April 2016 Software Equity Group Flash Reportsoftwareequity.com/Reports/April_2016_Monthly_Flash_Report.pdf · Mar-02-2016 Alten Calsoft Labs (India) Private Limited ASM Technologies

Apr

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Software Equity Group Flash Report

Select M&A Transactions and Valuations and

Financial and Valuation Performance of 250+ Publicly Traded Software, SaaS and Internet

Companies by Product Category

• Industry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic Mergers & Acquisitions • Sell & Buy Side Advisory Services • Majority Buyouts & Recapitalizations • Board Advisory Services • Data Driven Research & Valuation

• Sell-side client revenue range: $5 - 75 million • Buy-side clients include private equity firms and

NASDAQ, NYSE and foreign exchange listed companies • Clients span virtually every software technology, product

category, delivery model and vertical market • Global presence providing advice and guidance to more

than 2,000 private and public companies throughout US, Canada, Europe, Asia-Pacific, Africa and Israel

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

• Unparalleled software industry reputation and track record.

• Highly referenceable base of past clients

LEADERS IN SOFTWARE M&A

We Do Deals.

Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved

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

[email protected] , 2800-509) 858Beible, Director, Business Development (Kris contact CONTACT INFORMATION:

SEG Capital Advisors, 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 that SEG Capital Advisors LLC (“SEG”) believes to be reliable. However, SEG makes no representations or warranties, express or implied, about the accuracy, completeness or fairness 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. Any person or entity reviewing this report (a) should conduct its own diligence and reach its own conclusions regarding its business transactions, (b) should not rely upon any conclusions reached by SEG, and (c) should consult its own advisors regarding its tax, accounting, financial and/or business decisions. SEG or its affiliates may have an interest in one or more of the securities or companies discussed herein. Financial data was provided by Capital IQ. This Report may not be reproduced in whole or in part without the expressed prior written authorization of SEG. SEG or one of its affiliate Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

ABOUT SOFTWARE EQUITY GROUP


List of Commonly Used Acronyms

CRM Customer Relationship ManagementEBITDA Earnings before Interest, Taxes, Depreciation, and AmortizationERP Enterprise Resource PlanningEV Enterprise ValueFCF Free Cash FlowFORWARD Current EV / Next Four Quarters' Consensus Financial EstimatesNASDAQ National Association of Securities Dealers Automated Quotation SystemPLM Product Lifecycle ManagementR&D Research and DevelopmentS&P Standard & Poor'sSaaS Software-as-a-ServiceSEG Software Equity GroupSG&A Selling, General, & AdministrativeSW SoftwareTTM Trailing Twelve MonthYoY Year-over-YearYTD Year-to-date


RemovalsYouku

Acquired by Alibaba Group Holding ($4.4B)


SEG Index ChangesCompany Ticker Previous Index Previous Category

- Internet Content & Media

Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index


SEG Software Index


SEG SaaS Index

SEG Internet Index


Select March 2016 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMar-01-2016 R.E. Warner & Associates, Inc. Accurate Technologies Inc. - - - -Mar-01-2016 Custom Specialties LLC Ad Trends Advertising, Inc. - - - -Mar-01-2016 FI Navigator Corporation AppData, LLC - - - -Mar-01-2016 NCR Corporation (NYSE:NCR) CimpleBox, Inc. - - - -Mar-01-2016 Accelerite Citrix Systems International GmbH,

- - - -

Mar-01-2016 Web Decisions, LLC Data Decisions Group - - - -Mar-01-2016 Haynesville Group Ltd Digimatic Solutions Pte Ltd,

- $0.3 - -

Mar-01-2016 Moody's Corporation (NYSE:MCO) Gilliland Gold Young Consulting Inc. $28.0 - - -Mar-01-2016 Omeda Communications, Inc. Hallmark Data Systems, LLC - - - -Mar-01-2016 Scrypt, Inc. (OTCPK:SYPT) J&H MEDSOFT, LLC - - - -Mar-01-2016 Hedgehog Development, LLC Loewy Design Inc. - - - -Mar-01-2016 Industrial and Financial Systems, IFS AB (publ) (OM:IFS B) MainIoT Software Oy $5.4 $8.0 1.5x -Mar-01-2016 Shaw Communications, Inc. (TSX:SJR.B) Mid-Bowline Group Corp. - $1,600.0 - -Mar-01-2016 - Nobox Marketing LLC - - - -Mar-01-2016 Mitula Group Limited (ASX:MUA) Nuroa Internet S.L. - $3.4 - -Mar-01-2016 Wirecard AG (XTRA:WDI) Payments Business and 60% Stake in GI Technology Private Limited - $375.3 - -Mar-01-2016 Condé Nast Poetica Ltd - - - -Mar-01-2016 Postmedia Network Inc. Start23 Inc., Ampifii Technology Platform - $0.7 - -Mar-02-2016 Alten Calsoft Labs (India) Private Limited ASM Technologies Ltd., Certain Portion of Business of Enterprise Application Solution - - - -Mar-02-2016 RO Innovation, Inc. Boulder Logic, LLC - - - -Mar-02-2016 Tradeweb Markets LLC CodeStreet LLC - - - -Mar-02-2016 Merkle Inc. Comet Global Consulting Ltd. - - - -Mar-02-2016 SugarCRM Inc Contastic Inc. - - - -Mar-02-2016 Cargotec Corporation (HLSE:CGCBV) INTERSCHALT maritime systems AG - - - -Mar-02-2016 NetSuite Inc. (NYSE:N) IQity Solutions, LLC - - - -Mar-02-2016 Influitive Corporation Ironark Software - - - -Mar-02-2016 Interviewing Service Of America, LLC Sentient Services, LP - - - -Mar-02-2016 Web Africa Networks (Pty) Ltd. Serve-Hosting (Pty) Ltd. - - - -Mar-02-2016 Publicis.Sapient Vertiba, Inc. - - - -Mar-02-2016 Time Inc. (NYSE:TIME) Viant Technology Inc. - - - -Mar-02-2016 Synopsys Inc. (NasdaqGS:SNPS) WinterLogic Inc. - - - -Mar-03-2016 Outbrain Inc. Access Media Corp. - - - -Mar-03-2016 Fiserv, Inc. (NasdaqGS:FISV) ACI Worldwide, Inc., Community Financial Services Business - $200.0 - -Mar-03-2016 Dentsu Aegis Network Czech Republic s.r.o. Adexpres.com, s.r.o. - - - -Mar-03-2016 Smith & Harroff, Inc. C. May & Associates, LLC - - - -Mar-03-2016 ISACA Clearmodel, LLC - - - -Mar-03-2016 Docker, Inc. Conductant, Inc. - - - -Mar-03-2016 Vecima Networks Inc. (TSX:VCM) Contigo Systems Inc. $3.7 - - -Mar-03-2016 Garmin Ltd. (NasdaqGS:GRMN) DeLorme Publishing Company, Inc. $20.0 - - -Mar-03-2016 Nexonia Inc. ExpenseWatch, Inc. - - - -Mar-03-2016 Blenheim Chalcot Management Limited iJento Limited - - - -Mar-03-2016 Equiniti Group plc (LSE:EQN) KYCnet BV - - - -Mar-03-2016 BCD Meetings & Events LLC Plan 365, Inc. - - - -Mar-03-2016 Nielsen Holdings plc (NYSE:NLSN) Pointlogic - - - -Mar-03-2016 - Powa Technologies Limited, PowaTag Business - - - -Mar-03-2016 Greenlight Marketing Limited Powa Technologies Limited, PowaWeb Business - - - -Mar-03-2016 SuperCom Ltd. (NasdaqCM:SPCB) Safend Ltd. - $1.5 - -Mar-03-2016 Hexatom SARL Serveur Express SAS - - - -Mar-03-2016 Callcredit Information Group Limited Smart Analytics Limited - - - -Mar-03-2016 Vista Equity Partners Solera Holdings Inc. $1,140.9 $6,272.4 5.5x 15.2xMar-03-2016 Pioneer Credit Limited (ASX:PNC) SwitchMyLoan Pty Ltd. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMar-03-2016 Interswitch Limited VANSO International Corporation - $75.3 - -Mar-04-2016 PLABI Co., Ltd. Ad.Walk K.K. - - - -Mar-04-2016 Enghouse Systems Limited (TSX:ESL) Cellvision AS - - - -Mar-04-2016 Intelligent Content Enterprises Inc. (OTCPK:ICEI.F) Digital Widget Factory Inc. - $2.4 - -Mar-04-2016 Silverspin Media Ltd.; Blackspark Limited Gaming Realms plc, Third Party Platform

