Software Equity Group Flash Report Select M&A Transactions and Valuations and Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet Companies by Product Category

LEADERS IN SOFTWARE M&A •

Industry leading boutique investment bank bank, founded in 1992, representing public and private software and internet companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Buy and sell-side mentoring • Fairness opinions and valuations

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Sell-side client revenue range: $5 - 75 million

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Buy-side clients include private equity firms and NASDAQ, NYSE and foreign exchange listed companies

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Clients span virtually every software technology, product category, delivery model and vertical market

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Global presence providing advice and guidance to more th 2,000 than 2 000 private i t and d public bli companies i th throughout h t US US, Canada, Europe, Asia-Pacific, Africa and Israel

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Strong cross-functional team leveraging transaction, operating, legal and engineering experience

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Unparalleled software industry reputation and track record.

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Highly referenceable base of past clients

Copyright © 2014 by Software Equity Group, LLC

We Do Deals.

EXTENSIVE GLOBAL REACH Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France, Germany, Australia & Saudi Arabia

Recent Sell-side Representation

• In addition to the countries listed above, SEG has recently represented software companies in the United Kingdom, France, Netherlands, Israel, and South Africa

SEG Research Distribution

• SEG’s Quarterly and Annual Software Industry Equity q y Reports p and Monthly y Flash Reports p are distributed to an opt-in list of 50,000 public software company CEOs, software entrepreneurs, private equity managing directors, VCs, high tech corporate lawyers, public accountants,, etc. in 76 countries. p

Copyright © 2014 by Software Equity Group, LLC

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

Copyright © 2014 by Software Equity Group, LLC

List of Commonly Used Acronyms CRM

Customer Relationship Management

EBITDA

Earnings before Interest, Taxes, Depreciation, and Amortization

ERP

Enterprise Resource Planning

EV

Enterprise Value

FCF

Free Cash Flow

FORWARD

Current EV / Next Four Quarters' Consensus Financial Estimates

NASDAQ

National Association of Securities Dealers Automated Quotation System

PLM

Product Lifecycle Management

R&D

Research and Development

S&P

Standard & Poor's

SaaS

Software-as-a-Service

SEG

Software Equity Group

SG&A

Selling, General, & Administrative

SW

Software

TTM

Trailing Twelve Month

YoY

Year-over-Year

YTD

Year-to-date

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

SEG Index Changes Additions:

Changes:

Company GrubHub Inc. OPOWER, Inc. The Rubicon Project, Inc.

Ticker GRUB OPWR RUBI

Index Internet SaaS Internet

Ad tech & Lead Generation

Company

Ticker

Previous Category

Current Category

eHealth, Inc.

EHTH

Internet - Lead Gen

Internet - Services

Company Unit 4 Acquired by Advent Intl. Corp. ($1.67 bn)

Ticker

Index

Category

-

SaaS

ERP & Supply Chain

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Category Services Vertically Focused

Table of Contents

Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Select May 2014 Software Industry M&A Transactions Date Announced Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-30-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-29-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-28-2014 Apr-27-2014 Apr-26-2014 Apr-25-2014 Apr-25-2014 Apr-25-2014 Apr-25-2014 Apr-24-2014 Apr-24-2014 Apr-24-2014 Apr-24-2014 Apr-24-2014 Apr-24-2014 Apr-24-2014

Acquirer Ansys, Inc. (NasdaqGS:ANSS) WorldPay Limited Fixed Income Solutions, LLC VerticalScope Inc. Accenture plc (NYSE:ACN) NHN Entertainment Corp. (KOSE:A181710) Bynder B.V. Kiewit Technology Inc.

