TECHNOLOGY, MEDIA, & TELECOM

Transcription

1 Investment banking services are provided by Harris Williams LLC, a registered broker-dealer and member of FINRA and SIPC, and Harris Williams & Co. Ltd, which is authorised and regulated by the Financial Conduct Authority. Harris Williams & Co. is a trade name under which Harris Williams LLC and Harris Williams & Co. Ltd conduct business.

2 HARRIS WILLIAMS & CO. OVERVIEW HARRIS WILLIAMS & CO. (HW&CO.) GLOBAL ADVISORY PLATFORM KEY FACTS 25 year history with over 700 closed transactions since inception Approximately 250 professionals across seven offices in the U.S. and Europe Strategic relationships in India and China 10 industry groups HW&CO., MEDIA & TELECOM (TMT) GROUP FOCUS AREAS / SAAS Application Software Data and Analytics Infrastructure Software Education Technology Energy Technology IT and Tech-Enabled Services Telecom and Data Center Solutions INTERNET & DIGITAL MEDIA AdTech and Marketing Solutions Consumer Internet TMT VERTICAL FOCUS AREAS Financial Technology Healthcare IT HW&Co. Office Network Office Digital Media, Content, and Gaming ecommerce Mobile Public Sector Supply Chain / Logistics CONTENTS DEAL SPOTLIGHT M&A TRANSACTIONS 4Q 2015 M&A ACTIVITY SECTOR OVERVIEWS PRIVATE PLACEMENTS OVERVIEW PUBLIC COMPARABLES OVERVIEW IPO OVERVIEW DEBT MARKET OVERVIEW APPENDIX: PUBLIC COMPARABLES DETAIL TMT CONTACTS UNITED STATES Jeff Bistrong Managing Director [email protected] Sam Hendler Managing Director [email protected] Mike Wilkins Managing Director [email protected] EUROPE Thierry Monjauze Managing Director [email protected] TO SUBSCRIBE PLEASE *[email protected] SELECT 2016 AND 2015 HW&CO. TMT TRANSACTIONS Baarsma B2C trades as: has been recapitalized by has acquired a majority interest in PAGE 1

3 DEAL SPOTLIGHT INVENTUS HW&Co. s TMT Group continues its strong momentum in the legal technology sector, advising Clearlake Capital and management on the announced sale of Inventus to RPX Corporation (NasdaqGS: RPXC). RPX Corporation views Inventus as a natural extension of the firm s expertise in mitigating patent risk and lowering legal costs for clients. This transformative acquisition expands RPX s total addressable market and will enable RPX to increase its footprint within client legal departments. Post acquisition, RPX will support Inventus on organic and inorganic growth initiatives, including expanding further internationally, where ediscovery services continue to grow at a rapid pace. Select Recent Legal Technology & Services Transactions has been recapitalized by ABOUT INVENTUS Inventus is one of the leading providers of technology-based services to locate, secure, organize, and search electronic data for corporations and law firms. The Company s Luminosity TM technology provides an overlay to industry standard software offering unique analysis and insights to more than 1,000 clients globally. Headquartered in Chicago, Inventus will operate as an independent subsidiary of RPX. PAGE 2

4 SELECT M&A TRANSACTIONS 4Q 2015, MEDIA, & TELECOM Ent. Value: $190.0m Revenue: NA Announced in 4Q-15 EV / Revenue: NA EV / EBITDA: NA Quality Systems pending acquisition of HealthFusion HealthFusion provides SaaS EHR and practice management software for physicians, hospitals, and medical billing services. The Company s MediTouch platform is currently used by over 3,000 physician practices, hospital ambulatory centers and medical billing services (totaling more than 6,000 subscribers). The acquisition further supports Quality Systems strategy to expand its client base and solution capabilities in the ambulatory market, especially among smaller sized physician practices. Ent. Value: $91.0m Revenue: NA November 25,2015 EV / Revenue: NA EV / EBITDA: NA imodules acquisition of Campus Labs Campus Labs provides a cloud-based software platform for colleges and universities enabling them to make data-driven, strategic decisions ranging from accreditation to student retention to effective operations. After acquiring Campus Labs in 2012, Higher One strategically divested the business to refocus on its core payment processing operations and provide greater financial flexibility while strengthening its balance sheet. Post acquisition, Campus Labs will be combined with Leeds Equity-backed imodules, a provider of SaaS-based constituent engagement management software for educational institutions and membership-based associations worldwide. Ent. Value: $122.0m Revenue: $50.8m November 16, 2015 EV / Revenue: 2.4x EV / EBITDA: 10.2x SS&C Technologies acquisition of Primatics Financial Primatics provides loan accounting, forecasting, regulatory reporting, and stress testing software to financial institutions globally. Primatics EVOLV platform is widely used by North American banks, including 9 of the 25 largest financial institutions and some of the fastest-growing community banks in the U.S. SS&C will integrate EVOLV with its portfolio of accounting software solutions, creating a comprehensive solution for any financial institution, insurance company or institutional asset manager that requires integrated accounting, statutory and entity reporting. Ent. Value: $675.0m Revenue: $134.0m November 16, 2015 EV / Revenue: 5.0x EV / EBITDA: 13.8x Tyler Technologies acquisition of New World Systems New World Systems provides software solutions for public safety and public administration organizations. Tyler plans to integrate its Odyssey courts and justice solution with New World s Aegis public safety platform to create a unique end-to-end enterprise criminal justice solution. This transaction positions Tyler as a leader in public safety solutions, further strengthening its ability to provide a complete enterprise criminal justice system to state and local governments. October 21, 2015 Roper Technologies acquisition of Aderant Holdings Ent. Value: $675.0m Revenue: NA EV / Revenue: NA EV / EBITDA: NA Aderant is the world s largest independent provider of ERP and business management software to the legal sector. Aderant supports nearly 3,200 clients in more than 30 countries, representing 77 of the top 100 Global Law Firms and more than 88 percent of the Am Law 200. As part of Roper s RF Technology segment, Aderant will operate autonomously with the same company name, brand, office locations, and most importantly staff. PAGE 34

5 ACQUISITION ACTIVITY STRATEGIC ACQUIRERS MOST ACTIVE STRATEGIC ACQUIRERS OF ASSETS BY VOLUME The 10 most active strategic software consolidators combined for 65 acquisitions in 2015, with Microsoft being the most active with 17 completed transactions. Microsoft s 2015 acquisitions were intended to enable future growth in key strategic areas analytics, security, enterprise, mobile, and gaming. Analytics was the most prevalent theme among Microsoft's acquisitions as evidenced by the investments in Equivio, Revolution Analytics, Datazen, Volometrix, and Metanautix GLOBAL STRATEGIC ACQUIRER M&A ACTIVITY BY VOLUME Global strategic software M&A registered 435 transactions in 4Q 2015, which was inline with the prior quarter, and among the most active quarters in the last four years. Technology executives, who are under pressure to keep up with the pace of innovation and drive growth, are increasingly seeking acquisitions to achieve their strategic objectives Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 PAGE 4

6 ACQUISITION ACTIVITY PRIVATE EQUITY MOST ACTIVE PRIVATE EQUITY BUYERS OF NEW PLATFORMS BY VOLUME Vista Equity, Thoma Bravo, and Marlin Equity were the most active software investors in 2015, with a combined 21 new platform investments of which 2 were takeprivate transactions and 5 were cross-border deals. Private equity interest in the software sector remains strong as firms look to invest record levels of dry powder and lending conditions remain favorable, especially for high quality, middle market software credits GLOBAL NEW PLATFORM PRIVATE EQUITY M&A ACTIVITY BY VOLUME Global private equity investment activity in the software sector remained strong in 4Q 2015 with 47 new platform acquisitions, of which the median reported transaction size was $980 million compared to $545 million in 3Q The current surge in technology deals comes at a time when vertical specific software solutions are in high demand, enabling users to cut costs and increase productivity, notably in the manufacturing, healthcare, financial services, and education sectors Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 PAGE 5

