cloud and saas market update 2014

Confidential

Cloud / SaaS Market Update

2014 YTD

Member FINRA

2Confidential

Executive Summary

Capital Markets – SaaS companies continue to outperform the NASDAQ, S&P 500, and Dow Jones. Cloud companies outperform the S&P 500 and Dow Jones, but slightly underperform the NASDAQ. SaaS companies recently experienced a sharp decline in performance due to sell-offs in major SaaS companies (CRM, WDAY, etc.) since March 2014.

Trading Multiples – SaaS companies are trading at a median LTM revenue multiple of 7.2x. Cloud/IaaS/PaaS companies are trading at a median LTM revenue multiple of 4.7x.

M&A Activity – M&A activity has held steady 2014 YTD compared to 2013 levels. Notable transactions include GTCR’s acquisition of Vocus ($447M) and TIBCO’s acquisition of Jaspersoft ($185M).

Investment Activity – Investment volume and value have continued on an uptick 2014 YTD. Q4 2013 to Q1 2014 volume rose from 163 to 178 investments and aggregate deal value rose from $1.3B to $2.1B. Notable investments include Dropbox ($350M) and Domo ($125M).

3Confidential

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

160.0%

180.0%

Capital Markets Performance

Since 2012, SaaS companies (+88.2%) have outperformed the NASDAQ (+54.1%), S&P 500 (+46.3%), and Dow Jones (+32.3%). Cloud/IaaS/PaaS companies (+51.2%) have outperformed the S&P 500 and Dow Jones.

Cloud/IaaS/PaaS:+51.2%

Dow Jones: +32.3%

S&P 500: +46.3%

NASDAQ: +54.1%

_______Source: Capital IQ; refer to public comps for constituents

SaaS Index: +88.2%

4Confidential

4.9x 4.7x

1.7x2.2x

6.5x

8.1x

3.5x

5.6x5.4x

2.4x1.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

9.0x

LTM Revenue Multiple

8.1x

26.3x

15.4x

11.9x

6.8x 7.6x

4.2x

8.8x

3.7x2.6x 2.3x

4.1x

0.0x

4.0x

8.0x

12.0x

16.0x

20.0x

24.0x

28.0x

LTM Revenue Multiple

Cloud / SaaS Comparable Public Companies

_______Source: Capital IQ; companies arranged by descending enterprise value

Cloud/IaaS/PaaS Companies

SaaS Companies

Median:7.2x

Median:4.7x

5Confidential

Trading Metrics($ in millions, except per share data) Stock

Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA

Company Ticker 05/07/14 Low High Cap. Value LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E

SaaS Companies

Salesforce NYSE:CRM $50.43 $36.09 $67.00 $31,244 $32,914 8.1x 6.2x 5.0x NM 39.4x 30.6x

Workday NYSE:WDAY 67.48 59.87 116.47 13,752 12,347 26.3x 16.8x 11.5x NM NM NM

ServiceNow NYSE:NOW 47.06 35.21 71.80 7,574 7,340 15.4x 11.2x 8.1x NM NM NM

NetSuite NYSE:N 72.29 70.32 120.77 5,521 5,312 11.9x 9.8x 7.6x NM NM NM

Concur Tech. Nasdaq:CNQR 77.27 74.43 130.39 4,420 4,289 6.8x 5.9x 4.8x NM 35.4x 27.0x

Ultimate Software Nasdaq:ULTI 117.30 108.69 171.96 3,403 3,312 7.6x 6.5x 5.3x NM 27.7x 20.9x

DealerTrack Nasdaq:TRAK 43.28 27.00 58.84 1,991 2,029 4.2x 2.5x 2.1x 35.0x 11.1x 9.6x

Cornerstone OnDemand Nasdaq:CSOD 35.67 32.82 61.85 1,881 1,809 8.8x 6.7x 4.9x NM NM NM

RealPage Nasdaq:RP 18.53 15.40 26.34 1,462 1,420 3.7x 3.2x 2.7x 27.0x NM NM

Constant Contact Nasdaq:CTCT 27.47 14.19 32.91 899 768 2.6x 2.3x 2.0x 24.5x 12.8x 10.3x

Vocus Nasdaq:VOCS 17.96 8.21 18.15 380 420 2.3x 2.3x 2.2x NM 18.6x 15.7x

SciQuest Nasdaq:SQI 17.08 16.55 32.69 416 385 4.1x 3.7x 3.2x NM 21.1x 15.6x

High 26.3x 16.8x 11.5x 35.0x 39.4x 30.6x

Mean 8.5x 6.4x 5.0x 28.9x 23.7x 18.5x

Median 7.2x 6.1x 4.8x 27.0x 21.1x 15.7x

Low 2.3x 2.3x 2.0x 24.5x 11.1x 9.6x


Google Nasdaq:GOOGL $518.00 $418.00 $614.44 $352,433 $303,553 4.9x 4.7x 4.1x 16.3x 11.7x 9.8x

Oracle NYSE:ORCL 41.06 29.86 42.00 189,762 177,242 4.7x 4.5x 4.3x 10.7x 9.1x 8.4x

Amazon.com Nasdaq:AMZN 292.71 255.33 408.06 134,696 129,177 1.7x 1.4x 1.2x 34.1x 19.6x 14.7x

EMC NYSE:EMC 25.28 22.69 28.26 52,367 51,149 2.2x 2.1x 1.9x 9.2x 6.8x 6.3x

VMware NYSE:VMW 92.28 64.86 112.89 40,017 34,901 6.5x 5.8x 5.0x 23.4x 15.6x 13.4x

Salesforce NYSE:CRM 50.43 36.09 67.00 31,244 32,914 8.1x 6.2x 5.0x NM 39.4x 30.6x

Citrix Systems Nasdaq:CTXS 60.13 51.18 77.16 11,168 10,338 3.5x 3.2x 3.0x 15.2x 11.1x 9.9x

Akamai Technologies Nasdaq:AKAM 51.86 40.08 63.15 9,377 9,270 5.6x 4.8x 4.1x 15.7x 11.3x 9.7x

