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January 2015

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Software Equity Group Flash Report Select M&A Transactions and Valuations  and  Financial and Valuation Performance of 250+  Publicly Traded Software, SaaS and Internet  Companies by Product Category LEADERS IN SOFTWARE M&A • 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 Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved We Do Deals. 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 50,000 public  software company CEOs, software entrepreneurs,  private equity managing directors, VCs, high tech  corporate lawyers, public accountants, etc. in 76  countries.  Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved 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,  [email protected] . 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. Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved List of Commonly Used Acronyms Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved SEG Index Changes Additions: Removals: Category Company HortonWorks New Relic Workiva Momo LendingClub Ticker HDP NEWR WK MOMO LC Index SaaS SaaS SaaS Software Internet Company Conversant Acquired by Alliance Data Systems ($2.5B) Compuware Acquired by Thoma Bravo ($2.4B) Ticker Previous Index Previous Category - Internet Ad-Tech - Software Development Platforms Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Business Intelligence Business Intelligence SaaS Other Mobile Services List of Commonly Used Acronyms Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Table of Contents Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Select December 2014 Software Industry M&A Transactions Date Announced Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-01-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-02-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-03-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Acquirer Sedgwick Claims Management Services, Inc. Microsoft Corporation (NasdaqGS:MSFT) Hollstadt & Associates, Inc. Esendex Limited C.H. Robinson Company, Inc. Centerbridge Partners, L.P. Viewpoint, Inc. Grupa Wirtualna Polska Target Absentys, LLC Acompli Inc. BenchmarkQA, Inc. Collstream Ltd. Freightquote.com, Inc. IPC Systems, Inc. Mobile Computing Systems Ltd Money.pl Sp. z o.o. Trimble Navigation Limited (NasdaqGS:TRMB) Confluence Technologies, Inc. Wild Card Public Relations Limited Intel Corporation (NasdaqGS:INTC) Airbnb, Inc. MoneySmart Bankrate, Inc. (NYSE:RATE) Volaris Group Inc. T-Mobile License LLC Opera Mediaworks Inc. Attunity, Ltd. (NasdaqCM:ATTU) Alpha Technologies Inc. TomTom Telematics BV ITC Systems (USA), Inc. Inno-Tech Holdings Limited (SEHK:8202) Citrix Systems, Inc. (NasdaqGS:CTXS) GuestLogix Ireland Limited EnerNOC, Inc. (NasdaqGS:ENOC) Ziff Davis, LLC j2 Global, Inc. (NasdaqGS:JCOM) Massi Miliano OÜ TeamSnap, Inc. VIZION Interactive Inc. Predictix LLC Smile Vun Group Pvt. Ltd. AppsBuilder SpA Nets Oy Pratique Medias et Services Access Technology Group Ltd. Possible Worldwide, LLC Permira Advisers Ltd. AFS Technologies, Inc. Infogram SIA General Communication Inc. (NasdaqGS:GNCM.A) Nexala Ltd. Orfival SA. Parker Hobart Associates Limited PasswordBox Inc. Pencil Labs, Inc. PT KreditAja.com Wallaby Financial, Inc. Wellington IT Solutions Ltd 1900 Mhz PCS