mergers & acquisitions capital raising strategic...

1 │ Software Industry Update Q3 2016

Mergers & Acquisitions Capital Raising Strategic Advisory

Software Industry Update Q3 2016


Unconflicted AdviceDeep Technology Domain Expertise

Differentiated Negotiation Framework

Vista Point exclusively provides sell-

side M&A and Capital Raising advisory

services to technology businesses

removing the conflict of interest

associated with working both sides of

the table.

Vista Point bankers are industry

specialists that focus exclusively on

core technology markets allowing us

to provide relevant insights into our

client’s business and create the

strategic framework to optimize

valuation.

The firm utilizes a unique negotiation

framework to increase the

competitiveness of the transaction

process, and ultimately yield higher

valuations at better terms for clients.

Vista Point Advisors was founded on the principle that founder-led technology companies in the emerging and

middle markets are unique and require specialized attention and advice when considering investment and exit

opportunities. Our unique focus on sell-side processes provides our clients with unconflicted advice that assures

our interests are completely aligned with the entrepreneur. VPA is focused exclusively on working with founder-

owned and operated businesses to deliver the most favorable transactions at premium valuations.

Vista Point Advisors Overview


Representative Vista Point Advisors Transactions

has been acquired by

August 2014


November 2014


April 2014


March 2014


February 2015


March 2015


September 2015


October 2015

a portfolio company of


December 2015

received investment from

December 2015


March 2016


May 2016


May 2016


May 2016



July 2016


http://www.gartner.com/

http://www.capterra.com/

http://www.gartner.com/


• There were 285 reported software M&A transactions in Q3 2016 totaling $24.6 billion in transaction value

− Software M&A deals in Q3 2016 were up 11% relative to Q2 2016

− Notable strategic deals include:

• EverFi’s acquisition of LawRoom

• DTI’s $1.0 billion acquisition of Epiq Systems

• Oracle’s $8.7 billion acquisition of NetSuite

• Genesys’s $1.4 billion acquisition of Interactive Intelligence

• TPG’s $6.1 billion acquisition of Intel Security (McAfee)

• The software IPO market had four major IPOs pricing in Q3 2016, each experiencing strong post-listing results

− Nutanix (NasdaqGS:NTNX), an integrated enterprise server, virtualization, and storage cloud platform, raised

$238 million and has traded up 131%

− Apptio (NasdaqGM:APTI), a cloud-based technology business management solution, raised $96 million and

has traded up 36%

− Everbridge (NasdaqGM:EVBG), a critical communications and enterprise safety application, raised $90 million

and has traded up 41%

− Talend (NasdaqGM:TLND), a platform that addresses IT integration needs, raised $109 million and has traded

up 45%

Q3 2016 Software Industry Overview


Gray bar denotesDeals over $1 billion

Most Active Acquirers (Since 2010)

Source: Capital IQ as of 09/30/16

Notable Recent Transactions

Deals <$1bn

Deals >$1bn

Acquirer

Target

Date 07/21/16 07/27/16 07/28/16 08/31/16 09/07/16

EV N/A $1,009m $8,699m $1,394m $6,078m

EV / LTM Rev N/A 1.9x 10.3x 3.4x N/M

EV / LTM EBITDA N/A 11.6x N/M N/M N/M

Active Acquirers and Notable Transactions

$5.1

$24.4

$3.9 $6.9

$1.3 $0.5

$8.2

$0.7 $4.0

$1.2

$16.4 $15.1

$0.4 $0.9 $3.7

$0.0

$10.0

$20.0

$30.0

Re

po

rte

d V

alu

e ($

bn

)

52

4035

28 24 24 24 23 21 20 20 17 16 16 15

16

23

1 22

1 32

0

20

40

60

Nu

mb

er

of T

ran

sact

ion

s


Quarterly Software M&A Value and Deal Count (Since 2010)

Source: Capital IQ as of 09/30/16, WhatsApp/Facebook, Broadcom/Avago, and EMC/Denali deals omitted from top graph

Software M&A Market Overview

344 334 327 336 337 340

366 363 368349

363

322299

286

207

304325

308

345

250265

288263 269 260 256

285

0

100

200

300

400

Q1

'10

Q2

'10

Q3

'10

Q4

'10

Q1

'11

Q2

'11

Q3

'11

Q4

'11

Q1

'12

Q2

'12

Q3

'12

Q4

'12

Q1

'13

Q2

'13

Q3

'13

Q4

'13

Q1

'14

Q2

'14

Q3

'14

Q4

'14

Q1

'15

Q2

'15

Q3

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Q4

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Q1

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Q2

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Q3

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Nu

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s

$8

$24$22

$14

$6

$15

$31

$13

$18 $19$17 $17

$5

$22 $22

$18$15

$23

$48

$9

$15

$27

$16

$39

$8

$25 $25

$0

$10

$20

$30

$40

$50

$60

Tran

sact

ion

Val

ue

($b

n)


Transactions by Reported Value

Transactions by Target Funding

Total: $25B Total: $25B

50M+

$30 - $50M

$10 - $30M

$0.1 - $10M

Undisclosed

No Funding

$500M - $1B>$1B

$250M - $500M$100M - $250M$50M - $100M<$50M


Software M&A Market Overview

49%

9%15%

11%

2%

13%

Q2 '16

56%

8%

12%

2%

6%

16%

Q3 '16

72%65% 66% 65% 66% 68% 72% 73% 71% 70%

65%71% 67% 67% 64% 64% 64% 66% 62% 66% 65% 68%

61%66%

62% 62% 61%

Q1 '10 Q2 '10 Q3 '10 Q4 '10 Q1 '11 Q2 '11 Q3 '11 Q4 '11 Q1 '12 Q2 '12 Q3 '12 Q4 '12 Q1 '13 Q2 '13 Q3 '13 Q4 '13 Q1 '14 Q2 '14 Q3 '14 Q4 '14 Q1 '15 Q2 '15 Q3 '15 Q4 '15 Q1 '16 Q2 '16 Q3 '16


Top 20 Most Active Investors Across Software & Internet Over the Last 2 Years

Despite High Valuations, Investments Lead Exits 2.5:1

Source: Capital IQ as of 09/30/16, Investors ranked by investments made in the last 12 months

38

20

19

12

14

13

14

12

12

7

5

7

8

3

9

8

8

5

5

4

48

23

24

27

15

13

10

11

9

12

12

9

7

12

5

5

4

7

7

8

115

45

60

88

32

33

36

41

39

23

13

37

6

16

14

7

12

29

16

7

201

88

103

127

61

59

60

64

60

42

30

53

21

31

28

20

24

41

28

19

04590135180225

Investments Made

Within last 6 months Within 6-12 months Within 12-24 months

13

4

7

7

6

3

4

1

5

1

3

2

2

5

8

1

1

2

5

0

11

7

3

6

3

2

3

2

7

3

3

6

2

3

5

5

2

1

0

20

7

11

9

5

6

10

13

5

9

7

3

6

8

9

7

4

6

0

44

18

21

22

14

11

17

16

17

13

13

11

10

16

22

13

7

7

12

0

0 10 20 30 40 50

Portfolio Exits

Within last 6 months Within 6-12 months Within 12-24 months


IPOs First Follow-On (“FO”) Offering

Year # of IPOs % Primary File to Price Change # of FOs % of FOsAvg. Days Post Lockup Expiration

% Primary IPO to FOs Price Change

2016 98% N/A N/A N/A N/A N/A

2015 94% 15% 142 46%

2014 86% 36% 248 40%

7 4 4 15

0 20 40

Software Internet Hardware

27%

60%

13%

Increase No Change Decrease

7 4 4 15

0 20 40

Software Internet Hardware

27%

60%

13%

Increase No Change Decrease

IPO Summary

Software still comprises the bulk of total tech IPOs, but year over year quantity of tech IPOs is

down; IPO proceeds go to company balance sheets and provide little liquidity for shareholders


23%

54%

23%

36%

51%

13%

26 14 5 45

0 10 20 30 40 50

12 6 8 26

0 10 20 30 40 50

11 2 4

0 5 10 15 20

11 2 3 16

0 5 10 15 20

50% 50%

56%

44%

63%

25%

13%

5 3 8

0 10 20 30 40 50



Software Public Market Performance Last 3 Months

-11%

15%

33%

46%

32%

31%

-4%

4%

21%

-2%

16%

51%

15%

6%

17%

21%

14%

17%

-10%

17%

39%

12%

13%

-30%-20%-10% 0% 10% 20% 30% 40% 50% 60%

salesforce.com, inc.

Zendesk, Inc.

HubSpot, Inc.

Interactive Intelligence Group Inc.

Five9, Inc.

LivePerson Inc.

Oracle Corporation

International Business Machines Corporation

SAP SE

Intuit Inc.

Sage Group plc

NetSuite Inc.

QAD Inc.

American Software, Inc.

Upland Software, Inc.

SAP SE

Dassault Systèmes SE

PTC Inc.

Manhattan Associates, Inc.

Aspen Technology, Inc.

Fleetmatics Group PLC

The Descartes Systems Group Inc

BasWare Oyj

CR

MA

cco

un

ting

/ E

RP

Sup

ply

Cha

in M

an

ag

em

en

t

-3%

23%

-4%

15%

19%

2%

-8%

14%

-5%

-8%

10%

18%

47%

-20%

-11%

4%

16%

7%

13%

-7%

23%

0%

16%

11%

-3%

10%

-2%

0%

35%

38%

20%

-60% -40% -20% 0% 20% 40% 60%

Paychex, Inc.

Workday, Inc.

The Ultimate Software Group, Inc.

Paycom Software, Inc.

Cornerstone OnDemand, Inc.

Paylocity Holding Corporation

Callidus Software Inc.

Adobe Systems Incorporated

Akamai Technologies, Inc.

VeriSign, Inc.

Open Text Corporation

SDL plc

Brightcove Inc.

TubeMogul, Inc.

MobileIron, Inc.


Constellation Software Inc.

NICE Ltd.

Tableau Software, Inc.

Nuance Communications, Inc.

Teradata Corporation

DST Systems Inc.

Verint Systems Inc.

Pegasystems Inc.

MicroStrategy Inc.

NeuStar, Inc.

Progress Software Corporation

Talend SA

Workiva Inc.

Apigee Corporation

Xactly Corporation

Hu

ma

n C

apital M

an

ag

em

en

tK

no

wle

dge

/ C

onte

nt

Man

age

me

nt

Busin

ess In

telli

gen

ce



Software Public Market Performance Last 3 Months (cont.)

26%

1%

20%

6%

3%

8%

32%

43%

0%

23%

32%

-3%

47%

17%

17%

-10%

23%

53%

2%

26%

26%

68%

32%

-11%

9%

0%

57%

2%

8%

-40% -20% 0% 20% 40% 60% 80%

VMware, Inc.

CA, Inc.

ServiceNow, Inc.

Citrix Systems, Inc.

L-3 Communications Holdings Inc.

Splunk, Inc.

NetScout Systems, Inc.

LogMeIn, Inc.

Dell Technologies Inc.

Symantec Corporation

Palo Alto Networks, Inc.

Check Point Software Technologies Ltd.

NetApp, Inc.

Fortinet Inc.

Proofpoint, Inc.

FireEye, Inc.

CommVault Systems, Inc.

Box, Inc.

CyberArk Software, Ltd.

Imperva Inc.

Qualys, Inc.

Barracuda Networks, Inc.

AVG Technologies N.V.

SecureWorks Corp.

VASCO Data Security International Inc.

Everbridge, Inc.

Carbonite, Inc.

NQ Mobile Inc.

Zix Corporation

Syste

ms / N

etw

ork

Ma

nag

em

en

tS

ecurity

/ S

tora

ge

13%

-4%

4%

23%

12%

17%

0%

23%

31%

7%

-2%

0%

-21%

-40%

-9%

19%

9%

-2%

1%

-2%

9%

26%

0%

13%

-1%

19%

6%

3%

6%

5%

20%

-9%

18%

1%

10%

4%

-7%

5%

-10%

-60% -40% -20% 0% 20% 40% 60%

Microsoft Corporation

Oracle Corporation


Hewlett Packard Enterprise Company

Red Hat, Inc.

Atlassian Corporation Plc

Nutanix, Inc.

Software Aktiengesellschaft

New Relic, Inc.

Globant S.A.

Progress Software Corporation

Apptio, Inc.

Hortonworks, Inc.

The Rubicon Project, Inc.

Fiserv, Inc.

First Data Corporation

MSCI Inc.

Jack Henry & Associates Inc.

