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

LEADERS IN SOFTWARE M&A •

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

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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 than 2,000 private and public companies throughout 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 © 2015 by Software Equity Group, L.L.C., All Rights Reserved

We Do Deals.

EXTENSIVE GLOBAL REACH Current Sell‐side Representation

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

Recent Sell‐side Representation

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

SEG Research Distribution

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

List of Commonly Used Acronyms

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

SEG Index Changes Additions:

Removals:

Company Box, Inc.

Ticker BOX

Index SaaS

Company Actuate Corporation Acquired by OpenText Corporation ($306.9 m)

Ticker

Previous Index

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Software

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Category SaaS Other

Previous Category Business Intelligence & Development Platforms

List of Commonly Used Acronyms

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Table of Contents

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Select January 2015 Software Industry M&A Transactions Date Announced Jan-01-2015 Jan-01-2015 Jan-02-2015 Jan-02-2015 Jan-02-2015 Jan-02-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-05-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-06-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-07-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015

Acquirer Chemistry Communications Inc. AIM Redglaze Group, LLC Elektrobit Technologies Oy Cidron Delfi Intressenter Holding AB Genstar Capital, LLC Aveva Group plc (LSE:AVV) Chocolate Inn / Taylor & Grant

Target Chemistry Atlanta Silicon Prairie News Alt Studios LLC Birdstep Technology Oy Tbricks AB Telestream, Inc. 8over8 Limited A La Carte Inc.

360House.com, Inc. Lexmark Canada Inc.; Lexmark International Technology S.A. NeuLion, Inc. (TSX:NLN) Complete Innovations Inc. Galasys Holdings Ltd Open Text Corporation (NasdaqGS:OTEX) Zumasys, Inc. Daum Kakao Corp. (KOSDAQ:A035720) Main Capital Partners B.V. React2Media, LLC Snipp Interactive Inc. (TSXV:SPN) Facebook, Inc. (NasdaqGS:FB) Chengdu Santai Electronics Industry Co., Ltd. (SZSE:002312) Alert Logic, Inc. LexisNexis Risk Solutions Inc. Esker SA (ENXTPA:ALESK) Forming Technologies, Inc. Saban Brands LLC Caring, Inc. Doxim Inc. Everbridge, Inc. NetVoyage Corporation Meredith Corporation (NYSE:MDP) Talentpeople SARL Naylor, LLC MadCap Software, Inc. Silver Spring Networks, Inc. (NYSE:SSNI) Cvent, Inc. (NYSE:CVT) Insync Municipal Systems, Inc. Kauppalehti Oy maxHeap Technologies Pvt. Ltd. IVANS Insurance Solutions Parallel 6, Inc. Hike Ltd.

California Image Maker, Inc. Claron Technology Inc., Substantially All Assets DivX, LLC FieldWorker Products Ltd. I Logic Solutions Sdn. Bhd. Informative Graphics Corporation jBASE Software Inc. Kids Note, Inc. OnGuard International Holding BV React2Apps, LLC Swiss Post Solutions Ireland Limited Wit.AI, Inc. Yantai Weian Information Technology Achilles Guard, Inc. BAIR Analytics Inc. CalvaEDI SAS FTI Rand Japan KK Mambo Graphics Pty. Ltd. Moseo Corp. Neocog Technologies Inc. Nixle, LLC. Recommind, Inc., Decisiv Email Business Selectable Media Inc. SELEXENS Marseille Timberlake Membership Software LLC ComponentOne LLC, Doc-To-Help Detectent, Inc. Elite Meetings International, LLC First Byte Corporation JM Tieto Oy Nativebeta Private Limited NxTech Incorporated the Agency san diego Thought Mechanics Inc. Act(s) Marketing, Inc. blinkbox Entertainment Limited and Tesco Broadband and Voice Base Business Vision S.A. Cricket Communications, Inc., Muve Music Decovery SAS Dun & Bradstreet NetProspex Halcyon Software, Inc. Iens.nl PizzaTime s.r.o. and E-Aggregator s.r.o.