Wireless Spectrum Licenses in The Virginia East Region Advine Mobile Advertising Network Pty Ltd BIReady B.V. Cheetah Technologies, L.P. Fleetlogic B.V. GoPrint Systems, Inc. Great Flame Ventures Limited Octoblu, Inc. OpenJaw Technologies, Ltd. and 20% stake in OpenJaw Technologies Iberica S.L Pulse Energy, Inc. Scene LLC Carbonite, Inc. (NasdaqGM:CARB) Clothes Horse Crescent Computing, HomeTeam App FMB Media LLC LogicBlox, Inc. NetworkPlay Media Private Limited Paperlit Inc. Paytrail Oyj Sarl Logaweb, Le bricolage avec Bricoleurdudimanche StratoGen Internet Limited Swift Collective, Inc. Teraco Data Environments (Pty) Ltd. The POP Company Pte. Ltd. Visualoop.com Alaska Communications, Wireless Subscriber Base And Remaining 33% Stake in Alaska Wireless Network Axcess A/S Become, Inc. Boundless Network, Inc. Cash Cycle Solutions Inc. Deal-X Technologies, Inc. FireText Communications Limited JiGrahak Mobility Solutions (P) Ltd. MNNews d.o.o OOO MADNET Atea ASA (OB:ATEA) Connexity, Inc. Zazzle Inc. Business Ink, Co. Greenway Design Group Inc. (OTCPK:GDGI) Skyy Consulting Inc. Next Generation Payments Pvt. Ltd. Telenor d.o.o. LLC CityAds Media Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) - Enterprise Value ($mm) $365.0 $1,200.0 - EV/ Revenue - $119.5 $6.3 $98.0 - $56.0 $1.4 $43.0 $333.1 $0.4 $300.0 $53.0 - 2.8x 0.5x - EV/ EBITDA 37.3x 7.9x - Select December 2014 Software Industry M&A Transactions Date Announced Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-04-2014 Dec-05-2014 Dec-05-2014 Dec-05-2014 Dec-05-2014 Dec-05-2014 Dec-05-2014 Dec-06-2014 Dec-07-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-08-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 D 09 2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Acquirer Dentsu Aegis Network Ltd. Wirecard AG (XTRA:WDI) Living Bridge Virtual1 Ltd Red Thread Media Limited Open Text Corporation (NasdaqGS:OTEX) NeedWant Inc. Credit Services Holdings Dragon Army Apps LLC Microgen plc (LSE:MCGN) AnyCommerce Chennai Private Limited Middle East Digital Group AppGyver Oy Mic AG (XTRA:M3B) CenturyLink, Inc. (NYSE:CTL) DAS Group of Companies The Descartes Systems Group Inc (TSX:DSG) GRÜN Software AG Welch Allyn, Inc. Vanare, LLC Sanderson Group Plc (AIM:SND) Accelero Capital Guanghe Landscape Culture Communication Co., Ltd. Cable & Wireless Jamaica Limited (JMSE:LIME) S b G hit C SAG) Sabre Graphite Corp. (TSXV (TSXV:SAG) Avizia, Inc. Provider B.V. Retail Success, LLC BBVA Investment Arm Upland Software, Inc. (NasdaqGM:UPLD) Dashlane, Inc. Adaptavist.com Ltd. Target Tempero Limited The AMARA Group Limited Upper Street Events Ltd Upshot Limited, Trinity Portal 0968998 BC Ltd. Actuate Corporation (NasdaqGS:BIRT) Jarvis Portfolio, Prospecting & Performance (Pty) Ltd Proving Ground LLC Unity Software Limited Life Online Cobone.com Fz - LLC AppArchitect BodyTel Europe GmbH CentralNic Group Plc, Non-core Premium Domain Names DataGardens Inc. DDC Advocacy e-customs Ltd. GRÜN spendino HealthInterlink, LLC NestEgg Wealth, Inc. Proteus Software Limited Certain Assets and Subsidiaries of Orascom Telecom Ventures S.A.E. Chengdu Zhangwo Wuxian Technology Co., Ltd. DEKAL Wireless Jamaica Ltd. D ftt F t S t Inc. I Draftteam Fantasy Sports Emerge.MD, Inc. ISP Services BV Kiplie, Inc. Madiva Soluciones S.L. Mobile Commons, Inc. PassOmatic Inc. Script