Red Hat NYSE:RHT 48.76 41.89 61.45 9,236 8,254 5.4x 4.9x 4.3x 26.7x 18.0x 15.4x

Rackspace NYSE:RAX 26.91 27.37 54.20 3,817 3,622 2.4x 2.0x 1.8x 9.2x 6.1x 5.1x

Carbonite Nasdaq:CARB 9.99 8.26 16.50 266 196 1.7x 1.6x 1.4x 26.0x 16.9x 13.3x

High 8.1x 6.2x 5.0x 34.1x 39.4x 30.6x

Mean 4.2x 3.8x 3.3x 18.7x 15.1x 12.4x

Median 4.7x 4.5x 4.1x 16.0x 11.7x 9.9x

Low 1.7x 1.4x 1.2x 9.2x 6.1x 5.1x

Public Comparables: Cloud / SaaS

_______Source: Capital IQ

6Confidential

Operating Metrics($ in millions, except per share data)

LTM Revenue Growth LTM Revenue EBITDA

Company Ticker As Of '13A-'14E '14E-'15E GM LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E

SaaS Companies

Salesforce NYSE:CRM Jan 2014 30% 24% 76% $4,071 $5,290 $6,559 NM $836 $1,077

Workday NYSE:WDAY Jan 2014 57% 46% 62% 469 735 1,074 NM NM 6

ServiceNow NYSE:NOW Mar 2014 54% 38% 63% 478 656 907 NM 57 102

NetSuite NYSE:N Mar 2014 31% 28% 68% 446 544 695 NM 48 70

Concur Tech. Nasdaq:CNQR Mar 2014 24% 24% 67% 628 724 900 28 121 159

Ultimate Software Nasdaq:ULTI Mar 2014 23% 23% 59% 434 506 621 63 119 158

DealerTrack Nasdaq:TRAK Dec 2013 68% 20% 42% 482 808 969 58 183 212

Cornerstone OnDemand Nasdaq:CSOD Mar 2014 45% 36% 71% 205 269 367 NM 4 23

RealPage Nasdaq:RP Mar 2014 17% 17% 61% 389 442 518 53 NM NM

Constant Contact Nasdaq:CTCT Mar 2014 16% 14% 72% 296 330 376 31 60 74

Vocus Nasdaq:VOCS Mar 2014 (2%) 4% 79% 186 183 190 NM 23 27

SciQuest Nasdaq:SQI Mar 2014 12% 16% 70% 95 105 122 NM 18 25


Google Nasdaq:GOOGL Mar 2014 7% 16% 57% 62,294 64,187 74,385 18,582 25,929 30,833

Oracle NYSE:ORCL Feb 2014 5% 5% 82% 37,902 39,296 41,187 16,494 19,424 21,137

Amazon.com Nasdaq:AMZN Mar 2014 22% 20% 28% 78,123 90,781 109,070 3,790 6,593 8,791

EMC NYSE:EMC Mar 2014 6% 7% 62% 23,314 24,567 26,240 5,537 7,533 8,157

VMware NYSE:VMW Mar 2014 16% 16% 86% 5,376 6,030 6,985 1,493 2,233 2,599

Salesforce NYSE:CRM Jan 2014 30% 24% 76% 4,071 5,290 6,559 NM 836 1,077

Citrix Systems Nasdaq:CTXS Mar 2014 9% 9% 86% 2,996 3,189 3,487 679 934 1,040

Akamai Technologies Nasdaq:AKAM Mar 2014 23% 16% 68% 1,663 1,941 2,249 589 820 959

Red Hat NYSE:RHT Feb 2014 14% 14% 85% 1,535 1,690 1,927 309 459 537

Rackspace NYSE:RAX Dec 2013 16% 16% 68% 1,535 1,783 2,068 396 592 704

Carbonite Nasdaq:CARB Mar 2014 14% 13% 68% 112 123 139 8 12 15

Public Comparables: Cloud / SaaS (Cont.)

_______Source: Capital IQ

7Confidential

Cloud / SaaS M&A Volume Holds Steady

_______Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction valuesTop 3 acquisitions with disclosed transaction values*2Q14 as of 05/06/14

Average LTM Revenue Multiple 2011 2012 20135.7x 6.0x 12.3x

Top 3 Acquisitions by Quarter ($M) – Target / Acquirer

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14*

Taleo /Oracle

($2,016)

Ariba /SAP

($4,500)

Kenexa /IBM

($1,361)

Meraki /Cisco

($1,200)

dbMotion /Allscripts

($235)

ExactTarget /Salesforce($2,500)

Intuit (FinServ) /Thoma Bravo

($1,025)

Virtela /NTT

($525)

Fieldglass /SAP

($1,000)

Vocus /GTCR

($447)

GlobeOp /SS&C

($895)

Demandforce /Intuit

($424)

Nicira /VMware($1,260)

Eloqua /Oracle($956)

FFastFill /Pattington

($124)

Keynote /Thoma Bravo

($395)

Decision /CoreLogic

($661)

BigMachines /Oracle($450)

TravelClick /Thoma Bravo

($930)

Jaspersoft /TIBCO($185)

MediConnect /Verisk($349)

Vitrue /Oracle($325)

SHL /Corp Board

($660)

Deltak /John Wiley

($220)

mFoundry /Fidelity($120)

Market Leader /Trulia($355)

Alert /Welsh($300)

Topsy Labs /Apple($240)

BlueKai /Oracle($420)

E-Learning /John Wiley

($175)

81

59

79 86 84 84

113

101 99

63

$5.1 $6.0

$7.4

$3.8

$1.1

$12.7

$3.2 $2.3

$3.9

$0.9

0

20

40

60

80

100

120

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

$14.0

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014*

# Deals$ in billions Deal Volume Deal Value ($B)

8Confidential

Top Acquirers in Cloud / SaaS Market

Buyer # Acquisitions Total Value ($M) Targets

Oracle 13 4,181.9BigMachines, BlueKai, ClearTrial ,Collective Intellect, Compendium, Corente, DataRaker, Eloqua, Nimbula,SelectMinds, Skire (assets), Taleo, Vitrue

IBM 8 3,721.4 Aspera, Cloudant, CSL International, Green Hat, Kenexa, Silverpop, SoftLayer, Xtify

Autodesk 6 102.0 Airstone Labs, Allpoint, Circuits.io, Inforbix (assets), Qontext, Vela

Top Acquirers by Volume – Six or More Acquisitions, 2012 – Present

Buyer Total Value ($M) Targets

Bain Capital, Golden Gate Capital, GIC, Insight Venture Partners

6,900.0 BMC Software

SAP 5,540.0 Ariba, Fieldglass, KMS Software, KXEN

Oracle 4,181.9BigMachines, BlueKai, ClearTrial ,Collective Intellect, Compendium, Corente, DataRaker, Eloqua, Nimbula, SelectMinds, Skire (assets), Taleo, Vitrue

