technology, media & telecom update february 2013 services. ... forrester estimates the mobile...

Highlighted M&A Transactions…………… 3

Technology, Media & Telecom Update February 2013

Note: All market data in the following materials is as of

January 31, 2013.

U.S. TMT M&A Overview………………………………………………………………………………………. 4

U.S. TMT Initial Public Offerings……………………………………………………………………………….. 5

TMT Public Market Overview…………………………………………………………………………………… 6

Public Market Trading Statistics by Vertical

Bellwethers………………………………………………………………………………………………. 7

Data and Information Services…………………………………………………………………………... 7

Internet and Digital Media……………………………………………………………………………….. 8

IT and Tech-Enabled Services…………………………………………………………………………… 9

Software – Application…………………………………………………………………………………. 10

Software – Infrastructure……………………………………………………………………………….. 11

Software as a Service (“SaaS”) ………………………………………………………………………… 12

Selected HW&Co. TMT Transactions………………………………………………………………………….. 13

Contents

For more information, please visit http://www.harriswilliams.com/industries/tmt

Harris Williams & Co.’s Technology, Media & Telecom (TMT) Group is dedicated to providing superior merger & acquisition and capital markets advisory services to market leading companies through dedicated TMT professionals. Below is a list of our senior TMT contacts.

+1 (617) 482-7501 +1 (415) 217-3411 +44 20 7518 8901

Boston San Francisco London

Monthly Spotlight

• Cloud Computing and Enterprise Software Forecasts • SAP: IT Market Trends and Predictions • Smart Energy IT Market Growing Quickly • Mobile Payments Market to Reach $90B by 2017 • 2012 Was the Biggest Year Yet for HIT VC Funding

• Silver Lake and Michael Dell to acquire Dell • Oracle to acquire Acme Packet • Danaher acquires Navman Wireless • Google and others investors to acquire SurveyMonkey • TPG to acquire Eze Castle Software and RealTick

Group Overview

Jeff Bistrong Garin Arevian Sam Hendler Derek Swaim Tyler Dewing

Mike Wilkins Eric Reimers Laura Boyd

Thierry Monjauze Red Norrie

Francois Morin

What We’ve Been Reading………………… 2

• HW&Co. represented Liquent, Inc. (“Liquent”), a portfolio company of Marlin Equity Partners, in its sale to PAREXEL International Corporation.

• Liquent is the leading provider of innovative software and professional services designed to support the regulatory information management process of global life sciences companies.

• This is the third HCIT transaction HW&Co. has advised on it the past two and a half months.

• TMT Deal Contacts: Jeff Bistrong and Sam Hendler.

has been acquired by

a portfolio company of

Drug Development Lifecycle

IND / CTA

NDA / MAA

Discovery & Preclinical

R&D

Clinical Trials

Production & Marketing

Single Platform for Global Regulatory Information Management

DirectInSightIntegrated, scalable software platform

Regulatory and clinical outsourcing services

http://www.harriswilliams.com/industries/tmt

mailto:[email protected]














What We’ve Been Reading

Forrester estimates the mobile payments market reached $12.8 billion in 2012, and will grow at a 48% CAGR to reach $90 billion in 2017. Forrester highlights proximity payments such as geofencing technology and near field communication as the highest growth areas within mobile payments. With major players such as Isis and Google Wallet beginning to provide their mobile payment solutions to consumers in late 2012, it appears the market may finally be on the cusp of explosive growth. Read the full article here.

U.S. Mobile Payments Market Predicted To Reach $90B By 2017, Up From $12.8B In 2012 TechCrunch 1/16/13

2

According to a new report from Pike Research, the IT revenue segment of the smart electricity delivery industry grew by over 20% in 2012 to $9.4 billion globally, driven by further smart grid deployment. Growth in the smart energy industry will create opportunities for IT companies to help utilities manage data and deliver services that help customers control their energy costs. As government spending growth slows, U.S. spending on smart grid devices is expected to level off, but IT spending will continue to rise as utilities need to analyze data collected by new smart meters. Read the full article here.

Study: Smart Energy IT Market Growing Quickly IT World 1/15/13

According to forecasts from Cisco, Forrester, Gartner, and IDC, enterprise software and cloud computing are expected to experience robust growth over the next five years, as businesses invest in next-generation infrastructure and applications that help facilitate global growth. Enterprise application software spending is projected to reach $158 billion by 2016, representing a 6.5% CAGR from 2011. The fastest growing segments include web conferencing and teaming, enterprise content management, customer relationship management, and supply chain management. Read the full article here.

Roundup of Cloud Computing & Enterprise Software Market Estimates and Forecasts, 2013 Forbes 2/1/13

According to a new report from Mercom Capital Group, healthcare IT venture capital funding approached $1.2 billion across more than 160 deals in 2012. This dwarfs the $480 million of funding across 49 deals in 2011 and 22 deals raising $211 million in 2010. Health information management (“HIM”) has been a focus of funding, but there is also significant investment being made in mobile health, telehealth, personal health, and social health. In addition, healthcare IT M&A activity remained strong with approximately $7 billion of deals in 2012, with most of the activity focused on HIM companies. Read the full article here.

2012 Was Biggest Yet for HIT VC Funding, Says Mercom Capital Group Healthcare IT News 1/29/2013

SAP released its “2013 IT Market Trends and Predictions” presentation, which summarizes analyses on the five major markets in which the company operates (applications, analytics, mobile, cloud, and database & technology) as well as three other critical segments of the current IT landscape (social, business networks, and emerging markets). The presentation notes that growth in the IT and software sectors is accelerating despite slowing global GDP growth, with the fastest growing verticals including healthcare, utilities, oil and gas, and mining. In addition, industry analysts have pegged mobile, social, actionable analytics, big data, and cloud technologies as the key growth drivers for 2013. Read the full article here.

2013 IT Market Trends and Predictions SAP 2/1/13

http://techcrunch.com/2013/01/16/forrester-u-s-mobile-payments-market-predicted-to-reach-90b-by-2017-up-from-12-8b-in-2012/

http://www.itworld.com/it-management/336355/study-smart-energy-it-market-growing-quickly

http://www.forbes.com/sites/louiscolumbus/2013/02/01/roundup-of-cloud-computing-enterprise-software-market-estimates-and-forecasts-2013/

http://www.healthcareitnews.com/news/2012-was-biggest-yet-hit-vc-funding-says-mercom-capital-group?single-page=true

http://www.slideshare.net/sap/2013-predictions-it-market-trends

Highlighted Recent TMT M&A Transactions

3

• Silver Lake Partners and Michael Dell announced the acquisition of Dell in a take-private transaction which involves financing from Microsoft.

• The acquisition will allow Dell’s management and Silver Lake to strategically redirect the company away from the pressures of the public equity markets in a post-PC era.

• Beyond investments from Silver Lake and Michael Dell, it is expected that the acquisition will be funded by a $2 billion loan from Microsoft and an additional $13.8 billion in debt financing from Bank of America, Barclays, Credit Suisse, and Royal Bank of Canada.

