C ap s ton e P artne r s In v e s tme n t B a n k in g A d v is o rs 2014 AWARD WINNER: Capstone Partners BOUTIQUE INVESTMENT BANKING Investment Banking Advisors FIRM OF THE YEAR

SaaS & Cloud M&A and Valuation Update Q2 2015

BOSTON  CHICAGO  LONDON  LOS ANGELES  PHILADELPHIA  SAN DIEGO  SILICON VALLEY  TAMPA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 1 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.1 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s TableIn v e s tme n t Bof a n k inContents g A d v is o rs

Section Page Introduction  Research Coverage: SaaS & Cloud 4  Key Takeaways 5-6 M&A Activity & Multiples  M&A Dollar Volume 8  M&A Transaction Volume 9-11  LTM Revenue Multiples 12-13  Revenue Multiples by Segment 14  Highest Revenue Multiple Transactions for LTM 15  Notable M&A Transactions 16  Most Active Buyers 17-18 Public Company Valuation & Operating Metrics  SaaS & Cloud 135 Public Company Universe 20-21  Recent IPOs 22-26  Stock Price Performance 27  LTM Revenue, EBITDA & P/E Multiples 28-30  Revenue, EBITDA and EPS Growth 31-33  Margin Analysis 34-35  Best / Worst Performers 36-37 Notable Transaction Profiles 39-48 Public Company Trading & Operating Metrics 50-55 Technology & Telecom Team 57-59

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 2 Investment Banking Advisors 2 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

Observations and Introduction Recommendations

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 3 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.3 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s ResearchIn v e s tme n t B a n k in gCoverage: A d v is o rs SaaS & Cloud

 Capstone’s Technology & Telecom Group focuses its research efforts on the following market segments:

Enterprise SaaS & Mobile & Wireless Consumer Internet Cloud

 Analytics / Business Intelligence  Cloud & IT Infrastructure  Cloud Computing / Storage  Communication & Collaboration  Content Creation & Management  Content Delivery Services E-Commerce Consumer, IT &  CRM & Customer Service Telecom Hardware  ERP, Supply Chain & Commerce  Finance & Administration  Human Resources  Licensed Software Leaders  Marketing & Advertising  Vertical Markets

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 4 Investment Banking Advisors 4 C ap s ton e P artne r s KeyIn v e s tme Takeaways n t B a n k in g A d v is o rs – M&A Activity & Multiples

 LTM M&A Dollar Volume set a new five-year high at $50.1B  Private dollar volume decrease offset by higher public company M&A  LTM transaction volume reached a new five year high of 970 deals  Q2’15 saw 252 deals as strong deal momentum continues following 247 deals in Q1’15  Private company deal volume remained healthy with a quarter of the announced deals having valuations over $100M  Middle market deals in the $25-250M range represent nearly 40% of transactions with announced deal values  Public transaction volume stands at 17 deals in LTM  The median transaction value for public targets of $534M sets a new five year high  Median LTM Revenue Multiple paid for private company targets dropped slightly to 3.3x  Notable M&A transactions in Q1  Cox Automotive / Dealertrack ($4.5B)  SingTel / Trustwave ($850M)  Twitter / TellApart ($533M)  LinkedIn / lynda.com ($1.5B)  Cisco / OpenDNS ($635M)  CA Tech / Rally SW ($480M)  Raytheon / WebSense ($1.3B)  MasterCard / Applied Predictive Tech ($600M)  EMC / VirtuStream ($1.2B)  Vista Equity Partners / MediaOcean ($594M)  The most active buyers include Vista Equity Partners, Google, IBM, Intuit, J2 Global, Yahoo!, Twitter, Oracle, Trimble and Microsoft (sorted by most active)  Capstone expects the robust M&A activity and attractive exit valuations to continue in SaaS & Cloud for the next 12-18 months  Longer term, there is significant risk that a market correction could negatively impact activity levels and valuation multiples

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 5 Investment Banking Advisors 5 C ap s ton e P artne r s KeyIn v e s tme Takeaways n t B a n k in g A d v is o rs – Public Company Metrics

 5 IPOs were added to the SaaS & Cloud 135  IPOs this quarter had subpar performance  Q2’15 stock performance was flat with 3.4% and 1.8% growth for SaaS & Cloud 135 and NASDAQ respectively  An anticipated hike in the Federal Funds Rate and concerns around the Chinese economy have tempered investor sentiment  Median LTM Revenue Multiple softened to 4.5x, but still represents a healthy multiple  Within SaaS & Cloud, median multiples vary considerably between segments ranging from 1.9x to 7.3x in Q2’15  Median LTM EBITDA multiple improved to 19.7x  The top 3 segments have posted 30.0x+ EBITDA multiples for the past several quarters  Median LTM P/E multiples grew to 32.0x  Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale  SaaS & Cloud 135 posted median revenue growth of 20.4% in LTM  Revenue growth is expected to slow to 17.5% for the next twelve months  SaaS & Cloud 135 posted median EBITDA growth of 12.7% for LTM, and 15.4% EBITDA growth is expected for NTM  EBITDA growth drop from 2011 may be attributed to increased OpEx for prioritizing growth over profitability  Median gross margins have stayed constant for the past five years and currently stand at 67.5%  Cloud & IT Infrastructure and Content Creation & Management top the list at over 80% as newly emerging technologies that enable the cloud to run more efficiently command strong margins  Median EBITDA margins consistently decreased from 2011 as companies reinvested to fuel growth but it appears increased scale and/or focus on profitability may be reversing the trend

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 6 Investment Banking Advisors 6 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

M&AObservations Activity & and MultiplesRecommendations

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 7 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.7 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s LTMIn v e s tme M&A n t B a n k in gDollar A d v is o rs Value

 LTM M&A Dollar Value set a new five-year high at $50.1B  Private dollar value decrease offset by higher public company M&A  Q2’15 saw a significant rebound in M&A dollar value, reaching $15B

$60,000

$50,000

$40,000 $22,394 $27,671 $24,032 $21,758 $20,534 $30,000 $23,733

$20,000 Total TransactionValue

$26,493 $22,968 $24,496 $10,000 $21,188 $22,465 $13,741

$0 2010 2011 2012 2013 2014 LTM

Total Private $ Total Public $

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 8 Investment Banking Advisors 8 C ap s ton e P artne r s LTMIn v e s tme M&A n t B a n k in gTransaction A d v is o rs Volume by Segment

 LTM transaction volume reached a new five year high of 970 deals  Q2’15 saw 252 deals as strong deal momentum continues following 247 deals in Q1’15  Vertical Market transaction volume has consistently represented 30-40% of the total deal volume

1200

1000

800 362 295

600 238 259 225 99 110 60 49 80 14 18 Transactions 183 52 400 53 59 76 40 51 27 28 7 44 21 23 19 12 57 40 49 50 20 41 25 41 26 51 45 37 10 56 16 22 17 13 31 200 12 35 45 51 33 13 14 40 31 43 26 73 114 33 32 28 91 91 53 62 117 96 25 0 32 39 52 2010 2011 2012 2013 2014 LTM Analytics / Business Intelligence Cloud & IT Infrastructure Cloud Computing / Storage Communication & Collaboration Content Creation & Management Content Delivery Services CRM & Customer Service ERP, Supply Chain & Commerce Finance & Administration Human Resources Marketing & Advertising Vertical Market

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 9 Investment Banking Advisors 9 C ap s ton e P artne r s LTMIn v e s tme M&A n t B a n k in gTransaction A d v is o rs Volume by Deal Size – Private Targets

 Private company deal volume remained healthy with a quarter of the deals with announced values transacted at over $100M  Middle market deals in the $25-250M range represent nearly 40% of transactions with announced deal values  LTM median deal value dropped to $22M, but still represents a healthy median 100% 3 7 8 5 9 1 3 6 11 2 6 1 15 10 90% 10 11 23 7 12 28 19 31 80% 23 28 28 22 29 70% 19 14 17 30 60% 28 30 26 23 26 50% 41 36 53 40% 33 49 53 30%

20% 83 71 79 46 50 10% 43

0% 2010 2011 2012 2013 2014 LTM Total Deals 505 666 697 645 873 953 Deals w/ Value 200 244 219 164 185 200 Median ($M) $20 $20 $18 $25 $25 $22 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 10 Investment Banking Advisors 10 C ap s ton e P artne r s LTMIn v e s tme M&A n t B a n k in gTransaction A d v is o rs Volume by Deal Size – Public Targets

 Public transaction volume stands at 17 deals in the last twelve months  We observe more transactions with larger deal sizes in the past year  The median transaction value of $534M sets a new five year high

100%

90% 7 7 7 7 5 80% 7 3 70% 4 1 60% 1 2 8 4 2 2 50% 4 2 1 3 40% 2 5 1 1 4 30% 4 1 1 3 3 2 20% 4 3 1 2 6 10% 4 1 1 3 3 1 1 0% 1 2010 2011 2012 2013 2014 LTM Total Deals 19 33 27 24 15 17 Median ($M) $293 $305 $332 $207 $481 $534 $0-10M $10-25M $25-50M $50-100M $100-250M $250-500M $500M-1B $1B+

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 11 Investment Banking Advisors 11 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isRevenue o rs Multiples – Private Targets

 Median LTM Revenue Multiple paid for private company targets dropped slightly to 3.3x  Median Revenue Multiple paid for private targets in Q2’15 dropped significantly from prior quarter to 2.7x  Hot companies and sectors can see double digit revenue multiple exits but those are the exception with most companies being acquired at more modest multiples

4.5x

4.0x 3.8x 3.9x 3.6x 3.5x 3.3x 3.1x 3.0x 2.6x 2.5x

2.0x

1.5x

MedianRevenue Multiple 1.0x

0.5x

0.0x 2010 2011 2012 2013 2014 LTM 25th % 1.9x 1.7x 1.4x 2.4x 2.2x 1.9x 75th % 6.9x 6.2x 4.1x 6.0x 6.0x 4.9x

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 12 Investment Banking Advisors 12 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isRevenue o rs Multiples – Public Targets

 The Median LTM Revenue Multiple paid for public company targets increased to 3.1x  With only two sub $100M deals, the multiples were nearly identical for “All Deals” and “$100M+ Deals”  Revenue multiples for $100M+ deals have consistently hovered around 3x for the past few years

4.5x 4.1x 4.0x

3.5x 3.2x 3.2x 3.2x 3.1x 3.1x 2.9x 2.9x 3.0x 2.5x 2.4x 2.5x 2.3x 2.4x

2.0x

1.5x

1.0x Median Revenue Multiple Revenue Median 0.5x

0.0x 2010 2011 2012 2013 2014 LTM 25th % 1.8x 1.5x 1.0x 1.1x 1.7x 2.2x 75th % 4.3x 4.3x 3.3x 4.5x 4.2x 4.7x All Deals $100M+ Deals

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 13 Investment Banking Advisors 13 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isRevenue o rs Multiples by Segment – 2009 to Current

 Median Revenue Multiples for SaaS segments vary from 2.5x to 4.5x  Analytics/Business Intelligence, Finance & Administration and Cloud & IT Infrastructure targets achieved median multiples of 4.0x or more as these companies are often acquired earlier in their revenue curve at strong multiples  Saturation within the Marketing & Advertising segment has become evident with lower multiples in recent periods

5.0x 4.5x 4.3x 4.5x 4.1x 4.0x 3.6x 3.5x 3.3x 3.2x 3.0x 2.8x 2.8x 2.7x 2.6x 2.6x 2.5x 2.5x 2.0x 1.5x 1.0x

0.5x Median Revenue Multiple Revenue Median 0.0x

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 14 Investment Banking Advisors 14 C ap s ton e P artne r s HighestIn v e s tme n t B a n kRevenue in g A d v is o rs Multiple Transactions for LTM

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior

Cloud & IT Provides bring-your-own-device (BYOD) Android and iOS mobile 10/1/14 $100M 50.0x 8.6x NA Infrastructure device management (MDM) SaaS for businesses.

Cloud & IT Provides business service management (BSM) SaaS to enable 7/9/14 $100M 20.0x NA NA Infrastructure monitoring of IT operations and infrastructure for enterprises.

Provides predictive mobile workforce management SaaS for Human 7/31/14 businesses providing in-field service requests in the home healthcare, $550M 12.2x 5.5x NA Resources utility, telecommunications and retail sectors globally.

Cloud & IT Provides public and private cloud management and IT and security 5/26/15 $1.2B 12.0x 9.3x NA Infrastructure compliance monitoring PaaS and IaaS.

Finance & Provides corporate travel and expense management software as a 9/18/14 $7.7B 11.5x NA 29.0% Administration service (SaaS) and a related mobile application for businesses.

Vertical Market – Provides online, video-based educational courses for businesses and 4/9/15 $1.5B 10.0x 5.2x NA Education consumers through www.lynda.com.

Human Provides HR healthcare benefits, payroll and related billing 11/3/14 $400M 10.0x 7.8x NA Resources management software and BPO services.

Provides online and mobile streaming video content networks and Content Delivery 7/11/14 video content management SaaS to enable businesses and IPTV $70M 10.0x 4.4x NA Services broadcasters to upload and stream video content to consumers.

Marketing & Provides mobile-focused programmatic demand-side real-time 10/28/14 $60M 8.6x 40.0x NA Advertising bidding (RTB) and data management SaaS for online marketers.

Vertical Market – Provides automotive dealership CRM and operations management 11/11/14 $325M 8.1x 9.2x NA Transportation SaaS

Excludes deals with Target company revenue less than $2M

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 15 Investment Banking Advisors 15 C ap s ton e P artne r s NotableIn v e s tme n t B a n k inM&A g A d v is o rsTransactions for Q2’15

LTM Multiple Premium Enterprise Ann. Date Buyer Target Segment Target Description Revenue on $ to 1 Mo Value Multiple Invested Prior Vertical Market Provides financing, compliance, inventory management and other 6/15/15 – Auto / auto sales related software and software as a service (SaaS) for $4.5B 4.5x NA 49.1% Transportation automobile dealers in North America.

