Software Sector Summary Report

Software COMPANYSector PRESENTATION Summary Week of June 5, 2017

1 DEAL DASHBOARD Software $21.9 Billion 266 $16.8 Billion 42 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) Company Amount ($MM) $Bn 37% $Bn 98% Target Acquirer EV ($MM) $14 $50 $41 $65 $9 $10 $3,903

$6 $6 $6 $24 $4 $5 $52 $15 $1,125 $3 $14 $15 $12 ( ) $5 $7 $50 $834 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 ( )

$48 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $610

20% 33% $31 156 $614 127 123 118 111 $30 103 27 29 27 $536 86 94 24 24 25 72 13 15 $20 7 $334

$20 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 $270

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

35% SPX IGV ` 30% 31%

25%

20%

15% 16%

10%

0% Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 (5%)

Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 06/01/2017. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter Adrian Reed Phil Adams Raiko Stelten Akikazu Ida Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander Sascha Pfeiffer Stephen Georgiadis Tobias Schultheiss Sameer Jindal Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

3 RECENT STOCK PERFORMANCE Index Performance Last 12 Months Last 3 Years

30% 60% 50% 25% 40% 20% 30% 15% 20% 10% 10%

5% 0% Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 0% (10%) Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 (5%) (20%)

(10%) (30%)

Sector 3 Months 1 Year 3 Years Platform 8.3% 26.5% 48.0% Infrastructure 5.5% 24.5% 24.2% Security 10.5% 28.7% 50.6% SaaS / On Demand 15.0% 29.8% 77.2% BI & Analytics 3.1% 9.2% 13.8% Vertical 16.7% 23.8% 54.0%

Notes: Source: Capital IQ. Market Data as of 06/01/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 40.0x 6.2x 36.1x 6.0x Median: 4.7x 35.0x Median: 26.7x 5.1x 30.3x 4.9x 30.0x 28.6x 5.0x 4.5x 24.8x 4.2x 4.0x 25.0x 4.0x 21.2x 20.0x 3.0x 15.0x 12.2x 2.0x 10.0x

1.0x 5.0x

0.0x 0.0x SaaS / On Infrastructure Vertical Platform Security BI & Analytics SaaS / On Security BI & Analytics Vertical Infrastructure Platform Demand Demand 2017E / 2016A Rev. Growth 2017E EBITDA Margin

30% 40% 36% 35% 25% 23% Median: 16% Median: 22% 30% 19% 25% 20% 25% 23% 17% 16% 20% 15% 14% 20% 17% 17% 10% 15% 10% 10% 5% 5%

0% 0% SaaS / On BI & Analytics Infrastructure Security Vertical Platform Platform Infrastructure Vertical Security BI & Analytics SaaS / On Demand Demand Notes: Source: Capital IQ. Market Data as of 06/01/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD. PUBLIC COMPANY VALUATIONS Software Trading Statistics

$MM, Except Per Share Data

Stock Trading Statistics Operating Metrics Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 6/1/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E Platform Alphabet Inc. $988.29 $683,652 ($88,502) $595,150 5.5x 4.8x 13.6x 11.6x 29.2x 24.6x 19.0% 16.2% 40.7% 41.1% Microsoft Corporation $70.10 541,208 (35,581) 505,627 5.1 4.7 13.1 11.9 22.6 20.2 16.6% 6.6% 38.6% 39.9% Oracle Corporation $45.79 188,411 (5,385) 183,026 4.8 4.7 10.8 10.2 16.7 15.5 2.2% 3.2% 44.5% 45.8% International Business Machines Corporation $152.67 143,433 32,091 175,524 2.2 2.2 9.5 9.4 11.1 11.0 (2.0%) (0.2%) 23.6% 24.0% SAP SE $107.20 128,487 799 129,286 4.8 4.5 14.0 12.9 22.6 20.6 15.3% 6.6% 34.4% 34.9%

Mean 4.5x 4.2x 12.2x 11.2x 20.4x 18.4x 10.2% 6.5% 36.3% 37.1% Median 4.8 4.7 13.1 11.6 22.6 20.2 15.3% 6.6% 38.6% 39.9%

Infrastructure VMware, Inc. $97.40 $39,779 ($6,485) $33,294 4.4x 4.1x 12.5x 11.7x 19.9x 18.5x 6.7% 6.4% 35.2% 35.2% ServiceNow, Inc. $106.51 18,094 (459) 17,635 9.4 7.2 42.9 29.4 91.4 62.1 35.0% 29.7% 21.9% 24.6% Red Hat, Inc. $90.72 16,128 (715) 15,413 5.8 5.1 22.1 18.5 36.5 30.6 14.0% 13.3% 26.3% 27.8% CA, Inc. $31.87 13,316 157 13,473 3.3 3.2 9.1 8.4 13.7 12.8 1.7% 2.2% 36.2% 38.4% Citrix Systems, Inc. $82.86 12,524 43 12,568 4.4 4.3 12.8 12.0 17.9 16.3 (17.3%) 4.1% 34.7% 35.7% Splunk Inc. $61.60 8,522 (1,087) 7,435 6.2 4.9 55.3 36.5 NM 78.2 26.3% 25.6% 11.2% 13.5% F5 Networks, Inc. $130.09 8,417 (1,015) 7,402 3.5 3.3 8.8 8.2 15.6 14.1 5.9% 6.3% 39.3% 39.8% Atlassian Corporation Plc $36.51 8,232 (504) 7,729 10.9 8.5 45.6 35.3 93.3 64.5 33.5% 28.8% 23.9% 24.0% Micro Focus International plc $31.73 7,288 1,613 8,900 6.4 6.3 12.3 13.3 17.7 16.3 NA 1.8% 51.8% 47.2% LogMeIn, Inc. $113.00 5,947 (266) 5,681 5.6 4.9 16.3 12.9 29.1 23.3 5.6% 15.8% 34.7% 37.6% Software Aktiengesellschaft $48.12 3,676 (101) 3,575 3.5 3.4 10.9 10.9 17.2 16.3 10.2% 2.8% 32.5% 31.6% MuleSoft, Inc. $26.61 3,427 (340) 3,087 11.6 8.5 NM NM NM NM 41.7% 36.0% NM NM NetScout Systems, Inc. $37.35 3,426 (143) 3,283 2.8 2.6 11.3 9.0 20.5 16.3 2.2% 7.9% 25.1% 29.2% Pure Storage, Inc. $13.24 2,753 (536) 2,217 2.2 1.7 NM 27.2 NM NM 37.0% 29.7% 0.9% 6.3% Nutanix, Inc. $18.58 2,661 (350) 2,311 2.6 1.9 NM NM NM NM 47.8% 33.3% NM NM Commvault Systems, Inc. $56.50 2,540 (450) 2,089 3.1 2.8 22.2 17.2 52.4 40.8 7.1% 10.2% 13.8% 16.1% New Relic, Inc. $43.74 2,340 (206) 2,134 6.6 5.2 NM 63.4 NM NM 33.2% 27.1% 0.1% 8.2% Progress Software Corporation $29.47 1,423 (134) 1,289 3.3 3.3 9.0 9.0 17.7 17.6 (3.2%) 0.9% 36.4% 36.0% A10 Networks, Inc. $8.44 585 (116) 469 1.8 1.6 26.1 16.6 68.9 38.1 12.6% 11.5% 6.9% 9.8%

