momentum partners cybersecurity snapshot | november 2016

1

Cybersecurity Snapshot

November 2016

Advisors & Dealmakers In Cybersecurity

Momentum Partners • Momentum Capital Markets

Cybersecurity Dashboard: November 2016

Top Financing Transactions YTD Top M&A Transactions YTD

Target Acquirer Amount ($M)

4,722

4,200

2,362

1,463

1,254

~650

600

488

$17.43 BillionM&A Volume YTD

129M&A Transactions YTD

$4.19 Billion

Date Company Amount ($M)

1/13/16 187

7/25/16 180

6/8/16 100

2/3/16 96

1/21/16 76

1/28/16 75

7/5/16 64

11/7/16 60

Financing Volume YTD

251 Financing Transactions YTD

StackPath

Financing Activity M&A Activity

Volume ($B)

# of Deals

2015Total: 229

2016Total: 251

Volume ($B)

# of Deals2015 2016

Public Comps

Max 14.0x

Max 8.6x

Min 1.7x Min 1.7x

Median 4.1x

Median 6.2x

(EV / 2015E) (EV / 2016E)

M&A Activity

2015Total: 142

2016Total: 129

M&A EV / Rev Multiples

4.5x

5.9x

2015 2016 YTD

7

23

10

8

7

5635

18

6

2

14

4

116

16

13

7

17

5536

21

14

3

12

410

142

129

2015 2016 YTD

$10.5

$17.4

2015 2016 YTD

40

23

22

19

1918

17

17

13

11

10

97 4

Specialized Threat Analysis & Protection

Identity & Access Management

Threat Intel / SecOps / IR

Cloud Security

Data Security

Mobile Security

Endpoint Security

Fraud Prevention / Transaction Security

Application Security

Risk & Compliance

Web Security

Industrial / IOT Security

Network Security

Messaging Security

MSSP

229

251

2015 2016 YTD

$3.8

$4.2

2015 2016 YTD

Financing Activity

5

10

15

20

25

30

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16

Monthly Deal Count PulseFinancing M&A

(Median EV / LTM Rev)

30

23

31

16

271114

12

15

24

5

15

167 5

Source: Capital IQ, Crunchbase.

Date Target Acquirer Sub-Sector EV ($M) EV / Rev

11/30/16 Messaging Security NA NA

11/24/16 Mobile Security NA NA

11/23/16 Cloud Security NA NA

11/22/16(Cognevo Business Division)

MSSP NA NA

11/21/16 Network Security ~$650.0 ~6.50x

11/20/16 Fraud Detection $2,362.1 3.63x

11/17/16 MSSP NA NA

11/15/16 Risk & Compliance NA NA

11/11/16 Risk & Compliance $6.0 NA

11/09/16 Mobile Security NA NA

11/08/16Specialized Threat Analysis &

ProtectionNA NA

11/07/16 MSSP NA NA

11/07/16 Application Security NA NA

11/04/16 Data Security NA NA

11/04/16 Cloud Security NA NA

11/04/16 Fraud / Transaction Security NA NA

11/01/16 Web Security $1.9 NA

Cybersecurity M&A

M&A Activity

17 transactions were announced with total disclosed amount of $3.0 Billion

M&A activity in November was quite active, with Symantec leading the way with the 3rd largest acquisition of the year acquiring LifeLock for $2.4 Billion

Symantec has 2 of the 3 largest acquisitions this year totaling $7.1 Billion spent

Financing Activity

25 transactions with total disclosed amount raised of $172.8million with a median amount raised of $3.0 Million

Prevalent Networks’ $60.0M Series C and RiskIQ’s $30.5M Series C financing rounds led all financing activity this month

Roughly 2/3 of deals were early stage (Seed to Series A)

Two Momentum ‘Watch List’ companies raised additional funding:

November Deal Flow

3

Strategic Deal Flow Commentary

As 2016 Nears Its End, November’s Strategic Activity Remained Active For Both M&A And Financings.

