Software Sector Summary Week of November 28th, 2016

1 SOFTWARE DEAL DASHBOARD

$28.9 Billion 408 $104.7 Billion 80 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) Top M&A Transactions YTD Company Amount ($MM) $Bn $Bn Target Acquirer EV ($Bn) $12 $60 $10 $50 $10 $9 $50 $70.0 $42 $26.2 $8 $40 $6 $6 $6 $5 $30 $42.5 $4 $4 $24 $9.2 $4 $3 $20 $14 $14 $2 $10 $5 $7 $6 $39.0 $0 $0 $8.7 Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16 Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16Q4'16 (Software Business Division) TD TD $33.1 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $6.1

$24.8 140 127 40 $4.7 118 ( ) 120 111 103 29 30 27 100 86 94 24 $23.6 76 24 $3.3 80 72 20 60 15 13 12 40 $20.0 10 7 $2.8 20 0 0 $20.0 Q1'15Q2'15Q3'15Q4'15Q1'16Q2'16Q3'16 Q4'16 Q1'15 Q2'15 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 $2.4 TD TD

Last 12 Months Software Price Performance vs. S&P 500 (4) M&A EV/ NTM Rev. Over Time (5)

10% 8% ` 5% 6%

0%

(5%)

(10%)

(15%)

(20%)

(25%)

IGV SPX

Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 11/25/16. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. Excludes the $7.3Bn raise by Didi Chuxing on 6/15/2016. 2) Financings include Software Venture and Growth / Expansion activity. 2 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) 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. 5) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM.

RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

20% 60%

50% 10% 40%

0% 30% Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 20% (10%) 10%

(20%) 0% Nov-13 Feb-14 May-14 Aug-14 Nov-14 Feb-15 May-15 Aug-15 Nov-15 Feb-16 May-16 Aug-16 Nov-16 (10%) (30%) (20%)

(40%) (30%)

(40%) (50%)

Sector 3 Months 1 Year 3 Years Platform 1% 7% 33% Infrastructure 4% 15% 18% Security (0%) (6%) 22% SaaS / On Demand (1%) 2% 30% BI & Analytics (8%) (15%) (12%) Vertical (6%) (3%) 5%

Notes: Source: Capital IQ. Market Data as of 11/25/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. 3 Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

TRADING COMPARABLES Valuation Metrics

EV / 2016E Revenue EV / 2016E EBITDA

35.0x 6.0x 31.7x 5.3x 5.0x 29.0x 30.0x 28.3x 5.0x 4.6x 4.4x 4.2x 24.4x 25.0x 22.0x 4.0x 3.5x 20.0x 3.0x 15.0x 13.3x 2.0x 10.0x

1.0x 5.0x

0.0x 0.0x SaaS / On Infrastructure Vertical Platform Security BI & Analytics SaaS / On BI & Analytics Security Infrastructure Vertical Platform Demand Demand

Notes: Source: Capital IQ. Market Data as of 11/25/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. 4 Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV, WBMD.

TRADING COMPARABLES Operational Metrics

2017 / 2016 Rev. Growth 2016 EBITDA Margin

20% 19% 40% 34% 18% 35% 16% 15% 16% 15% 14% 30% 27% 14% 25% 22% 12% 21% 10% 20% 17% 16% 7% 8% 15% 6% 10% 4% 2% 5% 0% 0% SaaS / On Security BI & Analytics Vertical Infrastructure Platform Platform Infrastructure Vertical Security BI & Analytics SaaS / On Demand Demand

Notes: Source: Capital IQ. Market Data as of 11/25/16. BI & Analytics: ATTU, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: GOOGL, IBM, MSFT, ORCL, RHT, SAP. SaaS / On Demand: AMBR, APTI, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, IL, INST, JCOM, JIVE, LOGM, LPSN, MIME, MRIN, NEWR, NOW, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TNGO, TWOU, ULTI, VEEV, WDAY, WK, ZEN. 5 Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, GUID, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, 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 11/25/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E Platform Alphabet Inc. $780.23 $537,766 ($79,118) $458,648 5.1x 4.4x 12.8x 10.9x 22.5x 19.0x 19.0% 15.8% 40.2% 40.6% Microsoft Corporation $60.53 470,642 (60,857) 409,785 4.4 4.3 11.7 11.0 21.2 19.9 4.8% 4.2% 38.0% 38.8% Oracle Corporation $40.27 165,334 (14,340) 150,994 4.0 4.0 9.1 8.6 15.4 14.7 (0.2%) 2.1% 44.5% 45.8% International Business Machines Corporation $163.14 155,122 32,515 187,637 2.4 2.4 9.9 9.1 12.1 11.7 (2.4%) (0.3%) 23.7% 25.9% SAP SE $85.43 102,358 2,962 105,320 4.5 4.2 13.3 12.4 21.2 18.9 3.3% 6.5% 34.0% 34.3% Red Hat, Inc. $78.81 14,154 (601) 13,553 5.8 5.1 23.2 19.1 36.7 31.2 18.1% 15.1% 25.1% 26.4%

Mean 4.4x 4.0x 13.3x 11.9x 21.5x 19.2x 7.1% 7.2% 34.3% 35.3% Median 4.5 4.2 12.2 11.0 21.2 18.9 4.0% 5.4% 36.0% 36.5%

Infrastructure VMware, Inc. $79.80 $32,843 ($6,754) $26,089 3.7x 3.5x 10.3x 9.6x 18.3x 17.0x 6.1% 5.3% 36.0% 36.7% ServiceNow, Inc. $87.74 14,566 (308) 14,258 10.3 7.9 54.1 36.6 NM 83.7 37.7% 30.1% 19.1% 21.6% Red Hat, Inc. $78.81 14,154 (601) 13,553 5.8 5.1 23.2 19.1 36.7 31.2 18.1% 15.1% 25.1% 26.4% Citrix Systems, Inc. $88.31 13,773 (324) 13,449 3.9 4.0 11.3 11.1 17.0 16.5 4.1% (0.3%) 34.8% 35.7% CA, Inc. $31.78 13,279 (496) 12,783 3.2 3.1 7.9 7.9 12.6 12.4 0.0% 0.9% 40.0% 39.5% F5 Networks, Inc. $144.12 9,414 (882) 8,532 4.2 3.9 10.7 10.1 19.1 17.0 3.9% 8.3% 39.4% 38.5% Splunk Inc. $58.33 7,848 (1,021) 6,827 7.5 5.8 83.4 52.7 NM NM 36.9% 28.2% 8.9% 11.0% Atlassian Corporation Plc $27.42 6,037 (754) 5,283 10.0 7.7 48.1 36.6 83.1 72.4 35.9% 29.7% 20.9% 21.2% Micro Focus International plc $26.14 5,994 1,078 7,072 5.2 5.0 11.2 9.7 15.8 14.6 9.3% 3.8% 46.6% 52.1% Nutanix, Inc. $34.00 3,410 ($112) 3,298 NA NA NA NA NA NA NA NA NA NA NetScout Systems, Inc. $32.40 2,967 5 2,972 2.6 2.4 10.3 7.6 19.4 15.1 45.2% 8.4% 25.3% 31.6% Pure Storage, Inc. $14.25 2,802 (570) 2,231 3.1 2.2 NM NM NM NM 62.8% 40.9% NM NM LogMeIn, Inc. $108.85 2,774 (180) 2,595 7.7 6.7 29.4 24.3 54.6 45.5 23.5% 15.2% 26.3% 27.7% Software Aktiengesellschaft $35.77 2,726 (105) 2,621 2.8 2.8 8.9 8.7 14.0 13.4 (1.9%) 2.3% 31.7% 31.5% Commvault Systems, Inc. $55.45 2,512 (440) 2,072 3.3 3.1 23.1 21.2 51.4 51.0 8.3% 6.2% 14.1% 14.5% New Relic, Inc. $32.17 1,677 (197) 1,479 6.1 4.8 NM NM NM NM 48.5% 28.4% NM 0.7% Progress Software Corporation $29.78 1,447 (96) 1,351 3.3 3.2 9.4 9.6 18.8 17.5 9.1% 2.6% 35.1% 33.3% A10 Networks, Inc. $8.60 578 (117) 461 2.0 1.8 NM 27.4 NM 98.8 14.1% 13.0% 1.7% 6.6%

