software equity group flash report - sandhill · 2015-08-25 · 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

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

ClickSoftware Technologies Ltd.Acquired by Francisco Partners Fund IV ($421.3M) Not CategorizedSoftware-

Company

SEG Index ChangesTicker Index CategoryCompany

Rapid7, Inc. RPD Software Security

Ticker Previous Index Previous CategoryAdvent Software

Acquired by SS&C Technologies Holdings, Inc. ($2.6B) - Software Vertical - Finance

Rally Software Development Corp.Acquired by CA Technologies Inc ($533 5M) - SaaS Other SaaS


Perfect World Co., Ltd.Acquired by Michael Yufend Chi ($918.0M) - Internet Gaming

Acquired by CA Technologies, Inc. ($533.5M)Geeknet, Inc.

Acquired by GameStop Corp. ($133.8M) - Internet Commerce


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 July 2015 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-01-2015 ProfitStars, Inc. Bayside Business Solutions, Inc. - - - -Jul-01-2015 Multi Packaging Solutions, Inc. BP Media Limited - - - -Jul-01-2015 Bluedon Information Security Technologies Co.,Ltd. China Express E-commerce Co., Ltd And $3.7 $177.2 48.6x -Jul-01-2015 Vitec Software Group AB (OM:VIT B) Datamann A/S - $5.2 - -Jul-01-2015 Dai Nippon Printing Co. Ltd. (TSE:7912) DNP HyperTech Co., Ltd. - - - -Jul-01-2015 Nintex Group Pty Ltd Drawloop Technologies, Inc. - - - -Jul-01-2015 Paratus AMC Limited Funding Empire Limited - - - -Jul-01-2015 Fiera Milano SpA. (BIT:FM) Ipack-Ima SpA - $2.8 - -Jul-01-2015 Synoptic Technologies Ltd. iVeridis Corporation - - - -Jul-01-2015 Stratacache, Inc. IZ ON Media LLC - - - -Jul-01-2015 GL Assessment Ltd. Lucid Research Ltd. - - - -Jul-01-2015 Mel Foster Co., Inc. Mills Realty Inc. - - - -Jul-01-2015 Amadeus IT Group S.A. Navitaire LLC - $830.0 - 13.8xJul-01-2015 Infotheek Groep B.V. Network2day BV - - - -Jul-01-2015 Gartner Inc. (NYSE:IT) Nubera eBusiness S.L. - - - -Jul-01-2015 MAM Software Group, Inc. (NasdaqCM:MAMS) Origin Software Solutions Limited - - - -Jul-01-2015 SilverVue, Inc. ProMD LLC - - - -Jul-01-2015 LoanLogics, Inc. RexHub, LLC - - - -Jul-01-2015 USU Software AG (XTRA:OSP2) SecurIntegration GmbH $1.7 $3.3 2.0x -Jul-01-2015 Shenzhen Sea Star Technology Co., Ltd. Shanghai Lixuan Advertising Co., Ltd. $3.1 $11.3 3.6x -Jul-01-2015 Shenzhen Sea Star Technology Co., Ltd. Shanghai Shunwei Advertising Co., Ltd. $33.3 $50.4 1.5x -Jul-01-2015 Pinnacle Computing Ltd. Sicon Limited, Sage Business - - - -Jul-01-2015 Helpling GmbH Teddle Limited - $35.5 - -Jul-01-2015 Level 3 Communications, Inc. (NYSE:LVLT) The IRC Company, Inc. - - - -Jul-01-2015 Technia AB Transcat PLM GmbH $52.6 $18.4 0.4x 6.9x

Acquirer

Jul-01-2015 Spatial Media LLC UAV Business and Technology Report - - - -Jul-01-2015 Global Eagle Entertainment Inc. (NasdaqCM:ENT) Western Outdoor Interactive Pvt. Ltd. - $39.3 - -Jul-01-2015 PayPal, Inc. Xoom Corporation (NasdaqGS:XOOM) $174.1 $866.9 5.0x 123.2xJul-02-2015 Harris School Solutions CrossPointe, LLC - - - -Jul-02-2015 Linkfluence SAS Die Medialysten GmbH - - - -Jul-02-2015 Text 100 Limited IncrediBull World Limited $3.8 $2.5 0.7x -Jul-02-2015 Vitec Software Group AB (OM:VIT B) Infoeasy AS $2.7 $1.9 - -Jul-02-2015 ACCEO Solutions Inc. Julo LLC - - - -Jul-02-2015 Appriss Inc. Pharmitas, Inc. $5.0 - - -Jul-02-2015 Claranet Limited RedeVF Lda. - - - -Jul-02-2015 HR Path, SAS SAGES Software SA - - - -Jul-02-2015 Fat Media Ltd. Strategy Digital - - - -Jul-02-2015 Sober Media Group, LLC Taj Media, LLC - $5.5 - -Jul-02-2015 Velocity Frequent Flyer Pty Ltd Torque Solutions (Australia) Pty Ltd - - - -Jul-02-2015 Euronet Worldwide, Inc. (NasdaqGS:EEFT) XE.com Inc. $10.0 - - -Jul-03-2015 Yahoo Japan Corporation (TSE:4689) Dynatech Inc. - $16.3 - -Jul-03-2015 OlsenMetrix Marketing Metrix Marketing Communications Limited - - - -Jul-03-2015 Wireless Logic Group Ltd. SimService A/S - - - -Jul-06-2015 Global Health Ltd. (ASX:GLH) Abaki Pty Ltd - $0.4 - -Jul-06-2015 Converteo S.A. Adversitement France - - - -Jul-06-2015 Pelephone Communications LTD. Alon Cellular Ltd. - - - -Jul-06-2015 Digital Pacific Pty Ltd Crucial Paradigm Pty Ltd. - - - -Jul-06-2015 Eagle Financial Publications DividendInvestor.com - - - -Jul-06-2015 Coupa Software Incorporated InvoiceSmash Pty. Ltd. - - - -Jul-06-2015 SiteCompli, LLC KWG, Inc. - - - -Jul-06-2015 Manifest Digital, Inc. McMurry/TMG, LLC - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-06-2015 gamigo AG mobile business engine GmbH $1.7 - - -Jul-06-2015 Future PLC (LSE:FUTR) Net Communities Ltd. - - - -Jul-06-2015 CustomerMatrix, Inc. Noopsis SAS - - - -Jul-06-2015 Netapsys Conseil SAS Open Resources S.a.r.l. $0.9 - - -Jul-06-2015 kyu Sid Lee, Inc. - - - -Jul-07-2015 Telecom Italia Digital Solutions S.p.A. Alfabook S.r.l. - - - -Jul-07-2015 Mitratech Holdings, Inc. Bridgeway Software, Inc. - - - -Jul-07-2015 Greatist Inc. BSC Media, Inc. - - - -Jul-07-2015 IDOX plc (AIM:IDOX) Cloud Amber Limited $3.7 $7.6 2.1x 8.3xJul-07-2015 Time Inc. (NYSE:TIME) inVNT, LLC - - - -Jul-07-2015 e-Gov Systems LLC JPI Data Resource, Inc., Sales And Use Tax Software Assets. - - - -Jul-07-2015 Bpifrance Investissement; CDC Entreprises Fonds Patrimoine et Creation FCLa Fonderie SA - - - -Jul-07-2015 Time Inc. (NYSE:TIME) LeagueAthletics.com, LLC and League Sports Services, LLC and iScore Sports - - - -Jul-07-2015 Cisco Systems, Inc. (NasdaqGS:CSCO) MaintenanceNet, Inc. - $139.0 - -Jul-07-2015 Travelport Worldwide Limited (NYSE:TVPT) Mobile Travel Technologies Ltd. - $60.2 - -Jul-07-2015 ExactBid, Inc. Narrative1 Holdings, LLC - - - -Jul-07-2015 Signet Interactive LLC Newton Design & Marketing, LLC - - - -Jul-07-2015 Clickindia Infomedia Private Limited Sharingdais Online Services Private Limited - - - -Jul-07-2015 Sounday S.r.l. Soundtracker - - - -Jul-07-2015 Pureprofile Ltd. (ASX:PPL) Sparc Media Pty Ltd - $4.9 - -Jul-07-2015 CharityVillage Ltd. TalentEgg Inc. - - - -Jul-07-2015 EasyFairs SA UK Tech Events Limited - - - -Jul-07-2015 Industrial & Financial Systems IFS AB (OM:IFS B) VisionWaves B.V. $5.4 - - -Jul-07-2015 Valtech SA (ENXTPA:LTE) w.illi.am/ Inc. $4.8 - - -Jul-08-2015 MBA Focus, LLC CSO Research, Inc. - - - -

Acquirer

Jul-08-2015 BlueSoho Disruptive Retail Thinking, LLC - - - -Jul-08-2015 DigiTouch S.p.A. (BIT:DGT) E3 SRL $4.9 $3.4 0.7x 4.8xJul-08-2015 SITO Mobile Ltd. (OTCBB:SITO.D) Hipcricket, Inc., Mobile Advertising Business - $3.8 - -Jul-08-2015 en-japan Inc. (JASDAQ:4849) i Tank Japan .inc. $1.8 $5.2 2.9x -Jul-08-2015 Panduit Corp. Network Vision, Inc. - - - -Jul-08-2015 Accenture plc (NYSE:ACN) PacificLink Group - - - -Jul-08-2015 AVAST Software s.r.o. Remotium, Inc. - - - -Jul-08-2015 Groupe Berger-Levrault Sage Aytos S.L. - - - -Jul-08-2015 RIB Software AG (DB:RSTA) Soft SA - - - -Jul-08-2015 TargetX.com LLC Uversity, Inc. - - - -Jul-09-2015 Capita plc (LSE:CPI) Barrachd Limited - - - -Jul-09-2015 Magnus Health, LLC CareFlow, LLC - - - -Jul-09-2015 Hunan Kaimeite Gases Co., Ltd. CiWong.Inc. - $56.4 - -Jul-09-2015 The CHR Group, Inc. Colour Creative Persuasion Inc. - - - -Jul-09-2015 Prophecy International Holdings Ltd. (ASX:PRO) eMite Pty Ltd. - $13.2 - -Jul-09-2015 PropertyGuru Pte. Ltd. ePropertyTrack Pte. Ltd. - - - -Jul-09-2015 Pluralsight LLC HackHands, Inc. - - - -Jul-09-2015 TurboAppeal Services LLC Realytics - - - -Jul-09-2015 Cirpack SAS SARL ANDREXEN - - - -Jul-09-2015 Hunan Kaimeite Gases Co., Ltd. Shenzhen Sontahitec Industry Development Co1, Ltd. - $32.2 - -Jul-09-2015 Xiamen 35.Com Technology Co., Ltd. (SZSE:300051) Suzhou Fulin Internet Technology Co., Ltd. - $169.1 - -Jul-09-2015 Asaas Gestão Financeira S.A. UNI4 Sistemas de Informação LTDA - - - -Jul-09-2015 DST Retirement Solutions, LLC Wealth Management Systems Inc. - $64.0 - -Jul-09-2015 MakeMusic Inc. Weezic, SAS - - - -Jul-10-2015 SASU Babel Strategie & Communication Born to Run SARL - - - -Jul-10-2015 PREMIUM Exhibitions II GmbH Bright GmbH & Co. KG - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-10-2015 Wolters Kluwer NV (ENXTAM:WKL) Effacts BV - - - -Jul-10-2015 HashingSpace Corporation (OTCBB:HSHS) HashingSpace Corporation. $0.0 - - -Jul-10-2015 1&1 Internet SE Home.pl Sp. z o.o. - $172.7 - -Jul-10-2015 ContextLogic Inc. Locket, Inc. - - - -Jul-10-2015 Scandia Consulting, Inc. Mindfly Inc. - - - -Jul-10-2015 Exceptional Innovation, LLC Quadriga Worldwide Ltd. - - - -Jul-12-2015 Tune, Inc. appRenaissance LLC - - - -Jul-12-2015 Razer Inc. OUYA, Inc., Digital Platform Assets - - - -Jul-13-2015 Time-O-Matic Inc. Aerva, Inc. - - - -Jul-13-2015 Huawei Investment & Holding Co., Ltd. Amartus, SDN Software Technology and Team - $27.6 - -Jul-13-2015 Les Pros de la Photo Inc. BLACKS Photo Corporation, Blacks.ca Domain and iOS, Android and Windows Phone Apps - - - -Jul-13-2015 ARI Network Services Inc. (NasdaqCM:ARIS) Direct Communications Inc. - $6.3 - -Jul-13-2015 WeP Solutions Limited (BSE:532373) eRM Solutions Private Limited - $0.1 - -Jul-13-2015 PTS Solutions, Inc. ITX Information Technology Solutions, Inc. - - - -Jul-13-2015 AIM Creative Agency MARION Integrated Marketing, LLC - - - -Jul-13-2015 Rakuten, Inc. (TSE:4755) Massi Miliano OÜ - - - -Jul-13-2015 Cleoo Limited Omnimedia AG, SME Marketing Business - - - -Jul-13-2015 Match.com, L.L.C. Plentyoffish Media Inc. - $575.0 - -Jul-13-2015 Shenzhen O-film Tech. Co., Ltd. (SZSE:002456) ShenZhen Temobi Science & Tech Co., Ltd. - $88.6 - -Jul-13-2015 When I Work, Inc. Shifthub Inc. - - - -Jul-13-2015 Exabytes Network Sdn. Bhd. Signetique IT Pte Ltd. - - - -Jul-13-2015 eTouches, Inc. TapCrowd NV - - - -Jul-13-2015 Consolidation et Développement Gestion SAS; Consolidation Et DeveloppemTarsus France SAS - $10.1 - -Jul-13-2015 Digital Realty Trust Inc. (NYSE:DLR) The Telx Group, Inc. $308.7 $1,886.0 6.1x 24.0xJul-14-2015 Rocket Internet AG (XTRA:RKET) 82% of Kin Shopping GmbH And 79% of Sparks42 GmbH - - - -

