quarterly enterprise software market review

Boston

200 Clarendon Street, Floor 25

Boston, MA 02116

Michael S. Barker

Managing Director

415.762.8101

[email protected]

Christopher J. Pingpank

Principal

617.896.2218

[email protected]

Shea & Company

www.shea-co.com

Member FINRA & SIPC

Copyright ©2016

Misha Cvetkovic

Vice President

415.762.8104

[email protected]

Quarterly Enterprise Software Market Review3Q 2016

San Francisco

601 Montgomery Street, Suite 2010

San Francisco, CA 94111

Michael H.M. Shea

Managing Director

617.896.2255

[email protected]

Jeffrey G. Cook

Vice President

617.896.2252

[email protected]

Peter M. Falvey

Managing Director

617.896.2251

[email protected]

Brad E. McCarthy

Vice President

617.896.2245

[email protected]

Copyright ©2016 Shea & Company

Shea & Company Overview

1

Corporate Strategy

■ Corporate development advisory

■ Balance sheet and capital structure review

■ Fairness opinions

Private Placements & Capital Raising

■ Late-stage venture, growth equity and buyouts

■ Recapitalizations

■ IPO advisory

Mergers & Acquisitions

■ Sell-side and buy-side M&A advisory

■ Divestitures

■ Restructuring

>5015+2 15Professionals focused on

the software industry

Offices in Boston and San

Francisco

Transactions completed

representing billions of

dollars in value

Years of experience

amongst our senior

bankers

1Firm focused exclusively

on enterprise software

Superior OutcomesShea & Company has advised on important transactions

representing billions of dollars in value across the strategic acquirer and financial investor landscape with Clients in the U.S. as well as

Canada, Europe and Israel

People ▪ Industry Expertise ▪ Process Excellence

Shea & Company served as the exclusive

financial advisor to Perforce

has been acquired by


financial advisor to Sovos Compliance

has agreed to be acquired by


financial advisor to MRI Software



financial advisor to TA Associates

has acquired


financial advisor to Bronto



financial advisor to Platform Computing



placement agent to Mimecast

has received an investment fromhas been acquired by


placement agent to SeeWhy


financial advisor to ProfitLogic



placement agent to OutSystems

has received an investment fromhas been acquired by


financial advisor to LastPass


financial advisor to HP



financial advisor to Secure Islands

has been acquired byhas received an investment from


placement agent to CrownPeak


placement agent to Crimson Hexagon

has received an investment from


financial advisor to KDS



financial advisor to Granicus

has received an investment fromhas acquired


financial advisor to Vista Equity Partners

Copyright ©2016 Shea & Company 2

Contents

M&A Activity

Software M&A Summary: 2011 – 3Q 2016 p. 3

Software Acquisitions: Trend Analysis p. 4

Publicly Available Software M&A Transaction Data: 3Q 2016 p. 5

Announced Software Acquisitions: 3Q 2016 p. 7

Most Active Software Acquirers: 3Q 2007 – 3Q 2016 p. 12

Public Equity Market Valuations

LTM Relative Performance of Shea & Company Software Indices p. 22

Price Performance and Valuation Metrics by Segment p. 23

Equity Trading Multiples by Growth Tranche p. 24

Price Performance and Valuation Metrics of Selected Software Vendors p. 25

Equity Trading Multiples by Segment p. 26

Equity Trading Multiples by Comparable Subset p. 32

Equity Financing Activity

Software IPOs: Trailing Twelve Months p. 35

Software IPO Pricing & Performance Data p. 36

Software IPO Pipeline p. 37

Software Private Capital Raise Activity: 3Q 2016 p. 38


NASDAQ

$6.8$10.3

$23.8

$10.7 $7.6$12.1

$7.8 $7.7$3.0

$20.1$14.1 $12.3

$6.3 $5.1

$28.2

$15.2$11.1 $11.2

$27.7

$78.8

$8.5

$53.1

$38.0

$-

$20

$40

$60

$80

Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3

2011 2012 2013 2014 2015 2016An

no

un

ce

d D

ea

l V

alu

e (

$b

illio

ns)

Acquirer

Target

Date 07/01/16 07/07/16 07/26/16 07/28/16 08/01/16 09/31/16 09/07/16 09/07/16 09/12/16 09/19/16

Enterprise Value $1,500 $1,395 $1,620 $9,174 $2,237 $1,355 $4,200 $8,800 $1,620 $1,342

EV / LTM Rev 2.0x 3.2x 5.2x 10.8x 7.5x 3.3x n/a 2.9x 2.8x 3.7x

EV / LTM EBITDA n/a 11.0x 45.5x nm 32.0x nm n/a n/a n/a nm

M&A ActivitySoftware M&A Summary: 2011 – 3Q 2016

Notable Announced Transactions: 3Q 2016 ($ millions)

Sources: Company releases, Wall Street research

Note: EV / Revenue multiples greater than 20x and EV / EBITDA multiples greater than 50x are considered to be not meaningful

3

Transaction Count by Deal Size

> $1bn 1 4 6 4 2 3 3 2 1 4 4 5 1 0 6 3 3 4 3 5 2 9 10

$500m - $1bn 0 1 1 3 1 2 2 3 0 5 5 2 3 2 3 6 1 4 5 3 2 5 4

$250m - $500m 2 10 6 2 6 2 4 2 0 3 1 3 2 3 4 5 4 3 2 11 5 6 2

< $250m 33 29 31 33 34 33 34 33 39 31 32 47 41 58 44 52 34 35 28 43 26 37 27

No Reported Value 72 53 47 92 83 95 95 101 102 118 125 116 113 155 153 127 154 129 105 144 163 195 172

Total 108 97 91 134 126 135 138 141 142 161 167 173 160 218 210 193 196 175 143 206 198 252 215

(assets) (assets)


356

83

112

147

60

317

9989

131

41

254

71

120102

56

0

50

100

150

200

250

300

350

400

Business

Applications

IT Security Information

Management

Infrastructure Financial

Applications

# of Deals 2014

2015

2016

$24

$7 $2

$12 $10

$26

$6 $4

$77

$13

$68

$13 $12

$3 $2

$-

$20

$40

$60

$80

$100

Business

Applications


Management


Applications

Aggregate Deal Dalue ($ billions)

2.8x

n/a

3.8x3.8x 3.6x

1.9x 1.9x

2.5x

4.1x

6.2x

2.9x

3.8x 3.9x

2.2x

1.7x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

Business

Applications


Management


Applications

Median EV / LTM Rev

195

14 14 10

140

2013 15

91

13 1121

0

50

100

150

200

250

< $250m $250m - $500m $500m - $1bn > $1bn

Deal Value (Enterprise Value)

# of Deals 2014

2015

2016

$9 $5

$10

$31

$7 $7 $8

$108

$6 $4 $8

$83

$-

$20

$40

$60

$80

$100

$120

< $250m $250m -

$500m

$500m - $1bn > $1bn

Aggre

ga

te D

ea

l V

alu

e (

$ b

illio

ns)

Deal Value (Enterpise Value)

Aggregate Deal Value ($ billions)

2.7x3.0x

2.8x

3.4x

1.7x

2.1x

2.9x

3.6x

1.7x

2.1x

3.9x

4.3x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

< $250m $250m -

$500m

$500m - $1bn > $1bn

Deal Value (Enterpise Value)

Median EV / LTM Rev

4

M&A Activity

Software Acquisitions: Trend Analysis

By Transaction Size (2014 – 3Q 2016)

By Target Segment (2014 – 3Q 2016)

Notes:

Business Applications includes: Advertising Technology; ERP & Business Applications; Marketing Applications; Technical & Embedded Applications

Information Management includes: Business Intelligence; Content Management

Infrastructure includes: Application Delivery & Network Acceleration; IT Operations Management; IT Security; Platforms, Development Tools & Deployment; Storage Management



M&A Activity

Publicly Available Software M&A Transaction Data: 3Q 2016

5

Includes only transactions for which data was publicly available



($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA

Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

09/26/16 GovDelivery Vista Equity Partners 100% - - $153 - - - - - -

09/19/16 Infoblox Vista Equity Partners 100% - $1,600 $1,342 3.7x 3.6x 3.3x nm - -

09/12/16 Anthelio Healthcare Atos 100% - - $275 - - - - - -

09/12/16 EMC (assets) OpenText - - $1,620 $1,620 2.8x - - - - -

09/08/16 Apigee Google 100% - $625 $555 6.0x 5.3x 4.1x nm nm nm

09/07/16 HPE (software assets) Micro Focus 28% 72% $8,800 $8,800 2.9x 2.8x 2.8x - - -

09/07/16 Intel Security TPG Capital 100% - $2,200 $4,200 - - - - - -

09/01/16 Wave Systems ESW Capital 100% - $7 $7 0.7x - - - - -

08/31/16 Grass Roots Group Blackhawk Network Holdings 100% - $118 $118 - - - - - -

08/31/16 Interactive Intelligence Genesys 100% - $1,400 $1,355 3.3x 3.2x 2.8x nm - -

08/29/16 Calm.io Nutanix 13% 87% $9 $9 - - - - - -

08/29/16 PernixData Nutanix - 100% $25 $25 - - - - - -

08/25/16 One Click Retail Ascential 100% - $44 $44 9.0x - - 12.9x - -

08/25/16 PhenixID Clavister - - $8 $8 - - - - - -

08/24/16 SofTech (PLM assets) Essig Research 100% - $1 $2 - - - - - -

08/24/16 Return Path (assets) Proofpoint - - $18 $18 - - - - - -

08/22/16 QHR Corporation Loblaw Companies 100% - $133 $133 5.6x 4.0x 3.4x 30.7x 25.0x 17.9x

08/18/16 Atypon Systems Wiley 100% - $120 $120 3.9x - - - - -

08/15/16 BeyondCore Salesforce - - $110 $110 22.0x - - - - -

08/11/16 140 Proof AcuityAds 100% - $3 $3 - - - - - -

08/08/16 Covalent Software Ideagen 100% - $5 $5 1.9x - - 16.4x - -

08/05/16 Acxiom (Impact division) Zeta Interactive 82% 18% - $22 0.4x - - - - -


M&A Activity

Publicly Available Software M&A Transaction Data: 3Q 2016 continued

6

Includes only transactions for which data was publicly available



($ millions)

Consideration Equity Enterprise EV / Revenue EV / EBITDA

Announced Target Acquirer(s) % Cash % Stock Value Value LTM Current yr Fwd yr LTM Current yr Fwd yr

08/03/16 Sizmek Vector Capital 100% - $122 $85 0.5x 0.5x 0.4x 9.5x - -

08/02/16 AppMachine Endurance International - - - $23 - - - - - -

08/02/16 Memopal Defenx 32% 68% - $2 0.0x - - 0.0x - -

08/01/16 Fleetmatics Verizon 100% - $2,400 $2,237 7.5x 7.9x - 32.0x - -

08/01/16 Greentree International MYOB Technology - - - $20 - - - - - -

08/01/16 Quip Salesforce - 100% - $410 - - - - - -

07/28/16 NetSuite Oracle 100% - $9,300 $9,174 10.8x 9.6x 7.6x nm - -

07/27/16 Epiq Systems OMERS/Harvest Partners 100% - $626 $1,000 1.9x 1.9x 1.8x 8.5x 8.8x 8.3x

07/26/16 LogMeIn Citrix (GoTo business) - 100% - $1,620 5.2x 4.8x 4.2x 45.5x 18.6x 15.4x

07/26/16 Appcito A10 Networks - - - $7 - - - - - -

07/21/16 TouchCommerce Nuance Communications 100% - - $215 - - 3.6x - - -

07/21/16 Olapic Monotype Imaging - - - $130 - - - - - -

07/20/16 Klick2Contact EU Eckoh Technologies 85% 15% - $3 2.4x - - 9.6x - -

07/20/16 Revenew Marlin Equity Partners - - - - - - - - - -

07/18/16 Opera Software (assets) Golden Brick Silk Road Fund 100% - - $600 4.0x - - 17.6x - -

07/13/16 Imprivata Thoma Bravo 100% - - $544 4.1x 3.8x 3.3x nm nm nm

07/11/16 Sabio Lyceum Capital Partners - - - $65 1.2x - - - - -

07/07/16 AVG Technologies AVAST Software 100% - $1,300 $1,395 3.2x 3.2x 3.0x 11.0x 9.4x 7.8x

07/05/16 Bluecora (Infospace) OpenMail 100% - - $45 - - - - - -

07/01/16 Intelligrated Honeywell International - - - $1,500 2.0x - - - - -


M&A Activity

Announced Software Acquisitions: 3Q 2016

7

($ millions)


Announced Target Acquirer(s) Target Segment & Description Price

09/30/16 Sologlobe Logistics Generix Group ERP & Business Applications - Warehouse management, logistics and manufacturing management n/a

09/30/16 Kanjoya Ultimate Software ERP & Business Applications - AI-enabled workforce management and employee behavioral analytics n/a

09/28/16 Concord Systems Akamai Platforms, Development Tools & Deployment - Apache Mesos-based systems configuration n/a

09/28/16 PLAT.ONE SAP Platforms, Development Tools & Deployment - IoT and M2M provisioning and management n/a

09/28/16 TransCentra SourceHOV Financial Applications - Billing and payment n/a

09/27/16 Baynote Kibo Software Marketing Applications - Web search recommendation n/a

09/27/16 Spillman Technologies Motorola ERP & Business Applications - Public safety messaging n/a

09/27/16 Cogmotive QUADROtech IT Operations Management - Microsoft application management n/a

09/27/16 Altiscale SAP Platforms, Development Tools and Deployment - Big data PaaS n/a

09/26/16 Wasabi Analytics Dentsu Aegis Network Business Intelligence - Web analytics and integration n/a

09/26/16 Transp. Performance Explore Information Services ERP & Business Applications - Transportation fleet management n/a

09/26/16 GovDelivery Vista Equity Partners ERP & Business Applications - Public sector communication $153

09/26/16 Nomos Software XMLdation Oy Platforms, Development Tools & Deployment - Banking API testing n/a

09/22/16 Verisae Accruent ERP & Business Applications - Sustainable facilities management n/a

09/22/16 Tuplejump Software Apple Business Intelligence - Big data analytics machine learning n/a

09/22/16 DocPoint Solutions Konica Minolta Content Management - Electronic content management n/a

09/21/16 Tesseract Field Mgmt Evatic ERP & Business Applications - Mobile field service management n/a

09/20/16 Tucanna Aleyant Systems Content Management - Print and project management n/a

09/20/16 BlazeMeter CA Technologies Platforms, Development Tools & Deployment - Apache JMeter open-source load testing n/a

09/20/16 Predixion Software Greenwave Systems Business Intelligence - Web-based BI n/a

09/20/16 Group IMD Inflexion PE Partners Marketing Applications - Marketing automation n/a

09/20/16 Cirrato Technologies Levi, Ray & Shoup Content Management - Print management n/a

09/20/16 BookedOut Shiftgig Marketing Applications - Event marketing and advertising n/a

09/20/16 Kurento Technologies Twilio Communications - Videoconferencing WebRTC media server n/a

09/19/16 Personal & Informatik Permira ERP & Business Applications - Human resources ERP n/a

09/19/16 Infoblox Vista Equity Partners Network Infrastructure - DNS, DHCP and IP address management and network service delivery $1,342

09/19/16 CyberFlow Analytics Webroot Software IT Security - Enterprise threat management n/a

09/18/16 Palerra Oracle IT Security - IaaS, PaaS and SaaS security management, compliance, threat intelligence and incident response n/a

09/15/16 BIGCenter Accruent ERP & Business Applications - Real estate and facilities integrated workplace management n/a

09/15/16 Prelert Elastic IT Operations Management - Provides application incident management and related performance analytics for businesses. n/a

09/15/16 XRef software solutions Microsystems Content Management - Microsoft-based proofreading n/a

09/15/16 tcp cloud Mirantis IT Operations Management - OpenStack-based private cloud change management, deployment and virtualization n/a

09/15/16 Connectivity (assets) SweetIQ Marketing Applications - Small business online marketing n/a

09/14/16 Brite:Bill Amdocs Financial Applications - Customer billing and analytics n/a

09/14/16 Pontis Amdocs Marketing Applications - Customer service automation, customer analytics and marketing automation n/a

09/14/16 Vindicia Amdocs Financial Applications - Consumer subscription billing and CRM n/a

09/14/16 Norskale France ear if IT Operations Management - Desktop and application virtualization n/a

09/13/16 Optanon OneTrust IT Security - Data privacy management n/a

09/12/16 Anthelio Healthcare Atos ERP & Business Applications - EMR exchange and clincial document collaboration $275

09/12/16 Corso Erwin ERP & Business Applications - Project management, enterprise architecture and process automation n/a

09/12/16 EMC (assets) OpenText Content Management - Enterprise content management $1,620

09/12/16 Untangle Providence Equity Partners IT Security - Firewall and managed security n/a

09/12/16 Automation Control Products Rockwell Automation IT Operations Management - Server management and remote access n/a

09/12/16 Vmware (assets) Skyview Capital Financial Applications - Financial budgeting and IT benchmarking n/a

09/08/16 Finalsite Bridge Growth Partners Platforms, Development Tools & Deployment - Web design n/a

09/08/16 Apigee Google Platforms, Development Tools & Deployment - API management $555

09/07/16 Intelligentpos iZettle ERP & Business Applications - POS systems n/a

09/07/16 HPE (software assets) Micro Focus ERP & Business Applications - Systems management, security, content management, application delivery and analytics $8,800

09/07/16 LogFire Oracle ERP & Business Applications - Warehouse and mobile workforce management n/a

09/07/16 Inspirus Sodexo ERP & Business Applications - Employee engagement, continuing education and rewards program management n/a


M&A Activity

Announced Software Acquisitions: 3Q 2016 continued

8

($ millions)



09/07/16 Intel Security TPG Capital IT Security - Network anti-malware and PC security $4,200

09/06/16 WORKTERRA CareerBuilder.com ERP & Business Applications - HCM and HR n/a

09/06/16 Daxko GI Partners ERP & Business Applications - Non-profit ERP and CRM n/a

09/06/16 ManageWP GoDaddy.com ERP & Business Applications - Website management n/a

09/06/16 LaunchKey iovation IT Security - Multi-factor authentication n/a

09/06/16 Connexity (assets) TIME Business Intelligence - Customer analytics and marketing automation n/a

09/06/16 Regulatory DataCorp Vista Equity Partners IT Security - GRC and analytics n/a

09/02/16 Adaptive Computing Enterprises ALA Services IT Operations Management - HPC and cloud management n/a

09/01/16 Runbook Company International BlackLine Systems ERP & Business Applications - SAP-based close automation n/a

09/01/16 SmartCOP Caliber Public Safety ERP & Business Applications - Public safety and offender management n/a

09/01/16 Wave Systems ESW Capital IT Security - Endpoint data protection and security $7

09/01/16 AppNeta SolarWinds Network Infrastructure - APM and network management n/a

08/31/16 Grass Roots Group Blackhawk Network Holdings ERP & Business Applications - Customer and employee engagement $118

08/31/16 Peerius EPiServer Business Intelligence - Customer analytics and marketing automation n/a

08/31/16 WebCargoNet Freightos ERP & Business Applications - Freight rate management, logistics and analytics n/a

08/31/16 Interactive Intelligence Genesys ERP & Business Applications - VoIP, unified communications, PBX and call center management $1,355

08/31/16 Telesoft Sumeru Equity Partners Financial Applications - Telecom billing management, automated reporting and expense analysis n/a

08/30/16 Scanther Mobile Advice Interactive Group Platforms, Development Tools & Deployment - iOS and Android mobile application development n/a

08/30/16 KDS American Express GBT ERP & Business Applications - Web-based travel itinerary n/a

08/30/16 ContainerX Cisco Systems Platforms, Development Tools & Deployment - Docker application container management n/a

08/30/16 Locus Traxx Worldwide Emerson Electric ERP & Business Applications - Persihable and high value shipment SCM n/a

08/30/16 PakSense Emerson Electric ERP & Business Applications - Perishable items SCM analytics n/a

08/30/16 ShipXpress GE Transportation ERP & Business Applications - Rail freight shipping logistics between shippers and receivers. n/a

08/30/16 Calabrio KKR ERP & Business Applications - Call center workforce management, scheduling and analytics n/a

