Technology Industry Insights Digital Information Management Sector Update

Transcription

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 [email protected] Kartik Sudeep Duff & Phelps Securities, LLC [email protected] Philippe Nataf Duff & Phelps SAS +33 (0) [email protected] Alexandre De Gandt Duff & Phelps SAS +33 (0) [email protected] 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

13 Market News 14 September: Taleo to acquire Worldwide Compensation for $20.5 million Taleo Corp. signed a definitive agreement to acquire the remaining 84% stake in Worldwide Compensation, Inc. for $17.9 million in cash. The consideration is subject to adjustment for any outstanding debt, third party expenses and certain other specified items. 15% of the consideration will be placed into escrow for one year following the closing to be held as security for losses incurred by Taleo in the event of certain breaches of the representations and warranties contained in the agreement or certain other events. The consideration involves a payment of $ per share to preference shareholders. Taleo Corp. already holds 16% stake in Worldwide Compensation. Worldwide Compensation generated revenue of approximately $0.25 million and a net loss in September: Intuit acquires Mint Software for approximately $170 million in cash Intuit Inc. acquired Mint Software, Inc, provider of a Web-based solution for online financial management, for approximately $170 million in cash. The purchase price includes assumption of Mint outstanding stock options. Intuit will keep both the Mint.com and Quicken Online offerings, with each serving separate purposes. The current Mint.com service will remain free and will become Intuit s primary online personal finance management solution offered directly to consumers. Intuit does not expect the acquisition to have a material effect on fiscal year 2011 earnings. Mint.com is estimated to have annual revenues of less than $10 million and had raised $30.7m in three rounds of investment led by Benchmark Capital, Shasta Ventures and DAG Ventures. 03 September: ALM Media secures $15 million in a recapitalization round ALM Media Holdings, Inc., a provider of content and information-related-services to the legal industry, raised $15 million in its recapitalization round of funding from Apax Partners Worldwide LLP on September 3, The company issued equity in the transaction. 01 September: EMC buys Kazeon Systems EMC Corporation acquired Kazeon Systems, Inc. from Redpoint Ventures, Clearstone Venture Partners, Menlo Ventures, Focus Ventures, JK&B Capital, and Goldman Sachs. The financial terms of the transaction were not disclosed, but industry estimates put the deal value around $75 million. The deal is not expected to have a material impact to revenue or earnings per share for the full 2009 fiscal year. Kazeon Systems offers ediscovery/litigation support, information security and privacy, governance, and risk and compliance solution and had raised $54 million in funding, including $10 million in April August: LECG announces $25 million private placement LECG Corp. announced a private placement of 6.3 million series A convertible redeemable preferred shares at $3.96 per share for gross proceeds of $25 million with Great Hill Partners. The preference shares will be convertible into common shares at $3.96 per share and will bear dividend at 7.5% payable in cash or shares. As a part of the transaction, Great Hill Partners, LLC will have two representations in the company s board of directors. As a result of the transaction, Great Hill Partners, LLC will acquire 40% stake in the company. The transaction is expected to close in the fourth quarter of Technology Industry Insights December

14 Recent IPO Activity in Digital Information Management Selected Recent U.S. IPO Filings Announced Date Company Transaction Value ($mm) LTM Revenue ($mm) Business Description 11/19/09 QuinStreet, Inc. $250.0 $275.4 Provides online direct marketing and media services 11/25/09 RedPrairie Corp. $172.5 $266.0 Offers inventory, transportation, and workforce solutions for manufacturers, distributors, and retailers 08/14/09 Calix Networks $100.0 $215.0 Provides telecommunication and access network management solutions Selected Recently Completed U.S. IPOs Closed Date Company Ticker Sector Shares Offered (mm) Gross Proceeds ($ mm) IPO Price Price as of 12/04/09 % Change Market Cap as of 12/04/09 ($ mm) 11/19/09 Global Strategies Group NasdaqGM:GTEC Government IT 4.6 $59.8 $13.00 $ % $ /19/09 Archipelago Learning, Inc. NasdaqGM:ARCL Internet 6.3 $103.1 $16.50 $ % $ /18/09 Fortinet Inc. NasdaqGM:FTNT Security 12.3 $123.0 $10.00 $ % $1, /04/09 Ancestry.com Inc. NasdaqGS:ACOM Internet 7.4 $100.0 $13.50 $ % $ /27/09 Vitamin Shoppe, Inc. NYSE:VSI Internet 9.1 $154.6 $17.00 $ % $ /20/09 ZST Digital Networks, Inc. NasdaqGM:ZSTN Telecom 3.1 $25.0 $8.00 $7.27 (9.1%) $ /15/09 China Real Estate Information Corporation NasdaqGS:CRIC Data Management 18.0 $216.0 $12.00 $ % $1, /07/09 Mistras Group, Inc. NYSE:MG IT Services 8.7 $108.8 $12.50 $11.98 (4.2%) $ /06/09 Verisk Analytics, Inc. NasdaqGS:VRSK Data Management 85.3 $1,875.5 $22.00 $ % $5, /01/09 Echo Global Logistics, Inc. NasdaqGM:ECHO Data Management 5.7 $79.8 $14.00 $13.95 (0.4%) $ /24/09 Shanda Games Limited NasdaqGS:GAME Internet 83.5 $1,043.8 $12.50 $9.31 (25.5%) $2, /23/09 Vitacost.com, Inc. NasdaqGM:VITC Internet 11.0 $132.0 $12.00 $8.35 (30.4%) $ /05/09 Avago Technologies Limited NasdaqGS:AVGO Semiconductors 43.2 $648.0 $15.00 $ % $3, /05/09 CDC Software Corporation NasdaqGM:CDCS Data Management 4.8 $57.6 $12.00 $9.65 (19.6%) $ /30/09 LogMeIn, Inc. NasdaqGM:LOGM Internet 6.7 $106.7 $16.00 $ % $ /24/09 Medidata Solutions, Inc. NasdaqGM:MDSO Data Management 6.3 $88.2 $14.00 $ % $ /21/09 OpenTable, Inc. NasdaqGM:OPEN Internet 3.0 $60.0 $20.00 $ % $ /19/09 SolarWinds, Inc. NYSE:SWI Data Management 12.1 $151.5 $12.50 $ % $1, /13/09 DigitalGlobe, Inc. NYSE:DGI Government IT 14.7 $279.3 $19.00 $ % $1, /15/09 Rosetta Stone, Inc. NYSE:RST Data Management 6.3 $112.5 $18.00 $ % $ /01/09 Changyou.com Limited NasdaqGS:CYOU Internet 7.5 $120.0 $16.00 $ % $1,704.5 [Includes IPOs over $25 million only.] Technology Industry Insights December

15 Recently Withdrawn IPOs Closed Date Company Source: CapitalIQ, Public Filings, IPOHome Shares Offered (mm) Gross Proceeds ($ mm) IPO Price/Range Reason 11/10/09 Learning Media International, Inc 1.0 $0.1 $0.10 Unable to complete minimum requirements 11/09/09 Gomez, Inc. NA $80.5 NA Acquired 10/29/09 AEI 21.0 $273.0 $ $16.00 Market conditions 10/16/09 Rexnord Holdings, Inc. NA $750.0 NA No Reason cited 10/07/09 STR Holdings, Inc. NA $300.0 NA Market conditions 09/16/09 GMS Capital Corp. 4.0 $0.8 $0.20 No Reason cited 08/31/09 OpenLink Financial, Inc. NA $200.0 NA Market conditions 07/16/09 GCL Silicon Technology Holdings Inc. NA $600.0 NA Market conditions 06/03/09 Noble Environmental Power, LLC 23.4 $375.0 NA No Reason cited 05/21/09 NextG Networks, Inc. NA $150.0 NA No Reason cited 05/06/09 ExactTarget, Inc. NA $86.3 NA Secured VC funding 04/14/09 Source Photonics, Inc. NA $130.0 NA Market conditions 04/10/09 Current TV, LLC NA $100.0 NA Market conditions 04/08/09 Fabrinet Co., Ltd. NA $250.0 NA Market conditions 04/06/09 QL Electronics Co.,Ltd $82.9 $3.19 IPO rejected 04/03/09 Blue Penguin Enterprises Inc. 3.0 $0.1 $0.03 Market conditions 03/31/09 Fanwo Technologies Limited NA NA NA No Reason cited 03/19/09 KGB USA, Inc. NA $250.0 NA Market conditions 03/17/09 Omneon, Inc. NA $115.0 NA Market conditions 03/05/09 GlassHouse Technologies, Inc. NA $100.0 NA Market conditions 03/02/09 Azurn International Limited 25.0 $2.5 $0.10 Market conditions 02/11/09 Adani Power Ltd NA NA Market conditions / Delayed IPO 02/06/09 Vitamin Shoppe, Inc. NA $150.0 NA Market conditions 02/02/09 Decisionpoint Systems, Inc. 1.0 $0.0 $0.03 Market conditions / Delayed IPO Technology Industry Insights December

16 Notable M&A Transactions in Digital Information Management Software as a Service Date Announced Acquirer Name Target Name Target Business Description Status 11/20/09 11/11/09 11/01/09 10/30/09 CDC Software Corporation Blue Frog Solutions, Inc. Symantec Corporation Automatic Data Processing, Inc. Truition, Inc. Prospect9, LLC $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Provides on demand ecommerce platform for retailers and brand manufacturers Provides CRM and marketing automation software as a service for financial and insurance sectors Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings Announced NA NA NA NA NA SoftScan ApS Provides software-as-a-service Web security solutions in Scandinavia Closed NA $14.1 NA NA NA HRinterax, Inc. Provides HR forms creation software as a service and HR support services 10/27/09 Cisco Systems, Inc. ScanSafe Ltd. Provides software as a service Web Security Announced $183.0 NA NA NA NA 10/07/09 Compuware Corp. Gomez, Inc. 10/05/09 Pentaho LucidEra (ClearView) 10/02/09 Total Attorneys, Inc. Virtual Law Office Technology, LLC 09/30/09 Ebix, Inc. E-Z Data, Inc. 09/29/09 Salary.com Makana Solutions 09/14/09 Taleo Corp. Worldwide Compensation Provides Web application and Website performance monitoring and analysis software-as-a-service Provides software-as-a-service business intelligence applications for sales management Provides software as a service product that connects firms law practices with the online consumer Develops Web-based front office systems for sales, marketing, and customer service Provides self-service sales compensation solutions as SaaS for small and mid-size businesses Closed $290.0 $52.4 $ x 50.0x Closed $46.6 NA NA NA NA Offers compensation planning software-as-a-service solutions Announced $20.5 NA NA NA NA 09/11/09 Intuit Inc. Mint Software, Inc. Provides a Web-based solution for online financial management Closed $170.0 NA NA NA NA 09/11/09 Axel Springer AG Stepstone ASA (47%) Provides software and services for human capital management Closed $186.9 $155.9 $ x 32.6x 09/08/09 08/28/09 Rightnow Technologies Inc. Channel Intelligence, Inc. HiveLive, Inc. Provides online community creation software as a service Closed $13.4 $0.7 ($4.4) 18.6x NM Vcommerce Corp. Provides software as a service for online marketing, e-commerce and customer service 08/20/09 Yovia LLC SourceFuse LLC Provides software as a service and applied open source solutions 08/01/09 Concur Technologies Etap-On-Line 07/31/09 United Business Media, plc The Fuel Team, LLC 07/30/09 WebTrends Corp. Widemile, Inc. 07/22/09 NetSuite QuickArrow, Inc. 07/17/09 CCH, Inc. (Wolters Kluwer) Axentis, Inc. Offers business travel and expense management software as a service Builds on-demand software for small businesses, healthcare, news distribution, and nonprofit organizations Provides online testing and optimization technologies and services for interactive agencies and online marketers Develops Web-based automation and management software for professional services industry Provides on-demand software and solutions for enterprise governance, risk, and compliance applications Closed $39.9 NA NA NA NA Closed $7.0 $3.5 NA 2.0x NA Closed $19.4 NA NA NA NA 07/14/09 MathStar, Inc. Sajan, Inc. Provides on-demand language translation service and technology Announced $16.3 NA NA NA NA 07/08/09 Hostopia.com Aplus.Net, Certain Web Services 06/02/09 Intuit, Inc. PayCycle, Inc. 05/21/09 Broadridge Financial Access Data Corp. 04/03/09 Vista Equity Partners SumTotal Systems, Inc. Provides shared web hosting services to businesses and consumers Closed $27.6 NA NA NA NA Provides online payroll services to small businesses and non-profit employers in the United States Provides on-demand enterprise reporting, data management and compliance reporting software to the financial services industry Provides learning, performance, and talent development software solutions and on-demand subscriptions Closed $169.0 NA NA NA NA Closed $45.0 NA NA NA NA Closed $108.4 $114.4 $ x 36.1x High $290.0 $155.9 $ x 50.0x Median $45.0 $33.2 $ x 36.1x Mean $89.5 $56.8 $ x 39.6x Low $7.0 $0.7 ($4.4) 0.9x 32.6x Technology Industry Insights December

