Technology, Media & Telecom Industry Update April 2012...Gartner Says Personal Cloud to Replace...

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Technology, Media & Telecom

Industry Update

April 2012

Table of Contents Technology, Media & Telecom

What We've Been Reading…………………………………………………………………………………………1

Bellwethers……………………………………………………………………………………………2

TMT Public Market Trading Statistics………………………………………………………………………..…………………..3

Recent TMT M&A Activity…………………………………………………………………………………………….4

Recent U.S. TMT Initial Public Offerings………………………………………………………………………….………………...………..5

Public and M&A Market Overview by Sector

Data and Information Services………………………………………………………………..…………..6

Financial Technology…………………………………………………………………………8

Internet & Digital Media……………………………………………………..…………………..10

IT and Tech-Enabled Services………………………………………………………………..13

Software – Application…………………………………………………….…………………..15

Software – Infrastructure……………………………………………………..…………………..18

Software – SaaS……………………………………………………………………………………………………..20

Tech Hardware……………………………………………………………………..…………………..22

Telecom………………………………………………………………………………………………..25

Selected HW&Co. TMT Transactions…………………………………………………………………………………………..28

TMT Group Overview and Disclosures…………………………………………………………………………………………..29

Note: All market data in the following materials is as of March 30, 2012.

The White House introduced the “Big Data Research and Development Initiative,” aimed at advancing technologies

needed to leverage large digital data sources (commonly referred to as Big Data). The initiative includes over $200

million in new commitments from six Federal departments and a series of open prize competitions that should

improve the necessary capabilities in order to realize advancements from the vast amounts of digital data.

Read the full article here.

Big Data is a Big Deal

WhiteHouse.gov 3/29/2012

Rapid developments in cloud computing software are expected to redefine the personal device landscape, according

to a recent report by Gartner. As virtualization continues to enable cloud deployment, Gartner predicts that personal

computers will be replaced by the “personal cloud,” which offers functionality on mobile devices such as

smartphones and tablets, by 2014. Gartner highlights the rise of this era as coming amidst growing

“consumerization of IT,” continuously innovative application deployment methods, and the ongoing redefinition of

the IT environment by virtualization.


Gartner Says Personal Cloud to Replace Personal Computer by 2014

Business Cloud News 3/13/2012

According to Microsoft’s global “SMB Cloud Adoption Study 2011,” cloud-based software and services are

expected to continue penetrating the small to mid-sized business segment. Of the businesses surveyed in the report,

39% expect to utilize a cloud service within the next three years, compared to the 29% that use cloud services today.

The average number of cloud services utilized per paying enterprise is also expected to increase from less than two

services today to over three. Both the scalability and cost-effectiveness of cloud-based solutions were cited as key

drivers for the emerging service model.


Cloud, SaaS Adoption Grow Among Small Businesses: Microsoft

eWeek 4/06/2012

What We’ve Been Reading

Worldwide clean technology venture investments totaled 185 in 1Q 2012, up 5% compared to investment count for

4Q 2011. Despite a larger number of deals being completed, the total amount invested dropped by 19% compared

with 4Q 2011, reflecting a favorable environment for early stage clean technology ventures. The clean technology

M&A market also remained strong with over 77 announced transactions in 1Q 2012, totaling over $15B.


Global Clean Technology Venture Deals Rise While Dollars Fall in 1Q 2012

Market Watch 4/05/2012

In response to major transformations anticipated in point of sale systems driven by trends such as electronic wallets,

there is increasing agreement across the payments ecosystem that planning for widespread Europay, Mastercard,

and Visa (EMV) adoption in the U.S. is now mandatory. These new technologies will allow retailers to realize

economic value in implementing EMV, a payments standard for chip-based cards already adopted around the world.

In addition, popular near field communication (NFC) trends have prompted many of the key players to call for dual-

interface terminals that will allow for contactless payments.


U.S. Payment Systems to Sync with Rest of World

PYMNTS.com 4/10/2012

1

http://www.whitehouse.gov/blog/2012/03/29/big-data-big-deal

http://www.businesscloudnews.com/enterprise-20/754-personal-cloud-to-replace-personal-computer-by-2014.html

http://www.eweek.com/c/a/Cloud-Computing/Cloud-SaaS-Adoption-Grow-Among-Small-Businesses-Microsoft-106322/

http://www.marketwatch.com/story/global-clean-technology-venture-deals-rise-while-dollars-fall-in-1q-2012-2012-04-05

http://pymnts.com/briefing-room/security-and-risk/EMV/U-S-Payment-Systems-to-Sync-with-Rest-of-World/

Public Market Trading Statistics Bellwethers

Stock

Performance

Last Twelve Months Last 30 Days

Comparable

Trading

Summary

2

80%

90%

100%

110%

120%

130%

140%M

ar-

11

Ap

r-1

1

Ma

y-1

1

Jun

-11

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Au

g-1

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Sep

-11

Oct-

11

No

v-1

1

Dec-1

1

Jan

-12

Feb

-12

Ma

r-1

2

Nasdaq Bellwethers

90%

95%

100%

105%

110%

115%

120%

03

/01

/12

03

/03

/12

03

/05

/12

03

/07

/12

03

/09

/12

03

/11

/12

03

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/12

03

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/12

03

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/12

03

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/12

03

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/12

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/23

/12

03

/25

/12

03

/27

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/29

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/31

/12

Nasdaq Bellwethers

($ in millions) Stock Price CY 2012P Multiples Summary LTM

Market As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA

Company Capitalization Current Week High Revenue EBITDA LTM CY 2012P LTM CY 2012P

Bellwethers

Apple Inc. 559,002.4$ 599.55$ 96.5% 29.3% 31.5% 3.6x 2.8x 10.2x 7.7x

Microsoft Corporation 270,644.3 32.26 97.9% 6.2% 6.2% 3.1x 2.9x 7.5x 7.1x

International Business Machines Corporation 241,754.8 208.65 99.8% 1.8% 3.0% 2.4x 2.4x 9.8x 9.5x

Google Inc. 208,490.4 641.24 95.7% 23.2% 36.8% 4.5x 3.7x 12.1x 8.9x

Samsung Electronics Co. Ltd. 146,856.6 1,125.55 97.3% 18.4% 35.1% 0.9x 0.8x 5.2x 3.7x

Oracle Corporation 145,074.1 29.16 79.9% 3.7% 21.5% 3.5x 3.4x 8.3x 7.0x

Intel Corporation 140,462.5 28.12 98.8% 4.6% 4.3% 2.4x 2.3x 5.5x 5.2x

QUALCOMM Inc. 115,117.9 68.06 98.8% 22.3% 22.1% 5.8x 4.7x 14.2x 11.6x

Cisco Systems, Inc. 113,912.6 21.15 99.6% 6.4% 23.8% 1.9x 1.7x 6.8x 5.5x

Amazon.com Inc. 92,155.8 202.51 82.1% 30.7% 52.8% 1.8x 1.3x 49.4x 32.3x

SAP AG 83,196.5 69.88 95.6% 11.0% 3.4% 4.4x 3.9x 11.7x 11.1x

EMC Corporation 61,902.1 29.88 99.6% 10.2% 25.6% 2.8x 2.5x 11.9x 9.5x

eBay Inc. 47,604.8 36.90 96.6% 18.8% 33.7% 3.5x 3.0x 12.5x 9.3x

Hewlett-Packard & Company 47,120.1 23.83 57.0% (1.5%) 4.8% 0.6x 0.6x 4.5x 4.3x

Total Comp Set Median 127,790.2$ 97.0% 10.6% 23.0% 2.9x 2.6x 10.0x 8.3x

0%

20%

40%

60%

80%

100%

120%

Data and

Information Services

Financial

Technology

Internet &

Digital Media

IT and

Tech-Enabled Services

Software –

Application

Software –

Infrastructure

Software –

SaaS

Technology

Hardware

Telecommunications

Comparable

Trading

Summary

Valuation

Summary

Current Valuation Versus Historical Five-Year Average

Five-Year Average

Note: Based on current TEV/LTM EBITDA versus five-year historical average.

Note: Public comparables exclude companies with market capitalization below $500 million.

TMT Public Market Trading Statistics by Vertical

3

LTM Revenue LTM EBITDA

Industry Segment 1 Month 12 Month Growth Margin LTM 2012P 2013P LTM 2012P 2013P

Bellwethers 4.8% 19.1% 14.1% 32.0% 2.9x 2.6x 2.4x 10.0x 8.3x 7.2x

Data and Information Services 5.3% 10.2% 11.2% 24.8% 2.9x 2.7x 2.6x 10.6x 9.0x 8.1x

Diversified Information Services 3.9% 15.2% 8.3% 28.0% 3.0x 2.9x 2.7x 10.1x 9.0x 8.2x

Lender/Mortgage/Real Estate Data and Processing 9.1% 10.2% 4.6% 17.3% 1.8x 1.7x 1.6x 13.7x 8.1x 7.2x

Market Data and Research 2.9% (3.4%) 13.5% 16.2% 1.9x 1.7x 1.5x 10.6x 8.9x 7.9x

Financial Data and Media 6.8% 8.3% 13.5% 37.5% 4.3x 4.6x 4.2x 12.6x 10.5x 9.6x

Financial Technology 3.0% 20.5% 11.8% 26.8% 3.1x 2.8x 2.7x 11.1x 9.2x 8.3x

Financial Software and Solutions 2.3% 9.1% 13.4% 26.6% 4.0x 3.5x 3.2x 13.3x 10.8x 9.9x

Transaction and Payment Processing 3.5% 28.0% 10.3% 26.8% 2.5x 2.3x 2.2x 10.3x 8.9x 8.1x

Internet & Digital Media 4.9% (1.1% ) 27.3% 20.1% 2.9x 2.2x 2.1x 10.1x 8.8x 7.7x

Advertising & Marketing 6.0% 13.1% 41.2% 29.7% 5.3x 3.7x 3.1x 16.1x 15.3x 12.6x

Content & Services 6.4% (24.0%) 32.8% 13.9% 3.0x 2.3x 2.1x 8.4x 10.4x 9.4x

Content Delivery & Management 11.8% (5.0%) 24.1% 24.1% 3.8x 3.0x 2.8x 10.7x 8.8x 7.8x

e-Commerce 0.9% 4.7% 27.3% 16.9% 3.5x 2.3x 2.0x 19.5x 11.3x 8.9x

Diversified Media 3.1% 7.0% 4.9% 21.9% 1.8x 1.7x 1.7x 7.5x 7.4x 6.9x

IT and Tech-Enabled Services 4.3% (0.2% ) 10.2% 15.7% 1.3x 1.3x 1.2x 10.1x 8.1x 7.4x

IT Services 9.9% (9.1%) 15.8% 10.6% 0.6x 0.5x 0.5x 6.4x 5.6x 5.1x

Government IT & BPO 3.1% 5.5% 10.2% 9.9% 0.6x 0.5x 0.5x 8.5x 6.3x 5.9x

Onshore BPOs 1.6% 3.2% 2.7% 17.9% 1.1x 1.0x 1.0x 8.8x 5.2x 4.6x

Offshore BPOs 2.0% 1.4% 16.4% 18.4% 2.2x 1.9x 1.7x 11.9x 10.9x 9.7x

Software – Application 3.2% 14.1% 19.1% 20.9% 3.8x 3.5x 3.1x 14.3x 11.2x 10.2x

Enterprise Software 4.2% 13.8% 20.6% 22.9% 3.5x 3.4x 3.2x 11.8x 9.9x 9.1x

Product Lifecycle Management/Technical Design 2.9% 14.9% 14.6% 21.9% 3.6x 3.3x 3.0x 15.1x 10.8x 9.9x

Customer Engagement/Call Center Management 8.7% 15.4% 11.5% 18.3% 2.5x 2.2x 2.0x 14.1x 8.4x 7.9x

Human Capital Management 2.5% 16.0% 21.0% 10.7% 7.7x 6.1x 4.9x 69.1x 28.5x 22.5x

Vertically Focused - Public Sector 3.8% 13.7% 13.6% 19.3% 3.9x 3.5x 3.1x 15.6x 13.9x 11.5x

Vertically Focused - Healthcare IT (3.2%) 12.4% 24.8% 26.9% 5.4x 4.8x 4.2x 18.8x 14.5x 12.2x