08/30/16 Evercontact One More Company Marketing Applications - Email contact management and synchronization n/a

08/29/16 GMT Europe AMCS Group Business Intelligence - Waste management BI and SCM n/a

08/29/16 Calm.io Nutanix Platforms, Development Tools & Deployment - Container application management PaaS $9

08/29/16 PernixData Nutanix Storage Management - Application and storage virtualization $25

08/29/16 Raytheon (assets) Quanergy Systems IT Security - Person tracking for crowd control n/a

08/25/16 One Click Retail Ascential Marketing Applications - BI and E-commerce marketing $44

08/25/16 PhenixID Clavister IT Security - Identity and access management $8

08/24/16 SofTech (PLM assets) Essig Research ERP & Business Applications - Product lifecycle management $2

08/24/16 Return Path (assets) Proofpoint IT Security - Email fraud protection $18

08/23/16 Profoundis Labs FullContact Business Intelligence - Customer and business analytics n/a

08/23/16 2FA Identity Automation IT Security - Two-factor authentication tokens and card readers n/a

08/23/16 AdapChain Logility ERP & Business Applications - Data integration middleware n/a

08/23/16 Linkdex ScribbleLive Marketing Applications - Enterprise SEO and analytics n/a

08/23/16 Cogito Syncsort Network Infrastructure - Third-party CA IDMS and IBM DB2 database management and performance optimization n/a

08/23/16 Kombridge Tele2 IT Operations Management - IoT network management systems n/a

08/22/16 Stamford Addnode ERP & Business Applications - POS and property portfolio management n/a

08/22/16 QHR Corporation Loblaw Companies ERP & Business Applications - Employee and EHR management software $133

08/22/16 Genee Microsoft ERP & Business Applications - Mobile scheduling n/a

08/18/16 MassiveImpact International GMobi Marketing Applications - Mobile advertising analytics and automation n/a

08/18/16 ICRA Techno Analytics Nihilent Technologies Business Intelligence - BI analytics and software testing n/a

08/18/16 Opex Software REAN Cloud IT Operations Management - IT automation and dev ops n/a

08/18/16 AppFirst ScienceLogic IT Operations Management - Application performance management n/a

08/18/16 Atypon Systems Wiley Content Management - Online content management $120

08/17/16 Conspire FullContact Marketing Applications - Email and social media analytics n/a

08/17/16 Modulo International SAI Global IT Security - Security governance, risk and compliance n/a

08/16/16 SAMsix ARCOS ERP & Business Applications - Online emergency resource management n/a


M&A Activity


9

($ millions)



08/16/16 Dojo-Labs BullGuard IT Security - Mobile IoT security systems n/a

08/16/16 Simba Technologies Magnitude Software App. Delivery & Network Acceleration - Data connectivity drivers and SDKs n/a

08/16/16 CSL DualCom Group Norland/ICONIQ/RIT App. Delivery & Network Acceleration - M2M connectivity n/a

08/15/16 Ajillus Agile Network ERP & Business Applications - Warehouse, transportation and shipping management n/a

08/15/16 NetMotion Wireless Carlyle Network Infrastructure - Mobile VPN and device and network performance management n/a

08/15/16 Multivista Systems Hexagon ERP & Business Applications - Construction sector document management n/a

08/15/16 BeyondCore Salesforce Business Intelligence - Predictive and big data analytics $110

08/12/16 Interbrand (assets) Inkriti Content Management - Digital asset management n/a

08/12/16 Outpost24 Monterro IT Security - Security vulnerability management n/a

08/12/16 Granicus Vista Equity Partners ERP & Business Applications - Online content management for US government agencies n/a

08/11/16 140 Proof AcuityAds Marketing Applications - Mobile and social advertising $3

08/11/16 Prompt.ly (assets) Breezeworks ERP & Business Applications - Business management mobile application n/a

08/10/16 Nudgespot Technologies Boomtrain Marketing Applications - In-app messaged-based advertising n/a

08/10/16 Nervana Systems Intel Business Intelligence - Deep learning and processors n/a

08/10/16 Silk Palantir Business Intelligence - Web data virtualization n/a

08/09/16 Puridiom BravoSolution Financial Applications - Purchase-to-pay e-procurement n/a

08/09/16 Spigit Corel Corporation ERP & Business Applications - Information visualization and collaborative idea-mapping and virtual project planning n/a

08/09/16 DemandCaster Plex Systems ERP & Business Applications - Manufacuring ERP and SCM n/a

08/08/16 StarDyne Technologies (GEMS division) Aptean ERP & Business Applications - Web-based and on-premise ERP n/a

08/08/16 Orbitera Google Financial Applications - Third-party integrateable e-commerce n/a

08/08/16 Covalent Software Ideagen ERP & Business Applications - Project and risk management $5

08/05/16 Turi Apple Business Intelligence - Big data analytics machine learning n/a

08/05/16 Acxiom (Impact division) Zeta Interactive Marketing Applications - Cross-channel email marketing $22

08/04/16 benefitsCONNECT Benefit Express Services ERP & Business Applications - Cloud-based benefit enrollment n/a

08/03/16 DARKSUM Threat Finder IT Security - Dark net cybersecurity threat intelligence n/a

08/03/16 Sizmek Vector Capital Marketing Applications - Targeted marketing and advertising $85

08/02/16 Memopal Defenx Storage Management - Online storage and backup $2

08/02/16 AppMachine Endurance International Platforms, Development Tools & Deployment - Enterprise mobile application development $23

08/02/16 Symplicity H.I.G. Capital ERP & Business Applications - Entry-level recruitment and campus operations management n/a

08/02/16 Embedly Medium Technical & Embedded Applications - Embed and video placement n/a

08/02/16 UnboundID Ping Identity IT Security - Customer identity and access management n/a

08/02/16 TRANSPOREON Group TPG Capital ERP & Business Applications - Provides e-logistics, transport and logistics management n/a

08/02/16 Timeforge TRUNO Retail Technology ERP & Business Applications - Workforce management n/a

08/02/16 Bridge Interactive Group Zillow ERP & Business Applications - MLS listing management n/a

08/01/16 Market6 84.51° Business Intelligence - Retail and CPG customer analytics n/a

08/01/16 NetNames Group Corporation Service IT Security - Domain name and brand protection n/a

08/01/16 5IQ Impact Radius Marketing Applications - Affiliate marketing enablement n/a

08/01/16 RJMetrics Magento Business Intelligence - E-commerce big data analytics and data warehousing n/a

08/01/16 Hitec Laboratories Mitratech Content Management - Enterprise content management and compliance n/a

08/01/16 Greentree International MYOB Technology ERP & Business Applications - ERP, CRM, SCM and BI $20

08/01/16 Vertiscale Neverfail ERP & Business Applications - Workspace virtualization n/a

08/01/16 Innotas Planview ERP & Business Applications - PPM, APM and PPA n/a

08/01/16 Quip Salesforce ERP & Business Applications - Team collaboration and document management $410

08/01/16 Meteora StaMedia Group Marketing Applications - Location-based mobile marketing n/a

08/01/16 Fleetmatics Verizon ERP & Business Applications - GPS-based vehicle tracking and mobile workforce management $2,237

07/29/16 AssetOwl Regalpoint Resources ERP & Business Applications - Retail site and project management n/a

07/28/16 NetSuite Oracle ERP & Business Applications - E-Commerce and Financial ERP $9,174

07/28/16 Aternity Riverbed Technology ERP & Business Applications - Enterprise user monitoring n/a

07/28/16 Cellent Technologies Route Mobile ERP & Business Applications - Mobile enterprise messaging n/a

07/27/16 Clearsight (IP assets) Atigeo Corporation Business Intelligence - Controls-based, real-time predictive data analytics n/a


M&A Activity


10

($ millions)



07/27/16 LaunchKit Google Platforms, Development Tools & Deployment - Open source mobile application deployment and monitoring development tools n/a

07/27/16 Epiq Systems OMERS/Harvest Partners Content Management - E-discovery and document review $1,000

07/27/16 AdAssured Pepperjam Marketing Applications - Online retail advertising monitoring n/a

07/27/16 Pyramid-HR SCC ERP & Business Applications - Recruiting, executive search, workforce management, payroll and corporate training n/a

07/26/16 Appcito A10 Networks App. Delivery & Network Acceleration - Cloud-native application delivery $7

07/26/16 LogMeIn Citrix (GoTo business) IT Security - Remote access $1,620

07/26/16 Commissions FNF Group Marketing Applications - Real estate marketing and CRM n/a

07/25/16 DCHQ HyperGrid Platforms, Development Tools & Deployment - Container-based cloud application management n/a

07/25/16 Cloak StackPath IT Security - VPN WiFi encryption n/a

07/25/16 IMDEA Asesores Tessi SA Financial Applications - Document and invoice management n/a

07/22/16 Datapipe (assets) Carter Validus Mission not software - Somset datacenter facility n/a

07/22/16 Damballa Core Security IT Security - Network intrusion protection, behavior anomaly detection and anti-malware n/a

07/22/16 International Asset Systems REZ-1 ERP & Business Applications - Intermodal transportation logistics n/a

07/21/16 Anode (signage assets) Industry Weapon Content Management - Digital signage management n/a

07/21/16 Olapic Monotype Imaging Marketing Applications - Marketing automation, customer analytics, and sales management $130

07/21/16 TouchCommerce Nuance Communications Marketing Applications - Customer engagement and analytics $215

07/21/16 Coolan Salesforce Network Infrastructure - Component-level infrastructure and hardware performance analytics n/a

07/21/16 Platfora Workday Business Intelligence - Hadoop-based customer data analytics n/a

07/20/16 iTracker 3PL Central ERP & Business Applications - Warehouse inventory tracking n/a

07/20/16 Union Square Deltek ERP & Business Applications - Project information and collaboration n/a

07/20/16 Klick2Contact EU Eckoh Technologies ERP & Business Applications - Web-based live help and customer engagement $3

07/20/16 Revenew Marlin Equity Partners Marketing Applications - Marketing automation n/a

07/19/16 Confer Carbon Black IT Security - Real-time endpoint security n/a

07/19/16 EventViva (assets) evvnt ERP & Business Applications - Event management and ticketing n/a

07/19/16 CALLPROMISE Virtual Hold Technology ERP & Business Applications - Call deployment and call center management n/a

07/18/16 Opera Software (assets) Golden Brick Silk Road Fund ERP & Business Applications - Mobile and desktop browsers, performance and privacy apps $600

07/18/16 Lookup NowFloats Technologies ERP & Business Applications - Mobile B2C messaging application n/a

07/15/16 Cyberdonix (assets) MGT Capital Investments IT Security - Anti-hacking and intrusion detection systems n/a

07/14/16 Cloud9 IDE Amazon Web Services Platforms, Development Tools & Deployment - Cloud-based IDE n/a

07/14/16 StatusPage Atlassian IT Operations Management - Product update and notification n/a

07/13/16 HireCanvas AppPoint Software Solutions ERP & Business Applications - Campus staff recruiting n/a

07/13/16 Proceed Archiving Solutions (assets) BackOffice Associates Content Management - SAP data archiving IP n/a

07/13/16 Imprivata Thoma Bravo IT Security - Healthcare SSO software and authentication $544

07/12/16 Attentive.ly Blackbaud Business Intelligence - Marketing-focused social analytics n/a

07/12/16 Sumilux Technologies Foxit Corporation ERP & Business Applications - Enterprise messaging and collaboration n/a

07/12/16 CoralTree Systems NetCracker Technology Financial Applications - Telecom billing and CRM n/a

07/12/16 Fiveworx Northshore Management Marketing Applications - Email marketing and marketing automation n/a

07/12/16 Nextperf Rakuten Marketing Marketing Applications - AI-based marketing retargeting n/a

07/12/16 Collective Europe Time UK Marketing Applications - Digital and cross-platform advertising campaign management, audience targeting and reporting n/a

07/12/16 Checkmate TrustYou ERP & Business Applications - White-label customer communication and messaging n/a

07/11/16 SalesPredict eBay Business Intelligence - Buying behavior predictive analytics n/a

07/11/16 Starmount Infor ERP & Business Applications - Retail product data mobile apps n/a

07/11/16 24sevenbackup j2 Global Storage Management - SMB automated backup, recovery software and storage n/a

07/11/16 Overvault j2 Global Storage Management - SMB online backup and recovery n/a

07/11/16 SMTP j2 Global Marketing Applications - Email marketing and marketing automation n/a

07/11/16 WhatCounts j2 Global Marketing Applications - Email marketing campaign creation, management and delivery n/a

07/11/16 Sabio Lyceum Capital Partners ERP & Business Applications - Enterprise customer contact center $65

07/11/16 Upshot Commerce Mi9 Retail ERP & Business Applications - B2B and B2C e-commerce and mobile commerce n/a

07/11/16 prevero UNIT4 NV Business Intelligence - CPM, BI and ERP n/a

07/08/16 Swarm Enterprises Integral Ad Science IT Security - Anti-botnet and security analytics n/a


M&A Activity


11

($ millions)



07/07/16 DGLogik Acuity Brands Platforms, Development Tools & Deployment - IoT application development n/a

07/07/16 AVG Technologies AVAST Software IT Security - Anti-virus, anti-malware, anti-spam, firewall, mobile device and endpoint security $1,395

07/07/16 Drip Avenue 81 Marketing Applications - Email marketing automation n/a

07/07/16 inEvo (assets) Nuxeo Technical & Embedded Applications - CAD asset management and collaboration n/a

07/07/16 InnQuest Software Valsoft Corporation ERP & Business Applications - Hotel management n/a

07/06/16 Moodstocks Google Business Intelligence - Smartphone image recognition API n/a

07/05/16 Epicor Software KKR ERP & Business Applications - ERP, CRM and SCM n/a

07/05/16 Mag+ MPS Platforms, Development Tools & Deployment - Mobile application design and distribution n/a

07/05/16 Bluecora (Infospace) OpenMail Marketing Applications - Branded online search engine $45

07/05/16 Higher Concept Software Point of Rental ERP & Business Applications - Rental contract management n/a

07/04/16 Online Rostering Rision ERP & Business Applications - SMS and email-based workforce management n/a

07/01/16 EssVision Addnode Content Management - Document, case and information management and team collaboration n/a

07/01/16 Intelligrated Honeywell International ERP & Business Applications - Material handling, automation, logistics and warehouse management $1,500

07/01/16 NCCW Holding Total Specific Solutions ERP & Business Applications - Rental and public housing property management n/a


$18.2

$45.9

$37.8

$27.7

$22.8

$6.0

$4.0

$7.6

$29.4

$36.7

$1.5 $1.8

$68.8

$8.4

95

91

82

77

67

39 3937

3432

27 2624

20

0

20

40

60

80

100

$-

$10

$20

$30

$40

$50

$60

$70

$80

# o

f D

ea

ls

Aggre

ga

te D

ea

l V

alu

e (

$ b

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Announced Deal Value [a]

Number of Deals

M&A Activity

Most Active Software Acquirers: 3Q 2007 – 3Q 2016

12

[a] Includes only transactions for which data was publicly available


M&A Activity

Most Active Software Acquirers

13

Note: “Known acquired value” includes only transactions for which data was publicly available

3Q 2007 – 3Q 2016 ($ millions)

Cisco

Dell

Salesforce

HP

IBM

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA

EMC

Continued

Consideration Equity Enterprise

Announced Target % Cash % Stock Value Value

Cisco Systems (continued)

05/07/15 Tropo - - - -

04/01/15 Embrane - - - -

12/10/14 Neohapsis - - - -

09/18/14 Memoir Systems - - - -

09/17/14 Metacloud - - - $149

06/27/14 Assemblage - - - -

06/17/14 Tail-f Systems - - - $175

05/21/14 ThreatGRID - - - -

12/17/13 Kibits - - - -

09/10/13 Whiptail Technologies 100.0% - - $415

07/23/13 Sourcefire 100.0% - $2,700 $2,494

06/20/13 Composite Software 100.0% - - $180

05/29/13 JouleX 100.0% - - $107

04/03/13 Ubiquisys - - - $310

03/25/13 SolveDirect Service Management - - $21 $21

01/29/13 Cognitive Security sro - - - -

01/23/13 Intucell 100.0% - $475 $475

12/18/12 BroadHop - - - -

11/29/12 Cariden Technologies 100.0% - $141 $141

11/18/12 Meraki 100.0% - $1,200 $1,200

11/15/12 Cloupia 100.0% - $125 $125

10/04/12 vCider - - - -

07/13/12 Virtuata - - - -

05/03/12 Truviso - - - -

03/28/12 ClearAccess - - - -

03/15/12 NDS Group Ltd. - - $3,896 $5,000

10/20/11 BNI Video - - - $99

08/29/11 Versly - - - -

03/29/11 newScale - - - -

02/04/11 Inlet Technologies 100.0% - - $95

01/26/11 Pari Networks - - - -

12/01/10 LineSider Technologies - - - -

09/02/10 Arch Rock Corporation - - - -

08/26/10 ExtendMedia - - - -

05/20/10 CoreOptics 100.0% - - $99

05/18/10 MOTO Development Group - - - -

01/05/10 Rohati Systems - - - -

11/02/09 DVN Holdings (set-top box business) - - - $45

10/27/09 ScanSafe 100.0% - - $183

10/13/09 Starent Networks 100.0% - $2,900 $2,510

10/01/09 Tandberg 100.0% - $3,400 $3,400

04/09/09 Tidal Software 100.0% - - $105

03/19/09 Pure Digital Technologies - - - $590



CA Technologies Known acquired value (since 2007): $1,794

09/20/16 BlazeMeter 100.0% - - -

08/04/15 Xceedium - - - -

06/08/15 IdMlogic - - - -

06/04/15 Grid Tools - - - -

05/27/15 Rally Software 100.0% - - $480

10/28/14 Identropy (SCUID assets) - - - -

04/22/13 Layer 7 Technologies 100.0% - - $155

03/24/13 Nolio 100.0% - - $42

09/10/12 Paragon Global Technology - - - -

07/29/11 Watchmouse BV - - - -

06/29/11 Interactive TKO 100.0% - - $330

05/16/11 SE-Consulting GmbH - - - -

04/06/11 Base Technologies - - - -

01/25/11 Torokina Networks - - - -

09/28/10 Hyperformix - - - -

08/30/10 Arcot Systems 100.0% - - $200

08/12/10 4Base Technology - - - -

03/10/10 Nimsoft 100.0% - - $350

02/24/10 3Tera - - - -

01/11/10 Oblicore 100.0% - - $20

09/14/09 NetQoS 100.0% - $200 $200

06/02/09 Cassatt - - - -

01/05/09 Orchestria - - - -

11/13/08 Eurekify - - - $17

10/15/08 Optinuity - - - -

10/07/08 IDFocus - - - -

Cisco Systems Known acquired value (since 2007): $22,782

08/30/16 ContainerX - - - -

06/28/16 CloudLock - - - $293

03/08/16 Synata - - - -

03/02/16 Leaba Semiconductor 100.0% - - $320

03/01/16 CliQr Technologies 100.0% - - $260

02/03/16 Jasper Technologies - - - $1,400

11/20/15 Acano 100.0% - - $700

10/28/15 1 Mainstream - - - -

10/27/15 Lancope 100.0% - - $453

10/26/15 ParStream - - - -

10/13/15 Pawaa Software - - - -

09/30/15 Portcullis Computer Security - - - -

07/07/15 MaintenanceNet - - - $139

06/30/15 OpenDNS 100.0% - - $635

06/03/15 Piston Cloud Computing - - - -


M&A Activity

Most Active Software Acquirers continued

14

EMC

Cisco

Salesforce

HP

Intel

Intuit

Microsoft

Oracle

SAP

Symantec

VMware

CA


Dell

IBM

Continued



Cisco Systems (continued)