17 Legal Technology Date Announced Acquirer Name Target Name Target Business Description Status 11/05/09 11/02/09 Maven Capital Partners UK LLP Dolan Media Company 10/16/09 e.law Australia Pty Ltd. 10/02/09 Total Attorneys, Inc. LitComp PLC DiscoverReady LLC (85%) CCH Australia Ltd. (Wolters Kluwer) Virtual Law Office Technology, LLC 09/01/09 EMC Corporation Kazeon Systems, Inc. 08/14/09 IRIS Group Limited Formation Software Limited 08/12/09 Renew Data Corp Digital Mandate, LLC 07/27/09 07/17/09 Hobs Legal Docs Limited CCH, Inc. (Wolters Kluwer) Provides financial and legal insurance products and litigation services A discovery management services company that outsources document review to law firms and legal departments Offers commercial publishing and business consulting services for legal professionals Provides software as a service product that connects firms law practices with the online consumer Provides online solutions for management of unstructured information stored across enterprise networks Provides legal software for barrister chambers practicing in commercial law and litigation Provides discovery lifecycle management solutions for the retention, acquisition, processing, review, and production of documentary evidence Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings Announced $2.8 $48.4 $ x 0.7x Closed $37.0 NA NA NA NA Closed $75.0 NA NA NA NA DataLex Limited Provides litigation support and document management solutions Axentis, Inc. Provides on-demand software and solutions for enterprise governance, risk, and compliance applications 05/05/09 IBM Exeros, Inc. Operates as a data relationship discovery and management company 04/16/09 Unify Corp. AXS-One Inc. 03/17/09 NitroSecurity, Inc. Chronicle Solutions, Inc. 03/10/09 RVM, Inc. G-9 Technologies, Inc. 02/26/09 02/12/09 Nuance Communications Integreon Managed Solutions, Inc. 02/03/09 Finsbury Solutions ltd Zi Corporation Provides integrated content archiving software solutions for digital archiving, business process management, integrated records disposition and ediscovery Closed $9.0 $12.2 ($6.1) 0.7x NM Develops network content capture, replay, and analysis solutions Provides document management solutions for the legal, financial, and administrative organizations Develops and markets software products to provide discovery and usability solutions for mobile search, input, and advertising Closed $31.4 $13.3 ($3.1) 2.4x NM ONSITE3 Provides litigation support solutions for law firms and corporations Closed $28.0 NA NA NA NA Compassoft Corporation 01/13/09 SAI Global Ltd. Espreon Ltd. 01/06/09 01/05/09 Alexander Gallo Holdings Continuum Worldwide Offers software solutions for the discovery, validation, and control of end-user computing applications Provides business and administration services to organizations in the financial, legal, and accounting professions Closed $36.2 $85.0 $ x 4.7x Verdict Systems LLC Develops litigation support software for the legal industry Focus Solutions Inc. 12/19/08 Scan Jour A/S Interse A/S 12/08/08 Scarab Consulting World Document Solutions $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Provides ediscovery and support services to the legal and corporate community Provides metadata classification and text search software for legal, tax, and other industries Provides web-based e-discovery and litigation support software as a service (SaaS) to attorneys and law firms in New York Closed $4.0 NA $ x 36.1x High $290.0 $155.9 $ x 50.0x Median $45.0 $33.2 $ x 36.1x Mean $89.5 $56.8 $ x 39.6x Low $7.0 $0.7 ($4.4) 0.9x 32.6x Technology Industry Insights December

18 Internet Date Announced Acquirer Name Target Name Target Business Description Status 11/30/09 CDC Software Corp. gomembers, Inc. 11/29/09 Gartner, Inc. AMR Research, Inc. $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) *Estimated Values Provides software and technology solutions for member-based organizations A research and advisory firm focused on the global supply chain and its supporting technologies Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings Announced $64.0 $40.0 NA 1.6x NA 11/27/09 Hurray Holding Co. Ku6 Holding Ltd. Provides a video sharing and viewing website Announced $37.0 NA NA NA NA 11/24/09 DesignBay DesignCrowd.com Provides an online job forum and community for Web and graphic designers 11/23/09 Google, Inc. Teracent Corp. Provides data-driven advertising optimization platform Announced NA NA NA NA NA 11/23/09 Inuvo Zubican Provides an online directory of US companies and related content 11/18/09 Like.com Weardrobe.com 11/17/09 PunchBowl Software, Inc. Imin.com 11/11/09 Churchill Downs Inc. Youbet.com Inc. Provides a social networking website that enables users to catalog their clothing and upload photos Provides a social media site, specializing in organizing group travel with friends Operates as a licensed multi-jurisdictional facilitator of online pari-mutuel horse race wagering Announced $122.0 $112.1 $ x 12.6x 11/10/09 WebMD Health Corp. Drugs.com Provides online drug information Announced NA NA NA NA NA 11/09/09 Google, Inc. AdMob, Inc. Offers ads across various mobile content channels Announced $750.0 $20.0 NA 37.5x NA 11/09/09 Google, Inc. Gizmo5 Operates as an Internet Telephony company offering Gizmo5 mobile and desktop software 11/09/09 Electronic Arts, Inc. Playfish Limited Develops and publishes video games for social networks Closed $391.3 NA NA NA NA 10/28/09 DeNA Co., Ltd. IceBreaker Inc. Operates a social networking website 10/27/09 GSI Commerce Retail Convergence, Inc. 10/26/09 GA Capital Corp. LookNow Ltd. Operates ecommerce companies that leverage a common platform, infrastructure, customer file, and brand relationship Provides a website that enables college students to collaborate and share educational resources Closed $350.0 $134.6 NA 2.6x NA 10/19/09 Kosmix Corp. Cruxlux.com Provides an online relationship-based search engine 10/14/09 Thomson Reuters Corporation Breakingviews Ltd. Operates as an online financial commentary Website 10/13/09 Viadeo S.A. UNYK Provides a contact management and social networking website 10/09/09 Quinstreet Insure.com (Brand) Online web portal, related brand name and media assets Closed $15.0 NA NA NA NA 10/06/09 LIN TV Corp 10/05/09 NeuLion Inc. Red McCombs Media LP Interactive Netcasting Systems 09/30/09 KIT digital, Inc. The FeedRoom, Inc. 09/30/09 Internet Brands, Inc. HealthNews.org Operates an online advertising network; provides search engine optimization and banner/display advertising services Closed $10.7 NA NA NA NA Provides a platform for broadcasting video over the Internet Closed $7.9 $5.2 $ x 21.3x Provides Web video solutions for corporations, media/publishing organizations, and government agencies Operates as a free educational network providing healthcare news, medically reviewed information, and resources Closed $13.3 $6.0 NA 2.2x NA 09/29/09 Naspers Ltd. BuscaPé, Inc. Operates as a product search/comparison company Closed $375.8 NA NA NA NA 09/27/09 Nokia Corp. Dopplr Ltd. Provides an online service for frequent travelers 09/16/09 Google, Inc. recaptcha Inc. Provides anti-bot and data security services that digitize books, newspapers, and old time radio shows 09/14/09 AdMob, Inc. AdWhirl Provides an advertisement platform for iphone application Announced NA NA NA NA NA 09/14/09 Stratton Holdings Inc. MarketFriends Operates a social network for stock traders globally 09/11/09 Nokia Plum Ventures 08/19/09 MySpace, Inc. ilike, Inc. 08/10/09 Facebook FriendFeed 08/06/09 Brightsolid 08/05/09 Ctrip.com International Ltd. Friends Reunited Limited Offers collaboration software; a social sharing and messaging platform company Operates as a social music discovery service and music application on social networking sites Provides an online social network and social bookmarking service that enables users to share links, photos, videos and other content Provides a social networking community connecting former classmates and coworkers for consumers in the UK Closed $19.5 NA NA NA NA Closed $42.4 $26.5 NA 1.6x NA eztravel Co., Ltd. Provides online travel agency services 08/04/09 Google, Inc. On2 Technologies Provides video compression software and related services Announced $106.5 $17.6 ($6.6) 6.1x NM 07/22/09 Amazon.com, Inc. Zappos.com Provides online apparel and footwear distribution services Closed $823.0 $646.2 $ x 23.8x 07/22/09 Yahoo! Inc. Xoopit, Inc. Offers search engine technologies Closed $20.0 * NA NA NA NA 07/22/09 Hi-Media Adlink Media Provides an advertising network, content delivery software and digital signage displays Closed $41.3 $18.8 NA 2.2x NA High $823.0 $646.2 $ x 23.8x Median $42.4 $23.3 $ x 21.3x Mean $187.6 $102.7 $ x 19.2x Low $7.9 $5.2 ($6.6) 1.1x 12.6x Technology Industry Insights December

19 Data Management Date Announced Acquirer Name Target Name Target Business Description Status $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) *Estimated Values Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings 12/01/09 Vista Equity Partners Intuit Real Estate Offers business management solutions to the property management Solutions, Inc. and corporate real estate industries Announced $128.0 $74.0 NA 1.7x NA 11/25/09 TeleCommunication Networks In Motion, Provides wireless navigation applications for GPS-enabled mobile Systems Inc. Inc. phones Announced $170.0 $75.0 * NA 2.3x NA 11/23/09 Net 1 Ueps Technologies Solutions real-time management of healthcare transactions MediKredit Integ. HC Operates as an benefit management company providing online Announced $9.9 NA NA NA NA 11/16/09 Thomson Reuters Provides transaction tax management software and services for Sabrix, Inc. Corporation companies Announced NA $30.0 NA NA NA 11/11/09 Hewlett-Packard Company 3Com Corp. Provides enterprise networking solutions Announced $2,734.9 $1,264.8 $ x 19.3x 11/10/09 Logitech Lifesize Communications Offers HD video communications technology and products Announced $405.0 NA NA NA NA 11/04/09 JDA Software Group Inc. i2 Technologies, Inc. Provides supply chain management solutions worldwide Announced $396.0 $231.8 $ x 7.9x 10/27/09 The Carlyle Group Broadleaf Co., Ltd. Offers automobile maintenance systems, administrative system packages and estimate/sales/billing control systems Announced $211.7 NA NA NA NA 10/27/09 Amdocs Ltd. jnetx, Inc. Provides programmable service platforms for telecommunications companies Closed $50.0 NA NA NA NA 10/22/09 cvidya Networks Inc. ECtel, Ltd. Provides integrated revenue management solutions for communications services providers Announced $20.6 $18.0 ($5.1) 1.1x NM 10/21/09 Equinix Inc. Switch & Data Facilities Co., Inc. Provides colocation and network neutral interconnection services Announced $851.5 $195.8 $ x 14.7x 10/20/09 Equifax Inc. IXI Corporation Provides wealth, income, and spending solutions for the financial services industry Closed $124.0 NA NA NA NA 10/19/09 BMC Software, Inc. Tideway Systems Ltd. Provides IT automation, visualization and reporting software 10/14/09 Healthways Inc. Healthhonors Corporation 10/14/09 Kronos Inc. Stromberg LLC 10/12/09 Cisco Systems, Inc. Starent Networks, Corp. 10/06/09 Box.net Increo Solutions 10/05/09 Athenahealth, Inc. Anodyne Health, Inc. 10/05/09 Emerson Electric Avocent Corp. 09/30/09 Nuance Communications ecopy, Inc. 09/30/09 Ebix Inc. E-Z Data, Inc. 09/30/09 Computer Services Inc. Myriad Systems, Inc. Provides behavioral algorithmic software to reduce health care costs by encouraging consumers to adopt healthy behaviors Provides enterprise time and attendance software and hardware solutions for mid to large sized businesses Provides infrastructure hardware and software to enable mobile operators to deliver multimedia services Offers cloud computing, colocation, managed and shared hosting, disaster recovery, and business continuance solutions Provides revenue cycle management solutions to healthcare provider organizations Provides technologies that provide connectivity and centralized management of IT infrastructure Provides document imaging solutions that integrates paper documents into business processes and applications Develops Web-based front office systems for financial services organizations and financial advisors Provides print and mail, online document delivery, and item processing solutions for financial institutions Closed $14.7 NA NA NA NA Announced $2,420.7 $308.1 $ x 23.3x Closed $30.0 NA NA NA NA Announced $1,193.5 $565.8 $ x 14.8x Closed $170.1 $16.7 NA 10.2x NA Closed $46.6 NA NA NA NA Closed $17.3 NA NA NA NA 09/30/09 Cisco Systems, Inc. Tandberg ASA Provides videoconferencing solutions Announced $3,176.1 $858.1 $ x 15.5x 09/29/09 Oracle Corp. HyperRoll, Inc. Offers data warehouse performance acceleration software Announced NA NA NA NA NA CadSoft Computer 09/24/09 Premier Farnell plc GmbH 09/22/09 Microsoft Corporation Interactive Supercomputing Environmental 09/17/09 IHS Inc. Support Solutions 09/15/09 Adobe Systems, Inc. Omniture, Inc. Provides computer aided design software Closed $17.7 NA NA NA NA Develops an interactive parallel computing platform for automatic parallelization and interactive execution Provides environmental, health, and safety and crisis management sustainability software Provides online business optimization products and services through the Omniture Online Marketing Suite Closed $59.0 $13.1 NA 4.5x NA Announced $1,558.0 $335.5 $ x 45.4x 09/14/09 Oracle Corp. Sophoi, Inc. Provides enterprise intellectual property management software Closed $2.9 NA NA NA NA 09/14/09 CA, Inc. NetQoS, Inc. Provides network performance management products and services Closed $200.0 $56.0 NA 3.6x NA 09/09/09 Smith Micro Software Inc. Core Mobility, Inc. Develops integrated mobile applications and end to end solutions for wireless carriers Closed $20.2 NA NA NA NA 09/07/09 Kofax plc 170 Systems, Inc. Offers financial automation software solutions for financial processes Closed $43.0 $28.0 NA 1.5x NA 09/01/09 Informatica Corp. Agent Logic, Inc. Provides user driven event processing software Closed $35.0 NA NA NA NA 09/01/09 EMC Corporation Kazeon Systems, Inc. Provides online solutions for management of unstructured information stored across enterprise networks 08/31/09 EMC Corporation FastScale Technology Provides software virtualization and provisioning solutions for enterprise-class Web farms and data centers Closed $75.0 NA NA NA NA 08/31/09 Actimize, Inc. Fortent, Inc. Provides risk and compliance solutions to financial institutions Closed $73.5 NA NA NA NA Data Management continued on following page Technology Industry Insights December

