8x 53.8x 5.1x 13.4x Segment Median $7,442 -2.4% 6.9% 8.4% 30.8% 5.3x 16.9x 32.4x 4.9x 14.2x

Source: S&P Capital IQ SUPPLY CHAIN SOFTWARE Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Manhattan Associates, NASDAQ:MANH $4,626 $64 (2.7%) (3.1%) 10.7% 31.8% 7.9x 25.7x 44.6x 7.2x 20.8x Inc. Fleetmatics Group PLC NYSE: FLTX $1,696 $43 5.9% (14.7%) 20.8% 22.8% 5.2x 22.6x 87.0x 4.3x 12.6x The Descartes Systems NASDAQ: DSGX $1,872 $19 (8.8%) (4.9%) 10.6% 32.5% 7.6x 23.5x NM NM 19.6x Group Inc Kinaxis Inc. TSX: KXS $1,278 $52 0.2% 10.6% 21.5% 26.9% 8.9x 33.1x 66.5x 7.6x 27.7x SPS Commerce, Inc. NASDAQ: SPSC $1,023 $61 11.2% (13.7%) 21.7% 10.5% 5.4x 51.6x 195.4x 4.5x 32.4x SciQuest, Inc. NASDAQ: SQI $491 $18 0.1% 36.2% 4.4% 8.9% 3.3x 37.6x 172.1x 3.2x 15.0x American Software, Inc. NASDAQ: $302 $10 8.7% 2.9% 3.6% 13.4% 2.0x 12.1x 33.1x 2.0x 11.4x AMSW.A Segment Average $1,613 2.1% 1.9% 13.3% 0.2x 5.8x 29.5x 85.5x 4.1x 19.9x Segment Median $1,278 0.2% -3.1% 10.7% 0.2x 5.4x 25.7x 66.5x 4.3x 19.6x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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HUMAN CAPITAL MANAGEMENT Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Paychex, Inc. NASDAQ: PAYX $21,427 $60 9.7% 12.5% 7.6% 42.7% 7.1x 16.7x 30.0x 6.6x 15.5x Workday, Inc. NYSE: WDAY $14,710 $75 (1.5%) (6.3%) 33.7% (15.5%) 10.5x NM NM 7.9x 85.2x The Ultimate Software NASDAQ: ULTI $6,072 $210 2.8% 7.6% 26.1% 9.7% 9.1x 93.0x 235.1x 7.3x 29.5x Group, Inc. Paycom Software, Inc. NYSE: PAYC $2,589 $43 6.8% 14.8% 43.3% 23.5% 9.8x 41.7x 78.0x 7.4x 32.7x Cornerstone NASDAQ: CSOD $2,096 $38 (4.9%) 10.2% 26.6% (16.1%) 5.6x NM NM 4.5x 48.4x OnDemand, Inc. Paylocity Holding NASDAQ: PCTY $2,204 $43 17.7% 6.5% 49.6% 2.3% 10.0x NM NM 7.7x 64.2x Corporation Benefitfocus, Inc. NASDAQ: BNFT $1,120 $38 3.8% 4.8% 26.9% (22.3%) 5.7x NM NM 4.5x NM Xactly Corporation NYSE: XTLY $386 $13 29.9% 50.2% 27.1% (21.0%) 4.4x NM NM 3.5x NM Halogen Software Inc. TSX: HGN $183 $9 (7.6%) 18.9% 11.5% (4.4%) 1.6x NM NM 1.4x 51.8x Segment Average $5,643 6.3% 13.2% 28.1% 0.0x 7.1x 50.5x 114.4x 5.6x 46.7x Segment Median $2,204 3.8% 10.2% 26.9% 0.0x 7.1x 41.7x 78.0x 6.6x 48.4x

Source: S&P Capital IQ OTHER SAAS Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth ServiceNow, Inc. NYSE: NOW $10,819 $66 (7.3%) (23.3%) 36.1% (9.3%) 9.5x NM NM 7.1x 36.4x NetSuite Inc. NYSE: N $5,856 $73 (8.2%) (14.0%) 30.4% (7.9%) 7.3x NM NM 5.6x 65.4x Atlassian Corporation NASDAQ: TEAM $5,527 $26 14.8% (13.9%) 0.0% 3.3% 11.4x NM NM NM NM Plc Guidewire Software, NYSE: GWRE $4,479 $62 5.2% 2.7% 10.2% 5.5% 9.5x 171.8x NM 8.7x 44.2x Inc. Zendesk, Inc. NYSE: ZEN $2,420 $26 7.7% (0.2%) 45.1% (31.6%) 9.2x NM NM 6.6x NM RealPage, Inc. NASDAQ:RP $1,787 $22 2.7% (0.5%) 22.1% 12.4% 3.8x 30.7x 190.8x 3.1x 14.74x Xero Limited. NZSE:XRO $2,472 $18 1.2% (8.1%) 50.7% (40.6%) 11.0x NM NM 7.3x NM Ebix Inc. NASDAQ: EBIX $1,569 $48 5.9% 46.1% 9.4% 37.3% 6.3x 17.0x 29.9x 5.7x 14.6x LogMeIn, Inc. NASDAQ: $1,586 $63 3.5% (5.5%) 22.0% 11.6% 4.9x 42.0x 154.8x 4.1x 15.9x LOGM RingCentral, Inc. NYSE: RNG $1,426 $20 (0.1%) (16.4%) 23.0% (4.0%) 4.1x NM NM 3.4x 62.4x Alarm.Com Holdings, NASDAQ: ALRM $1,168 $26 20.9% 53.7% 15.6% 14.8% 4.7x 32.2x 52.4x 4.2x 24.2x Inc. Cvent, Inc. NYSE: CVT $1,510 $36 (0.3%) 2.3% 23.1% 3.2% 6.7x 212.4x NM 5.5x 43.1x inContact, Inc. NASDAQ: SAAS $865 $14 (0.2%) 45.2% 18.2% 0.6% 3.7x NM NM 3.2x 39.9x MINDBODY, Inc. NASDAQ: MB $641 $16 20.5% 6.7% 35.2% (24.1%) 5.1x NM NM 3.9x NM IntraLinks Holdings, Inc. NYSE: IL $375 $7 (17.1%) (28.3%) 7.9% 4.0% 1.5x 37.7x NM 1.4x 8.7x Workiva Inc. NYSE: WK $560 $14 (1.0%) (22.3%) 24.3% (28.8%) 3.4x NM NM 2.8x NM Instructure, Inc. NYSE: INST $521 $19 9.5% (8.7%) 49.7% (56.8%) 5.5x NM NM NM NM Five9, Inc. NASDAQ: FIVN $617 $12 16.8% 36.8% 19.1% (6.8%) 4.4x NM NM 3.8x 283.8x AppFolio, Inc. NASDAQ: APPF $486 $14 3.3% (1.0%) 36.9% (14.4%) 5.6x NM NM 4.3x NM Castlight Health, Inc. NYSE: CSLT $421 $4 (5.9%) (7.3%) 33.5% (93.6%) 3.7x NM NM 2.8x NM Model N, Inc. NYSE: MODN $367 $13 8.5% 19.6% 14.4% (22.2%) 3.0x NM NM 2.5x NM Segment Average $2,165 3.8% 3.0% 25.1% -11.8% 5.9x 77.7x 107.0x 4.1x 46.7x Segment Median $1,426 3.3% -1.0% 23.0% -6.8% 5.1x 37.7x 103.6x 3.9x 30.3x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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MARKETING SOFTWARE

Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth salesforce.com, inc. NYSE:CRM $53,800 $79 (5.1%) 1.3% 24.6% 7.4% 7.6x 103.1x NM 6.2x 31.3x Adobe Systems NasdaqGS:ADBE $47,731 $96 (3.7%) 2.0% 21.1% 28.8% 8.5x 29.7x 68.6x 7.1x 18.6x Incorporated Criteo SA NasdaqGS:CRTO $2,896 $46 2.3% 16.0% NM 9.0% 1.8x 19.6x 68.4x 3.4x 11.5x HubSpot, Inc. NYSE:HUBS $1,517 $43 (9.1%) (22.9%) 42.2% (20.6%) 7.0x NM NM 5.1x NM Marketo, Inc. NasdaqGS:MKT $1,568 $35 (1.2%) 21.3% 29.9% (23.8%) 6.5x NM NM 5.1x NM O Callidus Software Inc. NasdaqGM:CAL $1,135 $20 7.7% 7.6% 20.5% (0.0%) 5.7x NM NM 4.7x 38.4x D Bazaarvoice, Inc. NasdaqGS:BV $329 $4 7.8% (8.4%) 1.1% (7.5%) 1.4x NM NM 1.4x 40.5x ChannelAdvisor NYSE:ECOM $369 $14 16.9% 4.6% 12.9% (6.7%) 3.0x NM NM 2.7x 137.9x Corporation Segment Average $13,668 1.9% 2.7% 19.0% -1.7% 5.2x 50.8x 68.5x 4.5x 46.3x Segment Median $1,543 0.6% 3.3% 20.8% -3.3% 6.1x 29.7x 68.5x 4.9x 34.8x Source: S&P Capital IQ HEALTHCARE IT Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Cerner Corporation NasdaqGS:CERN $19,812 $59 5.4% (2.6%) 11.5% 27.9% 4.4x 15.9x 36.2x 3.9x 11.6x NasdaqGS:ATH athenahealth, Inc. $5,419 $138 8.8% (14.3%) 19.7% 8.4% 5.8x 70.9x NM 4.8x 22.9x N Veeva Systems Inc. NYSE:VEEV $4,598 $34 3.6% 18.3% 26.5% 19.9% 9.4x 47.4x 96.9x 7.6x 26.8x Inovalon Holdings, Inc. NasdaqGS:INOV $2,745 $18 (3.1%) 5.9% 17.8% 28.0% 5.1x 18.3x 43.5x 4.3x 12.7x Allscripts Healthcare NasdaqGS:MDR $2,376 $13 (5.9%) (17.4%) 12.9% 8.9% 2.1x 24.0x 271.6x 1.8x 9.5x Solutions, Inc. X NasdaqGS:MDS Medidata Solutions, Inc. $2,682 $47 2.0% (4.9%) 17.8% 12.2% 6.5x 59.5x 222.2x 5.4x 23.3x O Press Ganey Holdings, NYSE:PGND $2,080 $39 15.6% 24.7% 13.9% 9.4% 6.7x 70.9x NM 5.9x 15.5x Inc. NasdaqGS:HMS HMS Holdings Corp. $1,482 $18 6.6% 42.7% 2.8% 18.7% 3.2x 17.0x 59.1x 3.1x 12.7x Y Quality Systems Inc. NasdaqGS:QSII $726 $12 (6.3%) (26.1%) 4.5% 11.6% 1.6x 13.9x 27.6x 1.6x 8.3x Imprivata, Inc. NYSE:IMPR $355 $14 3.0% 23.9% 16.6% (14.1%) 2.4x NM NM 2.1x NM Segment Average $4,227 3.0% 5.0% 14.4% 13.1% 4.7x 37.5x 108.1x 4.1x 15.9x Segment Median $2,529 3.3% 1.7% 15.3% 11.9% 4.8x 24.0x 59.1x 4.1x 12.7x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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IT SERVICES

Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth International Business NYSE:IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x Machines Corporation Accenture plc NYSE:ACN $70,528 $113 (4.8%) 8.4% 5.7% 16.8% 2.1x 12.5x 28.2x 1.9x 11.7x Cognizant Technology NasdaqGS:CTSH $34,680 $57 (6.8%) (4.6%) 10.9% 20.0% 2.5x 12.3x 25.0x 2.2x 10.6x Solutions Corporation CGI Group Inc. TSX:GIB.A $16,585 $55 (10.0%) (0.4%) 4.3% 17.1% 1.7x 10.2x 19.5x 1.7x 9.0x Booz Allen Hamilton NYSE:BAH $4,392 $30 1.3% (3.9%) 3.9% 9.4% 1.1x 11.5x 18.7x 1.0x 10.5x Holding Corporation Leidos Holdings, Inc. NYSE:LDOS $3,479 $48 (3.1%) (14.9%) 1.8% 8.6% 0.8x 8.8x 15.6x 0.7x 8.9x Teradata Corporation NYSE:TDC $3,259 $25 (11.5%) (5.1%) (9.5%) 15.2% 1.2x 7.9x 19.2x 1.3x 5.1x EPAM Systems, Inc. NYSE:EPAM $3,258 $64 (15.9%) (18.2%) 27.3% 15.2% 3.1x 20.5x 39.9x 2.5x 13.9x Interxion Holding NV NYSE:INXN $2,598 $37 (1.5%) 22.3% 9.3% 42.5% 7.0x 16.6x 64.4x 6.6x 14.5x CACI International Inc. NYSE:CACI $2,199 $90 (10.3%) (2.6%) 12.5% 9.3% 1.0x 11.3x 15.6x 0.9x 10.2x ManTech International NasdaqGS:MAN $1,426 $38 5.3% 25.1% 4.8% 7.6% 0.9x 11.5x 26.2x 0.8x 10.8x Corporation T Virtusa Corporation NasdaqGS:VRTU $864 $29 (18.0%) (30.1%) 49.5% 10.3% 1.7x 16.3x 24.0x 1.1x 12.6x The Hackett Group, Inc. NasdaqGS:HCKT $398 $14 (5.1%) (13.7%) 8.6% 12.4% 1.6x 12.9x 29.0x 1.3x 8.8x Unisys Corporation NYSE:UIS $364 $7 (13.7%) (34.1%) (6.7%) 5.0% 0.1x 2.2x 6.8x 0.1x 1.7x ServiceSource NasdaqGS:SREV $344 $4 8.3% (12.6%) 1.4% (5.9%) 1.1x NM NM 1.1x 58.2x International, Inc. Segment Average $24,081 -6.4% -1.1% 9.8% 16.2% 2.1x 12.4x 26.0x 1.9x 10.5x Segment Median $3,258 -5.1% -4.6% 4.8% 12.4% 1.6x 11.5x 21.7x 1.3x 10.5x

Source: S&P Capital IQ IT SECURITY Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Cisco Systems, Inc. NasdaqGS:CSCO $144,302 $29 (1.2%) 5.7% 0.0% 29.8% 2.2x 7.4x 17.9x 2.2x 7.5x Palo Alto Networks, Inc. NYSE:PANW $10,989 $123 (6.0%) (30.4%) 47.4% (11.1%) 8.2x NM NM 6.1x 27.3x Symantec Corporation NasdaqGS:SYMC $12,642 $21 18.3% (2.2%) 10.8% 24.8% 2.5x 9.9x 41.7x 2.5x 6.9x VeriSign, Inc. NasdaqGS:VRSN $9,379 $86 1.2% (1.0%) 7.4% 63.6% 8.6x 13.6x 35.8x 8.1x 11.8x Fortinet Inc. NasdaqGS:FTNT $5,423 $32 (7.7%) 1.3% 25.9% 5.0% 4.1x 83.2x NM 3.4x 17.7x FireEye, Inc. NasdaqGS:FEYE $2,740 $16 3.5% (20.6%) 27.3% (61.7%) 3.8x NM NM 3.0x NM Cheetah Mobile Inc. NYSE:CMCM $1,353 $10 (11.8%) (40.7%) 17.7% 9.3% 1.8x 19.9x 61.9x 1.7x 16.2x Check Point Software NasdaqGS:CHKP $13,663 $80 (6.2%) (2.1%) 7.2% 51.0% 7.4x 14.3x 26.2x 6.9x 12.5x Technologies Ltd. Gemalto NV ENXTAM: GTO $4,876 $55 (0.3%) (0.9%) 2.6% 14.9% 1.7x 11.2x 28.4x 1.6x 8.6x Trend Micro Inc. TSE: 4704 $499,543 $3,645 (9.3%) (26.1%) 9.1% 31.9% 3.0x 9.4x 24.5x 2.6x 9.1x Proofpoint, Inc. NasdaqGM:PFPT $2,618 $63 7.6% (3.0%) 36.8% (23.4%) 8.9x NM NM 6.8x 126.7x Imperva Inc. NYSE:IMPV $1,388 $43 12.7% (32.1%) 19.0% (19.1%) 4.5x NM NM 3.5x 56.4x CyberArk Software, Ltd. NasdaqGS:CYBR $1,631 $49 7.0% 7.6% 31.1% 20.1% 7.9x 39.4x 84.2x 6.3x 29.3x AVG Technologies N.V. NYSE:AVG $965 $19 (1.2%) (5.3%) 2.9% 29.6% 2.5x 8.4x 25.0x 2.4x 6.7x Qualys, Inc. NasdaqGS:QLYS $1,041 $30 (4.4%) (9.9%) 20.4% 24.6% 4.8x 19.7x 64.1x 4.1x 12.71x Rapid7, Inc. NasdaqGM:RPD $528 $13 (2.1%) (16.9%) 37.8% (39.3%) 3.6x NM NM 2.8x NM Mimecast Limited NasdaqGS:MIME $543 $10 19.3% 4.3% 21.3% 5.6% 3.1x 55.8x NM NM NM Varonis Systems, Inc. NasdaqGS:VRNS $630 $24 (1.2%) 27.8% 23.5% (12.3%) 3.8x NM NM 3.2x NM Segment Average $39,681 1.0% -8.0% 19.3% 8.0% 4.6x 24.3x 41.0x 3.7x 23.3x Segment Median $2,679 -1.2% -2.6% 19.7% 12.1% 3.8x 14.0x 32.1x 3.1x 12.5x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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HOSTING/DATA CENTERS Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. Cap YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Price Quarter Revenue P/E ($ in Change Margin Rev EBITDA Revenue EBITDA Change Growth Mil) Equinix, Inc. NasdaqGS:EQIX $26,920 $388 7.1% 28.2% 32.3% 41.3% 11.4x 27.7x 175.8x 9.0x 19.3x Digital Realty Trust Inc. NYSE:DLR $16,002 $109 14.2% 44.1% 18.7% 50.0% 12.5x 25.0x 135.6x 11.0x 19.5x Akamai Technologies, Inc. NasdaqGS:AKAM $9,821 $56 2.5% 6.3% 7.6% 31.2% 4.3x 13.8x 35.1x 4.0x 9.8x DuPont Fabros NYSE:DFT $3,521 $48 12.4% 49.5% 14.5% 59.6% 12.0x 20.1x 37.6x 10.2x 16.3x Technology, Inc. CoreSite Realty NYSE:COR $2,706 $89 16.9% 56.4% 19.2% 49.0% 9.9x 20.2x 130.0x 8.5x 16.2x Corporation QTS Realty Trust, Inc. NYSE:QTS $2,673 $56 8.3% 24.1% 29.0% 36.2% 10.8x 29.8x 211.2x 8.9x 19.4x Rackspace Hosting, Inc. NYSE:RAX $2,621 $21 (16.6%) (17.6%) 5.5% 27.7% 1.3x 4.8x 22.9x 1.3x 3.8x GoDaddy Inc. NYSE:GDDY $2,557 $31 (4.1%) (2.7%) 14.3% 9.3% 2.0x 22.0x 169.1x 1.8x 7.9x Extreme Networks Inc. NasdaqGS:EXTR $355 $3 (8.1%) (16.9%) (4.3%) 4.3% 0.6x 14.0x NM 0.6x 5.8x Segment Average $7,464 3.6% 19.0% 15.2% 34.3% 7.2x 19.7x 114.7x 6.1x 13.1x Segment Median $2,706 7.1% 24.1% 14.5% 36.2% 9.9x 20.2x 132.8x 8.5x 16.2x Source: S&P Capital IQ TECH CONGLOMERATES Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Alphabet Inc. NASDAQ:GOOGL $479,090 $704 (6.1%) (9.6%) 16.3% 32.7% 5.3x 16.2x 37.6x 4.6x 11.3x Microsoft Corporation NasdaqGS:MSFT $402,220 $51 (3.5%) (7.8%) 2.2% 32.7% 4.0x 11.8x 29.0x 3.7x 10.0x Oracle Corporation NYSE:ORCL $168,743 $41 1.8% 12.0% 2.5% 39.8% 4.2x 10.6x 23.6x 4.1x 9.2x Cisco Systems, Inc. NasdaqGS:CSCO $144,302 $29 (1.2%) 5.7% 0.0% 29.8% 2.2x 7.4x 17.9x 2.2x 7.5x International Business NYSE:IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x Machines Corporation SAP SE DB:SAP $81,077 $68 (7.2%) (8.4%) 5.1% 28.2% 4.0x 14.4x 26.8x 3.8x 11.3x EMC Corporation NYSE:EMC $53,108 $27 (2.8%) 5.8% (0.6%) 19.5% 2.1x 10.7x 27.7x 2.1x 7.3x salesforce.com, inc. NYSE:CRM $53,800 $79 (5.1%) 1.3% 24.6% 7.4% 7.6x 103.1x NM 6.2x 31.3x Segment Average $191,006 -3.2% 1.2% 5.9% 26.6% 3.9x 22.9x 25.5x 3.6x 12.0x Segment Median $145,003 -3.1% 3.5% 2.3% 29.0% 4.0x 11.3x 26.8x 3.7x 9.6x Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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DATA ANALYTICS Market Stats Operating Stats LTM Multiple NTM Multiple Market Stock Price Est. YTD EBITDA TEV/ TEV/ TEV/ NTM TEV/ NTM Company Name Symbol Cap Price Quarter Revenue P/E Change Margin Rev EBITDA Revenue EBITDA ($ in Mil) Change Growth Splunk, Inc. NasdaqGS:SPLK $7,199 $54 (5.7%) (7.9%) 34.2% (39.9%) 8.5x NM NM 6.5x 80.0x Teradata Corporation NYSE:TDC $3,259 $25 (11.5%) (5.1%) (9.5%) 15.2% 1.2x 7.9x 19.2x 1.3x 5.1x Tableau Software, Inc. NYSE:DATA $3,639 $49 (4.9%) (48.1%) 29.7% (8.4%) 4.1x NM NM 3.2x 25.4x Inovalon Holdings, Inc. NasdaqGS:INOV $2,745 $18 (3.1%) 5.9% 17.8% 28.0% 5.1x 18.3x 43.5x 4.3x 12.7x Qlik Technologies, Inc. NasdaqGS:QLIK $2,806 $30 3.1% (6.6%) 15.8% 0.6% 3.9x NM NM 3.3x 30.3x Verint Systems Inc. NasdaqGS:VRNT $2,061 $33 0.4% (18.3%) (1.1%) 10.9% 2.2x 20.2x NM 2.1x 9.6x MicroStrategy Inc. NasdaqGS:MSTR $2,000 $175 (6.2%) (2.4%) (0.6%) 27.4% 2.8x 10.2x 25.1x 2.7x 8.4x Pegasystems Inc. NasdaqGS:PEGA $2,057 $27 2.2% (2.0%) 17.0% 12.9% 2.6x 20.5x 51.7x 2.3x 16.3x Hortonworks, Inc. NasdaqGS:HDP $617 $11 (8.5%) (51.2%) 57.0% (140.1%) 3.5x NM NM 2.4x NM PROS Holdings, Inc. NYSE:PRO $528 $17 24.6% (24.3%) (10.2%) (29.8%) 3.0x NM NM 3.2x NM Segment Average $2,691 -1.0% -16.0% 15.0% -12.3% 3.7x 15.4x 34.9x 3.1x 23.5x Segment Median $2,403 -4.0% -7.2% 16.4% 5.8% 3.3x 18.3x 34.3x 2.9x 14.5x

