Q1 2017 TECHNOLOGY M&A UPDATE

Q1 2017 TRANSACTION ACTIVITY

Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 3/31/2017 Metriguard, Inc. Raute, Inc. Data & Analytics - - - 3/31/2017 Strenuus LLC Zelis Healthcare, Inc. Healthcare IT - - - 3/31/2017 Full Service Networking Modern Office Methods, Inc. IT Services - - - 3/30/2017 Lenmar Group of Cos. Kellton Tech Solutions Ltd. IT Services - - - 3/30/2017 ABS Associates, Inc. Mechdyne Corp. Infrastructure/Hosting - - - 3/29/2017 DataRPM Corp. Progress Software Corp. Data & Analytics 30.00 - - 3/29/2017 SOASTA, Inc. Akamai Technologies, Inc. Enterprise Software - - - 3/29/2017 ABC Camps LLC Aquiline Capital Partners LLC; Togetherwork Other SaaS - - - Holdings, LLC 3/29/2017 International Information Systems Group LLC DCIM Solutions LLC Other SaaS - - - 3/28/2017 Bracket Global LLC Genstar Capital LLC Data & Analytics - - - 3/28/2017 Bulletin Intelligence LLC GTCR LLC; Cision US, Inc. Data & Analytics - - - 3/28/2017 Mightytv, Inc. Spotify Sweden AB; Spotify Ltd.; Spotify Other SaaS - - - Technology SA 3/27/2017 Structured Network Solutions, Inc. (New York) Orion Systems Integrators LLC; Potomac Equity Enterprise Software - - - Partners LLC 3/27/2017 Velocity Managed Services, Inc. (Medical Cloud Hosting Sol) Trapp Technology, Inc. Infrastructure/Hosting - - - 3/27/2017 Day 1 Solutions, Inc. Deloitte Consulting LLP Infrastructure/Hosting - - - 3/24/2017 Midtown Record & Storage Corp. Topspin Management LLC; Two Twenty Infrastructure/Hosting - - - Records Management LLC 3/24/2017 Vernalis Group, Inc. Orion Systems Integrators LLC Other SaaS - - - 3/24/2017 StepOne, Inc. FanThreeSixty LLC Enterprise Software - - - 3/23/2017 Finitepaths, Inc. Lyft, Inc. Other SaaS - - - 3/23/2017 Praeses LLC Digital Pharmacist, Inc. Enterprise Software - - - 3/22/2017 DeskConnect Inc Apple, Inc. Other SaaS - - - 3/21/2017 Fanatic Software, Inc. COMPLETExRM, Inc. Other SaaS - - - 3/21/2017 Pragmatix Studio Fuzic Inc Other SaaS - - - 3/21/2017 Stelligent Systems LLC Management LP; Hosting.com, Other SaaS - - - Inc. 3/21/2017 Aerialink, Inc. Alpine Investors; CSF Corp. Infrastructure/Hosting - - - 3/21/2017 Orthogonal Labs, Inc. Conversocial Ltd. Other SaaS - - - 3/20/2017 Tk20, Inc. Taskstream LLC Other SaaS - - - 3/20/2017 Aporia Solutions LLC The Outsourcing Partnership LLC; Nadavon IT Security - - - Capital Partners LLC 3/20/2017 Communication Cable Co. & Co. LP; Optiv IT Security - - - Security, Inc. 3/20/2017 Zen Planner LLC GI Manager LP; Daxko LLC Other SaaS - - - 3/20/2017 Information Technologies, Inc. Riverside Partners LLC (New York) IT Services - - - 3/17/2017 NetSource Communications, Inc. FlatWorld Capital LLC; Venture Technologies, Infrastructure/Hosting - - - Inc. 3/16/2017 Manywho, Inc. Dell, Inc.; Boomi, Inc. Other SaaS - - - 3/15/2017 Greenview Data, Inc. Zix Corp. IT Security 8.10 - - 3/15/2017 Fyre LLC PeopleNet Corp. Enterprise Software - - - 3/15/2017 Capsci Health, Inc. Traffk LLC Other SaaS - - - 3/15/2017 Zimcom Solutions Liberty Center One Infrastructure/Hosting - - - 3/15/2017 Supply Chain Coach, Inc. Rockfarm Supply Chain Solutions, Inc. Supply Chain Software - - - 3/14/2017 Kaybus, Inc. Prysm, Inc. Marketing Software - - - 3/14/2017 Verisys Corp. Spectrum Equity Management, Inc.; Cressey & Healthcare IT - - - Co. LP; Spectrum Equity Management LP; Verisys Corp. (Private Group)

