Software Industry Financial Report Contents

The Software Industry Financial Report SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS

About Software Equity Group Leaders in Software M&A 4 Extensive Global Reach 5 Software Industry Macroeconomics Global GDP 8 U.S. GDP and Unemployment 9 Global IT Spending 10 E-Commerce and Digital Advertising Spend 11 Stock Market Performance 12 Public Software Financial and Valuation Performance The SEG Software Index 14 The SEG Software Index: Financial Performance 15-19 The SEG Software Index: Market Multiples 20-22 The SEG Software Index by Product Category 23 The SEG Software Index by Product Category: Financial Performance 24 The SEG Software Index by Product Category: Market Multiples 25 Public SaaS Company Financial and Valuation Performance The SEG SaaS Index 27 The SEG SaaS Index: Financial Performance 28-32 The SEG SaaS Index: Market Multiples 33-36 The SEG Saa S In dex by Pro duc t Ca tegory 37 The SEG SaaS Index by Product Category: Financial Performance 38 The SEG SaaS Index by Product Category: Market Multiples 39 Public Internet Company Financial and Valuation Performance The SEG Internet Index 41 The SEG I nt ernet IdIndex: Financ ia l Per formance 42-46 The SEG Internet Index: Market Multiples 47-49 The SEG Internet Index by Product Category 50 The SEG Internet Index by Product Category: Financial Performance 51 The SEG Internet Index by Product Category: Market Multiples 52

Software/SaaS/Internet IPO Annual Software IPO Trends 54 2013 Software IPO Data 55 Venture Capital Activity: All Industry Sectors 56 Venture Cappyital Activity: Software 57 The Buyers Speak: Software Equity Group’s 2014 Annual M&A Survey Results Summary 59-60 Results 61-62 Software Industry M&A Market Update Software/SaaS M&A Deal Volume and Sppgending 64-65 Software M&A Exit Multiples 66 Software M&A by Ownership Structure and Size 67 Software M&A by Vertical and Horizontal Markets 68 Software M&A Deal Volume by Product Category 69 Software M&A Exit Valuations by Product Category 70 SaaS M&A Deal Volume and Exit Multiples 71-72 SaaS M&A by Product Category 73 Internet M&A: Deal Volume and Exit Multiples 74 Internet M&A: By Product Category 75 Appendix SEG So ftware In dex Key MtiMetrics 77-83 SEG Software Index Key Metrics by Product Category 84-85 SEG SaaS Index Key Metrics 86-88 SEG SaaS Index Key Metrics by Product Category 89 SEG Internet Index Key Metrics 90 - 95 SEG Internet Index Key Metrics by Product Category 96 2013 Select Public Sellers 97 2013 Mega Deals 98 2013 Most Active Buyers 99-108 2013 Select SaaS Sellers 109-119

3 LEADERS IN SOFTWARE M&A • Industry leading boutique investment bank, founded in 1992, representing public and private software and We Do Deals. internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations • Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 2,000 pritivate an d pu blic compan ies thhtUSthroughout US, Canada, Europe, Asia-Pacific, Africa and Israel • Strong cross-functional team leveraging transaction, operating, legal and engineering experience • Unparalleled software industry reputation and track record. • Highly referenceable base of past clients

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia

Recent Sell-side Representation

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Eqyquity Re ports and Monthly Flash Re ports are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, pp,ublic accountants, etc. in 76 countries.

Software Eqqyuity Grou p is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992,,g our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling . We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Per haps most i mport ant are th e rel ati onshi ps we' ve b u ilt and the in dus try repu ta tion we en joy. So ftware Equ ity G roup i s k nown andtdbblild respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] .

CONTACT INFORMATION:

Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity . com p: (858) 509-2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. 6 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved SOFTWARE INDUSTRY MACROECONOMICS

7 GLOBAL GDP

Global GDP (% YoY Change) GDP Size

• Globally, the IMF forecasted last October GDP would grow 2.9% in 2013, a downward correction from their July forecast of 3.2%. • According to the IMF, slower growth in major emerging markets (China, Russia, Brazil, India and Mexico) is constraining overall global expansion. This slowdown is in stark contract with 2008, when emerging markets were rapidly expanding in contrast to major Western economies that were reeling from the global economic crises they helped bring about. • Economists predict global economic health will improve further in 2014. The IMF projects 3.6% growth in global GDP this year. • PIMCO has forecast global GDP growth of 2.5% - 3.0% in 2014, based upon continued improvement in the U.S., Eurozone and Japan economies and growth favoring monetary polices. PIMCO also expects China to benefit from increased demand from developed economies, helping to offset lower domestic demand.

10% GDP % Growth 8% Unemployment Rate

6% 5.0% 4.1% 3.7% 32%3.2% 4% 2.6% 3.1% 3.1% 2.1% 2.5% 2.5% 2.2% 2.0% 2.2% 1.5% 1.7% 1.3% 1.8% 2% 1.3% 0.4% 0.4% 0% -0.7% -0.7% -2% -2.7% -4%

-6% -5.4% -6.4% -8% 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12 4Q13

• In the United States, 2013 GDP growth was lackluster for most of 2013, before picking up steam in Q4. After faltering in 2Q13, the economy eked out a marginal improvement in Q3, but surprised many by closing the year with a far more respectable 3.2% growth rate. • The GDP’s lackluster performance in the first three quarters of 2013 was largely attributable to approximately $85 billion of sequestration- related cuts in government spending, roughly $120 billion in additional taxes from restoration of the payroll taxes and $85 billion from the expiration of other tax cuts. • 2014 is projected to be a much better year for U.S. GDP growth. The Conference Board forecasts domestic GDP growth will be 3.0%, driven by reduced fiscal drag, improved consumer spending, and improved corporate spending due to higher corporate profits. Risks to the forecast include the impact of reduced fiscal stimulus as the Federal Reserve begins tapering the quantitative easing (QE). • In December 2013, the Labor Department reported the unemployment rate dropped to 6.7%, the lowest since 2008. Unfortunately, the perceived improvement in the unemployment rate was driven, in no small part by a sharp decline in the labor force participation rate, which measures the proportion of working-age population in the labor force. The rate fell to 62.8% in December, the lowest since February 1978.

Global IT Spending (% YoY Change) Global IT Spending by Category

9.0% 80%8.0% 6.0% 6.0%

3.4% 2.0% 2.0%

2007 2008 2009 2010 2011 2012 2013 2014 (F)

-10.0%

• Global IT spending inched up 2.0% in 2013, matching 2012 for the lowest spending pace since the financial crisis. • Forrester estimated 26.0% of all IT capital spending in 2013 was on software, beating hardware and IT professional services. • As in years past, spending varied widely by solution type. Gartner estimated capital spending on Enterprise Software grew 5.2% in 2013, far greater than the other categories they track. Other IT spending categories did not fare nearly as well: Devices (-1.2%), Data Center Systems (- 0.3%), IT Services (1.8%), Telecom Services (-0.5%). • Enterprise Software growth is expected to accelerate to 6.8% in 2014. • After two years of paltry spending growth, estimates for 2014 are promising, with an array of economists forecasting growth in IT capital spending ranging from 2.5% - 5.0%. If actual growth comes at or above the low end of the range, it will exceed each of the last two years.

Sources: IT spending numbers shown in charts are Q4 2013 Software Industry Financial Report 10 a blended average of Goldman Sachs, IDC, Forrester, Gartner forecasts. IT Spending by Copyright © 2014 by Software Equity Group, LLC Category from Forrester. All Rights Reserved E-COMMERCE AND DIGITAL ADVERTISING SPEND

E-Commerce Spend Digital Advertising Spend

E-Commerce Spend ($B) YoY Percent Change $12 Digital Advertising Spend ($B) YoY Percent Change 30% $60 20% 25% $10 ($B) )) $50 15% 20% $8 $40 15% 10% $6 10% $30 YoY Change YoY

oY Change 5% 5% Revenue vertising erce Spending($B YY dd $4 mm $20 0% 0% $2 E-Com $10 Digital A -5%

$0 -5% $0 -10%

• E-commerce retail sales in the U.S. totaled $53.2 billion in 3Q13 (the latest data available), up 13% YoY. The increase marks the sixteenth consecutive quarter of YoY growth, and the eleventh consecutive quarter of double digit growth. • The Q3 total for E-Commerce spending accounted for 9.4% of all discretionary retail dollars spent, the highest third quarter share on record. • Mobile commerce accounted for $5.8B of the E-Commerce total, according to comScore. Although comScore doesn’t report the YoY growth in mobile commerce, eMarketer reports mCommerce grew an eye popping 68% in 2013. • Interactive digital advertising is proving to be an extremely powerful channel for attracting and monetizing digital consumers. Internet advertising hit a record breaking high in 3Q13 (the latest quarter data was available) of $10.7 billion. • According to eMarketer, mobile ad spending was $9.6 billion in 2013, accounting for 22% of all digital ad spending. In 2010, mobile ad spending represented a mere 3.0% of the total digital ad spend. The stellar growth reflects the rapid adoption of smartphones, and the potential of mobile to revolutionize ad-tech with new and compelling formats and real-time, location based advertising.

DOW S&P NASDAQ SEG SW Index SEG SaaS SEG Internet Index 65.0%

55.0%

45.0%

35.0%

25.0%

15.0%

5.0%

(5.0%) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

• The stock market was on a tear for most of 2013 with all three major indices soaring to all-time highs by year end. Stocks surged on expectations of higher corporate profits, continuing stimulus from the Federal Reserve, and expectations for accelerated GDP and IT spending growth in 2014. • The NASDAQ posted the best stock return of the three major stock indices in 2013, finishing up 38.3%. The S&P finished up 29.8%, its biggest jump since 1997. The DOW grew 26.5% in 2013, its best return since 1995. • While the year-end returns of the three major indices were impressive, the returns of the SEG SaaS and the SEG Internet indices were nothing shthort of spectltacular. LdLed byanumber of socilial mediaand contttent providers reitiinventing thewayweitinteract with and consume media, the SEG Internet Index posted a median return of 54.1% in 2013. The SEG SaaS index was close behind, up 51.4% in 2013, driven by an array of rapidly growing SaaS companies that are displacing incumbent on-premise providers. • As a sign of the times, the SEG Software lagged well behind all indices, returning 20.8% in 2013.

13 THE SEG SOFTWARE INDEX

• The SEG Software Index tracks public software companies that primarily offer on-premise software under a perpetual license with contracted maintenance and support, usually invoiced annually.*

• The SEG Software Index is currently comprised of 130 public software companies.**

* A number of on-premise software companies are transitioning to subscription based delivery and pricing models yet the contribution from SaaS isn’t material enough to move them into the SEG SaaS index. ** See appendix for a complete list of companies in The SEG Software Index and detailed financial and trading metrics 14 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE

Median TTM Total Revenue ($M) - Annual Median Revenue Growth - Annual

16.1% $494.2 14.4% $449.0 13.2% $387.9 9.9% $285.4

$267.9 e Growth al Revenue uu tt $239.8

4.5%

Reven 4.2% TTM To

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013

• On an annualized basis, the median TTM revenue growth rate of on-premise providers was 9.9% in 2013, down from 13.2% in 2012 and 16.1% in 2011. • After experiencing anemic growth rates in 2009 and 2010 of (4.2% and 4.5% respectively), on-premise software providers saw revenue growth return to near pre-recession levels in 2011 and 2012, but growth declined sharply to 9.9% in 2013. Considering the improved economic climate, the slower growth can largely be attributed to tight IT budgets, market share loss to SaaS providers, as well as delayed revenue recognition when converting existing customers to subscription based pricing models. • Despite the tepid growth rate, the median TTM revenue of the SEG Software Index reached $494.2M, the highest in history, and the highest among our three tracking indices.

Median Revenue Performance - Quarterly TTM Revenue Growth Rate Distribution – 4Q13

TTM To tal Revenue ($M) TTM Revenue Growth 30% 28% $600 16%

14% 25% $500 22% 22% 12% $400 20% 10% ue Growth ue mpanies

l Revenue 15%

$300 8% nn oo

aa 12% C 10% of 6% 10%

$200 % 6% 4% TTM Tot

$100 TTM Reve 5% 2% $0 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% • On a quarterly basis, median TTM revenue growth in Q4 declined TTM Revenue Growth for the fifth consecutive quarter, further indication that on-premise software provider revenue growth will continue to decelerate. • 72% of public on-premise software companies reported TTM revenue growth rates of 20% or below in 4Q13. • Of the 16% of on-premise software providers with TTM revenue growth rates of 30% or more, most were focused on three of the hottest product categories, mobility (NQ Mobile), security (Palo Alto Networks), and Big Data (Splunk).

Median Gross Profit Margin - Annual Median EBITDA Margin - Annual

68.6% 67.5% 18.9% 19.5% 18.7% 66.5% 66.6% 66.3% 17.4% 66.0% 65.8% 15.3% 13.7% 13.0% 11.2% ofit Margin ofit A Margin rr DD 61.6% EBIT Gross P

2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

• Median gross margins at the end of 2013 were 67.5%, largely consistent with historic levels. • The economic downturn caused on-premise software providers to focus on EBITDA margins which improved each year from 2007 to 2012, reaching a historic high of 19.5%. • Unable to sustain that record level of profitability, the public software company median EBITDA margin declined to 18.7% in 2013. • We anticipate EBITDA margins will continue to experience modest decline in 2014, as on-premise providers increase spending on sales and marktiketing and itinvest more in R&D toupdtdate legacy prodtductsand expand their i SSSaaS offeri ngs.

Median EBITDA Margin Performance - Quarterly TTM EBITDA Margin Distribution – 4Q13

EBITDA Margin TTM EBITDA Growth 35% 22% 12% 31% 20% 30% 18% 10% 25% 24% 16% 8% 14% 20% Growth

mpanies Margin 12% A 15% oo

6% DD C 10% 15% 13% 12% of

EBIT

8% 4% % EBITDA 10% 6% 6% TTM 4% 2% 5% 2% 0% 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% TTM EBITDA Margin • The median EBITDA margin of public on-premise software companies remained relatively steady throughout 2013, closing 4Q13 at 18.6%. • 55% of public on-premise software providers posted EBITDA margins between 10% - 30%. • Only 6% of on-premise software companies achieved EBITDA margins of 40%+; most where large IT Conglomerates, such as SAP, Oracle and Microsoft.

Median Operating Ratios - Quarterly Median Margin Performance - Quarterly

Gross Profit Margin EBITDA Margin Net Income Margin S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) 80% 25% 70%

60% 20% 50% 15% argin venue 40% ee MM

% 30%

of 10%

% 20% 5% 10%

0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13

• Among public on-premise software companies, the median • In 4Q13, median gross profit, EBITDA and net income margins of operating spend in Q4 was consistent with historic norms: 15.0% public on-premise software companies were 65.3%, 18.6% and for Research & Development, 23.2% for Sales & Marketing, and 8.6%, respectively. 10.3% for General & Administrative. • Several on-premise providers achieved gross profit margins of • Over the past year, S&M, R&D and G&A expenses as a percent of 89% or greater, including Sage Group (94.2%); Solar Winds revenue have remained flat. (92.3%); Progress Software (89.9%); and Splunk (89.1%). • MdiMedian S&M spending as a percent of ttltotal revenue among on- • As noted previously, we anticipate EBITDA margins and net premise public software companies lagged far behind their SaaS income margins will likely decline over the next several quarters, counterparts, which continued to invest heavily in new customer as on-premise software companies increase their investments in acquisition (39.2% for SaaS and 23.2% for on-premise). R&D to improve products/delivery models, and in sales & marketing to accelerate TTM revenue growth.

Median EV/Revenue - Annual Median EV/EBITDA - Annual

14.6x 3.1x 14.1x 14.1x 2.7x 2.8x 12.4x 12.3x 11.7x 11.7x 2.2x 2.3x 2.3x 10.0x

1.7x ue Multiple ue

1.5x Multiple DA nn EV/EBIT EV/Reve

2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

• Despite eroding financial performance, on-premise software providers were swept up by 2013’s strong stock market performance, reaching trading multiples at or near their seven year peak. • After plunging to 1.5x in 2009, median EV/Revenue multiples for on-premise software providers climbed steadily to 3.1x by the close of 2013. • The higher median EV/Revenue multiples are most likely attributable to the revenue potential of their immense customer base as the economy continues to improve, and greater recurring revenue from the slow but steady addition of hosted solutions licensed on a subscription basis. • Adobe is an excellent example. As the company converts to a SaaS model, its revenue growth rate has rapidly decelerated (from 29.0% in 2010, to 11.0% in 2011, to 4.4% in 2012, and to -7.9% in 2013) yet its EV/Revenue multiple has grown from 2.9x to 7.2x over the same period due to its steadily growing recurring revenue.

Median EV/Revenue and EV/EBITDA Multiples - Quarterly EV/Revenue Multiples by Size (TTM Revenue) - Quarterly

Revenue Greater Than $1 billion Revenue Between $500 million and $1 billion EV/Revenue EV/EBITDA Revenue Between $100 million and $500 million Revenue Less Than $100 million 4.0x 14.6 x 13.7x 12.8x 3.5x 11.7x 12.2x 3.0x 2.5x /Revenue

VV 20x2.0x E

1.5x 3.2x 1.0x 2.6x 2.9x 2.8x 3.0x Median 0.5x 0.0x 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13

• The median EV/Revenue multiple for on-premise software providers • Investors in 4Q13 continued to place higher value on larger public was 3.2x in the fourth quarter, up 23% from Q1. software companies with revenues >$100 million. • The 3.2x median EV/Revenue multiple in 4Q13 marks only the second • Throughout 2013, the EV/Revenue multiples of on-premise time since 1Q06 that EV/Revenue multiples surpassed 3.0x. software companies with revenues <$100 million remained markedly lower than their larger counterparts. • Q4’s median EV/EBITDA multiple of 14.6x was the highest of any quarter since 4Q07. • SEG Software Index companies with TTM revenue between $100M and $1B successfully balanced TTM revenue growth (median 16.0%) and profitability (median EBITDA of 15.3%), and were rewarded with the highest median EV/Revenue multiples.

EV/Revenue Multiples vs. TTM Revenue Growth – 4Q13 EV/Revenue Multiples vs. TTM EBITDA Margins – 4Q13

7.0x 7.0x 6.2x 6.4x 6.0x 6.0x

5.0x 5.0x 3.9x 4.0x 3.6x 3.5x 4.0x 3.7x 3.5x 3.2x EV/Revenue EV/Revenue

3.0x 3.0x 2.4x 2.4x 2.0x 2.0x 2.0x 2.0x Median Median 1.0x 1.0x

0.0x 0.0x <= 0% > 0% > 10% > 20% > 30% > 40% <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% <= 10% <= 20% <= 30% <= 40% TTM Revenue Growth TTM EBITDA Margin

• Inadeparture from prior qq,uarters, market valuations did not vary • Investors in 4Q 2013 did take note of on-premise software widely by TTM revenue growth rate. companies’ bottom line, rewarding those with TTM EBITDA margins greater than 20% with a markedly higher median EV/Revenue than • However, public on-premise software companies with revenue their less profitable counterparts. growth rates greater than 40% were rewarded by investors with a median EV/Revenue multiple of 6.2x. • Investors in Q4 took special note of on-premise providers with EBITDA margins greater than 40%, conferring a median • Members of Q4’s 40%+ growth club included: Redknee (149%), EV/Revenue multiple of 6.4x. Stratasys (113%), NQ Mobile (113%), Qihoo 360 (91.5%), Cyan (58.4%), Palo Alto Networks (54.4%), Pandora (53.5%), Splunk (51.4%), Gigamon (49.9%), SS&C Corp. (47.5%), Millennial Media (42.9%).

• The SEG Software Index is segmented into 17 product categories • See Appendix for the complete list of companies within each product category

SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin Category 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 Billing & Service Management 1.5x 1.9x 1.9x 2.3x 2.6x 8.3x 8.7x 8.3x 9.0x 8.8x 10.4% 10.4% 8.9% 16.9% 7.7% 19.8% 20.7% 18.7% 18.4% 17.6% Business Intelligence 3.2x 3.4x 3.0x 3.3x 3.2x 17.5x 15.8x 16.5x 17.2x 19.1x 13.2% 11.8% 13.1% 14.2% 14.7% 14.7% 14.0% 13.6% 13.3% 14.0% Development Platforms 2.5x 2.5x 2.6x 2.6x 2.7x 9.6x 9.4x 10.2x 14.4x 16.1x 1.6% 3.0% 0.6% -0.3% 0.1% 23.5% 21.1% 20.3% 20.0% 19.7% Engineering & PLM 2.5x 2.7x 2.7x 2.8x 3.0x 12.7x 14.8x 14.2x 14.6x 14.6x 14.0% 13.1% 11.7% 8.4% 4.4% 20.6% 20.7% 19.8% 19.9% 20.1% Enterprise Resource Planning 2.7x 2.9x 3.0x 3.0x 2.9x 9.1x 10.1x 11.4x 12.1x 12.5x 2.9% 2.0% 0.2% 1.6% 2.7% 28.5% 28.5% 28.5% 28.7% 29.0% Financial & Accounting 2.9x 3.1x 3.3x 3.3x 3.7x 10.0x 10.6x 11.1x 12.2x 13.6x 13.0% 8.6% 6.4% 9.5% 10.7% 28.5% 27.5% 26.6% 26.1% 26.7%

GiGaming 101.0x 111.1x 131.3x 161.6x 161.6x 808.0x 717.1x 10.0 0x 12.1 1x 13.5 5x 01%0.1% 74%7.4% 15.1% 1% 15.2% 2% 10.7% 7% 16.6% 6% 14.9% 9% 14.8% 8% 14.0% 0% 13.4% 4% Healthcare 2.0x 2.0x 2.1x 2.4x 2.5x 12.4x 15.0x 16.5x 17.1x 18.4x 17.7% 10.1% 9.0% 10.8% 8.0% 20.3% 18.4% 18.0% 17.9% 16.9% IT Conglomerates 2.5x 2.5x 2.9x 2.7x 3.0x 8.4x 9.3x 9.0x 8.4x 8.5x 1.4% 0.5% 0.2% 1.2% 0.9% 34.6% 33.8% 33.8% 34.3% 35.0% Mobile Solutions/Content 2.7x 3.0x 2.8x 3.4x 3.4x 11.4x 17.9x 13.2x 13.6x 19.4x 40.6% 46.7% 26.4% 20.3% 23.7% 5.7% 7.1% 8.7% 8.1% 7.9% Networking & Network Performance 3.0x 2.8x 2.7x 2.8x 2.7x 15.1x 15.4x 17.0x 17.0x 17.1x 13.9% 16.5% 11.0% 6.5% 4.6% 14.9% 14.9% 14.5% 14.1% 13.6% Management Security 2.7x 3.3x 3.6x 4.0x 3.5x 11.1x 11.5x 10.7x 12.5x 13.2x 23.1% 23.4% 21.3% 19.6% 18.3% 17.8% 12.0% 8.8% 5.5% 4.4%

Storage, Data Management & 2.3x 2.4x 2.4x 2.7x 3.0x 8.4x 9.3x 9.0x 8.9x 8.7x 6.5% 4.8% 4.1% 3.3% 4.4% 21.8% 22.2% 21.9% 22.2% 23.3% Integration Supply Chain Management & 3.5x 3.8x 4.1x 4.5x 5.2x 13.6x 14.7x 15.6x 17.3x 19.5x 13.1% 12.8% 10.7% 13.6% 14.2% 19.6% 19.4% 19.1% 21.4% 24.1% Logistics Systems Management 5.7x 5.6x 5.0x 5.4x 4.5x 24.4x 23.0x 20.9x 19.7x 16.5x 17.4% 17.2% 16.1% 16.4% 15.3% 25.1% 24.4% 23.8% 24.2% 24.2% Vertical - Finance 3.0x 3.4x 3.8x 3.7x 4.7x 9.4x 10.7x 11.4x 12.6x 13.3x 7.1% 6.7% 7.6% 7.4% 8.1% 26.3% 26.5% 27.3% 26.0% 26.3% Vertical - Other 3.0x 3.2x 3.4x 3.7x 3.6x 21.5x 22.6x 24.6x 25.9x 30.0x 16.8% 20.6% 21.7% 22.3% 24.6% 14.0% 13.8% 13.5% 13.3% 12.3%

Median 2.6x 2.9x 2.8x 3.0x 3.0x 11.7x 12.5x 12.0x 13.7x 14.6x 13.8% 12.5% 11.5% 10.2% 9.9% 19.5% 19.3% 18.8% 18.6% 18.6% 23 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX BY PRODUCT CATEGORY: FINANCIAL PERFORMANCE 4Q13 Median TTM Revenue Growth 4Q13 Median YoY Change in Revenue Growth

Billing & Service Management 11.0% Billing & Service Management 4.6% Business Intelligence 9.3% Business Intelligence (29.5%) Development Platforms (0.5%) Development Platforms (131%) Engineering & PLM 4.4% Engineering & PLM (68.5%) Enterprise Resource Planning 27%2.7% Enterppgrise Resource Planning (()6.4%) Financial & Accounting 10.7% Financial & Accounting (17.7%) Gaming 10.7% Gaming 7340% Healthcare 8.0% Healthcare (54.5%) IT Conglomerates 0.9% IT Conglomerates (39.7%) Mobile Solutions/Content 23.7% Mobile Solutions/Content (41.5%) Networking & Network Performance… 4.6% Networking & Network Performance… (67.1%) Security 18.3% Security (20.8%) Storage, Data Management & Integration 4.4% Storage, Data Management & Integration (32.2%) Supply Chain Management & Logistics 14.2% Supply Chain Management & Logistics 8.9% Systems Management 15.3% Systems Management (11.9%) Vertical - Finance 8.1% Vertical - Finance 14.0% Vertical - Other 24.6% Vertical - Other 46.7%

4Q13 Median TTM EBITDA Margin 4Q13 Median YoY Change EBITDA Margin

Billing & Service Management 16.6% Billing & Service Management (21.1%) Business Intelligence 14.0% Business Intelligence (4.8%) Development Platforms 20.0% Development Platforms (14.6%) Engineering & PLM 20.1% Engineering & PLM (2. 3%) Enterprise Resource Planning Enterprise Resource Planning 29.0% 1.9% Financial & Accounting (6.3%) Financial & Accounting 26.7% Gaming (19.2%) Gaming 13.4% Healthcare (16.4%) Healthcare 16.9% IT Conglomerates 1.0% IT Conglomerates 35.0% Mobile Solutions/Content 37.5% Mobile Solutions/Content 79%7.9% Networking & Network Performance… (8.8%) Networking & Network Performance… 13.6% Security (75.1%) Security 4.4% Storage, Data Management & Integration 6.8% Storage, Data Management & Integration 23.3% Supply Chain Management & Logistics 23.2% Supply Chain Management & Logistics 24.1% Systems Management (3.6%) Systems Management 24.2% Vertical - Finance 0.2% Vertical - Finance 26.3% Vertical - Other (12. 1%) Vertical - Other 12.3% 24 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX BY PRODUCT CATEGORY: MARKET MULTIPLES 4Q13 Median EV/Revenue Multiples Median 4Q13 YoY Change in EV/Revenue Multiples

Billing & Service Management 3.6x Billing & Service Management 110.8% Business Intelligence 3.3x Business Intelligence 1.2% Development Platforms 2.7x Development Platforms 8.0% Engineering & PLM 3.0x Engineering & PLM 16.2% Enterprise Resource Planning 2.9x Enterprise Resource Planning 6.8% Financial & Accounting 3.7x Financial & Accounting 28.0% Gaming 1.6x Gaming 56.4% Healthcare 2.5x Healthcare 24.5% IT Conglomerates 3.0x IT Conglomerates 22.8% Mobile Solutions/Content 34x3.4x Mobile Solutions/Content 26. 1% Networking & Network Performance… 2.7x Networking & Network Performance… (7.5%) Security 3.5x Security 30.4% Storage, Data Management & Integration 3.0x Storage, Data Management & Integration 26.4% Supply Chain Management & Logistics 5.2x Supply Chain Management & Logistics 48.8% Systems Management 4.5x Systems Management (22.1%) Vertical - Finance 4.7x Vertical - Finance 58.2% Vertical - Other 3.6x Vertical - Other 20.7%

• In 4Q13, nine product categories achieved median EV/Revenue multiples above the SEG Software Index median of 3.2x, including Supply Chain Mgmt (5.2x), Vertical – Finance (4.7x), Systems Mgmt (4.5x), Financial & Accounting (3.7x), Vertical – Other (3.6x), Billing & Service Management (3.6x), Security (3.5x), Mobile Solutions (3.4x), Business Intelligence (3.3x) • Billing & Service Management (110.8%), Vertical – Finance (58.2%), Gaming (56.4%) and Supply Chain Management & Logistics (48.8%) achieved the highest YoY expansion in median EV/Revenue multiples. • Mobile Solutions, a hot category which attracted widespread investor attention in 2013 saw its median EV/Revenue multiple grow from 2.7x to 3.4x, even though TTM revenue growth declined from 46.7% to 23.7% • Median TTM revenue growth of Engineering and PLM Software providers declined from 13.1% in Q1 to 4.4% in Q4, while median market multiples grew from 2.7x EV/Revenue to 3.0x during the same period. • Supply Chain Mgmt garnered the highest median EV/Revenue multiple (5.2x) in 4Q13, driven, in part, by new supplier network business models, which drove strong revenue growth (14.2%) and profitability (24.1%), both above the median for the Index. • Systems Management providers, focused on automating and monitoring network and cloud infrastructure, ended 2013 with a median YoY EV/Revenue multiple 22.1% lower, but still touted a very respectable 4.5x EV/Revenue multiple. 25 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX PUBLIC SaaS COMPANY FINANCIAL AND VALUATION PERFORMANCE:

26 THE SEG SaaS INDEX

• The SEG SaaS Index tracks public companies that primarily offer hosted, ondemand software under a subscription and/or transaction based pricing model.