Silver Lake Partners and Michael Dell to acquire Dell

Ent. Value: $22.4B Revenue Multiple: 0.4x EBITDA Multiple: 5.0x

2/5/13

• Acme Packet provides session delivery network solutions that enable the delivery of voice, video, data, and unified communications services and applications across Internet protocol (IP) networks.

• Oracle plans to make Acme Packet a core offering in its communications portfolio, creating an end-to-end suite of software-based technologies that accelerate the deployment of all IP networks.

Oracle to acquire Acme Packet

Ent. Value: $1.6B Revenue Multiple: 6.0x EBITDA Multiple: NM

2/4/2013

• Navman Wireless offers SaaS solutions that enable fleet owners and operators to track and monitor their assets in real time, achieve savings on fuel and maintenance, and manage operator workflows.

• This transaction is Danaher's first acquisition in the fleet / asset management space and fits Danaher’s record of building brands within its highly diversified portfolio.

Danaher acquires Navman Wireless

Ent. Value: NA Revenue Multiple: NA EBITDA Multiple: NA

1/29/13

• Eze Castle Software provides global order management and related investment technologies, while RealTick provides a multi-broker, cross-asset electron execution platform.

• TPG Capital acquired the two separate companies from BNY ConvergEx and combined them into a new entity called Eze Software Group to create a leading global provider of investment management software solutions.

TPG Capital to acquire BNY ConvergEx’s Eze Castle Software and RealTick


1/29/13

• SurveyMonkey.com is a provider of web-based survey solutions for market research, event planning, customer feedback, product planning, education, and training.

• SurveyMonkey raised $794 million in debt and equity from investors including Tiger Global and Google in a transaction that allows the Company to postpone IPO plans.

Google joins a group of investors in the pending acquisition of SurveyMonkey.com


1/29/13

Summary M&A

Statistics

LTM M&A Volume and Revenue Multiples LTM M&A Volume by Segment

U.S. TMT M&A Overview

Note: Includes announced or closed transactions over the last three calendar years.

Last Three Years M&A Transaction Volume

Private Equity Activity by Segment

4

Note: Includes announced or closed transactions over the last twelve months.

Note: Includes all announced or closed transactions over the last four quarters.

1.4 x

3.3 x

1.8 x

2.3 x

3.7 x4.1 x

0.0 x

0.5 x

1.0 x

1.5 x

2.0 x

2.5 x

3.0 x

3.5 x

4.0 x

4.5 x

0

100

200

300

400

500

600

700

800

900

Data and Information

Services

Internet and Digital Media

IT and Tech-Enabled Services

Software –Application

Software –Infrastructure

Software –SaaS

LTM

Revenue M

ultipleTran

sact

ion

Volu

me

M&A Transaction Volume Median LTM Revenue Multiple


Services6%


37%


16%


29%


9%

Software –SaaS6%

111

826

350

638

159102112

827

348

657

139 140

1251 29 48

7 90

100

200

300

400

500

600

700

800

900

Data and Information Services

Internet & Digital Media IT and Tech-Enabled Services



Software –SaaS

Tra

nsac

tion

Vol

ume

2011 M&A Transaction Volume 2012 M&A Transaction Volume 2013 YTD M&A Transaction Volume

All Acquisitions Private Equity Acquisitions

Segment Q2'12 Q3'12 Q4'12 Q1'13 Total Q2'12 Q3'12 Q4'12 Q1'13 Total

Data and Information Services 34 27 24 12 97 18% -- 8% 8% 9%

Internet and Digital Media 217 213 193 51 674 7% 6% 6% 6% 6%

IT and Tech-Enabled Services 70 88 95 29 282 1% 5% 7% 7% 5%

Software - Application 175 166 141 48 530 8% 7% 5% 8% 7%

Software - Infrastructure 35 34 37 7 113 -- -- 5% 14% 3%

Software - SaaS 30 35 36 9 110 10% 9% 6% 11% 8%

Total 561 563 526 156 1,806 7% 5% 6% 8% 6%

0

10

20

30

40

50

60

2005 2006 2007 2008 2009 2010 2011 2012

Recent IPO Statistics

Note: Includes major U.S. exchanges and transactions for companies located in the U.S. over the last twelve months.

Number of Transactions by Tier Percentage of Transactions by Tier

Tier by Market Capitalization on IPO Pricing Date

$0 - $250M $250M - $500M $500M - $1,000M $1,000M - $2,000M $2,000M +

U.S. TMT Initial Public Offerings

Note: Includes major U.S. exchanges and transactions for companies located in the U.S.

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

2005 2006 2007 2008 2009 2010 2011 2012

5

($ in millions) IPO Details Financials at IPO (LTM) Trading MultiplesGross Offering % Post-IPO EBITDA 1YR Rev. TEV/LTM TEV/LTM

Date Company Amount Secondary Perf. Revenue Margin Growth Revenue EBITDA01/18/13 Cyrusone Inc. 313.5$ 0.0% 11.4% 210.8$ 50.5% 16.0% 5.3x 10.4x11/15/12 Ruckus Wireless, Inc. 126.0 16.7% 57.1% 193.5 12.0% 156.4% 9.2x 76.5x10/11/12 Workday, Inc. 637.0 0.0% 90.8% 199.1 NM 127.9% 44.0x NM 10/10/12 Shutterstock, Inc. 76.5 0.0% 48.4% 155.2 17.6% 87.0% 5.5x 31.3x10/09/12 Ambarella, Inc. 36.0 18.3% 66.0% 107.2 16.5% 13.2% 1.8x 11.0x10/04/12 Fleetmatics Group Limited 132.8 20.0% 47.5% 117.5 16.8% 81.6% 7.6x 45.2x10/02/12 LifeLock, Inc. 141.3 1.3% 4.2% 250.6 8.0% 54.4% 4.3x 54.1x09/27/12 Qualys, Inc. 90.9 11.6% 9.2% 83.4 8.3% 27.5% 4.6x 55.6x09/19/12 Trulia, Inc. 102.0 16.7% 54.6% 51.3 NM 159.1% 14.0x NM 08/01/12 Eloqua 92.0 12.5% 104.3% 84.7 1.1% 42.3% 151.7x NM 07/25/12 E2open, Inc. 70.3 20.0% 19.0% 63.9 1.6% 15.1% 7.0x NM 07/19/12 Kayak Software Corporation 91.0 0.0% 55.3% 265.4 19.4% 32.9% 6.6x 33.9x07/19/12 Palo Alto Networks, Inc. 260.4 24.4% 31.8% 219.7 3.6% 350.4% 16.8x NM 06/28/12 ServiceNow, Inc. 209.7 22.7% 54.0% 169.0 NM 290.0% 20.3x NM 06/28/12 Exa Corporation 62.5 33.3% 0.1% 46.9 11.8% 16.3% 2.7x 23.2x05/17/12 Facebook, Inc. 16,006.9 57.3% (18.5%) 4,038.0 52.8% 104.6% 15.8x 30.0x05/09/12 Audience, Inc. 89.6 5.1% (28.1%) 100.2 3.4% 109.2% 2.3x 68.1x04/24/12 Envivio, Inc. 69.8 16.2% (81.7%) 50.6 4.4% 68.8% 0.4x 8.1x04/19/12 Proofpoint, Inc. 82.3 18.9% 1.2% 87.7 NM 35.3% 5.9x NM 04/19/12 Infoblox Inc. 120.0 23.4% 17.8% 151.9 NM 48.7% 5.5x NM 04/18/12 Splunk, Inc. 229.5 7.4% 93.9% 121.0 NM 82.6% 27.0x NM 03/28/12 Millennial Media Inc. 132.6 9.8% (11.2%) 103.7 0.1% 116.8% 9.3x NM 03/27/12 Vocera Communications, Inc. 93.6 14.5% 64.1% 79.5 1.5% 40.0% 8.5x NM 03/21/12 ExactTarget, Inc. 161.5 0.0% 15.7% 207.5 NM 54.5% 8.1x NM 03/21/12 Vantiv, Inc. 500.0 0.0% 22.5% 1,622.4 26.8% 39.6% 3.1x 11.5x03/14/12 M/A-Com Technology Solutions Holdings 114.0 7.4% (10.8%) 308.4 18.6% 18.5% 3.0x 16.2x03/14/12 Demandware, Inc. 88.0 0.0% 98.7% 56.5 3.8% 54.1% 18.1x NM 03/01/12 Yelp, Inc. 107.3 0.7% 41.6% 83.3 NM 74.5% 15.9x NM 02/23/12 Bazaarvoice, Inc. 113.8 5.1% (35.6%) 94.0 NM 143.2% 6.0x NM 02/17/12 Brightcove, Inc. 55.0 0.0% (23.5%) 63.6 NM 45.4% 3.5x NM 02/09/12 Synacor, Inc. 34.1 20.0% 15.8% 91.1 7.4% 37.5% 2.0x 26.6x02/01/12 Greenway Medical Technologies, Inc. 66.7 19.2% 49.0% 105.8 5.1% 63.6% 5.3x NM 02/01/12 AVG Technologies N.V. 128.0 50.0% (14.4%) 272.4 30.7% 25.4% 4.0x 13.0x

