february 2015 monthly flash report

Software Equity Group Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit• Growth capital• Buyout • Inorganic growth via acquisition• Buy and sell-side mentoring• Fairness opinions and valuations

• Sell-side client revenue range: $5 - 75 million• Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies• Clients span virtually every software technology, product

category, delivery model and vertical market• Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

• Strong cross-functional team leveraging transaction, operating, legal and engineering experience

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

EXTENSIVE GLOBAL REACH

SEG Research Distribution

Current Sell‐side Representation

Recent Sell‐side Representation

• SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

• SEG’s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt‐in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 76 countries.


Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately‐held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions.

Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software‐as‐a‐Service (Saas), software on‐demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value.

Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty‐one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine.

To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports.

Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please [email protected] , 2800‐509) 858Beible, Director, Business Development (Kris contact

CONTACT INFORMATION:

Software Equity Group, L.L.C.12220 El Camino Real, Suite 320San Diego, CA 92130www.softwareequity.comp: (858) 509‐2800

The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ.

This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

ABOUT SOFTWARE EQUITY GROUP


List of Commonly Used Acronyms


http://www.softwareequity.com/

Additions: Company Ticker Index

SEG Index ChangesCategory

Box, Inc. BOX SaaS SaaS Other

Removals:

Acquired by OpenText Corporation ($306.9 m)


Previous Category

- Software Business Intelligence & Development Platforms

Company Ticker Previous IndexActuate Corporation


List of Commonly Used Acronyms



Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index



SEG Software Index


SEG SaaS Index

SEG Internet Index


Select January 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-01-2015 Chemistry Communications Inc. Chemistry Atlanta - - - -Jan-01-2015 AIM Silicon Prairie News - - - -Jan-02-2015 Redglaze Group, LLC Alt Studios LLC - - - -Jan-02-2015 Elektrobit Technologies Oy Birdstep Technology Oy - $2.4 - -Jan-02-2015 Cidron Delfi Intressenter Holding AB Tbricks AB $5.7 - - -Jan-02-2015 Genstar Capital, LLC Telestream, Inc. - - - -Jan-05-2015 Aveva Group plc (LSE:AVV) 8over8 Limited - $41.0 - -Jan-05-2015 Chocolate Inn / Taylor & Grant A La Carte Inc. - - - -Jan-05-2015 360House.com, Inc. California Image Maker, Inc. - - - -Jan-05-2015 Lexmark Canada Inc.; Lexmark International Technology S.A. Claron Technology Inc., Substantially All Assets - $37.0 - -Jan-05-2015 NeuLion, Inc. (TSX:NLN) DivX, LLC - $66.0 - -Jan-05-2015 Complete Innovations Inc. FieldWorker Products Ltd. - - - -Jan-05-2015 Galasys Holdings Ltd I Logic Solutions Sdn. Bhd. - $2.0 - -Jan-05-2015 Open Text Corporation (NasdaqGS:OTEX) Informative Graphics Corporation - - - -Jan-05-2015 Zumasys, Inc. jBASE Software Inc. - - - -Jan-05-2015 Daum Kakao Corp. (KOSDAQ:A035720) Kids Note, Inc. - - - -Jan-05-2015 Main Capital Partners B.V. OnGuard International Holding BV - - - -Jan-05-2015 React2Media, LLC React2Apps, LLC - - - -Jan-05-2015 Snipp Interactive Inc. (TSXV:SPN) Swiss Post Solutions Ireland Limited - - - -Jan-05-2015 Facebook, Inc. (NasdaqGS:FB) Wit.AI, Inc. - - - -Jan-05-2015 Chengdu Santai Electronics Industry Co., Ltd. (SZSE:002312) Yantai Weian Information Technology - $120.6 - -Jan-06-2015 Alert Logic, Inc. Achilles Guard, Inc. - - - -Jan-06-2015 LexisNexis Risk Solutions Inc. BAIR Analytics Inc. - - - -Jan-06-2015 Esker SA (ENXTPA:ALESK) CalvaEDI SAS $2.7 $7.2 2.6x -Jan-06-2015 Forming Technologies, Inc. FTI Rand Japan KK - - - -

Acquirer

Jan-06-2015 Saban Brands LLC Mambo Graphics Pty. Ltd. - - - -Jan-06-2015 Caring, Inc. Moseo Corp. - - - -Jan-06-2015 Doxim Inc. Neocog Technologies Inc. - - - -Jan-06-2015 Everbridge, Inc. Nixle, LLC. - - - -Jan-06-2015 NetVoyage Corporation Recommind, Inc., Decisiv Email Business - - - -Jan-06-2015 Meredith Corporation (NYSE:MDP) Selectable Media Inc. - - - -Jan-06-2015 Talentpeople SARL SELEXENS Marseille - - - -Jan-06-2015 Naylor, LLC Timberlake Membership Software LLC - - - -Jan-07-2015 MadCap Software, Inc. ComponentOne LLC, Doc-To-Help - - - -Jan-07-2015 Silver Spring Networks, Inc. (NYSE:SSNI) Detectent, Inc. - $12.0 - -Jan-07-2015 Cvent, Inc. (NYSE:CVT) Elite Meetings International, LLC - - - -Jan-07-2015 Insync Municipal Systems, Inc. First Byte Corporation - - - -Jan-07-2015 Kauppalehti Oy JM Tieto Oy - - - -Jan-07-2015 maxHeap Technologies Pvt. Ltd. Nativebeta Private Limited - - - -Jan-07-2015 IVANS Insurance Solutions NxTech Incorporated - - - -Jan-07-2015 Parallel 6, Inc. the Agency san diego - - - -Jan-07-2015 Hike Ltd. Thought Mechanics Inc. - - - -Jan-08-2015 rEvolution LLC Act(s) Marketing, Inc. - - - -Jan-08-2015 TalkTalk Telecom Group PLC (LSE:TALK) blinkbox Entertainment Limited and Tesco Broadband and Voice Base - - - -Jan-08-2015 Mercadolibre, Inc. (NasdaqGS:MELI) Business Vision S.A. - - - -Jan-08-2015 Odyssey Music Group Cricket Communications, Inc., Muve Music - - - -Jan-08-2015 Groupe Express-Roularta SA Decovery SAS - - - -Jan-08-2015 Dun & Bradstreet Corp. (NYSE:DNB) Dun & Bradstreet NetProspex - $125.0 - -Jan-08-2015 HelpSystems, LLC Halcyon Software, Inc. - - - -Jan-08-2015 TripAdvisor Inc. (NasdaqGS:TRIP) Iens.nl - - - -Jan-08-2015 Delivery Hero Holding GmbH PizzaTime s.r.o. and E-Aggregator s.r.o. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-08-2015 Facebook, Inc. (NasdaqGS:FB) Quickfire Networks Corporation - - - -Jan-08-2015 Huron Legal (UK) Limited Sky Analytics, Inc. - - - -Jan-08-2015 Virtus Partners, LLC Trade Settlement, Inc. - - - -Jan-08-2015 Sonus Networks, Inc. (NasdaqGS:SONS) Treq Labs, Inc., Software Defined Networking Business - $79.3 - -Jan-08-2015 Bright Mountain, LLC USMC Life, LLC $0.0 $0.2 7.9x -Jan-09-2015 IFIS Japan Ltd. (TSE:7833) CREO Networks CO.,LTD., Media Platform Business $1.0 $0.9 0.9x -Jan-09-2015 Flatiron Media LLC Crossboard Mobile - - - -Jan-09-2015 The Berry Company, LLC Crossboard Mobile, Self Serve Ad Leads Platform Business - - - -Jan-09-2015 Rubicon Communications Ltd. Foodwise Company Limited - - - -Jan-09-2015 Billups, Inc. HEED Media - - - -Jan-09-2015 Corporation Service Company, Inc. PropertyInfo Corporation, Inc., eRecording Submitter Business - - - -Jan-09-2015 Packaging Logistics Services Ltd. RTI Manager - - - -Jan-09-2015 Bytemark Computer Consulting Ltd. Swordfish Hosting Ltd - - - -Jan-09-2015 LG Uplus Corp. (KOSE:A032640) Ticket Monster Inc. - - - -Jan-11-2015 Baocheng Investment Co., Ltd. (SHSE:600892) Shenzhen Taole Network Technology Co., Ltd. - $130.9 - -Jan-12-2015 Worldwide Interactive Services, LLC Alternative Computing Environments - - - -Jan-12-2015 Isimedia SAS Armstrong Solutions Corporation $7.5 - - -Jan-12-2015 Marlin Equity Partners, LLC Asentinel LLC - - - -Jan-12-2015 tracsion, Inc. CrushAds, LLC - - - -Jan-12-2015 DG3 LLC Digital Publishing Solutions, Inc. - - - -Jan-12-2015 HTML.it s.r.l. Hedume Srl - - - -Jan-12-2015 BroadSoft, Inc. (NasdaqGS:BSFT) Leonid Systems, Inc. - - - -Jan-12-2015 Capital One Financial Corporation (NYSE:COF) Level Money, Inc. - - - -Jan-12-2015 Argus Media, Inc. Metalprices.com, Inc. - - - -Jan-12-2015 Fractal Analytics Inc. Mobius Innovations Pte. Ltd. - - - -J 12 2015 Ti d I N k I