7 APPLICATION M&A MARKET SUMMARY APPLICATION M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED) Application Software M&A continued at a strong place with 309 registered transactions making 4Q 2015 one of the most active quarters over the past four years. Median reported Application Software M&A revenue multiples increased slightly in 4Q 2015, and remain above historical averages x 1.2x 2.1x 2.4x 1.3x 1.4x 1.5x 1.6x 2.5x 2.5x 2.1x 2.3x 2.3x 1.4x 2.4x 2.2x 2.3x 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 NOTABLE APPLICATION M&A TRANSACTIONS During 4Q 2015, there was strong M&A activity involving vertically-focused ERP software companies, which were primarily led by private equity. Recent and notable vertically focused, ERP software transactions include LGP and TPG s pending acquisition of Ellucian (education), Pamplona s pending acquisition of MedAssets (healthcare), EQT s takeprivate of IFS (manufacturing), and Roper s acquisition of Aderant (legal). DATE CLOSED ACQUIRER TARGET DESCRIPTION MEDIAN ENTERPRISE VALUE (MM) Pending Leonard Green & Partners, TPG Ellucian, Inc. Software, services, and analytics for higher education institutions globally. $3,500 NA Pending Computer Programs & Systems Inc. Healthland, Inc. Integrated healthcare information technology solutions to rural health centers. $242 NA Pending Hellman & Friedman LLC; HgCapital TeamSystem Holding S.p.A. Document management, electronic storage, and electronic invoicing. NA NA Pending CoreLogic, Inc. FNC, Inc. Real estate collateral information technology. $475 NA Pending Pamplona Capital Management LLP MedAssets, Inc. Revenue performance software for healthcare organizations. $2, x Pending Endurance International Group Constant Contact, Inc. Marketing software and tools designed for small businesses. $ x 12/18/15 Ingram Micro Inc. Docdata Order fulfilment, returns logistics, online payment, and commerce software. $175 NA 12/11/15 Intercontinental Exchange, Inc. Trayport Limited Electronic trading systems and matching engine solutions for financial markets. $ x 11/30/15 EQT Partners Industrial & Financial Systems IFS AB ERP and business management software for asset and service management. $ x 11/30/15 FIS Global SunGard Data Systems Inc. Business management software, analytics, and services for the financial services sector. $9, x 11/16/15 EPAM Systems, Inc. Alliance Global Services LLC Software design, development, and quality management solutions. $50 NA 11/16/15 Tyler Technologies, Inc. New World Systems Corporation Software solutions for public safety and public administration organizations. $675 NA 11/16/15 SS&C Technologies Holdings, Inc. Primatics Financial LLC Integrated enterprise software for the financial services sector. $ x 10/21/15 Roper Technologies, Inc. Aderant Holdings, Inc. Business management software for legal and other professional services firms. $675 NA 10/16/15 FactSet Research Systems Inc. Portware LLC Broker-neutral and automated trading software for global equities, futures, options, and FX. $265 NA 10/13/15 IBM Merge Healthcare Incorporated Electronic healthcare reporting software. $ x 09/10/15 Xerox Corporation RSA Medical, LLC Technology-based, medical risk management software & services. $147HW&CO. CONFIDENTIAL 3.1x 09/03/15 ParkerGale ATP Software and information services for the aviation industry. $44 HW&CO. CONFIDENTIAL 1.8x REVENUE MULTIPLE $ x PAGE 6

8 SAAS M&A MARKET SUMMARY SAAS M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED) SaaS M&A volume decreased to 52 transactions in 4Q 2015, while continuing to exhibit a broader upward trend since Median reported transaction multiples increased to 4.5x revenue in 4Q 2015, in line with historical averages x 3.4x 5.5x 4.9x 5.8x 4.6x 5.3x 4.4x 5.3x 5.6x 5.7x 4.4x 3.5x 3.9x 4.3x 4.1x 4.6x 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 NOTABLE SAAS M&A TRANSACTIONS In 4Q 2015, strategic and private equity buyers completed transactions across a broad set of verticals including healthcare, financial services, insurance, transportation, non-profit, and education. In particular, Roper was among the most active SaaS buyers in the healthcare IT vertical with the acquisitions of CliniSys Solutions and Atlas Medical. DATE CLOSED ACQUIRER TARGET DESCRIPTION ENTERPRISE VALUE (MM) Pending Quality Systems Inc. HealthFusion, Inc. SaaS-platform for physicians, hospitals, and medical billing services. $190 NA Pending 3D Medical Limited Mach7 Technologies, Inc. Cloud-based enterprise clinical image management solutions to the healthcare industry. $43 NA Pending Roper Technologies, Inc. CliniSys Solutions Limited Web-based clinical laboratory information management solutions. $261 NA Pending Vista Equity Partners Solera Holdings Inc. Risk and asset management software to the P&C insurance sector. $6, x 12/09/15 Transunion Trustev Limited Digital fingerprinting technology for real time online customer identity verification. $44 NA 11/25/15 The Descartes Systems Group Inc Oz DEVELOPMENT, Inc. Cloud applications that streamline e-commerce, warehouse, and shipping processes. $30 NA 11/25/15 imodules Software, Inc. Campus Labs, LLC Cloud-based software for assessment and analytics in higher education. $91 NA 11/20/15 Genstar Capital Ministry Brands SaaS-based technology platform for faith-based organizations. $350HW&CO. CONFIDENTIAL 6.2x 11/18/15 Evolution1, Inc. Benaissance LLC SaaS-based financial management solutions for health benefits administration. $80 6.0x 11/04/15 ACI Worldwide, Inc. PAY.ON AG Online payment and risk management technologies. $196 NA 11/02/15 West Corporation ClientTell, Inc. Cloud-based notification platform for the healthcare services industry. $49 NA 10/29/15 HCL Technologies Ltd. PowerTeam, Inc. Customer relationship management software solutions. $46 1.2x 10/26/15 Roper Technologies, Inc. Atlas Medical Software Cloud-based clinical connectivity and process integration solutions. $48 NA 10/15/15 LogMeIn, Inc. Marvasol, Inc. SaaS-based password and data management services for individuals and enterprises. $ x 10/07/15 RevSpring, Inc. Healthcare Revenue Strategies, LLC Web-based healthcare revenue cycle management software. NA NA 10/01/15 Aflac, Inc. Empowered Benefits SaaS-based employee benefits technology provider. $40 HW&CO. CONFIDENTIAL 6.5x 10/01/15 Premier Healthcare Solutions, Inc. InflowHealth LLC Software to improves operational and financial performance of physician practices. $35 NA 09/15/15 CIP Capital Community Investors, Inc. Community management software for the real estate sector. $116HW&CO. CONFIDENTIAL 4.8x REVENUE MULTIPLE MEDIAN $80 6.0x PAGE 7

9 DATA AND ANALYTICS M&A MARKET SUMMARY DATA AND ANALYTICS M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED) Data and Analytics M&A registered yet another strong quarter in 4Q 2015 with 102 reported transactions. Median reported Data and Analytics sector transaction revenue multiples continued on an upward trajectory as buyers continue to seek vertical specific solutions, notably within the transportation, energy, retail, insurance, and education sectors x 3.3x 1.6x 0.9x 1.8x 1.1x 0.9x 1.4x 1.3x 1.9x 1.9x 2.7x 3.3x 2.8x 2.0x 2.6x 2.7x 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 NOTABLE DATA AND ANALYTICS M&A TRANSACTIONS Data and Analytics companies are increasingly being targeted by large strategics that are focused on delivering greater insights and intelligence to clients. In one of the largest sector deals in 2015, Intercontinental Exchange acquired Interactive Data for $7.5 billion, driven by the significant expected growth opportunity in bond-price data as the buying and selling of corporate debt shifts to electronic marketplaces. DATE CLOSED ACQUIRER TARGET DESCRIPTION MEDIAN ENTERPRISE VALUE (MM) Pending Delphi Automotive PLC Control-Tec LLC Telematics and cloud based analytics solutions for the transportation industry. $145 NA Pending Adobe Systems Software Digital Analytix Business SaaS platform to analyze customer data and report visitor behavior. $45 NA Pending Genscape, Inc. Locus Energy, LLC Provider of data monitoring and analytics software for the energy sector. NA NA Pending Microsoft Corporation VoloMetrix, Inc. Enterprise data analytics software for diverse set of industries. NA NA Pending Tyco International plc ShopperTrak RCT Corporation Business analytics software for the retail industry. $ x 12/14/15 Intercontinental Exchange, Inc. Interactive Data Holdings Corporation Provides financial market data, analytics, and related solutions. $7, x 12/09/15 NeuStar, Inc. MarketShare Partners LLC Marketing analytics solutions for businesses, media companies, marketers, and agencies. $ x 12/01/15 CommVault Systems, Inc. LAITEK Inc. Data migration solutions for presenting scientific and medical image information. NA NA 12/01/15 Blackboard Inc. BlueCanary Data & Analytics LLC Data and analytics solutions for higher education. NA NA 11/18/15 The Carlyle Group LP Innovation Group plc Business process services, analytics and software solutions for the P&C insurance industry. $ x 10/27/15 Raycom Media, Inc. Pure Auto LLC Online platform that provides value and data reports on used cars and trucks. $125 NA 10/13/15 Zendesk, Inc. We Are Cloud SAS Web-based business intelligence application BIME. $45 NA 10/07/15 Atigeo, LLC YaData Solutions, Inc. Big data visualization software and analytics. NA NA 10/01/15 Markit Ltd. CoreOne Technologies LLC Tech-enabled data analytics solutions for the financial services sector. $200 NA 09/30/15 Thoma Bravo, LLC MedeAnalytics, Inc. Cloud-based analytics software for the healthcare industry. NA NA 08/06/15 Permira Advisers Ltd. Informatica Corporation Provides enterprise data integration software and services worldwide. $4, x REVENUE MULTIPLE $ x PAGE 8

