Software Equity Group Flash Report -...

Software Equity Group Flash Report

Software Equity Group Flash Report

Select M&A Transactions and Valuations and

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

Companies by Product Category

• Industry leading boutique investment bank founded in

LEADERS IN SOFTWARE M&AIndustry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit• Growth capital

We Do Deals.

Growth capital• Buyout • Inorganic growth via acquisition• Buy and sell-side mentoring• Fairness opinions and valuationsFairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies• Clients span virtually every software technology, product

category, delivery model and vertical market• Global presence providing advice and guidance to more

th 2 000 i t d bli i th h t USthan 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

Copyright © 2014 by Software Equity Group, LLC

EXTENSIVE GLOBAL REACH

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France,

Recent Sell-side Representation

Germany, Australia & Saudi Arabia

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

SEG Research Distribution

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


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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and

ABOUT SOFTWARE EQUITY GROUPq y p y g gy , g

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

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

P h t i t t th l ti hi ' b ilt d th i d t t ti j S ft E it G i k d t d b bli lPerhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. g

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

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

CONTACT INFORMATION:

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

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


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

List of Commonly Used Acronyms

CRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date

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

Additions:

SEG Index ChangesCategory

GrubHub Inc. GRUB Internet ServicesOPOWER, Inc. Vertically FocusedSaaSOPWR

Ad tech & Lead Generation

Company Ticker Index

InternetRUBIThe Rubicon Project, Inc.