• The SEG SaaS Index is currently comprised of 43 public SaaS companies*, a 48% YoY increase, and a 291% net increase since 2006, when our SaaS index was comprised of 11 companies.

* See appendix for a complete list of companies in The SEG SaaS Index 27 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX: FINANCIAL PERFORMANCE

Median TTM Total Revenue ($M) - Annual Median Revenue Growth - Annual

$169.0 $163.5 $155.4 43.5%

$123.7 $114.6 $104.7 26.0% 26.9% 25.5% 26.0% e Growth al Revenue tt uu

14.2% Reven TTM To

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013

• Public SaaS companies continued to gain market share and grow revenue. Median TTM revenue in 2013 grew to $163.5M, up from $114.6M in 2008. • From the standpoint of size, Salesforce continues to dominate the SaaS Sector with TTM revenue of $3.8B, more than 7x greater than the next largest SaaS company. However, a good number of public SaaS Companies reached critical mass (>350 million) from a revenue standpoint in 2013, a feat made more difficult by a revenue model that, for many, required deferring a large percentage of their revenue. Indeed, these $350M+ SaaS providers can now be found among a wide variety of product categories and Industry sectors. Select examples include Concur (expense management product category, $546M TTM revenue); Athenahealth (healthcare, $540M), DealerTrack (automotive, $457M); Workday (HCM/Financial, $409M); NetSuite (ERP, $385M), Service-Now (IT automation, $375M); and RealPage (real estate, $367M). • The economic downturn took its toll on public SaaS providers as exhibited by the three consecutive years of steep TTM revenue growth deceleration (43.5%, 26.0%, 14.2%) from 2008 – 2010. However, public SaaS companies weathered the storm and reversed the trend in 2011, posting TTM revenue growth of 26.9%. • Impressively, public SaaS companies have managed to maintain TTM revenue growth rates in the mid twenties for three consecutive years even as their TTM revenue base has grown. 28 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX: FINANCIAL PERFORMANCE

Revenue Performance - Quarterly TTM Revenue Growth Rate Distribution – 4Q13

TTM Total Revenue ($M) TTM Revenue Growth 35% $180 28.0% 30% $160 30% 27.0% 24% $140 25% $120 26.0% 20% 18% $100 Revenue mpanies ue Growth ue ll

25.0% oo nn C $80 15% 12% of

$60 24.0% % 10% 6% 6%

TTM Tota $40 23.0% Reve TTM 5% 3% $20 $0 22.0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% > 40% > 50% <= 10% <= 20% <= 30% <= 40% <= 50% TTM Revenue Growth

• On a quartlterly bibasis, themedian TTM revenue of public SSSaaS companies was $170.0M in Q413,aYYYoY increase of altlmost 40% over 4Q12’s $103.8M. • After four consecutive quarters of decelerating median TTM revenue growth, the SEG SaaS Index reversed course in the third quarter and ended 2013 with two consecutive quarters of improved quarterly growth. We expect the median TTM revenue growth rate of public SaaS companies will continue to improve in 2014, thanks to accelerating enterprise adoption with SaaS and increased adoption of SaaS among small – medium bibusinesses, btbut our ftforecast is hig hly ddtdependent upon thecontinui ng economic recovery. • Looking at medians alone doesn’t capture the amazing performance of leading SaaS companies. Nearly one in five public SaaS companies managed to generate TTM revenue growth of 40% or more. As yet another testament to the wide spread adoption of SaaS, these outperformers come from a variety of categories including HCM, Construction, Real Estate and Supply Chain. Select companies include: Workday (73.6%), Cornerstone OnDemand (60.5%), Textura (63.9%), Ellie Mae (41.2%), SPS-Commerce (40.3%).

Median Gross Profit Margin - Annual Median EBITDA Margin - Annual

96%9.6% 8.8% 8.1% 70.9% 7.5% 70.0% 6.7% 5.5% A Margin rofit Margin 68. 6% 68. 3% 68. 4% DD 68.0% EBIT Gross P 1.0%

2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013

• The median gross profit of public SaaS companies inched up to 70.0% in 2013 from 68.0% in 2008. • The modest improvement in median gross margin over the past two years is testament to the ability of public SaaS companies to scale without disproportionately increasing infrastructure and application delivery expenses. As important, the median SaaS gross margin implies the annuity stream from multi-year subscriptions will remain profitable, and potentially become more so over time. • When the economy began to stabilize, SaaS investors soon focused on TTM revenue growth, rather than operating profitability, and SaaS providers invested accordingly. After reaching a historical peak of 9.6% in 2010, EBITDA margins have declined for three consecutive years, plunging to 1.0% in 2013 from 8.1% a year earlier. • However, don’t be fooled by GAAP P&L statements which seem to imply many of these public SaaS companies are suffering significant losses and hemorrhaging cash. In truth, many are not only cash flow positive but flush with cash from prepaid subscription fees. But since GAAP requires deferred recognition of most of this cash, many SaaS providers reported negative operating margins in 2013. As an example, Workday reported -$47.5M in net income, yet generated $7M of cash from operations in 3Q13.

Median EBITDA Margin Performance - Quarterly TTM EBITDA Margin Distribution – 4Q13

EBITDA Margin TTM EBITDA Growth 60% 8% 25% 49% 50% 20% 6% 40%

15% Growth

A Margin mpanies 30% 26% oo 4% DD C 10% of

EBIT

20% % EBITDA 13% 2% 5% TTM 8% 10% 5%

0% 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% <= 10% <= 20% <= 30% TTM EBITDA Margin • After peaking in 2010, the median EBITDA margin of public SaaS companies has declined for thirteen consecutive quarters. • The trend continued in 4Q13, as the median EBITDA margin dropped sharply to 0.4% from 7.3% in 4Q12. • Nearly half (49%) of public SaaS companies are unprofitable, and roughly nine out of ten have EBITDA margins below the 20% median of their on-premise software peers. • And for the time being, that’s just what investors want if the sharp increase in market valuation (see slide 7) is any indication.

Median Operating Ratios - Quarterly Median Margin Performance - Quarterly

S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) Gross Profit Margin EBITDA Margin Net Income Margin

45% 80% 40% 70% 35% 60% 30% 50% 25% venue argin

ee 40% R MM

20% % of 30%

% 15% 20% 10% 5% 10% 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13

• As deployment and enterprise adaption of SaaS solutions has spread across nearly every product category, public SaaS companies continued to spend heavily on sales & marketing in order to build momentum and drive revenue growth. • In 4Q13, public SaaS companies invested a median 39.2% of total revenue on sales & marketing, almost 70% more than their on-premise peers. • R&D spending as a percent of revenue idincreased to 18.4% in 4Q13 from 17.1% in 4Q12. PbliPublic SSSaaS companies in 2013 spent 3.4% more on R&D as a percent of revenue then their on-premise peers, suggesting some SaaS companies are struggling to remain robust and responsive to evolving customer requirements, particularly in the enterprise market.

Median EV/Revenue - Annual Median EV/EBITDA - Annual

7.5x 7.3x 65.2x

48.2x 5.0x 4.5x 36.9x 35.2x 35.0x 3.6x 31.4x 32.2x ue Multiple ue DA Multiple DA

nn 33.3x.3x TT 2.6x EV/EBI EV/Reve

2007 2008 2009 2010 2011 2012 2013 2007 2008 2009 2010 2011 2012 2013

• After plunging to 2.6x in 2009, the median EV/Revenue of public SaaS companies has made a stunning comeback, climbing steadily for four consecutive years to finish 2013 at a whopping 7.3x. • Compared to this 180% increase in the SEG SaaS Index median EV/Revenue multiple, the median multiple of public on-premise software companies grew 106%. At the close of 4Q13, the median EV/Revenue multiple of public SaaS companies is more than twice that of their on- premise software counterparts.(7.3x vs. 3.1x). • The stunning growth in median EV/Revenue of public SaaS companies reflects investors enthusiasm for 25%+ revenue growth, recurring revenue, immense market opportunities (enterprise and SMB), and an M&A feeding frenzy targeting rapidly growing SaaS providers.

Median EV/Revenue and EV/EBITDA Multiples - Quarterly EV/Revenue Multiple Distribution – 4Q13

EV/Revenue EV/EBITDA 60% 57.0x 51% 50%

38.2x 39.8x 40% 35.4x 30.2x 30% ompanies CC

of 20% % 14% 11% 7.1x 8.4x 10% 6% 6% 4.8x 5.4x 5.8x 3% 3% 3% 3% 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 1.0x > 1.0x > 2.0x > 3.0x > 4.0x > 5.0x > 6.0x > 7.0x > 8.0x > 9.0x <= 2.0x<= 3.0x<= 4.0x<= 5.0x<= 6.0x<= 7.0x<= 8.0x<= 9.0x EV/Revenue

• On a quarterly basis the SEG SaaS Index median EV/Revenue multiple grew 75% YoY. • At the end of 4Q13, median EV/Revenue SaaS multiple reached an eye popping 8.4x, matching the previous record high set in 4Q07. • Investors are placing their bets on the next wave of SaaS category leaders, who are positioned to displace incumbent on-premise providers across multiple product categories, just as Salesforce did to Siebel in the CRM market. A whopping 51% of the companies in the SEG SaaS IdIndex achieve d amedian EV/Revenue multipl eof 9xor hig her in 4Q13.

4Q13 EV/Revenue Percentile Rank

TTM TTM Revenue EV/ TTM EBITDA EV/ Company Ticker EV (Median) Revenue Growth Revenue EBITDA Margin EBITDA • From the standpoint of market FireEye, Inc. FEYE $4,472 $136 153.4% 32.9x -$108 -79.2% - Workday, Inc . WDAY $13,152 $409 73.6% 32.2x -$106 -26.0% - multipp,les, the to p 25%%p of companies in Veeva Systems Inc. VEEV $4,619 $187 111.5% 24.7x $38 20.5% 120.1x the SEG SaaS Index had a median Textura Corp. TXTR $841 $36 63.9% 23.7x -$31 -86.0% - Tableau Software DATA $3,649 $193 51.0% 18.9x -$2 -1.1% - EV/Revenue of 18.8x. Service-now.com NOW $7,043 $375 80.3% 18.8x -$36 -9.5% - Netsuite N $7,136 $385 33.5% 18.6x -$31 -8.1% - Demandware, Inc. DWRE $1,702 $95 31.7% 18.0x -$15 -15.8% - • These SaaS high flyers are market Cornerstone OnDemand CSOD $2,512 $167 60.5% 15.1x -$29 -17.3% - leaders in a diverse array of SaaS Marketo MKTO $1,104 $85 44.9% 13.1x -$36 -42.8% - Cvent NYSE:CVT $1,258 $104 24.6% 12.1x $6 5.3% 226.9x categories incl u ding secu rity (FireEye ), Benefitfocus, Inc. BNFT $1,152 $97 18.4% 11.9x -$18 -18.9% - Top 25% HCM/Finance (Workday), business ChannelAdvisors ECOM $734 $64 26.0% 11.6x -$5 -8.3% - intelligence (Tableau), ERP (NetSuite), Medidata Solutions MDSO $2,893 $261 26.1% 11.1x $43 16.3% 68.1x The Ultimate Software Group, Inc ULTI $4,163 $391 24.9% 10.7x $56 14.5% 73.7x eCommerce (Demandware), and Concur CNQR $5,403 $546 24.1% 9.9x $48 8.8% 112.5x Marketing (Marketo). SPS Commerce SPSC $973 $99 40.3% 9.8x $9 9.4% 105.0x OpenTable, Inc. OPEN $1,716 $181 16.0% 9.5x $57 31.3% 30.3x Athenahealth, Inc ATHN $5,079 $540 35.4% 9.4x $48 8.9% 105.9x • The median TTM revenue growth rate Salesforce.com CRM $33,755 $3,760 32.1% 9.0x -$19 -0.5% - E2open, Inc EOPN $584 $69 -6.6% 8.4x -$19 -26.8% - of those in the Top 25% was 60.5%. Fleetmatics FLTX $1,241 $163 38.8% 7.6x $43 26.6% 28.7x Also noteworthy, all but one company RingCentral, Inc. RNG $1,108 $148 29.5% 7.5x -$28 -18.6% - SciQuest SQI $572 $84 37.9% 6.8x $0 0.2% 4203.3x (Cvent) in the top 25% had negative Qualys, Inc. QLYS $595 $104 18.5% 5.7x $13 12.3% 46.8x EBITDA margins as of 4Q13. Zix Corporation ZIXI $248 $48 14.4% 5.5x $11 22.1% - Ellie Mae ELLI $701 $128 41.2% 5.5x $28 22.1% 24.8x RealPage RP $1,821 $367 19.4% 5.0x $57 15.5% 32.0x • In contrast, public SaaS companies Jive Software, Inc JIVE $652 $139 34.1% 4.7x -$54 -38.9% - Halogen Software, Inc. TSX:HGN $213 $46 19.9% 4.7x -$4 -8.0% - comprising the bottom 25% of SaaS J2 Global JCOM $2,181 $485 36.8% 4.5x $202 41.7% 10.8x market multiples posted a median Callidus Software Inc. CALD $464 $107 16.4% 4.3x -$10 -9.8% - EV/Revenue of only 3.1x. Of these, DealerTrack TRAK $1,826 $457 20.8% 4.0x $63 13.8% 29.0x Bottom 25% Resppyonsys MKTG $747 $194 25.1% 3.8x $13 6.9% 56.0x the median TTM revenue growth rate Tangoe TNGO $637 $183 30.8% 3.5x $16 9.0% 38.9x was 21.0%. Bazaarvoice, Inc BV $586 $176 32.1% 3.3x -$35 -20.0% - Marin Software MRIN $233 $73 34.5% 3.2x -$28 -39.2% - LivePerson LPSN $542 $173 14.5% 3.1x $9 5.4% 58.0x inContact, Inc. SAAS $374 $126 22.1% 3.0x $0 0.3% 1078.5x Constant Contact CTCT $720 $277 13.7% 2.6x $23 8.5% 30.8x Ebix Inc. EBIX $533 $208 9.8% 2.6x $84 40.3% 6.4x IntraLinks Holdings IL $576 $229 8.0% 2.5x $0 -0.1% - Vocus VOCS $246 $187 21.0% 1.3x $1 0.6% 215.8x

EV/Revenue Multiples vs. TTM Revenue Growth Rates – 4Q13 EV/Revenue Multiples vs. TTM EBITDA Margins – 4Q13

25.0x 14.0x 21.2x 11.9x 12.0x 20.0x 10.0x 15.0x 8.0x 6.5x V/Revenue EV/Revenue

EE 5.7x

6.0x 53x5.3x 10.0x 4.5x 6.9x 7.2x 7.7x 4.0x

Median 4.6x 5.0x Median 2.5x 2.0x 0.0x 0.0x 0.0x <= 0% > 0% > 10% > 20% > 30% > 40% > 50% <= 0% > 0% > 10% > 20% > 30% <= 10% <= 20% <= 30% <= 40% <= 50% <= 10% <= 20% <= 30% TTM Revenue Growth TTM EBITDA Margin

• Throughout 2013, profitable SaaS companies were penalized with lower market multiples, as investors perceived profitability to have come at the expense of growth. • As proof, note the very strong correlation between the median TTM revenue growth rate and median EV/Revenue multiple of public SaaS companies. Public SaaS companies that grew TTM revenue in excess of 50% achieved a stellar median EV/Revenue multiple of 21.2x in 2013. • Conversely, there is an inverse correlation between EBITDA margins and median EV/Revenue multiples. Unprofitable, public SaaS companies boasted a rather remarkable median EV/Revenue multiple of 11.9x in 4Q13, whereas those with EBITDA margins above 30% earned a meager 4.5x.

• There were 43 publicly listed SaaS companies the SEG SaaS Index at year end, with a sufficient number of players to perform trend analysis in four distinct SaaS product categories. • Representative companies in each SaaS category are referenced below. • See the appendix to this report for the complete list.

SEG SaaS Index EV/Revenue Forward EV/Revenue TTM Revenue Growth EBITDA Margin Category 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 CRM & Marketing 3.4x 2.7x 2.7x 4.0x 3.3x 2.4x 2.0x 2.8x 3.5x 3.7x 36.1% 37.2% 26.7% 27.3% 25.1% 1.1% 0.1% 1.4% 0.5% 0.6% ERP & Supply Chain 7.0x 6.6x 7.1x 9.3x 9.1x 5.7x 5.7x 6.7x 7.6x 7.9x 25.3% 31.8% 33.9% 37.7% 38.3% 7.2% 3.2% 0.2% -3.1% -4.0% Vertically Focused 4.7x 5.0x 5.0x 5.7x 7.4x 3.9x 4.2x 3.8x 5.1x 6.1x 30.1% 24.9% 21.5% 22.6% 26.1% 14.7% 16.5% 16.0% 15.9% 15.9% Workforce Management 10.5x 10.7x 8.5x 10.5x 10.7x 7.6x 8.0x 7.4x 8.8x 8.7x 29.1% 23.4% 43.1% 42.2% 42.7% -19.9% -20.6% -18.8% -17.1% -13.5%

Median: 4.9x 5.5x 6.2x 7.3x 8.3x 4.4x 5.0x 5.2x 5.7x 6.9x 26.8% 25.3% 25.0% 27.3% 26.1% 5.9% 3.2% 1.4% 1.2% 0.2%

CRMCRM & M & ar Mar k kee ti tingng ERPERP & & S Suppupp ly Ch Cha ian in VtillFVerVVtillFerticaticallllyy FFocused d WkfWorWWkfkfororcekforce M M anagement t

37 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX BY PRODUCT CATEGORY: FINANCIAL PERFORMANCE 4Q13 Median TTM Revenue Growth 4Q13 Median YoY Change in Revenue Growth

CRM & CRM & 25.1% (30.7%) Marketing Marketing

ERP & ERP & 38.3% 51.6% Supply Chain Supply Chain

Vertically Vertically 26.1% (13.2%) Focused Focused

Workforce Workforce 42.7% 46.7% Management Management

4Q13 Median TTM EBITDA Margin 4Q13 Median YoY Change EBITDA Margin

CRM & Marketing (44.0%) CRM & 006%.6% Marketing

ERP & Supply Chain (155.4%) ERP & (4.0%) Supply Chain

Vertically Vertically Focused 8.3% 15.9% Focused

Workforce (13.5%) Workforce Management (32.2%) Management

38 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX BY PRODUCT CATEGORY: MARKET MULTIPLES 4Q13 Median EV/Revenue Multiples 4Q13 Median YoY Change in EV/Revenue Multiples

CRM & CRM & 3.3x (3.3%) Marketing Marketing

ERP & ERP & 9.1x 29.4% Supply Chain Supply Chain

Vertically Vertically 7.4x 57.4% Focused Focused

Workforce Workforce 10.7x 1.0% Management Management

• As in past quarters, Workforce Management renewed the most highly valued SaaS product category with a 10.7x median EV/Revenue multiple at year end; SaaS providers focused on the ERP & Supply Chain category were a close second, touting a 9.1x median EV/Revenue multiple. • The stellar market valuations of both SaaS categories can be attributed to their breakneck TTM revenue growth in 2013 (median 42.7% Workforce Management, 38.3% ERP/Supply Chain) which grew dramatically YoY (51.6% and 46.7%, respectively). • HtdHosted ERP & SlSupply Cha in apps, whic h ldlagged other catitegories inentiterprise adtidoption, are now benefitti ng from growing acceptance among enterprise CIOs. • The CRM & Marketing category lagged far behind the other three SaaS categories in median market valuation, perhaps because it has been around longest and is less exciting. But a closer look reveals SaaS providers focused on leading edge marketing (marketing automation, business social marketing, etc.), such as Marketo (13.1x) and Salesforce (9.0x), are faring well in comparison to SaaS providers in this category fdfocused on less sexy (e.g. email marktiketing campaign management).

40 THE SEG INTERNET INDEX

• The SEG Internet Index tracks public companies that primarily offer B2C solutions over the Internet and employ a wide array of pricing models

• The SEG Internet Index is currently comprised of 95 public Internet companies*

* See appendix for a complete list of companies in The SEG Internet Index 41 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE

Median TTM Total Revenue ($M) - Annual Median Revenue Growth - Annual

$440.2 26.4% $392.8 20.8% $333.0 19.5% $278.1 17.1%

$216.2 e Growth al Revenue

tt $198. 9 uu Reven TTM To 2.9% 3.4%

2008 2009 2010 2011 2012 2013 2008 2009 2010 2011 2012 2013

• We estimate approximately 62% of the companies comprising the SEG Internet Index offer online services and solutions that are especially consumer spending ddtdependant (Adverti si ng, eCommerce, GiGaming, Tl)Travel),whic h results in revenue vola tility tha t cllloselyparalle ls thestttateof the U.S. economy. • When GDP contracted 10% in 2009, the median TTM revenue growth of the SEG Internet Index plummeted from 19.5% to 2.9%, the lowest among our three tracking indices that year. In 2011, GDP growth resumed, albeit very modestly, consumer confidence improved markedly, and the TTM revenue growth rate of the SEG Internet Index spiked from 3.4% to 26.4%. • Although the financial performance of some Internet product categories was quite strong in 2013 (more on this later), most public Internet companies were impacted by the economy’s failure to gain momentum in 2013 and by the concomitant decline in consumer confidence. As a result, the median TTM revenue growth rate of the SEG Internet Index was a constrained 17.1%. • While 2013’s median SEG Internet Index TTM revenue growth rate declined 18% YoY and was 35% lower then 2011, it was nevertheless heal th y, especi all y con side rin g ttehe medi anTTMreeeuevenue ofo ttehe SSGEG Internet Indexis $440.2M, com par ed to ooynly $163.5Mforo ttehe SSGEG SaaS Index. 42 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE

Median Revenue Performance - Quarterly TTM Revenue Growth Rate Distribution – 4Q13

TTM Total Revenue ($M) TTM Revenue Growth 25% $500 25.0% 24% $450 19% $400 20.0% 20% 18% $350 15% 15% 15% Growth

$300 15.0% Revenue mpanies ue l oo $250 nn

C 9% 10% Tota

$200 10.0% of

Reve

$150 % TTM

$100 5.0% TTM 5% $50 $0 00%0.0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% • Median TTM revenue growth of the SEG Internet Index dropped sequentially each of the last five quarters, closing 4Q13 at 16.4%, TTM Revenue Growth down from 22.2% in 4Q12. • Demonstrating, once again, that the Internet ecosystem remains one of unequals, one in five public Internet providers bucked the trend and reported TTM revenue growth greater than 40% in 4Q13. • Many of these high flyers became public companies within the past three years, offering innovative products services and business models that allowed them to scale quickly. Representative examples include Trulia (93.3%), LinkedIn (65.6%), Yelp (67.7%), and Facebook (48.2%). • 2013’s quarterly trajectory portends a continued decline in annual TTM revenue growth for most public Internet companies in 2014.