IBM 3,721.4 Aspera, Cloudant, CSL International, Green Hat, Kenexa, Silverpop, SoftLayer, Xtify

Dell 2,854.1 AppAssure, Enstratius, Gale, Quest

Salesforce 2,550.6 Cloudconnect.com, ExactTarget, GoInstant, Thinkfuse

Thoma Bravo 2,350.0 Intuit, Keynote, TravelClick

VMware 1,749.0 Desktone, DynamicOps, Nicira, Virsto

Cisco 1,364.2 Cloupia, Kibits, Meraki, SolveDirect, Virtuata

Top Acquirers by Total Transaction Value – $1B or More, 2012 – Present

_______Source: 451 Group

9Confidential

On April 7, 2014

ACQUIRED

Transaction Overview:• $446.5 million cash acquisition of Vocus by GTCR• Vocus had $186.9 million LTM revenue at the time of acquisition, putting the

LTM revenue multiple at 2.2x• As of December 31, 2013, Vocus had $34.7 million of cash and cash equivalents

and $1.4 million of total debt• At $12.18 per share on the last trading date prior to announcement, offer share

price of $18 represented a ~48% premium

Target Description:• Provides public relations management and business intelligence (BI) software as

a service (SaaS) for businesses. Software provides a database of press and media contacts and offers social media and news monitoring and press release distribution features.

Transaction Commentary:• According to Rick Rudman, the CEO of Vocus, “We believe that joining forces

with GTCR creates a significant opportunity to utilize each other’s strengths and move even faster toward our vision of creating innovative software and making our customers successful.”

• According to Mark Anderson, a Managing Director of GTCR, “Vocus has a demonstrated history of building innovative software and helping customers achieve success. We look forward to the opportunity to work with Vocus to enhance its industry leadership."

Cloud / SaaS M&A Case Study

_______Source: 451 Group; Acquirer Press Release

10Confidential

Cloud / SaaS Investment Volume Climbing

102 101

121

104 111 109

156 163

178

77

$627$678

$1,182

$815 $825 $1,134

$1,536

$1,261

$2,094

$1,152

0

20

40

60

80

100

120

140

160

180

200

0

500

1,000

1,500

2,000

2,500

1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014*

$ in millionsInvestment Volume Investment Value ($M)

# Investments

Top 3 Investments by Quarter ($M)

1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14*

Joyent($85)

Zscaler($30)

Box($150)

IO Data Centers($90)

AppNexus($75)

GoPivotal($105)

TOA Tech.($66)

MongoDB($150)

Dropbox ($350)

NantHealth($100)

Appirio($50)

Eucalyptus Sys.($30)

Realtime($100)

10gen($50)

Domo($60)

AppPredictTech($100)

Cleversafe($56)

PacketVideo($60)

Domo($125)

New Relic($100)

Virtustream($25)

SingleHop($28)

Desire2Learn($80)

Cloud Sherpas($40)

Daisy($60)

Good Tech($50)

EdgeCast Ntwrks($54)

SimpliVity($58)

Nutanix($101)

InsideSales.com($100)

_______Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction valuesTop 3 investments with disclosed investment values*2Q14 as of 05/06/14

11Confidential

Investor Investments Targets

4110gen, Adaptivity, Amplidata, Blue Switch Networks, BlueData, Box, Bromium, CareCloud, Cloudian, ColdLight Solutions, ElasticBox, FeedHenry, HyTrust, Joyent, July Systems, Maginatics, Mango Telecom, Mirantis, MongoDB, Nexmo, Nirvanix, PerspecSys, Prism Skylabs, Rancard Solutions, Reduxio Systems, Reflektion, ScienceLogic, SilkRoadTechnology, SkySQL, Swrve New Media, Tier 3, uCirrus, Virtustream, VisionOSS, WSO2, Wuxi China Cloud Technology Service, Yottaa

37Actifio, Apcera, Bitcasa, Bromium, CipherCloud, Cloudtop, Coho Data, Cumulus Networks, DigitalOcean, Domo, ElasticBox, Granular, Ifttt, Illumio, Infer, InstartLogic, ItsOn, Okta, Prism Skylabs, QuickPay, Signifyd, Simpler, SnapLogic, Swiftype, Tidemark Systems, UXPin

35Arctic Wolf Networks, Boundary, CloudBees, DataStax, Elastifile, Elementum, Embrane, Evariant, Infinio, Influitive, Kenandy, Lemon, MuleSoft, Netskope, Numerify, Nutanix, PernixData, Pertino, QingCloud, Qubole, Revel Touch, SimplyTapp, Skyfire Labs, Virtual Instruments, Zscaler

2710gen, Appian Corporation, Apprenda, Belmont Technology, Bitglass, Blue Jeans Network, Box, Cleversafe, Desire2Learn, Embrane, Eucalyptus Systems, Ifttt, Influitive, Kensho Technologies, MongoDB, MuleSoft, Pluribus Networks, ScienceLogic, Silk, SolidFire, Swiftype, ZeroFox

27Actifio, CoolaData, Docker, Domo, Ifttt, Instart Logic, mParticle, Newvem Insight, Okta, Panoramic Power, Pure Storage, Skyhigh Networks, Snappli, Suddenly Social, Tidemark Systems, Typesafe, Union Bay Networks, Wercker, Workable, Zerto, Zuora

23Anunta Tech Infrastructure Services, Box, Cloudius, CloudLock, Double Dutch, Infinio, Instructure, Intacct, Intigua, Irrational Industries, Mojave Networks, NewVoiceMedia, Nitrous.IO, Ravello Systems, Simply Measured, Stratoscale, Themis Solutions, Thinking Phone Networks, Wandera

22Avalara, Blue Jeans Network, Chef Software, Chute, Coupa Software, Cumulus Networks, Elastifile, GreenBytes, Intacct, Mass Relevance, Mendix, Nutanix, Opscode, SingleHop, Smarter Remarketer, Stratoscale, Yesware, Zerto

22AppEnsure, Apprenda, Avvo, BlueData, Bromium, Chef Software, Coho Data, DocuSign, Korrio, Message Bus, Opscode, Skytap, SnapLogic, StrongLoop, Swiftype, Symplified, Tier 3, tipbit, Unidesk