10 INFRASTRUCTURE M&A MARKET SUMMARY INFRASTRUCTURE M&A VOLUME (GLOBAL) MEDIAN M&A REVENUE MULTIPLES (REPORTED) In 4Q 2015, Infrastructure Software M&A activity increased 33% over the prior quarter with 34 registered transactions. As enterprises accelerate their shift to the cloud, large Infrastructure Software consolidators are bolstering their solution suites via M&A to capitalize on key customer concerns such as security and data integration that are more pronounced during these transitions x 4.2x 3.8x 3.0x 2.3x 1.9x 1.7x 1.2x 2.4x 2.5x 2.9x 2.4x 2.7x 3.1x 3.2x 3.3x 3.1x 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 4Q '11 1Q '12 2Q '12 3Q '12 4Q '12 1Q '13 2Q '13 3Q '13 4Q '13 1Q '14 2Q '14 3Q '14 4Q '14 1Q '15 2Q '15 3Q '15 4Q '15 NOTABLE INFRASTRUCTURE M&A TRANSACTIONS Cybersecurity continues to be the most prevalent theme in Infrastructure Software M&A, with both strategic and financial buyers actively pursuing deals. Some of the more notable cybersecurity transactions include The Carlyle Group s pending acquisition of Veritas, Blue Coat s pending acquisition of Elastica, Thales e-security s acquisition of Vormetric, Cisco s acquisition of Lancope, and NCC s acquisition of Fox-IT. DATE CLOSED ACQUIRER TARGET DESCRIPTION MEDIAN ENTERPRISE VALUE (MM) Pending The Carlyle Group Veritas Technologies LLC Data backup, recovery, archiving, ediscovery, storage management solutions. $8,000 NA Pending Cisco Systems Holdings Acano Limited Audio conferencing and IVR communications platform. $700 NA Pending Blue Coat Systems Inc. Elastica, Inc. Transaction level security software for cloud applications and services. $280 NA Pending Silver Lake; Thoma Bravo, LLC SolarWinds, Inc. Enterprise-class information technology and infrastructure management software. $4, x Pending Thales e-security, Inc. Vormetric, Inc. Data security software for physical, virtual, and big data cloud environments. $ x Pending Carbonite, Inc. EVault, Inc. Cloud-connected backup and recovery software solutions. $14 NA 12/22/15 Cisco Systems, Inc. Lancope, Inc. Network visibility and security intelligence solutions. $453 NA 12/11/15 Lookingglass Cyber Solutions, LLC Cyveillance, Inc. Online threat intelligence solutions to protect network information. $35 1.9x 11/27/15 NCC Group Fox-IT Group B.V. Software security solutions to prevent cyber threats, data breaches and fraud. $ x 11/25/15 VASCO Data Security International Silanis Technology Inc. Electronic signature solutions and process management. $85 NA 11/03/15 Proofpoint, Inc. Socialware, Inc. Social media business management software platform for financial services sector. $9 NA 10/30/15 Akamai Technologies, Inc. Bloxx, Ltd. and Web filtering technologies to protect against Internet threats. $19 NA 10/22/15 Thoma Bravo, LLC DigiCert, Inc. SSL certificate and management tools for small and large companies in various industries. NA NA 10/15/15 CyberArk Software, Ltd. Viewfinity, Inc. Generation application control and privilege management solutions. $31 NA 10/13/15 Rapid7 LLC RevelOps, Inc. Real-time elastic log management and analytics service. $71 NA 10/12/15 Barracuda Networks, Inc. Intronis, Inc. Provides cloud, physical, and virtual data protection services. $65 3.2x 10/08/15 H.I.G. Capital, LLC HelpSystems, LLC IT infrastructure software for network management, business intelligence, and security. $575 HW&CO. CONFIDENTIAL 5.4x REVENUE MULTIPLE $ x PAGE 9

11 Volume $ in Thousands, MEDIA, & TELECOM PRIVATE PLACEMENT ACTIVITY BY SECTOR PRIVATE PLACEMENTS BY SUB-SECTOR AND NEW CAPITAL RAISED In 4Q 2015, private placement deal activity decreased 22% quarter over quarter and total reported capital raised decreased to $9.3 billion. With well-publicized portfolio write-downs in private holdings by highprofile investors like Fidelity, some private capital investors are taking a more cautious approach. 1,200 1,100 1, $16, $14, $12, $10, $8,000 $6,000 $4,000 $2,000 $0 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 Application Software SaaS Data & Analytics Infrastructure Software Total New Capital (Reported) PRIVATE PLACEMENT CAPITAL RAISED BY ROUND (AS PERCENTAGE OF TOTAL REPORTED PRIVATE PLACEMENT CAPITAL) In 4Q 2015, 59% of private capital raised was deployed in early stage rounds (Seed - Series B), up from 46% in the prior quarter. With 13 reported Series D of later financings in 4Q 2015 compared to 17 in 3Q, earlier stage deals increased to 95% of total financings in terms of total deal volume. 21% 20% 19% 26% 21% 20% 18% 17% 27% 26% 31% 30% 26% 29% 37% 15% 13% 55% 20% 22% 32% 14% 26% 20% 17% 28% 16% 16% 37% 12% 28% 30% 20% 21% 31% 19% 18% 26% 26% 33% 26% 32% 20% 33% 12% 22% 27% 31% 35% 31% 29% 24% 23% 26% 21% 22% 24% 17% 22% 28% 21% 23% 13% 7% 4% 5% 6% 3% 6% 6% 6% 4% 2% 4% 7% 2% 4% 4% 3% 4% 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q-15 Seed Series A Series B Series C Series D / or later PAGE 10

12 SELECT RECENT PRIVATE PLACEMENTS DATE COMPANY SECTOR TOTAL ROUND ROUND RAISED INVESTORS (CURRENT ROUND) DESCRIPTION SIZE ($M) ($M) 12/17/15 Data & Analytics B $10 $17 Summit Partners IP analytics and management software. 12/08/15 Data & Analytics D $30 $73 Battery Ventures; Cisco Systems, Inc.; Allegis Capital; Sutter Hill Ventures; Tenaya Capital; Harmony Partners; Andreessen Horowitz LLC; Citi Ventures, Inc.; HSBC Holdings Big data discov ery solutions and analytics. 11/16/15 SaaS A $8 $9 Version One Ventures; Point Nine Capital; OMERS Ventures Business management software for on-site serv ice companies. 11/10/15 SaaS A $12 $15 Founder Collectiv e; Lerer Hippeau Ventures; Bowery Capital; Canv as Venture Fund, L.P.; Morgenthaler Technology Inv estment Company Mobile and software-enabled truckload shipping marketplace. 11/10/15 Infrastructure B $250 $300 Accel Partners; Insight Venture Partners Network monitoring solutions. 11/09/15 SaaS D $42 $70 Goldman Sachs Group, Merchant Banking Div ision; Lightspeed Venture Partners; Health Enterprise Partners Cloud-based CRM platform that driv es patient engagement for healthcare prov iders. 11/02/15 SaaS D $52 $107 Battery Ventures; Bessemer Venture Partners; Insight Venture Partners; Summit Partners LLP; Lightspeed Venture Partners; Bain Capital Ventures; Salesforce Ventures Customer acquisition software solutions and serv ices. 11/02/15 SaaS B $50 $70 Sequoia Capital; Northgate Capital Group, L.L.C.; The Founders Fund; Tenaya Capital; Y Combinator Cloud-based construction document collaboration platform for project managers. 10/20/15 SaaS C $81 $119 New Enterprise Associates; Redpoint Ventures; RRE Ventures LLC; Mav erick Capital, Ltd.; The Founders Fund; GV; Google Ventures, L.P. Cloud-based employer-sponsored health insurance platform for small to midsize employers. 10/16/15 Infrastructure Late Stage $156 $335 General Atlantic LLC; Goldman Sachs Group; Institutional Venture Partners; Industry Ventures, LLC; Lightspeed Venture Partners; Adage Capital; Cross Creek Adv isors; Altimeter Capital IT operations and application management software and serv ices. 10/16/15 Infrastructure B $17 $25 Foundation Capital; Matrix Partners; North Bridge Venture Partners Threat prev ention and cybersecurity software and serv ices. 10/15/15 Sapphire Ventures LLC; Zetta Venture Partners I, L.P.; Zetta Data & A $10 $21 Venture Partners; Aspect Ventures; Salesforce Ventures; Analytics Salesforce1 Fund; Aspect Ventures, L.P. Note: Financial information presented above represents reported capital raised only. Mobile marketing analytics and automation for enterprise applications. PAGE 11