Median Gross Profit Margin - Annual Median EBITDA Margin - Annual

66.2% 65.1% 64.8% 15.2% 14.4% 14.6% 59. 1% 60.1% 60.9% 56. 9% 13. 1% 12.2% 12.5% 11.0% 10.2% 42.9% ofit Margin ofit A Margin rr DD EBIT Gross P

2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

• The median gross margin of the SEG Internet Index improved measurably in 2011 as consumer spending improved and has since held relatively steady. • Inpart, the hlthhealthygrossprofit margins of public ItInternet companies isattrib ut abl e toanidincreased emphihasisonproviding propritietary contttent and reducing reliance on margin depressing third party royalties. • As an example, Yelp, a service that connects people with local businesses, boasts gross profit margins of 92.8%, much better than Pandora’s (37.0%), whose core business is streaming music licensed from publishers. • Interestinggy,ly, as median gross profit margins for public Internet companies have mostly risen since 2006, EBITDA margins have declined due to the combined impact of: • Public Internet companies attempting to drive top line growth to match the outperformers of the index who are achieving outsized multiples. In 4Q13, Sales & Marketing spend as a percent of total revenue was 23.1%, up from 17.1% only two years ago. • Increased competition within the Internet category driving up R&D spend.as companies race to keep their products highly innovative in an industry notorious for non-sticky services. In 4Q13, R&D spend as a percent of total revenue was 12.4%, up from 10.6% only six quarters ago. • A number of Internet IPOs with stellar revenue growth, but little, if any, profitability. Examples include Twitter (68.7%), Wix.com (57.4%), Rocket Fuel (125%), and Xoom (52.9%). 44 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE

Median EBITDA Margin Performance – Quarterly TTM EBITDA Margin Distribution – 4Q13

EBITDA Margin TTM EBITDA Growth 30% 28% 14% 20% 18% 12% 25% 23% 16% 21% 10% 14% 20%

12% Growth 8% mpanies Margin A 15%

oo 10% DD C

11% 6% 10%

8% of

EBIT 10% 8% % EBITDA 4% 6% TTM 4% 5% 2% 2% 0% 0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% TTM EBITDA Margin • If the quarterly trends are any indication, EBITDA margins of public Internet companies appear set to stabilize for 2014. • Over the past five quarters, public Internet companies maintained EBITDA margins within a few hundred basis points of 11%. • As testament to the revenue growth focus of many in the SEG Internet Index, 21% of all companies had no profitability. • By contrast 10% achieved EBITDA margins above 40%, led by Giant Interactive (63.6%), VeriSign (62.5%), ChangYou (58.7%), SouFun Holdings (53.6%).

Median Operating Ratios - Quarterly Median Margin Performance - Quarterly

S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) Gross Profit Margin EBITDA Margin Net Income Margin

25% 70%

60% 20% 50%

15% 40% rgin venue aa ee R M

30% % of 10%

% 20% 5% 10%

0% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13

• In 4Q13, companies comprising the SEG Internet Index spent 23.1% of total revenue on sales and marketing (S&M), 12.4% on research development (R&D), and 11.2% on general and administrative. • The median S&M spend as a percent of revenue compares unfavorably to our SaaS Index which, at a median 39.2%, demonstrates a single minded focus on growth over profitability. • The median R&D spend as a percent of total revenue (12.4%) was the lowest among our three tracking indices. Many Internet companies are able to spend less, relative to their on-premise and SaaS peers, on R&D by: • Leveraging open source stacks and tool kits such as Hadoop and LAMP. • Avoiding development of expensive, complex and constantly evolving integration components that many on-premise, and increasingly, SaaS companies selling to the enterprise must incur. • Avoiding R&D distractions and detours imposed by large enterprise customers with special needs. • AidiAvoiding the ine ffic ienc ies caused bymaitiiintaining and supporting multip lereleases.

Median EV/Revenue - Annual Median EV/EBITDA - Annual

3.5x 20.0x 17.8x 18.3x 29x2.9x 18.0x 3.0x 15.2x 2.5x 16.0x 2.5x 2.2x 14.0x 12.6x 12.9x 2.1x 2.1x 11.9x 11.8x 12.0x 2.0x 10.0x

1.6x Multiple A ue Multiple ue 10.0x DD nn 14x1.4x 1.5x 1.2x 8.0x 1.0x 6.0x EV/EBIT EV/Reve 4.0x 0.5x 2.0x 0.0x 0.0x 2006 2007 2008 2009 2010 2011 2012 2013 2006 2007 2008 2009 2010 2011 2012 2013

• Predictably, over the past 5 years the median market multiples of companies comprising the SEG Internet Index closely tracked the performance of the U.S. economy. The median EV/Revenue multiple took a nose dive in 2008, sank further in 2009, began to edge up as GDP growth turned positive, soared prematurely in 2011 upon wishful thinking the economy was sharply rebounding, then sank in 2012 when consumer confidence dwindled. 2013’s median EV/Revenue of 2.5x reveals guarded optimism about the economic growth and its impact on advertising spend and consumer spending. • Consistent with our other tracking indices, the SEG Internet Index median EV/Revenue of 2.5x in 2013 exceeded the multiples posted prior to the Global Financial Crisis. • The jump of 108% in median EV/Revenue from 2009’s 1.2x, is on par with the SEG Software Index ( 106%) but well below the SEG SaaS Index (180%), confirming SaaS is where investors are placing their bets.

Median EV/Revenue and EV/EBITDA Multiples – Quarterly EV/Revenue Multiple Distribution - Quarterly

EV/Revenue EV/EBITDA 30% 25% 21.4x 25% 18.5x 20% 20% 15.1x 13.4x 13.4x 15%

mpanies 15% oo C

11% 10% of 10% % 7% 5% 3% 3% 2.1x 2.0x 2.2x 2.6x 2.6x 5% 1% 0% 4Q12 1Q13 2Q13 3Q13 4Q13 <= 1.0x > 1.0x > 2.0x > 3.0x > 4.0x > 5.0x > 6.0x > 7.0x > 8.0x >= 9.0x <= 2.0x<= 3.0x<= 4.0x<= 5.0x<= 6.0x<= 7.0x<= 8.0x<= 9.0x EV/Revenue

• On a quarterly basis, the median market valuation of public Internet providers grew 23% YoY (2.1x grew to 2.6x). In part we see the improvement in the median EV/Revenue as a reflection of growing investor confidence in rapidly ramping consumer spending and digital advertising spend, especially in Q4 and some restored confidence in a sustained economic recovery. • More than any other of our tracking indices, the widely disparate financial performance of the 95 companies comprising the SEG Internet Index reveals an Internet ecosystem heavily bifurcated into “haves” and “have nots.” Virility, consumer fickleness, switching ease, unlimited choice and fierce competition handsomely reward a select few and punish many. • 4Q13 only served to further exemplify this trend: 40% of companies ended the quarter with an EV/Revenue multiple of 2.0x or less, 28% closed the quarter with a market multiple of 7.0x EV/Revenue or higher. • Among the Internet companies boasting the highest EV/Revenue market multiples were many new entrants into the public markets, some that creatdted and ditddominated new ItInternet catitegories (e.g. Fbk)Facebook);others that revoltiilutionized older catitegories (TliTrulia/Zillow) .

EV/Revenue Multiples vs. TTM Revenue Growth Rates – 4Q13 EV/Revenue Multiples vs. TTM EBITDA Margins – 4Q13

12.0x 8.0x 6.8x 10.1x 7.0x 10.0x e ee 60x6.0x uu 5.0x 8.0x 4.9x 5.0x

6.0x 4.0x EV/Reven EV/Revenu

4.2x 3.0x 2.6x

dian 4.0x 2.0x edian ee 1.8x

2.2x 232.3x MM 202.0x M 2.0x 1.5x 1.1x 1.0x

0.0x 0.0x <= 0% > 0% > 10% > 20% > 30% > 40% <= 0% > 0% > 10% > 20% > 30% > 40% <= 10% <= 20% <= 30% <= 40% <= 10% <= 20% <= 30% <= 40% TTM Revenue Growth TTM EBITDA Margin

• Expectedly, Public Internet companies with TTM revenue growth of 40% or higher were rewarded with median EV/Revenue multiples markedly greater than their slower growing peers. Among those growing 40%+ were: Trulia (93.3%), Qihoo 360 (91.5%), Zillow (69.5%), Yelp (67.7%), LinkedIn (65.6%). • Unlike The SEG SaaS Index, where TTM EBITDA margins were inversely related to median EV/Revenue multiples, investors in public Internet companies kept a keen eye on margins, and rewarded more profitable performers with significantly higher market multiples. • As testament, public Internet companies with EBITDA margins above 40% posted a median EV/Revenue multiple of 6.8x in 4Q13, 160% higher than the overall Index median. By comparison, public SaaS companies with EBITDA margins above 30% (not enough companies with 40%+) posted a median EV/Revenue multiple of 4.5x, 46% below the SaaS median market valuation. • With few exceptions, many of the most profitable public Internet companies also reported stellar TTM revenue growth. Among them were SouFun Holdings (43.2% revenue growth, 53.6% EBITDA margin), Facebook (48.2% revenue growth, 47.5% EBITDA margin), Baidu.com (40.7% revenue growth, 45.0% EBITDA margin), Mail.ru Group (32.2% revenue growth, 44.3% EBITDA margin). • Implicit in the greater importance investors place on EBITDA in the Internet sector vs. the SaaS sector is the sustainability of the customer relationship and the resulting revenue; switching costs for SaaS subscribers are considerably higher than for most internet subscribers. Therefore, relinquishing short term profitability in order to grab market share and ensure significant long term reoccurring revenue and healthy margins seems prudent for SaaS providers but irresponsible for itinterne tcompanies tha t need to dttdemonstrate the financ ia l via bilityof the ir bibusiness modldel. Also, add a dhdash of hlthhealthy itinvestor pessiiimism from lessons ldlearned in 2000 by those who drank the Kool-Aid of “eyeballs” being all that mattered. 49 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX BY PRODUCT CATEGORY • The SEG Internet Index is segmented into eight product categories. • Representative companies in each Internet category are referenced below. • See the appendix for the complete list of companies within each product category.

SEG Internet Internet Index Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin Category 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 4Q12 1Q13 2Q13 3Q13 4Q13 Ad Tech & Lead Generation 2.4x 1.7x 2.5x 2.5x 2.3x 12.1x 13.5x 14.9x 22.1x 26.4x 30.1% 32.4% 26.8% 24.1% 16.4% 12.4% 12.9% 12.1% 11.0% 10.2% Commerce 1.2x 0.9x 0.9x 1.1x 1.2x 13.4x 10.3x 15.1x 16.3x 18.9x 16.2% 20.0% 17.7% 15.4% 15.9% 5.7% 5.7% 6.2% 6.1% 5.6% Content & Media 1.4x 1.6x 2.3x 2.7x 3.2x 10.9x 15.4x 13.8x 20.8x 25.9x 10.5% 12.6% 12.1% 14.1% 10.8% 13.9% 14.8% 15.5% 15.9% 15.8% GiGaming 242.4x 272.7x 272.7x 282.8x 323.2x 434.3x 585.8x 595.9x 777.7x 808.0x 24.8% 8% 21.9% 9% 21.9% 9% 19.8% 8% 15.7% 7% 38.6% 6% 36.3% 3% 38.6% 6% 36.6% 6% 35.2% 2% Infrastructure 1.0x 1.7x 1.6x 1.4x 1.7x 10.8x 11.4x 13.6x 14.3x 14.6x 10.9% 9.2% 8.8% 5.6% 6.3% 7.4% 8.0% 7.2% 7.1% 6.3% Services 3.3x 3.5x 3.4x 4.3x 4.1x 14.8x 14.2x 19.7x 23.9x 22.5x 42.0% 42.2% 40.4% 38.1% 43.2% 8.7% 8.5% 6.6% 5.0% 6.5% Social 8.8x 9.1x 8.3x 11.9x 16.4x 39.6x 38.9x 37.1x 38.7x 37.9x 64.7% 65.2% 56.6% 54.0% 56.9% 12.4% 12.9% 13.5% 12.8% 12.1% Travel 2.0x 2.0x 1.8x 1.8x 2.1x 16.0x 16.2x 19.7x 26.4x 27.1x 18.6% 18.9% 19.5% 19.8% 19.6% 17.5% 18.1% 16.7% 16.3% 17.1%

Median 2.1x 2.0x 2.2x 2.6x 2.6x 13.4x 13.4x 15.1x 18.5x 21.4x 22.6% 21.3% 19.5% 17.7% 16.5% 11.2% 10.6% 10.6% 10.8% 10.9%

AdAd Tech Tech & & LeadLead GenGen CommerceCommerce ContentContent & & MediaMedia GamingGaming

Infrastructure Services Social Travel

50 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX BY PRODUCT CATEGORY: FINANCIAL PERFORMANCE 4Q13 Median TTM Revenue Growth 4Q13 Median YoY Change in Revenue Growth

Ad Tech & Ad Tech & 16.4% (45.8%) Lead Generation Lead Generation Commerce 15.9% Commerce (2.2%)

Content & Media 10.8% Content & Media 2.9%

Gaming 15.7% Gaming (36.9%)

Infrastructure 6.3% Infrastructure (41.8%)

SiServices 43. 2% SiServices 28%2.8% 56.9% Social Social (12.1%)

Travel 19.6% Travel 5.3%

4Q13 Median TTM EBITDA Margin 4Q13 Median YoY Change EBITDA Margin

Ad Tech & Ad Tech & 10.2% (17.6%) Lead Generation Lead Generation Commerce 5.6% Commerce (2. 2%)

Content & Media 15.8% Content & Media 13.2%

Gaming 35.2% Gaming (8.9%)

Infrastructure 63%6.3% Infrastructure (()15.7%)

Services 6.5% Services (24.8%)

Social 12.1% Social (2.6%) Travel Travel 17.1% (2.0%)

4Q13 Median EV/Revenue Multiples 4Q13 YoY Change in Median EV/Revenue Multiples

Ad Tech & Ad Tech & 2.3x 12.5% Lead Generation Lead Generation Commerce 1.2x Commerce (0.3%) 127.1% Content & Media 3.2x Content & Media

Gaming 3.2x Gaming 32.8%

Infrastructure 1.7x Infrastructure 70.5%

Services 4.1x Services 26.9%

Social 16.4x Social 86.3%

Travel 21x2.1x Travel 7.3%

• Public Internet Companies comprising the Social and Services product categories closed Q4 with revenue growth rates more than twice the median (43.2%, 56.9%, respectively). • Public Internet categories comprising the social category closed 4Q13 with the highest median EV/Revenue multiple, 16.4x, a 86.3% YoY improvement. Facebook and LinkedIn led the ascent, proving social networking could be profitable. • The success social media Internet providers have had monetizing their services, largely through advertising, is taking share away from many in the Ad Tech & Lead Generation space, with marketers clearly attracted to the scalability and ROI of advertising in Facebook and LinkedIn. • As a result of these shifting advertising budgets, the median TTM revenue growth of the Ad Tech & Lead Generation product category plunged 45.8% YoY in 4Q13. • The Commerce product category lagged all other Internet product categories, with a 1.2x EV/Revenue multiple, a tepid TTM revenue growth of 15.9%, and a lackluster 5.6% EBITDA margin. Amazon, one of the most notable commerce companies, is aggressively diversifying its content offerings and expanding its hardware offerings as a way of differentiating from competitors and driving more spend through its platform.

53 ANNUAL SOFTWARE IPO TRENDS

Software/SaaS/Internet IPOs SaaS IPOs

Total Number of IPOs Total Net Proceeds Number of SaaS IPOs Total Net Proceeds

30 $$,10,000 12 $1,400 26 26 26 $9,000 10 25 $1,200 22 $8,000 10 $7,000 $1,000 20 18 8 7 16 $6,000 6 $800 s re/SaaS/Internet re/SaaS/Internet SaaSIPOs Proceeds 15 13 $$,5,000 Proceeds

ff 6 aa tt tt OO

IP 10 $4,000 $600 10 $3,000 4 3 6 $400 Total Ne SaaS Ne

$2,000 o Number 5 2 2 1 $200 $1,000

umber of Softw 0 $0

NN 0 $0 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

• There were 26 total IPOs in 2013 spanning the on-premise software, SaaS and Internet sectors, a number achieved in only two of the past ten years (2007 and 2012). • In aggregate, these 26 IPOs had total net proceeds of $4.69B, substantially lower than 2012’s total, which included Facebook’s massive $6.7 billion IPO. • SaaS IPO companies accounted for nearly 40% of the total, a marked increase from only two years ago. In aggregate 2013’s ten SaaS IPOs raised $1.2 billion.

EV / YTD Company (Ticker) Category IPO Date Net Proceeds Enterprise Value EV / Rev First Day Return EBITDA Return • The breakdown of 2013’s IPOs: Eight on-premise Software Category software, ten SaaS, and eight Internet. Sungy Mobile Limited Mobile Solutions/Content 11/22/13 $73,042,200 $412,871,080 8.7x 29.2x 19.0% 83.0% (NasdaqGM:GOMO) • Three of the eight on-premise software companies Barracuda Networks, Inc. Networking & Network 11/6/13 $70,059,600 $1,049,853,450 4.8x 433.1x 19.7% 120.4% provide Networking & Networking Performance (NYSE:CUDA) Performance Management Gigamon Inc. Networking & Network 6/13/13 $79,515,000 $746,202,100 7.1x 84.9x 37.4% 47.8% Management software, a product category in demand as (NYSE:GIMO) Performance Management Cyan, Inc. Networking & Network applications are increasingly delivered from the cloud 5/13/13 $81,840,000 $647,982,780 6.0x n/a 12.5% (51.9%) (NYSE:CYNI) Performance Management driving the need for real-time performance measurement, Qiwi plc Financial & Accounting 5/3/13 $477,700,000 $506,808,640 1.7x n/a 0.5% 229.4% (NasdaqGS:QIWI) application monitoring, network optimization, etc. EVERTEC, Inc. Financial & Accounting 4/12/13 $118,125,000 $2,227,097,180 6.4x n/a 2.2% 23.3% (NYSE:EVTC) • In a year that saw a number of highly acclaimed IPOs, Model N, Inc. Financial & Accounting 3/20/13 $25,200,000 $420,912,240 4.8x -128.1x 28.9% (23.9%) (NYSE:MODN) such as Twitter, FireEye, Marketo, Tableau and Veeva Silver Spring Networks, Inc. Vertical - Other 4/12/13 $58,032,000 $270,796,960 2.3x 5.9x 17.2% 23.5% Systems. The newly listed company with the highest (NYSE:SSNI) Software Category Median: $76,278,600 $577,395,710 5.4x 29.2x 18.1% 35.7% stock return by year end was Qiwi whose 2013 stock SaaS Category price closed up 229.4%. Qiwi provides various payment Veeva Systems Inc. Vertically Focused 10/16/13 $180,792,000 $4,490,025,670 26.7x 122.5x 85.8% 60.5% (NYSE:VEEV) services worldwide, and powers Visa’s mobile wallet RingCentral, Inc. Other SaaS 9/27/13 $89,707,800 $1,181,005,390 8.7x n/a 40.0% 41.3% initiative. (NYSE:RNG) FireEye, Inc. Other SaaS 9/20/13 $282,255,000 $4,201,384,000 36.5x n/a 80.0% 118.1% (NasdaqGS:FEYE) • The median year end stock return for ten SaaS IPOs was Benefitfocus, Inc. Other SaaS 9/18/13 $73,935,000 $1,296,563,600 14.2x n/a 102.1% 117.9% a breathtaking 108.7%, more than twice median for the (NasdaqGM:BNFT) Cvent, Inc. SEG SaaS Index (51.4%), reflecting investor CRM & Marketing 8/9/13 $$,,109,368,000 $$,,,1,231,990,640 12.7x 159.6x 56.8% 73.3% (NYSE:CVT) enthusiasm for emerging, rapid growth SaaS companies Textura Corporation Vertically Focused 6/7/13 $69,750,000 $368,918,420 13.5x n/a 39.4% 99.6% (NYSE:TXTR) that provide disruptive solutions and services. ChannelAdvisor Corporation Other SaaS 5/23/13 $74,865,000 $379,520,680 6.7x n/a 31.7% 197.9% (NYSE:ECOM) • Given the rapid, widespread adoption of new, SaaS Marketo, Inc. CRM & Marketing 5/20/13 $69,517,500 $838,088,720 12.7x n/a 87.2% 185.2% (NasdaqGS:MKTO) deployed marketing tools, it’s no surprise three of ten Tableau Software, Inc. Other SaaS 5/20/13 $144,150,000 $3,033,670,450 21.2x 19958.4x 72.4% 122.4% SaaS IPOs come from the CRM & Marketing product (NYSE:DATA) Marin Software Incorporated category. Marketo was the clear leader of the trio, CRM & Marketing 3/22/13 $$,97,650, 000 $$,,481,887,860 8.1x n/a 16.1% (()26.9%) (NYSE:MRIN) retiturning 185.2% in 2013 on thestthtrength of rapid SaaS Category Median: $93,678,900 $1,206,498,015 13.1x 159.6x 64.6% 108.7% Internet Category adoption of its marketing automation suite. Twitter, Inc. Social 11/7/13 $1,760,850,000 $24,323,215,040 45.5x n/a 72.7% 144.8% (NYSE:TWTR) • Further evidence SaaS is gaining traction within Wix.com Ltd. Services 11/6/13 $87,657,480 $589,314,310 8.6x n/a (1.2%) 62.7% (NasdaqGM:WIX) traditional on-premise categoires, are the successful 58.com Inc. Commerce 10/31/13 $173,910,000 $1,824,628,910 14.6x 283.4x 41.9% 125.5% IPOs of FireEye, a provider of hosted security solutions, (NYSE:WUBA) Criteo SA Ad Tech & Lead and RingCentral, a unified communications provider. 10/30/13 $233,647 ,180 $1,912 ,053 ,660 36x3.6x 103.5x 14.2% 10.3% (NasdaqGS:CRTO) Generation Rocket Fuel Inc. Ad Tech & Lead 9/20/13 $107,880,000 $1,822,781,400 11.4x n/a 93.4% 112.0% • The most anticipated IPO of 2013 was Twitter. The (NasdaqGS:FUEL) Generation YuMe, Inc. Ad Tech & Lead social networking company went public with a seemingly 8/7/13 $42,896,250 $260,358,000 2.0x 33.0x 0.0% (17.2%) (NYSE:YUME) Generation frothy 45.5x EV/Revenue multiple, but offered investors a Tremor Video, Inc. Ad Tech & Lead 6/27/13 $69,750,000 $394,582,560 3.5x n/a (15.0%) (42.0%) (NYSE:TRMR) Generation 144.8% return by year end, thanks to its stellar revenue Xoom Corporation Services 2/19/13 $77,686,890 $730,750,100 9.1x n/a 49.4% 71.1% growth of 77%, and its efforts to monetize its massive (NasdaqGS:XOOM) Internet Category Median: $97,768,740 $1,276,765,750 8.8x 103.5x 28.0% 66.9% user base.

Total Median: $84,748,740 $792,145,410 8.6x 103.5x 34.5% 72.2%

*Financial data is the latest available from Capital IQ. Q4 2013 Software Industry Financial Report 55 **First day return compares listed offering price to first day close. Copyright © 2014 by Software Equity Group, LLC All Rights Reserved VENTURE CAPITAL ACTIVITY: ALL INDUSTRY SECTORS

Overall VC Activity Overall VC Activity by Investment Stage

Total VC Investment Dollars Number of VC Investments Seed Early Stage Expansion Later Stage

$35 4,500 $35 4,000 $30 $30 3,500 $25 $25 3,000 $20 2,500 $20 rs Invested ($B) Invested rs C Investments rs Invested ($B) rs Invested aa

20002,000 VV $15 $15 1,500 $10 $10 1,000 $5 500 of Number $5 Total VC Doll Total VC Dolla $0 0 $0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

• According to PricewaterhouseCoopers, venture capitalists invested $29.4 billion in 3,995 companies, a seven percent YoY increase in dollars invested and a four percent improvement in the number of companies receiving funds. • Early stage investments led the pack with 2,003 investments (up 15% YoY) aggregating $9.8 billion (up 17% YoY). • Expansion stage investments also totaled $9.8 billion in 2013, beating the year prior by a modest at 4%; the number of recipients was flat. • Seed stage investments jumped 14% YoY to $943 million, but VCs were more circumspect in 2013, as the number of recipients declined by 26%. The average Seed stage investment, $4.3 million, was the highest since 2009’s average investment of $4.6 million.

Software VC Activity Software VC Dollars as a Percent of Total

Total VC Investment Dollars Number of VC Investments 37%

$12 1,600 31% 1,400 27% 26% $10 25% 25% 24% 24% 1,200 23% 22% 22% 22% $8 21% 20% 20% 20% 20% 1,000 19% 15%

rs Invested ($B) Invested rs $6 800 C Investments aa VV 600 $4 400 $2 200 of Number Total VCDoll $0 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

• The number of VC investments in software companies accelerated in 2013 “Soft ware is ea ting the wor ld” to 1,523. Since bottoming out in 2009, the number of recipients has grown - Marc Andreessen at a compounded annual growth rate (CAGR) of 17%. • VC dollars invested in 2013 totaled $10.9 billion, a 44.1% YoY increase. Since 2009, the aggregate capital invested has grown at a 27% CAGR. • As a percent of total VC dollars invested across all industry sectors, software now accounts for 37% of total, as compared to 20% in 2009.

58 THE BUYER’S SPEAK: SOFTWARE EQUITY GROUP’S 2014 M&A SURVEY

In early January 2014, Software Equity Group conducted its seventh annual Survey of Software Company Buyers to provide our readers a better understanding of 2014’s software M&A ecosystem and buyer thinking. We polled over 300 of the largest software companies in the world, both public and private. Collectively, the buyers who responded to the survey spent over $7 billion across the 42% of M&A transactions with ascertainable deal data in 2013. The vast majority (81%) of respondents were public software, SaaS or Internet companies and, in aggregate, their total enterprise value was $248 billion at the end of 2013. Needless to say, their plans and playbook will heavily influence the software M&A ecosystem in the year ahead. In 2013, 93% of our respondents bought at least one software company. Looking ahead, 100% of our respondents expect to acquire at least one software company in 2014. Even more encouraging, 18% plan on acquiring six or more companies in 2014, up from 14% in 2013, and only 7% in 2012. Our Survey results also portend well for small, privately held software companies considering an exit in 2014. A whopping 93% of respondents indicated they’ d focus on transactions with price tags between $10M - $99M. Additionally, software mega deals are set to accelerate, 19% of respondents indicated they anticipate focusing on transactions of $500 million or more, up from only 4% last year. Exit valuations should rise as well, with 42% of respondents expecting to pay more for a company that was very similar to the one they acquired in 2013, up from only 18% in last year’s survey. What’s driving these buyers to acquire? Enhancing/deepening a buyer’s offering with synergistic technologies and products was cited by 46% of our respondents as their primary acquisition motive. A distant second was consolidating a buyer’s current market (21%). Not far behind, were expanding/diversifying into new product categories (18%) and competitive differentiation (14%). Surprisingly, not one buyer cited improving financial performance as the number one factor for acquisition, and 50% cited it as the least important motive. In a nutshell, buyers in 2014 will primarily focus on tuck-ins and logical extensions and enhancements to their current offerings and, for the right company, will entertain a major deal to accomplish their strategic objectives. And what’s most important to these buyers when sizing up a prospect and deciding how much to pay? 82% of buyers cited the seller’s products and technology as their first or second most important priority when evaluating a target in 2014, seeking to ensure they are well executed, a great fit, and provide the strategic leverage/differentiation buyers seek. In 2014, buyers are like ly tospend more time evaltiluating and assessing the executive tltalent sand didomainexpertise of management than they did in 2013. This year, 18% of our respondents cited management as the primary reason for acquisition, up from only 4% in 2013. One possible explanation: Buyers found the knowledge transfer from prior acquisitions was more difficult or took longer than they anticipated, which imperiled their acquisition ROI when the target’s executives departed shortly after closing. If that’s the case, it may portend more earnouts, lockups and holdbacks in 2014.

