new software equity group flash report - sandhill · 2015. 6. 30. · software equity group is an...

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:

Removals:

Shopify Inc. SHOP SaaS Other SaaS

SEG Index ChangesTicker Index CategoryCompany

Baozun Inc. BZUN Internet Commerce

Company Ticker Previous CategoryPrevious IndexRemovals: Company Ticker Previous CategoryPrevious Index


Acquired by Hewlett-Packard Company ($2.7B)- Networking and Network Performance

ManagementSoftwareAruba Networks


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 May 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-01-2015 Hybrid Advertising & Marketing Pty. Ltd. Einstein Da Vinci And Company Pty Ltd. - - - -May-01-2015 Sia Ask.fm LLC Foodily, Inc. - - - -May-01-2015 Recruit Holdings Co.,Ltd. (TSE:6098); RGIP LLC Hotspring Ventures Limited $6.5 $186.8 28.7x 19.6xMay-01-2015 MC Data Plus Mitsubishi Corporation, Kensetsu ASP - - - -May-01-2015 Frontline Technologies Group LLC My Learning Plan Inc. - - - -May-01-2015 The Citadel Group Limited (ASX:CGL) PJA Solutions Pty Ltd. - $46.9 - -May-01-2015 Kalido Pty Ltd. Task2 Pty. Ltd. - - - -May-03-2015 Just-Eat Spain S.L. Food2U - - - -May-04-2015 Le Groupe RC Concept Avenir Etalage $33.5 - - -May-04-2015 iAdvize S.A.S. Bringr, SAS - $0.8 - -May-04-2015 symplr CBR Associates, Inc. - - - -May-04-2015 Beijing Orient National Communication Science & Technology Co., Ltd. (SZSCotopaxi Limited - $27.4 - -May-04-2015 Ciena Corporation (NYSE:CIEN) Cyan, Inc. (NYSE:CYNI) $117.5 $221.5 1.9x -May-04-2015 - Fame $13.3 - - -May-04-2015 Women's Marketing, Inc. Flying Point Digital - - - -May-04-2015 Gravity4, Inc. G4 Search - - - -May-04-2015 Weight Watchers International, Inc. (NYSE:WTW) Hot5, Inc. - - - -May-04-2015 NZX Limited (NZSE:NZX) iFarm New Zealand Limited - - - -May-04-2015 Gary Jonas Computing Ltd. Interchange Communications Limited and Show Data Systems Limited - - - -May-04-2015 LOOGIC Lanzanos S.L. - - - -May-04-2015 Aurea Software Lyris, Inc. (OTCPK:LYRI) $28.4 $15.6 0.5x 30.5xMay-04-2015 Fullscreen, Inc. McBeard Media, Inc. - - - -May-04-2015 Columbus A/S (CPSE:COLUM) MW data a/s and MW Solutions A/S - $7.7 - -May-04-2015 Rapid7 LLC NT OBJECTives, Inc. - - - -May-04-2015 Career Services Oompher Limited - - - -

Acquirer

May-04-2015 Val Morgan & Co. (Aust.) Pty. Ltd. P&C Media Group Pty Ltd. - - - -May-04-2015 ABRY Partners, LLC Sentry Data Systems, Inc. - - - -May-04-2015 Amer Sports Corp. (HLSE:AMEAS) Sports Tracking Technologies Ltd. - - - -May-04-2015 vXchnge Operating LLC Sungard Availability Services LP, Eight Data Centers - - - -May-04-2015 Google Inc. (NasdaqGS:GOOGL) Timeful Inc. - - - -May-04-2015 Vision Integrated Graphics, LLC Tobe Direct LLC - - - -May-04-2015 Ascendum Solutions LLC Turner Construction Company, Facility Management Software Business Unit - - - -May-05-2015 DealerSocket, Inc. Autostar Solutions, Inc. - - - -May-05-2015 Pitney Bowes International Holdings, Inc. Borderfree, Inc. (NasdaqGS:BRDR) $123.8 $372.0 3.0x -May-05-2015 PTC Inc. (NasdaqGS:PTC) ColdLight Solutions, LLC - $103.8 - -May-05-2015 Hummingbird Web Solutions Pvt Ltd CyberChimps Inc. - - - -May-05-2015 Bio-Cell Ltd. (TASE:BCEL) Fantasy65 LTD. - - - -May-05-2015 Safeguard Business Systems, Inc. Fontis Solutions, Inc. $40.0 - - -May-05-2015 Asset International Inc. Intelligent Financial Systems Limited - - - -May-05-2015 TASER International Inc. (NasdaqGS:TASR) MediaSolv Solutions Corp. - $13.0 - -May-05-2015 APN New Zealand Limited Peacock Promotions Ltd. - - - -May-05-2015 Merkle Inc. Periscopix Limited - - - -May-05-2015 comScore, Inc. (NasdaqGS:SCOR) Proximic, Inc. - - - -May-05-2015 STATS LLC Prozone Sports Ltd. - - - -May-05-2015 STATS LLC Prozone-Amisco Group - - - -May-05-2015 XIFIN, Inc. VisualShare, Inc. - - - -May-05-2015 Reconnaissance Market Research Voter Consumer Research, Inc. - - - -May-06-2015 PLS Inc. Capitalize - - - -May-06-2015 Quality Technology Services Holding, LLC Carpathia Hosting, Inc. - $326.0 - -May-06-2015 8common Limited (ASX:8CO) ClickSold.com and RealPageMaker Inc. - $0.7 - -May-06-2015 La SAS Pilot'IN Com'op - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-06-2015 Coats Global Services Limited GSD (Corporate) Ltd. $2.3 - - -May-06-2015 Vonage Holdings Corporation (NYSE:VG) gUnify LLC - - - -May-06-2015 ProTek Capital, Inc. (OTCPK:PRPM) IncBuzz,LLC. - - - -May-06-2015 Drivy, SA Livop Ltd - - - -May-06-2015 UpLike SAS LooknBe SAS - - - -May-06-2015 RockYou, Inc. Medium Entertainment, Inc. - - - -May-06-2015 App Annie Limited Mobidia Technology, Inc. - - - -May-06-2015 Myntra Designs Private Limited Native5 Software Solutions Pvt. Ltd. - - - -May-06-2015 Envestnet, Inc. (NYSE:ENV) Oltis Software LLC - $32.4 - -May-06-2015 ROHDE & SCHWARZ GmbH & Co. KG Sirrix AG - - - -May-06-2015 Accenture plc (NYSE:ACN) T'quila Limited - - - -May-06-2015 Leica Geosystems AG technet-rail 2010 GmbH - - - -May-06-2015 Stickeyes Zazzle Media Ltd. - - - -May-07-2015 Charter Pacific Corp. Ltd. (ASX:CHF) Accloud Limited - - - -May-07-2015 Acturis Limited Assekuranz- und Finanz- Netzwerk AG - - - -May-07-2015 - Basemark Oy - - - -May-07-2015 ResearchBods Limited Clear Stream Research Ltd. - - - -May-07-2015 B2W Companhia Digital (BOVESPA:BTOW3) E-Smart - $4.3 - -May-07-2015 Tangoe, Inc. (NasdaqGS:TNGO) International Business Machines Corp., Rivermine Telecommunications Expense Management Business - $22.0 - -May-07-2015 Envysion, Inc. LightHaus Logic Inc. - - - -May-07-2015 Serent Capital Mercury Network, LLC - - - -May-07-2015 Leo Group Co., Ltd. (SZSE:002131) MIAGE - $135.3 - -May-07-2015 Zobtree Ventures Private Limited Optimized Bits Technologies Private Limited - - - -May-07-2015 Visma AS PBJ A/S $7.9 - - -May-07-2015 - Social Samosa Media LLP $0.1 - - -

52 3

Acquirer

May-07-2015 Market Tech Holdings Limited (AIM:MKT) Stucco Media Limited $6.1 $42.9 7.0x 52.3xMay-07-2015 Equinix, Inc. (NasdaqGS:EQIX) Telecity Group plc (LSE:TCY) $543.4 $4,047.9 7.6x 16.2xMay-07-2015 Promesa Limited (ASX:PRA) Thredit Ltd - - - -May-07-2015 Cisco Systems, Inc. (NasdaqGS:CSCO) Tropo Inc. - - - -May-07-2015 SkillSoft France SARL Vodeclic SAS - - - -May-08-2015 Vendator AB (OM:VEND B) Bra Röster AB - $0.1 - -May-08-2015 TechnologyOne Limited (ASX:TNE) Desktop Mapping Systems Pty Ltd - $9.5 - -May-08-2015 Visma AS e-conomic international a/s, Core Scandinavian Business - $225.8 - -May-08-2015 Schibsted ASA (OB:SCH) Hemnet Service HNS AB $19.7 - - -May-08-2015 Ignite-TEK, LLC Ignite Media Solutions, LLC - - - -May-08-2015 SIA Lattelecom Latvijas Mobilais Telefons SIA - - - -May-08-2015 BookingSuite (USA) Inc. PriceMatch SAS - - - -May-08-2015 Enghouse Systems Limited (TSX:ESL) Reitek S.p.A. - $5.1 - -May-08-2015 Gravity4, Inc. Rocket Fuel Inc. (NasdaqGS:FUEL) $438.6 $342.4 0.8x -May-08-2015 Digital Guardian, Inc. Savant Protection, Inc. - - - -May-10-2015 Fashion Insight Limited News4Media Ltd, Database of Beauty4Media and Fashion4Media Business - - - -May-11-2015 StarTek, Inc. (NYSE:SRT) ACCENT Marketing Services, LLC $67.0 $16.0 0.2x 3.5xMay-11-2015 Stampfli AG asim GmbH - - - -May-11-2015 Groupe ZenithOptimedia SA B2B GROUP s.r.o. - - - -May-11-2015 Match.com, L.L.C. eureka, Inc. - - - -May-11-2015 Pantheon Systems, Inc. Gorton Studios, Inc., NodeSquirrel - - - -May-11-2015 Red Ventures Holdco, LP Imagitas, Inc. - $310.0 - -May-11-2015 Geração Futuro Corretora de Valores S.A. Monetar DTVM Ltda - - - -May-11-2015 Day1 Solutions LLC OpenOsmium, Inc. - - - -May-11-2015 Cvent Atlanta, LLC SignUp4, LLC - $22.4 - -May-11-2015 Aterian Investment Partners, LLC SourceLink, LLC - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-11-2015 mGage LLC Unicel Technologies Pvt. Ltd. $15.6 - - -May-11-2015 Alfred Club Inc. Wunwun, Inc. - - - -May-12-2015 TOTVS S.A. (BOVESPA:TOTS3) 40% Stake in PRX Soluções em Gestão Agroindustrial Ltda and P2rx Solucoes em Software S/S Ltda - $2.9 - -May-12-2015 Jaguar Network SAS Alionis SAS $2.1 - - -May-12-2015 Verizon Communications Inc. (NYSE:VZ) AOL Inc. (NYSE:AOL) $2,569.0 $4,282.5 1.7x 9.7xMay-12-2015 Artec Global Media, Inc. (OTCBB:ACTL) Citracado Market Advisors Corporation - - - -May-12-2015 MHI Research Institute CSO Insights, LLC - - - -May-12-2015 Ornico Group (Pty) Ltd. Fuseware (Pty) Ltd. - - - -May-12-2015 - Fuzhou Aohai Advertisement Co., Ltd. - $0.0 - -May-12-2015 iCitizen Corporation Govgraph, LLC - - - -May-12-2015 Mobile TeleSystems OJSC (NYSE:MBT); Baggio Holding B.V. JSC SITRONICS Telecom Solutions - - - -May-12-2015 SD Entertainment Inc. (JASDAQ:4650) MC2 Co.,Ltd. $10.9 $0.5 0.0x -May-12-2015 Insurity, Inc. Oceanwide Inc. - - - -May-12-2015 Newnote Financial Corp. (DB:1W4) PayIvy - $0.2 - -May-12-2015 General Dynamics Fidelis Cybersecurity Solutions Inc. Resolution1 Security, Inc. - - - -May-12-2015 Dropbox Inc. SoThree, Inc. - - - -May-12-2015 Sense Labs, Inc. Targeted Testing Inc. - - - -May-12-2015 Hansen Technologies Ltd. (ASX:HSN) TeleBilling A/S $18.0 $24.1 1.3x -May-12-2015 Fujifilm Medical Systems USA, Inc. TeraMedica, Inc. - - - -May-13-2015 DAQRI LLC ARToolworks, Inc. - - - -May-13-2015 Crestwell Resources Inc. (DB:9CW) Assets Related to Style Cameos - $0.2 - -May-13-2015 GeoSpatial Innovations, Inc. Itron, Inc., Distribution Design Solutions - - - -May-13-2015 SurfStitch Group Limited (ASX:SRF) Magicseaweed Ltd. and Stab Magazine - $17.2 - -May-13-2015 Opera Mediaworks Inc. Mobilike Mobil Reklam Pazarlama ve Ticaret A.S. - - - -May-13-2015 McCann Worldgroup, Inc. Sterling Cooper & Partners - - - -