Vertical Market Provides online, video-based educational courses for businesses and 4/9/15 $1.5B 10.0x 5.2x NA – Education consumers through www.lynda.com.

Cloud & IT Provides hosted anti-data leakage, intrusion detection and access 4/20/15 $1.3B 3.5x NA NA Infrastructure control software-as-a-service (SaaS) to enterprises.

Cloud & IT Provides public and private cloud management and IT and security 5/26/15 $1.2B 12.0x 9.3x NA Infrastructure compliance monitoring PaaS and IaaS.

Provides on-demand data security and payment card industry Cloud & IT 4/7/15 compliance management solutions to businesses and organizations $850M 3.9x NA NA Infrastructure worldwide.

Cloud & IT Provides multi-device Web threat and breach protection SaaS for 6/30/15 $635M NA 12.4x NA Infrastructure enterprises and consumers.

Analytics / Provides business intelligence (BI) analytics and reporting SaaS and 4/27/15 Business $600M 6.0x 3.8x NA related managed services for various sectors. Intelligence Provides advertising order management, analytics, performance Marketing & 6/29/15 monitoring and procurement software as a service (SaaS) for $594M 2.9x NA NA Advertising businesses. Provides predictive marketing and customer analytics SaaS that Marketing & 4/28/15 enables personalized cross-device retargeted ads, as well as mobile, $533M 6.0x 30.0x NA Advertising social media and email campaigns.

Cloud & IT Provides agile software development and project management SaaS 5/27/15 $480M 5.5x NA 27.5% Infrastructure for businesses enterprises.

(*) Estimate from Capstone research & industry sources

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 16 Investment Banking Advisors 16 C ap s ton e P artne r s MostIn v e s tme n tActive B a n k in g A d v isSaaS/Cloud o rs Buyers – Last 2 Years

# of Deals SaaS/Cloud Transactions Company SaaS/Cloud Total Date Company Value Date Company Value 6/29/15 Mediaocean $720M 5/13/14 DealerSocket NA 11/25/14 Advanced Computer SW $1.1B 3/28/14 PeopleAdmin NA 10/14/14 NAVEX Global $550M 9/30/13 Active Network $1.1B 14 18 9/29/14 TIBCO Software $4.2B 9/23/13 Greenway Medical Technologies $644M 7/22/14 AGDATA NA 8/23/13 Omnitracs $800M 7/8/14 Social Solutions $125M 7/23/13 Digital Technology Int’l NA 6/9/14 Autotask NA 7/22/13 Saxotech NA 5/28/15 Pulse .io NA 6/19/14 mDialog NA 2/24/15 Red Hot Labs NA 5/7/14 Appetas NA 12/18/14 Vidmaker NA 5/7/14 Stackdriver NA 11 64 8/26/14 ZYNC NA 5/6/14 Adometry $150M 6/25/14 Appurify NA 5/5/14 Rangespan NA 6/20/14 Dropcam $555M

4/13/15 Explorys NA 2/24/14 Cloudant $150M 4/13/15 Phytel NA 11/13/13 Fiberlink Communications $300M 3/4/15 AlchemyAPI NA 10/3/13 Xtify $40M 11 20 8/11/14 Lighthouse Security Group NA 8/15/13 Trusteer $900M 7/31/14 CrossIdeas NA 7/9/13 CSL International NA 4/10/14 Silverpop Systems NA 3/24/15 Playbook HR NA 5/14/14 Invitco NA 2/5/15 Porticor NA 5/8/14 Lettuce $30M 12/10/14 Acrede NA 11/20/13 Prestwick Services NA 11 17 8/13/14 Itrios NA 10/30/13 Full Slate NA 8/7/14 PaySuite NA 7/18/13 Fifo NA 7/30/14 KDK Softwares India NA 2/19/15 EmailDirect.com (assets) NA 1/5/15 TestudoData NA 2/17/15 Nuvotera (assets) NA 10/1/14 Excel Micro NA 2/11/15 Firstway Digital NA 8/6/14 MXSweep (assets) NA 11 19 1/5/15 Arion IT Solutions NA 7/30/14 Contactology (business & assets) NA 1/5/15 Newrise NA 4/3/14 Critical Software NA 1/5/15 Stay Secure NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 17 Investment Banking Advisors 17 C ap s ton e P artne r s MostIn v e s tme n tActive B a n k in g A d v isSaaS/Cloud o rs Buyers – Last 2 Years

# of Deals SaaS/Cloud Transactions Company SaaS/Cloud Total Date Company Value Date Company Value 11/11/14 BrightRoll $640M 2/14/14 Distill (Employees) NA 9/22/14 Bookpad $8.3M 1/29/14 Tomfoolery $16M 9/3/14 Luminate NA 7/31/13 Palaran $38M 11 37 8/15/14 ClarityRay NA 7/18/13 Ztelic NA 7/21/14 Flurry NA 7/17/13 AdMovate NA 7/11/14 RayV $70M

6/17/15 Whetlab NA 6/4/14 Namo Media NA 4/28/15 TellApart $533M 4/15/14 Gnip $107M 10 23 4/2/15 tenXer NA 3/31/14 Mesagraph NA 1/20/15 ZipDial NA 3/31/14 SecondSync NA 6/19/14 SnappyTV NA 8/28/13 Trendrr NA 12/22/14 Datalogix NA 1/7/14 Corente NA 7/31/14 TOA Technologies $550M 12/20/14 Responsys $1.6B 9 14 6/23/14 MICROS Systems $5.3B 10/23/13 BigMachines $450M 6/20/14 LiveLOOK NA 10/17/13 Compendium $15M 2/24/14 BlueKai $420M 5/26/15 Cadec Global (assets) NA 11/11/14 Amtech Group NA 4/22/15 HarvestMark NA 9/8/14 Gehry Technologies NA 9 20 3/10/15 Fifth Element NA 8/19/14 Manhattan Software NA 12/23/14 IRON Solutions NA 12/12/13 C3 Consulting NA 12/1/14 Nexala NA

3/26/15 LiveLoop NA 7/11/14 InMage Systems NA 1/20/15 Equivio NA 5/1/14 GreenButton NA 8 19 12/11/14 Bit Stadium NA 1/7/14 Parature $100M 11/13/14 Aorato $200M 10/23/13 Apiphany NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 18 Investment Banking Advisors 18 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

Public Company Observations and Valuation & Recommendations Operating Metrics

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 19 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.19 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s EnterpriseIn v e s tme n t B a n k in g ASaaS d v is o rs & Cloud 135 Public Company Universe – Pt. 1

Analytics / Business Intelligence

Cloud & IT Infrastructure

Cloud Computing / Storage

Communication & Collaboration

Content Creation & Management

Content Delivery Services

CRM & Customer Service

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 20 Investment Banking Advisors 20 C ap s ton e P artne r s EnterpriseIn v e s tme n t B a n k in g ASaaS d v is o rs & Cloud 135 Public Company Universe – Pt. 2

ERP, Supply Chain & Commerce

Finance & Administration

Human Resources

Licensed Software Leaders

Marketing & Advertising

Vertical Markets

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 21 Investment Banking Advisors 21 C ap s ton e P artne r s RecentIn v e s tme n t B a nIPOs k in g A d v is– o rsAlarm.com

IPO Details Business Description Offering Date: 6/25/15 Market Cap: $635.2M Operates as a platform solution provider for the Offering Price: $14.00 Offering Size: $98.0M connected homes. Original Range: $13.00-$15.00 % of Company: 15.4%

IPO Performance HQ: Vienna, VA Ticker: NasdaqGS: ALRM Open: $16.05 6/30 $/share: $15.38 % Change to Offer: 14.6% % Change to Offer: 9.9% Stock Performance thru End of Q2’15 Close: $16.88 % Change to Open: (4.2)% $18.00 % Change to Offer: 20.6% % Change to Open: 5.2% $17.00

Financial & Valuation Metrics $16.00 LTM Revenue: $186.3M LTM Rev Growth: 25.4% LTM EBITDA: $24.0M Gross Margin: 61.1% $15.00 LTM Net Income: $12.7M EBITDA Margin: 12.9% $14.00 Mkt Cap / $ Invested: 3.9x Rev Multiple: 3.7x

Investors $13.00 ABS Capital; Technology Crossover Ventures $12.00

6/26/15

6/29/15

6/30/15

Open

IPO

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 22 Investment Banking Advisors 22 C ap s ton e P artne r s RecentIn v e s tme n t B a nIPOs k in g A d v is– o rsApigee

IPO Details Business Description Offering Date: 4/23/15 Market Cap: $507.5M Develops an application programmable interface (API) Offering Price: $17.00 Offering Size: $87.0M based software platform that enables digital connectivity and business insights. Original Range: $16.00-$18.00 % of Company: 17.1%

IPO Performance HQ: San Jose, CA Ticker: NasdaqGS: APIC Open: $20.00 6/30 $/share: $9.93 % Change to Offer: 17.6% % Change to Offer: (41.6)% Stock Performance thru End of Q2’15 Close: $16.70 % Change to Open: (50.4)% $22.00 % Change to Offer: (1.8)% $20.00 % Change to Open: (16.5)% $18.00 Financial & Valuation Metrics $16.00 LTM Revenue: $64.8M LTM Rev Growth: 23.0% LTM EBITDA: $(49.9M) Gross Margin: 61.3% $14.00 LTM Net Income: $(53.4M) EBITDA Margin: (76.9)% $12.00 Mkt Cap / $ Invested: 2.9x Rev Multiple: 2.9x $10.00

Investors $8.00 Accenture; Bay Partners; BlackRock; Focus Ventures; In-Q- $6.00

4/27/15 4/30/15 5/5/15 5/8/15 5/13/15 5/18/15 5/21/15 5/27/15 6/1/15 6/4/15 6/9/15 6/12/15 6/17/15 6/22/15 6/25/15 6/30/15 Tel; Juniper Networks; Net One Systems; Norwest Venture IPO Partners; Pine River Capital Management; Sapphire Ventures; Third Point; Wellington Management Group

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 23 Investment Banking Advisors 23 C ap s ton e P artne r s RecentIn v e s tme n t B a nIPOs k in g A d v is– o rsMINDBODY

IPO Details Business Description Offering Date: 6/18/15 Market Cap: $562.7M Operates a cloud-based business management software Offering Price: $14.00 Offering Size: $100.1M and payments platform for the small and medium-sized businesses in the wellness services industry. Original Range: $13.00-$15.00 % of Company: 17.8%

IPO Performance HQ: San Luis Obispo, CA Ticker: NasdaqGM: MB Open: $16.22 6/30 $/share: $13.83 % Change to Offer: 15.9% % Change to Offer: (1.2)% Stock Performance thru End of Q2’15 Close: $11.56 % Change to Open: (14.7)% $18.00 % Change to Offer: (17.4)% % Change to Open: (28.7)% $16.00

Financial & Valuation Metrics $14.00 LTM Revenue: $84.8M LTM Rev Growth: 42.9% LTM EBITDA: $(25.3M) Gross Margin: 60.4% $12.00 LTM Net Income: $(31.0M) EBITDA Margin: (29.8)% $10.00 Mkt Cap / $ Invested: 5.2x Rev Multiple: 9.2x

Investors $8.00 Bessemer Venture Partners; Catalyst Investors; Frontera $6.00

6/19/15 6/22/15 6/23/15 6/24/15 6/25/15 6/26/15 6/29/15 6/30/15

Open Group; Institutional Venture Partners; J.P. Morgan; Lead IPO Edge Capital; Montreux Equity Partners; Pasadena Angels; Tech Coast Angels; W Capital Partners; Wavemaker Partners Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 24 Investment Banking Advisors 24 C ap s ton e P artne r s RecentIn v e s tme n t B a nIPOs k in g A d v is– o rsMYOB Group

IPO Details Business Description Offering Date: 5/4/15 Market Cap: $1.67B Provides desktop and cloud business management Offering Price: $2.85 Offering Size: $578.4M software solutions to businesses and accounting practices in Australia and New Zealand. Original Range: $2.35-$3.13 % of Company: 34.7%

IPO Performance HQ: Victoria, Australia Ticker: ASX: MYO Open: $3.07 6/30 $/share: $2.61 % Change to Offer: 7.8% % Change to Offer: (8.5)% Stock Performance thru End of Q2’15 Close: $3.05 % Change to Open: (15.1)% $3.20 % Change to Offer: 7.0% % Change to Open: (0.8)% $3.00

Financial & Valuation Metrics $2.80 LTM Revenue: $235.0M LTM Rev Growth: 15.6% LTM EBITDA: $71.3M Gross Margin: 62.7% $2.60 LTM Net Income: $(58.6M) EBITDA Margin: 32.5% $2.40 Mkt Cap / $ Invested: N/A Rev Multiple: 11.6x

Investors $2.20 Bain Capital; FIL Investment Management $2.00

5/5/15 5/7/15 5/11/15 5/13/15 5/15/15 5/19/15 5/21/15 5/25/15 5/27/15 5/29/15 6/2/15 6/4/15 6/9/15 6/11/15 6/15/15 6/17/15 6/19/15 6/23/15 6/25/15 6/29/15

IPO

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 25 Investment Banking Advisors 25 C ap s ton e P artne r s RecentIn v e s tme n t B a nIPOs k in g A d v is– o rsShopify

