2015 STRICTLY PRIVATE AND CONFIDENTIAL

SaaS2015 Market Review

2QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

About Results International

A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH

• 40 person team; 250+ completed transactions

• Broad global network

• Creative solutions

• Senior level focus on every transaction

• Founded in 1991

• Entrepreneurial and owner-managed

DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS

Marketing

HealthcareTechnology

3

90

100

110

120

130

140

Large Cap Mid Cap Small Cap Global SaaS Index NASDAQ COMP

Results International Global SaaS Indices

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

Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisationSources: Capital IQ and Results analysis

LAST

12

MON

TH S

HARE

PRI

CE P

ERFO

RMAN

CE

17.5%

14.2%

4.6%5.7%5.1%

Q4 2015 PERFORMANCELarge Cap 9.6%Mid Cap 10.2%Small Cap 12.8%Global SaaS 9.9%

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

20.7%

1.5% 0.9%

12.9%

24.6%

9.2%

15.7%20.6%

4.4%9.4%

23.2%

4.6%

17.1%

35.1%

1.0% 3.5%

(9.5%) (10.7%)

(1.6%)

Global SaaS Universe: Large & Mid Cap Share Price Performance

Note: Based on share prices as at 31st December 2015Sources: Capital IQ and Results analysis

LAST

12

MON

TH S

HARE

PRI

CE P

ERFO

RMAN

CEQ4

201

5

LARGE CAP MID CAP

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

10.5% 7.1%

(22.5%)

32.2% 27.6%33.2%

(2.4%)

(20.3%)

(6.2%)

(23.8%)

9.2%

(1.9%)

3.2% 2.2%

(12.3%)

43.1%49.4%

(52.1%)

36.0%

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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(80.0%)

(60.0%)

(40.0%)

(20.0%)

0.0%

20.0%

40.0%

60.0%

80.0%

10.8%

(35.8%)

25.4% 30.9%

(32.3%)

(2.0%)

(45.5%)

22.6%

67.5%

(24.2%)

(57.7%)

(12.3%) (10.2%)

24.0%

67.5%

(15.9%)

6.2%

Global SaaS Universe: Small Cap Share Price Performance

(1) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stock’s respective IPO dates and the 31 st December 2015

Note: Based on share prices as at 31st December 2015Sources: Capital IQ and Results analysis

LAST

12

MON

TH S

HARE

PRI

CE P

ERFO

RMAN

CEQ4

201

5

SMALL CAP

(1)

(1)

(1)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

16.4%

39.3%

3.7%

(3.2%)

(12.6%)

9.4%

(2.9%)

32.0%

21.4%

(16.5%)

14.4% 16.3%

29.7%

3.4%

17.5%

(15.9%)

4.1%

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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Global SaaS: Valuation Benchmarks

(1) Global SaaS represents the median of all stocks in Large Cap, Mid Cap and Small Cap, with no weighting appliedNotes: EV = Enterprise Value; financials calendarised to December year end; median values reportedSee Selected Publicly Traded Companies (slides 6 and 7) for details of companies included in each categorySources: Capital IQ and analyst reports

REVENUE GROWTH (2015-16E) EV / REVENUE 2015E

EBITDA MARGIN 2015E EV / EBITDA 2015E

Large Cap Mid Cap Small Cap Global SaaS0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

23.0%

20.1%22.8% 22.2%

Large Cap Mid Cap Small Cap Global SaaS0.0 x

5.0 x

10.0 x

15.0 x

20.0 x

25.0 x

30.0 x

35.0 x

40.0 x 37.7 x

20.0 x

26.9 x24.8 x

Large Cap Mid Cap Small Cap Global SaaS0.0 x

1.0 x

2.0 x

3.0 x

4.0 x

5.0 x

6.0 x

7.0 x

8.0 x

9.0 x

10.0 x9.1 x

5.8 x

3.3 x

5.9 x

Large Cap Mid Cap Small Cap Global SaaS

-5.0%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

17.3%19.5%

-3.2%

13.2%

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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OPERATING METRICS VALUATION METRICSPRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