Acquirer

May-13-2015 STATS LLC TVT Video Technologies Inc. - - - -May-13-2015 PYO Travel (MY) Sdn Bhd. World.Net Services Ltd. (ASX:WNS) $0.3 - - -May-14-2015 Courion Corporation Bay31 AG - - - -May-14-2015 Globant S.A. (NYSE:GLOB) Clarice Technologies Pvt Ltd. - $20.9 - -May-14-2015 Spring FG Limited (ASX:SFL) Digifi Group Pty Ltd - $0.4 - -May-14-2015 Med-e-Mass (Pty) Ltd Health-Soft (Pty.) Ltd. - - - -May-14-2015 - IL2M International Corp (OTCPK:ILIM) - - - -May-14-2015 Dentsu Aegis Network Ltd. John Brown Publishing Limited - - - -May-14-2015 Source Medical Solutions, Inc. LaClaro, Inc. - - - -May-14-2015 Matrix IT Ltd. (TASE:MTRX) OnO Apps Ltd. - - - -May-14-2015 FameBit, Inc. Refame - - - -May-14-2015 Allwin Telecommunication Co., Ltd. (SZSE:002231) Shanghai Snowfish Tech Co., Ltd. - $248.3 - -May-14-2015 Brand Networks, LLC Shift Labs, Inc. - $50.0 - -May-14-2015 Sizmek Inc. (NasdaqGS:SZMK) StrikeAd, Inc. - $11.7 - -May-15-2015 CoachTube, Inc. ChalkTalk Media, Inc. - - - -May-15-2015 MoPowered Group plc (AIM:MPOW) Fast Web Media Ltd. $3.4 $2.5 0.7x -May-15-2015 Datamatics Global Services Limited (BSE:532528) MAIA Intelligence Pvt. Ltd., 1KEY Suite of Products - - - -May-15-2015 Pandora Media, Inc. (NYSE:P) Next Big Sound Inc. - - - -May-15-2015 KPMG LLP (United Kingdom) Nunwood Consulting Ltd. - - - -May-15-2015 defi SOLUTIONS, Inc. Open Rule Systems Inc. - - - -May-15-2015 Gravity4, Inc. TradeDoubler AB (OM:TRAD) $199.3 $53.3 0.3x -May-18-2015 The Learning House, Inc. Acatar LLC - - - -May-18-2015 Orient Hongtai (Beijing) Investment Management Co., Ltd. China Mobile Games and Entertainment Group Limited (NasdaqGM:CMGE) $203.9 $639.7 3.1x 14.0xMay-18-2015 LINK Mobility AB Fivestarday AB $0.5 $0.5 0.9x 42.0xMay-18-2015 Bertin Technologies SA Go Albert SA - - - -May-18-2015 SA Havas Worldwide Paris Havas 360 SAS - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-18-2015 Tahzoo LLC HintTech B.V. - - - -May-18-2015 Accela, Inc. PublicStuff LLC - - - -May-18-2015 Blue and Green Communications Limited The Sixty Mile Publishing Company, GreenWise - - - -May-18-2015 IDÉ House of Brands Finland Oy Wulff Liikelahjat Oy $3.6 $0.9 0.3x -May-19-2015 Automattic Inc. Bubblestorm Management (Proprietary) Limited - $30.0 - -May-19-2015 Home Interior Designs E-Commerce Pvt Ltd Dwll.IN, Inc. - - - -May-19-2015 Continental Aktiengesellschaft (DB:CON) Elektrobit Automotive GmbH $190.9 $668.2 3.5x 26.8xMay-19-2015 Axxiome AG HartterGroup - - - -May-19-2015 Daum Kakao Corp. (KOSDAQ:A035720) LOCNALL Inc. - $57.2 - -May-19-2015 California Investments Pty Ltd; SFO Enterprises Pty. Ltd. OzSoft Solutions Pty Ltd - $3.6 - -May-19-2015 eLearning Brothers, LLC PepperLip, Inc., Get My Graphic - - - -May-19-2015 WellTok, Inc. Predilytics, Inc. - - - -May-19-2015 190west LLC Red Ember Marketing - - - -May-19-2015 AVC Media Enterprises Ltd. Red Mist Media Limited - - - -May-19-2015 Sajan, Inc. (NasdaqCM:SAJA) Reverbeo, Certain Software Assets - - - -May-19-2015 Matchfire Co. LLC SimplySocial Inc. - - - -May-19-2015 Contents And People, Logistics Energy company,.LTD (KOSE:A006490) Space Net Co., Ltd. $14.2 $22.3 1.6x -May-19-2015 AvidXchange, Inc. Strongroom Solutions, Inc. - - - -May-19-2015 Facebook, Inc. (NasdaqGS:FB) Tugboat Yards Inc. - - - -May-19-2015 ManagedWay Waveform Technology LLC - - - -May-20-2015 Delphix Corp. Axis Technology Software, LLC - - - -May-20-2015 Amino Technologies plc (AIM:AMO) Booxmedia Oy $1.6 $11.1 7.1x -May-20-2015 - CDI Holding Pte. Ltd. $19.9 $2.6 0.1x -May-20-2015 SingleHop, Inc. Datagram Inc. - - - -May-20-2015 La Fourchette SAS Dimmi Pty Limited - - - -

Acquirer

May-20-2015 Flippa, L.L.C. Domain Holdings Group, LLC - - - -May-20-2015 Zuora, Inc. Frontleaf, Inc. - - - -May-20-2015 NYX Gaming Group Limited (TSXV:NYX) Game360 S.r.l. - - - -May-20-2015 AmWINS Group, Inc. Impact Interactive - - - -May-20-2015 - Imperia AG - - - -May-20-2015 FuzeBox, Inc. (OTCPK:CLWA) LiveMinutes Inc. - - - -May-20-2015 Magnetic Media Online, Inc. MyBuys, Inc. - - - -May-20-2015 Myriad Technologies, LLC Summit Co-Locate, Inc. - - - -May-20-2015 Duailibi Petit Zaragoza Propaganda S.A. Taterka Comunicações S.A. - - - -May-20-2015 Palringo Limited Tribe Studios Ltd. - - - -May-20-2015 Weathernews Inc. (TSE:4825) Weathermob Inc. - - - -May-20-2015 Dansk Supermarked A/S wupti.com a/s - - - -May-21-2015 MeeMee Media Inc. (OTCPK:MEME) All Screens Media, LLC - $1.5 - -May-21-2015 Web Hosting Enterprises Corporation Areti Web Innovations, Inc., Hosting Assets - - - -May-21-2015 Autobytel Inc. (NasdaqCM:ABTL) Dealix Corporation And Autotegrity, Inc. - $25.0 - -May-21-2015 Bramerz Pvt. Ltd. Dexteam - - - -May-21-2015 Contagious Gaming Inc. (TSXV:CNS) DIGITOTE Software GmbH Deutschland and DIGITOTE Ltd. - - - -May-21-2015 Clarabridge, Inc. Engagor NV - - - -May-21-2015 Broadridge Financial Solutions, Inc. (NYSE:BR) Lipper, Inc., Fiduciary Services & Competitive Intelligence Unit - - - -May-21-2015 We do Logos Logovia - - - -May-21-2015 Adikteev Motionlead - - - -May-21-2015 Cyberbit Ltd. NICE Systems Ltd., Cyber and Intelligence Division - $157.9 - -May-21-2015 Archway Marketing Services, Inc. PogMaker Corp - - - -May-21-2015 Univision Communications Inc. The Root - - - -May-21-2015 Planview, Inc. Troux Technologies, Inc. - - - -May-22-2015 Always Marketing Services Co Ltd. 3ree Pte. Ltd. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-22-2015 Tarsus Group plc (LSE:TRS) Aventine Co., PAINWeek - $27.5 - -May-22-2015 Müller Medien GmbH & Co. KG FACHARZT24 Media GmbH - - - -May-22-2015 Sandbox Partners Private Limited Family Education Network, Inc. - - - -May-22-2015 National United Resources Holdings Limited (SEHK:254) Million Fortune International Investment Limited - $51.6 - -May-22-2015 Marketing Applications, Inc. Research Panel Asia, Inc. - - - -May-22-2015 GAIA System Solutions Inc. Sension, Inc. - - - -May-22-2015 Crux Collective LLC Sixth Gear LLC - - - -May-22-2015 QUADROtech Solutions AG Timefinity Group Limited - - - -May-25-2015 All About, Inc. (JASDAQ:2454) CsNET, Inc., DLmarket - $1.4 - -May-25-2015 RVH Inc. (TSE:6786) SkyLink Co., Ltd. $14.4 $4.8 0.3x -May-26-2015 Akoustis Technologies, Inc. Akoustis Technologies, Inc., Prior to Reverse Merger with Akoustis, Inc. (OTCBB:AKTS) - - - -May-26-2015 PeopleNet Communications Corporation Cadec Global, Inc. - - - -May-26-2015 Hewlett-Packard Company (NYSE:HPQ) ConteXtream, Inc. - - - -May-26-2015 TiVo Inc. (NasdaqGS:TIVO) Cubiware Sp. z o.o. - - - -May-26-2015 Aucfan Co., Ltd. (TSE:3674) DeNA Co., Ltd., BtoB Market Business $4.2 $10.2 2.4x -May-26-2015 CNN/SI Fansided, LLC - - - -May-26-2015 Knowingly Corp Giga Omni Media, Inc. - - - -May-26-2015 John Hancock Financial Corporation Guide Financial, Inc. - - - -May-26-2015 Mitek Systems, Inc. (NasdaqCM:MITK) ID Checker.NL B.V. - $10.6 - -May-26-2015 Sovos Compliance, LLC Imaging Science and Services, Inc. - - - -May-26-2015 IT Lab Limited JM Computing Limited - - - -May-26-2015 Jasper Infotech Private Limited MartMobi Technologies Pvt. Ltd. - - - -May-26-2015 Armed Forces Communications, Inc. MS3 Communications., Youth Agency Division - - - -May-26-2015 HighJump Software Nexternal Solutions, Inc. - - - -May-26-2015 Yappn Corp. (OTCPK:YPPN) Ortsbo Inc., Key Assets - $17.0 - -

