Software Sector Summary Report

Software COMPANYSector PRESENTATION Summary Week of October 2, 2017

1 DEAL DASHBOARD Software $35.9 Billion 470 $29.1 Billion 76 Financing Volume YTD (1)(2) Financing Transactions YTD (1)(2) M&A Volume YTD (3) M&A Transactions YTD (3) Select Financing Transactions Quarterly Financing Volume (1)(2) Quarterly M&A Volume (3) Select M&A Transactions (4) $Bn $Bn (61)% Company Amount ($MM) 43% Target Acquirer EV ($MM) $14 $50 $270 $12 $41 $3,903 $10 $11 $9 $6 $6 $24 $250 $6 $5 $1,125 $16 $15 $12 ( ) $12 $6 $5 $70 $834 ( ) Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 $45 Quarterly Financing Deal Count (1)(2) Quarterly M&A Deal Count (3) $614 36% $35 9% $531 156 160 154 127 118 123 103 111 $35 94 29 29 29 29 $382 24 24 26 21 $32 14 $344

$26 $270 Q3'15 Q4'15 Q1'16 Q2'16Q3'16 Q4'16 Q1'17 Q2'17 Q3'17 Q3'15 Q4'15 Q1'16 Q2'16 Q3'16 Q4'16 Q1'17 Q2'17 Q3'17

Last 12 Months Software Price Performance vs. S&P 500 (5) M&A EV/ NTM Rev. Over Time (6)

35.0% SPX IGV All Buyers Strategic Buyers PE Buyers 30.0% 30% 6 ` 5.3x Financing Activity by Quarter 4.7x 4.9x 5 4.5x 4.6x 25.0% 4.2x 4.3x 4.0x 4.1x 3.9x 3.9x 3.7x 20.0% 4 3.6x 3.1x 16% 2.7x 2.9x 2.9x 15.0% 3 2.5x 2.5x 2.5x 2.2x 10.0% 2

5.0% 1

0.0% 0 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 2011 2012 2013 2014 2015 2016 2017 (5.0%)

(10.0%) Notes: Source: Capital IQ, PitchBook, and Dow Jones VentureSource. Market Data as of 09/29/2017. 1) Criteria based on software series A and subsequent rounds of global financings greater than or equal to $20MM. 2) Financings include Software Venture and Private Equity Growth / Expansion activity. 3) Criteria based on global target software M&A deals with transaction enterprise values greater than $50MM. 4) Software M&A transactions reflect select transactions in CY2017. 2 5) iShares North American Tech-Software ETF (IGV), used as proxy for software landscape. Top holdings in the ETF include ADBE, MSFT, ORCL, CRM, and INTU. 6) Criteria based on global public target software M&A deals with enterprise transaction values greater than $100MM. GCA OVERVIEW The GCA Software Team US Team Daniel Avrutsky Jimmy Orozco Josh Wepman Paul DiNardo Steve Fletcher Managing Director Managing Director Managing Director Managing Director Managing Director [email protected] [email protected] Software & Digital Media [email protected] Head of Software [email protected] [email protected] Gautam Garg Glen Kruger Mike Janovec Vice President Director Vice President [email protected] [email protected] [email protected]

Alex Vitale Arthur Kirsch Chris Gough Derek Bell Managing Director Managing Director Managing Director Managing Director Auto Tech Healthcare IT Real Estate Tech Business Services [email protected] [email protected] [email protected] [email protected]

John Lambros JT Herman Peter Bang Sean Minnihan Managing Director Managing Director Managing Director Managing Director Head of Digital Media Industrial Technology Financial Services FinTech [email protected] [email protected] Financial Software Financial Software [email protected] [email protected]

Executive Leadership Select Europe Team Select Asia Team Todd Carter *Adrian Reed *Phil Adams *Raiko Stelten **Akikazu Ida **Ryuichi Kanemaki Co-President & CEO Managing Director CEO of GCA Altium Director Co-Head of Asian Managing Director [email protected] [email protected] [email protected] [email protected] Technology & Media [email protected] [email protected] Clark Callander *Sascha Pfeiffer *Stephen Georgiadis *Tobias Schultheiss Sameer Jindal **Tomohiko Kubota Managing Director Co-Head of European Managing Director Managing Director Managing Director Managing Director Head of Investment Banking Technology & Media [email protected] [email protected] Head of Indian Operations CEO of AMPLIA [email protected] [email protected] [email protected] [email protected]

*Adrian Reed, Phil Adams, Sascha Pfeiffer, Stephen Georgiadis and Tobias Schultheiss are Managing Directors at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. *Raiko Stelten is a Director at GCA Altium Limited, a wholly-owned subsidiary of GCA Corporation. 3 **Akikazu Ida, Ryuichi Kanemaki and Tomohiko Kubota are Managing Directors at GCA Corporation. RECENT STOCK PERFORMANCE Index Performance

Last 12 Months Last 3 Years

35% 70%

30% 55% 25%

20% 40%

15% 25% 10%

5% 10%

0% Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 May-17 Jun-17 Jul-17 Aug-17 Sep-17 (5%)Sep-14 Dec-14 Mar-15 Jun-15 Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 (5%)

(10%) (20%)

(15%) (35%)

Sector 3 Months 1 Year 3 Years

Platform 4.9% 21.2% 43.6% Security 7.9% 18.7% 37.5% Infrastructure 11.8% 21.3% 26.7% BI & Analytics 10.3% 21.1% 6.4% Vertical 5.2% 15.9% 47.6% SaaS / On Demand 9.2% 28.8% 65.9%

Notes: Source: Capital IQ. Market Data as of 09/29/2017. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 4 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. TRADING COMPARABLES Valuation and Operational Metrics EV / 2017E Revenue EV / 2017E EBITDA

7.0x 6.5x 40.0x 37.2x Median: 29.1x 6.0x 5.6x 5.5x 5.3x 35.0x Median: 5.4x 29.4x 29.3x 29.0x 30.0x 27.8x 5.0x 4.3x 4.1x 25.0x 4.0x 20.0x 3.0x 14.0x 15.0x 2.0x 10.0x 1.0x 5.0x 0.0x 0.0x SaaS Vertical Infrastructure Platform Security BI & Analytics SaaS Security Vertical BI & Analytics Infrastructure Platform

2017E / 2016A Revenue Growth 2017E EBITDA Margin

40.0% 40.0% 37.1% 35.0% 35.0% Median: 16.7% Median: 22.0% 30.0% 30.0% 25.0% 24.6% 22.9% 25.0% 22.4% 25.0% 21.2% 17.8% 20.0% 15.5% 15.3% 20.0% 16.9% 14.2% 15.0% 12.8% 15.0% 10.0% 10.0% 5.0% 5.0% 0.0% 0.0% SaaS Infrastructure BI & Analytics Security Vertical Platform Platform Infrastructure Vertical Security SaaS BI & Analytics

Notes: Source: Capital IQ. Market Data as of 09/29/2017. Figures represent mean values of respective comp groups. BI & Analytics: ATTU, AYX, CLDR, DATA, DWCH, FICO, GSUM, HDP, MSTR, SPLK, TDC, VRNT. Infrastructure: APPN, ATEN, CA, CTXS, CVLT, FFIV, LOGM, MCRO, MULE, NEWR, NOW, NTCT, NTNX, PRGS, PSTG, RHT, SOW, SPLK, TEAM, VMW. Platform: ADBE, IBM, MSFT, ORCL, SAP. SaaS / On Demand: AMBR, APPN, APTI, AYX, AZPN, BCOV, BLKB, BNFT, BOX, BV, CALD, CARB, CLDR, COUP, COVS, CRM, CSLT, CSOD, ECOM, FIVN, HUBS, INST, JCOM, LOGM, LPSN, MIME, MRIN, MULE, NEWR, NOW, OKTA, PAYC, PCTY, PCYG, QLYS, RNG, RP, SHOP, SPSC, TWOU, ULTI, VEEV, WDAY, WK, YEXT, ZEN. Security: ABT, CHKP, CUDA, CYBR, FEYE, FSC1V, FTNT, IMPV, IPAS, MIME, MOBL, PANW, PFPT, QLYS, RPD, SCWX, SPLK, SYMC, Trend Micro, VDSI, ZIXI. 5 Vertical: APPF, ATHN, BLKB, CERN, CLGX, CSLT, CSU, ELLI, EXA, GWRE, HSTM, INOV, INST, MDRX, MDSO, RP, SSNC, SSNI, VEEV. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 6.2x 5.3x 4.9x 20.1x 14.0x 12.7x 33.7x 21.5x 19.4x 3.9% 12.8% 7.5% 30.7% 37.1% 37.5% Median 5.7 4.8 4.7 19.2 13.5 12.7 34.1 22.2 20.2 (0.6%) 16.8% 6.6% 31.1% 38.9% 39.1%

