mergers & acquisitions capital raising strategic...

1 │ Software Industry Update Q4 2017

Mergers & Acquisitions Capital Raising Strategic Advisory

Software Industry Update Q4 2017


Unconflicted AdviceDeep Technology Domain Expertise

Differentiated Negotiation Framework

Vista Point exclusively provides sell-

side M&A and Capital Raising advisory

services to technology businesses

removing the conflict of interest

associated with working both sides of

the table.

Vista Point bankers are industry

specialists that focus exclusively on

core technology markets allowing us

to provide relevant insights into our

client’s business and create the

strategic framework to optimize

valuation.

The firm utilizes a unique negotiation

framework to increase the

competitiveness of the transaction

process, and ultimately yield higher

valuations at better terms for clients.

Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and

middle markets are unique and require specialized attention and advice when considering investment and exit

opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures

our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder-

owned and operated businesses to deliver the most favorable transactions at premium valuations.

Vista Point Advisors Overview


Representative Vista Point Advisors Transactions

May 2016

acquired by

March 2016

acquired by

February 2015

acquired by

March 2015

acquired by

August 2014

acquired by

December 2014

investment from

November 2014

acquired by

March 2014

acquired by

April 2014

acquired by

September 2015

acquired by

October 2016

acquired by

a portfolio company of

July 2016

acquired by


May 2016

acquired by


October 2015

acquired by


May 2016

acquired by

December 2015

investment from

November 2016

acquired by

January 2017

acquired by

a subsidiary of

December 2014

investment from

February 2017

acquired by


March 2017

acquired by

August 2017

investment from

August 2017

investment from

September 2017

investment from

September 2017

acquired by

September 2017

acquired by

November 2017

investment from

December 2017

investment from


• There were 323 reported software M&A transactions in Q4 2017 totaling $20.3 billion in reported transaction value

− Software M&A deal volume in Q4 2017 was up 31% relative to Q4 2016, which saw 247 transactions

− Notable deals include:

• Cisco’s $1,529m acquisition of Broadsoft

• Thoma Bravo’s $1,393m acquisition of Barracuda Networks

• RealPage’s $300m acquisition of Rainmaker

• Synopsys’ $547m acquisition of Black Duck Software

• Oracle’s $1,199m acquisition of Aconex

• The software IPO market had five major IPO pricings in Q4 2017, all trading up aggressively since listing:

‒ SailPoint (NYSE:SAIL), a cloud-based identity and access management platform provider, raised $240m and

has traded up 26%

‒ SendGrid (NYSE:SEND), a cloud-based email delivery platform provider, raised $131m and has traded up 60%

‒ Altair Engineering (NASDAQ:ALTR), a simulation and optimizations software provider, raised $156m and has

traded up 105%

‒ ForeScout (NASDAQ:FSCT), a network access control and policy compliance management software provider,

raised $116m and has traded up 39%

‒ MongoDB (NASDAQ:MBD), an open source database system provider, raised $192m and has traded up 20%

Q4 2017 Software Industry Overview


Gray bar denotesDeals over $1 billion

Most Active Acquirers (Since 2010)

Source: Capital IQ and Pitchbook and Pitchbook as of 12/31/2017

Notable Recent Transactions

Deals <$1bn

Deals >$1bn

Acquirer

Target

Date 10/23/17 11/27/17 12/04/17 12/12/17 12/18/17

EV $1,529m $1,393m $300m $547m $1,199m

EV / LTM Rev 4.2x 3.8x N/A 7.3x 9.8x

EV / LTM EBITDA N/A N/A N/A N/A N/M

Active Acquirers and Notable Transactions

$5.8 $4.9

$25.6

$12.6

$1.3 $4.0

$16.4

$8.2

$0.5 $0.7 $1.2

$1.5

$15.1

$0.3 $0.4

$0.0

$10.0

$20.0

$30.0

Re

po

rte

d V

alu

e ($

bn

)

6148

3629 27 23 23 22 24 23 20 17 14 16 16

1

2

75

12 1 2

3

0

20

40

60

80

Nu

mb

er

of T

ran

sact

ion

s


344 334 327 336 337 340

366 363 368349

363

322299

286

207

304325

308

345

250265

288263 269 260 256

285

247

315 306287

323

0

100

200

300

400

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

'15

Q4

'15

Q1

'16

Q2

'16

Q3

'16

Q4

'16

Q1

'17

Q2

'17

Q3

'17

Q4

'17

Nu

mb

er

of T

ran

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ion

s

$8

$24$22

$14

$6

$15

$31

$13

$18 $19$17 $17

$5

$22 $22

$18$15

$23

$48

$9

$15

$27

$16

$39

$8

$25 $25

$14

$20

$12

$27

$20

$0

$10

$20

$30

$40

$50

$60

Tran

sact

ion

Val

ue

($b

n)

Quarterly Software M&A Value and Deal Count (Since 2010)

Source: Capital IQ and Pitchbook as of 12/31/2017, WhatsApp/Facebook, Broadcom/Avago, and EMC/Denali deals omitted from top graph

Software M&A Market Overview


51%

4%19%

8%

11%

8%

Q3 '17

51%

4%19%

8%

11%

8%

Q4 '17Transactions by Reported Value

Transactions by Target Funding

Total: $27B Total: $20B

$50M+

$30 - $50M

$10 - $30M

$0.1 - $10M

Undisclosed

No Funding

$500M - $1B>$1B

$250M - $500M$100M - $250M$50M - $100M<$50M

Source: Capital IQ and Pitchbook as of 12/31/2017

Software M&A Market Overview

72%65% 66% 65% 66% 68%

72% 73% 71% 70%65%

71% 67% 67% 64% 64% 64% 66% 62% 66% 65% 68%61%

66%62% 62% 61% 61% 64%

58%53% 56%

Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16 Q4 '16 Q1 '17 Q2 '17 Q3 '17 Q4 '17


Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years

Despite High Valuations, Investments Lead Exits 2:1

Source: Capital IQ and Pitchbook as of 12/31/2017, Investors ranked by investments made in the last 12 months

36

22

28

28

18

19

15

13

12

7

8

12

3

6

12

6

4

3

7

11

48

21

22

18

18

16

19

15

13

11

9

9

10

8

8

9

8

10

9

8

71

51

40

42

37

36

28

27

23

21

19

15

20

19

11

16

18

17

14

10

155

94

90

88

73

71

62

55

48

39

36

36

33

33

31

31

30

30

30

29

04590135180

Investments Made

Within last 6 months Within 6-12 months Within 12-24 months

10

15

3

6

9

3

2

3

8

9

1

3

13

1

7

3

2

3

3

4

15

7

4

8

11

1

4

2

3

4

3

6

8

2

5

1

6

3

5

2

31

36

15

19

24

5

12

6

11

11

4

8

9

5

4

1

9

7

7

4

56

58

22

33

44

9

18

11

22

24

8

17

30

8

16

5

17

13

15

10

0 20 40 60 80

Portfolio Exits

Within last 6 months Within 6-12 months Within 12-24 months


$1.9 $3.4 $5.6

$- $5 $10

IPOs First Follow-On (“FO”) Offering

Year # of IPOs / Capital Raised% Primary Shares

File to Price Change # of FOs % of FOsAvg. Days Post Lockup Expiration

% PrimaryShares

IPO to FOs Price Change

2017

96% N/A N/A N/A N/A N/A

2016

97% 25% 13 52%

2015

95% 24% 371 67%

7 4 4 15

0 20 40

Software Internet Hardware

27%

60%

13%

Increase No Change Decrease

IPO Summary

The IPO market stumbled in 2016, but rebounded in 2017 with 12 pricings; IPO proceeds go to

company balance sheets and provide little liquidity for shareholders


12 6 9 27

0 10 20 30

8 4 4 16

0 10 20 30

22%

56%

22%

50%

25%

25%

7 4 4 15

0 20 40

Software Internet Hardware

27%

60%

13%

Increase No Change Decrease$ in billions

$1.1 $1.4 $0.3 $2.7

$- $5 $10

2016

$4.7 $1.2 $2.4 $8.2

$- $5 $10

$ in billions

Capital Raised

# of IPOs

Capital Raised

# of IPOs

Capital Raised

# of IPOs

38%

63%

41%

53%

6%

$0.2 $0.3 $0.5

$- $1 $1

2 1 1 4

0 5 10

$0.5 $1.1 $0.5 $2.1

$- $1 $2 $3

2 2 5

0 5 10

50% 50%

14 12 17

0 10 20 30



Software Public Market Performance Last 3 Months

9%

15%

5%

1%

-19%

-3%

5%

0%

11%

13%

-4%

-1%

11%

1%

0%

0%

3%

8%

4%

15%

2%

21%

-40% -20% 0% 20% 40%

Salesforce

Zendesk

HubSpot

Five9

LivePerson

Oracle

International B usiness Machines

SAP

Intuit

Sage Group

BlackLine

Coupa Software

Qad

Upland Software

American Software

SAP

Dassault Systemes

PTC

Aspen Technology

Manhattan Associates

Descartes Systems Group

Basware

CR

MA

cco

un

tin

g /

ER

PSu

pp

ly C

ha

in M

ana

gem

en

t

14%

-2%

15%

7%

-5%

-13%

14%

18%

7%

9%

-8%

3%

-1%

5%

9%

14%

-8%

3%

13%

13%

-20%

-2%

10%

2%

-7%

1%

-40% -20% 0% 20%

Paychex

Workday

Ultimate Software Group

Paycom Software

Paylocity

Cornerstone OnDemand

Cal lidusCloud

Adobe Systems

VeriS ign

Akamai Technologies

OpenText

SDL

MobileIron

Brightcove


Constellation Software

NICE Systems

Tableau Software

Nuance

Teradata

DST Systems

Pegasystems

Verint Systems

Progress Software

MicroStrategy

Talend

Workiva

Hu

ma

n C

apit

al M

ana

gem

en

tK

no

wle

dge

/ C

on

ten

t M

anag

em

en

tB

usi

nes

s In

telli

gen

ce



Software Public Market Performance Last 3 Months (cont.)