Acquirer

May-26-2015 Attercopia Ltd. Proof Digital Ltd - - - -May-26-2015 Oculus VR, Inc. Surreal Vision Ltd. - - - -May-26-2015 Weeby Games, Inc Tappy Pte. Ltd. - - - -May-26-2015 Carlos Castilla Ingenieros S.A. Tsico Tecnología de Sistemas y Comunicaciones SA $0.6 - - -May-26-2015 EMC Corporation (NYSE:EMC) Virtustream, Inc. - $1,200.0 - -May-27-2015 Mobio Technologies Inc. (TSXV:MBO) 20 Year Media Corp. - $2.1 - -May-27-2015 301 Digital Media LLC 301 Web Media, LLC - - - -May-27-2015 mBlox, Inc. 4INFO, Inc., SMS Business Line - - - -May-27-2015 Ackroo Inc. (TSXV:AKR) Dealer Rewards Of Canada 2014 Inc. - $1.5 - -May-27-2015 8x8 Inc. (NasdaqGS:EGHT) DXI Limited - $25.4 - -May-27-2015 Nokia Networks, Inc. Eden Rock Communications, LLC - - - -May-27-2015 Eventa Global, Inc. Group-onomics - - - -May-27-2015 Survey Sampling International, LLC MyOpinions Pty Ltd. and SmileCity Ltd. - - - -May-27-2015 Nielsen N.V. (NYSE:NLSN) Nielsen Consumer Neuroscience - - - -May-27-2015 Elastic Packetbeat UG - - - -May-27-2015 Aavid Thermalloy, LLC Qfinsoft Technology Inc. - - - -May-27-2015 CA, Inc. (NasdaqGS:CA) Rally Software Development Corp. (NYSE:RALY) $87.5 $467.0 5.3x -May-27-2015 Locon Solutions Pvt. Ltd. Reality Business Intelligence Pvt. Ltd. - - - -May-27-2015 Beijing Miteno Communication Technology Co., Ltd. (SZSE:300038) Riyue Tongxing Information Technology (Beijing) Co. Ltd. $11.0 $90.3 8.2x -May-27-2015 Palo Alto Networks, Inc. (NYSE:PANW) ShieldArc Inc. - $18.0 - -May-27-2015 Agile Sports Technologies, Inc. Sportstec Ltd - - - -May-27-2015 GoLocal24, LLC WhatsUpNewp.com - - - -May-28-2015 ACL Services Ltd. Artletic LLC - - - -May-28-2015 Drivy, SA Autonetzer GmbH - - - -May-28-2015 HitFox AppLift GmbH Bidstalk Pte. Ltd. - - - -May-28-2015 Blackwood Seven A/S Booming GmbH - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMay-28-2015 The Boston Consulting Group, Inc. BrightHouse, LLC - - - -May-28-2015 InsideSales.com, Inc. Cloud9 Analytics, Inc. - - - -May-28-2015 Inbank AS Desk Rock OÜ - - - -May-28-2015 Avaya Inc. Esna Technologies Inc. - - - -May-28-2015 Optimal Payments Plc (AIM:OPAY) FANS Entertainment Inc. - $12.8 - -May-28-2015 Tier 1 Performance Solutions, LLC First Class Solutions, Inc. - - - -May-28-2015 Gosuncn technology group Co., Ltd. Guangzhou Goldmessage Technology Co.,Ltd. - $44.9 - -May-28-2015 SnoopWall LLC Hexis Cyber Solutions, Netbeat NAC Business Unit and Technology - - - -May-28-2015 ELCIA, SAS ISIA SAS $3.3 - - -May-28-2015 QHR Technologies Inc. Jonoke Software Development Inc. - - - -May-28-2015 Apple Inc. (NasdaqGS:AAPL) metaio GmbH - - - -May-28-2015 Daum Kakao Corp. (KOSDAQ:A035720) Path Inc., Two Services Eponymous Social Network And Mobile Messaging App Path Talk - - - -May-28-2015 Primoweb Media Ltd. Paul-Stafford.Com Limited - - - -May-28-2015 Grupa Wirtualna Polska (WSE:WPL) PolskaStacja.pl - - - -May-28-2015 Google Inc. (NasdaqGS:GOOGL) Pulse.io, Inc. - - - -May-28-2015 Synopsys Inc. (NasdaqGS:SNPS) Quotium Technologies SA, Application Security Solutions - - - -May-28-2015 Gracenote, Inc. SportsDirect, Inc. - - - -May-28-2015 Expert System S.p.A. (BIT:EXSY) TEMIS S.A. - $13.1 - -May-28-2015 LoveToKnow Corporation The Printable Wedding, The Printable Baby and The Printable Holiday - - - -May-28-2015 Nippon Dentsu Co.,Ltd. (TSE:1931) TMI SOLUTIONS LTD. $56.0 $8.2 - -May-29-2015 Letong Chemical Co., Ltd. (SZSE:002319) Beijing Jiuyu Internet Technology Co., Ltd. - $94.4 - -May-29-2015 Stryde, Inc. Fit Marketing LLC - - - -May-29-2015 AEGIS HYOSUNG Co., Ltd. Hongjin Data Service Co., Ltd. - $10.3 - -May-29-2015 Castleton Technology plc (AIM:CTP) Impact Applications Ltd. $3.1 $7.8 2.5x -May-29-2015 sMedio, Inc. (TSE:3913) Johospace Co., Ltd. $0.7 $0.6 0.8x -

Acquirer

y ( ) pMay-29-2015 EVO Payments International, LLC Postbank P.O.S. Transact GmbH - - - -May-29-2015 Seratosa Inc. (OTCPK:STOA) TECHNOPRENEUR'S RESOURCE CENTRE PTE LTD $11.9 $36.0 3.0x -May-30-2015 Apax Partners LLP Zap Group Ltd. - $37.4 - -



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 $2,346.0 $2,393.7 $605.5 67.1% 19.1% 8.2% 3.3x 16.3x 3.0x 11.7x 8.0% Billing & Service Management $1,066.0 $1,181.6 $491.8 59.7% 27.1% 7.6% 2.0x 10.0x 1.9x 8.8x 6.2% Business Intelligence $2,475.9 $2,623.0 $584.7 75.3% 15.2% 10.0% 3.7x 18.1x 3.0x 12.8x 10.7% Development Platforms $1,332.2 $1,269.2 $339.4 73.5% 22.3% 5.8% 2.5x 12.3x 2.6x 10.0x 12.0% Engineering & PLM $4,745.5 $5,008.3 $1,264.1 84.5% 21.4% 8.7% 3.7x 17.2x 3.8x 12.3x 9.0% Enterprise Resource Planning $9,358.1 $10,136.9 $2,004.9 61.1% 28.4% 2.5% 4.6x 14.9x 4.1x 11.5x 4.4% Financial & Accounting $2,723.9 $3,295.0 $815.8 56.0% 22.3% 4.3% 4.0x 17.0x 4.0x 12.6x 14.8% Gaming $2,456.9 $2,083.2 $1,695.3 66.7% 19.1% 2.5% 1.4x 12.9x 1.2x 10.0x 13.3% Healthcare $1,300.1 $1,659.1 $612.6 53.7% 15.9% 7.1% 2.7x 16.9x 2.5x 11.5x 7.7% IT Conglomerates $167,060.1 $178,840.9 $90,147.0 61.1% 32.9% 2.5% 3.3x 9.4x 3.4x 9.3x 1.6% Mobile Solutions/Content $754.6 $713.6 $314.2 57.4% 4.3% 19.1% 2.5x 16.0x 2.0x 9.5x 3.3% Networking & Network Performance Management $1,585.5 $1,453.4 $252.8 73.2% 10.9% 13.6% 2.4x 14.4x 2.3x 9.0x 8.5% Security $1,916.7 $1,725.0 $227.8 75.4% 6.7% 12.6% 4.0x 17.0x 4.8x 19.9x 25.5% Storage, Data Mgmt & Integration $6,820.4 $5,581.0 $1,644.0 81.7% 17.4% 3.4% 2.5x 9.2x 2.5x 7.9x 1.5% Systems Management $11,904.3 $11,409.0 $2,471.2 84.8% 26.3% 14.7% 4.2x 18.1x 3.9x 12.2x 4.4% Vertical - Finance $5,148.8 $5,388.0 $903.8 44.8% 30.4% 5.5% 5.2x 16.2x 4.9x 13.2x 13.2% Vertical - Other $2,361.0 $2,634.6 $435.7 47.5% 12.9% 13.3% 4.5x 30.0x 4.1x 19.3x 22.4%

Category Name

TTM Revenue Growth 8.2%TTM EBITDA Growth -7.7%TTM Earnings Growth -17.2%Gross Profit Margin 67.1%EBITDA Margin 19.1%Net Income Margin -17.5%SG&A Expenses as a % of Total Revenue 57.4%R&D Expenses as a % of Total Revenue 19.2%

Current Ratio 2.1Quick Ratio 1.9Cash as Percent of Market Cap 12.1%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 29Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 5.8%Cash from Operations Growth (YoY) 20.6%Cash from Investing Growth (YoY) -79.4%Cash from Financing Growth (YoY) -40.6%Levered FCF Growth (YoY) 20.3%

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

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%SEG SW Index Software Stock Market Return: January - May 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 $8,521.5 $7,229.0 $3,611.6 35.8% 19.4% 4.8% 2.0x 10.3x 1.9x 9.4x 18.3%CSG Systems International CSGS $1,066.0 $1,181.6 $748.9 48.3% 16.3% -0.8% 1.6x 9.7x 1.5x 7.0x 28.3%Evolving Systems EVOL $103.8 $92.8 $29.8 75.3% 31.1% 19.0% 3.1x 10.0x 3.0x 9.2x -2.0%MIND C.T.I. MNDO $48.2 $34.5 $25.0 60.0% 32.3% 26.8% 1.4x 4.3x n/a n/a -31.2%NeuStar NSR $1,512.7 $1,955.1 $985.1 74.4% 38.6% 7.6% 2.0x 5.1x 1.9x 4.1x -1.5%Redknee Solutions RKN $426.7 $368.4 $241.2 55.3% 6.7% -3.1% 1.5x 22.8x 1.6x 8.4x 22.9%Synchronoss Technologies SNCR $1,894.9 $1,931.5 $491.8 59.7% 27.1% 33.2% 3.9x 14.5x 3.2x 9.7x 6.2%

Median: $1,066.0 $1,181.6 $491.8 59.7% 27.1% 7.6% 2.0x 10.0x 1.9x 8.8x 6.2%

TTM Revenue Growth 7.6%TTM EBITDA Growth 16.0%TTM Earnings Growth 10.9%Gross Profit Margin 59.7%EBITDA Margin 27.1%Net Income Margin 12.7%SG&A Expenses as a % of Total Revenue 20.2%R&D Expenses as a % of Total Revenue 14.1%


Levered FCF Margin 12.9%Cash from Operations Growth (YoY) 5.5%Cash from Investing Growth (YoY) 42.0%Cash from Financing Growth (YoY) -64.1%Levered FCF Growth (YoY) 8.4%





-15%

-10%

-5%

0%

5%

10%

15%

20%Billing and Service Management Software Stock Market Return: January - May 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 $2,723.9 $3,295.0 $815.8 66.8% 22.3% 9.7% 4.0x 18.1x 3.8x 12.6x 21.6%Informatica INFA $5,068.0 $4,569.3 $1,055.4 82.4% 18.1% 8.0% 4.3x 23.9x 4.0x 16.8x 27.9%MicroStrategy MSTR $1,993.2 $1,601.3 $565.8 77.1% 12.4% -3.1% 2.8x 22.9x 2.9x 11.2x 7.9%Pegasystems PEGA $1,673.3 $1,447.9 $603.5 68.6% 12.0% 13.2% 2.4x 20.0x 2.1x 13.1x 7.6%Progress Software PRGS $1,332.2 $1,269.2 $339.4 89.1% 26.5% 4.5% 3.7x 14.1x 3.0x 10.0x -1.5%PROS Holdings PRO $568.3 $526.0 $188.6 69.0% -5.3% 24.0% 2.8x n/a 2.9x n/a -27.3%Qlik Technologies QLIK $3,303.5 $3,022.5 $565.9 86.1% 0.5% 16.7% 5.3x 989.3x 4.8x 46.1x 16.8%Software AG SOW $2,227.8 $2,223.6 $905.6 73.5% 26.1% -11.9% 2.5x 9.4x 2.3x 7.9x 16.5%Splunk SPLK $8,473.7 $7,608.5 $490.6 84.2% -45.5% 48.1% 15.5x n/a 11.6x 191.2x 15.0%Teradata TDC $5,769.3 $5,488.3 $2,686.0 52.9% 20.1% -1.7% 2.0x 10.2x 2.0x 8.2x -11.5%Varonis Systems VRNS $501.4 $388.4 $106.9 90.0% -18.3% 34.5% 3.6x n/a 3.0x n/a -39.0%Verisk VRSK $12,270.8 $13,420.3 $1,796.5 59.6% 46.1% 10.3% 7.5x 16.2x 6.4x 13.5x 13.5%

Median: $2,475.9 $2,623.0 $584.7 75.3% 15.2% 10.0% 3.7x 18.1x 3.0x 12.8x 10.7%

TTM Revenue Growth 10.0%TTM EBITDA Growth -15.2%TTM Earnings Growth -26.2%Gross Profit Margin 75.3%EBITDA Margin 15.2%Net Income Margin 8.1%SG&A Expenses as a % of Total Revenue 46.3%R&D Expenses as a % of Total Revenue 18.8%


