Market Update

August 2015

MARKET UPDATE

INVESTMENT BANKING AND STRATEGIC ADVISORY TO THE TECHNOLOGY, INFORMATION AND HEALTHCARE INDUSTRIES

New York

San Francisco

Washington, D.C.

Toronto

Dear Clients and Friends,

We are not big on valuing companies based on “multiples” – be it a multiple of this year’s or last year’s revenue, EBITDA, net income, book value, or any other lone financial metric. The drivers of value are much more complicated than can be reflected by financial multiples. Sector growth rates, competitive positioning, management strength, scarcity value, strategic fit, expected future unit growth rates, profit expansion potential, and a host other factors have significant impact on enterprise value. Nevertheless, we were somewhat nonplussed to see the multiples paid for several recent transactions including McGraw-Hill’s purchase of SNL and Nikkei’s purchase of the Financial Times. Wow. It is one thing to note that we now have 119 startups valued at more than $1 billion. It is quite another to see these high multiples applied to relatively mature businesses. Are we in a new “bubble”? We don’t think so. Since the beginning of time, very high prices have been paid by buyers with deep pockets for large, unique, strategically valuable properties. To us these were strategic buyers taking advantage of unique opportunities. But we are watching…

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.

• McGraw Hill Financial (NYSE:MHFI) agreed to acquire SNL Financial for $2.2bn – valuing the company at an implied 8.7x Since the beginning of time, very

2015E revenue and approximately 44x 2015E EBITDA; high prices have been paid by buyers

• Nikkei agreed to acquire Financial Times Group from Pearson with deep pockets for large, unique,

(LSE:PSON) for £844mm (~$1.3bn) – valuing the company at strategically valuable properties an implied 2.5x LTM revenue and 34x LTM EBIT;

• PayPal agreed to acquire Xoom for $867mm;

• Amadeus IT (SHSE:600718) agreed to acquire Navitaire from Accenture for $830mm – valuing the company at Marlin & Associates is one of the most active firms advising buyers approximately 13.8x 2015 EBITDA; and sellers of U.S. and international middle-market firms that provide software, data, and related services. The firm is based in

New York City, with offices in San Francisco, CA, Washington, • Deutsche Börse (XTRA:DB1) agreed to acquire 360 Treasury D.C., and Toronto, Canada. It has been the recipient of numerous Systems for €725mm (~ $794mm); awards including “Boutique Investment Bank of the Year,” “Middle- Market Investment Bank of the Year,” "Middle-Market Financing • Medallia raised $150M from Sequoia; and Agent of the Year – Equity," and “TMT Advisory Bank of the Year.” Marlin & Associates' team of professionals has advised over 200 • Delphix raised $75mm led by Fidelity investments. information-technology transactions.

Sincerely,

Kenneth B. Marlin www.MarlinLLC.com

MARLIN & ASSOCIATES MARKET UPDATE

AUGUST 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 7/31/15. 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 AUGUST 2015 SECTOR COMPARISON SNAPSHOT: CURRENT REVENUE & EBITDA MULTIPLES Enterprise Value / 2014 Revenue

Business Intelligence Software B2B E-commerce & Marketing Technologies Securities Exchanges Security Software Healthcare Info Software Data & Analytics - Financial Services Application Software Payment Technology Tech-enabled Financial Institutions * Banking Software & Processors Information & Market Research Capital Markets Software & Services Tech-enabled Healthcare Services Insurance Technology