FactSet Research Systems Inc.

Guidewire Software, Inc.

Fair Isaac Corporation

Square, Inc.

DST Systems Inc.

Ellie Mae, Inc.

ACI Worldwide, Inc.

Ebix Inc.

Envestnet, Inc.

Q2 Holdings, Inc.

Bottomline Technologies (de), Inc.

Cerner Corporation

Veeva Systems Inc.

athenahealth, Inc.

Medidata Solutions, Inc.

Allscripts Healthcare Solutions, Inc.

CompuGroup Medical SE

HealthStream, Inc.

Quality Systems Inc.

Castlight Health, Inc.

Cegedim SA

App

lication I

nfr

astr

uctu

reF

ina

ncia

l T

echn

olo

gy

He

alth

care

IT

/ L

ife

Scie

nce

sS

oft

ware


0%

25%

50%

75%

100%

125%

150%

175%

200%

Oct-13 Dec-13 Feb-14 Apr-14 Jun-14 Aug-14 Oct-14 Dec-14 Feb-15 Apr-15 Jun-15 Aug-15 Oct-15 Dec-15 Feb-16 Apr-16 Jun-16 Aug-16 Oct-16

EV / Revenue EV / EBITDA

3 Year Public Market Performance

% of 52 Week High

LTM

2016E

LTM

2016E

High Growth Software: APIC, BOX, CARB, CYBR, DATA, DST, ELLI, EVBG, FEYE, FTNT, GLOB, HDP, HUBS, IMPV, N, NEWR, NOW, NTCT, NTNX, NYSE:CSLT, NYSE:SQ, PANW, PAYC, PCTY, PFPT, QTWO, RUBI, SCWX, SPLK, TEAM, TLND, TUBE, VEEV, WDAY, XTLY, ZENAll Software: See all bucketed companiesHigh Margin Software: ADBE, AKAM, AZPN, CA, CHKP, EBIX, FDC, FDS, FISV, INTU, JKHY, MANH, MSCI, MSFT, NSR, ORCL, OTEX, PAYX, TSX:DSG, VRSN, XTRA:SOWSource: Capital IQ as of 09/30/16

Software Public Market Performance

Index Performance Over Last 3 Years High Growth Software (>30% LTM Revenue Growth) +58%High Margin Software (>30% LTM EBITDA Margins) +54%All Software +45%NASDAQ Composite Index +39%S&P 500 Index +28%

94% 94% 94%

40%

60%

80%

100%

All Software High Margin High Growth

4.9x

5.8x

7.8x

4.6x

5.7x

7.5x

0.0x

3.0x

6.0x

9.0x


19.8x

16.0x

37.3x

16.4x14.1x

35.0x

0.0x

15.0x

30.0x

45.0x




Public Company SummarySoftware Internet & Digital Media

CRM Accounting / ERPSupply Chain

Management

Human Capital

Management

Knowledge /

Content

Management

Business IntelligenceSystems / Network

ManagementSecurity / Storage

Application

InfrastructureFinancial Technology

Healthcare IT / Life

Sciences SoftwareMedian Mean

52-Wk High 98% 96% 98% 94% 86% 94% 93% 94% 96% 93% 88% 94% 94%

Aggregate Mkt Cap ($ in m) $56,636 $477,840 $152,136 $54,549 $81,179 $193,601 $96,595 $119,380 $841,062 $83,385 $42,539 $96,595 $199,900

Aggregate EV ($ in m) $57,808 $543,339 $155,329 $54,422 $85,031 $230,006 $97,854 $143,328 $953,021 $109,344 $44,576 $109,344 $224,914

LTM EV / Revenue 6.4x 5.0x 6.6x 8.5x 3.6x 3.1x 4.2x 3.7x 5.1x 5.0x 4.4x 5.0x 5.0x

2016E EV / Revenue 5.8x 4.8x 6.3x 7.6x 3.5x 3.0x 4.2x 3.6x 4.0x 5.1x 4.1x 4.2x 4.7x

2017E EV / Revenue 4.8x 4.5x 5.5x 6.4x 3.2x 2.9x 4.0x 3.5x 3.9x 4.6x 3.5x 4.0x 4.3x

LTM EV / EBITDA 28.0x 19.1x 24.4x 30.1x 15.4x 12.1x 14.4x 18.8x 11.9x 17.1x 21.1x 18.8x 19.3x

2016E EV / EBITDA 27.9x 15.0x 18.9x 33.1x 12.8x 10.9x 11.8x 19.6x 10.4x 15.0x 18.8x 15.0x 17.7x

2017E EV / EBITDA 25.9x 13.1x 15.7x 26.0x 12.4x 10.1x 11.3x 14.2x 10.5x 14.4x 15.9x 14.2x 15.4x

LTM P / E NM 34.7x 42.1x 53.0x 28.5x 23.9x 30.5x 36.2x 21.2x 25.2x 84.5x 32.6x 38.0x

2016E P / E 75.3x 27.8x 31.7x 63.7x 20.7x 17.1x 17.1x 30.1x 16.4x 26.2x 26.6x 26.6x 32.1x

2017E P / E 63.3x 23.0x 28.4x 50.1x 20.7x 16.5x 16.8x 26.8x 15.5x 22.7x 23.0x 23.0x 27.9x

LTM Revenue Growth 26% 4% 10% 29% 9% 14% 17% 22% 19% 12% 15% 15% 16%

2016E Revenue Growth 23% 3% 10% 26% 8% 12% 14% 11% 10% 7% 13% 11% 12%

2017E Revenue Growth 19% 6% 9% 22% 10% 10% 6% 16% 9% 6% 13% 10% 12%

LTM EBITDA Margin (2%) 22% 27% 2% 18% 15% 12% 5% 17% 18% 11% 15% 13%

2016E EBITDA Margin 4% 24% 34% 13% 23% 23% 26% 18% 24% 24% 20% 23% 21%

2017E EBITDA Margin 7% 26% 35% 14% 26% 25% 30% 19% 25% 27% 20% 25% 23%

LTM Net Margin (13%) 12% 13% (2%) 5% 2% 2% 1% 8% 9% 4% 4% 4%

2016E Net Margin (3%) 16% 21% 8% 14% 15% 14% 10% 16% 11% 8% 14% 12%

2017E Net Margin (0%) 16% 22% 10% 14% 15% 16% 11% 15% 14% 9% 14% 13%


Note: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ as of 09/30/16

Select Q3 2016 Announced M&A TransactionsEnterprise Target LTM Enterprise Value /

Date Target Acquirer Delivery Sector Value Revenue EBITDA LTM Revenue LTM EBITDA

09/30/16 Kanjoya The Ultimate Software Group SaaS Human Capital N/A N/A N/A N/A N/A 09/29/16 T2 Systems Thoma Bravo SaaS Transportation / Logistics N/A N/A N/A N/A N/A 09/29/16 Marquis Software Solutions Falfurrias Capital Partners SaaS Advertising and Marketing N/A N/A N/A N/A N/A 09/29/16 e3 Solutions VelocityEHS SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/28/16 PLAT.ONE SAP SaaS Platform / OS N/A N/A N/A N/A N/A 09/28/16 TransCentra SourceHOV SaaS Fintech N/A N/A N/A N/A N/A 09/27/16 AWS Truepower UL On Premise Business Software N/A N/A N/A N/A N/A 09/27/16 Advanced Instructional Systems Cengage Learning Holdings SaaS Education N/A N/A N/A N/A N/A 09/27/16 Cogmotive QUADROtech Solutions SaaS Business Intelligence N/A N/A N/A N/A N/A 09/27/16 Cancalia Engineering & Consulting One Energy Enterprises On Premise Mapping / Tracking N/A N/A N/A N/A N/A 09/27/16 Altiscale SAP SaaS Hosting / Data Center N/A N/A N/A N/A N/A 09/26/16 Financial Synergy IRESS SaaS Fintech $69 $21 $7 3.3x 9.6x09/26/16 SAI Global Baring Private Equity Asia SaaS Governance, Risk, & Compliance $931 $425 $89 2.2x 10.5x09/26/16 GovDelivery Vista Equity Partners SaaS Business Software $153 N/A N/A N/A N/A 09/26/16 Taqua Sonus Networks SaaS Telecommunications $20 $28 N/A 0.7x N/A 09/26/16 Spillman Technologies Motorola Solutions SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/26/16 Transportation Performance Explore Information Services On Premise Transportation / Logistics N/A N/A N/A N/A N/A 09/26/16 Right Networks BV Investment Partners SaaS Hosting / Data Center N/A N/A N/A N/A N/A 09/26/16 AppLovin Orient Hontai Capital SaaS Advertising and Marketing N/A N/A N/A N/A N/A 09/26/16 Recipero Callcredit Information Group SaaS Security / Storage N/A N/A N/A N/A N/A 09/23/16 eMaint Enterprises Fluke SaaS Supply Chain N/A N/A N/A N/A N/A 09/23/16 FanLogic HeadsUp Entertainment International On Premise Sports N/A N/A N/A N/A N/A 09/22/16 REDI Holdings Thomson Reuters Corporation On Premise Fintech N/A N/A N/A N/A N/A 09/22/16 ICC/Decision Services StellaService SaaS Advertising and Marketing N/A N/A N/A N/A N/A 09/22/16 VERISAE Accruent SaaS Business Software N/A N/A N/A N/A N/A 09/22/16 DPS International PTV Planung Transport Verkehr SaaS Transportation / Logistics N/A N/A N/A N/A N/A 09/21/16 Rezserve Technologies DigitalTown SaaS Travel / Hospitality N/A N/A N/A N/A N/A 09/21/16 Cranbox Evatic On Premise Transportation / Logistics N/A N/A N/A N/A N/A 09/21/16 Activ8 Intelligence Liaison Financial Services On Premise Business Intelligence N/A N/A N/A N/A N/A 09/20/16 BlazeMeter CA SaaS Development N/A N/A N/A N/A N/A 09/20/16 Predixion Software GreenWave Systems On Premise Business Intelligence N/A N/A N/A N/A N/A 09/20/16 Tucanna Software & Development Aleyant Systems SaaS Content / Document Management N/A N/A N/A N/A N/A 09/20/16 The RedShark Group The Hibbert Company On Premise Content / Document Management N/A N/A N/A N/A N/A 09/19/16 XP Solutions EQT Partners On Premise Business Software $49 N/A N/A N/A N/A 09/19/16 Infoblox Vista Equity Partners On Premise Systems / Network $1,254 $358 $2 3.5x N/M09/19/16 Quest Solution Canada Viascan Group On Premise Transportation / Logistics $5 N/A N/A N/A N/A 09/19/16 CyberFlow Analytics Webroot On Premise Security / Storage N/A N/A N/A N/A N/A 09/19/16 Stewart-Ratcliff Aviation Services Satcom Direct SaaS Business Software N/A N/A N/A N/A N/A 09/18/16 Palerra Oracle SaaS Security / Storage N/A N/A N/A N/A N/A 09/16/16 Breeze Group Ingenuity SaaS Business Software N/A N/A N/A N/A N/A 09/16/16 Excession Technologies Pacha SaaS Video Management N/A N/A N/A N/A N/A 09/15/16 Connectivity SweetiQ Analytics SaaS Business Intelligence N/A N/A N/A N/A N/A 09/15/16 ShareRails Grey Cloak Tech SaaS Retail Software N/A N/A N/A N/A N/A 09/15/16 XRef software solutions Freedom Solutions Group On Premise Content / Document Management N/A N/A N/A N/A N/A 09/15/16 Business Integration Group Accruent SaaS Travel / Hospitality N/A N/A N/A N/A N/A



Select Q3 2016 Announced M&A Transactions (cont.)Enterprise Target LTM Enterprise Value /