Levered FCF Margin 13.3%Cash from Operations Growth (YoY) 9.0%Cash from Investing Growth (YoY) -15.6%Cash from Financing Growth (YoY) -22.2%Levered FCF Growth (YoY) -12.3%





-10%

-5%

0%

5%

10%

15%

20%Business Intelligence Software Stock Market Return: January - May 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 $81.4 $54.8 $99.5 18.5% 5.2% 5.8% 0.6x 10.5x n/a n/a 52.4%Magic Software Enterprises MGIC $286.6 $206.0 $163.7 38.7% n/a 7.3% 1.3x n/a 1.2x n/a 9.7%Progress Software PRGS $1,332.2 $1,269.2 $339.4 89.1% 26.5% 4.5% 3.7x 14.1x 3.0x 10.0x -1.5%Red Hat RHT $14,165.1 $13,617.7 $1,789.5 84.7% 18.5% 16.6% 7.6x 41.2x 6.8x 25.1x 12.0%Software AG SOW $2,227.8 $2,223.6 $905.6 73.5% 26.1% -11.9% 2.5x 9.4x 2.3x 7.9x 16.5%

Median: $1,332.2 $1,269.2 $339.4 73.5% 22.3% 5.8% 2.5x 12.3x 2.6x 10.0x 12.0%

TTM Revenue Growth 5.8%TTM EBITDA Growth 2.4%TTM Earnings Growth -9.9%Gross Profit Margin 73.5%EBITDA Margin 22.3%Net Income Margin 10.1%SG&A Expenses as a % of Total Revenue 39.5%R&D Expenses as a % of Total Revenue 13.0%


Levered FCF Margin 20.7%Cash from Operations Growth (YoY) 24.9%Cash from Investing Growth (YoY) -285.1%Cash from Financing Growth (YoY) 56.3%Levered FCF Growth (YoY) 28.9%





-10%

-5%

0%

5%

10%

15%

20%Development Platforms Software Stock Market Return: January - May 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 $7,989.7 $7,228.6 $938.5 87.9% 46.0% 6.8% 7.7x 16.8x 7.4x 14.7x 9.0%Aspen Technology AZPN $3,654.4 $3,438.6 $427.7 88.3% 40.7% 14.6% 8.0x 19.7x 7.4x 16.3x 22.2%Autodesk ADSK $12,327.4 $11,243.9 $2,566.2 86.2% 9.7% 11.8% 4.4x 45.3x 4.4x 33.0x -9.0%Cadence Design Systems CDNS $5,792.0 $5,454.0 $1,613.7 85.9% 21.4% 8.7% 3.4x 15.8x 3.2x 10.1x 5.1%Dassault Systèmes DSY $19,686.2 $18,459.3 $2,625.0 84.5% 25.4% 17.3% 7.0x 27.7x 5.8x 17.1x 27.4%GSE Systems GVP $29.5 $17.9 $43.2 28.6% -7.3% -1.6% 0.4x n/a n/a n/a 5.8%Mentor Graphics MENT $3,032.1 $3,032.8 $1,264.1 85.1% 21.6% 6.9% 2.4x 11.1x 2.4x 9.7x 20.2%Parametric Technology PTC $4,745.5 $5,008.3 $1,342.9 72.8% 20.3% 2.2% 3.7x 18.4x 3.9x 13.8x 13.5%PDF Solutions PDFS $501.1 $369.2 $99.9 61.1% 30.1% -4.3% 3.7x 12.3x 3.7x 10.3x 8.7%Stratasys SSYS $1,814.1 $1,443.5 $771.9 48.9% 10.6% 43.4% 1.9x 17.6x 1.7x 6.1x -56.1%Synopsys SNPS $7,737.3 $6,951.9 $2,160.1 82.3% 19.3% 8.8% 3.2x 16.7x 3.0x 10.8x 15.8%

Median: $4,745.5 $5,008.3 $1,264.1 84.5% 21.4% 8.7% 3.7x 17.2x 3.8x 12.3x 9.0%








-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

14%Engineering & PLM Software Stock Market Return: January - May 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 $248.3 $191.0 $101.2 52.9% 11.1% 1.3% 1.9x 17.0x 1.7x 8.5x 0.0%Oracle ORCL $189,923.9 $178,840.9 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.7x 4.6x 9.6x -1.3%QAD QADA $430.0 $314.1 $295.9 55.3% 7.1% 8.4% 1.1x 14.9x 1.1x 11.5x 4.4%Sage Group SGE $9,358.1 $10,136.9 $2,004.9 94.0% 28.4% 1.9% 5.1x 17.8x 4.6x 15.4x 23.8%SAP SAP $88,380.8 $94,611.4 $19,722.8 71.6% 32.9% 8.6% 4.8x 14.6x 4.1x 12.6x 7.6%

Median: $9,358.1 $10,136.9 $2,004.9 61.1% 28.4% 2.5% 4.6x 14.9x 4.1x 11.5x 4.4%



Levered FCF Margin 12.2%Cash from Operations Growth (YoY) -3.5%Cash from Investing Growth (YoY) -158.2%Cash from Financing Growth (YoY) 106.4%Levered FCF Growth (YoY) -10.8%





-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%Enterprise Resource Planning Software Stock Market Return: January - May 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 $2,779.8 $3,572.1 $1,027.5 55.2% 20.5% 11.2% 3.5x 16.9x 3.4x 12.2x 20.8%Bottomline Technologies EPAY $993.2 $1,009.9 $327.2 57.8% 13.5% 15.2% 3.1x 22.9x 2.8x 13.6x 3.9%DST Systems DST $4,345.0 $4,745.8 $2,767.8 16.7% 15.7% 4.1% 1.7x 10.9x 2.3x 10.3x 25.8%Evertec EVTC $1,721.0 $2,370.7 $365.0 56.6% 42.1% 1.9% 6.5x 15.4x 6.3x 12.5x 2.1%Fair Isaac FICO $2,723.9 $3,295.0 $815.8 66.8% 22.3% 9.7% 4.0x 18.1x 3.8x 12.6x 21.6%Fiserv FISV $18,978.6 $22,534.6 $5,107.0 43.5% 30.3% 4.3% 4.4x 14.6x 4.2x 12.6x 13.5%Intuit INTU $28,710.9 $27,125.9 $4,388.0 83.1% 24.7% -0.9% 6.2x 25.1x 5.5x 15.1x 14.8%Model N MODN $303.4 $210.3 $84.3 56.0% -22.6% -13.3% 2.5x n/a 2.1x n/a 8.9%NetSol Technologies NETSOL $33.3 $35.2 $29.2 12.6% -4.2% 16.6% 1.2x n/a n/a n/a -1.7%Sage Group SGE $9,358.1 $10,136.9 $2,004.9 94.0% 28.4% 1.9% 5.1x 17.8x 4.6x 15.4x 79.4%Qiwi QIWI $1,648.8 $1,415.6 $265.3 53.7% 31.4% 24.5% 5.3x 17.0x 5.8x 12.1x 48.4%

Median: $2,723.9 $3,295.0 $815.8 56.0% 22.3% 4.3% 4.0x 17.0x 4.0x 12.6x 14.8%

TTM Revenue Growth 4.3%TTM EBITDA Growth -2.9%TTM Earnings Growth 9.3%Gross Profit Margin 56.0%EBITDA Margin 22.3%Net Income Margin 11.1%SG&A Expenses as a % of Total Revenue 29.5%R&D Expenses as a % of Total Revenue 14.2%







-5%

0%

5%

10%

15%

20%Financial & Accounting Software Stock Market Return: January - May 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 $18,343.5 $17,948.5 $4,575.0 65.1% 30.4% 4.7% 3.9x 12.9x 3.9x 11.7x 26.8%Electronic Arts EA $19,743.2 $17,355.2 $4,515.0 68.3% 25.2% 26.3% 3.8x 15.2x 3.9x 12.7x 33.9%GameLoft SA GFT $418.3 $362.1 $275.1 82.5% 5.1% -2.6% 1.3x 26.0x 1.2x 10.0x 24.7%Konami TSE: 9766 $2,598.1 $2,416.8 $1,818.1 30.9% 13.0% 0.3% 1.3x 10.2x 1.2x 8.1x 1.9%Take-Two Interactive TTWO $2,315.7 $1,693.8 $1,082.9 26.6% -21.9% -53.9% 1.6x n/a 1.2x 10.0x -2.6%Ubisoft Entertainment UBI $1,966.6 $1,749.6 $1,572.5 77.0% 45.9% 45.3% 1.1x 2.4x 1.1x 2.5x -1.3%

Median: $2,456.9 $2,083.2 $1,695.3 66.7% 19.1% 2.5% 1.4x 12.9x 1.2x 10.0x 13.3%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%Gaming Software Stock Market Return: January - May 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 $16,687.0 $18,094.0 $36,896.7 26.7% 6.1% 5.8% 0.5x 8.0x 0.4x 6.9x 18.2%Allscripts Healthcare Solutions MDRX $2,544.7 $3,028.9 $1,372.1 45.1% 4.6% 0.4% 2.2x 47.6x 2.1x 12.4x 9.5%Cerner CERN $23,153.0 $23,095.0 $3,526.6 84.2% 28.4% 20.0% 6.5x 23.0x 4.7x 14.6x 3.5%Computer Programs and Sys CPSI $592.2 $551.4 $198.9 44.7% 24.7% -2.2% 2.8x 11.2x 2.7x 10.5x -11.1%MedAssets MDAS $1,259.8 $2,117.3 $734.9 75.9% 29.1% 8.3% 2.9x 9.9x 2.8x 9.1x 5.9%Merge Healthcare MRGE $441.0 $696.0 $215.8 60.8% 16.8% -1.4% 3.2x 19.2x 2.7x 12.8x 29.5%Omnicell OMCL $1,340.4 $1,200.9 $455.4 52.9% 15.0% 15.2% 2.6x 17.6x 2.3x 12.6x 14.8%Quality Systems QSII $955.2 $824.6 $490.2 54.5% 10.4% 10.2% 1.7x 16.2x 1.6x 10.1x 3.2%

Median: $1,300.1 $1,659.1 $612.6 53.7% 15.9% 7.1% 2.7x 16.9x 2.5x 11.5x 7.7%








-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%Healthcare Software Stock Market Return: January - May 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 $60,706.5 $67,397.5 $108,283.0 24.0% 12.0% -3.2% 0.6x 5.2x 0.6x 5.3x -16.6%IBM IBM $167,060.1 $197,226.1 $90,147.0 50.2% 26.2% -7.3% 2.2x 8.4x 2.4x 8.4x 6.2%Microsoft MSFT $380,175.2 $316,851.2 $94,782.0 65.1% 35.6% 13.7% 3.3x 9.4x 3.4x 9.3x 1.6%Oracle ORCL $189,923.9 $178,840.9 $38,840.0 61.1% 43.2% 2.5% 4.6x 10.7x 4.6x 9.6x -1.3%SAP AG DB:SAP $88,380.8 $94,611.4 $19,722.8 71.6% 32.9% 8.6% 4.8x 14.6x 4.1x 12.6x 7.6%

Median: $167,060 $178,841 $90,147.0 61.1% 32.9% 2.5% 3.3x 9.4x 3.4x 9.3x 1.6%



Levered FCF Margin 23.8%Cash from Operations Growth (YoY) -3.5%Cash from Investing Growth (YoY) -70.3%Cash from Financing Growth (YoY) 17.2%Levered FCF Growth (YoY) 12.5%





