2015 Annual. The Software Industry Financial Report

2015 Annual The Software Industry Financial Report Software Equity Group, L.L.C. 12220 El Camino Real Suite 320 San Diego, CA 92130 info@softwareequity.com (858) 509-2800

SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS About Software Equity Group Leaders in Software M&A 5 Extensive Global Reach 6 About Software Equity Group 7 Software Industry Macroeconomics U.S and Global GDP 9 U.S. GDP and Unemployment 10 Global IT Spending 11 E-Commerce and Digital Advertising Spend 12 Stock Market Performance 13 Public Software Financial and Valuation Performance The SEG Software Index 15 The SEG Software Index: Financial Performance 16-20 The SEG Software Index: Public Market Multiples 21-23 The SEG Software Index by Product Category 24 The SEG Software Index by Product Category: Financial Performance 25 The SEG Software Index by Product Category: Public Market Multiples 26 Public SaaS Company Financial and Valuation Performance The SEG SaaS Index 28 The SEG SaaS Index: Financial Performance 29-33 The SEG SaaS Index: Public Market Multiples 34-37 The SEG SaaS Index by Product Category: Financial Performance 38 The SEG SaaS Index by Product Category: Public Market Multiples 39 Public Internet Company Financial and Valuation Performance The SEG Internet Index 41 The SEG Internet Index: Financial Performance 42-46 The SEG Internet Index: Public Market Multiples 47-49 The SEG Internet Index by Product Category 50 The SEG Internet Index by Product Category: Financial Performance 51 The SEG Internet Index by Product Category: Public Market Multiples 52 2

SOFTWARE INDUSTRY FINANCIAL REPORT CONTENTS Software/SaaS/Internet IPO Annual Software IPO Trends 54 2014 Software IPO Data 55 Venture Capital Activity: All Industry Sectors 56 Venture Capital Activity: Software 57 The Buyers Speak: Software Equity Group s 2015 Annual M&A Survey Results Summary 59-61 Results 62-64 Software Industry M&A Market Update Software/SaaS M&A Deal Volume and Spending 66 Software M&A Exit Multiples 67-68 Software M&A by Ownership Structure and Size 69 Software M&A by Vertical and Horizontal Markets 70 Software M&A Deal Volume by Product Category 71 Software M&A Exit Valuations by Product Category 72 SaaS M&A Deal Volume and Exit Multiples 73-74 SaaS M&A by Product Category 75 Internet M&A: Deal Volume and Exit Multiples 76 Internet M&A: By Product Category 77 Appendix SEG Software Index Key Metrics 79-82 SEG Software Index Key Metrics by Product Category 83-84 SEG SaaS Index Key Metrics 85-86 SEG SaaS Index Key Metrics by Product Category 87 SEG Internet Index Key Metrics 88-90 SEG Internet Index Key Metrics by Product Category 91 2014 Select Public Sellers 92 2014 Mega Deals 93-94 2014 Most Active Buyers 95-102 Select SaaS Transactions 103-114 About Software Equity Group 115 3

ABOUT SOFTWARE EQUITY GROUP

LEADERS IN SOFTWARE M&A We Do Deals. Industry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking: Strategic exit Growth capital Buyout Inorganic growth via acquisition Buy and sell-side mentoring Fairness opinions and valuations Sell-side client revenue range: $5-75 million Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies Clients span virtually every software technology, product category, delivery model and vertical market Global presence providing advice and guidance to more than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel Strong cross-functional team leveraging transaction, operating, legal and engineering experience Unparalleled software industry reputation and track record. Highly referenceable base of past clients 5

EXTENSIVE GLOBAL REACH Current Sell-side Representation SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia Recent Sell-side Representation In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa SEG Research Distribution SEG s Quarterly and Annual Software Industry Equity Reports and Monthly Flash Reports are distributed to an opt-in list of 70,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants, etc. in 78 countries. 6

ABOUT SOFTWARE EQUITY GROUP Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. Founded in 1992, our firm has guided and advised companies on five continents, including privately-held software and technology companies in the United States, Canada, Europe, Asia Pacific, Africa and Israel. We have represented public companies listed on the NASDAQ, NYSE, American, Toronto, London and Euronext exchanges. Software Equity Group also advises several of the world's leading private equity firms. We are ranked among the top ten investment banks worldwide for application software mergers and acquisitions. Our value proposition is unique and compelling. We are skilled and accomplished investment bankers with extraordinary software, internet and technology domain expertise. Our industry knowledge and experience span virtually every software product category, technology, market and delivery model, including Software-as-a-Service (Saas), software on-demand and perpetual license. We have profound understanding of software company finances, operations and valuation. We monitor and analyze every publicly disclosed software M&A transaction, as well as the market, economy and technology trends that impact these deals. We're formidable negotiators and savvy dealmakers who facilitate strategic combinations that enhance shareholder value. Perhaps most important are the relationships we've built and the industry reputation we enjoy. Software Equity Group is known and respected by publicly traded and privately owned software and technology companies worldwide, and we speak with them often. Our Quarterly and Annual Software Industry Equity Reports are read and relied upon by more than thousands of industry executives, entrepreneurs and equity investors in sixty-one countries, and we have been quoted widely in such leading publications as The Wall Street Journal, Barrons, Information Week, The Daily Deal, The Street.com, U.S. News & World Report, Reuters, Mergers & Acquisitions, USA Today, Arizona Republic, Detroit Free Press, Entrepreneur Magazine, Softletter, Software Success, Software CEO Online and Software Business Magazine. To keep your finger on the pulse of the software equity markets, subscribe to our Annual and Quarterly Research Reports. Software Equity Group is an investment bank and M&A advisory serving the software and technology sectors. For a confidential consultation without obligation, please contact Kris Beible, Director, Business Development (858) 509-2800, kbeible@softwareequity.com. CONTACT INFORMATION: Software Equity Group, L.L.C. 12220 El Camino Real, Suite 320 San Diego, CA 92130 www.softwareequity.com p: (858) 509-2800 The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein. Financial data provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C. Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights. 7

SOFTWARE INDUSTRY MACROECONOMICS

U.S. AND GLOBAL GDP Global GDP (% YoY Change) Growth of the global gross demestic product (GDP) from 2004 to 2014 (compared to the previous year) U.S. GDP (% YoY Change) Annual growth of the Real Gross Domestic Product (GDP) of the United Stats from 2006 to 2014 7% 4% 3.40% 6% 5% 4% 3% 4.88% 5.56% 5.67% 3.04% 5.43% 4.14% 3.37% 3.28% 3.31% 3% 2% 1% 0% -1% 2.70% 1.80% -0.30% 2.50% 1.60% 2.30% 2.20% 2.40% 2% -2% 1% 0% 0.10% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014-3% -4% -2.80% 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Worldwide GDP growth remained flat for the third consecutive year. In an update to its "World Economic Outlook", the IMF predicted the global economy will have grown 3.7 percent in 2014, beating last October s 3.6 percent growth forecast by just a hair. Global growth in 2015 and 2016 is projected at 3.5 and 3.7 percent, respectively, 0.3 percent lower than the IMF s October 2014 WEO. The latest IMF forecast for 2015 projects a gradually improving global economy that will remain vulnerable to a host of economic and geopolitical risks, including deflation in Europe and Japan, slower growth in China, a declining Euro and resurgent U.S. Dollar, lower oil prices, and continuing geopolitical upheavals and renewed fears of default by Greece stemming from recent election results. Globally, GDP is expected to inch up to 3.5% in 2015 and 3.7% in 2016. GDP growth in developed nations is expected to grow at a median of 2.4% in both 2015 and 2016, a modest improvement over 2014 s 1.8%. These projections were revised downward by 0.3% from the IMF s October 2014 World Economic Outlook in response to a host of mostly negative developments. The United States is the only major economy for which growth projections have been raised. Sources: IMF Worldbank, The Economist, Council of Economic Advisors, and Statista 9

U.S. GDP AND UNEMPLOYMENT According to November s Federal Reserve survey of 43 economists, GDP growth in the U.S. for 4Q14 is forecast to be 3.1%. For the year, expectations are that the U.S. economy grew 2.2% in 2014, up from 2.0%. A surprisingly weak first half tempered earlier expectations for a more robust U.S. annual growth rate in2014. 2015 s growth outlook also calls for further reduction in the U.S. unemployment rate. Economic forecasters predict unemployment, which averaged 6.2 percent in2014, will fall to 5.6 percent in 2015, and decline further to 5.4 percent in2016 and 5.2 percent in 2017. On a quarterly basis, the Labor Department reported 5.6% unemployment at the end of 4Q14. a marked improvement from 1Q14 s 6.6% unemployment rate, and the lowest since 2008. The labor participation rate showed minimal decline, edging down slightly to 62.7% in December, a 35 year low that can be attributed to an aging population of baby boomers that are beginning to retire. This leads to a natural demographic decline in the participation rate. 10

GLOBAL IT SPENDING Global IT Spending (% YoY Change) Global IT Spending by Category 6.0% 8.0% 6.0% 2.0% 2.0% 2.1% 3.7% 2008 2009 2010 2011 2012 2013 2014 2015 (F) -10.0% At the outset of 2014, analysts at Goldman Sachs, Gartner and elsewhere projected Global IT spending in 2014 would increase 4.0%, a notable improvement from the tepid 2.0% growth that has prevailed over the past two years. The forecast proved far too optimistic due to a weak first half; global IT spending is estimated to have grown only 2.1% in 2014. Gartner projects worldwide IT spending will grow 2.4% in 2015, and exceed $3.8 trillion. By 2018, spending is forecast to be greater than $4.1 trillion. After accounting for exchange rate fluctuations, the corresponding 2015 constant-currency growth rate is predicted to be 3.7%. Forrester estimates software will account for 27% of all tech spending, leading all other categories. According to Forrester, Software s leading position is not a surprise, because it is the focal point for tech innovation today, whether that innovation takes the form of cloud computing and adoption of SaaS, PaaS, smart computing and big data, real-time predictive analytics and smart process apps, or mobile computing and mobile apps and enterprise app stores. Sources: Global IT spending chart is a blended average of Goldman Sachs, IDC, Forrester, and Gartner forecasts. IT Spending by Category chart from Forrester. 11

E-COMMERCE AND DIGITAL ADVERTISING SPEND U.S. E-Commerce Spend U.S. Digital Advertising Spend E-commerce retail sales in the U.S. totaled $78.1 billion in 3Q14 (the latest data available), up 11% YoY. The increase marks the twentieth consecutive quarter of YoY growth, and the sixteenth consecutive quarter of double digit growth. The Q3 total for E-Commerce spending accounted for 6.6% of all discretionary retail dollars spent. Mobile commerce accounted for $6.7 billion, or 11.1% of the 2014 E-Commerce total, according to comscore. In addition, YoY growth in mobile commerce grew 16%. The digital commerce growth rate of 14% in Q4 far exceeded the 3% growth in total consumer discretionary spending, confirming that the shift to online continues unabated. According to Forrester, U.S. digital ad revenues will total $37.6 billion in 2019, with the most growth coming from video advertising. Forrester predicts video advertising on desktop devices alone will grow 14% annually until 2019, when it will contribute 55% of total desktop display ad revenue across the Web. Sources: comscore, IAB, IBD, and Forrester 12

STOCK MARKET PERFORMANCE Technology stock prices recovered some ground in 4Q14, especially high-growth, SaaS based and Internet companies that had been struggling to recapture pre-recession growth rates. The Nasdaq posted the best return of the three major stock indices in 2014, finishing up 13.4%. The S&P followed closely behind, ending the year +11.4%. Surprisingly, in an environment where investors flocked to value stocks in 1H14, the DOW performed worst among the three major U.S. stock market indices, yet still managed to close 2014 with a respectable gain of 7.5%. The SEG Internet Index posted the greatest 2014 decline in median stock return among our six tracking indices. In 1Q14, our Internet Index performance remained relatively flat, only to plunge dramatically in the second quarter. The SEG Internet Index failed to recover in Q3 and Q4, closing 2014 10.6% lower than a year earlier, the worst performance among our three software industry tracking indices. The SEG Software Index, consisting largely of mature, profitable software providers remained even, finishing the third quarter only 0.4%, lower, after declining by 8.4% in May, its lowest point for the year. The SEG SaaS Index declined 5% in 2014, perhaps because of investors taking profits after a prolonged period of strong returns from high beta/growth public SaaS companies which drove valuations to historically high levels, and/or perhaps because investors were disappointed with the failure of SaaS providers to recapture pre-recession 40%+ growth rates. 13

THE SEG SOFTWARE INDUSTRY FINANCIAL REPORT PUBLIC SOFTWARE COMPANY FINANCIAL PERFORMANCE AND MARKET MULTIPLE TRENDS

THE SEG SOFTWARE INDEX The SEG Software Index tracks public software companies that primarily offer on-premise software under a perpetual license with annual M&S. The SEG Software Index is currently comprised of 140 public software companies. The number of public companies comprising the SEG Software Index has declined significantly (from ~465) and steadily over the past 15 years, as a wide array of on premise providers have migrated to a SaaS business model. 15

TTM Total Revenue TTM Revenue Growth THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE Median TTM Total Revenue ($M) - Annual Median Revenue Growth - Annual $387.9 $381.4 $470.5 $535.8 16.1% 13.3% $239.8 9.3% 8.0% 4.2% 4.5% 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 On an annualized basis, the median TTM revenue growth rate of public on premise software providers was 8.0% in 2014, the slowest growth rate infour years. Public on premise software companies were hard hit by the Great Recession, primarily as a result of severe cutbacks in enterprise IT spending, resulting in anemic median TTM revenue growth rates of 4.2% and 4.5% in 2009 and 2010, respectively. Pent up demand, soaring stock prices and optimism about a near term recovery spurred IT spending in 1H11, but the surge dissipated in the second half and has remained lackluster since. We expect on premise software growth rates will see further decline, absent a significant uptick in capital IT spending by larger enterprises, which is not expected. Despite the tepid TTM growth rate, the median TTM revenue of the SEG Software Index reached $535.8M in 4Q14, the highest in history, and the highest among our three tracking indices. We attribute much of that growth to consolidated revenue from mergers and acquisitions, and revenue model optimization. 16

TTM Total Revenue TTM Revenue Growth % of Companies THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE Median Revenue Performance Quarterly TTM Revenue Growth Rate Distribution 4Q14 TTM Total Revenue ($M) TTM Revenue Growth 33% $600 9.5% $500 $400 $300 $200 $100 9.0% 8.5% 8.0% 7.5% 21% 21% 11% 5% 8% $0 4Q13 1Q14 2Q14 3Q14 4Q14 7.0% <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM Revenue Growth > 30% <= 40% > 40% When assessed on a quarterly basis, the median TTM revenue growth of public on premise software providers reveals a troubling trajectory that does not portend well for the future. Q4 was the fifth consecutive quarter of decelerated growth for public on premise software providers. More than one infive reported negative growth. 13% of on-premise software providers reported TTM revenue growth rates of 30% or more in 4Q14. Most were focused on three of 2014 s hottest product categories, Mobility (NQ Mobile), Security (Palo Alto Networks), and Systems Management (Solarwinds). 17

Gross Profit Margin EBITDA Margin THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE Median Gross Profit Margin Annual Median EBITDA Margin Annual 66.0% 66.5% 66.6% 68.6% 65.8% 66.1% 66.5% 66.0% 15.3% 17.4% 18.9% 17.9% 17.5% 17.6% 13.0% 11.2% 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 The median gross margin of public on premise providers was 66.0% in 2014, consistent with historic levels. During the economic downturn, most public on premise companies shifted focus from unattainable revenue growth to EBITDA, which improved each year from 2007 to 2011, when it topped out at 18.9%. As economic woes eased, on premise providers began to invest more heavily in sales, marketing and R&D and, concomitantly, the median EBITDA margin declined modestly to ~17.5% for the past two years. We anticipate EBITDA margins will continue to experience modest decline in 2015, as on-premise providers increase spending on sales and marketing and invest more in R&D to update legacy products and expand their SaaS offerings. 18

TTM EBITDA Margin TTM Revenue Growth % of Companies THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE Median EBITDA Margin Performance Quarterly TTM EBITDA Margin Distribution 4Q14 20% 18% 16% 14% 12% 10% 8% 6% 4% 2% 0% EBITDA Margin TTM EBITDA Growth 4Q13 1Q14 2Q14 3Q14 4Q14 Viewed on a quarterly basis, the median EBITDA margin of public on-premise software companies remained relatively steady throughout last year, closing 4Q14 at 17.0%. 8% 7% 6% 5% 4% 3% 2% 1% 0% 21% 12% <= 0% > 0% <= 10% 26% > 10% <= 20% 24% > 20% <= 30% TTM EBITDA Margin 13% > 30% <= 40% 4% > 40% 50% of public on-premise software providers were modestly to moderately profitable, posting EBITDA margins between 10% and 30%. Only 4% of on-premise software companies achieved EBITDA margins of 40%+; most were larger companies with little or negative growth that generated significant, lower cost revenue from their installed base (e.g., Oracle 3.3% revenue growth, CheckPoint 6.3% revenue growth, Ansys, 8.5% revenue growth) 19

% of Revenue % Margin THE SEG SOFTWARE INDEX: FINANCIAL PERFORMANCE Median Operating Ratios Quarterly Median Margin Performance Quarterly S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) Gross Profit Margin EBITDA Margin Net Income Margin 30% 80% 25% 20% 70% 60% 50% 15% 40% 10% 5% 30% 20% 10% 0% 4Q13 1Q14 2Q14 3Q14 4Q14 0% 4Q13 1Q14 2Q14 3Q14 4Q14 Median spending on operations by public on-premise software companies in Q4 was consistent with historic norms: 16.2% for Research & Development, 23.5% for Sales & Marketing, and 10.3% forgeneral & Administrative. Over the past year, S&M, R&D and G&A expenses as a percent of revenue have remained flat. Median S&M spending as a percent of total revenue by onpremise public software companies lagged far behind their SaaS counterparts, which continued to place significant bets on new customer acquisition (39.7% for SaaS,and 23.5% for onpremise). In 4Q14, the median gross profit of public on premise software companies was 66%; EBITDA was 17%; and net income was 8.6%. Several on-premise providers achieved gross profit margins of 90% or greater, including Sage Group (94.3%); Progress Software (91.2%); and Varonis Systems (90.3%). As predicted in last year s Annual Report, EBITDA margins declined modestly throughout 2014, as on premise companies ramped spending on S&M, R&D and SaaS migration. We expect this trend will continue in2015. 20

EV/Revenue Multiple EV/EBITDA Multiple THE SEG SOFTWARE INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue Annual Median EV/EBITDA Annual 3.0x 3.0x 14.1x 14.0x 15.0x 2.7x 2.7x 11.7x 12.4x 12.3x 11.9x 2.3x 2.3x 10.0x 1.7x 1.5x 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 Ignoring the faltering financial performance of most publicly listed on premise software providers, investors drove the trading multiples of many to a seven year high. After plunging to 1.5x in 2009, median EV/Revenue multiples for public on-premise software companies climbed steadily to 3.0x by the close of 2014. Their median EV/ EBITDA multiple reached 15x, a seven year high. Investors in 2014 were clearly betting on the ability of on premise providers to capitalize on their immense customer base as the economy improves, as well as the promise of greater recurring revenue from a growing number of hosted solution subscriptions. Adobe is an excellent example. As the company converts to a SaaS model, its revenue growth rate has rapidly decelerated (from 29.0% in 2010, to 11.0% in 2011, to 4.4% in 2012, to -7.9% in 2013, and 2.3% in 2014), yet its EV/Revenue multiple has grown from 2.9x to 8.1x over the same period due to its steadily growing recurring revenue. 21

Median Multipe Median EV/Revenue THE SEG SOFTWARE INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue and EV/EBITDA Multiples Quarterly EV/Revenue Multiples by Size (TTM Revenue) Quarterly EV/Revenue EV/EBITDA 15.9x 14.8x 15.8x 15.9x 15.2x 3.3x 3.0x 3.1x 2.9x 2.9x 4Q13 1Q14 2Q14 3Q14 4Q14 Revenue Greater Than $1 billion Revenue Between $500 million & $1 billion Revenue Between $100 million & $500 million Revenue Less Than $100 million 4.0x 3.5x 3.0x 2.5x 2.0x 1.5x 1.0x 0.5x 0.0x 4Q13 1Q14 2Q14 3Q14 4Q14 Viewed quarter-by-quarter, the median EV/Revenue multiple for on-premise software providers held mostly steady throughout 2014, ending Q4 at 2.9x. Though the median EV/EBITDA multiple of public on premise software companies fluctuated over the course of the year and declined at year end. Q4 s median multiple of 15.2x was still greater than any quarter from 2008 3Q13. Throughout 2014, the EV/Revenue multiples of on-premise software companies with revenues <$100 million remained markedly lower than their larger >$100 million counterparts. SEG Software Index companies with TTM revenue between $500M and $1B successfully balanced TTM revenue growth (median 8.5%) and profitability (median EBITDA of 13.5%), and were rewarded with the highest median EV/Revenue multiples. 22

Median EV/Revenue Median EV/Revenue THE SEG SOFTWARE INDEX: PUBLIC MARKET MULTIPLES EV/Revenue Multiples vs. TTM Revenue Growth 4Q14 EV/Revenue Multiples vs. TTM EBITDA Margins 4Q14 3.6x 3.8x 4.0x 6.6x 2.8x 3.1x 1.9x 1.6x 1.9x 2.6x 3.4x 3.5x <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM Revenue Growth > 30% <= 40% > 40% <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM EBITDA Margin > 30% <= 40% > 40% In a departure from prior quarters, market valuations of SEG Software Index companies did not correspond closely to their TTM revenue growth rates. Public on-premise software companies with revenue growth rates greater than 40% were penalized by investors with a median EV/Revenue multiple of 3.1x. Most likely, investors feared the inability of these providers to deliver, scale and sustain the growth. Members of Q4 s 40%+ growth club included: Redknee (81.4%), Take-Two Interactive (129%), NQ Mobile (95.4%), King Digital (73.1%), Glu Mobile (90.7%). Investors in 4Q 2014 continued to place a premium on the bottom line of on premise software companies, rewarding those with TTM EBITDA margins greater than 20% with markedly higher market multiples than their less profitable counterparts. Investors in Q4 took special note of on-premise providers with EBITDA margins greater than 40%, conferring upon them a SaaS-like median EV/Revenue multiple of 6.6x. 23

THE SOFTWARE INDEX: BY PRODUCT CATEGORY The SEG Software Index is segmented into 16 product categories As in prior quarters, market valuations in 2014 varied significantly by product category For a list of companies in each product category, please see the Appendix to this Report Category SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Billing & Service Management 3.0x 2.2x 1.9x 2.0x 1.8x 9.4x 10.2x 11.2x 9.6x 9.4x 4.4% 3.6% 4.8% 8.2% 12.9% 18.6% 18.5% 18.4% 21.1% 26.1% Business Intelligence 3.1x 3.2x 3.0x 3.3x 3.2x 16.3x 14.8x 16.9x 15.8x 14.4x 7.5% 10.2% 13.3% 14.2% 12.5% 16.2% 15.9% 15.8% 14.4% 12.6% Development Platforms 2.2x 2.1x 1.6x 1.5x 1.6x 10.9x 9.7x 10.1x 21.7x 9.9x 2.3% -0.6% -1.8% 0.0% 1.6% 20.0% 19.6% 19.2% 19.0% 19.0% Engineering & PLM 3.9x 3.8x 4.2x 3.4x 3.3x 15.8x 15.2x 15.9x 15.9x 15.4x 6.8% 7.1% 7.2% 6.9% 6.2% 20.5% 20.7% 19.9% 19.5% 19.4% Enterprise Resource Planning 3.7x 3.6x 3.4x 3.1x 3.3x 12.8x 12.3x 11.7x 10.6x 11.5x 2.7% 2.0% 2.7% 3.0% 2.9% 29.1% 29.3% 29.5% 29.0% 28.4% Financial & Accounting 3.7x 3.6x 3.4x 3.2x 3.3x 14.7x 15.1x 14.0x 14.1x 13.8x 10.7% 8.5% 4.7% 2.5% 6.1% 26.7% 25.9% 25.6% 26.0% 25.2% Gaming 1.7x 1.9x 1.5x 1.2x 1.3x 13.0x 11.4x 12.1x 9.8x 10.0x 10.7% -3.6% -4.8% 0.2% 3.1% 13.6% 17.7% 15.9% 15.5% 19.2% Healthcare 2.5x 2.3x 2.3x 2.4x 2.4x 15.6x 14.5x 14.1x 16.3x 14.6x 3.1% 3.0% 0.1% 1.1% 3.2% 16.8% 15.0% 14.1% 14.1% 16.6% IT Conglomerates 3.1x 3.2x 3.7x 3.6x 3.6x 8.5x 8.9x 9.6x 9.6x 9.5x 0.9% 2.0% 2.7% 2.2% 2.9% 33.2% 34.2% 34.4% 34.5% 35.1% Mobile Solutions/Content 3.7x 2.8x 3.5x 3.5x 3.2x 19.9x 29.7x 26.6x 20.2x 18.5x 27.3% 24.9% 17.9% 21.1% 22.0% 6.3% 3.7% 2.5% -0.3% 0.7% Networking & Network Performance Management 3.4x 3.1x 2.7x 2.3x 2.3x 18.6x 15.7x 18.9x 18.0x 16.8x 7.6% 11.6% 10.1% 10.8% 15.4% 3.0% 1.7% 2.3% 4.4% 7.0% Security 4.2x 3.3x 3.5x 5.4x 5.0x 14.1x 10.7x 15.1x 16.9x 16.6x 17.0% 17.5% 16.5% 15.2% 18.9% 2.4% 10.6% 10.9% 12.5% 7.6% Storage, Data Management & Integration 2.6x 2.4x 2.5x 2.6x 2.6x 9.5x 8.0x 8.9x 9.1x 9.1x 4.6% 4.1% 2.9% 2.1% 3.1% 16.9% 17.8% 18.0% 17.7% 17.5% Systems Management 5.2x 4.6x 5.3x 4.6x 4.4x 19.2x 17.8x 20.0x 18.2x 18.5x 15.3% 13.0% 13.3% 15.8% 16.2% 24.2% 25.9% 25.7% 25.3% 25.0% Vertical - Finance 4.5x 4.3x 4.5x 4.4x 4.4x 13.9x 13.4x 13.5x 13.7x 13.8x 6.8% 8.2% 8.1% 6.3% 5.6% 26.0% 26.7% 26.8% 29.3% 29.9% Vertical - Other 3.3x 3.3x 3.5x 3.9x 3.7x 24.4x 25.7x 26.5x 28.3x 27.0x 24.9% 21.2% 21.2% 16.6% 16.5% 13.8% 12.9% 11.3% 11.6% 11.8% Median 3.3x 3.0x 3.1x 2.9x 2.9x 15.9x 14.8x 15.8x 15.9x 15.2x 9.0% 8.7% 8.6% 8.1% 7.8% 17.5% 17.2% 17.0% 16.6% 17.0% 24

THE SEG SOFTWARE INDEX BY PRODUCT CATEGORY: FINANCIAL PERFORMANCE 4Q14 Median TTM Revenue Growth 4Q14 YoY Change in Median Revenue Growth Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Security Storage, Data Management & Integration Systems Management Vertical - Finance Vertical - Other 1.6% 6.2% 2.9% 6.1% 3.1% 3.2% 2.9% 3.1% 5.6% 12.9% 12.5% 22.0% 15.4% 18.9% 16.2% 16.5% Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Security Storage, Data Management & Integration Systems Management Vertical - Finance Vertical - Other (30.9%) (8.1%) (42.7%) (71.0%) (19.2%) (32.9%) (18.5%) (33.6%) 66.0% 6.4% 2.7% 104.1% 10.7% 5.9% 196.2% 229.6% 4Q14 Median TTM EBITDA Margin 4Q14 YoY Change in Median EBITDA Margin Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Security Storage, Data Management & Integration Systems Management Vertical - Finance Vertical - Other 0.7% 7.0% 7.6% 26.1% 12.6% 19.0% 19.4% 28.4% 25.2% 19.2% 16.6% 35.1% 11.8% 17.5% 25.0% 29.9% Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Security Storage, Data Management & Integration Systems Management Vertical - Finance Vertical - Other (22.3%) (5.0%) (5.5%) (2.4%) (5.5%) (1.0%) 5.8% 40.5% 40.8% (88.2%) 137.5% (14.8%) 3.6% 3.3% 15.0% 217.2% 25

THE SEG SOFTWARE INDEX BY PRODUCT CATEGORY: PUBLIC MARKET MULTIPLES 4Q14 Median EV/Revenue Multiples Median 4Q14 YoY Change in EV/Revenue Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Security Storage, Data Management & Integration Systems Management Vertical - Finance Vertical - Other 1.3x 1.8x 1.6x 2.4x 2.3x 2.6x 3.2x 3.3x 3.3x 3.3x 3.6x 3.2x 4.4x 4.4x 3.7x 5.0x Billing & Service Management (37.8%) Business Intelligence Development Platforms (27.9%) Engineering & PLM (14.2%) Enterprise Resource Planning (11.5%) Financial & Accounting (11.5%) Gaming (23.5%) Healthcare (2.1%) IT Conglomerates Mobile Solutions/Content (12.3%) Networking & Network Performance (33.7%) Security Storage, Data Management & Integration (3.0%) Systems Management (15.6%) Vertical - Finance (4.0%) Vertical - Other 6.0% 13.9% 21.1% 12.3% In 4Q14, ten product categories surpassed the overall SEG Software Index of 2.9x: Security (5.0x), Vertical Finance (4.4x), Systems Mgmt (4.4x), Financial & Accounting (3.3x), Vertical Other (3.7x), Engineering & PLM (3.3x), ERP (3.3x), Mobile Solutions (3.2x), Business Intelligence (3.2x), IT Conglomerates (3.6x) While all but two on premise product categories saw their YoY EV/Revenue multiple grow by year end 2013, only four categories managed to do so in 4Q14: Security (21.1%), IT Conglomerates (13.9%), Vertical-Other (12.3%) and Business Intelligence (6.0%). Security, with the second highest TTM revenue growth rate of any on premise product category (18.9%), drove its YoY median EV/Revenue multiple from 4.2x to 5.0x in 2014. Not all categories fared as well: Although the median TTM revenue growth of Networking & Network Performance Management software providers increased from 7.6% in Q1 to 15.4% in Q4, their median market multiple plummeted to 2.3x from 3.4x EV/Revenue during the same period. The Gaming and Development platforms categories posted the lowest EV/Revenue multiples in 4Q14, 1.3x and 1.6x, respectively. due to slowed growth. 26

THE SEG SaaS INDEX PUBLIC SaaS COMPANY FINANCIAL PERFORMANCE AND MARKET MULTIPLE TRENDS

THE SEG SaaS INDEX The SEG SaaS Index tracks public companies that primarily offer hosted, on-demand software under a subscription and/or transaction based pricing model. The SEG SaaS Index is currently comprised of 57 publicly traded, pure-play SaaS companies*. * See Appendix for complete list of companies in the SEG SaaS Index 28

TTM Revenue Growth TTM Total Revenue THE SEG SaaS INDEX: FINANCIAL PERFORMANCE Median Revenue Growth - Annual Median TTM Total Revenue ($M) - Annual 26.0% 26.9% 25.5% 26.0% 28.4% $155.4 $169.0 $163.5 $123.7 $128.7 $104.7 14.2% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 After achieving a median TTM growth rate of 51% in 2007, SaaS providers were hit hard by the recession. By 2010 the median TTM revenue growth of the SEG SaaS index had plummeted to 14.2%, before regaining some traction in 2011 and hovering around 26% during the following two years. 2014 showed further improvement, with public SaaS companies posting a median 28.4% growth rate Median TTM revenue in 2014 fell to $128.7M from $163.5M in 2013, primarily due to two contributing factors: First, several larger SaaS providers were acquired, including Concur ($668M TTM revenue) and OpenTable ($198M TTM revenue); Second, eight newly listed SaaS providers, with median TTM revenue of ~$73 million, joined our Index. On a revenue basis, Salesforce continues to dominate the SaaS Sector with TTM revenue of $5.1B, nearly 7x greater than the next largest public SaaS company. That said, an impressive number of public SaaS companies, spanning an array of product categories and vertical markets, have reached critical revenue mass (>350 million), a feat made more difficult by a subscription revenue model that requires deferral of a significant portion of booked revenue.. Examples of SaaS players that have come of age include DealerTrack (automotive, $743M TTM revenue); Athenahealth (healthcare, $710M), Workday (human capital management, $703M); ServiceNow (IT automation, $609M); Ultimate Software (human capital management, $482M), and RealPage (real estate, $395M). Impressively, median public SaaS company growth rates have exceeded 25% for four consecutive years. 29