Acquirer

Jul-14-2015 Amazon Web Services, Inc. Appthwack - - - -Jul-14-2015 Simei Media Co.,Ltd. (SZSE:002712) Beijing Aidesai Advertising Co Ltd $52.9 $52.3 1.0x -Jul-14-2015 Data Locker Inc. BlockMaster AB - - - -Jul-14-2015 Dean Evans and Associates LLC EmergingSoft Corporation - - - -Jul-14-2015 TBX Group, Inc. FleXyber Solutions, Inc. - - - -Jul-14-2015 Jive Communications, Inc. FonAngle Communications, Inc. - - - -Jul-14-2015 Oricom Inc. (KOSDAQ:A010470) Han Comm, Inc. - $21.0 - -Jul-14-2015 AllOver Media, Inc. Intelligent Media Corporation - - - -Jul-14-2015 RALLY4, Inc. mGive, Inc. - - - -Jul-14-2015 SinglePoint, Inc. (OTCPK:SING) Mobile Bidding Technologies, Inc. - $1.3 - -Jul-14-2015 NATIONAL Public Relations Inc. NATIONAL Equicom - - - -Jul-14-2015 Neoris, Inc. Neoris Argentina - - - -Jul-14-2015 Elvaston Capital Management GmbH Nexiga GmbH - - - -Jul-14-2015 Egton Medical Information Systems Limited PinBellCom Ltd $1.9 $4.7 2.5x -Jul-14-2015 Click Rain Inc. Rive Immersive, LLC - - - -Jul-14-2015 Remitly, Inc. Talio Labs, Inc. - - - -Jul-14-2015 First Data Corporation Transaction Wireless, Inc. - - - -Jul-14-2015 Solvere One LLC V-Oasis - - - -Jul-15-2015 Andromeda Sales and Distribution Pvt. Ltd. Apnapaisa Pvt. Ltd. - - - -Jul-15-2015 Pro Gaming League Inc. DK Squad - - - -Jul-15-2015 ACCEO Solutions Inc. Gemmar Systems International Inc. - - - -Jul-15-2015 Zywave, Inc. INTYGRAL Inc. - - - -Jul-15-2015 Groupon, Inc. (NasdaqGS:GRPN) OrderUp, LLC - - - -Jul-15-2015 Ipsos SA (ENXTPA:IPS) Research Data Analysis, Inc. $25.0 - - -Jul-15-2015 Ver se' Innovation Pvt Ltd. Rocket Science Technology LLP - - - -Jul-15-2015 Seloger.com SA STE PRAXIS SARL - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-15-2015 Malwarebytes Corporation The Safe Mac - - - -Jul-15-2015 Mass Capital Ventures LLC Versatile Credit, Inc. - - - -Jul-15-2015 SailPoint Technologies, Inc. Whitebox Security Ltd. - - - -Jul-15-2015 Aconex Limited (ASX:ACX) Worksite, Inc. - $4.8 - -Jul-16-2015 The Atkins Group Aria Agency, Inc. - - - -Jul-16-2015 The Stanley Gibbons Group plc (AIM:SGI) Bid for Wine (UK) Ltd - - - -Jul-16-2015 Microsoft Corporation (NasdaqGS:MSFT) FieldOne Systems LLC - - - -Jul-16-2015 Microgen plc (LSE:MCGN) Jobstream Group PLC - $5.5 - -Jul-16-2015 AlphaGraphics, Inc. Lone Oak Marketing, LLC - - - -Jul-16-2015 benntec Systemtechnik GmbH MarineSoft GmbH - - - -Jul-16-2015 CPM Innovations Ltd. More Data Limited - - - -Jul-16-2015 Bang PR Pty. Ltd. Park Avenue PR Pty Ltd. - - - -Jul-16-2015 Excite Japan Co., Ltd. (JASDAQ:3754) PT Creative Visions Indonesia - $1.4 - -Jul-16-2015 MindTree Limited (BSE:532819) Relational Solutions, Inc. - $10.0 - -Jul-16-2015 CACI Limited Rockshore Group Ltd - - - -Jul-16-2015 AlfaPeople A/S Smart Process S.A.S. - - - -Jul-16-2015 S'Cape Evénements SARL The Blue Yellow Company SAS - - - -Jul-17-2015 Starch Creative Airtime PR - - - -Jul-17-2015 Ngai Shun Holdings Limited (SEHK:1246) Anhui LaiWang Technology Limited - $838.6 - -Jul-17-2015 mPulse Mobile Inc. Archer USA Inc. - $0.1 - -Jul-17-2015 Amuse Entertainment Singapore Pte Ltd Crooner PTE. Ltd. - - - -Jul-17-2015 Red Books LLC Oventio - - - -Jul-17-2015 CashChaCha Inc. Showbox Media (Hong Kong) Limited - - - -Jul-19-2015 Civitas Learning, Inc. Blikbook Limited - - - -Jul-20-2015 Cegedim Assurances, SA Activus Ltd $7.6 - - -

Acquirer

Jul-20-2015 Financière Arthur Kramer Armony Signaletique SAS - - - -Jul-20-2015 Schneider Electric SE, Schneider Software AVEVA Group plc (LSE:AVV) $310.0 - - -Jul-20-2015 KMD A/S Banqsoft AS - - - -Jul-20-2015 Unizin Courseload, Inc. - - - -Jul-20-2015 Patriot National, Inc. (NYSE:PN) Global HR Research, LLC - $42.0 - -Jul-20-2015 MedVision, Inc. Health Access Solutions, Inc. - - - -Jul-20-2015 - iManage Incorporated - - - -Jul-20-2015 Reynolds Porter Chamberlain Marriott Sinclair LLP - - - -Jul-20-2015 The Descartes Systems Group Inc (TSX:DSG) MK Data Services LLC - $83.5 - -Jul-20-2015 Roper Technologies, Inc. (NYSE:ROP) On Center Software, Inc. - - - -Jul-20-2015 Easypark AB Park Smart Solutions, SL - - - -Jul-20-2015 PDF Solutions Inc. (NasdaqGS:PDFS) Syntricity, Inc. - - - -Jul-20-2015 Coupa Software Incorporated TripScanner, Inc. - - - -Jul-20-2015 Mikros Systems Corp. (OTCPK:MKRS) VSE Corp., Certain Software Products, Intellectual Property, and Related Assets - - - -Jul-20-2015 Itesoft SA (ENXTPA:ITE) W4, société anonyme $5.2 $8.7 1.7x -Jul-20-2015 Mzansi Life Wheels Fanatic SA - - - -Jul-21-2015 ApexPeak Pte. Ltd. ASYX International BV - - - -Jul-21-2015 Shenzhen Capstone Industrial Co.,Ltd. Beijing Ranshi Technology Co., Ltd. - $169.1 - -Jul-21-2015 Callidus Software Inc. (NasdaqGM:CALD) BridgeFront, LLC - - - -Jul-21-2015 Adiant Double Dutch Studios, Inc. - - - -Jul-21-2015 ESO Solutions, Inc. Emergency Technologies, Inc. - - - -Jul-21-2015 Penske Media Corporation Gold Derby, Inc. - - - -Jul-21-2015 Amadeus IT Holding SA (CATS:AMS) Itesso BV - - - -Jul-21-2015 Lookingglass Cyber Solutions, LLC Kleissner & Associates s.r.o. - - - -Jul-21-2015 Google Inc. (NasdaqGS:GOOGL) Pixate, Inc. - - - -Jul-21-2015 Planbox, Inc. Planbox, Inc. - - - -




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-21-2015 Benseron Information Technologies, Inc. RestaJet, LLC - - - -Jul-21-2015 e-Builder, Inc. Scenario Virtual Project Delivery Inc. - - - -Jul-22-2015 BlackBerry Limited (TSX:BB) AtHoc, Inc. - - - -Jul-22-2015 The Descartes Systems Group Inc (TSX:DSG) BearWare Inc. - $11.3 - -Jul-22-2015 The Coca-Cola Company (NYSE:KO) BYB Brands, Inc. - $25.0 - -Jul-22-2015 Dropbox Inc. Clementine Labs, Inc. - - - -Jul-22-2015 Zillow Group, Inc. (NasdaqGS:Z) DotLoop, LLC - - - -Jul-22-2015 Sysomos Inc. Expion LLC - - - -Jul-22-2015 Modernizing Medicine, Inc. General Medical Applications, Inc. - - - -Jul-22-2015 Ctrip.com International Ltd. (NasdaqGS:CTRP) Guangzhou Suanya Information Technology Co., Ltd - $16.0 - -Jul-22-2015 The E. W. Scripps Company (NYSE:SSP) Midroll Media, LLC - - - -Jul-22-2015 Workfront, Inc. ProofHQ Limited - - - -Jul-22-2015 IMG Worldwide, Inc. PWR Events Ltd - - - -Jul-22-2015 Inte Q, LLC Teleformix LLC - - - -Jul-22-2015 ClickTripz, LLC TheSuitest Inc. - - - -Jul-22-2015 Synechron Inc. Usable Media LLC - - - -Jul-23-2015 Persistent Systems, Inc. Aepona Limited - - - -Jul-23-2015 Identity Group Holdings Corp. Alchemy Dimensional Graphics LLC - - - -Jul-23-2015 Noodle Education, Inc. Allclasses, Inc. - - - -Jul-23-2015 Silhouette America, inc. Aspex Research & Technology Ltd - - - -Jul-23-2015 International Business Machines Corporation (NYSE:IBM) Compose, Inc. - - - -Jul-23-2015 Sophia Research Institute,Ltd. cybervision Hosting - $1.6 - -Jul-23-2015 Société Internationale de Télécommunications Aéronautiques delair Air Traffic Systems GmbH - - - -Jul-23-2015 Mekanism, Inc. Epic Signal - - - -Jul-23-2015 The Riverside Company; Charles Taylor plc (LSE:CTR) Fadata AD $12.8 - - -

Acquirer

Jul-23-2015 Gaming Realms plc (AIM:GMR) GameHouse Canada and GameHouse, Inc. and Certain Assets of RealNetworks, Inc. $6.3 $18.0 2.9x -Jul-23-2015 Centro, Inc. GraphScience, Inc. - - - -Jul-23-2015 Ipreo Holdings LLC iLEVEL Solutions, LLC - - - -Jul-23-2015 Did-it.com, LLC JB Cumberland & Associates - - - -Jul-23-2015 Assicurazioni Generali S.p.A. (BIT:G) MyDrive Solutions Limited - - - -Jul-23-2015 Alpha Co., Ltd. (JASDAQ:4760) OK Enterprise Co., Ltd. $5.9 - - -Jul-23-2015 Anoto Group AB (publ) (OM:ANOT) XMS Penvision AB $1.5 $3.3 2.2x -Jul-24-2015 News America Marketing Properties LLC Checkout 51 Inc. - - - -Jul-24-2015 Pinewood Technologies PLC Ebbon-Dacs Ltd., DMS Business - - - -Jul-24-2015 PSI Services LLC Innovative Exams LLC - - - -Jul-24-2015 Applied Information Management Services Sdn. Bhd Jaring Sdn Bhd - - - -Jul-24-2015 Engagement Labs Inc. (TSXV:EL) Keller Fay Group LLC $3.7 $4.2 1.1x 6.9xJul-24-2015 Attercopia Ltd. MediaCo (UK) Ltd. - - - -Jul-24-2015 McGraw Hill Financial, Inc. (NYSE:MHFI) SNL Financial LC - $2,225.0 - -Jul-26-2015 Deutsche Boerse AG (XTRA:DB1) 360 Treasury Systems AG - $795.7 - -Jul-27-2015 DIO Ltd. ASG (Essex) Ltd - - - -Jul-27-2015 Care-Energy Holding GmbH conesro Management GmbH - - - -Jul-27-2015 Vela Software International, Inc. Datamine International Limited - - - -Jul-27-2015 Dentsu Aegis Network Ltd. Redirect Digital Marketing Ltda. $1.2 - - -Jul-27-2015 Axado, Informação e Tecnologia S/A Shipfy Desenvolvimento de Sistemas LTDA - - - -Jul-27-2015 GREE International, Inc. Twiitch Pty Ltd. - - - -Jul-28-2015 Hewlett-Packard Company (NYSE:HPQ) ActiveState Software Inc., Stackato Business - - - -Jul-28-2015 Capital Access Group Limited Broker Profile Limited $4.2 $6.2 1.5x -Jul-28-2015 CLARION EVENTS USA, INC. Eagle Eye Expositions LLC, Border Security Expo and US/Canada Border Conference - - - -Jul-28-2015 The CI Group Limited Ellipsis, Ltd. - - - -Jul-28-2015 Frankly Inc. (TSXV:TLK) Gannaway Web Holdings, LLC $26.5 $45.0 1.7x 6.9x




