software equity group flash report - business strategy for...

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

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/

Removals

- Software Storage, Data Management, & IntegrationBusiness Intelligence

Cyan, Inc.Acquired by Ciena Corp. ($275.4M)

Company Ticker Previous Index Previous Category

- Software Networking & Network Performance Management

Informatica Corp. Acquired by Canada Penson Plan Investment Board ($5.3B)

SEG Index Changes



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 August 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAAug-03-2015 Advance Communication Corp. 1010data, Inc. - $500.0 - -Aug-03-2015 Mailup SPA (BIT:MAIL) Acumbamail, S.L. - - - -Aug-03-2015 TESCAN-ORSAY AppFive, LLC - - - -Aug-03-2015 Nebo Agency, LLC Big Drum, Inc. - - - -Aug-03-2015 GA Communications, Inc. Ferrara & Company LLC - - - -Aug-03-2015 Wasserman Media Group, LLC Greg Norman Production Company - - - -Aug-03-2015 Daimler AG (XTRA:DAI); Bayerische Motoren Werke HERE Holding Corporation $1,064.4 $3,069.3 2.9x -Aug-03-2015 Amadeus IT Holding SA (CATS:AMS) Hotel SystemsPro, LLC - - - -Aug-03-2015 Quindell Services Inc. IBL-Internet Business Logic Inc. - $1.9 - -Aug-03-2015 Microsoft Corporation (NasdaqGS:MSFT) Incent Games, Inc. - - - -Aug-03-2015 SuperPay Australia Pty Ltd IP Payments Pty Ltd - - - -Aug-03-2015 Brandon Advertising, Inc. KMT Creative Group, Inc. - - - -Aug-03-2015 Deloitte Digital Pty Ltd. MashUp $1.1 - - -Aug-03-2015 iClick Interactive Asia Limited OptAim Technology Co. Ltd. - - - -Aug-03-2015 Conquest Agri Limited Property Connect, Inc. - $10.0 - -Aug-03-2015 Foresight Group; Foresight 4 Vct PLC (LSE:FTF); Foresight 3 VCT Plc (LSEProtean Software Ltd. - $6.2 - -Aug-03-2015 Interia.pl Spolka Akcyjna Rankomat.pl SA - - - -Aug-03-2015 Achieve3000, Inc. Smarty Ants Inc. - - - -Aug-03-2015 Bridgepoint Development Capital The Gourmet Society And Taste Marketing Limited - - - -Aug-03-2015 iQU B.V. TINYLOOT BV and Target Gamers B.V. - - - -Aug-03-2015 King Solomon Mines Limited (ASX:KSO) Xref Pty Ltd - $5.5 - -Aug-03-2015 Airtel M Commerce Services Limited YTS Solutions Pvt. Ltd. - - - -Aug-03-2015 - zamano plc (AIM:ZMNO) $24.0 $16.8 0.8x 6.7xAug-04-2015 Solera Holdings Inc. (NYSE:SLH) AUTODATA Nederland BV - - - -Aug-04-2015 Construction Software Technologies, Inc. Construction Market Data Group LLC - - - -