% of Companies TTM Total Revenue TTM Revenue Growth THE SEG SaaS INDEX: FINANCIAL PERFORMANCE TTM Revenue Growth Rate Distribution 4Q14 Median Revenue Performance Quarterly 4% 8% 20% 20% 18% 6% 22% $160 $140 $120 $100 $80 $60 $40 $20 TTM Total Revenue ($M) TTM Revenue Growth 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% > 30% <= 40% TTM Revenue Growth > 40% <= 50% > 50% $0 4Q13 1Q14 2Q14 3Q14 4Q14 0.0% On a quarterly basis, Public SaaS companies reported median TTM revenue growth of 31.9% in Q1, but growth slowed during the following two quarters before regaining ground and closing Q4 with a median growth rate of 28.4%. We expect the median TTM revenue growth rate of public SaaS companies will reach or exceed 35% by year end 2015, thanks to accelerating SaaS adoption among large enterprises and SMBs, but only if 2015 GDP growth approaches or exceeds 4.5% - 5%. Although most struggled to recapture pre-recession growth rates of 40%+, more than one in five public SaaS companies grew TTM revenue 50% or more YoY. These overachievers hailed from a wide array of product categories, including expense management, security, business intelligence and automotive, further affirming the widespread adoption of SaaS in enterprise, SMB and vertical markets. Kudos to Castlight Health (295.4%), FireEye (150%), Workday (72.2%) and Truecar (62.8%). The median TTM revenue of public SaaS companies was $133.6M in 4Q14, a YoY increase of 29% over 4Q13 s $103.6M. 30

Gross Profit Margin EBITDA Margin THE SEG SaaS INDEX: FINANCIAL PERFORMANCE Median Gross Profit Margin Annual Median EBITDA Margin Annual 68.3% 68.6% 70.9% 70.0% 5.5% 6.7% 9.6% 8.8% 8.1% 66.1% 1.0% 63.4% 2008 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014-8.9% The median gross profit of public SaaS companies declined to 66.1% in 2014, almost 4% lower than a year earlier. Here, too, the decline in median gross profit of public SaaS companies was primarily attributable to the addition of eight newly public SaaS companies to our SaaS index that are serving smaller numbers of customers and carrying disproportionately higher infrastructure and application delivery costs, as a percent of revenue, compared to their larger SaaS peers. Unsurprisingly, after reaching a historical peak of 9.6% in 2010, the median SaaS Index EBITDA margin has now declined for four consecutive years, plunging to -8.9% in 2014. It would be wrong to assess the financial health of public SaaS companies based upon their GAAP compliant P&L statements. In truth, many are not only cash flow positive, but flush with cash from prepaid subscription fees. As an example, Salesforce reported -$313.5M in net income, yet generated $1.1B of cash from operations in the year ending 10/31/2014; Workday reported -$244.5M in net income, yet generated $88.5M of cash from operations in the year ending 12/31/2014; ServiceNow reported -$179.4M in net income, yet generated $138.9M of cash from operation in the year ending 10/31/2014. 31

EBITDA Margin % of Companies THE SEG SaaS INDEX: FINANCIAL PERFORMANCE Median EBITDA Margin Performance Quarterly TTM EBITDA Margin Distribution 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 59% (8.7%) (8.1%) (8.9%) (9.9%) 23% 9% 5% 4% (12.8%) <= 0% > 0% <= 10% > 10% <= 20% TTM EBITDA Margin > 20% <= 30% > 30% The median EBITDA margin of public SaaS companies declined steadily throughout 2014, reaching a low of -12.8% in 4Q14. Over half (59%) of public SaaS companies are unprofitable, and roughly nine out of ten have EBITDA margins below the 17% median of their on-premise software peers. And for the time being, that s just what investors want, if the sharp increase in the median SaaS EV/EBITDA market multiple (see slide 34) is any indication. 32

% of Revenue % Margin THE SEG SaaS INDEX: FINANCIAL PERFORMANCE Median Operating Ratios Quarterly Median Margin Performance Quarterly S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) Gross Profit Margin EBITDA Margin Net Income Margin 45% 40% 35% 30% 25% 20% 65% 55% 45% 35% 25% 15% 15% 10% 5% 0% 4Q13 1Q14 2Q14 3Q14 4Q14 5% -5% -15% -25% 4Q13 1Q14 2Q14 3Q14 4Q14 With market adoption of hosted software solutions ramping across enterprise, SMB and vertical markets, public SaaS companies continued to spend heavily on sales & marketing in order to drive revenue growth and capture market share. In 4Q14, public SaaS companies invested a median 39.7% of total revenue on sales & marketing, almost 69% more than their on-premise counterparts. R&D spending as a percent of revenue remained almost flat in 2014, inching up to 20.5% in 4Q14 from 20.3% a year earlier. Public SaaS companies in 2014 spent 26% more on R&D as a percent of revenue then their on premise peers, as they endeavored to expand their offerings, enhance their technology and platforms, and address new markets. 33

Median EV/Revenue Multiple Median EV/EBITDA Multiple THE SEG SaaS INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue Annual Median EV/EBITDA Annual 56.8x 6.7x 4.5x 5.0x 5.7x 36.9x 31.4x 32.2x 35.2x 35.2x 42.4x 3.3x 2.6x 3.6x 2008 2009 2010 2011 2012 2013 2014 2008 2009 2010 2011 2012 2013 2014 The median stock performance of public companies comprising the SEG SaaS Index improved steadily during the economic recovery, from 2.6x EV/Rev in 2009 to a whopping 6.7x EV/Rev in 2013. In 2014, the median market value of public SaaS companies retreated to 5.7x EV/Revenue. Despite 2014 s decline in the median EV/Rev market multiple of public SaaS companies, and the relatively unchanged median market value of public on premise software companies during the same period, the former group was valued at a 90% premium over the latter (5.7x vs. 3.0x) at the close of 4Q14. The stunning growth over the past five years in the median EV/Revenue multiple of our SaaS Index reflects investor appetite for companies with huge upside, 25%+ annual revenue growth, substantial recurring revenue, and an M&A feeding frenzy targeting smaller, rapidly growing public SaaS companies. 34

Median Multiple % of Companies THE SEG SaaS INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue and EV/EBITDA Multiples Quarterly EV/Revenue Multiple Distribution 4Q14 EV/Revenue EV/EBITDA 51.1x 53.9x 56.5x 66.1x 61.8x 24% 24% 13% 9% 7% 9% 9% 8.1x 6.6x 6.3x 6.2x 5.6x 2% 2% 2% 4Q13 1Q14 2Q14 3Q14 4Q14 <= 1.0x > 1.0x <= 2.0x > 2.0x <= 3.0x > 3.0x <= 4.0x > 4.0x <= 5.0x > 5.0x <= 6.0x EV/Revenue > 6.0x <= 7.0x > 7.0x <= 8.0x > 8.0x <= 9.0x > 9.0x On a quarterly basis, the median EV/Revenue multiple of the SEG SaaS Index closed 4Q14 at 5.6x EV/Rev, almost 30% lower than a year earlier, when investor optimism about economic growth was high. SaaS valuations retreated with the overall market in 2014, weighed down by slower than expected GDP growth in the first two quarters, declining commodity prices, ongoing economic perturbation in Europe, Japan and elsewhere, and geopolitics. Investors have become more sophisticated when placing their SaaS bets, often favoring the next wave of SaaS category leaders that are positioned to displace incumbent on-premise providers across multiple product categories, just as Salesforce did Siebel in the CRM market. Almost one of every four public SaaS companies achieved a 9x or higher median EV/Revenue multiple in 4Q14, compared to 51% in 4Q13, mostly due to 2014 s softened market valuations. 35

THE SEG SaaS INDEX: PUBLIC MARKET MULTIPLES TTM Revenue Growth EV/ EBITDA Company Ticker EV (Median) TTM Revenue EV/ Revenue TTM EBITDA EBITDA Margin Castlight Health CSLT $893 $36 295.4% 24.6x -$85-235.1% - HortonWorks HDP $948 $44-21.4x -$98-220.8% - Workday WDAY $14,415 $703 72.2% 20.5x -$160-22.7% - New Relic NEWR $1,386 $85-16.3x -$37-44.0% - Netsuite N $7,911 $513 33.5% 15.4x -$45-8.7% - Zendesk ZEN $1,630 $111-14.7x -$49-44.1% - Tableau Software DATA $5,012 $351 82.1% 14.3x $11 3.2% 449.4x Demandware DWRE $1,793 $142 50.3% 12.6x -$16-11.2% - FireEye FEYE $4,197 $340 150.0% 12.3x -$338-99.3% - HubSpot HUBS $1,149 $104-11.0x -$35-33.4% - Paylocity Holding PCTY $1,219 $117 40.1% 10.4x -$6-5.1% - Marketo MKTO $1,190 $136 60.5% 8.8x -$44-32.5% - Qualys QLYS $1,038 $126 21.7% 8.2x $17 13.2% 62.4x Salesforce.com CRM $38,578 $5,074 34.9% 7.6x $87 1.7% 442.4x Cornerstone OnDemand CSOD $1,769 $242 45.2% 7.3x -$38-15.8% - Ellie Mae ELLI $1,058 $145 13.5% 7.3x $26 18.1% 40.3x Q2 Holdings QTWO $528 $73 36.7% 7.3x -$16-21.5% - TrueCar NasdaqGS: TRUE$1,388 $191 66.1% 7.3x -$40-20.9% - Cvent CVT $935 $134 28.4% 7.0x $8 5.8% 121.2x Athenahealth ATHN $4,800 $711 31.7% 6.8x $59 8.3% 80.9x 2U TWOU $639 $104 0.0% 6.1x -$28-27.0% - Callidus Software CALD $727 $129 19.8% 5.6x -$2-1.4% - OPOWER OPWR $672 $120 52.0% 5.6x -$33-27.2% - SciQuest SQI $291 $102 21.6% 5.5x $5 4.6% 61.8x Fleetmatics FLTX $1,197 $218 33.5% 5.5x $50 22.9% 24.0x Yodlee YDLE $453 $84-5.4x $4 5.0% 108.3x Workiva WK $533 $106-5.0x -$29-27.2% - Benefitfocus BNFT $632 $127 31.8% 5.0x -$48-37.5% - J2 Global JCOM $2,634 $570 17.6% 4.6x $238 41.8% 11.1x ChannelAdvisors ECOM $365 $82 28.4% 4.5x -$28-34.1% - RealPage RP $1,658 $396 7.7% 4.2x $35 8.9% 47.1x Amber Road AMBR $258 $63 30.6% 4.1x -$22-34.7% - DealerTrack TRAK $3,016 $743 62.6% 4.1x $97 13.0% 31.2x RingCentral RNG $724 $203 37.1% 3.6x -$40-19.4% - Zix ZIXI $174 $50 4.8% 3.5x $10 20.4% 17.1x LivePerson LPSN $665 $199 14.5% 3.3x $10 5.1% 65.7x 2U TWOU $586 $104 39.5% 3.3x -$28-27.0% - incontact SAAS $490 $157 25.3% 3.1x -$7-4.5% - Ebix EBIX $604 $205-1.6% 3.0x $80 39.1% 7.6x Bazaarvoice BV $517 $180 16.9% 2.9x -$27-15.1% - Constant Contact CTCT $911 $319 15.1% 2.9x $37 11.6% 24.6x Medical Transcript MTBC $37 $14 43.2% 2.6x $0 0.1% 2182.9x IntraLinks Holdings IL $613 $251 9.5% 2.4x $8 3.1% 79.4x Marin Software MRIN $223 $94 29.8% 2.4x -$28-29.4% - Halogen Software TSX:HGN $126 $54 18.9% 2.3x -$8-14.8% - Rally Software Development RALY $183 $83 17.6% 2.2x -$26-31.8% - E2open EOPN $169 $79 13.0% 2.2x -$26-33.1% - Jive Software JIVE $329 $170 22.5% 1.9x -$51-29.8% - Covisint COVS $60 $92-6.4% 0.7x -$35-38.3% - Top 25% Bottom 25% When ranked by EV/Rev market multiple, the top 25% of companies in the SEG SaaS Index had a median market valuation of 12.5x. These SaaS high flyers are market leaders in an array of SaaS product categories, including security (FireEye), HCM/Finance (Workday), business intelligence (Tableau), ERP (NetSuite), ecommerce (Demandware), and Marketing (Marketo). SaaS providers comprising the top 25% of SaaS market multiple had a median TTM revenue growth rate of 50.3%. All but one (Qualys) had negative EBITDA margins in 4Q14. In contrast, public SaaS companies comprising the bottom 25% of SaaS market multiples posted a median EV/Revenue of only 2.3x. Of these, the median TTM revenue growth rate was 18.2%. 36

Median EV/Revenue Median EV/Revenue THE SEG SaaS INDEX: PUBLIC MARKET MULTIPLES EV/Revenue Multiples vs. TTM Revenue Growth 4Q14 EV/Revenue Multiples vs. TTM EBITDA Margins 4Q14 11.9x 7.3x 8.4x 5.5x 6.1x 7.3x 5.9x 5.4x 3.8x 3.3x 2.9x 0.0x <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM Revenue Growth > 30% <= 40% > 40% <= 50% > 50% <= 0% > 0% <= 10% > 10% <= 20% TTM EBITDA Margin > 20% <= 30% > 30% In 2014, as in prior years, there was a very strong correlation between the median TTM revenue growth rate and median EV/Revenue multiple of public SaaS companies. Except for those with TTM revenue growth >10% and <20%, the median market multiple of public SaaS companies increased with every 10% increase in the TTM revenue growth rate, and soared to 11.9x for those that were able to achieve TTM revenue growth greater than 50% in 2014. While investors deemed modest profitability (TTM EBITDA margins >10% - < 30%) to be acceptable, they perceived an EBITDA greater than 30% to have come at the expense of growth. Unprofitable public SaaS companies boasted a rather remarkable median EV/Revenue multiple of 5.9x in 4Q13, compared to a market multiple of only 3.8x for public SaaS providers with EBITDA margins above 30%. 37

THE SEG SaaS INDEX BY PRODUCT CATEGORY: FINANCIAL PERFORMANCE 4Q14 Median TTM Revenue Growth 4Q14 YoY Change in Median Revenue Growth CRM & Marketing 28.4% CRM & Marketing 19.5% ERP & Supply Chain 30.6% ERP & (20.2%) Supply Chain Vertically Focused Workforce Management 31.8% 38.1% Vertically Focused Workforce Management (25.4%) 46.0% 4Q14 Median TTM EBITDA Margin 4Q14 YoY Change in Median EBITDA Margin CRM & Marketing (15.1%) CRM & Marketing (34.3%) ERP & Supply Chain (8.7%) ERP & Supply Chain 1.6% Vertically Focused 7.9% Vertically Focused (28.1%) Workforce Management (14.8%) Workforce Management 45.8% 38

THE SEG SaaS INDEX BY PRODUCT CATEGORY: PUBLIC MARKET MULTIPLES 4Q14 Median EV/Revenue Multiple 4Q14 YoY Change in Median EV/Revenue CRM & Marketing 7.0x CRM & Marketing 91.6% ERP & Supply Chain 5.5x ERP & Supply Chain (41.8%) Vertically Focused 6.8x Vertically Focused (25.1%) Workforce Management 7.3x Workforce Management (47.8%) Workforce Management was, once again, the most highly valued SaaS product category, racking up a 7.3x median EV/Revenue multiple at year end; SaaS providers focused on the CRM & Marketing category came in a close second, touting a 7.0x median EV/Revenue multiple. Workforce Management s leading position can be largely attributed to a much improved labor market, where an average of more than 200K jobs were added almost every month in 2014 and unemployment fell to 5.7% of the workforce. The ERP and Supply Chain category lagged far behind our other three SaaS tracking categories in median market valuation. While the ERP (Workday and Netsuite) SaaS category has continued to grow revenue and thereby garner a reasonably attractive market valuation, Supply Chain providers SPS Commerce, SciQuest and E2Open experienced more sluggish TTM revenue growth in 2014 (21.9%, 21.6% and 13%, respectively) and their median EV/Rev multiple was a drag on 2014 s overall SaaS median market valuation. 39

THE SEG INTERNET INDEX PUBLIC INTERNET COMPANY FINANCIAL PERFORMANCE AND MARKET MULTIPLE TRENDS

THE SEG INTERNET INDEX The SEG Internet Index tracks public companies that primarily utilize the Internet to offer B2C and B2B products, services and solutions using a wide array of pricing and delivery models. The SEG Internet Index is currently comprised of 104 public Internet companies*. * See appendix for complete list of companies in the SEG Internet Index 41

TTM Total Revenue TTM Revenue Growth THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE Median TTM Total Revenue ($M) - Annual Median Revenue Growth - Annual $392.8 $440.2 $411.2 26.4% 23.9% $278.1 $333.0 18.7% 20.6% $216.2 2.9% 3.4% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Approximately 62% of the companies comprising the SEG Internet Index offer online services and solutions primarily to consumers, (Advertising, ecommerce, Gaming, Travel), accounting for their revenue volatility that closely parallels GDP growth and contraction. When GDP growth plummeted 10% in 2009, median TTM revenue growth of the SEG Internet Index sank to 2.9% from 19.5% a year earlier, the steepest decline among our three software tracking indices that year. In 2011, consumer confidence improved markedly amidst signs of an awakening economy, and median TTM revenue growth of the SEG Internet Index spiked to 26.4%. from 3.4%. After declining the following two years as GDP growth faltered, median revenue growth of public Internet companies rose to 20.6% in2014. Despite the improvement in revenue growth, median TTM total revenue of companies comprising our Internet Index declined from $440.4 in 2013 to $411.2 in 2014. In part, that can be attributed to the inclusion of eight newly listed Internet companies with median TTM revenue of $194M. Among these 2014 Internet IPOs were Chegg (Internet Commerce), Coupons.com (Internet Ad-Tech & Lead Gen) and GrubHub (Internet Services) Alibaba was the only Internet sector IPO with revenue greater than $300M ($10.2 billion) to join our tracking index in 2014. 42

TTM Total Revenue TTM Revenue Growth % of Companies THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE Median Revenue Performance Quarterly TTM Revenue Growth Rate Distribution 4Q14 TTM Total Revenue ($M) TTM Revenue Growth $500 $450 $400 $350 $300 $250 $200 $150 $100 $50 $0 4Q13 1Q14 2Q14 3Q14 4Q14 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% On a quarterly basis, median TTM revenue growth of the SEG Internet Index was 21% in Q4, up more than 5% YoY. However, the Internet ecosystem remained one of unequals; approximately one in five public Internet providers markedly outperformed their peers, reporting TTM revenue growth greater than 40% in 4Q14. Some of these high flyers were 2014 IPOs that scaled quickly by aggressively offering innovative products and services to a highly receptive target market. Representative examples include LendingClub (130.6%), GrubHub (108.9%) and TubeMogul (104.6%). 2014 s quarterly trajectory portends a modest increase in annual TTM revenue growth for most public Internet companies in 2015, provided the 4Q14 decline in GDP growth proves to be an aberration. 18% 12% <= 0% > 0% <= 10% 15% > 10% <= 20% 22% > 20% <= 30% TTM Revenue Growth 10% > 30% <= 40% 23% > 40% 43

Gross Profit Margin EBITDA Margin THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE Median Gross Profit Margin Annual Median EBITDA Margin Annual 56.9% 59.1% 60.1% 60.9% 66.2% 65.0% 64.7% 63.8% 14.4% 14.6% 10.2% 12.2% 13.1% 10.6% 8.9% 8.3% 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 During the Great Recession, public Internet providers focused on reducing infrastructure and content costs, resulting in a spike in median gross margin in 2011. As the economy regained momentum and median revenue grew, public Internet providers remained cost conscious, developing proprietary content and reducing third party royalties. For example, Yelp, an online service connecting people with local businesses, reported a gross profit margin of 93% in 4Q14, more than double the 45% gross margin of Pandora, an online music streaming service that pays significant royalties to music publishers. Although median gross profit margins have remained relatively stable, EBITDA margins of public Internet companies have declined measurably since 2011 due to the combined impact of: A quest for top line growth by ramping sales and marketing expenses. In 4Q14, the median Sales & Marketing spend of public Internet companies as a percent of total revenue was 25.9%, up from 23.8% in 4Q13. Increased competition, causing many to also ramp R&D spending to remain competitive or retain their installed base and market leadership. In 2014, median public Internet company R&D spending as a percent of total revenue was ~14%, compared to ~10% in 2012. A number of 2014 s Internet IPOs eschewed profitability in favor of breathtaking growth, including LendingClub (130.6%), Twitter (118.3%), TubeMogul (104.6%), Wix (81.9%), and Rocket Fuel (81.8%). 44

EBITDA Margin % of Companies THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE Median EBITDA Margin Performance Quarterly TTM EBITDA Margin Distribution 4Q14 9.8% 9.0% 8.5% 8.5% 7.8% 35% 23% 20% 9% 9% 5% 4Q13 1Q14 2Q14 3Q14 4Q14 <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM EBITDA Margin > 30% <= 40% > 40% On a quarterly basis, the median EBITDA Margin of our Internet Index declined steadily over the past four quarters, to 7.8% in 4Q14 from 9.8% a year earlier, in large part due to increased spending on sales & marketing, as noted earlier. The quest for growth at the expense of profitability dominated the SEG Internet Index in 2014: 23% of public Internet companies reported no profits, and 58% had an EBITDA margin of 10% or less. Conversely, only 5% of public Internet companies achieved EBITDA margins above 40% (compared to about twice as many in 2013), led by VeriSign (61.6%), Facebook (54%), Alibaba (46.5%) and Mail.ru (45.5%). 45

% of Revenue % Margin THE SEG INTERNET INDEX: FINANCIAL PERFORMANCE BY QUARTER Median Operating Ratios Quarterly S&M (% of Revenue) R&D (% of Revenue) G&A (% of Revenue) 30% 25% 20% 15% Median Margin Performance Quarterly Gross Profit Margin EBITDA Margin Net Income Margin 75% 65% 55% 45% 35% 10% 25% 5% 0% 4Q13 1Q14 2Q14 3Q14 4Q14 15% 5% -5% 4Q13 1Q14 2Q14 3Q14 4Q14 In 4Q14, companies comprising the SEG Internet Index spent 25.9% of total revenue on sales and marketing (S&M), 13.6% on research development (R&D), and 11.8% on general and administrative (G&A). The median S&M spend as a percent of revenue compares unfavorably to the 39.7% median S&M spend of the SEG SaaS Index, where investors were even more insistent upon growth vs. profitability. The median R&D spend of public Internet companies as a percent of total revenue (13.6%) was the lowest among our three tracking indices. Many Internet companies are able to spend less on development, relative to their on-premise and SaaS peers, by: Leveraging open source stacks and tool kits such as Hadoop and LAMP. Avoiding or minimizing development of expensive, complex and frequently changing APIs and integration tools that many onpremise, and SaaS companies selling to large enterprises must incur. Avoiding costly customized enhancements and product calendar adjustments mandated by large, influential enterprise customers with special needs. Avoiding the expense of maintaining and supporting multiple releases. 46

Median EV/REvenue Multiple Median EV/EBITDA Multiple THE SEG INTERNET INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue Annual Median EV/EBITDA Annual 2.9x 24.6x 2.6x 2.5x 20.8x 2.1x 1.4x 1.2x 1.6x 2.1x 12.6x 11.9x 10.0x 11.8x 15.2x 13.9x 2007 2008 2009 2010 2011 2012 2013 2014 2007 2008 2009 2010 2011 2012 2013 2014 The stock performance of the SEG Internet Index, unsurprisingly, closely tracked the performance of the U.S. economy over the past five years. After nose diving in in 2008 and sinking further in 2009, the median EV/Revenue multiple of public Internet companies began to edge up as GDP growth turned positive, soared prematurely in 2011 due to wishful thinking the economy was sharply rebounding, then sank in 2012 when consumer confidence dwindled. 2013 s median EV/Revenue of 2.6x, and 2014 s slightly lower median market value of 2.5x EV/Revenue reflects guarded optimism about continued GDP growth and its positive impact on consumer spending and online advertising. Public Internet companies experiencing the greatest YoY increase in EV/Rev (market outperformers) include internet infrastructure vendor Limelight Networks (85% increase), Internet Commerce vendors 1-800 FLOWERS.COM (60.2% increase) and Bitauto Holdings (48.6% increase), Social tech vendor Renren (35.3% increase). 47

Median Multiple % of Companies THE SEG INTERNET INDEX: PUBLIC MARKET MULTIPLES Median EV/Revenue and EV/EBITDA Multiples Quarterly Median EV/Revenue Multiple Distribution 4Q14 EV/Revenue EV/EBITDA 23.7x 21.9x 23.5x 22.1x 26.3x 22% 25% 13% 14% 3.6x 3.4x 2.7x 2.4x 2.4x 6% 7% 5% 4% 4% 2% 4Q13 1Q14 2Q14 3Q14 4Q14 <= 1.0x > 1.0x <= 2.0x > 2.0x <= 3.0x > 3.0x <= 4.0x > 4.0x <= 5.0x > 5.0x <= 6.0x EV/Revenue > 6.0x <= 7.0x > 7.0x <= 8.0x > 8.0x >= 9.0x <= 9.0x On a quarterly basis, the median market valuation of public Internet providers fell 33% YoY, declining to 2.4x from 3.6x, largely due to 2014 s more general market correction. The decline in median market valuation was by no means unique to public Internet companies; the median EV/Revenue of our SaaS and Software Indices also declined during the same period, dropping 31% and 12% YoY, respectively. More than any other of our tracking indices, the widely disparate financial performance of the 104 companies comprising the SEG Internet Index reveals an Internet ecosystem heavily bifurcated into haves and have nots. Viral adoption, consumer fickleness, switching ease, unlimited choice and fierce competition handsomely reward a select few and punish many others. 4Q14 served to further exemplify this bifurcation: 47% of companies ended the quarter with an EV/Revenue multiple of 2.0x or less, while 24% closed the quarter with a market multiple of 6.0x EV/Revenue or higher. Among the Internet companies boasting the highest EV/Revenue market multiples by year end 2014 were many relatively recent public market entrants. While some of these star performers had created and were dominating new Internet categories (e.g., Facebook & LinkedIn), others had revolutionized and reshaped older categories and vertical markets (e.g., Alibaba& Zillow). 48

Median EV/Revenue Median EV/Revenue THE SEG INTERNET INDEX: PUBLIC MARKET MULTIPLES EV/Revenue Multiples vs. TTM Revenue Growth 4Q14 EV/Revenue Multiples vs. TTM EBITDA Margins 4Q14 9.4x 7.1x 6.9x 6.8x 4.3x 1.0x 1.2x 2.0x 2.2x 1.5x 1.7x 1.8x <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM Revenue Growth > 30% <= 40% > 40% <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% TTM EBITDA Margin > 30% <= 40% > 40% Expectedly, Public Internet companies with TTM revenue growth of 40% or higher were rewarded with median EV/Revenue multiples markedly greater than their slower growing peers. Among those growing 40%+ were: LendingClub (130.6%), Qihoo (113.8%), GrubHub (108.9%), 58.com (83.8%), and Yelp (66.2%). Unlike The SEG SaaS Index, where TTM EBITDA margins are inversely related to median EV/Revenue multiples, investors in public Internet companies kept a keen eye on margins, and rewarded more profitable performers with significantly higher market multiples. As testament, public Internet companies with EBITDA margins above 40% posted a median EV/Revenue multiple of 6.8x in 4Q14, 183% higher than the overall Index median. By comparison, public SaaS companies with EBITDA margins above 30% (not enough companies with 40%+) posted a median EV/Revenue multiple of 3.8x, 32% below the SaaS median market valuation. Simply put, the fall from grace of too many one-time high flyers, and the unfulfilled promise of others, have caused investors to be short sighted and highly circumspect about Internet providers that aren t currently achieving both growth and profitability. That s their hedge against a mostly transaction-based revenue model that can be unpredictable, and difficult to sustain. Conversely, investors in rapidly growing public SaaS companies, enamored with the reliability and sustainability of subscription based recurring revenue, are highly critical of SaaS providers that are not investing in their future by aggressively growing their base without regard to profitability. 49

THE SEG INTERNET INDEX: FINANCIAL AND MARKET PERFORMANCE BY PRODUCT CATEGORY The SEG Internet Index is segmented into nine product categories. Representative companies in each Internet category are referenced below. Please see the appendix for a complete list of companies within each product category. SEG Internet Index Category EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Ad Tech 3.0x 2.7x 2.0x 2.1x 1.9x 24.7x 23.2x 26.5x 17.2x 29.3x 16.1% 30.3% 27.2% 25.1% 27.7% 4.3% 4.6% 5.4% 5.8% 3.7% Commerce 1.7x 1.1x 1.3x 1.5x 1.5x 15.4x 16.7x 20.2x 28.8x 30.3x 15.2% 16.3% 16.1% 14.1% 13.5% 5.7% 9.6% 8.4% 7.7% 7.7% Content & Media 4.7x 3.8x 2.8x 2.2x 2.1x 30.2x 24.3x 23.2x 19.0x 28.0x 16.0% 8.8% 11.4% 12.9% 12.4% 14.5% 13.2% 11.7% 11.0% 10.6% Gaming 2.9x 3.4x 2.8x 2.5x 2.5x 9.1x 8.5x 10.2x 11.4x 21.5x 18.7% 12.1% 12.2% 14.1% 19.2% 34.7% 27.1% 29.8% 21.0% 18.3% Infrastructure 1.8x 1.8x 1.4x 1.5x 1.4x 17.9x 17.8x 17.7x 17.3x 16.4x 4.3% 10.5% 9.9% 8.4% 7.2% 5.7% 6.5% 6.0% 4.9% 4.7% Search 8.4x 6.7x 6.7x 5.5x 5.7x 21.5x 18.7x 19.4x 16.3x 16.7x 27.2% 28.3% 28.0% 28.7% 29.1% 38.4% 35.4% 34.4% 33.8% 32.8% Services 4.5x 3.4x 2.8x 2.6x 2.5x 40.6x 32.9x 25.1x 28.3x 28.8x 38.2% 51.2% 31.3% 38.3% 30.4% 6.0% 7.1% 7.3% 6.6% 7.1% Social 16.1x 11.5x 13.8x 13.0x 11.4x 52.8x 37.6x 38.8x 36.4x 32.6x 56.9% 57.2% 62.4% 63.7% 63.0% 12.1% 10.9% 9.9% 10.6% 11.2% Travel 3.6x 4.0x 4.4x 4.0x 3.8x 19.5x 18.5x 19.1x 16.9x 15.5x 19.6% 18.4% 17.3% 19.5% 21.0% 17.0% 17.1% 15.0% 14.9% 14.3% Median 3.6x 3.4x 2.7x 2.4x 2.4x 23.7x 21.9x 23.5x 22.1x 26.3x 16.5% 19.5% 18.9% 19.9% 21.0% 9.8% 9.0% 8.5% 8.5% 7.8% Ad Tech Commerce Content & Media Gaming Infrastructure Search Services Social Travel 50

THE SEG INTERNET INDEX BY PRODUCT CATEGORY: FINANCIAL AND MARKET PERFORMANCE BY PRODUCT CATEGORY 4Q14 Median TTM Revenue Growth 4Q14 Median YoY Change in Revenue Growth Ad Tech 27.7% Ad Tech 71.6% Commerce 13.5% Commerce (11.5%) Content & Media 12.4% Content & Media (22.3%) Gaming 19.2% Gaming 2.4% Infrastructure 7.2% Infrastructure 69.2% Search 29.1% Search 7.1% Services 30.4% Services (20.3%) Social 63.0% Social (20.3%) Travel 21.0% Travel 10.7% 4Q14 Median TTM EBITDA Margin 4Q14 Median YoY Change in EBITDA Margin Ad Tech 3.7% Ad Tech (15.5%) Commerce Content & Media 7.7% 10.6% Commerce Content & Media (27.0%) 35.5% Gaming 18.3% Gaming (47.4%) Infrastructure 4.7% Infrastructure (17.6%) Search 32.8% Search (14.6%) Services 7.1% Services 18.0% Social 11.2% Social 18.0% Travel 14.3% Travel (7.7%) 51

THE SEG INTERNET INDEX BY PRODUCT CATEGORY: FINANCIAL AND MARKET PERFORMANCE BY PRODUCT CATEGORY 4Q14 Median EV/Revenue Multiples Median 4Q14 YoY Change in EV/Revenue Ad Tech 1.9x Ad Tech (35.0%) Commerce 1.5x Commerce (11.7%) Content & Media 2.1x Content & Media (53.8%) Gaming 2.5x Gaming (11.9%) Infrastructure 1.4x Infrastructure (23.9%) Search 5.7x Search (31.8%) Services 2.5x Services (44.6%) Social 11.4x Social (44.6%) Travel 3.8x Travel (29.4%) Public Internet Companies comprising the Social product category closed 4Q14 with a median revenue growth rate (63%) more than twice the overall category median. The success Social media Internet providers have had monetizing their services, largely through advertising, has come at the expense of Search companies that have seen revenue growth slow to a median 17% for all 2014, down from a median growth rate of 30.6% in 2013, with marketers clearly enamored with the reach and ROI of Facebook and LinkedIn. The Social category also closed the fourth quarter with the highest median EV/Revenue market multiple, 11.4x. Though impressive, Q4 s market multiple for Social represented a 44.6% YoY decline from 2013, when the category s median market multiple had increased 85% YoY. As a result of these shifting advertising budgets and priorities, the median TTM revenue growth of the Ad Tech & Lead Generation product category plunged 45.8% YoY in 4Q13 and another 35% YoY in 4Q14. The Infrastructure product category lagged all other Internet product categories, with a 1.4x EV/Revenue multiple, a tepid TTM revenue growth of 7.2%, and a lackluster 4.7% EBITDA margin. 52

