June 2016 Software Equity Group Flash...

June

201

6 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 Mergers & Acquisitions • Sell & Buy Side Advisory Services • Majority Buyouts & Recapitalizations • Board Advisory Services • Data Driven Research & Valuation

• 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) 858contact Kris Beible, Director, Business Development ( 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


RemovalsOPOWER

Acquired by Oracle ($532M)


SEG Index ChangesCompany Ticker Previous Index Previous Category

OPWR Saas Vertically Focused

Textura Acquired by Oracle ($663) TXTR Saas Vertically Focused

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 May 2016 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-01-2016 Mediaplus Espresso Espresso - - - -May-01-2016 Chegg, Inc. (NYSE:CHGG) Imagine Easy Solutions, LLC - $60.7 - -May-01-2016 Inflexion Private Equity Partners LLP Kynetec - - - -May-01-2016 KATHREIN-Werke KG noFilis AutoID GmbH - - - -May-02-2016 Cascadia Consumer Electronics Corp. Allcoin Technology Ltd. - $0.1 - -May-02-2016 Humble Mobile Solutions Pvt. Ltd. ANS Technologies Pvt. Ltd. - - - -May-02-2016 Nasdaq, Inc. (NasdaqGS:NDAQ) BoardVantage, Inc. - $200.0 - -May-02-2016 Trintech, Inc. Chesapeake System Solutions, Inc. - - - -May-02-2016 Doxim Inc. DigitalMailer, Inc - - - -May-02-2016 infoWAN Datenkommunikation GmbH DrVis Software GmbH - - - -May-02-2016 CEB Inc. (NYSE:CEB) Evanta Inc. - $275.0 - -May-02-2016 Thompson Street Capital Partners Global Software, Inc. - - - -May-02-2016 Ignite Technologies, Inc. Hexis Cyber Solutions Inc., Hexis HawkEye AP Product Line Business - - - -May-02-2016 Open Text Corporation (NasdaqGS:OTEX) HP Inc., Certain Customer Experience Software Assets - $170.0 - -May-02-2016 Progress Rail Services Corporation Inspired Systems Pty Ltd - - - -May-02-2016 Le Cheque Dejeuner Scop Kalidea CE Société Anonyme $80.6 - - -May-02-2016 DTCOM - Direct to Company S/A (BOVESPA:DTCY3) Kol Soluções em Gestão do Conhecimento Ltda - $3.2 - -May-02-2016 Bruckmann Verlag Gmbh Mountix AG - - - -May-02-2016 Apotheken Dienstleistungsgesellschaft mbH NOVODATA Zrt. - - - -May-02-2016 CustomInk, LLC Represent Holdings, LLC - - - -May-02-2016 i.am.bizzy, llc Sensiya, Ltd. - - - -May-02-2016 Micro Focus International plc (LSE:MCRO) Serena Software, Inc. $162.0 $540.0 3.3x 6.8xMay-02-2016 Sioux Falls Swim Team, Inc. SF Seals Swim Team Inc. - - - -May-02-2016 iotum inc. TalkShoe, Inc. - - - -May-02-2016 Vimeo, LLC VHX Corporation - - - -May-02-2016 Computec Media AG Webedia Gaming GmbH, Making Games Assets - - - -May-03-2016 SmartBear Software Inc. CrossBrowserTesting.com, LLC - - - -May-03-2016 Civica UK Limited IPL Group Limited $43.9 - - -May-03-2016 Dentsu Aegis Network Ltd. Liveposter Ltd $2.3 - - -May-03-2016 Kudelski SA (SWX:KUD) Milestone Systems, Inc. - - - -May-03-2016 Formlabs Inc. Pinshape Inc. - - - -May-03-2016 SISTRIX GmbH SEOlytics GmbH - - - -May-03-2016 Skydance Media Skydance Interactive, LLC - - - -May-03-2016 Microsoft Corporation (NasdaqGS:MSFT) Solair Srl - - - -May-03-2016 MeteoJob Group Visiotalent - - - -May-04-2016 GAME Digital plc (LSE:GMD) Ads Reality Limited - $28.9 - -May-04-2016 Teledyne Technologies Inc. (NYSE:TDY) CARIS-Universal Systems Ltd. - - - -May-04-2016 Cloud Equity Group CloudAccess.net, LLC - - - -May-04-2016 Wayin, Inc. Engage Software Limited - - - -May-04-2016 Rocket10 Everyads Inc. - $1.5 - -May-04-2016 Zoftec, LLC JDA Software Group, Inc., JDA Point-of-Sale Solutions - - - -May-04-2016 Tynetec Ltd. Jontek Ltd - - - -May-04-2016 Blue Software, LLC Kodak Design2Launch Solutions - - - -May-04-2016 BGH TechPartner Latinware S.A. - - - -May-04-2016 Adloop Media, Inc. MerchantAtlas, Inc. - - - -May-04-2016 NATIONAL Public Relations Inc. SHIFT Communications LLC - - - -May-04-2016 adesso AG (DB:ADN1) Smarthouse Media GmbH $18.4 $27.6 - -May-04-2016 CoStar UK Limited THOMAS DAILY GmbH - - - -May-04-2016 Airtime Media, Inc. vline, inc. - - - -May-05-2016 Zuercher Technologies, LLC EmergiTech, Inc. - - - -May-05-2016 FreemanXP Exhibit Surveys, Inc. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-05-2016 Surfline/Wavetrak, Inc. Eyeball Surfcheck Ltd. - - - -May-05-2016 Jasper Infotech Private Limited Insightful Labs Pvt. Ltd. - - - -May-05-2016 TravelSky Technology Ltd. (SEHK:696) OpenJaw Technologies Inc. - - - -May-05-2016 Servelec Corelogic Limited Servelec Abacus Ltd. - - - -May-05-2016 ISEG Limited Startup Stock Exchange - - - -May-06-2016 Versata Enterprises, Inc. @hand Corporation - - - -May-06-2016 Transtema Group AB (XSAT:TRANS) Bearcom AB - $1.0 - -May-06-2016 SeaChange International, Inc. (NasdaqGS:SEAC) DCC Labs Sp. z o.o. - $8.0 - -May-06-2016 N2LT Partners GRENADINES & CIE SARL - - - -May-06-2016 Hello Pal International Inc. (CNSX:HP) Hello Pal International, Inc. - $2.2 - -May-06-2016 Transaction Data Systems, Inc. Lagniappe Pharmacy Services, LLC - - - -May-06-2016 Shenandoah Telecommunications Co. (NasdaqGS:SHEN) NTELOS Holdings Corp. $476.5 $585.8 1.2x 5.1xMay-06-2016 FreeWheel Media, Inc. StickyADStv SAS - $114.0 - -May-07-2016 Australian Crime Commission The CrimTrac Agency - - - -May-08-2016 Mercer (Australia) Pty Ltd. InterTextual Pty Ltd, ExtraTextual - - - -May-09-2016 QA Mentor, Inc. Abid Consulting SARL - - - -May-09-2016 Hyland Software, Inc. AcroSoft Corporation - - - -May-09-2016 Stillfront Group AB (publ) (OM:SF) Bytro Labs GmbH - - - -May-09-2016 Bango PLC (AIM:BGO) Danal, Inc. - $3.6 - -May-09-2016 CJSC ER-Telecom Holding JSC Megapolis-Telekom - - - -May-09-2016 Centana Growth Partners Jumio Inc. - $0.9 - -May-09-2016 Odd Networks, Inc. OverDog, Inc. - - - -May-09-2016 Upserve, Inc. Pospitality LLC - - - -May-09-2016 Solarrus Corporation Power Factors, LLC - - - -May-09-2016 Knowlarity Communications Pvt. Ltd. Smartwards Services Pvt. Ltd. - - - -May-09-2016 Ambientia Oy Soprano Commerce Oy and Lemonline Oy and Virolainen Pipfrog AS - - - -May-09-2016 Portland Asset Management (UK) Limited Tangent Communications PLC $40.5 $13.7 0.4x 8.6xMay-10-2016 First Protocol, Inc. Barkley Kalpak Associates, Inc. - - - -May-10-2016 Altair Engineering, Inc. CEDRAT S.A. $3.2 - - -May-10-2016 - DIB Funding, Inc. - - - -May-10-2016 Adobe Systems Incorporated (NasdaqGS:ADBE) Livefyre, Inc. - - - -May-10-2016 PowerSchool Group LLC MAXIMUS, Inc., Tie-Net - - - -May-10-2016 SOCAN, Endowment Arm MediaNet, Inc. - - - -May-10-2016 Webedia SA TixOS SARL - - - -May-10-2016 Confirmation.com India Private Limited VeriFirm Services Private Limited - - - -May-10-2016 H&H Graphics, LLC Winning Promotions, LLC - - - -May-11-2016 Broadridge Financial Solutions, Inc. (NYSE:BR) Broadridge Derivatives Clearing - - - -May-11-2016 Motorsport.com, Inc. gp-live.hu - - - -May-11-2016 Synechron Inc. Hatstand Limited - - - -May-11-2016 Kaliop SAS Kaliop Canada Inc. $0.6 - - -May-11-2016 Loxbit Public Company Limited Loxley & AIT Holding Co.,Ltd, CLOUD System - $2.2 - -May-11-2016 LABWORKS LLC PerkinElmer Health Sciences, Inc., LABWORKS LIMS - - - -May-11-2016 Forterro SYLOB SAS $10.1 - - -May-11-2016 iEntertainment Network, Inc. (OTCPK:IENT) Tapstar Interactive Inc. - - - -May-11-2016 LoveToKnow Corporation Trails.com, Inc. - - - -May-11-2016 Get Driven Technologies Pvt Ltd UrbTranz Technologies Pvt Ltd - - - -May-12-2016 TrackMaven, Inc. 10Stories, Inc. - - - -May-12-2016 Mortimer Harvey (Pty) Ltd. Action Ambro's Africa Pty Ltd. - - - -May-12-2016 Premier Press, Inc. Ad-Mail, Inc. - - - -May-12-2016 Summa Communications B.V. ANOXTECH HOLDING B.V, UC Division - - - -May-12-2016 DOCAPOST - SAS APPLICAM s.a. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-12-2016 Adare Group Limited Banner Managed Communication Limited $86.4 - - -May-12-2016 In the Company of Huskies Limited Brando Advertising Agency - - - -May-12-2016 Output Services Group, Inc. ClickSpark LLC - - - -May-12-2016 Fitbit Inc. (NYSE:FIT) Coin, Inc., Wearable Payments Assets - - - -May-12-2016 Optiv Security Inc. Evantix GRC, LLC - - - -May-12-2016 DOMOTZ UK LLP Fing - - - -May-12-2016 salesforce.com, inc. (NYSE:CRM) Implisit Insights Ltd. - - - -May-12-2016 SPIL Games B.V. Mousebreaker Ltd - - - -May-12-2016 Zalando SE (XTRA:ZAL) Tradebyte Software GmbH - - - -May-13-2016 Dentsu McGarry Bowen, LLC AC/mcgarrybowen - - - -May-13-2016 Tesserent Limited (ASX:TNT) Blue Reef Pty Ltd - $2.3 - -May-13-2016 Keizer Solutions Inc. Colonial Valley Software, Inc. - - - -May-13-2016 Zelnick Media Capital Education Networks of America, Inc. - - - -May-13-2016 Wanda Cinema Line Co., Ltd. (SZSE:002739) Hoolai Game Ltd. - - - -May-13-2016 LoveWorld Inc. Jiayuan.com International Ltd. $110.9 $155.7 1.4x 31.9xMay-13-2016 Funécap Topco New Software, SAS - - - -May-13-2016 Wanda Cinema Line Co., Ltd. (SZSE:002739) Propaganda GEM Ltd. - - - -May-13-2016 VigLink, Inc. Prosperent, Inc. - - - -May-13-2016 ORC Communication Corporate & Métiers, SAS Publicorp Creation SAS - - - -May-13-2016 Inteliquent, Inc. (NasdaqGS:IQNT) Shopety Inc. - $4.4 - -May-14-2016 Source Medical Solutions, Inc. LaClaro, Inc. - - - -May-14-2016 Digibiz Infocom Pvt Ltd The Mobile Indian - - - -May-16-2016 Discovery Data, Inc. AIQ, Inc. - - - -May-16-2016 EVR Holdings plc (AIM:EVRH) Armstrong Ventures Plc - - - -May-16-2016 Citadel Securities, LLC Automated Trading Desk Financial Services, LLC, Certain