Quarterly Enterprise Software Market Review - shea … · Software M&A Summary: 1Q 2014 p. 3 ......

Shea & Company, LLC

www.shea-co.com

Member FINRA & SIPC

Copyright ©2014

Boston

200 Clarendon Street, Floor 25

Boston, MA 02116

Michael H.M. Shea

Managing Director

617.896.2255

[email protected]

Christopher J. Pingpank

Principal

617.896.2218

[email protected]

San Francisco

201 Mission Street, Suite 1850

San Francisco, CA 94105

Michael S. Barker

Managing Director

415.203.5286

[email protected]

Brad E. McCarthy

Vice President

617.896.2245

[email protected]

Quarterly Enterprise Software Market Review 1Q 2014

Copyright ©2014 Shea & Company, LLC

Advisory Services and Selected Transactions

Shea & Company Overview

1

Mergers & Acquisitions

Buy-side and sell-side M&A advisory

Divestitures

Restructuring

Private Placements & Capital Raising

Late-stage venture and growth equity

Recapitalizations

IPO advisory

Corporate Strategy

Strategic corporate development advisory

Fairness opinions

Selected Transactions Shea & Company has advised on billions of dollars of software transactions

Shea & Company is a software-focused investment bank that believes focus underpins success, and

success is measured by the outcomes we achieve with our clients

Shea & Company served as the exclusive

financial advisor to ProfitLogic

has been acquired by


financial advisor to Platform Computing



financial advisor to VKernel



financial advisor to Worklight



financial advisor to Wavelink



financial advisor to Mimecast

has received an investment from


financial advisor to Kashya



financial advisor to Onaro



financial advisor to Dimdim



financial advisor to Pervasive


(NASDAQ: PVSW)


financial advisor to Ping Identity

has received an investment from


financial advisor to SPL WorldGroup


Copyright ©2014 Shea & Company, LLC 2

Contents

M&A Activity

Software M&A Summary: 1Q 2014 p. 3

Software Acquisitions: Trend Analysis p. 4

Publicly-Available Software M&A Transaction Data: 1Q 2014 p. 5

Announced Software Acquisitions: 1Q 2014 p. 6

Most Active Software Acquirers: 2007 – 2014 YTD p. 9

Public Equity Market Valuations

Relative Performance by Index p. 17

Price Performance and Valuation Metrics by Segment p. 18

Price Performance and Valuation Metrics of Selected Software Vendors p. 19

Equity Trading Multiples by Growth Tranche p. 20

Equity Trading Multiples by Segment p. 21

Equity Trading Multiples by Comparable Subset p. 27

Equity Financing Activity

Software IPOs: Trailing Twelve Months p. 30

Software IPO Pricing & Performance Data p. 31

Software IPO Pipeline p. 32

Software Private Capital Raise Activity: 1Q 2014 p. 33


NASDAQ

$4.7

$19.3 $19.2

$7.9

$2.5

$12.3

$23.2

$10.1

$6.9

$12.0

$6.3 $7.6

$3.0

$19.9

$14.0 $11.5

$5.9

$-

$10

$20

$30

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1

2010 2011 2012 2013 2014

An

no

un

ce

d D

ea

l V

alu

e (

$b

n)

Transaction Count by Deal Size

> $1bn 2 6 5 2 0 4 6 4 2 3 3 2 1 4 4 5 1

$500m - $1bn 0 4 3 2 0 1 1 1 1 2 0 3 0 5 5 1 3

$250m - $500m 1 6 3 3 2 9 4 2 5 2 3 1 0 3 1 3 2

< $250m 28 27 26 24 32 25 28 30 30 29 28 28 34 24 25 40 26

No Reported Value 82 64 94 49 72 52 50 92 84 97 96 107 104 121 127 118 115

Total 113 107 131 80 106 91 89 129 122 133 130 141 139 157 162 167 147

M&A Activity Software M&A Summary: 1Q 2014

Notable Announced Transactions: 1Q 2014 ($ millions)

Sources: Company releases, Wall Street research

Acquirer

Target

Date 01/02/14 01/22/14 02/19/14 02/24/14 02/24/14 03/10/14 03/24/14

Enterprise Value $989 $1,540 $350 n/a n/a n/a $200

EV / 2014 Rev n/a 15.4x n/a n/a n/a n/a n/a

EV / 2015 Rev n/a n/a n/a n/a n/a n/a n/a

3


M&A Activity

Software Acquisitions: Trend Analysis

By Transaction Size (2012 – 2014 YTD)

By Target Segment (2012 – 2014 YTD)

Notes:

Business Applications includes: ERP & Business Applications; Marketing Applications; Technical & Embedded Applications

Information Management includes: Business Intelligence; Content Management

Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management ; Platforms, Development Tools & Deployment; Storage Management


115

11 6

10

123

7 11

14

26

2 3 1

0

20

40

60

80

100

120

140

< $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value)

# of Deals 2012

2013

2014

$5 $4

$5

$18

$6

$3

$8

$30

$1 $1 $2

$2

$-

$5

$10

$15

$20

$25

$30

$35

< $250m $250m - $500m $500m - $1bn > $1bn


Aggregate Deal Value ($ billions)

1.6x

3.6x

5.1x

4.0x

2.4x

3.8x 3.7x

4.3x 4.0x 4.2x

6.7x

n/a

0x

1x

2x

3x

4x

5x

6x

7x

8x

< $250m $250m - $500m $500m - $1bn > $1bn


Median EV / LTM Rev

218

57 69

102

46

181

66

115

150

65 67

22 30

24

5

0

50

100

150

200

250

Business

Applications

IT Security Information

Management

Infrastructure Financial

Applications

# of Deals 2012

2013

2014$20

$2 $1

$5

$2

$6

$4

$2

$15 $15

$2 $1

$0

$2

$0

$-

$5

$10

$15

$20

$25

Business

Applications


Management


Applications

Aggregate Deal Value ($ billions)

2.9x

3.8x

1.2x

2.7x

1.8x 2.2x 2.2x

3.8x

2.9x

3.8x

3.2x

9.7x

5.9x

4.9x

1.9x

0x

2x

4x

6x

8x

10x

12x

Business

Applications


Management


Applications

Median EV / LTM Rev


Consideration Equity Enterprise EV / Revenue

Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr

03/31/14 Blancco Oy Regenersis PLC - - - $83 4.9x - -

03/28/14 Camelot Information Systems Camelot Employee Scheme - - - $63 0.2x 0.2x -

03/24/14 Cyvera Palo Alto Networks 44% 56% - $200 - - -

03/18/14 TravelClick Thoma Bravo - - - $930 - - -

03/13/14 Appixia Wix.com 100% - - $1 - - -

03/03/14 KnowledgeAdvisors Corporate Executive Board - - - $52 - - -

02/26/14 Third Coast Holdings Wolters Kluwer 100% - - $180 3.2x - -

02/25/14 Equipos SimCorp A/S - - - $14 - - -

02/24/14 Daxko Pamlico Capital - - - $70 - - -

02/24/14 Veveo Rovi - - - $75 - - -

02/19/14 Coverity Synopsys - - $375 $350 4.7x - -

02/18/14 Xora ClickSoftware Technologies 100% - - $15 - - -

02/11/14 Talent Neuron Corporate Executive Board 100% - - $8 - - -

02/11/14 V3 Systems Sphere 3D 41% 59% - $10 - - -

02/06/14 Skyfence Networks Imperva 5% 95% - $60 - - -

02/06/14 Tomium Software (assets) Imperva 59% 41% - $8 - - -

02/05/14 LeadRocket Callidus Software 100% - - $3 - - -

01/29/14 Eshbel Technologies Fortissimo Capital 100% - - $55 - - -

01/24/14 Copper.io LX Ventures 33% 67% - $1 - - -

01/23/14 Mainstreet Commerce Demandware 100% - - $19 - - -

01/22/14 AirWatch VMware 76% 24% - $1,540 - 15.4x -

01/22/14 Scout Analytics ServiceSource International 100% - - $32 5.9x - -

01/16/14 Pilat Media SintecMedia 100% - - $80 1.9x - -

01/16/14 SmartLinc Electronics for Imaging 100% - - $4 - - -

01/16/14 TDX Group Ltd. Equifax - - - $327 3.6x - -

01/14/14 EGS Group Proactis Group 100% - - $5 - 1.8x -

01/08/14 Compuware (Changepoint units) Marlin Equity Partners - - - $160 - - -

01/08/14 Framehawk Citrix Systems 100% - $28 $28 - - -

01/08/14 Propalms Vanity Events Holding 100% - - $20 - - -

01/06/14 AirPatrol Sysorex Global Holdings 71% 29% - $14 10.5x - -

01/06/14 KANA Software Verint Systems 100% - - $514 3.8x 3.5x -

01/02/14 MANDIANT FireEye 11% 89% - $989 9.7x - -

M&A Activity

Publicly-Available Software M&A Transaction Data: 1Q 2014

5

Notes:

Includes only transactions for which data was publicly available

EV / Rev multiples in excess of 50x or less than 0x are considered to be not meaningful


($ millions)


Announced Target Acquirer(s) Target Segment & Description Price

03/31/14 Blancco Oy Regenersis PLC Content Management - Data erasure and computer reuse management $83

03/28/14 Camelot Information Systems Camelot Employee Scheme Financial Applications - ERP, CRM and SCM for the financial sector $63

03/28/14 Jaguar Consulting FilmTrack ERP & Business Applications - IP contract and royalty payments management n/a

03/28/14 PeopleAdmin Vista Equity Partners ERP & Business Applications - Talent and hiring management n/a

03/27/14 Akoya Integrated Industrial Information Business Intelligence - SCM data mining and analytics n/a

03/27/14 Media Armor Nomi Technologies Business Intelligence - Customer behavior tracking and multi-channel marketing n/a

03/27/14 Sohnar Deltek ERP & Business Applications - Production studio project management n/a

03/26/14 Fieldglass SAP ERP & Business Applications - Workforce recruitment and employee management n/a

03/25/14 LiveVox Golden Gate Capital ERP & Business Applications - Call center operations management n/a

03/25/14 Software Management Simpleview ERP & Business Applications - CRM, content management and email marketing n/a

03/24/14 Cyvera Palo Alto Networks IT Security - Remote endpoint threat prevention $200

03/24/14 Groupe Enode TELUS ERP & Business Applications - Risk and compliance management for the public sector n/a

03/24/14 StatSoft Dell Business Intelligence - Data mining and statistical analysis n/a

03/21/14 accells technologies Ping Identity IT Security - Mobile authentication and ID management n/a

03/19/14 Archive1024 (assets) Archive360 Storage Management - Data archiving and migration, e-discovery and email migration n/a

03/19/14 Esquire Innovations BigHand Content Management - Document preparation and metadata management for the legal sector n/a

03/19/14 Knotice IgnitionOne ERP & Business Applications - Marketing process automation and campaign data management n/a

03/18/14 Cenzic Trustwave Holdings IT Security - Application security and vulnerability testing n/a

03/18/14 Solariat (assets) Genesys Telecommunications Laboratories ERP & Business Applications - Customer care and marketing automation n/a

03/18/14 TagMan Ensighten ERP & Business Applications - Tag management and marketing data platform n/a

03/18/14 TravelClick Thoma Bravo ERP & Business Applications - Reservation management and property marketing for the hospitality sector $930

03/14/14 FreightCar America (rail fleet mgmt) ShipXpress ERP & Business Applications - Supply chain logistics and route management for the shipping sector n/a

03/14/14 InfoCentricity Fair Isaac Business Intelligence - Analytics modeling, predictive analytics and business intelligence n/a

03/14/14 Skillsoft Plc Charterhouse Capital Partners ERP & Business Applications - Learning management and employee training n/a

03/13/14 Appixia Wix.com Platforms, Development Tools & Deployment - Mobile retail website development platform $1

03/13/14 CA Technologies (ERwin assets) Embarcadero Technologies Business Intelligence - Data management, sharing and modeling n/a

03/12/14 ECi Software Solutions Carlyle Group ERP & Business Applications - ERP, e-commerce and dealer management systems n/a

03/12/14 Industrial Defender Lockheed Martin IT Security - Security event and automation systems management n/a

03/11/14 IdentityForge IDMWORKS IT Security - Identity and access management n/a

03/10/14 Serena Software HGGC Platforms, Development Tools & Deployment - Software development tools and ALM n/a

03/06/14 ArchitTrek Axium XTS ERP & Business Applications - Project management and collaboration n/a

03/06/14 DIGIDOK GmbH (assets) Allgeier Holding AG Content Management - Document management and capture n/a

03/05/14 Glad to Have You HomeAway ERP & Business Applications - Guest management for the hospitality sector n/a

03/05/14 Origen Technology Limited Datacom Group ERP & Business Applications - Financial, regulatory and compliance software for government agencies n/a

03/04/14 Banno Jack Henry & Associates ERP & Business Applications - Anonymized bank data monitoring and customer analytics n/a

03/04/14 Junction Solutions (JunctionMCR) Microsoft ERP & Business Applications - Cross-channel retail merchandising and inventory management n/a

03/04/14 OAISYS Mitel Networks ERP & Business Applications - Call recording and contact center management n/a

03/04/14 Shunra Software (assets) HP IT Operations Management - Network virtualization and application performance management n/a

03/04/14 StickyStreet Mozido ERP & Business Applications - Loyalty program creation and management n/a

03/04/14 Trubiquity Rocket Software Content Management - Collaboration, document management and process automation n/a

03/04/14 Ullink HgCapital Financial Applications - Stock trade execution and connectivity software n/a

03/03/14 Centershift Yardi Systems ERP & Business Applications - Resource and site management for storage industry n/a

03/03/14 KnowledgeAdvisors Corporate Executive Board ERP & Business Applications - Learning, talent management and human capital analytics $52

03/03/14 WebDAM ShutterStock Content Management - Digital asset management n/a

02/27/14 MultiCorpora R.R. Donnelley & Sons Company ERP & Business Applications - Language translation management n/a

02/26/14 BookFresh Square ERP & Business Applications - Appointment planning and scheduling n/a

02/26/14 Identified Workday ERP & Business Applications - Predictive analytics sourcing and recruiting SaaS n/a

02/26/14 Third Coast Holdings Wolters Kluwer ERP & Business Applications - Legal operations and spend management $180

02/25/14 Equipos SimCorp A/S ERP & Business Applications - CRM for wealth managers $14

02/24/14 BlueKai Oracle ERP & Business Applications - Marketing management and analytics platform n/a

M&A Activity

Announced Software Acquisitions: 1Q 2014

6


($ millions)



02/24/14 Booklr Vook Business Intelligence - Data and market analytics for publishers n/a

02/24/14 Cloudant IBM Platforms, Development Tools & Deployment - NoSQL relational database-as-a-service n/a

02/24/14 Daxko Pamlico Capital ERP & Business Applications - Operations and financial management for nonprofits $70

02/24/14 FTAPI Software GmbH QSC AG IT Security - Encrypted file transfer n/a

02/24/14 StopTheHacker CloudFlare IT Security - Website malware detection and security n/a

02/24/14 Veveo Rovi Business Intelligence - Semantic predictive search and recommendation $75

02/23/14 BoxTone Good Technology IT Security - Mobile security management platform n/a

02/21/14 Spider.io Google IT Security - Malware detection for online advertisers n/a

02/19/14 AIRTIME-Manager (client base assets) Bellefield Systems ERP & Business Applications - Mobile billing management and tracking n/a

