public company analytics recent m&a transactions recent financings january 2009

Public Company AnalyticsRecent M&A Transactions

Recent Financings

January 2009

Software Review2

Likely impacts of Obama administration in the technology sector

The Obama administration has discussed plans to stimulate the economy with a trillion dollar economic stimulus package. President-elect Barack Obama plans to revive the economy by investing in infrastructure projects aimed at creating a path for long-term sustainable economic growth which will likely involve everything from infrastructure projects such as improving bridges, roads and energy efficiency, providing broader access to broadband internet, increased education spending, and likely healthcare reform. The list of technology initiatives in the stimulus plan include investments in electronic information technology systems for lowering health care costs, investments in climate-friendly energy development and deployment technologies, investments in modern next-generation communications infrastructure (3G, WiMax, etc.), emphasis and investments in clean energy and lastly, modernization of public safety networks across the United States.

The new administration has historically been a big advocate of net-neutrality and strongly believes in preserving the benefits of open competition on Internet. Such an open-internet policy will solidify free usage of the Web by Internet application companies such as eBay, Microsoft, Yahoo and Amazon while curtailing plans of implementing Quality of Service (QoS) controls by ISPs such as AT&T, Comcast and Verizon. Additionally, Obama’s team has discussed plans to substantially increase federal funding targeted towards special initiatives, such as infrastructure investments focused on fostering competitive markets for broadband access and services by promoting next-generation technologies and applications, and providing improved usage of nation’s wireless spectrum. Additional significant initiatives include $150 billion earmarked for clean energy programs and another $50 billion for the healthcare information technology industry.

Obama’s administration has discussed that sustained growth requires successful healthcare reform, and as such, we believe that healthcare technology and healthcare IT could be amongst the first beneficiaries of these suggested reforms. Obama’s $10 billion per year investment for next 5 years would likely provide the long overdue revamp of health care IT systems including large scale implementations of electronic medical record (EMR) systems to replace paper based medical record systems. Such investments would boost demand for additional related solutions from enterprise content management (ECM) vendors such as EMC, Vignette, IBM, Interwoven, and others, perhaps database management system (DBMS) vendors such as Oracle, IBM and Microsoft, as well as business process management (BPM) vendors such as ILOG, TIBCO and Pegasystems. Along with IT majors, we expect to see growth opportunities for companies currently developing and selling medical record software that include large companies such as McKesson and EPIC, as well as smaller companies such as recently funded Ethidium Health Systems, MedSeek, as well as open source EMR provider MedSphere Systems. Furthermore, healthcare software space has been further highlighted in the news by the entry of vendors such as Google and Microsoft aiming to address the issue of healthcare information systems through Google Health and Microsoft HealthVault.

Software Review3

Likely impacts of Obama administration in the technology sector (Cont.)

We have recently seen the number of emerging companies in the healthcare software space mushroom over the last couple of years, developing a range of specialized and niche products to suit different types of medical practices of varying sizes and needs. Led by the potentially strong growth prospects, we expect to see the previously discussed economic stimulus and likely healthcare reform spur both funding and M&A in this arena. Some notable acquisitions in this sector during 2008 include: Eclipsys/MediNotes, Bottomline Technologies/Optio Software, McKesson/Vivalog, Portico Systems/Ethidium Health Systems, Health Systems Solutions/Emageon and Nuance/eScription. Financings of early-stage companies in healthcare software segment during 2008 include financings of: Digital Healthcare, Etransmedia Technology, Certify Data Systems, and PerGenix by VCs such as Alliance Trust Equity Partners, Noble Fund Managers, Peninsula Capital Partners and Ault Glazer.

By Matthew Raubacher & Amandeep Juneja

Software Review4

Public Company Data

* Pending acquisition

($ in millions, except per share data) StockPrice LTM Price Range Market Enterprise Rev. Growth EV / Revenue Price / EPS

Company 12/17/2008 Low High Cap. Value 2008-2009 LTM CY 2008E CY 2009E LTM CY 2008E CY 2009E

Majors

Microsoft Corporation $19.66 $17.50 $36.72 $174,886.9 $150,562.9 6.8% 2.44x 2.41x 2.25x 11.3x 10.3x 9.4xIBM Corporation 85.84 69.50 130.93 115,322.6 138,298.6 (0.2%) 1.31 1.32 1.32 11.3 9.8 9.4Google, Inc. 315.24 247.30 724.80 99,221.8 83,749.5 13.7% 4.00 3.83 3.37 24.3 16.2 14.5Hewlett-Packard Company 36.47 28.23 52.90 88,986.8 96,592.8 5.5% 0.82 0.79 0.75 13.1 9.9 9.3Oracle Corporation 16.74 15.00 23.62 86,285.7 84,501.7 6.0% 3.64 3.53 3.33 16.8 12.0 11.0SAP AG 35.12 29.90 58.21 41,689.5 39,314.9 4.7% 2.47 2.35 2.24 15.2 13.7 12.5EMC Corporation 10.99 8.25 20.19 22,427.8 18,480.6 3.4% 1.26 1.25 1.20 17.3 14.1 13.6Yahoo!, Inc. 13.11 8.94 30.25 18,193.0 12,370.5 1.0% 1.71 2.29 2.27 24.4 32.0 29.1Sun Microsystems, Inc. 4.19 2.60 21.55 3,094.7 1,059.7 (7.8%) 0.08 0.08 0.09 10.6 NM NM

Mean 1.97x 1.98x 1.93x 16.0x 14.7x 13.6xMedian 1.71x 2.29x 2.24x 15.2x 12.8x 11.8x

Subscription / On DemandSalesforce.com $33.18 $20.82 $75.21 $4,048.0 $3,242.8 25.0% 3.23x 3.02x 2.42x 79.7x NM 65.1xConcur Technologies, Inc. 30.98 19.52 50.00 1,512.4 1,247.5 27.7% 5.79 5.56 4.35 NM 50.0 38.7Blackboard, Inc. 25.92 19.36 45.00 812.6 856.7 19.4% 2.95 2.75 2.31 NM 34.6 21.1Phase Forward, Inc. 13.60 9.01 25.04 583.3 403.9 23.7% 2.53 2.40 1.94 41.0 27.8 22.3NetSuite, Inc. 7.67 5.43 45.98 466.6 334.2 24.1% 2.34 2.19 1.76 NM NM NMVocus, Inc. 18.05 12.90 41.50 343.3 254.1 21.0% 3.47 3.28 2.71 NM 23.8 25.4Rightnow Technologies, Inc. 8.20 5.02 19.14 274.7 177.2 14.8% 1.31 1.25 1.09 NM NM 58.6DemandTec, Inc. 8.47 5.77 20.55 233.9 155.5 16.0% 2.22 2.13 1.84 NM 60.5 47.1


CRMSalesforce.com $33.18 $20.82 $75.21 $4,048.0 $3,242.8 25.0% 3.23x 3.02x 2.42x 79.7x NM 65.1xRightnow Technologies, Inc. 8.20 5.02 19.14 274.7 177.2 14.8% 1.31 1.25 1.09 NM NM 58.6Chordiant Software, Inc. 2.76 2.01 10.49 83.0 27.5 NA 0.24 NA NA NM NM NMBroadVision, Inc. 10.80 9.00 50.25 47.4 (15.1) NA NM NA NA 5.8 NM NMKANA Software, Inc. 0.72 0.46 2.75 29.7 32.0 7.4% 0.46 0.46 0.43 NM 9.0 6.0


