PRIVATE EQUITY AND FOR GROWTH COMPANIES

Summit Partners seeks outstanding management teams that have self-financed their companies to profitability and market leadership. These successful companies have strong business models, records of revenue and earnings growth, and the leadership capacity to sustain that growth.

Since our founding in 1984, Summit Partners has raised more than $11 billion in capital, and has invested in more than 320 profitable, rapidly growing businesses across North America, Europe, and Asia. These companies have completed 125 successful public offerings and more than 130 strategic sales or mergers.

Whether Summit takes a minority or majority ownership position, our approach is the same. We view ourselves as a hands-off investor that provides strategic guidance to help proven, existing management teams reach their companies’ full growth potential. Our Value to Your Growing Company

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Summit Partners offers equity and subordinated debt financing to meet your company’s capital needs. Our investment team brings you considerable depth and proven experience in growing businesses.

Substantial Capital to Invest Summit Partners employs more than 90 investment We have raised more than $11 billion in capital professionals in our Boston, Palo Alto, and to invest in growing businesses. In 1984, we London offices. In addition, our managing introduced our first equity fund totaling $160 directors collectively bring more than 200 years million. Since then, we have added nine funds of and venture capital experience, focused on private equity and venture capital, and individually average more than 14 years. and four subordinated debt funds. International Presence Track Record in Driving Growth With portfolio companies headquartered across Summit Partners has more than 25 years of North America, Europe, and Asia—along with proven experience in helping companies increase major operations around the world—we are the value of their growing businesses. As board ideally positioned to help your company expand members, we support management teams with internationally. Our London office is staffed strategic guidance to enhance infrastructure, with European nationals who collectively speak assist in executive and board recruiting, and more than a dozen languages. provide financial advice. In the pages that follow, we provide insights into Large, Experienced Team companies’ rationales for raising capital, explain Led by one of the largest teams in the business, the investment profile we seek, and introduce we offer considerable depth and expertise. Today, business owners with whom we have worked. PRIVATE EQUITY, VENTURE CAPITAL, AND SUBORDINATED DEBT FUNDS

1984 $160M Summit Ventures 1988 $230M Summit Ventures II 1992 $280M Summit Ventures III 1994 $140M Summit Subordinated Debt Fund 1995 $610M Summit Ventures IV 1997 $335M Summit Subordinated Debt Fund II Size and structure of investments We can invest as little as $5 million to more than 1998 $1.12B Summit Ventures V $500 million per company from our combined equity 1999 $170M Summit Accelerator Fund and subordinated debt funds. To meet your capital 2001 $2.08B Summit Ventures VI needs, we offer three financing vehicles: 2004 $465M Summit Subordinated Debt Fund III Private Equity Funds: Growth equity, shareholder 2006 $3.10B Summit Partners Private Equity Fund VII liquidity, recapitalization, and management investments of $30 million to more than $500 million 2006 $310M Summit Partners Venture Capital Fund II 2008 € 1.05B Summit Partners Europe Private Equity Fund Venture Capital Funds: Growth equity and shareholder liquidity investments of $5 million to $30 million 2008 $840M Summit Partners Subordinated Debt Fund IV Subordinated Debt Funds: Mezzanine debt financing of up to $125 million, available in conjunction with a CUMULATIVE CAPITAL RAISED Summit Partners equity investment

Since 1984, Summit Partners has raised more than $11 billion to meet the capital needs of entrepreneurs.

$ in billions

$12 billion

$11 billion

$10 billion

$9 billion

$8 billion

$7 billion

$6 billion

$5 billion

$4 billion

$3 billion

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$1 billion

$0 2008 1986 1988 1990 1992 1994 2000 2002 2006 1996 1998 2004 1984 Reasons Companies Take Capital

“Many firms can provide you with money, but Summit Partners offers more. Summit is different because they will help you formulate ideas without trying to run your business. They talk you through what you are trying to accomplish with your organization and then provide the expertise, contacts, and resources to make it happen.”

— TOM FAY, FORMER PRESIDENT, EMED CO., INC.

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We provide flexible financing options to help you achieve your immediate and long-term goals.

Uses of Capital position in your company. That way, your Whether we invest as a minority or majority management team can retain strategic and partner, entrepreneurs and management teams operational control of the business, while can use our equity and subordinated debt tapping new resources that can take your financing to achieve a variety of objectives. company to the next level.

