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 Pamlico Capital 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. Kohlberg Kravis Roberts & 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 Internet 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. Norwest Venture Partners; 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 Investment Banking 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 Apax Partners (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. Providence Equity 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; Nordic Capital 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