20 Data Management (continued) Date Announced Acquirer Name Target Name Target Business Description Status 08/10/09 BMC Software, Inc. MQSoftware, Inc. 08/07/09 Vmware, Inc. SpringSource Provides transaction assurance solutions, middleware management and enterprise application integration products Provides application service management software for data centers and tools to build and manage Java applications Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings Closed $26.5 NA NA NA NA Closed $446.0 $32.0 NA 13.9x NA 07/27/09 IBM Corp. SPSS Inc. Provides predictive analytics software and solutions Closed $787.7 $290.8 $ x 10.0x 07/20/09 SAP AG SAF Simulation, Anal. & Forecasting 07/13/09 Software AG IDS Scheer AG Provides ordering and forecasting software for the trade, logistics, and industrial sectors Develops business process management solutions for corporations and public organizations Closed $53.6 $24.8 $ x 7.5x Announced $554.1 $533.0 $ x 15.5x 07/10/09 F-Secure, Oyj Steek S.A. Develops online data management products Closed $30.0 $2.5 NA 12.0x NA 06/11/09 Infor Global Solutions SoftBrands, Inc. 06/02/09 CA, Inc. Cassatt Corp. 06/01/09 EMC Corporation Data Domain $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Provides enterprise software and professional services for manufacturing and hospitality industries Provides software solutions and technologies for operating green data centers Provides deduplication storage appliances for disk-based backup, archiving, and network-based disaster recovery Closed $80.5 $93.0 $ x 7.6x Closed $2,489.5 $300.5 $ x 97.2x High $3,176.1 $1,264.8 $ x 97.2x Median $77.8 $75.0 $ x 15.1x Mean $493.4 $233.6 $ x 23.2x Low $2.9 $2.5 ($8.0) 0.9x 7.5x Technology Industry Insights December

21 Security Date Announced Acquirer Name Target Name Target Business Description Status 11/30/09 IBM Guardium, Inc. 11/23/09 NICE Systems Ltd. Orsus Solutions, Inc. 11/03/09 M86 Security Finjan, Inc. 11/02/09 Equifax Inc. 11/01/09 Symantec Corporation Rapid Reporting Verification Company LP Provides software solutions for database activity monitoring, security, and auditing Develops situation management software for planning, response, and analysis for security, safety, and crisis management Provides Web security solutions for enterprises and managed security service providers Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings Closed $225.0 $38.0 NA 5.9x NA Announced $22.0 $1.0 NA 22.0x NA Provides identity verification products for financial institutions Closed $72.5 NA NA NA NA SoftScan ApS Provides software-as-a-service Web security solutions in Scandinavia Closed NA $14.1 NA NA NA 10/27/09 Cisco Systems, Inc. ScanSafe Ltd. Provides software as a service Web Security Announced $183.0 NA NA NA NA 10/23/09 NuMobile, Inc. SecurAct, Inc. 10/21/09 Rapid7 Metasploit LLC 09/21/09 Arkoon Network Security 08/19/09 Symark International BeyondTrust 08/13/09 Fluke Networks AirMagnet, Inc. 08/13/09 Interact Public Safety Systems Provides technology solutions to manage security for cloud/software as a service and business applications Provides information to perform penetration testing, IDS signature development and exploit research SkyRecon Systems SA Provides endpoint protection solutions Closed $6.9 $2.9 NA 2.4x NA BIO-key Intl., Law Enforcement Div. Operates as an identity and access management security software company Provides security, performance, and compliance solutions for wireless local area networks Offers software for law enforcement including messaging, biometrics and data recording Closed $11.0 $9.5 NA 1.2x NA 07/30/09 McAfee MX Logic, Inc. Provides managed and web security services Closed $168.5 NA NA NA NA 07/30/09 Ant Capital Partners Variosecure Networks Inc. Provides Internet security services Closed $49.9 $18.2 $ x 7.7x 07/28/09 IBM Ounce Labs, Inc. Provides source code vulnerability analysis solutions 07/16/09 Barracuda Networks, Inc. Phion AG (78%) Provides IT security products primarily for medium- and large-sized corporate IP networks Closed $13.9 $16.4 ($2.9) 0.8x NM 07/10/09 F-Secure, Oyj Steek S.A. Develops online data management products Closed $30.0 $2.5 NA 12.0x NA 06/30/09 NTT Corporation Integralis AG (78%) Provides security solutions and cloud-based services that provide access and control through the Internet Closed $72.3 $172.3 $ x 13.1x 05/27/09 EMC Corporation Configuresoft, Inc. Provides enterprise configuration management solutions Closed $86.8 NA NA NA NA 05/26/09 SecureWorks, Inc. VeriSign Inc., Managed Security Services Engages in monitoring and management of security infrastructures and network security systems Closed $42.9 NA NA NA NA 05/15/09 McAfee Solidcore Systems, Inc. Provides change control software for IT infrastructures Closed $46.1 NA NA NA NA 05/06/09 QinetiQ N.A. Operations Cyveillance, Inc 04/29/09 Trend Micro Third Brigade, Inc. 04/29/09 Acme Packet, Inc. Covergence, Inc. 04/22/09 Loglogic, Inc. ExaProtect Technology S.A.S. 04/06/09 Cobham plc Argotek, Inc. Provides cyber intelligence solutions for ID management, compliance and Internet security Provides security software for servers and virtual machines used in data centers Provides session border controllers and session management solutions Closed $80.0 $10.4 NA 7.7x NA Announced $25.0 $4.0 NA 6.3x NA Closed $68.3 $12.4 ($5.1) 5.5x NM Provides network security and threat detection solutions Provides information assurance and systems security solutions and services Closed $36.3 NA NA NA NA 03/31/09 Marshal8e6 Avinti, Inc. Provides security solutions 03/20/09 Symantec Corporation 03/17/09 NitroSecurity, Inc. Mi5 Networks, Inc. Chronicle Solutions, Inc. 02/20/09 Thoma Bravo Entrust Inc. 02/18/09 Netezza Corporation Tizor Systems, Inc. 02/17/09 TrustWave Holdings, Inc. 02/17/09 netforensics, Inc. Provides webgate security applications that protect against web-based threats, spyware, botnets and viruses Closed $18.0 NA NA NA NA Develops network content capture, replay, and analysis solutions Develops, markets, and sells solutions for securing digital identities and information Provides enterprise database monitoring and protection and data theft detection solutions Closed $96.4 $96.5 $ x 13.4x Closed $2.9 $2.0 ($5.5) 1.5x NM Mirage Networks, Inc. Provides network access control solutions Closed $10.0 $5.0 NA 2.0x NA High Tower Software, Inc. 01/22/09 VeriSign Inc. Certicom Corp. Provides network security solutions including event management appliances and log management tools Provides cryptography solutions for software vendors and device manufacturers Closed $39.5 $20.4 NA 1.9x NA 01/20/09 Riverbed Technology Mazu Networks, Inc. Provides network profiling and security solutions Closed $44.2 $14.5 ($5.3) 3.1x NM 01/13/09 AVG Technologies Sana Security, Inc. Provides behavioral security software $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) *Estimated Values High $225.0 $172.3 $ x 13.4x Median $43.5 $12.4 ($2.9) 2.5x 13.1x Mean $60.5 $25.9 $ x 11.4x Low $2.9 $1.0 ($5.5) 0.4x 7.7x Technology Industry Insights December

22 Government IT Date Announced Acquirer Name Target Name Target Business Description Status $ in millions, except per share amounts Source: CapitalIQ, The 451 Group, Public Filings LTM = Last Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) *Estimated Values Implied Enterprise Value ($ mm) Target LTM ($ mm) Enterprise Value/ Target LTM Revenue Earnings Revenue Earnings 12/01/09 ICF International Jacob & Sundstrom Inc. Offers IT security services, information assurance and storage management services for government and commercial clients Announced NA NA NA NA NA 11/08/09 General Atlantic; KKR TASC, Inc. Provides information technology solutions and services for government and businesses internationally Announced $1,650.0 $1,600.0 NA 1.0x NA 10/19/09 Ultra Electronics Provides application software and professional services to the Scytale, Inc. Hldgs plc federal government customers Closed $9.3 NA NA NA NA 09/28/09 DynCorp Phoenix Consulting Provides intelligence training, consulting, and augmentation International Group, Inc. services to government and military enterprises Closed $51.0 NA NA NA NA 09/25/09 Platinum Equity, LLC Offers hardware, software, and technical staffing services, as well as Pomeroy IT Solutions infrastructure and lifecycle services to government and enterprise Inc. customers Closed $42.5 $455.9 ($0.8) 0.1x NM 09/24/09 BAE Systems plc BVT Surface Fleet Ltd. (rem. 45%) Provides surface warships and through-life support services Closed $1,082.3 $706.4 NA 1.5x NA 09/01/09 Raytheon BBNT Solutions, LLC Provides software, IT infrastructure and project management services for U.S. DoD and Intelligence Community Closed $350.0 NA NA NA NA 09/01/09 Applied Signal Provides software, IT infrastructure and project management Pyxis Engineering LLC Technology services for U.S. DoD and Intelligence Community Closed $20.0 $11.7 NA 1.7x NA 07/31/09 NCI Information Systems, Inc. TRS Consulting, Inc. Operates as an IT professional services and training company Closed $23.2 NA NA NA NA 07/22/09 Lockheed Martin Gyrocam Systems, LLC Manufactures gyrostabilised camera systems for law enforcement and security applications Closed NA $11.9 NA NA NA 07/10/09 Giesecke & Devrient Secunet Security Provides IT security products/solutions and consulting services for Networks AG (26%) e-government, biometrics and official documents Closed $40.4 $77.4 $ x 12.0x 07/10/09 SAIC, Inc. Atlan, Inc. Provides evaluation and validation services for IT security and cryptographic products Closed $9.0 NA NA NA NA 07/07/09 Snow Phipps Group, Provides IT infrastructure, information assurance and development ITSolutions LLC LLC services to government/defense/civilian markets 07/07/09 API Technologies Cryptek, Inc. Provides information sharing cryptography and security products and solutions 07/06/09 SAIC, Inc. R.W. Beck, Inc. Provides business and technical consulting services Closed $155.0 $110.0 NA 1.4x NA 06/25/09 Arcadis US, Inc Malcolm Pirnie, Inc. 06/15/09 Boeing Co. exmeritus Software Federal Systems 06/04/09 General Dynamics Axsys Technologies 06/01/09 CACI, N.V. EzGov UK Ltd. 06/01/09 Ceradyne, Inc. 05/29/09 05/14/09 05/06/09 Court Square Capital Partners Atlas Elektronik UK Limited QinetiQ N.A. Operations Diaphorm Technologies, LLC Wyle QinetiQ Group, Underwater Systems Business Cyveillance, Inc 04/15/09 Harris Corp. Crucial Security 04/06/09 Cobham plc Argotek, Inc. 04/01/09 Rockwell Collins Inc. DataPath, Inc. 03/27/09 ICF International 03/20/09 Ultralife Corp. 03/13/09 ManTech Intl. Corp. 08/13/09 03/01/09 Interact Public Safety Systems Preferred Systems Solutions, Inc. Macro International Inc. SAIC, Inc., Tactical Comm. Products DDK Technology Group, Inc. BIO-key Intl., Law Enforcement Div. Integrated Network Services, Inc. Provides environmental engineering, science, business and IT consulting services Develops a configurable off-the-shelf solution for the interconnection of systems at various levels of classification Provides precision optical solutions for defense, aerospace, homeland security, and commercial applications Designs and develops transformational government Web solutions for public service organizations Closed $221.0 $294.0 NA 0.8x NA Closed $614.0 $255.6 $ x 12.6x Provides armor protection products Closed $19.9 NA NA NA NA Provides aerospace engineering, Information Technology (IT) consulting, and life sciences services Provides defense solutions, advanced signal and image processing and communications Provides cyber intelligence solutions for ID management, compliance and Internet security Provides engineering services for law enforcement and intelligence agencies Provides information assurance and systems security solutions and services Provides mobile satellite communications systems for commercial, military, and government markets Provides research, evaluation, management consulting, IT and social marketing communications services Provides amplifiers, man-portable systems, cables, power solutions and ancillary communications equipment Offers database administration, project management, cyber intelligence analysis, application analysis and design, and network design and support services Offers software for law enforcement including messaging, biometrics and data recording Provides IT consulting services to solve technical problems for commercial and federal clients in intelligence and defense communities Closed $600.0 $800.0 NA 0.8x NA Closed $35.7 NA NA NA NA Closed $80.0 $10.4 NA 7.7x NA Closed $36.3 NA NA NA NA Closed $33.0 NA NA NA NA Closed $125.0 $243.0 NA 0.5x NA Closed $214.3 $149.6 $ x 12.0x Closed $5.7 $7.0 NA 0.8x NA Closed $14.0 NA NA NA NA Closed $11.0 $9.5 NA 1.2x NA High $1,650.0 $1,600.0 $ x 12.6x Median $41.5 $149.6 $ x 12.0x Mean $226.8 $316.2 $ x 12.2x Low $5.7 $7.0 ($0.8) 0.1x 12.0x Technology Industry Insights December