Supply Chain / LogisticsJDA Software Group, Inc. $13.00 $10.07 $22.23 $404.0 $403.7 2.7% 1.06x 1.05x 1.03x 15.1x 9.0x 7.9xManhattan Associates, Inc. 14.63 13.66 27.72 351.7 259.7 (0.3%) 0.75 0.76 0.76 11.8 10.5 10.5Descartes Systems Group, Inc. 2.92 2.07 3.72 154.8 101.2 5.8% 1.53 1.51 1.43 25.4 12.7 11.7I2 Technologies, Inc.* 6.14 5.71 15.94 134.0 102.9 (6.9%) 0.40 0.41 0.44 10.2 10.1 9.9Retalix, Ltd. 6.50 3.24 18.23 132.1 108.3 4.1% 0.48 0.48 0.47 NM 15.1 7.3QAD, Inc. 3.93 2.67 10.05 120.7 101.5 0.5% 0.36 0.37 0.37 NM 35.7 20.7Aldata Solution Oyj 0.54 0.50 1.83 37.1 24.8 NA 0.24 NA NA NM NA NAIBS AG 2.93 2.72 5.66 20.1 14.5 NA 0.49 NA NA 10.1 NA NA


Software Review5

Public Company Data

* Pending acquisition

($ in millions, except per share data) StockPrice LTM Price Range Market Enterprise Rev. Growth EV / Revenue Price / EPS

Company 12/17/2008 Low High Cap. Value 2008-2009 LTM CY 2008E CY 2009E LTM CY 2008E CY 2009EBusiness Analytics/ IntelligenceInformatica Corporation $13.83 $10.42 $19.31 $1,212.6 $991.3 11.2% 2.23x 2.16x 1.94x 24.4x 18.4x 16.3xMicroStrategy, Inc. 35.67 30.55 106.74 424.1 296.8 7.5% 0.79 0.82 0.76 8.7 10.7 9.7Actuate Corporation 2.94 2.20 8.13 178.0 111.8 0.1% 0.82 0.84 0.84 18.3 11.3 10.1


ERPSage Group plc $2.58 $2.21 $3.60 $3,378.7 $4,301.7 NA 1.87x NA NA 12.6x NA NALawson Software, Inc. 4.67 2.71 10.65 760.5 647.6 1.4% 0.76 0.77 0.76 18.8 15.6 12.3NetSuite, Inc. 7.67 5.43 45.98 466.6 334.2 24.1% 2.34 2.19 1.76 NM NM NMUnit 4 Agresso NV 11.17 10.01 28.32 287.2 547.9 NA 0.97 NA NA 8.5 NA NAEpicor Software Corporation* 3.88 2.91 12.65 232.5 476.5 2.2% 0.98 0.95 0.93 26.0 6.0 5.5Deltek, Inc 5.24 3.06 17.95 226.3 391.4 2.7% 1.33 1.35 1.31 9.1 7.3 7.3QAD, Inc. 3.93 2.67 10.05 120.7 101.5 0.5% 0.36 0.37 0.37 NM 35.7 20.7Callidus Software, Inc. 3.13 1.91 6.56 94.3 52.9 3.5% 0.50 0.50 0.48 NM NM NMRamco Systems, Ltd. 1.18 1.01 5.16 18.1 44.5 NA 0.95 NA NA NM NM NMSoftBrands, Inc. 0.36 0.15 2.01 15.1 55.1 4.8% 0.56 0.55 0.52 6.7 36.0 7.2


Talent ManagementSkillSoft plc $6.13 $5.27 $11.42 $623.2 $693.4 2.5% 2.13x 2.11x 2.05x 15.9x 16.6x 13.9xSuccessFactors, Inc. 6.43 4.61 15.00 360.8 259.3 39.1% 2.64 2.35 1.69 NM NM NMTaleo Corporation 7.85 5.37 34.20 230.7 183.7 24.4% 1.17 1.03 0.83 NM 12.9 9.7Kenexa Corporation 6.82 4.68 24.01 153.9 128.2 (6.5%) 0.62 0.63 0.67 7.6 5.2 6.0SumTotal Systems, Inc. 2.73 2.44 5.15 86.2 44.5 (1.4%) 0.34 0.35 0.35 NM 9.4 11.9Saba Software, Inc. 1.13 0.91 5.35 33.0 18.3 7.9% 0.17 0.17 0.16 NM 7.1 4.7


CAD/CAM/CAEDassault Systemes SA $42.88 $35.04 $63.34 $5,055.6 $4,167.0 6.7% 2.25x 2.16x 2.02x 20.0x 13.9x 13.2xAutodesk, Inc. 19.21 12.45 51.22 4,347.0 3,409.3 (8.4%) 1.41 1.44 1.58 12.9 9.9 12.1Ansys, Inc. 29.58 20.55 49.86 2,653.3 2,741.2 24.1% 6.03 5.51 4.44 26.2 17.4 15.8Parametric Technology Corporation 11.34 8.40 21.54 1,317.7 1,149.5 (0.6%) 1.07 1.06 1.07 14.5 8.5 8.4MSC Software Corporation 6.16 6.05 14.03 279.0 131.1 3.2% 0.50 0.51 0.50 NM 77.0 29.3


Content ManagementAutonomy Corporation $14.02 $11.26 $17.28 $3,021.0 $2,875.2 15.9% 6.08x 5.82x 5.02x 32.0x 21.9x 17.1xOpen Text Corporation 28.81 22.01 39.09 1,494.4 1,559.4 12.5% 2.10 2.03 1.80 27.8 13.0 11.6Interwoven, Inc. 10.77 9.67 16.01 496.5 333.6 10.2% 1.32 1.28 1.16 26.3 15.4 12.7Vignette Corporation 8.39 7.06 15.74 199.3 27.4 1.5% 0.15 0.16 0.15 NM NM NM


Software Review6

Public Company Data($ in millions, except per share data) Stock

Price LTM Price Range Market Enterprise Rev. Growth EV / Revenue Price / EPSCompany 12/17/2008 Low High Cap. Value 2008-2009 LTM CY 2008E CY 2009E LTM CY 2008E CY 2009EBPMTibco Software, Inc. $4.99 $3.45 $8.78 $896.3 $660.5 5.5% 1.02x 1.01x 0.96x 20.8x 11.3x 10.2xPegasystems, Inc. 12.49 8.73 15.10 450.0 278.6 19.1% 1.40 1.33 1.12 54.1 32.9 28.4ILOG SA 13.60 7.70 15.32 276.1 185.1 (7.7%) 1.03 0.90 0.97 52.1 18.1 71.6Handysoft Corporation 0.61 0.46 1.77 14.6 25.1 NA 0.95 NA NA NM NA NA


Security & Infrastructure ManagementSymantec Corporation $13.39 $10.05 $22.80 $11,194.2 $10,839.5 (0.3%) 1.74x 1.75x 1.75x 17.5x 9.2x 9.3xMcAfee, Inc. 32.50 24.72 40.97 4,960.8 3,594.8 12.5% 2.35 2.26 2.01 30.4 16.3 14.6BMC Software, Inc. 25.51 20.58 40.87 4,783.4 4,085.2 4.3% 2.23 2.20 2.11 17.3 11.5 10.9Novell, Inc. 3.76 2.49 7.59 1,297.4 340.2 1.3% 0.36 0.35 0.35 30.4 15.7 13.9Quest Software Inc. 12.17 10.31 18.87 1,289.0 925.2 7.2% 1.28 1.26 1.18 26.7 12.8 10.7Macrovision Solutions Corporation 11.01 8.46 26.00 1,134.0 1,676.1 10.3% 6.19 3.87 3.51 NM 14.3 8.5Double-Take Software, Inc. 7.63 5.98 25.45 167.9 100.0 10.6% 1.05 1.03 0.94 13.9 12.5 11.6