rEvolution LLC TalkTalk Telecom Group PLC (LSE:TALK) Mercadolibre, Inc. (NasdaqGS:MELI) Odyssey Music Group Groupe Express-Roularta SA Dun & Bradstreet Corp. (NYSE:DNB) HelpSystems, LLC TripAdvisor Inc. (NasdaqGS:TRIP) Delivery Hero Holding GmbH

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $5.7 -

Enterprise Value ($mm) $2.4 $41.0 -

EV/ Revenue -

$2.7 -

$37.0 $66.0 $2.0 $120.6 $7.2 $12.0 $125.0 -

2.6x -

EV/ EBITDA -

Select January 2015 Software Industry M&A Transactions Date Announced Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-08-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-09-2015 Jan-11-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 J 12 2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015 Jan-12-2015

Acquirer Facebook, Inc. (NasdaqGS:FB) Huron Legal (UK) Limited Virtus Partners, LLC Sonus Networks, Inc. (NasdaqGS:SONS) Bright Mountain, LLC IFIS Japan Ltd. (TSE:7833) Flatiron Media LLC The Berry Company, LLC Rubicon Communications Ltd. Billups, Inc. Corporation Service Company, Inc. Packaging Logistics Services Ltd. Bytemark Computer Consulting Ltd. LG Uplus Corp. (KOSE:A032640) Baocheng Investment Co., Ltd. (SHSE:600892) Worldwide Interactive Services, LLC Isimedia SAS Marlin Equity Partners, LLC tracsion, Inc. DG3 LLC HTML.it s.r.l. BroadSoft, Inc. (NasdaqGS:BSFT) Capital One Financial Corporation (NYSE:COF) Argus Media, Inc. Fractal Analytics Inc. Ti d IInc. Tinder, Symantec Corporation (NasdaqGS:SYMC) Elsevier B.V. M6 Web Citrix Systems, Inc. (NasdaqGS:CTXS) Elevation Advertising, LLC LocoMobi, Inc. Demandware, Inc. (NYSE:DWRE)

Target Quickfire Networks Corporation Sky Analytics, Inc. Trade Settlement, Inc. Treq Labs, Inc., Software Defined Networking Business USMC Life, LLC CREO Networks CO.,LTD., Media Platform Business Crossboard Mobile Crossboard Mobile, Self Serve Ad Leads Platform Business Foodwise Company Limited HEED Media PropertyInfo Corporation, Inc., eRecording Submitter Business RTI Manager Swordfish Hosting Ltd Ticket Monster Inc. Shenzhen Taole Network Technology Co., Ltd. Alternative Computing Environments Armstrong Solutions Corporation Asentinel LLC CrushAds, LLC Digital Publishing Solutions, Inc. Hedume Srl Leonid Systems, Inc. Level Money, Inc. Metalprices.com, Inc. Mobius Innovations Pte. Ltd. N k IInc. Namesake, Narus, Inc. newsflo ltd Oxygem, SAS Sanbolic, Inc. Scalability Project, LLC Smart Marketing Concepts Inc. Tomax Corporation

Jan-12-2015 Jan-12-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-13-2015

Aptean, Inc. Zomato Media Pvt. Ltd. Bonnier Business (Polska) sp. z o.o. Coligny Capital Ltd. Contractors Register, Inc. Bentley Systems, Incorporated Admedo Ltd Mentor Graphics Corp. (NasdaqGS:MENT) Zumzi/Kolketiva Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) TabTale Ltd. Kabam, Inc. Connect PR Limited Wolf Communications & Public Relations Kabam, Inc. Softonic International, S.A. Fair Isaac Corporation (NYSE:FICO) Compusearch Software Systems, Inc.