Runner Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-09-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-10-2014 Yandex N.V. (NasdaqGS:YNDX) Addvocate, Inc. Belden Inc. (NYSE:BDC) Social Leverage, LLC Trade ME Group Ltd. (NZSE:TME) Kingdom Media, LLC Intuit Inc. (NasdaqGS:INTU) Akka Technologies (ENXTPA:AKA) Artemis S.A. SinoCom Software Group Limited (SEHK:299) Expert System S.p.A. (BIT:EXSY) Knowit Neolab AS Blink Technologies, Inc. (OTCPK:PUNK) Cirruspath, Inc. PCH Digital Klass Software Daily Internet Plc (AIM:DAIP) - Sovetnik Trapit, Inc. Tripwire, Inc. Unknown Stake in Narvar Inc. and ApplePie Capital, Inc. and Sapho, Inc. and ClearServe Holdings, LLC Viewing Tracker 4 Soils Corporation Acrede HR and Payroll Solutions (Jersey) Limited Auronik GmbH DigitRE Heroic Coronet Limited Intelligent Software Components SA, Intelligent Content Management and iLab Divisions Metronet AS Newbound, Inc. Opencore LLC Plethora Mobile LLC PPM 2000 Inc. Q4Ex Ltd RedHot Media International (China) Limited Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) $107.3 $3.1 $0.0 $0 1 $0.1 - Enterprise Value ($mm) $44.8 $248.5 $0.0 $30.8 $2.0 $2.5 $10.3 $3.0 $19.6 $58.2 $0 9 $0.9 $10.0 - EV/ Revenue 2.3x 1.0x 16 1 16.1x - $0.2 $1.1 $710.0 $39.6 $2.5 $3.0 $0.1 166.1x 0.1x EV/ EBITDA - Select December 2014 Software Industry M&A Transactions Date Announced Dec-10-2014 Dec-10-2014 Dec-10-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-11-2014 Dec-12-2014 Dec-12-2014 Dec-12-2014 Dec-14-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-15-2014 Dec-16-2014 Target RFP Depot, LLC Setter Papa Enterprises, LLC Tibet Shannan Lingyun Media Co., Ltd. 13th Lab AB Adcorp Australia Limited (ASX:AAU) AdminiSource Communications, Inc. Alkemi International Pty Ltd Backupify, Inc. Bit Stadium GmbH Ebesis, S.L. and embou Nuevas Tecnologías S.L. Fotolia LLC GenieConnect Ltd GFG Group Limited Giftery Inc. Icas Limited Kitologic Inc. Xeeva, Inc. Kontextual, Inc. Yahoo! Inc. (NasdaqGS:YHOO) MEDIA GROUP ONE Digital GmbH Oculus VR, Inc. Nimble VR Dentsu Aegis Network Ltd. OOH Plus Participações Ltda Meridian Medical Management Origin Healthcare Solutions LLC BluVision, Inc. Proximity 5 LLC Quali-Smart Holdings Limited (SEHK:1348) Pulse MediaTech Limited Starcom MediaVest Group, Inc. Relevant24, Inc. Fuchun Communications Co., Ltd. (SZSE:300299) Shanghai JunMeng Network Technology Co., Ltd. Epicor Software Corporation ShopVisible, LLC EggZack, Inc. Trellis Technology Inc. Gratterpalm Ltd. Underwired Ltd. Jasper Infotech Private Limited Wizmunk Gifting Services Pvt Ltd. Aimia Inc. (TSX:AIM) Zed Inc. Ltd. ActivityHero, Inc. Zoetic Infinite Cohesion, Ltd. DynaCal, LLC ZAP S.A. Internet Pense Imóveis Avalara, Inc. VATLive.com Majesco, Inc Cover-All Technologies Inc. (AMEX:COVR) KWP Advertising Oldco Pty Ltd Clemenger BBDO (Adelaide) Pty Ltd Telstra Corporation Limited (ASX:TLS) Cloud9 IDE, Inc. JCDecaux SA (ENXTPA:DEC); Royal Bafokeng Holdings (Pty) Limited Continental Outdoor Media (Pty) Ltd Servelec Group plc (LSE:SERV) Corelogic Limited AdRev, Inc. DashGo Inc. BT Group plc (LSE:BT.A) EE Limited IT Mídia S.A. Empreender Saude e Consultoria Ltda Solera Holdings Inc. (NYSE:SLH) IBS automotive s.r.o. Artel Software, Inc. Imagineer Systems Ltd. Trading Central S.A. Recognia, Inc. Lomedel, S.L. Sarenet S.A. Linx Sistemas E Consultoria Ltda. Softpharma