IPO Details Business Description Offering Date: 6/30/15 Market Cap: $1.59B Provides cloud-enabled end user and network security Offering Price: $3.54 Offering Size: $553.8M solutions. Original Range: N/A % of Company: 34.8%

IPO Performance HQ: Oxfordshire, UK Ticker: LSE: SOPH Open (7/1): $3.74 % Change to Offer: 5.6% Stock Performance thru End of Q2’15 Close (7/1): $3.78 $3.85 % Change to Offer: 6.9% $3.80 % Change to Open: 1.3% $3.75

Financial & Valuation Metrics $3.70 LTM Revenue: $446.7M LTM Rev Growth: 17.9% $3.65 LTM EBITDA: $64.7M Gross Margin: 80.0% $3.60 LTM Net Income: $(60.0M) EBITDA Margin: 14.5% Mkt Cap / $ Invested: N/A Rev Multiple: 8.5x $3.55 $3.50 Investors $3.45 Bessemer Venture Partners; Felicis Ventures; FirstMark $3.40

7/1/15 7/2/15 7/3/15 7/6/15 7/7/15

Open Capital; Georgian Partners; Insight Venture Partners; Klister IPO Credit; Northleaf Capital Partners; OMERS Ventures

Offer Range Price-Open Gap $/Share

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 26 Investment Banking Advisors 26 C ap s ton e P artne r s MedianIn v e s tme n t B a n kStock in g A d v is o rs Performance – SaaS & Cloud 135

 Q2’15 stock performance was flat with 3.4% and 1.8% growth for SaaS & Cloud 135 and NASDAQ respectively  An anticipated hike in the Federal Funds Rate and concerns around the Chinese economy have tempered investor outlook  Half the companies in the Human Resources segment posted gains of 15% or more

Stock Performance Stock Performance - 3/31-6/30

160% Human Resources 18.8% 136.4% 140% Content Creation & Management 12.2% Communication & Collaboration 6.7% 120% 110.7% Marketing & Advertising 4.2% Cloud & IT Infrastructure 4.2% 100% Vertical Market 3.9%

80% 69.9% SaaS & Cloud 135 3.4% 59.9% Analytics / Business Intelligence 2.4% 60% CRM & Customer Service 0.1% Licensed Software Leaders (0.9)% 40% Finance & Administration (1.1)%

20% 13.1% Content Delivery Services (1.7)% 1.4% 3.4% 1.8% Cloud Computing / Storage (3.4)% 0% ERP, Supply Chain & Commerce (7.2)% Last 5 Years Last 3 Years LTM 3/31-6/30 (20)% (10)% 0% 10% 20% 30% SaaS & Cloud 135 NASDAQ

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 27 Investment Banking Advisors 27 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isRevenue o rs Multiples – SaaS & Cloud 135

 Median LTM Revenue Multiple softened to 4.5x, but still represents a healthy multiple  Within SaaS & Cloud, median multiples vary considerably between segments ranging from 1.9x to 7.3x in Q2’15  Cloud & IT Infrastructure segment commands highest median LTM Revenue multiple at an impressive 7.3x  Content Delivery Services LTM Revenue multiple lags at 1.9x and represents the lowest multiple within SaaS & Cloud 135 primarily due to its lower margin profile

LTM Enterprise Value / Revenue LTM Enterprise Value / Revenue

6.0x Cloud & IT Infrastructure 7.3 x 5.2x Finance & Administration 7.1 x 5.0x 4.8x Analytics / Business Intelligence 6.3 x 4.5x 4.3x Human Resources 6.0 x

4.0x 3.8x Vertical Market 5.8 x 3.6x SaaS & Cloud 135 4.5 x Content Creation & Management 4.3 x 3.0x Licensed Software Leaders 3.7 x Marketing & Advertising 3.6 x 2.0x ERP, Supply Chain & Commerce 3.3 x Cloud Computing / Storage 3.0 x 1.0x Communication & Collaboration 2.7 x CRM & Customer Service 2.3 x Content Delivery Services 1.9 x 0.0x 2010 2011 2012 2013 2014 6/30/15 0x 2x 4x 6x 8x Based on data available as of 6/30/15 Based on data available as of 6/30/15

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 28 Investment Banking Advisors 28 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isEBITDA o rs Multiples – SaaS & Cloud 135

 Median LTM EBITDA multiple improved to 19.7x  The top 3 segments have posted 30.0x+ EBITDA multiples for the past several quarters  Human Resources continues to post the highest EBITDA multiple at 36.8x  The premium multiples for SaaS companies versus Licensed Software Leaders illustrates higher expected growth rates and the market’s preference for the more predictable recurring revenue business model

LTM Enterprise Value / EBITDA LTM Enterprise Value / EBITDA

25x Human Resources 36.8 x ERP, Supply Chain & Commerce 32.3 x 19.7x Analytics / Business Intelligence 30.1 x 20x Finance & Administration 24.9 x 17.3x 17.6x 16.7x CRM & Customer Service 22.8 x

15x Marketing & Advertising 22.1 x 13.3x 12.2x Cloud & IT Infrastructure 21.0 x Content Creation & Management 20.8 x 10x Vertical Market 20.1 x SaaS & Cloud 135 19.7 x Content Delivery Services 14.2 x 5x Communication & Collaboration 14.0 x Licensed Software Leaders 9.0 x Cloud Computing / Storage 0x 8.6 x 2010 2011 2012 2013 2014 6/30/15 0x 10x 20x 30x 40x Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with EBITDA Margin <7.5% and EBITDA multiple above 20x deemed NA Companies with EBITDA Margin <7.5% and EBITDA multiple above 20x deemed NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 29 Investment Banking Advisors 29 C ap s ton e P artne r s MedianIn v e s tme n t B a n kLTM in g A d v isP/E o rs Multiples – SaaS & Cloud 135

 Median LTM P/E multiples grew to 32.0x  Public markets demonstrate a strong preference for companies growing quickly and investing to solidify market leadership status, confident that future profits will come with scale  CRM & Customer Service and ERP, Supply Chain & Commerce segments trade at very high P/E multiples though only a few companies in those segments have reached profitability

LTM P/E LTM P/E

35x CRM & Customer Service 122.2 x 32.0x ERP, Supply Chain & Commerce 96.8 x 29.1x 30x 28.2x 27.4x Human Resources 76.1 x Analytics / Business Intelligence 40.6 x 25x 23.8x Marketing & Advertising 39.3 x 21.7x Vertical Market 33.2 x 20x SaaS & Cloud 135 32.0 x Content Delivery Services 27.8 x 15x Content Creation & Management 27.5 x Cloud & IT Infrastructure 24.5 x 10x Finance & Administration 18.5 x Communication & Collaboration 18.2 x 5x Cloud Computing / Storage 15.8 x Licensed Software Leaders 15.3 x 0x 2010 2011 2012 2013 2014 6/30/15 0x 20x 40x 60x 80x 100x 120x 140x Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with Net Margin <5.0% and P/E above 40x deemed NA Companies with Net Margin <5.0% and P/E above 40x deemed NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 30 Investment Banking Advisors 30 C ap s ton e P artne r s MedianIn v e s tme n t B a n kRevenue in g A d v is o rs Growth – SaaS & Cloud 135

 SaaS & Cloud 135 posted median revenue growth of 20.4% in LTM  Revenue growth is expected to slow to 17.5% for the next twelve months  Licensed Software Leaders project no growth, reinforcing the market shift towards SaaS-based solutions

Revenue Growth vs Prior 12 Mos NTM / LTM Revenue Growth Projection

30% Cloud & IT Infrastructure 24.7% 25.2% Analytics / Business Intelligence 24.0% 25% Human Resources 22.2% 21.8% 21.7% 20.4% ERP, Supply Chain & Commerce 20.8% 19.7% 20% Finance & Administration 20.1% 17.6% 17.5% Vertical Market 19.8% SaaS & Cloud 135 17.5% 15% Marketing & Advertising 17.1% CRM & Customer Service 15.0% 10% Content Creation & Management 14.7% Communication & Collaboration 10.0% 5% Content Delivery Services 8.2% Cloud Computing / Storage 7.5%

0% Licensed Software Leaders 0.3% 2010 2011 2012 2013 2014 LTM NTM 0% 10% 20% 30% 6/30/15 6/30/15 Based on data available as of 6/30/15 Based on data available as of 6/30/15

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 31 Investment Banking Advisors 31 C ap s ton e P artne r s MedianIn v e s tme n t B a n kEBITDA in g A d v is o rs Growth – SaaS & Cloud 135

 SaaS & Cloud 135 posted median EBITDA growth of 12.7% for LTM, and 15.4% EBITDA growth is expected for NTM  EBITDA growth drop from 2011 may be attributed to increased OpEx by prioritizing growth over profitability  Most SaaS & Cloud segments are expected to achieve greater than 10% EBITDA growth for NTM, the exceptions being more mature companies in segments such Cloud Computing / Storage and Licensed Software Leaders

EBITDA Growth vs Prior 12 Mos NTM / LTM EBITDA Growth Projection

25% 23.6% Content Creation & Management 66.3% 21.8% CRM & Customer Service 53.9% 20% Marketing & Advertising 36.1% Analytics / Business Intelligence 35.4% 15.4% Human Resources 25.6% 15% 13.4% ERP, Supply Chain & Commerce 22.2% 12.7% Finance & Administration 19.9% Cloud & IT Infrastructure 9.6% 18.1% 10% SaaS & Cloud 135 15.4% 6.3% Vertical Market 13.2% Content Delivery Services 9.1% 5% Cloud Computing / Storage 5.8% Communication & Collaboration 3.0%

0% Licensed Software Leaders (0.7)% 2010 2011 2012 2013 2014 LTM NTM (25)% 0% 25% 50% 75% 6/30/15 6/30/15 Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with EBITDA Margin between -5.0% and 5.0% deemed NA Companies with EBITDA Margin between -5.0% and 5.0% deemed NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 32 Investment Banking Advisors 32 C ap s ton e P artne r s MedianIn v e s tme n t B a n kEPS in g A d v isGrowth o rs – SaaS & Cloud 135

 Median EPS growth jumped to 15.3% in LTM, and is expected to keep growing at 12.5% for NTM  Established leaders with scale are able to drive increased profitability as sales & marketing spend normalizes after periods of heavy investment to support growth

EPS Growth vs Prior 12 Mos NTM / LTM EPS Growth Projection

25% Analytics / Business Intelligence 36.0% 21.0% CRM & Customer Service 32.6% 20% 19.2% Human Resources 26.6% ERP, Supply Chain & Commerce 25.3% 15.3% Marketing & Advertising 22.1% 15% Content Creation & Management 14.9% 12.5% SaaS & Cloud 135 12.5% 10.5% 9.8% 10.1% Cloud & IT Infrastructure 11.4% 10% Vertical Market 10.9% Cloud Computing / Storage 10.9% 5% Finance & Administration 4.4% Communication & Collaboration 3.1% Licensed Software Leaders (1.5)% 0% Content Delivery Services (8.8)% 2010 2011 2012 2013 2014 LTM NTM 6/30/15 6/30/15 (20)% 0% 20% 40% Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with Net Margin between -5.0% and 5.0% deemed NA Companies with Net Margin between -5.0% and 5.0% deemed NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 33 Investment Banking Advisors 33 C ap s ton e P artne r s MedianIn v e s tme n t B a n kGross in g A d v is o rs Margin Trends – SaaS & Cloud 135

 Median gross margins have stayed constant for the past five years and currently stand at 67.5%  Cloud & IT Infrastructure and Content Creation & Management top the list at over 80% as newly emerging technologies that enable the cloud to run more efficiently command strong margins  Cloud Computing / Storage and Finance & Administration gross margins are suffering due to ongoing price competition to capture market share

Gross Margins Gross Margins by Segment

80% Content Creation & Management 80.7% 67.7% Cloud & IT Infrastructure 70% 67.4% 66.0% 67.5% 67.5% 67.5% 80.7% Communication & Collaboration 71.9% 60% Analytics / Business Intelligence 70.1% ERP, Supply Chain & Commerce 68.6% 50% SaaS & Cloud 135 67.5% Vertical Market 66.0% 40% Marketing & Advertising 65.7% 30% Finance & Administration 65.7% Content Delivery Services 65.3% 20% CRM & Customer Service 63.7% Human Resources 63.0% 10% Licensed Software Leaders 62.7%

0% Cloud Computing / Storage 61.2% 2010 2011 2012 2013 2014 LTM 0% 25% 50% 75% 100% 6/30/15 Based on data available as of 6/30/15 Based on data available as of 6/30/15

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 34 Investment Banking Advisors 34 C ap s ton e P artne r s MedianIn v e s tme n t B a n kEBITDA in g A d v is o rs Margin Trends – SaaS & Cloud 135

 Median EBITDA margins consistently decreased from 2011 as companies reinvested to fuel growth but it appears increased scale and/or focus on profitability may be reversing the trend  The majority of companies in CRM & Customer Service and ERP, Supply Chain & Commerce continue to invest heavily in sales and marketing, delaying profitability in favor of scale and market share  The License Software Leaders and Cloud Computing / Storage segments already have operating leverage

EBITDA Margins EBITDA Margins by Segment

20% 19.0% 18.9% Licensed Software Leaders 38.8% 18% Cloud Computing / Storage 34.3% 15.8% 16% 15.1% Vertical Market 22.0% 14.0% Cloud & IT Infrastructure 14.5% 14% 13.4% Finance & Administration 14.4% 12% SaaS & Cloud 135 14.0% Content Creation & Management 12.7% 10% Communication & Collaboration 12.2% 8% Marketing & Advertising 10.7% 6% Analytics / Business Intelligence 9.7% Human Resources 3.7% 4% Content Delivery Services 3.4% 2% CRM & Customer Service (2.6)%

