Technology Industry Insights Digital Information Management Sector Update

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1 December 2009 Technology Industry Insights Digital Information Management Sector Update Inside 3 Market 7 Market 14 Contact Trends News Capital Markets Activity Michael Guptan Duff & Phelps Securities, LLC Head of Technology Investment Banking Kartik Sudeep Duff & Phelps Securities, LLC Philippe Nataf Duff & Phelps SAS +33 (0) Alexandre De Gandt Duff & Phelps SAS +33 (0) Key Highlights SaaS: Compuware acquires Gomez, Inc. for $290 million Intuit acquires Mint Software for approximately $170 million in cash Aravo Solutions secures $21 million in series D round Engine Yard raises $19 million in series C round Taleo to acquire Worldwide Compensation for $20.5 million Legal Technology: Dolan Media acquires DiscoverReady for $31.9 million EMC acquires Kazeon Systems for an estimated $75 million Renew Data acquires Digital Mandate for an estimated $4 million Laureate Legal Services announces 25 million funding LECG announces $25 million private placement CCH (Wolters Kluwer subsidiary) acquires Axentis ALM Media secures $15 million in a recapitalization round FTI Consulting announces $500 million share buyback program Internet: Google to acquire Admob for $750 million in stock Google to acquire advertising optimization provider Teracent Electronic Arts buys Playfish for approximately $391 million QuinStreet files for $250 million IPO Gartner buys supply chain research firm AMR Research for $64 million Brand advertising measurement vendor Vizu secures $6.75 million Marketing automation software vendor, Genius.com raises $7 million Ancestry.com raises $100 million in IPO Online education company Archipelago Learning raises $103 million in IPO Public Valuation Multiples Sector EV / LTM Revenue EV / LTM EBITDA Price / LTM EPS Price / NTM EPS SaaS 3.8x 21.8x 43.5x 47.8x Legal Technology 1.6x 9.8x 24.3x 18.2x Internet 2.5x 11.5x 24.6x 24.9x Data Management 2.3x 10.6x 22.5x 21.4x Security 2.5x 13.0x 23.3x 21.7x Government IT 0.8x 8.4x 16.6x 15.1x

2 Key Highlights Data Management: Vista Equity Partners acquires Intuit Real Estate Solutions for $128 million Hewlett-Packard acquires 3Com Corp for $3.1 billion in cash Cisco Systems to acquire Starent Networks for $2.4 billion JDA Software Group to acquire i2 Technologies for $396 million Verisk Analytics prices the largest U.S. IPO of the year, raises $1.9 billion RedPrairie Corp. files for $172.5 million IPO Equinix to acquire Switch and Data Facilities Co. for $689 million Rocket Software raises $92 million in equity financing Varicent Software raises $35 million Cloud infrastructure companies announce successful financing rounds SOASTA secures $10 Million in Series C funding Joyent announces $8.5 million funding Appistry announces $10 million raise Security: IBM acquires database security provider Guardium Symantec buys Scandinavian web security provider SoftScan ApS Cisco acquires ScanSafe for $183 million Fortinet raises $156 million in IPO Government IT: General Atlantic, KKR to acquire TASC Inc. for $1.65 billion Global Strategies Group raises $60 million in IPO DynCorp acquires Phoenix Consulting Group for $51 million Raytheon acquires BBNT Solutions for $350 million Lumexis secures $15 million Palantir Technologies raises $35 million in equity financing Financial Technology: For our market coverage of the financial technology sector, please download the Technology Industry Insights - Financial Technology Sector Update newsletter from the Duff and Phelps website. Technology Industry Insights December

3 Market Trends Capital Market Trends Relative Performance (%) /04/08 01/05/09 02/04/09 03/06/09 04/07/09 05/07/09 06/08/09 07/08/09 08/07/09 09/08/09 10/08/09 11/09/09 SPX -Share Pricing COMP-Share Pricing SaaS Index Security Index Internet Index Govt. IT Index Data Mgmt Index Legal Tech Index Index Value on 12/04/09 52-week Performance High Low LTM YTD SaaS % 72.5% Legal Technology % 43.7% Internet % 65.4% Data Management % 26.7% Security % 45.5% Government IT % 14.0% NASDAQ Composite % 39.1% S&P % 22.4% Source: CapitalIQ, Public Filings Technology Industry Insights December