Mean 5.0x 4.3x 24.4x 19.5x 30.1x 36.2x 21.3% 14.0% 27.0% 26.8% Median 3.9 3.9 11.3 11.1 18.9 17.3 14.1% 8.4% 26.3% 29.6%

Notes: 6 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 11/25/16. 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 11/25/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E Security Software Symantec Corporation $24.82 $15,473 $1,557 $17,030 4.5x 3.8x 12.4x 9.1x 22.7x 16.2x (38.2%) 18.3% 36.1% 41.4% Check Point Software Technologies Ltd. $83.23 14,557 (1,230) 13,327 7.7 7.3 13.9 13.5 18.4 17.0 6.3% 5.6% 55.2% 54.0% Palo Alto Networks, Inc. $141.51 12,975 (884) 12,091 7.7 5.9 36.2 23.4 67.6 43.8 36.9% 30.5% 21.2% 25.1% Splunk Inc. $58.33 7,848 (1,021) 6,827 7.5 5.8 83.4 52.7 NM NM 36.9% 28.2% 8.9% 11.0% Fortinet, Inc. $30.57 5,290 (1,030) 4,259 3.4 2.9 20.3 15.8 47.8 37.9 24.5% 16.8% 16.7% 18.4% Trend Micro Inc. $36.15 4,971 (1,255) 3,716 3.2 3.0 10.5 9.6 29.2 25.8 11.1% 6.7% 30.7% 31.5% Proofpoint, Inc. $84.07 3,572 (51) 3,521 9.4 7.3 98.1 71.1 NM NM 40.7% 29.0% 9.6% 10.3% FireEye, Inc. $13.25 2,267 (193) 2,074 2.9 2.6 NM 60.6 NM NM 15.6% 10.5% NM 4.3% CyberArk Software, Ltd. $51.94 1,744 (252) 1,491 6.9 5.7 25.1 21.3 44.0 38.7 33.8% 22.3% 27.6% 26.5% Imperva, Inc. $40.65 1,335 (259) 1,076 4.2 3.5 NM 88.3 NM NM 9.4% 19.4% NM 4.0% Barracuda Networks, Inc. $23.79 1,244 (175) 1,069 3.1 2.9 13.9 12.4 33.8 35.2 11.8% 6.5% 22.2% 23.5% Qualys, Inc. $34.85 1,244 (210) 1,034 5.2 4.4 15.9 13.4 43.2 38.0 20.7% 18.1% 32.9% 33.0% Mimecast Limited $21.34 1,170 (107) 1,064 6.3 5.1 NM 65.4 NM NM 23.7% 24.3% 4.8% 7.8% SecureWorks Corp. $12.42 1,002 (113) 889 2.1 1.8 NM NM NM NM 25.2% 19.3% NM NM VASCO Data Security International, Inc. $15.25 606 (142) 465 2.4 2.1 17.3 16.9 31.8 23.1 (21.2%) 15.6% 14.1% 12.5% F-Secure Oyj $3.46 540 (97) 442 2.7 2.5 17.8 13.7 34.3 29.5 3.7% 7.3% 14.9% 18.1% Rapid7, Inc. $12.02 511 (88) 423 2.7 2.2 NM NM NM NM 40.5% 23.2% NM NM MobileIron, Inc. $4.25 374 (80) 294 1.8 1.6 NM NM NM NM 9.6% 10.9% NM NM Zix Corporation $4.61 247 (25) 222 3.7 3.4 13.7 12.8 18.4 16.5 9.9% 9.4% 27.1% 26.5% Guidance Software, Inc. $7.44 240 (7) 232 2.1 2.0 NM 20.0 NM 24.2 2.6% 4.7% 0.9% 10.1% Absolute Software Corporation $4.58 179 (32) 147 1.6 1.5 18.0 16.4 NM NM (3.8%) 9.7% 9.2% 9.2% iPass Inc. $1.64 109 (17) 91 1.4 1.2 NM 15.5 NA 82.0 2.3% 18.3% NM 7.8%

Mean 4.2x 3.6x 28.3x 29.0x 35.6x 32.9x 13.7% 16.1% 20.8% 19.7% Median 3.3 3.0 17.6 16.4 33.8 29.5 11.4% 17.4% 18.9% 18.1%

Notes: 7 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 11/25/16. 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 11/25/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E SaaS / On Demand salesforce.com, inc. $73.73 $50,070 $1,315 $51,385 6.1x 5.1x 35.6x 23.3x 75.4x 57.3x 25.6% 21.3% 17.2% 21.7% Workday, Inc. $83.64 16,728 (1,547) 15,181 9.8 7.4 NM 66.4 NM NM 34.0% 31.0% 8.1% 11.2% ServiceNow, Inc. $87.74 14,566 (308) 14,258 10.3 7.9 54.1 36.6 NM 83.7 37.7% 30.1% 19.1% 21.6% Veeva Systems Inc. $46.27 6,301 (511) 5,791 10.7 8.9 34.4 28.6 67.6 58.6 31.9% 20.6% 31.2% 31.0% The Ultimate Software Group, Inc. $211.30 6,128 (100) 6,027 7.7 6.2 32.3 25.5 65.2 52.8 26.3% 24.0% 23.9% 24.4% Aspen Technology, Inc. $52.89 4,085 (52) 4,033 8.6 8.3 17.1 17.3 28.1 28.1 1.3% 3.1% 50.1% 47.9% Shopify Inc. $43.27 3,849 (400) 3,449 9.1 6.1 NM NM NM NM 85.6% 47.7% NM 2.2% j2 Global, Inc. $76.50 3,673 274 3,947 4.6 4.0 10.2 8.8 15.6 13.8 18.1% 15.0% 45.5% 46.0% Blackbaud, Inc. $63.46 2,950 359 3,309 4.5 4.2 18.9 17.2 33.4 29.0 14.5% 8.9% 23.9% 24.2% LogMeIn, Inc. $108.85 2,774 (180) 2,595 7.7 6.7 29.4 24.3 54.6 45.5 23.5% 15.2% 26.3% 27.7% Paycom Software, Inc. $43.32 2,604 (44) 2,560 7.8 6.1 28.8 22.1 52.9 41.7 45.9% 28.6% 27.1% 27.5% RealPage, Inc. $28.70 2,310 54 2,363 4.2 3.6 19.3 16.0 38.8 31.8 21.3% 14.6% 21.6% 22.7% Zendesk, Inc. $22.57 2,152 (211) 1,940 6.2 4.7 NM NM NM NM 48.9% 32.3% 1.6% 3.5% Cornerstone OnDemand, Inc. $37.32 2,097 (1) 2,096 5.0 4.3 61.9 39.7 NM NM 24.6% 15.7% 8.0% 10.8% HubSpot, Inc. $57.75 2,056 (113) 1,943 7.2 5.5 NM NM NM NM 47.7% 30.3% NM 0.4% Box, Inc. $15.34 2,028 (115) 1,914 4.8 3.8 NM NM NM NM 30.6% 26.2% NM NM Paylocity Holding Corporation $35.37 1,816 (78) 1,738 6.6 5.3 55.0 41.2 NM 83.0 39.8% 25.8% 12.0% 12.8% RingCentral, Inc. $23.00 1,692 (136) 1,556 4.1 3.3 72.2 49.4 NM NM 27.2% 24.4% 5.7% 6.7% New Relic, Inc. $32.17 1,677 (197) 1,479 6.1 4.8 NM NM NM NM 48.5% 28.4% NM 0.7% 2U, Inc. $35.37 1,665 (157) 1,508 7.4 5.6 NM NM NM NM 36.4% 30.8% 2.0% 3.1% Coupa Software Incorporated $32.84 1,580 (80) 1,500 12.1 9.5 NM NM NM NM 47.9% 27.9% NM NM Qualys, Inc. $34.85 1,244 (210) 1,034 5.2 4.4 15.9 13.4 43.2 38.0 20.7% 18.1% 32.9% 33.0% Mimecast Limited $21.34 1,170 (107) 1,064 6.3 5.1 NM 65.4 NM NM 23.7% 24.3% 4.8% 7.8% SPS Commerce, Inc. $67.85 1,156 (125) 1,031 5.3 4.5 39.1 31.3 68.7 57.3 21.8% 17.8% 13.6% 14.5% Callidus Software Inc. $16.65 1,057 (186) 871 4.2 3.6 37.7 26.1 61.8 47.8 18.6% 18.4% 11.3% 13.7%