Acquirer

Aug-04-2015 DiscoverOrg, LLC iProfile, LLC - - - -Aug-04-2015 LIGA Edu Tech Pvt Ltd Learning Outcomes Solutions Private Limited - $0.9 - -Aug-04-2015 Maplebear Inc. MicroMobs Inc. - - - -Aug-04-2015 Sandvine Corporation (TSX:SVC) Momac B.V. - $7.7 - -Aug-04-2015 Data-as-a-Service Relevate Group Inc. - - - -Aug-04-2015 Phoenix Tower International LLC T-Mobile US, Inc., 600 Wireless Communication Tower Sites - - - -Aug-04-2015 SurveyMonkey Inc. TechValidate Software Inc. - - - -Aug-04-2015 Mobile Embrace Limited (ASX:MBE) Vizmond Media Pty Ltd. - $4.5 - -Aug-04-2015 CA, Inc. (NasdaqGS:CA) Xceedium, Inc. - - - -Aug-05-2015 Kelliher Samets Volk Canopy Brand Group, LLC - - - -Aug-05-2015 Foster Moore Limited Foster Moore USA - - - -Aug-05-2015 Sonata Software North America Inc. Halosys Inc. - $5.0 - -Aug-05-2015 Thoma Bravo, LLC Internet Pipeline, Inc. - - - -Aug-05-2015 Affirm, Inc. LendLayer, Inc. - - - -Aug-05-2015 CompuGroup Medical Italia SpA MEDICITALIA s.r.l. - - - -Aug-05-2015 Easy Software AG (XTRA:ESY) nextevolution AG, Operational partial business for integrated SAP process solutions $4.4 $2.2 0.5x -Aug-05-2015 Aconex Limited (ASX:ACX) Nexus Point Solutions Pty Limited - $4.7 - -Aug-05-2015 Fonecta Oy Opasmedia Oy - - - -Aug-05-2015 DADA Company Edutainment S.L. Paradox Team, S.L. - - - -Aug-05-2015 Adidas AG (DB:ADS) runtastic GmbH - $239.2 - -Aug-05-2015 Internet Retailing Media Ltd. Tamebay - - - -Aug-05-2015 Hackaday, llc Tindie, Inc. - - - -Aug-05-2015 SGS International Inc. Traffik Inc. - - - -Aug-05-2015 Red8 LLC Voyant Strategies, Inc., Integration Division - - - -Aug-06-2015 Marlin Equity Partners, LLC ADP AdvancedMD, Inc. - - - -Aug-06-2015 Entrecom SARL cgo&co - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAAug-06-2015 Access Technology Group Ltd. First Choice Software Ltd $9.3 - - -Aug-06-2015 HVP Hanse Vertriebspartner AG GELD.de GmbH - - - -Aug-06-2015 FutureBrand Ltd. Hugo & Cat Ltd. $9.3 - - -Aug-06-2015 International Business Machines Corporation (NYSE:IBM) Merge Healthcare Incorporated $227.6 $975.3 4.3x 24.7xAug-06-2015 Envoy Group Corp. (OTCBB:ENVV) Picante Gaming N.V. - - - -Aug-06-2015 Everyday Health, Inc. (NYSE:EVDY) Tea Leaves Health - $50.0 - -Aug-06-2015 Tremor Video, Inc. (NYSE:TRMR) The Video Network Pty. Limited - - - -Aug-06-2015 GS Marketing, Inc. Traffic Builders, Inc. - - - -Aug-07-2015 Ongame Network Ltd. EGC Services Ltd - $8.2 - -Aug-07-2015 Adknowledge Asia Pacific Pte. Ltd. Komli Asia Holding Pte. Ltd. - $11.3 - -Aug-07-2015 Digerati Group, LLC Lumia Agency - - - -Aug-07-2015 Enterprise Rent-A-Car Canada Limited Metavera Solutions Inc. - - - -Aug-07-2015 UCom LLC Orange Armenia - - - -Aug-10-2015 Firespring, Inc. BOOKOO Promotions - - - -Aug-10-2015 Financial Recovery Technologies LLC Cypress Settlements LLC - - - -Aug-10-2015 RGB Systems, Inc. Entwine AG - - - -Aug-10-2015 Computer Sciences Corporation (NYSE:CSC) Fixnetix Ltd. - - - -Aug-10-2015 Infor (US), Inc. GT Nexus, Inc. $133.2 $675.0 5.1x 67.5xAug-10-2015 Altruist Technologies Pvt. Ltd. Info2cell.com FZ-LLC $15.8 $5.5 0.3x -Aug-10-2015 Shenandoah Telecommunications Co. (NasdaqGS:SHEN) NTELOS Holdings Corp. (NasdaqGS:NTLS) $476.5 $585.8 1.2x 5.1xAug-10-2015 Blackbaud Inc. (NasdaqGS:BLKB) Smart Tuition, LLC - $190.0 - -Aug-10-2015 Paragon Partners GmbH Sms.at Holding Ag - - - -Aug-10-2015 ChyronHego Corporation VidiGo B.V. - - - -Aug-10-2015 Envestnet, Inc. (NYSE:ENV) Yodlee, Inc. (NasdaqGS:YDLE) $98.6 $504.2 5.1x -Aug-11-2015 Paragus Strategic IT, Inc. Applied Software Technologies, Inc. - - - -