Software – Infrastructure 6.4% 11.0% 14.8% 22.2% 3.2x 2.8x 2.6x 13.5x 10.0x 9.4x

Enterprise IT Management 8.2% 3.9% 10.7% 22.6% 3.1x 2.7x 2.4x 10.8x 9.4x 10.8x

Security 7.1% 22.4% 13.4% 27.5% 7.1x 6.1x 5.1x 13.6x 10.6x 9.4x

Enterprise Storage 2.4% 10.7% 22.2% 17.6% 3.7x 3.3x 3.0x 17.2x 12.7x 11.0x

Software – SaaS 4.1% 15.2% 30.4% 15.3% 6.6x 5.1x 4.4x 25.3x 18.3x 15.5x

Technology Hardware 0.8% 0.5% 2.7% 19.0% 1.3x 1.3x 1.2x 6.9x 6.5x 5.7x

Semiconductor Devices 1.0% (5.8%) 3.0% 21.9% 2.3x 2.2x 2.0x 9.3x 8.7x 6.9x

Semiconductor Equipment 1.3% (1.3%) (3.6%) 22.7% 1.5x 1.4x 1.3x 6.6x 7.3x 5.7x

Electronic Manufacturing 0.9% (0.9%) 5.3% 5.7% 0.3x 0.3x 0.3x 6.1x 5.2x 4.7x

PCs, Servers, and Computing Components (0.2%) 10.2% 3.8% 13.2% 0.8x 0.7x 0.7x 7.3x 5.5x 4.9x

Storage and Networking Components 2.1% 4.7% 8.5% 22.2% 1.4x 1.2x 1.1x 6.1x 4.7x 4.6x

Telecommunications 2.9% (5.0% ) 11.4% 23.5% 2.0x 2.0x 1.8x 10.5x 8.0x 7.0x

Network Optimization (0.3%) (10.3%) 19.4% 21.7% 4.6x 3.9x 3.4x 17.7x 11.6x 10.0x

Fiber Optics 3.4% (16.6%) 5.5% 7.1% 1.6x 1.4x 1.2x 29.7x 12.2x 9.7x

Telecom/Networking Equipment 2.0% (16.1%) 9.2% 17.8% 1.7x 1.6x 1.4x 7.7x 6.7x 6.1x

Carriers and Content Providers 2.8% (9.0%) 11.1% 25.9% 1.8x 1.7x 1.6x 6.0x 5.6x 5.2x

Infrastructure Services 4.0% 30.6% 11.4% 62.3% 13.0x 11.1x 10.0x 20.9x 17.7x 15.5x

Managed Services 12.2% 54.4% 31.3% 40.0% 5.9x 5.0x 4.3x 14.2x 10.9x 9.4x

NASDAQ 4.2% 12.7%

Stock Price % Change TEV / Revenue Multiple TEV / EBITDA Multiple

Date Date Enterprise LTM Multiples Summary

Announced Closed Target Acquirer Value (mm) Revenue EBITDA

03/26/12 Pending Comverge, Inc. H.I.G. Capital, LLC 50.9$ 0.4 x NA

03/26/12 Pending Opnext, Inc. Oclaro, Inc. 133.5 0.4 x NA

03/24/12 Pending ClairMail, Inc. Monitise plc 109.5 10.0 x NA

03/16/12 Pending NEXX Systems, Inc. Tokyo Electron Ltd. 248.9 3.9 x 36.0 x

03/15/12 Pending NDS Group Ltd. Scientific-Atlanta, LLC 4,964.8 5.0 x 17.5 x

03/14/12 Pending Radvision Ltd. Avaya Inc. 163.7 2.1 x NA

03/13/12 Pending SonicWALL, Inc. Dell Inc. 1,200.0 4.6 x NA

03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3 x 12.7 x

03/08/12 Pending GFI Solutions Group, Inc. Private Equity Consortia 83.7 1.3 x NA

03/06/12 Pending Transcend Services, Inc. Nuance Communications, Inc. 318.1 2.5 x 12.2 x

02/28/12 Pending eScreen, Inc. Alere Inc. 340.0 2.8 x NA

02/21/12 03/30/12 ATS Corporation Salient Federal Solutions, Inc. 76.4 0.8 x 7.6 x

02/08/12 Pending Taleo Corporation Oracle Corporation 1,805.5 5.7 x 60.9 x

02/05/12 Pending SureWest Communications Consolidated Communications Holdings Inc. 560.3 2.3 x 6.9 x

01/27/12 03/16/12 RuggedCom Inc. Siemens Canada Limited 385.7 3.6 x 21.0 x

01/23/12 03/20/12 Gennum Corporation Semtech Canada Inc. 483.3 3.5 x 14.1 x

01/22/12 01/23/12 Vaughn Energy, LLC DHS Services Pty Ltd. 100.0 2.6 x NA

01/16/12 Pending Convio, Inc. Blackbaud Inc. 274.4 3.4 x 35.5 x

01/07/12 01/31/12 2nd Story Software, Inc. InfoSpace, Inc. 287.5 3.7 x 7.6 x

12/20/11 12/31/11 Conference Plus, Inc. Arkadin, Inc. 41.0 1.0 x NA

12/14/11 Pending Novellus Systems, Inc. Lam Research Corporation 2,941.8 2.0 x 7.8 x

12/12/11 12/31/11 Ironworks Consulting, LLC ICF Consulting Group, Inc. 100.0 1.8 x NA

12/09/11 Pending March Networks Corporation Shenzhen Infinova Limited 44.8 0.5 x 8.7 x

12/08/11 Pending Blue Coat Systems Inc. Teachers' Private Capital; Thoma Bravo 896.9 1.9 x 13.3 x

12/07/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8 x 39.9 x

12/07/11 12/07/11 Wiggle Ltd. Bridgepoint Capital Group Ltd 200.0 2.3 x 19.0 x

12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0 x NA

11/21/11 Pending Accu-Sort Systems, Inc. Datalogic SpA 135.0 1.5 x 7.6 x

11/18/11 11/18/11 Fairchild Industrial Products Company Rotork plc 75.8 3.6 x NA

11/14/11 11/14/11 LesPAC Inc. Mediagrif Interactive Technologies Inc. 72.5 5.7 x NA

11/12/11 01/03/12 Point International AB VeriFone Systems, Inc 770.0 5.5 x NA

11/11/11 12/02/11 Tri-Star Electronics International, Inc. Carlisle Interconnect Technologies Inc. 285.0 3.0 x NA

11/06/11 Pending Tekelec Private Equity Consortia 507.1 1.3 x 11.4 x

11/01/11 12/30/11 INX Inc. Presidio Networked Solutions, Inc. 148.1 0.4 x 41.6 x

10/31/11 12/13/11 interCLICK, Inc. Yahoo! Inc. 250.9 2.0 x 23.6 x

10/27/11 12/23/11 MOSAID Technologies Inc. Sterling Partners 444.8 5.5 x 10.6 x

10/24/11 10/31/11 Albumprinter BV Vistaprint N.V. 65.0 1.8 x 10.8 x

10/23/11 Pending Rightnow Technologies Inc. Oracle Corporation 1,521.4 7.0 x 63.8 x

10/12/11 Pending Genesys Telecommunications Laboratories, Inc. Permira Advisers; Technology Crossover Ventures 1,500.0 3.0 x NA

10/12/11 Pending Cdnetworks Co Ltd KDDI Corp. 195.3 2.0 x NA

10/10/11 10/10/11 Qumu, Inc. Rimage Corp. 52.8 5.1 x NA

10/10/11 11/21/11 BigBand Networks, Inc. Arris Group Inc. 41.9 0.5 x NA

10/10/11 12/21/11 InsWeb Corp., Operating Assets Bankrate, Inc. 56.1 1.1 x 19.3 x

10/07/11 10/18/11 Mobile Complete, Inc. Keynote Systems Inc. 89.8 5.0 x NA

Median 249.9$ 2.6x 13.7x

Recent M&A

Statistics

Note: Includes announced domestic transactions over the last six months where enterprise value is more than $40 million and revenue multiples are publicly available.

Transaction Volume and Revenue Multiples Transaction Volume by Segment Summary

Statistics

Recent TMT M&A Activity

Note: Includes closed transactions over the last twelve months where enterprise value is publicly disclosed and more than $40 million. 4

2.2 x

3.2 x3.2 x

1.3 x

3.0 x

4.5 x

4.8 x

1.5 x 1.5 x

0.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

0

10

20

30

40

50

60

70

80

90

100

Data and Information

Services

Financial Technology

Internet & Digital Media

IT and Tech-Enabled Services

Software –Application

Software –Infrastructure

Software –SaaS

Technology Hardware

Telecom

LT

M R

ev

en

ue M

ultip

leTra

nsa

cti

on

Volu

me

Data and Information

Services4%

Financial Technology

6%

Internet & Digital Media

17%

IT and Tech-Enabled Services

9%

Software –Application

18%

Software –Infrastructure

6%

Software –SaaS3%

Technology Hardware

23%

Telecom14%

0

10

20

30

40

50

60

2005 2006 2007 2008 2009 2010 2011 2012 YTD

($ in millions) IPO Details Financials at IPO (LTM) Trading Multiples

Gross Offering % Post-IPO EBITDA 1YR Rev. TEV/LTM TEV/LTM

Date Company Amount Secondary Perf. Revenue Margin Growth Revenue EBITDA

03/28/12 Millennial Media Inc. 132.6$ 9.8% 80.8% 103.7$ NM 116.8% 16.8x NM

03/27/12 Vocera Communications, Inc. 93.6 14.5% 46.3% 79.5 1.5% 40.0% 6.3x NM

03/21/12 ExactTarget, Inc. 161.5 0.0% 36.8% 207.5 NM 54.5% 7.9x NM

03/21/12 Vantiv, Inc. 500.0 0.0% 15.5% 1,622.4 26.9% 39.6% 3.9x 14.5x

03/14/12 M/A-Com Technology Solutions Holdings 114.0 7.4% 9.2% 308.4 18.6% 18.5% 3.5x 19.0x

03/14/12 Demandware, Inc. 88.0 0.0% 86.3% 56.5 3.8% 54.1% 16.1x NM

03/01/12 Yelp, Inc. 107.3 0.7% 79.3% 83.3 NM 74.5% 19.1x NM

02/23/12 Bazaarvoice, Inc. 113.8 5.1% 65.4% 94.0 NM 143.2% 12.1x NM

02/17/12 Brightcove, Inc. 55.0 0.0% 125.5% 63.6 NM 45.4% 10.1x NM

02/09/12 Synacor, Inc. 34.1 20.0% 51.2% 91.1 7.4% 37.5% 2.5x 33.3x

02/01/12 Greenway Medical Technologies, Inc. 66.7 19.2% 52.8% 105.8 5.2% 63.6% 5.3x NM

02/01/12 AVG Technologies N.V. 128.0 50.0% (6.6%) 272.4 29.5% 25.4% 4.3x 14.4x

01/24/12 Guidewire Software, Inc. 115.1 0.0% 136.8% 190.2 13.6% 31.4% 8.3x 61.2x

12/15/11 Zynga, Inc. 1,000.0 0.0% 276.8% 1,024.6 18.6% 743.5% 8.4x 45.0x

12/12/11 Jive Software, Inc. 161.3 25.1% 126.3% 69.4 NM 131.5% 23.5x NM

11/18/11 Digital Domain Media Group, Inc. 41.8 0.0% (33.1%) 106.4 NM 66.5% 3.4x NM

11/17/11 Intermolecular, Inc. 96.5 41.1% (37.9%) 52.9 8.1% 96.4% 6.7x 83.4x

11/16/11 Angie's List, Inc. 114.3 28.9% 45.3% 78.7 NM 72.6% 13.7x NM

11/15/11 InvenSense, Inc. 75.0 0.0% 141.3% 129.7 30.6% 63.0% 10.8x 35.3x

11/03/11 Groupon, Inc. 700.0 0.0% (8.1%) 1,290.5 NM 312.4% 8.4x NM

11/08/11 Imperva Inc. 90.0 5.0% 117.5% 72.0 NM 82.9% 12.4x NM

10/13/11 Ubiquiti Networks, Inc. 105.6 66.0% 110.9% 243.0 33.1% 77.4% 12.6x 38.1x

Median 110.5$ 5.1% 59.1% 104.7$ 16.1% 65.1% 8.4x 35.3x

Recent IPO

Statistics

Note: Includes major U.S. exchanges and transactions for companies located in the U.S. over the last six months.

