CEO Monthly Technology Market Analysis October 2012

CEO Monthly Technology Market Analysis

October 2012

New Century Capital Partners Mark Salter 1510 Eleventh Street, Second Floor Managing Partner Santa Monica, CA 90401 Tel: 310-451-9076 Tel: 310-451-9073 Cell: 310-415-8177 Fax: 310-451-9092 [email protected] www.newcenturycap.com

Highly confidenal and proprietary informaon. Unauthorized distribuon without prior consent from New Century Capital Partners (“NCCP”) is strictly prohibited. This communicaon should not be regarded as an offer to sell or as a solicitaon of an offer to buy any financial product or service, nor is it an official confirmaon of any transacon, or representave of an official posion or statement of New Century Capital Partners or any other related enty. New Century Capital Partners is a member of FINRA and the SIPC New Century Capital Partners Technology Universe Coverage

New Century Capital Partners’ (NCCP) Technology Landscape

Soware Internet Soware and Services • • Applicaon Soware Cloud Compung • • Customer Relaonship Mgmt. Digital Media • • Infrastructure Soware Gaming • • Interacve Entertainment Internet Content • • Network Security Internet Services • • Enterprise Soware Online Search • Online Travel • Social Financial Technology • Virtualizaon • eCommerce • Payments Digital Adversing/Markeng • Payroll/Banking • Digital Markeng • SME/Consumer Services • Mobile Adversing • Transacon Processing • Online Markeng

Outsourced Services Communicaons and Networking • Business Process Outsourcing • Communicaon Services • Government IT Services • Communicaon Soware • Healthcare IT Services • Wireless Communicaon • IT Consulng • Wireless Networking • IT Services • IT Staﬃng Semiconductor Technologies • Oﬀshore IT Services • Capital Equipment • EDA/IP Medical Technology • Integrated Circuits • Medical Devices • Materials & Services • Medical Equipment

2 New Century Capital Partners Technology Universe Coverage

New Century Capital Partners has Vast Experience within the Technology Sector

Soware Internet Soware and Services

Financial Technology

Digital Adversing/Markeng

Communicaons and Networking

Outsourced Services

Semiconductor Technologies

Medical Technology

______3 New Century Capital Partners and its bankers have advised, worked with, or have signiﬁcant relaonships with, the companies shown New Century Capital Partners – Spotlight on Social Media Markeng

“Social networking sites, with the help of social analycs ﬁrms, are able to unlock the interconnected data structures of users — mapping lists of friends, their comments and messages, photos and all their social connecons, contact informaon and associated media.”

Businesses Begin to Harness the Power of Social Media Markeng • Social media provides a plaorm where companies can target their audience based on crucial factors, and engage with that audience • Social media is highly cost-effecve when used properly, as it creates brand affinity with large groups of followers, through limited posngs and interacons • With the emergence of social media, there has been an increase in companies providing social media markeng analycs tools in order to organize and use the massive amounts of data that is collected through these social media plaorms • The tools allow for marketers to be able to disseminate the informaon into aconable decisions about future adversing campaigns • Social media plaorms are starng to be integrated into businesses all over the world for the purpose of easier collaboraon among employees in the workplace Notable Recent Market Acvity • 10/2/2012 – Motorola Mobility Holdings (owned by Google) acquires Viewdle for $45 MM • 9/5/2012 – HootSuite Media acquires Seesmic • 8/21/2012 – Ganne acquires BLiNQ Media for between $40 MM and $90 MM • 7/31/2012 – Google acquires Wildfire Interacve for $250 MM • 7/10/2012 – Dentsu to acquire Aegis for $4.9 B • 7/10/2012 – Oracle acquires Involver • 6/15/2012 – Microso acquires Yammer for $1.2 B • 6/14/2012 – Syncapse acquires Clickable for $33 MM • 6/13/2012 – The Collecve acquires Metacafe • 6/5/2012 – Oracle to acquire Collecve Intellect • 6/4/2012 – Salesforce.com acquires Buddy Media for $689 MM • 5/23/2012 – Oracle acquires Vitrue for $300 MM • 5/18/2012 – Facebook IPO’s for $16 B • 2/27/2012 – Buddy Media acquires Brighter Opon New Century Capital Partners’ Takeaways • Social media will connue to change the adversing landscape, and become the primary and most influenal form of brand recognion as target audiences around the globe spend an increasing amount of me using social media • NCCP ancipates high volumes of M&A acvity within and around the social media industry, as companies aempt to broaden their social media offerings and enhance their presence on the Internet

4 To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Facebook’s Inial Public Oﬀering

Transacon Overview • On May 17, 2012, Facebook announced the pricing of its inial public oﬀering and is trading May 18, 2012 on the NASDAQ Global Select Market under the symbol FB New Century Capital Partners • Facebook has long sought to focus on building the company and the business model before Transacon Proﬁle: going public – the Company now has over 845 MM global users and 2011 revenue of $3.7 B • Facebook will connue to drive focus on Internet companies, and further encourage growth and investment in social media

Transacon Details(1) • Facebook raised $16 B in its IPO • The IPO valued Facebook at $104 B • Facebook issued 421,233,615 shares of common stock at a price of $38 per share • Morgan Stanley was the lead underwriter for the IPO, with 30 addional banks acng as underwriters for the deal Inial Public Oﬀering valued at Deal Raonale • Facebook will, in addion to creang a public market for its common stock, use the proceeds

from its IPO to sasfy tax obligaons, create liquidity for previous investors, and create $16,000,000,000 increased capital ﬂexibility

• Facebook was nearing a point where it would have to disclose its financials to the SEC due to Transacon Profile Courtesy of: the number of investors it had, therefore this was an opportune me to reap the benefits of being a publicly traded company

New Century Capital Partners’ Takeaways • Facebook’s IPO, market and ﬁnancial performance, will be an indicator of the long-term ability for companies to moneze social media • The IPO, along with the various Internet IPOs in 2011, will drive valuaons in Internet and Social Media companies higher, as the valuaon mulples for public comparable companies rise • Considered a failed IPO by many, Facebook’s stock price dropped 43.3% in its ﬁrst four months of trading, to $21.52, which may impact investors’ view of social media in the long run

______5 New Century Capital Partners was not involved with this transacon. (1) Capital IQ and The 451Group, June 26, 2012 To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Oracle Acquires Vitrue for $300 Million

Transacon Overview • On May 23, 2012, Oracle announced its acquision of Vitrue for $300 MM May 23, 2012 • As more companies increase their use of social media markeng, Oracle is looking to capitalize New Century Capital Partners on this shi through its purchase of Vitrue, a web-based social media markeng Transacon Proﬁle: campaign plaorm • Oracle’s expansive soware capabilies, combined with Vitrue’s social media markeng plaorm, are expected to create the most advanced integrated social media markeng engine

Transacon Details • Oracle paid $300 MM in cash for Vitrue(1) Acquires • Vitrue was valued at 3.0x TTM revenue(2)

Deal Raonale • The acquision of Vitrue allows Oracle to posion itself compevely in the growing social markeng space In a transacon valued at • Marketers are seeking cross-channel tools that enable teams to write one campaign concept and have it executed and measured across all social media plaorms $300,000,000 • Vitrue delivers a SaaS plaorm allowing Oracle to strengthen its posion vis-a- vis SAP, which is compeng with Oracle to expand its cloud soware offerings Transacon Profile Courtesy of: • The acquision helps Oracle to fulfill its strategy to provide end-to-end cloud services, which include markeng, CRM, and commerce services • Vitrue offers Oracle a new social media enterprise business that Oracle can sell into other products, while Vitrue now has access to a much larger customer base to sell its services

New Century Capital Partners’ Takeaways • NCCP sees Oracle’s acquision of Vitrue as further evidence that the cloud wars are ongoing and consolidaon within the SaaS space will connue • Oracles purchase of Vitrue shows the increasing aenon and interest that social media is garnering from large SaaS/soware providers, who see social media applicaons as an essenal and complementary service oﬀering ______New Century Capital Partners was not involved with this transacon. 6 (1) The 451Group, June 26, 2012 (2) “Social Media Marketer Vitrue Has Been Bought By Oracle for $300 Million,” TechCrunch, hp://techcrunch.com/2012/05/23/more/, May 23, 2012.