4 Market Trends Digital Information Management Capital Markets Activity Summary Worldwide M&A Activity $600,000 6,402 7,000 $500,000 5,550 5,779 6,000 Total Deal Size ($MM) $400,000 $300,000 $200,000 4,209 3,158 5,000 4,000 3,000 2,000 # of Deals $100,000 1,000 $0 $380,951 $536,609 $454,940 $332,408 $155, YTD 0 Total U.S. Private Financings $80,000 $70,000 3,536 3,438 4,000 3,500 Total Proceeds ($MM) $60,000 $50,000 $40,000 $30,000 2,191 2,941 2,524 3,000 2,500 2,000 1,500 # of Deals $20,000 1,000 $10,000 $0 $37,685 $73,362 $68,015 $61,078 $37, YTD Technology Industry Insights December

5 Market Trends Total U.S. IPO Activity Total Transaction Value ($MM) $45,000 $40,000 $35,000 $30,000 $25,000 $20,000 $15,000 $10, # of Deals $5,000 $0 $37,666 $27,120 $40,068 $25,141 $5, YTD YTD: Year-to-Date (as of 11/30/09) 20 0 Summary Public Valuation Multiples Sector Source: CapitalIQ, Public Filings EV / LTM Revenue EV / LTM EBITDA Price / LTM EPS Price / NTM EPS Software-as-a-Service 3.8x 21.8x 43.5x 54.9x Legal Technology 1.6x 9.8x 24.3x 18.7x Legal Management Software 1.4x 8.7x 22.6x 18.7x Risk Management and Compliance 2.5x 15.8x 31.2x 26.1x Internet 2.5x 11.5x 24.6x 25.0x Search 3.3x 10.8x 19.4x 21.3x Advertising 2.6x 14.6x 32.6x 40.6x E-commerce 1.5x 10.6x 30.2x 26.1x Online Gaming 3.2x 12.2x 17.0x 14.6x Data Management 2.3x 10.6x 22.5x 21.1x ERP/CRM/SCM 2.1x 11.0x 19.5x 19.4x Business Intelligence and Analytics 2.9x 10.6x 20.6x 21.0x Content Management 3.3x 10.9x 22.5x 20.2x Document Management 1.4x 9.2x 29.0x 24.0x Storage/Archiving 2.4x 9.3x 33.3x 21.4x Security 2.5x 13.0x 23.3x 21.9x Data Protection Software 3.4x 13.1x 23.8x 22.9x ID Management 1.7x 11.8x 23.3x 20.5x Government IT 0.8x 8.4x 16.6x 15.1x Government IT Services 0.7x 7.9x 15.1x 14.5x Homeland Security 1.3x 9.0x 24.6x 19.9x Technology Industry Insights December