Target SpaceClaim Corporation, Inc. Thisf Informatica Ltda. Courtland Capital Inc. (TSXV:CTD.H) PbNation, LLC I4C Analytics Srl PNP Secure Co.,Ltd. LumaCloud LLC et alia, LLC, SAP Software Development,

Glu Mobile, Inc. (NasdaqGS:GLUU) WideOrbit, Inc. EPAM Systems, Inc. (NYSE:EPAM) DataBank Holdings Ltd. Flexcomm Limited Opera Mediaworks Inc. Loton Corp. Private Investor(s) PROACTIS Holdings PLC (AIM:PHD) NetNames Limited Zettics, Inc. Advanced Solutions International, Inc. Radius Networks, inc. Zinio, LLC Digital Management, Inc. Numerex Corp. (NasdaqGS:NMRX) Lanyon, Inc. Dun & Bradstreet Corp. (NYSE:DNB) Private Investor(s) Modria, Inc. Advantage Sales & Marketing LLC Radioio, Inc. (OTCPK:RAIO) Communisis plc (LSE:CMS) reach | influence Hatchbrands Ventures Inc. Truven Health Analytics Inc. Accolade, Inc. TIBCO Software Inc. (NasdaqGS:TIBX) Hallvarsson & Halvarsson AB ReWorld Media SA (ENXTPA:MLREW) DAS Acquisition Company, LLC YMB PROPERTIES Ltd. Blonde Digital Ltd. IRIS Software Group Limited

PlayFirst, Inc. Fivia SA Jointech Software (Shenzhen) Co., Ltd. Arsalon Technologies, LLC PT SCAN Nusantara apprupt GmbH Loton, Corp. Netex New Media Israel Ltd., Netex.co.il and Kafe.co.il Intesource, Inc. Web IP Pty Ltd Velocent Systems Inc. Unxvision eSolutions Inc. 4DK Technologies, Inc. Audience Media S.L. The Pappas Group, LLC Omnilink Systems, Inc. Passkey International UK Limited Indicee, Inc. XYPRO Technology Corporation Juripax B.V. StoreBoard Media, LLC CrowdStream Inc. Public Creative Limited Penfield Consulting, LLC Ooploo Inc. Fortel Analytics LLC DocVue, Inc. JasperSoft Corporation Springtime AB Eaturlife SAS Capital Mortgage Solutions, LLC Infographic Café Line Marketing Limited Cascade Human Resources Limited Sport Optimum SARL Unknown Stakes in TAN Media Limited and Search Engine Rescue Limited Compagnie IBM France, S.A.S., HR Access Service Line AutoData Norge AS Liberate Ideas Inc. JasperLabs, Inc. Zippler ProtoGeo Oy Ideavibes Marketing Limited

Private Investor(s) Accord Group Limited Sopra HR Software SAS Vitec Software Group AB (OM:VIT B) NexJ Systems Inc. (TSX:NXJ) DataXu, Inc. Canada Inc. Facebook, Inc. (NasdaqGS:FB) IdeaScale Corporation

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) -

Enterprise Value ($mm) $85.0 $1.4 $58.1 -

EV/ Revenue -

$5.0 $13.0 $1.0 $0.9 -

$13.5 $0.1 $1.7 $3.9 $37.5 $0.6 $185.0 $5.6 $1.8 -

0.8x 2.9x 0.6x -

EV/ EBITDA 7.0x -

Select May 2014 Software Industry M&A Transactions Date Announced Apr-24-2014 Apr-24-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-23-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-22-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-21-2014 Apr-19-2014 Apr-18-2014 Apr-18-2014

Acquirer Zynx Health Incorporated Finch Brasil Solucoes Integradas de Tecnologia Ltda Mediaforce (UK) LLP J.D. Power and Associates, Inc. Stage 32 Happy Writers Magnitude Software Etsy, Inc. Intralinks, Inc. BizCom Web Services, Inc. Cannabis Capital Corp. (OTCBB:CBCA) EatAds PTE LTD. Catalyst90 MyWedding LLC Kantar Retail Company Terago Inc. (TSX:TGO) Points International Ltd. (TSX:PTS) WorkforceQA LLC Xceptional HR Consulting, LLC Kaufman, Hall & Associates, Inc, Investment Arm FPX, LLC WPN Chameleon Ltd. 9Slides, Inc. SFX Entertainment Inc. (NasdaqGS:SFXE) Cross Match Technologies, Inc. Total Defense, Inc. Cadence Design Systems Inc. (NasdaqGS:CDNS) InsideTrack, Inc. WeLoveServers Media Lounge Pvt. Ltd. Television Food Network G.P. Asher Agency, Inc. ARRIS Group, Inc. (NasdaqGS:ARRS) LocoMobi, Inc.