01/27/09 Richards-Zeta Building Intelligence - - - -

09/19/08 Jabber - - - -

08/27/08 PostPath - - - $215

07/23/08 Pure Networks 100.0% - - $120

06/10/08 DiviTech A/S - - - -

11/01/07 Securent - - - -

10/23/07 Navini Networks - - - $330

09/27/07 Latigent - - - -

09/18/07 Cognio - - - -

Dell Known acquired value (since 2007): $68,811

10/12/15 EMC 73.0% 27.0% $63,100 $62,778

03/24/14 StatSoft - - - -

05/06/13 Enstratius 100.0% - - -

12/18/12 Credant Technologies - - - -

11/16/12 Gale Technologies - - - -

10/23/12 Kitenga - - - -

06/25/12 Quest Software 100.0% - $2,383 $2,408

04/05/12 MAKE Technologies - - - -

04/03/12 Clerity Solutions - - - -

04/02/12 Wyse Technology - - - -

03/13/12 SonicWALL - - - $1,250

02/24/12 AppAssure - - - -

06/20/11 RNA Networks - - - -

01/04/11 SecureWorks - - - -

12/22/10 InSite One - - - -

12/13/10 Compellent Technologies 100.0% - $960 $820

11/02/10 Boomi - - - -

07/19/10 Ocarina Networks - - - -

07/01/10 Scalent - - - -

02/11/10 KACE Networks 100.0% - - -

02/12/08 MessageOne 100.0% - - $155

02/08/08 Exanet - - - -

11/15/07 Everdream - - - -

11/05/07 EqualLogic 100.0% - $1,418 $1,400

EMC Known acquired value (since 2007): $5,954

05/26/15 Virtustream 100.0% - - $1,200

04/16/15 Cloudlink Technologies - - - -

10/28/14 Maginatics - - - -

10/28/14 Spanning Cloud Apps - - - -

10/13/14 Cloudscaling - - - -

07/08/14 Symplified (IP assets) - - - -



EMC (continued)

07/08/14 TwinStrata - - - -

05/05/14 DSSD - - - -

07/25/13 PassBan - - - -

07/11/13 ScaleIO 100.0% - - -

07/08/13 Aveksa - - - -

05/21/13 Adaptivity (assets) - - - -

01/04/13 iWave Software - - - -

11/29/12 MoreVRP - - - -

10/30/12 Silver Tail Systems - - - -

05/31/12 Watch4Net Solutions - - - -

05/21/12 Syncplicity - - - -

05/10/12 XtremIO - - - -

03/20/12 Likewise Software - - - -

10/03/11 Zettapoint - - - -

04/04/11 NetWitness - - - -

11/15/10 Isilon 100.0% - $2,434 $2,250

07/06/10 Greenplum 100.0% - - -

01/04/10 Archer Technologies - - - -

09/01/09 Kazeon Systems - - - -

08/31/09 FastScale Technology - - - -

06/01/09 Data Domain 100.0% - $2,378 $2,100

05/27/09 Configuresoft - - - $87

01/02/09 SourceLabs - - - -

04/08/08 Iomega 100.0% - $213 $148

04/07/08 WysDM Software - - - -

04/01/08 Conchango plc 100.0% - - $84

03/10/08 Infra Corporation - - - -

02/21/08 Pi 100.0% - - -

12/27/07 Document Sciences 100.0% - $87 $85

10/30/07 Voyence - - - -

10/15/07 Illuminator - - - -

10/04/07 Berkeley Data Systems - - - -

08/30/07 BusinessEdge Solutions - - - -

HP Known acquired value (since 2007): $36,658

06/30/16 David Vision Systems - - - -

02/04/16 Trilead - - - -

07/28/15 ActiveState Software (Stackato business) - - - -

05/26/15 ConteXtream - - - -

03/02/15 Aruba Networks 100.0% - $3,000 $2,685

02/09/15 Voltage Security - - - -

09/11/14 Eucalyptus Systems - - - -

06/27/14 European Recycling Platform SAS - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


15

Continued

Cisco

Dell

Salesforce

IBM

Intel

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit


HP

EMC



HP (continued)

03/04/14 Shunra Software (assets) - - - -

12/03/12 Digital Risk 100.0% - $175 $175

12/06/11 Hiflex Software GmbH - - - -

08/18/11 Autonomy 100.0% - $11,560 $10,889

05/24/11 Printelligent - - - -

02/14/11 Vertica - - - -

09/13/10 ArcSight 100.0% - $1,651 $1,500

08/26/10 Stratavia - - - -

08/23/10 3PAR 100.0% - $2,400 $2,296

08/17/10 Fortify Software - - - -

06/10/10 Phoenix Technologies (HyperSpace assets) 100.0% - - $12

04/28/10 Palm 100.0% - $1,400 $1,199

11/11/09 3Com 100.0% - $3,131 $2,705

07/17/09 IBRIX - - - -

06/22/09 Excellerate HRO - - - -

10/01/08 LeftHand Networks 100.0% - - $360

08/11/08 Colubris Networks - - - -

05/13/08 Electronic Data Systems - - - $13,900

03/31/08 Tower Software - - - $100

01/22/08 Exstream Software - - - $720

12/10/07 NUR Macroprinters 100.0% - - $118

11/12/07 EYP Mission Critical Facilities - - - -

10/22/07 AOME - - - -

09/13/07 MacDermid ColorSpan - - - -

IBM Known acquired value (since 2007): $18,240

06/01/16 EZ Legacy - - - -

03/31/16 Bluewolf - - - $240

03/18/16 Optevia - - - -

02/29/16 Resilient Systems - - - -

02/18/16 Truven Health Analytics 100.0% - - $2,600

02/03/16 Ecx International - - - -

02/02/16 Aperto - - - -

01/28/16 Resource/Ammirati - - - -

01/21/16 Ustream 100.0% - - $130

01/15/16 IRIS Analytics - - - -

12/08/15 Clearleap - - - -

11/03/15 Gravitant 100.0% - - -

10/28/15 The Weather Company (assets) - - - -

10/05/15 Cleversafe - - - -

09/28/15 Meteorix 100.0% - - $120

09/24/15 Advanced Application 100.0% - - $13

09/10/15 StrongLoop - - - -



IBM (continued)

08/17/15 Appcore (cloud automation assets) - - - -

08/06/15 Merge Healthcare 100.0% - - $904

07/23/15 Compose - - - -

06/03/15 Blue Box Group - - - -

04/13/15 Explorys - - - -

04/13/15 Phytel - - - -

03/27/15 Blekko (assets) - - - -

03/04/15 AlchemyAPI - - - -

08/11/14 Lighthouse Security Group (assets) - - - -

07/31/14 CrossIdeas - - - -

05/20/14 Cognea - - - -

04/10/14 Silverpop Systems - - - -

02/24/14 Cloudant - - - -

12/19/13 Aspera - - - -

12/06/13 Associated Dexia Technology Services - - - -

11/13/13 Fiberlink Communications 100.0% - - -

10/03/13 Xtify - - - -

10/01/13 The Now Factory - - - -

09/19/13 Daeja Image Systems Ltd. - - - -

08/15/13 Trusteer - - - -

07/09/13 CSL International - - - -

06/04/13 SoftLayer Technologies 100.0% - - $2,000

04/22/13 UrbanCode - - - -

02/01/13 Star Analytics - - - -

12/19/12 StoredIQ - - - -

09/24/12 Butterfly Software Ltd. - - - -

08/27/12 Kenexa 100.0% - $1,307 $1,280

05/02/12 Tealeaf Technology - - - -

04/25/12 Vivisimo - - - -

04/13/12 Varicent Software - - - -

01/31/12 Worklight - - - -

01/04/12 Green Hat - - - -

12/15/11 Emptoris - - - -

12/08/11 DemandTec 100.0% - $504 $439

12/05/11 Curam Software Ltd. - - - -

10/11/11 Platform Computing - - - -

10/04/11 Q1 Labs - - - -

09/01/11 Algorithmics - - - $387

08/31/11 i2 - - - -

03/22/11 TRIRIGA 100.0% - - $108

10/21/10 Clarity Systems Ltd. - - - -

10/14/10 PSS Systems - - - -

09/27/10 BLADE Network Technologies - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


16

EMC

Cisco

Dell

Salesforce

HP

Microsoft

Oracle

SAP

Symantec

VMware

CA

Intuit

Intel


IBM

Continued



IBM (continued)

09/20/10 Netezza 100.0% - $1,836 $1,700

09/15/10 OpenPages - - - -

08/13/10 Unica 100.0% - $523 $480

08/10/10 Datacap - - - -

07/29/10 Storwize - - - -

07/01/10 BigFix - - - -

06/15/10 Coremetrics - - - -

05/24/10 Sterling Commerce 100.0% - - $1,400

05/03/10 Cast Iron Systems 100.0% - - -

02/16/10 Intelliden - - - -

02/03/10 Initiate Systems - - - -

01/20/10 National Interest Security Company - - - -

12/16/09 Lombardi - - - -

11/30/09 Guardium - - - $225

10/05/09 Wilshire Credit Corporation - - - -

09/22/09 RedPill Solutions - - - -

07/28/09 Ounce Labs - - - -

07/25/09 SPSS 100.0% - $1,170 $859

05/04/09 Exeros 100.0% - - $12

01/15/09 Outblaze - - - $8

11/18/08 Transitive - - - -

07/28/08 ILOG SA 100.0% - - -

07/02/08 Platform Solutions - - - -

04/29/08 InfoDyne - - - -

04/18/08 Diligent Technologies - - - -

04/10/08 FilesX - - - $50

03/12/08 Encentuate - - - -

01/23/08 AptSoft - - - -

01/18/08 Net Integration Technologies - - - -

01/02/08 XIV - - - $325

12/21/07 Solid Information Technology - - - -

12/06/07 Arsenal Digital Solutions - - - -

11/12/07 Cognos 100.0% - $5,000 $4,960

10/24/07 NovusCG - - - -

08/22/07 WebDialogs - - - -

Intel Known acquired value (since 2007): $27,693

08/10/16 Nervana Systems - - - -

05/26/16 Itseez - - - -

04/05/16 Yogitech - - - -

03/09/16 Replay Technologies - - - -

01/04/16 Ascending Technologies - - - -

10/26/15 Saffron Technology - - - -



Intel (continued)

10/01/15 VIA Telecom (assets) - - - -

08/24/15 Docea Power - - - -

06/16/15 Recon Instruments - - - -

06/01/15 Altera 100.0% - $16,700 $15,817

03/25/15 Lemoptix - - - -

02/02/15 Lantiq - - - -

01/20/15 Composyt Light Labs - - - -

12/01/14 PasswordBox - - - -

09/10/14 Powerwave - - - -

08/13/14 LSI 100.0% - - $650

05/09/14 Ginger Software (assets) - - - -

04/01/14 INSIDE Secure (assets) 100.0% - - $19

03/04/14 BASIS Science - - - -

12/16/13 Mindspeed Technologies (assets) - - - -

12/03/13 Hacker League (assets) - - - -

11/08/13 Kno - - - -

09/30/13 Sensory Networks - - - -

09/13/13 Indisys - - - -

07/16/13 Omek Interactive - - - $50

05/29/13 ST-Ericsson (assets) - - - -

05/06/13 Stonesoft Oyj 100.0% - $389 $378

04/24/13 Aepona - - - -

04/17/13 Mashery - - - -

04/03/13 ProFUSION - - - -

02/26/13 LynuxWorks (ValidEdge technology) - - - -

02/22/13 appMobi (HTML5 developer tools division) - - - -

11/28/12 Rocketbox Studios GmbH - - - -

11/19/12 ZiiLABS 100.0% - $30 $30

08/24/12 NEVEX - - - -

07/13/12 Whamcloud - - - -

07/02/12 IDesia Ltd. - - - -

04/24/12 Cray (assets) - - $140 $140

01/26/12 RealNetworks (assets) - - - $120

01/23/12 Qlogic (InfiniBand assets) 100.0% - - $125

10/04/11 NitroSecurity - - - -

09/28/11 Telemap Ltd. - - - -

09/14/11 CoFluent Design - - - -

09/01/11 GraphTech - - - -

07/19/11 Fulcrum Microsystems - - - -

05/25/11 SiPort Corporation - - - -

03/23/11 Sentrigo - - - $35

03/14/11 SySDSoft - - - -

02/14/11 Silicon Hive BV - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


17

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

Oracle

VMware

CA

Symantec

Salesforce

SAP

Continued

[a] Acquired by McAfee prior to Intel acquisition




Intel (continued)

01/04/11 Nordic Edge AB - - - -

12/02/10 InternetSafety.com [a] 100.0% - $11 $10

11/17/10 CognoVision - - - $17

09/02/10 Neocleus - - - -

08/30/10 Infineon Technologies AG (assets) 100.0% - - $1,400

08/19/10 McAfee 100.0% - $7,680 $6,876

08/16/10 Texas Instruments (assets) - - - -

07/29/10 tenCube [a] 100.0% - $11 $10

05/25/10 Trust Digital [a] 100.0% - $33 $32

05/24/10 Comsys Communications - - - $30

02/05/10 Virtutech - - - -

08/19/09 RapidMind - - - -

07/31/09 Cilk Arts - - - -

07/30/09 MX Logic [a] 100.0% - $138 $163

06/04/09 Wind River Systems 100.0% - $884 $714

05/15/09 Solidcore Systems [a] 100.0% - $32 $41

05/12/09 Endeavor Security [a] 100.0% - $3 $3

02/16/09 Swiftfoot Graphics AB - - - -

10/15/08 NetEffect - - - $8

09/22/08 Secure Computing [a] 100.0% - $497 $465

08/29/08 OpenedHand - - - -

07/31/08 Reconnex [a] 100.0% - $40 $45

05/19/08 WebVMC - - - -

02/25/08 Offset Software - - - -

11/28/07 Neoptica - - - -

10/30/07 ScanAlert [a] 100.0% - $48 $54

10/08/07 SafeBoot [a] 100.0% - $339 $350

09/14/07 Havok 100.0% - - $110

Intuit Known acquired value (since 2007): $1,514

03/24/15 Playbook HR - - - -

02/05/15 Porticor - - - -

01/21/15 ZeroPaper - - - -

12/10/14 Acrede - - - -

08/13/14 Itrios - - - -

08/07/14 PaySuite - - - -

07/30/14 KDK Softwaress - - - -

05/27/14 Check - - - $360

05/14/14 Invitco - - - -

05/08/14 Lettuce - - - -

12/04/13 Docstoc - - - -

11/20/13 Prestwick Services - - - -

10/30/13 Full Slate - - - -



Intuit (continued)

10/23/13 Level Up Analytics - - - -

08/08/13 GoodApril - - - -

07/18/13 Fifo Pty Ltd. - - - -

06/21/13 Elastic Intelligence - - - -

01/28/13 Payvment (assets) - - - -

04/23/12 Demandforce 100.0% - $424 $424

04/10/12 AisleBuyer - - - -

05/11/10 Medfusion 100.0% - - $91

09/14/09 Mint.com 100.0% - - $170

06/02/09 PayCycle 100.0% - - $170

04/17/09 BooRah - - - -

12/03/08 Entellium (CRM assets) 100.0% - - $8

12/19/07 Electronic Clearing House 100.0% - $131 $122

11/26/07 Homestead Technologies 100.0% - - $170

Microsoft Known acquired value (since 2007): $45,864

08/22/16 Genee - - - -

06/16/16 Wand Labs - - - -

06/13/16 LinkedIn 100.0% - $26,200 $26,200

05/03/16 Solair - - - -

02/24/16 Xamarin - - - -

02/09/16 Zikera (Groove assets) - - - -

02/03/16 TouchType - - - -

01/19/16 Teacher Gaming (assets) - - - -

01/13/16 Event Zero (UC Commander assets) - - - -

12/21/15 Talko (assets) - - - -

12/18/15 Metanautix - - - -

11/09/15 Secure Islands Technologies - - - -

11/05/15 Mobile Data Labs - - - -

10/02/15 Havok (assets) - - - -

09/29/15 Sensei Project Solutions (assets) - - - -

09/28/15 Adxstudio (assets) - - - -

09/12/15 Double Labs - - - -

09/08/15 Adallom - - - -

09/03/15 VoloMetrix - - - -

08/03/15 Incent Games - - - -

07/16/15 FieldOne - - - -

06/10/15 BlueStripe Software - - - -

06/02/15 6Wunderkinder GmbH - - - -

04/14/15 Datazen Software - - - -

03/26/15 LiveLoop - - - -

02/12/15 N-trig - - - -

02/04/15 Sunrise Atelier - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


18

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Salesforce

Oracle

VMware

Symantec

SAP

Continued




Microsoft (continued)

01/23/15 Revolution Analytics 100.0% - - -

01/20/15 Equivio - - - -

12/11/14 Bit Stadium - - - -

12/01/14 Acompli - - - -

11/13/14 Aorato - - - -

09/15/14 Mojang AB - - - $2,500

07/11/14 InMage Systems - - - -

05/28/14 Capptain - - - -

05/01/14 GreenButton Limited - - - -

03/04/14 Junction Solutions (JunctionMCR) - - - -

01/27/14 Epic Games (assets) - - - -

01/07/14 Parature - - - -

10/23/13 Apiphany - - - -

09/03/13 Nokia (devices and services) 100.0% - - $5,010

07/08/13 Blue Horseshoe (assets) - - - -

06/03/13 InCycle Software (assets) - - - -

03/19/13 Netbreeze GmbH - - - -

03/14/13 Pando Networks - - - -

03/05/13 MetricsHub - - - -

01/03/13 id8 Group R2 Studios - - - -

10/17/12 MarketingPilot Software - - - -

10/16/12 StorSimple - - - -

10/04/12 PhoneFactor - - - -

07/09/12 Perceptive Pixel - - - -

06/25/12 Yammer 100.0% - $1,200 $1,200

06/07/11 Prodiance - - - -

05/10/11 Skype Global - - - $8,500

10/29/10 Canesta - - - -

10/06/10 AVIcode - - - -

12/11/09 Opalis Software - - - -

12/10/09 Sentillion - - - -

11/09/09 SourceGear (Teamprise assets) - - - -

09/22/09 Computer Generated Solutions (assets) - - - -

09/22/09 Fullscope (assets) - - - -

09/22/09 LS Retail EHF (assets) - - - -

09/22/09 To-Increase Denmark A/S (assets) - - - -

09/21/09 Interactive Supercomputing - - - -

08/06/09 Office.com - - - -

06/01/09 Rosetta Biosoftware - - - -

05/07/09 BigPark - - - -

02/21/09 3DV Systems - - - -

10/31/08 Wysiwyg Comunicacion Interactiva - - - -

08/29/08 Greenfield Online 100.0% - $486 $455



Microsoft (continued)

07/24/08 DATAllegro - - - -

07/14/08 Zoomix - - - -

07/01/08 Powerset 100.0% - - -

06/26/08 MobiComp - - - -

06/18/08 Navic Networks - - - -

04/17/08 Farecast - - - -

03/31/08 90 Degree Software - - - -

03/20/08 Komoku - - - -

03/14/08 Rapt - - - -

03/12/08 Kidaro - - - $100

02/27/08 YaData - - - $25

02/11/08 Danger 100.0% - - $500

02/07/08 Caligari Corporation - - - -

01/21/08 Calista Technologies - - - $125

01/08/08 Fast Search & Transfer 100.0% - $1,289 $1,200

12/12/07 Multimap - - - -

11/30/07 Webfives - - - -

11/12/07 Musiwave - - - $50

10/29/07 GCS (assets) - - - -

10/02/07 Jellyfish.com - - - -

08/29/07 Parlano - - - -

Oracle Known acquired value (since 2007): $37,788

09/18/16 Palerra - - - -

09/07/16 LogFire - - - -

07/28/16 NetSuite 100.0% - $9,300 $9,174

05/02/16 Opower 100.0% - $532 $532

04/28/16 Textura 100.0% - $663 $663

04/14/16 Crosswise 100.0% - - $50

02/22/16 Ravello Systems - - - -

01/05/16 AddThis 100.0% - - -

12/18/15 StackEngine - - - -

08/20/15 Maxymiser - - - -

12/22/14 Datalogix - - - -

09/14/14 Front Porch Digital - - - -

07/31/14 TOA Technologies - - - -

06/23/14 MICROS Systems 100.0% - $5,300 $4,642

06/20/14 LiveLOOK - - - -

05/15/14 GreenBytes - - - -

02/24/14 BlueKai - - - -

01/07/14 Corente - - - -

12/20/13 Responsys 100.0% - $1,608 $1,500

11/15/13 Bitzer Mobile - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


19

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

CA

Oracle

Symantec

SAP

VMware

Continued

[a] Acquired by Sun Microsystems prior to Oracle acquisition


Microsoft

Salesforce



Oracle (continued)

10/23/13 BigMachines - - - -

10/17/13 Compendium - - - -

03/25/13 Tekelec - - - -

03/13/13 Nimbula - - - -

02/04/13 Acme Packet 100.0% - $2,063 $1,700

12/20/12 Eloqua 100.0% - $958 $872

11/08/12 Instantis - - - -

09/17/12 SelectMinds - - - -

07/30/12 Xsigo Systems - - - -

07/19/12 Skire - - - -

07/10/12 Involver - - - -

06/05/12 Collective Intellect - - - -

05/23/12 Vitrue - - - -

02/09/12 Taleo 100.0% - $1,900 $2,010

10/24/11 RightNow Technologies 100.0% - $1,500 $1,434

10/18/11 Endeca Technologies - - - -

09/22/11 GoAhead Software - - - -

07/28/11 InQuira - - - -

07/21/11 Ksplice - - - -

06/30/11 Pillar Data Systems - - - -

06/21/11 FatWire Software - - - -

06/20/11 Datanomic - - - -

11/02/10 Art Technology Group 100.0% - $1,000 $848

10/05/10 Passlogix - - - -

05/26/10 eServGlobal (pre-paid software assets) - - - -

05/25/10 Market2Lead (assets) - - - -

05/20/10 Secerno - - - -

04/16/10 Phase Forward 100.0% - $755 $714

02/10/10 Convergin - - - -

02/08/10 AmberPoint - - - -

01/04/10 Silver Creek Systems - - - -

10/12/09 Sophoi - - - -

09/29/09 HyperRoll - - - -

07/23/09 GoldenGate Software - - - -

06/17/09 Conformia - - - -

05/13/09 Virtual Iron - - - -

04/20/09 Sun Microsystems 100.0% - $7,400 $5,667

03/23/09 Relsys International - - - -

02/04/09 mValent - - - -

01/07/09 Q-layers [a] - - - -

11/03/08 Tacit Software - - - -

10/29/08 Haley Ltd. - - - $100

10/08/08 Primavera Systems - - - -



Oracle (continued)

10/01/08 Advanced Visual Technology - - - $5

09/02/08 ClearApp - - - -

07/31/08 Global Knowledge Software - - - -

06/23/08 Skywire Software - - - -

05/13/08 AdminServer - - - -

04/25/08 Montalvo Systems [a] - - - $25

04/09/08 Auptyma - - - -

03/27/08 Empirix (e-TEST software) - - - -

02/12/08 innotek [a] - - - -

01/16/08 BEA Systems 100.0% - $8,352 $6,852

01/16/08 Captovation - - - -

01/16/08 MySQL [a] - - - $1,000

12/06/07 Moniforce - - - -

11/13/07 Vaau [a] - - - -

10/24/07 Interlace Systems - - - -

10/09/07 LogicalApps - - - -

09/12/07 Cluster File Systems [a] - - - -

09/02/07 Netsure Telecom - - - -

08/31/07 Bridgestream - - - -

Salesforce.com Known acquired value (since 2007): $7,594

06/01/16 Demandware 100.0% - $2,800 $2,800

05/09/16 Implisit - - - -

04/04/16 MetaMind - - - -

02/19/16 TappingStone - - - -

12/23/15 SteelBrick - 100.0% $360 $300

12/14/15 MinHash - - - -

09/02/15 AKTA - - - -

06/25/15 Kerensen Consulting SAS 100.0% - - $24

05/29/15 Tempo.ai - - - -

04/01/15 Toopher - - - -

07/10/14 RelateIQ - 100.0% $392 $352

11/18/13 Cloudconnect.com - - - -

06/07/13 EdgeSpring 47.0% 53.0% - $134

06/04/13 ExactTarget 100.0% - $2,500 $2,399

02/06/13 EntropySoft - - - -

09/11/12 BlueTail - - - -

07/09/12 GoInstant 100.0% - - $51

06/25/12 Thinkfuse - - - -

06/18/12 ChoicePass - - - -

06/04/12 Buddy Media - - - $689

05/01/12 Stypi - - - -

12/15/11 Rypple - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


20

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Salesforce

Symantec

SAP

Continued

Oracle

VMware




Salesforce (continued)

11/14/11 Model Metrics 100.0% - - $58

09/21/11 Assistly 100.0% - - $50

08/26/11 Navajo Systems - - - -

03/30/11 Radian6 84.7% 15.3% - $326

02/01/11 Manymoon - - - -

01/06/11 Dimdim 100.0% - - $31

12/21/10 Etacts - - - -

12/08/10 Heroku 100.0% - - $212

09/24/10 Activa Live - - - -

06/04/10 Sitemasher - - - -

04/21/10 Jigsaw Data Corporation 100.0% - - $142

01/21/10 Informavores - - - -

12/11/09 GroupSwim - - - -

08/04/08 InStranet - - $32 $27

10/23/07 CrispyNews - - - -

SAP Known acquired value (since 2007): $29,427

09/28/16 PLAT.ONE - - - -

09/27/16 Altiscale - - - -

02/16/16 MeLLmo - - - -

10/13/15 Multiposting - - - -

09/18/14 Concur Technologies - - $8,300 $8,113

05/20/14 SeeWhy - - - -

03/26/14 Fieldglass - - - -

09/10/13 KXEN - - - -

06/05/13 hybris GmbH 100.0% - - $1,341

05/16/13 KMS Software - - - -

03/07/13 Camilion Solutions - - - -

02/22/13 SmartOps - - - -

01/31/13 Ticket-Web GmbH - - - -

05/22/12 Ariba 100.0% - $4,500 $4,267

04/30/12 Purisma 100.0% - $2 $2

04/10/12 Syclo - - - -

01/16/12 Datango AG (assets) - - - -

12/03/11 SuccessFactors 100.0% - $3,650 $3,400

09/20/11 Crossgate AG - - - -

09/06/11 Right Hemisphere - - - -

01/12/11 SECUDE AG (IdM assets) - - - -

12/16/10 cundus AG (disclosure management assets) - - - -

05/12/10 Sybase 100.0% - $6,100 $5,800

04/21/10 TechniData AG - - - -

12/03/09 SOALogix - - - -

07/20/09 SAF Simulation, Analysis & Forecasting 100.0% - $52 $28



SAP (continued)

06/10/09 SkyData Systems - - - -

05/11/09 Clear Standards - - - -

05/06/09 Highdeal - - - -

02/18/09 Coghead - - - -

07/10/08 Ness Technologies (SAP distribution division) - - - $21

06/17/08 Visiprise - - - -

10/17/07 YASU Technologies - - - -

10/07/07 Business Objects 100.0% - $6,770 $6,455

Symantec Known acquired value (since 2007): $8,356

06/12/16 Blue Coat Systems 100.0% - - $4,650

05/28/14 Nitrodesk - - - -

07/18/13 PasswordBank - - - -

03/20/12 Nukona 100.0% - - $28

03/05/12 Odyssey Software - - - -

01/16/12 LiveOffice - - - $115

05/19/11 Clearwell Systems - - $410 $390

05/19/10 VeriSign (identity & authentication assets) 100.0% - - $1,280

04/29/10 GuardianEdge 100.0% - - $73

04/29/10 PGP Corporation 100.0% - - $300

01/12/10 Gideon Technology - - - -

11/01/09 SoftScan - - - -

04/21/09 Mi5 Networks - - - $18

10/08/08 MessageLabs 100.0% - - $695

08/18/08 PC Tools 100.0% - - $250

08/05/08 nSuite Technologies 100.0% - - $20

06/06/08 SwapDrive 100.0% - - $123

04/09/08 AppStream 100.0% - - $52

01/02/08 Transparent Logic 100.0% - - $12

11/05/07 Vontu 100.0% - - $350

VMware Known acquired value (since 2007): $3,959

06/13/16 Arkin Net - - - -

10/14/15 Boxer - - - -

02/03/15 Immidio - - - -

10/29/14 Continuent (assets) - - - -

08/20/14 CloudVolumes - - - -

08/04/14 Virtual System (cloud migration assets) - - - -

03/06/14 Third Sky - - - -

01/22/14 AirWatch 76.0% 24.0% - $1,540

10/15/13 Desktone - - - -

02/11/13 Virsto Software 100.0% - - $185

08/07/12 Pattern Insight (assets) - - - -

3Q 2007 – 3Q 2016 ($ millions)


M&A Activity


21

EMC

Cisco

Dell

HP

IBM

Intel

Intuit

Microsoft

CA

Oracle

VMware


Salesforce

SAP

Symantec



VMware (continued)

07/23/12 Nicira 83.3% 16.7% - $1,260

07/02/12 DynamicOps - - - -

05/22/12 Wanova - - - $75

04/24/12 Cetas Software - - - -

08/26/11 PacketMotion - - - -

06/13/11 Digital Fuel Technologies - - - -

05/31/11 Socialcast - - - -

05/16/11 Shavlik Technologies - - - -

04/26/11 SlideRocket - - - -

04/15/11 EMC (Mozy assets) - - - $8

03/08/11 WaveMaker - - - -

01/14/11 NeoAccel 100.0% - - $15

08/31/10 Integrien - - - $100

08/31/10 TriCipher - - - -

05/06/10 GemStone Systems - - - -

04/13/10 Rabbit Technologies 100.0% - - -

02/25/10 EMC (Ionix software assets) 100.0% - - $200

02/23/10 RTO Software - - - -

01/12/10 Zimbra 100.0% - - $100

08/10/09 SpringSource 100.0% - $362 $362

11/26/08 Tungsten Graphics - - - -

11/10/08 Trango Virtual Processors - - - -

10/09/08 Blue Lane Technologies - - - -

05/28/08 B-hive Networks - - - $61

01/15/08 Thinstall - - - -

01/14/08 Foedus - - - -

10/01/07 Sciant - - - $9

09/11/07 Dunes Technologies 100.0% - - $45

3Q 2007 – 3Q 2016 ($ millions)


-50%

-25%

0%

25%

50%

75%

Sep-15 Dec-15 Mar-16 Jun-16 Sep-16

1 Year Relative Performance NASDAQ

Large Cap Software [a]

High Growth Software [b]

High Profitability Software [c]

Small Cap Software [d]

22

Public Equity Market ValuationsLTM Relative Performance of Shea & Company Software Indices

Median EV / Revenue Median EV / EBITDA Median % of 52 Week High

Note: EV / EBITDA multiples in excess of 50x or less than 0x are considered to be not meaningful


[a] Large Cap Software includes: CSCO, EMC, HPE, IBM, INTC, MSFT, ORCL, SAP

[b] High Growth Software includes: APIC, CMCM, HDP, HUBS, NEWR, NOW, NZSE:XRO, TEAM, WDAY, ZEN

[c] High Profitability Software includes: ADBE, AKAM, ANSS, AVG, AZPN, CA, CHKP, EBIX, FFIV, INOV, INTC, INTU, JCOM, JKHY, MCRO, MSCI, MSFT, ORCL, OTEX, SSNC, SWX:TEMN, VMW, VRSK, VRSN

[d] Small Cap Software includes: AMBR, ATTU, COVS, FALC, GUID, LLNW, FUEL, DWCH, MRIN, EXA, NTWK, MGIC, TISA, TRMR, TSX:ABT, UPLD, TSX:NXJ, YUME, WSE:CMR

-100%

0%

100%

200%

Sep-13 Sep-14 Sep-15 Sep-16

3 Year Relative Performance

-11%

19%17%

13%16%

1.9x

8.9x

5.4x

1.1x

1.6x

6.7x

5.1x

1.0x

0x

1x

2x

3x

4x

5x

6x

7x

8x

9x

10x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

CY16E

CY17E

11.8x

nm

12.7x

14.9x

10.5x

34.0x

10.8x9.9x

0x

5x

10x

15x

20x

25x

30x

35x

40x

Large Cap

Software

High Growth

Software

High Profitability

Software

Small Cap

Software

99%

86%

94% 93%

0%

25%

50%

75%

100%

125%

Large Cap

Software

High Growth

Software

High

Profitability

Software

Small Cap

Software



Price Performance and Valuation Metrics by Segment

23

Me

dia

n E

V /

Re

ve

nu

eM

ed

ian

EV

/ E

BIT

DA

Me

dia

n %

of

52

We

ek

Hig

h



89%93% 93%

98%

87%94%

69%

95%

84%

95%92%

97%

69%

99% 98%

91% 86%94% 95% 93%

0%

25%

50%

75%

100%

Supply

Chain

Mgmt

HCM Financial

Apps

Tech.

&

Embedded

Apps

App

Delivery &

Network

Acceleration

ERP &

General

Business

Apps

Business

Intelligence

IT

Ops.

Mgmt

IT

Security

Marketing

Apps

Platforms,

Dev

Tools

&

Deployment

Content

Mgmt

Ad

Tech

Storage

Mgmt

Global

Diversified

Network

Infra.

High

Growth

High

Profitability

SaaS Small Cap

19.8x

32.9x

16.7x

14.4x

12.5x

19.3x

13.4x

9.4x

17.9x

nm

11.7x12.3x

nm

11.8x

9.2x

6.9x

nm

12.7x

24.2x

14.9x

17.7x

27.1x

13.9x 13.3x

11.5x

17.1x

11.3x 9.1x

13.8xnm

10.8x 9.7x

13.7x

10.5x8.6x

6.3x

34.0x

10.8x

23.8x

9.9x

0x

5x

10x

15x

20x

25x

30x

35x

40x

5.2x

8.1x

5.1x5.4x

3.9x

4.7x

3.4x

5.5x

4.3x

2.3x

3.2x 3.3x

1.9x

2.5x

3.4x

1.8x

8.9x

5.4x

6.1x

1.1x

4.7x

6.5x

4.7x

5.2x

3.6x

4.1x

3.0x

4.6x

3.6x

2.1x

3.1x 3.0x

1.6x

3.0x

3.3x

1.7x

6.7x

5.1x 5.0x

1.0x

0x

1x

2x

3x

4x

5x

6x

7x

8x

9x

10x CY16E CY17E

Median CY16E Median CY17E


EV / Revenue EV / EBITDA

Revenue Current Year Forward Year Current Year Forward Year

Growth Date Mean Median Mean Median Mean Median Mean Median

< 5% Q3 2016 3.0 x 2.7 x 2.9 x 2.6 x 11.4 x 9.8 x 11.4 x 9.8 x

Q2 2016 2.6 2.2 2.5 2.2 10.5 8.4 9.3 8.6

Q1 2016 2.5 2.3 2.5 2.2 10.2 9.5 8.9 8.9

Q4 2015 2.5 2.1 2.4 2.1 10.7 8.4 10.5 9.1

Q3 2015 2.4 2.1 2.4 2.1 9.2 8.5 8.7 8.1

Q2 2015 2.6 2.3 2.5 2.2 10.3 8.2 9.2 8.1

Q1 2015 3.0 2.5 3.0 2.4 9.5 8.1 8.7 8.0

Q4 2014 2.6 2.4 2.5 2.4 12.1 9.5 10.5 8.3

Q3 2014 2.5 2.4 2.5 2.4 9.3 7.3 8.8 7.3

Q2 2014 2.3 2.2 2.3 2.2 8.7 8.2 7.4 7.1

Q1 2014 2.3 2.4 2.3 2.4 8.3 8.0 7.8 7.7

Q4 2013 2.7 2.3 2.6 2.4 10.7 9.0 9.6 8.5

5 - 15% Q3 2016 3.8 x 3.5 x 3.5 x 3.3 x 17.0 x 14.9 x 14.6 x 13.2 x

Q2 2016 3.5 2.8 3.2 2.6 15.2 14.2 13.9 12.3

Q1 2016 3.4 3.0 3.2 2.8 14.8 14.1 13.6 12.6

Q4 2015 4.0 2.9 3.6 2.7 16.1 15.0 16.5 14.3

Q3 2015 3.6 3.4 3.3 3.1 15.3 14.0 14.9 12.7

Q2 2015 3.7 3.4 3.4 3.1 14.7 14.0 15.4 13.1

Q1 2015 3.7 3.2 3.4 3.0 14.7 14.2 15.1 13.2

Q4 2014 3.9 3.5 3.6 3.2 15.6 14.0 13.6 12.6

Q3 2014 3.6 3.3 3.3 3.0 14.4 13.7 13.6 11.5

Q2 2014 3.5 3.1 3.2 2.9 15.4 12.8 13.5 11.7

Q1 2014 3.5 3.1 3.3 2.9 12.8 11.5 12.1 11.0

Q4 2013 3.9 3.5 3.5 3.2 15.5 13.1 14.3 12.4

15 - 25% Q3 2016 4.7 x 5.2 x 3.9 x 4.2 x 24.7 x 23.6 x 19.2 x 19.3 x

Q2 2016 4.3 4.0 3.6 3.4 21.2 17.4 18.2 15.6

Q1 2016 3.7 3.3 3.1 2.8 21.7 18.1 18.2 16.3

Q4 2015 4.9 4.9 4.1 4.0 25.8 25.5 20.3 21.0

Q3 2015 4.4 5.0 3.7 4.2 25.7 23.0 19.3 17.0

Q2 2015 4.9 4.7 4.1 4.0 26.9 24.5 20.7 20.0

Q1 2015 4.4 3.9 3.7 3.3 25.5 23.6 20.3 19.9

Q4 2014 4.6 4.2 3.8 3.7 28.0 28.5 23.6 20.2

Q3 2014 4.5 4.3 3.8 3.6 25.8 24.2 19.7 17.5

Q2 2014 4.9 4.8 4.0 3.9 25.5 22.7 20.2 18.4

Q1 2014 5.3 4.8 4.4 4.0 26.1 26.8 22.5 19.3

Q4 2013 5.8 5.2 4.8 4.3 26.6 8.1 23.5 20.4

> 25% Q3 2016 8.3 x 8.6 x 6.4 x 6.1 x 28.7 x 34.9 x 27.3 x 27.6 x

Q2 2016 6.7 6.9 5.0 5.3 35.7 34.0 24.2 26.0

Q1 2016 5.6 5.8 4.3 4.5 33.6 38.7 28.4 27.1

Q4 2015 7.8 8.3 5.8 6.2 21.7 17.3 17.9 14.6

Q3 2015 7.3 7.9 5.4 5.9 24.7 16.2 20.3 11.9

Q2 2015 9.0 9.7 6.7 7.5 20.3 20.3 26.1 22.7

Q1 2015 8.6 8.9 6.4 6.9 24.8 27.3 22.2 16.9

Q4 2014 9.2 8.6 6.6 6.5 24.2 27.9 28.6 27.1

Q3 2014 7.8 6.8 5.7 4.9 28.2 24.3 29.0 28.4

Q2 2014 8.4 8.4 6.2 6.4 25.9 26.4 nm 26.3

Q1 2014 10.0 9.3 7.4 7.1 15.3 15.3 nm 17.3

Q4 2013 12.7 8.9 9.1 6.6 25.6 0.0 nm 24.1

-

5x

10x

15x

20x

25x

30x

35x

40x

45x

50x

Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4

2016201520142013

> 25%

15 - 25%

5 - 15%

< 5%

-

2x

4x

6x

8x

10x

12x

Q3Q2Q1Q4Q3Q2Q1Q4Q3Q2Q1Q4

2016201520142013

> 25%

15 - 25%

5 - 15%

< 5%


Equity Trading Multiples by Growth Tranche

24

Market Valuations of Publicly Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median EV / EBITDA by Growth Tranche







Price Performance and Valuation Metrics of Selected Software VendorsE

V /

Re

ve

nu

eE

V /

EB

ITD

A%

of

52

We

ek

Hig

h

25

11.4x

9.5x8.9x 8.8x

7.7x

6.3x6.0x

4.0x 3.9x 3.8x 3.4x 3.4x 3.3x 3.2x

3.1x 3.0x

8.7x

7.4x6.7x

7.3x

6.0x

5.2x 5.2x

3.9x3.6x 3.7x 3.3x 3.3x 3.3x

2.8x 2.7x 2.5x

0x

6x

12x CY16E CY17E

Median CY16E Median CY17E

nm nm

42.2x

nm

nm

33.6x

23.9x

9.1x 9.8x11.0x

nm 9.2x 8.2x

nm

9.7x

40.1x

nm

34.6x

27.6x

nm

nm

27.2x

19.7x

8.6x 8.8x10.5x

nm 8.1x 8.5x

nm

7.2x

22.8x

0x

10x

20x

30x

40x

50x

99%

87% 82%

99%

88% 84%

96% 94%

69%

95%89%

99%95%

45%

99%

53%

0%

25%

50%

75%

100%

WDAY NOW PANW ADBE SPLK CRM RHT ORCL AKAM CTXS VMW intc CA FEYE SYMC DATA


Content Management

Supply Chain

Management


Equity Trading Multiples by Segment

26

Business Intelligence

Global Diversified

ERP & General

Business Applications

Financial Applications

Human Capital

Management

IT Security

Network

Infrastructure

Platforms, Dev Tools

& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability

Software-as-a-Service

Small Cap

Marketing

Applications

Application Delivery &

Network Acceleration

($ millions)