Mean 5.1x 4.4x 21.2x 20.0x 36.6x 31.1x 16.7% 15.4% 25.3% 27.1% Median 4.4 4.1 12.8 13.3 20.2 18.5 11.4% 11.5% 26.3% 29.2%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 6 Market Data as of 06/01/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

$MM, Except Per Share Data

Stock Trading Statistics Operating Metrics Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 6/1/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E Security Software Symantec Corporation $30.34 $18,454 $3,930 $22,384 4.5x 4.2x 10.3x 8.5x 19.9x 15.1x 31.6% 7.7% 43.8% 49.3% Check Point Software Technologies Ltd. $111.59 18,239 (1,468) 16,771 8.9 8.4 16.6 15.5 21.6 19.7 7.8% 6.8% 53.9% 54.1% Palo Alto Networks, Inc. $138.99 12,763 (854) 11,909 6.2 5.1 26.4 20.5 48.5 37.7 22.8% 21.2% 23.5% 24.9% Splunk Inc. $61.60 8,522 (1,087) 7,435 6.2 4.9 55.3 36.3 NM 78.2 26.3% 25.6% 11.2% 13.6% Trend Micro Incorporated $50.89 6,988 (1,113) 5,875 4.5 4.2 13.5 12.6 30.6 27.5 16.8% 5.4% 33.0% 33.6% Fortinet, Inc. $39.21 6,892 (1,199) 5,693 3.8 3.3 18.8 15.1 43.1 35.1 16.9% 14.8% 20.3% 22.0% Proofpoint, Inc. $89.23 3,901 (41) 3,860 7.7 6.0 65.8 43.2 NM 93.6 33.1% 27.8% 11.7% 14.0% FireEye, Inc. $15.37 2,742 (124) 2,618 3.6 3.3 42.1 30.1 NM NM 2.3% 9.4% 8.5% 10.9% CyberArk Software Ltd. $48.99 1,702 (287) 1,415 5.2 4.3 22.4 17.6 40.5 32.0 24.6% 20.9% 23.4% 24.7% Imperva, Inc. $50.60 1,693 (313) 1,380 4.3 3.6 42.4 30.1 NM 76.6 21.5% 18.3% 10.1% 12.1% Qualys, Inc. $42.85 1,587 (245) 1,342 5.9 5.1 18.6 15.3 50.6 41.8 14.5% 16.4% 31.8% 33.4% Mimecast Limited $27.56 1,553 (109) 1,444 6.3 5.1 81.9 52.0 NM NM 33.8% 24.9% 7.7% 9.7% Barracuda Networks, Inc. $22.79 1,206 (196) 1,010 2.7 2.5 14.7 12.0 30.1 26.7 6.2% 10.2% 18.7% 20.8% SecureWorks Corp. $11.67 944 (117) 827 1.8 1.6 NM NM NM NM 7.5% 10.7% NM 0.9% Rapid7, Inc. $19.03 821 (79) 742 3.8 3.1 NM NM NM NM 24.6% 21.3% NM NM F-Secure Oyj $4.71 736 (103) 633 3.3 3.0 33.4 19.7 66.4 37.2 14.6% 9.5% 9.9% 15.3% VASCO Data Security International, Inc. $14.25 569 (146) 423 2.3 2.0 26.3 16.0 43.2 36.5 (3.2%) 12.0% 8.6% 12.7% MobileIron, Inc. $5.45 502 (91) 412 2.3 2.0 NM NM NM NM 11.6% 12.0% NM NM Zix Corporation $5.92 322 (23) 299 4.5 4.1 16.7 14.2 21.1 17.8 10.4% 11.0% 26.9% 28.6% Absolute Software Corporation $5.93 234 (35) 199 2.1 1.9 24.2 16.4 NM 33.5 8.8% 10.5% 8.5% 11.4% Guidance Software, Inc. $6.67 218 (17) 201 1.7 1.6 16.3 13.1 21.2 17.0 4.3% 7.2% 10.7% 12.5% iPass Inc. $1.45 95 (13) 82 1.2 1.0 NM 16.4 NM 52.7 9.8% 21.9% NM 5.9%

Mean 4.2x 3.7x 30.3x 21.3x 36.4x 39.9x 15.8% 14.8% 20.1% 20.5% Median 4.1 3.5 23.3 16.4 35.5 35.1 14.6% 12.0% 15.2% 14.7%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 7 Market Data as of 06/01/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