-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%IT Conglomerates Software Stock Market Return: January - May 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 $85.9 $77.3 $7.9 26.3% -95.7% -42.0% 9.7x n/a n/a n/a -7.9%iDream Sky Technologies DSKY $454.3 $307.0 $190.6 40.7% 1.9% 196.5% 1.6x 83.8x 1.2x 6.3x -38.9%King Digital Entertainment KING $4,581.6 $3,920.3 $2,233.3 68.7% 35.2% -2.3% 1.8x 5.0x 1.9x 5.1x 4.1%Glu Mobile GLUU $779.8 $714.1 $248.0 62.1% 6.7% 97.5% 2.9x 43.2x 2.6x 22.4x 60.0%Gree TSE:3632 $1,464.3 $879.7 $817.7 74.4% 30.3% -27.9% 1.1x 3.6x 1.3x 4.6x 4.0%Millennial Media MM $233.9 $201.5 $286.7 40.0% -14.5% 1.5% 0.7x n/a 0.6x n/a -2.3%MobileIron MOBL $469.5 $352.4 $137.6 81.6% -46.5% 27.4% 2.6x n/a 2.3x n/a -39.0%Momo MOMO $2,894.2 $2,442.2 $65.6 71.3% -24.6% 665.4% 37.2x n/a 11.8x n/a 41.4%Myriad Group AG MYRN $729.4 $713.2 $40.2 85.8% 31.2% -6.9% 17.7x 56.9x n/a n/a 54.8%NQ Mobile NQ $367.4 $352.3 $341.7 27.8% -18.0% 40.5% 1.0x n/a 0.7x 7.7x -4.0%Opera OB:OPERA $1,255.1 $1,272.9 $520.6 36.5% 17.9% 60.1% 2.4x 13.7x 2.0x 9.4x -35.6%Qihoo 360 Technology QIHU $6,711.5 $6,828.3 $1,509.9 77.8% 25.9% 82.7% 4.5x 17.5x 3.2x 10.9x -12.8%Pandora Media P $3,947.4 $3,565.8 $957.3 44.9% -3.6% 30.4% 3.7x n/a 2.9x 43.5x 5.3%Synchronoss Technologies SNCR $1,894.9 $1,931.5 $491.8 59.7% 27.1% 33.2% 3.9x 14.5x 3.2x 9.7x 6.2%Tangoe TNGO $495.7 $448.0 $215.6 55.2% 7.7% 10.9% 2.1x 27.0x 1.7x 11.2x 0.3%TeleCommunication Systems TSYS $194.5 $277.0 $356.6 41.1% 8.9% 1.1% 0.8x 8.7x 0.7x 6.8x 2.6%TeleNav TNAV $363.9 $232.2 $151.4 52.6% -22.7% -7.1% 1.5x n/a 1.2x n/a 35.6%Zynga ZNGA $2,713.8 $1,763.4 $705.7 69.3% -11.8% -9.3% 2.5x n/a 2.3x 47.1x 8.1%

Median: $754.6 $713.6 $314.2 57.4% 4.3% 19.1% 2.5x 16.0x 2.0x 9.5x 3.3%



Levered FCF Margin 1.9%Cash from Operations Growth (YoY) 7.0%Cash from Investing Growth (YoY) -67.0%Cash from Financing Growth (YoY) 53.3%Levered FCF Growth (YoY) -19.6%





-15%

-10%

-5%

0%

5%

10%

15%Mobile Solutions/Content Software Stock Market Return: January - May 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 $372.8 $287.2 $177.8 75.4% -18.8% 12.6% 1.6x n/a 1.4x n/a 33.3%Allot Communications ALLT $255.0 $131.2 $118.4 71.0% 3.5% 17.6% 1.1x 32.1x 1.0x 7.7x -16.1%Barracuda Networks CUDA $2,081.7 $1,894.2 $277.4 78.9% 2.8% 18.7% 6.8x 240.2x 5.8x 24.2x 12.5%Brocade BRCD $5,167.2 $4,587.9 $2,232.6 67.2% 26.0% 1.6% 2.1x 7.9x 2.0x 7.4x 5.8%Cisco Systems CSCO $149,067.4 $115,662.4 $48,675.0 60.5% 27.7% 3.1% 2.4x 8.6x 2.3x 8.3x 7.0%Cyan CYNI $256.3 $221.3 $117.5 42.1% -35.8% 7.5% 1.9x n/a 1.5x n/a 106.6%F5 Networks FFIV $9,041.2 $8,374.7 $1,840.5 82.4% 31.6% 15.6% 4.6x 14.4x 4.2x n/a -3.6%Gigamon GIMO $1,020.6 $854.0 $172.2 76.7% -1.6% 17.8% 5.0x n/a 3.9x 21.3x n/aJuniper Networks JNPR $10,976.5 $10,716.1 $4,524.4 62.5% 18.4% -5.3% 2.4x 12.9x 2.3x 9.0x 24.8%Radware RDWR $1,089.3 $1,012.6 $228.1 82.3% 19.1% 14.7% 4.4x 23.3x 4.0x 18.6x 8.5%

Median: $1,585.5 $1,453.4 $252.8 73.2% 10.9% 13.6% 2.4x 14.4x 2.3x 9.0x 8.5%

TTM Revenue Growth 13.6%TTM EBITDA Growth 12.8%TTM Earnings Growth -35.0%Gross Profit Margin 73.2%EBITDA Margin 10.9%Net Income Margin -4.9%SG&A Expenses as a % of Total Revenue 47.3%R&D Expenses as a % of Total Revenue 21.5%







June 2015 Monthly Flash Report

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Networking/Network Performance Mgmt Software Stock Market Return: January - May 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 $1,266.9 $1,372.3 $383.3 86.4% 31.0% -3.2% 3.6x 11.5x 3.1x 9.1x 25.2%Barracuda Networks CUDA $2,081.7 $1,894.2 $277.4 78.9% 2.8% 18.7% 6.8x 240.2x 5.8x 24.2x 12.5%Cyberark Software CYBR $1,916.7 $1,725.0 $118.5 86.6% 24.1% 67.4% 14.6x 60.5x 11.9x 101.3x 60.0%Check Point Software CHKP $15,322.0 $14,043.7 $1,526.2 88.3% 54.0% 8.0% 9.2x 17.0x 8.5x 15.4x 8.0%A10 Networks ATEN $372.8 $287.2 $177.8 75.4% -18.8% 12.6% 1.6x n/a 1.4x n/a 33.3%Cyren CYRN $87.2 $83.3 $30.8 73.5% -12.5% -4.9% 2.7x n/a 2.4x n/a 46.2%Fortinet FTNT $6,792.7 $5,988.7 $814.3 70.3% 9.0% 25.6% 7.4x 82.0x 6.1x 34.6x 30.1%Guidance Software GUID $204.3 $180.0 $108.3 67.0% -4.3% -0.6% 1.7x n/a 1.6x 99.8x -2.7%Imperva IMPV $1,860.6 $1,617.9 $177.3 77.9% -31.4% 26.0% 9.1x n/a 7.5x n/a 25.5%Palo Alto Networks PANW $14,179.5 $13,931.6 $822.4 72.5% -12.1% 54.5% 16.9x n/a 12.4x 58.8x 39.6%Proofpoint PFPT $2,331.0 $2,301.6 $210.7 66.2% -17.1% 40.6% 10.9x n/a 8.6x n/a 24.6%Sourcefire FIRE $16.5 $16.8 $17.1 32.1% 6.7% 10.3% 1.0x 14.7x n/a n/a 34.9%Symantec SYMC $16,762.9 $14,967.9 $6,508.0 83.1% 28.3% -2.5% 2.3x 8.1x 2.4x 6.8x -3.2%Trend Micro TSE:4704 $4,783.7 $3,842.5 $979.9 82.1% 34.4% 6.8% 3.9x 11.4x 3.8x 11.0x 26.6%VASCO VDSI $1,053.2 $904.1 $227.8 61.3% 22.1% 43.7% 4.0x 18.0x 3.8x 15.7x -2.4%

Median: $1,916.7 $1,725.0 $227.8 75.4% 6.7% 12.6% 4.0x 17.0x 4.8x 19.9x 25.5%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%Security Software Stock Market Return: January - May 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 $5,167.2 $4,587.9 $2,232.6 67.2% 26.0% 1.6% 2.1x 7.9x 2.0x 7.4x 5.8%CA CA $13,388.2 $11,985.2 $4,262.0 85.3% 32.3% -3.4% 2.8x 8.7x 3.0x 6.6x 0.8%Cisco Systems CSCO $149,067.4 $115,662.4 $48,675.0 60.5% 27.7% 3.1% 2.4x n/a 2.3x 8.3x 7.0%CommVault Systems CVLT $2,009.6 $1,622.0 $607.5 86.5% 8.4% 3.6% 2.7x 31.7x 2.5x 14.2x -13.8%EMC EMC $51,153.9 $51,753.9 $24,574.0 62.0% 22.9% 5.4% 2.1x 9.2x 2.0x 7.1x -11.3%FalconStor Software FALC $59.0 $45.5 $54.2 80.9% 0.7% -2.1% 0.8x 121.7x n/a n/a 2.1%Informatica INFA $5,068.0 $4,569.3 $1,055.4 82.4% 18.1% 8.0% 4.3x 23.9x 4.0x 16.8x 27.9%NetApp NTAP $10,412.7 $6,574.0 $6,122.7 62.6% 16.7% -3.2% 1.1x 6.4x 1.1x 5.9x -18.7%Splunk SPLK $8,473.7 $7,608.5 $490.6 84.2% -45.5% 48.1% 15.5x n/a 11.6x 191.2x 15.0%Varonis Systems VRNS $501.4 $388.4 $106.9 90.0% -18.3% 34.5% 3.6x n/a 3.0x n/a -39.0%

Median: $6,820.4 $5,581.0 $1,644.0 81.7% 17.4% 3.4% 2.5x 9.2x 2.5x 7.9x 1.5%



Levered FCF Margin 18.3%Cash from Operations Growth (YoY) -3.7%Cash from Investing Growth (YoY) -29.9%Cash from Financing Growth (YoY) -116.3%Levered FCF Growth (YoY) 3.3%






-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%Storage, Data Management & Integration Software Stock Market Return: January - May 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 $13,388.2 $11,985.2 $4,262.0 85.3% 32.3% -3.4% 2.8x 8.7x 3.0x 6.6x 0.8%Citrix Systems CTXS $10,420.3 $10,832.9 $3,152.8 84.9% 21.4% 5.2% 3.4x 16.1x 3.3x 11.9x 2.4%Netscout Systems NTCT $1,633.7 $1,427.5 $453.7 79.2% 27.5% 14.4% 3.1x 11.4x 2.8x 8.9x 10.7%Red Hat RHT $14,165.1 $13,617.7 $1,789.5 84.7% 18.5% 16.6% 7.6x 41.2x 6.8x 25.1x 12.0%SolarWinds SWI $3,624.6 $3,384.8 $449.6 89.6% 31.0% 25.5% 7.5x 24.3x 6.2x 13.0x -5.1%VMWare VMW $37,011.7 $31,289.7 $6,186.0 84.5% 25.1% 15.1% 5.1x 20.1x 4.6x 12.5x 6.4%

Median: $11,904.3 $11,409.0 $2,471.2 84.8% 26.3% 14.7% 4.2x 18.1x 3.9x 12.2x 4.4%



Levered FCF Margin 20.6%Cash from Operations Growth (YoY) -3.3%Cash from Investing Growth (YoY) 29.6%Cash from Financing Growth (YoY) -92.3%Levered FCF Growth (YoY) 1.4%





-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%

Systems Management Software Stock Market Return: January - May 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 $2,305.7 $2,482.9 $403.3 72.0% 26.2% 4.1% 6.2x 23.5x 5.8x 17.1x 45.1%Broadridge Financial BR $6,494.8 $6,813.9 $2,650.5 31.2% 20.0% 4.5% 2.6x 12.8x 2.4x 10.9x 19.4%Fidessa LSE:FDSA $1,294.3 $1,177.1 $428.6 20.5% 18.2% -1.4% 2.7x 15.1x 2.6x 11.0x -6.4%Jack Henry & Associates JKHY $5,322.0 $5,293.6 $1,274.5 43.2% 34.6% 6.5% 4.2x 12.0x 4.0x 11.6x 5.4%MSCI MSCI $6,976.0 $7,238.2 $1,019.8 69.0% 41.2% 9.2% 7.1x 17.2x 6.6x 15.5x 30.9%SS&C SSNC $4,975.5 $5,482.4 $787.8 46.5% 37.5% 8.6% 7.0x 18.5x 6.1x 14.9x 7.0%

Median: $5,148.8 $5,388.0 $903.8 44.8% 30.4% 5.5% 5.2x 16.2x 4.9x 13.2x 13.2%



Levered FCF Margin 24.0%Cash from Operations Growth (YoY) 4.6%Cash from Investing Growth (YoY) 5.1%Cash from Financing Growth (YoY) 3.7%Levered FCF Growth (YoY) 8.7%