Median 107.3$ 12.5% 19.0% 107.2$ 8.3% 54.4% 6.0x 28.3x

0%

25%

50%

75%

100%

125%

Data and Information Services

Internet & Digital Media




Software –SaaS

Comparable Trading

Summary

Valuation Summary

Current Valuation Versus Historical Five-Year Average

Five-Year Average

Note: Based on current TEV/LTM EBITDA versus five-year historical average.

Note: Public comparables exclude companies with market capitalization below $500 million.

TMT Public Market Overview

6

LTM Revenue LTM EBITDAIndustry Segment 1 Month 12 Month Growth Margin LTM 2013P 2014P LTM 2013P 2014P

Bellwethers 4.9% 13.5% 12.1% 29.8% 2.1x 1.9x 1.7x 8.4x 7.5x 6.7x

Data and Information Services 6.5% 26.5% 9.8% 27.5% 3.0x 2.6x 2.5x 10.9x 9.2x 8.8xDiversified Information Services 7.0% 25.7% 9.5% 28.0% 3.3x 2.9x 2.8x 10.6x 9.2x 8.9xFinancial Data and Media 7.8% 12.1% 9.4% 38.0% 4.7x 4.4x 4.0x 11.4x 10.1x 9.4xLender/Mortgage/Real Estate Data and Processing 3.7% 53.3% 10.4% 19.7% 2.3x 2.2x 2.1x 10.5x 7.4x 7.1xMarket Data and Research 6.0% 20.1% 15.6% 16.8% 1.9x 1.7x 1.6x 12.8x 9.7x 9.1x

Internet & Digital Media 9.9% 15.2% 20.5% 20.6% 2.4x 2.1x 2.0x 9.8x 8.5x 7.8xAdvertising & Marketing 4.5% 7.4% 43.1% 28.6% 3.1x 2.7x 2.4x 11.4x 9.3x 8.1xContent Delivery & Management 5.8% 5.6% 17.9% 20.8% 2.1x 2.0x 1.9x 10.5x 7.5x 7.0xContent & Services 15.8% 7.0% 20.1% 13.4% 2.7x 2.3x 2.0x 11.3x 9.6x 9.6xDiversified Media 10.2% 31.9% 3.4% 23.4% 2.2x 2.0x 2.0x 9.0x 8.3x 7.5xe-Commerce 8.9% 18.0% 21.8% 18.2% 2.0x 1.7x 1.5x 16.3x 10.5x 9.4x

IT and Tech-Enabled Services 10.5% 23.9% 13.6% 15.5% 1.6x 1.4x 1.3x 9.6x 8.2x 7.3xGovernment IT & BPO 6.0% 11.9% 2.5% 9.8% 0.5x 0.5x 0.5x 7.7x 5.7x 5.8xIT Services 12.2% 22.4% 5.5% 10.6% 0.7x 0.7x 0.7x 6.8x 5.4x 5.1xOffshore BPOs 11.7% 20.2% 20.0% 20.2% 2.2x 1.9x 1.7x 10.9x 9.5x 8.9xOnshore BPOs 10.2% 41.2% 14.8% 14.0% 1.4x 1.1x 1.1x 9.1x 7.4x 7.2x

Software – Application 7.7% 17.1% 15.1% 21.3% 3.9x 3.5x 3.1x 14.7x 9.9x 10.3xCustomer Engagement/Call Center Management 10.0% 0.9% 15.6% 16.6% 2.4x 2.1x 2.0x 14.4x 8.4x 7.9xEnterprise Software 8.1% 23.3% 10.2% 29.1% 4.2x 4.0x 3.6x 12.9x 11.8x 10.8xHuman Capital Management 5.9% 50.7% 46.6% 10.6% 12.0x 7.9x 6.0x 75.3x 28.8x 21.4xProduct Lifecycle Management/Technical Design 5.0% 24.0% 14.4% 20.6% 3.1x 2.9x 2.7x 14.1x 9.8x 8.9xVertically Focused - Financial Technology 9.2% 17.4% 12.8% 20.5% 3.8x 3.3x 3.5x 14.7x 9.9x 9.1xVertically Focused - Healthcare IT 12.1% 8.2% 19.8% 24.2% 3.3x 3.0x 2.8x 12.7x 9.7x 8.5xVertically Focused - Public Sector 2.7% 2.1% 16.6% 19.4% 3.2x 2.8x 2.6x 19.6x 13.1x 10.5x

Software – Infrastructure 6.7% 5.2% 10.0% 22.2% 2.9x 2.8x 2.4x 11.1x 9.7x 9.0xEnterprise IT Management 8.4% 0.7% 6.1% 23.4% 2.8x 2.7x 2.6x 15.3x 10.9x 9.1xEnterprise Storage 3.4% 8.1% 13.1% 18.7% 2.5x 2.3x 1.7x 13.4x 7.0x 8.7xSecurity 6.6% 9.8% 7.7% 26.9% 5.2x 4.1x 3.5x 9.1x 9.7x 9.0x