Infastructure VMware, Inc. $109.19 $44,636 ($6,485) $38,151 5.4x 4.9x 4.5x 20.6x 12.8x 12.5x 39.3x 21.5x 19.8x 6.7% 10.4% 18.2% 26.1% 38.2% 36.5% ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6% Red Hat, Inc. $110.86 19,673 (903) 18,771 8.1 6.8 5.9 47.1 25.1 21.3 84.6 42.0 35.4 17.9% 18.8% 15.7% 17.1% 27.1% 27.6% Micro Focus International plc $32.00 13,924 1,411 15,335 11.3 6.1 3.6 29.3 15.1 9.3 43.0 17.6 15.6 9.3% 85.5% 67.9% 38.7% 40.5% 39.3% CA, Inc. $33.38 14,062 (44) 14,018 3.5 3.4 3.3 10.9 9.2 8.6 17.8 14.0 13.3 (0.1%) 3.0% 2.5% 31.8% 36.8% 38.1% Citrix Systems, Inc. $76.82 11,639 41 11,680 3.4 4.1 4.0 11.4 12.4 11.7 22.5 16.6 15.3 4.4% (17.5%) 3.9% 30.0% 33.4% 34.0% Splunk Inc. $66.43 9,300 (1,003) 8,297 8.7 6.8 5.4 NM 59.5 41.0 NM NM 81.6 42.1% 28.0% 25.5% NM 11.5% 13.3% Atlassian Corporation Plc $35.15 7,988 (550) 7,438 14.0 10.3 7.9 NM 40.8 29.3 NM 96.9 68.1 37.2% 35.6% 31.0% NM 25.3% 26.9% F5 Networks, Inc. $120.56 7,661 (1,014) 6,647 3.3 3.2 3.0 10.9 8.0 7.4 21.8 14.5 13.4 3.9% 4.1% 4.9% 30.2% 39.5% 40.8% LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1% Nutanix, Inc. $22.39 3,469 (349) 3,120 5.2 3.2 2.3 NM NM NM NM NM NM 83.4% 60.1% 38.8% NM NM NM Pure Storage, Inc. $15.99 3,382 (523) 2,859 3.9 2.8 2.2 NM NM 32.8 NM NM NM 65.3% 38.5% 30.6% NM 1.6% 6.6% NetScout Systems, Inc. $32.35 2,897 (100) 2,796 2.5 2.4 2.3 14.6 10.2 8.1 NM 18.5 13.7 43.1% 1.5% 8.3% 17.0% 24.0% 27.9% Commvault Systems, Inc. $60.80 2,767 (481) 2,286 3.6 3.3 3.0 NM 24.2 18.5 NM 54.9 43.0 8.6% 8.8% 9.9% 2.6% 13.6% 16.3% New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8% MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM Progress Software Corporation $38.17 1,843 (68) 1,775 4.4 4.5 4.4 16.3 10.6 10.5 NM 20.7 20.4 7.4% (2.2%) 1.1% 26.9% 42.3% 42.0% Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM A10 Networks, Inc. $7.56 535 (132) 403 1.8 1.7 1.6 NM 99.3 38.3 NM NM NM 15.6% 2.7% 7.9% NM 1.7% 4.1%

Mean 7.0x 5.5x 4.6x 20.1x 27.8x 23.2x 38.2x 31.3x 32.9x 28.7% 22.4% 20.5% 23.3% 24.6% 26.5% Median 5.4 4.9 4.4 15.4 15.2 15.5 30.9 20.7 20.4 19.5% 18.8% 16.8% 26.5% 26.2% 27.8%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 6 Market Data as of 09/29/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.1x 4.3x 3.7x 26.9x 29.4x 21.8x 41.7x 37.7x 40.3x 17.0% 15.5% 14.5% 20.4% 21.2% 21.8% Median 4.3 3.6 3.3 27.0 22.5 17.5 45.2 38.2 31.4 12.9% 15.2% 11.1% 19.6% 17.9% 18.0%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 7 Market Data as of 09/29/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Stock Trading Statistics Operating Metrics Price Equity Net Enterprise EV / Revenue EV / EBITDA Price / EPS CY Rev. Growth EBITDA Margin 9/29/2017 Value Debt Value CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E CY 16A CY 17E CY 18E 16A/15A 17E/16A 18E/17E CY 16A CY 17E CY 18E SaaS Salesforce.com, inc. $93.42 $67,141 ($919) $66,222 7.9x 6.4x 5.3x NM 29.5x 23.8x NM 71.0x 54.9x 25.9% 23.9% 19.8% 6.0% 21.6% 22.4% Workday, Inc. $105.39 21,921 (1,549) 20,372 13.0 9.7 7.7 NM 63.8 45.3 NM NM 96.8 35.0% 34.0% 25.6% NM 15.2% 17.0% ServiceNow, Inc. $117.53 20,064 (552) 19,512 14.0 10.2 7.8 NM 46.6 31.8 NM NM 66.0 38.3% 37.2% 30.4% NM 21.9% 24.6% Shopify Inc. $116.49 11,537 (932) 10,605 27.2 16.3 11.4 NM NM NM NM NM NM 89.7% 67.1% 43.4% NM 1.8% 4.9% Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 23.8% 19.5% 22.4% 32.6% 32.9% LogMeIn, Inc. $110.05 5,803 (285) 5,517 5.5 5.5 4.7 NM 15.3 12.4 NM 27.2 22.7 23.7% 5.6% 15.2% 12.2% 35.6% 38.1% The Ultimate Software Group, Inc. $189.60 5,655 (101) 5,554 7.1 5.9 4.9 82.2 26.3 20.8 NM 53.7 43.3 26.4% 19.8% 20.0% 8.7% 22.6% 23.8% Aspen Technology, Inc. $62.81 4,591 38 4,629 9.8 9.5 9.2 21.0 19.7 18.9 36.4 27.4 29.9 1.7% 3.0% 3.8% 46.7% 48.3% 48.3% Paycom Software, Inc. $74.96 4,466 (33) 4,432 13.5 10.3 8.2 65.2 35.7 28.1 NM 65.2 52.2 46.5% 31.1% 24.9% 20.7% 28.7% 29.2% Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.6% 8.9% 17.1% 24.4% 24.5% j2 Global, Inc. $73.88 3,571 912 4,483 5.1 3.9 3.6 12.1 9.4 8.4 23.6 12.8 11.7 21.3% 30.6% 7.6% 42.3% 41.9% 43.4% RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 20.1% 14.3% NA NA RingCentral, Inc. $41.75 3,199 (167) 3,032 8.0 6.2 5.0 NM 97.6 65.8 NM NM NM 28.2% 29.7% 22.2% NM 6.3% 7.7% HubSpot, Inc. $84.05 3,112 (203) 2,909 10.7 7.9 6.3 NM NM 92.6 NM NM NM 48.9% 35.6% 25.9% NM 4.9% 6.8% Zendesk, Inc. $29.11 2,926 (240) 2,685 8.6 6.3 4.9 NM NM 96.7 NM NM NM 49.4% 35.5% 29.5% NM 3.1% 5.1% 2U, Inc. $56.04 2,913 (22) 2,891 14.0 10.2 7.4 NM NM NM NM NM NM 37.1% 38.1% 37.2% NM 3.7% 5.4% Okta, Inc. $28.21 2,696 (213) 2,483 15.5 10.1 7.5 NM NM NM NM NM NM 86.6% 52.7% 35.3% NM NM NM MuleSoft, Inc. $20.14 2,597 (256) 2,341 12.5 8.4 6.2 NM NM NM NM NM NM 70.3% 49.3% 34.5% NM NM NM Box, Inc. $19.32 2,584 (82) 2,502 6.3 4.9 4.0 NM NM NM NM NM NM 31.7% 26.8% 23.3% NM NM 3.9% New Relic, Inc. $49.80 2,715 (227) 2,488 10.3 7.7 6.0 NM NM 77.1 NM NM NM 49.6% 33.9% 27.3% NM 0.8% 7.8% Paylocity Holding Corporation $48.82 2,526 (103) 2,423 9.2 7.3 6.0 NM 37.7 30.3 NM 67.4 55.4 40.8% 25.7% 22.3% 2.7% 19.4% 19.7% Cornerstone OnDemand, Inc. $40.61 2,338 (67) 2,272 5.4 4.7 4.1 NM 35.3 25.0 NM NM 55.0 24.6% 13.7% 15.6% NM 13.4% 16.3% Cloudera, Inc. $16.62 2,315 (395) 1,920 7.4 5.4 4.2 NM NM NM NM NM NM 57.2% 37.4% 26.3% NM NM NM Qualys, Inc. $51.80 1,944 (279) 1,665 8.4 7.3 6.3 34.8 22.1 18.9 NM 57.5 50.2 20.5% 15.0% 16.0% 24.2% 33.1% 33.3% Appian Corporation $28.46 1,711 (78) 1,633 12.3 10.0 8.6 NM NM NM NM NM NM 19.5% 22.7% 16.8% NM NM NM Coupa Software Incorporated $31.15 1,670 (208) 1,461 10.9 8.2 6.6 NM NM NM NM NM NM 59.9% 33.4% 25.0% NM NM NM Callidus Software Inc. $24.65 1,667 (172) 1,495 7.2 6.1 5.1 NM 48.0 33.6 NM 75.9 53.7 19.4% 19.4% 19.1% NM 12.6% 15.1% Mimecast Limited $28.42 1,616 (98) 1,518 8.9 6.5 5.2 NM 74.3 48.9 NM NM NM 26.1% 36.8% 24.2% NM 8.7% 10.7% Five9, Inc. $23.90 1,317 (11) 1,306 8.1 6.7 5.7 NM NM 67.6 NM NM NM 25.8% 20.2% 17.6% 1.1% 6.5% 8.4% Yext, Inc. $13.28 1,198 (127) 1,071 8.6 6.3 4.8 NM NM NM NM NM NM 38.5% 36.8% 32.6% NM NM NM Alteryx, Inc. $20.37 1,196 (153) 1,043 12.2 8.3 6.1 NM NM NM NM NM NM 59.4% 46.3% 35.9% NM NM NM Benefitfocus, Inc. $33.65 1,049 53 1,102 4.7 4.3 3.8 NM 68.5 40.4 NM NM NM 26.0% 9.8% 25.7% NM 6.3% 9.3% SPS Commerce, Inc. $56.71 977 (159) 818 4.2 3.7 3.2 43.4 25.5 20.8 NM 64.7 53.9 21.9% 14.3% 14.5% 9.8% 14.5% 15.6%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 8 Market Data as of 09/29/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 8.5x 6.5x 5.3x 49.0x 37.2x 36.9x 53.3x 54.0x 47.9x 32.1% 25.0% 26.0% 16.2% 16.9% 17.3% Median 8.1 6.2 5.1 42.7 34.1 28.1 36.4 60.7 51.2 26.1% 23.9% 23.8% 13.3% 14.0% 15.1%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 9 Market Data as of 09/29/2017. PUBLIC COMPANY VALUATIONS Software Trading Statistics