Notes:

[a] Wall Street consensus estimates

[b] EV / EBITDA multiples in excess of 50x or less than 0x and P / E multiples in excess of 100x or less than 0x are considered to be not meaningful


IT Operations

Management

Advertising

Technology

Share Price Market Enterprise Revenue [a] EV / Revenue EBITDA [a] EV / EBITDA [b] P / E Multiple [b]

Company (09/30/16) Value Value CY16E CY17E y/y CY16E CY17E CY16E mgn CY17E mgn CY16E CY17E CY16E CY17E

Global Diversified

Microsoft 57.60$ 448,947$ 376,490$ 92,208$ 96,894$ 5% 4.1 x 3.9 x 34,895$ 38% 37,990$ 39% 10.8 x 9.9 x 22.0 x 20.7 x

Intel 37.75 179,326 198,571 58,832 60,999 4% 3.4 3.3 21,612 37% 24,596 40% 9.2 8.1 17.0 14.6

Oracle 39.28 164,874 150,931 37,407 38,211 2% 4.0 3.9 16,652 45% 17,505 46% 9.1 8.6 15.2 15.0

Cisco Systems 31.72 159,055 121,940 49,134 50,604 3% 2.5 2.4 14,987 31% 14,888 29% 8.1 8.2 14.0 13.3

IBM 158.85 151,836 185,900 79,701 79,297 -1% 2.3 2.3 19,227 24% 20,639 26% 9.7 9.0 10.6 11.8

SAP AG 91.90 110,238 114,896 24,797 26,358 6% 4.6 4.4 8,407 34% 8,998 34% 13.7 12.8 21.9 21.1

HP Enterprise 22.75 37,891 43,033 50,081 49,241 -2% 0.9 0.9 8,342 17% 8,825 18% 5.2 4.9 12.2 11.5

Mean 56,023$ 57,372$ 3% 3.1 x 3.0 x 17,732$ 32% 19,063$ 33% 9.4 x 8.8 x 16.1 x 15.4 x

Median 50,081 50,604 3% 3.4 3.3 16,652 34% 17,505 34% 9.2 8.6 15.2 14.6

Advertising Technology

Criteo 35.11$ 2,214$ 1,844$ 709$ 887$ 25% 2.6 x 2.1 x 202$ 28% 270$ 30% 9.1 x 6.8 x 32.5 x 19.9 x

TubeMogul 9.37 351 269 219 260 18% 1.2 1.0 1 0% 13 5% nm 20.6 nm nm

Mean 464$ 573$ 22% 1.9 x 1.6 x 101$ 14% 142$ 18% nm x 13.7 x nm x nm x

Median 464 573 22% 1.9 1.6 101 14% 142 18% nm 13.7 nm nm

Application Delivery & Network Acceleration

Citrix Systems 85.22$ 13,279$ 12,955$ 3,389$ 3,488$ 3% 3.8 x 3.7 x 1,180$ 35% 1,231$ 35% 11.0 x 10.5 x 21.9 x 16.8 x

F5 Networks 124.64 11,795 10,984 2,016 2,170 8% 5.4 5.1 788 39% 860 40% 13.9 12.8 18.6 17.1

Akamai Technologies 52.99 9,329 9,115 2,316 2,549 10% 3.9 3.6 932 40% 1,030 40% 9.8 8.8 21.6 20.7

Radware 13.74 602 380 206 222 8% 1.8 1.7 20 10% 30 14% 19.1 12.5 19.0 41.5

Mean 1,982$ 2,107$ 7% 3.8 x 3.5 x 730$ 31% 788$ 32% 13.5 x 11.2 x 20.3 x 24.0 x

Median 2,166 2,360 8% 3.9 3.6 860 37% 945 37% 12.5 11.5 20.3 18.9


Tableau Software 55.27$ 3,355$ 2,521$ 835$ 1,026$ 23% 3.0 x 2.5 x 63$ 8% 110$ 11% 40.1 x 22.8 x nm x nm x

Inovalon 14.71 2,250 1,790 472 529 12% 3.8 3.4 134 28% 159 30% 13.4 11.3 28.8 35.4

MicroStrategy 167.44 1,919 1,383 510 530 4% 2.7 2.6 130 26% 148 28% 10.6 9.3 18.4 21.8

Talend 26.16 732 736 104 134 30% 7.1 5.5 (25) nm (16) nm nm nm nm nm

Mean 480$ 555$ 17% 4.2 x 3.5 x 76$ 20% 100$ 23% 21.4 x 14.5 x 23.6 x 28.6 x

Median 491 529 17% 3.4 3.0 97 26% 129 28% 13.4 11.3 23.6 28.6




Content Management

Adobe 108.54$ 54,064$ 51,534$ 5,833$ 7,100$ 22% 8.8 x 7.3 x 2,234$ 38% 2,785$ 39% 23.1 x 18.5 x 52.5 x 36.5 x

Open Text 64.86 7,884 8,735 1,957 2,148 10% 4.5 4.1 685 35% 846 39% 12.7 10.3 19.9 17.9

IntraLinks 10.06 579 620 299 327 9% 2.1 1.9 52 17% 68 21% 11.9 9.1 nm 49.8

Avid Technology 7.94 316 458 548 558 2% 0.8 0.8 124 23% 104 19% 3.7 4.4 7.6 3.6

Mean 2,159$ 2,533$ 11% 4.1 x 3.5 x 774$ 28% 951$ 30% 12.9 x 10.6 x 26.6 x 26.9 x

Median 1,252 1,353 10% 3.3 3.0 404 29% 475 30% 12.3 9.7 19.9 27.2

ERP & General Business Applications

Salesforce.com 71.33$ 49,978$ 52,421$ 8,314$ 10,074$ 21% 6.3 x 5.2 x 1,562$ 19% 1,930$ 19% 33.6 x 27.2 x 94.7 x 75.3 x

Sage Group 9.37 10,085 10,475 1,980 2,237 13% 5.3 4.7 584 30% 652 29% 17.9 16.1 29.4 26.6

Constellation Software 449.48 9,525 9,637 2,119 2,410 14% 4.5 4.0 536 25% 610 25% 18.0 15.8 27.0 24.8

NetSuite 110.69 9,017 9,177 966 1,220 26% 9.5 7.5 80 8% 108 9% nm nm nm nm

Guidewire Software 59.98 4,383 3,754 442 507 15% 8.5 7.4 78 18% 117 23% 48.0 32.1 98.7 88.2

Blackbaud 66.34 3,412 3,799 733 803 10% 5.2 4.7 175 24% 201 25% 21.7 18.9 44.2 34.6

Medidata Solutions 55.76 3,264 3,202 462 552 19% 6.9 5.8 106 23% 133 24% 30.2 24.1 64.1 55.2

j2 Global 66.61 3,215 3,447 855 950 11% 4.0 3.6 394 46% 447 47% 8.8 7.7 16.4 13.6

Zendesk 30.71 3,074 2,850 310 413 33% 9.2 6.9 6 2% 15 4% nm nm nm nm

Fleetmatics 59.98 2,366 2,200 340 407 20% 6.5 5.4 115 34% 140 35% 19.1 15.7 41.2 34.2

RealPage 25.70 2,083 2,160 570 654 15% 3.8 3.3 120 21% 146 22% 18.0 14.8 48.5 35.3

Synchronoss Technologies 41.18 1,873 2,267 680 797 17% 3.3 2.8 224 33% 277 35% 10.1 8.2 18.8 16.5

Aveva Group 25.35 1,623 1,467 265 277 5% 5.5 5.3 76 29% 81 29% 19.3 18.1 30.3 29.0

TechnologyOne 4.28 1,331 1,296 176 202 15% 7.4 6.4 43 24% 49 24% 30.3 26.5 50.6 45.1

SPS Commerce 73.41 1,282 1,154 193 230 19% 6.0 5.0 26 14% 34 15% 44.0 34.0 94.3 74.9

Enghouse Systems Ltd. 39.95 1,080 1,011 237 263 11% 4.3 3.8 61 26% 68 26% 16.5 14.8 nm 36.5

Callidus Software 18.35 1,054 960 205 243 19% 4.7 4.0 26 13% 33 14% 37.0 28.9 94.7 67.2

Five9 15.68 824 810 157 185 18% 5.2 4.4 5 3% 10 5% nm nm nm nm

PROS 22.61 696 670 151 160 6% 4.4 4.2 (45) nm (29) nm nm nm nm nm

Basware 44.52 639 641 175 196 12% 3.7 3.3 (2) nm 11 6% nm nm nm nm

Workiva 18.13 578 549 181 220 21% 3.0 2.5 (35) nm (26) nm nm nm nm nm

Xactly 14.72 483 452 97 120 23% 4.7 3.8 (9) nm (6) nm nm nm nm nm

Everbridge 16.86 454 468 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

ServiceSource 4.88 419 485 253 276 9% 1.9 1.8 6 2% 12 4% nm 41.5 nm nm

QAD 22.38 415 296 278 286 3% 1.1 1.0 15 5% 20 7% 20.3 14.8 32.9 56.8

Jive Software 4.26 331 226 201 196 -2% 1.1 1.1 15 7% 18 9% 15.1 12.5 nm 74.7

Model N 11.11 311 241 110 121 10% 2.2 2.0 (12) nm (4) nm nm nm nm nm

Mean 786$ 923$ 15% 4.9 x 4.2 x 160$ 19% 194$ 20% 24.0 x 20.6 x 52.4 x 46.4 x

Median 271 281 15% 4.7 4.1 52 21% 59 23% 19.3 17.1 44.2 36.5

Content Management


Equity Trading Multiples by Segment continued

27

($ millions)

Notes:




Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology





Intuit 110.01$ 28,652$ 28,572$ 4,811$ 5,222$ 9% 5.9 x 5.5 x 1,746$ 36% 2,032$ 39% 16.4 x 14.1 x 35.7 x 28.4 x

FIS 77.03 25,353 35,828 9,471 9,929 5% 3.8 3.6 2,939 31% 3,182 32% 12.2 11.3 23.9 20.2

Fiserv 99.47 22,595 26,886 5,577 5,919 6% 4.8 4.5 1,917 34% 2,061 35% 14.0 13.0 25.8 22.4

MSCI 83.94 8,319 9,495 1,151 1,240 8% 8.3 7.7 557 48% 615 50% 17.0 15.4 37.2 28.8

Jack Henry 85.55 6,747 6,677 1,382 1,455 5% 4.8 4.6 503 36% 517 36% 13.3 12.9 31.8 28.8

Temenos Group 63.65 4,201 4,487 617 676 9% 7.3 6.6 236 38% 268 40% 19.0 16.7 37.8 31.2

Fair Isaac 124.59 4,017 4,499 881 933 6% 5.1 4.8 207 23% 270 29% 21.8 16.7 nm 26.2

SS&C Technologies 32.15 3,249 5,755 1,514 1,647 9% 3.8 3.5 630 42% 722 44% 9.1 8.0 24.5 19.9

Ellie Mae 105.30 3,247 3,158 342 425 24% 9.2 7.4 102 30% 142 33% 30.9 22.2 71.9 51.4

SimCorp 57.75 2,361 2,329 333 348 4% 7.0 6.7 81 24% 85 24% 28.9 27.5 37.4 39.6

Ebix 56.85 1,876 2,039 292 319 9% 7.0 6.4 111 38% 121 38% 18.4 16.9 26.1 21.7

Xero 13.16 1,781 1,654 193 274 42% 8.6 6.0 (31) nm (4) nm nm nm nm nm

Envestnet 36.45 1,602 1,854 581 688 18% 3.2 2.7 100 17% 135 20% 18.5 13.7 39.2 36.6

IRESS 8.50 1,341 1,460 281 313 11% 5.2 4.7 86 30% 97 31% 17.1 15.1 28.1 25.3

Asseco Poland 14.48 1,202 1,935 2,065 2,056 0% 0.9 0.9 270 13% 278 14% 7.2 6.9 13.7 13.9

Fidessa 30.52 1,170 1,081 415 428 3% 2.6 2.5 110 27% 117 27% 9.8 9.2 31.2 28.2

Q2 Holdings 28.66 1,168 1,073 149 191 28% 7.2 5.6 (12) nm (13) nm nm nm nm nm

Bottomline Technologies 23.31 953 992 345 367 6% 2.9 2.7 75 22% 77 21% 13.1 12.8 16.6 23.2

Apptio 21.70 809 787 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Mean 1,689$ 1,802$ 11% 5.4 x 4.8 x 535$ 31% 595$ 32% 16.7 x 14.5 x 32.1 x 27.9 x

Median 599 682 8% 5.1 4.7 159 31% 205 33% 16.7 13.9 31.2 27.2

Human Capital Management

Workday 91.69$ 19,768$ 17,730$ 1,557$ 2,040$ 31% 11.4 x 8.7 x 126$ 8% 229$ 11% nm x nm x nm x nm x

Ultimate Software 204.39 5,919 5,831 780 953 22% 7.5 6.1 189 24% 238 25% 30.8 24.5 79.9 62.1

Paycom Software 50.13 2,999 2,947 327 421 29% 9.0 7.0 84 26% 109 26% 34.9 27.1 nm 65.1

Cornerstone OnDemand 45.95 2,654 2,621 426 522 22% 6.1 5.0 30 7% 54 10% nm 48.9 nm nm

Paylocity 44.46 2,351 2,264 262 329 26% 8.6 6.9 2 1% 1 0% nm nm nm nm

Benefitfocus 39.92 1,252 1,226 235 293 25% 5.2 4.2 (7) nm 10 3% nm nm nm nm

Mean 598$ 760$ 26% 8.0 x 6.3 x 71$ 13% 107$ 13% 32.9 x 33.5 x nm x 63.6 x

Median 377 471 25% 8.1 6.5 57 8% 81 11% 32.9 27.1 nm 63.6



28

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




29

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology



IT Operations Management

VMware 73.35$ 31,153$ 23,988$ 7,000$ 7,345$ 5% 3.4 x 3.3 x 2,535$ 36% 2,644$ 36% 9.5 x 9.1 x 18.1 x 17.1 x

ServiceNow 79.15 13,944 13,137 1,377 1,786 30% 9.5 7.4 252 18% 380 21% nm 34.6 nm nm

CA Technologies 33.08 13,886 13,198 4,049 4,057 0% 3.3 3.3 1,601 40% 1,546 38% 8.2 8.5 14.1 13.2

Splunk 58.68 8,039 7,019 914 1,172 28% 7.7 6.0 85 9% 131 11% nm nm nm nm

Netscout Systems 29.25 2,691 2,671 1,177 1,255 7% 2.3 2.1 300 26% 416 33% 8.9 6.4 nm 17.0

LogMeIn 90.39 2,268 2,087 334 385 15% 6.2 5.4 86 26% 104 27% 24.2 20.2 56.1 46.8

New Relic 38.32 2,065 1,869 238 304 28% 7.9 6.1 (21) nm (4) nm nm nm nm nm

Gigamon 54.80 1,933 1,705 308 370 20% 5.5 4.6 73 24% 93 25% 23.4 18.2 72.9 47.0

Comarch SA 49.28 399 385 306 333 9% 1.3 1.2 41 13% 44 13% 9.4 8.7 24.5 25.4

Mean 1,745$ 1,890$ 16% 5.2 x 4.4 x 550$ 24% 595$ 26% 13.9 x 15.1 x 37.2 x 27.7 x

Median 914 1,172 15% 5.5 4.6 86 25% 131 26% 9.4 9.1 24.5 21.2

IT Security

Symantec 25.10$ 15,472$ 11,983$ 3,847$ 4,496$ 17% 3.1 x 2.7 x 1,234$ 32% 1,669$ 37% 9.7 x 7.2 x 16.6 x 24.6 x

Palo Alto Networks 159.33 14,894 14,116 1,586 2,093 32% 8.9 6.7 335 21% 512 24% 42.2 27.6 nm 76.7

Check Point 77.61 13,785 12,459 1,725 1,826 6% 7.2 6.8 946 55% 1,003 55% 13.2 12.4 18.8 17.4

Verisign 78.24 8,353 8,315 1,139 1,175 3% 7.3 7.1 789 69% 811 69% 10.5 10.3 25.7 22.4

Fortinet 36.93 6,458 5,473 1,279 1,521 19% 4.3 3.6 231 18% 291 19% 23.6 18.8 72.6 52.8

Trend Micro 29.13 4,087 3,055 1,075 1,156 8% 2.8 2.6 327 30% 356 31% 9.4 8.6 21.3 26.8

Proofpoint 74.85 4,075 3,663 363 468 29% 10.1 7.8 25 7% 44 9% nm nm nm nm

FireEye 14.73 2,538 2,337 722 832 15% 3.2 2.8 (91) nm 25 3% nm nm nm nm

Imperva 53.71 1,768 1,513 250 301 20% 6.1 5.0 (18) nm (2) nm nm nm nm nm

CyberArk 49.57 1,663 1,472 213 260 23% 6.9 5.7 55 26% 67 26% 26.8 22.0 61.0 46.5

Qualys 38.19 1,478 1,263 198 235 19% 6.4 5.4 64 32% 78 33% 19.7 16.3 57.6 48.5

Barracuda Networks 25.48 1,351 1,188 341 362 6% 3.5 3.3 62 18% 69 19% 19.0 17.1 75.8 42.9

AVG Technologies 25.01 1,283 1,405 436 467 7% 3.2 3.0 149 34% 178 38% 9.4 7.9 13.9 12.9

Mimecast 19.13 1,042 939 164 202 23% 5.7 4.7 7 4% 14 7% nm nm nm nm

Secureworks 12.51 1,009 896 425 508 20% 2.1 1.8 (29) nm 1 0% nm nm nm nm

Varonis Systems 30.10 794 686 160 190 19% 4.3 3.6 (6) nm (2) nm nm nm nm nm

Rapid7 17.65 779 694 155 196 27% 4.5 3.5 (32) nm (29) nm nm nm nm nm

Vasco Data Security 17.61 714 578 210 242 15% 2.8 2.4 33 16% 47 19% 17.4 12.4 13.5 29.1

F-Secure 3.81 597 505 178 190 6% 2.8 2.7 27 15% 34 18% 18.4 15.1 29.5 34.4

Mean 761$ 880$ 16% 5.0 x 4.3 x 216$ 27% 272$ 26% 18.3 x 14.6 x 36.9 x 36.3 x

Median 363 467 19% 4.3 3.6 55 23% 67 22% 17.9 13.8 25.7 31.8

Marketing Applications

Teradata 31.00$ 4,044$ 3,717$ 2,304$ 2,271$ -1% 1.6 x 1.6 x 583$ 25% 576$ 25% 6.4 x 6.4 x 14.9 x 12.5 x

Hubspot 57.62 2,145 2,028 265 346 31% 7.7 5.9 (8) nm (0) nm nm nm nm nm

Bazaarvoice 5.91 490 440 203 213 5% 2.2 2.1 13 6% 19 9% 34.8 23.2 nm nm

ChannelAdvisor 12.93 337 275 113 129 14% 2.4 2.1 2 2% 5 4% nm nm nm nm

Mean 721$ 740$ 12% 3.5 x 2.9 x 148$ 11% 150$ 13% 20.6 x nm x nm x nm x

Median 234 279 10% 2.3 2.1 8 6% 12 9% 20.6 14.8 nm nm




Network Infrastructure

Juniper Networks 24.06$ 9,214$ 9,003$ 4,898$ 5,083$ 4% 1.8 x 1.8 x 1,296$ 26% 1,385$ 27% 6.9 x 6.5 x 12.0 x 12.3 x

