Embedded Specialized Accomplished. SaaS Report. Summer 2013

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1 Embedded Specialized Accomplished SaaS Report

2 Table of Contents Section I Section II Section III Section IV Section V Section VI Section VII Section VIII Industry Trends and Dynamics SaaS Market Overview by Region SaaS Subsector: CRM SaaS Subsector: ERP SaaS Subsector: HR Management Select Transaction Case Studies Appendix SaaS Business Model Factors Appendix Public and Transaction Comparables 2

3 INDUSTRY TRENDS AND DYNAMICS

4 The SaaS Opportunity The SaaS business model continues to be an industry darling in the recurring revenue business, venture capital/pe world and public markets, but growth needs to be managed appropriately 83.0% of all companies expect to adopt SaaS technology Revenue will be generated from multiple sources (existing base, upsells, new accounts) Sales & marketing strategies require utilizing both its internal sales force and various distribution channels The contract to internet Media companies, SaaS companies are driven less by media hype SaaS business models tend to require significant capital to reach breakeven Industry veterans and strong CEOs will recognize this and build their startup appropriately Cash needs can be partially addressed through discounted customer up-front payments Today s market is a shifting landscape Valuations are down significantly for smaller opportunities, with less impact to quality players Almost no license software companies are being funded Source: Wall Street Research 4

5 SaaS Trends The SaaS market is expected to grow 16.8% from $14.3bn in 2012 to $16.7bn in 2013, with projections of $21.3bn for 2015 Most large SaaS companies such as SAP and Oracle reported solidly higher sequential revenues in Q4 2012, averaging 5.8% Although initial 2013 outlooks have been conservative, publicly traded SaaS companies historically present lower EPS in Q1 than in Q4 due to early year investments to support accelerated organic growth Overall valuations for the SaaS industry have been generally attractive, as companies have typically been trading at over 4.5x LTM revenue The growth in smart computing, in which apps provide direct access to data that is used for decision making purposes, will continue fueling growth in SaaS Smart computing apps overlap with SaaS products, as the browser-based access model for SaaS products works better for collaboration among internal and external participants than behind-the-firewall deployments The European SaaS market is expected to slow, however, a projected annual IT spending growth of 9.0% in emerging markets will continue to drive the market forward M&A in the SaaS space is projected to increase significantly, with projections indicating over $25.0bn in SaaS acquisitions over the next 20 months, compared to $17.0bn in the prior 20-month period Continuing increases in the proliferation of Mobile and PaaS will continue to fuel overall SaaS growth Source: Gartner, Forrester 5

6 SaaS Revenue ($bn) SaaS Revenue Trends SaaS companies expect to see higher revenues as the business model rises in popularity and scope $25 $21.3 $20 $18.9 $16.7 $15 $14.3 $12.1 $10 $10.0 $5 $0 2010A 2011A 2012E 2013P 2014P 2015P Source: Gartner 6

7 Market Performance While SaaS companies have appreciated approximately in line with overall market indicators, their relatively stronger growth profiles indicate a higher potential upside compared to general market averages Cloud computing and SaaS companies have outperformed enterprise and security firms overall, with SaaS mean and median stock growth reaching 13.0% and 16.0%, respectively, compared to 9.0% and 5.0% for enterprise and security, respectively Past seasonal trends indicate a likely gradual increase in SaaS growth in the second half of the year 2013 Median Stock Appreciation Overall Coverage Median 14.0% NASDAQ Composite Index 14.0% Enterprise 5.0% Cloud Computing & SaaS 16.0% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0% Source: Wall Street Research 7

8 Technology M&A by Industry From 2011 to 2012, Software M&A deals increased from 32.1% to 35.4% of the technology industry s deal flow 40% 35.4% 30% 32.1% 32.4% 20% 10% 19.7% 15.2% 18.0% 13.5% 17.0% 7.7% 5.7% 0% Semiconductor IT Services Internet Hardware Software Company growth has become more reliant on web-based application software SaaS can help make existing company hardware more easily accessible by consumers Trends show that corporations seek to establish industry staying power by implementing progressive technology Source: Wall Street Research 8

9 Trillions of MegaBytes Migration Towards Mobile Technology A growing smartphone industry necessitates compatibility Growing reliance on mobile apps to promote tablet and mobile compatibility Apps run in conjunction with cloud-based services Greater efficiency and ease-of-access 4G capabilities eliminate the need for specialized interfaces and physical systems Multiple users can access important resources over a network By 2015, mobile application development will exceed PC projects by four times Adoption of tablets for enterprise planning will grow by nearly 50.0% annually Popularity of Bring-Your-Own-Device (BYOD) programs increase ease-of-use Tablet wireless demand as a percentage of total wireless demand is projected to rise Smart Mobile Device Growth 2013 Smart Mobile Device (SMD) sales are expected to: Grow by 20.0% Generate 20.0% of IT sales Drive 57.0% of IT market growth Wireless Data Usage Source: Wall Street Research Total Wireless Demand Excluding Tablets Tablet Wireless Demand Contribution 9

10 Total Monthly Traffic (PetaBytes) Migration Towards Mobile Technology Mobile data traffic growth has increased considerably over the past year Q1 '07 Q2 '07 Q3 '07 Q4 '07 Q1 '08 Q2 '08 Q3 '08 Q4 '08 60 Q1 '09 80 Q2 ' Q3 ' Q4 ' Q1 ' Q2 ' Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Source: Ericsson 10

11 SaaS Concerns A non-viable solution for all software categories One size does not fit all SaaS delivery model is not a universal application across software systems CRM and human capital management (HCM) are a natural fit because both need solutions that can easily scale up or down and add new users Product lifecycle management (PLM) has slow levels of scalability and non-mobile end-users Relative cost effectiveness Various software such as business process management (BPM) have little to do with the derivative source of an application and more to do with organizational complexity, accounting for their lower SaaS application rate Hardware and software infrastructure costs for these software types are minimal to begin with This dramatically reduces cost advantages Data security Cloud outages Key Indicators Distribution of mobility of the targeted end-user base Desired speed of software scalability Level of importance for the security of sensitive data More Disadvantages Compliance with government dataprotection regulations Inconsistent performance across servers Software integration Source: IDC 11

12 SaaS Concerns Analysts argue that SaaS operational performance expectations are over-estimated despite higher revenue growth rates The general belief that SaaS companies generate free cash flow in relation to revenue at a rate similar to that of traditional software companies fails to take into account the higher capital expenditures and operational expenses of SaaS companies Recent research supports this claim, as the SaaS space has experienced significantly lower free cash flow since 2008, compared to perpetual based software companies such as Adobe The SaaS sector has actually shown relatively lower margins due to data-center hosting costs, which are not typically incurred by traditional software companies Revenue Growth Rates Free Cash Flow Growth Rates 30.0% 50.0% 25.0% 21.7% 24.2% 23.3% 40.0% 35.2% 40.3% 20.0% 15.0% 10.0% 10.5% 17.4% 15.1% 10.2% 9.5% 30.0% 20.0% 10.0% 8.9% 8.7% 29.5% 22.2% 11.3% 5.0% 0.0% 5 YR CAGR 3 YR CAGR 2012 Y/Y Growth E CAGR Source: Wall Street Research Perpetual SaaS 0.0% -10.0% 5 YR CAGR 3 YR CAGR 2012 Y/Y Growth E CAGR -8.2% Perpetual SaaS 12

13 SaaS is a Capital Intensive Business Model SaaS companies have traditionally required heavy upfront financing Several successful SaaS companies have historically raised over $20.0mm pre-ipo $120.0 Capital requirements are expected to decline due to: Lower CAC (SaaS becoming mainstream, new channels, etc.) Lower IT costs (PaaS, LAMP stack, etc.) Heavy financing costs are offset by future growth, margins and licensing cash flow reliability Capital Raised Pre-IPO for Select Public SaaS Companies (in millions) $100.0 $99.0 $80.0 $60.0 $50.0 $40.0 $37.0 $29.0 $24.0 $20.0 $12.0 $0.0 SalesForce NetSuite Constant Contact LogMein Vocus Median SW Enterprise Source: Wall Street Research 13

14 Collaboration Fastest growing vertical in SaaS SMEs (Small and Medium Enterprises) Perform project planning Run seamless project management program Effective and economical business solution Allow for work to be conducted in distributed environments Large Enterprises Incorporate social networking Allow for flexibility and mobility Specific features as and when needed Facilitate company-wide task management Communicate with extended team of customers and venders SaaS for Enterprises Framework for Customization and Application Business Logic Business partner Enterprise Customer Management portal (incl. APIs) Accounting Website engine Advertising/Marketing CRM Webshop engine 24/7 Support Document management Inventory Reporting Dashboard Payment module Google integration service Social network integration Online and offline traning Source: Wall Street Research 14

