Software Equity Group October 2014 Flash Report -...

Octo

ber

2014

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

Copyright © 2014 by Software Equity Group, LLC

• Industry leading boutique investment bank, founded in

1992, representing public and private software and

internet companies seeking:

• Strategic exit

• Growth capital

• Buyout

• Inorganic growth via acquisition

• Buy and sell-side mentoring

• Fairness opinions and valuations

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

• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies

• Clients span virtually every software technology, product

category, delivery model and vertical market

• Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US,

Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction,

operating, legal and engineering experience

• Unparalleled software industry reputation and track

record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.


EXTENSIVE GLOBAL REACH

SEG Research Distribution

Current Sell-side Representation

Recent Sell-side Representation

• SEG currently represents software companies

in the United States, Canada, France,

Germany, Australia & Saudi Arabia

• In addition to the countries listed above, SEG

has recently represented software companies

in the United Kingdom, France, Netherlands,

Israel, and South Africa

• SEG’s Quarterly and Annual Software Industry

Equity Reports and Monthly Flash Reports are

distributed to an opt-in list of 50,000 public

software company CEOs, software

entrepreneurs, private equity managing

directors, VCs, high tech corporate lawyers,

public accountants, etc. in 76 countries.


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

advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa

and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity

Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software

mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology

domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including

Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and

valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these

deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly

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Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation,

please contact Kris Beible, Director, Business Development (858) 509-2800, [email protected] .

CONTACT INFORMATION:

Software Equity Group, L.L.C.

12220 El Camino Real, Suite 320

San Diego, CA 92130

www.softwareequity.com

p: (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.

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ABOUT SOFTWARE EQUITY GROUP

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

List of Commonly Used Acronyms

CRM Customer Relationship Management

EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization

ERP Enterprise Resource Planning

EV Enterprise Value

FCF Free Cash Flow

FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates

NASDAQ National Association of Securities Dealers Automated Quotation System

PLM Product Lifecycle Management

R&D Research and Development

S&P Standard & Poor's

SaaS Software-as-a-Service

SEG Software Equity Group

SG&A Selling, General, & Administrative

SW Software

TTM Trailing Twelve Month

YoY Year-over-Year

YTD Year-to-date

http://www.softwareequity.com/


SEG Index Changes

Additions:

Changes:

Removals: Category

Supply Chain Management & Logistics

Engineering & PLM

Uncategorized

The Descartes Systems Group TSK:DSGSupply Chain

Management & LogisticsUncategorized

Company Ticker Previous Category New Category

American Software AMSW.ASupply Chain

Management & LogisticsEnterprise Resource Planning

TubeMogul TUBE Internet Ad Tech


Category

BABA Internet Commerce

Cyberark Software CYBR Software Security

iDream Sky Technologies Mobile Solutions/ContentSoftwareDSKY

Vertically Focused

Alibaba

Aspen Technology AZPNSupply Chain

Management & Logistics

Manhattan Associates MANHSupply Chain

Management & Logistics

Company Ticker Index

SaaSMTBCMedical Transcript


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 September 2014 Software Industry M&A Transactions

Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-01-2014 iMobile3, LLC 2nd Floor Marketing LLC - - - -

Sep-01-2014 Kofax Limited (LSE:KFX) SOFTPRO GmbH $13.3 $34.7 2.6x 34.7x

Sep-01-2014 Groupe Berger-Levrault Exagon Inc. - - - -

Sep-01-2014 XLMedia PLC (AIM:XLM) ExciteAd Digital Marketing Ltd $12.8 $19.0 1.5x -

Sep-01-2014 Altech Netstar (Proprietary) Limited FleetPro (Pty) Ltd. - - - -

Sep-01-2014 Starbreeze AB (publ) (OM:STAR) Geminose Inc. - $17.2 - -

Sep-01-2014 Equiniti Limited Invigia Limited - - - -

Sep-01-2014 Billion Fair International Investment Limited Redgate Ventures Limited - $0.1 - -

Sep-02-2014 MIG Technology INC (SZSE:300242) Beijing Jin Yuan Interactive Technology Co., Ltd. $7.0 $66.6 9.6x -

Sep-02-2014 Graitec Innovation SAS ERA3 s.r.l. - - - -

Sep-02-2014 car2go N.A. LLC RideScout LLC - - - -

Sep-02-2014 Mixpo, Inc. ShopIgniter, Inc. - - - -

Sep-02-2014 Way to Blue Ltd. Abundant Limited - - - -

Sep-02-2014 Playtech plc (LSE:PTEC) Aristocrat Lotteries AB and Aristocrat Lotteries Italia s.r.l. - $13.8 - -

Sep-02-2014 Veritas Capital BeyondTrust Software, Inc. - $310.0 - -

Sep-02-2014 Abelau Limited Blue Curve Ltd. - - - -

Sep-02-2014 Sprinklr Inc. BRANDERATI Inc. - - - -

Sep-02-2014 Thoma Bravo, LLC Compuware Corporation (NasdaqGS:CPWR) $714.5 $2,090.9 2.9x 24.5x

Sep-02-2014 Tungsten Network, Inc. Image Integration Systems, Inc. $3.3 $7.0 2.1x -

Sep-02-2014 Shenzhen Xunlei Networking Technologies, Co., Ltd. Kuaipan Personal and Kansunzi Business and Assets - $33.0 - -