- $4.2 - -

Mar-04-2016 Placester, Inc. HomeFinder.com, LLC - - - -Mar-04-2016 Barnes & Noble Education, Inc. (NYSE:BNED) LoudCloud Systems, Inc. - $0.0 - -Mar-04-2016 E-LOUE SAS Rental Compare, LLC - - - -Mar-04-2016 Equiniti Group plc (LSE:EQN) RiskFactor Solutions Ltd - - - -Mar-04-2016 Imagenet Solutions Ltd Rivendell Europe Limited - - - -Mar-04-2016 IT Competence Group S.E. (DB:3IT) SERVICEPORTALS IT-Systeme GmbH - - - -Mar-04-2016 CACI Limited Stream:20, Ltd. - - - -Mar-04-2016 E2open, Inc. Terra Technology, LLC - - - -Mar-04-2016 Solvy Tech Solutions Pvt. Ltd. Upsilon Consulting Private Limited - $0.5 - -Mar-05-2016 Travelport Worldwide Limited (NYSE:TVPT) Galileo Japan K.K. - - - -Mar-06-2016 Comcast Corporation (NasdaqGS:CMCS.A) MobileReactor, LLC - - - -Mar-07-2016 Estina Ltd. AS Sertifitseerimiskeskus, DigiDoc Portal - - - -Mar-07-2016 Protector Holdings, LLC BetterWay Insurance Services LIC - - - -Mar-07-2016 Axioma, Inc. ConceptONE, LLC, Regulatory Reporting And Risk Reporting Units - - - -Mar-07-2016 DMG World Media Dubai Ltd. dmg EMS Africa - - - -Mar-07-2016 Scout24 Schweiz AG Gratis-Inserate.ch GmbH - - - -Mar-07-2016 Banco Bilbao Vizcaya Argentaria, S.A. (BME:BBVA) Holvi Oy - - - -Mar-07-2016 Attercopia Ltd. Label PR Limited - - - -Mar-07-2016 MORILLAS BRAND DESIGN, S.L. Red Code Marketing Partners SL - - - -Mar-07-2016 MSLGROUP Venus Communications Ltd. - - - -Mar-08-2016 SVM, LP 1to1 Card - - - -Mar-08-2016 Mic Network Inc. AntiHero Inc. - - - -Mar-08-2016 HoneyBook, Inc. AppMyDay - - - -Mar-08-2016 Superior Uniform Group Inc. (NasdaqGM:SGC) Bamko Inc. $31.5 $27.0 0.9x -Mar-08-2016 BuyMyPlace.com.au Limited (ASX:BMP) BuyMyHome Pty Ltd - $0.1 - -Mar-08-2016 Lamar Advertising Co. (NasdaqGS:LAMR) Clear Channel Outdoor Holdings Inc., Columbus Billboards - - - -Mar-08-2016 IBM Interactive Experience ecx.io germany GmbH - - - -Mar-08-2016 KNOWiNK, LLC Election Administrators, LLC - $1.0 - -Mar-08-2016 PASCO Scientific Inc. Ergopedia, Inc. - - - -Mar-08-2016 Booker Software, Inc. Frederick Labs, Inc. - - - -Mar-08-2016 Salem Media Group, Inc. (NasdaqGM:SALM) King James Bible Mobile Applications - $4.0 - -Mar-08-2016 Leaseweb USA, Inc. Nobis Technology Group, L.L.C. - - - -Mar-08-2016 Wharf T&T Limited PIHK Network Limited - - - -Mar-08-2016 Riot Games, Inc. Radiant Entertainment, Inc. - - - -Mar-08-2016 Intel Corporation (NasdaqGS:INTC) Replay Technologies Inc. - - - -Mar-08-2016 Cisco Systems, Inc. (NasdaqGS:CSCO) Synata, Inc - - - -Mar-08-2016 V.i. Laboratories, Inc. Trackerbird Limited - - - -Mar-08-2016 Reward Gateway (UK) Ltd. Yomp - - - -Mar-08-2016 UserZoom Technologies SL Youeye, Inc. - - - -Mar-09-2016 DigitalTown, Inc. (OTCPK:DGTW) Cloud.Market - - - -Mar-09-2016 Merit Capital Partners Icon Identity Solutions, Inc. - - - -Mar-09-2016 Facebook, Inc. (NasdaqGS:FB) Masquerade Technologies, Inc. - - - -Mar-09-2016 Airbus Group SE (ENXTPA:AIR) Navtech, Inc. $30.2 - - -Mar-09-2016 INRIX, Inc. OpenCar, Inc. - - - -Mar-09-2016 TrueNorthLogic, LLC Performance Matters LLC - - - -Mar-09-2016 AFK Media Group LLC Reboot Illinois, LLC - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMar-09-2016 Advantage Media Group, Inc. Shelton Interactive LLC $1.5 - - -Mar-09-2016 Toon Boom Animation Inc. Southpaw Technology, Tactic Studio Product - - - -Mar-09-2016 Businessol.Com, Inc UpWord Search Marketing, LLC - - - -Mar-09-2016 Mitratech Holdings, Inc. Viewabill - - - -Mar-09-2016 Web.com Group, Inc. (NasdaqGS:WEB) Yodle, Inc. $208.0 $342.0 1.6x -Mar-10-2016 OneMove Technologies Inc. Dye & Durham Corporation - - - -Mar-10-2016 iWin, Inc. Gamezebo, Inc. - - - -Mar-10-2016 Tableau Software, Inc. (NYSE:DATA) HyPer - - - -Mar-10-2016 Ikoula Net SAS Ikoula Nederland - - - -Mar-10-2016 EASYRECRUE SAS ImageInPeople - - - -Mar-10-2016 Nielsen Holdings plc (NYSE:NLSN) Informate Mobile Intelligence Pvt. Ltd. - - - -Mar-10-2016 WebLinc LLC Orderbot Software, Inc. - - - -Mar-10-2016 Postal Center International, Inc. Original Impressions, LLC - - - -Mar-10-2016 PMK-BNC, Inc. Prime Public Relations Inc. - - - -Mar-10-2016 eKomi, Ltd. Reputami GmbH - - - -Mar-10-2016 marketingQED Ltd. Scanmar BV - - - -Mar-10-2016 Research Horizons LLC Sterling Research Group, Inc. - - - -Mar-10-2016 ZARNet Telecel International Limited - $40.0 - -Mar-11-2016 AllOver Media, Inc. Astra Pacific Outdoor, LLC - - - -Mar-11-2016 Adseek, llc. BlogCatalog.com - - - -Mar-11-2016 Attraction World Limited Day Out With The Kids Ltd. - - - -Mar-11-2016 MCI Capital (WSE:MCI) Dotpay S.A. - $29.4 - -Mar-11-2016 Dentsu Aegis Network Ltd. Flock Advertising México S.A.P.I. DE C.V. - - - -Mar-11-2016 T Brand Studio HelloSociety, LLC - - - -Mar-11-2016 Next Fifteen Communications Group plc (AIM:NFC) Publitek Limited $8.5 $9.0 1.1x -Mar-11-2016 Harman International Industries, Incorporated (NYSE:HAR) TowerSec Inc. - - - -Mar-13-2016 Catena Media plc (OM:CTM) Portfolio of Several Websites in Italy and Belgium - $10.0 - -Mar-14-2016 Emperor Design Consultants Limited Accrue Fulton Limited - - - -Mar-14-2016 Vodacom (Pty) Ltd. Altech Autopage Cellular (Pty) Ltd., Vodacom Customer Base - - - -Mar-14-2016 App Annie Inc. AppScotch, Inc. - - - -Mar-14-2016 AgreeYa Solutions, Inc. Avake Technology Group, Inc. - - - -Mar-14-2016 Voonik Technologies Private Limited Cloudset Technologies Private Limited - - - -Mar-14-2016 kCura LLC Content Analyst Company, LLC - - - -Mar-14-2016 Cegeka NV Danube IT Services GmbH $17.3 - - -Mar-14-2016 Upland Software III, LLC Hipcricket, Inc. - - - -Mar-14-2016 FinTech Studios iubble inc. - - - -Mar-14-2016 Scribble Technologies Inc. Scompler GmbH - - - -Mar-14-2016 InVisionApp Inc. Silver Flows - - - -Mar-15-2016 Wige Media AG (XTRA:WIG) Alpwerk GmbH - - - -Mar-15-2016 Payoneer, Inc. Armor Payments, Inc. - - - -Mar-15-2016 Look Listen Inc. Big Scary Cranium LLC - - - -Mar-15-2016 Image Technology Laboratories Inc. (OTCPK:IMTL) Clear Arts, Inc. - - - -Mar-15-2016 Platts, Inc. Commodity Flow Limited - - - -Mar-15-2016 Aloysius Butler & Clark Associates, Inc. Davis Advertising Inc. - - - -Mar-15-2016 Motorsport.com, Inc. Factoria De Ideas Ediciones, S.L. - - - -Mar-15-2016 InnoGames GmbH Funatics Software GmbH - - - -Mar-15-2016 imavex, LLC Hot House Marketing Inc. - - - -Mar-15-2016 Ashampoo Systems GmbH & Co. KG Ocster GmbH & Co. KG - - - -Mar-15-2016 Property Connect Holdings Limited (ASX:PCH) Property Connect, Inc. - $10.0 - -Mar-15-2016 Now Web Solutions Pte. Ltd. Tsikot.com - - - -Mar-15-2016 YesBoss Group YesBoss Philippines - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMar-16-2016 Team2Venture GmbH Adtriboo, S.L. - - - -Mar-16-2016 Atea Sverige AB Barret AB - - - -Mar-16-2016 Beijing Sinnet Technology co., Ltd. (SZSE:300383) Beijing WuShuang Technology Inc. $33.9 $102.7 3.0x -Mar-16-2016 AG für die Neue Zürcher Zeitung bindexis Schweizer Bauinformation AG - - - -Mar-16-2016 Foxit Software Incorporated Debenu - - - -Mar-16-2016 Prosegur Compañía de Seguridad, S.A. (BME:PSG) Dognaedis Lda - - - -Mar-16-2016 Endless LLP Kesslers International Group Limited - - - -Mar-16-2016 German Startups Group Berlin GmbH & Co. KGaA (DB:GSJ) Unknown Stake in Book a Tiger and Friendsurance and Lingoda and Mister Spex and Savedo - - - -Mar-16-2016 Trig Media Group AB (publ) Webstamp World Wide AB - - - -Mar-17-2016 SiteOrganic, LLC Active Network, LLC, Faith Division - - - -Mar-17-2016 Nucleus Software Exports Limited (BSE:531209) Avon Mobility Solutions Pvt. Ltd. $0.1 - - -Mar-17-2016 Kickstarter, Inc. Drip.com, Inc. - - - -Mar-17-2016 Fullscreen, Inc. Fullscreen Direct - - - -Mar-17-2016 Magicbricks.com Invact Technologies Pvt. Ltd. - - - -Mar-17-2016 Thales e-Security, Inc. Vormetric, Inc. $53.5 $400.0 7.5x -Mar-18-2016 Foodpanda GmbH Delivery.com, LLC, Hong Kong Assets - - - -Mar-18-2016 Indus Net Technologies Pvt. Ltd. Influx ERP Solutions Pvt. Ltd. - - - -Mar-18-2016 Broad Horizon B.V. Open for Support bv - - - -Mar-18-2016 International Business Machines Corporation (NYSE:IBM) Optevia Ltd. - - - -Mar-18-2016 Native Games America, LLC Plaor Inc. - $3.5 - -Mar-18-2016 The International MLS Wasatch Digital Media LLC - - - -Mar-18-2016 WeWork Management LLC Welkio, Inc. - - - -Mar-18-2016 Microsoft Corporation (NasdaqGS:MSFT) Xamarin Inc. - - - -Mar-21-2016 Nimonik inc. Conformance Check, Inc. - - - -Mar-21-2016 Intrinity Limited Fireproof PR - - - -Mar-21-2016 Smart Commut Technologies Pvt., Ltd. H2O Cabs - - - -Mar-21-2016 gShift Labs Inc. InNetwork Inc. - - - -Mar-21-2016 Asure Software, Inc. (NasdaqCM:ASUR) Mangrove Software, Inc. - $18.4 - -Mar-21-2016 Bypass Mobile, LLC Parametric Dining, LLC - - - -Mar-21-2016 NS Intressenter AB PriceRunner Sweden AB - - - -Mar-21-2016 ANI Technologies Pvt. Ltd. Qarth Technologies Pvt. Ltd. - - - -Mar-21-2016 Smart Metering Systems Plc (AIM:SMS) Qton Solutions Limited $1.4 $4.2 2.9x 12.6xMar-21-2016 Binge Advisory Pvt Ltd Ruplee I Pay Solutions Private Limited - - - -Mar-21-2016 Intrinity Limited Smallporate Ltd - - - -Mar-21-2016 Solidifi Inc. The Eastco Group - $0.6 - -Mar-21-2016 BTL Group Ltd (TSXV:BTL) XAPCASH Technologies Inc. - $0.1 - -Mar-22-2016 ClicksMob, Inc. AppGrade, Inc. - - - -Mar-22-2016 Propel Business Services, Inc. Conversion Innovations, Inc. - $11.8 - -Mar-22-2016 Fruition, LLC Dan Seibert Consulting LLC - - - -Mar-22-2016 AspenCore LLC elektroda.pl - $4.2 - -Mar-22-2016 eDriving LLC Interactive Driving Systems Inc. and Mentor eData, LLC - - - -Mar-22-2016 reach4entertainment enterprises plc (AIM:R4E) Jampot Consulting Limited - $0.1 - -Mar-22-2016 Cisco Systems, Inc. (NasdaqGS:CSCO) Jasper Technologies, Inc. - $1,400.0 - -Mar-22-2016 NICE Systems Ltd. (TASE:NICE) Nexidia, Inc. - $135.0 - -Mar-22-2016 The G2G3 Group Ltd Orange Bus Limited - - - -Mar-22-2016 Omni S.A. - Crédito, Financiamento e Investimento Trigg Tecnologia Ltda - - - -Mar-22-2016 Influitive Corporation Triggerfox Corporation - - - -Mar-22-2016 Practice Unite LLC Uniphy Health Holdings LLC - - - -Mar-23-2016 FullContact Inc. Brewster, Inc. - - - -Mar-23-2016 Yellow Brick Road Holdings Limited (ASX:YBR) brightday - - - -Mar-23-2016 Solid Solutions Management Limited Cadtek Systems Ltd. - - - -