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAJul-28-2015 Viber Media Inc. Innobell M.S. Ltd. - $9.0 - -Jul-28-2015 Sapiens International Corporation N.V. (NasdaqCM:SPNS) Insseco Sp. Z o.o. $11.5 $9.1 0.8x -Jul-28-2015 SOCOMO Technologies Pvt Ltd Liveminds Solutions PVT. Ltd - - - -Jul-28-2015 Poplar Capital Partners LLC Productive Access, Inc. - - - -Jul-28-2015 NTT Communications Corporation PT Cyber CSF - - - -Jul-28-2015 Datakinetics Limited SoftwareOnZ LLC - - - -Jul-28-2015 The Cherryroad Group Inc. Strategic Information Solutions, Inc., Oracle Practice - - - -Jul-28-2015 GovDelivery, Inc. Vox Metropolis, Inc. - - - -Jul-28-2015 YesVideo, Inc. Yarly, Inc. - - - -Jul-28-2015 The Advisory Board Company (NasdaqGS:ABCO) Zeumo, Inc. - - - -Jul-28-2015 AllOver Media, Inc. Zoom Media, Inc., Social Indoor and the Family Network Divisions - - - -Jul-29-2015 itelligence France S.A.S. Artaud, Courthéoux & Associés, SAP Operations - - - -Jul-29-2015 Providence Equity Partners LLC; WPP plc (LSE:WPP) Chime Communications plc (LSE:CHW) $608.4 $662.0 1.1x 14.4xJul-29-2015 Leaders League Closing Circle SAS - - - -Jul-29-2015 INOVVO, LLC comScore, Inc., Wireless Solutions Division - - - -Jul-29-2015 Mexican Bitcoin Exchange Rapid Net Profits Pte. Ltd. - - - -Jul-29-2015 Cloudability Inc. RipFog, Inc. - - - -Jul-29-2015 Autotask Corporation SoonR, Inc. - - - -Jul-29-2015 Eureka Group VitaPortal - - - -Jul-29-2015 Public Holdings (Australia) Limited (ASX:PHA) YourDash Pty Ltd. - $0.9 - -Jul-30-2015 Landmark Media Investments Limited Benchwarmers.ie - - - -Jul-30-2015 NeuStar, Inc. (NYSE:NSR) Bombora Technologies Pty. Ltd. $20.5 $86.3 4.2x -Jul-30-2015 A Brand Company, Inc. BrandAlliance Inc. - - - -Jul-30-2015 Transcovo SAS Djump SA - - - -Jul-30-2015 Minted LLC Hitched Up - - - -

Acquirer

pJul-30-2015 Patheon Holdco Ltd. Ingegneria Biomedica Santa Lucia S.p.A. - - - -Jul-30-2015 Blue Coat Systems Inc. PerspecSys Inc. - - - -Jul-30-2015 ARM Holdings plc (LSE:ARM) Sansa Security, Inc. - - - -Jul-31-2015 Gloob Decor Pvt. Ltd. Banana Interactive Games Pvt Ltd - - - -Jul-31-2015 - Bossa Studios Limited - - - -Jul-31-2015 Securus Technologies, Inc. Cara Clinicals, Inc. - - - -Jul-31-2015 Premier Healthcare Solutions, Inc. CECity.com, Inc. - $400.0 - -Jul-31-2015 Q2 Holdings, Inc. (NYSE:QTWO) Centrix Solutions, a Q2 company - $29.0 - -Jul-31-2015 Manitoba Telecom Services, Inc. (TSX:MBT) Globalive Wireless Management Corp., 15 Megahertz Spectrum in Manitoba - $34.6 - -Jul-31-2015 Stride Gaming plc (AIM:STR) InfiApps Limited $13.7 $39.2 2.9x -Jul-31-2015 Yahoo! Inc. (NasdaqGS:YHOO) Polyvore, Inc. - $230.0 - -Jul-31-2015 Sutor Technology Group Limited (NasdaqCM:TOR) Shanghai Legang Supply Chain Management Co. Ltd. - - - -Jul-31-2015 Dentsu Inc. (TSE:4324) Synergy Medical Communications, Inc. $6.6 - - -Jul-31-2015 Galicia Energy Corporation Ltd (ASX:GAL) TV2U Worldwide 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 $2,709.9 $2,608.7 $622.5 67.2% 19.3% 7.3% 3.3x 16.8x 3.1x 12.1x 12.5% Billing & Service Management $1,018.5 $1,134.1 $526.1 59.7% 28.0% 7.7% 2.0x 9.4x 2.0x 8.5x 15.2% Business Intelligence $2,599.7 $2,878.9 $601.3 76.7% 19.2% 10.3% 3.9x 18.7x 3.4x 14.7x 23.2% Development Platforms $1,484.0 $1,431.1 $347.4 74.9% 18.9% 7.2% 2.5x 9.5x 2.9x 10.8x 14.6% Engineering & PLM $4,179.8 $4,529.1 $1,264.1 84.1% 21.6% 8.8% 3.5x 17.5x 3.5x 12.1x 11.4% Enterprise Resource Planning $8,782.8 $9,580.3 $2,004.9 60.3% 28.4% 2.3% 4.2x 16.8x 4.0x 12.1x 4.9% Financial & Accounting $2,788.3 $3,387.5 $827.6 56.0% 22.3% 4.1% 4.1x 16.8x 4.1x 14.2x 20.1% Gaming $2,796.5 $2,393.1 $1,695.3 68.8% 13.0% 2.5% 1.7x 13.2x 1.4x 11.2x 17.4% Healthcare $1,360.8 $1,732.2 $622.2 53.6% 15.8% 7.5% 2.6x 15.6x 2.4x 11.9x 13.0% IT Conglomerates $158,674.1 $161,207.9 $86,913.0 60.3% 32.6% -0.1% 3.3x 9.3x 3.5x 8.9x 1.2% Mobile Solutions/Content $612.9 $572.1 $314.2 57.5% 4.3% 17.1% 2.1x 17.5x 1.8x 9.7x 0.4% Networking & Network Performance Management $1,460.4 $1,264.1 $260.1 72.9% 11.4% 5.8% 2.5x 14.6x 2.3x 10.8x -4.5% Security $1,679.8 $1,636.6 $236.7 74.9% 4.7% 8.6% 4.3x 13.5x 3.9x 14.3x 33.7% Storage, Data Mgmt & Integration $6,936.4 $5,015.7 $1,649.6 81.5% 16.3% 2.4% 2.2x 9.8x 2.2x 7.7x -6.3% Systems Management $12,488.4 $11,997.1 $2,507.4 85.0% 26.3% 9.4% 5.6x 19.6x 4.2x 12.8x 9.4% Vertical - Finance $6,505.6 $6,314.5 $1,036.1 42.5% 34.4% 8.0% 4.6x 16.8x 4.3x 12.4x 20.3% Vertical - Other $2,816.8 $3,061.1 $452.8 47.3% 13.3% 13.4% 5.1x 32.2x 4.5x 19.9x 38.4%

Category Name

TTM Revenue Growth 7.3%TTM EBITDA Growth -0.7%TTM Earnings Growth -7.8%Gross Profit Margin 67.2%EBITDA Margin 19.3%Net Income Margin -18.0%SG&A Expenses as a % of Total Revenue 57.5%R&D Expenses as a % of Total Revenue 18.8%

Current Ratio 2.1Quick Ratio 1.9Cash as Percent of Market Cap 11.8%Avg Days Outstanding: Accounts Receivable 62Avg Days Outstanding: Accounts Payable 31Working Capital to TTM Operating Expense Ratio 0.4x

Levered FCF Margin 4.6%Cash from Operations Growth (YoY) 11.1%Cash from Investing Growth (YoY) -32.1%Cash from Financing Growth (YoY) -38.6%Levered FCF Growth (YoY) 19.2%

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

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-5%

0%

5%

10%

15%

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

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmdocs Limited DOX $9,068.3 $7,666.6 $3,617.0 35.6% 19.4% 3.1% 2.1x 10.9x 2.0x 9.7x 26.9%CSG Systems International CSGS $1,018.5 $1,134.1 $748.9 48.3% 16.3% -0.8% 1.5x 9.3x 1.5x 6.8x 28.6%Evolving Systems EVOL $98.4 $87.4 $29.8 75.3% 31.1% 19.0% 2.9x 9.4x 2.8x 8.9x -7.0%MIND C.T.I. MNDO $56.2 $40.6 $23.9 59.7% 34.2% 10.7% 1.7x 5.0x n/a n/a -19.7%NeuStar NSR $1,679.4 $2,054.8 $1,004.4 74.2% 39.1% 7.7% 2.0x 5.2x 1.9x 4.3x 11.3%Redknee Solutions RKN $409.9 $353.9 $241.2 55.3% 6.7% -3.1% 1.5x 21.9x 1.6x 8.0x 18.1%Synchronoss Technologies SNCR $2,096.6 $2,098.5 $526.1 59.8% 28.0% 35.3% 4.0x 14.3x 3.4x 9.7x 15.2%

Median: $1,018.5 $1,134.1 $526.1 59.7% 28.0% 7.7% 2.0x 9.4x 2.0x 8.5x 15.2%

TTM Revenue Growth 7.7%TTM EBITDA Growth 38.3%TTM Earnings Growth 21.0%Gross Profit Margin 59.7%EBITDA Margin 28.0%Net Income Margin 12.6%SG&A Expenses as a % of Total Revenue 20.2%R&D Expenses as a % of Total Revenue 12.7%


Levered FCF Margin 14.5%Cash from Operations Growth (YoY) 14.4%Cash from Investing Growth (YoY) 43.9%Cash from Financing Growth (YoY) -17.7%Levered FCF Growth (YoY) 8.1%





-15%

-10%

-5%

0%

5%

10%

15%

20%

25%Billing and Service Management Software Stock Market Return: January - July 2015

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFair Isaac FICO $2,823.9 $3,387.5 $827.6 66.8% 22.3% 9.2% 4.1x 18.4x 3.9x 14.2x 25.7%Informatica INFA $5,080.6 $4,522.6 $1,066.5 82.7% 18.3% 6.1% 4.2x 23.1x 3.8x 15.9x 28.2%MicroStrategy MSTR $2,316.7 $1,888.8 $556.9 78.5% 20.8% -5.2% 3.4x 16.3x 3.3x 11.8x 25.0%Pegasystems PEGA $2,073.6 $1,846.6 $622.5 68.3% 12.1% 11.4% 3.0x 24.5x 2.6x 15.7x 33.5%Progress Software PRGS $1,484.0 $1,431.1 $347.4 88.0% 22.1% 7.2% 4.1x 18.7x 3.3x 10.8x 11.0%PROS Holdings PRO $645.6 $603.3 $188.6 69.0% -5.3% 24.0% 3.2x n/a 3.4x n/a -17.4%Qlik Technologies QLIK $3,737.0 $3,430.7 $580.2 85.9% 0.2% 14.1% 5.9x 2919.7x 5.2x 46.9x 30.7%Software AG SOW $2,375.5 $2,370.2 $949.8 74.9% 26.9% -6.8% 2.5x 9.3x 2.4x 8.4x 24.4%Splunk SPLK $8,792.3 $7,927.2 $490.6 84.2% -45.5% 48.1% 16.2x n/a 12.1x 202.8x 19.0%Teradata TDC $5,498.1 $5,217.1 $2,686.0 52.9% 20.1% -1.7% 1.9x 9.7x 1.9x 8.1x -15.7%Varonis Systems VRNS $516.5 $403.5 $106.9 90.0% -18.3% 34.5% 3.8x n/a 3.1x n/a -37.2%Verisk VRSK $13,160.5 $16,330.9 $1,870.6 60.3% 46.7% 12.6% 8.7x 18.7x 7.0x 15.1x 22.1%