Notes: 8 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 11/25/16. 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 11/25/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E SaaS / On Demand (cont'd) Benefitfocus, Inc. $28.15 $837 $15 $852 3.6 3.0 NM 74.9 NM NM 26.2% 20.2% NM 4.1% Five9, Inc. $15.68 831 (13) 818 5.1 4.4 NM 95.1 NM NM 24.0% 16.6% 4.5% 4.6% Apptio, Inc. $19.38 742 (122) 620 3.9 3.3 NM NM NM NM 22.5% 19.4% NM NM IntraLinks Holdings, Inc. $11.61 671 32 703 2.4 2.2 12.9 10.1 45.4 30.1 8.1% 9.0% 18.2% 21.4% Workiva Inc. $16.00 659 (32) 627 3.5 3.0 NM NM NM NM 22.3% 17.6% NM NM Instructure, Inc. $19.45 549 (83) 466 4.2 3.1 NM NM NM NM 50.4% 35.6% NM NM Carbonite, Inc. $19.55 533 (49) 484 2.4 2.2 12.0 10.2 33.7 28.9 49.1% 6.8% 19.7% 21.8% Castlight Health, Inc. $5.00 519 (116) 402 4.0 3.2 NM NM NM NM 33.4% 23.5% NM NM LivePerson, Inc. $8.50 493 (51) 441 2.0 1.9 23.3 19.4 NM 94.0 (6.7%) 3.4% 8.5% 9.9% Bazaarvoice, Inc. $5.10 422 (50) 373 1.8 1.8 29.1 19.8 NM NM 2.7% 3.9% 6.3% 8.9% ChannelAdvisor Corporation $14.85 383 (63) 320 2.8 2.5 62.0 45.8 NM NM 12.7% 14.1% 4.5% 5.4% Tangoe, Inc. $8.04 317 (32) 286 1.2 1.2 12.3 NA 22.3 21.7 NA (0.0%) 10.0% NA Amber Road, Inc. $11.73 315 6 321 4.4 3.9 NM NM NM NM 8.3% 14.6% NM NM Jive Software, Inc. $4.00 312 (100) 213 1.1 1.1 12.2 10.9 61.2 35.7 3.3% (0.4%) 8.6% 9.7% Brightcove Inc. $8.55 289 (34) 255 1.7 1.5 34.4 23.3 NM 67.5 11.7% 9.8% 4.9% 6.6% Park City Group, Inc. $14.20 275 (8) 266 NA NA NA NA NA NA NA NA NA NA Covisint Corporation $2.35 96 (35) 61 NA NA NA NA NA NA NA NA NA NA Marin Software Incorporated $2.45 95 (33) 61 0.6 0.6 NM 23.0 NM NM (8.8%) (3.5%) 0.3% 2.8%

Mean 5.3x 4.3x 31.7x 31.6x 48.0x 47.3x 26.5% 18.8% 15.7% 15.5% Median 4.8 4.2 29.3 23.8 49.1 43.6 24.3% 18.4% 11.7% 11.2%

Notes: 9 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 11/25/16. 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 11/25/2016 Value Debt Value CY 16E CY 17E CY 16E CY 17E CY 16E CY 17E 16E/15A 17E/16E CY 16E CY 17E Business Intelligence & Analytics Splunk Inc. $58.33 $7,848 ($1,021) $6,827 7.5x 5.8x 83.4x 52.7x NM NM 36.9% 28.2% 8.9% 11.0% Fair Isaac Corporation $117.29 3,629 495 4,124 4.6 4.4 19.8 19.4 24.2 22.9 5.2% 4.9% 23.3% 22.6% Tableau Software, Inc. $47.02 3,578 (865) 2,713 3.4 3.1 41.7 40.2 NM NM 23.4% 7.8% 8.1% 7.8% Teradata Corporation $27.35 3,553 (413) 3,140 1.4 1.5 5.3 6.9 11.0 15.5 (10.1%) (5.9%) 26.1% 21.4% Verint Systems Inc. $38.75 2,447 379 2,826 2.6 2.4 11.1 9.8 13.6 12.1 (2.4%) 6.6% 23.1% 24.4% MicroStrategy Incorporated $197.85 2,262 (579) 1,683 3.3 3.2 12.6 11.1 23.4 22.1 (3.2%) 2.5% 26.1% 28.8% Hortonworks, Inc. $9.46 575 (84) 491 2.7 2.1 NM NM NM NM 48.1% 30.0% NM NM Gridsum Holding Inc. $15.15 435 (74) 361 6.4 4.1 NM 58.6 NM NM 56.0% 56.6% NM 7.0% Attunity, Ltd. $5.64 95 (9) 86 1.6 1.4 NM 9.8 NM 42.3 10.6% 13.3% 1.1% 14.5% Datawatch Corporation $6.75 80 (28) 52 1.7 1.5 NM NA NM NM 3.3% 10.5% NM NA

Mean 3.5x 3.0x 29.0x 26.1x 18.1x 23.0x 16.8% 15.5% 16.7% 17.2% Median 3.0 2.8 16.2 15.3 18.5 22.1 7.9% 9.2% 23.1% 18.0%