Development ToolsCA, Inc. $18.02 $12.00 $26.87 $9,339.6 $9,178.6 1.5% 2.10x 2.11x 2.08x 13.2x 12.8x 11.4xBMC Software, Inc. 25.51 20.58 40.87 4,783.4 4,085.2 4.3% 2.23 2.20 2.11 17.3 11.5 10.9Compuware Corporation 6.44 5.08 11.91 1,587.4 1,415.3 (4.5%) 1.16 1.17 1.23 11.6 10.7 9.8Quest Software, Inc. 12.17 10.31 18.87 1,289.0 925.2 7.2% 1.28 1.26 1.18 26.7 12.8 10.7Wind River Systems, Inc. 8.76 6.07 12.99 668.0 467.4 9.3% 1.31 1.28 1.17 46.6 16.8 14.4Borland Software Corporation 1.05 0.92 3.48 76.5 31.0 (3.7%) 0.13 0.16 0.17 NM NM NM


Communication SoftwareAmdocs, Ltd. $17.89 $15.62 $35.30 $3,642.8 $2,850.0 1.2% 0.90x 0.89x 0.88x 13.5x 7.8x 7.5xComverse Technology, Inc. 5.85 4.98 19.40 1,181.7 (448.7) 20.7% -0.40 -0.32 -0.27 11.8 8.7 8.5NetScout Systems, Inc. 9.85 5.69 16.05 387.5 372.1 9.2% 1.54 1.45 1.33 NM 15.4 14.1TeleCommunication Systems, Inc. 7.79 2.71 8.75 343.1 316.4 15.7% 1.78 1.56 1.34 37.1 11.5 35.4OPNET Technologies, Inc. 10.50 7.52 14.39 215.8 127.4 19.3% 1.10 1.05 0.88 NM 45.7 21.9Openwave Systems, Inc. 0.63 0.45 2.89 52.2 (71.1) (10.1%) -0.36 -0.33 -0.36 NM NM NM


EAI/ MiddlewareCitrix Systems, Inc. 24.74 19.00 39.20 4,494.0 3,814.3 8.4% 2.43 2.39 2.20 36.5 15.3 13.9Tibco Software, Inc. 4.99 3.45 8.78 896.3 660.5 5.5% 1.02 1.01 0.96 20.8 11.3 10.2Progress Software Corporation 19.69 17.20 34.00 784.1 554.0 11.0% 1.08 1.06 0.96 13.5 10.5 9.7


Software Review7

Public Company Data($ in millions, except per share data) Stock

Price LTM Price Range Market Enterprise Rev. Growth EV / Revenue Price / EPSCompany 12/17/2008 Low High Cap. Value 2008-2009 LTM CY 2008E CY 2009E LTM CY 2008E CY 2009EDatabaseIBM Corporation $85.84 $69.50 $130.93 $115,322.6 $138,298.6 (0.2%) 1.31x 1.32x 1.32x 11.3x 9.8x 9.4xOracle Corporation 16.74 15.00 23.62 86,285.7 84,501.7 6.0% 3.64 3.53 3.33 16.8 12.0 11.0Sybase, Inc. 24.01 22.20 36.99 1,946.0 1,813.3 4.0% 1.62 1.61 1.55 13.7 11.8 11.1Progress Software Corporation 19.69 17.20 34.00 784.1 554.0 11.0% 1.08 1.06 0.96 13.5 10.5 9.7ANTs software, inc. 0.36 0.27 1.40 32.6 42.1 NA 6.07 NA NA NM NM NM


OtherAdobe Systems, Inc. $21.69 $19.49 $46.44 $11,516.5 $9,812.8 (3.5%) 2.74x 2.75x 2.85x 17.1x 10.6x 11.9xIntuit, Inc. 23.19 20.18 32.16 7,422.2 7,681.9 9.4% 2.47 2.49 2.28 18.2 15.4 12.3Electronic Arts, Inc. 17.22 15.50 60.35 5,525.6 3,033.6 6.4% 0.70 0.66 0.62 NM 33.1 15.1Synopsys, Inc. 18.12 13.94 27.89 2,569.2 1,617.9 4.6% 1.21 1.19 1.14 18.4 10.7 10.2Nuance Communications, Inc. 9.78 6.18 22.50 2,352.2 2,994.2 NA 3.45 NA NA NM NM NMMentor Graphics Corporation 5.10 3.40 16.00 471.0 632.3 5.7% 0.76 0.78 0.73 67.2 13.4 7.3


Software Review8

Software Public Company DataSoftware Price Performance – One Year

One Year Relative Performance %

50

60

70

80

90

100

17-Dec-07 21-Jan-08 25-Feb-08 31-Mar-08 05-May-08 09-Jun-08 14-Jul-08 05-Aug-08 10-Sep-08 15-Oct-08 19-Nov-08

S&P Composite 1500 Software Index NASDAQ Composite S&P 500 Index

Software Review9

Recent Software M&A TransactionsAnnounced

DateAcquiror Target Target Description Enterprise

Value ($MM)EV / Revenue

LTM

12/29/2008 Sequoia Capital; Francisco Partners Management LLCDmatek Ltd. Dmatek engages in the research, development, production, and marketing of electronic monitoring systems with a focus on people-related applications worldwide.

NA NA

12/29/2008 Scan Jour AS Interse AS Interse offers iBox, which models and classifies metadata, as well as operates as metadata and free text search and navigation engine.

NA NA

12/26/2008 Nihon Kohden Corporation Neurotronics Provides sleep-disorder diagnostic software and related hardware to the healthcare sector. Software gathers and analyzes patient data and generates customized reports.

NA NA

12/24/2008 Sagem Securite SA CardBASE Technologies, Ltd. CardBASE Technologies develops multi-application smart card management solutions for government, healthcare, banking, and corporate ID markets.

$3.2 NA

12/23/2008 BDNA Corporation PS’SOFT PS’SOFT provides IT asset and service lifecycle management software solutions to large and medium-sized organizations.

NA NA

12/23/2008 MER Telemanagement Solutions, Ltd.AnchorPoint, Inc. Provides telecom expense management software and services to enterprises. Also provides related consulting and systems integration services.

NA NA

12/22/2008 Check Point Software Technologies, Ltd.Nokia Corporation, Security Appliance Business

Nokia Security Appliance Business provides purpose-built security platforms including virtual private network (VPN) and unified threat management (UTM) software.

NA NA

12/22/2008 SXC Health Solutions Corporation Zynchros, Inc. Provides formulary and Medicare Part D management software to pharmacy benefit managers (PBM) and health insurers.

NA NA

12/19/2008 Patterson Dental Supply, Inc. Dolphin Imaging & Management Solutions

Dolphin Imaging & Management Solutions' imaging software includes various modules, such as ImagingPlus to manage patient records and x-ray images and cephalometric tracing.