Verdiem Corporation Wanderspot LLC Bankier.pl S.A. Bisnode Business Information Group AB, French Operation BuildingBlok LLC C3 Global Ltd Dispop.com Flexras Technologies Sas Gruper Sp z o.o. IntellinX Ltd. Level Bit Magic Pixel Games, LP Seal Communications Ltd. Talk Ahead TapZen, Inc. TipSense, LLC TONBELLER AG TopVue Defense, Inc. Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $0.0 $1.0 $7.5 -

Enterprise Value ($mm) $79.3 $0.2 $0.9 $130.9 $75.0

EV/ Revenue 7.9x 0.9x -

$18.1 -

$52.0 $84.9 $6.0 -

-

EV/ EBITDA -

Select January 2015 Software Industry M&A Transactions Date Announced Jan-13-2015 Jan-13-2015 Jan-13-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-14-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-15-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-16-2015 Jan-18-2015 Jan-19-2015 Jan-19-2015 Jan-19-2015 Jan-19-2015 Jan-19-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015

Acquirer KPMG Oy Ab TravelClick, Inc. Gravity4, Inc. 51Talk Hi-Media S.A. (ENXTPA:HIM) Pinnacle Asset Integrity Services, L.L.C. Kinetic Supply Company, LLC Marketsmith, Inc. Open Wide S.A. iMedia International Inc. Foolproof Ltd. Kreditech Holding SSL GmbH Zayo Group, LLC Synacor, Inc. (NasdaqGM:SYNC) Quantum Digital Development Tubular Labs, Inc. Travelstart Online Travel Operations Pty LTD eCommerce Industries, Inc. Domino2030 Inc. TOUCH Associates Ltd UF-PT Limited Inverness Graham Investments Shutterstock, Inc. (NYSE:SSTK) Rural Telephone Service Company, Inc. Party Reflections, Inc. MailerMailer LLC DMi, Inc. Shoutz Inc. Bright Light PR Limited BayWa AG (DB:BYW) Zaner-Bloser, Inc. Artnews Ltd. Kindy PTY Ltd Hengtong Optic-electric Co., Ltd. (SHSE:600487) 3es innovation Inc. The Mobile Majority Penton Media, Inc. SimplyCircle Inc. Nashville Post Co., Inc. Inspired Gaming Group Limited Evolve IP, LLC Phantom Fiber Corporation (OTCPK:PHFB) Cranford Johnson Robinson Woods, Inc. MindTree Limited (BSE:532819) Megiedon, a.s. GMO Internet Inc. (TSE:9449) Crèche Attitude SAS Tastebud Technologies, Inc. Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) Keda Group Co., Ltd. (SHSE:600986) NCC Group plc. (LSE:NCC)

Target Trusteq Oy Tvtrip.com Zurmo Inc. 91waijiao.com Admoove Advanced Reliability Technologies LLC Brockton Creative Group Brushfire, Inc. Créalie SAS KloudSign LLC Knit Limited Kontomierz.pl Sp. z o. o. Latisys Holdings, LLC NimbleTV, Inc. Reach Corporate ReelVideo, LLC Satisfly Limited Spruce Computer Systems, Inc. Sunible Inc. Touch Real-time Userfarm S.p.A. Velosecure, LLC Arbour Interactive Inc. Computer Solutions, Inc. Displays Unlimited, Inc. Domainate, Inc., Listcast Eutechnyx Limited, Certain NASCAR Game Assets Front Flip, LLC MLPR Ltd. PC-Agrar GmbH Rowland Reading Foundation, Superkids K-2 Core Reading Program Skate's, LLC Social Hands Beijing Wajinke Information Technology Corporation Limited Canadian Oil and Gas Software Solutions Elastic iNET Interactive, LLC Jooners Inc., Just Between Friends, Inc., Qlubb, Inc. and Causera Inc. Southern/Alpha LLC We R Interactive Ltd Webcore Technologies, Inc. XoDoc Technologies, LLC Heathcott Associates Inc. Discoverture Solutions, LLC Profimedia International s.r.o. Route Mobile SAS BBbook SocialCrunch LLC AdIn Media (Shanghai) Co., Ltd. Beijing Aspiration Advertisement Co., Ltd. Clearinghouse for Intellectual Property S.A. And Nexperteam CVBA Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $5.1 $2.0 $1.2 $0.3 -