09/15/16 Prelert ELASTICSEARCH SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 09/15/16 Attend Event Farm SaaS Advertising and Marketing N/A N/A N/A N/A N/A 09/15/16 Ranku Deltak edu SaaS Education N/A N/A N/A N/A N/A 09/14/16 Sologlobe Logistique Generix On Premise Supply Chain N/A $5 N/A N/A N/A 09/14/16 Meridium General Electric SaaS Business Software N/A N/A N/A N/A N/A 09/14/16 Intermedia.net Madison Dearborn Partners SaaS Business Software N/A $200 N/A N/A N/A 09/14/16 ISI Telemanagement Solutions Valent Capital Partners SaaS Business Software N/A N/A N/A N/A N/A 09/13/16 Avocarrot glispa SaaS Advertising and Marketing $20 N/A N/A N/A N/A 09/13/16 Optanon OneTrust SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/13/16 EyeVerify Ant Financial Services On Premise Security / Storage N/A N/A N/A N/A N/A 09/13/16 G4 Technologies BirchStreet Systems On Premise Accounting / ERP N/A N/A N/A N/A N/A 09/13/16 Runkit Stripe SaaS Development N/A N/A N/A N/A N/A 09/12/16 Sensity Systems Verizon Communications On Premise Systems / Network N/A N/A N/A N/A N/A 09/12/16 Automation Control Products Rockwell Automation On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 09/12/16 Teads Studio Teads SaaS Advertising and Marketing N/A N/A N/A N/A N/A 09/12/16 Wise Commerce Quad Analytix SaaS Retail Software N/A N/A N/A N/A N/A 09/12/16 Untangle Providence Equity Partners On Premise Security / Storage N/A N/A N/A N/A N/A 09/12/16 N E Computing telent On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 09/12/16 Adam Systems Karmak On Premise Business Software N/A N/A N/A N/A N/A 09/12/16 Corso Erwin SaaS Business Software N/A N/A N/A N/A N/A 09/12/16 Smart Communications Accel-KKR SaaS CRM N/A N/A N/A N/A N/A 09/12/16 Adaptive Marketing Works The Ramey Agency On Premise Retail Software N/A N/A N/A N/A N/A 09/12/16 Urban Engines Google SaaS Mapping / Tracking N/A N/A N/A N/A N/A 09/11/16 TruConnect Technologies TruConnect Mobile SaaS Systems / Network N/A N/A N/A N/A N/A 09/09/16 GenArts Artel Software On Premise Video Management N/A N/A N/A N/A N/A 09/08/16 Apigee Google SaaS Business Intelligence $562 $92 ($39) 6.1x N/M 09/08/16 DemandVoice IVR Technology Group SaaS Speech Recognition N/A N/A N/A N/A N/A 09/08/16 Hubb Systems Broadcast Microwave Services On Premise Law Enforcement N/A N/A N/A N/A N/A 09/08/16 Equivalent DATA Consilio On Premise Content / Document Management N/A N/A N/A N/A N/A 09/08/16 Active Internet Technologies Bridge Growth Partners SaaS Education N/A N/A N/A N/A N/A 09/08/16 TimeHighway.com Dealer Product Services SaaS Business Software N/A N/A N/A N/A N/A 09/08/16 OneCommand Dealer Product Services SaaS CRM N/A N/A N/A N/A N/A 09/08/16 COVELOZ Technologies Ross Video On Premise Systems / Network N/A N/A N/A N/A N/A 09/07/16 Intel Security TPG Capital SaaS Security / Storage $6,078 N/A N/A N/A N/A 09/07/16 Verified Person Sterling Talent Solutions SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/07/16 PriceMetrix McKinsey & Company SaaS Fintech N/A N/A N/A N/A N/A 09/07/16 HeyWire salesforce.com SaaS CRM N/A N/A N/A N/A N/A 09/07/16 Inspirus Sodexo S.A. SaaS Human Capital N/A N/A N/A N/A N/A 09/06/16 No Limits Software Tuangru SaaS Hosting / Data Center N/A N/A N/A N/A N/A 09/06/16 HealCode MINDBODY SaaS Business Software N/A N/A N/A N/A N/A 09/06/16 Avanti Commerce Doctor's Associates SaaS Retail Software N/A N/A N/A N/A N/A 09/06/16 Encomia International Document Services SaaS Fintech N/A N/A N/A N/A N/A 09/06/16 Excent Frontline Technologies Group On Premise Education N/A N/A N/A N/A N/A 09/06/16 DAXKO GI Partners SaaS Business Software N/A N/A N/A N/A N/A 09/06/16 LaunchKey iovation SaaS Security / Storage N/A N/A N/A N/A N/A





09/06/16 Workterra CareerBuilder SaaS Human Capital N/A N/A N/A N/A N/A 09/02/16 ABM United Kingdom Altia Solutions SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/02/16 Adaptive Computing Enterprises ALA Services SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 09/01/16 Income Access Paysafe Group SaaS Advertising and Marketing $31 N/A N/A N/A N/A 09/01/16 3671712 Canada ACCEO Solutions On Premise Retail Software N/A N/A N/A N/A N/A 09/01/16 Safeware Quasar UL SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 09/01/16 FXpansion Audio UK ROLI On Premise Diversified Media N/A N/A N/A N/A N/A 08/31/16 Interactive Intelligence Group Genesys Telecommunications Laboratories SaaS CRM $1,394 $413 ($2) 3.4x N/M 08/31/16 CONNX Solutions Software Aktiengesellschaft On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 08/31/16 Telesoft Sumeru Equity Partners SaaS Telecommunications N/A N/A N/A N/A N/A 08/31/16 Wagon Analytics Box SaaS Business Intelligence $2 N/A N/A N/A N/A 08/31/16 Gerber Scientific International American Industrial Partners SaaS Supply Chain N/A N/A N/A N/A N/A 08/31/16 Peerius EPiServer SaaS Retail Software N/A N/A N/A N/A N/A 08/30/16 ShipXpress, A GE Transportation GE Transportation SaaS Supply Chain N/A N/A N/A N/A N/A 08/30/16 Six Red Marbles JOUVE On Premise Education N/A N/A N/A N/A N/A 08/30/16 Scanther Advice Interactive Group SaaS Development N/A N/A N/A N/A N/A 08/30/16 Concerto Support Services Bellrock Property & Facilities Management SaaS Business Software N/A N/A N/A N/A N/A 08/30/16 BrightBox Technologies NEXTracker On Premise Systems / Network N/A N/A N/A N/A N/A 08/29/16 Calabrio KKR & Co. L.P. SaaS CRM N/A N/A N/A N/A N/A 08/26/16 McCain SWARCO On Premise Transportation / Logistics N/A N/A N/A N/A N/A 08/26/16 Winning Identity Blast Motion On Premise Sports N/A N/A N/A N/A N/A 08/26/16 Clearwater Analytics Welsh, Carson, Anderson & Stowe SaaS Accounting / ERP N/A N/A N/A N/A N/A 08/25/16 Oneclickretail.com Ascential SaaS Retail Software $225 $5 $3 45.9x 66.2x08/24/16 Platinum Data Solutions Mercury Network SaaS Travel / Hospitality N/A N/A N/A N/A N/A 08/23/16 AdapChain Logility On Premise Integration / Middleware N/A N/A N/A N/A N/A 08/23/16 Perception Software Altium On Premise Development $8 N/A N/A N/A N/A 08/23/16 2FA Identity Automation SaaS Security / Storage N/A N/A N/A N/A N/A 08/23/16 Linkdex Scribble Technologies SaaS Advertising and Marketing N/A N/A N/A N/A N/A 08/22/16 Ascom Network Testing InfoVista On Premise Testing $45 N/A N/A N/A N/A 08/19/16 Affinity Sports Dick's Sporting Goods SaaS Sports N/A N/A N/A N/A N/A 08/19/16 Uvize SonderMind SaaS Education N/A N/A N/A N/A N/A 08/19/16 Cogito Syncsort On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 08/19/16 block Stratix Systems On Premise IT Infrastructure & Management N/A N/A N/A N/A N/A 08/18/16 eBizware 57 Society International SaaS Integration / Middleware $0.3 $0.05 N/A 7.5x N/A 08/18/16 Atypon Systems John Wiley & Sons SaaS Ecommerce $120 $31 N/A 3.9x N/A 08/18/16 Granicus Vista Equity Partners SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 08/18/16 Otto Uber Technologies On Premise Transportation / Logistics N/A N/A N/A N/A N/A 08/17/16 Modulo Security SAI Global Limited SaaS Governance, Risk, & Compliance $5 N/A N/A N/A N/A 08/17/16 Adapt Group Datapipe SaaS IT Infrastructure & Management N/A N/A N/A N/A N/A 08/17/16 Blisstering Solutions Iksula Services On Premise Development N/A N/A N/A N/A N/A 08/17/16 iiWisdom Institutional Shareholder Services SaaS Fintech N/A N/A N/A N/A N/A 08/17/16 Vistronix Intelligence & Technology Solutions ASRC Federal Holding Company On Premise Business Software N/A N/A N/A N/A N/A 08/17/16 Aireum FullContact SaaS Business Intelligence N/A N/A N/A N/A N/A 08/17/16 Conspire FullContact SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 08/16/16 Next Commerce Future SaaS Ecommerce N/A $3 N/A N/A N/A





08/16/16 SAMsix ARCOS On Premise Mapping / Tracking N/A N/A N/A N/A N/A 08/16/16 Expolink Europe Rockpool Investments On Premise Governance, Risk, & Compliance N/A N/A N/A N/A N/A 08/16/16 Cobalt Talon Health Lumen SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 08/16/16 Simba Technologies Magnitude Software On Premise Development N/A N/A N/A N/A N/A 08/16/16 Dojo-Labs BullGuard On Premise Security / Storage N/A N/A N/A N/A N/A 08/15/16 NetMotion Wireless The Carlyle Group On Premise Systems / Network N/A N/A N/A N/A N/A 08/15/16 BeyondCore salesforce.com SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 08/15/16 Scala Stratacache SaaS Retail Software N/A N/A N/A N/A N/A 08/15/16 Mobility Works Syncromatics On Premise Transportation / Logistics N/A N/A N/A N/A N/A 08/11/16 Silicon Graphics International Hewlett Packard Enterprise On Premise Security / Storage $286 $533 $6 0.5x 51.6x08/11/16 Prompt.ly Breezeworks SaaS Human Capital N/A N/A N/A N/A N/A 08/11/16 Delta 360 CMLS Financial SaaS Fintech N/A N/A N/A N/A N/A 08/11/16 Lulo Ventures Conducive4U SaaS Diversified Media $0.1 N/A N/A N/A N/A 08/09/16 Pacts Auction Systems Bidpath On Premise Ecommerce N/A N/A N/A N/A N/A 08/09/16 Cadent Resources Plex Systems SaaS Supply Chain N/A N/A N/A N/A N/A 08/09/16 Eutecus Sensity Systems On Premise Video Management N/A N/A N/A N/A N/A 08/08/16 Covalent Software Ideagen SaaS Governance, Risk, & Compliance $5 $3 $0.3 1.7x 15.0x08/08/16 CarteNav Solutions Provincial Aerospace On Premise Mapping / Tracking $13 N/A N/A N/A N/A 08/08/16 Orbitera Google SaaS Ecommerce N/A N/A N/A N/A N/A 08/08/16 SRB Education Solutions PowerSchool Group On Premise Education N/A N/A N/A N/A N/A 08/05/16 Roadsense Technology Trakm8 Holdings On Premise Mapping / Tracking N/A N/A N/A N/A N/A 08/05/16 Turi Apple SaaS Development N/A N/A N/A N/A N/A 08/04/16 FirstBest Systems Guidewire Software SaaS Business Software $34 N/A N/A N/A N/A 08/04/16 Transcend Technologies Group Benefit Express Services SaaS Business Software N/A N/A N/A N/A N/A 08/04/16 Acxiom Impact Zeta Interactive SaaS Advertising and Marketing $22 N/A N/A N/A N/A 08/04/16 Hillcrest Media Group Salem Media Group SaaS Content / Document Management $4 N/A N/A N/A N/A 08/04/16 Vigilistics SafetyChain Software SaaS Supply Chain N/A N/A N/A N/A N/A 08/03/16 CakeSystems Renovate America SaaS Business Software N/A N/A N/A N/A N/A 08/02/16 Clemex Technologies Zwick Roell; RAL Diagnostics On Premise Healthcare / Biotechnology $5 $5 $1 0.9x 9.1x08/02/16 Bridge Interactive Group Zillow Group SaaS Travel / Hospitality N/A N/A N/A N/A N/A 08/02/16 Visicon Technologies Electro Scientific Industries On Premise CAD / CAM $9 N/A N/A N/A N/A 08/02/16 Embed.ly A Medium Corporation SaaS Development N/A N/A N/A N/A N/A 08/02/16 UnboundID Ping Identity SaaS Security / Storage N/A N/A N/A N/A N/A 08/02/16 Resolution Systems Truno Retail Technology Solutions On Premise Human Capital N/A N/A N/A N/A N/A 08/01/16 Intecq Tabcorp Holdings On Premise Gaming $85 $39 $7 2.2x 11.7x08/01/16 Marketing Technologies Group Manalto SaaS Advertising and Marketing N/A N/A N/A N/A N/A 08/01/16 Hitec Mitratech Holdings SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 08/01/16 RJMetrics Magento SaaS Business Intelligence N/A N/A N/A N/A N/A 08/01/16 Quip salesforce.com SaaS Content / Document Management $582 N/A N/A N/A N/A 08/01/16 Pyramid Human Resources Specialist Computer Services On Premise Human Capital N/A N/A N/A N/A N/A 08/01/16 Bluepoint Solutions Goldleaf Enterprise Payments SaaS Fintech N/A N/A N/A N/A N/A 08/01/16 CompassLearning Edgenuity SaaS Education N/A N/A N/A N/A N/A 08/01/16 MIR3 Emergency Communications Network SaaS Telecommunications N/A N/A N/A N/A N/A 08/01/16 Meteora Media Stamedia SaaS Advertising and Marketing N/A N/A N/A N/A N/A 08/01/16 Innotas Planview SaaS Business Software N/A N/A N/A N/A N/A