14%

12%

3%

-1%

11%

25%

3%

-8%

-14%

-10%

26%

0%

20%

0%

12%

-18%

-14%

13%

13%

1%

-8%

9%

-28%

13%

15%

15%

-16%

-40% -20% 0% 20%

VMware

ServiceNow

L3 Technologies

CA

Citrix Systems

Splunk

LogMeIn

NetScout Systems

Symantec

Check Point Software Technologies

NetApp

Palo Alto Networks

Fort inet

Proofpoint

Box

FireEye

CommVault Systems

Qualys

Barracuda Networks

CyberArk

Imperva

Everbridge

SecureWorks

Carbonite

Vasco Data Securi ty International

NQ Mobile

Zix

Syst

em

s /

Ne

two

rk M

ana

gem

en

tSe

curi

ty /

Sto

rag

e

15%

-3%

5%

-4%

7%

26%

15%

15%

10%

12%

19%

25%

-50%

2%

-7%

18%

8%

14%

6%

-4%

8%

13%

7%

-2%

20%

-4%

-11%

8%

-7%

-3%

6%

-20%

16%

1%

-15%

-5%

2%

-12%

-60% -40% -20% 0% 20% 40%

Microsoft

Oracle


Hewlett Packard Enterprise

Red Hat

At lassian

Nutanix

Software

New R elic

Progress Software

Globant

Hortonworks

Apptio

The Rubicon Project

Fiserv

First Data

Square

MSCI

Jack Henry and Associates

FactSet Research Systems

Guidewire Software

Fair Isaac

DST Systems

Ellie Mae

ACI Worldwide

Ebix

Envestnet

Q2 Holdings

Bottomline Technologies

Cerner

Veeva Systems

Athenahealth

Medidata Solutions

CompuGroup Medical

Al lscr ipts

Quality Systems

HealthStream

Cegedim

Castlight Health

Ap

plic

ati

on

Infr

ast

ruct

ure

Fin

an

cial

Te

chno

log

yH

ealt

hca

re I

T /

Life

Sci

en

ces

Sof

twa

re


EV / Revenue EV / EBITDA

3 Year Public Market Performance

% of 52 Week High

LTM

2017E

LTM

2017E

High Growth Software: BL, BOX, COUP, CRM, DST, EVBG, HDP, HPE, HUBS, LOGM, NAS:TEAM, NEWR, NICE, NOW, NQ, NTNX, NYSE:CSLT, OTEX, PANW, PAYC, PFPT, QTWO, SPLK, TLND, VEEV, WDAY, ZENAll Software: See all bucketed companiesHigh Margin Software: ADBE, AKAM, AZPN, CERN, CHKP, DST, EBIX, FDS, FISV, INTU, JKHY, MANH, MSCI, MSFT, NAS:AMSWA, NAS:CA, ORCL, OTEX, PAYX, TSX:DSG, VRSNSource: Capital IQ and Pitchbook as of 12/31/2017

Software Public Market Performance

0%

25%

50%

75%

100%

125%

150%

175%

200%

Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Jan-16 Mar-16 May-16 Jul-16 Sep-16 Nov-16 Jan-17 Mar-17 May-17 Jul-17 Sep-17 Nov-17 Jan-18

Index Performance Over Last 3 Years High Growth Software (>30% LTM Revenue Growth) +84%High Margin Software (>30% LTM EBITDA Margins) +50%NASDAQ Composite Index +48%All Software +44%S&P 500 Index +31%

93%96% 94%

40%

60%

80%

100%

All Software High Margin High Growth

5.2x

6.6x

7.8x

4.5x

5.9x 5.9x

0.0x

3.0x

6.0x

9.0x


22.5x

17.1x

31.0x

17.0x14.7x

31.1x

0.0x

15.0x

30.0x

45.0x




Public Company SummarySoftware Internet & Digital Media

CRM Accounting / ERPSupply Chain

Management

Human Capital

Management

Knowledge /

Content

Management

Business IntelligenceSystems / Network

ManagementSecurity / Storage

Application

InfrastructureFinancial Technology

Healthcare IT / Life

Sciences SoftwareMedian Mean

52-Wk High 95% 90% 95% 94% 91% 93% 98% 89% 96% 94% 84% 94% 93%

Aggregate Mkt Cap ($ in m) $82,649 $528,385 $178,920 $63,568 $118,922 $191,017 $136,093 $92,111 $1,071,370 $109,938 $47,778 $118,922 $238,250

Aggregate EV ($ in m) $80,691 $555,041 $179,431 $61,127 $117,652 $225,661 $130,603 $87,864 $1,049,728 $137,561 $48,522 $130,603 $243,080

Quarterly Mkt Cap % Change 9.8% 1.8% 3.4% 5.8% 16.4% 4.8% 10.5% (0.4%) 9.5% 3.1% (3.1%) 4.8% 5.6%

Quarterly EV % Change 9.8% 2.3% 3.4% 5.9% 16.6% 4.1% 11.1% (0.6%) 9.5% 2.2% (3.2%) 4.1% 5.6%

LTM EV / Revenue 7.3x 5.4x 6.4x 7.5x 4.4x 4.2x 5.0x 3.5x 4.9x 6.2x 3.9x 5.0x 5.3x

FY+1 EV / Revenue 5.9x 4.6x 5.9x 6.4x 4.0x 3.6x 4.8x 3.5x 4.7x 5.5x 3.2x 4.7x 4.7x

FY+2 EV / Revenue 5.0x 4.3x 5.6x 5.3x 3.7x 3.1x 4.6x 3.2x 4.1x 4.9x 2.9x 4.3x 4.3x

LTM EV / EBITDA NM 16.0x 22.5x 17.1x 15.5x 19.6x 15.4x 35.3x 13.3x 20.1x 25.5x 18.4x 20.0x

FY+1 EV / EBITDA 30.2x 13.6x 22.6x 25.7x 12.6x 12.0x 13.6x 17.9x 10.9x 16.9x 14.4x 14.4x 17.3x

FY+2 EV / EBITDA 25.8x 12.3x 20.3x 22.3x 11.7x 11.4x 12.7x 14.2x 10.5x 15.2x 13.6x 13.6x 15.5x

LTM P / E NM 26.1x 32.6x 52.1x 46.5x 60.8x 27.9x 56.5x 29.9x 36.7x 66.7x 41.6x 43.6x

FY+1 P / E 93.2x 21.8x 32.9x 52.2x 24.8x 19.4x 22.8x 35.9x 18.2x 29.1x 25.9x 25.9x 34.2x

FY+2 P / E 86.7x 19.8x 30.4x 39.7x 21.7x 18.1x 20.2x 30.9x 20.1x 23.7x 29.6x 23.7x 31.0x

LTM Revenue Growth 33% 8% 3% 21% 7% 6% 13% 19% 19% 9% 11% 11% 14%

FY+1 Revenue Growth 42% 16% 12% 36% 15% 17% 8% 24% 21% 11% 25% 17% 21%

FY+2 Revenue Growth 20% 8% 9% 21% 5% 6% 6% 10% 15% 8% 7% 8% 10%

LTM EBITDA Margin (1%) 23% 27% 8% 31% 12% 17% 7% 8% 23% 15% 15% 16%

FY+1 EBITDA Margin 9% 27% 30% 20% 36% 22% 29% 20% 21% 26% 23% 23% 24%

FY+2 EBITDA Margin 11% 27% 31% 21% 37% 24% 31% 22% 22% 27% 23% 24% 25%


Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ and Pitchbook as of 12/31/2017

Select Q4 2017 Announced M&A TransactionsEnterprise Target LTM Enterprise Value /

Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

12/29/17 Trucker Path Renren SaaS Transportation / Logistics N/A $150 N/A N/A N/A 12/29/17 ComView Calero Software SaaS Telecommunications N/A N/A N/A N/A N/A 12/28/17 BravoSolution Jaggaer On Premise Accounting / ERP $218 $94 $7 2.3x 31.2x12/28/17 Aquto Mitel Mobile On Premise Advertising and Marketing N/A N/A N/A N/A N/A 12/27/17 Gigamon Elliott Management SaaS Security / Storage $1,456 $303 $1 4.8x N/M 12/27/17 Dealogic ION Trading SaaS Content and Services N/A N/A ($0.01) N/A N/A 12/22/17 Token Play Stompy Bot SaaS Blockchain $3 N/A N/A N/A N/A 12/22/17 Mattermark FullContact SaaS CRM $1 N/A N/A N/A N/A 12/22/17 Praeses (Jurisdiction Online Division) Aptean On Premise Business Software N/A N/A N/A N/A N/A 12/22/17 Keen IO Scaleworks SaaS Business Intelligence N/A N/A N/A N/A N/A 12/21/17 Ensenta Jack Henry and Associates SaaS Fintech $130 $27 N/A 4.8x N/A 12/21/17 Contek Shilstone GCP Applied Technologies On Premise Business Software N/A N/A N/A N/A N/A 12/21/17 Commercial Logic Abacus Data Systems On Premise Business Software N/A N/A N/A N/A N/A 12/20/17 XPatterns Veritone SaaS Development N/A N/A N/A N/A N/A 12/20/17 Innowera Magnitude Software On Premise Business Software N/A N/A N/A N/A N/A 12/19/17 Next IT Verint Systems On Premise Business Intelligence $51 N/A N/A N/A N/A 12/19/17 Musical.ly Toutiao SaaS Video Management $1,000 N/A N/A N/A N/A 12/19/17 Delta Health Technologies Salo Solutions On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/19/17 BestRetail KWI SaaS Retail Software N/A N/A N/A N/A N/A 12/19/17 Appuri DocuSign SaaS Business Intelligence N/A N/A N/A N/A N/A 12/18/17 Planet Payment Fintrax Group On Premise Fintech $247 $53 $14 4.7x 17.2x12/18/17 Aconex Oracle SaaS Content / Document Management $1,199 $122 $6 9.8x N/M 12/15/17 Netsparker Turn/River Capital SaaS Security / Storage $20 N/A N/A N/A N/A 12/15/17 Amphora MDJ Partnership DMCC On Premise Fintech N/A N/A N/A N/A N/A 12/14/17 Trayport TMX Group On Premise Fintech $737 $99 N/A 7.4x N/A 12/14/17 Ronin Blockchain DataMetrex SaaS Blockchain $8 N/A N/A N/A N/A 12/14/17 Plastc Edge Mobile Payments On Premise Fintech N/A N/A N/A N/A N/A 12/14/17 Networked Insights American Family Mutual Insurance On Premise Advertising and Marketing N/A $8 N/A N/A N/A 12/14/17 Landoop DataMountaineer On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 12/14/17 Financeit Canada Goldman Sachs SaaS Fintech N/A N/A N/A N/A N/A 12/14/17 eduCLIMBER Illuminate Education SaaS Education N/A N/A N/A N/A N/A 12/14/17 Centah Financeit Canada On Premise Business Software N/A $1,886 N/A N/A N/A 12/14/17 BrokerSumo Inside Real Estate SaaS Accounting / ERP N/A N/A N/A N/A N/A 12/14/17 Brighter Cigna On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/13/17 Terapeak eBay SaaS Ecommerce N/A $9 N/A N/A N/A 12/13/17 Proxi Voi SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/13/17 iNet Solutions Group Myriad Mobile On Premise Business Software N/A N/A N/A N/A N/A 12/13/17 Connect Healthcare Doctor.com SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/12/17 Black Duck Synopsys On Premise Security / Storage $547 $75 N/A 7.3x N/A 12/12/17 Tangier Software QGenda On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/12/17 Keet Software Clinicient SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 12/12/17 Fox Technologies HelpSystems On Premise Security / Storage N/A N/A N/A N/A N/A 12/12/17 ClearSlide Coral SaaS CRM N/A N/A N/A N/A N/A 12/11/17 LeanKit PlanView SaaS Business Software N/A N/A N/A N/A N/A 12/11/17 Lakeview Computers Kerridge Commercial Systems On Premise Accounting / ERP N/A $4 $1 N/A N/A



Select Q4 2017 Announced M&A Transactions (cont.)Enterprise Target LTM Enterprise Value /