-5%

0%

5%

10%

15%

20%Vertical - Finance Software Stock Market Return:January - May 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 $2,361.0 $2,634.6 $583.8 51.7% 16.2% 13.2% 4.5x 27.8x 4.1x 17.6x 22.4%Constellation TSX:CSU $8,628.8 $8,774.8 $1,697.4 35.1% 16.1% 25.8% 5.2x 32.2x 4.6x 19.3x 38.9%EPIQ Systems EPIQ $625.3 $896.8 $435.7 51.9% 12.9% -3.6% 2.1x 16.0x 1.6x 8.0x 2.3%Guidewire Software GWRE $3,399.3 $2,854.0 $372.8 60.7% 6.8% 13.3% 7.7x 112.6x 7.2x 46.6x -3.0%Sapiens International SPNS $433.5 $379.7 $161.8 37.8% 12.8% 15.2% 2.3x 18.3x 2.1x 14.5x 25.3%Silver Spring Networks SSNI $679.4 $569.1 $290.7 40.0% -6.3% -8.4% 2.0x n/a 1.9x 33.8x 69.0%Tyler Technologies TYL $4,090.6 $3,895.9 $515.4 47.5% 22.3% 18.9% 7.6x 33.9x 6.6x 24.0x 12.6%

Median: $2,361.0 $2,634.6 $435.7 47.5% 12.9% 13.3% 4.5x 30.0x 4.1x 19.3x 22.4%








-10%

-5%

0%

5%

10%

15%

20%

25%Vertical - Other Software Stock Market Return: January - May 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 $1,133.7 $1,016.7 $166.4 67.0% -10.8% 29.9% 6.0x 49.7x 4.9x 30.0x 1.3% CRM & Marketing $1,095.5 $919.0 $163.7 68.3% -7.4% 28.4% 6.0x 123.9x 4.8x 32.9x -9.7% ERP & Supply Chain $1,074.7 $941.1 $136.0 68.2% -8.3% 26.3% 5.9x 62.1x 5.1x 40.5x -1.9% Vertically Focused $1,245.4 $1,354.6 $183.5 63.8% 5.9% 41.4% 8.8x 46.6x 6.8x 25.2x 2.3% Human Capital Management $1,679.1 $1,601.7 $169.2 60.0% -6.7% 33.9% 6.5x 63.5x 5.0x 53.4x 10.3% SaaS Other $871.2 $968.3 $159.5 68.2% -13.1% 28.6% 4.7x 46.4x 3.8x 31.1x 5.5%

Category Name

TTM Revenue Growth 29.9%TTM EBITDA Growth -7.7%TTM Earnings Growth -17.2%Gross Profit Margin 67.0%EBITDA Margin -10.8%Net Income Margin -17.5%SG&A Expenses as a % of Total Revenue 57.4%R&D Expenses as a % of Total Revenue 19.2%







-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%SEG SaaS Index Stock Market Return: January - May 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 $454.7 $406.9 $191.2 63.4% -7.4% 13.7% 2.1x n/a 2.0x n/a -30.2%Constant Contact CTCT $876.6 $697.5 $343.2 72.7% 11.8% 15.9% 2.0x 17.2x 1.8x 9.0x -23.9%Cvent CVT $1,095.5 $919.0 $152.0 68.3% 1.5% 28.6% 6.0x 414.5x 4.8x 45.7x -5.8%HubSpot HUBS $1,680.5 $1,544.6 $129.9 69.3% -37.5% 52.7% 11.9x n/a 8.7x n/a 51.7%LivePerson LPSN $546.0 $505.1 $221.9 74.2% 5.0% 21.2% 2.3x 45.6x 2.0x 25.8x -29.9%Marketo MKTO $1,260.0 $1,162.7 $163.7 65.7% -31.9% 50.9% 7.1x n/a 5.2x n/a -9.7%Marin Software MRIN $205.9 $156.4 $103.0 64.1% -26.3% 24.1% 1.5x n/a 1.3x n/a -33.5%Salesforce.com CRM $47,691.7 $48,711.5 $5,658.0 75.6% 4.3% 28.4% 8.6x 202.1x 7.1x 40.1x 22.8%Zendesk ZEN $1,982.7 $1,679.9 $144.2 64.4% -46.5% 73.3% 11.7x n/a 7.9x n/a -6.3%

Median: $1,095.5 $919.0 $163.7 68.3% -7.4% 28.4% 6.0x 123.9x 4.8x 32.9x -9.7%

TTM Revenue Growth 28.4%TTM EBITDA Growth 1.5%TTM Earnings Growth -15.3%Gross Profit Margin 68.3%EBITDA Margin -7.4%Net Income Margin -18.0%SG&A Expenses as a % of Total Revenue 62.7%R&D Expenses as a % of Total Revenue 19.7%


Levered FCF Margin -0.3%Cash from Operations Growth (YoY) 5.1%Cash from Investing Growth (YoY) -173.2%Cash from Financing Growth (YoY) -33.7%Levered FCF Growth (YoY) 71.4%






-20%

-15%

-10%

-5%

0%

5%

10%CRM & Marketing SaaS Stock Market Return: January - May 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 $186.0 $177.6 $65.0 54.7% -10.8% 16.3% 2.7x n/a 2.3x n/a -29.8%Apigee Corporation APIC $408.7 $384.4 $64.8 61.3% -76.9% n/a 5.9x n/a 5.1x n/a -15.9%Fleetmatics FLTX $1,598.2 $1,450.1 $245.2 74.7% 25.9% 28.5% 5.9x 22.9x 4.9x 16.1x 18.2%Netsuite N $7,248.2 $7,065.6 $598.1 68.2% -8.3% 34.2% 11.8x n/a 9.1x 128.8x -12.9%SciQuest SQI $421.0 $293.7 $102.5 68.6% 4.6% 7.9% 2.9x 62.1x 2.6x 13.1x 6.3%SPS Commerce SPSC $1,074.7 $941.1 $136.0 68.9% 10.2% 24.1% 6.9x 67.6x 5.7x 40.5x 16.9%Workday WDAY $14,946.9 $13,523.3 $879.1 67.5% -17.3% 63.7% 15.4x n/a 10.9x 212.0x -1.9%

Median: $1,074.7 $941.1 $136.0 68.2% -8.3% 26.3% 5.9x 62.1x 5.1x 40.5x -1.9%

TTM Revenue Growth 26.3%TTM EBITDA Growth 34.4%TTM Earnings Growth 14.4%Gross Profit Margin 68.2%EBITDA Margin -8.3%Net Income Margin -16.8%SG&A Expenses as a % of Total Revenue 52.3%R&D Expenses as a % of Total Revenue 18.8%








-10%

-5%

0%

5%

10%

15%

20%ERP & Supply Chain SaaS Stock Market Return: January - May 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 $1,147.5 $1,064.4 $118.5 76.2% -21.9% 31.2% 9.0x n/a 6.8x n/a 42.5%Athenahealth ATHN $4,495.3 $4,700.4 $796.0 60.4% 7.8% 25.9% 5.9x 75.6x 4.9x 27.9x -21.2%Castlight Health CSLT $818.6 $632.9 $53.2 46.7% -150.6% 173.5% 11.9x n/a 7.4x n/a -25.2%DealerTrack TRAK $2,284.9 $3,086.6 $948.4 45.4% 12.1% 78.5% 3.3x 26.8x 2.7x 13.2x -5.1%Ebix EBIX $1,245.4 $1,354.6 $226.7 74.7% 36.2% 11.4% 6.0x 16.5x 5.2x 14.1x 112.8%Ellie Mae ELLI $1,859.0 $1,787.1 $183.5 70.4% 20.9% 41.4% 9.7x 46.6x 7.6x 34.6x 57.2%Medical Transcript MTBC $22.4 $25.0 $21.9 42.3% -11.8% 102.3% 1.1x n/a 0.9x 10.9x -25.9%Medidata Solutions MDSO $3,201.9 $3,148.0 $350.9 75.4% 11.3% 20.9% 9.0x 79.7x 7.5x 31.0x 24.0%OPOWER OPWR $604.0 $476.6 $133.3 65.3% -30.4% 35.7% 3.6x n/a 3.1x n/a -18.5%RealPage RP $1,452.9 $1,440.1 $414.5 55.9% 5.9% 6.7% 3.5x 58.7x 3.1x 17.3x -15.1%Textura TXTR $747.5 $680.2 $68.4 80.2% -18.8% 48.6% 9.9x n/a 6.9x 58.4x 2.3%Q2 Holdings QTWO $881.8 $762.5 $86.5 43.2% -16.2% 42.0% 8.8x n/a 6.8x n/a 25.5%Veeva Systems VEEV $3,569.9 $3,141.4 $336.4 63.8% 24.2% 43.7% 9.3x 38.5x 7.5x 25.2x 3.4%

Median: $1,245.4 $1,354.6 $183.5 63.8% 5.9% 41.4% 8.8x 46.6x 6.8x 25.2x 2.3%

TTM Revenue Growth 41.4%TTM EBITDA Growth 11.2%TTM Earnings Growth 10.7%Gross Profit Margin 63.8%EBITDA Margin 5.9%Net Income Margin -3.0%SG&A Expenses as a % of Total Revenue 45.5%R&D Expenses as a % of Total Revenue 15.6%








-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%Vertically Focused SaaS Stock Market Return: January - May 2015

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


Revenue

TTM Gross

Margin

TTM EBITDA Margin

TTM Revenue


EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDBenefitfocus BNFT $1,025.7 $963.6 $149.4 39.3% -34.7% 33.9% 6.5x n/a 5.3x n/a 14.6%Callidus Software CALD $823.8 $733.9 $145.4 59.7% -2.5% 23.4% 5.0x n/a 4.2x 30.0x -10.0%Cornerstone OnDemand CSOD $1,679.1 $1,686.3 $280.1 69.7% -16.9% 36.7% 6.0x n/a 4.6x 206.5x -9.5%Halogen Software TSX:HGN $175.6 $132.0 $59.0 71.6% -16.0% 18.2% 2.2x n/a 1.9x n/a 11.0%HealthStream HSTM $883.9 $847.5 $179.5 56.9% 17.3% 27.3% 4.7x 27.3x 4.0x 28.3x -1.0%Paylocity Holding PCTY $1,694.9 $1,601.7 $141.3 52.2% -6.7% 40.9% 11.3x n/a 8.8x 149.3x 30.4%Paycom Software PAYC $2,029.0 $2,019.8 $169.2 84.7% 17.6% 44.6% 11.9x 67.8x n/a 53.4x 33.4%The Ultimate Software Group ULTI $4,624.0 $4,511.3 $529.7 60.0% 13.4% 22.2% 8.5x 63.5x 7.0x 28.5x 10.3%Workday WDAY $14,946.9 $13,523.3 $879.1 67.5% -17.3% 63.7% 15.4x n/a 10.9x 212.0x -1.9%