Date Company Select Investors Funding StageAmount

($M)

11/10/16 Jumpstart Inc. Seed 1.1

11/9/16 Startupbootcamp Accelerator NA

11/9/16First Round, F-Prime Capital Partners, Funders Club, Liquid2Ventures, Y Combinator, Brainchild Holdings

Seed 2.0

11/8/16 CIRTech Fund, iAngels, Sequoia Capital Series A 10.0

11/3/16 GV Venture NA

11/3/16 Yokogawa Electric Corporation Series A NA

11/2/16 NA Debt 3.0

11/2/16 MassChallenge Accelerator 0.1

11/2/16 Shasta Ventures, Bloomberg Beta, Flybridge Capital Partners Series A 12.0

11/1/16 NA Seed 0.5

11/1/16TenEleven Ventures, Fairhaven Capital, Goldman Sachs,

Razor's Edge, ManTech Intl, Siemens, Alcatel-Lucent, EDBI Venture 10.0

11/1/16 NA Seed 1.0

Date Company Select Investors Funding StageAmount

($M)

11/30/16 Index Ventures, Qualcomm Ventures, Telstra Ventures Series A 8.8

11/28/16 NA Venture 6.0

11/23/16 Axilor Ventures, IDG Ventures India Venture 0.6

11/22/16Kaedan Capital, Leon Waisbein, Marius Nacht, Samsung

Next Tel Aviv, Stage One VenturesSeries A 3.5

11/18/16 500 Startups Accelerator 0.2

11/17/16 Insight Venture Partners Series C 60.0

11/16/16ORIX Growth Capital, Comerica Bank, Dell Ventures, New

Atlantic Ventures, Harbert VenturesVenture 10.0

11/16/15 NA Angel 1.4

11/15/16 Blu Venture Investors Seed 1.0

11/15/16ACP, Spring Seeds Capital, Central Exchange, Muru-D, Nest

VenturesSeed 1.2

11/15/16 83 North, G20 Ventures, Alex Daly, Dave Strohm Venture 10.0

11/10/16 Georgian Partners, MassMutual Ventures, Summit Partners Series C 30.5

11/10/16 Faster Capital Accelerator NA

Note: Bold denotes lead investors. Source: Capital IQ, Crunchbase.

Cybersecurity Investing (VC & PE)

4

Venture Capital & Private Equity Activity.

November Deal Flow

Cyberswarm

Notable Financing Transactions

1

$30.5 M

Series C

November 10, 2016

$60.0 M

Series C

November 17, 2016

Date Stage Amount Raised ($M) Selected Investors

Nov 2016 Series C

May 2014 Series B

Jul 2013 Series A

Funding Summary: $67.8M

Description RiskIQ provides organizations the visibility and intelligence they need to secure their

Enterprise Digital Footprint and map their adversaries’ infrastructure. RiskIQ products,

powered by a proprietary virtual-user technology, threat analysis engine, and global proxy

network, enable an organization to defend against threats targeting its websites, mobile

applications, brands, customers, and employees.

Founders / Management

Founded 2009

HQ San Francisco, California

Amount Raised $67.8M

Raises $30.5M In Series C Financing.

Company Overview Product Overview

7

Elias (Lou) ManousosCEO & Co-Founder

Chris KiernanCTO & Co-Founder

David PonCo-Founder

Jeff BaethCFO

Jason ZannVP, Head of Platform

30.5

27.5

9.8

Forward Thinking Organizations Use RiskIQ Security Technology

Index digital footprint using global sensors and virtual-user technology

Know and track all owned assets

Manage digital attack surfaces using a comprehensive outside-in approach

Enterprise Digital Footprint

Discover & Monitor

PassiveTotal

Research & Investigate

Analyze threat infrastructure and context

Assess incidents with data visualization and toolchain integration

Consolidate data from critical sources to map adversaries’ footprints

Threat Detection Suite

Detect & Respond

Identify fraudulent properties targeting the organization

Understand external attack vectors with actionable, real-time infrastructure view

Disarm evasion techniques and combat phishing, infringement, and malware

Virtual-User Technology Core Engine Data Analysis

Crawlers and sensors launched from a global proxy network avoid

detection and experience websites just

like real users

Big data analytics and machine learning techniques fully

automate asset and threat management in

real-time

Artificial intelligence powers a closed-loop detection process that collects and analyzes telemetry data on a

massive scale

Date Stage Amount Raised ($M) Selected Investors

Nov 2016 Series C

Jan 2016 Series B

Jun 2014 Series A

Funding Summary: $72.0M

Description Prevalent Networks is the leader in third-party risk management and cyber threat

intelligence, helping global organizations manage and monitor the security threats and

risks associated with third and fourth-party vendors. The IT consulting company works

with the leaders in governance, risk, infrastructure, and compliance to deliver solutions

that create "information anywhere, security everywhere."