Growth equity Shareholder liquidity Growth equity allows a business to expand Shareholder liquidity provides cash for more rapidly or take advantage of opportunities founders and other shareholders seeking to that require immediate capital. Your company sell a minority stake in a business and diversify can use to finance product their financial holdings, while remaining at the development, operations upgrades, new sales or helm of the business. With this liquidity, you marketing initiatives, geographic expansion, can reap the rewards of your hard work and and other growth objectives. Furthermore, you diversify your personal wealth—without giving can use this capital to strengthen your balance up control of the business. Shareholder liquidity sheet, pay down debt, or finance organic and financing often is used in conjunction with acquisition-based growth strategies. Typically, other objectives, such as growth capital and Summit Partners will take a minority ownership acquisition financing. 5

Recapitalizations Management Recapitalizations provide liquidity for Management buyouts allow a management shareholders seeking to sell the majority of team to buy the business, while creating a business, while allowing them to retain ownership incentives for new shareholders. operational leadership or work with Summit In buyouts, Summit works with management to bring in a new management team. Business to purchase a majority of the business— owners may use recapitalization financing to generally combining equity, subordinated fund ownership transitions in their companies debt, and senior debt financing. Management or to sell a majority interest in their firms. A buyouts can be useful in transferring ownership recapitalization transaction also may be viewed from retiring or inactive founders, a corporate as an alternative to an parent, or other significant shareholders (IPO) or merger. Through recapitalizations, to the current management team and Summit Partners has helped many business Summit Partners. To ensure that cash flow owners sell a significant portion of their is available to fund future growth initiatives, holdings and diversify their personal wealth, we structure transactions with modest debt. while continuing to manage and retain ownership of the company. Our Approach

“Summit provided the capital and strategic advice that helped my business evolve from a small physician’s office into a leading management organization for neonatal and perinatal physicians.”

— ROGER MEDEL, MD, CEO, PEDIATRIX MEDICAL GROUP, INC.

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We believe that great companies are built by great management teams—not by investors.

Building Long-Term Value you apply these insights to build on your We identify exceptional companies with great company’s strengths, fill management gaps, management teams and support them as they and expand your competitive position. grow. At Summit, we believe that our investor Summit Partners can help you strengthen your role has three key components: core business and provide advice on long-term Driving growth growth strategy in a number of key areas, We provide entrepreneurs and management including: teams with strategic guidance to help deliver • Entering new distribution channels, markets, continued profitability and increased earnings. or geographies Enhancing infrastructure • Expanding through acquisitions We help you build a valuable infrastructure of systems, processes, controls, and reporting • Recruiting experienced management and mechanisms. This not only provides you with board candidates valuable feedback on drivers of success, but also helps you focus on the most critical challenges. • Establishing stock option, compensation, and incentive programs Fortifying your leadership position We offer you a broad perspective of the market • Laying the groundwork for an eventual environment—identifying trends, opportunities, initial public offering or merger challenges, and competitive issues. We then help Summit helped optionsXpress, an online stock

and options brokerage, build an infrastructure

for growth and prepare for a successful IPO.

OPTIONSXPRESS HOLDINGS, INC. 7

CHICAGO, ILLINOIS

“Summit Partners allowed us to do what we do best—manage our business—while adding important insight into the issues that growing

companies face.” In 2000, Ned Bennett, David Kalt, and Jim Gray founded optionsXpress in Chicago. The company was created to fill an underserved yet growing niche in online brokerage—retail — NED BENNETT, DAVID KALT, equity options trading. With innovative tools to automate options education, evaluation, AND JIM GRAY and execution, optionsXpress grew rapidly, reaching more than 100,000 accounts and generating $93 million in revenues and $52 million in pre-tax income during 2004. COFOUNDERS The firm was recognized as the leading online securities brokerage by Barron’s for four consecutive years. Yet, the founders were not primarily looking for capital when they began evaluating private equity partners. Instead, they sought assistance in managing the company’s explosive growth and in adding the infrastructure and management talent needed for an eventual initial public offering.