SOFTWARE/SaaS/INTERNET IPO

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 Number of Software/SaaS/Internet IPOs Total Net Proceeds (Millions) Number of SaaS IPOs Total Net Proceeds (Millions) ANNUAL SOFTWARE IPO TRENDS Software/SaaS/Internet IPOs SaaS IPOs 35 30 25 20 15 10 5 0 Total Number of IPOs 26 18 13 10 6 2 22 Total Net Proceeds 32 $14,000 26 26 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 18 16 14 12 10 8 6 4 2 0 6 Number of SaaS IPOs 3 7 Total Net Proceeds $1,600.0 16 $1,400.0 $1,200.0 10 $1,000.0 $800.0 $600.0 $400.0 $200.0 $0.0 2014 was a record setting year for Software/SaaS/Internet IPOs, with 32 companies making their public market debut, easily surpassing the previous high of 26 IPOs set in 2007, 2012 and 2013. These 32 IPOs raised an aggregate $12.2B, manifestly higher than 2013 s $4.7B total, and roughly 30% greater than the prior ten year high of $9.4 billion in 2012, when Facebook s massive IPO boosted new listing proceeds well beyond prior years. In 2014, it was Alibaba s massive $8.3 billion IPO that helped push total net proceeds for the sector to a new high. SaaS companies accounted for nearly 50% of 2014 s software sector total IPO count, compared to 40% of total in 2013. In aggregate 2014 s sixteen SaaS IPOs raised approximately $1.4 billion. 54

2014 SOFTWARE IPO DATA A10 Networks Company (Ticker) Category IPO Date Net Proceeds Enterprise Value EV / Rev Cyberark Software idream Sky Technologies King Digital Entertainment MobileIron Momo Varonis Systems 2U Amber Road Castlight Health Hortonworks Hubspot Medical Transcript New Relic OPOWER Paycom Software Paylocity Q2 Holdings TrueCar Upland Software Workiva Yodlee Zendesk Alibaba Coupons.com Everyday Health GrubHub LendingClub MOL Global The Rubicon Project TubeMogul Xunlei Networking & Network Performance Management Security Mobile Solutions / Content Mobile Solutions / Content Mobile Solutions / Content Mobile Solutions / Content EV / EBITDA First Day Return YTD Return 3/21/14 $125,550,000 $1,082,242,090 7.6x n/a 8.1% (70.9%) 9/24/14 $477,700,000 $809,759,400 10.7x n/a 87.1% 147.8% 8/7/14 $107,415,000 $649,243,800 1.6x n/a 6.3% 13.9% 3/26/14 $329,403,760 $5,611,316,570 3.0x 7.8x (15.6%) (31.7%) 6/12/14 $93,000,000 $761,487,980 7.1x n/a 22.4% 10.7% 12/11/14 $25,200,000 $3,011,650,500 105.6x -125.1x 26.1% (11.1%) Business Intelligence, Storage, Data 2/28/14 $98,208,000 $1,081,300,000 14.5x n/a 100.0% 49.2% Software Category Median: $107,415,000 $1,081,300,000 7.6x -58.7x 22.4% 10.7% SaaS Category Vertically Focused 3/28/14 $96,720,000 $540,025,400 6.5x n/a 7.5% 51.2% ERP & Supply Chain Vertically Focused Business Intelligence CRM & Marketing Vertically Focused Business Intelligence Vertically Focused Workforce Management Workforce Management Vertically Focused Other SaaS Other SaaS Other SaaS Other SaaS CRM & Marketing Commerce Ad tech & Lead Generation Services Services Services Commerce Ad tech & Lead Generation Ad tech & Lead Generation Content & Media SaaS Category Median: Internet Category Median: 3/21/14 $57,824,900 $421,581,630 8.0x n/a 30.8% (21.4%) 3/14/14 $165,168,000 $3,378,303,340 260.4x n/a 148.8% (26.9%) 12/12/14 $93,000,000 $986,242,460 22.3x n/a 64.9% 68.8% 10/9/14 $116,250,000 $911,818,200 8.8x n/a 20.4% 34.4% 7/23/14 $18,972,000 $19,232,560 1.7x 26.7x (14.4%) (53.2%) 12/12/14 $106,950,000 $1,472,733,540 17.3x n/a 47.8% 51.5% 4/4/14 $107,787,000 $1,064,116,000 10.8x n/a 21.1% (25.1%) 4/15/14 $64,266,000 $766,584,850 6.6x 52.4x 2.3% 75.5% 3/19/14 $79,050,000 $1,174,505,880 13.0x 602.0x 41.4% 53.6% 5/19/14 $75,562,500 $330,690,860 5.4x n/a (7.5%) 44.9% 5/16/14 $65,076,750 $676,960,280 4.4x n/a 11.8% 154.4% 11/6/14 $42,923,080 $215,617,000 3.6x n/a (18.8%) (20.3%) 12/12/14 $93,744,000 $533,196,320 5.0x n/a (1.8%) (4.3%) 10/3/14 $69,750,000 $386,127,800 4.6x 92.2x 12.0% 1.7% 5/15/14 $93,000,000 $980,463,550 11.8x n/a 49.2% 170.8% $86,025,000 $721,772,565 7.3x 72.3x 16.2% 39.7% Internet Category 9/19/14 $8,268,800,530 $232,579,395,680 22.9x 49.2x 38.1% 52.9% 3/7/14 $156,240,000 $2,179,408,000 13.0x n/a 87.5% 10.9% 3/28/14 $93,090,000 $455,744,000 2.9x 43.2x (3.6%) 5.4% 4/4/14 $96,720,000 $2,442,584,000 14.4x 62.4x 30.8% 39.7% 12/11/14 $711,116,250 - - - 56.2% 68.7% 10/10/14 $87,949,100 $502,183,090 2.6x 11.7x (34.3%) (75.6%) 4/2/14 $75,564,300 $270,412,600 3.0x n/a 33.9% 7.6% 7/18/14 $40,687,500 $324,409,000 3.8x n/a 64.3% 222.1% 6/24/14 $81,640,000 $653,799,870 3.7x 15.4x 24.2% (39.2%) Total Median: Software Category $93,090,000 $577,991,480 3.8x 43.2x 33.9% 10.9% $93,045,000 $766,584,850 7.1x 43.2x 23.3% 12.4% *Financial data is the latest available from Capital IQ. **First day return compares listed offering price to first day close. The breakdown of 2014 s IPOs: Seven on-premise software companies, sixteen SaaS, and nine Internet. Four of the seven on-premise software companies provide Mobile Solutions Performance Management software. Three of these IPO s saw positive first day returns, but only two were able to sustain positive returns through the end of the year - Dream Sky (+13.9%) and MobileIron (10.7%). Conversely, King Digital and Momo were down 31.7% and 11.1%, respectively, by year end. In a year that featured an unusual number of highly touted IPOs, including Alibaba, LendingClub, TrueCar, Hubspot and Zendesk, the 2014 IPO with the highest stock return by year end was TubeMogul whose 2014 stock price closed up 222.1%. TubeMogul provides a platform that enables advertisers to plan, buy, measure, and optimize their video advertising spending from a single platform. The median year end stock return for 2014 s sixteen SaaS IPOs was 39.7%, notably lower than 2013 s median year end return of 108.7% for ten SaaS IPO s, but still quite respectable considering the median EV/Revenue multiple for all public SaaS companies declined from 5.7 x from 6.7x YoY. Given the strengthening labor markets and declining unemployment rates, its no surprise the two workforce management IPOs during 2014, Paycom and Paylocity, posted year end returns of 75.5% and 53.6%, respectively, well above the median (39.7%). Alibaba was 2014 s most anticipated IPO. The China based ecommerce giant debuted with more than a 20 x EV/Rev market valuation, and raised a stunning $8.3 billion. Investors were well rewarded by the company s first day and year end gains, 38.1% and 52.9%, respectively. 55

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total VC Dollars Invested ($B) Number of VC Investments Total VC Dollars Invested ($B) U.S. VENTURE CAPITAL ACTIVITY: ALL INDUSTRY SECTORS Overall VC Activity Overall VC Activity by Investment Stage $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 Total VC Investment Dollars Number of VC Investments 5,000 4,500 4,000 3,500 3,000 2,500 2,000 1,500 1,000 500 0 $50 $45 $40 $35 $30 $25 $20 $15 $10 $5 $0 Seed Early Stage Expansion Later Stage According to PricewaterhouseCoopers, venture capitalists invested in 4,356 companies in 2014, a four percent YoY increase. In aggregate, $48.4 billion was shelled out, a whopping 61% increase YoY increase. Early stage companies represented 50% of the total number of VC recipients in 2014, snagging $15.8 billion (up 54% YoY). Expansion stage companies attracted the most investor cash, $ 19.8 billion (up 102% YoY) spread across 1,156 investments (up 13% YoY). Seed stage investments activity and dollars invested both declined in 2014. Seed stage investors deployed $718.7 million (down 29% YoY) across 192 investments (down 18% YoY). Early stage VCs seem to have relinquished this high risk/high reward ground to crowd funding sites and angel sources which have proved to be more accessible and more risk-oriented than many VCs. 56

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Total VC Dollars Invested ($B) Number of VC Investments U.S. VENTURE CAPITAL ACTIVITY: SOFTWARE Software VC Activity Software VC Dollars as a Percent of Total $20 Total VC Investment Dollars Number of VC Investments 2,000 41% 37% $15 $10 1,500 1,000 15% 27% 21% 23% 24% 25%25%24%23% 26% 22% 22% 20% 20%20%20%19% 31% $5 500 $0 0 The number of software companies receiving VC investments ballooned from 1,523 in 2013 to 1,799 in 2014. Since bottoming out in 2009, the number of software focused recipients has expanded at a compounded annual growth rate (CAGR) of 17%. VC dollars invested in software totaled $19.8 billion in 2014, a 77% YoY increase. Since 2009, the aggregate capital invested in software has advanced at a 38% CAGR. Software now accounts for 41% of total VC dollars invested across all industry sectors, compared to 19% in 2009. Software is eating the world. Marc Andreessen The next wave of the Web is going to be user-generated content. John Doerr Software is redefining how people do things... We're nowhere near what we can do. Bill Gates 57

THE BUYERS SPEAK SOFTWARE EQUITY GROUP S 2015 M&A SURVEY

THE BUYERS SPEAK: SOFTWARE EQUITY GROUP S 2015 M&A SURVEY Buyer Thinking 2015 In early January 2015, Software Equity Group conducted its eighth annual Survey of Software Company Buyers to provide our readers a better understanding of 2015 s software M&A ecosystem and buyer thinking. We polled more than 300 of the largest software companies in the world, both public and private. Collectively, the buyers who responded to our survey spent in excess of $8.6 billion on acquisitions in 2014. The vast majority (76%) of respondents were public software, SaaS and Internet companies with an aggregate enterprise value of $239.3 billion. Undoubtedly, their plans and playbook will heavily influence the software M&A ecosystem in the year ahead. Number of Planned Acquisitions In 2014, 67% of our respondents acquired at least one software company, reflecting continued concerns by at least a third of eligible buyers about the near term economic outlook. That reticence now seem to have dissipated. In 2015, 95% of our respondents expect to acquire at least one software company. Those that were very acquisitive in 2014 have signaled a slowdown, as they seek to digest 2014 s acquisitions. Only 5% plan on acquiring six or more companies in 2015, down from 18% in 2014, and 14% in 2013. Size of Target With virtually all buyers now in the hunt, our Survey results portend well for small, privately held software companies considering an exit in 2015. The overwhelming majority of respondents (95%) indicated they ll be focused in 2015 on transactions with enterprise values between $10M - $99M. However, 2015 should also see a greater number of larger and mega-deals. 33% of respondents indicated they anticipate focusing on transactions of $100 million or more. 2015 Exit Valuations Respondents to our Survey overwhelmingly agreed that exit valuations have topped out for the time being. Some 70% expect to value targets the same as in 2014. One in four respondents, however, indicated they intended to pay less in 2015 than they did in 2014 for a substantially similar target. In 2014, the median SaaS exit multiple declined 10% YoY, from 4.1x TTM revenue to 3.7x; we expect a similar decline in 2015, as SaaS exit valuations continue to normalize. There s a clear message here for owners and investors of software/saas and Internet companies that might contemplate exit in 2015. Buyers have become more disciplined. Even when bidding on a deal they deem highly strategic, most will stick fast to a valuation they believe reflects the standalone, pre-acquisition, fair market value of the target. 59

THE BUYERS SPEAK: SOFTWARE EQUITY GROUP S 2015 M&A SURVEY Buyer Acquisition Motives in 2015 What s driving these buyers to acquire? Clearly, buyers are focused on enhancing, broadening and/or deepening their current offering, with 55% of respondents to our Survey citing synergistic technologies and products as their primary acquisition objective. More than one in three (35%), however, will be seeking targets that can enable them to expand and diversify into new product categories, verticals and territories. Only one in ten respondents indicated their primary M&A objective in 2015 is to consolidate their market and acquire customers for cross sell opportunities. Not one respondent to our 2015 Survey cited the target s profitability as a primary acquisition motive, with 60% deeming it least important when selecting and valuing a candidate. That s consistent with the data published elsewhere in this Report which showed the most profitable public SaaS companies were punished with the lowest EV/Rev market valuations. Passing Muster: What Buyers Consider Most Important About A Target in 2015 Given the predilection of most buyers for technology and products that will enhance, broaden and/or deepen their own, it s no surprise that will be the primary focus of most when evaluating a candidate. More than half our respondents stated great, synergistic products and technologies as the most important target evaluation criteria, with 80% ranking it first or second in importance. The target s growth trajectory was the criteria ranked most important by more than one in three (35%) of our responding buyers, with 70% naming it among their top two acquisition criteria. For buyers, a target s growth confirms not only the market opportunity as reflected by real time market adoption, but the viability and competitiveness of the target s specific offering in that market. Respondents to our 2015 Buyers Survey deemed profitability to be mostly irrelevant when evaluating a target, while placing only slightly more importance on the target s management team and domain expertise. This year, a scant 5% of respondents cited management as the primary reason for acquisition, down from 18% in 2014. That could portend fewer earnouts and lockups in 2015, with buyers less concerned about post-closing transition and knowledge transfer. 60

THE BUYERS SPEAK: SOFTWARE EQUITY GROUP S 2015 M&A SURVEY What Buyers Don t Want in 2015 Seller candidates that have not invested sufficiently in keeping their products and technology state of the art are destined for rejection in 2015. Fully half of our respondents indicated little or no interest in acquiring a target whose technology was mature and in need of a significant upgrade. Even when sell-side candidates assert their target markets are copasetic with their technology as currently deployed, buyers in 2015 will have little interest in assuming the risk of rewrites, redeployments and technology upgrades. Three out of four respondents ranked revenue fluctuation, slow down or decline as their top one or two concerns when evaluating a prospective acquisition. With growth being one of their top two acquisition objectives, any sign the target s advance is slowing or declining is almost always viewed as cause for alarm. Attempts by the target to attribute the slowdown to a revamped sales force, new product launch delays and/or implementation snags will likely fall on deaf ears. Seller beware! The Importance of SaaS And just what did buyer s say about the importance of SaaS this year? In 2014, a whopping 56% of respondents indicated it was very important or absolutely essential a target be all or substantially SaaS deployed and subscription based, as compared to only 13% five years ago. It does seem that some of the buyer impetus for acquiring a SaaS candidate may have ameliorated. With SaaS acquisitions ramping sharply over the past five years, many big buyers have already acquired the hosted technology, infrastructure and vertical domain expertise they lacked earlier, making a highly strategic, on-premise target s prospective transition to SaaS less daunting. The Importance of Mobile Given the market buzz surrounding Mobile, we asked buyers how important it was for a 2015 target to have a solid mobile offering. A third of our respondents deemed it unimportant, while less than half considered it to be somewhat important. We found somewhat telling that only 21% of our respondents deemed a mobile offering to be very important when evaluating a candidate, compared to 33% of respondents to our 2013 Buyers Survey. 61

SOFTWARE EQUITY GROUP S 2015 M&A OUTLOOK SURVEY Software Equity Group's 2015 Software M&A Outlook Survey Approximately how many software companies did you acquire in 2014? Response % 0 33% 1-2 38% 3-5 24% 6-10 0% More than 10 5% In 2015, how many software companies do you anticipate acquiring? Response % 0 5% 1-2 57% 3-5 33% 6-10 0% More than 10 5% In 2015, what size transactions do you anticipate focusing on? (Choose all that apply) Response % Under $10M 33% $10M - $99M 95% $100M - $499M 29% Greater than $500M 5% What's your current view of valuations? How much would you expect to pay in 2015 for a company very similar to the one you acquired in 2014? Response % The same 70% Less 25% 10% to 20% more 5% 21% to 30% more 0% 31% to 40% more 0% Greater than 40% more 0% 62

SOFTWARE EQUITY GROUP S 2015 M&A OUTLOOK SURVEY Approximately, what percentage of acquisition targets in 2014 were venture capital or private equity-backed (versus 'bootstrapped' or self-funded)? (Please select percentage that were equity-backed) 0-10% 14% 10-20% 24% 20-50% 29% 50-75% 10% 75-100% 5% What are your primary acquisition motives in 2015? (Rank 1-5 in order of priority, 1=most important, 5=least important) Ranking 1 2 3 4 5 Consolidating your current market: customer acquisition and market share 10% 25% 30% 20% 15% Enhancing/deepening your offering incrementally w ith synergistic technologies and products 55% 15% 5% 25% 0% Expanding/diversifying into new product categories, technologies, verticals, and/or territories 35% 30% 10% 15% 10% Improving your near term financial performance metrics 0% 20% 5% 15% 60% Competitive differentiation 0% 10% 50% 20% 20% When selecting and valuing a particular acquisition target in 2015, what's most/least important? (Rank 1-5 in order of importance; 1=most important, 5=least important) Response % Ranking 1 2 3 4 5 Products and technology: The target s products/technology are w ell executed, a great fit w ith us, and provide the strategic leverage/competitive differentiation w e seek 55% 25% 15% 0% 5% Grow th: The target is grow ing at a rate far greater than average, demonstrating strong market demand, and w e w ant to catch that w ave 35% 35% 20% 10% 0% Profitability: The target is highly profitable, the deal w ill be accretive, the financial risk is low er 0% 5% 20% 15% 60% Customer Focus: We can really capitalize upon the target's geography/market niche/customer base 5% 10% 20% 40% 25% Management and Operations: The target has deep domain expertise w e need to acquire, a great team, proven performers 5% 25% 25% 35% 10% What concerns your company most when evaluating a potential acquisition target? (Rank 1-5 in order of importance, 1=most important, 5=least important) Ranking 1 2 3 4 5 Revenue concentration 10% 10% 20% 35% 25% Revenue fluctuation, slow dow n or decline 35% 40% 20% 5% 0% Mature technology requiring significant update 50% 25% 25% 0% 0% Solution w ritten in an incompatible language (Java vs. C#) or not easily interfaced/integrated w ith your offering 5% 15% 35% 35% 10% Little or no EBITDA 0% 10% 0% 25% 65% 63

SOFTWARE EQUITY GROUP S 2015 M&A OUTLOOK SURVEY How important is it for you in 2015 that the target have a well executed mobile offering as part of its overall product offering? Response % Unimportant 32% Somew hat 47% Very 21% Absolutely essential 0% Who is setting acquisition strategy? (Choose all that apply) Response % Board 0% CEO 38% Executive Management Collaboratively 67% Business Unit Head 48% Competition 0% How important is it for you in 2015 that the target be all or substantially SaaS/subscription based? Response % Unimportant 6% Somew hat 39% Very 50% Absolutely essential 6% * In some instances, the percentages listed in the responses for a particular question exceed 100% in aggregate due to rounding. 64

SOFTWARE INDUSTRY M&A MARKET UPDATE

Number of Deals Number of Deals SOFTWARE/SaaS M&A DEAL VOLUME AND SPENDING U.S. Software Mergers & Acquisitions Activity - Quarterly U.S. Software Mergers & Acquisitions Activity - Annual 500 400 300 200 100 456 $12.6 517 432 454 435 406 431 444 455 460 394 $31.4 $23.1 $26.7 $20.8 $22.8 $15.8 $20.2 $15.8 $12.3 $9.9 $39.4 462 475 $17.3 $45 $40 $35 $30 $25 $20 $15 $10 $5 Value (BIllions) 2500 2000 1500 1000 500 0 $114.8 1,642 1,766 1,727 1,672 1,914 $70.4 $67.0 $67.0 $52.5 2010 2011 2012 2013 2014 Deals Value $140 $120 $100 $80 $60 $40 $20 $0 Value (BIllions) 0 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 $0 Deals After averaging about 1,700 software transactions annually for each of the past four years, software M&A deal volume soared to 1,914 transactions in 2014, a 15% YoY increase. Software M&A spending also rose dramatically in 2014, buoyed by a plethora of megadeals and higher deal volume. 2014 s aggregate M&A price tag of $114.8 billion was almost 60% greater than the $67.0 billion spent on industry acquisitions in in each 2012 and 2013. To add some perspective, the closest we ve come in the past decade to this year s M&A deal volume and spend was in pre-recession 2007, when roughly $82 billion was spent on 1,894 transactions. Additionally, 2Q14 was the only the third time since 2003 to eclipse the 500/quarter mark beating 2Q07 (502) and virtually matching 1Q08 (518). With healthy balance sheets and growing confidence in the economy, strategic and financial buyers in 2014 dug deeper and raised their sights, shelling out roughly $77 billion among 46 mega-deals t (EV> $500M). 2014 s largest M&A transactions included Facebook s acquisition of WhatsApp ($16.4 billion); SAP s acquisition of Concur ($7.7 billion, 11.5x EV/Rev); Oracle s acquisition of Micros Systems ($4.6 billion, 3.4x EV/Rev); and Zillow s acquisition of Trulia ($3.1 billion, 14.8x EV/Rev). 66

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 TTM Average Deal Value (Millions) % of Deals - 2014 SOFTWARE M&A EXIT MULTIPLES Average On-Premise Software M&A Deal Value Median EV/Revenue Exit Multiple Distribution $70.0 $60.0 $50.0 $40.0 $30.0 $20.0 $10.0 $0.0 $63 $60 $53 $54 $41 $41 $42 $36 $39 $40 $43 $36 $35 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 15.4% 25.0% <= 1.0x > 1.0x & <= 2.0x 28.8% > 2.0x & <= 3.0x 10.6% 9.6% > 3.0x & <= 4.0x 2.9% > 4.0x & > 5.0x & <= 5.0x <= 6.0x 7.7% > 6.0x TTM Revenue Exit Multiple Bins Q4 s $60M average software M&A price tag, though modestly lower than the prior quarter, was significantly greater than the historical average. In part that was due to the increased number and size of the fourth quarter s megadeals. The $60M average transaction size affirms the results of our 2014 Annual Buyer Survey, in which 95% of respondents indicated they d focus in the year ahead on deals in that price range. In 2014, slightly more than 40% of all on-premise software targets were acquired for 2.0x TTM revenue or less, and almost 70% sold for 3.0x revenue orless. A significant percentage of targets receiving a 3.0x or higher exit multiple were both sizable and vertically focused, enhancing buyers growth rates and vertical market penetration. Among 2014 s more noteworthy on-premise vertical software acquisitions: Cognizant Technology s acquisition of Trizetto Group ($2.7 billion, 3.8x EV/Rev); Oracle s acquisition of Micros Systems ($4.6 billion, 3.4x EV/Rev); Dassault Systemes acquisition of Accelrys ($683M, 4.1x EV/Rev); and Nemetschek s acquisition of Bluebeam Software ($100M, 4.6x EV/Rev). 67

SOFTWARE M&A EXIT MULTIPLES 20.0x 18.0x 16.0x 14.0x 12.0x 10.0x 8.0x 6.0x 4.0x 2.0x 0.0x Median Exit Multiples - Quarterly EV/Revenue EV/EBITDA 18.1x 17.7x 16.2x 12.9x 13.3x 2.3x 2.3x 2.3x 2.4x 2.3x 4Q13 1Q14 2Q14 3Q14 4Q14 The median software industry exit multiple in 2014 was 2.3x TTM revenue. The multiple has remained virtually unchanged over the past six quarters since leaping to 2.3x in 3Q13 from 1.8x in 2Q13. 2014 s annualized median exit multiple is the highest on record since we began publication in 2002. Historically, the median software industry M&A multiple has hovered at 2x revenue. On an EBITDA basis, the median exit multiple in 4Q14 was 16.2x TTM EBITDA. The multiple has declined the past two quarters from 2Q14 s post-recession high of 18.1x, with strategic buyers more concerned about accelerated growth than profitability. 3.0x Median EV/Revenue Exit Multiple - Annual 2.0x 1.4x 1.7x 2.0x 2.0x 2.1x 1.9x 1.8x 2.0x 2.1x 2.0x 2.2x 2.3x 1.0x 0.0x 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 68

SOFTWARE M&A: BY OWNERSHIP STRUCTURE AND SIZE By Ownership Structure By Size Public Sellers 2.2x Median Multiple 23% 77% Private Sellers 2.4x Median Multiple Buyer Greater Than $200 million 2.8x Median Multiple 46% Buyer Less Than $200 million 1.9x Median Multiple 54% Private Buyers 2.3x Median Multiple 29% 71% Public Buyers 2.3x Median Multiple Historically, public buyers have paid more for acquisition targets than private buyers. In 2014, however, both public and private buyers paid a median 2.3x TTM revenue for their acquisitions. In large part, that s because a plethora of private equity firms, seeking to bulk up portfolio platform investments in order to take advantage of a sizzling IPO market, were willing to confer strategic valuations on targets deemed highly opportune and readily digestible. Based on our analysis, private equity firms paid a median 3.0x TTM revenue for their targets in 2014. Select private equity transactions included Vista Equity Partners 4Q14 acquisition of Advanced Computer Software Group ($1.1 billion, 3.3x EV/Rev), and Apax Partners 4Q14 acquisition of Exact Holdings ($817 million, 3.1x EV/Rev). Seller Greater Than $20 million: 0.8x 2.8x Seller Less Than $20 million: 3.0x million Seller Greater Than $20 million: 1.5x 1.7x Seller Less Than $20 million: 2.4x 1.9x Among public buyers, those with deep pockets (revenue greater than $200 million) paid a median 2.8x TTM revenue for their targets in 2014, compared to only 1.9x paid by smaller public buyers. Larger buyers, whether public or private, buyers, paid a higher multiple in 2014 for targets <$20 million revenue than for targets >$20 million. Many of these smaller targets required a modest premium in order to give up the dream, after finally gaining market traction and accelerated growth in 2014. 69

SOFTWARE M&A: BY VERTICAL AND HORIZONTAL MARKETS Horizontal & Vertical M&A Volume Horizontal & Vertical M&A Median EV/Revenue Exit Multiples Horizontal software providers garnered the lion s share of M&A transactions in 2014, as they have for the past five years, accounting for 67% of all software M&A transactions. The median exit multiple for horizontal software companies in 2014 was 2.3x TTM revenue, virtually unchanged since 2010. Noteworthy horizontal deals in 2014 included SAP s acquisition of supply chain planning and optimization provider, Quintiq, for $337 million (3.3x revenue); Thoma Bravo s acquisition of infrastructure software provider, Compuware, for $2.4 billion (2.9x revenue); Micro Focus acquisition of system s management software provider, The Attachmate Group, for $2.3 billion (2.5x EV/Rev;, and Apax Partners acquisition of ERP provider, Exact Holdings, for $861 million (3.2x EV/Rev). Vertical transactions continued to account for about one-third of total software M&A deal volume. The median TTM revenue exit multiple for vertical software companies was 2.2x, a marked increase over the past two years. Select 2014 vertical deals included KBC Advanced Technologies acquisition of upstream oil & gas software provider, FEESA, for $19.2 million (4.9x EV/Rev); Nemetschek s acquisition of construction project collaboration software provider Bluebeam Software, for $100 million (4.5x EV/Rev); Equifax s acquisition of debt collection software provider, TDX Group, for $327 million (3.7x EV/Rev); and Cognizant Technology s acquisition of healthcare insurance and benefits administration software provider, TriZetto Group. 70

Vertical Deals SOFTWARE M&A DEAL VOLUME BY PRODUCT CATEGORY The Mobile product category, once again, led all others in 2014, accounting for 21.9% of total software M&A transactions, compared to 20.8% in 2013. Other active M&A categories in 2014 included Financial Services (6.7%), BI, Risk & Compliance (5.0%), & Healthcare (4.5%). The CRM, Marketing & Sales, and BI, Risk & Compliance categories, posted the largest year over year percent increases in deal volume as a percent of total, accounting for 4.5% and 5.0%, respectively, of 2014 transactions, compared with 2.1% and 3.1%, respectively, in 2013. The Engineering, PLM & CAD, and Supply Chain Management, categories posted the steepest year-over-year declines as a percent of total, accounting for 2.4% and 1.8% of deals in 2014, compared to 4.3% and 3.9%, respectively, in2013. The Other Verticals category, which accounted for 7.7% of all transactions in 2014, included Trimble s acquisition of crime prevention software provider The Omega Group; First American s acquisition of mortgage industry fraud prevention software provider Interthinx, for $155 million; and Boeing s acquisition of aircraft asset management provider, Aerdata. 71

Healthcare Mobile Content, Document & BPM BI, Risk & Compliance Other Verticals (A&D, Telco, Retail, etc.) Education Security Supply Chain Mgmt. CRM & Marketing SOFTWARE M&A EXIT VALUATIONS BY PRODUCT CATEGORY Median EV/Revenue Exit Multiples by Software Product Category 2.8x 2.5x 2.3x 2.3x 2.2x 2.1x 1.9x 1.5x 1.1x While we closely monitor 32 on-premise software product categories, only nine had both sufficient deal activity and deal data to ascertain a statistically credible TTM Revenue exit multiple in 2014. Among these nine product categories, Healthcare racked up 2014 s highest median TTM Revenue multiple (2.8x), aided by Cognizant Technology s 3Q14 acquisition of healthcare payer and provider solution software vendor Trizetto, for $2.7 billion (3.8x revenue); and Maquet s 3Q14 acquisition of hospital systems software provider, Cetrea, for $16.1 million (3.7x EV/Rev). Mobile software application sellers came in a close second, commanding a median 2.5x TTM Revenue in 2014, which included Start Today s 3Q14 acquisition of Yappa for $10.2 million (5.0x EV/Rev), and Yahoo s 3Q14 acquisition of Flurry for ~$300 million (3.0x EV/Rev estimate). Mobile was followed by the Content, Document & BPM, and the BI, Risk & Compliance categories, both with a median 2.3x TTM revenue exit multiple. Categories that struggled to excite buyers in 2014 were the CRM & Marketing and Supply Chain Management categories, posting dismal TTM median revenue exit multiples of 1.1x and 1.5x, respectively. With cloud offerings now dominating each of these categories, buyers and investors were likely acquiring the target s customers and contracts, rather than its IP and market momentum a scenario that invariably yields a significantly lower exit multiple.. 72

4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 # of SaaS M&A Deals SaaS M&A Deals as a % of Total Software M&A Deals # of SaaS M&A Deals SaaS M&A: DEAL VOLUME AND EXIT MULTIPLES SaaS M&A Volume - Quarterly SaaS M&A Volume - Annual 140 120 100 80 60 40 20 0 SaaS M&A Deals SaaS as % of Software 132 30% 104 94 94 97 103104 108118 25% 86 20% 68 65 59 15% 10% 5% 0% 500 450 400 350 300 250 200 150 100 50 0 462 390 312 200 105 50 2009 2010 2011 2012 2013 2014 SaaS M&A transaction volume in 1Q14 equaled the previous high of 104 deals in 2Q13, and set the tone for the rest of the year, with quarterly deal volume consistently growing and chalking up new highs every quarter. As we went to press, 132 SaaS deals closed in the fourth quarter, a number that will likely increase as additional year-end deals are publicly announced. SaaS exits have grown a whopping 56% on a CAGR basis over the past 5 years, but SaaS exit rate growth has slowed over the past two years. 2014 s SaaS deal volume was about 18% greater than the prior year, accounting for almost one in four of all software industry M&A transactions. 73

SaaS M&A: DEAL VOLUME AND EXIT MULTIPLES Median SaaS EV/Revenue Exit Multiples - Quarterly Median SaaS EV/Revenue Exit Multiples - Annual 4.1x 4.6x 4.0x 4.1x 3.7x 3.2x 3.7x 4.1x 4.1x 3.7x 4Q13 1Q14 2Q14 3Q14 4Q14 After reaching a breathtaking 4.0x or greater for each of the past eight quarters, the median SaaS exit multiple on a TTM revenue basis dropped to 3.7x revenue in 4Q14, the same median multiple that prevailed from 3Q11 through 1Q12. The decline is due the elimination of several very high multiple deals posted in 4Q13 from our 4Q14 TTM analysis, including Oracle s acquisition of Responsys (8.2x), Textura s acquisition of Latista (10.8x) and Experian s acquisition of Passport Health (7.0x). The 3.7x median SaaS exit multiple for all of 2013 was 61% greater than the 2.3x median on-premise exit multiple for 2014. We anticipate the median SaaS exit multiple will remain below 4.0x in 2015 as buyers push back. 2010 2011 2012 2013 2014 3.1x Median SaaS EV/Revenue By Size Since 1Q10 3.4x 4.5x 4.4x <= 10M > 10M & <= 20M > 20M & <= 50M > 50M & <= 100M 4.7x > 100M Larger SaaS targets those that offered buyers not only a fast path to hosted solutions, vertical markets and compelling point solutions, but incremental revenue that could move the buyer s needle, commanded a significantly higher exit multiple than their smaller SaaS counterparts. Based upon SEG s analysis of 1,469 SaaS M&A transactions since 2010, SaaS providers with revenue less than $10 million received a median 3.1x revenue exit multiple, while SaaS companies with revenue greater than $100 million commanded a median 4.7x TTM revenue exit valuation. 74