23 Recent Private Financings in Digital Information Management Software as a Service Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 11/11/09 Arrowsight, Inc. $6.8 Oak Street Investments Provides remote video auditing services and software-as-a-service 11/09/09 Aravo Solutions, Inc. $27.0 Cisco Systems, Inc. Provides on-demand and software-as-a-service supplier information management software 11/02/09 CubeTree, Inc. $8.0 InterWest Partners; Trinity Ventures Provides social networking software-as-a-service 10/20/09 Copanion, Inc. $10.2 Commonwealth Capital Ventures; Pilot House Ventures Group LLC Offers software as a service tax document automation technology 10/16/09 Evolv, Inc. $8.3 NA Offers software as a service platform based call center hiring management solutions 10/15/09 Box.net, Inc. $7.1 Draper Fisher Jurvetson; U.S. Venture Partners Provides online file storage, sharing, and collaboration services to registered users 10/13/09 Jive Software, Inc. $12.3 Sequoia Capital Offers social productivity and community software solutions for enterprises 10/07/09 Engine Yard, Inc. $19.0 Amazon.com Inc., Inv. Arm; Bay Partners; Benchmark Capital; DAG Ventures; New Enterprise Associates; Presidio STX Provides managed hosting and deployment solutions for Ruby and Rails applications 09/23/09 Mzinga, Inc. $10.0 W Capital Partners; BlueCrest Capital Finance Provides online business social media and workforce solutions 09/21/09 Rearden Commerce, Inc. $40.0 J.P. Morgan Partners, LLC Provides a Web-based tool to manage the details of business and personal life 09/16/09 Accept Software Corporation 09/01/09 Coupa Software Incorporated $17.0 Jefferson Partners; StarVest Partners, L.P.; The Entrepreneurs Fund III $7.5 Battery Ventures; El Dorado Ventures; BlueRun Ventures Provides software-as-a-service solutions for generating ideas, channeling R&D and manage requirements Provides on-demand purchasing software that controls and streamlines purchasing for organizations 08/26/09 ebuilder AB $5.6 Industrifonden; Eqvitec Partners Oy Provides software as a service based business process integration solutions for logistics and supply chain, travel and procurement 08/12/09 AppFolio, Inc. $8.0 Investment Group of Santa Barbara Provides software-as-a-service business solutions for small and mid-sized residential property management businesses 08/04/09 Bill.com, Inc. $8.5 August Capital; Doll Capital Management; Emergence Capital Partners 07/28/09 LibreDigital, Inc. $15.0 Adams Capital Management; Noro-Moseley Partners; The New York Times Company; HarperCollins Publishers; Triangle Peak Partners 07/22/09 Apollo Enterprise Solutions, LLC Offers an electronic cash management software-as-a-service Offers SaaS based interactive digital technology solutions $7.7 Moriah Partners, LLC Provides Web-hosted payment and collection solutions 07/10/09 UniRisX Ltd. $5.3 Miller Investments; Permit Capital, LLC; Jaguar Capital Partners Provides software as a service solutions to general insurance industries 07/08/09 Sonian Incorporated $5.6 Prism VentureWorks Offers SaaS based archiving, search, compliance, e-discovery, storage management, data migration, and mail system services 06/11/09 Cloud9 Analytics, Inc. NA InterWest Partners; Leapfrog Ventures Delivers business intelligence applications to sales, marketing, and support organizations as a service over the Internet 05/15/09 Host Analytics, Inc. $8.7 Advanced Technology Ventures; Trident Capital; StarVest Partners Offers on-demand corporate and financial performance management business intelligence solutions 05/11/09 800APP $17.0 Sierra Ventures; Ivy Capital Provides on-demand enterprise application software and services to businesses and institutions 05/05/09 ngenera Corp. $10.0 Foundation Capital; Oak Investment Partners Provides a suite of subscription-based offerings for business innovation by operating an on-demand, software-as-a-service platform 04/29/09 WorkDay, Inc. $75.0 Greylock Partners; New Enterprise Associates Provides on-demand human capital management services and solutions in the United States 04/10/09 Nirvanix, Inc. $5.0 Mission Ventures; Windward Ventures; Valhalla Partners; Intel Capital 03/24/09 Axcient, Inc. $8.0 Allegis Capital; Thomvest Ventures, Inc.; Peninsula Ventures 03/12/09 Transera Communications $17.0 Accel Partners; Apax Partners Worldwide LLP; Lighthouse Capital Partners; Storm Ventures Provides Internet storage solutions for media and entertainment markets Provides on-demand data protection services for small and medium sized businesses Provides on-demand contact center software Technology Industry Insights December

24 Legal Technology Latest Funding Date Company 11/19/09 Laureate Legal Services Limited $ in millions Source: CapitalIQ, Public Filings Latest Funding ($mm) Current Investors Company Overview $41.6 Lyceum Capital Provides Legal Process Outsourcing (LPO) services 11/16/09 DocuSign, Inc. $3.0 Second Century Ventures, LLC Provides software services for electronic signature and electronic contract execution 11/16/09 OchreSoft Technologies NA YFM Venture Finance Limited Provides case management and portal systems for legal market 10/05/09 DeepDyve, Inc. $5.0 NA Offers software solutions in the areas of information retrieval and concept based search 09/14/09 Verafin Inc. $5.1 RBC Venture Partners; Killick Capital Inc. Provides BSA/AML compliance and fraud detection software for financial institutions 09/03/09 ALM Media Holdings, Inc. $15.0 Apax Partners Worldwide, LLP Provides content and information-related-services to the legal industry 08/19/09 PowerFile, Inc. $11.9 NA Offers storage solutions, audio/video/imaging, database, e-discovery, , regulatory compliance, and unstructured data solutions 08/17/09 LECG Corporation $25.0 Great Hill Partners, LLC Provides expert testimony, original authoritative studies, and strategic advice to companies and law firms 08/10/09 NextPage, Inc. $3.1 NA Provides compliance and information risk management solutions 07/30/09 Renew Data Corp. $6.1 ABS Capital; CIBC Capital Partners Provides electronic evidence services and data migration solutions for corporations and law firms 07/08/09 Sonian Incorporated $5.6 Prism VentureWorks Offers SaaS based archiving, search, compliance, e-discovery, storage management, data migration, and mail system services 05/26/09 X1 Technologies, Inc. NA Idealab Provides enterprise search and e-discovery solutions 05/22/09 Mimosa Systems, Inc. $10.1 NA Provides content archiving solutions for information immediacy, discovery, and continuity 05/07/09 DocuSign, Inc. $5.0 Frazier Technology Ventures; Ignition Partners; Sigma Partners; West River Capital 04/14/09 SignaCert, Inc. $8.8 Doll Capital Management; In-Q-Tel, Inc.; Intel Capital; SmartForest Ventures Provides software services for electronic signature and electronic contract execution Provides IT compliance solutions for organizations and government agencies 04/14/09 StoredIQ, Inc. $8.0 Techxas Ventures, LLC; S3 Ventures Provides information management software solutions for the management of unstructured information found in files and 04/07/09 Kazeon Systems $10.0 Focus Ventures; Clearstone Venture Partners; JK&B Capital; Menlo Ventures; Redpoint Ventures; WS Investments Develops and provides electronic discovery solutions 03/09/09 Notable Solutions, Inc. $5.0 Edison Venture Fund Provides information capture software and business automation tools 02/25/09 Aveksa, Inc. $10.0 Charles River Ventures, FTV Capital, FirstMark Capital, LLC 01/26/09 Lumigent Technologies, Inc. 01/08/09 Rocket Lawyer Incorporated Provides enterprise access governance solutions for access certification, role management, entitlement administration, controls automation, and risk analytics $6.0 North Bridge Venture Partners Provides audit and compliance solutions for CFOs, CIOs, controllers, and other business executives $2.1 LexisNexis Group Develops retail legal self help software 01/06/09 FirstDocs, Inc. NA Foundry Group Develops and markets legal document automation software to law firms and legal departments 12/17/08 Nayatek LLC NA Originate Ventures Develops integrated content archiving platform for e-discovery, storage management and compliance Technology Industry Insights December

25 Internet Latest Funding Date Company Latest Funding ($mm) Current Investors Company Overview 12/02/09 Vizu Corporation $6.8 Draper Fisher Jurvetson; inovia Capital; Greycroft, LLC 12/01/09 Genius.com Incorporated $7.0 Accel Partners; MDV-Mohr Davidow Ventures; Walden International; Emergence Capital Partners; Deep Fork Capital 12/01/09 Seeking Alpha Ltd. $7.0 Accel Partners; Benchmark Capital; DAG Ventures, LLC Operates as an online market research and opinion polling company Provides business-to-business marketing solutions for sales and marketing professionals Provides stock market opinion and analysis information from blogs, money managers, and investment newsletters 11/25/09 OkayBuy.com.cn $10.0 Sequoia Capital China Engages in online retail of shoes, bags, and clothes 11/24/09 Asana $9.0 Benchmark Capital; Andreessen Horowitz Designs and develops software products for Web applications 11/23/09 WinBuyer Ltd. $6.9 Pitango Venture Capital; Giza Venture Capital Provides an ecommerce application for online retailers 11/22/09 BookRenter.com $6.0 Adams Capital Management, Inc.; Storm Ventures, LLC Provides online book rental services 11/19/09 Chegg, Inc. $57.0 InSight Venture Partners Provides an online textbook rental service for students 11/18/09 ExactTarget, Inc. $70.0 Technology Crossover Ventures Provides on-demand marketing software solutions to enterprise, as well as small and medium size organizations 11/17/09 Bizo, Inc. $6.0 Bessemer Venture Partners; Ascent Venture Partners; Venrock; Vulcan Capital Management, Inc. Provides an advertising network and a targeting platform to collect information from databases, business registrations, and online profiles 11/16/09 NetPickle, Inc. $50.0 SoftBank Capital Operates RockYou.com, creates and distributes widgets and applications on the social Web 11/16/09 Glyde Corporation $6.0 Charles River Ventures Operates an online marketplace for buying and selling 11/12/09 Siri, Inc. $15.5 NA Provides a Web interaction paradigm for the consumer Internet experience 11/12/09 Caring, Inc. $10.0 Doll Capital Management; Split Rock Partners, LLC; Shasta Ventures 11/11/09 Playdom, Inc. $43.0 New Enterprise Associates; Norwest Venture Partners; Lightspeed Venture Partners 11/09/09 Phoenix New Media Ltd. $25.0 Intel Capital; Morningside Group (Holdings) Ltd.; Bertelsmann Capital Investment 11/09/09 Qunar.com $15.0 Mayfield Fund; GGV Capital; GSR Ventures Management Co. Ltd.; Tenaya Capital; Donews.com 11/09/09 Redfin Corporation $10.0 Draper Fisher Jurvetson; Greylock Partners; Madrona Venture Group; Vulcan Capital; The Hillman Company Operates as a community and content Website that helps people care for the aged Operates as a social game developing company Operates Internet portals providing news and entertainment content Provides online travel search engine for business and leisure travelers Operates as an online residential real estate brokerage company 11/04/09 Mollyguard Corporation $6.5 Sequoia Capital Provides online registration solutions to event organizers 11/03/09 Altruik, Inc. $4.7 Draper Fisher Jurvetson Gotham Ventures; Silicon Alley Venture Partners; Greenhill Capital Partners; First Round Capital; Javelin Venture Partners Provides search engine optimization solutions for optimizing the Website content to ensure visibility and page ranking 10/25/09 Watercooler, Inc. $5.5 Canaan Partners; The Sporting Exchange Limited Operates online communities for sports and television fans 10/20/09 Adchemy, Inc. $30.0 August Capital; Mayfield Fund; Accenture plc Operates as an online customer acquisition technology company 10/19/09 HubSpot, Inc. $16.0 Matrix Partners; Scale Venture Partners; General Catalyst Partners 10/16/ Diapers, Inc. $30.0 Accel Partners; Bessemer Venture Partners; New Enterprise Associates; MentorTech Ventures 10/08/09 Dailymotion SARL $25.4 Advent Venture Partners; Atlas Venture LLP; Partech International; AGF Private Equity, S.A.; Fonds Strategique d Investissement SA Offers B2B inbound marketing software Operates as an online retailer of baby care necessities Provides on-line video content and video sharing services 10/05/09 TidalTV, Inc. $16.0 NA Operates an online platform that offers access to video programming on the Internet 10/05/09 AudienceScience Inc. $9.2 Integral Capital Partners; Mayfield Fund; MeriTech Capital Partners; MDV-Mohr Davidow Ventures 10/01/09 Yext, Inc. $25.0 Institutional Venture Partners; Sutter Hill Ventures Provides online directories Offers behavioral targeting platform and marketplace for the digital media industry 10/01/09 DataLogix, Inc. $15.2 Sequel Venture Partners; General Catalyst Partners Provides an online advertising platform for real-world data for behavioral customer acquisition 10/01/09 Web18 Holdings $10.0 Nokia Growth Partners Offers informational and transactional services through websites 09/24/09 Twitter, Inc. $100.0 InSight Venture Partners; Institutional Venture Partners; T. Rowe Price Group, Inc.; Spark Capital $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Provides text messages and phone alerts through Twitter.com to users Internet continued on following page Technology Industry Insights December