NA NA

12/19/2008 Trimble Navigation, Ltd. KOREC, FastMap and GeoSite Software Assets

FastMap is a software suite for GIS data collection, and maintenance. GeoSite helps in providing solutions for processing data, editing CAD files, and plotting production operations.

NA NA

12/18/2008 Dimension Data Holdings plc BlueFire BlueFire offers managed desktop, exchange, Internet, telephony, application, and security solutions, as well as provides business continuity, and email and Web filtering solutions.

NA NA

12/18/2008 Computer Sciences Corporation Log.Sec Corporation Log.Sec engages in designing, integrating, and supporting Web-enabled software applications and enterprise management systems.

NA NA

12/18/2008 Synthasite Pty, Ltd. Clickpass, Inc. Clickpass provides OpenID and authentication gateway services. NA NA

12/18/2008 Sabre Holdings Corporation EB2 International, Ltd. Provides airline booking and e-commerce software to the consumer airline industry. Software enables consumers to search for and book fares online.

NA NA

12/17/2008 ECI Partners LLP Ascribe plc Ascribe engages in the development, supply, and support of software solutions for the health market in the United Kingdom and internationally.

$55.6 1.82x

12/17/2008 Morningstar, Inc. Tenfore Systems, Ltd. Tenfore Systems provides financial market data and technology solutions to financial services communities.

$20.8 NA

12/17/2008 Rubik Financial, Ltd. Admerex, Ltd., Software Business Operations

Software Business Operations of Admerex engages in the development and maintenance of Collection System Software.

NA NA

12/17/2008 Autodesk, Inc Algor, Inc. Provides computer-aided engineering-focused design, analysis and simulation software to a broad range of industries.

$34.0 NA

12/16/2008 Fiserv, Inc. iTech Corporation Provides transaction processing, financial management, accounting, customer relationship management (CRM) and document processing software and services.

$40.0 NA

12/16/2008 Greycon Ltd. Effsys Effektiva System AB Provides manufacturing execution systems (MES) software to pulp and paper markets. NA NA

Software Review10




LTM

12/15/2008 Sercel Quest Geo Solutions, Ltd. Provides navigation, mapping and seismic survey software to oil and gas exploration markets. NA NA

12/15/2008 2DT Acquisitions Company Agistix, Inc. (certain assets) Agistix provides logistics management automation software as a service (SaaS) to businesses. NA NA

12/12/2008 Archonix Systems LLC Pamet Systems, Inc. (software and other assets)

Pamet Systems' public safety software assets provide emergency dispatch and information retrieval software to emergency response markets.

NA NA

12/11/2008 Filogix Cyence International, Inc. Provides credit lifecycle management software and software as a service (SaaS) for financial services companies in Canada, the United States and Australia.

$30.2 NA

12/10/2008 Pearson plc Fronter Provides online education and collaboration software-as-a-service (SaaS) for the education sector. NA NA

12/10/2008 Experian Group, Ltd. SearchAmerica Provides financial clearing software-as-a-service (SaaS) used by hospitals to automatically screen patients for charity, Medicaid, and other government programs.

$90.0 NA

12/10/2008 Salary.com Genesys Provides human-resource, payroll and benefits management software and software as a service (SaaS) to businesses. Also provides related outsourced managed services.

$6.8 0.90x

12/09/2008 Crossflo Systems, Inc. Verras Medical, Inc. Provides healthcare software for hospitals and physician groups which enables them to analyze the quality of care.

NA NA

12/09/2008 Agentrics Vivacadena Provides supply chain analytic and inventory management software-as-a-service (SaaS) to retailers worldwide.

NA NA

12/08/2008 CSG Systems International, Inc. Quaero Corporation Provides marketing automation CRM software as a service (SaaS) to businesses. $15.0 1.20x

12/08/2008 Scarab Consulting World Document Solutions [fka World Copy]

Provides Web-based e-discovery and litigation support software to attorneys and law firms in New York.

NA NA

12/08/2008 Micro Focus International plc Relativity Technologies, Inc. Provides enterprise application modernization and application portfolio management software for corporations.

$9.7 NA

12/04/2008 HumanConcepts Taleo Corporation (Optimize software assets)

Taleo's Optimize software assets, which provide workforce separation management software to businesses.

NA NA

12/03/2008 PlanSource Instant Benefits Network Provides Web-based HR benefits administration software as a service (SaaS) to brokers who provide services to small and medium-sized enterprises.

NA NA

12/03/2008 Intuit, Inc. Entellium Corporation (certain assets)

Certain assets of Entellium, which provides customer relationship management (CRM) software as a service (SaaS) to businesses.

$7.7 NA

12/03/2008 Research In Motion Certicom Corporation Provides cryptographic software to semiconductor and government markets. $53.2 2.60x

12/02/2008 Autodesk, Inc. Logimetrix, Inc. (iLogic software and related technology)

Logimetrix's iLogic software provides 3D-based mechanical computer aided design (CAD) software to the engineering industry.

NA NA

12/02/2008 Stats LLC SportVu Provides optical tracking, automated ID, motion capture and enhancement software to sports broadcasters on television, the Web and mobile devices.

NA NA

12/01/2008 ESI Group Procelerate Technologies, Inc. (Vdot software assets)

Procelerate Technologies Inc's Vdot software assets, which includes the Vdot process management software platform for businesses.

NA NA

12/01/2008 Acumium LLC Netconcepts (GravityMarket software)

Netconcepts' GravityMarket software provides retail store management and e-commerce software to businesses, includes search engine optimization (SEO) functionality.

NA NA

Software Review11




LTM

12/01/2008 Six Apart, Ltd. Pownce Provides downloadable and Web-based social software that allows users to share links, events, files and messages.

NA NA

12/01/2008 FeedRoom ClearStory Systems [fka INSCI Corp]

Provides digital asset management (DAM) software and software as a service (SaaS) to businesses.

NA NA

11/29/2008 Fujifilm Medical Systems USA, Inc. Empiric Systems LLC Provides Web-based medical imaging and health information software as a service (SaaS) to radiology medical professionals.

NA NA

11/25/2008 Acclivity LLC MYOB US, Inc. Provides accounting and management software to businesses. NA NA

11/25/2008 Archer Entertainment Media Communications, Inc.

Ubroadcast, Inc. Provides Internet radio broadcasting software to consumers. Also allows consumers to listen to streaming Internet radio broadcasts via a downloadable application.

NA NA

11/24/2008 Data-Vision, Inc. Netupdate, Inc. [Most Home Corporation]

Provides mortgage origination and underwriting software as a service (SaaS) to mortgage lenders. NA NA

11/24/2008 Twitter, Inc. Values of n, Inc. Develops Web-based personal productivity and collaboration software for consumers. NA NA

11/24/2008 Insurance Services Office (ISO) Atmospheric and Environmental Research, Inc.

Provides Web-based weather forecasts and climate prediction and weather forecasting software used for risk assessment by the military and energy and insurance industries.

NA NA

11/21/2008 Toshiba Medical Systems Corporation

Barco NV (Advanced Visual Imaging System Division)

Barco's advanced visual imaging system division provides 3D visualization software to medical markets, featuring MPR/ MIP rendering and live image captures.

NA NA

11/21/2008 Mediware Information Systems, Inc. Hanns On Software, Inc. Provides pharmacy and medication management software to medical markets. $3.5 NA

11/20/2008 WebVisible, Inc. Adapt Technologies, Inc. Provides Web-based pay-per-click (PPC) management software as a service (SaaS), enabling management of online marketing campaigns conducted through search engines.

