2016 Software Equity Group Flash Report and March Financial...

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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 © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved

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

[email protected] , 2800-509) 858Beible, Director, Business Development (Kris contact CONTACT INFORMATION:

SEG Capital Advisors, L.L.C 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 The information contained in this Report is obtained from sources that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness 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. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of SEG. SEG or one of its affiliate 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 ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date


Removals:

King Digital Entertainment plc

Acquired by Activision Blizzard ($5.7B)- Software Mobile Solutions/Content

SEG Index Changes

Ticker Previous Index Previous CategoryCompany


TeleCommunication Systems, Inc.

Acquired by Comtech Telecommunications ($481.7M)- Software Mobile Solutions/Content

SolarWinds, Inc.

Acquired by Silver Lake ($4.6B)- Software Systems Management

Constant Contact, Inc.

Acquired by Endurance International Group ($1.1B)- SaaS CRM & Marketing

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


Select February 2016 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-01-2016 Addnode Group AB (publ) (OM:ANOD B) 5D Systemkonsult AB $2.5 - - -Feb-01-2016 QueBIT Consulting, LLC Applied Analytix, Inc. - - - -Feb-01-2016 Autodata Limited Autodata Oy Nordic - - - -Feb-01-2016 Axis Communications AB Citilog S.A. - - - -Feb-01-2016 Craftsvilla Handicrafts Pvt Limited CrazyMind Technologies Private Limited - $4.5 - -Feb-01-2016 Adstream (UK) Limited Deluxe AdServices - - - -Feb-01-2016 Securitas AB (OM:SECU B) Diebold, Incorporated, Diebold Electronic $330.0 $350.0 1.1x -Feb-01-2016 De Telefoongids Holding B.V. DR3 B.V. - - - -Feb-01-2016 McCumby Fitness and Performance FitMonster Inc. - - - -Feb-01-2016 FireEye, Inc. (NasdaqGS:FEYE) Invotas International Corporation - - - -Feb-01-2016 Hallvarsson & Halvarsson AB Jung Relations AB - - - -Feb-01-2016 Inventive Wireless of Nebraska, LLC Premier Systems Unlimited, Inc. - - - -Feb-01-2016 Digital Media Solutions Inc Sparkroom, Inc. - - - -Feb-01-2016 PrismHR Summit Software, Inc. - - - -Feb-01-2016 Columbus A/S (CPSE:COLUM) SYSTEMHOSTING A/S $4.9 - - -Feb-01-2016 - Teradata Corporation, Marketing Applications Business - - - -Feb-01-2016 Crump Life Insurance Services, Inc. The Life Insurance Center, LLC - - - -Feb-01-2016 Centre Technologies, Inc. Tradentrix, LLC - - - -Feb-01-2016 LeadG2 VitbergLLC $43.0 - - -Feb-01-2016 Avtex Solutions, LLC Webfortis LLC - - - -Feb-02-2016 Accent Computer Solutions, Inc. Computer Gallery, Inc. - - - -Feb-02-2016 Efficio Limited Dedoko Ltd - - - -Feb-02-2016 Societe Reseau France Billet Eazieer SAS - - - -Feb-02-2016 Cast & Crew Payroll, LLC Final Draft, Inc. - - - -Feb-02-2016 DTAD Deutscher Auftragsdienst AG ICB Informations-Center-Bau GmbH - - - -Feb-02-2016 Plan B Limited ICONZ Limited - - - -Feb-02-2016 DataLocker Inc. Imation Corp., IronKey Enterprise Management Services - $0.4 - -Feb-02-2016 Yardi Systems, Inc. Immobilien-Management-Systeme GmbH - - - -Feb-02-2016 Biotricity Inc. (OTCBB:BTCY) MetaSolutions, Inc. - - - -Feb-02-2016 Summit Partners LLP Perforce Software Inc. - - - -Feb-02-2016 Outfront Media Inc. (NYSE:OUT) Reynolds Outdoor Media, Inc. - - - -Feb-02-2016 Orango AB Sigma IT Consulting Group AB, NAV Business - - - -Feb-02-2016 Curated Shopping GmbH The Cloakroom B.V. - - - -Feb-02-2016 MarketResearch.com, Inc. The Freedonia Group, Inc. - - - -Feb-03-2016 ServiceChannel, Inc. Big Sky Technologies, Inc. - - - -Feb-03-2016 Creative Management Services LLC Brand Promotions, Inc. - - - -Feb-03-2016 PROACTIS Holdings PLC (AIM:PHD) Due North Limited $2.6 $6.6 2.5x 12.5xFeb-03-2016 nlyte Software Inc. FieldView Solutions, Inc. - - - -Feb-03-2016 Accenture plc (NYSE:ACN) Formicary Collaboration Ltd - - - -Feb-03-2016 PowerSchool Group LLC Interactive Achievement, Inc. - - - -Feb-03-2016 Sarvaloka Services On Call Pvt Ltd. MyWash Technologies Pvt. Ltd. - - - -Feb-03-2016 M-Mode Bhd (KLSE:MMODE) Next Dynasty Sdn. Bhd. - $0.0 - -Feb-03-2016 Blackhawk Network Holdings, Inc. (NasdaqGS:HAWK) NimbleCommerce, Inc. - - - -Feb-03-2016 RSM International Limited Right Hand HR Limited $1.9 - - -Feb-03-2016 Henry Schein, Inc. (NasdaqGS:HSIC) RxWorks Inc. $7.0 - - -Feb-03-2016 Microsoft Corporation (NasdaqGS:MSFT) TouchType Limited - - - -Feb-03-2016 Hewlett Packard Enterprise Company (NYSE:HPE) Trilead AG - - - -Feb-03-2016 TV2U International Limited (ASX:TV2) TV2U Worldwide Pty Ltd - $15.4 - -Feb-03-2016 The Rype Group Pty Ltd. TwoCents Group PTY LTD - - - -Feb-03-2016 EtQ, Inc. VERSE Solutions, Inc. - - - -Feb-04-2016 Vencap Technologies, LLC Allant Group, LLC - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-04-2016 Acosta, Inc. Baldwin & Mattson, Inc. And Neher Sales &