26 Internet (continued) Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 09/22/09 XinLab, Inc. $6.0 New Enterprise Associates; JAFCO Ventures Operates as a mobile video search site 09/22/09 Rubicon Project, Inc. $9.0 Clearstone Venture Partners; Mayfield Fund; Peacock Equity Fund Provides online advertising solutions to Web publishers and ad networks 09/14/09 InXpo, Inc. $9.0 Highland Capital Partners Provides virtual events and Webcasting solutions 09/14/09 Clicker Media Inc. $8.0 Benchmark Capital; Redpoint Ventures Operates as a guide to Internet television 09/10/09 TradeWeb LLC $68.0 Barclays Private Equity Ltd.; Thomson Financial Operates as an online trading marketplace for fixed-income securities and derivatives 09/10/09 Ocado Ltd. $50.0 FIL Investment Advisors Limited; Generation Investment Management LLP 09/08/09 ebureau, Inc. $10.0 Redpoint Ventures; Split Rock Partners, LLC; Tenaya Capital Operates as an online grocery retailer 09/05/09 Xueersi Ltd $40.0 KTB Ventures; Tiger Global Management LLC Operates educational training sites 08/27/09 OneRiot, Inc. $7.0 Commonwealth Capital Ventures; Appian Ventures Inc.; Spark Capital Provides online marketing and lead generation, credit risk management, and fraud prevention receivables management information solutions Operates as a search engine that finds the pulse of the Web 08/18/09 CrimeReports $7.2 Austin Ventures; vspring Capital Operates as an online resource for crime information 08/13/09 Teachscape, Inc. $16.0 ABS Capital Partners Provides web-based educational consulting services for teachers and other instructional leaders 08/11/09 Gilt Groupe, Inc. $43.0 General Atlantic LLC; Matrix Partners Operates as an online fashion and luxury lifesytle brands social network 08/05/09 MyWebGrocer, LLC $13.0 Stripes Group Develops ecommerce and emarketing solutions for the grocery and consumer packaged goods industries 08/05/09 richrelevance, Inc. $12.5 Draper Fisher Jurvetson; Draper Richards; Greylock Partners; Felicis Ventures LLC; Tugboat Ventures 08/05/09 TRAFFIQ, Inc. $10.0 Grotech Ventures; Court Square Ventures, LLC; Silicon Alley Venture Partners; Greenhill Capital Partners Provides personalization and product recommendation tools for ecommerce sites Operates a digital media management platform that connects buyers and sellers of online media 08/04/09 Nomee.com, Inc. $5.5 NA Operates as a social networking Web site that allows users to access and share information and track trends among family and friends 07/23/09 Kontera Technologies, Inc. $15.5 Sequoia Capital; Carmel Ventures; Tenaya Capital Offers in-text pay per click and Web site advertising solutions 07/16/09 Sportsblogs, Inc. $8.0 Accel Partners; Comcast Interactive Capital; Allen & Company Inc., Investment Arm Engages in building sports sites on the Web 07/09/09 Spotify Limited $9.1 Wellington Partners Venture Capital GmbH Provides online digital music services 07/07/09 Asset International, Inc. $20.0 Austin Ventures Owns and operates publishing, , newsletter, and education portals focusing on retirement and international securities services industries 06/01/09 Viadeo S.A. $5.0 AGF Private Equity, S.A.; Ventech Operates an online business social network that enables members to find clients, suppliers, business partners, jobs and employees 05/26/09 Facebook $200.0 Digital Sky Technologies Operates as an online social network Technology Industry Insights December

27 Data Management Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 12/01/09 Soasta, Inc. $10.0 Canaan Partners; UV Partners; Formative Ventures, LLC; Entrepreneur Growth Fund, The 11/19/09 Manthan Software Services Pvt. Ltd. Provides cloud testing solutions $15.0 FIL Limited; eplanet Ventures; IDG Ventures India Provides retail analytics and business intelligence solutions 11/18/09 Axxana Inc. $9.0 Gemini Israel Funds; Carmel Ventures Provides information disaster recovery solutions 11/12/09 CambridgeSoft Corporation $31.3 Goldman Sachs Group; Health Evolution Partners Offers life science enterprise software solutions 11/12/09 Voxeo Corporation $9.0 North Atlantic Capital; Hamilton Lane Advisors, Inc. Provides interactive voice response and VoIP platforms, and hosted and developer services 11/09/09 Appistry, Inc. $10.0 NA Develops cloud computing products and solutions for enterprise applications in public and private cloud environments 10/27/09 Varicent Software Inc. $35.0 FTV Capital; RBC Venture Partners; EdgeStone Capital Partners Inc. Provides sales performance management for finance, sales, human resources, IT, and executives 10/27/09 Joyent, Inc. $8.5 Intel Capital Provides on-demand applications, compute, storage, and services to teams 10/26/09 Axeda Corporation $5.0 JMI Equity Provides remote monitoring and management software and services to manufacturing companies, service providers, and enterprises 10/15/09 Data Robotics, Inc. $10.0 Focus Ventures; Greylock Partners; New Enterprise Associates; RRE Ventures LLC; Sutter Hill Ventures Provides data storage products to small businesses and individuals 10/09/09 Ooyala, Inc. $10.0 Sierra Ventures; Rembrandt Venture Partners Provides video solutions to video content providers, advertisers, publishers, and consumers 10/08/09 Troux Technologies, Inc. $10.0 Austin Ventures; Greylock Partners Provides strategic IT planning and control software for enterprises and government agencies 10/07/09 Eka Software Solutions Pvt. Ltd. $10.0 Nexus India Provides commodity trading and risk management software 10/06/09 TEOCO Corporation $60.0 TA Associates, Inc. Provides network cost optimization solutions to communications service providers 09/28/09 Rocket Software, Inc. $91.9 Court Square Capital Partners Provides enterprise class software products and technology components for hardware and software vendors 09/23/09 Beijing Blue I.T. Technologies $10.0 Intel Capital Provides content delivery network solutions and services 09/17/09 NextBio, Inc. $8.0 Newbury Ventures Provides software as a service based search solutions to life science researchers 09/14/09 Tervela, Inc. $18.0 Goldman Sachs Group; Sigma Partners; North Hill Ventures, LP; Acartha Group, LLC 08/31/09 Acadia Human Capital Solutions Provides communications infrastructure products that offer information dissemination and processing services $5.0 Intersouth Partners; C&B Capital, L.P. Provides strategic human resources and workforce productivity software 08/25/09 Approva Corporation $14.0 Columbia Capital; New Enterprise Associates; Novak Biddle Venture Partners; Sierra Ventures; Gold Hill Capital Management Provides continuous controls monitoring and audit software 08/15/09 Numascale AS $5.0 Investinor AS, ProVenture Management AS Offers technology to build scalable servers through virtualization of processing, memory, and IO resources 08/13/09 Balihoo, Inc. $7.1 Highway 12 Ventures; OpenView Venture Partners; Lacuna, LLC 08/11/09 VirtenSys Ltd. $16.0 Celtic House Venture Partners, GIMV NV, Scottish Equity Partners, LP 07/31/09 Mobile Iron, Inc. $11.0 Norwest Venture Partners; Sequoia Capital; Storm Ventures, LLC Provides local marketing automation technology and services Provides I/O virtualization technologies for servers and storage platforms Provides smartphone platform that offers a virtualized version of smartphones 07/21/09 Ning, Inc. $15.0 Lightspeed Venture Partners Provides web hosting services and platform that supports online communities and offers Internet networking solutions 07/20/09 Acquia, Inc. $8.0 North Bridge Venture Partners; Sigma Partners Provides products, services, and technical support for the open source Drupal social publishing system 07/14/09 Aptana, Inc. $7.8 Accel Partners; Rembrandt Venture Partners Develops Web development tools and products for editing, debugging, synchronization, and project management 07/13/09 QuickPlay Media, Inc. $12.0 JLA Ventures; Ventures West Management Inc.; General Catalyst Partners 06/25/09 Virsto Software Corporation Provides media management and distribution solutions for mobile television and video service companies $7.0 August Capital; Canaan Partners Develops virtual storage solutions for virtual servers 06/23/09 Reductive Labs, Inc. $2.0 True Ventures Develops system management tools for automating system admin across the network 06/16/09 Doyenz, Inc. $5.0 NA Provides a virtual appliance lifecycle management platform for small to mid-sized business markets Data Management continued on following page Technology Industry Insights December

28 Data Management (continued) Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 06/09/09 Wimba, Inc. $6.0 ABS Ventures Provides collaborative learning software applications and services for further/higher education and K-12 markets 06/01/09 Cloudera, Inc. $6.0 Accel Partners; Greylock Partners Offers Hadoop software for data processing and analysis applications 05/15/09 Techfaith Tech-Interactive Ltd. $10.0 Infiniti Capital Limited Develops and operates wireless gaming application software 05/15/09 Tobii Technology AB $21.7 Amadeus Capital Partners Limited; Investor Growth Capital; Northzone Ventures Offers hardware and software solutions for eye tracking and control 04/29/09 Eucalyptus Systems, Inc. $5.5 Benchmark Capital; BV Capital Develops open-source software platform for implementing on-premise private and hybrid clouds 04/14/09 FastScale Technology, Inc. $5.5 Sabine Ventures Management, Leapfrog Ventures, ATA Ventures Provides software virtualization and provisioning solutions for enterprise-class web farms and data servers 04/07/09 Parallels, Inc. NA Almaz Capital Partners Develops and provides virtualization and automation software for consumers, businesses, hosting providers and developers 03/16/09 Skytap, Inc. $7.0 Ignition Partners; Madrona Venture Group; Washington Research Foundation Provides cloud-based virtual lab solutions that enable the development, testing, and deployment of applications Technology Industry Insights December