Vertical Deals SaaS M&A BY PRODUCT CATEGORY The 462 SaaS acquisitions that closed in 2014 were spread across a wide number of product categories and vertical markets. CRM and Marketing once again led all product categories in acquisition activity, accounting for 14.6% of total 2014 SaaS deal volume, slightly lower than 15.1% in 2013. The Talent & Workforce Mgmt product category, which claimed only 6.4% of SaaS transactions in 2013, rose sharply to 11.1% in 2014. Indeed, M&A activity across all HR segments rebounded in 2014, not surprising considering 2014 s improved economy and marked increase in new hires. Transactions spanned payroll automation and benefits administration to core HRIS to social and data driven talent management. Led by ServiceNow s $100 million (~20x TTM Revenue) acquisition in 3Q14 of Neebula Systems, a cloud business service management tools provider, Systems Management was the third most active category in 2014, accounting for 9.2% of all SaaS transactions. However, SaaS infrastructure transactions still lagged well behind SaaS application deals as a percent of total. That will undoubtedly change as market adoption of SaaS infrastructure solutions grows. 75

INTERNET M&A: DEAL VOLUME AND EXIT MULTIPLES M&A Volume - Annual Median EV/Revenue Exit Multiples - Annual 794 978 876 894 452 626 1.6x 2.7x 1.9x 1.9x 2.0x 2009 2010 2011 2012 2013 2014 2010 2011 2012 2013 2014 There were 894 Internet M&A transactions in 2014, slightly more than 2013 s tally of 876 Internet deals, but a sustained improvement over the post-recession Internet deal totals for 2011 and 2010. 2012 s Internet deal volume high was spurred by a flurry of Internet acquisitions around the time of Facebook s IPO. In the ensuing years, Internet deal activity tapered a bit, but has remained healthy. In both 2013 and 2014, quarterly deal volume grew each quarter, with 244 transactions closed in 4Q14. The median TTM EV/Revenue exit multiple of the SEG Internet Index has held steady at about 2.0x for the past three years, after spiking in 2011. The Internet sector remains an M&A ecosystem of haves and have-nots, with extraordinarily wide disparities in exit valuations. 76

INTERNET M&A: BY PRODUCT CATEGORY 2014 M&A Volume by Product Category M&A Volume - Quarterly Category 2013 1Q 2014 2Q 2014 3Q 2014 4Q 2014 2014 Ad-Tech & Lead Gen 297 57 68 73 67 265 Commerce 166 38 41 49 65 193 Content & Media 154 50 41 43 52 186 Gaming 36 10 16 21 13 60 Infrastructure 143 21 25 32 32 110 Social Tech 80 18 24 23 15 80 Total 876 194 215 241 244 894 Internet ad-tech remained the most active internet M&A category in 2014, accounting for almost 1/3 of all sector transactions. Following a wave of social technology deals in 2011/2012 that averaged 30 transactions per quarter, Intenet M&A activity in the Social Tech category retreated to about 20 transactions per quarter in 2013, and held steady at that rate in 2014. The Commerce, Content & Media and Gaming categories each saw higher YoY deal volume in 2014. Gaming s 60 transactions in 2014 represented a 66% increase over 2013 s 36 transactions; Content & Media transactions in 2014 grew 21%, from 154 to 186. M&A deal volumes for the remaining Internet categories, measured year-over-year, declined 23.1% for Infrastructure and 10.8% for Ad- Tech, and remained flat for Social Tech. 77

APPENDIX

THE SEG SOFTWARE INDEX COMPANIES KEY METRICS Company SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 A10 Networks 7.6x 4.5x 3.5x 0.8x 0.8x 1660.9x - - - - - 18.1% - - 31.8% 0.5% -3.0% -1.0% -1.7% -7.5% Accretive Health 0.4x 0.3x 0.4x 0.4x 0.4x 5.6x 4.8x 5.3x 5.6x 5.9x -0.2% -0.2% -2.1% -3.1% -1.9% 6.5% 6.5% 6.7% 6.5% 6.6% ACI Worldwide 3.6x 3.3x 3.1x 3.2x 3.0x 17.3x 15.1x 14.6x 14.5x 14.5x 39.5% 29.8% 33.8% 30.3% 25.2% 21.1% 21.6% 21.0% 21.7% 21.0% Activision Blizzard 2.9x 3.2x 3.8x 3.5x 3.4x 8.1x 10.0x 12.8x 12.8x 13.5x 7.5% -5.6% -12.7% -13.9% -10.0% 35.5% 32.3% 29.5% 27.2% 25.4% Actuate 1.5x 1.1x 1.1x 1.1x 1.2x 13.9x 10.9x 19.5x 52.4x - -0.6% -3.1% -11.0% -16.2% -22.1% 10.7% 10.2% 5.9% 2.2% -2.3% Advent Software 4.9x 4.6x 4.9x 4.7x 4.7x 27.3x 24.8x 26.4x 19.7x 18.6x 6.9% 6.7% 6.3% 5.6% 4.3% 18.1% 18.6% 18.6% 24.1% 25.3% Allot Communications 4.2x 3.2x 2.5x 1.9x 1.8x - - 452.8x 55.9x 33.5x -4.8% -7.8% -3.8% 8.3% 19.0% -5.1% -0.8% 0.6% 3.4% 5.4% Allscripts Healthcare Solutions 2.5x 2.4x 2.3x 2.1x 2.1x 360.8x 329.2x 241.7x 96.7x 61.9x -7.4% -5.1% -4.4% -2.2% 1.1% 0.7% 0.7% 1.0% 2.1% 3.3% Amdocs Limited 1.7x 1.9x 1.8x 1.8x 1.7x 9.4x 10.2x 10.0x 9.6x 9.4x 3.0% 3.6% 4.8% 5.6% 6.5% 18.6% 18.5% 18.4% 18.3% 18.5% American Software 2.2x 2.0x 1.9x 2.0x 2.0x 13.9x 12.3x 11.8x 12.3x 16.3x -6.6% -3.2% 0.1% 4.4% 1.3% 15.6% 16.6% 16.2% 15.9% 12.3% ANSYS 8.1x 7.1x 7.3x 7.3x 7.1x 17.5x 15.2x 15.6x 15.6x 15.2x 9.1% 7.9% 8.4% 8.0% 8.5% 46.6% 46.8% 46.8% 46.5% 46.6% Aruba Networks 3.0x 2.7x 2.7x 2.5x 2.4x 101.9x 162.4x 117.6x 57.9x 33.8x 13.8% 11.6% 15.8% 21.5% 25.8% 3.0% 1.7% 2.3% 4.4% 7.0% Aspen Technology 12.0x 10.8x 9.9x 7.8x 7.4x 52.6x 39.4x 33.0x 22.9x 20.0x 24.3% 27.3% 27.7% 25.7% 25.5% 22.8% 27.5% 29.9% 34.0% 37.2% Autodesk 4.5x 4.3x 4.9x 5.2x 5.0x 22.3x 23.1x 28.6x 33.7x 39.4x -0.2% -1.7% 0.1% 3.7% 6.1% 20.1% 18.8% 17.1% 15.3% 12.8% AVG Technologies 2.3x 2.5x 2.2x 2.5x 2.5x 7.1x 7.1x 6.3x 7.3x 7.1x 19.5% 14.4% 4.8% -3.0% -6.1% 32.6% 35.0% 35.0% 33.6% 35.3% Bango PLC 8.0x 5.8x 5.4x 7.4x 7.4x - - - - - - -13.7% -16.5% -19.5% -19.5% -35.8% -51.5% -60.4% -71.1% -71.1% Barracuda Networks 7.4x 5.6x 5.3x 6.5x 6.2x - - 339.6x 204.3x 181.3x - 17.5% 16.5% 16.8% 17.6% -0.1% 0.0% 1.5% 3.2% 3.4% Blackbaud 3.3x 3.3x 3.5x 3.9x 3.7x 16.4x 16.3x 17.8x 19.7x 20.5x 15.8% 12.6% 10.1% 9.5% 11.8% 20.4% 20.0% 19.7% 19.6% 18.3% Bottomline Technologies 4.7x 4.1x 3.7x 3.2x 3.1x 46.9x 36.9x 31.2x 28.9x 26.8x 11.5% 11.6% 13.1% 18.0% 20.9% 10.1% 11.0% 11.8% 11.1% 11.5% Broadridge Financial 1.9x 2.0x 2.1x 2.2x 2.2x 10.1x 10.4x 10.5x 10.6x 10.8x 6.8% 7.3% 7.2% 5.2% 3.6% 18.9% 19.1% 19.6% 20.4% 19.9% Brocade Communications Systems 1.7x 1.6x 1.6x 1.9x 1.9x 7.4x 6.4x 6.3x 7.2x 7.3x -0.7% -3.0% -2.8% -1.6% -0.5% 23.3% 24.4% 25.5% 26.2% 25.8% BSQUARE 0.2x 0.2x 0.2x 0.2x 0.2x - - - 96.6x 9.9x -6.9% -9.2% -2.8% 1.2% 4.4% -1.8% -2.0% -1.3% 0.3% 2.4% CA Technologies 3.0x 2.6x 2.5x 2.7x 2.7x 8.8x 7.7x 7.8x 8.4x 8.8x -4.9% -4.3% -2.1% -1.6% -1.2% 34.3% 33.9% 32.0% 31.7% 30.8% Cadence Design Systems 2.7x 2.9x 3.2x 3.3x 3.3x 13.0x 13.9x 16.2x 16.6x 16.6x 10.1% 10.1% 8.8% 7.4% 7.4% 20.9% 20.9% 19.8% 19.9% 19.9% Cerner 6.6x 6.1x 6.3x 6.4x 6.4x 25.3x 23.2x 23.9x 24.3x 24.3x 8.8% 8.8% 11.1% 15.2% 15.2% 26.2% 26.2% 26.3% 26.5% 26.5% Check Point Software Tech 8.4x 8.1x 8.3x 9.2x 9.1x 15.1x 14.7x 15.1x 16.9x 16.6x 3.4% 3.8% 4.5% 5.3% 6.3% 55.8% 55.4% 55.1% 54.7% 54.5% Cimatron 1.8x 1.3x 1.1x 0.9x 0.9x 11.9x 8.5x 7.3x 6.2x 6.0x 4.0% 4.6% 5.8% 6.4% 6.3% 15.1% 14.7% 15.0% 15.2% 15.5% Cisco Systems 1.7x 2.0x 2.1x 2.2x 2.2x 6.1x 7.0x 7.4x 8.1x 8.0x 4.6% 1.3% -1.4% -3.0% -3.1% 28.5% 28.2% 28.0% 27.3% 27.5% Citrix Systems 3.6x 3.3x 4.0x 3.6x 3.6x 16.6x 14.8x 17.4x 15.3x 16.1x 15.8% 12.8% 12.2% 9.4% 8.3% 21.9% 22.2% 22.7% 23.8% 22.3% ClickSoftware Technologies Ltd 2.4x 2.3x 2.1x 1.7x 1.6x - - - - - 5.5% 3.1% 4.2% 9.1% 21.3% -0.7% -3.0% -4.5% -3.0% -0.3% CommVault Systems 5.1x 3.3x 3.3x 2.9x 2.9x 29.1x 18.1x 18.1x 17.1x 20.1x 21.4% 20.4% 18.2% 16.5% 13.1% 17.6% 18.2% 18.2% 17.1% 14.4% Computer Programs and Sys 3.5x 3.4x 3.3x 3.2x 3.1x 14.0x 12.5x 12.1x 11.5x 10.9x 11.2% 9.6% 8.0% 3.7% 6.2% 25.3% 26.7% 27.3% 27.9% 28.5% Constellation 4.1x 4.3x 4.1x 4.3x 4.0x 30.0x 33.3x 36.8x 43.2x 39.6x 36.6% 35.9% 41.7% 40.8% 38.7% 13.8% 12.9% 11.2% 9.9% 10.1% CSG Systems International 1.3x 1.3x 1.3x 1.3x 1.3x 7.9x 7.6x 8.2x 7.9x 8.0x 0.6% -1.2% 0.3% -0.2% 0.2% 17.1% 16.8% 16.2% 16.0% 15.8% Cyan 0.8x 1.2x 1.3x 1.0x 1.1x - - - - - 58.4% 21.6% 1.2% -12.5% -27.5% -20.7% -29.9% -40.8% -49.9% -59.6% Cyberark Software - - 11.4x 13.1x 11.4x - - 86.9x 103.3x 69.1x 29.8% 40.1% - - - 16.9% 14.4% 13.2% 12.6% 16.5% Cyren 3.1x 2.6x 2.3x 1.5x 1.6x - - - - - 33.4% 34.9% 25.0% 15.2% 5.0% -2.1% -7.7% -10.6% -13.7% -16.8% 79

THE SEG SOFTWARE INDEX COMPANIES KEY METRICS Company SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Dassault Systèmes 4.5x 4.8x 5.4x 5.1x 5.3x 14.5x 15.2x 18.1x 17.7x 18.3x 4.4% 1.9% 1.6% 2.3% 5.9% 30.9% 31.5% 29.7% 28.6% 29.1% DST Systems 1.7x 1.6x 1.6x 1.6x 1.5x 11.2x 9.8x 9.9x 9.9x 9.8x 4.3% 3.2% 2.1% 2.0% 2.3% 15.5% 16.2% 16.0% 15.8% 15.8% Electronic Arts 1.9x 2.4x 2.7x 2.9x 2.7x 15.9x 40.4x 39.4x 30.3x 16.9x -7.8% -7.5% -5.8% 1.3% 9.5% 11.7% 6.0% 6.9% 9.5% 15.9% EMC 2.3x 2.3x 2.5x 2.5x 2.4x 9.5x 9.4x 10.7x 10.7x 10.5x 6.2% 6.9% 5.9% 5.7% 6.7% 23.8% 24.2% 23.7% 23.1% 23.0% EPIQ Systems 1.9x 1.7x 1.8x 1.9x 1.9x 10.1x 10.3x 11.9x 14.3x 15.2x 24.9% 27.2% 23.9% 21.7% 12.5% 18.9% 16.6% 15.1% 13.2% 12.6% Evertec 7.4x 7.2x 6.9x 6.6x 6.6x 19.7x 18.5x 17.3x 15.9x 15.7x 5.5% 4.6% 3.1% 2.2% 1.5% 37.9% 39.0% 40.0% 41.7% 42.1% Evolving Systems 3.6x 3.3x 4.0x 3.9x 3.7x 13.6x 13.8x 18.7x 15.9x 14.0x 4.4% -4.4% -7.4% 3.9% 12.9% 26.5% 23.8% 21.4% 24.6% 26.5% F5 Networks 5.1x 4.8x 5.0x 5.2x 4.8x 16.1x 15.7x 16.4x 16.9x 15.5x 7.6% 7.2% 11.3% 14.7% 17.5% 31.5% 30.8% 30.7% 30.8% 31.1% Fair Isaac 3.0x 3.2x 3.1x 3.6x 3.4x 11.4x 12.2x 11.9x 13.8x 13.7x 9.9% 6.0% 3.9% 2.5% 6.1% 26.7% 25.9% 26.4% 26.0% 25.2% FalconStor Software 0.8x 0.9x 0.7x 0.6x 0.6x - - - - - -15.2% -22.2% -22.4% -23.5% -26.1% -11.5% -12.4% -10.7% -9.2% -11.3% Fidessa 3.2x 3.0x 2.8x 2.8x 2.8x 16.2x 15.3x 14.7x 14.8x 14.8x -1.0% 0.1% 0.1% 0.1% 0.1% 19.6% 19.4% 19.1% 18.8% 18.8% Fiserv 3.9x 3.8x 3.9x 4.1x 4.1x 13.3x 13.3x 13.5x 14.1x 13.8x 5.5% 8.5% 9.0% 7.6% 6.8% 29.0% 28.9% 29.1% 29.3% 29.7% Fortinet 5.2x 5.0x 5.5x 5.6x 5.3x 32.0x 35.3x 42.1x 44.5x 45.3x 17.0% 15.3% 17.4% 20.0% 22.9% 16.3% 14.1% 13.1% 12.5% 11.6% GameLoft SA 2.5x 2.2x 1.5x 1.1x 1.1x 16.4x 14.4x 11.5x 9.6x 9.6x 16.6% 12.0% 8.7% 5.7% 5.7% 15.5% 15.6% 13.4% 11.3% 11.3% Gigamon 6.0x 2.9x 1.5x 2.3x 2.3x - - - - - 45.1% 45.1% 38.2% 15.4% 15.4% -19.5% -19.5% -25.8% -11.4% -11.4% Glu Mobile 3.6x 2.8x 3.5x 2.5x 1.9x - - - - 77.5x -7.4% -2.4% 18.2% 40.0% 90.7% -15.5% -13.2% -6.0% -2.4% 2.5% Gree 1.4x 1.3x 1.1x 0.9x 1.1x 4.2x 4.1x 3.1x 2.7x 3.2x -9.7% -12.7% -12.4% -17.5% -22.7% 33.5% 31.6% 34.2% 33.5% 33.6% GSE Systems 0.3x 0.2x 0.2x 0.2x 0.2x - - - - - -12.1% -9.0% -14.3% -16.2% -22.7% -4.9% -6.8% -8.9% -10.4% -13.7% Guidance Software 2.4x 2.3x 1.9x 1.6x 1.6x - - - - - -3.5% -14.6% -16.4% -14.1% -8.8% -7.9% -12.3% -10.9% -9.2% -6.7% Guidewire Software 9.3x 7.0x 7.8x 8.6x 8.2x 129.9x 149.3x 159.7x 126.1x 91.0x 25.1% 21.2% 21.2% 16.5% 19.6% 7.2% 4.7% 4.9% 6.8% 9.1% Hewlett Packard 0.6x 0.6x 0.7x 0.7x 0.7x 5.2x 5.5x 5.7x 5.8x 5.7x -6.7% -5.6% -3.2% -0.8% -0.8% 11.4% 11.5% 11.5% 11.5% 11.8% IBM 2.2x 2.2x 2.3x 2.0x 2.1x 8.5x 8.9x 9.0x 7.8x 8.5x -4.2% -4.6% -4.3% -3.3% -7.0% 26.4% 25.1% 25.5% 25.6% 24.9% idream Sky Technologies - - 12.8x 10.2x 10.2x - - 61.7x 49.0x 49.0x - 1172.4% - - - -39.7% 15.3% 20.8% 20.8% 20.8% Imperva 10.5x 3.5x 4.6x 7.0x 6.6x - - - - - 32.5% 32.2% 26.4% 25.2% 22.5% -10.9% -16.5% -23.5% -28.7% -32.5% Informatica 4.1x 3.5x 3.0x 3.3x 3.2x 25.1x 20.2x 16.9x 17.9x 17.3x 12.8% 16.8% 17.7% 16.6% 12.5% 16.3% 17.3% 17.9% 18.4% 18.7% Intuit 5.0x 4.9x 4.9x 5.4x 5.4x 14.7x 15.7x 14.5x 16.5x 16.9x 11.5% 12.2% 15.1% 8.0% 7.7% 34.0% 31.4% 33.9% 33.0% 31.8% Jack Henry & Associates 4.1x 4.1x 4.0x 4.1x 4.0x 12.7x 12.0x 11.8x 11.9x 11.6x 9.9% 9.8% 9.1% 7.1% 6.9% 32.5% 34.0% 34.1% 34.5% 34.5% Juniper Networks 2.5x 2.2x 2.0x 1.8x 1.8x 15.7x 12.7x 11.6x 10.2x 10.1x 4.4% 7.0% 8.8% 8.7% 5.8% 16.0% 17.0% 17.0% 17.6% 18.0% King Digital Entertainment 4.2x 2.6x 1.6x 1.6x 1.7x 10.7x 6.8x 4.4x 4.4x 5.1x - 1046.1% 555.3% 213.8% 73.1% 38.9% 38.2% 35.8% 36.3% 32.9% Konami 1.4x 1.5x 1.5x 1.2x 1.3x 13.0x 12.8x 17.7x 9.9x 10.4x -12.9% -4.1% -3.7% -0.8% 0.5% 11.0% 11.3% 8.3% 11.6% 12.2% Magic Software Enterprises 2.0x 1.9x 1.5x 1.4x 1.3x 10.5x 9.7x 8.0x 7.1x 6.9x 15.2% 14.7% 17.5% 16.0% 16.8% 19.5% 19.1% 19.2% 19.2% 19.3% Manhattan Associates 6.2x 5.7x 5.2x 6.3x 6.1x 24.4x 22.2x 18.9x 23.0x 22.1x 10.4% 10.2% 13.1% 15.7% 16.7% 25.3% 25.8% 27.2% 27.4% 27.5% Mavenir Systems 4.5x 3.3x 3.1x 2.8x 2.6x - - - - - 12.0% 37.2% 41.0% 40.3% 35.5% -7.3% -3.7% -3.4% -4.1% -4.0% MedAssets 3.2x 3.2x 3.2x 3.0x 3.0x 10.5x 10.6x 10.6x 10.2x 10.0x 6.4% 6.3% 2.3% 1.8% 2.8% 30.7% 30.6% 29.8% 29.6% 29.9% Mentor Graphics 2.3x 2.1x 2.1x 2.1x 2.1x 12.9x 10.0x 10.6x 11.1x 11.1x 0.8% 6.2% 10.7% 10.1% 11.0% 17.8% 20.7% 20.0% 19.1% 18.9% Merge Healthcare 1.8x 1.8x 2.0x 2.3x 2.4x 27.1x 16.5x 17.2x 17.3x 13.1x -2.3% -6.9% -13.0% -12.3% -12.5% 6.7% 11.1% 11.6% 13.4% 18.0% Microsoft 3.1x 3.2x 3.7x 3.8x 3.6x 7.8x 8.3x 9.6x 10.2x 9.8x 11.1% 14.4% 9.6% 11.5% 13.9% 39.9% 39.0% 38.5% 37.0% 36.3% 80

THE SEG SOFTWARE INDEX COMPANIES KEY METRICS Company SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 MicroStrategy 1.9x 1.9x 2.1x 2.5x 2.4x 29.9x 27.1x 29.6x 48.6x 64.8x -0.7% 1.8% 4.7% 4.9% 5.5% 6.2% 7.0% 7.0% 5.1% 3.8% Millennial Media 2.9x 1.5x 0.6x 0.4x 0.4x - 327.5x - - - 42.9% 45.9% 45.4% 38.2% 39.0% -2.1% 0.4% -1.8% -4.7% -7.1% MIND C.T.I. 1.2x 1.3x 1.9x 2.0x 1.8x 7.7x 9.7x 11.2x 9.5x 7.0x -10.6% -8.6% 1.8% 16.7% 28.6% 15.3% 13.0% 17.3% 21.1% 26.1% MobileIron - 6.5x 5.6x 5.0x 4.7x - - - - - 195.1% 158.2% - - - -113.8% -24.5% -33.8% -40.7% -43.4% Model N 1.7x 1.5x 1.4x 1.8x 1.9x 42.6x 69.4x - - - 20.9% 14.2% 4.7% -8.3% -19.8% 3.9% 2.1% -1.9% -11.6% -22.4% Momo - - - 125.2x 74.7x - - - - - - - - - - - -272.2% -103.4% -72.4% -84.4% Monotype Imaging Holdings 6.5x 5.8x 6.2x 5.8x 5.6x 18.6x 16.6x 18.1x 17.1x 16.7x 14.1% 11.2% 8.3% 9.0% 11.4% 35.1% 34.9% 34.2% 34.0% 33.5% MSCI 6.1x 5.3x 5.2x 5.2x 5.1x 13.0x 12.2x 12.3x 12.6x 12.7x -0.6% 9.0% 12.3% 16.3% 19.6% 46.8% 43.6% 42.5% 41.2% 40.1% Myriad Group AG 3.5x 3.3x 6.4x 10.1x 10.1x - - - - - -10.8% -23.3% -20.4% -17.3% -17.3% -17.0% -16.0% -11.4% -6.8% -6.8% NetApp 1.5x 1.2x 1.5x 1.5x 1.5x 10.2x 8.0x 8.9x 9.1x 9.1x 2.5% 1.2% -0.1% -1.7% -1.9% 14.6% 15.2% 16.2% 16.4% 16.4% Netscout Systems 3.7x 3.7x 4.2x 3.2x 3.1x 16.8x 15.7x 17.8x 13.2x 12.7x 9.0% 11.8% 13.1% 18.7% 16.8% 22.1% 23.7% 23.6% 24.6% 24.2% NetSol Technologies 1.2x 1.1x 1.1x 1.4x 1.4x 2.6x 3.2x 7.0x - - 22.6% 2.3% -17.9% -21.7% -25.8% 43.9% 33.4% 15.2% -8.9% -20.2% NeuStar 3.0x 2.2x 2.3x 2.1x 2.1x 7.0x 5.6x 5.9x 5.7x 5.8x 11.0% 8.5% 7.9% 8.2% 8.0% 42.0% 39.9% 38.4% 37.6% 36.2% NICE Systems Ltd 2.5x 2.3x 2.3x 2.7x 2.6x 14.4x 12.9x 13.0x 15.9x 15.5x 7.2% 8.0% 6.8% 6.8% 7.7% 17.5% 18.0% 17.5% 16.9% 16.9% NQ Mobile 5.1x 2.2x 1.2x 2.1x 1.3x 151.0x 296.0x 166.5x 276.6x - 113.0% 114.3% 114.3% 114.3% 95.4% 3.4% 0.7% 0.7% 0.7% -19.1% Nuance Communications, Inc. 3.4x 3.6x 3.7x 3.3x 3.2x 26.7x 32.1x 35.9x 36.2x 34.1x 12.3% 6.3% 4.1% 2.2% 3.7% 12.9% 11.3% 10.2% 9.1% 9.5% Omnicell 2.4x 2.3x 2.2x 2.6x 2.4x 17.1x 16.6x 15.3x 17.4x 16.1x 27.3% 21.2% 17.3% 14.4% 16.5% 13.8% 13.8% 14.3% 14.7% 15.2% Open Text Corp 4.4x 4.9x 5.2x 4.8x 4.4x 18.6x 20.6x 20.3x 17.4x 15.2x 9.3% 7.6% 11.8% 19.2% 28.8% 23.6% 23.9% 25.5% 27.6% 29.3% Opera 6.0x 5.2x 5.4x 5.0x 4.2x 21.5x 20.0x 21.5x 20.2x 18.5x 36.5% 38.9% 40.7% 39.9% 53.3% 27.9% 26.0% 25.2% 24.5% 22.7% Oracle 4.2x 4.5x 4.3x 4.2x 4.2x 9.7x 10.3x 9.9x 9.6x 9.5x 0.9% 2.0% 2.9% 3.0% 3.4% 43.5% 43.6% 43.7% 43.7% 43.6% Palo Alto Networks 10.6x 9.6x 11.5x 14.1x 12.8x - - - - - 54.4% 49.2% 48.1% 51.0% 51.1% -1.9% -4.1% -5.6% -7.5% -8.8% Pandora Media 10.9x 5.6x 7.0x 4.6x 4.2x - - - - - 53.5% - - - - -7.1% -1.0% -1.0% -1.4% -1.0% Parametric Technology 3.3x 3.3x 3.5x 3.4x 3.4x 15.8x 15.9x 15.9x 15.4x 15.4x 3.3% 3.3% 3.4% 4.8% 4.9% 20.8% 20.8% 21.8% 22.3% 21.9% PDF Solutions 5.9x 4.7x 4.9x 2.7x 2.8x 20.1x 14.4x 14.0x 7.8x 8.9x 17.8% 13.3% 12.3% 9.5% 3.0% 29.5% 32.6% 34.8% 35.4% 31.8% Pegasystems 3.0x 2.5x 2.7x 2.4x 2.4x 18.6x 15.4x 17.1x 16.9x 18.8x 15.3% 10.2% 14.2% 16.7% 15.0% 16.2% 15.9% 15.8% 14.4% 12.6% Progress Software 3.1x 2.7x 3.0x 3.2x 3.1x 10.9x 9.5x 10.1x 10.3x 10.0x 5.2% 1.9% -0.8% -1.2% -0.4% 28.0% 28.3% 29.3% 30.9% 31.3% Proofpoint 10.6x 7.8x 9.0x 9.6x 8.7x - - - - - 25.3% 29.8% 33.3% 39.0% 43.3% -12.9% -12.2% -13.1% -14.8% -15.7% PROS Holdings 7.0x 4.8x 4.6x 4.5x 4.3x 104.5x 73.0x 211.2x - - 24.6% 23.0% 22.3% 22.1% 23.2% 6.7% 6.6% 2.2% -0.6% -2.7% QAD 0.9x 0.9x 0.9x 0.9x 0.9x 21.1x 18.2x 15.9x 16.4x 14.1x 2.8% 5.6% 9.0% 10.3% 11.8% 4.2% 5.1% 5.7% 5.7% 6.5% Qihoo 360 Technology 21.1x 16.0x 13.4x 8.5x 7.1x 79.8x 52.3x 44.8x 31.8x 28.8x 91.5% 104.0% 123.6% 121.3% 113.8% 26.4% 30.6% 29.8% 26.6% 24.7% Qiwi 5.3x 4.0x 4.8x 3.1x 3.3x 23.7x 17.4x 18.9x 11.1x 10.8x - 30.9% 30.0% 26.3% 26.1% 22.4% 23.1% 25.6% 27.5% 30.8% Qlik Technologies 5.1x 3.7x 4.5x 4.8x 4.5x 525.3x 151.4x 380.6x 287.3x 578.9x 24.2% 21.1% 19.5% 18.8% 20.1% 1.0% 2.5% 1.2% 1.7% 0.8% Quality Systems 2.2x 1.9x 1.8x 1.7x 1.6x 11.2x 11.9x 13.0x 15.3x 12.1x -2.1% -3.7% -3.4% 0.3% 8.2% 19.7% 16.3% 13.9% 11.1% 13.2% Radware 3.4x 3.1x 3.0x 3.8x 3.6x 21.2x 20.3x 20.9x 28.0x 24.4x 2.9% 2.0% 5.1% 8.4% 12.7% 16.1% 15.4% 14.4% 13.5% 14.8% Red Hat 6.8x 5.6x 6.4x 6.2x 6.0x 33.2x 27.7x 33.4x 33.0x 32.3x 16.0% 15.5% 15.8% 16.6% 16.5% 20.4% 20.1% 19.2% 18.9% 18.6% Redknee Solutions 3.5x 2.5x 1.3x 1.2x 1.2x 191.9x 70.3x 23.7x 96.0x 43.3x 149.8% 226.0% 349.5% 156.4% 81.4% 1.8% 3.6% 5.6% 1.2% 2.7% Riverbed Technology 3.3x 3.1x 2.9x 2.9x 2.9x 25.4x 21.8x 18.9x 18.0x 16.8x 24.0% 24.4% 17.7% 12.9% 9.4% 13.0% 14.2% 15.3% 16.2% 17.0% 81