Desenvolvimento e Edição de Softwares Comerciais LTDA Kaliop SAS Soon by Kaliop Astral Out-of-Home Strategic Outdoor Masmovil Ibercom, S.A. (CATS:ICOM); Inveready Seed Capital SCR De RegUppTalk S.L. FiCentive, Inc. Akimbo Financial, Inc. Acquirer Periscope Holdings, Inc. oDesk Corporation Guangbo Group Stock Co., Ltd. (SZSE:002103) Oculus VR, Inc. Precision Developments Australia Pty Ltd Emdeon Inc. ReelTime Media Limited Datto, Inc. Microsoft Corporation (NasdaqGS:MSFT) Masmovil Ibercom, S.A. (CATS:ICOM) Adobe Systems Incorporated (NasdaqGS:ADBE) Lanyon, Inc. Wirecard AG (XTRA:WDI) GCI Network Private Limited Porta Communications Plc (AIM:PTCM) TM Software Hf. Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) $0.2 $17.5 $10.0 $2.7 $19.8 $15.0 $10,921.1 $22.2 $0.1 Enterprise Value ($mm) $129.5 -$2.9 $35.0 $0.5 $9.3 $800.0 $41.9 $4.3 $11.0 $158.3 $19.2 $36.7 $22,660.5 $19.9 $24.2 $3.8 EV/ Revenue 4.1x 2.5x 2.3x 0.9x 42.5x EV/ EBITDA 10.2x - Select December 2014 Software Industry M&A Transactions Date Announced Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-16-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-17-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Dec-18-2014 Acquirer Janrain, Inc. Lee Swee Kiat & Sons Sdn Bhd IHS Inc. (NYSE:IHS) Yext, Inc. FinTech Asia Group Ltd. iProspect.com, Inc. Alarm.com Inc. A.V.M. Software, Inc. MongoDB, Inc. Purch Hwy92, Inc. CircleCI Inc. TuneCore, Inc. Clear Night Group BR Educação Executiva S.A. Host Europe WVS Limited Datanyze, Inc. Project AX LLC Pixeon Medical Systems VMS Deutschland Holdings GmbH foodpanda GmbH GovDelivery, Inc. Deutscher Sparkassen Verlag GmbH Teradata Corporation (NYSE:TDC) BigTeams, LLC ReelTime Media Limited Runtime Collective Limited Twenty-First Century Fox, Inc. (NasdaqGS:FOXA) Foundry 119 LLC Arthur J Gallagher & Co. (NYSE:AJG) Lu'an Guoying Electronic Sales Co., Ltd. Tack Fiori International Group Limited (SEHK:928) Yellow Media Limited (TSX:Y) NAP IT Ltda Big Wave Media, Inc. Silverlake Axis Ltd (SGX:5CP) Ideagen PLC (AIM:IDEA) Investview, Inc. (OTCPK:INVU) Interactive One, Inc. Dealertrack Technologies, Inc. (NasdaqGS:TRAK) Webissime SinoCom Software Group Limited (SEHK:299) WPP plc (LSE:WPP) AppNexus Inc. Commerce Technologies, Inc. LINE Corporation Avigilon Corporation (TSX:AVO) Kima Ventures PriceMatch SAS Châteauform' SA - Target Arktan, Inc. Genie Media Sdn. Bhd. Infonetics Research Inc. InnerBalloons Consulting BV RajaPremi.com Rockett Interactive, Inc. Secure-i, Inc. Tinychat Co. WiredTiger, Inc. AnandTech, Inc. Appigo, Inc. Distiller DropKloud Gabriel deGrood Bendt, LLC HSM Educação S.A. And HSM Do Brasil LTDA intergenia Holding GmbH LeadLedger LLC MBS Dev, Inc. and Celenia Software NA, Inc. MedicWare Sistemas de Informática LTDA MeVis Medical Solutions AG (DB:M3V) NetPincer.hu and Donesi.com and Pauza.hr NuCivic Inc. PAYONE GmbH RainStor, Inc. Schedule Star, LLC Scorch Marketing and Communications Special Network Services Ltd True[X] Media, Inc. 2Signals, LLC Affinity Marketing Group, LLC An Hui Da Yun Heng Tong E-Commerce Company, Ltd. Beijing Feiliu Jiutian Technology Co., Ltd. Bookenda Inc and Candia Digital Group codi.mobi Digibug Ltd. Finzsoft Solutions Limited (NZSE:FIN) Gael Limited GATE Global Impact, LLC GG Digital, Inc. Incadea Plc (AIM:INCA) KELSOCIETE Ltd. Kingworld (Beijing) Technology Co., Ltd. Maka Marketing Digital, S.A. De C.V. and Clarus Digital S.A. de C.V. Mediaglu, Inc. Mercent Corporation Microsoft Corporation, MixRadio ObjectVideo, Inc., Entire Patent Portfolio and Patent Licensing Program Orange Communications SA PowerYourRoom Ltd. Schloss Krickenbeck Gmbh, Conference and Seminar Hosting Business TempWorks Software, Inc. Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) $0.2 $20.3 $10.2 $12.5 $60.6 $5.6 - Enterprise Value ($mm) $0.0 $8.0 $7.0 $260.6 $18.2 $624.9 $19.3 $28.2 $1.6 $202.5 $58.0 $80.3 $2,856.3 - EV/ Revenue 0.9x 1.9x 2.3x 3.7x 10.4x - EV/ EBITDA 15.2x 3.0x 6.7x 11.3x 54.7x - Select December 2014 Software Industry M&A Transactions Date Announced Dec-18-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-19-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-22-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-23-2014 Dec-24-2014 Dec-24-2014 Dec-24-2014 Dec-24-2014 Dec-24-2014 Dec-24-2014 Dec-24-2014 Dec-25-2014 Dec-26-2014 Dec-26-2014 Acquirer YouTube, LLC Go Fi8ure Blinkx plc (AIM:BLNX) Unno Industries Ltd., (BSE:519273) Roche Holding AG (SWX:ROG) Koggbron AB Zomato Media Pvt. Ltd. Web Financial Group SA News Corporation (NasdaqGS:NWSA) Millward Brown UK Limited Funke Mediengruppe GmbH & Co. KGaA GI Partners, LLC DiCentral Corporation Phunware Inc. Accumuli plc (AIM:ACM) Wolters Kluwer NV (ENXTAM:WKL) theScore, Inc. (TSXV:SCR) Isobar Canada Inc. AMN Healthcare Services Inc. (NYSE:AHS) IS Solutions plc (AIM:ISL) Inmar, Inc. Points International Ltd. (TSX:PTS) Oracle Corporation (NYSE:ORCL) One Month, Inc. Beta Systems Software AG (DB:BSS) Cinven Information Services Corporation (TSX:ISV) LCV Capital Management, LLC SeaChange International, Inc. (NasdaqGS:SEAC) LDiscovery, LLC Sierra Wireless Inc. (TSX:SW) ObjectWay S.p.A. Scrypt, Inc. ITE Enterprises Limited WideOrbit Inc. SouthComm Communications, Inc. Fynske Medier P/S Havas (ENXTPA:HAV) Trimble Navigation Limited (NasdaqGS:TRMB) Communisis plc (LSE:CMS) PopHealthCare L.L.C. PMW Communications Ltd. MediaMiser Ltd. Mobile Embrace Limited (ASX:MBE) Qi Xie Limited Port Of Call Online Inc. (OTCBB:POCO) Gree, Inc. (TSE:3632) My Holiday Marketing Ltd Social Voucher.com, Inc. Target Vidmaker Inc. Active Admin Limited AdKarma, LLC Atishya Technologies Private Limited BINA Technologies Inc. Business Control Systems Sverige AB (publ) (OM:BCS) Cibando Ltd. Financial Red Network SL FinDirect Services Private Limited Habitusinvestigación S.A. joblocal GmbH Logibec Inc. Logitek Technology Ltd., EDI business Odyssey Mobile Marketing Ltd. RandomStorm Ltd. SBS Software GmbH Swoopt Fantasy Sports Inc. The SPOKE Agency Ltd. Avantas, LLC Celebrus Technologies Limited Clarus Agency, LLC Crew Marketing International, Inc. DataLogix Holdings, Inc. GoRails HORIZONT GmbH Northgate Public Services Limited OneMove Technologies Inc. Peerless Systems Corp. (NasdaqCM:PRLS) Timeline Labs, LLC Turnstone Solutions LLC Wireless Maingate AB 3i Infotech (western Europe) Ltd. Axacore, Inc. Breakbulk Holdco U.K. Ltd. Castfire, Inc. Cygnus Business Media, Inc. GulogGratis.dk A/S Havas Formula IRON Solutions, Inc. Life Marketing Consultancy Limited Ubiquity LLC 051 Digital Bulldog Reporter, LLC Eggmobi Pty Limited Law Central Co Pty Ltd. Olympia Media Holdings Limited and Gloria Fair Limited Port Of Call Online Inc., Prior to Reverse Merger