Changes: Current Category

eHealth, Inc. Internet - Lead Gen Internet - ServicesEHTH

Index CategoryUnit 4

Acquired by Advent Intl. Corp. ($1.67 bn) - SaaS ERP & Supply Chain

Company


Ticker

Company Ticker Previous Category

Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


Select May 2014 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-30-2014 Ansys, Inc. (NasdaqGS:ANSS) SpaceClaim Corporation, Inc. - $85.0 - -Apr-30-2014 WorldPay Limited Thisf Informatica Ltda. - - - -Apr-30-2014 Fixed Income Solutions, LLC Courtland Capital Inc. (TSXV:CTD.H) - - - -Apr-30-2014 VerticalScope Inc. PbNation, LLC - $1.4 - -Apr-30-2014 Accenture plc (NYSE:ACN) I4C Analytics Srl - - - -Apr-30-2014 NHN Entertainment Corp. (KOSE:A181710) PNP Secure Co.,Ltd. - $58.1 - -Apr-30-2014 Bynder B.V. LumaCloud LLC - - - -Apr-30-2014 Kiewit Technology Inc. et alia, LLC, SAP Software Development, - - - -Apr-30-2014 Glu Mobile, Inc. (NasdaqGS:GLUU) PlayFirst, Inc. - $13.5 - -Apr-30-2014 WideOrbit, Inc. Fivia SA - - - -Apr-30-2014 EPAM Systems, Inc. (NYSE:EPAM) Jointech Software (Shenzhen) Co., Ltd. - - - -Apr-30-2014 DataBank Holdings Ltd. Arsalon Technologies, LLC - - - -Apr-30-2014 Flexcomm Limited PT SCAN Nusantara - $0.1 - -Apr-30-2014 Opera Mediaworks Inc. apprupt GmbH - - - -Apr-30-2014 Loton Corp. Loton, Corp. - - - -Apr-30-2014 Private Investor(s) Netex New Media Israel Ltd., Netex.co.il and Kafe.co.il - $1.7 - -Apr-29-2014 PROACTIS Holdings PLC (AIM:PHD) Intesource, Inc. $5.0 $3.9 0.8x -Apr-29-2014 NetNames Limited Web IP Pty Ltd - - - -Apr-29-2014 Zettics, Inc. Velocent Systems Inc. - - - -Apr-29-2014 Advanced Solutions International, Inc. Unxvision eSolutions Inc. - - - -Apr-29-2014 Radius Networks, inc. 4DK Technologies, Inc. - - - -Apr-29-2014 Zinio, LLC Audience Media S.L. - - - -Apr-29-2014 Digital Management, Inc. The Pappas Group, LLC - - - -Apr-29-2014 Numerex Corp. (NasdaqGS:NMRX) Omnilink Systems, Inc. $13.0 $37.5 2.9x -Apr-29-2014 Lanyon, Inc. Passkey International UK Limited - - - -Apr-29-2014 Dun & Bradstreet Corp. (NYSE:DNB) Indicee, Inc. - - - -Apr-29-2014 Private Investor(s) XYPRO Technology Corporation - - - -Apr-29-2014 Modria, Inc. Juripax B.V. - - - -Apr-29-2014 Advantage Sales & Marketing LLC StoreBoard Media, LLC - - - -Apr-29-2014 Radioio, Inc. (OTCPK:RAIO) CrowdStream Inc. - - - -Apr-28-2014 Communisis plc (LSE:CMS) Public Creative Limited $1.0 $0.6 0.6x 7.0xApr-28-2014 reach | influence Penfield Consulting, LLC - - - -Apr-28-2014 Hatchbrands Ventures Inc. Ooploo Inc. - - - -Apr-28-2014 Truven Health Analytics Inc. Fortel Analytics LLC - - - -Apr-28-2014 Accolade, Inc. DocVue, Inc. - - - -Apr-28-2014 TIBCO Software Inc. (NasdaqGS:TIBX) JasperSoft Corporation - $185.0 - -Apr-28-2014 Hallvarsson & Halvarsson AB Springtime AB - - - -Apr-28-2014 ReWorld Media SA (ENXTPA:MLREW) Eaturlife SAS - - - -Apr-27-2014 DAS Acquisition Company, LLC Capital Mortgage Solutions, LLC - - - -Apr-26-2014 YMB PROPERTIES Ltd. Infographic Café - - - -Apr-25-2014 Blonde Digital Ltd. Line Marketing Limited - - - -Apr-25-2014 IRIS Software Group Limited Cascade Human Resources Limited - - - -Apr-25-2014 Private Investor(s) Sport Optimum SARL $0.9 - - -Apr-25-2014 Accord Group Limited Unknown Stakes in TAN Media Limited and Search Engine Rescue Limited - - - -Apr-24-2014 Sopra HR Software SAS Compagnie IBM France, S.A.S., HR Access Service Line - - - -Apr-24-2014 Vitec Software Group AB (OM:VIT B) AutoData Norge AS - $5.6 - -Apr-24-2014 NexJ Systems Inc. (TSX:NXJ) Liberate Ideas Inc. - $1.8 - -Apr-24-2014 DataXu, Inc. JasperLabs, Inc. - - - -Apr-24-2014 Canada Inc. Zippler - - - -Apr-24-2014 Facebook, Inc. (NasdaqGS:FB) ProtoGeo Oy - - - -Apr-24-2014 IdeaScale Corporation Ideavibes Marketing Limited - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-24-2014 Zynx Health Incorporated CareInSync Corporation - - - -Apr-24-2014 Finch Brasil Solucoes Integradas de Tecnologia Ltda Efficeon do Brasil Sistemas Inteligentes Ltda - - - -Apr-23-2014 Mediaforce (UK) LLP TriCommunications Ltd. - - - -Apr-23-2014 J.D. Power and Associates, Inc. Korrelate, Inc. - - - -Apr-23-2014 Stage 32 Happy Writers The Happy Writers - - - -Apr-23-2014 Magnitude Software Kalido, Ltd. - - - -Apr-23-2014 Etsy, Inc. Grand St. - - - -Apr-23-2014 Intralinks, Inc. docTrackr, Inc. - $10.0 - -Apr-23-2014 BizCom Web Services, Inc. CloudAny LLC - - - -Apr-23-2014 Cannabis Capital Corp. (OTCBB:CBCA) WebCongress inc. - $1.9 - -Apr-23-2014 EatAds PTE LTD. Monitorly.in - - - -Apr-23-2014 Catalyst90 Social Media NZ Ltd. - - - -Apr-22-2014 MyWedding LLC The Green Life Guides, LLC - - - -Apr-22-2014 Kantar Retail Company XTEL srl $11.5 - - -Apr-22-2014 Terago Inc. (TSX:TGO) 7,000 Square Foot Data Center Facility in Downtown Vancouver - - - -Apr-22-2014 Points International Ltd. (TSX:PTS) Accruity, Inc. - - - -Apr-22-2014 WorkforceQA LLC Compliance Safety Systems LLC - - - -Apr-22-2014 Xceptional HR Consulting, LLC The Recruiters Lounge - - - -Apr-22-2014 Kaufman, Hall & Associates, Inc, Investment Arm Axiom EPM, LLC - - - -Apr-22-2014 FPX, LLC Secure Document Technology Corporation - - - -Apr-22-2014 WPN Chameleon Ltd. Chameleon - - - -Apr-22-2014 9Slides, Inc. Now Meeting, Inc. - - - -Apr-21-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) Perryscope Productions, LLC - - - -Apr-21-2014 Cross Match Technologies, Inc. DigitalPersona, Inc. - - - -Apr-21-2014 Total Defense, Inc. Untangle, Inc. - - - -Apr-21-2014 Cadence Design Systems Inc. (NasdaqGS:CDNS) Jasper Design Automation, Inc. - $170.0 - -Apr-21-2014 InsideTrack, Inc. Logrado, Inc. - - - -Apr-21-2014 WeLoveServers Horizon Hosting - - - -Apr-21-2014 Media Lounge Pvt. Ltd. Origin Beanstalk Creatives Consultants Pvt. - - - -Apr-21-2014 Television Food Network G.P. Rosso Corporation - - - -Apr-19-2014 Asher Agency, Inc. The Arnold Agency - - - -Apr-18-2014 ARRIS Group, Inc. (NasdaqGS:ARRS) SeaWell Networks Inc. - - - -Apr-18-2014 LocoMobi, Inc. Nautical Technologies Inc. - - - -Apr-18-2014 Parsons Corporation Secure Mission Solutions, Inc. - - - -Apr-18-2014 IN Switch Solutions, Inc. Micropagos S.A. - - - -Apr-18-2014 JOBDIRECT,Inc. Labit Inc., Students Related Business - - - -Apr-18-2014 EdStart, Inc. ClassBadges, Inc. - - - -Apr-18-2014 CS3 Technology, Inc. Consolidated Technology Inc., Sage Practice - - - -Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Success Resources Pte Limited, Certain Intellectual Property Assets and Business Assets - $10.1 - -Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Success Resources Sdn Bhd, Business Assets - $3.4 - -Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Empowernet International Pty Ltd - $6.8 - -Apr-17-2014 angelMD, Inc. IncLinx - - - -Apr-17-2014 Dun & Bradstreet Corp. (NYSE:DNB) Fliptop, Inc., Social Data Matching Business Unit - - - -Apr-17-2014 Webxu, Inc. (OTCPK:WBXU) The Skyline Agency - - - -Apr-17-2014 Woven Digital, LLC Uproxx Media, Inc. - - - -Apr-17-2014 Ubiquity, Inc. (OTCBB:UBIQ.D) Monkeybars, Inc. - $0.2 - -Apr-17-2014 Omnicom Media Group Holdings Inc. Media Interactive S.A. - - - -Apr-17-2014 Chegg, Inc. (NYSE:CHGG) The Campus Special, LLC - $17.0 - -Apr-17-2014 Interactive Intelligence Group Inc. (NasdaqGS:ININ) OrgSpan, Inc. - - - -Apr-17-2014 Tamedia AG (SWX:TAMN) PubliGroupe AG (SWX:PUBN) $300.2 $360.0 1.2x 77.3xApr-17-2014 TELUS Corporation (TSX:T) Data & Audio-Visual Enterprises Holdings Inc. - $318.5 - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-17-2014 Splashpress Media Ltd. Instadash - - - -Apr-17-2014 Claranet Limited NovaData BV $9.7 - - -Apr-17-2014 PricewaterhouseCoopers LLP GeoTraceability Ltd. - - - -Apr-17-2014 Ed Gier Holding B.V. Playground Publishing Holdings B.V. - - - -Apr-17-2014 Nuance Communications, Inc. (NasdaqGS:NUAN) AccelaRAD, Inc. - - - -Apr-16-2014 ComOps Ltd. (ASX:COM) Complimentary Workforce Management Software Business - - - -Apr-16-2014 TimesCity Dineout Services Pvt Ltd - - - -Apr-16-2014 Experience Art and Design, Inc. (OTCBB:EXAD.E) Blabwire Media LLC $7.0 - - -Apr-16-2014 WealthEngine, Inc. BrightContext Corporation - - - -Apr-16-2014 PROSTEP AG EOS Solutions LLC - - - -Apr-16-2014 Unity Technologies, Inc. Playnomics, Inc. - - - -Apr-16-2014 Private Investor(s) MultiFreight Limited - - - -Apr-16-2014 Verizon Wireless Inc Mobi PCS, Inc., Statewide Spectrum - $210.0 - -Apr-16-2014 dough, Inc. tastytrade, Inc. - - - -Apr-16-2014 IN2 informacijski inzenjering d.o.o. IN2 Dynamics doo - - - -Apr-16-2014 MCI Deutschland GmbH HAGEN INVENT GmbH & Co. KG - - - -Apr-16-2014 MSys Tech India Pvt. Ltd. Clogeny Technologies Private Limited - - - -Apr-16-2014 Kollwitz Internet GmbH stylemarks GmbH - - - -Apr-15-2014 Freelancer Limited (ASX:FLN) Warrior Forum - $3.2 3.0x -Apr-15-2014 Multiphase Solutions, Inc. Cape Software Inc. $5.0 - - -Apr-15-2014 Converged Technology Professionals, Inc. WeVault.COM LLC - - - -Apr-15-2014 John Wiley & Sons Inc. (NYSE:JW.A) E-Learning S.A. $37.0 $175.0 4.7x -Apr-15-2014 Bazaarvoice, Inc. (NasdaqGS:BV) FeedMagnet, LLC - $9.0 - -Apr-15-2014 Twitter, Inc. (NYSE:TWTR) Gnip, Inc. - - - -Apr-15-2014 Vertical Search Works, Inc. addGloo, Inc. - - - -Apr-15-2014 Digital Luxury Group, DLG SA Luxury Society, SAS - - - -Apr-15-2014 Jasper Infotech Pvt. Ltd. Doozton.com - - - -Apr-15-2014 Intermedix Corp. The Optima Corporation - $5.0 - -Apr-15-2014 RetailMeNot, Inc. (NasdaqGS:SALE) Pickie, Inc. - - - -Apr-15-2014 Bookatable Limited 2book AB - - - -Apr-15-2014 TeamSystem S.r.l. 24 ORE Software S.p.A. $84.5 $143.0 1.7x -Apr-14-2014 MGM Wireless Limited (ASX:MWR) Payschool Pty Ltd - - - -Apr-14-2014 Hexagon AB (OM:HEXA B) Mintec, Inc. - - - -Apr-14-2014 EQS Group AG (XTRA:E1S) TodayIR.com $1.9 $6.2 3.2x -Apr-14-2014 Intapp, Inc. The Frayman Group, Inc. - - - -Apr-14-2014 Fidelity National Information Services, Inc. (NYSE:FIS) Credit Management Solutions, Inc. - - - -Apr-14-2014 Paymentus Corp. Tele-Works Inc. - - - -Apr-14-2014 Alpha II Software Solutions Unicor Medical, Inc. - - - -Apr-14-2014 PMK-BNC, Inc. Vowel - - - -Apr-14-2014 Shenzhen ZQGame Co.,Ltd. (SZSE:300052) Beijing AutoThink Co., Ltd. - $118.9 - -Apr-14-2014 Electronics for Imaging, Inc. (NasdaqGS:EFII) Rhapso S.A. - - - -Apr-14-2014 Shijiebang (Beijing) Information Technology Ltd. Tukequan - - - -Apr-14-2014 TargetX.com LLC Matchbox, Inc. - - - -Apr-14-2014 Rowan Dartington & Co. Ltd. Acordias Offshore Limited - - - -Apr-14-2014 Private Investor(s) Resource Team Limited - $0.2 - -Apr-14-2014 Orange Health Solutions, Inc. MZI Healthcare, LLC - - - -Apr-14-2014 Tekla Oyj SVS Innovations, Construction Software Business - - - -Apr-14-2014 Jeeves Information Systems AB SolvAxis SA - - - -Apr-14-2014 EDM Group Limited xit2 Ltd. - - - -Apr-14-2014 Motion PR, Inc. Miller-Pear Public Relations, Inc. - - - -Apr-14-2014 Automotive Rentals, Inc. netcar24 GmbH - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-12-2014 ActMobile Networks, Inc. Colimetrics Software Pvt Ltd. - - - -Apr-11-2014 Westec Holding Co Ltd MachineWorks Limited - - - -Apr-11-2014 GEO DINOS Co., Ltd. DropWave.inc $6.1 $0.4 0.1x -Apr-10-2014 International Business Machines Corporation (NYSE:IBM) Silverpop Systems, Inc. $80.0 - - -Apr-10-2014 Heartland Payment Systems, Inc. (NYSE:HPY) MCS Software, LLC - - - -Apr-10-2014 Amazon.com Inc. (NasdaqGS:AMZN) Iconology, Inc. - - - -Apr-10-2014 Demandforce, Inc. Customerlink Systems, Inc. - - - -Apr-10-2014 QUALICA Inc. Komatsu Ltd., Part of CSS-Net Business - - - -Apr-10-2014 Criteo SA (NasdaqGS:CRTO) AdQuantic - - - -Apr-10-2014 Beijing TRS Information Technology Co., Ltd (SZSE:300229) Beijing Topwalk - $96.5 - -Apr-10-2014 NewBay Media, LLC Ratings Intelligence LLC - - - -Apr-10-2014 WeLoveServers TuguHost - - - -Apr-09-2014 Private Investor(s) Voxmobili S.A. - - - -Apr-09-2014 Mercadolibre, Inc. (NasdaqGS:MELI) VMK - $40.0 - -Apr-09-2014 True Ventures; Automattic, Inc. Longreads - - - -Apr-09-2014 Lennox Investments L.L.C. Southport Re - - - -Apr-09-2014 Gryphn Corp. Uppidy, Inc. - - - -Apr-09-2014 SARL Sysaware Groupe Alma Accoss SARL $0.7 - - -Apr-09-2014 CompassData, Inc. Spatial Information Solutions, Inc. - - - -Apr-08-2014 Learning Technologies Group plc (AIM:LTG) LINE Communications Group Limited $14.3 $16.1 1.1x 11.0xApr-08-2014 Publicis Groupe SA (ENXTPA:PUB) OwenKessel - - - -Apr-08-2014 Masergy Communications, Inc. Global DataGuard, Inc. - - - -Apr-08-2014 Baker Hughes Incorporated (NYSE:BHI) Perfomix, Inc. - - - -Apr-08-2014 Clarabridge, Inc. Market Metrix LLC - - - -Apr-08-2014 Viewpoints, LLC PowerReviews, LLC - - - -Apr-08-2014 Alaska Dispatch Publishing LLC Anchorage Daily News, Inc. $27.4 $34.0 1.2x -Apr-08-2014 Ph3A Comercio Importacao e Exportacao Ltda. Arima Informática Ltda - - - -Apr-08-2014 SilverTech, Inc. Poised Solutions, Inc. - - - -Apr-08-2014 Daum Communications Corp. (KOSDAQ:A035720) Buzzpia Corporation - - - -Apr-07-2014 INSIDE Secure (ENXTPA:INSD) Metaforic Limited - $16.1 - -Apr-07-2014 BookIt Commerce, Inc. TRAINlete, L.L.C. - - - -Apr-07-2014 lynda.com, Inc. Compilr Inc. - - - -Apr-07-2014 Mobistar SA/NV (ENXTBR:MOBB) Carrefour SA, Hypermarkets Telecommunication Operations In Belgium - - - -Apr-07-2014 Sensus (Bermuda 1), Ltd. Verdeeco, Inc. - - - -Apr-07-2014 GTCR, LLC Vocus Inc. (NasdaqGS:VOCS) $186.3 $441.7 2.4x -Apr-07-2014 DiCentral Corporation On-Demand Warehouse Management System - - - -Apr-07-2014 EXFO Inc (TSX:EXF) ByteSphere LLC - - - -Apr-07-2014 Solera Holdings Inc. (NYSE:SLH) Auto Point, Inc. - - - -Apr-07-2014 Lightbeam Health Solutions, LLC Dynamic Vault, LLC - - - -Apr-07-2014 Twitter, Inc. (NYSE:TWTR) Apps & Zerts, Inc. - - - -Apr-07-2014 Fluid, Inc. 8thBridge, Inc. - - - -Apr-07-2014 LivePerson Inc. (NasdaqGM:LPSN) NexGraph, LLC - - - -Apr-07-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) TMWRK Management and The Meta Agency and Learned Evolution - - - -Apr-07-2014 Tyler Outdoor Advertising LLC Whistler Sign Co LLC, Oklahoma City Assets - - - -Apr-07-2014 SAS Mazarine Groupe You To You $9.6 - - -Apr-06-2014 Dalet S.A. (ENXTPA:DLT) AmberFin Ltd. - - - -Apr-06-2014 Weld North LLC TrueNorthLogic, LLC - - - -Apr-06-2014 Weld North LLC Imagine Learning, Inc. - - - -Apr-06-2014 Hego Norge AS Metaphor AS - $3.8 - -Apr-06-2014 Ross Video Limited Unreel LLC - - - -Apr-04-2014 Elray Gaming Inc. SimRacing - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-04-2014 GEO-CODE Co., Ltd. Samurai Factory, Inc., SEO Business - - - -Apr-04-2014 Help/Systems, LLC Network Automation, Inc. - - - -Apr-04-2014 Open Joint Stock Company Long-Distance and International TelecommunicaOJSC Cellular Communications of Bashkortostan - - - -Apr-04-2014 Cantaloupe Systems, Inc. CompuVend, Inc. - - - -Apr-04-2014 Private Investor(s) Invertise Inc. - - - -Apr-03-2014 Stanfield Funds Management Limited (ASX:SFN) Easybookings (International) Pte Ltd. - $0.3 - -Apr-03-2014 Amadeus Corporate Business AG i:FAO AG (XTRA:FAO2) $19.8 $98.0 5.0x 15.6xApr-03-2014 ConCardis GmbH Yapital Financial AG - - - -Apr-03-2014 j2 Global, Inc. (NasdaqGS:JCOM) Critical Software Ltd - - - -Apr-03-2014 SWK Technologies, Inc. ESC, Inc. - - - -Apr-03-2014 IGE+XAO Group (ENXTPA:IGE) Prosyst SAS $1.9 - - -Apr-03-2014 Tribune Digital Ventures TVbytheNumbers.com LLC - - - -Apr-03-2014 Resource Interactive LLC Ammirati Ready, Inc. $15.0 - - -Apr-03-2014 Ve Interactive Ltd. adGENIE - - - -Apr-03-2014 Dunnhumby Limited sociomantic labs GmbH $100.6 $205.7 2.0x -Apr-03-2014 HitFox GmbH Datamonk - - - -Apr-03-2014 evvnt Ltd Evently Ltd - - - -Apr-03-2014 Eloquant S.A Interview SA $3.0 - - -Apr-03-2014 The Social Client Sociabliz - - - -Apr-02-2014 Kantar Media Research Inc The Data Republic, S.L. - - - -Apr-02-2014 CAD-Quality AB Symetri Ltd. - $4.6 - -Apr-02-2014 Aurelius AG (XTRA:AR4) Publicitas S.A $903.9 - - -Apr-02-2014 The Icicle Group WinWin Media - - - -Apr-02-2014 Kona I CO., Ltd. (KOSDAQ:A052400) Websync Co.,Ltd. - $3.4 - -Apr-02-2014 GE Healthcare Information Technologies CHCA Computer Systems Inc. - - - -Apr-02-2014 John Wiley & Sons Inc. (NYSE:JW.A) Profiles International, Inc. $27.0 $51.0 1.9x -Apr-02-2014 RentPath Inc. Lovely, Inc. - $13.0 - -Apr-02-2014 Brisio Innovations Inc. (OTCPK:NTCE.F) Spermy's Journey, A Race To The Egg! - $0.1 - -Apr-02-2014 Network Communications, Inc. Apartment Guide, LLC - - - -Apr-02-2014 RobbinsKersten Direct KerstenDirect - - - -Apr-02-2014 Accela, Inc. Des Lauriers Municipal Solutions, Inc. - - - -Apr-02-2014 Gild Inc. Distill, Inc. - - - -Apr-02-2014 Private Investor(s) Localist Limited - - - -Apr-02-2014 Merkle, Inc. New Control LLC - - - -Apr-02-2014 Zhejiang Rongxin Network Technology Co., Ltd. Hangzhou Handsome Electronics Group Co. Ltd. - $531.6 - -Apr-02-2014 Beijing Hualu Baina Film &TV Inc. (SZSE:300291) Guangdong Blue Flame Media Co.,Ltd. - $402.8 - -Apr-02-2014 Shanghai Ace Co.,Ltd. (SHSE:600652) UUU9.Com Co. - $190.1 - -Apr-02-2014 TÜV Rheinland Aktiengesellschaft Institut für Sicherheitstechnologie (ISTec) GmbH - - - -Apr-02-2014 Ernst & Young LLP, Investment Arm LogiStar Solutions LLC - - - -Apr-01-2014 Enprise Group Limited Datagate Innovation Limited - $0.1 - -Apr-01-2014 Neopost Limited Data Capture Solutions LTD. $6.2 - - -Apr-01-2014 LexisNexis Risk Solutions, Inc. Tracesmart Ltd. - - - -Apr-01-2014 The Descartes Systems Group Inc (TSX:DSG) Computer Management USA Inc. - $6.6 - -Apr-01-2014 Telefónica, S.A. (CATS:TEF) Digital Bubble S.L. - - - -Apr-01-2014 Captivate Network, Inc. Office Media Network, Inc. - - - -Apr-01-2014 Aspen Technology, Inc. (NasdaqGS:AZPN) Sulphur Experts, Sulsim Software - - - -Apr-01-2014 TechnoConcepts Inc. (OTCPK:TCPS) Portfolio Of 8 Websites - - - -Apr-01-2014 Morningstar Inc. (NasdaqGS:MORN) ByAllAccounts, Inc. - $28.0 - -Apr-01-2014 iBuy Group Limited (ASX:IBY) Ensogo Holdings Ltd $51.1 $18.7 0.4x -Apr-01-2014 PRO DV AG (XTRA:PDA) MSA Auer GmbH, TecBOS.Command - - - -Apr-01-2014 Teliasonera Danmark A/s Siminn Danmark A/S $15.4 - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAApr-01-2014 HGGC, LLC AutoAlert, Inc. - - - -Apr-01-2014 Spredfast, Inc. Mass Relevance Inc. - - - -Apr-01-2014 Cirrus Media FST Media Pty. Ltd. - - - -Apr-01-2014 Revation, Inc. North Light Software, Inc. - - - -Apr-01-2014 Crobo GmbH TrafficCaptain GmbH - - - -Apr-01-2014 evvnt Ltd EventSneaker Ltd. - - - -Apr-01-2014 Ocuco Limited Practice Management Services Ltd. - - - -Apr-01-2014 Technicolor SA (ENXTPA:TCH) Cloud Takes, LLC - - - -Apr-01-2014 Proposal Software, Inc. Manager Insights, LLC - - - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Software Index $1,960.4 $2,558.5 $743.9 70.1% 19.6% 6.2% 3.1x 13.3x 2.8x 11.0x -3.9% Billing & Service Management $898.5 $952.9 $369.2 57.4% 18.4% 4.8% 2.1x 10.0x 1.9x 8.3x -9.2% Business Intelligence $1,183.8 $930.4 $404.9 81.2% 6.8% 11.7% 3.1x 24.8x 2.6x 13.0x -21.0% Development Platforms $2,661.3 $2,694.0 $1,142.8 76.0% 19.6% -0.3% 2.5x 11.8x 2.8x 8.6x -1.0% Engineering & PLM $4,504.8 $4,204.1 $1,156.4 84.1% 19.7% 6.2% 3.2x 14.2x 3.1x 11.0x -6.9% Enterprise Resource Planning $7,901.8 $8,509.4 $2,228.0 72.5% 29.0% 2.7% 3.8x 12.4x 3.7x 10.5x 8.7% Financial & Accounting $1,960.4 $2,558.5 $743.9 55.1% 26.4% 4.7% 3.1x 13.3x 3.6x 10.7x -7.1% Gaming $2,637.9 $2,717.9 $2,282.1 64.2% 18.5% 3.9% 1.7x 11.4x 1.6x 9.3x 14.0% Healthcare $1,189.5 $1,525.2 $559.6 54.8% 15.5% 1.1% 2.3x 13.6x 2.2x 10.2x 2.0% IT Conglomerates $182,279.3 $169,759.3 $83,347.0 70.1% 34.4% 2.0% 3.2x 9.3x 2.9x 8.1x 8.7% Mobile Solutions/Content $671.3 $571.9 $292.1 56.6% 3.6% 22.3% 2.8x 19.8x 2.0x 13.0x -3.9% Networking & Network Performance Managemen $1,714.8 $1,510.1 $435.6 70.9% 7.5% 8.8% 2.7x 16.1x 2.5x 11.5x -6.9% Security $961.1 $936.3 $196.1 76.8% 5.3% 17.4% 3.2x 11.1x 3.1x 12.7x -4.1% Storage, Data Mgmt & Integration $11,796.7 $7,722.6 $4,582.0 71.3% 23.7% 2.0% 2.7x 9.3x 2.6x 8.1x 3.7% Supply Chain Management & Logistics $1,625.8 $1,551.5 $262.2 62.3% 27.7% 16.2% 5.4x 19.5x 4.9x 16.6x 3.2% Systems Management $10,081.3 $9,175.6 $2,265.5 85.8% 26.0% 13.3% 4.5x 17.9x 3.9x 12.3x -0.9% Vertical - Finance $3,947.1 $4,287.1 $890.6 44.2% 27.0% 8.2% 4.1x 12.7x 3.9x 11.2x -5.4% Vertical - Other $1,374.6 $1,515.2 $433.5 51.9% 11.3% 21.2% 2.9x 19.6x 2.7x 17.0x -18.3%

Category Name

TTM Revenue Growth 8.0%TTM EBITDA Growth -25.1%TTM Earnings Growth -35.6%Gross Profit Margin 69.1%EBITDA Margin 18.6%Net Income Margin -14.1%SG&A Expenses as a % of Total Revenue 56.6%R&D Expenses as a % of Total Revenue 18.9%

Current Ratio 2.3Quick Ratio 2.1Cash as Percent of Market Cap 11.2%Avg Days Outstanding: Accounts Receivable 63Avg Days Outstanding: Accounts Payable 31Working Capital to TTM Operating Expense Ratio 0.5x

Levered FCF Margin 8.9%Cash from Operations Growth (YoY) 20.8%Cash from Investing Growth (YoY) -29.2%Cash from Financing Growth (YoY) 75.9%Levered FCF Growth (YoY) 17.8%

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

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-8%

-6%

-4%

-2%

0%

2%

4%

6%SEG SW Index Software Stock Market Return: January - April 2014

DOW S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG SaaS Index $838.3 $703.7 $161.3 67.7% -4.5% 28.2% 6.4x 67.9x 5.5x 20.7x -21.6% CRM & Marketing $676.5 $568.9 $179.6 71.4% -1.0% 26.0% 2.7x 71.9x 2.3x 20.7x -10.6% ERP & Supply Chain $838.3 $703.7 $109.6 67.7% -8.8% 30.6% 6.4x 67.9x 5.5x 33.4x -21.6% Vertically Focused $866.1 $838.7 $129.8 64.7% 8.9% 40.1% 6.8x 48.0x 5.5x 13.6x -20.7% Workforce Management $1,438.5 $1,393.0 $161.3 61.0% -4.5% 26.3% 8.3x 262.7x 6.6x 27.6x -24.2% SaaS Other $643.0 $649.9 $130.0 70.4% -14.4% 28.2% 5.0x 31.7x 4.0x 17.2x -23.4%

Category Name

TTM Revenue Growth 28.2%TTM EBITDA Growth -25.1%TTM Earnings Growth -35.6%Gross Profit Margin 67.7%EBITDA Margin -4.5%Net Income Margin -14.1%SG&A Expenses as a % of Total Revenue 56.6%R&D Expenses as a % of Total Revenue 18.9%

Current Ratio 2.3Quick Ratio 2.1Cash as Percent of Market Cap 11.2%Avg Days Outstanding: Accounts Receivable 63Avg Days Outstanding: Accounts Payable 31Working Capital to TTM Operating Expense Ratio 0.5x






-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%SEG SaaS Index Stock Market Return: January - April 2014

DOW S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ Revenue

Forward EV/

EBITDA YTDSEG Internet Index $2,425.5 $2,041.7 $525.2 64.2% 9.3% 17.8% 3.6x 21.5x 3.2x 15.9x -11.0% Ad Tech & Lead Generation $1,646.2 $1,529.1 $514.1 64.7% 7.1% 27.0% 2.5x 22.0x 2.2x 13.2x -20.6% Commerce $528.1 $403.8 $416.5 40.5% 8.6% 15.0% 0.9x 14.1x 0.9x 10.1x -16.9% Content & Media $3,420.2 $3,225.3 $536.4 49.6% 13.2% 6.6% 3.4x 21.2x 3.2x 18.5x -11.2% Gaming $3,204.78 $2,554.3 $759.4 71.9% 30.7% 10.9% 3.7x 9.2x 3.4x 8.2x -7.8% Infrastructure $663.43 $515.7 $284.2 63.7% 6.5% 10.3% 1.3x 17.7x 1.3x 11.1x -4.0% Services $847.49 $728.3 $186.9 73.9% 6.8% 40.9% 3.7x 35.3x 3.3x 25.1x -10.8% Social $5,681.36 $4,726.8 $801.0 61.2% 9.9% 62.4% 9.8x 32.5x 7.7x 25.2x -14.1% Travel $4,709.39 $4,138.7 $868.4 83.1% 16.5% 20.6% 4.8x 21.8x 5.3x 18.6x 0.7%

TTM Revenue Growth 27.0%TTM EBITDA Growth 10.9%TTM Earnings Growth 14.9%Gross Profit Margin 64.7%EBITDA Margin 7.1%Net Income Margin 0.3%SG&A Expenses as a % of Total Revenue 39.1%R&D Expenses as a % of Total Revenue 14.3%

Current Ratio 2.5Quick Ratio 2.3Cash as Percent of Market Cap 16.5%Avg Days Outstanding: Accounts Receivable 37Avg Days Outstanding: Accounts Payable 46Working Capital to TTM Operating Expense Ratio 0.5






-20%

-15%

-10%

-5%

0%

5%

10%SEG Internet Index Stock Market Return: January - April 2014

DOW S&P NASDAQ SEG Internet Index

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