Software – SaaS 8.6% 25.8% 26.8% 14.1% 7.2x 5.4x 4.3x 30.2x 19.4x 21.2x

NASDAQ 6.1% 12.0%

Stock Price % Change TEV / Revenue Multiple TEV / EBITDA Multiple

7

($ in millions) Stock Price CY2013P Multiples SummaryMarket As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA

Company Capitalization Current Week High Revenue EBITDA LTM CY2013P LTM CY2013P

Diversified Information Services

Thomson Reuters Corporation 25,255.0$ 30.56$ 97.9% 1.2% 3.0% 2.3x 2.4x 10.4x 8.6xExperian plc 16,911.1 17.13 97.9% 7.7% 7.6% 4.1x 3.7x 12.3x 10.9xReed Elsevier plc 12,852.7 10.89 98.9% 1.5% 2.6% NA 1.1x NA 3.5xVerisk Analytics, Inc. 9,200.6 55.16 98.9% 12.2% 12.9% 7.3x 6.2x 16.2x 13.6xAlliance Data Systems Corporation 7,857.3 157.60 99.1% 17.5% 14.8% 4.4x 3.8x 14.2x 12.0xEquifax Inc. 7,020.4 58.70 99.0% 11.3% 19.1% 3.6x 3.2x 11.2x 9.2xIHS Inc. 6,752.1 102.90 86.5% 10.1% 16.2% 4.9x 4.4x 21.6x 13.3xWolters Kluwer NV 6,003.1 20.28 94.0% 1.0% 2.3% 2.0x 1.8x 8.0x 7.1xInforma plc 4,563.6 7.59 97.4% 2.5% 5.4% 3.0x 2.9x 10.5x 9.8xNeuStar, Inc. 2,992.4 45.14 98.4% 9.3% 9.9% 4.2x 3.6x 9.8x 7.7xUBM plc 2,908.5 11.92 97.9% 4.8% 10.9% 2.4x 2.3x 10.7x 9.6xFair Isaac Corporation 1,599.7 45.07 94.2% 12.6% 26.7% 2.9x 2.6x 10.4x 8.2xAcxiom Corporation 1,322.0 17.73 93.2% 0.3% (6.2%) 1.3x 1.3x 6.3x 6.3x

Median 6,752.1$ 97.9% 7.7% 9.9% 3.3x 2.9x 10.6x 9.2x

Financial Data and Media

Moody's Corporation 12,219.4$ 54.82$ 99.5% 6.1% 6.9% 4.9x 4.4x 11.4x 10.0xMSCI Inc. 4,119.5 33.74 88.4% 6.0% 3.2% 4.9x 4.5x 10.9x 10.2xFactSet Research Systems Inc. 4,088.4 92.52 84.7% 6.9% 6.1% 4.7x 4.4x 12.4x 11.4xDun & Bradstreet Corporation 3,633.8 81.54 94.2% 2.5% 4.6% 2.7x 2.6x 8.6x 7.6xMorningstar Inc. 3,190.3 67.69 99.7% NA NA 4.4x NA 14.9x NA

Median 4,088.4$ 94.2% 6.1% 5.3% 4.7x 4.4x 11.4x 10.1x

Lender/Mortgage/Real Estate Data and Processing

Fidelity National Information Services, Inc. 10,880.6$ 37.11$ 97.8% 4.8% 7.1% 2.5x 2.5x 8.7x 8.0xCoStar Group Inc. 2,650.2 93.78 97.6% 22.1% 39.5% 8.4x 6.3x 42.6x 23.6xCoreLogic, Inc. 2,557.7 26.24 88.9% 0.0% 1.7% 2.0x 2.0x 10.4x 6.8xLender Processing Services, Inc. 2,039.8 24.04 77.8% (5.1%) (5.7%) 1.4x 1.5x 10.5x 5.9x

Median 2,603.9$ 93.3% 2.4% 4.4% 2.3x 2.2x 10.5x 7.4x

Market Data and Research

Gartner Inc. 4,824.2$ 51.51$ 96.4% 11.4% 17.2% 3.0x 2.6x 18.5x 13.3xAegis Group plc 4,280.6 3.72 98.5% 6.3% 7.5% 2.5x 2.2x 14.2x 11.0xIpsos SA 1,806.1 39.86 98.1% 3.1% 13.1% 1.3x 1.0x 11.5x 8.4xForrester Research Inc. 630.3 28.27 78.2% 5.1% 1.5% 1.3x 1.3x 7.7x 8.5x

Median 3,043.4$ 97.3% 5.7% 10.3% 1.9x 1.7x 12.8x 9.7x

Total Data and Information Median 4,200.1$ 97.7% 6.0% 7.1% 3.0x 2.6x 10.9x 9.2x

Bellwethers


Services



Bellwethers

Apple Inc. 427,731.5$ 455.49$ 64.6% 13.4% 5.4% 1.8x 1.6x 4.9x 4.7xGoogle Inc. 249,123.2 755.69 97.6% 16.8% 18.2% 4.1x 3.4x 12.7x 9.3xMicrosoft Corporation 229,927.9 27.45 83.3% 16.8% 18.8% 2.3x 1.9x 5.7x 4.7xInternational Business Machines Corporation 229,455.3 203.07 95.9% 1.8% 6.1% 2.4x 2.3x 9.4x 8.6xSamsung Electronics Co. Ltd. 174,144.2 1,331.52 91.4% 13.9% 18.5% 0.7x 0.7x 3.4x 2.8xOracle Corporation 168,114.9 35.51 99.0% 5.4% (6.0%) 4.2x 3.9x 8.9x 8.0xAmazon.com Inc. 120,683.3 265.50 93.2% 22.4% 39.3% 1.9x 1.5x 45.3x 23.5xQUALCOMM Inc. 113,430.9 66.02 95.9% 21.3% 17.0% 4.2x 3.4x 11.8x 8.7xCisco Systems, Inc. 109,211.2 20.57 96.6% 6.0% 1.0% 1.7x 1.6x 6.0x 5.0xIntel Corporation 104,421.5 21.04 71.9% 1.1% (4.7%) 1.8x 1.8x 4.3x 4.5xSAP AG 97,473.6 81.74 96.0% 11.0% 16.4% 4.7x 4.1x 15.4x 11.8xeBay Inc. 72,424.3 55.97 98.8% 16.3% 15.8% 4.6x 3.9x 15.7x 11.9xEMC Corporation 51,852.3 24.61 82.0% 8.5% 12.2% 2.0x 1.8x 7.8x 7.0xHewlett-Packard & Company 32,163.9 16.51 55.0% (5.2%) (9.1%) 0.4x 0.4x 3.4x 3.6x