12/11/17 FactBio SciBite On Premise Healthcare / Biotechnology N/A $0.01 N/A N/A N/A 12/11/17 EXO Technologies Lear On Premise Mapping / Tracking N/A N/A N/A N/A N/A 12/11/17 Educadium iContracts SaaS Education N/A N/A N/A N/A N/A 12/11/17 Datto Autotask SaaS Security / Storage N/A $100 N/A N/A N/A 12/11/17 Connected Telematics AirIQ On Premise Transportation / Logistics $0.1 N/A N/A N/A N/A 12/11/17 Cmpute.io Cisco Systems SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 12/11/17 Blockagram Capha Pharmaceuticals SaaS Blockchain N/A N/A N/A N/A N/A 12/08/17 Magnetic Variation Services Helmerich & Payne On Premise Mapping / Tracking N/A N/A N/A N/A N/A 12/08/17 Cenersys IT Glue SaaS Systems / Network N/A N/A N/A N/A N/A 12/07/17 Titus The Blackstone Group On Premise Security / Storage $100 $40 N/A 2.5x N/A 12/07/17 LKQD Technologies Nexstar Media Group SaaS Advertising and Marketing $90 N/A N/A N/A N/A 12/07/17 Verify Brand Optel Group On Premise Supply Chain N/A N/A N/A N/A N/A 12/07/17 Bomoda Weber Shandwick SaaS Business Intelligence N/A N/A N/A N/A N/A 12/07/17 Aruvio Riskonnect On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 12/07/17 ACTA Advanced Core Concepts On Premise CAD / CAM N/A N/A N/A N/A N/A 12/06/17 Docurated Quark Software On Premise Content / Document Management N/A N/A N/A N/A N/A 12/05/17 TSheets.com Intuit SaaS Human Capital $340 $40 N/A 8.5x N/A 12/05/17 Disqus Zeta Global SaaS Knowledge / Content (Social) $90 N/A N/A N/A N/A 12/05/17 Velocity Solutions H.I.G. Capital On Premise Accounting / ERP N/A N/A N/A N/A N/A 12/05/17 Swift Prepaid Solutions Bain Capital Ventures, Silversmith Capital On Premise Fintech N/A N/A N/A N/A N/A 12/05/17 Simply Measured Sprout Social SaaS Knowledge / Content (Social) N/A $13 N/A N/A N/A 12/05/17 SafetyNet Jungle Disk SaaS Security / Storage N/A N/A N/A N/A N/A 12/05/17 Pattern Recognition Technologies DrillingInfo On Premise Oil & Gas N/A N/A N/A N/A N/A 12/05/17 Madrone Solovis SaaS Business Intelligence N/A N/A N/A N/A N/A 12/05/17 KidReports Procare Software SaaS Education N/A N/A N/A N/A N/A 12/05/17 Interactive Ticketing Solutions eTix SaaS Retail Software N/A N/A N/A N/A N/A 12/05/17 Gather Digital Certain SaaS Business Software N/A N/A N/A N/A N/A 12/05/17 Beachfront Media Growth Catalyst Partners, PSP Capital SaaS Content / Document Management N/A N/A N/A N/A N/A 12/05/17 Aclaro Softworks 3esi Enersight On Premise Oil & Gas N/A N/A N/A N/A N/A 12/04/17 The Rainmaker Group RealPage SaaS Accounting / ERP $300 N/A N/A N/A N/M 12/04/17 Time2Track Liaison International SaaS Human Capital N/A N/A N/A N/A N/A 12/04/17 Backbone Solutions Hosting Natural Resource Holdings SaaS Blockchain N/A N/A N/A N/A N/A 12/04/17 4Clicks Solutions The Gordian Group On Premise Accounting / ERP N/A N/A N/A N/A N/A 12/02/17 Learning Seat CallidusCloud SaaS Education $26 N/A N/A N/A N/A 12/01/17 BluePay First Data SaaS Fintech $760 N/A N/A N/A N/A 12/01/17 AerServ InMobi SaaS Advertising and Marketing $90 N/A N/A N/A N/A 12/01/17 TKO Systems & Support Avionté SaaS Business Software N/A N/A N/A N/A N/A 12/01/17 Intrepid Learning Solutions VitalSource On Premise Education N/A $27 N/A N/A N/A 11/30/17 Power Advocate Verisk Analytics SaaS Oil & Gas $280 $36 $11 7.8x 25.5x11/30/17 Verst Dropbox SaaS Content / Document Management N/A N/A N/A N/A N/A 11/30/17 Taykey Innovid On Premise Video Management N/A $10 N/A N/A N/A 11/30/17 ICDLogic iCoreConnect SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/30/17 E-Stet EY On Premise Business Software N/A N/A N/A N/A N/A 11/30/17 Capturepoint Togetherwork SaaS Education N/A N/A N/A N/A N/A 11/29/17 WebLife Proofpoint SaaS Security / Storage $60 N/A N/A N/A N/A





11/29/17 ThreadKM NetDocuments SaaS Business Software N/A N/A N/A N/A N/A 11/29/17 PeopleNet Bullhorn SaaS Human Capital N/A N/A N/A N/A N/A 11/29/17 NetWatcher Qualys SaaS Security / Storage N/A N/A N/A N/A N/A 11/29/17 LaunchSpot.io Hockeystick SaaS Business Software N/A N/A N/A N/A N/A 11/29/17 Bullhorn Genstar Capital, Insight Venture Partners SaaS Human Capital N/A $100 N/A N/A N/A 11/28/17 ZeroTurnaround Rogue Wave Software SaaS Development N/A $7 N/A N/A N/A 11/28/17 Pop Up Archive Apple On Premise Content / Document Management N/A N/A N/A N/A N/A 11/28/17 Pomello OutMatch On Premise Human Capital N/A N/A N/A N/A N/A 11/28/17 Allegory Solutions Integreon SaaS Business Software N/A N/A N/A N/A N/A 11/27/17 Barracuda Networks Thoma Bravo SaaS Security / Storage $1,393 $367 $32 3.8x N/M 11/27/17 Immunio Trend Micro SaaS Security / Storage N/A N/A N/A N/A N/A 11/27/17 Halo Business Intelligence Logility On Premise Supply Chain N/A N/A N/A N/A N/A 11/27/17 Cryptolab 360 Blockchain SaaS Blockchain N/A N/A N/A N/A N/A 11/24/17 Analytical Informatics Philips On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/22/17 Practice Instructure SaaS Education $17 N/A N/A N/A N/A 11/22/17 Dynmark International dotDigital Group SaaS Telecommunications $16 $11 $2 1.5x 9.9x11/22/17 Copsync Kologik Capital On Premise Law Enforcement N/A $6 ($10) N/A N/A 11/22/17 Contondo BigTinCan SaaS Content / Document Management N/A N/A N/A N/A N/A 11/21/17 nuTonomy Aptiv On Premise Transportation / Logistics $450 N/A N/A N/A N/A 11/21/17 Cloudmark Proofpoint SaaS Security / Storage $110 N/A N/A N/A N/A 11/21/17 PCMS Group Inflexion Private Equity SaaS Retail Software N/A $45 $6 N/A N/A 11/20/17 Nexalogy DataMetrex SaaS Knowledge / Content (Social) $5 N/A N/A N/A N/A 11/20/17 Solido Design Automation Siemens On Premise Development N/A N/A N/A N/A N/A 11/20/17 Order Simplicity Myndshft Direct On Premise 01/00/1900 N/A N/A N/A N/A N/A 11/20/17 Nalari Health BehaveCare On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/20/17 Ariett AvidXchange SaaS Accounting / ERP N/A N/A N/A N/A N/A 11/17/17 Qvidian Upland Software On Premise Accounting / ERP $50 $19.5 N/A 2.6x N/A 11/17/17 Exa Dassault Systemes SaaS CAD / CAM $347 $73 $5 4.8x N/M 11/17/17 Viewics Roche SaaS Business Intelligence N/A N/A N/A N/A N/A 11/16/17 Radial Bpost SaaS Ecommerce $820 $995 $68 0.8x 12.1x11/16/17 Outward Williams-Sonoma On Premise Augmented & Virtual Reality $112 N/A N/A N/A N/A 11/16/17 Teqqa ILÚM Health Solutions On Premise Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/16/17 Kamcord Lyft SaaS Video Management N/A N/A N/A N/A N/A 11/16/17 GenAlpha Greyrock Capital Group, Shore Points Capital PartnersSaaS Business Software N/A N/A N/A N/A N/A 11/16/17 Decision Lab Optiv Security On Premise Security / Storage N/A N/A N/A N/A N/A 11/16/17 Alpha Exchange Visible Alpha On Premise Fintech N/A N/A N/A N/A N/A 11/15/17 Academy21 Wey Education SaaS Education $2 $1 N/A 1.6x N/A 11/15/17 Payroll Strategies Inova Payroll SaaS Human Capital N/A N/A N/A N/A N/A 11/15/17 Loyalty Bay Perkbox SaaS CRM N/A N/A N/A N/A N/A 11/15/17 ATCORE Inflexion Private Equity SaaS Ecommerce N/A $39 $11 N/A N/A 11/15/17 Alpine Data TIBCO Software SaaS Business Intelligence N/A N/A N/A N/A N/A 11/15/17 Actiance Smarsh SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 11/15/17 3DSIM Ansys SaaS CAD / CAM N/A N/A N/A N/A N/A 11/14/17 IntraLinks Holdings Siris Capital SaaS Content / Document Management $1,000 N/A N/A N/A N/A 11/14/17 Vikus HealthcareSource HR SaaS Human Capital N/A N/A N/A N/A N/A





11/14/17 Neumob Cloudflare On Premise Testing N/A N/A N/A N/A N/A 11/14/17 Jwaala Alogent SaaS Fintech N/A N/A N/A N/A N/A 11/14/17 Imscan Systems First Solution Management Services On Premise Content / Document Management N/A N/A N/A N/A N/A 11/14/17 Hypori Intelligent Waves SaaS Systems / Network N/A N/A N/A N/A N/A 11/14/17 Hospitality 101 Volaris Group On Premise Business Software N/A N/A N/A N/A N/A 11/14/17 Grassworks Digital Baker On Premise CRM N/A N/A N/A N/A N/A 11/14/17 Dial 800 SwiftReach Networks On Premise Telecommunications N/A $10 N/A N/A N/A 11/13/17 SunGard Data Systems Fidelity National Information Services On Premise Governance, Risk, & Compliance N/A $2,852 $750 N/A N/A 11/13/17 Skye Closings The Closing Exchange On Premise Business Software N/A N/A N/A N/A N/A 11/13/17 jamf Vista Equity Partners SaaS IT Infrastructure & Management N/A $100 N/A N/A N/A 11/13/17 GraphPad Software Insight Venture Partners SaaS Business Software N/A N/A N/A N/A N/A 11/13/17 Conexsys Communications Optiv Security SaaS Security / Storage N/A N/A N/A N/A N/A 11/13/17 Capture for Jira Zephyr (Software) SaaS Development N/A N/A N/A N/A N/A 11/13/17 Arcadian TelePsychiatry MYnd Analytics SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/13/17 Adbasis Airbnb SaaS Advertising and Marketing N/A N/A N/A N/A N/A 11/12/17 Attach Cirrus Insights SaaS CRM N/A N/A N/A N/A N/A 11/10/17 Eque2 LDC On Premise Accounting / ERP $21 $16 ($0.1) 1.3x N/M 11/10/17 Miracle Dynamics Eque2 SaaS Human Capital N/A N/A N/A N/A N/A 11/10/17 Mapmechanics CACI On Premise Mapping / Tracking N/A N/A N/A N/A N/A 11/09/17 Cantaloupe Systems USA Technologies SaaS Business Software $87 N/A N/A N/A N/A 11/09/17 ZoomSystems Swyft On Premise Retail Software N/A N/A N/A N/A N/A 11/09/17 Twizoo Skyscanner SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 11/09/17 Swiftype Elasticsearch SaaS Business Intelligence N/A N/A N/A N/A N/A 11/09/17 Restlet Talend SaaS Development N/A $0.01 N/A N/A N/A 11/09/17 Rebmark Legal Solutions Verisk Analytics On Premise Business Software N/A N/A N/A N/A N/A 11/09/17 Chauntry Holiday Extras SaaS Transportation / Logistics N/A $4 $1 N/A N/A 11/08/17 WorkWave Industrial & Financial Systems SaaS Transportation / Logistics N/A $37 N/A N/A N/A 11/08/17 Sonian Barracuda Networks SaaS Governance, Risk, & Compliance N/A $25 N/A N/A N/A 11/08/17 Motion Math Curriculum Associates SaaS Education N/A N/A N/A N/A N/A 11/08/17 Emagine International Mahindra Comviva SaaS Advertising and Marketing N/A N/A N/A N/A N/A 11/07/17 Vault Acorns SaaS Fintech N/A N/A N/A N/A N/A 11/07/17 LabSpot Shore Technologies SaaS Education N/A N/A N/A N/A N/A 11/07/17 Giaran Shiseido Americas On Premise Augmented & Virtual Reality N/A N/A N/A N/A N/A 11/07/17 Evercondo Frontstep SaaS Travel / Hospitality N/A N/A N/A N/A N/A 11/07/17 Bytronics IRTH Solutions On Premise CRM N/A N/A N/A N/A N/A 11/06/17 Zyme E2open On Premise Supply Chain $100 N/A N/A N/A N/A 11/06/17 SurfEasy Symantec SaaS Security / Storage $39 N/A N/A N/A N/A 11/06/17 Eg Solutions Verint Systems On Premise Human Capital $35 N/A N/A N/A N/A 11/06/17 Swng Technologies Microsoft SaaS Video Management N/A N/A N/A N/A N/A 11/06/17 MDDX Research & Informatics Bioclinica SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 11/06/17 Console Connect PCCW Global SaaS Systems / Network N/A N/A N/A N/A N/A 11/03/17 Earnest Navient SaaS Fintech $155 N/A N/A N/A N/A 11/03/17 Metamarkets Snap SaaS Advertising and Marketing N/A $10 N/A N/A N/A 11/03/17 Evertoon Niantic SaaS Video Management N/A N/A N/A N/A N/A 11/02/17 WebLink MemberClicks SaaS Business Software N/A N/A N/A N/A N/A