Vertical Cerner Corporation $50.49 $17,141 ($120) $17,021 3.5x 3.2x 10.9x 9.7x 21.9x 19.5x 10.2% 9.7% 32.6% 33.3% Constellation Software Inc. $465.38 9,862 41 9,903 4.7 4.1 18.2 16.1 24.9 21.2 15.8% 12.8% 25.5% 25.6% SS&C Technologies Holdings, Inc. $31.69 6,427 2,388 8,816 5.8 5.3 14.5 12.3 19.5 16.5 51.8% 9.0% 40.0% 43.4% Veeva Systems Inc. $46.27 6,301 (511) 5,791 10.7 8.9 34.4 28.6 67.6 58.6 31.9% 20.6% 31.2% 31.0% Guidewire Software, Inc. $58.66 4,312 (628) 3,684 8.3 7.3 47.1 31.5 85.4 61.9 11.7% 14.6% 17.7% 23.1% athenahealth, Inc. $102.38 4,040 161 4,201 3.8 3.2 17.4 14.5 57.1 46.8 18.8% 17.7% 22.0% 22.4% CoreLogic, Inc. $39.16 3,382 1,523 4,905 2.5 2.5 9.8 9.3 16.6 15.2 26.7% 0.9% 25.8% 27.1% Medidata Solutions, Inc. $55.74 3,211 (70) 3,140 6.8 5.7 29.5 24.7 54.6 45.4 18.0% 19.3% 23.0% 23.0% Blackbaud, Inc. $63.46 2,950 359 3,309 4.5 4.2 18.9 17.2 33.4 29.0 14.5% 8.9% 23.9% 24.2% Inovalon Holdings, Inc. $15.95 2,345 (443) 1,902 4.0 3.6 14.2 12.0 36.5 32.1 8.1% 12.4% 28.3% 29.8% RealPage, Inc. $28.70 2,310 54 2,363 4.2 3.6 19.3 16.0 38.8 31.8 21.3% 14.6% 21.6% 22.7% Allscripts Healthcare Solutions, Inc. $11.19 2,071 1,156 3,227 2.1 1.9 11.5 9.9 19.9 16.7 12.5% 9.1% 18.0% 19.1% WebMD Health Corp. $53.70 2,053 6 2,059 2.9 2.8 9.0 8.3 28.2 26.5 10.7% 5.5% 32.6% 33.3% HealthStream, Inc. $26.15 830 (101) 729 3.2 2.9 23.7 19.2 NM NM 9.0% 11.6% 13.5% 14.9% Silver Spring Networks, Inc. $14.70 763 (113) 649 2.2 2.0 35.6 22.6 80.2 51.0 (40.1%) 13.3% 6.2% 8.7% AppFolio, Inc. $21.50 724 (18) 707 6.7 5.2 NM NM NM NM 39.8% 30.1% 2.8% 3.7% Instructure, Inc. $19.45 549 (83) 466 4.2 3.1 NM NM NM NM 50.4% 35.6% NM NM Castlight Health, Inc. $5.00 519 (116) 402 4.0 3.2 NM NM NM NM 33.4% 23.5% NM NM Exa Corporation $15.56 231 (29) 201 2.7 2.4 37.5 24.2 NM NM 12.8% 12.4% 7.3% 10.0%

Mean 4.6x 4.0x 22.0x 17.2x 41.8x 33.7x 18.8% 14.8% 21.9% 23.3% Median 4.0 3.2 18.6 16.0 35.0 30.4 15.8% 12.8% 23.0% 23.1%

Notes: 10 Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. Market Data as of 11/25/16. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

11.0x R = 0.84 COUP

VEEV 9.0x

AZPN NOW

WDAY 7.0x LOGM ULTI SHOP TWOU HUBS PAYC MIME CRM 5.0x PCTY FIVN SPSC NEWR ZEN QLYS AMBR CSOD JCOM BLKB BOX RP APTI CALD 3.0x RNG WK CSLT BNFT INST ECOM Enterprise Value / / CY 2017E Revenue Value Enterprise CARB IL BV LPSN 1.0x JIVE BCOV MRIN TNGO

(10.0%) 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% (1.0x) CY 2017E Revenue Growth % + CY 2017E FCF Margin % Notes: Sources: Capital IQ as of 11/25/16. Consensus Estimates used for CY17E figures. For Tangoe, CY16E FCF Margin % used since no CIQ Consensus Estimate available for CY17E FCF Margin %. When analyzing the same data set, R value of 2017E Revenue Multiple and 2017E Revenue Growth % is 0.51. 11 When analyzing the same data set, R value of 2017E Revenue Multiple and 2107E FCF Margin % is 0.49. Estimates for COVS and PCYG are not available. COUP is not included in the R calculation. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO S&M EFFECTIVENESS

14.0x R = 0.60 COUP

12.0x

VEEV

NOW 10.0x WDAY SHOP

AZPN (0.0x) LOGM 8.0x PAYC TWOU ULTI HUBS PCTY ZEN 6.0x MIME CRM NEWR QLYS BOX SPSC AMBR FIVN JCOM CSOD CALD BLKB RP 4.0x APTI CSLT INST RNG BNFT Enterprise Value / / CY 2016E Revenue Value Enterprise ECOM WK LPSN (-0.2x) CARB 2.0x IL BCOV BV JIVE TNGO MRIN (-0.3x)

0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense Notes: Sources: Capital IQ as of 11/25/16. Consensus Estimates used for CY16E Revenue figures and GAAP figures used for Sales and Marketing Expense. For Tangoe, CIQ Consensus Estimate used for CY15 Revenue since no actual Revenue figure was reported for that period. SaaS companies with Annual Change in Revenue (CY16E) / LTM Sales and Marketing Expense less than or equal to 0.0 placed at 0.0 x-axis position and excluded from R calculation (AZPN, LPSN, MRIN). The Annual Change in 12 Revenue (CY16E) / LTM Sales and Marketing Expense for these companies are provided in parenthesis. Estimates for COVS and PCYG are not available. COUP is not included in the R calculation.

RECENT ACQUISITIONS Select Software M&A Transactions

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

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 11/15/16 Information Management $153 NA NA the energy, aviation and manufacturing sectors

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 Provides asset and financial management SaaS to businesses and investors in the global aviation industry. 11/10/16 Application Software $270 NA NA Software provides features for investment management, short term and long term bridge financing, contract financing, customized portfolio securitization facilities, and transaction and assess risk monetization 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. Software provides features for financial risk management, vendor management, commercial construction project search engines, analytics and reporting, and product marketing to industry professionals

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

Provides IP traffic classification and network intelligence software used in physical, SDN and NFV 10/24/16 Security $58 NA 3.7x architectures. Supplies software to vendors that embed real-time application visibility in their products for cybersecurity, traffic optimization, service chaining and quality of service, and analytics 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

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 Provides parking software, SaaS and systems that enables parking management, enforcement, permits, 9/29/16 Application Software $180 2.4x NA collections, access and revenue control. Also provides related handheld input devices and software development services Provides email and digital subscription management SaaS that enables US government agencies to provide 9/26/16 Application software $153 NA NA citizens with information about such topics as local emergencies, events, council minutes and other matters through email, wireless alerts, and RSS feeds Provides facilities management SaaS for sustainable resource planning for multi-site corporations. Software is 9/22/16 Data centers & facilities $185 NA NA used to measure and manage carbon emissions and waste and allocate energy resources throughout multiple facilities

Provides Apache JMeter open-source load testing SaaS, enabling mobile app performance testing and 9/20/16 Infrastructure management $60 12.0x NA monitoring for Web, mobile app, micro services and API developers and businesses.