: VPA TransactionNote: $ in millions. EV/EBITDA multiples in excess of 50x or less than 0x are considered not meaningful.Source: Capital IQ as of 09/30/16



08/01/16 Gallium Technologies Ansonia Credit Data SaaS Business Intelligence N/A N/A N/A N/A N/A 08/01/16 Avintus Employer Services Dominion Payroll Services Tennessee SaaS Human Capital N/A N/A N/A N/A N/A 07/29/16 5 Fifteen Ingenta SaaS Business Software $1 $2 N/A 0.5x N/A 07/29/16 Symplicity H.I.G. Capital SaaS Human Capital N/A N/A N/A N/A N/A 07/28/16 Design Data Nemetschek On Premise Business Software $49 N/A N/A N/A N/A 07/28/16 NetSuite Oracle SaaS Business Software $8,699 $846 ($59) 10.3x N/M 07/28/16 Aternity Riverbed Technology SaaS Business Software N/A N/A N/A N/A N/A 07/28/16 DataWalk PiLAB Spólka Akcyjna On Premise Business Software N/A N/A N/A N/A N/A 07/28/16 AppFirst ScienceLogic SaaS Testing N/A N/A N/A N/A N/A 07/28/16 Digital Assess Vocational Training Charitable Trust SaaS Education N/A N/A N/A N/A N/A 07/27/16 Epiq Systems DTI SaaS Governance, Risk, & Compliance $1,009 $530 $87 1.9x 11.6x07/27/16 Pepperjam Performance Marketing Pepperjam SaaS Governance, Risk, & Compliance N/A N/A N/A N/A N/A 07/27/16 Clearsight Systems Atigeo On Premise Business Intelligence N/A N/A N/A N/A N/A 07/26/16 Open Objects Software IDOX SaaS Healthcare / Biotechnology $7 $4 $1 1.8x 8.3x07/26/16 Appcito A10 Networks SaaS Systems / Network $7 N/A N/A N/A N/A 07/26/16 Commissions Fidelity National Financial SaaS Business Software N/A N/A N/A N/A N/A 07/25/16 SFW Civica Group SaaS Business Software N/A N/A N/A N/A N/A 07/25/16 X4 Solutions Sandler Partners SaaS Business Software N/A N/A N/A N/A N/A 07/25/16 VendSys Nayax SaaS Accounting / ERP N/A N/A N/A N/A N/A 07/25/16 Beyond the Scores SportsEngine SaaS Sports N/A N/A N/A N/A N/A 07/24/16 DCHQ HyperGrid SaaS Development N/A N/A N/A N/A N/A 07/24/16 NetDNA StackPath SaaS Systems / Network N/A N/A N/A N/A N/A 07/24/16 SentinelOne Palo Alto Networks SaaS Security / Storage $200 N/A N/A N/A N/A 07/23/16 Horus Vision The Ray Dennis Group of Companies On Premise Sports N/A N/A N/A N/A N/A 07/22/16 Damballa Core Security Technologies On Premise Security / Storage N/A N/A N/A N/A N/A 07/21/16 VocaLink Holdings Mastercard SaaS Fintech $1,225 $241 $37 5.1x 33.3x07/21/16 TouchCommerce Nuance Communications On Premise Ecommerce $215 N/A N/A N/A N/A 07/21/16 Olapic Monotype Imaging SaaS Advertising and Marketing $130 $9 N/A 14.4x N/A 07/21/16 LawRoom EverFi SaaS Education N/A N/A N/A N/A N/A 07/21/16 Sioux Falls Swim Team SportsEngine SaaS Sports N/A N/A N/A N/A N/A 07/21/16 International Asset Systems USA REZ-1 SaaS Transportation / Logistics N/A N/A N/A N/A N/A 07/21/16 InterNiche Technologies HCC Embedded On Premise Development N/A N/A N/A N/A N/A 07/21/16 1SourceAdmin GoHealth SaaS Healthcare / Biotechnology N/A N/A N/A N/A N/A 07/21/16 Coolan salesforce.com SaaS Hosting / Data Center N/A N/A N/A N/A N/A 07/21/16 Adare SEC Adare Sec On Premise Governance, Risk, & Compliance N/A $20 N/A N/A N/A 07/20/16 Klick2Contact Eckoh SaaS CRM $9 $1 $0 7.6x 30.6x07/20/16 Insurance Initiatives LexisNexis Risk Solutions SaaS Hosting / Data Center N/A N/A N/A N/A N/A 07/20/16 Union Square Software Deltek SaaS Business Software N/A $9 N/A N/A N/A 07/20/16 Revenew Marlin Equity Partners SaaS Advertising and Marketing N/A N/A N/A N/A N/A 07/20/16 TS Traker Systems 3PL Central SaaS Transportation / Logistics N/A N/A N/A N/A N/A 07/20/16 Trover Expedia SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 07/20/16 Hudson Alley Software International Game Technology On Premise Business Software N/A N/A N/A N/A N/A 07/20/16 Schoolie GreatSchools SaaS Education N/A N/A N/A N/A N/A 07/19/16 2338 Technologies Predictive On Premise Development N/A N/A N/A N/A N/A 07/19/16 CallPromise Virtual Hold Technology SaaS Business Software N/A N/A N/A N/A N/A





07/19/16 Confer Technologies Carbon Black On Premise Security / Storage N/A N/A N/A N/A N/A 07/19/16 A Train Simple Company Pluralsight SaaS Education N/A N/A N/A N/A N/A 07/19/16 Gradible CommonBond SaaS Fintech N/A N/A N/A N/A N/A 07/19/16 Enservio Solera Holdings SaaS Fintech N/A N/A N/A N/A N/A 07/19/16 Ardenta Claranet SaaS Hosting / Data Center N/A N/A N/A N/A N/A 07/19/16 Trackwrestling.com SportsEngine SaaS Sports N/A N/A N/A N/A N/A 07/19/16 n2y The Riverside Company SaaS Education N/A N/A N/A N/A N/A 07/19/16 The Alpha School System Volaris Group SaaS Education N/A N/A N/A N/A N/A 07/19/16 PernixData Nutanix SaaS Security / Storage $38 N/A N/A N/A N/A 07/19/16 For Skills N C F E SaaS Human Capital N/A N/A N/A N/A N/A 07/18/16 Dubsat Pty Adstream SaaS Advertising and Marketing N/A N/A N/A N/A N/A 07/18/16 TDC Acquisition Holdings 5D Robotics On Premise Mapping / Tracking N/A N/A N/A N/A N/A 07/14/16 Status Page Atlassian SaaS Business Software N/A N/A N/A N/A N/A 07/14/16 Abel/Noser BlackSterling Partners On Premise Fintech N/A N/A N/A N/A N/A 07/14/16 Ticket Utils StubHub SaaS Ecommerce N/A N/A N/A N/A N/A 07/13/16 XOS Digital Catapult Group On Premise Sports $60 N/A N/A N/A N/A 07/13/16 Tessive RealD On Premise Video Management N/A N/A N/A N/A N/A 07/13/16 INscribe Digital Independent Publishers SaaS Systems / Network N/A N/A N/A N/A N/A 07/12/16 Software Masters DigitalTown On Premise Development N/A N/A N/A N/A N/A 07/12/16 BuildIT Software & Solutions FARO Technologies On Premise CAD / CAM N/A N/A N/A N/A N/A 07/12/16 SportsEngine NBC Sports SaaS Sports N/A N/A N/A N/A N/A 07/12/16 Sumilux Technologies Foxit Software SaaS Telecommunications N/A N/A N/A N/A N/A 07/12/16 Fiveworx Northshore Management Company SaaS Advertising and Marketing N/A N/A N/A N/A N/A 07/12/16 Hours Five Pack Creative SaaS Human Capital N/A N/A N/A N/A N/A 07/12/16 CoralTree Systems NetCracker Technology SaaS Business Software N/A N/A N/A N/A N/A 07/12/16 FortyTwo Alphabet SaaS Knowledge / Content (Social) N/A N/A N/A N/A N/A 07/12/16 GHI Technologies StayinFront SaaS Business Intelligence N/A N/A N/A N/A N/A 07/12/16 Checkmate TrustYou SaaS Travel / Hospitality N/A N/A N/A N/A N/A 07/12/16 FundsV.com INTCAS SaaS Fintech N/A N/A N/A N/A N/A 07/12/16 WolfePak Software Fort Point Capital SaaS Accounting / ERP N/A N/A N/A N/A N/A 07/11/16 Doosan GridTech Doosan Heavy Industries & Construction On Premise Oil & Gas $29 N/A N/A N/A N/A 07/11/16 Starmount Infor SaaS Retail Software N/A N/A N/A N/A N/A 07/11/16 Good + Geek Blackbaud SaaS Advertising and Marketing N/A N/A N/A N/A N/A 07/11/16 Page/International Communications Southwest Precision Printers On Premise Business Software N/A $20 N/A N/A N/A 07/09/16 Captured Light Studio Edify Multimedia Group On Premise Video Management N/A N/A N/A N/A N/A 07/08/16 Green Power Monitoring Systems DNV GL - Energy On Premise Transportation / Logistics N/A N/A N/A N/A N/A 07/07/16 Financial Guard Legg Mason SaaS Fintech N/A N/A N/A N/A N/A 07/07/16 CleanSpark Stratean SaaS Business Software $27 N/A N/A N/A N/A 07/07/16 RamWare PRA Group SaaS Fintech N/A N/A N/A N/A N/A 07/07/16 Drip Avenue 81 SaaS Advertising and Marketing N/A N/A N/A N/A N/A 07/07/16 NOMi Point Grey Research On Premise Retail Software N/A N/A N/A N/A N/A 07/07/16 INVISION Mediaocean On Premise Advertising and Marketing N/A N/A N/A N/A N/A 07/07/16 InnQuest Software Valsoft On Premise Travel / Hospitality N/A N/A N/A N/A N/A 07/07/16 Anvato Alphabet SaaS Video Management N/A N/A N/A N/A N/A 07/06/16 Metiri Mensus Symphony EYC Solution On Premise Retail Software N/A N/A N/A N/A N/A





07/06/16 Liss Systems Exlservice Holdings On Premise Fintech N/A N/A N/A N/A N/A 07/05/16 Higher Concept Software Point of Rental Software SaaS Content / Document Management N/A N/A N/A N/A N/A 07/05/16 Network Defence Novosco SaaS Security / Storage N/A $5 N/A N/A N/A 07/05/16 Epicor Software KKR & Co. SaaS Business Software N/A N/A N/A N/A N/A 07/05/16 Datacenter101 Lightower Fiber Networks SaaS Systems / Network N/A N/A N/A N/A N/A 07/05/16 DMS Systems Autologue Computer Systems SaaS Supply Chain N/A N/A N/A N/A N/A 07/04/16 Online Rostering Rision SaaS Human Capital N/A N/A N/A N/A N/A 07/04/16 AITrackRecord TrackRecord Holdings SaaS Governance, Risk, & Compliance $1 $1 ($1) 0.9x N/M 07/04/16 CashOnTime DIMO Software On Premise Accounting / ERP N/A N/A N/A N/A N/A 07/01/16 CyberHound BigAir Group SaaS Governance, Risk, & Compliance $5 N/A N/A N/A N/A 07/01/16 Tax Computer Systems Tax Systems SaaS Fintech $97 $17 $9 5.7x 11.1x07/01/16 Intelligrated Honeywell Sensing and Productivity On Premise Transportation / Logistics $1,500 N/A N/A N/A N/A 07/01/16 Stanley Stuart Yoffee & Hendrix Crestwood Associates On Premise Business Software N/A N/A N/A N/A N/A 07/01/16 TRADER Thoma Bravo SaaS Business Software $1,220 N/A N/A N/A N/A 07/01/16 Magplus MPS SaaS Development N/A N/A N/A N/A N/A