Acquirer




Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDAMar-23-2016 Falcon Investment Advisors, LLC; Trivergance, LLC; Loeb Landon Capital P Clarus Commerce, LLC - - - -Mar-23-2016 Inbrand AB Dominet AB - - - -Mar-23-2016 Galavantier, Inc. Enchanted Labs, Inc. - - - -Mar-23-2016 Hexagon AB (OM:HEXA B) Forming Technologies, Inc. - - - -Mar-23-2016 Dodge Data & Analytics, Inc. Ingenium Technologies Corporation - - - -Mar-23-2016 Olapic Inc. Piqora Inc. - - - -Mar-23-2016 IntraLinks Holdings, Inc. (NYSE:IL) Verilume, Inc. - - - -Mar-24-2016 wikiHow, Inc. GuideCentral - - - -Mar-24-2016 Yellow Pages Limited (TSX:Y) JUICE Mobile $18.7 $26.2 1.4x -Mar-24-2016 You42, Inc. Rivalry Games, Inc. - - - -Mar-24-2016 Ebates, Inc. Shopular, Inc. - - - -Mar-24-2016 Universal Software Solutions, Inc. Titan Consulting Group, Inc, Metridoc(TM) Document Content Management System - - - -Mar-24-2016 Sudler & Hennessey, LLC Viscira, LLC $17.0 - - -Mar-24-2016 AppDirect, Inc. Xendo, Inc. - - - -Mar-25-2016 carsales.com Limited (ASX:CAR) Chileautos - $18.1 - -Mar-25-2016 6fusion USA, Inc. MarkITx, LLC - - - -Mar-25-2016 Cloudera, Inc. Sense, Inc. - - - -Mar-26-2016 Grupa Interia.pl Sp. z o.o. sp. k. Mobiem Sp. z o.o. - - - -Mar-27-2016 Street Team Software Limited We-Represent Limited - $3.5 - -Mar-28-2016 Big Leap LLC Leadgenix Inc - - - -Mar-29-2016 Spearmint Resources Inc. (TSXV:SRJ) Airshare, Inc. - $0.1 - -Mar-29-2016 eBay Inc. (NasdaqGS:EBAY) Cargigi, Inc. - - - -Mar-29-2016 Meltwater News US Inc. Encore Alert - - - -Mar-29-2016 Tinder, Inc. Humin, Inc. - - - -Mar-29-2016 Royal Mail plc (LSE:RMG) Intersoft Systems & Programming Limited - - - -Mar-29-2016 MedStreaming, LLC M2S, Inc. - - - -Mar-29-2016 Collider Limited Maynard Malone Ltd. - - - -Mar-29-2016 Germinadora Monster Joy - - - -Mar-29-2016 - MSI Medical S.A. (WSE:ISA) $0.0 - - -Mar-29-2016 HootSuite Media Inc. Sales Prodigy Software Inc. - - - -Mar-29-2016 Acrodea, Inc. (TSE:3823) Xio Inc., Game Related Business - $1.6 - -Mar-30-2016 IPFone, Inc. IntelaCloud, LLC - - - -Mar-30-2016 Lendified Inc. Mentio Technologies Inc. - - - -Mar-30-2016 WbSrch MusicSrch.com - - - -Mar-30-2016 FilmTrack Inc. RoyaltyZone, Inc. - - - -Mar-30-2016 Careem Pakistan Networks Savaree Network (Pvt.) Ltd - - - -Mar-30-2016 Follett Corporation Wobo, Inc. - - - -Mar-31-2016 - Beijing Auto-serve Software Company Limited $2.7 $1.7 0.6x -Mar-31-2016 TDC A/S (CPSE:TDC) Cirque A/S - - - -Mar-31-2016 Evening Post Industries, Inc. Content That Works, L.L.C. - - - -Mar-31-2016 TierPoint, LLC CoSentry, Inc. $50.0 - - -Mar-31-2016 Kaliop SAS Fisheye Communication - - - -Mar-31-2016 Attercopia Ltd. Growth (UK) Ltd. - - - -Mar-31-2016 Vertafore, Inc. Keal Technology Inc. - - - -Mar-31-2016 Modica Group Papillon Technology Limited - $3.1 - -Mar-31-2016 Quora, Inc. Parlio - - - -Mar-31-2016 Morningstar Inc. (NasdaqGS:MORN) RequiSight, LLC - - - -Mar-31-2016 Toptal, LLC Skillbridge, Inc. - - - -Mar-31-2016 IK Investment Partners TeleComputing ASA - - - -Mar-31-2016 Sprinklr Inc. TigerLogic Corporation, Postano Social Media Content Curation and Visualization Business - $2.4 - -

Acquirer


SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Software Index: All Categories

Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue

Growth EV/ Revenue EV/ EBITDAForward

EV/ RevenueForward

EV/ EBITDA YTDSEG Software Index $2,488.4 $2,444.1 $724.3 67.4% 18.4% 7.7% 2.8x 14.8x 2.7x 11.4x -3.2% Billing & Service Management $1,322.7 $1,503.7 $578.8 58.8% 21.2% 0.2% 2.2x 10.3x 2.0x 8.1x -2.7% Business Intelligence $2,709.9 $2,389.9 $668.4 75.7% 14.9% 10.0% 2.9x 15.2x 2.8x 13.1x -5.0% Development Platforms $1,214.9 $1,104.1 $385.7 75.7% 17.7% 11.1% 2.9x 9.9x 2.7x 9.1x 5.4% Engineering & PLM $3,797.9 $4,219.2 $1,181.0 84.6% 19.3% 0.7% 3.5x 16.9x 3.6x 12.2x -7.9% Enterprise Resource Planning $9,778.0 $10,270.0 $2,172.2 58.6% 27.1% 6.1% 4.3x 16.6x 4.1x 10.5x -2.5% Financial & Accounting $3,328.9 $3,857.1 $1,046.0 54.8% 24.9% 6.1% 3.7x 16.8x 4.0x 13.4x -4.1% Gaming $3,735.6 $3,513.7 $1,672.9 67.1% 10.8% 8.4% 2.6x 18.9x 2.2x 9.9x 1.8% Healthcare $1,749.9 $1,968.7 $939.7 49.5% 12.5% 6.6% 2.0x 14.7x 1.8x 8.6x -6.8% IT Conglomerates $145,525.4 $159,575.8 $81,741.0 58.6% 27.5% -4.3% 4.3x 10.7x 4.0x 9.2x -2.6% Mobile Solutions/Content $633.0 $533.7 $249.9 54.1% 1.3% 17.3% 1.8x 26.0x 1.6x 11.6x -0.9% Networking & Network Performance Mgmt $1,068.7 $858.5 $308.6 75.5% 12.7% 5.0% 2.0x 9.5x 1.9x 7.7x -3.1% Security $1,253.1 $1,192.2 $253.4 74.5% 3.3% 25.4% 3.2x 11.4x 3.1x 15.7x -11.0% Storage, Data Mgmt & Integration $6,477.2 $4,445.0 $2,261.5 80.1% 10.7% 1.7% 2.2x 10.2x 2.3x 7.5x -0.9% Systems Management $12,832.1 $12,582.1 $3,275.6 84.9% 25.9% 10.1% 3.1x 14.8x 3.1x 8.1x -10.3% Vertical - Finance $6,669.3 $7,497.3 $1,075.0 43.0% 32.9% 7.4% 5.2x 16.6x 4.9x 13.1x 7.1% Vertical - Other $2,816.0 $3,209.7 $505.9 46.9% 16.4% 13.9% 4.8x 20.8x 4.2x 18.0x -9.3%

TTM Revenue Growth 7.7%TTM EBITDA Growth 10.4%TTM Earnings Growth -1.2%Gross Profit Margin 67.4%EBITDA Margin 18.4%Net Income Margin -17.3%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.4%

Current Ratio 1.9Quick Ratio 1.8Cash as Percent of Market Cap 13.3%Avg Days Outstanding: Accounts Receivable 65Avg Days Outstanding: Accounts Payable 26Working Capital to TTM Operating Expense Ratio 0.3x

Levered FCF Margin 5.1%Cash from Operations Growth (YoY) 37.5%Cash from Investing Growth (YoY) -32.7%Cash from Financing Growth (YoY) -4.9%Levered FCF Growth (YoY) 37.8%