11/02/17 VeloCloud VMware SaaS Hosting / Data Center N/A N/A N/A N/A N/A 11/02/17 Tribe PeopleVine SaaS Business Software N/A N/A N/A N/A N/A 11/02/17 Silexx Financial Systems Cboe Global Markets On Premise Fintech N/A N/A N/A N/A N/A 11/02/17 Microsigns InVue On Premise Retail Software N/A N/A N/A N/A N/A 11/02/17 HoldingsInsight Dynamo Software On Premise Fintech N/A N/A N/A N/A N/A 11/02/17 Geopointe LevelEleven On Premise Mapping / Tracking N/A $4 N/A N/A N/A 11/02/17 Closely ThriveHive On Premise Advertising and Marketing N/A N/A N/A N/A N/A 11/02/17 Auguri Element Data On Premise Development N/A N/A N/A N/A N/A 11/01/17 ZirMed Navicure SaaS Accounting / ERP $750 N/A N/A N/A N/A 11/01/17 Sumotext IMImobile On Premise Advertising and Marketing $6 N/A N/A N/A N/A 11/01/17 Securus Technologies Platinum Equity SaaS Law Enforcement $1,500 N/A N/A N/A N/A 11/01/17 Wun Systems Yardi Systems On Premise Human Capital N/A $5 N/A N/A N/A 11/01/17 Wex Fuel Management PDI Software On Premise Supply Chain N/A $8 N/A N/A N/A 11/01/17 TIBCO Data Virtualization TIBCO Software On Premise Systems / Network N/A $40 N/A N/A N/A 11/01/17 EcaTS West On Premise Law Enforcement N/A N/A N/A N/A N/A 11/01/17 BuilderFusion GrowthZone On Premise Business Software N/A N/A N/A N/A N/A 11/01/17 Agronomic Technology Yara International SaaS Mapping / Tracking N/A N/A N/A N/A N/A 11/01/17 Acquisio Web.com Group SaaS Business Intelligence N/A N/A N/A N/A N/A 10/31/17 TeleSign BICS SaaS Telecommunications $230 $100 N/A 2.3x N/A 10/31/17 Symantec (Website Security Business) DigiCert SaaS Security / Storage $950 $400 N/A 2.4x N/A 10/31/17 Digital Barriers (Video Business) Volpi Capital On Premise Video Management $36 $19 ($22) 1.9x N/M 10/31/17 Vivocha Covisian SaaS CRM N/A $1 N/A N/A N/A 10/31/17 Modestspark SS&C Technologies SaaS CRM N/A N/A N/A N/A N/A 10/31/17 ID Business Solutions Danaher SaaS Development N/A $41 $4 N/A N/A 10/31/17 Connection Point Technology Connect Assist SaaS CRM N/A N/A N/A N/A N/A 10/31/17 Comodo Group Francisco Partners On Premise Security / Storage N/A N/A N/A N/A N/A 10/31/17 Applied Voice & Speech Technologies XMedius Solutions SaaS Telecommunications N/A $23 N/A N/A N/A 10/31/17 9Lenses CEB, Kinetic Ventures, Rally Ventures SaaS Business Software N/A N/A N/A N/A N/A 10/30/17 Data Transfer Solutions SNC-Lavalin Group On Premise Mapping / Tracking $45 N/A N/A N/A N/A 10/30/17 SchoolMint Hero K12 SaaS Education N/A N/A N/A N/A N/A 10/30/17 MCR Systems Jonas Software On Premise Retail Software N/A N/A N/A N/A N/A 10/30/17 Aspect Enterprise Solutions ION Trading SaaS Oil & Gas N/A $25 $1 N/A N/A 10/27/17 Genband Ribbon Communications On Premise Telecommunications $745 $427 N/A 1.7x N/A 10/27/17 TrackurStaff Tabu Equity Investments SaaS Human Capital N/A N/A N/A N/A N/A 10/27/17 Princeton Lightwave Ford On Premise Mapping / Tracking N/A N/A N/A N/A N/A 10/27/17 Payline Data Pineapple Payments SaaS Fintech N/A $7 N/A N/A N/A 10/27/17 InfiniteKey DENSO On Premise Transportation / Logistics N/A N/A N/A N/A N/A 10/27/17 Directworks Ivalua SaaS Supply Chain N/A $0.01 N/A N/A N/A 10/27/17 Bet Buddy Playtech On Premise Business Intelligence N/A N/A N/A N/A N/A 10/26/17 Syscon Justice Systems N. Harris Computer On Premise Law Enforcement N/A $25 N/A N/A N/A 10/26/17 ServiceTick Davies Group SaaS CRM N/A N/A N/A N/A N/A 10/26/17 Logi Analytics Marlin Equity Partners SaaS Development N/A $4 N/A N/A N/A 10/26/17 Intac International Davisware On Premise Business Software N/A N/A N/A N/A N/A 10/26/17 Exactor Intuit SaaS Accounting / ERP N/A N/A N/A N/A N/A 10/26/17 Dashboard Dealership Enterprises CDK Global On Premise Business Intelligence N/A N/A N/A N/A N/A





10/25/17 Nik Software DxO Labs On Premise Video Management N/A N/A N/A N/A N/A 10/25/17 Car Mercial Team Velocity Marketing SaaS Video Management N/A N/A N/A N/A N/A 10/25/17 Brand AI InVisionApp SaaS Content / Document Management N/A N/A N/A N/A N/A 10/24/17 WhiteBox Learning Flinn Scientific SaaS Education N/A N/A N/A N/A N/A 10/24/17 mProve Health Bracket SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 10/24/17 eVestment Alliance NASDAQ SaaS Business Intelligence N/A $79 N/A N/A N/A 10/24/17 Congregation Connect Togetherwork On Premise Business Software N/A N/A N/A N/A N/A 10/24/17 Chaverware Togetherwork On Premise Business Software N/A N/A N/A N/A N/A 10/23/17 PEX Software RealPage SaaS Travel / Hospitality $6 N/A N/A N/A N/A 10/23/17 K12 Enterprise Sylogist On Premise Education $6 N/A N/A N/A N/A 10/23/17 BroadSoft Cisco Systems SaaS Systems / Network $1,529 $362 $27 4.2x N/M 10/23/17 Mast Mobile Hearsay Systems SaaS CRM N/A N/A N/A N/A N/A 10/23/17 Arimo Panasonic On Premise Business Intelligence N/A N/A N/A N/A N/A 10/21/17 Quixey Samsung SaaS Business Software N/A N/A N/A N/A N/A 10/20/17 Morphick Orchard Holdings Group On Premise Security / Storage N/A N/A N/A N/A N/A 10/19/17 Topspin Security General Dynamics Fidelis Cybersecurity SolutionsOn Premise Security / Storage N/A N/A N/A N/A N/A 10/19/17 Perspica Cisco Systems SaaS Business Intelligence N/A N/A N/A N/A N/A 10/19/17 Binary Office InStream (US) On Premise Business Software N/A N/A N/A N/A N/A 10/18/17 RiskVision Resolver On Premise Governance, Risk, & Compliance N/A $6 N/A N/A N/A 10/18/17 Pivotstream TABS Analytics On Premise Business Intelligence N/A N/A N/A N/A N/A 10/18/17 Livestream Vimeo SaaS Video Management N/A $25 N/A N/A N/A 10/18/17 KyleBrush Adobe SaaS Content / Document Management N/A N/A N/A N/A N/A 10/18/17 Kuhcoon adHawk SaaS Advertising and Marketing N/A N/A N/A N/A N/A 10/17/17 WePay J.P. Morgan SaaS Fintech $350 N/A N/A N/A N/A 10/17/17 SignalSense Splunk SaaS Security / Storage N/A N/A N/A N/A N/A 10/17/17 eCondoSystems MRI Software SaaS Travel / Hospitality N/A N/A N/A N/A N/A 10/17/17 Deep Relevance Coupa Software SaaS Security / Storage N/A N/A N/A N/A N/A 10/17/17 Clearlogin Evolve IP SaaS Security / Storage N/A N/A N/A N/A N/A 10/17/17 Agility Multichannel Magnitude Software On Premise Ecommerce N/A N/A N/A N/A N/A 10/16/17 RISA Technologies Nemetschek Group On Premise CAD / CAM $25 $8 N/A 3.3x N/A 10/16/17 Resource Connect SmartTrans On Premise Human Capital $13 $6 N/A 2.3x N/A 10/16/17 Paradigm Emerson SaaS Oil & Gas $510 N/A $39 N/A 13.0x10/16/17 Trigger Finance Circle Internet Financial On Premise Fintech N/A N/A N/A N/A N/A 10/16/17 SeatAdvisor PatronManager SaaS Business Software N/A $3 N/A N/A N/A 10/16/17 Real Magnet Higher Logic SaaS Advertising and Marketing N/A N/A N/A N/A N/A 10/16/17 reach | influence Inmar On Premise Business Software N/A $1 N/A N/A N/A 10/16/17 Instanet Solutions Lone Wolf Technologies SaaS Content / Document Management N/A N/A N/A N/A N/A 10/16/17 Informz Higher Logic On Premise Advertising and Marketing N/A $14 N/A N/A N/A 10/16/17 HAB MRI Software On Premise Travel / Hospitality N/A N/A N/A N/A N/A 10/13/17 SilverSiphon Zillionize SaaS Integration / Middleware N/A N/A N/A N/A N/A 10/13/17 Publicité Illico Hodes Cegid Group SaaS Human Capital N/A N/A N/A N/A N/A 10/12/17 Upstream Tech Natel Energy On Premise Oil & Gas N/A N/A N/A N/A N/A 10/12/17 Nominum Akamai Technologies On Premise Systems / Network N/A N/A N/A N/A N/A 10/12/17 BCC Software Abacus Finance Group, Thompson Street On Premise Business Software N/A $31 N/A N/A N/A 10/11/17 Tea Leaves Health Welltok SaaS Healthcare / Biotechnology $83 N/A N/A N/A N/A