- - - -

Feb-04-2016 Employer Advantage, LLC Cobalt Astra Inc. - - - -Feb-04-2016 Sunshine Technologies, Inc. Cumulonimbus, Inc. - - - -Feb-04-2016 IMS Health Holdings, Inc. (NYSE:IMS) Dimensions Healthcare, LLC - - - -Feb-04-2016 Castle Venture Group, LLC GodCloud, Inc. - - - -Feb-04-2016 Hispanicize Media Group, LLC Latina Moms Media, LLC - - - -Feb-04-2016 Halo Business Intelligence, Inc. Mental Desk Ltd. - - - -Feb-04-2016 GfK SE (XTRA:GFK) Netquest - - - -Feb-04-2016 DirectScale, Inc. Pillars International - - - -Feb-04-2016 Everalbum, Inc. Pout Inc. - - - -Feb-04-2016 Pixel Union Design Ltd. ZillaMedia LTD. - - - -Feb-05-2016 - Advertising Alliance AG - - - -Feb-05-2016 Broadridge Financial Solutions, Inc. (NYSE:BR) Anetics, Inc. - - - -Feb-05-2016 - BoomBoom Prints, Inc. - - - -Feb-05-2016 JUST EAT plc (LSE:JE.) Hellofood Mexico and Hellofood Brazil - - - -Feb-05-2016 Voicebox Technologies France S.A.S. OnMobile S.A., Certain Speech Technology Assets - $0.7 - -Feb-05-2016 Infinitas Fundusz Inwestycyjny Zamkniety Aktywow Niepublicznych; Presto F PGS Software S.A. (WSE:PSW) - - - -Feb-05-2016 One Medical Group, Inc. Rise Labs, Inc. - - - -Feb-05-2016 Silver Lake; Thoma Bravo, LLC SolarWinds, Inc. $485.9 $4,446.3 9.2x 29.6xFeb-05-2016 Growthdeck Ltd. Squareknot Limited - - - -Feb-06-2016 Ofertix SLU Offerum, S.L. and Groupalia Compra Colectiva S.L. - - - -Feb-08-2016 BluePay, Inc. Billhighway Inc. - - - -Feb-08-2016 Adapt IT (Pty) Limited CQS Technology Holdings (Pty) Ltd. - $16.3 - 6.1xFeb-08-2016 Infoblox Inc. (NYSE:BLOX) Digital Footprints International LLC - $45.0 - -Feb-08-2016 10X Lab Evolutionize and Twist - - - -Feb-08-2016 ESI Group SA (ENXTPA:ESI) Mineset Inc. - - - -Feb-08-2016 Aon Hewitt LLC Modern Survey, Inc. - - - -Feb-08-2016 Mintra Trainingportal AS OCS HR AS - - - -Feb-08-2016 PowerPlan, Inc. Riva Modeling Systems Inc. - - - -Feb-08-2016 SketchUp Sefaira Limited - - - -Feb-08-2016 SoleTrade, LLC SoleTrade LLC - - - -Feb-08-2016 BroadSoft, Inc. (NasdaqGS:BSFT) Transera Communications Inc. - - - -Feb-08-2016 Navman Wireless Australia Pty Limited Transtech Driven Pty. Ltd. - - - -Feb-08-2016 Perk.com Inc. (TSX:PER) Viggle Inc., Certain Assets Including Viggle Applications And Rewards Program - $17.3 - -Feb-08-2016 Virtual Hold Technology, LLC Zoove Corporation - - - -Feb-09-2016 Heartland Payment Systems, Inc. (NYSE:HPY) Beanstalk Data, LLC - - - -Feb-09-2016 - Commerce Guys SAS - - - -Feb-09-2016 Actualys, SARL Commerce Guys SAS, Services Team and Clients in France - - - -Feb-09-2016 Acro Media Inc. Commerce Guys SAS, Services Team and Clients in United States - - - -Feb-09-2016 Endurance International Group Holdings, Inc. (NasdaqGS:EIGI) Constant Contact, Inc. $361.9 $931.6 2.6x 20.5xFeb-09-2016 Penguin Strategies Ltd. Duma Strategy-Design - - - -Feb-09-2016 PSI Services LLC EnlightKS Limited - - - -Feb-09-2016 Uprising Management, LLC Grow Local Project, Inc. - - - -Feb-09-2016 Maincare Solutions IDO-in SAS - - - -Feb-09-2016 Badoo Trading Limited Luluvise Inc. - - - -Feb-09-2016 Karelab inc. Propulse - - - -Feb-09-2016 Merkle Inc. The Database Group Ltd $18.8 - - -Feb-09-2016 Pocket Games, Inc. (OTCPK:PKGM) Viximo, Inc. - $4.4 - -Feb-09-2016 Kaseya International Shared Services Sàrl Vorex Inc. - - - -Feb-10-2016 Golden Grail Technology Corp. (OTCPK:GOGY) Accurate Venture Inc - - - -Feb-10-2016 Adapt Corporate Training LLC Adapt Courseware, LLC - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-10-2016 prettysocial media International GmbH Atosho ApS - - - -Feb-10-2016 MeritDirect LLC Furgiuele & Company, Inc. - - - -Feb-10-2016 IdeaScale Corporation Gin Global Innovation Network AB - - - -Feb-10-2016 Next Education India Private Limited InOpen Technologies Pvt. Ltd. - - - -Feb-10-2016 Acceleris Limited, Investment Arm InvestingZone Limited - - - -Feb-10-2016 Firstsource Group USA Inc ISGN Solutions, Inc. - $12.6 - -Feb-10-2016 IHS Global Inc. Oil Price Information Service, LLC - $650.0 - -Feb-10-2016 SwarmOnline Ltd. Open Platform Ltd - - - -Feb-10-2016 Smile, SA Open Wide S.A. $16.3 - - -Feb-10-2016 PeopleToMySite.com, LLC Revolocity & O'Leary and Partners - - - -Feb-10-2016 - wwwRaiting - $0.0 - -Feb-11-2016 Telenet Group Holding NV (ENXTBR:TNET) BASE Company nv/sa $742.2 $1,424.6 1.9x 7.8xFeb-11-2016 Inspired Thinking Group Limited Creator-Mail Limited - - - -Feb-11-2016 Certica Solutions, Inc. Peet Consulting, Inc. - - - -Feb-11-2016 Stirista, LLC Point Shout GCV - - - -Feb-11-2016 Eventbrite, Inc. Queue Ticketing, LLC - - - -Feb-11-2016 Chartboost, Inc. Roostr Inc. - - - -Feb-12-2016 Atrinsic, Inc. (OTCPK:ATRN) Atrinsic, Inc., Prior To Reverse Merger With Protagenic Therapeutics Inc. - - - -Feb-12-2016 YouTube, LLC BandPage, Inc. - $8.0 - -Feb-12-2016 Life360 Inc. Couple - - - -Feb-12-2016 iFood.com Agência de Restaurantes Online S.A. Devorando - - - -Feb-12-2016 Yearick-Millea McMahon & Cardillo Communication, Inc. - - - -Feb-15-2016 Bayer AG (DB:BAYN) Bayer Digital Farming GmbH - - - -Feb-15-2016 Bulletproof Group Limited (ASX:BPF) Cloud House Limited - $3.4 - -Feb-15-2016 Rejuvenate Solutions Private Limited Findyahan India Private Limited - - - -Feb-15-2016 Palantir Technologies Inc. Kimonolabs, Inc. - - - -Feb-15-2016 Votem Corp. Konnech Inc., Mobile Voting Business - - - -Feb-15-2016 GSN Games, Inc. Plumbee Ltd - - - -Feb-15-2016 ShowingTime.com, Inc. RealEstate Business Intelligence, LLC - - - -Feb-15-2016 Avexa Ltd. (ASX:AVX) Tali Health Pty Ltd - $4.1 - -Feb-15-2016 Strategic IP Information Pte. Ltd VeriSite Global - - - -Feb-16-2016 Webedia SAS 3D Juegos Publicaciones On Line Media S.L. - - - -Feb-16-2016 Providence Equity Partners LLC Bite Finance International B.V. $202.5 - - -Feb-16-2016 Time Inc. (NYSE:TIME) Fast Lane Daily and Thedrive - - - -Feb-16-2016 ClickTale Ltd Flightrecorder Inc. - - - -Feb-16-2016 TrueSense Marketing Harris Connect, LLC, Fundraising Division - - - -Feb-16-2016 Havas Worldwide Germany GmbH Havas beebop GmbH - - - -Feb-16-2016 Cloud Adrenaline, Inc. Imagination Forward, LLC - - - -Feb-16-2016 REA Group Limited (ASX:REA) iProperty Group Limited $20.0 $538.4 29.1x -Feb-16-2016 Link Media Wisconsin, LLC J. Claire Adventures, Inc. - $7.0 - -Feb-16-2016 Van Roey ICT Group Logiqstar - - - -Feb-16-2016 SAP SE (DB:SAP) MeLLmo Inc. - - - -Feb-16-2016 Saatchi & Saatchi Australia Pty Ltd MercerBell Pty Ltd - - - -Feb-16-2016 Korea Green Paper Manufacturing Co., Ltd. (KOSE:A109070) Nvius Co., Ltd. - $3.7 - -Feb-16-2016 HubLogix, Inc. OrderPigeon - - - -Feb-16-2016 - Perfect Image, Inc. - - - -Feb-16-2016 N. Harris Computer Corporation SIV.AG $37.3 - - -Feb-16-2016 InVisionApp Inc. Waybury, LLC - - - -Feb-17-2016 Hexagon Safety & Infrastructure Cambridge Systematics, Inc., PermitCS - - - -Feb-17-2016 Exari Group, Inc. CMA Contiki AS - - - -Feb-17-2016 - Gamma Communications, Inc. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-17-2016 Civic Resource Group International, Inc. GXMG and I3T - - - -Feb-17-2016 Vidooly Media Tech Pvt. Ltd. iCouchApp - - - -Feb-17-2016 Healthnostics, Inc. (OTCPK:HNSS) Maps2Weed.com - - - -Feb-17-2016 Invoice Cloud, Inc. Metropolitan Communications, LLC - - - -Feb-17-2016 Vizzuality, Inc. Nutiteq OU - - - -Feb-17-2016 Sarvaloka Services On Call Pvt Ltd. Orobind Fitness Technologies Pvt. Ltd. - - - -Feb-17-2016 Rev Media Equity Holdings Sdn Bhd Rev Digital Sdn. Bhd - - - -Feb-17-2016 Censornet Ltd. SMS Passcode A/S - - - -Feb-17-2016 Stefanini Consultoria e Assessoria em Informática S.A. Stefanini Sysman - - - -Feb-17-2016 DSD Business Systems, Inc. SWK Technologies, Inc., Sage 100 Extended Solutions - - - -Feb-17-2016 comScore, Inc. (NasdaqGS:SCOR) TNS Gallup Oy, TNS Metrix Business - - - -Feb-17-2016 Hotel Quickly Limited Tonight, Inc. - - - -Feb-18-2016 Blackstreet Capital Management, LLC Advanced Workstations in Education, Inc. - - - -Feb-18-2016 Cross Roads India Assistance Pvt. Ltd. Amoeba Webware Private Limited - - - -Feb-18-2016 bloglovin' AB Bloglovin' Inc. - - - -Feb-18-2016 Contently Inc. Docalytics Inc. - - - -Feb-18-2016 Fandango Media, LLC Flixster, Inc. - - - -Feb-18-2016 Unchained Labs Inc. FreeSlate, Inc. - - - -Feb-18-2016 Ritchie Bros. Auctioneers Incorporated (NYSE:RBA) Mascus International B.V. - $30.4 - -Feb-18-2016 Google Inc. Piethis.com Pte. Ltd. - - - -Feb-18-2016 Instart Logic, Inc. Q Factor Communications, Inc. - - - -Feb-18-2016 Bright Mountain Media, Inc. (OTCBB:BMTM) SargesList, Inc. - - - -Feb-18-2016 - SwarmJam Inc - - - -Feb-18-2016 Golin The Brooklyn Brothers Limited - - - -Feb-19-2016 HarperCollins Italia S.p.A. 20lines S.r.l. - - - -Feb-19-2016 PT Go-Jek Indonesia C42 Engineering India Pvt. Ltd. and CodeIgnition Software Solutions Pvt. Ltd. - - - -Feb-19-2016 Azerfon LLC CityNet LTD - - - -Feb-19-2016 Gust, LLC Fundacity, Inc. - - - -Feb-19-2016 Motorola Solutions Overseas Limited Guardian Digital Communications Limited - - - -Feb-19-2016 BuzzMyVideos MakeTag S.r.l. - - - -Feb-19-2016 Wangle Technologies Limited (ASX:WGL) NexGen Networks Limited - $7.2 - -Feb-19-2016 Electric Lightwave, LLC StreamTrack, Inc., Certain Assets Related To Data Center Located In Santa Barbara - $0.2 - -Feb-22-2016 Endeavour Solutions, Inc. ACCEO Solutions Inc., Microsoft Dynamics GP Consulting Business - - - -Feb-22-2016 Advantix Solutions Group Inc. BlueKloud - - - -Feb-22-2016 - Cheezburger, Inc. - - - -Feb-22-2016 Verint Systems Inc. (NasdaqGS:VRNT) Contact Solutions, Inc. - - - -Feb-22-2016 Resco, sro CWR Mobility BV, Mobile CRM - - - -Feb-22-2016 Veda Advantage Limited EDX Ltd - - - -Feb-22-2016 United Capital Financial Advisers LLC FlexScore, Inc. - - - -Feb-22-2016 Freshdesk Inc. Framebench Technologies Pvt. Ltd. - - - -Feb-22-2016 Axiom Zen Hammer And Tusk - - - -Feb-22-2016 essensys Ltd Hubcreate Ltd. - - - -Feb-22-2016 CSM Sport and Entertainment LLP JHE Production Group, Inc. - - - -Feb-22-2016 Pandell Technology Corporation Jobutrax Services Ltd. - - - -Feb-22-2016 Tesch Verwaltungs GmbH Mediafinanz AG - - - -Feb-22-2016 Wirecard Acquiring & Issuing GmbH MoIP Pagamentos S.A. - $40.8 - -Feb-22-2016 Agylis SAS Oriolis SAS $3.3 - - -Feb-22-2016 - Powa Technologies Limited - - - -Feb-22-2016 estos GmbH serVonic GmbH - - - -Feb-22-2016 Spreng Thomson Ltd. Spreng & Co. Limited - - - -Feb-22-2016 Selligent S.A. StrongView Systems, Inc. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-23-2016 Thycotic Software Ltd. Arellia Corporation - - - -Feb-23-2016 RallyBound Chorus, LLC - - - -Feb-23-2016 Prasos Oy Coinmotion Oy - - - -Feb-23-2016 Pureprofile Ltd. (ASX:PPL) Effective Measure Pty Ltd., Assets in Australia & New Zealand - - - -Feb-23-2016 CM Telecom B.V. i-Comm Media Services Ltd - - - -Feb-23-2016 BrandShop LLC IDEAlley Studio - - - -Feb-23-2016 Activision Blizzard, Inc. (NasdaqGS:ATVI) King Digital Entertainment plc $2,104.4 $4,759.5 2.3x 6.6xFeb-23-2016 Ackroo Inc. (TSXV:AKR) OnTab Inc. - - - -Feb-23-2016 Smart Software Testing Solutions Inc. pCloudy.com - - - -Feb-23-2016 Hodes, LLC QUEsocial, LLC - - - -Feb-23-2016 The Reynolds and Reynolds Company ReverseRisk, LLC - - - -Feb-23-2016 Datacastle Corporation Seagate Technology (US) Holdings Inc., EVault Endpoint Protection Assets - - - -Feb-23-2016 Luxoft Holding, Inc. (NYSE:LXFT) Symtavision GmbH - - - -Feb-23-2016 Comtech Telecommunications Corp. (NasdaqGS:CMTL) TeleCommunication Systems Inc. $364.1 $430.0 1.2x 12.2xFeb-23-2016 Deem, Inc. Whisk Inc. - - - -Feb-23-2016 Cloudweb, Inc. (OTCPK:CLOW) zangIT Pty. Ltd. - - - -Feb-24-2016 Consumer Media LLC AlarmSystemReviews.com - - - -Feb-24-2016 APG|SGA SA (SWX:APGN) AlpenPlakat AG - - - -Feb-24-2016 Voonik Technologies Private Limited Getsty - - - -Feb-24-2016 Data Intensity, LLC Inatech Solutions Limited - - - -Feb-24-2016 WebQA, Inc. Intelligent Services, Inc. - - - -Feb-24-2016 MARU Group Limited maru/edr - - - -Feb-24-2016 Stingray Digital Group Inc. (TSX:RAY.A) Numedia - $2.0 - -Feb-24-2016 CDK Global, Inc. (NasdaqGS:CDK) RedBumper, LLC and NewCarIQ - - - -Feb-24-2016 Search Optics LLC Repplica Tecnologia Em Informatica Ltda. - - - -Feb-24-2016 International Business Machines Corporation (NYSE:IBM) Resource Ventures, Ltd. - - - -Feb-24-2016 RIS Group Limited RIS Group Limited, Prior to Reverse Merger with 16 Park Avenue Limited - - - -Feb-24-2016 One Sixty B.V. Service2Media BV - - - -Feb-25-2016 Mobile Action, Inc. AppMind Corp. - - - -Feb-25-2016 ABILITY Network Inc. G4 Health Systems, Inc. - - - -Feb-25-2016 Rakuten, Inc. (TSE:4755) Manifest, Inc. - - - -Feb-25-2016 Zumper, Inc. PadMapper Inc. - - - -Feb-25-2016 Shenzhen Sunline Tech Co., Ltd. (SZSE:300348) Prosticks.Com Limited - $3.9 - -Feb-25-2016 BEUTiFi Ltd SalonAddict Limited - - - -Feb-25-2016 HelpSystems, LLC Tango/04 Computing Group S.L. - - - -Feb-25-2016 Learfield Communications, Inc. Think Social, LLC - - - -Feb-25-2016 WeRank Digital Marketing Agency Toledo SEO Company - - - -Feb-25-2016 LiveXtension srl WebWorking Srl - $0.7 - -Feb-26-2016 LogicNow Limited iScan Online, Inc. - - - -Feb-26-2016 Mercadolibre, Inc. (NasdaqGS:MELI) Monits SA - - - -Feb-26-2016 Red Tree Holdings, Inc. PreViser Corporation - $8.1 - -Feb-26-2016 Clickable, Inc. Talkwheel.com, Inc. - - - -Feb-26-2016 Synacor, Inc. (NasdaqGM:SYNC) Technorati, Inc. $7.0 $3.0 0.4x -Feb-29-2016 Decision Resources, Inc. Adaptive Software LLC $3.2 $24.5 7.7x -Feb-29-2016 Kayac Inc. (TSE:3904) D Hearts VietNam Co., Ltd. $0.0 $0.2 16.3x -Feb-29-2016 VelocityEHS Ergoweb, Inc. - - - -Feb-29-2016 Deloitte Digital Heat - - - -Feb-29-2016 Kakao Corp. (KOSDAQ:A035720) Parking Square, Inc. - - - -Feb-29-2016 GoPro, Inc. (NasdaqGS:GPRO) Stupeflix SAS - - - -Feb-29-2016 TriTech Software Systems Inc. The Omega Group, Inc. - - - -Feb-29-2016 GoPro, Inc. (NasdaqGS:GPRO) Vemory, Inc. - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Software Index $2,285.5 $2,435.0 $724.3 67.4% 18.6% 7.6% 2.6x 14.4x 2.5x 10.4x -3.2% Billing & Service Management $1,235.8 $1,279.4 $578.8 58.8% 23.9% 0.2% 2.0x 8.8x 1.9x 6.6x -2.7% Business Intelligence $2,164.7 $1,844.7 $668.4 75.8% 14.9% 10.0% 2.9x 16.2x 2.6x 12.5x -5.0% Development Platforms $1,283.8 $1,186.9 $377.6 75.8% 18.6% 11.1% 2.7x 9.0x 2.7x 8.7x 5.4% Engineering & PLM $3,540.2 $3,961.5 $1,181.0 84.6% 20.1% 0.7% 3.2x 15.2x 3.4x 11.2x -7.9% Enterprise Resource Planning $8,971.1 $9,447.1 $2,172.2 59.0% 27.1% 6.1% 3.9x 13.3x 3.8x 10.4x -2.5% Financial & Accounting $3,122.7 $3,651.0 $1,046.0 54.8% 24.9% 5.0% 3.3x 15.8x 3.1x 12.4x -4.1% Gaming $3,218.8 $2,994.2 $1,672.9 67.1% 10.7% 4.7% 2.3x 18.0x 2.1x 9.2x 1.8% Healthcare $1,675.7 $1,894.5 $939.7 49.5% 12.5% 6.6% 2.0x 14.6x 1.8x 8.7x -6.8% IT Conglomerates $125,904.2 $144,533.9 $81,741.0 59.0% 29.6% -5.7% 3.9x 9.5x 3.7x 8.3x -2.6% Mobile Solutions/Content $624.3 $428.6 $249.9 54.1% 1.3% 15.8% 1.9x 25.3x 1.6x 10.4x -0.9% Networking & Network Performance Mgmt $943.0 $732.7 $308.6 75.5% 12.7% 5.0% 1.8x 9.3x 1.8x 7.7x -3.1% Security $1,094.0 $1,033.1 $253.4 74.5% 3.3% 23.5% 3.1x 11.3x 3.1x 13.9x -11.0% Storage, Data Mgmt & Integration $5,655.1 $3,728.7 $2,261.5 80.1% 10.6% 1.7% 2.0x 9.7x 2.0x 7.3x -0.9% Systems Management $11,934.6 $11,527.8 $3,275.6 84.9% 25.9% 10.1% 3.0x 13.3x 3.0x 7.7x -10.3% Vertical - Finance $6,485.6 $7,119.4 $1,075.0 43.0% 32.9% 7.4% 5.0x 14.9x 4.7x 12.6x 7.1% Vertical - Other $2,531.2 $2,924.9 $505.9 46.9% 18.3% 13.9% 4.6x 21.1x 4.0x 16.7x -9.3%