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

Enterprise Value / 2014 EBITDA

Healthcare Info Software Business Intelligence Software Application Software B2B E-commerce & Marketing Technologies Tech-enabled Healthcare Services Capital Markets Software & Services Data & Analytics - Financial Services Payment Technology Security Software 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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 176,958 164,983 4.2x 4.3x 9.7x 9.4x 3% (2%) 44% 46% SAP 86,047 93,020 4.8x 4.2x 14.1x 12.1x 4% 16% 34% 34% Intuit 29,819 28,234 6.2x 6.1x 20.2x 19.6x 11% 1% 31% 31% CA Technologies 12,886 11,467 2.6x 2.8x 8.3x 7.4x (0%) (8%) 31% 38% Constellation Softw are 9,344 9,564 5.7x 5.2x 39.1x 21.7x 38% 10% 15% 24% Amdocs 9,116 7,714 2.1x 2.1x 11.3x 10.3x 7% 3% 19% 20% Manhattan Associates 4,824 4,716 9.6x 8.5x 35.3x 27.1x 19% 13% 27% 31% NICE Systems 3,809 3,502 3.5x 3.8x 18.5x 14.5x 7% (8%) 19% 26% SolarWinds 3,096 2,850 6.6x 5.6x 20.9x 12.1x 28% 18% 32% 46% Softw are AG 2,369 2,364 2.5x 2.5x 9.9x 8.9x (12%) 2% 25% 28% Paylocity 1,832 1,739 13.6x 10.2x na na 41% 33% n/a 5% Paycom Softw are 1,822 1,813 12.0x 8.8x na 50.1x 40% 36% 15% 18% Zendesk 1,525 1,222 9.6x 6.3x na na 76% 53% n/a n/a SciQuest 382 254 2.5x 2.4x 49.3x 13.8x 13% 3% 5% 18% Trim Mean 13,874 14,017 5.8x 5.0x 19.9x 15.0x 18% 10% 25% 29% Median 4,316 4,109 5.3x 4.8x 18.5x 12.9x 12% 6% 26% 28%

Recent Activity

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

Patriot National (NYSE:PN) agrees to acquire Global HR Research from In Touch 7/21/15 Holdings and Brandon Phillips for $42mm in cash and stock. Patriot will pay $24mm in cash and issue 1.06mm in shares.

Amadeus IT (SHSE:600718) agrees to acquire Navitaire from Accenture for $830mm, valuing the company at approximately 13.8x 2015 EBITDA. Amadeus will finance the 7/1/15 acquisition entirely with debt. As part of the deal, 550 Navitaire employees are expected to transfer to Amadeus.

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

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/15. 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 AUGUST 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

13.0x 65x 280

11.0x 55x 240

9.0x 45x 200

7.0x 35x 160

EV / EBITDAEV EV / Revenue EV 5.0x 25x 120

3.0x 15x 80 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 7,707 7,593 13.6x 10.2x na nm 34% 34% na 7% Mercadolibre 5,771 5,691 10.2x 8.8x 30.4x 28.5x 18% 16% 34% 31% Shopify 2,826 2,628 25.0x 14.4x na na 109% 74% na na Demandw are 2,685 2,499 15.6x 10.7x na nm 51% 46% na 5% Focus Technology 1,382 1,090 13.3x 9.5x nm 55.7x (0%) 39% 4% 17% Marketo 1,282 1,178 7.9x 5.6x na na 56% 40% na na Constant Contact 860 680 2.0x 1.8x 18.2x 9.2x 16% 12% 11% 20% QuinStreet 259 214 0.8x 0.7x na 14.2x (8%) 5% na 5% ChannelAdvisor 252 190 2.2x 2.0x na na 25% 12% na na Mediagrif Interactive 212 226 4.2x 4.1x 12.6x 10.2x 11% 3% 34% 40% Speed Commerce 14 118 1.3x 0.8x 20.8x 8.7x (60%) 67% 6% 9% Trim Mean 1,726 1,599 7.8x 6.0x 19.5x 15.5x 23% 30% 17% 15% Median 1,282 1,090 7.9x 5.6x 19.5x 12.2x 18% 34% 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

Medallia (Palo Alto, CA) raises $150mm in a Series E funding round led by Sequoia Capital. The new growth equity capital brings the total raised by Medallia since its first 7/2/15 venture funding in 2011 to $225mm. The funding will be used to enable Medallia to meet fast-growing demand from Fortune 1000 firms.

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.

Public Market Data

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

4.5x 20x 280

4.0x 18x 240

3.5x 16x 200

3.0x 14x 160

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

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

Q2 Holdings (NYSE:QTWO) agrees to acquire Centrix Solutions for $29mm. Centrix will receive $20 million cash payable at closing, subject to a customary working capital 7/31/15 adjustment. Former shareholders of Centrix also have the right to receive up to $9 million based upon the achievement of certain milestones.

Banker’s Toolbox (Austin, TX) raises an undisclosed sum from Accel KRR. Banker's Toolbox will use the proceeds to support its strategic growth, to make continued 7/22/15 investments in its existing solutions, new product development initiatives and market expansion, for the marketing of its existing products, research and development, and potential acquisitions of complementary companies.