15 SAAS MARKET OVERVIEW BY REGION

16 Regional SaaS Revenue ($mm) Global Market Trends SaaS Global Market Revenue 2012 SaaS Global Market Volume $10,000 $8,000 $6,000 $4,000 $2,000 $0 7, , , , , , North America Europe Asia Latin America 2011A 2012E North America has the highest overall growth due to the strength of its Internet infrastructure and a positive outlook for US tech market growth European markets remain stagnant due to recent economic conditions Asia sees increased growth due to a need for advanced software solutions Latin America sees huge technological development following economic advances Source: Wall Street Research France 3% Canada 4% Japan 4% Germany 6% UK 6% Other 17% US remains the clear leader US 60% Where the SaaS model was developed No cultural barriers Other nations are significantly behind Fear of 3 rd party control Security concerns Lack of Internet bandwidth 16

17 Global Markets North America North America, specifically the US, represents the largest opportunity for SaaS and is the most mature of the regional markets NA projected to account for 60.8% of worldwide SaaS revenue by 2015 SaaS software revenues are estimated to be $9.1bn in 2012, up from $7.8bn in 2011 North America shows the highest SaaS deployments in expense management, financials, and office suites There is greater use of web conferencing technology in North America than in other regions due to a highly distributed workforce The US is expected to be the primary growth market Strong demand for new mobile, cloud and smart technologies The US tech market is anticipated to have 5.4% growth in 2013, 6.7% growth in 2014 Prevalent Software Categories Emerging Collaboration software Established Expense management Financials Office suites Web conferencing Factors for SaaS Adoption Speed of deployment Ease of programming and overall accessibility Limited capital expense Primary Concerns Flexibility of customization Limited software integration to existing systems Source: Forrester, Gartner 17

18 Global Markets Europe 2012 SaaS revenues are estimated to be $3.2bn in Western Europe, up from $2.7bn in 2011, while SaaS revenues in Eastern Europe are estimated at $169.4mm from last year s $135.5mm SaaS offerings and adoption rates in more developed sub-regions of Western Europe (e.g. UK, Ireland, Netherlands) are rapidly increasing as a result of: North America-based SaaS vendors entering the region Culturally open outlook toward technology adoption Well-established Internet infrastructures Increasing number of local European SaaS vendors The opportunity for SaaS adoption exists longer-term in the smaller emerging markets of Eastern Europe, the Middle East and Africa due to ongoing infrastructure challenges Total cost of ownership (TCO) Speed of deployment Regional scalability Global software accessibility Factors for SaaS Adoption Prevalent Software Categories Emerging F&A HR Project and portfolio Business intelligence Established Purchasing CRM Collaboration software Primary Concerns Security Ability to integrate existing applications Source: Forrester, Gartner 18

19 Global Markets Asia SaaS revenues in Asia/Pacific are estimated to be $1.4bn in 2012, up from $1.2bn in 2011 Revenues in Japan alone, the largest SaaS market in the region, are estimated at $495.2mm in 2012, up from $427.0mm in 2011 Overall, SaaS adoption in the Asia/Pacific region is fragmented Mature markets: Japan, Australia, New Zealand, Hong Kong, Singapore, South Korea and Taiwan Emerging markets: China, India, Malaysia, Thailand, Indonesia, Vietnam and the Philippines The main reason for slow growth lies in cross-cultural language and technology vernacular barriers Prevalent Software Categories Asia/Pacific Japan Financials and accounting (particularly in China & India) ERP Office suites CRM CRM Groupware Factors for SaaS Adoption Sales force automation and marketing analysis solutions Advanced enterprise applications Lower deployment costs Ease and speed of deployment Primary Concerns Longer-than-expected deployment times Educating the market Localization Source: Gartner 19

20 Global Markets Latin America SaaS revenues in Latin America reached an estimated $419.7mm in 2012, up 27% from $331.1mm last year Brazil and Mexico drive a majority of adoption and revenue opportunities In a survey conducted by NetSuite, almost one-third of IT directors and managers of large Latin American corporations indicated that more than 25.0% of corporate-wide software licenses within their organizations are delivered as a service 60.0% of the respondents indicated they would consider the SaaS model during their next ERP upgrade or migration Prevalent Software Categories Emerging Packaged CRM Procurement ERP applications Established Sales force automation Customer service Expense management Financial accounting Factors for SaaS Adoption Ability to access cloud-based solutions from anywhere Ease of implementation Seamless upgrade Overall cost reduction Reduced upfront investments Primary Concerns Ability to customize Localized content Performance Business continuity Source: Gartner 20

21 SAAS SUBSECTOR: CRM

22 CRM Spending (%) CRM SaaS CRM SaaS identifies and analyzes customer needs to optimize overall operations Opportunity CRM remains the largest SaaS system application worldwide Social Era communication and relationships conducted mostly through social media and internet In 2012, 40.0% of all CRM systems sold were SaaS based The global CRM market grew 12.5% from $16.0bn to $18.0bn from 2011 to 2012, 3.0x the average of all enterprise software categories Communications, media and IT services were the biggest spenders on CRM in 2012 due to call center requirements CRM Submarket 2012 Worldwide Spending by Central Application Central Applications 40% 37.0% 36.0% Customer service and support Sales force automation 30% 30.0% Marketing ecommerce 20% 17.0% Additional Applications Appointments 10% Small business Social media 0% Customer Service & Support Sales Marketing E-Commerce ecommerce Source: Forbes, Wall Street Research 22

23 CRM SaaS CRM SaaS identifies and analyzes customer needs to optimize overall operations Growth Drivers Vested vendor interests Ubiquitous Internet accessibility Easier-to-deploy CRM systems compared to on-premise alternatives Rapid improvement in application functionality General backlash against software licensing model Reduced up-front cost and low lifetime risk Critical Success Factors Maintain a true thin-client technology focus Improve software performance Increase scalability Facilitate flexibility Continue to target defined market focus Preserve industry focus Vertical market business application 2012 Worldwide CRM Market Share by Vendor SAS 2.2% Amdocs 2.3% Others 39.7% Verint Systems 2.4% Nice Systems 2.5% Salesforce 14.0% SAP 12.9% Adobe 3.1% Projected Outlook IBM 3.6% Oracle 11.1% Microsoft 6.3% By 2014, the number of mobile CRM apps available for download will have grown to 1,200 from 200 in 2012, a 500.0% increase By 2016, more than 50.0% of total CRM software revenue will be delivered as SaaS Sample CRM Companies Source: IDC 23

24 Revenue ($mm) Revenue ($mm) CRM SaaS CRM is projected to remain the most popular application software to utilize SaaS delivery Software Revenue Forecast ( ) SaaS Delivery within Enterprise Application Software Software Revenue Forecast ( ) CRM Submarket $8,000.0 $10,000.0 $6,000.0 $4,000.0 $2,000.0 $6,397.0 $6,332.0 $5,707.0 $5,073.0 $5,416.0 $4,484.0 $4,611.0 $3,852.0 $3,837.0 $3,244.0 $2,951.0 $2,597.0 $2,288.0 $2,012.0 $2,753.0 $1,758.0 $2,324.0 $1,944.0 $1,581.0 $1,276.0 $8,000.0 $6,000.0 $4,000.0 $2,000.0 $5,549.0 $4,265.0 $3,098.0 $6,032.0 $4,605.0 $3,449.0 $6,609.0 $4,990.0 $3,798.0 $7,228.0 $5,433.0 $4,214.0 $7,940.0 $5,810.0 $4,697.0 $ $ Customer Relationship Management (CRM) Content, Communications and Collaboration Enterprise Resource Planning (ERP) Sales Customer Service and Support Marketing Automation Supply Chain Management (SCM) Source: Gartner 24

25 SAAS SUBSECTOR: ERP

26 ERP SaaS ERP SaaS consolidates internal and external data to manage business operations Execution and Benefits Rent ERP software on a lease basis; integrating resource planning on a cloud system SaaS ERP systems reduce implementation costs Faster deployment No physical servers Costs are reduced with SaaS ERP with high demand for IT resources in managing and installing development applications Risk Factors Associated with SaaS Larger businesses may not align with software Costs are continually incurred as long as system is in place Software cannot be changed Dependent on Internet connection 2012 Worldwide ERP Market Share by Vendor Others 37% UNIT4 1% YonYou 1% SAP 25% Concur 2% Totvs 2% Projected Outlook By 2014, the CAGR for SaaS ERP market is expected to be 15.8%, almost 3.0x greater than CAGR for overall software market The industry is expected to grow to $32.0bn by 2016 Sample ERP Companies Oracle 13% Sage 6% Infor 6% Microsoft 5% Kronos 2% Source: Forbes, Gartner 26