Brocade 9.23 3,709 4,149 2,400 2,591 8% 1.7 1.6 618 26% 697 27% 6.7 6.0 9.3 10.2

Infoblox 26.37 1,466 1,208 344 393 14% 3.5 3.1 n/a n/a 76 19% nm 15.9 49.8 67.1

Extreme Networks 4.49 479 440 541 650 20% 0.8 0.7 48 9% 72 11% 9.2 6.2 25.4 16.3

Mean 2,046$ 2,179$ 12% 2.0 x 1.8 x 654$ 20% 557$ 21% 7.6 x 8.6 x 24.2 x 26.5 x

Median 1,470 1,620 11% 1.8 1.7 618 26% 387 23% 6.9 6.3 18.7 14.3

Platforms, Development Tools & Deployment

Red Hat 80.83$ 15,326$ 13,990$ 2,330$ 2,681$ 15% 6.0 x 5.2 x 585$ 25% 709$ 26% 23.9 x 19.7 x 44.8 x 37.6 x

Atlassian 29.97 6,484 5,741 523 679 30% 11.0 8.5 99 19% 142 21% nm 40.5 96.7 99.3

Micro Focus 27.91 6,430 7,508 1,351 1,400 4% 5.6 5.4 629 47% 697 50% 11.9 10.8 21.3 16.9

Twilio 64.36 5,789 5,527 256 328 28% 21.6 16.8 (15) nm 4 1% nm nm nm nm

Software AG 42.62 3,249 3,176 1,000 1,021 2% 3.2 3.1 311 31% 323 32% 10.2 9.8 18.0 15.5

Pegasystems 29.49 2,291 2,153 790 890 13% 2.7 2.4 124 16% 146 16% 17.4 14.7 37.4 32.2

Progress Software 27.20 1,325 1,229 412 423 3% 3.0 2.9 144 35% 141 33% 8.5 8.7 17.8 17.1

Axway Software 31.85 662 652 350 374 7% 1.9 1.7 57 16% 65 17% 11.4 10.1 17.0 14.9

Apigee 17.40 567 501 104 134 28% 4.8 3.7 (24) nm (12) nm nm nm nm nm

Hortonworks 8.35 552 444 178 234 32% 2.5 1.9 (63) nm (15) nm nm nm nm nm

Magic Software 7.13 318 246 195 211 8% 1.3 1.2 n/a n/a n/a n/a nm nm 14.5 12.3

Mean 681$ 761$ 15% 5.8 x 4.8 x 185$ 27% 220$ 25% 13.9 x 16.3 x 33.4 x 30.7 x

Median 412 423 13% 3.2 3.1 111 25% 141 24% 11.7 10.8 19.6 17.0

Storage Management

NetApp 35.82$ 9,982$ 7,052$ 5,387$ 5,389$ 0% 1.3 x 1.3 x 951$ 18% 1,067$ 20% 7.4 x 6.6 x 16.1 x 16.3 x

Nutanix 37.00 5,080 5,279 n/a 824 n/a n/a 6.4 n/a n/a n/a n/a nm nm nm nm

CommVault Systems 53.13 2,417 2,007 628 669 7% 3.2 3.0 87 14% 97 14% 23.1 20.8 nm 51.5

Box 15.76 2,112 2,071 395 499 26% 5.2 4.2 (73) nm (39) nm nm nm nm nm

Carbonite 15.36 421 377 199 207 4% 1.9 1.8 32 16% 36 17% 11.8 10.5 nm 31.0

Mean 1,652$ 1,518$ 9% 2.9 x 3.3 x 249$ 16% 290$ 17% 14.1 x 12.6 x 16.1 x 32.9 x

Median 511 669 5% 2.5 3.0 59 16% 66 17% 11.8 10.5 nm 31.0

Supply Chain Management

Manhattan Associates 57.62$ 4,316$ 4,220$ 616$ 676$ 10% 6.9 x 6.2 x 214$ 35% 239$ 35% 19.8 x 17.7 x 39.0 x 32.1 x

Descartes Systems 21.45 1,627 1,565 203 226 11% 7.7 6.9 69 34% 80 35% 22.6 19.7 27.8 23.5

American Software 11.10 327 255 116 124 7% 2.2 2.1 19 16% 21 17% 13.4 12.3 nm 34.7

Amber Road 9.65 255 256 74 84 13% 3.5 3.1 (6) nm (3) nm nm nm nm nm

Mean 252$ 277$ 10% 5.1 x 4.6 x 74$ 28% 84$ 29% 18.6 x 16.5 x 33.4 x 30.1 x

Median 159 175 10% 5.2 4.7 44 34% 50 35% 19.8 17.7 33.4 32.1



30

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




Technical & Embedded Applications

Dassault Systemes 87.27$ 22,393$ 20,544$ 3,423$ 3,712$ 8% 6.0 x 5.5 x 1,225$ 36% 1,354$ 36% 16.8 x 15.2 x 35.0 x 31.5 x

Autodesk 72.33 16,124 15,548 2,028 2,258 11% 7.7 6.9 (63) nm 99 4% nm nm 96.6 nm

Synopsys 59.35 9,119 8,307 2,457 2,569 5% 3.4 3.2 660 27% 709 28% 12.6 11.7 22.9 19.2

ANSYS 92.61 8,076 7,232 997 1,069 7% 7.3 6.8 501 50% 542 51% 14.4 13.3 27.3 25.5

Cadence Design 25.53 7,590 7,578 1,820 1,927 6% 4.2 3.9 540 30% 588 31% 14.0 12.9 23.8 21.2

Parametric Technology 44.31 5,099 5,571 1,152 1,142 -1% 4.8 4.9 232 20% 276 24% 24.0 20.2 20.5 37.5

Aspen Technology 46.79 3,836 3,658 468 487 4% 7.8 7.5 230 49% 240 nm 15.9 15.2 nm 25.8

Mentor Graphics 26.44 2,902 2,885 1,217 1,281 5% 2.4 2.3 286 23% 313 24% 10.1 9.2 18.9 15.7

Mean 1,695$ 1,806$ 6% 5.4 x 5.1 x 451$ 34% 515$ 28% 15.4 x 14.0 x 35.0 x 25.2 x

Median 1,518 1,604 6% 5.4 5.2 393 30% 427 28% 14.4 13.3 23.8 25.5

31

($ millions)



Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology



Equity Trading Multiples by Comparable Subset

32

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Growth

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology




Salesforce.com 71.33$ 49,978$ 52,421$ 8,314$ 10,074$ 21% 6.3 x 5.2 x 1,562$ 19% 1,930$ 19% 33.6 x 27.2 x 94.7 x 75.3 x

Workday 91.69 19,768 17,730 1,557 2,040 31% 11.4 8.7 126 8% 229 11% nm nm nm nm

ServiceNow 79.15 13,944 13,137 1,377 1,786 30% 9.5 7.4 252 18% 380 21% nm 34.6 nm nm

NetSuite 110.69 9,017 9,177 966 1,220 26% 9.5 7.5 79 8% 108 9% nm nm nm nm

Splunk 58.68 8,039 7,019 914 1,172 28% 7.7 6.0 85 9% 131 11% nm nm nm nm

Atlassian 29.97 6,484 5,741 523 679 30% 11.0 8.5 99 19% 142 21% nm 40.5 96.7 99.3

Ultimate Software 204.39 5,919 5,831 780 953 22% 7.5 6.1 189 24% 238 25% 30.8 24.5 79.9 62.1


Paycom Software 50.13 2,999 2,947 327 421 29% 9.0 7.0 84 26% 109 26% 34.9 27.1 nm 65.1

Cornerstone OnDemand 45.95 2,654 2,621 426 522 22% 6.1 5.0 30 7% 54 10% nm 48.9 nm nm

Fleetmatics 59.98 2,366 2,200 340 407 20% 6.5 5.4 115 34% 140 35% 19.1 15.7 41.2 34.2

Paylocity 44.46 2,351 2,264 262 329 26% 8.6 6.9 2 1% 1 0% nm nm nm nm

LogMeIn 90.39 2,268 2,087 334 385 15% 6.2 5.4 86 26% 104 27% 24.2 20.2 56.1 46.8

Criteo 35.11 2,214 1,844 709 887 25% 2.6 2.1 202 28% 270 30% 9.1 6.8 32.5 19.9


Box 15.76 2,112 2,071 395 499 26% 5.2 4.2 (73) nm (39) nm nm nm nm nm

RealPage 25.70 2,083 2,160 570 654 15% 3.8 3.3 120 21% 146 22% 18.0 14.8 48.5 35.3

Envestnet 36.45 1,602 1,854 581 688 18% 3.2 2.7 100 17% 135 20% 18.5 13.7 39.2 36.6

SPS Commerce 73.41 1,282 1,154 193 230 19% 6.0 5.0 26 14% 34 15% 44.0 34.0 94.3 74.9

Benefitfocus 39.92 1,252 1,226 235 293 25% 5.2 4.2 (7) nm 10 3% nm nm nm nm

Q2 Holdings 28.66 1,168 1,073 149 191 28% 7.2 5.6 (12) nm (13) nm nm nm nm nm

Callidus Software 18.35 1,054 960 205 243 19% 4.7 4.0 26 13% 33 14% 37.0 28.9 94.7 67.2

Mimecast 19.13 1,042 939 164 202 23% 5.7 4.7 7 4% 14 7% nm nm nm nm

Varonis Systems 30.10 794 686 160 190 19% 4.3 3.6 (6) nm (2) nm nm nm nm nm

IntraLinks 10.06 579 620 299 327 9% 2.1 1.9 52 17% 68 21% 11.9 9.1 nm 49.8

Workiva 18.13 578 549 181 220 21% 3.0 2.5 (35) nm (26) nm nm nm nm nm

Apigee 17.40 567 501 104 134 28% 4.8 3.7 (24) nm (12) nm nm nm nm nm

Bazaarvoice 5.91 490 440 203 213 5% 2.2 2.1 13 6% 19 9% 34.8 23.2 nm nm

ChannelAdvisor 12.93 337 275 113 129 14% 2.4 2.1 2 2% 5 4% nm nm nm nm

Jive Software 4.26 331 226 201 196 -2% 1.1 1.1 15 7% 18 9% 15.1 12.5 nm 74.7

Mean 705$ 868$ 22% 6.0 x 4.8 x 104$ 14% 141$ 16% 25.5 x 23.9 x 67.8 x 57.0 x

Median 318 396 22% 6.1 5.0 28 14% 44 14% 24.2 23.8 68.0 62.1




Small Cap (<$250m Market Value)

Exa 16.05$ 248$ 219$ 74$ 83$ 12% 3.0 2.6 5$ 7% 8$ 10% 40.7 x 26.2 x nm x nm x

Absolute Software 5.46 213 187 89 98 10% 2.1 1.9 9 10% 9 9% 20.6 20.6 nm nm

MobileIron 2.75 236 151 161 179 11% 0.9 0.8 (57) nm (58) nm nm nm nm nm

The Rubicon Project 8.28 222 205 274 300 9% 0.7 0.7 67 24% 71 24% 3.1 2.9 12.4 9.7

Limelight Networks 1.87 196 182 173 185 7% 1.0 1.0 23 13% 27 15% 8.0 6.7 nm nm

Guidance Software 5.96 193 179 110 116 6% 1.6 1.5 (2) nm 1 1% nm nm nm nm

Upland Software 8.81 154 169 73 77 5% 2.3 2.2 11 16% 14 18% 14.9 12.3 nm 34.9

YuMe 3.97 136 73 178 190 7% 0.4 0.4 10 5% 11 6% 7.6 6.5 nm 43.6

Rocket Fuel 2.64 117 130 467 488 4% 0.3 0.3 17 4% 13 3% 7.6 9.9 nm nm

Attunity 6.64 111 102 57 70 22% 1.8 1.5 4 8% 11 16% 23.5 9.0 30.2 nm

Marin Software 2.52 97 64 100 97 -3% 0.6 0.7 1 1% 5 5% nm 14.2 nm nm

Datawatch 7.41 90 61 31 n/a n/a 2.0 n/a (4) nm n/a n/a nm nm nm nm

Tremor Video 1.71 90 40 157 189 20% 0.3 0.2 (2) nm 15 8% nm 2.6 nm nm

Covisint 2.18 89 47 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

NetSol Technologies 6.26 67 74 69 78 12% 1.1 1.0 n/a n/a 15 19% nm 5.0 nm 17.4

FalconStor Software 1.04 45 36 n/a n/a n/a n/a n/a n/a n/a n/a n/a nm nm nm nm

Top Image Systems 2.22 40 37 34 37 7% 1.1 1.0 1 2% 1 3% 45.8 31.6 nm 74.0

NexJ Systems 1.55 33 24 24 24 3% 1.0 1.0 n/a n/a 1 n/a nm 32.2 nm nm

Mean 130$ 147$ 9% 1.3 x 1.1 x 6$ 9% 10$ 10% 19.1 x 13.8 x 21.3 x 35.9 x

Median 94 98 7% 1.1 1.0 5 7% 11 9% 14.9 9.9 21.3 34.9


Equity Trading Multiples by Comparable Subset continued

33

($ millions)

Notes:




Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology

High Growth


Notes:





Equity Trading Multiples by Comparable Subset continued

34

($ millions)

Content Management

Supply Chain

Management


Global Diversified

ERP & General



Human Capital

Management

IT Security

Network

Infrastructure


& Deployment

Storage Management

Technical &

Embedded Apps

High Profitability


Small Cap

Marketing

Applications



IT Operations

Management

Advertising

Technology

High Growth



High Growth (>30% CY17E Revenue Growth)

Xero 13.16$ 1,781$ 1,654$ 193$ 274$ 42% 8.6 x 6.0 x (31)$ nm (4)$ nm nm x nm x nm x nm x


Palo Alto Networks 159.33 14,894 14,116 1,586 2,093 32% 8.9 6.7 335 21% 512 24% 42.2 27.6 nm 76.7

Hortonworks 8.35 552 444 178 234 32% 2.5 1.9 (63) nm (15) nm nm nm nm nm

Workday 91.69 19,768 17,730 1,557 2,040 31% 11.4 8.7 126 8% 229 11% nm nm nm nm


Atlassian 29.97 6,484 5,741 523 679 30% 11.0 8.5 99 19% 142 21% nm 40.5 96.7 99.3

Mean 659$ 868$ 33% 8.5 x 6.4 x 66$ 13% 125$ 15% 42.2 x 34.0 x nm x 88.0 x

Median 310 413 32% 8.9 6.7 6 13% 15 16% nm 34.0 nm 88.0

High Profitability (>35% CY16E EBITDA Margin)

Verisign 78.24$ 8,353$ 8,315$ 1,139$ 1,175$ 3% 7.3 x 7.1 x 789$ 69% 811$ 69% 10.5 x 10.3 x 25.7 x 22.4 x

Check Point 77.61 13,785 12,459 1,725 1,826 6% 7.2 6.8 946 55% 1,003 55% 13.2 12.4 18.8 17.4

ANSYS 92.61 8,076 7,232 997 1,069 7% 7.3 6.8 501 50% 542 51% 14.4 13.3 27.3 25.5

Aspen Technology 46.79 3,836 3,658 468 487 4% 7.8 7.5 230 49% 240 49% 15.9 15.2 nm 25.8

MSCI 83.94 8,319 9,495 1,151 1,240 8% 8.3 7.7 557 48% 615 50% 17.0 15.4 37.2 28.8

Micro Focus 27.91 6,430 7,508 1,351 1,400 4% 5.6 5.4 629 47% 697 50% 11.9 10.8 21.3 16.9

j2 Global 66.61 3,215 3,447 855 950 11% 4.0 3.6 394 46% 447 47% 8.8 7.7 16.4 13.6

Oracle 39.28 164,874 150,931 37,407 38,211 2% 4.0 3.9 16,652 45% 17,505 46% 9.1 8.6 15.2 15.0

SS&C Technologies 32.15 3,249 5,755 1,514 1,647 9% 3.8 3.5 630 42% 722 44% 9.1 8.0 24.5 19.9

Akamai Technologies 52.99 9,329 9,115 2,316 2,549 10% 3.9 3.6 932 40% 1,030 40% 9.8 8.8 21.6 20.7

CA Technologies 33.08 13,886 13,198 4,049 4,057 0% 3.3 3.3 1,601 40% 1,546 38% 8.2 8.5 14.1 13.2

F5 Networks 124.64 11,795 10,984 2,016 2,170 8% 5.4 5.1 788 39% 860 40% 13.9 12.8 18.6 17.1

Adobe 108.54 54,064 51,534 5,833 7,100 22% 8.8 7.3 2,234 38% 2,785 39% 23.1 18.5 52.5 36.5

Temenos Group 63.65 4,201 4,487 617 676 9% 7.3 6.6 236 38% 268 40% 19.0 16.7 37.8 31.2

Ebix 56.85 1,876 2,039 292 319 9% 7.0 6.4 111 38% 121 38% 18.4 16.9 26.1 21.7

Microsoft 57.60 448,947 376,490 92,208 96,894 5% 4.1 3.9 34,895 38% 37,990 39% 10.8 9.9 22.0 20.7

Intel 37.75 179,326 198,571 58,832 60,999 4% 3.4 3.3 21,612 37% 24,596 40% 9.2 8.1 17.0 14.6

Jack Henry 85.55 6,747 6,677 1,382 1,455 5% 4.8 4.6 503 36% 517 36% 13.3 12.9 31.8 28.8

Intuit 110.01 28,652 28,572 4,811 5,222 9% 5.9 5.5 1,746 36% 2,032 39% 16.4 14.1 35.7 28.4

VMware 73.35 31,153 23,988 7,000 7,345 5% 3.4 3.3 2,535 36% 2,644 36% 9.5 9.1 18.1 17.1

Dassault Systemes 87.27 22,393 20,544 3,423 3,712 8% 6.0 5.5 1,225 36% 1,354 36% 16.8 15.2 35.0 31.5

Progress Software 27.20 1,325 1,229 412 423 3% 3.0 2.9 144 35% 141 33% 8.5 8.7 17.8 17.1

Open Text 64.86 7,884 8,735 1,957 2,148 10% 4.5 4.1 685 35% 846 39% 12.7 10.3 19.9 17.9

Mean 10,076$ 10,569$ 7% 5.5 x 5.1 x 3,938$ 42% 4,318$ 43% 13.0 x 11.8 x 25.2 x 21.8 x

Median 1,725 1,826 7% 5.4 5.1 788 39% 846 40% 12.7 10.8 21.8 20.7


IPO Pricing

IPO Date 06/22/16 07/28/16 09/15/16 09/22/16 09/29/16

Original Range $12 - $14 $15 - $17 $11 - $13 $13 - $15 $13 - $15

Pricing $15.00 $18.00 $12.00 $16.00 $16.00

vs. Midpoint 15% 13% 0% 14% 14%

Current $64.36 $26.16 $16.86 $21.70 $37.00

vs. Pricing 329% 45% 41% 36% 131%

Operating Statistics at IPO ($ millions)

CY Revenue $256 $104 $76 $154 $573

CY+1 Revenue $328 $133 $94 $185 $848

Growth 28% 28% 25% 19% 48%

35

Equity Financing ActivitySoftware IPOs: Trailing Twelve Months


CY

EV

/R

ev

Ma

rke

t V

alu

e

$1,233

$503$323

$611

$2,210

$5,789

$732$454

$809

$5,080

$0

$1,000

$2,000

$3,000

$4,000

$5,000

$6,000

$7,000

At IPO

At 09/30/16

3.6x4.9x 4.5x

3.8x 3.7x

21.6x

7.1x

n/a n/a n/a

0x

5x

10x

15x

20x

25x Median at IPO

Median at 09/30/16


Current Trading Data Valuation at IPO

Share Price Market Enterprise EV / Revenue Performance Share Amount Market Enterprise EV / Revenue

Company (09/30/16) Value Value CY16E CY17E Since IPO IPO Date Price Raised [a] Value Value LTM CY CY +1

Nutanix $ 37.00 $ 5,080 $ 5,279 n/a x 6.4 x 131 % 09/29/16 $ 16.00 $ 238 $ 2,210 $ 2,098 4.7 x 3.7 x 2.5 x

Apptio 21.70 809 787 n/a n/a 36 09/22/16 16.00 96 611 588 4.1 3.8 3.2

Everbridge 16.86 454 468 n/a n/a 41 09/15/16 12.00 75 323 338 5.0 4.5 3.6

Talend 26.16 732 736 7.1 5.5 45 07/28/16 18.00 95 503 507 5.7 4.9 3.8

Twilio 64.36 5,789 5,527 21.6 16.8 329 06/22/16 15.00 150 1,233 972 5.0 3.6 3.0

Secureworks 12.51 1,009 896 2.1 1.8 (11) 04/21/16 14.00 11 1,129 1,016 2.8 2.4 2.0

