2014 Software Equity Group Flash Report and Financial and...

Novem

ber

20

14

Software Equity Group

Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank, founded in

1992, representing public and private software and

internet companies seeking:

• Strategic exit

• Growth capital

• Buyout

• Inorganic growth via acquisition

• Buy and sell-side mentoring

• Fairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million

• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies

• Clients span virtually every software technology, product

category, delivery model and vertical market

• Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US,

Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction,

operating, legal and engineering experience

• Unparalleled software industry reputation and track

record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

EXTENSIVE GLOBAL REACH

SEG Research Distribution

Current Sell-side Representation

Recent Sell-side Representation

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

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

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


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

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

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

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

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

CONTACT INFORMATION:

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

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

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

ABOUT SOFTWARE EQUITY GROUP



List of Commonly Used Acronyms

CRM Customer Relationship Management

EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization

ERP Enterprise Resource Planning

EV Enterprise Value

FCF Free Cash Flow

FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates

NASDAQ National Association of Securities Dealers Automated Quotation System

PLM Product Lifecycle Management

R&D Research and Development

S&P Standard & Poor's

SaaS Software-as-a-Service

SEG Software Equity Group

SG&A Selling, General, & Administrative

SW Software

TTM Trailing Twelve Month

YoY Year-over-Year

YTD Year-to-date

http://www.softwareequity.com/


Additions:

Changes: Previous Name New Name

VistaPrint Cimpress VPRT CMPR No Change

Removals:

Acquired by Vista Equity Partners ($4.1B)

Concur

Acquired by SAP AG ($7.7B)

TIBCO Software

Company Ticker Index

SaaSYDLEYodlee

SEG Index Changes

Category

MOL Global MOLG Internet Commerce

HubSpot CRM & MarketingSaaSHUBS

SaaS Other

Previous Ticker New Ticker Category


Previous Category

- Software Storage, Data Mgmt. & Integration

- SaaS SaaS Other

Company Ticker Previous Index


Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index




SEG Software Index


SEG SaaS Index

SEG Internet Index



Select October 2014 Software Industry M&A Transactions

Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-01-2014 Mille Lacs Corporate Ventures 2020 Brand Solutions LLC - - - -

Oct-01-2014 UBM plc (LSE:UBM) Advanstar Communications Inc. $291.0 $972.0 3.3x 11.7x

Oct-01-2014 Gyro Communications Limited Ailleurs Exactement S.A.S. - - - -

Oct-01-2014 Audience Partners, LLC Bering Media Inc. - - - -

Oct-01-2014 PeopleStrong HR Services Pvt. Ltd. Big Byte Solutions Pvt. Ltd. - - - -

Oct-01-2014 Windstream Holdings, Inc. (NasdaqGS:WIN) Business Only Broadband, LLC - - - -

Oct-01-2014 Datagroup AG (DB:D6H) Excelsis Business Technology AG $7.6 - - -

Oct-01-2014 DeNA Co., Ltd. (TSE:2432) iemo Co., Ltd. - - - -

Oct-01-2014 Spada Limited Infinite Public Relations LLC - - - -

Oct-01-2014 TeliaSonera Aktiebolag (publ) (OM:TLSN) Ipeer AB $7.8 - - -

Oct-01-2014 Mobile Lads Corp. (OTCBB:MOBO) KZRP Partners, CouBox - $1.1 - -

Oct-01-2014 - Mediastation Creative Solutions Limited $4.9 - - -

Oct-01-2014 Pulse Secure, LLC MobileSpaces. Inc - $100.0 - -

Oct-01-2014 Innovative Food Holdings, Inc. (OTCPK:IVFH) Organic Food Brokers, LLC $0.6 $0.5 1.0x -

Oct-01-2014 DeNA Co., Ltd. (TSE:2432) peroli, inc. - - - -

Oct-01-2014 Talent Partners, Inc. PES Payroll Inc. - - - -

Oct-01-2014 CoSentry, Inc. Red Anvil, LLC - - - -

Oct-01-2014 eBay Inc. (NasdaqGS:EBAY) Rumgr Inc. - - - -

Oct-01-2014 UXC Consulting Pty Ltd. Saltbush Group of Companies $10.5 - - -

Oct-01-2014 KDDI Corporation (TSE:9433) ScaleOut Inc. - - - -

Oct-01-2014 ThingLink Oy Smartag - - - -

Oct-01-2014 Sparkpr LLC Socialarc, Inc. - - - -

Oct-01-2014 Specialist Computer Holdings (UK) Limited SSE Enterprise Telecoms Ltd, Hampshire Data Centre - - - -

Oct-01-2014 Quantcast Corporation Struq Limited - - - -

Oct-01-2014 Francisco Partners Management LLC Vendavo, Inc. - - - -

Oct-01-2014 Interoute Communications Limited Vtesse Networks Limited - - - -

Oct-02-2014 Affinity Solutions, Inc. 2Go Media - - - -

Oct-02-2014 Capital One Financial Corporation (NYSE:COF) Adaptive Path, Inc. - - - -

Oct-02-2014 Cohere Communications, LLC Another9, Inc. - - - -

Oct-02-2014 RealNex BuzzTarget, LLC - - - -

Oct-02-2014 Finance Wales plc Comtec-Group Limited - - - -

Oct-02-2014 Aller Media Oy Dingle Oy $3.4 - - -

Oct-02-2014 Iron Mountain Inc. (NYSE:IRM) Fontis International, Inc. - - - -

Oct-02-2014 Chegg, Inc. (NYSE:CHGG) Internships, LLC - $11.0 - -

Oct-02-2014 Compugroup Medical Holding Coöperatief U.A. Labelsoft Clinical IT B.V. $3.8 - - -