Total Comp Set Median 117,057.1$ 94.6% 12.2% 14.0% 2.1x 1.9x 8.4x 7.5x




8



Advertising & Marketing 2,565.3$ -$ 0.7$ 0.2$ 0.1$ 3.1$ 2.7$ 11.4$ 9.3$

Google Inc. 249,123.2$ 755.69$ 97.6% 16.8% 18.2% 4.1x 3.4x 12.7x 9.3xBaidu, Inc. 37,860.5 108.30 70.3% 35.9% 29.3% 9.7x 7.2x 17.4x 13.2xYahoo! Inc. 23,216.2 19.63 94.0% 2.6% 0.2% 2.7x 3.0x 9.4x 8.2xYandex N.V. 7,922.9 24.21 57.6% 32.0% 33.9% 8.4x 5.8x 19.1x 12.8xGroupon, Inc. 3,619.6 5.52 21.4% 16.9% (9.1%) 1.0x 0.8x 15.6x 9.0xAOL Inc. 2,565.3 30.65 69.8% 0.5% (1.0%) 0.8x 0.8x 4.1x 4.4xValueClick, Inc. 1,540.1 20.47 93.6% 12.6% 13.7% 2.4x 2.1x 8.3x 6.6xExactTarget, Inc. 1,497.1 21.99 73.6% 28.1% (37.9%) 4.8x 3.5x NM NMBankrate, Inc. 1,237.6 12.37 47.7% 7.0% 7.2% 2.8x 2.7x 10.1x 9.7xMillennial Media Inc. 904.0 11.54 41.4% 58.4% 623.5% 5.1x 2.7x NM 44.3xBazaarvoice, Inc. 552.3 7.73 36.6% 27.6% NM 3.1x 2.2x NM NM

Median 2,565.3$ 69.8% 16.9% 10.4% 3.1x 2.7x 11.4x 9.3x

Content Delivery & Management 1,926.7$ -$ 0.9$ 0.0$ 0.1$ 2.1$ 2.0$ 10.5$ 7.5$

Akamai Technologies, Inc. 7,224.7$ 40.71$ 95.7% 14.4% 14.6% 4.7x 3.9x 11.7x 8.8xLevel 3 Communications, Inc. 5,190.4 23.82 85.1% 3.1% 17.7% 2.1x 2.0x 10.5x 7.7xMentor Graphics Corporation 1,926.7 17.13 97.9% 6.3% 15.1% 1.9x 1.7x 9.4x 7.1xRovi Corporation 1,854.9 17.29 45.8% (0.9%) (1.9%) 3.6x 3.8x 11.4x 7.5xEarthLink Inc. 708.5 6.80 79.2% (4.6%) (10.5%) 0.8x 0.8x 3.7x 4.2x

Median 1,926.7$ 85.1% 3.1% 14.6% 2.1x 2.0x 10.5x 7.5x

Content & Services

Facebook, Inc. 73,800.9$ 30.98$ 68.8% 32.4% 24.1% 13.1x 10.0x 56.0x 19.2xLinkedIn Corporation 13,301.1 123.79 97.1% 51.5% 70.4% 15.1x 8.8x NM 36.3xNetflix, Inc. 9,252.4 165.24 93.2% 18.7% 102.1% 2.5x 2.1x 93.6x 31.5xVeriSign, Inc. 6,658.7 43.41 86.6% 9.4% 15.5% 6.6x 6.1x 11.3x 9.7xIAC/InterActiveCorporation 3,648.8 41.25 74.2% 16.5% 28.8% 1.2x 0.9x 8.2x 4.9xAOL Inc. 2,565.3 30.65 69.8% 0.5% (1.0%) 0.8x 0.8x 4.1x 4.4xZynga, Inc. 2,124.6 2.71 17.0% (12.7%) (24.9%) 0.4x 0.5x NM 4.8xPandora Media, Inc. 1,959.3 11.52 44.3% 40.9% NM 4.9x 3.1x NM NMYelp, Inc. 1,344.5 21.24 66.5% 51.6% 382.2% 10.1x 5.9x NM 59.1xZillow, Inc. 1,265.1 37.84 80.8% 41.1% 62.0% 10.1x 6.5x 86.7x 30.6xWebMD Health Corp. 810.3 16.53 57.8% (9.4%) (8.4%) 1.3x 1.5x 16.0x 10.7xAngie's List, Inc. 725.6 12.55 63.3% 49.1% NM 4.9x 2.9x NM NMDemand Media, Inc. 719.8 8.45 67.6% 14.0% 17.1% 1.7x 1.4x 9.3x 5.1xMonster Worldwide, Inc. 679.2 5.80 55.8% (5.5%) 16.8% 0.7x 0.8x 5.7x 3.9xDice Holdings, Inc. 551.3 9.41 85.6% 11.7% 4.2% 2.8x 2.6x 7.8x 6.9xcomScore, Inc. 524.8 14.73 61.6% 10.8% 15.3% 1.9x 1.7x 21.5x 9.6x

Median 1,651.9$ 68.2% 15.2% 17.0% 2.7x 2.3x 11.3x 9.6x

Diversified Media

Comcast Corporation 101,188.6$ 38.08$ 94.5% 2.0% 5.0% 2.3x 2.2x 7.1x 6.8xWalt Disney Company 96,958.4 53.88 98.2% 7.0% 11.9% 2.5x 2.4x 9.8x 8.4xNews Corporation 64,545.4 27.74 98.3% 4.3% 11.6% 1.9x 1.8x 9.7x 8.5xTime Warner Inc. 47,835.2 50.52 98.5% 3.9% 7.2% 2.2x 2.1x 9.0x 8.4xViacom, Inc. 29,871.6 60.35 99.2% 5.5% 9.6% 2.8x 2.7x 9.6x 8.6xCBS Corporation 26,508.4 41.72 96.7% 4.6% 7.9% 2.2x 2.0x 9.2x 8.3xLiberty Interactive Corporation 11,583.1 21.26 98.6% 5.3% 7.4% 1.5x 1.4x 8.0x 7.2xScripps Networks Interactive, Inc. 9,256.4 61.77 93.1% 7.5% 8.2% 4.5x 4.1x 9.7x 8.9xGannett Co., Inc. 4,510.7 19.63 95.2% (1.2%) (1.5%) 1.1x 1.2x 5.6x 5.4xMeredith Corporation 1,608.7 36.26 95.8% (0.4%) (6.5%) 1.4x 1.4x 7.4x 7.8xThe New York Times Company 1,315.7 8.86 80.1% (1.1%) 1.2% 0.6x 0.7x 4.0x 5.2x