$MM, Except Per Share Data

Stock Trading Statistics Operating Metrics Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 6/1/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E SaaS / On Demand Salesforce.com, inc. $90.05 $64,056 ($684) $63,372 6.2x 5.2x 28.6x 23.1x 69.3x 53.7x 22.6% 19.4% 21.5% 22.4% Workday, Inc. $101.50 20,893 (1,574) 19,319 9.5 7.6 70.9 50.7 NM NM 28.9% 25.0% 13.5% 15.1% ServiceNow, Inc. $106.51 18,094 (459) 17,635 9.4 7.2 42.9 29.4 91.4 62.1 35.0% 29.7% 21.9% 24.6% Shopify Inc. $93.44 9,085 (396) 8,689 13.8 9.9 NM NM NM NM 61.7% 39.8% 0.8% 4.3% Veeva Systems Inc. $64.87 9,045 (664) 8,381 12.5 10.5 39.6 32.8 78.2 65.7 23.0% 19.4% 31.6% 32.0% The Ultimate Software Group, Inc. $223.04 6,629 (75) 6,553 6.8 5.6 27.8 22.3 56.0 45.2 23.9% 21.7% 24.3% 24.9% LogMeIn, Inc. $113.00 5,947 (266) 5,681 5.6 4.9 16.3 12.9 29.1 23.3 5.6% 15.8% 34.7% 37.6% Aspen Technology, Inc. $62.18 4,632 38 4,670 9.6 9.1 19.8 18.3 31.1 28.2 2.9% 6.1% 48.5% 49.4% j2 Global, Inc. $87.49 4,216 641 4,857 4.2 3.9 10.2 9.0 15.0 13.4 31.6% 8.2% 41.5% 43.1% Paycom Software, Inc. $67.11 3,988 (61) 3,927 9.2 7.4 33.1 25.6 61.3 48.4 30.1% 24.7% 27.7% 28.7% Blackbaud, Inc. $84.87 3,984 342 4,326 5.5 5.1 22.9 20.5 39.9 35.4 7.7% 8.3% 24.0% 24.7% MuleSoft, Inc. $26.61 3,427 (340) 3,087 11.6 8.5 NM NM NM NM 41.7% 36.0% NM NM RealPage, Inc. $34.35 2,840 61 2,901 4.5 4.0 18.1 14.6 37.9 31.2 13.9% 13.1% 24.7% 27.1% Cloudera, Inc. $21.86 2,799 (235) 2,565 7.6 6.2 NM NM NM NM 29.5% 23.2% NM NM Box, Inc. $20.48 2,719 (103) 2,616 5.2 4.2 NM NM NM NM 26.8% 23.0% NM 3.1% HubSpot, Inc. $73.85 2,700 (122) 2,578 7.2 5.7 NM NM NM NM 32.4% 25.9% 3.2% 5.7% Zendesk, Inc. $27.05 2,677 (248) 2,429 5.8 4.5 NM 89.5 NM NM 34.8% 29.7% 3.0% 5.0% RingCentral, Inc. $34.70 2,608 (150) 2,459 5.0 4.1 80.8 53.6 NM NM 29.1% 23.8% 6.2% 7.6% Paylocity Holding Corporation $48.30 2,488 (101) 2,387 7.2 5.8 41.9 32.1 74.7 58.9 25.0% 23.8% 17.3% 18.2% New Relic, Inc. $43.74 2,340 (206) 2,134 6.6 5.2 NM 63.4 NM NM 33.2% 27.1% 0.1% 8.2% Okta, Inc. $25.30 2,296 (37) 2,259 10.0 7.2 NM NM NM NM 41.5% 39.0% NM NM Cornerstone OnDemand, Inc. $38.79 2,204 (50) 2,154 4.5 3.9 38.6 25.8 95.1 49.3 13.8% 15.6% 11.6% 15.0% 2U, Inc. $43.94 2,089 (129) 1,960 7.2 5.6 NM NM NM NM 31.4% 30.5% 3.8% 5.4% Coupa Software Incorporated $35.34 1,800 (238) 1,562 9.3 7.5 NM NM NM NM 26.1% 23.7% NM NM Qualys, Inc. $42.85 1,587 (245) 1,342 5.9 5.1 18.6 15.3 50.6 41.8 14.5% 16.4% 31.8% 33.4% Mimecast Limited $27.56 1,553 (109) 1,444 6.3 5.1 81.9 52.0 NM NM 33.8% 24.9% 7.7% 9.7% Callidus Software Inc. $23.15 1,502 (183) 1,319 5.4 4.6 43.6 33.0 74.2 55.7 18.4% 18.2% 12.4% 13.8% Yext, Inc. $14.79 1,486 (134) 1,353 8.1 6.1 NM NM NM NM 33.9% 33.4% NM NM Five9, Inc. $23.52 1,281 (11) 1,270 6.6 5.6 NM 66.1 NM NM 18.9% 16.8% 5.9% 8.5% Alteryx, Inc. $19.44 1,134 (164) 970 7.9 5.8 NM NM NM NM 43.4% 35.8% NM NM Benefitfocus, Inc. $35.60 1,105 51 1,156 4.4 3.7 73.0 38.6 NM NM 13.9% 19.2% 6.0% 9.5%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 8 Market Data as of 06/01/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

$MM, Except Per Share Data

Mean 6.2x 5.0x 36.1x 34.2x 56.2x 44.3x 23.2% 20.8% 16.7% 16.9% Median 5.8 5.1 28.6 25.6 58.7 46.8 24.4% 20.5% 13.5% 13.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 9 Market Data as of 06/01/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

$MM, Except Per Share Data

Stock Trading Statistics Operating Metrics Price Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 6/1/2017 Value Debt Value CY 17E CY 18E CY 17E CY 18E CY 17E CY 18E 17E/16A 18E/17E CY 17E CY 18E Business Intelligence & Analytics Splunk Inc. $61.60 $8,522 ($1,087) $7,435 6.2x 4.9x 55.3x 36.3x NM 78.2x 26.3% 25.6% 11.2% 13.6% Tableau Software, Inc. $62.43 4,869 (955) 3,914 4.5 4.1 74.8 53.6 NM NM 6.1% 8.3% 6.0% 7.7% Fair Isaac Corporation $133.94 4,147 510 4,657 4.9 4.6 18.9 17.0 26.0 21.8 4.6% 6.5% 26.1% 27.3% Teradata Corporation $27.69 3,624 (603) 3,021 1.4 1.5 8.3 7.9 22.0 21.0 (9.8%) (0.7%) 17.4% 18.3% Cloudera, Inc. $21.86 2,799 (235) 2,565 7.6 6.2 NM NM NM NM 29.5% 23.2% NM NM Verint Systems Inc. $41.65 2,610 439 3,049 2.7 2.5 11.9 11.0 15.4 13.6 7.1% 6.0% 22.5% 23.1% MicroStrategy Incorporated $185.94 2,128 (618) 1,510 2.9 2.8 11.1 9.8 25.2 24.7 1.8% 2.9% 26.2% 28.8% Alteryx, Inc. $19.44 1,134 (164) 970 7.9 5.8 NM NM NM NM 43.4% 35.8% NM NM Hortonworks, Inc. $12.90 811 (83) 727 3.0 2.4 NM 11.1 NM NM 29.6% 26.6% NM 21.6% Gridsum Holding Inc. $11.97 356 (13) 343 3.7 2.3 NM 10.4 NM 15.8 60.1% 59.4% NM 22.5% Attunity Ltd. $7.05 119 (12) 107 1.7 1.5 19.9 16.7 58.8 27.1 15.1% 15.9% 8.6% 8.8% Datawatch Corporation $8.15 98 (28) 70 1.9 NA NM NA NM NA 15.2% NA NM NA

Mean 4.0x 3.5x 28.6x 19.3x 29.4x 28.9x 19.1% 19.0% 16.8% 19.1% Median 3.4 2.8 18.9 11.1 25.2 21.8 15.2% 15.9% 17.4% 21.6%