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Salesforce.com Acquires Buddy Media for $689 Million

Transacon Overview • On June 4, 2012, Salesforce.com announced its acquision of Buddy Media for $689 MM June 4, 2012 • Salesforce.com connues to expand its presence into the social media markeng space New Century Capital Partners Transacon Proﬁle: • Buddy Media will operate as wholly-owned subsidiary of Salesforce.com

Transacon Details • Under the deal terms, Salesforce.com paid: • $467 MM in cash, $184 MM in common stock, and $38 MM in opons and restricted stock (or $689,000 per corporate customer)(1) Acquires • Buddy Media was valued at 6.9x TTM revenue(2)

Deal Raonale • Reveals Salesforce.com’s intenon to create a complete social media markeng campaign plaorm that can be launched, managed, and whose effecveness can then be measured In a transacon valued at • Complements Salesforce.com’s recent purchases of Heroku, a cloud applicaon development plaorm and Radian 6, a social media presence effecveness measurement engine $689,000,000 • The combinaon will immediately make the Salesforce Markeng Cloud the plaorm of choice for brands to listen, engage, gain insight, publish, adverse and measure Transacon Profile Courtesy of: social markeng programs • Acquiring more social media management capabilies also gives Salesforce.com addional tools to cater to B2C customers, and expects to allow the company to land deals with Chief Markeng Officers and similar markeng line-of-business leaders

New Century Capital Partners’ Takeaways • Salesforce.com’s acquision of Buddy Media serves as the second major acquision since Facebook’s IPO, in what appears to be a major wave of consolidaon in the social media markeng space. NCCP believes M&A acvity in the sector will connue to be acve as SaaS/soware companies compete to bolster their social media markeng presence. ______New Century Capital Partners was not involved with this transacon. (1) The 451Group, June 26, 2012 7 (2) “An $800M Buddy Media Acquision Would Be Worth 8X Its Current Revenue,” TechCrunch, hp://techcrunch.com/2012/05/29/salesforce-acquires- buddy-media/, May 29, 2012.

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Oracle Acquires Collecve Intellect Transacon Overview • On June 5, 2012, Oracle announced its acquision of Collecve Intellect, a cloud-based social intelligence soluons provider that enables organizaons to monitor, understand and June 5, 2012 respond to consumers’ conversaons on social media plaorms such as Facebook and Twier New Century Capital Partners Transacon Proﬁle: • Enables businesses to turn social conversaons into aconable intelligence, boosng customer experience and the generaon of targeted leads

Transacon Details(1) • The terms of the deal were not disclosed • The transacon is expected to close in the second half of the year, and unl the transacon closes, the companies will connue to operate independently Acquires Deal Raonale • By acquiring Collecve Intellect, and with its recently announced acquision of Vitrue, Oracle is ensuring its posion in the social media markeng space, as other large soware ﬁrms also seek to expand their own social markeng capabilies • Integrang Collecve Intellect with Oracle’s SaaS products and Social Plaorm, provides an Transacon Value Undisclosed array of beneﬁts for markeng organizaons, such as:

• Ability to create more targeted markeng campaigns • Help customer service teams respond quickly to customer feedback on social media Transacon Proﬁle Courtesy of: • Generate targeted leads and opportunies for sales teams • Strengthen how companies build more eﬀecve brands using social media • The combinaon of Oracle and Collecve Intellect’s soluons will enable organizaons to build stronger relaonships with consumers through intelligent understanding of their social conversaons, and to respond with appropriate acon and engagement

New Century Capital Partners’ Takeaways • Collecve Intellect is Oracle’s second major acquision in the social media markeng sector, which occurred within one month of its acquision of Vitrue. NCCP views Oracle as the aggressor in the ongoing bale for market posion in the burgeoning social media markeng space, compeng with the likes of SAP, Salesforce.com, and other large SaaS/soware providers ______8 New Century Capital Partners was not involved with this transacon. (1) The 451Group, June 26, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

The Collecve Acquires Metacafe

Transacon Overview June 13, 2012 • On June 13, 2012, The Collecve announced its acquision of Metacafe, an online video New Century Capital Partners sharing website community that was once known to be a potenal “YouTube Killer” Transacon Proﬁle:

Transacon Details(1)

• The terms of the deal were not disclosed

• The transacon came 9 months aer Metacafe closed its Israeli R&D center Acquires Deal Raonale

• The Collecve acquired Metacafe for its ad sales infrastructure and team

• Metacafe was considered a promising Israeli start-up during the 2000’s but was unable to eﬀecvely compete with YouTube, resulng in loss the of its market share to other video Transacon Value Undisclosed

sharing sites like Hulu

New Century Capital Partners’ Takeaways Transacon Proﬁle Courtesy of: • The purchase of Metacafe is a sign that video sharing websites are struggling to compete with YouTube, which may result in a discounted buying opportunity for strategic and ﬁnancial buyers that are looking to acquire in the video sharing space

• As consolidaon in the video sharing space connues, large companies view this as an opportunity to gain a meaningful presence in the social media arena, with lower investment/acquision prices

______9 New Century Capital Partners was not involved with this transacon. (1) The 451Group, June 26, 2012

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Syncapse Acquires Clickable for $33 Million

Transacon Overview • On June 14, 2012, Syncapse announced its acquision of Clickable, a social and search June 14, 2012 adversing management plaorm, for $33 MM New Century Capital Partners • The merger will combine social and search adversing funconality from Clickable with Transacon Proﬁle: Syncapse’s suite of social media publishing, moderaon, compliance, data management and measurement intelligence tools

Transacon Details(1) • The terms of the deal were not disclosed, but the deal is reportedly worth $33 MM and consists mainly of stock opons • The acquision will add 70 employees to Syncapse’s staff, including: Acquires • David Kidder – Co-founder and CEO of Clickable will become a Strategic Advisor • Dave Fall – Chief Operang Officer of Clickable will become Chief Product Officer

Deal Raonale • Being one of the first three Facebook Ads API partners, Clickable expands the Syncapse Social In a transacon valued at: Performance Management plaorm with an effecve, scalable soluon for adversing • Clickable’s social-ad buying technology will be layered onto Syncapse’s measurement and $33,000,000(1) analycs-focused offering that’s been honed for earned media • Clickable’s product will incorporate a paid-media element that will give Syncapse’s Transacon Profile Courtesy of: core marketer and digital-agency clients a richer data set which gives them the ability to gauge how their social campaigns are performing • With Clickable, marketers can simplify complex adversing data into meaningful metrics and consumer insights, and demonstrate ROI while making more profitable adversing soluons

New Century Capital Partners’ Takeaways • The acquision of Clickable further demonstrates the growing trend of industry consolidaon taking place in the social media markeng sector, which is combining various aspects of social media, including publishing, data and analycs, and measurement tools to eventually build and oﬀer a complete social media markeng soluon

______10 New Century Capital Partners was not involved with this transacon. (1) Search Engine Watch, “Syncapse Acquires Clickable, Gains Enhanced Search & Social Management, June 15, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Microso Acquires Yammer for $1.2 Billion

Transacon Overview June 15, 2012 • On June 15, 2012, Microso announced that it has acquired Yammer, a social media website used for businesses, for $1.2 B New Century Capital Partners Transacon Profile: • Yammer connects employees of businesses so that they can share ideas, projects and allow for project collaboraon Transacon Details(1) • Under the deal terms, Microso paid $1.2 B in cash for Yammer • Yammer was valued at $4.8 MM per employee and $6,000 per corporate customer • Yammer will join the Microso Office Division, led by division President Kurt DelBene, and the Acquires team will connue to report to current CEO David Sacks Deal Raonale • The acquision of Yammer provides a best-in-class enterprise social networking service to Microso’s growing porolio of complementary cloud services In a transacon valued at: • Yammer gives Microso a social network that can be used as a front end to many of its most popular applicaons $1,200,000,000 • Microso plans to accelerate Yammer’s adopon alongside complementary offerings Transacon Profile Courtesy of: from Microso SharePoint, Office 365, Microso Dynamics and Skype • Acquiring Yammer allows Microso to sharpen its offering against many of its tradional rivals, such as IBM and Salesforce.com, as well as a new wave of startups New Century Capital Partners’ Takeaways • Following the success of LinkedIn’s IPO, social media geared toward business shows promise as the next big market opportunity • NCCP sees Microso’s acquision of Yammer as evidence that businesses are increasingly seeking ways to incorporate social networking into corporate culture, as a means to increase morale, producvity, and efficiency

______11 New Century Capital Partners was not involved with this transacon. (1) The 451Group, June 26, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Oracle Acquires Involver

Transacon Overview • On July 10, 2012, Oracle agreed to acquire Involver, a social media development plaorm that July 10, 2012 enables developers to create highly customized markeng applicaons for social media sites New Century Capital Partners and web campaigns Transacon Proﬁle: • The combinaon of Involver with Oracle is expected to create the most advanced and comprehensive cloud-based social soluon, across markeng, sales and service touch points