Acquirer

Aug-11-2015 HealthMarkets Insurance Company Benefitter Insurance Solution, Inc. - - - -Aug-11-2015 LDiscovery, LLC Credence Corporation - - - -Aug-11-2015 CyberArk Software, Ltd. (NasdaqGS:CYBR) Cybertinel Ltd. - - - -Aug-11-2015 Aspect Software, Inc. LinguaSys, Inc., Technology Assets - - - -Aug-11-2015 Houghton Mifflin Harcourt Company (NasdaqGS:HMHC) MeeGenius, Inc., Select eBook and Technology Assets - - - -Aug-11-2015 Tradeshift Inc. Merchantry, Inc. - $30.0 - -Aug-11-2015 Aspiring Minds Assessment Pvt. Ltd. Mizcoin Technologies Private Limited - - - -Aug-11-2015 M4JAM (Pty) Ltd. Pondering Panda - - - -Aug-11-2015 Jenzabar, Inc. RJM Systems, Inc. - - - -Aug-11-2015 Piano Media LLC TinyPass, Inc. - - - -Aug-11-2015 International Coal Limited (ASX:ICX) Velpic Limited - $7.7 - -Aug-11-2015 Visma Consulting Oy Viklo Oy $1.8 - - -Aug-12-2015 Coinify ApS Coinzone B.V. - - - -Aug-12-2015 Markit Ltd. (NasdaqGS:MRKT) CoreOne Technologies LLC - $200.0 - -Aug-12-2015 Symphoni Media ImTheirWebGuy.com - - - -Aug-12-2015 MarketCast LLC Insight Strategy Group - - - -Aug-12-2015 Kleffmann Group GmbH & Co. KG MarketSense, Inc. - - - -Aug-12-2015 Data Business Systems, Inc.; i3 Verticals, LLC NJOY Products, LLC and Local Level, LLC - - - -Aug-12-2015 GfK SE (XTRA:GFK) NORM Research and Consulting AB - - - -Aug-12-2015 NetPlay TV plc (AIM:NPT) OtherSide Inc. $4.1 $5.0 1.2x 5.3xAug-12-2015 CT-Payment Inc. Smart Card Marketing Systems, Inc. (OTCPK:SMKG) - - - -Aug-12-2015 Fidelity National Information Services, Inc. (NYSE:FIS) SunGard Data Systems Inc. $2,841.0 - - -Aug-12-2015 ObjectWay S.p.A. Thomson Financial - MIS Systems - - - -Aug-12-2015 Opera Mediaworks Inc. Yvolver, Inc. - - - -Aug-12-2015 TriTech Software Systems Inc. Zuercher Technologies, LLC - - - -Aug-13-2015 Jiangyin Huaxicun Investment Co., Ltd.; Orient Hongtai Zhihe (Beijing) Invest60% Stake in Diandian Interactive (Beijing) Technology