fall 2014 real estate software / tech update

SEG-Landscape: “For Sale” Real Estate Technology*

Property Search/ Lead Gen

Home Services/ Lead Gen

Broker CRM

Vendor Ecosystem

Broker Marketing

MLS Residential

Construction

Property Search (Vacation Rentals)

Mortgage Orig./ Finance

Other

* Not all inclusive

Copyright © 2014 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved CONFIDENTIAL

Fall 2014 Real Estate Software Market Update & Ecosystem / Landscape of Software Providers

September 2014

About SEG

• Twenty-two year, exclusive focus on software advisory services to lower & middle market representing companies seeking:

• Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Fairness opinions and valuations • Board advisory services

• Clients span virtually every 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, track record and industry research

• Highly referenceable base of past clients and buyers / investors

Focus on Advice

Multi-service

Multi- Industry

Focus on Software

Advisory Boutiques

Bulge Bracket Firms

IPO Boutiques


Recent SEG Real Estate Related Transaction News

SAN DIEGO, CA –April 15, 2014. Software Equity Group, LLC (SEG) announced today its client, Dean Evans & Associates, Inc. (dba Event Management Systems) the leading provider of facility scheduling and event management software, has received a strategic growth equity investment from JMI Equity, a leading growth equity firm focused on investing in leading software and technology-enabled services companies. Founded in 1986 and headquartered in Centennial Colorado, Dean Evans & Associates (DEA) provides a full suite of meeting and event scheduling, resource management, academic scheduling, shared workspace management (office “hoteling”), web calendaring and online registration/survey solutions. More than 4,000 organizations in over 75 countries rely on DEA’s Event Management System (EMS) software, including many Fortune 100 companies and other leading corporations, higher education institutions, law firms, conference centers, religious organizations, hospitals, cultural venues and sports facilities. “For over 25 years, our team has been focused on providing our customers with the best in facility management software, along with the highest levels of customer service,” said Dean Evans, CEO and founder of DEA. ”EMS is a premier brand with a strong competitive advantage, offering the most comprehensive package of services on the market. With JMI’s expertise in growing enterprise software companies, along with its experience in higher education, we feel better than ever about our ability to continue to innovate and grow our offering.” “We share the DEA team’s vision for the future and look forward to supporting the company in achieving its growth objectives,” said Brian Hersman, General Partner at JMI Equity. ”DEA’s opportunity fits well with JMI’s strategy of bringing expertise and resources to build on a foundation of strong market and product leadership.” . Copyright © 2014 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved

CONFIDENTIAL

SEG’s Strong Real Estate Industry Transaction Experience


Real Estate SaaS Provider of subscription-based vendor screening and risk management solutions to the multifamily housing industry

Real Estate SaaS Provider of property and resident management software to long-term industry

Real Estate On-premise Complete property management for affordable housing (resold tenant screening solution)

Real Estate Hybrid

Provider of real estate investment budgeting and forecasting solutions to property managers, REITs & PE firms

Real Estate SaaS Provider of facilities management solutions to the global corporate and commercial property market

Real Estate SaaS Provider of project management, collaboration and bid management solutions for retail store design and construction

Real Estate On-premise Provider of plant and facility design and engineering software

Real Estate On-premise Provider of Event and Room Management Software

Real Estate

On-premise

Provider of Integrated Workplace Management Software (IWMS)

Buyer Business Description Client Category Delivery

Model

SEG’s Strong Real Estate Industry Transaction Experience


SEG is currently advising five technology providers across distinct sub-segments of real estate technology

REAL ESTATE TECHNOLOGY LANDSCAPE

SEG-Landscape: Multi-Family Real Estate Technology*

Accounting

Applicant Screening

Property Mgmt. CRM

Web Portals /Marketing

Internet Listings

Property Management

Vendor Ecosystem

Revenue Mgmt.

Spend Mgmt. Utility Billing & Energy Mgmt.

Payments

* Not all inclusive


http://www.infor.com/

SEG-Landscape: Commercial/Corporate Real Estate Technology*

Data/Info. Services

Facilities Mgmt.

Investment Mgmt.

IWMS

Facilities Design/AEC

Construction

Vendor Ecosystem

Capital Planning

Vertical Providers

Space Mgmt. Lease

Administration

* Not all inclusive


SEG-Landscape: “For Sale” Real Estate Technology*

Property Search/ Lead Gen

Home Services/ Lead Gen

Broker CRM

Vendor Ecosystem

Broker Marketing

MLS Residential

Construction

Property Search (Vacation Rentals)

Mortgage Orig./ Finance

Other

* Not all inclusive


SEG-Landscape: Sector Public/Private Capital

Pu

bli

c C

ap

ita

l P

riv

ate

Ca

pit

al

Multi-Family Commercial/Corporate “For Sale”


BRIEF MARKET UPDATE – PUBLIC MARKETS & M&A

Notable Trends in Real Estate Technology


• Real estate technology M&A deal volume has been on an upward trajectory since 2009

• 2014 M&A deal volume is projected to rise 41% over 2013 • M&A deal volume in 3Q14 and 2Q14 were each markedly higher than any prior quarter since

our analysis began in 2009

• A plethora of private & public capital has poured into the real estate technology sector over the last several years

• Private equity and venture capital firms have invested significant amounts of capital into the real estate technology ecosystem, following a dearth of investment activity during the great recession

• Larger horizontal technology providers like IBM, Experian, Oracle have shown interest in the sector via acquisitions

• Successful IPO’s by companies like Textura, RealPage, Zillow, Trulia, Ellie Mae, Homeaway and others has spurred continued investment in the sector

• Valuations in both the public and private markets remain strong

Public Companies: Real Estate Technology

Public Company Operating Performance and Market Valuation

*Data as of September 24, 2014

Company Ticker Category Enterprise

Value (mm) LTM Rev

(mm) LTM EBITDA

(mm) LTM Rev Growth

LTM Gross Margin

LTM EBITDA Margin EV/ Rev

EV/ EBITDA

Angie's List, Inc. (NASDAQ:ANGI) Home Services Lead Gen $346.4 $285.8 -$23.5 43.2% 73.3% -8.2% 1.2x -

Autodesk, Inc. (NASDAQ:ADSK) Facilities Design/AEC $11,327.0 $2,371.4 $362.8 3.7% 87.1% 15.3% 4.8x 31.2x

Aveva Group plc (LSE:AVV) Facilities Design/AEC $1,430.3 $388.3 $117.2 7.8% 92.7% 30.2% 3.7x 12.2x

CoreLogic, Inc. (NYSE:CLGX) Data/Info. Services $3,797.4 $1,311.0 $236.9 12.3% 47.1% 18.1% 2.9x 15.0x

CoStar Group Inc. (NASDAQ:CSGP) Data/Info. Services $5,009.4 $494.7 $128.1 20.9% 72.6% 25.9% 10.1x 39.1x

Ellie Mae, Inc. (NYSE:ELLI) Mortgage Orig. / Finance $840.2 $135.5 $22.6 10.6% 73.2% 16.7% 6.2x 37.1x

HomeAway, Inc. (NASDAQ:AWAY) Property Search / Lead Gen $2,638.5 $400.4 $65.5 28.8% 84.8% 16.3% 6.6x 40.3x

Move, Inc. (NASDAQ:MOVE) Property Search / Lead Gen $546.9 $234.6 $6.9 9.7% 79.5% 2.9% 2.3x 55.4x

Nemetschek AG (XTRA:NEM) Facilities Design/AEC $937.0 $258.5 $56.0 10.8% 53.7% 21.7% 3.6x 16.7x

RealPage, Inc. (NASDAQ:RP) Property Management $1,197.7 $389.1 $42.0 10.4% 59.5% 10.8% 3.1x 28.5x

Textura Corporation (NYSE:TXTR) Commercial Construction $624.9 $58.9 -$13.5 - 82.4% -23.0% 10.6x -

Trulia, Inc. (NYSE:TRLA) Property Search / Lead Gen $1,981.0 $208.6 -$26.4 124.7% 82.5% -12.6% 9.5x -

Zillow, Inc. (NASDAQ:Z) Property Search / Lead Gen $4,660.0 $256.6 -$5.0 68.7% 90.9% -1.9% 18.2x -