TTM Revenue Growth 7.6%TTM EBITDA Growth 16.1%TTM Earnings Growth -1.2%Gross Profit Margin 67.4%EBITDA Margin 18.6%Net Income Margin -17.2%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.5%

Current Ratio 1.9Quick Ratio 1.8Cash as Percent of Market Cap 15.0%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 30Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.5%Cash from Operations Growth (YoY) 37.5%Cash from Investing Growth (YoY) -37.5%Cash from Financing Growth (YoY) 0.8%Levered FCF Growth (YoY) 53.7%

Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved March 2016 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%SEG SW Index Software Stock Market Return: January - February 2016

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmdocs Limited DOX $8,534.4 $7,348.6 $3,658.8 35.2% 18.9% 1.5% 2.0x 10.6x 1.9x 20.5x 4.7%CSG Systems International CSGS $1,235.8 $1,279.4 $752.5 49.5% 19.4% 0.2% 1.7x 8.8x 1.7x 7.1x 8.7%Evolving Systems EVOL $64.4 $65.0 $26.1 75.6% 23.9% -8.9% 2.5x 10.4x 2.0x 8.7x -2.7%MIND C.T.I. MNDO $45.9 $27.7 $20.9 58.8% 31.5% -16.4% 1.3x 4.2x n/a n/a -3.6%NeuStar NSR $1,337.3 $2,343.6 $1,050.0 72.7% 38.1% 9.0% 2.2x 5.9x 1.9x 4.1x 7.7%Redknee Solutions RKN $160.7 $174.6 $210.3 58.8% 9.3% -19.1% 0.8x 8.9x 0.8x 5.9x -31.4%Synchronoss Technologies SNCR $1,243.8 $1,334.6 $578.8 58.7% 27.2% 26.6% 2.3x 8.5x 2.0x 6.1x -16.9%

Median: $1,235.8 $1,279.4 $578.8 58.8% 23.9% 0.2% 2.0x 8.8x 1.9x 6.6x -2.7%

TTM Revenue Growth 0.2%TTM EBITDA Growth 11.7%TTM Earnings Growth 4.5%Gross Profit Margin 58.8%EBITDA Margin 23.9%Net Income Margin 11.4%SG&A Expenses as a % of Total Revenue 18.6%R&D Expenses as a % of Total Revenue 14.1%


Levered FCF Margin 17.1%Cash from Operations Growth (YoY) 63.8%Cash from Investing Growth (YoY) -47.8%Cash from Financing Growth (YoY) -25.4%Levered FCF Growth (YoY) 56.7%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Billing and Service Management Software Stock Market Return: January - February 2016

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDFair Isaac FICO $3,122.7 $3,651.0 $849.3 68.6% 23.0% 6.9% 4.3x 18.7x 4.1x 14.7x 6.9%MicroStrategy MSTR $1,834.5 $1,348.9 $529.9 80.9% 28.0% -8.6% 2.5x 9.1x 2.4x 7.0x -6.0%Pegasystems PEGA $1,857.2 $1,638.1 $682.7 68.7% 12.9% 15.7% 2.4x 18.6x 2.1x 12.5x -10.0%Progress Software PRGS $1,283.8 $1,186.9 $377.6 87.6% 19.2% 13.5% 3.1x 16.3x 2.8x 8.5x 5.4%PROS Holdings PRO $330.6 $282.7 $168.2 63.5% -25.1% -9.5% 1.7x n/a 1.9x n/a -50.5%Qlik Technologies QLIK $2,164.7 $1,844.7 $612.7 85.2% 0.6% 10.0% 3.0x 504.7x 2.6x 24.2x -24.2%Software AG XTRA:SOW $2,510.8 $2,526.4 $948.2 75.8% 29.7% 1.8% 2.7x 9.0x 2.6x 8.7x 24.4%Splunk SOW $5,655.1 $4,646.1 $668.4 82.9% -39.9% 48.3% 7.0x n/a 5.3x 77.8x -24.4%Teradata NYSE:TDC $3,318.4 $3,259.4 $2,530.0 50.4% 14.9% -7.4% 1.3x 8.6x 1.4x 5.4x -5.0%Varonis Systems TDC $480.1 $373.6 $127.2 90.6% -13.7% 25.5% 2.9x n/a 2.4x n/a 1.3%Verisk VRSK $12,239.6 $15,265.7 $2,068.0 61.2% 45.7% 18.4% 7.4x 16.2x 6.5x 13.9x -3.3%

Median: $2,164.7 $1,844.7 $668.4 75.8% 14.9% 10.0% 2.9x 16.2x 2.6x 12.5x -5.0%



Levered FCF Margin 17.4%Cash from Operations Growth (YoY) 28.5%Cash from Investing Growth (YoY) 18.7%Cash from Financing Growth (YoY) 12.3%Levered FCF Growth (YoY) 22.8%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Business Intelligence Software Stock Market Return: January - February 2016

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBSQUARE BSQR $68.9 $39.2 $106.6 19.2% 6.6% 11.1% 0.4x 5.6x n/a n/a -4.8%Magic Software Enterprises MGIC $308.9 $243.3 $176.0 35.7% 17.1% 7.1% 1.4x 8.1x 1.2x n/a 23.6%Progress Software PRGS $1,283.8 $1,186.9 $377.6 87.6% 19.2% 13.5% 3.1x 16.3x 2.8x 8.5x 5.4%Red Hat RHT $11,934.6 $11,527.8 $1,972.7 84.9% 18.6% 14.3% 5.8x 31.3x 5.1x 19.2x -20.0%Software AG XTRA:SOW $2,510.8 $2,526.4 $948.2 75.8% 29.7% 1.8% 2.7x 9.0x 2.6x 8.7x 24.4%

Median: $1,283.8 $1,186.9 $377.6 75.8% 18.6% 11.1% 2.7x 9.0x 2.7x 8.7x 5.4%








-20%

-15%

-10%

-5%

0%

5%

10%Development Platforms Software Stock Market Return: January - February 2016

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDANSYS ANSS $7,322.8 $6,538.2 $942.8 88.5% 45.8% 0.7% 6.9x 15.1x 6.5x 12.7x -7.9%Aspen Technology AZPN $2,749.3 $2,548.8 $464.9 89.3% 44.4% 10.7% 5.5x 12.4x 5.1x 11.6x -10.3%Autodesk ADSK $11,745.0 $10,981.8 $2,504.1 85.2% 5.9% -0.3% 4.4x 74.7x 5.5x n/a -14.2%Cadence Design Systems CDNS $6,580.5 $6,218.1 $1,702.1 86.0% 24.0% 7.7% 3.7x 15.2x 3.4x 11.2x 5.0%Dassault Systèmes DSY $19,248.8 $17,799.7 $3,083.9 84.6% 30.2% 23.8% 5.8x 19.1x 5.3x 15.6x -1.6%GSE Systems GVP $38.7 $25.8 $55.7 25.1% -1.0% 50.2% 0.5x n/a n/a n/a -12.6%Mentor Graphics MENT $2,243.9 $2,224.7 $1,181.0 84.6% 20.1% -5.1% 1.9x 9.4x 1.9x 10.0x 4.7%Parametric Technology PTC $3,540.2 $3,961.5 $1,220.8 73.6% 19.3% -10.1% 3.2x 16.8x 3.3x 12.2x -8.4%PDF Solutions PDFS $357.1 $230.9 $98.0 60.4% 22.4% -2.2% 2.4x 10.5x 2.1x 7.1x 9.1%Stratasys SSYS $980.8 $721.1 $696.0 14.7% -49.3% -7.2% 1.0x n/a 1.1x 6.7x -23.2%Synopsys SNPS $6,780.9 $6,302.4 $2,268.8 82.0% 17.7% 7.0% 2.8x 15.7x 2.6x 8.8x -0.4%