Target CareInSync Corporation Efficeon do Brasil Sistemas Inteligentes Ltda TriCommunications Ltd. Korrelate, Inc. The Happy Writers Kalido, Ltd. Grand St. docTrackr, Inc. CloudAny LLC WebCongress inc. Monitorly.in Social Media NZ Ltd. The Green Life Guides, LLC XTEL srl 7,000 Square Foot Data Center Facility in Downtown Vancouver Accruity, Inc. Compliance Safety Systems LLC The Recruiters Lounge Axiom EPM, LLC Secure Document Technology Corporation Chameleon Now Meeting, Inc. Perryscope Productions, LLC DigitalPersona, Inc. Untangle, Inc. Jasper Design Automation, Inc. Logrado, Inc. Horizon Hosting Origin Beanstalk Creatives Consultants Pvt. Rosso Corporation The Arnold Agency SeaWell Networks Inc. Nautical Technologies Inc.

Apr-18-2014 Apr-18-2014 Apr-18-2014 Apr-18-2014 Apr-18-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014

Parsons Corporation IN Switch Solutions, Inc. JOBDIRECT,Inc. EdStart, Inc. CS3 Technology, Inc. Success Resources Global Ltd (ASX:SGU) Success Resources Global Ltd (ASX:SGU) Success Resources Global Ltd (ASX:SGU) angelMD, Inc. Dun & Bradstreet Corp. (NYSE:DNB) Webxu, Inc. (OTCPK:WBXU) Woven Digital, LLC Ubiquity, Inc. (OTCBB:UBIQ.D) Omnicom Media Group Holdings Inc. Chegg, Inc. (NYSE:CHGG) Interactive Intelligence Group Inc. (NasdaqGS:ININ) Tamedia AG (SWX:TAMN) TELUS Corporation (TSX:T)

Secure Mission Solutions, Inc. Micropagos S.A. Labit Inc., Students Related Business ClassBadges, Inc. Consolidated Technology Inc., Sage Practice Success Resources Pte Limited, Certain Intellectual Property Assets and Business Assets Success Resources Sdn Bhd, Business Assets Empowernet International Pty Ltd IncLinx Fliptop, Inc., Social Data Matching Business Unit The Skyline Agency Uproxx Media, Inc. Monkeybars, Inc. Media Interactive S.A. The Campus Special, LLC OrgSpan, Inc. PubliGroupe AG (SWX:PUBN) Data & Audio-Visual Enterprises Holdings Inc. Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $11.5 -

Enterprise Value ($mm) $10.0 $1.9 $170.0 -

EV/ Revenue -

$300.2 -

$10.1 $3.4 $6.8 $0.2 $17.0 $360.0 $318.5

1.2x -

EV/ EBITDA 77.3x -

Select May 2014 Software Industry M&A Transactions Date Announced Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-17-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-16-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-15-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014 Apr-14-2014