with Purebase, Inc. SEKAIE, Inc. BB Property Limited Adience ARrival Labs Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) $13.3 $1.4 $5.5 $3.0 $282.8 $2.3 $10.9 - Enterprise Value ($mm) $20.0 $1.9 $13.9 $1.2 $25.0 $14.0 $8.6 $12.9 $24.5 $90.0 $42.0 $35.1 $1.1 $0.0 $10.8 $20.0 - EV/ Revenue 1.5x 2.5x 4.6x 5.6x 3.2x - EV/ EBITDA 8.9x 22.6x - Select December 2014 Software Industry M&A Transactions Date Announced Dec-26-2014 Dec-29-2014 Dec-29-2014 Dec-29-2014 Dec-30-2014 Dec-30-2014 Dec-31-2014 Dec-31-2014 Dec-31-2014 Dec-31-2014 Dec-31-2014 Dec-31-2014 Acquirer Aucfan Co., Ltd. (TSE:3674) U-BTech Solutions LTD. Xiamen 35.Com Technology Co., Ltd. (SZSE:300051) Tomorrow's Retail, LLC Mobile Telesystems OJSC (NYSE:MBT) Ningbo Ligong Online Monitoring Technology Co., Ltd. (SZSE:002322) YONYOU Mobile Telecommunications Technology Services Co., Ltd. ISI Technologies Inc. DLD Group, Inc. Broadridge Securities Processing Solutions, Inc. Target MiningBrownie Inc. Agile IT, Inc. Shenzhen Daoxi Technology WebmasterJournal.com backpage.com LLC Penza-GSM CJSC and SMARTS-Ivanovo CJSC and SMARTS-Ufa CJSC Beijing SysTek Orient Environmental Hi-Tech Co.,Ltd. Chanjet Information Technology Company Limited, Wang Pu Business Deliver Media LLC DLD Group, Inc., Prior to Reverse Merger with DLD International Group Limited (OTCBB:DLDG) TK Investment Company Limited TwoFour Systems, LLC Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved Target TTM Revenue ($mm) - Enterprise Value ($mm) $0.3 $134.1 $56.0 $72.6 $1.1 - EV/ Revenue - EV/ EBITDA - Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved SEG Software Index: All Categories Market Cap Category Name SEG Software Index $1,995.5 Billing & Service Management $860.6 Business Intelligence $1,882.5 Development Platforms $806.5 Engineering & PLM $4,240.7 Enterprise Resource Planning $7,815.2 Financial & Accounting $2,318.3 Gaming $2,463.2 Healthcare $1,184.5 IT Conglomerates $158,781.1 Mobile Solutions/Content $739.8 Networking & Network Performance Managemen $1,861.9 Security $1,314.1 Storage, Data Mgmt & Integration $6,125.4 Systems Management $11,628.0 Vertical - Finance $4,987.6 Vertical - Other $1,958.6 EV $2,075.5 $935.3 $1,782.9 $691.2 $4,195.6 $8,433.2 $2,762.2 $2,249.3 $1,579.8 $185,621.8 $584.6 $1,680.2 $1,212.9 $5,397.4 $11,531.1 $5,236.6 $2,075.8 Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue 7.8% -11.9% -22.0% 67.2% 18.0% -23.5% 57.8% 19.7% TTM Revenue $546.5 $424.3 $535.8 $135.1 $1,061.9 $2,119.9 $789.0 $2,150.8 $584.7 $91,505.0 $308.4 $265.6 $182.4 $1,615.8 $2,409.9 $927.2 $456.6 TTM Gross Margin 67.2% 55.4% 77.1% 71.8% 84.2% 61.5% 56.0% 63.6% 53.5% 61.5% 55.5% 71.8% 75.5% 79.8% 85.3% 44.5% 47.4% TTM EBITDA Margin 18.0% 26.1% 3.8% 10.8% 19.4% 28.4% 25.2% 19.2% 16.6% 32.9% 0.7% 7.0% 7.6% 17.5% 24.7% 29.9% 11.8% TTM Revenue Growth EV/ Revenue 7.8% 3.1x 12.9% 2.2x 12.5% 4.0x 10.0% 3.3x 6.2% 3.4x 3.4% 4.0x 6.1% 3.2x 3.1% 1.3x 4.5% 2.5x 3.4% 3.5x 22.0% 3.1x 15.4% 2.3x 18.9% 5.4x 3.1% 2.6x 16.2% 4.3x 5.6% 4.3x 16.5% 3.8x EV/ Forward EBITDA EV/ Revenue 15.1x 3.0x 9.2x 1.9x 14.8x 3.5x 11.3x 5.8x 15.7x 3.3x 14.0x 3.8x 14.0x 3.6x 8.9x 1.2x 15.3x 2.3x 9.6x 3.2x 18.3x 1.9x 17.9x 2.3x 17.3x 4.9x 8.9x 2.9x 18.1x 4.5x 13.8x 4.1x 27.3x 3.3x Forward EV/ EBITDA 11.6x 8.0x 13.2x 8.8x 12.5x 9.7x 12.2x 8.3x 10.7x 9.2x 10.5x 9.8x 20.5x 7.6x 12.2x 12.5x 17.5x YTD 2.1% 