Median: $3,540.2 $3,961.5 $1,181.0 84.6% 20.1% 0.7% 3.2x 15.2x 3.4x 11.2x -7.9%

TTM Revenue Growth 0.7%TTM EBITDA Growth 0.1%TTM Earnings Growth -14.0%Gross Profit Margin 84.6%EBITDA Margin 20.1%Net Income Margin 9.7%SG&A Expenses as a % of Total Revenue 30.9%R&D Expenses as a % of Total Revenue 18.9%


Levered FCF Margin 23.5%Cash from Operations Growth (YoY) 1.8%Cash from Investing Growth (YoY) 52.0%Cash from Financing Growth (YoY) -21.0%Levered FCF Growth (YoY) -1.0%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Engineering & PLM Software Stock Market Return: January - February 2016

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmerican Software AMSW.A $269.8 $205.1 $112.6 51.5% 13.7% 11.3% 1.8x 13.3x 1.8x 10.4x -4.0%Oracle ORCL $154,520.9 $144,533.9 $37,473.0 59.0% 40.6% -3.5% 3.9x 9.5x 3.8x 8.3x 2.9%QAD QADA $357.5 $246.1 $288.2 55.3% 6.9% -0.3% 0.9x 12.3x 0.9x 10.4x -2.5%Sage Group LSE:SGE $8,971.1 $9,447.1 $2,172.2 94.0% 27.1% 6.1% 4.3x 16.1x 4.5x 15.6x -2.6%SAP DB:SAP $90,785.2 $97,064.1 $22,588.1 68.2% 29.6% 18.4% 4.3x 14.5x 4.1x 11.8x -0.8%

Median: $8,971.1 $9,447.1 $2,172.2 59.0% 27.1% 6.1% 3.9x 13.3x 3.8x 10.4x -2.5%

TTM Revenue Growth 6.1%TTM EBITDA Growth -3.2%TTM Earnings Growth -9.5%Gross Profit Margin 59.0%EBITDA Margin 27.1%Net Income Margin 13.5%SG&A Expenses as a % of Total Revenue 31.0%R&D Expenses as a % of Total Revenue 14.1%







-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Enterprise Resource Planning Software Stock Market Return: January - February 2016

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDACI Worldwide ACIW $2,221.9 $3,094.2 $1,046.0 54.8% 16.7% 2.9% 3.0x 17.7x 3.1x 11.6x -9.7%Bottomline Technologies EPAY $1,069.1 $1,104.9 $336.3 57.8% 12.8% 3.9% 3.3x 25.8x 3.0x 14.4x -1.6%DST Systems DST $3,523.3 $4,010.9 $2,825.1 15.3% 14.3% 2.8% 1.4x 9.9x 1.9x 8.6x -6.0%Evertec EVTC $905.4 $1,542.2 $372.9 55.0% 45.0% 3.3% 4.1x 9.2x 4.1x 8.5x -26.9%Fair Isaac FICO $3,122.7 $3,651.0 $849.3 68.6% 23.0% 6.9% 4.3x 18.7x 4.1x 14.7x 6.9%First Data Corp FDC $11,240.0 $33,473.0 $7,764.0 58.4% 30.6% 2.9% 4.3x 14.1x 2.8x 11.6x -19.9%Fiserv FISV $21,319.5 $25,337.5 $5,254.0 44.6% 30.5% 3.7% 4.8x 15.8x 4.6x 13.2x 6.8%Intuit INTU $24,819.2 $25,730.2 $4,467.0 84.0% 29.1% 6.4% 5.8x 19.8x 5.4x 14.2x 2.7%Model N MODN $279.1 $208.8 $96.2 53.7% -18.5% 16.8% 2.2x n/a 1.8x n/a -4.1%NetSol Technologies NETSOL $54.6 $59.9 $37.2 30.7% 24.9% 49.7% 1.6x 6.5x n/a n/a 2.1%Sage Group LSE:SGE $8,971.1 $9,447.1 $2,172.2 94.0% 27.1% 6.1% 4.3x 16.1x 4.5x 15.6x -2.6%Square SQ $3,473.0 $3,813.9 $1,143.7 29.1% -8.3% n/a 3.3x n/a 2.6x n/a -14.1%Qiwi QIWI $652.4 $412.9 $259.1 52.5% 29.9% 22.8% 1.6x 5.3x 3.0x 4.9x -36.7%

Median: $3,122.7 $3,651.0 $1,046.0 54.8% 24.9% 5.0% 3.3x 15.8x 3.1x 12.4x -4.1%



Levered FCF Margin 15.6%Cash from Operations Growth (YoY) 6.4%Cash from Investing Growth (YoY) -66.6%Cash from Financing Growth (YoY) -32.2%Levered FCF Growth (YoY) -24.4%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Financial & Accounting Software Stock Market Return: January - February 2016

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDActivision Blizzard ATVI $23,156.6 $25,404.6 $4,664.0 66.0% 30.4% 5.8% 5.4x 17.9x 4.0x 11.7x -15.8%Electronic Arts EA $19,870.1 $16,981.1 $4,273.0 68.1% 22.0% -4.0% 4.0x 18.0x 3.7x 11.3x -2.8%GameLoft SA GFT $627.2 $589.5 $271.2 83.2% 2.9% 3.5% 2.2x 75.3x 2.1x 27.5x 13.4%Konami TSE: 9766 $3,281.8 $2,657.4 $2,009.3 36.0% 18.6% 11.0% 1.3x 7.1x 1.2x 6.5x 3.6%Take-Two Interactive TTWO $3,052.4 $2,329.3 $1,336.6 23.1% -15.8% 36.7% 1.7x n/a 1.4x 7.2x 5.3%Ubisoft Entertainment UBI $3,155.9 $3,330.9 $1,324.6 76.1% -7.7% -0.9% 2.5x n/a 2.0x 4.6x -0.1%

Median: $3,218.8 $2,994.2 $1,672.9 67.1% 10.7% 4.7% 2.3x 18.0x 2.1x 9.2x 1.8%



Levered FCF Margin 11.1%Cash from Operations Growth (YoY) -7.7%Cash from Investing Growth (YoY) 12.4%Cash from Financing Growth (YoY) -71.4%Levered FCF Growth (YoY) 1571.3%





-25%

-20%

-15%

-10%

-5%

0%Gaming Software Stock Market Return: January - February 2016

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAccretive Health AH $17,977.8 $19,232.5 $41,500.2 27.1% 6.1% 16.6% 0.5x 7.5x 0.4x 7.0x 4.6%Allscripts Healthcare Solutions MDRX $2,370.6 $2,890.5 $1,386.4 47.8% 8.1% 0.6% 2.1x 25.7x 2.0x 10.4x -13.2%Cerner CERN $17,361.3 $17,453.2 $4,352.5 84.4% 27.7% 31.4% 4.0x 14.5x 3.5x 10.4x -12.2%Computer Programs and Sys CPSI $760.2 $724.5 $182.2 40.7% 15.6% -11.0% 4.0x 25.5x 2.3x 8.4x 16.1%Omnicell OMCL $980.7 $898.5 $484.6 51.2% 13.4% 9.9% 1.9x 13.8x 1.3x 8.2x -5.9%Quality Systems QSII $946.8 $842.0 $493.0 54.9% 11.6% 3.3% 1.7x 14.8x 1.6x 9.0x -7.7%

Median: $1,675.7 $1,894.5 $939.7 49.5% 12.5% 6.6% 2.0x 14.6x 1.8x 8.7x -6.8%








-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Healthcare Software Stock Market Return: January - February 2016

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDHewlett Packard HPQ $18,458.0 $21,502.0 $101,743.0 23.9% 10.9% -7.6% 0.2x 1.9x 0.5x 4.8x -7.8%IBM IBM $125,904.2 $157,764.2 $81,741.0 49.8% 24.6% -11.9% 1.9x 7.9x 2.0x 8.0x -2.6%Microsoft MSFT $402,425.3 $344,979.3 $88,084.0 64.0% 34.6% -5.7% 3.9x 11.3x 3.7x 10.1x -6.5%Oracle ORCL $154,520.9 $144,533.9 $37,473.0 59.0% 40.6% -3.5% 3.9x 9.5x 3.8x 8.3x 2.9%SAP AG DB:SAP $90,785.2 $97,064.1 $22,588.1 68.2% 29.6% 18.4% 4.3x 14.5x 4.1x 11.8x -0.8%

Median: $125,904 $144,534 $81,741.0 59.0% 29.6% -5.7% 3.9x 9.5x 3.7x 8.3x -2.6%

TTM Revenue Growth -5.7%TTM EBITDA Growth -9.4%TTM Earnings Growth -16.0%Gross Profit Margin 59.0%EBITDA Margin 29.6%Net Income Margin 14.8%SG&A Expenses as a % of Total Revenue 22.1%R&D Expenses as a % of Total Revenue 13.6%


Levered FCF Margin 22.0%Cash from Operations Growth (YoY) -5.4%Cash from Investing Growth (YoY) 26.1%Cash from Financing Growth (YoY) -7.2%Levered FCF Growth (YoY) -14.4%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%IT Conglomerates Software Stock Market Return: January - February 2016

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBango PLC BGO $36.8 $31.9 $5.9 32.7% -129.3% -48.3% 5.4x n/a n/a n/a -62.6%iDream Sky Technologies DSKY $624.3 $525.0 $223.8 39.9% 1.3% n/a 2.3x 179.5x 1.7x 8.7x 1.1%Glu Mobile GLUU $487.1 $306.6 $249.9 60.7% 3.1% 12.0% 1.2x 39.8x 1.2x n/a 53.3%Gree TSE:3632 $1,110.2 $428.6 $668.4 72.2% 24.8% -25.0% 0.6x 2.6x 0.7x 3.1x -0.9%MobileIron MOBL $277.7 $180.9 $149.3 81.1% -46.2% 12.9% 1.2x n/a 1.1x n/a -8.4%Momo MOMO $1,887.8 $1,442.1 $113.1 77.1% 4.2% 296.5% 12.8x 304.2x 5.8x 9.2x -23.8%Myriad Group AG MYRN $302.7 $271.5 $27.3 51.3% -55.6% -32.1% 9.9x n/a n/a n/a 6.8%NQ Mobile NQ $357.2 $412.6 $368.9 24.8% -4.0% 18.8% 1.1x n/a 1.6x n/a 7.1%Opera OPERA $1,125.8 $1,190.6 $615.9 33.0% 16.1% 28.1% 1.9x 12.0x 1.7x 11.6x 38.6%Qihoo 360 Technology QIHU $8,604.9 $9,092.5 $1,630.3 77.2% 27.0% 64.2% 5.6x 20.7x 4.1x 13.9x -0.9%Pandora Media P $2,327.0 $2,191.1 $1,164.0 47.1% -5.8% 26.4% 1.9x n/a 1.6x n/a -16.6%Synchronoss Technologies SNCR $1,243.8 $1,334.6 $578.8 58.7% 27.2% 26.6% 2.3x 8.5x 2.0x 6.1x -16.9%Tangoe TNGO $319.0 $287.5 $219.4 54.1% 4.4% 5.7% 1.3x 29.8x 1.3x 15.5x -0.2%TeleNav TNAV $246.6 $136.3 $174.8 47.8% -18.7% 21.7% 0.8x n/a 0.8x n/a 4.7%Zynga ZNGA $1,820.8 $833.6 $764.7 69.3% -6.4% 10.8% 1.1x n/a 1.1x 19.2x -18.2%