2110gen, Adallom, AgilOne, Amazon Web Services, Appirio, Birst, Clari, Clustrix, Comprehend Systems, Druva, Knowlarity, Mojave Networks, MongoDB, Okta, Ravello Systems, Skyhigh Networks, ThousandEyes, Versa Networks, Virident Systems

20Apcera, CloudPhysics, DocuSign, InsideSales.com, Ionic Security, Kenandy, Nebula, O1 Works, PernixData, ServiceMax, Simpler, SimpliVity, Swiftype, The Miaozhen Systems, vline, ZenPayroll, Zephyr Health

20Appurify, Blackops, DNAnexus, DocuSign, Enterproid, Granular, Ionic Security, Kensho Technologies, Loom, mParticle, Republic Project, Space Monkey, ThreatStream, Transcriptic, Wingu, Yesware, ZenPayroll

Top Investors by Volume – 20 or More Investments, 2012 – Present

Top Investors In Cloud / SaaS Market

_______Source: PitchBook through 05/06/14; number of investments may include follow‐on investments in same target

12Confidential

On February 25, 2014

INVESTED IN

Transaction Overview:• $350 million Series C funding round led by BlackRock, Fidelity Investments, and

T. Rowe Price• Post-money valuation of $10.4 billion• $607.2 million in total funding

Target Description• Provider of cloud storage platform. The company provides online technology to

enable users to store and share files and folders with others across the Internet using file synchronization.

Transaction Commentary:• Dropbox raised $325 million from its investors with the option to add $125

million. Dropbox included $25 million extra to bring the total to $350 million but does not plan on adding more.

• According to Dropbox VP Sujay Jaswa, the funds will help grow the startup’s workforce which is set to increase to 1,000 in 2014. He added that Dropbox is looking to open at least one office in Asia this year.

• The cloud storage company is expected to make its initial public offering soon, after recently bringing on Dennis Woodside as its chief operating officer.

Cloud / SaaS Investment Case Study

_______Source: PitchBook, SeattlePi, VC Post, WSJ

13Confidential

HAS BEEN ACQUIRED BY

Financial Advisor tothe Seller


a division of


• We are best in class bankers, technologists & strategists

• Relevant transaction expertise

Completed transactions with many strategic acquirers and investors in all Software verticals

• Strong relationships with key strategic parties

Sector focus and industry experience mean we are in frequent communication with likely interested acquirers and investors

• Direct market coverage gives us unique insights regarding:

Strategic targets and investors ▪ IP / value chain

Competitive and adjacent market activity ▪ Growth markets

• Highly customized process to fit specific dynamic context

One size fits all auction processes not the best in Software

We run a focused, intelligent process with proper company positioning tailored to specific acquirers selected for premium valuation

• We think “outside the box” – complex situations require creative solutions

Headwaters Is Your Premier Choice



3tera inc


CA, i


Solid




Financial Advisor to the Seller

Urchin Software


Google


Teleo, Inc.





2013 TMT DEAL OF THE YEAR <$100M

CONSUMER SERVICESDEAL OF THE YEAR

2012 TMT DEAL OF THE YEAR <$100M

THE 11th ANNUAL

2012 WINNER

INVESTMENT BANKOF THE YEAR

2013 FINALIST

14Confidential

John BatdorfManaging Director

Head of Software & Internet

Investment Banking

Office: (415) 926-7454

Cell: (415) 847-8805

[email protected]

135 Main St

Suite 800

San Francisco, CA 94105

500 West Putnam Ave

Suite 400

Greenwich, CT 06830

2200 Pennsylvania Ave NW

4th Floor, East Tower

Washington, DC 20037

Contact

www.headwatersmb.com

15Confidential

Disclaimer

Disclosure: This newsletter is a periodic compilation of certain economic and corporate information, as well ascompleted and announced merger and acquisition activity. Information contained in this newsletter should notbe construed as a recommendation to sell or buy any security. Any reference to or omission of any reference toany company in this newsletter should not be construed as a recommendation to buy, sell or take any otheraction with respect to any security of any such company. We are not soliciting any action with respect to anysecurity or company based on this newsletter. The newsletter is published solely for the general information ofclients and friends of Headwaters MB, LLC. It does not take into account the particular investment objectives,financial situation, or needs of individual recipients. Certain transactions, including those involving early stagecompanies, give rise to substantial risk and are not suitable for all investors.

This newsletter is based upon information that we consider reliable, but we do not represent that it is accurateor complete, and it should not be relied upon as such. Prediction of future events is inherently subject to bothknown and unknown risks, and other factors that may cause actual results to vary materially. We are under noobligation to update the information contained in this newsletter. Opinions expressed are our present opinionsonly and are subject to change without notice. Additional information is available upon request. Thecompanies mentioned in this newsletter may be clients of Headwaters MB, LLC. The decisions to include anycompany in this newsletter is unrelated in all respects to any service that Headwaters MB, LLC may provide tosuch company. This newsletter may not be copied or reproduced in any form, or redistributed without the priorwritten consent of Headwaters MB, LLC. The information contained herein should not be construed as legaladvice.

16Confidential

Appendix2014 YTD Cloud / SaaSPrecedent M&A Transactions

17Confidential

Date Target Target Description Acquirer(s)EnterpriseValue ($M)

EV /LTM Rev.

04/28/14Jaspersoft [fka Panscopic]

Provides open-source business intelligence (BI) reporting and analytics software and SaaS for businesses globally. SaaS subscriptions include hourly billing in addition to monthly billing.

TIBCO Software Inc. 185.0 6.2x

04/23/14 docTrackr Inc.Provides document access management security SaaS and collaboration and digital rights management SaaS primarily for businesses.

IntraLinks Holdings Inc 10.0 10.0x

04/18/14FixStream Network, Inc. [aka FSNI]

Provides datacenter and cloud environment operational and policy analysis SaaS for businesses. Software is used to visualize and analyze cloud application functionality and identify infrastructural and operational weaknesses.

Tech Mahindra Ltd [fka Mahindra-British]

10.0 --

04/15/14E-Learning S.A. [dba CrossKnowledge]

Provides cloud-based managerial, business skills and leadership training SaaS for corporations, universities and small-to-medium sized businesses worldwide. Software is available in multiple languages.

