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About Our Firm SOFTWARE INDUSTRY E QUITY REPORT Q 2 2 0 1 1 ABOUT OUR FIRM Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a Service (SaaS), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than eighteen thousand industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. Software Equity Group’s senior bankers have keynoted and spoken at more than one hundred software industry conferences and seminars, including Software Business, SoftExpo, Culpepper, VAR Conference, ACETECH, and the Arizona, Colorado, Chicago, Southern California, Denver, San Diego, Washington State and Boulder Software Associations. Software Equity Group, LLC 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 f: (858) 509-2818 Software Equity Group, L.L.C. 2Q 2011 Software Industry Equity Report Contents U.S. ECONOMY: SOFTWARE INDUSTRY MACROECONOMICS ............................................................................... 2 IT SPENDING ........................................................................................................................................................................... 3 INTERNET RETAIL SPENDING AND ADVERTISING .................................................................................................... 4 PUBLIC SOFTWARE/SAAS/INTERNET COMPANY STOCK PERFORMANCE ........................................................ 4 PUBLIC SOFTWARE/SAAS/INTERNET COMPANY MARKET VALUATIONS ......................................................... 5 PUBLIC SOFTWARE COMPANY MARKET VALUATIONS .......................................................................................... 5 PUBLIC SOFTWARE COMPANY FINANCIAL PERFORMANCE ................................................................................. 6 PUBLIC SOFTWARE COMPANY MARKET VALUATIONS AND FINANCIAL PERFORMANCE BY PRODUCT CATEGORY .............................................................................................................................................................................. 7 PUBLIC SOFTWARE AS A SERVICE (SAAS) COMPANY MARKET VALUATIONS ................................................ 9 PUBLIC SOFTWARE AS A SERVICE (SAAS) FINANCIAL PERFORMANCE .......................................................... 10 PUBLIC INTERNET COMPANY MARKET VALUATIONS .......................................................................................... 11 PUBLIC INTERNET COMPANY FINANCIAL PERFORMANCE ................................................................................. 12 PUBLIC INTERNET COMPANY PERFORMANCE BY PRODUCT CATEGORY ..................................................... 13 INITIAL PUBLIC OFFERINGS ........................................................................................................................................... 14 M&A DEAL VOLUME AND SPENDING: ALL INDUSTRY SECTORS ....................................................................... 17 SOFTWARE M&A DEAL VOLUME AND SPENDING.................................................................................................... 18 SOFTWARE M&A DEAL CURRENCY .............................................................................................................................. 18 PRIVATE VS. PUBLIC BUYERS ......................................................................................................................................... 19 SOFTWARE M&A VALUATIONS ...................................................................................................................................... 20 SOFTWARE M&A VALUATIONS BY OWNERSHIP ...................................................................................................... 20 SOFTWARE M&A VALUATIONS BY VERTICAL AND HORIZONTAL MARKETS ............................................... 21 M&A EXIT VALUATIONS BY SOFTWARE PRODUCT CATEGORY ........................................................................ 22 SAAS M&A TRANSACTIONS ............................................................................................................................................. 23 INTERNET M&A TRANSACTIONS ................................................................................................................................... 25 APPENDIX A: 2Q11 PUBLIC SOFTWARE MARKET VALUATIONS AND STATISTICS BY PRODUCT CATEGORY ............................................................................................................................................................................ 27 APPENDIX B: 2Q11 PUBLIC INTERNET MARKET VALUATIONS AND STATISTICS BY PRODUCT CATEGORY ............................................................................................................................................................................ 30 APPENDIX C: 2Q11 MERGERS AND ACQUISITIONS, SELECT PUBLIC SELLER VALUATIONS ..................... 31 This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. Copyright © 2011 Software Equity Group, L.L.C., All Rights Reserved Software Equity Group, L.L.C. APPENDIX D: 2Q11 MERGERS AND ACQUISITIONS, MOST ACTIVE BUYERS ................................................... 32 APPENDIX E: 2Q11 MERGERS AND ACQUISITIONS, SELECT SOFTWARE INDUSTRY MEGA-DEALS ........ 33 APPENDIX F: 2Q11 MERGERS AND ACQUISITIONS, SELECT SOFTWARE-AS-A-SERVICE SELLERS ......... 34 APPENDIX G: 2Q11 MERGERS AND ACQUISITIONS – DEAL INSIGHT ................................................................. 35 APPENDIX H: SELECT 2Q11 SOFTWARE INDUSTRY MERGERS AND ACQUISITIONS .................................... 37 This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. Copyright © 2011 Software Equity Group, L.L.C., All Rights Reserved Software Equity Group, L.L.C. Investment Banking / Mergers & Acquisitions Figure 1: U.S. Gross Domestic Product and Unemployment Rate 10% GDP % Growth Unemployment Rate 8% 6% 4.8% 5.0% 3.9% 3.7% 4% 3.0% 3.6% 3.2% 3.1% 2.6% 2.7% 2.6% 2.1% 2.1% 2.2% 1.7% 1.3% 2% 1.5% 1.3% 1.1% 1.2% 0.4% 0% -0.7% -0.7% -2% -2.7% -4% -6% -5.4% -6.4% -8% 2Q05 2Q06 2Q07 2Q08 2Q09 2Q10 2Q11 U.S. ECONOMY: SOFTWARE INDUSTRY MACROECONOMICS We begin our analysis, as always, with a brief As testament, the BEA published an advanced synopsis of recent U.S. Gross Domestic Product GDP statistics report in June 2011 highlighting the (GDP) behavior during the prior quarter. GDP is annual percent changes in real value to GDP from best defined as the total market value of all final 2007 to 2010 by industry. In 2010, the goods and services produced in a country in a information-communications-technology- given year, equal to total consumer, investment producing industries, defined to include computer and government spending, plus the value of and electronic products, software, information and exports, minus the value of imports. data processing, and computer systems design, grew an outstanding 16.3%. That made IT the According to the U.S. Bureau of Economic Affairs, only double digit growth industry, and marked the U.S. Gross Domestic Product (GDP) increased first time IT reported double digit growth since only 1.3% in 2Q11, after growing 0.4% in 1Q11, 2005. 3.1% in 4Q10 and 2.6% in 3Q10. The most recent
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