Median: $624 $429 $250 54.1% 1.3% 15.8% 1.9x 25.3x 1.6x 10.4x -0.9%

TTM Revenue Growth 15.8%TTM EBITDA Growth -0.1%TTM Earnings Growth 4.5%Gross Profit Margin 54.1%EBITDA Margin 1.3%Net Income Margin -8.3%SG&A Expenses as a % of Total Revenue 38.1%R&D Expenses as a % of Total Revenue 23.0%


Levered FCF Margin 5.7%Cash from Operations Growth (YoY) 20.1%Cash from Investing Growth (YoY) 3.3%Cash from Financing Growth (YoY) -9.4%Levered FCF Growth (YoY) 3.6%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Mobile Solutions/Content Software Stock Market Return: January - February 2016

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDA10 Networks ATEN $390.1 $292.0 $199.0 75.5% -13.8% 10.8% 1.5x n/a 1.3x n/a -3.1%Allot Communications ALLT $151.6 $28.5 $100.0 74.6% 4.7% -14.7% 0.3x 6.1x 0.3x 3.6x -23.3%Barracuda Networks CUDA $682.9 $533.5 $308.6 78.6% 1.1% 16.2% 1.7x 151.2x 1.6x 9.6x -29.7%Brocade Communications Systems BRCD $3,980.7 $3,386.8 $2,261.5 67.5% 25.0% 1.7% 1.5x 6.0x 1.5x 5.8x 7.6%Cisco Systems CSCO $131,740.9 $95,971.9 $49,589.0 61.2% 28.8% 3.1% 1.9x 6.7x 2.0x 6.3x -0.9%F5 Networks FFIV $6,611.7 $5,820.2 $1,946.5 82.6% 30.5% 8.8% 3.0x 9.8x 2.9x 8.4x -0.8%Gigamon GIMO $943.0 $732.7 $222.0 79.4% 7.7% 41.3% 3.3x 42.6x 2.6x 11.8x 4.5%Juniper Networks JNPR $9,450.3 $9,451.0 $4,857.8 63.3% 22.2% 5.0% 1.9x 8.8x 1.9x 7.0x -9.5%Radware RDWR $521.4 $390.7 $216.6 82.4% 12.7% -2.4% 1.8x 14.3x 1.8x 17.0x -22.0%

Median: $943.0 $732.7 $308.6 75.5% 12.7% 5.0% 1.8x 9.3x 1.8x 7.7x -3.1%








March 2016 Monthly Flash Report

-25%

-20%

-15%

-10%

-5%

0%

Networking/Network Performance Mgmt Software Stock Market Return: January - February 2016

Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAVG Technologies AVG $1,001.8 $1,118.2 $428.3 84.9% 29.0% 14.5% 2.6x 9.0x 2.5x 6.7x -0.7%Barracuda Networks CUDA $682.9 $533.5 $308.6 78.6% 1.1% 16.2% 1.7x 151.2x 1.6x 9.6x -29.7%Cyberark Software CYBR $1,186.2 $948.0 $160.8 85.9% 22.1% 56.1% 5.9x 26.7x 4.6x 21.3x -14.5%Check Point Software Tech CHKP $15,023.6 $13,739.4 $1,629.8 88.5% 52.3% 9.0% 8.4x 16.1x 7.8x 13.9x 4.5%A10 Networks ATEN $390.1 $292.0 $199.0 75.5% -13.8% 10.8% 1.5x n/a 1.3x n/a -3.1%Cyren CYRN $52.4 $40.2 $27.8 70.0% -8.2% -13.0% 1.4x n/a 1.3x n/a -20.2%Fortinet FTNT $4,873.5 $3,982.2 $1,009.3 71.6% 5.5% 31.0% 3.9x 71.4x 3.2x 18.0x -6.1%Guidance Software GUID $163.8 $144.9 $107.0 66.7% -7.2% -1.5% 1.4x n/a 1.3x n/a -6.3%Imperva IMPV $1,417.4 $1,152.6 $234.3 79.7% -18.5% 42.9% 4.9x n/a 3.8x 85.6x -27.5%Palo Alto Networks PANW $12,795.2 $12,328.1 $1,150.0 72.9% -10.6% 55.6% 10.7x n/a 7.9x 33.8x -15.6%Proofpoint PFPT $1,928.1 $1,867.7 $265.4 68.3% -20.9% 35.7% 7.0x n/a 5.4x 145.2x -26.1%Rapid7 RPD $552.8 $466.2 $110.5 73.5% -35.6% 43.8% 4.2x n/a 3.1x n/a -8.5%Sourcefire FIRE $27.8 $26.5 $20.0 36.9% 15.5% 27.2% 1.3x 8.5x n/a n/a -11.1%Symantec SYMC $12,594.4 $12,065.4 $6,178.0 83.5% 31.5% 32.0% 2.0x 6.2x 3.3x 9.8x -6.6%Trend Micro TSE:4704 $4,970.2 $3,679.0 $1,034.3 82.9% 31.6% 7.9% 3.6x 11.3x 3.0x 10.1x -10.8%VASCO VDSI $545.8 $422.3 $241.4 60.5% 22.6% 19.8% 1.7x 7.7x 1.9x 13.6x -17.4%

Median: $1,094.0 $1,033.1 $253.4 74.5% 3.3% 23.5% 3.1x 11.3x 3.1x 13.9x -11.0%

TTM Revenue Growth 23.5%TTM EBITDA Growth -1.4%TTM Earnings Growth -1.0%Gross Profit Margin 74.5%EBITDA Margin 3.3%Net Income Margin -6.3%SG&A Expenses as a % of Total Revenue 55.3%R&D Expenses as a % of Total Revenue 20.5%







-25%

-20%

-15%

-10%

-5%

0%Security Software Stock Market Return: January - February 2016

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBrocade BRCD $3,980.7 $3,386.8 $2,261.5 67.5% 25.0% 1.7% 1.5x 6.0x 1.5x 5.8x 7.6%CA CA $12,207.0 $11,957.0 $4,039.0 85.4% 30.5% -6.6% 3.0x 9.7x 3.0x 7.7x 5.0%Cisco Systems CSCO $131,740.9 $95,971.9 $49,589.0 61.2% 28.8% 3.1% 1.9x 6.7x 2.0x 6.3x -0.9%CommVault Systems CVLT $1,692.4 $1,291.3 $586.3 85.9% 1.4% -4.5% 2.2x 153.5x 2.1x 16.2x -1.3%EMC EMC $50,876.3 $49,954.3 $24,704.0 60.7% 19.7% 1.1% 2.0x 10.3x 2.0x 7.3x 2.1%FalconStor Software FALC $56.8 $51.3 $48.6 80.1% 0.7% 5.0% 1.1x 142.0x n/a n/a -26.1%NetApp NTAP $7,261.7 $3,728.7 $5,705.7 61.2% 10.6% -8.4% 0.7x 6.2x 0.7x 3.4x -3.9%Splunk SPLK $5,655.1 $4,646.1 $668.4 82.9% -39.9% 48.3% 7.0x n/a 5.3x 77.8x -24.4%Varonis Systems VRNS $480.1 $373.6 $127.2 90.6% -13.7% 25.5% 2.9x n/a 2.4x n/a 1.3%

Median: $5,655.1 $3,728.7 $2,261.5 80.1% 10.6% 1.7% 2.0x 9.7x 2.0x 7.3x -0.9%









-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%Storage, Data Management & Integration Software Stock Market Return: January - February

2016

Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDCA Technologies CA $12,207.0 $11,957.0 $4,039.0 85.4% 30.5% -6.6% 3.0x 9.7x 3.0x 7.7x 5.0%Citrix Systems CTXS $10,878.7 $11,332.3 $3,275.6 85.2% 25.9% 4.2% 3.5x 13.3x 3.4x 10.6x -4.7%Netscout Systems NTCT $2,037.5 $1,929.2 $788.9 68.2% 12.0% 76.6% 2.4x 20.5x 1.6x 5.1x -31.6%Red Hat RHT $11,934.6 $11,527.8 $1,972.7 84.9% 18.6% 14.3% 5.8x 31.3x 5.1x 19.2x -20.0%VMWare VMW $21,387.2 $15,382.2 $6,647.0 84.7% 26.7% 10.1% 2.3x 8.7x 2.2x 6.2x -10.3%

Median: $11,934.6 $11,527.8 $3,275.6 84.9% 25.9% 10.1% 3.0x 13.3x 3.0x 7.7x -10.3%








-25%

-20%

-15%

-10%

-5%

0%

Systems Management Software Stock Market Return: January - February 2016

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBroadridge Financial BR $6,670.1 $7,119.4 $2,797.5 31.7% 21.2% 6.7% 2.5x 12.0x 2.4x 11.1x 7.1%Fidessa LSE:FDSA $1,213.7 $1,104.6 $435.7 19.5% 17.0% 7.4% 2.5x 14.9x 2.6x 9.9x 9.4%Jack Henry & Associates JKHY $6,485.6 $6,530.8 $1,297.9 43.0% 35.0% 6.4% 5.0x 14.4x 4.7x 13.6x 7.8%MSCI MSCI $6,966.4 $7,768.1 $1,075.0 75.1% 44.8% 7.9% 7.2x 16.1x 6.8x 14.7x 0.2%SS&C SSNC $5,756.4 $8,073.6 $1,000.3 47.1% 32.9% 30.3% 8.1x 24.5x 5.4x 12.6x -12.2%

Median: $6,485.6 $7,119.4 $1,075.0 43.0% 32.9% 7.4% 5.0x 14.9x 4.7x 12.6x 7.1%









-20%

-15%

-10%

-5%

0%

5%

10%Vertical - Finance Software Stock Market Return:January - February 2016

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBlackbaud BLKB $2,531.2 $2,924.9 $637.9 52.5% 16.4% 13.0% 4.6x 28.0x 4.0x 16.4x -11.1%Constellation TSX:CSU $8,840.7 $9,021.9 $1,838.3 36.8% 23.2% 10.1% 4.9x 21.1x 4.3x 16.7x 5.0%EPIQ Systems EPIQ $513.2 $899.5 $505.9 51.0% 15.5% 13.9% 1.8x 11.5x 1.7x 7.7x 6.0%Guidewire Software GWRE $3,519.6 $2,983.0 $395.8 62.8% 5.4% 7.1% 7.5x 138.5x 7.1x 39.7x -15.3%Sapiens International SPNS $574.4 $511.6 $185.6 40.1% 18.3% 17.9% 2.8x 15.1x 2.4x 15.0x 14.8%Silver Spring Networks SSNI $632.8 $508.4 $489.6 46.1% 18.9% 155.9% 1.0x 5.5x 1.7x 28.9x -9.3%Tyler Technologies TYL $4,400.3 $4,419.8 $591.0 46.9% 21.8% 19.9% 7.5x 34.2x 5.8x 20.3x -28.0%

