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Quarterly Review of the Software & Internet Sector Q4 2013

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Quarterly Review of the Software & Internet Sector Q4 2013 Quarterly Review of the Software & Internet Sector Q4 2013 Member: FINRA/SIPC About Navidar Navidar is an investment banking firm providing companies and investors in dynamic industries with strategic M&A advice, capital raising solutions, vital insights and breakthrough opportunities. ■ Big Firm Experience Combined with Senior Banker Attention ■ Global Relationships With Top Tier Investors and World-Leading Companies ■ Greater Creativity & Customized Solutions ■ Focused on the Middle Corridor of the United States Navidar’s Differentiation “Navidar’s global technology relationships, understanding of our business, cross-border deal experience and commitment to providing senior banker attention throughout the process were critical differentiators for us.” Gurvendra Suri, Founder and CEO of Optimal Solutions Integration “Navidar consistently provided sound, unbiased advice and we felt that they always put Techniks’ interests ahead of their own.” John Stagge, Co-President of Techniks “Navidar’s global reach, understanding of current technology trends and ability to navigate complex deal issues really sets them apart from the competition.” Eric Tobias, CEO of iGoDigital “Senior banker attention led to a creative deal structure which resulted in a better outcome for our shareholders.” Joel Haspel, Founder and CEO of Sentient Health “Navidar’s ability to quickly understand our business and its drivers, deal-savvy banking team and global reach set them apart.” Chris Welsh, General Manager of MWM Acoustics Note: Transactions above only represent a sample of past transactions executed by Navidar. 2 Navidar at a Glance Experienced Strategic Advisors Advising Dynamic Companies Executed Over 300 Deals, Nearly $70B of Transaction Volume Technology Internet/ E-Commerce Business SaaS Financing Services Software M&A $31.5B $35.9B 47% 53% Specialty MedTech and Manufacturing HCIT Creative Insights & Customized Solutions International Expertise $8.4B of Transaction Volume Public Companies Public M&A Canada $1.3B 16% Europe Asia $2.2B $4.9B Corporate Capital 26% 58% Finance Raising Advisory Private Companies Private Contact Us Austin Office Indianapolis Office Minneapolis Office 400 W. 15th Street, 11711 N. Meridian Street, 120 Sixth Street South, Suite 325 Suite 325 Suite 1200 Austin, TX 78701 Carmel, IN 46032 Minneapolis, MN 55402 T: (512) 765-6970 T: (317) 559-3910 T: (612) 314-0010 Stephen Day Christopher Day Christopher Day Managing Principal Managing Principal Managing Principal Tim Walsh Christopher Day Steve Schmidt Managing Principal Managing Principal Managing Director 3 Q4 2013 Software & Internet Sector Review Relative Share Price Performance – YTD 180% 71.5%Internet 170% 160% 150% 47.5%SAAS 44.4%E-Commerce 140% 34.9%Application Sw. 34.2%NASDAQ 130% 28.4%Security 22.5%Diversified Sw. 120% 110% 4.7% IT Infra. Mgt. (1) 100% 90% 80% 2-Jan-13 16-Feb-13 2-Apr-13 17-May-13 1-Jul-13 15-Aug-13 29-Sep-13 13-Nov-13 28-Dec-13 Software & Internet Sector Share Price Performance Key Takeaways From the Quarter: The technology-focused NASDAQ posted the best stock return Q4 YTD Sub-Sector (2) Return Return of the three major stock indices , gaining 9.4% in Q4’13 and 34.2% YTD Internet 18.0% 71.5% Diversified Software 13.1% 22.5% The Internet sub-sector continued its strong momentum in E-Commerce 12.9% 44.4% Q4’13, posting a return of 18%, the highest return compared to all other sub-sectors and the NASDAQ index. The largest Application Software 10.8% 34.9% contributors to the Internet sector’s outperformance were AOL NASDAQ 9.4% 34.2% and Google, posting returns of 29.8% and 26.3%, respectively IT Infra. Mgt.(1) 5.2% 4.7% The SaaS sub-sector, among the top two gainers in Q3’13 and SaaS 3.3% 47.5% YTD 2013, underperformed the NASDAQ and most other sub- sectors in Q4’13 Security 3.0% 28.4% Global deal volume continued to accelerate in Q4’13 from the Top 5 Global M&A Deals in Q4 By Value momentum gained in Q3’13, with 695 deals announced. Deal Overall, 2H’13 demonstrated robust growth in deal volume, up Date Buyer Target Value 14.0% from 1H’13 ($M) Advent International, Blackfin Capital Partners and LX 11/21/2013 2,021 Ventures were among the most active financial buyers in Q4’13 11/26/2013 & 1,800 There were twelve large deals (EV>$500M) in Q4’13, two 11/18/2013 1,741 more than in the prior quarter, and a significant increase from the three large deals in Q1’13 12/20/2013 1,697 12/2/2013 1,650 Source: CapitalIQ, Industry Research, Online Publications and Navidar Research. (1) IT Infrastructure Management. (2) Represents Dow Jones Industrial Average, S&P 500 and NASDAQ Composite. 