THE SEG SOFTWARE INDEX COMPANIES KEY METRICS Company SEG Software Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Saba Software, Inc. - - - - - - - - - - 7.7% 7.7% 7.7% 7.7% 7.7% -8.7% -8.7% -8.7% -8.7% -8.7% Sage Group 3.7x 3.6x 3.4x 3.1x 3.3x 12.6x 12.3x 11.7x 10.6x 11.5x 2.7% -0.5% -3.7% -4.4% -5.0% 29.1% 29.3% 29.5% 29.0% 28.4% SAP 4.3x 4.0x 4.0x 3.6x 3.9x 12.8x 11.6x 11.7x 10.4x 12.0x 6.6% 3.6% 2.7% 2.2% 4.4% 33.2% 34.2% 34.4% 34.5% 32.9% Sapiens International 2.3x 2.2x 2.1x 2.1x 2.0x 18.7x 19.1x 19.0x 18.2x 17.2x 21.5% 18.8% 17.6% 16.6% 16.5% 12.3% 11.3% 11.3% 11.6% 11.8% Silver Spring Networks 2.4x 1.6x 1.2x 1.1x 1.4x - - - - - 34.5% 66.1% 62.8% 3.5% -24.6% -19.8% -10.8% -7.3% -22.7% -38.5% Software AG 2.4x 2.3x 1.7x 1.7x 1.9x 9.5x 9.4x 6.8x 7.1x 7.8x -8.1% -7.1% -6.0% -8.2% -9.8% 25.6% 25.0% 24.8% 23.6% 24.2% SolarWinds 9.8x 8.3x 8.4x 9.3x 8.8x 21.7x 19.9x 22.2x 26.5x 26.3x 24.2% 24.7% 27.0% 29.3% 30.6% 45.4% 41.7% 38.1% 35.2% 33.3% Sourcefire 1.2x 1.1x 1.0x 0.7x 0.8x 49.1x 10.7x 7.7x 5.8x 10.9x 5.6% 25.2% 36.0% 43.9% 20.2% 2.4% 10.6% 13.6% 12.7% 7.6% Splunk 32.3x 17.2x 14.6x 18.3x 16.6x - - - - - 51.4% 52.1% 51.3% 51.6% 50.6% -16.4% -23.3% -31.3% -40.8% -44.9% SS&C 5.8x 5.8x 5.9x 6.4x 6.3x 14.7x 14.6x 15.0x 16.4x 16.0x 47.5% 29.1% 14.9% 7.1% 6.8% 39.5% 39.5% 39.6% 39.0% 39.1% Stratasys 13.1x 8.6x 9.5x 7.9x 7.0x 82.5x 51.8x 60.4x 54.2x 63.4x 113.4% 125.0% 101.2% 88.0% 71.8% 15.9% 16.6% 15.7% 14.6% 11.1% Symantec 1.9x 1.9x 2.2x 2.3x 2.3x 6.6x 6.6x 7.5x 8.1x 8.0x -0.6% -3.3% -3.3% -3.5% -2.9% 28.5% 29.1% 29.1% 29.0% 29.2% Synchronoss Technologies 3.8x 3.6x 4.5x 4.6x 4.2x 19.0x 16.1x 18.6x 17.7x 15.6x 23.7% 27.5% 28.5% 27.8% 30.5% 20.2% 22.2% 24.0% 25.7% 26.7% Synopsys 2.7x 2.6x 2.8x 2.8x 2.8x 14.8x 14.2x 15.8x 15.9x 15.4x 11.7% 8.9% 6.0% 5.8% 4.9% 18.4% 18.3% 17.6% 17.8% 18.0% Take-Two Interactive 1.5x 0.6x 0.7x 0.8x 0.8x - 3.1x 3.6x 4.2x 3.6x 13.9% 130.9% 93.5% 106.3% 129.5% -4.0% 19.7% 18.4% 19.3% 22.4% Tangoe 3.7x 2.9x 2.5x 2.3x 2.2x 40.9x 33.0x 31.6x 32.2x 32.2x 30.8% 22.3% 17.7% 14.4% 13.5% 9.0% 8.7% 8.1% 7.2% 7.0% TeleCommunication Systems 0.5x 0.7x 0.7x 0.7x 0.7x 6.7x 12.4x 11.5x 9.8x 9.3x -12.6% -25.7% -26.9% -24.8% -17.1% 7.9% 5.9% 6.3% 7.4% 7.8% TeleNav 0.3x 0.4x 0.5x 0.9x 0.9x 5.1x 29.7x - - - -0.9% -6.2% -16.9% -21.6% -27.2% 6.3% 1.4% -7.8% -15.7% -24.4% Teradata 2.6x 2.3x 2.2x 2.2x 2.2x 11.4x 9.9x 9.3x 9.4x 9.4x 2.5% 1.0% 3.6% 3.6% 2.9% 22.5% 23.1% 23.7% 23.2% 23.0% The Descartes Systems Group 5.8x 5.6x 6.3x 6.0x 5.8x 20.7x 19.9x 22.3x 20.9x 20.1x 18.0% 19.2% 20.6% 17.2% 15.3% 28.2% 28.1% 28.2% 28.7% 29.1% Trend Micro 2.8x 3.1x 3.2x 2.8x 3.0x 8.4x 9.2x 9.3x 8.0x 8.6x 11.3% 15.4% 13.5% 9.8% 7.8% 33.7% 33.9% 34.7% 35.1% 35.0% Tyler Technologies 7.6x 6.1x 6.6x 7.6x 7.2x 40.9x 32.4x 34.0x 36.9x 33.6x 14.6% 14.7% 15.2% 17.2% 18.7% 18.5% 18.9% 19.5% 20.5% 21.5% Varonis Systems 15.3x 6.5x 5.4x 5.1x 4.7x - - - - - - 39.7% 43.7% 38.0% 38.3% -6.5% -6.8% -11.1% -14.0% -16.0% VASCO Data Security International 1.4x 2.1x 2.8x 5.4x 5.0x 13.2x 19.5x 25.4x 40.9x 30.4x -8.0% 0.7% 0.9% 14.3% 21.1% 10.5% 10.6% 10.9% 13.3% 16.6% Verint Systems Inc 3.1x 3.0x 3.9x 4.0x 3.8x 17.2x 16.5x 23.6x 27.5x 28.6x 7.0% 8.1% 13.2% 18.3% 21.8% 18.1% 18.1% 16.6% 14.5% 13.2% Verisk 8.0x 6.8x 6.9x 6.7x 6.6x 16.3x 14.8x 15.2x 14.7x 14.4x -0.1% 13.3% 13.3% 14.2% 15.7% 49.2% 46.1% 45.6% 45.4% 45.4% VMWare 7.1x 7.0x 6.8x 5.5x 5.3x 27.1x 24.8x 24.6x 21.1x 21.0x 14.7% 13.1% 13.4% 15.0% 15.9% 26.3% 28.1% 27.8% 26.0% 25.2% Zynga 2.9x 2.6x 2.5x 2.1x 2.2x 20.8x 31.2x 58.8x - - -21.3% -31.8% -36.5% -37.6% -33.1% 13.9% 8.4% 4.2% -2.5% -11.7% 82

THE SEG SOFTWARE INDEX METRICS BY PRODUCT CATEGORY Billing & Service Management 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.0x 2.2x 1.9x 2.0x 1.8x EV/EBITDA 9.4x 10.2x 11.2x 9.6x 9.4x EV/Earnings 16.7x 17.0x 21.7x 18.5x 18.4x Gross Profit Margin 57.8% 57.4% 57.3% 56.3% 55.4% EBITDA Margin 18.6% 18.5% 18.4% 21.1% 26.1% Net Income Margin 12.3% 11.8% 12.2% 11.7% 11.8% TTM Revenue Growth (YoY) 4.4% 3.6% 4.8% 8.2% 12.9% TTM EBITDA Growth (YoY) -6.9% 1.6% 1.7% -0.5% 13.1% TTM Earnings Growth (YoY) -9.6% -4.8% -9.2% -3.3% 5.3% Current Ratio 2.3 2.4 2.7 2.7 2.6 Cash as Percent of Market Cap 14.2% 15.9% 15.0% 18.2% 19.3% Enterprise Value Growth (YoY) 31.0% 26.1% 33.1% 23.2% 2.5% Enterprise Resource Planning 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.7x 3.6x 3.4x 3.1x 3.3x EV/EBITDA 12.8x 12.3x 11.7x 10.6x 11.5x EV/Earnings 23.1x 20.1x 19.1x 19.3x 22.8x Gross Profit Margin 61.2% 61.3% 61.3% 61.4% 61.5% EBITDA Margin 29.1% 29.3% 29.5% 29.0% 28.4% Net Income Margin 10.7% 10.9% 18.0% 16.2% 14.3% TTM Revenue Growth (YoY) 2.7% 2.0% 2.7% 3.0% 2.9% TTM EBITDA Growth (YoY) 3.3% 4.2% 4.5% 5.2% 1.5% TTM Earnings Growth (YoY) -6.8% 0.2% 16.0% 7.7% 6.6% Current Ratio 1.1 1.2 1.2 1.2 1.2 Cash as Percent of Market Cap 20.6% 21.6% 20.2% 20.7% 21.7% Enterprise Value Growth (YoY) 13.6% 25.3% 19.4% 18.1% 8.1% IT Conglomerates 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.1x 3.2x 3.7x 3.6x 3.6x EV/EBITDA 8.5x 8.9x 9.6x 9.6x 9.5x EV/Earnings 13.9x 13.6x 14.4x 14.8x 15.3x Gross Profit Margin 61.2% 61.3% 61.3% 61.4% 61.5% EBITDA Margin 33.2% 34.2% 34.4% 34.5% 35.1% Net Income Margin 18.4% 19.8% 19.7% 18.7% 19.1% TTM Revenue Growth (YoY) 0.9% 2.0% 2.7% 2.2% 2.9% TTM EBITDA Growth (YoY) 4.1% 5.4% 4.5% 5.2% 3.1% TTM Earnings Growth (YoY) 5.2% 11.9% 8.1% 3.1% -2.0% Current Ratio 1.2 1.3 1.2 1.2 1.1 Cash as Percent of Market Cap 20.6% 21.6% 20.2% 20.7% 22.1% Enterprise Value Growth (YoY) 9.5% 5.0% 19.4% 21.3% 14.2% Business Intelligence 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.1x 3.2x 3.0x 3.3x 3.2x EV/EBITDA 16.3x 14.8x 16.9x 15.8x 14.4x EV/Earnings 28.7x 25.0x 29.3x 30.0x 28.6x Gross Profit Margin 75.3% 75.9% 76.8% 77.1% 77.1% EBITDA Margin 16.2% 15.9% 15.8% 14.4% 12.6% Net Income Margin 8.6% 9.1% 7.3% 6.4% 5.0% TTM Revenue Growth (YoY) 7.5% 10.2% 13.3% 14.2% 12.5% TTM EBITDA Growth (YoY) -2.0% -0.3% 4.2% -0.6% -10.6% TTM Earnings Growth (YoY) -6.9% -8.7% -2.6% 0.1% -4.2% Current Ratio 2.1 2.0 1.9 1.9 2.0 Cash as Percent of Market Cap 9.4% 12.8% 14.3% 13.9% 14.6% Enterprise Value Growth (YoY) 37.5% 15.1% 4.3% -13.3% -9.2% Financial & Accounting 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.7x 3.6x 3.4x 3.2x 3.3x EV/EBITDA 14.7x 15.1x 14.0x 14.1x 13.8x EV/Earnings 30.0x 27.4x 25.3x 27.8x 27.2x Gross Profit Margin 54.7% 54.6% 55.7% 56.6% 56.0% EBITDA Margin 26.7% 25.9% 25.6% 26.0% 25.2% Net Income Margin 11.6% 11.3% 11.5% 14.4% 14.3% TTM Revenue Growth (YoY) 10.7% 8.5% 4.7% 2.5% 6.1% TTM EBITDA Growth (YoY) 4.6% 6.7% 9.5% 6.6% 4.3% TTM Earnings Growth (YoY) 4.4% 2.0% 11.0% 34.2% 34.4% Current Ratio 1.6 1.3 1.2 1.3 1.3 Cash as Percent of Market Cap 4.1% 5.6% 5.5% 4.8% 5.0% Enterprise Value Growth (YoY) 29.8% 28.9% 21.5% 13.4% 4.1% Mobile Solutions/Content 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.7x 2.8x 3.5x 3.5x 3.2x EV/EBITDA 19.9x 29.7x 26.6x 20.2x 18.5x EV/Earnings 110.8x 25.8x 54.1x 50.0x 47.3x Gross Profit Margin 57.8% 56.6% 56.5% 56.7% 55.5% EBITDA Margin 6.3% 3.7% 2.5% -0.3% 0.7% Net Income Margin 1.6% -1.8% -3.2% -6.9% -9.6% TTM Revenue Growth (YoY) 27.3% 24.9% 17.9% 21.1% 22.0% TTM EBITDA Growth (YoY) -4.0% 14.9% 0.1% 1.3% -13.1% TTM Earnings Growth (YoY) -34.9% 63.3% 156.3% 147.0% 56.6% Current Ratio 2.7 2.6 2.9 3.1 2.8 Cash as Percent of Market Cap 10.6% 9.4% 15.1% 19.3% 18.2% Enterprise Value Growth (YoY) 50.9% 29.1% 32.2% 28.0% -11.4% Development Platforms 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 2.2x 2.1x 1.6x 1.5x 1.6x EV/EBITDA 10.9x 9.7x 10.1x 21.7x 9.9x EV/Earnings 18.4x 17.1x 15.1x 17.4x 20.8x Gross Profit Margin 76.5% 77.3% 77.5% 77.3% 77.8% EBITDA Margin 20.0% 19.6% 19.2% 19.0% 19.0% Net Income Margin 11.5% 11.3% 11.0% 10.9% 10.4% TTM Revenue Growth (YoY) 2.3% -0.6% -1.8% 0.0% 1.6% TTM EBITDA Growth (YoY) -0.1% -1.5% 1.7% 12.9% 7.1% TTM Earnings Growth (YoY) -5.2% -18.6% -17.1% -6.5% -9.7% Current Ratio 2.1 2.0 1.9 2.1 2.1 Cash as Percent of Market Cap 19.5% 18.6% 23.2% 24.4% 24.2% Enterprise Value Growth (YoY) 16.6% 6.8% 6.6% 1.9% -0.6% Gaming 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 1.7x 1.9x 1.5x 1.2x 1.3x EV/EBITDA 13.0x 11.4x 12.1x 9.8x 10.0x EV/Earnings 37.8x 24.5x 55.3x 46.0x 37.0x Gross Profit Margin 66.8% 64.2% 64.4% 63.0% 63.6% EBITDA Margin 13.6% 17.7% 15.9% 15.5% 19.2% Net Income Margin 3.4% 3.7% 2.3% 2.8% 6.0% TTM Revenue Growth (YoY) 10.7% -3.6% -4.8% 0.2% 3.1% TTM EBITDA Growth (YoY) 33.0% -1.1% -3.8% -19.1% -12.4% TTM Earnings Growth (YoY) -17.6% -18.9% -50.8% -15.1% -38.1% Current Ratio 2.0 2.4 3.0 3.2 3.0 Cash as Percent of Market Cap 22.6% 16.5% 15.4% 18.1% 18.9% Enterprise Value Growth (YoY) 45.2% 43.9% 37.1% 10.9% 27.2% Networking & Network Perf Mgmt 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.4x 3.1x 2.7x 2.3x 2.3x EV/EBITDA 18.6x 15.7x 18.9x 18.0x 16.8x EV/Earnings 27.2x 22.9x 20.5x 29.5x 31.9x Gross Profit Margin 71.8% 72.2% 71.9% 71.6% 71.8% EBITDA Margin 3.0% 1.7% 2.3% 4.4% 7.0% Net Income Margin -3.7% -1.6% -0.4% 0.7% 1.5% TTM Revenue Growth (YoY) 7.6% 11.6% 10.1% 10.8% 15.4% TTM EBITDA Growth (YoY) -5.9% -0.1% -1.1% 14.8% 18.9% TTM Earnings Growth (YoY) 6.9% -0.8% 3.3% 9.7% 12.2% Current Ratio 2.5 2.6 2.7 2.8 2.6 Cash as Percent of Market Cap 19.9% 13.7% 20.7% 17.7% 20.5% Enterprise Value Growth (YoY) 6.1% 13.7% 13.6% 4.8% 15.0% Engineering & PLM 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.9x 3.8x 4.2x 3.4x 3.3x EV/EBITDA 15.8x 15.2x 15.9x 15.9x 15.4x EV/Earnings 25.6x 25.4x 25.9x 25.5x 26.7x Gross Profit Margin 84.3% 84.9% 84.4% 84.1% 84.2% EBITDA Margin 20.5% 20.7% 19.9% 19.5% 19.4% Net Income Margin 11.3% 11.9% 12.5% 12.3% 11.6% TTM Revenue Growth (YoY) 6.8% 7.1% 7.2% 6.9% 6.2% TTM EBITDA Growth (YoY) 8.6% 17.6% 7.5% 5.6% 8.8% TTM Earnings Growth (YoY) 5.0% 11.9% -1.2% 17.7% 8.0% Current Ratio 2.3 2.3 2.2 2.0 2.1 Cash as Percent of Market Cap 14.7% 13.0% 13.0% 11.6% 11.3% Enterprise Value Growth (YoY) 41.2% 32.0% 14.1% 11.8% -6.7% Healthcare 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 2.5x 2.3x 2.3x 2.4x 2.4x EV/EBITDA 15.6x 14.5x 14.1x 16.3x 14.6x EV/Earnings 33.3x 39.9x 38.8x 41.6x 41.9x Gross Profit Margin 55.5% 54.6% 54.4% 54.0% 53.2% EBITDA Margin 16.8% 15.0% 14.1% 14.1% 16.6% Net Income Margin 7.0% 5.2% 3.8% 3.0% 3.1% TTM Revenue Growth (YoY) 3.1% 3.0% 0.1% 1.1% 3.2% TTM EBITDA Growth (YoY) -0.7% 1.1% 1.6% 8.4% 16.2% TTM Earnings Growth (YoY) 8.3% 9.2% 2.3% 2.8% 5.5% Current Ratio 1.7 1.8 1.6 1.6 1.5 Cash as Percent of Market Cap 6.5% 6.4% 7.2% 8.6% 7.9% Enterprise Value Growth (YoY) 23.5% 17.6% 11.6% 3.2% -2.9% Security 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 4.2x 3.3x 3.5x 5.4x 5.0x EV/EBITDA 14.1x 10.7x 15.1x 16.9x 16.6x EV/Earnings 16.7x 17.4x 17.5x 19.9x 37.1x Gross Profit Margin 78.3% 77.0% 77.0% 76.7% 75.5% EBITDA Margin 2.4% 10.6% 10.9% 12.5% 7.6% Net Income Margin 6.6% 3.7% 6.2% 5.1% 1.5% TTM Revenue Growth (YoY) 17.0% 17.5% 16.5% 15.2% 18.9% TTM EBITDA Growth (YoY) -13.7% -20.4% -7.3% -7.0% 0.4% TTM Earnings Growth (YoY) 4.4% 5.3% 0.9% 26.3% 12.3% Current Ratio 1.5 1.7 1.8 1.9 1.9 Cash as Percent of Market Cap 11.0% 9.2% 12.2% 15.7% 13.0% Enterprise Value Growth (YoY) 36.2% 25.8% 20.1% 14.0% 5.4% 83

THE SEG SOFTWARE INDEX METRICS BY PRODUCT CATEGORY Storage, Data Mgmt & Integration 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 2.6x 2.4x 2.5x 2.6x 2.6x EV/EBITDA 9.5x 8.0x 8.9x 9.1x 9.1x EV/Earnings 18.3x 12.7x 14.4x 19.0x 17.5x Gross Profit Margin 78.4% 78.7% 79.4% 79.7% 79.8% EBITDA Margin 16.9% 17.8% 18.0% 17.7% 17.5% Net Income Margin 9.2% 10.6% 10.5% 10.1% 10.4% TTM Revenue Growth (YoY) 4.6% 4.1% 2.9% 2.1% 3.1% TTM EBITDA Growth (YoY) 3.9% 8.0% 8.5% 8.8% -1.8% TTM Earnings Growth (YoY) 14.1% 13.5% 10.4% 10.3% -5.4% Current Ratio 2.4 2.4 2.5 2.5 2.5 Cash as Percent of Market Cap 21.3% 17.4% 20.3% 22.5% 22.6% Enterprise Value Growth (YoY) 35.5% 15.6% 6.0% -2.3% -4.3% Systems Management 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 5.2x 4.6x 5.3x 4.6x 4.4x EV/EBITDA 19.2x 17.8x 20.0x 18.2x 18.5x EV/Earnings 33.4x 30.6x 35.3x 33.0x 35.9x Gross Profit Margin 85.7% 85.8% 85.6% 85.5% 85.3% EBITDA Margin 24.2% 25.9% 25.7% 25.3% 25.0% Net Income Margin 14.8% 15.9% 15.9% 15.2% 14.2% TTM Revenue Growth (YoY) 15.3% 13.0% 13.3% 15.8% 16.2% TTM EBITDA Growth (YoY) 10.2% 13.1% 14.5% 13.1% 8.3% TTM Earnings Growth (YoY) 16.8% 16.1% 6.2% 8.4% -2.7% Current Ratio 1.6 1.3 1.3 1.2 1.4 Cash as Percent of Market Cap 10.9% 8.6% 8.8% 8.3% 10.4% Enterprise Value Growth (YoY) -9.2% 12.0% 6.5% 12.3% 19.5% Vertical - Finance 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 4.5x 4.3x 4.5x 4.4x 4.4x EV/EBITDA 13.9x 13.4x 13.5x 13.7x 13.8x EV/Earnings 27.2x 25.4x 24.5x 24.6x 24.4x Gross Profit Margin 43.7% 44.0% 44.2% 44.4% 44.5% EBITDA Margin 26.0% 26.7% 26.8% 29.3% 29.9% Net Income Margin 13.2% 14.0% 14.0% 14.0% 14.0% TTM Revenue Growth (YoY) 6.8% 8.2% 8.1% 6.3% 5.6% TTM EBITDA Growth (YoY) 7.5% 11.6% 9.9% 10.9% 7.3% TTM Earnings Growth (YoY) 23.1% 21.0% 18.8% 27.2% 12.2% Current Ratio 1.3 1.3 1.4 1.4 1.4 Cash as Percent of Market Cap 4.4% 4.3% 4.2% 2.2% 4.3% Enterprise Value Growth (YoY) 46.1% 46.2% 21.3% 15.4% 7.3% Vertical - Other 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.3x 3.3x 3.5x 3.9x 3.7x EV/EBITDA 24.4x 25.7x 26.5x 28.3x 27.0x EV/Earnings 63.0x 60.6x 63.9x 65.0x 59.1x Gross Profit Margin 46.1% 46.4% 46.6% 46.9% 47.4% EBITDA Margin 13.8% 12.9% 11.3% 11.6% 11.8% Net Income Margin 5.8% 6.0% 6.1% 6.5% 6.5% TTM Revenue Growth (YoY) 24.9% 21.2% 21.2% 16.6% 16.5% TTM EBITDA Growth (YoY) 18.1% 9.5% 5.2% 4.0% 1.4% TTM Earnings Growth (YoY) 23.5% -0.5% 12.1% 7.8% 17.1% Current Ratio 1.4 1.6 1.7 1.6 1.6 Cash as Percent of Market Cap 5.2% 4.9% 5.4% 6.0% 5.2% Enterprise Value Growth (YoY) 77.4% 66.7% 9.4% 14.7% 9.0% 84

THE SEG SaaS INDEX COMPANIES KEY METRICS Company EV/Revenue SEG SaaS Index EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 2U 7.1x 7.5x 7.1x 6.6x 6.1x - - - - - - 48.8% - - 39.5% -37.1% -32.8% -32.8% -32.3% -27.0% Amber Road 7.9x 6.4x 6.0x 4.3x 4.1x - - - - - - 21.1% 24.4% 30.2% 30.6% -25.0% -22.3% -50.5% -41.1% -34.7% Athenahealth 11.8x 8.2x 8.0x 7.1x 6.4x 117.5x 89.3x 86.8x 78.2x 51.9x 35.4% 40.9% 40.1% 36.0% 26.5% 10.0% 9.2% 9.2% 9.1% 12.3% Bazaarvoice 3.2x 3.0x 3.2x 3.0x 2.9x - - - - - 15.5% 7.4% 14.5% 14.7% 16.9% -23.0% -13.1% -17.7% -17.4% -15.1% Benefitfocus 15.6x 8.2x 8.1x 5.3x 5.0x - - - - - - 28.2% 29.0% 31.1% 31.8% -17.3% -21.7% -26.0% -30.8% -37.5% Callidus Software 5.4x 4.2x 4.3x 5.8x 5.3x - - - - - 16.4% 18.3% 19.6% 23.6% 21.6% -10.2% -4.0% -1.7% -0.2% -0.8% Castlight Health 260.2x 95.9x 52.1x 32.3x 24.6x - - - - - - 212.3% - - 295.4% -579.4% -475.6% -382.4% -295.7% -235.1% ChannelAdvisors 14.4x 7.3x 4.7x 4.7x 4.3x - - - - - 26.0% 26.9% 28.5% 28.9% 24.8% -8.3% -15.9% -24.4% -30.4% -32.7% Constant Contact 2.7x 2.7x 2.9x 3.0x 2.7x 31.3x 28.5x 28.1x 26.9x 20.7x 13.7% 13.2% 13.7% 14.4% 16.2% 8.5% 9.4% 10.3% 11.0% 13.3% Cornerstone OnDemand 17.3x 11.0x 10.1x 8.0x 7.3x - - - - - 60.5% 57.0% 55.7% 48.8% 45.2% -17.5% -16.1% -15.5% -16.6% -15.8% Covisint 3.3x 2.1x 1.3x 0.6x 0.7x - - - - - 20.6% 13.9% 7.1% 0.4% -6.4% -16.1% -27.6% -34.6% -43.2% -38.3% Cvent 13.2x 8.9x 7.7x 7.5x 7.0x 238.3x 478.9x 277.8x 161.1x 121.2x - 33.1% 31.9% 29.6% 28.4% 5.6% 1.9% 2.8% 4.6% 5.8% DealerTrack 4.7x 5.6x 5.5x 4.8x 4.1x 33.8x 46.7x 49.5x 39.1x 31.2x 20.8% 23.8% 30.8% 46.9% 62.6% 14.1% 12.0% 11.1% 12.2% 13.0% Demandware 23.8x 16.9x 15.1x 14.0x 12.6x - - - - - 31.7% 30.5% 37.5% 44.5% 50.3% -15.8% -15.6% -14.8% -13.7% -11.2% E2open 9.8x 6.6x 5.5x 2.2x 2.2x - - - - - -6.6% -4.9% -0.5% 9.2% 13.0% -25.4% -29.4% -29.7% -32.4% -33.1% Ebix 2.8x 3.0x 2.6x 3.0x 3.0x 7.7x 8.0x 7.2x 7.7x 7.6x 9.8% 2.7% -2.2% -3.5% -1.6% 36.8% 37.1% 36.7% 38.5% 39.1% Ellie Mae 5.4x 5.2x 6.8x 7.8x 7.3x 24.4x 26.8x 41.5x 46.7x 40.3x 41.2% 26.2% 16.1% 10.6% 13.5% 22.1% 19.5% 16.3% 16.7% 18.1% FireEye 66.0x 30.3x 21.1x 15.6x 12.3x - - - - - - 93.9% 111.5% 132.9% 150.0% -79.3% -88.4% -100.5% -103.6% -99.3% Fleetmatics 8.0x 5.8x 5.5x 5.9x 5.5x 30.4x 23.0x 23.1x 26.9x 24.0x 38.8% 39.2% 38.3% 35.7% 33.5% 26.2% 25.3% 24.0% 21.9% 22.9% Halogen Software 4.6x 2.6x 2.5x 2.4x 2.3x - - - - - - 26.3% 22.4% 21.3% 18.9% -8.8% -7.4% -8.9% -11.7% -14.8% HortonWorks - - - 25.2x 21.4x - - - - - 568.2% - - - - -330.7% -222.1% -219.0% -201.5% -220.8% HubSpot - - - 12.2x 11.0x - - - - - 80.7% 50.4% - - - -34.4% -42.2% -40.4% -35.7% -33.4% incontact 3.7x 3.5x 3.9x 3.4x 3.1x - - - - - 22.1% 17.9% 16.4% 19.9% 25.3% -1.0% -2.3% -2.1% -3.2% -4.5% IntraLinks Holdings 2.6x 2.1x 2.0x 2.5x 2.4x 36.6x 38.7x 43.1x 70.3x 79.4x 8.0% 8.2% 8.1% 8.7% 9.5% 7.1% 5.5% 4.7% 3.6% 3.1% J2 Global 4.6x 4.3x 4.4x 4.8x 4.6x 11.1x 10.5x 10.4x 11.6x 11.1x 36.8% 40.2% 35.9% 21.0% 17.6% 41.7% 41.3% 42.2% 41.5% 41.8% Jive Software 3.7x 3.2x 2.6x 2.0x 1.9x - - - - - 34.1% 28.2% 25.2% 23.4% 22.5% -39.2% -41.7% -39.6% -35.3% -29.8% Liquid Holdings Group - - - - - - - - - - - 137.4% 14.1% -10.9% 1.3% - - - - - LivePerson 3.7x 2.5x 3.3x 3.5x 3.3x 67.9x 71.8x 93.6x 80.7x 65.7x 14.5% 13.0% 12.3% 13.8% 14.5% 5.4% 3.5% 3.5% 4.3% 5.1% Marin Software 3.3x 3.0x 2.6x 2.5x 2.2x - - - - - 34.5% 29.8% 30.2% 30.5% 28.5% -39.9% -38.3% -33.2% -30.5% -27.0% Marketo 17.2x 10.0x 9.7x 9.8x 8.8x - - - - - - 64.2% 64.5% 63.7% 60.5% -42.4% -42.4% -39.1% -34.4% -32.5% Medical Transcript - - 3.7x 3.3x 2.6x - - 43.3x 51.1x 2182.9x - 4.5% - - 43.2% 7.5% 10.5% 8.6% 6.5% 0.1% Medidata Solutions 12.1x 7.8x 8.4x 7.6x 6.9x 75.6x 67.7x 94.8x 92.3x 64.0x 26.1% 26.8% 25.5% 24.2% 21.0% 16.0% 11.5% 8.9% 8.2% 10.8% Netsuite 20.1x 14.2x 14.0x 16.6x 14.2x - - - - - 33.5% 34.2% 34.6% 33.4% 34.2% -8.6% -8.9% -8.8% -8.1% -9.6% New Relic - - - 18.7x 16.3x - - - - - 154.3% - 113.0% - - -72.8% -77.8% -58.6% -50.2% -44.0% OPOWER - 10.1x 8.0x 6.2x 5.6x - - - - - - 71.4% 64.2% 54.4% 52.0% -10.9% -13.1% -16.2% -26.7% -27.2% Paylocity Holding 14.0x 10.4x 9.7x 11.2x 9.5x 555.6x 481.9x 498.7x - - - - - 40.6% 41.2% 2.5% 2.2% 2.0% -1.9% -7.3% Q2 Holdings 9.0x 7.1x 6.8x 8.0x 6.7x - - - - - - 38.4% - - 39.1% -19.6% -22.9% -26.0% -24.8% -18.9% 85

THE SEG SaaS INDEX COMPANIES KEY METRICS Company EV/Revenue SEG SaaS Index EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Qualys 7.5x 6.0x 6.3x 8.7x 7.8x 61.3x 53.9x 56.5x 73.4x 49.1x 18.5% 18.1% 19.3% 20.4% 23.7% 12.3% 11.0% 11.1% 11.8% 15.8% Rally Software Development 5.8x 3.2x 2.2x 2.3x 2.2x - - - - - 33.5% 30.8% 29.7% 20.2% 17.6% -20.9% -21.1% -24.0% -31.3% -31.8% RealPage 4.3x 3.9x 3.2x 4.3x 4.2x 27.7x 27.2x 22.9x 39.4x 47.1x 19.4% 17.0% 15.4% 10.4% 7.7% 15.4% 14.4% 14.0% 10.8% 8.9% RingCentral 8.2x 5.2x 4.6x 3.8x 3.3x - - - - - - 40.1% 38.3% 38.5% 37.0% -16.5% -20.0% -20.2% -20.5% -15.8% Salesforce.com 10.1x 8.5x 8.2x 8.1x 7.6x - - - 12396.6x 442.4x 32.1% 33.5% 35.7% 37.3% 34.9% -0.5% -1.5% -0.7% 0.1% 1.7% SciQuest 7.7x 4.9x 3.5x 2.9x 2.9x - - 209.9x 100.8x 48.7x 37.9% 35.8% 30.6% 25.8% 13.0% -1.9% -0.2% 1.7% 2.9% 5.9% Service-now.com 23.2x 17.1x 17.4x 17.1x 13.6x - - - - - 80.3% 74.2% 69.3% 65.5% 60.7% -9.6% -10.1% -13.1% -15.5% -15.9% SPS Commerce 9.5x 7.2x 6.9x 6.9x 6.2x 103.3x 76.8x 73.1x 70.5x 61.0x 40.3% 35.4% 29.9% 24.8% 22.6% 9.2% 9.4% 9.5% 9.7% 10.1% Tableau Software 26.1x 15.5x 14.0x 16.3x 12.1x - 342.1x 241.2x 326.2x 252.7x - 82.0% 86.6% 87.8% 77.5% -1.1% 4.5% 5.8% 5.0% 4.8% Tangoe 3.7x 2.9x 2.5x 2.3x 2.2x 40.9x 33.0x 31.6x 32.2x 32.2x 30.8% 22.3% 17.7% 14.4% 13.5% 9.0% 8.7% 8.1% 7.2% 7.0% Textura 17.1x 8.9x 11.8x 9.7x 8.9x - - - - - 63.9% 77.3% - - - -86.0% -50.5% -49.3% -23.0% -19.0% The Ultimate Software Group 11.0x 8.5x 9.1x 8.9x 8.1x 75.6x 59.6x 62.5x 61.4x 55.4x 24.9% 23.5% 23.2% 23.7% 23.3% 14.6% 14.3% 14.6% 14.5% 14.5% TrueCar - 6.6x 7.5x 8.1x 7.3x - - - - - - 67.7% - - 66.1% -16.1% -13.1% -12.3% -17.6% -20.9% Upland Software - - - 3.4x 3.1x - - - 70.1x - - 81.0% - - - 4.3% 5.9% 5.7% 4.9% -14.4% Veeva Systems 20.1x 11.4x 12.0x 12.6x 11.4x 96.9x 59.1x 61.3x 62.1x 52.1x - 62.2% 58.3% 54.9% 54.4% 20.7% 19.4% 19.5% 20.4% 21.8% Workday 39.0x 27.8x 27.0x 23.4x 20.5x - - - - - 73.6% 71.4% 74.1% 74.4% 72.2% -26.0% -25.3% -24.6% -25.2% -22.7% Workiva - - - 5.4x 5.0x - - - - - - 60.9% - - - -51.0% -29.8% -25.4% -23.9% -27.2% Yodlee - - - 5.7x 5.1x - - - 82.0x - 6.2% 21.4% - - 27.0% -5.7% 4.6% 6.2% 7.0% -1.9% Zendesk - 16.3x 17.5x 16.9x 14.7x - - - - - - 88.5% - - - -60.3% -26.2% -26.6% -38.2% -44.1% Zix 5.3x 3.7x 3.9x 3.5x 3.5x 28.6x 16.7x 16.0x 15.0x 17.1x 14.4% 11.0% 8.3% 6.5% 4.8% 18.5% 22.4% 24.5% 23.5% 20.4% 86