6 Market Trends Selected Recent Analyst Recommendations Company Name Ticker Firm Date Action From To Old Price Target New Price Target Adobe Systems Inc. ADBE Credit Suisse 11/12/09 Reiterate Neutral $35.00 Morgan Stanley 11/11/09 Reiterate Overweight $40.00 Advent Software ADVS J.P. Morgan 11/10/09 Reiterate Underweight $37.00 Akamai Technologies Inc. AKAM Wedbush 11/12/09 Reiterate Neutral $23.00 Amdocs Ltd. DOX Oppenheimer 11/24/09 Reiterate Outperform $32.00 ArcSight, Inc. ARST Morgan Stanley 11/20/09 Reiterate Overweight $25.00 $31.00 Autodesk, Inc. ADSK Credit Suisse 11/18/09 Reiterate Neutral $22.50 Morgan Stanley 11/18/09 Reiterate Underweight $20.00 J.P. Morgan 11/18/09 Reiterate Neutral $26.00 $23.50 AuthenTec, Inc. AUTH Morgan Keegan 11/11/09 Reiterate Market Perform $22.50 Blue Coat Systems Inc. BCSI Wedbush 11/25/09 Reiterate Outperform $30.00 $31.00 CA, Inc. CA J.P. Morgan 11/09/09 Reiterate Overweight $28.00 Concur Technologies, Inc. CNQR Jefferies 11/18/09 Reiterate Hold $36.00 $38.00 Descartes Systems Group Inc. TSX:DSG Paradigm Cap. 11/25/09 Reiterate Buy $6.50 Dolan Media Company DM Barrington 11/24/09 Reiterate Outperform $20.00 Electronic Arts Inc. ERTS Wells Fargo 11/23/09 Initiate Market Perform $17-$19 Epicor Software Corporation EPIC Cowen and Co. 11/13/09 Reiterate Neutral EPIQ Systems, Inc. EPIQ Wells Fargo 11/18/09 Reiterate Outperform $19-$20 Fair Isaac Corp. FICO Wedbush 11/10/09 Downgrade Neutral Underperform $19.00 GSI Commerce Inc. GSIC Morgan Stanley 11/19/09 Upgrade Equal-weight Overweight $22.00 $26.00 IAC/InterActiveCorp. IACI Oppenheimer 11/22/09 Reiterate Outperform $25.00 Informatica Corp. INFA Wedbush 11/16/09 Reiterate Outperform $26.00 Infosys Technologies Ltd. INFY Kaufman Bros. 11/24/09 Reiterate Hold $48.00 $53.00 Intuit, Inc. INTU Morgan Stanley 11/20/09 Reiterate Equalweight $30.00 Iron Mountain Inc. IRM Credit Suisse 11/16/09 Reiterate Outperform $34.00 ICX Technologies ICXT Dougherty & Co. 11/13/09 Reiterate Buy $8.00 Netezza Corporation NZ Oppenheimer 11/25/09 Reiterate Outperform $11.00 $13.00 Netflix, Inc. NFLX Wedbush 11/24/09 Downgrade Neutral Underperform $50.00 NICE Systems, Ltd. NICE Oppenheimer 11/23/09 Reiterate Outperform $38.00 Nuance Communications, Inc. NUAN Wedbush 11/24/09 Reiterate Neutral $17.00 Needham 11/24/09 Reiterate Buy $17.00 OpenTable, Inc. OPEN Citibank 11/22/09 Reiterate Buy $35.00 priceline.com Incorporated PCLN Collins Stewart 11/23/09 Initiate Hold $ OSI Systems, Inc. OSIS Dougherty & Co. 11/20/09 Reiterate Buy $24.00 QAD, Inc. QADI Cowen and Co. 11/25/09 Reiterate Neutral Quest Software Inc. QSFT J.P. Morgan 11/19/09 Reiterate Overweight $21.00 Rackspace Hosting, Inc RAX Morgan Stanley 11/10/09 Reiterate Overweight $20.00 Oppenheimer 11/10/09 Upgrade Perform Outperform $24.00 Salesforce.com CRM Wedbush 11/24/09 Upgrade Neutral Outperform $63.00 $74.00 Shanda Interactive Entertainment Ltd. SNDA Credit Suisse 12/02/09 Reiterate Underperform $39.70 $46.40 Sourcefire, Inc. FIRE ThinkEquity 11/10/09 Initiate Buy Sybase, Inc. SY J.P. Morgan 11/18/09 Initiate Overweight $50.00 Symantec Corporation SYMC Morgan Keegan 11/23/09 Reiterate Outperform Taleo Corp. TLEO Oppenheimer 11/30/09 Reiterate Outperform $24.00 $28.00 Take-Two Interactive Software Inc. TTWO Cowen and Co. 11/13/09 Reiterate Outperform Terremark Worldwide, Inc. TMRK Oppenheimer 11/10/09 Reiterate Outperform $8.00 RBC Capital Markets 11/09/09 Reiterate Outperform $8.00 $9.00 Trend Micro Inc Morgan Stanley 11/24/09 Reiterate Equalweight 2,900 3,000 United Online Inc. UNTD Craig Hallum 11/23/09 Reiterate Buy $14.00 VeriSign Inc. VRSN Wedbush 11/20/09 Downgrade Outperform Neutral $25.00 $23.00 J.P. Morgan 11/19/09 Reiterate Overweight $27.50 VistaPrint N.V. VPRT Morgan Stanley 11/30/09 Reiterate Buy $63.00 Websense, Inc. WBSN Macquarie 11/10/09 Upgrade Outperform $18.00 $19.00 Zebra Technologies Corp. ZBRA Feltl & Co. 11/18/09 Reiterate Buy $28.50 $31.00 Source: ThomsonOne J.P. Morgan 11/05/09 Reiterate Underweight $26.00 Technology Industry Insights December