Acquirer Splashpress Media Ltd. Claranet Limited PricewaterhouseCoopers LLP Ed Gier Holding B.V. Nuance Communications, Inc. (NasdaqGS:NUAN) ComOps Ltd. (ASX:COM) TimesCity Experience Art and Design, Inc. (OTCBB:EXAD.E) WealthEngine, Inc. PROSTEP AG Unity Technologies, Inc. Private Investor(s) Verizon Wireless Inc dough, Inc. IN2 informacijski inzenjering d.o.o. MCI Deutschland GmbH MSys Tech India Pvt. Ltd. Kollwitz Internet GmbH Freelancer Limited (ASX:FLN) Multiphase Solutions, Inc. Converged Technology Professionals, Inc. John Wiley & Sons Inc. (NYSE:JW.A) Bazaarvoice, Inc. (NasdaqGS:BV) Twitter, Inc. (NYSE:TWTR) Vertical Search Works, Inc. Digital Luxury Group, DLG SA Jasper Infotech Pvt. Ltd. Intermedix Corp. RetailMeNot, Inc. (NasdaqGS:SALE) Bookatable Limited TeamSystem S.r.l. MGM Wireless Limited (ASX:MWR) Hexagon AB (OM:HEXA B) EQS Group AG (XTRA:E1S) Intapp, Inc. Fidelity National Information Services, Inc. (NYSE:FIS) Paymentus Corp. Alpha II Software Solutions PMK-BNC, Inc. Shenzhen ZQGame Co.,Ltd. (SZSE:300052) Electronics for Imaging, Inc. (NasdaqGS:EFII) Shijiebang (Beijing) Information Technology Ltd. TargetX.com LLC Rowan Dartington & Co. Ltd. Private Investor(s) Orange Health Solutions, Inc. Tekla Oyj Jeeves Information Systems AB EDM Group Limited Motion PR, Inc. Automotive Rentals, Inc.

Target Instadash NovaData BV GeoTraceability Ltd. Playground Publishing Holdings B.V. AccelaRAD, Inc. Complimentary Workforce Management Software Business Dineout Services Pvt Ltd Blabwire Media LLC BrightContext Corporation EOS Solutions LLC Playnomics, Inc. MultiFreight Limited Mobi PCS, Inc., Statewide Spectrum tastytrade, Inc. IN2 Dynamics doo HAGEN INVENT GmbH & Co. KG Clogeny Technologies Private Limited stylemarks GmbH Warrior Forum Cape Software Inc. WeVault.COM LLC E-Learning S.A. FeedMagnet, LLC Gnip, Inc. addGloo, Inc. Luxury Society, SAS Doozton.com The Optima Corporation Pickie, Inc. 2book AB 24 ORE Software S.p.A. Payschool Pty Ltd Mintec, Inc. TodayIR.com The Frayman Group, Inc. Credit Management Solutions, Inc. Tele-Works Inc. Unicor Medical, Inc. Vowel Beijing AutoThink Co., Ltd. Rhapso S.A. Tukequan Matchbox, Inc. Acordias Offshore Limited Resource Team Limited MZI Healthcare, LLC SVS Innovations, Construction Software Business SolvAxis SA xit2 Ltd. Miller-Pear Public Relations, Inc. netcar24 GmbH Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $9.7 $7.0 $5.0 $37.0 $84.5 $1.9 -

Enterprise Value ($mm) $210.0 $3.2 $175.0 $9.0 $5.0 $143.0 $6.2 $118.9 $0.2 -

EV/ Revenue 3.0x 4.7x 1.7x 3.2x -

EV/ EBITDA -

Select May 2014 Software Industry M&A Transactions Date Announced Apr-12-2014 Apr-11-2014 Apr-11-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-10-2014 Apr-09-2014 Apr-09-2014 Apr-09-2014 Apr-09-2014 Apr-09-2014 Apr-09-2014 Apr-09-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-08-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-07-2014 Apr-06-2014 Apr-06-2014 Apr-06-2014 Apr-06-2014 Apr-06-2014 Apr-04-2014