4 Software & Internet Sector M&A Review Global Software & Internet M&A Deals – Since 2010 Commentary $40 771 800 729 720 Global Software & Internet sector M&A 689 695 659 692 700 activity experienced strong momentum 646 702 724 613 640 704 $33.1 after the lows in Q1’13. Total transaction $30 648 650 600 $24.2 $24.7 value in Q4’13 experienced the strongest No.ofDeals ) $23.4 558 $22.0 500 $21.6 quarter in two years. bn $18.4 $19.4 $19.6 $20.5 $20 $16.8 400 $16.7 $15.5 $15.2 Global transaction volume rose slightly 300 Value ($Value from Q4’12 levels, increasing from 692 $10 200 $5.9 $6.1 acquisitions in Q4’12 to 695 in Q4’13. 100 Global transaction value increased 26% $0 0 from $19.6 billion to $24.7 billion Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2010 2011 2012 2013 - There were eight Software & Internet acquisitions above $1 billion in value U.S. Software & Internet M&A Deals – Since 2010 in Q4’13, compared to six in Q3’13, $25 400 five in Q2’12 and only one in Q1’13 340 325 321 328 331 334 Similar to the Global Software & Internet 296 318 311 $20 295 309 $18.1 324 332 300 sector, U.S. transaction volume has also $17.7 291 297 $16.3 $15.1 seen a gradual uptick since Q1’13. 281 No.ofDeals ) $15 $14.8 bn $12.5 $12.8 $11.7 However, the U.S. transaction value $12.6 $11.8 $11.5 200 $10.9 $10.0 contribution to Global transaction value in $10 Q4’13 has decreased significantly as Value ($Value $6.0 100 compared to the previous two quarters $5 $3.5 $2.8 (~47%). $0 0 U.S. transaction volume decreased 7% in Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q4’13, as compared to Q4’12, from 334 2010 2011 2012 2013 to 311 acquisitions. U.S. transaction value also declined 3%, from $11.8 billion to U.S. Middle Market Software & Internet M&A – Since 2010(1) $11.5 billion over the same period $7,000 97 100 Roughly 64% of U.S. Software & Internet 88 85 82 84 transaction value in Q4’13 was driven by $6,000 81 76 81 80 71 71 five large deals over $1 billion EV $5,000 77 $4,797 $4,718 $4,862 $4,545 $4,363 $4,218 $4,170 59 No.ofDeals ) $3,946 $4,082 60 U.S. Middle Market transaction volume $4,000 54 mn $3,446 $3,409 53 decreased in Q4’13 from the 2013 highs 40 $3,000 36 40 seen in Q3’13, while total transaction $2,280 $2,338 Value($ $2,053 value increased 167%. $2,000 $1,564 20 $1,017 $1,000 Transaction volume in Q4’13 decreased 10% from Q3’13, from 59 to 53 $0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 acquisitions, respectively. However, deal 2010 2011 2012 2013 value increased from $1.6 billion to $4.2 billion over the same period Source: CapitalIQ and Industry Research. (1) Defined as deal value of $500M EV and less. 5 Software & Internet Sector M&A Review (Cont.) Top 10 Global Software & Internet M&A Transactions in Q4 2013 Announced Trn. Value EV/Rev. EV/EBITDA Buyer Target Date ($USDmm) (x) (x) 12/20/2013 Oracle (U.S.) Responsys (U.S.) 1,696.9 8.2x 119.1x 12/19/2013 Dealertrack Technologies (U.S.) Earthcars.com (U.S.) 994.3 NA NA 12/02/2013 NCR (U.S.) Digital Insight (U.S.) 1,650.0 5.0x NA 11/26/2013 Hellman & Friedman & JMI Equity (U.S.) Applied Systems (U.S.) 1,800.0 NA NA 11/25/2013 Baring Private Equity Asia (Hong Kong) Giant Interactive Group (China) 1,601.7 6.1x 9.6x 11/21/2013 Hellman & Friedman (U.S.) Scout24 (Germany) 2,021.2 NA NA 11/18/2013 Advent International (U.S.) UNIT4 (Netherlands) 1,741.2 2.6x 17.8x 11/05/2013 Open Text (Canada) GXS Group (U.S.) 1,165.0 2.4x NA 10/24/2013 Susino Umbrella (China) Shanghai Youzu Technology (China) 635.8 NA NA 10/15/2013 SoftBank & GungHo Online (Japan) Supercell (Finland) 1,530.0 29.0x NA U.S. Technology M&A Activity by Sub-Sector M&A Deal Value ($ billions) M&A Deal Volume Q4'13 $25.6 Q4'13 442 Q3'13 $24.9 Q3'13 457 Q2'13 $25.9 Q2'13 446 (1) (1) Q1'13 $6.5 Q1'13 447 Q4'12 $20.2 Q4'12 522 Software Semiconductor Software Semiconductor Hardware IT Services Hardware IT Services U.S.
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