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Software Equity Group Flash Report

Select M&A Transactions and Valuations and

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

Companies by Product Category

• Industry leading boutique investment bank, founded in 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.

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

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 traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty‐one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

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

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

CONTACT INFORMATION:

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

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

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

ABOUT SOFTWARE EQUITY GROUP


List of Commonly Used Acronyms


http://www.softwareequity.com/

Removals:

Acquired by Zillow Group, Inc. ($3.3B)

Acquired by Siris Capital Group, LLC ($1.0B)

Acquired by Vector Capital ($270.0M)

Acquired by 3D Systems Corp. ($96.5M)

SEG Index ChangesPrevious Category

Digital River, Inc.

Company Ticker Previous IndexTrulia, Inc.

- Internet Commerce & Infrastructure

- ServicesInternet

-Saba Software, Inc.

Software Not Categorized

- SoftwareCimatron Ltd.

Engineering & PLM



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 February 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-01-2015 Bodis, LLC TrafficZ, Inc. - - - -Feb-02-2015 Big Bang ERP Inc. Acumen Factory Inc. - - - -Feb-02-2015 SS&C Technologies Holdings, Inc. (NasdaqGS:SSNC) Advent Software, Inc. (NasdaqGS:ADVS) $396.8 $2,549.6 6.4x 24.8xFeb-02-2015 Columbus Nova Daybreak Game Company LLC - - - -Feb-02-2015 JDM Technology Group Integrity Software Systems Ltd - - - -Feb-02-2015 FF&P Private Equity Limited Kallidus Limited $10.6 - - -Feb-02-2015 Century Interactive Company, LC New Call Solutions, LLC - - - -Feb-02-2015 eTender Inc SkillPages Holdings Limited - - - -Feb-02-2015 edelight GmbH The Visual Shopping Company GmbH - - - -Feb-02-2015 DAS Group of Companies Torben, Lucie und die gelbe Gefahr GmbH - - - -Feb-02-2015 Nexstar Broadcasting Group, Inc. (NasdaqGS:NXST) Yashi, Inc. - $33.0 - -Feb-03-2015 OneShift Pty Ltd. Adage - - - -Feb-03-2015 eLearning Innovation, LLC Advanced E-Learning Solutions, Inc. - - - -Feb-03-2015 Crucial Paradigm Pty Ltd. AVS Networks Pty Ltd. - - - -Feb-03-2015 Exotel Techcom Pvt. Ltd. Blank Page Innovations Pvt. Ltd. - - - -Feb-03-2015 My Expert Holdings Limited Clicksco Financial Services Limited - - - -Feb-03-2015 MRI Software LLC Cougar Software Pty Limited - - - -Feb-03-2015 Horizon Data Center Solutions, LLC Dallas Help Desk, Inc. - - - -Feb-03-2015 Menulog Group Limited Eat Now Services Pty Ltd - - - -Feb-03-2015 Euro Serve Media GmbH FAIRRANK deutschland GmbH - - - -Feb-03-2015 Plejmo Headweb AB - - - -Feb-03-2015 VMware, Inc. (NYSE:VMW) Immidio B.V. - - - -Feb-03-2015 Gemstone Workforce Logistics Inc. Orissa Software Inc. - - - -Feb-03-2015 Smarsh, Inc. Presensoft Inc. - - - -Feb-03-2015 Solera Holdings Inc. (NYSE:SLH) Service Dynamics, Inc. - - - -