Median: $1,679.1 $1,601.7 $169.2 60.0% -6.7% 33.9% 6.5x 63.5x 5.0x 53.4x 10.3%









-15%

-10%

-5%

0%

5%

10%

15%

20%Human Capital Management SaaS Stock Market Return: January - March 2015

Human Capital 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 $2,123.3 $1,834.7 $236.7 76.7% -61.7% 62.0% 7.8x n/a 6.1x n/a -24.1%ChannelAdvisors ECOM $280.1 $218.9 $88.2 72.1% -31.1% 21.7% 2.5x n/a 2.2x n/a -48.0%Covisint COVS $105.0 $54.9 $88.5 34.4% -30.4% -8.9% 0.6x n/a 0.7x n/a 5.1%Demandware DWRE $2,330.8 $2,141.9 $178.3 73.0% -11.5% 50.2% 12.0x n/a 8.6x 204.7x 10.4%FireEye FEYE $7,280.3 $6,882.7 $477.1 59.8% -83.8% 130.3% 14.4x n/a 10.1x n/a 50.1%HortonWorks HDP $1,134.2 $968.3 $60.3 -43.4% -311.3% 96.6% 16.1x n/a 9.2x n/a 3.0%inContact SAAS $597.7 $559.4 $186.1 49.1% -4.9% 37.4% 3.0x n/a 2.6x 52.4x 10.7%IntraLinks Holdings IL $609.2 $640.9 $262.9 73.0% 4.6% 10.1% 2.4x 52.9x 2.3x 15.9x -7.2%J2 Global JCOM $3,201.4 $3,319.4 $626.2 82.3% 40.9% 15.7% 5.3x 13.0x 4.5x 10.6x 9.4%Jive Software JIVE $421.2 $307.3 $184.8 63.0% -17.2% 20.8% 1.7x n/a 1.5x 162.4x -7.2%New Relic NEWR $1,545.6 $1,344.8 $110.4 80.3% -40.7% 74.7% 12.2x n/a 8.4x n/a -10.3%Liquid Holdings Group LIQD $11.5 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -44.5%Qualys QLYS $1,382.7 $1,239.7 $140.7 78.6% 19.0% 24.0% 8.8x 46.4x 7.0x 26.9x 9.1%RingCentral RNG $1,180.4 $1,066.8 $236.9 66.5% -13.1% 36.8% 4.5x n/a 3.5x 215.4x 16.0%Rally Software Development RALY $498.1 $431.5 $92.5 72.5% -30.6% 19.1% 4.7x n/a 4.1x n/a 66.1%Service-now.com NOW $11,764.6 $11,470.9 $755.4 63.9% -16.1% 58.1% 15.2x n/a 10.7x 78.4x 13.7%Shopify SHOP $2,056.1 $2,084.0 $123.6 58.1% -11.9% n/a 16.9x n/a n/a n/a 5.9%Tableau Software DATA $8,054.8 $7,339.1 $468.2 90.3% 2.2% 75.4% 15.7x 719.7x 11.1x 108.6x 31.7%Tangoe TNGO $495.7 $448.0 $215.6 55.2% 7.7% 10.9% 2.1x 27.0x 1.7x 11.2x 0.3%TrueCar TRUE $1,133.3 $1,016.7 $221.3 91.1% -19.1% 44.8% 4.6x n/a 3.4x 29.4x -36.4%Upland Software UPLD $116.3 $114.0 $66.5 63.7% 1.8% 38.1% 1.7x 97.8x 1.6x 24.2x -19.9%Workiva WK $531.7 $466.2 $119.7 69.9% -30.9% 28.6% 3.9x n/a 3.1x n/a -2.6%Yodlee YDLE $425.1 $357.1 $93.9 60.8% -3.7% 26.2% 3.8x n/a 3.1x 32.8x 17.6%Zix ZIXI $264.0 $239.1 $51.3 83.4% 16.9% 5.6% 4.7x 27.6x 4.2x 16.2x 29.3%

Median: $871 2 $968 3 $159 5 68 2% 13 1% 28 6% 4 7x 46 4x 3 8x 31 1x 5 5%Median: $871.2 $968.3 $159.5 68.2% -13.1% 28.6% 4.7x 46.4x 3.8x 31.1x 5.5%









-10%

-5%

0%

5%

10%

15%Other Public SaaS Companies SaaS Stock Market Return: January - May 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 $1,396.0 $1,373.6 $489.5 64.1% 8.6% 17.9% 2.4x 19.2x 2.3x 14.5x 1.9% Ad Tech & Lead Generation $734.1 $613.9 $449.7 50.0% 6.7% 20.9% 1.7x 17.5x 2.4x 17.9x -5.5% Commerce $620.6 $565.6 $452.7 36.4% 5.3% 17.5% 1.8x 25.5x 1.9x 19.3x 13.7% Content & Media $2,375.8 $2,049.4 $740.1 56.0% 12.7% 10.0% 2.4x 31.0x 2.4x 13.8x 7.7% Gaming $2,456.52 $2,257.1 $783.2 70.9% 20.9% 20.9% 2.0x 17.2x 3.3x 11.0x 21.5% Infrastructure $669.05 $529.6 $313.5 61.6% 5.8% 4.9% 1.8x 19.5x 1.4x 14.2x -1.4% Search $37,749.54 $35,488.8 $5,787.4 70.1% 32.1% 20.1% 5.5x 16.1x 4.6x 13.0x 0.6% Services $962.80 $774.5 $278.8 72.4% 5.9% 23.5% 2.4x 28.3x 1.9x 13.1x -1.8% Social $4,765.86 $5,041.8 $671.4 68.3% 10.1% 51.5% 9.6x 33.5x 7.1x 23.6x 0.3% Travel $6,804.32 $6,397.8 $1,122.6 82.2% 12.4% 20.4% 3.5x 18.9x 4.0x 17.3x 2.4%


Current Ratio 2.4Quick Ratio 2.0Cash as Percent of Market Cap 17.5%Avg Days Outstanding: Accounts Receivable 41Avg Days Outstanding: Accounts Payable 53Working Capital to TTM Operating Expense Ratio 0.5






-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%SEG Internet Index Stock Market Return: January - May 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 $3,917.9 $3,909.2 $2,569.0 26.0% 16.8% 8.6% 1.5x 9.0x 1.4x 7.7x 9.9%Baidu.com BIDU $69,332.8 $64,580.3 $8,433.0 68.4% 31.9% 47.4% 7.7x 24.0x 5.4x 18.8x -11.5%Criteo SA CRTO $2,957.7 $2,660.9 $917.5 35.8% 8.5% 70.3% 2.9x 34.2x 5.0x 18.4x 20.3%Google GOOGL $367,569.1 $309,835.1 $67,839.0 62.1% 32.3% 17.0% 4.6x 14.1x 4.0x 10.2x 3.0%Marchex MCHX $204.3 $120.6 $174.7 41.1% 6.7% 3.8% 0.7x 10.3x n/a 13.9x 3.3%MaxPoint Interactive MXPT $239.0 $202.0 $119.8 50.0% -9.7% 70.2% 1.7x n/a 2.1x n/a -5.5%ReachLocal RLOC $84.2 $51.9 $449.7 45.4% -8.3% -13.0% 0.1x n/a 0.1x 17.4x -15.8%Rocket Fuel FUEL $349.7 $342.1 $438.6 43.0% -12.4% 58.5% 0.8x n/a 0.6x 26.5x -48.4%The Rubicon Project RUBI $734.1 $613.9 $139.5 83.6% -7.2% 54.5% 4.4x n/a 2.8x 23.9x 7.5%Sohu.com SOHU $2,456.5 $2,257.1 $1,763.1 56.4% 7.5% 20.9% 1.3x 17.2x 1.1x 12.3x 21.5%Tremor TRMR $138.2 $63.5 $165.2 37.6% -9.7% 16.4% 0.4x n/a 0.3x n/a -6.9%TubeMogul TUBE $514.9 $479.1 $122.5 70.6% -5.0% 75.9% 3.9x n/a 2.9x n/a -19.4%Yahoo! YHOO $40,292.1 $36,238.2 $4,711.4 69.7% 12.7% 0.8% 7.7x 60.5x 8.5x 32.9x -14.4%Yandex YNDX $5,827.9 $5,815.8 $897.9 71.8% 36.4% 23.2% 6.5x 17.8x 5.2x 14.4x -1.9%YuMe YUME $156.3 $111.2 $180.6 47.9% -2.7% 11.6% 0.6x n/a 0.5x 60.2x -9.1%

Median: $734.1 $613.9 $449.7 50.0% 6.7% 20.9% 1.7x 17.5x 2.4x 17.9x -5.5%


Current Ratio 3.1xQuick Ratio 3.0xCash as Percent of Market Cap 17.6%Avg Days Outstanding: Accounts Receivable 75.5xAvg Days Outstanding: Accounts Payable 68.6xWorking Capital to TTM Operating Expense Ratio 0.5x






-20%

-15%

-10%

-5%

0%

5%

10%Internet Ad Tech Stock Market Return: January - May 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 $620.6 $705.6 $1,080.6 43.8% 8.8% 45.6% 0.7x 7.5x 0.6x 7.8x 20.8%58.com WUBA $8,666.1 $8,233.6 $303.8 94.3% -15.5% 78.4% 27.1x n/a 12.4x n/a 79.0%Alibaba BABA $222,898.0 $212,988.8 $12,292.0 68.7% 33.3% 45.1% 17.3x 52.0x 12.9x 25.9x -13.8%Amazon.com AMZN $199,884.3 $203,134.3 $91,964.0 18.1% 5.3% 17.7% 2.2x 41.7x 1.9x 21.0x 39.1%Baozun BZUN $594.0 $565.6 $289.2 21.0% -2.2% n/a 2.0x n/a n/a n/a 17.0%Bitauto Holdings BITA $3,717.3 $2,780.7 $452.7 73.1% 18.7% 80.7% 6.1x 32.9x 3.8x 66.5x -19.0%BlueNile NILE $327.7 $288.5 $476.2 18.4% 3.4% 4.3% 0.6x 17.9x 0.6x 11.8x -21.2%Borderfree BRDR $448.6 $355.9 $123.8 24.7% -3.1% 11.3% 2.9x n/a 2.6x 64.8x 59.2%Chegg CHGG $654.8 $575.9 $315.3 36.4% 5.4% 17.2% 1.8x 34.0x 1.9x 121.6x 8.7%DangDang DANG $676.4 $411.3 $1,361.2 17.7% 0.4% 25.4% 0.3x 74.1x 0.2x 294.2x -12.1%eBay EBAY $74,541.5 $72,525.5 $18,088.0 67.8% 28.2% 9.2% 4.0x 14.2x 3.8x 12.1x 9.2%GeekNet GKNT $133.9 $96.8 $137.1 17.5% -6.0% -3.0% 0.7x n/a 0.7x n/a 145.9%Groupon GRPN $4,317.2 $3,379.7 $3,213.6 47.6% 3.2% 19.0% 1.1x 32.6x 1.0x 9.8x -20.4%Liquidity Services LQDT $297.7 $211.5 $473.5 34.2% 8.6% -6.0% 0.4x 5.2x 0.5x 6.3x 24.6%Mecox Lane MCOX $51.9 $33.2 $51.7 63.8% 13.2% 61.3% 0.6x 4.8x n/a n/a 13.7%Mercadolibre MELI $6,408.2 $6,328.1 $589.3 77.5% 33.3% 21.4% 10.7x 32.2x 9.6x 30.2x 15.4%MOL Global MOLG $122.9 $101.2 $57.7 16.3% -13.4% 16.5% 1.8x n/a n/a n/a -39.7%Overstock.com OSTK $525.1 $402.8 $1,554.2 18.7% 1.5% 16.6% 0.3x 17.0x n/a n/a -8.2%PetMed Express PETS $338.2 $287.0 $229.4 33.2% 13.1% -1.7% 1.3x 9.6x 1.2x 9.4x 17.7%Stamps.com STMP $1,101.1 $1,031.9 $158.0 77.8% 25.6% 22.5% 6.5x 25.5x 5.2x 17.7x 41.4%Wowo Limited WOWO $305.0 $490.0 $30.1 76.6% -139.0% -17.0% 16.3x n/a n/a n/a -20.3%

Median: $620.6 $565.6 $452.7 36.4% 5.3% 17.5% 1.8x 25.5x 1.9x 19.3x 13.7%








-10%

-5%

0%

5%

10%

15%

20%Internet Commerce Internet Stock Market Return: January - May 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 $3,917.9 $3,909.2 $2,569.0 26.0% 16.8% 8.6% 1.5x 9.0x 1.4x 7.7x 9.9%DemandMedia DMD $86.7 $39.3 $160.6 56.0% 2.7% 4.4% 0.2x 9.0x 0.3x 9.4x -1.6%InterActiveCorp IACI $6,166.3 $6,397.3 $3,141.8 72.5% 14.1% 4.0% 2.0x 14.5x 1.9x 11.7x 25.8%Netflix NFLX $37,832.5 $37,274.8 $5,807.7 32.3% 7.9% 25.7% 6.4x 81.2x 5.2x 79.4x 78.8%Pandora P $3,947.4 $3,565.8 $957.3 44.9% -3.6% 30.4% 3.7x n/a 2.9x 43.5x 5.3%Shutterstock SSTK $2,294.9 $2,049.4 $352.7 60.2% 13.4% 37.2% 5.8x 43.3x 4.3x 21.1x -6.7%SINA SINA $2,375.8 $1,403.9 $781.4 61.7% 0.6% 10.0% 1.8x 284.4x 1.6x 19.0x 7.7%TheStreet.com TST $68.0 $34.3 $63.6 49.2% 0.1% 13.0% 0.5x 781.9x 0.5x 11.0x -14.1%WebMD Health WBMD $1,666.7 $1,883.6 $590.0 61.1% 20.4% 10.0% 3.2x 15.7x 3.0x 10.5x 17.3%XO Group XOXO $429.6 $346.9 $143.8 86.5% 12.9% 5.8% 2.4x 18.7x 2.4x 13.8x -10.4%Xunlei XNET $656.7 $224.7 $177.7 45.7% 15.4% 6.7% 1.3x 8.2x 1.5x n/a 22.5%Yahoo! YHOO $40,292.1 $36,238.2 $4,711.4 69.7% 12.7% 0.8% 7.7x 60.5x 8.5x 32.9x -14.4%Youku YOKU $5,231.9 $4,255.2 $740.1 23.8% 9.1% 37.9% 5.7x 63.3x 3.9x n/a 47.3%