27 ERP Costs ERP Costs ERP Costs ERP SaaS Cost of capital determines SaaS savings as compared to On-Premise systems (mid-sized company) No Cost of Capital $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 SaaS On-Premise 15% Cost of Capital $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 SaaS On-Premise $350,000 $300,000 $250,000 $200,000 $150,000 $100,000 $50,000 $0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 SaaS On-Premise Costs are reduced with SaaS ERP with high demand for IT resources in managing and installing development applications Avoid ongoing costs as a variable of capital Low upfront expenses Less hidden costs 3% Cost of Capital Benefits Source: ERP Cloud News 27

28 SAAS SUBSECTOR: HR MANAGEMENT

29 HRM SaaS HRM SaaS manages all aspects of HR activity in a cloud-computing environment Growing demands for HR solutions $10.0bn worldwide market Growing at 18.0%-22.0% CAGR US SaaS HRM adoption rate: 92.0% European SaaS HRM adoption rate: 61.0% From , there were 30 major acquisitions in the talent management software market alone In recent years, large corporations such as Oracle and SAP have begun focusing on HR SaaS Sample HRM Companies HRM SaaS Advantages Increases productivity by replacing manual input functions with automated ones Employee verifications, employment application processes and employee benefits administrative tasks can be delivered in a self-service format Significantly saves costs over the majority of onpremise HR software applications that are typically incorporated into ERP systems Projected Outlook In secondary and tertiary markets, enterprise providers with their bundled outsource service offerings are not present. With this unsatisfied demand, there is an opportunity for accelerated organic revenue growth of anywhere from 18.0% to 22.0% per year Source: Ephor Group, Forrester, CedarCrestone, Bersin 29

30 HRM SaaS HRM SaaS manages all aspects of HR activity in a cloud-computing environment SaaS HRM services Workforce optimization (job management, contingent labor and labor costs management) Self-service for employee and manager consumerism (e.g. access to information and tools) HR systems strategy (HR Analytics, Social, Global and Mobile) Enterprise portal and transaction cost reductions Ability to manage employee information on a real time basis Companies that adopt SaaS HR solutions Outperform the competition based on key comparable and financial benchmarks More flexible resource-efficient cost structures Average annual HR administration expenditures per employee is greater than $1,000 for SMBs without a unified HR system versus less than half of that for enterprises with SaaS HR Organizations choosing an ERP with an HRM SaaS-based talent management approach outperform with as much as 48% greater sales per employee than those choosing a different solution Payroll management Holiday management Recruitment and performance management Employee self service functionality Applicant tracking SaaS HR Systems offer efficiencies Leave management Time and attendance management Electronic forms processing Benefits management Directory management Source: Apprenda, Ephor Group 30

31 SELECT TRANSACTION CASE STUDIES 31

32 Microsoft Yammer M&A Case Study Date Announced: June 15 th, 2012 Date Closed: July 18 th, 2012 Implied Enterprise Value: $1.2bn Deal Structure: Key Deal Metrics Microsoft Corporation entered into a definitive agreement to acquire Yammer, Inc. for $1.2bn in cash on June 15 th, 2012 Yammer joined the Microsoft Office Division and the division is being led by President Kurt DelBene Yammer s Products / Services Description: Yammer is an enterprise social network that brings together employees, content, conversations and business data in a single location. Yammer empowers employees to be more productive by enabling them to collaborate in real-time across departments, geographies and business applications. Employees can additionally create groups to collaborate on projects and share and edit documents. The service can be accessed through the web, desktop and mobile devices, and Yammer provides both free and premium versions. Financing History: Yammer had received $142.0mm in five rounds of venture funding prior to the acquisition. Deal Commentary The Yammer deal positions Microsoft more aggressively as a player in the development of social media services specifically for enterprises, an area where competitors like Oracle, Salesforce and IBM have been active as well Microsoft s initial concerns involved figuring out ways to successfully monetize Yammer One year after Microsoft s acquisition, Yammer s subscriber base is up 55% to nearly 8.0mm users, characterized by more customers paying for the premium services and much tighter Microsoft integration Microsoft s future plans for Yammer include further integration between Yammer and , enhanced document collaboration and expanded Yammer messaging and external communication Source: Capital IQ and Siemer & Associates Proprietary Research Database 32

33 SAP Ariba M&A Case Study Date Announced: May 22 nd, 2012 Date Closed: October 1 st, 2012 Implied Enterprise Value: $4.4bn Implied EV/LTM Revenue Multiple: 8.8x Deal Structure: Key Deal Metrics SAP America, Inc. entered into an agreement to acquire Ariba Inc. for $4.6bn in cash on May 22, 2012 SAP paid $45 per share to the holders of Ariba s common stock and restricted units and also paid $9.13mm in cash for acquiring all the outstanding options of Ariba Inc. Ariba ceased to be an independent public company and will be whollyowned by SAP The existing management team continues to lead Ariba Inc., which operates under the name Ariba", an SAP company Deal Commentary Ariba s Products / Services Description: Ariba, Inc. is the leading provider of collaborative business commerce solutions. Ariba combines industry-leading technology to optimize the complete commerce lifecycle with the world s largest webbased community to discover, connect and collaborate with a global network of trading partners. The company s services deliver everything needed to control costs, minimize risk, improve profits and enhance cash flow and operations, all in a cloud-based environment. SAP indicates that the acquisition combined Ariba s successful buyer-seller collaboration network with SAP s own customer base and solutions in order to create new models for business-to-business collaboration in the cloud With the acquisition, SAP will acquire the leader in cloud-based collaborative business commerce, as Ariba boasts $444 million in total revenue and 38.5% annual growth in 2011 SAP believes the addition of Ariba will create the business network of the future, through delivering immediate value to their customers and providing another solid engine for driving the company s growth in the cloud Source: Capital IQ and Siemer & Associates Proprietary Research Database 33

34 BMC Buyout Case Study Date Announced: May 6 th, 2013 Market Cap: $6.5bn TEV: $6.3bn LTM Revenue: $2.3bn LTM EBITDA: $694.4mm LTM EV/EBITDA: 9.1x Key Deal Metrics BMC Software Products / Services Description: BMC Software, Inc. develops software that provides system and service management solutions for enterprises internationally Deal Structure: Bain Capital Private Equity, GIC Special Investments Pte. Ltd., Golden Gate Private Equity, Inc. and Insight Venture Partners acquired 100% of BMC Software s equity for $46.25 per share in cash Deal Commentary By becoming a private company, BMC can provide for more flexibility. Through additional investing freedom, the Company can foster innovation and deliver cutting edge solutions for its clientele. Buyout firms are increasingly acquiring mature technology companies positioned to support debt through steady cash flows Attractive debt financing rates are driving PE firms to leverage larger deals Source: Capital IQ and Siemer & Associates proprietary research database 34

35 APPENDIX SAAS BUSINESS MODEL FACTORS

36 Summary of Key Metrics The following metrics represent key ratios demonstrated by several successful SaaS companies Metric Measurement Target CMRR Growth Rate 50% + Upsell vs. New Customers Upsells Churn CAC New CMRR CMRR Renewal Cost CAC > 1 <30% of Annualized GM CLTV G&A as a % of Sales R&D as a % of Sales CLTV > 0 G&A ~ 15% at Scale R&D ~ 10% at Scale Cash FCF Payment Terms Professional Services GM Breakeven at 50% Growth Rate 1-Year Upfront Mix > 50% > 0 on Project Basis Churn Churn Rate Churn <12% Source: Wall Street Research 36

37 Number of Customers Key Metrics for Growth: CMRR Committed Monthly Recurring Revenue (CMRR) Full Transparency: Employee assessment Operational planning Financing Valuation Break Even New Accounts Upsell & Expansion Expenses Renewals CMRR Existing Contracts Source: Wall Street Research Time 37

38 Key Metrics for Growth: Customer Acquisition Cost (CAC) Customer Acquisition Cost (CAC): The cost of a business to acquire a new customer CAC ratio: Defining your S&M spend CAC < 1/3 (3 years to payback or more) Refine business model Require pullback of sales model Reduce sales & marketing expense CAC > 1 (payback in less than 1 year) Sign of healthy SaaS model in operation Investment of more money is accretive to operational income CAC Ratio = [GP Q GP Q-1 ] x 4 Sales & Marketing Q-1 The cost to acquire customers has increased due to the current macroeconomic environment Source: Wall Street Research 38