Oct-02-2014 Fibernetics Corp. Nucleus Information Service Inc. - - - -

Oct-02-2014 TFG Financial Systems Risk Technology Solutions Inc. - - - -

Oct-02-2014 Enstallr Digital Snap Revenue Inc. - - - -

Oct-02-2014 Bonnier Corporation The Promotion Company Inc. - - - -

Oct-02-2014 Online Holdings International Inc. Travel Universe Ltd - - - -

Oct-03-2014 Nemetschek AG (XTRA:NEM) Bluebeam Software, Inc. $22.4 $100.0 4.5x -

Oct-03-2014 Xerox Corporation (NYSE:XRX) Consilience Software, Inc. - - - -

Oct-03-2014 Novetta Solutions, LLC Digital Results Group, Inc. and Sentinel Applied Analytics, LLC - - - -

Oct-03-2014 To Increase BV Dynamics Anywhere International b.v. $1.9 - - -

Oct-03-2014 Yahoo! Inc. (NasdaqGS:YHOO) LittleInc Labs, Inc. - - - -

Oct-03-2014 Open Joint Stock Company Long-Distance and International Telecommunications Rostelecom (MICEX:RTKM)LLC Interproject - $5.3 - -

Oct-03-2014 Technology Effect Pty Ltd and Breeze Training Pty Ltd Montech Holdings Limited (ASX:MOQ) $0.0 - - -

Oct-03-2014 BIZX, LLC PhoneDog, LLC - - - -

Oct-03-2014 Data Center Inc. ProfitStars, Inc., TeleWeb Suite of Internet & TeleBank Voice Banking Solution Product Lines - - - -

Oct-03-2014 PT Tiphone Mobile Indonesia Tbk (JKSE:TELE) PT Simpatindo MultiMedia - $41.1 - -

Oct-03-2014 Kamstrup A/S Saseco ApS - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-03-2014 Enghouse Systems Limited (TSX:ESL) Voxtron nv - $8.4 - -

Oct-03-2014 Anite plc (LSE:AIE) Xceed Technologies, Inc. $11.8 $35.0 3.0x 21.9x

Oct-06-2014 Zenovia Digital Exchange Corporation AdJuggler, Inc. - - - -

Oct-06-2014 Angie SARL Angie Lab - - - -

Oct-06-2014 Actuera B.V. Artena B.V. - - - -

Oct-06-2014 Construction Software Technologies, Inc. Builders Information Group, Inc. - - - -

Oct-06-2014 - DIE CREW AG - - - -

Oct-06-2014 EFactor Group Corp. (OTCPK:EFCT) ELEQT Ltd. - $28.8 - -

Oct-06-2014 Reed Exhibitions Limited Grupo Fidalex, S.A. de S.V. - - - -

Oct-06-2014 Intrinzic Inc. McManis Communications LLC - - - -

Oct-06-2014 Qumu Corporation (NasdaqCM:QUMU) Qumu Cloud $5.5 $14.6 2.7x -

Oct-06-2014 Luxoft USA, Inc. Radius Inc. - $27.7 - -

Oct-06-2014 Newforma, Inc. Smart-Use Software Inc. - - - -

Oct-06-2014 Senior Sistemas S.A. Sythex Tecnologia em Sistemas - - - -

Oct-07-2014 Scytl Secure Electronic Voting, S.A. Akira Systems Inc. - $2.5 - -

Oct-07-2014 Mystery Researchers, LLC Beyond Hello Inc. - - - -

Oct-07-2014 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) Cadient Group, Inc. - - - -

Oct-07-2014 Intitek Dunasys SAS, Three Activity Branches $12.6 - - -

Oct-07-2014 FreshAddress, Inc. Emailium - - - -

Oct-07-2014 Cornerstone OnDemand, Inc. (NasdaqGS:CSOD) Evolv, Inc. - $44.5 - -

Oct-07-2014 Meteor Development Group, Inc. FathomDB, Inc. - - - -

Oct-07-2014 SRJ Corporation Global Gate Institute Inc. - - - -

Oct-07-2014 Docker, Inc. Less Than Three Labs, Inc. - - - -

Oct-07-2014 Turnitin LightSide Labs, LLC - - - -

Oct-07-2014 The Deal, LLC Management Diagnostics Limited - - - -

Oct-07-2014 Takealot Online (Pty) Ltd. MIH Internet Africa (Pty) Ltd., Kalahari.com - - - -

Oct-07-2014 Sophos Ltd. Mojave Networks, Inc. - - - -

Oct-07-2014 Boku, Inc. mopay AG - - - -

Oct-07-2014 Energy Assets Group Plc (LSE:EAS) Origin Technical Business Services Limited - $1.4 - -

Oct-07-2014 eEvolution GmbH & Co. KG SA Service Alliance GmbH & Co. KG - - - -

Oct-07-2014 Hitachi Systems, Ltd. SecureBrain Corporation - - - -

Oct-07-2014 21 Holdings Limited (SEHK:1003) Sinofocus Media (Holdings) Limited - $12.5 - -

Oct-07-2014 The CHR Group, Inc. Studio One Networks, Inc. - - - -

Oct-07-2014 Symbility Solutions Inc. (TSXV:SY) Symbility Solutions GmbH - - - -

Oct-07-2014 Global Experience Specialists, Inc. Travel Planners, Inc. - $33.9 - -

Oct-07-2014 Next Co., Ltd. (TSE:2120) Trovit Search S.L. $22.2 $101.0 4.6x 13.6x

Oct-07-2014 TotallyHer Media, LLC Viacom, Inc., AfterEllen.com - - - -

Oct-08-2014 Seznam.cz, a.s. 51% Stake In Kupi.cz And 30% Stake In TopGis - - - -

Oct-08-2014 Collier Pickard Limited Avrion Ltd. - - - -

Oct-08-2014 Blue Hill Research, LLC DataHive Consulting - - - -

Oct-08-2014 New Relic, Inc. Few Ducks S.L. - - - -

Oct-08-2014 Latin Everywhere GOTV LLC - - - -

Oct-08-2014 Kapipal iBoost Limited - - - -

Oct-08-2014 Allison & Partners LLC New Venture Communications, Inc. - - - -

Oct-08-2014 STW Communications Group Ltd. (ASX:SGN) red brand builders - - - -

Oct-08-2014 Graitec Innovation SAS Robobat Polska Sp. z o.o. - - - -

Oct-08-2014 XPEC Entertainment Inc. (GTSM:3662) Tiny Piece Co., Ltd. - $524.7 - -