High: $11,327.0 $2,371.4 $362.8 124.7% 92.7% 30.2% 18.2x 55.4x

Low: $346.4 $58.9 -$26.4 3.7% 47.1% -23.0% 1.2x 12.2x

Average: $2,718.2 $522.6 $74.6 29.3% 75.3% 8.6% 6.4x 30.6x

Median: $1,430.3 $285.8 $42.0 11.5% 79.5% 15.3% 4.8x 31.2x


Stock Market Performance: Property Search / Lead Gen


0.00b

1.00b

2.00b

3.00b

4.00b

5.00b

6.00b

7.00b

8.00bMarket Capitalization

Zillow, Inc. (NasdaqGS:Z) - Market CapitalizationTrulia, Inc. (NYSE:TRLA) - Market CapitalizationHomeAway, Inc. (NasdaqGS:AWAY) - Market CapitalizationMove, Inc. (NasdaqGS:MOVE) - Market CapitalizationAngie's List, Inc. (NasdaqGS:ANGI) - Market Capitalization

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00xEV/Revenue Zillow, Inc. (NasdaqGS:Z) - TEV/Total Revenues

Trulia, Inc. (NYSE:TRLA) - TEV/Total Revenues

HomeAway, Inc. (NasdaqGS:AWAY) - TEV/Total Revenues

Move, Inc. (NasdaqGS:MOVE) - TEV/Total Revenues

Angie's List, Inc. (NasdaqGS:ANGI) - TEV/Total Revenues


Stock Market Performance: Facility Design / AEC

0.00b

2.00b

4.00b

6.00b

8.00b

10.00b

12.00b


Autodesk, Inc. (NasdaqGS:ADSK) - Market Capitalization

Nemetschek AG (XTRA:NEM) - Market Capitalization

Aveva Group plc (LSE:AVV) - Market Capitalization

0.00x

1.00x

2.00x

3.00x

4.00x

5.00x

6.00x

7.00x

8.00xEV/Revenue Autodesk, Inc. (NasdaqGS:ADSK) - TEV/Total Revenues

Nemetschek AG (XTRA:NEM) - TEV/Total Revenues

Aveva Group plc (LSE:AVV) - TEV/Total Revenues



Stock Market Performance: SaaS/Subscription

0.00b

1.00b

2.00b

3.00b

4.00b

5.00b

6.00b


RealPage, Inc. (NasdaqGS:RP) - Market Capitalization

Textura Corporation (NYSE:TXTR) - Market Capitalization

Ellie Mae, Inc. (NYSE:ELLI) - Market Capitalization

CoStar Group Inc. (NasdaqGS:CSGP) - Market Capitalization

0.00x

5.00x

10.00x

15.00x

20.00x

25.00x

30.00x

35.00x

40.00xEV/Revenue RealPage, Inc. (NasdaqGS:RP) - TEV/Total Revenues

Textura Corporation (NYSE:TXTR) - TEV/Total Revenues

Ellie Mae, Inc. (NYSE:ELLI) - TEV/Total Revenues

CoStar Group Inc. (NasdaqGS:CSGP) - TEV/Total Revenues



Top 10 Real Estate Technology M&A by Enterprise Value (EV)

*Data set 2009 - present

Date Buyer Seller Enterprise

Value ($mm) EV / Rev

EV / EBITDA Category Business Description

07/28/14 Zillow, Inc. Trulia, Inc. $3,090.5 14.8x - Property Search / Lead Gen

Trulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications.

04/27/11 CoStar Group Inc.

LoopNet, Inc. $654.2 8.2x 30.3x Property Search/Data

Services

LoopNet.com enables commercial real estate agents working on behalf of property owners and landlords to list properties for sale or for lease, and submit detailed information on property listings to find a buyer or tenant.


Apartments.com, L.L.C.

$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental units from managed properties, newspaper classifieds, and for-rent-by-owner properties and offering renters a database of houses, condos, duplexes, etc.

09/22/14 Symphony Technology Group

McGraw-Hill Construction Information Group

$320.0 1.9x - Data/Information Services

McGraw-Hill Construction Information Group provides essential data, news, insights, and intelligence to better inform construction professionals’ decisions and strengthen their market position.

05/08/13 Trulia, Inc. Market Leader, Inc.

$314.3 6.6x - Broker CRM/Marketing

MarketLeader offers real estate professionals software-as-a-service CRM and marketing tools to help customers build relationships with home buyers and sellers through the Internet.

01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $270.0 4.7x 11.8x Data/Information Services

RP Data Ltd. provides subscription-based access to commercial and residential property information for real estate agents, valuers, property developers, financial institutions, and state and federal government departments.

03/24/11 Davis + Henderson Corporation

Mortgagebot LLC

$231.8 6.1x 11.5x Mortgage Orig./Finance

Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and credit unions in the United States.

07/15/14 Realogy Group LLC

zipRealty Inc. $157.3 2.3x - Broker CRM/Marketing

ZipRealty, Inc. operates as an online technology-enabled real estate brokerage company in the United States.

03/22/12 PRIMEDIA Inc. Rent.com $145.0 - - Property Search Rent.com is an Internet listing site providing rental advertisement and related services in the United States. It enables renters to find residential rental property listing online, including contact information, pricing, photos, floor plans, and virtual tours.

04/12/11 Altus Group Limited

ARGUS Software, Inc.

$140.5 5.6x 20.8x Investment Management

ARGUS Software, Inc. provides investment asset management and financial analysis solutions to the commercial real estate industry globally.


Top 10 Real Estate Technology M&A by EV/Revenue Multiple


Date Buyer Seller Enterprise

Value ($mm) EV / Rev

EV / EBITDA Category Business Description

05/02/12 Zillow, Inc. RentJuice Corporation

$37.4 102.4x - Property Management

RentJuice Corporation providesSaaaS Rental Relationship Management (RRM) software for real estate professionals. The company’s online RRM platform connects prospective renters, brokers, and property managers to each other in real-time.

07/28/14 Zillow, Inc. Trulia, Inc. $3,090.5 14.8x - Property Search / Lead Gen

Trulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications.


LoopNet, Inc. $654.2 8.2x 30.3x Property Search/Data

Services

LoopNet.com enables commercial real estate agents working on behalf of property owners and landlords to list properties for sale or for lease, and submit detailed information on property listings to find a buyer or tenant.

08/19/13 Zillow, Inc. StreetEasy, Inc. $50.0 7.9x 42.0x Property Search StreetEasy, Inc. provides for-sale and for-rent listings and information of real estate properties in New York. It offers information primarily about condos, co-ops, new developments, and luxury real estate through its Website and mobile application.

03/03/14 CoStar Group Inc. (NasdaqGS:CSGP)

Apartments.com, L.L.C.

$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental units from managed properties, newspaper classifieds, and for-rent-by-owner properties and offering renters a database of houses, condos, duplexes, etc.

05/08/13 Trulia, Inc. Market Leader, Inc.

$314.3 6.6x - Broker CRM/Marketing

MarketLeader offers real estate professionals software-as-a-service CRM and marketing tools to help customers build relationships with home buyers and sellers through the Internet.

03/24/11 Davis + Henderson Corporation

Mortgagebot LLC

$231.8 6.1x 11.5x Mortgage Orig./Finance

Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and credit unions in the United States.

04/12/11 Altus Group Limited

ARGUS Software, Inc.

$140.5 5.6x 20.8x Investment Management

ARGUS Software, Inc. provides investment asset management and financial analysis solutions to the commercial real estate industry globally.

01/11/11 CoreLogic, Inc. RP Data Pty Ltd.

$270.0 4.7x 11.8x Data/Information Services

RP Data Ltd. provides subscription-based access to commercial and residential property information for real estate agents, valuers, property developers, financial institutions, and state and federal government departments.

08/22/11 RealPage, Inc. MyNewPlace.com

$74.9 4.5x - Property Management

MyNewPlace.com is an apartment and home rentals Web site, offering Internet listing services; and provides access to property information, including photo galleries, videos, and neighborhood information for renters.