Founders / Management

Founded 2004

HQ Warren, New Jersey

Amount Raised $72.0M

Raises $60.0M In Series C Financing.

Company Overview Product Overview

8

60.0

8.0

4.0

Jonathan DambrotCEO & Co-Founder

Norman W. Menz IIICTO & Co-Founder

Matthew HicksChief Strategy Officer

Bekim ProtopapaChief Revenue Officer

Dave McNamaraVP, Worldwide Third-

Party Risk Sales

Customized platform manages and monitors data supply chain threats posed by third and fourth-party vendors

Automated collection of third-party information ensures security and scalability

Aggregate view of vendor risk evaluation organizes potential risks in prioritized tiers

Scoring methodology (VendorThreatIQ™) provides insight into security investments to detect and isolate attacks behind the firewall

Tiered approach allows for efficient and systematic determination of oversight level

Real-time information integrates directly into VRM to assess risks

Subscription includes annual vendor assessment to understand potential data loss within the relationship

Standardized content and process on hosted platform ensures efficiency and security without any infrastructure setup

Risk recommendations are based on accumulated information, industry intelligence and contextual risk environment

Proven Industry Expertise with Vertical Networks

Membership-based programs designed to assess and monitor third-party vendors specific to law firms and universities for security and data risk

Internal and External Vendor

Repository

Dedicated Program Office

Managers

Pre-, On-Site, and Self-

Assessments

Comparison to Others in the Industry

Exclusive Intelligence

and Network Sharing

Shared Assessments

Content

Notable M&A

Transactions

1

November 21, 2016

acquires

November 20, 2016

acquires

8.0

10.0

12.0

14.0

16.0

18.0

20.0

22.0

24.0

26.0

Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

Sh

are

Pri

ce ($

)

LifeLock Product OverviewTransaction Overview

acquires

LifeLock Stock Performance Transaction Summary & Rationale

Source: Company press releases and websites, 451 Research.

Tempe, Arizona

2005

Date:

HQ:

Founded:

11/20/2016

11

Symantec Acquires LifeLockSymantec’s Acquisition of LifeLock Will Lead To Integration of Identity Protection Products With Its Norton Suite Products.

Symantec will acquire LifeLock for $24 per share and expects to finance the transaction with cash on balance sheet and $750

million of new debt

Symantec’s purchase of LifeLock will add identity theft protection services to the Norton cybersecurity unit, diversifying product

offerings to bolster declining sales as users move from traditional PCs to mobile devices

“LifeLock is a leading provider of identity and fraud protection services, with over 4.4 million highly-satisfied members and

growing. With the combination of Norton and LifeLock, we will be able to deliver comprehensive cyber defense for

consumers... this acquisition marks the transformation of the consumer security industry from malware protection to the broader

category of digital safety for consumers” Greg Clark, CEO, Symantec

Fraud Prevention $2.4 Billion

EV / LTM Revenue:

EV / NTM Revenue:

EV / LTM EBITDA:

EV / NTM EBITDA:

2.9x

44.3x

3.2x

21.3x

Symantec Purchase Price @ $24 / Share

16% premium to price of $20.75 on day prior to announcement

3 Layers Of Protection

DETECTLifeLock uses advanced technology to

constantly monitor over a trillion data points to help detect suspicious uses of your identity information to get loans, credit and services in your name

ALERTLifeLock will send you a potential fraud

alert by text, phone or email If you confirm that the suspicious

transaction is fraudulent, your LifeLock team is on it

RESTORELifeLock's US-based Identity Protection

Agents are ready to help with identity theft restoration

If your identity is ever compromised, an Identity Restoration Specialist takes charge

Enterprise Product Serves about 350 Enterprise Customers Provides customers with identity, authentication,

& credit information about their consumers

Consumer Product: Serves about 4.4 Million Customers Alerts in cases where identity is suspected

of being used (i.e. Opening New Accounts)

Network Security Est $600-700 M

Dyn Product OverviewTransaction Overview

acquires

About Dyn Transaction Summary & Rationale

Source: Company press releases and websites, 451 Research.

Manchester, NH

2001

Colin Doherty

Date:

HQ:

Founded:

CEO:

Amount Raised:

11/21/2016

12

Oracle Acquires DynThe Addition of Dyn’s Internet Performance & DNS Services Creates A One-Stop Shop For Oracle’s Enterprise IaaS & PaaS Needs.