Another explanation of the increased importance buyers indicate they’ll place on the quality of a target’s management team is they’re contemplating a greater number of acquisitions outside their wheelhouse, where they’ll be more dependent than usual on post-closing execution by the acquired company’s executives. Given the market buzz surrounding Mobile and Big Data, we asked buyers to what degree they’ll consider each to be a “must have” when evaluating targets in 2014. While our respondents confirmed Mobile and Big Data will continue to be two areas they take into consideration in 2014, they did not express a heightened sense of urgency about them. In 2014, 33% of our respondents deemed it “very important” or “absolutely essential” their targets have a well executed mobile strategy, essentially unchanged from 2013’s 35%. And 36% of buyers deemed it “very important” or “absolutely essential” that a target have the ability to capture and leverage big data in the markets they serve, again, essentially unchanged from last year’s 39%. Unchanged YoY interest in Mobile and Big Data doesn’ t necessarily imply the two major themes are set to lose momentum. In our 2012 and 2013 Buyer’ s Survey, the percentage of respondents indicating SaaS as “very important” or “absolutely essential” was flat YoY, yet SaaS exploded in 2013. And just what did buyer’s say about the importance of SaaS this year? In 2014, a whopping 64% of respondents indicated it was “very important” or “absolutely essential” a target be all or substantially SaaS/subscription based. To put this in perspective, it was just four years ago, when only 13% of respondents idiindicate diit was “very i”important” or “b“absol ute ly essentiilal.” As iiinteresting, 25% of respondents indicated it was “absolutely essential” a target be all or substantially SaaS/subscription based, up from only 14% last year. Bottom line, buyers are on the hunt for targets who are SaaS based in 2014 and those still operating in an on-premise model will be valued significantly lower than their SaaS peers. What’ s ttehe bottomline foro soft wa r e M&A& in 2014? Itts’s ccealear from ttehe resul ts of ourou latest Surv ey, buyer s will be mooere acquis i tiv e this year, will likely pay more than last year, and target transactions in the $10M - $99M range. Buyers will primarily seek synergistic products and technology, and while Mobile and Big Data are important, SaaS deployment and pricing models are in highest demand and will be highly valued.

63 SOFTWARE/SaaS M&A DEAL VOLUME AND SPENDING

U.S. Software Mergers & Acquisitions Activity - Quarterly U.S. Software Mergers & Acquisitions Activity - Annual

500 $25 456 454 454 450 430 432 435 421 426 $21.3 $23.4 $23.1 429 431 406 418 2000 $80 394 $19.4 1,766 400 $20 1,727 1,672 1,642 $70 $20.2 350 1500 1,329 $70.4 $67.0 $60 Value (BIllion $17.4 $67.0 300 $15 Value $50 $13.1 $15.8 $15.8 Deals

$12.7

$52.5 (BIllions)

of 1000 $40 250 $12.3 $30

$12.6 mber of Deals umber 200 $10 s uu NN )

N 500 $27. 4 $20 $9.9 150 $10 100 $5 0 $0 2009 2010 2011 2012 2013 50 Deals Value 0 $0 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

Deals Value • There were 1,672 software M&A transactions in 2013, a modest decline from 1,727 transactions in 2012 and 2011’s tally of 1,766 transactions. • Software M&A spending aggregated $67.0 billion in 2013, on par with 2012’s total deal spend, but slightly lower than the $70.4 billion aggregate amount paid in 2011. • Deal volume was sluggish in 1Q13, the first quarter since 2Q10 not to surpass 400 transactions. The pace picked up in 2Q13 and transactions per quarter exceeded the 400+ quarterly benchmark for each of the remaining quarters. • With soaring stock prices, health balance sheets and renewed confidence in the economy, buyers in 2013 were less risk adverse and more willing to engage in mega deals (EV> $500M). Mega deal activity started slowly, with only one such transaction in Q1, picked up speed in Q2, accelerated tonine in Q3,and fin is he d Q4 with a mega dldeal tlltallyof tltwelve. • Notable mega deals in the fourth quarter included: Oracle’s acquisition of Responsys ($1.6 billion, 8.2x EV/Revenue); Experian’s acquisition of Passport Health ($850 million, 7.0x EV/Revenue estimate); NCR’s acquisition of Digital Insight ($1.7 billion, 5.0x EV/Revenue) and Advent International’s acquisition of Unit4 ($1.7 billion, 2.6x EV/Revenue).

Median On-Premise Software EV/Revenue Exit Multiples Median EV/Revenue Exit Multiple Distribution

$45.0 $42 $42 $40 $41 $41 $40 $39 $38 30.0% 27. 5% $40.0 $37 $36 $36 $35 $33 25.0% $35.0 20.9% 19.8% (Millions) $30.0 20.0% 14.3% TTM

Value $25.0 15.0% 12.1% 13 al 00 ee 2

D $20.0 ‐

10.0%

$15.0 5.0% 3.3% Deals

2.2% of $10.0 Average % 0.0% $5.0 <= 1.0x > 1.0x & > 2.0x & > 3.0x & > 4.0x & > 5.0x & > 6.0x TTM <= 2.0x <= 3.0x <= 4.0x <= 5.0x <= 6.0x $0.0 TTM Revenue Exit Multiple Bins 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13

• The average software M&A purchase price rose slightly in • In 2013, 48.4% of all on-premise software targets were acquired 4Q13 to $40M, a tad higher than 3Q13’s $38M average deal for less than 2.0x TTM revenue. size and well within historical norms. • Targets with 3.0x or higher exit multiples were primarily found in • The $40M average transaction size affirms the results of our product categories experiencing rapid, widespread market 2013 Annual Buyer Survey, in which 82% of respondents adoptions, such as big data, storage and systems management, indicated they’d focus in the year ahead on deals in that and security. price range. • Among the more noteworthy on-premise software acquisitions in 2013: McAfee’s purchase of Stonesoft ($375.3 million, 7.0x EV/Revenue), a provider of information and network security software applications; and Solarwinds’ acquisition of Confio Software ($103 million, 6.7x EV/Revenue), a provider of database performance management solutions.

Median Exit Multiples - Quarterly • The median exit multiple in 4Q13 was 2.3x TTM revenue, in line with the prior quarter, and the highest since 2Q11’s median exit multiple 2.5x. EV/Revenue EV/EBITDA

14.0x 12.9x 12.7x • On a EBITDA basis, the median exit multiple in 4Q13 was 12.9x 11.8x 12.0x 11.6x 11.5x TTM EBITDA, a marked increase over 3Q13’s 11.5x EBITDA multiple, and the highest since 4Q11 when the median TTM 10.0x EBIDTA exit multiple reached 13.4x.

8.0x • Since 2005, themedian software idindus try M&A multip le has 6.0x consistently hovered at 2x revenue, except for a modest decline during the Great Recession and a slight uptick in 2013. 4.0x 2.3x 2.3x 1.8x 1.8x 2.0x 1.6x

0.0x 4Q12 1Q13 2Q13 3Q13 4Q13

Median EV/Revenue Exit Multiple - Annual 30x3.0x

2.2x 2.1x 2.1x 2.0x 2.0x 2.0x 2.0x 1.9x 2.0x 1.7x 1.8x 1.4x

1.0x

00x0.0x 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 66 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved SOFTWARE M&A: BY OWNERSHIP STRUCTURE AND SIZE

By Ownership Structure By Size

Public Sellers Buyer Greater Buyer Less Than 1.8x Median Multiple Than $200 $200 million million 1.5x Median 25% 3.8x MdiMedian MltilMultiple Multiple 75% 33% Private Sellers 67% 2.2x Median Multiple

Private Buyers 1.6x Median Multiple

Seller Greater Seller Greater 40% 60% Than $20 Than $20 million: 0.8x2.7x million: 1.5x1.7x

Seller Less Seller Less Public Buyers Than $20 Than $20 2.7x Median Multiple million: 4.4x million: 2.4x1.5x million

• In 2013, as in quarters past, large public buyers (greater than • Larger public buyers with deep pockets (greater than $200 million $200 million in revenue) flush with cash, paid more than private revenue) paid a median 3.8x TTM revenue for their targets in acquirers (often private equity-backed portfolio companies). 2013, compared to only 1.5x paid by smaller public buyers. • Public buyers in 2013 paid a median 2.7x TTM revenue for their • Whether public or private, buyers with revenue greater than $200 targets (compared to 2.3x in 2012), while private buyers paid 1.6x million paid the highest multiples for a target with less than $20 TTM revenue (compared to 1.4x in 2012). million revenue (median 4.4x EV/Revenue) over the past twelve months.

million: 2.7x million: 1.7x

67 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved SOFTWARE M&A: BY VERTICAL AND HORIZONTAL MARKETS Horizontal & Vertical M&A Median EV/Revenue Exit Horizontal & Vertical M&A Volume Multiples

100%

80% 2.3x 2.3x 2.3x 202.0x 191.9x 222.2x 59% 63% 64% 67% 65% 1.7x 60% 1.6x 1.5x 1.5x 40%

20% 41% 37% 36% 33% 35% 0% 2009 2010 2011 2012 2013 2009 2010 2011 2012 2013 Horizontal Vertical Vertical Horizontal

• Horizontal Infrastructure software providers garnered the lion’s share of M&A transactions in 2013, as they have for the past five years, accounting for 65% of all software M&A transactions. • The median exit multiple for horizontal software companies was 2.3x TTM revenue in 2013, and has been flat since 2010. • Noteworthy horizontal deals in 2013 included Vista Equity Partners’ acquisition of Websense for $971 million (2.7x revenue); Kofax’s acquisition of big data integration player Kapow Software for $47.5 million (3.0x revenue); and Cisco’ acquisition of cybersecurity software provider Sourcefire for $2.2 billion (8.9x revenue). • The median TTM revenue exit multiple for vertical software companies was 1.5x, on par with 2012, but down significantly from 2010 and 2011. • Select 2013 vertical deals included Davis+Henderson’s acquisition of Harland Financial Solutions ($1.6 billion, 5.8x EV/Revenue); IRESS Limited’s acquisition of financial services software provider Avelo for $320.4 million (3.8x revenue); Sepura PLC’s acquisition of public systems command and control software provider Portalify for $9.3 million (7.0x revenue); and Yotta Limited’s acquisition of public sector software provider Mayrise for $9.1 million (3.1x revenue).

Billing & Service Provisioning Content & Document Mgmt CRM, Marketing & Sales Data Mgmt & Integration 0.8% 2.5% 2.1% 2.0% Asset Management BI, Risk & Compliance Dev. Tools & IT Asset Mgmt 0.4% 3.1% 2.7% Accounting & Finance eCommerce 0.8% EDA 030.3% • The Mobile product category again led all Telcom 0.4% 0.6% Engineering, PLM & CAD others in 2013, accounting for 20.8% of all 4.3% Retail software M&A transactions, compared to 1.3% Middleware 19.2% in 2012. Real Estate 0.3% 1.9% Public Sector ERP Entertainment 181.8% 1.8% • Other active M&A categories in 2013 2.5% included Financial Services (6.7%), Other Verticals HR & Workforce Mgmt 7.9% 1.5% Healthcare (6.5%) and Engineering, PLM & Mining, Oil & Gas CAD (4.3%). 0.5% Messaging, Conferencing & Communications Non‐Profit 2.5% • Supply Chain Management & Logistics

ls 0.4% aa Manufacturing accounted for 3.9% of all software deals in 0.9% Legal Multimedia, Graphics & 2013, up from 2.2% in 2012. Vertic 0.5% Communications Insurance 3.1% 1.2% Network Performance Mgmt • Indeed, there were 22 Supply Chain 1.8% Management and Logistics transactions in Healthcare 6.5% 2013, compared with only 7 in 2012. As the Financial Services economy at large continued to recover, and 6.7% Security 4.3% consumers embraced on-line shopping, Energy & Utilities buyers focused on software companies with 0.8% Education Systems Mgmt 2.3% 2.5% proven solutions in supply chain Construction transportation, logistics and fleet 0.9% Supply Chain Mgmt & management software M&A activity. Logistics Automotive 3.9% 1.1% Mobile 20.8%

Median EV/Revenue Exit Multiples by Software Product Category

3.1x 3.0x 2.7x 2.3x 2.0x 1.8x 1.7x 1.5x 1.5x 1.2x Mobile Security Education D, Telco, D, ompliance & Supply & Chain ftware Healthcare BI, Risk & Systems Mgmt anagement Verticals er ial Services g & Service g etail, etc.) etail, && PP CC oo hh R MM S (A ER Ot Billin Financ

• While we continually track 32 on-premise software product categories, only ten had both sufficient deal activity and deal data to ascertain a TTM revenue multiple in 2013. • Among the ten product categories, systems management carved the highest median TTM revenue multiple (3.1x) for the year, boasted by Solarwind’s 4Q13 acquisition of database performance management software vendors Confio Software for $103 million (6.7x EV/Revenue). • Healthcare software application sellers were a close second, commanding a median 3.0x TTM revenue, including Qiagen’s 2Q13 acquisition of biological data informatics vendor, Ingenuity Systems, for $109.4 million (5.5x EV/Revenue) • The Security software category also posted a strong 2.7x median EV/Revenue exit multiple in 2013. Select security deals included Cisco’s acquisition of Sourcefire in Q3 ($2.2 billion, 8.9x revenue); Tyco’s 2Q13’s acquisition of Exacq Technologies ($150 million, 2.7x revenue); and McAfee’s acquisition of Stonesoft ($375 million, 7.0x revenue) in 2Q13.

SaaS M&A Volume - Quarterly SaaS M&A Volume - Annual

SaaS M&A Deals SaaS as % of Software SaaS M&A Deals

120 30% 450

104 390 94 94 103 400 100 97 25% Total 350 86 of

312 % Deals Deals 80 20%

a 300 68 Deals

65 as &A &A 59

&A 250 ss MM MM 60 15%

48 MM 200 45 200

39 Deal

SaaS

40 10% SaaS 150

of 26

of 105 # Software M&A

20 5% # 100 50

SaaS 50 0 0% 0 2009 2010 2011 2012 2013

• There were 103 SaaS M&A transactions in 4Q13, on par with 2Q13’s 104 SaaS M&A transactions. SaaS M&A transaction volumes in 2Q13, 3Q13, and 4Q13 were each greater than any prior quarter on record. • Average quarterly SaaS M&A transaction volume in 2013 was 680% higher than in 2009. • In 2013, there were 390 SaaS M&A transactions, a 25% increase over 2012’s 312 transactions SaaS acquisitions.

Median SaaS EV/Revenue Exit Multiples - Quarterly Median SaaS EV/Revenue Exit Multiples - Annual

4.1x 4.3x 4.1x 4.1x 4.1x 4.0x 4.0x 3.7x 3.2x 272.7x

4Q12 1Q13 2Q13 3Q13 4Q13 2009 2010 2011 2012 2013

• The median exit multiple for all SaaS transactions on a TTM revenue basis remained relatively constant throughout 2013, except for a bump up in 3Q13 due to a number of lower multiple transactions in 3Q12 falling out of the TTM analysis. • The 4.1x median SaaS exit multiple for all of 2013 was 86% greater than the 2.2x median on-premise exit multiple for 2013.

Median SaaS EV/Revenue By Size – Since 1Q10 • Seller revenue remains a very important determinant of 6.0x exit valuation for SaaS companies. 5.3x

e 4.7x • Based upon SEG’s analysis of 1,007 SaaS M&A ll 50x5.0x 444.4x transactions since 2010, sellers with less than $10 4.0x 3.5x Multip million in revenue received a median 3.2x revenue 3.2x 3.0x multiple, while companies with revenue greater than $100 million commanded a median 5.3x TTM revenue 2.0x exit valuation. EV/Revenue

1.0x

Median 0.0x <= 10M > 10M & <= > 20M & <= > 50M & <= >100M 20M 50M 100M

Billing & ServiceBI, Risk & Compliance Content & Document Mgmt Provisioning 6.7% 4.4% • The 390 SaaS acquisitions in 2013 were 1.3% spread across a wide number of product CRM, Marketing & Sales Accounting & Finance categories and verticals. 232.3% 15. 1% Data Mgmt & Integration • CRM and Marketing once again led all Telcom 1.8% 0.3% product categories in acquisition activity, Dev. Tools & IT Asset Mgmt accounting for 15.1% of deals in 2013, Retail 1.0% slightly lower than 17% in 2012. 2.8% Real Estate • SaaS mega-deals in the CRM/Marketing 4.1% eCommerce Public Sector category, including Oracle’s acquisition of 4.1% 0.5% Responsys, Adobe’s acquisition of Engineering, PLM & CAD Other Verticals Neolane, and Salesforce’s acquisition of 3.8% 1.8% Non‐Profit ExactTarget, helped drive M&A activity in 0.8% ERP

cals the product categgyory 0.8% Legal

Verti • CRM/Marketing buyers are seeking targets 0.5% Insurance HR & Workforce Mgmt 2.1% 6.4% that can help garner a greater share of IT capital in spending on online marketing Hospitality 0.8% Messaging, Conferencing & technology. According to Gartner, by 2017 Communications the CMO will purchase more IT than the Healthcare 6.2% 2.3% CIO. Multimedia, Graphics & Communications • The Talent & Workforce Mgmt product Financial Services Education 1.8% 4.6% 4.4% category claimed only 6.4% of SaaS Network Performance transactions in 2013, compared to 12% in Construction Mgmt Security 2012. After a three-year period of 101.0% 050.5% 3.8% Automotive consolidation by the large HR software Systems Mgmt 1.5% 7.7% providers, the M&A window for many smaller HR SaaS providers is rapidly Supply Chain Mgmt & Logistics closing. 4.9%

M&A Volume - Annual Median EV/Revenue Exit Multiples - Annual

978 876 794 2.7x 626 1.9x 1.9x 452 1.5x 1.6x

2009 2010 2011 2012 2013 2009 2010 2011 2012 2013

• There were 876 Internet M&A transactions in 2013, 10% fewer than 2012’s tally of 978 Internet deals, but notably higher than the post- recession ttltotals for 2011 and 2010. • In early 2012, a flurry of Internet acquisitions occurred amidst the hype of surrounding Facebook’s May IPO, as many sought to bulk up and ride Facebook’s coattails to the public markets. Following Facebook’s IPO debacle, buyers became far more circumspect, and M&A volume plunged to 185 transactions in 1Q13, a marked decline from 273 transactions in 2Q12. • However, after 1Q13’s dismal start, Internet transactions increased in number quarter over qq,uarter, cappin g off the year with 256 transactions in 4Q13. • The median TTM EV/Revenue exit multiple of the SEG Internet Index has held steady at 1.9x for the past two years, after spiking in 2011. This remains an M&A ecosystem of haves and have-nots, with extraordinarily wide disparities in exit valuations.

2013 M&A Volume by Product Category M&A Volume - Quarterly

9.1%

Ad‐Tech & Lead Gen Category 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 2013 16.3% 33.9% Commerce Ad-Tech & Lead Gen 277 58 60 85 94 297 Commerce 174 34 39 44 49 166 Content & Media Content & Media 220 42 34 36 42 154 Gaming 63 7 11 8 10 36 Gaming Infrastructure 129 24 41 39 39 143 4.1% Social Tech 115 20 19 19 22 80 Infrastructure Total 978 185 204 231 256 876

Social Tech

17.6% 18.9%

• Internet ad-tech remained the most active internet M&A category in 2013, accounting for over 1/3 of all sector transactions. • Following a wave of social technology deals in 2011/2012, when deal volumes averaged 30 transactions per quarter, social tech acquisition activity has fallen off, hovering around 20 transactions per quarter in 2013. • The Ad-Tech and Infrastructure product categories were the only two categories in 2013 to post increased deal volumes over 2012. Ad- Tech’s 297 transactions in 2013 represented a 7.2% increases over 2012’s 277 transactions, while 2013’s 143 Infrastructure transactions were 10.8% greater than 2012’s 129 transactions. • The remaining Internet categories M&A deal volumes measured year-over-year declined 4.5% for Commerce, 30% for Content & Media, 42.8% for Gaming, and 30.4% for Social Tech.

76 THE SEG SOFTWARE INDEX COMPANIES

SEG Software Index SEG Software Index Company Ticker Product Category Company Tic ker PdProduc tCtt Category Amdocs Limited DOX Billing & Service Management ACI Worldwide, Inc. ACIW Financial & Accounting AsiaInfo Holdings, Inc. ASIA Billing & Service Management Bottomline Technologies EPAY Financial & Accounting CSG Systems International, Inc. CSGS Billing & Service Management DST Systems, Inc. DST Financial & Accounting Evertec EVTC Financial & Accounting Evolving Systems, Inc. EVOL Billing & Service Management Fair Isaac Corporation FICO Financial & Accounting MIND C.T.I. Ltd. MNDO Billing & Service Management Fiserv FISV Financial & Accounting NeuStar, Inc NSR Billing & Service Management Intuit Inc INTU Financial & Accounting Redknee Solutions TSX:RKN Billing & Service Management Model N, Inc MODN Financial & Accounting Synchronoss Technologies, Inc. SNCR Billing & Service Management NetSol Technologies Inc. KASE:NETSOL Financial & Accounting Actuate Corporation BIRT Business Intelligence Sage Group plc LSE:SGE Financial & Accounting MicroStrategy Incorporated MSTR Business Intelligence Qiwi plc QIWI Financial & Accounting Pegasystems Inc. PEGA Business Intelligence Activision Blizzard ATVI Gaming Progress Software Corporation PRGS Business Intelligence Electronic Arts Inc. EA Gaming PROS Holdings PRO Business Intelligence GameLoft SA ENXTPA:GFT Gaming Qlik Technologies QLIK Business Intelligence Konami Corporation TSE: 9766 Gaming Teradata NYSE:TDC Business Intelligence Take-Two Interactive TTWO Gaming Verisk VRSK Business Intelligence Ubisoft Entertainment ENXTPA:UBI Gaming Actuate Corporation BIRT Development Platforms Accretive Health AH Healthcare Allscripts Healthcare Solutions Inc. MDRX Healthcare Adobe Systems Incorporated ADBE Development Platforms Cerner Corporation CERN Healthcare BSQUARE Corporation BSQR Development Platforms Computer Programs and Sys, Inc. CPSI Healthcare Compppuware Corporation CPWR Development Platforms MdAMedAsse ts MDAS HlthHealthcare Magic Software Enterprises Ltd. MGIC Development Platforms Merge Healthcare MRGE Healthcare Microsoft Corporation MSFT Development Platforms Omnicell, Inc. OMCL Healthcare Oracle Corporation ORCL Development Platforms Quality Systems, Inc. QSII Healthcare Progress Software Corporation PRGS Development Platforms Hewlett Packard HPQ IT Conglomerates Red Hat, Inc. RHT Development Platforms IBM IBM IT Conglomerates Software AG XTRA:SOW Development Platforms Microsoft Corporation MSFT IT Conglomerates ANSYS, Inc. ANSS Engggineering & PLM Oracle Corporation ORCL IT Conglomerates Autodesk, Inc. ADSK Engineering & PLM SAP AG SAP IT Conglomerates Cadence Design Systems, Inc CDNS Engineering & PLM Bango PLC BGO Mobile Solutions/Content Cimatron Ltd. CIMT Engineering & PLM Glu Mobile, Inc. GLUU Mobile Solutions/Content Dassault Systèmes DSY Engineering & PLM Gree TSE:3632 Mobile Solutions/Content Millennial Media Inc MM Mobile Solutions/Content GSE Systems Inc. GVP Engineering & PLM Myriad Group AG MYRN Mobile Solutions/Content Mentor Graphics Corp MENT Engineering & PLM NQ Mobile Inc. NQ Mobile Solutions/Content PtiThlCtiParametric Technology Corporation PTC EiEngineer ing &PLM& PLM Opera OB:OPERA Mobile Solutions/Content PDF Solutions Inc PDFS Engineering & PLM Qihoo 360 Technology Co. Ltd QIHU Mobile Solutions/Content Stratasys, Inc. SSYS Engineering & PLM Pandora Media P Mobile Solutions/Content Synopsys Inc SNPS Engineering & PLM Sungy Mobile Limited NasdaqGM: GOMO Mobile Solutions/Content American Software, Inc. AMSW.A Enterprise Resource Planning Synchronoss Technologies, Inc. SNCR Mobile Solutions/Content Oracle Corporation ORCL Enterprise Resource Planning Tangoe, Inc. TNGO Mobile Solutions/Content QAD Inc. QADA Enterprise Resource Planning TeleCommunication Systems TSYS Mobile Solutions/Content Sage Group plc LSE:SGE Enterprise Resource Planning TeleNav TNAV Mobile Solutions/Content SAP AG SAP Enterprise Resource Planning Zynga, Inc ZNGA Mobile Solutions/Content 77 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX COMPANIES (CON’T)

SEG Software Index SEG Software Index Company Ticker Product Category Company Ticker Product Category Allot Communications Ltd. ALLT Networking & Network Performance Management CA Technologies CA Systems Management

Aruba Networks, Inc. ARUN Networking & Network Performance Management Citrix Systems, Inc. CTXS Systems Management Netscout Systems, Inc. NTCT Systems Management Barracuda Networks, Inc. CUDA Networking & Network Performance Management Red Hat, Inc. RHT Systems Management Brocade Communications Systems, Inc. BRCD Networking & Network Performance Management SolarWinds, Inc. SWI Systems Management Cisco Systems, Inc. CSCO Networking & Network Performance Management VMWare, Inc. VMW Systems Management Compuware Corporation Corporation CPWR Networking & Network & Network Performance Performance Management Management Advent Software, Inc. ADVS Vertical - Finance Cyan, Inc. CYNI Networking & Network Performance Management Broadridge Financial BR Vertical - Finance F5 Networks, Inc. FFIV Networking & Network Performance Management Fidessa LSE:FDSA Vertical - Finance Gigamon, LLC GIMO Networking & Network Performance Management Jack Henry & Associates, Inc. JKHY Vertical - Finance Juniper Networks, Inc. JNPR Networking & Network Performance Management MSCI, Inc. MSCI Vertical - Finance Radware Ltd. RDWR Networking & Network Performance Management SS&C Corporation SSNC Vertical - Finance Riverbed Technology, Inc. RVBD Networking & Network Performance Management Blackbaud, Inc. BLKB Vertical - Other AVG T Techno hlog lies iN.V. N V AVG SitSecurity Constellation TSX:CSU Vertical - Other Check Point Software Tech Ltd. CHKP Security EPIQ Systems, Inc. EPIQ Vertical - Other Commtouch Software Ltd. CTCH Security Guidewire Software, Inc. GWRE Vertical - Other Fortinet Inc. FTNT Security Micros Systems MCRS Vertical - Other Guidance Software, Inc. GUID Security PROS Holdings PRO Vertical - Other Imperva IMPV Security Sapiens International SPNS Vertical - Other Palo Alto Networks, Inc PANW Security Silver Spring Networks Networks, Inc Inc. SSNI Vertical - Other Proofpoint, Inc. PFPT Security Tyler Technologies, Inc. TYL Vertical - Other Symantec Corporation SYMC Security Trend Micro TSE:4704 Secuity