02/19/14 Coverity Synopsys Platforms, Development Tools & Deployment - Source code analysis and testing $350

02/19/14 Dachis Group Sprinklr Business Intelligence - Social media marketing, engagement and campaign optimization n/a

02/19/14 Espion International (IP assets) VersAi IT Security - Email and unified threat management assets n/a

02/18/14 AFS Technologies Court Square Capital Partners Business Intelligence - SCM, warehouse management and analytics and EDI software n/a

02/18/14 Cognicient Blueocean Market Intelligence Business Intelligence - Survey data management and analytics n/a

02/18/14 Xora ClickSoftware Technologies ERP & Business Applications - Mobile workforce management $15

02/16/14 SlickLogin Google IT Security - Mobile sound-based authentication n/a

02/14/14 Retain International Capita ERP & Business Applications - HR resource planning, scheduling and management software n/a

02/13/14 Carbon Black Bit9 IT Security - Endpoint security threat detection and response n/a

02/13/14 Cernam Daybreak Information Technologies Content Management - Digital investigation and e-discovery n/a

02/11/14 SECUDE AG (FinallySecure division) EgoSecure IT Security - Disk-specific or network level encryption n/a

02/11/14 Talent Neuron Corporate Executive Board ERP & Business Applications - Talent planning and management platform $8

02/11/14 V3 Systems Sphere 3D IT Operations Management - Desktop virtualization appliance management $10

02/11/14 ViewTrust Technology Virtustream IT Security - IT and security compliance monitoring and management n/a

02/10/14 Cyberoam Technologies Sophos Plc IT Security - Threat management and security n/a

02/10/14 Livedrive Internet j2 Global Storage Management - Backup, storage and file sync n/a

02/07/14 Maxwell Systems Coaxis ERP & Business Applications - ERP for the construction sector n/a

02/06/14 Business Computer Design International Quadrant Software Platforms, Development Tools & Deployment - Web application development and document management n/a

02/06/14 Computer Guidance Explorer Software ERP & Business Applications - Financial accounting, payroll and project management for the construction sector n/a

02/06/14 Skyfence Networks Imperva IT Security - Security and compliance for cloud applications and data $60

02/06/14 Tomium Software (assets) Imperva IT Security - Streaming mainframe security for databases $8

02/05/14 Global Healthcare Exchange Thoma Bravo ERP & Business Applications - Purchasing, sales force and supply chain automation n/a

02/05/14 Goldmail PointAcross ERP & Business Applications - Slideshow creation and management n/a

02/05/14 LeadRocket Callidus Software ERP & Business Applications - Social media lead generation and management $3

02/05/14 legodo ag Actuate ERP & Business Applications - Customer communication integrated with ERP and CRM systems n/a

02/03/14 CollabNet Vector Capital Platforms, Development Tools & Deployment - Software development project management and team collaboration n/a

02/03/14 RentVM InterCloud Systems Platforms, Development Tools & Deployment - Infrastructure-as-a-service and server migration n/a

01/31/14 IBM (900 patents) Twitter ERP & Business Applications - IBM's social software patent portfolio n/a

01/30/14 Equitime Horizontal Software SAS ERP & Business Applications - Workforce time management n/a

01/30/14 LoopFuse Salesfusion ERP & Business Applications - Marketing automation and lead management n/a

01/30/14 Rescue.js Bugsnag Platforms, Development Tools & Deployment - JavaScript performance management and monitoring n/a

01/29/14 Eshbel Technologies Fortissimo Capital ERP & Business Applications - Billing, inventory control, retail POS and construction management $55

01/27/14 UserEvents LiveOps Business Intelligence - Customer experience data analytics and engagement n/a

01/24/14 Copper.io LX Ventures Platforms, Development Tools & Deployment - Cloud application software development, deployment and monitoring $1

01/23/14 HP (Palm, IPAQ and Bitfone patents) Qualcomm Platforms, Development Tools & Deployment - HP's Palm, IPAQ and Bitfone patent portfolio related to mobile OS technology n/a

01/23/14 Mainstreet Commerce Demandware ERP & Business Applications - Order management and SCM $19

01/22/14 AirWatch VMware IT Operations Management - Mobile device management and security $1,540

01/22/14 ClickSquared Zeta Interactive ERP & Business Applications - Personalized marketing and campaign management n/a

01/22/14 Integrasco Confirmit ASA Business Intelligence - Social media analytics and campaign management n/a

01/22/14 Patrafee AB CPA Global Limited ERP & Business Applications - Patent and IP lifecycle management and budgeting n/a

01/22/14 Scout Analytics ServiceSource International Business Intelligence - Customer behavior analytics and user engagement optimization $32

M&A Activity

Announced Software Acquisitions: 1Q 2014 continued

7

($ millions)




01/22/14 uberVU HootSuite Business Intelligence - Social media analytics and marketing automation n/a

01/21/14 API Healthcare GE Healthcare ERP & Business Applications - Labor resource and payroll management for the healthcare sector n/a

01/21/14 Coactiva Callcredit Information Group Business Intelligence - Business intelligence, big data analytics and performance management n/a

01/21/14 NRX Global HubHead Content Management - Master data management and maintenance n/a

01/21/14 PICT POPSUGAR Content Management - eCommerce enabled photo creation n/a

01/21/14 SPARQ Yahoo! Platforms, Development Tools & Deployment - Mobile device marketing and user experience management n/a

01/21/14 XQuire Yuxi Pacific Content Management - Print and digital publishing, content management and generation n/a

01/17/14 Effective Companies (assets) GP Strategies ERP & Business Applications - HCM training and learning n/a

01/17/14 IdenTrust ASSA ABLOY AB IT Security - Digital authentication and identity management n/a

01/17/14 Lundalogik AB Monterro Holdings AB / management ERP & Business Applications - CRM, customer care and sales performance management n/a

01/17/14 Vadium (AlphaCipher) Vadium Technology IT Security - Security and privacy encryption algorithms for secure endpoint communication n/a

01/16/14 Applied Discovery Document Technologies Content Management - E-discovery, document management and analytics n/a

01/16/14 Pilat Media SintecMedia ERP & Business Applications - Business, content and sales management $80

01/16/14 SmartLinc Electronics for Imaging ERP & Business Applications - Printing management and shipping automation $4

01/16/14 TDX Group Ltd. Equifax Financial Applications - Debt collection and revenue management SaaS $327

01/15/14 CloudUp Networks CipherCloud IT Security - Security and data management n/a

01/15/14 Impermium Google IT Security - Reputation data login authentication n/a

01/14/14 EGS Group Proactis Group ERP & Business Applications - Invoice management and procurement $5

01/14/14 Localstream Linko Business Intelligence - Location-based content aggregator n/a

01/14/14 thinkFolio Markit Group Limited Financial Applications - Portfolio and trade management for financial services sector n/a

01/13/14 Impendium Systems Deutsche Boerse Market Data + Services ERP & Business Applications - Regulatory compliance and policy tracking n/a

01/13/14 iPartners SNL Financial LC Business Intelligence - Analytics, reporting and data integration for the insurance sector n/a

01/13/14 Visicom AFS Technologies ERP & Business Applications - Mobile sales workforce and inventory management n/a

01/10/14 Agilis International Infogix Business Intelligence - Customer and operational analytics and reporting n/a

01/10/14 Kooaba Qualcomm Platforms, Development Tools & Deployment - Mobile image recognition n/a

01/09/14 212 Labs HireVue ERP & Business Applications - Interview scheduling and recruiting management n/a

01/09/14 Klocwork Rogue Wave Software Platforms, Development Tools & Deployment - Source code analysis and review n/a

01/08/14 Compuware (Changepoint units) Marlin Equity Partners Platforms, Development Tools & Deployment - Application development and IT management $160

01/08/14 Framehawk Citrix Systems Platforms, Development Tools & Deployment - Desktop and application virtualization for mobile devices $28

01/08/14 InsightsOne Apigee ERP & Business Applications - Customer service predictive analytics and lead management n/a

01/08/14 PeopleAnswers Infor ERP & Business Applications - Employee and job application assessment and analytics n/a

01/08/14 ProcureStaff (VMS assets) IQNavigator ERP & Business Applications - Vendor collaboration monitoring and complex spend management n/a

01/08/14 Production Modelling Access Technology Group ERP & Business Applications - SCM planning, scheduling and process automation n/a

01/08/14 Propalms Vanity Events Holding Platforms, Development Tools & Deployment - Application delivery and secure remote access $20

01/07/14 Corente Oracle IT Operations Management - Datacenter virtualization and automated application traffic and delivery management n/a

01/07/14 Little Eye Labs Facebook Platforms, Development Tools & Deployment - Application performance management, testing and optimization n/a

01/07/14 LT Online Mitratech ERP & Business Applications - Billing, legal and document management for the legal sector n/a

01/07/14 Parature Microsoft ERP & Business Applications - Customer service and help desk automation n/a

01/07/14 Reflexis Systems Sageview Capital ERP & Business Applications - Workforce management and task execution n/a

01/06/14 AirPatrol Sysorex Global Holdings IT Operations Management - Mobile device identification and permission management $14

01/06/14 Easel GitHub ERP & Business Applications - Website design and collaboration n/a

01/06/14 KANA Software Verint Systems ERP & Business Applications - Customer service and engagement management $514

01/06/14 Morta Security Palo Alto Networks IT Security - Network-layer cybersecurity and anti-malware n/a

01/06/14 Sense Networks (assets) YP Holdings Business Intelligence - Mobile location customer analytics and marketing automation for advertisers n/a

01/03/14 Financial Tools Wolters Kluwer Financial Applications - Commercial lending and portfolio risk n/a

01/02/14 CompassIM Monsoon Commerce ERP & Business Applications - Warehouse and inventory management and product order fulfillment n/a

01/02/14 MANDIANT FireEye IT Security - Cybersecurity incident response and remediation $989

M&A Activity

Announced Software Acquisitions: 1Q 2014 continued

8

($ millions)



M&A Activity

Most Active Software Acquirers: 2007 – 2014 YTD

9

$25.7

$13.1

$23.5

$11.1

$22.4

$4.8

$21.3

$4.0

$35.9

$4.1

$6.4

$1.3

$4.5

$1.2

74

72

64

58

54

34

32 32

30

27 26

20 20

17

0

10

20

30

40

50

60

70

80

$-

$5

$10

$15

$20

$25

$30

$35

$40

# o

f D

ea

ls

Aggre

ga

te D

ea

l V

alu

e (

$ b

illio

ns)

Announced Deal Value [a]

Number of Acquisitions

[a] Includes only transactions for which data was publicly available (2007 – 2014 YTD)


Consideration Equity Enterprise

Announced Target % Cash % Stock Value Value

Cisco Systems (continued)

02/04/11 Inlet Technologies 100.0% - - $95

01/26/11 Pari Networks - - - -

12/01/10 LineSider Technologies - - - -

09/02/10 Arch Rock Corporation - - - -

08/26/10 ExtendMedia - - - -

05/20/10 CoreOptics 100.0% - - $99

05/18/10 MOTO Development Group - - - -

01/05/10 Rohati Systems - - - -

11/02/09 DVN Holdings (set-top box business) - - - $45

10/27/09 ScanSafe 100.0% - - $183

10/13/09 Starent Networks 100.0% - $2,900 $2,510

10/01/09 Tandberg 100.0% - $3,400 $3,400

04/09/09 Tidal Software 100.0% - - $105

03/19/09 Pure Digital Technologies - - - $590

01/27/09 Richards-Zeta Building Intelligence - - - -

09/19/08 Jabber - - - -

08/27/08 PostPath - - - $215

07/23/08 Pure Networks 100.0% - - $120

06/10/08 DiviTech A/S - - - -

11/01/07 Securent - - - -

10/23/07 Navini Networks - - - $330

09/27/07 Latigent - - - -

09/18/07 Cognio - - - -

07/23/07 GlooLabs - - - -

05/21/07 BroadWare Technologies - - - -

03/28/07 SpansLogic - - - -

03/15/07 WebEx 100.0% - $3,200 $3,145

03/13/07 NeoPath Networks - - - $60

03/05/07 Utah Street Networks (assets) - - - -

02/26/07 Qovia - - - -

02/21/07 Reactivity 100.0% - - $135

02/09/07 Five Across - - - -

01/04/07 IronPort Systems - - - $830

Dell Known acquired value (since 2007): $6,373

03/24/14 StatSoft - - - -

05/06/13 Enstratius 100.0% - - -

12/18/12 Credant Technologies - - - -

11/16/12 Gale Technologies - - - -

10/23/12 Kitenga - - - -

06/25/12 Quest Software 100.0% - $2,383 $2,408

04/05/12 MAKE Technologies - - - -

04/03/12 Clerity Solutions - - - -



CA Technologies Known acquired value (since 2007): $1,314

04/22/13 Layer 7 Technologies 100.0% - - $155

03/24/13 Nolio 100.0% - - $42

09/10/12 Paragon Global Technology - - - -

07/29/11 Watchmouse BV - - - -

06/29/11 Interactive TKO 100.0% - - $330

05/16/11 SE-Consulting GmbH - - - -

04/06/11 Base Technologies - - - -

01/25/11 Torokina Networks - - - -

09/28/10 Hyperformix - - - -

08/30/10 Arcot Systems 100.0% - - $200

08/12/10 4Base Technology - - - -

03/10/10 Nimsoft 100.0% - - $350

02/24/10 3Tera - - - -

01/11/10 Oblicore 100.0% - - $20

09/14/09 NetQoS 100.0% - $200 $200

06/02/09 Cassatt - - - -

01/05/09 Orchestria - - - -

11/13/08 Eurekify - - - $17

10/15/08 Optinuity - - - -

10/07/08 IDFocus - - - -

Cisco Systems Known acquired value (since 2007): $22,429

12/17/13 Kibits - - - -

09/10/13 Whiptail Technologies 100.0% - - $415

07/23/13 Sourcefire 100.0% - $2,700 $2,494

06/20/13 Composite Software 100.0% - - $180

05/29/13 JouleX 100.0% - - $107

04/03/13 Ubiquisys - - - $310

03/25/13 SolveDirect Service Management - - $21 $21

01/29/13 Cognitive Security sro - - - -

01/23/13 Intucell 100.0% - $475 $475

12/18/12 BroadHop - - - -

11/29/12 Cariden Technologies 100.0% - $141 $141

11/18/12 Meraki 100.0% - $1,200 $1,200

11/15/12 Cloupia 100.0% - $125 $125

10/04/12 vCider - - - -

07/13/12 Virtuata - - - -

05/03/12 Truviso - - - -

03/28/12 ClearAccess - - - -

03/15/12 NDS Group Ltd. - - $3,896 $5,000

10/20/11 BNI Video - - - $99

08/29/11 Versly - - - -

03/29/11 newScale - - - -

M&A Activity

Most Active Software Acquirers

10

Note: “Known acquired value” includes only transactions for which data was publicly available (2007 – 2014 YTD)

2007 – 2014 YTD ($ millions)

Cisco

Dell

Salesforce

HP

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA

EMC

Continued




EMC (continued)