Enterprise Value ($mm) $2.4 $675.0 $41.7 $0.2 $69.6 $15.0 $217.1 $151.9 -

EV/ Revenue 1.2x -

EV/ EBITDA -

Select January 2015 Software Industry M&A Transactions Date Announced Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-20-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-21-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-22-2015 Jan-23-2015 Jan-23-2015 Jan-23-2015

Acquirer Ipreo Holdings LLC Dropbox Inc. Microsoft Corporation (NasdaqGS:MSFT) GTCR, LLC; Adams Outdoor Advertising, Inc. Fundamental Applications Corp. (DB:2FA) Datapipe, Inc. Keda Group Co., Ltd. (SHSE:600986) Thing5 L.L.C ORBCOMM, Inc. (NasdaqGS:ORBC) Axxiome AG StationDigital Corporation (OTCPK:SDIG) Voiceworks B.V. NCC Group plc. (LSE:NCC) Transparensee Systems, Inc. OPSWAT, Inc. Centre Technologies, Inc. Environics Analytics Group Ltd. Embarcadero Technologies, Inc. Keda Group Co., Ltd. (SHSE:600986) Vente-Privee.com SA Twitter, Inc. (NYSE:TWTR) SWK Technologies, Inc. Multimedia Platforms Inc (OTCPK:EAHC.D) Monterro Holdings AB SITO Mobile Ltd. (OTCBB:SITO) É NÉO-SOFT Services, SAS Pinterest, Inc. ServiceRocket Inc Apple Europe Limited AnalyticsWeek LLC Matrix Financial Solutions, Inc. Intuit Inc. (NasdaqGS:INTU) Brains On Fire, Inc. Nielsen N.V. (NYSE:NLSN) Waterfield Technologies, Inc. Evolve Media, LLC Finn Partners, Inc. Apocope Gongcai Network Technology Company Limited SignalShare LLC XING AG (XTRA:O1BC) Crowd Mobile Limited (ASX:CM8) Apocope Salient Corporation IS Group BV Sparton Corp. (NYSE:SPA) Harman Becker Automotive Systems Manufacturing Kft. Harman International Industries, Incorporated (NYSE:HAR) Complex Media, Inc. Guanghe Landscape Culture Communication Co., Ltd. (SHSE:600234) Spectris plc (LSE:SXS)

Target ClearMomentum, Inc. CloudOn, Inc Equivio Ltd. Fairway Outdoor Advertising, LLC Foro Technologies Inc. GoGrid, LLC Guangdong YLMF Computer Technology Co., Ltd. Innflux LLC InSync Software, Inc. J9 Technologies Inc. Network Foundation Technologies, LLC OnePhone Deutschland GmbH OpenRegistry SA Pointslocal LLC Red Earth Software, Inc. RITC, LLC Sampling Modelling and Research Technologies Incorporated TwoDesk Software Company, Castalia for Delphi and Usertility UNI Communication Group Weezevent SAS ZipDial Mobile Solutions Pvt. Ltd. Accounting Technology Resources, Inc. Columbia FunMap, Inc. Grade AB and Mashie AB Hipcricket, Inc., Substantially All Assets InterTek Ingenierie SAS Kosei, Inc. Matygo Educational Inc. Semetric Limited TCELab LLC Wilmington Trust Retirement and Institutional Services Company, Trade Processing Business Zeropaper Serviços de Informática S.A. Brains on Fire LA Brandbank Limited Chrysalis Software, Inc. DogTime Media, Inc. Dye, Vanmol And Lawrence, Inc. and Seigenthaler Public Relations, Inc. Go Shop Guocai (Beijing) Technology Company Limited Incubite Inc. Intelligence Competence Center (Deutschland) AG Kiss Hugs MNC, Mobile News Channel SA Orobi, Inc. RDC XTended B.V. Real Time Enterprises, Inc. Red Bend Software, Inc. Symphony Teleca Corp. Collider.com, LLC Guangzhou Chuangsi Information Technology Limited ReliaSoft Corporation Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $47.4 $370.0 -