“Oracle already offers enterprise-class IaaS and PaaS for companies building and running Internet applications

and cloud services. Dyn’s immensely scalable and global DNS is a critical core component and a natural

extension to our cloud computing platform.” Thomas Kurian, President, Product Development, Oracle

“Oracle cloud customers will have unique access to Internet performance information that will help them

optimize infrastructure costs, maximize application and website-driven revenue, and manage risk. We are

excited to join Oracle and bring even more value to our customers as part of Oracle’s cloud computing

platform.” Kyle York, Chief Strategy Officer, Dyn

DataUnrivaled visibility, unbiased information

10+ years of BGP routing

Authoritative DNS queries

Over 200 vantage points

6 billion measures per day

Real user monitoring data

Traffic-SteeringPrecision control & proactive steering

15+ years of DNS experience

Load-balancing & failover

Geographic traffic steering

World-class DNS network

Performance based steering

AnalyticsActionable alerts for timely decision

Dedicated data scientists

CDN, SaaS, & Mobile Analysis

IP transit intelligence

Internet intelligence

World-class tech experts

Internet Performance Management Platform

• Domain expertise• Disaster preparedness• Security and continuity• API integration• Managed reporting• Cloud-based

• Infrastructure availability verification

• Real-time alerts• On-demand testing• Custom vantage points• Industry-leading support

• Geolocation accuracy• System scalability• Ratio load balancing• CDN integration• High availability• Cloud-based

• Open & click tracking• IP pool flexibility• Tagging and segmenting• Connect via SMTP or API• Post back service• Deliverability support

DNS for IPM Internet Intelligence Email Delivery Traffic Director

Selected Customers Selected Partners

$88M

Public Company Trading Analysis

60

65

70

75

80

85

90

95

100

105

110

Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16

5.7%

-10.9%

-6.7%

4.2%

92

94

96

98

100

102

104

106

10/31 11/03 11/06 11/09 11/12 11/15 11/18 11/21 11/24 11/27 11/30

November Stock Price Performance

Note: Market data as of November 30, 2016. Source: Capital IQ.

Company Price Change (%) Company Price Change (%)

$22.04 5% $77.01 2%

$82.33 3% $33.20 11%

$51.01 9% $11.60 19%

$12.84 10% $12.35 5%

$30.10 6% $3.18 13%

$3.37 4% $57.62 4%

$38.15 3% $24.39 3%

$20.46 1% $35.97 2%

$4.15 14% $14.50 5%

$134.37 13%

November Stock Price Performance

LTM Indexed Stock Performance

November Indexed Stock Performance

High Growth Security

Low Growth Security

S&P 500

NASDAQ

HACK

Index

2.0%

-6.8%

0.1%

3.4%2.6%

-0.3%

14

High Growth Security Companies Drop Towards The End of November, While Low Growth Security Remained Flat.

Public Company Analysis: Trading Metrics

Note: NM – Not Meaningful, NA – Not Available; market data as of November 30, 2016; * price performance from IPO price.

Source: Capital IQ.

Company Name Stock Price LTM Price

Performance Market Cap

($M)Enterprise Value

($M)

2015-16E Revenue Growth

2016E-17E Revenue Growth

EV / Revenue EV / EBITDA P / E

CY2016 CY2017 CY2016 CY2017 CY2016 CY2017

High Growth Cybersecurity Palo Alto Networks 134.37 (28.9%) 12,320 11,436 36.9% 30.5% 7.3x 5.6x 34.3x 22.2x 64.2x 41.6x