04/01/08 Conchango plc 100.0% - - $84

03/10/08 Infra Corporation - - - -

02/21/08 Pi 100.0% - - -

12/27/07 Document Sciences 100.0% - $87 $85

10/30/07 Voyence - - - -

10/15/07 Illuminator - - - -

10/04/07 Berkeley Data Systems - - - -

08/30/07 BusinessEdge Solutions - - - -

08/09/07 Tablus - - - -

07/19/07 X-Hive Corporation - - - -

06/04/07 Verid - - - -

HP Known acquired value (since 2007): $35,915

03/04/14 Shunra Software (assets) - - - -

12/03/12 Digital Risk 100.0% - $175 $175

12/06/11 Hiflex Software GmbH - - - -

08/18/11 Autonomy 100.0% - $11,560 $10,889

05/24/11 Printelligent - - - -

02/14/11 Vertica - - - -

09/13/10 ArcSight 100.0% - $1,651 $1,500

08/26/10 Stratavia - - - -

08/23/10 3PAR 100.0% - $2,400 $2,296

08/17/10 Fortify Software - - - -

06/10/10 Phoenix Technologies (HyperSpace assets) 100.0% - - $12

04/28/10 Palm 100.0% - $1,400 $1,199

11/11/09 3Com 100.0% - $3,131 $2,705

07/17/09 IBRIX - - - -

06/22/09 Excellerate HRO - - - -

10/01/08 LeftHand Networks 100.0% - - $360

08/11/08 Colubris Networks - - - -

05/13/08 Electronic Data Systems - - - $13,900

03/31/08 Tower Software - - - $100

01/22/08 Exstream Software - - - $720

12/10/07 NUR Macroprinters 100.0% - - $118

11/12/07 EYP Mission Critical Facilities - - - -

10/22/07 AOME - - - -

09/13/07 MacDermid ColorSpan - - - -

07/23/07 Neoware 100.0% - $328 $206

07/23/07 Opsware 100.0% - $1,673 $1,600

06/19/07 SPI Dynamics - - - $135

03/22/07 Tabblo - - - -

02/26/07 PolyServe - - - -

02/05/07 Bristol Technology - - - -



Dell (continued)

04/02/12 Wyse Technology - - - -

03/13/12 SonicWALL - - - $1,250

02/24/12 AppAssure - - - -

06/20/11 RNA Networks - - - -

01/04/11 SecureWorks - - - -

12/22/10 InSite One - - - -

12/13/10 Compellent Technologies 100.0% - $960 $820

11/02/10 Boomi - - - -

07/19/10 Ocarina Networks - - - -

07/01/10 Scalent - - - -

02/11/10 Kace Networks 100.0% - - -

02/12/08 MessageOne 100.0% - - $155

02/08/08 Exanet - - - -

11/15/07 Everdream - - - -

11/05/07 EqualLogic 100.0% - $1,418 $1,400

08/06/07 Zing Systems - - - -

08/02/07 ASAP Software - - - $340

07/18/07 SilverBack Technologies - - - -

EMC Known acquired value (since 2007): $4,754

07/25/13 PassBan - - - -

07/11/13 ScaleIO 100.0% - - -

07/08/13 Aveksa - - - -

05/21/13 Adaptivity (assets) - - - -

01/04/13 iWave Software - - - -

11/29/12 MoreVRP - - - -

10/30/12 Silver Tail Systems - - - -

05/31/12 Watch4Net Solutions - - - -

05/21/12 Syncplicity - - - -

05/10/12 XtremIO - - - -

03/20/12 Likewise Software - - - -

10/03/11 Zettapoint - - - -

04/04/11 NetWitness - - - -

11/15/10 Isilon 100.0% - $2,434 $2,250

07/06/10 Greenplum 100.0% - - -

01/04/10 Archer Technologies - - - -

09/01/09 Kazeon Systems - - - -

08/31/09 FastScale Technology - - - -

06/01/09 Data Domain 100.0% - $2,378 $2,100

05/27/09 Configuresoft - - - $87

01/02/09 SourceLabs - - - -

04/08/08 Iomega 100.0% - $213 $148

04/07/08 WysDM Software - - - -

M&A Activity

Most Active Software Acquirers continued

11

2007 – 2014 YTD ($ millions)

EMC

Cisco

Salesforce

HP

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA


Dell

IBM




IBM (continued)

11/30/09 Guardium - - - $225

10/05/09 Wilshire Credit Corporation - - - -

09/22/09 RedPill Solutions - - - -

07/28/09 Ounce Labs - - - -

07/25/09 SPSS 100.0% - $1,170 $859

05/04/09 Exeros 100.0% - - $12

01/15/09 Outblaze - - - $8

11/18/08 Transitive - - - -

07/28/08 ILOG SA 100.0% - - -

07/02/08 Platform Solutions - - - -

04/29/08 InfoDyne - - - -

04/18/08 Diligent Technologies - - - -

04/10/08 FilesX - - - $50

03/12/08 Encentuate - - - -

01/23/08 AptSoft - - - -

01/18/08 Net Integration Technologies - - - -

01/02/08 XIV - - - $325

12/21/07 Solid Information Technology - - - -

12/06/07 Arsenal Digital Solutions - - - -

11/12/07 Cognos 100.0% - $5,000 $4,960

10/24/07 NovusCG - - - -

08/22/07 WebDialogs - - - -

08/03/07 Princeton Softech - - - -

07/16/07 DataMirror 100.0% - $179 $161

06/11/07 Telelogic 100.0% - $745 $745

06/06/07 Watchfire - - - -

04/26/07 Serbian Business Systems (assets) - - - -

01/30/07 DM Information Systems - - - -

01/29/07 Softek - - - -

Intel Known acquired value (since 2007): $11,097

03/04/14 BASIS Science - - - -

12/16/13 Mindspeed Technologies (assets) - - - -

12/03/13 Hacker League LLC (assets) - - - -

11/08/13 Kno - - - -

09/30/13 Sensory Networks - - - -

09/13/13 Indisys - - - -

07/16/13 Omek Interactive - - - $50

05/29/13 ST-Ericsson (assets) - - - -

05/06/13 Stonesoft Oyj 100.0% - - $389

04/24/13 Aepona - - - -

04/17/13 Mashery - - - -

04/03/13 ProFUSION - - - -



IBM Known acquired value (since 2007): $13,139

02/24/14 Cloudant - - - -

12/19/13 Aspera - - - -

11/13/13 Fiberlink Communications 100.0% - - -

10/03/13 Xtify - - - -

10/01/13 The Now Factory - - - -

09/19/13 Daeja Image Systems Ltd. - - - -

08/15/13 Trusteer - - - -

07/09/13 CSL International - - - -

06/04/13 SoftLayer Technologies - - - -

04/22/13 UrbanCode - - - -

02/01/13 Star Analytics - - - -

12/19/12 StoredIQ - - - -

09/24/12 Butterfly Software Ltd. - - - -

08/27/12 Kenexa 100.0% - $1,307 $1,280

05/02/12 Tealeaf Technology - - - -

04/25/12 Vivisimo - - - -

04/13/12 Varicent Software - - - -

01/31/12 Worklight - - - -

01/04/12 Green Hat - - - -

12/15/11 Emptoris - - - -

12/08/11 DemandTec 100.0% - $504 $439

12/05/11 Curam Software Ltd. - - - -

10/11/11 Platform Computing - - - -

10/04/11 Q1 Labs - - - -

09/01/11 Algorithmics - - - $387

08/31/11 i2 - - - -

03/22/11 TRIRIGA 100.0% - - $108

10/21/10 Clarity Systems Ltd. - - - -

10/14/10 PSS Systems - - - -

09/27/10 BLADE Network Technologies - - - -

09/20/10 Netezza 100.0% - $1,836 $1,700

09/15/10 OpenPages - - - -

08/13/10 Unica 100.0% - $523 $480

08/10/10 Datacap - - - -

07/29/10 Storwize - - - -

07/01/10 BigFix - - - -

06/15/10 Coremetrics - - - -

05/24/10 Sterling Commerce 100.0% - - $1,400

05/03/10 Cast Iron Systems 100.0% - - -

02/16/10 Intelliden - - - -

02/03/10 Initiate Systems - - - -

01/20/10 National Interest Security Company - - - -

12/16/09 Lombardi - - - -

M&A Activity


12

Continued

EMC

Cisco

Dell

Salesforce

IBM

Intel

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

2007 – 2014 YTD ($ millions)


HP




Intel (continued)

10/30/07 ScanAlert [a] 100.0% - $48 $54

10/08/07 SafeBoot [a] 100.0% - $339 $350

09/14/07 Havok 100.0% - - $110

Intuit Known acquired value (since 2007): $1,154

12/04/13 Docstoc - - - -

11/20/13 Prestwick Services - - - -

10/30/13 Full Slate - - - -

10/23/13 Level Up Analytics - - - -

08/08/13 GoodApril - - - -

07/18/13 Fifo Pty Ltd. - - - -

06/21/13 Elastic Intelligence - - - -

01/28/13 Payvment (assets) - - - -

04/23/12 Demandforce 100.0% - $424 $424

04/10/12 AisleBuyer - - - -

05/11/10 Medfusion 100.0% - - $91

09/14/09 Mint.com 100.0% - - $170

06/02/09 PayCycle 100.0% - - $170

04/17/09 BooRah - - - -

12/03/08 Entellium (CRM assets) 100.0% - - $8

12/19/07 Electronic Clearing House 100.0% - $131 $122

11/26/07 Homestead Technologies 100.0% - - $170

Microsoft Known acquired value (since 2007): $23,483

03/04/14 Junction Solutions (JunctionMCR) - - - -

01/27/14 Epic Games (assets) - - - -

01/07/14 Parature - - - -

10/23/13 Apiphany - - - -

09/03/13 Nokia (devices and services) 100.0% - - $5,010

07/08/13 Blue Horseshoe (assets) - - - -

06/03/13 InCycle Software (assets) - - - -

03/19/13 Netbreeze GmbH - - - -

03/14/13 Pando Networks - - - -

03/05/13 MetricsHub - - - -

01/03/13 id8 Group R2 Studios - - - -

10/17/12 MarketingPilot Software - - - -

10/16/12 StorSimple - - - -

10/04/12 PhoneFactor - - - -

07/09/12 Perceptive Pixel - - - -

06/25/12 Yammer 100.0% - $1,200 $1,200

06/07/11 Prodiance - - - -

05/10/11 Skype Global - - - $8,500

10/29/10 Canesta - - - -



Intel (continued)

02/26/13 LynuxWorks (ValidEdge technology) - - - -

02/22/13 appMobi (HTML5 developer tools division) - - - -

11/28/12 Rocketbox Studios GmbH - - - -

11/19/12 ZiiLABS 100.0% - $30 $30

08/24/12 NEVEX - - - -

07/13/12 Whamcloud - - - -

07/02/12 IDesia Ltd. - - - -

04/24/12 Cray (assets) - - $140 $140

01/23/12 Qlogic (InfiniBand assets) 100.0% - - $125

10/04/11 NitroSecurity - - - -

09/28/11 Telemap Ltd. - - - -

09/14/11 CoFluent Design - - - -

09/01/11 GraphTech - - - -

07/19/11 Fulcrum Microsystems - - - -

05/25/11 SiPort Corporation - - - -

03/23/11 Sentrigo - - - $35

03/14/11 SySDSoft - - - -

02/14/11 Silicon Hive BV - - - -

01/04/11 Nordic Edge AB - - - -

12/02/10 InternetSafety.com [a] 100.0% - $11 $10

11/17/10 CognoVision - - - $17

09/02/10 Neocleus - - - -

08/30/10 Infineon Technologies AG (assets) 100.0% - - $1,400

08/19/10 McAfee 100.0% - $7,680 $6,876

08/16/10 Texas Instruments (assets) - - - -

07/29/10 tenCube [a] 100.0% - $11 $10

05/25/10 Trust Digital [a] 100.0% - $33 $32

05/24/10 Comsys Communications - - - $30

02/05/10 Virtutech - - - -

08/19/09 RapidMind - - - -

07/31/09 Cilk Arts - - - -

07/30/09 MX Logic [a] 100.0% - $138 $163

06/04/09 Wind River Systems 100.0% - $884 $714

05/15/09 Solidcore Systems [a] 100.0% - $32 $41

05/12/09 Endeavor Security [a] 100.0% - $3 $3

02/16/09 Swiftfoot Graphics AB - - - -

10/15/08 NetEffect - - - $8

09/22/08 Secure Computing [a] 100.0% - $497 $465

08/29/08 OpenedHand - - - -

07/31/08 Reconnex [a] 100.0% - $40 $45

05/19/08 WebVMC - - - -

02/25/08 Offset Software - - - -

11/28/07 Neoptica - - - -

M&A Activity


13

Continued

EMC

Cisco

Dell

Salesforce

HP

IBM

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

Intel

[a] Acquired by McAfee prior to Intel acquisition


2007 – 2014 YTD ($ millions)




Microsoft (continued)

03/14/07 Tellme Networks - - - -

02/26/07 Medstory - - - -

Oracle Known acquired value (since 2007): $25,734

02/24/14 BlueKai - - - -

01/07/14 Corente - - - -

12/20/13 Responsys 100.0% - $1,608 $1,500

11/15/13 Bitzer Mobile - - - -

10/23/13 BigMachines - - - -

10/17/13 Compendium - - - -

03/25/13 Tekelec - - - -

03/13/13 Nimbula - - - -

02/04/13 Acme Packet 100.0% - $2,063 $1,700

12/20/12 Eloqua 100.0% - $958 $872

11/08/12 Instantis - - - -

09/17/12 SelectMinds - - - -

07/30/12 Xsigo Systems - - - -

07/19/12 Skire - - - -

07/10/12 Involver - - - -

06/05/12 Collective Intellect - - - -

05/23/12 Vitrue - - - -

02/09/12 Taleo 100.0% - $1,900 $2,010

10/24/11 RightNow Technologies 100.0% - $1,500 $1,434

10/18/11 Endeca Technologies - - - -

09/22/11 GoAhead Software - - - -

07/28/11 InQuira - - - -

07/21/11 Ksplice - - - -

06/30/11 Pillar Data Systems - - - -

06/21/11 FatWire Software - - - -

06/20/11 Datanomic - - - -

11/02/10 Art Technology Group 100.0% - $1,000 $848

10/05/10 Passlogix - - - -

05/26/10 eServGlobal (pre-paid software assets) - - - -

05/25/10 Market2Lead (assets) - - - -

05/20/10 Secerno - - - -

04/16/10 Phase Forward 100.0% - $755 $714

02/10/10 Convergin - - - -

02/08/10 AmberPoint - - - -

01/04/10 Silver Creek Systems - - - -

10/12/09 Sophoi - - - -

09/29/09 HyperRoll - - - -

07/23/09 GoldenGate Software - - - -

06/17/09 Conformia - - - -



Microsoft (continued)