THE SEG SaaS INDEX METRICS BY PRODUCT CATEGORY CRM & Marketing 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.7x 5.7x 5.5x 7.5x 7.0x EV/EBITDA 67.9x 71.8x 93.6x 120.9x 93.4x EV/Earnings 82.6x 105.6x 98.1x 383.4x 179.1x Gross Profit Margin 71.1% 71.0% 68.5% 67.1% 66.9% EBITDA Margin -23.0% -13.1% -17.7% -17.4% -15.1% Net Income Margin -36.4% -31.3% -33.0% -33.0% -29.5% TTM Revenue Growth (YoY) 23.8% 33.1% 30.2% 29.6% 28.4% TTM EBITDA Growth (YoY) -34.5% -16.9% -29.6% 0.4% 8.5% TTM Earnings Growth (YoY) -64.8% -42.6% -25.5% 16.5% 41.6% Current Ratio 2.6 2.3 2.3 2.1 2.0 Cash as Percent of Market Cap 14.6% 12.2% 13.6% 11.8% 11.7% Enterprise Value Growth (YoY) 22.5% 28.9% 18.3% 0.0% 5.4% Other SaaS 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 6.6x 4.8x 4.5x 4.8x 4.5x EV/EBITDA 38.7x 38.7x 43.1x 70.3x 62.4x EV/Earnings 129.9x 252.5x 268.8x 287.3x 229.8x Gross Profit Margin 72.1% 70.4% 63.2% 63.3% 63.6% EBITDA Margin -12.7% -15.8% -17.5% -18.0% -17.8% Net Income Margin -20.6% -27.1% -28.1% -25.7% -26.1% TTM Revenue Growth (YoY) 31.7% 30.5% 29.1% 21.0% 22.5% TTM EBITDA Growth (YoY) -35.0% -40.1% -41.8% -52.3% -67.5% TTM Earnings Growth (YoY) 156.0% 25.9% -8.9% -15.8% -3.1% Current Ratio 2.8 2.4 3.0 2.7 2.9 Cash as Percent of Market Cap 11.7% 10.6% 13.7% 14.4% 11.7% Enterprise Value Growth (YoY) 60.5% 64.7% 25.6% 3.8% -3.9% ERP & Supply Chain 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 9.5x 6.6x 6.0x 5.9x 5.5x EV/EBITDA 66.8x 49.9x 73.1x 70.5x 61.8x EV/Earnings 450.7x 375.6x 326.1x 271.1x 203.5x Gross Profit Margin 67.4% 67.4% 67.7% 68.0% 68.2% EBITDA Margin -8.6% -8.9% -8.8% -8.1% -8.7% Net Income Margin -15.6% -17.0% -17.9% -17.3% -18.5% TTM Revenue Growth (YoY) 38.3% 35.4% 30.6% 30.2% 30.6% TTM EBITDA Growth (YoY) -57.3% -76.2% -34.0% -16.9% -35.7% TTM Earnings Growth (YoY) 393.6% 224.6% 164.5% 76.2% 78.8% Current Ratio 3.0 2.1 2.1 2.1 2.1 Cash as Percent of Market Cap 6.0% 11.1% 11.5% 10.9% 12.5% Enterprise Value Growth (YoY) 69.5% 67.2% 18.7% -17.3% -12.4% Vertically Focused 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 9.0x 7.7x 7.1x 7.1x 6.8x EV/EBITDA 33.8x 46.7x 46.4x 48.9x 49.6x EV/Earnings 104.9x 101.8x 92.9x 160.0x 98.7x Gross Profit Margin 60.8% 60.7% 61.2% 61.6% 62.3% EBITDA Margin 10.9% 10.5% 8.9% 8.2% 7.9% Net Income Margin -0.9% 0.4% -1.1% -1.7% -2.1% TTM Revenue Growth (YoY) 26.1% 38.4% 28.1% 30.1% 38.1% TTM EBITDA Growth (YoY) 9.6% -11.1% -18.3% -16.1% -7.1% TTM Earnings Growth (YoY) -13.4% -16.0% -20.6% -23.0% -14.3% Current Ratio 1.6 1.5 1.8 2.3 2.7 Cash as Percent of Market Cap 7.7% 6.4% 10.0% 9.3% 10.2% Enterprise Value Growth (YoY) 45.6% 61.3% 21.0% 19.9% -7.5% Workforce Management 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 14.0x 8.5x 9.1x 8.0x 7.3x EV/EBITDA 315.6x 270.8x 280.6x 61.4x 59.4x EV/Earnings 698.1x 5123.3x 142.0x 138.9x 95.5x Gross Profit Margin 58.2% 58.9% 59.7% 60.6% 59.9% EBITDA Margin -10.2% -7.4% -8.9% -11.7% -14.8% Net Income Margin -22.2% -21.8% -17.0% -15.9% -23.2% TTM Revenue Growth (YoY) 42.7% 27.2% 26.1% 31.1% 31.8% TTM EBITDA Growth (YoY) 5.0% 8.5% -10.3% -39.6% -50.5% TTM Earnings Growth (YoY) 113.6% 74.5% 53.9% 44.1% 94.0% Current Ratio 2.3 2.0 2.0 1.7 1.6 Cash as Percent of Market Cap 7.3% 7.1% 8.5% 8.1% 9.1% Enterprise Value Growth (YoY) 74.2% 85.2% 21.4% -6.7% -16.7% 87

THE SEG INTERNET INDEX COMPANIES KEY METRICS Company SEG Internet Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 1-800-FLOWERS.COM 0.5x 0.5x 0.5x 0.8x 0.6x 7.6x 7.8x 9.1x 12.7x 5.8x 4.5% 4.5% 1.2% 2.8% 36.3% 6.2% 6.2% 5.2% 5.9% 9.6% 58.com 25.8x 21.5x 23.5x 15.1x 13.2x 502.4x 162.5x 151.8x 104.6x 123.2x - 67.3% 86.4% 86.7% 83.8% 5.1% 13.2% 15.5% 14.5% 10.7% 8x8 6.7x 4.9x 4.1x 3.7x 3.3x 53.4x 60.0x 61.9x 79.3x 55.4x 17.8% 20.4% 23.9% 27.3% 28.2% 12.5% 8.2% 6.6% 4.6% 5.9% Akamai Technologies 6.4x 6.0x 6.4x 6.1x 5.5x 17.9x 16.9x 18.0x 17.3x 14.5x 15.2% 14.8% 16.9% 19.9% 24.5% 35.7% 35.3% 35.5% 35.1% 37.6% Alibaba - - 26.2x 27.7x 22.5x - - 49.5x 53.7x 53.5x 72.4% - 52.1% - 44.1% 44.3% 54.1% 53.0% 51.6% 41.9% Amazon.com 2.3x 1.9x 1.9x 1.7x 1.6x 51.4x 39.3x 39.1x 34.8x 31.9x 22.5% 21.9% 22.1% 22.3% 19.5% 4.5% 4.8% 4.9% 4.9% 4.9% Angie's List 3.6x 2.6x 1.6x 1.3x 1.2x - - - - - 62.7% 57.7% 50.5% 43.2% 35.2% -13.2% -9.8% -7.3% -8.2% -4.9% AOL 1.5x 1.3x 1.5x 1.5x 1.4x 10.6x 7.0x 7.9x 8.0x 8.1x 3.3% 5.8% 7.5% 9.9% 11.4% 14.5% 18.8% 18.4% 18.2% 17.4% Baidu.com 11.8x 10.1x 12.6x 12.0x 10.6x 26.3x 23.2x 31.2x 31.2x 29.3x 40.7% 43.2% 47.7% 52.8% 54.8% 45.0% 43.3% 40.5% 38.4% 36.2% Bankrate 4.2x 3.9x 3.5x 2.6x 2.5x 19.4x 16.4x 14.8x 11.1x 11.0x -10.3% 0.1% 10.2% 20.4% 24.0% 21.8% 23.8% 23.6% 23.2% 22.5% Bitauto Holdings 6.3x 6.0x 12.0x 10.7x 9.4x 32.8x 29.9x 57.2x 45.6x 38.2x 41.0% 36.2% 38.9% 43.7% 50.1% 19.2% 20.0% 21.0% 23.5% 24.5% BlueNile 0.8x 0.7x 0.6x 0.8x 0.8x 21.8x 19.8x 17.6x 22.6x 22.6x 12.5% 12.5% 10.3% 5.0% 5.0% 3.5% 3.5% 3.6% 3.6% 3.6% Borderfree 5.1x 3.5x 3.0x 1.6x 1.5x - 326.8x 310.5x 150.2x 111.5x - 35.7% 20.6% 17.4% 20.4% -0.4% 1.1% 1.0% 1.1% 1.4% Brightcove 2.7x 2.4x 1.5x 1.5x 1.5x - - - - - 27.2% 24.9% 25.4% 22.8% 13.8% -5.6% -1.7% -0.9% -1.0% -2.8% BroadSoft 4.3x 3.5x 3.3x 3.8x 3.6x 110.6x 487.1x - 727.4x 84.6x 8.0% 8.3% 10.0% 12.8% 17.8% 3.9% 0.7% -1.7% 0.5% 4.2% Carbonite 2.1x 2.0x 2.0x 2.0x 1.9x - 89.0x 25.1x 28.3x 40.6x 31.4% 27.5% 24.2% 20.8% 14.4% -0.3% 2.2% 7.8% 7.2% 4.7% Care.com 8.7x 3.4x 2.0x 1.6x 1.6x - - - - - 68.0% 68.0% - 41.1% 41.1% -25.0% -25.0% -30.2% -31.2% -31.2% ChangYou.com 2.0x 1.7x 1.6x 1.7x 1.6x 3.3x 3.6x 5.2x 10.1x 23.4x 18.7% 18.4% 11.6% 5.3% 2.4% 58.7% 47.6% 29.8% 16.5% 7.0% Chegg 1.9x 1.5x 1.8x 1.7x 1.6x 10.8x 13.5x 20.2x 26.7x 31.4x - 19.8% 19.1% 16.8% 20.6% 18.0% 10.8% 8.8% 6.3% 5.0% Cimpress 1.5x 1.2x 1.6x 2.0x 1.9x 15.8x 11.1x 14.7x 15.7x 12.7x 12.4% 9.6% 6.5% 8.8% 15.2% 9.7% 11.2% 10.9% 13.0% 14.6% Coupons.com 12.9x 9.0x 5.3x 5.2x 4.6x - - - - - - 49.7% - - 32.1% -9.5% -2.1% -4.9% -6.6% -5.2% Criteo SA 3.7x 2.6x 2.2x 2.5x 2.4x 107.4x 51.5x 36.1x 33.5x 32.0x - 63.3% 61.7% 60.8% 64.2% 3.5% 5.1% 6.2% 7.5% 7.4% Ctrip 6.4x 7.6x 8.8x 7.3x 6.6x 36.9x 42.6x 58.9x 59.6x 80.2x 26.7% 29.5% 31.7% 34.3% 36.2% 17.4% 17.8% 15.0% 12.3% 8.3% DangDang 0.6x 0.7x 0.8x 0.6x 0.5x - - - 100.3x 40.3x 24.1% 21.8% 23.6% 25.6% 28.5% -5.0% -2.3% -0.8% 0.6% 1.3% DemandMedia 1.6x 0.8x 0.3x 0.2x 0.2x 8.0x 7.2x 3.7x 2.2x 2.4x -27.8% 3.7% -2.8% 21.6% 40.0% 19.7% 11.4% 8.3% 8.6% 8.0% Digital River 0.8x 0.6x 0.6x 1.4x 1.4x 14.5x 7.7x 7.6x 15.5x 14.9x 0.6% 5.2% -0.7% -3.3% -2.9% 5.2% 8.3% 7.9% 9.2% 9.5% ebay 4.2x 3.8x 3.8x 3.8x 3.6x 14.4x 12.9x 12.9x 13.1x 12.9x 15.2% 14.0% 13.9% 13.5% 11.6% 29.5% 29.7% 29.6% 29.2% 28.1% ehealth 5.1x 3.4x 2.1x 2.0x 2.0x 46.6x 52.9x 90.6x 43.7x 31.6x 11.1% 15.2% 15.7% 14.4% 10.9% 10.9% 6.5% 2.3% 4.6% 6.4% Envivio 1.2x 0.6x 0.2x 0.0x 0.0x - - - - - -18.1% 10.5% 33.2% 29.9% 7.5% -31.5% -20.8% -19.8% -23.4% -28.8% Everyday Health 3.3x 4.1x 3.0x 2.3x 2.2x 58.2x 61.2x 35.5x 26.2x 25.2x - 12.5% 17.1% - 23.2% 5.6% 6.8% 8.5% 8.9% 8.8% Expedia 2.1x 2.0x 2.1x 2.0x 1.8x 15.2x 14.6x 15.8x 14.4x 14.4x 19.6% 18.4% 17.3% 19.5% 20.8% 14.0% 13.4% 13.2% 14.0% 12.8% Facebook 22.2x 18.4x 20.2x 19.7x 15.8x 46.7x 36.9x 38.8x 36.4x 31.7x 48.2% 54.7% 62.4% 63.7% 58.4% 47.5% 49.9% 52.1% 54.2% 49.9% GeekNet 0.6x 0.3x 0.2x 0.2x 0.2x 28.1x 39.7x 51.5x - - 21.3% 16.3% 16.9% 14.1% 9.5% 2.0% 0.8% 0.4% -1.2% -2.0% Giant Interactive - 103.1x 53.1x 16.2x 10.8x - - - - - - - - - - - -576.9% - - - Google 6.3x 5.4x 5.6x 4.9x 4.8x 18.6x 17.8x 18.6x 16.3x 14.7x 17.0% 19.2% 18.7% 21.1% 10.3% 34.0% 30.1% 29.8% 29.8% 32.5% Groupon 2.4x 1.3x 1.3x 1.4x 1.3x 46.7x 23.5x 29.2x 43.1x 44.6x 11.7% 10.2% 14.9% 18.9% 24.2% 5.1% 5.4% 4.3% 3.3% 3.0% GrubHub - 18.4x 15.8x 12.9x 10.3x - 84.4x 68.6x 59.2x 38.8x - 66.6% - - 85.1% 20.3% 21.8% 23.0% 21.8% 26.7% 88

THE SEG INTERNET INDEX COMPANIES KEY METRICS Company SEG Internet Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 Harmonic 1.1x 1.1x 1.0x 1.1x 1.2x 21.4x 17.8x 17.4x 21.5x 27.2x -8.5% 1.3% 0.8% -3.0% -6.1% 4.9% 6.5% 5.6% 5.2% 4.3% HomeAway 10.5x 7.5x 7.1x 6.1x 5.7x 58.6x 43.8x 44.0x 37.5x 37.8x 22.6% 23.6% 26.0% 28.8% 30.4% 18.0% 17.1% 16.1% 16.3% 15.2% Interactive Intelligence 4.7x 3.2x 2.6x 2.7x 2.6x 58.4x 35.9x 40.1x 82.8x 2066.6x 32.7% 34.1% 25.8% 17.4% 7.2% 8.1% 8.9% 6.4% 3.3% 0.1% InterActiveCorp 1.9x 1.9x 1.9x 1.8x 1.7x 11.0x 10.4x 10.6x 10.4x 10.7x 16.4% 7.9% 4.1% -1.4% 2.9% 17.6% 18.0% 17.5% 17.3% 16.0% LendingClub - - - - - - - - - - - 189.9% 168.6% 150.5% 130.6% - - - - - LifeLock 4.7x 2.8x 2.8x 3.1x 2.9x 78.2x 32.9x 39.2x 47.3x 41.7x 38.2% 33.7% 31.3% 30.6% 29.6% 6.0% 8.4% 7.1% 6.6% 7.1% Limelight Networks 0.5x 0.6x 0.8x 1.0x 1.0x - - - - - -1.1% -3.8% -7.1% -7.0% -6.4% -5.0% -5.9% -7.0% -5.6% -4.0% LinkedIn 16.1x 11.5x 13.8x 13.4x 11.2x 132.9x 105.7x 139.5x 126.5x 90.9x 65.6% 57.2% 51.3% 48.5% 45.2% 12.1% 10.9% 9.9% 10.6% 12.3% Liquidity Services 1.4x 0.8x 0.7x 0.6x 0.6x 7.6x 4.6x 5.0x 4.4x 6.0x 6.4% 2.9% 1.5% 1.5% -1.3% 18.0% 17.4% 15.0% 13.1% 9.7% Mail.ru Group 10.1x 7.5x 6.6x 4.7x 4.7x 23.7x 17.2x 14.9x 10.3x 10.3x 30.7% 29.4% 26.8% 24.5% 24.5% 42.4% 43.2% 44.4% 45.5% 45.5% MakeMyTrip 3.6x 4.0x 4.4x 4.0x 3.7x - - - - - 15.7% 13.2% 11.6% 12.9% 16.9% -9.3% -7.8% -5.1% -3.5% -2.8% Marchex 2.3x 2.7x 1.9x 0.5x 0.5x 93.3x 65.7x 40.6x 9.0x 8.7x 4.3% 14.9% 27.5% 30.3% 30.1% 2.4% 4.1% 4.6% 5.4% 5.3% Mecox Lane 0.3x 0.4x 0.5x 0.5x 0.5x - - - - - -45.3% -42.4% -36.9% -36.6% -16.7% -11.6% -21.3% -15.4% -7.0% -12.6% Mercadolibre 9.2x 7.7x 9.5x 11.1x 10.6x 26.8x 22.0x 27.0x 30.9x 29.1x 24.0% 26.5% 23.6% 21.4% 19.9% 34.3% 32.2% 35.4% 35.9% 36.3% Mitel Networks 1.9x 2.4x 1.9x 1.5x 1.3x 12.3x 20.1x 16.4x 13.6x 11.9x -2.1% - - - - 15.3% 11.9% 11.6% 11.3% 10.9% MOL Global - - - 8.1x 8.6x - - - 33.9x 38.1x 51.2% 79.5% - - - 17.8% 25.3% 24.7% 23.9% 22.5% Monster Worldwide 1.0x 0.9x 0.9x 0.7x 0.7x 6.8x 6.5x 6.8x 6.6x 10.8x -10.0% -9.3% -8.6% -6.6% -4.7% 14.7% 13.9% 12.6% 10.9% 6.8% NCSoft 4.4x 4.4x 3.1x 2.9x 2.9x 12.5x 13.8x 10.2x 9.8x 8.4x 36.3% 0.4% -5.9% -8.4% - 34.7% 31.8% 30.7% 30.1% 34.8% Netease 4.4x 4.2x 5.4x 6.0x 5.1x 9.1x 8.5x 11.1x 12.7x 12.0x 12.6% 12.1% 12.2% 14.1% 27.4% 48.7% 49.1% 48.5% 47.0% 42.2% Netflix 5.7x 4.8x 5.7x 4.4x 3.9x 111.2x 76.2x 76.8x 51.1x 46.6x 17.1% 21.2% 22.8% 24.0% 25.8% 5.1% 6.3% 7.4% 8.5% 8.3% Orbitz 1.4x 1.3x 1.3x 1.2x 1.2x 9.1x 9.5x 8.9x 8.2x 8.5x 9.5% 8.8% 7.9% 7.3% 8.3% 15.2% 13.7% 14.9% 14.9% 14.0% Overstock.com 0.3x 0.2x 0.2x 0.3x 0.3x 11.9x 11.8x 15.1x 25.3x 15.8x 16.6% 18.6% 16.1% 14.2% 14.8% 2.4% 1.7% 1.6% 1.3% 2.0% Pandora 10.9x 7.5x 7.0x 4.6x 4.0x - - - - - 53.5% 54.1% - - 40.6% -7.1% -2.8% -1.0% -1.4% -1.6% Perfect World 1.4x 1.0x 1.4x 1.3x 1.2x 6.2x 4.8x 6.7x 6.1x 6.6x -1.1% 10.2% 24.5% 30.9% 30.4% 22.5% 20.9% 20.5% 21.0% 18.3% PetMed Express 1.0x 1.0x 1.0x 1.0x 1.0x 7.7x 7.8x 8.2x 7.6x 7.6x 0.8% 1.4% 2.4% -0.6% -3.3% 12.5% 12.4% 12.5% 12.7% 12.9% Polycom 1.1x 1.1x 1.1x 1.1x 1.1x 13.7x 12.4x 11.2x 10.5x 9.0x -3.7% -1.7% -2.0% -2.0% -1.7% 8.0% 8.7% 9.7% 10.4% 12.1% Priceline 9.0x 8.6x 8.4x 7.4x 6.9x 23.9x 22.8x 22.3x 19.4x 17.7x 27.3% 29.1% 29.1% 28.9% 26.4% 37.8% 37.6% 37.6% 38.2% 38.9% Qihoo 21.1x 16.0x 13.4x 8.5x 7.1x 79.8x 52.3x 44.8x 31.8x 28.8x 91.5% 104.0% 123.6% 121.3% 113.8% 26.4% 30.6% 29.8% 26.6% 24.7% QuinStreet 0.9x 0.7x 0.6x 0.5x 0.6x 8.4x 7.9x 8.0x 13.8x - -12.8% -9.5% -7.7% -7.4% -7.6% 10.2% 9.0% 7.3% 3.9% -0.6% ReachLocal 0.5x 0.2x 0.2x 0.1x 0.1x 11.8x 9.7x 21.9x - - 15.2% 13.0% 9.4% 5.5% -0.4% 3.8% 2.6% 0.9% -1.5% -4.2% Renren 2.0x 1.5x 1.4x 2.1x 2.7x - - - - - 6.0% -1.8% -17.1% -40.9% -46.4% -39.6% -58.4% -71.0% -81.4% -103.9% Rocket Fuel 9.2x 3.5x 1.5x 1.7x 1.5x - - - - - - 125.7% 115.9% 97.4% 81.8% -7.7% -4.3% -4.8% -5.5% -8.3% Rovi 6.7x 5.5x 5.3x 4.9x 4.9x 28.2x 16.3x 15.1x 14.0x 13.5x -35.3% 2.3% 11.9% 19.8% 32.4% 23.8% 33.7% 35.0% 35.1% 36.0% SeaChange International 1.7x 1.3x 1.0x 0.9x 1.0x 17.1x 22.5x 700.1x - - -0.4% -6.9% -13.5% -18.6% -22.9% 10.0% 5.6% 0.1% -5.0% -10.1% ShoreTel 1.5x 1.1x 1.1x 1.2x 1.2x 733.9x 36.5x 24.1x 21.7x 17.9x 20.6% 17.0% 9.9% 8.4% 5.9% 0.2% 3.1% 4.4% 5.6% 6.6% Shutterfly 2.3x 1.8x 2.3x 2.0x 1.9x 20.9x 16.5x 23.5x 19.9x 22.2x 31.1% 22.3% 20.7% 18.4% 17.2% 10.9% 11.0% 9.8% 9.9% 8.6% Shutterstock 12.4x 9.7x 9.5x 8.3x 7.6x 60.3x 48.6x 52.2x 50.6x 50.6x 39.6% 38.9% 40.4% 40.8% 40.7% 20.6% 20.0% 18.2% 16.4% 15.1% 89

THE SEG INTERNET INDEX COMPANIES KEY METRICS Company SEG Internet Index EV/Revenue EV/EBITDA TTM Revenue Growth EBITDA Margin 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 4Q13 1Q14 2Q14 3Q14 4Q14 SINA 6.5x 3.9x 2.8x 1.8x 1.7x 109.0x 44.9x 33.6x 19.0x 36.2x 16.0% 25.7% 29.4% 28.7% 24.2% 6.0% 8.7% 8.5% 9.3% 4.8% Sohu.com 1.8x 1.3x 1.2x 1.1x 1.0x 6.4x 5.7x 9.1x 17.2x 28.1x 29.6% 31.2% 27.0% 23.4% 19.5% 28.0% 22.4% 13.4% 6.3% 3.5% Sonus Networks 2.4x 2.4x 2.8x 2.7x 2.7x - 95.0x 176.1x 347.1x 347.1x 8.9% 12.3% 9.8% 7.2% 7.2% -3.2% 2.5% 1.6% 0.8% 0.8% Stamps.com 4.2x 3.6x 3.6x 5.3x 5.1x 15.4x 12.4x 12.9x 19.2x 17.9x 11.3% 10.5% 8.0% 6.4% 9.8% 27.3% 28.7% 28.3% 27.7% 28.3% Synacor 0.3x 0.3x 0.3x 0.2x 0.2x 7.7x 8.3x 24.9x - - -3.5% -8.3% -10.4% -9.4% -8.3% 4.3% 3.5% 1.2% -0.9% -2.3% Tencent Holdings 13.8x 12.6x 14.0x 12.3x 11.4x 39.2x 36.7x 41.2x 34.7x 30.6x 40.2% 37.7% 36.6% 36.8% 34.7% 35.3% 34.2% 33.9% 35.4% 37.3% The Rubicon Project - 5.9x 3.5x 3.7x 3.3x - 267.8x - - - - 46.9% - - 48.5% 2.8% 2.2% -3.1% -8.1% -9.1% TheStreet.com 0.8x 0.6x 0.4x 0.4x 0.4x - - - - 75.7x 4.5% 7.4% 11.4% 11.7% 9.5% -3.5% -0.7% -0.5% -0.2% 0.5% Travelzoo 1.7x 1.4x 1.2x 0.9x 0.9x 10.2x 8.0x 7.4x 5.2x 8.1x 5.7% 4.7% 1.5% -2.7% -10.2% 17.0% 17.2% 16.8% 16.5% 11.5% Tree.Com 2.2x 1.6x 1.6x 2.6x 2.5x 40.6x 21.8x 23.6x 33.2x 33.6x 97.6% 79.8% 63.8% 38.3% 26.1% 5.3% 7.1% 6.7% 7.8% 7.5% Tremor 1.0x 0.9x 0.5x 0.4x 0.3x - - - - - - 25.3% 25.9% 22.1% 20.2% -1.9% -5.5% -6.5% -9.5% -11.2% TripAdvisor 14.1x 13.2x 13.8x 9.9x 9.1x 38.9x 40.1x 42.8x 31.9x 31.4x 23.2% 23.8% 23.0% 24.7% 29.9% 36.3% 32.9% 32.3% 31.0% 28.9% Trulia 10.7x 9.1x 12.1x 8.4x 7.5x - - - - - 93.3% 111.1% 118.0% 124.7% 105.5% -2.6% -7.1% -10.4% -12.6% -9.8% TubeMogul - - 4.4x 5.2x 4.4x - - - - 219.2x - 67.5% - - 104.6% -14.0% -10.4% -6.5% -0.8% 2.0% Tucows 1.1x 1.1x 1.2x 1.3x 1.2x 17.8x 17.2x 17.2x 15.6x 14.8x 13.7% 13.3% 14.7% 15.5% 12.2% 6.2% 6.6% 7.2% 8.0% 8.3% Twitter 55.1x 31.4x 31.8x 23.6x 16.4x - - - - - - 109.8% 112.5% 117.3% 111.0% -7.7% -80.0% -76.9% -73.1% -23.6% VeriSign 7.4x 6.5x 6.9x 7.1x 6.9x 11.9x 10.6x 11.3x 11.5x 11.1x 12.1% 10.5% 8.1% 6.3% 4.7% 62.5% 61.0% 61.0% 61.5% 62.2% WebMD Health 3.6x 3.5x 3.8x 2.9x 2.8x 29.3x 24.3x 23.2x 16.1x 14.9x 2.9% 9.7% 12.8% 12.9% 12.4% 12.2% 14.3% 16.2% 18.0% 19.1% Wix.com 14.2x 7.2x 5.9x 6.1x 5.3x - - - - - - 84.2% 88.5% 85.3% 81.9% -28.5% -31.8% -37.2% -40.0% -39.7% XO Group 1.8x 1.7x 1.8x 2.2x 2.1x 11.2x 12.8x 15.1x 20.5x 21.1x 4.3% 3.6% 4.9% 4.7% 4.3% 16.3% 13.2% 11.7% 10.6% 10.2% Xoom 7.0x 5.2x 5.0x 3.0x 2.6x 90.1x 56.2x 55.7x 45.8x - 52.9% 52.7% 53.1% 40.4% 30.2% 7.7% 9.3% 8.9% 6.5% -13.4% Xunlei - 3.8x 2.7x 0.8x 0.8x - 14.2x 11.1x 4.2x 7.6x 71.6% 24.2% - - - 37.0% 26.9% 24.3% 19.8% 10.8% Yahoo! 7.7x 7.1x 7.6x 8.2x 8.2x 31.1x 32.3x 40.1x 48.9x 44.8x -4.1% -6.1% -4.7% -4.2% -1.3% 24.7% 22.0% 19.0% 16.7% 18.3% Yandex 10.4x 8.0x 7.9x 6.2x 6.8x 24.4x 19.6x 20.2x 16.3x 17.5x 37.3% 37.3% 37.2% 36.2% 33.0% 42.7% 40.7% 39.0% 37.8% 38.6% Yelp 27.6x 18.2x 18.9x 13.0x 10.2x - 4669.3x 3640.6x 594.9x 134.3x 67.7% 69.4% 68.4% 66.2% 62.0% -0.3% 0.4% 0.5% 2.2% 7.6% Youku 10.2x 7.2x 6.5x 4.0x 3.7x 189.3x 71.6x 55.9x 36.4x 34.8x 88.1% 68.7% 57.4% 42.0% 32.7% 5.4% 10.0% 11.7% 11.0% 10.6% YuMe 1.2x 1.0x 0.7x 0.6x 0.6x 24.9x 33.1x 45.1x 84.2x - - 29.5% 31.2% 26.8% 22.6% 4.8% 2.9% 1.6% 0.8% -0.5% YY 14.4x 10.8x 11.6x 9.1x 7.5x 58.8x 37.6x 37.6x 28.5x 23.4x 121.9% 122.4% 117.8% 113.7% 111.1% 24.5% 28.8% 30.8% 31.9% 32.0% Zillow 17.2x 19.9x 22.5x 15.7x 13.8x - - - - - 69.5% 69.1% 69.1% 68.6% 68.2% -5.3% -2.8% -2.9% -1.9% -0.3% Zynga - - - - - - - - - - -21.3% -31.8% -36.5% -37.6% -33.1% 13.9% 8.4% 4.2% -2.5% -11.7% 90