Vertical Cerner Corporation $66.70 $22,040 $18 $22,058 4.2x 3.9x 12.9x 11.8x 26.6x 24.0x 10.8% 7.8% 32.8% 33.3% Constellation Software Inc. $526.12 11,149 (125) 11,024 4.6 4.1 17.8 15.5 24.0 20.8 12.6% 13.4% 25.9% 26.2% Veeva Systems Inc. $64.87 9,045 (664) 8,381 12.5 10.5 39.6 32.8 78.2 65.7 23.0% 19.4% 31.6% 32.0% SS&C Technologies Holdings, Inc. $38.02 7,756 2,336 10,092 6.0 5.7 14.6 13.3 19.6 17.5 13.2% 5.3% 41.1% 43.0% athenahealth, Inc. $139.06 5,539 186 5,725 4.7 4.1 21.7 18.0 74.7 58.1 12.9% 14.1% 21.5% 22.8% Guidewire Software, Inc. $68.24 5,046 (477) 4,569 8.3 7.4 42.5 31.2 77.9 61.1 22.2% 12.6% 19.6% 23.7% Medidata Solutions, Inc. $73.19 4,264 (98) 4,166 7.5 6.4 30.7 24.7 56.6 47.6 19.2% 18.5% 24.5% 25.7% Blackbaud, Inc. $84.87 3,984 342 4,326 5.5 5.1 22.9 20.5 39.9 35.4 7.7% 8.3% 24.0% 24.7% Ellie Mae, Inc. $110.38 3,761 (393) 3,367 7.7 6.2 23.2 17.5 59.2 45.4 21.8% 23.1% 33.0% 35.6% CoreLogic, Inc. $43.02 3,641 1,485 5,126 2.8 2.7 11.0 10.2 18.9 16.7 (5.1%) 3.0% 25.2% 26.4% RealPage, Inc. $34.35 2,840 61 2,901 4.5 4.0 18.1 14.6 37.9 31.2 13.9% 13.1% 24.7% 27.1% Allscripts Healthcare Solutions, Inc. $11.87 2,154 1,224 3,378 2.0 1.9 9.7 8.9 19.1 16.7 10.9% 5.9% 20.2% 20.8% WebMD Health Corp. $56.83 2,062 11 2,073 2.9 2.8 8.7 8.5 27.8 27.5 2.2% 2.8% 32.9% 33.1% Inovalon Holdings, Inc. $13.70 2,000 (274) 1,726 3.8 3.6 16.1 14.4 45.4 38.9 4.9% 7.4% 23.9% 24.8% AppFolio, Inc. $29.90 1,012 (27) 985 7.1 5.6 56.9 39.4 NM NM 31.0% 26.3% 12.5% 14.3% HealthStream, Inc. $28.72 916 (115) 800 3.2 2.9 22.3 18.4 NM 94.4 11.1% 11.3% 14.3% 15.6% Instructure, Inc. $27.00 781 (38) 743 4.9 3.8 NM NM NM NM 36.8% 30.4% NM NM Silver Spring Networks, Inc. $10.38 552 (117) 435 1.4 1.3 47.0 18.7 NM 41.5 (3.3%) 12.2% 3.1% 6.9% Castlight Health, Inc. $3.65 476 (103) 373 2.8 2.2 NM NM NM NM 31.3% 26.3% NM NM Exa Corporation $14.03 209 (25) 185 2.4 2.2 30.0 18.5 NM NM 5.7% 11.5% 8.0% 11.7%

Mean 4.9x 4.3x 24.8x 18.7x 43.3x 40.1x 14.1% 13.6% 23.3% 24.9% Median 4.5 3.9 22.0 17.8 38.9 37.2 12.7% 12.4% 24.3% 25.3%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 10 Market Data as of 06/01/2017. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow

12.0x 12.0x MULE R = 0.64 MULE R = 0.68 OKTA OKTA

10.0x AZPN 10.0x WDAY NOW COUP AZPN PAYC PAYC WDAY NOW

YEXT AYX 8.0x YEXT AYX 8.0x CLDR CLDR HUBS PCTY TWOU ULTI HUBS TWOU ULTI PCTY FIVN NEWR FIVN NEWR MIME CRM MIME 6.0x QLYS 6.0x CALD CRM BLKB BOX ZEN BLKB QLYS CALD LOGM ZEN RNG INST BOX INST BNFT CSOD RNG CSOD RP 4.0x RP BNFT 4.0x SPSC JCOM SPSC JCOM WK

APTI CSLT WK Enterprise Value / CY / 2017E Revenue Value Enterprise CSLT CY / 2017E Revenue Value Enterprise LPSN LPSN APTI AMBR CARB 2.0x 2.0x AMBR CARB ECOM ECOM BV BV BCOV BCOV

0% 10% 20% 30% 40% 50% 60% (10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% CY2017E Revenue Growth CY 2017E Revenue Growth % + CY 2017E FCF Margin %

Notes: Source: Capital IQ as of 06/01/2017. Consensus Estimates used for CY2017E figures. 11 Estimates for APPN, COVS, MRIN and PCYG are not available. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Aggregate AV / Revenue Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description

Infrastructure Provides enterprise SQL Server administration, performance management, backup and recovery, and compliance 5/31/17 $1,125 NA NA ( ) Management software. Also provides Windows PowerShell interactive development environment (IDE) software

Provides sales performance and compensation management, analytics and planning software as a service 5/30/17 Application Software $536 5.6x 4.8x (SaaS) for businesses

5/26/17 Application Software $59 4.6x NA Provides payroll, workforce and business tax management software and data hosting services for businesses Asure Software Inc. iSystems( LLC )

Provides artificial intelligence (AI), conversation-based mobile user interface development software for 5/11/17 Mobility $125 NA NA developers

Provides customer address verification software as a service (SaaS) to e-commerce companies and other 5/9/17 Information Management $96 5.6x NA businesses. Also provides verification SaaS for other customer data such as phone numbers and email addresses

Infrastructure Provides software, Web application and API code review, testing and quality assurance (QA) software for 5/3/17 $490 6.1x 5.2x ( ) Management businesses

Provides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic 5/1/17 Enterprise Networking $610 24.4x 15.3x WAN and network infrastructures that connect them to their facilities, users and applications

Provides social media-based team collaboration and social media monitoring and marketing software as a 5/1/17 Information Management $334 1.6x 1.6x service (SaaS) for businesses

Marlin Equity Provides telecom expense management, network provisioning, M2M and mobile device management software 4/28/17 Tangoe Mobility $270 NA 1.1x Partners and SaaS for businesses. Also provides related business process outsourcing (BPO) services

Offers cloud-based APIs and SDKs to help prevent registration fraud, reduce the risk of account takeover and 4/25/17 Security $230 2.3x 1.8x authenticate end users across account lifecycles. Includes phone-based verification and two-factor authentication and real-time security intelligence, data and analytics on phone numbers Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also 4/25/17 Application Software $75 1.9x NA provides features for data processing and aggregation, data warehouse automation, and the reporting and analysis of CRM, sales and supply chain analytics Provides channel data management SaaS for the consumer electronics sector globally. Software enables 4/12/17 Application Software $120 NA NA companies to intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email- 4/4/17 Application Software $80 0.7x NA based communications for healthcare markets. Also provides customer analytics software and a directory of healthcare insurance plans

Provides scholarship management SaaS for K-12 schools, universities and nonprofits. Software provides 4/3/17 Application Software $50 NA NA features for the digital management, awarding, reporting and stewardship of academic awards for students

4/3/17 Application Software $73 4.8x NA Provides mathematical data analysis and modeling software to engineering and scientific research markets

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/01/2017, where Aggregate Value is > $50MM. 12 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Aggregate AV / Revenue Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description

Infrastructure 4/3/17 $92 0.5x NA Provides trading software, collaborative data management and EDI software for the securities trading sector Management

Experian's cross-channel marketing business, which provides marketing automation and email advertising SaaS 4/3/17 Application Software $400 NA NA (Cross-channel Marketing Division) and outsourced BPO services for businesses and ad agencies worldwide Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and 3/30/17 Security $366 NA NA BlackBerry smart phone anti-virus and anti-malware software for businesses and consumers globally. Also (Tongfang Investment (Beijing Feiliu Jiutian Fund Series SPC) Technology Co.) provides mobile call blocking and device optimization software