In 2004, Summit Partners invested approximately $90 million in optionsXpress, providing liquidity to early shareholders and allowing the firm time to fully consider its IPO strategy. “Summit helped us formalize our management team and process, and made sure we had the infrastructure to handle very rapid growth,” explained Gray. Summit assisted optionsXpress in building its board and helped recruit an experienced CFO. Next, Summit helped the optionsXpress team understand the IPO process and provided introductions to key players in the public markets.

optionsXpress (NASDAQ: OXPS) went public in January 2005. The company continues to provide innovative securities brokerage products and services for investor education, strategy evaluation, and trade execution. Currently, the company serves more than 285,000 customers. A Global Presence

“Summit Partners supported our growth initiatives, provided valuable strategic advice, and offered access to U.S. acquirers and investment banks—dramatically increasing our company’s

value.” — MARC SAMWER, COFOUNDER, JAMBA! AG

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When you work with Summit Partners, you have access to a strong network of entrepreneurs and financial advisors across North America, Europe, and Asia.

Growing businesses are becoming increasingly Whether your company is based in Europe international in scope, with operations, or North America, Summit Partners is ideally customers, and partners situated around the positioned to assist you in expanding beyond world. With offices on both sides of the your home markets into new geographies, both Atlantic Ocean—and serving portfolio organically and by acquisition. Our London companies with worldwide operations— office is staffed with European nationals who Summit Partners brings the investment collectively speak more than a dozen languages, expertise, strong relationships, and global giving us the ability to help your business perspective needed to help your company move into European markets. For European expand internationally. companies seeking to expand into North America, Summit also is an ideal partner, Our portfolio companies are headquartered with broad industry connections throughout across North America, Europe, and Asia— the United States and Canada. and have major operations in Russia, Eastern Europe, China, Japan, India, Australia, and Our €1.05 billion Europe private equity fund, other countries—giving us a global network raised in 2008, provides a dedicated pool of of business owners, industry experts, and capital for investment in rapidly growing financial institutions. Coupled with our European companies. cross-sector industry expertise, this invaluable network provides the tools and strategic insights needed to fuel the growth of your business. Summit’s financing helped SafeBoot accelerate its

growth in the encryption software market, while

allowing the company to retire early shareholders.

SAFEBOOT HOLDINGS BV

NIEUWEGEIN, THE NETHERLANDS

“When Summit invested in our business, we were immediately perceived as a more substantial company. Customers, vendors,

potential partners, and acquisition SafeBoot Holdings established itself as a pioneer in central management for end-point security. Launched in 1991, the company answered the growing corporate demand for candidates all viewed us more encryption software and management systems on laptops and other mobile data security positively, simply because a firm applications. By 2005, SafeBoot had rapidly grown to become the vendor-of-choice for leading global organizations, serving an extensive list of Fortune 1000 clients. As of Summit’s caliber had confidence information security became a top corporate priority, the management team saw in us.” tremendous growth potential. To that end, SafeBoot sought a financial partner that could provide liquidity for early shareholders without compromising the company’s — GERHARD WATZINGER growth strategy. FORMER CEO Summit Partners invested €39 million in a recapitalization in October 2005, retiring early investors. Over the next several years, Summit and the company’s management worked to enhance SafeBoot’s growth, upgrade its systems and reporting to levels, and recruit a new independent board member. Summit supported SafeBoot’s continued expansion by advising the company’s management team on both operational and strategic issues. More important, Summit’s involvement raised SafeBoot’s profile among its customers, vendors, and acquisition candidates.

By 2007, SafeBoot had become a leading mobile data security provider, delivering its state-of-the-art encryption and access control technologies to 5 million users in more than 75 countries. Its base of 4,200 customers included more than 150 of the Fortune 500 companies. After achieving 20 consecutive quarters of growth and profitability, SafeBoot began to pursue an initial public offering. At the same time, McAfee (NYSE: MFE) offered to buy the company for $350 million. When the acquisition was completed in November 2007, SafeBoot became the cornerstone of McAfee’s Data Protection Product Business Unit led by SafeBoot’s Gerhard Watzinger. Why Summit

“Summit Partners helped us to augment our financial department, hire a CFO, and establish sophisticated financial reporting systems. As a result, we already had much of the required financial infrastructure in place by the time we did go public in 2006.”

— INGRID JACKEL, CEO AND CHAIRWOMAN OF THE BOARD,

PHYSICIANS FORMULA HOLDINGS, INC.