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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OVERALL U.S. LOWER MIDDLE MARKET M&A ACTIVITY CAPITAL STACK

100%

80% 41.9% 39.8% 41.2% 48.0% 45.4% 48.5% 47.4% 53.3% 49.3% 48.0% 51.4% 45.3% 46.8% 44.9% 55.2% 60% 16.5% 16.4% 13.1% 18.0% 10.7% 11.5% 17.3% 19.6% 40% 17.1% 15.0% 11.0% 13.1% 14.7% 12.0% 18.5% 43.7% 44.1% 20% 34.3% 38.2% 36.6% 39.5% 35.6% 37.6% 40.1% 37.3% 36.5% 41.8% 37.9% 39.2% 36.3% 0%

2012 2013 2014 2015 2016

Senior Debt Sub Debt Equity Source: GF Data* M&A ACTIVITY

2,800 $140,000

2,600 $120,000 ($mm) Invested Capital 2,400 $100,000 2,200 2,000 $80,000 1,800 $60,000 1,600

Deals Closed $40,000 1,400 1,200 $20,000 1,000 $0 2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2 Deals Closed Capital Invested Source: S&P Capital IQ TRANSACTION MULTIPLES EBITDA Multiples By Transaction Size

9.0x 9.0x 8.6x 7.8x 7.5x 7.7x 7.4x 7.5x 7.5x 7.7x 6.0x 6.7x 6.8x 6.8x 6.6x 6.7x 6.9x 6.4x 6.2x 6.5x 5.8x 5.9x 5.9x 6.1x 5.3x 5.4x

3.0x

0.0x 2011 2012 2013 2014 2015 YTD 2016 $10-25mm $25-50mm $50-100mm $100-250mm Source: GF Data* *The most current source of GF Data is as of March 31, 2016, and lags one quarter behind the current quarter.

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COMPREHENSIVE TECHNOLOGY EXPERTISE CONTACT US Hardware, software, and the tech service industry are the driving forces Chris Bouck Principal – that not only support modern society, but help it to progress into the Technology Team future. Let us guide you and your company through the technology 720.221.9220 industry’s complex and competitive landscape. We know the ins and [email protected] outs of the M&A market, understand the underlying issues and pitfalls, and maintain professional relationships with industry leaders, all of Anthony Wong Vice President – which can help you maximize your opportunities and avoid roadblocks Technology Team while you focus on running a successful business. 720.221.9220 [email protected] We serve owners in all technology sectors including:

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

SELECT TRANSACTION EXPERIENCE SDR has completed numerous transactions types throughout the technology industry, including:

CAPITAL STRATEGIC SALES FORMATION

SDR SERVICE OFFERINGS

SELL-SIDE ADVISORY PRIVATE CAPITAL FORMATION

BUY-SIDE ADVISORY STRATEGIC CONSULTING

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Q2 2016 TRANSACTION ACTIVITY

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/30/2016 Mincron SBC Corporation Kerridge Commercial Systems Limited Enterprise Software - - - 06/30/2016 Zentri Inc. Buddy Platform Ltd. (ASX:BUD) Enterprise Software - - 25.7 06/30/2016 Bloom Health Corp. Empyrean Benefit Solutions, Inc. Enterprise Software - - - 06/30/2016 Higher One Holdings, Inc. (NYSE:ONE) Blackboard Inc. Financial Technology - 294.57 1.71 06/30/2016 Healthiest You Corporation Teladoc, Inc. (NYSE:TDOC) Healthcare IT - 155.81 15.58 06/30/2016 Sicoir Computer Technologies, Inc Eagle Communications, Inc. Healthcare IT - - - 06/30/2016 CodeBaby Corporation Intelligent Digital Avatars, Inc. Other SaaS - - - 06/30/2016 Zaption Inc. Workday, Inc. (NYSE:WDAY) Other SaaS - - - 06/29/2016 Vibrant Data, Inc. Slice Technologies, Inc. Data & Analytics - - - 06/29/2016 Wize Services, Inc. Wizeline, Inc. Enterprise Software - - - 06/29/2016 Ecocion, Inc. Intelex Technologies Inc. Enterprise Software - - - 06/29/2016 Cymbel Corporation The Pinnacle Group Financial Technology - - - 06/29/2016 H-Card, LLC Global Healthcare Exchange, LLC Healthcare IT - - - 06/29/2016 Incognito Software, Inc., Networking Assets of CenturyLink, Inc. (NYSE:CTL) Infrastructure/Hosting - - - former Active Broadband 06/29/2016 ARRIS International plc., Whole Home Solution Espial Group, Inc. (TSX:ESP) Infrastructure/Hosting - - - Platform 06/29/2016 Mobile Active Defense, Inc. Cyber adAPT, Inc. IT Security - - - 06/29/2016 HiAlgo Inc. Advanced Micro Devices, Inc. Other SaaS - - - (NasdaqCM:AMD) 06/28/2016 Patent River, Inc. Anaqua, Inc. Data & Analytics - - - 06/28/2016 aboutLife, Inc. NerdWallet, Inc. Financial Technology - - - 06/28/2016 ChartLogic, Inc. Medsphere Systems Corporation Healthcare IT - - - 06/28/2016 SharpSpring, Inc., SMTP Relay Business The Electric Mail Company Inc. Infrastructure/Hosting - - 15.0 06/28/2016 CloudLock, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) IT Security - - 293.0 06/28/2016 GoChime, Inc. Bounce Exchange LLC Marketing Software - - - 06/28/2016 Predictix LLC Infor (US), Inc. Other SaaS - - 125.0 06/27/2016 Orchestro, Inc. E2open, Inc. Data & Analytics - - - 06/27/2016 iLab Solutions, LLC Agilent Technologies, Inc. (NYSE:A) Enterprise Software - - - 06/27/2016 MeYou Health, Inc. California Physicians' Service, Inc.; Ballast Point Healthcare IT - - - Ventures 06/27/2016 Rolltech, Inc. Sports Challenge Network, LLC Other SaaS - - - 06/27/2016 Skout, Inc. MeetMe, Inc. (NasdaqCM:MEET) Other SaaS - - 54.58 06/24/2016 Badgeville, Inc. Callidus Software Inc. (NasdaqGM:CALD) Enterprise Software - - 7.5 06/24/2016 Rightside Group, Ltd., Generic Top Level Donuts Inc. Infrastructure/Hosting - - Domains and Related Assets 70.0 06/24/2016 Slide Network Inc. Raise Marketplace Inc. Other SaaS - - - 06/23/2016 1Spatial Inc. 1Spatial Holdings plc Data & Analytics - - 1.63 06/23/2016 SiiLA Investors, LLC Real Capital Analytics, Inc. Data & Analytics - - - 06/23/2016 EOIR Technologies, Inc. Arlington Capital Partners Enterprise Software - - - 06/23/2016 PMW Technologies Inc. SnagAJob.com, Inc. Enterprise Software - - - 06/23/2016 Bomgar Corporation Thoma Bravo, LLC IT Security - - - 06/23/2016 Efficient Collaborative Retail Marketing Snow Phipps Group, LLC Marketing Software - - - Company, LLC 06/23/2016 Dynamic Webtools, LLC - Other SaaS - - 0.015 06/23/2016 Lucida Labs, Inc. Tradeshift Inc. Other SaaS - - - 06/23/2016 FishingCrew and Ryple Outdoor InSite, LLC Other SaaS - - - Source: S&P Capital IQ Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/23/2016 iControl Networks, Inc., Networks Division Comcast Corporation (NasdaqGS:CMCS.A) Other SaaS - - - 06/23/2016 G3G, Inc. TriCore Solutions, LLC Other SaaS - - - 06/22/2016 Digital Asset Holdings, LLC ASX Limited (ASX:ASX) Financial Technology - - 7.16 06/22/2016 Motivity Solutions, Inc. Black Knight Financial Services, Inc. Financial Technology - - - (NYSE:BKFS) 06/22/2016 CenterWatch, LLC WIRB - Copernicus Group, Inc. Healthcare IT - - - 06/22/2016 Webpass, Inc. Google Fiber Inc. Infrastructure/Hosting - - - 06/22/2016 Socure Inc. Santander UK plc, Investment Arm IT Security - - - 06/22/2016 ROXIMITY, Inc. Verve Wireless, Inc. Marketing Software - - - 06/22/2016 Uptown Labs, Inc. Pinterest, Inc. Other SaaS - - - 06/21/2016 OpenWhere, Inc. Spaceflight Industries, Inc. Data & Analytics - - - 06/21/2016 Educator's Assessment Data Management IO Education, LLC Enterprise Software - - - System 06/21/2016 GOFACTORY Inc. Space Time Insight, Inc. Enterprise Software - - - 06/21/2016 Sharp BancSystems, Inc. Nymbus, Inc. Financial Technology - - - 06/21/2016 Mobilend, Inc. Kuber Financial, LLC Financial Technology - - - 06/21/2016 VOYAT Inc. Intent Media, Inc. Marketing Software - - - 06/21/2016 MassageNow Zeel Networks, Inc. Other SaaS - - - 06/21/2016 Simutronics Corporation Stillfront Group AB (publ) (OM:SF) Other SaaS - - 2.73 06/21/2016 TheEcoAppCompany Global Clean Energy, Inc. (OTCPK:GCEI) Other SaaS - - - 06/21/2016 Dextrys, Inc. EPAM Systems, Inc. (NYSE:EPAM) Other SaaS - - - 06/21/2016 Dematic Group S.à r.l. KION GROUP AG (XTRA:KGX) Supply Chain Software 3,250.0 16.17 1.81 06/21/2016 Telogis, Inc. Verizon Telematics, Inc. Supply Chain Software - - - 06/20/2016 Capstone Technology Corporation Spectris plc (LSE:SXS) Enterprise Software - - 22.5 06/20/2016 ClientRunner Software, Inc. Next Gear Solutions, Inc. Enterprise Software - - - 06/20/2016 Actio Software Corporation Enviance, Inc. Enterprise Software - - - 06/20/2016 Consilium, LLC GFAR Health Services, LLC Financial Technology - - - 06/20/2016 Equity Brick, LLC MassVenture Inc. Financial Technology - - - 06/20/2016 HP Inc., Customer Communications Management Open Text Corporation (NasdaqGS:OTEX) Infrastructure/Hosting - - and Other Assets 315.0 06/20/2016 Capone Strategies Incorporated Villa di Strategies 214, Inc. Marketing Software - - - 06/20/2016 Binpress Inc. CodersClan Other SaaS - - - 06/20/2016 ShippingEasy, Inc. Stamps.com Inc. (NasdaqGS:STMP) Supply Chain Software - - 55.0 06/17/2016 Eye-Fi, Inc, Eyefi Cloud Ricoh Innovations Corporation Data & Analytics - - - 06/17/2016 PersonaDrive Inc. McorpCX, Inc. (OTCPK:MCCX) Enterprise Software - - - 06/17/2016 MERSCORP Holdings, Inc. Intercontinental Exchange, Inc. (NYSE:ICE) Financial Technology - - - 06/16/2016 Optimal Blue LLC GTCR, LLC Financial Technology - - - 06/16/2016 Klik Technologies, Corp. Checkalt Payment Solutions, Inc. Financial Technology - - - 06/16/2016 Spark Gift Sales LLC Stockpile Financial Technology - - - 06/16/2016 Consulting Solutions International, Inc. White Wolf Capital LLC Other SaaS - - - 06/16/2016 Wand Labs, Inc. Microsoft Corporation (NasdaqGS:MSFT) Other SaaS - - - 06/15/2016 Navicure, Inc. Bain Capital Private Equity Healthcare IT - - - 06/15/2016 Auditz LLC TransUnion (NYSE:TRU) Healthcare IT - - - 06/15/2016 Heirloom Technology, Inc. Mylestoned Inc. Other SaaS - - - 06/15/2016 Fleksy, Inc. Pinterest, Inc. Other SaaS - - - 06/15/2016 vRide, Inc. Enterprise Holdings, Inc. Other SaaS - - - 06/15/2016 Fixed, Inc. Lawgix International, Inc. Other SaaS - - - 06/15/2016 Joyent, Inc. Samsung Electronics Co. Ltd. (KOSE:A005930) Supply Chain Software - - - Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 16 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/14/2016 Mobile Defense Inc. - Data & Analytics - - - 06/14/2016 Care At Hand, Inc. Mindoula Health, Inc. Data & Analytics - - - 06/14/2016 Toolworx Information Products, Inc. RACO Industries LLC Data & Analytics - - - 06/14/2016 PageScience Inc. AccentHealth, LLC Data & Analytics - - - 06/14/2016 BrilliantRetail Vector Media Group Inc. Enterprise Software - - - 06/14/2016 ElasticBox Inc. CenturyLink, Inc. (NYSE:CTL) Enterprise Software - - - 06/14/2016 inquus corporation Brainly, Inc. Enterprise Software - - - 06/14/2016 Columbia Ultimate, Inc. Ontario Systems, LLC Financial Technology - - - 06/14/2016 AccuCore Group LLC mTuitive, Inc. Healthcare IT - - - 06/14/2016 Forensiq LLC Impact Radius, Inc. IT Security - - - 06/14/2016 QuadMetrics Inc. Fair Isaac Corporation (NYSE:FICO) IT Security - - - 06/14/2016 Syslogic Technical Services Inc. Incedo Inc. Marketing Software - - - 06/14/2016 Algorithmic Implementations, Inc. Freedom Scientific Inc. Other SaaS - - - 06/13/2016 Tropics, An Insurity Company Insurity, Inc. Enterprise Software - - - 06/13/2016 DoApp, Inc. Newscycle Solutions, Inc. Enterprise Software - - - 06/13/2016 KMR Inc. Nymbus, Inc. Enterprise Software - - - 06/13/2016 MedHOK, Inc. The Hearst Corporation Healthcare IT - - - 06/13/2016 Online Business Applications, Inc. Anju Software, Inc. Healthcare IT - - - 06/13/2016 Oceans Edge, Inc., Cyber Business ManTech International Corporation Infrastructure/Hosting - - - (NasdaqGS:MANT) 06/13/2016 Arkin Net Inc. VMware, Inc. (NYSE:VMW) IT Security - - - 06/13/2016 Portadi, Inc. OneLogin, Inc. Other SaaS - - - 06/13/2016 LinkedIn Corporation (NYSE:LNKD) Microsoft Corporation (NasdaqGS:MSFT) Tech Conglomerates 29,350.56 98.41 8.15 06/12/2016 Blue Coat, Inc. Symantec Corporation (NasdaqGS:SYMC) IT Security - 4,858.81 7.89 06/11/2016 Automat You & Mr Jones Inc Marketing Software - - - 06/10/2016 iPremise, LLC Nexus Technologies, Inc. Infrastructure/Hosting - - - 06/10/2016 OneHopWeb Blue Bell Web Hosting, LLC Infrastructure/Hosting - - - 06/10/2016 iStream Network, Inc. Cleartronic, Inc (OTCPK:CLRI) Other SaaS - - - 06/09/2016 True Clarity Consulting LLC Server Suites LLC Enterprise Software - - - 06/09/2016 Performa Apps LLC Priority Software Ltd. Financial Technology - - - 06/09/2016 HGS Colibrium, Inc. Hinduja Global Solutions Limited (BSE:532859) Healthcare IT - - - 06/09/2016 Gainspeed, Inc. Nokia Corporation (HLSE:NOKIA) Infrastructure/Hosting - - - 06/09/2016 FollowUp.cc Scaleworks Associates Other SaaS - - - 06/09/2016 Quadrant Software, Inc. Fresche Solutions Inc. Other SaaS - - - 06/09/2016 Digital Funk Machine, LLC. Digital Domain Holdings Limited (SEHK:547) Other SaaS - - - 06/09/2016 Active Broadband Networks Inc., Operations Incognito Software, Inc. Other SaaS - - - Support Systems solutions business 06/08/2016 Advanced Public Safety, Inc. Aptean, Inc. Enterprise Software - - - 06/08/2016 Concergent IT, LLC Underground Vaults & Storage, Inc. Financial Technology - - - 06/08/2016 Smaato Inc. Spearhead Integrated Marketing Marketing Software - - Communication Group (SZSE:300071) 148.0 06/08/2016 Renren Inc., Games Business - Other SaaS - - - 06/08/2016 Jobr, Inc. Monster Worldwide, Inc. (NYSE:MWW) Other SaaS - - - 06/08/2016 Invoiceware International LLC Sovos Compliance, LLC Other SaaS - - - 06/07/2016 American Property Guard, LLC LERETA, LLC Data & Analytics - - - 06/07/2016 Maximum Processing Inc. Sapiens International Corporation N.V. Financial Technology - - - (NasdaqCM:SPNS) 06/07/2016 ConnectedHealth, LLC Connecture, Inc. (NasdaqGM:CNXR) Healthcare IT - - 6.58 Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 17 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/07/2016 AccelOps, Inc. Fortinet Inc. (NasdaqGS:FTNT) IT Security - - 32.0 06/07/2016 Business Products Group, Inc. Jones Lang LaSalle Incorporated (NYSE:JLL) IT Services - - - 06/07/2016 Northstar Travel Group, LLC Wasserstein & Co.; John Hancock Advisers, Marketing Software - - - LLC; Storebrand Insurance Group 06/07/2016 Elemica, Inc. Thoma Bravo, LLC Supply Chain Software - - - 06/06/2016 The Fidelis Group, LLC Aspen Technology, Inc. (NasdaqGS:AZPN) Data & Analytics - - - 06/06/2016 Haiku Learning Systems, Inc. PowerSchool Group LLC Enterprise Software - - - 06/06/2016 SDN Communications, Phone/data Equipment EarthBend LLC Enterprise Software - - - Division and Cloud Contact Center Platform 06/06/2016 BitQuick.co Athena Bitcoin, Inc. Financial Technology - - - 06/06/2016 InfoReach, Inc. Cameo Global, Inc. Financial Technology - - - 06/06/2016 BNN Holdings Corp. NuVasive, Inc. (NasdaqGS:NUVA) Healthcare IT - 98.0 1.96 06/06/2016 IMI Health Inc. Centauri Health Solutions, Inc. Healthcare IT - - - 06/06/2016 Whale Interests LLC, 360,000 Square Foot Data QTS Realty Trust, Inc. (NYSE:QTS) Infrastructure/Hosting - - Center in Piscataway 125.0 06/06/2016 Semtech Corporation, Snowbush IP Rambus Inc. (NasdaqGS:RMBS) Infrastructure/Hosting - - 25.29 06/06/2016 AssureTec Technologies, Inc. Acuant Inc. IT Security - - - 06/03/2016 Resource Navigation Inc. HR Knowledge, Inc. Enterprise Software - - - 06/03/2016 Interactive Ideas LLC Condeco Software Inc. Enterprise Software - - - 06/03/2016 Integratec Services LLC MRI Software LLC Financial Technology - - - 06/03/2016 inAssist Health Management Solutions, Portion Bolton & Company Inc. Healthcare IT - - - Of Corporate Employee Benefits Business 06/03/2016 22,000 sq ft Datacenter in Los Angeles M-Theory Group, LLC Infrastructure/Hosting - - - 06/02/2016 Qlik Technologies, Inc. (NasdaqGS:QLIK) Thoma Bravo, LLC Data & Analytics - 2,984.83 4.15 06/02/2016 Omega Data, LLC CopperHill Consulting, LLC Data & Analytics - - - 06/02/2016 GPIO Inc. Surface Ink Ltd. Data & Analytics - - - 06/02/2016 Superfeedr A Medium Corporation Data & Analytics - - - 06/02/2016 Linoma Software Inc. HelpSystems, LLC Enterprise Software - - - 06/02/2016 Incentive Logic, Inc. Augeo Affinity Marketing Inc. Marketing Software - - - 06/02/2016 OEConnection LLC Providence Equity Partners LLC Other SaaS - - - 06/02/2016 Recommind, Inc. Open Text Corporation (NasdaqGS:OTEX) Other SaaS - - 163.0 06/02/2016 OnRamp Technologies LLC Market Track, LLC Other SaaS - - - 06/02/2016 Palace Gate Corporation V-Soft Consulting, Inc. Other SaaS - - - 06/01/2016 Case Closed Software Crime Tech Solutions, LLC Data & Analytics - - - 06/01/2016 Gaming Informatics, LLC Kobetron, Inc. Enterprise Software - - - 06/01/2016 XyberNET, Inc. Blue Hill Data Services, Inc. Enterprise Software - - - 06/01/2016 Appealtrack, LLC Tax Compliance, Inc. Enterprise Software - - - 06/01/2016 Demandware, Inc. salesforce.com, inc. (NYSE:CRM) Enterprise Software - 2,857.66 10.48 06/01/2016 ExecuTime Software, LLC Tyler Technologies, Inc. (NYSE:TYL) Enterprise Software - - - 06/01/2016 Softvision Consulting LLC Softvision Paradigms International Group, LLC Enterprise Software - - - 06/01/2016 R.C. Olmstead, Inc. Nymbus, Inc. Financial Technology - - - 06/01/2016 Ping Identity Corporation Vista Equity Partners IT Security - - - 06/01/2016 BrightPoint Security, Inc. ServiceNow, Inc. (NYSE:NOW) IT Security - - - 06/01/2016 Replibit LLC eFolder, Inc. IT Services - - -

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 18 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 06/01/2016 AbleBridge, Inc. Crowe Horwath LLP IT Services - - - 06/01/2016 Missing Link Managed Services, LLC CisCom Solutions, LLC IT Services - - - 06/01/2016 Fiksu, Inc. ClickDealer Ltd Marketing Software - - - 06/01/2016 Zentila, Inc. eTouches, Inc. Other SaaS - - - 05/31/2016 SciQuest, Inc. (NasdaqGS:SQI) Accel-KKR LLC Enterprise Software 489.34 40.14 3.56 05/31/2016 JumpForward, LLC Active Network, LLC Enterprise Software - - - 05/31/2016 Intellinote, Inc. BroadSoft, Inc. (NasdaqGS:BSFT) Enterprise Software - - - 05/31/2016 InvestSoft Technology, Inc. Morningstar Inc. (NasdaqGS:MORN) Financial Technology - - - 05/31/2016 Mobilligy, Inc. PayNearMe Inc. Financial Technology - - - 05/31/2016 RBP Healthcare Technologies, Inc. Inspira Financial Inc. (TSXV:LND) Healthcare IT - - 4.15 05/31/2016 Falcon Technology, Inc. DAS Health Healthcare IT - - - 05/31/2016 The IN Group, Inc. DrFirst.com, Inc. Healthcare IT - - - 05/31/2016 Beachcomber Creations and Jiffynet and Cloud Equity Group Infrastructure/Hosting - - - ServerRhino and Webolocity and NetLink 05/31/2016 Shadow NetWorks, Inc. Acalvio Technologies, Inc. IT Security - - - 05/31/2016 Marketo, Inc. (NasdaqGS:MKTO) Vista Equity Partners Marketing Software - 1,795.14 7.52 05/31/2016 Commercial Progression LLC Symmetri Marketing Group, LLC Marketing Software - - - 05/31/2016 Funtactix Inc. Playtech plc (LSE:PTEC) Other SaaS - - - 05/31/2016 ZIIBRA Inc. Kawf.com, Inc. Other SaaS - - - 05/31/2016 Microsoft Corporation, Portfolio of 1,500 Patents Xiaomi Inc. Other SaaS - - - 05/30/2016 Transparency-One SGS SA (SWX:SGSN) Enterprise Software - - - 05/27/2016 NetBoss Technologies, Inc. Enghouse Systems Limited (TSX:ESL) Data & Analytics - - 7.15 05/27/2016 ITAS, LLC And Deer Valley Data, LLC Newtek Technology Solutions IT Services - - 0.6 05/27/2016 Zerista, Inc. JackRabbit Systems, Inc. Other SaaS - - - 05/26/2016 Statwing, Inc. Qualtrics, LLC Data & Analytics - - - 05/26/2016 Demonsaw, LLC MGT Cybersecurity, Inc. Infrastructure/Hosting - - 44.8 05/26/2016 Next Wave Envysion, Inc. IT Security - - - 05/26/2016 Michael Cizmar & Associates Ltd. Yippy, Inc. (OTCPK:YIPI) IT Services - - - 05/26/2016 Itseez, Inc. Intel Corporation (NasdaqGS:INTC) Other SaaS - - - 05/26/2016 Pixel & Line and Project Forge Vector Logic, LLC Other SaaS - - - 05/26/2016 Superweapon, LLC Kabam, Inc. Other SaaS - - - 05/26/2016 Sales-University EdCast, Incorporated Other SaaS - - - 05/25/2016 Customer Discovery Ninja Tricent Capital Data & Analytics - - - 05/25/2016 Bowman Systems, L.L.C. Mediware Information Systems, Inc. Enterprise Software - - - 05/25/2016 DNA Healthcare Inc. iHealth Solutions LLC Healthcare IT - - - 05/25/2016 Lifecode Inc., Data Interpretation Division Vela Diagnostics Pte. Ltd. Healthcare IT - - - 05/25/2016 Paragon Solutions Group, Inc. Marco, Inc. IT Services - - - 05/25/2016 Zachtronics LLC Alliance Media Holdings Inc. (OTCPK:ADTR) Other SaaS - - - 05/25/2016 Elencee, Inc. BioStem Technologies, Inc. (OTCPK:BSEM) Other SaaS - - 0.783 05/25/2016 Pronoun, Inc. Macmillan Limited Other SaaS - - - 05/25/2016 Appolicious Inc., Participate Learning The Center for International Education, Inc. Other SaaS - - - 05/25/2016 IdentityMine, Inc. Valorem Consulting Group, LLC Other SaaS - - - 05/24/2016 Professional Datasolutions, Inc. TA Associates Management, L.P. Enterprise Software - - - 05/24/2016 Vertical Computer Systems, Inc. Bravo Store Systems, LLC Enterprise Software - - - 05/24/2016 Nuiku Inc Nortek Inc. (NasdaqGS:NTK) Enterprise Software - - - Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 19 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 05/24/2016 Hewlett Packard Enterprise Company, Enterprise Computer Sciences Corporation (NYSE:CSC) Enterprise Software - - - Services Business 05/24/2016 Base36, Inc. Compunnel Software Group, Inc. IT Services - - - 05/24/2016 Spiderbook, Inc. DEMANDBASE, INC. Marketing Software - - - 05/24/2016 WOOMOO INC. priceline.com LLC Other SaaS - - - 05/24/2016 TeacherMatch LLC PeopleAdmin, Inc. Other SaaS - - - 05/23/2016 IrishCentral LLC - Healthcare IT - - 3.0 05/23/2016 Xura, Inc. (NasdaqGM:MESG) Siris Capital Group, LLC Infrastructure/Hosting - 803.6 2.33 05/23/2016 Geekatoo, Inc. HelloTech, Inc. IT Services - - - 05/23/2016 110 Consulting Inc. TA Group Holdings IT Services - - - 05/23/2016 INTERA Petroleum Consultants Inc. INTERA Incorporated Supply Chain Software - - - 05/20/2016 IHS Inc., Operational Excellence & Risk Genstar Capital, LLC Data & Analytics - - - Management Business 05/20/2016 RideApart Inc. Motor1.com, LLC Financial Technology - - - 05/20/2016 Adenium Systems, Inc. Dodge Data & Analytics, Inc. Marketing Software - - - 05/20/2016 West Coast Ventures Group Corp. CHD Bioscience, Inc. Marketing Software - - - (OTCPK:WCVC) 05/19/2016 CannaScore, LLC CS Compliance Systems, LLC Data & Analytics - - - 05/19/2016 VerbalizeIt, Inc. Smartling, Inc. Enterprise Software - - - 05/19/2016 Kismatic, Inc. Apprenda Inc. Enterprise Software - - - 05/19/2016 Sebring Software, Inc., Substantially All Assets Great American Insurance Company, Inc.; Healthcare IT - - Continental General Insurance Company; 7.0 United Teacher Associates Insurance Company; Great American Life Insurance Company 05/19/2016 Flagship Global Corporation (OTCPK:NLLN.D) Stansbridge Limited Healthcare IT - - 0.345 05/19/2016 JURINNOV, LLC Technology Concepts & Design, Inc. IT Security - - - 05/19/2016 Knetik Media, LLC CIMA Group, Inc. Marketing Software - - - 05/19/2016 Doba, LLC Made-in-China.com Marketing Software - - - 05/19/2016 Assembla, LLC Scaleworks Associates Other SaaS - - - 05/19/2016 ColSpace Corporation Mediaocean LLC Other SaaS - - - 05/19/2016 OVGuide.com, Inc. CinemaNow Corporation Other SaaS - - - 05/19/2016 bLife, Inc. Canary Health Inc. Other SaaS - - - 05/18/2016 Adpay, Inc. Ancestry.Com Operations Inc. Enterprise Software - - - 05/18/2016 Venture Highway, LLC Stratesphere, LLC Enterprise Software - - - 05/18/2016 Hexis Cyber Solutions, Inc., Hexis HawkEye G WatchGuard Technologies, Inc. Financial Technology - - - 05/18/2016 Planet Logic, LLC ITelagen, Inc. Healthcare IT - - - 05/18/2016 LaGarde Incorporated Awesome Commerce, LLC IT Security - - - 05/18/2016 LH Meyer, Inc. Quiet Signal Marketing Software - - - 05/18/2016 Shopety Inc. Inteliquent, Inc. (NasdaqGS:IQNT) Other SaaS - - 4.4 05/18/2016 inContact, Inc. (NasdaqCM:SAAS) NICE Ltd. (TASE:NICE) Other SaaS - 967.5 3.78 05/18/2016 Coin, Inc., Wearable Payments Assets Fitbit Inc. (NYSE:FIT) Other SaaS - - - 05/17/2016 Trimble Navigation Limited, Trimble Energy GeoSpatial Innovations, Inc. Data & Analytics - - - Transmission Solutions Business 05/17/2016 SafeDate LLC Tautachrome Inc. (OTCPK:TTCM) Data & Analytics - - - 05/17/2016 Portfolio Asset Management RealPage, Inc. (NasdaqGS:RP) Data & Analytics - - 4.8 05/17/2016 Noveda Technologies, Inc. Buddy Platform Ltd. (ASX:BUD) Financial Technology - - 24.0 05/17/2016 Decisif Consulting, Inc. DayNine Consulting, Inc. Financial Technology - - -

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 20 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 05/17/2016 Divlan Inc. HudlHealth, Inc. Healthcare IT - - - 05/17/2016 Datalytics Technologies LLC Magnitude Software, Inc. IT Security - - - 05/17/2016 GameTrailers Corp. IGN Entertainment, Inc. Other SaaS - - - 05/16/2016 Hstar Technology Group, Inc. Cal.net, Inc. Data & Analytics - - - 05/16/2016 eLynx, Ltd. Black Knight Financial Services, Inc. Enterprise Software - - (NYSE:BKFS) 115.0 05/16/2016 Innometriks Inc. and 2DogsStudios, LLC Tyco Security Products Financial Technology - - - 05/16/2016 AIQ, Inc. Discovery Data, Inc. Financial Technology - - - 05/16/2016 Tecplot, Inc. Vela Software International, Inc. Financial Technology - - - 05/16/2016 Solaris Development, Inc. First Line Software Inc. Healthcare IT - - - 05/13/2016 MDoffice, Inc. Eli Global, LLC Healthcare IT - - - 05/13/2016 Colonial Valley Software, Inc. Keizer Solutions Inc. Healthcare IT - - - 05/13/2016 Onshore Partners Inc. CONTAX Inc. IT Services - - - 05/13/2016 Prosperent, Inc. VigLink, Inc. Other SaaS - - - 05/12/2016 Vision Solutions Inc. Clearlake Capital Group, L.P. Enterprise Software - - - 05/12/2016 10Stories, Inc. TrackMaven, Inc. Enterprise Software - - - 05/12/2016 AKA Enterprise Solutions, Inc. Green Beacon Solutions LLC Enterprise Software - - - 05/12/2016 MediaNet, Inc. SOCAN, Endowment Arm IT Services - - - 05/12/2016 PR Newswire Association LLC, US and UK Agility MediaMiser Ltd.; MediaMiser LLC IT Services - - Business 4.8 05/12/2016 Evantix GRC, LLC AF Security Holdings Corp. Marketing Software - - - 05/12/2016 ClickSpark LLC Output Services Group, Inc. Marketing Software - - - 05/12/2016 Wallapop., U.S. Operations Ambatana Inc. Marketing Software - - - 05/11/2016 Fluid Innovation, Inc. Dominion Harbor Group, LLC Enterprise Software - - - 05/11/2016 Broadridge Derivatives Clearing Broadridge Financial Solutions, Inc. (NYSE:BR) IT Services - - - 05/11/2016 Trails.com, Inc. LoveToKnow Corporation IT Services - - - 05/11/2016 K12 Enterprise LLC and AVF Consulting Inc. Jitasa, Inc. IT Services - - - 05/11/2016 ICT Technical Services LLC OneSource Technology, Inc. IT Services - - - 05/10/2016 MessageVision, Inc. Concord Technologies, Inc. Enterprise Software - - - 05/10/2016 Omega Discovery Solutions, LLC Skyline Discovery Consulting, Inc. Healthcare IT - - - 05/10/2016 Certain assets of Electronic Vaulting Services j2 Global, Inc. (NasdaqGS:JCOM) IT Security - - - 05/09/2016 Implementing Technologies, LLC, Online Lumin Medical LLC Healthcare IT - - - Reputation Management (ORM) Assets 05/09/2016 OverDog, Inc. Odd Networks, Inc. Healthcare IT - - - 05/09/2016 PPL Solutions, LLC Hansen Technologies Ltd. (ASX:HSN) IT Security - - - 05/09/2016 Pospitality LLC Upserve, Inc. IT Services - - - 05/09/2016 Danal, Inc. Bango PLC (AIM:BGO) Marketing Software - - 3.63 05/09/2016 AcroSoft Corporation Hyland Software, Inc. Other SaaS - - - 05/09/2016 TracePoint Consulting, LLC Information Services Group, Inc. Supply Chain Software - - (NasdaqGM:III) 7.8 05/06/2016 Lagniappe Pharmacy Services, LLC Transaction Data Systems, Inc. Healthcare IT - - - 05/06/2016 Prime Solutions, LLC Altamira Technologies Corporation IT Services - - - 05/06/2016 EmergiTech, Inc. Zuercher Technologies, LLC Other SaaS - - - 05/06/2016 Växa Design Group, LTD. The Scotts Miracle-Gro Company (NYSE:SMG) Other SaaS - - - 05/06/2016 Jumio Inc. Centana Growth Partners Supply Chain Software - - 0.85 05/06/2016 @hand Corporation Versata Enterprises, Inc. Supply Chain Software - - - 05/05/2016 NextAdvisor, Inc. Bankrate, Inc. (NYSE:RATE) Other SaaS - 209.38 7.25 05/04/2016 vline, inc. Airtime Media, Inc. Enterprise Software - - - Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 21 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 05/04/2016 CES Global LLC CES USA, Inc. Enterprise Software - - - 05/04/2016 Palantir Technologies Inc. - Financial Technology - - 18.42 05/04/2016 DocuTAP, Inc. Warburg Pincus LLC Healthcare IT - - - 05/04/2016 CloudAccess.net, LLC Cloud Equity Group IT Services - - - 05/04/2016 United Online, Inc. B. Riley Financial, Inc. (NasdaqCM:RILY) Marketing Software 164.42 4.4 0.457 05/04/2016 Kodak Design2Launch Solutions Blue Software, LLC Other SaaS - - - 05/04/2016 MerchantAtlas, Inc. Adloop Media, Inc. Other SaaS - - - 05/03/2016 Hexis Cyber Solutions Inc., Hexis HawkEye AP Ignite Technologies, Inc. Data & Analytics - - - Product Line Business 05/03/2016 CrossBrowserTesting.com, LLC SmartBear Software Inc. Enterprise Software - - - 05/03/2016 TEKNOVARE Inc. BP3 GLOBAL INC. Enterprise Software - - - 05/03/2016 IMS Health Holdings, Inc. (NYSE:IMS) Quintiles Transnational Holdings Inc. (NYSE:Q) Healthcare IT 13,548.54 17.73 4.3 05/03/2016 LifeNexus, Inc., Certain Assets Spring Grove Finance, S.A. Healthcare IT - - - 05/03/2016 F1 Discovery, LLC Xcellence, Inc. Infrastructure/Hosting - - - 05/03/2016 Milestone Systems, Inc. Kudelski SA (SWX:KUD) IT Security - - - 05/03/2016 Skydance Interactive, LLC Skydance Media IT Services - - - 05/03/2016 Virtual Stack, LLC Rampart Hosting, LLC IT Services - - - 05/03/2016 Big Blue Marble Incorporation Macro Games Spólka Akcyjna (WSE:MGS) Other SaaS - 1.1 2.24 05/03/2016 Livefyre, Inc. Adobe Systems Incorporated Other SaaS - - - (NasdaqGS:ADBE) 05/02/2016 Global Software, Inc. Thompson Street Capital Partners Enterprise Software - - - 05/02/2016 OPOWER, Inc. Oracle Corporation (NYSE:ORCL) Enterprise Software - 551.55 3.23 05/02/2016 TalkShoe, Inc. iotum inc. Enterprise Software - - - 05/02/2016 Payprotec Oregon, LLC - Financial Technology - - - 05/02/2016 Chesapeake System Solutions, Inc. Trintech, Inc. Financial Technology - - - 05/02/2016 Duet Health LLC MedData, Inc. Healthcare IT - - - 05/02/2016 Jackson Key Practice Solutions, EHR and Practice DAS Health Healthcare IT - - - Management Business 05/02/2016 Brittenford Systems, Inc. Wipfli LLP IT Services - - - 05/02/2016 DigitalMailer, Inc Doxim Inc. Marketing Software - - - 05/02/2016 ONOSYS Online Ordering Splick-it, Inc. Other SaaS - - - 05/02/2016 Universal Entertainment Group, Inc., Gaming World Poker Fund Holdings, Inc. Other SaaS - - Assets (OTCPK:WPFH) 65.2 05/02/2016 VHX Corporation Vimeo, LLC Other SaaS - - - 05/02/2016 Imagine Easy Solutions, LLC Chegg, Inc. (NYSE:CHGG) Other SaaS - - 60.7 05/02/2016 Vertafore, Inc. Vista Equity Partners; Bain Capital Private Supply Chain Software - - - Equity 05/02/2016 LeanLogistics, Inc. Kewill plc Supply Chain Software - - 115.0 04/29/2016 IEEE GlobalSpec, Inc. Institute of Electrical and Electronics Engineers, Enterprise Software - - - Inc., Endowment Arm 04/29/2016 L.A. Systems, Inc. Chakrabarti Management Consultancy, Inc. IT Services - - - 04/29/2016 Reach Labs, Inc. You & Mr Jones Inc Marketing Software - - - 04/29/2016 pingg.com LLC Regent Equity Partners, LLC Other SaaS - - - 04/29/2016 Medialon Inc. Barco NV (ENXTBR:BAR) Other SaaS - - - 04/29/2016 TiVo Inc. (NasdaqGS:TIVO) Rovi Corporation (NasdaqGS:ROVI) Tech Conglomerates 1,881.33 14.46 2.52 04/28/2016 Legal OnRamp Elevate Services, Inc. Enterprise Software - - -

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 22 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 04/28/2016 Store Financial Services, LLC Emerchants Limited (ASX:EML) Financial Technology - - 36.96 04/28/2016 Caradigm USA LLC GE Healthcare Limited Healthcare IT - - - 04/28/2016 Certain Assets of Wireless Access Line Business MaxLinear Asia Singapore Private Limited; Infrastructure/Hosting - - MaxLinear Canada Corporation 21.0 04/28/2016 AVI-SPL, Inc. H.I.G. Capital, LLC IT Services - - - 04/28/2016 The Kive Company, Tastemaker Mom & Related Mom Media Enterprises, LLC Marketing Software - - - Assets 04/28/2016 Cloak StackPath, LLC Other SaaS - - - 04/28/2016 Textura Corporation Oracle Corporation (NYSE:ORCL) Supply Chain Software - 682.6 6.51 04/27/2016 Advanced Processing & Imaging, Inc. Marex Group, Inc. Enterprise Software - - 4.8 04/27/2016 Sweep, Inc. Affirm, Inc. Financial Technology - - - 04/27/2016 Gyrus Labs, Inc. CloudMedx Inc. Healthcare IT - - - 04/27/2016 Nextrials, Inc. PRA Health Sciences, Inc. (NasdaqGS:PRAH) Healthcare IT - - 7.65 04/27/2016 MedVirginia Solution Envera Health, Inc. Healthcare IT - - - 04/27/2016 ANXeBusiness Corp. Open Text Corporation (NasdaqGS:OTEX) IT Security - - 104.0 04/27/2016 Colyar Technology Solutions - IT Services - - - 04/27/2016 Brinkster Communications Corporation Trapp Technology, Inc. IT Services - - - 04/27/2016 CrowdAlbum, Inc. Spotify Technology S.A. Other SaaS - - - 04/27/2016 Petrichor Corp. - Supply Chain Software - - 0.25 04/26/2016 FPX, LLC HGGC, LLC Enterprise Software - - - 04/26/2016 Solidfax.com OnlineFaxes.com Enterprise Software - - - 04/26/2016 US Storage Search, Inc. Self Storage Co, LLC Infrastructure/Hosting - - - 04/26/2016 Meadows Design, LLC Ad Victoriam Solutions, LLC IT Services - - - 04/26/2016 Cranberry Radio Cranberry News Marketing, LLC Marketing Software - - - 04/26/2016 Curated Software, Inc. Litmus Software, Inc. Other SaaS - - - 04/25/2016 Receivd, Inc. Pocket Games, Inc. (OTCPK:PKGM) Enterprise Software - - - 04/25/2016 Verisk Health, Inc. and MediConnect Global, Inc. Veritas Capital Healthcare IT - - 820.0 04/25/2016 Alura Business Solutions, LLC Pegasus Technologies, LLC IT Services - - - 04/25/2016 WhereToLive.com, Inc. Lone Wolf Real Estate Technologies Inc. Other SaaS - - - 04/22/2016 QuickLessons LLC Affero Lab Enterprise Software - - 0.557 04/21/2016 MarketPay Associates, LLC PayScale, Inc. Financial Technology - - - 04/21/2016 IMI Exchange Modacom Co., Ltd. (KOSDAQ:A149940) Other SaaS - - 42.06 04/20/2016 Tourney Machine LLC SI Play, LLC Enterprise Software - - - 04/20/2016 Qwikon, Inc. - Marketing Software - - - 04/20/2016 ActionGrid, LLC And CRMCulture, LLC And AppExtremes, Inc. Other SaaS - - - Novatus, Inc. 04/20/2016 Intershop Communications AG (XTRA:ISH2) Shareholder Value Management AG Supply Chain Software - - - 04/19/2016 Calypso Technology, Inc. Bridgepoint Advisers Limited; Summit Partners Enterprise Software - - - LLP 04/19/2016 ConnectSolutions LLC, Skype For Business AssetsCallTower Inc. Enterprise Software - - - 04/19/2016 Goldleaf Enterprise Payments (GEPI), Inc. Battery Ventures Financial Technology - - - 04/19/2016 BNS Network Solutions, Inc. Aureon LLC IT Services - - - 04/18/2016 Habidatum International, Inc. - Data & Analytics - - - 04/18/2016 Duck Creek Technologies, Inc. Apax Partners LLP Enterprise Software - - - 04/18/2016 HP Inc., Certain Customer Experience Software Open Text Corporation (NasdaqGS:OTEX) Enterprise Software - - Assets 170.0

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 23 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 04/18/2016 Bill & Pay and Esber Cash Register i3 Verticals, LLC Financial Technology - - - 04/18/2016 Iosoft Inc. RJD Green, Inc. (OTCPK:RJDG) Healthcare IT - - - 04/18/2016 Multi-Systems, Inc. Gary Jonas Computing Ltd. IT Services - - - 04/18/2016 eNSYNC Solutions Inc. Data Systems International, Inc. IT Services - - - 04/18/2016 Cvent, Inc. (NYSE:CVT) Vista Equity Partners Marketing Software 1,590.76 225.25 7.11 04/18/2016 EngageClick, Inc. 24/7 Inc. Marketing Software - - - 04/18/2016 51% Stake in Xcaliber Technologies and 51% Blancco Technology Group plc (AIM:BLTG) Other SaaS - Stake in Xcaliber IP 5.5 3.67 04/18/2016 CSIdentity Corporation Experian Information Solutions, Inc. Other SaaS - - 360.0 04/16/2016 SKYLINE Cloud Services, Inc. Blue Diamond Solutions, Inc. IT Services - - - 04/15/2016 Todex Corp. Retail Acquisitions Limited Enterprise Software - 0.2 141.57 04/15/2016 Helpmate Technology Solutions, LLC ACS Technologies Group, Inc. Enterprise Software - - - 04/15/2016 NeuCo, Inc. GE Power & Water Enterprise Software - - - 04/15/2016 Macmillan Learning, Adaptive Learning Wolters Kluwer Health, Inc. Enterprise Software - - - Technology Platform 04/15/2016 Click Security, Inc. Alert Logic, Inc. IT Security - - - 04/15/2016 J.D. Power and Associates, Inc. XIO Group IT Services - 1,100.0 3.14 04/15/2016 Vibrant Fusion LLC Wicresoft Co., Ltd. IT Services - - - 04/15/2016 Boldradius Solutions (US) Corp. Lightbend, Inc. IT Services - - - 04/15/2016 Graves Technology LLC Bennett Thrasher PC IT Services - - - 04/15/2016 Float Left Interactive, Inc. Olympusat, Inc. Other SaaS - - - 04/14/2016 Jargon Technologies LLC Giant Interactive Enterprise Software - - - 04/14/2016 Enso LP Euclid Opportunities Fund Financial Technology - - - 04/14/2016 Arsenal Health athenahealth, Inc. (NasdaqGS:ATHN) Healthcare IT - - - 04/14/2016 Curaspan Health Group, Inc. naviHealth, Inc. Healthcare IT - - - 04/14/2016 Tennessee Data Center Carter Validus Mission Critical REIT II, Inc. Infrastructure/Hosting - - 19.4 04/14/2016 Gotham Digital Science LLC Stroz Friedberg, LLC IT Security - - - 04/14/2016 Retailigence Corporation ShopAdvisor, Inc. Marketing Software - - - 04/14/2016 AngelComputing Pixius Communications, LLC Marketing Software - - - 04/14/2016 AcclaimIP and Free Patents Online Anaqua, Inc. Other SaaS - - - 04/13/2016 Ontodia, Inc. OpenGov, Inc. Data & Analytics - - - 04/13/2016 Food Genius, Inc. USA Foods, Inc. Data & Analytics - - - 04/13/2016 Nervanix, LLC SS&C Technologies Holdings, Inc. Healthcare IT - - - (NasdaqGS:SSNC) 04/13/2016 Kit CRM Inc. Shopify Inc. (NYSE:SHOP) Marketing Software - - 0.008 04/12/2016 OpenSpan, Inc. Pegasystems Inc. (NasdaqGS:PEGA) Enterprise Software - - 52.3 04/12/2016 Complete Merchant Solutions LLC Electronic Payments, Inc. Financial Technology - - - 04/12/2016 Advancive Technology Solutions Inc. AF Security Holdings Corp. IT Security - - - 04/12/2016 Picreel Inc. Webfolio Management Inc Marketing Software - - - 04/12/2016 Clocktower Media, Inc. Metova, Inc. Marketing Software - - - 04/12/2016 Wave Systems Corp., Substantially all assets ESW Capital, LLC Other SaaS - - excluding certain patents and the wave.com 3.8 domain 04/11/2016 Prizm LLC ExamWorks Group, Inc. (NYSE:EXAM) Healthcare IT - - - 04/11/2016 Amtel, Inc. NetPlus Inc. IT Security - - - 04/11/2016 360 Ideas, LLC Rowley Snyder Ablah Inc. Marketing Software - - - 04/09/2016 Dictum Health, Inc. TDG Holding Co., Ltd. (SHSE:600330) Healthcare IT - - 1.5 Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 24 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 04/09/2016 Dataware, LLC Midco Infrastructure/Hosting - - - 04/08/2016 Ingenious Inc. Wood Group Mustang, Inc. Enterprise Software - - - 04/08/2016 ViewCentral, LLC Callidus Software Inc. (NasdaqGM:CALD) Enterprise Software - - 4.0 04/08/2016 Mainspring Healthcare Solutions, Inc. Accruent, LLC Healthcare IT - - - 04/08/2016 Versus Technology, Inc. Midmark Corporation Healthcare IT - - - 04/08/2016 Bluebox Security, Inc. Lookout, Inc. IT Security - - - 04/08/2016 inventCommerce Ltd SQLi (ENXTPA:SQI) IT Services - - - 04/08/2016 pixels2Pages Forever, Inc. Other SaaS - - - 04/07/2016 Blacksmith Applications, Inc. Strattam Capital, LLC Enterprise Software - - - 04/07/2016 Teleborder TriNet Group, Inc. (NYSE:TNET) Enterprise Software - - - 04/07/2016 vMEDEX, Inc. Transaction Data Systems, Inc. Healthcare IT - - - 04/07/2016 Hexis Cyber Solutions, Inc. - IT Services - - - 04/07/2016 Stemp Systems Group, Inc. StratX IT Solutions, LLC. IT Services - - - 04/06/2016 Renzu, Inc. SurveyMonkey Inc. Data & Analytics - - - 04/06/2016 Centris Group LLC Frontline Technologies Group LLC Enterprise Software - - - 04/06/2016 KEYS2Engage, WriterKEY Macmillan Learning Enterprise Software - - - 04/06/2016 Focus Technology Group, Inc. AGDATA LP Enterprise Software - - - 04/06/2016 Jargon Smartling, Inc. Enterprise Software - - - 04/06/2016 Genome Compiler Corporation Twist Bioscience Corporation Healthcare IT - - - 04/06/2016 Browsersoft, Inc. Lightbeam Health Solutions, LLC Healthcare IT - - - 04/06/2016 Integrated Business Systems, Inc. EZLinks Golf LLC IT Services - - - 04/06/2016 Choice Technologies, Inc. Data Processing Solutions, Inc. IT Services - - - 04/06/2016 Site9, Inc. Astound Commerce Corporation Marketing Software - - - 04/06/2016 SambaSafety, Inc. ABRY Partners, LLC Other SaaS - - - 04/06/2016 Entourage Inc. SharkReach Inc. (OTCPK:SHRK) Other SaaS - - - 04/05/2016 Travel Notes Inc. refund.me Group Inc. Financial Technology - - - 04/05/2016 Symbiosis Health Inc. SwervePay, LLC Healthcare IT - - - 04/05/2016 Computer Technology Corporation Vendor Credentialing Service LLC Healthcare IT - - - 04/05/2016 Macminicolo.net, LLC MacStadium, Inc. Infrastructure/Hosting - - - 04/05/2016 HiTech Assets, LLC gbt Capital, LLC; Caretta Partners, LLC IT Services - - - 04/05/2016 NodePrime, Inc. Telefonaktiebolaget LM Ericsson (publ) IT Services - - - (OM:ERIC B) 04/05/2016 Skillbridge, Inc. Toptal, LLC IT Services - - - 04/05/2016 ITapp Inc. ServiceNow, Inc. (NYSE:NOW) IT Services - - - 04/05/2016 Computer Troubleshooters NRD Infinity Network Solutions, Inc. IT Services - - - 04/05/2016 Social Yantra, Inc. Experticity, Inc. Marketing Software - - - 04/05/2016 Ackmann & Dickenson, Inc. Clear Night Group Marketing Software - - - 04/05/2016 Bonzi Technology, Inc. Blue Star Sports Other SaaS - - - 04/05/2016 EXTOL International, Inc. Cleo Communications, Inc. Supply Chain Software - - - 04/05/2016 OSIsoft, LLC Mitsui & Co. Ltd. (TSE:8031) Supply Chain Software - - - 04/04/2016 eHealth Data Solutions LLC ABILITY Network Inc. Enterprise Software - - - 04/04/2016 MetaMind Inc. salesforce.com, inc. (NYSE:CRM) Enterprise Software - - 48.0 04/04/2016 Revenue Management Systems, Inc. mercator Financial Technology - - - 04/04/2016 CFC Technology Corporation, LLC Wanke Associates, LLC Financial Technology - - - 04/04/2016 Cappio LLC Simply Wall Street Pty Ltd. Financial Technology - - - 04/04/2016 Intelemage, LLC Medidata Solutions, Inc. (NasdaqGS:MDSO) Healthcare IT - - - 04/04/2016 Oleen Pinnacle Healthcare Consulting LLC Cumberland Consulting Group, LLC Healthcare IT - - - 04/04/2016 BackUp Solutions, Server Backup Assets j2 Global, Inc. (NasdaqGS:JCOM) IT Security - - -

Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 25 Q2 2016 | VOL 4 | ISSUE 2 TECHNOLOGY REPORT

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ TEV/ Date Target Buyer(s) Segment ($ in Mil) Rev EBITDA 04/04/2016 Ensim Corporation Ingram Micro Inc. (NYSE:IM) IT Services - - - 04/04/2016 Global Data Vault, LLC, Server Backup Assets j2 Global, Inc. (NasdaqGS:JCOM) IT Services - - - 04/04/2016 Aurionpro Solutions, Inc., IT Services Business in Saicon Consultants, Inc. IT Services - - USA 10.0 04/04/2016 Aha Consulting, Inc. Municipal Code Corporation IT Services - - - 04/04/2016 Arynga, Inc. Wind River Systems, Inc. Other SaaS - - - 04/04/2016 REEVEX, LLC Glory Global Solutions Inc. Other SaaS - - - 04/04/2016 Ascension Software, Inc. Uniguest Inc. Other SaaS - - - 04/04/2016 Eleven Wireless, Inc., Hospitality Business Center Uniguest Inc. Other SaaS - - - Division 04/03/2016 GeneInsight LLC Sunquest Information Systems, Inc. Healthcare IT - - - 04/01/2016 Pugmarks Inc. NetSource Communications Inc. Infrastructure/Hosting - - - 04/01/2016 Clearview International, LLC Zayo Group, LLC IT Services - - 18.9 04/01/2016 Ancestry.com LLC Silver Lake; GIC Pte. Ltd. Other SaaS - 9.93 3.64 04/01/2016 Genwi Inc. Persistent Systems, Inc. Other SaaS - - - Source: S&P Capital IQ

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 26