Real Estate Technology M&A Activity


4

1 0

1 1 0

2

0 1

0 0

3

6

2 1

0 1

2 2 1

3

1

4

2

7

1 1 1

9

2 3

1

7

1

7 8

9

1 0

1

5

1

7

0

5

2

6 5 5

6

1 1

8

2

6

4 4

1

5 6

8 8

1 1

9

4

12

1

10

1

7

5

PropertyManagement

Data/InformationServices

Payments InvestmentManagement

IWMS & FacilitiesManagement

Facilities Design/ AEC

CommercialConstruction

ResidentialConstruction

Property Search /Lead Gen

Home ServicesLead Gen

BrokerCRM/Marketing

Mortgage Orig. /Finance

# o

f M

&A

Tra

nsa

ctio

ns

Annual Deal Volume By Category

2009 2010 2011 2012 2013 3Q14 TTM

2

5

10

6

10 11

2

5

10

13

10

23

2

7

14 12

15

20

8 8

14

11

17

2009 2010 2011 2012 2013 2014

Quarterly Deal Volume

Q1 Q2 Q3 Q4

14

25

48 42

51

72

2009 2010 2011 2012 2013 3Q14Annualized

# o

f R

M&

A T

ran

sact

ion

s Annual Deal Volume


Contact Information

Kris Beible (858) 509-2800

[email protected] www.softwareequity.com

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.

Appendix – Public Buyer Profiles

Public Company Snapshot: Angie’s List


ANGIE'S LIST, INC. (NASDAQGS:ANGI)COMPANY INFORMATION

Angie’s List, Inc. operates a consumer-driven solution for its members to research, hire, rate, and review local professionals for home, health care, and automotive service needs. It offers member services comprising

member-generated ratings and reviews that provide reviews from members and non-members in approximately 720 categories; and service provider services for members looking for reputable providers of high cost of

failure services. As of December 31, 2013, it had approximately 2.5 million paid memberships in 253 local markets in the United States. The company was formerly known as Brownstone Publishing, LLC and changed its name

to Angie’s List, Inc. in April 2010. Angie’s List, Inc. was founded in 1995 and is headquartered in Indianapolis, Indiana.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 10/23/2014

Website http://www.angieslist.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 1,637 LTM as of 6/30/2014 S&P LT Rating Date NA S&P Quality Ranking NA

Current Investors

Pending Investors

VALUATION PRICE/VOLUME GRAPH

(in millions, except per share data)

Valuation Market Data

Current Price (Sep 25 2014) 6.62 Dividend Yield NA

52 Week High (Sep 26, 2013) 24.86 5 Year Beta (0.18)

52 Week Low (Sep 22, 2014) 6.46 Float 55.2

Total Basic Common Shares 58.5 Float % 94.4%

Market Capitalization 387.3 Short Int. as a % of S/O 19.1%

Plus: Total Debt 15.5 Shares Sold Short 11.2

Plus: Preferred Stock 0.0 Days Cover Short 9.7

Plus: Minority Interest 0.0 Average Trading Volume

Less: Cash and ST Investments (57.1) Last Week 9/18/14 1.1

Enterprise Value 345.8 Last Month 8/25/14 0.9

Relative Performance Last 3 Months 6/25/14 1.2

ANGI YTD (56.3%) 12/31/13 Last 6 Months 3/25/14 1.2

S&P 500 Index YTD 6.7% Last Year 9/25/13 1.4

CAPITAL STRUCTURE FINANCIAL SUMMARY

Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending,

Commercial Paper 0.0 Unamortized Premium 0.0 12/31/11 12/31/12 12/31/13 6/30/14 2014E 2015E

Revolving Credit 0.0 Unamortized Discount (0.1) Input Estimates

Term Loans 15.0 Adjustments 0.0

Snr. Bonds and Notes 0.0 Total Debt 14.9 Revenue 90.0 155.8 245.6 285.8 317.5 380.9

Sub Bonds and Notes 0.0 EBITDA (43.5) (49.3) (24.0) (23.5) 0.1 26.0

Trust Preferred 0.0 Undrawn Revolver 15.0 Margin (%) (48.3%) (31.7%) (9.8%) (8.2%) 0.0% 6.8%

Capital Leases 0.0 Undrawn Commercial Paper 0.0 EBIT (44.2) (50.3) (27.1) (27.3) (14.3) 7.9

Other 0.0 Undrawn Term Loans 0.0 Margin (%) (49.0%) (32.3%) (11.0%) (9.5%) (4.5%) 2.1%

Total Principal Due 15.0 Other Available Credit 0.0 Net Income (49.0) (52.9) (33.0) (32.8) (9.9) 13.4

Total Undrawn Credit 15.0 Margin (%) (54.5%) (34.0%) (13.4%) (11.5%) (3.1%) 3.5%

998 999 1000 2000 1001 1002 Diluted EPS (1.60) (0.92) (0.57) (0.56) (0.29) 0.18

VALUATION MULTIPLES

Fiscal Year Ending, LTM Fiscal Year Ending,

12/31/11 12/31/12 12/31/13 6/30/14 2014E 2015E Cash from Operations (33.1) (33.4) 8.9 12.2 23.5 21.7

TEV / Revenue 11.3x 4.7x 3.8x 2.4x 1.1x 0.9x Cash from Investing (4.3) (22.0) (21.9) (24.7)

TEV / EBITDA NM NM NM NM NA 13.7x Cash from Finaning 116.8 9.4 5.1 2.5

TEV / EBIT NM NM NM NM NA 44.9x Change in Cash 79.4 (46.0) (7.8) (10.0)

P / E NM NM NM NM NA 38.1x

P / BV NM NM NM NM -5.4x -9.6x Balance Sheet Latest

1 Year Growth

Total Revenue 52.5% 73.0% 57.7% 43.2% 29.2% 20.0% Total Assets 111.4 96.2 105.6 128.4

EBITDA NM NM NM NM NM 32079.5% Total Liabilities 65.6 90.9 124.1 165.0

EBIT NM NM NM NM NM NM Total Equity 45.8 5.3 (18.5) (36.6)

Net Income NM NM NM NM NM NM

EPS NM NM NM NM NM NM

VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART

Cardinal Equity Partners, Cross Creek Advisors, John Hancock Investment Management Services, LLC, John Hancock Variable Insurance Trust - Science & Technology Trust, Lighthouse

Capital Partners, Prism Capital Corporation, Redpoint e.Ventures, Saints Capital, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

52.5%

73.0%

57.7%

29.2%

20.0%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation

Revenue TEV / Revenue

0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

9/13

Vo

lum

e(i

n m

illi

on

s)

Pri

ce

Volume ANGI Price


Public Company Snapshot: Autodesk


AUTODESK, INC. (NASDAQGS:ADSK)COMPANY INFORMATION

Autodesk, Inc. operates as a design software and services company worldwide. Its Platform Solutions and Emerging Business segment offers AutoCAD software, a computer-aided design application for professional design,

drafting, detailing, and visualization; and AutoCAD LT, a professional drafting and detailing software. The company’s Architecture, Engineering and Construction segment offers Autodesk Building Design Suites that

give customers the ability to manage various phases of design and construction; Autodesk Revit products, which provide model-based design and documentation systems; Autodesk Infrastructure Design Suites; AutoCAD Civil

3D products that offer a surveying, design, analysis, and documentation solution; and AutoCAD Map 3D software, which provides direct access to data needed for infrastructure planning, design, and management. Its

Manufacturing segment provides Autodesk Product Design Suites, a solution for digital prototyping; Autodesk Inventor that allows manufacturers to go beyond 3D design to digital prototyping; AutoCAD Mechanical software

to accelerate the mechanical design process; and Autodesk Moldflow family of injection molding simulation software provides tools. The company’s Media and Entertainment segment offers animation products that

provide tools for digital sculpting, modeling, animation, effects, rendering, and compositing; and creative finishing products, which offer editing, finishing, and visual effects design and color grading solutions.

Autodesk, Inc. also sells consumer products for digital art, personal design and creativity, and home design in various digital storefronts and over the Internet. The company licenses or sells its products to customers in

the architecture, engineering, and construction; manufacturing; and digital media, consumer, and entertainment industries directly, as well as through a network of resellers and distributors. Autodesk, Inc. was

founded in 1982 and is headquartered in San Rafael, California.