Jack Henry (NASDAQ:JKHY) agrees to acquire Bayside Business Solutions for an undisclosed sum. The company will become a part of Jack Henry‘s ProfitStars 7/1/15 Lending Solutions Group. The acquisition is anticipated to close in the third quarter of 2015.

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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 8,766 7,901 17.5x 12.8x na nm 49% 37% na 6% Tableau Softw are 7,481 6,752 16.4x 10.7x nm nm 78% 53% 5% 12% Open Text 5,593 6,470 3.5x 3.5x 11.6x 10.7x 35% 0% 30% 33% Informatica 5,171 4,613 4.4x 4.1x 23.6x 17.2x 11% 7% 19% 24% Qlik Technologies 3,736 3,430 6.2x 5.5x nm 55.2x 18% 11% 1% 10% Verint Systems 3,572 3,930 3.5x 3.2x 24.6x 13.0x 24% 8% 14% 25% Microstrategy 2,346 1,918 3.3x 3.5x 48.1x 12.2x 1% (5%) 7% 29% Hortonw orks 1,010 844 18.3x 8.7x na na 72% 112% na na Trim Mean 4,650 4,519 8.6x 6.0x 24.1x 14.1x 35% 19% 11% 20% Median 4,453 4,271 5.3x 4.8x 24.1x 13.0x 30% 10% 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

IBM (NYSE:IBM) acquires Compose for an undisclosed sum. Compose has raised 7/23/15 $6.4mm since it launched in 2010, most of it in a Series A round in 2012 that was led by Trinity Ventures.

Leadspace (Harifa, Israel) raises $18mm in a Series B funding round led by Battery Ventures and included JVP Media Labs and Vertex Venture Capital. The funding will 7/23/15 enable Leadspace to help more companies improve their investments in sales and marketing solutions.

Delphix (Menlo Park, CA) raises $75mm in a funding round led by Fidelity Management and Research Company, bringing the total raised by the company to 7/10/15 $119mm. Additional investors include Credit Suisse NEXT Investors, a fund managed within Credit Suisse Asset Management, The Kraft Group, and existing investors, including Greylock Partners, Lightspeed Venture Partners, and Icon Ventures.

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 / EVEBITDA EV / Revenue EV 2.5x 12x 110

2.0x 10x 80 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 6,789 7,108 2.7x 2.6x 13.6x 11.6x 5% 5% 20% 22% SS&C Technologies 6,520 6,255 8.1x 6.0x 21.0x 14.5x 8% 36% 39% 41% Computershare 5,097 6,333 3.2x 3.2x 13.4x 11.4x (1%) (1%) 24% 28% Markit 5,083 5,344 5.0x 4.8x 12.9x 11.2x 12% 4% 39% 43% DST 3,933 4,017 2.0x 2.0x 9.4x 9.2x 4% (1%) 21% 22% SimCorp 1,725 1,697 6.4x 5.7x 24.8x 21.0x 7% 13% 26% 27% Envestnet 1,625 1,562 4.5x 3.7x 40.1x 20.8x 44% 20% 11% 18% Fidessa group 1,410 1,314 3.1x 2.9x 16.9x 17.3x (1%) 6% 18% 17% IRESS 1,222 1,308 5.5x 5.1x 20.5x 16.5x 31% 6% 27% 31% First Derivatives 544 568 4.7x 3.6x 37.7x 17.8x 17% 29% 12% 20% Linedata Services 229 274 1.6x 1.5x 6.9x 6.0x (1%) 8% 23% 25% Brady 132 117 2.4x 2.3x 17.8x 11.8x 6% 6% 14% 19% StatPro Group 84 80 1.6x 1.6x 11.8x 11.8x (1%) (1%) 14% 14% Lombard Risk Management 52 49 1.4x 1.3x 7.4x 5.2x 19% 6% 19% 26% Cinnober 43 36 1.2x 1.1x na 52.3x (7%) 5% na 2% Trim Mean 2,127 2,224 3.4x 3.1x 17.3x 13.9x 8% 8% 21% 24% Median 1,410 1,314 3.1x 2.9x 15.2x 11.8x 6% 6% 20% 22%

Recent Activity

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

Deutsche Börse (XTRA:DB1) agrees to acquire 360 Treasury Systems for €725mm (US $794mm). The deal will boost Deutsche Börse’s foreign-exchange, money-market 7/26/15 and derivatives trading business in the over-the-counter market. It will also facilitate the handling of currency trades through the exchange group’s clearing arm.