Splunk 57.62 (5.0%) 7,752 6,725 39.4% 27.7% 7.2x 5.6x NM 53.7x NM NM

Fortinet 30.10 (16.6%) 5,208 4,178 24.5% 16.8% 3.3x 2.8x 19.9x 15.5x 47.1x 37.3x

Proofpoint 77.01 3.6% 3,272 3,221 40.7% 29.0% 8.6x 6.7x NM 64.7x NM NM

CyberArk 51.01 18.2% 1,712 1,460 33.8% 22.3% 6.8x 5.5x 24.5x 20.9x 43.2x 38.0x

Qualys 33.20 (13.9%) 1,185 975 20.7% 18.1% 4.9x 4.2x 15.0x 12.6x 41.2x 36.2x

Mimecast 20.46 95.6% 1,122 1,015 23.7% 24.3% 6.0x 4.9x NM 62.5x NM NM

Secureworks* 12.35 (11.8%) 996 883 25.2% 19.3% 2.1x 1.7x NM NM NM NM

Rapid7 11.60 (31.6%) 493 405 40.5% 23.2% 2.6x 2.1x NM NM NM NM

Mean 31.7% 23.5% 5.4x 4.4x 23.4x 36.0x 48.9x 38.3x

Median 33.8% 23.2% 6.0x 4.9x 22.2x 22.2x 45.1x 37.7x

Low Growth CybersecuritySymantec 24.39 23.6% 15,205 16,762 5.3% 18.3% 4.4x 3.7x 11.3x 8.1x 22.3x 15.9xCheck Point Software 82.33 (4.8%) 14,400 13,169 6.3% 5.6% 7.6x 7.2x 13.8x 13.3x 18.2x 16.9xTrend Micro 38.56 (8.9%) 4,945 3,833 10.4% 6.6% 3.4x 3.1x 10.8x 9.9x 31.5x 27.0xFireEye 12.84 (43.4%) 2,197 2,004 15.6% 10.5% 2.8x 2.5x NM 58.5x NM NMSophos 3.18 (18.2%) 1,448 1,649 7.4% 14.4% 3.3x 2.8x 25.5x 19.8x 10.1x 35.3xImperva 38.15 (49.1%) 1,253 994 9.4% 19.4% 3.9x 3.2x NM NM NM NMBarracuda Networks 22.04 12.8% 1,153 977 11.8% 6.5% 2.8x 2.7x 12.7x 11.3x 31.3x 32.6xVSDI 14.50 (24.5%) 576 435 (21.2%) 15.6% 2.3x 2.0x 16.2x 15.8x 30.2x 22.0xF-Secure 3.37 7.7% 527 435 4.4% 7.2% 2.6x 2.4x 17.5x 13.5x 33.5x 28.8xMobileIron 4.15 (1.7%) 365 285 9.6% 10.9% 1.7x 1.6x NM NM NM NM

Mean 5.9% 11.5% 3.5x 3.1x 15.4x 18.8x 25.3x 25.5x

Median 8.4% 10.7% 3.0x 2.8x 13.8x 13.4x 30.2x 27.0x

High Growth & Low Growth Cybersecurity.

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Note: NA – Not Available; market data as of November 30, 2016.Source: Capital IQ.

High Growth & Low Growth Cybersecurity.

Company Name Revenue Revenue Growth (YoY%) EBITDA EBITDA Margin (%)

2015A 2016E 2017E 15-'16 16-'17 2015A 2016E 2017E 2015A 2016E 2017E

High Growth Cybersecurity

Palo Alto Networks $1,150 $1,574 $2,055 36.9% 30.5% $213 $334 $516 19% 21% 25%

Splunk 668 932 1,190 39.4% 27.7% 45 81 125 7% 9% 11%

Fortinet 1,009 1,257 1,468 24.5% 16.8% 168 210 270 17% 17% 18%

Proofpoint 265 373 482 40.7% 29.0% 5 36 50 2% 10% 10%

CyberArk 161 215 263 33.8% 22.3% 45 59 70 28% 28% 27%

Qualys 164 198 234 20.7% 18.1% 57 65 77 34% 33% 33%

Mimecast 136 168 209 23.7% 24.3% NA 8 16 NA 5% 8%

Secureworks 340 425 507 25.2% 19.3% NA (29) (1) NA (7%) 0%

Rapid7 111 155 191 40.5% 23.2% (29) (29) (31) (26%) (19%) (16%)

Low Growth Cybersecurity

Symantec $3,626 $3,817 $4,516 5.3% 18.3% $1,709 $1,483 $2,063 47% 39% 46%

Check Point Software 1,630 1,732 1,830 6.3% 5.6% 938 956 988 58% 55% 54%

Trend Micro 1,034 1,142 1,218 10.4% 6.6% 322 354 389 31% 31% 32%

FireEye 623 720 796 15.6% 10.5% (172) (53) 34 (28%) (7%) 4%

Sophos 472 507 580 7.4% 14.4% NA 65 83 NA 13% 14%

Imperva 234 256 306 9.4% 19.4% 9 (4) 12 4% (2%) 4%

Barracuda Networks 309 345 367 11.8% 6.5% 64 77 86 21% 22% 23%

VDSI 241 190 220 (21.2%) 15.6% 57 27 28 24% 14% 13%

F-Secure 160 167 180 4.4% 7.2% 31 25 32 19% 15% 18%

MobileIron 149 164 181 9.6% 10.9% (52) (29) (15) (35%) (18%) (8%)