39 Customer Lifetime Value (CLTV) Measures Profitability This analysis can help management adjust both budgeted R&D and G&A expenses Example: 1 customer generating $1 of Annual Recurring Revenue (ARR) Profits are being generated with CLTV > 0 Year 1 Year 2 Year 3 Year 4 Year 5 Period Length Revenue COGS Gross Profit CAC (0.7) Account Management - (0.1) (0.1) (0.1) (0.1) R&D (0.1) (0.1) (0.1) (0.1) (0.1) G&A (0.1) (0.1) (0.1) (0.1) (0.1) Operating Profit (0.2) Discount Rate ( 12.5% ) Cash Flows From Customer (0.19) CLTV 0.9 Source: Wall Street Research 39

40 Churn Defines the Viability of the Business Model MRR churn (<12.0% p.a. and < Upsell) Customer churn Benchmark $120 $100 $80 $80 $64 $51 $40 $0 Start of Year 1 End of Year 1 End of Year 2 End of Year 3 Source: Wall Street Research Effect of 20.0% Churn on MRR Base Root Causes Pricing / value UI and workflow complexity Downtime Monitoring Overall application usage (login frequency and time) Application usage (frequency, function used, etc.) Acting Competitive analysis / sales tools Usage monitoring and follow-up GUI / workflow redesign Platform stability Increased discount for early payment 40

41 APPENDIX PUBLIC AND TRANSACTION COMPARABLES

42 Select SaaS Public Comparables (figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual General Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth BMC Software $44.75 $6,383.1 $6, x 10.2x 2.7x 7.1x 1.4% CA Technologies , , x 6.6x 2.5x 6.5x -3.6% Concur Technologies $77.00 $4,299.0 $4, x NM 5.7x 25.5x 22.3% International Business Machines , , x 8.9x 2.2x 8.0x -3.5% Microsoft , , x 7.3x 2.5x 5.7x 4.1% Oracle , , x 7.4x 3.2x 6.4x 0.2% SAP , , x 11.7x 3.3x 9.5x 13.2% Mean $99, x 8.7x 3.2x 9.8x 4.9% Median $85, x 8.2x 2.7x 7.1x 1.4% (figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual Security Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth Check Point Software Technologies $49.30 $9,684.3 $8, x 10.9x 5.6x 9.6x 5.7% LogMeIn x NM 2.2x 9.0x 14.8% Sourcefire , , x NM 4.3x 20.7x 28.6% Symantec , , x 7.2x 1.9x 5.2x 2.6% Websense x 16.4x 2.4x 15.3x -1.5% Mean $4, x 11.5x 3.3x 11.9x 10.0% Median $1, x 10.9x 2.4x 9.6x 5.7% Source: CapitalIQ and Siemer Proprietary Research 42

43 Select SaaS Public Comparables (figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual CRM Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth Constant Contact x 20.8x 1.3x 7.7x 16.1% DealerTrack Holdings , , x 25.1x 2.8x 11.0x 10.5% Salesforce.com , , x NM 4.5x 25.9x 32.1% Vocus x NM 1.3x 10.4x 48.4% Mean $5, x 22.9x 2.5x 13.7x 26.8% Median $ x 22.9x 2.1x 10.7x 24.1% (figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual ERP Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth NetSuite , , x NM 11.7x NM 31.3% QAD x 9.9x 0.4x 5.1x -0.5% Red Hat , , x 28.3x 4.7x 16.1x 16.4% Mean $4, x 19.1x 5.6x 10.6x 15.7% Median $6, x 19.1x 4.7x 10.6x 16.4% (figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual HRM Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth ADP $68.38 $33,179.5 $31, x 13.1x 2.5x 12.1x 6.4% Cornerstone OnDemand , , x NM 8.6x NM 61.9% Ultimate Software Group , , x NM 6.2x 28.9x 24.4% Workday , ,123.2 NM NM 15.2x NM 88.3% Source: CapitalIQ and Siemer Proprietary Research Mean $11, x 13.1x 8.1x 20.5x 45.2% Median $6, x 13.1x 7.4x 20.5x 43.1% 43

44 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 06/11/13 Rackwise Software and services in the growing market for IT infrastructure management and data center monitoring 06/06/13 Shandong Inspur E- E-governance software solutions including integrated Government Software monitoring, efficiency supervision and public service Black Diamond Financial Group; $3.9 NA Navesink Capital Advisors Shandong Inspur Software 5.7 NA 06/05/13 Bitsight Technologies systems Develops computer security technology software Commonwealth Capital Ventures; 24.0 A Globespan Capital Partners; Menlo Ventures; Flybridge Capital Partners 06/04/13 Axeda Cloud platform for connected products and M2M Wipro 5.0 B 06/03/13 Canvas Solutions applications Mobile application solutions construction and contracting, Osage Partners ; Motorola Solutions 4.0 C service industry, inspections and surveys and sales force Venture Capital 05/31/13 isight Security automation Provides cyber security risk management solutions for NA 3.0 NA federal and commercial entities 05/31/13 Petrotechnics Frontline work execution solutions for oil and gas Business Growth Fund 9.1 NA companies and operators in the United Kingdom and internationally 05/30/13 Numecent Holdings Engages in the digital delivery, deployment and T-Venture Holding; Endeavour Ventures 13.6 B provisioning of software and other non-linear assets 05/29/13 CloudByte through Provides virtualization solutions for shared storage environments, such Nexus Venture Partners; Fidelity Growth 4.0 B as security, isolation and service level assurance Partners India; Kae Capital 05/29/13 Virtual Piggy Operates as a technology company that delivers an online NA 6.0 NA ecommerce solution in the United States and Europe 05/28/13 ConnectEdu Provides Web-based college and career access solutions NA 16.0 D 05/23/13 Maxx Technologies Develops liquor inventory management systems for the hospitality industry 05/22/13 Digital Signal Conducts research and development of three-dimensional facial recognition systems for the department of defense and other federal agencies Source: CapitalIQ and Siemer Proprietary Research NA 3.5 NA Technology Control 50.0 C 44

45 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 05/22/13 SLYCE Commerce Develops visual recognition purchasing platform that allows discovering and purchasing the things users like online NA $3.8 NA 05/17/13 SmartMetric Research and development of biometric security solutions NA 5.1 NA 05/17/13 Visier Builds business analytic applications focusing on people Foundation Capital; Summit Partners 15.0 B management 05/17/13 Sight Machine Designs and develops software for vision analysis NA 6.0 NA 05/17/13 EdgeSpring Provides visual analytics and business intelligence Kleiner, Perkins, Caufield & Byers; 9.0 A solutions Lightspeed Venture Partners 05/16/13 Triggit Provides real-time media management solutions North Atlantic Capital; Spark Capital; 6.0 B Foundry Group 05/16/13 Atlantis Computing Provides virtual desktop infrastructure (VDI) storage and performance optimization solutions for IT organizations Adams Street Partners; Cisco Systems; El Dorado Ventures; Partech International 20.0 D 05/15/13 PernixData Provides an enterprise-class software platform for Kleiner, Perkins, Caufield & Byers; 20.0 NA application acceleration Lightspeed Venture Partners 05/15/13 OpenGeo Develops open source geospatial software solutions to Vanedge Capital 3.0 A organizations in the United States and internationally 05/14/13 HipLogiq Changes how businesses and brands reach and engage RLB Holdings; Hadron Global Partners 5.0 A with people 05/09/13 Movable Develops software for companies Intel Capital; WS Investments; Silicon 11.0 NA Valley Bank; Contour Venture Partners; Metamorphic Ventures; ff Venture Capital; Kima Ventures 05/08/13 PROGNOZ ZAO Business intelligence and business performance NA 10.9 NA 05/07/13 Safe-T management solutions for corporations and government agencies Software solutions for data security, secure , managed file transfer, secure front end and anti-virus applications NA 5.0 NA Source: CapitalIQ and Siemer Proprietary Research 45