and 60% Stake in Diandian Interactive Holding - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAAug-13-2015 MSI Bioscience Sp. z o.o. Clean Technologies SA (WSE:ISA) $0.5 - - -Aug-13-2015 Blackboard Inc. Consultora Nivel Siete LTDA. - - - -Aug-13-2015 Goldman Sachs Bank USA GE Capital Bank, US Online Deposit Platform - - - -Aug-13-2015 Visus Technology, Inc. Hello Navi - - - -Aug-13-2015 Boku, Inc. Mobileview Italia Srl - - - -Aug-13-2015 Japan Investment Adviser Co., Ltd. (TSE:7172) Nihon Securities Journal Research, Inc. $0.3 $0.1 0.2x -Aug-13-2015 PDQ ATS, Inc. Quadriserv, Inc. - - - -Aug-13-2015 Fox Sports Digital StraightCast Media - - - -Aug-13-2015 AlphaPoint Technology, Inc. (OTCPK:APPO) Strategy To Revenue Limited - - - -Aug-14-2015 Le Travenues Technology Pvt. Ltd. Desi Backpacking Travelers Pvt. Ltd. - - - -Aug-14-2015 MYKRIS International Berhad Mykris Asia Sdn Bhd and Mykris Net (MSC) Sdn Bhd - $8.5 - -Aug-14-2015 Altium Limited (ASX:ALU) Octopart, Inc. - $16.8 - -Aug-14-2015 Bullzi Holdings, Inc (OTCPK:BLLZ) SecuSolutions Ltd. - - - -Aug-14-2015 Mobikon Technologies Private Limited triibe - - - -Aug-14-2015 Ceder Capital Viametrics AB - - - -Aug-16-2015 Fairly Painless Advertising, Inc. Plenty Creative, Inc. - - - -Aug-16-2015 Locon Solutions Pvt. Ltd. Sadanika Solutions Private Limited - $2.0 - -Aug-17-2015 International Business Machines Corporation (NYSE:IBM) Appcore, LLC - - - -Aug-17-2015 ASE PLC Edentity Software Solutions GmbH - - - -Aug-17-2015 Public Consulting Group, Inc. Librus Sp. z o.o. - - - -Aug-17-2015 Grid Dynamics International, Inc. Qubell Inc. - - - -Aug-17-2015 Satellite Solutions Worldwide Group PLC (AIM:SAT) Sat2Way SARL - $0.9 - -Aug-17-2015 Facelift brand building technologies GmbH Socialshaker SAS - - - -Aug-17-2015 Verint Systems Inc. (NasdaqGS:VRNT) Telligent, Inc. - - - -Aug-18-2015 Chequed.com, Inc. Assess Systems, Inc. - - - -