Infrastructure Provides Web and mobile application testing software for enterprises. Features include website performance 3/29/17 $200 6.3x 4.4x Management testing and management, application load testing, and performance analytics

Provides water resource and environmental management and simulation software to the utilities industry 3/21/17 Application Software $270 NA NA ( ) globally. Stantec obtained ownership of Innovyze through the 2016 acquisition of MWH Global Provides investment portfolio business intelligence (BI) software for the investment and finance sector globally. 3/20/17 Application Software $205 7.3x NA Software provides features for data management, portfolio performance analytics, risk management and ( ) reporting

Provides automated application penetration and network vulnerability testing SaaS for enterprise software 3/7/17 Security $614 5.6x NA developers

Provides on-premise and cloud-based accounting and performance management software and SaaS, including 3/7/17 Application Software $317 5.3x NA budgeting, planning, reporting and analytics, for businesses

Provides behavior-based profiling SaaS for enterprises, enabling breach-detection and visibility into advanced or 2/28/17 Security $105 10.5x NA targeted attacks, insider threats and malware that have circumvented traditional security controls

The multi-family housing business and product portfolio of Rainmaker, which provides revenue budgeting, 2/27/17 Application Software $290 8.1x NA forecasting and revenue cycle management software for multi-family real estate sectors (Multi-Family Housing Business) Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP 2/23/17 Enterprise Networking $325 5.4x NA address management SaaS for enterprises. Software provides features for the management and automation of network DNS activity, mobile BYOD device management and the detection of threats Provides Web-based SaaS for the automation and management of performance appraisals, feedback, 2/23/17 Application Software $175 2.4x 2.3x compensation management, succession planning, job descriptions, learning management and recruiting for ( ) corporate HR departments Provides insurance policy and pharmacy claims processing software and SaaS for the insurance and 2/15/17 Application Software $102 1.3x NA pharmaceutical sector. Also provides colocation, disaster recovery, managed hosting and systems integration services

Provides wealth management and ERP and transaction processing SaaS for the investment and finance sector 2/14/17 Application Software $59 1.9x 1.6x globally

Provides network management and operational support system (OSS) software and related managed services 2/9/17 Nokia Corporation Comptel Corporation Carrier Infrastructure $373 3.5x 3.1x for telecom service provides globally

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/01/2017, where Aggregate Value is > $50MM. 13 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Aggregate AV / Revenue Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description Provides endpoint security software for small businesses and enterprises in the healthcare, financial services 2/8/17 Sophos Invincea Security $120 12.2x NA and government industries. Software provides features for detection of spear-phishing, watering hole and website hijacking attacks. Also provides server security breach management SaaS

MSC Software 2/2/17 Hexagon AB Application Software $834 3.6x NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses Corporation( )

2/1/17 Fingerprint Cards AB Delta ID Inc. Security $120 NA NA Provides iris recognition biometric systems for use in mobile devices and automobiles ( )

Provides on-site, hosted and cloud-based back-up and recovery, data protection and replication software for 1/31/17 Storage $67 NA NA ( ) use in disaster recovery for businesses

1/27/17 Application Software $128 NA NA Provides K-12 education assessment management software for schools and educators

Provides electronic medication prior authorization software for pharmacies, healthcare providers, and 1/25/17 Application Software $1,400 NA NA pharmaceutical companies. Software is integrated into electronic health records so that healthcare providers and doctors can provide electronic authorization Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring Infrastructure 1/24/17 $3,903 18.9x NA and troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides Management related analytics reporting software

Provides domain name registration and related services to corporate and consumer website owners. Related 1/20/17 Hosted Services $84 NA NA ( ) services include web hosting and an auction service for website domain name resellers

Provides project and portfolio management SaaS and related systems integration services for enterprises. 1/19/17 Application Software $800 4.6x NA ( ) Software includes features for plan design, agile project portfolio management and cost analysis and control Provides backup and recovery storage systems and storage management software for businesses. Storage 1/17/17 Storage $650 6.5x NA systems feature virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that can be replicated to secondary datacenters

Provides social collaboration online software for enterprise employees and consumers. Software allows 1/9/17 Information Management $425 NA NA employees and consumers to create "boards" where members collaborate to complete tasks for a project

Provides health benefits management SaaS for businesses. Software provides features for financial 1/4/17 Application Software $134 19.1x 7.0x management, customized health benefit plans, and data and analytics reporting

Provides cloud-based global import and export trade reference software and an online database of analysis 12/23/16 Application Software $53 NA NA content, cargo details and related company profiles for businesses at www.datamyne.com

12/20/16 Application Software $67 NA NA Provides client reporting software and services for the investment and financial services sectors globally

Provides digital rights management SaaS for businesses and content producers, as well as an online digital 12/20/16 Security $560 NA NA music and video content recognition database for consumers and the entertainment sector ( )

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/01/2017, where Aggregate Value is > $50MM. 14 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Aggregate AV / Revenue Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description Provides insurance policy administration and management software as a service (SaaS) and on-premise for 12/19/16 Application Software $160 3.9x NA property and casualty insurance companies. Features include claims management, billing and document management. Also provides related services

Designs and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive 12/19/16 Mobility $67 NA NA and other embedded display manufacturers

The vendor management software and related assets of Beeline, which provides vendor management systems 12/13/16 Application Software $130 NA NA (VMS) for businesses globally. Software provides spending management, procurement cycle automation and ( ) ( ) quality control monitoring Provides on premise and cloud-based channel and contract management software for businesses in the life 12/12/16 Application Software $60 NA NA sciences industry. Software provides features for revenue management, contract lifecycle management and ( ) performance analytics reporting

The identity management business of 3M, which consists of 3M Cogent, a biometric identification system, and 12/9/16 Security $850 4.0x NA 3M's document reader and secure materials systems and software (Identity Management Business) Sungard's public sector business, which provides ERP administration SaaS for government and public safety 12/7/16 (Public Sector & K-12 Application Software $850 NA NA entities and the K-12 business, provides cloud-based administration and student management software for K-12 / Education Businesses) educators Hosted Services / Provides network and wireless network IT security auditing, compliance and penetration testing services for 12/6/16 Managed Security $1,800 2.6x NA businesses and government agencies globally ( ) Services

Provides ERP, HR management, CRM and project management software, SaaS and systems integration services, 12/6/16 Application Software $2,800 NA 5.2x ( ) for government contractors, professional services firms and other project-based businesses

Provides team collaboration SaaS enabling businesses globally in the life science, financial, oil and gas, 12/6/16 Information Management $856 2.9x 2.7x technology and manufacturing industries to securely exchange documents and sync files

12/2/16 Application Software $65 6.5x NA Provides IoT predictive analytics, data mining and event processing software and SaaS for businesses

Provides IT process automation and job scheduling software for businesses globally. Applications manage file Infrastructure 12/1/16 $636 5.1x NA transfers, virtual machine provisioning, application release management and error identification and Management remediation

Provides enterprise data quality SaaS for business. Software provides features for data analysis, profiling, 11/30/16 Information Management $112 2.2x NA ( ) validation and cleansing for businesses operating in the retail, insurance, healthcare and financial industries