29 Security Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 10/25/09 Profitect Inc. $5.5 Cedar Fund; Genesis Partners Ltd. Provides software solutions for profit increase through loss prevention, fraud detection, and compliance assurance in the retail industry 10/05/09 Damballa, Inc. $9.0 Imlay Investments Inc.; InterWest Partners; Noro- Moseley Partners; Palomar Ventures; Sigma Partners 09/23/09 RedSeal Systems, Inc. $12.0 JAFCO Ventures; Leapfrog Ventures; OVP Venture Partners; Sutter Hill Ventures; Venrock Offers firewall and Internet security software Provides security risk management software 09/17/09 Xiotech Corporation $10.0 NA Offers data storage and protection solutions 09/11/09 Solutionary, Inc. $10.0 NA Provides security and compliance management solutions and managed services 08/13/09 Anakam, Inc. $15.0 NA Provides authentication and identity management software solutions 08/12/09 Mobile Armor $7.1 NA Provides data security solutions to commercial and government organizations 08/07/09 Paymetric, Inc. $8.0 Austin Ventures; Palomar Ventures Provides software for managing, protecting, and integrating payment card transactions in enterprise applications, primarily SAP solutions 07/24/09 SecureWorks, Inc. $31.5 Alliance Technology Ventures; Noro-Moseley Partners; ITC Holding Company, LLC 07/21/09 Finsphere Corporation $9.0 MDV-Mohr Davidow Ventures; Frazier Technology Ventures; Shasta Ventures 07/09/09 Narus, Inc. $8.7 JPMP Capital, LLC; Mayfield Fund; NeoCarta Ventures, Inc.; Walden International Offers security information management on-demand services, log monitoring, and IPS/IDS systems Provides mobile identity and fraud protection software Provides security, intercept, and traffic management software solutions for the protection and management of Internet protocol networks 06/18/09 Force10 Networks, Inc. $30.0 NA Provides switching and routing equipment including security appliances 06/08/09 Vyatta, Inc. $10.3 Citrix Systems; Comcast Interactive Capital; ArrowPath Venture Partners; Panorama Capital Provides network routing and security software and hardware appliances 05/14/09 LifeLock, Inc. $20.0 Symantec Corporation Offers identity theft protection services 05/14/09 LifeLock, Inc. $40.1 NA Offers identity theft protection services 05/06/09 VKernel Corporation $7.1 Hummer Winblad Venture Partners; Polaris Venture Partners, Inc.; Longworth Venture Partners Offers a virtual appliance that monitors and tracks resources on ESX servers to enterprises 04/29/09 Likewise Software Corp. $10.0 Trinity Ventures; Ignition Partners; Intel Capital Provides identity management solutions for mixed network environments 04/20/09 BitArmor Systems, Inc. $5.0 Draper Triangle Ventures Provides data protection software that helps corporate executives to protect sensitive data in their organizations 04/14/09 Reflex Systems $8.5 RFA Management Company, LLC Provides virtualization management and security solutions 04/06/09 HyTrust, Inc. $5.5 Trident Capital, Inc., EPIC Ventures Provides virtualization platform control, security and compliance solutions 03/20/09 SEPATON, Inc. $15.5 Focus Ventures, Harbourvest Partners, LLC, Jerusalem Venture Partners, Menlo Ventures, Valhalla Partners 03/11/09 Validity Sensors, Inc. $10.0 CrossLink Capital, Inc.; Telesoft Partners; QUALCOMM Ventures; VentureTech Alliance LLC Provides enterprise data protection solutions, technical consulting, backup performance improvement and virtualization solutions Provides biometric sensor company specializing in fingerprint authentication sensors 02/02/09 Layer 7 Technologies, Inc. NA GrowthWorks Capital Ltd. Provides XML security and policy enforcement appliances for next generation service oriented and Web oriented integrations Technology Industry Insights December

30 Government IT Latest Funding Date Company $ in millions Source: CapitalIQ, Public Filings Includes private companies with over $5 mm in total funding Latest Funding ($mm) Current Investors Company Overview 11/30/09 Lumexis Corporation $15.0 Perseus, L.L.C.; Zone Ventures Management Company, LLC; PAR Capital Management, Inc. Provides fiber-to-the-screen (FTTS) in-flight entertainment (IFE) and communication systems 11/18/09 FireEye, Inc. NA In-Q-Tel, Inc. Provides Web malware and botnet security solutions for enterprises, services providers and law enforcement agencies 11/17/09 Palantir Technologies, Inc. $35.0 NA Provides platforms for integrating, visualizing, and analyzing data for intelligence, defense, and law enforcement communities 10/15/09 Montana Tech Components AG 10/15/09 Perla Group International Ltd $26.9 NA Produces components for the aerospace industry $15.0 Wakabayashi Fund, LLC Engages in the telecom, armed cars, aviation, and k-9 services 10/08/09 Reality Mobile LLC $6.5 Chevron Technology Ventures; Energy Ventures AS; Dobson Partnership Provides mobile communications platform for federal agencies, state and local municipalities, and companies 09/28/09 UPEK, Inc. $12.7 NA Provides security products and solutions for the fingerprint authentication market 08/27/09 Protective Systems, Inc. $8.0 NA Designs and manufactures electronic countermeasures equipment 08/19/09 3VR Security, Inc. $12.0 Menlo Ventures Offers searchable surveillance systems for the investigation of fraud, theft, and crime 08/13/09 Anakam, Inc. $15.0 NA Provides authentication and identity management software solutions for the health care, e-commerce, banking, and government organizations 08/05/09 Aeronautics Defense Systems $25.0 Viola Private Equity Provides defense solutions including unmanned systems, ISR systems and C4I systems 07/28/09 Lingotek, Inc. NA Canopy Group; Flywheel Ventures; In-Q-Tel, Inc. Develops collaborative translation software platform for corporations and government agencies 06/12/09 SS8 Networks, Inc. $13.0 Kleiner, Perkins, Caufield & Byers; Onset Ventures; Woodside Fund; Protostar Partners LLC; W Capital Partners 05/19/09 Pacific Star Communications Provides lawful intercept solutions for telecommunication service providers, law enforcement, government, and intelligence agencies $7.3 NA Provides IT and communications solutions to military, government, and commercial sectors 04/30/09 TerraGo Technologies, Inc. $4.4 CNF Investments LLC; In-Q-Tel, Inc.; RedShift Ventures 04/14/09 SignaCert, Inc. $8.8 Doll Capital Management; In-Q-Tel, Inc.; Intel Capital; SmartForest Ventures 03/20/09 AOptix Technologies, Inc. $12.9 Clearstone Venture Partners; Kleiner, Perkins, Caufield & Byers; W Capital Partners; Northgate Capital Group; Tenaya Capital; DAG Ventures, LLC 03/18/09 Space Exploration Technologies Corp. Provides geospatial data distribution and collaboration solutions for sharing mapping data Provides partner-based information technology (IT) compliance solutions for organizations and government agencies Develops free space optical communications and iris biometrics based identification solutions $15.0 NA Designs and manufactures launch vehicles 03/05/09 Agnitio S.L. $ Venture; Elaia Partners; Nauta Capital; Neotec Capital Riesgo Provides forensic and intelligence voice biometrics solutions 02/27/09 NeoSystems Corp. $5.1 Salem Halifax Partners; Access National Bank Provides accounting, financial, and contract management services to government contractors and not-for profit organizations 02/27/09 Paradigm Holdings Inc. $6.2 Hale Capital Partners Provides IT, information assurance, and business continuity solutions to Federal Government Technology Industry Insights December

31 Public Market Valuations Software as a Service COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Software-as-a-Service Salesforce.com CRM $ % $8,237 $445 $18 $7,821 $1,241 $0.60 $ x 53.6x NM 88.2x Concur Technologies, Inc. CNQR % 1, , x 26.0x 72.3x 68.1x Blackboard Inc. BBBB % 1, , x 18.4x NM 66.2x SuccessFactors, Inc. SFSF % 1, , (0.28) NA 8.0x NM NM NA SkillSoft plc SKIL % , x 9.0x 13.6x 14.8x NetSuite, Inc. N % (0.35) NA 5.9x NM NM NA Taleo Corp. TLEO % (0.19) x 34.0x NM NM DealerTrack Holdings, Inc. TRAK % (0.12) x 21.8x NM NM Constant Contact, Inc. CTCT % (0.04) x 64.7x NM NM Rightnow Technologies Inc. RNOW % x 38.7x NM NM Synchronoss Technologies, Inc. SNCR % x 15.0x 43.5x 31.7x LogMeIn, Inc. LOGM % x 25.5x 44.5x 41.9x Vocus Inc. VOCS % NA 4.2x 49.0x NM NA LivePerson Inc. LPSN % (0.40) x 18.7x NM 38.7x Descartes Systems Group Inc. TSX:DSG % x 15.4x 13.4x 53.8x DemandTec, Inc. DMAN % (0.33) NA 3.4x NM NM NA Kenexa Corp. KNXA % (6.76) x 12.5x NM 40.0x Lionbridge Technologies Inc. LIOX % (2.24) x 7.7x NM 84.0x Zix Corp. ZIXI % (0.08) NA 3.7x NM NM NA incontact, Inc. SAAS % (0.18) NA 0.9x NM NM NA Salary.com, Inc. SLRY % (1.55) NA 1.0x NM NM NA Overall SaaS Median 86.9% $460 $82 $1 $374 $144 ($0.08) $ x 21.8x 43.5x 47.8x Overall SaaS Mean 84.9% $948 $102 $15 $861 $209 ($0.43) $ x 27.3x 37.4x 52.7x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

32 Legal Technology COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Legal Technology EMC Corporation EMC $ % $34,942 $6,136 $3,073 $32,338 $13,942 $0.52 $ x 13.9x 33.3x 23.6x Thomson Reuters Corporation TRI % 27,001 2,082 8,584 33,572 13, x 11.4x 20.9x 20.9x Symantec Corporation SYMC % 14,493 2,332 1,818 13,979 5,888 (8.31) x 7.6x NM 19.2x Wolters Kluwer NV WKL % 6, ,451 9,715 4, x 9.7x 15.2x 15.9x Autonomy Corp. plc AU % 5, , x 19.9x 32.0x 21.6x Pitney Bowes Inc. PBI % 4, ,389 9,072 5, x 6.7x 11.5x 11.8x FTI Consulting, Inc. FCN % 2, ,621 1, x 8.4x 16.4x 14.4x Navigant Consulting Inc. NCI % x 8.9x 24.3x 18.2x Huron Consulting Group Inc. HURN % (2.21) x 6.4x NM 13.5x EPIQ Systems, Inc. EPIQ % x 9.9x 31.0x 26.6x Dolan Media Company DM % x 6.7x 18.0x 10.5x CRA International Inc. CRAI % x 7.2x 35.2x 20.9x Guidance Software, Inc. GUID % (0.65) NA 1.5x NM NM NA LECG Corporation XPRT % (6.68) NA 0.3x NM NM NA Unify Corp. UNFY % (0.29) NA 1.4x NM NM NA Median 83.4% $724 $105 $228 $939 $723 $0.60 $ x 8.7x 22.6x 18.7x Mean 77.5% $6,559 $804 $1,526 $7,347 $3,206 ($0.44) $ x 9.7x 23.8x 18.1x Risk Management and Compliance First American Corp. FAF $ % $2,975 $1,219 $910 $3,361 $5,831 $1.02 $ x 5.8x 31.2x 13.3x ArcSight, Inc. ARST % NA 5.7x 38.5x 63.6x NA NIC Inc. EGOV % x 18.9x 40.3x 34.2x SAI Global Ltd. ASX:SAI % x 12.7x 23.6x 17.5x Bottomline Technologies Inc. EPAY % (0.30) x 29.2x NM NM Norkom Group Plc N5OK % NA 2.5x 10.7x 24.2x NA GlobalOptions Group, Inc. GLOI % (0.35) NA 0.2x NM NM NA Median 93.1% $524 $46 $2 $510 $139 $0.14 $ x 15.8x 31.2x 17.5x Mean 90.4% $794 $213 $150 $831 $953 $0.17 $ x 19.3x 36.6x 21.7x Overall Legal Technology Median 87.0% $550 $57 $140 $680 $290 $0.40 $ x 9.8x 24.3x 18.2x Overall Legal Technology Mean 81.6% $4,725 $616 $1,088 $5,274 $2,489 ($0.25) $ x 12.9x 28.0x 18.8x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