VASCO Data Security International VDSI Security Brocade Communications Systems, Inc. BRCD Storage, Data Management & Integration CA, Inc. CA Storage, Data Management & Integration CiscoS Systems, tI nc. I CSCO Storage,D a Dta tManagemen Mt & In tegra & Ition t ti CommVault Systems, Inc. CVLT Storage, Data Management & Integration EMC EMC Storage, Data Management & Integration FalconStor Software, Inc. FALC Storage, Data Management & Integration

IBM IBM Storage, Data Management & Integration Informatica Corporation INFA Storage, Data Management & Integration Microsoft Corporation Corporation MSFT Storage, Data Data Management Management & Integration & Integration NetApp, Inc. NTAP Storage, Data Management & Integration Oracle Corporation ORCL Storage, Data Management & Integration Splunk, Inc. SPLK Storage, Data Management & Integration

TIBCO Software Inc. TIBX Storage, Data Management & Integration American Software, Inc. AMSW.A Supply Chain Management & Logistics Aspen Technology, Inc. AZPN Supply Chain Management & Logistics Manhattan Associates, Inc. MANH Supply Chain Management & Logistics The Descartes Systems Group Inc. TSX:DSG Supply Chain Management & Logistics 78 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX – MEDIAN METRICS

Median Metrics - Annual Median Metrics - Quarterly

SEG - Software: Median Metrics SEG - Software: Median Metrics Measure 2011 2012 2013 Measure 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.7x 2.8x 3.1x EV/Revenue 26x2.6x 29x2.9x 28x2.8x 30x3.0x 32x3.2x EV/EBITDA 12.3x 11.7x 14.1x EV/EBITDA 11.7x 12.8x 12.2x 13.7x 14.6x EV/Earnings 21.9x 23.9x 23.9x 27.2x 27.2x EV/Earnings 23.5x 22.8x 25.5x Gross Profit Margin 66.0% 66.6% 67.1% 67.7% 67.5% Current Ratio 1.9 1.9 2.0 EBITDA Margin 19.3% 19.1% 18.8% 18.6% 18.7% Cash & Eq ($M) $158.5 $149.6 $184.7 Net Income Margin 10.4% 9.1% 9.2% 8.6% 8.6% Gross Profit Margin 65.8% 66.3% 67.5% TTM RevenueRevenue Growth Growth 13.5% 12.8% 11.5% 10.2% 9.9% EBITDA Margin 18.9% 19.5% 18.7% TTM Total Revenue ($M ) $452.3 $461.7 $471.9 $483.6 $542.7 Net Income Margin 10.8% 10.4% 9.0% TTM EBITDA Growth 11.0% 8.0% 5.8% 6.4% 6.3% TTM Revenue Growth 16.1% 13.2% 9.9% TTM Total EBITDA ($M) $75.1 $76.0 $82.7 $86.6 $89.0 TTM Total Revenue ($M) $387.9 $449.0 $494.2 Cash & Eq ($M) $161.5 $169.3 $180.9 $175.9 $191.2 TTM Total EBITDA ($M) $75.5 $82.7 $91.2 Current Ratio 2.0 1.9 1.9 2.0 2.1 qqyuity Ratio 22.3% 22.5% 25.7% Debt / E Debt / E qqyuity Ratio 22.5% 26.6% 26.6% 23.1% 25.9%

Billing & Service Management 4Q12 1Q13 2Q13 3Q13 4Q13 Enterprise Resource Planning 4Q12 1Q13 2Q13 3Q13 4Q13 IT Conglomerates 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 1.5x 1.9x 1.9x 2.3x 2.6x EV/Revenue 2.7x 2.9x 3.0x 3.0x 2.9x EV/Revenue 2.5x 2.5x 2.9x 2.7x 3.0x EV/EBITDA 8.3x 8.7x 8.3x 9.0x 8.8x EV/EBITDA 9.1x 10.1x 11.4x 12.1x 12.5x EV/EBITDA 8.4x 9.3x 9.0x 8.4x 8.5x EV/Earnings 17.1x 15.4x 14.2x 17.2x 18.5x EV/Earnings 14.0x 22.8x 25.4x 23.4x 23.5x EV/Earnings 13.7x 14.7x 14.2x 13.5x 12.8x Gross Profit Margin 58.3% 59.4% 58.4% 58.3% 56.7% Gross Profit Margin 71.4% 71.2% 71.6% 71.9% 72.2% Gross Profit Margin 71.4% 71.2% 71.6% 71.9% 72.2% EBITDA Margin 19.8% 20.7% 18.7% 18.4% 17.6% EBITDA Margin 28.5% 28.5% 28.5% 28.7% 29.0% EBITDA Margin 34.6% 33.8% 33.8% 34.3% 35.0% Net Income Margin 12.1% 11.0% 9.9% 9.8% 10.0% Net Income Margin 18.6% 12.6% 10.4% 9.8% 10.7% Net Income Margin 18.6% 17.4% 17.6% 17.8% 18.6% TTM Revenue Growth (YoY) 10.4% 10.4% 8.9% 16.9% 7.7% TTM Revenue Growth (YoY) 2.9% 2.0% 0.2% 1.6% 2.7% TTM Revenue Growth (YoY) 1.4% 0.5% 0.2% 1.2% 0.9% TTM EBITDA Growth (YoY) 10.4% 14.2% 9.2% 5.9% 2.1% TTM EBITDA Growth (YoY) 7.4% 7.4% 0.0% 4.1% 1.8% TTM EBITDA Growth (YoY) -2.4% 0.9% 2.4% 0.6% 1.8% TTM EaagsGo(o)rnings Growth (YoY) -14.4% -003%.3% 7.5% -166%.7% -996%.6% TTM EaagsGo(o)rnings Growth (YoY) 12.9% -17.9% -166%.7% -1666%.6% -668%.8% TTM EaagsGo(o)rnings Growth (YoY) 666%.6% -666%.6% -66%.7% 333%.3% 555%.5% Current Ratio 2.7 3.0 2.7 2.8 2.7 Current Ratio 1.2 1.1 1.1 1.1 1.1 Current Ratio 1.2 1.1 1.2 1.2 1.2 Cash as Percent of Market Cap 17.2% 17.4% 17.8% 19.1% 17.6% Cash as Percent of Market Cap 20.3% 20.5% 21.6% 22.3% 23.7% Cash as Percent of Market Cap 20.3% 20.5% 21.6% 22.3% 23.7% Enterprise Value Growth (YoY) 13.9% 10.2% 21.5% 22.5% 22.3% Enterprise Value Growth (YoY) -0.2% 2.0% 15.4% 4.3% 13.7% Enterprise Value Growth (YoY) 2.4% 1.6% 1.7% 3.7% 9.7%

Business Intelligence 4Q12 1Q13 2Q13 3Q13 4Q13 Financial & Accounting 4Q12 1Q13 2Q13 3Q13 4Q13 Mobile Solutions/Content 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 3.2x 3.4x 3.0x 3.3x 3.3x EV/Revenue 2.9x 3.1x 3.3x 3.3x 3.7x EV/Revenue 2.7x 3.0x 2.8x 3.4x 3.4x EV/EBITDA 17.5x 15.8x 16.5x 17.2x 19.1x EV/EBITDA 10.0x 10.6x 11.1x 12.2x 13.6x EV/EBITDA 11.4x 17.9x 13.2x 13.6x 19.4x EV/Earnings 30.9x 34.7x 25.2x 34.0x 33.8x EV/Earnings 20.3x 22.8x 24.4x 28.0x 28.9x EV/Earnings 21.4x 40.2x 50.5x 63.0x 79.1x Gross Profit Margin 73.3% 72.8% 72.3% 71.8% 72.1% Gross Profit Margin 55.3% 54.2% 54.0% 53.9% 54.7% Gross Profit Margin 53.8% 57.7% 58.5% 57.9% 57.8% EBITDA Margin 14.7% 14.0% 13.6% 13.3% 14.0% EBITDA Margin 28.5% 27.5% 26.6% 26.1% 26.7% EBITDA Margin 5.7% 7.1% 8.7% 8.1% 7.9% Net Income Margin 7.8% 6.1% 9.5% 8.9% 10.6% Net Income Margin 12.8% 12.6% 12.6% 11.2% 11.6% Net Income Margin -5.1% 2.0% 2.4% 2.4% 2.8% TTM Revenue Growth (YoY) 13.2% 11.8% 13.1% 14.2% 9.3% TTM Revenue Growth (YoY) 13.0% 8.6% 6.4% 9.5% 10.7% TTM Revenue Growth (YoY) 40.6% 46.7% 26.4% 20.3% 23.7% TTM EBITDA Growth (YoY) -7.7% 3.0% -8.2% -26.9% -9.4% TTM EBITDA Growth (YoY) 2.3% 3.3% 4.0% 4.5% 6.6% TTM EBITDA Growth (YoY) -11.3% 17.1% 12.0% 16.0% 11.4% TTM Earnings Growth (YoY) 16.5% 15.5% 14.9% 15.6% 4.3% TTM Earnings Growth (YoY) 30.0% 29.4% 20.6% 8.0% 4.4% TTM Earnings Growth (YoY) 98.3% 13.4% -20.1% -36.6% -34.9% Current Ratio 2.2 1.9 2.0 2.0 2.1 Current Ratio 1.2 1.3 1.5 1.4 1.6 Current Ratio 2.1 2.1 2.2 2.1 3.9 Cash as Percent of Market Cap 15.6% 15.8% 13.4% 11.8% 11.5% Cash as Percent of Market Cap 5.5% 8.3% 7.9% 8.5% 5.5% Cash as Percent of Market Cap 12.2% 10.9% 9.5% 16.7% 10.5% Enterprise Value Growth (YoY) -9.3% -7.2% -9.1% 21.3% 37.8% Enterprise Value Growth (YoY) 19.8% 12.0% 20.9% 23.1% 29.8% Enterprise Value Growth (YoY) -13.9% -16.0% -6.5% 9.1% 50.2%

Development Platforms 4Q12 1Q13 2Q13 3Q13 4Q13 Gaming 4Q12 1Q13 2Q13 3Q13 4Q13 Networking & Network Perf Mgmt 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.5x 2.5x 2.6x 2.6x 2.7x EV/Revenue 1.0x 1.1x 1.3x 1.6x 1.6x EV/Revenue 3.0x 2.8x 2.7x 2.8x 2.7x EV/EBITDA 9.6x 9.4x 10.2x 14.4x 11.9x EV/EBITDA 8.0x 7.1x 10.0x 12.1x 13.5x EV/EBITDA 15.1x 15.4x 17.0x 17.0x 17.1x EV/Earnings 16.6x 17.2x 14.2x 13.7x 15.9x EV/Earnings 20.2x 16.8x 20.5x 43.6x 30.6x EV/Earnings 26.9x 29.7x 21.0x 22.8x 21.7x Gross Profit Margin 77.6% 77.9% 78.1% 77.7% 77.6% Gross Profit Margin 61.8% 64.7% 65.3% 66.3% 66.8% Gross Profit Margin 70.9% 70.6% 70.7% 70.8% 71.1% EBITDA Margin 23.4% 21.1% 20.3% 20.0% 20.0% EBITDA Margin 16.6% 14.9% 14.8% 14.0% 13.4% EBITDA Margin 14.9% 14.9% 14.5% 14.1% 13.6% Net Income Margin 13.8% 14.3% 12.6% 11.2% 11.5% Net Income Margin 5.4% 4.5% 4.4% 3.5% 3.4% Net Income Margin 8.7% 5.8% 4.9% -0.7% -1.4% TTM Revenue Growth (YoY) 1.6% 3.0% 0.6% -0.3% -0.5% TTM Revenue Growth (YoY) 0.1% 7.4% 15.1% 15.2% 10.7% TTM Revenue Growth (YoY) 13.9% 16.5% 11.0% 6.5% 4.6% TTM EBITDA Growth (YoY) -0.9% -3.0% -2.7% -13.9% 0.0% TTM EBITDA Growth (YoY) -3.6% 1.0% 40.1% 50.6% 48.0% TTM EBITDA Growth (YoY) 14.6% 15.6% 8.9% 2.5% -12.2% TTM Earnings Growth (YoY) -0.7% -7.0% -6.9% 1.6% -0.3% TTM Earnings Growth (YoY) 5.2% -10.7% 26.4% 25.3% -17.6% TTM Earnings Growth (YoY) 24.4% -14.4% 2.9% 10.0% 6.9% Current Ratio 2.2 2.3 2.3 2.1 2.1 Current Ratio 2.4 2.5 2.6 2.4 2.0 Current Ratio 2.5 1.8 1.7 2.3 2.5 Cash as Percent of Market Cap 22.1% 20.1% 20.2% 19.3% 18.4% Cash as Percent of Market Cap 32.0% 26.0% 22.1% 21.7% 17.4% Cash as Percent of Market Cap 15.5% 15.2% 17.2% 16.9% 16.3% Enterprise Value Growth (YoY) -1.7% 0.1% -3.0% 6.3% 18.1% Enterprise Value Growth (YoY) -12.3% -1.3% 27.1% 65.0% 45.7% Enterprise Value Growth (YoY) -7.2% -4.3% 2.2% 8.4% 8.1%

Engineering & PLM 4Q12 1Q13 2Q13 3Q13 4Q13 Healthcare 4Q12 1Q13 2Q13 3Q13 4Q13 Security 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.5x 2.7x 2.7x 2.8x 3.0x EV/Revenue 2.0x 2.0x 2.1x 2.4x 2.5x EV/Revenue 2.7x 3.3x 3.6x 4.0x 3.5x EV/EBITDA 12.7x 14.8x 14.2x 14.6x 14.6x EV/EBITDA 12.4x 15.0x 16.5x 17.1x 18.4x EV/EBITDA 11.1x 11.5x 10.7x 12.5x 13.2x EV/Earnings 23.2x 20.0x 19.6x 22.9x 23.1x EV/Earnings 33.0x 32.7x 35.1x 34.4x 37.0x EV/Earnings 13.7x 15.8x 16.2x 19.6x 17.6x Gross Profit Margin 83.4% 83.3% 83.4% 83.6% 84.0% Gross Profit Margin 58.5% 57.4% 56.4% 55.8% 55.5% Gross Profit Margin 75.8% 75.7% 75.3% 75.2% 75.5% EBITDA Margin 20.6% 20.7% 19.8% 19.9% 20.1% EBITDA Margin 20.3% 18.4% 18.0% 17.9% 16.9% EBITDA Margin 17.8% 12.0% 8.8% 5.5% 4.4% Net Income Margin 10.6% 10.8% 10.4% 10.8% 11.1% Net Income Margin 4.2% 3.4% 3.4% 3.9% 4.0% Net Income Margin 12.4% 8.2% 3.4% 0.1% -0.5% TTM Revenue Growth (YoY) 14.0% 13.1% 11.7% 8.4% 4.4% TTM Revenue Growth (YoY) 17.7% 10.1% 9.0% 10.8% 8.0% TTM Revenue Growth (YoY) 23.1% 23.4% 21.3% 19.6% 18.3% TTM EBITDA Growth (YoY) 7.1% 10.5% 11.3% 8.0% 6.9% TTM EBITDA Growth (YoY) 0.1% -1.4% -4.2% 4.9% 3.6% TTM EBITDA Growth (YoY) 10.7% 5.1% -15.9% -28.7% -40.6% TTM Earnings Growth (YoY) 14.3% 14.2% 13.3% 6.1% 10.4% TTM Earnings Growth (YoY) 18.6% 16.0% 23.1% -1.3% -2.7% TTM Earnings Growth (YoY) 7.8% -3.5% -6.1% -4.1% -13.0% Current Ratio 1.8 1.9 2.2 2.2 2.5 Current Ratio 2.2 2.2 2.3 2.3 2.1 Current Ratio 2.0 1.6 1.6 1.5 1.5 Cash as Percent of Market Cap 15.4% 14.2% 14.9% 15.6% 16.5% Cash as Percent of Market Cap 79%7.9% 65%6.5% 58%5.8% 59%5.9% 62%6.2% Cash as Percent of Market Cap 13.1% 12.5% 12.3% 99%9.9% 10.4% Enterprise Value Growth (YoY) 31.1% 21.1% 27.4% 33.2% 40.9% Enterprise Value Growth (YoY) -17.3% -24.2% 5.8% 14.0% 23.0% Enterprise Value Growth (YoY) -2.9% -0.2% 13.6% 30.7% 29.0% 84 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SOFTWARE INDEX METRICS BY PRODUCT CATEGORY

Storage, Data Mgmt & Integration 4Q12 1Q13 2Q13 3Q13 4Q13 Vertical - Other 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.3x 2.4x 2.4x 2.7x 3.0x EV/Revenue 3.0x 3.2x 3.4x 3.7x 3.6x EV/EBITDA 8.4x 9.3x 9.0x 8.9x 8.7x EV/EBITDA 21.5x 22.6x 24.6x 25.9x 30.0x EV/Earnings 14.5x 15.4x 16.9x 15.5x 16.4x EV/Earnings 39.8x 41.0x 45.5x 51.8x 67.3x Gross Profit Margin 73.0% 72.6% 72.3% 72.8% 73.5% Gross Profit Margin 54.2% 53.4% 52.8% 52.4% 52.5% EBITDA Margin 21.8% 22.2% 21.9% 22.2% 23.3% EBITDA Margin 14.0% 13.8% 13.5% 13.3% 12.3% Net Income Margin 12.7% 11.5% 10.7% 10.9% 11.1% Net Income Margin 6.3% 6.5% 6.7% 5.8% 4.5% TTM Revenue Growth (YoY) 6.5% 4.8% 4.1% 3.3% 4.4% TTM Revenue Growth (YoY) 16.8% 20.6% 21.7% 22.3% 24.6% TTM EBITDA Growth (YoY) 4.3% 3.8% 1.8% -0.6% 6.2% TTM EBITDA Growth (YoY) 0.6% 7.7% 4.8% -3.5% -3.4% TTM Earningg()s Growth (YoY) 8.5% 4.7% 3.2% 8.9% 6.9% TTM Earningg()s Growth (YoY) 15.3% -4.2% -3.4% 15.1% 6.3% Current Ratio 2.3 2.2 2.2 2.4 2.5 Current Ratio 1.6 1.6 1.4 1.5 1.6 Cash as Percent of Market Cap 20.3% 20.2% 21.7% 19.6% 21.2% Cash as Percent of Market Cap 7.0% 8.8% 7.3% 7.9% 9.0% Enterprise Value Growth (YoY) -1.1% -9.1% -0.8% 13.0% 27.6% Enterprise Value Growth (YoY) 10.1% 21.9% 55.4% 69.3% 77.5%

Supply Chain Mgmt & Logistics 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 3.5x 3.8x 4.1x 4.5x 5.2x EV/EBITDA 13.6x 14.7x 15.6x 17.3x 19.5x EV/Earnings 30.4x 29.0x 31.2x 35.9x 43.0x Gross Profit Margin 62.0% 61.8% 62.0% 61.9% 61.9% EBITDA Margin 19.6% 19.4% 19.1% 21.4% 24.1% Net Income Margin 10.5% 11.5% 11.4% 12.8% 13.2% TTM Revenue Growth (YoY) 13.1% 12.8% 10.7% 13.6% 14.2% TTM EBITDA Growth (YoY) 29.4% 28.8% 19.8% 19.1% 20.1% TTM Earnings Growth (YoY) -0.7% 8.7% 0.6% 11.9% 20.1% Current Ratio 2.5 2.4 2.4 2.3 2.4 Cash as Percent of Market Cap 10.5% 7.1% 6.8% 6.5% 6.1% Enterprise Value Growth (YoY) 38.9% 38.4% 37.2% 40.7% 50.6%

Systems Management 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 5.7x 5.6x 5.0x 5.4x 4.5x EV/EBITDA 24.4x 23.0x 20.9x 19.7x 16.5x EV/Earnings 39.3x 37.6x 34.7x 34.7x 29.9x Gross Profit Margin 85.8% 85.6% 85.5% 85.6% 85.7% EBITDA Margin 25.1% 24.4% 23.8% 24.2% 24.2% Net Income Margin 15.5% 14.9% 14.1% 13.8% 14.8% TTM Revenue Growth (YoY) 17.4% 17.2% 16.1% 16.4% 15.3% TTM EBITDA Growth (YoY) 14.0% 18.2% 13.2% 11.9% 10.5% TTM Earnings Growth (YoY) 11.6% 2.7% 0.7% 9.4% 16.8% Current Ratio 1.8 1.5 1.5 1.5 1.6 Cash as Percent of Market Cap 10.1% 11.8% 13.2% 10.5% 11.3% Enterprise Value Growth (YoY) 7.8% 4.1% -10.3% -9.1% -9.1%

Vertical - Finance 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 3.0x 3.4x 3.8x 3.7x 4.7x EV/EBITDA 9.4x 10.7x 11.4x 12.6x 13.3x EV/Earnings 23.3x 24.1x 23.2x 24.3x 25.6x Gross Profit Margin 44.3% 43.8% 43.3% 43.2% 43.7% EBITDA Margin 26.3% 26.5% 27.3% 26.0% 26.3% Net Income Margin 10.0% 9.7% 10.3% 11.3% 13.0% TTM Revenue Growth (YoY) 7.1% 6.7% 7.6% 7.4% 8.1% TTM EBITDA Growth (YoY) 6.9% 8.8% 9.0% 9.4% 10.3% TTM Earnings Growth (YoY) -8.4% 1.2% 5.6% 20.3% 23.1% Current Ratio 1.4 1.3 1.4 1.3 1.3 Cash as Percent of Market Cap 94%9.4% 80%8.0% 77%7.7% 43%4.3% 40%4.0% Enterprise Value Growth (YoY) -4.4% 0.9% 20.9% 29.1% 46.0% 85 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX COMPANIES

SEG SaaS Index Company Ticker Product Category Bazaarvoice, Inc BV CRM & Marketing Constant Contact CTCT CRM & Marketing Cvent NYSE:CVT CRM & Marketing LivePerson LPSN CRM & Marketing Marketo MKTO CRM & Marketing Marin Software MRIN CRM & Marketing Responsys MKTG CRM & Mar ke ting Salesforce.com CRM CRM & Marketing Vocus VOCS CRM & Marketing E2open, Inc EOPN ERP & Supply Chain Fleetmatics FLTX ERP & Supply Chain Netsuite N ERP & Supply Chain SciQuest SQI ERP & Supply Chain SPS Commerce SPSC ERP & Supply Chain Workday, Inc. WDAY ERP & Supply Chain Athenahealth, Inc ATHN Vertically Focused DealerTrack TRAK Vertically Focused Ebix Inc. EBIX Vertically Focused Ellie Mae ELLI Vertically Focused Medidata Solutions MDSO Vertically Focused RealPage RP Vertically Focused Textura Corp. TXTR Vertically Focused Veeva Systems Inc. VEEV Vertically Focused Callidus Software Inc. CALD Workforce Management Cornerstone OnDemand CSOD Workforce Management Halogen Software, Inc. TSX:HGN Workforce Management The Ultimate Software Group, Inc. ULTI Workforce Management Workday, Inc. WDAY Workforce Management Benefitfocus, Inc. BNFT Other SaaS ChannelAdvisors ECOM Other SaaS Concur CNQR Other SaaS Demandware, Inc. DWRE Other SaaS FireEye, Inc. FEYE Other SaaS inContact, Inc. SAAS Other SaaS IntraLinks Holdings IL Other SaaS J2 Global JCOM Other SaaS Jive Software, Inc JIVE Other SaaS OpenTable, Inc. OPEN Other SaaS Qualys, Inc. QLYS Other SaaS RingCentral, Inc. RNG Other SaaS Service-now.com NOW Other SaaS Tableau Software DATA Other SaaS Tangoe TNGO Other SaaS Zix Corporation ZIXI Other SaaS 86 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG SaaS INDEX – MEDIAN METRICS

Median Metrics - Annual Median Metrics - Quarterly

SEG - SaaS: Median Metrics SEG - SaaS: Median Metrics Measure 2011 2012 2013 Measure 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 4.5x 5.0x 7.3x EV/Revenue 48x4.8x 54x5.4x 58x5.8x 71x7.1x 84x8.4x EV/EBITDA 35.2x 35.0x 48.2x EV/EBITDA 38.2x 35.4x 30.2x 39.8x 57.0x EV/Earnings 53.1x 53.6x 97.7x EV/Earnings 40.2x 63.9x 106.1x 125.3x 123.6x Current Ratio 1.7 1.7 2.3 Gross Profit Margin 70.9% 70.7% 70.6% 70.1% 70.2% Cash & Eq ($M) $56.5 $72.0 $99.1 EBITDA Margin 7.3% 6.0% 3.1% 1.4% 0.4% Gross Profit Margin 68.4% 70.9% 70.0% Net Income Margin 0.1% -1.4% -3.3% -4.2% -4.0% TTM RevenueRevenue Growth Growth 27. 7%7% 25. 6%6% 24. 4%4% 24. 9%9% 26. 1%1% EBITDA Margin 8.8% 8.1% 1.0% TTM Total Revenue ($ M $103.8 $127.6 $140.5 $156.9 $170.0 Net Income Margin 0.4% -0.1% -4.0% TTM EBITDA Growth 22.8% 9.5% 7.9% 13.8% 12.1% TTM Revenue Growth 26.9% 25.5% 26.0% TTM Total EBITDA ($M $6.0 $6.8 $4.0 $2.2 $0.7 TTM Total Revenue ($M) $86.5 $136.2 $163.5 Cash & Eq ($M) $60.1 $63.2 $73.2 $82.6 $107.5 TTM Total EBITDA ($M) $6.7 $8.7 $1.4 Current Ratio 1.5 1.8 1.5 2.1 2.7 Debt / Equity Ratio 6.8% 6.5% 10.7% Debt // EquityEquity Ratio Ratio 5.7% 6.5% 6.4% 9.8% 11.9%