Copyright © 2016 by SEG Capital Advisors, L.L.C., All Rights Reserved April 2016 Monthly Flash Report

Category Name

Income Statement Analysis (Median)

Balance Sheet Analysis (Median)

Cash Flow Statement Analysis (Median)

-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%SEG SW Index Software Stock Market Return: January - March 2016

DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management

Company Name Ticker Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmdocs Limited DOX $9,084.8 $7,898.9 $3,658.8 35.2% 18.9% 1.5% 2.2x 11.4x 2.1x 22.1x 4.7%CSG Systems International CSGS $1,460.0 $1,503.7 $752.5 49.5% 19.4% 0.2% 2.0x 10.3x 2.0x 8.3x 8.7%Evolving Systems EVOL $67.7 $69.3 $25.6 74.8% 21.2% -13.8% 2.7x 12.8x 2.3x 9.6x -2.7%MIND C.T.I. MNDO $38.8 $20.6 $20.9 58.8% 31.5% -16.4% 1.0x 3.1x n/a n/a -3.6%NeuStar NSR $1,322.7 $2,329.0 $1,050.0 72.7% 38.1% 9.0% 2.2x 5.8x 1.9x 4.1x 7.7%Redknee Solutions RKN $216.5 $231.0 $210.3 58.8% 9.3% -19.1% 1.1x 11.8x 1.1x 7.8x -31.4%Synchronoss Technologies SNCR $1,436.1 $1,526.9 $578.8 58.7% 27.2% 26.6% 2.6x 9.7x 2.3x 6.8x -16.9%

Median: $1,322.7 $1,503.7 $578.8 58.8% 21.2% 0.2% 2.2x 10.3x 2.0x 8.1x -2.7%

TTM Revenue Growth 0.2%TTM EBITDA Growth 11.7%TTM Earnings Growth 4.5%Gross Profit Margin 58.8%EBITDA Margin 21.2%Net Income Margin 11.4%SG&A Expenses as a % of Total Revenue 18.6%R&D Expenses as a % of Total Revenue 14.1%







-20%

-15%

-10%

-5%

0%

5%

10%Billing and Service Management Software Stock Market Return: January - March 2016

Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFair Isaac FICO $3,328.9 $3,857.1 $849.3 68.6% 23.0% 6.9% 4.5x 19.8x 4.4x 18.5x 6.9%MicroStrategy MSTR $2,049.7 $1,564.1 $529.9 80.9% 28.0% -8.6% 3.0x 10.5x 2.8x 8.2x -6.0%Pegasystems PEGA $1,935.8 $1,716.7 $682.7 68.7% 12.9% 15.7% 2.5x 19.5x 2.2x 13.1x -10.0%Progress Software PRGS $1,214.9 $1,104.1 $385.7 88.1% 22.2% 13.6% 2.9x 12.9x 2.6x 8.2x 5.4%PROS Holdings PRO $357.5 $309.6 $168.2 63.5% -25.1% -9.5% 1.8x n/a 2.0x n/a -50.5%Qlik Technologies QLIK $2,709.9 $2,389.9 $612.7 85.2% 0.6% 10.0% 3.9x 653.9x 3.4x 31.5x -24.2%Software AG XTRA:SOW $2,777.0 $2,794.3 $948.2 75.7% 29.8% 1.8% 2.9x 9.9x 2.8x 9.1x 24.4%Splunk SOW $6,477.2 $5,468.2 $668.4 82.9% -39.9% 48.3% 8.2x n/a 6.2x 89.2x -24.4%Teradata NYSE:TDC $3,382.8 $3,323.8 $2,530.0 50.4% 14.9% -7.4% 1.3x 8.8x 1.4x 5.6x -5.0%Varonis Systems TDC $477.1 $370.6 $127.2 90.6% -13.7% 25.5% 2.9x n/a 2.4x n/a 1.3%Verisk VRSK $13,429.3 $16,455.4 $2,068.0 61.2% 45.7% 18.4% 8.0x 17.4x 7.0x 15.1x -3.3%

Median: $2,709.9 $2,389.9 $668.4 75.7% 14.9% 10.0% 2.9x 15.2x 2.8x 13.1x -5.0%

TTM Revenue Growth 10.0%TTM EBITDA Growth 5.6%TTM Earnings Growth -9.7%Gross Profit Margin 75.7%EBITDA Margin 14.9%Net Income Margin -1.2%SG&A Expenses as a % of Total Revenue 43.3%R&D Expenses as a % of Total Revenue 15.4%


Levered FCF Margin 17.4%Cash from Operations Growth (YoY) 28.5%Cash from Investing Growth (YoY) 40.6%Cash from Financing Growth (YoY) 12.3%Levered FCF Growth (YoY) 9.1%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%Business Intelligence Software Stock Market Return: January - March 2016

Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBSQUARE BSQR $71.6 $41.9 $106.6 19.2% 6.6% 11.1% 0.4x 6.0x n/a n/a -4.8%Magic Software Enterprises MGIC $299.6 $234.0 $176.0 35.7% 17.1% 7.1% 1.3x 7.8x 1.2x n/a 23.6%Progress Software PRGS $1,214.9 $1,104.1 $385.7 88.1% 22.2% 13.6% 2.9x 12.9x 2.6x 8.2x 5.4%Red Hat RHT $13,607.4 $13,122.4 $2,052.2 84.9% 17.7% 14.7% 6.4x 36.0x 5.5x 20.8x -20.0%Software AG XTRA:SOW $2,777.0 $2,794.3 $948.2 75.7% 29.8% 1.8% 2.9x 9.9x 2.8x 9.1x 24.4%

Median: $1,214.9 $1,104.1 $385.7 75.7% 17.7% 11.1% 2.9x 9.9x 2.7x 9.1x 5.4%



Levered FCF Margin 24.5%Cash from Operations Growth (YoY) -4.9%Cash from Investing Growth (YoY) 94.2%Cash from Financing Growth (YoY) -59.4%Levered FCF Growth (YoY) 21.6%





-20%

-15%

-10%

-5%

0%

5%

10%Development Platforms Software Stock Market Return: January - March 2016

Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDANSYS ANSS $7,865.1 $7,080.5 $942.8 88.5% 45.8% 0.7% 7.5x 16.4x 7.0x 13.6x -7.9%Aspen Technology AZPN $3,012.9 $2,812.3 $464.9 89.3% 44.4% 10.7% 6.0x 13.6x 5.7x 12.8x -10.3%Autodesk ADSK $13,090.2 $12,327.0 $2,504.1 85.2% 5.9% -0.3% 4.9x 83.8x 6.2x n/a -14.2%Cadence Design Systems CDNS $7,155.9 $6,793.5 $1,702.1 86.0% 24.0% 7.7% 4.0x 16.6x 3.7x 12.2x 5.0%Dassault Systèmes DSY $20,143.6 $18,626.5 $3,083.9 84.6% 27.2% 23.8% 6.0x 22.2x 5.3x 15.6x -1.6%GSE Systems GVP $48.9 $37.8 $56.8 25.3% 1.8% 51.3% 0.7x 36.7x n/a n/a -12.6%Mentor Graphics MENT $2,173.9 $2,112.6 $1,181.0 84.6% 18.9% -5.1% 1.8x 9.5x 1.7x 7.4x 4.7%Parametric Technology PTC $3,797.9 $4,219.2 $1,220.8 73.6% 19.3% -10.1% 3.5x 17.9x 3.5x 13.0x -8.4%PDF Solutions PDFS $417.6 $291.5 $98.0 60.4% 23.9% -2.2% 3.0x 12.5x 2.7x 9.0x 9.1%Stratasys SSYS $1,350.5 $1,094.9 $696.0 44.0% -1.6% -7.2% 1.6x n/a 1.5x 7.2x -23.2%Synopsys SNPS $7,340.0 $6,861.6 $2,268.8 82.0% 17.7% 7.0% 3.0x 17.1x 2.9x 9.6x -0.4%