Acquirer

Feb-03-2015 The Herjavec Group, Inc. Sysec Limited - - - -Feb-03-2015 Panasonic Corporation of North America, Inc. Video Insight, Inc. - - - -Feb-03-2015 Cloudera, Inc. Xplain.io - - - -Feb-04-2015 Thinking Phone Networks, Inc. Contactive Inc. - - - -Feb-04-2015 GrubHub Inc. (NYSE:GRUB) DiningIn.com, Inc. and Restaurants on the Run, Inc. $25.0 $80.0 3.2x -Feb-04-2015 Dering Hall, Inc. Doodle Enterprises LLC - - - -Feb-04-2015 SunGard Financial Systems, LLC Energeya S.r.l. - - - -Feb-04-2015 Synchronoss Technologies, Inc. (NasdaqGS:SNCR) F-Secure Oyj, Personal Cloud Assets - $60.0 - -Feb-04-2015 Google Inc. (NasdaqGS:GOOGL) Launchpad Toys Inc. - - - -Feb-04-2015 Under Armour, Inc. (NYSE:UA) MyFitnessPal, Inc. - $475.0 - -Feb-04-2015 Ansys, Inc. (NasdaqGS:ANSS) Newmerical Technologies International Inc. - - - -Feb-04-2015 InVision Communications, Inc. PS Communications Inc. - - - -Feb-04-2015 Blackboard Inc. Schoolwires, Inc. - - - -Feb-04-2015 Valnet Inc. Screen Rant, LLC - - - -Feb-04-2015 LG lugar de gente w3net Ltda - - - -Feb-04-2015 Garvest B.V. Wykop Sp. z o.o. $0.4 $1.4 3.3x -Feb-05-2015 FARO Technologies Inc. (NasdaqGS:FARO) ARAS 360 Technologies Inc. - - - -Feb-05-2015 Sunquest Information Systems, Inc. Data Innovations, LLC - - - -Feb-05-2015 Patriot National, Inc. (NYSE:PN) Decision UR, LLC - $2.2 - -Feb-05-2015 Subito.it S.r.l. Dotadv Srl - - - -Feb-05-2015 Insight Venture Partners E2open, Inc. (NasdaqGM:EOPN) $78.5 $249.9 3.2x -Feb-05-2015 foodpanda GmbH EatOye Pvt. Ltd. and Koziness.com - - - -Feb-05-2015 XConnect Global Networks Ltd. Flexagon GmbH - - - -Feb-05-2015 Montage Legal Group Freelance Law, Inc. - - - -Feb-05-2015 Rocket Internet AG (XTRA:RKET) Grupo Yamm comida a domicilio - - - -Feb-05-2015 Life-Pay ibox Holding Ltd. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-05-2015 SponsorsOne Inc. (DB:5SO) JWalk NY LLC - $6.0 - -Feb-05-2015 - Michael Williams Web Design, Inc. - - - -Feb-05-2015 BASE, Inc. Pay.jp - - - -Feb-05-2015 Message Systems, Inc. Port25 Solutions, Inc. - - - -Feb-05-2015 Intuit Inc. (NasdaqGS:INTU) Porticor Ltd. - $10.0 - -Feb-05-2015 GORGES, Inc. Push Interactive, LLC - - - -Feb-05-2015 Brocade Communications Systems, Inc. (NasdaqGS:BRCD) Riverbed Technology, Inc., SteelApp Business $31.1 - - -Feb-05-2015 Marin Software Incorporated (NYSE:MRIN) Social Moov SAS - $18.8 - -Feb-05-2015 Managed Health Care Associates, Inc. SoftWriters, Inc. - - - -Feb-05-2015 Divalto-SA SwingMobility, SAS - - - -Feb-06-2015 Pisces Eservices Pvt. Ltd. Achindra Online Marketing Pvt. Ltd. - - - -Feb-06-2015 TriTech Software Systems Inc. CompuDyne - Public Safety & Justice, Inc. - - - -Feb-06-2015 - CROOZ Korea Corporation $2.0 $0.5 0.3x -Feb-06-2015 Cuponzote DescuentoHoy.com - - - -Feb-06-2015 Battery Ventures Enviance, Inc. - - - -Feb-06-2015 Palantir Technologies Inc. FT Technologies, Inc. - - - -Feb-06-2015 Groupe T2i Notys Solutions SARL - - - -Feb-06-2015 Synoptek, Inc. Pay Per Cloud, Inc. - - - -Feb-06-2015 - The Brand Establishment LLC - - - -Feb-06-2015 Dongguan YouDai Financial Information Services Co., Ltd Yinfu Gold Corporation (OTCPK:ELRE) - - - -Feb-08-2015 Genex Infosys Ltd. Green and Red Technologies, Ltd. - - - -Feb-08-2015 Google Inc. (NasdaqGS:GOOGL) Nimbuz, Inc. - - - -Feb-09-2015 NIZIGExN Co.,Ltd. aeronauts,INC. $1.3 $2.1 1.7x -Feb-09-2015 FactSet Research Systems Inc. (NYSE:FDS) Code Red, Inc. - - - -Feb-09-2015 Frontline Technologies Group LLC CRS Advanced Technology, Inc. - - - -F b 09 2015 C b t d LLC C b V l t I