Median: $2,599.7 $2,878.9 $601.3 76.7% 19.2% 10.3% 3.9x 18.7x 3.4x 14.7x 23.2%

TTM Revenue Growth 10.3%TTM EBITDA Growth -14.5%TTM Earnings Growth -13.5%Gross Profit Margin 76.7%EBITDA Margin 19.2%Net Income Margin 9.4%SG&A Expenses as a % of Total Revenue 47.1%R&D Expenses as a % of Total Revenue 18.8%


Levered FCF Margin 13.5%Cash from Operations Growth (YoY) 18.2%Cash from Investing Growth (YoY) -31.1%Cash from Financing Growth (YoY) 46.9%Levered FCF Growth (YoY) 8.4%





-10%

-5%

0%

5%

10%

15%

20%

25%Business Intelligence Software Stock Market Return: January - July 2015

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBSQUARE BSQR $76.1 $49.5 $99.5 18.5% 5.2% 5.8% 0.5x 9.5x n/a n/a 42.5%Magic Software Enterprises MGIC $281.3 $200.7 $163.7 38.7% 18.9% 7.3% 1.2x 6.5x 1.1x n/a 7.6%Progress Software PRGS $1,484.0 $1,431.1 $347.4 88.0% 22.1% 7.2% 4.1x 18.7x 3.3x 10.8x 11.0%Red Hat RHT $14,509.8 $14,046.1 $1,846.7 84.8% 18.9% 15.8% 7.6x 40.1x 6.7x 25.1x 14.6%Software AG SOW $2,375.5 $2,370.2 $949.8 74.9% 26.9% -6.8% 2.5x 9.3x 2.4x 8.4x 24.4%

Median: $1,484.0 $1,431.1 $347.4 74.9% 18.9% 7.2% 2.5x 9.5x 2.9x 10.8x 14.6%

TTM Revenue Growth 7.2%TTM EBITDA Growth 1.7%TTM Earnings Growth -11.2%Gross Profit Margin 74.9%EBITDA Margin 18.9%Net Income Margin 9.3%SG&A Expenses as a % of Total Revenue 40.1%R&D Expenses as a % of Total Revenue 12.8%







-10%

-5%

0%

5%

10%

15%

20%Development Platforms Software Stock Market Return: January - July 2015

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDANSYS ANSS $8,452.1 $7,690.9 $938.5 87.9% 46.0% 6.8% 8.2x 17.8x 7.8x 15.7x 15.3%Aspen Technology AZPN $3,789.3 $3,573.5 $427.7 88.3% 40.7% 14.6% 8.4x 20.5x 7.7x 16.9x 26.7%Autodesk ADSK $11,514.6 $10,431.1 $2,566.2 86.2% 9.7% 11.8% 4.1x 42.0x 4.1x 30.7x -15.0%Cadence Design Systems CDNS $6,110.2 $5,714.6 $1,650.8 86.4% 23.5% 10.0% 3.5x 14.7x 3.2x 10.3x 11.4%Dassault Systèmes DSY $19,157.7 $17,905.4 $2,898.9 84.1% 24.4% 22.9% 6.2x 25.3x 5.5x 15.8x 24.7%GSE Systems GVP $28.6 $17.0 $43.2 28.6% -7.3% -1.6% 0.4x n/a n/a n/a 2.6%Mentor Graphics MENT $3,033.1 $3,033.8 $1,264.1 85.1% 21.6% 6.9% 2.4x 11.1x 2.4x 9.7x 20.4%Parametric Technology PTC $4,179.8 $4,529.1 $1,309.4 72.9% 20.1% -1.9% 3.5x 17.2x 3.7x 13.1x 0.0%PDF Solutions PDFS $440.7 $309.0 $98.5 59.5% 26.5% -5.5% 3.1x 11.8x 2.8x 7.7x -4.4%Stratasys SSYS $1,595.1 $1,270.3 $775.8 47.8% 5.6% 27.2% 1.6x 29.1x 1.6x 7.7x -62.1%Synopsys SNPS $7,884.6 $7,099.2 $2,160.1 82.3% 19.3% 8.8% 3.3x 17.0x 3.1x 11.0x 18.0%

Median: $4,179.8 $4,529.1 $1,264.1 84.1% 21.6% 8.8% 3.5x 17.5x 3.5x 12.1x 11.4%








-10%

-5%

0%

5%

10%

15%

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

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmerican Software AMSW.A $263.8 $201.6 $102.9 51.0% 11.5% 2.3% 2.0x 17.1x 1.8x 10.0x 4.9%Oracle ORCL $173,182.9 $161,207.9 $38,226.0 60.3% 42.0% -0.1% 4.2x 10.0x 4.2x 8.9x -9.0%QAD QADA $479.2 $363.7 $295.9 55.3% 7.1% 8.4% 1.2x 17.2x 1.2x 13.3x 16.9%Sage Group SGE $8,782.8 $9,580.3 $2,004.9 94.0% 28.4% 1.9% 4.8x 16.8x 4.3x 14.3x 16.2%SAP SAP $85,970.2 $93,075.1 $21,362.3 71.2% 32.6% 12.8% 4.4x 13.3x 4.0x 12.1x 4.6%

Median: $8,782.8 $9,580.3 $2,004.9 60.3% 28.4% 2.3% 4.2x 16.8x 4.0x 12.1x 4.9%



Levered FCF Margin 13.3%Cash from Operations Growth (YoY) -3.9%Cash from Investing Growth (YoY) -127.1%Cash from Financing Growth (YoY) 254.2%Levered FCF Growth (YoY) -2.6%





-10%

-5%

0%

5%

10%

15%

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

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDACI Worldwide ACIW $2,788.3 $3,573.4 $1,038.5 55.0% 20.4% 6.7% 3.4x 16.8x 3.3x 12.1x 20.1%Bottomline Technologies EPAY $1,064.9 $1,081.5 $327.2 57.8% 13.5% 15.2% 3.3x 24.6x 3.0x 14.5x 8.3%DST Systems DST $3,973.1 $4,368.3 $2,782.8 16.3% 15.3% 3.7% 1.6x 10.2x 2.1x 10.0x 16.0%Evertec EVTC $1,457.0 $2,106.7 $365.0 56.6% 42.1% 1.9% 5.8x 13.7x 5.6x 11.2x -13.6%Fair Isaac FICO $2,823.9 $3,387.5 $827.6 66.8% 22.3% 9.2% 4.1x 18.4x 3.9x 14.2x 25.7%Fiserv FISV $20,375.4 $24,081.4 $5,152.0 43.9% 30.5% 4.1% 4.7x 15.3x 4.4x 13.1x 23.0%Intuit INTU $29,157.5 $27,572.5 $4,388.0 83.1% 24.7% -0.9% 6.3x 25.5x 5.6x 15.4x 16.9%Model N MODN $298.2 $205.0 $84.3 56.0% -22.6% -13.3% 2.4x n/a 2.0x n/a 7.0%NetSol Technologies NETSOL $52.7 $54.6 $29.2 12.6% -4.2% 16.6% 1.9x n/a n/a n/a 55.6%Sage Group SGE $8,782.8 $9,580.3 $2,004.9 94.0% 28.4% 1.9% 4.8x 16.8x 4.3x 14.3x 68.4%Qiwi QIWI $1,796.3 $1,563.1 $265.3 53.7% 31.4% 24.5% 5.9x 18.8x 8.3x 14.5x 50.3%

Median: $2,788.3 $3,387.5 $827.6 56.0% 22.3% 4.1% 4.1x 16.8x 4.1x 14.2x 20.1%








-10%

-5%

0%

5%

10%

15%

20%

25%Financial & Accounting Software Stock Market Return: January - July 2015

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDActivision Blizzard ATVI $18,728.3 $18,333.3 $4,575.0 65.1% 30.4% 4.7% 4.0x 13.2x 4.0x 11.9x 29.4%Electronic Arts EA $22,330.2 $20,084.2 $4,504.0 72.5% 28.5% 17.3% 4.5x 15.7x 4.4x 14.0x 52.7%GameLoft SA GFT $402.2 $345.6 $275.1 82.5% 5.1% -2.6% 1.3x 24.8x 1.1x 10.5x 21.3%Konami TSE: 9766 $2,895.8 $2,710.9 $1,818.1 32.8% 13.3% 0.3% 1.5x 11.2x 1.3x 8.9x 13.6%Take-Two Interactive TTWO $2,697.2 $2,075.2 $1,082.9 26.6% -21.9% -53.9% 1.9x n/a 1.5x 12.2x 12.4%Ubisoft Entertainment UBI $2,156.6 $1,938.2 $1,572.5 77.0% 12.6% 45.3% 1.2x 9.8x 1.2x 2.5x 6.9%

Median: $2,796.5 $2,393.1 $1,695.3 68.8% 13.0% 2.5% 1.7x 13.2x 1.4x 11.2x 17.4%

TTM Revenue Growth 2.5%TTM EBITDA Growth -30.4%TTM Earnings Growth 62.7%Gross Profit Margin 68.8%EBITDA Margin 13.0%Net Income Margin 5.2%SG&A Expenses as a % of Total Revenue 25.3%R&D Expenses as a % of Total Revenue 25.0%


Levered FCF Margin 13.7%Cash from Operations Growth (YoY) 14.9%Cash from Investing Growth (YoY) -37.3%Cash from Financing Growth (YoY) -20.2%Levered FCF Growth (YoY) -2.1%





-10%

-5%

0%

5%

10%

15%

20%

25%

30%Gaming Software Stock Market Return: January - July 2015

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAccretive Health AH $16,707.7 $18,124.1 $36,896.7 26.7% 6.1% 5.8% 0.5x 8.0x 0.4x 6.8x 16.5%Allscripts Healthcare Solutions MDRX $2,722.7 $3,206.9 $1,372.1 45.1% 4.6% 0.4% 2.3x 50.4x 2.2x 13.0x 12.5%Cerner CERN $24,677.3 $24,619.3 $3,526.6 84.2% 28.4% 20.0% 7.0x 24.6x 5.0x 15.4x 10.3%Computer Programs and Sys CPSI $528.6 $491.6 $192.9 43.2% 22.5% -5.1% 2.5x 11.3x 2.5x 11.3x -20.6%MedAssets MDAS $1,398.0 $2,228.6 $750.0 75.4% 29.2% 9.8% 3.0x 10.2x 2.9x 9.4x 18.3%Merge Healthcare MRGE $533.2 $782.6 $227.6 62.1% 17.3% 5.6% 3.4x 19.8x 3.0x 13.9x 56.0%Omnicell OMCL $1,323.7 $1,235.7 $463.1 52.4% 14.2% 13.9% 2.7x 18.7x 2.3x 12.5x 13.4%Quality Systems QSII $769.0 $652.2 $494.5 54.9% 10.5% 9.2% 1.3x 12.5x 1.3x 8.5x -16.0%

Median: $1,360.8 $1,732.2 $622.2 53.6% 15.8% 7.5% 2.6x 15.6x 2.4x 11.9x 13.0%








-5%

0%

5%

10%

15%

20%Healthcare Software Stock Market Return: January - July 2015

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDHewlett Packard HPQ $55,131.8 $61,820.8 $108,283.0 24.0% 12.0% -3.2% 0.6x 4.8x 0.6x 4.7x -23.4%IBM IBM $158,674.1 $188,735.1 $86,913.0 50.1% 25.7% -10.4% 2.2x 8.4x 2.3x 8.1x 1.4%Microsoft MSFT $373,505.7 $312,450.7 $93,580.0 64.7% 35.9% 7.8% 3.3x 9.3x 3.5x 9.8x 1.2%Oracle ORCL $173,182.9 $161,207.9 $38,226.0 60.3% 42.0% -0.1% 4.2x 10.0x 4.2x 8.9x -9.0%SAP AG DB:SAP $85,970.2 $93,075.1 $21,362.3 71.2% 32.6% 12.8% 4.4x 13.3x 4.0x 12.1x 4.6%

Median: $158,674 $161,208 $86,913.0 60.3% 32.6% -0.1% 3.3x 9.3x 3.5x 8.9x 1.2%

TTM Revenue Growth -0.1%TTM EBITDA Growth -3.9%TTM Earnings Growth -21.1%Gross Profit Margin 60.3%EBITDA Margin 32.6%Net Income Margin 13.0%SG&A Expenses as a % of Total Revenue 21.7%R&D Expenses as a % of Total Revenue 12.9%