Acquirer

Jan-12-2015 Tinder, Inc. Namesake, Inc. - - - -Jan-12-2015 Symantec Corporation (NasdaqGS:SYMC) Narus, Inc. - - - -Jan-12-2015 Elsevier B.V. newsflo ltd - - - -Jan-12-2015 M6 Web Oxygem, SAS - - - -Jan-12-2015 Citrix Systems, Inc. (NasdaqGS:CTXS) Sanbolic, Inc. - - - -Jan-12-2015 Elevation Advertising, LLC Scalability Project, LLC - - - -Jan-12-2015 LocoMobi, Inc. Smart Marketing Concepts Inc. - - - -Jan-12-2015 Demandware, Inc. (NYSE:DWRE) Tomax Corporation - $75.0 - -Jan-12-2015 Aptean, Inc. Verdiem Corporation - - - -Jan-12-2015 Zomato Media Pvt. Ltd. Wanderspot LLC - $52.0 - -Jan-13-2015 Bonnier Business (Polska) sp. z o.o. Bankier.pl S.A. - - - -Jan-13-2015 Coligny Capital Ltd. Bisnode Business Information Group AB, French Operation $18.1 - - -Jan-13-2015 Contractors Register, Inc. BuildingBlok LLC - - - -Jan-13-2015 Bentley Systems, Incorporated C3 Global Ltd - - - -Jan-13-2015 Admedo Ltd Dispop.com - - - -Jan-13-2015 Mentor Graphics Corp. (NasdaqGS:MENT) Flexras Technologies Sas - - - -Jan-13-2015 Zumzi/Kolketiva Gruper Sp z o.o. - - - -Jan-13-2015 Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) IntellinX Ltd. - $84.9 - -Jan-13-2015 TabTale Ltd. Level Bit - - - -Jan-13-2015 Kabam, Inc. Magic Pixel Games, LP - - - -Jan-13-2015 Connect PR Limited Seal Communications Ltd. - - - -Jan-13-2015 Wolf Communications & Public Relations Talk Ahead - - - -Jan-13-2015 Kabam, Inc. TapZen, Inc. - - - -Jan-13-2015 Softonic International, S.A. TipSense, LLC - $6.0 - -Jan-13-2015 Fair Isaac Corporation (NYSE:FICO) TONBELLER AG - - - -Jan-13-2015 Compusearch Software Systems, Inc. TopVue Defense, Inc. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-13-2015 KPMG Oy Ab Trusteq Oy - - - -Jan-13-2015 TravelClick, Inc. Tvtrip.com $5.1 - - -Jan-13-2015 Gravity4, Inc. Zurmo Inc. - - - -Jan-14-2015 51Talk 91waijiao.com - - - -Jan-14-2015 Hi-Media S.A. (ENXTPA:HIM) Admoove $2.0 $2.4 1.2x -Jan-14-2015 Pinnacle Asset Integrity Services, L.L.C. Advanced Reliability Technologies LLC - - - -Jan-14-2015 Kinetic Supply Company, LLC Brockton Creative Group - - - -Jan-14-2015 Marketsmith, Inc. Brushfire, Inc. - - - -Jan-14-2015 Open Wide S.A. Créalie SAS - - - -Jan-14-2015 iMedia International Inc. KloudSign LLC - - - -Jan-14-2015 Foolproof Ltd. Knit Limited - - - -Jan-14-2015 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. $1.2 - - -Jan-14-2015 Zayo Group, LLC Latisys Holdings, LLC - $675.0 - -Jan-14-2015 Synacor, Inc. (NasdaqGM:SYNC) NimbleTV, Inc. - - - -Jan-14-2015 Quantum Digital Development Reach Corporate - - - -Jan-14-2015 Tubular Labs, Inc. ReelVideo, LLC - - - -Jan-14-2015 Travelstart Online Travel Operations Pty LTD Satisfly Limited - - - -Jan-14-2015 eCommerce Industries, Inc. Spruce Computer Systems, Inc. - - - -Jan-14-2015 Domino2030 Inc. Sunible Inc. - - - -Jan-14-2015 TOUCH Associates Ltd Touch Real-time - - - -Jan-14-2015 UF-PT Limited Userfarm S.p.A. - - - -Jan-14-2015 Inverness Graham Investments Velosecure, LLC - - - -Jan-15-2015 Shutterstock, Inc. (NYSE:SSTK) Arbour Interactive Inc. - $41.7 - -Jan-15-2015 Rural Telephone Service Company, Inc. Computer Solutions, Inc. - - - -Jan-15-2015 Party Reflections, Inc. Displays Unlimited, Inc. - - - -

Acquirer

Jan-15-2015 MailerMailer LLC Domainate, Inc., Listcast - - - -Jan-15-2015 DMi, Inc. Eutechnyx Limited, Certain NASCAR Game Assets - - - -Jan-15-2015 Shoutz Inc. Front Flip, LLC - - - -Jan-15-2015 Bright Light PR Limited MLPR Ltd. - - - -Jan-15-2015 BayWa AG (DB:BYW) PC-Agrar GmbH - - - -Jan-15-2015 Zaner-Bloser, Inc. Rowland Reading Foundation, Superkids K-2 Core Reading Program - - - -Jan-15-2015 Artnews Ltd. Skate's, LLC - $0.2 - -Jan-15-2015 Kindy PTY Ltd Social Hands - - - -Jan-16-2015 Hengtong Optic-electric Co., Ltd. (SHSE:600487) Beijing Wajinke Information Technology Corporation Limited - $69.6 - -Jan-16-2015 3es innovation Inc. Canadian Oil and Gas Software Solutions - - - -Jan-16-2015 The Mobile Majority Elastic - - - -Jan-16-2015 Penton Media, Inc. iNET Interactive, LLC - - - -Jan-16-2015 SimplyCircle Inc. Jooners Inc., Just Between Friends, Inc., Qlubb, Inc. and Causera Inc. - - - -Jan-16-2015 Nashville Post Co., Inc. Southern/Alpha LLC - - - -Jan-16-2015 Inspired Gaming Group Limited We R Interactive Ltd - - - -Jan-16-2015 Evolve IP, LLC Webcore Technologies, Inc. - - - -Jan-16-2015 Phantom Fiber Corporation (OTCPK:PHFB) XoDoc Technologies, LLC - - - -Jan-18-2015 Cranford Johnson Robinson Woods, Inc. Heathcott Associates Inc. - - - -Jan-19-2015 MindTree Limited (BSE:532819) Discoverture Solutions, LLC - $15.0 - -Jan-19-2015 Megiedon, a.s. Profimedia International s.r.o. - - - -Jan-19-2015 GMO Internet Inc. (TSE:9449) Route Mobile $0.3 - - -Jan-19-2015 Crèche Attitude SAS SAS BBbook - - - -Jan-19-2015 Tastebud Technologies, Inc. SocialCrunch LLC - - - -Jan-20-2015 Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) AdIn Media (Shanghai) Co., Ltd. - $217.1 - -Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Beijing Aspiration Advertisement Co., Ltd. - $151.9 - -Jan-20-2015 NCC Group plc. (LSE:NCC) Clearinghouse for Intellectual Property S.A. And Nexperteam CVBA - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-20-2015 Ipreo Holdings LLC ClearMomentum, Inc. - - - -Jan-20-2015 Dropbox Inc. CloudOn, Inc - - - -Jan-20-2015 Microsoft Corporation (NasdaqGS:MSFT) Equivio Ltd. - - - -Jan-20-2015 GTCR, LLC; Adams Outdoor Advertising, Inc. Fairway Outdoor Advertising, LLC - - - -Jan-20-2015 Fundamental Applications Corp. (DB:2FA) Foro Technologies Inc. - - - -Jan-20-2015 Datapipe, Inc. GoGrid, LLC - - - -Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Guangdong YLMF Computer Technology Co., Ltd. - $86.8 - -Jan-20-2015 Thing5 L.L.C Innflux LLC - - - -Jan-20-2015 ORBCOMM, Inc. (NasdaqGS:ORBC) InSync Software, Inc. - $13.5 - -Jan-20-2015 Axxiome AG J9 Technologies Inc. - - - -Jan-20-2015 StationDigital Corporation (OTCPK:SDIG) Network Foundation Technologies, LLC - - - -Jan-20-2015 Voiceworks B.V. OnePhone Deutschland GmbH - - - -Jan-20-2015 NCC Group plc. (LSE:NCC) OpenRegistry SA - - - -Jan-20-2015 Transparensee Systems, Inc. Pointslocal LLC - - - -Jan-20-2015 OPSWAT, Inc. Red Earth Software, Inc. - - - -Jan-20-2015 Centre Technologies, Inc. RITC, LLC - - - -Jan-20-2015 Environics Analytics Group Ltd. Sampling Modelling and Research Technologies Incorporated - - - -Jan-20-2015 Embarcadero Technologies, Inc. TwoDesk Software Company, Castalia for Delphi and Usertility - - - -Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) UNI Communication Group - $71.6 - -Jan-20-2015 Vente-Privee.com SA Weezevent SAS $47.4 - - -Jan-20-2015 Twitter, Inc. (NYSE:TWTR) ZipDial Mobile Solutions Pvt. Ltd. - - - -Jan-21-2015 SWK Technologies, Inc. Accounting Technology Resources, Inc. - - - -Jan-21-2015 Multimedia Platforms Inc (OTCPK:EAHC.D) Columbia FunMap, Inc. - - - -Jan-21-2015 Monterro Holdings AB Grade AB and Mashie AB - - - -Jan-21-2015 SITO Mobile Ltd. (OTCBB:SITO) Hipcricket, Inc., Substantially All Assets - $4.5 - -