Acquirer

Aug-18-2015 BMC Software, Inc. Boundary, Inc. - - - -Aug-18-2015 Yuuzoo Corporation Limited (SGX:AFC) Camigo Media LLC - - - -Aug-18-2015 DealerSocket, Inc. Dealertrack Technologies, Inc., Inventory+ Business - $55.0 - -Aug-18-2015 Anova Culinary, Inc. Get Fresh, Inc. - $9.2 - -Aug-18-2015 H.I.G. Capital, LLC HelpSystems, LLC - - - -Aug-18-2015 MicroPact Inc. Iron Data, LLC - - - -Aug-18-2015 Keller Williams Realty, Inc. KW Team Leads - - - -Aug-18-2015 Netpluz Asia PTE Ltd Mediaring Network Services Pte. Ltd. and Mediaring Communications Pte. Ltd. - $2.1 - -Aug-18-2015 Takatack PTE LTD PayWhere Pte. Ltd. - $5.0 - -Aug-18-2015 APN Outdoor Group Limited (ASX:APO) Roadside Attractions, Trading Assets - $4.3 - -Aug-18-2015 ScaleArc, Inc. ScaleBase, Inc. - - - -Aug-18-2015 CGI Group, Inc. (TSX:GIB.A) Solutions Only Financial Solutions Ltd. - - - -Aug-18-2015 Appriss Inc. The Retail Equation, Inc. - - - -Aug-18-2015 Comcast Corporation (NasdaqGS:CMCS.A) This Technology, LLC - - - -Aug-18-2015 Freshdesk Inc. Turtle Yogi Technologies Pvt Ltd - - - -Aug-18-2015 Southfield Capital Partners Vanguard Dealer Services L.L.C - - - -Aug-18-2015 Synacor, Inc. (NasdaqGM:SYNC) Zimbra, Inc. - $24.2 - -Aug-19-2015 Rise Labs, Inc. HealthyOut, Inc. - - - -Aug-19-2015 Whanau Tahi Ltd. HSAGlobal Ltd., Connected Care Management Solution - - - -Aug-19-2015 Kronos Incorporated Kaba Benzing America, Inc., Auto Time Business - - - -Aug-19-2015 Braintree Payment Solutions, LLC MODEST, INC. - - - -Aug-19-2015 FanDuel, Inc. numberFire, Inc. - - - -Aug-19-2015 Spredfast, Inc. Shoutlet, Inc. - - - -Aug-19-2015 ViKi Inc. Soompi Media LLC - $10.0 - -Aug-19-2015 Framework Communications, LLC VoIP Synergy, LLC - - - -Aug-20-2015 Alibaba Group Holding Limited (NYSE:BABA) 365fanyi - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAAug-20-2015 eKomi, Ltd. BankingCheck GmbH - - - -Aug-20-2015 Beijing Orient National Communication Science & Technology Co., Ltd. (SZSBeijing Sinovatech Co., Ltd. - $48.8 - -Aug-20-2015 Peer to Peer Network (OTCPK:PTOP) Code2Action, Inc., C2A MobiCard Platform - - - -Aug-20-2015 JAL Hotels Co., Ltd. Hotel Okura Co., Ltd, Hotel Chain Management Division And 84.6% Stake in Orange Marketing Services - - - -Aug-20-2015 Oracle Corporation (NYSE:ORCL) Maxymiser Inc. - - - -Aug-20-2015 Bauer Advertising KG MediaSoft Polska Sp. z o.o. - - - -Aug-20-2015 N3TWORK. Inc. Nio Games - - - -Aug-20-2015 Colborne Communications Inc. Pubslush, Inc. - - - -Aug-20-2015 WooWise Ltd Revealr Software Limited - - - -Aug-20-2015 PeopleAdmin, Inc. SearchSoft Solutions, Inc. - - - -Aug-20-2015 Raise Marketplace Inc. Tastebud Technologies, Inc. - - - -Aug-20-2015 Studienkreis GmbH Tutoria GmbH - - - -Aug-20-2015 UDG United Digital Group GmbH UDG Robinizers GmbH - - - -Aug-20-2015 American Welding Society, Inc. World Engineering Xchange LLC - - - -Aug-21-2015 iSentia Group Limited (ASX:ISD) King Content Pty Ltd - - - -Aug-21-2015 Reserve Media, Inc. Set for Service LLC - - - -Aug-21-2015 Webedia SAS Tudo Gostoso Internet Ltda - $55.6 - -Aug-22-2015 Vetary 5 Star Dog, Inc. - - - -Aug-24-2015 AOL Inc. Ashe Avenue Development, LLC - - - -Aug-24-2015 Cross MediaWorks, LLC BlackArrow, Inc. - - - -Aug-24-2015 ImageMark Business Services, Inc. Catawba Print & Mail, Inc. - - - -Aug-24-2015 Mitratech Holdings, Inc. Economic Analysis Group Ltd., CaseTrack - - - -Aug-24-2015 Lex orbis Consulting Pvt. Ltd. Inolyst Consulting Pvt. Ltd. - - - -Aug-24-2015 Valores Corporativos Softtek, S.A. de C.V. Itarvi Consulting S.L. - - - -Aug-24-2015 Jellyfish CoNNect Limited MagazineCloner.com Ltd. - - - -