Levered FCF Margin 20.6%Cash from Operations Growth (YoY) -5.8%Cash from Investing Growth (YoY) -22.1%Cash from Financing Growth (YoY) 31.8%Levered FCF Growth (YoY) -4.9%





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15%

20%IT Conglomerates Software Stock Market Return: January - July 2015

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBango PLC BGO $82.8 $73.9 $7.9 26.3% -95.7% -42.0% 9.3x n/a n/a n/a -11.4%iDream Sky Technologies DSKY $508.7 $380.6 $190.6 40.7% 1.9% 196.5% 2.0x 103.9x 1.3x 6.2x -31.5%King Digital Entertainment KING $4,827.2 $4,165.8 $2,233.3 68.7% 35.2% -2.3% 1.9x 5.3x 2.0x 5.3x 9.6%Glu Mobile GLUU $705.8 $640.1 $248.0 62.1% 6.7% 97.5% 2.6x 38.7x 2.3x 20.1x 44.8%Gree TSE:3632 $1,374.2 $788.8 $817.7 74.4% 30.3% -27.9% 1.0x 3.2x 1.1x 4.4x 0.3%Millennial Media MM $240.9 $208.5 $286.7 40.0% -14.5% 1.5% 0.7x n/a 0.6x n/a 0.6%MobileIron MOBL $446.1 $338.4 $140.9 81.6% -51.3% 23.3% 2.4x n/a 2.1x n/a -42.0%Momo MOMO $2,594.5 $2,142.5 $65.6 71.3% -24.6% 665.4% 32.6x n/a 10.4x 27.7x 26.8%Myriad Group AG MYRN $520.0 $504.1 $40.2 85.8% 31.2% -6.9% 12.5x 40.2x n/a n/a 10.4%NQ Mobile NQ $319.1 $304.0 $341.7 27.8% -18.0% 40.5% 0.9x n/a 0.6x 6.6x -16.6%Opera OPERA $1,161.5 $1,178.5 $520.6 36.5% 17.9% 60.1% 2.3x 12.7x 1.8x 8.6x -40.2%Qihoo 360 Technology QIHU $7,995.8 $8,112.6 $1,509.9 77.8% 25.9% 82.7% 5.4x 20.8x 3.8x 12.7x 3.9%Pandora Media P $3,719.2 $3,346.7 $1,023.9 46.1% -3.7% 28.0% 3.3x n/a 2.6x 31.3x -1.2%Synchronoss Technologies SNCR $2,096.6 $2,098.5 $526.1 59.8% 28.0% 35.3% 4.0x 14.3x 3.4x 9.7x 15.2%Tangoe TNGO $429.8 $382.1 $215.6 55.2% 7.7% 10.9% 1.8x 23.0x 1.5x 9.7x -13.0%TeleCommunication Systems TSYS $224.3 $315.3 $358.3 39.7% 8.8% 3.6% 0.9x 10.0x 0.8x 7.4x 17.6%TeleNav TNAV $282.1 $162.1 $160.2 50.8% -19.9% 6.6% 1.0x n/a 0.9x n/a 5.1%Zynga ZNGA $2,281.4 $1,331.0 $705.7 69.3% -11.8% -9.3% 1.9x n/a 1.7x 36.3x -9.2%

Median: $612.9 $572.1 $314.2 57.5% 4.3% 17.1% 2.1x 17.5x 1.8x 9.7x 0.4%



Levered FCF Margin 1.1%Cash from Operations Growth (YoY) 7.0%Cash from Investing Growth (YoY) -20.3%Cash from Financing Growth (YoY) 36.3%Levered FCF Growth (YoY) -12.8%





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

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDA10 Networks ATEN $401.1 $304.9 $180.2 75.1% -19.7% 4.2% 1.7x n/a 1.5x n/a 43.4%Allot Communications ALLT $173.8 $50.0 $111.9 70.8% -1.2% 3.9% 0.4x n/a 0.5x n/a -43.2%Barracuda Networks CUDA $1,460.4 $1,264.1 $289.2 79.2% 2.2% 18.7% 4.4x 198.1x 3.7x 12.8x -21.6%Brocade BRCD $4,261.3 $3,682.0 $2,232.6 67.2% 26.0% 1.6% 1.6x 6.3x 1.6x 6.0x -11.9%Cisco Systems CSCO $144,541.0 $111,136.0 $48,675.0 60.5% 27.7% 3.1% 2.3x 8.2x 2.2x 8.0x 4.5%Cyan CYNI n/a n/a $117.5 42.1% -35.8% 7.5% n/a n/a n/a n/a n/aF5 Networks FFIV $9,524.5 $8,726.8 $1,883.8 82.5% 31.7% 13.3% 4.6x 14.6x 4.2x 10.7x 2.9%Gigamon GIMO $891.9 $712.8 $188.8 76.9% 2.8% 27.0% 3.8x 136.3x 3.1x 15.8x n/aJuniper Networks JNPR $11,221.3 $11,321.9 $4,517.1 63.5% 20.0% -7.0% 2.5x 12.5x 2.3x 10.8x 27.6%Radware RDWR $878.5 $797.8 $231.1 82.6% 20.4% 12.7% 3.5x 16.9x 3.2x 15.3x -12.5%

Median: $1,460.4 $1,264.1 $260.1 72.9% 11.4% 5.8% 2.5x 14.6x 2.3x 10.8x -4.5%

TTM Revenue Growth 5.8%TTM EBITDA Growth 11.0%TTM Earnings Growth -29.4%Gross Profit Margin 72.9%EBITDA Margin 11.4%Net Income Margin -3.6%SG&A Expenses as a % of Total Revenue 48.1%R&D Expenses as a % of Total Revenue 22.0%







August 2015 Monthly Flash Report

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10%

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20%

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

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

SEG Software Index Category: Security


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAVG Technologies AVG $1,487.6 $1,593.0 $383.3 86.4% 31.0% -3.2% 4.2x 13.4x 3.5x 10.0x 46.8%Barracuda Networks CUDA $1,460.4 $1,264.1 $289.2 79.2% 2.2% 18.7% 4.4x 198.1x 3.7x 12.8x -21.6%Cyberark Software CYBR $1,871.9 $1,680.3 $118.5 86.6% 24.1% 67.4% 14.2x 58.9x 11.5x 91.2x 52.1%Check Point Software CHKP $14,607.7 $13,380.6 $1,558.9 88.3% 53.5% 8.6% 8.6x 16.0x 7.9x 14.3x 2.9%A10 Networks ATEN $401.1 $304.9 $180.2 75.1% -19.7% 4.2% 1.7x n/a 1.5x n/a 43.4%Cyren CYRN $72.9 $69.0 $30.8 73.5% -12.5% -4.9% 2.2x n/a 2.0x n/a 22.2%Fortinet FTNT $8,094.9 $7,221.9 $870.0 70.9% 7.4% 27.0% 8.3x 112.4x 6.4x 36.1x 55.1%Guidance Software GUID $301.7 $280.8 $108.6 66.6% -5.1% -0.2% 2.6x n/a 2.5x 104.4x 43.7%Imperva IMPV $2,010.2 $1,767.5 $177.3 77.9% -31.4% 26.0% 10.0x n/a 8.2x n/a 35.6%Palo Alto Networks PANW $15,546.5 $15,298.6 $822.4 72.5% -12.1% 54.5% 18.6x n/a 13.5x 61.6x 53.0%Proofpoint PFPT $2,581.3 $2,506.4 $227.8 66.7% -19.4% 38.5% 11.0x n/a 8.6x 261.9x 36.3%Rapid7 RPD $890.5 $874.2 $83.7 74.8% -28.1% n/a 10.4x n/a n/a n/a -9.1%Sourcefire FIRE $15.4 $15.1 $15.7 32.0% 7.1% 2.2% 1.0x 13.5x n/a n/a 26.2%Symantec SYMC $15,479.8 $13,684.8 $6,508.0 83.1% 28.3% -2.5% 2.1x 7.4x 2.2x 6.2x -10.0%Trend Micro TSE:4704 $4,976.5 $4,033.9 $979.9 82.1% 34.4% 6.8% 4.1x 12.0x 4.0x 11.6x 31.7%VASCO VDSI $806.1 $649.1 $245.6 59.9% 23.7% 45.4% 2.6x 11.1x 2.7x 11.2x -25.3%

Median: $1,679.8 $1,636.6 $236.7 74.9% 4.7% 8.6% 4.3x 13.5x 3.9x 14.3x 33.7%



Levered FCF Margin 15.9%Cash from Operations Growth (YoY) 17.3%Cash from Investing Growth (YoY) 4.9%Cash from Financing Growth (YoY) 15.2%Levered FCF Growth (YoY) 53.1%





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25%

30%

35%

40%Security Software Stock Market Return: January - July 2015

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBrocade BRCD $4,261.3 $3,682.0 $2,232.6 67.2% 26.0% 1.6% 1.6x 6.3x 1.6x 6.0x -11.9%CA CA $12,857.4 $11,438.4 $4,170.0 85.4% 32.2% -4.9% 2.7x n/a 2.8x 7.3x -3.6%Cisco Systems CSCO $144,541.0 $111,136.0 $48,675.0 60.5% 27.7% 3.1% 2.3x 8.2x 2.2x 8.0x 4.5%CommVault Systems CVLT $1,704.2 $1,292.9 $594.0 86.2% 4.7% -1.7% 2.2x 46.3x 2.2x 16.4x -27.3%EMC EMC $51,763.3 $52,926.3 $24,691.0 61.5% 21.9% 4.7% 2.1x 9.8x 2.0x 7.2x -9.0%FalconStor Software FALC $57.6 $46.4 $52.5 80.3% 0.8% -0.4% 0.9x 110.8x n/a n/a -0.7%Informatica INFA $5,080.6 $4,522.6 $1,066.5 82.7% 18.3% 6.1% 4.2x 23.1x 3.8x 15.9x 28.2%NetApp NTAP $9,347.6 $5,508.9 $6,122.7 62.6% 14.3% -3.2% 0.9x 6.3x 1.0x 5.1x -23.8%Splunk SPLK $8,792.3 $7,927.2 $490.6 84.2% -45.5% 48.1% 16.2x n/a 12.1x 202.8x 19.0%Varonis Systems VRNS $516.5 $403.5 $106.9 90.0% -18.3% 34.5% 3.8x n/a 3.1x n/a -37.2%

Median: $6,936.4 $5,015.7 $1,649.6 81.5% 16.3% 2.4% 2.2x 9.8x 2.2x 7.7x -6.3%



Levered FCF Margin 18.2%Cash from Operations Growth (YoY) -7.1%Cash from Investing Growth (YoY) -17.8%Cash from Financing Growth (YoY) -51.0%Levered FCF Growth (YoY) -2.7%






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

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

SEG Software Index Category: Systems Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCA Technologies CA $12,857.4 $11,438.4 $4,170.0 85.4% 32.2% -4.9% 2.7x 8.5x 2.8x 7.3x -3.6%Citrix Systems CTXS $12,119.4 $12,555.7 $3,168.0 85.1% 23.3% 4.0% 4.0x 17.0x 3.8x 13.0x 19.1%Netscout Systems NTCT $4,080.6 $3,873.4 $446.6 79.1% 27.0% 5.6% 8.7x 32.1x 3.0x n/a 10.1%Red Hat RHT $14,509.8 $14,046.1 $1,846.7 84.8% 18.9% 15.8% 7.6x 40.1x 6.7x 25.1x 14.6%SolarWinds SWI $3,055.7 $2,809.3 $467.2 89.4% 30.9% 22.2% 6.0x 19.5x 5.1x 10.6x -20.2%VMWare VMW $37,694.9 $32,205.9 $6,326.0 84.4% 25.7% 13.2% 5.1x 19.8x 4.6x 12.8x 8.6%

Median: $12,488.4 $11,997.1 $2,507.4 85.0% 26.3% 9.4% 5.6x 19.6x 4.2x 12.8x 9.4%



Levered FCF Margin 21.7%Cash from Operations Growth (YoY) -10.2%Cash from Investing Growth (YoY) 32.4%Cash from Financing Growth (YoY) -145.2%Levered FCF Growth (YoY) 0.1%





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Systems Management Software Stock Market Return: January - July 2015

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBroadridge Financial BR $6,505.6 $6,824.7 $2,650.5 31.2% 20.0% 4.5% 2.6x 12.9x 2.5x 11.0x 20.3%Fidessa LSE:FDSA $1,426.5 $1,306.4 $446.2 19.8% 17.4% 2.5% 2.9x 16.8x 2.8x 12.9x 3.2%Jack Henry & Associates JKHY $5,658.2 $5,682.8 $1,237.6 42.5% 34.4% 9.1% 4.6x 13.3x 4.3x 12.4x 13.2%MSCI MSCI $7,392.7 $7,737.6 $1,036.1 69.5% 41.7% 8.0% 7.5x 17.9x 6.9x 15.9x 43.8%SS&C SSNC $6,578.7 $6,314.5 $811.8 47.2% 38.2% 10.2% 7.8x 20.4x 5.0x 11.6x 23.6%