Assets - - - -May-16-2016 Shenzhen Sunline Tech Co., Ltd. (SZSE:300348) Cedar Plus Sdn. Bhd. $2.6 $3.0 - -May-16-2016 Trepp, LLC Codean Ltd - - - -May-16-2016 Black Knight Financial Services, Inc. (NYSE:BKFS) eLynx, Ltd. - $115.0 - -May-16-2016 Blue Star Sports GOALLINE Sports Administration Systems - - - -May-16-2016 Cal.net, Inc. Hstar Technology Group, Inc. - - - -May-16-2016 Microgen plc (LSE:MCGN) Infoscreen (Cyprus) Ltd $1.1 $2.0 1.8x -May-16-2016 Tyco Security Products Innometriks Inc. and 2DogsStudios, LLC - - - -May-16-2016 First Line Software Inc. Solaris Development, Inc. - - - -May-16-2016 Vela Software International, Inc. Tecplot, Inc. - - - -May-17-2016 Nordic Investors s.r.o. Air Telecom a.s. and eHI eHealth International AG - - - -May-17-2016 ARM Holdings plc (LSE:ARM) Apical Limited - $350.0 - -May-17-2016 Magnitude Software, Inc. Datalytics Technologies LLC - - - -May-17-2016 IGN Entertainment, Inc. GameTrailers Corp. - - - -May-17-2016 The Gruden Group Limited (ASX:GGL) Gruden Pty Ltd. and Blackglass Pty Ltd and Mobile Den Pty Ltd $6.1 $10.3 - -May-17-2016 VINOSAKA SAS Le Vin de France, SA - - - -May-17-2016 glispa GmbH Mobils Ad Solutions Brasil Ltda. - - - -May-17-2016 TrekkSoft AG myobis GmbH - - - -May-17-2016 RealPage, Inc. (NasdaqGS:RP) Portfolio Asset Management - $4.8 - -May-17-2016 Sovendus GmbH RMD Regional Marketing Deutschland GMBH and Tharuka - - - -May-17-2016 Otkritie Bank Joint Stock Company RocketBank LLC - $4.5 - -May-17-2016 Kaiser (China) Holding Co., Ltd (SZSE:002425) Sichuan Tianshang Youjia Network Technology Co., Ltd. $2.8 $191.2 67.6x -May-17-2016 Synopsys Inc. (NasdaqGS:SNPS) Simpleware Ltd - - - -May-17-2016 GeoSpatial Innovations, Inc. Trimble Navigation Limited, Trimble Energy Transmission Solutions Business - - - -May-18-2016 Genstar Capital, LLC Accruent, LLC - - - -May-18-2016 Altima SAS BDBL Media SAS - - - -May-18-2016 Gordon Brothers Group, LLC Blast-Off Brands - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-18-2016 BioStem Technologies, Inc. (OTCPK:BSEM) Elencee, Inc. - $0.8 - -May-18-2016 Madison Logic, Inc. Internal Results Ltd. - - - -May-18-2016 Awesome Commerce, LLC LaGarde Incorporated - - - -May-18-2016 Quiet Signal LH Meyer, Inc. - - - -May-18-2016 BeMyEye s.r.l. LocalEyes SAS - - - -May-18-2016 Affinity Equity Partners MedicalDirector - $113.7 - -May-18-2016 Shapiro + Raj MutualMind Inc. - - - -May-18-2016 Easypark AB Parko Tlv, Ltd. - - - -May-18-2016 WALLIX GROUP SA (ENXTPA:ALLIX) Proviciel SA - - - -May-18-2016 Unified Signal, Inc. (OTCPK:UNSI) Puppy Wireless, Inc. - - - -May-18-2016 Shenzhen Liantronics Co., Ltd. (SZSE:300269) Shanghai Litang Marketing Management Co., Ltd. $20.1 $77.6 3.9x -May-18-2016 Zalando SE (XTRA:ZAL) TheAmazeApp UG - - - -May-18-2016 Stratesphere, LLC Venture Highway, LLC - - - -May-19-2016 Scaleworks Associates Assembla, LLC - - - -May-19-2016 Canary Health Inc. bLife, Inc. - - - -May-19-2016 CS Compliance Systems, LLC CannaScore, LLC - - - -May-19-2016 Cherrypicks International Holdings Limited Cherrypicks Alpha Holdings Limited - $1.5 - -May-19-2016 NetDragon Websoft Holdings Limited (SEHK:777) Cherrypicks Alpha Resources Limited - $3.2 - -May-19-2016 Mediaocean LLC ColSpace Corporation - - - -May-19-2016 Berkley Capital, LLC Corporate Imaging Concepts, Inc. - - - -May-19-2016 eBay Inc. (NasdaqGS:EBAY) Expertmaker AB $1.2 - - -May-19-2016 CIMA Group, Inc. Knetik Media, LLC - - - -May-19-2016 CinemaNow Corporation OVGuide.com, Inc. - - - -May-19-2016 Identillect Technologies Corp. (TSXV:ID) Quentin Ventures Ltd. $0.0 - - -May-19-2016 Smartling, Inc. VerbalizeIt, Inc. - - - -May-20-2016 Dodge Data & Analytics, Inc. Adenium Systems, Inc. - - - -May-20-2016 American Leisure Holdings, Inc. (OTCPK:AMLH) Digital Airo Inc. - - - -May-20-2016 Storytel AB (XSAT:STORY B) Mofibo Books ApS - $15.1 - -May-20-2016 NYX Gaming Group Limited (TSXV:NYX) OpenBet Technologies Limited $92.1 $385.4 4.2x 12.4xMay-20-2016 Motor1.com, LLC RideApart Inc. - - - -May-20-2016 The Ultimate Software Group, Inc. (NasdaqGS:ULTI) Vestrics, Inc. - - - -May-23-2016 CasaDigital Consultoria e Marketing Digital Ltda. FirstCom Comunicação Ltda. - - - -May-23-2016 Synopsys Inc. (NasdaqGS:SNPS) Gold Standard Simulations Ltd. - - - -May-23-2016 Goldman Sachs Asset Management, L.P.; Goldman Sachs Private Wealth MHonest Dollar, Inc. - - - -May-23-2016 INTERA Incorporated INTERA Petroleum Consultants Inc. - - - -May-23-2016 - Mobile Defense Inc. - - - -May-23-2016 VCCP Limited MUH-TAY-ZIK | HOF-FER LLC - - - -May-23-2016 Guscio PLC (AIM:GUSC) Remaining 70% stake in Sportsdata Limited and Dataplay Limited - $3.6 - -May-23-2016 Facebook, Inc. (NasdaqGS:FB) Two Big Ears Ltd. - - - -May-23-2016 - Vision (M.M.M.) Advanced Sells Systems Ltd. - $2.0 - -May-24-2016 G+J Parenting Media GmbH Adeos Media GmbH - - - -May-24-2016 LDC (Managers) Limited Computers In Personnel Ltd. - - - -May-24-2016 - Connect Communications (Scotland) Ltd. - - - -May-24-2016 Axiell AB Mobydoc SA $1.3 - - -May-24-2016 Nortek Inc. (NasdaqGS:NTK) Nuiku Inc - - - -May-24-2016 gamigo AG playzo games GmbH - - - -May-24-2016 Topgolf International, Inc. Protracer AB - - - -May-24-2016 Playtech plc (LSE:PTEC) Quickspin AB $6.7 $55.8 8.3x 23.8xMay-24-2016 Ströer Content Group GmbH StayFriends GmbH & Trombi Acquisition SARL $21.6 $10.8 0.5x -May-24-2016 PeopleAdmin, Inc. TeacherMatch LLC - - - -May-24-2016 Carthero Technologies Pvt Ltd TinyOwl Technology Pvt. Ltd. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-24-2016 Brasil/CT - Comercio e Turismo S.A. Unico Sistemas e Consultoria Ltda. - - - -May-24-2016 Bravo Store Systems, LLC Vertical Computer Systems, Inc. - - - -May-24-2016 Bharti Airtel Limited (BSE:532454) Videocon Telecommunications Limited, Radio Frequency Spectrum in Six Circles - $664.7 - -May-24-2016 Globant S.A. (NYSE:GLOB) We Are London Ltd - - - -May-24-2016 priceline.com LLC WOOMOO INC. - - - -May-25-2016 Blue Equity, LLC 3 Kings Entertainment, LLC - - - -May-25-2016 The Center for International Education, Inc. Appolicious Inc., Participate Learning - - - -May-25-2016 KeepKey, LLC Bitcoin Solutions Ltd. - - - -May-25-2016 Yummie Nation, Inc. Blog Sparks Network, Inc., Foodie Blogroll - - - -May-25-2016 Mediware Information Systems, Inc. Bowman Systems, L.L.C. - - - -May-25-2016 EcoOnline AS ChemiControl ApS - - - -May-25-2016 Tricent Capital Customer Discovery Ninja - - - -May-25-2016 iHealth Solutions LLC DNA Healthcare Inc. - - - -May-25-2016 LDC (Managers) Limited Giacom World Networks Limited $5.6 - - -May-25-2016 Hospitality Network Canada (2011) Inc. iPorta Corp. - - - -May-25-2016 rbb Communications, LLC OutOfTheBlue Advertising - - - -May-25-2016 IMS Health Holdings, Inc. (NYSE:IMS) Privacy Analytics Inc. - - - -May-25-2016 Macmillan Limited Pronoun, Inc. - - - -May-25-2016 Alliance Media Holdings Inc. (OTCPK:ADTR) Zachtronics LLC - - - -May-25-2016 - Zendex Holdings, Inc. (OTCPK:ZNDX) $0.1 $0.3 4.5x -May-26-2016 Profidata Group AG abraxas Softwareentwicklungsgesellschaft mbH - - - -May-26-2016 Colourmedia Solutions Limited G1 Creative, Ltd. - - - -May-26-2016 Envysion, Inc. Next Wave - - - -May-26-2016 Vector Logic, LLC Pixel & Line and Project Forge - - - -May-26-2016 EdCast, Incorporated Sales-University - - - -May-26-2016 Qualtrics, LLC Statwing, Inc. - - - -May-26-2016 Kabam, Inc. Superweapon, LLC - - - -May-27-2016 Enghouse Systems Limited (TSX:ESL) NetBoss Technologies, Inc. - $7.2 - -May-27-2016 Genimous Investment Co., Ltd. (SZSE:000676) Spigot Inc. - $252.6 - -May-27-2016 JackRabbit Systems, Inc. Zerista, Inc. - - - -May-30-2016 Sarine Technologies Ltd. (SGX:U77) DiaMining Ltd. - $1.2 - -May-30-2016 JDC Group AG (XTRA:A8A) GELD.de GmbH - - - -May-30-2016 PRISMA MEDIA, SNC Groupe Cerise $8.9 - - -May-30-2016 Pickert & Partner GmbH IDOS QMS GmbH - - - -May-30-2016 Philippine Long Distance Telephone Company (PSE:TEL); Globe Telecom I New Century Telecoms, Inc. - $14.8 - -May-30-2016 AirIQ Inc. (TSXV:IQ) Timeout Studios Inc., Certain software assets - - - -May-31-2016 Cloud Equity Group Beachcomber Creations and Jiffynet and ServerRhino and Webolocity and NetLink - - - -May-31-2016 NYX Gaming Group Limited (TSXV:NYX) Betdigital Limited - $35.7 - -May-31-2016 Ingram Micro Inc. (NYSE:IM) Ensim Corporation - - - -May-31-2016 Coats Global Services Limited Fast React Systems Limited $4.4 $13.0 3.0x -May-31-2016 REA Group Limited (ASX:REA) Flatmates.com.au Pty Ltd - $19.4 - -May-31-2016 Everysport Media Group AB (XSAT:EVERY A) Guldfemman AB $0.1 $0.2 - -May-31-2016 Cubo Communications Group Plc Inkling Ltd. - - - -May-31-2016 BroadSoft, Inc. (NasdaqGS:BSFT) Intellinote, Inc. - - - -May-31-2016 Morningstar Inc. (NasdaqGS:MORN) InvestSoft Technology, Inc. - - - -May-31-2016 Seat Pagine Gialle SpA Italiaonline S.p.A. (BIT:IOL) - $490.7 - -May-31-2016 Active Network, LLC JumpForward, LLC - - - -May-31-2016 PayNearMe Inc. Mobilligy, Inc. - - - -May-31-2016 SuperMap Software Co., Ltd. (SZSE:300036) Nanjing GUOTU Information Industry Co., Ltd - $91.0 - -May-31-2016 Dassault Systèmes SE (ENXTPA:DSY) Ortems S.A.S. $5.6 - - -May-31-2016 Pragma Capital Sarl PROPRIETES-PRIVEES - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-31-2016 Kawf.com, Inc. ZIIBRA Inc. - - - -May-31-2016 Relequint, LLC ZoomSpring SEO, LLC - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue

Growth EV/ Revenue EV/ EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Software Index $2,610.2 $2,558.2 $740.9 67.2% 17.5% 7.5% 2.9x 15.2x 2.9x 11.4x 2.7% Billing & Service Management $1,280.7 $1,550.5 $588.6 57.2% 22.1% 0.6% 2.1x 11.0x 2.0x 7.3x -0.5% Business Intelligence $2,696.8 $2,326.8 $707.6 75.9% 15.2% 11.4% 3.1x 15.3x 3.0x 15.5x 2.3% Development Platforms $1,324.8 $1,214.0 $385.7 75.9% 17.5% 10.2% 2.9x 9.3x 2.9x 9.4x 2.7% Engineering & PLM $4,096.6 $4,566.3 $1,136.5 84.3% 17.6% 1.3% 3.9x 18.8x 3.9x 13.0x -1.7% Enterprise Resource Planning $9,631.5 $10,025.8 $2,109.8 58.5% 26.7% 3.6% 4.2x 15.1x 4.1x 11.6x 3.6% Financial & Accounting $3,195.5 $3,085.2 $1,039.2 54.6% 24.2% 4.0% 3.1x 16.9x 3.6x 13.6x 3.6% Gaming $4,592.1 $4,332.3 $1,905.9 67.4% 25.6% 9.3% 2.6x 19.5x 2.3x 11.7x 14.8% Healthcare $1,842.8 $2,185.2 $968.4 49.1% 11.8% 8.2% 2.3x 17.1x 1.9x 9.4x -1.3% IT Conglomerates $147,584.5 $156,629.4 $80,835.0 58.5% 27.7% -3.1% 4.1x 10.6x 3.8x 9.0x 5.5% Mobile Solutions/Content $622.5 $551.0 $252.4 54.1% -0.5% 14.4% 2.1x 17.3x 1.7x 13.5x -2.1% Networking & Network Performance Mgmt $1,087.9 $879.8 $320.2 75.5% 9.3% 6.4% 1.8x 11.3x 1.8x 8.2x 4.7% Security $1,231.7 $1,088.5 $286.6 74.2% 5.0% 15.4% 2.5x 12.0x 2.6x 14.8x 2.1% Storage, Data Mgmt & Integration $7,538.8 $5,545.6 $2,376.9 78.2% 6.8% -1.0% 2.5x 10.2x 2.6x 7.9x 9.3% Systems Management $13,470.1 $13,335.7 $3,340.5 84.9% 26.1% 8.7% 3.2x 14.3x 3.1x 8.1x 5.6% Vertical - Finance $6,660.2 $8,053.2 $1,118.7 42.8% 32.7% 7.4% 5.1x 16.3x 4.8x 13.8x 2.9% Vertical - Other $2,908.1 $3,319.5 $529.7 46.5% 15.2% 18.2% 4.6x 19.8x 4.1x 18.0x 2.7%

TTM Revenue Growth 7.5%TTM EBITDA Growth 13.5%TTM Earnings Growth -5.3%Gross Profit Margin 67.2%EBITDA Margin 17.5%Net Income Margin -15.5%SG&A Expenses as a % of Total Revenue 55.9%R&D Expenses as a % of Total Revenue 18.0%

Current Ratio 1.9Quick Ratio 1.8Cash as Percent of Market Cap 11.7%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 27Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.2%Cash from Operations Growth (YoY) 43.1%Cash from Investing Growth (YoY) -5.3%Cash from Financing Growth (YoY) -16.6%Levered FCF Growth (YoY) 39.8%

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

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

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0%

5%SEG SW Index Software Stock Market Return: January - May 2016

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmdocs Limited DOX $8,684.9 $7,534.8 $3,682.1 35.1% 18.6% 2.0% 2.0x 11.0x 2.0x 10.2x 1.7%CSG Systems International CSGS $1,379.0 $1,550.5 $753.1 51.0% 20.8% 0.6% 2.1x 9.9x 2.1x 8.8x -5.7%Evolving Systems EVOL $62.2 $64.5 $25.4 75.3% 22.1% -14.7% 2.5x 11.5x 2.3x 7.4x -7.7%MIND C.T.I. MNDO $39.2 $25.7 $19.8 59.2% 31.1% -20.9% 1.3x 4.2x n/a n/a -0.5%NeuStar NSR $1,280.7 $2,282.5 $1,085.9 71.1% 36.5% 10.2% 2.1x 5.8x 1.8x 4.0x 0.2%Redknee Solutions RKN $152.8 $170.4 $196.3 57.2% 3.5% -18.6% 0.9x 24.9x 0.9x 6.0x -9.2%Synchronoss Technologies SNCR $1,590.1 $1,760.9 $588.6 56.9% 24.5% 19.7% 3.0x 12.2x 2.5x 7.2x 10.5%

Median: $1,280.7 $1,550.5 $588.6 57.2% 22.1% 0.6% 2.1x 11.0x 2.0x 7.3x -0.5%

TTM Revenue Growth 0.6%TTM EBITDA Growth -2.2%TTM Earnings Growth -11.0%Gross Profit Margin 57.2%EBITDA Margin 22.1%Net Income Margin 11.1%SG&A Expenses as a % of Total Revenue 18.6%R&D Expenses as a % of Total Revenue 14.4%


Levered FCF Margin 18.0%Cash from Operations Growth (YoY) 15.8%Cash from Investing Growth (YoY) -391.0%Cash from Financing Growth (YoY) 182.7%Levered FCF Growth (YoY) 13.3%





-20%

-15%

-10%

-5%

0%

5%

10%Billing and Service Management Software Stock Market Return: January - May 2016

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFair Isaac FICO $3,474.2 $3,999.9 $848.9 69.6% 23.3% 4.0% 4.7x 20.2x 4.5x 19.4x 2.3%MicroStrategy MSTR $2,131.3 $1,595.0 $525.0 81.6% 27.4% -7.2% 3.0x 11.1x 3.0x 9.2x 1.3%Pegasystems PEGA $2,012.3 $1,818.4 $707.6 68.9% 12.9% 17.3% 2.6x 20.0x 2.2x 15.9x -2.3%Progress Software PRGS $1,324.8 $1,214.0 $385.7 88.1% 22.2% 13.6% 3.1x 14.2x 2.9x 9.0x 2.7%PROS Holdings PRO $424.2 $388.0 $162.5 61.8% -29.8% -13.8% 2.4x n/a 2.5x n/a 18.2%Qlik Technologies QLIK $2,696.8 $2,326.8 $630.5 85.4% 0.6% 11.4% 3.7x 607.7x 3.2x 29.0x -8.8%Software AG XTRA:SOW $2,960.9 $2,906.8 $1,008.2 75.9% 30.9% 5.0% 2.9x 9.3x 2.9x 9.4x 0.1%Splunk SOW $7,614.2 $6,591.7 $728.7 82.1% -39.9% 48.5% 9.0x n/a 7.0x 87.0x 9.0%Teradata NYSE:TDC $3,684.2 $3,437.2 $2,493.0 50.9% 15.2% -7.2% 1.4x 9.1x 1.5x 5.8x 11.9%Varonis Systems TDC $637.5 $525.7 $134.7 90.6% -12.3% 26.0% 3.9x n/a 3.2x n/a 22.0%Verisk VRSK $13,350.7 $16,196.5 $2,176.4 61.3% 45.6% 26.4% 7.4x 16.3x 7.9x 15.5x 2.1%

Median: $2,696.8 $2,326.8 $707.6 75.9% 15.2% 11.4% 3.1x 15.3x 3.0x 15.5x 2.3%

TTM Revenue Growth 11.4%TTM EBITDA Growth 15.4%TTM Earnings Growth 5.7%Gross Profit Margin 75.9%EBITDA Margin 15.2%Net Income Margin -1.2%SG&A Expenses as a % of Total Revenue 43.7%R&D Expenses as a % of Total Revenue 15.7%


Levered FCF Margin 18.5%Cash from Operations Growth (YoY) 20.2%Cash from Investing Growth (YoY) 42.2%Cash from Financing Growth (YoY) -1.7%Levered FCF Growth (YoY) 26.5%





-20%

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0%

5%

10%Business Intelligence Software Stock Market Return: January - May 2016

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBSQUARE BSQR $64.3 $36.6 $105.8 18.3% 5.5% 6.4% 0.3x 6.3x n/a n/a -13.4%Magic Software Enterprises MGIC $307.3 $238.0 $180.4 34.8% 17.4% 10.2% 1.3x 7.6x 1.2x n/a 2.8%Progress Software PRGS $1,324.8 $1,214.0 $385.7 88.1% 22.2% 13.6% 3.1x 14.2x 2.9x 9.0x 2.7%Red Hat RHT $14,054.0 $13,569.1 $2,139.1 84.9% 17.5% 15.8% 6.3x 36.2x 5.7x 21.5x 4.2%Software AG XTRA:SOW $2,960.9 $2,906.8 $1,008.2 75.9% 30.9% 5.0% 2.9x 9.3x 2.9x 9.4x 0.1%

Median: $1,324.8 $1,214.0 $385.7 75.9% 17.5% 10.2% 2.9x 9.3x 2.9x 9.4x 2.7%

TTM Revenue Growth 10.2%TTM EBITDA Growth 11.5%TTM Earnings Growth 4.6%Gross Profit Margin 75.9%EBITDA Margin 17.5%Net Income Margin 8.7%SG&A Expenses as a % of Total Revenue 37.5%R&D Expenses as a % of Total Revenue 12.0%


Levered FCF Margin 25.4%Cash from Operations Growth (YoY) -7.4%Cash from Investing Growth (YoY) 55.6%Cash from Financing Growth (YoY) -66.7%Levered FCF Growth (YoY) 11.2%