0% ERP, Supply Chain & Commerce(9.8)% 2010 2011 2012 2013 2014 LTM (20)% 0% 20% 40% 60% 6/30/15 Based on data available as of 6/30/15 Based on data available as of 6/30/15

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 35 Investment Banking Advisors 35 C ap s ton e P artne r s BestIn v e s tme n& t B aWorst n k in g A d v isPerformers o rs – SaaS & Cloud 135

High/Low LTM EV/Rev Multiples High/Low Revenue Growth 329.7 60x 54.1 350% 300% 231.8 50x 250% 200% 40x 33.2 32.3 150% 78.9 75.2 30x 100% 60.4 20.3 18.7 50% 17.5 20x 0% (50)% 10x 4.5 -7.0 -7.6 -9.6 -18.4 1.1 0.9 0.8 0.7 0.7 (100)% -40.6 0x

Based on data available as of 6/30/15 Based on data available as of 6/30/15

High/Low LTM EV/EBITDA Multiples High/Low EBITDA Growth 450.0x 381.9 400% 333.0 400.0x 300% 252.9 350.0x 214.3 197.3 300.0x 200% 148.8 250.0x 100% 200.0x 149.8 15.4 150.0x 129.0 113.8 0% 80.2 100.0x -16.8 (100)% -21.9 -27.3 50.0x 19.7 6.9 6.9 6.6 5.3 3.4 -49.8 -99.2 0.0x (200)%

Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with EBITDA Margin <7.5% and EBITDA multiple above 20x deemed NA Companies with EBITDA Margin between -5.0% and 5.0% deemed NA

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 36 Investment Banking Advisors 36 C ap s ton e P artne r s BestIn v e s tme n& t B aWorst n k in g A d v isPerformers o rs – SaaS & Cloud 135 (Continued)

High/Low LTM P/E Multiples High/Low EPS Growth 300x 273.4 500% 436.2 250x 400% 200x 300% 165.2 151.9 133.3 130.7 150x 131.5 125.7 122.7 122.2 200% 100% 15.3 100x 0% 50x 32.0 12.3 11.4 9.8 9.5 5.4 (100)% (71.1) (81.1) (86.2) 0x (200)% (117.2)(118.7)

Based on data available as of 6/30/15 Based on data available as of 6/30/15 Companies with Net Margin <5.0% and P/E above 40x deemed NA Companies with Net Margin between -5.0% and 5.0% deemed NA

Stock Performance - 3/31-6/30 High/Low EBITDA Margin

90% 100% 47.4 45.3 43.9 42.8 42.8 63.0 62.2 13.9 60% 51.8 46.4 0% 33.6 (100)% 30% (76.9) 3.4 (122.0) (200)% 0% (212.9) (300)% (30)% (311.3) (27.9) (331.0) (32.3) (32.8) (34.0) (400)% (60)% (47.4)

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 37 Investment Banking Advisors 37 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

Notable Observations and Transaction Recommendations Profiles

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 38 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.38 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Dealertrack's intuitive and high value web-based software solutions and services enhance efficiency and profitability for all major segments of the automotive retail industry Deal Summary including dealers, lenders, vehicle manufacturers, third party Date: 6/15/2015 retailers, agents and aftermarket providers. In addition to Transaction Value: $4.5B boasting the industry's largest online credit application network, connecting more than 20,000 dealers with more Enterprise Value: $4.5B than 1,500 lenders, Dealertrack delivers the industry's most % Sought: 100% comprehensive solution set for automotive retailers. Consideration: Cash Cox Automotive is a leading provider of vehicle remarketing services, digital marketing and software solutions for consumers, dealers, manufacturers and the overall Valuation Metrics automotive industry. The deal will help Cox Automotive cement its place at the top of the automotive inventory LTM Revenue Multiple: 4.5 x management software market and will create a broader LTM EBITDA Multiple: 34.5 x suite of open solutions that deliver greater value to LTM P/E Multiple: NM customers, lenders and manufacturers alike. Mark O'Neil, Chairman and Chief Executive Officer of Dealertrack Premium versus: commented, “I am confident that with Cox Automotive, we 1 day prior: 58.7% will fully unlock the potential of our combined brands and 1 week prior: 60.1% teams in the service of our clients.” 1 month prior: 49.1% The $63.25 per share offer represents a 58.7% premium to Dealertrack's Friday close and an aggressive EBITDA multiple Note: LTM and Premiums of last quarter prior to transaction of more than 30x. The company expects the deal to close in announcement date. Q3 2015.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 39 Investment Banking Advisors 39 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Lynda.com offers courses in a number of languages aimed at improving business, technology and creative skills. Users can access Lynda individually, and corporations and Deal Summary schools can enable user access through a subscription Date: 4/9/2015 model. Transaction Value: $1.5B LinkedIn boasts the largest professional social network in the % Sought: 100% world, with more than 350 million users. The acquisition will Consideration: Cash, Equity enhance LinkedIn’s recruiting business, which has grown by nearly 50 percent in each of the last three quarters, bolstered by rapid expansion in international markets. This acquisition adds a new revenue stream to LinkedIn as well as a rich offering of web-based learning content, as LinkedIn Valuation Metrics looks to provide more utility for users beyond professional 2014 Revenue Multiple: 10.0 x * connections. LinkedIn head of content products, Ryan Trailing EBITDA Multiple: NA Roslansky commented, “imagine being a job seeker and being able to instantly know what skills are needed for the Multiple on $ Invested: 5.2 x available jobs in a desired city, like Denver, and then to be prompted to take the relevant and accredited course to (*) Estimate from Capstone research & industry sources help you acquire this skill.”

Investors The cash-and-stock deal is LinkedIn’s largest acquisition to Accel Partners; Meritech Capital Partners; Spectrum date, having paid 52 percent in cash ($780M) and 48 Equity; TPG percent in stock ($720M) representing a total deal value of $1.5 billion. Lynda has raised $289 million of funding to date, and the deal value of $1.5 billion equates to an impressive 10 times 2014 revenue.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 40 Investment Banking Advisors 40 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Raytheon Company and Vista Equity Partners have completed a joint venture transaction creating a new company that combines Websense, a Vista Equity portfolio Deal Summary company, and Raytheon Cyber Products, a product line of Date: 4/20/2015 Raytheon’s Intelligence, Information and Services business. Transaction Value: $1.3B The newly-formed cybersecurity company will be known as Raytheon|Websense. Enterprise Value: $1.3B % Sought: 100% The global cybersecurity market is estimated to jump to Consideration: Cash about $156 billion in 2019 from $96 billion in 2014, and the Websense deal will add more than 20,000 commercial customers to Raytheon's portfolio of primarily government customers. While this will likely only represent around 5 Valuation Metrics percent of combined company revenues, the growth rates Trailing Revenue Multiple: 3.5 x * and margins are so much better in defense that the impact Trailing EBITDA Multiple: NA will likely be significant in the longer term. Thomas Kennedy, Raytheon Chairman and CEO commented, “the creation of Multiple on $ Invested: NA this new commercial cybersecurity company allows us to leverage deep domain expertise to offer our customers (*) Estimate from Capstone research & industry sources unique capabilities that will help defend against the vast, advanced scope threats that exist today." Investors Osterweis Capital, Vector Capital, American Century, The deal value of $1.3 billion equates to 3.5 times trailing Artisan Partners revenue. Raytheon is paying more than $1.6 billion including debt for Websense, and Vista will then invest about $335 million for a 20 percent stake in the combined company.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 41 Investment Banking Advisors 41 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Virtustream, founded in 2009 in Bethesda, MD, provides public and private cloud management and IT and security compliance monitoring, and its customers include the likes Deal Summary of Coca-Cola, Hess and Lexmark International. Virtustream’s Date: 5/26/2015 technology will complement other companies under the Transaction Value: $1.2B EMC umbrella including VMware, RSA, VCE and the EMC storage division, by providing a new managed cloud Enterprise Value: $1.2B solution to enhance its existing cloud offerings. % Sought: 100% Consideration: Cash EMC is one of the world's largest data storage providers, taking in more than $24bn in revenue during 2014 and more than 60,000 employees worldwide. The company provides a wide range of storage appliances and software, and has Valuation Metrics diversified into services and cloud-enabling technologies Trailing Revenue Multiple: 12.0 x * since acquiring leading software virtualization vendor Trailing EBITDA Multiple: NA VMWare in 2007. This acquisition marks EMC’s sixth $1 billion dollar-plus transaction. Virtustream will become EMC's Multiple on $ Invested: 9.3 x managed cloud service business and will be operated as a separate EMC Federation division reporting to EMC CEO Joe (*) Estimate from Capstone research & industry sources Tucci.

Investors EMC’s shares fell 2.1 percent to close at $26.29 upon news of Columbia Capital, Blue Lagoon, TDF Ventures, Intel the deal, and the stock has declined 12 percent year to Capital, Noro-Moseley, Escalate, QuestMark, Top Tier, date amid investor questions around strategy and a SAP leadership succession plan.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 42 Investment Banking Advisors 42 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Trustwave, based in Chicago, offers hosted services in threat, vulnerability and compliance management, and has more than three million business customers spanning 26 countries. Deal Summary With more than 1,200 employees, it operates five security Date: 4/7/2015 operation centers and nine engineering centers across the Transaction Value: $810M globe. The acquisition strengthens SingTel's information security capabilities and bolsters Trustwave's ability to Enterprise Value: $850M expand its leadership in managed security services. % Sought: 100% Consideration: Cash SingTel is Asia's leading communications group providing a portfolio of services including voice and data solutions over fixed, wireless and Internet platforms. SingTel has a substantial presence in Asia, Australia and Africa with more Valuation Metrics than 500 million mobile customers in 25 countries. Trustwave Trailing Revenue Multiple: 3.9 x * Chairman, CEO & President Robert McCullen commented, Trailing EBITDA Multiple: 65.6 x * “this strategic partnership creates an unparalleled opportunity to combine SingTel's robust information and Multiple on $ Invested: NA communications solutions with Trustwave's industry-leading security technologies and managed services platform to (*) Estimate from Capstone research & industry sources deliver cutting-edge solutions that will enhance our customer experience.” Investors FTV, The Argentum Group, First Analysis Corporation, The deal value of $810 million equates to 3.9 times trailing Sigma Partners, JMI, Prism Capital, Rosetta Capital, revenue and 65.6 times trailing EBITDA. The transaction also Globespan Capital, Sigma Prime Ventures, Updata is expected to be accretive beginning in the second year Partners, Industry Ventures, Alpine Meridian post acquisition.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 43 Investment Banking Advisors 43 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

OpenDNS, based in San Francisco, has 10,000 paying customers and more than 50 million users utilizing its free service. The company has more than 65 million customers in Deal Summary 160 different countries around the world, and claims to Date: 6/30/2015 handle more than 70 billion DNS requests per day. Transaction Value: $635M OpenDNS gives Cisco, a network vendor that offers more Enterprise Value: $635M traditional network edge protection, a SaaS platform that % Sought: 100% dynamically provides security to any device no matter its Consideration: Cash / Stock location on the network. The acquisition builds on Cisco’s strategy to add a cloud security layer to its offerings. David Ulevitch, OpenDNS Founder and CEO commented, “we made this decision to sell OpenDNS because I believe we Valuation Metrics can take our incredible teams and technologies, and Trailing Revenue Multiple: NA harness the resources, reach, and scale of Cisco to deliver Trailing EBITDA Multiple: NA better products faster, while recognizing an incredible and rarely experienced milestone for all of us along the way.” Multiple on $ Invested: 12.4 x The OpenDNS team will join the Cisco Security Business Group, and Cisco indicated it will continue to offer the free version of OpenDNS relied upon by so many users around the world. Investors Sequoia Capital, Sutter Hill, Greylock Partners, Glynn OpenDNS has raised $51.3 million, equating to 12.4 times Capital, Lumia Capital, Mohr Davidow Ventures, dollars invested. The acquisition is expected to close in Q1 Northgate Capital Group, Evolution Equity 2016.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 44 Investment Banking Advisors 44 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Applied Predictive Technologies, based in Arlington, VA, helps companies tailor investments and attempt to boost their earnings by using analytics to design, measure and Deal Summary calibrate marketing and merchandising. Its customer base is Date: 4/27/2015 comprised largely of brick and mortar retailers, consumer Transaction Value: $600M packaged goods companies, and restaurant chains, and includes the likes of Starbucks, Walmart, Lowe’s, Target and Enterprise Value: $600M Darden Restaurants. % Sought: 100% Consideration: Cash This move marks MasterCard’s second deal in six months for its Advisors division as it seeks to expand technology offerings for merchants. Prior to its acquisition of 5one in Valuation Metrics November 2014, MasterCard's consulting arm had not made a purchase in more than a decade. The deals reflect a Trailing Revenue Multiple: 6.0 x * broader trend of notoriously thrifty retail and marketing Trailing EBITDA Multiple: NA services firms increasing spending on enabling technologies Multiple on $ Invested: 3.8 x for new digital offerings. Kevin Stanton, president of MasterCard Advisors commented, “APT’s world-class talent, (*) Estimate from Capstone research & industry sources technology and Test & Learn platform, matched with MasterCard’s analytics, will give our customers the Investors advantage of enhanced and actionable decision making.”