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We invest as partners with management teams—and then work together to build long-term value.

We recognize that selecting the right investor Flexible Financing Options to fund your company’s continued growth is Most business owners and management teams a vital decision. You want a seasoned investor eventually reach a crossroads, as they consider with extensive financial resources, as well as a taking on outside capital to fund the company’s committed long-term partner who shares your future growth. Summit offers both equity and goals and values. At Summit Partners, we support subordinated debt financing that can be used to our entrepreneurs not only with capital, but also achieve a broad range of personal and business with perspective and experience. objectives: growth capital, shareholder liquidity, recapitalizations, and management buyouts. Strategies for Growth Further, we are equally comfortable investing As board members, we have more than two in minority or majority positions. decades of experience providing strategic advice. Summit can help your company build a strong Industry Experience board, augment your existing management team, We have invested in more than 320 companies and source and evaluate acquisitions, joint and bring deep industry experience across many ventures, and partnerships. We have helped many sectors. Since 1984, Summit has primarily invested companies implement best practices in finance, in business services, communications technology corporate organization, product development, and services, consumer products, education, and sales and marketing. energy, financial services, healthcare and life sciences, industrial products, Internet and information services, media and entertainment, semiconductors and electronics, and software. Summit Partners’ financing and strategic advice

helped E-TEK Dynamics expand its fiber optics

business through new product offerings and

acquisition growth.

E-TEK DYNAMICS, INC. 11

SAN JOSE, CALIFORNIA

“Summit Partners supported our strategy to ramp up a new, unproven product line that grew to 60 percent of total revenues in a single year.”

— MICHAEL FITZPATRICK When Michael Fitzpatrick was recruited by Summit Partners to join Silicon Valley-based E-TEK Dynamics as president and CEO in 1997, this family-owned optical components FORMER CHAIRMAN, PRESIDENT, manufacturer had been in business for 14 years. Summit Partners led a $120 million AND CEO recapitalization of E-TEK, allowing cofounders J.J. and Theresa Pan to diversify their net worth, while enlisting Summit as an active and experienced partner to help them build a senior management team and rapidly expand their business.

Fitzpatrick quickly recruited a world-class management team, rebuilt the company’s infrastructure, and reformulated a strategic plan. Together with Sanjay Subhedar, COO of E-TEK, he then proposed a new direction to the board.

“We saw that E-TEK’s major products were becoming commodities, while a new technology called Wavelength Division Multiplexing (WDM) held promise,” says Fitzpatrick. WDM technology allows network operators to increase the capacity of their existing fiber optic networks. The only complication: E-TEK could not buy several critical components, which were distributed only through a competitor, to complete the WDM process.

Summit Partners supported E-TEK’s move into WDM technology and its plan to build low-cost manufacturing facilities in Asia. “Summit provided support, advice, and contacts, yet allowed us to run the company,” says Subhedar. Over the next three years, Summit assisted management through initial and follow-on public offerings and two strategic acquisitions. During that period, E-TEK grew from $70 million to $1 billion in revenues, and from 300 to 5,000 employees. E-TEK merged with JDS Uniphase (NASDAQ: JDSU) in an $18.4 billion transaction in June 2000, which at the time represented the second- largest technology merger in history. Representative Investor Base

Advisors, Family Offices, and Funds of Funds Location Adams Street Partners Chicago, Illinois Commonfund Capital Wilton, Connecticut HarbourVest Partners Boston, Massachusetts J.P. Morgan Asset Management New York, New York Pantheon Ventures San Francisco, California Performance Equity Management Greenwich, Connecticut

Corporate Pension Funds Corning Incorporated Corning, New York General Mills Minneapolis, Minnesota General Motors Greenwich, Connecticut SBC Master Pension Trust San Antonio, Texas

12 Financial Institutions Goldman Sachs & Co. New York, New York KeyCorp Cleveland, Ohio Liberty Mutual Group Boston, Massachusetts SVB Capital Palo Alto, California

Foundations and Universities Georgia Tech Foundation Atlanta, Georgia The William and Flora Hewlett Foundation Menlo Park, California The Andrew W. Mellon Foundation New York, New York University of Notre Dame Notre Dame, Indiana