3/13/2017 Communications Resources, Inc. (GA) Interdev, LLC IT Security - - - 3/13/2017 ObjectVideo, Inc. Alarm.com Holdings, Inc. IT Security 6.00 - - 3/9/2017 Virtual Bridges, Inc. NComputing, Inc. Infrastructure/Hosting - - - 3/8/2017 Sotera Defense Solutions, Inc. The KEYW Corp. IT Security 235.00 - - 3/7/2017 Core Technology Corp. Harris Systems USA, Inc. Enterprise Software - - - 3/7/2017 JCKM, Inc SendGrid, Inc. Marketing Software - - - 3/7/2017 Newswire Network Ltd. Viratech Corp.; Cancer.im, Inc Marketing Software - - - 3/7/2017 Clearview Staffing Software, Inc. Healthcaresource HR, Inc. Healthcare IT - - - 3/7/2017 SafeGuard PII Corp Adama Technologies Corp. Data & Analytics - - - 3/6/2017 Veracode, Inc. CA, Inc. IT Security 614.00 - - 3/6/2017 Salford Systems, Inc. Minitab, Inc. Data & Analytics - - - 3/6/2017 Core Informatics LLC Thermo Fisher Scientific, Inc. Enterprise Software - - - 3/2/2017 Hummingbill, Inc. Sequoia Capital India Advisors Pvt Ltd.; Prime Other SaaS - - - Venture Partners; Minions Ventures Pvt Ltd.

3/2/2017 IQS, Inc. ; Medgate, Inc. Other SaaS - - - 3/2/2017 Network Access Products, Inc. Comm-Works Investment Holding Co. LLC IT Services - - - 3/1/2017 HealthSystems Co. Seaport Capital LLC; Quatris LLC Healthcare IT - - - Source: FactSet financial data and analytics

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 1 Q1 2017 TECHNOLOGY M&A UPDATE

Q1 2017 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 3/1/2017 NetVoyage Corp. CCG Operations LLC; Clearlake Capital Group Infrastructure/Hosting - - - LP 2/28/2017 NoWait, Inc. Yelp, Inc. Other SaaS 40.00 - - 2/28/2017 Infusion Software, Inc. Avanade, Inc. Infrastructure/Hosting - - - 2/28/2017 WhiteSpace Health, Inc. TA Associates Management LP; OMH Data & Analytics - - - HealthEdge Holdings, Inc. 2/28/2017 ConEst Software Systems, Inc. JDM Technology Group Other SaaS - - - 2/24/2017 Cola, Inc. Greycroft LLC; FUEL Capital Ltd; SV Angel LLC; Enterprise Software - - - Crunch Fund Management LLC; Promus Ventures LLC; AME Cloud Ventures LLC; Microsoft Ventures; Layer, Inc.; Salesforce Ventures LLC 2/24/2017 Skry, Inc. Bloq, Inc. Data & Analytics - - - 2/23/2017 Vigillo LLC SAMBA Holdings, Inc.; ABRY Partners LLC; Supply Chain Software - - - Main Street Capital Partners LLC; Cerca Group LLC 2/23/2017 High Line Health LLC (UK) Ltd.; One Call Care Data & Analytics - - - Management, Inc. 2/22/2017 Turn, Inc. Amobee, Inc. Marketing Software 310.00 - - 2/22/2017 Syncplicity LLC Axway Software SA IT Security - - - 2/22/2017 Workstraight.com Mindshare Design, Inc. Other SaaS - - - 2/22/2017 Tilt.com, Inc. General Catalyst LLC; Sequoia Capital; Other SaaS 62.10 - - FirstMark Capital LLC; Y Combinator LLC; YVentures; AH Capital Management LLC; Airbnb, Inc.; ENIAC Ventures, Inc.; DST Global (Mgmt); A-Grade Investments; Sherpacapital LLC 2/22/2017 LiftMetrix, Inc. HootSuite Media, Inc.; OMERS Ventures Other SaaS - - - Management, Inc. 2/21/2017 RTB Global, Inc. Partners LLC; Abacus Data Infrastructure/Hosting - - - Systems, Inc. 2/21/2017 Results Software LLC Providence Equity Partners LLC; Abacus Data Enterprise Software - - - Systems, Inc. 2/17/2017 Quatro Systems, Inc. Integra Business Center, Inc. IT Services - - - 2/16/2017 PreClarity, Inc. TA Associates Management LP; TEOCO Corp. Data & Analytics - - -