Oct-08-2014 XPEC Entertainment Inc. (GTSM:3662) Tongbu Technology Ltd. - $173.9 - -

Oct-09-2014 Gauselmann AG Betcom Ltd. - - - -

Oct-09-2014 Altplus Inc. (TSE:3672) Beyond, Inc., Advertising Business for Smart Phones - - - -

Oct-09-2014 Centage Corporation BI-Metrix Inc. - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-09-2014 Change SAS Care - - - -

Oct-09-2014 Lionbridge Technologies Inc. (NasdaqGS:LIOX) Clay Tablet Technologies Inc. - - - -

Oct-09-2014 Apax Partners LLP Exact Holding NV (ENXTAM:EXACT) $294.3 $860.5 3.2x 16.2x

Oct-09-2014 Finn Partners, Inc. Johnson King Ltd - - - -

Oct-09-2014 AppLovin Corporation moboqo GmbH - - - -

Oct-09-2014 SQLi (ENXTPA:SQI) Naxeo $3.3 - - -

Oct-09-2014 Media Ventures GmbH performance network GmbH and LocalPerformance GmbH - - - -

Oct-09-2014 Dial Square 86 Limited Red Hare Digital Limited - - - -

Oct-09-2014 KMD A/S ScanJour A/S $14.2 - - -

Oct-09-2014 Digital Turbine, Inc. Xyologic Mobile Analysis GmbH - $2.5 - -

Oct-10-2014 Parkeon S.A.S. A Stake in Brick Parking B.V., Yellowbrick B.V. and Simac Business Applications B.V. - - - -

Oct-10-2014 Numecent Holdings Ltd. Approxy Inc. - - - -

Oct-10-2014 Waterfall International Inc. Archer USA Inc., Marketing Services Business - $3.9 - -

Oct-10-2014 Brisio Innovations Inc. (OTCPK:NTCE.F) Austin Legate Church, Certain Assets - $0.1 - -

Oct-10-2014 Wynright Corporation Blue Sky Technologies, Inc. - $0.2 - -

Oct-10-2014 Ernst & Young EMEIA Limited Centre B.V. and CFORS B.V. - - - -

Oct-10-2014 CRIF SpA Dun & Bradstreet UAE - - - -

Oct-10-2014 Keywords Studios plc (AIM:KWS) Lakshya Digital Pvt. Ltd. $4.1 $4.0 1.0x -

Oct-10-2014 Hotspring Ventures Limited Salonmeister GmbH - - - -

Oct-10-2014 Transmission Events Transmission Dallas - - - -

Oct-10-2014 Galloway Vinocasting SAS - - - -

Oct-13-2014 Linx Sistemas E Consultoria Ltda. Big Automação Ltda. - EPP and BigFarma Sistemas Ltda. - Me $5.6 $16.2 2.9x -

Oct-13-2014 Eteleon E-Solutions AG cayada GmbH, 24android and mobileinsider - - - -

Oct-13-2014 PayU Payments Private Limited Cobboc Pvt. Ltd. - - - -

Oct-13-2014 Commonground/MGS Cunningham Group, Inc. - - - -

Oct-13-2014 Kitara Media Corp. (OTCBB:KITM) Future Ads LLC - - - -

Oct-13-2014 Accela, Inc. Government Outreach, Inc. - - - -

Oct-13-2014 Inspiring Benefits, S.L. HatTrick Eventos, SL. - - - -

Oct-13-2014 Accanto Systems Oy InstantCEM Ltd - - - -

Oct-13-2014 SPS Commerce Australia Pty Ltd. Leadtec Systems Australia Pty Ltd. $6.3 $14.9 2.4x -

Oct-13-2014 Commonground/MGS MGSCOMM LLC - - - -

Oct-13-2014 ezetop Ltd. RecargasACuba.com - - - -

Oct-13-2014 The Rainmaker Group Ventures, LLC. Rent Jungle LLC - - - -

Oct-13-2014 Nerdist; Geek & Sundry Smart Girls at The Party LLC - - - -

Oct-13-2014 Cuscal Limited Strategic Payments Services Pty Ltd. - $32.7 - -

Oct-13-2014 Delivery Hero Holding GmbH Subdelivery - - - -

Oct-13-2014 Commonground/MGS The Vidal Partnership, Inc. - - - -

Oct-13-2014 GB Group plc (AIM:GBG) Transactis Limited $10.1 $9.6 1.0x -

Oct-13-2014 IMImobile PLC (AIM:IMO) Txtlocal Ltd. $11.2 $21.1 1.9x -

Oct-14-2014 Hgcapital Mercury A L.P; HgCapital Mercury Executive Co-Invest L.P.; HgCapital Mercury C L.P.; HGCapital Mercury D L.P; HGCapital Mercury B L.P.Allocate Software plc. (AIM:ALL) $67.0 $145.3 2.3x 15.3x

Oct-14-2014 Ensighten, Inc. Anametrix, Inc. - - - -

Oct-14-2014 SYNTHES'3D SAS APIX STUDIO $0.3 - - -

Oct-14-2014 Siemens Aktiengesellschaft (DB:SIE) Camstar Systems, Inc. - - - -

Oct-14-2014 Demandware, Inc. (NYSE:DWRE) CQuotient, Inc. - - - -

Oct-14-2014 SoftBank Internet and Media, Inc. DramaFever Corp. - - - -

Oct-14-2014 Zaun Limited EyeLynx Ltd. - - - -

Oct-14-2014 Leeds Equity Partners, LLC iModules Software, Inc. - - - -

Oct-14-2014 eLynx, Ltd. Medallion Analytics Software Corp. - - - -

Oct-14-2014 Vista Equity Partners NAVEX Global, Inc. - - - -

Oct-14-2014 TekSavvy Solutions Inc. Openjive Inc. - - - -

Oct-14-2014 Ruder Finn, Inc. SharpeLankester (Hong Kong) Limited, Asia-Pacific Portfolio - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-14-2014 Cartwheel Kids LLC Smart Toy - - - -

Oct-14-2014 iProperty Group Limited (ASX:IPP) Square Foot Limited - $11.0 - -

Oct-14-2014 Y-Proximité Store Factory SAS - - - -

Oct-14-2014 Class Central, Inc. TFC Online LLC - - - -

Oct-14-2014 KualiCo. The rSmart Group, Inc., SaaS Business - - - -

Oct-14-2014 Commuter Advertising, Inc. TransitChatter Group LLC - - - -

Oct-14-2014 Wildstone Property Ltd. Wildstone Airports Limited - - - -

Oct-14-2014 The Pulse Network, Inc. (OTCPK:TPNI) You Everywhere Now, LLC - $2.5 - -

Oct-15-2014 Reddit, Inc. Alien Blue - - - -

Oct-15-2014 - All-Ukrainian Media Group LLC - - - -

Oct-15-2014 EfficaWeb SARL Etudinfo - - - -

Oct-15-2014 Armarda Group Limited (Catalist:5EK) Guiyang Zhongdian Gaoxin Digital Technologies Limited - $32.7 - -

Oct-15-2014 GRUP SERHS, S.A. HotelJuice - - - -

Oct-15-2014 Cookpad Inc. (TSE:2193) I-Freek Mobile Inc., Educational Application Business $0.1 $0.8 6.2x -

Oct-15-2014 ABILITY Network Inc. MD On-Line, Inc. - - - -

Oct-15-2014 BBK Holdings, LLC MEDL Mobile Holdings, Inc., Custom Development Division - - - -

Oct-15-2014 C-Motech Co., Ltd. Mobile Knowledge Systems Inc. - - - -

Oct-15-2014 Groupe Adeo S.A. Quotatis France, SAS $12.8 - - -

Oct-15-2014 KPS3 Inc. Whitefield Group: Local Seo & Web Design LLC - - - -

Oct-15-2014 Batiactu Groupe SAS XPAIR S.a.r.l. - - - -

Oct-16-2014 Digital Guardian, Inc. Armor5, Inc. - - - -

Oct-16-2014 GAW technologies GmbH AutomationX GmbH $10.3 - - -

Oct-16-2014 Premiere Global Services, Inc. (NYSE:PGI) Central Desktop, Inc. - - - -

Oct-16-2014 Kantar Media Research Inc Civolution, NexTracker and SyncNow Business - - - -

Oct-16-2014 Newtree Group Holdings Limited (SEHK:1323) DigiSmart (Group) Limited $0.7 - - -

Oct-16-2014 DocMagic, Inc. eSignSystems - $1.2 - -

Oct-16-2014 TA Associates Management, L.P. Insurity, Inc. - - - -

Oct-16-2014 Lunch Actually Pte Ltd Love Out Loud Pte. Ltd. - - - -

Oct-16-2014 migme Limited (ASX:MIG) LoveByte Pte. Ltd. - - - -

Oct-16-2014 KDDI Corporation (TSE:9433) Nanapi Inc. - - - -

Oct-16-2014 Sarl PROPRIETES-PRIVEES Neodis Immobilier, SARL - - - -

Oct-16-2014 WEA Inc. ShareMyPlaylists.com Limited - - - -

Oct-16-2014 If(we) Tinode - - - -

Oct-16-2014 MediaMath, Inc. Upcast Social Ltd. - - - -

Oct-16-2014 - Valpak of Greater St. Louis - - - -

Oct-16-2014 Gaiam Inc. (NasdaqGM:GAIA) Yoga Studio - - - -

Oct-17-2014 Netpulse, Inc. Club Apps, LLC - - - -

Oct-17-2014 Zumzi/Kolketiva Kupon Vilag Kft - - - -

Oct-17-2014 Bild & Company Primo Solutions, LLC - - - -

Oct-17-2014 LexisNexis Risk Solutions Inc. Risk Metrics Corporation - - - -

Oct-17-2014 Telemach sirokopasovne komunikacije d.o.o. Tusmobil d.o.o. - $191.2 - -

Oct-19-2014 Catalyst Qatar kunst-stoff GmbH - - - -

Oct-20-2014 IID, Inc. 30 min., Inc., 30 Min App Business - - - -

Oct-20-2014 PCCW Global Limited Crypteia Networks A.E. - - - -

Oct-20-2014 Tribes Research Limited EasyInsites Ltd - - - -

Oct-20-2014 LexisNexis Group Inc. Moreover Technologies, Inc. - - - -

Oct-20-2014 RMB Ventures Limited; Bopa Moruo One Digital Media (Pty) Ltd - - - -

Oct-20-2014 Production Resource Group, LLC PRG-Gearhouse - - - -

Oct-20-2014 Epicor Software Corporation QuantiSense, Inc. - $15.9 - -

Oct-20-2014 Citrix Systems, Inc. (NasdaqGS:CTXS) RightSignature LLC - $36.0 - -

Oct-20-2014 ViaNett AS Sendega AS - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-20-2014 Ericsson (OM:ERIC B) Sentilla Corporation - - - -

Oct-20-2014 Stamps.com Inc. (NasdaqGS:STMP) ShipWorks - $22.0 - -

Oct-20-2014 BigTinCan Mobile Pty Ltd SlideGo.com - - - -

Oct-20-2014 Hodges-Mace Benefits Group, Inc. SmartBen, Inc. - - - -

Oct-20-2014 D4 LLC Strategic Document Solutions, LLC - - - -

Oct-20-2014 Econet Wireless International (Pty) Ltd. Telecel Globe - $65.0 - -

Oct-20-2014 Square 2 Marketing, Inc. The Savvy Group, LLC - - - -

Oct-20-2014 Marsh USA Inc. Torrent Technologies, Inc. - - - -

Oct-20-2014 Ooyala, Inc. Videoplaza Ltd. - - - -

Oct-21-2014 Invigor Group Limited (ASX:IVO) Amethon Solutions (Asia Pacific) Pty., Ltd. - $1.4 - -

Oct-21-2014 B COOL A/S B COOL CONTROLS A/S - - - -

Oct-21-2014 Switch Digital Agency Bluebox Creative Ltd. - - - -

Oct-21-2014 Slyce Inc. (TSXV:SLC) Drivetrain Agency, LLC - $3.5 - -

Oct-21-2014 Google Inc. (NasdaqGS:GOOGL) Firebase - - - -

Oct-21-2014 eBOOK Initiative Japan CO.,LTD. (TSE:3658) FORii, Inc. - $0.1 - -

Oct-21-2014 Life360 Inc. HelloWorld - - - -

Oct-21-2014 Maple Power Capital Corporation Intrinsic Medical Imaging LLC - - - -

Oct-21-2014 Good Technology Corporation Macheen, Inc. - $8.3 - -

Oct-21-2014 Materialise NV (NasdaqGS:MTLS) Meridian Technique Limited $5.4 $14.3 2.6x -

Oct-21-2014 StoneCalibre, LLC NetPlus Inc. - - - -

Oct-21-2014 BitSight Technologies, Inc. NSEC - Sistemas Informaticos, S.A. - - - -

Oct-21-2014 ICF International Inc. (NasdaqGS:ICFI) Olson, Inc. - $295.0 - -

Oct-21-2014 BAE Systems plc (LSE:BA.) Perimeter Internetworking Corp. - $232.5 - -

Oct-21-2014 Wanderful Media, LLC Real Valuable Corporation - - - -

Oct-22-2014 Isentric Limited (ASX:ICU) Arte Mobile Technology Pte Ltd. - $15.9 - -

Oct-22-2014 - Axon Sports, LLC, Training Business - - - -

Oct-22-2014 Mamuky outlet SL Boutiquesecret SL - - - -

Oct-22-2014 Weed Growth Fund, Inc. Ebola.com - $0.2 - -

Oct-22-2014 Redfin Corporation Front Seat Management, LLC - - - -

Oct-22-2014 Cision AB Gorkana Group Limited - $323.0 - -

Oct-22-2014 LightSpeed Retail Inc. Lightspeed Restaurant - - - -

Oct-22-2014 Eric Mower and Associates, Inc. Middleton & Gendron, Inc. - - - -

Oct-22-2014 Vip operator DOOEL Skopje ONE Telecommunications Services DOO Skopje $95.5 - - -

Oct-22-2014 Pretio Interactive, Inc. Tap for Tap - - - -

Oct-22-2014 Progress Software Corporation (NasdaqGS:PRGS) Telerik AD $60.0 $262.5 4.4x -

Oct-23-2014 Siris Capital Group, LLC Digital River Inc. (NasdaqGS:DRIV) $375.3 $645.8 1.7x 18.1x

Oct-23-2014 Interactive Dialogues Ltd digital spirit GmbH $8.2 - - -

Oct-23-2014 Eastside Distilling, Inc. (OTCBB:ESDI) Eurocan Holdings Ltd. $0.0 - - -

Oct-23-2014 Newzulu Limited (ASX:NWZ) Filemobile Inc. - $4.4 - -

Oct-23-2014 Homeexchange.Com Inc. Global Seniors Home Exchange and Global Home Exchange - - - -

Oct-23-2014 For Skills Limited Guroo Limited - - - -

Oct-23-2014 TradeStone Software, Inc. Leap Ahead Solutions Limited - - - -

Oct-23-2014 Proofpoint, Inc. (NasdaqGM:PFPT) Nexgate Corporation - $35.0 - -

Oct-23-2014 Startia, Inc. (TSE:3393) Next IT, Inc., Resident Dispatch Service, Construction-Related, Kitting, and Document Business $6.1 $1.2 0.2x -

Oct-23-2014 Quadriga Worldwide Ltd. The SmarTV Company, LLC - - - -

Oct-23-2014 Deluxe Corp. (NYSE:DLX) Wausau Financial Systems, Inc. - $90.0 - -

Oct-23-2014 TierPoint, LLC Xand Corporation - - - -

Oct-24-2014 Pratique Medias et Services id2sorties.com - $0.3 - -

Oct-24-2014 Radarworks, Inc. ION Marketing, LLC - - - -

Oct-24-2014 Oxygravure S.A. JB Gazzotti SARL - - - -

Oct-24-2014 Yelp, Inc. (NYSE:YELP) kabukiman Ltd. - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-24-2014 - King Arts Ltd and Starvista Limited - - - -

Oct-24-2014 Kadokawa Dwango Corporation (TSE:9468) LINE Corporation, Livedoor Reader - - - -

Oct-24-2014 The Drink Ink Inc. Market Beverage Group, Inc. - - - -

Oct-24-2014 Fitness First Germany GmbH NewMoove GmbH - - - -

Oct-24-2014 Link Mobility Group ASA (OB:LINK) PSWinCom AS $13.4 $12.1 0.9x 7.4x

Oct-24-2014 Arlington Capital Partners Radiant Zemax, LLC, Zemax - - - -

Oct-24-2014 Nest Labs, Inc. Revolv Inc. - - - -

Oct-24-2014 NetApp, Inc. (NasdaqGS:NTAP) Riverbed Technology, Inc., SteelStore Product Line - $80.0 - -

Oct-24-2014 The CI Group Limited Roundtable - - - -

Oct-24-2014 Times Internet Limited RupeeStreet Financial Services Pvt. Ltd. - - - -

Oct-24-2014 Odyssey Music Group Stitcher, Inc. - - - -

Oct-24-2014 CommCorp Comunicacoes Ltda. Terra Networks Brasil S.A., Data Center in Porto Alegre - - - -

Oct-24-2014 EWC-HH&B Holdings LLC The NEXUS Group, Inc. - - - -

Oct-25-2014 BandTel, LLC MCCT, Inc, Matrix IVR System - - - -

Oct-25-2014 Velvac, Inc. Qualnetics Corporation - - - -

Oct-25-2014 Twitter, Inc. (NYSE:TWTR) Twitpic Inc. - - - -

Oct-26-2014 The Barter Rewards, Inc. Barkett Barter Inc. - - - -

Oct-27-2014 IVR Technology Group, LLC 800Adept, Inc. $2.0 - - -

Oct-27-2014 Retro Coin Games BitWheel.io - - - -

Oct-27-2014 MDX Medical, Inc. Compass Healthcare Advisers, LLC - - - -

Oct-27-2014 Moody's Corporation (NYSE:MCO) Lewtan Technologies, Inc. $25.0 - - -

Oct-27-2014 i2i Events Group Money20/20, LLC - - - -

Oct-27-2014 Sebata Municipal Solutions (Pty) Ltd. Rdata Proprietary Limited - $1.1 - -

Oct-27-2014 Chime Communications plc (LSE:CHW) SJX Partners, LLC - $28.1 - -

Oct-27-2014 British Smaller Companies Vct Plc (LSE:BSV); British Smaller Companies VCT 2 plc (LSE:BSC); YFM Equity Partners LLPSpringboard Research Ltd. - $9.7 - -

Oct-28-2014 TOKYO Lithmatic Corporation (JASDAQ:7861) Ansty Co., Ltd. $8.4 $2.1 0.2x -

Oct-28-2014 Adapt IT (Pty) Limited AspiviaUnison Proprietary Limited - $18.4 - -

Oct-28-2014 Yelp, Inc. (NYSE:YELP) Cityvox SAS - - - -

Oct-28-2014 Lakooz SAS Commonbox Sarl - - - -

Oct-28-2014 CRMall Sistemas de Informação de Marketing Ltda DM Consultoría Ltda. - - - -

Oct-28-2014 MWW Group, Inc. Ideation Inc. - - - -

Oct-28-2014 Larsen & Toubro Infotech Limited Information Systems Resource Centre Pvt. Ltd. - - - -

Oct-28-2014 Cigital, Inc. iViZ Techno Solutions Pvt. Ltd. - - - -

Oct-28-2014 Zift Solutions, Inc. Marketing Advocate, LLC - - - -

Oct-28-2014 Matomy Media Group Ltd. (LSE:MTMY) MobFox Mobile Advertising GmbH - $16.7 - -

Oct-28-2014 Medidata Solutions, Inc. (NasdaqGS:MDSO) Patient Profiles, LLC - - - -

Oct-28-2014 Starcom MediaVest Group, Inc. RUN, Inc. - - - -

Oct-28-2014 The Rubicon Project, Inc. (NYSE:RUBI) Shiny Inc. - - - -

Oct-28-2014 Clear B2B Marketing & PR Ltd. Shipham Communications Limited - - - -

Oct-28-2014 Edmunds.com, Inc. Snapshot Mobile Inc. - - - -

Oct-28-2014 EMC Corporation (NYSE:EMC) Spanning Cloud Apps, Inc. - - - -

Oct-28-2014 Advanced Manufacturing Control Systems Ltd. Transvision A/S $10.2 - - -

Oct-28-2014 - World Marketing, Inc. - - - -

Oct-29-2014 Nielsen N.V. (NYSE:NLSN) Affinnova, Inc. - - - -

Oct-29-2014 Försäkringsaktiebolaget Skandia (publ) Aller Media A/S, Detsundeliv.dk and Slankedoktor.dk - - - -

Oct-29-2014 PerkinElmer Inc. (NYSE:PKI) Ceiba Solutions, Inc. - - - -

Oct-29-2014 Cloud Nation, Inc. Cloud Nation, LLC - - - -

Oct-29-2014 MEDA Limited Conferplace Ltd. - - - -

Oct-29-2014 VMware, Inc. (NYSE:VMW) Continuent, Inc. - - - -

Oct-29-2014 Booz Allen Hamilton Holding Corporation (NYSE:BAH) Epidemico, Inc. - - - -

Oct-29-2014 LiquidHub, Inc. Foundry 9, LLC - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Oct-29-2014 Yves Hunt SAS MCI France SAS - - - -

Oct-29-2014 Seedling USA, Inc. Moonfrye, Inc. - - - -

Oct-29-2014 Dapur Masak Pte. Ltd. NetSila SAL $0.4 $12.6 32.7x -

Oct-29-2014 Brickstream Corporation Nomi - - - -

Oct-29-2014 OrangeHook, Inc. Nuvel Holdings, Inc. (OTCPK:NUVL) $0.0 - - -

Oct-29-2014 Customer Contact Management Group B.V. Sento Europe B.V. and R Systems S.A.S. - - - -

Oct-29-2014 Mommy Nearest Inc. Slidelane, Inc. - - - -

Oct-29-2014 Gawk Incorporated (OTCPK:GAWK) WebRunners Inc. - $1.0 - -

Oct-29-2014 - Webvan Patent Portfolio - - - -

Oct-30-2014 Accor S.A. (ENXTPA:AC) Actimos Sas - - - -

Oct-30-2014 Beijing Ultrapower Software Co., LTD (SZSE:300002) Beijing Tianyuan MetarNet Technologies Co Ltd - $72.0 - -

Oct-30-2014 COMPAREX AG Cloudbearing, Inc. - - - -

Oct-30-2014 Castleton Technology plc (AIM:CTP) Documotive Limited $4.4 $6.4 1.5x 9.3x

Oct-30-2014 iMetabolic, Inc. Esio Water And Beverage Development Corp. (OTCPK:ESWB) - - - -

Oct-30-2014 SQLi (ENXTPA:SQI) GearyLSF Group - - - -

Oct-30-2014 Deal Networks, Inc. HauteDining LLC - - - -

Oct-30-2014 Next Games Oy Helsinki GameWorks Oy - - - -

Oct-30-2014 KTCS Corporation (KOSE:A058850) KT Commerce Inc. $427.8 $20.0 0.0x -

Oct-30-2014 Imagine Communications Corp. OpenTV, Inc., Advanced Advertising Business Unit - - - -

Oct-30-2014 Teletronics International, Inc. Shanghai WWT IOT technology Co., Ltd. - - - -

Oct-30-2014 Beijing Ultrapower Software Co., LTD (SZSE:300002) Shenzhou Xiangsheng Software - $49.1 - -

Oct-30-2014 NWJ, Inc. Top Recruit, LLC - - - -

Oct-30-2014 Vistex, Inc. Vistex Colombia SAS - - - -

Oct-31-2014 Terago Inc. (TSX:TGO) 10,000 Square Foot Tier 3-Ready Data Center Facility in Mississauga, Ontario - - - -

Oct-31-2014 Capital One, N.A. AmeriCommerce, L.P. - - - -

Oct-31-2014 Qlik Technologies, Inc. (NasdaqGS:QLIK) DataMarket ehf. - $13.5 - -

Oct-31-2014 Claranet Portugal - Telecomunicações SA Flesk Telecom Lda - - - -

Oct-31-2014 Wine.com.br Giran - - - -

Oct-31-2014 Salsa Labs, Inc. givezooks!, Inc. - - - -

Oct-31-2014 EPAM Systems, Inc. (NYSE:EPAM) Great Fridays Ltd. - - - -

Oct-31-2014 New Mountain Capital, LLC HealthPort Incorporated - - - -

Oct-31-2014 TekSavvy Solutions Inc. Lightwave Wireless Internet Services - - - -

Oct-31-2014 Master & More Co., Ltd. Open Play Co., Ltd. - $0.2 - -

Oct-31-2014 Heartland Payment Systems, Inc. (NYSE:HPY) XPIENT Solutions, LLC - $30.0 - -

Oct-31-2014 CDML SARL Yooz Inc. $1.5 - - -

Nov-03-2014 House of Knipschildt, LLC CoConnect, Inc. (OTCPK:CCON) - - - -

Nov-03-2014 UL LLC Futuremark Oy - - - -

Nov-03-2014 Fusion Telecommunications International, Inc. (NasdaqCM:FSNN) PingTone Communications, Inc. $8.1 $10.1 1.3x 4.8x

Nov-03-2014 Social Reality, Inc. (OTCPK:SCRI) Steel Media Inc. - $20.0 - -

Nov-04-2014 Proxama Plc (AIM:PROX) Aconite Technology Ltd. $2.8 $6.4 2.3x -

Nov-04-2014 Endurance International Group Holdings, Inc. (NasdaqGS:EIGI) Arvixe LLC - $22.0 - -

Nov-04-2014 World Assurance Group Inc. (OTCPK:WDAS) Halton Universal Brands Inc. $0.0 $0.4 13.1x -

Nov-04-2014 NYSE Holdings LLC Intelligent Business Entertainment Inc. - - - -

Nov-04-2014 CSC Digital Brand Services IP Mirror Private Limited - - - -

Nov-04-2014 Macromill, Inc. MetrixLab BV - $154.0 - -

Nov-05-2014 Adroit Digital Arcametrics Systems, Inc. - - - -

Nov-05-2014 AVG Technologies N.V. (NYSE:AVG) Norman Safeground AS - $14.0 - -

Nov-06-2014 ChannelAdvisor UK Limited E-Tale Marketing Solutions Ltd. - - - -

Nov-13-2014 Tapinator, Inc. (OTCPK:TAPM) InAppFuel, Inc. - $0.9 - -

Nov-17-2014 AFS Logistics, LLC Vertical Synergies Inc. - - - -

Nov-18-2014 CINS Holding Corp. Chengcheng E-Commerce Co., Ltd. - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Nov-18-2014 Mozido, LLC PayEase, Inc. - $750.0 - -

Nov-22-2014 LeadQual, LLC Apartment List - - - -

Nov-24-2014 R & A Solutions Inc eCOVE Software LLC - - - -

Nov-24-2014 Sohu.com Inc. (NasdaqGS:SOHU) QianJun, Inc., Online Video Business - - - -

Acquirer



SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG Software Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Software Index $2,108.5 $2,123.8 $605.3 67.5% 18.1% 7.8% 3.0x 14.9x 2.9x 11.4x 1.3%

Billing & Service Management $919.5 $990.3 $424.3 55.4% 26.1% 12.9% 1.8x 9.7x 1.9x 9.9x 15.7%

Business Intelligence $1,981.5 $2,110.1 $574.5 77.1% 12.6% 12.5% 3.2x 14.4x 3.0x 12.7x -7.5%

Development Platforms $1,299.8 $1,038.5 $325.6 71.1% 18.9% 4.4% 1.9x 9.7x 2.9x 8.8x 0.8%

Engineering & PLM $4,864.8 $4,741.4 $1,061.9 84.2% 20.7% 6.2% 3.3x 15.1x 3.2x 12.4x -7.7%

Enterprise Resource Planning $6,269.8 $6,846.7 $2,119.9 61.4% 28.3% 2.9% 3.2x 11.4x 3.1x 9.8x 0.4%

Financial & Accounting $2,002.9 $2,455.5 $789.0 56.0% 25.2% 6.1% 3.1x 13.7x 3.1x 11.8x -8.4%

Gaming $2,474.1 $2,320.3 $2,150.8 63.6% 19.2% 3.1% 1.3x 10.5x 1.2x 8.5x 21.9%

Healthcare $1,231.5 $1,626.9 $577.5 53.2% 16.6% 3.2% 2.3x 14.1x 2.1x 10.5x 7.7%

IT Conglomerates $162,700.1 $154,573.4 $91,505.0 61.4% 35.1% 2.9% 3.5x 9.2x 3.3x 8.0x 4.5%

Mobile Solutions/Content $690.3 $616.9 $306.4 56.9% 2.5% 22.0% 2.8x 24.9x 2.1x 13.3x -10.8%

Networking & Network Performance Management $1,970.8 $1,775.5 $483.6 70.6% 9.8% 15.1% 2.4x 19.6x 2.1x 10.7x 1.1%

Security $1,085.5 $984.3 $182.4 75.5% 7.6% 18.5% 4.8x 16.2x 4.2x 18.3x 5.8%

Storage, Data Mgmt & Integration $6,279.8 $5,584.9 $1,613.0 79.8% 17.5% 2.8% 2.5x 9.3x 2.5x 7.0x -8.8%

Systems Management $10,815.2 $10,682.6 $2,380.2 85.3% 25.0% 16.3% 4.4x 18.4x 4.0x 11.9x 4.2%

Vertical - Finance $4,463.8 $4,696.4 $927.2 44.5% 29.9% 5.6% 4.5x 13.8x 4.3x 12.6x 7.0%

Vertical - Other $2,009.7 $2,126.9 $456.6 47.4% 11.8% 16.5% 3.9x 27.9x 3.3x 16.7x 5.2%

TTM Revenue Growth 7.8%

TTM EBITDA Growth 0.0%

TTM Earnings Growth 0.0%

Gross Profit Margin 67.5%

EBITDA Margin 18.1%

Net Income Margin -20.9%

SG&A Expenses as a % of Total Revenue 57.8%

R&D Expenses as a % of Total Revenue 18.8%

Current Ratio 2.1

Quick Ratio 2.0

Cash as Percent of Market Cap 10.5%

Avg Days Outstanding: Accounts Receivable 63

Avg Days Outstanding: Accounts Payable 29

Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 5.5%

Cash from Operations Growth (YoY) 22.3%

Cash from Investing Growth (YoY) 0.0%

Cash from Financing Growth (YoY) 0.0%

Levered FCF Growth (YoY) 27.5%

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved November 2014 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-10%

-5%

0%

5%

10%

15%

SEG SW Index Software Stock Market Return: January - October 2014

DOW S&P NASDAQ SEG SW Index


SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG SaaS Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG SaaS Index $1,003.6 $906.4 $143.7 65.5% -8.7% 29.1% 5.8x 58.7x 4.7x 30.5x -8.7%

CRM & Marketing $1,096.8 $965.6 $135.8 66.9% -15.1% 28.4% 6.8x 93.5x 4.5x 33.5x -2.0%

ERP & Supply Chain $949.0 $808.2 $120.5 68.2% -8.7% 30.6% 5.8x 60.6x 4.6x 27.8x -14.4%

Vertically Focused $1,097.3 $939.7 $145.3 62.3% 7.9% 38.1% 6.2x 44.3x 5.4x 28.3x -7.9%

Workforce Management $1,214.9 $1,136.0 $128.7 59.9% -14.8% 31.8% 7.9x 60.4x 6.0x 40.4x -1.3%

SaaS Other $555.1 $524.5 $163.9 67.5% -11.2% 22.5% 3.8x 57.0x 3.3x 53.4x -18.1%





EBITDA Margin -8.7%

Net Income Margin -20.9%



Current Ratio 2.1

Quick Ratio 2.0




Working Capital to TTM Operating Expense Ratio 0.4x







Category Name




-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

SEG SaaS Index Stock Market Return: January - October 2014

DOW S&P NASDAQ SEG SaaS


SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG Internet Index: All Categories

Category Name Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Internet Index $1,263.2 $1,222.3 $497.2 63.7% 8.6% 20.4% 2.3x 24.8x 2.0x 14.7x -8.2%

Ad Tech & Lead Generation $1,817.0 $1,490.3 $598.0 58.1% 5.3% 25.2% 1.8x 22.1x 2.1x 15.2x -32.2%

Commerce $556.5 $564.5 $462.0 37.7% 5.9% 14.1% 1.5x 33.5x 1.4x 15.3x -8.5%

Content & Media $2,747.8 $2,447.9 $597.4 49.3% 10.6% 12.4% 2.0x 28.6x 1.8x 14.4x -6.3%

Gaming $2,077.02 $1,523.7 $751.6 69.8% 18.3% 19.2% 2.5x 20.8x 2.0x 10.4x -29.6%

Infrastructure $679.96 $541.1 $317.6 62.4% 4.7% 7.2% 1.4x 16.3x 1.3x 11.3x -6.1%

Search $46,412.62 $44,335.0 $5,128.3 67.4% 32.8% 29.1% 6.2x 18.0x 5.5x 13.1x 1.5%

Services $647.13 $550.1 $235.4 73.3% 7.1% 29.6% 2.3x 27.5x 2.0x 17.3x -15.3%

Social $5,068.69 $4,293.2 $867.7 63.8% 11.2% 63.0% 11.8x 32.2x 8.0x 27.9x 9.5%

Travel $5,788.82 $5,406.7 $1,014.3 82.8% 14.5% 23.7% 5.4x 18.3x 5.7x 18.3x 13.2%





EBITDA Margin 8.6%

Net Income Margin 1.2%



Current Ratio 2.4

Quick Ratio 2.1




Working Capital to TTM Operating Expense Ratio 0.5










-20%

-15%

-10%

-5%

0%

5%

10%

15%

SEG Internet Index Stock Market Return: January - October 2014

DOW S&P NASDAQ SEG Internet Index

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