46 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 05/06/13 Ontuitive Designs, develops and delivers performance support NA $4.7 NA solutions for business enterprises 05/03/13 mobeam Develops a light based communications technology NA 3.0 A 05/03/13 Axiologix Acquires and owns VoIP and cloud services spaces Ironridge Technology 7.5 NA 05/02/13 Axiomatics Offers authorization solutions for customers worldwide Monterro Holdings; Coach & Capital; 6.5 NA Almi Invest 05/02/13 VMTurbo Provides intelligent workload management software Highland Capital Partners; Globespan 7.5 B solutions for cloud and virtualized environments Capital Partners; Bain Capital 05/01/13 GridGain Systems Provides Java-based open source middleware platform for NA 10.0 A data business analytics and processing 05/01/13 LucidWorks Provides enterprise-grade embedded search Granite Ventures; Walden International; 12.0 C development platforms Shasta Ventures 05/01/13 GraphLab Designs and develops a machine learning analytics engine Madrona Venture Group; New Enterprise 6.8 A for graph datasets Associates 05/01/13 M-Files Develops document management software and provides DFJ Esprit; Finnish Industry Investment 7.8 A cloud-based document management services 04/23/13 Seclore Technology Offers data security solutions Ventureast Fund Advisors India; Helion 6.0 A Venture Partners 04/23/13 Infinity Augmented Engages in the development of augmented reality software Platinum Management (NY) 5.0 NA Reality applications 04/22/13 TransLattice Provides on-premise or in the cloud data for enterprise, NA 12.0 A cloud and hybrid environments in the United States and internationally 04/16/13 Quadriserv Provides transformational market structure changes to beneficial owners, agent and custodial banks, broker dealers and hedge funds NA 3.4 NA Source: CapitalIQ and Siemer Proprietary Research 46

47 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 04/16/13 CommuniTake Provides a remote service platform for mobile devices Cellebrite Mobile Synchronization $3.0 NA 04/16/13 Good Technology Provides application-to-application workflows that include integrated , communications, document management, BI, social business and wireless printing NA 60.1 E 04/12/13 Createthe Group Provides digital campaigns, communications platforms and commerce solutions for fashion and retail brands NA 3.0 NA 04/12/13 Mobile Labs Mobile application testing solutions for enterprises NA 3.5 NA 04/12/13 04/11/13 Panviva nupsys Technologies Develops and delivers business process guidance systems Provides network automation control center solutions to offer a 3D multi-touch control center monitoring application with a graphical user interface 04/09/13 Moment Systems Provides digital advertising solutions for advertisers and agencies 04/08/13 Scientific Learning Develops, distributes and licenses technology that accelerates learning by improving the processing efficiency of the brain 04/08/13 Vidyo Provides telepresence solutions for video conferencing worldwide SBI Ven Capital 4.2 B AVentures Capital 5.0 A Redpoint Ventures; CBC Capital; WPP Digital; KPCB China Nantahala Capital; Trigran Investments; Blackwell Partners; RJ Partnership Menlo Ventures; Rho Capital; Star Ventures; QuestMark; Triangle Peak; Juniper Networks; The Four Rivers 10.0 NA 4.6 NA 17.0 D 04/05/13 MarketShare Partners Provides cross media analytics solutions FTV Capital; Elevation Partners 38.0 NA 04/05/13 ZeRTO Enterprise-class disaster recovery and business continuity Battery Ventures; Greylock Partners; 13.0 C 04/04/13 Kaazing solutions for virtualized data centers and cloud environments Provides Web communication solutions for living Web U.S. Venture Partners; RTP Ventures New Enterprise Associates; Columbus 15.0 NA applications Nova Technology Partners 04/03/13 StreetLight Data Geospatial BI solutions for marketing, site selection, urban planning and economic development apps T-Venture Holding; Vision Ridge Partners 3.6 A Source: CapitalIQ and Siemer Proprietary Research 47

48 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 04/03/13 04/02/13 Redknee Solutions Belmont Technology Communication software, solutions and services to wireless, wireline, broadband and satellite network operators Develops cloud based CAD software solutions for product design Source: CapitalIQ and Siemer Proprietary Research NA $44.0 NA Commonwealth Capital; New Enterprise Associates; North Bridge Venture Partners 04/02/13 Midokura Develops network virtualization software solutions Docomo Innovation; Innovation Network Corporation; SMBC Venture Capital 04/01/13 RetailNext Provides in-store retail analytics August Capital; StarVest Partners; Nokia Growth Partners; Commerce Ventures 25.0 A 17.3 A 15.0 C 03/31/13 Iddiction Offers online mobile application searching solutions NA 5.5 NA 03/29/13 ForgeRock Develops identity oriented middleware platform for Accel Management; Foundation Capital 15.2 B companies and government organizations worldwide 03/28/13 Vantrix Provides mobile video mediation and delivery solutions NXT Capital Venture Finance 4.5 B for streaming, browsing and messaging worldwide 03/27/13 Opentech Sistemas de Develops tracking and risk management solutions for DLM Invista Asset Management 5.0 NA Gerenciamentos logistics and transportation sectors 03/27/13 Malauzai Software Provides mobile solutions for small and medium sized NA 3.0 NA community-based financial institutions and IT companies 03/27/13 Adapx Provides interface software solutions for collaboration, field data collection and decision making OVP Venture Partners; Pelion Venture Partners; Paladin Capital Group; Northwest Technology Ventures 3.5 B 03/27/13 The Nintex Group IT company that focuses on SharePoint technologies, including software, services and cloud based solutions 03/26/13 Interactive Achievement Assessment and reporting software solutions for school districts in Virginia, South Carolina, Tennessee and Indiana 03/26/13 Clean Power Finance Provides residential financing products and solar sales quoting and design tools for the solar industry TA Associates Management; Updata Partners NA NA 3.5 NA Kleiner, Perkins, Caufield & Byers; Edison; Hennessey; Claremont Creek; Sand Hill Angels; Google Ventures 60.0 NA 48

49 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 03/26/13 Nexess Develops and sells security management solutions for Turenne Capital Partenaires; Seventure $3.2 B nuclear and Seveso-type plants Partners 03/25/13 Realeyes Data Provides Web-based facial expression measurement Entrepreneurs Fund Management; AS 3.2 A Services solutions for video advertisements SmartCap 03/25/13 TraceVector Develops enterprise-grade Network Intrusion Detection NA 8.1 A Systems (NIDS) that stand alone on a network and use novel algorithms to detect anomalies in network traffic 03/22/13 MarkLogic Provides solutions to the public sector and Global 1000 Sequoia Capital; Northgate Capital 25.7 NA companies around the world Group; Tenaya Capital 03/22/13 ClearFit Provides software solutions to hire employees for various GrandBanks Capital; Relay Ventures 7.0 A businesses 03/21/13 Concurrent Develops enterprise software solutions Rembrandt Venture Partners; True 4.0 NA 03/20/13 BA-Insight Provides integrated search technologies and optimization software for SharePoint and FAST Search to organizations in the United States and internationally Ventures Osage Partners; Milestone Venture Partners; Paladin Capital Group; Originate Ventures 4.5 NA 03/20/13 Giant Thinkwell Develops presentation software Madrona Venture Group; Trilogy Equity 3.3 A Partners; Founder's Co-op 03/18/13 VendAsta Provides software solutions and development services BDC Venture Capital; Vanedge Capital 8.3 B Technologies 03/14/13 BriefCam Develops and provides systems for the rapid review, Motorola Solutions Venture Capital 6.5 C analysis and indexing of surveillance camera feeds 03/13/13 Pyramid Analytics Offers business intelligence (BI) applications for various Sequoia Capital 11.5 A business users 03/13/13 VibeSec Provides solutions for enterprise unified communications Proseed Venture Capital Fund; Vertex 4.0 NA (UC) security and fraud prevention Venture Capital 03/13/13 Crushpath Provides Crushpath, a platform solution to assist salespeople in managing deals Charles River Ventures; The Social+Capital Partnership 6.0 A Source: CapitalIQ and Siemer Proprietary Research 49