11/29/16 Application Software $190 3.8x NA Provides online advertising campaign management and ad-serving SaaS for businesses

11/20/16 Security $2,362 3.6x 3.3x Provides online identity theft and credit rating monitoring software for consumers and businesses in the US

Provides Industrial Internet of Things (IIoT) data integration automation and analytics SaaS for businesses in the 11/15/16 Information Management $153 NA NA energy, aviation and manufacturing sectors

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/01/2017, where Aggregate Value is > $50MM. 15 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Aggregate AV / Revenue Date Acquirer Target Target Sector Value (AV) LTM NTM Target Description Provides field service and contract management SaaS and mobile applications for service-oriented businesses 11/14/16 Application Software $915 10.2x NA and enterprises. Software provides features for dispatch and scheduling, warranty, parts and return management and field service metrics reporting

11/10/16 Application Software $270 NA NA Provides asset and financial management SaaS to businesses and investors in the global aviation industry

Provides SAP-based project, plant and asset management ERP software for enterprises. Software provides 11/8/16 Application Software $300 7.9x NA features for scheduling, project planning, workforce management and analytics reporting, accessible on desktop systems and mobile devices

Provides data management SaaS to the manufacturing and construction industry in the United States and 10/31/16 Information Management $632 NA 4.2x Canada

Provides team collaboration messaging SaaS that enables physicians at hospitals to communicate with patients 10/27/16 Information Management $55 NA 3.7x via a managed messaging system

10/24/16 Security $58 NA 3.7x Provides IP traffic classification and network intelligence software used in physical, SDN and NFV architectures

Provides electronic evidence and data recovery SaaS and services for law firms, government agencies and 10/21/16 Information Management $410 NA NA corporate law departments. Software provides features for data collection, portfolio and project management, forensic review and data replication and destruction Provides cloud application control (CAC) software for enterprises. Software enables detection and targeted 10/20/16 Security $55 NA NA attack protection (TAP) for enterprises using SaaS applications on enterprise networks and on mobile devices against malware attacks Provides cloud-based third-party access control SaaS to IT businesses, enabling access to applications that are 10/4/16 Security $60 NA NA hosted in data centers and to Microsoft SharePoint on enterprise networks. Software also provides data path protection, identity access management and application security

10/4/16 Application Software $250 NA 1.9x Provides retail brand and e-commerce online shopping marketing and advertising SaaS for businesses

Provides real-time audience data management and targeting SaaS for marketers, Web publishers and ad 10/4/16 Application Software $680 13.1x NA agencies. Software enables continuous customer and prospect data collection from digital interactions, including website visits or ads served

All Software Median 5.0x 3.5x Mean 6.2x 4.1x

PE Acquirers Median 5.0x 2.3x Mean 4.5x 3.0x

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 06/01/2017, where Aggregate Value is > $50MM. 16 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of an advanced secure networking platform designed to simplify 5/31/17 128 Technology $22 G20 Ventures networks and fix the Internet.

Lob (Programmable Provider of an automated mail-delivery infrastructure platform designed to 5/31/17 $20 First Round Capital, Floodgate Fund, Initialized Capital, Polaris Partners, Y Combinator Software) streamline business mail delivery.

Developer of a marketing information platform designed to provide consumer Market Logic 5/31/17 $48 insights and help businesses apply them in their innovation and marketing Genui Partners, Summit Partners, Sycamore Partners (Venture) Software processes.

Provider of a cloud-based collaboration and work management platform designed 5/31/17 Smartsheet $52 Summit Partners, Insight Venture Partners, Madrona Venture Group, Sutter Hill Ventures to automate large-scale collaborative work.

5/31/17 StreamSets $20 Provider of a data operations platform designed to conquer dataflow chaos. Accel, Battery Ventures, New Enterprise Associates

5/31/17 Yuanfudao $120 Provider of an online education platform. Warburg Pincus, IDG Capital, Matrix Partners China, Tencent

Developer of an endpoint threat platform (ETP) designed to prevent advanced 5/30/17 CounterTack $20 SAP National Security Services, Singtel Innov8 threats from damaging a business.

Provider of online games intended to be played both in multiplayer and single 5/30/17 Game Mine $20 Palisades Growth Capital format.

Provider of cloud-based enterprise mobility services designed to streamline 5/30/17 Movius Interactive $21 enterprise productivity and communications costs, while addressing the needs for NA corporate compliance.

Provider of on-demand food delivery services designed to provide food from 5/30/17 Swiggy $80 Naspers, Accel, Bessemer Venture Partners, Harmony Partners, Norwest Venture Partners, SAIF Partners neighborhood restaurants to the people.

Developer of an online financial software for small businesses designed to change Exhibition Capital, National Australia Bank, Portag3 Ventures, Royal Bank of Canada, BDC Capital, BDC Capital IT Venture Fund, 5/30/17 Wave (Accounting) $24 the way small businesses make money, spend money and track money. Charles River Ventures, HarbourVest Partners, OMERS Ventures, OurCrowd, Social Capital

Provider of an online petition platform designed to manage petitions and 5/26/17 Change.org $30 Reid Hoffman, Sam Altman, William Gates campaigns.

Developer of social media security platform designed to protect modern 5/26/17 ZeroFox $20 organizations from dynamic security, brand and physical risks across social, NA mobile, web and collaboration platforms.

Developer of a SaaS payment cycle management platform designed to automate 5/25/17 Billtrust $50 Riverwood Capital every step of the invoice-to-cash process.

Developer of Account-Based Marketing (ABM) platform intended to identify Silver Lake Management, Adobe Ventures, Altos Ventures, Greenspring Associates, Sageview Capital, Scale Venture Partners, 5/25/17 Demandbase $65 customers in the market for products. Sigma Partners, Split Rock Partners

Notes: Source: Pitchbook. Reflects deal activity through 06/01/2017. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of a financial planning platform designed to make financial planning 5/25/17 Prumentum Group $25 Fremont Group, The Cynosure Group more accessible.

Developer of a computing platform designed to help people and organizations 5/24/17 Instabase $23 NA solve important problems, make discoveries and create new breakthroughs.

Provider of an online insurance marketplace intended to get people the insurance Fika Ventures, AXA Strategic Ventures, Karlin Ventures, MassMutual Ventures, Revolution, Susa Ventures, Switch Ventures, 5/24/17 PolicyGenius $30 coverage they need. Transamerica Ventures

Developer of a mobile media and telecommunications platform designed to 5/24/17 Unlockd $23 Alium Capital Partners, Axiata, Greg Roebuck, Peter Gammell, Radek Sali, Sam Mostyn change the way people use and pay with their digital devices.

Provider of cloud-based behavioral marketing platform designed to offer 5/23/17 BounceX $31 SVB Financial Group programmatic advertisements.

Provider of a business software review platform intended to help the insights 5/23/17 G2 Crowd $30 Accel, LinkedIn, Pritzker Group Venture Capital business professionals about technology purchase decisions.