É

Acquirer

Jan-21-2015 NÉO-SOFT Services, SAS InterTek Ingenierie SAS - - - -Jan-21-2015 Pinterest, Inc. Kosei, Inc. - - - -Jan-21-2015 ServiceRocket Inc Matygo Educational Inc. - - - -Jan-21-2015 Apple Europe Limited Semetric Limited - - - -Jan-21-2015 AnalyticsWeek LLC TCELab LLC - - - -Jan-21-2015 Matrix Financial Solutions, Inc. Wilmington Trust Retirement and Institutional Services Company, Trade Processing Business - - - -Jan-21-2015 Intuit Inc. (NasdaqGS:INTU) Zeropaper Serviços de Informática S.A. - - - -Jan-22-2015 Brains On Fire, Inc. Brains on Fire LA - - - -Jan-22-2015 Nielsen N.V. (NYSE:NLSN) Brandbank Limited - - - -Jan-22-2015 Waterfield Technologies, Inc. Chrysalis Software, Inc. - - - -Jan-22-2015 Evolve Media, LLC DogTime Media, Inc. - - - -Jan-22-2015 Finn Partners, Inc. Dye, Vanmol And Lawrence, Inc. and Seigenthaler Public Relations, Inc. - - - -Jan-22-2015 Apocope Go Shop - - - -Jan-22-2015 Gongcai Network Technology Company Limited Guocai (Beijing) Technology Company Limited - $18.1 - -Jan-22-2015 SignalShare LLC Incubite Inc. - - - -Jan-22-2015 XING AG (XTRA:O1BC) Intelligence Competence Center (Deutschland) AG - $9.9 - -Jan-22-2015 Crowd Mobile Limited (ASX:CM8) Kiss Hugs - - - -Jan-22-2015 Apocope MNC, Mobile News Channel SA - - - -Jan-22-2015 Salient Corporation Orobi, Inc. - - - -Jan-22-2015 IS Group BV RDC XTended B.V. - - - -Jan-22-2015 Sparton Corp. (NYSE:SPA) Real Time Enterprises, Inc. - - - -Jan-22-2015 Harman Becker Automotive Systems Manufacturing Kft. Red Bend Software, Inc. - $200.0 - -Jan-22-2015 Harman International Industries, Incorporated (NYSE:HAR) Symphony Teleca Corp. $370.0 $780.0 2.1x 13.0xJan-23-2015 Complex Media, Inc. Collider.com, LLC - - - -Jan-23-2015 Guanghe Landscape Culture Communication Co., Ltd. (SHSE:600234) Guangzhou Chuangsi Information Technology Limited - $481.7 - -Jan-23-2015 Spectris plc (LSE:SXS) ReliaSoft Corporation - $42.0 - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-23-2015 Microsoft Corporation (NasdaqGS:MSFT) Revolution Analytics, Inc. - - - -Jan-23-2015 The Muse Group Limited So...PR Limited - - - -Jan-23-2015 Roper Industries Inc. (NYSE:ROP) Strata Decision Technology, L.L.C. - - - -Jan-23-2015 Hutchison 3G UK Holdings Limited Telefónica UK Limited - $15,400.8 - -Jan-26-2015 TradeDoubler AB (OM:TRAD) adnologies GmbH - - - -Jan-26-2015 Apex Peak Pte. Ltd. Cashnomix - - - -Jan-26-2015 Givex Corporation Chase Paymentech, Gift Card Business - - - -Jan-26-2015 Services et Mobility - SAM Cibest - - - -Jan-26-2015 CREALOGIX Holding AG (SWX:CLXN) MBA Systems Ltd. - - - -Jan-26-2015 Dropbox Inc. Moji, Inc. - - - -Jan-26-2015 Internet Brands, Inc. Sesame Communications, Inc. - - - -Jan-26-2015 Visual Action Software, Inc. The Hive Group, Inc. - - - -Jan-26-2015 Hotspring Ventures Limited UAB Lemon Labs - - - -Jan-27-2015 Attercopia Ltd. Cloudspotting Ltd. - - - -Jan-27-2015 EPiServer AB Ektron, Inc. - - - -Jan-27-2015 Publicis Activ France S.A. mille et un rêves Sarl - - - -Jan-27-2015 Novator Partners LLP Nextel S.A. - - - -Jan-27-2015 ASM Clasificados de México, SA de CV OLX, Inc., OLX.com.mx - - - -Jan-27-2015 JOUVE, SA Pure Agency - - - -Jan-27-2015 Fundraising Initiatives Limited R Fundraising Ltd. - - - -Jan-27-2015 Auctane LLC StageBloc, Inc. - - - -Jan-27-2015 Esker Inc. TermSync, Inc. - - - -Jan-27-2015 INSIGN, S.A.S. Visuamobile S.A. - - - -Jan-27-2015 ZeroFOX Vulnr - - - -Jan-28-2015 BMC Software, Inc. CDB Software, Inc. - - - -

Acquirer

Jan-28-2015 Fingerprint Digital, Inc. Cognitive Kid, Inc. and Scribble Press Inc. - - - -Jan-28-2015 Capita plc (LSE:CPI) Constructionline $14.1 $53.1 3.8x -Jan-28-2015 Ubiquity, Inc. (OTCBB:UBIQ) Coversant, Inc. - $5.8 - -Jan-28-2015 Bridgepoint Advisers Limited eFront S.A. - $340.1 - -Jan-28-2015 Doble Engineering Company ENOSERV, LLC - - - -Jan-28-2015 LiquidHub, Inc. Harvest Solutions, Inc. and ClosedWon - - - -Jan-28-2015 Confidence International AB (OM:CONF) Imtech Elteknik AB, Business Area of Säkerhet - - - -Jan-28-2015 BATS Global Markets, Inc. KCG Hotspot FX LLC - $435.0 - -Jan-28-2015 MinuteBids Inc. RAMM Interactive LLC - - - -Jan-28-2015 Slack Technologies, Inc. Screenhero, Inc - - - -Jan-28-2015 Intrahealth International, Inc. Switchboard - - - -Jan-28-2015 Editions Generation -L'etudiant SA Ta Sexo - - - -Jan-28-2015 eBay Inc. (NasdaqGS:EBAY) Vivastreet, Mexican Branch - - - -Jan-29-2015 Flintfox International Limited AX Excellence Pte Ltd. - - - -Jan-29-2015 Vine Communications, Inc. Candis Communications Inc. - - - -Jan-29-2015 IZEA, Inc. (OTCPK:IZEA) Ebyline, Inc. - $9.8 - -Jan-29-2015 JSC Search Technologies Incad spol. s.r.o. - - - -Jan-29-2015 SolarWinds, Inc. (NYSE:SWI) Librato, Inc. - $40.0 - -Jan-29-2015 Zomato Media Pvt. Ltd. Mekanistnet Internet Hizmetleri Ticaret A.S. - - - -Jan-29-2015 3TL Technologies Corp. (TSXV:TTM) RewardStream, Inc. - $4.8 - -Jan-29-2015 Concept Multimedia S.A. SARL Rodacom - - - -Jan-29-2015 Slyce Inc. (TSXV:SLC) SnipSnap App LLC - $6.1 - -Jan-29-2015 Fleishman-Hillard Inc. specialist (UK) Ltd. - - - -Jan-30-2015 S. Carter Enterprises, LLC Aspiro AB (publ) (OM:ASP) $41.3 $45.5 1.3x -Jan-30-2015 DMG Media Investments Limited Elite Daily, LLC - - - -Jan-30-2015 TechnologyOne Limited (ASX:TNE) ICON Strategic Solutions Pty Ltd. - $7.8 - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJan-30-2015 Perceptron, Inc. (NasdaqGM:PRCP) Next Metrology Software s.r.o. - $2.8 - -Jan-30-2015 Computer & Technologies Holdings Ltd. (SEHK:46) Sanyo Extended Systems Services Limited $1.5 $3.0 2.0x -Jan-30-2015 MyECheck, Inc. (OTCPK:MYEC) Seergate Ltd. - - - -Jan-30-2015 Dentsu Aegis Network Ltd. WATMedia Pvt Ltd - - - -

Acquirer



SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue

Growth EV/ RevenueEV/

EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Software Index $2,122.9 $2,211.9 $579.8 67.0% 18.6% 7.8% 2.9x 14.5x 2.8x 11.1x -2.7% Billing & Service Management $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8% Business Intelligence $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0% Development Platforms $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3% Engineering & PLM $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5% Enterprise Resource Planning $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4% Financial & Accounting $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1% Gaming $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8% Healthcare $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4% IT Conglomerates $151,930.2 $172,096.4 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4% Mobile Solutions/Content $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5% Networking & Network Performance Management $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5% Security $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9% Storage, Data Mgmt & Integration $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8% Systems Management $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9% Vertical - Finance $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7% Vertical - Other $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%

Category Name

TTM Revenue Growth 7.8%TTM EBITDA Growth -12.7%TTM Earnings Growth -20.8%Gross Profit Margin 67.0%EBITDA Margin 18.6%Net Income Margin -23.8%SG&A Expenses as a % of Total Revenue 61.5%R&D Expenses as a % of Total Revenue 20.0%

Current Ratio 2.1Quick Ratio 2.0Cash as Percent of Market Cap 11.0%Avg Days Outstanding: Accounts Receivable 63Avg Days Outstanding: Accounts Payable 29Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 5.3%Cash from Operations Growth (YoY) 20.4%Cash from Investing Growth (YoY) -33.0%Cash from Financing Growth (YoY) 30.3%Levered FCF Growth (YoY) 30.5%

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved February 2015 Monthly Flash Report

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-10%

-5%

0%

5%

10%

15%

20%SEG SW Index Software Stock Market Return: January 2015

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAmdocs Limited DOX $7,509.9 $6,241.3 $3,605.9 35.6% 18.9% 6.6% 1.7x 9.1x 1.7x 8.2x 3.6%CSG Systems International CSGS $841.8 $916.4 $752.1 48.5% 15.8% 0.2% 1.2x 7.7x 1.2x 5.9x 0.2%Evolving Systems EVOL $104.4 $93.4 $28.7 72.5% 26.5% 12.9% 3.3x 12.3x 2.9x 9.2x -3.8%MIND C.T.I. MNDO $64.8 $47.2 $23.6 55.4% 26.1% 28.6% 2.0x 7.6x n/a n/a -13.6%NeuStar NSR $1,442.8 $1,992.7 $948.9 74.3% 36.2% 8.0% 2.1x 5.8x 2.1x 4.4x -5.2%Redknee Solutions RKN $248.8 $194.1 $257.7 51.1% 2.7% 81.4% 0.8x 28.4x 0.7x 5.3x -28.2%Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4%

Median: $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8%

TTM Revenue Growth 12.9%TTM EBITDA Growth 9.0%TTM Earnings Growth 8.9%Gross Profit Margin 55.4%EBITDA Margin 26.1%Net Income Margin 12.5%SG&A Expenses as a % of Total Revenue 21.2%R&D Expenses as a % of Total Revenue 13.8%


Levered FCF Margin 14.6%Cash from Operations Growth (YoY) -5.3%Cash from Investing Growth (YoY) -19.2%Cash from Financing Growth (YoY) -0.4%Levered FCF Growth (YoY) -0.9%





-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Billing and Service Management Software Stock Market Return: January 2015