Stock Exchange NasdaqGS Latest Fiscal Year 1/31/2014 Primary Industry Application Software Next Earnings Date 11/14/2014

Website http://www.autodesk.com Latest Fiscal Quarter 7/31/2014 S&P LT Rating BBB S&P STARS Ranking 2

Employees 7,600 LTM as of 7/31/2014 S&P LT Rating Date 12/5/2012 S&P Quality Ranking B-

Current Investors

Pending Investors





52 Week High (Feb 27, 2014) 58.68 5 Year Beta 1.83

52 Week Low (Oct 23, 2013) 39.24 Float 226.4


Market Capitalization 12,520.7 Short Int. as a % of S/O 1.6%




Less: Cash and ST Investments (1,906.4) Last Week 9/18/14 3.6

Enterprise Value 11,361.1 Last Month 8/25/14 2.4


ADSK YTD 9.5% 12/31/13 Last 6 Months 3/25/14 2.4







Snr. Bonds and Notes 750.0 Total Debt 746.4 Revenue 2,215.6 2,312.2 2,273.9 2,371.4 2,456.1 2,588.0

Sub Bonds and Notes 0.0 EBITDA 469.8 477.6 426.5 362.8 456.4 532.9

Trust Preferred 0.0 Undrawn Revolver 400.0 Margin (%) 21.2% 20.7% 18.8% 15.3% 18.6% 20.6%

Capital Leases 0.0 Undrawn Commercial Paper 0.0 EBIT 354.3 349.8 297.6 225.7 387.0 462.2

Other 0.0 Undrawn Term Loans 0.0 Margin (%) 16.0% 15.1% 13.1% 9.5% 15.8% 17.9%

Total Principal Due 750.0 Other Available Credit 0.0 Net Income 285.3 247.4 228.8 171.1 276.5 338.2

Total Undrawn Credit 400.0 Margin (%) 12.9% 10.7% 10.1% 7.2% 11.3% 13.1%

998 999 1000 2000 1001 1002 Diluted EPS 1.22 1.07 1.00 0.75 1.20 1.47

VALUATION MULTIPLES


1/31/12 1/31/13 1/31/14 7/31/14 2015E 2016E Cash from Operations 573.5 559.1 563.5 589.0 547.5 664.5


TEV / EBITDA 15.3x 15.9x 22.2x 27.5x 25.2x 21.6x Cash from Finaning (119.8) 541.4 (126.5) (84.4)

TEV / EBIT 20.3x 21.5x 30.9x 41.4x 29.7x 24.9x Change in Cash 81.8 455.3 240.8 (77.9)

P / E 30.8x 36.7x 47.0x 60.7x 46.6x 37.8x

P / BV 4.5x 4.3x 5.3x 5.3x 5.3x 4.9x Balance Sheet Latest

1 Year Growth

Total Revenue 13.5% 4.4% (1.7%) 3.7% 8.0% 5.4% Total Assets 3,227.8 4,308.4 4,595.0 4,703.4

EBITDA 21.2% 1.7% (10.7%) (21.9%) 7.0% 16.8% Total Liabilities 1,344.9 2,265.2 2,333.5 2,420.0

EBIT 25.5% (1.3%) (14.9%) (31.6%) 30.0% 19.4% Total Equity 1,882.9 2,043.2 2,261.5 2,283.4

Net Income 34.6% (13.3%) (7.5%) (22.6%) 20.9% 22.3%

EPS 35.6% (12.3%) (6.5%) (21.9%) 19.5% 23.2%


Soroban Capital Partners LLC, Cross Creek Advisors, John Hancock Investment Management Services, LLC, John Hancock Variable Insurance Trust - Science & Technology Trust,

Lighthouse Capital Partners, Prism Capital Corporation, Redpoint e.Ventures, Saints Capital, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

13.5%

4.4%

(1.7%)

8.0%

5.4%

(4.0%)(2.0%)

0.0%2.0%4.0%6.0%8.0%

10.0%12.0%14.0%16.0%

2012 2013 2014 2015E 2016E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

2,000

2,100

2,200

2,300

2,400

2,500

2,600

2,700

2012 2013 2014 2015E 2016E

(in

$ m

illi

on

s)

Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Aveva Group


AVEVA GROUP PLC (LSE:AVV)COMPANY INFORMATION

AVEVA Group plc develops and markets engineering, design, and information management software and related services worldwide. The company operates through two segments, Engineering & Design Systems and Enterprise

Solutions. It provides engineering and design, and enterprise software solutions to customers in oil and gas, marine and offshore, power, petrochemical, chemical, pharmaceuticals, mining and mineral, and pulp and paper

industries. The company also offers consultancy and training services. It sells its software by licensing rights to use the software directly to customers through a network of sales offices. AVEVA Group plc was

founded in 1967 and is headquartered in Cambridge, the United Kingdom.

Stock Exchange LSE Latest Fiscal Year 3/31/2014 Primary Industry Application Software Next Earnings Date 5/23/2015

Website http://www.aveva.com Latest Fiscal Quarter 3/31/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 1,491 LTM as of 3/31/2014 S&P LT Rating Date NA S&P Quality Ranking A-

Current Investors

Pending Investors




Current Price (Sep 25 2014) 25.37 Dividend Yield 1.8%

52 Week High (Sep 26, 2013) 43.04 5 Year Beta 0.58

52 Week Low (Sep 18, 2014) 24.45 Float 63.2


Market Capitalization 1,620.0 Short Int. as a % of S/O NA

Plus: Total Debt 0.0 Shares Sold Short NA

Plus: Preferred Stock 0.0 Days Cover Short NA





AVV YTD (28.3%) 12/31/13 Last 6 Months 3/25/14 0.1





Revolving Credit 0.0 Unamortized Discount 0.0 Input Estimates









998 999 1000 2000 1001 1002 Diluted EPS 1.00 1.08 1.30 1.30 1.33 1.50

VALUATION MULTIPLES



TEV / Revenue 5.0x 6.1x 5.0x 5.0x 4.0x 3.6x Cash from Investing (23.4) (32.0) 153.8 153.8

TEV / EBITDA 17.1x 20.8x 17.0x 17.0x 12.4x 11.1x Cash from Finaning (21.5) (23.4) (195.5) (195.5)

TEV / EBIT 18.2x 22.0x 18.1x 18.1x 13.3x 11.9x Change in Cash 29.6 8.5 38.4 38.4

P / E 30.0x 34.6x 28.2x 28.2x 19.1x 16.9x


1 Year Growth

Total Revenue 12.6% 12.4% 7.8% 7.8% (8.8%) 9.6% Total Assets 495.9 538.5 463.2 463.2

EBITDA 15.7% 10.4% 9.7% 9.7% (3.3%) 11.3% Total Liabilities 141.8 156.4 154.9 154.9

EBIT 15.7% 10.0% 9.6% 9.6% (5.2%) 11.9% Total Equity 354.1 382.1 308.3 308.3

Net Income 15.9% 13.6% 12.4% 12.4% 0.1% 12.5%

EPS 16.2% 13.5% 9.7% 9.7% 2.3% 13.0%


Amati Global Investors Ltd., Amati VCT 2 plc, Amati VCT plc, BlackRock Investment Management (UK) Limited, Capital Research and Management Company, Standard Life Investments

Limited, TB Amati UK Smaller Companies Fund, Saints Capital, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

12.6% 12.4%

7.8%

(8.8%)

9.6%

(10.0%)

(5.0%)

0.0%

5.0%

10.0%

15.0%

2012 2013 2014 2015E 2016E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

0

50

100

150

200

250

300

350

400

450

2012 2013 2014 2015E 2016E

(in

$ m

illi

on

s)

Valuation


0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Core Logic


CORELOGIC, INC. (NYSE:CLGX)COMPANY INFORMATION

CoreLogic, Inc. provides property, financial and consumer information, analytics, and services in the United States, Australia, and New Zealand. The company operates through two segments, Technology and Processing

Solutions and Data & Analytics. The Technology and Processing Solutions segment offers tax monitoring, flood zone certification and monitoring, credit services, mortgage loan administration and production services,

lending solutions, and mortgage-related business process outsourcing. The Data and Analytics segment owns or licenses data assets, such as loan information, criminal and eviction records, employment verification,

property characteristic information, and information on mortgage-backed securities. This segment provides analytical products for risk management, collateral assessment, loan quality reviews, and fraud assessment, as

well as geospatial proprietary software and databases with geographic mapping and data; and consumer screening and risk management for the multifamily housing and under-banked credit services industries. CoreLogic,