Median: $6,505.6 $6,314.5 $1,036.1 42.5% 34.4% 8.0% 4.6x 16.8x 4.3x 12.4x 20.3%









-5%

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10%

15%

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

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBlackbaud BLKB $2,816.8 $3,061.1 $600.7 51.8% 16.0% 13.4% 5.1x 31.8x 4.5x 19.9x 46.1%Constellation TSX:CSU $9,469.3 $9,694.7 $1,725.0 36.3% 17.3% 17.6% 5.6x 32.5x 4.9x 19.9x 52.8%EPIQ Systems EPIQ $617.1 $888.6 $452.8 51.4% 13.3% -2.1% 2.0x 14.8x 1.6x 7.9x 0.9%Guidewire Software GWRE $4,165.9 $3,615.9 $372.8 60.7% 6.8% 13.3% 9.7x 142.7x 9.1x 52.4x 18.2%Sapiens International SPNS $514.0 $460.2 $161.8 37.8% 12.7% 15.2% 2.8x 22.4x 2.5x 18.9x 48.5%Silver Spring Networks SSNI $556.7 $446.3 $290.7 40.0% -6.3% -8.4% 1.5x n/a 1.5x 26.5x 38.4%Tyler Technologies TYL $4,725.4 $4,521.3 $537.4 47.3% 22.5% 18.2% 8.4x 37.3x 7.3x 26.3x 29.4%

Median: $2,816.8 $3,061.1 $452.8 47.3% 13.3% 13.4% 5.1x 32.2x 4.5x 19.9x 38.4%








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40%

50%Vertical - Other Software Stock Market Return: January - July 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 EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $1,047.4 $917.1 $159.8 65.4% -10.5% 28.6% 6.3x 43.5x 4.9x 31.0x 3.0% CRM & Marketing $1,118.8 $942.3 $178.3 68.3% -11.3% 28.4% 6.2x 129.3x 4.9x 29.1x -16.0% ERP & Supply Chain $1,197.9 $1,076.6 $143.7 67.7% -9.9% 26.7% 6.9x 38.3x 5.7x 42.6x -7.9% Vertically Focused $1,084.1 $1,193.3 $176.5 60.5% 5.9% 38.8% 8.1x 43.4x 5.7x 26.4x 5.4% Human Capital Management $1,444.0 $1,366.4 $164.5 60.3% -11.3% 33.6% 6.6x 62.4x 5.4x 48.8x 4.9% SaaS Other $578.5 $549.5 $146.5 69.0% -17.0% 27.4% 4.9x 32.1x 3.9x 26.9x 1.1%

Category Name

TTM Revenue Growth 28.6%TTM EBITDA Growth -0.7%TTM Earnings Growth -7.8%Gross Profit Margin 65.4%EBITDA Margin -10.5%Net Income Margin -18.0%SG&A Expenses as a % of Total Revenue 57.5%R&D Expenses as a % of Total Revenue 18.8%







-8%

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6%

8%

10%

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

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBazaarvoice BV $452.5 $402.7 $191.2 63.4% -11.3% 13.7% 2.1x n/a 2.0x n/a -31.1%Constant Contact CTCT $831.0 $650.3 $353.5 72.8% 12.4% 15.1% 1.8x 14.8x 1.7x 8.1x -27.9%Cvent NYSE:CVT $1,118.8 $942.3 $152.0 68.3% 1.5% 28.6% 6.2x 425.0x 4.9x 47.1x -3.8%HubSpot HUBS $1,784.7 $1,648.8 $129.9 69.3% -37.5% 52.7% 12.7x n/a 9.3x n/a 61.1%LivePerson LPSN $548.3 $511.2 $230.1 73.1% 4.0% 20.5% 2.2x 55.1x 2.0x 23.1x -29.6%Marketo MKTO $1,284.5 $1,180.3 $178.3 65.4% -31.0% 46.2% 6.6x n/a 4.9x n/a -8.0%Marin Software MRIN $202.2 $152.8 $103.0 64.1% -26.3% 24.1% 1.5x n/a 1.3x n/a -34.7%Salesforce.com CRM $48,052.3 $49,072.0 $5,658.0 75.6% 4.3% 28.4% 8.7x 203.6x 7.1x 35.2x 23.7%Zendesk ZEN $1,776.1 $1,473.2 $144.2 64.4% -46.5% 73.3% 10.2x n/a 7.0x n/a -16.0%

Median: $1,118.8 $942.3 $178.3 68.3% -11.3% 28.4% 6.2x 129.3x 4.9x 29.1x -16.0%









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0%

5%

10%

15%CRM & Marketing SaaS Stock Market Return: January - July 2015

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmber Road AMBR $153.7 $145.3 $65.0 54.7% -10.8% 16.3% 2.2x n/a 1.9x n/a -42.0%Apigee Corporation APIC $236.3 $135.5 $64.8 61.3% -76.9% n/a 2.1x n/a 1.7x n/a -51.8%Fleetmatics FLTX $1,837.4 $1,689.3 $245.2 74.7% 25.9% 28.5% 6.9x 26.6x 5.7x 18.8x 35.3%Netsuite N $7,770.6 $7,656.7 $643.6 67.7% -9.9% 35.0% 11.9x n/a 9.0x 113.5x -7.9%SciQuest SQI $330.7 $202.9 $103.7 68.2% 5.1% 4.7% 2.0x 38.3x 1.9x 10.0x -17.2%SPS Commerce SPSC $1,197.9 $1,076.6 $143.7 68.7% 9.8% 25.0% 7.5x 76.2x 6.2x 42.6x 29.7%Workday WDAY $16,107.0 $14,683.5 $879.1 67.5% -17.3% 63.7% 16.7x n/a 11.8x 223.0x 4.9%

Median: $1,197.9 $1,076.6 $143.7 67.7% -9.9% 26.7% 6.9x 38.3x 5.7x 42.6x -7.9%

TTM Revenue Growth 26.7%TTM EBITDA Growth 26.3%TTM Earnings Growth 24.1%Gross Profit Margin 67.7%EBITDA Margin -9.9%Net Income Margin -17.0%SG&A Expenses as a % of Total Revenue 52.3%R&D Expenses as a % of Total Revenue 18.6%








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

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD2U TWOU $1,326.5 $1,243.4 $118.5 76.2% -21.9% 31.2% 10.5x n/a 8.0x n/a 64.7%Alarm.com ALRM $831.0 $798.5 $176.5 60.3% 12.9% 26.9% 4.5x 35.0x 4.0x 46.3x 9.8%AppFolio APPF $479.7 $477.2 $53.7 53.6% -14.9% n/a 8.9x n/a 6.1x n/a 5.4%Athenahealth ATHN $5,407.8 $5,592.6 $834.8 60.5% 7.4% 24.2% 6.7x 90.8x 5.5x 31.0x -5.4%Castlight Health CSLT $673.3 $487.5 $53.2 46.7% -150.6% 173.5% 9.2x n/a 5.7x n/a -38.5%DealerTrack TRAK $3,421.5 $4,223.3 $948.4 45.4% 12.1% 78.5% 4.5x 36.7x 3.7x 18.0x 41.3%Ebix EBIX $1,084.1 $1,193.3 $226.7 74.7% 36.2% 11.4% 5.3x 14.5x 4.6x 12.4x 85.2%Ellie Mae ELLI $2,319.5 $2,229.6 $209.5 69.2% 21.9% 54.6% 10.6x 48.6x 8.4x 34.9x 95.1%Medical Transcript MTBC $22.9 $25.6 $21.9 42.3% -11.8% 102.3% 1.2x n/a 0.9x 11.1x -24.1%Medidata Solutions MDSO $2,974.3 $2,955.1 $365.7 75.9% 10.2% 19.8% 8.1x 79.1x 6.7x 27.4x 15.0%OPOWER OPWR $512.7 $385.3 $133.3 65.3% -30.4% 35.7% 2.9x n/a 2.5x n/a -30.8%RealPage RP $1,527.7 $1,514.9 $414.5 55.9% 5.9% 6.7% 3.7x 61.7x 3.2x 18.1x -10.7%Textura TXTR $749.9 $682.0 $74.7 80.9% -13.1% 44.7% 9.1x n/a 6.4x 38.7x 1.9%Q2 Holdings QTWO $1,011.2 $891.9 $86.5 43.2% -16.2% 42.0% 10.3x n/a 7.9x n/a 43.9%Veeva Systems VEEV $3,546.5 $3,118.0 $336.4 63.8% 24.2% 43.7% 9.3x 38.2x 7.5x 25.5x 2.6%

Median: $1,084.1 $1,193.3 $176.5 60.5% 5.9% 38.8% 8.1x 43.4x 5.7x 26.4x 5.4%

TTM Revenue Growth 38.8%TTM EBITDA Growth 4.5%TTM Earnings Growth 14.9%Gross Profit Margin 60.5%EBITDA Margin 5.9%Net Income Margin -3.0%SG&A Expenses as a % of Total Revenue 46.4%R&D Expenses as a % of Total Revenue 14.9%








-15%

-10%

-5%

0%

5%

10%

15%

20%

25%

30%Vertically Focused SaaS Stock Market Return: January - July 2015

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBenefitfocus BNFT $1,069.6 $1,007.6 $159.8 41.6% -31.6% 33.6% 6.3x n/a 5.5x n/a 19.0%Callidus Software CALD $917.6 $826.0 $154.5 60.2% -3.3% 24.2% 5.3x n/a 4.5x 34.6x 4.3%Cornerstone OnDemand CSOD $1,945.0 $1,952.2 $280.1 69.7% -16.9% 36.7% 7.0x n/a 5.4x 205.9x 4.8%Halogen Software TSX:HGN $165.7 $123.9 $59.0 71.6% -16.0% 18.2% 2.1x n/a 1.8x n/a 3.4%HealthStream HSTM $887.8 $747.9 $189.2 57.1% 16.4% 24.8% 4.0x 24.1x 3.4x 22.3x -2.1%Paylocity Holding PCTY $1,818.5 $1,725.2 $141.3 52.2% -6.7% 40.9% 12.2x n/a 9.5x 160.2x 39.9%Paycom Software PAYC $1,867.9 $1,858.7 $169.2 84.7% 17.6% 44.6% 11.0x 62.4x 8.5x 48.8x 22.8%The Ultimate Software Group ULTI $5,264.8 $5,162.9 $555.0 60.3% 12.3% 21.1% 9.3x 75.7x 7.6x 31.0x 25.6%Workday WDAY $16,107.0 $14,683.5 $879.1 67.5% -17.3% 63.7% 16.7x n/a 11.8x 223.0x 4.9%Xactly XTLY $202.3 $213.7 $63.7 59.6% -19.7% n/a 3.4x n/a 2.8x n/a -16.1%

Median: $1,444.0 $1,366.4 $164.5 60.3% -11.3% 33.6% 6.6x 62.4x 5.4x 48.8x 4.9%

TTM Revenue Growth 33.6%TTM EBITDA Growth #NUM!TTM Earnings Growth #NUM!Gross Profit Margin 60.3%EBITDA Margin -11.3%Net Income Margin #NUM!SG&A Expenses as a % of Total Revenue #NUM!R&D Expenses as a % of Total Revenue #NUM!

Current Ratio #NUM!Quick Ratio #NUM!Cash as Percent of Market Cap #NUM!Avg Days Outstanding: Accounts Receivable #NUM!Avg Days Outstanding: Accounts Payable #NUM!Working Capital to TTM Operating Expense Ratio #NUM!

Levered FCF Margin #NUM!Cash from Operations Growth (YoY) #NUM!Cash from Investing Growth (YoY) #NUM!Cash from Financing Growth (YoY) #NUM!Levered FCF Growth (YoY) #NUM!