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDFair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1%Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1%MicroStrategy MSTR $1,826.2 $1,480.8 $579.8 76.7% 7.8% 0.7% 2.6x 32.8x 2.5x 10.9x -0.9%Pegasystems PEGA $1,494.1 $1,265.6 $574.5 68.2% 12.6% 15.0% 2.2x 17.5x 2.0x 12.2x -3.8%Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3%PROS Holdings PRO $704.8 $666.4 $170.9 69.2% -2.7% 23.2% 3.9x n/a 3.0x 18.6x -8.3%Qlik Technologies QLIK $2,564.9 $2,322.9 $535.8 86.4% 0.8% 20.1% 4.3x 553.5x 3.9x 44.4x -8.3%Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6%Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1%Teradata TDC $6,817.7 $6,224.7 $2,740.0 54.2% 23.0% 2.9% 2.3x 9.9x 2.2x 7.7x 1.3%Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4%Verisk VRSK $10,612.6 $11,453.1 $1,698.6 59.2% 45.4% 15.7% 6.7x 14.8x 6.2x 13.3x 0.6%

Median: $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0%

TTM Revenue Growth 12.8%TTM EBITDA Growth -7.2%TTM Earnings Growth -29.4%Gross Profit Margin 73.9%EBITDA Margin 15.6%Net Income Margin 7.9%SG&A Expenses as a % of Total Revenue 45.2%R&D Expenses as a % of Total Revenue 17.7%


Levered FCF Margin 16.0%Cash from Operations Growth (YoY) -2.4%Cash from Investing Growth (YoY) 10.4%Cash from Financing Growth (YoY) -34.1%Levered FCF Growth (YoY) 18.7%





-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Business Intelligence Software Stock Market Return: January 2015

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBSQUARE BSQR $51.9 $26.7 $96.2 17.1% 2.4% 4.4% 0.3x 11.5x n/a n/a -2.0%Magic Software Enterprises MGIC $239.4 $164.2 $164.3 39.3% 18.7% 13.3% 1.0x 5.4x 0.9x 6.1x -9.4%Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3%Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5%Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6%

Median: $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3%

TTM Revenue Growth 4.4%TTM EBITDA Growth 10.7%TTM Earnings Growth -3.0%Gross Profit Margin 71.1%EBITDA Margin 18.7%Net Income Margin 10.3%SG&A Expenses as a % of Total Revenue 39.3%R&D Expenses as a % of Total Revenue 12.5%







-15%

-10%

-5%

0%

5%

10%

15%

20%Development Platforms Software Stock Market Return: January 2015

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDANSYS ANSS $7,414.3 $6,596.7 $917.7 87.5% 46.6% 8.5% 7.2x 15.4x 6.7x 13.7x -1.2%Aspen Technology AZPN $3,118.2 $2,887.1 $420.0 87.4% 38.9% 20.4% 6.9x 17.6x 6.3x 15.1x 0.9%Autodesk ADSK $12,287.3 $11,132.9 $2,434.2 86.7% 12.8% 6.1% 4.6x 35.8x 4.3x 21.4x -9.3%Cadence Design Systems CDNS $5,266.0 $5,008.3 $1,534.6 85.4% 19.9% 7.4% 3.3x 16.4x 3.0x 9.1x -4.5%Cimatron CIMT $94.2 $74.0 $46.6 86.9% 15.5% 6.3% 1.6x 10.3x 1.5x n/a -0.7%Dassault Systèmes DSY $15,598.8 $14,725.5 $2,759.5 86.1% 29.1% 5.9% 5.3x 18.3x 5.1x 15.2x 1.2%GSE Systems GVP $29.9 $12.6 $37.1 29.5% -13.7% -22.7% 0.3x n/a n/a n/a 7.0%Mentor Graphics MENT $2,648.5 $2,718.9 $1,206.1 83.1% 18.9% 11.0% 2.3x 12.0x 2.1x 7.8x 5.7%Parametric Technology PTC $3,839.7 $4,184.3 $1,357.5 72.5% 21.0% 4.5% 3.1x 14.7x 3.1x 11.3x -8.1%PDF Solutions PDFS $514.8 $398.7 $101.2 60.7% 31.8% 3.0% 3.9x 12.4x 3.6x 8.2x 13.4%Stratasys SSYS $4,047.8 $3,639.5 $688.1 50.9% 11.1% 71.8% 5.3x 47.7x n/a 14.8x -1.9%Synopsys SNPS $6,581.9 $5,671.1 $2,057.5 82.7% 18.0% 4.9% 2.8x 15.3x 2.6x 8.6x -0.3%

Median: $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5%



Levered FCF Margin 19.0%Cash from Operations Growth (YoY) 10.9%Cash from Investing Growth (YoY) -158.2%Cash from Financing Growth (YoY) -45.3%Levered FCF Growth (YoY) 21.9%





-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Engineering & PLM Software Stock Market Return: January 2015

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAmerican Software AMSW.A $234.1 $177.9 $99.8 54.8% 12.3% 1.3% 1.8x 14.5x 1.6x 8.0x -7.7%Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2%QAD QADA $304.1 $247.9 $289.1 55.6% 6.5% 11.8% 0.9x 13.3x 0.8x 11.0x -15.7%Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3%SAP SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4%

Median: $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4%



Levered FCF Margin 17.9%Cash from Operations Growth (YoY) -6.7%Cash from Investing Growth (YoY) -139.3%Cash from Financing Growth (YoY) 42.3%Levered FCF Growth (YoY) -1.1%





-15%

-10%

-5%

0%

5%

10%

15%

20%Enterprise Resource Planning Software Stock Market Return: January 2015

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDACI Worldwide ACIW $2,122.9 $3,016.0 $1,009.1 56.0% 21.0% 25.2% 3.0x 14.3x 2.7x 10.8x -6.3%Bottomline Technologies EPAY $988.5 $955.4 $323.5 57.7% 12.7% 19.8% 3.0x 23.3x 2.7x 13.5x -2.3%DST Systems DST $3,680.3 $4,081.5 $2,749.3 16.6% 16.6% 3.4% 1.5x 8.9x 2.0x 8.9x 2.2%Evertec EVTC $1,564.1 $2,214.0 $360.3 57.1% 42.1% 1.5% 6.1x 14.6x 5.9x 11.7x -8.7%Fair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1%Fiserv FISV $17,694.9 $21,133.9 $5,013.0 43.6% 29.7% 6.8% 4.2x 14.2x 4.0x 12.2x 2.7%Intuit INTU $24,789.3 $23,699.3 $4,556.0 85.3% 31.8% 7.7% 5.2x 16.4x 5.3x 17.4x -4.5%Model N MODN $274.0 $173.0 $81.8 53.8% -22.4% -19.8% 2.1x n/a 1.9x n/a 0.8%NetSol Technologies NETSOL $40.0 $43.5 $22.9 1.5% -20.2% -25.8% 1.9x n/a n/a n/a 137.3%Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3%Qiwi QIWI $1,061.8 $683.1 $350.4 49.7% 30.8% 26.1% 1.9x 6.3x 5.3x 8.8x -4.5%

Median: $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1%








-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Financial & Accounting Software Stock Market Return: January 2015

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDActivision Blizzard ATVI $15,024.1 $15,518.1 $4,351.0 63.8% 25.4% -10.0% 3.6x 14.0x 3.4x 9.1x 3.8%Electronic Arts EA $17,058.0 $14,751.0 $4,453.0 68.5% 25.6% 21.6% 3.3x 13.0x 3.3x n/a 17.0%GameLoft SA GFT $285.4 $220.9 $322.0 82.6% 11.3% 5.7% 0.7x 6.1x 0.8x 8.7x -15.6%Konami TSE: 9766 $2,607.8 $2,503.8 $1,990.8 29.9% 12.2% 0.5% 1.3x 10.3x 1.2x 8.9x 1.7%Take-Two Interactive TTWO $2,501.7 $2,162.8 $2,310.8 42.3% 22.4% 129.5% 0.9x 4.2x 1.3x 6.0x 5.8%Ubisoft Entertainment UBI $2,177.4 $2,227.0 $1,511.8 74.9% 28.0% -5.7% 1.5x 5.3x 1.3x 3.0x 10.5%

Median: $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8%



Levered FCF Margin 9.2%Cash from Operations Growth (YoY) 42.0%Cash from Investing Growth (YoY) -54.4%Cash from Financing Growth (YoY) -73.6%Levered FCF Growth (YoY) -14.7%





-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Gaming Software Stock Market Return: January 2015

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAccretive Health AH $14,915.8 $16,515.6 $40,299.3 26.5% 6.6% -1.9% 0.4x 6.2x 0.4x 6.7x 2.7%Allscripts Healthcare Solutions MDRX $2,146.9 $2,696.8 $1,387.9 45.5% 3.3% 1.1% 1.9x 58.7x 1.9x 11.7x -7.3%Cerner CERN $22,656.7 $21,471.7 $3,181.1 84.8% 26.5% 15.2% 6.7x 25.5x 5.1x 16.2x 2.0%Computer Programs and Sys CPSI $552.2 $517.7 $204.7 45.9% 26.0% 1.9% 2.5x 9.7x 2.5x 10.1x -18.3%MedAssets MDAS $1,114.5 $2,009.3 $692.5 76.6% 29.9% 2.8% 2.9x 9.7x 2.7x 8.1x -6.0%Merge Healthcare MRGE $355.0 $549.3 $212.3 60.7% 18.0% -12.5% 2.6x 14.4x 2.5x 11.0x 5.1%Omnicell OMCL $1,133.3 $1,029.1 $425.1 53.3% 15.2% 16.5% 2.4x 15.9x 2.2x 11.1x -1.1%Quality Systems QSII $982.1 $857.2 $477.0 53.7% 9.0% 8.2% 1.8x 19.9x 1.7x 11.2x 5.0%

Median: $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4%



Levered FCF Margin 5.3%Cash from Operations Growth (YoY) -7.4%Cash from Investing Growth (YoY) -118.9%Cash from Financing Growth (YoY) -30.8%Levered FCF Growth (YoY) 12.0%