John Wiley & Sons, Inc. 175.0 --

04/15/14 FeedMagnetProvides social media curation SaaS for marketing purposes for brands. Software enables businesses to aggregate consumer-generated images, videos, mentions and postings from 14 social networks and display the information on their websites and in online promotions.

Bazaarvoice 9.0 --

04/10/14Zopim Technologies Pte Ltd.

Provides live chat SaaS that enables businesses globally to engage visitors on their websites for the purposes of generating sales and providing customer service. Also provides related customer analytics.

Zendesk, Inc. 15.9 --

04/09/14One-Page Company Inc., The [aka 1-Page]

Provides employee recruitment management and job applicant tracking SaaS for businesses. Also provides job application, resume creation and recommendation services for consumers.

InterMet Resources Limited 10.3 --

04/07/14 Vocus, Inc.Provides public relations management and business intelligence (BI) software as a service (SaaS) for businesses. Software provides a database of press and media contacts and offers social media and news monitoring and press release distribution features.

GTCR, LLC 413.1 2.2x

04/01/14 Andera, Inc.Provides banking origination and related anti-fraud SaaS, to enable multi-platform online bank account creation and marketing. Also provides online lead generation services for financial institutions.

Bottomline Technologies, Inc.

44.5 --

2014 YTD Precedent M&A Transactions (with Disclosed Value)EV ($M)

EV/LTM Revenue

High $1,000.0 200.0x

Mean 113.7 22.1x

Median 19.2 6.2x

Low 1.3 2.2x

_______Source: 451 Group; 2014 YTD as of 05/06/14

18Confidential


EV /LTM Rev.

04/01/14 ByAllAccountsProvides financial data retrieval and integration SaaS for wealth, trust and asset management firms. Software enables competitive analysis by porting financial data from various online sources and platforms into a single interface.

Morningstar Inc. 28.0 --

03/26/14Fieldglass, Inc. [Madison Dearborn Partners]

Provides contingent workforce recruitment and employee management SaaS for businesses globally.

SAP AG 1,000.0 11.8x

03/25/14 LiveVox, Inc.Provides predictive and automatic dialing and call recording and IVR SaaS for call centers globally. Also provides call analytics software.

Golden Gate Capital 85.0 2.4x

03/24/14 Cyvera Ltd.Provides remote endpoint threat prevention software for Microsoft-based server environments. Software enables the detection and prevention of zero-day attacks on un-patched network infrastructures.

Palo Alto Networks, Inc. 200.0 200.0x

03/19/14 X2O Media, Inc.Provides video content creation and delivery SaaS for digital displays, tablets, mobile phones and desktops for a wide range of sectors globally. Also provides a range of related IT services, including technical consulting, design and integration.

Barco NV 19.0 4.1x

03/18/14 KitLocate Ltd.Provides SaaS that enables brands and iOS and Android mobile application developers to add location-based services to their applications for the purpose of placing location-specific advertising.

Yandex 7.9 --

03/18/14TravelClick Inc. [Genstar Capital, LLC]

Provides cloud-based online booking, reservations management, property marketing and business intelligence reporting SaaS the hotel and hospitality industry.

Thoma Bravo LLC 930.0 --

03/13/14 Appixia Ltd.Provides mobile retail website development SaaS that enables businesses to create mobile websites and native mobile applications that match their fixed online retail websites.

Wix.com, Ltd. 1.3 --

03/13/14Internet Broadcasting Systems Inc. [aka IB]

Provides online Web advertising and Web content management SaaS that enables small, medium and large Web publishers and digital advertisers to publish advertising content to the Web, mobile websites, mobile applications and social media.

Nexstar Broadcasting Group, Inc.

20.0 --

2014 YTD Precedent M&A Transactions (with Disclosed Value) (Cont.)EV ($M)

EV/LTM Revenue

High $1,000.0 200.0x

Mean 113.7 22.1x

Median 19.2 6.2x

Low 1.3 2.2x


19Confidential


EV /LTM Rev.

03/12/14Velocity Medical Solutions, LLC (assets)

Certain assets of Velocity Medical Solutions, which provides clinical data mapping, image integration and collaboration SaaS for oncology researchers and treatment providers.

Varian Medical Systems Inc. 17.0 --

03/11/14Sample Digital Holdings LLC [dbaDAX, LLC] (assets)

The assets of DAX, which provide media production workflow and digital asset management SaaS for the entertainment industry. Software enables the secure collaboration and transfer of digital content.

Prime Focus Technologies 9.1 --

03/10/14 QlikaProvides geographic, locally focused marketing software for businesses and advertisers to target their marketing campaigns to local demographics. Software enables Internet marketers to optimize search data to target specific demographics in marketing campaigns.

Priceline.com Inc. 3.0 --

03/05/14Glad to Have You, Inc. [aka GLAD]

Provides guest management SaaS that enables hospitality management companies, including resorts, hotels, corporate housing, time share providers and rental owners, to manage their business and communicate with guests.

HomeAway Inc. 16.8 --

03/03/14KnowledgeAdvisors, Inc.

Provides HR training program management SaaS for businesses, and related HR consulting services. Software includes evaluations and ties training programs' efficacy to operational metrics.

The Corporate Executive Board

52.0 --

02/26/14 Identified, Inc.Provides predictive analytics sourcing and recruiting SaaS for businesses. Software enables the aggregation of social network profile and posting information for recruiters to discover potential job candidates.

Workday, Inc. 15.0 --

02/26/14 Spatial EnergyProvides oil, gas and energy-specific geographic imagery databases, and provides analysis and related data management services and SaaS for businesses globally.

DigitalGlobe 35.7 --

02/26/14Third Coast Holdings, Inc. [dba Datacert, Inc.]

Provides general ERP and case management software, SaaS and services for corporate legal and compliance departments. Products include spend and cost analysis and management software, governance, risk and compliance software and case management software.

Wolters Kluwer Corporate Legal Services

180.0 3.2x

02/24/14 BlueKai, Inc.Provides data management, marketing automation and analytics SaaS for marketers, publishers, advertising agencies and data providers. Also Operates an online exchange that enables businesses to buy and sell Internet user data for the purposes of marketing.

Oracle Corporation 420.0 6.7x


EV/LTM Revenue

High $1,000.0 200.0x

Mean 113.7 22.1x

Median 19.2 6.2x

Low 1.3 2.2x


20Confidential


EV /LTM Rev.