50 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 03/12/13 ARI Network Services Engages in creating, marketing and supporting technologyenabled solutions that help servicing and sales of goods 03/12/13 Park City Group SaaS provider that brings unique visibility to the consumer goods supply chain, delivering actionable information 03/11/13 Endgame Systems Designs and develops security solutions focusing on cyberspace 03/08/13 Spanning Cloud Apps Provides a business-class software tool to manage and protect information in cloud applications 03/08/13 Silver Spring Networks Networking platform and solutions that enable utilities to transform power grid infrastructure into the smart grid Source: CapitalIQ and Siemer Proprietary Research Wynnefield Capital $4.5 NA NA 4.3 NA Bessemer Venture Partners; Columbia Capital; Kleiner, Perkins, Caufield & Byers; Paladin Capital Group 27.5 B Foundry Group 6.0 B NA 12.0 D 03/08/13 PHD Virtual Provides virtual backup software solutions for data Insight Venture Partners; Citrix Systems; 4.0 C Technologies protection in virtual IT environments Wellington Financial 03/07/13 Metaps Monetization software solutions for Android applications Fidelity Investments Japan 10.7 NA 03/06/13 BINA Technologies Provides computing platforms and analytics tools for the informatics market 03/05/13 Vasona Networks Develops software that improves mobile carrier infrastructure efficiency 03/05/13 Famous Industries Enables creation of 2D and 3D gesture based interfaces and deployment to any mobile or desktop device 03/05/13 MapR Technologies Develops enterprise software for Hadoop data-analytics platform 02/28/13 Pneuron Distributes existing applications, creates hybrid products, creates a business/it framework and integrates functions 02/28/13 Nexenta Systems Provides open source enterprise class storage software solutions Sierra Ventures 8.0 B Bessemer Venture Partners; Vodafone 12.0 B Ventures; New Venture Partners Javelin Venture Partners 4.0 NA Mayfield Fund; New Enterprise 32.0 C Associates; Redpoint Ventures; Lightspeed Safeguard Scientifics; Ventures Osage Partners 6.0 B Menlo; Sierra; Presidio STX; TransLink; Javelin; UMC Capital; The Four Rivers Group; WestSummit Capital 24.0 D 50

51 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 02/26/13 02/25/13 Click Security Altobridge Real-time security analytics for enterprises, higher education systems, critical infrastructure and government agencies Develops mobile communications over satellite for aeronautical and maritime industries in Ireland 02/25/13 AirWatch Mobile security and enterprise mobility management 02/22/13 Wireless Glue solutions Software and hardware solutions that capture and deliver Networks energy data in real-time 02/20/13 Playnomics Provides player exchange, prospecting and retargeting solutions for online game publishers 02/19/13 ActiFio Provides storage solutions for managing copies of production data for enterprise IT organizations and managed and cloud service providers 02/19/13 TopHatMonocle A web and mobile-based classroom response system that engages students and provides professors with the realtime feedback on student understanding 02/15/13 TerraGo Technologies Geospatial location software and maps to produce, access, update and share information and applications Source: CapitalIQ and Siemer Proprietary Research Sequoia Capital; Lightspeed Venture Partners; Citi Ventures $17.7 B International Finance; Intel Capital 7.8 NA Accel Management; Insight Venture Partners Hosiden; Clean Pacific; Innovation Network Corporation of Japan; Takaoka Toko FirstMark Capital; X/Seed Capital Management; Vanedge Capital Advanced Technology; Greylock; North Bridge; Technology Crossover; Andreessen Horowitz A 4.5 B 5.0 B 50.0 D inovia Capital 6.2 NA RedShift Ventures; CNF Investments; Observatory Capital Management 5.8 B 02/14/13 Cylance Security software solutions for infrastructure applications Khosla Ventures; Fairhaven Capital 15.0 A 02/13/13 XOS Digital Digital asset management solutions, facility design and integration services and digital coaching technologies for collegiate and professional sports organizations in the US 02/13/13 Infinio Systems Develops software solutions to address bottlenecks in virtual environments/storage performance 02/12/13 Nok Nok Labs Develops products and services for online security and authentication 02/12/13 Ziften Technologies Develops software for desktop administration in enterprises worldwide NA 7.3 NA Bessemer Venture Partners; Highland 10.0 A Capital Partners Onset Ventures; DCM 15.0 A Fayez Sarofim & Co. 5.0 NA 51

52 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 02/12/13 Spring Mobile Solutions Source: CapitalIQ and Siemer Proprietary Research Designs, develops and delivers mobility solutions for enterprise customers in the US and internationally NA $9.0 NA 02/08/13 Illumio Offers cloud security Internet services in California Andreessen Horowitz; Juniper Networks 8.0 A 02/08/13 VMS Holdings Develops a mobile application for sharing videos NA 11.4 NA 02/08/13 Living Naturally Develops and markets transactional software products for NA 11.0 NA automating business processes 02/05/13 MediaShift Provides digital advertising technology services in the NA 8.5 NA United States 02/05/13 CJ Educations Develops digital learning content for children CJ O Shopping 15.6 NA 02/05/13 Cedexis Develops Internet performance control and monitoring NA 3.4 A solutions 02/05/13 OOO "Integrator IT" Develops and designs prepackaged software, operates as Boulevard Ring 5.0 NA an Internet service provider and engages in the adaptation and implementation of information systems 01/31/13 Ecorithm Develops various algorithms and proprietary software to NA 3.0 NA diagnose and optimize energy use/waste in buildings and complexes 01/31/13 CounterTack Provides an in-progress attack intelligence and response solution for enterprise and government organizations NA 5.0 NA 01/30/13 NewVoiceMedia Develops and delivers cloud contact centre solutions for customers in the United Kingdom and internationally 01/30/13 DB Networks Develops database security technology to protect confidential data from falling into the hands of external hackers 01/28/13 Coach Alba Operates as a behavioral change company that builds Web and mobile technologies Highland Capital Partners; MMC VENTURES; Eden Ventures; Notion Capital Partners 20.0 B Khosla Ventures 4.5 B NA 3.0 NA 52

53 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 01/25/13 Etherstack Develops software for use in transceivers NA $3.1 NA 01/24/13 CallMiner Enterprise speech analytics solutions for global NA 12.1 NA organizations 01/24/13 Semetric Provides online analytics solutions to the music industry Pentech Ventures; Imperial Innovations 4.8 NA 01/24/13 AppDynamics Provides application performance management for modern Greylock Partners; Institutional Venture 50.0 D application architectures in the cloud and data centers Partners; Kleiner, Perkins, Caufield & Byers; Lightspeed Venture Partners 01/23/13 Puppet Labs Information technology automation software for system Vmware 30.0 D administrators 01/23/13 Apperian Develops cloud based mobile application management Intel Capital 4.6 NA solutions for developers and enterprise IT professionals 01/23/13 eleni Builds commodity exchange for frontier markets International Finance Corporation; Morgan Stanley Dean Witter Equity 5.0 NA 01/22/13 Cellrox Provides Bring Your Own Device mobile multi-persona solutions for smart mobile devices that enable individuals and personas to co-exist seamlessly on a single device Source: CapitalIQ and Siemer Proprietary Research Funding Columbia ; 8 Technology Miles Ventures; Runa Capital; Previz Ventures 4.7 A 01/18/13 Enroute Systems Supply chain management and SaaS+ solutions NA 3.0 NA 01/17/13 Parallels Virtualization and automation software that optimizes computing across hardware, operating system and virtualization platforms 01/17/13 Intigua Virtualization and cloud computing solutions for monitoring and managing large-scale infrastructure environments 01/17/13 Smarter Grid Solutions Provides smart grid control systems and power systems consultancy services for power companies in the United Kingdom Cisco Systems 5.0 NA Bessemer Venture Partners; Cedar Fund 8.6 A Scottish Equity Partners; The Scottish Investment Bank; Strathclyde University 01/16/13 Curalate Develops marketing tools for the visual Web market New Enterprise Associates; First Round Capital; MentorTech Ventures 4.8 NA 3.0 A 53

54 Select Precedent SaaS Financings Amount Date Company Description Investors Raised ($mm) Round 01/16/13 varmour Networks Provides software-defined security solutions for virtualized Highland Capital Partners $6.0 A data centers for service provider, enterprise and government cloud operators in the United States and internationally 01/15/13 Beijing Baiyitong Develops SaaS based softwares and provides information Beijing Kaisheng Guanhua Investment 4.8 NA Technology technology services 01/10/13 ScaleArc Provides database infrastructure software Accel Management Co ; Trinity Ventures; Nexus Venture Partners 12.3 C 01/07/13 Intelligent Business Entertainment 01/06/13 China National Software & Service Develops compliance and regulatory training games and applications for mobile platforms Provides information technology (IT) solutions and services in the People s Republic of China and internationally 01/04/13 Zonoff Provides software and Web services that deliver home automation, energy management and remote access services Rho Capital Partners; New York City Investment Fund Manager; Contour Venture Partners 7.1 A China Electronics NA Grotech Ventures; Valhalla Partners 3.8 NA Source: CapitalIQ and Siemer Proprietary Research 54