Transacon Details(1) • The terms of the deal were not disclosed, but a high valuaon would not be surprising considering the suspected $300 million price tag on Vitrue and the $689 million Salesforce recently paid for leading enterprise social marketer Buddy Media Acquires • Unl the transacon closes, Oracle and Involver will connue to operate independently

Deal Raonale • Involver will be rolled into Oracle’s Cloud Markeng suite • Involver’s technology is expected to extend Oracle’s social plaorm to help customers more easily and cost-eﬀecvely collaborate and build engaging applicaons and social experiences Transacon Value Undisclosed across social networks

• Involver customers will benefit from access to a suite of social offerings which include: social listening and monitoring capabilies, social service capabilies and addional Transacon Profile Courtesy of: publishing and analycs capabilies

New Century Capital Partners’ Takeaways • The acquision of Involver is Oracle’s third acquision in the social media space in the last two months, and show how deeply social media is becoming integrated into every facet of business • Oracle’s recent acquisions and the acquisions made by other large soware providers are focusing on buying their way into the social media markeng space as oppose to building out their own soluons resulng in a massive consolidaon in the industry

______12 New Century Capital Partners was not involved with this transacon. (1) The 451Group, June 26, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Dentsu to Acquire Aegis Group for $4.9 Billion

Transacon Overview July 12, 2012 • On July 12, 2012, Japanese adversing agency Dentsu announced its intenon to acquire Aegis Group, a Brish ad agency that is the largest independent buyer of adversing space New Century Capital Partners Transacon Proﬁle: • The transacon is the largest in Dentsu’s history and will create mega-adversing conglomerate to rival Dublin-based WPP and New York City-based Omnicom Group

Transacon Details(1) • Under the terms of the deal, Dentsu paid $4.9 billion to Aegis shareholders • Aegis Group was valued at 2.6x LTM revenue and 14.1x LTM EBITDA Acquires • Aegis shareholders received a 48% premium over the closing share price on July 11, 2012 • The deal is set to close in December 2012

Deal Raonale In a transacon valued at: • Dentsu will get deeper access into European markets. This will be important because Dentsu

realizes that the Japanese adversing market is saturated $4,900,000,000 • The purchase of Aegis will give Dentsu more clout to compete with other adversing giants in the internaonal marketplace by helping Dentsu leverage Aegis to further its own internaonal strategies Transacon Proﬁle Courtesy of: • Dentsu will also beneﬁt from Aegis Group’s digital presence

New Century Capital Partners’ Takeaways • The acquision of Aegis is the fourth largest adversing transacon in history and illustrated the adversing world connues to be dynamic, unpredictable, and suscepble to global forces • The transacon reﬂects a consolidaon in the adversing market, as in the last several years WPP and Publicis Groupe have also purchased smaller rivals

______13 New Century Capital Partners was not involved with this transacon. (1) Capital IQ & Bloomberg News, July 16, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Google Acquires Wildﬁre Interacve for $250 Million

Transacon Overview July 31, 2012 • On July 31, 2012, Google announced that it has acquired Wildfire Interacve, a social media markeng start-up which lets brands serve markeng and ad campaigns on Facebook, New Century Capital Partners Google+, Twier, Pinterest, YouTube and LinkedIn. Transacon Profile: • Wildfire has grown to 400 employees over the last four years and now serves 16,000 customers.

Transacon Details • The terms of the deal were not disclosed, but was reported by sources close to the deal that Google paid $250 million for Wildfire Interacve(1) Acquires Deal Raonale • Google is the No. 1 seller of ads online, so Wildfire would fit into its suite of services for adversers • The combinaon of Wildfire and Google can lead to a beer plaorm for managing all digital In a transacon valued at: media markeng services • The acquision will allow Google to provide advanced soware and services to brands who $250,000,000 want to run contests, sweepstakes, branded games and more on Google+. • Wildfire will sll operate as a markeng tool for brands on Google’s compeng plaorms, Transacon Profile Courtesy of: including Facebook, pung the search giant in a curious posion where it earns money on the success of its rivals

New Century Capital Partners’ Takeaways • With the acquision, Google is entering a fast-growing market that is dominated by Facebook, which sells ads on its own Web pages, but includes ample opportunity for companies like Wildﬁre to facilitate ad sales on Facebook and others • The transacon proves that consolidaon in the social media markeng sector will connue as other large enterprise soware companies will be looking to buy their way into the industry

______14 New Century Capital Partners was not involved with this transacon. (1) Reuters, “Google Acquires Social Ad Start-Up Wildﬁre” July 31, 2012

To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

Ganne Acquires BLiNQ Media Transacon Overview • On August 21, 2012, Gannet announced that it had acquired BLiNQ Media, a social media adversing company that creates ad campaigns for deployment on Facebook and other social August 21, 2012 media plaorms New Century Capital Partners • BLiNQ will remain in its New York headquarters and maintain its branch oﬃces across the Transacon Proﬁle: United States

Transacon Details • The terms of the deal were not disclosed, but BLiNQ was reportedly valued between $40 million and $92 million(1) Acquires Deal Raonale • Ganne is aiming to bolster its social markeng capabilies in a broader aempt to strengthen its digital markeng revenues and migate against declining print adversing revenues • Ganne’s acquision of BLiNQ will help Ganne exploit synergies between its other subsidiaries, PointRoll, a digital markeng agency, and ShopLocal, an online circular company • With Ganne’s 150,000 adverser relaonships, BLiNQ will be able to tap into its parent’s established client base to leverage those relaonship and expand the social media campaigns it undertakes(2) Transacon Value Undisclosed • By purchasing BLiNQ, Ganne is in a posion to capture addional ad dollars that go to Facebook, allowing Ganne to shi its focus to digital media adversing Transacon Proﬁle Courtesy of: New Century Capital Partners’ Takeaways • Ganne’s acquision of BLiNQ reveals a slow shi away from print media to digital media, especially considering that even though Ganne’s digital ad revenues were up 29% in Q2 2012, total Q2 revenues were down 2% on print ad revenue pressures(2) • The acquision of BLiNQ further suggests a consolidaon in the social media markeng sector is taking place and reshaping the digital markeng landscape • Tradional media companies like Ganne are bolstering their digital media capabilies, indicang an overall shi to digital media from print is taking place in the media and adversing space

______New Century Capital Parn establishedtners was not involved with this transacon. (1) “Old Media Buys New Media in Ganne/BLiNQ deal,” VentureBeat,” August 21, 2012 15 (2) “Ganne Acquries Blinq to Boost Social Markeng,” MediaPost News, August 22, 2012 To receive future news releases on New Century Capital Partners – Transacon Analysis M&A acvity, click here

HootSuite Media Acquires Seesmic Transacon Overview • On September 5, 2012, HootSuite Media announced that it had acquired Seesmic, a developer of web, mobile, and desktop applicaons allowing individual to stay connected to their September 5, 2012 various social media streams New Century Capital Partners • As part of the transion, HootSuite will connue to support Seesmic as it transions Seesmic Transacon Proﬁle: users to its own, larger social media management plaorm(1)

Transacon Details • The terms of the transacon were not disclosed

Deal Raonale • The acquision of Seesmic is the latest step in HootSuite’s expansion strategy; in July of this Acquires year, the company expanded its plaorm’s social network compability to include Evernote, Storify, and Zendesk(2) • HootSuite focuses on social media “power users,” whose use of social media takes place at the intersecon of business needs and engaging plaorms and involves social CRM, enterprise clients, and media integraon. Seesmic aligns with the needs of these clients because of its signiﬁcant business and enterprise customer base.(1) • HootSuite’s purchase of Seesmic was movated by a desire to grab Seesmic’s (enterprise) clients and not Seemic’s technology infrastructure(3) Transacon Value Undisclosed

New Century Capital Partners’ Takeaways Transacon Proﬁle Courtesy of: • HootSuite’s acquision of Seesmic underscores consolidaon in the social media space, as larger companies buy out smaller ones in an aempt to out-maneuver one another • HootSuite’s expansion suggest that social media plaorm integraon has the potenal to increase in importance as social media takes an important role in not only people’s personal lives, but also their professional ones

______New Century Capital Parn establishedtners was not involved with this transacon. (1) “HootSuite Acquires Seesmic,” hp://blog.hootsuite.com/welcomes-seesmic-users/, September 6, 2012 (2) “HootSuite Extends Its Social Media Wings With Evernote, Storify, Zendesk Integraons,” hp://techcrunch.com/2012/07/31/hootsuite-extends-its-social- media-wings-with-evernote-storify-zendesk-integraons/, July 31, 2012. 16 (3) “HootSuite CEO: We’re Buying Seesmic For The Users, Not The Tech [Interview],” hp://techcrunch.com/2012/09/06/hootsuite-ceo-were-buying-seesmic- for-the-customer-base-not-the-tech/, September 6, 2012. To receive future news releases on New Century Capital Partners – Company Proﬁles M&A acvity, click here