NA NA

11/19/2008 Raritan Computer, Inc Nassoura Technology Associates LLC

Nassoura Technology's infrastructure management visualization software enables the gathering, measuring, monitoring and analysis of environmental indicators for data centers.

NA NA

11/18/2008 Chi-X Global, Inc. Cicada Corporation Provides financial and trading data management and regulatory compliance software to financial markets.

NA NA

11/18/2008 Lefebvre Software AS Group Provides corporate performance management software to businesses, includes consolidation and group performance reporting, financial reporting and planning functionality.

NA NA

11/17/2008 Dolphin Computer Access, Ltd. Software Express Distribution, Ltd. Provides software applications for blind and partially-sighted computer users. NA NA

11/17/2008 Coordimax Pinnacle Software Pty, Ltd. [fka Ai Software Pty Ltd]

Provides lease and facility maintenance management software to enterprises. NA NA

11/17/2008 CeWe Color Holding AG diron GmbH & Co KG Provides web-to-print automation software for photo printing enterprises. NA NA

11/14/2008 Campus ManagementCorporation [Leeds Equity Partners]

nGenera (Talisma CRM & Higher Education business unit assets)

nGenera's Talisma CRM software & Higher Education business unit assets, which include software for strategic enrollment management, student retention and student services.

NA NA

11/14/2008 DST Systems, Inc. Bluedoor Technologies Provides transaction management software to the funds management and retirement savings sector. Also provides related systems integration services.

NA NA

11/12/2008 Fixstars Corporation Terra Soft Solutions Provides YellowDog Linux operating systems for businesses. Also distributes servers with preinstalled YellowDog environment.

NA NA

Software Review12




LTM

11/12/2008 First New York Securities LLC Spartan Technologies LLC Provides a software platform for brokers and traders, enabling them to obtain electronic access to markets, real-time market information, and decision support systems.

NA NA

11/11/2008 Active Network, Inc. Automated License Systems, Inc. Provides automated hunting and fishing licensing and firearm background check software to the hunting and fishing industry.

NA NA

11/11/2008 SpringSource, Inc. [fka Interface21] G2One, Inc. Provides an open source, dynamic language with a Java-like syntax called Groovy and an open source web application framework called Grails to enterprise developers.

NA NA

11/10/2008 Satyam Computer Services, Ltd. Motorola, Inc. (Malaysian software development center)

Motorola's Malaysian software development center, which provides network management system development to enterprises.

NA NA

11/10/2008 FRSGlobal Business Objects SA [SAP AG] Business Objects SECAM+ division, which provides regulatory reporting software for the UK securities industry.

NA NA

11/10/2008 Exact Holding NV Orisoft Technology Provides workforce, payroll and employee attendance management software to businesses $4.0 NA

11/07/2008 Aristotle International CompleteCampaigns.com Provides campaign management, database, fundraising and accounting and compliance software to the political sector. Also provides campaign website design services.

NA NA

11/05/2008 InternetArray, Inc. Noobis, Inc. Develops software applications for top social networking sites like Facebook, MySpace, Bebo, LinkedIn, Orkut, Friendster and other open platform social networks.

NA NA

11/05/2008 GBST Holdings, Ltd. Coexis, Ltd. Provides transaction-processing software through its Syn~ product to the financial industry. NA NA

11/05/2008 Stewart Title Guaranty Co Canada Brief Legal Software, Inc. Brief Legal Software's Brief Convey software, which enables lawyers and notaries to process residential real estate conveyancing transactions for their clients.

NA NA

11/05/2008 West Corporation [Thomas H. Lee/ Quadrangle Group]

Positron Public Safety Systems, Inc.

Provides call handling and dispatch software to to public safety and emergency response markets. $167.0 NA

11/05/2008 Enchoice Inc. CYA Technologies, Inc. Provides business continuity, data recovery and security software to businesses. NA NA

11/04/2008 Intracom IT Services WM-data Denmark (ESKORT compliance & enforcement unit)

WM-data Denmark's ESKORT compliance & enforcement unit, which provides compliance and reporting software to taxation entities globally.

$5.7 NA

11/03/2008 SilkRoad Technology, Inc. VTN Technologies, Inc. Provides training software, including a Web-based learning environment called OlÃ©, to corporate human resources departments.

NA NA

11/03/2008 Perfect Market, Inc. MediaRiver Provides marketing software that reads the contents of a Web page and responds with relevant content and advertising to match the targeted page.

NA NA

11/03/2008 Temenos Lydian Associates, Ltd. Provides business-intelligence reporting software to the financial sector. NA NA

11/03/2008 AQS, Inc. ISO Solutions (AscendantOne Policy Management Suite)

ISO's AscendantOne Policy Management Suite, which provides a rate management software platform used by property/casualty insurers.

NA NA

11/03/2008 Vista Equity Partners Aderant Holdings, Inc. Provides practice, financial and performance management software to law firms. Also offers law firm business development software.

NA NA

11/03/2008 HID Global StepNexus Inc (.NET-based Nectar smart card technology)

StepNexus' Nectar smart card .NET technology, which includes .NET-based virtual machine software development platform.

NA NA

11/01/2008 Ebix.com [fka Delphi Information] ConfirmNet Corporation Provides software on an SaaS (software-as-a service) basis for issuing and tracking certificates of insurance for the insurance industry.

$10.5 NA

Software Review13




LTM

10/31/2008 TSYS Infonox Provides ATM payment processing software and payment software as a service (SaaS) to enable consumers to make payments at Web-kiosks and thought mobile phones.

NA NA

10/30/2008 Batrus Hollweg International Selection Services, Ltd.

Clickable Software Provides web-based hiring and applicant tracking software as a service (SaaS) to businesses. NA NA

10/30/2008 Manhattan Software Bidco MYOB, Ltd. [Acclivity] Provides ERP and accounting software to small and medium-sized businesses. Also provides payroll and retail management software.

$276.5 1.40x

10/30/2008 Nayatek BrickSimple LLC Provides software development and IT consulting services to businesses. NA NA

10/30/2008 Archer Capital Limited and HarbourVest Partners LLC

MYOB Limited MYOB develops, publishes, and provides business management software and solutions for small and medium sized businesses and for professionals in accounting practices.

$300.6 2.00x

10/28/2008 Logitech International SA SightSpeed, Inc. SightSpeed offers a suite of personal video services over the Interne. Its SightSpeed 6.0. services include video and voice over IP, voice over IP, and text messaging.

$30.0 NA

10/23/2008 Autodesk, Inc. Softimage Company Softimage develops and delivers 3D animation tools to digital artists in the games, film, and television industries.

$35.0 NA

10/23/2008 Logia Media Limited eSnips Limited. eSnips is a social sharing site where individuals and affinity groups can share interests, and promote or sell their creations online.

NA NA

10/21/2008 Hansen Technologies Limited Peace Software, Inc. Peace Software develops and supplies utility billing software for the utility clients in the United States and internationally.

NA NA

10/20/2008 Johnson Controls, Inc. Gridlogix, Inc. Gridlogix provides XML Web services based integration solutions for remote control and automation systems.

NA NA

10/20/2008 NaviMedix, Inc. Topline Solutions, Inc. Topline Solutions designs and develops Web-based payment calculation, collection, and cost estimation solutions.