Median: $3,797.9 $4,219.2 $1,181.0 84.6% 19.3% 0.7% 3.5x 16.9x 3.6x 12.2x -7.9%

TTM Revenue Growth 0.7%TTM EBITDA Growth 0.1%TTM Earnings Growth -14.0%Gross Profit Margin 84.6%EBITDA Margin 19.3%Net Income Margin 9.7%SG&A Expenses as a % of Total Revenue 30.9%R&D Expenses as a % of Total Revenue 18.9%







-20%

-15%

-10%

-5%

0%

5%

10%Engineering & PLM Software Stock Market Return: January - March 2016

Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmerican Software AMSW.A $259.6 $194.9 $112.6 51.5% 13.5% 11.3% 1.7x 12.8x 1.7x 9.9x -4.0%Oracle ORCL $169,770.8 $159,575.8 $37,159.0 58.6% 40.1% -4.3% 4.3x 10.7x 4.2x 9.2x 2.9%QAD QADA $387.6 $264.5 $277.9 54.4% 5.7% -5.8% 1.0x 16.6x 0.9x 10.5x -2.5%Sage Group LSE:SGE $9,778.0 $10,270.0 $2,172.2 94.0% 27.1% 6.1% 4.7x 17.5x 4.7x 16.3x -2.6%SAP DB:SAP $96,845.5 $103,434.0 $22,582.7 68.1% 27.5% 18.4% 4.6x 16.7x 4.1x 12.1x -0.8%

Median: $9,778.0 $10,270.0 $2,172.2 58.6% 27.1% 6.1% 4.3x 16.6x 4.1x 10.5x -2.5%

TTM Revenue Growth 6.1%TTM EBITDA Growth -5.8%TTM Earnings Growth -16.2%Gross Profit Margin 58.6%EBITDA Margin 27.1%Net Income Margin 13.5%SG&A Expenses as a % of Total Revenue 31.0%R&D Expenses as a % of Total Revenue 14.3%


Levered FCF Margin 16.3%Cash from Operations Growth (YoY) 4.0%Cash from Investing Growth (YoY) 54.2%Cash from Financing Growth (YoY) -99.4%Levered FCF Growth (YoY) -6.5%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%

4%Enterprise Resource Planning Software Stock Market Return: January - March 2016

Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDACI Worldwide ACIW $2,475.5 $3,347.8 $1,046.0 54.8% 16.7% 2.9% 3.2x 19.2x 3.3x 12.9x -9.7%Bottomline Technologies EPAY $1,155.5 $1,191.3 $336.3 57.8% 12.8% 3.9% 3.5x 27.8x 3.3x 15.5x -1.6%DST Systems DST $3,815.0 $4,302.6 $2,825.1 15.3% 14.3% 2.8% 1.5x 10.6x 2.0x 9.2x -6.0%Evertec EVTC $1,063.7 $1,700.4 $372.9 55.0% 45.0% 3.3% 4.6x 10.1x 4.5x 9.3x -26.9%Fair Isaac FICO $3,328.9 $3,857.1 $849.3 68.6% 23.0% 6.9% 4.5x 19.8x 4.4x 18.5x 6.9%First Data Corp FDC $11,635.7 $33,868.7 $7,764.0 58.4% 30.6% 2.9% 4.4x 14.3x 2.9x 11.7x -19.9%Fiserv FISV $22,868.9 $26,886.9 $5,254.0 44.6% 30.5% 3.7% 5.1x 16.8x 4.8x 13.9x 6.8%Intuit INTU $26,712.0 $27,623.0 $4,467.0 84.0% 29.1% 6.4% 6.2x 21.2x 5.8x 15.3x 2.7%Model N MODN $291.3 $220.9 $96.2 53.7% -18.5% 16.8% 2.3x n/a 2.0x n/a -4.1%NetSol Technologies NETSOL $56.0 $59.0 $37.2 30.7% 24.9% 49.7% 1.6x 6.4x n/a n/a 2.1%Sage Group LSE:SGE $9,778.0 $10,270.0 $2,172.2 94.0% 27.1% 6.1% 4.7x 17.5x 4.7x 16.3x -2.6%Square SQ $5,122.8 $4,652.1 $1,267.1 29.6% -7.5% 49.0% 3.7x n/a 7.4x n/a -14.1%Qiwi QIWI $875.5 $608.4 $246.4 52.1% 30.2% 20.4% 2.5x 8.2x 3.7x 6.5x -36.7%

Median: $3,328.9 $3,857.1 $1,046.0 54.8% 24.9% 6.1% 3.7x 16.8x 4.0x 13.4x -4.1%



Levered FCF Margin 12.1%Cash from Operations Growth (YoY) 4.7%Cash from Investing Growth (YoY) -43.7%Cash from Financing Growth (YoY) -8.2%Levered FCF Growth (YoY) -18.0%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%Financial & Accounting Software Stock Market Return: January - March 2016

Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDActivision Blizzard ATVI $24,872.3 $27,120.3 $4,664.0 66.0% 30.4% 5.8% 5.8x 19.1x 4.3x 12.5x -15.8%Electronic Arts EA $20,448.5 $17,559.5 $4,273.0 68.1% 22.0% -4.0% 4.1x 18.6x 3.8x 11.7x -2.8%GameLoft SA GFT $727.2 $685.1 $278.2 84.9% 2.9% 12.7% 2.5x 84.2x 2.2x 14.4x 13.4%Konami TSE: 9766 $4,008.2 $3,381.0 $2,009.3 36.0% 18.6% 11.0% 1.7x 9.1x 1.6x 8.1x 3.6%Take-Two Interactive TTWO $3,194.9 $2,471.8 $1,336.6 23.1% -15.8% 36.7% 1.8x n/a 1.4x 7.6x 5.3%Ubisoft Entertainment UBI $3,463.0 $3,646.4 $1,324.6 76.1% -7.7% -0.9% 2.8x n/a 2.1x 4.8x -0.1%

Median: $3,735.6 $3,513.7 $1,672.9 67.1% 10.8% 8.4% 2.6x 18.9x 2.2x 9.9x 1.8%








-25%

-20%

-15%

-10%

-5%

0%

5%Gaming Software Stock Market Return: January - March 2016

Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAccretive Health AH $18,428.5 $19,746.2 $41,500.2 27.1% 6.0% 16.6% 0.5x 7.9x 0.4x 6.9x 4.6%Allscripts Healthcare Solutions MDRX $2,501.2 $3,021.1 $1,386.4 47.8% 8.1% 0.6% 2.2x 26.9x 2.1x 10.9x -13.2%Cerner CERN $18,007.3 $18,099.3 $4,352.5 84.4% 27.7% 31.4% 4.2x 15.0x 3.6x 10.7x -12.2%Computer Programs and Sys CPSI $699.7 $663.9 $182.2 40.7% 18.3% -11.0% 3.6x 20.0x 2.1x 7.6x 16.1%Omnicell OMCL $998.6 $916.4 $484.6 51.2% 13.4% 9.9% 1.9x 14.1x 1.3x 8.4x -5.9%Quality Systems QSII $927.9 $823.1 $493.0 54.9% 11.6% 3.3% 1.7x 14.4x 1.5x 8.8x -7.7%

Median: $1,749.9 $1,968.7 $939.7 49.5% 12.5% 6.6% 2.0x 14.7x 1.8x 8.6x -6.8%



Levered FCF Margin 5.9%Cash from Operations Growth (YoY) -4.4%Cash from Investing Growth (YoY) -125.7%Cash from Financing Growth (YoY) 38.0%Levered FCF Growth (YoY) -2.2%