Atlassian 29.97 6,484 5,741 11.0 8.5 43 12/10/15 21.00 462 4,382 4,159 11.8 10.7 8.2

Mimecast 19.13 1,042 939 5.7 4.7 91 11/19/15 10.00 78 540 516 4.0 3.8 3.3

Rapid7 17.65 779 694 4.5 3.5 10 07/17/15 16.00 103 605 571 6.8 5.5 4.4

Xactly 14.72 483 452 4.7 3.8 84 06/25/15 8.00 55 222 233 3.7 3.1 2.5

Apigee 17.40 567 501 4.8 3.7 2 04/24/15 17.00 87 494 470 7.6 6.2 4.8

Inovalon 14.71 2,250 1,790 3.8 3.4 (46) 02/18/15 27.00 600 3,901 3,941 11.7 9.0 7.4

Box 15.76 2,112 2,071 5.2 4.2 13 01/22/15 14.00 175 1,630 1,412 11.4 5.0 3.8

Hortonworks 8.35 552 444 2.5 1.9 (48) 12/12/14 16.00 100 666 554 13.3 11.3 6.9

New Relic 38.32 2,065 1,869 7.9 6.1 67 12/12/14 23.00 115 1,059 970 11.4 10.0 7.3

Workiva 18.13 578 549 3.0 2.5 30 12/12/14 14.00 101 553 570 5.4 5.1 4.1

Upland Software 8.81 154 169 2.3 2.2 (27) 11/06/14 12.00 46 172 196 4.9 3.0 2.6

Hubspot 57.62 2,145 2,028 7.7 5.9 130 10/09/14 25.00 125 759 769 8.2 6.8 5.3

CyberArk 49.57 1,663 1,472 6.9 5.7 210 09/24/14 16.00 86 473 397 9.3 4.2 3.5

TubeMogul 9.37 351 269 1.2 1.0 34 07/18/14 7.00 44 306 317 4.6 2.9 2.0

MobileIron 2.75 236 151 0.9 0.8 (69) 06/11/14 9.00 100 672 611 5.7 5.3 3.9

Zendesk 30.71 3,074 2,850 9.2 6.9 241 05/14/14 9.00 100 632 598 7.2 5.4 3.7

Cheetah Mobile 12.46 17,750 17,511 24.2 16.6 (11) 05/07/14 14.00 168 1,934 1,837 14.8 7.3 3.9

Paycom Software 50.13 2,999 2,947 9.0 7.0 234 04/14/14 15.00 69 766 834 7.8 5.9 4.6

Five9 15.68 824 810 5.2 4.4 124 04/03/14 7.00 70 338 349 4.2 3.4 2.6

The Rubicon Project 8.28 222 205 0.7 0.7 (45) 04/01/14 15.00 102 521 495 5.9 4.4 3.3

Mean 6.6 x 5.1 x 63 % $ 134 $ 1,045 $ 990 7.6 x 5.7 x 4.2 x

Median 5.0 4.0 32 100 649 585 7.0 5.2 3.9


Software IPO Pricing & Performance Data

36

Initial Equity Issuances from 2014 – 3Q 2016 ($ millions)

Notes:

[a] Primary shares only



5

17 (17)

5

26(21)

(3)

7

13(10)

(3)

7

2

(6)

3

2013 IPO

Backlog

New Filings Priced Withdrawn 2014 IPO

Backlog


Backlog


Backlog


Backlog


Software IPO Pipeline

37

Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and

pricing the offering and issuing shares to the public market

Historical IPO Filing Trends



Software Private Capital Raise Activity: 3Q 2016

38

($ millions)


Close Date Company Participating Investor(s) Description Amount

09/30/16 Simplus Infinite Investments, Prelude, Salesforce, Service Provider Capital, SVB Data synchronization platform $7

09/30/16 Conduce n/a Data accessibility interface $10

09/29/16 TerraNet Danir, Knutsson Holdings Mesh network mobile communications $3

09/29/16 Spotright Access, FFP Holdings, Grotech, NewRoad Capital, PV Ventures, TechOperators, Techstars Multi-channel marketing analytics and data collection $3

09/29/16 Simpplr NVP, Salesforce, Simplion Technologies Employee social network management $6

09/29/16 Shape Security Allegis, Baseline, EDB, EPIC, HP, KPCB, Northern Light, NVP, Sierra, TomorrowVentures, Venrock, Wing Venture Partners Web and mobile cyber-attack protection $40

09/29/16 Pixoneye Collider, Microsoft, Seedrs, Wayra, ZenInvest Personalized marketing tools $3

09/29/16 Folloze Canvas, Cervin Ventures, New Enterprise Associates, TriplePoint Capital Account-based marketing and sales tools $7

09/29/16 Caringo Accent Capital Partners, Advantage Capital Partners, Austin Ventures, LiveOak, New Science Ventures, Vodafone Ventures File-based data storage and distribution $12

09/28/16 Trunomi Fenway Summer Ventures, Fintonia, Persistent Systems, Saturn Management, SenaHill Partners, WorldQuant Ventures Consent management and data sharing $3

09/28/16 Skymind FundersClub, GreatPoint, Hemi, KK Mobile, Liquid 2, Mandra, Plug & Play, Rising Tide, Streamlined, Tencent, Westlake, Y Combinator Open-source enterprise deep learning $3

09/28/16 Losant CincyTech USA, Techstars IoT data visualization and analysis n/a

09/28/16 Druva Accord, Blue Cloud, EDB, EMC, NexUS Venture, NTT Finance, Orios Venture Partners, Sequoia, Tenaya, WestBridge Capital Data protection and IT-governance $51

09/28/16 Contrast Security Acero Capital, General Catalyst Web application threat security $16

09/28/16 Apttus Gulf Islamic Investments, ICONIQ Capital, K1 Capital, Kuwaiti Investment Authority, Salesforce Sales quote and commitment automation $88

09/27/16 Useful Systems Kima Ventures Mobile-based recruitment management platform $1

09/27/16 SecBI BGN Technologies, Connecticut Innovations, Jerusalem Venture Partners, Microsoft, Orange Digital Ventures Cyber-security analysis platform $5

09/27/16 Screach Hotspur Capital Partners, Max Capital Partners, Northstar Capital, Northstar Ventures Venue-based digital marketing $1

09/27/16 Red Points European Investment Fund, Mangrove Capital Partners Online counterfeit goods protection $2

09/27/16 ProsperWorks Bloomberg, Columbus Nova, CrunchFund, Devoteam, Industry Ventures, Next World Capital, Storm Ventures, True Ventures Sales tracking CRM platform $24

09/27/16 NSONE Blue Ant, Center Electric, Deutsche Telekom, Entrée Capital, Flybridge, Founder Collective, Sigma Prime, Two Sigma Ventures Website traffic management $20

09/27/16 Kustomer Boldstart Ventures, BoxGroup, Canaan Partners, Plug & Play Agent-oriented CRM $10

09/27/16 Deepgram Boost VC, Compound Ventures, Ludlow Ventures, NKM Capital, Y Combinator AI-based speech recognition $2

09/27/16 CrediFi Battery Ventures, Carmel Ventures, OurCrowd, Stax DevCorp Commercial real estate financial monitoring $11

09/27/16 Aqua Security Microsoft Ventures, TLV Partners Virtual container security $9

09/26/16 Podium Data Converge, Dolby Family Ventures, Malibu Ventures Enterprise data management platform $10

09/26/16 MemberSuite Accomplice VC, AIM Groupe, Alerion Ventures, Bonaventure Capital, Fidelis Capital Partners, Revolution Association and organization management tools $11

09/26/16 LegalSifter Birchmere Ventures Automated legal document analysis $3

09/26/16 Qrvey n/a Customer feedback management $1

09/25/16 Skyhigh Networks Greylock Partners, Salesforce, Sequoia Cloud visibility and control services $40

09/23/16 Oblong Industries Energy Technology Ventures, Foundry Group, GE, Morgan Stanley Visual collaboration tools $65

09/23/16 LearnUp a16z, First Floor Labs, Floodgate Fund, Greylock Partners, Inspovation Ventures, New Enterprise Associates, Third Kind Job training and recruitment system $8

09/23/16 FreightHub Cavalry Ventures, Cherry Ventures Management, Global Founders Capital, La Famiglia, Saarbruecker 21 Logistics management and shipment tracking $3

09/23/16 Flashback Technologies Pacific Advantage Capital Machine learning data analytics $1

09/23/16 Clarabridge Boulder Ventures, General Catalyst, Grotech, Harbert, Intersouth Partners, Link Ventures, Summit Partners Customer intelligence and BI $12

09/22/16 Troops Aspect, Chicago Ventures, Felicis, First Round, Founder Collective, Great Oaks, NextView, Slack, Susa Ventures, Vast Ventures Mobile CRM $7

09/22/16 Site 1001 Flyover Capital, Je Dunn Construction, Tifec Building maintenance and management $5

09/22/16 Impartner Kennet Partners, ORIX, SVB Partner relationship management and marketing automation $8

09/22/16 Encompass Corporation Adcock Private Equity, Scottish Enterprise Legal analytics and dashboard $5

09/22/16 Avalara Batterson, Battery Ventures, Benaroya Capital, Lynwood Capital Partners, Pioneer Venture Partners, Sageview, TCV, Warburg Pincus Tax compliance automation $96



09/22/16 Anodot Aleph, Disruptive Ventures Real-time business incident detection solutions $8

09/21/16 Tealium Bain, Battery Ventures, eValue Group, Georgian Partners, Presidio Ventures, SVB, Silver Lake, Tenaya Tag management system $35

09/21/16 ScrollMotion Azoic Ventures, Cue Ball, Elm Street Ventures, FinTech Innovation Lab, Lakewest Venture Partners, Tice Capital Digital publishing tools $6

09/21/16 Mobilize Networks Array Ventures, Floodgate Fund, HillsVen Capital, Trinity Ventures, UpWest Labs Communications management platform $7

09/21/16 InfluxData Accelerator Technology Holdings, Battery Ventures, Bloomberg, Mayfield, Silicon Badia, Trinity Ventures, Y Combinator Application performance monitoring $17

09/20/16 WealthHub n/a Data warehousing and ETL $2

09/20/16 Vlocity Accenture, Kennet Partners, New York Life Enterprises, Salesforce, Sutter Hill Ventures, TDF Ventures, Wildcat Customer experience delivery tools $50

09/20/16 OpsDataStore Citrix, Forté Ventures, Osage Partners, Persistent Systems, The K Fund, Tigerlabs Health Cross-silo big data management $1

09/20/16 Fauna Charles River, Data Collective, Quest Venture Partners, Ulu Ventures, Webb Adaptive operational and distribution database $5

09/20/16 Cornami Impact Venture Partners, Pinetree Capital Multi-core data processing $3

09/20/16 4C Insights GSV Capital, Jump Capital, Kayne Anderson, Prime Ventures Brand data analytics and social intelligence $26

09/19/16 White Ops Eleven Two, Grotech, Paladin Capital Group Bot and malware detection system $20

09/19/16 Whispir NSI Ventures, Rippledot Capital Advisers, Telstra Ventures Business communications interface $12

09/19/16 Synqy n/a Brand engagement tools $5

09/19/16 Sigma Développement CM-CIC Investissement Supply chain management $7

09/19/16 Infinity Tracking Smedvig Capital Call tracking and logging $13

09/19/16 Doxly High Alpha, Hyde Park, NextLaw Labs Legal transaction management $3

09/16/16 Pymetrics BBG Ventures, FinTech Innovation Lab, Khosla Ventures, Koa Labs, MassChallenge, Mercer, Microsoft, Randstad Innovation Gamified recruiting platform $6

09/15/16 ViSenze Enspire Capital, FengHe Fund, Phillip Private Equity, Raffles, Rakuten Ventures, Singapore Press, UOB, Walden, WI Harper Group AI-based e-commerce visualizations tools $11

09/15/16 Promoboxx Ascent, Boston Seed, Converge, Grotech, LaunchCapital, Plug & Play, Rockfish, SK, Stage 1, Tech.Co, Techstars Retail promotion and marketing system $8

09/15/16 Electric Cloud Mayfield, Rembrandt Venture Partners, RRE Ventures, Siemens, US Venture DevOps release automation $6

09/15/16 BitSight Comcast, Commonwealth Capital, Flybridge, GGV Capital, Globespan, Liberty Global, Menlo, NSF, Portugal Capital, SingTel Innov8 Security rating and insurance tools $40

09/14/16 Totango Benhamou, Canvas, Gemini Israel Funds, InterWest Partners, Kreos Capital, Morgenthaler, Pitango Venture Capital, TLV Partners Customer feedback management $8

09/14/16 Monegraph n/a Online media asset exchange and marketplace $2

09/14/16 Luminance Invoke Capital AI-based legal document analysis $3

09/14/16 Inbenta Technologies Amasia, InverSur Capital, Level Equity, Plug & Play, Scale Capital, Telefonica Open Future Natural language processing search engine $12

09/14/16 Frame.io Accel Partners, FirstMark Capital, FundersGuild, Shasta Ventures, SignalFire Visual media sharing and collaboration $12

09/14/16 ContactEngine Amadeus, Beringea, London Business Angels, Nemisys Customer communications management $3

09/14/16 Applause Accenture, Berlin Tech, CS, Egan, Longworth, MassVentures, Mesco, Moller, QuestMark, Scale, Goldman, WestTech, Windcrest Distributed software testing services $35

09/14/16 Agent Video Intelligence 21Ventures, Indigo Strategic Partners, Motorola Enterprise video analytics $4

09/13/16 Unravel Data Systems Cisco Entrepreneurs in Residence, Data Elite Services, Menlo Big data systems management $7

09/13/16 Simple Perle Ventures, SparkLabs Global Ventures Workflow and corporate performance management $10

09/13/16 RackWare Kickstart Seed Fund, Osage Partners, Royal Street Ventures, Signal Peak Ventures Hybrid data center management $10

09/13/16 Optimove Israel Growth Partners, Star Farm Ventures Real-time hyper-targeting and multi-channel campaign orchestration $20

09/13/16 Lystable Goldcrest, Playfair, Right Side, Spring Capital Partners, Spring Partners, Techstars, Toba, Valar Ventures Vendor management platform $15

09/13/16 Gitlab 500 Startups, August, CrunchFund, FundersClub, Khosla Ventures, Liquid 2, MSD Capital, Sound Ventures, Y Combinator Open-source code collaboration and sharing $20

09/13/16 CTERA Networks Benchmark Capital, Bessemer, Cisco, Venrock, Vintage Investment Partners Cloud storage and data protection $25

09/13/16 Clubhouse Software BoxGroup, Brooklyn BridGE, Lerer Hippeau Ventures, Neu Venture Capital, Resolute, RRE Ventures Communication and project management tools $2

09/13/16 Claroty Bessemer, Innovation Endeavors Management Company, Israel Cleantech Ventures, Mitsui & Co., Red Dot Capital Partners, Team8 Operational technology network protection $32

09/13/16 Cato Networks Aspect, Greylock Partners, SingTel Innov8, US Venture Network data theft protection and hacking prevention $30


Software Private Capital Raise Activity: 3Q 2016 continued

39


($ millions)



09/13/16 Arbor Technologies Canaan Partners, Compound Ventures, First Round, FundersGuild, Great Oaks Mobile customer data marketplace $7

09/13/16 Akselos EPFL Innovation Park, Forticap, Government of Switzerland, MassChallenge Engineering simulation and CAD engine $2

09/12/16 YotaScale Alchemist Accelerator, Engineering Capital, NewDo Venture Application-aware cloud systems coordination $2

09/12/16 TVTY 360 Capital Partners, Partech Ventures, Serena Capital Digital advertising synchronization $7

09/12/16 PubNub Cisco, Cota Capital, Envision, Ericsson, In-Q-Tel, Relay Ventures, Robert Bosch, Sapphire, Scale, Sound Ventures, Streamlined, VKRM Application development infrastructure $6

09/12/16 Project44 Chicago Ventures, Emergence Capital Partners, SVB Real-time freight management $11

09/12/16 PlanetRisk BG Media Investors, Frontier Capital, Petra Capital Partners, Ridgemont Equity Partners Web-based data collection, visualization and analysis $5

09/12/16 Immuta Blu, Conversion Capital Data abstraction, visualization and search $7

09/09/16 Nuxeo Extendam, Kennet Partners, Goldman Open-source application content management $30

09/09/16 InterTrust Technologies n/a Digital rights management $30

09/08/16 SessionM Causeway, Charles River, Commerce Ventures, General Atlantic, Highland, KPCB, NTT Docomo Ventures, Salesforce Mobile marketing and loyalty program tools $35

09/08/16 PlumSlice Labs Kinetic Ventures Retail workflow management $2

09/08/16 Octiv Allos Ventures, Collina Ventures, FundersClub, GE, Gravity Ventures, Greycroft Partners, High Alpha, Hyde Park, Iron Yard Sales productivity workflow interface $5

09/08/16 Cyence Dowling Capital Partners, IVP, New Enterprise Associates Insurance cyber-risk modeling $40

09/08/16 Blackstorm Labs Alsop Louie Partners, Highland, Rakuten Ventures Mobile-based application development $34

09/07/16 Zenedge Pilot Growth Equity, TELUS Ventures, Zoho Web application security and distributed denial-of-service mitigation $6

09/07/16 Intensity Analytics n/a User and entity behavioral analytics security $2

09/07/16 HashiCorp GGV Capital, Mayfield, Originate, Redpoint, True Ventures Data center resource provisioning $24

09/07/16 GoSpotCheck 500 Startups, eonCapital, Insight, Point Nine Capital, Service Provider Capital, Techstars, Venture51 Real-time retail intelligence and dashboard $17

09/07/16 Dizzion Access, Correlation, Grotech, , Point B Capital, Service Provider Capital End-user data access and virtual desktop $6

09/06/16 ParkMyCloud Cofounders Capital, Fishbowl Labs, White Hall Capital Automated scheduling and optimization tool $2

09/06/16 OpenSlate Fisher Capital, Spring Mountain Capital, StarVest Partners Video analytics and data-driven advertising $2

09/06/16 Driftrock Beacon Capital, Forward Partners, Innova Kapital, Inspire Group Investments, Neon Adventures Multi-channel marketing data management $1

09/06/16 Callstats.io Lifeline Ventures, True Ventures Video call performance analytics $3

09/01/16 DefinedCrowd Amazon.com, Microsoft, Portugal Capital, Sony Innovation Fund Crowdsourced speech recognition platform $1

09/01/16 Crobox Keadyn, Ventech Automated retail communications $1

09/01/16 Continuum Analytics BuildGroup, Defense Advanced Research Projects Agency, General Catalyst, In-Q-Tel Scientific computing and data management $4

09/01/16 C3 IoT Constellation Technology Ventures, InterWest Partners, Makena Capital Management, Sutter Hill Ventures, TPG Capital Energy, utility and IoT data analytics $70

08/31/16 RFPIO Elevate Capital, TiE Oregon RFP management and response tools $2

08/30/16 LogRhythm Access, Adams Street, Croghan, Delta-V, EDB, Exclusive Networks, Grotech, High Country, Piper, Riverwood, Siemens, Silver Lake Security intelligence and cyber-threat analytics $50

08/30/16 Jumio Centana Growth Partners, Millennium Technology Value Partners Image-recognition and identity management $15

08/30/16 IntSights Blumberg Capital, Glilot Capital Partners, The Blackstone Group, Wipro Ventures Automated cyber-threat prevention system $8

08/30/16 HelpSocial Geekdom Fund, Greenhouse Investment Fun, Techstars Open-application social network monitoring $2

08/30/16 Greta BlueYard Capital, Erik Byrenius, Lean Investments Online site performance tools $1

08/30/16 Blackwood Seven Conor Venture Partners, Jolt Capital, SEED Capital Denmark, Sunstone Capital, Vækstfonden Media analytics and predictive sales modelling $15

08/29/16 Vroozi n/a Mobile-based procurement system $4

08/29/16 Galactic Exchange Floodgate Fund, Signia Big data infrastructure deployment and analytics $1