13 PUBLIC VALUATION MULTIPLES BY SECTOR STOCK PERFORMANCE (1- & 3-YEAR) REVENUE MULTIPLE ANALYSIS 4Q 2015 VS. 4Q 2014 Large-Cap SaaS HCM M arketing Small-Cap SaaS Public Sector / Non-Profit SCM & Logistics 10.5% 104.8% 14.6% 58.1% 21.5% 8.5% 40.9% 17.9% 117.9% 88.4% 188.5% 10.4x 9.6x 8.4x 8.0x 7.9x 7.1x 6.4x 6.6x 6.8x 5.8x 5.7x 5.4x 5.3x 5.3x 4.2x 4Q Q x 4.8x 4.8x 4.6x 4.2x 4.1x 4.1x 3.5x 3.8x 3.6x 3.4x 3.2x 3.0x 3.0x 2.9x 2.9x 2.1x 1.6x 1.4x HCIT 3.4% 101.9% 59.3% IT Security 1.7% 59.6% PLM & Engineering Financial Enterprise (11.2%) 8.8% 43.8% 14.2% 51.8% 14.3% EBITDA MULTIPLE ANALYSIS 4Q 2015 VS. 4Q x 4Q Q 2015 Data & Analytics IT Operations M gmt (0.8%) (8.0%) Bellwethers Communication (13.8%) (6.8%) Data Storage (30.7%) (5.8%) 1.1% 45.8% 14.8% 5.6% 59.2x 61.5x 59.2x 50.4x 48.5x 46.2x 45.3x 31.9x 25.5x 23.6x 23.1x 24.9x 20.6x 17.7x 19.5x 16.0x 14.9x 19.4x 14.5x 16.9x 13.6x 14.1x 14.5x 15.1x 14.3x 13.2x 11.1x 11.3x 10.3x 12.0x 12.4x 7.4x 8.7x Energy (2.8%) (36.9%) 1-Year Performance 3-Year Performance PAGE 12

14 KEY METRICS BY SECTOR COMPARABLE PUBLIC COMPANIES COMPARABLE COMPANY SET MEDIANS CORRELATION WITH EV / REVENUE MULTIPLE EV / LTM REVENUE MULTIPLE NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN NTM REVENUE GROWTH NTM EBITDA GROWTH LTM EBITDA MARGIN Large-Cap SaaS 9.6x 31.2% 111.6% 10.5% 60.4% % HCM 8.0x 29.5% 40.9% 20.1% 81.1% 37.3% - Marketing 7.1x 25.1% 70.4% 16.1% 69.5% - - Small-Cap SaaS 5.8x 23.4% 64.5% 11.8% 58.8% % Public Sector / Non-Profit 5.4x 11.3% 64.1% 17.8% 58.0% % SCM & Logistics 5.3x 12.7% 23.0% 21.3% % 58.4% HCIT 5.3x 19.0% 44.7% 11.5% 70.0% 5.9% 15.6% IT Security PLM & Engineering Financial 4.9x 4.8x 4.8x 23.1% 15.2% 28.2% 48.7% 29.5% 70.6% ` 5.9% 38.4% 21.9% 47.0% 0.6% 54.1% 6.6% 37.7% 30.8% 47.7% % Enterprise 3.8x 7.8% 30.1% 27.1% 52.6% 33.8% 9.5% Data & Analytics 3.6x 10.6% 29.2% 15.7% 92.3% % IT Operations Mgmt 3.4x 18.2% 32.7% 24.7% 41.3% 49.0% - Bellwethers 3.0x (0.4%) 6.8% 29.9% 77.6% 72.9% 76.7% Communication 2.9x 11.7% 40.2% 16.8% 31.7% 47.6% - Data Storage 2.1x 1.9% 19.3% 16.2% 22.5% % Energy 1.6x 1.6% 41.4% 7.8% 46.3% 18.0% 99.6% PAGE 13

15 SUMMARY OF IPOS RECENT U.S. IPO ACTIVITY (BY OFFERING SIZE) $0-50M $50-100M $ M $250M Overall, 2015 was a down year for technology IPOs, and technology companies share of U.S. IPOs fell to a seven-year low. Over the past year, the majority of technology IPOs consisted of larger companies as evidenced by nearly 50% of technology IPOs receiving $1 billion+ valuations at offering. Revenue growth remains a core focus for IPO investors and 39% of technology companies generated 75%+ LTM revenue growth leading up to their IPOs. 1Q-12 2Q-12 3Q-12 4Q-12 1Q-13 2Q-13 3Q-13 4Q-13 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 4Q Total: Total: Total: Total: 31 OFFERING SIZE AT IPO (LTM) MARKET CAP AT IPO (LTM) REVENUE GROWTH (1YR PRIOR TO IPO) All tech IPOs over the last 12 months All tech IPOs over the last 12 months All tech IPOs over the last 12 months $0-50M $50-100M $ M $250M + $0-50M $50-500M $500M-$1B $1B+ < 25% 25-75% > 75% 29% 13% 10% 26% 26% 45% 23% 39% 32% 23% 35% PAGE 14

16 KEY PERFORMANCE METRICS FOR RECENT IPOS 750.0% 650.0% 540.7% 550.0% % Revenue Growth % 350.0% 250.0% 150.0% 50.0% 172.5% 43.4% 11.8% 150.5% 57.4% 34.8% 102.3% 26.9% 194.4% 52.6% 150.0% 107.0% 45.4% 64.3% (50.0%) (150.0%) 125.0% 100.0% 98.3% Stock Performance % 50.0% 25.0% 0.0% (25.0%) (50.0%) (75.0%) 56.5% (23.2%) (52.8%) 32.0% 26.2% (1.2%) (28.8%) 53.0% 33.1% 8.1% 6.6% 21.7% 19.1% 3.3% (29.7%) (41.6%) 14.7% 14.7% (5.5%) (5.4%) (8.4%) 30.1% (1.2%) 45.4% 7.4% 17.5% (4.0%) 43.2% 9.9% (100.0%) (125.0%) Circle Size Denotes Revenue ($) IPO DATE OFFER PRICE OFFERING SIZE ($M) OFFER TO CURRENT 3/26/15 4/23/15 5/20/15 6/4/15 6/18/15 6/25/15 6/25/15 6/25/15 6/30/15 7/16/15 10/6/15 11/12/15 11/18/15 11/18/15 12/9/15 $18.0 $17.0 $25.0 $17.0 $14.0 $8.0 $12.0 $14.0 $19.0 $16.0 $17.0 $16.0 $9.0 $10.0 $21.0 $126.0 $87.0 $222.5 $195.5 $100.1 $56.3 $74.4 $98.0 $156.8 $103.2 $425.0 $70.4 $243.0 $77.5 $ % (52.8%) 26.2% (28.8%) 8.1% 6.6% 21.7% 19.1% (5.5%) (5.4%) (8.4%) 30.1% 45.4% (4.0%) 43.2% PAGE 15

17 DEBT MARKET OVERVIEW MIDDLE MARKET LBO LOAN MULTIPLES MIDDLE MARKET LBO VOLUME BY QUARTER In 2015, middle market LBO loan multiples remained strong and near all time highs. After a robust 2Q and 3Q 2015, middle market LBO loan volumes and values in 4Q decreased to $410 million, the lowest level since Defined as Issuers with EBITDA of $50 Million or Less FLD/EBITDA SLD/EBITDA Other Sr Debt/EBITDA Sub Debt/EBITDA 5.6x 5.3x 5.3x 4.9x 4.8x 4.7x 4.7x 4.8x 4.5x 4.5x 4.3x 4.2x 4.1x 4.0x 3.8x 3.8x 3.4x 3.3x Defined as Issuers with EBITDA of $50 Million or Less Institutional Pro Rata $2.0B $1.8B $1.6B $1.5B $1.2B $1.0B $1.0B $0.9B $1.2B $1.9B $2.0B $0.6B $0.6B $0.7B $0.4B Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 LBO LOAN VOLUME BY INDUSTRY MEDIAN LBO DEBT PERCENTAGES Technology companies were the largest recipients of LBO loans in 2015, indicating the continued credit interest in the software sector. Lenders, however, demanded slightly higher equity contributions to finance LBOs as evidenced by the median debt as a percentage of total purchase price declining to 58.0% in New-Issue LBO Loan Volume: $5.5 billion Percentage of Total Purchase Price Technology Services & Leasing Healthcare Manufacturing & Machinery Retail Textile & Apparel Other 7.6% 4.8% 4.7% 13.2% 17.4% 23.1% 29.3% 62.6% 63.4% 60.3% 50.0% 56.6% 54.5% 60.0% 66.3% 60.0% % PAGE 16

18 SELECT HW&CO. TMT TRANSACTIONS has received an investment from has been recapitalized by APPLICATION ERP / BUSINESS MANAGEMENT SUPPLY CHAIN DATA ANALYTICS INFRASTRUCTURE DIGITAL MEDIA HEALTHCARE ENERGY HEALTHCARE EDUCATION has merged with has received a significant equity investment from has received a minority equity investment from GFI Energy Group a division of HEALTHCARE REAL ESTATE LEGAL MARKETING ANALYTICS DIGITAL MEDIA ERP / BUSINESS MANAGEMENT ERP / BUSINESS MANAGEMENT HEALTHCARE ENERGY IT SERVICES has acquired has received a minority equity investment from has merged with has been recapitalized by FINANCIAL HEALTHCARE HEALTHCARE ENERGY INFRASTRUCTURE INFRASTRUCTURE SUPPLY CHAIN HEALTHCARE SUPPLY CHAIN HEALTHCARE has been recapitalized by MANAGED SERVICES HEALTHCARE HEALTHCARE FINANCIAL HEALTHCARE NON-PROFIT NON-PROFIT INFRASTRUCTURE APPLICATION HEALTHCARE has become a whollyowned subsidiary of has received a majority investment from has received a majority equity investment from has received a minority investment from has received a significant investment from ECOMMERCE RETAIL EDUCATION ENERGY HEALTHCARE MARKETING ANALYTICS PUBLIC SECTOR HCM ENERGY TECH-ENABLED SERVICES MARKETING ANALYTICS PAGE 17