17

Public Company Analysis: Operating Metrics

Overview of Momentum Partners

Momentum Partners

Why Momentum Partners?Momentum Partners is a boutique Cybersecurity focused advisory firm based in Silicon Valley

with operations globally. We employ a high-touch advisory model specifically designed to serve

Founders/CEOs and their Boards – Series A to exit – where we are relentless in our pursuit for

better outcomes for clients. As advisors and dealmakers in cybersecurity for two decades, we

have closed over 200 deals totaling $200 Billion in value.

Cybersecurity Enterprise IT Cloud & SaaS Defense & Government

Mergers & Acquisitions* Capital Raising*

Corporate Development Ecosystem Development

Momentum’s Senior Cybersecurity Team

Michael TedescoExecutive ChairmanFounderStrategic and Capital MarketsAdvisor to CEOs, Founders & Boards

Eric McAlpineManaging PartnerFounderSenior AdvisorCybersecurity Lead

Dino BoukourisDirectorStrategic AdvisorStart-up AdvisorVC & Private Equity

Keith SkirbeDirectorStrategic AdvisorMergers & AcquisitionsDeep Cybersecurity Expertise

CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY CLIENT COUNTERPARTY

200+ Deals $200+ Billion

Petros KitsosSenior AdvisorStrategic AdvisorDirect Investor and Board MemberDeep Defense & Aerospace Expertise

Jay FulcherSenior AdvisorStrategic AdvisorBoard MemberCEO – Ooyala, Agile Software

(Rocketdyne)

19

Advisors & Dealmakers In Cybersecurity.

CYBERscape: The Cybersecurity Landscape

Source: Momentum Partners.

Network Security

Network Firewall Network Monitoring/Forensics

Intrusion Prevention Systems Unified Threat Management

Managed Security Service Provider Messaging Security

Application Security

WAF & Application Security

Vulnerability Assessment

Endpoint Security

Endpoint Prevention

Endpoint Detection & Response

Specialized Threat Analysis & Protection

Cloud Security

Fraud Prevention / Transaction Security

Identity & Access Management

Web Security

Risk & Compliance

Threat Intelligence

Industrial / IoT Security

Mobile SecurityData Security

Security Incident Response

SIEM

Security Operations & Incident Response

The Security Sector Is Dynamic And Vast. We Are Ceaseless & Vigilant In Our Coverage.

20

https://www.google.co.in/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&cad=rja&uact=8&ved=0ahUKEwjW9P2G79rJAhXHJI4KHboJAuMQjRwIBw&url=https://www.fsisac.com/strategic-sponsors-0&psig=AFQjCNFevHjGXmFL5L-jFpGpJqTW6C8smw&ust=1450165879852804

CYBERscape: The Investor Landscape

Mountain South

California

Northern California

SECURE OCTANE

Southern California

Cybersecurity-Focused Investors Government

APAC

Israel

Pacific NorthwestCanada

United Kingdom

Europe (Ex-UK)

Europe

Corporate Ventures

21

Midwest

Mid-Atlantic

New York

New England

Cybersecurity Is A Popular Investing Ground For Institutional Investors Around The World.

https://www.google.com/url?sa=i&rct=j&q=&esrc=s&source=images&cd=&ved=0ahUKEwibxJaHsbXPAhVM9WMKHa08CosQjRwIBw&url=https://www.owler.com/iaApp/list/acquisitions-20160507.htm&bvm=bv.134052249,d.cGc&psig=AFQjCNEnQvF6SX4eedlAQP0E98PjQmUjJg&ust=1475266212082530

15

Advise. Network. Invest.

Momentum Partners, LLC

Momentum Cap i ta l Market s , LLC

340 Brannan Street | Suite 501

San Francisco, California 94107

Michael Tedesco

Executive Chairman

[email protected]

Eric McAlpine

Managing Partner

[email protected]

Keith Skirbe

Director

[email protected]

Dino Boukouris

Director

[email protected]

*Securities offered through Momentum Capital Markets, LLC, a division of Financial Telesis Inc. Member FINRA/SIPC.

Petros Kitsos

Senior Advisor

[email protected]

Timothy Lipton

Partner

[email protected]