Enterprise Value ($mm) $86.8 $13.5 $71.6 $4.5 $18.1 $9.9 $200.0 $780.0 $481.7 $42.0

EV/ Revenue 2.1x -

EV/ EBITDA 13.0x -

Select January 2015 Software Industry M&A Transactions Date Announced Jan-23-2015 Jan-23-2015 Jan-23-2015 Jan-23-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-26-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-27-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-28-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-29-2015 Jan-30-2015 Jan-30-2015 Jan-30-2015

Acquirer Microsoft Corporation (NasdaqGS:MSFT) The Muse Group Limited Roper Industries Inc. (NYSE:ROP) Hutchison 3G UK Holdings Limited TradeDoubler AB (OM:TRAD) Apex Peak Pte. Ltd. Givex Corporation Services et Mobility - SAM CREALOGIX Holding AG (SWX:CLXN) Dropbox Inc. Internet Brands, Inc. Visual Action Software, Inc. Hotspring Ventures Limited Attercopia Ltd. EPiServer AB Publicis Activ France S.A. Novator Partners LLP ASM Clasificados de México, SA de CV JOUVE, SA Fundraising Initiatives Limited Auctane LLC Esker Inc. INSIGN, S.A.S. ZeroFOX BMC Software, Inc. Fingerprint Digital, Inc. Capita plc (LSE:CPI) Ubiquity, Inc. (OTCBB:UBIQ) Bridgepoint Advisers Limited Doble Engineering Company LiquidHub, Inc. Confidence International AB (OM:CONF) BATS Global Markets, Inc. MinuteBids Inc. Slack Technologies, Inc. Intrahealth International, Inc. Editions Generation -L'etudiant SA eBay Inc. (NasdaqGS:EBAY) Flintfox International Limited Vine Communications, Inc. IZEA, Inc. (OTCPK:IZEA) JSC Search Technologies SolarWinds, Inc. (NYSE:SWI) Zomato Media Pvt. Ltd. 3TL Technologies Corp. (TSXV:TTM) Concept Multimedia S.A. Slyce Inc. (TSXV:SLC) Fleishman-Hillard Inc. S. Carter Enterprises, LLC DMG Media Investments Limited TechnologyOne Limited (ASX:TNE)

Target Revolution Analytics, Inc. So...PR Limited Strata Decision Technology, L.L.C. Telefónica UK Limited adnologies GmbH Cashnomix Chase Paymentech, Gift Card Business Cibest MBA Systems Ltd. Moji, Inc. Sesame Communications, Inc. The Hive Group, Inc. UAB Lemon Labs Cloudspotting Ltd. Ektron, Inc. mille et un rêves Sarl Nextel S.A. OLX, Inc., OLX.com.mx Pure Agency R Fundraising Ltd. StageBloc, Inc. TermSync, Inc. Visuamobile S.A. Vulnr CDB Software, Inc. Cognitive Kid, Inc. and Scribble Press Inc. Constructionline Coversant, Inc. eFront S.A. ENOSERV, LLC Harvest Solutions, Inc. and ClosedWon Imtech Elteknik AB, Business Area of Säkerhet KCG Hotspot FX LLC RAMM Interactive LLC Screenhero, Inc Switchboard Ta Sexo Vivastreet, Mexican Branch AX Excellence Pte Ltd. Candis Communications Inc. Ebyline, Inc. Incad spol. s.r.o. Librato, Inc. Mekanistnet Internet Hizmetleri Ticaret A.S. RewardStream, Inc. SARL Rodacom SnipSnap App LLC specialist (UK) Ltd. Aspiro AB (publ) (OM:ASP) Elite Daily, LLC ICON Strategic Solutions Pty Ltd. Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $14.1 $41.3 -

Enterprise Value ($mm) $15,400.8 $53.1 $5.8 $340.1 $435.0 $9.8 $40.0 $4.8 $6.1 $45.5 $7.8

EV/ Revenue 3.8x 1.3x -

EV/ EBITDA -

Select January 2015 Software Industry M&A Transactions Date Announced Jan-30-2015 Jan-30-2015 Jan-30-2015 Jan-30-2015

Acquirer Perceptron, Inc. (NasdaqGM:PRCP) Computer & Technologies Holdings Ltd. (SEHK:46) MyECheck, Inc. (OTCPK:MYEC) Dentsu Aegis Network Ltd.