19 INFRASTRUCTURE SAAS VERTICAL APPLICATION HORIZONTAL, MEDIA, & TELECOM APPENDIX: SECTOR PUBLIC COMPANY UNIVERSE Software Bellwethers Google Microsoft Oracle Cisco IBM SAP EMC HP Communication Software Nuance NICE Synchronoss NeuStar BroadSoft Tangoe MobileIron Enterprise Software Oracle IBM SAP Adobe Intuit Sage Open Text TOTVS Progress Human Capital Management (HCM) Nuance NICE Synchronoss NeuStar BroadSoft Tangoe MobileIron Marketing Software Salesforce Adobe HubSpot Marketo Callidus Bazaarvoice PLM & Engineering Software Dassault Autodesk Ansys Synopsys Cadence PTC Aspen Mentor Nemetschek AVEVA Supply Chain & Logistics Software Manhattan Fleetmatics Descartes SPS RIB SciQuest American Park City MiX Telematics Amber Road Energy Software AVEVA Silver Spring OPOWER PSI EnerNOC Financial Software Fiserv Jack Henry Markit FIS DH Black Knight Bottomline Envestnet Q2 Holdings BasWare Healthcare IT (HCIT) Cerner athenahealth Veeva Allscripts Medidata Inovalon Press Ganey HMS Quality Systems Public Sector / Non-Profit Software Constellation Tyler Tech Blackbaud NIC 2U Instructure K12 Large-Cap SaaS ( $2Bn Mkt Cap) Salesforce Workday ServiceNow NetSuite athenahealth Ultimate Guidewire Veeva Medidata Proofpoint Large-Cap SaaS (cont'd) ZenDesk Paycom Demandware Small-Cap SaaS ( $2Bn Mkt Cap) Fleetmatics HubSpot Cornerstone Xero Limited. RealPage LogMeIn RingCentral Cvent CyberArk Marketo Small-Cap SaaS (cont'd) SPS Qualys Benefitfocus Callidus Q2 Holdings Alarm.Com MINDBODY incontact Textura Instructure Small-Cap SaaS (cont'd) OPOWER AppFolio Five9 Castlight Health SciQuest Bazaarvoice Xactly Amber Road Data & Analytics Splunk Tableau Teradata Qlik Inovalon Verint Pegasystems MicroStrategy PROS Holdings IT Operations Management VMware Red Hat ServiceNow CA Citrix F5 Networks Arista Micro Focus NetScout Software AG IT Operations Mgmt (cont'd) New Relic Progress Infoblox Radware Data Storage EMC NetApp Iron Mountain Brocade CommVault Box Barracuda Nimble Storage Carbonite IT Security Cisco Palo Alto Check Point Symantec VeriSign Trend Micro Fortinet Gemalto FireEye Proofpoint IT Security (cont'd) Imperva Qualys AVG Tech PAGE 18

20 APPENDIX: SECTOR PUBLIC COMPANY METRICS Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings BELLWETHERS Alphabet Inc. GOOGL $466,033 $528, % 46.6% 120.0% 12.8% 11.6% 32.5% 6.5x 5.5x 4.8x 17.8x 32.2x Microsoft Corporation MSFT 382, , % 19.4% 107.7% (0.8%) (1.0%) 35.7% 4.2x 4.0x 3.8x 11.8x 36.1x Oracle Corporation ORCL 143, , % (18.8%) 9.6% (3.5%) (2.6%) 40.6% 3.8x 3.8x 3.7x 7.6x 16.7x Cisco Systems, Inc. CSCO 103, , % (2.4%) 38.2% 4.9% 0.4% 27.6% 2.1x 2.1x 2.0x 7.2x 14.4x IBM Corporation IBM 163, , % (14.2%) (28.2%) (12.8%) (11.8%) 25.6% 2.0x 2.0x 2.0x 6.7x 9.4x SAP SE SAP 102,107 95,929 NA 13.6% 0.1% 15.7% 16.8% 32.2% 4.8x 4.4x 4.2x 14.8x 27.8x EMC Corporation EMC 51,102 49, % (13.7%) 1.5% 2.8% 1.9% 21.0% 2.1x 2.0x 1.9x 7.0x 21.1x HP Inc. HPQ 28,829 21, % (70.5%) (16.9%) (7.3%) (53.7%) 11.8% 0.3x 0.6x 0.6x 2.2x 4.7x Median $123,423 $135, % (8.0%) 5.6% 1.0% (0.3%) 29.9% 3.0x 2.9x 2.9x 7.4x 18.9x COMMUNICATION Nuance Communications, Inc. NUAN $7,768 $6, % 39.4% (10.9%) 0.4% 1.4% 12.8% 4.0x 3.8x 3.7x 14.9x NM NICE Systems Ltd. NICE 3,059 3, % 13.9% 74.8% 6.5% (8.6%) 20.8% 2.9x 3.1x 2.9x 13.3x 13.9x Synchronoss Technologies, Inc. SNCR 1,588 1, % (15.8%) 67.0% 30.1% 26.3% 28.5% 2.9x 2.3x 2.0x 10.6x 31.7x NeuStar, Inc. NSR 1,710 1, % (13.8%) (42.8%) 7.7% 8.5% 39.9% 1.7x 1.4x 2.2x 3.8x 6.8x BroadSoft, Inc. BSFT 938 1, % 21.8% (2.7%) 25.7% 24.9% 6.9% 3.7x 2.9x 2.4x 19.1x NM Tangoe, Inc. TNGO % (35.6%) (29.3%) 5.7% 3.8% 4.4% 1.4x 1.3x 1.2x 9.0x NM MobileIron, Inc. MOBL % (63.8%) NA 17.3% 14.8% NM 1.3x 1.1x 1.0x NM NM Median $1,588 $1, % (13.8%) (6.8%) 7.7% 8.5% 16.8% 2.9x 2.3x 2.2x 12.0x 13.9x ENTERPRISE Oracle Corporation ORCL $143,484 $153, % (18.8%) 9.6% (3.5%) (2.6%) 40.6% 3.8x 3.8x 3.7x 7.6x 16.7x IBM Corporation IBM 163, , % (14.2%) (28.2%) (12.8%) (11.8%) 25.6% 2.0x 2.0x 2.0x 6.7x 9.4x SAP SE SAP 102,107 95,929 NA 13.6% 0.1% 15.7% 16.8% 32.2% 4.7x 4.4x 4.1x 14.7x 27.8x Adobe Systems Incorporated ADBE 44,776 46, % 29.2% 149.3% 15.6% 19.7% 25.9% 9.3x 7.8x 6.4x 41.5x 74.4x Intuit Inc. INTU 25,852 25, % 4.7% 62.3% 1.4% 9.0% 27.2% 6.0x 5.5x 4.9x 16.0x 60.9x Sage Group plc SGE 10,107 9, % 22.6% 76.9% 6.1% 3.4% 27.1% 4.8x 4.6x 4.3x 17.9x 32.7x Open Text Corporation OTEX 6,694 5, % (17.7%) 71.5% 4.5% (0.6%) 27.8% 3.7x 3.6x 3.5x 10.3x 27.6x TOTVS S.A. TOTS3 1,260 1,280 NA (40.5%) (60.3%) 4.7% 7.8% 20.8% 2.7x 2.3x 2.1x 11.3x 18.6x Progress Software Corporation PRGS 1,131 1, % (11.2%) 14.3% 11.4% 22.1% 20.1% 3.1x 2.6x 2.5x 9.0x 79.6x Median $25,852 $25, % (11.2%) 14.3% 4.7% 7.8% 27.1% 3.8x 3.8x 3.7x 11.3x 27.8x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 19