Inc. primarily offers its services to mortgage originators and servicers, financial institutions, investment banks, fixed-income investors, title insurance companies, commercial banks, government agencies and

government-sponsored enterprises, property and casualty insurers, credit unions, real estate agents, and other real estate professionals. The company was formerly known as The First American Corporation and changed its name

to CoreLogic, Inc. in June 2010. CoreLogic, Inc. was incorporated in 1894 and is headquartered in Irvine, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Data Processing and Outsourced ServicesNext Earnings Date 10/23/2014

Website http://www.corelogic.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating BB S&P STARS Ranking NA

Employees 5,242 LTM as of 6/30/2014 S&P LT Rating Date 3/4/2010 S&P Quality Ranking B-

Current Investors

Pending Investors





52 Week High (Dec 30, 2013) 36.19 5 Year Beta 1.66




Plus: Total Debt 1,474.6 Shares Sold Short 2.9






CLGX YTD (22.4%) 12/31/13 Last 6 Months 3/25/14 0.6







Snr. Bonds and Notes 462.7 Total Debt 843.9 Revenue 1,010.2 1,235.4 1,330.6 1,311.0 1,349.4 1,435.6





Total Principal Due 839.9 Other Available Credit 0.0 Net Income (74.6) 112.3 107.7 43.8 118.2 156.1

Total Undrawn Credit 450.0 Margin (%) (7.4%) 9.1% 8.1% 3.3% 8.8% 10.9%

998 999 1000 2000 1001 1002 Diluted EPS 0.19 0.87 1.34 0.93 1.30 1.72

VALUATION MULTIPLES




TEV / EBITDA 8.1x 9.8x 10.1x 16.0x 11.0x 9.4x Cash from Finaning (149.9) (332.5) (179.9) 479.6

TEV / EBIT 13.3x 14.2x 13.2x 24.7x 25.0x 18.0x Change in Cash (159.7) (108.0) (17.2) (37.1)

P / E 24.8x 28.3x 23.9x 30.5x 21.3x 16.1x


1 Year Growth

Total Revenue (21.1%) 22.3% 7.7% 12.3% 1.4% 6.4% Total Assets 3,118.7 3,030.3 3,003.4 3,698.8

EBITDA (36.2%) 117.3% 2.0% (6.9%) 29.6% 17.0% Total Liabilities 1,873.9 1,859.4 1,948.8 2,638.0

EBIT (63.1%) 327.6% (3.8%) (10.0%) (12.2%) 38.9% Total Equity 1,244.8 1,170.9 1,054.6 1,060.8

Net Income NM NM (4.1%) (66.3%) 9.7% 32.0%

EPS (53.7%) 357.9% 54.0% 10.4% (3.2%) 32.5%


First American Financial Corporation, Asset Management Arm, First American Title Insurance Company (US), Highfields Capital Management, LP, Samana Capital, L.P, Samlyn Capital,

LLC, T. Rowe Price Associates, Inc., Saints Capital, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

(21.1%)

22.3%

7.7%1.4%

6.4%

(30.0%)

(20.0%)

(10.0%)

0.0%

10.0%

20.0%

30.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

0

200

400

600

800

1,000

1,200

1,400

1,600

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: CoStar Group


COSTAR GROUP INC. (NASDAQGS:CSGP)COMPANY INFORMATION

CoStar Group, Inc. provides information, analytics, and marketing services to the commercial real estate industry in the United States, the United Kingdom, and France. Its services include CoStar Property

Professional service that offers inventory of office, industrial, retail, and multifamily properties and land; CoStar COMPS Professional, which provides coverage of comparable sales information; CoStar Tenant, an online

business-to-business prospecting and analytical tool; CoStarGo, an iPad application that integrates its property, tenant, and comparable sales information; and CoStar Advertising to market a space for lease or a property

for sale. The company also offers PPR Portal, a delivery platform for research, forecasts, analytics, and granular data; PPR COMPASS, a commercial real estate risk management tool; Resolve Portfolio Maximizer, a

real estate portfolio management software solution; Resolve Request, a business intelligence software solution; VP Corporate Edition and VP Retail Edition, which are real estate management software solutions. In

addition, its services include LoopNet Premium Lister designed for commercial real estate professionals and other customers; LoopNet Premium Searcher designed for members searching for commercial real estate; LoopLink

LoopLink, an online real estate marketing and database services suite; LandsofAmerica and LandAndFarm, which are online marketplaces for rural land for sale; BizBuySell and BizQuest that are online marketplaces for

operating businesses for sale; FOCUS, a digital online service; and Observatoire Immobilier D’ Entreprise, which provides commercial property availability. The company serves commercial real estate brokers, as well as

owners, landlords, financial institutions, retailers, vendors, appraisers, investment banks, governmental agencies, and other parties involved in commercial real estate. CoStar Group, Inc. was founded in 1987 and is

headquartered in Washington, District of Columbia.


Website http://www.costar.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 2,046 LTM as of 6/30/2014 S&P LT Rating Date NA S&P Quality Ranking B-

Current Investors

Pending Investors





52 Week High (Mar 04, 2014) 218.17 5 Year Beta 1.19

52 Week Low (Jul 18, 2014) 138.49 Float 31.2









CSGP YTD (15.1%) 12/31/13 Last 6 Months 3/25/14 0.3














998 999 1000 2000 1001 1002 Diluted EPS 0.62 0.37 1.05 1.45 3.08 3.77

VALUATION MULTIPLES



TEV / Revenue 4.7x 8.1x 12.3x 10.8x 8.9x 7.6x Cash from Investing 58.4 (640.4) (19.0) (605.2)

TEV / EBITDA 27.4x 41.0x 63.1x 42.6x 28.3x 22.5x Cash from Finaning 252.7 164.9 10.4 749.6

TEV / EBIT 39.9x 68.6x 123.5x 64.5x 69.9x 42.3x Change in Cash 338.9 (389.3) 99.9 254.8

P / E 113.7x 229.5x 237.6x 107.8x 51.5x 42.1x


1 Year Growth

Total Revenue 11.3% 39.0% 26.0% 20.9% 29.3% 17.6% Total Assets 771.0 1,165.1 1,257.0 2,046.4

EBITDA 20.3% 33.8% 44.2% 76.0% 90.6% 26.0% Total Liabilities 111.9 338.8 329.1 575.2

EBIT 33.8% (9.3%) 65.9% 147.2% 34.0% 65.3% Total Equity 659.2 826.3 927.9 1,471.2

Net Income 10.3% (32.3%) 199.9% 140.8% 218.2% 28.3%

EPS (3.1%) (40.3%) 183.8% 134.3% 193.5% 22.2%


Nissan Auto Leasing LLC II, Saints Capital, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

11.3%

39.0%

26.0%29.3%

17.6%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

45.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

0

100

200

300

400

500

600

700

800

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

150.00

160.00

170.00

180.00

190.00

200.00

210.00

220.00

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Public Company Snapshot: Ellie Mae


ELLIE MAE, INC. (NYSE:ELLI)COMPANY INFORMATION

Ellie Mae, Inc. provides on-demand software solutions and services for the residential mortgage industry in the United States. Its mortgage management solutions streamline and automate the process of originating and

funding new mortgage loans, facilitating regulatory compliance, and reducing documentation errors. The company provides Encompass, a proprietary software product that combines loan origination, business management,

and customer relationship management (CRM) software for mortgage originators into one end-to-end system. Mortgage originators use Encompass as a single tool for loan processing, marketing, and customer

communication, as well as to interact electronically with lenders, investors, and service providers over the Ellie Mae Network. The company’s Encompass services comprise Encompass Docs Solution, which automatically prepares the

disclosure and closing documents necessary to fund a mortgage; Encompass CenterWise, a bundled offering of electronic document management and Websites used for customer relationship management; Total Quality Loan

that offers a suite of fraud detection, valuation, validation, and risk analysis services; and Encompass Compliance Service, which automatically checks for compliance with federal, state, and local regulations in the

origination process. Its Encompass services also include tax transcript services that offer income verification capability; services for ordering and managing appraisals; Encompass CRM, a suite of tools for managing

contacts, leads, and marketing campaigns; Encompass Product and Pricing Service, which allows its users to compare loans offered by various lenders and investors to determine the product and price available to a

particular borrower; and Encompass Flood Service that allows its users to order and transfer flood zone certifications. The company was founded in 1997 and is headquartered in Pleasanton, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date 10/31/2014