-10%

-5%

0%

5%

10%

15%

20%Healthcare Software Stock Market Return: January 2015

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDHewlett Packard HPQ $66,265.4 $71,050.4 $111,454.0 23.9% 11.8% -0.8% 0.6x 5.4x 0.6x 5.2x -10.2%IBM IBM $151,930.2 $184,404.2 $92,793.0 50.0% 24.8% -7.0% 2.0x 8.0x 2.1x 7.7x -5.4%Microsoft MSFT $331,432.9 $270,601.9 $93,456.0 65.9% 36.0% 12.0% 2.9x 8.1x 2.8x 8.0x -13.6%Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2%SAP AG SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4%

Median: $151,930 $172,096 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4%








-15%

-10%

-5%

0%

5%

10%

15%

20%

25%IT Conglomerates Software Stock Market Return: January 2015

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBango PLC BGO $67.2 $64.3 $12.5 21.8% -71.1% -19.5% 5.2x n/a n/a n/a -27.9%iDream Sky Technologies DSKY $456.2 $293.2 $64.1 41.8% 20.8% n/a 4.6x 21.9x 1.0x 4.1x -36.9%King Digital Entertainment KING $4,245.5 $3,269.1 $2,316.3 68.4% 32.9% 73.1% 1.4x 4.3x 1.6x 4.2x -12.4%Glu Mobile GLUU $375.4 $321.1 $185.1 67.0% 2.5% 90.7% 1.7x 70.1x 1.3x 12.5x -13.3%Gree TSE:3632 $1,355.3 $872.9 $1,054.6 76.0% 33.6% -22.7% 0.8x 2.5x 1.1x 3.9x -5.1%Millennial Media MM $187.8 $111.3 $306.4 39.4% -7.1% 39.0% 0.4x n/a 0.4x n/a -21.1%MobileIron MOBL $666.3 $518.9 $122.7 81.8% -43.4% n/a 4.2x n/a 3.4x n/a -11.1%Momo MOMO $1,834.9 $1,672.7 $28.5 57.5% -84.4% n/a 58.7x n/a 14.2x 91.3x -22.9%Myriad Group AG MYRN $436.9 $439.3 $43.5 48.3% -6.8% -17.3% 10.1x n/a n/a n/a 0.6%NQ Mobile NQ $304.4 $256.4 $310.5 36.2% -19.1% 95.4% 0.8x n/a 0.6x 5.4x -19.9%Opera OPERA $1,877.5 $1,809.4 $415.9 40.8% 22.7% 53.3% 4.4x 19.2x 2.7x 11.3x -1.4%Qihoo 360 Technology QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0%Pandora Media P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4%Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4%Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8%TeleCommunication Systems TSYS $168.8 $248.1 $345.3 41.0% 7.8% -17.1% 0.7x 9.2x 0.7x 6.8x -9.3%TeleNav TNAV $258.7 $127.1 $143.6 54.7% -25.6% -21.7% 0.9x n/a 0.7x n/a -2.7%Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2%

Median: $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5%








-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Mobile Solutions/Content Software Stock Market Return: January 2015

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDA10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7%Allot Communications ALLT $299.6 $174.1 $113.8 71.8% 5.4% 19.0% 1.5x 28.3x 1.4x 9.5x -1.9%Aruba Networks ARUN $1,819.9 $1,504.6 $775.8 69.4% 7.0% 25.8% 1.9x 27.6x 1.7x 7.0x -8.9%Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2%Brocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1%Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5%Cyan CYNI $137.2 $112.1 $90.9 40.6% -59.6% -27.5% 1.2x n/a 0.9x n/a -73.8%F5 Networks FFIV $8,111.9 $7,457.8 $1,788.4 82.3% 31.1% 17.5% 4.2x 13.4x 3.7x 9.7x -14.4%Gigamon GIMO $599.3 $449.9 $157.1 76.2% -9.3% 12.0% 2.9x n/a 2.3x 17.6x 3.1%Juniper Networks JNPR $9,832.3 $9,209.5 $4,627.1 61.8% 16.9% -0.9% 2.0x 11.8x 2.0x 8.1x 1.2%Mavenir Systems MVNR $345.4 $306.0 $123.2 55.3% -4.0% 35.5% 2.5x n/a 1.8x n/a -11.0%Radware RDWR $866.4 $761.9 $221.9 82.1% 14.9% 15.0% 3.4x 23.0x 3.1x 13.7x -11.6%Riverbed Technology RVBD $3,246.1 $3,246.9 $1,089.1 74.2% 17.0% 9.4% 3.0x 17.5x 2.9x 9.2x 0.9%

Median: $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5%



Levered FCF Margin 11.9%Cash from Operations Growth (YoY) 6.3%Cash from Investing Growth (YoY) 1.7%Cash from Financing Growth (YoY) -10.6%Levered FCF Growth (YoY) 5.0%





February 2015 Monthly Flash Report

-15%

-10%

-5%

0%

5%

10%

15%

20%

Networking/Network Performance Mgmt Software Stock Market Return: January 2015

Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAVG Technologies AVG $1,020.3 $976.3 $375.8 85.3% 35.3% -6.1% 2.6x 7.4x 2.4x 6.7x 1.0%Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2%Cyberark Software CYBR $1,032.0 $863.0 $86.7 85.3% 16.5% n/a 9.9x 60.3x 8.1x 208.5x -12.9%Check Point Software Tech CHKP $14,723.3 $13,410.8 $1,495.8 88.2% 54.3% 7.3% 9.0x 16.5x 8.3x 14.7x -1.6%A10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7%Cyren CYRN $75.0 $67.2 $32.3 75.0% -16.8% 5.0% 2.1x n/a 1.8x n/a 39.8%Fortinet FTNT $4,928.4 $4,208.4 $770.4 70.0% 10.6% 25.2% 5.5x 51.7x 4.5x 27.8x -2.9%Guidance Software GUID $193.3 $177.8 $108.4 67.2% -6.7% -8.8% 1.6x n/a 1.6x 31.7x -6.4%Imperva IMPV $1,110.2 $1,009.0 $155.4 77.6% -32.5% 22.5% 6.5x n/a 5.3x n/a -13.8%Palo Alto Networks PANW $10,180.2 $9,880.6 $662.3 72.9% -8.8% 51.1% 14.9x n/a 10.9x 65.5x 4.1%Proofpoint PFPT $1,933.3 $1,880.6 $195.6 66.4% -17.0% 41.8% 9.6x n/a 7.6x n/a 5.4%Sourcefire FIRE $11.7 $13.0 $18.3 31.8% 7.6% 20.2% 0.7x 9.4x n/a n/a -6.3%Symantec SYMC $17,094.9 $15,396.9 $6,682.0 83.5% 29.2% -2.9% 2.3x 7.9x 2.3x 6.8x -3.2%Trend Micro TSE:4704 $3,827.2 $2,762.7 $1,024.3 82.9% 35.0% 7.8% 2.7x n/a 2.8x 8.1x 2.4%VASCO VDSI $843.7 $717.8 $182.4 65.9% 16.6% 21.1% 3.9x 23.7x 3.4x 14.0x -21.2%

Median: $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9%



Levered FCF Margin 12.3%Cash from Operations Growth (YoY) 17.5%Cash from Investing Growth (YoY) -53.0%Cash from Financing Growth (YoY) 41.8%Levered FCF Growth (YoY) -4.1%





-10%

-5%

0%

5%

10%

15%

20%Security Software Stock Market Return: January 2015

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBrocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1%CA CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3%Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5%CommVault Systems CVLT $1,956.6 $1,591.7 $613.6 86.8% 11.5% 8.1% 2.6x 22.6x 2.5x 13.5x -15.5%EMC EMC $52,765.2 $51,568.2 $24,440.0 62.4% 25.8% 5.2% 2.1x 8.2x 2.0x 7.1x -13.1%FalconStor Software FALC $62.4 $43.7 $49.1 77.1% -11.3% -26.1% 0.9x n/a n/a n/a -2.1%Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1%NetApp NTAP $11,782.0 $8,007.0 $6,290.7 63.0% 16.4% -1.9% 1.3x 7.8x 1.3x 5.4x -8.4%Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1%Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4%

Median: $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8%



Levered FCF Margin 19.2%Cash from Operations Growth (YoY) -0.6%Cash from Investing Growth (YoY) -5.1%Cash from Financing Growth (YoY) -53.4%Levered FCF Growth (YoY) 5.3%






-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Storage, Data Management & Integration Software Stock Market Return: January 2015

Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDCA Technologies CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3%Citrix Systems CTXS $9,539.1 $10,042.7 $3,142.9 84.9% 20.8% 7.7% 3.2x 15.4x 3.0x 11.4x -6.6%Netscout Systems NTCT $1,479.7 $1,285.0 $446.6 78.6% 25.5% 16.8% 2.9x 11.3x 2.6x 8.2x -0.9%Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5%SolarWinds SWI $3,655.1 $3,404.8 $428.7 89.7% 35.6% 27.8% 7.9x 22.3x 6.5x 14.3x -3.7%VMWare VMW $33,190.4 $27,620.4 $6,035.0 84.8% 23.0% 15.9% 4.6x 19.9x 4.1x 11.6x -6.1%

Median: $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9%








-10%

-5%

0%

5%

10%

15%

20%

Systems Management Software Stock Market Return: January 2015

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAdvent Software ADVS $2,163.6 $2,381.9 $396.8 72.1% 27.6% 3.6% 6.0x 21.7x 5.8x 17.1x 38.8%Broadridge Financial BR $5,759.5 $5,952.3 $2,568.6 31.1% 19.9% 3.6% 2.3x 11.7x 2.2x 9.8x 5.2%Fidessa FDSA $1,370.2 $1,283.4 $473.5 20.7% 18.8% 0.1% 2.7x 14.5x 3.0x 12.0x -3.8%Jack Henry & Associates JKHY $5,018.6 $4,990.2 $1,233.2 42.8% 34.5% 6.9% 4.0x 11.7x 3.8x n/a -1.4%MSCI MSCI $6,029.5 $6,374.2 $1,104.7 67.7% 40.1% 19.6% 5.8x 14.4x 6.0x 15.6x 12.9%SS&C SSNC $4,629.3 $5,155.7 $749.7 46.2% 39.1% 6.8% 6.9x 17.6x 6.0x 14.8x 0.1%