-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


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBox Box $1,965.6 $1,724.9 $236.7 76.7% -61.9% 62.0% 7.3x n/a 5.6x n/a -29.7%ChannelAdvisors ECOM $252.1 $190.9 $88.2 72.1% -31.1% 21.7% 2.2x n/a 2.0x n/a -53.2%Covisint COVS $116.9 $66.8 $88.5 34.4% -30.4% -8.9% 0.8x n/a 0.8x n/a 16.4%Demandware DWRE $2,827.8 $2,638.9 $195.4 72.1% -17.0% 48.5% 13.5x n/a 10.5x 272.9x 33.9%FireEye FEYE $7,092.5 $6,591.9 $529.8 61.0% -74.9% 97.4% 12.4x n/a 8.8x n/a 43.4%HortonWorks HDP $1,047.4 $881.5 $60.3 -43.4% -311.3% 96.6% 14.6x n/a 8.3x n/a -4.9%inContact SAAS $570.6 $532.4 $186.1 49.1% -4.9% 37.4% 2.9x n/a 2.4x 49.9x 5.7%IntraLinks Holdings IL $651.7 $683.3 $262.9 73.0% 4.6% 10.1% 2.6x 56.4x 2.4x 17.0x -0.8%J2 Global JCOM $3,393.7 $3,511.7 $626.2 82.3% 40.9% 15.7% 5.6x 13.7x 4.8x 11.2x 16.0%Jive Software JIVE $353.1 $239.2 $184.8 63.0% -17.2% 20.8% 1.3x n/a 1.2x n/a -22.2%New Relic NEWR $1,651.1 $1,450.4 $110.4 80.3% -40.7% 74.7% 13.1x n/a 9.1x n/a -4.6%Liquid Holdings Group MB $8.5 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -32.5%MINDBODY MB $383.4 $549.5 $76.6 58.5% -30.4% n/a 7.2x n/a 5.6x n/a -15.2%Qualys QLYS $1,255.0 $1,112.1 $148.3 79.1% 20.7% 24.1% 7.5x 36.3x 6.3x 24.1x -0.9%RingCentral RNG $1,360.7 $1,249.0 $254.8 68.1% -10.3% 35.3% 4.9x n/a 3.8x 103.8x 33.7%Service-now.com NOW $498.9 $431.1 $92.5 72.5% -30.6% 19.1% 4.7x n/a 3.9x n/a 66.4%Shopify SHOP $2,834.8 $2,636.0 $144.8 57.1% -7.2% n/a 18.2x n/a 12.2x n/a 45.6%Tableau Software DATA $7,452.2 $6,722.7 $527.4 89.9% -0.3% 71.4% 12.7x n/a 9.2x 85.8x 21.8%Tangoe TNGO $429.8 $382.1 $215.6 55.2% 7.7% 10.9% 1.8x 23.0x 1.5x 9.7x -13.0%TrueCar NasdaqGS: $534.3 $417.7 $221.3 91.1% -19.1% 44.8% 1.9x n/a 1.6x 49.1x -70.0%Upland Software TRUE $124.3 $121.9 $66.5 63.7% 1.8% 38.1% 1.8x 104.6x 1.7x 25.9x -14.4%Workiva WK $586.4 $520.8 $119.7 69.9% -30.9% 28.6% 4.4x n/a 3.5x n/a 7.4%Yodlee YDLE $372.3 $304.3 $93.9 60.8% -3.7% 26.2% 3.2x n/a 2.6x 27.9x 3.0%Zix ZIXI $280.7 $252.7 $51.9 82.8% 17.4% 5.3% 4.9x 28.0x 4.4x 15.8x 37.5%

Median: $578.5 $549.5 $146.5 69.0% -17.0% 27.4% 4.9x 32.1x 3.9x 26.9x 1.1%



Levered FCF Margin 3.5%Cash from Operations Growth (YoY) -2.6%Cash from Investing Growth (YoY) -30.2%Cash from Financing Growth (YoY) 4.9%Levered FCF Growth (YoY) 55.1%






-10%

-5%

0%

5%

10%

15%

20%Other Public SaaS Companies SaaS Stock Market Return: January - July 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 EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,189.6 $1,112.1 $476.2 64.2% 8.4% 17.1% 2.1x 19.4x 2.1x 14.3x -6.4% Ad Tech & Lead Generation $618.8 $551.2 $444.2 52.9% 2.0% 20.6% 2.2x 16.8x 2.1x 17.2x -12.5% Commerce $649.4 $636.2 $473.5 43.8% 6.0% 18.1% 1.3x 20.9x 2.0x 19.5x -9.5% Content & Media $2,142.5 $1,734.6 $669.0 58.1% 10.1% 9.2% 2.6x 35.3x 2.4x 17.1x 5.3% Gaming $3,028.22 $2,356.7 $1,332.0 69.5% 32.2% 17.7% 3.0x 11.0x 2.8x 11.7x 3.7% Infrastructure $649.89 $518.9 $304.9 62.0% 5.8% 4.9% 1.6x 18.7x 1.5x 11.4x -1.0% Search $33,510.41 $30,773.0 $6,164.2 69.9% 31.3% 16.7% 4.9x 16.7x 4.4x 11.9x 0.8% Services $919.04 $790.3 $282.1 72.4% 5.4% 22.6% 2.0x 20.8x 1.8x 12.7x -15.6% Social $3,912.58 $4,188.5 $671.4 67.8% 8.5% 46.2% 9.3x 39.2x 7.0x 19.6x -10.0% Travel $6,522.79 $6,350.2 $1,176.0 82.3% 12.0% 18.7% 3.8x 20.8x 3.7x 17.9x 7.7%


Current Ratio 2.4Quick Ratio 2.1Cash as Percent of Market Cap 19.7%Avg Days Outstanding: Accounts Receivable 41Avg Days Outstanding: Accounts Payable 54Working Capital to TTM Operating Expense Ratio 0.5






-10%

-8%

-6%

-4%

-2%

0%

2%

4%

6%

8%

10%

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

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $60,614.4 $54,921.4 $9,171.8 68.0% 30.2% 42.5% 6.0x 19.8x 4.4x 21.1x -22.6%Criteo SA CRTO $3,277.9 $2,981.1 $1,068.9 35.9% 8.2% 69.1% 2.8x 34.0x 5.5x 19.5x 33.3%Google GOOGL $439,771.5 $379,973.5 $69,611.0 62.4% 32.5% 14.4% 5.5x 16.8x 4.8x 11.8x 24.2%Marchex MCHX $194.6 $111.0 $174.7 41.1% 6.7% 3.8% 0.6x 9.5x 0.8x 12.8x -2.2%MaxPoint Interactive MXPT $229.9 $192.9 $119.8 50.0% -9.7% 70.2% 1.6x n/a 2.0x n/a -9.1%ReachLocal RLOC $83.6 $51.3 $449.7 45.4% -8.3% -13.0% 0.1x n/a 0.1x 17.2x -16.4%Rocket Fuel FUEL $321.4 $313.9 $438.6 43.0% -12.4% 58.5% 0.7x n/a 0.6x 24.7x -52.6%The Rubicon Project RUBI $760.3 $661.1 $164.2 80.5% -4.4% 65.1% 4.0x n/a 2.2x 15.6x 8.7%Sohu.com SOHU $1,856.7 $1,594.1 $1,856.5 55.8% 11.2% 22.2% 0.9x 7.7x 0.8x 6.1x -8.2%Tremor TRMR $124.9 $50.2 $165.2 37.6% -9.7% 16.4% 0.3x n/a 0.2x n/a -15.9%TubeMogul TUBE $477.2 $441.4 $122.5 70.6% -5.0% 75.9% 3.6x n/a 2.7x n/a -32.7%Yahoo! YHOO $34,412.7 $29,821.2 $4,870.4 67.5% 11.1% 5.4% 6.1x 55.0x 7.2x 32.0x -26.9%Yandex YNDX $4,432.4 $4,268.7 $971.6 71.7% 32.5% 19.0% 4.4x 13.5x 4.4x 12.0x -24.3%YuMe YUME $161.0 $115.9 $180.6 47.9% -2.7% 11.6% 0.6x n/a 0.6x 101.6x -6.4%

Median: $618.8 $551.2 $444.2 52.9% 2.0% 20.6% 2.2x 16.8x 2.1x 17.2x -12.5%


Current Ratio 3.1xQuick Ratio 3.0xCash as Percent of Market Cap 24.0%Avg Days Outstanding: Accounts Receivable 69.9xAvg Days Outstanding: Accounts Payable 69.9xWorking Capital to TTM Operating Expense Ratio 0.5x

Levered FCF Margin 1.5%Cash from Operations Growth (YoY) 27.6%Cash from Investing Growth (YoY) -34.2%Cash from Financing Growth (YoY) -91.2%Levered FCF Growth (YoY) -19.9%





-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%Internet Ad Tech Stock Market Return: January - July 2015

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

SEG Internet Index Category: Commerce


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD1-800-FLOWERS.COM FLWS $649.4 $734.3 $1,080.6 43.8% 8.8% 45.6% 0.7x 7.8x 0.6x 8.3x 26.4%58.com WUBA $6,861.5 $6,429.0 $303.8 94.3% -15.5% 78.4% 21.2x n/a 9.6x n/a 41.7%Alibaba BABA $196,823.6 $186,914.4 $12,292.0 68.7% 36.3% 45.1% 15.2x 41.9x 11.4x 23.3x -24.4%Amazon.com AMZN $250,762.7 $254,714.7 $95,808.0 31.3% 6.0% 17.2% 2.7x 44.5x 2.2x 20.9x 73.8%Baozun BZUN $403.9 $375.6 $289.2 21.0% -2.2% n/a 1.3x n/a 0.9x 25.2x -20.4%Bitauto Holdings BITA $2,402.1 $1,465.5 $452.7 73.1% 18.7% 80.7% 3.2x 17.3x 2.0x 42.3x -47.6%BlueNile NILE $376.5 $337.3 $476.2 18.4% 3.4% 4.3% 0.7x 20.9x 0.7x 13.9x -9.5%Chegg CHGG $715.1 $636.2 $317.9 37.7% 5.5% 14.5% 2.0x 36.5x 2.1x 155.1x 18.7%DangDang DANG $545.5 $280.4 $1,361.2 17.7% 0.4% 25.4% 0.2x 50.5x 0.2x 116.3x -29.1%eBay EBAY $34,256.6 $31,324.6 $18,351.0 67.4% 28.2% 11.1% 1.7x 6.1x 3.5x 8.8x 33.6%Groupon GRPN $3,261.6 $2,324.1 $3,213.6 47.6% 3.2% 19.0% 0.7x 22.4x 0.7x 6.8x -39.9%Liquidity Services LQDT $269.5 $183.3 $473.5 34.2% 8.6% -6.0% 0.4x 4.5x 0.4x 5.4x 12.8%Mecox Lane MCOX $41.2 $22.7 $51.7 63.8% 13.2% 61.3% 0.4x 3.3x n/a n/a -9.7%Mercadolibre MELI $5,770.6 $5,690.5 $589.3 77.5% 33.3% 21.4% 9.7x 29.0x 8.7x 27.5x 4.0%MOL Global MOLG $84.4 $62.8 $57.7 16.3% -13.4% 16.5% 1.1x n/a n/a n/a -58.6%Overstock.com OSTK $514.7 $392.4 $1,554.2 18.7% 1.5% 16.6% 0.3x 16.6x n/a n/a -10.2%PetMed Express PETS $341.4 $283.1 $228.5 33.0% 13.7% -1.4% 1.2x 9.1x 1.2x 8.6x 20.1%Stamps.com STMP $1,122.5 $1,053.3 $158.0 77.8% 25.6% 22.5% 6.7x 26.0x 5.3x 18.0x 44.1%Wowo Limited WOWO $347.6 $542.8 $32.2 79.9% -121.9% -2.0% 16.9x n/a n/a n/a -59.0%

Median: $649.4 $636.2 $473.5 43.8% 6.0% 18.1% 1.3x 20.9x 2.0x 19.5x -9.5%



Levered FCF Margin 7.3%Cash from Operations Growth (YoY) 18.6%Cash from Investing Growth (YoY) 35.5%Cash from Financing Growth (YoY) -3.4%Levered FCF Growth (YoY) -9.1%





-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%Internet Commerce Internet Stock Market Return: January - July 2015

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDDemandMedia DMD $118.6 $71.2 $160.6 56.0% 2.7% 4.4% 0.4x 16.2x 0.5x 17.1x 4.6%InterActiveCorp IACI $6,406.4 $6,624.6 $3,156.6 73.5% 12.7% 6.0% 2.1x 16.6x 2.0x 11.3x 29.5%Netflix NFLX $48,696.6 $48,299.9 $6,112.0 32.3% 6.7% 24.9% 7.9x 118.6x 6.3x 84.1x 129.3%Pandora P $3,719.2 $3,346.7 $1,023.9 46.1% -3.7% 28.0% 3.3x n/a 2.6x 31.3x -1.2%Shutterstock SSTK $1,916.2 $1,670.7 $352.7 60.2% 13.4% 37.2% 4.7x 35.3x 3.5x 17.2x -22.1%SINA SINA $2,368.8 $1,396.9 $781.4 61.7% 0.6% 10.0% 1.8x 283.0x 1.6x 19.1x 7.4%TheStreet.com TST $64.8 $31.1 $63.6 49.2% 0.1% 13.0% 0.5x 710.4x 0.4x 10.0x -17.0%WebMD Health WBMD $1,603.7 $1,798.6 $597.9 60.6% 20.4% 8.4% 3.0x 14.7x 2.8x 9.0x 11.4%XO Group XOXO $392.3 $309.6 $143.8 86.5% 12.9% 5.8% 2.2x 16.7x 2.2x 12.3x -18.2%Xunlei XNET $619.9 $187.9 $177.7 45.7% 15.4% 6.7% 1.1x 6.9x 1.2x n/a 15.6%Yahoo! YHOO $34,412.7 $29,821.2 $4,870.4 67.5% 11.1% 5.4% 6.1x 55.0x 7.2x 32.0x -26.9%Youku YOKU $3,763.4 $2,786.7 $740.1 23.8% 9.1% 37.9% 3.8x 41.4x 2.5x n/a 6.0%