Acquirer

Feb-09-2015 Curbstand, LLC Curby Valet, Inc. - - - -Feb-09-2015 Enprise Group Limited (NZSE:ENS) GlobalBizPro Limited, MYOB EXO Practice - $0.6 - -Feb-09-2015 Dalian Wanda Group Corporation Ltd. Infront Sports & Media AG $906.2 $1,189.3 1.3x -Feb-09-2015 Aysling Digital Media Solutions Juggernaut LLC - - - -Feb-09-2015 Accel-KKR LLC Kerridge Commercial Systems Limited - - - -Feb-09-2015 Bilendi SA (ENXTPA:ALBLD) M3 Research A/S $4.5 - - -Feb-09-2015 Nexus AG (XTRA:NXU) quCare Solutions B.V. $17.0 $22.7 1.3x -Feb-09-2015 Enigmo Inc. (TSE:3665) Rocket Venture Inc. $0.1 $4.2 64.4x -Feb-09-2015 Teaching Strategies, LLC Tadpoles LLC - - - -Feb-09-2015 Shotgun Software Inc. Tweak Software, Inc. - - - -Feb-09-2015 Hewlett-Packard Company (NYSE:HPQ) Voltage Security, Inc. - - - -Feb-09-2015 LINE Pay Corporation WebPay Holdings - - - -Feb-10-2015 Invoke Solutions, Inc. Academic Management Systems, Inc. - - - -Feb-10-2015 MCI Brazil S/A Acqua Consultoria And AB Eventos - - - -Feb-10-2015 Bentley Systems, Incorporated Acute3D SAS - - - -Feb-10-2015 Temenos U.S.A., Inc. Akcelerant Software LLC - $55.0 - -Feb-10-2015 - Al Rai International Company for Marketing and Advertising W.L.L. - $0.3 - -Feb-10-2015 Mobile Network Group S.A. (ENXTPA:ALMNG) Appsfire SAS - $30.0 - -Feb-10-2015 BroadVoice, Inc. DSL Extreme, Inc. - - - -Feb-10-2015 Yelp, Inc. (NYSE:YELP) Eat24Hours.com, Inc. - $134.2 - -Feb-10-2015 Moore Communications Group, Inc. Financial Social Media - - - -Feb-10-2015 Clearlake Capital Group, LLC HEAT Software - - - -Feb-10-2015 Mosaic US Holdings Inc. Launch! - - - -Feb-10-2015 Bravofly Rumbo Group N.V. (SWX:BRG) Map2app, Inc. - - - -Feb-10-2015 Go Daddy Software, Inc. Nodejitsu Inc. - - - -Feb-10-2015 ArbiterSports, LLC Pay OGFE Inc. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-10-2015 Hitachi Data Systems Corporation Pentaho Corporation - - - -Feb-10-2015 Edtrin Group Pty. Ltd. ProjectProject Pty Ltd. - $0.9 - -Feb-10-2015 Tamedia AG (SWX:TAMN) ricardo.ch AG $43.2 $259.2 6.0x -Feb-10-2015 Vector Capital Saba Software, Inc. - $270.2 - -Feb-10-2015 TD Ameritrade Holding Corporation (NYSE:AMTD) Stream Private Data Center in Richardson - - - -Feb-10-2015 AdaptIT Holdings Limited (JSE:ADI) Student Management Software Solutions Ltd. - $0.6 - -Feb-10-2015 STATS LLC The Sports Network, Inc. - - - -Feb-10-2015 Fastlane Communications LLC Winning Message LLC - - - -Feb-10-2015 Coupa Software Incorporated ZenPurchase, Inc. - - - -Feb-11-2015 Buildium, LLC All Property Management, LLC - - - -Feb-11-2015 Alma Always Prepped Inc. - - - -Feb-11-2015 eCargo Enterprise Limited Amblique Pty Ltd. - $4.6 - -Feb-11-2015 Grendall Investment Limited Castle Street Investments plc, Traditional Online Dating Activities - $4.5 - -Feb-11-2015 Christie's International Plc Collectrium LLC - - - -Feb-11-2015 Software Paradigms International, Inc. Direct Tech, Inc. - - - -Feb-11-2015 j2 Global, Inc. (NasdaqGS:JCOM) Firstway Digital Limited - - - -Feb-11-2015 Grow Mobile, Inc. Make Me Reach SAS - - - -Feb-11-2015 Datadog, Inc. Mortar Data Inc. - - - -Feb-11-2015 Thoma Bravo, LLC PowerPlan, Inc. - - - -Feb-11-2015 Gogolook Co. Ltd. StudioKUMA - - - -Feb-11-2015 Microsoft Corporation (NasdaqGS:MSFT) Sunrise Atelier, Inc. - - - -Feb-11-2015 Rocket Internet AG (XTRA:RKET) Talabat General Trading and Contracting Company WLL - $169.6 - -Feb-11-2015 Connected Living, Inc. Tethered LLC - - - -Feb-11-2015 Education Advisory Board ThoughtWright LLC - - - -Feb-11-2015 Vista Group International Limited (NZSE:VGL) Ticketsoft LLC - - - -