Median: $2,375.8 $2,049.4 $740.1 56.0% 12.7% 10.0% 2.4x 31.0x 2.4x 13.8x 7.7%









-15%

-10%

-5%

0%

5%

10%

15%Internet Content & Media Stock Market Return: January - May 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 $1,620.7 $1,591.0 $783.2 70.9% 20.9% 5.7% 2.0x 63.3x 3.9x n/a 47.3%Netease CYOU $1,620.7 $1,591.0 $783.2 70.9% 20.9% 5.7% 2.0x 9.7x 1.9x 9.6x 15.6%NCSoft NTES $18,485.2 $14,878.6 $2,098.2 71.0% 39.3% 38.2% 7.1x 18.0x 5.2x 13.8x 44.0%Perfect World A036570 $3,535.8 $2,851.5 $766.0 74.8% 36.9% 13.2% 3.7x 10.1x 3.3x 8.8x 8.3%Sohu.com PWRD $984.8 $641.2 $619.7 71.2% 17.2% 25.9% 1.0x 6.0x 0.8x 5.0x 2.8%Tencent Holdings SOHU $2,456.5 $2,257.1 $1,763.1 56.4% 7.5% 20.9% 1.3x 17.2x 1.1x 12.3x 21.5%Zynga SEHK:700 $186,351.7 $183,323.5 $13,377.0 61.4% 41.0% 27.0% 13.7x 33.5x 10.8x 24.3x 38.4%

Median: $2,456.5 $2,257.1 $783.2 70.9% 20.9% 20.9% 2.0x 17.2x 3.3x 11.0x 21.5%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%Internet Gaming Stock Market Return: January - May 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 $735.2 $558.1 $162.4 71.9% 5.3% 26.3% 3.4x 64.5x 2.9x 31.0x -7.9%Akamai Technologies AKAM $13,618.7 $13,515.1 $2,036.9 68.5% 34.0% 22.5% 6.6x 19.5x 5.8x 14.2x 20.6%Brightcove BCOV $229.3 $208.4 $126.8 65.3% -2.4% 9.0% 1.6x n/a n/a 39.7x -8.9%BroadSoft BSFT $1,060.1 $991.3 $228.6 73.5% 12.7% 25.1% 4.3x 34.0x 3.6x 16.1x 26.6%Envivio ENVI $47.1 $14.4 $42.7 65.4% -15.3% -3.4% 0.3x n/a 0.3x n/a 0.0%GoDaddy GDDY $1,748.6 $2,968.7 $1,443.4 63.3% 6.9% 21.5% 2.1x 29.7x 1.8x 8.4x 1.6%Harmonic HLIT $602.9 $501.1 $429.5 50.1% 4.7% -8.3% 1.2x 25.0x 1.1x 11.7x -2.9%Interactive Intelligence ININ $931.4 $871.0 $351.3 60.0% 0.3% 8.3% 2.5x 987.5x 2.2x 66.3x -9.5%Limelight Networks LLNW $435.0 $354.1 $163.4 49.7% -3.9% -3.2% 2.2x n/a 2.1x 59.2x 57.8%Mitel Networks MITL $1,114.6 $1,305.0 $1,110.6 53.2% 13.1% 75.1% 1.2x 9.0x 1.1x 7.2x -13.2%Polycom PLCM $1,819.2 $1,432.2 $1,347.3 58.3% 12.3% -0.8% 1.1x 8.7x 1.1x 6.2x 0.9%Rovi ROVI $1,540.9 $2,364.2 $533.9 80.7% 33.0% -2.4% 4.4x 13.4x 4.3x 10.7x -25.7%SeaChange International SEAC $225.4 $127.9 $114.3 50.2% -12.1% -15.4% 1.1x n/a 1.1x n/a 7.8%ShoreTel SHOR $444.1 $359.8 $354.9 59.7% 6.3% 5.4% 1.0x 16.1x 1.0x 14.3x -5.0%Sonus Networks SONS $387.1 $303.3 $275.7 63.9% -4.6% -3.0% 1.1x n/a 1.2x 18.6x -61.9%Synacor SYNC $54.6 $30.4 $108.1 45.9% 0.5% 0.1% 0.3x 60.1x 0.3x 9.6x -3.9%Tucows TCX $300.4 $293.2 $153.7 29.1% 11.0% 14.4% 1.9x 17.4x 1.7x 12.2x 43.0%VeriSign VRSN $7,357.5 $7,371.6 $1,019.7 81.5% 62.0% 4.3% 7.2x 11.7x n/a n/a 10.5%

Median: $669.0 $529.6 $313.5 61.6% 5.8% 4.9% 1.8x 19.5x 1.4x 14.2x -1.4%








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10%

Internet Infrastructure Stock Market Return: January - May 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 $69,332.8 $64,580.3 $8,433.0 68.4% 31.9% 47.4% 7.7x 24.0x 5.4x 18.8x -11.5%Google GOOGL $367,569.1 $309,835.1 $67,839.0 62.1% 32.3% 17.0% 4.6x 14.1x 4.0x 10.2x 3.0%InterActiveCorp IACI $6,166.3 $6,397.3 $3,141.8 72.5% 14.1% 4.0% 2.0x 14.5x 1.9x 11.7x 25.8%Yandex YNDX $5,827.9 $5,815.8 $897.9 71.8% 36.4% 23.2% 6.5x 17.8x 5.2x 14.4x -1.9%

Median: $37,749.5 $35,488.8 $5,787.4 70.1% 32.1% 20.1% 5.5x 16.1x 4.6x 13.0x 0.6%









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Internet Search Stock Market Return: January - May 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 $366.9 $348.3 $325.9 72.9% 1.3% 22.5% 1.1x 85.1x n/a 10.3x -1.8%Bankrate RATE $1,274.1 $1,395.1 $531.0 65.3% 22.5% 24.0% 2.6x 11.7x 2.4x 8.8x -1.2%Carbonite CARB $300.1 $235.6 $126.5 68.9% -0.2% 13.1% 1.9x n/a 1.7x 8.5x -22.3%Care.com CRCM $196.9 $134.1 $126.6 73.0% -23.1% 42.9% 1.1x n/a 0.8x n/a -21.5%Cimpress CMPR $2,700.4 $3,073.0 $1,451.9 62.4% 14.9% 19.8% 2.1x 14.2x 1.9x 11.3x 11.5%Coupons.com COUP $1,034.8 $839.9 $225.8 61.2% -6.0% 23.5% 3.7x n/a 2.9x 16.9x -27.6%eHealth EHTH $233.5 $194.2 $190.0 97.5% 3.6% 1.7% 1.0x 28.7x 1.1x 21.4x -46.2%Everyday Health EVDY $392.8 $457.0 $188.0 72.4% 8.7% 15.4% 2.4x 27.9x 1.8x 8.9x -15.2%GrubHub GRUB $3,384.0 $3,085.8 $283.5 65.6% 27.4% 66.8% 10.9x 39.7x 8.1x 27.3x 10.3%LendingClub LC $7,152.2 n/a $253.6 82.8% n/a 110.5% n/a n/a n/a n/a -22.9%LifeLock LOCK $1,436.3 $1,143.0 $502.8 75.1% 6.4% 27.3% 2.3x 35.3x 1.9x 13.1x -4.2%Monster Worldwide MWW $553.5 $709.0 $755.6 47.6% 9.6% -4.8% 0.9x 9.7x 1.0x 5.6x 33.4%Qihoo QIHU $6,711.5 $6,828.3 $1,509.9 77.8% 25.9% 82.7% 4.5x 17.5x 3.2x 10.9x -12.8%QuinStreet QNST $264.2 $214.7 $278.8 10.5% -1.4% -4.1% 0.8x n/a 0.7x 13.4x -1.2%Shutterfly SFLY $1,747.7 $1,798.0 $944.5 50.1% 9.2% 17.5% 1.9x 20.6x 1.7x 9.3x 11.5%Tree.Com TREE $678.7 $590.2 $178.2 95.4% 8.6% 17.9% 3.3x 38.6x 2.7x 17.8x 25.2%Wix.com WIX $962.8 $878.0 $157.5 81.8% -35.0% 67.9% 5.6x n/a 4.0x 63.8x 18.3%Xoom XOOM $733.9 $538.8 $167.6 71.4% 5.3% 25.2% 3.2x 60.3x 2.6x 20.0x 8.5%Zillow Z $5,344.0 $4,945.5 $386.9 90.6% -1.3% 72.1% 12.8x n/a 6.7x 43.7x -11.9%

Median: $962.8 $774.5 $278.8 72.4% 5.9% 23.5% 2.4x 28.3x 1.9x 13.1x -1.8%








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Internet Services Stock Market Return: January - May 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 $222,384.2 $210,157.2 $13,507.0 83.3% 46.5% 51.5% 15.6x 33.5x 11.6x 19.4x 0.9%LinkedIn LNKD $24,554.3 $22,122.7 $2,383.3 86.6% 10.1% 42.1% 9.3x 92.1x 7.1x 33.2x -15.1%Mail.ru Group LSE:MAIL $4,765.9 $5,041.8 $524.0 64.2% 48.6% 19.5% 9.6x 19.8x 6.8x 14.6x 48.7%Renren RENN $1,355.6 $942.2 $73.4 36.0% -125.9% -43.5% 12.8x n/a 13.4x n/a 48.3%Twitter TWTR $24,010.6 $22,054.1 $1,588.4 68.3% -21.1% 98.3% 13.9x n/a 9.0x 36.4x 0.3%Yelp YELP $3,584.4 $3,253.1 $419.6 93.3% 6.8% 59.4% 7.8x 114.4x 5.2x 27.9x -13.1%YY YY $3,490.9 $3,260.6 $671.4 48.2% 29.0% 91.4% 4.9x 16.8x 3.5x 13.1x -1.3%

Median: $4,765.9 $5,041.8 $671.4 68.3% 10.1% 51.5% 9.6x 33.5x 7.1x 23.6x 0.3%









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15%Internet Social Stock Market Return: January - May 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 CTRP $11,374.6 $11,549.3 $1,303.3 70.8% -2.6% 39.1% 8.9x n/a 6.3x 82.5x 76.6%Expedia EXPE $13,710.7 $14,129.8 $5,936.5 79.7% 12.4% 19.7% 2.4x 19.2x 2.1x 12.8x 25.5%HomeAway AWAY $2,664.6 $2,144.6 $460.1 84.7% 13.7% 23.5% 4.7x 33.9x 4.2x 16.8x -2.9%MakeMyTrip MMYT $808.6 $667.2 $299.7 30.8% -3.4% 17.3% 2.2x n/a 3.9x 39.3x -28.6%Orbitz OWW $1,259.1 $1,373.6 $942.0 77.8% 12.4% 10.2% 1.5x 11.8x 1.4x 8.6x 35.6%Priceline PCLN $60,755.0 $61,423.7 $8,640.9 90.7% 38.1% 21.1% 7.1x 18.6x 6.4x 16.7x 2.6%Travelzoo TZOO $177.6 $123.1 $138.4 87.5% 9.2% -11.4% 0.9x 9.7x 0.9x 17.9x -0.8%TripAdvisor TRIP $10,944.0 $10,651.0 $1,328.0 96.6% 28.1% 33.3% 8.0x 28.6x 6.4x 18.9x 2.2%

Median: $6,804.3 $6,397.8 $1,122.6 82.2% 12.4% 20.4% 3.5x 18.9x 4.0x 17.3x 2.4%








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15%Internet Travel Stock Market Return: January - May 2015

Travel S&P NASDAQ SEG Internet Index

new software equity group flash report - sandhill · 2015. 6. 30. · software equity group is an...

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