NA NA

10/20/2008 Vitec Group plc Talkdynamics Technologies, Inc. Talkdynamics Technologies develops and markets Internet protocol (IP)-based intercom and video conferencing software solutions.

NA NA

10/20/2008 Grapecity Inc. Data Dynamics Limited Data Dynamics provides software tools and controls for the development of information reporting and data analysis applications.

NA NA

10/20/2008 NaviMedix, Inc. Topline Solutions, Inc. Topline Solutions Inc. offers medical billing solutions to the healthcare sector. It designs and develops Web-based payment calculation, collection, and cost estimation solutions.

NA NA

10/16/2008 Bestinver Gestion, SA Oce NV Oce provides printing and document management products and services worldwide. NA NA

10/15/2008 Sagem Securite SA Motorola, Inc., Biometric Business Unit

Motorola Biometric Business Unit designs, develops, integrates and maintains automated fingerprint identification systems ("AFIS").

NA NA

10/14/2008 Novell, Inc. Managed Objects, Inc. Managed Objects provides business service management solutions. NA NA

10/13/2008 QinetiQ Group plc Commerce Decisions, Ltd. Commerce Decisions is a technology company that provides solutions targeted at streamlining the procurement of systems, services and infrastructure.

$17.1 NA

10/13/2008 Omniture, Inc. Mercado Software, Inc., Site Search Business

Mercado Software, Site Search and Merchandising Business provides Internet search tools and merchandising solutions for the retail sector.

$6.5 NA

10/10/2008 Telerik Corporation Vanatec GmbH Vanatec develops object-relational mapping tool, Vanatec OpenAccess, which provides data access and database connections in the Microsoft .NET framework.

NA NA

Software Review14




LTM

10/09/2008 Canopy Financial, Inc. CareGain, Inc. CareGain provides application software solutions for the healthcare industry. NA NA

10/08/2008 Oracle Corporation Primavera Systems, Inc. Primavera Systems provides project, portfolio, programs, and resource management software solutions.

NA NA

10/07/2008 Sensormatic Electronics Corporation

Vue Technology, Inc. Vue Technology provides item-level radio frequency identification (RFID) solutions. $43.0 NA

10/07/2008 Comcast Media Center Radiance Technologies, Inc. Radiance Technologies develops and manages asset delivery system (ADS) software for the transmission of large multimedia files over IP networks.

$5.0 NA

10/07/2008 Kineticsware, Inc. Flintfox International, Ltd. Flintfox International develops software solutions for business productivity. NA NA

10/06/2008 eBay, Inc. Bill Me Later, Inc. Bill Me Later provides payment and marketing technology solutions to multichannel retailers. $945.0 NA

10/06/2008 Kofax plc OptiInvoice Digital Technology AB OptiInvoice Digital Technology AB develops and markets electronic invoice and other document processing software.

$16.2 NA

10/06/2008 Convergys Corporation Ceon Corporation Ceon provides product management and fulfillment software. NA NA

10/05/2008 Monster Venture Partners BitWine, Inc. BitWine provides a software platform that enables individuals to search, buy, and sell services over the Internet.

NA NA

10/03/2008 RiskMetrics Group, Inc. Applied4 Technology, Ltd. Applied4 Technology provides technology solutions in the field of investment performance measurement.

NA NA

10/01/2008 Elliott Management Corporation Epicor Software Corporation Epicor Software designs, develops, markets, and supports enterprise application software solutions and services.

$896.2 1.81x

10/01/2008 Hewlett-Packard Company LeftHand Networks, Inc. LeftHand Networks offers data storage systems and IP-based storage area networks (SAN). $360.0 NA

10/01/2008 Oracle Corporation Advanced Visual Technology, Ltd. Advanced Visual Technology provides visual space planning solution to the retail industry. NA NA

Note:Excludes transactions with known deal value < $3MMExcludes transactions in the wireless/mobile sectors

Software Review15

Recent Software FinancingsAnnounced

DateCompany Amount ($MM) Company Description Sources of Funds

12/19/2008 Infusion Software, Inc. $7.9 Infusion Software offers customer relationship management solutions. It offers Infusion CRM, a web based software, which centralizes, organizes, and automates lead generation, lead conversion, and client fulfillment for small

MDV-Mohr Davidow Ventures; vSpring Capital

12/19/2008 FreedomPay, Inc. $2.2 FreedomPay provides cashless payment solutions utilizing RFID technology to the foodservice industry.

Goldman Sachs Group, Merchant Banking Division; BlueRun Ventures; Core Capital Partners; Clarium Capital Management

12/19/2008 ONStor, Inc. NA ONStor provides Storage Area Network (SAN) file service solutions for storage area networks that consolidates, manages, and scales storage resources.

Foundation Capital; Mayfield Fund; Sand Hill Capital

12/18/2008 ExaGrid Systems, Inc. $12.0 ExaGrid Systems provides disk-based backup system with data de-duplication.

Highland Capital Partners; Sigma Partners; Lehman Brothers Venture Partners

12/18/2008 ProspX, Inc. $6.5 ProspX develops on-demand collaboration and automation solutions for producers, agencies, brokers, and carrier partners in the commercial insurance industry.

Adams Capital Management

12/18/2008 Overture Technologies $6.0 Overture Technologies develops and markets software solutions and consulting services to the mortgage and higher education markets.

The New Markets Growth Fund; CNF Investments; Capital Trust Ventures

12/18/2008 Imagination Technologies Group Plc

$4.9 Imagination Technologies develops silicon and software intellectual property (IP) for system-on-chip (SoC) devices focusing on multimedia and communication applications.

Apple, Inc.

12/17/2008 Vangard Voice Systems, Inc. $2.0 Vangard Voice Systems provides software for integrating speech into mobile, tablet, desktop, and laptop device eForm applications.

Berkshire Ventures

12/17/2008 Nayatek LLC NA Nayatek develops enterprise information management solutions that provide content archiving, compliance, and storage management functionality.

Originate Ventures

12/16/2008 JackBe Corporation $5.0 JackBe provides enterprise mashup software for government, financial services, and healthcare sectors.

Blue Chip Venture Company; Core Capital Partners; Intel Capital; Darby Technology Ventures; Harbert Venture Partners

12/16/2008 Rebit, Inc. $4.0 Rebit develops backup and recovery software for PC users. Access Venture Partners; Grotech Ventures; and Highway 12 Ventures

12/16/2008 Telepo AB $6.2 Telepo, a software company, provides enterprise mobility and converged communication solutions for businesses and service providers.

Accel Partners; Kreos Capital

12/10/2008 DecisionView Corporation NA DecisionView Corporation provides business performance optimization software for the life sciences industry.

Granite Ventures; Adobe Ventures; Aeris Capital

12/10/2008 Emotive Communications, Inc. $6.3 Emotive Communications provides interactive multimedia products and services to communication networks.

Mayfield Fund; D. E. Shaw Investment Management; Bertelsmann Digital Media Investments

12/10/2008 JasperSoft Corporation $12.5 JasperSoft provides open source business intelligence software worldwide. Adams Street Partners; Morgenthaler; Partech International; Red Hat; SAP Ventures; Doll Capital Management; Scale Venture Partners

12/05/2008 Connotate Technologies, Inc. NA Connotate Technologies provides Web-monitoring and data mining solutions. NA

12/04/2008 Entrieva, Inc. $8.8 Entrieva offers advertising software technology solutions for media channels. Redleaf Group; Lake Street Capital

12/04/2008 HammerKit Oy NA HammerKit develops an application development platform to assemble applications from software components.