Devon Value Advisers, Accel-KKR, Adams Street With revenue estimates for APT of more than $100 million, the Partners, Tola Capital, Goldman Sachs deal represents a significant 6 times trailing revenue.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 45 Investment Banking Advisors 45 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Mediaocean is a leading software company in global advertising, and is the only open cross-media software platform that enables more than 80,000 users to bridge Deal Summary traditional and digital media. Managing more than $100 Date: 6/29/2015 billion in annual global ad spend and data, advertisers, Transaction Value: $594M agencies, broadcasters and publishers rely on Mediaocean’s infrastructure to run business effectively. Enterprise Value: $594M Through automating every aspect of the advertising % Sought: 82.5% workflow, Mediaocean’s platforms integrate ad-tech, data Consideration: Cash solutions and supply partners for complete ease of use. Vista Equity raised more than $5.8 billion for its latest fund and behaves more like an enterprise software holding Valuation Metrics company than a classic private equity firm with nearly 200 Trailing Revenue Multiple: 2.9 x * employees, most of whom are operators and not finance Trailing EBITDA Multiple: NA professionals. Mediaocean’s software processed $108 billion of ad spend in 2014, including for television, print, radio and Multiple on $ Invested: NA digital. Bill Wise, Mediaocean CEO commented, “our vision has always been to provide advertisers, agencies, (*) Estimate from Capstone research & industry sources broadcasters and publishers with a top-tier, converged advertising ecosystem. Partnering with Vista will allow us to Investors accelerate progress in achieving this goal, while solidifying New Enterprise Associates (Harry Weller, Peter Barris), our leadership in the industry.” Steamboat Ventures, Vista Equity Partners (Charles Guan, Michael Fosnaugh, Stephen Foster) The deal value of $594 million equates to 2.9 times trailing revenue, and the transaction is expected to close in Q3 2015.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 46 Investment Banking Advisors 46 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

TellApart, based in Burlingame, CA, provides predictive marketing and customer analytics that enable personalized cross-device retargeted ads, as well as mobile, social media Deal Summary and email campaigns for e-retailers and marketing teams. Date: 4/28/2015 Transaction Value: $532M The deal is Twitter's largest to date, and the company is typically a more disciplined buyer than peers Facebook and Enterprise Value: $532M Google, averaging about a deal per month and most % Sought: 100% typically picking up a small startup with a relevant team and Consideration: Stock technology. Rarely have Twitter’s deals eclipsed $50 million with notable exceptions MoPub and Gnip. The TellApart acquisition will enable Twitter to more effectively target ads Valuation Metrics at more specific groups of people across a variety of platforms, and should bolster Twitter’s direct-response Trailing Revenue Multiple: 6.0 x * advertising initiatives. Co-Founder and CEO Josh McFarland Trailing EBITDA Multiple: NA commented, “TellApart’s strengths in personalization, Multiple on $ Invested: 30.0 x dynamic product ads, commerce data, and with retail advertisers are strong complements to Twitter’s deep (*) Estimate from Capstone research & industry sources experience in mobile, understanding users, and the app ecosystem.” Investors In an all stock deal, Twitter offered 12.6 million shares at a SV Angel, Baseline Ventures, Bain Capital Ventures, price of $42.27, which was Twitter's share price at the end of TriplePoint, Greylock Partners the previous day’s closing price.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 47 Investment Banking Advisors 47 C ap s ton e P artne r s M&AIn v e s tme n tTransaction B a n k in g A d v is o rs Spotlight

Acquiror Target Deal Rationale/Commentary

Rally Software, founded in 2001 and based in Boulder, filed a $70 million IPO in 2013. Having grown to more than 500 employees across four continents, Rally took in more than Deal Summary $88 million in revenue in its fiscal 2015 and claims at least 35 Date: 5/27/2015 of the Fortune 100 as customers. Transaction Value: $480M CA was founded in 1976 and since 2002 has bought 42 Enterprise Value: $480M companies for a total of $3.8 billion at a median price of $75 % Sought: 100% million. CA’s acquisition of Rally Software marks a shift in Consideration: Cash CA's M&A strategy, pushing it deeper into the software development market. The acquisitions in 2013 of Nolio and Layer 7 signified a serious investment through the product offerings around software lifecycle and development. CA Valuation Metrics CEO Mike Gregoire commented, “Every developer dreams of creating truly transformative software that responds to a LTM Revenue Multiple: 5.5 x business challenge extremely quickly… Joining forces with LTM EBITDA Multiple: NA Rally makes this dream a possibility for millions of developers LTM P/E Multiple: NM worldwide, and in turn opens up the possibility of a whole new range of experiences driven by software.” Premium versus: 1 day prior: 42.9% According to the terms of the deal, CA will pay $19.50 per 1 week prior: 43.5% share, a 42.9% premium over the previous day’s closing 1 month prior: 27.5% price. Rally Software shares were up nearly 19% year to date, and with revenue estimates at more than $85 million, the deal equates to a significant 5.5 times trailing revenue. Note: LTM and Premiums of last quarter prior to transaction announcement date.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 48 Investment Banking Advisors 48 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

Public Company Observations and Trading & Operating Recommendations Metrics

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 49 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.49 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S N T M / LT M Gro wth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

SaaS & Cloud 135 M ean 15,802 15,702 2,569 2,468 4.5 % 3.5 % 6.6 x 4.8 x 30.0 x ###### 44.5 x 34.0 x 23.8% 30.4% 19.8% 65.3 % 2.4 % (8.9)% SaaS & Cloud 135 M edian 1,254 1,164 107 18 1.4 % 3.4 % 4.5 x 3.9 x 19.7 x N A 32.0 x 27.3 x 17.5% 15.4% 12.5% 67.5 % 13.9 % 6.2 %

Analytics / Business Intelligence Adobe 81.01 40,314 38,805 3,413 1,904 12.0 % 9.6 % 8.9 x 7.2 x 31.5 x 18.9 x 51.9 x 31.2 x 24.0% 66.3% 66.4% 84.6 % 28.3 % 18.2 % Bazaarvoice 5.89 472 422 107 57 (25.3)% 4.2 % 2.2 x 2.1 x NA NA NA NA 7.7% NA 46.0% 63.4 % (4.5)% (8.2)% comScore 53.26 2,143 2,129 41 27 50.1 % 4.0 % 6.3 x 5.5 x 27.2 x 22.2 x 31.3 x 35.0 x 14.2% 22.8% (10.4)% 70.9 % 23.0 % 16.9 % Google 540.04 361,855 304,121 64,626 6,892 (7.6)% (2.6)% 4.5 x 4.0 x 11.5 x 10.0 x 20.9 x 18.5 x 13.4% 15.0% 12.6% 62.1 % 39.0 % 26.3 % Hottolink 7.83 76 94 7 24 (65.4)% (8.6)% 8.1 x NA 61.6 x NA NA NA NA NA NA 52.0 % 13.1 % (1.6)% iSentia 2.89 577 595 4 22 29.7 % 3.4 % 6.3 x 5.6 x 30.1 x 16.1 x 49.8 x 24.8 x 11.7% 87.0% 101.3% 39.2 % 21.0 % 11.5 % Mattersight 5.90 134 129 15 10 11.1 % (4.8)% 4.0 x 3.0 x NA NA NA NA 34.7% 59.1% NA 70.4 % (17.6)% (39.9)% New Relic 35.19 1,662 1,461 201 0 NA 1.4 % 13.2 x 9.3 x NA NA NA NA 43.0% 16.1% 27.3% 80.3 % (40.7)% (31.4)% Splunk 69.62 8,752 7,887 865 0 25.8 % 17.6 % 16.1 x 12.0 x NA NA NA NA 33.4% 48.0% NA 84.2 % 5.3 % 2.5 % Workiva 13.83 556 490 90 24 NA (4.0)% 4.1 x 3.2 x NA NA NA NA 26.1% 8.2% 36.0% 69.9 % (30.9)% (42.4)% M ean 41,654 35,613 6,937 896 3.8 % 2.0 % 7.4 x 5.8 x 32.4 x 16.8 x 38.5 x 27.4 x 23.1% 40.3% 39.9% 67.7 % 3.6 % (4.8)% M edian 1,119 1,028 98 24 11.5 % 2.4 % 6.3 x 5.5 x 30.1 x 17.5 x 40.6 x 28.0 x 24.0% 35.4% 36.0% 70.1 % 9.2 % 0.4 %

Cloud & IT Infrastructure Alarm.com 15.38 690 657 39 7 NA NA 3.7 x NA 28.8 x NA 56.1 x NA NA NA NA 60.3 % 12.9 % 7.5 % Apigee 9.93 292 191 105 4 NA NA 2.9 x 2.4 x NA NA NA NA 24.7% 12.1% 82.4% 61.3 % (76.9)% (283.6)% Citrix 70.16 11,246 11,658 983 1,396 12.2 % 9.8 % 3.7 x 3.6 x 14.0 x 12.6 x 21.1 x 18.7 x 3.8% 10.4% 12.5% 84.9 % 26.5 % 17.5 % FireEye 48.91 7,646 7,248 398 0 20.6 % 24.6 % 15.2 x 10.6 x NA NA NA NA 43.0% 16.0% 8.0% 59.8 % (46.8)% (59.0)% Hortonw orks 25.32 1,093 927 166 0 NA 6.2 % 15.4 x 8.8 x NA NA NA NA 75.2% 59.0% 69.6% (43.4)% (311.3)% (309.0)% LogMeIn 64.49 1,588 1,356 232 0 38.3 % 15.2 % 5.8 x 4.9 x 26.0 x 21.6 x 50.0 x 44.7 x 17.7% 20.1% 11.8% 86.9 % 22.3 % 14.1 % Proofpoint 63.67 2,510 2,481 194 164 70.0 % 7.5 % 11.8 x 9.2 x NA NA NA NA 27.3% NA 10.9% 66.2 % 1.0 % (6.7)% Qualys 40.35 1,370 1,227 143 0 57.2 % (13.2)% 8.7 x 7.0 x 33.6 x 26.6 x 72.1 x 74.3 x 25.1% 26.4% (3.0)% 78.6 % 25.9 % 15.4 % Red Hat 75.93 13,931 13,467 1,184 720 37.4 % 0.2 % 7.3 x 6.5 x 27.4 x 24.1 x 44.7 x 40.3 x 12.9% 14.1% 10.9% 84.8 % 26.6 % 17.3 % ServiceNow 74.31 11,411 11,118 745 451 19.9 % (5.7)% 14.7 x 10.4 x NA 79.7 x NA NA 41.9% 214.3% NA 63.9 % (16.1)% 0.0 % SolarWinds 46.13 3,524 3,284 240 0 19.3 % (10.0)% 7.3 x 6.0 x 16.1 x 12.6 x 24.5 x 22.3 x 21.4% 27.7% 10.0% 89.6 % 45.3 % 32.1 % Sophos 3.68 1,656 2,436 73 853 NA NA 5.5 x NA 37.6 x NA NA NA NA NA NA 80.0 % 14.5 % (13.4)% Splunk 69.62 8,752 7,887 865 0 25.8 % 17.6 % 16.1 x 12.0 x NA NA NA NA 33.4% 48.0% NA 84.2 % 5.3 % 2.5 % Symantec 23.25 15,827 14,032 3,891 2,096 1.5 % (0.5)% 2.2 x 2.2 x 6.9 x 6.4 x 12.3 x 12.5 x (3.6)% 8.1% (1.3)% 83.1 % 31.1 % 20.2 % Trend Micro 34.26 4,652 3,679 973 0 4.0 % 3.8 % 3.8 x 3.6 x 10.9 x 10.4 x 23.9 x NA 4.2% 5.4% NA 82.1 % 34.4 % 19.9 % VMw are 85.74 36,342 30,616 7,226 1,500 (11.4)% 4.5 % 4.9 x 4.5 x 14.3 x 12.5 x 23.7 x 21.0 x 10.2% 15.1% 12.9% 84.5 % 34.5 % 25.4 % WANdisco 3.54 104 102 2 0 (62.4)% (9.3)% 9.1 x 6.3 x NA NA NA NA 44.7% 49.1% 33.9% 80.7 % (331.0)% (344.9)% M ean 7,214 6,610 1,027 423 17.9 % 3.6 % 8.1 x 6.5 x 21.6 x 22.9 x 36.5 x 33.4 x 25.5% 37.6% 21.6% 69.9 % (29.5)% (49.7)% M edian 3,524 3,284 240 4 19.9 % 4.2 % 7.3 x 6.3 x 21.0 x 12.6 x 24.5 x 22.3 x 24.7% 18.1% 11.4% 80.7 % 14.5 % 7.5 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 50 Investment Banking Advisors 50 C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S NTM / LTM Growth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