Target Next Metrology Software s.r.o. Sanyo Extended Systems Services Limited Seergate Ltd. WATMedia Pvt Ltd Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

Target TTM Revenue ($mm) $1.5 -

Enterprise Value ($mm) $2.8 $3.0 -

EV/ Revenue 2.0x -

EV/ EBITDA -

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

SEG Software Index: All Categories Category Name SEG Software Index Billing & Service Management Business Intelligence Development Platforms Engineering & PLM Enterprise Resource Planning Financial & Accounting Gaming Healthcare IT Conglomerates Mobile Solutions/Content Networking & Network Performance Management Security Storage, Data Mgmt & Integration Systems Management Vertical - Finance Vertical - Other

Market Cap $2,122.9 $841.8 $2,168.0 $1,269.2 $3,943.8 $7,767.9 $2,122.9 $2,554.7 $1,123.9 $151,930.2 $561.3 $1,777.9 $1,110.2 $5,527.6 $10,619.6 $4,823.9 $1,979.0

EV $2,211.9 $916.4 $2,266.3 $986.0 $3,911.9 $8,363.7 $2,754.6 $2,365.4 $1,519.2 $172,096.4 $479.1 $1,504.6 $1,009.0 $4,799.7 $10,669.1 $5,073.0 $2,096.1

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

7.8% -12.7% -20.8% 67.0% 18.6% -23.8% 61.5% 20.0%

TTM Revenue $579.8 $424.3 $577.1 $332.5 $1,061.9 $2,119.9 $794.2 $2,150.8 $584.7 $92,793.0 $308.4 $265.6 $195.6 $1,629.6 $2,434.4 $927.2 $456.6

TTM Gross Margin 67.0% 55.4% 73.9% 71.1% 84.2% 61.5% 56.0% 66.2% 53.5% 61.5% 54.4% 71.8% 75.5% 79.8% 84.9% 44.5% 47.4%

TTM EBITDA Margin 18.6% 26.1% 15.6% 18.7% 19.4% 28.4% 23.3% 23.9% 16.6% 32.9% 0.7% 7.0% 7.6% 17.5% 24.2% 31.1% 11.8%

TTM Revenue Growth EV/ Revenue 7.8% 2.9x 12.9% 2.0x 12.8% 3.6x 4.4% 2.0x 6.2% 3.6x 3.4% 3.9x 6.8% 3.0x 3.1% 1.4x 2.4% 2.5x 3.4% 2.9x 22.0% 2.9x 15.0% 2.2x 18.9% 3.9x 2.4% 2.4x 16.2% 3.9x 5.2% 4.9x 16.5% 3.8x

EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 14.5x 2.8x 11.1x 9.1x 1.9x 7.0x 14.9x 3.1x 13.1x 9.4x 2.3x 8.0x 15.4x 3.4x 12.5x 13.3x 3.8x 11.0x 14.3x 3.6x 12.2x 8.2x 1.3x 8.7x 15.1x 2.3x 11.1x 8.1x 2.8x 8.0x 19.2x 1.6x 10.5x 17.5x 2.0x 9.3x 20.1x 4.0x 18.4x 8.2x 2.5x 7.6x 17.6x 3.6x 11.5x 14.4x 4.8x 14.8x 26.8x 3.4x 16.4x