Median: $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7%









-15%

-10%

-5%

0%

5%

10%

15%

20%Vertical - Finance Software Stock Market Return:January 2015

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBlackbaud BLKB $1,979.0 $2,096.1 $546.5 52.0% 18.3% 11.8% 3.8x 21.0x 3.4x 15.4x 3.9%Constellation CSU $5,879.2 $6,124.1 $1,569.9 33.3% 10.1% 38.7% 3.9x 38.6x 3.4x 16.4x -5.6%EPIQ Systems EPIQ $635.3 $906.9 $456.6 51.9% 12.6% 12.5% 2.0x 15.7x 1.8x 9.0x 5.3%Guidewire Software GWRE $3,486.4 $2,986.2 $363.5 59.6% 9.1% 19.6% 8.2x 90.6x 7.8x 53.5x 0.3%Sapiens International SPNS $305.9 $260.8 $151.9 36.8% 11.8% 16.5% 1.7x 14.6x 1.5x 11.2x -12.5%Silver Spring Networks SSNI $346.3 $237.2 $211.0 28.4% -38.5% -24.6% 1.1x n/a 0.8x 20.0x -12.2%Tyler Technologies TYL $3,504.2 $3,346.8 $476.4 47.4% 21.5% 18.7% 7.0x 32.7x 6.1x 22.8x -1.6%

Median: $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%








-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Vertical - Other Software Stock Market Return: January 2015

Vertical - Other S&P NASDAQ SEG SW Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $919.5 $837.1 $135.8 65.5% -14.6% 29.8% 5.8x 56.6x 4.8x 33.4x -6.2% CRM & Marketing $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5% ERP & Supply Chain $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2% Vertically Focused $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5% Workforce Management $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0% SaaS Other $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%

Category Name

TTM Revenue Growth 29.8%TTM EBITDA Growth -12.7%TTM Earnings Growth -20.8%Gross Profit Margin 65.5%EBITDA Margin -14.6%Net Income Margin -23.8%SG&A Expenses as a % of Total Revenue 61.5%R&D Expenses as a % of Total Revenue 20.0%







-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%SEG SaaS Index Stock Market Return: January 2015

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBazaarvoice BV $648.9 $594.4 $180.0 65.5% -15.1% 16.9% 3.3x n/a 2.9x n/a 1.5%Constant Contact CTCT $1,198.0 $1,035.4 $331.7 72.5% 13.3% 16.2% 3.1x 23.5x 2.7x 13.7x 5.5%Cvent CVT $1,032.3 $849.6 $133.6 70.0% 5.8% 28.4% 6.4x 110.1x 5.1x 54.2x -10.7%HubSpot HUBS $1,056.3 $1,163.4 $104.1 66.9% -33.4% n/a 11.2x n/a 8.5x n/a 0.5%LivePerson LPSN $584.8 $497.7 $198.6 75.1% 5.1% 14.5% 2.5x 49.2x 2.0x 20.9x -21.7%Marketo MKTO $1,418.9 $1,307.3 $135.8 65.4% -32.5% 60.5% 9.6x n/a 7.1x n/a 4.2%Marin Software MRIN $231.5 $159.7 $94.2 63.5% -29.4% 29.8% 1.7x n/a 1.4x n/a -22.7%Salesforce.com CRM $35,620.0 $37,044.8 $5,074.2 76.2% 1.7% 34.9% 7.3x 424.8x 6.0x 32.6x -4.7%Zendesk ZEN $1,761.9 $1,659.4 $111.0 63.9% -44.1% n/a 14.9x n/a 10.0x n/a -1.5%

Median: $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5%

TTM Revenue Growth 28.4%TTM EBITDA Growth 6.5%TTM Earnings Growth -7.8%Gross Profit Margin 66.9%EBITDA Margin -15.1%Net Income Margin -29.5%SG&A Expenses as a % of Total Revenue 65.5%R&D Expenses as a % of Total Revenue 18.8%


Levered FCF Margin -3.9%Cash from Operations Growth (YoY) 60.3%Cash from Investing Growth (YoY) -34.4%Cash from Financing Growth (YoY) 5.7%Levered FCF Growth (YoY) 30.5%






-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%CRM & Marketing SaaS Stock Market Return: January 2015

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAmber Road AMBR $242.0 $204.9 $62.8 58.2% -34.7% 30.6% 3.3x n/a 3.0x n/a -6.5%E2open EOPN $172.7 $155.0 $78.5 63.0% -33.1% 13.0% 2.0x n/a 1.9x n/a -36.6%Fleetmatics FLTX $1,336.6 $1,200.4 $217.7 75.3% 22.9% 33.5% 5.5x 24.0x 4.4x 13.8x 0.1%Netsuite N $7,553.4 $7,368.7 $556.3 68.2% -9.6% 34.2% 13.2x n/a 10.2x 130.7x -8.3%SciQuest SQI $391.4 $267.2 $102.2 69.8% 4.6% 21.6% 2.6x 56.6x 2.5x 13.0x -1.0%SPS Commerce SPSC $965.3 $824.5 $120.5 69.0% 10.0% 21.9% 6.8x 68.6x 5.6x 42.0x 6.6%Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2%

Median: $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2%









-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%ERP & Supply Chain SaaS Stock Market Return: January 2015

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTD2U TWOU $721.2 $640.7 $104.3 75.0% -27.0% 39.5% 6.1x n/a 4.8x n/a -8.7%Athenahealth ATHN $5,322.1 $5,429.7 $711.0 59.3% 8.3% 31.7% 7.6x 91.5x 6.2x 34.4x -5.6%Castlight Health CSLT $801.8 $619.6 $36.3 26.8% -235.1% 295.4% 17.1x n/a 8.8x n/a -23.9%DealerTrack TRAK $2,180.6 $2,763.1 $743.2 40.0% 13.0% 62.6% 3.7x 28.6x 2.8x 12.6x -8.5%Ebix EBIX $838.1 $854.5 $204.5 80.5% 39.1% -1.6% 4.2x 10.7x 3.8x 10.0x 35.9%Ellie Mae ELLI $1,271.7 $1,186.2 $145.3 72.7% 18.1% 13.5% 8.2x 45.1x 6.3x 34.3x 10.0%Medical Transcript MTBC $26.7 $26.7 $14.2 51.6% 0.1% 43.2% 1.9x 1584.3x n/a n/a -11.6%Medidata Solutions MDSO $2,332.3 $2,312.2 $320.4 74.6% 7.9% 22.8% 7.2x 91.7x 5.9x 24.9x -8.1%OPOWER OPWR $568.7 $431.1 $119.6 66.6% -27.2% 52.0% 3.6x n/a 2.9x n/a -21.4%RealPage RP $1,417.9 $1,425.8 $395.6 58.1% 8.9% 7.7% 3.6x 40.5x 3.3x 19.3x -16.2%Textura TXTR $635.2 $569.9 $64.4 84.2% -19.0% n/a 8.9x n/a 7.0x 141.6x -12.3%Q2 Holdings QTWO $611.8 $522.2 $72.7 40.9% -21.5% 36.7% 7.2x n/a 5.4x n/a -5.3%Veeva Systems VEEV $3,755.9 $3,363.0 $289.0 62.3% 21.8% 54.4% 11.6x 53.3x 9.1x 32.5x 9.6%

Median: $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5%









-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Vertically Focused SaaS Stock Market Return: January 2015

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Workforce Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBenefitfocus BNFT $618.2 $599.3 $127.5 34.8% -37.5% 31.8% 4.7x n/a 3.7x n/a -22.7%Callidus Software CALD $727.0 $698.8 $128.7 59.9% -1.4% 19.8% 5.4x n/a 4.5x 42.3x -6.0%Cornerstone OnDemand CSOD $1,764.6 $1,761.0 $242.1 71.2% -15.8% 45.2% 7.3x n/a 5.5x 142.8x -4.2%Halogen Software TSX:HGN $138.1 $96.8 $54.2 73.0% -14.8% 18.9% 1.8x n/a 1.5x n/a -13.0%Paylocity Holding PCTY $1,185.7 $1,112.9 $117.4 50.2% -5.1% 40.1% 9.5x n/a 7.3x n/a -8.2%The Ultimate Software Group ULTI $4,199.2 $4,098.3 $482.4 59.6% 14.2% 23.5% 8.5x 59.6x 7.0x 28.5x 0.9%Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2%