Developer of a sales engagement platform designed to drive deeper engagement 5/23/17 Outreach $30 DFJ Growth, Four Rivers Group, Mayfield Fund, MHS Capital, Microsoft Ventures, Trinity Ventures with prospects.

Provider of an on-demand logistics platform designed to offer an online delivery 5/23/17 Quiqup $25 Jobi Capital, Rocket Internet, Transmed, Delivery Hero Holding, Global Founders Capital infrastructure.

Provider of a cloud based application performance management platform and IT 5/22/17 Cloudwise $26 monitoring service designed to enhance business operations and decision- CBC Capital, SIG, Sequoia Capital China making.

Developer of software products for health and safety, environmental 5/22/17 EcoIntense $24 Morgan Stanley Expansion Capital, One Peak Partners management and sustainability management.

Developer of cloud-based enterprise application and platforms designed to help 5/22/17 Kony $28 Diebold Nixdorf enterprises transform ideas into innovative and secure omni-channel applications.

Provider of enterprise mobile security and data management platform intended 5/18/17 Wandera $28 Sapphire Ventures, 83North, Bessemer Venture Partners to offer protection against threats and manage data usage.

Developer of a software testing platform designed to improve speed, efficiency 5/17/17 QASymphony $40 Insight Venture Partners and collaboration throughout the software testing lifecycle.

Developer of a social music application designed to connect the world through 5/17/17 Smule $54 Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Franklin Templeton Investments, Shasta Ventures music.

Provider of a software application intended to make shipping a delightful BECO Capital, Iliad Partners, Majid Al Futtaim Trust, Nokia Growth Partners, Raed Ventures, Swicorp, VentureSouq, Yusuf Bin 5/16/17 Fetchr $41 experience for individuals and businesses. Ahmed Kanoo, New Enterprise Associates

Notes: Source: Pitchbook. Reflects deal activity through 06/01/2017. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

LevelUp (Mobile Developer of a next-generation mobile payment network designed to connect 5/16/17 $50 CentroCredit Bank, J.P. Morgan Chase & Co (Global Special Opportunities Group), US Boston Capital Payment) consumers and merchants.

Developer of a cloud-based financial application designed to build integrated 5/16/17 OpenGov $30 Emerson Collective cloud based platforms for budgeting, management reporting and open data.

Provider of an online marketplace for outsourced research designed to simplify 5/16/17 Scientist $24 5AM Ventures, Heritage Provider Network, Leerink Transformation Partners, Bootstrap Incubation, Jack Giarraputo the purchase of research services.

Symphony BNP Paribas, Alphabet, Bank of America, BlackRock Private Equity Partners, Citibank, Deutsche Bank, Goldman Sachs Principal 5/16/17 Communication $63 Provider of open source secure communication and workflow platform. Strategic Investments, HSBC Holdings, J.P. Morgan, Lakestar, Merus Capital, Natixis, Societe Generale Group, UBS Services

5/16/17 Tile $25 Developer of a mobile tracking device designed to locate personal items. Lead Edge Capital, Bessemer Venture Partners, GGV Capital, Khosla Ventures

Developer of a mobile payment application designed to make mobile payments 5/16/17 Verse $21 e.ventures, Greycroft Partners, Spark Capital easy.

Provider of a mobile e-commerce platform intended to sell items directly from 5/16/17 Wish $500 China Everbright, IDG Capital, Temasek Holdings, DST Global, Formation 8, GGV Capital the manufacturer.

Provider and developer of artificial intelligence technology intended to improve 5/15/17 Yitu $55 Hillhouse Capital Management, Banyan Capital, Sequoia Capital China, Yunfeng Capital, ZhenFund the current healthcare quality by applying AI technologies.

Developer of an advertising platform designed to offer a large library of streaming 5/12/17 AdRise $21 DHVC, Jump Capital, Cota Capital, Foundation Capital movies and TV shows available for free.

Podium (Review Developer of an online reputation management platform designed to change the 5/11/17 Management $33 Accel, GV, Summit, Y Combinator way businesses communicate with their customers. Platform)

Citigroup, Goldman Sachs Private Capital Investing Group, JPEL Private Equity, NEX Euclid Opportunities, Thomson Reuters, 5/11/17 TradeBlock $22 Provider of distributed ledger technology to the financial services industry. Wells Fargo, Andreessen Horowitz, Digital Currency Group, FinTech Collective, F-Prime Capital Partners

5/11/17 Pocket Gems $90 Developer of social games for tablets and smartphones. Tencent

Developer of an online real estate referrals platform designed to match top 5/11/17 OpCity $29 8VC, Georgian Partners, Icon Ventures, LiveOak Venture Partners agents with qualified home buyers and sellers in real-time.

5/11/17 Improbable $502 Developer of an operating system designed to build virtual gaming experiences. SoftBank Group, Andreessen Horowitz, Horizons Ventures, Temasek Holdings

Developer of a cloud-based cybersecurity platform designed to prevent, detect, 5/11/17 CrowdStrike $100 March Capital Partners, Telstra, Accel, CapitalG, Warburg Pincus and respond to attacks in real-time.

Notes: Source: Pitchbook. Reflects deal activity through 06/01/2017. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Provider of mobile, cloud-based, specialty-specific technologies for value-based Modernizing 5/10/17 $231 healthcare intended to empower physicians to transform how healthcare Warburg Pincus Medicine information is created, consumed and utilized.

Provider of an open source database designed for building global, scalable cloud 5/10/17 Cockroach Labs $27 Redpoint Ventures, Benchmark Capital, FirstMark Capital, GV, Index Ventures (UK) services that survive disasters.

5/9/17 Gamblit Gaming $25 Developer of mobile and computer games intended for the gambling purposes. NA

Provider of customer success management platform designed to empower the Bain Capital Ventures, Battery Ventures, Bessemer Venture Partners, Cisco Investments, Insight Venture Partners, Lightspeed 5/9/17 Gainsight $52 customer success movement to drive revenue and increase retention. Venture Partners, Salesforce Ventures

Broadway Provider of financial trading software and services intended for electronic fixed- 5/9/17 $42 Long Ridge Equity Partners Technology income markets.

Developer of an advertising platform designed to offer a large library of streaming 5/9/17 AdRise $20 DHVC, Jump Capital, Cota Capital, Foundation Capital movies and TV shows available for free.

Developer of a multiple use mobile platform designed for entertainment and Cathay Financial Holdings, Farallon Capital Management, Hillhouse Capital Management, JG Summit Holdings, Uni-President 5/8/17 Sea $550 communication. Enterprises, GDP Venture

Developer of a social music application designed to connect the world through 5/8/17 Smule $54 Tencent, Adams Street Partners, Bessemer Venture Partners, Floodgate Fund, Shasta Ventures music.

The company's financial risk management platform develops real-time risk 5/8/17 BangSun Technology $23 Co-Stone Capital, F&G Ventures, Jinghong Capital, M Fund, Xinglu Investment, Legend Capital control system for the financial sector and anti-fraud products.