02/24/14Cloudant, Inc. [fka 26 Solutions, Inc.]

Provides NoSQL-based non-relational database-as-a-service (DBaaS) software for businesses. Software enables mobile and Web application developers to create access to enterprise data from mobile devices through one common mobile user interface.

IBM Corporation 150.0 21.4x

02/11/14Bookt LLC [aka InstaManager]

Provides vacation rental and marketing SaaS for vacation rental companies globally. Software enables customers to build their own websites and mobile applications and automatically update their vacation listings through multiple channels.

RealPage, Inc. 7.0 --

02/11/14 Talent NeuronProvides employee management, analytics, recruiting and general HR planning and employment market intelligence SaaS for businesses.

The Corporate Executive Board

8.0 --

02/11/14 V3 Systems, Inc.Provides desktop virtualization appliances and appliance management software that enables businesses' IT administrators to virtualize desktops and manage local, cloud-hosted or hybrid virtual desktop deployments.

Sphere 3D Corporation 9.7 --

02/05/14 LeadRocket, Inc.Provides social networking-based sales lead generation and management SaaS for sales professionals. Software enables users to track social posts and monitor conversations across LinkedIn, Twitter, Facebook and import and email prospective clients discovered.

Callidus Software Inc. 3.0 --

02/04/14 BlueKiteProvides money transfer businesses with SaaS that enables their customers to pay for utilities services for their friends and familiesâ€™ who are located in other countries. Software also enables cell phone bill top-up services. Primarily operates in the US and Latin America.

Xoom Corporation 15.1 --

02/03/14Strutta.com Media, Inc. [dba Strutta]

Provides SaaS that enables businesses, public relations agencies and publishers to create sweepstakes and promotional contests for the purposes of increasing engagement with their customers. Campaigns can be run across multiple channels.

LX Ventures 1.7 --

01/29/14 Digitalsmiths Corp.Provides video search and recommendation SaaS for video content distributors and publishers, enabling their customers to receive targeted video content recommendations. Software includes video metadata management, search and index optimization.

TiVo, Inc. 135.0 --

01/24/14 Copper.io, Inc.Provides cloud application software development, deployment and monitoring SaaS and hosting services for developers and businesses. Also provides cloud infrastructure cost analysis services and streaming video management SaaS.

LX Ventures 1.4 --


EV/LTM Revenue

High $1,000.0 200.0x

Mean 113.7 22.1x

Median 19.2 6.2x

Low 1.3 2.2x


21Confidential


EV /LTM Rev.

01/23/14MainstreetCommerce

Provides order management and general supply chain management (SCM) SaaS for business, with an emphasis on retailers. Software enables the cohesive management of inventory, order, fulfillment and distribution of both online and in-store sales activity.

Demandware, Inc. 19.4 --

01/22/14Scout Analytics, Inc. [fka BioPassword Inc.]

Provides predictive customer analytics SaaS for businesses that's meant to optimize sales and renewals. Software enables businesses to analyze customer adoption, predict churn, optimize pricing and analyze the likelihood of customer purchases.

ServiceSource International, Inc.

32.0 5.9x

01/16/14TDX Group Limited [fka The Insolvency Exchange]

Provides debt collection and revenue management SaaS for the energy, financial services, public sector, healthcare, telecoms and debt collection agencies globally. Also provides related consulting and advisory services.

Equifax Inc. 327.0 3.6x

01/14/14 EGS Group LtdProvides invoice management and related procurement SaaS for use in e-invoicing and 'purchase-to-pay' (P2P) applications for the public sector and enterprises in the UK.

Proactis Group Ltd 3.6 --

01/07/14Parature, Inc. [fka Cyracle Technologies Inc.]

Provides multi-channel customer service automation and help desk SaaS for businesses. Software enables customer service and customer engagement across online chat, mobile, email and social network channels and FAQ reference portals.

Microsoft Corporation 100.0 --

01/06/14Unicorn Media (assets)

Substantially all the assets of Unicorn Media, which provides cloud-based video content delivery and advertising enablement software for Web publishers and content providers.

Brightcove, Inc. 49.0 9.8x


EV/LTM Revenue

High $1,000.0 200.0x

Mean 113.7 22.1x

Median 19.2 6.2x

Low 1.3 2.2x


22Confidential

Appendix2014 YTD Cloud / SaaSPrecedent Investments

23Confidential

Date Target Target Description Investor(s) Deal TypeDeal Size

($M)

Company Valuation

($M)

05/05/14 EvariantProvider of SaaS-based Customer Relationship Management (CRM) or Partner Relationship Management (PRM) and marketing automation software.

Dignity Health, Health Enterprise Partners, Lightspeed, Salesforce

Series B 18.3 --

04/29/14 NantHealthDeveloper of fiber network, cloud computing and wireless mobile technology to converge digital technologies to transform scientific research and healthcare.

BlackBerry, Kuwait Investment Authority Later Stage VC 100.0 --

04/29/14Tidemark Systems

Provider of a cloud-based platform for enterprise performance management. The company offers business intelligence and analytics applications to assist with financial and operational planning.

Andreessen Horowitz, Greylock, RedpointVentures, Silicon Valley Bank, TenayaCapital

Later Stage VC 32.0 --

04/28/14 New RelicProvider of software as a service based cloud application performance management. The company provides application developers critical insights about performance issues.

BlackRock, Passport Capital, T. Rowe Price, Wellington Partners

PE Growth/Expansion

100.0 1,000.0

04/24/14FinancialForce.com

Provider of cloud based application software services. The company provides cloud ERP services for customer-centric businesses.

Advent InternationalPE Growth/Expansion

50.0 --

04/24/14 ShopKeep POSProvider of cloud-based mobile point-of-sale system. The company provides a platform enabling retail merchants to run customer transactions from an iPad.

Canaan Partners, Contour, Thayer Street Partners, Tribeca Venture Partners, TTV Capital

Series C 25.0 --

04/23/14InsideSales.com

Provider of sales automation and predictive analytics platform. The company provides cloud based platform for inside sales professionals.

Acadia Woods, EPIC Ventures, Hummer Winblad, KPCB, Polaris Partners, Salesforce, US Venture Partners, Zetta

Series C 100.0 1,000.0

04/22/14 MozidoProvider of an integrated platform of cloud-based mobile payment and marketing solutions. The company's platform combines mobile payment, shopping and marketing solutions with real-time analytics.