10/06/10 AVIcode - - - -

12/11/09 Opalis Software - - - -

12/10/09 Sentillion - - - -

11/09/09 SourceGear (Teamprise assets) - - - -

09/22/09 Computer Generated Solutions (assets) - - - -

09/22/09 Fullscope (assets) - - - -

09/22/09 LS Retail EHF (assets) - - - -

09/22/09 To-Increase Denmark A/S (assets) - - - -

09/21/09 Interactive Supercomputing - - - -

08/06/09 Office.com - - - -

06/01/09 Rosetta Biosoftware - - - -

05/07/09 BigPark - - - -

02/21/09 3DV Systems - - - -

10/31/08 Wysiwyg Comunicacion Interactiva - - - -

08/29/08 Greenfield Online 100.0% - $486 $455

07/24/08 DATAllegro - - - -

07/14/08 Zoomix - - - -

07/01/08 Powerset 100.0% - - -

06/26/08 MobiComp - - - -

06/18/08 Navic Networks - - - -

04/17/08 Farecast - - - -

03/31/08 90 Degree Software - - - -

03/20/08 Komoku - - - -

03/14/08 Rapt - - - -

03/12/08 Kidaro - - - $100

02/27/08 YaData - - - $25

02/11/08 Danger 100.0% - - $500

02/07/08 Caligari Corporation - - - -

01/21/08 Calista Technologies - - - $125

01/08/08 Fast Search & Transfer 100.0% - $1,289 $1,200

12/12/07 Multimap - - - -

11/30/07 Webfives - - - -

11/12/07 Musiwave - - - $50

10/29/07 GCS (assets) - - - -

10/02/07 Jellyfish.com - - - -

08/29/07 Parlano - - - -

07/26/07 AdECN - - - -

06/08/07 Stratature - - - -

06/05/07 Engyro - - - -

05/18/07 aQuantive 100.0% - $6,370 $6,319

05/03/07 ScreenTonic - - - -

03/28/07 devBiz Business Solutions - - - -

03/14/07 eBECS (assets) - - - -

M&A Activity


14


EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

Oracle

VMware

CA

Symantec

2007 – 2014 YTD ($ millions)

Continued

Salesforce

SAP




Salesforce.com (continued)

06/25/12 Thinkfuse - - - -

06/18/12 ChoicePass - - - -

06/04/12 Buddy Media - - - $689

05/01/12 Stypi - - - -

12/15/11 Rypple - - - -

11/14/11 Model Metrics 100.0% - - $58

09/21/11 Assistly 100.0% - - $50

08/26/11 Navajo Systems - - - -

03/30/11 Radian6 84.7% 15.3% - $326

02/01/11 Manymoon - - - -

01/06/11 Dimdim 100.0% - - $31

12/21/10 Etacts - - - -

12/08/10 Heroku 100.0% - - $212

09/24/10 Activa Live - - - -

06/04/10 Sitemasher - - - -

04/21/10 Jigsaw Data Corporation 100.0% - - $142

01/21/10 Informavores - - - -

12/11/09 GroupSwim - - - -

08/04/08 InStranet - - $32 $27

10/23/07 CrispyNews - - - -

04/10/07 Koral - - - -

SAP Known acquired value (since 2007): $21,286

03/26/14 Fieldglass - - - -

09/10/13 KXEN - - - -

06/05/13 hybris GmbH 100.0% - - $1,341

05/16/13 KMS Software - - - -

03/07/13 Camilion Solutions - - - -

02/22/13 SmartOps - - - -

01/31/13 Ticket-Web GmbH - - - -

05/22/12 Ariba 100.0% - $4,500 $4,267

04/30/12 Purisma 100.0% - $2 $2

04/10/12 Syclo - - - -

01/16/12 Datango AG (assets) - - - -

12/03/11 SuccessFactors 100.0% - $3,650 $3,400

09/20/11 Crossgate AG - - - -

09/06/11 Right Hemisphere - - - -

01/12/11 SECUDE AG (IdM assets) - - - -

12/16/10 cundus AG (disclosure management assets) - - - -

05/12/10 Sybase 100.0% - $6,100 $5,800

04/21/10 TechniData AG - - - -

12/03/09 SOALogix - - - -

07/20/09 SAF Simulation, Analysis & Forecasting 100.0% - - -



Oracle (continued)

05/13/09 Virtual Iron - - - -

04/20/09 Sun Microsystems 100.0% - $7,400 $5,667

03/23/09 Relsys International - - - -

02/04/09 mValent - - - -

01/07/09 Q-layers [a] - - - -

11/03/08 Tacit Software - - - -

10/29/08 Haley Ltd. - - - $100

10/08/08 Primavera Systems - - - -

10/01/08 Advanced Visual Technology - - - $5

09/02/08 ClearApp - - - -

07/31/08 Global Knowledge Software - - - -

06/23/08 Skywire Software - - - -

05/13/08 AdminServer - - - -

04/25/08 Montalvo Systems [a] - - - $25

04/09/08 Auptyma - - - -

03/27/08 Empirix (e-TEST software) - - - -

02/12/08 innotek [a] - - - -

01/16/08 BEA Systems 100.0% - $8,352 $6,852

01/16/08 Captovation - - - -

01/16/08 MySQL [a] - - - $1,000

12/06/07 Moniforce - - - -

11/13/07 Vaau [a] - - - -

10/24/07 Interlace Systems - - - -

10/09/07 LogicalApps - - - -

09/12/07 Cluster File Systems [a] - - - -

09/02/07 Netsure Telecom - - - -

08/31/07 Bridgestream - - - -

07/18/07 Bharosa - - - -

05/15/07 Agile Software 100.0% - $495 $301

05/01/07 Revenue Technologies - - - -

04/24/07 Lodestar - - - -

04/18/07 AppForge - - - -

04/12/07 SavaJe Technologies [a] - - - -

03/23/07 Tangosol - - - -

03/01/07 Hyperion 100.0% - $3,192 $2,706

Salesforce.com Known acquired value (since 2007): $4,118

11/18/13 Cloudconnect.com - - - -

06/07/13 EdgeSpring 47.0% 53.0% - $134

06/04/13 ExactTarget 100.0% - $2,500 $2,399

02/06/13 EntropySoft - - - -

09/11/12 BlueTail - - - -

07/09/12 GoInstant 100.0% - - $51

M&A Activity


15

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

SAP

CA

2007 – 2014 YTD ($ millions)

Salesforce

Oracle

VMware

Continued

[a] Acquired by Sun Microsystems prior to Oracle acquisition


Symantec




VMware (continued)

08/26/11 PacketMotion - - - -

06/13/11 Digital Fuel Technologies - - - -

05/31/11 Socialcast - - - -

05/16/11 Shavlik Technologies - - - -

04/26/11 SlideRocket - - - -

03/08/11 WaveMaker - - - -

01/14/11 NeoAccel 100.0% - - $15

08/31/10 Integrien - - - $100

08/31/10 TriCipher - - - -

05/06/10 GemStone Systems - - - -

04/13/10 Rabbit Technologies 100.0% - - -

02/25/10 EMC (Ionix software assets) 100.0% - - $200

02/23/10 RTO Software - - - -

01/12/10 Zimbra 100.0% - - $100

08/10/09 SpringSource 86.2% 13.8% $362 $420

11/26/08 Tungsten Graphics - - - -

11/10/08 Trango Virtual Processors - - - -

10/09/08 Blue Lane Technologies - - - -

05/28/08 B-hive Networks - - - $61

01/15/08 Thinstall - - - -

01/14/08 Foedus - - - -

10/01/07 Sciant - - - $9

09/11/07 Dunes Technologies 100.0% - - $45

08/07/07 Determina 100.0% - - $9

06/11/07 Propero 100.0% - - $21



SAP (continued)

06/10/09 SkyData Systems - - - -

05/11/09 Clear Standards - - - -

05/06/09 Highdeal - - - -

02/18/09 Coghead - - - -

07/10/08 Ness Technologies (SAP distribution division) - - - $21

06/17/08 Visiprise - - - -

10/17/07 YASU Technologies - - - -

10/07/07 Business Objects 100.0% - $6,770 $6,455

05/14/07 MaXware - - - -

05/14/07 Wicom Communications - - - -

05/08/07 OutlookSoft - - - -

02/20/07 Pilot Software - - - -

Symantec Known acquired value (since 2007): $4,543

07/18/13 PasswordBank - - - -

03/20/12 Nukona 100.0% - - $28

03/05/12 Odyssey Software - - - -

01/16/12 LiveOffice - - - $115

05/19/11 Clearwell Systems - - $410 $390

05/19/10 VeriSign (identity & authentication assets) 100.0% - - $1,280

04/29/10 GuardianEdge 100.0% - - $73

04/29/10 PGP Corporation 100.0% - - $300

01/12/10 Gideon Technology - - - -

11/01/09 SoftScan - - - -

04/21/09 Mi5 Networks - - - $18

10/08/08 MessageLabs 100.0% - - $695

08/18/08 PC Tools 100.0% - - $250

08/05/08 nSuite Technologies 100.0% - - $20

06/06/08 SwapDrive 100.0% - - $123

04/09/08 AppStream 100.0% - - $52

01/02/08 Transparent Logic 100.0% - - $12

11/05/07 Vontu 100.0% - - $350

02/23/07 4FrontSecurity 100.0% - - $7

01/29/07 Altiris 100.0% - $1,030 $830

VMware Known acquired value (since 2007): $4,040

01/22/14 AirWatch 76.0% 24.0% - $1,540

10/15/13 Desktone - - - -

02/11/13 Virsto Software 100.0% - - $185

08/07/12 Pattern Insight (assets) - - - -

07/23/12 Nicira 83.3% 16.7% - $1,260

05/22/12 Wanova - - - $75

04/24/12 Cetas Software - - - -

M&A Activity


16

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Oracle

VMware


2007 – 2014 YTD ($ millions)

Salesforce

Symantec

SAP


Public Equity Market Valuations Relative Performance by Index

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High


Small Cap Software includes: ATTU, AVID, CYNI, DWCH, EXA, FALC, LLNW, NTWK, OM:RSOF B, TISA, TSX:NXJ, WSE:CMR

Large Cap Software includes: CSCO, EMC, HPQ, IBM, INTC, MSFT, ORCL, SAP

High Growth Software includes: ATTU, BNFT, CSOD, DATA, DWCH, FEYE, FUEL, GIMO, MKTO, N, NOW, PANW, RALY, SPLK, VRNS, WDAY

High Profitability Software includes: AKAM, ANSS, CA, CHKP, EBIX, FFIV, INTC, INTU, MCRO, MSCI, MSFT, ORCL, PRGS, SAP, SNCR, SSNC, SWI, VMW, VRSK, VRSN

14%

-13%

70%

0%

-20%

0%

20%

40%

60%

80%

100%

120%

140%

160%

Mar-13 Jun-13 Sep-13 Dec-13 Mar-14

1 Year Relative Performance NASDAQ

Large Cap Software

Small Cap Software

High Growth Software

High Profitability Software

-50%

0%

50%

100%

150%

200%

250%

300%

350%

400%

Mar-11 Mar-12 Mar-13 Mar-14

3 Year Relative Performance

29%

2.6x

9.6x

4.8x

1.0x

2.4x

7.4x

4.5x

0.7x

0x

2x

4x

6x

8x

10x

12x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

CY14E

CY15E

96%

73%

91%

81%

0%

25%

50%

75%

100%

Large Cap

Software

High Growth

Software

High

Profitability

Software

Small Cap

Software

8.7x

nm

11.2x

4.1x

8.1x

31.3x

10.5x

19.2x

0x

5x

10x

15x

20x

25x

30x

35x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software



Price Performance and Valuation Metrics by Segment

18

Me

dia

n E

V /

Re

ve

nu

e

Me

dia

n E

V /

EB

ITD

A

Me

dia

n %

of

52

We

ek

Hig

h

9.3x

6.1x

5.2x 4.7x 4.4x

3.7x 3.7x 3.6x 3.0x

2.7x 2.6x 2.6x 2.4x

2.3x 1.7x

9.6x

6.3x

4.8x

1.0x

7.1x

5.1x 5.0x

4.1x 3.9x

2.8x 3.0x 3.5x

2.7x 2.4x 2.3x 2.4x

2.2x 2.2x 1.5x

7.4x

5.2x

4.5x

0.7x

0x

2x

4x

6x

8x

10x

12x

14x

16xCY14E CY15E

Median CY14E Median CY15E

nm

10.8x

17.5x

15.7x

12.4x 12.0x 12.1x

15.5x

10.1x

13.0x

9.9x

8.7x 9.1x

15.2x

17.2x

nm

26.8x

11.2x

4.1x

nm

10.0x

16.8x

12.9x 11.5x

24.3x

10.0x

14.0x

8.7x

10.8x

8.6x 8.1x 9.2x

12.5x 13.9x

31.3x

20.2x

10.5x

19.2x

0x

5x

10x

15x

20x

25x

30x

35x

78% 83%

88% 84%

89%

72%

88%

81%

91%

73%

81%

96%

80%

92%

72% 73% 77%

91%

81%

0%

25%

50%

75%

100%

HCM IT

Security

Supply

Chain

Mgmt

IT

Ops.

Mgmt

Financial

Apps

Business

Intelligence

Tech.

&

Embedded

Apps

ERP &

General

Business

Apps

App

Delivery &

Network

Acceleration

Marketing

Apps

Platforms,

Dev

Tools

&

Deployment

Global

Diversified

Network

Infra.