Software Median $42 $20 $2 3.3x 11.7x

Software Mean $531 $133 $9 5.9x 22.4x

SaaS Mean 6.8x 21.8x

On Premise Mean 1.8x 24.2x


Note: $ in millions except share data. Revenue and EBITDA multiples greater than 25x and 100x, respectively, are deemed non-material (“NM”).Source: Capital IQ as of 09/30/16

Software IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on

FileCompany EV IPO Amount Raised Market Cap EV / Rev

EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

IPO Raise

Follow On

Price

IPO to

Price Chg

Primary

Shares

Software09/29/16 282 Nutanix $2,279 $238 $2,517 5.1x NM 84% 54% $26 $16 23% 100% $37 131% NA NA NA NA NA NA09/22/16 27 Apptio 578 96 674 4.0 NM 21% NM 23 16 7% 100% 22 36% NA NA NA NA NA NA09/15/16 27 Everbridge 224 90 314 3.3 NM 33% NM (14) 12 -- 83% 17 41% NA NA NA NA NA NA07/28/16 30 Talend 409 109 518 4.6 NM 42% 33% (4) 18 6% 100% 26 45% NA NA NA NA NA NA04/21/16 126 SecureWorks 1,017 112 1,129 3.0 NM 30% 31% 5 14 (10%) 100% 13 (11%) NA NA NA NA NA NA12/09/15 30 Atlassian 4,239 531 4,770 12.0 NM 64% 27% 208 21 14% 100% 30 43% NA NA NA NA NA NA11/18/15 35 Square 2,869 279 3,148 2.5 NM 107% 28% 174 9 (18%) 95% 12 30% NA NA NA NA NA NA11/12/15 34 Instructure 393 81 474 6.0 NM 150% 46% 32 16 -- 100% 25 59% NA NA NA NA NA NA10/14/15 86 First Data 11,673 2,560 14,233 1.5 4.9 3% 32% (20,809) 16 (11%) 100% 13 (18%) NA NA NA NA NA NA07/16/15 35 Rapid7 550 119 669 6.0 NM 53% 27% 10 16 7% 100% 18 10% NA NA NA NA NA NA06/25/15 37 Xactly 188 65 252 2.9 NM 27% 22% (11) 8 (20%) 97% 15 84% NA NA NA NA NA NA06/25/15 38 AppFolio 325 86 410 6.0 NM 35% 64% 2 12 -- 100% 19 62% NA NA NA NA NA NA06/18/15 38 MINDBODY 368 100 468 4.8 NM 102% 29% 5 14 -- 100% 20 40% NA NA NA NA NA NA05/20/15 36 Shopify 1,369 151 1,520 11.1 NM 57% 38% 46 17 21% 100% 43 152% 274 287 91% 38 91% 67%04/23/15 34 Apigee 462 87 549 7.5 NM 15% 21% 24 17 -- 100% 17 2% NA NA NA NA NA NA01/22/15 304 Box 1,658 201 1,859 8.6 NM 146% 34% 125 14 8% 100% 16 13% NA NA NA NA NA NA12/11/14 31 Hortonworks 736 115 851 16.6 NM 1361% 52% 43 16 14% 100% 8 (48%) 237 80 (30%) 10 (30%) 100%12/11/14 31 New Relic 1,074 132 1,206 12.6 NM NM 40% 92 23 15% 100% 38 67% NA NA NA NA NA NA12/11/14 55 Workiva 480 101 581 4.5 NM 43% 21% (16) 14 -- 100% 18 30% NA NA NA NA NA NA11/05/14 62 Upland Software 132 46 178 2.2 40.1 (2%) 22% (24) 12 -- 100% 9 (27%) NA NA NA NA NA NA10/08/14 44 HubSpot 714 144 858 6.9 NM 21% 32% (6) 25 19% 100% 58 130% (20) 152 6% 37 6% 21%09/23/14 91 Cyber-Ark Software 458 99 556 6.0 11.9 61% 21% 75 16 7% 100% 50 210% 80 299 203% 61 203% 18%07/17/14 113 TubeMogul 180 50 231 2.1 NM 83% 30% 11 7 (36%) 100% 9 34% 148 83 65% 16 65% 66%07/17/14 324 Globant 263 67 330 1.5 5.4 302% 20% (1) 10 (9%) 74% 42 321% 176 99 47% 28 47% 0%Median 38 $515 $105 $625 5.0x 8.7x 53% 30% $10 7% 100% 40% 162 $126 56% $33 56% 44%Mean 81 $1,360 $236 $1,596 5.9x 15.6x 123% 33% ($833) 2% 98% 60% 149 $167 64% $32 64% 45%



Internet IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

IPO Raise

Follow On

Price

IPO to

Price Chg

Primary

Shares

Internet and Digital Media09/20/16 29 The Trade Desk $604 $84 $688 4.1x 12.8x 234% 45% ($20) $18 13% 100% $29 62% NA NA NA NA NA NA07/11/16 31 LINE 6,044 707 6,751 4.7 38.5 48% 30% 5 32 -- 100% 48 51% NA NA NA NA NA NA06/22/16 27 Twilio 1,245 150 1,395 6.5 NM 87% 31% 103 15 7% 100% 64 329% NA NA NA NA NA NA12/18/15 32 Yirendai 1,020 75 1,095 6.5 9.1 4906% 105% 18 10 -- 0% 24 137% NA NA NA NA NA NA05/21/15 34 Baozun 1,348 110 1,458 4.7 NM 15% 52% 28 10 (17%) 100% 15 51% NA NA NA NA NA NA04/08/15 89 Wowo 3,027 12 3,039 NM NM (2%) NM (68) 10 -- 100% 4 (60%) NA NA NA NA NA NA03/31/15 295 GoDaddy 1,712 470 2,182 1.2 10.2 21% 15% (1,221) 20 5% 100% 35 73% 192 499 6% 30 6% 0%03/05/15 30 MaxPoint Interactive 233 75 308 2.2 NM 61% NM (31) 12 -- 100% 9 (22%) NA NA NA NA NA NA12/10/14 33 Momo 5,035 464 5,499 NM NM NM 313% 162 14 -- 100% 23 67% NA NA NA NA NA NA12/10/14 105 LendingClub 5,135 1,001 6,135 NM NA 131% 87% 33 15 25% 87% 6 (59%) NA NA NA NA NA NA09/18/14 135 Alibaba 144,094 25,032 169,126 15.6 23.4 66% 44% (1,639) 68 3% 38% 106 56% NA NA NA NA NA NAMedian 33 $1,712 $150 $2,182 4.7x 12.8x 64% 45% $5 6% 100% 56% 192 $499 6% $30 6% 0%Mean 76 $15,409 $2,562 $17,971 5.7x 18.8x 557% 80% ($239) 6% 84% 62% 192 $499 6% $30 6% 0%



Hardware & Tech-Enabled Services IPOsLTM Multiples Metrics and Financings Share Information Follow On Information

IPO DateDays on


EV /

EBITDA

Rev Grwth

at IPO

NTM Rev

Growth

Net Cash

at IPO

IPO Offer

Price

File to

Price Chg

Primary

Shares

Current

Price

Chg Since

IPO

Days Post

Lock-Up

Amount

Raised

Relative to

IPO Raise

Follow On

Price

IPO to

Price Chg

Primary

Shares

Hardware & Tech-Enabled Services11/18/15 33 Mimecast $503 $78 $581 3.9x NM 45% 17% $24 $10 -- 100% $19 91% 135 $66 (15%) $17 (15%) 100%11/12/15 38 Xtera Communications 63 25 88 1.1 NM 135% 98% (11) 5 (44%) 100% 1 (89%) NA NA NA NA NA NA10/08/15 62 CPI Card Group 420 173 593 1.1 5.8 88% 16% (411) 10 (38%) 100% 6 (40%) NA NA NA NA NA NA10/06/15 55 Pure Storage 3,468 489 3,957 12.7 NM 541% 74% 128 17 -- 100% 14 (20%) NA NA NA NA NA NA06/25/15 34 Alarm.Com 571 113 683 3.2 15.3 27% 18% 32 14 -- 100% 29 106% NA NA NA NA NA NA06/17/15 41 Fitbit 3,983 841 4,824 4.1 17.5 259% 53% 78 20 25% 61% 15 (26%) (32) 493 (41%) 29 (41%) 18%05/19/15 147 Black Knight InfoServ 1,130 507 1,637 1.3 3.3 1361% 7% (1,711) 25 -- 100% 41 67% NA NA NA NA NA NA03/26/15 36 SolarEdge Technologies 651 145 796 3.0 8.6 173% 86% 19 18 -- 100% 17 (4%) NA NA NA NA NA NA05/28/14 124 Resonant 23 19 42 NM NM NM NM (6) 6 -- 100% 5 (9%) 655 10 (46%) 4 (46%) 100%05/21/14 254 SunEdison Semiconductor 213 108 320 0.2 3.0 (5%) 6% (98) 13 -- 100% 11 (12%) 219 291 170% 18 170% 0%04/10/14 183 Sysorex Global Holdings 85 20 105 1.4 NM 624% 37% (4) 6 -- 95% 0 (94%) 353 5 (74%) 1 (74%) 100%03/20/14 30 A10 Networks 754 193 946 5.3 NM 18% 41% 1 15 -- 72% 11 (29%) NA NA NA NA NA NA03/27/14 42 Aerohive Networks 401 86 487 3.7 NM 50% 39% 15 10 -- 100% 6 (39%) NA NA NA NA NA NA10/24/13 83 CommScope 2,193 625 2,818 0.6 2.3 6% 0% (2,703) 15 (17%) 80% 30 101% 854 290 (54%) 29 (54%) 0%Median 49 $537 $129 $638 3.0x 5.8x 88% 37% ($2) (27%) 100% (16%) 286 $178 (44%) $17 (44%) 59%Mean 83 $1,033 $244 $1,277 3.2x 8.0x 256% 38% ($332) (18%) 93% 0% 364 $193 (10%) $16 (10%) 53%



Public Company ValuationPrice 52-Wk EV / Revenue EV / EBITDA P / E 52 Week

Company 09/30/16 High Mkt Cap EV LTM 2016E 2017E LTM 2016E 2017E LTM 2016E 2017E

CRMsalesforce.com, inc. $71.33 85% $48,642 $50,042 6.7x 6.0x 5.0x NM 32.0x 25.9x NM 75.3x 56.1xZendesk, Inc. 30.71 97% 3,059 2,941 11.3 9.5 7.1 NM NM NM NM NM NM HubSpot, Inc. 57.62 97% 2,188 2,130 9.5 8.0 6.2 NM NM NM NM NM NM Interactive Intelligence Group Inc. 60.14 99% 1,374 1,389 3.4 3.2 2.9 NM NM 34.7 NM NM NM Five9, Inc. 15.68 99% 887 873 6.0 5.6 4.7 NM NM NM NM NM NM LivePerson Inc. 8.41 99% 486 434 1.9 1.9 1.8 28.0 23.8 17.1 NM NM 70.5Median 98% $1,781 $1,759 6.4x 5.8x 4.8x 28.0x 27.9x 25.9x NM 75.3x 63.3xMean 96% $9,439 $9,635 6.4x 5.7x 4.6x 28.0x 27.9x 25.9x NM 75.3x 63.3x

Accounting / ERPOracle Corporation $39.28 94% $164,877 $190,319 5.1x 5.1x 5.0x 13.0x 11.4x 10.9x 18.7x 15.0x 14.3xInternational Business Machines Corporation 158.85 97% 151,867 186,375 2.3 2.3 2.4 10.4 9.8 9.1 12.9 11.8 11.3SAP SE 91.41 99% 112,194 117,172 5.0 4.8 4.5 17.6 14.0 13.1 27.6 21.2 19.2Intuit Inc. 110.01 95% 28,555 28,917 6.2 6.0 5.5 19.8 16.6 14.2 36.2 28.4 24.4Sage Group plc 9.61 97% 10,383 10,773 5.1 5.4 4.8 19.1 18.4 16.5 41.1 27.2 23.5NetSuite Inc. 110.69 100% 9,059 9,028 10.7 9.4 7.4 NM NM NM NM NM NM QAD Inc. 22.38 82% 425 305 1.1 1.1 1.1 35.5 20.9 15.3 93.7 56.8 41.3American Software, Inc. 11.10 96% 323 271 2.4 2.3 2.2 20.8 14.3 13.0 34.7 34.7 37.0Upland Software, Inc. 8.81 89% 157 180 2.5 2.5 2.3 NM 15.8 13.0 NM 34.9 22.4Median 96% $10,383 $10,773 5.0x 4.8x 4.5x 19.1x 15.0x 13.1x 34.7x 27.8x 23.0xMean 94% $53,093 $60,371 4.5x 4.3x 3.9x 19.5x 15.2x 13.1x 37.8x 28.8x 24.2x