Atlanticus Holdings, Brentwood Venture Capital, TomorrowVentures


04/18/14 FuhuDeveloper and provider of tablets, cloud-served software, applications and services. The company provide Fooz Kids, an application that is controlled by parents to let kids become familiar with the Internet.

-- Series D 65.0 --

2014 YTD Precedent Investments, $15M+Deal Size

($M)CompanyVal. ($M)

High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0

_______Source: PitchBook

24Confidential


($M)

Company Valuation

($M)

04/17/14 SpringCMProvider of an on demand content management services through web based software as a service model.

Foundation Capital, Goff Capital Partners, Square 1 Bank


04/16/14 JasperDeveloper of a platform that helps network operators to service the Machine to Machine (M2M) market and for their M2M customers to run their connected device businesses.

Singapore's Temasek Holdings Series F 50.0 1,300.0

04/16/14 FireHostProvider of website and application hosting solutions to e-commerce, SaaS, healthcare and security companies around the world. The company offers cloud, compliant, platform and database hosting solutions.

The Stephens Group Series E 25.0 --

04/15/14Act-On Software

Provider of cloud based integrated marketing platform. The company's platform enables the adoption of marketing automation technologies by smaller marketing teams without process analysis and IT support.

Norwest Venture Partners, Technology Crossover, Trinity, US Venture Partners, Voyager Capital

Later Stage VC 42.0 300.0

04/15/14 AvvoProvider of an online legal marketplace for consumers and attorneys. The company provides a Q&A forum, where consumers can receive free legal advice from a network of participating lawyers.

Benchmark Capital, Coatue Management, Duff Ackerman & Goodrich, Ignition Partners

Series D 37.5 --

04/14/14 AgilOneProvider of an online retail marketing platform. The company provides cloud-based, multi-channel marketing analytics of e-mail, Web, mobile and social data to give businesses insight into customer behavior.

Four Rivers Group, Mayfield, Next World Capital, Sequoia Capital, Tenaya Capital

Series C 25.0 --

04/08/14 InfoBionicDeveloper of patient-monitoring technology. The company is the developer of the MoMe System, a patient-monitoring platform.

Beta Fund, Boynton, Broadview, Cherrystone, HTC, Keiretsu, Launchpad, Mass Med, Safeguard Scientifics, TiE

Series B 17.0 --

04/03/14Trinity Pharma Solutions

Provider of cloud-based data, analytics and mobile services for the global life sciences industry.

Health Enterprise Partners, Milestone Venture Partners

Series A1 19.0 51.0

04/03/14 BoundaryProvider of platforms for visualizing, exploring and troubleshooting data networks. The company provides a SaaS-based platform to monitor IT environments in real time.

Adams Street Partners, Lightspeed, Scale, Triangle Peak Partners

Series C 22.0 --

2014 YTD Precedent Investments, $15M+ (Cont.)Deal Size


High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0


25Confidential


($M)

Company Valuation

($M)

04/02/14 Aegis DataOperator of data centers. The company provides services like data colocation, disaster recovery, business continuity, data center migration and HPC Pure Center.

Rockpool InvestmentsPE Growth/Expansion

16.6 --

04/02/14 bswiftProvider of software and services for benefits, HR and payroll administration. The company offers SaaS technology and BPO systems designed to simplify employers' administration of healthcare benefits.

Great Hill PartnersPE Growth/Expansion

51.0 --

03/25/14Themis Solutions

Provider of web-based practice management system for solo practitioners and small law firms. The company's suit of tools enables users to access client data from PC, Mac and iPhone.

Acton Capital Partners, Bessemer Venture Partners, Point Nine Capital, Version One Ventures

Series C 18.0 --

03/25/14 VendProvider of web-based point of sale and retail management software. The company provides cloud-based point-of-sale software to enable retailers to process sales, track inventory and manage customers.

Square Peg Ventures, Valar Ventures Series B 20.0 --

03/24/14 ActifioProvider of copy data management platform. The company's Protection and Availability Storage (PAS) lets businesses recover anything instantly.

Advanced Technology Ventures, Andreessen Horowitz, Greylock, North Bridge, Technology Crossover, Tiger

Later Stage VC 100.0 1,100.0

03/20/14Coupa Software

Provider of on-demand purchasing software that controls and streamlines purchasing for organizations. The company offers Coupa Quickstart, a setup wizard that guides purchasing managers through the setup process.

Battery, BlueRun Ventures, Crosslink, El Dorado Ventures, ICON, Meritech, Mohr Davidow Ventures, Northgate Capital

Series F 40.0 --

03/18/14Simply Measured

Provider of social media analytics. The company uses dozens of cloud-based data sources, providing a marketplace of practice reports and generating deliverables on the web, in Excel and in PowerPoint.

Bessemer Venture Partners, Founder's Co-Op, Four Rivers Group, MHS Capital, Social Leverage, Trinity

Series C 20.0 164.1

03/17/14 MuleSoftProvider of an integration platform for cloud, web and enterprise. The company offers an application server for management, application provisioning and diagnostics tasks.

Bay Partners, Cisco Systems, Hummer Winblad, Lightspeed, Meritech, Morgenthaler, NEA, Salesforce, SAP

Series F 50.6 800.6

03/06/14 DigitalOceanProvider of cloud hosting platform for developers. The company provides SSD hard drives, hardware, kernel-based virtual machine and intuitive user interface to control virtual servers.

Andreessen Horowitz, CrunchFund, IA Ventures

Series A1 37.2 152.9



High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0


26Confidential


($M)

Company Valuation

($M)

03/05/14 DocuSignProvider of a cloud-based electronic signature platform. The company’s platform enables users to sign, send and store legally binding documents in the cloud. It also has an application for mobile devices.

Accel, Comcast, Frazier Technology Ventures, Google, Ignition Partners, KPCB, NAR, Salesforce, SAP, Scale, Sigma West

Series E 84.7 1,660.6

03/04/14 ServiceMaxProvider of cloud based collaborative and mobile field service applications. The company offers on demand field service management applications.

Adams Street, Cross Creek, Crosslink, Emergence, KPCB, Mayfield, Meritech, QuestMark, Salesforce, Sozo, Trinity

Series E 71.0 455.0

02/27/14 Nok Nok LabsProvider of authentication infrastructure services to enterprise customers. The company provides an authentication protocol for cloud-based web infrastructures.