13 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 11/25/16. 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

The technology assets of INVeSHARE Inc. which provides embeddable Web-based shareholder communication 9/19/16 Application software $135 NA NA SaaS to brokerage firms and shareholders (Technology Assets)

Provides DNS, DHCP, and IP address (DDI) management and network service delivery software and 9/19/16 Enterprise networking $1,254 3.5x 3.4x management appliances for enterprises, government agencies and service providers worldwide

EMC's Enterprise Content Division, which provides enterprise content management SaaS and on-premise 9/12/16 Information management $1,620 2.7x NA software, including the Documentum, InfoArchive, and LEAP product lines, for businesses and corporations

Provides API management SaaS for businesses globally. Software enables the integration, interfacing and 9/8/16 API management SaaS $555 6.5x 4.9x management of third-party applications and services for software developers creating branded mobile and cloud applications Provides network anti-malware and PC security software for consumers and enterprises worldwide. Software 9/7/16 Security Software $6,078 NA NA includes features for anti-virus, anti-spyware, anti-spam, intrusion prevention, secure messaging, Web filtering and vulnerability management

HPE's software business division, which provides systems management, storage management, content 9/7/16 Security Software $8,730 2.8x NA (Software Business Division) management, applications development, imaging and virtualization management software for enterprises

Provides VoIP, unified communications, PBX and call center management software and software-as-a-service 8/31/16 Application software $1,394 3.4x 3.1x (SaaS) for businesses globally. Also provides managed communications and disaster recovery services

Provides online content management SaaS for Web publishers in the medical, scientific, technical and media 8/18/16 Internet Software & Services $122 3.9x NA industries worldwide. Also provides online hosting of journalistic content

Provides project and portfolio management (PPM), application portfolio management (APM) and predictive 8/1/16 Application software $80 5.3x NA portfolio analysis (PPA) SaaS for the healthcare, government, education and commercial sectors

Provides team collaboration and document management SaaS for businesses. The company’s solutions are 8/1/16 Information management $582 NA NA used in various platforms, such as iPad and iPhone, Macs, PCs, Windows, Apple watches, Android phones, Android tablets, and on the Web

Provides GPS-based vehicle tracking and mobile workforce management SaaS for service-based businesses 8/1/16 Systems Software $2,184 7.0x 6.1x and the construction industry globally

Provides financial management and planning, ERP, e-commerce, CRM, SCM, and business intelligence (BI) 7/28/16 Application Software $9,174 10.8x 8.9x analytics software as a service (SaaS) for businesses globally

Provides e-discovery and document review software for businesses, the legal sector and government agencies 7/27/16 Information Management $1,000 1.8x 1.9x / globally. Also provides a searchable online database of Chapter 7, 11 and 13 bankruptcy court filings

The GoTo businesses of Citrix Systems provides Web conferencing and real-time team collaboration SaaS for 7/26/16 Information management $1,800 NA NA small- to medium-sized businesses

Provides customer engagement and customer analytics SaaS for businesses in the telecom, insurance, finance, 7/21/16 Application Software $215 NA 3.6x travel, hospitality and retail sectors

Provides marketing automation, customer analytics, and sales management SaaS for retailers. Software 7/21/16 Application Software $130 14.4x NA enables marketers to collect and deliver user generated content (UGC) from various mediums

14 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 11/25/16. 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 Beijing Kunlun Provides web browsers for fixed and mobile computers and smartphones for businesses and consumers 7/18/16 Tech Co. Information Management $600 4.0x NA Goloden Brick Silk Yonglian globally Road Fund Management Investments Co. ( Consumer Assets )

Provides single sign-on (SSO) and password management software, as well as appliance-based authentication 7/13/16 Security $544 4.4x 3.8x and employee access management systems, for hospitals and healthcare providers

Provides anti-virus, anti-malware, anti-spam, firewall, mobile device and endpoint security software for 7/7/16 Security $1,453 3.4x 3.2x consumers and businesses globally. AVG Technologies began trading on the NYSE under the ticker symbol AVG in February 2012

7/5/16 Application Software $3,300 3.3x NA Provides ERP, CRM and SCM software and SaaS for businesses globally

Provides financial and payment processing software and services for higher education institutions. Higher One 6/30/16 Infrastructure Management $260 1.7x 1.8x began trading on the NYSE under the ticker symbol ONE in June 2010

Provides retail predictive analytics SaaS that uses big data to enable retailers and wholesalers to forecast 6/28/16 Application Software $125 NA NA merchandise planning, assortment, category management, pricing and supply chain optimization

Provides access control and anti-data leakage SaaS to enable businesses to secure cloud applications and 6/28/16 Security $293 NA NA provide data loss prevention (DLP). The SaaS works on cloud services such as Amazon Web Services, Box, Google Apps, Dropbox and Salesforce Provides BI analytics and corporate performance management, database management, identity and access 6/20/16 Application Software $2,200 1.6x NA management, network security management, endpoint integrity and identity and access management software and SaaS for businesses The HP Exstream, HP Output Management, HP TeleForm and HP LiquidOffice software and service assets of 6/20/16 (customer communication Information Management $315 NA 2.7x HP, which enable automated customer communication and multi-channel document management and management assets) delivery for businesses

Internet Content & 6/13/16 $26,200 8.2x 6.7x Provides a social networking website for professionals and businesses globally through www.linkedin.com Commerce

Provides enterprise cybersecurity, Web traffic management and mobile device security systems and software 6/12/16 Security $4,650 7.8x NA ( ) as a service (SaaS) for businesses globally

Provides supply chain management (SCM) software, SaaS and related integration services to the chemical and 6/7/16 Application Software $175 3.5x NA oil industries globally

Provides e-discovery, enterprise search and categorization SaaS and managed services for businesses globally. 6/2/16 Information Management $163 NA 2.2x Software also enables predictive and contract analysis, and enterprise knowledge management

Provides on-premise and cloud-based business intelligence (BI) analytics and reporting software for 6/2/16 Application Software $2,630 4.1x 3.6x businesses, government agencies and educational institutions globally

Provides enterprise cloud-based e-commerce SaaS for Web merchants and multi-channel online retailers. 6/1/16 Application Software $2,800 11.0x 8.8x Software includes features for order management, multiple e-commerce site creation and maintenance and mobile transaction processing

15 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 11/25/16. 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 Web-based IT service management (ITSM) SaaS for managed service providers and IT support 6/1/16 Infrastructure management $500 6.3x 5.0x businesses globally. Software integrates features including remote monitoring, mail security, backup and ( ) recovery and IT service desk Provides enterprise Identity-as-a-Service (IDaaS), including identity and access management and 6/1/16 Security $600 NA NA authentication SaaS. Software enables an organization's employees to use a single sign-on (SSO) to securely access Internet applications and Web services

Provides procurement, SCM, contract and inventory management, and accounts payable automation SaaS for 5/31/16 Application Software $378 3.6x 3.4x the scientific, education, healthcare and government sectors

Provides marketing automation SaaS for businesses. Software provides features for sales lead management 5/31/16 Application Software $1,790 7.9x 6.2x and analytics, email and social media marketing, and marketing campaign analytics

Provides loan and mortgage management software, insurance policy administration software, and related 5/27/16 Application Software $164 2.2x NA outsourced services for the financial and insurance sectors globally

Provides predictive dialing, IVR and analytics call center SaaS and related integration services for call center 5/18/16 Application Software $881 3.8x 3.2x operators globally

5/16/16 Infrastructure Management $115 4.8x NA Provides secure EDI document distribution and collaboration SaaS for the financial services industry

Provides application program interfaces (API) and software development kits (SDK) PaaS to enable voice, text, 5/5/16 Mobility $230 3.3x NA chat application and phone verification services for enterprises and developers globally

Provides cloud-based utility and energy management SaaS for power suppliers. Software enables the analysis 5/2/16 Application Software $532 3.6x 3.3x of smart meter reading and analytics for demand side power optimization, customer engagement and billing automation and Web development tools

Provides collaboration software as a service (SaaS) for payment management and project pre-qualification for 4/28/16 Information Management $663 7.2x 6.2x the commercial construction industry