Supply Chain ManagementSAP SE $91.41 99% $112,194 $117,172 5.0x 4.8x 4.5x 17.6x 14.0x 13.1x 27.6x 21.2x 19.2xDassault Systèmes SE 86.81 98% 22,333 20,572 6.3 6.1 5.6 24.4 17.0 15.4 47.7 31.7 28.4PTC Inc. 44.31 99% 5,094 5,577 4.8 4.9 4.9 33.5 24.0 20.2 NM 40.2 36.3Manhattan Associates, Inc. 57.62 75% 4,126 4,033 6.9 6.5 6.0 21.6 18.9 16.9 36.5 32.1 28.6Aspen Technology, Inc. 46.79 100% 3,750 3,571 7.6 7.6 7.3 16.1 15.6 14.9 27.9 25.8 25.1Fleetmatics Group PLC 59.98 97% 2,368 2,202 7.1 6.5 5.4 33.2 19.1 15.7 78.0 34.2 28.4The Descartes Systems Group Inc 21.51 98% 1,636 1,575 8.1 7.7 7.0 24.7 22.7 19.8 74.2 23.5 20.6BasWare Oyj 44.29 96% 635 628 3.9 3.6 3.2 NM NM NM NM NM NM Median 98% $3,938 $3,802 6.6x 6.3x 5.5x 24.4x 18.9x 15.7x 42.1x 31.7x 28.4xMean 95% $19,017 $19,416 6.2x 6.0x 5.5x 24.4x 18.8x 16.6x 48.6x 29.8x 26.6x



Public Company Valuation (cont.)Price 52-Wk EV / Revenue EV / EBITDA P / E 52 Week


Human Capital ManagementPaychex, Inc. $57.87 94% $21,024 $20,945 6.9x 6.8x 6.4x 16.2x 16.0x 14.8x 27.4x 27.2x 25.1xWorkday, Inc. 91.69 100% 18,338 18,453 13.7 11.9 9.0 NM NM NM NM NM NM The Ultimate Software Group, Inc. 204.39 92% 5,988 5,916 8.5 7.6 6.2 NM 31.3 24.8 NM 62.1 50.0Paycom Software, Inc. 50.13 96% 2,999 2,947 10.4 9.0 7.0 43.9 34.9 27.1 78.5 65.2 52.3Cornerstone OnDemand, Inc. 45.95 97% 2,662 2,783 7.1 6.5 5.3 NM NM NM NM NM NM Paylocity Holding Corporation 44.46 94% 2,388 2,301 10.0 8.8 7.0 NM NM NM NM NM 108.5Callidus Software Inc. 18.35 87% 1,150 1,076 5.7 5.3 4.4 NM 41.5 32.4 NM 67.2 50.1Median 94% $2,999 $2,947 8.5x 7.6x 6.4x 30.1x 33.1x 26.0x 53.0x 63.7x 50.1xMean 94% $7,793 $7,775 8.9x 8.0x 6.5x 30.1x 30.9x 24.8x 53.0x 55.5x 57.2x

Knowledge / Content ManagementAdobe Systems Incorporated $108.54 99% $54,033 $55,182 9.9x 9.5x 7.8x 33.5x 24.7x 19.8x 55.4x 36.5x 28.1xAkamai Technologies, Inc. 52.99 70% 9,290 9,592 4.2 4.1 3.8 13.5 10.3 9.3 29.1 20.7 18.8VeriSign, Inc. 78.24 84% 8,353 10,051 9.1 8.8 8.6 14.1 12.7 12.4 24.9 22.4 20.7Open Text Corporation 64.86 97% 7,965 8,827 4.8 4.5 4.1 15.4 12.9 10.4 27.8 17.9 14.8SDL plc 6.06 87% 494 476 1.3 1.5 1.5 21.4 12.5 10.9 NM 20.2 17.8Brightcove Inc. 13.05 98% 460 431 3.0 2.9 2.6 NM 49.3 38.1 NM NM 95.5TubeMogul, Inc. 9.37 65% 349 278 1.4 1.3 1.1 NM NM 21.2 NM NM 48.1MobileIron, Inc. 2.75 60% 236 194 1.2 1.2 1.1 NM NM NM NM NM NM Median 86% $4,229 $4,651 3.6x 3.5x 3.2x 15.4x 12.8x 12.4x 28.5x 20.7x 20.7xMean 83% $10,147 $10,629 4.4x 4.2x 3.8x 19.6x 20.4x 17.5x 34.3x 23.5x 34.8x

Business IntelligenceInternational Business Machines Corporation $158.85 97% $151,867 $186,375 2.3x 2.3x 2.4x 10.4x 9.8x 9.1x 12.9x 11.8x 11.3xConstellation Software Inc. 450.60 99% 9,549 9,673 4.9 4.6 4.0 20.7 18.1 15.8 51.5 24.9 20.7NICE Ltd. 66.84 97% 4,154 3,853 4.1 3.8 3.3 16.8 13.7 11.9 27.7 18.9 17.1Tableau Software, Inc. 55.27 54% 4,112 3,277 4.4 3.9 3.2 NM NM 29.7 NM NM 107.8Nuance Communications, Inc. 14.50 68% 4,056 5,940 3.1 3.0 2.9 18.8 9.6 9.3 NM 9.3 8.7Teradata Corporation 31.00 95% 4,042 3,715 1.5 1.6 1.6 9.9 6.4 6.5 87.5 12.5 12.7DST Systems Inc. 117.92 94% 3,875 4,515 1.6 2.6 2.7 10.9 11.7 10.6 16.8 20.5 16.9Verint Systems Inc. 37.63 77% 2,376 2,783 2.6 2.5 2.4 23.8 10.9 9.7 NM 13.2 11.8Pegasystems Inc. 29.49 99% 2,338 2,274 3.1 2.9 2.6 24.1 18.4 15.6 57.9 32.2 26.9MicroStrategy Inc. 167.44 81% 1,914 1,567 3.0 3.1 3.0 12.1 12.0 10.6 20.1 21.8 20.3NeuStar, Inc. 26.59 89% 1,450 2,374 2.1 1.9 1.8 5.8 4.3 4.0 9.5 5.1 4.8Progress Software Corporation 27.20 91% 1,322 1,226 3.1 3.0 2.9 11.9 8.5 8.7 NM 17.1 16.0Talend SA 26.16 84% 774 778 8.8 7.5 5.8 NM NM NM NM NM NM Workiva Inc. 18.13 97% 744 727 4.4 4.0 3.3 NM NM NM NM NM NM Apigee Corporation 17.40 98% 534 468 5.1 4.5 3.5 NM NM NM NM NM NM Xactly Corporation 14.72 99% 493 462 5.3 4.8 3.9 NM NM NM NM NM NM Median 94% $2,357 $2,578 3.1x 3.0x 2.9x 12.1x 10.9x 10.1x 23.9x 17.1x 16.5xMean 89% $12,100 $14,375 3.7x 3.5x 3.1x 15.0x 11.2x 11.8x 35.5x 17.0x 22.9x





Systems / Network ManagementVMware, Inc. $73.35 89% $31,130 $29,639 4.3x 4.2x 4.0x 16.1x 11.7x 11.2x 29.5x 17.1x 16.0xCA, Inc. 33.08 95% 13,879 13,191 3.3 3.3 3.2 10.6 8.2 8.3 18.6 13.2 12.8ServiceNow, Inc. 79.15 88% 13,440 13,642 11.4 9.9 7.6 NM NM 35.9 NM 120.8 77.4Citrix Systems, Inc. 85.22 95% 13,284 13,947 4.1 4.1 4.0 14.4 11.8 11.3 34.3 16.8 15.6L-3 Communications Holdings Inc. 150.73 98% 11,813 14,801 1.4 1.4 1.4 11.8 12.1 11.5 31.5 19.1 17.6Splunk, Inc. 58.68 90% 8,042 7,632 9.6 8.3 6.5 NM NM NM NM NM 119.5NetScout Systems, Inc. 29.25 74% 2,691 2,780 2.5 2.4 2.2 32.8 9.3 6.7 NM 17.0 13.3LogMeIn, Inc. 90.39 98% 2,317 2,222 7.2 6.7 5.8 NM 25.8 21.5 NM 46.7 38.7Median 93% $12,548 $13,416 4.2x 4.2x 4.0x 14.4x 11.8x 11.3x 30.5x 17.1x 16.8xMean 91% $12,074 $12,232 5.5x 5.0x 4.4x 17.2x 13.1x 15.2x 28.5x 35.8x 38.9x

Security / StorageDell Technologies Inc. $47.80 95% $37,667 $66,777 1.2x NM NM 23.1x NM NM NM NM NM Symantec Corporation 25.10 99% 15,623 12,719 3.6 3.3 2.8 13.6 10.3 7.6 NM 24.6 15.8Palo Alto Networks, Inc. 159.33 82% 14,782 14,555 10.6 9.2 7.0 NM 43.5 28.5 NM 76.7 48.4Check Point Software Technologies Ltd. 77.61 87% 13,562 13,352 7.9 7.7 7.3 15.5 14.1 13.3 19.9 17.4 16.1NetApp, Inc. 35.82 100% 9,996 9,193 1.7 1.7 1.7 12.7 9.7 8.6 32.2 16.3 13.3Fortinet Inc. 36.93 84% 6,475 5,878 5.1 4.6 3.9 NM 25.4 20.2 NM 52.8 42.2Proofpoint, Inc. 74.85 94% 3,356 3,345 10.7 9.2 7.1 NM NM NM NM NM NM FireEye, Inc. 14.73 45% 2,537 3,077 4.4 4.3 3.7 NM NM NM NM NM NM CommVault Systems, Inc. 53.13 99% 2,412 2,110 3.5 3.4 3.2 NM 24.3 21.8 NM 51.5 49.6Box, Inc. 15.76 100% 2,084 1,969 5.6 5.0 3.9 NM NM NM NM NM NM CyberArk Software, Ltd. 49.57 86% 1,783 1,604 8.5 7.5 6.2 41.8 29.2 24.0 64.6 46.5 38.6Imperva Inc. 53.71 69% 1,777 1,661 6.5 6.6 5.5 NM NM NM NM NM NM Qualys, Inc. 38.19 97% 1,506 1,388 7.6 7.0 5.9 31.4 21.6 17.9 79.5 48.5 41.4Barracuda Networks, Inc. 25.48 100% 1,349 1,227 3.7 3.6 3.4 NM 19.6 17.7 NM 42.9 42.2AVG Technologies N.V. 25.01 100% 1,283 1,405 3.3 3.2 3.0 11.2 9.4 7.9 28.7 12.9 11.7SecureWorks Corp. 12.51 81% 1,009 896 2.3 2.1 1.8 NM NM NM NM NM NM VASCO Data Security International Inc. 17.61 85% 700 665 3.1 3.2 2.7 24.2 20.0 14.2 35.4 29.1 20.5Everbridge, Inc. 16.86 96% 468 483 7.2 NM NM NM NM NM NM NM NM Carbonite, Inc. 15.36 100% 423 379 2.2 1.9 1.8 NM 11.9 10.6 NM 31.0 26.8NQ Mobile Inc. 3.82 73% 367 444 1.2 1.2 NM NM NM NM 36.9 16.6 NM Zix Corporation 4.10 72% 220 200 3.5 3.3 3.0 18.8 12.4 11.2 46.8 17.1 14.8Median 94% $1,783 $1,661 3.7x 3.6x 3.5x 18.8x 19.6x 14.2x 36.2x 30.1x 26.8xMean 88% $5,685 $6,825 4.9x 4.6x 4.1x 21.4x 19.3x 15.6x 43.0x 34.6x 29.3x