YTD -2.7% -3.8% -1.0% -6.3% -0.5% -6.4% -1.1% 4.8% 0.4% -6.4% -9.5% -4.5% -2.9% -4.8% -4.9% 2.7% -1.6%

SEG SW Index Software Stock Market Return: January 2015 20%

15%

10%

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

2.1 2.0 11.0% 63 29 0.4x

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

0%

-5%

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

5%

5.3% 20.4% -33.0% 30.3% 30.5%

-10% DOW

S&P

NASDAQ

SEG SW Index

February 2015 Monthly Flash Report

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

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

Market Cap $919.5 $1,056.3 $965.3 $838.1 $1,185.7 $598.3

EV $837.1 $1,035.4 $824.5 $854.5 $1,112.9 $701.1

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

29.8% -12.7% -20.8% 65.5% -14.6% -23.8% 61.5% 20.0%

TTM Revenue $135.8 $135.8 $120.5 $145.3 $128.7 $142.0

TTM Gross Margin 65.5% 66.9% 68.2% 62.3% 59.9% 71.4%

TTM EBITDA Margin -14.6% -15.1% -9.6% 7.9% -14.8% -17.7%

TTM Revenue Growth EV/ Revenue 29.8% 5.8x 28.4% 6.4x 30.6% 5.5x 38.1% 7.2x 31.8% 7.3x 23.9% 4.5x

EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 56.6x 4.8x 33.4x 79.7x 5.1x 26.8x 56.6x 4.4x 27.9x 49.2x 5.7x 28.7x 59.6x 5.5x 42.3x 69.3x 3.7x 56.4x

YTD -6.2% -1.5% -1.2% -8.5% -6.0% -6.9%

SEG SaaS Index Stock Market Return: January 2015 20% 15% 10% 5% 0%

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

2.1 2.0 11.0% 63 29 0.4x

Cash Flow Statement Analysis (Median) Levered FCF Margin Cash from Operations Growth (YoY) Cash from Investing Growth (YoY) Cash from Financing Growth (YoY) Levered FCF Growth (YoY) Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

5.3% 20.4% -33.0% 30.3% 30.5%

-5% -10% -15% -20% -25% -30% DOW

S&P

NASDAQ

SEG SaaS

February 2015 Monthly Flash Report

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

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

Market Cap $1,346.6 $1,345.1 $607.5 $2,393.5 $2,235.98 $733.75 $40,756.26 $949.10 $4,072.73 $3,238.36

EV $1,151.6 $1,219.9 $518.0 $1,734.2 $1,743.1 $566.0 $38,691.2 $659.7 $3,671.9 $2,798.8

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

20.4% 5.6% -0.5% 63.7% 8.5% 0.8% 39.3% 15.1%

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

Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved

TTM Gross Margin 63.7% 54.4% 40.6% 49.3% 69.8% 62.4% 67.4% 73.3% 63.8% 80.1%

TTM EBITDA Margin 8.5% 3.7% 9.3% 10.6% 18.3% 5.1% 34.3% 6.4% 11.2% 14.2%

TTM Revenue Growth EV/ Revenue 20.4% 2.4x 26.3% 1.9x 19.5% 1.4x 12.4% 2.6x 19.2% 3.0x 7.2% 1.4x 21.7% 4.3x 30.4% 2.6x 58.4% 10.2x 23.7% 3.9x

EV/ Forward Forward EBITDA EV/ Revenue EV/ EBITDA 24.2x 2.1x 14.1x 27.5x 2.1x 18.4x 22.3x 1.3x 13.2x 28.2x 2.4x 12.0x 24.2x 1.9x 22.2x 15.8x 1.4x 11.2x 12.7x 4.0x 9.9x 26.6x 2.1x 13.5x 32.5x 6.9x 25.8x 15.9x 4.2x 14.5x

YTD -5.1% -9.7% -5.1% -7.3% 8.8% -4.4% -0.6% -6.3% -3.2% -4.2%

SEG Internet Index Stock Market Return: January 2015 20% 15% 10% 5% 0%

2.4 2.1 18.9% 38 53 0.5

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

TTM Revenue $478.8 $658.4 $418.6 $597.4 $751.6 $317.6 $5,128.3 $232.5 $867.7 $708.6

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

6.9% 16.2% -50.0% 6.9% 12.9%

-25% DOW

S&P

NASDAQ

SEG Internet Index

February 2015 Monthly Flash Report

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