LARGE CAP

salesforce.com, inc. 78.40 94.6% 53,060 1,358 706 53,766 6,543 93.9% 21.7% 76.0% 17.3% 20.2% 8.2 x 6.8 x 47.5 x 33.4 xSolera Holdings Inc. 54.83 96.7% 3,704 495 2,729 6,433 1,206 n.a 8.9% 68.3% 45.0% 38.9% 5.3 x 4.9 x 14.3 x 12.6 xWorkday, Inc. 79.68 83.7% 16,786 1,896 (1,388) 15,397 1,128 75.5% 34.4% 66.4% 5.0% 7.5% 13.7 x 10.2 x n.m. n.m.ServiceNow, Inc. 86.56 94.8% 14,949 729 (262) 14,687 1,001 82.4% 36.9% 63.6% 15.3% 18.1% 14.7 x 10.7 x 95.6 x 59.1 xathenahealth, Inc. 160.97 94.5% 6,428 118 182 6,610 925 94.7% 19.9% 59.8% 19.4% 20.7% 7.1 x 6.0 x 36.9 x 28.8 xNetSuite Inc. 84.62 77.0% 6,788 372 (90) 6,698 739 80.5% 29.9% 68.2% 7.2% 7.6% 9.1 x 7.0 x n.m. 91.3 xThe Ultimate Software Group, Inc. 195.51 90.4% 5,724 129 (121) 5,604 617 81.5% 23.0% 59.8% 24.1% 24.9% 9.1 x 7.4 x 37.7 x 29.6 x 25th percentile 87.1% 832 80.8% 20.8% 61.7% 11.3% 12.9% 7.7 x 6.4 x 36.9 x 29.0 xMedian 94.5% 1,001 82.0% 23.0% 66.4% 17.3% 20.2% 9.1 x 7.0 x 37.7 x 31.5 x75th percentile 94.7% 1,167 91.0% 32.1% 68.3% 21.7% 22.8% 11.4 x 8.8 x 47.5 x 52.7 x

MID CAP

RealPage, Inc. 22.45 93.6% 1,780 19 25 1,805 466 96.1% 12.4% 56.8% 19.4% 20.0% 3.9 x 3.4 x 20.0 x 17.2 xMedidata Solutions, Inc. 49.29 80.4% 2,800 287 (38) 2,762 399 82.3% 18.9% 74.7% 22.9% 24.6% 6.9 x 5.8 x 30.3 x 23.7 xVeeva Systems Inc. 28.85 85.7% 4,421 339 (339) 4,081 398 69.8% 25.7% 60.7% 28.2% 29.4% 10.3 x 8.2 x 36.4 x 27.7 xConstant Contact, Inc. 29.24 67.7% 981 181 (181) 801 369 n.a 13.9% 72.5% 19.7% 21.9% 2.2 x 1.9 x 11.0 x 8.7 xCornerstone OnDemand, Inc. 34.53 84.8% 1,915 214 16 1,932 342 n.a 28.2% 70.5% 1.4% 8.5% 5.6 x 4.4 x n.m. 51.7 xFleetmatics Group PLC 50.79 80.8% 1,998 189 (162) 1,836 285 n.a 20.8% 75.2% 32.3% 33.3% 6.4 x 5.3 x 20.0 x 16.0 xIntraLinks Holdings, Inc. 9.07 70.9% 539 57 21 560 275 n.a 6.6% 72.9% 14.4% 15.1% 2.0 x 1.9 x 14.2 x 12.6 xLogMeIn, Inc. 67.10 89.0% 1,734 246 (246) 1,488 270 n.a 19.4% 89.6% 25.1% 24.1% 5.5 x 4.6 x 21.9 x 19.1 xEllie Mae, Inc. 60.23 72.6% 1,927 110 (105) 1,821 250 n.a 22.2% 71.4% 26.2% 27.2% 7.3 x 6.0 x 27.7 x 21.9 xLivePerson Inc. 6.75 47.3% 387 41 (41) 346 239 n.a 9.1% 74.9% 8.9% 10.3% 1.4 x 1.3 x 16.2 x 12.8 xDemandware, Inc. 53.97 71.1% 2,132 183 (183) 1,949 234 92.3% 28.7% 73.8% 7.8% 8.2% 8.3 x 6.5 x n.m. 79.3 xMarketo, Inc. 28.71 80.6% 1,336 113 (106) 1,230 210 90.2% 32.1% 62.7% (8.7%) (5.3%) 5.9 x 4.4 x n.m. n.m.

25th percentile 71.0% 248 82.3% 13.5% 68.6% 8.6% 9.9% 3.4 x 3.1 x 16.2 x 14.4 xMedian 80.5% 280 90.2% 20.1% 72.7% 19.5% 20.9% 5.8 x 4.5 x 20.0 x 19.1 x75th percentile 85.1% 376 92.3% 26.3% 74.7% 25.4% 25.2% 7.0 x 5.9 x 27.7 x 25.7 x

Global SaaS: Selected Publicly Traded Companies

Note: Based on share prices as at 31st December 2015Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest Note: Market cap classifications categorised by CY2015E revenue:

• Large Cap: Revenues greater than $500m• Mid Cap: Revenues between $200m and $500m• Small Cap: Revenues less than $200m