Acquirer ActMobile Networks, Inc. Westec Holding Co Ltd GEO DINOS Co., Ltd. International Business Machines Corporation (NYSE:IBM) Heartland Payment Systems, Inc. (NYSE:HPY) Amazon.com Inc. (NasdaqGS:AMZN) Demandforce, Inc. QUALICA Inc. Criteo SA (NasdaqGS:CRTO) Beijing TRS Information Technology Co., Ltd (SZSE:300229) NewBay Media, LLC WeLoveServers Private Investor(s) Mercadolibre, Inc. (NasdaqGS:MELI) True Ventures; Automattic, Inc. Lennox Investments L.L.C. Gryphn Corp. SARL Sysaware Groupe Alma CompassData, Inc. Learning Technologies Group plc (AIM:LTG) Publicis Groupe SA (ENXTPA:PUB) Masergy Communications, Inc. Baker Hughes Incorporated (NYSE:BHI) Clarabridge, Inc. Viewpoints, LLC Alaska Dispatch Publishing LLC Ph3A Comercio Importacao e Exportacao Ltda. SilverTech, Inc. Daum Communications Corp. (KOSDAQ:A035720) INSIDE Secure (ENXTPA:INSD) BookIt Commerce, Inc. lynda.com, Inc. Mobistar SA/NV (ENXTBR:MOBB) Sensus (Bermuda 1), Ltd. GTCR, LLC DiCentral Corporation EXFO Inc (TSX:EXF) Solera Holdings Inc. (NYSE:SLH) Lightbeam Health Solutions, LLC Twitter, Inc. (NYSE:TWTR) Fluid, Inc. LivePerson Inc. (NasdaqGM:LPSN) SFX Entertainment Inc. (NasdaqGS:SFXE) Tyler Outdoor Advertising LLC SAS Mazarine Groupe Dalet S.A. (ENXTPA:DLT) Weld North LLC Weld North LLC Hego Norge AS Ross Video Limited Elray Gaming Inc.

Target Colimetrics Software Pvt Ltd. MachineWorks Limited DropWave.inc Silverpop Systems, Inc. MCS Software, LLC Iconology, Inc. Customerlink Systems, Inc. Komatsu Ltd., Part of CSS-Net Business AdQuantic Beijing Topwalk Ratings Intelligence LLC TuguHost Voxmobili S.A. VMK Longreads Southport Re Uppidy, Inc. Accoss SARL Spatial Information Solutions, Inc. LINE Communications Group Limited OwenKessel Global DataGuard, Inc. Perfomix, Inc. Market Metrix LLC PowerReviews, LLC Anchorage Daily News, Inc. Arima Informática Ltda Poised Solutions, Inc. Buzzpia Corporation Metaforic Limited TRAINlete, L.L.C. Compilr Inc. Carrefour SA, Hypermarkets Telecommunication Operations In Belgium Verdeeco, Inc. Vocus Inc. (NasdaqGS:VOCS) On-Demand Warehouse Management System ByteSphere LLC Auto Point, Inc. Dynamic Vault, LLC Apps & Zerts, Inc. 8thBridge, Inc. NexGraph, LLC TMWRK Management and The Meta Agency and Learned Evolution Whistler Sign Co LLC, Oklahoma City Assets You To You AmberFin Ltd. TrueNorthLogic, LLC Imagine Learning, Inc. Metaphor AS Unreel LLC SimRacing Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $6.1 $80.0 $0.7 $14.3 $27.4 $186.3 $9.6 -

Enterprise Value ($mm) $0.4 $96.5 $40.0 $16.1 $34.0 $16.1 $441.7 $3.8 -

EV/ Revenue 0.1x 1.1x 1.2x 2.4x -

EV/ EBITDA 11.0x -

Select May 2014 Software Industry M&A Transactions Date Announced Apr-04-2014 Apr-04-2014 Apr-04-2014 Apr-04-2014 Apr-04-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-03-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-02-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014