Acquirer

Feb-11-2015 Commonwealth Bank of Australia (ASX:CBA) TYME SA - $30.9 - -Feb-12-2015 STATS LLC Automated Insights Inc. - - - -Feb-12-2015 Pervasip Corp. (OTCPK:PVSP) Canalytix LLC - - - -Feb-12-2015 Motorola Solutions, Inc. (NYSE:MSI) Emergency CallWorx, Inc. - - - -Feb-12-2015 - LetsBonus, S.L. - - - -Feb-12-2015 HEAT Software Lumension Security, Inc. - - - -Feb-12-2015 InsightPool LLC NextPrinciples, Inc. - - - -Feb-12-2015 IPMG Pty. Ltd. ReNet Pty Ltd - - - -Feb-12-2015 comScore, Inc. (NasdaqGS:SCOR) The Kantar Group Limited, Internet Audience Measurement Businesses in Certain European Markets - - - -Feb-12-2015 King Digital Entertainment plc (NYSE:KING) Z2, Inc. - $150.0 - -Feb-13-2015 Hind Rectifiers Limited (BSE:504036) 50% stake in Gauranga Soft-tech Private Limited and 50% stake in Gauranga Systems Private Limited - - - -Feb-13-2015 British Gas Services Limited AlertMe.com Ltd. - $85.7 - -Feb-13-2015 Geeya Technology Co., Ltd. (SZSE:300028) Chengdu Sky Interactive Technology Company Limited - $352.5 - -Feb-13-2015 Heartland Payment Systems, Inc. (NYSE:HPY) Dinerware, Inc. and pcAmerica - - - -Feb-13-2015 Vocus Communications Limited (ASX:VOC) Enterprise Data Corporation Pty Ltd, Two Data Centres and Business Continuity Operations - $18.3 - -Feb-13-2015 Stagnito Partners, LLC Fulcrum Media, Media Brands, Conferences and Trade Shows - - - -Feb-13-2015 Sy.Med Development, Inc. HealthLine Systems, Inc. - $88.0 - -Feb-13-2015 DABERO Service Group GmbH movento Schweiz AG and movento GmbH - - - -Feb-13-2015 iProperty Group Limited (ASX:IPP) ThinkOfLiving.com - $6.2 - -Feb-14-2015 Hangzhou Kuaizhi Technology Co., Ltd. Beijing Xiaoju Keji Co., Ltd. - - - -Feb-14-2015 Geeya Technology Co., Ltd. (SZSE:300028) Chengdu Skymoons Technology Co., Ltd. $0.0 $364.4 - -Feb-15-2015 Ourpalm Co.,Ltd (SZSE:300315) Blingstorm Entertainment Ltd. - $342.5 - -Feb-15-2015 CableCom Networking Limited Campuslife Ltd. - - - -Feb-15-2015 KeyMark, Inc. Document Conversion Associates Inc. - - - -Feb-16-2015 Asia Pacific Digital Limited (ASX:DIG) Accomplice Pte. Ltd. $1.5 $0.9 0.6x -Feb-16-2015 Port One International Holding Limited ChaoDai (Shanghai) Network Technology Co.,Ltd. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-16-2015 Subdirect, LLC Consumer Marketing Solutions, LLC - - - -Feb-16-2015 Enterprise Development Holdings Limited (SEHK:1808) Gravitas Group Limited $3.5 $26.4 7.5x -Feb-16-2015 Guangdong Sky Dragon Printing Ink Group Co., Ltd. Mconnect $12.8 $37.5 2.9x -Feb-16-2015 Infosys Ltd. (BSE:500209) Panaya Ltd. - $200.0 - -Feb-16-2015 Bosch Software Innovations GmbH ProSyst Software GmbH - - - -Feb-16-2015 NEXMachine, LLC Scholastic Connections, LLC - - - -Feb-16-2015 Triberr, Inc. Scoutle - - - -Feb-16-2015 JUST EAT plc (LSE:JE.) Sindelantal Mexico, S.A. de C.V. - - - -Feb-16-2015 Oneflare Pty Ltd. Word Of Mouth Online Pty Ltd. - - - -Feb-17-2015 Vizeat Limited Cookening SAS - - - -Feb-17-2015 MINDBODY, Inc. Fitness Mobile Apps - - - -Feb-17-2015 Billups, Inc. Generation Outdoor, Inc. - - - -Feb-17-2015 Fitmob, Inc. Gymsurfing - - - -Feb-17-2015 Journal Newspapers (The) LDSJournal, LTD. - - - -Feb-17-2015 WaterTrax, Inc. Linko Data Systems Inc. - - - -Feb-17-2015 InvestiQuant, Inc. Overnight Edges, LLC - - - -Feb-17-2015 MSC Software Corporation Simufact Engineering GmbH - - - -Feb-17-2015 Haynes Publishing Group plc (LSE:HYNS) Teon Media Limited - $0.7 - -Feb-17-2015 EatOye Pvt. Ltd. Urbanite Inc. - - - -Feb-18-2015 W2O Group ARC2 Communications & Media, Inc. - - - -Feb-18-2015 Did-it.com, LLC Bridge Global Strategies LLC - - - -Feb-18-2015 Atigeo, LLC Captimo, Inc. - - - -Feb-18-2015 - Crown Castle Australia Pty Ltd. $117.7 - - -Feb-18-2015 Criteo SA (NasdaqGS:CRTO) DataPop, Inc. - - - -Feb-18-2015 Apple Rock Advertising and Promotion, Inc. ExhibitCraft, Inc. - - - -