Sources: Capital IQ and Results analysis

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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OPERATING METRICS VALUATION METRICSPRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE SUBSCRIPTION REV. GROWTH GROSS MARGIN EBITDA MARGIN REVENUE EBITDA

COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 HISTORICAL CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016

SMALL CAP

Bazaarvoice, Inc. 4.38 46.6% 353 110 (53) 300 196 88.7% 8.4% 68.2% (3.5%) 3.9% 1.5 x 1.4 x n.m. 35.8 xJ ive Software, Inc. 4.08 64.5% 310 111 (107) 203 195 88.7% 6.3% 68.2% 3.1% 4.7% 1.0 x 1.0 x 33.4 x 20.6 xCvent, Inc. 34.91 93.7% 1,557 159 (159) 1,398 187 90.2% 23.6% 70.2% 12.8% 10.8% 7.5 x 6.0 x 58.4 x 56.0 xBenefitfocus, Inc. 36.39 76.6% 1,130 85 (34) 1,096 183 93.3% 25.4% 36.3% (19.4%) (10.4%) 6.0 x 4.8 x n.m. n.m.HubSpot, Inc. 56.31 93.7% 2,134 105 (104) 2,030 179 58.4% 33.7% 68.0% (13.6%) (8.8%) 11.3 x 8.5 x n.m. n.m.Qualys, Inc. 33.09 59.7% 1,285 174 (174) 1,111 164 n.a 22.8% 77.2% 33.0% 32.7% 6.8 x 5.5 x 20.5 x 16.8 xSPS Commerce, Inc. 70.21 89.7% 1,215 123 (123) 1,092 158 n.a 23.0% 68.7% 13.8% 13.7% 6.9 x 5.6 x 49.9 x 40.9 xXero Limited. 13.57 74.7% 1,841 154 (154) 1,687 129 94.9% 56.6% 65.7% (35.4%) (17.0%) 13.1 x 8.3 x n.m. n.m.Marin Software Incorporated 3.58 41.5% 133 33 (30) 103 107 n.a 5.7% 64.2% (10.4%) 0.1% 1.0 x 0.9 x n.m. n.m.SciQuest, Inc. 12.97 71.0% 361 136 (136) 225 105 n.a 6.5% 69.1% 18.8% 19.9% 2.1 x 2.0 x 11.4 x 10.1 xMINDBODY, Inc. 15.13 82.3% 632 317 (301) 331 101 58.0% 32.5% 57.1% (21.3%) (14.3%) 3.3 x 2.5 x n.m. n.m.ChannelAdvisor Corporation 13.85 62.4% 355 59 (57) 298 98 n.a 15.6% 71.5% (3.2%) 0.3% 3.1 x 2.6 x n.m. n.m.Textura Corporation 21.58 69.1% 575 73 (73) 502 93 n.a 30.5% 79.6% 13.2% 19.8% 5.4 x 4.1 x 40.7 x 20.8 xXactly Corporation 8.53 79.9% 274 169 (153) 121 74 77.4% 23.6% 59.0% (17.0%) (11.3%) 1.6 x 1.3 x n.m. n.m.Craneware plc 11.76 94.9% 320 42 (42) 278 48 86.7% 10.9% 94.6% 30.6% 31.0% 5.9 x 5.3 x 19.1 x 17.0 xHalogen Software Inc. 5.15 64.1% 113 40 (40) 74 47 87.7% 12.8% 71.8% (5.9%) (6.1%) 1.1 x 1.0 x n.m. n.m.StatPro Group plc 1.14 87.5% 77 3 (3) 74 46 n.a. 3.7% n.a. 13.1% 14.2% 1.6 x 1.5 x 12.2 x 10.9 x25th percentile 64.1% 93 79.7% 8.4% 65.3% (13.6%) (8.8%) 1.6 x 1.4 x 17.4 x 16.8 xMedian 74.7% 107 88.2% 22.8% 68.5% (3.2%) 3.9% 3.3 x 2.6 x 26.9 x 20.6 x75th percentile 87.5% 179 89.8% 25.4% 71.6% 13.2% 14.2% 6.8 x 5.5 x 43.0 x 35.8 x

Note: Based on share prices as at 31st December 2015Note: Calendarised to December year end; $ millions, except share price data; Multiples capped at 20x EV / Revenue and 100x EV / EBITDA; Net debt includes minority interest Note: Market cap classifications categorised by CY2015E revenue:

• Large Cap: Revenues greater than $500m• Mid Cap: Revenues between $200m and $500m• Small Cap: Revenues less than $200m

Sources: Capital IQ and Results analysis

Global SaaS: Selected Publicly Traded Companies (Cont.)

QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: SAAS

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