10/11/17 WorkFlex Solutions NICE Systems On Premise Business Software N/A N/A N/A N/A N/A 10/11/17 WiredScore Bessemer Venture Partners On Premise Travel / Hospitality N/A N/A N/A N/A N/A 10/11/17 HR360 Zywave SaaS Human Capital N/A N/A N/A N/A N/A 10/11/17 HireBar RIVS SaaS Human Capital N/A N/A N/A N/A N/A 10/11/17 Buzzsumo Brandwatch SaaS Advertising and Marketing N/A N/A N/A N/A N/A 10/11/17 AnchorOps FastPay Partners SaaS Fintech N/A N/A N/A N/A N/A 10/10/17 MaxPoint Interactive Valassis Communications On Premise Advertising and Marketing $79 $144 ($3) 0.5x N/M 10/10/17 Capshare Solium Capital SaaS Fintech $14 N/A N/A N/A N/A 10/10/17 Tenmast Software MRI Software On Premise Travel / Hospitality N/A $8 N/A N/A N/A 10/10/17 Relay Media Alphabet SaaS Content / Document Management N/A N/A N/A N/A N/A 10/10/17 ReadyCart Grapevine SaaS Ecommerce N/A N/A N/A N/A N/A 10/10/17 Neurensic Trading Technologies International SaaS Governance, Risk, & Compliance N/A $0.3 N/A N/A N/A 10/10/17 GeoFields Emerson On Premise Oil & Gas N/A N/A N/A N/A N/A 10/10/17 Emma Insight Venture Partners SaaS Advertising and Marketing N/A $20 N/A N/A N/A 10/10/17 Carena Avizia SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 10/09/17 Reapit Accel-KKR On Premise Business Software $66 $12 N/A 5.6x N/A 10/09/17 Got.Law Digitaltown SaaS Business Software $1 N/A N/A N/A N/A 10/09/17 Verba Technologies Verint Systems SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 10/09/17 Silverback Social PerformLine SaaS Advertising and Marketing N/A N/A N/A N/A N/A 10/09/17 Rocana Splunk SaaS Business Intelligence N/A N/A N/A N/A N/A 10/09/17 NGA Human Resources (UK) Bain Capital On Premise Human Capital N/A N/A N/A N/A N/A 10/09/17 DRB Systems New Mountain Capital On Premise Retail Software N/A N/A N/A N/A N/A 10/06/17 Intelligent Ultrasound MedaPhor On Premise Healthcare / Biotechnology $5 N/A N/A N/A N/A 10/06/17 Greenstream Aida Minerals SaaS Blockchain N/A N/A N/A N/A N/A 10/06/17 Ernest Moneyfarm SaaS Fintech N/A N/A N/A N/A N/A 10/05/17 Verve.ai Jones Media SaaS Business Intelligence N/A N/A N/A N/A N/A 10/05/17 ParentMail IRIS Software Group SaaS Education N/A N/A N/A N/A N/A 10/05/17 e-Quantum DemandBridge On Premise 01/00/1900 N/A N/A N/A N/A N/A 10/05/17 Clinical Computing Constellation Software SaaS Healthcare / Biotechnology N/A $2 ($0.4) N/A N/A 10/05/17 AgSolver EFC Systems On Premise Business Software N/A N/A N/A N/A N/A 10/04/17 Vendman Systems Vianet Group On Premise Business Software $6 $2 N/A 2.4x N/A 10/04/17 Smoothwall Tenzing Private Equity SaaS Security / Storage N/A $16 N/A N/A N/A 10/04/17 Qube Global Software MRI Software On Premise Travel / Hospitality N/A $31 $6 N/A N/A 10/04/17 IGC Software Updater On Premise Business Software N/A N/A N/A N/A N/A 10/04/17 Datagenic DrillingInfo On Premise Oil & Gas N/A N/A N/A N/A N/A 10/04/17 BehaviorMatrix Element Data On Premise Advertising and Marketing N/A N/A N/A N/A N/A 10/04/17 Asset Controls Updater On Premise Supply Chain N/A N/A N/A N/A N/A 10/03/17 Body Labs Amazon.com On Premise CAD / CAM $60 N/A N/A N/A N/A 10/03/17 UnStock Slidely SaaS Video Management N/A N/A N/A N/A N/A 10/03/17 Showroom Logic Purecars SaaS Business Software N/A $34 N/A N/A N/A 10/03/17 Jive-x Aurea Software SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 10/03/17 FedBid Compusearch Software Systems SaaS Business Software N/A N/A N/A N/A N/A 10/03/17 AltSpaceVR Microsoft SaaS Augmented & Virtual Reality N/A N/A N/A N/A N/A 10/03/17 Visual IQ The Nielsen Company SaaS Advertising and Marketing N/A N/A N/A N/A N/A 10/02/17 Velocify Ellie Mae SaaS Advertising and Marketing $128 $45 N/A $3 N/A





10/02/17 Newgistics Pitney Bowes SaaS Retail Software $475 N/A N/A N/A N/A 10/02/17 SkySlope Fidelity National Financial SaaS Travel / Hospitality N/A N/A N/A N/A N/A 10/02/17 Programming Plus NexGenCAM On Premise CAD / CAM N/A N/A N/A N/A N/A 10/02/17 OpenDSP Social Reality On Premise Advertising and Marketing N/A N/A N/A N/A N/A 10/02/17 Edumate Volaris Group On Premise Education N/A N/A N/A N/A N/A 10/02/17 eBureau TransUnion SaaS Business Intelligence N/A N/A N/A N/A N/A 10/02/17 Dynamo Software Francisco Partners SaaS Business Software N/A N/A N/A N/A N/A 10/01/17 Cyence Guidewire Software On Premise Business Intelligence $275 N/A N/A N/A N/A

Software Median $90 $25 $5 2.7x 15.1x

Software Mean $300 $127 $38 3.8x 18.1x


Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”).Source: Capital IQ and Pitchbook as of 12/31/2017

Software IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on

FileCompany EV IPO Amount Raised Market Cap EV / Rev

EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

IPO Raise

Follow On

Price

IPO to

Price Chg

Primary

Shares

Software11/17/17 28 SailPoint $664 $240 $904 4.4x NM 57% 44% ($137) $12 100% $15 26% NA NA NA NA NA NA11/15/17 28 SendGrid 654 131 785 6.8 NM 64% 34% 37 16 100% 26 60% NA NA NA NA NA NA11/01/17 33 Altair Engineering 259 156 415 0.8 10.0 6% 12% (68) 13 100% 27 105% NA NA NA NA NA NA10/27/17 25 ForeScout 698 116 814 4.2 NM 32% 51% 50 22 100% 31 39% NA NA NA NA NA NA10/19/17 28 MongoDB 1,194 192 1,386 11.8 NM 55% NM 69 24 100% 29 20% NA NA NA NA NA NA06/30/17 29 Tintri 156 60 216 1.2 NM 54% NM (20) 7 100% 6 (18%) NA NA NA NA NA NA06/07/17 69 SST 87 31 118 5.1 NM 44% 36% (11) 11 100% 16 43% NA NA NA NA NA NA05/25/17 97 Appian 680 75 755 5.0 NM 22% 24% 15 12 100% 32 166% NA NA NA NA NA NA05/12/17 58 Veritone 176 38 213 17.7 NM (29%) 53% (7) 15 100% 23 55% NA NA NA NA NA NA04/28/17 28 Cloudera 1,936 225 2,161 7.4 NM 57% 39% 74 15 100% 17 15% NA NA NA NA NA NA04/13/17 31 Yext 997 133 1,129 8.0 NM 38% 37% 19 11 100% 11 4% NA NA NA NA NA NA04/07/17 25 Okta 1,546 187 1,733 9.6 NM 87% 58% 23 17 100% 26 55% NA NA NA NA NA NA03/24/17 28 Alteryx 819 126 945 9.5 NM 59% 50% 31 14 100% 27 90% NA NA NA NA NA NA03/17/17 28 MuleSoft 2,553 221 2,774 13.6 NM 70% 55% 35 17 100% 25 47% NA NA NA NA NA NA10/28/16 28 BlackLine 768 146 914 6.8 NM 117% 9% (46) 17 100% 34 103% 26 126 86% 31 (14%) 8%10/06/16 28 Coupa Software 917 133 1,051 8.4 NM 115% 20% 80 18 100% 32 79% NA NA NA NA NA NA09/30/16 283 Nutanix 2,279 238 2,517 5.1 NM 84% 70% 26 16 100% 37 133% NA NA NA NA NA NA09/22/16 27 Apptio 578 96 674 4.0 NM 34% 11% 23 16 100% 24 48% NA NA NA NA NA NA09/23/16 28 Gridsum 317 87 405 6.9 NM 129% 22% 16 13 100% 11 (16%) NA NA NA NA NA NA09/16/16 28 Everbridge 224 90 314 3.3 NM 58% 14% (14) 12 83% 31 156% 21 74 82% 20 (18%) 92%07/29/16 31 Talend 409 95 503 4.6 NM 42% 18% (4) 18 100% 40 124% NA NA NA NA NA NA04/22/16 127 SecureWorks 1,017 112 1,129 3.0 NM 30% 26% 5 14 100% 9 (36%) NA NA NA NA NA NA12/10/15 76 Atlassian 4,239 462 4,701 12.0 NM 64% 28% 208 21 100% 53 151% NA NA NA NA NA NA11/19/15 36 Square 2,869 243 3,112 2.5 NM 107% NM 174 9 95% 41 354% NA NA NA NA NA NA11/13/15 35 Instructure 393 70 464 6.0 NM 150% 11% 32 16 100% 34 111% NA NA NA NA NA NA10/14/15 86 First Data 11,673 2,560 14,233 1.0 4.4 3% 1% (20,809) 16 100% 17 8% NA NA NA NA NA NA07/16/15 35 Rapid7 550 103 653 6.0 NM 53% NM 10 16 100% 20 26% NA NA NA NA NA NA06/25/15 38 AppFolio 325 74 399 6.0 18.3 102% NM 2 12 100% 41 242% NA NA NA NA NA NA06/18/15 38 Mindbody 368 100 468 4.8 NM 102% NM 5 14 100% 32 131% 526 123 123% 28 23% 100%05/21/15 36 Shopify 1,369 131 1,500 11.1 NM 57% NM (13) 17 100% 111 554% 273 330 252% 38 152% 100%01/22/15 304 Box 1,658 175 1,833 8.6 NM 146% 55% 125 14 100% 21 50% NA NA NA NA NA NAMedian 31 $698 $131 $904 6.0x 10.0x 57% 31% $16 100% 55% 150 $124 104% $30 4% 96%Mean 58 $1,367 $221 $1,588 6.6x 10.9x 65% 32% ($647) 99% 94% 212 $163 136% $29 36% 75%



Internet IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

IPO Raise

Follow On

Price

IPO to

Price Chg

Primary

Shares

Internet and Digital Media03/02/17 28 Snap $15,653 $3,400 $19,053 NM NM 590% 95% $150 $17 72% 14 (17%) NA NA NA NA NA NA12/16/16 32 Trivago 3,442 287 3,729 4.5 NM 86% 63% 5 11 69% 7 (34%) NA NA NA NA NA NA09/21/16 30 The Trade Desk 604 84 688 4.1 9.1 234% 29% (20) 18 100% 47 163% 64 252 300% 52 200% NA07/14/16 34 LINE 5,974 699 6,673 5.3 22.1 38% 15% 5 32 100% 47 48% NA NA NA NA NA NA06/23/16 28 Twilio 1,245 150 1,395 6.5 NM 117% 40% 103 15 100% 26 72% NA NA NA NA NA NA12/18/15 32 Yirendai 1,020 75 1,095 6.5 NM 4919% 183% 20 10 0% 43 328% NA NA NA NA NA NA11/19/15 34 Match Group 23 400 423 0.0 0.1 24% 23% 97 12 100% 32 169% NA NA NA NA NA NA05/20/15 33 Baozun Commerce 1,348 110 1,458 4.7 NM 17% NM 28 10 100% 35 249% 386 81 74% 12 (26%) NA04/08/15 89 Beijing Wo Wo Group Information Technology Company2,999 40 3,039 NM NM NM NM 0 10 100% 1 (89%) NA NA NA NA NA NA04/01/15 296 GoDaddy 1,662 460 2,122 1.2 6.0 21% 15% (1,221) 20 100% 51 156% 704 1,067 232% 32 132% 2%Median 33 $1,505 $219 $1,790 4.6x 7.5x 86% 35% $12 100% 114% 386 $252 232% $32 132% 2%Mean 64 $3,397 $571 $3,968 4.1x 9.3x 672% 58% ($83) 84% 104% 385 $467 202% $32 102% 2%