21 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings HUMAN CAPITAL MANAGEMENT Paychex, Inc. PAYX $18,614 $19, % 14.6% 70.1% 8.0% 7.6% 42.8% 6.7x 6.1x 5.7x 16.6x 26.2x Workday, Inc. WDAY 14,070 15, % (2.4%) 46.2% 51.4% 47.0% NM 13.2x 9.1x 6.9x NM NM The Ultimate Software Group, Inc. ULTI 5,482 5, % 33.2% 107.1% 20.8% 21.9% 11.3% 9.4x 7.2x 5.9x 45.3x 219.7x Paycom Software, Inc. PAYC 2,202 2, % 42.9% NA 48.4% 46.2% 20.1% 10.8x 7.6x 5.7x 89.3x 121.6x Paylocity Holding Corporation PCTY 1,983 2, % 55.3% NA 42.0% 39.4% NM 12.0x 8.2x 6.4x NM NM Cornerstone OnDemand, Inc. CSOD 1,897 1, % (1.9%) 16.9% 32.3% 29.5% NM 5.9x 4.3x 3.5x NM NM Xactly Corporation XTLY % NA NA 20.9% NA NM 3.0x 2.3x 1.9x NM NM Halogen Software Inc. HGN % (29.8%) NA 17.4% 15.7% NM 1.2x 1.0x 0.9x NM NM Median $2,202 $2, % 14.6% 58.1% 32.3% 29.5% 20.1% 8.0x 6.7x 5.7x 45.3x 121.6x MARKETING salesforce.com, inc. CRM $52,763 $52, % 32.2% 86.6% 24.2% 23.7% 6.3% 8.4x 6.5x 5.4x 59.2x NM Adobe Systems Incorporated ADBE 44,776 46, % 29.2% 149.3% 15.6% 19.7% 25.9% 9.3x 7.8x 6.4x 41.5x 74.4x HubSpot, Inc. HUBS 1,816 1, % 67.5% NA 56.6% 54.6% NM 11.1x 7.6x 5.8x NM NM Marketo, Inc. MKTO 1,137 1, % (12.3%) NA 42.8% 39.9% NM 5.9x 4.1x 3.2x NM NM Callidus Software Inc. CALD 947 1, % 13.7% 309.0% 27.8% 26.6% NM 5.8x 4.5x 3.8x NM NM Bazaarvoice, Inc. BV % (45.5%) (53.2%) 9.3% 4.0% NM 1.5x 1.4x 1.3x NM NM Median $1,477 $1, % 21.5% 117.9% 26.0% 25.1% 16.1% 7.1x 5.5x 4.6x 50.4x 74.4x PLM & ENGINEERING Dassault Systemes SA DSY $18,982 $20, % 31.0% 44.3% 24.2% 21.1% 26.5% 6.4x 5.7x 5.2x 22.8x 48.5x Autodesk, Inc. ADSK 12,932 13, % 1.4% 72.4% 3.5% (1.1%) 6.8% 5.1x 6.1x 5.3x 29.3x NM Ansys, Inc. ANSS 7,455 8, % 12.8% 37.4% 3.0% 0.9% 45.6% 7.9x 7.2x 6.7x 15.9x 32.4x Synopsys Inc. SNPS 6,148 6, % 4.9% 43.3% 9.0% 5.9% 18.4% 2.7x 2.5x 2.4x 9.0x 30.6x Cadence Design Systems Inc. CDNS 5,828 6, % 9.7% 54.0% 9.7% 7.6% 23.7% 3.5x 3.2x 3.0x 12.1x 26.1x PTC Inc. PTC 4,361 3, % (5.5%) 53.8% (7.5%) (3.7%) 20.2% 3.5x 3.6x 3.7x 12.1x 83.4x Aspen Technology, Inc. AZPN 2,963 3, % 7.8% 36.6% 10.4% 6.7% 43.1% 6.5x 6.1x 5.6x 16.7x 24.9x Mentor Graphics Corp. MENT 2,145 2, % (16.0%) 8.2% 6.4% (5.2%) 22.4% 1.7x 1.8x 1.6x 7.2x 14.4x Nemetschek AG XTRA:NEM 1,904 1,924 NA 97.6% 356.8% 31.8% 28.4% 19.0% 6.5x 5.6x 5.0x 31.4x 51.7x AVEVA Group plc LSE: AVV 1,369 1, % 16.5% (36.9%) (4.7%) (0.9%) 21.3% 4.5x 4.4x 4.2x 13.2x 35.6x Median $6,148 $6, % 8.8% 43.8% 9.0% 5.9% 21.9% 4.8x 5.0x 4.6x 14.5x 32.4x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 20

22 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings SUPPLY CHAIN AND LOGISTICS Manhattan Associates, Inc. MANH $4,716 $4, % 62.5% 338.6% 16.2% 13.1% 29.0% 8.6x 7.7x 7.0x 33.0x 49.6x Fleetmatics Group PLC FLTX 1,797 1, % 43.1% 101.9% 24.7% 22.9% 24.9% 6.6x 5.2x 4.4x 25.4x 51.1x The Descartes Systems Group Inc TSX: DSG 1,467 1, % 34.7% 116.0% 8.6% 8.5% 31.3% 8.1x 7.1x 6.3x 28.6x 80.9x SPS Commerce, Inc. SPSC 1,044 1, % 24.0% 88.4% 25.8% 23.8% 10.1% 6.9x 5.5x 4.6x 60.2x NM RIB Software AG DB:RSTA NA (7.9%) 109.1% 47.4% 16.5% 27.9% 4.0x 3.6x 3.1x 10.4x 37.0x SciQuest, Inc. SQI % (10.2%) (18.2%) 2.0% 3.3% 6.8% 2.2x 2.0x 1.8x 11.6x NM American Software, Inc. AMSW.A % 11.7% 31.2% 11.6% 12.7% 13.7% 2.1x 1.9x NM 13.5x 28.8x Park City Group Inc. PCYG % 32.0% 297.0% 7.4% NA NM 16.4x NM NM NM NM MiX Telematics Limited JSE:MIX % (31.4%) (47.0%) 7.0% 4.5% 17.7% 0.9x 0.9x 0.8x 5.1x 10.2x Amber Road, Inc. AMBR % (50.2%) NA 7.5% 5.8% NM 2.0x 1.8x 1.5x NM NM Median $367 $ % 17.9% 101.9% 11.6% 12.7% 21.3% 5.3x 3.6x 3.8x 19.5x 43.3x ENERGY AVEVA Group plc LSE: AVV $1,369 $1, % 16.5% (36.9%) (4.7%) (0.9%) 21.3% 4.5x 4.4x 4.2x 13.2x 35.6x Silver Spring Networks, Inc. SSNI % 70.9% NA 74.2% 1.6% 7.8% 1.6x 1.9x 1.7x -31.9x 39.0x OPOWER, Inc. OPWR % (25.8%) NA 19.6% 15.3% NM 3.3x 2.7x 2.3x NM NM PSI Aktiengesellschaft PSAN NA (2.8%) (31.0%) 5.5% 6.0% 6.3% 1.0x 0.9x 0.8x 13.3x 33.1x EnerNOC, Inc. ENOC % (75.1%) (67.2%) (16.4%) (16.1%) NM 0.3x 0.3x 0.3x NM NM Median $478 $ % (2.8%) (36.9%) 5.5% 1.6% 7.8% 1.6x 1.9x 1.7x 13.2x 35.6x FINANCIAL Fiserv, Inc. FISV $24,828 $20, % 28.9% 131.5% 3.8% 3.8% 30.8% 4.8x 4.4x 4.2x 15.0x 29.7x Jack Henry & Associates Inc. JKHY 6,156 6, % 25.6% 98.8% 6.6% 6.6% 35.1% 4.8x 4.5x 4.2x 14.2x 28.8x Markit Ltd. MRKT 5,818 5, % 14.2% NA 5.4% 4.5% 35.9% 5.3x 4.7x 4.5x 12.3x 44.5x Oracle Financial Services Software Ltd ,434 4, % 6.4% (6.2%) 1.4% 12.6% 41.0% 7.4x 6.2x 5.6x 19.2x 27.7x DH Corporation DH 3,851 2, % (28.0%) 5.4% 25.4% NA 25.4% 3.9x 3.1x 3.0x 15.1x 31.5x Black Knight Financial Services, Inc. BKFS 4,796 2, % NA NA NA NA 35.0% 5.3x 4.8x 4.4x NM NM Bottomline Technologies (de), Inc. EPAY 1,143 1, % 17.6% 12.7% 5.6% 8.0% 13.0% 3.5x 3.0x 2.7x 14.1x NM Envestnet, Inc. ENV 1,012 1, % (39.3%) 114.0% 22.4% 19.9% 12.2% 2.5x 1.7x 1.5x 18.3x 88.9x Q2 Holdings, Inc. QTWO 901 1, % 40.0% NA 38.5% 36.9% NM 9.0x 6.3x 4.9x NM NM BasWare Oyj HLSE:BAS1V NA (18.4%) 51.8% 10.2% 14.5% 6.2% 3.5x 2.9x 2.5x 40.6x 324.7x Median $4,434 $2, % 14.2% 51.8% 6.1% 6.6% 30.8% 4.8x 4.5x 4.2x 15.1x 31.5x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 21