Cloud Computing / Storage Amazon 434.09 202,147 205,397 13,781 17,031 33.7 % 16.7 % 2.2 x 1.9 x 28.8 x 21.3 x NA NA 16.6% 35.2% NA 30.3 % 7.8 % (0.4)% Box 18.64 2,244 2,003 284 43 NA (5.6)% 8.5 x 6.5 x NA NA NA NA 30.3% 27.8% 78.4% 76.7 % (61.9)% (93.7)% CenturyLink 29.38 16,563 36,926 155 20,518 (18.8)% (15.0)% 2.1 x 2.1 x 5.3 x 5.4 x 12.6 x 12.1 x (0.5)% (3.1)% 4.0% 59.0 % 39.0 % 7.4 % Google 540.04 361,855 304,121 64,626 6,892 (7.6)% (2.6)% 4.5 x 4.0 x 11.5 x 10.0 x 20.9 x 18.5 x 13.4% 15.0% 12.6% 62.1 % 39.0 % 26.3 % IBM 162.66 160,177 190,195 8,809 38,827 (10.3)% 1.3 % 2.1 x 2.3 x 8.1 x 8.1 x 9.8 x 10.1 x (7.6)% (1.1)% (3.2)% 50.2 % 26.2 % 18.4 % Microsoft 44.15 358,189 294,791 95,362 31,964 5.9 % 8.6 % 3.1 x 3.1 x 9.0 x 8.5 x 17.0 x 16.7 x (0.8)% 5.8% 1.8% 65.1 % 34.7 % 22.7 % Oracle 40.30 174,744 162,334 54,368 41,958 (0.6)% (6.6)% 4.2 x 4.2 x 9.0 x 9.0 x 14.5 x 14.8 x 1.3% (0.3)% (1.7)% 60.3 % 47.4 % 32.6 % Rackspace 37.19 5,311 5,193 276 157 10.5 % (27.9)% 2.8 x 2.5 x 8.3 x 7.3 x 46.5 x 39.9 x 12.1% 12.9% 16.5% 67.5 % 33.8 % 6.2 % salesforce.com 69.63 45,646 46,666 1,019 2,039 19.9 % 4.2 % 8.2 x 6.8 x NA 38.0 x 122.2 x 92.2 x 21.5% NA 32.6% 75.6 % (0.0)% 6.4 % Verizon 46.61 190,098 298,854 4,933 113,689 (4.7)% (4.2)% 2.3 x 2.3 x 6.6 x 6.5 x 13.2 x 11.9 x 2.9% 1.6% 10.9% 60.4 % 35.5 % 11.4 % M ean 151,697 154,648 24,361 27,312 3.1 % (3.1)% 4.0 x 3.6 x 10.8 x 12.7 x 32.1 x 27.0 x 8.9% 10.4% 16.9% 60.7 % 20.1 % 3.7 % M edian 167,460 176,264 6,871 18,775 (0.6)% (3.4)% 3.0 x 2.8 x 8.6 x 8.5 x 15.8 x 15.8 x 7.5% 5.8% 10.9% 61.2 % 34.3 % 9.4 %

Communication & Collaboration 8x8 8.96 790 613 177 0 10.9 % 6.7 % 3.8 x 3.0 x 30.8 x 34.4 x 52.7 x 65.0 x 25.2% (10.4)% (19.0)% 71.9 % 12.2 % 9.6 % Cisco 27.46 139,659 106,244 54,419 21,004 10.5 % (0.2)% 2.2 x 2.1 x 7.3 x 7.6 x 12.7 x 12.2 x 3.7% (4.3)% 4.4% 60.5 % 29.8 % 22.9 % Citrix 70.16 11,246 11,658 983 1,396 12.2 % 9.8 % 3.7 x 3.6 x 14.0 x 12.6 x 21.1 x 18.7 x 3.8% 10.4% 12.5% 84.9 % 26.5 % 17.5 % CounterPath 0.47 20 16 4 0 (56.1)% (19.1)% 1.3 x 1.2 x NA NA NA NA 7.9% 10.5% (5.9)% 81.5 % (36.7)% (21.6)% Cybozu 2.76 126 111 16 0 (28.4)% (0.4)% 2.1 x NA NA NA NA NA NA NA NA 91.5 % 4.8 % (1.1)% Interactive Intel. 44.47 958 898 60 0 (20.8)% 8.0 % 2.6 x 2.3 x NA NA NA NA 13.1% (27.3)% NA 60.0 % 5.1 % 0.3 % IntraLinks 11.91 683 715 47 79 34.0 % 15.2 % 2.7 x 2.6 x 18.3 x 17.8 x NA NA 6.2% 3.0% NA 73.0 % 14.9 % 1.1 % j2 Global 67.94 3,275 3,393 478 596 33.6 % 3.4 % 5.4 x 4.6 x 12.4 x 10.8 x 19.4 x 16.9 x 16.8% 14.1% 14.7% 82.3 % 43.9 % 26.5 % Jive Softw are 5.25 393 279 119 5 (38.3)% 2.3 % 1.5 x 1.4 x NA NA NA NA 10.0% NA (8.1)% 63.0 % (0.1)% (7.8)% LivePerson 9.81 560 519 41 0 (3.3)% (4.2)% 2.3 x 2.1 x 22.8 x 26.5 x NA NA 14.0% (13.9)% NA 74.2 % 10.3 % 4.7 % Microsoft 44.15 358,189 294,791 95,362 31,964 5.9 % 8.6 % 3.1 x 3.1 x 9.0 x 8.5 x 17.0 x 16.7 x (0.8)% 5.8% 1.8% 65.1 % 34.7 % 22.7 % Premiere Global 10.29 478 807 28 357 (22.9)% 7.6 % 1.4 x 1.4 x 7.7 x 7.7 x 11.4 x 11.4 x 1.3% 0.8% 0.2% 59.3 % 18.4 % 7.3 % RingCentral 18.49 1,277 1,164 136 22 22.2 % 20.6 % 4.9 x 3.8 x NA NA NA NA 28.2% 132.6% 60.3% 66.5 % (5.9)% (12.4)% Textura 27.83 715 647 67 0 17.7 % 2.4 % 9.5 x 6.5 x NA 55.5 x NA 100.1 x 44.7% NA 232.4% 80.2 % (2.7)% (7.8)% V-cube 15.20 143 145 8 10 (17.1)% 13.7 % 3.4 x NA 17.3 x NA NA NA NA NA NA 57.7 % 19.4 % 4.0 % M ean 34,567 28,133 10,130 3,695 (2.7)% 5.0 % 3.3 x 2.9 x 15.5 x 20.2 x 22.4 x 34.4 x 13.4% 11.0% 29.3% 71.4 % 11.6 % 4.4 % M edian 715 715 67 10 5.9 % 6.7 % 2.7 x 2.6 x 14.0 x 12.6 x 18.2 x 16.9 x 10.0% 3.0% 3.1% 71.9 % 12.2 % 4.0 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 51 Investment Banking Advisors 51 C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S N T M / LT M Gro wth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

Content Creation & M anagement Adobe 81.01 40,314 38,805 3,413 1,904 12.0 % 9.6 % 8.9 x 7.2 x 31.5 x 18.9 x 51.9 x 31.2 x 24.0% 66.3% 66.4% 84.6 % 28.3 % 18.2 % Destiny Media 0.25 13 12 1 0 (71.8)% (4.3)% 3.5 x 3.4 x NA NA NA NA 0.8% NA NA 100.0 % 4.2 % (20.5)% GoDaddy 28.19 1,830 3,051 198 1,418 NA NA 2.1 x 1.8 x NA 8.6 x 27.5 x 22.6 x 14.7% 252.9% NA 63.3 % 6.9 % 3.9 % Kudelski 14.15 765 1,006 93 333 (19.3)% 14.9 % 1.1 x 1.1 x 9.4 x 8.1 x 16.1 x 16.5 x 7.4% 15.4% (2.9)% 72.8 % 12.1 % 5.4 % Rovi 15.95 1,466 2,290 304 1,128 (33.4)% (12.4)% 4.3 x 4.2 x 10.2 x 10.4 x 9.5 x 9.1 x 2.8% (2.0)% 4.7% 80.7 % 42.1 % 28.4 % Sumavision 4.48 3,087 2,851 237 0 155.7 % 46.4 % 32.3 x 18.1 x 113.8 x NA 122.7 x NA 78.9% NA NA 71.8 % 28.4 % 27.8 % Wix 23.62 913 828 85 0 19.1 % 23.3 % 5.3 x 3.8 x NA NA NA NA 39.0% 197.3% 25.1% 81.8 % (9.0)% (25.7)% M ean 6,913 6,978 619 683 10.4 % 12.9 % 8.2 x 5.7 x 41.2 x 11.5 x 45.5 x 19.9 x 23.9% 106.0% 23.3% 79.3 % 16.2 % 5.4 % M edian 1,466 2,290 198 333 (3.7)% 12.2 % 4.3 x 3.8 x 20.8 x 9.5 x 27.5 x 19.6 x 14.7% 66.3% 14.9% 80.7 % 12.1 % 5.4 %

Content Delivery Services Akamai 69.82 12,467 12,363 713 610 14.3 % (1.7)% 6.1 x 5.3 x 14.2 x 13.0 x 27.8 x 26.8 x 14.0% 9.1% 3.7% 68.5 % 42.8 % 22.3 % Brightcove 6.86 223 202 22 1 (34.9)% (6.4)% 1.6 x 1.5 x NA NA NA NA 8.2% NA NA 65.3 % 3.4 % (3.6)% Limelight 3.94 392 311 81 0 28.8 % 8.5 % 1.9 x 1.8 x NA NA NA NA 4.1% NA (21.3)% 49.7 % 2.8 % (6.1)% M ean 4,361 4,292 272 204 2.7 % 0.1 % 3.2 x 2.9 x 14.2 x 13.0 x 27.8 x 26.8 x 8.8% 9.1% (8.8)% 61.2 % 16.3 % 4.2 % M edian 392 311 81 1 14.3 % (1.7)% 1.9 x 1.8 x 14.2 x 13.0 x 27.8 x 26.8 x 8.2% 9.1% (8.8)% 65.3 % 3.4 % (3.6)%

CRM & Customer Service eGain 5.01 134 143 9 18 (26.0)% 51.8 % 1.8 x 1.7 x NA NA NA NA 8.5% 142.1% 48.7% 62.8 % (8.1)% (10.5)% Five9 5.23 261 237 71 47 (27.4)% (5.9)% 2.2 x 1.9 x NA NA NA NA 16.0% 20.0% 15.4% 48.4 % (17.7)% (27.2)% Jive Softw are 5.25 393 279 119 5 (38.3)% 2.3 % 1.5 x 1.4 x NA NA NA NA 10.0% NA (8.1)% 63.0 % (0.1)% (7.8)% LivePerson 9.81 560 519 41 0 (3.3)% (4.2)% 2.3 x 2.1 x 22.8 x 26.5 x NA NA 14.0% (13.9)% NA 74.2 % 10.3 % 4.7 % salesforce.com 69.63 45,646 46,666 1,019 2,039 19.9 % 4.2 % 8.2 x 6.8 x NA 38.0 x 122.2 x 92.2 x 21.5% NA 32.6% 75.6 % (0.0)% 6.4 % Zendesk 22.21 1,912 1,609 309 6 27.8 % (2.1)% 11.2 x 7.6 x NA NA NA NA 46.9% 87.9% 54.9% 64.4 % (46.5)% (35.8)% M ean 8,151 8,242 261 352 (7.9)% 7.7 % 4.5 x 3.6 x 22.8 x 32.2 x 122.2 x 92.2 x 19.5% 59.0% 28.7% 64.7 % (10.4)% (11.7)% M edian 476 399 95 12 (14.7)% 0.1 % 2.3 x 2.0 x 22.8 x 32.2 x 122.2 x 92.2 x 15.0% 53.9% 32.6% 63.7 % (4.1)% (9.2)%

ERP, Supply Chain & Commerce Amber Road 7.02 183 174 32 24 (56.5)% (24.1)% 2.7 x 2.3 x NA NA NA NA 17.5% NA (116.5)% 54.7 % (0.6)% (9.8)% blur Group 0.70 33 16 17 0 (53.8)% (47.4)% 3.3 x 0.8 x NA NA NA NA 329.7% 38.4% NA 34.9 % (212.9)% (216.5)% ChannelAdvisor 11.95 299 237 63 2 (54.7)% 23.3 % 2.7 x 2.4 x NA NA NA NA 11.0% 21.3% 12.8% 72.1 % (18.6)% (26.5)% Demandw are 71.08 2,660 2,470 190 0 2.5 % 16.7 % 13.9 x 9.9 x NA NA 273.4 x NA 40.4% (8.8)% (125.8)% 73.0 % 6.3 % 5.1 % Freelancer 0.96 431 408 24 0 8.5 % 28.7 % 18.7 x 12.6 x NA NA NA NA 49.1% 65.3% 85.0% 87.1 % (8.9)% (8.2)% SciQuest 14.81 409 281 127 0 (16.3)% (12.5)% 2.7 x 2.5 x 14.2 x 12.5 x 57.0 x 43.0 x 8.9% 13.3% 32.6% 68.6 % 19.3 % 7.0 % Shopify 33.95 2,566 2,507 59 0 NA NA 20.3 x 14.7 x NA NA NA NA 37.7% 21.7% 51.3% 58.1 % (11.9)% (35.4)% SLI Systems 0.57 35 31 4 0 (58.1)% (34.0)% 1.5 x 1.4 x NA NA NA NA 13.5% 39.4% 39.3% 22.3 % (27.2)% (29.2)% SPS Commerce 65.80 1,088 954 134 0 4.1 % (1.9)% 7.0 x 5.8 x 50.3 x 41.0 x 96.8 x 81.9 x 20.8% 22.8% 18.1% 68.9 % 13.9 % 8.4 % M ean 856 786 72 3 (28.0)% (6.4)% 8.1 x 5.8 x 32.3 x 26.8 x 142.4 x 62.4 x 58.7% 26.7% (0.4)% 60.0 % (26.7)% (33.9)% M edian 409 281 59 0 (35.0)% (7.2)% 3.3 x 2.5 x 32.3 x 26.8 x 96.8 x 62.4 x 20.8% 22.2% 25.3% 68.6 % (8.9)% (9.8)%

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 52 Investment Banking Advisors 52 C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S NTM / LTM Growth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