Website http://www.elliemae.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 407 LTM as of 6/30/2014 S&P LT Rating Date NA S&P Quality Ranking NA

Current Investors

Pending Investors





52 Week High (Aug 29, 2014) 36.22 5 Year Beta 0.16

52 Week Low (Nov 07, 2013) 22.46 Float 24.4









ELLI YTD 24.6% 12/31/13 Last 6 Months 3/25/14 0.3














998 999 1000 2000 1001 1002 Diluted EPS 0.18 0.76 0.44 0.35 1.00 1.31

VALUATION MULTIPLES





TEV / EBIT 41.3x 35.1x 30.1x 54.4x 56.0x 29.8x Change in Cash 9.4 20.4 (10.7) (7.7)

P / E 76.1x 38.3x 50.8x 94.3x 34.0x 25.9x

P / BV 1.6x 4.5x 3.7x 4.1x NA NA Balance Sheet Latest

1 Year Growth


EBITDA 73.5% 422.6% (3.5%) (21.6%) 66.1% 41.6% Total Liabilities 20.9 18.8 21.7 23.9

EBIT 138.8% 904.7% (11.0%) (31.0%) (16.1%) 87.8% Total Equity 78.9 166.9 206.9 225.6

Net Income 365.9% 437.7% (35.4%) (45.1%) 126.8% 35.9%

EPS 260.0% 322.2% (42.1%) (46.0%) 127.3% 31.1%


Alta Partners LP, Amidzad Partners, C.M. Capital Advisors, Investment Arm, H&Q Asia Pacific, Ltd., Hotung International Co., Ltd., Industry Ventures, LLC, Tremblant Capital Group,

Windspeed Ventures, Schwarz Partners LP, SSgA Funds Management, Inc.

NA

Income Statement

Cash Flow Statement

28.4%

83.5%

26.2%18.1% 21.5%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

0

50

100

150

200

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

150.00

170.00

190.00

210.00

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250.00

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Public Company Snapshot: HomeAway


HOMEAWAY, INC. (NASDAQGS:AWAY)COMPANY INFORMATION

HomeAway, Inc., together with its subsidiaries, operates an online vacation rental property marketplace that enables property owners and managers to market properties for rental to vacation travelers. The company’s

portfolio includes vacation rental Websites, such as HomeAway.com, VRBO.com, and VacationRentals.com in the United States; HomeAway.co.uk and OwnersDirect.co.uk in the United Kingdom; HomeAway.de in Germany;

Abritel.fr and Homelidays.com in France; HomeAway.es and Toprural.com in Spain; AlugueTemporada.com.br in Brazil; Stayz.com.au and HomeAway.com.au in Australia; and Bookabach.co.nz in New Zealand. It also owns

travelmob.com, an Asia Pacific short-term rental site, as well as operates BedandBreakfast.com, a site for finding bed and breakfast properties. In addition, the company offers HomeAway software for professionals at

software.HomeAway.com, which provides software solutions to property managers and innkeepers. As of December 31, 2013, it operated its online marketplace through 50 Websites in 21 languages; and included approximately 890,000

paid listings of vacation rentals. The company was formerly known as CEH Holdings, Inc. and changed its name to HomeAway, Inc. in 2006. HomeAway, Inc. was founded in 2004 and is headquartered in Austin, Texas.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Internet Retail Next Earnings Date 10/27/2014

Website http://www.homeaway.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 1,542 LTM as of 6/30/2014 S&P LT Rating Date NA S&P Quality Ranking NR

Current Investors

Pending Investors





52 Week High (Feb 20, 2014) 48.90 5 Year Beta 0.66










AWAY YTD (19.0%) 12/31/13 Last 6 Months 3/25/14 1.7














998 999 1000 2000 1001 1002 Diluted EPS (0.31) 0.18 0.20 0.17 0.13 0.18

VALUATION MULTIPLES





TEV / EBIT 85.0x 57.7x 90.7x 72.1x 26.1x 22.2x Change in Cash 52.5 71.3 135.1 311.1

P / E NM 183.6x 145.9x 182.8x 257.2x 186.4x


1 Year Growth

Total Revenue 37.1% 21.8% 23.6% 28.8% 29.4% 20.3% Total Assets 604.6 722.7 1,080.7 1,530.1

EBITDA 33.7% 24.8% 16.8% 15.3% 104.1% 15.3% Total Liabilities 163.6 205.6 246.7 597.3

EBIT 57.5% 31.3% 26.6% 23.7% 170.3% 17.4% Total Equity 441.0 517.0 833.9 932.9

Net Income (63.5%) 142.2% 18.2% (25.6%) 218.7% 29.0%

EPS NM NM 11.1% (29.2%) (34.6%) 38.0%


Atlas Accelerator, Austin Ventures, European Founders Fund Management GmbH, Google Ventures, Institutional Venture Partners, North Sky Capital, Redpoint Ventures, Technology

Crossover Ventures, Tiger Global Management LLC, Trident Capital, Inc.

NA

Income Statement

Cash Flow Statement

37.1%

21.8%23.6%

29.4%

20.3%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

0

100

200

300

400

500

600

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

150.00

170.00

190.00

210.00

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Public Company Snapshot: Move


MOVE, INC. (NASDAQGS:MOVE)COMPANY INFORMATION

Move, Inc. operates an online network of Websites for real estate search, finance, and moving and home enthusiasts in North America. The company operates realtor.com, a Website that offers property listings and other

property information services to real estate franchises, brokers, and agents, as well as non-real estate related advertisers, such as personal banking and mortgage companies, insurance providers, home improvement

retailers, moving service providers, and other consumer product and service companies. Its realtor.com Website provides listing advertisements to enhance, prioritize, and connect with consumers of for-sale property

listings; non-listing advertisements to connect with consumer audience in the real estate search process; and various products and services to advertisers, including sponsorships, graphical display advertisements,

text links, directories, Featured Community, and Featured CMA, as well as pricing models. The company also operates other Websites that provide single and multi-family rental listings, senior housing, and

moving-related content and services to consumer audience, as well as provides various listing-related advertisement services for rental property owners and managers; Moving.com that offers quotes from moving companies and truck

rental companies; Move.com, a new homes channel; NewHomeSource.com; and Doorsteps, which provides homebuyers with content, tools, and advice. In addition, it offers software-as-a-service customer relationship

management products comprising Top Producer and TigerLead that provide productivity and lead management tools tailored to real estate agents. Further, Move, Inc. operates ListHub, an online real estate listing syndicator

and provider of performance reporting solutions. The company was formerly known as Homestore, Inc. and changed its name to Move, Inc. in June 2006. Move, Inc. was founded in 1993 and is headquartered in San Jose,

California.


Website http://www.move.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA

Employees 913 LTM as of 6/30/2014 S&P LT Rating Date NA S&P Quality Ranking C

Current Investors

Pending Investors





52 Week High (Oct 21, 2013) 18.36 5 Year Beta 1.66

52 Week Low (May 07, 2014) 9.47 Float 36.3









MOVE YTD (9.9%) 12/31/13 Last 6 Months 3/25/14 0.6










Capital Leases 0.0 Undrawn Commercial Paper 0.0 EBIT 6.0 5.9 1.1 (7.6) (6.6) 4.6

Other 0.0 Undrawn Term Loans 0.0 Margin (%) 3.1% 3.0% 0.5% (3.2%) (2.6%) 1.6%

Total Principal Due 100.0 Other Available Credit 0.0 Net Income 7.3 5.6 0.6 (11.3) 10.5 20.8

Total Undrawn Credit 0.0 Margin (%) 3.8% 2.8% 0.3% (4.8%) 4.2% 7.2%

998 999 1000 2000 1001 1002 Diluted EPS 0.08 0.12 0.01 (0.29) 0.25 0.52

VALUATION MULTIPLES




TEV / EBITDA 15.9x 14.6x 34.0x 39.9x 20.3x 13.8x Cash from Finaning (81.2) (47.6) 77.1 76.7

TEV / EBIT 44.9x 30.3x 123.1x NM NA 121.6x Change in Cash (70.9) (60.5) 91.6 85.3