Median 26,508.4$ 96.7% 4.3% 7.4% 2.2x 2.0x 9.0x 8.3x




9

e-Commerce

Amazon.com Inc. 120,683.3$ 265.50$ 93.2% 22.4% 39.3% 1.9x 1.5x 45.3x 23.5xeBay Inc. 72,565.8 55.97 98.8% 16.3% 15.8% 4.6x 4.0x 15.7x 11.9xpriceline.com Inc. 34,181.0 685.47 88.5% 19.8% 23.2% 6.1x 4.9x 16.9x 12.9xRakuten, Inc. 12,037.6 9.16 91.6% 13.2% 20.0% 1.3x 1.3x 5.6x 5.5xExpedia Inc. 8,800.1 65.25 97.6% 13.5% 15.2% 2.0x 1.7x 10.8x 8.4xMercadolibre, Inc. 3,902.9 88.40 84.6% 24.3% 26.3% 10.3x 7.9x 28.7x 21.4xCtrip.com International Ltd. 2,750.2 19.81 70.4% 17.9% 10.8% 3.0x 2.5x 16.9x 11.7xHomeAway, Inc. 1,991.8 23.97 87.2% 20.6% 25.5% 6.5x 5.2x 35.9x 17.3xLive Nation Entertainment, Inc. 1,921.1 10.26 93.3% 4.3% 14.4% 0.5x 0.5x 7.5x 6.4xVistaprint N.V. 1,202.7 35.85 82.6% 15.9% 9.5% 1.2x 1.1x 12.8x 9.2xOpenTable, Inc. 1,197.3 52.69 94.2% 17.3% 20.6% 7.1x 5.9x 23.9x 13.3xShutterfly, Inc. 1,196.9 33.08 94.5% 18.1% 27.3% 2.0x 1.6x 21.4x 8.5xLiquidity Services, Inc. 1,004.0 31.87 47.9% 13.1% 11.6% 1.9x 1.7x 9.8x 7.8xDemandware, Inc. 944.7 31.79 92.8% 26.3% NM 11.7x 8.7x NM NMDigital River Inc. 515.9 14.52 76.0% (0.8%) 6.2% 0.3x 0.3x 2.2x 1.7x

Median 1,991.8$ 91.6% 17.3% 17.9% 2.0x 1.7x 16.3x 10.5x

Total Internet and Digital Media Median 2,565.3$ 85.4% 13.1% 14.0% 2.4x 2.1x 9.8x 8.5x




(Continued)



Government IT & BPO

SAIC, Inc. 4,136.6$ 12.10$ 85.2% (2.9%) 6.2% 0.4x 0.5x 7.7x 5.5xMAXIMUS, Inc. 2,337.3 68.57 96.6% 18.1% 24.4% 2.0x 1.7x 14.1x 10.6xTyler Technologies, Inc. 1,651.7 54.05 98.8% 12.5% 22.5% 4.8x 4.1x 24.7x 19.3xCACI International Inc. 1,234.1 53.63 85.0% (1.4%) (2.6%) 0.5x 0.5x 5.7x 5.7xManTech International Corporation 912.9 24.67 66.4% (2.2%) (10.3%) 0.3x 0.4x 3.5x 4.4x

Median 1,651.7$ 85.2% (1.4% ) 6.2% 0.5x 0.5x 7.7x 5.7x

IT Services

Accenture plc 46,321.2$ 71.89$ 98.7% 6.3% 8.9% 1.5x 1.4x 9.6x 8.3xCap Gemini S.A. 7,410.1 48.22 96.1% 2.2% 6.4% 0.6x 0.5x 6.5x 5.4xAtos S.A. 6,272.0 73.18 96.1% 2.1% 9.8% 0.6x 0.5x 5.5x 4.5xSapient Corporation 1,670.5 12.11 87.2% 10.2% 10.4% 1.3x 1.2x 10.5x 8.7xTieto Oyj 1,603.4 22.29 98.0% 0.5% 13.9% 0.7x 0.7x 6.8x 5.4xUnisys Corporation 976.7 22.21 97.1% 0.5% 0.3% 0.1x 0.1x 1.4x 1.1xEPAM Systems, Inc. 901.8 20.72 87.7% 21.3% 20.2% 2.0x 1.5x 10.8x 8.2x

Median 1,670.5$ 96.1% 2.2% 9.8% 0.7x 0.7x 6.8x 5.4x

Offshore BPOs

Tata Consultancy Services Ltd. 49,348.6$ 25.21$ 93.4% 18.2% 16.2% 4.4x 3.6x 15.1x 12.8xInfosys Technologies Ltd. 29,922.1 52.37 93.3% 13.7% 9.0% 3.6x 3.1x 11.8x 10.9xCognizant Technology Solutions 23,469.0 78.18 98.3% 16.8% 16.1% 3.0x 2.4x 14.2x 11.9xWipro Ltd. 18,900.3 7.72 90.9% 9.7% 8.3% 2.2x 2.0x 11.4x 10.0xHCL Technologies Ltd. 8,984.1 12.93 95.6% 13.4% 12.7% 2.0x 1.7x 10.4x 8.4xGenpact Ltd. 3,761.8 16.75 85.8% 13.8% 16.8% 2.2x 1.9x 12.7x 10.4xSatyam Computer Services Limited 2,650.1 2.25 95.9% 15.1% 2.6% 1.6x 1.3x 7.5x 6.8xSyntel, Inc. 2,443.7 58.29 89.4% 11.8% 2.1% 2.9x 2.5x 8.6x 9.0xExlservice Holdings, Inc. 953.5 29.66 98.5% 13.2% 14.2% 1.9x 1.7x 10.3x 8.8xWNS Holdings Ltd. 642.3 12.73 99.6% 13.0% 14.9% 1.4x 1.4x 8.3x 7.7x

Median 6,373.0$ 94.5% 13.6% 13.5% 2.2x 1.9x 10.9x 9.5x

Onshore BPOs

Alliance Data Systems Corporation 7,857.3$ 157.60$ 99.1% 17.5% 14.8% 4.4x 3.8x 14.2x 12.0xCGI Group, Inc. 8,210.8 26.77 99.0% 65.2% 68.0% 1.8x 1.1x 12.8x 7.4xComputer Sciences Corporation 6,494.4 41.80 97.7% (2.9%) 17.8% 0.5x 0.5x 5.1x 4.0xDST Systems Inc. 2,958.7 66.94 98.6% 0.1% 8.4% 1.4x 1.9x 9.1x 8.1xConvergys Corporation 1,857.6 17.02 97.3% 3.3% 7.1% 0.5x 0.6x 4.1x 4.8x

Median 6,494.4$ 98.6% 3.3% 14.8% 1.4x 1.1x 9.1x 7.4x

Total IT Services Median 2,958.7$ 96.1% 11.8% 10.4% 1.6x 1.4x 9.6x 8.2x

IT and Tech-Enabled

Services


Software – Application

10



Customer Engagement/Call Center Management

Nuance Communications, Inc. 7,541.5$ 24.05$ 77.2% 23.8% 18.1% 5.2x 3.7x 22.5x 9.5xAmdocs Limited 5,801.2 35.69 98.4% 3.9% 4.2% 1.5x 1.4x 8.0x 6.9xNICE Systems Ltd. 2,380.1 36.60 90.7% 9.9% 11.3% 2.3x 2.0x 14.9x 7.4xVerint Systems Inc. 1,355.5 33.80 95.8% 7.7% (2.0%) 2.5x 2.3x 13.9x 9.3xComverse Technology Inc. 956.4 4.36 62.8% 7.5% 13.7% 0.9x 0.9x 9.1x 5.2xLivePerson Inc. 747.0 13.37 68.2% 17.4% 28.1% 4.3x 3.5x 30.2x 17.3x