Acquirer

Aug-24-2015 Jonas Software Usa Inc. MembersFirst, Inc. - - - -Aug-24-2015 SWN Communications Inc. MyTeam1, LLC - - - -Aug-24-2015 Xerox Corporation (NYSE:XRX) RSA Medical, LLC - - - -Aug-24-2015 Vivonet Inc. Syrus, Ltd. - - - -Aug-24-2015 Let Insurance Services Limited The Landlord Hub Ltd - - - -Aug-25-2015 China Financial Services Holdings Limited (SEHK:605) China Integrated Internet Financial Services (Shenzhen) Company Limited - - - -Aug-25-2015 OXACO PLC (AIM:OXA) Cronin 3D Limited - $5.8 - -Aug-25-2015 Intrinsic Dinedor Management Co. - - - -Aug-25-2015 Parallax Capital Partners, LLC GroundWork Inc. - - - -Aug-25-2015 HSS Engineers Berhad HSSBIM Solutions Private Limited - $0.4 - -Aug-25-2015 TIBCO Software Inc. Mashery, Inc. - - - -Aug-25-2015 Jogg.in SAS MCP Conseil & Développement, SAS - - - -Aug-25-2015 Censornet Ltd. Sirrustec, Inc. - - - -Aug-26-2015 - Beijing Nation Sky Network Technology Co.,Ltd - $80.0 - -Aug-26-2015 Software Paradigms International, Inc. Double Prime, Inc. - - - -Aug-26-2015 Beijing Jinxing Rongda Investment Management Co. Ltd. FL Mobile Inc. - $624.0 - -Aug-26-2015 W2O Group Fox Communications - - - -Aug-26-2015 AKA Enterprise Solutions Green Beacon Solutions LLC, Microsoft Dynamics AX practice - - - -Aug-26-2015 gShift Labs Inc. Noctual, LLC - - - -Aug-26-2015 YPB Group Ltd (ASX:YPB) nTouch Holdings Pty Ltd - $1.8 - -Aug-26-2015 Vodafone Limited; Hutchison 3G UK Limited Qualcomm UK Spectrum Ltd. - - - -Aug-26-2015 Voonik Technologies Private Limited Trialkart - - - -Aug-26-2015 Medical Specialties Distributors, LLC Verbal Applications Inc. - - - -Aug-27-2015 Fujitsu Services Holdings PLC Applied Card Technologies Ltd. - - - -Aug-27-2015 LifeLock, Inc. (NYSE:LOCK) BitYota, Inc., Certain Assets - $12.5 - -Aug-27-2015 AlumiFuel Power Corporation (OTCPK:AFPW) ByteSentinel Partners, LLC - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAAug-27-2015 Life360 Inc. Chronos Mobile Technologies, Inc. - - - -Aug-27-2015 InfraVia Coillte Teoranta Ltd., Portfolio Of Telecommunications Assets - - - -Aug-27-2015 LinkedIn Corporation (NYSE:LNKD) Fliptop, Inc. - - - -Aug-27-2015 Smile Vun Group Pvt. Ltd. Komli Media India Pvt Ltd., India Business - - - -Aug-27-2015 Aptean, Inc. Medworxx Solutions Inc (TSXV:MWX) $5.7 $11.6 2.2x -Aug-27-2015 Logient, Inc. Mobilogie Inc. - - - -Aug-27-2015 Steinreich Communications, LLC Montgomery Communications, Inc. - - - -Aug-27-2015 The Carlyle Group LP (NasdaqGS:CG) Novetta Solutions, LLC - - - -Aug-27-2015 ComOps Ltd. (ASX:COM) Rostima Limited - $0.4 - -Aug-27-2015 Autodesk, Inc. (NasdaqGS:ADSK) SeeControl, Inc. - - - -Aug-27-2015 Moz, Inc. SERPScape - - - -Aug-27-2015 Diabetes Tools AB Shore Innovation, DiabetesGuru - - - -Aug-27-2015 Le Travenues Technology Pvt. Ltd. Squahehoot Hikes Private Ltd. - - - -Aug-27-2015 Bit9, Inc. VisiTrend, Inc. - - - -Aug-28-2015 Accenture plc (NYSE:ACN) AD.Dialeto Agencia de Publicidade Ltda. - - - -Aug-28-2015 Giving Assistant Inc. Appozite, Inc. - - - -Aug-28-2015 Four Communications Group plc Broadgate Mainland Ltd - - - -Aug-28-2015 FourCubed LLC DeucesCracked, LLC - - - -Aug-28-2015 Rhodes Edge Inc. Folr Pte. Ltd. - - - -Aug-28-2015 Nanjing Kangni Mechanical & Electrical Co., Ltd. Huangshi Bangke Technology Co., Ltd. - $94.7 - -Aug-28-2015 Digital Dimension SynerTrade S.A. $14.6 - - -Aug-31-2015 Market Track, LLC Commercially Retail Pty Limited - - - -Aug-31-2015 Dineout Services Pvt Ltd inResto Services Pvt Ltd - - - -Aug-31-2015 Vubiquity, Inc. Juice Worldwide - - - -Aug-31-2015 RobotShop Distribution inc. LetsMakeRobots.com - - - -