CRM & Marketing 4Q12 1Q13 2Q13 3Q13 4Q13 Other SaaS 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 3.4x 2.7x 2.7x 4.0x 3.3x EV/Revenue 2.9x 3.0x 3.4x 5.4x 5.2x EV/EBITDA 30.4x 26.6x 24.4x 36.7x 58.0x EV/EBITDA 6.7x 16.7x 18.6x 19.5x 10.8x EV/Earnings 28.4x 35.6x 52.7x 273.1x 512.6x EV/Earnings 0.0x 0.0x 0.0x 0.0x 0.0x Gross Profit Margin 71.0% 70.8% 70.9% 71.0% 71.2% Gross Profit Margin 63.2% 65.1% 65.5% 66.3% 66.6% EBITDA Margin 1.1% 0.1% 1.4% 0.5% 0.6% EBITDA Margin 0.0% 0.0% 0.0% 0.0% 0.0% Net Income Margin -8.9% -8.9% -9.8% -6.7% -3.6% Net Income Margin -4.8% -4.4% -4.2% -4.4% -4.8% TTM Revenue Growth (YoY) 36.1% 37.2% 26.7% 27.3% 25.1% TTM Revenue Growth (YoY) 14.6% 19.4% 15.8% 17.2% 18.5% TTM EBITDA Growth (YoY) -21.9% -62.9% -30.8% -41.0% -32.2% TTM EBITDA Growth (YoY) 2.6% 1.4% 0.0% 0.0% -2.6% TTM Earningg()s Growth (YoY) -19.9% -46.1% -53.3% -47.6% -75.9% TTM Earnings Growth (YoY) 4.2% 5.9% 3.2% 2.5% 0.0% Current Ratio 1.9 1.9 1.5 1.9 2.6 Current Ratio 1.1 1.6 1.3 1.2 2.0 Cash as Percent of Market Cap 14.2% 22.4% 19.3% 14.6% 11.6% Cash as Percent of Market Cap 13.2% 12.7% 12.1% 7.8% 7.1% Enterprise Value Growth (YoY) 23.3% -20.1% -29.1% -8.0% 22.5% Enterprise Value Growth (YoY) 0.0% 0.0% 5.7% 34.2% 43.7%

ERP & Supply Chain 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 7.0x 6.6x 7.1x 9.3x 9.1x EV/EBITDA 64.1x 85.2x 86.7x 108.5x 105.0x EV/Earnings 118.6x 283.6x 331.2x 478.7x 466.2x Gross Profit Margin 70. 2% 69. 3% 68. 6% 68. 1% 68. 1% EBITDA Margin 7.2% 3.2% 0.2% -3.1% -4.0% Net Income Margin 2.7% -1.4% -3.8% -9.0% -11.3% TTM Revenue Growth (YoY) 25.3% 31.8% 33.9% 37.7% 38.3% TTM EBITDA Growth (YoY) 7.5% 19.0% 0.3% -77.8% -62.0% TTM Earnings Growth (YoY) -15.3% -1.3% 23.0% 698.4% 393.6% Current Ratio 1.4 2.4 2.1 2.8 3.0 Cash as Percent of Market Cap 8.3% 10.1% 9.4% 6.4% 6.9% Enterprise Value Growth (YoY) 66.7% 64.8% 94.4% 68.5% 69.5%

Vertically Focused 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 4.7x 5.0x 5.0x 5.7x 7.4x EV/EBITDA 25.5x 27.3x 25.7x 28.8x 32.0x EV/Earnings 30.7x 63.3x 137.6x 119.5x 104.8x Gross Profit Margin 66.1% 65.9% 66.1% 64.2% 63.9% EBITDA Margin 14.7% 16.5% 16.0% 15.9% 15.9% Net Income Margin 10.4% 6.8% 6.2% 6.0% 7.4% TTM Revenue Growth (YoY) 30.1% 24.9% 21.5% 22.6% 26.1% TTM EBITDA Growth (YoY) 3.5% 6.5% 12.2% 10.6% 17.8% TTM Earnings Growth (YoY) 3.5% -1.4% -3.1% -36.1% -13.4% Current Ratio 2.0 2.0 1.6 2.1 3.7 Cash as Percent of Market Cap 8.5% 8.4% 5.4% 8.8% 8.1% Enterprise Value Growth (YoY) 25.7% 26.3% 21.5% 27.2% 46.0%

Workforce Management 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 10.5x 10.7x 8.5x 10.5x 10.7x EV/EBITDA 69.4x 63.9x 61.9x 73.0x 73.7x EV/Earnings 243.2x 181.0x 165.7x 190.0x 189.0x Gross Profit Margin 56.6% 57.4% 58.5% 60.2% 61.1% EBITDA Margin -15.0% -17.8% -16.1% -14.4% -9.8% Net Income Margin -27.9% -29.2% -27.7% -28.2% -22.2% TTM Revenue Growth (YoY) 29.1% 23.4% 43.1% 42.2% 42.7% TTM EBITDA Growth (YoY) -9.8% -32.9% -17.9% -4.8% -11.3% TTM Earnings Growth (YoY) 174.8% 241.7% 264.2% 202.4% 113.6% Current Ratio 1.2 1.1 1.1 2.2 2.3 Cash as Percent of Market Cap 40%4.0% 98%9.8% 13. 7% 92%9.2% 90%9.0% Enterprise Value Growth (YoY) 62.3% 49.2% 42.8% 76.4% 74.4% 89 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX COMPANIES

SEG Internet Index SEG Internet Index

Company Ticker Product Category Company Ticker Product Category Angie's List, Inc. ANGI Ad Tech & Lead Generation AOL, Inc. AOL Content & Media Baidu.com, Inc. BIDU Ad Tech & Lead Generation DemandMedia DMD Content & Media Bankrate, Inc. RATE Ad Tech & Lead Generation InterActiveCorp IACI Content & Media Criteo Corp. CRTO Ad Tech & Lead Generation Netflix NFLX Content & Media Digital Generation, Inc. DGIT Ad Tech & Lead Generation Pandora P Content & Media eHealth, Inc. EHTH Ad Tech & Lead Generation Shutterstock, Inc. SSTK Content & Media Google Inc. GOOG Ad Tech & Lead Generation TheStreet.com, Inc. TST Content & Media Groupon GRPN Ad Tech & Lead Generation WebMD Health Corp. WBMD Content & Media InterActiveCorp IACI Ad Tech & Lead Generation XO Group XOXO Content & Media Yahoo! Inc. YHOO Content & Media LinkedIn LNKD Ad Tech & Lead Generation Youku YOKU Content & Media Marchex Inc. MCHX Ad Tech & Lead Generation ChangYou.com CYOU Gaming QuinStreet QNST Ad Tech & Lead Generation Giant Interactive GA Gaming ReachLocal, Inc. RLOC Ad Tech & Lead Generation Netease NTES Gaming Rocket Fuel FUEL Ad Tech & Lead Generation NCSoft KOSE:A036570 Gaming SINA Corporation SINA Ad Tech & Lead Generation Perfect World PWRD Gaming Sohu.com Inc. SOHU Ad Tech & Lead Generation Sohu.com Inc. SOHU Gaming Tree.Com, Inc. TREE Ad Tech& Lead Generation Tencent Holdings SEHK:700 Gaming Tremor Video, Inc. TRMR Ad Tech & Lead Generation Zynga, Inc. ZNGA Gaming ValueClick, Inc. VCLK Ad Tech & Lead Generation 8x8, Inc. EGHT Infrastructure Yandex YNDX Ad Tech & Lead Generation Akamai Technologies, Inc. AKAM Infrastructure YuMe, Inc. YUME Ad Tech & Lead Generation Brightcove Inc. BCOV Infrastructure 1-800-FLOWERS.COM, Inc. FLWS Commerce BroadSoft, Inc. BSFT Infrastructure 58.com Inc. Inc. WUBA Commerce Digit ital Ri l RiverI nc. I DRIV IfInfrastruc tture t Amazon.com, Inc. AMZN Commerce Envivio, Inc. ENVI Infrastructure Bitauto Holdings Limited BITA Commerce Harmonic Inc HLIT Infrastructure BlueNile NILE Commerce Interactive Intelligence, Inc. ININ Infrastructure DangDang DANG Commerce Limelight Networks, Inc. LLNW Infrastructure Digital River Inc. DRIV Commerce Mitel Networks Corp. MITL Infrastructure eBay Inc Inc. EBAY Commerce Polycom, Inc Inc. PLCM Infrastructure GeekNet GKNT Commerce Rovi Corporation ROVI Infrastructure Liquidity Services, Inc. LQDT Commerce SeaChange International Inc. SEAC Infrastructure Mecox Lane Limited MCOX Commerce ShoreTel, Inc. SHOR Infrastructure Mercadolibre, Inc. MELI Commerce Sonus Networks, Inc SONS Infrastructure Overstock.com, Inc. OSTK Commerce Synacor, Inc SYNC Infrastructure PetMed Express Express, Inc. Inc PETS Commerce Tucows Inc Inc. TCX Infrastructure Stamps.com STMP Commerce VeriSign VRSN Infrastructure 90 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved THE SEG INTERNET INDEX COMPANIES (CON’T)

SEG Internet Index Company Ticker Product Category Angie's List, Inc. ANGI Services Bankrate, Inc. RATE Services Carbonite, Inc. CARB Services LifeLock, Inc. LOCK Services Monster Worldwide, Inc. MWW Services Qihoo QIHU Services Shutterfly SFLY Services SouFun Holdings Ltd. SFUN Services Tree.Com, Inc. TREE Services Trulia, Inc. TRLA Services VistaPrint VPRT Services Wix.com Ltd. WIX Services Xoom XOOM Services Zillow Z SiServices Facebook FB Social LinkedIn LNKD Social Mail.ru Group LSE:MAIL Social Renren Inc RENN Social Twitter, Inc. TWTR Social Yelp, Inc. YELP Social YY, Inc. YY Social Ctrip CTRP Travel Expedia EXPE Travel HomeAway AWAY Travel MakeMyTrip MMYT Travel Orbitz OWW Travel Priceline PCLN Travel Travelzoo TZOO Travel TripAdvisor Inc TRIP Travel

Median Metrics - Annual Median Metrics - Quarterly

SEG - Internet: Median Metrics SEG - Internet: Median Metrics Measure 2011 2012 2013 Measure 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.6x 2.1x 2.6x EV/Revenue 21x2.1x 20x2.0x 22x2.2x 26x2.6x 26x2.6x EV/EBITDA 13.4x 13.4x 15.1x 18.5x 21.4x EV/EBITDA 14.1x 12.9x 18.5x EV/Earnings 22.3x 21.9x 28.0x 32.7x 38.8x EV/Earnings 25.8x 23.1x 32.0x Gross Profit Margin 64.3% 64.5% 64.5% 64.5% 64.5% Current Ratio 2.5 2.4 2.4 EBITDA Margin 11.3% 11.1% 11.7% 10.9% 10.9% Cash & Eq ($M) $140.9 $145.3 $169.3 Net Income Margin 3.9% 2.7% 2.2% 2.2% 2.0% Gross Profit Margin 66.2% 65.1% 64.8% TTM RevenueRevenue Growth Growth 22. 2%2% 21. 1%1% 19. 3%3% 17. 3%3% 16. 4%4% EBITDA Margin 13.1% 12.5% 11.0% TTM Total Revenue ($M ) $379.8 $386.4 $398.9 $436.0 $458.2 Net Income Margin 4.3% 4.0% 2.1% TTM EBITDA Growth 18.8% 17.6% 11.6% 18.0% 16.6% TTM Revenue Growth 26.4% 20.8% 17.1% TTM Total EBITDA ($M) $32.7 $33.6 $34.0 $38.4 $42.9 TTM Total Revenue ($M) $333.0 $392.8 $440.2 Cash & Eq ($M) $130.4 $142.9 $154.9 $169.4 $191.7 TTM Total EBITDA ($M) $34.3 $38.4 $37.2 Current Ratio 2.5 2.3 2.4 2.1 2.5 Debt / Eqqyuity Ratio 15.5% 17.0% 20.5% Debt // EquityEquity Ratio Ratio 19.2% 17.0% 19.5% 18.9% 21.8%

Ad Tech & Lead Generation 4Q12 1Q13 2Q13 3Q13 4Q13 Infrastructure 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.4x 1.7x 2.5x 2.5x 2.3x EV/Revenue 1.0x 1.7x 1.6x 1.4x 1.7x EV/EBITDA 12.1x 13.5x 14.9x 22.1x 26.4x EV/EBITDA 10.8x 11.4x 13.6x 14.3x 14.6x EV/Earnings 28.0x 21.8x 25.4x 25.7x 38.2x EV/Earnings 20.5x 23.3x 35.3x 47.1x 40.1x Gross Profit Margin 64.6% 64.5% 64.3% 62.7% 63.3% Gross Profit Margin 62.9% 61.6% 61.2% 62.2% 62.2% EBITDA Margin 12.4% 12.9% 12.1% 11.0% 10.2% EBITDA Margin 7.4% 8.0% 7.2% 7.1% 6.3% Net Income Margin 4.3% 4.6% 3.6% 1.0% 0.5% Net Income Margin 1.8% -0.8% 0.4% 0.7% -0.8% TTM Revenue Growth (YoY) 30.1% 32.4% 26.8% 24.1% 16.4% TTM Revenue Growth (YoY) 10.9% 9.2% 8.8% 5.6% 6.3% TTM EBITDA Growth (YoY) 5.2% 10.0% 22.2% 7.7% 17.3% TTM EBITDA Growth (YoY) -3.8% -18.7% -16.2% -14.8% -3.6% TTM Earnings Growth (YoY) 2.2% 5.3% 5.0% -1.7% 2.9% TTM Earnings Growth (YoY) 1.3% -28.3% -73.4% -73.2% -14.9% Current Ratio 2.6 2.3 2.4 2.1 2.7 Current Ratio 3.1 3.0 3.1 3.1 3.2 Cash as Percent of Market Cap 20.5% 20.5% 17.9% 18.3% 16.0% Cash as Percent of Market Cap 28.2% 28.1% 27.5% 22.9% 23.0% Enterprise Value Growth (YoY) 2.7% 8.8% 39.1% 41.5% 58.8% Enterprise Value Growth (YoY) 1.6% -2.8% -1.6% 19.4% 48.1%

Commerce 4Q12 1Q13 2Q13 3Q13 4Q13 Services 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 1.2x 0.9x 0.9x 1.1x 1.2x EV/Revenue 3.3x 3.5x 3.4x 4.3x 4.1x EV/EBITDA 13.4x 10.3x 15.1x 16.3x 18.9x EV/EBITDA 14.8x 14.2x 19.7x 23.9x 22.5x EV/Earnings 18.8x 13.8x 23.8x 24.6x 30.8x EV/Earnings 40.9x 50.2x 74.6x 117.9x 95.9x Gross Profit Margin 41. 6% 41. 4% 41. 7% 41. 5% 41. 6% Gross Profit Margin 71. 0% 71. 4% 72. 1% 72. 1% 72. 5% EBITDA Margin 5.7% 5.7% 6.2% 6.1% 5.6% EBITDA Margin 8.7% 8.5% 6.6% 5.0% 6.5% Net Income Margin 2.2% 2.1% 2.2% 2.2% 2.5% Net Income Margin 2.1% 2.9% 0.3% 0.6% -0.2% TTM Revenue Growth (YoY) 16.2% 20.0% 17.7% 15.4% 15.9% TTM Revenue Growth (YoY) 42.0% 42.2% 40.4% 38.1% 43.2% TTM EBITDA Growth (YoY) 15.6% 26.6% 30.7% 18.3% 27.5% TTM EBITDA Growth (YoY) 12.0% 23.5% 30.6% 42.8% 48.4% TTM Earnings Growth (YoY) 30.3% 15.7% 1.7% 11.6% 13.9% TTM Earnings Growth (YoY) -19.2% 63.7% -34.2% -33.1% 42.2% Current Ratio 1.8 1.6 1.6 1.6 1.5 Current Ratio 1.7 1.7 1.7 1.7 1.5 Cash as Percent of Market Cap 22.5% 19.0% 15.5% 13.4% 11.9% Cash as Percent of Market Cap 19.4% 13.1% 14.0% 12.3% 10.9% Enterprise Value Growth (YoY) 6.2% -6.3% 28.1% 40.3% 52.1% Enterprise Value Growth (YoY) -10.8% 16.1% 65.8% 102.8% 94.0%

Content & Media 4Q12 1Q13 2Q13 3Q13 4Q13 Social 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 1.4x 1.6x 2.3x 2.7x 3.2x EV/Revenue 8.8x 9.1x 8.3x 11.9x 16.4x EV/EBITDA 10.9x 15.4x 13.8x 20.8x 25.9x EV/EBITDA 39.6x 38.9x 37.1x 38.7x 37.9x EV/Earnings 22.0x 18.9x 22.6x 21.8x 31.1x EV/Earnings 99.7x 401.8x 259.2x 103.4x 77.5x Gross Profit Margin 52.5% 52.4% 52.4% 52.3% 50.5% Gross Profit Margin 63.5% 62.2% 62.9% 63.8% 64.3% EBITDA Margin 13.9% 14.8% 15.5% 15.9% 15.8% EBITDA Margin 12.4% 12.9% 13.5% 12.8% 12.1% Net Income Margin 1.3% 1.6% 2.2% 2.4% 1.7% Net Income Margin 2.0% 1.0% 1.2% 3.2% 2.5% TTM Revenue Growth (YoY) 10.5% 12.6% 12.1% 14.1% 10.8% TTM Revenue Growth (YoY) 64.7% 65.2% 56.6% 54.0% 56.9% TTM EBITDA Growth (YoY) 12.3% 19.5% 16.6% 19.1% 34.6% TTM EBITDA Growth (YoY) 14.5% 18.4% 45.1% 66.9% 61.3% TTM Earnings Growth (YoY) 20.6% 80.9% 85.8% 24.8% 48.2% TTM Earnings Growth (YoY) 488.3% 81.4% 119.7% 101.3% 180.2% Current Ratio 1.6 1.8 1.8 2.0 2.8 Current Ratio 10.1 5.2 4.6 3.8 4.6 Cash as Percent of Market Cap 18.4% 16.4% 16.8% 13.8% 10.9% Cash as Percent of Market Cap 16.6% 11.3% 10.9% 10.3% 7.6% Enterprise Value Growth (YoY) -11.6% 12.8% 23.5% 70.3% 108.1% Enterprise Value Growth (YoY) n/a n/a n/a 97.5% 154.3%

Gaming 4Q12 1Q13 2Q13 3Q13 4Q13 Travel 4Q12 1Q13 2Q13 3Q13 4Q13 EV/Revenue 2.4x 2.7x 2.7x 2.8x 3.2x EV/Revenue 2.0x 2.0x 1.8x 1.8x 2.1x EV/EBITDA 43x4.3x 58x5.8x 59x5.9x 77x7.7x 80x8.0x EV/EBITDA 16. 0x 16. 2x 19. 7x 26. 4x 27. 1x EV/Earnings 7.1x 7.2x 8.4x 11.2x 9.4x EV/Earnings 58.3x 28.5x 42.3x 44.6x 54.3x Gross Profit Margin 69.4% 71.2% 71.3% 72.5% 73.3% Gross Profit Margin 81.6% 81.0% 80.7% 80.8% 81.2% EBITDA Margin 38.6% 36.3% 38.6% 36.6% 35.2% EBITDA Margin 17.5% 18.1% 16.7% 16.3% 17.1% Net Income Margin 27.3% 24.8% 26.7% 28.0% 26.5% Net Income Margin 8.9% 7.0% 6.0% 6.6% 3.2% TTM Revenue Growth (YoY) 24.8% 21.9% 21.9% 19.8% 15.7% TTM Revenue Growth (YoY) 18.6% 18.9% 19.5% 19.8% 19.6% TTM EBITDA Growth (YoY) -0.1% 13.9% 13.4% 11.5% 15.4% TTM EBITDA Growth (YoY) -6.7% -6.7% -0.2% -4.2% 4.2% TTM Earnings Growth (YoY) 15.7% 12.9% 12.9% 12.4% 6.0% TTM Earnings Growth (YoY) -14.7% 9.2% -4.6% -23.0% 19.9% Current Ratio 2.2 2.5 2.4 2.4 2.2 Current Ratio 1.8 1.9 1.8 1.9 1.6 Cash as Percent of Market Cap 37. 6% 40. 2% 33. 5% 31. 8% 31. 6% Cash as Percent of Market Cap 20. 4% 22. 7% 18. 9% 15. 2% 14. 4% Enterprise Value Growth (YoY) 9.0% -6.3% 22.8% 63.6% 66.5% Enterprise Value Growth (YoY) -31.2% -0.3% 44.9% 36.3% 58.1% 96 Q4 2013 Software Industry Financial Report Copyright © 2014 by Software Equity Group, LLC All Rights Reserved PUBLIC SELLERS

Purchase Price Enterprise Value TTM Rev Buye r Se lle r (mm) ( m m ) EV /Re v EV /EBIT DA Grow th Private Equity Consortium BMC Softw are Inc. (NasdaqGS:BMC) $8,376.8 $6,866.4 3.1x 11.2x 1.4% Salesforce.com, Inc (NYSE:CRM) ExactTarget, Inc Inc. . ( (NYSE:ET) NY SE:ET) $2,350.6 $2,249.6 7.1x - 39.4% Cisco Systems, Inc. (NasdaqGS:CSCO) Sourcefire, Inc. (NasdaqGS:FIRE) $2,394.8 $2,193.6 8.9x 118.8x 26.7% Advent International Corporation Unit 4 N.V. (ENXTAM:UNIT4) $1,741.2 $1,709.1 2.6x 17.8x 5.4% Oracle Corporation (NYSE:ORCL) Responsys, Inc. (NasdaqGS:MKTG) $1,696.9 $1,589.2 8.2x 119.1x 25.1% Vista Equity Partners Websense, Inc. $1,054.8 $971.1 2.7x 17.9x -1.5% Vista Equity Partners The Active Netw ork, Inc. (NYSE:ACTV) $1,050.0 $941.9 2.1x 71.4x 12.0% Vitera Healthcare Solutions, LLC Greenw ay Medical Technologies, Inc. (NYSE:GWAY) $643.6 $632.4 4.7x - 3.5% McAfee, Inc. Stonesoft Oyj (HLSE:SFT1V) $371.6 $378.7 7.0x - 27.1% Thoma Bravo, LLC Keynote Systems, Inc. (NasdaqGS:KEYN) $398.7 $340.8 2.8x 23.1x 5.2% Trulia, Inc. (NYSE:TRLA) Market Leader, Inc. (NasdaqGS:LEDR) $336.3 $314.3 6.6x - 29.1% Dassault Systemes SA (ENXTPA:DSY) Realtime Technology AG (XTRA:R1T) $232.4 $263.3 2.3x 18.6x 28.7% AtdAutodesk kD Devel opment tBV B.V. DlDelcam pl c (AIM (AIMDLC):DLC) $264.6 $245.7 313.1x 22.0 x 9.8% The Carlyle Group LP (NasdaqGS:CG) Simplex Holdings Inc. (TSE:4340) $283.6 $216.2 1.2x 7.1x 4.0% Athenahealth, Inc. (NasdaqGS:ATHN) Epocrates, Inc. $294.5 $216.2 2.0x 38.2x -1.9% DPA Group NV (ENXTAM:DPA) ICT Automatisering NV (ENXTAM:ICT) $43.2 $46.3 0.4x 14.2x -3.0% P2 Energy Solutions Incorporated ISS Group Limited (ASX:ISS) $43.3 $36.8 1.8x 26.6x 9.3% LaunchEquity Partners LLC MakeMusicMakeMus ic Inc Inc. . (NasdaqCM:MMUS) $17.3 $18.1 1.0x - 4.4% Peterson Partners LP Angoss Softw are Corp. (TSXV:ANC) $8.5 $8.0 1.2x - 9.3%

Purchase Price Enterprise Value EV / TTM Rev Buye r Se lle r (mm) (mm) EV/ Rev EBIT DA Grow th Private Equity Consortium BMC Softw are Inc. (NasdaqGS:BMC) $8,376.8 $6,866.4 3.1x 11.2x 1.4% Salesforce.com, Inc (NYSE:CRM) ExactTarget, Inc. (NYSE:ET) $2,350.6 $2,249.6 7.1x - 39.4% Cisco Systems, Inc. (NasdaqGS:CSCO) Sourcefire, Inc. (NasdaqGS:FIRE) $2,394.8 $2,193.6 8.9x 118.8x 26.7% International Business Machines SoftLayer Technologies, Inc. $2,000.0 $2,000.0 5.0x - - Ci(NYSEIBM) Advent International Corporation Unit 4 N.V. (ENXTAM:UNIT4) $1,741.2 $1,709.1 2.6x 17.8x 5.4% NCR Corp. (NYSE:NCR) Digital Insight Corporation $1,650.0 $1,650.0 5.0x - - Davis + Henderson Corporation (TSX:DH) Harland Financial Solutions, Inc. $1,637.5 $1,628.7 5.8x 18.5x - Oracle Corporation (NYSE:ORCL) Responsys, Inc . (NasdaqGS:MKTG) $1,696 .9 $1,589 .2 82x8.2x 119.1x 21%25.1% Open Text Corporation (NasdaqGS:OTEX) GXS Group, Inc. $1,165.0 $1,165.0 2.4x - - Yahoo! Inc. (NasdaqGS:YHOO) Tumblr, Inc. $1,100.0 $1,100.0 84.6x - - Thoma Bravo, LLC Digital Insight Corporation $1,025.0 $1,025.0 3.4x - - Fiserv, Inc. (NasdaqGS:FISV) Open Solutions, Inc. $1,015.0 $1,015.0 - - - Kohlberg Kravis Roberts & Co. L.P. Mitchell International, Inc . $$,1,000.0 $$,1,000.0 - - - (NYSEKKR) Dealertrack Technologies, Inc. Dealer.com, Incorporated $994.3 $994.3 - - - (N d GS TRAK) Vista Equity Partners Websense, Inc. $1,054.8 $971.1 2.7x 17.9x -1.5% Vista Equity Partners The Active Netw ork, Inc. (NYSE:ACTV) $1,050.0 $941.9 2.1x 71.4x 12.0% Experian plc (LSE:EXPN) Passport Health Communications, Inc. $850.0 $850.0 7.0x - - FireEye, Inc. (NasdaqGS:FEYE) Mandiant, LLC $843.5 $843.5 - - - Vista Equity Partners Omnitracs, Inc. $800.0 $800.0 - - - Vitera Healthcare Solutions, LLC Greenw ay Medical Technologies, Inc. (NYSE:GWAY) $643.6 $632.4 4.7x - 3.5% OMERS Private Equity Civica plc $607.8 $607.8 1.9x 10.3x - Adobe Systems Inc. (NasdaqGS:ADBE) Neolane SA $600.0 $600.0 10.3x - - Amadeus Americas, Inc. NMTI Holdings, Inc. $500.0 $500.0 - -