Palo Alto, CA www.jivesoware.com Company Overview Financing/Acquision History(1) Jive provides a social business soware plaorm. Jive combines the power of Total Capital Raised: $57.4 MM community soware, collaboraon soware, social networking soware, • 8/17/2007 – $15.4 MM invested by Sequoia Capital and social media monitoring offerings into an integrated plaorm, which • 10/13/2009 – $12 MM invested by Rincon Venture Partners enables companies to engage employees, customers and the social web. • 7/20/2010 – $30 MM invested by Sequoia Capital, Kleiner, Perkins, Recent Developments Caufield & Byers 7/26/2012 – Minacs selects Jive to power its online peer-to-peer community Completed Acquisions: service -- miCommunity • 1/7/2010 – Acquired Filtrbox for $1.7 MM 6/20/2012 – Jive was selected by LivePerson as the social business plaorm to enhance the company’s corporate culture and connect its global • 4/13/2011 – Acquired Proximal Labs for $1.2 MM workforce • 5/23/2011 – Acquired OffiSync for $23.3 MM Key Stascs Available(2) Selected Management Team Enterprise Value (EV): $1,032.8 MM Market Cap: $1,115.8 MM Anthony Zingale– CEO and Chairman EV/LTM Revenue: 11.9x Cash:$165.9 MM William Lynch – Co-Founder and VP of Product Management EV/EBTIDA: NM Debt: $12.4 MM Mahew Tucker – Co-Founder and CTO Price/Earnings: NM Stock Price: $18.06 52-Week High: $28.15 52-Week Low: $14.18

San Francisco, CA www.asana.com

Company Overview Financing/Acquision History(1) Asana develops collaboraon soware tools. Asana is a web applicaon that Total Capital Raised: $38.2 MM provides a single place for employees to quickly capture, organize, track • 1/31/2008 – $1.2 MM invested by various angel investors and communicate what they are working on. • 11/20/2009 - $10.5 MM invested by Andreessen Horowitz, and Recent Developments Benchmark Capital 11/2/2011 – Asana announced its oﬃcial launch to the public • 7/23/2012 - $28 MM invested by Founders Fund, Benchmark Capital, 7/23/2012 – Asana raises $28 MM, with a valuaon of $280 MM Andreeseen Horowitz, Mitch Kapor and exisng investors Selected Management Team Dusn Moskovitz – Co-Founder John Rosenstein – Co-Founder ______17 (1) CrunchBase, June 26, 2012 (2) Capital IQ as of August 2, 2012

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Santa Monica, CA www.grapheﬀect.com

Company Overview Financing/Acquision History(1) GraphEffect, a social markeng soware company, enables companies to Total Capital Raised: $14 MM seamlessly integrate and manage their adversing and conversaonal • 2/1/2011 – $2 MM invested by Lerer Ventures, Thrive Capital, Founder markeng programs on a single plaorm. Collecve, Rincon Venture Partners, CrossCut Ventures, Baroda Recent Developments Ventures, DFJ Froner and Siemer Ventures 3/7/2012 – GraphEffect presents at 2012 Montgomery Technology • 6/14/2012 – $12 MM invested by Rincon Venture Partners Conference in Santa Monica, CA Selected Management Team 2/28/2012 – Launch of GraphEffect 2.0 a product, which provides marketers Clark Landry – Co-Founder and Execuve Chairman with new soware that es together Paid, Owned and Earned Media James Borow – Co-Founder and CEO Key Stascs Available(2) Stephano Kim – President Revenue (2011): $12 MM Number of Employees: 45 Revenue (Expected 2012): $50 MM

San Francisco, CA www.thismoment.com Company Overview Financing/Acquision History(1) Thismoment provides online social content management soluons. It offers Total Capital Raised: $33.6 MM Distributed Engagement Channel (DEC), a social media monitoring and • 1/1/2008 – $0.5 MM invested by Vince Broady analycs soluon to create and distribute a single brand identy across • 9/26/2008 – $3 MM invested by Shelby Bonnie, Mika Salmi, and Jason mulple sites and devices. Hirschhorn Recent Developments • 11/1/2009 – $0.75 MM 6/6/2012 – Coca-Cola leverages the capabilies of Thismoment to address • 11/15/2011 – $ 7.3MM invested by Sierra Ventures the online youth market in a social/mobile environment via a flexible, scalable and easy-to-use plaorm • 6/13/2012 – $22MM invested by Fenway Partners, Sierra Ventures and Trident Capital 3/15/2012 – Thismoment announced that it surpassed 650,000 user generated content (UGC) submissions through its product, the Distributed Selected Management Team Engagement Channel (DEC) Vince Broady – CEO Key Stascs Available John Bara – Chief Markeng Officer • Number of Customers: 150+ ______18 (1) CrunchBase, June 26, 2012 (2) Business Insider, “GraphEffect Is A Yammer-Like Startup That’s Set To Generate ~ $50 Million Year, And It Just Raised $12 Million”, June 14, 2012

Click to view complete list and/or aend an NCCP NCCP Recommended Technology Conferences – 2012-13 recommended conference

Date Conference Sponsors Locaon

September 30 – October 4 Oracle OpenWorld San Francisco, CA

October 1-3 DEMO Fall 2012 Santa Clara, CA

October 2-4 SMX East 2012 TBD New York, NY

October 6-7 Rise of Social Commerce Palo Alto, CA

October 9-11 CTIA Enterprise and Applicaons San Diego, CA

October 14-16 ITEC Conference 2012 TBD Des Moines, IA

October 15 Variety Entertainment & Technology Summit Marina Del Ray, CA

October 15-17 Streaming Media Europe London, UK

October 16-17 GigaOM Structure Europe Amsterdam, NL

October 15-18 Digital Hollywood Fall Marina Del Ray, CA

19 Click to view complete list and/or aend an NCCP NCCP Recommended Technology Conferences – 2012-13 recommended conference

Date Conference Sponsors Locaon

October 17-20 Pop!Tech 2012 TBD Camden ME

October 23-25 The Social Media Strategies Summit Boston, MA

October 23-25 O’Reilly Strata Conference New York, NY

October 25 Social Media Markeng Conference London, UK

October 25 Bloomberg Dealmakers Summit New York, NY

October 29-30 OnHollywood 2012 Santa Monica, CA

November 7-8 ad:tech TBD New York, NY

November 12-14 The Market Research Event Boca Raton, FL

November 14 UK Social Markeng Conference London, UK

November 14-15 Defrag 2012 TBD Broomﬁeld, CO

November 17-18 Digital Hollywood New York New York, NY

20 Click to view complete list and/or aend an NCCP NCCP Recommended Technology Conferences – 2012-13 recommended conference

Date Conference Sponsors Locaon

December 4-6 Leweb Paris TBD Paris, FR

December 4-6 Interacve Local Media West TBD Los Angeles, CA

December 5-6 SMX Social Media Markeng 2012 TBD Las Vegas, NV

December 10 Bloomberg Enterprise Technology Summit London, UK

January 6-7 Storage Visions Las Vegas, NV

January 7-9 Digital Hollywood Las Vegas, NV

January 8-11 Internaonal Conference Las Vegas, NV

February 25-March 1 RSA Conference USA 2013 TBD San Francisco, CA

March 25-29 Game Developers Conference TBD San Francisco, CA

April 2-5 Cloud Connect Santa Clara, CA

April 11-13 2013 Nonproﬁt Technology Conference Minneapolis, MN

21 Click to view complete list and/or aend an NCCP NCCP Recommended Technology Conferences – 2012-13 recommended conference

Date Conference Sponsors Locaon

TBD

December 4-6 Interacve Local Media West TBD Los Angeles, CA

December 5-6 SMX Social Media Markeng 2012 TBD Las Vegas, NV

December 10 Bloomberg Enterprise Technology Summit London, UK

January 6-7, 2013 Storage Visions Las Vegas, NV

January 28-31 Emerging Media Conference TBD San Francisco, CA

January 29-31 D: Dive Into Media TBD Laguna Nigel, CA

February 25-March 1 RSA Conference USA 2013 TBD San Francisco, CA

March 25-29 Game Developers Conference TBD San Francisco, CA

April 2-5 Cloud Connect Santa Clara, CA

April 11-13 2013 Nonproﬁt Technology Conference Minneapolis, MN

22 New Century Capital Partners – Technology Sector Financial Analysis

LTM Price/Earnings Trading Stascs

Adversing / Markeng Communicaons and Networking Financial Technology

Mobile Advertising 22.9x eCommerce 35.4x Communication Software 27.8x Transaction Processing 28.9x Online Marketing 23.4x Communication Services 16.2x Payroll / Banking 22.2x

Digital Marketing Wireless Communication and 20.7x 26.8x Credit Card / Payment Networking Processing 19.2x

19.0x 20.0x 21.0x 22.0x 23.0x 24.0x -5.0x 5.0x 15.0x 25.0x 35.0x 0.0x 10.0x 20.0x 30.0x 40.0x

Internet Soware and Services Outsourced Services Soware

Online Travel 28.9x Outsourcing Services 15.5x CRM Software 31.0x

Cloud Computing / Offshore IT Services 19.8x 19.5x Virtualization Network Security Software 26.0x Government IT Services 13.0x Interactive Entertainment Online Search 26.9x IT Stafffing Services 15.3x 16.4x Software

IT Services 18.6x Gaming 19.5x Application Software 23.2x IT Consulting Services 13.8x

Social 24.3x Infrastructure Software 15.4x BPO Services 15.6x

0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 30.0x 35.0x 0.0x 5.0x 10.0x 15.0x 20.0x 25.0x 0.0x 10.0x 20.0x 30.0x 40.0x

______23 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

LTM Price/Earnings Trading Stascs YTD P/E YTD P/E Multiples YTD P/E YTD P/E Multiples Change Company Change CY 12E CY 13E Change Company Change CY 12E CY 13E Advertising / Marketing Internet Software and Services -7% Digital Marketing 0% Cloud Computing / Virtualization Aegis -10% 36.7x 19.2x Broadsoft NM NM 29.4x Havas -3% 12.7x 11.2x CA Technologies -3% 14.6x 11.0x Interpublic Group -13% 15.3x 14.6x Citrix NM NM 29.2x Publicis -2% 17.6x 13.7x EMC 2% 27.0x 16.2x WPP -9% 19.7x 11.7x LogMeIn NM NM 37.4x NetSuite NM NM NM -4% Mobile Advertising Rackspace NM NM NM 2 Ergo Group NM NM NM Salesforce.com NM NM NM Bango -33% NM NM VMWare NM NM 37.8x Open Text 26% 32.9x 10.8x TradeDoubler NM 15.1x 16.9x -45% Digital Media Velti NM NM 12.2x AOL -220% 22.9x 18.1x Apple 29% 19.7x 15.6x -4% Online Marketing Google 12% 27.6x 16.6x Akamai Technologies -24% 31.4x 22.5x Netflix -41% 31.9x NM Constant Contact 10% NM 37.6x News Corp. -5% 19.6x 14.7x QuinStreet 3% 26.1x 33.2x Pandora NM NM NM ReachLocal NM NM NM ValueClick NM 15.7x 10.9x 12% Gaming Disney -6% 16.9x 17.0x Financial Technology Sina NM NM NM -7% Credit Card / Payment Processing Sohu 29% 9.3x 21.7x American Express -10% 15.6x 13.5x Tencent -17% 46.3x 28.7x Jack Henry -3% 22.6x 19.7x Tipp24 40% 7.9x 8.1x Mastercard -13% 24.3x 20.8x Yoku NM NM NM Visa -2% 23.6x 21.8x Western Union -9% 14.7x 10.8x 21% Online Search Baidu 61% 41.0x 24.6x -4% eCommerce Google 12% 27.6x 16.6x Amazon.com NM NM NM Microsoft -14% 15.2x 10.3x Digital River -33% 39.7x 17.0x Yahoo! 24% 21.0x 15.8x eBay 26% 38.6x 21.4x -27% Online Travel Web.com Group NM NM NM Expedia -153% 27.0x 18.8x HomeAway NM NM NM -4% Payroll / Banking Orbitz Worldwide -23% 39.3x 17.9x ADP -6% 22.0x 19.9x priceline.com 34% 33.2x 21.2x Intuit -24% 25.8x 18.0x TravelZoo 35% 17.9x 16.9x Paychex 10% 23.1x 21.5x Social Sage Group 3% 19.8x 15.8x -104% AOL -221% 23.0x 18.1x Google 12% 27.6x 16.6x 16% Transaction Processing LinkedIn NM NM NM Global Payments -30% 14.4x 12.0x ACI Worldwide 30% 41.5x 22.8x TNS 47% 32.8x 7.2x ______24 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

LTM Price/Earnings Trading Stascs Connued YTD P/E YTD P/E Multiples YTD P/E YTD P/E Multiples Change Company Change CY 12E CY 13E Change Company Change CY 12E CY 13E Communications and Networking Outsourced Services -13% Communication Services -7% BPO Services 8x8 NM NM 32.4x Automatic Data Processing -6% 22.0x 19.9x NM NM Apptix NM CSG Systems 30% 12.9x 10.8x Constant Contact NM NM 37.6x Convergys -54% 7.0x 19.2x Frontier Communications -1% 17.9x 16.8x Paychex 10% 23.1x 21.5x j2 Communications -25% 14.7x 11.8x Sykes -15% 15.3x 12.0x Synchronoss NM NM 22.5x 55% Government IT Services 24% Communication Software CACI -39% 9.1x 9.1x Amdocs -7% 22.0x 12.3x 4.7x 4.7x Comverse Technology NM NM NM Dynamics Research -47% Evolving Systems 55% 37.5x 13.5x ManTech -16% 7.5x 7.5x Motricity NM NM NM SAIC 321% 34.8x 34.8x Nuance Communications NM NM 15.1x The KeyW NM NM NM

-37% Wireless Communication and Networking -34% IT Consulting Services Broadsoft NM NM 29.4x CRA NM 13.3x 20.2x Cisco -37% 15.5x 10.0x FTI Consulting -31% 12.4x 13.0x Juniper NM NM 25.1x Navigant -28% 12.6x 13.0x Meru Networks NM NM NM Sapient -48% 21.3x 16.5x Software The Hackett Group -27% 14.8x 10.7x

4% Application Software -19% IT Services Adobe Systems 17% 23.6x 13.8x Cap Gemini -5% 13.7x 12.4x BMC 27% 24.0x 12.3x CGI Group 27% 19.8x 16.3x Intuit -24% 25.8x 18.0x Ciber -58% 24.2x NM Red Hat NM NM NM Edgewater NM 24.7x 19.7x SAP -2% 22.8x 17.7x Perficient -40% 21.5x 22.3x 0% CRM Software LivePerson NM NM NM 10% IT Staffing Services NetSuite NM NM NM Analysts NM 8.2x NM Open Text 0% 32.9x 10.8x CDI -74% 21.0x 20.3x Salesforce.com NM NM NM Computer Task -24% 20.1x 18.3x Kforce 102% 45.0x 15.5x 6% Infrastructure Software National Technical 37% 19.2x NM HP -6% 6.9x 4.5x IBM -6% 18.0x 13.6x -34% Offshore IT Services Microsoft 14% 15.2x 10.3x Cognizant -26% 26.9x 21.0x Oracle 23% 20.3x 12.3x HCL -29% 19.0x 13.3x Sage 3% 19.8x 15.8x Hexaware -67% 15.6x 11.1x -41% Interactive Entertainment Software Infosys -42% 17.2x 15.5x Blizzard -22% 23.0x 12.0x Tata -21% 27.9x 19.4x Electronic Arts NM NM NM Wipro -18% 20.7x 14.7x Konami -59% 10.8x NM 16% Outsourcing Services Nintendo NM NM NM Accenture 17% 19.7x 17.2x 21.7x 13.3x -31% Network Security Software Atos 65% Check Point -32% 21.7x 15.1x Computer Sciences NM NM 15.4x Fortinet NM NM NM IBM -6% 18.0x 13.6x Symantec -1% 22.3x 11.7x Unisys -12% 5.4x 6.8x VeriSign -62% 36.1x 25.4x ______25 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Technology Industry Segments(1) Public Comparable Companies - Selected Technology Industry Sectors ($ millions except per share data) Aggregate Aggregate Enterprise Value Trading Multiples % of Market Enterprise LTM CY 2011E LTM CY 2011E Rev. Growth Price/ Company Name 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2011 / 10 Earnings Advertising / Marketing Digital Marketing 95% 40,229 46,524 1.4x 1.3x 9.0x 7.8x 10% 20.4x Mobile Advertising 64% 4,102 4,069 2.0x 1.5x 11.0x 7.7x 22% 24.0x Online Marketing 79% 9,492 8,907 2.2x 2.1x 12.0x 9.9x 13% 24.4x Advertising / Marketing Mean 1.9x 1.7x 10.5x 8.6x 14% 22.3x Communications and Networking Communication Services 77% 8,057 15,547 2.9x 3.0x 16.6x 10.2x 14% 16.3x Communication Software 75% 33,378 14,988 2.2x 2.4x 17.6x 8.8x 18% 29.7x Wireless Communication/Networking 68% 112,791 77,855 2.7x 2.5x 17.1x 12.8x 7% 15.5x Communications and Networking Mean 2.6x 2.7x 17.0x 10.4x 13% 21.5x

Financial Technology Credit Card / Payment Processing 97% 227,885 259,542 5.0x 4.8x 11.9x 10.7x 9% 20.1x eCommerce 90% 183,143 174,889 3.1x 2.5x 10.9x 15.5x 48% 39.1x Payroll / Banking 98% 64,843 62,525 3.8x 3.6x 11.6x 11.2x 6% 22.7x Transaction Processing 80% 5,555 5,860 2.1x 1.8x 10.1x 7.9x 19% 29.6x Financial Technology Mean 3.7x 3.4x 11.3x 11.5x 20% 25.6x

Internet Software and Services Cloud Computing / Virtualization 88% 165,646 153,189 6.8x 6.2x 23.1x 20.0x 19% 20.8x Digital Media 79% 954,518 897,236 2.9x 2.5x 9.9x 10.0x 22% 24.3x Gaming 75% 160,297 166,153 5.1x 4.3x 9.4x 8.6x 29% 20.1x Online Search 90% 551,998 464,831 5.9x 5.2x 13.7x 11.4x 21% 26.2x Online Travel 72% 42,207 38,561 3.5x 3.3x 15.8x 11.9x 13% 29.4x Social 98% 248,183 212,605 7.4x 6.0x 8.4x 7.4x 37% 25.2x Internet Software and Services Mean 5.2x 4.6x 14.8x 12.8x 22% 24.6x

Outsourced Services BPO Services 93% 43,880 41,201 2.0x 2.0x 7.3x 9.5x -2% 16.1x Government IT Services 76% 6,859 8,167 0.7x 0.7x 7.8x 8.1x 5% 14.0x IT Consulting Services 68% 3,457 4,069 0.9x 0.9x 7.1x 6.9x 6% 14.9x IT Services 88% 15,484 16,108 0.9x 0.7x 8.5x 6.6x 21% 20.8x IT Staffing Services 84% 8,884 1,245 0.5x 0.5x 9.4x 8.7x 4% 22.7x Offshore IT Services 89% 671 112,567 2.9x 2.6x 12.0x 10.7x 22% 21.2x Outsourcing Services 95% 423 307,190 1.0x 1.0x 5.9x 5.6x 6% 16.2x Outsource Services Mean 4.8x 4.5x 16.9x 13.2x 9% 24.0x

Software Application Software 96% 137,790 134,963 4.8x 4.5x 16.9x 13.2x 9% 24.0x CRM/SaaS Software 94% 30,706 29,931 8.2x 7.3x 24.5x 26.8x 24% 32.9x Enterprise Software 90% 702,106 679,894 2.5x 2.5x 7.9x 7.3x 2% 16.0x Interactive Entertainment Software 69% 33,378 18,104 1.3x 1.2x 11.3x 9.6x -5% 16.9x Network Security Software 90% 34,781 31,205 6.1x 5.7x 17.9x 14.4x 11% 26.7x Software Mean 4.6x 4.3x 14.8x 13.5x 8% 21.5x High 8.2x 7.3x 24.5x 26.8x 48% 39.1x Mean 3.9x 3.5x 13.7x 11.6x 17% 24.0x Median 3.1x 3.0x 11.9x 10.2x 14% 24.0x Low 1.3x 1.2x 7.9x 7.3x -5% 15.5x ______Source: Capital IQ as of September 18, 2012 26 (1) All ﬁgures are averages based upon respecve segment public comparable company groups, unless otherwise noted New Century Capital Partners – Technology Sector Financial Analysis

Adversing/Markeng Segment

Public Comparable Companies - Advertising / Marketing ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings Digital Marketing Aegis $3.86 100% 4,445 4,955 2.6x 2.4x 15.0x 12.5x 15% 36.7x Havas 5.12 87% 1,936 1,936 0.9x 0.9x 6.1x 5.6x 2% 12.7x Interpublic Group 11.46 94% 5,097 5,234 0.7x 0.7x 6.2x 5.8x 1% 15.3x Publicis 56.82 96% 11,459 12,619 1.6x 1.6x 8.8x 8.7x 7% 17.6x WPP 13.78 96% 17,292 21,780 1.4x 1.3x 8.7x 7.9x 7% 19.7x Digital Marketing Mean 1.4x 1.4x 9.0x 8.1x 7% 20.4x Mobile Advertising 2 Ergo Group $0.43 32% 15 12 0.5x NA NM NA NA NM Bango 2.71 86% 115 112 4.5x NA NM NA NA NM Open Text 55.90 89% 3,309 3,346 2.8x 2.7x 10.0x 8.7x 9% 32.9x TradeDoubler 2.42 45% 105 79 0.2x 0.2x 6.1x 8.5x -2% 15.1x Velti 9.64 66% 557 520 2.2x 1.8x 16.9x 6.2x 54% NM Mobile Advertising Mean 2.0x 1.6x 11.0x 7.8x 20% 24.0x

Online Marketing Akamai Technologies $38.35 97% 6,887 6,390 5.1x 4.7x 12.7x 10.7x 18% 31.4x Constant Contact 20.05 62% 597 516 2.2x 2.0x 21.2x 14.1x 18% NM QuinStreet 8.70 69% 371 374 1.0x 1.1x 6.4x 5.6x -11% 26.1x ReachLocal 12.54 90% 363 268 0.6x 0.6x NM 12.9x 20% NM ValueClick 16.88 77% 1,275 1,359 2.1x 2.0x 7.6x 6.3x 22% 15.7x Online Marketing Mean 2.2x 2.1x 12.0x 9.9x 13% 24.4x High 5.1x 4.7x 21.2x 14.1x 54% 36.7x Mean 1.9x 1.7x 10.5x 8.7x 12% 22.3x Median 1.6x 1.6x 8.8x 8.5x 9% 18.6x Low 0.2x 0.2x 6.1x 5.6x -11% 12.7x

______27 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Communicaons and Networking Segment

Public Comparable Companies - Communications and Networking ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings

Communication Services 8x8 $6.39 98% 451 412 4.5x 4.0x 38.1x 15.5x 29% NM Apptix 0.57 79% 46 54 1.3x NA 11.0x NA NA NM Constant Contact 20.05 62% 597 516 2.2x 2.0x 21.2x 14.1x 18% NM Frontier Communications 4.69 66% 4,653 12,530 2.5x 2.5x 5.2x 5.2x -5% 17.9x j2 Communications 30.62 97% 1,389 1,204 3.5x 3.4x 7.0x 6.7x 8% 14.7x Synchronoss 23.77 61% 921 830 3.3x 3.0x 17.1x 9.5x 20% NM Communication Services Mean 2.9x 3.0x 16.6x 10.2x 14% 16.3x

Communication Software Amdocs $33.30 99% 5,477 4,583 1.4x 1.4x 7.7x 6.9x 2% 22.0x Comverse Technology 6.36 85% 1,414 1,595 1.0x 1.0x 10.5x 5.5x 0% NM Evolving Systems 6.21 80% 72 62 2.8x 2.4x 27.5x 11.1x 35% 37.5x Motricity 0.61 28% 26 30 0.3x NA NM NA NA NM Nuance Communications 25.33 81% 7,847 8,718 5.6x 4.8x 24.8x 11.7x 33% NM Communication Software Mean 2.2x 2.4x 17.6x 8.8x 18% 29.7x

Wireless Communication and Networking Broadsoft $39.63 87% 1,175 1,086 7.0x 6.5x 33.3x 23.5x 20% NM Cisco 19.09 90% 101,358 68,970 1.5x 1.5x 5.4x 4.4x 5% 15.5x Juniper 18.92 59% 10,200 7,760 1.8x 1.8x 12.6x 10.5x -2% NM Meru Networks 3.36 36% 58 39 0.4x 0.4x NM NM 4% NM Wireless Communication and Networking Mean 2.7x 2.5x 17.1x 12.8x 7% 15.5x High 7.0x 6.5x 38.1x 23.5x 35% 37.5x Mean 2.6x 2.7x 17.0x 10.4x 13% 21.5x Median 2.2x 2.4x 12.6x 10.0x 8% 17.9x Low 0.3x 0.4x 5.2x 4.4x -5% 14.7x