Acquirer

g pAug-31-2015 Logical Position LLC Virtue Advertising LLC - - - -Aug-31-2015 LANDESK Software, Inc. Xtraction Solutions Pty Ltd. - - - -



SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue

Growth EV/ Revenue EV/ EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Software Index $2,413.1 $2,177.2 $611.6 67.2% 19.2% 7.7% 3.1x 14.4x 2.8x 11.1x 12.5% Billing & Service Management $1,010.6 $1,101.7 $526.1 59.7% 27.2% 3.1% 1.9x 9.0x 1.9x 7.4x 15.2% Business Intelligence $2,258.2 $2,174.6 $580.2 74.9% 18.5% 11.4% 3.5x 17.2x 3.3x 13.5x 22.1% Development Platforms $1,354.5 $1,301.6 $347.4 74.9% 18.9% 7.2% 2.3x 8.5x 2.6x 9.9x 14.6% Engineering & PLM $3,781.3 $4,130.6 $1,285.0 84.1% 22.9% 8.4% 3.2x 15.9x 3.2x 10.9x 11.4% Enterprise Resource Planning $8,535.2 $9,318.5 $2,004.9 60.3% 28.4% 4.6% 3.9x 14.6x 3.7x 11.3x 4.9% Financial & Accounting $2,512.6 $3,228.1 $827.6 56.1% 22.3% 4.1% 3.9x 15.5x 4.0x 13.2x 16.5% Gaming $2,766.0 $2,240.1 $1,688.8 69.2% 13.7% 4.2% 1.5x 14.3x 1.3x 9.3x 17.4% Healthcare $1,243.7 $1,615.0 $622.2 53.6% 15.8% 9.5% 2.5x 15.3x 2.3x 11.4x 13.0% IT Conglomerates $144,862.7 $148,850.1 $86,913.0 60.3% 32.6% -0.1% 3.1x 8.5x 3.2x 8.2x 1.2% Mobile Solutions/Content $588.6 $434.0 $321.8 57.3% 5.7% 8.3% 1.6x 13.1x 1.4x 8.2x 0.4% Networking & Network Performance Management $1,399.2 $1,202.9 $289.2 75.1% 19.5% 4.3% 2.2x 13.1x 2.0x 10.9x 4.5% Security $1,507.7 $1,344.3 $236.7 74.6% 5.0% 8.8% 4.0x 11.3x 3.7x 13.8x 33.7% Storage, Data Mgmt & Integration $7,790.4 $6,128.6 $2,239.0 80.3% 12.1% 1.5% 2.0x 8.2x 2.0x 6.7x -9.0% Systems Management $11,494.3 $11,003.0 $2,507.4 85.0% 26.0% 9.4% 5.2x 18.3x 3.7x 10.9x 9.4% Vertical - Finance $6,243.6 $6,416.4 $1,036.1 42.7% 34.8% 7.1% 4.4x 12.8x 4.1x 11.8x 20.3% Vertical - Other $2,631.9 $2,877.1 $450.8 47.3% 13.9% 14.1% 4.8x 30.1x 4.2x 18.8x 38.4%

Category Name

TTM Revenue Growth 7.7%TTM EBITDA Growth -3.6%TTM Earnings Growth -26.9%Gross Profit Margin 67.2%EBITDA Margin 19.2%Net Income Margin -17.9%SG&A Expenses as a % of Total Revenue 56.8%R&D Expenses as a % of Total Revenue 18.5%

Current Ratio 2.0Quick Ratio 1.8Cash as Percent of Market Cap 12.5%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 28Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 3.9%Cash from Operations Growth (YoY) 32.1%Cash from Investing Growth (YoY) -52.5%Cash from Financing Growth (YoY) -55.7%Levered FCF Growth (YoY) 34.6%