Acquirer

Feb-18-2015 Central European Media & Publishing Femina Média Kft. - - - -Feb-18-2015 NAHL Group plc (AIM:NAH) Fitzalan Partners Ltd - $6.6 - -Feb-18-2015 Check Point Software Technologies Ltd. (NasdaqGS:CHKP) Hyperwise Security Ltd. - - - -Feb-18-2015 auFeminin.com (ENXTPA:FEM) Livingly Media, Inc. $15.0 $50.0 3.3x -Feb-18-2015 Samsung Electronics America, Inc. LoopPay, Inc. - - - -Feb-18-2015 Match Marketing Group Inc. Magnet Engagement Group - - - -Feb-18-2015 ZetaDisplay AB (OM:ZETA) Market Media Oy - $2.3 - -Feb-18-2015 CompuGroup Medical AG (DB:COP) Medical EDI Services (Pty) Ltd. - - - -Feb-18-2015 CohereOne, Inc. Melasa Group LLC - - - -Feb-18-2015 Abila, Inc. Peach New Media, Inc. - - - -Feb-18-2015 GrowthPlay, LLC SSS Consulting, Inc. - - - -Feb-18-2015 Snow Software AB The Institution AB - - - -Feb-18-2015 - Vidmind Ltd - $2.4 - -Feb-18-2015 Syncsort Incorporated William Data Systems Ltd. - - - -Feb-18-2015 NewSpring Capital X5 Solutions, Inc. - - - -Feb-19-2015 DIMOCO Europe GmbH Amaze, Carrier Billing And Mobile Messaging Business - - - -Feb-19-2015 HitFox AppLift GmbH appiris GmbH - - - -Feb-19-2015 Visual Box S.r.l. Denuo Limited - - - -Feb-19-2015 Navent Group Dridco S.A. - - - -Feb-19-2015 Land O Lakes Inc. Farmer, Lumpe & Mcclelland Advertising Agency, Ltd. - - - -Feb-19-2015 Epicor Software Corporation Insite Software Solutions, Leading Shipping Solutions Business - - - -Feb-19-2015 Mobi724 Global Solutions Inc. (OTCPK:FPOT.F) iQ 7/24 Inc. - - - -Feb-19-2015 Wealth-X Pte. Ltd. Ledbury Research Limited - - - -Feb-19-2015 Global Telecom & Technology Americas, Inc. MegaPath Corporation, Managed Services Business $124.0 $152.4 1.2x 7.6xFeb-19-2015 DAQRI LLC Melon Technologies Inc. - - - -Feb-19-2015 Comexposium S.A. Mobile Motion, LLC - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-19-2015 PeopleAdmin, Inc. Netchemia, LLC - - - -Feb-19-2015 Havas (ENXTPA:HAV) Plastic Mobile Inc. - - - -Feb-19-2015 CampaignerCRM PrecisionPort, Inc. - - - -Feb-19-2015 MSG Global Solutions Inc.; LOGiQ³ Corp. Tindall Associates Inc. - - - -Feb-19-2015 Renaissance Learning Inc. UClass, Inc. - - - -Feb-19-2015 Buzzfeed, Inc. ZEEGA, INC. - - - -Feb-20-2015 Box, Inc. (NYSE:BOX) Airpost, Inc. - - - -Feb-20-2015 Private Flight Global Limited BizFlight.NET - - - -Feb-20-2015 Decta AB Confidence International AB, Event Business - - - -Feb-20-2015 Société Fougeraise de Peinture Industrielle Edition Multimedia Electroniques Société anonyme (ENXTPA:EME) $12.0 $8.2 0.8x 7.4xFeb-20-2015 Razorfish Healthware Rosetta Marketing Group, LLC, Healthcare Business - - - -Feb-20-2015 FinLab AG (XTRA:A7A); Club Deal AG Venturate AG - - - -Feb-22-2015 Hobsons Australia Pty Limited Starfish Retention Solutions, Inc. - - - -Feb-23-2015 TRANSPOREON GmbH AIS Advanced InfoData Systems GmbH - - - -Feb-23-2015 Certica Solutions, Inc. Northwest Evaluation Association, Formative Assessment Item Bank Line of Business - - - -Feb-23-2015 Dialogic, Inc. NS-Technologies Limited - - - -Feb-23-2015 Royal Mail plc (LSE:RMG) StoreFeeder Ltd. - - - -Feb-23-2015 The Specialist Works Ltd The Response Team Ltd. - - - -Feb-23-2015 Internet Brands, Inc. Total Attorneys, L.L.C. - - - -Feb-24-2015 Twilio, Inc. Authy Inc. - - - -Feb-24-2015 LW Marketing and Consulting, LLC Current House Productions LLC - - - -Feb-24-2015 Bitcentral, Inc. Fission Software, Inc. - - - -Feb-24-2015 Eat At Joes Ltd. (OTCPK:JOES) Franklin Networks, Inc. - $1.7 - -Feb-24-2015 Allot Communications Ltd. (NasdaqGS:ALLT) Optenet, S.A. - $38.0 - -Feb-24-2015 Fleetmatics Group PLC (NYSE:FLTX) Ornicar SAS - - - -