Target Acquirer GEO-CODE Co., Ltd. Samurai Factory, Inc., SEO Business Help/Systems, LLC Network Automation, Inc. Open Joint Stock Company Long-Distance and International TelecommunicaOJSC Cellular Communications of Bashkortostan Cantaloupe Systems, Inc. CompuVend, Inc. Private Investor(s) Invertise Inc. Stanfield Funds Management Limited (ASX:SFN) Easybookings (International) Pte Ltd. Amadeus Corporate Business AG i:FAO AG (XTRA:FAO2) ConCardis GmbH Yapital Financial AG j2 Global, Inc. (NasdaqGS:JCOM) Critical Software Ltd SWK Technologies, Inc. ESC, Inc. IGE+XAO Group (ENXTPA:IGE) Prosyst SAS Tribune Digital Ventures TVbytheNumbers.com LLC Resource Interactive LLC Ammirati Ready, Inc. Ve Interactive Ltd. adGENIE Dunnhumby Limited sociomantic labs GmbH HitFox GmbH Datamonk evvnt Ltd Evently Ltd Eloquant S.A Interview SA The Social Client Sociabliz Kantar Media Research Inc The Data Republic, S.L. CAD-Quality AB Symetri Ltd. Aurelius AG (XTRA:AR4) Publicitas S.A The Icicle Group WinWin Media Kona I CO., Ltd. (KOSDAQ:A052400) Websync Co.,Ltd. GE Healthcare Information Technologies CHCA Computer Systems Inc. John Wiley & Sons Inc. (NYSE:JW.A) Profiles International, Inc. RentPath Inc. Lovely, Inc. Brisio Innovations Inc. (OTCPK:NTCE.F) Spermy's Journey, A Race To The Egg! Network Communications, Inc. Apartment Guide, LLC RobbinsKersten Direct KerstenDirect Accela, Inc. Des Lauriers Municipal Solutions, Inc. Gild Inc. Distill, Inc. Private Investor(s) Localist Limited Merkle, Inc. New Control LLC Zhejiang Rongxin Network Technology Co., Ltd. Hangzhou Handsome Electronics Group Co. Ltd. Beijing Hualu Baina Film &TV Inc. (SZSE:300291) Guangdong Blue Flame Media Co.,Ltd. Shanghai Ace Co.,Ltd. (SHSE:600652) UUU9.Com Co. TÜV Rheinland Aktiengesellschaft Institut für Sicherheitstechnologie (ISTec) GmbH Ernst & Young LLP, Investment Arm LogiStar Solutions LLC Enprise Group Limited Datagate Innovation Limited Neopost Limited Data Capture Solutions LTD. LexisNexis Risk Solutions, Inc. Tracesmart Ltd. The Descartes Systems Group Inc (TSX:DSG) Computer Management USA Inc. Telefónica, S.A. (CATS:TEF) Digital Bubble S.L. Captivate Network, Inc. Office Media Network, Inc. Aspen Technology, Inc. (NasdaqGS:AZPN) Sulphur Experts, Sulsim Software TechnoConcepts Inc. (OTCPK:TCPS) Portfolio Of 8 Websites Morningstar Inc. (NasdaqGS:MORN) ByAllAccounts, Inc. iBuy Group Limited (ASX:IBY) Ensogo Holdings Ltd PRO DV AG (XTRA:PDA) MSA Auer GmbH, TecBOS.Command Teliasonera Danmark A/s Siminn Danmark A/S Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $19.8 $1.9 $15.0 $100.6 $3.0 $903.9 $27.0 $6.2 $51.1 $15.4

Enterprise Value ($mm) $0.3 $98.0 $205.7 $4.6 $3.4 $51.0 $13.0 $0.1 $531.6 $402.8 $190.1 $0.1 $6.6 $28.0 $18.7 -

EV/ Revenue 5.0x 2.0x 1.9x 0.4x -

EV/ EBITDA 15.6x -

Select May 2014 Software Industry M&A Transactions Date Announced Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014 Apr-01-2014

Acquirer HGGC, LLC Spredfast, Inc. Cirrus Media Revation, Inc. Crobo GmbH evvnt Ltd Ocuco Limited Technicolor SA (ENXTPA:TCH) Proposal Software, Inc.

Target AutoAlert, Inc. Mass Relevance Inc. FST Media Pty. Ltd. North Light Software, Inc. TrafficCaptain GmbH EventSneaker Ltd. Practice Management Services Ltd. Cloud Takes, LLC Manager Insights, LLC Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) -

Enterprise Value ($mm) -

EV/ Revenue -

EV/ EBITDA -

Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

SEG Software Index: All Categories Market Cap Category Name $1,960.4 SEG Software Index Billing & Service Management $898.5 Business Intelligence $1,183.8 Development Platforms $2,661.3 Engineering & PLM $4,504.8 Enterprise Resource Planning $7,901.8 Financial & Accounting $1,960.4 Gaming $2,637.9 Healthcare $1,189.5 IT Conglomerates $182,279.3 Mobile Solutions/Content $671.3 $1,714.8 Networking & Network Performance Managemen Security $961.1 Storage, Data Mgmt & Integration $11,796.7 Supply Chain Management & Logistics $1,625.8 Systems Management $10,081.3 Vertical - Finance $3,947.1 Vertical - Other $1,374.6