Ipreo (New York, NY) acquires iLEVEL Solutions for an undisclosed sum. iLEVEL will 6/23/15 be merged with Ipreo's Alternative Assets group to form a new Private Capital Markets division within Ipreo.

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.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/15. 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 AUGUST 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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 31,836 39,796 3.2x 3.2x 14.6x 11.5x (1%) (2%) 22% 28% McGraw Hill Financial 28,052 28,688 5.7x 5.3x 14.7x 13.0x 7% 6% 39% 41% Moody's 22,572 23,836 7.1x 6.7x 15.5x 14.5x 12% 6% 46% 46% Experian 18,538 21,811 4.5x 4.6x 12.7x 13.0x (0%) (1%) 36% 35% Verisk Analytics 13,090 16,261 9.3x 7.7x 20.6x 16.3x 9% 21% 45% 47% Equifax 12,348 13,783 5.7x 5.2x 16.2x 14.9x 6% 9% 35% 35% MSCI 7,697 8,042 8.1x 7.4x 19.5x 17.5x 9% 8% 41% 43% FactSet Research Systems 7,007 6,859 7.3x 6.7x 20.1x 18.0x 8% 10% 36% 37% CoStar Group 6,439 6,463 11.2x 9.1x 41.9x 54.5x 31% 23% 27% 17% Dun & Bradstreet 4,542 5,899 3.5x 3.3x 12.6x 11.2x 2% 5% 28% 30% Morningstar 3,782 3,561 4.7x 4.4x 16.2x 13.4x 9% 7% 29% 33% CoreLogic 3,588 4,680 3.3x 3.1x 16.2x 11.2x 0% 7% 21% 28% FICO 2,935 3,499 4.4x 4.1x 18.9x 16.4x 8% 7% 23% 25% Veda Group 1,538 1,703 7.2x 6.5x 19.4x 15.0x 11% 11% 37% 43% Trim Mean 10,882 11,949 5.9x 5.4x 17.1x 14.6x 7% 8% 33% 35% Median 7,352 7,451 5.7x 5.3x 16.2x 14.7x 8% 7% 35% 35%

Recent Activity

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

McGraw Hill Financial (NYSE:MHFI) agrees to acquire SNL Financial for $2.2bn, valuing the company at an implied 8.7x 2015E revenue and approximately 44x 2015E 7/27/15 EBITDA. SNL adds a unique and vertically specific set of data and analytics to S&P Capital IQ and Platts.

Credit Benchmark (London, United Kingdom) raises $20mm in a Series B funding round led by new investor Balderton Capital and included existing investor Index 7/15/15 Ventures. The recent funding follows a previous round of $7mm in July 2014. Credit Benchmark is an independent source of consensus credit risk information.

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.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/15. 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 AUGUST 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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 25,221 25,163 7.6x 5.3x 26.2x 16.7x na 17% 43% 29% 32% athenahealth 5,506 5,691 7.6x 6.2x nm 33.7x na 26% 22% 8% 18% Veeva Systems 3,896 3,468 11.1x 8.7x 47.4x 28.9x na 49% 27% 23% 30% Inovalon 3,356 2,858 7.9x 6.5x 22.0x 17.7x na 22% 21% 36% 37% Medidata 3,023 3,004 9.0x 7.4x nm 32.0x na 21% 21% 11% 23% Allscripts 2,611 3,094 2.2x 2.2x 54.4x 13.1x na 0% 2% 4% 17% The Advisory Board 2,451 2,938 5.1x 3.7x 58.9x 16.9x na 16% 36% 9% 22% HealthEquity 1,945 1,830 20.8x 14.8x nm 48.6x na 42% 40% 26% 31% CompuGroup Medical 1,567 1,921 3.3x 3.2x 25.5x 14.5x na 12% 5% 13% 22% Benefitfocus 1,066 1,018 7.4x 5.8x nm na na 31% 28% na na Quality Systems 779 662 1.4x 1.3x 15.4x 9.1x na 8% 6% 9% 14% Merge 549 798 3.8x 3.2x 22.2x 14.7x na (8%) 18% 17% 22% Computer Programs & Systems 518 481 2.3x 2.5x 9.0x 12.2x na 2% (8%) 26% 21% Imprivata 362 308 3.2x 2.5x nm na na 36% 29% na na Trim Mean 2,272 2,314 5.9x 4.8x 30.4x 20.0x 19% 21% 17% 24% Median 2,198 2,389 6.2x 4.5x 25.5x 16.8x 19% 22% 15% 22% [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 Kareo (Irvine, CA) raises $55mm in a funding round led by Montreux Equity Partners and included participation from six other investors. Kareo provides solutions to 7/28/15 manage all aspects of running a small to mid-size physician practice, from scheduling to EMR to RCM, and is currently being used by over 30,000 healthcare professionals. Prior to this round, Kareo, had raised $85mm. Modernizing Medicine (Boca Raton, FL) agrees to acquires General Medical Applications (gMed) for an undisclosed sum. Modernizing Medicine, backed by IBM, 7/22/15 Summit Partners and Pentland Group, develops and provides specialty-specific electronic medical records. gMed provides gastroenterology specific EHR system, practice management and RCM services. NantHealth (Culver City, CA) acquires Harris Corporation's commercial Healthcare Solutions business for an undisclosed sum. Harris sold its clinical systems integration 7/15/15 segment to NantHealth but retained its government healthcare services business within the Healthcare Solutions group. Since 2012, NantHealth has raised nearly $1bn.

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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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) 38,028 43,913 4.9x 4.7x 16.4x 13.7x (4%) 3% 30% 34% Nielsen 18,055 25,281 4.0x 4.1x 16.5x 13.5x 10% (1%) 24% 30% Pearson 15,283 17,388 2.3x 2.2x 16.1x 11.8x (4%) 4% 14% 19% Wolters Kluw er 9,897 12,154 3.0x 2.7x 12.3x 10.7x 3% 13% 25% 25% IHS 8,641 10,544 4.7x 4.5x 20.6x 14.4x 21% 4% 23% 32% Gartner 7,464 7,821 3.9x 3.6x 23.1x 18.6x 13% 8% 17% 19% Informa 6,039 7,466 4.2x 3.9x 14.0x 12.4x 1% 7% 30% 32% UBM 3,702 4,534 3.9x 3.0x 16.4x 11.3x (6%) 31% 24% 26% comScore 2,344 2,187 6.6x 5.8x nm 24.0x 15% 14% 7% 24% Euromoney Institutional Investor 2,060 2,037 3.2x 3.2x 10.2x 11.3x (0%) 0% 31% 28% Forrester Research 571 460 1.5x 1.5x 14.6x 15.8x 5% 1% 10% 9% Trim Mean 8,165 9,935 3.8x 3.5x 15.9x 13.6x 4% 6% 22% 26% Median 7,464 7,821 3.9x 3.6x 16.2x 13.5x 3% 4% 24% 26%

Recent Activity

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

LexisNexis, a subsidiary of RELX Group (LSE:REL), agrees to acquire Mlex for an undisclosed sum. Mlex, a provider of content and technology solutions on regulatory 7/28/15 risk, enables customers to have greater access to legal and regulatory insight, commentary and analysis.

Progressive Digital Media Group (AIM:PRO) agrees to acquire Verdict Research from Datamonitor for £25mm (US $39mm). Through the transaction, Progressive Digital 7/27/15 Media acquires the Datamonitor Financial, Datamonitor Consumer, MarketLine and Verdict businesses from Informa. The sale will be effected by Informa transferring the businesses to Verdict Research Limited, which will be acquired by Progressive.

Nikkei (Tokyo, Japan) agrees to acquire Financial Times Group from Pearson 7/23/15 (LSE:PSON) for £844mm (US $1.3bn), valuing the company at an implied 2.5x LTM revenue and approximately 34x LTM EBIT.

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 20x 205

3.0x 18x 190

2.5x 16x 175

2.0x 14x 160

1.5x 12x 145

1.0x 10x / EBITDAEV 130 EV / Revenue EV

0.5x 8x 115

0.0x 6x 100 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 4,154 3,604 9.8x 9.2x nm 58.3x 17% 6% 9% 16% Solera Holdings 2,471 4,784 4.4x 4.1x 11.5x 10.3x 23% 6% 38% 40% Ebix 1,114 1,223 5.7x 4.8x 15.5x 13.0x 5% 19% 37% 37% CorVel 650 623 1.3x 1.2x 9.3x nm 4% 4% 14% na Innovation Group 612 528 1.6x 1.4x 8.9x 7.7x 6% 11% 18% 19% Sapiens 525 471 3.0x 2.7x 25.2x 18.8x 16% 12% 12% 14% Connecture 205 237 2.8x 2.3x nm 22.6x 45% 22% na 10% msg life 75 49 0.4x 0.4x 6.5x 5.4x (21%) 1% 6% 8% Trim Mean 929 1,114 3.1x 2.8x 11.3x 14.5x 12% 10% 18% 19% Median 631 575 2.9x 2.5x 10.4x 13.0x 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

Charles Taylor (LSE:CTR) and The Riverside Company (New York, NY) agree to 7/28/15 acquire fadata. Charles Taylor and The Riverside Company believe that Charles Taylor’s global presence will help accelerate the growth of fadata’s business.

Zywave (Milwaukee, WI) acquires Intygral for an undisclosed sum. Zywave expects 7/23/15 Intygral to complement its flagship Broker Briefcase offering.

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.

Public Market Data

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

4.0x 18x 260

3.5x 16x 230

3.0x 14x 200

2.5x 12x 170

2.0x 10x 140

EV / EBITDA EV EV / Revenue EV

1.5x 8x 110

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

PayPal 47,369 43,063 5.4x 4.7x 26.0x 18.1x 19% 15% 21% 26% FleetCor Technologies 14,561 17,413 14.5x 10.5x 26.3x 19.0x 34% 38% 55% 55% Western Union 10,521 12,508 2.2x 2.3x 8.7x 9.1x 1% (2%) 26% 25% Vantiv 8,881 12,106 8.6x 7.3x 20.5x 15.2x 20% 18% 42% 48% Total System Services 8,552 9,662 3.9x 3.6x 17.0x 11.9x 19% 11% 23% 30% Global Payments 7,420 9,210 3.4x 3.2x 16.2x 15.6x 9% 6% 21% 21% Wirecard 4,890 4,132 6.0x 4.9x 22.1x 16.7x 25% 22% 27% 30% WEX 3,959 5,115 6.3x 5.9x 13.9x 14.6x 14% 5% 45% 41% Euronet Worldw ide 3,676 3,575 2.1x 2.0x 15.8x 12.5x 18% 8% 14% 16% Blackhaw k Netw ork Holdings 2,567 2,675 1.9x 1.4x 21.2x 14.4x 27% 28% 9% 10% Heartland Payment Systems 2,315 2,817 4.2x 3.5x 16.4x 13.0x 12% 20% 25% 27% EVERTEC 1,462 2,073 5.7x 5.6x 13.7x 11.1x 1% 3% 42% 50% PayPoint 1,066 995 2.9x 2.9x 12.2x 11.4x 3% 2% 24% 25% Xoom 974 787 4.9x 4.1x nm 39.3x 30% 20% 6% 10% Moneygram International 633 1,647 1.1x 1.2x 7.4x 6.8x (1%) (2%) 15% 17% SafeCharge 626 479 6.2x 4.8x 20.8x 15.6x 78% 31% 30% 30% Cass Information Systems 608 449 3.8x nm 12.0x nm 1% na 31% na

Trim Mean 4,807 5,680 4.5x 4.0x 16.9x 14.2x 16% 13% 26% 28% Median 3,676 3,575 4.2x 3.8x 16.3x 14.5x 18% 13% 25% 26% [1] SafeCharge (SCH) added to the index as of IPO 4/1/14. PayPal (PYPL) added to the index as of IPO 7/20/15 Recent Activity

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

Square (San Francisco, CA) files for an IPO under the Jumpstart Our Business

7/24/15 Public Investors Startups Act. PrivCo estimates that Square generated revenue of approximately

$900mm in 2014.

First Data (Atlanta, GA) files for an IPO that could value the company at 7/20/15 Public Investors approximately $40bn. The company was taken private by KKR in a $26bn transaction in 2007.

PayPal (NASDAQ:PYPL) agrees to acquire Xoom Corporation for $867mm, valuing 7/1/15 the company at an implied 5.0x LTM revenue. The acquisition of Xoom will strengthen PayPal’s presence in several emerging 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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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

CME Group 32,442 33,456 10.7x 10.0x 16.5x 14.9x 6% 8% 65% 67% Hong Kong Exchange 32,342 3,613 2.8x 1.9x 4.3x 2.5x 13% 46% 67% 77% IntercontinentalExchange (ICE) 25,540 28,105 9.1x 8.6x 15.0x 13.4x 93% 6% 60% 64% Deutsche Börse Group 16,689 17,735 6.8x 6.9x 16.2x 13.1x 8% (2%) 42% 53% London Stock Exchange (LSE) 11,381 10,839 5.0x 2.8x 13.0x 9.0x 26% 75% 38% 32% The Nasdaq OMX Group 8,782 10,475 5.5x 5.1x 10.5x 11.3x 13% 9% 53% 45% Australian Exchange (ASX) 6,378 5,619 11.3x 10.8x na 14.0x (7%) 4% na 77% Singapore Exchange (SGX) 6,218 5,637 11.1x 9.4x 20.4x 16.3x (5%) 17% 54% 58% BM&F Bovespa 5,467 4,570 7.8x 7.3x 12.3x 11.1x (5%) 7% 63% 66% CBOE 5,162 5,073 8.2x 8.5x 14.2x 15.2x 8% (3%) 58% 56% Bolsas y Mercados (BME) 3,466 3,090 8.3x 7.7x 11.9x 10.6x 12% 7% 69% 73% TMX Group 2,039 2,786 4.6x 4.9x 8.6x 10.3x (32%) (6%) 54% 48% Trim Mean 12,143 9,476 7.7x 7.1x 13.1x 12.3x 7% 10% 57% 61% Median 7,580 5,628 8.0x 7.5x 13.0x 12.2x 8% 7% 58% 61%

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 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 15,759 13,964 2.1x 2.2x 7.3x 6.8x (3%) (6%) 29% 33% Palo Alto Netw orks 15,298 15,050 20.4x 14.3x na nm 53% 43% na 20% Check Point Softw are 14,954 13,727 9.2x 8.4x 16.9x 14.8x 7% 9% 54% 57% F5 Netw orks 9,652 8,855 5.0x 4.5x 15.9x 11.3x 17% 10% 31% 40% Fortinet 8,413 7,540 9.8x 7.5x nm 45.4x 25% 31% 11% 17% Qihoo 360 Technology 8,103 8,219 5.9x 4.2x 23.9x 13.8x 107% 42% 25% 30% FireEye 6,857 6,356 14.9x 9.9x na na 163% 50% na na Proofpoint 2,560 2,485 12.7x 9.6x na nm 42% 32% na 2% CyberArk 2,057 1,865 18.1x 13.3x nm nm 56% 37% 21% 17% Imperva 1,772 1,529 9.3x 7.4x na na 19% 26% na na AVG Technologies 1,502 1,607 4.3x 3.7x 13.3x 10.5x (8%) 15% 32% 35% Barracuda Netw orks 1,454 1,257 4.7x 4.0x nm 14.5x 18% 17% 3% 28% Radw are 907 827 3.7x 3.5x 20.9x 16.3x 15% 6% 18% 22% VASCO Data Security 810 653 3.2x 2.7x 16.6x 11.5x 30% 18% 19% 24% Axw ay Softw are 525 490 1.7x 1.5x 10.8x 9.1x 10% 11% 16% 17% Zix 285 257 5.1x 4.7x 30.7x 18.8x 5% 8% 17% 25% Absolute Softw are 268 204 2.2x 2.1x 9.8x 10.5x 8% 1% 22% 20%

Trim Mean 5,010 4,642 7.4x 5.9x 16.0x 13.1x 27% 20% 22% 25% Median 2,057 1,865 5.1x 4.5x 16.3x 12.7x 18% 17% 21% 24%

Recent Activity

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

ARM Holdings (LSE:ARM) acquires Sansa Security from a group of investors for an 7/30/15 undisclosed sum. Sansa’s intellectual property will be integrated into ARM’s TrustZone and IoT portfolios.

Cylance (Irvine, CA) raises $42mm in a Series C funding round led by new investor Draper Fisher Jurvetson. The round included participation from new investors KKR, 7/28/15 Dell Corporate Ventures, Capital One, Ten Eleven, ThomVest, and Draper Nexus in addition to three existing investors. Cylance has raised $77mm prior to this round.