DCM, Lenovo, ONSET Ventures Series B 16.5 69.1

02/25/14 DropboxProvider of cloud storage platform. The company provides online technology to enable users to store and share files and folders with others across the Internet using file synchronization.

BlackRock, Fidelity Equity Partners, T. Rowe Price

Series C 350.0 10,378.1

02/20/14 Ionic SecurityProvider of data control technology. The company provides a platform that enables enterprises with data to the cloud by eliminating traditional cloud security risks.

ff Venture Capital, Google, JAFCO Ventures, KPCB, TechOperators, Webb Investment Network

Series B 25.6 100.0

02/19/14 ZenPayrollProvider of cloud based payroll service. The company's platform provides a way for business owners to manage payroll taxes and compliance.

General Catalyst Partners, KPCB Series A 20.0 127.5

02/18/14 IntacctProvider of cloud financial management and accounting software. The company offers web-based or cloud financial management and accounting applications for businesses and CPA firms.

Battery, Bessemer, Costanoa Venture Capital, Emergence, Morgan Creek, Sigma Partners, Split Rock Partners

Series G 45.0 211.5

02/18/14 InvinceaDeveloper of cybersecurity software. The company is a creator of secure virtual containers for malware threat detection, breach prevention and forensic threat intelligence.

Aeris Capital, CIT GAP Funds, Dell Ventures, Grotech Ventures, Harbert Management, New Atlantic Ventures

Series C 17.3 130.6

02/17/14Appian Corporation

Provider of business process management software for work, social collaboration and enterprise mobility. The company's product suite is available on-premise or in the cloud.

NEA Series B 37.5 414.1



High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0


27Confidential


($M)

Company Valuation

($M)

02/13/14 CloudPassageProvider of security software as a service solutions for securing cloud servers. The company provides purpose-built server security products for elastic clouds.

Benchmark Capital, Meritech, MuseaVentures, Shasta Ventures, Tenaya Capital

Series C 25.5 121.1

02/12/14 AvalaraProvider of sales tax and compliance automation services in the cloud. The company provides service-based platform for tax and other automation efforts

Batterson Venture Partners, Battery, Pioneer Venture Partners, Sageview Capital


02/06/14 DomoProvider of a cloud-based executive management platform. The company allows management, IT professionals and others in a business to access their company’s data wherever they are.

Dragoneer, Fidelity, GGV Capital, Greylock, IVP, Mercato, Morgan Stanley, Salesforce, T. Rowe Price, TPG Capital, Viking Global

Series D 125.0 825.0

02/04/14 ElementumProvider of supply-chain mobile applications. The company builds mobile, cloud-based applications to optimize the supply-chain process in real time.

Flextronics, Lightspeed Series B 44.0 220.0

02/04/14 DatadogProvider of information technology monitoring services. The company provides a cloud-based service that collects performance data and brings the metrics and events into one place.

Amplify Partners, Contour, IA Ventures, Index Ventures, NYC Seed, OpenView, RRE Ventures, RTP Ventures

Series B 15.0 65.6

02/04/14 AtTaskProvider of on-demand SaaS project and portfolio management software. The company's product, @task, provides an online project management software and task management tool for collaboration and coordination.

Escalate Capital Partners, Greenspring Associates, JMI Equity, University Venture Fund

Series D 38.0 --

01/29/14 EnsightenProvider of enterprise data platform for advertisers. The company provides a cloud-based platform designed to enable marketers to act on data in real time from both online and offline sources.

Insight Venture Partners, Volition Capital Series B 40.0 145.3

01/29/14 CloudLockProvider of cloud-data security services. The company provides information-security applications for the enforcement of regulatory, operational and security compliance in public cloud platforms.

Ascent Venture Partners, Bessemer, Cedar Fund

Series C 16.5 68.6

01/23/14 MendixCreator of an application-development platform. The company provides an enterprise-grade platform designed to enable companies to build, integrate and deploy Web and mobile applications.

Battery, Prime Ventures Series B 25.0 --



High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0


28Confidential


($M)

Company Valuation

($M)

01/22/14 DockerDeveloper of open-source database platform. The company provides a flexible platform that supports a wide range of development languages and tools, including Java, Ruby, PHP, Hadoop.

Benchmark Capital, Greylock, Insight Venture Partners, Trinity

Series B 15.0 98.0

01/21/14 NexmoDeveloper of an international messaging platform. The company develops a cloud-based infrastructure that connects directly to mobile networks for communicating between buyers and sellers over messages.

21Vianet Group, Intel Capital, NHN Investment Corporation, Sorenson Capital

Series C 17.9 98.5

01/21/14 AdallomProvider of cybersecurity platform for cloud services. The company provides a software-as-a-Service platform designed to develop seamless and context-aware technology for business clients' cloud services.

Index Ventures, Sequoia Capital Series B 15.0 --

01/14/14 NutanixDeveloper of SAN-free virtualized datacenter platform. The company's virtualization software collapses the conventional two-tiered datacenter design (Storage & Compute) down to one single appliance.

Battery, GreenSpring Ventures, Khosla Ventures, Lightspeed, Morgan Stanley, Riverwood Capital, SAP

Series D 101.0 1,101.0

01/13/14 GFI SoftwareProvider of network security, content security and messaging software solutions for network administrators.

--PE Growth/Expansion

54.6 --

01/10/14 ikaSystemsProvider of cloud-based software for the healthcare-payer market. The company provides an enterprise-level platform to support healthcare payers' commercial, Medicare and Medicaid lines of business.

-- Later Stage VC 15.0 --

01/08/14 Zephyr HealthProvider of services that enable bringing large amounts of disconnected data together and creating highly differentiated data visualizations that enables life sciences professionals to analyze and gather insights.

JAFCO Ventures, KPCB Series B 15.0 44.6

01/07/14 QingCloudDeveloper and provider of cloud services. The company's product Albatron systems protect and ensures data security.

BlueRun Ventures, Lightspeed China Partners, Matrix Partners

Series B 20.0 --

01/03/14 DNAnexusDeveloper of software to analyze DNA-sequencing data. The company has created a data and analysis platform providing online genomics data centers for researchers and sequencing-service providers.

Claremont Creek Ventures, First Round Capital, Google, TPG Biotech

Series C 15.0 31.0



High $350.0 $10,378.1

Mean 46.1 766.7

Median 27.8 164.1

Low 15.0 31.0