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-5%

0%

5%

10%

15%Development Platforms Software Stock Market Return: January - May 2016

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDANSYS ANSS $7,844.4 $6,980.5 $950.9 88.7% 45.7% 1.3% 7.3x 16.1x 6.9x 13.6x -3.4%Aspen Technology AZPN $3,120.8 $3,154.9 $472.9 89.5% 46.4% 10.5% 6.7x 14.4x 6.6x 13.8x -1.7%Autodesk ADSK $13,086.8 $12,307.9 $2,369.5 84.3% 0.9% -7.7% 5.2x 547.0x 6.2x n/a -5.1%Cadence Design Systems CDNS $7,437.3 $7,223.5 $1,738.6 86.2% 24.7% 7.7% 4.2x 16.8x 3.9x 13.0x 5.0%Dassault Systèmes DSY $20,214.6 $18,463.3 $3,279.3 84.5% 27.3% 17.8% 5.6x 20.7x 5.4x 15.1x 0.3%GSE Systems GVP $39.9 $28.6 $55.8 26.4% 2.7% 30.2% 0.5x 18.9x n/a n/a -12.6%Mentor Graphics MENT $2,292.7 $2,349.1 $1,136.5 84.5% 16.3% -10.1% 2.1x 12.7x 1.9x 7.8x 5.9%Parametric Technology PTC $4,096.6 $4,566.3 $1,179.3 73.2% 16.8% -12.2% 3.9x 23.0x 3.9x 17.8x -3.3%PDF Solutions PDFS $459.5 $330.1 $96.2 58.3% 18.2% -3.7% 3.4x 18.8x 3.0x 10.2x 9.0%Stratasys SSYS $1,189.1 $911.4 $691.2 44.9% 0.5% -10.5% 1.3x 277.4x 1.3x 7.7x -4.2%Synopsys SNPS $7,844.9 $7,134.9 $2,316.6 82.0% 17.6% 7.2% 3.1x 17.5x 2.9x 10.2x 6.1%

Median: $4,096.6 $4,566.3 $1,136.5 84.3% 17.6% 1.3% 3.9x 18.8x 3.9x 13.0x -1.7%



Levered FCF Margin 21.9%Cash from Operations Growth (YoY) -1.6%Cash from Investing Growth (YoY) -6.8%Cash from Financing Growth (YoY) 6.3%Levered FCF Growth (YoY) 17.8%





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0%

5%

10%Engineering & PLM Software Stock Market Return: January - May 2016

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmerican Software AMSW.A $278.1 $213.4 $112.6 51.5% 13.5% 11.3% 1.9x 14.0x 1.8x 10.9x 5.7%Oracle ORCL $166,824.4 $156,629.4 $37,047.0 58.5% 39.8% -3.1% 4.2x 10.6x 4.2x 9.0x -0.2%QAD QADA $344.1 $218.7 $274.0 54.1% 4.4% -7.4% 0.8x 18.0x 0.8x 11.6x -4.9%Sage Group LSE:SGE $9,631.5 $10,025.8 $2,109.8 93.8% 26.7% 3.6% 4.8x 17.8x 4.3x 14.9x 3.6%SAP DB:SAP $97,273.5 $100,128.1 $23,942.8 68.1% 27.7% 14.5% 4.2x 15.1x 4.1x 12.6x 4.0%

Median: $9,631.5 $10,025.8 $2,109.8 58.5% 26.7% 3.6% 4.2x 15.1x 4.1x 11.6x 3.6%








-20%

-15%

-10%

-5%

0%

5%

10%Enterprise Resource Planning Software Stock Market Return: January - May 2016

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDACI Worldwide ACIW $2,407.4 $3,085.2 $1,039.2 54.6% 14.6% 1.1% 3.0x 20.3x 3.1x 11.3x 1.2%Bottomline Technologies EPAY $1,025.7 $1,045.4 $340.5 57.6% 13.3% 4.1% 3.1x 23.0x 3.0x 15.7x 1.0%DST Systems DST $4,012.1 $4,680.4 $2,868.6 14.9% 14.0% 3.6% 1.6x 11.7x 2.2x 10.1x -0.4%Evertec EVTC $1,149.9 $1,773.9 $377.5 55.2% 39.1% 3.2% 4.7x 12.0x 4.6x 9.8x 12.0%Fair Isaac FICO $3,474.2 $3,999.9 $848.9 69.6% 23.3% 4.0% 4.7x 20.2x 4.5x 19.4x 2.3%First Data Corp FDC $11,371.4 $33,580.4 $7,812.0 58.4% 30.0% 2.7% 4.3x 14.3x 2.8x 11.3x 7.2%Fiserv FISV $23,418.0 $27,584.0 $5,310.0 45.2% 30.8% 4.0% 5.2x 16.9x 4.9x 14.1x 6.3%Intuit INTU $27,291.2 $26,678.2 $4,636.0 84.2% 30.5% 17.5% 5.8x 18.9x 5.3x 13.6x 4.4%Model N MODN $338.5 $268.5 $99.5 51.0% -22.2% 18.0% 2.7x n/a 2.3x n/a 13.3%NetSol Technologies NETSOL $50.5 $55.0 $38.4 31.2% 24.2% 35.4% 1.4x 5.9x n/a n/a -4.6%Sage Group LSE:SGE $9,631.5 $10,025.8 $2,109.8 93.8% 26.7% 3.6% 4.8x 17.8x 4.3x 14.9x 3.6%Square SQ $3,195.5 $2,781.4 $1,395.8 29.6% -7.2% 52.6% 2.0x n/a 4.1x 79.8x -31.9%Qiwi QIWI $745.0 $520.2 $266.8 51.4% 29.3% 16.0% 1.9x 6.7x 2.9x 5.3x 8.6%

Median: $3,195.5 $3,085.2 $1,039.2 54.6% 24.2% 4.0% 3.1x 16.9x 3.6x 13.6x 3.6%








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-5%

0%

5%Financial & Accounting Software Stock Market Return: January - May 2016

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDActivision Blizzard ATVI $28,982.8 $31,951.8 $4,841.0 65.6% 32.9% 5.8% 6.6x 20.1x 4.8x 13.4x 13.5%Electronic Arts EA $23,148.5 $20,466.5 $4,396.0 69.2% 24.5% -2.6% 4.7x 19.0x 4.1x 12.8x 22.0%GameLoft SA GFT $773.2 $733.8 $278.2 84.8% 5.6% 12.7% 2.6x 47.3x 2.4x 16.1x 4.2%Konami TSE: 9766 $5,119.8 $4,551.0 $2,224.1 35.0% 26.8% 14.6% 2.0x 7.6x 2.1x 9.0x 16.1%Take-Two Interactive TTWO $3,300.9 $2,529.3 $1,413.7 42.4% 6.3% 30.5% 1.8x 28.3x 1.6x 10.6x 9.8%Ubisoft Entertainment UBI $4,064.5 $4,113.7 $1,587.6 78.1% 44.4% -4.8% 2.6x 5.8x 2.2x 5.1x 22.3%

Median: $4,592.1 $4,332.3 $1,905.9 67.4% 25.6% 9.3% 2.6x 19.5x 2.3x 11.7x 14.8%








-25%

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-5%

0%

5%Gaming Software Stock Market Return: January - May 2016

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAccretive Health AH $18,135.6 $19,423.3 $43,481.1 27.3% 6.1% 13.0% 0.4x 7.3x 0.4x 7.0x 1.2%Allscripts Healthcare Solutions MDRX $2,523.6 $3,034.5 $1,397.4 48.8% 8.9% 1.8% 2.2x 24.3x 1.9x 10.0x -0.2%Cerner CERN $18,800.7 $18,892.7 $4,493.5 84.8% 27.9% 27.4% 4.2x 15.1x 3.7x 11.0x -2.4%Computer Programs and Sys CPSI $559.3 $692.4 $205.6 41.8% 17.6% 3.4% 3.4x 19.2x 2.3x 7.8x -17.3%Omnicell OMCL $1,161.9 $1,335.9 $539.3 49.4% 12.0% 18.4% 2.5x 20.7x 1.8x 11.5x 1.4%Quality Systems QSII $775.1 $843.6 $492.5 54.2% 11.6% 0.5% 1.7x 14.7x 1.6x 8.8x -9.5%

Median: $1,842.8 $2,185.2 $968.4 49.1% 11.8% 8.2% 2.3x 17.1x 1.9x 9.4x -1.3%

TTM Revenue Growth 8.2%TTM EBITDA Growth 15.1%TTM Earnings Growth -4.7%Gross Profit Margin 49.1%EBITDA Margin 11.8%Net Income Margin 3.4%SG&A Expenses as a % of Total Revenue 27.9%R&D Expenses as a % of Total Revenue 12.2%


Levered FCF Margin 7.5%Cash from Operations Growth (YoY) -12.1%Cash from Investing Growth (YoY) -438.0%Cash from Financing Growth (YoY) 390.3%Levered FCF Growth (YoY) 44.9%





-20%

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-5%

0%

5%

10%Healthcare Software Stock Market Return: January - May 2016

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDHewlett Packard HPQ $23,240.2 $25,376.2 $100,354.0 24.0% 10.1% 21.2% 0.3x 2.5x 0.5x 5.8x 10.4%IBM IBM $147,584.5 $178,419.5 $80,835.0 49.4% 23.5% -10.3% 2.2x 9.4x 2.2x 8.5x 6.9%Microsoft MSFT $416,604.7 $358,033.7 $86,886.0 62.9% 33.5% -8.3% 4.1x 12.3x 3.8x 10.4x 5.5%Oracle ORCL $166,824.4 $156,629.4 $37,047.0 58.5% 39.8% -3.1% 4.2x 10.6x 4.2x 9.0x -0.2%SAP AG DB:SAP $97,273.5 $100,128.1 $23,942.8 68.1% 27.7% 14.5% 4.2x 15.1x 4.1x 12.6x 4.0%

Median: $147,585 $156,629 $80,835.0 58.5% 27.7% -3.1% 4.1x 10.6x 3.8x 9.0x 5.5%

TTM Revenue Growth -3.1%TTM EBITDA Growth -8.2%TTM Earnings Growth -10.4%Gross Profit Margin 58.5%EBITDA Margin 27.7%Net Income Margin 15.3%SG&A Expenses as a % of Total Revenue 22.1%R&D Expenses as a % of Total Revenue 13.7%


Levered FCF Margin 19.5%Cash from Operations Growth (YoY) -3.7%Cash from Investing Growth (YoY) 29.4%Cash from Financing Growth (YoY) -107.7%Levered FCF Growth (YoY) -2.3%





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0%

5%

10%IT Conglomerates Software Stock Market Return: January - May 2016

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBango PLC BGO $39.9 $22.7 $4.7 39.6% -142.1% -37.2% 4.8x n/a 5.9x n/a 5.5%iDream Sky Technologies DSKY $622.5 $551.0 $252.4 37.0% 12.6% 66.5% 2.2x 17.3x 1.6x 7.7x -0.6%Glu Mobile GLUU $316.2 $156.9 $235.0 60.7% -2.4% -5.3% 0.7x n/a 0.7x n/a -12.1%Gree TSE:3632 $1,349.7 $652.5 $669.0 72.9% 26.3% -23.4% 1.0x 3.7x 1.1x 4.8x -0.4%MobileIron MOBL $280.8 $187.2 $153.8 81.2% -43.9% 11.8% 1.2x n/a 1.1x n/a -11.8%Momo MOMO $2,269.3 $1,803.3 $158.6 71.7% 8.2% 141.6% 11.4x 139.0x 6.9x 35.9x -22.4%Myriad Group AG MYRN $304.1 $272.9 $27.3 51.7% -55.1% -32.1% 10.0x n/a n/a n/a -12.9%NQ Mobile NQ $410.7 $457.1 $391.0 22.6% -0.5% 14.4% 1.2x n/a n/a n/a -16.1%Opera OPERA $1,180.2 $1,348.8 $652.6 31.7% 13.5% 25.4% 2.1x 15.3x 1.8x 12.5x 0.2%Qihoo 360 Technology QIHU $8,957.6 $9,548.0 $1,804.6 76.5% 21.1% 29.8% 5.3x 25.1x 3.2x 14.4x -2.1%Pandora Media P $2,697.3 $2,587.0 $1,230.6 44.7% -9.1% 28.6% 2.1x n/a 1.8x n/a 30.9%Synchronoss Technologies SNCR $1,590.1 $1,760.9 $588.6 56.9% 24.5% 19.7% 3.0x 12.2x 2.5x 7.2x 10.5%Tangoe TNGO $315.8 $284.3 $219.4 54.1% 4.4% 5.7% 1.3x 29.5x 1.2x 14.4x -8.5%TeleNav TNAV $198.3 $89.7 $178.8 46.0% -18.4% 18.1% 0.5x n/a 0.5x n/a -18.1%Zynga ZNGA $2,245.4 $1,387.9 $768.1 69.5% -3.4% 8.9% 1.8x n/a 1.7x 21.9x 8.4%