Finance & Administration Bottomline 27.81 1,078 1,095 140 157 (7.1)% 1.6 % 3.3 x 3.1 x 24.9 x 14.7 x 18.5 x 18.7 x 9.2% 69.1% (0.7)% 57.8 % 13.5 % 17.3 % Intuit 100.77 27,779 26,194 2,084 499 25.1 % 3.9 % 6.0 x 5.3 x 20.2 x 14.6 x 37.6 x 28.6 x 11.6% 38.1% 31.7% 83.1 % 29.6 % 17.6 % MYOB 2.61 1,525 1,860 3 339 NA NA 8.2 x NA 26.0 x NA NA NA NA NA NA 63.2 % 31.5 % (42.5)% NetSuite 91.75 7,213 7,031 459 277 5.6 % (1.1)% 11.8 x 9.0 x 129.0 x NA NA NA 31.1% (2.6)% NA 68.2 % 9.1 % 4.9 % Tangoe 12.58 491 443 53 5 (16.5)% (8.8)% 2.1 x 1.7 x 12.7 x 11.1 x 17.2 x 15.7 x 20.1% 14.0% 9.5% 55.2 % 16.2 % 14.1 % Xero 12.23 1,653 1,451 201 0 (46.2)% (32.3)% 15.3 x 10.3 x NA NA NA NA 48.2% 19.9% (2.7)% 70.5 % (57.0)% (57.8)% M ean 6,623 6,346 490 213 (7.8)% (7.3)% 7.8 x 5.9 x 42.5 x 13.5 x 24.5 x 21.0 x 24.0% 27.7% 9.4% 66.3 % 7.1 % (7.7)% M edian 1,589 1,656 171 217 (7.1)% (1.1)% 7.1 x 5.3 x 24.9 x 14.6 x 18.5 x 18.7 x 20.1% 19.9% 4.4% 65.7 % 14.8 % 9.5 %

Human Resources Benefitfocus 43.85 1,254 1,191 107 45 (5.1)% 19.2 % 8.0 x 6.5 x NA NA NA NA 22.4% 10.9% 2.1% 39.3 % (28.6)% (36.4)% Callidus 15.58 861 771 101 11 30.5 % 22.9 % 5.3 x 4.5 x 45.6 x 31.5 x 97.4 x 58.1 x 18.8% 45.0% 67.6% 59.7 % 11.6 % 5.4 % Cornerstone 34.80 1,877 1,884 220 227 (24.4)% 20.5 % 6.7 x 5.2 x NA NA NA NA 29.7% NA 45.8% 69.7 % 0.2 % (7.5)% Freelancer 0.96 431 408 24 0 8.5 % 28.7 % 18.7 x 12.6 x NA NA NA NA 49.1% 65.3% 85.0% 87.1 % (8.9)% (8.2)% Halogen 8.62 191 148 43 0 13.0 % 18.8 % 2.5 x 2.1 x NA NA NA NA 19.3% 38.1% 30.1% 71.6 % (13.4)% (21.4)% Paycom 34.15 1,993 1,984 36 27 134.1 % 6.5 % 11.7 x 9.1 x 58.2 x 52.1 x 125.7 x 119.2 x 29.0% 11.8% 5.5% 84.7 % 20.1 % 8.7 % Solium 6.32 304 258 46 0 (13.3)% 12.6 % 4.0 x 3.4 x 16.2 x 14.8 x 39.4 x 34.7 x 16.1% 9.4% 13.4% 45.4 % 24.5 % 12.4 % Ultimate Softw are 164.34 4,697 4,584 123 10 18.9 % (3.3)% 8.7 x 7.1 x 36.8 x 29.0 x 76.1 x 63.7 x 22.2% 26.9% 19.4% 60.0 % 23.5 % 12.0 % Upland 9.22 141 138 27 24 NA 31.5 % 2.1 x 1.9 x NA NA NA NA 8.4% NA 94.7% 63.7 % 1.8 % (22.1)% WageWorks 40.45 1,445 1,073 452 79 (16.1)% (24.2)% 3.7 x 3.1 x 14.2 x 11.4 x 40.5 x 32.9 x 19.3% 24.3% 23.0% 62.3 % 26.0 % 12.5 % Workday 76.39 14,590 13,167 1,922 498 (15.0)% (9.5)% 15.0 x 10.6 x NA NA NA NA 41.6% NA NA 67.5 % 3.7 % (4.6)% Xactlly 8.59 238 249 16 27 NA NA 3.9 x NA NA NA NA NA NA NA NA 59.6 % (19.7)% (53.3)% M ean 2,335 2,155 260 79 13.1 % 11.3 % 7.5 x 6.0 x 34.2 x 27.8 x 75.8 x 61.7 x 25.1% 29.0% 38.7% 64.2 % 3.4 % (8.5)% M edian 1,057 922 73 25 1.7 % 18.8 % 6.0 x 5.2 x 36.8 x 29.0 x 76.1 x 58.1 x 22.2% 25.6% 26.6% 63.0 % 2.7 % (6.0)%

Licensed Software Leaders IBM 162.66 160,177 190,195 8,809 38,827 (10.3)% 1.3 % 2.1 x 2.3 x 8.1 x 8.1 x 9.8 x 10.1 x (7.6)% (1.1)% (3.2)% 50.2 % 26.2 % 18.4 % Microsoft 44.15 358,189 294,791 95,362 31,964 5.9 % 8.6 % 3.1 x 3.1 x 9.0 x 8.5 x 17.0 x 16.7 x (0.8)% 5.8% 1.8% 65.1 % 34.7 % 22.7 % Oracle 40.30 174,744 162,334 54,368 41,958 (0.6)% (6.6)% 4.2 x 4.2 x 9.0 x 9.0 x 14.5 x 14.8 x 1.3% (0.3)% (1.7)% 60.3 % 47.4 % 32.6 % SAP 70.00 83,670 89,669 5,327 11,326 (9.7)% (3.2)% 4.5 x 3.9 x 10.6 x 11.8 x 16.1 x 16.3 x 17.5% (9.9)% (1.2)% 71.6 % 42.8 % 26.4 % M ean 194,195 184,247 40,967 31,019 (3.7)% 0.0 % 3.5 x 3.4 x 9.1 x 9.3 x 14.4 x 14.5 x 2.6% (1.4)% (1.1)% 61.8 % 37.8 % 25.0 % M edian 167,460 176,264 31,589 35,396 (5.2)% (0.9)% 3.7 x 3.5 x 9.0 x 8.7 x 15.3 x 15.5 x 0.3% (0.7)% (1.5)% 62.7 % 38.8 % 24.6 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 53 Investment Banking Advisors 53 C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S NTM / LTM Growth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

M arketing & Advertising Adobe 81.01 40,314 38,805 3,413 1,904 12.0 % 9.6 % 8.9 x 7.2 x 31.5 x 18.9 x 51.9 x 31.2 x 24.0% 66.3% 66.4% 84.6 % 28.3 % 18.2 % Bazaarvoice 5.89 472 422 107 57 (25.3)% 4.2 % 2.2 x 2.1 x NA NA NA NA 7.7% NA 46.0% 63.4 % (4.5)% (8.2)% Callidus 15.58 861 771 101 11 30.5 % 22.9 % 5.3 x 4.5 x 45.6 x 31.5 x 97.4 x 58.1 x 18.8% 45.0% 67.6% 59.7 % 11.6 % 5.4 % Constant Contact 28.76 925 746 179 0 (10.4)% (24.7)% 2.2 x 1.9 x 11.6 x 9.7 x 25.0 x 20.5 x 12.7% 19.6% 22.1% 72.7 % 18.7 % 11.1 % Criteo 47.67 2,936 2,636 316 17 41.2 % 20.7 % 2.9 x 4.8 x 23.6 x 17.6 x 39.3 x 34.9 x (40.6)% 33.6% 12.8% 35.8 % 12.2 % 8.3 % Google 540.04 361,855 304,121 64,626 6,892 (7.6)% (2.6)% 4.5 x 4.0 x 11.5 x 10.0 x 20.9 x 18.5 x 13.4% 15.0% 12.6% 62.1 % 39.0 % 26.3 % Hubspot 49.58 1,640 1,504 136 0 NA 24.3 % 11.6 x 8.5 x NA NA NA NA 37.0% 44.2% 72.1% 69.3 % (37.5)% (49.1)% Jive Softw are 5.25 393 279 119 5 (38.3)% 2.3 % 1.5 x 1.4 x NA NA NA NA 10.0% NA (8.1)% 63.0 % (0.1)% (7.8)% Marchex 4.95 209 126 84 0 (58.8)% 21.3 % 0.7 x 0.9 x 6.9 x 13.7 x 21.5 x NA (18.4)% (49.8)% (47.1)% 39.9 % 10.7 % 5.5 % Marin Softw are 6.74 244 194 53 3 (42.7)% 7.2 % 1.9 x 1.6 x NA NA NA NA 16.3% 38.7% 22.2% 64.1 % (16.7)% (23.7)% Marketo 28.06 1,185 1,086 104 5 (3.5)% 9.5 % 6.6 x 4.8 x NA NA NA NA 37.5% (16.8)% (14.1)% 65.7 % (13.3)% (17.3)% Millennial Media 1.62 227 195 37 5 (67.5)% 11.7 % 0.7 x 0.6 x NA NA NA NA 17.1% 49.5% 46.0% 40.0 % (9.2)% (14.2)% Nasmedia 47.57 392 376 17 0 191.7 % 62.2 % 33.2 x 10.0 x 149.8 x 34.6 x 113.2 x 42.7 x 231.8% 333.0% 164.9% 99.9 % 22.2 % 17.4 % Rocket Fuel 8.20 346 338 92 84 (73.6)% (10.9)% 0.8 x 0.6 x NA NA NA NA 19.5% NA 4.2% 43.0 % (3.5)% (10.7)% Rubicon Project 14.96 637 516 120 0 16.5 % (16.5)% 3.7 x 2.3 x 20.7 x 16.7 x 46.8 x NA 58.4% 23.8% (13.9)% 83.6 % 17.9 % 7.8 % salesforce.com 69.63 45,646 46,666 1,019 2,039 19.9 % 4.2 % 8.2 x 6.8 x NA 38.0 x 122.2 x 92.2 x 21.5% NA 32.6% 75.6 % (0.0)% 6.4 % TechTarget 8.93 295 274 21 0 1.2 % (22.5)% 2.6 x 2.3 x 12.8 x 9.0 x 33.1 x 21.5 x 13.8% 42.2% 54.1% 73.4 % 20.1 % 8.8 % TubeMogul 14.29 483 447 37 1 NA 3.4 % 3.6 x 2.7 x NA NA NA NA 32.8% NA NA 70.6 % (0.4)% (3.5)% Yahoo! 39.29 36,871 32,773 5,284 1,186 11.8 % (11.6)% 7.0 x 7.7 x 25.5 x 29.8 x 29.3 x 49.2 x (9.6)% (14.6)% (40.4)% 69.7 % 27.3 % 28.0 % M ean 26,102 22,751 3,993 643 (0.2)% 6.0 % 5.7 x 3.9 x 33.9 x 20.9 x 54.6 x 41.0 x 26.5% 45.0% 27.8% 65.1 % 6.5 % 0.5 % M edian 637 516 107 5 (3.5)% 4.2 % 3.6 x 2.7 x 22.1 x 17.6 x 39.3 x 34.9 x 17.1% 36.1% 22.1% 65.7 % 10.7 % 5.5 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 54 Investment Banking Advisors 54 C ap s ton e P artne r s TradingIn v e s tme n t B a n k& in g OperatingA d v is o rs Metrics

($ in millions, except per share data) $ / Share M arket Enterprise % C hange Ent. Value/Rev. Ent. Value/EBITDA P rice/ EP S N T M / LT M Gro wth LT M M argin C o mpany N ame 6/ 30/ 15 C ap Value C ash D ebt LTM LQ LTM NTM LTM NTM LTM NTM R evenue EBITDA EPS Gro ss EBITDA N et