THE SEG INTERNET INDEX METRICS BY PRODUCT CATEGORY Ad Tech 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.0x 2.7x 2.0x 2.1x 1.9x EV/EBITDA 24.7x 23.2x 26.5x 17.2x 29.3x EV/Earnings 32.3x 31.9x 40.7x 30.8x 30.0x Gross Profit Margin 54.9% 53.5% 53.6% 53.7% 53.3% EBITDA Margin 4.3% 4.6% 5.4% 5.8% 3.7% Net Income Margin 0.0% 0.2% -0.1% 0.2% -1.7% TTM Revenue Growth (YoY) 16.1% 30.3% 27.2% 25.1% 27.7% TTM EBITDA Growth (YoY) 4.7% 5.6% -0.9% -4.5% -20.2% TTM Earnings Growth (YoY) -29.5% 0.6% 3.7% 13.6% 10.7% Current Ratio 2.6 3.0 3.1 3.4 2.6 Cash as Percent of Market Cap 14.1% 14.6% 17.3% 18.6% 20.0% Enterprise Value Growth (YoY) 68.7% 65.1% 23.6% -8.8% -33.9% Commerce 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 1.7x 1.1x 1.3x 1.5x 1.5x EV/EBITDA 15.4x 16.7x 20.2x 28.8x 30.3x EV/Earnings 28.3x 25.3x 34.6x 50.9x 40.2x Gross Profit Margin 40.2% 41.4% 40.4% 40.1% 39.7% EBITDA Margin 5.7% 9.6% 8.4% 7.7% 7.7% Net Income Margin 2.2% 4.6% 1.9% 2.1% 2.1% TTM Revenue Growth (YoY) 15.2% 16.3% 16.1% 14.1% 13.5% TTM EBITDA Growth (YoY) 15.4% 13.4% 11.3% 8.4% 11.5% TTM Earnings Growth (YoY) 13.9% 15.3% 31.5% 21.4% 28.3% Current Ratio 1.5 1.8 1.7 1.7 1.6 Cash as Percent of Market Cap 16.3% 12.7% 13.2% 14.7% 16.4% Enterprise Value Growth (YoY) 52.6% 24.8% 3.3% -14.2% -2.1% Infrastructure 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 1.8x 1.8x 1.4x 1.5x 1.4x EV/EBITDA 17.9x 17.8x 17.7x 17.3x 16.4x EV/Earnings 45.9x 33.7x 36.1x 33.8x 33.8x Gross Profit Margin 62.2% 64.0% 63.2% 62.8% 62.4% EBITDA Margin 5.7% 6.5% 6.0% 4.9% 4.7% Net Income Margin -0.8% -1.8% -3.2% -4.7% -3.3% TTM Revenue Growth (YoY) 4.3% 10.5% 9.9% 8.4% 7.2% TTM EBITDA Growth (YoY) 5.6% 7.4% 8.1% 5.3% 19.3% TTM Earnings Growth (YoY) -14.9% 57.0% 61.5% 41.1% 47.5% Current Ratio 3.2 2.7 2.4 2.4 2.3 Cash as Percent of Market Cap 22.7% 19.6% 19.8% 20.0% 20.3% Enterprise Value Growth (YoY) 48.2% 35.7% 26.7% -6.2% -3.4% Search 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 8.4x 6.7x 6.7x 5.5x 5.7x EV/EBITDA 21.5x 18.7x 19.4x 16.3x 16.7x EV/Earnings 28.5x 24.1x 25.3x 25.9x 24.8x Gross Profit Margin 66.7% 65.5% 66.0% 66.8% 67.4% EBITDA Margin 38.4% 35.4% 34.4% 33.8% 32.8% Net Income Margin 29.1% 27.3% 26.0% 24.9% 22.9% TTM Revenue Growth (YoY) 27.2% 28.3% 28.0% 28.7% 29.1% TTM EBITDA Growth (YoY) 8.8% 11.0% 6.6% 5.5% 3.3% TTM Earnings Growth (YoY) 33.5% 42.1% 33.3% 13.6% 13.0% Current Ratio 3.8 4.2 4.2 4.1 3.2 Cash as Percent of Market Cap 14.1% 14.1% 14.7% 13.2% 13.4% Enterprise Value Growth (YoY) 55.0% 64.6% 34.4% 34.1% 10.8% Travel 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 3.6x 4.0x 4.4x 4.0x 3.8x EV/EBITDA 19.5x 18.5x 19.1x 16.9x 15.5x EV/Earnings 51.1x 40.2x 53.5x 52.1x 43.6x Gross Profit Margin 81.2% 81.8% 81.8% 81.3% 80.8% EBITDA Margin 17.0% 17.1% 15.0% 14.9% 14.3% Net Income Margin 3.2% 5.1% 4.5% 3.8% 7.7% TTM Revenue Growth (YoY) 19.6% 18.4% 17.3% 19.5% 21.0% TTM EBITDA Growth (YoY) 4.5% 4.9% 8.6% 2.9% 10.3% TTM Earnings Growth (YoY) 26.5% 25.8% 39.6% 29.8% 4.3% Current Ratio 1.6 1.5 1.5 1.7 1.6 Cash as Percent of Market Cap 13.9% 20.5% 21.5% 22.4% 24.6% Enterprise Value Growth (YoY) 58.4% 79.5% 23.1% 33.2% 4.6% Content & Media 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 4.7x 3.8x 2.8x 2.2x 2.1x EV/EBITDA 30.2x 24.3x 23.2x 19.0x 28.0x EV/Earnings 37.5x 57.3x 69.4x 46.8x 34.6x Gross Profit Margin 57.1% 49.6% 48.6% 48.4% 49.3% EBITDA Margin 14.5% 13.2% 11.7% 11.0% 10.6% Net Income Margin 0.5% 4.0% 3.5% 4.2% 4.1% TTM Revenue Growth (YoY) 16.0% 8.8% 11.4% 12.9% 12.4% TTM EBITDA Growth (YoY) 12.9% 40.8% 41.4% 45.0% 2.8% TTM Earnings Growth (YoY) 47.2% 4.3% -47.7% -42.2% 68.9% Current Ratio 2.8 2.6 3.2 3.4 3.5 Cash as Percent of Market Cap 17.0% 20.9% 26.5% 29.9% 24.7% Enterprise Value Growth (YoY) 94.0% 82.3% 37.9% 32.1% -2.3% Services 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 4.5x 3.4x 2.8x 2.6x 2.5x EV/EBITDA 40.6x 32.9x 25.1x 28.3x 28.8x EV/Earnings 121.5x 104.3x 87.8x 59.4x 127.3x Gross Profit Margin 71.8% 72.6% 72.7% 73.2% 73.3% EBITDA Margin 6.0% 7.1% 7.3% 6.6% 7.1% Net Income Margin -4.0% -1.1% -1.5% -4.2% -3.7% TTM Revenue Growth (YoY) 38.2% 51.2% 31.3% 38.3% 30.4% TTM EBITDA Growth (YoY) 4.5% 18.9% 22.5% 20.6% 27.7% TTM Earnings Growth (YoY) -9.3% -14.8% 159.9% 401.6% 91.1% Current Ratio 1.7 2.2 3.0 2.6 3.0 Cash as Percent of Market Cap 13.9% 12.0% 13.7% 14.3% 15.3% Enterprise Value Growth (YoY) 88.5% 37.0% 19.8% -3.1% -12.6% Gaming 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 2.9x 3.4x 2.8x 2.5x 2.5x EV/EBITDA 9.1x 8.5x 10.2x 11.4x 21.5x EV/Earnings 13.1x 8.6x 11.3x 12.9x 12.4x Gross Profit Margin 73.0% 71.2% 70.4% 69.1% 69.8% EBITDA Margin 34.7% 27.1% 29.8% 21.0% 18.3% Net Income Margin 26.0% 19.4% 18.8% 16.5% 10.5% TTM Revenue Growth (YoY) 18.7% 12.1% 12.2% 14.1% 19.2% TTM EBITDA Growth (YoY) 2.0% -8.8% -18.9% -14.5% -0.3% TTM Earnings Growth (YoY) 12.8% 1.9% 19.8% 15.9% 28.6% Current Ratio 2.0 1.9 2.0 1.8 2.5 Cash as Percent of Market Cap 33.7% 21.9% 25.2% 30.5% 30.4% Enterprise Value Growth (YoY) 61.5% 67.5% 27.8% -6.5% -24.8% Social 4Q13 1Q14 2Q14 3Q14 4Q14 EV/Revenue 16.1x 11.5x 13.8x 13.0x 11.4x EV/EBITDA 52.8x 37.6x 38.8x 36.4x 32.6x EV/Earnings 106.7x 41.3x 24.4x 18.6x 26.5x Gross Profit Margin 64.3% 59.9% 61.2% 63.0% 63.8% EBITDA Margin 12.1% 10.9% 9.9% 10.6% 11.2% Net Income Margin 2.5% 19.1% 21.6% 23.8% 24.7% TTM Revenue Growth (YoY) 56.9% 57.2% 62.4% 63.7% 63.0% TTM EBITDA Growth (YoY) 13.9% 21.7% 18.9% 19.2% 34.8% TTM Earnings Growth (YoY) 180.2% 229.8% 299.4% 222.7% 165.3% Current Ratio 4.6 9.7 9.6 6.7 9.4 Cash as Percent of Market Cap 9.3% 9.6% 11.4% 11.3% 13.9% Enterprise Value Growth (YoY) n/a n/a n/a 22.1% -9.9% 91

SELECT PUBLIC SELLERS Buyer Seller Purchase Price (mm) Enterprise Value (mm) EV/Rev EV/EBITDA SAP America, Inc. Concur Technologies, Inc. (NasdaqGS:CNQR) $8,468.0 $7,651.6 11.5x 235.8x 31.8% Oracle Corporation (NYSE:ORCL) MICROS Systems, Inc. (NasdaqGS:MCRS) $5,262.5 $4,604.1 3.4x 17.5x 7.7% Zillow, Inc. (NasdaqGS:Z) Trulia, Inc. (NYSE:TRLA) $3,305.4 $3,090.5 14.8x - 124.7% The Priceline Group Inc. (NasdaqGS:PCLN) OpenTable, Inc. (NasdaqGS:OPEN) $2,613.1 $2,495.5 12.6x 41.5x 18.2% Thoma Bravo, LLC Compuware Corporation (NasdaqGS:CPWR) $2,366.4 $2,090.9 2.9x 24.5x 5.4% Alibaba Group Holding Limited AutoNavi Holdings Limited (NasdaqGS:AMAP) $1,236.2 $1,167.7 8.2x - - Vista Equity Partners; Vista Equity Associates V, LLC Advanced Computer Software Group plc (AIM:ASW) $1,140.0 $1,114.2 3.3x 23.6x 30.0% P2 Capital Partners, LLC Epiq Systems, Inc. (NasdaqGS:EPIQ) $993.4 $1,003.4 2.2x 16.4x 21.7% Apax Partners LLP Exact Holding NV (ENXTAM:EXACT) $932.3 $860.5 3.2x 16.2x 9.1% Dassault Systemes SA (ENXTPA:DSY) Accelrys Inc. (NasdaqGS:ACCL) $746.4 $682.9 4.1x 101.4x - Siris Capital Group, LLC Digital River Inc. (NasdaqGS:DRIV) $1,031.7 $645.8 1.7x 18.1x -2.9% Tuition Build Inc. Limelight Networks, Inc. (NasdaqGS:LLNW) $660.5 $548.1 3.3x - -7.1% j2 Global, Inc. (NasdaqGS:JCOM) Carbonite, Inc. (NasdaqGM:CARB) $366.4 $333.1 2.8x 37.3x 17.1% Nordic Capital Vizrt Ltd. (OB:VIZ) $368.9 $318.3 2.3x 11.2x 17.3% Open Text Corporation (NasdaqGS:OTEX) Actuate Corporation (NasdaqGS:BIRT) $306.9 $248.5 2.3x - -22.1% Dealertrack Technologies, Inc. (NasdaqGS:TRAK) Incadea Plc (AIM:INCA) $208.5 $202.5 3.7x 54.7x 50.0% Hyland Software UK Ltd ReadSoft AB (OM:RSOF B) $197.0 $183.9 1.6x 30.1x 2.2% Omnitracs, LLC XRS Corporation (NasdaqCM:XRSC) $190.6 $177.5 3.4x 28.9x -7.1% Hgcapital Mercury A L.P; HgCapital Mercury Executive Allocate Software plc. (AIM:ALL) $167.1 $145.3 2.3x 15.3x 8.1% WABCO Europe BVBA Transics International NV (ENXTBR:TRAN) $136.4 $115.3 1.6x 7.2x - EnerNOC, Inc. (NasdaqGS:ENOC) World Energy Solutions, Inc. (NasdaqCM:XWES) $79.9 $77.2 2.0x 22.5x 7.6% 3D Systems Corporation (NYSE:DDD) Cimatron Ltd. (NasdaqCM:CIMT) $96.5 $76.4 1.6x 10.6x 6.3% SintecMedia Ltd.; Sintec Media Software Ltd. Pilat Media Global plc (AIM:PGB) $80.7 $72.1 1.6x 12.4x 9.1% Yahoo Japan Corporation (TSE:4689) Synergy Marketing, Inc. (JASDAQ:3859) $91.1 $66.2 1.7x 12.0x 8.8% Aurea Software FZ-LLC Update Software AG (XTRA:UP2) $53.7 $34.6 0.8x - 3.5% Medina Capital Cryptzone Group AB (publ) (OM:CZON B) $13.4 $13.4 3.6x - - TTM Rev Growth 92

SELECT MEGA DEALS Buyer Seller Purchase Price (mm) Enterprise Value (mm) EV/Rev EV/EBITDA Facebook, Inc. (NasdaqGS:FB) WhatsApp Inc. $16,374.2 $16,374.2 - - - SAP America, Inc. Concur Technologies, Inc. (NasdaqGS:CNQR) $8,468.0 $7,651.6 11.5x 235.8x 31.8% Oracle Corporation (NYSE:ORCL) MICROS Systems, Inc. (NasdaqGS:MCRS) $5,262.5 $4,604.1 3.4x 17.5x 7.7% Zillow, Inc. (NasdaqGS:Z) Trulia, Inc. (NYSE:TRLA) $3,305.4 $3,090.5 14.8x - 124.7% Cognizant Technology Solutions Corporation (NasdaqGS:CTSH) TriZetto Corporation $2,700.0 $2,700.0 3.8x - - Microsoft Corporation (NasdaqGS:MSFT) Mojang AB $2,500.0 $2,500.0 - - - The Priceline Group Inc. (NasdaqGS:PCLN) OpenTable, Inc. (NasdaqGS:OPEN) $2,613.1 $2,495.5 12.6x 41.5x 18.2% Gannett Co., Inc. (NYSE:GCI) Classified Ventures, LLC $1,827.8 $2,473.5 - - - Alliance Data Systems Corporation (NYSE:ADS) Conversant, Inc. (NasdaqGS:CNVR) $2,448.9 $2,365.3 4.0x 12.0x 6.0% Micro Focus International plc (LSE:MCRO) The Attachmate Group, Inc. $2,302.4 $2,302.4 2.5x 13.7x - Thoma Bravo, LLC Compuware Corporation (NasdaqGS:CPWR) $2,366.4 $2,090.9 2.9x 24.5x 5.4% NPC Group, Inc. Mercury Payment Systems, LLC $1,650.0 $1,650.0 7.0x 17.8x - VMware, Inc. (NYSE:VMW) AirWatch, LLC $1,540.0 $1,540.0 - - - Värde Partners Europe Limited Bancopopular-e, S.A. $684.2 $1,341.7 - - - Centerbridge Partners, L.P. IPC Systems, Inc. $1,200.0 $1,200.0 - - - Alibaba Group Holding Limited AutoNavi Holdings Limited (NasdaqGS:AMAP) $1,236.2 $1,167.7 8.2x - -11.3% Vista Equity Partners; Vista Equity Associates V, LLC Advanced Computer Software Group plc (AIM:ASW) $1,140.0 $1,114.2 3.3x 23.6x 30.0% P2 Capital Partners, LLC Epiq Systems, Inc. (NasdaqGS:EPIQ) $993.4 $1,003.4 2.2x 16.44x 21.7% Rakuten, Inc. (TSE:4755) Ebates Performance Marketing, Inc. $1,000.0 $1,000.0 6.0x - - Relativity Media LLC Fullscreen, Inc. $1,000.0 $1,000.0 - - - Amazon.com Inc. (NasdaqGS:AMZN) Twitch Interactive, Inc. $970.0 $970.0 - - - Thoma Bravo, LLC TravelCLICK, Inc. $930.0 $930.0 - - - Rakuten, Inc. (TSE:4755) Viber Media Inc. $900.0 $900.0 - - - TTM Rev Growth 93

SELECT MEGA DEALS Buyer Seller Purchase Price (mm) Enterprise Value (mm) EV/Rev EV/EBITDA Gemalto NV (ENXTAM:GTO) SafeNet, Inc. $890.0 $890.0 - - - Apax Partners LLP Exact Holding NV (ENXTAM:EXACT) $932.3 $860.5 3.2x 16.2x 9.1% Churchill Downs Inc. (NasdaqGS:CHDN) Big Fish Games, Inc. $835.0 $835.0-14.6x - Adobe Systems Incorporated (NasdaqGS:ADBE) Fotolia LLC $800.0 $800.0 - - - Insight Venture Partners; GIC Special Investments Pte. Ltd. iparadigms, LLC $752.0 $752.0 - - - Mozido, LLC PayEase, Inc. $750.0 $750.0 - - - Belden Inc. (NYSE:BDC) Tripwire, Inc. $710.0 $710.0 - - - ORIX Corporation (TSE:8591) Yayoi Co., Ltd. $691.4 $692.1 4.5x - - Dassault Systemes SA (ENXTPA:DSY) Accelrys Inc. (NasdaqGS:ACCL) $746.4 $682.9 4.1x 101.4x - Intel Corporation (NasdaqGS:INTC) LSI Corporation, Axxia Networking Business and Related Assets $650.0 $650.0 5.8x - - Siris Capital Group, LLC Digital River Inc. (NasdaqGS:DRIV) $1,031.7 $645.8 1.7x 18.1x -2.9% Yahoo! Inc. (NasdaqGS:YHOO) BrightRoll Inc. $640.0 $640.0 - - - Teleperformance S.A. (ENXTPA:RCF) Aegis Business Group, Inc. $610.0 $610.0 1.5x - - Platinum Equity, LLC Sensis Pty Ltd $411.0 $587.1 -.9x - Nest Labs, Inc. Dropcam, Inc. $555.0 $555.0 - - - Tuition Build Inc. Limelight Networks, Inc. (NasdaqGS:LLNW) $660.5 $548.1 3.3x - -7.1% Zhejiang Rongxin Network Technology Co., Ltd. Hangzhou Handsome Electronics Group Co. Ltd. $531.7 $531.7 - - - Zynga Game International Limited NaturalMotion Ltd. $527.1 $527.1 - - - XPEC Entertainment Inc. (GTSM:3662) Tiny Piece Co., Ltd. $472.2 $524.7 - - - IMS Health Holdings, Inc. (NYSE:IMS) Cegedim SA $523.2 $523.2 0.9x 6.0x - Verint Systems Inc. (NasdaqGS:VRNT) KANA Software, Inc. $514.0 $514.0 - - - The Carlyle Group LP (NasdaqGS:CG) Dealogic (Holdings) plc $522.1 $502.5 3.6x 9.7x - Facebook, Inc. (NasdaqGS:FB) LiveRail Inc. $500.0 $500.0 5.0x 33.3x - TTM Rev Growth 94

MOST ACTIVE BUYERS Buyer Accela, Inc. Apple Inc. (NasdaqGS:AAPL) Autodesk, Inc. (NasdaqGS:ADSK) Brisio Innovations Inc. (OTCPK:NTCE.F) Cisco Systems, Inc. (NasdaqGS:CSCO) Citrix Systems, Inc. (NasdaqGS:CTXS) Constellation Software Inc. Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue Decade Software Company, LLC - - - - Des Lauriers Municipal Solutions, Inc. - - - - Envista Corporation, Inc. - - - - Government Outreach, Inc. - - - - IQM2, Inc. - - - - Beats Music, LLC - - - - Burstly, Inc. - - - - Novel Projects, Inc. - - - - SnappyLabs LLC - - - - Bitsquid AB - - - - Circuits.io - - - - Creative Market Labs, Inc. - - - - Shotgun Software Inc. - - - - TeamUp Technologies Inc. - - - - 40 Mobile Applications - - - - Austin Legate Church, Certain Assets $0.1 $0.1 - - On the Fly - Voice Translator - - - - Spermy's Journey, A Race To The Egg! $0.1 $0.1 - - Metacloud, Inc. - - - - Tail-f Systems AB $175.0 $175.0 - - ThreatGrid LLC - - - - Framehawk, Inc. - - - - Octoblu, Inc. - - - - RightSignature LLC $37.5 $36.0 - - ScaleXtreme Inc. - - - - Solid Instance, Inc. - - - - Virtual, LLC - - - - CareTracker Inc. - - - - Cunningham Cash Registers Limited - - - - Incognito Software Inc. and Interactive Enterprises Inc. - - - - Juniper Consulting SL - - - - Magic Pulse Limited - - - - PLANit Sweden AB - - - - Retention Management LLC - - - - Wellington IT Solutions Ltd - - - - 95

MOST ACTIVE BUYERS Buyer Delivery Hero Holding GmbH Dentsu Aegis Network Ltd. Dropbox Inc. ebay Inc. (NasdaqGS:EBAY) Electronics for Imaging, Inc. (NasdaqGS:EFII) EMC Corporation (NYSE:EMC) Enghouse Systems Limited (TSX:ESL) Ericsson (OM:ERIC B) Facebook, Inc. (NasdaqGS:FB) Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue 9Cookies GmbH - - - - Click Delivery - - - - Kinboy International SA - - - - Subdelivery - - - - Covario, Inc., Search and Content Marketing Agency Business - - - - Fetch Media Ltd - - - - Tempero Limited - - - - Aria Glassworks, Inc. - - - - HackPad Inc. - - - - Loom, Inc. - - - - MobileSpan, Inc. - - - - Parastructure, Inc. - - - - Photo Lab Inc. - - - - Predictive Edge - - - - AppTek Partners, LLC, Machine Translation Technology - - - - Phisix, Inc. - - - - Rumgr Inc. - - - - DiMS! organizing print b.v. - - - - Rhapso S.A. - - - - SmartLinc, Inc. - - - - Maginatics, Inc. - - - - Spanning Cloud Apps, Inc. - - - - TwinStrata, Inc. - - - - Basset AB $9.4 $9.4 - - IT Sonix AG $9.6 $9.6 - - Jinny Software Ltd. $17.7 $17.7 $22.7 0.8x Voxtron nv $8.4 $8.4 - - Apcera, Inc. - - - - Azuki Systems, Inc. - - - - Fabrix Systems Ltd. $95.0 $95.0 - - MetraTech Corp. - - - - Sentilla Corporation - - - - Branch Media, Inc. $15.0 $15.0 - - Little Eye Software Labs Pvt Ltd. $14.5 $14.5 - - LiveRail Inc. $500.0 $500.0-5.0x PrivateCore Inc. - - - - ProtoGeo Oy - - - - Pryte Ltd. - - - - WhatsApp Inc. $16,374.2 $16,374.2 - - 96

MOST ACTIVE BUYERS Buyer foodpanda GmbH Genesys Telecommunications Laboratories, Inc. Google Inc. (NasdaqGS:GOOG) Granbury Restaurant Solutions GRÜN Software AG Heartland Payment Systems, Inc. (NYSE:HPY) Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue Delivery Club Ltd. - - - - Kinboy International SA, Mexican Business - - - - Trinket Info Services Pvt. Ltd. - - $1.6 - CanaPlus Consulting Pte Ltd - - - - Solariat, Inc. - - - - Ventriloquist Customer Communications Solutions - - - - Bitspin GmbH - - - - Deepmind Technologies Limited $401.3 $401.3 - - Impermium Corporation - - - - SlickLogin - - - - Spider.io - - - - Adometry, Inc. - - - - APPETAS, INC. - - - - Appurify, Inc. - - - - Baarzo, Inc. - - - - Divide - - - - drawelements Ltd. - - - - Firebase - - - - Input Factory Inc. - - - - Jetpac Inc. - - - - Lynx Design, Inc. - - - - mdialog Corp. - - - - Quest Visual, Inc. - - - - Rangespan Limited - - - - Relative Wave, LLC - - - - Songza Media, Inc. - - - - Stackdriver Inc. - - - - ZYNC INC. - - - - ewinery Solutions, Inc. - - - - NovaPOS, Inc. - - - - WineWeb Enterprises, Inc. - - - - GRÜN MKC IT GmbH - - - - GRÜN spendino - - - - ZICOM - - - - Leaf Holdings, Inc. - - - - MCS Software, LLC - - - - TouchNet Information Systems, Inc. $375.0 $375.0 - - XPIENT Solutions, LLC $30.0 $30.0 - - 97

MOST ACTIVE BUYERS Buyer Hexagon AB (OM:HEXA B) INFOR, INC. Intel Corporation (NasdaqGS:INTC) International Business Machines Corporation (NYSE:IBM) Intuit Inc. (NasdaqGS:INTU) Invigor Group Limited (ASX:IVO) j2 Global, Inc. (NasdaqGS:JCOM) KDDI Corporation (TSE:9433) Lanyon, Inc. LexisNexis Risk Solutions, Inc. Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue ilab Sistemas Especialistas de Informatica Ltda - - - - Mintec, Inc. - - - - Vero Software Limited - - $108.2 - GRASP Systems International, Inc. - - - - PeopleAnswers, LLC $200.0 $200.0-7.0x SalesLogix, N.A., LLC - - - - appmobi Inc. - - - - Ginger Software, Inc., Personal Assistants Platform - - - - LSI Corporation, Axxia Networking Business and Related $650.0 $650.0 $113.0 5.8x PasswordBox Inc. - - - - Cloudant, Inc. - - - - Lighthouse Security Group, LLC - - - - Silverpop Systems Inc. - - $80.0 - Acrede HR and Payroll Solutions (Jersey) Limited - - - - Check, Inc. $360.0 $360.0 - - Invitco Pty Limited - - - - Itrios LLC - - - - K.D.K. Softwares (India) Pvt. Ltd. - - - - Lettuce, Inc. - - - - PaySuite Limited - - - - Amethon Solutions (Asia Pacific) Pty., Ltd. $1.4 $1.4 - - Global Group Australia Pty Ltd. - - - - Search Results Group $5.4 $5.4 - - Betteroff Networks Pty Ltd. and Ozefax Pty Limited - - - - Carbonite, Inc. (NasdaqGM:CARB) $366.4 $333.1 $119.5 2.8x Contactology, Inc. - - - - Critical Software Ltd - - - - Web24 Group Pty Ltd - - - - Bitcellar, Inc. - - - - Nanapi Inc. - - - - ScaleOut Inc. - - - - GenieConnect Ltd - - - - Passkey International, Inc. - - - - The Active Network, Inc., ACTIVE Network Business Solutions - - - - Coplogic, Inc. - - - - PoliceReports.US, LLC - - - - Tracesmart Ltd. - - - - 98

MOST ACTIVE BUYERS Buyer LinkedIn Corporation (NYSE:LNKD) Mentor Graphics Corp. (NasdaqGS:MENT) Microsoft Corporation (NasdaqGS:MSFT) Mozido, LLC Oculus VR, Inc. Opera Mediaworks Inc. Oracle Corporation (NYSE:ORCL) Permira Advisers Ltd. Phunware Inc. PROACTIS Holdings PLC (AIM:PHD) Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue Bizo, Inc. $175.0 $175.0-3.5x Bright Media Corporation, Inc. $120.0 $120.0 - - Newsle Inc. - - - - Berkeley Design Automation, Inc. - - - - Mecel AB, AUTOSAR Assets - - - - Nimbic, Inc. - - - - Acompli Inc. - - - - Aorato Ltd. - - - - Bit Stadium GmbH - - - - InMage Systems, Inc. - - - - InterGrid Limited - - - - Mojang AB $2,500.0 $2,500.0 - - SyntaxTree SARL - - - - Ubikod SARL - - - - PayEase, Inc. $750.0 $750.0 - - SK C&C USA Inc. - - - - StickyStreet Inc. - - - - 13th Lab AB - - - - Jenkins Software LLC - - - - Nimble VR - - - - Advine Mobile Advertising Network Pty Ltd - - - - apprupt GmbH - - - - Hunt Mobile Ads - - - - Blue Kai, Inc. - - - - Corente, Inc. - - - - DataLogix Holdings, Inc. - - - - Front Porch Digital Inc. - - - - LiveLOOK, Inc. - - - - MICROS Systems, Inc. (NasdaqGS:MCRS) $5,262.5 $4,604.1 $1,337.9 3.4x TOA Technologies, Inc. - - - - Metalogix Software US, Inc. - - - - TeamViewer GmbH - - - - Teraco Data Environments (Pty) Ltd. - - - - 30 Second Software, Inc. - - - - Odyssey Mobile Marketing Ltd. - - - - Simplikate Systems LLC - - - - EGS Group Limited $4.8 $3.6 - - Intelligent Capture Limited $2.6 $2.3 $2.4 1.0x Intesource, Inc. $3.9 $3.9 $5.0 0.8x 99

MOST ACTIVE BUYERS Buyer Rakuten, Inc. (TSE:4755) RealPage, Inc. (NasdaqGS:RP) Rubik Financial Limited (ASX:RFL) SmartFocus SA Solera Holdings Inc. (NYSE:SLH) Spirent Communications Plc. (LSE:SPT) Sprinklr Inc. Synopsys Inc. (NasdaqGS:SNPS) Teradata Corporation (NYSE:TDC) The Descartes Systems Group Inc (TSX:DSG) Thoma Bravo, LLC Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue Ebates Performance Marketing, Inc. $1,000.0 $1,000.0 $167.4 6.0x Lubic Co., Ltd. - - - - Slice Technologies, Inc. - - - - Viber Media Inc. $900.0 $900.0 $0.0 - VI-VI-VI.COM Co.,Ltd. - - - - Bookt LLC - - - - Kigo, Inc. $37.5 $37.5 - - Notivus Multi-Family, LLC $4.4 $4.4 - - AMEE Easy Software Solutions Pty Ltd, Easy Dealer $2.4 $2.4 - - Infinitive Pty Ltd. $15.3 $15.3 - - Stargate Information Systems Pty Ltd. $32.4 $32.4 - - Content Savvy Inc. - - - - PivotLink Corp. - - - - TagPoints Ltd - - - - AutoSoft Srl - - - - IBS automotive s.r.o. - - - - The Sherwood Group, Inc., United Kingdom Claims Related - - - - DAX Technologies Corp. $37.0 $37.0 - - Mobilethink A/S $20.0 $20.0 $8.2 2.4x Radvision Ltd., Technology Business Unit $25.0 $25.0 - - Testing Technologies IST GmbH $2.7 $4.7 - - BRANDERATI Inc. - - - - Dachis Corporation, Inc. - - - - TBG Digital Limited - - - - Brandenburg GmbH - - - - Coverity, Inc. $375.0 $350.0 - - Target Compiler Technologies N.V. - - - - Hadapt, Inc. - - - - RainStor, Inc. - - - - Revelytix, Inc. - - - - AirClic, Inc. $29.7 $29.7 - - Computer Management USA Inc. $6.6 $6.6 - - CUSTOMS Info Inc. $42.2 $42.2 - - e-customs Ltd. $10.3 $10.3 - - Compuware Corporation (NasdaqGS:CPWR) $2,366.4 $2,090.9 $714.5 2.9x Sparta Systems, Inc. - - - - TravelCLICK, Inc. $930.0 $930.0 - - 100

MOST ACTIVE BUYERS Buyer Times Internet Limited Trimble Navigation Limited (NasdaqGS:TRMB) Twitter, Inc. (NYSE:TWTR) Unity Technologies, Inc. Ve Interactive Ltd. Visma AS Vista Equity Partners Vistex, Inc. VMware, Inc. (NYSE:VMW) Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) EV/Revenue CouponDunia Media Pvt. Ltd. - - - - Musicfellas Entertainment Private Limited - - - - RupeeStreet Financial Services Pvt. Ltd. - - - - Amtech Group Limited - - - - Gehry Technologies, Inc. - - - - IRON Solutions, Inc. - - - - Manhattan Software Group Limited - - - - Mining Information Systems - - - - Nexala Ltd. - - - - The Omega Group, Inc. - - - - Afterlive.tv Inc - - - - Apps & Zerts, Inc. - - - - CardSpring Inc. - - - - Gnip, Inc. - - - - Madbits - - - - Mitro Labs - - - - Namo Media, Inc. - - - - Twitpic Inc. - - - - Applifier Ltd. - - - - Tsugi, Inc. - - - - Turiya Media, Inc. - - - - adgenie - - - - GDM Digital $11.0 $11.0 - - qunb SAS - - - - Logium Oy - - $6.8 - Oy Finnvalli Finland Ab - - $6.8 - SIA FMS Group - - - - Wallmob A/S PLC - - - - Autotask Corporation - - - - DealerSocket, Inc. - - - - NAVEX Global, Inc. - - - - Social Solutions, Inc. - - - - Counterpoint Systems Ltd. - - - - hawkeye Channel by Vistex - - - - Vistex Colombia SAS - - - - AirWatch, LLC $1,540.0 $1,540.0 - - CloudVolumes, Inc. - - - - Continuent, Inc. - - - - 101

MOST ACTIVE BUYERS Buyer WalmartLabs, Inc. Seller Purchase Price (mm) Enterprise Value (mm) TTM Rev (mm) Adchemy, Inc. - - - - Luvocracy Inc. - - - - Stylr, Inc. - - - - Webedia SAS Diwanee Group - - - - Groupe Confidentielles SARL - - $3.5 - WideOrbit Inc. Wirecard AG (XTRA:WDI) Yahoo! Inc. (NasdaqGS:YHOO) Yandex N.V. (NasdaqGS:YNDX) Zomato Media Private Limited EV/Revenue PurePeople, SAS - - - - Abacast, Inc. - - - - Admeta AB - - - - Castfire, Inc. - - - - Fivia SA - - $4.2 - GFG Group Limited $4.7 $41.9 - - Mikro Odeme A.S. $34.2 $34.2 - - The AMARA Group Limited $44.8 $44.8 - - Bookpad Techsoft India Private Limited - - - - BrightRoll Inc. $640.0 $640.0 - - Cloud Party, Inc. - - - - Cooliris, Inc. - - - - Distill, Inc. - - - - Flurry, Inc. $300.0 $300.0-3.0x Incredible Labs, Inc. - - - - LittleInc Labs, Inc. - - - - Luminate, Inc. - - - - MEDIA GROUP ONE Digital GmbH - - - - Meh Labs, Inc. - - - - RayV Inc. - - - - Sparq - - - - SteamFunk Labs Inc. - - - - Tomfoolery Inc. - - - - Wander Inc. - - - - ADFOX - - - - KitLocate Ltd. - - - - Sovetnik - - - - Creative Web, s.r.o., Obedovat.sk $1.0 $1.0 - - Lunchtime.cz s.r.o. $2.3 $2.3 - - Menu Mania Ltd - - - - 102