Median: $2,531.2 $2,924.9 $505.9 46.9% 18.3% 13.9% 4.6x 21.1x 4.0x 16.7x -9.3%








-25%

-20%

-15%

-10%

-5%

0%Vertical - Other Software Stock Market Return: January - February 2016

Vertical - Other S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG SaaS Index $781.2 $675.4 $196.6 67.2% -5.9% 28.9% 4.0x 29.8x 3.2x 23.8x -20.0% CRM & Marketing $880.8 $740.6 $209.3 68.0% -14.0% 28.0% 3.3x 75.7x 2.6x 23.6x -24.1% ERP & Supply Chain $753.2 $624.2 $158.5 68.0% -8.3% 23.9% 3.9x 24.3x 3.2x 23.8x -26.7% Vertically Focused $849.5 $733.5 $149.4 62.6% 1.0% 36.9% 4.6x 31.6x 3.5x 18.8x -18.0% Human Capital Management $1,213.1 $1,161.8 $198.3 61.5% -2.4% 27.8% 4.7x 60.0x 3.7x 35.7x -13.5% SaaS Other $571.8 $542.9 $205.2 70.6% -8.2% 28.9% 3.8x 17.4x 2.9x 26.7x -19.8%

TTM Revenue Growth 28.9%TTM EBITDA Growth 16.1%TTM Earnings Growth -1.2%Gross Profit Margin 67.2%EBITDA Margin -5.9%Net Income Margin -17.2%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.5%




Category Name




-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%SEG SaaS Index Stock Market Return: January - February 2016

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBazaarvoice BV $255.4 $202.3 $197.4 61.6% -8.6% 6.1% 1.0x n/a 1.0x 41.6x -26.3%Cvent NYSE:CVT $1,031.2 $850.6 $361.9 68.2% 0.5% 32.0% 3.6x 722.5x 2.9x 23.6x n/aHubSpot HUBS $1,445.9 $1,342.2 $181.9 73.7% -24.0% 57.0% 7.4x n/a 5.4x n/a -24.1%LivePerson LPSN $294.0 $245.2 $239.0 70.6% 5.3% 13.9% 1.0x 19.5x 1.1x 10.8x -23.3%Marketo MKTO $730.5 $630.6 $209.9 65.6% -26.0% 40.0% 3.0x n/a 2.3x n/a -38.7%Marin Software MRIN $111.2 $76.9 $108.5 63.2% -19.4% 9.2% 0.7x n/a 0.7x 17.6x -12.0%Salesforce.com CRM $44,986.0 $45,701.0 $6,667.2 75.2% 9.1% 24.1% 6.9x 75.7x 5.6x 29.4x -11.7%Zendesk ZEN $1,656.3 $1,410.6 $208.8 67.8% -32.8% 64.3% 6.8x n/a 4.7x n/a -29.8%

Median: $880.8 $740.6 $209.3 68.0% -14.0% 28.0% 3.3x 75.7x 2.6x 23.6x -24.1%









-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%CRM & Marketing SaaS Stock Market Return: January - February 2016

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAmber Road AMBR $120.8 $126.1 $67.1 45.0% -28.9% 3.5% 1.9x n/a 1.7x n/a -8.0%Apigee Corporation APIC $172.8 $101.6 $79.4 68.0% -53.1% 28.3% 1.3x n/a 1.0x n/a -32.6%Fleetmatics FLTX $1,397.1 $1,247.7 $284.8 74.3% 24.0% 23.0% 4.4x 18.3x 3.6x 10.8x -28.2%Netsuite N $4,832.6 $4,751.8 $741.1 66.9% -8.3% 33.2% 6.4x n/a 4.9x 56.6x -26.7%SciQuest SQI $338.4 $195.9 $105.4 68.1% 7.7% 3.4% 1.9x 24.3x 1.8x 8.3x -5.2%SPS Commerce SPSC $753.2 $624.2 $158.5 68.4% 10.5% 23.9% 3.9x 37.6x 3.2x 23.8x -34.0%Workday WDAY $11,727.3 $10,265.3 $1,162.3 67.8% -15.4% 47.5% 8.8x n/a 6.6x 90.6x -22.3%

Median: $753.2 $624.2 $158.5 68.0% -8.3% 23.9% 3.9x 24.3x 3.2x 23.8x -26.7%

TTM Revenue Growth 23.9%TTM EBITDA Growth 17.3%TTM Earnings Growth 17.7%Gross Profit Margin 68.0%EBITDA Margin -8.3%Net Income Margin -16.8%SG&A Expenses as a % of Total Revenue 52.9%R&D Expenses as a % of Total Revenue 24.5%








-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%ERP & Supply Chain SaaS Stock Market Return: January - February 2016

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTD2U TWOU $1,023.1 $839.4 $150.2 78.7% -12.6% 36.2% 5.6x n/a 4.2x n/a -17.3%Alarm.com ALRM $909.4 $787.7 $208.9 63.0% 14.4% 24.8% 3.8x 26.1x 3.3x 19.2x 23.1%AppFolio APPF $392.8 $370.5 $75.0 54.8% -16.1% 57.3% 4.9x n/a 3.6x n/a -16.2%Athenahealth ATHN $5,028.2 $5,184.4 $924.7 60.4% 6.6% 22.9% 5.6x 85.2x 4.7x 22.2x -18.4%Castlight Health CSLT $314.2 $193.8 $75.3 55.2% -103.8% 65.1% 2.6x n/a 1.9x n/a -20.0%DealerTrack TRAK $98.0 $101.1 $31.9 46.0% 13.7% 39.7% 3.2x 23.1x 2.7x 15.1x -36.9%Ebix EBIX $1,220.2 $1,368.6 $265.5 72.7% 36.8% 23.9% 5.2x 14.0x 4.8x 13.2x 18.5%Ellie Mae ELLI $2,495.5 $2,416.7 $253.9 67.1% 18.9% 57.2% 9.5x 50.3x 7.6x 26.1x 39.9%Instructure INST $391.3 $300.5 $73.2 67.1% -67.9% 65.0% 4.1x n/a 2.8x n/a -35.9%Medical Transcript MTBC $8.5 $12.7 $24.8 45.4% -7.0% 75.0% 0.5x n/a 0.5x 21.1x -30.0%Medidata Solutions MDSO $1,942.7 $1,925.8 $392.5 77.1% 10.2% 17.1% 4.9x 48.1x 4.2x 18.0x -27.1%OPOWER OPWR $428.5 $367.6 $148.7 62.3% -21.6% 15.8% 2.5x n/a 2.1x n/a -20.8%RealPage RP $1,577.9 $1,587.0 $468.5 57.6% 11.3% 15.8% 3.4x 30.0x 2.8x 13.3x -9.3%Textura TXTR $451.8 $373.1 $86.7 82.6% -4.5% 37.7% 4.3x n/a 3.5x 18.4x -17.6%Q2 Holdings QTWO $789.7 $679.3 $108.9 45.7% -14.8% 37.6% 6.2x n/a 4.7x n/a -21.1%Veeva Systems VEEV $3,230.5 $2,891.0 $409.2 65.2% 21.3% 30.6% 7.1x 33.2x 6.0x 21.2x -15.3%

Median: $849.5 $733.5 $149.4 62.6% 1.0% 36.9% 4.6x 31.6x 3.5x 18.8x -18.0%

TTM Revenue Growth 36.9%TTM EBITDA Growth 16.3%TTM Earnings Growth 9.0%Gross Profit Margin 62.6%EBITDA Margin 1.0%Net Income Margin -9.9%SG&A Expenses as a % of Total Revenue 46.0%R&D Expenses as a % of Total Revenue 18.1%








-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%Vertically Focused SaaS Stock Market Return: January - February 2016

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBenefitfocus BNFT $916.8 $893.4 $185.1 44.4% -24.4% 34.7% 4.8x n/a 3.8x n/a -10.2%Callidus Software CALD $772.6 $675.4 $173.1 61.6% 0.2% 26.7% 3.9x 1820.6x 3.2x 29.0x -21.0%Cornerstone OnDemand CSOD $1,578.1 $1,566.2 $339.7 67.7% -17.8% 28.9% 4.6x n/a 3.6x 42.4x -15.7%Halogen Software TSX:HGN $113.0 $76.0 $65.7 73.8% -4.7% 15.9% 1.2x n/a 1.0x 96.8x 0.7%HealthStream HSTM $654.2 $505.3 $209.0 57.2% 12.1% 22.4% 2.4x 20.0x 2.2x 13.6x -3.2%Paylocity Holding PCTY $1,509.3 $1,430.3 $187.6 56.4% -0.2% 46.7% 7.6x n/a 5.7x 58.2x -23.2%Paycom Software PAYC $1,884.0 $1,859.2 $224.7 85.8% 18.7% 48.8% 8.3x 44.2x 6.0x 28.8x -11.4%The Ultimate Software Group ULTI $4,954.7 $4,843.2 $618.1 61.4% 10.3% 22.2% 7.8x 75.7x 6.3x 25.4x -8.8%Workday WDAY $11,727.3 $10,265.3 $1,162.3 67.8% -15.4% 47.5% 8.8x n/a 6.6x 90.6x -22.3%Xactly XTLY $169.3 $133.6 $76.0 58.7% -22.7% 24.3% 1.8x n/a 1.5x n/a -31.4%

Median: $1,213.1 $1,161.8 $198.3 61.5% -2.4% 27.8% 4.7x 60.0x 3.7x 35.7x -13.5%









-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%Human Capital Management SaaS Stock Market Return: January - March 2015

Human Capital Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAtlassian Corp TEAM $5,048.6 $4,366.6 $387.3 83.6% 4.1% n/a 11.3x 277.3x 8.6x 47.6x -13.3%Box NYSE:BOX $1,403.1 $1,235.7 $280.4 72.9% -57.7% 45.5% 4.4x n/a 3.4x n/a -19.8%ChannelAdvisors ECOM $268.3 $212.1 $100.6 79.3% -11.5% 18.5% 2.1x n/a 1.9x 94.4x -22.2%Covisint COVS $78.8 $41.2 $79.5 48.2% -24.9% -11.2% 0.5x n/a 0.5x n/a -22.0%Demandware DWRE $1,308.3 $1,111.7 $237.3 71.6% -14.4% 47.8% 4.7x n/a 3.7x 46.7x -33.5%FireEye FEYE $2,811.2 $2,347.5 $623.0 62.7% -63.5% 46.4% 3.8x n/a 2.8x n/a -22.5%HortonWorks HDP $630.4 $536.1 $121.9 54.8% -143.3% 164.8% 4.4x n/a 2.8x n/a -44.6%inContact SAAS $571.8 $549.6 $222.0 51.4% -0.7% 29.2% 2.5x n/a 2.1x 26.7x 1.0%IntraLinks Holdings IL $452.8 $475.3 $276.2 72.5% 10.0% 7.9% 1.7x 17.3x 1.6x 9.9x -11.4%J2 Global JCOM $3,556.7 $3,823.1 $720.8 82.9% 40.6% 20.3% 5.3x 13.1x 4.5x 9.7x -8.8%Jive Software JIVE $248.0 $145.3 $195.8 63.1% -10.7% 9.6% 0.7x n/a 0.7x 25.8x -16.1%Liquid Holdings Group LIQD.Q $0.1 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -87.4%Mimecast MIME $506.2 $408.6 $135.7 70.6% 10.1% n/a 3.0x 29.8x 2.6x 45.4x 3.3%MINDBODY MB $462.1 $384.7 $101.4 63.3% -27.9% 44.8% 3.8x n/a 2.9x n/a -17.6%New Relic NEWR $1,318.9 $1,127.9 $162.2 79.4% -32.5% 67.5% 7.0x n/a 5.0x n/a -26.2%Qualys QLYS $859.8 $680.8 $164.3 79.4% 23.8% 23.0% 4.1x 17.4x 3.5x 10.8x -21.9%RingCentral RNG $1,332.1 $1,213.6 $296.2 70.5% -5.5% 34.7% 4.1x n/a 3.4x 63.4x -18.7%Service-now.com NOW $8,841.6 $8,514.9 $1,005.5 67.2% -10.5% 47.3% 8.5x n/a 6.3x 33.0x -34.6%Shopify SHOP $1,798.0 $1,606.5 $205.2 54.1% -5.9% 95.4% 7.8x n/a 4.9x n/a -13.0%Tableau Software DATA $3,384.9 $2,589.0 $653.6 88.7% -4.3% 58.4% 4.0x n/a 3.1x 36.4x -51.3%Tangoe TNGO $319.0 $287.5 $219.4 54.1% 4.4% 5.7% 1.3x 29.8x 1.3x 15.5x -0.2%TrueCar TRUE $449.0 $363.6 $259.8 90.9% -21.5% 25.7% 1.4x n/a 1.3x n/a -39.9%Upland Software UPLD $96.6 $93.9 $68.8 62.7% -0.1% 14.2% 1.4x n/a 1.3x 17.0x -11.5%Workiva WK $509.0 $450.9 $145.3 72.3% -27.0% 28.9% 3.1x n/a 2.7x n/a -25.1%Zix ZIXI $221.4 $192.7 $54.7 82.5% 22.7% 8.7% 3.5x 15.5x 3.2x 12.1x -17.2%