33 Internet COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Internet - Search Microsoft Corporation MSFT $ % $266,196 $33,467 $5,996 $238,725 $56,296 $1.55 $ x 10.9x 19.4x 15.5x Google Inc. GOOG % 185,606 21, ,612 22, x 17.7x 37.5x 26.2x Time Warner Inc. TWX % 36,685 7,126 17,500 47,405 45,355 (11.27) x 3.6x NM 13.8x Yahoo! Inc. YHOO % 21,282 3, ,487 6, x 13.2x NM 34.1x Baidu, Inc. BIDU % 14, , x 53.7x 74.5x 54.4x IAC/InterActiveCorp. IACI % 2,517 1, , x 10.6x 10.3x NM Sohu.com Inc. SOHU % 2, , x 6.9x 11.9x 14.5x Local.com Corp. LOCM % (0.39) x NM NM NM Answers Corporation ANSW % (0.56) NA 3.3x 9.2x NM NA Median 89.6% $14,753 $1,767 $0 $14,173 $1,360 $1.55 $ x 10.8x 19.4x 20.9x Mean 87.7% $58,803 $7,718 $2,631 $53,767 $14,821 $1.90 $ x 15.7x 30.7x 26.4x Internet - Advertising IAC/InterActiveCorp. IACI $ % $2,517 $1,767 $96 $873 $1,360 $1.85 $ x 10.6x 10.3x NM WebMD Health Corp. WBMD % 2, , x 24.6x 37.6x 53.9x Digital River Inc. DRIV % x 6.2x 17.0x 42.6x ValueClick Inc. VCLK % (2.34) x 5.4x NM 16.4x Meetic MEET % x 21.5x 26.2x 13.7x OpenTable, Inc. OPEN % x 56.1x NM NM Ancestry.com Inc. ACOM % NA 2.7x 10.3x 46.8x NA comscore, Inc. SCOR % x 24.0x 21.0x 63.6x Shutterfly, Inc. SFLY % (0.15) x 10.2x NM NM LoopNet, Inc. LOOP % x 13.9x 36.2x 46.9x Dice Holdings, Inc. DHX % x 7.8x 55.6x 38.4x The Knot, Inc. KNOT % x 16.6x NM NM Internet Brands, Inc. INET % x 8.2x 28.9x 24.7x InfoSpace Inc. INSP % (0.22) x 9.3x NM 25.1x TechTarget, Inc. TTGT % (0.04) NA 2.7x 18.3x NM NA Move, Inc. MOVE % (0.07) NA 1.1x 62.5x NM NA Travelzoo Inc. TZOO % (0.21) x 56.8x NM 44.6x Marchex, Inc. MCHX % (3.82) NA 1.7x 20.3x NM NA DivX, Inc. DIVX % NA 2.3x 15.4x 60.3x NA TheStreet.com, Inc. TSCM % (1.55) NA 1.0x 2.5x NM NA Median 82.6% $383 $98 $0 $308 $122 $0.08 $ x 14.6x 32.6x 40.5x Mean 80.4% $603 $200 $18 $431 $238 ($0.06) $ x 20.0x 34.0x 37.0x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Internet continued on following page Technology Industry Insights December

34 Internet (continued) COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS E-Commerce Amazon.com Inc. AMZN $ % $59,570 $4,001 $116 $55,685 $21,692 $1.73 $ x 48.2x 79.7x 59.1x ebay Inc. EBAY % 30,604 3, ,645 8, x 10.5x 21.7x 17.3x priceline.com Incorporated PCLN % 9, ,253 2, x 20.8x 20.0x 29.9x Expedia Inc. EXPE % 7, ,538 2,879 (8.91) x 10.3x NM 20.1x Netflix, Inc. NFLX % 3, ,955 1, x 14.0x 30.2x 26.1x GSI Commerce Inc. GSIC % 1, , (0.11) NA 1.5x 20.5x NM NA Blue Nile Inc. NILE % x 44.5x 78.5x 56.4x Ticketmaster Entertainment, Inc. TKTM % ,461 (18.24) NA 0.4x 4.0x NM NA United Online Inc. UNTD % (1.03) x 4.0x NM 9.5x Art Technology Group Inc. ARTG % x 18.8x 35.9x 38.0x Orbitz Worldwide, Inc. OWW % , (3.71) x 6.9x NM 29.4x Overstock.com Inc. OSTK % (0.07) x 33.8x NM 17.4x ehealth, Inc. EHTH % x 7.0x 24.6x 22.0x Liquidity Services, Inc. LQDT % x 10.7x 32.5x 25.2x Vitacost.com, Inc. VITC % x 20.9x 69.4x 14.6x Flowers.com Inc. FLWS % (1.09) x 8.8x NM 16.4x Stamps.com Inc. STMP % x 17.6x 27.5x 43.1x support.com, Inc. SPRT % (0.32) NA 2.3x NM NM NA PC Mall Inc. MALL % , x 5.9x 18.1x 11.9x Tree.Com, Inc. TREE % (1.03) x 5.7x NM 94.2x EasyLink Services International Corporation ESIC % (0.46) NA 0.6x 3.2x NM NA Median 83.0% $494 $94 $61 $467 $743 $0.12 $ x 10.6x 30.2x 25.2x Mean 81.9% $5,560 $505 $186 $5,249 $2,143 ($0.80) $ x 15.8x 39.8x 31.2x Internet - Online Gaming Activision Blizzard, Inc. ATVI $ % $13,990 $2,721 $0 $11,269 $4,361 $0.25 $ x 13.6x 44.1x 36.8x Electronic Arts Inc. ERTS % 5,288 2, ,276 3,946 (4.06) NA 1.3x NM NM NA Netease.com Inc. NTES % 4, , x 13.5x 17.9x 14.2x Shanda Games Limited GAME % 2, , x 9.5x 13.2x 10.3x Perfect World Co., Ltd. PWRD % 2, , x 12.3x 17.0x 12.4x Changyou.com Limited CYOU % 1, , x 9.1x 11.6x 10.2x PartyGaming Plc PRTY % 1, , x 12.0x 20.0x 26.8x Giant Interactive Group, Inc. GA % 1, x 6.7x 11.6x 14.9x Take-Two Interactive Software Inc. TTWO % (1.71) x 10.7x NM 35.7x 888 Holdings Public Limited Company LSE: % x 14.7x 23.2x 17.5x GameLoft SA ENXTPA:GFT % x 19.6x NM 24.5x GigaMedia Ltd. GIGM % x NM 7.6x 8.3x Glu Mobile, Inc. GLUU % (1.64) NA 0.4x NM NM NA Median 74.1% $1,731 $240 $0 $1,436 $286 $0.25 $ x 12.2x 17.0x 14.9x Mean 73.6% $2,762 $600 $17 $2,183 $941 $0.18 $ x 12.2x 18.5x 19.2x Overall Internet Median 83.0% $589 $125 $1 $591 $255 $0.12 $ x 11.5x 24.6x 24.9x Overall Internet Mean 80.5% $11,015 $1,458 $447 $10,018 $3,102 $0.02 $ x 16.6x 31.4x 28.9x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

35 Data Management COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Data Management - ERP/CRM/SCM Microsoft Corporation MSFT $ % $266,196 $33,467 $5,996 $238,725 $56,296 $1.55 $ x 10.9x 19.4x 15.5x International Business Machines Corp. IBM % 167,156 11,512 25, ,210 95, x 7.7x 12.9x 12.1x Oracle Corp. ORCL % 114,451 20,565 14, ,954 22, x 10.1x 20.4x 18.3x SAP AG SAP % 54,882 4,444 3,264 53,731 16, x 10.6x 19.4x 16.5x Salesforce.com CRM % 8, ,821 1, x 53.6x NM 88.2x Amdocs Ltd. DOX % 5,756 1, ,584 2, x 7.8x 17.6x 16.7x Sage Group plc SGE % 5, ,684 2, x 11.1x 16.5x 15.2x Software AG SOW % 3, ,699 1, x 12.2x 17.1x 14.9x MICROS Systems, Inc. MCRS % 2, , x 11.3x 24.0x 21.1x Concur Technologies, Inc. CNQR % 1, , x 26.0x 72.3x 68.1x Tibco Software Inc. TIBX % 1, , x 9.9x 24.3x 23.8x Lawson Software, Inc. LWSN % 1, x 7.8x 37.8x 33.5x Ariba Inc. ARBA % 1, x 23.5x NM 54.4x NetSuite, Inc. N % (0.35) NA 5.9x NM NM NA Aspen Technology Inc. AZPN % x 17.2x 17.0x 13.5x JDA Software Group Inc. JDAS % (0.09) x 8.5x NM 23.9x Unit 4 Agresso NV U4AGR % x 9.2x 48.7x 19.6x Exact Holding NV EXACT % x 7.2x 12.6x 13.6x Manhattan Associates, Inc. MANH % x 13.8x 43.6x 26.7x Deltek, Inc PROJ % x 11.5x 19.7x 24.9x Rightnow Technologies Inc. RNOW % x 38.7x NM NM Epicor Software Corporation EPIC % (0.03) NA 1.1x 9.6x NM NA I2 Technologies, Inc. ITWO % x 7.0x 11.3x 24.7x Descartes Systems Group Inc. TSX:DSG % x 15.4x 13.4x 53.8x Echo Global Logistics, Inc. ECHO % NA 1.3x 41.7x 98.8x NA CDC Software Corporation CDCS % x 6.0x 24.7x 11.7x Swisslog Holding AG SLOG % x 3.5x 8.7x 11.7x QAD Inc. QADI % (0.60) x 13.6x NM 13.9x American Software, Inc. AMSW.A % x 12.4x 43.8x 22.2x Unica Corp. UNCA % (1.05) NA 1.4x NM NM NA Chordiant Software, Inc. CHRD % (0.36) NA 1.2x NM NM NA Median 93.1% $848 $103 $17 $872 $348 $0.40 $ x 11.0x 19.5x 19.6x Mean 91.5% $20,674 $2,419 $1,682 $19,957 $6,644 $1.00 $ x 14.9x 28.4x 26.3x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Data Management continued on following page Technology Industry Insights December

36 Data Management (continued) COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Data Management - Business Intelligence/Analytics Microsoft Corporation MSFT $ % $266,196 $33,467 $5,996 $238,725 $56,296 $1.55 $ x 10.9x 19.4x 15.5x International Business Machines Corp. IBM % 167,156 11,512 25, ,210 95, x 7.7x 12.9x 12.1x Oracle Corp. ORCL % 114,451 20,565 14, ,954 22, x 10.1x 20.4x 18.3x SAP AG SAP % 54,882 4,444 3,264 53,731 16, x 10.6x 19.4x 16.5x Autonomy Corp. plc AU % 5, , x 19.9x 32.0x 21.6x Sybase, Inc. SY % 3,363 1, ,007 1, x 9.2x 20.8x 20.7x Open Text Corp. OTEX % 2, , x 10.8x 47.4x 24.8x Informatica Corp. INFA % 2, , x 17.8x 35.4x 35.1x Lawson Software, Inc. LWSN % 1, x 7.8x 37.8x 33.5x MicroStrategy Inc. MSTR % 1, x 10.1x 19.8x 17.8x Fair Isaac Corp. FICO % , x 7.0x 14.2x 13.1x Netezza Corporation NZ % x 40.6x 24.8x 53.3x CDC Corp. CHIN.A % (0.66) x 11.6x NM 95.0x PROS Holdings, Inc. PRO % x 15.3x 28.3x 46.5x Actuate Corp. ACTU % x 6.9x 14.9x 15.1x Unica Corp. UNCA % (1.05) NA 1.4x NM NM NA Median 89.0% $1,605 $275 $213 $1,540 $646 $0.79 $ x 10.6x 20.6x 20.7x Mean 88.3% $38,790 $4,581 $3,237 $37,479 $12,280 $1.53 $ x 13.1x 24.8x 29.3x Data Management - Content Management Microsoft Corporation MSFT $ % $266,196 $33,467 $5,996 $238,725 $56,296 $1.55 $ x 10.9x 19.4x 15.5x International Business Machines Corp. IBM % 167,156 11,512 25, ,210 95, x 7.7x 12.9x 12.1x Oracle Corp. ORCL % 114,451 20,565 14, ,954 22, x 10.1x 20.4x 18.3x EMC Corporation EMC % 34,942 6,136 3,073 32,338 13, x 13.9x 33.3x 23.6x Xerox Corp. XRX % 6,876 1,159 8,095 13,945 15, x 9.8x 22.5x 11.5x Autonomy Corp. plc AU % 5, , x 19.9x 32.0x 21.6x Open Text Corp. OTEX % 2, , x 10.8x 47.4x 24.8x Blackboard Inc. BBBB % 1, , x 18.4x NM 66.2x Median 96.8% $20,909 $3,647 $4,534 $23,141 $14,636 $0.79 $ x 10.9x 22.5x 19.9x Mean 93.9% $74,878 $9,175 $7,251 $73,083 $25,739 $1.90 $ x 12.7x 26.8x 29.3x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Data Management continued on following page Technology Industry Insights December