7 Market News Recent M&A and Financing News 02 December: Vizu Corporation secures $6.75 million San Francisco-based Vizu Corporation completed a $6.75 million round of equity financing co-led by inovia Capital and Greycroft Partners with participation from existing investors including Draper Fisher Jurvetson and angel investor, Esther Dyson. The proceeds will be used to further enhance its online advertising effectiveness measurement technology and to build out sales and client service organizations. 01 December: Genius.com raises $7 million Marketing automation software vendor, Genius.com Incorporated raised $7 million in a round of funding led by new investor Deep Fork Capital. The round also included participation from existing investors Walden International, Emergence Capital Partners, MDV-Mohr Davidow Ventures, and Accel Partners, bringing the total funding received to date to over $41 million. 01 December: Cloud testing vendor SOASTA secures $10 Million in Series C funding SOASTA successfully closed $10 million in Series C funding in a round that was led by UV Partners, and included participation from existing investors Canaan Partners, Formative Ventures and The Entrepreneurs Fund. SOASTA recently also announced a new partnership with Computer Sciences Corporation who has integrated CloudTest into its Trusted Cloud Services offering and its testing and development methodology. 30 November: IBM acquires database security vendor Guardium IBM acquired Guardium, a leading real-time enterprise database monitoring and protection company. Guardium s technology helps clients safeguard data, monitor database activity and reduce operational costs by automating regulatory compliance tasks. Guardium is a privately held company based in Waltham, Massachusetts. While the terms of the deal were not disclosed, the transaction is estimated to be valued at $225 million or approximately 6x Guardium s trailing twelve month revenue. 30 November: Lumexis secures $15 million Lumexis Corporation received $15 million in a round of funding led by new investor Perseus, L.L.C. The company can raise additional $7.5 million in funding. The funding includes participation from returning investors PAR Capital Management, Inc. and Zone Ventures Management Company, LLC. California based Lumexis engages in developing, manufacturing, and marketing fiber-to-the-screen (FTTS) in-flight entertainment (IFE) and communication systems. 29 November: Gartner buys global supply chain research firm AMR Research for $64 million Gartner Inc. entered into an agreement to acquire AMR Research, Inc. for $64 million. The deal will be financed through the use of cash on hand, as well as borrowings under Gartner s existing line of credit. AMR Research s team of approximately 40 research analysts and 45 sales executives will join Gartner. Gartner does not expect the acquisition of AMR Research to have a material impact on its 2009 financial results. 27 November: RedPrairie Corp. files for $172.5 million IPO RedPrairie Corp., provider of a platform of supply chain software solutions filed to raise up to $172.5 million in an initial public offering. The company was founded in 1975 and booked $266 million in sales over the last 12 months. The pricing terms of the offering have not been disclosed. Technology Industry Insights December

8 Market News 25 November: Global Strategies Group raises $60 million in IPO Global Strategies Group began trading on the NASDAQ and raised $60 million by offering 4.6 million shares at $13, 13% below the midpoint of the proposed $14-$16 range. The company provides IT and engineering services to US defense and intelligence agencies. 25 November: SupportSpace raises $10 million SupportSpace raised $10 million in its new round of funding led by Emergence Capital Partners. The round also included participation from existing investor BRM Group and Gemini Israel Funds. As a part of round Kevin Spain of Emergence Capital Partners will join the company s board of directors. The company has raised $24.25 million till date. 23 November: Google to acquire advertising optimization provider Teracent Google Inc. signed a definitive agreement to acquire Teracent Corporation, a data-driven advertising optimization platform provider, from New Enterprise Associates, KPG Ventures and other shareholders. The financial terms of the transaction were not disclosed. Teracent technology would be integrated into Google s ad network and DoubleClick offerings. 20 November: Online education company Archipelago Learning raises $103 million in IPO Archipelago Learning, a Dallas based provider of subscription-based online education platform for K-12 students, raised $103 million by offering 6.25 million shares at $16.50, within the proposed $15.00 to $17.00 range. The stock posted first day gain of 13.8% and closed at $ November: Laureate Legal Services announces 25 million funding Laureate Legal Services Limited announced it will raise 25 million in funding from Lyceum Capital. As part of the transaction Managing Partner, Jeremy Hand and Operations Partner, David Harland of Lyceum Capital will join the company s board of directors. The newly founded company provides Legal Process Outsourcing services and is based in the United Kingdom. 19 November: QuinStreet files for $250 million IPO Online marketing company QuinStreet, which delivers measurable traffic results to clients in informationintensive industry verticals, filed with the SEC to raise up to $250 million in an initial public offering. The Foster City, CA-based company, which was founded in 1999 and booked $275 million in sales over the last 12 months. 19 November: Manthan Systems secures $15 million in Series B financing Manthan Systems, provider of Business Intelligence and Analytical solutions for the retail and consumer packaged goods industries has secured Series B funding. The investment, with a funding of up to $15 million, was led by Fidelity International with participation by existing investors IDG Ventures India and DFJ eplanet Ventures. 18 November: Fortinet raises $156 million in IPO Sunnyvale-based network security appliance and software provider, Fortinet (Nasdaq:FTNT) raised $156 million by offering 12.5 million shares at $12.50, above its proposed range of $9.00 to $ The stock recorded a first day gain of 33% to close at $ The company had over $240 million in revenues and $30.5 million in EBITDA for twelve months ending September 30, Technology Industry Insights December