Provides Web-based secure information exchange SaaS that enables the electronic exchange and collaboration 4/27/16 Infrastructure Management $104 NA 3.5x of supply chain documents, financial information, product development materials and protected healthcare information Provides enterprise healthcare data analytics software and services that enable revenue management, claim 4/25/16 Application Software $820 2.7x NA and payment accuracy, fraud protection, population health predictive big data analytics, compliance, and reporting for the healthcare sector

Teradata's marketing applications business, which provides omni-channel marketing and advertising resource 4/22/16 Application Software $90 0.6x NA (Marketing Applications Business) and data management SaaS and services for companies and marketing agencies

Provides enterprise consumer identity management, identity theft protection and fraud detection software, 4/19/16 Security $360 3.5x 3.0x including credit monitoring, identity authentication, voice biometrics and breach mitigation and resolution

Provides property management and residential sales management software and SaaS, including inventory 4/19/16 Application Software $106 4.7x NA management, marketing, CRM communications, accounting and business reporting, for real estate agents and agencies

16 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 11/25/16. 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 The HP TeamSite, HP MediaBin, HP Qfiniti, HP Explore, HP Aurasma, and HP Optimost software and service

4/18/16 (Customer Expirience Software Information Management $170 NA 1.9x assets of HP, which enable customer service automation, Web content and digital asset management, and and Service Assets) contact center workforce optimization Provides event planning management SaaS for businesses globally. Software provides features for event 4/18/16 Application Software $1,505 8.0x 6.5x registration, email marketing, payment processing, budget management and Web design. Also provides online survey creation and management SaaS

Provides customer experience management, including Web content management, website analytics, search 4/1/16 Information Management $1,131 5.2x NA engine optimization and email marketing SaaS for businesses globally

Provides medical practice, pharmacy and electronic healthcare records (EHR) management software and 3/23/16 Application Software $950 NA NA software as-a-service (SaaS) for healthcare providers and related government agencies

Provides enterprise application lifecycle management, business process management, automation and Web 3/22/16 Infrastructure Management $540 3.3x NA content management software. Also provides related systems integration services

Provides board meeting and executive leadership conference document collaboration, document annotation, 3/21/16 Information Management $200 NA NA e-signature, secure messaging and meeting productivity SaaS and software for businesses. Software can be hosted in the cloud or on-premise

Provides construction management SaaS, including project, bid and financial management and performance 3/17/16 Application Software $72 2.7x NA monitoring software, for the commercial real estate construction industry globally

Provides hybrid cloud application management software to enable migration, governance and management of 3/1/16 Infrastructure Management $260 NA NA applications from on-premises, cloud or hybrid cloud (public and private) environments for businesses

Provides Visual Studio enterprise mobile application development software-as-a-service (SaaS), add-on tools 2/24/16 Mobility $400 10.7x NA and extensions for software developers and businesses. Software enables corporate software developers to create and test native applications Provides resident billing, resident payments processing, back office accounting, energy and utilities 2/23/16 Infrastructure Management $68 1.2x NA management software-as-a-service (SaaS) for businesses in the multifamily housing sector. Also provides related transaction processing services Provides home medical equipment billing and claims processing software as a service (SaaS) for the medical 2/22/16 Infrastructure Management $800 7.1x NA sector. Also provides related salesforce automation, inventory management and business intelligence (BI) analytics SaaS

All Software Median 3.7x 3.5x Mean 4.9x 4.2x

PE Median 3.6x 3.7x Mean 4.0x 4.2x

17 Notes: Source: Capital IQ and Wall Street Estimates. Market Data as of 11/25/16. Transactions highlighted in yellow denote Private Equity Acquirers. RECENT PRIVATE FINANCINGS

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

11/23/16 Wynd $33 Provider of restaurant management software. Bpifrance, Orange Digital Ventures

Developer of software application for 11/23/16 Palantir Technologies $20 NA integrating, visualizing and analyzing information.

Developer of website traffic management Deutsche Telekom Capital Partners, Flybridge Capital Partners, Sigma Prime Ventures, Telstra Ventures, Two Sigma 11/23/16 NS1 $23 technologies. Ventures

11/23/16 Knowlarity $20 Provider of cloud telephony and other programs. Delta Partners Group, Mayfield, Sequoia Capital

Provider of a wedding registry and planning 11/22/16 Zola $25 Lightspeed Venture Partners platform.

11/22/16 Helpshift $25 Provider of customer engagement services. Cisco Investments, Intel Capital, Nexus Venture Partners, Salesforce Ventures, True Ventures, Visionnaire Ventures

Developer of virtual reality technology to bring 11/22/16 8i $20 NA virtual experiences to life.

11/21/16 Yixia $500 Developer of video blogging applications. Shanghai Media Group, Sina Weibo, WePiao

11/21/16 Getui $58 Developer of push notification software. NA

Developer and provider of consumer credit 11/21/16 Rapid Finance $30 NA management platform in China.

Provider of business to business application for 11/18/16 Sparkcentral $20 companies to communicate with their customers Group MC, Jackson Square Ventures, Split Rock Partners through social media. Provider of mobile video communication 11/18/16 Joya Communications $20 Benchmark Capital, Matrix Partners, StartX applications.

Provider of an online wealth management 11/18/16 AdvisorEngine $20 WisdomTree Investments platform.

Provider of risk management and cyber threat 11/17/16 Prevalent $60 Insight Venture Partners monitoring services.

Handshake (Career Management Annox Capital, Kleiner Perkins Caufield & Byers, Lightspeed Venture Partners, Lowercase Capital, Spark Capital, 11/17/16 $20 Provider of an online recruiting platform. Platform) True Ventures

Provider of interactive fitness entertainment 11/16/16 Zwift $27 Max Levchin, Novator Partners, Samchuly Bicycle, Shasta Ventures, Waypoint platform.

Altimeter Capital Management, Andreessen Horowitz, Coatue Management, GGV Capital, Max Levchin, T. Rowe 11/16/16 OfferUp $130 Provider of an online shopping platform. Price, Vy Capital, Warburg Pincus

18 Notes: Source: Pitchbook. Market Data as of 11/25/16. 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

11/16/16 Mofangge $22 Developer of an online education platform. NA

Developer of a cloud-based mobile and web- 11/15/16 Sauce Labs $70 Adams Street Partners, Centerview Capital Technology, IVP testing platform.

Provider of an online project management and 11/15/16 Mavenlink $39 The Goldman Sachs Group resource planning software.

11/15/16 Womply $30 Provider of an e-commerce platform. Sageview Capital

11/15/16 MacroPoint $44 Provider of load tracking software. Susquehanna Growth Equity

11/14/16 xAd $43 Provider of a location-based marketing platform. Emergence Capital Partners, Eminence Capital, IVP, W Capital Partners

Armada Investment, Balderton Capital, Convoy Global Holdings, Draper Associates, eFolio, NKM Capital, Pentech 11/14/16 Nutmeg $37 Operator of digital wealth management services. Ventures, Schroders

11/14/16 CompareAsiaGroup $25 Provider of a financial comparison platform. NA

Provider of website security, mobile application 11/10/16 RiskIQ $31 security and anti-malvertising services beyond Battery Ventures, Georgian Partners, MassMutual Ventures, Summit Partners the firewall. Provider of an online platform for job search on 11/10/16 JobToday $20 Accel Partners, Channel Four Television, Felix Capital, Flint Capital, German Media Pool, Mangrove Capital Partners mobile.

Provider of a real-time employee engagement 11/10/16 Glint $37 Bessemer Venture Partners, Meritech Capital Partners, Norwest Venture Partners, Shasta Ventures platform.