Median: $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0%









-40%

-30%

-20%

-10%

0%

10%

20%Workforce Management SaaS Stock Market Return: January 2015

Workforce Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBox BOX $2,190.3 $2,065.1 $192.6 78.8% -71.0% 83.4% 10.7x n/a n/a n/a -19.0%ChannelAdvisors ECOM $236.0 $158.4 $81.6 71.4% -34.1% 28.4% 1.9x n/a 1.6x n/a -56.0%Covisint COVS $84.9 $40.7 $91.8 36.3% -38.3% -6.4% 0.4x n/a n/a n/a -13.3%Demandware DWRE $1,944.8 $1,685.7 $142.0 73.5% -11.2% 50.3% 11.9x n/a 8.4x 271.3x -5.1%FireEye FEYE $5,085.7 $4,687.8 $339.9 59.1% -99.3% 150.0% 13.8x n/a 8.2x n/a 8.9%HortonWorks HDP $881.9 $770.3 $44.2 34.3% -220.8% n/a 17.4x n/a 11.4x n/a -16.9%inContact SAAS $521.2 $507.7 $157.4 48.0% -4.5% 25.3% 3.2x n/a 2.6x 124.4x -2.4%IntraLinks Holdings IL $598.3 $631.9 $251.0 72.8% 3.1% 9.5% 2.5x 81.8x 2.4x 16.0x -6.9%J2 Global JCOM $2,746.0 $2,715.1 $569.9 82.6% 41.8% 17.6% 4.8x 11.4x 4.2x 9.6x -6.2%Jive Software JIVE $412.4 $320.8 $170.3 62.5% -29.8% 22.5% 1.9x n/a 1.6x n/a -5.1%New Relic NEWR $1,430.2 $1,337.8 $85.0 81.9% -44.0% n/a 15.7x n/a 11.3x n/a -14.8%Liquid Holdings Group LIQD $19.6 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -5.1%Qualys QLYS $1,266.8 $1,153.4 $126.0 77.8% 13.2% 21.7% 9.2x 69.3x 7.5x 36.1x 1.9%RingCentral RNG $919.5 $798.7 $203.3 63.6% -19.4% 37.1% 3.9x n/a 3.1x n/a -8.4%Rally Software Development RALY $298.3 $227.8 $82.6 74.1% -31.8% 17.6% 2.8x n/a 2.3x n/a 1.2%Service-now.com NOW $10,811.1 $10,586.0 $682.6 63.6% -15.9% 60.7% 15.5x n/a 10.7x 80.3x 8.2%Tableau Software DATA $5,599.6 $4,955.0 $351.2 91.1% 3.2% 82.1% 14.1x 444.3x 9.8x 101.3x -6.1%Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8%TrueCar TRUE $1,356.2 $1,254.2 $191.3 91.3% -20.9% 66.1% 6.6x n/a 4.8x 56.4x -19.2%Upland Software UPLD $120.5 $196.9 $60.2 65.2% -14.4% n/a 3.3x n/a 2.7x n/a -16.7%Workiva WK $485.4 $475.1 $106.1 71.4% -27.2% n/a 4.5x n/a 3.7x n/a -9.6%Yodlee YDLE $269.5 $377.1 $84.3 62.2% 5.0% n/a 4.5x 90.0x 3.7x 74.1x -24.4%Zix ZIXI $201.1 $180.9 $49.8 84.0% 20.4% 4.8% 3.6x 17.8x 3.4x 13.8x -0.3%

Median: $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%









-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Other Public SaaS Companies SaaS Stock Market Return: January 2015

Other SaaS S&P NASDAQ SEG SaaS


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EVTTM

Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,346.6 $1,151.6 $478.8 63.7% 8.5% 20.4% 2.4x 24.2x 2.1x 14.1x -5.1% Ad Tech & Lead Generation $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7% Commerce $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1% Content & Media $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3% Gaming $2,235.98 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8% Infrastructure $733.75 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4% Search $40,756.26 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6% Services $949.10 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3% Social $4,072.73 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2% Travel $3,238.36 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%


Current Ratio 2.4Quick Ratio 2.1Cash as Percent of Market Cap 18.9%Avg Days Outstanding: Accounts Receivable 38Avg Days Outstanding: Accounts Payable 53Working Capital to TTM Operating Expense Ratio 0.5






-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%SEG Internet Index Stock Market Return: January 2015

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9%Baidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3%Criteo SA CRTO $2,337.8 $2,029.6 $818.0 35.6% 7.4% 64.2% 2.5x 33.4x 4.9x 16.2x -2.5%Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5%Marchex MCHX $163.2 $82.6 $189.0 36.2% 5.3% 30.1% 0.4x 8.2x 0.6x 6.6x -19.8%ReachLocal RLOC $88.4 $36.4 $498.8 48.5% -4.2% -0.4% 0.1x n/a 0.1x n/a -11.1%Rocket Fuel FUEL $529.0 $487.0 $354.7 48.3% -8.3% 81.8% 1.4x n/a 0.8x n/a -20.3%The Rubicon Project RUBI $529.6 $425.7 $111.6 83.3% -9.1% 48.5% 3.8x n/a 2.9x 44.2x -8.2%Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1%Tremor TRMR $107.3 $29.4 $153.9 35.1% -11.2% 20.2% 0.2x n/a 0.2x n/a -27.3%TubeMogul TUBE $452.2 $406.2 $100.2 69.0% 2.0% 104.6% 4.1x 200.9x 2.9x n/a -27.7%Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3%Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9%YuMe YUME $178.4 $121.0 $174.7 47.6% -0.5% 22.6% 0.7x n/a 0.6x 44.2x 5.1%

Median: $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7%


Current Ratio 2.4xQuick Ratio 2.3xCash as Percent of Market Cap 19.4%Avg Days Outstanding: Accounts Receivable 67.5xAvg Days Outstanding: Accounts Payable 67.5xWorking Capital to TTM Operating Expense Ratio 0.5x

Levered FCF Margin 4.3%Cash from Operations Growth (YoY) 20.3%Cash from Investing Growth (YoY) -53.9%Cash from Financing Growth (YoY) -2.1%Levered FCF Growth (YoY) -19.2%





-50%

-40%

-30%

-20%

-10%

0%

10%

20%Internet Ad Tech Stock Market Return: January 2015

Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTD1-800-FLOWERS.COM FLWS $506.3 $569.1 $1,027.9 43.5% 9.2% 36.3% 0.6x 6.0x 0.5x 7.4x 0.3%58.com WUBA $3,377.8 $2,751.6 $230.0 95.1% 10.7% 83.8% 12.0x 111.6x 7.4x n/a -8.2%Alibaba BABA $221,425.0 $213,083.8 $11,417.3 70.1% 41.9% 44.1% 18.7x 44.5x 13.6x 25.2x -14.0%Amazon.com AMZN $164,638.1 $161,791.1 $88,988.0 29.5% 4.9% 19.5% 1.8x 37.1x 1.6x 19.1x 14.9%Bitauto Holdings BITA $2,482.4 $2,316.6 $320.5 80.2% 24.5% 50.1% 7.2x 29.5x 5.2x 18.6x -19.9%BlueNile NILE $368.2 $336.4 $462.0 18.5% 3.6% 5.0% 0.7x 20.4x 0.7x 13.2x -11.3%Borderfree BRDR $194.1 $71.6 $124.7 25.6% 1.4% 20.4% 0.6x 42.4x 0.5x 21.8x -30.6%Chegg CHGG $555.9 $472.7 $297.5 33.7% 5.0% 20.6% 1.6x 31.8x 1.4x 110.0x -5.3%DangDang DANG $659.0 $386.0 $1,249.7 18.1% 1.3% 28.5% 0.3x 24.2x 0.2x 8.9x -14.3%Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7%eBay EBAY $65,845.5 $63,374.5 $17,902.0 68.0% 28.0% 11.6% 3.5x 12.7x 3.3x 10.7x -5.7%GeekNet GKNT $52.7 $21.9 $142.7 18.5% -2.0% 9.5% 0.2x n/a 0.1x 31.4x -3.1%Groupon GRPN $4,806.9 $3,951.7 $3,034.7 50.5% 3.0% 24.2% 1.3x 43.5x 1.1x 12.0x -10.7%Liquidity Services LQDT $232.0 $169.4 $495.7 35.5% 10.2% -2.0% 0.3x 3.4x 0.4x 4.6x -2.8%Mecox Lane MCOX $50.7 $40.7 $77.5 46.9% -12.6% -16.7% 0.5x n/a n/a n/a 11.1%Mercadolibre MELI $5,472.6 $5,353.7 $529.8 78.7% 36.3% 19.9% 10.1x 27.8x 8.7x 24.4x -1.5%MOL Global MOLG $129.6 $136.5 $58.2 37.7% 22.5% n/a 2.3x 10.4x n/a n/a -36.4%Overstock.com OSTK $537.9 $356.3 $1,497.1 18.6% 2.0% 14.8% 0.2x 12.0x 0.2x 7.4x -5.0%PetMed Express PETS $318.1 $265.5 $228.0 33.7% 12.9% -3.3% 1.2x 9.0x 1.1x 8.9x 9.5%Stamps.com STMP $725.1 $693.4 $137.8 78.4% 28.3% 9.8% 5.0x 17.8x 4.3x 14.1x -4.2%

Median: $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1%

TTM Revenue Growth 19.5%TTM EBITDA Growth 10.5%TTM Earnings Growth 7.5%Gross Profit Margin 40.6%EBITDA Margin 9.3%Net Income Margin -3.3%SG&A Expenses as a % of Total Revenue 37.0%R&D Expenses as a % of Total Revenue 18.2%







-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Internet Commerce Internet Stock Market Return: January 2015

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9%DemandMedia DMD $74.5 $35.0 $365.9 42.3% 8.0% 40.0% 0.1x 1.2x 0.2x 2.0x -28.8%InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1%Netflix NFLX $26,616.9 $25,938.0 $5,504.7 31.8% 8.3% 25.8% 4.7x 56.8x 3.8x 42.6x 26.6%Pandora P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4%Shutterstock SSTK $1,994.7 $1,734.2 $304.8 60.5% 15.1% 40.7% 5.7x 37.7x 4.3x 21.2x -17.9%SINA SINA $2,393.5 $1,141.7 $754.1 62.1% 4.8% 24.2% 1.5x 31.5x 1.3x 158.5x -4.2%TheStreet.com TST $71.7 $17.3 $58.6 49.3% 0.5% 9.5% 0.3x 61.0x 0.3x 4.4x -9.6%WebMD Health WBMD $1,400.9 $1,653.3 $564.0 60.8% 19.1% 12.4% 2.9x 15.3x 2.7x 9.5x -0.9%XO Group XOXO $442.0 $356.3 $139.2 85.1% 10.2% 4.3% 2.6x 25.1x 2.5x 14.4x -9.3%Xunlei XNET $482.4 $48.3 $175.6 41.8% 10.8% n/a 0.3x 2.5x 0.2x 0.8x -7.3%Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3%Youku YOKU $3,317.9 $1,984.3 $597.4 33.0% 10.6% 32.7% 3.3x 31.3x 2.4x n/a -8.5%

Median: $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3%

TTM Revenue Growth 12.4%TTM EBITDA Growth -2.2%TTM Earnings Growth 10.4%Gross Profit Margin 49.3%EBITDA Margin 10.6%Net Income Margin 4.1%SG&A Expenses as a % of Total Revenue 38.7%R&D Expenses as a % of Total Revenue 11.0%


Levered FCF Margin 10.9%Cash from Operations Growth (YoY) -5.7%Cash from Investing Growth (YoY) -21.7%Cash from Financing Growth (YoY) 0.0%Levered FCF Growth (YoY) -14.7%