9 Market News 18 November: Disaster recovery solutions provider Axxana secures $9 Million Series B funding Carmel Ventures led a $9 million Series B investment in Israel-based Axxana. Axxana s existing investors, Gemini Israel Funds and the serial entrepreneur Moshe Yanai, also participated in the round. The funds will be used to accelerate the adoption of Axxana s enterprise data recording solution. The round brings Axxana s total funding secured to date to $18 million. 17 November: Palantir Technologies raises $35 million in equity financing Data analysis and visualization solutions provider Palantir Technologies has raised $35 million in funding from a total of 35 investors. The company may raise additional funding pursuant to this transaction. The company s products include Palantir Government, a platform that integrates structured and unstructured data sources, and facilitates collaboration in intelligence, defense, and law enforcement communities; and Palantir Finance, an analytical platform for hedge funds and financial institutions. 14 November: Bain Capital makes offer to acquire BellSystem24 Inc. for $1.3 Billion Bain Capital, LLC made an offer to acquire Bellsystem24 Inc. from Citigroup Capital Partners Japan Ltd. and other shareholders for 120 billion ($1.34 Billion) for a 5.9x EBITDA multiple. Bain will raise 79 billion of loans from the banking units of Sumitomo Mitsui Financial Group Inc., Mizuho Financial Group Inc. and Mitsubishi UFJ Financial Group Inc. to fund the transaction. 12 November: Infosys BPO acquires McCamish Systems for $58 million Infosys BPO Limited signed a definitive agreement to acquire financial BPO services provider McCamish Systems, L.L.C. for $58 million in cash. The total purchase price includes an upfront payment of $38 million with up to an additional $20 million payable if McCamish Systems achieves certain financial targets in the future. 12 November: Terremark acquires DS3 DataVaulting Terremark Worldwide acquired DS3 DataVaulting, a Virginia-based provider of offsite, online data backup, and restore services, for $11.5 million in cash. 11 November: Hewlett-Packard announces its acquisition of 3Com Corp for $3.1 billion in cash Hewlett-Packard Company signed a definitive agreement to acquire 3Com Corporation for $3.1 billion in cash. HP will pay a price of $7.90 in cash for each share of 3Com which will continue as a wholly owned subsidiary of HP. The price represents a premium of 46% over 3Com s share price of $5.41 one day prior to the announcement. In case of deal termination, 3Com would be required to pay HP a termination fee of $99 million. 09 November: Electronic Arts buys Playfish for approximately $391 million Electronic Arts Nederland B.V. acquired social networks gaming company Playfish Limited for approximately $391 million in cash. Electronic Arts paid $290 million in cash, with the sellers entitled to additional variable cash consideration, up to a maximum of $100 million, contingent upon the achievement of certain performance milestones through December 31, Electronic Arts will also pay approximately $25 million in equity retention arrangements. Playfish s investors include Accel Partners, Index Ventures, Stanhope Capital, David Gardner, Kenneth Lamb and others. The company had raised over $20 million in funding. 09 November: Google to acquire Admob for $750 million in stock Google Inc. signed a definitive agreement to acquire mobile advertising marketplace AdMob, Inc. from Sequoia Capital, Accel Partners, Northgate Capital Group, Draper Fisher Jurvetson, and other shareholders for $750 million in stock. Admob had raised just under $50 million in private funding and is estimated to have revenues of $20 million for Technology Industry Insights December