Sep-02-2014 Haycom AV Pty Ltd Multivision Australia Pty Ltd. - - - -

Sep-02-2014 Samsung Electronics Canada Inc. PrinterOn Corporation - - - -

Sep-02-2014 BienManger.com SARL Regioneo SAS - - - -

Sep-02-2014 Tyler Technologies, Inc. (NYSE:TYL) SoftCode, Inc. - - - -

Sep-02-2014 RealNex Ten Eight LLC - - - -

Sep-03-2014 Yahoo! Inc. (NasdaqGS:YHOO) Luminate, Inc. - - - -

Sep-03-2014 HotApps International Pte. Ltd. Fragmented Industry Exchange Inc. $0.0 - - -

Sep-03-2014 Genesys Telecommunications Laboratories, Inc. CanaPlus Consulting Pte Ltd - - - -

Sep-03-2014 OP-Pohjola Group Checkout Finland Oy - - - -

Sep-03-2014 EDPlus Holdings, LLC Cinergy Education, LLC - - - -

Sep-03-2014 Fidelity National Information Services, Inc. (NYSE:FIS) Clear2Pay nv/sa - $492.7 - -

Sep-03-2014 Cyber Kiosk Solutions, Inc. (OTCPK:CYBK) Cyber Kiosk Solutions, Inc., Prior to Reverse Merger with EPA Petroleum, Inc. - - - -

Sep-03-2014 Capita plc (LSE:CPI) Eclipse Hardware Limited - - - -

Sep-03-2014 Uptick Marketing, Inc. Epik Consulting, Inc. - - - -

Sep-03-2014 Reed Elsevier Group Plc FircoSoft SAS - - - -

Sep-03-2014 Netologiya, OOO Foxford - - - -

Sep-03-2014 Internet Brands, Inc. High Gear Media, Inc. - - - -

Sep-03-2014 Altus Brands, LLC iHunt Calls - - - -

Sep-03-2014 Hearst Magazines Corporation KUBRA Data Transfer Ltd. - - - -

Sep-03-2014 Ohio Robotics Inc. Made In Dayton Blog - - - -

Sep-03-2014 Wirecard AG (XTRA:WDI) Mikro Odeme A.S. - $34.2 - -

Sep-03-2014 Acision Ltd. MindMatics Secure Messaging GmbH - - - -

Sep-03-2014 KlicK Qihoo 360 Technology Co. Ltd., 360 Smart Button - - - -

Sep-03-2014 Symphony Technology Group Ventiv Technology Inc. - - - -

Sep-03-2014 Netquest Wakoopa - - - -

Sep-04-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) Air Festival Holding B.V. - $7.1 - -

Sep-04-2014 Daniel J. Edelman, Inc. Agence ELAN - - - -

Sep-04-2014 LogMeIn, Inc. (NasdaqGS:LOGM) BBA Inc. - $15.0 - -

Sep-04-2014 STATS LLC Bloomberg Sports LLC - - - -

Sep-04-2014 Qanda Technology Limited (ASX:QNA) Caramavan Group Pty Ltd. - $0.0 - -

Sep-04-2014 Cologix, Inc. Colo5, LLC - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-04-2014 Metova, Inc. epcSolutions Inc., RFID Assets - - - -

Sep-04-2014 Velocity Solutions, Inc. IMPACT Financial Services LLC, IMPACT Overdraft Software and Solutions Business - - - -

Sep-04-2014 Threewide Corporation Point2 Technologies Inc., Listing Syndication Arm - - - -

Sep-04-2014 Twinlab Consolidated Holdings, Inc. Twinlab Consolidated Holdings, Inc., Prior to Reverse Merger with Twinlab Consolidation Corporation - - - -

Sep-04-2014 Figaro Classifieds S.A.; RegionsJob SAS Ubiposting SAS - - - -

Sep-04-2014 Westcon Group, Inc. Verecloud, Inc., Assets - $12.0 - -

Sep-04-2014 Little Orbit Inc. Vicious Cycle Software, Inc. - - - -

Sep-05-2014 Gradesaver LLC BookRags, Inc. - $1.3 - -

Sep-05-2014 Bendigo Community Telco Limited McPherson Media Pty Ltd - - - -

Sep-05-2014 TA Associates Management, L.P. Idera, Inc. - - - -

Sep-05-2014 Human Equation Inc. Agence Piranha Inc. - - - -

Sep-05-2014 Catalina Marketing Corporation Inc. Cellfire Inc. - - - -

Sep-05-2014 ComOps Ltd. (ASX:COM) E-tivity Corporation (APAC) Pty Ltd - $1.8 - -

Sep-05-2014 Cryptzone Group AB (publ) HiSoftware Inc. - - - -

Sep-05-2014 Vertical Bridge Holdings, LLC PT Access Networks, 269 Investment Grade Tenant Leases on 205 Wireless Attachment Sites - - - -

Sep-05-2014 ReverseMergers.com ReverseMergerBlog.com - - - -

Sep-05-2014 Intercontinental Exchange, Inc. (NYSE:ICE) SuperDerivatives Inc. - $350.0 - -

Sep-08-2014 BlackBerry Limited (TSX:BB) Movirtu Limited - $32.5 - -

Sep-08-2014 DigiTouch Srl Performedia S.r.l. - - - -

Sep-08-2014 Salt Creek Capital II, LLC Apartment Data Services, Inc. - - - -

Sep-08-2014 Trimble Navigation Limited (NasdaqGS:TRMB) Gehry Technologies, Inc. - - - -

Sep-08-2014 Piano Media, a.s. Journalism Online, LLC - - - -

Sep-08-2014 Synova Capital LLP MK Test Systems Ltd. - $32.3 - -

Sep-08-2014 gap intelligence, inc. Quixel Research, LLC - - - -

Sep-08-2014 The CHR Group, Inc. Trylon SMR - - - -

Sep-08-2014 Flipboard, Inc. Ultravisual LLC - - - -

Sep-08-2014 Skyword Inc. Vidaao Inc. - - - -

Sep-08-2014 Digiweb Holdings Ltd. Web Drive Limited - - - -

Sep-09-2014 Beijing Join-Cheer Software Co., Ltd. (SZSE:002279) Beijing Yiqilian Technology Co., Ltd. - $78.2 - -

Sep-09-2014 ZenithOptimedia AG AKM3 GmbH - - - -

Sep-09-2014 Vox Telecom Limited Dynamic IT Solutions (Pty)., Ltd. - - - -

Sep-09-2014 Rakuten, Inc. (TSE:4755) Ebates Performance Marketing, Inc. $167.4 $1,000.0 6.0x -

Sep-09-2014 QmedRx, Inc. GoEscribe - - - -

Sep-09-2014 Vendini, Inc. In Ticketing, Inc. - - - -

Sep-09-2014 N.V. Ticketnet Belgium S.A. Sherpa.be N.V. $71.0 - - -

Sep-09-2014 Connexions Loyalty, Inc. Skymall Ventures LLC $45.0 $27.9 0.6x -

Sep-09-2014 Pointer Telocation Ltd. (NasdaqCM:PNTR) Thales Telematics - - - -

Sep-09-2014 ZuluTrade Inc. ZuluTrade Japan Co Ltd. - - - -

Sep-10-2014 Yandex N.V. (NasdaqGS:YNDX) ADFOX - - - -

Sep-10-2014 IDX, LLC Agent Evolution LLC - - - -

Sep-10-2014 Phoenix Tower International LLC American Tower Corporation, Panamanian Business - - - -

Sep-10-2014 Lippincott Mercer Inc. Bonfire Communications, Inc. - - - -

Sep-10-2014 Autotask Corporation CentraStage Limited - - - -

Sep-10-2014 The Marek Group, Inc. CPI Promotions, Inc. - - - -

Sep-10-2014 Datco S.A. Focus Business Solutions S.A. - - - -

Sep-10-2014 BYSOFT - Soluções em Sistemas para Comércio Exterior Ltda Gett Serviços em Informática Ltda. - - - -

Sep-10-2014 Google Inc. (NasdaqGS:GOOGL) Lynx Design, Inc. - - - -

Sep-10-2014 Mobiveil, Inc. Proton Digital Systems, Inc. - - - -

Sep-10-2014 FxPro Group Limited Quotix Limited - - - -

Sep-10-2014 Locate1Plus, Inc. The GPS Tracking Network, Inc. - - - -

Sep-11-2014 Qualcomm Technologies Netherlands B.V. Euvision Technologies BV - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-11-2014 Ericsson (OM:ERIC B) Fabrix Systems Ltd. - $95.0 - -

Sep-11-2014 Alliance Data Systems Corporation (NYSE:ADS) Conversant, Inc. (NasdaqGS:CNVR) $593.8 $2,365.3 4.0x 12.0x

Sep-11-2014 Get It, LLC Doubledyno, Inc. - - - -

Sep-11-2014 Hewlett-Packard Company (NYSE:HPQ) Eucalyptus Systems, Inc. - - - -

Sep-11-2014 Ticketmaster Entertainment, LLC Eventjoy, Inc. - - - -

Sep-11-2014 admago GmbH fotorola GmbH - - - -

Sep-11-2014 Google Inc. (NasdaqGS:GOOGL) Input Factory Inc. - - - -

Sep-11-2014 Planet Tel Pty Ltd ISPhone Australasia Pty Ltd. - - - -

Sep-11-2014 Givex Corporation Marqui Inc. - - - -

Sep-11-2014 Deluxe Entertainment Services Group Inc. mediapeers GmbH - - - -

Sep-11-2014 Ifbyphone, Inc. Mongoose Metrics, LLC - - - -

Sep-11-2014 - Sosedi.ru - - - -

Sep-11-2014 - Valpak of Charlotte - - - -

Sep-11-2014 Atlassian Pty Ltd. Wikidocs GmbH - - - -

Sep-11-2014 Imovelweb Comunicação S.A. WImóveis Negocios Imobiliarios LTDA $4.4 - - -

Sep-12-2014 McKinsey & Company, Inc. Agiliti Inc. - - - -

Sep-12-2014 Genstar Capital, LLC Construction Software Technologies, Inc. - - - -

Sep-12-2014 Blackmagic Design Pty. Ltd. Eyeon Software Inc. - - - -

Sep-12-2014 Sabre Corporation (NasdaqGS:SABR) Genares Worldwide Reservation Services, Ltd. - - - -

Sep-12-2014 The Great Wall Group Co., Ltd. Guangdong (SZSE:300089) Guangzhou Deepsea Software Development Co., Ltd. - $160.1 - -

Sep-12-2014 Valuesetters Inc. (OTCPK:VSTR) MAC Venture Group, Inc. - $0.2 - -

Sep-12-2014 Mediastinct Limited SEMP.com - - - -

Sep-12-2014 Atlassian Corporation Pty. Ltd. tape.io GmbH - - - -

Sep-12-2014 Zebra 1234 Limited Zibrant Limited $17.9 $4.8 0.3x -

Sep-14-2014 Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TriZetto Corporation - $2,700.0 - -

Sep-14-2014 Informa Middle East Limited Channels Exhibitions LLC - - - -

Sep-14-2014 Oracle Corporation (NYSE:ORCL) Front Porch Digital Inc. - - - -

Sep-15-2014 Database Projects Group, L.P. Blue Sky Technologies, Inc. - $0.1 - -

Sep-15-2014 Granbury Restaurant Solutions eWinery Solutions, Inc. - - - -

Sep-15-2014 Stambaugh Ness, PC Acuity Business Solutions, LLC - - - -

Sep-15-2014 MBS Value Partners Breakstone Group, Inc. - - - -

Sep-15-2014 Groupe Berger-Levrault COBA Inc. - - - -

Sep-15-2014 Four Communications plc Consolidated PR Ltd. - - - -

Sep-15-2014 TERN plc (AIM:TERN) Cryptosoft Ltd. - $0.1 - -

Sep-15-2014 Electronics for Imaging, Inc. (NasdaqGS:EFII) DiMS! organizing print b.v. - - - -

Sep-15-2014 Global Payments Inc. (NYSE:GPN) Ezi Holdings Pty Ltd. - $275.2 - -

Sep-15-2014 1World Online, Inc. Flipter - - - -

Sep-15-2014 Actua Corporation (NasdaqGS:ACTA) FolioDynamix, Inc. - - - -

Sep-15-2014 Plus8 Global Ventures, Ltd. Get Set - - - -

Sep-15-2014 YourMembership.com, Inc. JobTarget LLC, Career Center Hosting and Management Business - - - -

Sep-15-2014 JibJab Media Inc. Make Believe Labs - - - -

Sep-15-2014 Spirent Communications Plc. (LSE:SPT) Mobilethink A/S $8.2 $20.0 2.4x -

Sep-15-2014 Microsoft Corporation (NasdaqGS:MSFT) Mojang AB $326.0 $2,500.0 7.7x -

Sep-15-2014 NNG Szoftverfejleszto es Kereskedelmi Kft. nFusion Group, LLC - - - -

Sep-15-2014 Trade ME Group Ltd. (NZSE:TME) Paystation Limited, Face Limited and Netspace Services Limited - - - -

Sep-15-2014 FanVision Entertainment LLC PrePlay, Inc. - - - -

Sep-15-2014 Sanctuary Marketing Group, Inc. SiteLogic, LLC - - - -

Sep-15-2014 Unified Inbox Pte Ltd. SocialGrow Inc. - - - -

Sep-15-2014 Micro Focus International plc (LSE:MCRO) The Attachmate Group, Inc. $933.4 $2,302.4 2.5x 13.7x

Sep-15-2014 Cision AB; Vocus Inc. Visible Technologies, Inc. - - - -

Sep-15-2014 Brocade Communications Systems, Inc. (NasdaqGS:BRCD) Vistapointe Networks - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-16-2014 iASPEC Geo Information Technology Co., Ltd. Shen Zhen Biznest Internet Information Technology Co., Ltd. - $14.3 - -

Sep-16-2014 Daum Communications Corp. (KOSDAQ:A035720) Seoulbus Inc. - - - -

Sep-16-2014 Kenshoo, Ltd. Adquant Ltd - - - -

Sep-16-2014 Wolters Kluwer NV (ENXTAM:WKL) Beijing Dingxin Chuangzhi Technology Co., Ltd. - - - -

Sep-16-2014 FOX & SHEEP GmbH Bubl GmbH - - - -

Sep-16-2014 Slyce Inc. (TSXV:SLC) BuyCode. Inc. - $4.8 - -

Sep-16-2014 Callidus Software Inc. (NasdaqGM:CALD) Clicktools Ltd. - $16.4 - -

Sep-16-2014 Ver se' Innovation Pvt Ltd. Dexetra Software Solutions Private Limited - - - -

Sep-16-2014 Axcient, Inc. DirectRestore LLC - - - -

Sep-16-2014 Stratasys Ltd. (NasdaqGS:SSYS) GrabCAD, Ltd. - $100.0 - -

Sep-16-2014 H.I.G. Capital, LLC Grupo NZN And Click Jogos - - - -

Sep-16-2014 US Logo, Inc. K2 Companies Inc. - - - -

Sep-16-2014 Online Buddies, Inc. LD Interactive LLC - - - -

Sep-16-2014 Viverae Inc. OneHealth Solutions, Inc. - - - -

Sep-16-2014 Mobli Technologies 2010 Ltd. Pheed Inc. - - - -

Sep-16-2014 Zenrin Co., Ltd. (TSE:9474) SEPTENI DIRECTMARKETING Co., Ltd. $24.7 $14.2 0.6x -

Sep-16-2014 OnApp Limited SoluLabs Ltd. - - - -

Sep-16-2014 Pacific DataVision, Inc. Sprint Corporation, 900 MHz Spectrum Licenses - - - -

Sep-16-2014 Packaging Machinery Manufacturers Institute The Summit Media Group, Inc. - - - -

Sep-16-2014 Citrix Systems, Inc. (NasdaqGS:CTXS) Virtual, LLC - - - -

Sep-16-2014 The Collinson Group Ltd. Welcome Real-time S.A. - - - -

Sep-17-2014 Firebrand Group, LLC Social Media on Tap - - - -

Sep-17-2014 Havas (ENXTPA:HAV) Bizkit AB and GT Media Ltd - - - -

Sep-17-2014 Dentsu Aegis Network Ltd. Covario, Inc., Search and Content Marketing Agency Business - - - -

Sep-17-2014 Obea Inergie - - - -

Sep-17-2014 BuySellAds.com, Inc. LaunchBit, Inc. - - - -

Sep-17-2014 Homegate AG LTV Gelbe Seiten AG, Home.ch - - - -

Sep-17-2014 Datamyne, Inc. Manifest Journals, LLC - - - -

Sep-17-2014 Ströer Digital Media GmbH mediasquares - eine Marke der ad pepper media GmbH - $0.5 - -

Sep-17-2014 Cisco Systems, Inc. (NasdaqGS:CSCO) Metacloud, Inc. - - - -

Sep-17-2014 Forever, Inc. Panstoria, Inc. - - - -

Sep-17-2014 Publicis Groupe SA (ENXTPA:PUB) Publicis Machine - - - -

Sep-17-2014 Shamrock Capital Advisors, LLC Questex Media Group LLC - - - -

Sep-17-2014 Zywave, Inc. Strategic Recovery Partnership Inc., Plan Document Software Business - - - -

Sep-17-2014 Agile Sports Technologies, Inc. UberSense Inc. - - - -

Sep-17-2014 Granbury Restaurant Solutions WineWeb Enterprises, Inc. - - - -

Sep-17-2014 TELUS Health Solutions Inc. XD3 Solutions Inc. - - - -

Sep-18-2014 SpendSmart Networks, Inc. (OTCPK:SSPC) TechXpress, Inc., Web Related Assets - $1.2 - -

Sep-18-2014 ParTech, Inc. Brink Software, Inc. - $17.0 - -

Sep-18-2014 Igloo.com Limited Aftermarket, Inc - - - -

Sep-18-2014 - Babylon Ltd., Translation Activity - $2.5 - -

Sep-18-2014 TechJini Solutions Private Limited Code Conclave Technologies Pvt Ltd. - - - -

Sep-18-2014 SAP America, Inc. Concur Technologies, Inc. (NasdaqGS:CNQR) $667.9 $7,651.6 11.5x 235.8x

Sep-18-2014 Red Hat, Inc. (NYSE:RHT) FeedHenry Ltd. - $82.0 - -

Sep-18-2014 HRdirect Hello Industries Inc. - - - -

Sep-18-2014 RBN B.V. JabbaWorld - - - -

Sep-18-2014 Acronis, Inc. nScaled, Inc. - - - -

Sep-18-2014 IPG Mediabrands S.A. Promoqube - - - -

Sep-18-2014 Geospatial Corporation (OTCPK:GSPH) ShaleNavigator - - - -

Sep-18-2014 Sharethrough, Inc. Sharethrough Europe $2.0 - - -

Sep-18-2014 Qualcomm Atheros, Inc. Stonestreet One, LLC - - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-18-2014 - Twitpic Inc. - - - -

Sep-19-2014 Oakley Capital Investments Limited (AIM:OCL) Facile.it S.p.A. $36.6 - - -

Sep-19-2014 ZEFR, Inc. Engodo, Inc. - - - -

Sep-19-2014 Klass Software American Cadastre, LLC, Substantially All the Assets of the Land Records Division - $4.7 - -

Sep-19-2014 The Hearst Corporation BranchOut, Inc. - - - -

Sep-19-2014 REWE Digital GmbH commercetools GmbH - - - -

Sep-19-2014 Iron Mountain Mining Limited (ASX:IRM) EON Pty Ltd. - $0.4 - -

Sep-19-2014 Oceanside Capital Corp. (TSXV:OCC) Guru Fantasy Reports, Inc. - $3.3 - -

Sep-19-2014 iFood.com Agência de Restaurantes Online S.A. Justeat Brasil Serviços Online Ltda. - - - -

Sep-19-2014 Y&R Advertising, Inc. MCS Holding LLC, Creative and Research Agency - - - -

Sep-19-2014 Oceanside Capital Corp. (TSXV:OCC) Pick Nation, Inc. and Stevo Design, Inc. - $6.0 - -

Sep-19-2014 MARC USA|Results:Digital Results:Digital LLC - - - -

Sep-19-2014 Wolf Brand Experience Limited The Lounge Group and Evoke Marketing & Events Ltd - - - -

Sep-19-2014 Adyoulike SA Video Natives Limited - - - -

Sep-22-2014 Priority Fulfillment Services, Inc. LiveAreaLabs Inc. - $7.6 - -

Sep-22-2014 Public Systeme Hopscotch (ENXTPA:PUS) Rouge - - - -

Sep-22-2014 Adobe Systems Inc. (NasdaqGS:ADBE) Aviary, Inc. - - - -

Sep-22-2014 Yahoo! Inc. (NasdaqGS:YHOO) Bookpad Techsoft India Private Limited $0.2 $8.2 50.0x -

Sep-22-2014 Lyft Inc. Corral Labs, Inc. - - - -

Sep-22-2014 Milestone Ophthalmic Sp. z o.o. Emmerson Wierzytelnosci Hipoteczne S.A. (WSE:EWH) $1.1 - - -

Sep-22-2014 Volaris Group Inc. Incognito Software Inc. and Interactive Enterprises Inc. - - - -

Sep-22-2014 Symphony Technology Group McGraw-Hill Construction Information Group $170.0 $320.0 1.9x -

Sep-22-2014 Seamless Distribution AB (OM:SEAM) Mobile Prepaid Airtime Line of Business in Sweden and Denmark - - - -

Sep-22-2014 Internet Solutions (Pty) Limited MWEB Connect (Proprietary) Limited,Certain Assets and Business Divisions - - - -

Sep-22-2014 Sage Group plc (LSE:SGE) PAI Group, Inc. $38.9 $157.8 4.1x -

Sep-22-2014 Premiere Global Services, Inc. (NYSE:PGI) TalkPoint Holdings, LLC - - - -

Sep-22-2014 VML, Inc. Teein.com $7.1 - - -

Sep-22-2014 j2 Global, Inc. (NasdaqGS:JCOM) Web24 Group Pty Ltd - - - -

Sep-22-2014 AppNexus Inc. Xaxis, LLC, Xaxis For Publishers - - - -

Sep-23-2014 - Clone Algo Technologies Inc. - $0.3 - -

Sep-23-2014 MetaPack Limited ABOL Software, Inc. - - - -

Sep-23-2014 TZ Minerals International Pty. Ltd. Chemical Market Resources, Inc. - - - -

Sep-23-2014 Wingify Software Pvt Ltd Concept Feedback LLC - - - -

Sep-23-2014 The InterPlayers Group Entire Technology Partners S/C Ltda and 50% Stake In Empowered Company Strategy - - - -

Sep-23-2014 Advicent Solutions, L.P. Figlo BV - - - -

Sep-23-2014 Zomato Media Private Limited Gastronauci - $2.0 - -

Sep-23-2014 - Hollywood Software Inc. - - - -

Sep-23-2014 gamigo AG INTENIUM GmbH - - - -

Sep-23-2014 BlazeMeter LLC Loadosophia - - - -

Sep-23-2014 TBC Holdings I, Inc. LocalVox Media, Inc. - - - -

Sep-23-2014 HCA Holdings, Inc. (NYSE:HCA) PatientKeeper, Inc. - - - -

Sep-23-2014 Apple Inc. (NasdaqGS:AAPL) Prss B.V. - - - -

Sep-23-2014 Equity Administration Solutions, Inc. Rivet Software, Inc. - - - -

Sep-23-2014 Maestro Healthcare Technology, Inc. WealthCare Marketplace - - - -

Sep-23-2014 Connexin Software, Inc. Workflow.com, LLC - - - -

Sep-23-2014 Zenium Technology Partners AG Zenium Frankfurt One - - - -

Sep-24-2014 - Rand Secure Data - $0.5 - -

Sep-24-2014 Blackhawk Network Holdings, Inc. (NasdaqGS:HAWK) Parago, Inc. - $291.1 - -

Sep-24-2014 TargetSolutions, Inc. CentreLearn Solutions, LLC - - - -

Sep-24-2014 Patented Acquisition Corporation Chisano Marketing Communications, Inc. - - - -

Sep-24-2014 Loxysoft AB Dolphin Software AS $9.7 - - -

Acquirer



Date

Announced Target

Target TTM

Revenue

($mm)

Enterprise

Value

($mm)

EV/

Revenue

EV/

EBITDA

Sep-24-2014 York Mailing Limited Go Direct Marketing Ltd - - - -

Sep-24-2014 ClearSlide, Inc. Mangrove Technology, Inc. - - - -

Sep-24-2014 Science Media LLC Medium Entertainment, Inc. - - - -

Sep-24-2014 Digital Kitchen, LLC Methodologie, Inc. - - - -

Sep-24-2014 Vemory, Inc. Path 36, LLC, Splice - - - -

Sep-24-2014 ScanDigital, Inc. PeggyBank.com, LLC - - - -

Sep-24-2014 Lamar Advertising Co. (NasdaqGS:LAMR) Prenzler Outdoor Advertising, LLC - - - -

Sep-24-2014 Credentials eSCRIP-SAFE Scrip-Safe Security Products, Inc., eSCRIP-SAFE - - - -

Sep-24-2014 Jacobson Consulting Applications, Inc. The Pricing Institute, Inc. - - - -

Sep-24-2014 Childers Media Group LLC Town Money Saver, Inc. - - - -

Sep-25-2014 Escrow.com, Inc. Agreed Escrow, Inc. - - - -

Sep-25-2014 Taiwan Mobile Co., Ltd (TSEC:3045) Ambit Microsystems Corporation Limited, 5MHz Mobile Broadband Spectrum - $113.2 - -

Sep-25-2014 Coinify ApS Bitcoin Nordic - - - -

Sep-25-2014 Mapfre SA (CATS:MAP) Direct Line Insurance Group PLC, Italian and German Operations - $700.2 - -

Sep-25-2014 Clearstream.TV, Inc. EngageHD, Inc. - - - -

Sep-25-2014 ZirMed Inc. MethodCare, Inc. - - - -

Sep-25-2014 Dynam Business Support, Co., Ltd. X-Golf Japan Co., Ltd., 30% Stake In RD-TEK And 50% Stake In X-Golf America $0.4 $6.8 15.5x -

Sep-25-2014 HootSuite Media Inc. Zeetl Inc. - - - -

Sep-25-2014 Saatchi & Saatchi Pro zweimaleins gmbh - - - -

Sep-26-2014 RTL Interactive GmbH Econa Shopping GmbH - $34.9 - -

Sep-26-2014 Dayton Superior Corporation Tilt-Up Design Systems, LLC - - - -

Sep-26-2014 - Vizrt Ltd., Vizrt Social TV - - - -

Sep-26-2014 DSA Property Group LLC Zufog, LLC - - - -

Sep-27-2014 Vista Equity Partners TIBCO Software Inc. (NasdaqGS:TIBX) $1,076.2 $4,001.4 3.7x 23.8x

Sep-27-2014 SK Planet Co., Ltd. shopkick, Inc. - - - -

Sep-29-2014 Dillistone Group Plc (AIM:DSG) ISV Software Ltd. $1.2 $5.7 4.7x -

Sep-29-2014 Pioneer Consulting Group, Inc. Superdate Holdings Ltd. - - - -

Sep-29-2014 Mount Knowledge Holdings,Inc. (OTCPK:MKHD) Civergy, Inc. $35.0 - - -

Sep-29-2014 GfK SE (XTRA:GFK) Cogenta Systems Ltd. - - - -

Sep-29-2014 XcelMobility Inc. (OTCPK:XCLL) Silver Creek Digital, Online Sports Lottery Business Unit - - - -

Sep-29-2014 Sage South Africa Pty Ltd SkillsMap (Pty) Ltd - - - -

Sep-30-2014 Transnetwork Corporation Citi Remesas, Inc. - - - -

Sep-30-2014 ARI Network Services Inc. (NasdaqCM:ARIS) TCS Technologies, LLC - $9.1 - -

Sep-30-2014 Blue Summit Media GmbH Intershop Communications Online Marketing GmbH - - - -

Sep-30-2014 Palace Resources Limited (ASX:PXR) Min-Trak Zambia Ltd - - - -

Sep-30-2014 Saatchi & Saatchi Srl Ambito5 SRL - - - -

Sep-30-2014 NSFOCUS Information Technology Co., Ltd. (SZSE:300369) Beijing Esafenet Science & Technology Co., Ltd. - $81.1 - -

Sep-30-2014 Global Payments Inc. (NYSE:GPN) Certegy Check Services, Inc., FIS Gaming Business - $236.5 - -

Sep-30-2014 - Constant Communication - - - -

Sep-30-2014 - Create Intelligence Company Limited - $0.3 - -

Sep-30-2014 Cloudera, Inc. DataPad Inc. - - - -

Sep-30-2014 Kewill plc IBM, Sterling Transportation Management System - - - -

Sep-30-2014 Schneider Electric SE (ENXTPA:SU) InStep Software, LLC - - - -

Sep-30-2014 Optum, Inc. MedSynergies, Inc. - - - -

Sep-30-2014 Glass, Lewis & Co., LLC Meetyl, Inc. - - - -

Sep-30-2014 News Corporation (NasdaqGS:NWSA) Move, Inc. (NasdaqGS:MOVE) $234.6 $913.5 3.9x 92.5x

Sep-30-2014 Autonetzer GmbH Nachbarschaftsauto PCS GmbH - - - -

Sep-30-2014 Finnish Industry Investment Ltd; Via Venture Partners A/S Profit Software Oy $12.1 - - -

Sep-30-2014 Akio Software SA Spotter S.A. - - - -

Sep-30-2014 GMO GlobalSign, Inc. Ubisecure Solutions Oy - - - -

Sep-30-2014 - Valpak Direct Marketing Systems, Inc, Valpak of Acadiana, LA - - - -

Acquirer



SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG Software Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Software Index $1,966.2 $2,076.2 $601.4 68.2% 17.4% 7.4% 2.9x 14.8x 2.8x 11.0x -2.5%

Billing & Service Management $911.6 $982.4 $388.9 56.3% 21.1% 8.2% 1.9x 9.5x 1.8x 9.0x -2.8%

Business Intelligence $1,478.6 $1,242.1 $558.8 77.1% 14.4% 4.9% 2.9x 16.1x 2.8x 11.8x -15.9%

Development Platforms $1,211.3 $950.0 $325.6 69.8% 18.9% 1.2% 1.7x 24.2x 2.4x 8.8x -2.5%

Engineering & PLM $4,328.7 $4,339.5 $896.3 85.3% 19.1% 7.1% 3.3x 15.8x 3.9x 12.6x -9.2%

Enterprise Resource Planning $6,372.7 $6,957.8 $2,207.7 61.4% 29.5% 3.0% 3.2x 10.9x 3.2x 10.1x -5.9%

Financial & Accounting $1,771.4 $2,427.2 $757.7 56.6% 26.0% 2.5% 3.2x 13.5x 3.2x 11.0x -10.4%

Gaming $2,407.1 $2,285.5 $2,255.7 63.0% 15.5% 0.2% 1.4x 12.0x 1.4x 9.1x 18.1%

Healthcare $1,112.8 $1,444.5 $568.1 54.0% 14.1% 1.1% 2.1x 14.1x 2.0x 9.9x -3.8%

IT Conglomerates $169,630.3 $151,161.3 $86,833.0 61.4% 34.5% 2.2% 3.7x 9.0x 3.2x 8.0x 4.1%

Mobile Solutions/Content $719.9 $689.9 $292.7 58.9% 0.7% 21.1% 3.0x 22.3x 2.1x 13.2x -9.7%

Networking & Network Performance Management $1,828.2 $1,626.5 $484.5 70.4% 8.2% 8.7% 2.7x 20.2x 2.2x 10.0x -1.7%

Security $946.9 $871.3 $172.9 76.7% 12.5% 15.2% 3.6x 15.2x 3.4x 16.5x -2.1%

Storage, Data Mgmt & Integration $4,695.9 $4,143.7 $1,076.2 76.5% 17.1% 2.4% 2.5x 10.1x 2.6x 7.4x -12.9%