Provider of a comparison-shopping site for auto 11/9/16 EverQuote $31 Oceanic Partners, Savano Capital Partners, Stratim Capital, T Capital Partners insurance.

Provider of a cloud-based data analytics AME Cloud Ventures, Dentsu, Innovation Network Corporation of , IT-Farm Corporation, SBI Holdings, Scale 11/7/16 Treasure Data $24 platform. Venture Partners, Sierra Ventures, William Tai

Provider of a technology platform for Web 11/3/16 Catchpoint $23 Battery Ventures, Sapphire Ventures performance monitoring and analytics.

11/3/16 Apartment List $30 Provider of an online rental marketplace. Canaan Partners, Glynn Capital Management, Matrix Partners

Provider of property information services to 11/3/16 Real Matters $31 BMO Capital Markets residential and commercial properties.

11/2/16 Neo Technology $36 Developer of an open-source graph database. Creandum, Eight Roads Ventures, Sunstone Capital

19 Notes: Source: Pitchbook. Market Data as of 11/25/16. 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 free-to-play mobile and social 11/2/16 Big Viking Games $22 BDC Capital, Export Development Canada, Royal Bank of Canada games.

11/2/16 Atlas (Search Engine) $21 Provider of an online personal search engine. Aspect Venture Partners, Microsoft

11/1/16 Voyager Labs $100 Provider of big data analysis services. Horizons Ventures

Provider of a cloud-based customer support 11/1/16 Freshdesk $55 Accel Partners, Sequoia Capital India platform.

Operator of an online fundraising platform for 11/1/16 Classy $30 Bullpen Capital, Galileo Partners, JMI Equity, Mithril Capital Management, Salesforce Ventures social enterprises.

10/31/16 Postmates $141 Provider of delivery services. Fontinalis Partners, Founders Fund

10/31/16 Paktor $33 Operator of a social dating application. K2 Global, PT Media Nusantara Citra, Vertex Venture Holdings, YJ Capital

Developer of an animated graphics interchange 10/31/16 Giphy $72 Betaworks, CMC Capital Partners, DFJ Growth, Draper Fisher Jurvetson, GV, IVP, Lightspeed Venture Partners format (GIF) based platform.

Provider of an online estate sale and auction 10/31/16 Everything But The House $42 Greenspring Associates, Greycroft Partners, Spark Capital platform.

Provider of risk management software and 10/31/16 Riskalyze $20 FTV Capital services to investors.

Provider of a platform for on-demand medical Breyer Capital, Hashtag One, Kevin Colleran, March Capital Partners, Pritzker Group , Singulariteam, 10/26/16 Heal $70 house calls. Slow Ventures, Tidecrest Capital, Tull Financial Group

Developer of inventory distribution system for 10/26/16 Busfor $20 Baring Vostok Capital Partners, Chernovetskyi Investment Group, Elbrus Capital, InVenture Partners the transport market.

Provider of an online marketplace for credit 10/26/16 51credit $394 Guoxin Hongsheng Venture Capital, Harvest Global Investments, HgCapital, Intime Retail, Tiantu Capital cards.

Provider of human resource management in 10/25/16 Microseer $30 NA China.

10/25/16 Clarifai $30 Provider of image recognition systems. Lux Capital, Menlo Ventures, Osage Partners, Qualcomm Ventures, Union Square Ventures

Provider of educational and entertainment 10/24/16 YOUNGZONE (Shanghai) $37 GGV Capital, New Horizon, Qualcomm services for kids.

Provider of a cloud-based analytics platform for 10/24/16 Wavefront $52 Sequoia Capital, Sutter Hill Ventures, Tenaya Capital managing data centers.

20 Notes: Source: Pitchbook. Market Data as of 11/25/16. 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 interactive fitness entertainment 10/21/16 Zwift $25 NA platform.

Provider of a cloud platform for application 10/20/16 Relayr $23 Kleiner Perkins Caufield & Byers, Munich Venture Partners developers.

Provider of an e-commerce platform serving the 10/20/16 MatahariMall $100 Mitsui & Company, Venturra Capital Indonesian market.

Provider of a comparison-shopping site for auto 10/20/16 EverQuote $23 Oceanic Partners, Savano Capital Partners, Stratim Capital, T Capital Partners insurance.

Provider of electronic payment services for small 10/20/16 PaySimple $115 Providence Equity Partners and mid-sized businesses.

10/19/16 Furlenco $30 Provider of furniture rental services. Axis Capital Partners, Lightbox

Developer of a recruitment and job-seeking Banyan Investment Partners, Blue Lake Capital, Hillhouse Capital Management, New Hope Group, Tencent 10/19/16 Duomi.com $40 application. Holdings

Provider of on-demand incentive management 10/19/16 360insights $30 Sageview Capital software and services.

10/18/16 SmartFrog $22 Provider of home-security systems. e.ventures, Target Global

Developer of an experience optimization 10/18/16 ContentSquare $20 Highland Capital Partners platform for online and mobile businesses.

Provider of identity and authentication services Bank of Montreal, Bank of Nova Scotia, CIBC World Markets, Desjardins Group, Royal Bank of Canada, TD Bank 10/18/16 SecureKey $20 for organizations. Group

10/18/16 PayCommerce $22 Provider of payment networking services. Tritium Partners

10/15/16 Ver se' Innovation $25 Provider of utilitarian mobile services. ByteDance, Matrix Partners India, Omidyar Network

Provider of a self-service mobile application for F-Prime Capital Partners, IA Capital Group, Intact Financial, Liberty Mutual Strategic Ventures, United Services 10/14/16 Snapsheet $20 settling auto insurance claims by photo. Automobile Association

Provider of web-based procure-to-pay 10/12/16 Nexus Systems $28 Mainsail Partners applications.

Developer of a cloud-based software for the K- 10/12/16 Edlio $40 L Squared Capital Partners 12 market.

21 Notes: Source: Pitchbook. Market Data as of 11/25/16. 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

10/11/16 Gusto.com $90 Provider of a cloud-based payroll service. General Catalyst Partners, Google Capital, Obvious Ventures, Pivot Investment Partners

10/11/16 simPRO Software $30 Provider of job management software. Level Equity

Provider of email security and content protection 10/11/16 GigaMedia Access $20 Balance Point Capital software products.

10/11/16 DTI Management $75 Provider of online ticketing sales services. CVC Capital Partners, New Amsterdam

10/10/16 Ofo $130 Provider of a bike-sharing platform. Coatue Management, Didi Chuxing, GSR Ventures, Matrix Partners China, Vision Capital, Xiaomi Technology

Provider of property management software for Camber Creek, Hermes GPE, Launchpad Venture Group, MassMutual Ventures, River Cities Capital Funds, 10/7/16 Building Engines $27 commercial real estate. Wavecrest Growth Partners, Wellfleet Capital Partners

Provider of a travel search platform for Atomico, Battery Ventures, Kleiner Perkins Caufield & Byers, Lakestar, New Enterprise Associates, Silver Lake 10/4/16 GoEuro $70 European destinations. Technology Management

Provider of an online platform to connect pet 10/3/16 Rover $40 Foundry Group, Madrona Venture Group, Menlo Ventures owners with dog walkers and sitters.

Provider of online payment distribution platform 10/3/16 Payoneer $180 Susquehanna Growth Equity, TCV, Wellington Management and services.

Bertelsmann Asia Investments, Hillhouse Capital Management, Joy Capital, Panda Capital Asia, Qiming Venture 9/30/16 Mobike $100 Provider of a rental platform for bikes. Partners, Sequoia Capital, Tencent Holdings, Warburg Pincus

Provider of property management software for 9/30/16 Building Engines $27 Launchpad Venture Group, Wellfleet Capital Partners commercial real estate.