______28 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Financial Technology Segment Public Comparable Companies - Financial Technology ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings Credit Card / Payment Processing American Express $58.72 96% 67,089 103,810 3.5x 3.3x 14.9x NA 10% 15.6x Jack Henry 37.62 98% 3,231 3,205 3.1x 3.0x 9.7x 9.3x 7% 22.6x Mastercard 453.04 97% 56,596 51,604 7.2x 6.9x 12.9x 12.3x 11% 24.3x Visa 132.96 97% 89,548 87,245 8.7x 8.2x 13.6x 12.8x 12% 23.6x Western Union 18.75 95% 11,421 13,678 2.4x 2.4x 8.2x 8.2x 5% 14.7x Credit Card / Payment Processing Mean 5.0x 4.8x 11.9x 10.7x 9% 20.1x

eCommerce Amazon.com $258.64 98% 116,633 111,663 2.1x 1.8x NM 33.7x 31% NM Digital River 16.75 70% 602 311 0.8x 0.8x 5.4x 4.3x -3% 39.7x eBay 49.84 98% 65,052 61,380 4.7x 4.4x 16.3x 13.3x 20% 38.6x Web.com Group 18.12 92% 856 1,534 5.0x 3.2x NM 10.6x 144% NM eCommerce Mean 3.1x 2.5x 10.9x 15.5x 48% 39.1x

Payroll / Banking ADP $58.42 98% 28,300 26,738 2.5x 2.4x 11.5x 11.7x 6% 22.0x Intuit 60.14 96% 17,767 17,522 4.2x 4.0x 12.3x 10.7x 7% 25.8x Paychex 34.37 100% 12,456 12,140 5.4x 5.3x 12.8x 12.6x 5% 23.1x Sage Group 5.14 98% 6,320 6,125 2.9x 2.7x 9.9x 9.6x 7% 19.8x Payroll / Banking Mean 3.8x 3.6x 11.6x 11.2x 6% 22.7x Transaction Processing Global Payments $43.13 80% 3,442 3,190 1.4x 1.4x 6.5x 6.7x 12% 14.4x ACI Worldwide 43.61 93% 1,732 1,958 3.7x 2.8x 18.5x 11.7x 49% 41.5x TNS 15.46 68% 381 712 1.3x 1.3x 5.4x 5.3x -3% 32.8x Transaction Processing Mean 2.1x 1.8x 10.1x 7.9x 19% 29.6x High 8.7x 8.2x 18.5x 33.7x 144% 41.5x Mean 3.7x 3.4x 11.3x 11.5x 20% 25.6x Median 3.3x 2.9x 11.9x 10.7x 8% 23.3x Low 0.8x 0.8x 5.4x 4.3x -3% 14.4x

______29 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Internet Soware and Services Segment Public Comparable Companies - Internet Software and Services ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings Cloud Computing / Virtualization Broadsoft $39.63 87% 1,175 1,086 7.0x 6.5x 33.3x 23.5x 20% NM CA Technologies 27.01 96% 12,671 11,417 2.4x 2.4x 6.6x 6.2x -1% 14.6x Citrix 80.52 92% 15,183 13,886 5.8x 5.4x 23.4x 17.4x 17% NM EMC 27.79 93% 57,883 53,940 2.6x 2.4x 10.7x 8.8x 10% 27.0x LogMeIn 23.79 53% 600 401 3.1x 2.9x 26.9x NA 16% NM NetSuite 61.71 98% 4,389 4,227 15.7x 13.9x NM NM 29% NM Rackspace 65.14 98% 8,883 8,817 7.5x 6.7x 25.6x 19.7x 28% NM Salesforce.com 156.81 95% 21,984 21,435 8.1x 7.1x NM 42.1x 34% NM VMWare 98.97 83% 42,877 37,980 9.1x 8.3x 35.2x 22.4x 22% NM Cloud Computing / Virtualization Mean 6.8x 6.2x 23.1x 20.0x 19% 20.8x

Digital Media AOL $33.88 98% 3,163 1,803 0.8x 0.8x 4.0x 4.7x -3% 22.9x Apple 698.35 100% 655,979 628,325 4.2x 3.8x 11.3x 10.2x 29% 19.7x Google 714.08 100% 232,187 198,586 4.6x 3.9x 12.9x 10.2x 34% 27.6x Netflix 56.29 35% 3,167 2,753 0.8x 0.8x 12.1x 15.7x 13% 31.9x News Corp 24.46 99% 58,212 64,041 1.9x 1.9x 9.5x 9.1x 0% 19.6x Pandora 10.41 40% 1,810 1,728 5.1x 4.0x NM NM 57% NM Digital Media Mean 2.9x 2.5x 9.9x 10.0x 22% 24.3x

Gaming Disney $51.81 98% 93,571 104,220 2.5x 2.4x 9.7x 8.9x 5% 16.9x Sina 65.59 59% 4,360 3,645 7.3x 6.7x NM NM 13% NM Sohu 42.70 61% 1,649 784 0.8x 0.8x 2.2x 2.8x 23% 9.3x Tencent 32.89 98% 60,335 57,298 10.2x 8.5x 23.3x 19.9x 50% 46.3x Tipp24 47.26 78% 381 206 1.2x 1.1x 2.5x 2.8x 0% 7.9x Yoku 19.16 59% 2,185 1,641 8.5x 6.3x NM NM 83% NM Gaming Mean 5.1x 4.3x 9.4x 8.6x 29% 20.1x

Online Search Baidu $111.13 72% 39,590 37,165 12.9x 10.5x 22.4x 18.5x 55% 41.0x Google 714.08 100% 232,187 198,586 4.6x 3.9x 12.9x 10.2x 34% 27.6x Microsoft 31.15 95% 261,646 212,377 2.9x 2.8x 6.9x 6.7x 5% 15.2x Yahoo! 15.71 94% 18,575 16,703 3.4x 3.8x 12.8x 10.3x -11% 21.0x Online Search Mean 5.9x 5.2x 13.7x 11.4x 21% 26.2x

Online Travel Expedia $54.88 92% 7,464 6,320 1.7x 1.6x 9.2x 8.2x 14% 27.0x HomeAway 24.28 57% 2,001 1,780 7.0x 6.4x 38.6x 22.2x 22% NM Orbitz Worldwide 2.86 60% 306 576 0.7x 0.7x 5.4x 4.6x 2% 39.3x priceline.com 638.25 82% 32,055 29,559 6.1x 5.7x 17.6x 15.4x 19% 33.2x TravelZoo 23.47 67% 381 327 2.1x 2.1x 8.3x 8.9x 6% 17.9x Online Travel Mean 3.5x 3.3x 15.8x 11.9x 13% 29.4x

Social AOL $33.88 98% 3,163 1,803 0.8x 0.8x 4.0x 4.7x -3% 22.9x Google 714.08 100% 232,187 198,586 4.6x 3.9x 12.9x 10.2x 34% 27.6x LinkedIn 119.83 95% 12,833 12,215 16.9x 13.1x NM NM 78% NM Facebook 21.73 48% 46,104 36,622 8.5x 7.4x 34.9x 13.9x 33% NM Social Mean 7.4x 6.0x 8.4x 7.4x 37% 25.2x High 16.9x 13.9x 38.6x 42.1x 83% 46.3x Mean 5.2x 4.6x 14.8x 12.8x 22% 24.6x Median 4.6x 3.9x 12.1x 10.2x 19% 22.9x Low 0.7x 0.7x 2.2x 2.8x -11% 7.9x ______30 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Outsourced Services Segment Public Comparable Companies - Outsourced Services ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings BPO Services Automatic Data Processing 58.42 98% 28,300 26,738 2.5x 2.4x 11.5x 11.7x 6% 22.0x CSG Systems 22.63 99% 719 820 1.1x 1.1x 5.0x 4.8x 1% 12.9x Convergys 16.08 99% 1,803 1,107 0.5x 0.6x 3.9x 4.8x -12% 7.0x Paychex 34.37 100% 12,456 12,140 5.4x 5.3x 12.8x 12.6x 5% 23.1x Sykes 13.57 72% 601 396 0.4x 0.4x 3.5x 4.0x -8% 15.3x BPO Services Mean 2.0x 2.0x 7.3x 9.5x -2% 16.1x Government IT Services CACI 55.36 88% 1,262 1,788 0.5x 0.5x 5.1x 5.2x 0% 9.1x Dynamics Research 6.00 50% 62 172 0.5x 0.5x 4.1x 5.5x 0% 4.7x ManTech 23.93 63% 886 961 0.4x 0.4x 3.4x 4.0x -7% 7.5x SAIC 12.73 90% 4,338 4,882 0.4x 0.4x 12.1x 4.6x 5% 34.8x The KeyW 12.57 87% 312 364 1.7x 1.5x 14.4x 21.0x 29% NM Government IT Services Mean 0.7x 0.7x 7.8x 8.1x 5% 14.0x