10 Market News 09 November: Aravo Solutions secures $27 million in series D round Aravo Solutions, a provider of software-as-a-service supplier information management software, raised $27 million in its series D round of funding. The round saw participation from new investor Cisco Systems and existing investors including Charles Schwab and Stephen Friedman. A group of new investors also participated in the round, including William Harrison. The company has raised $50 million in funding till date. 08 November: General Atlantic, KKR to acquire TASC Inc. for $1.65 billion General Atlantic LLC and Kohlberg Kravis Roberts & Co. signed a definitive agreement to acquire TASC, Inc. from Northrop Grumman Corporation for $1.65 billion in cash. Financing commitments for the acquisition are comprised of senior secured credit facilities and senior subordinated notes. The credit facilities will be provided by Barclays Capital, Deutsche Bank Securities, Inc., RBC Capital Markets and CPPIB Credit Investments Inc. KKR Capital Markets, an affiliate of KKR, arranged the senior subordinated notes with Highbridge Mezzanine Partners as the lead investor. TASC generated approximately $1.6 billion in revenue for the year ending December, The company expects the sale to generate net cash proceeds, after taxes, of approximately $1.1 billion. Net proceeds will be used to repurchase shares of common stock, after which the transaction is expected to be neutral to Northrop Grumman s 2010 earnings per share from continuing operations. The company also expects the transaction to be neutral to 2009 net income and diluted earnings per share. 05 November: JDA Software Group to acquire i2 Technologies for $396 million JDA Software Group, Inc. and i2 Technologies, Inc. signed a definitive merger agreement for JDA Software to acquire i2 Technologies, a global provider of supply chain solutions, for an enterprise value of approximately $396 million. The combination of the two companies creates supply chain planning and optimization company with annual revenues of approximately $617 million (TTM), including over $275 million of annual maintenance and recurring subscription fees. JDA intends to raise approximately $275 million of senior unsecured notes through a best-efforts financing between the signing date and December 18, If JDA raises sufficient funds and satisfies other conditions in the definitive merger agreement by December 18, 2009, each issued and outstanding share of i2 common stock will be converted into the right to receive approximately $12.70 in cash and 0.256x shares of JDA common stock with a combined value equal to $18.00 per share based on JDA s closing stock price on November 4, Under an alternative structure (if JDA does not raise sufficient funds) each issued and outstanding share of i2 common stock will be converted into the right to receive approximately $6.00 in cash and 0.580x shares of JDA common stock with a combined value of $18.00 per share based on JDA s stock price on November 4, November: Ancestry.com raises $100 million in IPO Ancestry.com (Nasdaq:ACOM), which operates a subscription-based online community for researching family histories, raised $100 million in its initial public offering of 7.4 million shares at $13.50, within the range of $12.50 to $14.50 per share. The stock posted a first day return on 12.2% to close at $ November: FTI Consulting announces $500 million share buyback program Under its share repurchase program, FTI will repurchase shares worth $500 million of its common stock. The program will run for two years. FTI signed a $250 million accelerated stock buyback with Goldman, Sachs & Co. on November 09. The program will be funded with a combination of cash on hand and internally generated cash flow. Technology Industry Insights December