Provider of security technology for web and Baseline Ventures, EDB Investments, EPIC Ventures , GV, Hewlett Packard Ventures , Kleiner Perkins Caufield & 9/29/16 Shape Security $40 mobile applications. Byers, Northern Light Venture Capital, Norwest Venture Partners, TomorrowVentures, Venrock

Provider of data protection and IT-governance Blue Cloud Ventures, EDB Investments, Hercules Capital, Nexus Venture Partners, NTT Finance, Sequoia Capital, 9/28/16 Druva $51 technology for mobile work forces. Tenaya Capital

Provider of a cloud-based software for quote-to- 9/28/16 Apttus $88 ICONIQ Capital, K1 Capital cash automation.

9/27/16 ProsperWorks $24 Developer of a cloud-based CRM software. Devoteam, Industry Ventures, Next World Capital, Storm Ventures, True Ventures

9/23/16 Oblong Industries $65 Developer of visual collaboration software. NA

22 Notes: Source: Pitchbook. Market Data as of 11/25/16. 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

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

28-Oct-16 $1,169 $146 13.00 - 15.00 $17.00 21.4% 40.5% 57.9%

6-Oct-16 $1,601 $133 14.00 - 16.00 $18.00 20.0% 84.9% 82.4%

30-Sep-16 $5,079 $238 11.00 - 13.00 $16.00 33.3% 131.3% 112.5%

23-Sep-16 $841 $96 13.00 - 15.00 $16.00 14.3% 40.9% 21.1%

22-Sep-16 $453 $87 10.50 - 12.50 $13.00 13.0% 21.2% 16.5%

16-Sep-16 $411 $90 11.00 - 13.00 $12.00 0.0% 27.1% 38.2%

Notes: 23 Source: Capital IQ and Dealogic. Market Data as of 11/25/2016. (1) First Trading Day listed as Offer Date. IPO PIPELINE Software: IPOs in Public Registration

($MM) Primary Initial Initial Offering LTM Issuer Industry Filing Date Amount Description Revenue EBIT % EBITDA Provider of professional and managed services for advanced IT solutions. The company assists clients in (1) Other IT Services designing, procuring, implementing and managing IT Communication 11/22/16 $100 infrastructures that deliver tangible business value. It $2,761 3.4% $210 Software operates in six core technology verticals including: networking, data centers, mobility, security, collaboration and contact centers

Provider of information security and compliance (2) Systems and management services to enterprise clients. The Information 11/18/16 $100 company offers services in the areas of security $644 4.6% $61 Management assessment, business compliance, risk management, wireless network security and security coverage

Notes: Source: Pitchbook and SEC.gov. 24 Offering amounts $10MM or greater. (1) LTM as of 9/30/16. (2) Figures represent 9 months ended 9/30/16.

A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 (7) 195 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) 17 Fortinet 16 (7) CDC Software 180 LogMeIn (6) Medidata (9) (6) SolarWinds 9 Rosetta Stone SciQuest (8) (11) RealPage IntraLinks Workday Envestnet Jive Fleetmatics Workiva Qlik Imperva Qualys Mavenir Hortonworks BroadSoft Carbonite Eloqua Barracuda New Relic 170 Higher One Tangoe E2open Wix.com HubSpot Atlassian Convio Responsys ServiceNow Covisint CyberArk Mimecast SPS Commerce Cornerstone Exa RingCentral MobileIron Instructure (9) SS&C Epocrates Incadea FireEye Kinaxis Rapid7 QuinStreet Infloblox Sophos Cvent Zendesk Twilio 162 Proofpoint AppFolio Gigamon Paycom SecureWorks Splunk Alarm.Com Textura OPOWER Talend ExactTarget Xactly 160 ChannelAdvisor Five9 Everbridge Demandware Shopify Marketo 2U Apptio Bazaarvoice Apigee Tableau Borderfree Gridsum Holding Greenway Box Halogen Amber Road Nutanix AVG Rally A10 Networks Coupa Guidewire Marin Paylocity BlackLine, Inc. Model N Varonis Systems 150 2008 2009 2010 2011 2012 2013 2014 2015 2016YTD

2009 2010 2011 2012 2013 2014 2015 2016YTD PE 5 4 6 9 6 7 8 9 Strategic 7 11 8 11 9 6 10 11 IPO 6 11 7 17 16 17 11 9

25 Notes: Sources: Capital IQ, company filings. Market Data as of 11/25/16.

VENTURE CAPITAL INDUSTRY TMT Transactions Since Q3 2001

$12 1,000

$10 800

$8

600

$6 $Bn

400 NumberInvestments of $4

200 $2

$0 0 Q3 2001 Q3 2002 Q3 2003 Q3 2004 Q3 2005 Q3 2006 Q3 2007 Q3 2008 Q3 2009 Q3 2010 Q3 2011 Q3 2012 Q3 2013 Q3 2014 Q3 2015 Q3 2016 Quarter - Year (1) (1) Number of Deals Investment Amount

Notes: 26 (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. GCA OVERVIEW Deep Software Sector Expertise

Preferred Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Convertible Note Stock Offering

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

Strategic Advisory Investment by Preferred Acquisition of Acquisition of Acquired by Acquired by Acquired by Acquired by Services Stock

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

Preferred Acquired by Acquired by Acquired by Acquired by Acquired by Acquisition of Acquired by Acquired by Stock

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

Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by Acquired by

We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller We Advised the Seller 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 27 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction. GCA OVERVIEW Software Team

San Francisco New York Tokyo London

th One Maritime Plaza, 25th Fl. 640 Fifth Avenue, 10 Fl. 11-1 Marunouchi 1-chome 1 Southampton St. San Francisco, CA 94111 New York, NY 10019 Chiyoda-ku, Tokyo 100-6230 London WC2R0LR United States United States Japan Phone: (415) 318-3600 Phone: (212) 999-7090 Phone: +81 (3) 6212-7100 Phone:+44 20 7484 4040

Todd Carter Clark Callander Seihun Kong Paul DiNardo Sascha Pfeiffer* Akikazu Ida* Co-President and CEO Co-Head of Managing Director Advisory Director Managing Director Managing Director

Phone: (415) 318-3610 Phone: (415) 318-3680 Phone: (415) 318-3682 Phone: (212) 999-7097 Phone: +49 (69) 204-34-6410 Phone: +81 (3) 6212-7241 Mobile: (415) 314-9898 Mobile: (415) 515-2468 Mobile: (415) 823-7300 Mobile: (650) 483-7246 Mobile: +49 (0) 177-74-15643 Mobile: +81 (80) 9027-3023 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

Adrian Reed* James Orozco Chris Gough Dan Etchevers Raiko Stelten* Gautam Garg Managing Director Managing Director Managing Director Director Director Vice President

Phone: +44 845 505 4314 Phone: (415) 318-3667 Phone: (415) 318-3658 Phone: (415) 318-3644 Phone: +49 (69) 204 34 6418 Phone: (415) 318-3692 Mobile: +44 7887 626 800 Mobile: (415) 722-0922 Mobile: (415) 385-9427 Mobile: (415) 572-3549 Mobile: +49 171 335 0879 Mobile: (650) 504-1722 [email protected] [email protected] [email protected] [email protected] [email protected] [email protected]

*Adrian Reed is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Sascha Pfeiffer is a Managing Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. 28 *Akikazu Ida is a Managing Director at GCA Corporation.