Aloitusrahasto Vera

12/04/2008 Neocase Software SAS $10.0 Neocase Software provides customer service solutions for shared service centers and customer support operations to companies.

Iris Capital; Caisse des Dépôts et Consignations

Software Review16



12/03/2008 Analytix On Demand, Inc. NA Analytix On Demand develops business intelligence software for various businesses.

PEM Group

12/03/2008 CtrlS Data Centers, Ltd. $50.1 CtrlS Data Centers operates as a global service provider of data center business solutions.

NA

12/03/2008 Galbot ApS NA Galbot develops semantic auto tagging technology. EuroInvestor.com

12/01/2008 Embotics Corporation $3.2 Embotics is a virtualization lifecycle management company that focuses on management and control system for virtualized server environments.

Covington Capital Corporation; Tera Capital Corporation

12/01/2008 ExtendMedia, Inc. $10.0 ExtendMedia provides software and media services that enable content providers to create, deliver, manage, and monetize online content offerings.

Atlas Venture; TVM Capital; Venrock

12/01/2008 Viridity Software, Inc. $7.0 Viridity Software develops tools and solutions to manage and control data centers.

Battery Ventures; North Bridge Venture Partners

11/26/2008 Baofeng Wangji Technology Company

$15.0 Baofeng Wangji Technology provides video software for video broadcast clients.

Matrix Partners; IDG Technology Venture Investment

11/26/2008 Tech Media Telecom Factory SL

$5.3 Tech Media Telecom Factory develops and commercializes products and services for technology, media, and telecommunications sectors.

Sequoia Private Wealth Management

11/25/2008 Aristo Music NV $3.4 Aristo Music develops selection and distribution techniques and technologies for digital music related services.

Limburgse Reconversie Maatschappij; Baekeland Fonds; Gemma Frisius Fonds; KBC Private Equity

11/25/2008 Awarepoint Corporation $13.3 Awarepoint provides solutions that help staff in locating equipment to improve business process and customer service.

Cardinal Partners; Venrock; Avalon Ventures

11/25/2008 DotNetNuke Corporation NA DotNetNuke manages open source Web application framework for creating, deploying, and managing interactive Web, intranet, and extranet sites.

August Capital; Sierra Ventures

11/25/2008 KickApps Corporation $14.0 KickApps provides a software-as-a-service platform that hosts, manages, and delivers media and community applications for media companies.

North Atlantic Capital; Prism VentureWorks; SoftBank Capital; Spark Capital

11/24/2008 Tideway Systems, Ltd. NA Tideway Systems offers a shared platform for technologists to visualize and report on the data required to make informed decisions.

Apax Partners Worldwide; Scottish Equity Partners

11/24/2008 Zuberance, Inc. $4.0 Zuberance delivers on-demand sales acceleration solutions via software-as-a-service model.

Emergence Capital Partners

11/20/2008 Nuxeo SAS $2.6 Nuxeo develops and delivers enterprise content management (ECM) software solutions based on Java EE 5 technologies.

OTC Asset Management

11/19/2008 Finjan, Inc. $22.0 Finjan provides Web security solutions for the enterprise market. Benchmark Capital; Cisco Systems; HarbourVest Partners; Israel Seed Partners; Benhamou Global Ventures

11/19/2008 OXID eSales AG NA OXID eSales manufactures e-Commerce standard software. KfW Mittelstandsbank, Investment Arm; Mittelständische Beteiligungsgesellschaft Baden-Württemberg; LBBW Venture Capital

11/19/2008 Triopsis, Ltd. NA Triopsis designs and develops software that enables photographic business analysis systems to the retail sector.

NA

11/18/2008 AutoVirt, Inc. $4.0 AutoVirt develops solutions for data migration and file server consolidation. Sigma Partners; Kepha Partners

Software Review17



11/18/2008 Boxee TV, Ltd. $4.0 Boxee TV develops media center software, that enables its users to control media programs stored in the personal computer.

Union Square Ventures; Spark Capital

11/18/2008 Medilink-Global UK, Ltd. $3.2 Medilink provides information technology and system services to healthcare payers.

NA

11/18/2008 RollStream, Inc. $6.0 RollStream engages in the design and delivery of a communications platform that allows business owners to create business communities over Web.

Grotech Ventures; Core Capital Partners

11/18/2008 Taboola, Ltd. $4.5 Taboola provides a video discovery platform. Evergreen Venture Partners

11/17/2008 AwoX SA $5.1 AwoX provides home networking middleware and applications software for aggregation of digital content on home networks.

Innovacom; BNP Paribas Capital; Soridec, SCR; CM-CIC Capital Privé

11/15/2008 FiREapps, Inc. $7.5 FiREapps provides corporate foreign exchange (FX) and currency exposure management software.

Ignition Partners; Trilogy Equity Partners

11/13/2008 Smartesting $6.0 Smartesting designs and develops software solutions to handle certification and testing of computer applications.

Groupe Siparex; I-Source Gestion; Franche-Comté PME Gestion

11/13/2008 SoftM Software & Beratung AG $6.5 SoftM Software supplies SoftM suite system for business-critical applications to small and medium-sized businesses.

Comarch Software

11/12/2008 New Relic, Inc. $6.0 New Relic offers software and cloud services that helps developers to understand performance problems in Ruby on Rails applications.

Benchmark Capital; Trinity Ventures

11/12/2008 United Maps GmbH NA United Maps provides vectorized and navigable map data for the mapping applications with zoom levels.

Bayern Kapital Risikokapitalbeteiligungs; High-Tech Gründerfonds Management GmbH; SpaceTec Capital Partners

11/12/2008 Zywave, Inc. NA Zywave develops employee benefits, and property and casualty insurance software solutions for brokers and their clients.

Vista Equity Partners

11/11/2008 Convergin, Inc. $10.0 Convergin provides service capability interaction management telco network solutions.

Pitango Venture Capital

11/11/2008 Planet Metrics $2.3 Planet Metrics operates as a carbon information management software company.

Draper Fisher Jurvetson

11/10/2008 Tbricks AB $5.1 Tbricks provides an automated trading technology for banks, investment banks, hedge funds, and other participants on the financial markets.

DN Capital

11/09/2008 Eastern Networks BVI NA Eastern Networks provides payment and security solutions for the government and financial services industries.

International Finance Corporation

11/07/2008 Nomad NA Nomad produces language learning software. Société Financière Lorient Développement; Fonds d'Investissement de Bretagne; Bretagne Jeunes Entreprises

11/05/2008 Memento, Inc. $10.0 Memento designs enterprise fraud and compliance solutions for proactive monitoring, detection, real-time alerts, and investigation.

Rock Maple Ventures; .406 Ventures; Bain Capital Ventures

11/04/2008 Open-Xchange, Inc. $9.0 Open-Xchange provides open source email and collaboration solutions for enterprises, academic institutions, and government authorities.

eCAPITAL entrepreneurial Partners; BayBG; BayTech Venture Capital

11/03/2008 Correlix, Inc. NA Correlix develops and delivers command and control systems for enterprise computer networks.

Vernon & Park Capital

Software Review18



11/03/2008 Maxplore Technologies, Inc. $2.0 Maxplore develops and markets information technology and systems integration solutions.