Number of Transactions by Tier Percentage of Transactions by Tier

Tier by Market Capitalization on IPO Pricing Date

$0 - $250M $250M - $500M $500M - $1,000M $1,000M - $2,000M $2,000M +

Recent U.S. TMT Initial Public Offerings

Note: Includes major U.S. exchanges and transactions for companies located in the U.S.

5

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2006 2007 2008 2009 2010 2011 2012 YTD

Stock

Performance

Public Market Trading Statistics Data and Information Services

Comparable

Trading

Summary


6




Diversified Information Services

Thomson Reuters Corporation 23,929.3$ 28.90$ 73.1% (5.0%) 6.5% 2.2x 2.3x 9.0x 8.5x

Experian plc 15,661.2 15.58 97.2% NA NA 3.9x 3.5x 12.1x 10.7x

Reed Elsevier plc 10,803.3 8.88 82.7% NA NA NA 0.9x NA 2.9x

Verisk Analytics, Inc. 7,740.2 46.97 98.8% 12.9% 15.6% 6.5x 5.7x 14.9x 12.9x

Alliance Data Systems Corporation 6,303.4 125.96 98.8% 10.4% 19.7% 4.1x 3.7x 13.8x 11.5x

IHS Inc. 6,156.2 93.65 95.1% 16.6% 84.4% 4.9x 4.4x 24.4x 13.5x

Wolters Kluwer NV 5,613.7 18.93 84.6% 5.4% 5.4% 1.9x 1.8x 7.8x 7.2x

Equifax Inc. 5,304.4 44.26 99.2% 6.6% 8.5% 3.1x 2.9x 9.5x 8.8x

Informa plc 4,244.0 7.06 95.7% 3.5% 9.5% 2.8x 2.6x 10.2x 9.1x

NeuStar, Inc. 2,510.7 37.25 96.3% 32.3% 41.8% 4.8x 3.6x 11.4x 8.0x

UBM plc 2,438.2 10.01 97.5% 3.9% 4.3% 2.1x 2.0x 9.6x 9.0x

Fair Isaac Corporation 1,581.8 43.90 99.0% 1.5% (0.3%) 2.9x 2.9x 10.0x 10.0x

Acxiom Corporation 1,147.8 14.68 95.3% (4.8%) (4.1%) 1.1x 1.1x 5.4x 5.7x

Median 5,613.7$ 96.3% 5.4% 8.5% 3.0x 2.9x 10.1x 9.0x

Lender/Mortgage/Real Estate Data and Processing

Fidelity National Financial, Inc. 3,995.0$ 18.03$ 97.2% 1.1% (1.9%) 0.9x 0.9x 8.0x 8.1x

Lender Processing Services, Inc. 2,194.8 26.00 79.3% (4.6%) 14.1% 1.6x 1.6x 8.1x 7.1x

CoStar Group Inc. 1,757.0 69.05 94.0% 11.9% 18.7% 4.8x 4.3x 24.0x 20.3x

CoreLogic, Inc. 1,742.6 16.32 85.0% 4.9% 98.4% 1.8x 1.7x 13.7x 6.9x

LoopNet, Inc. 801.6 18.78 99.1% 11.5% 98.6% 8.0x 7.1x 46.1x 23.2x

Median 1,757.0$ 94.0% 4.9% 18.7% 1.8x 1.7x 13.7x 8.1x

Market Data and Research

Gartner Inc. 3,981.2$ 42.64$ 98.3% 10.6% 30.7% 2.8x 2.5x 17.0x 13.0x

Aegis Group plc 3,385.8 2.96 95.9% 11.4% 19.4% 2.0x 1.7x 10.3x 8.4x

Ipsos SA 1,622.0 35.84 75.1% 33.7% 13.2% 1.3x 1.0x 10.0x 8.6x

Forrester Research Inc. 734.4 32.40 81.0% 9.8% 19.1% 1.8x 1.6x 10.8x 9.1x

Median 2,503.9$ 88.5% 11.0% 19.3% 1.9x 1.7x 10.6x 8.9x

Financial Data and Media

Moody's Corporation 9,401.6$ 42.10$ 98.7% 8.8% 8.8% 4.3x 4.0x 10.2x 9.3x

MSCI Inc. 4,471.0 36.81 94.3% 6.8% 8.4% 5.7x 5.4x 12.6x 11.6x

FactSet Research Systems Inc. 4,437.0 99.04 88.1% 10.5% 12.1% 5.5x 5.1x 14.6x 13.4x

Dun & Bradstreet Corporation 4,054.5 84.73 97.9% (0.6%) 9.2% 2.8x 2.8x 9.3x 8.5x

Morningstar Inc. 3,160.9 63.05 98.5% NA NA 4.2x NA 14.4x NA

Median 4,437.0$ 97.9% 7.8% 9.0% 4.3x 4.6x 12.6x 10.5x

Total Data and Information Median 3,995.0$ 95.9% 7.8% 12.7% 2.9x 2.7x 10.6x 9.0x

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2.7x 2.7x2.2x

3.7x

2.5x2.7x 2.8x 2.8x

2.0x2.3x

1.5x

0.0x

1.0x

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3.0x

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Transaction Volume Median LTM Revenue Multiple

Recent M&A

Activity

Comparable Transactions Data and Information Services

Summary

Statistics

M&A Transaction Volume and Revenue Multiples

Note: Includes announced transactions over the last six months where enterprise value is publicly disclosed and more than $40 million.

Note: Includes closed transactions where enterprise value is publicly disclosed and more than $40 million.

7

Date Date Enterprise LTM Multiples


03/23/12 03/30/12 MediConnect Global, Inc. Verisk Analytics, Inc. 348.6$ NA NA

01/31/12 03/16/12 JBIS Holdings, Inc. NTT Data Corporation 129.1 0.3 x 20.7 x

01/05/12 01/05/12 Miyowa Inc. Synchronoss Technologies, Inc. 59.0 4.6 x NA

12/23/11 12/28/11 De Novo Legal, LLC Epiq Systems Holdings, LLC 118.7 2.0 x 7.0 x

11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7 x NA

11/10/11 03/19/12 Bitstream Inc. Monotype Imaging Holdings Inc. 42.5 1.5 x NA

10/10/11 11/16/11 MF Honyvem Cerved Group 61.6 2.9 x NA

Median 71.3$ 2.5x 13.9x

Stock

Performance

Public Market Trading Statistics Financial Technology

Comparable

Trading

Summary


8




Financial Software and Solutions 1,694.0$ -$ 1.0$ 0.1$ 0.2$ 4.0$ 3.5$ 13.3$ 10.8$

Intuit Inc. 17,741.7$ 60.16$ 96.5% 8.4% 19.1% 4.4x 4.0x 12.8x 10.7x

Broadridge Financial Solutions Inc. 2,965.7 23.91 95.9% 6.4% 16.5% 1.5x 1.4x 8.8x 7.5x

Jack Henry & Associates Inc. 2,960.7 34.12 96.5% 6.2% 8.1% 3.0x 2.9x 9.4x 8.7x

SS&C Technologies Holdings, Inc. 1,810.4 23.33 98.8% 14.8% 20.8% 5.0x 4.4x 13.8x 11.4x

ACI Worldwide, Inc. 1,577.6 40.27 95.9% 51.6% 58.1% 3.1x 2.1x 14.4x 9.1x

Advent Software, Inc. 1,305.9 25.60 86.7% 12.0% 8.4% 3.7x 3.3x 11.9x 11.0x

Financial Engines, Inc. 1,028.7 22.36 77.1% 25.0% 91.3% 6.1x 4.9x 35.0x 18.3x

Bottomline Technologies Inc. 1,012.3 27.94 93.4% 13.6% 39.2% 4.2x 3.7x 25.3x 18.1x

Median 1,694.0$ 95.9% 12.8% 20.0% 4.0x 3.5x 13.3x 10.8x

Transaction and Payment Processing 6,973.3$ -$ 1.0$ 0.1$ 0.1$ 2.5$ 2.3$ 10.3$ 8.9$

Visa, Inc. 79,322.8$ 118.00$ 97.8% 9.6% 9.5% 8.0x 7.3x 12.6x 11.5x

Mastercard Inc. 53,203.1 420.54 96.1% 12.3% 14.6% 7.1x 6.4x 13.0x 11.3x

Automatic Data Processing, Inc. 27,074.9 55.19 96.7% 6.6% 7.4% 2.5x 2.3x 11.7x 10.9x

Paychex, Inc. 11,235.2 30.99 91.9% 6.5% 5.8% 4.7x 4.5x 11.1x 10.7x

Fiserv, Inc. 9,616.7 69.39 99.1% 5.0% 12.7% 2.9x 2.8x 9.7x 8.6x

Fidelity National Information Services, Inc. 9,589.1 33.12 98.1% 4.5% 8.6% 2.5x 2.4x 8.5x 7.8x

Total System Services, Inc. 4,357.5 23.07 99.3% (0.1%) 18.2% 2.3x 2.3x 9.4x 8.0x

Global Payments Inc. 3,722.1 47.50 88.1% 11.8% 10.7% 1.8x 1.6x 8.0x 7.2x

Wright Express Corporation 2,504.5 64.73 97.7% 8.5% 18.4% 5.0x 4.6x 11.0x 9.3x

Heartland Payment Systems, Inc. 1,121.9 28.84 94.8% (73.1%) 20.6% 0.6x 2.2x 11.0x 9.1x

Euronet Worldwide Inc. 1,055.4 20.89 99.3% 9.3% 19.6% 1.1x 1.0x 8.8x 7.3x

TNS Inc. 562.9 21.73 95.1% 4.3% 7.9% 1.6x 1.5x 6.7x 6.2x

Median 6,973.3$ 97.2% 6.5% 11.7% 2.5x 2.3x 10.3x 8.9x

Total Financial Technology Median 2,963.2$ 96.3% 8.4% 15.6% 3.1x 2.8x 11.1x 9.2x

70%

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Nasdaq Financial Technology



03/26/12 Pending ClairMail, Inc. Monitise plc 174.4$ 10.0 x NA

03/06/12 Pending GlobeOp Financial Services S.A SS&C Technologies Holdings, Inc. 717.0 3.2x 11.4x

02/28/12 Pending Thomson Reuters, Portia Business SS&C Technologies Holdings, Inc. 170.0 NA NA

02/07/12 Pending Temenos Group AG Misys plc 1,569.8 3.3x 35.1x

01/13/12 Pending Buckaroo B.V. Intrum Justitia AB 50.7 NA NA

12/19/11 01/31/12 Orc Group AB Cidron Intressenter AB 250.7 1.8x 9.2x

11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA

Median 174.4$ 3.3x 11.4x

Recent M&A

Activity

Comparable Transactions Financial Technology

Summary

Statistics




9

4.7x

1.0x

1.8x

3.9x

3.2x3.4x

3.1x

1.7x2.0x

3.4x3.2x

0.0x

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Comparable

Trading

Summary

Public Market Trading Statistics Internet & Digital Media

Stock

Performance


10




Advertising & Marketing 5,594.8$ -$ 0.9$ 0.3$ 0.4$ 5.3$ 3.7$ 16.1$ 15.3$

Google Inc. 208,490.4$ 641.24$ 95.7% 23.2% 36.8% 4.5x 3.7x 12.1x 8.9x

Baidu, Inc. 50,894.3 145.77 87.8% 55.8% 49.4% 21.4x 13.7x 36.6x 24.5x

Yahoo! Inc. 18,473.3 15.22 80.8% (11.5%) (3.6%) 2.3x 2.5x 8.3x 8.6x

Groupon, Inc. 11,722.8 18.38 59.0% 44.5% NM 6.5x 4.5x NM 28.6x

Yandex N.V. 8,714.8 26.87 64.0% 39.4% 41.5% 12.9x 8.5x 29.0x 18.8x

Bankrate, Inc. 2,474.8 24.75 95.4% 27.5% 31.0% 6.2x 4.8x 20.1x 15.3x

ValueClick, Inc. 1,590.8 19.74 91.8% 27.1% 36.6% 2.9x 2.3x 10.2x 7.5x

Bazaarvoice, Inc. 1,128.6 19.85 96.9% NA NA 12.1x NA NM NA

Constant Contact, Inc. 900.4 29.79 82.0% 17.2% 111.5% 3.5x 3.0x 34.7x 16.4x

InfoSpace, Inc. 509.5 12.81 92.9% 52.4% 139.2% 0.9x 0.6x 7.4x 3.1x

Median 5,594.8$ 89.8% 27.5% 39.1% 5.3x 3.7x 16.1x 15.3x

Content & Services 1,425.4$ -$ 0.7$ 0.2$ 0.3$ 3.0$ 2.3$ 8.4$ 10.4$

LinkedIn Corporation 10,445.5$ 101.99$ 83.1% 64.5% 169.1% 18.9x 11.5x NM 57.7x

Zynga, Inc. 9,488.9 13.15 82.7% 21.4% NM 6.6x 5.5x NM 18.4x

Netflix, Inc. 6,375.4 115.04 37.7% 14.0% (70.3%) 1.9x 1.6x 14.0x 47.2x

VeriSign, Inc. 6,117.6 38.35 98.3% 13.9% 28.7% 7.1x 6.2x 13.6x 10.6x

IAC/InterActiveCorporation 3,989.6 49.09 96.2% 23.1% 59.4% 1.5x 1.2x 11.0x 6.9x

AOL, Inc. 1,798.0 18.97 84.4% (4.0%) (12.9%) 0.7x 0.7x 4.2x 4.9x

Pandora Media, Inc. 1,684.2 10.21 39.3% 51.8% NM 5.8x 3.8x NM NM

Yelp, Inc. 1,610.0 26.89 84.1% NA NA 19.1x NA NM NA

WebMD Health Corp. 1,425.4 25.58 43.7% (9.3%) (17.2%) 2.0x 2.2x 8.4x 10.2x

Monster Worldwide, Inc. 1,200.2 9.75 52.8% (5.5%) 18.4% 1.1x 1.2x 8.2x 6.9x

Angie's List, Inc. 1,077.7 18.89 95.3% 62.4% NM 11.1x 6.9x NM NM

Zillow, Inc. 1,015.6 35.59 59.3% 55.4% 261.2% 14.0x 9.0x NM 41.7x

Ancestry.com Inc. 974.7 22.74 49.7% 15.4% 15.7% 2.3x 2.0x 6.9x 6.0x

The Active Network, Inc. 973.1 16.83 71.4% 27.9% 141.2% 2.6x 2.0x 44.3x 18.4x

comScore, Inc. 725.5 21.39 68.4% 19.6% 461.9% 3.0x 2.5x 66.8x 11.9x

Dice Holdings, Inc. 598.1 9.33 49.8% 9.8% 7.3% 3.1x 2.8x 7.6x 7.1x

Demand Media, Inc. 580.0 7.25 26.5% 7.5% 59.7% 1.5x 1.4x 8.4x 5.2x

Median 1,425.4$ 68.4% 17.5% 28.7% 3.0x 2.3x 8.4x 10.4x

Content Delivery & Management

Akamai Technologies, Inc. 6,525.3$ 36.70$ 89.0% 13.1% 16.4% 4.6x 4.0x 10.7x 9.2x

Level 3 Communications Inc. 5,561.0 25.73 64.2% 50.4% 72.8% 3.0x 2.0x 15.2x 8.8x

Rovi Corporation 3,491.9 32.55 53.5% 11.6% 52.5% 5.8x 5.2x 16.8x 11.0x

Mentor Graphics Corporation 1,633.2 14.86 94.3% 8.4% 36.7% 1.7x 1.6x 10.0x 7.3x

EarthLink Inc. 848.4 7.99 95.1% 2.4% (7.5%) 1.0x 0.9x 4.0x 4.3x

Brightcove, Inc. 654.1 24.80 97.3% 21.7% NM 10.1x 8.3x NM NM

Median 2,562.6$ 91.6% 12.3% 36.7% 3.8x 3.0x 10.7x 8.8x

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130%

140%M

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Nasdaq Internet & Digital Media

80%

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03

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Nasdaq Internet & Digital Media

Public Market Trading Statistics Internet & Digital Media


Comparable

Trading

Summary

(continued)

11




e-Commerce

Amazon.com Inc. 92,155.8$ 202.51$ 82.1% 30.7% 52.8% 1.8x 1.3x 49.4x 32.3x

eBay Inc. 47,604.8 36.90 96.6% 18.8% 33.7% 3.5x 3.0x 12.5x 9.3x

priceline.com Inc. 35,730.8 717.50 97.4% 27.2% 38.4% 7.8x 6.1x 23.2x 16.8x

Rakuten, Inc. 13,820.2 1,052.06 91.5% 14.5% 14.3% 1.8x 1.7x 7.0x 6.6x

Expedia Inc. 4,469.1 33.44 50.8% 8.5% 25.3% 1.2x 1.1x 7.2x 5.7x

Mercadolibre, Inc. 4,316.6 97.79 93.6% 33.5% 36.3% 13.9x 10.4x 38.8x 28.5x

Ctrip.com International Ltd. 3,112.1 21.64 42.8% 21.7% 3.3% 3.9x 3.2x 11.8x 11.4x

HomeAway, Inc. 2,075.5 25.33 55.4% 21.2% 94.4% 8.2x 6.8x 46.6x 23.9x

Live Nation Entertainment, Inc. 1,754.3 9.40 75.6% 2.6% 5.8% 0.5x 0.5x 6.3x 6.0x

Vistaprint N.V. 1,426.3 38.65 68.7% 23.2% 1.5% 1.6x 1.3x 11.3x 11.2x

Liquidity Services, Inc. 1,373.0 44.80 92.7% 29.1% 50.5% 3.8x 2.9x 22.4x 14.9x

Shutterfly, Inc. 1,092.3 31.33 47.0% 17.4% 99.6% 1.9x 1.6x 19.5x 9.8x

OpenTable, Inc. 912.6 40.47 34.1% 20.6% 61.2% 6.2x 5.1x 20.5x 12.7x

Demandware, Inc. 835.4 29.80 93.2% NA NA 16.1x NA 428.6x NA

Digital River Inc. 665.6 18.71 48.2% 1.9% 44.6% 0.5x 0.5x 3.3x 2.3x

Median 2,075.5$ 75.6% 20.9% 37.3% 3.5x 2.3x 19.5x 11.3x

Diversified Media

Comcast Corporation 81,205.1$ 30.01$ 98.7% 10.0% 6.5% 2.2x 2.0x 6.8x 6.3x

Walt Disney Company 78,469.6 43.78 98.4% 5.0% 10.7% 2.2x 2.1x 8.9x 8.0x

News Corporation 48,221.5 19.71 96.6% 1.6% 7.4% 1.5x 1.5x 7.5x 7.0x

Time Warner Inc. 36,603.8 37.75 96.2% 1.4% 0.2% 1.8x 1.7x 7.4x 7.4x

Viacom, Inc. 25,635.5 47.46 90.1% (0.2%) (2.5%) 2.2x 2.2x 7.9x 8.1x

CBS Corporation 22,010.4 33.91 99.9% 5.4% 11.0% 1.9x 1.8x 8.7x 7.8x

Liberty Interactive, Inc. 11,266.8 19.09 96.4% 5.1% 7.9% 1.5x 1.4x 8.1x 7.5x

Scripps Networks Interactive, Inc. 7,620.2 48.69 93.0% 9.1% 5.6% 4.0x 3.6x 8.3x 7.9x

Gannett Co., Inc. 3,632.4 15.33 94.3% 1.1% 8.9% 1.0x 1.0x 4.8x 4.4x

Meredith Corporation 1,453.9 32.46 89.9% 6.9% 16.3% 1.2x 1.2x 7.0x 6.0x

The New York Times Company 1,004.2 6.79 69.1% (9.1%) (9.7%) 0.6x 0.6x 3.7x 4.1x

Median 22,010.4$ 96.2% 5.0% 7.4% 1.8x 1.7x 7.5x 7.4x

Total Internet & Digital Media Median 2,474.8$ 84.4% 16.3% 28.7% 2.9x 2.2x 10.1x 8.8x



03/11/12 Pending Tudou Holdings Limited Youku Inc. 1,006.5$ 12.4 x NA

02/27/12 Pending bol.com b.v. Koninklijke Ahold N.V. 469.1 1.0x NA

01/26/12 Pending Pixelpark AG MMS Germany Holdings GmbH 55.6 1.3x 29.7x

01/23/12 Pending Allrecipes.com, Inc. Meredith Corp. 175.0 NA NA

01/13/12 Pending Buckaroo B.V. Intrum Justitia AB 50.7 NA NA

01/05/12 01/05/12 Miyowa Inc. Synchronoss Technologies, Inc. 59.0 4.6x NA

12/22/11 Pending Cotendo, Inc. Akamai Technologies, Inc. 268.0 NA NA

12/16/11 12/29/11 Webs, Inc. VistaPrint USA, Incorporated 117.5 NA NA

12/07/11 12/07/11 Wiggle Ltd. Bridgepoint Capital Group Ltd 313.7 2.3x 19.0x

11/28/11 Pending Systems@Work Pte Ltd. Wirecard AG 78.4 NA NA

11/14/11 11/14/11 LesPAC inc. Mediagrif Interactive Technologies Inc. 71.3 5.7x NA

11/14/11 Pending Model Metrics, Inc. Salesforce.com 57.6 NA NA

11/12/11 01/03/12 Point International AB VeriFone Systems, Inc 1,049.7 5.5x NA

11/08/11 Pending Kobo, Inc. Rakuten, Inc. 315.0 NA NA

10/31/11 12/13/11 interCLICK, Inc. Yahoo! Inc. 250.9 2.0x 23.6x

10/27/11 11/18/11 SevenTV Walt Disney Co. 612.2 NA NA

10/24/11 10/31/11 Albumprinter BV Vistaprint N.V. 90.6 1.8x 10.8x

10/12/11 Pending Cdnetworks Co Ltd KDDI Corp. 195.3 2.0x NA

10/10/11 12/21/11 InsWeb Corp. Bankrate, Inc. 56.1 1.1x 19.3x

Median 175.0$ 2.0x 19.3x

Recent M&A

Activity

Comparable Transactions Internet & Digital Media

Summary

Statistics




12

4.5x

3.0x

2.1x

4.0x

2.7x

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3.5x

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3.1x

4.6x

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5.0x

0

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Comparable

Trading

Summary

Public Market Trading Statistics IT and Tech-Enabled Services

Stock

Performance



13




IT Services

Accenture plc 41,567.1$ 64.50$ 97.9% 7.3% 8.1% 1.3x 1.3x 8.3x 8.0x

Cap Gemini S.A. 6,882.7 44.74 79.8% 2.7% 4.6% 0.5x 0.5x 5.5x 5.1x

Atos S.A. 4,883.8 57.65 96.7% 27.1% 24.5% 0.5x 0.4x 4.6x 3.6x

Logica PLC 2,549.3 1.59 68.2% (0.6%) 14.2% 0.5x 0.5x 7.0x 6.0x

Sapient Corporation 1,746.1 12.45 76.6% 14.2% 18.5% 1.5x 1.3x 11.6x 9.8x

Tieto Oyj 1,342.4 18.78 90.0% 1.1% 6.8% 0.6x 0.6x 5.8x 5.3x

EPAM Systems, Inc. 869.9 20.52 96.6% 24.3% 22.7% 2.6x 2.1x 13.5x 11.0x

Unisys Corporation 861.9 19.72 59.5% (1.6%) 21.7% 0.2x 0.2x 2.0x 1.6x

Median 2,147.7$ 84.9% 5.0% 16.4% 0.6x 0.5x 6.4x 5.6x

Government IT & BPO

SAIC, Inc. 4,502.5$ 13.20$ 74.8% 2.4% 111.2% 0.4x 0.4x 10.7x 5.1x

CACI International Inc. 1,650.0 62.29 93.7% 7.7% 2.3% 0.6x 0.5x 6.4x 6.3x

MAXIMUS, Inc. 1,372.2 40.67 86.9% 7.0% 5.2% 1.2x 1.2x 8.5x 8.1x

ManTech International Corporation 1,270.8 34.46 74.5% 7.0% (1.7%) 0.5x 0.4x 4.8x 4.9x

Tyler Technologies, Inc. 1,155.5 38.41 97.4% 13.2% 21.0% 3.9x 3.5x 21.3x 17.6x

Median 1,372.2$ 86.9% 7.0% 5.2% 0.6x 0.5x 8.5x 6.3x

Onshore BPOs

Alliance Data Systems Corporation 6,303.4$ 125.96$ 98.8% 10.4% 19.7% 4.1x 3.7x 13.8x 11.5x

CGI Group, Inc. 5,745.7 22.28 91.5% 2.4% 6.3% 1.6x 1.5x 8.8x 8.2x

Computer Sciences Corporation 4,642.9 29.94 58.2% (0.8%) 516.9% 0.4x 0.4x 20.0x 3.2x

DST Systems Inc. 2,326.5 54.23 91.3% 11.7% 12.9% 1.1x 1.0x 5.2x 4.6x

Convergys Corporation 1,549.6 13.35 91.3% (3.8%) (8.0%) 0.5x 0.6x 4.7x 5.2x

Median 4,642.9$ 91.3% 2.4% 12.9% 1.1x 1.0x 8.8x 5.2x

Offshore BPOs

Tata Consultancy Services Ltd. 44,906.5$ 22.94$ 91.3% 21.8% 11.5% 5.0x 3.9x 16.0x 13.8x

Infosys Technologies Ltd. 32,160.9 56.29 86.4% 11.4% 10.7% 4.2x 3.7x 13.3x 12.0x

Cognizant Technology Solutions 23,344.8 76.95 92.2% 23.1% 21.8% 3.4x 2.8x 16.6x 13.6x

Wipro Ltd. 21,072.1 8.62 89.6% 17.7% 23.5% 3.0x 2.4x 15.5x 12.1x

HCL Technologies Ltd. 6,560.9 9.48 91.3% 20.9% 39.3% 1.9x 1.5x 11.9x 8.2x

Genpact Ltd. 3,625.7 16.30 89.8% 17.1% 11.1% 2.2x 1.9x 12.1x 10.9x

Syntel, Inc. 2,342.2 56.00 90.3% 14.9% (3.6%) 3.1x 2.7x 11.3x 11.7x

Satyam Computer Services Limited 1,854.2 1.58 85.1% 18.0% 31.8% 1.2x 1.0x 8.5x 6.2x

Patni Computer Systems Ltd. 1,439.3 9.70 94.8% 11.5% 33.0% 1.6x 1.4x 10.1x 7.3x

Exlservice Holdings, Inc. 861.7 27.44 95.1% 24.9% 23.2% 2.2x 1.7x 11.8x 9.6x

WNS Holdings Ltd. 603.4 12.05 92.3% (21.3%) 9.3% 1.3x 1.6x 10.0x 9.1x

Median 3,625.7$ 91.3% 17.7% 21.8% 2.2x 1.9x 11.9x 10.9x

Total IT Services Median 2,342.2$ 91.3% 11.4% 14.2% 1.3x 1.3x 10.1x 8.1x

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03/23/12 Pending MediConnect Global, Inc. Verisk Analytics, Inc. 348.6$ NA NA

03/21/12 Pending Satyam Computer Services Limited Tech Mahindra Limited 1,325.4 1.1 x 7.6 x

03/08/12 Pending GFI Solutions Group, Inc. Desjardins Venture Capital 111.0 1.3 x NA

03/01/12 Pending eBworx Bhd Hitachi Ltd. 50.4 2.9 x 10.2 x

02/22/12 Pending Roundarch, Inc. Isobar North America, Inc. 485.0 NA NA

02/22/12 Pending Sygnity Spolka Akcyjna Asseco Poland SA 87.9 0.5 x 12.0 x

02/21/12 Pending ATS Corporation Salient Federal Solutions, Inc. 76.4 0.8 x 7.6 x

12/12/11 12/30/11 Ironworks Consulting, LLC ICF Consulting Group, Inc. 100.4 1.8 x 7.5 x

12/08/11 Pending Inmeta Crayon ASA Norvestor Equity 143.5 NA NA

11/24/11 Pending Nexbis Limited, Substantially All Assets Agathis Capital L.P. 76.8 20.5 x NA

11/14/11 12/16/11 Model Metrics, Inc. salesforce.com, inc 66.9 NA NA

11/12/11 Pending Point International AB VeriFone Systems, Inc 1,049.7 5.5 x NA

11/02/11 Pending mindSHIFT Technologies, Inc. Best Buy Co. Inc. 167.0 NA NA

11/01/11 Pending INX Inc. Presidio, Inc. 148.1 0.4 x 41.6 x

10/26/11 11/16/11 Worldwide Information Network Systems, Inc. ManTech's Mission, Technology Solutions Group 90.0 NA NA

10/20/11 Pending Tellhow Software Co.,Ltd. Tellhow Sci-Tech Co. Ltd 56.7 NA NA

Median 105.7$ 1.3x 8.9x

1.6x

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Summary

Statistics




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Public Market Trading Statistics Software – Application

Stock

Performance


Comparable

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Summary

15

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Enterprise Software 3,493.4$ -$ 0.9$ 0.1$ 0.3$ 3.5$ 3.4$ 11.8$ 9.9$

Oracle Corporation 145,074.1$ 29.16$ 79.9% 3.7% 21.5% 3.5x 3.4x 8.3x 7.0x

SAP AG 83,196.5 69.88 95.6% 11.0% 3.4% 4.4x 3.9x 11.7x 11.1x

salesforce.com, inc 21,167.9 154.51 96.5% 30.2% 386.2% 8.9x 6.9x NM 39.1x

Adobe Systems Inc. 17,022.1 34.31 95.3% 6.6% 30.4% 3.7x 3.5x 10.8x 8.2x

Sage Group plc 6,206.1 4.78 95.5% NA NA 3.0x 2.8x 10.1x 9.6x

Informatica Corporation 5,679.9 52.90 84.7% 14.8% 51.8% 6.5x 5.6x 28.4x 18.7x

Open Text Corporation 3,545.1 61.16 84.6% 10.5% 21.9% 3.2x 2.9x 11.8x 9.7x

NetSuite Inc. 3,493.4 50.29 97.1% 26.2% NM 14.2x 11.3x NM 118.4x

Ariba Inc. 3,117.6 32.71 88.1% 13.9% 259.5% 6.1x 5.4x 83.0x 83.0x

Jive Software, Inc. 1,669.4 27.16 96.5% 43.5% NM 19.4x 13.5x NM NM

MicroStrategy Inc. 1,509.6 140.00 78.4% 13.4% 143.2% 2.3x 2.1x 51.1x 21.0x

JDA Software Group Inc. 1,169.3 27.48 78.5% 5.7% 18.3% 1.7x 1.6x 7.0x 5.9x

Manhattan Associates, Inc. 977.0 47.53 94.7% 11.5% 31.5% 2.7x 2.4x 13.3x 10.1x

Deltek, Inc 683.5 10.66 91.6% 9.2% 98.3% 2.4x 2.2x 18.9x 9.6x

Exact Holding NV 538.4 23.60 73.9% 3.2% 8.8% 1.7x 1.6x 7.4x 6.6x

Median 3,493.4$ 91.6% 11.2% 30.9% 3.5x 3.4x 11.8x 9.9x

Product Lifecycle Management/Engineering

Dassault Systemes SA 11,230.2$ 91.97$ 99.9% 8.0% 14.9% 4.2x 3.8x 14.0x 11.8x

Autodesk, Inc. 9,619.3 42.32 91.7% 10.4% 50.8% 3.6x 3.3x 17.1x 11.3x

Ansys, Inc. 6,050.2 65.02 97.7% 18.1% 32.5% 8.3x 7.0x 17.2x 12.9x

Synopsys Inc. 4,470.1 30.66 98.7% 4.8% 30.4% 2.2x 2.1x 9.7x 7.5x

Cadence Design Systems Inc. 3,249.4 11.84 94.0% 10.3% 66.5% 2.7x 2.4x 14.4x 8.7x

Parametric Technology Corporation 3,311.9 27.94 97.3% 10.6% 54.0% 2.7x 2.5x 15.8x 10.3x

Aspen Technology, Inc. 1,923.7 20.53 93.9% 17.9% NM 8.1x 6.9x NM NM

Aveva Group plc 1,794.8 26.50 92.0% NA NA 5.5x 4.7x 18.8x 13.8x

Mentor Graphics Corporation 1,633.2 14.86 94.3% 8.4% 36.7% 1.7x 1.6x 10.0x 7.3x

Median 3,311.9$ 94.3% 10.3% 36.7% 3.6x 3.3x 15.1x 10.8x

Customer Engagement/Call Center Management

Nuance Communications, Inc. 7,883.9$ 25.58$ 82.1% 27.2% 136.9% 6.1x 4.8x 29.3x 12.4x

Amdocs Limited 5,404.8 31.58 98.7% 5.1% 18.8% 1.4x 1.3x 7.5x 6.3x

NICE Systems Ltd. 2,496.2 39.22 97.6% 18.4% 71.8% 2.4x 2.1x 14.0x 8.1x

Comverse Technology Inc. 1,437.3 6.87 86.0% NA NA 1.0x 1.0x 11.1x 6.8x

Verint Systems Inc. 1,262.6 32.39 85.3% 11.3% 66.2% 2.6x 2.3x 14.3x 8.6x

LivePerson Inc. 914.7 16.77 95.4% 22.4% 49.4% 6.2x 5.0x 30.2x 20.2x

Median 1,966.8$ 90.7% 18.4% 66.2% 2.5x 2.2x 14.1x 8.4x

Comparable

Trading

Summary

(continued)


Public Market Trading Statistics Software – Application

16

Human Capital Management

Concur Technologies, Inc. 3,128.3$ 57.38$ 91.7% 25.8% 155.7% 7.7x 6.1x 67.7x 26.5x

The Ultimate Software Group, Inc. 1,933.3 73.28 97.7% 22.8% 131.1% 7.0x 5.7x 70.6x 30.5x

Cornerstone OnDemand, Inc. 1,079.1 21.84 92.9% 55.7% NM 13.7x 8.8x NM NM

Median 1,933.3$ 92.9% 25.8% 143.4% 7.7x 6.1x 69.1x 28.5x

Vertically Focused - Public Sector

Blackbaud Inc. 1,457.5$ 33.23$ 97.7% 15.0% 40.9% 3.8x 3.3x 19.6x 13.9x

Tyler Technologies, Inc. 1,155.5 38.41 97.4% 13.2% 21.0% 3.9x 3.5x 21.3x 17.6x

Higher One Holdings, Inc. 846.1 14.95 69.5% 22.6% 35.7% 4.5x 3.7x 12.5x 9.2x

K12, Inc. 844.3 23.63 59.5% 22.0% 69.7% 1.2x 1.0x 12.7x 7.5x

NIC Inc. 793.1 12.15 83.9% 13.2% 9.1% 4.0x 3.6x 15.6x 14.3x

Median 846.1$ 83.9% 15.0% 35.7% 3.9x 3.5x 15.6x 13.9x

Vertically Focused - Healthcare IT

Cerner Corporation 12,923.1$ 76.16$ 97.0% 13.6% 38.7% 5.4x 4.8x 20.1x 14.5x

Allscripts Healthcare Solutions, Inc. 3,160.3 16.60 71.8% 13.2% 71.9% 2.3x 2.1x 13.2x 7.7x

HMS Holdings Corp. 2,683.7 31.21 89.2% 43.0% 55.6% 8.1x 5.6x 27.1x 17.4x

athenahealth, Inc. 2,628.0 74.12 94.7% 31.3% 73.4% 7.7x 5.8x 51.2x 29.5x

Quality Systems Inc. 2,579.5 43.73 86.3% 17.8% 27.8% 5.9x 5.0x 18.8x 14.7x

MedAssets, Inc. 760.8 13.16 80.8% 4.8% 16.2% 2.8x 2.7x 9.5x 8.2x

Computer Programs & Systems Inc. 625.3 56.52 71.5% 11.7% 15.8% 3.5x 3.1x 13.7x 11.9x