Hardware & Tech-Enabled Services IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

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Hardware & Tech-Enabled Services09/28/17 27 Roku $1,303 $219 $1,523 3.3x NM 25% 54% $20 $14 57% $45 220% NA NA NA NA NA NA05/24/17 26 Smart Modular Technologies 181 58 239 0.3 2.1 (3%) 19% (192) 11 100% 36 223% NA NA NA NA NA NA11/01/16 28 GDS Services 7,333 193 7,526 NM NM 92% 3% (470) 10 100% 25 152% NA NA NA NA NA NA10/28/16 29 Quantenna Communications 500 107 607 4.3 NM 75% 9% 11 16 100% 13 (16%) NA NA NA NA NA NA08/12/16 28 Airgain 50 12 62 1.5 19.4 35% 25% 2 8 100% 9 17% (61) 40 333% 18 233% 57%07/08/16 241 Monster Digital 24 9 33 3.1 NM (28%) NM (5) 5 100% 1 (88%) NA NA NA NA NA NA11/18/15 33 Mimecast 503 78 581 3.9 NM 45% 9% 24 10 100% 33 228% NA NA NA NA NA NA10/08/15 62 CPI Card Group 398 173 570 1.1 18.8 113% 1% (411) 10 100% 3 (66%) NA NA NA NA NA NA10/07/15 56 Pure Storage 3,468 425 3,893 12.7 NM 541% 57% 128 17 100% 16 (3%) NA NA NA NA NA NA06/26/15 35 Alarm.com 571 98 669 3.2 13.8 36% 11% 32 14 100% 36 159% NA NA NA NA NA NA06/18/15 42 Fitbit 3,981 732 4,713 4.1 NM 259% NM 78 20 61% 6 (72%) (33) 493 67% 29 (33%) NA05/19/15 147 Black Knight Financial Services 1,130 441 1,571 1.3 2.6 5745% NM (2,079) 25 100% 49 98% NA NA NA NA NA NA03/25/15 35 Solaredge Technologies 651 126 777 3.0 7.9 173% NM 19 18 100% 37 107% NA NA NA NA NA NAMedian 35 $571 $126 $669 3.2x 10.9x 75% 11% $11 100% 98% (47) $266 200% $24 100% 57%Mean 61 $1,546 $205 $1,751 3.5x 10.8x 547% 21% ($219) 94% 74% (47) $266 200% $24 100% 57%



Public Company ValuationPrice 52-Wk EV / Revenue EV / EBITDA P / E 52 Week

Company 12/31/17 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2 LTM FY+1 FY+2

CRMSalesforce $102.23 94% $73,841 $72,380 7.3x 6.9x 5.8x NM 31.9x 25.8x NM 76.9x 59.4xZendesk 33.84 95% 3,435 3,208 8.1 5.8 4.5 NM NM NM NM NM NM HubSpot 88.40 95% 3,304 3,105 9.0 6.6 5.4 NM NM NM NM NM 113.3Five9 24.88 96% 1,385 1,367 7.2 5.9 5.0 NM NM 45.3 NM NM 103.7LivePerson 11.50 77% 685 630 2.9 2.7 2.5 NM 28.5 21.8 NM 109.5 69.7Median 95% $3,304 $3,105 7.3x 5.9x 5.0x NM 30.2x 25.8x NM 93.2x 86.7xMean 92% $16,530 $16,138 6.9x 5.6x 4.6x NM 30.2x 30.9x NM 93.2x 86.5x

Accounting / ERPOracle $47.28 90% $195,720 $185,241 4.8x 4.7x 4.5x 11.9x 9.9x 9.5x 19.7x 16.1x 14.9xInternational Business Machines 153.42 84% 142,035 176,276 2.2 2.2 2.2 10.4 8.8 9.1 12.8 11.1 10.7SAP 111.56 95% 133,719 135,920 5.3 4.5 4.3 20.1 13.2 12.4 32.6 17.5 15.6Intuit 157.78 98% 40,336 40,434 7.7 7.1 6.5 24.6 18.8 17.1 41.2 31.7 28.1Sage Group 10.72 99% 11,596 12,688 5.8 4.9 4.6 23.6 16.8 15.6 NM 23.4 21.5BlackLine 32.80 83% 1,736 1,627 10.0 7.2 5.7 NM NM NM NM NM NM Coupa Software 31.22 85% 1,719 1,499 8.8 8.3 6.7 NM NM NM 56.8 NM NM Qad 38.85 97% 722 596 2.0 2.0 1.9 NM 40.3 30.9 NM 117.7 111.0Upland Software 21.66 86% 450 489 5.5 4.0 3.8 NM 11.3 10.4 NM 16.8 18.5American Software 11.63 90% 351 270 2.6 2.5 2.3 8.5 14.0 12.4 19.4 33.2 29.1Median 90% $6,666 $7,158 5.4x 4.6x 4.4x 16.0x 13.6x 12.4x 26.1x 20.4x 20.0xMean 91% $52,839 $55,504 5.5x 4.7x 4.2x 16.5x 16.6x 14.7x 30.4x 33.4x 31.2x

Supply Chain ManagementSAP $111.56 95% $133,719 $135,920 5.3x 4.5x 4.3x 20.1x 13.2x 12.4x 32.6x 17.5x 15.6xDassault Systemes 105.76 97% 26,929 24,824 7.0 NM NM 26.0 NM NM 53.1 NM NM PTC 60.77 91% 7,057 7,471 6.4 6.1 5.5 NM 25.1 20.4 NM 46.0 30.7Aspen Technology 66.20 96% 4,802 4,883 10.1 9.9 9.4 22.5 20.6 19.1 30.8 32.9 30.5Manhattan Associates 49.54 90% 3,415 3,285 5.5 5.9 5.8 16.7 22.6 21.1 28.5 38.7 37.2Descartes Systems Group 28.44 92% 2,183 2,205 9.7 9.3 8.2 30.9 27.4 23.6 83.6 27.1 23.9Basware 56.71 100% 814 843 5.1 4.4 4.0 NM NM 37.6 NM NM 131.8Median 95% $4,802 $4,883 6.4x 6.0x 5.7x 22.5x 22.6x 20.7x 32.6x 32.9x 30.6xMean 94% $25,560 $25,633 7.0x 6.7x 6.2x 23.2x 21.8x 22.4x 45.7x 32.4x 45.0x



Public Company Valuation (cont.)Price 52-Wk EV / Revenue EV / EBITDA P / E 52 Week


Human Capital ManagementPaychex $68.08 97% $24,453 $24,248 7.5x 7.2x 6.8x 17.1x 16.6x 15.5x 29.1x 28.4x 24.0xWorkday 101.74 88% 21,365 19,628 9.8 9.2 7.4 NM NM 43.9 NM 104.2 88.9Ultimate Software Group 218.23 94% 6,520 6,391 7.1 5.7 4.8 NM 23.2 19.0 NM 48.1 39.8Paycom Software 80.33 94% 4,680 4,648 11.4 8.6 6.9 NM 27.7 21.9 75.1 52.6 41.2Paylocity 47.16 88% 2,477 2,379 7.6 6.4 5.3 NM 31.9 24.9 NM 55.5 43.3Cornerstone OnDemand 35.33 81% 2,046 1,983 4.3 4.0 3.6 NM 21.7 17.6 NM 46.5 29.6CallidusCloud 28.65 95% 1,951 1,775 7.4 5.9 4.9 NM 36.7 27.7 NM 57.3 39.5Median 94% $4,680 $4,648 7.5x 6.4x 5.3x 17.1x 25.4x 21.9x 52.1x 52.6x 39.8xMean 91% $9,070 $8,722 7.9x 6.7x 5.7x 17.1x 26.3x 24.4x 52.1x 56.1x 43.7x

Knowledge / Content ManagementAdobe Systems $175.24 95% $86,089 $82,609 12.0x 9.5x 8.1x 36.1x 21.2x 17.7x 54.3x 31.7x 26.1xVeriSign 114.44 98% 11,280 11,321 9.8 9.4 9.0 15.1 13.1 12.1 25.3 26.9 24.3Akamai Technologies 65.04 91% 11,002 10,907 4.4 4.0 3.7 14.1 11.3 9.9 38.7 24.8 21.2OpenText 35.58 100% 9,445 11,839 4.9 4.4 4.2 15.5 12.1 11.3 84.7 14.3 13.1SDL 5.90 68% 485 459 1.3 1.1 1.1 17.2 10.1 9.4 NM 17.7 16.0MobileIron 3.90 59% 375 292 1.7 1.6 1.4 NM NM NM NM NM NM Brightcove 7.10 78% 246 224 1.5 1.3 1.3 NM 41.8 41.8 NM NM NM Median 91% $9,445 $10,907 4.4x 4.0x 3.7x 15.5x 12.6x 11.7x 46.5x 24.8x 21.2xMean 84% $16,989 $16,807 5.1x 4.5x 4.1x 19.6x 18.3x 17.0x 50.7x 23.1x 20.1x

Business IntelligenceInternational Business Machines $153.42 84% $142,035 $176,276 2.2x 2.2x 2.2x 10.4x 8.8x 9.1x 12.8x 11.1x 10.7xConstellation Software 606.36 99% 12,850 12,749 5.4 4.5 3.9 22.4 17.0 14.9 60.8 23.6 20.1NICE Systems 91.91 100% 5,608 5,679 4.5 3.9 3.7 20.8 13.7 12.5 61.7 20.6 18.6Tableau Software 69.20 84% 5,518 4,575 5.2 4.9 4.4 NM NM 41.3 NM NM NM Nuance 16.35 84% 4,746 6,519 3.4 3.2 3.1 24.6 10.6 9.9 NM 14.8 14.0Teradata 38.46 98% 4,654 4,355 2.0 2.0 2.0 18.5 11.6 11.4 75.4 26.9 25.6DST Systems 62.07 99% 3,738 4,242 2.1 1.9 1.9 6.4 8.7 7.7 9.4 17.3 15.3Pegasystems 47.15 74% 3,671 3,477 4.3 3.9 3.4 NM 31.0 23.4 81.3 57.5 41.7Verint Systems 41.85 94% 2,669 3,129 2.8 2.7 2.6 22.9 12.4 10.5 NM 15.2 13.8Progress Software 42.57 100% 2,035 1,967 4.9 4.9 4.8 NM 10.2 10.2 NM 18.2 17.5MicroStrategy 131.30 64% 1,503 857 1.7 1.7 1.7 8.3 12.5 12.6 20.0 44.7 48.2Talend 37.48 84% 1,092 998 7.3 5.2 3.9 NM NM NM NM NM NM Workiva 21.40 93% 897 839 4.2 3.6 3.1 NM NM NM NM NM NM Median 93% $3,738 $4,242 4.2x 3.6x 3.1x 19.6x 12.0x 11.4x 60.8x 19.4x 18.1xMean 89% $14,694 $17,359 3.9x 3.4x 3.1x 16.8x 13.6x 14.9x 45.9x 25.0x 22.5x