Content

Mgmt

Storage

Mgmt

High

Growth

SaaS High

Profitability

Small Cap

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful




Price Performance and Valuation Metrics of Selected Software Vendors E

V /

Re

ve

nu

e

EV

/ E

BIT

DA

%

of

52

We

ek

Hig

h

19

63%

79%

67%

74%

83%

73%

92%

85% 85%

97%

86%

92% 99%

86%

74%

95%

74%

0%

25%

50%

75%

100%

FEYE WDAY SPLK DATA NOW MKTO ADBE PANW CRM VMW RHT AKAM ORCL CA CTXS intc SYMC

23.2x 22.7x

19.3x

14.8x 13.6x

10.1x

7.8x 7.2x 7.1x 6.8x

5.4x 4.9x 4.7x

2.9x 2.8x 2.5x 1.8x

15.9x 15.5x 14.5x

10.9x 9.9x

7.7x 6.6x

5.5x 5.7x 5.9x 4.7x 4.2x 4.5x

2.8x 2.6x 2.4x 1.8x

0x

5x

10x

15x

20x

25x CY14E CY15E

Median CY14E Median CY15E

nm nm nm nm nm nm

29.7x

nm

44.7x

18.7x 19.8x

11.6x

9.5x 7.3x

9.8x

6.4x 5.8x

nm nm nm nm nm nm

19.3x

31.3x

34.7x

15.8x

17.7x

9.8x 8.7x 7.1x 8.7x 6.1x

5.6x

0x

10x

20x

30x

40x

50x

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful



EV / Revenue EV / EBITDA

Revenue Current Year Forward Year Current Year Forward Year

Growth Date Mean Median Mean Median Mean Median Mean Median

< 5% Q1 2014 2.3 x 2.4 x 2.3 x 2.4 x 8.7 x 8.4 x 8.1 x 8.0 x

Q4 2013 2.7 2.3 2.6 2.4 10.7 9.0 9.6 8.5

Q3 2013 2.3 2.2 2.2 2.1 8.8 8.1 8.3 7.7

Q2 2013 2.3 2.3 2.2 2.2 7.8 8.2 7.2 7.3

Q1 2013 2.2 2.3 2.2 2.2 7.7 8.1 7.3 7.7

Q4 2012 2.0 2.0 1.9 2.0 7.2 7.3 6.9 7.5

Q3 2012 1.9 1.9 1.8 1.9 6.6 6.6 6.3 6.1

Q2 2012 1.8 1.9 1.7 1.8 7.0 6.9 6.1 5.9

Q1 2012 2.3 2.2 2.2 2.1 8.4 8.4 7.3 8.1

Q4 2011 2.1 2.0 2.0 1.9 7.1 6.9 6.9 7.0

Q3 2011 1.8 1.9 1.7 1.8 6.6 6.9 6.5 6.8

Q2 2011 2.4 2.6 2.3 2.5 8.5 8.8 8.0 8.3

5 - 15% Q1 2014 3.6 x 3.1 x 3.3 x 2.9 x 12.8 x 11.8 x 12.1 x 11.0 x

Q4 2013 3.9 3.5 3.5 3.2 15.5 13.1 14.3 12.4

Q3 2013 3.5 3.1 3.2 2.8 13.9 13.0 12.1 11.3

Q2 2013 3.0 2.6 2.7 2.4 12.2 10.0 9.8 9.1

Q1 2013 3.1 2.6 2.8 2.4 11.5 10.8 9.8 9.6

Q4 2012 3.3 2.9 3.0 2.6 12.2 10.4 10.5 9.6

Q3 2012 3.0 2.7 2.7 2.4 10.8 10.1 9.4 8.7

Q2 2012 2.9 2.4 2.6 2.3 9.8 8.9 8.6 7.9

Q1 2012 3.2 2.7 3.0 2.4 11.6 10.4 10.1 9.2

Q4 2011 2.7 2.4 2.5 2.2 11.3 9.9 8.8 7.9

Q3 2011 2.4 2.0 2.1 1.9 9.0 7.9 7.4 6.8

Q2 2011 3.2 2.7 2.9 2.4 13.0 10.3 11.2 9.1

15 - 25% Q1 2014 5.1 x 4.7 x 4.2 x 4.0 x 25.8 x 26.8 x 22.0 x 19.0 x

Q4 2013 5.8 5.2 4.8 4.3 26.6 8.1 23.5 20.4

Q3 2013 5.9 5.9 4.9 4.9 26.3 21.8 24.8 25.6

Q2 2013 4.9 4.9 4.1 4.1 23.3 23.2 21.8 20.5

Q1 2013 4.6 4.3 3.8 3.6 23.5 20.7 19.6 18.9

Q4 2012 4.8 4.1 4.0 3.4 23.8 19.7 21.7 15.8

Q3 2012 5.2 4.6 4.3 3.9 39.3 22.2 34.0 18.5

Q2 2012 5.0 4.6 4.1 3.8 41.7 22.9 24.4 16.6

Q1 2012 5.6 5.5 4.6 4.5 32.5 23.3 22.7 19.0

Q4 2011 4.6 4.6 3.8 4.0 23.9 21.3 17.3 14.3

Q3 2011 4.3 4.2 3.6 3.6 21.8 19.5 15.5 14.0

Q2 2011 5.5 4.7 4.6 4.0 36.3 24.8 23.9 18.8

> 25% Q1 2014 10.6 x 9.6 x 7.8 x 7.4 x 27.0 x 27.0 x 21.8 x 17.3 x

Q4 2013 12.7 8.9 9.1 6.6 25.6 0.0 25.3 24.1

Q3 2013 11.6 8.3 8.5 6.4 30.4 28.5 30.6 36.8

Q2 2013 10.4 9.0 7.6 7.0 26.9 26.9 22.6 24.9

Q1 2013 9.1 9.6 6.7 6.5 45.7 45.7 23.6 23.6

Q4 2012 8.3 7.9 6.1 6.1 35.2 32.9 36.6 28.8

Q3 2012 9.4 7.8 6.8 5.7 55.8 36.6 nm 28.7

Q2 2012 7.9 8.3 5.9 6.2 32.4 33.6 nm 25.6

Q1 2012 7.2 5.9 5.1 4.2 26.2 11.9 nm 21.7

Q4 2011 7.8 7.5 5.8 5.9 76.5 34.5 48.1 24.6

Q3 2011 5.2 5.6 3.8 4.3 79.6 43.4 46.3 25.2

Q2 2011 6.5 7.0 5.1 5.5 35.2 30.0 25.6 26.4

0x

1x

2x

3x

4x

5x

6x

7x

8x

9x

10x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

20142013201220112010

> 25% growth

15 - 25% growth

5 - 15% growth

< 5% growth


Equity Trading Multiples by Growth Tranche

20

Market Valuations of Publicly-Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median EV / EBITDA by Growth Tranche

Note: Dotted line indicates period where no companies had greater than 25% y/y revenue growth


0x

5x

10x

15x

20x

25x

30x

35x

40x

Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1

20142013201220112010

> 25% growth

15 - 25% growth

5 - 15% growth

< 5% growth


Supply Chain

Management

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P/E Multiple [b]

Company (03/31/14) Value Value CY14E CY15E y/y CY14E CY15E CY14E mgn CY15E mgn CY14E CY15E CY14E CY15E

Global Diversified

Microsoft 40.99$ 347,654$ 287,107$ 88,635$ 95,898$ 8% 3.2 x 3.0 x 32,352$ 36% 34,667$ 36% 8.9 x 8.3 x 14.7 x 14.8 x

IBM 192.49 213,452 242,254 99,330 100,691 1% 2.4 2.4 27,706 28% 29,247 29% 8.7 8.3 11.4 10.8

Oracle 40.91 197,180 184,660 39,291 41,189 5% 4.7 4.5 19,424 49% 21,137 51% 9.5 8.7 14.6 13.6

Intel 25.81 132,435 133,085 53,145 54,664 3% 2.5 2.4 20,940 39% 21,983 40% 6.4 6.1 13.6 14.0

Cisco Systems 22.42 121,331 91,438 46,796 49,201 5% 2.0 1.9 16,234 35% 16,470 33% 5.6 5.6 11.0 11.1

SAP AG 80.93 96,995 99,047 24,482 25,962 6% 4.0 3.8 8,807 36% 9,427 36% 11.2 10.5 17.7 16.9

EMC 27.41 64,526 64,171 24,506 26,219 7% 2.6 2.4 7,461 30% 8,016 31% 8.6 8.0 15.3 14.1

Hewlett Packard 32.36 63,260 72,184 110,683 111,368 1% 0.7 0.6 13,675 12% 14,011 13% 5.3 5.2 8.9 8.7

Mean 60,858$ 63,149$ 5% 2.8 x 2.6 x 18,325$ 33% 19,370$ 34% 8.0 x 7.6 x 13.4 x 13.0 x

Median 49,970 51,932 5% 2.6 2.4 17,829 35% 18,803 35% 8.7 8.1 14.1 13.8

Application Delivery & Network Acceleration

Citrix Systems 57.44$ 10,555$ 8,964$ 3,183$ 3,481$ 9% 2.8 x 2.6 x 903$ 28% 1,025$ 29% 9.9 x 8.7 x 19.4 x 19.7 x

Akamai Technologies 58.21 10,487 9,240 1,884 2,187 16% 4.9 4.2 797 42% 939 43% 11.6 9.8 29.3 26.0

F5 Networks 106.63 8,058 6,822 1,747 1,968 13% 3.9 3.5 679 39% 780 40% 10.1 8.7 22.8 19.6

Riverbed Technology 19.71 3,187 3,179 1,140 1,233 8% 2.8 2.6 342 30% 386 31% 9.3 8.2 19.5 17.3

Radware 17.68 798 634 213 232 9% 3.0 2.7 41 19% 50 22% 15.5 12.7 25.8 21.9

Mean 1,633$ 1,820$ 11% 3.5 x 3.1 x 552$ 32% 636$ 33% 11.3 x 9.7 x 23.4 x 20.9 x

Median 1,747 1,968 9% 3.0 2.7 679 30% 780 31% 10.1 8.7 22.8 19.7

Business Intelligence

Tableau Software 76.08$ 5,076$ 4,824$ 327$ 443$ 36% 14.8 x 10.9 x (2)$ nm 17$ 4% nm x nm x nm x nm x

Qlik Technologies 26.59 2,383 2,155 551 643 17% 3.9 3.4 42 8% 61 10% nm 35.2 nm nm

Rocket Fuel 42.88 1,603 1,516 433 696 61% 3.5 2.2 5 1% 39 6% nm 38.4 nm nm

MicroStrategy 115.39 1,304 947 619 662 7% 1.5 1.4 66 11% 71 11% 14.3 13.4 55.8 47.4

Varonis Systems 35.76 940 926 95 121 27% 9.7 7.7 (16) nm (14) nm nm nm nm nm

Actuate 6.02 315 236 123 125 2% 1.9 1.9 24 20% 24 19% 9.7 9.8 17.7 21.0

Mean 358$ 448$ 25% 5.9 x 4.6 x 20$ 10% 33$ 10% 12.0 x 24.2 x 36.8 x 34.2 x

Median 380 543 22% 3.7 2.8 14 9% 32 10% 12.0 24.3 36.8 34.2

Content Management

Adobe 65.74$ 34,015$ 32,393$ 4,133$ 4,932$ 19% 7.8 x 6.6 x 1,093$ 26% 1,682$ 34% 29.6 x 19.3 x 48.9 x 56.4 x

Open Text 47.71 5,667 5,698 1,870 1,992 7% 3.0 2.9 602 32% 661 33% 9.5 8.6 16.9 13.7

Kofax 8.24 765 684 310 329 6% 2.2 2.1 45 15% 58 18% 15.2 11.8 nm 24.2

IntraLinks 10.23 571 561 244 259 6% 2.3 2.2 39 16% 45 17% 14.3 12.5 80.2 nm

Guidance Software 11.06 290 270 116 125 8% 2.3 2.2 10 9% 14 12% 26.9 18.6 nm nm

Mean 1,335$ 1,528$ 9% 3.5 x 3.2 x 358$ 20% 492$ 23% 19.1 x 14.2 x 48.7 x 31.5 x

Median 310 329 7% 2.3 2.2 45 16% 58 18% 15.2 12.5 48.9 24.2


Equity Trading Multiples by Segment

21


Global Diversified

ERP & General

Business Applications

Financial Applications

Human Capital

Management

IT Security

Network

Infrastructure

Platforms, Dev Tools

& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Small Cap

Marketing

Applications

Application Delivery &

Network Acceleration

Content Management

($ millions)

Notes:

[a] Wall Street consensus estimates

[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


IT Operations

Management




ERP & General Business Applications

Salesforce.com 57.09$ 37,349$ 37,360$ 5,290$ 6,556$ 24% 7.1 x 5.7 x 836$ 16% 1,077$ 16% 44.7 x 34.7 x nm x nm x

Sage Group 6.96 7,771 8,373 2,299 2,416 5% 3.6 3.5 686 30% 737 30% 12.2 11.4 18.6 17.6

NetSuite 94.83 7,250 7,053 540 690 28% 13.1 10.2 42 8% 69 10% nm nm nm nm

Constellation Software 242.25 5,134 5,532 1,726 1,981 15% 3.2 2.8 339 20% 404 20% 16.3 13.7 27.0 18.8

Guidewire Software 49.05 3,485 2,897 361 404 12% 8.0 7.2 43 12% 57 14% nm nm nm nm

Medidata Solutions 54.34 3,006 2,800 344 418 22% 8.1 6.7 82 24% 107 26% 34.1 26.1 70.0 68.8

Aveva Group 34.84 2,328 2,169 429 476 11% 5.1 4.6 146 34% 166 35% 14.8 13.0 25.0 21.4

Unit 4 N.V. 54.32 1,784 1,926 725 778 7% 2.7 2.5 156 22% 176 23% 12.3 10.9 40.4 24.4

Cvent 36.15 1,516 1,358 139 173 25% 9.8 7.8 13 10% 18 10% nm nm nm nm

Blackbaud 31.30 1,444 1,585 552 593 7% 2.9 2.7 102 19% 133 22% 15.5 11.9 25.5 26.5

Synchronoss Technologies 34.29 1,428 1,360 416 485 17% 3.3 2.8 150 36% 178 37% 9.1 7.6 25.9 21.5

RealPage 18.16 1,426 1,392 442 518 17% 3.1 2.7 105 24% 128 25% 13.2 10.8 30.5 27.1

Fleetmatics 33.45 1,265 1,153 229 286 25% 5.0 4.0 62 27% 82 29% 18.7 14.0 39.1 40.3

SPS Commerce 61.45 1,023 894 126 151 20% 7.1 5.9 17 14% 23 15% nm 38.8 nm 97.5

PROS 31.51 943 899 190 229 20% 4.7 3.9 22 12% 36 16% 40.0 24.8 57.0 96.6

Exact Holding N.V. 37.92 867 785 303 317 4% 2.6 2.5 65 21% 68 21% 12.1 11.6 21.0 21.9

Enghouse Systems Ltd. 28.40 753 662 188 n/a n/a 3.5 n/a 50 27% n/a n/a 13.2 nm 30.1 27.1

ServiceSource 8.44 716 556 312 358 15% 1.8 1.6 (1) nm 12 3% nm 47.7 nm nm

Basware 54.11 700 693 193 230 19% 3.6 3.0 26 13% 40 17% 26.8 17.5 nm 54.5

SciQuest 27.02 657 623 112 134 19% 5.6 4.7 23 20% 31 23% 27.5 20.2 77.2 63.6

TechnologyOne 2.12 650 595 184 201 9% 3.2 3.0 42 23% 48 24% 14.1 12.3 25.3 21.7

E2open 23.57 641 634 86 105 21% 7.4 6.1 (8) nm 2 2% nm nm nm nm

Callidus Software 12.52 608 574 128 150 17% 4.5 3.8 14 11% 18 12% 40.1 31.7 nm 90.2

Jive Software 8.01 592 459 173 204 18% 2.7 2.2 (14) nm (3) nm nm nm nm nm

ClickSoftware 10.12 341 284 117 135 16% 2.4 2.1 4 4% 7 5% nm 41.1 nm nm

QAD 20.43 325 282 176 214 22% 1.6 1.3 (6) nm 2 1% nm nm nm nm

Model N 10.11 266 163 77 n/a n/a 2.1 n/a (18) nm n/a n/a nm nm 40.4 nm

Mean 587$ 728$ 17% 4.7 x 4.1 x 110$ 19% 145$ 18% 21.4 x 21.0 x 36.9 x 43.5 x

Median 229 317 17% 3.6 3.5 42 20% 57 19% 15.5 14.0 30.1 27.1


Equity Trading Multiples by Segment continued

22

($ millions)

Notes:





Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management





Intuit 77.73$ 22,286$ 21,409$ 4,692$ 4,990$ 6% 4.6 x 4.3 x 1,920$ 41% 1,940$ 39% 11.2 x 11.0 x 26.5 x 20.4 x

FIS 53.45 15,757 19,834 6,387 6,755 6% 3.1 2.9 1,934 30% 2,078 31% 10.3 9.5 18.8 17.3

Fiserv 56.69 14,637 18,085 5,038 5,280 5% 3.6 3.4 1,656 33% 1,762 33% 10.9 10.3 18.9 17.0

Verisk Analytics 59.96 10,283 11,389 1,766 1,965 11% 6.4 5.8 815 46% 909 46% 14.0 12.5 26.7 25.0

Concur 99.07 6,296 5,744 727 899 24% 7.9 6.4 118 16% 156 17% 48.8 36.8 nm nm

MSCI 43.02 5,057 5,507 1,058 1,132 7% 5.2 4.9 443 42% 483 43% 12.4 11.4 19.5 19.8

Jack Henry 55.76 4,771 4,625 1,276 1,382 8% 3.6 3.3 433 34% 476 34% 10.7 9.7 24.6 22.4

Xero 34.03 3,941 3,893 100 186 86% 39.0 21.0 (32) nm (24) nm nm nm nm nm

SS&C Technologies 40.02 3,504 4,195 767 826 8% 5.5 5.1 319 42% 347 42% 13.2 12.1 20.4 17.6

Temenos Group 35.06 2,537 2,635 508 552 9% 5.2 4.8 166 33% 187 34% 15.9 14.1 30.6 24.8