2/16/2017 RedTail Solutions, Inc. Accel-KKR LLC; HighJump Software, Inc. Other SaaS - - - 2/16/2017 Data3Sixty, Inc. Infogix, Inc.; Thoma Bravo LLC Financial Technology - - - 2/16/2017 Kavi Corp. JMI Management, Inc.; Higher Logic LLC Other SaaS - - - 2/15/2017 Evidon, Inc. (Ghostery Consumer Business) Burda GmbH; Mozilla Corp.; Cliqz GmbH Marketing Software - - - 2/15/2017 TrialWorks LLC Ridge Road Partners LLC IT Services - - - 2/15/2017 Verba Software, Inc. Vital Source Technologies, Inc.; Ingram Content Other SaaS - - - Group, Inc. 2/14/2017 M-Tech Systems USA, Inc. Munters AB; AB Other SaaS - - - 2/13/2017 Steelwedge Software, Inc. Insight Venture Management LLC; E2open LLC Enterprise Software - - -

2/13/2017 Eclipsecurity LLC Halock Security Labs IT Security - - - 2/13/2017 BRIX Software Hyphen Solutions LLC Enterprise Software - - - 2/10/2017 Argo AI LLC Ford Motor Co. Other SaaS 1000.00 - - 2/9/2017 Eirene, Inc. Riverside Partners LLC (New York); ProSites, Inc. Other SaaS - - -

2/8/2017 OpsClarity, Inc. Lightbend, Inc. IT Services - - - 2/7/2017 NetSeer, Inc. Inuvo, Inc. Marketing Software 5.51 - - 2/7/2017 Revolutionary Security LLC Guidepost Solutions LLC IT Security - - - 2/7/2017 Cole Information Services, Inc. Brook Venture Partners LLC; Eagle Private IT Services - - - Capital LLC; Resolute Capital Partners; Cole Information Services, Inc. (Private Group)

2/6/2017 Information Innovators, Inc. Frontenac Co. LLC; Bridge Growth Partners IT Services - - - LLC; Salient Crgt, Inc. 2/3/2017 Phoenix Kiosk, Inc. Slabb, Inc. Other SaaS - - - 2/1/2017 DC74, LLC Lumos Networks Corp. Infrastructure/Hosting 28.50 - - 2/1/2017 Owl Computing Technologies, Inc. DC Capital Partners LLC; Acuity Technologies IT Security - - - Holding Co. 2/1/2017 Conversa Solutions LLC Vertex Wireless LLC Supply Chain Software - - - 2/1/2017 Panacea Healthcare Solutions, Inc. Revelstoke Capital Partners LLC; Career Step Healthcare IT - - - LLC 2/1/2017 Distinct Software Solutions LLC EZLinks Golf LLC Marketing Software - - - 1/31/2017 VisibilityRx DrFirst.com, Inc. Healthcare IT - - - 1/31/2017 IDV Solutions LLC Everbridge, Inc. Data & Analytics 27.50 - - 1/31/2017 Double-Take Software, Inc. Carbonite, Inc. IT Security 65.35 - - 1/31/2017 Huzza Media, Inc. Kickstarter, PBC Marketing Software - - - 1/31/2017 Sagewood Systems, Inc. CV Enterprises, Inc. Healthcare IT - - - 1/31/2017 365 Services LLC DataBank Ltd. IT Services - - - Source: FactSet financial data and analytics

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

720.221.9220 | SDRVENTURES.COM Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 2 Q1 2017 TECHNOLOGY M&A UPDATE

Q1 2017 TRANSACTION ACTIVITY (CONTINUED)

Amount TEV/ Date Target Buyer(s) Segment TEV/ Rev ($ in Mil) EBITDA 1/30/2017 Congruity LLC Procurri LLC IT Services - - - 1/30/2017 Switch Labs, Inc. Return Path, Inc. IT Security - - - 1/30/2017 AmpedSense Ezoic, Inc. Other SaaS - - - 1/30/2017 Advertiseng Partners LLC Big Rhino Corp. Marketing Software 5.10 - - 1/27/2017 Gravitas Technology Services LLC Linedata Services SA IT Services - - - 1/27/2017 Fishbowl, Inc. Symphony Technology Group LLC Marketing Software - - - 1/27/2017 Alcyon, Inc. Alutiiq LLC; Afognak Native Corp. IT Services - - - 1/27/2017 LPS Integration, Inc. Platinum Equity LLC; The Gores Group LLC; IT Services - - - Data Blue LLC 1/27/2017 Cloud Tiger Media, Inc. GOOD Worldwide, Inc. Marketing Software - - - 1/26/2017 Valen Technologies, Inc. Insurity, Inc. Data & Analytics - - - 1/26/2017 Cleveland Technology Center LLC H5 Data Centers LLC Infrastructure/Hosting - - - 1/25/2017 Omniata, Inc. King Digital Entertainment Plc Data & Analytics - - - 1/23/2017 Synaptic Digital, Inc. DMA Media Ltd. Marketing Software - - - 1/23/2017 Agile 3 Solutions LLC International Business Machines Corp. IT Security - - - 1/23/2017 Zentri, Inc. Silicon Laboratories, Inc. IT Security 25.50 - - 1/20/2017 New Horizon Security Services, Inc. ZS Fund LP; SOS Security, Inc. IT Security - - - 1/19/2017 PlanView, Inc. Thoma Bravo LLC Enterprise Software - - - 1/18/2017 edo Interactive, Inc. Augeo Affinity Marketing, Inc. Marketing Software - - - 1/18/2017 SPARK Finance, Inc. StockTwits, Inc. Financial Technology - - - 1/18/2017 Healthcare Data Solutions, Inc. Aprima Medical Software, Inc. Healthcare IT - - - 1/17/2017 CynergisTek, Inc. Auxilio, Inc. Healthcare IT 34.96 2.33x 6.99x 1/17/2017 BC Technologies Elavon, Inc.; CLARUS Merchant Services Financial Technology - - - 1/17/2017 Word & Brown Administrators, Inc. (2 Subsidiaries) National General Holdings Corp. Healthcare IT - - - 1/17/2017 C7 Data Centers, Inc. DataBank Ltd. IT Services - - - 1/13/2017 Unity & Variety, Inc. Quip, Inc. Other SaaS - - - 1/12/2017 Etransmedia Technology, Inc. Formativ Health IT Services 20.40 - - 1/11/2017 GlobalLogic, Inc. Government of Canada; Canada Pension Plan Other SaaS 1500.00 - - Investment Board 1/11/2017 DIYonline.com, Inc. MiTek Industries, Inc. Other SaaS - - - 1/11/2017 Predicata TRIOSE, Inc. Data & Analytics - - - 1/11/2017 T2 Computing, Inc. Axispoint, Inc. IT Services - - - 1/10/2017 Software Secure, Inc. PSI Services LLC IT Security - - - 1/9/2017 BluVector, Inc. LLR Partners, Inc. IT Security 50.00 - - 1/9/2017 NextGen Dealer Solutions LLC Smart Server, Inc. IT Services 2.46 - - 1/9/2017 Tridea Partners LLC Columbus A/S IT Services 8.79 - - 1/6/2017 Teknarus LLC General Informatics LLC IT Services - - - 1/5/2017 TAISTech LLC Mastek (UK) Ltd.; Digility, Inc. Marketing Software 25.00 - - 1/5/2017 1ticket.com, Inc. CVC Capital Partners Ltd.; New Amsterdam Other SaaS - - - LLC; DTI Management LLC

1/5/2017 Pico Digital, Inc. ATX Networks Corp.; H.I.G. Growth Partners Other SaaS - - - LLC 1/5/2017 KREG Corp. Kaufman, Hall & Associates, Inc.; Madison Financial Technology - - - Dearborn Partners LLC 1/4/2017 Yodil, Inc. Duck Creek Technologies, Inc.; Apax Partners Enterprise Software - - - (UK) Ltd. 1/4/2017 Sterling Payment Technologies LLC Madison Dearborn Partners LLC; EVO Financial Technology 195.00 - - Payments International LLC 1/4/2017 iMicron Web Services LLC Techwave Consulting, Inc. Data & Analytics 1.10 - - 1/4/2017 Engage PR LLC Connect2 Communications, Inc. Other SaaS - - - 1/4/2017 Genesis Machinery Products, Inc. R-V Industries, Inc. Healthcare IT - - - 1/4/2017 The Kemtah Group, Inc. Belcan LLC; AE Industrial Partners LLC IT Services - - - 1/3/2017 Floored, Inc. CBRE Group, Inc. Other SaaS - - - 1/3/2017 Watchwith, Inc. Comcast Corp. Marketing Software - - - 1/3/2017 Enlighten IT Consulting, Inc. MacAulay-Brown, Inc. IT Services - - - 1/3/2017 Revant Solutions, Inc. Aviacode, Inc. Healthcare IT - - - 1/3/2017 Payroll Specialties NW, Inc. Asure Software, Inc. Financial Technology 3.61 - - 1/3/2017 Cache, Inc. (Texas) Proviso Capital LLC IT Services - - - 1/1/2017 Grand Itasca Clinic & Hospital Fairview Health Services; Sanford Health Corp. Healthcare IT - - -

1/1/2017 Contingency Planning Solutions, Inc. Digicorp, Inc. (Wisconsin) Other SaaS - - - Source: FactSet financial data and analytics

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

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