Acquirer

Feb-24-2015 203 Web Group AB (publ) (OM:203) Pricecloud ApS - - - -Feb-24-2015 Quattro Direct LLC. Quattro Healthcare Marketing LLC - - - -Feb-24-2015 Google Inc. (NasdaqGS:GOOGL) Red Hot Labs, Inc. - - - -Feb-24-2015 Petnet, Inc. SlimDoggy Inc. - - - -Feb-25-2015 Parallels, Inc. 2X Software Ltd. - - - -Feb-25-2015 VaynerMedia LLC Betabox, LLC - - - -Feb-25-2015 Renewable Fuels Association, Endowment Arm E85Prices.com - - - -Feb-25-2015 Accenture plc (NYSE:ACN) Gapso Serviços de Informática Ltda. - - - -Feb-25-2015 Crowd Mobile Limited (ASX:CM8) Global AQA Pty Ltd., AQA Mobile - $0.1 - -Feb-25-2015 Snow Software AB Igap Technology AB - - - -Feb-25-2015 Creation Advertising Ltd. Rough Draft Limited - - - -Feb-25-2015 Melbourne IT Ltd. (ASX:MLB) Uber Global Pty Ltd - $16.2 - -Feb-26-2015 The CHR Group, Inc. AirPR, Inc., PR Marketplace - - - -Feb-26-2015 MS&L Group Epic MSLGROUP - - - -Feb-26-2015 Sharecare, Inc. Feingold Technologies GmbH - - - -Feb-26-2015 DealerSocket, Inc. Finance Express, LLC - - - -Feb-26-2015 TechnoCom Corporation Locaid, Inc. - - - -Feb-26-2015 Ebiquity plc (AIM:EBQ) Media Value SL $2.6 $6.7 2.6x -Feb-26-2015 Blue Bottle Coffee Company Perfect Coffee, LLC - - - -Feb-26-2015 Sprinklr Inc. Pluck Corporation - - - -Feb-26-2015 Market Resource Partners LLC Prelytix, LLC $2.0 $20.0 10.0x 199.8xFeb-26-2015 WeddingWire Inc. Wedding Planner S.L. - - - -Feb-26-2015 Lux Research, Inc. Zik Energy Points, Inc. - - - -Feb-27-2015 Bauer Consumer Media Ltd. beautyheaven Pty Ltd. - - - -Feb-27-2015 Noor, Inc. Corporate Resource Development, Inc. - - - -Feb-27-2015 58.com Inc. (NYSE:WUBA) Hangzhou Union Bridge Network Technology Co., Ltd. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAFeb-27-2015 Kochava Inc. InferSystems Corporation - - - -Feb-27-2015 Eli Global, LLC IO Practiceware, Inc. - - - -