($MM, Except Per Share Data)

Mean 5.2x 4.1x 3.5x 18.0x 29.0x 26.9x 29.1x 24.3x 31.4x 25.2% 17.8% 47.9% 17.8% 14.2% 15.9% Median 5.3 3.8 3.4 16.7 19.2 16.4 35.5 27.1 26.2 19.8% 12.5% 33.2% 19.5% 14.3% 13.3%

Vertical Cerner Corporation $71.32 $23,648 ($94) $23,555 5.0x 4.5x 4.2x 17.9x 13.8x 12.5x 38.6x 28.5x 25.7x 8.2% 8.5% 19.8% 27.9% 32.9% 33.4% Constellation Software Inc. $544.64 11,542 (70) 11,472 5.4 4.7 4.2 28.2 18.1 15.8 55.8 24.8 21.3 15.6% 13.7% 29.4% 19.2% 26.2% 26.4% Veeva Systems Inc. $56.41 7,932 (725) 7,208 13.2 10.7 9.0 59.2 32.9 27.2 NM 65.1 55.9 32.9% 24.8% 47.9% 22.4% 32.6% 32.9% SS&C Technologies Holdings, Inc. $40.15 8,248 2,209 10,457 7.1 6.2 5.9 20.3 15.2 13.8 62.7 20.7 18.4 48.1% 10.8% 19.6% 34.7% 40.8% 42.9% Guidewire Software, Inc. $77.86 5,840 (573) 5,267 11.7 9.6 8.0 NM 48.3 35.5 NM 89.7 68.0 13.6% 23.6% 46.8% 4.3% 19.9% 22.5% athenahealth, Inc. $124.36 4,966 209 5,174 4.8 4.2 3.7 48.3 19.4 16.5 NM 65.0 50.6 17.1% 11.6% 28.5% 9.9% 21.7% 22.5% Medidata Solutions, Inc. $78.06 4,567 (96) 4,470 9.6 8.1 6.8 68.2 32.8 26.5 NM 60.7 51.5 18.1% 19.5% 41.1% 14.1% 24.6% 25.8% Blackbaud, Inc. $87.80 4,123 370 4,493 6.1 5.7 5.2 36.0 23.4 21.4 99.8 41.1 37.0 14.6% 7.7% 17.1% 17.1% 24.4% 24.5% CoreLogic, Inc. $46.22 3,897 1,552 5,449 2.8 2.9 2.8 13.0 11.7 10.9 37.6 19.9 17.9 27.8% (4.0%) (1.7%) 21.5% 25.1% 26.1% RealPage, Inc. $39.90 3,298 71 3,369 5.9 5.0 4.2 41.4 NA NA NM 42.9 33.5 21.3% 18.2% 42.0% 14.3% NA NA Ellie Mae, Inc. $82.13 2,824 (334) 2,490 6.9 6.2 5.1 34.0 21.1 16.4 71.4 55.3 45.1 41.9% 14.2% 34.5% 20.3% 29.2% 31.4% Allscripts Healthcare Solutions, Inc. $14.23 2,570 1,264 3,834 2.5 2.1 1.8 25.2 10.4 9.2 NM 23.1 19.1 11.8% 15.5% 34.9% 9.8% 20.7% 19.9% Inovalon Holdings, Inc. $17.05 2,486 (280) 2,206 5.2 4.9 4.5 29.7 20.1 17.6 95.0 54.0 45.7 (2.2%) 5.8% 15.0% 17.3% 24.3% 25.4% AppFolio, Inc. $47.95 1,626 (32) 1,594 15.1 11.4 9.0 NM 67.3 51.2 NM NM NM 40.8% 33.1% 67.0% NM 17.0% 17.7% Instructure, Inc. $33.15 974 (26) 948 8.6 6.2 4.7 NM NM NM NM NM NM 51.5% 39.6% 80.4% NM NM NM Silver Spring Networks, Inc. $16.17 873 (118) 755 2.4 2.5 2.3 NM 64.2 20.6 NM NM 59.1 (36.5%) 3.6% 7.5% NM 3.8% 11.0% HealthStream, Inc. $23.37 745 (116) 630 2.8 2.5 2.3 29.9 17.3 14.7 NM NM 80.6 8.1% 8.4% 19.6% 9.3% 14.7% 15.8% Castlight Health, Inc. $4.30 566 (90) 476 4.7 3.6 2.8 NM NM NM NM NM NM 35.0% 31.1% 66.8% NM NM NM Exa Corporation $24.18 365 (17) 348 4.8 4.5 4.1 77.9 53.1 35.8 NM NM NM 10.9% 4.6% 17.6% 6.2% 8.6% 11.4%

Mean 6.6x 5.6x 4.8x 37.8x 29.3x 21.6x 65.8x 45.5x 42.0x 19.9% 15.3% 33.4% 16.6% 22.9% 24.4% Median 5.4 4.9 4.2 32.0 20.6 17.1 62.7 42.9 45.1 17.1% 13.7% 29.4% 17.1% 24.4% 25.0%

Notes: Source: Capital IQ and Wall Street Estimates. Multiples <0 and >100 considered NM. Negative margins considered NM. 10 Market Data as of 09/29/2017. PUBLIC SAAS COMPANIES – VALUATION CORRELATION TO GROWTH AND CASH FLOW

Valuation Correlation to Growth Valuation Correlation to Growth & Free Cash Flow 12.0x 12.0x R = 0.54 R = 0.69 SHOP SHOP

10.0x 10.0x

AZPN AZPN VEEV VEEV APPN APPN PAYC PAYC PCYG 8.0x 8.0x WDAY OKTA OKTA NOW WDAY NOW TWOU TWOU COUP CALD PCTY AYX QLYS QLYS PCTY HUBSMULE AYX NEWR HUBS NEWR 6.0x 6.0x FIVN MULE FIVN CRM MIME BLKB BLKB ZEN CALD MIME CRM RNG ULTI ULTI YEXT LOGMZEN INST LOGM RP YEXTINST CSOD CLDR CLDR RP 4.0x JCOM BOX 4.0x BNFT BOX CSOD BNFT WK WK SPSC LPSN SPSC JCOM

LPSN Enterprise Value / CY / 2018E Revenue Value Enterprise APTI CSLT CY / 2018E Revenue Value Enterprise APTI CSLT AMBR CARB 2.0x 2.0x AMBR CARB BV ECOM BV BCOV ECOM BCOV

0% 10% 20% 30% 40% 50% 0% 10% 20% 30% 40% 50% 60% CY2018E Revenue Growth CY 2018E Revenue Growth % + CY 2018E FCF Margin %

Notes: Source: Capital IQ as of 09/29/2017. Consensus Estimates used for CY2018E figures. 11 Estimates for MRIN are not available. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

Provides simulation and product engineering software and SaaS for the automotive, transportation, rail, aerospace, oil and 9/28/17 Application Software $382 5.3x 4.7x 258.2x 42.9x gas sectors globally

9/27/17 Application Software $180 4.0x NA NA NA Provides marketing cross-channel attribution SaaS that enables media and video ad performance analytics and optimization

9/26/17 Application Software $807 NA NA NA NA Provides online and mobile commerce logistics software for shipping companies globally

9/26/17 Application Software $392 NA NA NA NA Provides marketing automation and behavior prediction analytics SaaS for the automotive dealership industry

The VelocityEHS and BOLT Solutions assets of Actua. VelocityEHS provides environment, health and safety (EHS) compliance 9/25/17 Application Software $354 NA NA NA NA (VelocityEHS and BOLT and incident management software and SaaS for HR professionals Solutions assets)

9/25/17 Application Software $195 NA 4.9x NA NA Provides Web-based wealth management SaaS for financial markets

9/20/17 Security $225 6.4x NA NA NA Provides authentication, single sign-on and user identity management SaaS for enterprises

Provides e-commerce and order management software and services for retailers and businesses. Also provides web hosting, 9/6/17 Application Software $475 NA NA NA NA design and integration services

9/5/17 Application Software $200 NA NA NA NA Provides clinical documentation and document management software for the emergency medical sector in the United States

9/5/17 Application Software $713 2.7x NA 13.3x NA Provides manufacturing plant project management and design software for businesses in the industrial industries

8/31/17 Application Software $128 NA NA NA NA Provides sales acceleration and lead management SaaS for the mortgage, insurance, technology and education industries

Provides gift card sales marketing automation for the restaurant and retail sectors. Also provides an online sales service that 8/30/17 Application Software $175 5.1x 4.0x NA NA enables consumers to purchase gift cards

Provides marketing automation SaaS and digital marketing services to businesses in the consumer products, retail, 8/28/17 Application Software $105 0.7x 1.0x NM 19.9x automotive, financial services, healthcare, telecommunications, marketing and entertainment industries

Provides business intelligence document and knowledge management, and GIS SaaS, hosting and software development 8/22/17 Application Software $118 0.8x NA 15.5x NA services for businesses in Scandinavia and Baltic nations

8/21/17 Application Software $323 9.6x NA 20.8x NA Provides insurance and reinsurance software solutions ( )

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM. 12 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer ( Target ) Target Sector Value (EV) LTM NTM LTM NTM Target Description

8/15/177/25/17 Sage Group Intacct Corp. Application Software $107$850 8.5x9.7x NANA NANA NANA ProvidesProvides loadaccounting tracking and and financial management management SaaS for software the shipping as a andservice freight (SaaS) sector for inbusinesses the US ( ) Symantec Corporation DigiCert Inc. [Thoma TheProvides Website CRM, Security ERP, transaction business and processing, PKI assets and of Symantec,document andwhich records provides management security SaaS software, and services software for asbusinesses a service and (SaaS) 7/24/178/3/17 Partners Group (WebsiteCivica Security pl Application Software $1,370$950 NANA 2.4xNA NANA NANA Bravo] consumersand systems globally integration services for public sector agencies globally ( ) business(Website( Security assets) Business ) Assets) Active Network Inc. TheProvides communities AI-based and content sports creation divisions software of Active to Network,businesses. which Software provides provides administration, a linguistic membership, analytics engine donations that canand "read"event 7/24/178/3/17 GlobalGENUI Payments AG Inc. [fkaAcrolinx The ActiveGmbH InformationApplication Management Software $1,207$60 NANA NANA NANA NANA ( ) managementcontent and provides SaaS for grammarnon-profit editing, organizations monitoring, scoring, analytics reporting and development to written enterprise content (CommunitiesNetwork] & Sports [Vista Divisions)

ProvidesProvides propertyreal-time management contextual marketing software featuringenablement document and customer management, experience electronic personalization signatures, SaaS website for companies development, in the 7/12/178/2/17 RealPage On-Site Manager Inc. (assets)Application Software $250$80 NANA 5.0xNA NANA NANA backgroundhospitality, screening,dining, healthcare, legal contract entertainment, management, travel payment and education processing sectors and cloud computing

ProvidesProvides customerSCM SaaS service for businesses automation, primarily billing, within citation the management,US, UK and Europe. asset Softwarerecovery, providesand transportation features for database procurement, systems SRM, 8/1/177/7/17 Navient [fka Sallie Mae]Duncan Solutions Inc. Application Software $133$80 1.5x3.3x NANA 20.6xNA NANA andcontract outsourced management services and for spend municipalities analysis and toll authorities

Provides open-source and Windows-based software for businesses. Software provides features for data management, 7/27/177/6/17 Verisk Analytics Inc. G2 Web Services LLC InformationSecurity Management $1,260$112 NANA NANA NANA NANA Provides merchant risk intelligence software for the investment and financial industries ( ) integration and backup

ProvidesProvides e-discoveryenterprise ITand automation forensic investigation and workspace software management that analyzes software the to contents businesses. of an Features individual include or networked IT store computer 7/26/177/5/17 Open Text Guidance Software InfrastructureInformation Management Management $245$55 2.3x1.0x 2.1xNA NMNA 20.6xNA formanagement, businesses serviceand law desk enforcement optimization, agencies on-boarding globally and off-boarding and workforce security

Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 7/25/176/14/17 Sage Group Intacct Corp. ApplicationHosted Services Software $850$200 9.7x2.0x NANA 20.0xNA NANA Provides accounting and financial management software as a service (SaaS) for businesses ( ) management services for businesses

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/176/14/17 Partners Group Civica pl ApplicationHosted Services Software $1,370$135 2.3xNA 2.2xNA NANM 148.3xNA Operates as a domain name registry and provides domain name services to consumers and businesses ( ) and systems integration services for public sector agencies globally

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/176/5/17 GENUI AG Acrolinx GmbH InformationSecurity Management $60$69 1.0xNA NANA NANM NANA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

ProvidesProvides real-timetransaction contextual and payment marketing processing enablement software, and SaaS customer and services experience for businesses.personalization Also SaaS provides for companies related in-store in the 7/12/176/2/17 InfrastructureApplication Management Software $260$80 NANA NANA NANA NANA hospitality,payment terminals dining, healthcare, entertainment, travel and education sectors

ProvidesProvides SCMenterprise SaaS for SQL businesses Server administration, primarily within performance the US, UK management, and Europe. Software backup and provides recovery, features and compliancefor procurement, software. SRM, 5/31/177/7/17 InfrastructureApplication Management Software $1,125$133 3.3xNA NANA 20.6xNA NANA ( ) contractAlso provides management Windows and PowerShell spend analysis interactive development environment (IDE) software

ProvidesProvides open-sourcesales performance and Windows-based and compensation software management, for businesses. analytics Software and planning provides software features as for a data service management, (SaaS) for 5/30/177/6/17 InformationApplication Management Software $1,260$531 5.5xNA 4.7xNA NANM NANM ( ) integrationbusinesses and backup

Provides enterprise IT automation and workspace management software to businesses. Features include IT store 5/26/177/5/17 InfrastructureApplication Management Software $55$59 1.0x4.6x NANA NANA NANA Provides payroll, workforce and business tax management software and data hosting services for businesses management, service desk optimization, on-boarding and off-boarding and workforce security Asure Software Inc. iSystems( LLC )

Provides infrastructure as a service (IaaS), backup and recovery, firewall, cloud storage and remote monitoring and 6/14/175/11/17 HostedMobility Services $200$125 2.0xNA NANA 20.0xNA NANA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers ( ) management services for businesses

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM. 13 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

6/14/177/25/17 Sage Group Intacct Corp. ApplicationHosted Services Software $135$850 2.3x9.7x 2.2xNA NMNA 148.3xNA OperatesProvides accountingas a domain and name financial registry management and provides software domain asname a service services (SaaS) to consumers for businesses and businesses

Provides CRM, ERP, transaction processing, and document and records management software, software as a service (SaaS) 7/24/176/5/17 Partners Group Civica pl ApplicationSecurity Software $1,370$69 1.0xNA NANA NMNA NANA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses ( ) and systems integration services for public sector agencies globally

ProvidesProvides transactionAI-based content and payment creation processing software tosoftware, businesses. SaaS Software and services provides for businesses. a linguistic Also analytics provides engine related that in-storecan "read" 7/24/176/2/17 GENUI AG Acrolinx GmbH InfrastructureInformation Management Management $260$60 NANA NANA NANA NANA paymentcontent andterminals provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

ProvidesProvides enterprisereal-time contextualSQL Server marketingadministration, enablement performance and customer management, experience backup personalization and recovery, SaaS and compliancefor companies software. in the 5/31/177/12/17 InfrastructureApplication Management Software $1,125$80 NANA NANA NANA NANA ( ) Alsohospitality, provides dining, Windows healthcare, PowerShell entertainment, interactive developmenttravel and education environment sectors (IDE) software

ProvidesProvides salesSCM SaaSperformance for businesses and compensation primarily within management, the US, UK analytics and Europe. and Softwareplanning providessoftware featuresas a service for procurement,(SaaS) for SRM, 5/30/177/7/17 Application Software $531$133 5.5x3.3x 4.7xNA 20.6xNM NMNA businessescontract management and spend analysis

Provides open-source and Windows-based software for businesses. Software provides features for data management, 5/26/177/6/17 InformationApplication Management Software $1,260$59 4.6xNA NANA NANA NANA Provides payroll, workforce and business tax management software and data hosting services for businesses integration and backup Asure Software Inc. iSystems(( LLC )) Provides enterprise IT automation and workspace management software to businesses. Features include IT store 5/11/177/5/17 InfrastructureMobility Management $125$55 1.0xNA NANA NANA NANA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers management, service desk optimization, on-boarding and off-boarding and workforce security

ProvidesProvides customerinfrastructure address as averification service (IaaS), software backup as anda service recovery, (SaaS) firewall, to e-commerce cloud storage companies and remote and other monitoring businesses. and Also 6/14/175/9/17 InformationHosted ManagementServices $200$96 5.6x2.0x NANA 16.5x20.0x NANA ( ) providesmanagement verification services SaaS for forbusinesses other customer data such as phone numbers and email addresses

6/14/175/3/17 InfrastructureHosted ServicesManagement $490$135 6.1x2.3x 5.2x2.2x 14.0xNM 148.3xNA ProvidesOperates software, as a domain Web name application registry and and API provides code review, domain testing name andservices quality to assuranceconsumers (QA) and businessessoftware for businesses ( )

Provides cloud-based WAN virtualization software that enables businesses to build unified carrier agnostic WAN and network 5/1/176/5/17 EnterpriseSecurity Networking $610$69 24.4x1.0x 15.3xNA NANM NANA Provides identity and access management SaaS, as well as IoT application development SaaS, for businesses infrastructures that connect them to their facilities, users and applications

ProvidesProvides socialtransaction media-based and payment team collaborationprocessing software, and social SaaS media and monitoringservices for and businesses. marketing Also software provides as arelated service in-store (SaaS) for 5/1/176/2/17 InfrastructureInformation Management Management $344$260 1.7xNA 1.7xNA 69.1xNA 15.1xNA businessespayment terminals

Marlin Equity ProvidesProvides telecomenterprise expense SQL Server management, administration, network performance provisioning, management, M2M and mobile backup device and recovery,management and compliancesoftware and software. SaaS for 4/28/175/31/17 Tangoe InfrastructureMobility Management $1,125$270 NANA 1.1xNA NANA 10.3xNA Partners ( ) businesses.Also provides Also Windows provides PowerShell related business interactive process development outsourcing environment (BPO) services (IDE) software

OffersProvides cloud-based sales performance APIs and andSDKs compensation to help prevent management, registration analyticsfraud, reduce and planningthe risk of software account astakeover a service and (SaaS) authenticate for end 4/25/175/30/17 ApplicationSecurity Software $230$531 2.3x5.5x 1.8x4.7x 23.0xNM NANM usersbusinesses across account lifecycles

Provides networked business intelligence (BI) analytics and reporting SaaS for businesses. Software also provides features for 4/25/175/26/17 Application Software $75$59 1.9x4.6x NANA NANA NANA dataProvides processing payroll, and workforce aggregation, and business data warehouse tax management automation, software and the and reporting data hosting and analysis services of for CRM, businesses sales and supply chain Asure Software Inc. iSystems( LLC ) analytics

Provides channel data management SaaS for the consumer electronics sector globally. Software enables companies to 4/12/175/11/17 ApplicationMobility Software $120$125 NANA NANA NANA NANA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers intelligently manage global indirect channel sales and inventory data, as well as increase channel visibility

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM. 14 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date Acquirer Target Target Sector Value (EV) LTM NTM LTM NTM Target Description Provides customer relationship management (CRM) SaaS that tracks and logs all telephone, text, chat and email-based 7/25/174/4/17 Sage Group Intacct Corp. Application Software $850$80 0.7x9.7x NANA NANA NANA communicationsProvides accounting for healthcare and financial markets. management Also provides software customer as a service analytics (SaaS) software for businesses and a directory of healthcare insurance plans

ProvidesProvides scholarshipCRM, ERP, transactionmanagement processing, SaaS for K-12 and schools,document universities and records and management nonprofits. Softwaresoftware, provides software features as a service for the (SaaS) 7/24/174/3/17 Partners Group Civica pl Application Software $1,370$50 NANA NANA NANA NANA ( ) digitaland systems management, integration awarding, services reporting for public and sector stewardship agencies of globally academic awards for students

Provides AI-based content creation software to businesses. Software provides a linguistic analytics engine that can "read" 7/24/174/3/17 GENUI AG Acrolinx GmbH InformationApplication Management Software $73$60 4.8xNA NANA NANA NANA Provides mathematical data analysis and modeling software to engineering and scientific research markets content and provides grammar editing, monitoring, scoring, analytics reporting and development to written enterprise content

Provides real-time contextual marketing enablement and customer experience personalization SaaS for companies in the 7/12/174/3/17 InfrastructureApplication Management Software $92$80 0.5xNA NANA NANA NANA Provides trading software, collaborative data management and EDI software for the securities trading sector hospitality, dining, healthcare, entertainment, travel and education sectors

Experian'sProvides SCM cross-channel SaaS for businesses marketing primarily business, within which the provides US, UK marketing and Europe. automation Software andprovides email features advertising for procurement,SaaS and SRM, 4/3/177/7/17 Application Software $400$133 3.3xNA NANA 20.6xNA NANA (Cross-channel Marketing Division) outsourcedcontract management BPO services and for spend businesses analysis and ad agencies worldwide Operates as the Chinese division of NQ Mobile, which provides Android, Windows Phone, Symbian and BlackBerry smart Provides open-source and Windows-based software for businesses. Software provides features for data management, 3/30/177/6/17 InformationSecurity Management $1,260$366 NANA NANA NANA NANA phone anti-virus and anti-malware software for businesses and consumers globally. Also provides mobile call blocking and (Tongfang Investment (Beijing Feiliu Jiutian integration and backup Fund Series SPC) ( Technology Co.) ) device optimization software

ProvidesProvides Webenterprise and mobile IT automation application and testing workspace software management for enterprises. software Features to businesses. include website Features performance include IT store testing and 3/29/177/5/17 InfrastructureInfrastructure ManagementManagement $200$55 6.3x1.0x 4.4xNA NANA NANA management,management, applicationservice desk load optimization, testing, and on-boarding performance and analytics off-boarding and workforce security

ProvidesProvides waterinfrastructure resource as and a serviceenvironmental (IaaS), backupmanagement and recovery, and simulation firewall, software cloud storage to the and utilities remote industry monitoring globally. and Stantec 3/21/176/14/17 ApplicationHosted Services Software $270$200 2.0xNA NANA 20.0xNA NANA ( ( ) ) obtainedmanagement ownership services of Innovyzefor businesses through the 2016 acquisition of MWH Global

Provides investment portfolio business intelligence (BI) software for the investment and finance sector globally. Software 3/20/176/14/17 ApplicationHosted Services Software $205$135 7.3x2.3x 2.2xNA NANM 148.3xNA Operates as a domain name registry and provides domain name services to consumers and businesses provides features for data management, portfolio performance analytics, risk management and reporting

3/7/176/5/17 SecuritySecurity $614$69 5.6x1.0x NANA NANM NANA ProvidesProvides automatedidentity and application access management penetration SaaS, and networkas well asvulnerability IoT application testing development SaaS for enterprise SaaS, for software businesses developers

ProvidesProvides on-premisetransaction andand cloud-based payment processing accounting software, and performance SaaS and services management for businesses. software andAlso SaaS, provides including related budgeting, in-store 3/7/176/2/17 InfrastructureApplication Management Software $317$260 5.3xNA NANA NANA NANA planning,payment terminalsreporting and analytics, for businesses

ProvidesProvides behavior-basedenterprise SQL Serverprofiling administration, SaaS for enterprises, performance enabling management, breach-detection backup and and visibility recovery, into and advanced compliance or targeted software. 2/28/175/31/17 InfrastructureSecurity Management $1,125$105 10.5xNA NANA NANA NANA ( ) attacks,Also provides insider Windows threats and PowerShell malware interactive that have circumventeddevelopment environmenttraditional security (IDE) software controls

TheProvides multi-family sales performance housing business and compensation and product portfoliomanagement, of Rainmaker, analytics which and planning provides software revenue asbudgeting, a service forecasting (SaaS) for and 2/27/175/30/17 Application Software $290$531 8.1x5.5x 4.7xNA 29.0xNM NANM revenuebusinesses cycle management software for multi-family real estate sectors (Multi-Family Housing Business)

Provides software-based domain name services (DNS), Dynamic Host Configuration Protocol (DHCP) and IP address 2/23/175/26/17 EnterpriseApplication Networking Software $325$59 5.4x4.6x NANA NANA NANA Provides payroll, workforce and business tax management software and data hosting services for businesses management SaaS for enterprises Asure Software Inc. iSystems( LLC )

Provides Web-based SaaS for the automation and management of performance appraisals, feedback, compensation 2/23/175/11/17 ApplicationMobility Software $175$125 2.4xNA 2.3xNA 27.5xNA 20.3xNA Provides artificial intelligence (AI), conversation-based mobile user interface development software for developers ( ) management, succession planning, job descriptions, learning management and recruiting for corporate HR departments

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM. 15 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT ACQUISITIONS Select Software M&A Transactions

($MM) Announced Enterprise EV / Revenue EV / EBITDA Date ( Acquirer ) Target Target Sector Value (EV) LTM NTM LTM NTM Target Description

Provides insurance policy and pharmacy claims processing software and SaaS for the insurance and pharmaceutical sector. 2/15/171/27/17 Application Software $102$128 1.3xNA NA NA NA Provides K-12 education assessment management software for schools and educators Also provides colocation, disaster recovery, managed hosting and systems integration services Provides electronic medication prior authorization software for pharmacies, healthcare providers, and pharmaceutical 2/14/171/25/17 Application Software $1,400$59 1.9xNA 1.6xNA NMNA 10.7xNA Providescompanies. wealth Software management is integrated and ERPinto andelectronic transaction health processing records so SaaS that forhealthcare the investment providers and and finance doctors sector can provideglobally electronic authorization Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and Provides network management and operational support system (OSS) software and related managed services for telecom 1/24/172/9/17 Nokia Corporation Comptel Corporation InfrastructureCarrier Infrastructure Management $3,903$373 18.9x3.5x 3.1xNA 29.6xNM 17.5xNA troubleshooting of applications, extensions, plugins, databases, and servers for businesses. Also provides related analytics reportingservice provides software globally

Provides endpointdomain name security registration software and for smallrelated businesses services to and corporate enterprises and consumerin the healthcare, website financialowners. Relatedservices services and include 1/20/172/8/17 Sophos Invincea HostedSecurity Services $120$84 12.2xNA NA NA NA ( ) governmentweb hosting industriesand an auction service for website domain name resellers

MSC Software Provides project and portfolio management SaaS and related systems integration services for enterprises. Software includes 1/19/172/2/17 Hexagon AB Application Software $834$800 3.6x4.6x NA NA NA Provides motion control, dynamics and acoustical vibration simulation and modeling software for businesses Corporation(( ) ) features for plan design, agile project portfolio management and cost analysis and control Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature 1/17/172/1/17 Fingerprint Cards AB Delta ID Inc. SecurityStorage $120$650 6.5xNA NA NA NA Providesvirtual machine iris recognition (VM) level biometric management, systems in-line for use de-duplication in mobile devices and compression and automobiles of data, including backup copies of VMs that ( ) can be replicated to secondary datacenters

Provides on-site,social collaboration hosted and cloud-basedonline software back-up for enterprise and recovery, employees data protection and consumers. and replication Software software allows employees for use in disasterand 1/31/171/9/17 InformationStorage Management $425$67 1.7xNA NA 43.4xNA NA recoveryconsumers for to businesses create "boards" where members collaborate to complete tasks for a project

Provides health benefits management SaaS for businesses. Software provides features for financial management, customized 1/4/17 Application Software $134 19.1x 7.0x NA NA 1/27/17 Application Software $128 NA NA NA NA healthProvides benefit K-12 educationplans, and assessment data and analytics management reporting software for schools and educators

Provides cloud-basedelectronic medication global import prior and authorization export trade software reference for pharmacies,software and healthcare an online databaseproviders, of and analysis pharmaceutical content, cargo 12/23/16 Application Software $53 NA NA NA NA 1/25/17 Application Software $1,400 NA NA NA NA detailscompanies. and relatedSoftware company is integrated profiles into for electronic businesses health at www.datamyne.com records so that healthcare providers and doctors can provide electronic authorization Provides application performance management (APM) SaaS and mobile applications, enabling the monitoring and 12/20/161/24/17 InfrastructureApplication Management Software $3,903$67 18.9xNA NA NMNA NA troubleshootingProvides client reporting of applications, software extensions, and services plugins, for the databases, investment and and servers financial for businesses.services sectors Also globally provides related analytics reporting software

Provides domaindigital rights name management registration andSaaS related for businesses services toand corporate content producers,and consumer as well website as an owners. online digitalRelated music services and includevideo 12/20/161/20/17 HostedSecurity Services $560$84 NA NA NA NA content recognition database for consumers and the entertainment sector ( ( ) ) web hosting and an auction service for website domain name resellers Provides insurance policy administration and management software as a service (SaaS) and on-premise for property and Provides project and portfolio management SaaS and related systems integration services for enterprises. Software includes 12/19/161/19/17 Application Software $800$160 4.6x3.9x NA NA NA casualty insurance companies. Features include claims management, billing and document management. Also provides ( ) relatedfeatures services for plan design, agile project portfolio management and cost analysis and control Provides backup and recovery storage systems and storage management software for businesses. Storage systems feature Designs and develops graphical user interfaces (GUI) for mobile phones and automotive displays, to automotive and other 12/19/161/17/17 MobilityStorage $650$67 6.5xNA NA NA NA virtual machine (VM) level management, in-line de-duplication and compression of data, including backup copies of VMs that embedded display manufacturers can be replicated to secondary datacenters

All Software Median 4.6x 2.7x2.4x 23.0x21.9x 19.9x18.7x18.9x Mean 5.2x5.5x 3.8x3.7x 44.6x45.6x26.9x 33.9x32.8x32.9x

PE Acquirers Median 5.5x4.0x 2.4x 27.5x 15.1x Mean 4.3x3.9x 2.9x 36.9x 15.2x

Notes: Source: Capital IQ and Wall Street Estimates. Reflects M&A activity through 09/29/2017, where Enterprise Value is > $50MM. 16 Transactions highlighted in yellow denote Private Equity Acquirers. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

9/28/17 Feidee $200 Developer of a mobile application for personal finance Kohlberg Kravis Roberts

Provider of a stock market investment platform designed to make it simple for young and 9/28/17 Stockpile $30 Eight Roads Ventures, Hanna Ventures, Wang Ventures, Arbor Ventures, Mayfield Fund first-time investors to save and invest for their future

Provider of a cloud-based treasury and cash management software designed to help in Sumeru Equity Partners, Bpifrance, Daher Capital, HSBC Innovation Investments, Iris Capital 9/27/17 Kyriba $45 supply chain finance and risk management operations Management

Provider of a big data analytics platform designed to provide a complete and unified view Atlantic Bridge Capital, Insight Venture Partners, Kibo Ventures Partners, Investing Profit 9/27/17 Logtrust $35 of business operations Wisely

Developer of a conversation-driven marketing and sales platform designed to 9/26/17 Drift $32 HubSpot, Sequoia Capital, Charles River Ventures, General Catalyst Partners automatically turn website traffic into qualified sales meetings

9/25/17 Ritual $44 Provider of a mobile application for local lunch and coffee ordering Insight Venture Partners, Mistral Venture Partners

9/22/17 Apttus $55 Provider of a cloud-based software designed to offer quote-to-cash automation services Premji Invest, ICONIQ Capital, K1 Capital, Salesforce Ventures

9/22/17 Prosper $50 Developer of a marketplace lending platform designed to facilitate peer to peer lending FinEX Asia, LPG Capital

Developer of a healthcare data analytics platform designed to enable personalized cancer 9/22/17 Tempus Health $70 New Enterprise Associates, Revolution Group care

Developer of a digital banking platform designed to modernize the process of back office in 9/21/17 10x Banking $44 Oliver Wyman, Ping An Insurance Group Company of China the banking sector

Developer of a mobile application designed to give people access to their pay any time 9/21/17 Activehours $39 Andreessen Horowitz, March Capital Partners, Matrix Partners, Ribbit Capital they want

Provider of internet security services designed to offer threat detection through software- 9/21/17 Bastille Networks $27 Ballentine Partners, Comcast, Keel Funds, Spinnaker VC Direct, Bessemer Venture Partners defined radio

9/20/17 Digital Shadows $26 Provider of cyber-monitoring services designed to improve cyber situational awareness Industry Ventures, Octopus Ventures, WiL (World Innovation Lab), Passion Capital

Developer of a food delivery application intended to offer fresh food to customers across 9/20/17 Miss Fresh (Mobile App) $230 Genesis Capital, Jeneration Capital, Tiger Global Management China

Provider of a customer data platform designed to integrate and orchestrate the entire 9/20/17 mParticle $35 Expanding Capital, Harmony Partners, Bain Capital Ventures, Social Capital growth stack

Notes: Source: Pitchbook. Reflects deal activity through 9/28/2017. 17 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Developer of SaaS-based digital marketing and pre-targeting platform designed for 9/20/17 System1 $270 Court Square Capital Partners identifying and unlocking consumer intent

Provider of a healthcare platform intended to receive private, chat-based consultation 9/19/17 98point6 $20 NA from board-certified physicians

Developer of scalable security control for virtual containers intended to offer full visibility 9/19/17 Aqua Security $25 Lightspeed Venture Partners, Microsoft Ventures, Shlomo Kramer, TLV Partners and control over containerized environments

Provider of an online-payment platform intended to turn payments into a competitive 9/19/17 GoCardless $23 Accel, Balderton Capital, Notion Capital, Passion Capital advantage

Provider of a lunchtime meal subscription service intended to provide delicious and Menlo Ventures, Bessemer Venture Partners, Comcast Ventures, Haystack Partners, NextView 9/19/17 MealPal $20 affordable lunch every day Ventures

Provider of an open source distributed object storage software intended to address the Dell Technologies Capital, Intel Capital, Steve Singh, AME Cloud Ventures, General Catalyst 9/19/17 Minio $20 demands of unstructured data growth Partners, Nexus Venture Partners

Developer of a SaaS-based intrusion detection platform designed to provide insights about Eight Roads Ventures, F-Prime Capital Partners, .406 Ventures, Accomplice VC, Scale Venture 9/19/17 Threat Stack $45 enterprise cloud environments Partners

9/18/17 Slack $250 Provider of a team collaboration and communication platform SoftBank Group, Accel

Developer of a real-time graph database platform designed to power real-time deep link Ant Financial, Baidu Capital, Qiming Venture Partners, Yunqi Partners, AME Cloud Ventures, 9/18/17 TigerGraph $31 analytics for enterprises Danhua Capital, Data Collective, Farzad Nazem, Morado Venture Partners

Developer of a cloud-based integrated receivables software designed to automate 9/15/17 HighRadius $50 manually-intensive tasks, streamline communication and allow standardization of Susquehanna Growth Equity processes to drive best practices into receivables organizations

Developer of a telemedicine platform designed to connect on-site multi-disciplinary Redmile Group, Western Technology Investment, Index Ventures (UK), Refactor Capital, Y 9/14/17 Call9 $24 clinical care specialists to remote physicians Combinator

Bailey Capital (Tech Investor), FJ Labs, Great Oaks Venture Capital, Kaya Ventures, Phyto 9/14/17 Eaze $40 Developer of an on-demand healthcare application Partners, QueensBridge Venture Partners, Rose Capital Partners, Winklevoss Capital Management, DCM Ventures, Fresh VC Afore Capital, Costanoa Venture Capital, GV, Point72 Ventures, Vista Venture Partners, Charles Developer of an adaptive operational database platform designed to scale digital business 9/14/17 Fauna $25 River Ventures, Data Collective, Quest Venture Partners, Ulu Ventures, Webb Investment without compromising productivity or agility Network 7-Eleven, Isomer Capital, RiverPark Funds, Battery Ventures, Benefit Street Partners, Comcast Developer of a mobile application designed to scan, save and share a digital copy of key 9/14/17 KeyMe $25 Ventures, QuestMark Partners, Ravin Gandhi, The Michael Polsky Family Office, White Star and order copies shipped to door Capital

Provider of a SaaS based big data security analytics platform designed to transform security 9/14/17 Securonix $29 Eight Roads Ventures, Volition Capital management with risk intelligence

Notes: Source: Pitchbook. Reflects deal activity through 9/28/2017. 18 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Operator of a capital-as-a-service platform created to break the traditional funding cycle 9/13/17 Braavo Capital $70 TiE Silicon Valley for mobile entrepreneurs by providing on-demand access to capital

Evolution Media (New York), GV, Palapa Ventures, Accel, Casey Wasserman, Jeff Mallett, 9/13/17 Gametime United $28 Developer of a mobile sports ticketing application StartX

9/13/17 Heptio $25 Provider of an open source platform designed to make Kubernetes accessible to enterprises Lightspeed Venture Partners, Accel, Madrona Venture Group

Provider of an employee lending platform intended to provide fair rates and cut credit Goldman Sachs Alternative Investments & Manager Selection Group, Wadhawan Holdings, 9/12/17 Neyber $149 costs Gaël de Boissard, Henry Ritchotte

9/12/17 SendinBlue $36 Developer of a SaaS-based digital marketing suite Partech Ventures

Operator of an online marketplace for DIY and gardening products intended to connect 9/11/17 ManoMano $71 General Atlantic, Bpifrance, Partech Ventures, Piton Capital people directly to home improvement and gardening merchants

9/11/17 TNG FinTech Group $115 Operator of digital wallets created to improve the lives of the unbanked people Infinity Group, New margin capital, Nogle

Provider of a cloud-based SaaS web application designed to offer social, engaging and 9/11/17 Typeform $35 General Atlantic, Connect Ventures, Index Ventures (UK), Point Nine Capital conversational online forms

Provider of a traffic management platform intended to offer unparalleled control over GGV Capital, Salesforce Ventures, Deutsche Telekom Capital Partners, Flybridge Capital 9/8/17 NS1 $23 traffic and infrastructure Partners, Sigma Prime Ventures, Telstra Ventures, Two Sigma Ventures

9/7/17 Leia $60 Provider of an interactive holographic technology NA

9/7/17 Linxo $24 Provider of an intelligent financial assistant that provides an overview of personal finances MAIF, Credit Agricole, Crédit Mutuel Arkéa

9/7/17 Pineapple Payments $35 Operator of a payment processing technology company Providence Equity Partners

Provider of a web-based learning management system intended to reduce the effort 9/6/17 Absorb LMS $59 Silversmith Capital Partners required to manage workplace learning and development

Developer of product lifecycle management (PLM) software designed to effectively manage 9/6/17 Aras $40 GE Ventures, Silver Lake Management the business of engineering

Developer of a cloud-based collaborative data science platform designed to explore, 9/6/17 Dataiku $28 Battery Ventures, Alven Capital Partners, FirstMark Capital, Serena Capital prototype, build and deliver data products efficiently

Notes: Source: Pitchbook. Reflects deal activity through 9/28/2017. 19 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Capital One Growth Ventures, ICONIQ Capital, Madrona Venture Group, Altimeter Capital 9/6/17 Snowflake $105 Developer of a SaaS-based cloud data warehousing platform Management, Redpoint Ventures, Sutter Hill Ventures, Wing Venture Partners

Qumra Capital, Compound VC, Firstime Venture Capital, Norwest Venture Partners, SoftBank 9/6/17 Talkspace $31 Operator of an online therapy platform intended to offer therapy for all Capital, Spark Capital

Daimler, Founders Circle Capital, Liberty Mutual Strategic Ventures, SK Group, August Capital, 9/6/17 Turo $92 Provider of an online car-rental marketplace designed to rent a car from local car owners Canaan Partners, GV, Kleiner Perkins Caufield & Byers, Shasta Ventures, Trinity Ventures

Developer of a software platform intended to allow businesses to send and receive text 9/6/17 Zipwhip $23 Cowles Company, OpenView Venture Partners, Microsoft Ventures, Voyager Capital messages via landlines

Provider of a digital identity platform designed to transform organizational identity and 9/5/17 ForgeRock $88 Kohlberg Kravis Roberts, Accel, Foundation Capital, Meritech Capital Partners access management

Developer of a cloud-and mobile-based event management software designed to manage 9/5/17 Gather Technologies $55 Vista Equity Partners and simplify the event booking process

9/5/17 Maoyan $150 Operator or an online platform designed to sell movie tickets online Beijing Enlight Media

9/5/17 MapR $56 Provider of a converged data platform designed to offer real-time database capabilities Lightspeed Venture Partners

9/4/17 Cubic Motion $26 Developer of facial animation software NorthEdge Capital

9/4/17 Via (Carpooling) $250 Operator of an on-demand transit company designed to provide car pooling services Daimler, 83North, Ervington Investments

Developer of a global Internet-sensing platform designed to create and organize 8/31/17 Qadium $40 IVP, TPG Growth, Founders Fund, New Enterprise Associates, Susa Ventures knowledge about the world's devices

Developer of a digital marketing platform designed to meet data-privacy requirements of 8/31/17 SuperAwesome $21 Mayfair Equity Partners the global kids industry

Developer of an integrated TV operating system designed to optimize ad buys across TV MediaOcean, Anthem Venture Partners, GoAhead Ventures, RTL Group, Simon Equity 8/31/17 VideoAmp $21 and digital platforms Partners, Startup Capital Ventures, Wavemaker Partners

Developer of an integrated guest management platform designed to improve the way 8/30/17 ALICE $26 Expedia hotels deliver service

Provider of a healthcare crowdfunding platform designed to reduce the financial burden of BlueRun Ventures, Sinovation Ventures, Tongcheng Foundation, Banyan Capital, IDG Capital, 8/30/17 Shuidi $24 those inflicted with injury or disease Meituan-Dianping, Tencent

Notes: Source: Pitchbook. Reflects deal activity through 9/28/2017. 20 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. RECENT PRIVATE FINANCINGS

($MM) Amount Deal Date Company Brief Description Investors Raised

Provider of an on demand smart software development service designed to outsource full- Adam D'Angelo, Marc Benioff, Michael Jordan, Redpoint Ventures, Andreessen Horowitz, 8/29/17 Gigster $20 stack application development to building next-gen tech projects for big companies Sound Ventures, Y Combinator

Operator of a health information technology platform designed to offer prescription McKesson Ventures, Canaan Partners, New Leaf Venture Partners, Tribeca Venture Partners, 8/29/17 Truveris $25 benefit plans and payers of claims New Atlantic Ventures

8/29/17 VuLog $20 Provider of a mobile carsharing platform intended to reshape the future of shared mobility Frog Capital, Inven Capital, Bpifrance, ETF Partners

Developer of cyber security software created to control and protect personal and private 8/28/17 Anonyome Labs $20 Hanna Ventures, Ken Eldred, Todd Davis, Greg Clark, John Mumford information

Developer of a fitness based online platform created to address preventive healthcare 8/28/17 CureFit $25 Accel, IDG Ventures India, Kalaari Capital, RNT Associates techniques

Developer of a rent installment payment platform designed to simplify housing rental for 8/28/17 Fangsiling $45 Mingdaojinkong, 9C Capital, 9fbank.com, Phoenix Finance, Will Hunting Capital young professionals in China

Acequia Capital, Cargill, Correlation Ventures, Live Nation Entertainment, March Capital Developer of an image analysis technology platform designed to offer useful satellite 8/24/17 Descartes Labs $30 Partners, The Chernin Group, Universal Music Group, Wildcat Capital Management, WME imagery Capital, Crosslink Capital, Cultivian Sandbox Ventures

A Capital Partners, Battery Ventures, Geodesic Capital, Green Bay Ventures, The Future Fund, 8/22/17 Databricks $140 Developer of an unified analytics platform designed to make big data simple Andreessen Horowitz, New Enterprise Associates

Goldman Sachs Private Capital Investing Group, Bezos Expeditions, Ignition Venture Partners, 8/22/17 Skytap $45 Provider of a public cloud designed to modernize traditional enterprise applications Insight Venture Partners, Madrona Venture Group, OpenView Venture Partners

Provider of an insurance recommendation platform designed to offer health insurance 8/22/17 Stride Health $24 Portag3 Ventures, F-Prime Capital Partners, New Enterprise Associates, Venrock services

Developer of a mobile application platform designed to enable next generation retail 8/22/17 Tulip Retail $40 Kleiner Perkins Caufield & Byers, Jump Capital workers with mobile-first, cloud-first enterprise software

8/21/17 Alkami Technology $73 Provider of electronic banking services to the financial services industry i2E, Wild Basin Investments, S3 Ventures

Provider of an in-memory database for applications and services designed for 8/21/17 Redis Labs $44 The Goldman Sachs Group, Bain Capital Ventures, Carmel Ventures, Dell Technologies Capital transactional, analytics and hybrid deployments

Provider of an online truck logistics platform created to connect cargo shippers with truck 8/18/17 Huochebang $56 All-Stars Investment drivers in China

8/17/17 Brighter $26 Provider of a dental network for self-paying patients DAG Ventures, General Catalyst Partners, Benchmark Capital, Mayfield Fund, Tenaya Capital

Notes: Source: Pitchbook. Reflects deal activity through 9/28/2017. 21 Transactions reflect recent Software Venture and Private Equity Growth / Expansion activity where the amount raised was greater than or equal to $20MM. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Registrations

($MM) LTM Last Financing Initial Filing Initial Offering Funding Issuer Primary Industry EBIT Amount Post Money Date Amount Revenue (1) Rev Growth (2) EBIT (3) Date (4) TD (5) Margin Raised Valuation

Application Software 29-Sep-17 $150 $319 6.5% $18 5.6% 5-Oct-04 $30 NA $30

Database Software 21-Sep-17 $100 $124 55.3% NM NM 9-Jan-15 $80 $1,600 $312

Notes: Source: Capital IQ, Pitchbook and Company filings. Offering amounts $20MM or greater. (1) LTM as of 06/30/2017 for Altair and 07/31/2017 for mongoDB. (2) Reflects revenue growth from CY2015 to CY2016 for Altair and CY2016 to CY2017 for mongoDB. (3) Reflects LTM Non-GAAP EBIT. Calculated as EBIT plus stock-based compensation. LTM as of 06/30/2017. (4) Reflects last financing > $25MM. 22 (5) Does not include grant funding. SOFTWARE CAPITAL MARKETS UPDATE Recent Software IPO Pricings

( $M M ) % Change % Change Market Cap Amount % Change Current / Offer Date (1) Name Pre IPO Filing Range Offer Price Offer / 1st Trading Day / @ IPO Date Raised Offer Price Midpoint Price Offer Price

25-May-17 $881 $75 11.00 - 13.00 $12.00 - 25.1% 137.2%

28-Apr-17 $2,318 $225 12.00 - 14.00 $15.00 15.4% 20.7% 10.8%

13-Apr-17 $1,146 $116 8.00 - 10.00 $11.00 22.2% 21.9% 20.7%

7-Apr-17 $2,134 $187 15.00 - 17.00 $17.00 6.3% 38.3% 65.9%

24-Mar-17 $873 $126 12.00 - 14.00 $14.00 7.7% 10.7% 45.5%

17-Mar-17 $3,118 $221 14.00 - 16.00 $17.00 13.3% 45.6% 18.5%

Notes: Source: Capital IQ and Company filings. Market Data as of 09/29/2017. 23 (1) First Trading Day listed as Offer Date. A SHRINKING UNIVERSE OF PUBLICLY TRADED SOFTWARE COMPANIES Strategic and Private Equity Exits Outweigh New Issues

210 PE Acquisitions Strategic Acquisitions IPO

200 6 195 (7) 11 (11) (5) 190 (11) (6) 7 (8) (4) 17 (9) 11 (10) Fortinet 17 CDC Software (7) LogMeIn 16 Medidata (6) 180 SolarWinds (9) Rosetta Stone SciQuest (6) RealPage (8) 9 IntraLinks (12) Envestnet Jive Workday Qlik Imperva Fleetmatics BroadSoft Carbonite Qualys Workiva Higher One Tangoe Eloqua Mavenir Hortonworks Convio New Relic 170 Responsys E2open Barracuda Atlassian SPS Commerce HubSpot Cornerstone ServiceNow Wix.com Mimecast SS&C CyberArk Epocrates Exa Covisint Instructure QuinStreet MobileIron Incadea RingCentral Rapid7 FireEye Kinaxis (9) Infloblox Sophos Twilio Cvent Zendesk Proofpoint AppFolio SecureWorks 6 Gigamon Paycom Splunk Alarm.Com Talend (8) Textura OPOWER ExactTarget Xactly Everbridge ChannelAdvisor Five9 Demandware Shopify Apptio 160 Marketo 2U Bazaarvoice Apigee Gridsum Holding Tableau Borderfree Greenway Box Nutanix Halogen Amber Road Mulesoft 155 AVG Coupa (4) Rally A10 Networks Alteryx Guidewire BlackLine, Inc. Marin Paylocity Okta Model N Varonis Systems Yext Cloudera Appian 150 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017

2009 2010 2011 2012 2013 2014 2015 2016 2017 IPO + 6 + 11 + 7 + 17 + 16 + 17 + 11 + 9 + 6 Strategic Exits - 7 - 11 - 8 - 11 - 9 - 6 - 10 - 12 - 8 PE Exits - 5 - 4 - 6 - 9 - 6 - 7 - 8 - 9 - 4

Notes: Sources: Capital IQ, company filings. 24 Market Data as of 09/29/2017. VENTURE CAPITAL INDUSTRY TMT Transactions Since Q2 2002

$14 1,000

$12

800

$10

600

$8 $Bn

400 Number Number of Investments

200

$0 0 Q2 2002 Q2 2003 Q2 2004 Q2 2005 Q2 2006 Q2 2007 Q2 2008 Q2 2009 Q2 2010 Q2 2011 Q2 2012 Q2 2013 Q2 2014 Q2 2015 Q2 2016 Q2 2017 Quarter - Year

(1) Number of Deals Investment Amount

Notes: (1) Number of TMT VC Investments per PriceWaterhouseCoopers / NVCA MoneyTree report. TMT inclusive of Computers and Peripherals, Electronics / Instrumentation, IT Services, Media and Entertainment, Networking and Equipment, Semiconductors, Software and Telecommunications until Q3 2016. As of Q4 2016, TMT inclusive of Computer Hardware / Services, Electronics, Internet, Media (Traditional), Mobile / Telecommunications, Risk & 25 Security Systems, and Software. GCA OVERVIEW Deep Software Sector Expertise

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Fairness Opinion to We Advised the Seller We Advised the Buyer We Advised the Seller We Advised the Seller We Advised the Seller Buddy Media We Advised the Seller We Advised the Seller We Advised the Seller

Notes: The above transactions represents a compilation of past and current deals that GCA entities have advised on. Generally, GCA Corporation advises Asian-based transactions, while GCA Advisors, LLC advises U.S.-based 26 transactions and GCA Altium advises UK/European-based transactions. At times, multiple GCA entities may be retained to advise on the same transaction.