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 12/29/14 U-BTech Solutions LTD. Agile IT, Inc. - - - 12/23/14 Trimble Navigation Limited (NasdaqGS:TRMB) IRON Solutions, Inc. - - - 12/22/14 AMN Healthcare Services Inc. (NYSE:AHS) Avantas, LLC $25.0 - - 12/22/14 Diversis Capital, LLC Blue Software, LLC - - - 12/19/14 Accumuli plc (AIM:ACM) RandomStorm Ltd. $13.9 $5.5 2.5x 12/19/14 Koggbron AB Business Control Systems Sverige (OM:BCS) - - - 12/18/14 Dealertrack Technologies (NasdaqGS:TRAK) Incadea Plc (AIM:INCA) $202.5 $54.3 3.7x 12/18/14 Commerce Technologies, Inc. Mercent Corporation - - - 12/17/14 Datanyze, Inc. LeadLedger LLC - - - 12/17/14 Deutscher Sparkassen Verlag GmbH PAYONE GmbH - - - 12/17/14 GovDelivery, Inc. NuCivic Inc. - - - 12/16/14 MongoDB, Inc. WiredTiger, Inc. - - - 12/15/14 Telstra Corporation Limited (ASX:TLS) Cloud9 IDE, Inc. - - - 12/12/14 USG People NV (ENXTAM:USG) Connecting-Expertise NV - - - 12/12/14 Infinite Cohesion, Ltd. DynaCal, LLC - - - 12/11/14 Aimia Inc. (TSX:AIM) Zed Inc. Ltd. - - - 12/11/14 EggZack, Inc. Trellis Technology Inc. - - - 12/11/14 Meridian Medical Management Origin Healthcare Solutions LLC - - - 12/11/14 Datto, Inc. Backupify, Inc. - - - 12/10/14 Epicor Software Corporation ShopVisible, LLC $19.2 - - 12/10/14 Emdeon Inc. AdminiSource Communications, Inc. $35.0 - - 12/10/14 Cirruspath, Inc. Opencore LLC - - - 12/10/14 Intuit Inc. (NasdaqGS:INTU) Acrede HR and Payroll Solutions (Jersey) Limited - - - 12/09/14 Retail Success, LLC Kiplie, Inc. - - - 12/09/14 Ricoh Company, Ltd. (TSE:7752) PTI Marketing Technologies, Inc. - - - 12/09/14 Avizia, Inc. Emerge.MD, Inc. - - - 12/08/14 The Descartes Systems Group Inc (TSX:DSG) e-customs Ltd. $10.3 - - 12/08/14 Periscope Holdings, Inc. RFP Depot, LLC - - - 12/08/14 GRÜN Software AG GRÜN spendino - - - 12/03/14 Access Technology Group Ltd. StratoGen Internet Limited - - - 12/02/14 j2 Global, Inc. (NasdaqGS:JCOM) Carbonite, Inc. (NasdaqGM:CARB) $333.1 $119.4 2.8x 103

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 12/02/14 Citrix Systems, Inc. (NasdaqGS:CTXS) Octoblu, Inc. - - - 11/30/14 QuestionPro Inc. RapidEngage - - - 11/24/14 Global Experience Specialists, Inc. N200 Holding B.V. $13.7 - - 11/24/14 Slice Technologies, Inc. Unroll.Me Inc. - - - 11/21/14 Upland Software, Inc. (NasdaqGM:UPLD) Solution Q, Inc. $5.8 - - 11/21/14 Yahoo! Inc. (NasdaqGS:YHOO) Cooliris, Inc. - - - 11/20/14 Central Data Storage, LLC Optyn, Inc. - - - 11/20/14 OptionsCity Software, Inc. Optionshop Brokerage, LLC - - - 11/19/14 The Descartes Systems Group Inc (TSX:DSG) AirClic, Inc. $29.7 - - 11/19/14 Pluralsight LLC Smarterer, Inc. $75.0 - - 11/19/14 ScholarChip Card LLC ABE Systems, Inc. - - - 11/19/14 Aleyant Systems, LLC Tucanna Software & Development LLC - - - 11/18/14 Isentric Limited (ASX:ICU) DataMorph Services Sdn. Bhd. $0.1 - - 11/18/14 1-PAGE LIMITED (ASX:1PG) BranchOut, Inc. $4.8 - - 11/18/14 Merkle Inc. 500friends, Inc. - - - 11/18/14 Campaign Monitor Pty Ltd GetFeedback - - - 11/18/14 Books International Inc. Cloud View Technologies LLC - - - 11/18/14 Next Generation Innovation BVBA ASPIDER Solutions B.V. - - - 11/17/14 Groupon, Inc. (NasdaqGS:GRPN) Swarm Solutions, Inc. - - - 11/13/14 Get It, LLC Employ Insight LLC - - - 11/12/14 Target Corp. (NYSE:TGT) PoweredAnalytics, Inc. - - - 11/11/14 Cox Automotive, Inc. Xtime Inc. $325.0 - - 11/11/14 Liaison International, Inc. Spectrum Edu Solutions LLC - - - 11/11/14 Tamedia AG (SWX:TAMN) Doodle AG - - - 11/10/14 QHR Corporation (TSXV:QHR) Medeo Corporation $3.0 - - 11/10/14 Market Track, LLC Media Iris, LLC - - - 11/10/14 Citrix Systems, Inc. (NasdaqGS:CTXS) Solid Instance, Inc. - - - 11/09/14 24/7 Inc. IntelliResponse Systems Inc. - - - 11/08/14 Searce, Inc. Feecounter Online Services (P) Ltd. - - - 11/06/14 Global Healthcare Exchange, LLC Vendormate, Inc. - - - 11/06/14 Copyright Clearance Center, Inc. Infotrieve, Inc. - - - 11/06/14 BrandMaker GmbH advertzoom GmbH - - - 104

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 11/06/14 The Jackson Clinic erad Image Medical, Inc. - - - 11/05/14 Xero Limited. (NZSE:XRO) Monchilla, Inc. $7.1 - - 11/05/14 LivePerson Inc. (NasdaqGS:LPSN) ContactAtOnce! LLC $70.0 - - 11/05/14 The Carlyle Group LP (NasdaqGS:CG) Dealogic (Holdings) plc $502.5 $140.8 3.5x 11/05/14 Maritz Research, Inc. Allegiance, Inc. - - - 11/04/14 Zipmark Inc. NetBooks Inc. - - - 11/04/14 Behavioral Science Technology, Inc. Regulatory Consultants, Inc. - - - 11/04/14 WebPT, Inc. WebOutcomes, LLC - - - 11/04/14 T2 Systems, Inc. CASE Parking, LLC - - - 11/04/14 Immobilien Scout GmbH Flowfact AG - - - 11/03/14 West Corporation (NasdaqGS:WSTC) GroupCast, L.L.C. $13.5 - - 11/03/14 Aetna Inc. (NYSE:AET) bswift, LLC $400.0 - - 11/03/14 Unchained Apps Limited Social Agent Limited - - - 10/31/14 Capital One, N.A. AmeriCommerce, L.P. - - - 10/31/14 Salsa Labs, Inc. givezooks!, Inc. - - - 10/30/14 Permira Advisers Ltd. Metalogix Software US, Inc. - - - 10/30/14 COMPAREX AG Cloudbearing, Inc. - - - 10/29/14 Nielsen N.V. (NYSE:NLSN) Affinnova, Inc. - - - 10/29/14 PerkinElmer Inc. (NYSE:PKI) Ceiba Solutions, Inc. - - - 10/29/14 MEDA Limited Conferplace Ltd. - - - 10/29/14 Cloud Nation, Inc. Cloud Nation, LLC - - - 10/28/14 Zift Solutions, Inc. Marketing Advocate, LLC - - - 10/28/14 Cigital, Inc. iviz Techno Solutions Pvt. Ltd. - - - 10/28/14 EMC Corporation (NYSE:EMC) Spanning Cloud Apps, Inc. - - - 10/28/14 EMC Corporation (NYSE:EMC) Maginatics, Inc. - - - 10/27/14 Adapt IT (Pty) Limited AspiviaUnison Proprietary Limited $18.4 - - 10/24/14 NetApp, Inc. (NasdaqGS:NTAP) Riverbed Technology, Inc., SteelStore Product Line $80.0 - - 10/23/14 Newzulu Limited (ASX:NWZ) Filemobile Inc. $4.4 - - 10/23/14 Proofpoint, Inc. (NasdaqGM:PFPT) Nexgate Corporation $35.0 - - 10/21/14 BAE Systems plc (LSE:BA.) Perimeter Internetworking Corp. $232.5 - - 10/21/14 Progress Software Corporation (NasdaqGS:PRGS) Telerik AD $262.5 $59.9 4.4x 10/21/14 Google Inc. (NasdaqGS:GOOGL) Firebase - - - 10/20/14 Altus Group Limited (TSX:AIF) Voyanta Limited $9.3 - - 105

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 10/20/14 Stamps.com Inc. (NasdaqGS:STMP) ShipWorks $22.0 - - 10/20/14 LexisNexis Group Inc. Moreover Technologies, Inc. - - - 10/20/14 Square 2 Marketing, Inc. The Savvy Group, LLC - - - 10/20/14 PCCW Global Limited Crypteia Networks A.E. - - - 10/16/14 Premiere Global Services, Inc. (NYSE:PGI) Central Desktop, Inc. - - - 10/16/14 Digital Guardian, Inc. Armor5, Inc. - - - 10/15/14 Fusion Telecommunications Intl, Inc. PingTone Communications, Inc. $10.1 $8.1 1.3x 10/15/14 (NasdaqCM:FSNN) Autodesk, Inc. (NasdaqGS:ADSK) TeamUp Technologies Inc. - - - 10/15/14 ABILITY Network Inc. MD On-Line, Inc. - - - 10/15/14 C-Motech Co., Ltd. Mobile Knowledge Systems Inc. - - - 10/15/14 Nationwide Appraisal Services Inc InHouse Inc. - - - 10/14/14 Demandware, Inc. (NYSE:DWRE) CQuotient, Inc. - - - 10/14/14 Leeds Equity Partners, LLC imodules Software, Inc. - - - 10/13/14 Accanto Systems Oy InstantCEM Ltd - - - 10/12/14 SPS Commerce Australia Pty Ltd. LTG Lakeside Pty Ltd $14.9 $6.3 2.4x 10/10/14 Ensighten, Inc. Anametrix, Inc. - - - 10/09/14 Hodges-Mace Benefits Group, Inc. SmartBen, Inc. - - - 10/07/14 Scytl Secure Electronic Voting, S.A. Akira Systems Inc. $2.5 - - 10/07/14 Cornerstone OnDemand, Inc. (NasdaqGS:CSOD) Evolv, Inc. $44.5 - - 10/07/14 Mystery Researchers, LLC Beyond Hello Inc. - - - 10/07/14 Hitachi Systems, Ltd. SecureBrain Corporation - - - 10/07/14 Symbility Solutions Inc. (TSXV:SY) Symbility Solutions GmbH - - - 10/06/14 Actuera B.V. Artena B.V. - - - 10/06/14 Zenovia Digital Exchange Corporation AdJuggler, Inc. - - - 10/06/14 Senior Sistemas S.A. Sythex Tecnologia em Sistemas - - - 10/05/14 e-conomic international a/s SpeedLedger AB - - - 10/03/14 Qumu Corporation (NasdaqCM:QUMU) Qumu Cloud $14.6 $5.5 2.7x 10/02/14 Good Technology Corporation Macheen, Inc. $8.3 - - 10/02/14 Iron Mountain Inc. (NYSE:IRM) Fontis International, Inc. - - - 10/02/14 USG People NV (ENXTAM:USG) Netwerven B.V. - - - 10/01/14 PeopleStrong HR Services Pvt. Ltd. Big Byte Solutions Pvt. Ltd. - - - 10/01/14 Talent Partners, Inc. PES Payroll Inc. - - - 106

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 10/01/14 ThingLink Oy Smartag - - - 10/01/14 Francisco Partners Management LLC Vendavo, Inc. - - - 09/22/14 Sage Group plc (LSE:SGE) PAI Group, Inc. $157.8 $38.9 4.1x 09/22/14 Premiere Global Services, Inc. (NYSE:PGI) TalkPoint Holdings, LLC - - - 09/22/14 Ericsson (OM:ERIC B) Apcera, Inc. - - - 09/19/14 REWE Digital GmbH commercetools GmbH - - - 09/19/14 The Hearst Corporation BranchOut, Inc. - - - 09/18/14 SAP America, Inc. Concur Technologies, Inc. (NasdaqGS:CNQR) $7,651.6 $667.7 11.5x 09/18/14 HRdirect Hello Industries Inc. - - - 09/18/14 Red Hat, Inc. (NYSE:RHT) FeedHenry Ltd.* $82.0 $4.1 20.0x 09/18/14 ParTech, Inc. Brink Software, Inc. $17.0 - - 09/18/14 Geospatial Corporation (OTCPK:GSPH) ShaleNavigator - - - 09/17/14 Cisco Systems, Inc. (NasdaqGS:CSCO) Metacloud, Inc. - - - 09/17/14 Boyser S.R.L Dexma Sensors, SL - - - 09/16/14 Callidus Software Inc. (NasdaqGM:CALD) Clicktools Ltd.* $16.4 $2.3 7.0x 09/16/14 Kenshoo, Ltd. Adquant Ltd - - - 09/16/14 OnApp Limited SoluLabs Ltd. - - - 09/15/14 Cision AB; Vocus Inc. Visible Technologies, Inc. - - - 09/15/14 Brocade Communications (Nasdaq:BRCD) Vistapointe Networks - - - 09/14/14 Oracle Corporation (NYSE:ORCL) Front Porch Digital Inc. - - - 09/12/14 Sabre Corporation (NasdaqGS:SABR) Genares Worldwide Reservation Services, Ltd. - - - 09/12/14 Genstar Capital, LLC Construction Software Technologies, Inc. - - - 09/11/14 Givex Corporation Marqui Inc. - - - 09/11/14 Ticketmaster Entertainment, LLC Eventjoy, Inc. - - - 09/11/14 Ericsson (OM:ERIC B) Fabrix Systems Ltd. $95.0 - - 09/10/14 Equiniti Limited Charter UK Ltd. - - - 09/10/14 FxPro Group Limited Quotix Limited - - - 09/09/14 Pointer Telocation Ltd. (NasdaqCM:PNTR) Thales Telematics - - - 09/09/14 QmedRx, Inc. GoEscribe - - - 09/05/14 Intercontinental Exchange, Inc. (NYSE:ICE) SuperDerivatives Inc. $350.0 - - 09/04/14 Figaro Classifieds S.A.; RegionsJob SAS Ubiposting SAS - - - 09/03/14 Symphony Technology Group Ventiv Technology Inc. - - - 107

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 09/03/14 Fidelity National Info. Services, Inc. (NYSE:FIS) Clear2Pay nv/sa* $492.7 $123.2 4.0x 09/03/14 Capita plc (LSE:CPI) Eclipse Hardware Limited - - - 09/02/14 HomeAdvisor, Inc. Mhelpdesk, Inc. - - - 09/02/14 Mixpo, Inc. ShopIgniter, Inc. - - - 09/02/14 Shenzhen Xunlei Networking Technologies Kuaipan Personal and Kansunzi Business Assets $33.0 - - 09/02/14 RealNex Ten Eight LLC - - - 09/01/14 Equiniti Limited Invigia Limited - - - 08/29/14 Omnitracs, LLC XRS Corporation (NasdaqCM:XRSC) $177.5 $53.0 3.4x 08/29/14 Morpho SA Dictao Siege - - - 08/29/14 OmniEarth Inc. IRISmaps, Inc. - - - 08/27/14 SmartFocus SA Content Savvy Inc. - - - 08/27/14 GL Education Group Limited The Test Factory Limited - - - 08/27/14 SmartFocus SA TagPoints Ltd - - - 08/26/14 Mailigen Limited Leadersend ltd. - - - 08/26/14 Google Inc. (NasdaqGS:GOOGL) ZYNC INC. - - - 08/26/14 UST Global Inc. Trulioo, Inc. - - - 08/26/14 Auctane LLC Finale Inventory - - - 08/26/14 Veeder-Root Company Inc. FuelQuest, Inc. - - - 08/25/14 Dynamic Signal Inc. PaperShare, Inc. - - - 08/21/14 Host Europe WVS Limited Sign-Up Technologies Ltd. - - - 08/20/14 GoDaddy Inc. Mad Mimi, LLC - - - 08/20/14 TeamSnap, Inc. Easy Team Manager - - - 08/19/14 Readyforce, Inc. HireBrite, LLC - - - 08/15/14 VMware, Inc. (NYSE:VMW) CloudVolumes, Inc. - - - 08/14/14 RedeHost Internet Ltda. Mailee - - - 08/14/14 INFOR, INC. SalesLogix, N.A., LLC - - - 08/13/14 Intuit Inc. (NasdaqGS:INTU) Itrios LLC - - - 08/12/14 iqu B.V. HoneyTracks GmbH - - - 08/12/14 Singapore edevelopment Limited (Catalist:5QZ) Cloudtel Pte. Ltd. - - - 08/12/14 Kaseya International Shared Services Sàrl Scorpion Software Corp. - - - 08/12/14 SHE Software Ltd Mobile Safety Solutions Limited - - - 08/12/14 LexisNexis Risk Solutions, Inc. Coplogic, Inc. - - - 108

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 08/11/14 Thinking Phone Networks, Inc. Whaleback Systems Corporation - - - 08/11/14 International Business Machines (NYSE:IBM) Lighthouse Security Group, LLC - - - 08/11/14 Manhattan Associates, Inc. (NasdaqGS:MANH) GlobalBay Technologies Inc. - - - 08/07/14 Intuit Inc. (NasdaqGS:INTU) PaySuite Limited - - - 08/06/14 FuseMail, LLC MXSweep Limited - - - 08/05/14 Bullhorn, Inc. The Code Works Inc. - - - 08/04/14 Rocket Fuel Inc. (NasdaqGS:FUEL) [x+1], Inc. $236.0 $72.0 3.3x 08/04/14 comscore, Inc. (NasdaqGS:SCOR) MdotLabs, Inc. $4.5 - - 08/01/14 Frontline Technologies Group LLC Aspex Solutions - - - 08/01/14 cloudcontrol Inc. Docker, Inc., DotCloud PaaS Business - - - 07/31/14 SQAD Inc. Workhorse Software Company - - - 07/31/14 HootSuite Media Inc. Brightkit - - - 07/31/14 Oracle Corporation (NYSE:ORCL) TOA Technologies, Inc. - - - 07/31/14 Goldstar North American Mining, Inc. XFormity Technologies, Inc. (OTCPK:XFMY) - - - 07/30/14 Intuit Inc. (NasdaqGS:INTU) K.D.K. Softwares (India) Pvt. Ltd. - - - 07/30/14 j2 Global, Inc. (NasdaqGS:JCOM) Contactology, Inc. - - - 07/30/14 Qualcomm Technologies, Inc. Empowered Careers Inc. - - - 07/29/14 Ericsson (OM:ERIC B) MetraTech Corp. - - - 07/29/14 Engage Mobility, Inc. (OTCPK:ENGA) Hub Data, Inc., Certain Assets - - - 07/28/14 Twitter, Inc. (NYSE:TWTR) Madbits - - - 07/28/14 2426818 Ontario Inc. MediaMiser Ltd. $8.5 $3.6 2.4x 07/28/14 Beijing Tongtech Co., Ltd. (SZSE:300379) Neostart, Inc. $4.9 - - 07/25/14 RIB Software AG (DB:RSTA) Byggeweb A/S $25.9 - - 07/24/14 Crucible Gold Limited (ASX:CUG) Dubber Pty Ltd $5.2 - - 07/23/14 PTC Inc. (NasdaqGS:PTC) Axeda Corporation* $170.0 $24.3 7.0x 07/22/14 Docker, Inc. Orchard Laboratories Ltd - - - 07/21/14 LinkedIn Corporation (NYSE:LNKD) Bizo, Inc. $175.0 $50.0 3.5x 07/21/14 RCS Capital Corporation (NYSE:RCAP) Trupoly, Inc. - - - 07/18/14 Blackfin Capital Partners SAS Able B.V. - - - 07/17/14 Teradata Corporation (NYSE:TDC) Hadapt, Inc. - - - 07/17/14 NetSuite Inc. (NYSE:N) Venda, Inc. $50.5 - - 07/16/14 HighJump Software Inc. Atlas Products International Holdings Ltd. - - - 109

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 07/16/14 Zillow, Inc. (NasdaqGS:Z) Retsly Software, Inc. - - - 07/15/14 Equity Administration Solutions, Inc. Option Admin, Inc. - - - 07/15/14 Chef, Inc. Tower3 Inc. - - - 07/14/14 Lexalytics, Inc. Semantria LLC - - - 07/11/14 Comcast Corporation (NasdaqGS:CMCS.A) PowerCloud Systems, Inc. - - - 07/10/14 Ascentis Corporation Starfield TMS, LLC - - - 07/10/14 Salesforce.com, Inc (NYSE:CRM) RelateIQ, Inc. $391.0 - - 07/09/14 Add Shoppers, LLC Sociaby, LLC - - - 07/09/14 ServiceNow, Inc. (NYSE:NOW) Neebula Systems Ltd.* $100.0 $5.0 20.0x 07/08/14 GTCR, LLC; Opus Global Holdings Hiperos, LLC - - - 07/08/14 Top Image Systems Ltd. (NasdaqCM:TISA) egistics, Inc. $18.0 $10.6 1.7x 07/08/14 EMC Corporation (NYSE:EMC) TwinStrata, Inc. - - - 07/08/14 Vista Equity Partners Social Solutions, Inc. - - - 07/07/14 Asure Software, Inc. (NasdaqCM:ASUR) FotoPunch Inc. $4.5 - - 07/07/14 Thoma Bravo, LLC Sparta Systems, Inc. - - - 07/07/14 Zero2Sixty Software, Inc. Conductiv Inc. - - - 07/04/14 Zimbra, Inc. Mezeo Software Corporation - - - 07/04/14 Enghouse Systems Limited (TSX:ESL) Basset AB $9.4 - - 07/02/14 EPOSability Ltd. Mylivevision Limited - - - 07/02/14 Roper Industries Inc. (NYSE:ROP) FoodLink Holdings, Inc. - - - 07/01/14 Taxware, LLC Convey Compliance Systems, Inc. - - - 07/01/14 EFactor Group Corp. (OTCPK:EFCT) Member Digital Ltd $1.0 - - 06/25/14 Autodesk, Inc. (NasdaqGS:ADSK) Shotgun Software Inc. - - - 06/24/14 Indeed, Inc. MoBolt, Inc. - - - 06/24/14 DataBank IMX, LLC Cogniserv, LLC - - - 06/23/14 Learfield Sports, LLC SIDEARM Sports Inc. - - - 06/20/14 Oracle Corporation (NYSE:ORCL) LiveLOOK, Inc. - - - 06/20/14 Nest Labs, Inc. Dropcam, Inc. $555.0 - - 06/20/14 Telvent DTN, LLC RevCo, LLC - - - 06/19/14 Twitter, Inc. (NYSE:TWTR) Afterlive.tv Inc - - - 06/17/14 Paychex, Inc. (NasdaqGS:PAYX) NETtime Solutions, LLC - - - 06/17/14 Informatica Corporation (NasdaqGS:INFA) StrikeIron, Inc. - - - 110

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 06/16/14 Box INC. Greply Inc. - - - 06/13/14 Solocal Group SA (ENXTPA:LOCAL) Leadformance SAS - - - 06/13/14 Tuition Build Inc. Limelight Networks, Inc. (NasdaqGS:LLNW) $548.1 $168.6 3.3x 06/12/14 CloudLock, Inc. Innovode Ltd - - - 06/12/14 The Priceline Group Inc. (NasdaqGS:PCLN) OpenTable, Inc. (NasdaqGS:OPEN) $2,495.5 $198.4 12.6x 06/10/14 Stamps.com Inc. (NasdaqGS:STMP) Auctane LLC $76.3 - - 06/09/14 Accela, Inc. Envista Corporation, Inc. - - - 06/09/14 Moody's Analytics, Inc. WebEquity Solutions, LLC - - - 06/09/14 Connection Telecom (Pty) Ltd FatBudgie - - - 06/09/14 efolder, Inc. CloudFinder Sweden AB - - - 06/09/14 One Source Networks Inc. Shango - - - 06/08/14 One Software Technologies (TASE:ONE) BALINK Limited - - - 06/06/14 DAXKO LLC NetVentures Corporation - - - 06/05/14 MYOB Holdings Pty Limited Kounta, Pty Ltd. - - - 06/04/14 Fleetmatics Group PLC (NYSE:FLTX) KKT Srl - - - 06/04/14 Rocap Marketing Inc. (OTCBB:ROCP) Spiral Toys, Inc. - - - 06/03/14 Acquia, Inc. TruCentric Inc. - - - 06/03/14 Cloudera, Inc. Gazzang, Inc. - - - 06/03/14 The Priceline Group Inc. (NasdaqGS:PCLN) buuteeq Inc. - - - 06/02/14 Insight Venture Partners iparadigms, LLC $752.0 - - 06/02/14 Bematech SA (BOVESPA:BEMA3) UNUM Tecnologia $17.7 $4.4 4.0x 06/02/14 Hover Networks, Inc. Voyss Solutions, Inc. - - - 06/02/14 The Descartes Systems Group Inc (TSX:DSG) CUSTOMS Info Inc. $42.2 - - 06/02/14 Loop, LLC CAR Research, Inc. - - - 05/30/14 TrialScope Inc. Deloitte Analytics LLC - - - 03/26/14 SAP AG (DB:SAP) Fieldglass, Inc. - - - 03/25/14 Golden Gate Capital LiveVox, Inc. - - - 03/21/14 ALSO Holding AG (SWX:ALSN) Nervogrid Oy - - - 03/20/14 Dromana Estate Ltd. (ASX:DMY) CloudCentral Pty Ltd $2.4 - - 03/19/14 IgnitionOne, Inc. Knotice, Ltd. - - - 03/19/14 InterCloud Systems, Inc. (NasdaqCM:ICLD) VaultLogix, LLC $44.0 $12.0 3.7x 111

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 03/19/14 BigHand Ltd. Esquire Innovations, Inc. - - - 03/18/14 Dropbox, Inc. Zulip, Inc. - - - 03/18/14 TrustWave Holdings, Inc. Cenzic, Inc. - - - 03/18/14 Thoma Bravo, LLC TravelCLICK, Inc.* $930.0 $265.7 3.5x 03/17/14 Everbridge, Inc. Vocal Ltd. - - - 03/14/14 Charterhouse Capital Partners LLP SkillSoft Limited - - - 03/13/14 Clear Payment Solutions LLC ekiosk Solutions LLC - - - 03/12/14 ebet Limited (ASX:EBT) Industry Data Online Pty Ltd $0.6 - - 03/12/14 Xumanii International Holdings Corp (OTCPK:XUII) Amonshare.com $1.5 - - 03/11/14 Sysxnet Limited SaaS Markets, LLC - - - 03/11/14 Ian Martin Limited Fitzii, Inc. - - - 03/10/14 Chinasoft International Ltd. (SEHK:354) Deem, Inc. - - - 03/07/14 DocuSign, Inc. Comprova.com Informatica S.A. - - - 03/06/14 Axium XTS Corporation ArchitTrek, LLC - - - 03/05/14 L-3 Communications Holdings Inc. (NYSE:LLL) L-3 Data Tactics - - - 03/05/14 Raine Ventures LLC The Immediate Edge $1.4 $0.5 2.7x 03/05/14 Tribal Group plc (LSE:TRB) Sky Software Pty Limited $19.1 - - 03/04/14 TalentSoft SA PeopleXS Holding BV - - - 03/03/14 Shutterstock, Inc. (NYSE:SSTK) WebDAM, Inc. - - - 03/03/14 Securus Technologies, Inc. Telerus, Inc. - - - 02/28/14 Corporate Executive Board Co. (NYSE:CEB) KnowledgeAdvisors, Inc.* $52.0 $17.3 3.0x 02/28/14 FrontStream Payments, Inc. Truist, Inc. - - - 02/26/14 Workday, Inc. (NYSE:WDAY) Identified, Inc. - - - 02/26/14 Square, Inc. BookFresh - - - 02/26/14 Wolters Kluwer Corporate Legal Services Third Coast Holdings Inc $290.3 $50.1 5.8x 02/26/14 DEKRA International GmbH TTL Automotive Ltd. - - - 02/25/14 AmbiCom Holdings, Inc. (OTCPK:ABHI) Veloxum Corporation - - - 02/24/14 Oracle Corporation (NYSE:ORCL) Blue Kai, Inc. - - - 02/24/14 Monster Worldwide, Inc. (NYSE:MWW) Gozaik LLC - - - 02/24/14 CloudFlare, Inc. Jaal, LLC - - - 02/24/14 International Business Machines Corporation Cloudant, Inc. - - - 02/24/14 (NYSE:IBM) QSC AG (XTRA:QSC) FTAPI Software GmbH - - - 112

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 02/20/14 OTOY, Inc. AppSlingr, Inc. - - - 02/19/14 Sprinklr Inc. Dachis Corporation, Inc. - - - 02/19/14 FSX Interlinked, Inc. Interlinked, Inc. - - - 02/19/14 Ocuco Limited EMRlogic Systems Inc. - - - 02/19/14 Clearswift Limited Microdasys Europe GmbH - - - 02/18/14 Remark Media, Inc. (NasdaqCM:MARK) BH Enterprises of FL, Inc., TaxExtension.com Assets - - - 02/18/14 ClickSoftware Technologies Ltd. (NasdaqGS:CKSW) Xora, Inc. $14.7 - - 02/18/14 Wyless Inc. ASPIDER Solutions B.V. - - - 02/18/14 Court Square Capital Partners AFS Technologies, Inc. - - - 02/14/14 Equifax Inc. (NYSE:EFX) Forseva, LLC - - - 02/13/14 Yahoo! Inc. (NasdaqGS:YHOO) Distill, Inc. - - - 02/11/14 SearchDex, Inc. Altruik, Inc. - - - 02/11/14 j2 Global, Inc. (NasdaqGS:JCOM) Betteroff Networks Pty Ltd. and Ozefax Pty Limited - - - 02/11/14 RealPage, Inc. (NasdaqGS:RP) Bookt LLC - - - 02/10/14 Visma AS Logium Oy - - - 02/06/14 Ericsson (OM:ERIC B) Azuki Systems, Inc. - - - 02/06/14 Arqiva Broadcast Holdings Limited Capablue Ltd - - - 02/05/14 Persistent Systems Limited (BSE:533179) Cloudsquads, Inc. - - - 02/05/14 PointAcross, Inc. GoldMail, Inc. - - - 02/04/14 Callidus Software Inc. (NasdaqGM:CALD) LeadRocket, Inc. $3.0 - - 02/04/14 Service Scout, Inc. Betterfly, Inc. - - - 01/31/14 Physio-Control, Inc. Sansio, Inc. - - - 01/31/14 Altiux Innovations Pvt Ltd. P-Device Systems Pvt Ltd - - - 01/31/14 Vector Capital CollabNet, Inc. - - - 01/31/14 Explorer Software Inc. Computer Guidance Corporation - - - 01/30/14 SalesFUSION Inc. LoopFuse, Inc. - - - 01/29/14 Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) Rationalwave, Inc. $8.0 - - 01/29/14 ThinkHR Corporation HR That Works, Inc. - - - 01/27/14 LiveOps, Inc. UserEvents, Inc. - - - 01/27/14 Navico Holding AS Contour Innovations, LLC - - - 01/27/14 Berkshire Hathaway Specialty Insurance MyAssist Inc. and Insure America LLC - - - 113

SELECT SaaS TRANSACTIONS Enterprise TTM Rev Date Buyer Seller Value (mm) (mm) EV/Rev 01/26/14 Dealer Authority ereputationbuilder - - - 01/24/14 Budget Center Inc. (OTCPK:BDGN) Vericard Inc. $0.9 - - 01/23/14 AdRoll, Inc. Userfox - - - 01/23/14 The Gores Group LLC Zmags, Corp. - - - 01/22/14 ServiceSource International, Inc. (NasdaqGS:SREV) Scout Analytics, Inc. $32.5 $5.4 6.0x 01/20/14 Callcredit Information Group Limited Coactiva Aspiren Ltd - - - 01/20/14 Ellucian, Inc. CampusIT Limited - - - 01/20/14 Genesys Telecommunications Laboratories, Inc. Ventriloquist Customer Communications Solutions - - - 01/18/14 Allied Wallet, Ltd. Intl Cloudasia Limited - - - 01/16/14 4CAD Group Plate-forme d Ingénierie Collaborative de Cités en - - - 01/16/14 Electronics for Imaging, Inc. (NasdaqGS:EFII) Champagne SmartLinc, Inc. - - - 01/16/14 HUBHEAD CORP. NRX Global Inc. - - - 01/15/14 Trusted Team LLC 22Touch Systems, Inc. - - - 01/15/14 Google Inc. (NasdaqGS:GOOG) Impermium Corporation - - - 01/15/14 Hamilton-Ryker IT Solutions, LLC WMS isymphony, Inc. - - - 01/14/14 RuffaloCODY, LLC ScaleFunder, Inc. - - - 01/14/14 PROACTIS Holdings PLC (AIM:PHD) EGS Group Limited $3.6 - - 01/13/14 Project Management Institute, Inc., Endowment Arm ProjectManagement.com And ProjectsAtWork - - - 01/13/14 NGB Markets, Inc. Local Food Systems, Inc. - - - 01/10/14 Deutsche Boerse AG (XTRA:DB1) Impendium Systems Ltd. - - - 01/10/14 Qualcomm Connected Experiences, Inc. kooaba AG - - - 01/10/14 AFS Technologies, Inc. Visicom Inc. - - - 01/09/14 HireVue, Inc. Reschedge - - - 01/08/14 IQNavigator, Inc. ProcureStaff Technologies, Ltd. - - - 01/07/14 INFOR, INC. PeopleAnswers, LLC $200.0 $28.6 7.0x 01/07/14 Oracle Corporation (NYSE:ORCL) Corente, Inc. - - - 01/06/14 Verint Systems Inc. (NasdaqGS:VRNT) KANA Software, Inc.* $514.0 $128.5 4.0x 01/06/14 Microsoft Dynamics Inc Parature, Inc.* $100.0 $20.0 5.0x 01/06/14 Pinterest, Inc. VisualGraph Inc. - - - 01/06/14 ABRY Partners, LLC Inmar, Inc. - - - 01/02/14 Firespring, Inc. Cost Effective Technologies, Inc. - - - 114

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