37 Data Management (continued) COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Data Management - Document Management Canon Inc $ % $49,810 $7,382 $121 $44,668 $36,322 $0.74 $ x 8.1x 54.6x 25.1x Adobe Systems Inc. ADBE % 19,117 2, ,911 3, x 15.1x 29.0x 31.8x Xerox Corp. XRX % 6,876 1,159 8,095 13,945 15, x 9.8x 22.5x 11.5x Iron Mountain Inc. IRM % 4, ,307 7,740 2, x 9.2x 30.2x 24.3x Pitney Bowes Inc. PBI % 4, ,389 9,072 5, x 6.7x 11.5x 11.8x R.R. Donnelley & Sons Company RRD % 4, ,414 7,470 10,071 (3.10) x 5.5x NM 14.0x Nuance Communications, Inc. NUAN % 4, , (0.05) x 22.9x NM NM Vistaprint N.V. VPRT % 2, , x 24.1x 41.8x 36.8x Bowne & Co. Inc. BNE % (0.96) NA 0.4x 10.3x NM NA InnerWorkings Inc. INWK % x 21.2x 56.6x 24.0x Innodata Isogen Inc. INOD % NA 1.7x 6.1x 9.8x NA Corel Corporation TSX:CRE % (0.15) NA 0.5x 5.3x NM NA Pervasive Software Inc. PVSW % x 6.6x 17.1x 19.1x Median 82.5% $4,149 $415 $125 $4,522 $950 $0.35 $ x 9.2x 29.0x 24.0x Mean 83.7% $7,494 $1,017 $1,599 $8,280 $5,876 $0.25 $ x 11.6x 30.3x 22.0x Data Management - Storage, Archiving and Backup International Business Machines Corp. IBM $ % $167,156 $11,512 $25,468 $181,210 $95,533 $9.84 $ x 7.7x 12.9x 12.1x Hewlett-Packard Company HPQ % 118,055 13,334 15, , , x 7.6x 15.5x 13.3x EMC Corporation EMC % 34,942 6,136 3,073 32,338 13, x 13.9x 33.3x 23.6x VMware, Inc. VMW % 17,912 2, ,186 1, x 43.3x 69.3x 81.4x Symantec Corporation SYMC % 14,493 2,332 1,818 13,979 5,888 (8.31) x 7.6x NM 19.2x Fujitsu Ltd % 12,768 4,778 8,078 17,700 49,464 (0.40) x 5.3x NM 13.7x CA, Inc. CA % 11,693 3,025 1,940 10,608 4, x 7.5x 16.5x 14.0x NetApp, Inc. NTAP % 11,096 2,956 1,078 9,218 3, x 20.8x 69.8x 30.7x Hitachi Ltd % 9,210 7,164 28,586 43,052 98,517 (3.14) NA 0.1x 6.9x NM NA Seagate Technology STX % 8,311 1,626 2,232 8,917 9,435 (6.05) x 9.2x NM 7.9x CommVault Systems, Inc. CVLT % x 32.9x 82.4x 52.2x Emulex Corp. ELX % x 11.1x NM 79.6x 3PAR, Inc. PAR % (0.05) NA 3.4x NM NM NA Quantum Corp. QTM % (1.54) NA 0.8x 9.4x NM NA Falconstor Software Inc. FALC % (0.02) x 54.5x NM 81.8x Spare Backup, Inc. SPBU % (0.10) NA 7.8x NM NM NA Median 95.3% $10,153 $2,254 $1,448 $9,913 $3,851 $0.01 $ x 9.3x 33.3x 21.4x Mean 87.5% $25,550 $3,480 $5,555 $28,539 $24,909 ($0.20) $ x 17.0x 42.8x 35.8x Overall Data Management Median 93.1% $2,217 $271 $201 $1,910 $707 $0.52 $ x 10.6x 22.5x 21.4x Overall Data Management Mean 89.5% $33,896 $4,194 $3,801 $33,211 $15,065 $1.06 $ x 15.1x 31.2x 29.7x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

38 Security COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Security - Data Protection Cisco Systems, Inc. CSCO $ % $138,982 $35,365 $10,273 $113,914 $34,807 $0.99 $ x 13.0x 24.5x 20.0x EMC Corporation EMC % 34,942 6,136 3,073 32,338 13, x 13.9x 33.3x 23.6x Symantec Corporation SYMC % 14,493 2,332 1,818 13,979 5,888 (8.31) x 7.6x NM 19.2x Juniper Networks, Inc. JNPR % 14,360 2, ,293 3, x 18.4x 63.0x 33.2x CA, Inc. CA % 11,693 3,025 1,940 10,608 4, x 7.5x 16.5x 14.0x Check Point Software Technologies Ltd. CHKP % 6, , x 13.1x 20.8x 17.9x McAfee, Inc. MFE % 6, ,415 1, x 14.4x 37.0x 26.2x Trend Micro Inc % 4,863 1, ,475 1, x 8.5x 23.0x 22.1x VeriSign Inc. VRSN % 4,303 1, ,492 1, x 9.0x 23.1x 24.5x Blue Coat Systems Inc. BCSI % 1, , x 25.2x NM 34.4x ArcSight, Inc. ARST % NA 5.7x 38.5x 63.6x NA Websense, Inc. WBSN % (0.12) x 12.8x NM 62.2x F-Secure Oyj FSC1V % x 13.5x 21.6x 16.7x Sourcefire, Inc. FIRE % x 74.2x NM 71.3x SonicWALL, Inc. SNWL % x 9.6x 36.9x 37.2x VASCO Data Security International Inc. VDSI % x 15.0x 25.4x 21.4x Double-Take Software, Inc. DBTK % x 7.6x 15.8x 31.6x AhnLab, Inc. A % x 7.3x 12.2x 18.3x Zix Corp. ZIXI % (0.08) NA 3.7x NM NM NA Median 90.8% $1,068 $188 $0 $1,003 $460 $0.43 $ x 13.1x 23.8x 23.6x Mean 89.2% $12,724 $2,867 $945 $10,830 $3,609 $0.18 $ x 17.2x 29.8x 29.0x Security - ID Management Thales HO $ % $9,863 $2,373 $3,752 $11,247 $17,860 $2.09 $ x 9.9x 24.2x 13.1x Safran SA SAF % 7,094 1,246 3,233 9,281 14, x 5.1x NM 12.4x Gemalto NV GTO % 3, ,064 2, x 9.5x 22.7x 14.6x Zebra Technologies Corp. ZBRA % 1, , (1.46) x 13.3x NM 24.8x Cogent Inc. COGT % x 11.8x 23.3x 20.6x Intermec, Inc. IN % (0.12) x 29.9x NM 43.1x Sourcefire, Inc. FIRE % x 74.2x NM 71.3x Checkpoint Systems Inc. CKP % (1.38) x 8.3x NM 16.7x L-1 Identity Solutions Inc. ID % , (6.48) x 14.8x NM 80.5x VASCO Data Security International Inc. VDSI % x 15.0x 25.4x 21.4x Digimarc Corporation DMRC % (0.35) NA 5.9x NM NM NA ActivIdentity Corporation ACTI % (0.12) NA 1.7x NM NM NA AuthenTec, Inc. AUTH % (0.55) NA 1.8x NM NM NA LaserCard Corporation LCRD % x 4.4x 16.7x 12.2x ID Systems Inc. IDSY % (8) 15 (0.88) NA 2.2x NM NM NA Median 81.5% $587 $99 $0 $515 $132 ($0.12) $ x 11.8x 23.3x 20.6x Mean 78.0% $1,740 $355 $507 $1,907 $2,566 ($0.42) $ x 17.8x 22.5x 30.1x Overall Security Median 88.8% $773 $122 $0 $658 $386 $0.24 $ x 13.0x 23.3x 21.7x Overall Security Mean 84.3% $7,878 $1,759 $752 $6,894 $3,149 ($0.08) $ x 17.4x 27.8x 29.4x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

39 Government IT COMPANY INFORMATION MARKET DATA COMPANY FINANCIALS MULTIPLES Company Name Ticker Price as of 12/4/2009 % of 52-week high Market Cap Total Cash Total Debt Enterprise Value LTM LTM Revenue EPS NTM EPS EV/LTM Price / Revenue EBITDA LTM EPS NTM EPS Government IT Services Lockheed Martin Corporation LMT $ % $29,563 $2,709 $3,805 $30,659 $43,797 $7.76 $ x 6.1x 10.1x 10.6x SAIC, Inc. SAI % 7, ,106 7,249 10, x 7.8x 14.6x 13.5x QinetiQ Group Plc QQ % 1, ,520 2, x 9.5x 16.6x 13.8x ManTech International Corp. MANT % 1, ,568 1, x 8.2x 15.0x 13.6x CACI International Inc. CACI % 1, ,711 2, x 7.4x 13.7x 13.2x SRA International Inc. SRX % 1, ,049 1, x 7.9x 17.2x 15.1x MAXIMUS, Inc. MMS % x 7.7x 15.1x 15.1x Stanley, Inc. SXE % x 9.1x 14.6x 13.9x Analogic Corporation ALOG % x 16.7x NM 34.4x Ceradyne Inc. CRDN % x 3.8x 26.9x 24.7x ICF International Inc. ICFI % x 9.7x 16.7x 16.9x OSI Systems, Inc. OSIS % x 8.5x 27.6x 17.3x NCI, Inc. NCIT % x 9.8x 16.9x 14.8x VSE Corp. VSEC % , NA 0.2x 4.9x 9.5x NA Dynamics Research Corp. DRCO % x 5.8x 11.3x 9.5x Median 87.4% $646 $70 $70 $742 $842 $1.48 $ x 7.9x 15.1x 14.4x Mean 84.3% $3,091 $307 $461 $3,245 $4,588 $2.13 $ x 8.2x 16.1x 16.2x Homeland Security American Science & Engineering Inc. ASEI $ % $631 $147 $9 $492 $239 $4.14 $ x 8.2x 17.1x 19.9x AeroVironment, Inc. AVAV % x 18.6x 38.9x 18.8x Analogic Corporation ALOG % x 16.7x NM 34.4x Ceradyne Inc. CRDN % x 3.8x 26.9x 24.7x irobot Corporation IRBT % x 21.9x NM NM OSI Systems, Inc. OSIS % x 8.5x 27.6x 17.3x Force Protection Inc. FRPT % x 5.6x 16.1x 11.0x Mercury Computer Systems, Inc. MRCY % x 9.0x 22.2x 69.3x ICx Technologies, Inc. ICXT % (0.26) NA 0.9x 49.9x NM NA Median 85.2% $398 $122 $0 $335 $288 $0.49 $ x 9.0x 24.6x 19.9x Mean 79.7% $422 $111 $19 $330 $387 $0.82 $ x 15.8x 24.8x 27.9x Overall Government IT Median 86.3% $483 $93 $36 $396 $576 $0.88 $ x 8.4x 16.6x 15.1x Overall Government IT Mean 82.6% $2,090 $234 $295 $2,152 $3,013 $1.64 $ x 11.0x 18.7x 20.1x $ in millions, except per share amounts Source: CapitalIQ, Public Filings LTM = Last Twelve Months NTM = Next Twelve Months Enterprise Value = (Market Capitalization) + (Debt + Preferred Stock + Minority Stock) (Cash & Equivalents) Technology Industry Insights December

40 Duff & Phelps 2008 Rankings 2008 Fairness Opinion Rankings Rank Financial Advisor No. of Deals 1* JP Morgan 71 1* Goldman Sachs & Co Duff & Phelps 45 4 Houlihan Lokey 43 5 UBS 42 6 Morgan Stanley 40 7 Barclays Capital 34 8 Merrill Lynch 33 9 Deutsche Bank AG Sandler O Neill Partners 31 Announced and Completed Deals (*) - Tie Source: Thomson Financial 2008 Middle Market M&A Rankings** Rank Financial Advisor No. of Deals 1 Houlihan Lokey 93 2 Lazard 40 3 GW Equity 39 4* Duff & Phelps 38 4* RBC Capital Markets 38 6 Lincoln International 35 7* Jefferies & Co. 34 7* William Blair & Co McGladrey Capital Markets 33 10* Goldman Sachs & Co * JP Morgan 32 **Undisclosed Values / Values up to $100 million Announced and Completed Deals (*) - Tie Source: Thomson Financial Technology Industry Insights December

41 Contact Michael Guptan Duff & Phelps Securities, LLC Head of Technology Investment Banking Kartik Sudeep Duff & Phelps Securities, LLC Philippe Nataf Duff & Phelps SAS +33 (0) [email protected] Alexandre De Gandt Duff & Phelps SAS +33 (0) [email protected] Amsterdam Atlanta Austin Boston Chicago Dallas Denver Detroit Houston London Los Angeles Morristown Munich New York Paris Philadelphia Plano San Francisco Seattle Shanghai Silicon Valley Tokyo Washington, DC Metro About Duff & Phelps As a leading global independent provider of financial advisory and investment banking services, Duff & Phelps delivers trusted advice to our clients principally in the areas of valuation, transactions, financial restructuring, dispute and taxation. Our world class capabilities and resources, combined with an agile and responsive delivery, distinguish our clients experience in working with us. With more than 1,200 employees serving clients worldwide through offices in North America, Europe and Asia, Duff & Phelps is committed to fulfilling its mission to protect, recover and maximize value for its clients. Investment banking services in North America are provided by Duff & Phelps Securities, LLC. Investment banking services in Europe are provided by Duff & Phelps Securities Ltd. Duff & Phelps Securities Ltd. is authorized and regulated by the Financial Services Authority. Investment Banking services in France are provided by Duff & Phelps SAS. For more information, visit (NYSE: DUF) Copyright 2009 Duff & Phelps Corporation. All rights reserved. duffandphelps.com DP091073