Fair Isaac 55.32 1,954 2,328 776 815 5% 3.0 2.9 210 27% 210 26% 11.1 11.1 17.3 15.4

SimCorp 40.52 1,763 1,699 340 376 10% 5.0 4.5 92 27% 107 28% 18.5 15.9 31.3 26.3

Fidessa 42.21 1,577 1,455 476 507 6% 3.1 2.9 134 28% 139 27% 10.9 10.5 31.1 30.0

Bottomline Technologies 35.15 1,555 1,350 321 345 8% 4.2 3.9 67 21% 80 23% 20.0 16.9 29.3 25.2

Advent Software 29.36 1,555 1,826 400 426 6% 4.6 4.3 140 35% 153 36% 13.1 12.0 22.7 20.9

Envestnet 40.18 1,477 1,432 334 403 21% 4.3 3.6 53 16% 77 19% 26.8 18.7 73.3 56.6

Asseco Poland 15.24 1,265 1,911 1,981 2,053 4% 1.0 0.9 302 15% 311 15% 6.3 6.1 10.8 11.0

IRESS 7.93 1,113 1,211 314 334 6% 3.9 3.6 99 32% 112 34% 12.2 10.8 24.1 20.2

Ellie Mae 28.84 843 707 151 188 24% 4.7 3.8 47 31% 61 33% 15.1 11.5 29.3 26.6

Ebix 17.07 662 664 210 n/a n/a 3.2 n/a 84 40% n/a n/a 7.9 nm 11.8 11.5

Q2 Holdings 15.53 548 541 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Mean 1,381$ 1,548$ 14% 6.0 x 4.9 x 450$ 31% 503$ 31% 15.2 x 13.4 x 25.9 x 22.7 x

Median 618 815 8% 4.4 3.9 153 32% 187 33% 12.4 11.5 24.3 20.6

Human Capital Management

Workday 91.43$ 18,578$ 16,709$ 735$ 1,075$ 46% 22.7 x 15.5 x (56)$ nm 6$ 1% nm x nm x nm x nm x

Ultimate Software 137.00 4,015 3,933 505 621 23% 7.8 6.3 121 24% 159 26% 32.4 24.8 93.2 69.2

Cornerstone OnDemand 47.87 2,636 2,546 269 369 37% 9.5 6.9 3 1% 22 6% nm nm nm nm

Benefitfocus 46.97 1,274 1,219 133 168 27% 9.2 7.2 (50) nm (39) nm nm nm nm nm

Paylocity 24.05 1,195 1,195 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Mean 411$ 558$ 33% 12.3 x 9.0 x 5$ 13% 37$ 11% nm x nm x nm x nm x

Median 387 495 32% 9.3 7.1 (23) 13% 14 6% nm nm nm nm



23

($ millions)

Notes:





Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management




IT Operations Management

VMware 108.02$ 46,787$ 41,062$ 6,033$ 7,002$ 16% 6.8 x 5.9 x 2,192$ 36% 2,600$ 37% 18.7 x 15.8 x 32.1 x 30.5 x

CA Technologies 30.98 13,890 12,680 4,449 4,549 2% 2.9 2.8 1,738 39% 1,791 39% 7.3 7.1 9.8 12.2

ServiceNow 59.92 8,973 8,753 644 889 38% 13.6 9.9 43 7% 98 11% nm nm nm nm

Splunk 71.49 8,178 7,826 405 542 34% 19.3 14.5 8 2% 29 5% nm nm nm nm

SolarWinds 42.63 3,239 3,053 416 492 18% 7.3 6.2 194 47% 236 48% 15.7 12.9 27.3 26.5

Compuware 10.50 2,312 2,203 772 764 -1% 2.9 2.9 169 22% 210 27% 13.1 10.5 25.4 29.4

Netscout Systems 37.58 1,558 1,413 424 483 14% 3.3 2.9 123 29% 143 30% 11.5 9.9 25.4 23.6

LogMeIn 44.89 1,145 955 204 236 16% 4.7 4.1 43 21% 53 22% 22.1 18.1 83.0 47.7

Gigamon 30.39 991 853 185 235 27% 4.6 3.6 32 17% 49 21% 27.0 17.3 67.2 62.4

Mean 1,504$ 1,688$ 18% 7.3 x 5.9 x 505$ 24% 579$ 27% 16.5 x 13.1 x 38.6 x 33.2 x

Median 424 542 16% 4.7 4.1 123 22% 143 27% 15.7 12.9 27.3 29.4

IT Security

Symantec 19.97$ 13,810$ 12,014$ 6,618$ 6,766$ 2% 1.8 x 1.8 x 2,069$ 31% 2,159$ 32% 5.8 x 5.6 x 10.6 x 11.3 x

Check Point 67.63 13,152 11,985 1,478 1,566 6% 8.1 7.7 851 58% 901 58% 14.1 13.3 19.9 18.5

FireEye 61.57 9,435 9,447 407 592 46% 23.2 15.9 (236) nm (188) nm nm nm nm nm

Verisign 53.91 8,185 7,211 1,017 1,072 5% 7.1 6.7 657 65% 710 66% 11.0 10.2 23.0 20.3

Trend Micro 31.09 4,194 3,037 1,096 1,132 3% 2.8 2.7 360 33% 369 33% 8.4 8.2 23.0 22.1

Fortinet 22.03 3,732 3,240 700 792 13% 4.6 4.1 137 20% 169 21% 23.7 19.1 47.8 44.9

Barracuda Networks 33.94 1,768 1,649 252 292 16% 6.5 5.7 51 20% 46 16% 32.0 35.5 nm nm

Proofpoint 37.08 1,492 1,396 176 214 22% 7.9 6.5 (6) nm 2 1% nm nm nm nm

Imperva 55.70 1,475 1,357 177 217 23% 7.7 6.3 (18) nm (10) nm nm nm nm nm

AVG Technologies 20.96 1,119 1,107 387 421 9% 2.9 2.6 130 34% 141 33% 8.5 7.8 10.2 10.8

Qualys 25.43 918 785 130 155 20% 6.1 5.1 22 17% 29 19% 36.5 27.2 nm nm

F-Secure 3.30 524 476 218 232 7% 2.2 2.1 45 21% 49 21% 10.6 9.8 21.7 25.1

Vasco Data Security 7.54 299 201 161 171 6% 1.2 1.2 23 15% 28 16% 8.6 7.1 31.4 19.1

Mean 986$ 1,048$ 14% 6.3 x 5.2 x 314$ 31% 339$ 29% 15.9 x 14.4 x 23.4 x 21.5 x

Median 387 421 9% 6.1 5.1 51 26% 49 21% 10.8 10.0 22.3 19.7

Marketing Applications

Marketo 32.67$ 1,480$ 1,360$ 134$ 178$ 32% 10.1 x 7.7 x (38)$ nm (25)$ nm nm x nm x nm x nm x

Constant Contact 24.46 781 657 323 366 13% 2.0 1.8 59 18% 72 20% 11.2 9.1 33.7 25.5

Bazaarvoice 7.30 580 523 193 221 14% 2.7 2.4 (14) nm 5 2% nm nm nm nm

Marin Software 10.57 370 272 96 115 20% 2.8 2.4 (23) nm (18) nm nm nm nm nm

Vocus 13.33 290 334 183 190 4% 1.8 1.8 23 12% 27 14% 14.8 12.5 66.0 41.1

Mean 186$ 214$ 17% 3.9 x 3.2 x 1$ 15% 12$ 12% 13.0 x 10.8 x 49.8 x 33.3 x

Median 183 190 14% 2.7 2.4 (14) 15% 5 14% 13.0 10.8 49.8 33.3



24

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management




Network Infrastructure

Juniper Networks 25.76$ 13,249$ 11,402$ 4,934$ 5,185$ 5% 2.3 x 2.2 x 1,260$ 26% 1,406$ 27% 9.0 x 8.1 x 21.0 x 16.7 x

Palo Alto Networks 68.60 5,180 4,742 662 861 30% 7.2 5.5 86 13% 151 18% nm 31.3 nm nm

Brocade 10.61 5,065 4,665 2,197 2,259 3% 2.1 2.1 647 29% 667 30% 7.2 7.0 12.6 12.9

Aruba Networks 18.75 2,224 1,946 764 879 15% 2.5 2.2 164 21% 199 23% 11.9 9.8 32.9 20.9

Infoblox 20.06 1,076 825 266 314 18% 3.1 2.6 27 10% 48 15% 30.8 17.2 41.8 90.4

Extreme Networks 5.80 555 542 639 743 16% 0.8 0.7 59 9% 62 8% 9.1 8.7 18.7 16.0

Mean 1,577$ 1,707$ 15% 3.0 x 2.6 x 374$ 18% 422$ 20% 13.6 x 13.7 x 25.4 x 31.4 x

Median 713 870 16% 2.4 2.2 125 17% 175 20% 9.1 9.2 21.0 16.7

Platforms, Development Tools & Deployment

Red Hat 52.98$ 10,050$ 9,084$ 1,690$ 1,925$ 14% 5.4 x 4.7 x 458$ 27% 513$ 27% 19.8 x 17.7 x 36.5 x 35.1 x

Informatica 37.78 4,273 3,595 1,059 1,181 11% 3.4 3.0 289 27% 329 28% 12.5 10.9 26.4 23.2

TIBCO Software 20.32 3,381 3,175 1,154 1,253 9% 2.8 2.5 321 28% 354 28% 9.9 9.0 19.7 17.6

Software AG 36.15 3,149 3,278 1,356 1,423 5% 2.4 2.3 374 28% 408 29% 8.8 8.0 13.2 12.4

Micro Focus 13.82 2,070 2,235 435 446 2% 5.1 5.0 197 45% 205 46% 11.4 10.9 14.7 13.4

Progress Software 21.80 1,127 896 328 336 2% 2.7 2.7 118 36% 120 36% 7.6 7.4 18.6 15.7

Pegasystems 17.66 675 519 579 632 9% 0.9 0.8 87 15% 110 17% 5.9 4.7 26.2 22.5

Axway Software 30.94 633 618 349 377 8% 1.8 1.6 62 18% 72 19% 10.0 8.6 13.6 14.9

Rally Software 13.38 335 241 92 116 26% 2.6 2.1 (36) nm (27) nm nm nm nm nm

Magic Software 8.06 303 271 163 178 9% 1.7 1.5 36 22% 40 22% 7.5 6.8 nm 14.7

Covisint 7.33 275 220 101 117 16% 2.2 1.9 n/a n/a n/a n/a nm nm nm nm

Mean 664$ 726$ 10% 2.8 x 2.6 x 191$ 27% 212$ 28% 10.4 x 9.3 x 21.1 x 18.8 x

Median 435 446 9% 2.6 2.3 157 27% 163 28% 9.9 8.6 19.1 15.7

Storage Management

NetApp 36.90$ 13,193$ 9,119$ 6,449$ 6,720$ 4% 1.4 x 1.4 x 1,511$ 23% 1,589$ 24% 6.0 x 5.7 x 14.0 x 12.7 x

CommVault Systems 64.95 3,398 2,898 656 754 15% 4.4 3.8 168 26% 209 28% 17.2 13.9 35.5 32.5

Carbonite 10.19 270 205 122 141 16% 1.7 1.5 8 7% 14 10% 24.4 14.2 nm nm

Mean 2,409$ 2,538$ 12% 2.5 x 2.2 x 563$ 19% 604$ 21% 15.9 x 11.3 x 24.8 x 22.6 x

Median 656 754 15% 1.7 1.5 168 23% 209 24% 17.2 13.9 24.8 22.6

Supply Chain Management

Manhattan Associates 35.03$ 2,733$ 2,600$ 452$ 494$ 9% 5.7 x 5.3 x 128$ 28% 143$ 29% 20.3 x 18.2 x 38.5 x 34.3 x

Descartes Systems 13.97 920 898 172 193 12% 5.2 4.7 51 30% 58 30% 17.5 15.5 20.2 23.4

Amber Road 15.40 404 409 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

American Software 10.17 316 250 108 n/a n/a 2.3 n/a 22 20% n/a n/a 11.5 nm 23.7 24.8

Mean 244$ 343$ 11% 4.4 x 5.0 x 67$ 26% 101$ 30% 16.5 x 16.8 x 27.5 x 27.5 x

Median 172 343 11% 5.2 5.0 51 28% 101 30% 17.5 16.8 23.7 24.8



25

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management




Technical & Embedded Applications

Dassault Systemes 116.94$ 15,029$ 13,088$ 3,097$ 3,386$ 9% 4.2 x 3.9 x 1,022$ 33% 1,154$ 34% 12.8 x 11.3 x 24.3 x 24.3 x

Autodesk 49.18 11,436 9,915 2,359 2,489 6% 4.2 4.0 438 19% 559 22% 22.7 17.7 30.4 43.1

ANSYS 77.02 7,504 6,761 951 1,040 9% 7.1 6.5 479 50% 526 51% 14.1 12.9 24.3 23.3

Synopsys 38.41 6,129 5,333 2,091 2,239 7% 2.6 2.4 613 29% 614 27% 8.7 8.7 16.3 15.2

Cadence Design 15.54 4,642 4,684 1,568 1,669 6% 3.0 2.8 496 32% 546 33% 9.4 8.6 18.2 16.0

Parametric Technology 35.42 4,291 4,287 1,355 1,442 6% 3.2 3.0 374 28% 492 34% 11.5 8.7 18.2 17.1

Aspen Technology 42.36 4,113 3,894 401 n/a n/a 9.7 n/a 129 32% 111 nm 30.2 35.1 50.4 50.0

Mentor Graphics 22.02 2,904 3,109 1,237 1,308 6% 2.5 2.4 301 24% 453 35% 10.3 6.9 13.8 12.6

Mean 1,632$ 1,939$ 7% 4.6 x 3.6 x 481$ 31% 557$ 34% 15.0 x 13.7 x 24.5 x 25.2 x

Median 1,462 1,669 6% 3.7 3.0 458 30% 536 34% 12.1 10.0 21.2 20.2

26

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management



Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management





Salesforce.com 57.09$ 37,349$ 37,360$ 5,290$ 6,556$ 24% 7.1 x 5.7 x 836$ 16% 1,077$ 16% 44.7 x 34.7 x nm x nm x

Workday 91.43 18,578 16,709 735 1,075 46% 22.7 15.5 (56) nm 6 1% nm nm nm nm


Splunk 71.49 8,178 7,826 405 542 34% 19.3 14.5 8 2% 29 5% nm nm nm nm


Concur 99.07 6,296 5,744 727 899 24% 7.9 6.4 118 16% 156 17% 48.8 36.8 nm nm

Ultimate Software 137.00 4,015 3,933 505 621 23% 7.8 6.3 121 24% 159 26% 32.4 24.8 93.2 69.2


Rocket Fuel 42.88 1,603 1,516 433 696 61% 3.5 2.2 5 1% 39 6% nm 38.4 nm nm

Cvent 36.15 1,516 1,358 139 173 25% 9.8 7.8 13 10% 18 10% nm nm nm nm

Marketo 32.67 1,480 1,360 134 178 32% 10.1 7.7 (38) nm (25) nm nm nm nm nm

Envestnet 40.18 1,477 1,432 334 403 21% 4.3 3.6 53 16% 77 19% 26.8 18.7 73.3 56.6

RealPage 18.16 1,426 1,392 442 518 17% 3.1 2.7 105 24% 128 25% 13.2 10.8 30.5 27.1