0.5% -2.0% -1.6% -2.8% 15.2% -4.0% 23.5% 4.4% 20.3% -18.1% 5.2% 12.3% -1.8% 13.0% 9.4% 8.0% SEG SW Index Software Stock Market Return: January - December 2014 20% 15% 10% Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio 2.0 1.9 9.9% 63 29 0.4x Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved 0% -5% Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY) 5% 5.5% 22.3% -39.6% 23.2% 31.7% -10% DOW S&P NASDAQ SEG SW Index January 2015 Monthly Flash Report Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved SEG SaaS Index: All Categories Category Name SEG SaaS Index CRM & Marketing ERP & Supply Chain Vertically Focused Workforce Management SaaS Other Market Cap $1,035.6 $1,150.5 $921.8 $1,056.4 $1,314.0 $842.1 EV $895.4 $1,008.1 $781.0 $874.2 $1,241.2 $895.4 Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue 29.1% -11.9% -22.0% 65.5% -14.4% -23.7% 59.8% 20.0% TTM Revenue $134.7 $135.8 $120.5 $145.3 $128.7 $149.7 TTM Gross Margin 65.5% 66.9% 68.2% 62.3% 59.9% 68.3% TTM EBITDA Margin -14.4% -15.1% -8.7% 7.9% -14.8% -19.4% TTM Revenue Growth EV/ Revenue 29.1% 6.4x 28.4% 7.2x 30.6% 5.5x 38.1% 7.4x 31.8% 7.8x 23.9% 5.1x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 59.2x 5.1x 33.4x 96.5x 5.8x 31.8x 58.0x 3.8x 26.8x 48.9x 5.7x 28.6x 59.2x 5.5x 43.7x 68.7x 4.5x 74.8x YTD -4.5% 3.5% -18.2% -4.9% -3.7% -2.2% SEG SaaS Index Stock Market Return: January - December 2014 20% 15% 10% 5% 0% Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio 2.1 2.0 9.9% 62 29 0.4x Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY) Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved 5.5% 22.3% -39.6% 31.9% 27.5% -5% -10% -15% -20% -25% -30% DOW S&P NASDAQ SEG SaaS January 2015 Monthly Flash Report Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved SEG Internet Index: All Categories Category Name SEG Internet Index Ad Tech & Lead Generation Commerce Content & Media Gaming Infrastructure Search Services Social Travel Market Cap $1,424.4 $1,359.3 $666.7 $2,472.2 $2,224.17 $803.93 $42,822.70 $1,048.99 $13,197.06 $3,167.93 EV $1,264.7 $1,232.3 $517.0 $2,188.1 $1,707.3 $585.8 $40,745.1 $706.1 $11,954.0 $2,728.4 Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue 20.6% 4.3% -0.5% 63.7% 8.5% 1.0% 39.2% 15.1% 2.5 2.1 17.2% 38 47 0.5 Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY) Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved TTM Gross Margin 63.7% 53.3% 39.7% 49.3% 69.8% 62.4% 67.4% 73.3% 72.9% 80.1% TTM EBITDA Margin 8.5% 3.7% 7.7% 10.6% 18.3% 4.7% 32.8% 7.1% 7.8% 14.5% TTM Revenue Growth EV/ Revenue 20.6% 2.6x 27.7% 2.2x 13.5% 1.5x 12.4% 2.9x 19.2% 2.9x 7.2% 1.5x 29.1% 4.6x 30.4% 2.7x 54.5% 11.8x 23.7% 4.5x EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 25.3x 2.4x 14.8x 28.9x 2.3x 18.6x 27.3x 1.4x 14.9x 31.1x 2.6x 13.0x 20.8x 2.0x 20.2x 17.3x 1.4x 11.9x 13.8x 4.4x 10.5x 31.9x 2.4x 17.7x 74.8x 9.6x 28.7x 18.1x 4.2x 13.1x YTD -8.0% -23.5% -6.9% -8.9% -18.1% 2.8% -6.8% -17.1% -20.1% 7.6% SEG Internet Index Stock Market Return: January - December 2014 20% 15% 10% 5% 0% Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio TTM Revenue $478.8 $658.4 $418.6 $597.4 $751.6 $317.6 $5,128.3 $232.5 $1,017.1 $708.6 -5% -10% -15% -20% 6.7% 16.4% -43.0% 5.1% -0.1% -25% DOW S&P NASDAQ SEG Internet Index January 2015 Monthly Flash Report To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx