Market Update M&Amarlin & Associates Investment Banking and Strategic Advisory to the Technology, Information and Healthcare Industries

July 2015

MARKET UPDATE M&AMARLIN & ASSOCIATES INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

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The attached report focuses on our current sense of the m&a values, activities and trends for the dozen plus sectors that we follow and sometimes lead. It is a good report, values are strong. But I am worried – about Greece.

I am not worried about Greek clients, we do not have any. We have worked with information technology companies in 26 countries – but we have never had a Greek client, buyer or investor for one of our clients. Italy, Ireland, India yes; but not Greece.

Personally, I feel bad for the Greek citizens but, from a business perspective, I am not directly affected by Greece’s economic problems, although I know that they are huge. As I write, the news reports that Greece is about out of cash and that it owes creditors something like $350 billion (about 175% of its GDP) which it can not possibly pay back – ever. Its banks are closed, ATM withdrawals are limited, unemployment is over 25% and climbing, and people with brains or money are looking to get out. The ECB has stopped lending because Greek leaders have declined to make cuts that will drive down the economy further, at least in the short run. But, from a purely business perspective, Greece is a tiny country with 0.3% of the world’s GDP. There are plenty of small countries with problems: Iraq, Afghanistan, and a lot of African countries have their own significant challenges. Besides, Greece’s problems are largely of its own making: its politicians have been spending more than they should for decades, half the population is on the government payroll, corruption is rampant, and tax evasion is a sport. 75% of government workers retire by 61 – some as young as 45.

I am worried because if Greece defaults, a 60-70% probability according to some, that can lead to flight from the Euro, an increase in Russian influence in the Balkans, and perhaps contemplation of further defaults by Italy, Spain, and Portugal (all of which also have large debt burdens). And that is not good for business.

Almost half of our buyers and investors come from Western Europe (the Eurozone) and a large portion of the rest are dependent on the Eurozone for a large portion of revenues. An unstable Europe may cause many business leaders to hesitate to trade cash for the uncertain promise of what is to come. I do not envy the task of Mario Draghi, head of the European Central Bank, but I certainly am rooting for him to find a way to keep the Eurozone stable. Anything else is bad for a lot of folk around the world, including us…

• Cox Enterprises agreed to acquire Dealertrack Technologies (NasdaqGS:TRAK) for $4.5bn; Almost half of our buyers and investors come from Western Europe (the • Credit Karma raised $175mm in a Series D funding round from Tiger Global Management, Valinor Management and Viking Eurozone) and a large portion of the rest Global Investors at a post-money valuation of $3.5bn; are dependent on the Eurozone for a large portion of revenues. An unstable Europe • NantHealth raised $200mm in a funding round from Allscripts (Nasdaq:MDRX); may cause many business leaders to hesitate to trade cash for the uncertain • LendInvest raised $40mm in funding from Beijing Kunlun Tech Co – valuing the company at an implied enterprise value of promise of what is to come. $200mm;

• Archer Capital agreed to acquire Dun & Bradstreet Australia Marlin & Associates is one of the most active firms advising buyers from Dun & Bradstreet for AUD 220mm (~$170mm); and and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in • Checkmarx raised $84mm in funding from Insight Venture New York City, with offices in San Francisco, CA, Washington, Partners. D.C., and Toronto, Canada. It has been the recipient of numerous awards including “Boutique Investment Bank of the Year,” “Middle- Market Investment Bank of the Year,” "Middle-Market Financing Please join us in congratulating our San Francisco Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” partner, Jonathan Kaufman, who was recognized Marlin & Associates' team of professionals has advised over 200 as a 40 Under 40 Emerging Leader by the M&A information-technology transactions. Advisor. Sincerely,

Kenneth B. Marlin www.MarlinLLC.com MARLIN & ASSOCIATES MARKET UPDATE

JULY 2015

03 Sector Comparison Snapshot

04 Sector Analyses

04 Application Software

05 B2B E-commerce & Marketing Technologies

06 Banking Software & Processors

07 Business Intelligence Software

08 Capital Markets Software & Services

09 Data & Analytics – Financial Services

10 Healthcare Information Software Systems

11 Information & Market Research

12 Insurance Technology

13 Payment Technology

14 Securities Exchanges

15 Security Software

16 Technology-Enabled Financial Institutions

17 Technology-Enabled Healthcare Services

18 Merger-and-Acquisition Activity Trends

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 02 JULY 2015 SECTOR COMPARISON SNAPSHOT: CURRENT REVENUE & EBITDA MULTIPLES Enterprise Value / 2014 Revenue

Business Intelligence Software

B2B E-commerce & Marketing Technologies

Securities Exchanges

Security Software

Application Software

Healthcare Info Software

Data & Analytics - Financial Services

Tech-enabled Financial Institutions *

Payment Technology

Banking Software & Processors

Information & Market Research

Capital Markets Software & Services

Insurance Technology

Tech-enabled Healthcare Services

0x 2x 4x 6x 8x 10x

Enterprise Value / 2014 EBITDA

Healthcare Info Software

Business Intelligence Software

B2B E-commerce & Marketing Technologies

Application Software

Security Software

Tech-enabled Healthcare Services

Capital Markets Software & Services

Data & Analytics - Financial Services

Payment Technology

Information & Market Research

Tech-enabled Financial Institutions *

Securities Exchanges

Banking Software & Processors

Insurance Technology

0x 5x 10x 15x 20x 25x 30x 35x

*Tech-enabled Financial Institutions multiples calculated using Market Cap / Revenue and Market Cap / EBT

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Application Software Index vs. S&P 500, base = 100

6.5x 350 35x

300 5.5x 29x 250 4.5x 23x 200 3.5x 17x

150

EV / EBITDAEV EV / Revenue EV 2.5x 11x 100

1.5x 5x 50 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Application Software Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Oracle 179,859 167,884 4.3x 4.4x 9.9x 9.5x 3% (2%) 44% 46% SAP 82,388 88,518 4.6x 4.0x 13.5x 11.7x 4% 16% 34% 34% Intuit 28,417 26,832 5.9x 5.8x 19.2x 18.6x 11% 1% 31% 31% CA Technologies 12,858 11,455 2.6x 2.9x 8.3x 7.2x (0%) (9%) 31% 40% Amdocs 8,590 7,298 2.0x 2.0x 10.7x 9.7x 7% 2% 19% 21% Constellation Softw are 8,230 8,359 5.0x 4.6x 34.2x 18.8x 38% 10% 15% 24% Manhattan Associates 4,450 4,343 8.8x 7.9x 32.5x 26.1x 19% 11% 27% 30% NICE Systems 3,874 3,581 3.5x 3.6x 18.9x 14.6x 7% (1%) 19% 25% SolarWinds 3,561 3,321 7.7x 6.4x 24.3x 14.3x 28% 21% 32% 45% Softw are AG 2,123 2,119 2.3x 2.2x 8.9x 8.0x (12%) 2% 25% 28% Paycom Softw are 1,932 1,922 12.7x 9.3x na 52.6x 40% 36% 15% 18% Paylocity 1,871 1,778 13.9x 10.5x na na 41% 33% n/a 5% Zendesk 1,695 1,393 11.0x 7.2x na na 76% 53% n/a n/a SciQuest 409 281 2.8x 2.6x 54.6x 13.4x 13% 6% 5% 19% Trim Mean 13,333 13,410 5.9x 5.1x 19.1x 14.5x 18% 11% 25% 29% Median 4,162 3,962 4.8x 4.5x 18.9x 13.9x 12% 8% 26% 28%

Recent Activity

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

Tieto (HLSE:TIE1V) agrees to acquire Software Innovation ASA for NOK 610mm 6/20/15 ($78mm) in cash. The deal is expected to close during the third quarter of 2015.

Microsoft (NASDAQ:MSFT) acquires BlueStripe Software for an undisclosed sum. 6/10/15 BlueStripe will be integrated into Microsoft’s System Center and Operations Management Suite.

HgCapital (London, United Kingdom) acquires a majority stake in The Foundry 5/20/15 Visionmongers from The Carlyle Group for £200mm ($225mm). The Foundry will join HgCapital’s Technology, Media & Telecommunications group.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 04 JULY 2015 B2B E-commerce & Marketing Technologies

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A eCommerce Index[1] vs. S&P 500, base = 100

11.0x 60x 280 55x 10.0x 50x 240 9.0x 45x 200 8.0x 40x 35x 7.0x 160 30x

6.0x / EBITDAEV EV / Revenue EV 25x 120 5.0x 20x 4.0x 15x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A eCommerce Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

NetSuite 7,116 6,934 12.5x 9.5x na nm 34% 32% na 7% Mercadolibre 6,257 6,177 11.1x 9.4x 33.0x 30.5x 18% 18% 34% 31% Shopify 2,566 2,594 24.7x 16.2x na na 109% 52% na na Demandw are 2,526 2,337 14.6x 10.0x na nm 51% 46% na 5% Focus Technology 1,819 1,676 20.4x 14.7x nm nm (0%) 39% 4% 17% Marketo 1,181 1,084 7.2x 5.2x na na 56% 39% na na Constant Contact 968 789 2.4x 2.1x 21.2x 10.7x 16% 13% 11% 20% ChannelAdvisor 298 237 2.8x 2.5x na na 25% 12% na na QuinStreet 287 238 0.9x 0.8x na 15.8x (8%) 5% na 5% Mediagrif Interactive 210 225 4.0x 3.9x 12.0x 9.7x 11% 3% 34% 40% Speed Commerce 18 122 1.3x 0.8x 21.7x 9.1x (60%) 67% 6% 9% Trim Mean 1,790 1,706 8.5x 6.5x 21.4x 12.1x 23% 28% 17% 15% Median 1,181 1,084 7.2x 5.2x 21.4x 10.7x 18% 32% 11% 13% [1] Shopify (SHOP) added to the index as of IPO 5/21/15

Recent Activity

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

Pivotal Software (Palo Alto, CA) acquires Quickstep Technologies for an undisclosed sum. Quickstep's technology will be integrated into Pivotal HAWQ and Pivotal 6/8/15 Greenplum Database and is expected to improve SQL query execution performance across the Pivotal Big Data Suite.

Shopify (NYSE:SHOP) sells 7.7mm shares in its initial public offering, raising a total of $131mm at an implied market valuation of about $1.3bn. Shopify listed its shares on 5/21/15 Public Investors the Toronto and New York stock exchanges. Shopify has raised $122mm prior to its IPO.

Percolate Industries (New York, NY) raises $40mm in Series C funding round led by Lightspeed Venture Partners and existing investors Sequoia Capital, GGV Capital, 5/14/15 First Round Capital and Lerer Hippeau Ventures. Percolate has raised $75mm in funding to date.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A Banking Softare Index[1] vs. S&P 500, base = 100

4.0x 20x 280

18x 240 3.5x

16x 200 3.0x

14x 160 EV / EBITDAEV EV / Revenue EV 2.5x 12x 120

2.0x 10x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Banking Software Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Fiserv 18,857 22,413 4.2x 4.0x 12.6x 11.8x 5% 5% 33% 34% FIS 17,922 22,750 3.5x 3.3x 11.3x 10.6x 3% 6% 31% 31% Jack Henry & Associates 5,429 5,401 4.0x 3.7x 11.6x 10.5x 6% 9% 35% 35% Oracle Financial Services 4,460 4,012 5.7x 4.7x 14.2x 11.5x 16% 22% 40% 41% ACI Worldw ide 2,668 3,460 3.3x 3.1x 12.3x 11.4x 3% 6% 27% 27% Temenos Group 2,372 2,778 5.3x 4.8x 15.4x 12.6x 12% 11% 34% 38% Ellie Mae 1,674 1,602 7.1x 5.8x 31.6x 22.6x 40% 23% 22% 26% Bottomline Technologies 1,011 1,027 3.0x 2.7x 14.5x n/a 7% 11% 20% n/a Q2 Holdings 700 612 5.8x 4.5x n/a n/a 33% 29% n/a n/a Polaris Financial Technology 253 221 0.7x 0.6x 5.7x 5.2x 0% 9% 12% 12% Sw ord Group 234 193 1.3x 1.2x 8.3x 7.4x 12% 10% 16% 16% Microgen 142 105 2.3x 2.2x 8.4x 8.3x 2% 1% 27% 27% Gresham Computing 99 92 4.0x 3.5x 21.5x 15.8x 16% 14% 19% 22% Trim Mean 3,351 3,802 3.9x 3.4x 13.0x 11.1x 11% 11% 26% 28% Median 1,674 1,602 4.0x 3.5x 12.5x 11.4x 7% 10% 27% 27% [1] Q2 Holdings (QTWO) added to the index as of IPO 3/20/14

Recent Activity

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

C2FO (Fairway, KS) raises $40mm in funding from undisclosed investors. The 6/25/15 Undisclosed company will issue common stock in the transaction. The company will use proceeds to enhance it’s online marketplace for working capital needs.

Redknee (Ontario, Canada) agrees to acquire Orga Systems for $43mm. The 6/23/15 acquisition will be funded through available cash on hand. The acquisition is anticipated to close in the fourth quarter of 2015.

LendInvest (London, United Kingdom) raises $40mm in funding from Beijing Kunlun Tech Co., valuing the company at an implied enterprise value of $200mm. Pursuant to 6/15/15 the transaction, the investor will acquire a 20% stake in the company. The transaction is subject to regulatory approval by the Chinese government.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A BI Index[1] vs. S&P 500, base = 100

9.0x 64x 240

8.0x 56x 200 7.0x 48x

6.0x 40x 160 5.0x 32x

4.0x 24x / EBITDA EV EV / EVRevenue 120 3.0x 16x

2.0x 8x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A BI Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Splunk 8,726 7,861 17.4x 12.8x na nm 49% 37% na 6% Tableau Softw are 8,203 7,487 18.1x 12.1x nm nm 78% 50% 5% 10% Informatica 5,207 4,708 4.5x 4.2x 24.1x 17.6x 11% 8% 19% 24% Open Text 4,987 5,954 3.2x 3.3x 10.7x 10.7x 35% (3%) 30% 31% Verint Systems 3,727 4,085 3.6x 3.3x 25.6x 13.5x 24% 8% 14% 25% Qlik Technologies 3,191 2,910 5.2x 4.8x nm 47.5x 18% 9% 1% 10% Microstrategy 1,948 1,556 2.7x 2.9x 39.0x 11.3x 1% (7%) 7% 25% Hortonw orks 1,054 888 19.3x 9.1x na na 72% 112% na na Trim Mean 4,544 4,450 8.7x 6.1x 24.8x 14.1x 35% 18% 11% 19% Median 4,357 4,397 4.9x 4.5x 24.8x 13.5x 30% 9% 11% 24%

[1] Tableau Software (DATA) added to the index as of IPO 5/17/13, Hortonworks (HDP) added to the index as of IPO 12/12/14

Recent Activity

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

Tamr (Cambridge, MA) raises $25mm in Series B funding round led by new investors 6/18/15 Sinewave Ventures, Work-Bench Ventures, Hewlett Packard Ventures, Thomson Reuters, MassMutual Ventures and existing investors.

Guavus (San Mateo, CA) raises $30mm in funding round led by new and existing New and 6/10/15 investors. With the funding, Guavus plans to bolster its presence and offerings for existing investors Communications Services Provider (CSP), Cable & Media customers world-wide.

Arcadia Data (Campbell, CA) raises $12mm in Series A funding round led by new investor Mayfield Funds and returning investors Blumberg Capital and Intel Capital. 6/9/15 Arcadia plans to use the capital to expand its product portfolio, build a user community, and help firms overcome hurdles to enterprise-wide adoption of big data.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Capital Markets Index vs. S&P 500, base = 100

5.0x 22x 260

4.5x 20x 230

4.0x 18x 200

3.5x 16x 170

3.0x 14x 140

EV / EBITDAEV EV / Revenue EV

2.5x 12x 110

2.0x 10x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Capital Markets Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Broadridge 6,251 6,570 2.5x 2.4x 12.6x 10.7x 5% 5% 20% 22% SS&C Technologies 5,529 6,035 7.9x 7.1x 20.2x 17.0x 8% 11% 39% 42% Computershare 4,901 6,137 3.1x 3.1x 13.0x 11.0x (1%) (1%) 24% 28% Markit 4,901 5,162 4.8x 4.7x 12.4x 11.4x 12% 3% 39% 41% DST 4,737 4,848 2.4x 2.4x 11.4x 10.5x 4% (1%) 21% 23% Advent Softw are 2,436 2,613 6.6x 6.2x 25.4x 18.7x 4% 6% 26% 33% SimCorp 1,625 1,597 5.9x 5.3x 22.9x 19.4x 7% 13% 26% 27% Envestnet 1,509 1,446 4.1x 3.4x 37.1x 19.1x 44% 20% 11% 18% Fidessa group 1,362 1,243 2.9x 2.7x 15.8x 11.6x (1%) 7% 18% 23% IRESS 1,209 1,297 5.1x 4.8x 19.2x 15.5x 31% 6% 27% 31% First Derivatives 505 530 4.3x 3.3x 34.9x 16.5x 17% 29% 12% 20% Linedata Services 213 258 1.5x 1.4x 6.4x 5.6x (1%) 7% 23% 24% Brady 134 119 2.4x 2.3x 17.9x 11.7x 6% 6% 14% 20% StatPro Group 84 80 1.6x 1.6x 11.7x 10.8x (1%) 1% 14% 14% Lombard Risk Management 50 47 1.4x 1.3x 7.0x 5.0x 19% 6% 19% 26% Cinnober 46 40 1.2x 1.2x na 54.7x (7%) 5% na 2% Trim Mean 2,085 2,244 3.5x 3.2x 17.3x 13.5x 8% 7% 22% 25% Median 1,436 1,372 3.0x 2.9x 15.8x 11.6x 5% 6% 21% 24%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced Options Technology (Wimbledon Village, United Kingdom) acquires Jake Roy Pillar for an undisclosed sum. The technology consultancy will form an additional business 6/3/15 unit within Options called Options Advisory and will allow Options to provide clients currently leveraging their portfolio of products with direct access to a professional consultancy team. Markit (NASDAQ:MRKT) acquires Information Mosaic for an undisclosed sum. The combination of deep domain expertise, data and technology assets created by this 6/2/15 acquisition will position Markit as a leading provider of end to end corporate actions services. Marlin & Associates acted as exclusive strategic and financial advisor to Information Mosaic.

Keensight Capital (Paris, France) invests an undisclosed amount in smartTrade 5/28/15 Technologies. The company fits Keensight’s investment strategy, focused on profitable European companies experiencing strong growth.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 08 JULY 2015 Data & Analytics – Financial Services

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Data & Analytics Financials Index vs. S&P 500, base = 100