23 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings HEALTHCARE IT Cerner Corporation CERN $20,751 $20, % (6.9%) 55.3% 29.0% 30.0% 27.6% 5.1x 4.1x 3.7x 18.2x 39.5x athenahealth, Inc. ATHN 6,432 6, % 10.5% 119.6% 23.8% 22.9% 7.8% 7.3x 5.8x 4.8x 46.2x NM Veeva Systems Inc. VEEV 3,497 3, % 9.2% NA 32.2% 29.4% 23.8% 9.2x 6.9x 5.6x 40.0x 76.4x Allscripts Healthcare Solutions, Inc. MDRX 3,482 2, % 20.4% 63.3% (0.5%) 1.5% 7.1% 2.5x 2.4x 2.2x 17.2x NM Medidata Solutions, Inc. MDSO 2,692 2, % 3.2% 151.6% 19.5% 19.0% 10.5% 7.0x 5.7x 4.8x 35.9x NM Inovalon Holdings, Inc. INOV 2,136 2, % NA NA 21.0% 22.1% 33.6% 5.3x 4.0x 3.4x 16.0x 40.4x Press Ganey Holdings, Inc. PGND 1,832 1, % NA NA 12.7% NA 9.2% 5.9x 5.3x 4.9x NM NM HMS Holdings Corp. HMSY 1,114 1, % (41.6%) (52.4%) 1.2% 5.7% 18.5% 2.4x 2.2x 1.9x 10.0x 79.2x Quality Systems Inc. QSII % 3.4% (7.1%) 8.0% 2.4% 11.5% 1.7x 1.7x 1.5x 12.3x 30.6x Median $2,692 $2, % 3.4% 59.3% 19.5% 19.0% 11.5% 5.3x 4.1x 3.7x 17.7x 40.4x PUBLIC SECTOR / NON-PROFIT Constellation Software Inc. TSX: CSU $9,024 $8, % 39.4% 245.4% 12.5% 8.9% 17.8% 5.1x 4.2x 3.6x 25.5x 58.5x Tyler Technologies, Inc. TYL 5,669 5, % 59.3% 259.9% 17.5% 18.3% 22.6% 10.1x 7.4x 6.4x 45.3x 82.7x Blackbaud Inc. BLKB 3,261 3, % 52.2% 188.5% 12.5% 13.7% 15.9% 5.4x 4.4x 4.1x 27.2x 126.2x NIC Inc. EGOV 1,169 1, % 9.4% 20.4% 7.6% 7.6% 25.8% 4.1x 3.7x 3.4x 15.2x 31.3x 2U, Inc. TWOU 1,100 1, % 42.3% NA 32.0% 35.1% NM 8.0x 5.6x 4.3x NM NM Instructure, Inc. INST % NA NA NA NA NM 9.4x 5.8x 4.1x NM NM K12, Inc. LRN % (25.9%) (56.9%) 0.5% (10.4%) 5.9% 0.2x 0.3x NM 2.0x 68.9x Median $2,215 $2, % 40.9% 188.5% 12.5% 11.3% 17.8% 5.4x 4.4x 4.1x 25.5x 68.9x LARGE-CAP SAAS (Market Cap > $2Bn) salesforce.com, inc. CRM $52,763 $52, % 32.2% 86.6% 24.2% 23.7% 6.3% 8.4x 6.5x 5.4x 59.2x NM Workday, Inc. WDAY 14,070 15, % (2.4%) 46.2% 51.4% 47.0% NM 13.2x 9.1x 6.9x NM NM ServiceNow, Inc. NOW 13,501 13, % 27.6% 188.2% 50.5% 46.7% NM 14.7x 9.9x 7.5x NM NM NetSuite Inc. N 6,636 6, % (22.5%) 25.7% 34.9% 32.9% NM 9.6x 6.9x 5.4x NM NM athenahealth, Inc. ATHN 6,432 6, % 10.5% 119.6% 23.8% 22.9% 7.8% 7.3x 5.8x 4.8x 46.2x NM The Ultimate Software Group, Inc. ULTI 5,482 5, % 33.2% 107.1% 20.8% 21.9% 11.3% 9.4x 7.2x 5.9x 45.3x NM Guidewire Software, Inc. GWRE 3,764 4, % 18.8% 102.4% 5.4% 8.3% 4.5% 9.8x 8.7x 7.7x 49.7x NM Veeva Systems Inc. VEEV 3,497 3, % 9.2% NA 32.2% 29.4% 23.8% 9.2x 6.9x 5.6x 40.0x 76.4x Medidata Solutions, Inc. MDSO 2,692 2, % 3.2% 151.6% 19.5% 19.0% 10.5% 7.0x 5.7x 4.8x 35.9x NM Proofpoint, Inc. PFPT 2,550 2, % 34.8% 428.1% 36.8% 34.9% NM 10.3x 7.4x 5.8x NM NM Zendesk, Inc. ZEN 2,065 2, % 8.5% NA 66.3% 62.5% NM 11.2x 7.1x 5.3x NM NM Paycom Software, Inc. PAYC 2,202 2, % 42.9% NA 48.4% 46.2% 20.1% 10.8x 7.6x 5.7x 89.3x 121.6x Demandware, Inc. DWRE 1,851 2, % (6.2%) 97.5% 46.3% 45.9% NM 8.6x 6.1x 4.8x NM NM Median $4,623 $4, % 10.5% 104.8% 33.5% 31.2% 10.5% 9.6x 7.1x 5.6x 46.2x 99.0x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 22

24 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings SMALL-CAP SAAS (Market Cap < $2Bn) Fleetmatics Group PLC FLTX $1,797 $1, % 43.1% 101.9% 24.7% 22.9% 24.9% 6.6x 5.2x 4.4x 25.4x 51.1x HubSpot, Inc. HUBS $1,816 $1, % 67.5% NA 56.6% 54.6% NM 11.1x 7.6x 5.8x NM NM Cornerstone OnDemand, Inc. CSOD $1,897 $1, % (1.9%) 16.9% 32.3% 29.5% NM 5.9x 4.3x 3.5x NM NM Xero Limited. XRO $1,685 $1, % 7.6% 116.3% 74.8% 69.7% NM 15.5x 8.4x 5.8x NM NM RealPage, Inc. RP $1,785 $1, % 2.2% 4.1% 14.1% 15.2% 9.0% 4.0x 3.4x 3.1x 26.5x NM LogMeIn, Inc. LOGM $1,436 $1, % 36.0% 199.4% 23.2% 21.6% 11.8% 5.6x 4.5x 3.9x 29.6x NM RingCentral, Inc. RNG $1,561 $1, % 58.0% NA 35.1% 33.5% NM 5.7x 4.3x 3.5x NM NM Cvent, Inc. CVT $1,306 $1, % 25.4% NA 31.8% 31.5% 1.4% 7.4x 5.6x 4.6x 77.3x NM CyberArk Software, Ltd. CYBR $1,179 $1, % 13.8% NA 67.9% 48.8% 22.7% 8.1x 5.8x 5.0x 73.9x 63.5x Marketo, Inc. MKTO $1,137 $1, % (12.3%) NA 42.8% 39.9% NM 5.9x 4.1x 3.2x NM NM SPS Commerce, Inc. SPSC $1,044 $1, % 24.0% 88.4% 25.8% 23.8% 10.1% 6.9x 5.5x 4.6x 60.2x NM Qualys, Inc. QLYS $957 $1, % (12.3%) 123.7% 24.1% 23.1% 22.3% 6.1x 4.7x 3.9x 34.3x 31.1x Benefitfocus, Inc. BNFT $1,027 $1, % 10.8% NA 34.1% 32.9% NM 6.0x 4.5x 3.7x NM NM Callidus Software Inc. CALD $947 $1, % 13.7% 309.0% 27.8% 26.6% NM 5.8x 4.5x 3.8x NM NM Q2 Holdings, Inc. QTWO $901 $1, % 40.0% NA 38.5% 36.9% NM 9.0x 6.3x 4.9x NM NM Alarm.Com Holdings, Inc. ALRM $640 $ % NA NA 26.1% NA 15.1% 3.2x 2.8x 2.4x NM 57.3x MINDBODY, Inc. MB $509 $ % NA NA NA NA NM 5.5x 3.8x 3.0x NM NM incontact, Inc. SAAS $562 $ % 8.5% 84.2% 33.3% 27.6% NM 2.7x 2.2x 1.8x NM NM Textura Corporation TXTR $490 $ % (24.2%) NA 41.6% 37.4% NM 6.1x 4.3x 3.4x NM NM Instructure, Inc. INST $610 $ % NA NA NA NA NM 9.4x 5.8x 4.1x NM NM OPOWER, Inc. OPWR $478 $ % (25.8%) NA 19.6% 15.3% NM 3.3x 2.7x 2.3x NM NM AppFolio, Inc. APPF $450 $ % NA NA NA NA NM 6.6x 4.2x 3.0x NM NM Five9, Inc. FIVN $427 $ % 94.2% NA 23.0% 22.2% NM 3.5x 2.9x 2.4x NM NM Castlight Health, Inc. CSLT $257 $ % (63.5%) NA 88.9% 64.3% NM 3.8x 2.5x 1.9x NM NM SciQuest, Inc. SQI $225 $ % (10.2%) (18.2%) 2.0% 3.3% 6.8% 2.2x 2.0x 1.8x 11.6x NM Bazaarvoice, Inc. BV $300 $ % (45.5%) (53.2%) 9.3% 4.0% NM 1.5x 1.4x 1.3x NM NM Xactly Corporation XTLY $213 $ % NA NA 20.9% NA NM 3.0x 2.3x 1.9x NM NM Amber Road, Inc. AMBR $135 $ % (50.2%) NA 7.5% 5.8% NM 2.0x 1.8x 1.5x NM NM Median $924 $1, % 8.5% 88.4% 26.0% 23.4% 11.8% 5.8x 4.3x 3.4x 31.9x 54.2x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 23