EV $2,558.5 $952.9 $930.4 $2,694.0 $4,204.1 $8,509.4 $2,558.5 $2,717.9 $1,525.2 $169,759.3 $571.9 $1,510.1 $936.3 $7,722.6 $1,551.5 $9,175.6 $4,287.1 $1,515.2

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue

8.0% -25.1% -35.6% 69.1% 18.6% -14.1% 56.6% 18.9%

2.3 2.1 11.2% 63 31 0.5x

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

TTM EBITDA Margin 19.6% 18.4% 6.8% 19.6% 19.7% 29.0% 26.4% 18.5% 15.5% 34.4% 3.6% 7.5% 5.3% 23.7% 27.7% 26.0% 27.0% 11.3%

TTM Revenue Growth EV/ Revenue 6.2% 3.1x 4.8% 2.1x 11.7% 3.1x -0.3% 2.5x 6.2% 3.2x 2.7% 3.8x 4.7% 3.1x 3.9% 1.7x 1.1% 2.3x 2.0% 3.2x 22.3% 2.8x 8.8% 2.7x 17.4% 3.2x 2.0% 2.7x 16.2% 5.4x 13.3% 4.5x 8.2% 4.1x 21.2% 2.9x

EV/ Forward EBITDA EV/ Revenue 13.3x 2.8x 10.0x 1.9x 24.8x 2.6x 11.8x 2.8x 14.2x 3.1x 12.4x 3.7x 13.3x 3.6x 11.4x 1.6x 13.6x 2.2x 9.3x 2.9x 19.8x 2.0x 16.1x 2.5x 11.1x 3.1x 9.3x 2.6x 19.5x 4.9x 17.9x 3.9x 12.7x 3.9x 19.6x 2.7x

Forward EV/ EBITDA 11.0x 8.3x 13.0x 8.6x 11.0x 10.5x 10.7x 9.3x 10.2x 8.1x 13.0x 11.5x 12.7x 8.1x 16.6x 12.3x 11.2x 17.0x

YTD -3.9% -9.2% -21.0% -1.0% -6.9% 8.7% -7.1% 14.0% 2.0% 8.7% -3.9% -6.9% -4.1% 3.7% 3.2% -0.9% -5.4% -18.3%

SEG SW Index Software Stock Market Return: January - April 2014 6%

4%

2%

-2%

-4%

-6%

Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

TTM Gross Margin 70.1% 57.4% 81.2% 76.0% 84.1% 72.5% 55.1% 64.2% 54.8% 70.1% 56.6% 70.9% 76.8% 71.3% 62.3% 85.8% 44.2% 51.9%

0%

Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio

TTM Revenue $743.9 $369.2 $404.9 $1,142.8 $1,156.4 $2,228.0 $743.9 $2,282.1 $559.6 $83,347.0 $292.1 $435.6 $196.1 $4,582.0 $262.2 $2,265.5 $890.6 $433.5

8.9% 20.8% -29.2% 75.9% 17.8%

-8% DOW

S&P

NASDAQ

SEG SW Index

May 2014 Monthly Flash Report

Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

SEG SaaS Index: All Categories Category Name SEG SaaS Index CRM & Marketing ERP & Supply Chain Vertically Focused Workforce Management SaaS Other

Market Cap $838.3 $676.5 $838.3 $866.1 $1,438.5 $643.0

EV $703.7 $568.9 $703.7 $838.7 $1,393.0 $649.9

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue

28.2% -25.1% -35.6% 67.7% -4.5% -14.1% 56.6% 18.9%

TTM Revenue $161.3 $179.6 $109.6 $129.8 $161.3 $130.0

TTM Gross Margin 67.7% 71.4% 67.7% 64.7% 61.0% 70.4%

TTM EBITDA Margin -4.5% -1.0% -8.8% 8.9% -4.5% -14.4%

TTM Revenue Growth EV/ Revenue 28.2% 6.4x 26.0% 2.7x 30.6% 6.4x 40.1% 6.8x 26.3% 8.3x 28.2% 5.0x