Median 1,867.8$ 83.9% 8.8% 12.5% 2.4x 2.1x 14.4x 8.4x

Enterprise Software

Oracle Corporation 168,114.9$ 35.51$ 99.0% 5.4% (6.0%) 4.2x 3.9x 8.9x 8.0xSAP AG 97,473.6 81.74 96.0% 11.0% 16.4% 4.7x 4.1x 15.4x 11.8xsalesforce.com, inc 25,193.1 172.13 96.2% 26.6% 30.9% 8.5x 6.3x NM 36.2xAdobe Systems Inc. 18,869.3 37.83 97.6% (5.8%) (35.5%) 3.8x 4.1x 11.4x 14.3xSage Group plc 6,140.9 5.11 97.0% 4.2% 7.7% 3.0x 2.9x 10.0x 9.8xNetSuite Inc. 5,032.1 70.23 98.2% 29.2% 23.2% 15.7x 12.2x NM NMInformatica Corporation 3,993.6 37.01 67.9% 9.7% 10.6% 4.3x 4.0x 19.2x 14.4xOpen Text Corporation 3,417.6 58.35 93.1% 12.3% 8.6% 2.8x 2.5x 9.8x 8.4xManhattan Associates, Inc. 1,344.2 68.51 92.9% 10.7% 13.9% 3.3x 3.0x 14.5x 11.7xMicroStrategy Inc. 1,131.5 100.27 62.7% 9.4% 31.5% 1.5x 1.4x 16.6x 12.8xJive Software, Inc. 985.9 15.33 54.5% 34.7% NM 7.9x 5.4x NM NM

Median 5,032.1$ 96.0% 10.7% 12.2% 4.2x 4.0x 12.9x 11.8x

Human Capital Management

Workday, Inc. 8,867.7$ 53.42$ 93.4% 57.2% NM 34.4x 19.1x NM NMConcur Technologies, Inc. 3,687.3 66.90 87.9% 26.9% 12.8% 7.3x 5.8x 75.7x 26.3xThe Ultimate Software Group, Inc. 2,772.2 101.54 95.4% 23.9% 37.0% 8.6x 6.6x 74.9x 31.4xCornerstone OnDemand, Inc. 1,649.8 32.68 99.6% 45.6% NM 15.3x 9.3x NM NM

Median 3,229.7$ 94.4% 36.2% 24.9% 12.0x 7.9x 75.3x 28.8x

Product Lifecycle Management/Engineering

Dassault Systemes SA 13,755.9$ 111.21$ 93.3% 9.7% 12.6% 4.8x 4.1x 15.5x 12.0xAutodesk, Inc. 8,736.3 38.88 91.1% 5.7% 10.9% 3.1x 2.9x 15.0x 9.8xAnsys, Inc. 6,818.1 73.60 98.8% 11.6% 8.0% 8.2x 7.1x 17.2x 13.8xSynopsys Inc. 5,056.1 33.44 97.8% 10.5% 4.7% 2.6x 2.3x 13.2x 8.3xCadence Design Systems Inc. 3,900.5 13.93 97.4% 8.4% 19.8% 2.7x 2.5x 11.7x 7.8xAspen Technology, Inc. 2,859.8 30.60 92.8% 23.4% 118.5% 9.8x 8.2x NM 49.5xPTC Inc. 2,769.6 23.18 80.1% 9.3% 8.0% 2.3x 2.1x 12.8x 8.9xAveva Group plc 2,328.5 34.25 95.1% 12.1% 15.7% 6.1x 5.4x 20.7x 16.2xMentor Graphics Corporation 1,926.7 17.13 97.9% 6.3% 15.1% 1.9x 1.7x 9.4x 7.1x

Median 3,900.5$ 95.1% 9.7% 12.6% 3.1x 2.9x 14.1x 9.8x

Vertically Focused - Financial Technology

Intuit Inc. 18,467.8$ 62.38$ 96.8% 12.4% 18.6% 4.3x 3.8x 12.9x 9.9xJack Henry & Associates Inc. 3,570.3 41.48 98.5% 7.3% 9.6% 3.3x 3.0x 10.2x 9.1xBroadridge Financial Solutions, Inc. 2,880.8 23.57 94.5% 3.3% 12.8% 1.4x 1.3x 9.3x 6.8xACI Worldwide, Inc. 1,872.3 47.54 99.6% 13.7% 35.2% 3.8x 2.8x 19.8x 9.8xSS&C Technologies Holdings, Inc. 1,784.5 22.63 83.7% 28.7% 34.5% 5.8x 3.9x 15.5x 9.8xFinancial Engines, Inc. 1,574.2 33.26 99.0% 21.8% 24.4% 8.0x 6.2x 45.9x 21.4xAdvent Software, Inc. 1,237.3 24.65 87.1% 6.0% 6.9% 3.1x 2.9x 14.0x 10.7xBottomline Technologies (de), Inc. 1,092.5 29.08 97.3% 10.6% 16.5% 3.9x 3.5x 43.7x 18.4x

Median 1,828.4$ 97.0% 11.5% 17.6% 3.8x 3.3x 14.7x 9.9x

Vertically Focused - Healthcare IT

Cerner Corporation 14,162.6$ 82.55$ 93.5% 12.5% 17.2% 5.1x 4.3x 18.7x 13.3xAthenahealth, Inc. 3,136.4 86.47 88.8% 28.5% 25.6% 7.4x 5.4x 59.1x 26.6xHMS Holdings Corp. 2,369.4 27.26 73.3% 21.2% 14.2% 5.9x 4.5x 19.3x 14.8xAllscripts Healthcare Solutions, Inc. 1,899.8 11.08 51.2% 3.7% 10.5% 1.5x 1.5x 9.9x 6.9xMedAssets, Inc. 1,154.5 19.55 97.8% 6.5% 8.9% 3.3x 3.0x 10.7x 9.3xQuality Systems Inc. 1,085.9 18.24 40.5% 6.1% 12.7% 2.1x 2.0x 9.0x 7.3xComputer Programs & Systems Inc. 582.8 52.61 82.2% 11.9% 19.1% 3.1x 2.7x 12.7x 9.7x

Median 1,899.8$ 82.2% 11.9% 14.2% 3.3x 3.0x 12.7x 9.7x





Enterprise IT Management

Microsoft Corporation 229,927.9$ 27.45$ 83.3% 16.8% 18.8% 2.3x 1.9x 5.7x 4.7xVMware, Inc. 32,786.1 76.48 64.4% 15.4% 11.5% 6.2x 5.4x 23.2x 14.3xHewlett-Packard Company 32,239.5 16.51 55.0% (5.2%) (9.1%) 0.4x 0.4x 3.4x 3.6xCitrix Systems, Inc. 13,660.1 73.16 83.1% 16.5% 14.2% 4.7x 4.1x 20.0x 13.1xCA Technologies 11,316.0 24.82 88.6% (0.8%) (6.8%) 2.2x 2.2x 6.0x 5.8xRed Hat, Inc. 10,733.9 55.56 88.5% 17.1% 19.4% 7.3x 6.3x 35.6x 22.0xBMC Software Inc. 5,937.0 41.55 90.9% 4.2% (4.2%) 2.7x 2.6x 9.9x 6.5xTIBCO Software Inc. 3,763.8 23.44 67.6% 9.8% 7.3% 3.5x 3.2x 16.6x 10.9xSplunk, Inc. 3,250.4 32.96 82.9% 34.6% 253.5% 16.8x 11.4x NM NMCompuware Corporation 2,521.5 11.62 98.5% 5.4% 34.0% 2.6x 2.5x 15.3x 11.2xProgress Software Corporation 1,358.0 23.47 94.8% (24.7%) (5.1%) 2.9x 2.8x 10.9x 9.5xPegasystems Inc. 911.2 24.05 60.2% 9.4% 10.8% 1.8x 1.7x 32.2x 11.2x