Developer of an HD mapping and localization platform intended to bring 5/4/17 DeepMap $25 Accel, GSR Ventures, Andreessen Horowitz autonomous cars onto roads.

Provider of a cloud-based unified communications platform designed to simplify 5/4/17 Fuze $134 Greenspring Associates, Wellington Management, Bessemer Venture Partners, G20 Ventures, Summit Partners business voice communications and flexible video conferencing.

Developer of mobile and web analytics tools designed to automatically capture 5/4/17 Heap $27 Initialized Capital, Menlo Ventures, New Enterprise Associates, Pear Ventures all user data.

Provider of online cloud compensation software intended to provide an 5/4/17 PayScale $29 NA immediate and precise snapshot of current market salaries.

Provider of a standalone risk and guaranteed fraud-prevention platform designed 5/4/17 Signifyd $56 Bain Capital Ventures, American Express Ventures, Menlo Ventures to make commerce safer.

5/4/17 Transwarp (Big Data) $34 Developer of big data software technologies for enterprises. Co-Stone Capital, Tencent, Triwise Capital, Xingrui Zhixin

Notes: Source: Pitchbook. Reflects deal activity through 06/01/2017. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

5/2/17 Dinova $40 Provider of a marketplace that connects expense account diners to restaurants. Frontier Capital

Provider of SaaS based vertical marketplace intended to optimize millions of 5/2/17 ServiceChannel $54 Accel transactions and billions of dollars of spend annually.

4/28/17 Electronic Commerce $24 Provider of a cloud-based human capital management (HCM) platform. NA

Provider of cloud infrastructure technology designed for data protection, search, 4/28/17 Rubrik $180 IVP, Greylock Partners, Lightspeed Venture Partners analytics, archival and copy data management.

Developer of an online insurance technology platform created to transform the 4/27/17 Singapore Life $50 Credit China Holdings, IPGL insurance industry.

Provider of a software asset management platform developed to help 4/27/17 Snow Software $128 Ontario Pension Board, Sumeru Equity Partners organizations avoid overpaying for software.

Developer of a robotic process automation software designed to power the 4/27/17 UiPath $30 intelligent process automation service offered by the most technology savvy BPO Accel, Credo Ventures, Earlybird Venture Capital, Seedcamp providers.

Provider of big data and analytics platform intended to help their customers solve 4/27/17 Zeta Global $140 GPI Capital, FS Investment Solutions, GSO Capital Partners their most complex marketing problems.

Developer of an enterprise data science platform designed to offer cloud 4/26/17 Domino (Data Lab) $27 Coatue Management, Bloomberg Beta, Sequoia Capital, Zetta Venture Partners computing, version control and model deployment services.

Provider of a cloud-based business-management platform. The company offers an 4/26/17 Domo $107 intuitive platform that provides a central location for data access and SharesPost, BlackRock, GGV Capital, Glynn Capital Management, The Capital Group Companies management. Developer of a SaaS digital learning platform designed to empower organizations MainStreet Advisors, The Rise Fund, TPG Growth, Advanced Publications, Allen & Company, Bezos Expeditions, Eric Schmidt, 4/26/17 EverFi $190 everywhere to instill knowledge around critical topics in the classroom, in the Evan Williams office and in the community.

Developer of web based spend management software services intended to unlock 4/26/17 Ivalua $70 Kohlberg Kravis Roberts maximum procurement Value through realizing savings.

Developer of a mobile stock trading application designed to democratize access 4/26/17 Robinhood $110 DST Global, Greenoaks Capital, Thrive CapitalIndex Ventures (UK), New Enterprise Associates, Ribbit Capital to the financial markets.

Operator of a crafting community and marketplace designed to purchase and sell 4/25/17 LoveCrafts $33 Scottish Equity Partners, Balderton Capital, Highland Capital Partners Europe craft works and craft material.

Developer of clinical research technology focused on making clinical trials better 4/25/17 Science 37 $29 Amgen Ventures, Glynn Capital Management, GVdRx Capital, Lux Capital, Redmile Group, Sanofi-Genzyme Bioventures for patients.

Notes: Source: Pitchbook. Reflects deal activity through 06/01/2017. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

($ M M ) % Change % Change Market Cap Amount % Change Current / Offer Date (1) Name Pre IPO Filing Range Offer Price Offer / 1st Trading Day / @ IPO Date Raised Offer Price Midpoint Price Offer Price

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 49.5%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 21.3% 45.7%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 34.5%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 48.8%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 38.9%

16-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 56.5%

Notes: Source: Capital IQ and Dealogic. Market Data as of 06/01/2017. 22 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) Fortinet 17 CDC Software (7) LogMeIn 16 Medidata (6) 180 SolarWinds (9) Rosetta Stone SciQuest (6) RealPage (8) 9 IntraLinks (12) Envestnet Jive Workday Qlik Imperva Fleetmatics BroadSoft Carbonite Qualys Workiva Higher One Tangoe Eloqua Mavenir Hortonworks Convio New Relic 170 Responsys E2open Barracuda Atlassian SPS Commerce HubSpot Cornerstone ServiceNow Wix.com Mimecast SS&C CyberArk Epocrates Exa Covisint Instructure QuinStreet MobileIron Incadea RingCentral Rapid7 FireEye Kinaxis (9) (3) Infloblox Sophos Twilio Cvent Zendesk Proofpoint AppFolio SecureWorks 6 Gigamon Paycom Splunk Alarm.Com Talend Textura OPOWER (4) ExactTarget Xactly Everbridge 160 ChannelAdvisor Five9 Demandware Shopify Apptio 160 Marketo 2U Bazaarvoice Apigee Gridsum Holding Tableau Borderfree Greenway Box Nutanix Halogen Amber Road Mulesoft AVG Coupa Rally A10 Networks Alteryx Guidewire BlackLine, Inc. Marin Paylocity Okta Model N Varonis Systems Yext Cloudera Appian 150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

2009 2010 2011 2012 2013 2014 2015 2016 2017 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 3 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4

Notes: Sources: Capital IQ, company filings. 23 Market Data as of 06/01/2017. VENTURE CAPITAL INDUSTRY TMT Transactions Since Q1 2002

$12 1,000

$10 800

600

$6 $Bn

400 Number Number of Investments $4

200 $2

$0 0 Q1 2002 Q1 2003 Q1 2004 Q1 2005 Q1 2006 Q1 2007 Q1 2008 Q1 2009 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2016 Q1 2017 Quarter - Year

(1) Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 24 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

Acquired by Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquired by Acquired by Stock

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Preferred Acquisition of Acquisition of Acquired by Acquired by Convertible Note Strategic Advisory Investment by Acquisition of Offering Services Stock

We Advised the Buyer We Advised the Seller We Advised the Seller Financial Advisor Financial Advisor We Advised the Seller Financial Advisor We Advised the Buyer We Advised the Buyer

Acquired by Acquired by Acquired by Acquired by Preferred Acquired by Acquired by Acquired by Acquired by Stock

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller Financial Advisor We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Acquisition of Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

Fairness Opinion to We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller

Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 25 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.