Application InfrastructureMicrosoft Corporation $57.60 99% $448,849 $496,320 5.8x 5.4x 5.1x 18.3x 14.2x 13.1x 27.4x 20.7x 18.9xOracle Corporation 39.28 94% 164,877 190,319 5.1 5.1 5.0 13.0 11.4 10.9 18.7 15.0 14.3International Business Machines Corporation 158.85 97% 151,867 186,375 2.3 2.3 2.4 10.4 9.8 9.1 12.9 11.8 11.3Hewlett Packard Enterprise Company 22.75 98% 38,366 43,888 0.9 0.9 0.9 5.9 5.3 5.0 9.5 11.5 10.8Red Hat, Inc. 80.83 97% 14,657 14,421 6.5 6.2 5.4 37.7 24.6 20.3 68.0 37.6 32.0Atlassian Corporation Plc 29.97 94% 6,484 6,225 13.6 11.9 9.2 NM NM 43.9 NM 99.3 79.4Nutanix, Inc. 37.00 100% 5,900 5,874 13.2 NM 7.1 NM NM NM NM NM NM Software Aktiengesellschaft 42.39 100% 3,281 3,221 3.3 3.3 3.2 10.5 10.4 10.1 18.6 15.7 15.0New Relic, Inc. 38.32 96% 2,106 2,024 10.0 8.5 6.6 NM NM NM NM NM NM Globant S.A. 42.12 96% 1,504 1,485 5.1 4.6 3.9 30.4 22.5 19.3 44.4 35.6 28.5Progress Software Corporation 27.20 91% 1,322 1,226 3.1 3.0 2.9 11.9 8.5 8.7 NM 17.1 16.0Apptio, Inc. 21.70 94% 951 928 6.5 NM NM NM NM NM NM NM NM Hortonworks, Inc. 8.35 37% 493 456 2.9 2.6 1.9 NM NM NM NM NM NM The Rubicon Project, Inc. 8.28 41% 405 258 0.9 0.9 0.9 6.2 3.8 3.6 23.7 9.7 10.0Median 96% $4,591 $4,548 5.1x 4.0x 3.9x 11.9x 10.4x 10.5x 21.2x 16.4x 15.5xMean 88% $60,076 $68,073 5.7x 4.6x 4.2x 16.0x 12.3x 14.4x 27.9x 27.4x 23.6x

Financial TechnologyFiserv, Inc. $99.47 90% $22,376 $26,667 5.0x 4.8x 4.5x 16.0x 13.9x 12.9x 25.2x 22.4x 20.0xFirst Data Corporation 13.16 74% 11,976 30,830 3.9 2.6 2.5 13.0 10.7 10.1 NM 10.0 8.7MSCI Inc. 83.94 93% 7,972 9,148 8.2 8.0 7.4 17.1 16.4 14.9 34.2 28.8 24.2Jack Henry & Associates Inc. 85.55 96% 6,722 6,652 4.9 4.8 4.6 14.1 13.2 12.9 27.4 28.8 26.7FactSet Research Systems Inc. 162.10 89% 6,484 6,556 5.8 5.7 5.4 16.9 16.0 14.9 19.8 23.9 22.5Guidewire Software, Inc. 59.98 94% 4,434 4,211 9.9 9.5 8.3 NM NM 36.4 NM 87.4 63.3Fair Isaac Corporation 124.59 94% 4,001 4,484 5.1 5.1 4.8 21.1 21.7 16.6 36.5 26.2 22.7Square, Inc. 11.66 75% 3,985 3,643 2.4 5.4 4.2 NM NM 41.8 NM NM NM DST Systems Inc. 117.92 94% 3,875 4,515 1.6 2.6 2.7 10.9 11.7 10.6 16.8 20.5 16.9Ellie Mae, Inc. 105.30 100% 3,684 3,642 12.2 10.7 8.6 NM 35.6 25.6 136.7 51.4 40.1ACI Worldwide, Inc. 19.38 80% 2,297 2,980 3.0 3.0 2.8 28.7 11.7 10.6 17.7 35.7 30.0Ebix Inc. 56.85 97% 1,852 2,018 7.2 6.9 6.3 19.2 18.2 16.7 21.9 21.7 20.8Envestnet, Inc. 36.45 89% 1,632 1,884 3.8 3.2 2.7 43.1 18.8 13.9 NM 36.6 25.6Q2 Holdings, Inc. 28.66 94% 1,225 1,172 9.1 7.9 6.1 NM NM NM NM NM NM Bottomline Technologies (de), Inc. 23.31 74% 870 944 2.7 2.7 2.6 23.7 12.5 12.2 NM 23.2 22.3Median 93% $3,985 $4,211 5.0x 5.1x 4.6x 17.1x 15.0x 14.4x 25.2x 26.2x 22.7xMean 89% $5,559 $7,290 5.7x 5.5x 4.9x 20.3x 16.7x 17.9x 37.4x 32.0x 26.4x

Healthcare IT / Life Sciences SoftwareCerner Corporation $61.75 92% $21,482 $21,689 4.7x 4.4x 4.0x 17.1x 13.5x 11.8x 33.9x 26.2x 23.0xVeeva Systems Inc. 41.28 98% 5,622 5,412 11.5 10.3 8.5 NM 35.1 27.8 111.6 68.1 54.8athenahealth, Inc. 126.12 75% 5,036 5,196 5.1 4.7 3.9 NM 22.1 18.2 NM 71.4 56.6Medidata Solutions, Inc. 55.76 98% 3,264 3,456 8.2 7.5 6.3 NM 32.6 26.0 143.5 55.2 44.9Allscripts Healthcare Solutions, Inc. 13.17 85% 2,457 3,564 2.5 2.3 2.1 26.7 12.3 10.9 NM 22.2 18.8CompuGroup Medical SE 45.93 100% 2,284 2,668 4.3 4.3 3.8 25.2 18.8 15.9 57.4 25.4 21.1HealthStream, Inc. 27.60 100% 887 820 3.8 3.6 3.1 33.5 23.6 17.8 124.9 96.4 63.2Quality Systems Inc. 11.32 66% 696 758 1.5 1.5 1.5 13.4 8.6 8.0 NM 15.4 13.8Castlight Health, Inc. 4.16 78% 427 387 4.4 3.9 3.0 NM NM NM NM NM NM Cegedim SA 27.54 69% 384 628 1.3 1.3 1.2 12.4 8.4 7.4 39.2 26.6 10.0Median 88% $2,371 $3,062 4.4x 4.1x 3.5x 21.1x 18.8x 15.9x 84.5x 26.6x 23.0xMean 86% $4,254 $4,458 4.7x 4.4x 3.7x 21.4x 19.4x 16.0x 85.1x 45.2x 34.0x



Public Company Operating MetricsPrice 52-Wk Revenue Growth EBITDA Margin Net Margin 52 Week


CRMsalesforce.com, inc. $71.33 85% $48,642 $50,042 25% 25% 21% 7% 19% 19% 3% 8% 9%Zendesk, Inc. 30.71 97% 3,059 2,941 60% 48% 33% (30%) 2% 4% (37%) (7%) (4%)HubSpot, Inc. 57.62 97% 2,188 2,130 54% 45% 31% (18%) (3%) 0% (20%) (7%) (3%)Interactive Intelligence Group Inc. 60.14 99% 1,374 1,389 12% 10% 11% (1%) 5% 8% (9%) (0%) 1%Five9, Inc. 15.68 99% 887 873 27% 22% 18% (4%) 3% 5% (12%) (5%) (2%)LivePerson Inc. 8.41 99% 486 434 1% (7%) 6% 7% 8% 11% (13%) (1%) 3%Median 98% $1,781 $1,759 26% 23% 19% (2%) 4% 7% (13%) (3%) (0%)Mean 96% $9,439 $9,635 30% 24% 20% (6%) 6% 8% (15%) (2%) 1%

Accounting / ERPOracle Corporation $39.28 94% $164,877 $190,319 (2%) (0%) 2% 39% 45% 46% 24% 30% 30%International Business Machines Corporation 158.85 97% 151,867 186,375 (8%) (2%) (1%) 22% 24% 26% 15% 16% 16%SAP SE 91.41 99% 112,194 117,172 11% 8% 6% 28% 34% 34% 17% 21% 22%Intuit Inc. 110.01 95% 28,555 28,917 12% 8% 9% 31% 36% 39% 21% 21% 23%Sage Group plc 9.61 97% 10,383 10,773 0% (7%) 13% 27% 30% 29% 12% 20% 19%NetSuite Inc. 110.69 100% 9,059 9,028 32% 30% 26% (7%) 8% 9% (16%) 4% 5%QAD Inc. 22.38 82% 425 305 (7%) 0% 3% 3% 5% 7% 2% 3% 4%American Software, Inc. 11.10 96% 323 271 5% 3% 7% 12% 16% 17% 8% 8% 7%Upland Software, Inc. 8.81 89% 157 180 4% 4% 5% 5% 16% 18% (22%) 6% 9%Median 96% $10,383 $10,773 4% 3% 6% 22% 24% 26% 12% 16% 16%Mean 94% $53,093 $60,371 5% 5% 8% 18% 24% 25% 7% 14% 15%

Supply Chain ManagementSAP SE $91.41 99% $112,194 $117,172 11% 8% 6% 28% 34% 34% 17% 21% 22%Dassault Systèmes SE 86.81 98% 22,333 20,572 12% 10% 8% 26% 36% 36% 15% 21% 22%PTC Inc. 44.31 99% 5,094 5,577 (11%) (7%) 0% 14% 20% 24% (3%) 11% 11%Manhattan Associates, Inc. 57.62 75% 4,126 4,033 11% 11% 10% 32% 35% 35% 20% 21% 21%Aspen Technology, Inc. 46.79 100% 3,750 3,571 7% 1% 4% 47% 49% 49% 30% 32% 31%Fleetmatics Group PLC 59.98 97% 2,368 2,202 20% 19% 20% 21% 34% 35% 10% 21% 22%The Descartes Systems Group Inc 21.51 98% 1,636 1,575 10% 10% 11% 33% 34% 35% 12% 10% (6%)BasWare Oyj 44.29 96% 635 628 7% 11% 12% 4% (1%) 6% (2%) (6%) (1%)Median 98% $3,938 $3,802 10% 10% 9% 27% 34% 35% 13% 21% 22%Mean 95% $19,017 $19,416 8% 8% 9% 26% 30% 32% 12% 16% 15%



Public Company Operating Metrics (cont.)Price 52-Wk Revenue Growth EBITDA Margin Net Margin 52 Week


Human Capital ManagementPaychex, Inc. $57.87 94% $21,024 $20,945 8% 8% 7% 43% 43% 43% 25% 25% 25%Workday, Inc. 91.69 100% 18,338 18,453 39% 34% 31% (15%) 8% 11% (26%) (0%) 4%The Ultimate Software Group, Inc. 204.39 92% 5,988 5,916 26% 26% 22% 9% 24% 25% 3% 13% 13%Paycom Software, Inc. 50.13 96% 2,999 2,947 54% 45% 29% 24% 26% 26% 13% 14% 14%Cornerstone OnDemand, Inc. 45.95 97% 2,662 2,783 29% 26% 22% (14%) 7% 10% (19%) 0% 3%Paylocity Holding Corporation 44.46 94% 2,388 2,301 51% 40% 26% 2% 11% 13% (2%) 6% 7%Callidus Software Inc. 18.35 87% 1,150 1,076 23% 18% 19% (0%) 13% 14% (8%) 8% 10%Median 94% $2,999 $2,947 29% 26% 22% 2% 13% 14% (2%) 8% 10%Mean 94% $7,793 $7,775 33% 28% 22% 7% 19% 20% (2%) 9% 11%

Knowledge / Content ManagementAdobe Systems Incorporated $108.54 99% $54,033 $55,182 22% 22% 22% 30% 38% 39% 18% 26% 28%Akamai Technologies, Inc. 52.99 70% 9,290 9,592 8% 5% 10% 31% 40% 40% 14% 19% 19%VeriSign, Inc. 78.24 84% 8,353 10,051 7% 8% 3% 65% 69% 69% 37% 40% 40%Open Text Corporation 64.86 97% 7,965 8,827 (1%) 7% 10% 31% 35% 39% 16% 23% 24%SDL plc 6.06 87% 494 476 (11%) (19%) 2% 6% 12% 13% (13%) 8% 8%Brightcove Inc. 13.05 98% 460 431 11% 11% 10% 2% 6% 7% (4%) 2% 3%TubeMogul, Inc. 9.37 65% 349 278 45% 21% 18% (7%) 0% 5% (9%) (2%) 4%MobileIron, Inc. 2.75 60% 236 194 12% 8% 11% (41%) (21%) (9%) (51%) (23%) (11%)Median 86% $4,229 $4,651 9% 8% 10% 18% 23% 26% 5% 14% 14%Mean 83% $10,147 $10,629 12% 8% 11% 15% 23% 26% 1% 12% 14%