Systems / Network ManagementVMware $125.32 97% $50,521 $44,036 6.2x 5.6x 5.1x 24.9x 15.0x 13.7x 44.4x 24.4x 22.5xServiceNow 130.39 100% 22,518 22,003 12.4 8.8 6.8 NM 34.7 24.1 NM 72.0 47.9L3 Technologies 197.85 99% 15,460 18,436 1.7 1.8 1.8 16.2 13.6 12.7 26.7 22.1 19.9CA 33.28 93% 13,929 13,892 3.4 3.3 3.2 10.0 8.7 8.4 19.1 13.5 13.0Citrix Systems 88.00 99% 13,259 13,172 3.8 4.6 4.5 14.6 13.9 13.4 29.0 18.3 16.1Splunk 82.84 98% 11,718 10,660 9.2 8.6 6.9 NM NM NM NM 145.3 101.0LogMeIn 114.50 91% 6,032 5,756 7.2 5.0 4.7 41.2 13.1 12.0 NM 23.6 20.5NetScout Systems 30.45 79% 2,653 2,646 2.4 2.6 2.6 13.9 12.1 12.7 NM 21.9 18.3Median 98% $13,594 $13,532 5.0x 4.8x 4.6x 15.4x 13.6x 12.7x 27.9x 22.8x 20.2xMean 95% $17,012 $16,325 5.8x 5.0x 4.4x 20.1x 15.9x 13.9x 29.8x 42.6x 32.4x

Security / StorageSymantec $28.06 82% $17,397 $21,580 4.7x 4.3x 4.2x NM 8.7x 8.1x NM 16.7x 14.8xCheck Point Software Technologies 103.62 87% 17,198 15,688 8.5 7.9 7.5 17.6 14.4 13.4 21.7 18.1 16.6NetApp 55.32 94% 14,759 11,932 2.1 2.1 2.0 11.7 9.0 8.5 23.2 16.7 15.4Palo Alto Networks 144.94 92% 13,318 12,346 6.6 5.7 4.8 NM 22.6 18.0 NM 42.8 34.9Fortinet 43.69 97% 7,598 6,322 4.4 3.7 3.3 38.1 17.2 14.3 89.2 36.7 30.6Proofpoint 88.81 92% 3,982 3,903 8.2 5.8 4.6 NM 43.3 30.1 NM 87.1 58.4Box 21.12 89% 2,875 2,787 5.8 5.5 4.5 NM NM NM NM NM NM FireEye 14.20 79% 2,621 2,512 3.4 3.1 2.9 NM 23.2 17.1 NM NM 95.9CommVault Systems 52.50 83% 2,425 1,944 2.9 2.7 2.5 NM 20.6 16.8 NM 47.7 41.3Qualys 59.35 96% 2,251 1,948 8.8 7.3 6.2 35.3 19.6 17.1 50.3 50.7 44.0Barracuda Networks 27.50 99% 1,476 1,269 3.5 3.4 3.1 39.8 17.9 15.1 NM 36.2 31.1CyberArk 41.39 75% 1,425 1,251 5.1 4.1 3.5 42.6 17.5 14.0 62.7 31.6 25.1Imperva 39.70 77% 1,350 1,007 3.3 2.7 2.3 46.2 18.5 13.5 136.9 39.5 31.9Everbridge 29.72 100% 840 792 8.2 6.1 4.9 NM NM NM NM NM NM SecureWorks 8.87 70% 719 619 1.3 1.3 1.2 NM NM NM NM NM NM Carbonite 25.10 97% 701 692 3.0 2.6 2.4 NM 11.7 9.4 NM 24.6 20.1Vasco Data Security International 13.90 89% 558 400 2.1 1.9 1.8 21.4 19.5 14.4 65.3 35.6 30.9NQ Mobile 4.02 91% 373 659 1.9 NM NM NM NM NM NM NM NM Zix 4.38 66% 244 211 3.3 3.0 3.0 14.6 9.7 9.7 33.7 13.3 13.3Median 89% $2,251 $1,944 3.5x 3.5x 3.2x 35.3x 17.9x 14.3x 56.5x 35.9x 30.9xMean 87% $4,848 $4,624 4.6x 4.1x 3.6x 29.7x 18.2x 14.6x 60.4x 35.5x 33.6x





Application InfrastructureMicrosoft $85.54 98% $659,906 $612,678 6.6x 5.8x 5.3x 17.7x 14.4x 12.9x 29.9x 25.2x 22.6xOracle 47.28 90% 195,720 185,241 4.8 4.7 4.5 11.9 9.9 9.5 19.7 16.1 14.9International Business Machines 153.42 84% 142,035 176,276 2.2 2.2 2.2 10.4 8.8 9.1 12.8 11.1 10.7Hewlett Packard Enterprise 14.36 96% 22,888 27,380 1.0 0.9 0.9 8.4 5.1 4.8 68.4 12.2 11.3Red Hat 120.10 93% 21,258 20,356 7.7 7.0 6.1 42.1 25.7 22.3 70.6 41.7 36.4Atlassian 45.52 86% 10,474 9,861 14.6 11.7 9.1 NM 40.8 33.6 NM 96.9 73.4Nutanix 35.28 96% 5,660 5,294 6.0 4.8 4.1 NM NM NM NM NM NM Software 55.70 99% 4,120 4,068 4.2 3.7 3.5 14.7 11.7 10.7 26.6 17.7 16.4New Relic 57.77 96% 3,181 2,953 9.6 8.5 6.7 NM NM NM NM NM NM Progress Software 42.57 100% 2,035 1,967 4.9 4.9 4.8 NM 10.2 10.2 NM 18.2 17.5Globant 46.46 98% 1,631 1,596 4.1 3.3 2.7 39.2 18.9 16.1 56.7 29.7 23.8Hortonworks 20.11 96% 1,418 1,355 5.7 4.2 3.4 NM 21.1 11.8 NM NM NM Apptio 23.52 97% 950 814 4.5 3.8 3.3 NM NM 47.2 NM NM 127.1The Rubicon Project 1.87 21% 93 (46) NM NM NM 0.4 1.7 1.7 NM NM NM Median 96% $4,890 $4,681 4.9x 4.7x 4.1x 13.3x 11.7x 11.3x 29.9x 18.2x 20.1xMean 89% $76,526 $74,985 5.8x 5.0x 4.4x 18.1x 15.3x 15.8x 40.7x 29.9x 35.4x

Financial TechnologyFiserv $131.13 99% $27,327 $32,113 5.7x 5.3x 5.1x 16.8x 14.7x 13.8x 30.6x 22.9x 20.5xFirst Data 16.71 88% 13,724 34,737 2.9 2.7 2.6 13.0 10.6 9.9 21.7 10.7 9.8Square 34.67 71% 13,472 12,958 6.3 10.2 8.0 NM NM 32.2 NM 77.0 48.2MSCI 126.54 98% 11,397 12,676 10.3 9.0 8.3 20.1 16.9 15.3 37.5 27.6 23.2Jack Henry and Associates 116.96 99% 9,033 8,929 6.2 5.9 5.6 17.5 16.9 16.0 36.7 35.4 32.9FactSet Research Systems 192.76 94% 7,539 7,539 8.1 5.6 5.3 25.4 16.3 15.2 39.5 23.1 21.0Guidewire Software 74.26 90% 5,696 5,135 9.7 8.1 6.8 NM 42.1 32.2 NM 84.0 63.2Fair Isaac 153.20 97% 4,595 5,094 5.5 5.1 4.8 23.9 19.8 17.2 36.8 28.1 23.7DST Systems 62.07 99% 3,738 4,242 2.1 1.9 1.9 6.4 8.7 7.7 9.4 17.3 15.3Ellie Mae 89.40 78% 3,088 2,721 6.8 5.5 4.6 29.2 20.5 15.5 56.6 55.4 40.3ACI Worldwide 22.67 92% 2,688 3,312 3.2 3.1 3.0 16.7 12.1 11.5 66.7 38.4 32.4Ebix 79.25 97% 2,493 2,775 8.2 6.6 5.7 22.7 18.0 16.3 25.5 22.4 18.6Envestnet 49.85 92% 2,209 2,420 3.7 3.1 2.7 NM 15.2 12.6 NM 30.1 23.8Q2 Holdings 36.85 84% 1,536 1,447 7.8 6.0 4.9 NM NM 45.9 NM NM 97.0Bottomline Technologies 34.68 97% 1,404 1,463 4.1 3.9 3.6 48.9 17.1 14.6 NM 32.1 27.3Median 94% $4,595 $5,094 6.2x 5.5x 4.9x 20.1x 16.9x 15.3x 36.7x 29.1x 23.8xMean 92% $7,329 $9,171 6.0x 5.5x 4.8x 21.9x 17.6x 18.4x 36.1x 36.0x 33.1x

Healthcare IT / Life Sciences SoftwareCerner $67.39 92% $22,401 $22,084 4.3x 4.0x 3.6x 14.5x 12.1x 11.0x 33.2x 25.9x 23.2xVeeva Systems 55.28 83% 7,813 7,055 10.8 10.4 8.8 42.2 31.1 27.2 59.4 60.7 55.3Athenahealth 133.04 85% 5,324 5,478 4.6 4.1 3.7 29.3 16.1 13.9 NM 46.7 38.3Medidata Solutions 63.37 77% 3,705 3,581 6.8 5.6 4.7 41.3 21.6 18.3 85.6 43.4 35.2CompuGroup Medical 65.32 96% 3,248 3,620 5.6 3.8 4.3 25.3 14.7 16.4 74.0 21.1 24.0Allscripts 14.55 98% 2,629 3,982 3.3 1.9 1.8 37.5 9.3 8.7 NM 19.4 16.5Quality Systems 13.58 77% 865 893 1.7 1.7 1.6 11.7 11.0 10.0 30.9 20.0 18.9HealthStream 23.16 75% 739 615 2.5 2.3 2.2 17.9 14.4 13.2 128.7 77.2 69.1Cegedim 39.61 99% 552 792 1.6 1.4 1.3 11.9 8.3 7.1 NM 15.6 12.1Castlight Health 3.75 75% 502 420 3.4 2.6 2.2 NM NM 33.9 NM NM 75.0Median 84% $2,939 $3,601 3.9x 3.2x 2.9x 25.3x 14.4x 13.6x 66.7x 25.9x 29.6xMean 86% $4,778 $4,852 4.5x 3.8x 3.4x 25.7x 15.4x 16.0x 68.6x 36.7x 36.8x



Public Company Operating MetricsPrice 52-Wk Revenue Growth EBITDA Margin 52 Week

Company 12/31/17 High Mkt Cap EV LTM FY+1 FY+2 LTM FY+1 FY+2

CRMSalesforce $102.23 94% $73,841 $72,380 33% 24% 20% 9% 22% 22%Zendesk 33.84 95% 3,435 3,208 38% 77% 28% (20%) 5% 6%HubSpot 88.40 95% 3,304 3,105 40% 74% 22% (9%) 7% 10%Five9 24.88 96% 1,385 1,367 23% 42% 18% 2% 10% 11%LivePerson 11.50 77% 685 630 (4%) 5% 10% (1%) 9% 11%Median 95% $3,304 $3,105 33% 42% 20% (1%) 9% 11%Mean 92% $16,530 $16,138 26% 45% 20% (4%) 11% 12%

Accounting / ERPOracle $47.28 90% $195,720 $185,241 5% 6% 4% 40% 47% 47%International Business Machines 153.42 84% 142,035 176,276 (2%) (2%) (0%) 22% 25% 25%SAP 111.56 95% 133,719 135,920 7% 23% 6% 26% 34% 35%Intuit 157.78 98% 40,336 40,434 13% 10% 10% 31% 38% 38%Sage Group 10.72 99% 11,596 12,688 6% 18% 8% 25% 29% 29%BlackLine 32.80 83% 1,736 1,627 44% 83% 28% (17%) 5% 5%Coupa Software 31.22 85% 1,719 1,499 56% 36% 24% (20%) (7%) (4%)Qad 38.85 97% 722 596 9% 8% 5% 3% 5% 6%Upland Software 21.66 86% 450 489 23% 62% 6% 1% 36% 36%American Software 11.63 90% 351 270 (6%) 2% 8% 30% 18% 19%Median 90% $6,666 $7,158 8% 14% 7% 23% 27% 27%Mean 91% $52,839 $55,504 15% 25% 10% 14% 23% 24%