EV/ Forward EBITDA EV/ Revenue 67.9x 5.5x 71.9x 2.3x 67.9x 5.5x 48.0x 5.5x 262.7x 6.6x 31.7x 4.0x

Forward EV/ EBITDA 20.7x 20.7x 33.4x 13.6x 27.6x 17.2x

YTD -21.6% -10.6% -21.6% -20.7% -24.2% -23.4%

SEG SaaS Index Stock Market Return: January - April 2014 15% 10% 5% 0%

Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio

2.3 2.1 11.2% 63 31 0.5x

Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY) Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

-5% -10% -15% -20%

8.9% 20.8% -29.2% 75.9% 17.8%

-25% DOW

S&P

NASDAQ

SEG SaaS

May 2014 Monthly Flash Report

Select Software Industry M&A Transactions SEG Software Index SEG SaaS Index SEG Internet Index

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

SEG Internet Index: All Categories Category Name SEG Internet Index Ad Tech & Lead Generation Commerce Content & Media Gaming Infrastructure Services Social Travel

Market Cap $2,425.5 $1,646.2 $528.1 $3,420.2 $3,204.78 $663.43 $847.49 $5,681.36 $4,709.39

EV $2,041.7 $1,529.1 $403.8 $3,225.3 $2,554.3 $515.7 $728.3 $4,726.8 $4,138.7

Income Statement Analysis (Median) TTM Revenue Growth TTM EBITDA Growth TTM Earnings Growth Gross Profit Margin EBITDA Margin Net Income Margin SG&A Expenses as a % of Total Revenue R&D Expenses as a % of Total Revenue

27.0% 10.9% 14.9% 64.7% 7.1% 0.3% 39.1% 14.3%

TTM Revenue $525.2 $514.1 $416.5 $536.4 $759.4 $284.2 $186.9 $801.0 $868.4

TTM Gross Margin 64.2% 64.7% 40.5% 49.6% 71.9% 63.7% 73.9% 61.2% 83.1%

TTM EBITDA Margin 9.3% 7.1% 8.6% 13.2% 30.7% 6.5% 6.8% 9.9% 16.5%

TTM Revenue Growth EV/ Revenue 17.8% 3.6x 27.0% 2.5x 15.0% 0.9x 6.6% 3.4x 10.9% 3.7x 10.3% 1.3x 40.9% 3.7x 62.4% 9.8x 20.6% 4.8x

EV/ Forward EBITDA EV/ Revenue 21.5x 3.2x 22.0x 2.2x 14.1x 0.9x 21.2x 3.2x 9.2x 3.4x 17.7x 1.3x 35.3x 3.3x 32.5x 7.7x 21.8x 5.3x

Forward EV/ EBITDA 15.9x 13.2x 10.1x 18.5x 8.2x 11.1x 25.1x 25.2x 18.6x

YTD -11.0% -20.6% -16.9% -11.2% -7.8% -4.0% -10.8% -14.1% 0.7%

SEG Internet Index Stock Market Return: January - April 2014 10%

5%

0%

Balance Sheet Analysis (Median) Current Ratio Quick Ratio Cash as Percent of Market Cap Avg Days Outstanding: Accounts Receivable Avg Days Outstanding: Accounts Payable Working Capital to TTM Operating Expense Ratio

2.5 2.3 16.5% 37 46 0.5

Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

-10%

-15%

Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY)

-5%

9.2% 16.2% -24.4% 63.7% 15.9%

-20% DOW

S&P

NASDAQ

SEG Internet Index

May 2014 Monthly Flash Report

To download the remaining portions of Software Equity Group’s complimentary Software Industry Flash Report, which includes the complete list of software M&A transactions as well as detailed financial and market performance of more than 250 publicly traded software, SaaS, and Internet companies, sorted across nearly 30 product categories, visit our website: http://www.softwareequity.com/research_flash_reports.aspx