International Allianz Private Equity Partners Munich, Germany BP Investment Management Ltd. London, United Kingdom Finama PE-Quartilium Paris, France Irish National Pensions Reserve Fund Dublin, Ireland LGT Capital Partners Pfaeffikon, Switzerland The Wellcome Trust Ltd. London, United Kingdom

Public Pension Funds California State Teachers’ Retirement System Sacramento, California Canada Pension Board Toronto, Ontario, Canada Los Angeles County Employees Retirement Association Pasadena, California Minnesota State Board of Investment St. Paul, Minnesota Pennsylvania State Employees’ Retirement System Harrisburg, Pennsylvania Virginia Retirement System Richmond, Virginia Summit’s financing and advice helped AmeriPath

pursue an aggressive M&A campaign that led

to more than 50 pathology laboratory acquisitions

in just three years.

AMERIPATH, INC.

FORT LAUDERDALE, FLORIDA

“Summit Partners helped AmeriPath successfully execute its acquisition strategy by providing invaluable expertise and capital. So when

I needed financing for my new Founded by three physicians in 1982, American Laboratory Associates—later known as AmeriPath—specialized in dermatopathology, or the viewing and interpretation of company, Aurora Diagnostics, biopsies. The company’s specialization enabled its labs to read biopsies faster and more I immediately turned again effectively than other providers, leading to a strong reputation in the market. By the mid 1990s, the founders realized that they needed a more seasoned management team and to Summit.” additional capital to grow. While the company had developed a strong and loyal physician — JIM NEW customer base in the southeastern United States, the founders aspired to expand the business to a national scale. CEO In 1994, the company turned to Summit Partners for financing and strategic guidance. Summit not only provided growth capital and subordinated debt, but also arranged for a bank line of . Two years later, Summit helped recruit CEO Jim New—a seasoned healthcare executive who had run both public and private companies. With a new management team in place, the company changed its name to AmeriPath and began executing an acquisition strategy, extending its reach into new geographic markets through the acquisition of more than 50 pathology practices.

AmeriPath went public in 1997 with an $89 million initial public offering. After a secondary offering in 2001, the firm went private, and New retired in 2003. Seeing continued opportunity in the laboratory industry, he came out of retirement in 2006 to launch Aurora Diagnostics LLC, and again chose Summit as his financial partner. With Summit’s financing and strategic guidance, Aurora Diagnostics has grown even more rapidly than its predecessor, partnering with eight high-quality labs in its first year. Today, the company continues to execute on an aggressive national acquisition program, with a full pipeline of candidates across the United States. Representative Portfolio Companies

Academic Management Services, Inc. Tuition Budgeting and Student Loans Our industry focus AltoCom, Inc. Communications Software/IP We bring industry expertise in many sectors, including but not limited to: AmeriPath, Inc. Pathology Laboratory Services Business services B&W Loudspeakers, Ltd. Premium Home Loudspeakers Communications technology and services Belkin Corporation Connectivity Solutions Consumer products CDB Infotek, Inc. Information Services Provider Education Clontech Laboratories, Inc. Life Sciences Research Tools Energy Commnet Wireless, LLC Wireless Telecommunications Carrier Financial services E-TEK Dynamics, Inc. Optical Components and Subsystems Healthcare and life sciences EMED Co., Inc. Safety Signage Products Industrial products Finisar Corporation Optical Subsystems and Test Equipment Internet and information services Media and entertainment FleetCor Technologies, Inc. Fleet Card Processing Semiconductors and electronics Global Cash Access Holdings, Inc. Cash Access Services for the Gaming Industry Software HealthCare Partners Holdings, LLC Healthcare Services