IT Consulting Services CRA 17.00 61% 175 136 0.5x 0.5x 5.0x 5.8x -15% 13.3x FTI Consulting 28.26 63% 1,145 1,777 1.1x 1.1x 6.7x 7.1x 0% 12.4x Navigant 11.67 80% 603 771 1.1x 0.9x 7.4x 7.3x 19% 12.6x Sapient 10.44 75% 1,409 1,243 1.2x 1.1x 9.4x 8.5x 10% 21.3x The Hackett Group 4.02 61% 125 143 0.7x 0.6x 7.1x 5.7x 16% 14.8x IT Consulting Services Mean 0.9x 0.9x 7.1x 6.9x 6% 14.9x IT Services Cap Gemini $41.98 93% 6,600 6,584 0.5x 0.5x 5.7x 5.3x 7% 13.7x CGI Group 27.73 100% 8,213 8,846 2.1x 1.3x 11.7x 8.6x 57% 19.8x Ciber 3.39 71% 249 256 0.3x 0.3x 7.3x 6.8x -4% 24.2x Edgewater 4.03 90% 46 37 0.4x 0.3x 6.6x 4.8x 14% 24.7x Perficient 11.44 84% 376 385 1.4x 1.2x 11.2x 7.7x 31% 21.5x IT Services Mean 0.9x 0.7x 8.5x 6.6x 21% 20.8x

IT Stafffing Services Analysts $4.00 55% 20 17 0.2x NA 3.8x NA NA 8.2x CDI 17.70 95% 342 336 0.3x 0.3x 9.1x 8.0x 5% 21.0x Computer Task 16.24 97% 301 277 0.7x 0.6x 11.9x 10.6x 8% 20.1x Kforce 12.23 79% 463 474 0.4x 0.4x 16.1x 7.5x -2% 45.0x National Technical 8.16 93% 93 140 0.8x NA 6.2x NA NA 19.2x IT Staffing Services Mean 0.5x 0.5x 9.4x 8.7x 4% 22.7x Offshore IT Services Cognizant $68.88 88% 20,616 18,270 2.7x 2.5x 13.1x 12.2x 20% 26.9x HCL 10.59 96% 7,298 7,186 1.9x 1.6x 10.5x 8.4x 29% 19.0x Hexaware 2.39 91% 705 632 2.0x 1.8x 9.3x 8.0x 30% 15.6x Infosys 48.19 87% 27,144 23,449 3.3x 3.2x 10.4x 10.4x 6% 17.2x Tata 24.11 90% 48,650 46,969 4.9x 4.3x 16.6x 14.7x 27% 27.9x Wipro 6.85 82% 17,418 16,062 2.3x 2.0x 12.1x 10.3x 17% 20.7x Offshore IT Services Mean 2.9x 2.6x 12.0x 10.7x 22% 21.2x Outsourcing Services Accenture $65.40 98% 41,643 36,017 1.3x 1.3x 8.2x 8.1x 5% 19.7x Atos 67.23 98% 5,723 5,592 0.5x 0.5x 5.1x 4.7x 31% 21.7x Computer Sciences 33.69 97% 5,311 7,024 0.4x 0.4x 5.1x 4.4x -1% NM IBM 207.00 98% 236,726 257,931 2.4x 2.4x 9.6x 9.5x -2% 18.0x Unisys 22.45 82% 993 625 0.2x 0.2x 1.4x 1.3x -2% 5.4x Outsourcing Services Mean 1.0x 1.0x 5.9x 5.6x 6% 16.2x High 5.4x 5.3x 16.6x 21.0x 57% 45.0x Mean 1.3x 1.3x 8.4x 7.8x 10% 18.2x Median 0.8x 0.8x 7.8x 7.4x 5% 19.1x Low 0.2x 0.2x 1.4x 1.3x -15% 4.7x ______31 Source: Capital IQ as of September 18, 2012 New Century Capital Partners – Technology Sector Financial Analysis

Soware Segment Public Comparable Companies - Software ($ millions except per share data) Enterprise Value Trading Multiples Price % of Market Enterprise LTM CY 2012E LTM CY 2012E Rev. Growth Price/ Company Name 9/18/2012 52 wk high Cap Value Revenue Revenue EBITDA EBITDA 2012 / 11 Earnings Application Software Adobe Systems $32.80 94% 16,430 14,942 3.4x 3.3x 10.0x 7.9x 6% 23.6x BMC 43.12 94% 6,855 6,100 2.8x 2.8x 9.6x 6.4x 2% 24.0x Intuit 60.14 96% 17,767 17,522 4.2x 4.0x 12.3x 10.7x 7% 25.8x Red Hat 57.64 92% 11,315 10,496 8.9x 8.2x 40.1x 29.0x 18% NM SAP 73.03 101% 85,423 85,903 4.5x 4.1x 12.4x 12.0x 14% 22.8x Application Software Mean 4.8x 4.5x 16.9x 13.2x 9% 24.0x

CRM Software LivePerson $18.06 92% 1,023 923 6.3x 5.7x 38.9x 29.7x 21% NM Netsuite 61.71 98% 4,389 4,227 15.7x 13.9x NM NM 29% NM Open Text 55.90 89% 3,309 3,346 2.8x 2.6x 10.0x 8.6x 12% 32.9x Salesforce.com 156.81 95% 21,984 21,435 8.1x 7.1x NM 42.1x 34% NM CRM Software Mean 8.2x 7.3x 24.5x 26.8x 24% 32.9x

Infrastructure Software HP $18.18 61% 35,804 56,053 0.5x 0.5x 3.9x 3.6x -3% 6.9x IBM 207.00 98% 236,726 257,931 2.4x 2.4x 9.6x 9.5x -2% 18.0x Microsoft 31.15 95% 261,646 212,377 2.9x 2.8x 6.9x 6.7x 5% 15.2x Oracle 33.05 98% 161,611 147,409 4.0x 3.9x 9.2x 7.2x 3% 20.3x Sage 5.14 98% 6,320 6,125 2.9x 2.7x 9.9x 9.6x 7% 19.8x Infrastructure Software Mean 2.5x 2.5x 7.9x 7.3x 2% 16.0x

Interactive Entertainment Software Blizzard $11.87 82% 13,311 10,119 2.3x 2.2x 9.3x 6.1x -2% 23.0x Electronic Arts 13.91 53% 4,524 3,629 0.9x 0.9x 13.2x 7.6x 3% NM Konami 23.57 66% 0 -342 NM NM NM NM -8% 10.8x Nintendo 127.99 76% 15,542 4,698 0.6x 0.5x NM 15.1x -12% NM Interactive Entertainmenet Software Mean 1.3x 1.2x 11.3x 9.6x -5% 16.9x

Network Security Software Check Point Software 46.93 72% 9,689 8,317 6.4x 6.1x 11.3x 10.3x 9% 21.7x Fortinet 27.31 95% 4,327 3,926 8.1x 7.4x 38.7x 28.4x 22% NM Symantec 19.03 97% 13,414 12,351 1.8x 1.8x 6.9x 6.2x 0% 22.3x VeriSign 46.86 95% 7,351 6,610 8.1x 7.6x 14.8x 12.5x 13% 36.1x Network Security Software Mean 6.1x 5.7x 17.9x 14.4x 11% 26.7x High 15.7x 13.9x 40.1x 42.1x 34% 36.1x Mean 4.6x 4.3x 14.8x 13.5x 8% 21.5x Median 3.4x 3.3x 10.0x 9.5x 7% 22.3x Low 0.5x 0.5x 3.9x 3.6x -12% 6.9x

______32 Source: Capital IQ as of September 18, 2012 Overview of New Century Capital Partners

Selected Transacons

a portfolio company of Kinderhook Industries Has Received a Majority has been sold to has been sold to Strategic Advisory Strategic Advisory Investment From

a po rtfo lio c o mpany o f C alvert S treet C apital P artners August 2012 August 2012 July 2012 May 2012 March 2012 December 2011

$20,000,000 $125,000,000

has been sold to has been sold to has been sold to has been sold to

September 2011 September 2011 June 2011 March 2011 January 2011 December 2010

$9,000,000 $33,000,000 $81,000,000 $17,500,000 $1,800,000,000

has been sold to

November 2010 May 2010 April 2010 April 2010 October 2009 September 2009

$135,000,000 $80,000,000 $60,000,000 $40,000,000 $131,000,000 $158,100,000

has acquired has acquired

February 2009 January 2009 October 2008 July 2008 February 2008 August 2007