Median: $571.8 $542.9 $205.2 70.6% -8.2% 28.9% 3.8x 17.4x 2.9x 26.7x -19.8%









-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%Other Public SaaS Companies SaaS Stock Market Return: January - February 2016

Other SaaS S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Internet Index $1,231.4 $915.8 $587.5 62.4% 7.6% 14.6% 2.0x 17.4x 1.8x 12.4x -5.8% Ad Tech & Lead Generation $609.2 $496.1 $422.1 52.8% 3.9% 14.7% 1.0x 20.2x 1.2x 15.8x 0.8% Commerce $505.3 $331.4 $589.5 44.1% 3.6% 17.1% 1.0x 24.7x 1.1x 13.6x -9.1% Content & Media $2,186.3 $2,192.9 $758.5 53.9% 7.1% 12.1% 2.2x 17.1x 1.9x 9.7x -9.8% Gaming $2,845.09 $2,106.6 $1,350.9 64.7% 32.3% 13.3% 2.5x 12.2x 2.0x 10.2x -18.5% Infrastructure $649.51 $608.5 $360.4 62.9% 8.6% 4.9% 1.3x 14.9x 1.2x 11.2x 0.6% Search $32,069.63 $29,981.3 $6,727.7 68.8% 26.8% 15.7% 5.1x 16.5x 4.4x 12.3x -10.4% Services $763.32 $635.8 $344.1 73.1% 7.1% 19.2% 1.8x 17.5x 1.5x 10.9x -14.0% Social $3,574.78 $4,114.9 $916.7 74.8% 15.7% 39.3% 4.6x 28.8x 3.6x 13.4x -16.6% Travel $12,385.27 $13,518.8 $1,527.6 83.5% 9.0% 12.5% 4.3x 25.1x 4.6x 15.2x -7.2%


Current Ratio 2.4Quick Ratio 1.9Cash as Percent of Market Cap 20.7%Avg Days Outstanding: Accounts Receivable 40Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.4






-25%

-20%

-15%

-10%

-5%

0%SEG Internet Index Stock Market Return: January - February 2016

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBaidu.com BIDU $60,014.5 $55,563.5 $10,224.4 65.6% 23.6% 35.3% 5.4x 23.1x 4.5x 17.6x -5.8%Criteo SA CRTO $2,318.0 $1,979.6 $1,323.2 35.7% 8.6% 33.9% 1.5x 17.4x 2.9x 10.1x -3.7%Google GOOGL $486,956.0 $422,678.0 $74,989.0 62.4% 32.6% 13.6% 5.6x 17.3x 4.9x 12.0x -5.6%Marchex MCHX $180.5 $71.3 $143.0 44.9% 1.2% -21.7% 0.5x 40.7x 0.5x 16.8x 14.4%MaxPoint Interactive MXPT $45.7 $24.4 $137.7 50.0% -9.6% 49.5% 0.2x n/a 0.3x n/a 8.0%ReachLocal RLOC $57.4 $68.9 $382.6 44.2% -1.5% -19.4% 0.2x n/a 0.2x 4.4x 28.3%Rocket Fuel FUEL $152.3 $157.5 $461.6 41.7% -5.6% 13.0% 0.3x n/a 0.3x 24.5x 2.3%The Rubicon Project RUBI $768.4 $621.0 $248.5 76.5% 10.2% 98.3% 2.5x 24.4x 2.1x 10.7x 2.9%Sohu.com SOHU $1,680.8 $1,108.3 $1,937.1 55.7% 18.6% 15.8% 0.6x 3.1x 0.6x 4.6x -18.8%Tremor TRMR $88.1 $22.5 $173.8 42.9% -6.8% 9.0% 0.1x n/a 0.1x 15.8x -13.8%TubeMogul TUBE $450.0 $371.3 $180.7 67.8% -5.1% 58.2% 2.1x n/a 1.7x 124.8x 0.3%Yahoo! YHOO $30,099.1 $25,544.5 $4,968.3 58.2% 6.7% 7.6% 5.1x 77.2x 7.2x 33.9x 1.2%Yandex YNDX $4,124.7 $3,917.1 $831.5 71.9% 30.0% 17.8% 4.7x 15.7x 4.3x 12.7x -15.1%YuMe YUME $129.8 $81.3 $173.3 45.2% -6.0% -2.5% 0.5x n/a 0.5x 16.1x 8.0%

Median: $609.2 $496.1 $422.1 52.8% 3.9% 14.7% 1.0x 20.2x 1.2x 15.8x 0.8%


Current Ratio 2.1xQuick Ratio 2.1xCash as Percent of Market Cap 26.5%Avg Days Outstanding: Accounts Receivable 70.5xAvg Days Outstanding: Accounts Payable 73.4xWorking Capital to TTM Operating Expense Ratio 0.5x






-25%

-20%

-15%

-10%

-5%

0%Internet Ad Tech Stock Market Return: January - February 2016

Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTD1-800-FLOWERS.COM FLWS $505.3 $521.6 $1,165.0 44.1% 6.8% 13.3% 0.4x 6.6x 0.4x 5.8x 10.5%58.com WUBA $7,501.3 $7,337.6 $714.9 92.8% -34.3% 169.8% 10.3x n/a 5.8x n/a -15.0%Alibaba BABA $172,880.1 $168,056.9 $14,537.4 67.2% 34.1% 33.3% 11.6x 33.9x 8.9x 17.7x -10.3%Amazon.com AMZN $260,149.6 $257,888.6 $107,006.0 33.0% 7.4% 20.2% 2.4x 32.7x 2.0x 18.1x -13.3%Baozun BZUN $296.5 $159.9 $400.2 20.7% 0.8% 64.0% 0.4x 47.8x 0.3x 7.6x -21.0%Bitauto Holdings BITA $1,244.9 $688.2 $589.5 68.0% 3.8% 90.5% 1.2x 30.8x 0.9x n/a -20.4%BlueNile NILE $300.5 $214.5 $480.1 19.2% 3.6% 1.4% 0.4x 12.5x 0.4x 9.5x -24.0%Chegg CHGG $377.9 $293.1 $301.4 37.0% -0.7% -1.1% 1.0x n/a 1.2x 19.7x -31.3%DangDang DANG $536.6 $271.2 $1,451.6 16.0% -0.4% 21.4% 0.2x n/a 0.1x 8.8x -7.5%eBay EBAY $28,053.2 $28,701.2 $8,592.0 79.4% 34.3% -2.3% 3.3x 9.7x 3.3x 8.3x -10.0%Groupon GRPN $2,805.3 $2,010.9 $3,119.5 44.4% 2.1% 2.5% 0.6x 31.0x 0.7x 18.4x 59.6%Liquidity Services LQDT $142.9 $57.5 $337.9 30.4% -0.2% -32.3% 0.2x n/a 0.2x 132.2x -28.6%Mecox Lane MCOX $49.4 $29.0 $47.9 74.8% 26.5% 46.5% 0.6x 2.3x n/a n/a 0.3%Mercadolibre MELI $4,493.4 $4,420.7 $651.8 75.1% 27.4% 17.1% 6.8x 24.7x 6.4x 24.6x -7.4%MOL Global MOLG $51.3 $34.3 $53.9 -17.9% -43.0% 23.9% 0.6x n/a n/a n/a 13.4%Overstock.com OSTK $368.4 $212.1 $1,657.8 18.4% 1.5% 10.7% 0.1x 8.6x 0.1x 4.4x 22.2%PetMed Express PETS $332.4 $269.7 $229.3 33.0% 14.1% 0.5% 1.2x 8.3x 1.2x 8.2x -0.4%Stamps.com STMP $1,967.7 $2,055.7 $214.0 79.5% 30.0% 45.3% 9.6x 32.0x 6.8x 18.7x 10.4%Wowo Limited WOWO $361.1 $331.4 $29.9 79.9% -148.2% -2.0% 11.1x n/a n/a n/a -9.1%

Median: $505.3 $331.4 $589.5 44.1% 3.6% 17.1% 1.0x 24.7x 1.1x 13.6x -9.1%








-25%

-20%

-15%

-10%

-5%

0%Internet Commerce Internet Stock Market Return: January - February 2016

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDDemandMedia DMD $108.6 $70.7 $126.0 43.6% -13.4% -26.9% 0.6x n/a 0.5x n/a 3.6%InterActiveCorp IAC $3,689.7 $4,399.0 $3,230.9 75.9% 14.6% 3.9% 1.4x 9.3x 1.3x 7.8x -24.3%Netflix NFLX $39,987.0 $40,047.6 $6,779.5 32.3% 5.4% 23.2% 5.9x 108.8x 4.6x 74.3x -15.1%Pandora P $2,327.0 $2,191.1 $1,164.0 47.1% -5.8% 26.4% 1.9x n/a 1.6x n/a -16.6%Shutterstock SSTK $1,231.4 $943.0 $425.1 58.9% 13.0% 29.6% 2.2x 17.1x 1.9x 9.6x 7.2%SINA SINA $2,971.2 $2,194.8 $880.7 61.9% 6.5% 14.6% 2.5x 38.2x 2.3x 20.9x -10.8%TheStreet.com TST $30.7 $3.1 $68.0 49.3% 1.5% 16.0% 0.0x 3.2x 0.0x 0.9x -40.1%WebMD Health WBMD $2,045.6 $2,207.1 $636.4 62.2% 23.0% 9.6% 3.5x 15.1x 3.2x 9.9x 16.0%XO Group XOXO $356.9 $270.6 $141.6 92.7% 13.8% -1.4% 1.9x 13.8x 1.8x 9.2x -8.8%Xunlei XNET $392.9 -$55.4 $155.5 49.6% 18.1% -3.4% n/a n/a n/a n/a -23.6%Yahoo! YHOO $30,099.1 $25,544.5 $4,968.3 58.2% 6.7% 7.6% 5.1x 77.2x 7.2x 33.9x 1.2%Youku YOKU $5,363.8 $4,446.1 $926.0 22.0% 7.6% 51.6% 4.8x 63.2x 3.5x n/a 1.4%

Median: $2,186.3 $2,192.9 $758.5 53.9% 7.1% 12.1% 2.2x 17.1x 1.9x 9.7x -9.8%

TTM Revenue Growth 12.1%TTM EBITDA Growth -6.9%TTM Earnings Growth -62.6%Gross Profit Margin 53.9%EBITDA Margin 7.1%Net Income Margin -1.2%SG&A Expenses as a % of Total Revenue 38.3%R&D Expenses as a % of Total Revenue 15.2%