55 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 6/17/2013 Panopticon Software Datawatch $ x NA 6/17/2013 prairiefyre Software Mitel Networks 20.0 NA NA 6/17/2013 Veramark Technologies Hubspoke Holdings x 11.6x 6/14/2013 Morning Star Software Technology Anhui USTC iflytek x NA 6/11/2013 Veritape Eckoh x NA 6/7/2013 Drive Consultoria e Informatica Senior Solution Consultoria em Informática x NA 6/7/2013 MAP Integration Technologies Proprietary Georigin 7.4 NA NA 6/5/2013 ST Electronics-PCI Duilong Jiadu Technology 9.4 NA NA 6/4/2013 ISS Group P2 Energy Solutions x 26.6x 6/3/2013 Indigo Retail Technology HTEC x 9.0x 5/31/2013 Poynt Sprylogics International 2.6 NA NA 5/29/2013 Apriso Dassault Systemes NA NA 5/29/2013 JouleX Cisco Systems NA NA 5/27/2013 Heiler Software Informatica Deutschland x NM 5/24/2013 STAR-APIC 1Spatial x NM 5/21/2013 N-able Technologies International SolarWinds Worldwide NA NA 5/20/2013 Websense Vista Equity Partners x 17.9x 5/20/2013 Veracity E.M.T. Computarized 3.5 NA NA 5/15/2013 Wagemeyer Eleco Software 0.1 NA NA 5/8/2013 Civica OMERS Private Equity x 10.3x 5/8/2013 Market Leader Trulia x NM 5/8/2013 Epic Data International Sylogist x NM 5/7/2013 primion Technology Azkoyen x 7.9x Source: CapitalIQ and Siemer Proprietary Research 55

56 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 5/6/2013 Stonesoft McAfee $ x NM 5/6/2013 BMC Software Insight; GIC; Bain; Golden Gate 6, x 11.2x 5/1/2013 Eque2 ISIS Equity Partners; Baronsmead VCT 3.9 NA NA 5/1/2013 Ebix Rennes; Robin Raina; Exchange Parent x 9.3x 4/30/2013 Sentilla SingTel Innov NA NA 4/29/2013 Arkoon Network Security Cassidian x 6.0x 4/24/2013 Idhasoft Prism Informatics 71.0 NA NA 4/23/2013 Mobio Identity Systems LX Ventures 0.6 NA NA 4/22/2013 BasWare Computer Program Unit x NA 4/18/2013 Front Applications Itbook x NA 4/16/2013 Logo Yazilim Sanayi ve Ticaret Mediterra Private Equity x NA 4/11/2013 Advent Software TPG Advisors VI 1, x 14.6x 4/10/2013 Software Imaging Hancom 0.9 NA NA 4/9/2013 QS Quarterhouse Software PNI Digital Media x NA 4/5/2013 1st Holdings ORIX x 6.0x 4/1/2013 Infoglide Software Fair Isaac 7.0 NA NA 3/28/2013 NEC HCL System Technologies NEC 24.5 NA NA 3/11/2013 Direção Processamento de Dados Linx Sistemas E Consultoria x NA 3/8/2013 Arieso JDS Uniphase 85.0 NA NA 3/8/2013 Computer Software Holdings Advanced Computer Software Group x 8.3x 3/1/2013 altosoft Kofax x NA 3/1/2013 Utilisoft Hansen x NA 3/1/2013 MakeSense Technologies Info Edge 1.5 NA NA Source: CapitalIQ and Siemer Proprietary Research 56

57 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 2/27/2013 Mind Technologies VOIS $0.1 NA NA 2/27/2013 Kestrel Technologies Technology Funding 1.5 NA NA 2/22/2013 Creo Amano x 3.3x 2/12/2013 OTTilus Pilat Media Global 1.9 NA NA 2/12/2013 PlanSwift Textura 7.5 NA NA 2/5/2013 QPR CIS QPR Software 0.5 NA NA 2/4/2013 Webscreen Systems Juniper Networks x 21.0x 1/31/2013 Summit Software Corporate Resource Services 35.9 NA NA 1/31/2013 Computer System Laboratory Outsourcing x NA 1/31/2013 Fringe81 Fringe81 Holdings x NA 1/28/2013 Angoss Software Peterson Partners x NM 1/24/2013 Stratix Corporation ServicePower Technologies 0.6 NA NA 1/24/2013 TBH Guernsey Ladbrokes 51.9 NA NA 1/24/2013 Global Betting Exchange Ladbrokes 41.9 NA NA 1/24/2013 W&D Participações Totvs Brasília Software 46.8 NA NA 1/16/2013 Cogility Software Drumright Group 7.0 NA NA 1/15/2013 Assetic M. H. Carnegie & Co NA NA 1/15/2013 Panasonic AVC Multimedia Software Tempstaff x NA 1/9/2013 Klug Krones 25.2 NA NA 1/2/2013 Nio The IVR Controls 0.1 NA NA 12/31/2012 CEBOS QAD 5.0 NA NA 12/28/2012 Storycode TigerLogic 7.7 NA NA Source: CapitalIQ and Siemer Proprietary Research 57

58 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 12/27/2012 NewBay Software Synchronoss Technologies $ x NA 12/27/2012 Hansoft SoftForum x NA 12/24/2012 Progress Software Micro Focus International x NA 12/21/2012 Softlog Systems Recovery Australia Solutions 0.2 NA NA 12/21/2012 Trans Infotech Wirecard 33.6 NA NA 12/20/2012 Eloqua Oracle x NM 12/20/2012 ManageIQ Red Hat NA NA 12/17/2012 Compuware Elliott Management 2, x 15.1x 12/17/2012 OneMove Technologies Plantro; Seastone Investments x NM 12/17/2012 Educational Computer Systems Heartland Campus Solutions 37.6 NA NA 12/17/2012 Pyramid Control Systems Matthews International x NA 12/17/2012 Inzi Soft MobileLeader 0.0 NA NA 12/14/2012 Shanghai Huateng Software Systems Chinasoft International 59.6 NA NA 12/14/2012 Connect Holdings S and P x NM 12/14/2012 RMG Enterprise Solutions SCG Financial Acquisition 45.0 NA NA 12/13/2012 Rhaon Entertainment AfreecaTV 30.9 NA NA 12/12/2012 NC West Holdings Ncsoft 46.5 NA NA 12/7/2012 New Dawn Technologies Daily Journal 14.0 NA NA 12/5/2012 Apperience M Dream Inworld x NA 12/5/2012 Zenprise Citrix Systems NA NA 11/30/2012 ANT Espial x NM 11/30/2012 CCC Information Services Group Leonard Green & Partners NA NA 11/29/2012 Cariden Technologies Cisco Systems NA NA Source: CapitalIQ and Siemer Proprietary Research 58

59 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 11/28/2012 Retalix NCR $ x 25.5x 11/27/2012 SOAR SYSTEM RealVision x NA 11/26/2012 CR Software Fair Isaac 28.8 NA NA 11/23/2012 Miracom Samsung x 4.6x 11/21/2012 Versant Actian x NM 11/20/2012 GDC Technology Huayi Brothers Media NA NA 11/16/2012 AltoStor WANdisco 5.1 NM NA 11/16/2012 Astoria Innovations Beijing Enterprises Group 11.8 NA NA 11/15/2012 Cloupia Cisco Systems NA NA 11/14/2012 Energistic Formosa Prosonic Industries 0.9 NA NA 11/14/2012 Exentra Transport Solutions The Descartes Systems Group 17.0 NA NA 11/13/2012 Verivue Akamai Technologies 32.1 NA NA 11/12/2012 Systems Alternatives International Brady x NA 11/12/2012 Albat + Wirsam Software Friedman 24.4 NA NA 11/9/2012 Qanda Technology Fastvue 1.1 NA NA 11/8/2012 LMS International Siemens Product Lifecycle Software NA NA 11/8/2012 Vandasoft Technology Holdings PCCW Solutions 1.0 NA NA 11/8/2012 PT. AZEC PT Erajaya Swasembada 2.8 NA NA 11/7/2012 Beijing BII-ERG Transportation China City Railway Transportation Technology Technology Holdings 33.1 NA NA 11/7/2012 Beijing Hua An Tian Cheng Technology Chongqing Zongshen Power Machinery 16.3 NA NA 11/7/2012 Tierdata Informatica 10.2 NA NA 11/5/2012 Vyatta Brocade Communications Systems 43.6 NA NA 11/5/2012 LiveTime Software Absolute Software 14.1 NA NA Source: CapitalIQ and Siemer Proprietary Research 59