6.0x 16x 320

280 5.0x 14x 240

4.0x 12x 200

160 EV / EBITDAEV EV / Revenue EV 3.0x 10x 120

2.0x 8x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A D&A Financial Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Thomson Reuters 30,181 38,177 3.0x 3.1x 14.0x 11.0x (1%) (2%) 22% 28% McGraw Hill Financial 27,754 28,602 5.7x 5.4x 14.7x 13.1x 7% 6% 39% 41% Moody's 22,294 23,598 7.1x 6.7x 15.4x 14.4x 12% 6% 46% 46% Experian 17,879 21,152 4.4x 4.4x 12.3x 12.4x (0%) (2%) 36% 36% Equifax 11,816 13,287 5.5x 5.1x 15.6x 14.5x 6% 8% 35% 35% Verisk Analytics 11,749 12,899 7.4x 6.2x 16.3x 13.1x 9% 19% 45% 47% MSCI 6,987 7,250 7.3x 6.7x 17.6x 15.9x 9% 8% 41% 42% FactSet Research Systems 6,874 6,726 7.2x 6.5x 19.7x 17.6x 8% 10% 36% 37% CoStar Group 6,406 6,245 10.8x 8.8x 40.5x 54.3x 31% 23% 27% 16% Dun & Bradstreet 4,441 5,798 3.4x 3.3x 12.4x 11.0x 2% 5% 28% 30% CoreLogic 3,616 4,722 3.4x 3.1x 16.3x 11.5x 0% 7% 21% 27% Morningstar 3,540 3,344 4.4x 4.1x 15.2x 13.4x 9% 6% 29% 31% FICO 2,946 3,517 4.4x 4.1x 19.0x 14.8x 8% 7% 23% 28% Veda Group 1,434 1,604 6.6x 5.9x 17.8x 13.8x 11% 11% 37% 43% Trim Mean 10,525 11,428 5.6x 5.1x 16.2x 13.8x 7% 8% 33% 35% Median 6,930 6,988 5.6x 5.2x 16.0x 13.6x 8% 7% 35% 35%

Recent Activity

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

Credit Karma (San Francisco, CA) raises $175mm in Series D funding round from Tiger Global Management, Valinor Management and Viking Global Investors at a 6/23/15 post-money valuation of $3.5bn. The company has raised $369mm to date and is Valinor Management rumored to be planning an IPO in the next eighteen months.

Archer Capital (Sydney, Australia) agrees to acquire Dun & Bradstreet’s Australian and New Zealand Business from Dun & Bradstreet for AUD 220mm (USD $170mm). 6/11/15 Archer Capital's newly formed Credit Data Solutions will become a partner within Dun Australian and New & Bradstreet’s Worldwide Network enabling Dun & Bradstreet to continue to provide Zealand Business solutions in the region.

eVestment (Marietta, GA) acquires TopQ Software for an undisclosed sum. The acquisition marks eVestment’s entry into the private equity and venture capital arena. 6/2/15 eVestment also announced the pending launch of a new and expansive private equity dataset planned for the second half of 2015.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 09 JULY 2015 Healthcare Information Software Systems

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A HISS Index[1] vs. S&P 500, base = 100

8.0x 35x 280

7.0x 30x 240

6.0x 25x 200 5.0x 20x 160

4.0x

EV / EBITDAEV EV / Revenue EV 15x 120 3.0x

2.0x 10x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A HISS Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Cerner 24,286 24,228 7.3x 5.1x 25.2x 16.2x na 17% 43% 29% 32% athenahealth 4,386 4,591 6.1x 5.0x nm 27.6x na 26% 22% 8% 18% Veeva Systems 4,057 3,628 11.6x 9.1x 49.6x 30.9x na 49% 27% 23% 30% Inovalon 3,875 3,377 9.3x 7.7x 25.9x 20.9x na 22% 21% 36% 37% Medidata 3,023 2,970 8.9x 7.4x nm 31.6x na 21% 20% 11% 23% Allscripts 2,470 2,954 2.1x 2.1x 51.9x 12.6x na 0% 2% 4% 17% The Advisory Board 2,237 2,724 4.7x 3.5x 54.6x 15.6x na 16% 35% 9% 22% HealthEquity 1,852 1,737 19.8x 14.1x nm 46.1x na 42% 40% 26% 31% CompuGroup Medical 1,731 2,089 3.6x 3.4x 27.4x 15.5x na 12% 5% 13% 22% Benefitfocus 1,173 1,111 8.1x 6.4x nm na na 31% 27% na na Quality Systems 1,010 879 1.8x 1.7x 20.4x 11.5x na 8% 9% 9% 15% Computer Programs & Systems 590 550 2.7x 2.8x 10.3x 11.4x na 2% (4%) 26% 25% Merge 464 718 3.4x 2.9x 20.0x 13.8x na (8%) 17% 17% 21% Imprivata 389 315 3.2x 2.5x nm na na 36% 29% na na Trim Mean 2,239 2,277 5.9x 4.8x 31.5x 19.6x 19% 21% 17% 24% Median 2,044 2,407 5.4x 4.2x 25.9x 15.9x 19% 22% 15% 23% [1] Benefitfocus added to the index as of IPO 9/18/13, Veeva added on 10/16/13, and Imprivata added on 6/24/14

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced NantHealth (Culver City, CA) raises $200mm in a funding round from Allscripts. Allscripts now holds a 10% equity stake in NantHealth, a provider of genomic and 6/30/15 protein-based molecular diagnostics. As part of this partnership, NantCapital (the personal investment vehicle for NantHealth founder, Dr. Patrick Soon-Shiong) made a $100mm investment in Allscripts.

Arcadia Healthcare Solutions (Burlington, MA) acquires Sage Technologies for an undisclosed sum. Arcadia provides EHR data aggregation and analytics technology 6/24/15 and Sage Technologies is a managed services and ACO implementation provider. The acquisition is being funded by existing and new investors, led by Peloton Equity.

Aledade (Bethesda, MD) raises $30mm in Series B funding round led by ARCH Venture Partners and included participation from Series A investor Venrock and seven 5/29/15 others. The company provides services to primary care physicians to form and operate accountable care organizations (ACOs), and has raised $35mm in total (including this round).

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Info & Mkt Research Index vs. S&P 500, base = 100

4.0x 18x 220

200 3.5x 16x 180

160 3.0x 14x 140

EV / EBITDAEV 120 EV / Revenue EV 2.5x 12x 100

2.0x 10x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Info & Mkt Research Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Reed Elsevier (RELX Group) 35,077 40,465 4.5x 4.3x 15.2x 12.7x (4%) 4% 30% 34% Nielsen 16,805 23,894 3.8x 3.8x 15.6x 12.8x 10% (1%) 24% 30% Pearson 15,279 16,279 2.1x 2.0x 15.1x 10.9x (4%) 6% 14% 19% IHS 8,890 10,793 4.8x 4.6x 21.1x 14.7x 21% 4% 23% 32% Wolters Kluw er 8,848 10,941 2.7x 2.4x 11.0x 9.7x 3% 11% 25% 25% Gartner 7,529 7,913 3.9x 3.6x 23.3x 18.9x 13% 8% 17% 19% Informa 5,227 6,595 3.7x 3.5x 12.4x 11.0x 1% 8% 30% 31% UBM 3,377 4,224 3.6x 2.7x 15.3x 10.5x (6%) 32% 24% 26% Euromoney Institutional Investor 2,400 2,376 3.7x 3.6x 11.9x 12.6x (0%) 4% 31% 28% comScore 1,800 1,786 5.4x 4.8x nm 19.6x 15% 14% 7% 24% Forrester Research 650 536 1.7x 1.6x 17.0x 17.1x 5% 5% 10% 10% Trim Mean 7,795 9,422 3.7x 3.4x 15.4x 13.5x 4% 7% 22% 26% Median 7,529 7,913 3.7x 3.6x 15.2x 12.7x 3% 6% 24% 26%

Recent Activity

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

Cox Enterprises (Atlanta, GA), owner of Kelley Blue Book and Autotrader, agrees to 6/15/15 acquire Dealertrack Technologies for $4.5bn, valuing the company at an implied 4.7x LTM revenue and 36.1x LTM EBITDA.

Information Resources (Chicago, IL) acquires a majority stake in GIRA Foodservice for an undisclosed sum. GIRA Foodservice is a leading provider of information on the 6/10/15 European out-of-home food markets. The new investment and alliance will enable Information Resources to expand its channel coverage in the sector.

Nielsen (NYSE:NLSN) acquires Innerscope Research for an undisclosed sum. Innerscope uses biometrics to measure subconscious emotional responses to media 5/27/15 and market. The acquisition is Nielsen’s second neuroscience deal after they acquired NeuroFocus in 2011.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A Insurance Tech Index[1] vs. S&P 500, base = 100

3.5x 16x 240

3.0x 15x 220 14x 2.5x 200 13x 2.0x 180 12x 1.5x 160 11x

1.0x / EBITDAEV 140 EV / Revenue EV 10x

0.5x 9x 120

0.0x 8x 100 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Insurance Tech Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Guidew ire Softw are 3,724 3,174 8.6x 8.1x nm 51.4x 17% 6% 9% 16% Solera Holdings 3,009 5,323 4.9x 4.6x 12.8x 11.5x 23% 6% 38% 40% Ebix 1,172 1,282 6.0x 5.0x 16.2x 13.7x 5% 19% 37% 37% CorVel 657 631 1.3x 1.2x 9.5x nm 4% 4% 14% na Innovation Group 587 503 1.5x 1.4x 8.5x 7.3x 6% 11% 18% 19% Sapiens 508 454 2.9x 2.6x 24.3x 18.1x 16% 12% 12% 14% Connecture 229 261 3.1x 2.5x nm 25.0x 45% 22% na 10% msg life 68 41 0.4x 0.4x 5.5x 4.6x (21%) 1% 6% 8% Trim Mean 1,027 1,051 3.3x 2.9x 11.8x 15.1x 12% 10% 18% 19% Median 622 567 3.0x 2.6x 11.1x 13.7x 11% 8% 14% 16% [1] Connecture added to the index as of IPO 12/12/14

Recent Activity

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

Willis Group (NYSE:WSH) agrees to acquire Towers Watson for $7.9bn, valuing the company at an implied 2.2x LTM revenue and 11.0x LTM EBITDA. The deal is being 6/30/15 billed as a merger of equals. Following the acquisition, the combined company will be called Willis Towers Watson. The transaction is expected to close by year-end.

Vertafore (Bothell, WA) acquires QQ Solutions for an undisclosed sum. The acquisition will enable Vertafore to broaden its offering of agency management 6/16/15 systems and rating solutions. QQ recently reported 70% year-over-year growth for their new SaaS agency management solution, CatalystTM.

Insurance Technologies Corporation (Carrolton, TX) acquires Multico Rating Systems 6/3/15 for an undisclosed sum. ITC expects the acquisition to drive growth for its online consumer-driven comparative rating platform.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Payment Tech Index vs. S&P 500, base = 100

4.0x 18x 240

3.5x 16x 200 3.0x 14x

2.5x 12x 160

2.0x 10x EV / EBITDAEV EV / Revenue EV 120 1.5x 8x

1.0x 6x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Payment Tech Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

FleetCor Technologies 14,659 17,632 14.7x 10.7x 26.6x 19.1x 34% 37% 55% 56% Western Union 10,677 12,637 2.3x 2.3x 8.8x 9.2x 1% (3%) 26% 25% Total System Services 7,680 8,717 3.6x 3.3x 15.4x 10.9x 19% 7% 23% 31% Vantiv 7,665 11,031 7.9x 6.8x 18.7x 14.0x 20% 16% 42% 49% Global Payments 6,963 8,529 3.2x 3.0x 15.0x 13.9x 9% 6% 21% 22% Wirecard 4,697 3,929 5.7x 4.7x 20.8x 15.9x 25% 21% 27% 29% WEX 4,439 5,223 6.4x 5.9x 14.1x 14.6x 14% 8% 45% 41% Euronet Worldw ide 3,309 3,257 2.0x 1.8x 14.4x 11.8x 18% 6% 14% 16% Blackhaw k Netw ork Holdings 2,283 2,463 1.7x 1.4x 19.5x 13.4x 27% 22% 9% 10% Heartland Payment Systems 2,006 2,550 3.8x 3.2x 14.9x 12.0x 12% 18% 25% 27% EVERTEC 1,654 2,292 6.3x 6.1x 15.1x 12.3x 1% 3% 42% 50% PayPoint 1,053 981 2.9x 2.9x 12.1x 11.2x 3% 2% 24% 25% Xoom 817 622 3.9x 3.2x 62.6x 26.1x 30% 22% 6% 12% Cass Information Systems 652 444 3.7x nm 11.9x nm 1% na 31% na Moneygram International 570 1,539 1.1x 1.1x 6.9x 6.3x (1%) (3%) 15% 17%

Trim Mean 4,146 4,905 4.1x 3.7x 15.9x 13.2x 14% 11% 27% 29% Median 3,309 3,257 3.7x 3.2x 15.0x 12.8x 14% 7% 25% 26%

Recent Activity

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

Merchant acquiring Nets (Ballerup, Denmark) agrees to acquire the merchant acquiring business of business of 6/15/15 Nordea Bank for $259mm. The acquisition will enable Nets to offer expanded services to its customers in the Nordic and Baltic regions.

CrowdMobile (ASX:CMB) agrees to acquire Track Concepts for $30mm, valuing the 6/10/15 company at an implied 1.6x revenue and 3.0x EBITDA. The acquisition will significantly increase CrowdMobile’s revenue base.

TabbedOut (Austin, TX) raises $22mm in a Series C funding round led by new investor Wellington Management and including existing investors New Enterprise 6/4/15 Associates and Morgan Creek Capital Management. The company plans to use the funding to expand into 20 new markets.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Sec Exchanges Index vs. S&P 500, base = 100

16.0x 15x 220

14.0x 14x 200

12.0x 13x 180

10.0x 12x 160

8.0x 11x 140 EV / EBITDAEV

EV / Revenue EV 6.0x 10x 120

4.0x 9x 100

2.0x 8x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Sec Exchanges Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Hong Kong Exchange 42,101 13,369 10.5x 7.0x 15.8x 9.4x 13% 50% 67% 75% CME Group 31,400 32,478 10.4x 9.8x 16.0x 14.5x 6% 7% 65% 67% IntercontinentalExchange (ICE) 25,044 27,609 8.9x 8.4x 14.8x 12.9x 93% 7% 60% 65% Deutsche Börse Group 15,182 16,167 6.1x 6.4x 14.6x 11.8x 8% (4%) 42% 54% London Stock Exchange (LSE) 10,298 9,758 4.5x 2.5x 11.8x 8.1x 26% 77% 38% 32% The Nasdaq OMX Group 8,428 10,310 5.4x 5.1x 10.3x 10.9x 13% 8% 53% 46% BM&F Bovespa 6,781 5,791 8.9x 8.4x 14.2x 12.9x (5%) 6% 63% 65% Singapore Exchange (SGX) 6,241 5,590 10.7x 9.1x 19.8x 15.4x (5%) 18% 54% 59% Australian Exchange (ASX) 5,797 5,028 10.1x 9.4x na 12.2x (7%) 7% na 77% CBOE 4,804 4,654 7.5x 8.0x 13.0x 14.0x 8% (6%) 58% 57% Bolsas y Mercados (BME) 3,383 2,992 7.9x 7.4x 11.4x 10.2x 12% 7% 69% 73% TMX Group 2,297 3,075 4.9x 5.1x 9.1x 10.8x (26%) (5%) 54% 48% Trim Mean 11,736 10,135 8.1x 7.4x 13.5x 12.0x 7% 10% 57% 61% Median 7,605 7,774 8.4x 7.7x 14.2x 12.0x 8% 7% 58% 62%

Recent Activity

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

Aditya Birla Private Equity (Mumbai, India) agrees to acquire a 16.6% stake in Indian 6/19/15 Energy Exchange from Financial Technologies India (FTIL) for INR 3.6bn ($56mm). This deal will divest two thirds of FTIL’s remaining stake in IEX.

Playtech (LSE:PTEC) agrees to acquire Plus500 for £460mm ($703mm). Playtech 6/1/15 expects to fund the acquisition from existing cash resources and new debt facilities.

Odey Asset Management (London, United Kingdom) acquires an additional 1.08% in 5/19/15 Plus500 for an undisclosed sum. Odey Asset Management now holds a 14.1% stake in Plus500.

Public Market Data

5 Year LTM Revenue & EBITDA Multiples 5 Year M&A Security Index vs. S&P 500, base = 100

9.0x 40x 290

8.0x 36x 260 230 7.0x 32x 200 6.0x 28x 170 5.0x 24x

EV /EV EBITDA 140 EV / Revenue EV

4.0x 20x 110

3.0x 16x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Security Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin Revenue (USD millions) Cap Value CY2014A CY2015A CY2014A CY2015A CY2014A CY2015A CY2014A CY2015A

Symantec 16,112 14,317 2.2x 2.3x 7.5x 7.0x (3%) (6%) 29% 33% Check Point Softw are 14,927 13,648 9.1x 8.4x 16.8x 14.9x 7% 9% 54% 56% Palo Alto Netw orks 14,381 14,133 19.1x 13.4x na 67.9x 53% 42% na 20% Qihoo 360 Technology 8,845 8,962 6.4x 4.5x 26.0x 15.1x 107% 42% 25% 30% F5 Netw orks 8,751 8,084 4.5x 4.1x 14.5x 11.3x 17% 10% 31% 36% FireEye 7,417 7,020 16.5x 11.1x na na 163% 48% na na Fortinet 7,180 6,376 8.3x 6.8x nm 40.3x 25% 22% 11% 17% Proofpoint 2,480 2,451 12.5x 9.7x na nm 42% 29% na 1% CyberArk 2,185 1,994 19.4x 14.2x nm nm 56% 37% 21% 17% Barracuda Netw orks 2,085 1,896 7.1x 6.1x nm 20.8x 18% 18% 3% 29% Imperva 1,826 1,583 9.7x 7.7x na na 19% 26% na na AVG Technologies 1,422 1,527 4.1x 3.5x 12.6x 10.5x (8%) 16% 32% 34% VASCO Data Security 1,197 1,048 5.2x 4.4x 26.7x 19.0x 30% 18% 19% 23% Radw are 1,053 977 4.4x 3.9x 24.7x 18.0x 15% 11% 18% 22% Axw ay Softw are 458 461 1.6x 1.4x 10.2x 8.7x 10% 11% 16% 17% Absolute Softw are 325 260 2.8x 2.6x 12.5x 11.4x 8% 6% 22% 23% Zix 297 272 5.4x 4.9x 32.5x 19.4x 5% 9% 17% 26%

Trim Mean 4,969 4,696 7.8x 6.2x 18.0x 17.2x 27% 20% 22% 25% Median 2,185 1,994 6.4x 4.9x 15.7x 15.1x 18% 18% 21% 23%

Recent Activity

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

Synopsys (NASDAQ:SNPS) acquires Elliptic Technologies from BDC Venture Capital, 6/29/15 Valucap Investments, Anges Québec and others for an undisclosed sum. The transaction is not material to Synopsys’ financial position.

Checkmarx (Tel Aviv, Israel) raises $84mm in funding from Insight Venture Partners. 6/25/15 The new round of capital will be primarily used to accelerate growth through product innovation and global expansion.

Bitsight Technologies (Cambridge, MA) raises $23mm in Series B funding round led by new investor Comcast Ventures and existing investors Commonwealth Capital 6/25/15 Ventures, Flybridge Capital Partners, Globespan Capital Partners, Menlo Ventures, and Shaun McConnon. Bitsight has raised $49mm funding prior to this round.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 15 JULY 2015 Technology-Enabled Financial Institutions

Public Market Data

5 Year LTM Revenue & EBT Multiples 5 Year Fintech Sector Index vs. S&P 500, base = 100

4.0x 18x 240

3.5x 16x 200 3.0x 14x

2.5x 12x 160

2.0x 10x EV / EBITDAEV EV / Revenue EV 120 1.5x 8x

1.0x 6x 80 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

Market Cap / LTM Revenue Market Cap / LTM EBT M&A Tech-enabled Fin Institutions Index S&P 500

Company Market Market Cap / Revenue Market Cap / EBT Revenue Growth EBT Margin (USD millions) Cap CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

Charles Schw ab 43,196 7.2x 6.8x 20.5x 17.1x 13% 10% 31% 35% TD Ameritrade 20,141 6.4x 6.1x 15.6x 13.1x 9% 11% 39% 41% E*TRADE 8,827 5.0x 4.8x 16.6x 12.7x 2% 13% 23% 30% LendingClub 5,486 26.0x 14.2x nm nm 190% 115% 7% na ICAP 5,458 2.8x 2.7x 21.2x 11.2x (7%) (10%) 16% 13% IG Group 4,268 6.5x 6.7x 13.9x 13.3x 11% 2% 51% 47% MarketAxess 3,491 13.3x 11.7x 29.4x 21.5x 25% 10% 46% 45% BGC Partners 2,962 1.7x 1.1x nm 6.6x 1% 3% na na Interactive Brokers Group 2,430 2.0x 2.0x 4.8x 4.1x 1% 5% 44% 41% Tullett Prebon 1,278 1.2x 1.0x 12.4x 5.8x (6%) (13%) 13% 10% Investment Technology Group 879 1.6x 1.5x 13.4x 6.2x 5% 6% 8% 12% On Deck Capital 802 8.9x 3.1x nm nm 186% 141% na na Monex Group 791 2.2x 1.9x 18.1x 7.5x 72% (15%) 49% 12% GFI Group 751 0.9x nm nm nm (2%) (3%) na na BinckBank 672 3.2x 3.5x 17.3x 13.4x 18% (6%) 19% 18% Yodlee 424 4.8x 3.9x nm 44.2x 21% 27% 0% na GAIN Capital 422 1.2x 0.9x 7.9x 4.6x 77% 34% 18% 15% FXCM 134 0.3x nm 4.7x 1.8x 16% (6%) 10% 6% Trim Mean 3,693 4.3x 4.1x 14.7x 10.5x 28% 12% 25% 25% Median 1,854 3.0x 3.3x 15.6x 11.2x 12% 5% 19% 18%

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced FX Capital Securities Ltd. (London, United Kingdom) raises $18mm in Series C funding round led by new investor Sapphire Ventures. The transaction also included 6/23/15 participation from existing investors Rakuten, Atlas Venture L.P., Anthemis Group SA, Notion Capital Partners LLP, and Xange Private Equity, S.A. The company has raised $36mm in funding prior to this round.

Rakuten Securities (New York, NY) agrees to acquire FXCM Asia $36mm. Rakuten Securities will continue to use the FXCM trading system for FXCM Hong Kong clients 5/28/15 under a white label agreement with FXCM and will be notifying clients once the deal is Asia finalized. The transaction is expected to close in the third quarter.

Perseus Telecom (New York, NY) raises $20.5mm. Goldman Sachs Merchant Banking Division acquired a minority stake in the company through this transaction. 4/21/15 The Company will use the proceeds to accelerate expansion of its global managed services network.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 6/30/15. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above. 16 JULY 2015 Technology-Enabled Healthcare Services

Public Market Data

5 Year LTM Revenue & EBITDA Multiples[1] 5 Year M&A Tech-Enabled HCS Sector Index[1] vs. S&P 500, base = 100

5.0x 20x 250

200 4.0x 16x

150

3.0x 12x EV / EBITDAEV EV / Revenue EV 100

2.0x 8x 50 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15 Jul-10 Jul-11 Jul-12 Jul-13 Jul-14 Jul-15

EV / LTM Revenue EV / LTM EBITDA M&A Tech-Enabled HCS Index S&P 500

Company Market Enterprise EV / Revenue EV / EBITDA Revenue Growth EBITDA Margin (USD millions) Cap Value CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E CY2014A CY2015E

McKesson 53,055 59,028 0.3x 0.3x 15.1x 11.6x 34% 7% 2% 3% WebMD 1,925 2,142 3.7x 3.4x 18.9x 11.9x 13% 8% 20% 29% HMS Holdings 1,522 1,586 3.6x 3.4x 18.0x 13.2x (10%) 5% 20% 26% Press Ganey 1,484 1,888 6.7x 6.0x 21.0x 16.5x 8% 12% 32% 36% Premier 1,435 1,099 1.2x 1.0x nm nm na 3% 13% 34% 39% MedAssets 1,335 2,193 3.0x 2.9x 10.2x 9.5x 6% 5% 30% 30% Emis 904 925 4.3x 3.7x 14.7x 12.3x 30% 16% 29% 30% HealthStream 854 817 4.8x 4.0x 29.1x 28.2x 29% 20% 16% 14% Castlight Health 747 561 12.3x 7.4x nm n/a 252% 67% na n/a Accretive Health 527 382 1.8x 1.6x nm 13.0x (58%) 10% na 13% Healthw ays 426 688 0.9x 0.9x 14.1x 10.7x 12% 5% 7% 8% Everyday Health 403 467 2.5x 1.9x 22.8x 9.2x 18% 30% 11% 21% Vocera Communication 294 179 1.9x 1.8x nm n/a (7%) 4% na n/a Cranew are 276 240 5.6x 4.8x 18.8x 15.8x 1% 16% 30% 30%

Trim Mean 988 1,082 3.3x 3.0x 17.9x 12.7x 11% 12% 22% 24% Median 879 871 3.3x 3.1x 18.4x 12.3x 10% 11% 20% 27% [1] Premier added to the index as of IPO day 9/26/13, Castlight Health added as of 3/14/14, and Everyday Health added as of 3/28/14

Recent Activity

Date Acquirer(s) / Investor(s) Target / Issuer Description Announced Cureatr (New York, NY) raises $13mm in Series B funding round led by Deerfield and included participation from Cerner Capital, Windham Ventures, Cardinal Partners, 6/25/15 Milestone Venture Partners and others. The funds will be used to launch new regions for Cureatr Care Transition Notification network. To date the company has raised approximately $20mm (including this round). MiraMed (Jackson, MI) acquires Plexus Management Group (PMG) and Plexus Information Systems (PIS), for an undisclosed sum. PMG is a consulting and practice management organization and PIS is an anesthesia information management 6/11/15 systems provider. MiraMed’s Anesthesia Business Consultants (ABC) unit offers practice management to the anesthesia market and PIS has synergies with ABC’s FIRSTAnalytics tool.