08/29/16 Blue Medora eLab Ventures, Grand Angels, Start Garden Database development, implementation and support $7

08/27/16 Komiko Founder's Co-Op CRM and ERP account synchronization $2

08/26/16 Visible Measures Advance.net, Commonfund, Duff Ackerman & Goodrich, F-Prime, General Catalyst, , Mohr Davidow Ventures, Northgate, Wildcat Video consumption and distribution measurement $1



40


($ millions)



08/26/16 MP Objects Updata Customer chain control platform $10

08/25/16 User1st 500 Startups, Cornerstone Venture Partners, Israel Innovation Authority, Maayan Ventures, Shaked Ventures Digital website accessibility tools $3

08/25/16 Riffyn Bioeconomy Capital, O'Reilly AlphaTech Ventures, Siemens Research design, integration and collaboration $3

08/25/16 BlueTalon Arsenal, Berggruen Holdings, Biosys Capital, Bloomberg, Data Collective, Divergent Ventures, Maverick, Signia, Stanford StartX Big data security $16

08/25/16 Symphony Commerce Bain, Blue Cloud, Charles River, Compound Ventures, FirstMark Capital, Great Oaks, Insikt Brand commerce and inventory management system $11

08/24/16 SkyGiraffe 500 Startups, Microsoft Ventures, SGVC, Trilogy Equity Partners Mobile-based live data access $6

08/24/16 SigOpt a16z, Blumberg Capital, Data Collective, Leland Stanford Junior University, SV Angel, Y Combinator Web and mobile application optimization framework $9

08/24/16 LeapYear Technologies Dorm Room Fund, The M&T Innovation Fund Machine learning data processing $10

08/24/16 iSentium Foley Ventures, Real Ventures Social media natural language processing tools $1

08/24/16 DB Pro Straightforward Capital SQL-based data warehousing $2

08/24/16 Bitium Acequia Capital, Amplify.LA, Double M Partners, Karlin Ventures, Lazerow Ventures, Polaris, Resolute, Social Leverage Identity and access management $6

08/24/16 Auth0 Bessemer, Founder's Co-Op, K9 Ventures, NXTP Labs, Portland Seed Fund, SVB, Trinity Ventures Single sign-on and user management tools $15

08/23/16 ThreatQ Blu, Innovative Technology Gap Funds, New Enterprise Associates, SVB, Stonehaven, Virginia Tech Investor Network Threat intelligence and detection $15

08/23/16 Scoro Alchemist Accelerator, Inventure, SmartCap CRM and billing tools automation $2

08/23/16 Logikcull OpenView Venture Partners, SaaStr, Storm Ventures Legal document discovery and sharing $10

08/23/16 Kontena Lifeline Ventures Container and micro-service coordination system $2

08/22/16 Virtru Bessemer, Blue Delta, Haystack Partners, New Enterprise Associates, Quadrant Capital Advisors, Soros Fund Management, Vidinovo Email encryption $29

08/22/16 Tempered Networks Big Basin Partners, Fluid Capital, IDG Ventures USA, Ignition Venture Partners, Rally Capital Cyber-security and product connectivity $10

08/22/16 Arundo Analytics Alliance Venture, Brillio, Nordic Innovation House, Northgate, StartX, TRK Group Machine learning operations management $5

08/21/16 JDA Software Group Golden Gate Capital, New Mountain Capital, The Blackstone Group Inventory, fulfillment and workforce management $570

08/18/16 Run Dexter Betaworks, Rakuten Ventures, Social Starts JavaScript-based service integration $3

08/18/16 Polly Amplify Partners, SV Angel, Techstars, Tempo Ventures, ZhenFund Online employee feedback gathering $1

08/18/16 ID Experts BlueCross BlueShield, Peloton Equity, Rogue Venture Partners, Sandbox Industries, Trident Capital Cybersecurity Cyber-risk and data breach security $42

08/17/16 Synerise KPT Seed Fund Marketing campaign revenue performance tools $1

08/17/16 Surfwatch Labs Boulder Ventures, Clark Enterprises, CNF Ventures Cyber-crime monitoring $4

08/17/16 EventBoard GE, Greycroft Partners, GV, Kickstart Seed Fund, Nokia, Origin Ventures, Peak Ventures, Royal Street Ventures, Zetta Operations and office space management $14

08/17/16 Cobalt 500 Startups, Alchemist Accelerator, Boost VC, eLab Ventures, Kima Ventures, Runway Incubator Crowdsourced application security $2

08/17/16 Bat Blue Accelerate-IT Ventures, OurCrowd Brick & mortar facilities network security $14

08/16/16 Vettery FJ Labs, Greycroft Partners, Lightbank, NYU Polytech Incubator, Pritzker, Raine Ventures Enterprise recruitment marketplace $9

08/15/16 Upside Commerce Social Starts Location-based marketing $1

08/15/16 ReviMedia NewSpring Lead generation and marketing tools $13

08/15/16 HeavenHR Apoletto Limited, Cavalry Ventures, Lakestar, Mutschler Ventures, OpenOcean, Piton Capital, Target Global, VoltaGE, Warpspeed HR operations management suite $7

08/15/16 Glint Bessemer, Meritech Capital Partners, NVP, Shasta Ventures Real-time employee engagement $27

08/15/16 Batterii CincyTech USA Open-source collaboration tools $2

08/14/16 Centricient Next Frontier Capital, Venrock Customer service messaging $7

08/12/16 PocketSuite Acceleprise, FundersClub, IT-Farm Corporation, Y Combinator Business meeting scheduling tools $2

08/12/16 GreenQloud Keeler Investments, Novator Partners, NSA Ventures Cloud computing virtual servers and data storage $4

08/12/16 Adventos Public Safety Ventures, The Optimas Group Law enforcement criminal intelligence and internal process automation $3

08/11/16 Xperiel Compound Ventures, LA Dodgers Accelerator, Major League Baseball Ventures Application development and consumer application integration $7

08/11/16 UpGuard 500 Startups, ATP, August, Citrix, Insurance Australia Group, Pelion, Square Peg Capital, Starfish, Startmate, Valar Ventures Threat intelligence and remediation $17



41


($ millions)



08/11/16 Sandstorm Data Collective, Quest Venture Partners Open-source server provisioning and management $1

08/11/16 IndoorAtlas Baidu, European Commission, Finnvera, KoppiCatch, Lifeline Ventures, Mobility Ventures, Plug & Play, SK Planet, Tekes Location-based device attribution $2

08/10/16 TalentIQ Acceleprise, Accelerace, Haystack Partners, Landscape Capital Management, Mandra, Right Side Technical recruiting and data analytics $3

08/10/16 Modus Engagement Sopris Capital Associates Mobile sales enablement $4

08/10/16 Lua Abundance Partners, Advancit Capital, BoxGroup, IA Ventures, Social Starts, Techstars Project and collaboration management $1

08/10/16 Interactions Ares, Comcast, Cross Atlantic, Elevate, Lightview, NewSpring, North Hill, ORIX, RED, Revolution, Sigma Prime, SoftBank, Updata Speech and language recognition tools $67

08/10/16 FullContact 500 Startups, Baird, Blue Notes, eonCapital, Five Mill, High Country, Hilltop, Iron Yard, Jove, Shea, SK, Social Leverage, Techstars Corporate contact management $25

08/09/16 MapR Technologies Australia Future Fund, Google, Greenspring Associates, Lightspeed, Mayfield, New Enterprise Associates, Qualcomm, Redpoint Data protection and infrastructure provisioning $51

08/09/16 JumpCloud Foundry Group, Galvanize Ventures, Techstars Server management security $4

08/09/16 Anomali General Catalyst, GV, In-Q-Tel, IVP, Paladin Capital Group Threat intelligence and cyber-security detection $30

08/09/16 AlphaFlow 500 Startups, Upside Partnership, Y Combinator Real estate workflow management $2

08/08/16 TVSquared CodeBase, Scottish Enterprise, West Coast Capital TV advertising attribution system $3

08/08/16 Tray.io AngelPad, Ballpark Ventures, Find Invest Grow, Firestartr, HardGamma Ventures, Passion Capital, Playfair, Redpoint, True Ventures Application integration system $5

08/08/16 Pindrop Security a16z, Citi, Felicis, Flashpoint, Georgia Tech, Google, GRA , GV, Hamilton, IVP, JudGE, Plug & Play, Pritzker, Redpoint, Sigma, Webb Invoice fraud prevention and authentication tools $81

08/08/16 CO Everywhere Morningside Group, Vayner/RSE Location-based audience management $3

08/05/16 ProcessUnity eCoast Angels, Rose Park Advisors Risk and service delivery management $5

08/04/16 Rainnet Systems Lightspeed Network automation tools $3

08/04/16 Kentik August, Blue Ant, Center Electric, Data Collective, Engineering Capital, First Round, Glynn, Orfin, Tahoma, Third Point, Webb Network traffic intelligence $23

08/04/16 Insert Battery Ventures, Imperva, Trusteer Codeless mobile engagement application $10

08/03/16 Velostrata 83North, Intel Capital, NVP Cloud workload balancing $18

08/03/16 ThinAir Amino, Base, Eleven Two, Enspire Capital, iSherpa Capital, Morado, Queensbridge, Scrum, Workday, Y Combinator Data storage and security authentication $15

08/03/16 Spot.IM Altair, Index Ventures, Norma Investments Real-time conversation tools $13

08/03/16 SiteZeus Baldwin Beach Capital Location-based BI platform $2

08/03/16 SIGNiX Launch Tennessee, ProVest, Relevance Capital, The Angel Capital Group Electronic signature platform $6

08/03/16 Sedona Systems Bessemer, Intel Capital, NextStar Venture Optical and IP network optimization $14

08/03/16 Privitar 24Haymarket, Illuminate Financial Management, , IQ Capital Partners, Rockspring Privacy-preserving data mining $4

08/03/16 Panoply.io 500 Startups, Blumberg Capital, FundersGuild, Intel Capital Data storage and warehousing $7

08/03/16 Homebase Baseline, Cowboy Ventures, Frontier Tech, Khosla Ventures Simplified payroll management $6

08/02/16 SecureAuth Toba Identity and access management $1

08/02/16 Espresa Clear Ventures, Crosslink Capital, TEC Ventures Employee benefit and incentive allocation system $2

08/02/16 Distil Networks Bessemer, Cloud Power, Correlation, Foundry Group, IDEA, MI Ventures, Militello, Piedmont, RMR, SVB, Social Leverage, Techstars Cyber-threat protection and remediation $21

08/02/16 CS Disco Bessemer, LiveOak, The Stephens Group Machine learning legal document review $19

08/02/16 Apptimize a16z, Costanoa, DDBK, GCInnovation, Goldcrest, Jotter, Maverick, Merus, Starling, Twin Gables, US Venture, WTI, XG, Y Combinator Mobile-based A/B testing platform $12

08/01/16 Shibumi Indicator Ventures, Morningside Technologies Business execution and activity management $4

08/01/16 Brave Digital Currency Group, Foundation Capital, Founders Fund, Pantera Capital, Propel Venture Partners Online content security $7

07/28/16 TruSTAR Technology Resolute Cyber incident-sharing and threat information collaboration $1

07/28/16 Reltio .406 Ventures, Crosslink Capital, New Enterprise Associates, Strontium Tech Limited Master data management platform $22

07/28/16 Red Canary Access, Kyrus Tech, Noro-Moseley Partners, Service Provider Capital Endpoint multi-dimensional threat detection $6

07/28/16 RainFocus n/a Marketing-specific CRM $2

07/28/16 Packetsled Blu, JHS Ventures Real-time network forensics and security analytics $5



42


($ millions)



07/27/16 Poq Beringea, Fashion Angel, Salesforce, Seedcamp, Venrex Investment Management Application-based commerce and retail tools $4

07/27/16 PhishMe Aldrich Capital Partners, Bessemer, Paladin Capital Group Advanced targeted attack threat management $43

07/27/16 MobileServe Access Ventures, Sequel Fund, Velocity Indiana Volunteerism tracking and management tools $2

07/27/16 FogHorn Systems Darling Ventures, GE, Robert Bosch, The Hive, Yokogawa Electric Industrial and commercial IoT computing $15

07/26/16 Reflect Technologies Draper Fisher Jurvetson, Founder's Co-Op, Leland Stanford Junior University, Liquid 2, Techstars Data visualization mobile application $3

07/26/16 PatternEx Khosla Ventures, TriplePoint Capital Cyber-threat identification and prediction $8

07/26/16 Optoro Generation, Grotech, KPCB, Maryland Venture, QED Investors, Revolution, SJF Ventures, SWaN & Legend, Tenfore Holdings Multi-channel retail sales platform $3

07/26/16 Codeship Ascent, Boston Seed, F-Prime, Frontier Tech, Hubraum, Join Capital, Right Side, Seedcamp, Sigma Prime, Techstars Application development tools and infrastructure $7

07/26/16 AttackIQ EvoNexus, Index Ventures Automated security testing platform $8

07/25/16 Vena Solutions Centana Growth Partners, Difference Capital Financial, Klass Capital, Partners for Growth Spreadsheet process management $23

07/25/16 StackPath ABRY Partners Cyber-threat identification and intelligence $180

07/25/16 Lilt XSeed Capital Interactive, adaptive translation platform $3

07/25/16 B12 Breyer Capital, Founder Collective, Gautam Gupta, General Catalyst, Suffolk Equity Partners, SV Angel Team project management $12

07/25/16 51Maps FinTech Innovation Lab, Forté Ventures, Milestone Venture Partners, Sand Hill East Ventures Application integration and workplace management platform $2

07/22/16 Progressly Accelerate-IT Ventures, Formation 8 Open-knowledge business process marketplace $6

07/22/16 BriteHub Start Garden, Techstars, University of Colorado Design and manufacturing collaboration platform $1

07/21/16 Redis Labs Bain, Carmel Ventures, SVB, The Time High-speed databasing $14

07/20/16 SmartFile Elevate, Indiana Economic Development Corporation, VisionTech Partners Online file-sharing and FTP hosting $1

07/20/16 LogDNA Initialized Capital, Kima Ventures, Lunch Van Fund, Point Reyes, Proton, Runway Incubator, Tamares, Y Combinator Log management system $1

07/20/16 CounterCraft Adara Ventures, BIC Gipuzkoa Berrilan, Centre for Industrial Technological Development, Incibe, Orza, Wayra IT security management $1

07/19/16 Zenreach Atomic Labs, Bain, Danhua Capital, Felicis, First Round, Formation 8, Founder Collective, Founders Fund, SoftTech VC In-store marketing tools $30

07/19/16 Wade & Wendy Camp One Ventures, Converge, ff Venture Capital, Frontier Tech, Indicator Ventures Crowdsourced recruiting platform $3

07/19/16 Solapa4 BioGenerator, Cultivation Capital, Cygnus Capital, Laura Lukasik, NXTP Labs, SixThirty - FinTech Accelerator, Syngenta, Yield Lab Information management and data aggregation $1

07/19/16 Skycure Foundation Capital, New York Life Insurance Company, Pitango Venture Capital, Shasta Ventures, TLV Partners Mobile threat defense and predictive analytics $17

07/19/16 Sift Science DN Capital, First Round, Founder Collective, Insight, Spark Capital, Start Fund, SV Angel, Union Square Ventures, Y Combinator Website traffic monitoring and fraud detection $30

07/19/16 Eastwind Networks Signal Peak Ventures Insider threat network security protection $6

07/19/16 Capriza Allen & Company, a16z, Charles River, Entrée Capital, Harmony Partners, Tenaya, Vintage Investment Partners, Zeev Ventures Mobile-enabled business workflow management $23

07/18/16 SmarterHQ Battery Ventures, Simon Venture Group Real-time customer activity analysis $3

07/18/16 GuardiCore 83North, Battery Ventures, Cisco Internal data center security and breach detection $20

07/14/16 SecureRF GE, KPCB, MI Ventures, NSF, United States Air Force IoT network security $3

07/14/16 Grow BYU Cougar Capital, Haxee Ventures, Kickstart Seed Fund, Pelion, Peterson Partners, Pluralsight, SVB, Toba Business intelligence dashboard $9

07/14/16 CyberGRX Allegis, MassMutual Ventures, Rally Ventures, TenEleven Ventures, The Blackstone Group Cyber-risk IAM platform $9

07/14/16 Amplero Globys, Salesforce, Seven Peaks Ventures, Trilogy Equity Partners, Wildcat Predictive customer lifetime value analysis $8

07/13/16 Innovaccer 500 Startups, Start Smart Labs, WestBridge Capital Structured data access and analysis $16

07/13/16 Indegy Aspect, Magma Venture Partners, SBI Holdings, Vertex Ventures Data server protection and cyber-security $12

07/13/16 Findo Abbyy Solutions Smart data search $3

07/13/16 Appthority Blue Coat Systems, Knollwood Investment Advisory, Trident Capital Cybersecurity, US Venture, Venrock Mobile threat protection and analysis $7

07/12/16 Section.io Blue Notes, Galvanize Ventures, Government of Australia, PV Ventures, Tahoma, Techstars Web development and content delivery $2

07/12/16 RiverMeadow Software Cisco, Raptor Group, Violin Memory Automated server-cloud migration $2

07/12/16 RedKix Salesforce, SGVC, Wicklow Capital Real-time messaging and team collaboration $17



43


($ millions)




44


($ millions)


07/12/16 Formation Data Systems BYU Cougar Capital, Dell Ventures, Mayfield, Pelion, Square 1 Bank, Third Point, VKRM Dynamic data storage platform $20

07/12/16 Flashpoint Bloomberg, Cisco, Greycroft Partners, Jump Capital, K2 Intelligence, Leaders Fund, TechOperators Dark-web risk intelligence $10

07/11/16 Tracx Crossbar Capital, Edison Partners, Flybridge, KFWA, Mousse Partners, Pix Vine Capital, Revel Partners, Rutledge Capital Social media management system $4

07/11/16 Data.World Capital Factory, Chicago Ventures, Floodgate Fund, Frontier Tech, FYRFly, Homebrew, Lead Edge, LiveOak, Shasta Ventures Data analytics and collaboration $14

07/11/16 CornerJob Antai, Banco Sabadell, Bonsai, Caixa, Cube, e.ventures, Ithaca, Media Digital, Mediaset, Northzone, Samaipata, Tv Azteca, Variv Service industry, mobile-based recruiting platform $25

07/11/16 ComplySci Edison Partners Data network and forensic analytics $3

07/11/16 3GTMS n/a Commercial transportation management and logistics $9

07/10/16 Cyber adAPT Alvin Fund, Black River, Fundamental Capital, Granite Point Capital, Griffin Partners, Westrock Partners Real-time network-based threat detection $15

07/09/16 Bay Dynamics Carrick Capital Partners, Comcast Machine learning and predictive security intelligence $23

07/08/16 Resilio n/a Document synchronization $5

07/07/16 Post-Quantum AM Partners, Barclays Accelerator, Techstars, VMS Investment Group Biometric authentication and encryption $11

07/07/16 Parlamind Asgard Capital, European Commission, Exist Federal Ministry of Economics and Energy, GTEC Lab, Motu Ventures Customer communication management and process optimization $2

07/07/16 Engagio First Round, FirstMark Capital, NVP, Storm Ventures Account-based marketing automation $22

07/07/16 Butter.ai General Catalyst, Slack Employee information access management $3

07/06/16 Zingle n/a Business communications and messaging $3

07/06/16 Twistlock Rally Ventures, Ten Eleven Ventures, YL Ventures Virtual container security $10

07/06/16 Netwatch System BDO Development Capital, CorkBIC, Enterprise Ireland Cloud and on-premise security systems $22

07/06/16 Data Dwell Frumtak, Technology Development Fund Digital document management $1

07/06/16 Darktrace Hoxton Ventures, Invoke Capital, KKR, Samsung, Softbank, Summit Partners, Talis Capital, TenEleven Ventures Machine learning cyber-threat detection $65

07/06/16 Candidate.Guru FAN Fund, Space Florida Big data analytics recruiting platform $1

07/01/16 Stardog Union Boulder Ventures, Core Capital Partners, National Institute of Standards and Technology Unstructured data integration tools $2

07/01/16 Edgewise Networks n/a Network cyber-security system $5

07/01/16 CloudPhysics DoubleRock, Hattery, Icon Ventures, KPCB, Mayfield, Wing Venture Partners Big data resource virtualization $15

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