14 Hemophilia Resources of America, Inc. Hemophilia Treatment Products Hittite Microwave Corporation High-Performance Integrated Circuits HMT Technology Corporation Storage Media Hyperion Software Corporation Business Information Software Infor Global Solutions, Inc. Enterprise Software iPayment, Inc. Payment Processing Services Jamba! AG European Mobile Internet Content Keystone RV Company Towable Recreation Vehicle Products Lincare Holdings, Inc. Home-Care Services M-Audio, Inc. Digital Audio and MIDI Solutions McAfee, Inc. Network Management and Security Software MECON Associates, Inc. Hospital Information Services NameMedia, Inc. Direct Search and Premium Domain Marketplace NightHawk Radiology Holdings, Inc. Off-Hours Teleradiology Services optionsXpress Holdings, Inc. Online Stock and Options Brokerage Pediatrix Medical Group, Inc. Physician Practice Management Physicians Formula Holdings, Inc. Mass-Market Color-Corrective Cosmetics Postini, Inc. Electronic Communications Message Management Powerwave Technologies, Inc. Wireless Infrastructure Equipment SafeBoot Holdings BV Encryption Software and Management Systems Sirenza Microdevices, Inc. High-Performance RF Components Somero Enterprises, Inc. Laser-Controlled Screeding Equipment Splash Technology Holdings, Inc. Color Server Systems Suburban Ostomy Supply Company, Inc. Disposable Home Healthcare Products Superior Services, Inc. Waste Management Services Sybari Software, Inc. Security Software Products Triton Systems, Inc. Automated Teller Machines vente-privee.com Internet-Based Sales of High-End Consumer Products Web Reservations International Limited Online Reservations for Budget Accommodations WebEx Communications, Inc. Web-Based Collaborative Meeting Services Summit Partners’ financing and hands-off

strategic support enabled Commnet to drive

the growth of its wholesale wireless service

and expand into new markets.

COMMNET WIRELESS, LLC

ATLANTA, GEORGIA

“We chose Summit because of their track record as investors, their grasp of our opportunities and needs, and their philosophy that the

entrepreneur should manage the Brian Schuchman began his career in 1986 as a car phone installer, working his way into sales, distribution, and finally network operations. He noticed that wireless spectrum company, while the investor should lottery winners often had trouble getting networks up and running. After partnering provide perspective and support. with numerous lottery winners to build and sell networks for more than $100 million, Schuchman founded Commnet Wireless in 2000. His goal was to build wireless roaming This complementary relationship networks in partnership with wireless carriers such as Cingular and AT&T Wireless. was a tremendous advantage for By the late 1990s, the Global System for Mobile Communications (GSM), a European- us and a big part of our success.” based digital technology for wireless communication, began taking hold in the United States. Schuchman realized that establishing a GSM network would allow Commnet to — BRIAN SCHUCHMAN accelerate its growth rate and penetrate new markets. FOUNDER In 2003, Summit Partners provided Commnet with growth capital to fund its build-out of a GSM network, which eventually served markets in 14 states. Summit assisted Schuchman in hiring industry veterans to serve as president, COO, and CTO. In addition, Summit provided strategic and financial analyses to help the company focus on maximizing growth and profitability in core markets, while assisting management in exiting less profitable, noncore markets.

After five consecutive years of rapid growth in markets served, cell sites, and minutes of use—and more than 125 percent growth in both revenues and earnings—the company merged with Atlantic Tele-Network (NASDAQ: ANTI) in an all-cash transaction in 2005. Today, Commnet operates as a subsidiary of Atlantic Tele-Network, serving national wireless carriers by providing feature-rich, low-cost wireless voice and data roaming services. Brian Schuchman continues to serve as a board member. FOR MORE INFORMATION

16 Summit Partners invests in growing, profitable companies with proven business models, records of revenue and earnings growth, and the leadership capacity to sustain that growth. If your company fits this description, we would like to speak with you about a potential partnership. We also speak with many companies before they need capital. Summit offers deep resources and broad experience to address immediate needs and long-term opportunities.

To learn more, please call the Summit Partners office nearest you or contact us via email at [email protected].

©2002, 2008 Summit Partners, L.P. All rights reserved. The Summit Partners Logo®, Summit, Summit Partners®, Summit Accelerator Fund, Summit Ventures®, Summit Partners Europe Private Equity Fund, Summit Partners Private Equity Fund®, Summit Partners Subordinated Debt Fund®, Summit Subordinated Debt Fund, and Summit Partners Venture Capital Fund® are trademarks and/or service marks of Summit Partners L.P. and/or its licensors.

In the United States of America, Summit Partners operates as an SEC-registered investment advisor. In the United Kingdom, this brochure is issued by Summit Partners Limited, a firm authorized and regulated by the Financial Services Authority. Summit Partners Limited is a limited company registered in England and Wales with company number 4141197, and its registered office is at 20-22 Bedford Row, London, WC1R 4JS, UK. This document is intended solely to provide information regarding Summit Partners' potential financing capabilities for prospective portfolio companies.

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