Systems Management $11,139.7 $10,413.6 $2,357.1 85.5% 25.3% 15.8% 4.9x 19.6x 4.4x 12.7x 8.0%

Vertical - Finance $4,128.0 $4,394.7 $909.1 44.4% 29.3% 6.3% 4.3x 13.4x 4.0x 12.1x 1.6%

Vertical - Other $1,774.4 $1,922.3 $454.8 46.9% 11.6% 16.6% 3.6x 24.4x 3.1x 15.9x -1.7%

TTM Revenue Growth 7.4%

TTM EBITDA Growth -16.5%

TTM Earnings Growth -32.3%

Gross Profit Margin 68.2%

EBITDA Margin 17.4%

Net Income Margin -15.9%

SG&A Expenses as a % of Total Revenue 57.5%

R&D Expenses as a % of Total Revenue 19.1%

Current Ratio 2.1

Quick Ratio 2.0

Cash as Percent of Market Cap 11.9%

Avg Days Outstanding: Accounts Receivable 65

Avg Days Outstanding: Accounts Payable 29

Working Capital to TTM Operating Expense Ratio 0.6x

Levered FCF Margin 6.5%

Cash from Operations Growth (YoY) 27.2%

Cash from Investing Growth (YoY) -20.8%

Cash from Financing Growth (YoY) 94.4%

Levered FCF Growth (YoY) 30.0%

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

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-10%

-5%

0%

5%

10%

15%

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

DOW S&P NASDAQ SEG SW Index


SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG SaaS Index: All Categories

Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG SaaS Index $877.5 $774.7 $145.5 64.3% -5.2% 27.3% 6.1x 58.7x 4.7x 28.8x -15.1%

CRM & Marketing $966.7 $801.4 $149.6 68.7% -8.6% 29.6% 5.1x 112.8x 4.2x 30.6x -12.3%

ERP & Supply Chain $862.9 $726.4 $115.0 68.0% -8.1% 30.2% 6.3x 64.9x 5.3x 25.8x -17.5%

Vertically Focused $929.7 $846.2 $135.5 61.6% 8.2% 30.1% 6.2x 48.6x 5.0x 21.7x -11.9%

Workforce Management $973.9 $895.1 $124.4 60.6% -11.7% 31.1% 8.2x 59.0x 5.7x 34.2x -18.3%

SaaS Other $694.3 $739.6 $166.6 67.5% -13.7% 21.0% 4.2x 54.3x 3.3x 40.7x -25.1%


TTM EBITDA Growth -16.5%

TTM Earnings Growth -32.3%


EBITDA Margin -5.2%

Net Income Margin -15.9%



Current Ratio 2.1

Quick Ratio 2.0




Working Capital to TTM Operating Expense Ratio 0.6x





Levered FCF Growth (YoY) 30.0%


Category Name




-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

SEG SaaS Index Stock Market Return: January - September 2014

DOW S&P NASDAQ SEG SaaS


SEG Software Index


SEG SaaS Index

SEG Internet Index



SEG Internet Index: All Categories

Category Name Market Cap EV

TTM

Revenue

TTM

Gross

Margin

TTM

EBITDA

Margin

TTM

Revenue

Growth EV/ Revenue

EV/

EBITDA

Forward

EV/ Revenue

Forward

EV/

EBITDA YTD

SEG Internet Index $1,264.6 $1,144.8 $504.9 64.4% 9.2% 19.2% 2.4x 18.0x 2.1x 13.7x -9.7%

Ad Tech & Lead Generation $1,932.7 $1,553.4 $593.8 57.7% 6.3% 23.4% 2.2x 17.5x 2.4x 13.7x -31.5%

Commerce $504.2 $463.0 $455.2 41.7% 6.3% 14.1% 1.3x 25.4x 1.2x 10.8x -19.0%

Content & Media $2,718.6 $2,098.0 $551.4 48.4% 11.0% 11.7% 2.0x 17.2x 1.8x 12.1x -9.7%

Gaming $2,175.76 $1,622.5 $749.6 69.1% 21.0% 14.1% 2.4x 10.1x 2.2x 17.5x -17.9%

Infrastructure $586.96 $428.8 $309.3 62.4% 5.1% 9.8% 1.2x 17.0x 1.0x 11.2x -16.9%

Search $42,675.13 $40,814.5 $4,696.9 66.8% 33.8% 28.7% 5.9x 17.5x 5.2x 12.8x 2.0%

Services $838.23 $661.9 $208.6 73.3% 6.5% 30.6% 2.4x 26.1x 2.1x 16.7x -17.6%

Social $5,877.92 $5,102.4 $867.7 63.0% 10.6% 63.7% 12.5x 35.4x 9.2x 28.0x 0.5%

Travel $5,533.02 $5,150.9 $943.7 83.0% 15.6% 22.1% 5.6x 19.2x 5.6x 21.3x 12.1%


TTM EBITDA Growth 9.3%

TTM Earnings Growth 2.1%


EBITDA Margin 9.2%

Net Income Margin 0.3%



Current Ratio 2.5

Quick Ratio 2.2




Working Capital to TTM Operating Expense Ratio 0.5





Levered FCF Growth (YoY) -4.4%





-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

SEG Internet Index Stock Market Return: January - September 2014

DOW S&P NASDAQ SEG Internet Index

To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx

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