-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Internet Content & Media Stock Market Return: January 2015

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDChangYou.com CYOU $1,482.3 $1,533.5 $734.2 77.6% 5.3% 2.5% 2.1x 39.5x 1.9x 24.9x 4.0%Giant Interactive GA $1.6 $5.4 $0.5 -57.8% n/a n/a 10.0x n/a n/a n/a 177.1%Netease NTES $14,203.7 $11,044.3 $1,738.6 72.1% 44.5% 18.0% 6.4x 14.3x 5.0x 13.0x 10.6%NCSoft A036570 $3,664.9 $2,931.2 $769.0 71.7% 34.8% n/a 3.8x 11.0x 3.8x n/a 12.3%Perfect World PWRD $942.2 $601.0 $601.6 73.5% 18.3% 30.4% 1.0x 5.5x 0.8x 6.6x -1.6%Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1%Tencent Holdings SEHK:700 $157,931.4 $155,362.3 $12,205.6 59.4% 37.3% 34.7% 12.7x 34.2x 10.7x 25.3x 17.1%Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2%

Median: $2,236.0 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8%








-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Internet Gaming Stock Market Return: January 2015

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTD8x8 EGHT $692.9 $505.0 $154.7 71.2% 5.9% 28.2% 3.3x 55.5x 2.7x 23.5x -14.9%Akamai Technologies AKAM $10,351.2 $10,240.4 $1,863.6 68.8% 35.0% 22.6% 5.5x 15.7x 4.7x 11.2x -8.1%Brightcove BCOV $231.1 $210.7 $123.4 65.6% -1.6% 18.1% 1.7x n/a 1.6x n/a -7.5%BroadSoft BSFT $774.6 $713.7 $203.0 73.3% 4.2% 17.8% 3.5x 83.8x 3.0x 14.7x -6.8%Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7%Envivio ENVI $38.8 $0.9 $41.3 64.1% -28.8% 7.5% 0.0x n/a 0.0x n/a 3.7%Harmonic HLIT $673.7 $568.8 $433.6 49.1% 4.3% -6.1% 1.3x 30.8x 1.3x 8.3x 9.1%Interactive Intelligence ININ $855.3 $795.5 $339.5 60.8% 1.6% 13.9% 2.3x 150.9x 2.2x 79.3x -15.1%Limelight Networks LLNW $262.5 $161.7 $162.3 49.4% -4.0% -6.4% 1.0x n/a n/a n/a -4.0%Mitel Networks MITL $892.0 $1,089.0 $913.9 53.6% 10.9% n/a 1.2x 10.9x 1.0x 6.5x -16.7%Polycom PLCM $1,815.2 $1,428.5 $1,345.2 58.4% 12.1% -1.7% 1.1x 8.8x 1.0x 6.3x -0.4%Rovi ROVI $2,189.2 $2,908.8 $560.8 81.9% 36.0% 32.4% 5.2x 14.4x 5.4x 13.0x 2.4%SeaChange International SEAC $230.1 $129.5 $119.8 50.1% -10.1% -22.9% 1.1x n/a 1.0x 163.7x 12.6%ShoreTel SHOR $447.7 $372.0 $352.3 59.6% 6.6% 5.9% 1.1x 16.1x 1.0x 12.0x -2.2%Sonus Networks SONS $943.0 $834.9 $295.7 64.3% 0.8% 7.2% 2.8x 369.6x 2.7x 23.0x -7.0%Synacor SYNC $58.3 $36.6 $105.1 45.6% -2.3% -8.3% 0.3x n/a 0.4x 10.2x 3.9%Tucows TCX $195.8 $182.2 $142.0 27.3% 8.3% 12.2% 1.3x 15.5x 1.1x 9.8x -7.8%VeriSign VRSN $6,597.0 $6,499.3 $999.8 81.2% 61.6% 5.3% 6.5x 10.6x 6.2x 9.2x -4.7%

Median: $733.8 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4%








-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Internet Infrastructure Stock Market Return: January 2015

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3%Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5%InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1%Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9%

Median: $40,756.3 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6%









-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Internet Search Stock Market Return: January 2015

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDAngie's List ANGI $268.6 $248.9 $301.6 73.3% -4.9% 35.2% 0.8x n/a 0.7x 12.1x -28.1%Bankrate RATE $1,303.3 $1,424.4 $531.0 65.3% 22.5% 24.0% 2.7x 11.9x 2.4x 9.0x 1.1%Carbonite CARB $405.3 $333.9 $122.6 68.5% 3.8% 14.4% 2.7x 71.9x 2.5x 18.9x 6.3%Care.com CRCM $251.0 $167.9 $105.7 75.9% -31.2% 41.1% 1.6x n/a 1.1x n/a 1.5%Cimpress CMPR $2,626.3 $2,953.7 $1,398.2 62.7% 14.6% 15.2% 2.1x 14.5x 1.9x 11.7x 9.1%Coupons.com COUP $1,144.8 $959.1 $214.4 63.3% -6.2% 41.9% 4.5x n/a 3.5x 25.0x -17.0%eHealth EHTH $182.5 $124.4 $188.9 97.5% 6.4% 10.9% 0.7x 10.3x 0.7x n/a -57.7%Everyday Health EVDY $427.8 $410.1 $174.4 73.4% 8.8% 23.2% 2.4x 26.6x 1.9x 10.3x -5.1%GrubHub GRUB $2,806.9 $2,529.1 $229.6 64.6% 23.7% 108.9% 11.0x 46.4x 8.2x 26.7x -5.9%LendingClub LC $6,783.6 n/a $176.5 81.7% n/a 130.6% n/a n/a n/a n/a -24.7%LifeLock LOCK $1,389.9 $1,151.6 $448.6 74.2% 7.1% 29.6% 2.6x 36.3x 2.1x 15.7x -6.5%Monster Worldwide MWW $366.4 $542.8 $782.5 48.2% 9.3% -4.6% 0.7x 7.4x 0.7x 5.4x -9.2%Qihoo QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0%QuinStreet QNST $227.3 $184.5 $274.8 12.0% 0.9% -9.4% 0.7x 73.0x 0.6x 11.7x -14.7%Shutterfly SFLY $1,699.9 $1,706.3 $849.0 51.2% 8.6% 17.2% 2.0x 23.2x 1.7x 9.6x 5.2%Tree.Com TREE $466.4 $382.8 $159.9 95.5% 7.5% 26.1% 2.4x 31.8x 2.1x 14.9x -13.0%Trulia TRLA $1,613.6 $1,631.6 $235.4 82.0% -9.8% 105.5% 6.9x n/a 5.2x 35.4x -5.1%Wix.com WIX $753.4 $659.7 $125.2 81.5% -39.7% 81.9% 5.3x n/a 3.6x n/a -6.0%Xoom XOOM $567.1 $408.0 $147.3 70.3% 5.6% 31.2% 2.8x 49.9x 2.3x 18.5x -14.9%Zillow Z $3,925.4 $3,559.1 $291.9 91.1% -0.3% 68.2% 12.2x n/a 8.6x 45.8x -6.5%

Median: $949.1 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3%

TTM Revenue Growth 30.4%TTM EBITDA Growth 4.7%TTM Earnings Growth -50.8%Gross Profit Margin 73.3%EBITDA Margin 6.4%Net Income Margin -5.8%SG&A Expenses as a % of Total Revenue 52.7%R&D Expenses as a % of Total Revenue 20.2%







-30%

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

Internet Services Stock Market Return: January 2015

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDFacebook FB $211,625.5 $200,659.5 $12,466.0 83.5% 49.6% 58.4% 16.1x 32.5x 11.8x 19.4x -3.2%LinkedIn LNKD $27,907.5 $25,649.0 $2,022.6 86.9% 11.2% 46.0% 12.7x 113.3x 9.4x 34.6x -2.1%Mail.ru Group LSE:MAIL $2,996.8 $2,221.3 $867.7 61.2% 45.5% 24.5% 2.6x 5.6x 3.2x 6.3x -6.5%Renren RENN $926.6 $114.4 $90.9 28.1% -103.9% -46.4% 1.3x n/a 1.2x n/a -4.1%Twitter TWTR $23,463.0 $21,341.0 $1,166.6 63.8% -66.7% 118.3% 18.3x n/a 10.7x 47.6x 2.7%Yelp YELP $3,805.1 $3,441.0 $338.3 93.5% 4.3% 66.2% 10.2x 236.0x 6.9x 32.1x -4.9%YY YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6%

Median: $4,072.7 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2%









-30%

-20%

-10%

0%

10%

20%

30%

40%Internet Social Stock Market Return: January 2015

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDCtrip YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6%Expedia CTRP $6,768.2 $6,881.8 $1,119.8 72.2% 8.3% 36.2% 6.1x 74.5x 4.7x n/a 5.2%HomeAway EXPE $10,874.3 $10,609.7 $5,559.5 79.4% 14.3% 21.0% 1.9x 13.3x 1.7x 9.2x 0.2%MakeMyTrip AWAY $2,404.0 $1,925.8 $427.3 84.9% 15.2% 30.4% 4.5x 29.6x 3.8x 15.1x -11.8%Orbitz MMYT $1,035.7 $966.2 $291.9 30.3% -2.8% 16.9% 3.3x n/a 5.9x 54.8x -8.6%Priceline OWW $1,021.8 $1,222.2 $908.9 80.8% 14.0% 8.3% 1.3x 9.6x 1.3x 7.5x 11.1%Travelzoo PCLN $52,852.3 $50,541.1 $8,143.0 88.9% 38.9% 26.4% 6.2x 15.9x 5.4x 13.3x -11.6%TripAdvisor TZOO $126.4 $71.5 $142.1 87.4% 11.5% -10.2% 0.5x 4.4x 0.5x 14.5x -29.4%

Median: $3,238.4 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%



Levered FCF Margin 17.1%Cash from Operations Growth (YoY) 20.9%Cash from Investing Growth (YoY) 33.4%Cash from Financing Growth (YoY) 81.1%Levered FCF Growth (YoY) 41.6%





-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

25%Internet Travel Stock Market Return: January 2015

Travel S&P NASDAQ SEG Internet Index