Levered FCF Margin 4.6%Cash from Operations Growth (YoY) -4.9%Cash from Investing Growth (YoY) -37.9%Cash from Financing Growth (YoY) 90.6%Levered FCF Growth (YoY) -0.5%






-25%

-20%

-15%

-10%

-5%

0%Internet Content & Media Stock Market Return: January - February 2016

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDChangYou.com CYOU $897.7 $711.8 $761.6 71.5% 31.9% 0.8% 0.9x 2.9x 1.3x 4.6x -25.3%Netease NTES $17,596.3 $14,004.2 $3,512.2 58.8% 32.7% 94.7% 4.0x 12.2x 2.7x 9.6x -21.8%NCSoft A036570 $3,869.3 $3,104.8 $706.5 76.5% 34.0% 2.8% 4.4x 12.9x 3.9x 10.8x 13.3%Sohu.com SOHU $1,680.8 $1,108.3 $1,937.1 55.7% 18.6% 15.8% 0.6x 3.1x 0.6x 4.6x -18.8%Tencent Holdings SEHK:700 $169,840.9 $167,513.1 $14,692.9 60.1% 41.5% 24.7% 11.4x 27.5x 9.1x 24.6x -5.1%Zynga ZNGA $1,820.8 $833.6 $764.7 69.3% -6.4% 10.8% 1.1x n/a 1.1x 19.2x -18.2%

Median: $2,845.1 $2,106.6 $1,350.9 64.7% 32.3% 13.3% 2.5x 12.2x 2.0x 10.2x -18.5%








-25%

-20%

-15%

-10%

-5%

0%Internet Gaming Stock Market Return: January - February 2016

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTD8x8 EGHT $1,028.8 $874.2 $195.5 73.0% 2.2% 26.4% 4.5x 204.1x 3.7x 40.5x 7.6%Akamai Technologies AKAM $9,539.1 $9,413.8 $2,197.4 67.0% 31.5% 11.9% 4.3x 13.6x 3.9x 9.8x 3.2%Brightcove BCOV $196.6 $169.8 $134.7 65.5% 1.1% 7.8% 1.3x 114.1x 1.2x 19.3x 0.3%BroadSoft BSFT $1,063.5 $1,003.5 $278.8 72.1% 10.9% 28.6% 3.6x 33.1x 3.0x 13.5x 4.4%GoDaddy GDDY $2,103.1 $3,035.5 $1,607.3 64.8% 9.8% 15.9% 1.9x 19.3x 1.7x 7.5x -4.4%Harmonic HLIT $254.7 $200.2 $377.0 53.8% 2.2% -13.0% 0.5x 24.2x 0.5x 3.9x -15.2%Interactive Intelligence ININ $649.5 $608.5 $390.9 60.7% 0.9% 14.5% 1.6x 167.8x 1.4x 27.1x -3.6%Limelight Networks LLNW $158.7 $87.6 $170.9 50.4% -2.8% 5.3% 0.5x n/a 0.5x 4.8x 9.2%Mitel Networks MITL $873.3 $1,427.0 $1,157.7 53.0% 12.4% 4.9% 1.2x 9.9x 1.2x 8.3x -3.7%Polycom PLCM $1,394.0 $1,009.2 $1,267.2 58.3% 12.8% -5.8% 0.8x 6.2x 0.8x 5.0x -15.0%Rovi ROVI $1,882.7 $2,665.9 $526.3 80.4% 31.8% -3.0% 5.1x 15.9x 4.7x 12.4x 33.3%SeaChange International SEAC $194.4 $131.9 $111.1 51.7% -9.2% -7.3% 1.2x n/a 1.1x 35.1x -14.1%ShoreTel SHOR $492.8 $385.9 $360.4 62.9% 8.6% 2.4% 1.1x 12.5x 1.0x 16.2x -14.2%Sonus Networks SONS $385.4 $276.8 $249.0 64.9% -6.0% -16.0% 1.1x n/a 1.1x 11.2x 9.4%Synacor SYNC $53.0 $44.9 $108.7 47.8% 6.3% 3.5% 0.4x 6.6x 0.3x 4.0x 3.5%Tucows TCX $245.4 $244.2 $172.9 31.4% 12.0% 17.1% 1.4x 11.8x 1.2x 8.2x 15.1%VeriSign VRSN $9,249.0 $9,203.2 $1,059.4 81.8% 63.0% 4.9% 8.7x 13.8x 8.3x 12.1x 0.6%

Median: $649.5 $608.5 $360.4 62.9% 8.6% 4.9% 1.3x 14.9x 1.2x 11.2x 0.6%








-25%

-20%

-15%

-10%

-5%

0%

Internet Infrastructure Stock Market Return: January - February 2016

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDBaidu.com BIDU $60,014.5 $55,563.5 $10,224.4 65.6% 23.6% 35.3% 5.4x 23.1x 4.5x 17.6x -5.8%Google GOOGL $486,956.0 $422,678.0 $74,989.0 62.4% 32.6% 13.6% 5.6x 17.3x 4.9x 12.0x -5.6%InterActiveCorp IAC $3,689.7 $4,399.0 $3,230.9 75.9% 14.6% 3.9% 1.4x 9.3x 1.3x 7.8x -24.3%Yandex YNDX $4,124.7 $3,917.1 $831.5 71.9% 30.0% 17.8% 4.7x 15.7x 4.3x 12.7x -15.1%

Median: $32,069.6 $29,981.3 $6,727.7 68.8% 26.8% 15.7% 5.1x 16.5x 4.4x 12.3x -10.4%









-25%

-20%

-15%

-10%

-5%

0%

Internet Search Stock Market Return: January - February 2016

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAngie's List ANGI $540.1 $542.6 $344.1 73.1% 5.7% 9.2% 1.6x 27.6x 1.5x 14.6x 1.1%Bankrate RATE $761.2 $822.6 $370.5 53.5% 31.2% -32.0% 2.2x 7.1x 2.3x 8.2x -41.2%Carbonite CARB $206.3 $141.4 $136.6 71.6% 4.5% 11.4% 1.0x 22.8x 0.8x 4.5x -21.3%Care.com CRCM $195.6 $134.4 $138.7 81.2% -7.3% 25.3% 1.0x n/a 0.8x 15.9x -14.0%Cimpress CMPR $2,763.7 $3,451.5 $1,592.4 59.8% 13.1% 13.9% 2.2x 16.5x 1.9x 12.5x 13.0%Coupons.com QUOT $778.2 $618.3 $237.3 61.1% -5.9% 7.0% 2.6x n/a 2.4x 26.6x 24.5%eHealth EHTH $182.8 $120.1 $189.5 97.8% 3.3% 5.5% 0.6x 19.4x 0.6x 8.3x -1.8%Everyday Health EVDY $153.1 $229.9 $232.0 71.2% 6.6% 25.9% 1.0x 15.0x 0.9x 4.5x -21.3%GrubHub GRUB $1,990.9 $1,680.2 $361.8 61.3% 24.7% 42.5% 4.6x 18.8x 3.7x 13.3x -0.3%LendingClub LC $3,329.9 n/a $429.9 85.7% n/a 103.6% n/a n/a n/a n/a -21.2%LifeLock LOCK $1,035.1 $788.4 $587.5 76.6% 7.7% 23.4% 1.3x 17.5x 1.2x 9.3x -21.2%Monster Worldwide MWW $267.9 $299.3 $666.9 51.1% 14.1% -8.1% 0.4x 3.2x 0.5x 3.1x -46.8%Qihoo QIHU $8,604.9 $9,092.5 $1,630.3 77.2% 27.0% 64.2% 5.6x 20.7x 4.1x 13.9x -0.9%QuinStreet QNST $134.3 $98.6 $283.6 10.4% -1.4% 3.0% 0.3x n/a 0.3x 6.0x -25.9%Shutterfly SFLY $1,549.0 $1,620.1 $1,059.4 50.2% 10.8% 15.0% 1.5x 14.1x 1.4x 7.6x 2.8%Tree.Com TREE $1,084.0 $877.0 $254.2 96.3% 11.4% 51.9% 3.5x 30.4x 2.3x 13.9x 0.5%Wix.com WIX $763.3 $653.3 $203.5 82.8% -21.4% 43.5% 3.2x n/a 2.4x 22.2x -14.6%Yirendai NYSE: YRD $348.1 $317.8 $156.7 93.1% 32.4% n/a 2.0x 6.3x 1.0x 4.7x -33.6%Zillow ZG $4,131.0 $3,840.7 $644.7 90.4% -0.7% 97.8% 6.0x n/a 4.8x 32.8x -5.5%

Median: $763.3 $635.8 $344.1 73.1% 7.1% 19.2% 1.8x 17.5x 1.5x 10.9x -14.0%



Levered FCF Margin 11.7%Cash from Operations Growth (YoY) -10.9%Cash from Investing Growth (YoY) 40.4%Cash from Financing Growth (YoY) -72.5%Levered FCF Growth (YoY) 52.2%





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0%Internet Services Stock Market Return: January - February 2016

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDFacebook FB $313,632.8 $295,513.8 $17,928.0 84.0% 46.0% 43.8% 16.5x 35.9x 11.5x 19.0x 4.6%LinkedIn LNKD $15,477.8 $13,511.8 $2,990.9 86.0% 8.3% 34.8% 4.5x 54.7x 3.7x 13.7x -48.0%Mail.ru Group LSE:MAIL $4,297.7 $4,386.1 $528.3 52.1% 38.3% 18.1% 8.3x 21.7x 7.9x 16.4x -6.1%Match Group MTCH $2,704.0 $3,843.6 $1,020.4 82.6% 23.5% 14.9% 3.8x 16.0x 3.1x 9.7x -18.5%Renren RENN $1,060.8 $888.6 $54.8 38.2% -138.8% -31.6% 16.2x n/a 12.6x n/a -14.7%Twitter TWTR $12,278.4 $10,386.0 $2,218.0 67.1% -7.9% 58.1% 4.7x n/a 3.5x 13.4x -19.7%Yelp YELP $1,539.5 $1,168.6 $549.7 90.7% 0.0% 45.6% 2.1x 14607.8x 1.7x 12.3x -26.7%YY YY $2,851.8 $3,048.2 $813.0 42.2% 23.2% 65.6% 3.7x 16.1x 2.9x 12.7x -14.3%

Median: $3,574.8 $4,114.9 $916.7 74.8% 15.7% 39.3% 4.6x 28.8x 3.6x 13.4x -16.6%









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0%Internet Social Stock Market Return: January - February 2016

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDCtrip CTRP $18,424.6 $19,611.9 $1,563.2 71.2% 2.0% 44.6% 12.5x 622.2x 7.8x 47.5x -9.5%Expedia EXPE $15,676.9 $18,320.0 $6,672.3 80.4% 11.0% 15.8% 2.7x 25.1x 2.1x 11.3x -13.8%MakeMyTrip MMYT $713.0 $628.5 $306.7 30.2% -10.6% 5.1% 2.0x n/a 3.9x n/a 1.0%Priceline PCLN $62,775.4 $66,285.3 $9,224.0 92.8% 38.0% 9.3% 7.2x 18.9x 6.2x 15.2x 1.6%Travelzoo TZOO $115.6 $85.4 $141.7 86.7% 7.0% -0.3% 0.6x 8.6x 0.6x 9.6x -5.0%TripAdvisor TRIP $9,093.6 $8,717.6 $1,492.0 96.1% 18.8% 19.7% 5.8x 31.1x 5.3x 18.4x -24.6%

Median: $12,385.3 $13,518.8 $1,527.6 83.5% 9.0% 12.5% 4.3x 25.1x 4.6x 15.2x -7.2%








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0%Internet Travel Stock Market Return: January - February 2016

Travel S&P NASDAQ SEG Internet Index

2016 Software Equity Group Flash Report and March Financial...

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