PillPack (Boston, MA) raises $50mm in Series C funding round led by Charles River Ventures and included participation from 5 other new and existing investors. PillPack 5/22/15 provides mail-order medications with a consumer convenience focus, such as delivering individual-dose packs labeled by time and date.

MERGER AND ACQUISITION TRANSACTIONS

Software and Services Transaction Activity

400 25.0

350 20.0 300

250 15.0

200

10.0

150 Aggregate Aggregate Value ($B)

NumberofTransactions 100 5.0 50

0 0.0 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015 Number of Transactions Aggregate Value

Software and Services Transaction Multiples

16x 3.5x

14x 3x

12x 2.5x

10x 2x

1.5x EV EV / EBITDA 6x EV / Revenue

1x 4x

0.5x 2x

0x 0x Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 2013 2014 2015

EV / EBITDA EV / Revenue

CLIENTS CHOOSE M&A TO ADVISE THEM ON THEIR IMPORTANT STRATEGIC MOVES

Note: Not a complete list 19 JULY 2015 SELECT MARLIN & ASSOCIATES AWARDS

“Boutique Investment Banking Firm of the Year (2014)”

• Middle Market International Professional Services (B-to-B) Acquisition International recognized Marlin Deal of the Year (2013) & Associates for the M&A Award USA TMT • Middle Market Professional Services Deal of the Year Advisory Firm of the Year (2012) (2010) • Middle Market Financial Services Turnaround Deal of the Year (2009) The Global M&A Network recognized Marlin • Middle Market Information Technology Turnaround & Associates for excellence in multiple deal Deal of the Year (2009) categories through its M&A Atlas Awards: • Middle Market International Deal of the Year(2008) • Middle Market Financial Services Deal of the Year (2008) • Financial Technology Deal of the Year (2012, 2011) • Middle Market Technology Deal of the Year (2008) • North America Small Mid Markets Corporate Deal of the • Middle Market International/Cross Border Deal of the Year Year (2013) (2007, Below $100M) • Entertainment & Media Deal of the Year (2011) • Middle Market Financial Services Deal of the Year (2007, • Corporate M&A Deal of the Year (2010) Below $100M) • Technologies Deal of the Year (2010) • Middle Market Computer and Information Technology Deal of the Year (2007, Below $100M) The M&A Advisor and The M&A Forum, • Middle Market Financing Deal of the Year - Equity (2007) conference producers and newsletter • Middle Market Financing - Financial Services Deal of the publishers serving the middle market Year (2007) finance industry, named Marlin & Associates • Middle Market Financing - Computer, Technology and Telecommunications Deal of the Year (2007) as the:

• Boutique Investment Banking Firm of the Year (2014) • Middle Market Investment Banking Firm of the Year The 451 Group, a noted independent (2008 and 2007) technology industry analyst company, • Middle Market Financing Agent of the Year – Equity identified Marlin & Associates as a leader in (2007) cross-Atlantic technology merger and acquisition transaction advisory

The M&A Advisor and The M&A Forum have recognized Marlin & Associates SNL Financial, a market research for excellence in multiple deal company, identified Marlin & Associates as categories including: leading the most financial technology transactions in 2009, in a tie with Citigroup and Credit Suisse, and one of the top10 • Healthcare and Life Science Deal of the Year (Over $100M advisors in 2010 to $500M) (2013) • Financial Services Deal of the Year (2013, 2012 and 2011) • Nominated for Middle Market Healthcare Services Deal of the Year (2012) Two transactions on which Marlin & Associates • Information Technology Deal of the Year (2011) advised were named as part of The M&A • Middle Market Deal of the Year <$25M (2011) Advisor’s “Deals-of-the Decade Celebration • Corporate and Strategic Acquisition of the Year (2011) • Middle Market Financial Services Deal of the Year (2011 and 2010) • Middle Market Information Technology Deal of the Year (2011 and 2010) • Middle Market International Financial Services Deal of the Year (2013 and 2010) • Middle Market International Information Technology Deal of the Year (2010)

Founder and Managing Partner of M&A • Twice named to II’s tech 50 • Member Market Data Hall of Fame • MD Veronis Suhler Stevenson • CEO of Telesphere Corporation • CEO of Telekurs (NA) • EVP Bridge Information systems • SVP at Dun & Bradstreet • BA from the University of California (Irvine) • MBA from UCLA, post-MBA from New Ken Marlin York University

Chief Operating Officer of M&A • 15+ years of investment banking and • 18+ years of M&A experience private equity experience • M&A attorney of Skadden, Arps, Slate, • Named to Dealer’s Digest 40-Under-40 Meagher and Flom • Founded Marlin & Associates with • CFO of JCF Group Ken Marlin • VP Business Development at FactSet • Led VSS research • Law Degree from Fordham Law • Morgan Stanley School • American International Group • MBA from Columbia Business School • BS from Binghamton University • CFA Charterholder Jason Panzer Michael Maxworthy

• 20+ years of M&A experience • 20+ years of investment banking • Founder of Chela Capital experience • Global Head of Barclays’ Capital • Focused on entrepreneurial Technology Group technology-based companies • BA in Economics from Milton College • Formerly at Robertson Stephens • MBA in International Finance from • Formerly at PaineWebber (UBS) • University of Wisconsin-Madison • BS, Finance from Pennsylvania State • Post-MBA from Northwestern University University

Paul Friday Afsaneh Naimollah

• 12+ years of M&A experience • 15+ years of corporate finance • VP of Business Development at experience • SunGard • 8+ years in investment banking at UBS • Founder of software company sold to and Deutsche Bank SunGard • BS from Union College • Started career designing trading • MBA from University of Virginia’s software for TD Bank Darden School of Business • BaSC, Engineering from University of Toronto Tom Selby Jonathan Kaufman

• 25+ years of investment banking/ strategic consulting • 10+ years on Wall Street • Co-founder of MarketResearch.com • Previously at Scotia Capital's Equity • Advisor at Dun & Bradstreet, R.R. Research • Donnelly & Sons, and BDM • Previously at Bear Stearns • Executive positions in Washington • Previously at J.P. Morgan • Post’s Legislate subsidiary and • BSBA from Villanova University Thomson Finacials’ legal research • CFA Charterholder business • National Defense Education Fellow George Beckerman at New York University’s Graduate Jeffrey Trongone School of Public Administration

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 4/30/14. These companies are a sample of firms in the sector as M&A defines it, and do not comprise a comprehensive list of all firms in the sector. M&A calculates mean and median multiples for the sector using data from a set of firms that it believes to be reasonable and which may not be identical to the set reflected above 21 New York | San Francisco | Washington, D.C. | Toronto