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

14%

16%SEG SW Index Software Stock Market Return: January - August 2015

DOW S&P NASDAQ SEG SW Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $978.2 $934.0 $165.1 65.8% -10.9% 27.1% 5.4x 40.1x 4.5x 30.5x 3.0% CRM & Marketing $1,196.2 $1,092.0 $178.3 67.7% -10.5% 25.3% 6.1x 99.5x 4.5x 33.5x -16.0% ERP & Supply Chain $1,129.3 $1,008.0 $143.7 68.0% -9.7% 26.0% 6.1x 33.5x 5.0x 39.9x -7.9% Vertically Focused $978.2 $1,101.0 $186.3 61.1% 7.4% 35.9% 6.4x 42.4x 5.3x 23.7x 5.4% Human Capital Management $1,364.1 $1,299.5 $172.3 60.3% -9.6% 33.6% 6.4x 57.3x 5.1x 46.2x 4.9% SaaS Other $565.4 $520.0 $146.5 69.1% -14.7% 24.6% 4.3x 25.0x 3.9x 20.4x 1.1%

Category Name

TTM Revenue Growth 27.1%TTM EBITDA Growth -3.6%TTM Earnings Growth -26.9%Gross Profit Margin 65.8%EBITDA Margin -10.9%Net Income Margin -17.9%SG&A Expenses as a % of Total Revenue 56.8%R&D Expenses as a % of Total Revenue 18.5%

Current Ratio 2.0Quick Ratio 1.8Cash as Percent of Market Cap 12.5%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 28Working Capital to TTM Operating Expense Ratio 0.4x






-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%SEG SaaS Index Stock Market Return: January - August 2015

DOW S&P NASDAQ SEG SaaS


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,149.5 $1,063.3 $524.6 64.1% 7.7% 17.1% 1.9x 16.6x 1.9x 12.1x -5.1% Ad Tech & Lead Generation $507.1 $417.2 $445.5 52.8% -0.2% 20.6% 1.4x 16.5x 1.3x 11.9x -12.5% Commerce $642.6 $653.7 $483.4 43.9% 6.0% 17.2% 1.2x 17.4x 1.1x 11.4x -9.5% Content & Media $1,888.7 $1,574.4 $702.9 56.6% 9.7% 8.8% 2.3x 26.6x 2.0x 11.2x 5.3% Gaming $3,011.97 $2,254.4 $1,332.0 68.9% 31.9% 16.3% 2.8x 10.4x 2.3x 9.3x 3.7% Infrastructure $596.68 $465.7 $307.8 62.3% 5.8% 5.3% 1.3x 15.2x 1.2x 10.6x -1.0% Search $28,942.92 $26,205.5 $6,164.2 69.9% 31.3% 16.7% 4.4x 16.3x 3.9x 11.5x 0.8% Services $794.67 $691.7 $302.3 72.4% 5.7% 20.5% 1.9x 18.7x 1.6x 10.6x -14.4% Social $3,829.45 $4,079.2 $754.5 67.8% 8.5% 46.2% 8.4x 37.3x 6.4x 18.5x -10.0% Travel $6,108.15 $6,205.7 $1,171.8 82.2% 11.4% 16.2% 3.6x 21.4x 3.4x 17.2x 7.7%

TTM Revenue Growth 17.1%TTM EBITDA Growth 2.1%TTM Earnings Growth 7.9%Gross Profit Margin 64.1%EBITDA Margin 7.7%Net Income Margin -0.1%SG&A Expenses as a % of Total Revenue 39.2%R&D Expenses as a % of Total Revenue 15.8%

Current Ratio 2.4Quick Ratio 2.1Cash as Percent of Market Cap 21.4%Avg Days Outstanding: Accounts Receivable 41Avg Days Outstanding: Accounts Payable 50Working Capital to TTM Operating Expense Ratio 0.4






-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

12%SEG Internet Index Stock Market Return: January - August 2015

DOW S&P NASDAQ SEG Internet Index

To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx

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