Purchase Price Enterprise Value TTM Re Revenue ve nue Buye r Se lle r (mm) (mm) (mm) EV/ Rev @WalmartLabs Inkiru, Inc. - - - - OneOps Inc. - - - - Torbit, Inc. - - - - Accenture plc (NYSE:ACN) ChangeTrack Research Pty Ltd - - - - Mortgage Cadence, LLC ---- Procurian Inc. $375.0 $375.0 $139.9 2.7x Access UK Limited FactoryMaster and Compete IT - - - - PeoplePlanner Limited - - - - Sazneo Limited - - - - TeamSeer Limited - - - - Aegis Media Beijing Wonder Advertising Co., Ltd. - - - - Oddfellow s Pty Ltd. - - - - Simple Agency Srl - - - - Social Embassy B.V. - - - - Traffic LLC - - - - Answ ers Corporation Easy2 Technologies, Inc. - - - - ForeSee Results, Inc. - - - - WebCollage, Inc . $37.0 $37.0 -- Apple Inc. (NasdaqGS:AAPL) Cue, Inc. - - - - Embark, Inc. - - - - Locationary Inc. - - - - Matcha, Inc. - - - - Topsy Labs, Inc. $200.0 $200.0 - - Wifislam, Inc. - - - - Autodesk, Inc. (NasdaqGS:ADSK) Allpoint Systems, Inc. - - - - Delcam plc (AIM:DLC) $264.6 $245.7 $79.0 3.1x Firehole Composites - - - - for-each Ltd. - - - - Get the Point, LLC, Technology Assets - - - - GRAITEC S.A., Certain Technology Assets - - - - PI-VR V R G mbH ---- Automattic, Inc. LearnBoost, Inc. - - - - Lightstone Softw are LLC, Lean Domain Search - - - - Simperium, Inc. - - - - Blackfin Capital Partners SAS Finanzen.de GmbH - - - - Hyperassur.com - - - - SunGard Capital Corp., Certain Asset $61.2 $61.2 --

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Capita plc (LSE:CPI) Creating Careers Ltd. - - - - G2G3 Group Limited - - - - Micro Librarian Systems Ltd. - - - - STL Technologies Limited - - - - CiCassiopae SAS Disof t S ol uti ons S .A ., C rédi to Di vi si on - - - - Motivity Solutions, Inc. - - - - Singhammer dtSoftw are GmbH - - - - Cisco Systems, Inc. (NasdaqGS:CSCO) Cognitive Security s.r.o. - - - - Composite Softw are, Inc. $180.0 $180.0 - - JouleX, Inc. $107.0 $107.0 - - Kibits Corp . ---- Sourcefire, Inc. (NasdaqGS:FIRE) $2,394.8 $2,193.6 $247.3 8.9x Constellation Softw are Inc. (TSX:CSU) 123Signup AMS, Inc. ASA Automotive Systems LLC Cash Registers (Buccleuch) Limited Colorado CustomWare, Inc. Computer Softw are Innovations Inc., Certain Assets Coresoft Pty Limited Fiserv, Inc., Club Solutions Assets Groupe PCMS Information Distribution & Marketing, Inc. LRS Health Pty Ltd Metalogic Holdings Limited QuadraMed, Inc . Quantitative Medical Systems, Inc. - - - - Sand Technology Inc. Shortcuts Softw are Limited Total Specific Solutions (TSS) B.V. $330.3 $330.3 $239.3 1.4x Dassault Systemes SA (ENXTPA:DSY) Apriso Corporation $205.0 $205.0 - - Archividéo SARL - - - - FE-DESIGN GmbH - - - - Realtime Technology AG (XTRA:R1T) $232.4 $263.3 $114.0 2.3x Safe Technology Ltd. - - - - SFE GmbH - - - - SIMPOE SAS - - - - SquareClock SAS - - - -

Purchase Price Enterprise Value TTM Re Revenue ve nue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Dealertrack Technologies, Inc. (NasdaqGS:TRAK) Dealer.com, Incorporated $994.3 $994.3 - - Nexteppe Business Solutions, Inc. - - - - VINtek, Inc. $53.4 $53.4 - - Dropbox, Inc. Endorse Corp. - - - - Orchestra, Inc Inc. . ---- PiCloud, Inc. - - - - Sold. - - - - Dyn Inc. ReadyStatus LLC - - - - Trendslide LLC - - - - Verelo Inc. - - - - eBay Inc. (NasdaqGS:EBAY) 2dehands.nl B.V. - - - - Decide Inc. - - - - Shutl Limited - - - - Electronics for Imaging, Inc. (NasdaqGS:EFII) GamSys Softw are - - - - LECTOR Computersysteme GmbH - - - - Metrix Softw are, Inc. - - - - printLEA DER Sof tw are, Inc . - - - - Enghouse Systems Limited (TSX:ESL) ANDTEKGmbHANDTEK GmbH ---- Information Access Technology, Inc. - - - - Locus AS $14.0 $14.0 $18.0 0.8x Safeharbor Know ledge Solutions - - - - Experian plc (LSE:EXPN) Decisioning Solutions, Inc. - - - - Pacific Micromarketing Pty Ltd. $6.5 $6.5 - - Passport Health Communications, Inc. $850.0 $850.0 - - The 41st Parameter Inc. $324.0 $324.0 - - Facebook, Inc. (NasdaqGS:FB) Atlas DMT, LLC - - - - Mixtent, Inc. - - - - Mobile Technologies, LLC - - - - Monoidics Limited - - - - Onavo Mobile Ltd. $150.0 $150.0 - - osmetIta Inc. - - - - Par s e - - - - SportStream, Inc. - - - - Genesys Telecommunications Laboratories, Inc. Angel.com Incorporated $110.0 $110.0 $28.9 3.8x Echopass Corporation - - - - UTOPY , Inc. - - - - Voran Tecnologia Ltda ----

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Google Inc. (NasdaqGS:GOOG) Behavio, Inc. - - - - Bot Square, Inc. - - - - Bump Technologies, Inc. - - - - DNNresearch Inc. - - - - FlexyCore SAS $22.0 $22.0 $0.5 44.4x Flutter, Inc. - - - - SR Tech Group LLC, U.S. Patents And Patent Applications - - - - Wavii, Inc. - - - - Waze Ltd. - - - - Groupon, Inc. (NasdaqGS:GRPN) Ansible Technologies, Inc. - - - - Arootz Inc .---- Get Out of Cambridge, Inc. - - - - Living Social Korea Inc. $260.0 $260.0 - - Plumf ar e, Inc . - - - - HelloFood Brasil Janamesa Serviços de Informática Ltda. - - - - Megamenu Servicos de Busca na Internet Ltda. - - - - Web Serviççgos Digitais LTDA - - - - Hexagon AB (OM:HEXA B) Consultoria, Soluciones de Ingeniera y Servicios PIXIS Ltda. - - - - LISTECH Pty. Ltd. - - - - New River Kinematics Inc. - - - - HomeAw ay, Inc. (NasdaqGS:AWAY) Bookabach Ltd. - - - - Stayz Pty Limited $194.8 $194.8 $22.9 8.5x travelmob Pte Ltd - - - - Intel Corporation (NasdaqGS:INTC) Aepona Ltd - - - - FlyCast Inc., HTML5 Development Tools Division - - - - Kno, Inc. - - - - Mashery, Inc. - - - - Omek Interactive, Ltd. $40.0 $40.0 - - Profusion - - - - Sensory Netw orks, Inc . $20.0 $20.0 - - ST-Ericsson NV, GNSS Business - - - -

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev IBM (NY SE:IBM) A s pera, Inc . - - - - CSL International Ltd - - - - Daeja Image Systems Ltd - - - - Fiberli nk C ommuni cati ons C orporati on - - - - SoftLayer Technologies, Inc. $2,000.0 $2,000.0 $400.0 5.0x Star Analytics, Inc. - - - - Starbelly Productions, Inc. - - - - The Now Factory Ltd - - - - Trusteer, Inc. - - - - Xtify, Inc . - - - - Intuit Inc. (NasdaqGS:INTU) Docstoc Inc. - - - - Elastic Intelligence, Inc. - - - - GoodApril, Inc. $20.0 $20.0 - - Payvment, Inc. - - - - Prestw ick Services, LLC - - - - Fif o Pty Ltd - - - - j2 Global, Inc. (NasdaqGS:JCOM) Data Lock Limited $0.5 $0.5 - - Email Protection Agency Limited - - - - MetroFax, Inc. - - - - Kaseya International Limited 365 Command - - - - Rover Apps, LLC - - - - Zyrion, Inc. - - - - LexisNexis Group Inc . EnclarityEnc lar ity , Inc . - - - - Know ledge Mosaic, Inc. - - - - Mapflow Limited - - - - RSA Security, Inc., Know ledge Based Authentication - - - - WorldCompliance, Inc. - - - - Linx Sistemas E Consultoria Ltda. Direção Processamento de Dados Ltda. $13.5 $13.5 $8.4 1.6x Ionics Informatica e Automacao Ltda., Certain Assets $5.2 $5.2 $2.4 2.2x LZT Solucoes em Informatica Ltda $13.3 $13.3 $3.3 4.0x LX Ventures Inc. (TSXV:LXV) Copper.io Inc. $6.6 $6.6 - - Mobio Identity Systems, Inc. $0.4 $0.4 - - Sosido Netw orks Inc. $0.4 $0.4 - - Weeve Ventures Inc. - - - -

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Mentor Graphics Corp. (NasdaqGS:MENT) MontaVista Softw are, LLC, Certain Assets - - - - Oasys Design Systems, Inc. - - - - SofTech Inc., CADRA Product Line $4.0 $4.0 - - SoftJin Technologies Private Limited, Certain Assets - - - - Microsof t C orporati on (N ( Nasd aqGS :MSFT) APIph any, I nc - - - - InCycle Softw are Inc., InRelease Business Unit - - - - Netbreeze GmbH - - - - Mobiquity, Inc. Mobility Effect LLC - - - - Mobiquity Velocity Solutions, Inc. - - - - Xaton B.V. - - - - nCrow d, Inc . Groupalicious.com ---- Saveology.com LLC, Deals Division - - - - Spreebird $0.2 $0.2 - - Tippr.com LLC - - - - NetSuite Inc. (NYSE:N) OrderMotion, Inc. - - - - Retail Anyw here Inc. - - - - TribeHR Corp. - - - - Nuance Communications, Inc. (NasdaqGS:NUAN) Tw eddle Group Inc., Tw eddle Connect Business $80.0 $80.0 - - Varolii Corporation - - - - VirtuOz SA - - - - OpenTable, Inc. (NasdaqGS:OPEN) Foodspotting Inc. $10.0 $10.0 - - JustChalo Inc. $11.0 $11.0 - - Quickcue, LLC $11.5 $11.5 - - Wanderspot LLC , Rezbook ---- Oracle Corporation (NYSE:ORCL) BigMachines, Inc. - - - - Bitzer Mobile, Inc. - - - - Compendium Softw are, LLC - - - - Nimbula, Inc. - - - - Responsys, Inc. (NasdaqGS:MKTG) $1,696.9 $1,589.2 $194.3 8.2x Payy,Pal, Inc. Duff Research, LLC ---- Iron Pearl - - - - StackMob, Inc. - - - - Perceptive Softw are, Inc. AccessVia, Inc. - - - - PACSGEAR, Inc. $54.0 $54.0 - - SAPERION AG $72.0 $72.0 - - Tw istage, Inc. - - - -

Purchase Price Enterprise Value TTM Re Revenue ve nue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Pinterest Livestar - - - - Punchfork, Inc. - - - - Hackermeter - - - - Proofpoint, Inc. (NasdaqGM:PFPT) Abaca Technology Corporation $2.5 $2.5 - - Armorize Technologies Inc Inc. . $25.0 $25.0 -- Mail Distiller Ltd - - - - PTC Inc. (NasdaqGS:PMTC) Enigma, Inc. $10.0 $10.0 - - NetIDEA S, Inc. - - - - ThingWorx, Inc. $130.0 $130.0 - - Publicis Groupe SA (ENXTPA:PUB) Beehive Communications Pvt. Ltd. - - - - netalk Communications Group, Inc. - - - - Poke London Ltd $16.0 $16.0 - - Verilogue, Inc. - - - - Quindell Portfolio Plc (AIM:QPP) iSaaS Technology Limited $8.9 $8.9 - - iter8 Inc. $25.6 $25.6 $5.1 5.0x Quindell Property Services Limited $54.3 $54.3 - - Rackspace Hosting, Inc. (NYSE:RAX) Exceptional Cloud Services, Inc. - - - - LiteStack, Inc .---- ObjectRocket, Inc. - - - - Rebellion Media Group Corp. Crucial Interactive Inc. - - - - KayfabeNew s.com - - - - Stuff4.com - - - - Reputation.com, Inc. Readabl, Inc. - - - - Reputation.com (UK) Limited - - - - Social Cloud, Inc. - - - - Rosetta Stone Ltd. Lexia Learning Systems, Inc. $22.5 $22.5 $15.0 1.5x LiveMocha, Inc. $8.5 $8.5 $3.6 2.4x Tell Me More S.A. $28.6 $28.6 - - Vivity Labs, Inc. $11.2 $11.2 - - Salesforce.com, Inc (NYSE:CRM) EdgeSpring, Inc. $79.6 $79.6 - - EtEntropyS SftSASoft SAS ---- ExactTarget, Inc. (NYSE:ET) $2,350.6 $2,249.6 $317.3 7.1x SAP AG (DB:SAP) Camilion Solutions, Inc. - - - - KMS Softw are Company, LLC - - - - KXEN, Inc. - - - - SmartOps Corporation - - - - Ticket-Web GmbH Co. KG ----

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev SearchCore, Inc. (OTCPK:SRER) ManufacturedHomes.com - - - - Modular Housing - - - - ToyHaulers.com $0.0 $0.0 - - TravelTrailer.com $0.1 $0.1 - - SfSoftw are AG AG(XTRASOW) (XTRA:SOW) AIApama Inc. - - - - JackBe Corporation - - - - Relational Netw orks, Inc. $25.0 $25.0 - - Solera Holdings Inc. (NYSE:SLH) Distribution Service Technologies, Inc. - - - - Ez iw or ks Pty Ltd - - - - HyperQuest, Inc. - - - - Servicios Informaticos Serinfo S .A ---- Telecity Group plc (LSE:TCY) 3DC - - - - Hosting Internet Hizmetleri San. Tic. Ltd. Sti. $44.8 $44.8 - - PLIX Sp. z o.o. - - - - The Descartes Systems Group Inc (TSX:DSG) Compudata AG $17.9 $17.9 - - Impatex Freight Softw are Limited $8.3 $8.3 - - KSD Softw are Norw ay AS $30.8 $30.8 $9.6 3.2x The Go Daddy Group, Inc. (mt) Media Temple, Inc. - - - - Locu, Inc. $70.0 $70.0 - - M.dot, Inc. - - - - Thoma Bravo, LLC Digital Insight Corporation $1,025.0 $1,025.0 $305.1 3.4x Empirix, Inc. - - - - Keynote Systems, Inc. (NasdaqGS:KEYN) $398.7 $340.8 $123.9 2.8x Thomson Reuters Corporation (TSX:TRI) AVEDASAGAVEDAS AG ---- Omnesys Technologies Private Limited - - - - Pricing Partners SAS - - - - SigmaGenix Services Limited - - - - T. Global Participacos Societarias S.A. - - - - TaxWorks, Inc. - - - - Tradew eb Markets LLC,,g Foreign Exchang gpe Options Business - - - - Tiger Global Management LLC Automattic, Inc. $50.0 - - - Automattic, Inc. $75.0 - - - Cobone.com Fz - LLC - - - - Tollfreenumber.org Jinglesw itch.com - - - - numdumb.com - - - - Reverse800.com - - - -

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Transport I.T. Solutions Private Limited Four Soft B.V. $19.3 $19.3 - - Four Soft Limited, Softw are Solutions Business $22.5 $22.5 - - Four Soft USA, Inc. $0.3 $0.3 - - Trimble Navigation Limited (NasdaqGS:TRMB) ALK Technologies, Inc. - - - - C3 C onsul ti ng LLC ---- Computer Services Consultants (UK) Limited - - - - IQ Irrigation - - - - Trade Service Company, LLC - - - - TripAdvisor Inc. (NasdaqGS:TRIP) Beeem, Inc - - - - GateGuru, Inc. - - - - Guía de Apartamentos Niumba , S .L . ---- Tw itter, Inc. Bluefin Labs, Inc. - - - - Crashlytics Inc. - - - - Locomatix Inc. - - - - Lucky Sort Inc. - - - - MoPub, Inc. $350.0 $350.0 - - Spindle Labs, Inc. - - - - Ubalo, Inc. - - - - Wiredset LLC - - - - Ubisoft Entertainment SA (ENXTPA:UBI) Future Games of London ltd - - - - Related Designs Softw are GmbH - - - - THQ Montreal Inc. $2.5 $2.5 - - Upland Softw are, Inc. Clickability, Inc. $12.7 $12.7 - - ComSci, LLC ---- Marex Group, Inc. - - - - Vista Equity Partners Digital Technology International, LLC - - - - Omnitracs, Inc. $800.0 $800.0 - - SAXOTECH, Inc. - - - - The Active Netw ork, Inc. (NYSE:ACTV) $1,050.0 $941.9 $442.2 2.1x Websense, Inc . $1,054.8 $971.1 $359.7 2.7x Wall Street Media Co., Inc. (OTCBB:WSCO) 360Fire.com - - - - CoastGuardNew s.com - - - - Wall-Street.com, LLC $3.2 $3.2 - - Wolters Kluw er CitizenHaw k, Inc. - - - - IQS AvantIQ AG $12.1 $12.1 - - SmartStream Technologies GmbH, SVENSON - - - -

Purchase Price Enterprise Value TTM Revenue Buye r Se lle r (mm) (mm) (mm) EV/ Rev Yahoo! Inc. (NasdaqGS:YHOO) AdMovate, Inc. - - - - Bignoggins Productions LLC - - - - Bread Labs, Inc. - - - - Dreampass - - - - DWA Investments, Inc. - - - - EvntLive, Inc. - - - - GhostBird Softw are Inc. - - - - Go Poll Go, Inc. - - - - HitPost Inc. - - - - Ins tant IO, Inc . - - - - IQ Engines, Inc. - - - - Jybe, Inc. - - - - Lexity, Inc. - - - - Loki Studios, Inc. - - - - LookFlow , Inc. - - - - Mynet Japan Inc., CRM Business for Mobile Devices $3.9 $3.9 - - PlayerScale, Inc . - - - - Propeld, Inc. - - - - Quik.io, Inc - - - - Qw iki, Inc. - - - - RockMelt, Inc. - - - - Rondee, Inc. - - - - SkyPhrase, Inc. - - - - Snip.it - - - - Summly Limited $30.0 $30.0 - - Todoroo, Inc. - - - - Tumblr, Inc. $1,100.0 $1,100.0 $13.0 84.6x Venture Republic Inc. - - - - Xobni Corporation - - - - Ztelic Inc .----

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 12/27/13 brightONE GmbH Telenet GmbH - - - 12/25/13 Fortissimo Capital Eshbel Technologies Ltd. $55.1 $17.2 3.2x 12/24/13 The Prepaid Company (Pty) Ltd Retail Mobile Credit Specialists Pty $32.8 - - 12/24/13 MadeIT Inc Inc. . TechColumbus, Inc Inc., ., Platf Platform or m Lab --- 12/23/13 Upland Softw are, Inc. Clickability, Inc. $12.7 - - 12/23/13 The Descartes Systems Group Inc (TSX:DSG) Compudata AG $17.9 - - 12/23/13 HireVue, Inc. CollaboRATE, Inc. - - - 12/23/13 Cecurity.com Société Anonyme (ENXTPA:MLCEC) STS Group. - - - 12/20/13 ClearOne, Inc. (NasdaqCM:CLRO) Dialcom Netw orks, LLC, Spontania $5.0 - - 12/20/13 Oracle Corporation (NYSE:ORCL) Responsys, Inc. (NasdaqGS:MKTG) $1,589.2 $194.3 8.2x 12/20/13 Answ ers Corporation ForeSee Results, Inc. - - - 12/19/13 TRANSPOREON GmbH MERCAREON GmbH - - - 12/18/13 KPMG LLP Link Analytics LLC - - - 12/18/13 Apigee Corporation InsightsOne Systems, Inc. - - - 12/18/13 Optimal Blue, LLC LoanSifter, Inc. - - - 12/18/13 Elance, Inc. oDesk Corporation - - - 12/17/13 Cisco Systems , Inc . (NasdaqGS:CSCO) Kibits Corp .--- 12/16/13 DARYUS Group RealISO $2.2 - - 12/16/13 PROS Holdings, Inc. (NYSE:PRO) SignalDemand, Inc. $13.5 - - 12/13/13 Ledra Capital LLC The Westonian Group, Inc. - - - 12/13/13 SimplyBiz PLC Staffcare Limited - - - 12/12/13 Marketo, Inc. (NasdaqGS:MKTO) Insightera $23.2 - - 12/12/13 Aisino Corporation Inc. (SHSE:600271) Beijing Jiew en Science and $111.7 - - 12/11/13 Medium Entertainment, Inc. Kontagent Inc. - - - 12/11/13 ContactAtOnce! LLC Outsell, LLC, Direct Chat Business - - - 12/10/13 Market Metrics LLC Matrix-Data Ltd. $32.5 - - 12/10/13 Pitooey!, Inc. (OTCBB:PTOO) Beanstalk Netw orks LLC, RAADR - - - 12/10/13 Esendex Limited Text Marketer Ltd - - - 12/09/13 The Institute of Finance & Management The Accounts Payable Netw ork, LLC - - - 12/06/13 SlSplunk kI, Inc. (N (NdasdaqGS GSSPLK):SPLK) Cloud met er, I nc. $21.0 -- 12/04/13 Systems In Motion, Inc. Claritics, Inc. - - - 12/04/13 Intuit Inc. (NasdaqGS:INTU) Docstoc Inc. - - - 12/04/13 Openw ave Messaging Inc. Critical Path, Inc. - - - 12/04/13 LumenData, Inc. Algorithms.io Inc. - - - 12/02/13 TOTVS S.A. (BOVESPA:TOTS3) Ciashop $2.5 $0.6 4.1x