Median 2,628.0$ 86.3% 13.6% 38.7% 5.4x 4.8x 18.8x 14.5x

Total Application Software Median 2,579.5$ 92.9% 13.3% 39.8% 3.8x 3.5x 14.3x 11.2x






03/26/12 Pending ClairMail, Inc. Monitise plc 174.4$ 10.0 x NA

03/22/12 Pending Convergys Corporation, Information Management BusinessNetCracker Technology Corporation 449.0 NA NA

03/15/12 Pending NDS Group Ltd. Cisco Systems, Inc. 4,964.8 5.0x NA

03/09/12 03/09/12 PARS Produtos de Processamento de Dados Ltda. Sonda S.A. 53.6 0.7x NA

03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3x 12.7x

03/06/12 Pending Transcend Services, Inc. Nuance Communications, Inc. 321.3 2.6x 12.3x

02/29/12 02/29/12 BDGB Enterprise Software (LUX), S.C.A. Lexmark International Technology 148.0 NA NA

02/28/12 Pending eScreen, Inc. Alere Inc. 340.0 2.8x NA

02/24/12 02/24/12 iContact Corporation Vocus Inc. 178.7 NA NA

02/08/12 Pending Taleo Corporation Oracle Corporation 1,805.5 5.7x 60.9x

02/07/12 Pending Temenos Group AG Misys plc 1,717.5 3.7x 7.6x

02/07/12 Pending IBS AG Siemens Beteiligungen Inland GmbH 43.9 1.3x 11.5x

02/07/12 Pending CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA

02/01/12 Pending CDC Software Corporation Vista Equity Partners 264.8 1.2x 12.1x

01/27/12 02/14/12 Numara Software, Inc. BMC Software Inc. 300.0 NA NA

01/23/12 01/23/12 Autologic Diagnostics Ltd. ISIS Equity Partners LLP; Foresight Group 71.7 3.2x NA

01/16/12 Pending Convio, Inc. Blackbaud Inc. 274.4 3.4x 37.8x

01/12/12 01/31/12 Compliance 360, Inc. SAI Global Limited 42.3 NA NA

01/09/12 01/13/12 LiveOffice LLC Symantec Corporation 115.0 NA NA

01/07/12 01/31/12 2nd Story Software, Inc. InfoSpace, Inc. 287.5 3.7x NA

12/21/11 Pending Ventelo Holding AB EQT Partners AB; EQT VI Fund 303.1 0.6x NA

12/20/11 12/20/11 InfoVista SA Thoma Bravo, LLC 63.2 1.1x NA

12/19/11 Pending Orc Group AB Cidron Intressenter AB 250.7 1.8x NA

12/09/11 Pending Workplace Systems International plc LDC Ltd. 60.2 3.9x NA

12/07/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8x NA

12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0x NA

11/30/11 Pending Magma Design Automation Inc. Synopsys Inc. 498.6 3.4x NA

11/07/11 12/16/11 HealthDataInsights, Inc. HMS Holdings Corp. 400.0 NA NA

10/21/11 Pending Alterian plc SDL plc 103.8 1.8x 81.6x

10/18/11 10/18/11 Pallas Athena B.V. Perceptive Software, Inc. 40.9 NA NA

10/12/11 Pending Genesys Telecommunications Laboratories, Inc. Permira Advisers; Technology Crossover Ventures 1,500.0 3.0x NA

10/04/11 Pending Gluster, Inc. Red Hat, Inc. 140.0 NA NA

Median 269.6$ 3.1x 12.5x

Recent M&A

Activity

Comparable Transactions Software – Application

Summary

Statistics




17

2.1x2.2x

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Summary

Public Market Trading Statistics Software – Infrastructure

Stock

Performance



18




Enterprise IT Management

Microsoft Corporation 270,644.3$ 32.26$ 97.9% 6.2% 6.2% 3.1x 2.9x 7.5x 7.1x

VMware, Inc. 47,767.6 112.37 98.8% 21.0% 68.6% 11.6x 9.6x 45.2x 26.8x

Hewlett-Packard Company 47,120.1 23.83 57.0% (1.5%) 4.8% 0.6x 0.6x 4.5x 4.3x

Citrix Systems, Inc. 14,643.9 78.91 89.2% 13.8% 35.7% 6.0x 5.2x 22.5x 16.6x

CA Technologies 13,384.4 27.56 98.4% 3.9% 5.6% 2.6x 2.5x 7.1x 6.7x

Red Hat, Inc. 11,540.8 59.89 97.1% 19.0% 51.7% 9.1x 8.0x 40.9x 28.0x

BMC Software Inc. 6,595.4 40.16 71.0% 2.8% 29.6% 2.5x 2.5x 7.6x 5.8x

TIBCO Software Inc. 4,966.7 30.50 92.4% 14.3% 56.7% 4.9x 4.5x 23.6x 15.3x

Compuware Corporation 2,008.6 9.19 78.5% 5.8% 23.2% 2.1x 1.9x 10.8x 8.8x

Progress Software Corporation 1,481.0 23.62 77.7% (2.3%) (11.4%) 2.2x 2.2x 9.6x 9.4x

Pegasystems Inc. 1,442.6 38.16 80.3% 19.6% 109.0% 3.2x 2.7x 49.1x 23.5x

Median 11,540.8$ 89.2% 6.2% 29.6% 3.1x 2.7x 10.8x 9.4x

Security

Symantec Corporation 13,640.6$ 18.70$ 91.2% 3.2% 27.6% 2.0x 1.9x 7.2x 5.7x

Check Point Software Technologies Ltd. 13,252.5 63.84 98.7% 10.8% 18.2% 8.3x 7.5x 15.0x 12.7x

VeriSign, Inc. 6,117.6 38.35 98.3% 13.9% 28.7% 7.1x 6.2x 13.6x 10.6x

Fortinet Inc. 4,323.4 27.65 96.8% 19.2% 40.0% 8.7x 7.3x 39.3x 28.1x

Trend Micro Inc. 4,059.3 30.86 88.0% 1.2% (2.3%) 1.8x 2.0x 5.3x 5.8x

Sourcefire, Inc. 1,392.9 48.13 95.4% 22.1% 208.8% 7.5x 6.1x 99.2x 32.1x

Websense, Inc. 794.9 21.09 75.7% 1.2% 20.5% 2.2x 2.2x 11.2x 9.3x

Median 4,323.4$ 95.4% 10.8% 27.6% 7.1x 6.1x 13.6x 10.6x

Enterprise Storage

EMC Corporation 61,902.1$ 29.88$ 99.6% 10.2% 25.6% 2.8x 2.5x 11.9x 9.5x

NetApp, Inc. 16,251.1 44.77 79.3% 13.3% 48.5% 2.1x 1.9x 13.4x 9.0x

Teradata Corporation 11,466.9 68.15 97.8% 12.1% 33.1% 4.7x 4.1x 21.1x 15.8x

Brocade Communications Systems, Inc. 2,640.8 5.75 78.8% 3.9% 23.7% 1.3x 1.3x 6.8x 5.5x

Fusion-io, Inc. 2,560.2 28.41 68.1% 28.5% 36.4% 7.6x 5.9x 78.0x 57.2x

CommVault Systems, Inc. 2,194.2 49.64 89.9% 15.4% 64.0% 5.1x 4.4x 37.1x 22.6x

Median 7,053.9$ 84.6% 12.7% 34.8% 3.7x 3.3x 17.2x 12.7x

Total Infrastructure Software Median 6,356.5$ 90.6% 11.5% 29.2% 3.2x 2.8x 13.5x 10.0x

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Summary

Statistics




19



03/13/12 Pending SonicWALL, Inc. Dell Inc. 1,200.0$ 4.6 x NA

03/08/12 04/04/12 Loopt, Inc. Green Dot Corporation 30.2 NA NA

03/08/12 Pending Quest Software Inc. Insight Venture Partners 1,947.3 2.3 x 12.7 x

01/25/12 02/22/12 NovaTech LLC The Weir Group PLC 180.0 NA NA

11/14/11 11/14/11 Mobile Interactive Group Limited Velti Plc 59.0 3.0 x NA

11/06/11 12/27/11 iLoop Mobile, Inc. Lenco Mobile Inc. NA NA NA

10/26/11 11/09/11 App-DNA Limited Citrix Systems, Inc. 92.0 NA NA

10/07/11 10/18/11 Keynote DeviceAnywhere Inc. Keynote Systems Inc. 89.8 4.5 x NA

10/06/11 10/06/11 Swype Inc. Nuance Communications, Inc. 109.0 2280.4 x NA

10/06/11 10/06/11 NewBay Software Limited Research In Motion Limited 100.0 NA NA

10/03/11 10/07/11 Gluster, Inc. Red Hat, Inc. 135.9 NA NA

Median 104.5$ 4.5 x 12.7 x

Public Market Trading Statistics Software – SaaS

Comparable

Trading

Summary

Stock

Performance



20

( $ in millions) Stock Price CY 2012P Multiples Summary LTM



SaaS

salesforce.com, inc 21,167.9$ 154.51$ 96.5% 30.2% 386.2% 8.9x 6.9x NM 39.1x

NetSuite Inc. 3,493.4 50.29 97.1% 26.2% NM 14.2x 11.3x NM NM

Concur Technologies, Inc. 3,128.3 57.38 91.7% 25.8% 155.7% 7.7x 6.1x 67.7x 26.5x

Qlik Technologies, Inc. 2,703.3 32.00 89.8% 28.0% 151.4% 7.9x 6.2x NM 43.8x

athenahealth, Inc. 2,628.0 74.12 94.7% 31.3% 73.4% 7.7x 5.8x 51.2x 29.5x

The Ultimate Software Group, Inc. 1,933.3 73.28 97.7% 22.8% 131.1% 7.0x 5.7x 70.6x 30.5x

Jive Software, Inc. 1,669.4 27.16 96.5% 43.5% NM 19.4x 13.5x NM NM

Blackbaud Inc. 1,457.5 33.23 97.7% 15.0% 40.9% 3.8x 3.3x 19.6x 13.9x

DealerTrack Holdings, Inc. 1,269.3 30.26 94.9% 4.8% 74.0% 3.1x 3.0x 20.4x 11.7x

Cornerstone OnDemand, Inc. 1,079.1 21.84 92.9% 55.7% NM 13.7x 8.8x NM NM

Financial Engines, Inc. 1,028.7 22.36 77.1% 25.0% 91.3% 6.1x 4.9x 35.0x 18.3x

LivePerson Inc. 914.7 16.77 95.4% 22.4% 49.4% 6.2x 5.0x 30.2x 20.2x

OpenTable, Inc. 912.6 40.47 34.1% 20.6% 61.2% 6.2x 5.1x 20.5x 12.7x

Constant Contact, Inc. 900.4 29.79 82.0% 17.2% 111.5% 3.5x 3.0x 34.7x 16.4x

Ebix Inc. 844.0 23.16 86.1% 10.2% NA 5.1x 4.7x 11.8x NA

Demandware, Inc. 835.4 29.80 93.2% NA NA 16.1x NA NM NA

Websense, Inc. 794.9 21.09 75.7% 1.2% 20.5% 2.2x 2.2x 11.2x 9.3x

MedAssets, Inc. 760.8 13.16 80.8% 4.8% 16.2% 2.8x 2.7x 9.5x 8.2x

Total SaaS Median 1,174.2$ 93.1% 22.8% 74.0% 6.6x 5.1x 25.3x 18.3x

75%

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Nasdaq SaaS

Recent M&A

Activity

Comparable Transactions Software – SaaS

Summary

Statistics




21

2.6x

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02/08/12 Pending Taleo Corporation Oracle Corporation 1,810.5$ 5.9 x 54.0 x

02/07/12 Pending CaseCentral, Inc. Guidance Software, Inc. 54.0 NA NA

01/27/12 02/14/12 Numara Software, Inc. BMC Software Inc. 300.0 NA NA

01/12/12 01/31/12 Compliance 360, Inc. SAI Global Limited 42.3 NA NA

01/09/12 01/13/12 LiveOffice LLC Symantec Corporation 115.0 NA NA

12/09/11 Pending Workplace Systems International plc LDC Ltd. 60.2 4.0 x NA

12/08/11 Pending DemandTec, Inc. International Business Machines Corp. 426.9 4.8 x NA