25 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings DATA & ANALYTICS Splunk, Inc. SPLK $6,679 $7, % (0.2%) 102.7% 47.7% 44.5% NM 11.2x 7.8x 6.0x NM NM Tableau Software, Inc. DATA 6,074 6, % 11.2% NA 69.1% 57.9% NM 10.2x 7.0x 5.3x NM NM Teradata Corporation TDC 3,350 3, % (39.5%) (57.3%) (6.1%) (7.9%) 17.2% 1.3x 1.4x 1.4x 4.5x NM Qlik Technologies, Inc. QLIK 2,624 2, % 2.5% 45.8% 10.1% 10.6% 0.5% 4.4x 3.6x 3.1x 63.5x NM Inovalon Holdings, Inc. INOV 2,136 2, % NA NA 21.0% 22.1% 33.6% 5.3x 4.0x 3.4x 16.0x 40.4x Verint Systems Inc. VRNT 2,912 2, % (30.4%) 38.1% 8.3% 1.1% 14.2% 2.5x 2.4x 2.2x 10.4x NM Pegasystems Inc. PEGA 1,878 2, % 32.4% 142.5% 12.7% 13.7% 12.6% 2.9x 2.5x 2.2x 22.8x 59.3x MicroStrategy Inc. MSTR 1,581 2, % 10.4% 92.0% (10.3%) (8.9%) 26.2% 3.0x 2.8x 2.6x 54.6x 22.8x PROS Holdings, Inc. PRO % (16.2%) 26.0% 5.4% (8.0%) NM 3.6x 3.9x 3.3x NM NM Median $2,624 $2, % 1.1% 45.8% 10.1% 10.6% 15.7% 3.6x 3.6x 3.1x 19.4x 49.8x IT OPERATIONS MANAGEMENT VMware, Inc. VMW $18,100 $23, % (31.4%) (39.9%) 11.4% 9.8% 26.2% 2.8x 2.5x 2.3x 8.4x 25.1x Red Hat, Inc. RHT 14,731 15, % 19.8% 56.4% 14.3% 14.3% 18.5% 7.5x 6.5x 5.7x 32.4x 78.0x ServiceNow, Inc. NOW 13,501 13, % 27.6% 188.2% 50.5% 46.7% NM 14.7x 9.9x 7.5x NM NM CA, Inc. CA 11,239 11, % (6.2%) 29.9% (6.1%) (6.0%) 31.4% 2.7x 2.8x 2.7x 6.4x 15.7x Citrix Systems, Inc. CTXS 11,881 11, % 18.6% 15.3% 4.2% 3.3% 24.7% 3.7x 3.6x 3.4x 14.3x 41.1x F5 Networks, Inc. FFIV 6,050 6, % (25.7%) (0.2%) 10.8% 6.9% 31.0% 3.2x 2.9x 2.6x 8.8x 18.7x Arista Networks, Inc. ANET 4,748 5, % 28.1% NA 45.7% 42.5% 19.8% 6.2x 4.5x 3.8x 31.4x 48.7x Micro Focus International plc LSE:MCRO 6,507 5, % 39.7% 113.1% 183.7% 47.5% 37.4% 5.3x 5.3x 5.3x 31.4x 37.0x NetScout Systems, Inc. NTCT 2,975 3, % (16.0%) 18.1% 39.1% 128.5% 18.0% 4.9x 2.2x 2.1x 21.4x 79.6x Software AG XTRA:SOW 2,249 2,247 NA 17.4% (32.2%) (2.2%) 0.6% 28.6% 2.4x 2.3x 2.3x 9.0x 15.4x New Relic, Inc. NEWR 1,585 1, % 4.6% NA 68.8% 58.8% NM 11.0x 7.3x 5.7x NM NM Progress Software Corporation PRGS 1,131 1, % (11.2%) 14.3% 11.4% 22.1% 20.1% 3.1x 2.6x 2.5x 9.0x 79.6x Infoblox Inc. BLOX 750 1, % (9.0%) 2.3% 31.5% 23.1% NM 2.3x 1.9x 1.6x NM NM Radware Ltd. RDWR % (30.3%) (7.0%) 4.0% (2.5%) 18.0% 2.7x 2.7x 2.5x 15.0x 29.6x Median $5,399 $5, % (0.8%) 14.8% 12.9% 18.2% 24.7% 3.4x 2.8x 2.7x 14.3x 37.0x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 24

26 APPENDIX: SECTOR PUBLIC COMPANY METRICS (CONT D) Enterprise Market % of 52 1-Year Stock 3-Year Stock Revenue Growth LTM EBITDA Enterprise Value / Price / Company Ticker Value Capitalization Week High Performance Performance LTM NTM Margin LTM Rev. 2016E Rev. 2017E Rev. LTM EBITDA Earnings DATA STORAGE EMC Corporation EMC $51,102 $49, % (13.7%) 1.5% 2.8% 1.9% 21.0% 2.1x 2.0x 1.9x 7.0x 21.1x NetApp, Inc. NTAP 4,431 7, % (36.0%) (20.9%) (6.7%) (6.2%) 11.3% 0.8x 0.8x 0.8x 3.1x 19.6x Iron Mountain Incorporated IRM 10,397 5, % (30.1%) (13.0%) (2.4%) (3.0%) 29.8% 5.6x 3.3x 3.3x 11.1x 43.8x Brocade Communications Systems, Inc. BRCD 3,115 3, % (22.5%) 72.2% 2.4% 0.6% 25.7% 1.4x 1.4x 1.4x 4.9x 11.0x CommVault Systems, Inc. CVLT 1,383 1, % (23.9%) (43.5%) (4.9%) (3.8%) 2.3% 2.4x 2.2x 2.1x 10.5x NM Box, Inc. BOX 1,486 1, % NA NA 45.5% 38.3% NM 5.3x 3.8x 3.0x NM NM Barracuda Networks, Inc. CUDA % (47.9%) NA 17.4% 15.8% 1.6% 2.6x 2.2x 1.9x 10.7x NM Nimble Storage, Inc. NMBL % (66.5%) NA 49.4% 40.9% NM 1.7x 1.3x 1.0x NM NM Carbonite, Inc. CARB % (31.3%) 5.9% 11.7% 11.8% NM 1.5x 1.4x 1.2x NM NM Median $1,486 $1, % (30.7%) (5.8%) 2.8% 1.9% 16.2% 2.1x 2.0x 1.9x 8.7x 20.3x IT SECURITY Cisco Systems, Inc. CSCO $103,363 $137, % (2.4%) 38.2% 4.9% 0.4% 27.6% 2.1x 2.1x 2.0x 7.2x 14.4x Palo Alto Networks, Inc. PANW 14,863 15, % 43.7% 229.1% 56.0% 43.7% NM 14.4x 9.7x 7.6x NM NM Check Point Software Technologies Ltd. CHKP 13,419 14, % 3.6% 70.8% 8.9% 8.9% 52.9% 8.4x 7.6x 7.1x 15.3x 21.7x Symantec Corporation SYMC 12,569 14, % (18.1%) 11.6% (7.9%) (26.2%) 28.2% 2.0x 3.5x 3.4x 5.9x 21.1x VeriSign, Inc. VRSN 9,712 9, % 53.3% 125.0% 4.3% 4.6% 62.6% 9.3x 8.6x 8.2x 14.4x 28.7x Trend Micro Inc. TSE: ,561 5,599 NA 47.1% 36.8% 9.3% 7.4% 33.9% 4.5x 3.8x 3.7x 14.1x 29.2x Fortinet Inc. FTNT 4,461 5, % 1.7% 48.3% 29.4% 31.0% 6.6% 4.8x 3.6x 3.0x 31.6x 309.8x Gemalto NV GTO 5,823 5, % (27.0%) (33.0%) 18.6% 26.2% 16.3% 1.9x 1.6x 1.5x 11.0x 25.2x FireEye, Inc. FEYE 2,858 3, % (34.3%) NA 71.0% 46.8% NM 4.9x 3.5x 2.8x NM NM Proofpoint, Inc. PFPT 2,550 2, % 34.8% 428.1% 36.8% 34.9% NM 10.3x 7.4x 5.8x NM NM Imperva Inc. IMPV 1,736 1, % 28.1% 100.8% 37.1% 40.0% NM 8.2x 6.0x 4.8x NM NM Qualys, Inc. QLYS 957 1, % (12.3%) 123.7% 24.1% 23.1% 22.3% 6.1x 4.7x 3.9x 34.3x 31.1x AVG Technologies N.V. AVG 1,170 1, % 1.6% 26.7% 11.5% 14.1% 29.1% 2.8x 2.6x 2.5x 8.5x 31.9x Median $4,561 $5, % 1.7% 59.6% 18.6% 23.1% 28.2% 4.9x 3.8x 3.7x 14.1x 28.7x Software Bellwethers Communication Enterprise HCM Marketing PLM & Engineering SCM & Logistics Energy Financial HCIT Public Sector / Non-Profit Large-Cap SaaS Small-Cap SaaS Data & Analytics IT Operations Data Storage IT Security PAGE 25

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