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 12/02/13 NCR Corp. (NYSE:NCR) Digital Insight Corporation $1,650.0 $330.0 5.0x 12/02/13 Genesys Telecommunications Laboratories, Inc. Voran Tecnologia Ltda - - - 12/02/13 Appriss Inc. Docview LLC and Deep River LLC - - - 12/02/13 Dogus Çay A.S. Real Es Estate tate Investment & Development --- 11/30/13 Golden Age Resources, Inc. (OTCPK:GDAR) Office VP, Inc. - - - 11/28/13 LX Ventures Inc. (TSXV:LXV) Copper.io Inc. $6.6 - - 11/27/13 - Vendio Technologies India Private - - - 11/26/13 clickw orker GmbH bitw orxx GmbH - - - 11/22/13 Tow ers Watson & Co. (NYSE:TW) Liazon Corporation $215.0 - - 11/22/13 Sibername.com Internet and Softw are Technologies Webspaw ner Ltd. - - - 11/21/13 AMN Healthcare Services Inc. (NYSE:AHS) ShiftWise, Inc. - - - 11/21/13 Lovely, Inc. Rentmatic, LLC - - - 11/20/13 Passw ordBox Inc. Legacy Locker Inc. - - - 11/19/13 Savvis, Inc. Tier 3, Inc. - - - 11/18/13 Heroku, Inc. CloudConnect, Inc. - - - 11/18/13 FinancialForce.com, inc. Vana Group Inc. - - - 11/18/13 FinancialForce.com , inc . Less Softw are Incorporated --- 11/17/13 Dropbox, Inc. PiCloud, Inc. - - - 11/16/13 Textmunication Holdings, Inc. (OTCPK:TXHD) Textmunication Holdings, Inc., Prior to - - - 11/15/13 SiteCore A/S Commerceserver.net - - - 11/14/13 CCH Incorporated Best Practice Solutions Pty Ltd. - - - 11/14/13 Exceda Ltda. Menta - - - 11/13/13 Textura Corporation (NYSE:TXTR) Latista Technologies, Inc. $35.0 $3.2 10.8x 11/13/13 International Business Machines Corporation (NYSE:IBM) Fiberlink Communications Corporation - - - 11/11/13 e-conomic international a/s Gett ApS - - - 11/08/13 CREALOGIX Holding AG (SWX:CLXN) Meniga ehf. - - - 11/08/13 Tribus Real Estate Technologies Retsly Softw are, Inc. - - - 11/07/13 Upland Softw are, Inc. ComSci, LLC - - - 11/06/13 BriteSky Technologies, Inc. Shelter Six Technologies, Inc. - - - 11/01/13 SherW eb , I nc. Thoughtb us - - - 10/31/13 Experian plc (LSE:EXPN) Passport Health Communications, Inc. $850.0 $121.4 7.0x 10/31/13 City & Guilds Kineo Flexible Learning Netw ork Ltd. - - - 10/31/13 Dice Holdings, Inc. (NYSE:DHX) getTalent, Inc. - - - 10/31/13 Bar.pm, Inc. Clow d, Inc. - - - 10/30/13 Demandforce, Inc. Full Slate, Inc. $8.3 - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 10/29/13 Computer Sciences Corporation (NYSE:CSC) ServiceMesh Inc. $295.0 - - 10/29/13 Verint Systems Inc. (NasdaqGS:VRNT) Victrio Inc. - - - 10/29/13 RealPage, Inc. (NasdaqGS:RP) MyBuilding Inc. - - - 10/24/13 Evolving Systems Inc Inc. . (NasdaqCM:EVOL) Telespree Communications $2.1 -- 10/24/13 Inflexion Private Equity Partners LLP CMO Global Limited - - - 10/24/13 ESI Group SA (ENXTPA:ESI) CyDesign Labs, Inc. - - - 10/23/13 - Facilities Management eXpress, LLC - - - 10/23/13 Five9, Inc. SoCoCare - - - 10/23/13 Oracle Corporation (NYSE:ORCL) BigMachines, Inc. - - - 10/22/13 Matomy Media Group Ltd. Adquant Ltd - - - 10/22/13 eBay Inc. (NasdaqGS:EBAY) Shutl Limited - - - 10/22/13 NetSuite Inc. (NYSE:N) TribeHR Corp. - - - 10/21/13 Rackspace US, Inc. LiteStack, Inc. - - - 10/17/13 Oracle Corporation (NYSE:ORCL) Compendium Softw are, LLC - - - 10/17/13 TUC Managed IT Solutions Ltd. Millennium Care Inc. - - - 10/17/13 Fiduciary360, LLC BLIPS Partners, LLC - - - 10/14/13 Logicalis Group Limited iConsult (Jersey) Limited --- 10/10/13 Cancom SE (XTRA:COK) Pironet NDH AG (XTRA:PNG) $62.7 $58.6 1.1x 10/10/13 Nectar Services Corp. NetSocket, Inc., Cloud Experience - - - 10/10/13 Microsoft Corporation (NasdaqGS:MSFT) APIphany, Inc - - - 10/09/13 Five Peaks Capital Management TrueSample - - - 10/09/13 TransLattice, Inc. StormDB, Inc. - - - 10/09/13 Nuance Communications, Inc. (NasdaqGS:NUAN) Varolii Corporation - - - 10/08/13 Sanderson Multi-Channel Solutions Ltd. One iota Limited $8.7 $1.1 8.2x 10/08/13 Genesys Telecommunications Laboratories, Inc. Echopass Corporation - - - 10/07/13 Care Monitoring & Management Ltd. Panztel Ltd. - - - 10/04/13 2nd Story Softw are, Inc. Balance Financial Inc. - - - 10/04/13 First Data Corporation Perka, Inc. - - - 10/02/13 Livelink Connect Limited Rocketseed Asia Pacific - - - 10/02/13 Stapl es, I nc. (N asd aqGS :SPLS) RIRuna Inc. - - - 10/02/13 ADP Dealer Services, Inc. ONE-EIGHTY Corp. - - - 10/01/13 Avaya Inc. ITNavigator Ltd. - - - 10/01/13 Marco, Inc. InCompass IT, Hosted And Cloud - - - 09/27/13 Columbus A/S (CPSE:COLUM) Columbus Norw ay AS - - - 09/24/13 Softw are Paradigms International, Inc. Shiloh Technologies, LLC - - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 09/23/13 Vitera Healthcare Solutions, LLC Greenw ay Medical Technologies, Inc. $632.4 $134.8 4.7x 09/20/13 AmeriCommerce, L.P. Americart LLC - - - 09/20/13 Sucuri Inc. Unmask Parasites - - - 09/20/13 Xchanging Inc Inc. . Mar ketMaker 4* $22.0 $5.5 4.0x 09/20/13 Blue-Grace Logistics LLC U.S. Transportation Consultants, Inc. - - - 09/19/13 Mindshare Technologies, Inc. Empathica, Inc. - - - 09/18/13 Amber Road, Inc. EasyCargo Inc. - - - 09/17/13 BasWare Oyj (HLSE:BAS1V) BravoSolution SpA - - - 09/17/13 Solera Holdings Inc. (NYSE:SLH) Servicios Informaticos Serinfo S.A - - - 09/16/13 Stratatel Ltd. (ASX:STE) JCurve Solutions Pty Ltd $4.4 - - 09/16/13 Scivantage, Inc. Portfolio Director, Inc. - - - 09/16/13 Wow zaTV LLC Camfoo GmbH - - - 09/16/13 eFolder, Inc. Anchor Box LLC - - - 09/16/13 PCSYS A/S IBS Systems A/S - - - 09/12/13 Plan.Net Campaign Hamburg GmbH & Co. KG Webfact GmbH - - - 09/10/13 PTC Inc. (NasdaqGS:PMTC) NetIDEAS, Inc. - - - 09/10/13 Origo Netw orks, Inc . Standing Cloud , Inc .--- 09/09/13 Wolters Kluw er Corporate Legal Services CitizenHaw k, Inc. - - - 09/09/13 Desire2Learn Incorporated Know illage, Inc. - - - 09/09/13 ERP Guru, Inc. EnabledSuccess Inc. - - - 09/09/13 Confluence Technologies, Inc. Data Agent LLC - - - 09/06/13 Enghouse Systems Limited (TSX:ESL) Safeharbor Know ledge Solutions - - - 09/05/13 Summit Garnishee Solutions (Pty) Limited Business Connexion Group, Q LINK $18.4 - - 09/05/13 Charles Taylor plc (LSE:CTR) Charles Taylor Know ledgeCenter $11.1 $4.2 2.6x 09/05/13 JAK, Ltd. LabMentors Corp. $0.2 - - 09/05/13 FactSet Research Systems Inc. (NYSE:FDS) Revere Data LLC $15.4 - - 09/04/13 Answ ers Corporation Easy2 Technologies, Inc. - - - 09/03/13 To The New ThoughtBuzz Pte Ltd $3.9 - - 09/03/13 Eventbrite, Inc. South Interactive S.A. - - - 09/03/13 AbArbor N Ntetwork s, I nc. PktlPtLiitdPacketloop Pty Limited --- 09/03/13 Cultura Technologies Inc. E-Markets, Inc. - - - 08/30/13 Digium, Inc. Digium Cloud Services, LLC - - - 08/30/13 SciQuest, Inc. (NasdaqGS:SQI) CombineNet, Inc. $43.1 $12.0 3.6x 08/28/13 McKinsey & Company, Inc. Lixto Softw are GmbH - - - 08/28/13 - eQtickets (Pty) Ltd $0.5 - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 08/27/13 Fax87.com Wired Fax, Inc. - - - 08/26/13 Authenticom, Inc. RyanTech, Inc., Auto.Tech. Portfolio - - - 08/23/13 Vista Equity Partners Omnitracs, Inc. $800.0 - - 08/19/13 Verisae, Inc Inc. . FM Solutions LLC --- 08/19/13 The Reynolds and Reynolds Company iMakeNew s, Inc. - - - 08/19/13 Altisource Portfolio Solutions S.A. (NasdaqGS:ASPS) Equator, LLC $150.0 - - 08/18/13 Darw in Strategic Limited, Investment Arm FTG Finance Services Limited - - - 08/16/13 Open Text Corporation (NasdaqGS:OTEX) Cordys B.V. $33.0 - - 08/16/13 Welsh, Carson, Anderson & Stow e Alert Logic, Inc. - - - 08/15/13 LookSmart, Ltd. (NasdaqCM:LOOK) Syncapse Corp., Key Assets $3.0 - - 08/15/13 International Business Machines Corporation (NYSE:IBM) Trusteer, Inc. - - - 08/12/13 Xtari, LLC RhinoSEO - - - 08/10/13 Transport I.T. Solutions Private Limited Four Soft USA, Inc. $0.3 - - 08/08/13 McGregor BFA (Pty) Ltd. I-Net Bridge (Pty) Ltd. $12.7 - - 08/08/13 Proofpoint, Inc. (NasdaqGM:PFPT) Armorize Technologies Inc. $25.0 - - 08/07/13 LexisNexis Risk Solutions, Inc. WorldCompliance, Inc. - - - 08/07/13 ALL-STATE International , Inc . Vizibility Inc .--- 08/07/13 MicroD, Inc. Internet Databases Corporation - - - 08/06/13 Intuit Inc. (NasdaqGS:INTU) GoodApril, Inc. $20.0 - - 08/06/13 Market Track, LLC Dynamite Data LLC - - - 08/06/13 3D Systems Corp. (NYSE:DDD) VisPow er Technology, Inc. - - - 08/06/13 Interactive Leisure Systems, Inc. (OTCPK:IALS) Travel Time Technologies, Inc. - - - 08/02/13 Angie's List, Inc. (NasdaqGM:ANGI) SmartHabitat, Inc. $2.7 - - 08/01/13 - Tracer Management Systems Ltd. - - - 07/31/13 HgCapital; HgCapital Trust plc (LSE:HGT) e-conomic international a/s $120.6 - - 07/31/13 Kaplan, Inc. Grockit Inc., Test Prep Assets - - - 07/31/13 HealthTech Solutions Group, LLC Gaffey and Associates, Inc. - - - 07/31/13 - Primal Parking Ltd - - - 07/31/13 Guar Global Limited (OTCPK:GGBL) Guar Global Ltd. - - - 07/28/13 Virt ual At mos ph ere Ltd . YCDAtYCD Atmos ph ere $2.8 -- 07/24/13 Cloud Bees, Inc. FoxWeave - - - 07/24/13 HotelPlanner.com Meetings.com - - - 07/24/13 LightSpeed Retail Inc. MerchantOS - - - 07/23/13 To The New Techsailor Group Pte Ltd. - - - 07/23/13 Aimia Inc. (TSX:AIM) Smart Button Associates, Inc. $18.0 - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 07/19/13 Proofpoint, Inc. (NasdaqGM:PFPT) Abaca Technology Corporation $2.5 - - 07/18/13 Ipreo Holdings LLC Discovery Data - - - 07/17/13 Cineplex Inc. (TSX:CGX) Cineplex Digital Netw orks $112.3 $24.9 4.5x 07/16/13 Concur Technologies, Inc Inc. . (NasdaqGS:CNQR) GDSX, Ltd. --- 07/15/13 Intuit Singapore Pte. Limited Fifo Pty Ltd - - - 07/15/13 Pin Payments Spreedly, Inc., US Tech. Assets - - - 07/12/13 Panasonic Europe Ltd. Cameramanager B.V. - - - 07/11/13 Imprezzio Inc. Racing Snail, Inc. - - - 07/11/13 EMC Corporation (NYSE:EMC) Scaleio, Inc. - - - 07/10/13 Boost Holding AG Xsmart AG - - - 07/10/13 Garantia Data Ltd. MyRedis - - - 07/10/13 - SaaSMAX Corp. - - - 07/09/13 Tom's Planner N.V. Gantto Inc. - - - 07/09/13 Idera, Inc. CopperEgg Corporation - - - 07/08/13 Bandzoogle Inc. Onesheet, LLC - - - 07/07/13 PropertyIQ NZ Ltd Terralink International Limited - - - 07/04/13 All for One Steeb AG (XTRA:A1OS) WEBMAXX GmbH --- 07/03/13 Scottish Equity Partners LLP; Investec plc (LSE:INVP) Purepromoter Limited - - - 07/03/13 Yardi Systems, Inc. Pierce-Eislen, Inc. - - - 07/02/13 ABS Capital Partners; Persimmon Capital Partners IgnitionOne, Inc. - - - 07/02/13 Thistle Insurance Services Limited Risk Management Support Ltd. - - - 07/01/13 ServiceNow , Inc. (NYSE:NOW) Mirror42 B.V. - - - 07/01/13 ClearSlide, Inc. Crunched - - - 07/01/13 Thoma Bravo, LLC Digital Insight Corporation $1,025.0 3.4x 07/01/13 Mentorix ApS Scoll Methods Ltd., Training Division - - - 06/28/13 Deutsche Post AG (XTRA:DPW) optivo GmbH - - - 06/28/13 Renaissance Learning Inc. Subtext Media, Inc. - - - 06/27/13 Adobe Systems Inc. (NasdaqGS:ADBE) Neolane SA $600.0 $58.0 10.3x 06/26/13 EMN8, Inc. Snapfinger - - - 06/25/13 Viri ma T ech nol ogi es, I nc. AiIAruvio, Inc. - - - 06/24/13 DIGIEON Technologies Pvt. Ltd. SmartVault Corporation - - - 06/24/13 Incentivated Limited Ad.IQ Limited - - - 06/24/13 Cenduit, LLC Patient Reminders Limited - - - 06/24/13 LINE-X Franchise Development Corporation American Aftermarket Group LLC - - - 06/23/13 Thoma Bravo, LLC Keynote Systems (Nasdaq:KEYN) $340.8 $124.0 2.8x

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 06/21/13 Intuit Inc. (NasdaqGS:INTU) Elastic Intelligence, Inc. - - - 06/20/13 NET(net), Inc. xPeerient, Inc. - - - 06/20/13 - Gainsight, Inc. - - - 06/20/13 Fixmo Inc Inc. . Fixmo Carrier Services --- 06/17/13 Lulu Softw are DOC2PDF Limited - - - 06/17/13 Professional Diversity Netw ork LLC (NasdaqCM:IPDN) Resunate - - - 06/13/13 Accumuli plc (AIM:ACM) Signify Solutions Limited $4.1 $4.5 0.9x 06/12/13 AdRoll, Inc. Bitdeli Inc. - - - 06/12/13 Paychex, Inc. (NasdaqGS:PAYX) HR Services, Inc. - - - 06/12/13 ReviMedia, Inc. N2O Marketing, LLC - - - 06/12/13 Yahoo! Inc. (NasdaqGS:YHOO) Rondee, Inc. - - - 06/12/13 AVG Technologies N.V. (NYSE:AVG) LPI Level Platforms Inc. - - - 06/12/13 - Teliae SARL - - - 06/11/13 DocDoc Pte. Ltd. New Co Internet Pte Ltd - - - 06/11/13 Copart UK Limited Autoresiduos S.L.U. - - - 06/11/13 Immow are24 GmbH AWImmow are GmbH - - - 06/10/13 AFS Logistics , LLC Trendset Inc . $1.1 -- 06/10/13 @WalmartLabs Inkiru, Inc. - - - 06/10/13 Progress Softw are Corp. (NasdaqGS:PRGS) Rollbase, Inc. - - - 06/10/13 Contractors Register, Inc. JobSite123.com, LLC - - - 06/07/13 Salesforce.com, Inc (NYSE:CRM) EdgeSpring, Inc. $79.6 - - 06/06/13 RxVantage, Inc. RepAccess - - - 06/06/13 Canal Digitaal B.V. Stream Group B.V. - - - 06/05/13 SilverSky, Inc. Latis Netw orks, Mngd Security Div. - - - 06/04/13 International Business Machines Corporation (NYSE:IBM) SoftLayer Technologies, Inc. $2,000.0 $400.0 5.0x 06/04/13 Starhome BV MACH S.à.r.l., Certain Assets - - - 06/03/13 Salesforce.com, Inc (NYSE:CRM) ExactTarget, Inc. (NYSE:ET) $2,300.0 $317.0 7.1x 05/31/13 Zoopla Property Group Limited Vizzihome Limited - - - 05/31/13 Trimble Navigation Limited (NasdaqGS:TRMB) Trade Service Company, LLC - - - 05/31/13 HGGC, LLC MWbGMyWebGrocer, I nc. - - - 05/30/13 Diasoft AO Seeneco - - - 05/30/13 BloomReach, Inc. ShopLogic, Inc. - - - 05/29/13 eCommera Limited OrderDynamics Corp. - - - 05/28/13 R Capital Management; TIME Equity Partners Oodrive Group - - - 05/28/13 Greenbriar Equity Group LLC Transplace, Inc. - - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 05/24/13 Answ ers Corporation WebCollage, Inc. $37.0 - - 05/24/13 - Klick2Contact EU LTD - - - 05/22/13 Recargo, Inc. Xatori, Inc. - - - 05/22/13 GT Analytix, Inc Inc. . TRAQ-IT Softw are, LLC --- 05/20/13 TOT Group, Inc. Aptito, Inc. $1.1 - - 05/20/13 C-Leveled, LLC FINTEL LLC - - - 05/17/13 SolarWinds Worldw ide, LLC N-able Technologies Intl, Inc. $120.0 - - 05/17/13 - Syncron International AB - - - 05/16/13 Upland Softw are, Inc. Marex Group, Inc. - - - 05/15/13 DocuSign, Inc. Cartavi, Inc. - - - 05/14/13 OMT Inc. (TSXV:OMT) AnalytixInsight Inc. $2.1 - - 05/14/13 8K Miles Softw are Services Ltd (BSE:512161) FuGen Solutions, Inc. $7.5 - - 05/14/13 @WalmartLabs OneOps Inc. - - - 05/13/13 Tw itter, Inc. Lucky Sort Inc. - - - 05/13/13 RichRelevance, Inc. Avail Intelligence AB - - - 05/10/13 Intelligent Living Inc. Mind360 $1.0 - - 05/10/13 CellarStone Inc . w ebKPI LLC --- 05/10/13 Guidew ire Softw are, Inc. (NYSE:GWRE) Millbrook, Inc. - - - 05/09/13 Box, Inc. crocodoc - - - 05/09/13 Tw itter, Inc. Ubalo, Inc. - - - 05/08/13 Rippe & Kingston Systems, Inc. ProspectStream LLC - - - 05/07/13 ReadSoft AB (OM:RSOF B) Expert Systems Dev. Svenska AB $9.2 $2.0 4.6x 05/07/13 Trulia, Inc. (NYSE:TRLA) Market Leader, Inc. (Nasdaq:LEDR) $314.3 $48.0 6.6x 05/07/13 Swisscom AG (SWX:SCMN) Tweasy SA - - - 05/06/13 Dell Inc. (NasdaqGS:DELL) enstratius, Inc. - - - 05/06/13 LoanLogics, Inc. NYLX, Inc. - - - 05/03/13 NetSuite Inc. (NYSE:N) OrderMotion, Inc. - - - 05/02/13 The Descartes Systems Group Inc (TSX:DSG) KSD Softw are Norw ay AS $30.8 $9.6 3.2x 05/02/13 5Touch Solutions, Inc. NK Labs Inc. - - - 05/01/13 Everest G roup LLC JMilIJangoMail, Inc. - - - 04/30/13 Extraprise Group Inc. SmartSource Corporation - - - 04/29/13 Courier New Media, Inc. FastPencil, Inc. $18.0 - - 04/29/13 Konetic Limited RecruitActive Ltd. - - - 04/25/13 Softw are AG (XTRA:SOW) Relational Netw orks, Inc. $25.0 - - 04/24/13 Dassault Systemes SA (ENXTPA:DSY) Archividéo SARL - - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 04/24/13 Alegeus Technologies WealthCare Marketplace - - - 04/18/13 Jive Softw are, Inc. (NasdaqGS:JIVE) CLARA ehf $6.5 - - 04/18/13 Quindell Portfolio Plc (AIM:QPP) iter8 Inc.* $25.6 $5.0 5.0x 04/18/13 Access UK Limited TeamSeer Limited --- 04/16/13 Echo360, Inc. ThinkBinder Inc. - - - 04/16/13 Ener-Core, Inc. (OTCBB:ENCR) Inventtech Inc. - - - 04/15/13 InnRoad, Inc. LTV Hotel Systems LLC - - - 04/12/13 Egmont Hjemmet Mortensen AS MyKid AS - - - 04/12/13 ViaSat Inc. (NasdaqGS:VSAT) LonoCloud Inc. - - - 04/10/13 Coupa Softw are Incorporated Xpenser, Inc. - - - 04/10/13 Solera Holdings Inc. (NYSE:SLH) Eziw orks Pty Ltd - - - 04/09/13 Proofpoint, Inc. (NasdaqGM:PFPT) Mail Distiller Ltd - - - 04/08/13 Follett Corporation BetterKnow , Inc. - - - 04/07/13 Fujitsu Limited (TSE:6702) RunMyProcess SAS $20.2 $1.0 20.0x 04/07/13 Ebix Singapore Pte Ltd. Qatarlyst Limited - - - 04/04/13 IntraLinks Holdings, Inc. (NYSE:IL) MergerID Limited - - - 04/04/13 IntraLinks Holdings , Inc . (NYSE:IL) PE-Nex Nexus us, LLC --- 04/04/13 Sport Ngin eYouthSportsUSA - - - 04/03/13 ReachForce, Inc. SetLogik, Inc. - - - 04/03/13 Experian Finance Plc Decisioning Solutions, Inc. - - - 04/02/13 ConnectSolutions Inc. NextUC, Inc. - - - 04/01/13 Rosetta Stone Ltd. LiveMocha, Inc. $8.5 $3.6 2.4x 04/01/13 inContact, Inc. (NasdaqCM:SAAS) Sierra360 LLC - - - 04/01/13 SAP AG (DB:SAP) KMS Softw are Company, LLC - - - 03/28/13 HubSpot, Inc. Chime Inc. and PrepWork Inc. - - - 03/26/13 The Lords Group of Companies eBuildingSupplies Ltd. - - - 03/25/13 Quindell Portfolio Plc (AIM:QPP) iSaaS Technology Limited $8.9 - - 03/21/13 EQT Partners AB it's learning AS - - - 03/21/13 j2 Global, Inc. (NasdaqGS:JCOM) Data Lock Limited $0.5 - - 03/20/13 Yah oo! I nc. (N asd aqGS :YHOO) JbJybe, I nc. - - - 03/20/13 Rumblefish, Inc. Catalogik, Inc. - - - 03/19/13 Echo Global Logistics, Inc. (NasdaqGS:ECHO) Open Mile, Inc. - - - 03/19/13 PeopleMatter, Inc. PeopleClues, Inc. - - - 03/19/13 Blackbaud Inc. (NasdaqGS:BLKB) MyCharity Limited - - - 03/18/13 Ebix Health Benefit Softw are, Inc. - - -

Enterprise TTM Rev. Date Buye r Se lle r Value (mm) (mm) EV/Rev 03/15/13 Noodle Education, Inc. Lore, Inc. - - - 03/13/13 Oracle Corporation (NasdaqGS:ORCL) Nimbula, Inc. - - - 03/12/13 Corporation Service Company, Inc. CSC Digital Brand Services $157.3 $57.0 2.8x 03/11/13 Concur Technologies, Inc Inc. . (NasdaqGS:CNQR) conTgo limited --- 03/11/13 Tripw ire, Inc. nCircle Netw ork Security, Inc. - - - 03/08/13 Desire2Learn Incorporated Wiggio Inc. - - - 03/05/13 Issuu, Inc. Magma Aps - - - 03/05/13 ePrize, LLC Bulbstorm, Inc. - - - 03/05/13 Perceptive Softw are, Inc. Tw istage, Inc. - - - 03/04/13 BlueSky ETO e-Integrity, Inc. - - - 03/04/13 Silverlake Axis Ltd. (SGX:5CP) Merimen Ventures Sdn. Bhd. $16.9 - - 03/04/13 Addnode Group AB (publ) (OM:ANOD B) Abou AB - - - 03/01/13 KV Asia Capital CBS Bizhub and PT. Panpages $38.8 - - 03/01/13 ClearSlide, Inc. SlideRocket, Inc. - - - 03/01/13 Perceptive Softw are, Inc. AccessVia, Inc. - - - 02/27/13 Rackspace Hosting, Inc. (NYSE:RAX) ObjectRocket, Inc. - - - 02/27/13 Open GI Limited Pow erplaceer plac e Insurance Services Ltd .- - - 02/26/13 Cymetrix Corporation CareClarity, Inc. - - - 02/25/13 Genesys Telecommunications Laboratories, Inc. Angel.com Incorporated $110.0 $28.8 3.8x 02/22/13 Paperless Receipts Limited ExpenseMagic Ltd. - - - 02/22/13 Access UK Limited Sazneo Limited - - - 02/21/13 Master Lock Canada, Inc. N4 Systems Incorporated - - - 02/20/13 CPA Global Limited First To File, Inc. - - - 02/19/13 [x+1], Inc. UberTags LLC - - - 02/17/13 ironSource Ltd AfterDow nload Ltd. $28.0 - - 02/15/13 New Net Communication Technologies, LLC Interact Incorporated - - - 02/14/13 DiliTrust SAS SQLi, Dataroom.com - - - 02/14/13 LX Ventures Inc. (TSXV:LXV) Weeve Ventures Inc. - - - 02/14/13 Capsilon Corporation Paperless Office Solutions Inc. - - - 02/11/13 ItInternati onal lI Insurance C ompany of fH Hannover Li Liitdmited LdLondon & &ETitlI Euro. Title Insurance S rvcs. - - - 02/07/13 PeopleBrow sr Inc. Sw aylo Inc. - - - 02/07/13 Avanade, Inc. Opstera, Inc. - - - 02/06/13 View point Construction Softw are, Inc. 4Projects Ltd. - - - 02/06/13 liveBooks, Inc. Fotomoto, Inc. - - - 02/06/13 Haiku Learning Systems, Inc. ActiveGrade, LLC - - -

Enterprise TTM Re Rev v. Date Buye r Se lle r Value (mm) (mm) EV/Rev 02/05/13 Tatango, Inc. Regal Digital LLC - - - 02/05/13 Tw itter, Inc. Bluefin Labs, Inc. - - - 02/05/13 SellPoint, Inc. Show Uhow , Inc. - - - 02/05/13 SPINS, Inc. Third Solutions, LLC - - - 02/05/13 EaseEas e Entertainment Services, LLC Scenechronize --- 02/01/13 JMI Equity; HGGC, LLC Innovative Interfaces, Inc. - - - 01/31/13 Aggregate Know ledge, Inc. Quantivo Corporation - - - 01/31/13 Autodesk, Inc. (NasdaqGS:ADSK) Allpoint Systems, Inc. - - - 01/29/13 Genesys Telecommunications Laboratories, Inc. UTOPY, Inc. - - - 01/29/13 Reputation.com, Inc. Reputation.com (UK) Limited - - - 01/25/13 Peterson Partners LP Angoss Softw are Corp. (TSXV:ANC) $8.5 $7.4 1.2x 01/24/13 Automattic, Inc. Simperium, Inc. - - - 01/24/13 LittleLives Inc Pte. Ltd. Illume Technology - - - 01/24/13 Cubic Transportation Systems, Inc. NextBus Inc. $20.7 - - 01/22/13 Vision Critical Communications, Inc. Texifter, LLC - - - 01/22/13 Infusionsoft, Inc. GroSocial, Inc. - - - 01/22/13 Unified Media, Inc. PageLever, Inc. - - - 01/22/13 Claritas Capital StudioNow, Inc .--- 01/17/13 First Advantage Corporation LexisNexis, Certain Assets - - - 01/10/13 Nuance Communications, Inc. (NasdaqGS:NUAN) VirtuOz SA - - - 01/10/13 Fresh Juice Global, LLC VIDERO Inc. - - - 01/10/13 NetSuite Inc. (NYSE:N) Retail Anyw here Inc. - - - 01/09/13 Elephant Talk Communications Corp. (AMEX:ETAK) Telnicity, LLC $1.0 - - 01/08/13 Total Merchant Services, Inc. Fanminder, Inc. - - - 01/08/13 Nearstream, Inc. LoopFuse, Inc. - - - 01/08/13 reInvention, LLC Authentic Response, Inc. - - - 01/08/13 InComm, Inc. Giftango Corporation - - - 01/08/13 Haufe-Lexw are GmbH & Co. KG Semigator AG - - - 01/07/13 Athenahealth, Inc. (NasdaqGS:ATHN) Epocrates, Inc. $294.5 $151.0 2.0x 01/07/13 GT Nexus, Inc. TradeCard, Inc. - - - 01/04/13 Euronet W orld w id e I nc. (N asd aqGS :EEFT) PCPure Commer c e Pt PtLtdy Ltd.--- 01/04/13 Farmtrader, LLC XSAg.com - - - 01/03/13 PeopleStrategy, Inc. ERC Dataplus, Inc. - - - 01/03/13 PennWell Corporation CyberTech, Inc., Certain Assets - - - 01/03/13 Metrostudy Inc. Metrostudy Inc. - - - 01/02/13 Elsevier B.V. Knovel Corporation - - - 01/02/13 Click & Pledge, Inc Inc. . Donor Tow n Square, Inc Inc. . ---

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