Median: $622 $551 $252 54.1% -0.5% 14.4% 2.1x 17.3x 1.7x 13.5x -2.1%

TTM Revenue Growth 14.4%TTM EBITDA Growth -2.5%TTM Earnings Growth -4.6%Gross Profit Margin 54.1%EBITDA Margin -0.5%Net Income Margin -6.5%SG&A Expenses as a % of Total Revenue 37.5%R&D Expenses as a % of Total Revenue 21.8%


Levered FCF Margin 2.2%Cash from Operations Growth (YoY) 152.6%Cash from Investing Growth (YoY) 0.1%Cash from Financing Growth (YoY) -33.2%Levered FCF Growth (YoY) -25.5%





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-15%

-10%

-5%

0%

5%

10%Mobile Solutions/Content Software Stock Market Return: January - May 2016

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDA10 Networks ATEN $416.5 $309.0 $208.7 75.5% -10.8% 17.4% 1.5x n/a 1.3x 107.6x 4.7%Allot Communications ALLT $167.9 $47.4 $93.4 71.1% -9.6% -21.2% 0.5x n/a 0.4x 5.5x -5.3%Barracuda Networks CUDA $897.5 $746.9 $320.2 78.1% 2.6% 15.4% 2.3x 89.0x 2.2x 12.7x 0.8%Brocade Communications Systems BRCD $4,233.8 $3,608.6 $2,238.2 67.3% 24.1% 0.3% 1.6x 6.7x 1.6x 6.5x 6.5%Cisco Systems CSCO $146,113.1 $111,196.1 $49,452.0 62.0% 29.2% 1.6% 2.2x 7.7x 2.2x 7.6x 6.1%F5 Networks FFIV $7,381.2 $6,606.2 $1,958.1 82.7% 29.9% 6.4% 3.4x 11.3x 3.2x 8.2x 6.3%Gigamon GIMO $1,087.9 $879.8 $242.3 80.5% 8.7% 40.7% 3.6x 41.8x 2.9x 13.3x -1.7%Juniper Networks JNPR $8,988.2 $8,874.6 $4,888.3 63.6% 22.4% 8.0% 1.8x 8.1x 1.8x 6.7x 0.7%Radware RDWR $529.2 $329.2 $207.8 82.3% 9.3% -8.9% 1.6x 17.1x 1.5x 17.9x 10.5%

Median: $1,087.9 $879.8 $320.2 75.5% 9.3% 6.4% 1.8x 11.3x 1.8x 8.2x 4.7%



Levered FCF Margin 14.1%Cash from Operations Growth (YoY) -1.5%Cash from Investing Growth (YoY) -5.9%Cash from Financing Growth (YoY) -10.3%Levered FCF Growth (YoY) 6.8%





June 2016 Monthly Flash Report

-25%

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-10%

-5%

0%

5%

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

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

SEG Software Index Category: Security


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAVG Technologies AVG $976.2 $1,088.5 $433.4 84.0% 29.6% 13.1% 2.5x 8.5x 2.4x 6.7x -2.5%Barracuda Networks CUDA $897.5 $746.9 $320.2 78.1% 2.6% 15.4% 2.3x 89.0x 2.2x 12.7x 0.8%Cyberark Software CYBR $1,513.0 $1,265.6 $174.8 85.8% 20.1% 47.5% 7.2x 36.1x 5.7x 27.3x 7.4%Check Point Software Tech CHKP $14,570.4 $13,199.4 $1,661.5 88.5% 51.6% 8.9% 7.9x 15.4x 7.4x 13.4x 2.6%A10 Networks ATEN $416.5 $309.0 $208.7 75.5% -10.8% 17.4% 1.5x n/a 1.3x 107.6x 4.7%Cyren CYRN $81.5 $67.4 $28.2 71.0% -5.5% -8.6% 2.4x n/a 2.1x n/a 15.0%Fortinet FTNT $5,872.9 $4,920.3 $1,081.0 72.2% 5.0% 32.7% 4.6x 91.6x 3.7x 19.6x 4.1%Guidance Software GUID $178.5 $158.1 $107.8 67.2% -8.9% -0.4% 1.5x n/a 1.4x n/a 12.1%Imperva IMPV $1,231.7 $973.0 $249.3 79.9% -19.1% 40.7% 3.9x n/a 3.0x 51.0x -19.4%Palo Alto Networks PANW $11,689.6 $11,104.9 $1,261.6 72.8% -11.1% 53.4% 8.8x n/a 6.5x 29.2x -14.1%Proofpoint PFPT $2,432.4 $2,373.6 $286.6 68.7% -21.4% 36.1% 8.3x n/a 6.3x 115.5x -0.7%Rapid7 RPD $538.9 $455.4 $121.8 74.2% -39.3% 45.4% 3.7x n/a 2.8x n/a 2.1%Sourcefire FIRE $28.8 $27.0 $21.2 36.0% 15.7% 33.9% 1.3x 8.1x n/a n/a -0.7%Symantec SYMC $10,629.4 $6,811.4 $3,600.0 82.9% 24.8% -9.0% 1.9x 7.6x 1.9x 5.7x 3.6%Trend Micro TSE:4704 $4,965.9 $3,837.3 $1,106.1 83.0% 31.9% 5.7% 3.5x 10.9x 3.0x 10.3x -7.2%VASCO Data Security International VDSI $657.7 $532.5 $223.1 63.8% 18.2% -2.1% 2.4x 13.1x 2.5x 14.8x -10.2%VASCO BRCD $4,233.8 $3,608.6 $2,238.2 67.3% 24.1% 0.3% 1.6x 6.7x 1.6x 6.5x 6.5%

Median: $1,231.7 $1,088.5 $286.6 74.2% 5.0% 15.4% 2.5x 12.0x 2.6x 14.8x 2.1%








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0%

5%

10%Security Software Stock Market Return: January - May 2016

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBrocade CA $13,470.1 $12,750.1 $4,025.0 85.5% 31.2% -5.6% 3.2x 10.2x 3.1x 8.1x 10.1%Cisco Systems CSCO $146,113.1 $111,196.1 $49,452.0 62.0% 29.2% 1.6% 2.2x 7.7x 2.2x 7.6x 6.1%CommVault Systems CVLT $2,002.4 $1,615.2 $595.1 86.1% 2.2% -2.0% 2.7x 125.0x 2.6x 20.2x 1.9%EMC EMC $54,591.8 $52,869.8 $24,566.0 60.7% 19.5% 0.0% 2.2x 11.0x 2.1x 7.4x 5.7%FalconStor Software FALC $57.4 $54.1 $36.1 74.3% -29.1% -33.5% 1.5x n/a n/a n/a 20.9%NetApp NTAP $7,463.4 $4,499.4 $5,546.0 60.8% 11.4% -9.4% 0.8x 7.1x 0.8x 4.6x 9.6%Splunk SPLK $7,614.2 $6,591.7 $728.7 82.1% -39.9% 48.5% 9.0x n/a 7.0x 87.0x 9.0%Varonis Systems VRNS $637.5 $525.7 $134.7 90.6% -12.3% 26.0% 3.9x n/a 3.2x n/a 22.0%

Median: $7,538.8 $5,545.6 $2,376.9 78.2% 6.8% -1.0% 2.5x 10.2x 2.6x 7.9x 9.3%

TTM Revenue Growth -1.0%TTM EBITDA Growth -15.0%TTM Earnings Growth -22.1%Gross Profit Margin 78.2%EBITDA Margin 6.8%Net Income Margin 4.1%SG&A Expenses as a % of Total Revenue 37.8%R&D Expenses as a % of Total Revenue 15.5%


Levered FCF Margin 19.5%Cash from Operations Growth (YoY) -3.4%Cash from Investing Growth (YoY) 47.7%Cash from Financing Growth (YoY) 82.2%Levered FCF Growth (YoY) 19.4%






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0%

5%

10%Storage, Data Management & Integration Software Stock Market Return: January - May 2016

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

SEG Software Index Category: Systems Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCA Technologies CA $13,470.1 $12,750.1 $4,025.0 85.5% 31.2% -5.6% 3.2x 10.2x 3.1x 8.1x 10.1%Citrix Systems CTXS $13,171.3 $13,335.7 $3,340.5 85.2% 27.9% 6.0% 4.0x 14.3x 4.0x 11.7x 2.7%Netscout Systems NTCT $2,274.6 $2,235.8 $955.4 65.6% 7.3% 110.6% 2.3x 31.9x 1.8x 6.2x 8.1%Red Hat RHT $14,054.0 $13,569.1 $2,139.1 84.9% 17.5% 15.8% 6.3x 36.2x 5.7x 21.5x 4.2%VMWare VMW $25,693.8 $18,949.8 $6,725.0 84.7% 26.1% 8.7% 2.8x 10.8x 2.7x 7.7x 5.6%

Median: $13,470.1 $13,335.7 $3,340.5 84.9% 26.1% 8.7% 3.2x 14.3x 3.1x 8.1x 5.6%



Levered FCF Margin 27.4%Cash from Operations Growth (YoY) 4.1%Cash from Investing Growth (YoY) 27.7%Cash from Financing Growth (YoY) 28.6%Levered FCF Growth (YoY) 49.2%





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0%

5%

10%

Systems Management Software Stock Market Return: January - May 2016

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBroadridge Financial BR $7,588.2 $8,053.2 $2,852.1 31.8% 21.3% 7.6% 2.8x 13.3x 2.7x 12.4x 5.3%Fidessa LSE:FDSA $1,317.8 $1,203.8 $435.7 19.5% 17.0% 7.4% 2.8x 16.3x 2.7x 10.1x 1.3%Jack Henry & Associates JKHY $6,660.2 $6,706.4 $1,321.4 42.8% 34.8% 6.8% 5.1x 14.6x 4.8x 13.8x 2.9%MSCI MSCI $7,699.9 $8,834.8 $1,091.1 76.0% 46.5% 7.0% 8.1x 17.4x 7.5x 15.8x 5.3%SS&C SSNC $6,104.2 $8,726.4 $1,118.7 46.9% 32.7% 42.0% 7.8x 23.8x 5.5x 13.8x -1.5%

Median: $6,660.2 $8,053.2 $1,118.7 42.8% 32.7% 7.4% 5.1x 16.3x 4.8x 13.8x 2.9%



Levered FCF Margin 13.2%Cash from Operations Growth (YoY) 6.1%Cash from Investing Growth (YoY) -116.0%Cash from Financing Growth (YoY) 12.5%Levered FCF Growth (YoY) -5.7%






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0%

5%

10%

15%Vertical - Finance Software Stock Market Return:January - May 2016

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBlackbaud BLKB $2,908.1 $3,319.5 $660.2 52.8% 16.7% 13.1% 5.0x 30.0x 4.4x 18.0x 1.0%Constellation TSX:CSU $8,624.6 $8,728.0 $1,902.4 36.8% 23.2% 12.1% 4.6x 19.8x 4.1x 15.9x 3.0%EPIQ Systems EPIQ $577.5 $956.8 $529.7 50.5% 14.9% 21.6% 1.8x 12.1x 1.8x 8.3x 5.5%Guidewire Software GWRE $4,229.6 $3,638.6 $409.2 63.7% 5.5% 9.8% 8.9x 160.3x 8.4x 43.9x 1.7%Sapiens International SPNS $594.5 $512.9 $191.3 40.2% 15.2% 18.2% 2.7x 17.6x 2.4x 14.2x 2.7%Silver Spring Networks SSNI $664.2 $538.8 $394.5 43.4% 11.5% 35.7% 1.4x 11.8x 1.7x 25.7x -8.4%Tyler Technologies TYL $5,536.6 $5,623.0 $635.3 46.5% 21.0% 23.3% 8.9x 42.2x 7.1x 24.8x 4.9%