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.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/15. 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 AUGUST 2015 Technology-Enabled Financial Institutions

Public Market Data

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

5.0x 22x 240

4.0x 18x 200

3.0x 14x 160 EV / EBITDA EV EV / Revenue EV 2.0x 10x 120

1.0x 6x 80 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-15 Aug-10 Aug-11 Aug-12 Aug-13 Aug-14 Aug-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 46,251 7.7x 7.2x 21.9x 18.0x 13% 10% 31% 35% TD Ameritrade 20,091 6.4x 6.1x 15.5x 13.2x 9% 11% 39% 41% E*TRADE 8,382 4.7x 4.6x 15.8x 12.2x 2% 13% 23% 30% LendingClub 5,410 25.6x 13.9x nm nm 190% 115% 7% na ICAP 5,334 2.8x 2.7x 20.7x 11.1x (7%) (10%) 16% 13% IG Group 4,287 6.5x 6.7x 13.9x 13.1x 11% 2% 51% 47% MarketAxess 3,681 14.1x 12.6x 31.1x 22.2x 25% 10% 46% 45% BGC Partners 3,613 2.1x 1.3x nm 7.8x 1% 3% na na Interactive Brokers Group 2,451 2.0x 2.0x 4.8x 3.9x 1% 5% 44% 41% Tullett Prebon 1,564 1.5x 1.3x 15.2x 7.6x (6%) (13%) 13% 10% On Deck Capital 1,012 11.2x 4.1x nm nm 186% 141% na na Monex Group 780 2.2x 2.0x 18.0x 7.5x 72% (15%) 49% 12% GFI Group 746 0.9x nm nm nm (2%) (3%) na na Investment Technology Group 693 1.2x 1.2x 10.5x 6.9x 5% 6% 8% 12% BinckBank 669 3.2x 3.5x 17.3x 13.4x 18% (6%) 19% 18% Yodlee 369 4.1x 3.4x nm 38.5x 21% 27% 0% na GAIN Capital 308 0.9x 0.7x 5.8x 6.8x 77% 34% 18% 15% FXCM 102 0.2x 0.3x 3.6x 2.3x 16% (6%) 10% 6% Trim Mean 3,712 4.5x 4.0x 14.5x 11.1x 28% 12% 25% 25% Median 2,007 3.0x 3.4x 15.5x 11.1x 12% 5% 19% 18%

Recent Activity

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

Cowen Group (NASDAQ:COWN) agrees to acquire Conifer Securities for an undisclosed sum. The transaction is expected to be accretive to Cowen’s earnings in 7/30/15 2015. The deal is subject to customary closing conditions and regulatory approval, and is expected to close in the third quarter of 2015.

FX Capital Securities (London, United Kingdom) raises $18mm in a Series C funding round led by new investor Sapphire Ventures. The transaction also included 6/23/15 participation from existing investors Rakuten, Atlas Venture, Anthemis Group, Notion Capital Partners, and Xange Private Equity. The company has raised $36mm 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 6/23/15 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.

Source: Marlin & Associates, Capital IQ and Public sources. All market and operating data is sourced as of 7/31/15. 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 AUGUST 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 200

4.0x 16x 150

3.0x 12x 100

EV / EBITDAEV EV / Revenue EV

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

Remedy Partners (Darien, CT) raises $50mm in a Series B funding round from Bain Capital Ventures. Remedy, which develops and manages bundled payment programs, 7/23/15 plans to used the new capital to support strong growth in new customers and partnerships. The company has raised $36mm prior to this round.

Almost Family (NASDAQ:AFAM) acquires Ingenios Health for an undisclosed sum. Ingenios provides technology enabled in-home clinical assessments for Medicare and 7/23/15 Medicaid programs in 7 states and Washington, D.C. Ingenios was backed by Hickory Ridge Capital and LLM Capital Partners.

Anthelio Healthcare Solutions (Dallas, TX) acquires Pyramid Healthcare Solutions, an Avantha Group company, for an undisclosed sum. The acquisition expands Anthelio’s 7/21/15 presence in the patient financial services area and enhances its medical coding, clinical documentation and auditing resource talent offerings. Pyramid has over 500 healthcare clients.

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 AUGUST 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 York University Ken Marlin

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 • Named to Dealer’s Digest 40-Under-40 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

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