P / E NM 44.9x NM NM 59.4x 28.5x

P / BV 3.1x 3.2x 6.0x 5.5x NA 34.3x Balance Sheet Latest

1 Year Growth

Total Revenue (2.9%) 3.9% 14.0% 9.7% 11.3% 14.6% Total Assets 164.9 136.9 236.8 237.4

EBITDA 32.2% 6.9% (16.0%) (53.9%) 102.5% 47.2% Total Liabilities 33.7 38.9 128.0 130.9

EBIT 103.0% (1.5%) (82.2%) NM NM NM Total Equity 131.2 98.0 108.8 106.5

Net Income NM (22.5%) (89.8%) NM 1731.0% 97.8%

EPS NM 50.0% (91.7%) NM 2383.3% 108.7%


Harvest Capital Strategies LLC, Ingleside Interests, L.P., Marcus & Millichap Venture Partners, National Association Of Home Builders Of The United States, National Association Of Home

Builders Of The United States, Endowment Arm, Park West Asset Management LLC, Polar Securities Inc., Second Century Ventures, LLC, TCS Capital Management, LLC

NA

Income Statement

Cash Flow Statement

(2.9%)

3.9%

14.0%11.3%

14.6%

(5.0%)

0.0%

5.0%

10.0%

15.0%

20.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

0

50

100

150

200

250

300

350

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

0.5

1.0

1.5

2.0

2.5

3.0

3.5

4.0

4.5

5.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: RealPage


REALPAGE, INC. (NASDAQGS:RP)COMPANY INFORMATION

RealPage, Inc. provides on demand software solutions for the rental housing industry in North America. The company offers property management solutions, including OneSite to serve the specific needs of conventional

multi-family, affordable housing and urban development (HUD), affordable tax credit, rural housing, privatized military housing, student housing, and commercial sectors; and Propertyware for accounting, maintenance

and work order management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. It also provides on premise property management solutions, which include

Tenant Pro to serve the needs of small conventional properties; Spectra, a conventional apartment and commercial modular property management solution; and i-CAM, a property management software to automate and

streamline rental activities for affordable housing. In addition, the company offers software-enabled value-added services, such as LeaseStar, a multichannel managed marketing solution that works to maximize a property’s

leads to reduce costs per lease; YieldStar, a scientific yield management solution, which enables owners and managers to optimize rents; LeasingDesk, a risk mitigation solution to reduce delinquency, liability, and

property damage risk; and Velocity that offers a range of billing and utility management services. Further, it provides OpsTechnology that offers spend management solutions, which enable owners and managers to control

costs; shared cloud services, which are integrated with property management systems and software-enabled valued added services; and RealPage Senior Living, an integrated care management, community management, and

marketing management platform, as well as provides consulting and implementation services; and training programs. The company sells its software and services directly through its sales force. RealPage, Inc. is

headquartered in Carrollton, Texas.

Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2013 Primary Industry Application Software Next Earnings Date 11/7/2014

Website http://www.realpage.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA


Current Investors

Pending Investors





52 Week High (Oct 22, 2013) 26.34 5 Year Beta 1.45

52 Week Low (Aug 06, 2014) 14.87 Float 48.0









RP YTD (34.9%) 12/31/13 Last 6 Months 3/25/14 0.6












Total Principal Due 1.4 Other Available Credit 0.0 Net Income (1.2) 5.2 20.7 7.9 30.2 37.6

Total Undrawn Credit 150.0 Margin (%) (0.5%) 1.6% 5.5% 2.0% 7.5% 8.5%

998 999 1000 2000 1001 1002 Diluted EPS (0.02) 0.07 0.27 0.10 0.38 0.47

VALUATION MULTIPLES




TEV / EBITDA 63.3x 37.2x 31.1x 31.7x 17.7x 14.7x Cash from Finaning (8.2) (43.1) (6.3) 26.6

TEV / EBIT NM 116.3x 65.8x 78.6x 24.2x 19.6x Change in Cash (66.7) (17.5) 0.7 4.9

P / E NM NM 80.7x 90.3x 40.2x 32.6x


1 Year Growth


EBITDA 15.8% 73.6% 4.0% (23.3%) 25.9% 20.1% Total Liabilities 177.2 147.1 188.7 210.2

EBIT (57.1%) 674.1% 12.5% (71.2%) 111.9% 23.6% Total Equity 222.9 255.1 314.5 325.8

Net Income NM NM 299.2% (30.8%) 45.7% 24.8%

EPS NM NM 285.7% (29.0%) 41.9% 23.4%


Advance Capital Management, LLC, BAMCO Inc., JHL Capital Group LLC, Seren Capital, Ltd.

NA

Income Statement

Cash Flow Statement

37.0%

24.9%

17.0%

6.5%9.8%

0.0%

5.0%

10.0%

15.0%

20.0%

25.0%

30.0%

35.0%

40.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

8.0x

0

100

200

300

400

500

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Textura


TEXTURA CORPORATION (NYSE:TXTR)COMPANY INFORMATION

Textura Corporation provides on-demand business collaboration software solutions to the commercial construction industry in the United States and Canada. The company’s solutions are focused on facilitating

collaboration between owners/developers, general contractors, and subcontractors. Its solutions include Construction Payment Management that facilitates the exchange of invoice documents, supporting documentation, and lien

waivers for secure electronic payment; and GradeBeam, which enables general contractors to identify and invite suitable subcontractors to bid on project work. The company also offers project management solutions

comprising Submittal Exchange, Submittal Exchange for Design, and Submittal Exchange for Subcontractors, which facilitates the exchange of critical project documents, as well as facilitating communication and ensuring

proper audit trails and archival. In addition, it provides other solutions consisting of Pre-Qualification Management that collects, reviews, and evaluates prequalification information, including financial and safety

information; Greengrade that simplifies and streamlines the collection and submission of information necessary to obtain LEED certification; PlanSwift, a take-off and estimating solution used in preparing

construction bids; Contractor Default Claims Management, which supports the process of documenting a subcontractor default insurance claim; and BidOrganizer that provides a central, online location to prioritize, track, and

schedule various bid invitations. The company markets and sells its solutions to the owners/developers, general contractors, subcontractors, architects, material suppliers, and others. It has strategic relationships

with CMiC, Viewpoint Construction Software, Sage North America, and Computer Guidance Corporation. The company was founded in 2004 and is headquartered in Deerfield, Illinois.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 11/6/2014

Website http://www.texturacorp.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA


Current Investors

Pending Investors





52 Week High (Oct 01, 2013) 47.25 5 Year Beta NA

52 Week Low (May 09, 2014) 13.80 Float 21.9









TXTR YTD (6.5%) 12/31/13 Last 6 Months 3/25/14 0.4






Term Loans 0.0 Adjustments (0.1)


Sub Bonds and Notes 0.0 EBITDA (10.8) (13.7) (24.3) (13.5) (6.0) 13.7

Trust Preferred 0.0 Undrawn Revolver 0.0 Margin (%) (102.3%) (50.7%) (50.5%) (23.0%) (9.3%) 13.9%

Capital Leases 1.4 Undrawn Commercial Paper 0.0 EBIT (11.7) (16.8) (30.4) (21.0) (8.7) 8.1

Other 0.0 Undrawn Term Loans 0.0 Margin (%) (111.0%) (62.0%) (63.4%) (35.7%) (13.5%) 8.3%



998 999 1000 2000 1001 1002 Diluted EPS (4.18) (2.46) (1.07) (0.17) (0.38) 0.26

VALUATION MULTIPLES


9/30/11 12/31/12 12/31/13 6/30/14 2014E 2015E Cash from Operations (1.9) (8.3) (24.5) (16.3) 2.2 20.9


TEV / EBITDA 0.0x 0.0x NM NM NA 48.3x Cash from Finaning 5.2 (0.7) (36.8) (119.3)

TEV / EBIT 0.0x 0.0x NM NM NA 81.4x Change in Cash 2.9 (9.1) (202.4) (278.4)

P / E 0.0x 0.0x NM NM NA 112.2x


1 Year Growth


EBITDA NM 0.0% NM 0.0% NM NM Total Liabilities 24.0 0.0 39.2 44.9

EBIT NM 0.0% NM 0.0% NM NM Total Equity 3.3 0.0 138.8 125.1

Net Income NM 0.0% NM 0.0% NM NM

EPS NM 0.0% NM 0.0% NM NM


Aon Advisors Inc., Federated Equity Management Company of Pennsylvania, Fidelity Management & Research Company, Northwater Capital Management Inc., Whale Rock Capital

Management, LLC

NA

Income Statement

Cash Flow Statement

74.7%

0.0%

77.3%

34.5%

52.9%

0.0%

10.0%

20.0%

30.0%

40.0%

50.0%

60.0%

70.0%

80.0%

90.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

5.0x

10.0x

15.0x

20.0x

0

20

40

60

80

100

120

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Trulia


TRULIA, INC. (NYSE:TRLA)COMPANY INFORMATION

Trulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications. The company, through its tools, also enables real estate professionals to market their listings. It

provides subscription and free products for real estate professionals, as well as sells display media advertising. In addition, the company offers information on schools, crime, neighborhood amenities, home values,

and other communities. It serves buyers, sellers, and renters. The company was formerly known Realwide, Inc. and changed its name to Trulia, Inc. in September 2005. Trulia, Inc. was founded in 2005 and is

headquartered in San Francisco, California.