Median: $2,908.1 $3,319.5 $529.7 46.5% 15.2% 18.2% 4.6x 19.8x 4.1x 18.0x 2.7%


Current Ratio 1.0Quick Ratio 0.7Cash as Percent of Market Cap 3.5%Avg Days Outstanding: Accounts Receivable 54Avg Days Outstanding: Accounts Payable 23Working Capital to TTM Operating Expense Ratio -0.1x






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-5%

0%

5%

10%Vertical - Other Software Stock Market Return: January - May 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 EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $1,066.4 $952.3 $213.4 67.7% -6.7% 27.9% 4.7x 44.7x 3.6x 27.7x 2.5% CRM & Marketing $1,299.9 $1,165.4 $230.4 69.2% -11.0% 28.0% 6.6x 108.7x 5.1x 35.5x 6.3% ERP & Supply Chain $920.1 $799.2 $167.1 68.1% -7.9% 22.9% 4.8x 37.4x 4.0x 28.7x 11.2% Vertically Focused $1,136.4 $990.6 $192.5 61.7% 9.3% 33.8% 5.4x 37.7x 4.3x 19.4x -2.3% Human Capital Management $1,475.6 $1,432.0 $213.4 61.9% -2.2% 29.1% 5.7x 64.7x 4.6x 43.7x 3.6% SaaS Other $674.5 $706.9 $219.4 70.5% -7.6% 24.1% 3.8x 44.7x 3.1x 27.0x -0.8%

TTM Revenue Growth 27.9%TTM EBITDA Growth 13.5%TTM Earnings Growth -5.3%Gross Profit Margin 67.7%EBITDA Margin -6.7%Net Income Margin -15.5%SG&A Expenses as a % of Total Revenue 55.9%R&D Expenses as a % of Total Revenue 18.0%




Category Name




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5%

10%SEG SaaS Index Stock Market Return: January - May 2016

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBazaarvoice BV $305.3 $253.4 $199.8 61.5% -7.5% 4.5% 1.3x n/a 1.2x 55.0x 10.1%Cvent NYSE:CVT $1,031.2 $850.6 $361.9 70.0% 3.2% 30.9% 6.7x 212.6x 5.5x 43.2x 1.3%HubSpot HUBS $1,668.9 $1,562.2 $202.7 74.6% -20.6% 56.1% 7.7x n/a 5.6x n/a 1.1%LivePerson LPSN $400.9 $356.3 $234.7 70.2% 7.0% 5.8% 1.5x 21.8x 1.5x 14.3x 14.8%Marketo MKTO $1,568.6 $1,480.2 $226.1 65.9% -23.8% 38.1% 6.5x n/a 5.1x n/a 60.9%Marin Software MRIN $90.0 $56.1 $109.3 63.9% -14.4% 6.2% 0.5x n/a 0.5x 35.5x -10.6%Salesforce.com CRM $56,713.5 $56,747.8 $7,072.7 75.0% 7.4% 25.0% 8.0x 108.7x 6.6x 33.1x 8.4%Zendesk ZEN $2,246.8 $1,992.5 $235.0 68.3% -31.6% 63.0% 8.5x n/a n/a n/a 4.2%

Median: $1,299.9 $1,165.4 $230.4 69.2% -11.0% 28.0% 6.6x 108.7x 5.1x 35.5x 6.3%



Levered FCF Margin 6.4%Cash from Operations Growth (YoY) 161.8%Cash from Investing Growth (YoY) -20.0%Cash from Financing Growth (YoY) -96.7%Levered FCF Growth (YoY) -16.9%






-45%

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-5%

0%

5%

10%CRM & Marketing SaaS Stock Market Return: January - May 2016

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmber Road AMBR $157.8 $161.0 $68.9 45.3% -30.0% 5.9% 2.3x n/a 2.1x n/a 14.8%Apigee Corporation APIC $324.3 $256.6 $85.6 69.1% -48.8% 32.1% 3.0x n/a 2.3x n/a 11.2%Fleetmatics FLTX $1,594.7 $1,436.5 $298.2 74.2% 22.8% 21.7% 4.8x 21.1x 4.0x 11.8x 12.2%Netsuite N $6,379.7 $6,280.1 $792.9 66.6% -7.9% 32.6% 7.9x n/a 6.1x 72.8x -2.8%SciQuest SQI $488.8 $352.5 $106.3 68.3% 8.9% 3.7% 3.3x 37.4x 3.1x 14.9x 26.8%SPS Commerce SPSC $920.1 $799.2 $167.1 68.1% 10.5% 22.9% 4.8x 45.7x 4.0x 28.7x 3.7%Workday WDAY $14,859.6 $13,293.6 $1,256.8 67.8% -15.5% 43.0% 10.6x n/a 8.0x 81.6x 0.5%

Median: $920.1 $799.2 $167.1 68.1% -7.9% 22.9% 4.8x 37.4x 4.0x 28.7x 11.2%









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-5%

0%

5%ERP & Supply Chain SaaS Stock Market Return: January - May 2016

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD2U TWOU $1,292.9 $1,106.2 $163.0 79.1% -14.0% 37.6% 6.8x n/a 5.1x n/a -2.0%Alarm.com ALRM $966.4 $837.3 $221.9 63.2% 14.8% 25.8% 3.8x 25.4x 3.4x 19.4x -9.7%AppFolio APPF $470.5 $449.3 $82.3 54.6% -14.4% 53.4% 5.5x n/a 4.1x n/a 10.3%Athenahealth ATHN $4,981.3 $5,179.0 $974.4 60.2% 7.8% 22.4% 5.3x 68.5x 4.5x 21.1x -4.4%Castlight Health CSLT $448.0 $327.5 $82.1 56.3% -93.6% 54.3% 4.0x n/a 3.1x n/a 18.9%DealerTrack TRAK $125.6 $128.8 $31.9 46.0% 13.7% 39.7% 4.0x 29.4x 3.4x 18.4x -3.4%Ebix EBIX $1,481.7 $1,637.7 $272.8 73.4% 37.3% 20.3% 6.0x 16.1x 5.4x 13.9x -8.0%Ellie Mae ELLI $2,540.4 $2,472.4 $273.4 66.0% 17.3% 48.9% 9.0x 52.2x 7.1x 22.9x 3.7%Instructure INST $475.8 $406.1 $81.9 67.6% -56.8% 62.5% 5.0x n/a 3.4x n/a -15.0%Medical Transcript MTBC $9.8 $12.2 $22.1 52.9% -5.9% 0.8% 0.6x n/a 0.4x 3.9x -2.6%Medidata Solutions MDSO $2,628.4 $2,557.7 $404.3 77.2% 10.9% 15.2% 6.3x 58.3x 5.3x 22.9x 5.1%RealPage RP $1,740.6 $1,807.4 $486.4 57.7% 12.4% 17.4% 3.7x 29.9x 3.0x 14.7x -3.5%Q2 Holdings QTWO $979.9 $875.0 $118.5 46.3% -15.7% 37.0% 7.4x n/a 5.6x n/a 4.2%Veeva Systems VEEV $4,430.7 $3,973.2 $439.1 65.5% 19.9% 30.5% 9.0x 45.5x 7.3x 26.3x 18.4%

Median: $1,136.4 $990.6 $192.5 61.7% 9.3% 33.8% 5.4x 37.7x 4.3x 19.4x -2.3%



Levered FCF Margin 0.6%Cash from Operations Growth (YoY) 43.7%Cash from Investing Growth (YoY) 14.2%Cash from Financing Growth (YoY) 5.9%Levered FCF Growth (YoY) 4.4%






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0%

5%Vertically Focused SaaS Stock Market Return: January - May 2016

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBenefitfocus BNFT $1,078.5 $1,081.2 $197.3 44.4% -22.3% 32.0% 5.5x n/a 4.4x n/a -3.2%Callidus Software CALD $1,054.2 $952.3 $181.7 62.2% 0.0% 25.0% 5.2x n/a 4.4x 35.4x 1.7%Cornerstone OnDemand CSOD $2,203.7 $2,161.9 $365.0 68.0% -16.1% 30.3% 5.9x n/a 4.7x 52.0x 16.6%Halogen Software TSX:HGN $151.9 $117.3 $67.4 74.2% -4.4% 14.2% 1.7x n/a 1.6x 57.1x 6.1%HealthStream HSTM $745.3 $594.8 $215.9 57.3% 11.1% 20.3% 2.8x 24.8x 2.5x 15.1x 3.9%Paylocity Holding PCTY $1,872.6 $1,782.9 $210.9 57.5% 2.3% 49.2% 8.5x 363.0x 6.5x 54.1x -4.8%Paycom Software PAYC $2,423.4 $2,376.9 $259.6 86.5% 23.5% 53.4% 9.2x 39.0x 6.9x 30.5x 3.8%The Ultimate Software Group ULTI $5,904.5 $5,818.6 $660.4 61.6% 9.7% 24.7% 8.8x 90.4x 7.1x 28.4x 3.5%Workday WDAY $14,859.6 $13,293.6 $1,256.8 67.8% -15.5% 43.0% 10.6x n/a 8.0x 81.6x 0.5%Xactly XTLY $294.2 $262.0 $81.4 58.5% -21.0% 27.9% 3.2x n/a 2.8x n/a 19.8%

Median: $1,475.6 $1,432.0 $213.4 61.9% -2.2% 29.1% 5.7x 64.7x 4.6x 43.7x 3.6%









-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%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

Company Name Ticker Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDAtlassian Corp TEAM $4,816.5 $4,093.2 $421.3 83.4% 3.3% n/a 9.7x 297.0x 7.4x 37.8x -6.6%Box NYSE:BOX $1,591.0 $1,449.9 $327.2 70.1% -47.6% 38.2% 4.4x n/a 3.7x n/a -2.7%ChannelAdvisors ECOM $315.9 $256.2 $104.3 79.5% -6.7% 18.4% 2.5x n/a 2.2x 114.1x -2.1%Covisint COVS $81.3 $43.6 $76.0 54.0% -14.9% -14.1% 0.6x n/a 0.6x n/a 10.4%Demandware DWRE $1,754.9 $1,559.5 $254.1 71.3% -13.3% 42.5% 6.1x n/a 4.9x 56.3x 3.4%FireEye FEYE $2,648.4 $2,442.2 $665.6 62.4% -61.7% 39.5% 3.7x n/a 2.9x n/a -7.7%HortonWorks HDP $674.5 $549.9 $141.0 57.4% -140.1% 135.6% 3.9x n/a 2.6x n/a -4.7%inContact SAAS $860.0 $856.7 $233.0 51.7% 0.6% 25.2% 3.7x 568.5x 3.1x 39.7x 43.1%IntraLinks Holdings IL $452.2 $495.4 $280.6 72.5% 4.0% 6.7% 1.8x 44.7x 1.6x 10.3x -13.3%J2 Global JCOM $3,261.0 $3,543.1 $760.1 83.0% 41.1% 21.4% 4.7x 11.3x 4.1x 8.8x 5.1%Jive Software JIVE $291.1 $181.4 $199.3 63.2% -9.6% 7.9% 0.9x n/a 0.9x 13.2x -7.1%Liquid Holdings Group OTCPK:LIQD $0.0 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -60.0%Mimecast MIME $455.1 $355.8 $141.8 70.5% 5.6% 22.2% 2.5x 44.7x 2.1x 35.3x 5.3%MINDBODY LIQ.D $531.5 $455.9 $111.1 65.4% -24.1% 45.0% 4.1x n/a 3.1x n/a -0.8%New Relic NEWR $1,509.8 $1,318.5 $181.3 79.5% -32.4% 64.2% 7.3x n/a 5.2x n/a 17.6%Qualys QLYS $1,089.2 $883.4 $173.0 79.6% 24.6% 23.0% 5.1x 20.8x 4.3x 13.4x 20.0%RingCentral RNG $1,427.2 $1,306.2 $317.4 72.1% -4.0% 34.0% 4.1x n/a 3.4x 61.4x 1.2%Service-now.com NOW $11,664.8 $11,246.6 $1,099.4 68.5% -9.3% 45.5% 10.2x n/a 7.7x 39.3x -0.5%Shopify SHOP $2,375.9 $2,186.5 $240.6 53.5% -6.9% 94.7% 9.1x n/a 5.8x n/a -6.7%Tableau Software DATA $3,826.9 $3,018.9 $695.1 88.4% -8.4% 48.5% 4.3x n/a 3.4x 27.0x -1.3%Tangoe TNGO $315.8 $284.3 $219.4 54.1% 4.4% 5.7% 1.3x 29.5x 1.2x 14.4x -8.5%TrueCar NasdaqGS: T $635.8 $557.0 $263.1 90.8% -14.4% 18.9% 2.1x n/a 2.0x n/a 18.2%Upland Software UPLD $123.9 $141.9 $70.0 61.6% 2.4% 5.2% 2.0x 84.1x 1.9x 13.2x -0.8%Workiva TRUE $565.4 $532.0 $154.7 71.8% -28.8% 29.2% 3.4x n/a 2.8x n/a 14.1%Zix ZIXI $223.8 $196.8 $56.0 82.3% 19.2% 9.2% 3.5x 18.3x 3.2x 11.7x 6.6%