Business IntelligenceInternational Business Machines Corporation $158.85 97% $151,867 $186,375 (8%) (2%) (1%) 22% 24% 26% 15% 16% 16%Constellation Software Inc. 450.60 99% 9,549 9,673 15% 15% 14% 23% 25% 25% 9% 18% 19%NICE Ltd. 66.84 97% 4,154 3,853 (9%) 8% 16% 24% 28% 28% 27% 21% 20%Tableau Software, Inc. 55.27 54% 4,112 3,277 41% 28% 23% (11%) 8% 11% (20%) 3% 4%Nuance Communications, Inc. 14.50 68% 4,056 5,940 1% 2% 4% 16% 31% 31% (2%) 23% 24%Teradata Corporation 31.00 95% 4,042 3,715 (6%) (9%) (2%) 15% 25% 25% 2% 14% 14%DST Systems Inc. 117.92 94% 3,875 4,515 37% (39%) (2%) 14% 23% 25% 9% 11% 13%Verint Systems Inc. 37.63 77% 2,376 2,783 (8%) (2%) 7% 11% 23% 24% (0%) 16% 17%Pegasystems Inc. 29.49 99% 2,338 2,274 18% 16% 13% 13% 16% 16% 5% 9% 10%MicroStrategy Inc. 167.44 81% 1,914 1,567 (7%) (4%) 4% 25% 26% 28% 19% 18% 18%NeuStar, Inc. 26.59 89% 1,450 2,374 12% 17% 5% 36% 45% 46% 14% 23% 24%Progress Software Corporation 27.20 91% 1,322 1,226 10% 9% 3% 26% 35% 33% 2% 19% 20%Talend SA 26.16 84% 774 778 67% 36% 30% (27%) (24%) (12%) (28%) (24%) (12%)Workiva Inc. 18.13 97% 744 727 29% 25% 21% (28%) (19%) (12%) (30%) (22%) (15%)Apigee Corporation 17.40 98% 534 468 34% 31% 28% (42%) (23%) (9%) (45%) (25%) (14%)Xactly Corporation 14.72 99% 493 462 30% 28% 23% (18%) (9%) (5%) (29%) (13%) (9%)Median 94% $2,357 $2,578 14% 12% 10% 15% 23% 25% 2% 15% 15%Mean 89% $12,100 $14,375 16% 10% 12% 6% 15% 18% (3%) 7% 9%





Systems / Network ManagementVMware, Inc. $73.35 89% $31,130 $29,639 8% 5% 5% 27% 36% 36% 15% 26% 26%CA, Inc. 33.08 95% 13,879 13,191 (3%) 0% 1% 31% 40% 39% 19% 26% 26%ServiceNow, Inc. 79.15 88% 13,440 13,642 43% 37% 30% (8%) 18% 21% (39%) 8% 10%Citrix Systems, Inc. 85.22 95% 13,284 13,947 7% 3% 3% 29% 35% 35% 12% 23% 24%L-3 Communications Holdings Inc. 150.73 98% 11,813 14,801 4% (2%) 2% 12% 12% 12% (1%) 6% 6%Splunk, Inc. 58.68 90% 8,042 7,632 48% 37% 28% (39%) 9% 11% (43%) 4% 6%NetScout Systems, Inc. 29.25 74% 2,691 2,780 152% 49% 7% 8% 26% 33% (4%) 14% 16%LogMeIn, Inc. 90.39 98% 2,317 2,222 27% 23% 15% 12% 26% 27% 4% 15% 16%Median 93% $12,548 $13,416 17% 14% 6% 12% 26% 30% 2% 14% 16%Mean 91% $12,074 $12,232 36% 19% 11% 9% 25% 27% (5%) 15% 16%

Security / StorageDell Technologies Inc. $47.80 95% $37,667 $66,777 1% NM NM 5% NM NM 1% NM NM Symantec Corporation 25.10 99% 15,623 12,719 14% (38%) 17% 26% 32% 37% 70% 17% 21%Palo Alto Networks, Inc. 159.33 82% 14,782 14,555 49% 38% 32% (11%) 21% 24% (16%) 12% 15%Check Point Software Technologies Ltd. 77.61 87% 13,562 13,352 8% 6% 6% 51% 55% 55% 41% 45% 45%NetApp, Inc. 35.82 100% 9,996 9,193 (8%) (6%) 0% 13% 18% 20% 6% 11% 14%Fortinet Inc. 36.93 84% 6,475 5,878 32% 27% 19% 5% 18% 19% 1% 10% 11%Proofpoint, Inc. 74.85 94% 3,356 3,345 37% 37% 29% (19%) 7% 9% (42%) 1% 4%FireEye, Inc. 14.73 45% 2,537 3,077 31% 16% 15% (58%) (13%) 3% (82%) (30%) (11%)CommVault Systems, Inc. 53.13 99% 2,412 2,110 2% 7% 7% 3% 14% 14% (0%) 8% 8%Box, Inc. 15.76 100% 2,084 1,969 35% 31% 26% (41%) (19%) (8%) (52%) (22%) (12%)CyberArk Software, Ltd. 49.57 86% 1,783 1,604 41% 32% 23% 20% 26% 26% 15% 18% 18%Imperva Inc. 53.71 69% 1,777 1,661 32% 7% 20% (21%) (7%) (1%) (24%) (10%) (2%)Qualys, Inc. 38.19 97% 1,506 1,388 22% 21% 19% 24% 32% 33% 10% 15% 16%Barracuda Networks, Inc. 25.48 100% 1,349 1,227 14% 11% 6% 5% 18% 19% 1% 9% 9%AVG Technologies N.V. 25.01 100% 1,283 1,405 7% 2% 7% 29% 34% 38% 11% 23% 25%SecureWorks Corp. 12.51 81% 1,009 896 31% 25% 20% (11%) (7%) 0% (15%) (6%) (2%)VASCO Data Security International Inc. 17.61 85% 700 665 (14%) (13%) 15% 13% 16% 19% 9% NM NM Everbridge, Inc. 16.86 96% 468 483 33% NM NM (16%) NM NM (20%) NM NM Carbonite, Inc. 15.36 100% 423 379 31% 45% 4% 1% 16% 17% (8%) 7% 8%NQ Mobile Inc. 3.82 73% 367 444 3% (12%) NM 1% NM NM 3% 6% NM Zix Corporation 4.10 72% 220 200 11% 10% 10% 18% 27% 27% 8% 22% 22%Median 94% $1,783 $1,661 22% 11% 16% 5% 18% 19% 1% 10% 11%Mean 88% $5,685 $6,825 20% 13% 15% 2% 16% 20% (4%) 8% 11%





Application InfrastructureMicrosoft Corporation $57.60 99% $448,849 $496,320 (9%) 5% 5% 32% 38% 39% 20% 24% 24%Oracle Corporation 39.28 94% 164,877 190,319 (2%) (0%) 2% 39% 45% 46% 24% 30% 30%International Business Machines Corporation 158.85 97% 151,867 186,375 (8%) (2%) (1%) 22% 24% 26% 15% 16% 16%Hewlett Packard Enterprise Company 22.75 98% 38,366 43,888 (3%) (3%) (2%) 15% 17% 18% 8% 7% 7%Red Hat, Inc. 80.83 97% 14,657 14,421 17% 18% 15% 17% 25% 26% 10% 17% 17%Atlassian Corporation Plc 29.97 94% 6,484 6,225 43% 35% 30% 2% 19% 21% 1% 13% 13%Nutanix, Inc. 37.00 100% 5,900 5,874 84% 81% 38% (31%) NM NM (38%) NM (19%)Software Aktiengesellschaft 42.39 100% 3,281 3,221 3% 4% 2% 31% 31% 32% 18% 21% 21%New Relic, Inc. 38.32 96% 2,106 2,024 60% 47% 28% (30%) (9%) (1%) (35%) (16%) (6%)Globant S.A. 42.12 96% 1,504 1,485 31% 26% 20% 17% 21% 20% 11% 13% 14%Progress Software Corporation 27.20 91% 1,322 1,226 10% 9% 3% 26% 35% 33% 2% 19% 20%Apptio, Inc. 21.70 94% 951 928 21% NM NM (21%) NM NM (26%) NM NM Hortonworks, Inc. 8.35 37% 493 456 99% 46% 32% NM (35%) (6%) NM (86%) (59%)The Rubicon Project, Inc. 8.28 41% 405 258 81% 10% 9% 14% 24% 24% 6% 16% 15%Median 96% $4,591 $4,548 19% 10% 9% 17% 24% 25% 8% 16% 15%Mean 88% $60,076 $68,073 31% 21% 14% 10% 20% 23% 1% 6% 7%

Financial TechnologyFiserv, Inc. $99.47 90% $22,376 $26,667 4% 6% 6% 31% 34% 35% 17% 18% 18%First Data Corporation 13.16 74% 11,976 30,830 3% 52% 4% 30% 24% 25% (16%) 10% 11%MSCI Inc. 83.94 93% 7,972 9,148 7% 7% 8% 48% 48% 50% 23% 25% 26%Jack Henry & Associates Inc. 85.55 96% 6,722 6,652 8% 6% 5% 35% 36% 36% 18% 17% 17%FactSet Research Systems Inc. 162.10 89% 6,484 6,556 12% 11% 6% 34% 36% 36% 30% 24% 24%Guidewire Software, Inc. 59.98 94% 4,434 4,211 12% 12% 15% 6% 18% 23% 4% 11% 14%Fair Isaac Corporation 124.59 94% 4,001 4,484 6% 4% 6% 24% 23% 29% 13% 17% 19%Square, Inc. 11.66 75% 3,985 3,643 47% (47%) 29% (6%) 4% 10% (15%) (13%) (5%)DST Systems Inc. 117.92 94% 3,875 4,515 37% (39%) (2%) 14% 23% 25% 9% 11% 13%Ellie Mae, Inc. 105.30 100% 3,684 3,642 42% 35% 24% 18% 30% 33% 8% 19% 20%ACI Worldwide, Inc. 19.38 80% 2,297 2,980 (4%) (4%) 4% 10% 25% 27% 13% 6% 7%Ebix Inc. 56.85 97% 1,852 2,018 17% 10% 9% 37% 38% 38% 31% 31% 30%Envestnet, Inc. 36.45 89% 1,632 1,884 29% 38% 18% 9% 17% 20% (4%) 8% 9%Q2 Holdings, Inc. 28.66 94% 1,225 1,172 37% 37% 28% (16%) (3%) 4% (27%) (10%) (3%)Bottomline Technologies (de), Inc. 23.31 74% 870 944 4% 3% 6% 12% 22% 21% (6%) 11% 10%Median 93% $3,985 $4,211 12% 7% 6% 18% 24% 27% 9% 11% 14%Mean 89% $5,559 $7,290 17% 9% 11% 19% 25% 27% 7% 12% 14%

Healthcare IT / Life Sciences SoftwareCerner Corporation $61.75 92% $21,482 $21,689 20% 13% 10% 28% 33% 34% 14% 17% 17%Veeva Systems Inc. 41.28 98% 5,622 5,412 32% 29% 21% 19% 29% 30% 11% 17% 18%athenahealth, Inc. 126.12 75% 5,036 5,196 21% 19% 19% 8% 21% 22% 1% 6% 7%Medidata Solutions, Inc. 55.76 98% 3,264 3,456 15% 18% 19% 12% 23% 24% 5% 13% 14%Allscripts Healthcare Solutions, Inc. 13.17 85% 2,457 3,564 4% 13% 10% 9% 18% 19% 0% 7% 8%CompuGroup Medical SE 45.93 100% 2,284 2,668 1% 4% 12% 17% 23% 24% 7% 15% 16%HealthStream, Inc. 27.60 100% 887 820 16% 10% 14% 11% 15% 18% 3% 4% 5%Quality Systems Inc. 11.32 66% 696 758 (0%) 2% 3% 11% 18% 18% (0%) 9% 10%Castlight Health, Inc. 4.16 78% 427 387 43% 33% 28% (82%) (38%) (7%) (88%) (40%) (10%)Cegedim SA 27.54 69% 384 628 14% 6% 3% 11% 15% 17% 5% 2% 6%Median 88% $2,371 $3,062 15% 13% 13% 11% 20% 20% 4% 8% 9%Mean 86% $4,254 $4,458 16% 15% 14% 5% 16% 20% (4%) 5% 9%


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