Vertical M arket ACI Worldw ide 24.57 2,869 3,661 68 861 32.0 % 13.4 % 3.6 x 3.4 x 13.8 x 12.5 x 32.8 x 30.2 x 3.8% 9.8% 8.4% 55.2 % 25.9 % 8.5 % Advent 44.21 2,329 2,507 28 205 35.7 % 0.2 % 6.2 x 5.9 x 19.9 x 17.3 x 30.5 x 27.8 x 6.2% 15.0% 9.8% 72.0 % 31.2 % 19.4 % AppFolio 14.10 456 453 12 10 NA NA 8.4 x NA NA NA NA NA NA NA NA 53.6 % (14.9)% (16.2)% Athenahealth 114.58 4,417 4,623 61 266 (8.4)% (4.0)% 5.8 x 4.8 x 28.4 x 27.9 x 81.3 x NA 21.0% 1.7% (17.7)% 60.4 % 20.5 % 6.7 % Blackbaud 56.95 2,623 2,897 13 287 59.3 % 20.2 % 5.0 x 4.5 x 19.5 x 18.7 x 41.9 x 35.7 x 11.5% 4.2% 17.3% 51.7 % 25.4 % 10.7 % Castlight Health 8.14 763 578 186 0 (46.4)% 4.9 % 10.9 x 6.8 x NA NA NA NA 60.4% 0.0% 10.9% 46.7 % (122.0)% (124.3)% Cvent 25.78 1,071 895 177 0 (11.4)% (8.1)% 5.9 x 4.7 x 50.6 x 44.5 x 131.5 x NA 26.4% 13.8% 9.7% 68.3 % 11.6 % 5.3 % Dealertrack 62.79 3,461 4,263 88 889 38.5 % 63.0 % 4.5 x 3.8 x 21.1 x 18.2 x 42.4 x 39.3 x 19.6% 16.2% 7.9% 45.4 % 21.3 % 8.4 % Descartes 16.07 1,213 1,085 129 0 12.1 % 6.5 % 6.2 x 5.8 x 20.1 x 18.2 x 33.7 x 24.4 x 7.5% 10.1% 38.1% 68.5 % 31.0 % 20.4 % Earthport 0.60 285 232 53 0 (18.7)% (8.6)% 10.5 x 7.4 x NA NA NA NA 41.8% 106.4% 76.8% 74.4 % (54.1)% (62.3)% Ebix 32.61 1,141 1,250 27 137 127.9 % 7.3 % 5.5 x 4.8 x 13.8 x 13.0 x 18.1 x 16.3 x 14.3% 6.4% 11.1% 74.7 % 39.9 % 29.7 % Ellie Mae 69.79 2,052 1,980 74 2 124.2 % 26.2 % 10.8 x 8.4 x 36.3 x 38.2 x 54.1 x 62.1 x 28.2% (5.1)% (12.9)% 70.4 % 29.7 % 21.0 % Envestnet 40.43 1,427 1,363 210 146 (17.4)% (27.9)% 3.7 x 3.1 x 22.4 x 16.7 x 48.1 x 36.9 x 20.4% 33.9% 30.5% 27.2 % 16.6 % 8.5 % Fleetmatics 46.83 1,798 1,649 172 24 44.8 % 4.4 % 6.7 x 5.6 x 20.3 x 18.4 x 37.8 x 35.0 x 20.7% 10.3% 7.8% 74.7 % 33.2 % 19.6 % GrubHub 34.07 2,859 2,561 298 0 (3.8)% (24.9)% 9.0 x 6.7 x 28.3 x 22.1 x 80.5 x 54.1 x 35.2% 28.1% 48.8% 65.6 % 31.9 % 12.5 % Higher One 2.99 143 196 15 68 (21.5)% 23.6 % 0.9 x 1.0 x 3.4 x 4.4 x 5.4 x 7.7 x (7.0)% (21.9)% (29.2)% 53.0 % 26.1 % 12.0 % IDOX 0.60 212 238 9 35 (19.4)% 1.2 % 2.5 x 2.3 x 11.6 x 8.4 x 22.2 x 11.8 x 5.3% 37.3% 88.6% 89.4 % 21.1 % 10.3 % Inovalon 27.90 4,120 3,622 793 295 NA (7.6)% 9.8 x 7.9 x 27.5 x 21.5 x 55.7 x 47.9 x 23.5% 28.1% 16.4% 68.7 % 35.5 % 18.1 % JUST EAT 6.40 4,316 4,081 236 0 46.7 % (1.2)% 15.6 x 10.9 x 80.2 x 42.0 x 41.0 x 61.6 x 43.0% 91.2% (33.4)% 90.0 % 19.5 % 33.3 % Linx 15.61 730 676 88 34 (33.5)% 6.9 % 5.5 x 4.6 x 16.1 x 16.2 x 27.3 x 25.0 x 20.5% (0.8)% 9.3% 72.0 % 34.3 % 22.1 % Medidata Solutions 54.32 3,003 2,949 298 244 26.9 % 10.8 % 8.4 x 7.0 x 37.1 x 29.0 x 68.8 x 57.3 x 20.0% 28.1% 19.9% 75.4 % 22.6 % 12.6 % MINDBODY 13.83 541 536 22 17 NA NA 7.0 x NA NA NA NA NA NA NA NA 58.5 % (30.4)% (29.5)% Mix Telematics 0.31 248 172 78 2 (24.3)% 15.4 % 1.5 x 1.4 x 7.2 x 6.7 x 21.1 x 21.1 x 10.4% 7.6% (0.1)% 67.6 % 20.9 % 10.4 % NIC 18.28 1,198 1,106 92 0 15.3 % 3.5 % 4.0 x 3.7 x 15.5 x 14.2 x 31.0 x 28.7 x 7.8% 8.9% 7.8% 40.4 % 25.8 % 13.9 % OPOWER 11.51 587 460 127 0 (38.9)% 13.6 % 3.4 x 3.0 x NA NA NA NA 15.1% (99.2)% (46.0)% 65.3 % (8.4)% (16.9)% Playtech 12.87 4,152 3,584 838 270 22.1 % 11.4 % 6.8 x NA 16.1 x NA 21.5 x 16.6 x NA 31.2% 29.8% 100.0 % 42.1 % 33.4 % Q2 Holdings 28.25 1,051 931 120 0 98.1 % 33.6 % 10.8 x 8.3 x NA NA NA NA 30.6% (1.8)% 3.0% 43.2 % (10.5)% (16.6)% RealPage 19.07 1,517 1,505 28 15 (15.2)% (5.3)% 3.6 x 3.2 x 22.7 x 17.9 x 56.1 x 38.9 x 14.5% 27.0% 44.1% 55.9 % 16.0 % 6.3 % Sabre 23.80 6,463 9,092 459 3,087 18.7 % (2.1)% 3.4 x 3.1 x 11.2 x 9.8 x 24.7 x 21.4 x 9.4% 14.2% 15.3% 34.4 % 30.4 % 9.7 % Solera 44.56 2,991 4,878 395 2,283 (33.6)% (13.7)% 4.4 x 4.1 x 10.8 x 10.4 x 15.0 x 13.7 x 5.8% 3.8% 9.4% 66.4 % 40.7 % 18.3 % SS&C 62.50 6,320 6,827 88 595 41.3 % 0.3 % 8.7 x 7.6 x 21.0 x 18.5 x 26.0 x 23.3 x 14.0% 13.2% 11.7% 46.5 % 41.3 % 26.7 % Temenos 33.05 2,169 2,576 106 513 (15.1)% (4.2)% 5.6 x 4.7 x 15.1 x 11.7 x 23.1 x 18.6 x 17.8% 29.0% 24.4% 73.5 % 37.0 % 21.7 % Textura 27.83 715 647 67 0 17.7 % 2.4 % 9.5 x 6.5 x NA 55.5 x NA 100.1 x 44.7% NA 232.4% 80.2 % (2.7)% (7.8)% TrueCar 11.99 982 866 143 27 (18.9)% (32.8)% 3.9 x 2.9 x NA 25.0 x NA 56.6 x 36.2% 148.8% NA 91.1 % 6.3 % (0.6)% Urbanise 0.92 213 200 13 0 NA 30.5 % 54.1 x NA 381.9 x NA NA NA NA NA NA 57.2 % 14.2 % (6.8)% Yodlee 14.44 428 360 70 2 NA 7.3 % 3.8 x 3.1 x NA 33.0 x NA NA 22.6% NA NA 60.8 % (3.7)% (1.3)% M ean 1,968 2,097 158 287 14.0 % 4.9 % 7.7 x 5.0 x 36.0 x 21.1 x 41.2 x 35.1 x 20.4% 19.2% 21.0% 63.8 % 14.0 % 3.8 % M edian 1,320 1,307 88 25 12.1 % 3.9 % 5.8 x 4.7 x 20.1 x 18.2 x 33.2 x 29.5 x 19.8% 13.2% 10.9% 66.0 % 22.0 % 10.4 %

*Sorted alphabetically within market segment

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 55 Investment Banking Advisors 55 C ap s ton e P artne r s In v e s tme n t B a n k in g A d v isCapstone o rs Partners Investment Banking Advisors

ObservationsTechnology & and RecommendationsTelecom Team

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 56 Investment Banking Advisors WORLD CLASS WALL STREET EXPERTISE.56 BUILT FOR THE MIDDLE MARKET.TM C ap s ton e P artne r s TechnologyIn v e s tme n t B a n k in g A d v& is o rsTelecom Team

DAVID MICHAELS Managing Director, Head of Technology & Telecom Group Phone: (858) 926-5950 Email: [email protected] David Michaels is a Managing Director of Capstone where he is responsible for managing the firm’s Technology & Telecom Group (TTG). David founded SagePoint Advisors in 2008, a boutique investment banking firm focused on providing merger, acquisition and strategic advisory services to growth companies in the technology and telecom sectors. Prior to founding SagePoint, David was a Co-Founder, Partner and Managing Director at Montgomery & Co., a leading investment bank focused on serving emerging-growth technology companies and their venture backers. David co-founded Montgomery’s investment banking business in 1996 and played an instrumental role in building the business to over $50 million in revenues and 80 employees. Mr. Michaels also ran the firm’s Communications and Digital Media Technology practice areas for several years prior to his departure. David has intimate knowledge of the strategic landscape, market dynamics and technology underpinnings of several high technology market segments including Mobile Software & Services, Consumer Internet, E-Commerce, Enterprise SaaS, Cloud & Infrastructure Software and Consumer, IT & Telecom Hardware. Prior to joining Montgomery in 1994, David worked at Bankers Trust Corporate Finance Department, where he helped execute merger and acquisition assignments. Prior to that, Mr. Michaels worked as a structural engineer at General Dynamics, Mr. Michaels received an M.B.A. in entrepreneurship from the Anderson School of Management at UCLA and holds a B.S. in Mechanical Engineering from the University of Michigan.

JOHN SNEAD Managing Director, Head of International Phone: 44 (0)7979 704302 Email: [email protected]

John Snead is responsible for managing the firm’s international operations as Managing Director of Capstone Grenport Ltd (CGL), focusing on the European technology and private equity markets. In his capacity, John is instrumental the firm’s cross border M&A and financing activities. He joins Capstone with 25 years of experience in in the investment banking and financial markets both in London and Silicon Valley. For the seven years prior to joining Capstone, John was the founder and Managing Partner of Grenport Limited, a London-based investment banking boutique serving the strategic and transaction needs of emerging technology companies. Prior to Grenport, John was a Managing Director in Kroll’s corporate finance group. He has also served as a senior professional at leading financial advisory firms such as Arthur Andersen, KPMG and Morgan Grenfell. John is particularly experienced in the technology sector where he has advised on more than 80 transactions, primarily in the software and IT services sectors. John holds an MBA, CFA, CF qualifications and is regulated by ICAEW.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 57 Investment Banking Advisors 57 C ap s ton e P artne r s TechnologyIn v e s tme n t B a n k in g A d v& is o rsTelecom Team

JOHN FERRARA President and Managing Partner Phone: (617) 619-3325 Email: [email protected] John serves as the Managing Partner of Capstone, responsible for the firm’s investment and merchant banking operations, as well as managing client transactions. During his tenure as Managing Partner, Capstone has completed three acquisitions to expand the firm’s presence from Boston to include seven offices internationally, culminating in the “Global Investment Banking Boutique of the Year” award in 2012. Over his 25+ year career in mergers & acquisitions, venture capital and management consulting, John has executed well over 150 transactions and related engagements. Prior to 2002, when he acquired the practice he initially founded from Arthur Andersen to form Capstone, John served as a Regional Managing Partner with Andersen Corporate Finance LLC. While with Andersen, John held various national and global leadership positions. He started his career in Lehman Brothers' M&A group in New York, London and Riyadh, later becoming a founding member of Rodman & Renshaw's M&A practice in New York. After a break to compete in Australia's semi-professional baseball league, John joined The Deloitte Consulting Group in Los Angeles to focus on turnaround and interim management engagements. John has been recognized as “Investment Banker of the Year” in 2012, “Deal Maker of the Year” in 2010 and received the “40 Under 40” award for entrepreneurial excellence in 2006. He is the founder of the Spirit Triumph Cancer Foundation, author of the children’s book "Beyond the Waterspout" and former owner in the Holyoke Sox, a baseball franchise in the NECBL. John earned his MBA from The Anderson School at UCLA and the London School of Economics. He holds dual BA degrees from Wesleyan University and is qualified as a General Securities Principal.

TEAK MURPHY Vice President, Technology & Telecom Group Phone: (310) 746-5006 Email: [email protected] Teak joins Capstone as a Vice President in the Technology & Telecom Group, based out of San Diego. Prior to Capstone’s acquisition of SagePoint Advisors, Teak worked at SagePoint as a Senior Associate advising technology companies on mergers, acquisitions and strategic capital raises. Prior to joining SagePoint, Teak worked as a Senior Associate with Enterprise Partners Venture Capital, the largest Southern California based VC firm, where he evaluated investment opportunities and worked closely with senior management and board members to successfully grow portfolio companies. Prior to Enterprise Partners, Teak worked as an Associate in technology investment banking at Montgomery & Co. where he spent three years working closely with SagePoint's founder David Michaels on buy-side and sell-side M&A transactions. Prior to Montgomery, Teak worked at Cowen & Co. advising technology companies on M&A and IPO transactions. Teak's experience working on fund raising, mergers and acquisitions, and initial public offerings as both an advisor and investor provides unique insight into the needs of venture-backed companies. Teak graduated from the University of Southern California with honors, receiving a B.S. in Business Administration/Finance.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 58 Investment Banking Advisors 58 C ap s ton e P artne r s TechnologyIn v e s tme n t B a n k in g A d v& is o rsTelecom Team

BRANDON OVERMYER Associate, Technology & Telecom Group Phone: (310) 929-5177 Email: [email protected] Brandon is an Associate in the Technology & Telecom Group, working closely with clients to execute and optimize mergers, acquisitions and strategic capital raises. Prior to joining Capstone, Brandon was an Analyst in technology investment banking with ArchPoint Partners in San Francisco, supporting the senior team on middle market domestic and cross-border technology transactions. Brandon has previously worked in varying roles with Apple, LG and a number of startup ventures in addition to civil litigation practice. Brandon received his BA from University of Florida, graduating with distinction in three years. He received his JD from Baylor University School of Law and is a member of the Florida Bar.

HIROKI HIGASHIHARA Analyst, Technology & Telecom Group Phone: (310) 929-7415 Email: [email protected] Hiroki works closely with senior team members of the Technology & Telecom Group, as an Analyst, to execute various corporate financing transactions. Prior to joining Capstone, Hiroki interned at an investment management firm, Sage Capital Advisors, conducting back-testing models and investment performance analyses. He also interned at an Internet Security software company, gaining exposure to corporate financial planning and analysis. Hiroki received a BS in Management Science along with a minor in Accounting from University of California, San Diego. Hiroki graduated as a team member of the Thurgood Marshall Honors Program.

Capstone Partners CapstoneInvestment BankingPartners Advisors Over a Decade of M&A Excellence 59 Investment Banking Advisors 59