Median 8,335.4$ 83.2% 9.6% 11.2% 2.8x 2.7x 15.3x 10.9x

Enterprise Storage

EMC Corporation 51,852.3$ 24.61$ 82.0% 8.5% 12.2% 2.0x 1.8x 7.8x 7.0xNetApp, Inc. 12,898.2 36.00 76.9% 7.5% 7.2% 1.4x 1.3x 10.4x 6.5xTeradata Corporation 11,272.2 66.66 82.3% 11.2% 10.8% 4.1x 3.6x 16.4x 12.4xCommVault Systems, Inc. 3,541.7 76.73 97.3% 17.0% 22.2% 6.7x 5.8x 40.5x 25.4xBrocade Communications Systems, Inc. 2,609.3 5.72 88.8% 3.4% 4.8% 1.1x 1.1x 5.3x 4.3xFusion-io, Inc. 1,674.0 17.48 51.6% 5.4% NM 3.0x 2.8x 57.6x NM

Median 7,407.0$ 82.2% 8.0% 10.8% 2.5x 2.3x 13.4x 7.0x

Security

Symantec Corporation 15,003.6$ 21.77$ 97.8% 2.6% 14.7% 2.0x 2.0x 7.5x 6.0xCheck Point Software Technologies Ltd. 10,240.0 50.00 76.9% 5.6% 3.1% 5.2x 4.9x 9.1x 8.4xVeriSign, Inc. 6,658.7 43.41 86.6% 9.4% 15.5% 6.6x 6.1x 11.3x 9.7xTrend Micro Inc. 3,853.4 29.29 99.3% 3.1% 7.1% 1.7x 2.0x 5.3x 6.3xFortinet Inc. 3,773.0 23.59 81.9% 19.7% 21.5% 5.7x 4.8x 27.1x 18.1xSourcefire, Inc. 1,281.8 42.60 71.4% 20.4% 23.1% 5.2x 4.1x 55.9x 20.0xWebsense, Inc. 534.0 14.63 66.0% (1.7%) (43.4%) 1.5x 1.5x 8.7x 12.4x

Median 3,853.4$ 81.9% 5.6% 14.7% 5.2x 4.1x 9.1x 9.7x

Total Infrastructure Software Median 5,937.0$ 82.9% 8.5% 11.2% 2.9x 2.8x 11.1x 9.7x

11

Software – Application (Continued) Vertically Focused - Public Sector

Tyler Technologies, Inc. 1,651.7$ 54.05$ 98.8% 12.5% 22.5% 4.8x 4.1x 24.7x 19.3xBlackbaud Inc. 1,125.7 24.92 73.3% 14.5% 22.5% 3.2x 2.6x 22.0x 13.1xNIC Inc. 1,053.4 16.30 93.9% 14.1% 22.7% 4.9x 4.2x 19.6x 16.3xK12, Inc. 663.7 18.46 69.9% 16.3% 19.5% 0.8x 0.7x 9.8x 5.2xHigher One Holdings, Inc. 595.9 10.53 56.3% 9.1% 6.1% 3.2x 2.8x 8.6x 8.9xMedian 1,053.4$ 73.3% 14.1% 22.5% 3.2x 2.8x 19.6x 13.1x

Total Application Software Median 2,574.8$ 93.4% 11.6% 14.2% 3.9x 3.5x 14.7x 9.9x



Software - Infrastructure



12

( $ in millions) Stock Price CY2013P Multiples SummaryMarket As % of 52- Annual Growth Rates Enterprise Value/Revenue Enterprise Value/EBITDA


SaaS

salesforce.com, inc 25,193.1$ 172.13$ 96.2% 26.6% 30.9% 8.5x 6.3x NM 36.2xWorkday, Inc. 8,867.7 53.42 93.4% 57.2% NM 34.4x 19.1x NM NMNetSuite Inc. 5,032.1 70.23 98.2% 29.2% 23.2% 15.7x 12.2x NM NMConcur Technologies, Inc. 3,687.3 66.90 87.9% 26.9% 12.8% 7.3x 5.8x 75.7x 26.3xAthenahealth, Inc. 3,136.4 86.47 88.8% 28.5% 25.6% 7.4x 5.4x 59.1x 26.6xThe Ultimate Software Group, Inc. 2,772.2 101.54 95.4% 23.9% 37.0% 8.6x 6.6x 74.9x 31.4xQlik Technologies, Inc. 1,907.8 22.21 66.1% 19.8% 45.6% 4.8x 3.8x 98.1x 31.7xCornerstone OnDemand, Inc. 1,649.8 32.68 99.6% 45.6% NM 15.3x 9.3x NM NMFinancial Engines, Inc. 1,574.2 33.26 99.0% 21.8% 24.4% 8.0x 6.2x 45.9x 21.4xExactTarget, Inc. 1,497.1 21.99 73.6% 28.1% (37.9%) 4.8x 3.5x NM NMDealertrack Technologies, Inc. 1,348.8 31.58 97.1% 15.6% 21.3% 3.1x 2.6x 21.8x 9.9xOpenTable, Inc. 1,197.3 52.69 94.2% 17.3% 20.6% 7.1x 5.9x 23.9x 13.3xMedAssets, Inc. 1,154.5 19.55 97.8% 6.5% 8.9% 3.3x 3.0x 10.7x 9.3xBlackbaud Inc. 1,125.7 24.92 73.3% 14.5% 22.5% 3.2x 2.6x 22.0x 13.1xJive Software, Inc. 985.9 15.33 54.5% 34.7% NM 7.9x 5.4x NM NMDemandware, Inc. 944.7 31.79 92.8% 26.3% NM 11.7x 8.7x NM NMLivePerson Inc. 747.0 13.37 68.2% 17.4% 28.1% 4.3x 3.5x 30.2x 17.3xEbix Inc. 622.0 16.34 60.7% 11.8% 11.4% 3.6x 3.0x 8.6x 6.8xSPS Commerce, Inc. 571.3 38.91 94.2% 27.0% 45.6% 7.1x 5.2x 84.0x 39.7xWebsense, Inc. 534.0 14.63 66.0% (1.7%) (43.4%) 1.5x 1.5x 8.7x 12.4x

Total SaaS Median 1,423.0$ 93.1% 25.1% 22.8% 7.2x 5.4x 30.2x 19.4x

Software as a Service

(“SaaS”)



has received a strategic investment from



has received a minority investment from

The Mill a portfolio company of



has been recapitalized by



a subsidiary of












Selected HW&Co. TMT Transactions

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