Acquirer



SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Software Index $2,208.6 $2,368.2 $613.6 66.7% 18.7% 8.2% 3.2x 15.1x 3.0x 11.8x 6.2% Billing & Service Management $1,015.3 $1,069.3 $457.3 59.7% 26.5% 12.9% 2.0x 10.1x 1.9x 8.0x -0.1% Business Intelligence $2,434.5 $2,507.2 $584.9 73.9% 15.7% 10.0% 3.7x 17.2x 3.2x 14.0x 7.1% Development Platforms $1,385.3 $1,102.0 $332.5 71.1% 18.7% 4.1% 2.1x 9.8x 2.5x 8.6x 7.7% Engineering & PLM $3,982.8 $4,327.4 $1,244.1 84.1% 20.9% 8.3% 3.7x 16.2x 3.6x 12.2x 7.7% Enterprise Resource Planning $8,022.5 $8,635.2 $2,119.9 61.5% 28.4% 3.4% 4.1x 14.3x 4.0x 11.8x 0.6% Financial & Accounting $2,300.2 $3,128.5 $794.2 55.2% 23.3% 5.2% 3.2x 14.7x 3.9x 12.5x 12.5% Gaming $2,517.9 $2,343.8 $1,663.8 67.0% 18.5% -2.9% 1.6x 12.0x 1.2x 10.0x 10.2% Healthcare $1,202.2 $1,578.1 $598.6 53.4% 16.3% 3.9% 2.6x 16.0x 2.3x 11.2x 7.8% IT Conglomerates $160,065.4 $180,571.7 $92,793.0 61.5% 32.9% 3.4% 3.2x 8.9x 3.1x 9.0x -0.9% Mobile Solutions/Content $614.6 $520.1 $308.4 54.4% 1.6% 22.9% 2.1x 15.1x 1.7x 8.4x -6.3% Networking & Network Performance Management $2,000.0 $1,833.4 $265.6 70.4% 9.8% 15.0% 3.0x 18.8x 2.4x 10.3x 6.9% Security $1,805.9 $1,629.6 $201.5 76.1% 7.7% 17.6% 4.3x 14.7x 5.2x 21.0x 8.9% Storage, Data Mgmt & Integration $6,695.9 $6,133.3 $1,635.5 79.7% 17.3% 3.2% 2.7x 9.5x 2.8x 8.6x 6.2% Systems Management $11,427.3 $11,476.8 $2,434.4 84.9% 25.4% 16.2% 4.3x 18.0x 3.9x 12.4x 2.5% Vertical - Finance $5,235.3 $5,485.8 $882.3 44.6% 30.3% 5.6% 5.3x 17.0x 4.9x 13.8x 13.4% Vertical - Other $2,102.4 $2,368.2 $474.5 47.3% 14.6% 16.3% 4.2x 27.7x 3.7x 19.0x 10.7%