Median: $674.5 $706.9 $219.4 70.5% -7.6% 24.1% 3.8x 44.7x 3.1x 27.0x -0.8%

TTM Revenue Growth 24.1%TTM EBITDA Growth -3.9%TTM Earnings Growth -17.8%Gross Profit Margin 70.5%EBITDA Margin -7.6%Net Income Margin -17.1%SG&A Expenses as a % of Total Revenue 62.3%R&D Expenses as a % of Total Revenue 20.1%








-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%Other Public SaaS Companies SaaS Stock Market Return: January - May 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 EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,329.0 $1,027.8 $612.3 62.2% 8.1% 14.5% 2.1x 18.0x 1.9x 11.6x 3.9% Ad Tech & Lead Generation $576.9 $460.5 $411.9 53.7% 2.0% 11.1% 1.1x 19.4x 1.1x 11.1x -0.3% Commerce $527.4 $586.8 $760.2 38.6% 2.5% 14.6% 1.3x 27.9x 1.1x 10.7x 5.5% Content & Media $2,431.8 $2,530.2 $651.6 56.1% 5.1% 5.2% 2.3x 18.5x 2.2x 11.1x 3.9% Gaming $3,269.84 $2,536.1 $1,336.8 64.3% 32.7% 8.0% 3.2x 13.8x 2.7x 11.5x 5.9% Infrastructure $829.39 $856.8 $354.8 62.9% 6.6% 6.2% 1.4x 13.9x 1.3x 11.2x 5.3% Search $34,258.42 $31,483.3 $7,021.1 68.3% 27.5% 18.7% 5.5x 19.0x 4.6x 14.0x 2.3% Services $925.42 $795.4 $344.4 73.4% 10.2% 23.7% 2.0x 16.3x 1.6x 12.2x 2.9% Social $0.00 $0.0 $0.0 0.0% 0.0% 0.0% 0.0x 0.0x 0.0x 0.0x 0.0% Travel $0.00 $0.0 $0.0 0.0% 0.0% 0.0% 0.0x 0.0x 0.0x 0.0x 0.0%


Current Ratio 2.4Quick Ratio 1.9Cash as Percent of Market Cap 17.9%Avg Days Outstanding: Accounts Receivable 39Avg Days Outstanding: Accounts Payable 50Working Capital to TTM Operating Expense Ratio 0.4






-25%

-20%

-15%

-10%

-5%

0%

5%

10%SEG Internet Index Stock Market Return: January - May 2016

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $61,827.7 $56,818.1 $10,764.6 64.1% 25.6% 32.9% 5.3x 20.6x 4.2x 16.7x -0.2%Criteo SA CRTO $2,829.6 $2,459.5 $1,430.3 35.7% 9.0% 27.9% 1.7x 19.1x 3.3x 11.2x 5.4%Google GOOGL $509,621.4 $443,550.4 $77,988.0 62.2% 32.7% 15.0% 5.7x 17.4x 4.9x 12.2x 4.8%Marchex MCHX $143.4 $36.8 $143.1 43.1% -1.0% -11.4% 0.3x n/a 0.3x 11.1x -21.5%MaxPoint Interactive MXPT $69.1 $61.0 $140.9 51.3% -13.9% 17.6% 0.4x n/a 0.6x n/a 27.4%ReachLocal RLOC $54.1 $71.8 $361.7 44.4% -2.5% -19.6% 0.2x n/a 0.2x 3.7x 2.3%Rocket Fuel FUEL $112.7 $125.8 $462.0 42.4% -4.5% 5.4% 0.3x n/a 0.3x 10.1x -8.9%The Rubicon Project RUBI $710.0 $551.6 $280.5 75.5% 10.1% 101.2% 2.0x 19.4x 1.8x 8.5x -25.5%Sohu.com SOHU $1,615.3 $832.4 $1,889.7 56.1% 18.2% 7.2% 0.4x 2.4x 0.4x 4.1x -5.8%Tremor TRMR $95.4 $39.0 $170.4 43.8% -6.9% 4.7% 0.2x n/a 0.2x 7.6x -9.5%TubeMogul TUBE $443.8 $369.3 $192.5 68.0% -6.2% 57.1% 1.9x n/a 1.5x 53.4x -8.3%Yahoo! YHOO $36,039.9 $31,349.9 $4,829.5 56.1% 5.1% 2.5% 6.5x 127.7x 9.1x 39.5x 3.9%Yandex YNDX $6,689.1 $6,148.4 $952.6 72.5% 29.3% 22.4% 6.5x 22.0x 5.4x 15.9x -0.4%YuMe YUME $135.0 $72.9 $172.3 45.3% -5.5% -4.6% 0.4x n/a 0.4x 8.1x 6.9%

Median: $576.9 $460.5 $411.9 53.7% 2.0% 11.1% 1.1x 19.4x 1.1x 11.1x -0.3%

TTM Revenue Growth 11.1%TTM EBITDA Growth 8.9%TTM Earnings Growth -21.5%Gross Profit Margin 53.7%EBITDA Margin 2.0%Net Income Margin -4.9%SG&A Expenses as a % of Total Revenue 36.9%R&D Expenses as a % of Total Revenue 16.5%

Current Ratio 2.2xQuick Ratio 2.1xCash as Percent of Market Cap 23.3%Avg Days Outstanding: Accounts Receivable 70.5xAvg Days Outstanding: Accounts Payable 66.5xWorking Capital to TTM Operating Expense Ratio 0.5x






-25%

-20%

-15%

-10%

-5%

0%

5%

10%Internet Ad Tech Stock Market Return: January - May 2016

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

SEG Internet Index Category: Commerce


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD1-800-FLOWERS.COM FLWS $527.4 $586.8 $1,166.9 44.1% 7.3% 8.0% 0.5x 6.9x 0.5x 6.3x 5.1%58.com WUBA $7,652.3 $7,424.9 $859.0 92.3% -23.9% 182.7% 8.6x n/a 6.0x n/a 1.2%Alibaba BABA $204,612.7 $200,681.5 $15,670.6 66.0% 35.8% 32.7% 12.8x 35.8x 9.3x 20.4x 7.0%Amazon.com AMZN $341,032.5 $342,785.5 $113,417.0 33.8% 8.0% 23.3% 3.0x 37.7x 2.4x 20.6x 5.7%Baozun BZUN $317.8 $213.1 $432.2 21.5% 1.2% 55.6% 0.5x 40.8x 0.4x 8.0x 12.2%Bitauto Holdings BITA $1,226.4 $703.5 "n/a" n/a n/a n/a n/a n/a 0.8x 6.8x -18.0%BlueNile NILE $306.1 $276.9 $476.7 19.4% 3.5% 0.1% 0.6x 16.5x 0.6x 11.4x 0.8%Chegg CHGG $439.8 $378.3 $283.2 43.4% 1.1% -10.2% 1.3x 118.0x 1.6x 17.1x 5.2%DangDang DANG $515.9 $308.6 $1,434.3 16.1% 1.4% 17.0% 0.2x 15.6x 0.1x 7.0x -12.4%eBay EBAY $28,102.2 $29,125.2 $8,668.0 78.8% 34.4% 26.5% 3.4x 9.8x 3.3x 8.4x 0.8%Groupon GRPN $2,053.3 $1,418.3 $3,101.1 44.4% 1.0% 1.2% 0.5x 46.2x 0.5x 10.0x 1.4%Liquidity Services LQDT $205.9 $88.3 $321.8 28.1% -1.7% -32.0% 0.3x n/a 0.3x n/a 17.5%Mercadolibre MELI $6,027.5 $5,986.0 $661.3 73.8% 25.5% 12.2% 9.1x 35.5x 7.5x 31.7x 7.9%MOL Global MOLG.Y $16.9 -$5.2 $57.8 -11.1% -33.4% 22.6% n/a 0.3x n/a n/a 13.1%Overstock.com OSTK $432.0 $330.8 $1,673.2 18.3% 0.5% 7.7% 0.2x 41.2x 0.2x 11.6x 11.7%PetMed Express PETS $380.1 $342.4 $234.7 32.5% 14.1% 2.3% 1.5x 10.3x 1.4x 9.9x 5.5%Stamps.com STMP $1,587.5 $1,639.9 $251.7 80.6% 32.1% 59.3% 6.5x 20.3x 4.9x 12.5x 7.6%

Median: $527.4 $586.8 $760.2 38.6% 2.5% 14.6% 1.3x 27.9x 1.1x 10.7x 5.5%








-30%

-25%

-20%

-15%

-10%

-5%

0%

5%Internet Commerce Internet Stock Market Return: January - May 2016

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDDemandMedia DMD $107.1 $76.6 $119.7 41.4% -18.7% -25.4% 0.6x n/a 0.6x n/a -12.0%InterActiveCorp IAC $4,425.7 $4,808.3 $3,277.6 76.0% 11.7% 4.3% 1.5x 12.6x 1.5x 8.3x 16.8%Netflix NFLX $43,930.7 $44,230.5 $7,164.1 31.4% 4.5% 23.4% 6.2x 138.3x 4.8x 68.6x 10.2%Pandora P $2,697.3 $2,587.0 $1,230.6 44.7% -9.1% 28.6% 2.1x n/a 1.8x n/a 30.9%Shutterstock SSTK $1,468.4 $1,192.9 $444.3 58.8% 13.5% 26.0% 2.7x 19.9x 2.3x 11.5x 0.5%SINA SINA $3,773.1 $2,712.2 $894.8 62.1% 7.1% 14.5% 3.0x 42.7x 2.8x 37.0x 8.5%TheStreet.com TST $43.0 $13.2 $66.8 50.4% 1.1% 5.2% 0.2x 17.2x 0.2x 5.5x 15.1%WebMD Health WBMD $2,431.8 $2,530.2 $651.6 62.3% 23.6% 10.4% 3.9x 16.5x 3.5x 10.7x 3.7%XO Group XOXO $431.5 $339.3 $144.7 93.5% 14.8% 0.6% 2.3x 15.8x 2.2x 9.7x -4.9%Xunlei XNET $431.3 $6.3 $137.8 50.4% -5.8% 4.3% 0.0x n/a n/a n/a 0.5%Yahoo! YHOO $36,039.9 $31,349.9 $4,829.5 56.1% 5.1% 2.5% 6.5x 127.7x 9.1x 39.5x 3.9%

Median: $2,431.8 $2,530.2 $651.6 56.1% 5.1% 5.2% 2.3x 18.5x 2.2x 11.1x 3.9%



Levered FCF Margin 11.4%Cash from Operations Growth (YoY) -0.1%Cash from Investing Growth (YoY) -57.2%Cash from Financing Growth (YoY) 43.0%Levered FCF Growth (YoY) -18.0%