11 Market News 03 November: M86 Security acquires Finjan M86 Security acquired Finjan, Inc., a web security solutions provider. The financial terms of the transaction were not disclosed. M86 will merge Finjan s security labs, Malicious Code Research Center, into M86 Security Labs, forming a comprehensive and Web threat research organization. As part of the agreement, M86 Security acquired a license to Finjan s patents. Finjan will maintain a development center and operations in Netanya, Israel. Finjan had raised over $70 million in funding and industry sources have estimated its product sales in the neighborhood of $12 to 15 million. 02 November: Dolan Media acquires 85% stake in DiscoverReady for $31.9 million Dolan Media Company acquired an 85% equity interest in DiscoverReady, LLC, a New York-based provider of outsourced discovery management and fixed-fee document review services. DiscoverReady s customers include leading law firms, major banks and Wall Street firms, and Fortune 500 corporation. Dolan Media used $22.9 million in a combination of cash on the balance sheet at September 30, 2009 and cash flow from operations since September 30, 2009, as well as $9 million from its revolving line of credit, to fund the closing payments. The sellers (Steven R. Harber, David Shub, James K. Wagner, Paul Yerkes and C. Parkhill Mays) have the right, for a period of ninety days following November 2, 2012, to require DiscoverReady to repurchase all of its equity interest in DiscoverReady. 01 November: Symantec buys Scandinavian web security provider SoftScan ApS Symantec s MessageLabs Group acquired SoftScan ApS. In 2008, SoftScan generated profits of around DKK 6 million ($1.2 million) on revenues of DKK 71 million ($14.1 million). The acquisition gains Symantec a company with a staff of 60 employees. Copenhagen based ScanSoft ApS provides software-as-a-service Web security solutions for security, Web security, outgoing scanning, and online archiving products. 27 October: Cisco acquires ScanSafe Ltd. for $183 million Cisco Systems, Inc. completed the acquisition of ScanSafe Limited from Benchmark Capital, Scale Venture Partners, Montagu Newhall Associates, Inc., Balderton Capital and Eldar and Roy Tuvey on December 7, 2009 for $183 million in cash and retention-based benefits. San Francisco based ScanSafe provides software as a service Web Security. 27 October: Varicent Software raises $35 million Varicent Software Inc. raised $35 million of funding led by new investor FTV Capital with participation from returning investors RBC Venture Partners and EdgeStone Capital Partners. The company offers sales performance management and incentive compensation management software to customers. 21 October: Equinix to acquire Switch and Data Facilities for $689 million Equinix, Inc. signed a definitive agreement to acquire Switch & Data Facilities Company, Inc. from Seaport Capital, The CapStreet Group, and other investors for approximately $689 million in cash and stock. The acquisition will bring Equinix s total global footprint to 79 data centers in 34 markets. Under the terms of the agreement, Switch and Data stockholders will have the opportunity to elect to receive either shares of Equinix stock or $19.06 in cash for each share of Switch and Data stock. The overall consideration to be paid by Equinix in the acquisition will be 80% Equinix stock, 20% cash. In the event that holders of more than 80% of Switch and Data s stock elect to receive Equinix stock or holders of more than 20% of Switch and Data s stock elect to receive cash, the merger consideration will be pro-rated to achieve these proportions. Technology Industry Insights December

12 Market News 12 October: Cisco Systems to acquire Starent Networks for $2.9 billion Cisco signed a definitive agreement to acquire Starent Networks, a leading supplier of IP-based mobile infrastructure solutions targeting mobile and converged carriers. Cisco will pay $35 per share in cash in exchange for each share of Starent Networks and assume outstanding equity awards for an aggregate purchase price of approximately $2.9 billion. The acquisition is expected to close during the first half of alendar year October: Engine Yard raises $19 million in series C round Engine Yard, Inc. raised $19 million in its series C round of funding that saw participation from new investors Bay Partners, Presidio STX, LLC, DAG Ventures, LL, and existing investors Benchmark Capital, New Enterprise Associates, and Amazon.com Inc. The company has raised more than $37 million in funding till date and will use the proceeds to build out the Engine Yard Cloud to meet enterprise requirements, build support offerings for JRuby development teams, and invest in the open source projects. 07 October: Compuware acquires Gomez, Inc. for $290 million Compuware Corp. acquired Gomez, Inc. from Dolphin Equity Partners, L.P., AdAstra Erste Beteiligungsgesellschaft mbh, Doughty Hanson & Co. Technology Ventures and other shareholders for $290 million in cash. Compuware funded the transaction with existing cash resources and borrowings of $15 million under its credit facility. Gomez, Inc. provides on demand Web application experience management services to measure and manage Web site and Web application performance. 06 October: Verisk Analytics prices largest U.S. IPO of 2009, raises $1.9 billion Verisk Analytics, provider of data, analytics, and decision-support services for professionals in property/ casualty insurance, raised $1.9 billion its initial public offering of 85.3 million shares at $22.00 per share, 10% above the midpoint of the proposed $19.00 to $21.00 range. The stock closed the first day at $27.22 for a 23.7% return. 28 September: DynCorp acquires Phoenix Consulting Group for $51 million DynCorp International LLC acquired Phoenix Consulting Group for approximately $51 million. The base purchase price of $46 million was paid at closing and funded with cash on hand. The transaction is not expected to be material to consolidated financial position of DynCorp International in fiscal year Alabama based Phoenix Consulting Group offers services in the areas of security assessments and reviews, policy and regulatory review/revision, training development, policy and doctrine development, and risk/vulnerability assessments to government and military enterprises. 28 September: Rocket Software raises $92 million in equity financing Infrastructure software provider, Rocket Software, Inc. raised $91.9 million in its equity financing from 11 investors, including new investor Court Square Capital Partners. The company plans to use the proceeds to boost development of its software components for technology giants. Technology Industry Insights December

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