12/02/11 Pending SuccessFactors, Inc. SAP America, Inc. 3,516.0 12.0 x NA

11/14/11 Pending Model Metrics, Inc. Salesforce.com 57.6 NA NA

10/23/11 Pending Rightnow Technologies Inc. Oracle Corporation 1,521.4 7.0 x 63.8 x

Median 207.5$ 5.9x 58.9x

Comparable

Trading

Summary

Public Market Trading Statistics Tech Hardware

Stock

Performance


22




Semiconductor Devices

Intel Corporation 140,462.5$ 28.12$ 98.8% 4.6% 4.3% 2.4x 2.3x 5.5x 5.2x

Texas Instruments Inc. 38,385.4 33.61 93.4% (1.8%) (15.9%) 3.0x 3.0x 9.0x 10.7x

Broadcom Corporation 21,418.5 39.30 95.9% 10.6% 57.0% 2.4x 2.2x 15.8x 10.1x

Analog Devices Inc. 12,032.4 40.40 93.3% (3.0%) (5.2%) 3.2x 3.3x 8.2x 8.7x

Marvell Technology Group Ltd. 9,217.8 15.73 93.3% 4.2% 7.0% 2.0x 2.0x 9.3x 8.7x

Maxim Integrated Products Inc. 8,341.8 28.59 97.7% (0.2%) (6.3%) 3.2x 3.2x 9.4x 10.1x

Micron Technology Inc. 7,996.4 8.10 68.4% 0.7% (0.9%) 1.1x 1.1x 4.5x 4.1x

Advanced Micro Devices Inc. 5,609.1 8.02 87.5% 2.1% 6.6% 0.8x 0.8x 6.9x 6.5x

LSI Corporation 4,919.6 8.68 94.3% 24.3% 76.2% 1.9x 1.6x 13.7x 7.8x

Freescale Semiconductor Holdings I, Ltd. 3,792.0 15.39 73.4% (8.5%) (11.6%) 2.1x 2.3x 8.9x 10.1x

Cree Inc. 3,655.4 31.63 68.0% 28.0% 15.1% 2.9x 2.2x 14.9x 12.9x

Cypress Semiconductor Corporation 2,408.3 15.63 65.3% (13.2%) 9.2% 2.3x 2.6x 12.3x 11.3x

Microsemi Corporation 1,875.3 21.44 90.0% 16.5% 50.9% 2.8x 2.4x 11.8x 7.8x

Fairchild Semiconductor International Inc. 1,866.6 14.70 69.9% (6.6%) (15.9%) 1.1x 1.2x 5.4x 6.4x

Semtech Corporation 1,861.5 28.46 93.4% 13.6% 21.6% 3.2x 2.8x 13.7x 11.3x

PMC-Sierra Inc. 1,683.6 7.23 88.4% (6.3%) 8.3% 1.9x 2.0x 8.7x 8.1x

MEMC Electronic Materials Inc. 833.2 3.61 28.1% (2.4%) 63.7% 0.8x 0.8x 10.7x 6.5x

Median 4,919.6$ 90.0% 0.7% 7.0% 2.3x 2.2x 9.3x 8.7x

Semiconductor Equipment

Applied Materials Inc. 16,068.0$ 12.45$ 77.9% (2.1%) (9.0%) 1.5x 1.5x 6.6x 7.3x

KLA-Tencor Corporation 9,073.6 54.42 98.7% 2.0% 0.5% 2.4x 2.4x 6.6x 6.5x

Lam Research Corporation 5,344.1 44.62 78.6% 0.2% (8.6%) 1.4x 1.4x 6.6x 7.2x

Novellus Systems, Inc. 3,533.8 49.91 98.8% (4.1%) (17.8%) 2.2x 2.3x 8.8x 10.7x

Teradyne Inc. 3,149.3 16.89 90.4% 15.4% 18.9% 1.8x 1.6x 6.9x 5.8x

MKS Instruments Inc. 1,551.8 29.53 84.4% (7.8%) (32.1%) 1.2x 1.3x 5.0x 7.3x

Amkor Technology, Inc. 1,034.5 6.15 87.8% 4.8% 12.7% 0.7x 0.7x 3.5x 3.1x

Tessera Technologies Inc. 894.4 17.25 83.1% (8.0%) (49.1%) 1.6x 1.7x 4.1x 8.0x

Cabot Microelectronics Corporation 877.4 38.88 73.2% 7.1% 17.7% 1.3x 1.2x 6.0x 5.1x

Brooks Automation Inc. 778.5 12.33 86.1% (6.2%) (7.1%) 0.9x 0.9x 7.0x 7.5x

ATMI Inc. 739.3 23.30 93.0% 10.3% 13.8% 1.6x 1.4x 8.3x 7.3x

Median 1,551.8$ 86.1% 0.2% (7.1% ) 1.5x 1.4x 6.6x 7.3x

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Nasdaq Tech Hardware

Comparable

Trading

Summary

(continued)

Public Market Trading Statistics Tech Hardware


23

Electronic Manufacturing

Jabil Circuit Inc. 5,263.2$ 25.12$ 91.7% 6.5% 20.1% 0.3x 0.3x 6.1x 5.2x

Flextronics International Ltd. 4,960.3 7.22 95.9% (7.6%) 22.7% 0.2x 0.2x 5.2x 4.3x

Molex Inc. 4,950.4 28.12 98.8% 1.0% (1.0%) 1.3x 1.3x 6.8x 6.9x

Celestica Inc. 2,080.5 9.61 88.6% 2.0% 15.9% 0.2x 0.2x 4.9x 4.2x

Plexus Corporation 1,217.9 34.99 90.4% 11.4% 18.8% 0.6x 0.5x 8.8x 7.4x

Benchmark Electronics Inc. 952.5 16.49 85.8% 7.6% 39.3% 0.3x 0.3x 7.7x 5.6x

TTM Technologies Inc. 936.2 11.51 58.6% (0.7%) (2.6%) 0.9x 0.9x 5.6x 5.7x

Sanmina-SCI Corporation 932.8 11.45 91.2% (1.6%) 2.6% 0.2x 0.3x 5.0x 4.8x

Multi-Fineline Electronix Inc. 652.1 27.45 93.5% 14.1% 17.3% 0.7x 0.6x 6.1x 5.2x

Median 1,217.9$ 91.2% 2.0% 17.3% 0.3x 0.3x 6.1x 5.2x

PCs, Servers, and Computing Components

Apple Inc. 559,002.4$ 599.55$ 96.5% 29.3% 31.5% 3.6x 2.8x 10.2x 7.7x

IBM Corporation 241,754.8 208.65 99.8% 1.8% 3.0% 2.4x 2.4x 9.8x 9.5x

Samsung Electronics Co. Ltd. 146,856.6 1,125.55 97.3% 18.4% 35.1% 0.9x 0.8x 5.2x 3.7x

Hewlett-Packard Company 47,120.1 23.83 57.0% (1.5%) 4.8% 0.6x 0.6x 4.5x 4.3x

Dell Inc. 29,241.1 16.60 90.4% 0.7% 3.5% 0.3x 0.3x 3.7x 3.6x

Xerox Corporation 10,879.1 8.08 73.5% 1.2% 6.3% 0.8x 0.8x 5.6x 5.3x

Lenovo Group Ltd. 9,303.7 0.90 93.2% 24.5% 42.9% 0.2x 0.2x 8.0x 5.6x

Pitney Bowes Inc. 3,519.6 17.58 66.7% (0.8%) 4.2% 1.3x 1.3x 6.6x 6.3x

NCR Corporation 3,437.3 21.71 97.8% 7.8% 139.6% 0.7x 0.7x 12.8x 5.4x

Diebold, Inc. 2,422.4 38.52 95.4% 4.7% 13.7% 0.8x 0.8x 9.3x 8.2x

Lexmark International Inc. 2,365.5 33.24 85.9% (4.1%) (5.9%) 0.4x 0.5x 2.7x 2.8x

ScanSource, Inc. 1,023.0 37.32 93.3% 9.4% 7.7% 0.4x 0.3x 8.3x 7.7x

Median 10,091.4$ 93.3% 3.3% 7.0% 0.8x 0.7x 7.3x 5.5x

Storage and Networking Components

SanDisk Corporation 12,020.4$ 49.59$ 92.8% 13.7% 5.1% 1.3x 1.1x 4.1x 3.9x

Western Digital Corporation 9,723.8 41.39 96.0% 72.0% 123.8% 0.6x 0.4x 3.8x 1.7x

QLogic Corporation 1,752.4 17.76 93.5% (4.7%) 16.9% 2.2x 2.3x 8.1x 7.0x

Emulex Corporation 896.8 10.38 92.8% 8.8% 280.5% 1.5x 1.3x 21.0x 5.5x

Median 5,738.1$ 93.1% 11.3% 70.4% 1.4x 1.2x 6.1x 4.7x

Total Tech Hardware Median 3,533.8$ 91.2% 2.0% 7.7% 1.3x 1.3x 6.9x 6.5x




Recent M&A

Activity

Comparable Transactions Tech Hardware

Summary

Statistics


Note: Includes closed transactions where enterprise value is publicly available and more than $40 million.

Note: Includes announced transactions over the last five months where enterprise value is publicly available and more than $40 million.

24



03/26/12 Pending Comverge, Inc. H.I.G. Capital, LLC 47.3$ 0.3 x NA

03/26/12 03/26/12 Coolsand Holding Co., Ltd. RDA Microelectronics, Inc. 46.0 NA NA

03/21/12 Pending BroadLight, Inc. Broadcom Corp. 205.0 NA NA

03/16/12 Pending NEXX Systems, Inc. Tokyo Electron Ltd. 248.9 NA NA

03/12/12 03/12/12 Aldebaran Robotics, SA SOFTBANK CORP. 125.3 NA NA

03/08/12 Pending DK D&I Co.,Ltd. Bank25 Co. Ltd.; KH Partners 91.8 1.7 x 13.2 x

03/02/12 Pending Oerlikon Solar AG Tokyo Electron Ltd. 276.0 NA NA

02/22/12 02/28/12 Nidec Sankyo, Actuator Division OPTIS Co., Ltd. 84.6 NA NA

02/15/12 Pending SmartSynch, Inc. Itron, Inc. 100.0 NA NA

01/23/12 Pending Gennum Corporation Semtech Corp. 479.9 3.5 x 15.4 x

01/23/12 Pending Vaughn Energy Services DHS Services 100.0 2.6 x NA

01/18/12 01/18/12 Maxim Integrated Products Inc., Certain Assets Microsemi Corp. 44.0 NA NA

01/05/12 Pending Picochip Ltd. Mindspeed Technologies Inc. 105.6 NA NA

12/30/11 Pending Racine Federated, Inc. Badger Meter Inc. 57.3 NA NA

12/30/11 01/06/12 Vista Research, Inc. Aerostar International, Inc. 48.5 3.2 x NA

12/26/11 Pending Optrex Corporation Kyocera Corp. 256.9 NA NA

12/23/11 Pending Tenesol SA SunPower Corporation 165.4 NA NA

12/20/11 12/20/11 Anobit Technologies Ltd. Apple Inc. 400.0 NA NA

12/16/11 Pending Argox Information Co., Ltd. Sato Holdings Corporation 74.3 2.1 x NA

12/15/11 Pending Greatek Electronics Inc. Powertech Technology Inc. 343.1 NA NA

12/14/11 Pending Novellus Systems, Inc. Lam Research Corporation 2,941.8 NA NA

12/09/11 12/16/11 SiliconBlue Technologies, Inc. Lattice Semiconductor Corporation 62.0 NA NA

12/06/11 12/06/11 Alt Telecom Euroset Trade House LLC 70.0 NA NA

12/05/11 12/05/11 Zu Industries Inc. ProLogic, Inc. 76.6 NA NA

11/21/11 Pending Accu-Sort Systems, Inc. Datalogic SpA 135.0 1.5 x 7.6 x

11/18/11 11/18/11 Fairchild Industrial Products Company Rotork plc 75.8 3.6 x NA

10/27/11 Pending MOSAID Technologies Inc. Sterling Capital Partners 447.1 5.5 x 10.6 x