Category Name

TTM Revenue Growth 8.2%TTM EBITDA Growth -14.2%TTM Earnings Growth -28.1%Gross Profit Margin 66.7%EBITDA Margin 18.7%Net Income Margin -24.6%SG&A Expenses as a % of Total Revenue 61.3%R&D Expenses as a % of Total Revenue 20.0%

Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 10.4%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 28Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 2.9%Cash from Operations Growth (YoY) 2.9%Cash from Investing Growth (YoY) -69.6%Cash from Financing Growth (YoY) 12.2%Levered FCF Growth (YoY) 12.6%

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved March 2015 Monthly Flash Report

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

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20%SEG SW Index Software Stock Market Return: January - February 2015

DOW S&P NASDAQ SEG SW Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $1,084.3 $986.3 $150.0 66.4% -14.8% 30.6% 6.1x 60.4x 4.8x 31.0x 1.8% CRM & Marketing $1,196.4 $1,045.4 $150.0 68.0% -15.1% 28.5% 7.0x 76.7x 5.1x 30.4x 3.5% ERP & Supply Chain $1,123.2 $992.4 $127.9 68.2% -9.6% 23.4% 6.1x 67.8x 4.9x 30.8x 6.3% Vertically Focused $963.9 $980.3 $161.5 62.3% 8.1% 32.6% 6.6x 53.5x 5.4x 27.5x -0.8% Workforce Management $1,509.1 $1,419.6 $137.4 59.8% -16.1% 31.2% 6.3x 63.1x 4.9x 30.8x 4.0% SaaS Other $712.2 $721.0 $160.6 71.4% -16.0% 27.0% 4.5x 25.5x 3.8x 40.9x -2.1%

Category Name

TTM Revenue Growth 30.6%TTM EBITDA Growth -14.2%TTM Earnings Growth -28.1%Gross Profit Margin 66.4%EBITDA Margin -14.8%Net Income Margin -24.6%SG&A Expenses as a % of Total Revenue 61.3%R&D Expenses as a % of Total Revenue 20.0%

Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 10.4%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 28Working Capital to TTM Operating Expense Ratio 0.4x






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20%SEG SaaS Index Stock Market Return: January - February 2015

DOW S&P NASDAQ SEG SaaS


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,332.6 $1,211.9 $498.9 64.1% 8.8% 19.5% 2.5x 19.6x 2.2x 13.5x 0.4% Ad Tech & Lead Generation $1,359.0 $1,205.2 $651.0 53.7% 4.2% 20.4% 2.0x 21.5x 1.8x 19.9x -10.7% Commerce $745.4 $592.7 $473.5 37.7% 9.7% 16.5% 1.7x 21.5x 1.5x 12.8x 2.0% Content & Media $2,453.0 $1,846.8 $597.4 49.3% 10.6% 18.4% 2.4x 26.8x 2.3x 12.1x -11.7% Gaming $2,060.99 $1,652.3 $762.1 70.5% 18.3% 23.4% 2.6x 20.2x 1.7x 9.2x -0.2% Infrastructure $687.74 $582.9 $296.3 60.3% 5.9% 7.1% 1.5x 16.6x 1.5x 12.9x 7.4% Search $38,601.25 $36,263.4 $5,509.3 70.2% 32.0% 23.7% 5.6x 15.7x 4.9x 13.4x -1.2% Services $698.17 $599.0 $253.9 73.0% 6.9% 28.2% 2.5x 23.8x 2.1x 14.3x 3.3% Social $3,970.89 $3,304.4 $582.9 68.2% 10.5% 58.4% 8.5x 33.7x 5.5x 25.2x 0.7% Travel $4,693.64 $4,506.8 $1,025.9 82.8% 13.8% 22.5% 4.3x 19.4x 4.6x 18.9x 7.1%

TTM Revenue Growth 19.5%TTM EBITDA Growth 6.9%TTM Earnings Growth -1.1%Gross Profit Margin 64.1%EBITDA Margin 8.8%Net Income Margin 1.0%SG&A Expenses as a % of Total Revenue 39.2%R&D Expenses as a % of Total Revenue 14.9%

Current Ratio 2.5Quick Ratio 2.1Cash as Percent of Market Cap 17.0%Avg Days Outstanding: Accounts Receivable 40Avg Days Outstanding: Accounts Payable 47Working Capital to TTM Operating Expense Ratio 0.5






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20%SEG Internet Index Stock Market Return: January - February 2015

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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