Stock Exchange NYSE Latest Fiscal Year 12/31/2013 Primary Industry Internet Software and ServicesNext Earnings Date 10/31/2014

Website http://www.trulia.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA


Current Investors

Pending Investors





52 Week High (Jul 28, 2014) 67.50 5 Year Beta 1.31

52 Week Low (Dec 12, 2013) 26.35 Float 34.5









TRLA YTD 44.1% 12/31/13 Last 6 Months 3/25/14 1.6








Sub Bonds and Notes 0.0 EBITDA (4.0) (7.0) (10.2) (26.4) 24.8 55.0

Trust Preferred 0.0 Undrawn Revolver 0.0 Margin (%) (10.3%) (10.3%) (7.1%) (12.6%) 9.6% 16.1%

Capital Leases 0.1 Undrawn Commercial Paper 0.0 EBIT (5.8) (9.5) (18.1) (40.5) (50.1) (29.3)

Other 0.0 Undrawn Term Loans 0.0 Margin (%) (15.0%) (14.0%) (12.6%) (19.4%) (19.3%) (8.6%)



998 999 1000 2000 1001 1002 Diluted EPS (0.92) (0.87) (0.54) (1.27) (0.29) 0.29

VALUATION MULTIPLES


12/31/11 12/31/12 12/31/13 6/30/14 2014E 2015E Cash from Operations 1.1 4.2 (1.4) 0.4 27.2 43.4


TEV / EBITDA 0.0x NM NM NM 79.6x 35.9x Cash from Finaning 8.2 90.8 302.1 190.0

TEV / EBIT 0.0x NM NM NM NA NA Change in Cash 2.6 93.0 125.6 (0.8)

P / E 0.0x NM NM NM NA 180.0x


1 Year Growth


EBITDA NM NM NM NM NM 121.7% Total Liabilities 21.2 32.4 274.3 276.6

EBIT NM NM NM NM NM NM Total Equity 3.0 86.5 381.1 373.0

Net Income NM NM NM NM NM NM

EPS NM NM NM NM NM NM


Caledonia (Private) Investments Pty Limited, Citadel Advisors, LLC, Deep Fork Capital, Fayez Sarofim & Co., Polaris Partners, Sequoia Capital

Zillow, Inc.

Income Statement

Cash Flow Statement

94.7%

76.8%

111.1%

80.6%

31.5%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

0

50

100

150

200

250

300

350

400

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

2.0

4.0

6.0

8.0

10.0

12.0

14.0

16.0

18.0

150.00

170.00

190.00

210.00

230.00

250.00

270.00

290.00

310.00

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Public Company Snapshot: Zillow


ZILLOW, INC. (NASDAQGS:Z)COMPANY INFORMATION

Zillow, Inc. operates real estate and home-related information marketplaces on mobile and the Web in the United States. The company owns and operates Zillow.com. It also provides various advertising products and

services, including Premier Agent program, which offers a suite of marketing and business technology solutions for real estate agents; Zillow Mortgage Marketplace, where borrowers connect with lenders to find loans and

get mortgage rates; Zillow Rentals, a marketplace and suite of tools for rental professionals, Postlets, Diverse Solutions, Agentfolio, Mortech, HotPads, and StreetEasy; and graphical mobile and Web advertising

services on its home page and on individual Web pages. In addition, the company offers information products and services that enable consumers to make decisions about homes comprising home value and rental price

estimates; Zillow Digs, a home improvement marketplace for home shoppers and homeowners to find visual inspiration and local cost estimates; and a rich set of home-related information for consumers and real estate

professionals, as well as services for sale and rental listings. Further, it provides consumers with ratings and contact information for the listing agent and local buyer’s agents alongside home profiles and listings for

homes to assist for evaluating and selecting the real estate agent; and home-related advice and discussions through Zillow Advice section of its Zillow.com Website that captures questions and discussion topics from

consumers and real estate, rental, mortgage, and home improvement professionals, as well as operates mobile real estate applications. The company serves advertisers primarily in the real estate industry, such as real

estate brokerages, home builders, lenders, and home services providers; and advertising customers comprising telecommunications, automotive, insurance, and consumer products companies. Zillow, Inc. was incorporated

in 2004 and is headquartered in Seattle, Washington.


Website http://www.zillow.com Latest Fiscal Quarter 6/30/2014 S&P LT Rating NA S&P STARS Ranking NA


Current Investors

Pending Investors





52 Week High (Jul 28, 2014) 164.90 5 Year Beta 1.15

52 Week Low (Dec 04, 2013) 70.28 Float 28.9









z YTD 48.0% 12/31/13 Last 6 Months 3/25/14 1.8








Sub Bonds and Notes 0.0 EBITDA 5.8 12.4 (5.5) (5.0) 53.5 92.4

Trust Preferred 0.0 Undrawn Revolver 0.0 Margin (%) 8.8% 10.6% (2.8%) (1.9%) 16.5% 20.9%

Capital Leases 0.0 Undrawn Commercial Paper 0.0 EBIT 2.7 7.0 (16.5) (19.6) (20.8) 8.4

Other 0.0 Undrawn Term Loans 0.0 Margin (%) 4.1% 6.0% (8.4%) (7.7%) (6.4%) 1.9%

Total Principal Due 0.0 Other Available Credit 0.0 Net Income 1.1 5.9 (12.5) (15.2) 14.8 46.9

Total Undrawn Credit 0.0 Margin (%) 1.7% 5.1% (6.3%) (5.9%) 4.6% 10.6%

998 999 1000 2000 1001 1002 Diluted EPS 0.00 0.18 (0.35) (0.39) 0.37 0.95

VALUATION MULTIPLES




TEV / EBITDA 121.1x 56.4x NM NM 86.9x 50.3x Cash from Finaning 79.2 164.2 272.2 277.3

TEV / EBIT NM 93.9x NM NM NA NA Change in Cash 35.6 102.1 51.7 6.7

P / E NM 159.4x NM NM NA 130.9x


1 Year Growth


EBITDA NM 112.4% NM NM NM 72.8% Total Liabilities 15.5 27.2 40.3 57.8

EBIT NM 155.9% NM NM NM NM Total Equity 101.2 280.3 567.8 583.7

Net Income NM 438.9% NM NM NM 216.1%

EPS 0.0% 0.0% NM NM NM 158.4%


Caledonia (Private) Investments Pty Limited, Cavalane Holdings Pty Limited, ClearBridge, LLC, Morgan Stanley, Investment Banking and Brokerage Investments, PAR Capital Management,

Inc., Technology Crossover Ventures, Tiger Global Management LLC

NA

Income Statement

Cash Flow Statement

116.8%

76.9%69.1% 64.1%

36.2%

0.0%

20.0%

40.0%

60.0%

80.0%

100.0%

120.0%

140.0%

2011 2012 2013 2014E 2015E

YOY Growth

Total Revenue

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

18.0x

0

100

200

300

400

500

2011 2012 2013 2014E 2015E

(in

$ m

illi

on

s)

Valuation


0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

8.0

9.0

10.0

150.00

152.00

154.00

156.00

158.00

160.00

162.00

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