10/25/11 10/25/11 EM TEST AG Ametek Inc. 94.2 NA NA

10/10/11 Pending VTI Technologies Oy Murata Electronics Europe B.V. 265.8 2.6 x 16.3 x

10/05/11 Pending Beyonics Technology Ltd. Shaw Kwei & Partners 102.5 0.1 x 7.4 x

Median 101.3$ 2.6x 11.9x

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Public Market Trading Statistics Telecom

Comparable

Trading

Summary

Stock

Performance


25




Network Optimization

F5 Networks, Inc. 10,687.8$ 134.96$ 98.9% 20.7% 49.4% 7.9x 6.6x 24.4x 16.3x

Akamai Technologies, Inc. 6,525.3 36.70 89.0% 13.1% 16.4% 4.6x 4.0x 10.7x 9.2x

Riverbed Technology, Inc. 4,423.2 28.08 67.1% 18.0% 123.1% 5.3x 4.5x 31.3x 14.0x

Aruba Networks, Inc. 2,445.5 22.28 61.2% 22.3% 746.0% 4.7x 3.8x 128.4x 15.2x

Ixia 884.5 12.51 72.8% 14.6% 51.1% 2.3x 2.0x 11.0x 7.3x

NetScout Systems, Inc. 845.2 20.34 74.3% 12.0% 31.1% 2.4x 2.1x 10.5x 8.0x

Median 3,434.3$ 73.5% 16.3% 50.2% 4.6x 3.9x 17.7x 11.6x

Fiber Optics

Finisar Corporation 1,839.3$ 20.15$ 70.1% 9.9% 62.9% 1.8x 1.6x 16.2x 9.9x

CIENA Corporation 1,597.3 16.19 56.3% 10.6% 200.0% 1.4x 1.3x 43.2x 14.4x

Infinera Corporation 888.7 8.12 90.5% 14.4% NM 1.6x 1.4x NM NM

Median 1,597.3$ 70.1% 10.6% 131.5% 1.6x 1.4x 29.7x 12.2x

Telecom/Networking Equipment

QUALCOMM Incorporated 115,117.9$ 68.06$ 98.8% 22.3% 22.1% 5.8x 4.7x 14.2x 11.6x

Cisco Systems, Inc. 113,912.6 21.15 99.6% 6.4% 23.8% 1.9x 1.7x 6.8x 5.5x

Ericsson 33,193.3 10.34 70.9% 3.7% (11.3%) 0.8x 0.7x 5.2x 5.7x

Nokia Corporation 20,192.9 5.44 64.2% (7.1%) (29.2%) 0.3x 0.3x 4.9x 6.7x

Juniper Networks, Inc. 12,043.4 22.88 55.0% (0.2%) 18.8% 2.0x 2.0x 10.5x 8.9x

Amphenol Corporation 9,762.4 59.77 99.4% 5.0% 5.6% 2.7x 2.5x 12.0x 11.3x

Research In Motion Limited 7,560.1 14.66 26.9% (23.3%) (40.2%) 0.3x 0.4x 1.6x 2.0x

Trimble Navigation Limited 6,788.2 54.42 97.9% 18.1% 38.6% 4.4x 3.7x 25.5x 18.4x

Alcatel-Lucent, S.A. 5,153.0 2.27 38.1% 0.2% (7.8%) 0.3x 0.3x 3.3x 3.5x

Harris Corporation 5,133.4 45.08 84.4% 2.3% 7.2% 1.2x 1.2x 6.0x 5.6x

Polycom, Inc. 3,384.3 19.07 55.6% 14.1% 43.8% 1.9x 1.6x 11.4x 8.0x

JDS Uniphase Corporation 3,330.4 14.49 64.7% 3.9% 31.6% 1.7x 1.6x 14.3x 10.8x

ADTRAN Inc. 1,990.6 31.19 71.1% 1.7% (16.5%) 2.2x 2.1x 7.8x 9.3x

Tellabs Inc. 1,478.7 4.05 74.0% (8.5%) NM 0.4x 0.4x NM 6.1x

Netgear Inc. 1,444.1 38.20 84.3% 14.3% 13.6% 0.9x 0.8x 7.6x 6.7x

Median 6,788.2$ 71.1% 3.7% 10.4% 1.7x 1.6x 7.7x 6.7x

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Comparable

Trading

Summary

(continued)

Public Market Trading Statistics Telecom


26

Carriers and Content Providers

AT&T, Inc. 185,154.9$ 31.23$ 97.7% 1.6% 23.1% 1.9x 1.9x 7.0x 5.7x

Verizon Communications Inc. 108,402.1 38.23 94.4% 3.8% 5.7% 1.8x 1.7x 5.5x 5.2x

Comcast Corporation 81,205.1 30.01 98.7% 10.0% 6.5% 2.2x 2.0x 6.8x 6.3x

DIRECTV, Inc. 33,383.9 49.34 92.4% 9.3% 12.2% 1.6x 1.5x 6.6x 5.9x

Time Warner Cable Inc. 25,598.0 81.50 99.7% 6.1% 8.7% 2.4x 2.2x 6.6x 6.1x

Dish Network Corporation 14,730.9 32.93 92.4% 3.5% (3.8%) 1.2x 1.2x 4.9x 5.1x

Sprint Nextel Corporation 8,542.6 2.85 44.2% 4.5% (24.9%) 0.6x 0.6x 4.2x 5.6x

Level 3 Communications Inc. 5,561.0 25.73 64.2% 50.4% 72.8% 3.0x 2.0x 15.2x 8.8x

Cablevision Systems Corporation 4,026.8 14.68 39.8% 1.2% (1.7%) 2.2x 2.2x 6.5x 6.6x

MetroPCS Communications, Inc. 3,269.8 9.02 48.0% 8.7% 11.9% 1.2x 1.1x 4.5x 4.0x

Telephone & Data Systems Inc. 2,510.8 23.15 64.6% (0.2%) 1.0% 0.7x 0.7x 3.2x 3.2x

Clearwire Corporation 1,031.2 2.28 37.3% (2.8%) NM 5.2x 5.3x NM NM

EarthLink Inc. 848.4 7.99 95.1% 2.4% (7.5%) 1.0x 0.9x 4.0x 4.3x

Median 8,542.6$ 92.4% 3.8% 6.1% 1.8x 1.7x 6.0x 5.6x

Infrastructure Services

American Tower Corporation 24,811.9$ 63.02$ 97.6% 14.5% 18.4% 13.0x 11.4x 20.9x 17.7x

Crown Castle International Corporation 14,991.0 53.34 95.3% 6.0% 9.8% 10.9x 10.3x 17.4x 15.8x

SBA Communications Corporation 5,881.6 50.81 98.6% 17.7% 19.7% 13.1x 11.1x 21.1x 17.7x

Median 14,991.0$ 97.6% 14.5% 18.4% 13.0x 11.1x 20.9x 17.7x

Managed Services

Rackspace Hosting, Inc. 7,777.6$ 57.79$ 97.2% 29.0% 55.3% 7.6x 5.9x 26.5x 17.1x

Equinix, Inc. 7,346.1 157.45 98.7% 17.5% 30.3% 5.9x 5.0x 14.2x 10.9x

Interxion Holding NV 1,187.0 17.95 98.0% 16.1% 19.8% 4.2x 3.5x 10.5x 8.6x

Median 7,346.1$ 98.0% 17.5% 30.3% 5.9x 5.0x 14.2x 10.9x

Total Telecom Median 5,881.6$ 84.3% 8.7% 17.4% 2.0x 2.0x 10.5x 8.0x






03/26/12 Pending Opnext, Inc. Oclaro, Inc. 133.5$ 0.4 x NA

03/02/12 03/02/12 Eurohub Hosting Ltd., Greenwich View Keppel Land Ltd. 49.1 NA NA

02/29/12 02/29/12 Cabovisão S.A. Altice One SAS 60.1 NA NA

02/24/12 03/19/12 Lightwire, Inc. Cisco Systems, Inc. 271.0 NA NA

02/20/12 Pending Vividwireless Pty Ltd. SingTel Optus Pty Ltd. 247.5 NA NA

02/20/12 02/22/12 Traffix Systems Ltd. F5 Networks, Inc. 130.0 NA NA

02/05/12 Pending SureWest Communications Consolidated Communications Holdings Inc. 560.3 2.3 x 6.5 x

02/02/12 Pending Orange Austria Telecommunication GmbH Hutchison 3G Austria GmbH 1,712.2 NA NA

01/31/12 03/23/12 M5 Networks, Inc. ShoreTel, Inc. 159.8 NA NA

01/27/12 03/16/12 RuggedCom Inc. Siemens Canada Limited 383.8 3.6 x 21.0 x

01/20/12 02/29/12 QLogic Corp., Certain Assets Intel Corporation 125.0 NA NA

01/01/12 Pending Netmagic Solutions Private Limited NTT Communications Corporation 172.8 NA NA

12/23/11 02/17/12 Orange Communications SA Apax Partners Worldwide LLP 2,130.6 1.5 x NA

12/22/11 01/31/12 Internode Pty. Ltd. iiNet Ltd. 106.3 NA NA

12/20/11 12/31/11 Conference Plus, Inc. Arkadin, Inc. 41.0 1.0 x NA

12/19/11 Pending RuggedCom Inc. Belden CDT (Canada) Inc. 224.0 2.1 x 12.2 x

12/16/11 Pending Advanced Wireless Services Spectrum Licenses Cellco Partnership, Inc. 315.0 NA NA

12/15/11 04/10/12 NextG Networks, Inc. Crown Castle International Corp. 1,000.0 NA NA

11/21/11 11/30/11 TransACT Capital Communications Pty Ltd. iiNet Ltd. 59.0 0.8 x 3.5 x

11/06/11 01/27/12 Tekelec Private Equity Consortia 507.1 1.3 x 11.4 x

10/18/11 Pending TeleCable de Asturias, S.A.U. The Carlyle Group 547.5 3.3 x NA

10/17/11 10/17/11 The Onyx Group ISIS Equity Partners LLP 42.6 1.8 x NA

10/12/11 Pending Unitech Wireless Limited Unitech Ltd. 81.7 NA NA

10/10/11 11/21/11 BigBand Networks, Inc. Arris Group Inc. 41.9 0.5 x NA

10/10/11 10/10/11 Qumu, Inc. Rimage Corp. 51.8 5.0 x NA

10/06/11 12/02/11 360networks (USA), Inc. Zayo Group Inc. 345.0 4.5 x 13.2 x

10/05/11 10/05/11 Digitronics Inventioneering Corporation Red Lion Controls, Inc. 72.0 NA NA

Median 159.8$ 1.8x 11.8x

Recent M&A

Activity

Comparable Transactions Telecom

Summary

Statistics


Note: Includes announced transactions over the last six months where enterprise value is publicly available and more than $40 million.

Note: Includes closed transactions where enterprise value is publicly available and more than $40 million.

27

2.6x

1.9x2.1x 2.1x

2.0x

1.7x

2.1x 2.1x

1.5x 1.4x

2.0x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

0

50

100

150

200

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 YTD

LT

M R

even

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Selected HW&Co. TMT Transactions

a portfolio company of

has been acquired by

GFI Energy Group

a division of






has received a strategic

investment from


has acquired


has merged with


has received a minority

investment from

The Mill





has acquired


has been recapitalized by



has received a strategic

investment from

28





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http://www.transunion.com/?

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TMT Group Overview

and Disclosures

Thierry Monjauze

Managing Director

63 Brook Street

London W1K 4HS

United Kingdom

Phone: +44 20 7518 8901 [email protected]

Jeff Bistrong

Managing Director

Two International Place, 24th Floor

Boston, MA 02110

USA

Phone: +1 (617) 654-2102 [email protected]

Our Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and

capital markets advisory services to market leading companies. Our extensive industry knowledge and transaction

leadership experience spans the software, digital media, IT services, and communications sectors. Our professionals

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investors. Thoughtful advice, deep experience and technology expertise, creativity and attention to detail from our

senior technology bankers have resulted in a track record of consistently exceeding our clients' expectations.

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