-25%

-20%

-15%

-10%

-5%

0%

5%

10%Internet Content & Media Stock Market Return: January - May 2016

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDChangYou.com CYOU $979.0 $356.2 $682.8 71.7% 32.0% -12.8% 0.5x 1.6x 0.6x 2.0x -2.7%Netease NTES $23,381.9 $19,565.2 $4,192.2 57.3% 33.4% 108.0% 4.7x 14.0x 3.7x 11.6x 28.2%NCSoft KOSE:A03657 $4,294.3 $3,684.3 $783.9 77.0% 34.0% 5.0% 4.7x 13.8x 4.1x 11.4x 3.3%Sohu.com SOHU $1,615.3 $832.4 $1,889.7 56.1% 18.2% 7.2% 0.4x 2.4x 0.4x 4.1x -5.8%Tencent Holdings SEHK:700 $206,177.6 $203,678.7 $17,423.9 59.0% 42.1% 35.6% 11.7x 27.7x 9.2x 21.1x 9.3%Zynga ZNGA $2,245.4 $1,387.9 $768.1 69.5% -3.4% 8.9% 1.8x n/a 1.7x 21.9x 8.4%

Median: $3,269.8 $2,536.1 $1,336.8 64.3% 32.7% 8.0% 3.2x 13.8x 2.7x 11.5x 5.9%








-25%

-20%

-15%

-10%

-5%

0%

5%

10%Internet Gaming Stock Market Return: January - May 2016

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD8x8 EGHT $1,129.6 $966.7 $209.3 72.8% 1.5% 28.9% 4.6x 314.2x 3.8x 36.9x 8.2%Akamai Technologies AKAM $9,583.8 $9,369.4 $2,238.6 66.5% 31.2% 9.9% 4.2x 13.4x 3.9x 9.6x 7.1%Brightcove BCOV $219.5 $191.3 $138.1 65.1% 1.5% 8.9% 1.4x 91.5x 1.3x 20.1x 8.4%BroadSoft BSFT $1,278.2 $1,233.1 $296.3 72.1% 10.9% 29.6% 4.2x 38.1x 3.5x 16.3x 7.2%GoDaddy GDDY $2,642.6 $3,482.9 $1,664.7 65.0% 9.3% 15.3% 2.1x 22.6x 1.8x 8.1x 3.9%Harmonic HLIT $221.1 $269.7 $354.8 53.1% -1.7% -17.4% 0.8x n/a 0.6x 5.3x -17.8%Interactive Intelligence ININ $910.3 $856.8 $400.7 60.7% -0.1% 14.0% 2.1x n/a 1.9x 31.0x 12.3%Limelight Networks LLNW $151.0 $142.8 $170.0 51.0% -1.0% 4.0% 0.8x n/a 0.7x 6.8x -12.6%Mitel Networks MITL $829.4 $1,354.4 $1,185.7 53.2% 11.5% 6.8% 1.1x 9.9x 0.9x 6.3x -3.0%Polycom PLCM $1,627.4 $1,188.5 $1,226.6 57.9% 12.1% -9.0% 1.0x 8.0x 1.0x 5.3x 0.5%Rovi ROVI $1,379.9 $2,193.3 $510.6 80.9% 32.3% -4.4% 4.3x 13.3x 4.2x 10.6x 5.3%SeaChange International SEAC $116.4 $56.1 $105.4 53.1% -6.8% -7.8% 0.5x n/a 0.5x 12.0x -12.2%ShoreTel SHOR $442.4 $342.7 $360.9 62.9% 6.6% 1.9% 0.9x 14.3x 1.0x 21.3x 10.7%Sonus Networks SONS $454.3 $355.9 $258.0 66.2% -0.2% -6.4% 1.4x n/a 1.3x n/a 7.1%Synacor SYNC $93.4 $84.9 $113.8 53.4% 4.1% 5.3% 0.7x 18.0x 0.6x 28.7x 130.4%Tucows TCX $250.9 $253.2 $178.1 32.3% 12.5% 15.8% 1.4x 11.4x 1.2x 7.7x -3.1%VeriSign VRSN $9,270.3 $9,239.7 $1,082.8 82.0% 63.6% 6.2% 8.5x 13.4x 8.0x 11.7x -3.0%

Median: $829.4 $856.8 $354.8 62.9% 6.6% 6.2% 1.4x 13.9x 1.3x 11.2x 5.3%








-25%

-20%

-15%

-10%

-5%

0%

5%

Internet Infrastructure Stock Market Return: January - May 2016

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $61,827.7 $56,818.1 $10,764.6 64.1% 25.6% 32.9% 5.3x 20.6x 4.2x 16.7x -0.2%Google GOOGL $509,621.4 $443,550.4 $77,988.0 62.2% 32.7% 15.0% 5.7x 17.4x 4.9x 12.2x 4.8%InterActiveCorp IAC $4,425.7 $4,808.3 $3,277.6 76.0% 11.7% 4.3% 1.5x 12.6x 1.5x 8.3x 16.8%Yandex YNDX $6,689.1 $6,148.4 $952.6 72.5% 29.3% 22.4% 6.5x 22.0x 5.4x 15.9x -0.4%

Median: $34,258.4 $31,483.3 $7,021.1 68.3% 27.5% 18.7% 5.5x 19.0x 4.6x 14.0x 2.3%









-25%

-20%

-15%

-10%

-5%

0%

5%

10%

Internet Search Stock Market Return: January - May 2016

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAngie's List ANGI $516.0 $514.8 $344.4 73.4% 4.8% 5.7% 1.5x 31.3x 1.5x 14.3x -1.9%Bankrate RATE $821.5 $911.0 $374.8 52.6% 25.7% 23.7% 2.4x 9.5x 2.2x 8.6x 0.7%Carbonite CARB $249.0 $207.0 $151.7 71.3% -3.1% 19.9% 1.4x n/a 1.1x n/a 20.5%Care.com CRCM $290.9 $238.6 $145.9 81.4% -2.4% 24.2% 1.6x n/a 1.4x 20.6x 15.2%Cimpress CMPR $3,152.2 $3,986.7 $1,689.3 58.3% 13.9% 16.4% 2.4x 17.0x 2.0x 13.3x 12.0%Coupons.com NYSE:QUOT $925.4 $776.2 $247.8 61.4% -8.5% 9.7% 3.1x n/a 2.8x 26.9x -5.8%eHealth EHTH $251.6 $184.9 $202.1 98.0% 13.0% 6.4% 0.9x 7.0x 0.9x 9.6x 15.2%Everyday Health EVDY $223.4 $306.0 $246.0 70.8% 9.2% 30.9% 1.2x 13.5x 1.2x 6.6x 20.2%GrubHub GRUB $2,167.9 $1,843.5 $385.8 59.8% 23.2% 36.1% 4.8x 20.6x 3.7x 13.5x -3.6%LendingClub LC $1,816.5 n/a $501.0 86.4% n/a 97.5% n/a n/a n/a n/a -40.0%LifeLock LOCK $1,229.6 $1,027.8 $612.3 76.7% 7.0% 21.8% 1.7x 24.1x 1.5x 11.2x 14.6%Monster Worldwide MWW $235.7 $288.4 $651.8 51.7% 14.2% -6.9% 0.4x 3.1x 0.4x 3.3x -19.5%Qihoo QIHU $8,957.6 $9,548.0 $1,804.6 76.5% 21.1% 29.8% 5.3x 25.1x 3.2x 14.4x -2.1%QuinStreet QNST $168.0 $128.3 $289.5 9.6% -1.7% 3.8% 0.4x n/a 0.4x 10.4x 2.5%Shutterfly SFLY $1,664.4 $1,874.3 $1,081.2 49.9% 11.2% 14.5% 1.7x 15.5x 1.6x 8.6x 2.9%Tree.Com TREE $989.0 $814.7 $298.0 96.4% 11.8% 67.2% 2.7x 23.1x 2.0x 12.2x -9.9%Wix.com WIX $1,115.4 $1,002.0 $220.6 82.9% -20.7% 40.0% 4.5x n/a 3.4x 40.9x 11.3%Yirendai NYSE: YRD $848.3 $676.1 $264.5 92.8% 33.9% 344.4% 2.6x 7.5x 1.4x 5.7x 26.0%Zillow ZG $5,234.5 $4,950.9 $703.4 90.8% -1.5% 81.8% 7.0x n/a 5.7x 35.8x 12.6%

Median: $925.4 $795.4 $344.4 73.4% 10.2% 23.7% 2.0x 16.3x 1.6x 12.2x 2.9%



Levered FCF Margin 8.9%Cash from Operations Growth (YoY) 10.0%Cash from Investing Growth (YoY) 23.5%Cash from Financing Growth (YoY) -83.7%Levered FCF Growth (YoY) -2.2%





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Internet Services Stock Market Return: January - May 2016

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFacebook FB $339,832.8 $319,211.8 $19,767.0 84.6% 47.7% 46.3% 16.1x 33.8x 11.4x 18.8x 0.2%LinkedIn LNKD $18,229.5 $16,235.4 $3,213.9 86.1% 8.3% 34.9% 5.1x 61.0x 4.2x 15.4x 5.9%Mail.ru Group LSE:MAIL $4,120.9 $4,209.3 $527.1 52.0% 35.4% 17.9% 8.0x 22.6x 6.8x 14.4x -2.2%Match Group MTCH $3,484.5 $4,550.8 $1,070.6 82.2% 24.6% 17.2% 4.3x 17.3x 3.6x 10.8x 24.0%Renren RENN $758.7 $926.2 $43.5 14.3% -208.2% 37.4% 21.3x n/a 15.1x n/a -30.1%Twitter TWTR $10,601.7 $8,628.0 $2,376.6 67.0% -2.8% 49.6% 3.6x n/a 3.0x 11.4x 5.7%Yelp YELP $2,002.8 $1,627.3 $589.8 90.3% -1.5% 40.6% 2.8x n/a 2.2x 14.5x 21.8%YY YY $2,387.3 $2,273.3 $991.0 38.4% 22.9% 53.7% 2.3x 10.0x n/a n/a -31.0%

Median: $3,802.7 $4,380.1 $1,030.8 74.6% 15.6% 39.0% 4.7x 22.6x 4.2x 14.5x 2.9%

TTM Revenue Growth 0.0%TTM EBITDA Growth 13.1%TTM Earnings Growth -65.1%Gross Profit Margin 0.0%EBITDA Margin 0.0%Net Income Margin 1.2%SG&A Expenses as a % of Total Revenue 49.8%R&D Expenses as a % of Total Revenue 25.3%








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Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCtrip CTRP $21,148.4 $25,133.3 $1,977.1 72.8% -7.2% 57.9% 12.7x n/a 8.1x 69.3x 2.7%Expedia EXPE $16,550.3 $18,429.4 $7,202.9 80.7% 11.1% 21.3% 2.6x 23.0x 2.0x 10.8x -4.3%MakeMyTrip MMYT $616.8 $619.3 $336.1 34.7% -17.8% 12.1% 1.8x n/a 3.0x n/a -20.3%Priceline PCLN $62,760.6 $65,801.5 $9,531.4 93.6% 38.3% 10.3% 6.9x 18.0x 6.0x 15.3x -6.8%Travelzoo TZOO $114.3 $84.7 $137.4 86.7% 7.0% -9.7% 0.6x 8.8x 0.6x 16.3x 6.6%TripAdvisor TRIP $9,870.1 $9,289.1 $1,481.0 95.9% 15.7% 11.5% 6.3x 39.9x 5.7x 20.4x 4.4%

Median: $13,210.2 $13,859.2 $1,729.1 83.7% 9.1% 11.8% 4.4x 20.5x 4.4x 16.3x -0.8%

TTM Revenue Growth 0.0%TTM EBITDA Growth -16.5%TTM Earnings Growth 19.0%Gross Profit Margin 0.0%EBITDA Margin 0.0%Net Income Margin 8.6%SG&A Expenses as a % of Total Revenue 56.9%R&D Expenses as a % of Total Revenue 13.9%







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Travel S&P NASDAQ SEG Internet Index

June 2016 Software Equity Group Flash...

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