Fleetmatics 33.45 1,265 1,153 229 286 25% 5.0 4.0 62 27% 82 29% 18.7 14.0 39.1 40.3

Paylocity 24.05 1,195 1,195 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

LogMeIn 44.89 1,145 955 204 236 16% 4.7 4.1 43 21% 53 22% 22.1 18.1 83.0 47.7

SPS Commerce 61.45 1,023 894 126 151 20% 7.1 5.9 17 14% 23 15% nm 38.8 nm 97.5


Constant Contact 24.46 781 657 323 366 13% 2.0 1.8 59 18% 72 20% 11.2 9.1 33.7 25.5

SciQuest 27.02 657 623 112 134 19% 5.6 4.7 23 20% 31 23% 27.5 20.2 77.2 63.6

Callidus Software 12.52 608 574 128 150 17% 4.5 3.8 14 11% 18 12% 40.1 31.7 nm 90.2

Jive Software 8.01 592 459 173 204 18% 2.7 2.2 (14) nm (3) nm nm nm nm nm

Bazaarvoice 7.30 580 523 193 221 14% 2.7 2.4 (14) nm 5 2% nm nm nm nm

IntraLinks 10.23 571 561 244 259 6% 2.3 2.2 39 16% 45 17% 14.3 12.5 80.2 nm

Q2 Holdings 15.53 548 541 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Amber Road 15.40 404 409 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm


Covisint 7.33 275 220 101 117 16% 2.2 1.9 n/a n/a n/a n/a nm nm nm nm

Mean 490$ 621$ 25% 7.4 x 5.7 x 55$ 14% 84$ 15% 27.3 x 23.7 x 63.8 x 57.5 x

Median 237 272 24% 6.3 5.2 17 16% 31 16% 26.8 20.2 75.2 56.6


Equity Trading Multiples by Comparable Subset

27

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management




Small Cap (<$250m Market Value)

Avid Technology 6.10$ 236$ 165$ n/a n/a n/a n/a x n/a x n/a n/a n/a n/a nm x nm x nm x nm x

Comarch SA 28.55 230 231 327 341 4% 0.7 0.7 36 11% 40 12% 6.5 5.8 29.0 13.9

Limelight Networks 2.18 213 96 155 159 3% 0.6 0.6 (2) nm (1) nm nm nm nm nm

Datawatch 27.12 203 203 42 52 25% 4.9 3.9 (3) nm 2 5% nm nm nm nm

Exa 13.26 197 177 61 69 13% 2.9 2.6 3 4% 5 8% nm 32.7 nm nm

Cyan 4.27 143 84 98 120 23% 0.9 0.7 (32) nm (22) nm nm nm nm nm

Attunity 9.33 121 119 36 45 26% 3.3 2.6 n/a n/a n/a n/a nm nm 54.9 35.9

ReadSoft 2.75 91 71 120 131 10% 0.6 0.5 17 15% 22 17% 4.1 3.2 30.1 15.9

FalconStor Software 1.58 76 54 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Top Image Systems 4.44 54 54 33 38 15% 1.6 1.4 1 2% 2 4% nm 33.7 88.8 nm

NetSol Technologies 4.64 42 59 48 n/a n/a 1.2 n/a 17 34% n/a n/a 3.6 nm 19.3 46.4

NexJ Systems 1.95 40 14 29 33 15% 0.5 0.4 (5) nm (2) n/a nm nm nm nm

Mean 95$ 110$ 15% 1.7 x 1.5 x 3$ 13% 6$ 9% 4.7 x 18.8 x 44.4 x 28.0 x

Median 55 69 15% 1.0 0.7 1 11% 2 8% 4.1 19.2 30.1 25.9

High Growth (>25% CY15 Revenue Growth)

Rocket Fuel 42.88$ 1,603$ 1,516$ 433$ 696$ 61% 3.5 x 2.2 x 5$ 1% 39$ 6% nm x 38.4 x nm x nm x

Workday 91.43 18,578 16,709 735 1,075 46% 22.7 15.5 (56) nm 6 1% nm nm nm nm

FireEye 61.57 9,435 9,447 407 592 46% 23.2 15.9 (236) nm (188) nm nm nm nm nm



Tableau Software 76.08 5,076 4,824 327 443 36% 14.8 10.9 (2) nm 17 4% nm nm nm nm

Splunk 71.49 8,178 7,826 405 542 34% 19.3 14.5 8 2% 29 5% nm nm nm nm

Marketo 32.67 1,480 1,360 134 178 32% 10.1 7.7 (38) nm (25) nm nm nm nm nm

Palo Alto Networks 68.60 5,180 4,742 662 861 30% 7.2 5.5 86 13% 151 18% nm 31.3 nm nm


Gigamon 30.39 991 853 185 235 27% 4.6 3.6 32 17% 49 21% 27.0 17.3 67.2 62.4



Attunity 9.33 121 119 36 45 26% 3.3 2.6 n/a n/a n/a n/a nm nm 54.9 35.9


Datawatch 27.12 203 203 42 52 25% 4.9 3.9 (3) nm 2 5% nm nm nm nm

Mean 321$ 442$ 34% 10.7 x 7.9 x (15)$ 7% 13$ 9% 27.0 x 29.0 x 61.0 x 49.2 x

Median 298 406 31% 9.6 7.4 (2) 7% 17 6% nm 31.3 61.0 49.2


Equity Trading Multiples by Comparable Subset continued

28

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management




High Profitability (>35% CY14 EBITDA Margin)

Verisign 53.91$ 8,185$ 7,211$ 1,017$ 1,072$ 5% 7.1 x 6.7 x 657$ 65% 710$ 66% 11.0 x 10.2 x 23.0 x 20.3 x

Check Point 67.63 13,152 11,985 1,478 1,566 6% 8.1 7.7 851 58% 901 58% 14.1 13.3 19.9 18.5

ANSYS 77.02 7,504 6,761 951 1,040 9% 7.1 6.5 479 50% 526 51% 14.1 12.9 24.3 23.3

Oracle 40.91 197,180 184,660 39,291 41,189 5% 4.7 4.5 19,424 49% 21,137 51% 9.5 8.7 14.6 13.6

SolarWinds 42.63 3,239 3,053 416 492 18% 7.3 6.2 194 47% 236 48% 15.7 12.9 27.3 26.5

Verisk Analytics 59.96 10,283 11,389 1,766 1,965 11% 6.4 5.8 815 46% 909 46% 14.0 12.5 26.7 25.0

Micro Focus 13.82 2,070 2,235 435 446 2% 5.1 5.0 197 45% 205 46% 11.4 10.9 14.7 13.4

Akamai Technologies 58.21 10,487 9,240 1,884 2,187 16% 4.9 4.2 797 42% 939 43% 11.6 9.8 29.3 26.0

MSCI 43.02 5,057 5,507 1,058 1,132 7% 5.2 4.9 443 42% 483 43% 12.4 11.4 19.5 19.8

SS&C Technologies 40.02 3,504 4,195 767 826 8% 5.5 5.1 319 42% 347 42% 13.2 12.1 20.4 17.6

Intuit 77.73 22,286 21,409 4,692 4,990 6% 4.6 4.3 1,920 41% 1,940 39% 11.2 11.0 26.5 20.4

Ebix 17.07 662 664 210 n/a n/a 3.2 n/a 84 40% n/a n/a 7.9 nm 11.8 11.5

Intel 25.81 132,435 133,085 53,145 54,664 3% 2.5 2.4 20,940 39% 21,983 40% 6.4 6.1 13.6 14.0

CA Technologies 30.98 13,890 12,680 4,449 4,549 2% 2.9 2.8 1,738 39% 1,791 39% 7.3 7.1 9.8 12.2

F5 Networks 106.63 8,058 6,822 1,747 1,968 13% 3.9 3.5 679 39% 780 40% 10.1 8.7 22.8 19.6

VMware 108.02 46,787 41,062 6,033 7,002 16% 6.8 5.9 2,192 36% 2,600 37% 18.7 15.8 32.1 30.5

Microsoft 40.99 347,654 287,107 88,635 95,898 8% 3.2 3.0 32,352 36% 34,667 36% 8.9 8.3 14.7 14.8

Synchronoss Technologies 34.29 1,428 1,360 416 485 17% 3.3 2.8 150 36% 178 37% 9.1 7.6 25.9 21.5

SAP AG 80.93 96,995 99,047 24,482 25,962 6% 4.0 3.8 8,807 36% 9,427 36% 11.2 10.5 17.7 16.9

Progress Software 21.80 1,127 896 328 336 2% 2.7 2.7 118 36% 120 36% 7.6 7.4 18.6 15.7

Mean 11,660$ 13,040$ 9% 4.9 x 4.6 x 4,658$ 43% 5,257$ 44% 11.3 x 10.4 x 20.7 x 19.1 x

Median 1,613 1,965 7% 4.8 4.5 738 41% 901 42% 11.2 10.5 20.1 19.1


Equity Trading Multiples by Comparable Subset continued

29

($ millions)


Global Diversified

ERP & General



Human Capital

Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap



Content Management

Notes:




Supply Chain

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Marketing

Applications

IT Operations

Management


IPO Pricing

IPO Date 5/16/13 5/16/13 6/11/13 8/9/13 9/18/13 9/20/13 9/20/13 9/26/13 11/6/13 2/27/14 3/18/14 3/19/14 3/20/14

Original Range $11 - $13 $28 - $30 $18 - $20 $17 - $19 $22 - $25 $15 - $17 $27 - $29 $9 - $11 $18 - $21 $19 - $21 $14 - $16 $11 - $13 $11 - $13

Pricing $13.00 $31.00 $19.00 $21.00 $26.50 $20.00 $29.00 $10.00 $18.00 $22.00 $17.00 $13.00 $13.00

vs. Midpoint 8% 7% 0% 17% 15% 25% 4% 0% (8%) 10% 13% 8% 13%

Current $32.67 $76.08 $30.39 $36.15 $46.97 $61.57 $42.88 $7.33 $33.94 $35.76 $24.05 $15.53 $15.40

vs. Pricing 151% 145% 60% 72% 77% 208% 48% (27%) 89% 63% 41% 19% 18%

Operating Statistics at IPO ($ millions)

CY Revenue $83 $193 $150 $107 $103 $158 $232 $100 $199 $95 n/a n/a n/a

CY+1 Revenue $106 $271 $200 $134 $130 $249 $420 $114 $247 $121 n/a n/a n/a

Growth 28% 40% 33% 25% 26% 58% 81% 14% 24% 27% n/a n/a n/a

Change from IPO 218% 185% 77% 87% 98% 302% 70% -25% 96% 79% 44% 32% 25%

Fo

rwa

rd R

eve

nu

e M

ult

iple

30

Equity Financing Activity Software IPOs: Trailing Twelve Months


Ma

rke

t V

alu

e (

$ m

illio

ns)

$465

$1,783

$560 $812 $644

$2,349

$942

$364

$900 $524

$832 $415 $322

$1,480

$5,076

$991

$1,516 $1,274

$9,435

$1,603

$275

$1,768

$940 $1,195

$548 $404

$-

$2,000

$4,000

$6,000

$8,000

$10,000

At IPO

At 03/31/14

4.1x

6.4x

2.7x

5.7x 4.9x

9.3x

2.2x 3.2x 3.5x 4.2x

n/a n/a n/a

10.1x

14.8x

4.6x

9.8x 9.2x

23.2x

3.5x

2.2x

6.5x

9.7x

n/a n/a n/a

0x

5x

10x

15x

20x

25x

Median at IPO

Median at 03/31/14


Current Trading Data Valuation at IPO

Share Price Market Enterprise EV / Revenue Performance Share Amount Market Enterprise EV / Revenue

Company (03/31/14) Value Value CY14E CY15E Since IPO IPO Date Price Raised [a] Value Value TTM CY CY +1

Amber Road $ 15.40 $ 404 $ 409 n/a x n/a x 18 % 03/20/14 $ 13.00 $ 62 $ 322 $ 327 6.2 x n/a x n/a x

Q2 Holdings 15.53 548 541 n/a n/a 19 03/19/14 13.00 81 415 408 7.2 n/a n/a

Paylocity 24.05 1,195 1,195 n/a n/a 41 03/18/14 17.00 85 832 832 10.0 n/a n/a

Varonis Systems 35.76 940 926 9.7 7.7 63 02/27/14 22.00 106 524 510 6.8 5.4 4.2

Barracuda Networks 33.94 1,768 1,649 6.5 5.7 89 11/06/13 18.00 75 900 872 4.0 4.4 3.5

Covisint 7.33 275 220 2.2 1.9 (27) 09/26/13 10.00 64 364 363 3.8 3.6 3.2

FireEye 61.57 9,435 9,447 23.2 15.9 208 09/20/13 20.00 304 2,349 2,315 20.1 14.7 9.3

Rocket Fuel 42.88 1,603 1,516 3.5 2.2 48 09/20/13 29.00 116 942 943 5.9 4.1 2.2

Benefitfocus 46.97 1,274 1,219 9.2 7.2 77 09/18/13 26.50 80 644 633 6.9 6.1 4.9

Cvent 36.15 1,516 1,358 9.8 7.8 72 08/09/13 21.00 118 812 771 8.6 7.2 5.7

Gigamon 30.39 991 853 4.6 3.6 60 06/11/13 19.00 86 560 537 5.1 3.6 2.7

Marketo 32.67 1,480 1,360 10.1 7.7 151 05/16/13 13.00 75 465 434 6.6 5.2 4.1

Tableau Software 76.08 5,076 4,824 14.8 10.9 145 05/16/13 31.00 155 1,783 1,742 12.2 9.0 6.4

Cyan 4.27 143 84 0.9 0.7 (61) 05/08/13 11.00 88 490 489 4.5 3.5 2.4

Rally Software 13.38 335 241 2.6 2.1 (4) 04/11/13 14.00 84 318 302 5.3 4.2 3.3

Marin Software 10.57 370 272 2.8 2.4 (25) 03/21/13 14.00 105 433 433 7.3 5.8 4.7

Model N 10.11 266 163 2.1 n/a (35) 03/20/13 15.50 93 332 325 6.4 3.1 2.6

Mean 7.3 x 5.8 x 49 % $ 104 $ 735 $ 720 7.5 x 5.7 x 4.2 x

Median 5.6 5.7 48 86 524 510 6.6 4.8 3.8


Software IPO Pricing & Performance Data

31

Initial Equity Issuances from 2013 – 2014 YTD ($ millions)

Notes:

[a] Primary shares only



Company Stage Ticker IPO Date Range Price First Filing Date Revenue (TTM) Net Income (TTM)

Varonis Systems Priced VRNS 02/28/14 $19 - $21 $22.00 10/22/13 $75 ($7)

Paylocity Holding Priced PCTY 03/19/14 $14 - $16 $17.00 01/30/14 $84 $0

Amber Road Priced AMBR 03/21/14 $11 - $13 $13.00 02/10/14 $53 ($14)

Q2 Holdings Priced QTWO 03/20/14 $11 - $13 $13.00 02/12/14 $57 ($18)

BorderFree Priced BRDR 03/21/14 $14 - $16 $16.00 02/18/14 $9 ($1)

Blackstratus S-1 Filed BLKS n/a n/a n/a 04/13/12 $9 ($1)

Paycom Software S-1 Filed PAYC n/a $18 - $20 n/a 03/10/14 $108 $8

Box S-1 Filed BOX n/a n/a n/a 03/24/14 $124 ($169)

TubeMogul S-1 Filed TUBE n/a n/a n/a 03/27/14 $57 ($7)

Imprivata S-1 Filed IMPR n/a n/a n/a 03/31/14 $71 ($6)

Reval Holdings SEC Review RVAL n/a n/a n/a 03/30/12 $47 ($19)

Globoforce Ltd. Withdrawn THNX n/a n/a n/a 11/08/13 $177 ($5)


Software IPO Pipeline

32

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and

pricing the offering and issuing shares to the public market

($ millions)

3

15

(8)

(1)

9

18

(9)

(6)

12

15 (20)

(2)

5

17 (17)

5

8 5

1

7

2010 IPO

Backlog

New Filings Priced Withdrawn 2011 IPO

Backlog


Backlog


Backlog


Backlog

New Filings Priced Withdrawn 2014 YTD

IPO Backlog

Historical IPO Filing Trends


Close Date Company Participating Investor(s) Description Amount

3/25/2014 Embrane Cisco, Lightspeed, NEA, North Bridge, Presidio Ventures Single point management and configuration of network devices and services $14

3/25/2014 Hortonworks Benchmark, BlackRock, Dragoneer, Index, Passport Capital, Tenaya, Yahoo! Big data analysis open-source platform $100

3/25/2014 RelateIQ Felicis, Formation8 Partners, Kleiner Perkins, News Corp, Redpoint Intelligent relationship management platform $40

3/25/2014 Tactile Accel Partners, Redpoint Personal contact aggregation and sync platform $11

3/24/2014 Amplidata NV Endeavor Vision, Hummingbird Ventures, Intel Capital, Quantum, Swisscom Ventures Distributed storage for big data $11

3/20/2014 LoanTek n/a Market and pricing tools for mortgage professionals <$1

3/20/2014 Testbirds GmbH Seventure Partners SA, Tiburon Unternehmensaufbau GmbH Mobile device and web application testing $3

3/19/2014 Cloudera Intel Open-source database software $160

3/19/2014 CoScale Gimv NV, PMV, Qbic Venture Partners Web application performance monitoring and management $2

3/19/2014 LeanData Correlation Ventures, Felicis, Funders Group, Shasta Ventures Management Sales lead data and campaign management $5

3/19/2014 Platfora Allegis, Andreessen Horowitz, Battery, Cisco, Citi Ventures, In-Q-Tel, Sutter Hill, Tenaya Business intelligence and predictive analytics platform for Hadoop data $38

3/19/2014 Verdasys Fairhaven Capital Partners, GE Asset Management Centrally-managed data security platform for collaborative and mobile environments $12

3/18/2014 Active Ops Management Calculus Capital Service organization management and optimization $8

3/18/2014 Irrational Industries 500 Startups, Bessemer, CrunchFund, Golden Gate Ventures, LionRock Capital Development environment setup $7

3/17/2014 Exari Group n/a Document automation, assembly and contract automation $1

3/17/2014 TopOPPS Cultivation Capital Sales pipeline visibility and optimization <$1

3/17/2014 Wise.io Voyager Capital Machine learning for sales optimization and customer loyalty $3

3/16/2014 Calaborate Launchpad LA Mobile scheduling and collaboration $2

3/12/2014 Niara Index, NEA Enterprise security threat detection and analysis $9

3/12/2014 Omniata Creandum, Sigma West Data analytics, CRM, content management and testing platform $5

3/11/2014 Vicarious FPC Felecis Ventures, Formation8 Partners Advanced artificial intelligence $40

3/11/2014 Webflow Draper Associates, FundersClub, Khosla Ventures, Vaizra Investments, Y Combinator Hosted web design platform $2

3/10/2014 Simply Measured Bessemer, MHS Capital Partners, Trinity Ventures Social media analytics and measurement platform $20

3/10/2014 ZeroTurnaround Bain Capital Ventures, Western Technology Investment Java development productivity tools $6

3/7/2014 Rifiniti Hub Angels Investment Group, Nauta Capital Office space utilization tracking SaaS $2

3/6/2014 Egress Software Technologies Ltd. Albion Ventures Email and data encryption $4

3/6/2014 Leadboxer Rockstart Accelerator Sales lead management and visualization dashboard n/a

3/6/2014 ShowEvidence Atrium Capital Education and professional development performance assessment $2

3/5/2014 AppZero Covington Capital Server application on-boarding and deployment automation $3

3/5/2014 Optio Labs Allied Minds Mobile security and productivity technologies $10

3/5/2014 Prestashop Serena Capital SAS, Seventure Partners SA, XAnge Private Equity Open source e-commerce platform for shopping cart customization $9

3/5/2014 StreamLink Software Blu Investors, Hyde Park Angels, Hyde Park Venture Partners, North Coast Angel Fund Grant and board management software for non-profits and the public sector $4

3/5/2014 TrackDuck Kima Ventures, Practica Capital UAB Feedback and issue tracking for web design agencies and freelancers <$1

3/5/2014 Vennli 1st Source Bank, Elevate Ventures Strategic and tactical planning for company growth planning $1

3/4/2014 3CLogic Blu Investors Cloud-based contact center platform $4

3/4/2014 MuleSoft Bay, Cisco, Hummer Winblad, Lightspeed, Meritech, Morgenthaler, NEA, Salesforce.com, SAP Open-source SOA, SaaS and API integration platform $51

3/1/2014 Command Spot Internet Initiatives Development Fund Multiplatform cloud solution for connected device remote control <$1

3/1/2014 GeneGuard Internet Initiatives Development Fund Website security monitoring and management <$1

3/1/2014 Swift Shift n/a Mobile workforce scheduling and management n/a

2/28/2014 Fiverun Orange Fab Tablet-based POS platform <$1

2/28/2014 Xeneta AS Point Nine Management GmbH Real-time shipping rate comparison SaaS n/a

2/27/2014 ClearSlide Bessemer, Comcast Ventures, Felicis, Greylock, SVB, The Social+Capital Partnership Sales communication and collaboration platform $50


Software Private Capital Raise Activity: 1Q 2014

33

($ millions)




2/27/2014 Speek 500 Startups, CNF Investments, Crystal Tech Fund, Middleland Capital Web-based teleconferencing $5

2/27/2014 TipBit Ignition Partners Email, calendar and social media data aggregation $7

2/27/2014 VoltDB Kepha Partners, Sigma Prime High speed in-memory operational databases $8

2/26/2014 Abiquo Group n/a Cloud environment deployment, monetization and management $1

2/26/2014 Apica AB n/a Application performance testing and monitoring $4

2/26/2014 CirroSecure Karlin Ventures, XSeed Capital Cloud application security monitoring platform $1

2/26/2014 DataRPM 20K Industries, Center for Innovative Technology, InterWest Partners Big data modeling, analysis and visualization $6

2/26/2014 First Insight n/a Retail and consumer product market testing $2

2/26/2014 Luminal Core Capital Partners, Maryland Venture Fund, NEA Secure cloud infrastructure systems $5

2/25/2014 CyberSense360.com BRM Capital, Opus Capital Cloud and on premise cybersecurity $5

2/25/2014 Pendo.io Contour Venture Partners, IDEA Fund Partners SaaS data analytics software development platform n/a

2/25/2014 Shape Security Allegis, Google, Kleiner Perkins, Norwest, Sierra, TomorrowVentures, Venrock Malware prevention and network security appliance $40

2/25/2014 Titanium Core Ltd. Jerusalem Venture Partners Multi-layered security for mission-critical systems $1

2/25/2014 Workboard Crosslink Capital, Granite Ventures, Opus Capital, Shea Ventures Enterprise planning and goal tracking $3

2/24/2014 Bitium Amplify.LA, Lazerow Ventures, Polaris Partners, Resolute Ventures, Social Leverage Operating system for app management, single sign-on and analytics $6

2/22/2014 Apptimize AngelList, Google, Maverick Capital, Merus Capital, XG Ventures, Y Combinator A/B testing for iOS and Android applications $2

2/21/2014 Appian NEA Business process management and analytics platform $38

2/21/2014 Bigtincan Southern Cross Venture Partners Secure mobile content enablement and utilization analytics $5

2/21/2014 DreamFactory Software NEA Mobile app development framework and deployment $1

2/20/2014 Acompli Felecis Ventures, Harrison Metal Capital, Redpoint Mobile email application $7

2/20/2014 Cylance Blackstone Group, Fairhaven Capital Partners, Khosla Ventures Mathematical cybersecurity threat detection $20

2/20/2014 Shadow Networks Paladin Capital Group Enterprise and government network security for advanced persistent threats $10

2/19/2014 Appcore n/a Cloud automation management platform <$1

2/19/2014 ZenPayroll General Catalyst Partners, Kleiner Perkins Comprehensive payroll and document management $20

2/18/2014 BeyondCore Menlo Ventures Data analysis automation $9

2/18/2014 Socialbakers A.S. Earlybird Venture Capital, Index Social media campaign comparison and analytics platform $26

2/18/2014 Tictail AB Balderton Capital Management, Thrive Capital Customizable ecommerce platform for virtual store development $8

2/17/2014 Clear Creek Networks SURGE Accelerator Automated data network management $0

2/14/2014 Loop85 BOLDstart Ventures Management, G20 Ventures, NextView Ventures, VegasTech Fund Employee feedback and performance assessments $1

2/13/2014 Javelin Networks Upwest Labs Network infrastructure security and response platform n/a

2/12/2014 Codeship Boston Seed, Devonshire, Rothenberg Ventures, Seedcamp, Sigma Prime, TechStars Continuous integration and deployment software development tool $3

2/12/2014 Lattice Engines n/a Sales and marketing applications with predictive analytics $5

2/12/2014 Unidesk Dell Ventures, Ignition Partners, Matrix Partners, North Bridge Virtual desktop infrastructure management $10

2/12/2014 X1 Discovery n/a Desktop data search $2

2/11/2014 DeviceAuthority Alsop Louie Partners Application security and device authentication n/a

2/11/2014 Front Desk FLOODGATE, Second Avenue Partners, Version One Ventures Mobile scheduling, billing, communication and business management platform $4

2/11/2014 Stylescape Ltd. Frog Capital, Index Retail e-commerce personalization and recommendation for the retail sector $4

2/10/2014 InfiniDB McDonnell Ventures Data warehouse storage engine $8

2/10/2014 Relay Software Ltd. HgCapital Front and back office software for the insurance sector $4

2/7/2014 NuoDB Dassault Systemes, Hummer Winblad, Longworth, Morgenthaler Distributed database management system $14

2/7/2014 Power Fingerprinting Blu Investors Cyber system integrity assessment and intrusion detection <$1

2/7/2014 Splice Machine InterWest Partners, Mohr Davidow Ventures SQL-compliant database for big data applications $15


Software Private Capital Raise Activity: 1Q 2014 continued

34

($ millions)




2/6/2014 AVAST Software A.S. CVC Capital Partners Anti-virus, anti-spyware and firewall suite n/a

2/6/2014 CircleCI Draper Fisher Jurvetson Continuous software integration and deployment $6

2/6/2014 Docurated Rogers Venture Partners Data and file management and organization $4

2/6/2014 Vozio Telecom SL Kima Ventures CRM integrated phone customer support platform <$1

2/5/2014 DataMentors Bay Capital Investment Partners, Brook Venture Partners, Prides Crossing Capital Marketing data warehousing, analytics and campaign management n/a

2/5/2014 Ionic Security ff Venture Capital, Google, Jafco, Kleiner Perkins, TechOperators, Webb Network Enterprise cloud and mobility security $26

2/5/2014 ThoughtSpot Lightspeed Relational search engine and database for data access and analysis $11

2/5/2014 UXPin Andreessen Horowitz, Freestyle Capital, IDG Ventures Europe, Innovation Nest Freemium user experience design and documentation management $2

2/3/2014 DataRank FundersClub, NewRoad Ventures Social media monitoring and analytics dashboard $1

2/3/2014 Dude Solutions Warburg Pincus Facility and IT management $100

2/3/2014 Mojn Ltd. Northzone Ventures AS, Notion Capital, Zoar Invest Automated email campaign management $4

2/3/2014 Primeloop 500 Startups Social media management and customer engagement n/a

2/3/2014 VisionLabs Internet Initiatives Development Fund Face and vehicle license plate image and video recognition n/a

2/2/2014 6th Street Militello Capital Web-based e-commerce storefront management $1

1/30/2014 Speaktoit Alpine Technology Fund, Intel Capital Personal assistant app for mobile devices WH

1/30/2014 Tintri Insight, Lightspeed, Menlo Ventures, NEA Flash and virtualization appliance $75

1/30/2014 WorkFlex Solutions CincyTech Call center workforce optimization for business process outsourcing firms $3

1/29/2014 Ensighten Insight Omni-channel data and enterprise tag management $40

1/29/2014 TrackMaven Acceleprise, Bowery Capital, NEA Competitive intelligence platform for tracking marketing efforts $7

1/28/2014 CoTap Charles River Ventures, Emergence Capital Partners Secure workplace mobile messaging $10

1/28/2014 nCino Salesforce.com, Wellington Management Secure bank operating system $11

1/28/2014 Realytics GmbH BTH Berlin Technologie, Project A Ventures Web traffic tracking for TV ad campaigns n/a

1/28/2014 ToutApp 500 Startups, Founder Collective, Sigma West Sales lead management and email delivery platform $3

1/28/2014 Zikk Software Ltd. Wadi Ventures Crowdsourced network monitoring and mobile device diagnostics n/a

1/27/2014 Hansoft AB Creandum Agile and scrum software development tools $8

1/24/2014 Medallion Analytics Software n/a Compliance and cost management platform for the origination process $2

1/23/2014 Datadog Amplify, Contour, IA Venture Partners, Index, OpenView, RTP Ventures Infrastructure monitoring and analytics $15

1/22/2014 Binary Fountain Pioneer Venture Partners Customer experience data analytics $6

1/22/2014 m>Path JUMP Investors Mobile application development and deployment $2

1/22/2014 MemSQL Accel Partners, Data Collective, First Round Capital, Khosla Ventures Scalable and diskless in-memory database $35

1/22/2014 Mendix Battery, Prime Ventures NV Platform-as-a-service for application development, integration and deployment $25

1/22/2014 Whiteout Networks GmbH Bayern Kapital GmbH, High-Tech Gruenderfonds Management GmbH Encrypted email communication applications and services n/a

1/21/2014 Aorato Ltd. Accel Partners, Glilot Capital Multi-layered, context aware security $10

1/21/2014 Qubell Benhamou Global Ventures, Icon Venture Partners Enterprise platform-as-a-service for application development and management $2

1/20/2014 Adallom Index, Sequoia Capital Visibility, control and compliance platform for SaaS applications $15

1/20/2014 Resource Guru Ltd. Index Cloud-based team scheduling platform <$1

1/16/2014 Conatix MACH37 Cybersecurity Accelerator Machine learning business research system n/a

1/13/2014 KnowledgeTree Core Capital Partners, Hatteras Venture Partners, River Cities Capital Funds Sales and marketing customer engagement <$1

1/9/2014 JumpCloud Foundry Group, TechStars Cloud infrastructure security and multi-factor authentication $3

1/8/2014 Docker AME Cloud Ventures, Benchmark, Greylock, Insight, Lowercase Capital, Trinity Ventures Open-source project for creating containers from any application $15

1/2/2014 AtTask JMI, Escalate Capital Partners, Greenspring Associates, University Venture Fund On-demand project and portfolio management $38


Software Private Capital Raise Activity: 1Q 2014 continued

35

($ millions)


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