Median: $2,142.5 $1,734.6 $669.0 58.1% 10.1% 9.2% 2.6x 35.3x 2.4x 17.1x 5.3%









-15%

-10%

-5%

0%

5%

10%

15%Internet Content & Media Stock Market Return: January - July 2015

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDChangYou.com CYOU $1,210.6 $1,078.3 $807.6 69.7% 27.5% 9.7% 1.3x 4.9x 1.4x 6.2x -13.6%Netease NTES $18,121.8 $14,515.2 $2,098.2 71.0% 39.3% 38.2% 6.9x 17.6x 4.7x 13.0x 41.2%NCSoft KOSE:A03657 $3,775.0 $3,119.3 $766.0 74.8% 36.9% 13.2% 4.1x 11.0x 3.8x 10.3x 15.6%Sohu.com SOHU $1,856.7 $1,594.1 $1,856.5 55.8% 11.2% 22.2% 0.9x 7.7x 0.8x 6.1x -8.2%Tencent Holdings SEHK:700 $173,696.1 $170,667.2 $13,377.0 61.4% 41.0% 27.0% 12.8x 31.1x 10.0x 22.7x 28.6%Zynga ZNGA $2,281.4 $1,331.0 $705.7 69.3% -11.8% -9.3% 1.9x n/a 1.7x 36.3x -9.2%

Median: $3,028.2 $2,356.7 $1,332.0 69.5% 32.2% 17.7% 3.0x 11.0x 2.8x 11.7x 3.7%








-10%

-5%

0%

5%

10%

15%

20%

25%

30%Internet Gaming Stock Market Return: January - July 2015

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD8x8 EGHT $768.0 $611.0 $172.4 72.5% 4.9% 25.6% 3.5x 72.3x 2.9x 32.5x -3.9%Akamai Technologies AKAM $13,731.1 $13,702.1 $2,101.6 68.1% 33.7% 19.3% 6.5x 19.4x 5.8x 14.3x 21.3%Brightcove BCOV $178.2 $158.8 $128.6 64.9% -1.9% 6.9% 1.2x n/a 1.2x 24.4x -29.3%BroadSoft BSFT $1,014.0 $945.1 $240.6 72.2% 8.3% 25.8% 3.9x 47.4x 3.4x 15.4x 21.1%Envivio ENVI $51.4 $18.6 $42.7 65.4% -15.5% -3.4% 0.4x n/a 0.4x n/a 34.8%GoDaddy GDDY $1,846.7 $3,066.8 $1,443.4 63.3% 6.9% 21.5% 2.1x 30.6x 1.9x 8.7x 8.8%Harmonic HLIT $531.8 $426.7 $423.1 52.0% 5.4% -8.2% 1.0x 18.7x 1.0x 9.0x -14.3%Interactive Intelligence ININ $893.3 $832.9 $367.8 60.7% 2.7% 12.1% 2.3x 84.0x 2.1x 63.4x -13.2%Limelight Networks LLNW $375.3 $294.3 $165.9 50.4% -3.3% -0.9% 1.8x n/a 1.7x 46.8x 36.1%Mitel Networks MITL $1,132.6 $1,323.0 $1,110.6 53.2% 13.1% 75.1% 1.2x 9.1x 1.1x 7.3x 0.0%Polycom PLCM $1,517.6 $1,146.0 $1,331.9 58.3% 12.5% -1.0% 0.9x 6.9x 0.9x 5.3x -14.8%Rovi ROVI $991.8 $1,844.8 $524.6 80.5% 31.8% -5.5% 3.5x 11.0x 3.5x 9.4x -51.3%SeaChange International SEAC $229.5 $153.0 $114.3 50.2% -12.1% -15.4% 1.3x n/a 1.3x n/a 9.9%ShoreTel SHOR $457.7 $373.4 $354.9 59.7% 6.3% 5.4% 1.1x 16.7x 1.0x 14.8x -2.1%Sonus Networks SONS $400.2 $301.5 $254.9 64.1% -8.1% -12.3% 1.2x n/a 1.1x 6.7x -60.7%Synacor SYNC $45.2 $21.0 $108.1 45.9% 0.5% 0.1% 0.2x 41.5x 0.2x 6.0x -20.5%Tucows TCX $294.4 $287.2 $153.7 29.1% 11.0% 14.4% 1.9x 17.0x 1.7x 11.9x 39.3%VeriSign VRSN $8,051.2 $8,025.5 $1,031.9 81.5% 61.8% 4.4% 7.8x 12.6x 7.5x 11.0x 24.0%

Median: $649.9 $518.9 $304.9 62.0% 5.8% 4.9% 1.6x 18.7x 1.5x 11.4x -1.0%








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Internet Infrastructure Stock Market Return: January - July 2015

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $60,614.4 $54,921.4 $9,171.8 68.0% 30.2% 42.5% 6.0x 19.8x 4.4x 21.1x -22.6%Google GOOGL $439,771.5 $379,973.5 $69,611.0 62.4% 32.5% 14.4% 5.5x 16.8x 4.8x 11.8x 24.2%InterActiveCorp IACI $6,406.4 $6,624.6 $3,156.6 73.5% 12.7% 6.0% 2.1x 16.6x 2.0x 11.3x 29.5%Yandex YNDX $4,432.4 $4,268.7 $971.6 71.7% 32.5% 19.0% 4.4x 13.5x 4.4x 12.0x -24.3%

Median: $33,510.4 $30,773.0 $6,164.2 69.9% 31.3% 16.7% 4.9x 16.7x 4.4x 11.9x 0.8%









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Internet Search Stock Market Return: January - July 2015

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAngie's List ANGI $292.6 $281.8 $334.3 72.6% 4.6% 17.0% 0.8x 18.5x 0.8x 7.9x -21.7%Bankrate RATE $919.0 $1,062.2 $550.2 41.4% 18.2% 13.5% 1.9x 10.6x 2.0x 7.4x -26.2%Carbonite CARB $326.4 $261.4 $130.2 69.7% 1.3% 12.3% 2.0x 155.2x 1.8x 8.7x -15.6%Care.com CRCM $191.7 $129.0 $136.4 72.4% -19.6% 43.1% 0.9x n/a 0.8x n/a -23.6%Cimpress CMPR $2,142.6 $2,706.7 $1,494.2 61.9% 13.0% 17.6% 1.8x 14.0x 1.6x 10.7x -12.6%Coupons.com COUP $806.2 $611.3 $225.8 61.2% -6.0% 23.5% 2.7x n/a 2.1x 13.9x -43.6%eHealth EHTH $291.4 $239.6 $187.3 97.6% 3.2% -1.3% 1.3x 39.7x 1.3x 23.1x -32.9%Everyday Health EVDY $376.0 $440.2 $188.0 72.4% 8.7% 15.4% 2.3x 26.8x 1.8x 8.3x -18.9%GrubHub GRUB $2,661.4 $2,354.0 $311.5 64.9% 28.2% 53.3% 7.6x 26.8x 5.7x 18.7x -13.3%LendingClub LC $5,402.3 n/a $253.6 82.8% n/a 110.5% n/a n/a n/a n/a -41.8%LifeLock LOCK $747.4 $421.5 $532.1 75.5% 6.3% 26.3% 0.8x 12.6x 0.7x 5.2x -50.2%Monster Worldwide MWW $643.0 $790.7 $741.5 48.5% 10.7% -5.9% 1.1x 9.9x 1.1x 5.8x 54.9%Qihoo QIHU $7,995.8 $8,112.6 $1,509.9 77.8% 25.9% 82.7% 5.4x 20.8x 3.8x 12.7x 3.9%QuinStreet QNST $259.3 $209.8 $282.1 10.7% -0.1% -0.1% 0.7x n/a 0.7x 13.1x -3.0%Shutterfly SFLY $1,609.5 $1,787.4 $969.2 50.0% 9.2% 16.8% 1.8x 20.0x 1.6x 9.1x 3.7%Tree.Com TREE $949.7 $861.1 $191.2 95.7% 9.5% 22.6% 4.5x 47.6x 4.0x 25.7x 75.2%Wix.com WIX $1,082.2 $997.4 $157.5 81.8% -35.0% 67.9% 6.3x n/a 4.5x 72.3x 33.0%Xoom XOOM $976.9 $789.9 $174.0 72.3% 4.0% 24.2% 4.5x 112.2x 3.7x 28.2x 43.4%Zillow Z $4,765.7 $4,367.2 $386.9 90.6% -1.3% 72.1% 11.3x n/a 6.0x 40.4x -21.4%

Median: $919.0 $790.3 $282.1 72.4% 5.4% 22.6% 2.0x 20.8x 1.8x 12.7x -15.6%








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Internet Services Stock Market Return: January - July 2015

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFacebook FB $264,002.3 $250,026.3 $14,640.0 83.4% 43.6% 46.2% 17.1x 39.2x 12.6x 21.5x 19.8%LinkedIn LNKD $25,603.5 $23,699.9 $2,561.1 86.3% 8.5% 38.6% 9.3x 109.4x 7.0x 30.7x -11.5%Mail.ru Group LSE:MAIL $3,912.6 $4,188.5 $524.0 64.2% 48.6% 19.5% 8.0x 16.5x 6.6x 14.2x 22.1%Renren RENN $1,189.6 $776.2 $73.4 36.0% -125.9% -43.5% 10.6x n/a 11.0x n/a 30.5%Twitter TWTR $20,826.1 $18,862.5 $1,778.7 67.8% -16.1% 82.6% 10.6x n/a 7.0x 28.4x -15.2%Yelp YELP $1,975.1 $1,607.0 $464.8 92.4% 6.1% 56.5% 3.5x 56.8x 2.6x 17.7x -52.1%YY YY $3,182.4 $2,952.1 $671.4 48.2% 29.0% 91.4% 4.4x 15.2x 3.1x 12.0x -10.0%

Median: $3,912.6 $4,188.5 $671.4 67.8% 8.5% 46.2% 9.3x 39.2x 7.0x 19.6x -10.0%









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15%Internet Social Stock Market Return: January - July 2015

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCtrip CTRP $10,194.0 $10,368.7 $1,432.9 70.7% -2.5% 41.4% 7.2x n/a 5.6x 63.9x 58.3%Expedia EXPE $15,680.1 $15,401.1 $6,104.5 79.9% 11.6% 16.3% 2.5x 21.8x 2.2x 11.9x 42.1%HomeAway AWAY $2,851.6 $2,331.6 $460.1 84.7% 13.7% 23.5% 5.1x 36.9x 4.5x 18.2x 3.9%MakeMyTrip MMYT $613.0 $484.8 $298.5 31.2% -4.4% 9.3% 1.6x n/a 2.9x 28.7x -46.3%Orbitz OWW $1,260.2 $1,374.7 $942.0 77.8% 12.4% 10.2% 1.5x 11.8x 1.4x 8.5x 35.7%Priceline PCLN $64,462.9 $65,131.6 $8,640.9 90.7% 38.1% 21.1% 7.5x 19.8x 6.8x 17.7x 8.9%Travelzoo TZOO $131.7 $75.8 $135.6 86.8% 6.4% -10.7% 0.6x 8.7x 0.6x 14.1x -26.5%TripAdvisor TRIP $12,280.3 $11,857.3 $1,410.0 96.3% 25.2% 31.5% 8.4x 33.3x 7.0x 21.3x 6.4%

Median: $6,522.8 $6,350.2 $1,176.0 82.3% 12.0% 18.7% 3.8x 20.8x 3.7x 17.9x 7.7%



Levered FCF Margin 12.7%Cash from Operations Growth (YoY) 28.4%Cash from Investing Growth (YoY) -28.1%Cash from Financing Growth (YoY) 48.3%Levered FCF Growth (YoY) -4.5%





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20%Internet Travel Stock Market Return: January - July 2015

Travel S&P NASDAQ SEG Internet Index

software equity group flash report - sandhill · 2015-08-25 · software equity group is an...

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