Supply Chain ManagementSAP $111.56 95% $133,719 $135,920 7% 23% 6% 26% 34% 35%Dassault Systemes 105.76 97% 26,929 24,824 7% NA NA 27% NM NM PTC 60.77 91% 7,057 7,471 2% 6% 10% 11% 24% 27%Aspen Technology 66.20 96% 4,802 4,883 3% 2% 5% 45% 48% 49%Manhattan Associates 49.54 90% 3,415 3,285 (0%) (7%) 1% 33% 26% 28%Descartes Systems Group 28.44 92% 2,183 2,205 16% 16% 13% 31% 34% 35%Basware 56.71 100% 814 843 1% 15% 10% (2%) 7% 11%Median 95% $4,802 $4,883 3% 11% 8% 27% 30% 31%Mean 94% $25,560 $25,633 5% 9% 8% 24% 29% 31%



Public Company Operating Metrics (cont.)Price 52-Wk Revenue Growth EBITDA Margin 52 Week


Human Capital ManagementPaychex $68.08 97% $24,453 $24,248 7% 6% 6% 44% 44% 44%Workday 101.74 88% 21,365 19,628 48% 36% 25% (10%) 16% 17%Ultimate Software Group 218.23 94% 6,520 6,391 21% 42% 19% 8% 25% 26%Paycom Software 80.33 94% 4,680 4,648 33% 64% 24% 22% 31% 32%Paylocity 47.16 88% 2,477 2,379 26% 25% 22% 9% 20% 21%Cornerstone OnDemand 35.33 81% 2,046 1,983 12% 18% 11% (5%) 18% 20%CallidusCloud 28.65 95% 1,951 1,775 21% 45% 21% (1%) 16% 18%Median 94% $4,680 $4,648 21% 36% 21% 8% 20% 21%Mean 91% $9,070 $8,722 24% 34% 18% 10% 24% 25%

Knowledge / Content ManagementAdobe Systems $175.24 95% $86,089 $82,609 24% 20% 17% 33% 45% 46%VeriSign 114.44 98% 11,280 11,321 2% 6% 4% 65% 72% 74%Akamai Technologies 65.04 91% 11,002 10,907 7% 15% 9% 31% 36% 37%OpenText 35.58 100% 9,445 11,839 30% 18% 3% 31% 36% 37%SDL 5.90 68% 485 459 (2%) 14% 5% 7% 11% 11%MobileIron 3.90 59% 375 292 7% 14% 9% (31%) (6%) (2%)Brightcove 7.10 78% 246 224 5% 11% 0% (9%) 3% 3%Median 91% $9,445 $10,907 7% 14% 5% 31% 36% 37%Mean 84% $16,989 $16,807 10% 14% 7% 18% 28% 30%

Business IntelligenceInternational Business Machines $153.42 84% $142,035 $176,276 (2%) (2%) (0%) 22% 25% 25%Constellation Software 606.36 99% 12,850 12,749 14% 32% 15% 24% 27% 26%NICE Systems 91.91 100% 5,608 5,679 31% 42% 6% 22% 29% 30%Tableau Software 69.20 84% 5,518 4,575 13% 14% 10% (12%) 8% 11%Nuance 16.35 84% 4,746 6,519 (0%) 6% 4% 14% 30% 31%Teradata 38.46 98% 4,654 4,355 (11%) (6%) 1% 11% 17% 17%DST Systems 62.07 99% 3,738 4,242 69% 40% 4% 33% 22% 24%Pegasystems 47.15 74% 3,671 3,477 6% 20% 14% 7% 12% 14%Verint Systems 41.85 94% 2,669 3,129 4% 7% 7% 12% 22% 24%Progress Software 42.57 100% 2,035 1,967 (0%) NA 1% 5% 48% 48%MicroStrategy 131.30 64% 1,503 857 (2%) (2%) (1%) 20% 14% 14%Talend 37.48 84% 1,092 998 43% 82% 33% (15%) (1%) 4%Workiva 21.40 93% 897 839 16% 32% 14% (16%) (6%) (2%)Median 93% $3,738 $4,242 6% 17% 6% 12% 22% 24%Mean 89% $14,694 $17,359 14% 22% 8% 10% 19% 20%





Systems / Network ManagementVMware $125.32 97% $50,521 $44,036 2% 11% 10% 25% 37% 37%ServiceNow 130.39 100% 22,518 22,003 37% 81% 29% (0%) 25% 28%L3 Technologies 197.85 99% 15,460 18,436 6% (5%) 5% 10% 14% 14%CA 33.28 93% 13,929 13,892 0% 5% 1% 34% 38% 39%Citrix Systems 88.00 99% 13,259 13,172 19% (16%) 3% 26% 33% 33%Splunk 82.84 98% 11,718 10,660 46% 31% 25% (23%) 12% 13%LogMeIn 114.50 91% 6,032 5,756 147% 240% 6% 17% 39% 40%NetScout Systems 30.45 79% 2,653 2,646 (3%) (12%) 1% 17% 21% 20%Median 98% $13,594 $13,532 13% 8% 6% 17% 29% 31%Mean 95% $17,012 $16,325 32% 42% 10% 13% 27% 28%

Security / StorageSymantec $28.06 82% $17,397 $21,580 25% 26% 3% 9% 49% 51%Check Point Software Technologies 103.62 87% 17,198 15,688 7% 13% 7% 48% 55% 56%NetApp 55.32 94% 14,759 11,932 2% 5% 3% 18% 23% 23%Palo Alto Networks 144.94 92% 13,318 12,346 36% 23% 19% (6%) 25% 27%Fortinet 43.69 97% 7,598 6,322 19% 33% 13% 12% 22% 23%Proofpoint 88.81 92% 3,982 3,903 39% 78% 26% (7%) 13% 15%Box 21.12 89% 2,875 2,787 37% 27% 23% (25%) (4%) 4%FireEye 14.20 79% 2,621 2,512 3% 12% 9% (19%) 14% 17%CommVault Systems 52.50 83% 2,425 1,944 6% 9% 10% 1% 13% 15%Qualys 59.35 96% 2,251 1,948 16% 35% 16% 25% 37% 37%Barracuda Networks 27.50 99% 1,476 1,269 8% 7% 8% 9% 19% 21%CyberArk 41.39 75% 1,425 1,251 21% 41% 17% 12% 23% 25%Imperva 39.70 77% 1,350 1,007 19% 43% 16% 7% 14% 17%Everbridge 29.72 100% 840 792 34% 70% 24% (7%) 3% 5%SecureWorks 8.87 70% 719 619 21% 8% 8% (6%) (5%) (2%)Carbonite 25.10 97% 701 692 23% 30% 8% 3% 22% 25%Vasco Data Security International 13.90 89% 558 400 (5%) 7% 7% 10% 10% 13%NQ Mobile 4.02 91% 373 659 102% NA NA (63%) NM NM Zix 4.38 66% 244 211 9% 18% 0% 22% 31% 31%Median 89% $2,251 $1,944 19% 24% 10% 7% 20% 22%Mean 87% $4,848 $4,624 22% 27% 12% 2% 20% 22%





Application InfrastructureMicrosoft $85.54 98% $659,906 $612,678 7% 18% 9% 37% 40% 41%Oracle 47.28 90% 195,720 185,241 5% 6% 4% 40% 47% 47%International Business Machines 153.42 84% 142,035 176,276 (2%) (2%) (0%) 22% 25% 25%Hewlett Packard Enterprise 14.36 96% 22,888 27,380 34% 2% (0%) 11% 19% 20%Red Hat 120.10 93% 21,258 20,356 18% 21% 15% 18% 27% 27%Atlassian 45.52 86% 10,474 9,861 38% 36% 28% (1%) 29% 27%Nutanix 35.28 96% 5,660 5,294 97% 43% 18% (35%) (4%) 4%Software 55.70 99% 4,120 4,068 0% 14% 4% 29% 32% 33%New Relic 57.77 96% 3,181 2,953 38% 32% 27% (13%) 3% 9%Progress Software 42.57 100% 2,035 1,967 (0%) NA 1% 5% 48% 48%Globant 46.46 98% 1,631 1,596 25% 52% 19% 11% 17% 17%Hortonworks 20.11 96% 1,418 1,355 41% 76% 25% (85%) 20% 28%Apptio 23.52 97% 950 814 19% 34% 16% (12%) 3% 7%The Rubicon Project 1.87 21% 93 (46) (34%) (63%) 16% (57%) (26%) (23%)Median 96% $4,890 $4,681 19% 21% 15% 8% 23% 26%Mean 89% $76,526 $74,985 20% 21% 13% (2%) 20% 22%

Financial TechnologyFiserv $131.13 99% $27,327 $32,113 3% 9% 5% 34% 36% 37%First Data 16.71 88% 13,724 34,737 2% 9% 4% 23% 26% 26%Square 34.67 71% 13,472 12,958 26% (26%) 28% (1%) 19% 25%MSCI 126.54 98% 11,397 12,676 9% 23% 9% 51% 53% 54%Jack Henry and Associates 116.96 99% 9,033 8,929 5% 5% 6% 35% 35% 35%FactSet Research Systems 192.76 94% 7,539 7,539 (17%) 11% 6% 32% 34% 35%Guidewire Software 74.26 90% 5,696 5,135 24% 24% 18% 7% 19% 21%Fair Isaac 153.20 97% 4,595 5,094 6% 7% 7% 23% 26% 28%DST Systems 62.07 99% 3,738 4,242 69% 40% 4% 33% 22% 24%Ellie Mae 89.40 78% 3,088 2,721 22% 37% 21% 23% 27% 29%ACI Worldwide 22.67 92% 2,688 3,312 7% 5% 3% 19% 26% 26%Ebix 79.25 97% 2,493 2,775 18% 42% 15% 36% 36% 35%Envestnet 49.85 92% 2,209 2,420 21% 36% 15% 7% 20% 21%Q2 Holdings 36.85 84% 1,536 1,447 33% 59% 24% (7%) 8% 11%Bottomline Technologies 34.68 97% 1,404 1,463 4% 7% 9% 8% 23% 24%Median 94% $4,595 $5,094 9% 11% 9% 23% 26% 26%Mean 92% $7,329 $9,171 15% 19% 12% 21% 27% 29%

Healthcare IT / Life Sciences SoftwareCerner $67.39 92% $22,401 $22,084 8% 16% 9% 30% 33% 33%Veeva Systems 55.28 83% 7,813 7,055 38% 25% 18% 26% 33% 32%Athenahealth 133.04 85% 5,324 5,478 12% 24% 11% 16% 25% 26%Medidata Solutions 63.37 77% 3,705 3,581 21% 38% 18% 16% 26% 26%CompuGroup Medical 65.32 96% 3,248 3,620 4% 51% (12%) 22% 26% 26%Allscripts 14.55 98% 2,629 3,982 18% 96% 6% 9% 20% 20%Quality Systems 13.58 77% 865 893 6% 3% 3% 15% 15% 16%HealthStream 23.16 75% 739 615 9% 17% 5% 14% 16% 17%Cegedim 39.61 99% 552 792 0% 20% 6% 14% 16% 18%Castlight Health 3.75 75% 502 420 34% 59% 21% (45%) (4%) 6%Median 84% $2,939 $3,601 11% 24% 8% 15% 23% 23%Mean 86% $4,778 $4,852 15% 35% 8% 12% 21% 22%


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