60 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 11/1/2012 JDA Software Group RedPrairie $1, x 10.9x 11/1/2012 Visionutveckling Enghouse Systems 10.9 NA NA 11/1/2012 RMS Solutions Sylogist 0.3 NA NA 10/31/2012 Beta Systems Software Deutsche Balaton x 1.4x 10/31/2012 Varitronics Renaissance Equity Partners 8.4 NA NA 10/29/2012 I Education FrogTrade 3.1 NA NA 10/29/2012 OPNET Technologies Riverbed Technology x 26.6x 10/24/2012 DaeSung Information System Daesung Industrial 0.1 NA NA 10/23/2012 Aegis Analytical Accelrys 30.0 NA NA 10/19/2012 FMx McLaren Software x NA 10/18/2012 Zmanda Carbonite 13.4 NA NA 10/18/2012 Aurea Software ESW Capital 60.5 NA NA 10/17/2012 Motex Kyocera Communication Systems x NA 10/12/2012 Vector Soft Strategy 0.3 NA NA 10/10/2012 Metaskil Group Quindell Portfolio x NA 10/9/2012 Insider Technologies YFM Equity Partners x NA 10/9/2012 INUS Technology 3D Systems 35.0 NA NA 10/4/2012 Qontext Autodesk 26.0 NA NA 10/4/2012 Sininen Meteoriitti Fujitsu Finland 26.0 NA NA 10/4/2012 FAService TRUMPF x NA 10/3/2012 Progress Software Rocket Software x NA 10/2/2012 ClickMotive DealerTrack 56.6 NA NA 10/2/2012 Zephyr Associates Informa Investment Solutions 62.0 NA NA Source: CapitalIQ and Siemer Proprietary Research 60

61 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 10/1/2012 Ongame Network Amaya Gaming Group $32.4 NA NA 9/28/2012 Spend Radar SciQuest 17.6 NA NA 9/25/2012 Serengeti Systems Netcall x NA 9/24/2012 Draig Technology Utilisoft x NA 9/24/2012 Marathon Technologies Stratus Technologies 2.2 NA NA 9/24/2012 Réalisations Microélectroniques Poincaré Gestion x NA 9/21/2012 Cenize Informática IOB Folhamatic Group 6.3 NA NA 9/21/2012 Empresa Brasileira de Sistemas IOB Folhamatic Group 17.2 NA NA 9/21/2012 Conscious Object Development GHL 0.3 NA NA 9/18/2012 Image Recognition Integrated Systems Canon Europa x 9.7x 9/17/2012 Lapis Software Associates Spectra Systems x NA 9/17/2012 Evolution Robotics irobot 0.0 NA NA 9/17/2012 Syntevo WANdisco 1.0 NA NA 9/15/2012 Sigma Danismanlik Asseco x NA 9/13/2012 Sensage The KEYW Holding x NM 9/13/2012 Solarsoft Business Systems Epicor Software x NA 9/13/2012 Distra ACI Worldwide 48.8 NA NA 9/6/2012 Mingle Suite Application Myriad Interactive Media x NA 9/5/2012 Mobile Eco Ubiquoss x NA 9/5/2012 American Driving Records SAMBA Holdings 11.0 NA NA 9/4/2012 Reverse Mortgage Solutions Walter Investment Management 0.0 NA NA 9/3/2012 Midas Data Vitec Software Group 10.0 NA NA 8/27/2012 Deltek Thoma Bravo 1, x 18.2x Source: CapitalIQ and Siemer Proprietary Research 61

62 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 8/27/2012 TMW Systems Trimble Navigation $ x NA 8/27/2012 Kenexa IBM 1, x NM 8/27/2012 Pipfrog Soprano 0.3 NA NA 8/24/2012 Return To Scene SeaEnergy x NA 8/24/2012 Shandong Inspur Jiantong Information Shandong Inspur Software 0.0 NA NA 8/23/2012 K-log Stands Up Works Proprietary 1.8 NA NA 8/20/2012 Rig Support Services UMED Holdings 0.0 NA NA 8/17/2012 KSS Fuels INVESCO Asset Management 28.2 NA NA 8/15/2012 Accelerated Payment Technologies Global Payments NA NA 8/14/2012 Infotech Enterprises Gagil FDI x 4.6x 8/13/2012 UC4 Software EQT Partners x NA 8/13/2012 Pervasive Software Actian x 25.6x 8/13/2012 Comverse Technology Verint Systems 1, x 7.4x 8/11/2012 Hunan Datang Energy Technology Hunan Datang Xianyi Technology 4.5 NA NA 8/10/2012 VanceInfo Technologies Pactera Technology International x 15.8x 8/9/2012 Qt Development Frameworks Digia 5.2 NA NA 8/9/2012 Bay Bridge Decision Technologies Interactive Intelligence Group 12.9 NA NA 8/9/2012 Beacon Information Technology Bsp 33.1 NA NA 8/8/2012 Servigistics PTC x NA 8/7/2012 nqueue Billback Reckon 5.0 NA NA 8/7/2012 Agile Advantage Rally Software Development 0.4 NA NA 8/7/2012 Campus Labs Higher One Holdings x NA 8/7/2012 BigWorld Wargaming Public Company 45.0 NA NA Source: CapitalIQ and Siemer Proprietary Research 62

63 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 8/3/2012 Springsoft Synopsys Taiwan $ x 10.2x 8/3/2012 RealPractice ReachLocal 2.9 NA NA 8/2/2012 Starhome Fortissimo Capital 81.3 NA NA 8/2/2012 AMADEUS MARKETING CSA Amadeus IT Group NA NA 8/1/2012 Frisk Software International Commtouch Software 4.1 NA NA 8/1/2012 Visualization Sciences Group FEI x NA 7/30/ Technologies Vector Capital x 9.2x 7/26/2012 Explorer Paltek 3.6 NA NA 7/25/2012 MacsDesign Studio SolarWinds 20.0 NA NA 7/24/2012 Upside Software SciQuest 28.0 NA NA 7/23/2012 Nicira Networks Vmware 1,263.0 NA NA 7/23/2012 DLD Group International Dianliandian ShopsNetwork 0.3 NA NA 7/19/2012 Accanto Systems NetScout Systems 15.0 NA NA 7/19/2012 Tri Eye Design Saguaro Oil and Gas Recovery 9.7 NA NA 7/19/2012 Maple Lake TXT e-solutions x 7.8x 7/17/2012 TRA TiVo 20.0 NA NA 7/17/2012 Delta Software Access UK 8.4 NA NA 7/16/2012 Guangdong New Pivot ZTE 3.4 NA NA 7/12/2012 Cassis International Morpho 5.0 NA NA 7/12/2012 Wavecom Solutions Hawaiian Telcom 8.3 NA NA 7/12/2012 Ascade CSG Systems International x 16.0x 7/11/2012 Innovative Dealer Technologies Vauto 9.5 NA NA 7/11/2012 Invention Machine HIS 40.0 NA NA Source: CapitalIQ and Siemer Proprietary Research 63

64 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 7/11/2012 GMC Software Neopost $ x NA 7/6/2012 microdata GIS TeleCommunication Systems 37.0 NA NA 7/3/2012 Lindenhouse Software Reckon 22.6 NA NA 7/2/2012 Coin Software Rubik Financial 28.3 NA NA 7/2/2012 M-Audio and AIR Software Numark Industries 13.9 NA NA 7/2/2012 Lateral Data Xerox Litigation Services 30.0 NA NA 7/2/2012 Sigrity Cadence Design Systems 78.3 NA NA 7/2/2012 Avid Technology Corel 3.6 NA NA 7/2/2012 Lunch Byte Systems Heartland Payment Systems 26.0 NA NA 6/30/2012 Nuri Solution Samsung x NA 6/29/2012 FrogTrade YTL Power Investments 20.6 NA NA 6/28/2012 Cognovo u-blox Holding 16.5 NA NA 6/27/2012 FuseSource Red Hat 21.3 NA NA 6/26/2012 ProwebCE Iris Capital; Edmond de Rothschild x 13.2x 6/26/2012 Outreach Suite AccuFund 1.0 NA NA 6/25/2012 Alegeus Technologies Lightyear Capital x NA 6/25/2012 Quest Software Dell 2, x 13.7x 6/25/2012 Keysite e-trial x NA 6/20/2012 IOB Folhamatic Group Sage Group x 23.3x 6/20/2012 Wavelink LANDesk Software 82.0 NA NA 6/20/2012 NextOp Software Atrenta 5.0 NA NA 6/19/2012 Infochem Computer Services KBC Advanced Technologies x NA 6/19/2012 GE Medical Systems Ascom x NA 6/18/2012 Metrologic Group The Carlyle Group x 7.8x Source: CapitalIQ and Siemer Proprietary Research 64

65 Select Precedent SaaS Transactions (figures in millions of $USD) EV / LTM Date Announced Target Acquirer Implied EV Revenue EBITDA 6/15/2012 Yammer Microsoft $1,200.0 NA NA 5/22/2012 Ariba SAP America 4, x NM Overall Transaction Statistics: Mean $ x 12.6x Median $ x 10.6x 65

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