Emergence Capital Partners

11/03/2008 Return Path, Inc. NA Return Path provides email performance management services to online retailers, publishers, market researchers, and catalogers.

Union Square Ventures

10/31/2008 EvoStor, Inc. $5.0 EvoStor develops storage software solutions. Hummer Winblad Venture Partners; Starfish Ventures; Southern Cross Venture Partners

10/31/2008 Initiate Systems, Inc. $5.0 Initiate Systems provides master data management (MDM) software. Sandbox Industries

10/31/2008 Metrixware $2.3 Metrixware operates as a software editor of information technology governance and application portfolio management solutions.

SG Asset Management Private Equity; CM-CIC Capital Privé

10/31/2008 Novariant, Inc. $40.0 Novariant provides precision location and machine control solutions in applications.

Clearstone Venture; Kirlan Venture; Ridgewood Capital; Sierra Ventures; Investor Growth; Pacifica Fund; Argonaut Private Equity; Yasuda Enterprise

10/31/2008 Syncplicity, Inc. $2.4 Syncplicity provides online data management that specializes in managing data and files.

True Ventures

10/30/2008 The Mechanical Zoo $6.0 Mechanical Zoo operates as a social search engine. It runs an application that helps people to tap their social circle to find information.

August Capital; Baseline Ventures

10/30/2008 FTEN, Inc. NA FTEN provides real-time risk-management trading systems. J.P. Morgan & Company; Goldman Sachs Group; Credit Suisse Group

10/28/2008 CCP Systems AG NA CCP Systems is a software company that produces software solutions for documentation and output management.

Greenwich Beteiligungen

10/27/2008 Netviewer GmbH $8.7 Netviewer supplies real-time collaboration and desktop sharing solutions. T-Venture Holding; European Founders Fund

10/23/2008 Soluto $2.3 Soluto operates as a software applications developer. Giza Venture Capital; Proxima Investments

10/22/2008 SiliconBlue Technologies Corporation

$24.0 SiliconBlue Technologies designs and develops programmable logic solutions.

New Enterprise Associates; BlueRun Ventures; CrossLink Capital

10/21/2008 Trusteer, Ltd. $6.0 Trusteer provides software security solutions to protect customers from identity theft and financial fraud.

U.S. Venture Partners

10/21/2008 Texert, Inc. $3.0 Texert provides governance, risk, and compliance solutions for corporate enterprise customers.

New Venture Partners

10/19/2008 WideOrbit, Inc. $9.5 WideOrbit provides advertising sales traffic and billing software solutions for the media industry.

Mayfield Fund; Hearst Interactive Media; Greycroft; Khosla Ventures

10/17/2008 V.i. Laboratories, Inc. $4.0 V.i. Laboratories offers software security solutions that protect against the misappropriation and theft of intellectual property.

Ascent Venture Partners; Core Capital Partners

10/14/2008 JAlbum AB $2.1 JAlbum offers Web photo album software. Nordic Venture Partners Management ApS

10/14/2008 StatPro Group plc $3.6 StatPro Group engages in the development marketing and distribution of software systems.

NA

Software Review19



10/13/2008 AdaptiveBlue, Inc. $4.5 AdaptiveBlue develops software and browser technologies. Union Square Ventures; Biltmore Ventures

10/13/2008 Blurb, Inc. $5.0 Blurb provides book publishing solutions. Anthem Venture Partners; Canaan Partners

10/10/2008 Equity Administration Solutions, Inc.

$3.5 Equity Administration Solutions develops Equity Management System (EMS) software that helps manage equity compensation programs.

NA

10/09/2008 Wixpress, Ltd. $3.5 Wixpress offers Internet software and services. Bessemer Venture Partners; Mangrove Capital Partners

10/09/2008 DRVision Technologies LLC NA DRVision Technologies LLC offers Internet software and services. Nikon Corporation

10/07/2008 Spectrum K12 School Solutions, Inc.

$7.4 Spectrum K12 School Solutions provides response to intervention (RTI) and special education IEP software for K-12 student population.

Novak Biddle Venture Partners; Comerica Bank; MMV Financial; Capital Trust Ventures

10/07/2008 Elecard, Ltd. $10.0 Elecard provides software products for encoding decoding processing receiving and transmission of video and audio data in different formats.

AKB Slavprombank

10/07/2008 Nimsoft, Inc. $12.0 Nimsoft provides performance and availability monitoring software for physical and virtualized information technology infrastructure.

Goldman Sachs Group, Merchant Banking Division; JMI Equity; Northzone Ventures

10/07/2008 Silver Spring Networks, Inc. $75.0 Silver Spring Networks develops IP-based networking products. Foundation Capital; Kleiner, Perkins, Caufield & Byers; Northgate Capital Group

10/07/2008 EnterpriseDB Corporation NA EnterpriseDB Corporation provides PostgreSQL based enterprise-class products and services.

NTT Investment Partners

10/07/2008 COMPLETExRM, Inc. NA COMPLETExRM provides customer relationship management (CRM) solutions for small to medium companies.

Franklin Covey Company

10/07/2008 Phonetic Arts, Ltd. NA Phonetic Arts Limited develops and markets speech tools for the gaming industry.

IQ Capital Partners

10/03/2008 CogniSafe, Ltd. NA CogniSafe develops an anti-cheat and security platform for online players and game providers.

21 Ventures

10/02/2008 Dexterra, Inc. $21.5 Dexterra provides a portfolio mobile workforce software solutions to manage and optimize mobile operations.

Canaan Partners; New Enterprise Associates; Sigma Partners; Intel Capital; Motorola Ventures; Mesirow

10/02/2008 IkonScience, Ltd. NA IkonScience creates geophysics software for the oil and gas industry. FF&P Private Equity

10/01/2008 Logi XML, Inc. $3.0 Logi XML offers a suite of business intelligence solutions. Grotech Ventures

10/01/2008 Digini, Inc. NA Digini provides professional grade tools to the audience of game creators. California Technology Ventures

Note:Excludes transactions with known deal value < $2MMExcludes transactions in the wireless/mobile sectors

Software Review2020

Ridgecrest Capital Partners is a private investment bank based in the San Francisco area providing expert merger and acquisitions, capital raising and financial restructuring advisory services for leading technology growth companies.

Below are a few of the companies we have assisted in recent transactions:

For further information, please contact any of the Ridgecrest professionals listed below:

Ridgecrest Capital Partners

Joshua Rafner Yaron Lipshitz Gary Moon Matthew RaubacherCEO Managing Director Managing Director Managing DirectorTel: (415) 925-2711 Tel: (415) 925-2712 Tel: (415) 925-2718 Tel: (415) [email protected] [email protected] [email protected] [email protected]

John Siegler Matt Kursh Seana Hull Rakesh TondonManaging Director Managing Director Principal Vice PresidentTel: (206) 315-2177 Tel: (415) 925-2714 Tel: (415) 925-2716 Tel: (415) [email protected] [email protected] [email protected] [email protected]

Matt Welch Matt Dean Amandeep Juneja Cee-Kay YingAssociate Associate Senior Analyst AnalystTel: (415) 925-2721 Tel: (415) 925-2714 Tel: (415) 925-2713 Tel: (415) [email protected] [email protected] [email protected] [email protected]

public company analytics recent m&a transactions recent financings january 2009

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