-18%

-16%

-14%

-12%

-10%

-8%

-6%

-4%

-2%

0%

2%Healthcare Software Stock Market Return: January - March 2016

Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDHewlett Packard HPQ $21,399.1 $24,443.1 $101,743.0 23.9% 10.8% 4.7% 0.2x 2.2x 0.5x 5.5x -7.8%IBM IBM $145,525.4 $177,385.4 $81,741.0 49.8% 24.6% -11.9% 2.2x 8.8x 2.3x 9.0x -2.6%Microsoft MSFT $436,830.8 $379,384.8 $88,084.0 64.0% 34.6% -5.7% 4.3x 12.5x 4.0x 11.1x -6.5%Oracle ORCL $169,770.8 $159,575.8 $37,159.0 58.6% 40.1% -4.3% 4.3x 10.7x 4.2x 9.2x 2.9%SAP AG DB:SAP $96,845.5 $103,434.0 $22,582.7 68.1% 27.5% 18.4% 4.6x 16.7x 4.1x 12.1x -0.8%

Median: $145,525 $159,576 $81,741.0 58.6% 27.5% -4.3% 4.3x 10.7x 4.0x 9.2x -2.6%

TTM Revenue Growth -4.3%TTM EBITDA Growth -9.4%TTM Earnings Growth -18.3%Gross Profit Margin 58.6%EBITDA Margin 27.5%Net Income Margin 14.7%SG&A Expenses as a % of Total Revenue 22.1%R&D Expenses as a % of Total Revenue 13.6%


Levered FCF Margin 21.7%Cash from Operations Growth (YoY) -2.7%Cash from Investing Growth (YoY) 26.1%Cash from Financing Growth (YoY) -7.2%Levered FCF Growth (YoY) -7.8%





-20%

-15%

-10%

-5%

0%

5%

10%IT Conglomerates Software Stock Market Return: January - March 2016

IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBango PLC BGO $39.9 $23.0 $4.7 39.6% -142.1% -37.2% 4.9x n/a n/a n/a -62.6%iDream Sky Technologies DSKY $633.0 $533.7 $223.8 39.9% 1.3% n/a 2.4x 182.5x 1.8x 9.1x 1.1%Glu Mobile GLUU $372.8 $192.3 $249.9 60.7% 2.5% 12.0% 0.8x 30.8x 0.7x n/a 53.3%Gree TSE:3632 $1,293.2 $608.5 $668.4 72.2% 24.8% -25.0% 0.9x 3.7x 1.0x 4.4x -0.9%MobileIron MOBL $372.4 $275.6 $149.3 81.1% -46.2% 12.9% 1.8x n/a 1.6x n/a -8.4%Momo MOMO $1,801.2 $1,331.8 $134.0 77.4% 9.2% 199.4% 9.9x 108.6x 6.3x n/a -23.8%Myriad Group AG MYRN $357.5 $325.1 $27.3 51.7% -55.1% -32.1% 11.9x n/a n/a n/a 6.8%NQ Mobile NQ $434.0 $415.5 $406.7 22.0% -2.9% 22.4% 1.0x n/a 1.9x n/a 7.1%Opera OPERA $1,166.6 $1,234.9 $615.9 33.0% 16.1% 28.1% 2.0x 12.4x 1.7x 11.6x 38.6%Qihoo 360 Technology QIHU $9,576.8 $10,064.4 $1,630.3 77.2% 27.0% 64.2% 6.2x 22.9x 4.5x 15.4x -0.9%Pandora Media P $2,037.9 $1,901.9 $1,164.0 47.1% -5.8% 26.4% 1.6x n/a 1.3x n/a -16.6%Synchronoss Technologies SNCR $1,436.1 $1,526.9 $578.8 58.7% 27.2% 26.6% 2.6x 9.7x 2.3x 6.8x -16.9%Tangoe TNGO $311.1 $279.6 $219.4 54.1% 4.4% 5.7% 1.3x 29.0x 1.2x 14.2x -0.2%TeleNav TNAV $244.1 $133.8 $174.8 47.8% -18.7% 21.7% 0.8x n/a 0.7x n/a 4.7%Zynga ZNGA $1,967.5 $980.3 $764.7 69.3% -6.4% 10.8% 1.3x n/a 1.3x 22.5x -18.2%

Median: $633 $534 $250 54.1% 1.3% 17.3% 1.8x 26.0x 1.6x 11.6x -0.9%

TTM Revenue Growth 17.3%TTM EBITDA Growth 6.4%TTM Earnings Growth 11.6%Gross Profit Margin 54.1%EBITDA Margin 1.3%Net Income Margin -2.9%SG&A Expenses as a % of Total Revenue 38.1%R&D Expenses as a % of Total Revenue 22.3%


Levered FCF Margin 5.9%Cash from Operations Growth (YoY) 20.1%Cash from Investing Growth (YoY) 5.6%Cash from Financing Growth (YoY) -2.4%Levered FCF Growth (YoY) 14.8%





-20%

-15%

-10%

-5%

0%

5%Mobile Solutions/Content Software Stock Market Return: January - March 2016

Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDA10 Networks ATEN $380.7 $282.6 $199.0 75.5% -13.8% 10.8% 1.4x n/a 1.2x n/a -3.1%Allot Communications ALLT $175.6 $52.5 $100.0 72.4% -4.3% -14.7% 0.5x n/a 0.5x 6.6x -23.3%Barracuda Networks CUDA $817.8 $668.4 $308.6 78.6% 1.1% 16.2% 2.2x 189.4x 2.0x 12.0x -29.7%Brocade Communications Systems BRCD $4,238.7 $3,644.8 $2,261.5 67.5% 25.0% 1.7% 1.6x 6.5x 1.6x 6.2x 7.6%Cisco Systems CSCO $143,264.5 $107,495.5 $49,589.0 61.2% 28.8% 3.1% 2.2x 7.5x 2.2x 7.0x -0.9%F5 Networks FFIV $6,421.8 $5,630.3 $1,946.5 82.6% 30.5% 8.8% 2.9x 9.5x 2.8x 8.1x -0.8%Gigamon GIMO $1,068.7 $858.5 $222.0 79.4% 7.7% 41.3% 3.9x 50.0x 3.1x 13.8x 4.5%Juniper Networks JNPR $9,760.2 $9,760.9 $4,857.8 63.3% 22.2% 5.0% 2.0x 9.1x 1.9x 7.2x -9.5%Radware RDWR $535.9 $405.2 $216.6 82.4% 12.7% -2.4% 1.9x 14.8x 1.9x 17.6x -22.0%

Median: $1,068.7 $858.5 $308.6 75.5% 12.7% 5.0% 2.0x 9.5x 1.9x 7.7x -3.1%

TTM Revenue Growth 5.0%TTM EBITDA Growth -0.6%TTM Earnings Growth 10.1%Gross Profit Margin 75.5%EBITDA Margin 12.7%Net Income Margin 8.6%SG&A Expenses as a % of Total Revenue 51.0%R&D Expenses as a % of Total Revenue 22.3%







April 2016 Monthly Flash Report

-25%

-20%

-15%

-10%

-5%

0%

5%

Networking/Network Performance Mgmt Software Stock Market Return: January - March 2016

Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAVG Technologies AVG $1,086.0 $1,202.5 $428.3 84.9% 29.0% 14.5% 2.8x 9.7x 2.7x 7.5x -0.7%Barracuda Networks CUDA $817.8 $668.4 $308.6 78.6% 1.1% 16.2% 2.2x 189.4x 2.0x 12.0x -29.7%Cyberark Software CYBR $1,420.1 $1,181.8 $160.8 85.9% 21.8% 56.1% 7.3x 33.7x 5.7x 26.3x -14.5%Check Point Software Tech CHKP $15,819.3 $14,535.1 $1,629.8 88.5% 52.3% 9.0% 8.9x 17.1x 8.3x 14.5x 4.5%A10 Networks ATEN $380.7 $282.6 $199.0 75.5% -13.8% 10.8% 1.4x n/a 1.2x n/a -3.1%Cyren CYRN $69.2 $57.0 $27.8 70.0% -5.9% -13.0% 2.1x n/a 1.8x n/a -20.2%Fortinet FTNT $5,256.2 $4,364.9 $1,009.3 71.6% 5.5% 31.0% 4.3x 78.3x 3.5x 19.6x -6.1%Guidance Software GUID $138.3 $119.4 $107.0 66.7% -7.2% -1.5% 1.1x n/a 1.1x n/a -6.3%Imperva IMPV $1,629.1 $1,364.3 $234.3 79.7% -18.5% 42.9% 5.8x n/a 4.5x 101.4x -27.5%Palo Alto Networks PANW $14,416.8 $13,949.7 $1,150.0 72.9% -10.6% 55.6% 12.1x n/a 8.9x 38.2x -15.6%Proofpoint PFPT $2,213.8 $2,153.4 $265.4 68.3% -20.9% 35.7% 8.1x n/a 6.2x 166.6x -26.1%Rapid7 RPD $543.6 $457.1 $110.5 73.5% -35.6% 43.8% 4.1x n/a 3.1x n/a -8.5%Sourcefire FIRE $30.1 $28.3 $21.2 36.0% 15.7% 33.9% 1.3x 8.5x n/a n/a -11.1%Symantec SYMC $11,987.8 $11,458.8 $6,178.0 83.5% 31.5% 32.0% 1.9x 5.9x 3.2x 9.4x -6.6%Trend Micro TSE:4704 $5,005.2 $3,708.0 $1,034.3 82.9% 31.6% 7.9% 3.6x 11.4x 3.0x 10.1x -10.8%VASCO VDSI $611.3 $487.8 $241.4 60.5% 22.6% 19.8% 2.0x 8.9x 2.3x 15.7x -17.4%

Median: $1,253.1 $1,192.2 $253.4 74.5% 3.3% 25.4% 3.2x 11.4x 3.1x 15.7x -11.0%

TTM Revenue Growth 25.4%TTM EBITDA Growth -1.4%TTM Earnings Growth -1.0%Gross Profit Margin 74.5%EBITDA Margin 3.3%Net Income Margin -6.3%SG&A Expenses as a % of Total Revenue 54.1%R&D Expenses as a % of Total Revenue 20.5%







-25%

-20%

-15%

-10%

-5%

0%

5%Security Software Stock Market Return: January - March 2016

Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBrocade BRCD $4,238.7 $3,644.8 $2,261.5 67.5% 25.0% 1.7% 1.6x 6.5x 1.6x 6.2x 7.6%CA CA $12,832.1 $12,582.1 $4,039.0 85.4% 30.5% -6.6% 3.1x 10.2x 3.1x 8.1x 5.0%Cisco Systems CSCO $143,264.5 $107,495.5 $49,589.0 61.2% 28.8% 3.1% 2.2x 7.5x 2.2x 7.0x -0.9%CommVault Systems CVLT $1,949.8 $1,548.7 $586.3 85.9% 1.4% -4.5% 2.6x 184.1x 2.5x 19.4x -1.3%EMC EMC $51,888.8 $50,966.8 $24,704.0 60.7% 19.7% 1.1% 2.1x 10.5x 2.0x 7.5x 2.1%FalconStor Software FALC $56.0 $50.4 $48.6 80.1% 0.7% 5.0% 1.0x 139.7x n/a n/a -26.1%NetApp NTAP $7,978.0 $4,445.0 $5,705.7 61.2% 10.7% -8.4% 0.8x 7.3x 0.8x 4.1x -3.9%Splunk SPLK $6,477.2 $5,468.2 $668.4 82.9% -39.9% 48.3% 8.2x n/a 6.2x 89.2x -24.4%Varonis Systems VRNS $477.1 $370.6 $127.2 90.6% -13.7% 25.5% 2.9x n/a 2.4x n/a 1.3%

Median: $6,477.2 $4,445.0 $2,261.5 80.1% 10.7% 1.7% 2.2x 10.2x 2.3x 7.5x -0.9%









-20%

-15%

-10%

-5%

0%

5%Storage, Data Management & Integration Software Stock Market Return: January - March 2016

Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCA Technologies CA $12,832.1 $12,582.1 $4,039.0 85.4% 30.5% -6.6% 3.1x 10.2x 3.1x 8.1x 5.0%Citrix Systems CTXS $12,099.7 $12,553.4 $3,275.6 85.2% 25.9% 4.2% 3.8x 14.8x 3.8x 11.7x -4.7%Netscout Systems NTCT $2,264.2 $2,155.9 $788.9 68.2% 12.0% 76.6% 2.7x 22.9x 1.8x 5.7x -31.6%Red Hat RHT $13,607.4 $13,122.4 $2,052.2 84.9% 17.7% 14.7% 6.4x 36.0x 5.5x 20.8x -20.0%VMWare VMW $22,158.0 $16,153.0 $6,647.0 84.7% 26.7% 10.1% 2.4x 9.1x 2.3x 6.6x -10.3%

Median: $12,832.1 $12,582.1 $3,275.6 84.9% 25.9% 10.1% 3.1x 14.8x 3.1x 8.1x -10.3%








-25%

-20%

-15%

-10%

-5%

0%

5%

Systems Management Software Stock Market Return: January - March 2016

Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBroadridge Financial BR $7,048.0 $7,497.3 $2,797.5 31.7% 21.2% 6.7% 2.7x 12.6x 2.5x 11.6x 7.1%Fidessa LSE:FDSA $1,339.6 $1,226.8 $435.7 19.5% 17.0% 7.4% 2.8x 16.6x 2.8x 10.6x 9.4%Jack Henry & Associates JKHY $6,669.3 $6,714.5 $1,297.9 43.0% 35.0% 6.4% 5.2x 14.8x 4.9x 13.9x 7.8%MSCI MSCI $7,286.3 $8,088.0 $1,075.0 75.1% 44.8% 7.9% 7.5x 16.8x 7.1x 15.3x 0.2%SS&C SSNC $6,262.7 $8,579.9 $1,000.3 47.1% 32.9% 30.3% 8.6x 26.0x 5.7x 13.1x -12.2%

Median: $6,669.3 $7,497.3 $1,075.0 43.0% 32.9% 7.4% 5.2x 16.6x 4.9x 13.1x 7.1%



Levered FCF Margin 13.6%Cash from Operations Growth (YoY) 6.1%Cash from Investing Growth (YoY) -109.1%Cash from Financing Growth (YoY) 27.2%Levered FCF Growth (YoY) 5.6%






-20%

-15%

-10%

-5%

0%

5%

10%

15%Vertical - Finance Software Stock Market Return:January - March 2016

Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBlackbaud BLKB $2,816.0 $3,209.7 $637.9 52.5% 16.4% 13.0% 5.0x 30.7x 4.4x 18.0x -11.1%Constellation TSX:CSU $8,690.1 $8,879.2 $1,838.3 36.8% 23.2% 10.1% 4.8x 20.8x 4.2x 16.4x 5.0%EPIQ Systems EPIQ $565.8 $925.7 $505.9 51.0% 15.5% 13.9% 1.8x 11.8x 1.7x 8.2x 6.0%Guidewire Software GWRE $3,925.5 $3,334.6 $395.8 62.8% 5.4% 7.1% 8.4x 154.8x 7.7x 39.9x -15.3%Sapiens International SPNS $585.4 $523.5 $185.6 40.1% 15.4% 17.9% 2.8x 18.3x 2.5x 15.4x 14.8%Silver Spring Networks SSNI $750.6 $626.4 $489.6 46.1% 20.1% 155.9% 1.3x 6.4x 2.1x 35.4x -9.3%Tyler Technologies TYL $4,654.9 $4,674.4 $591.0 46.9% 21.8% 19.9% 7.9x 36.2x 6.1x 21.2x -28.0%

Median: $2,816.0 $3,209.7 $505.9 46.9% 16.4% 13.9% 4.8x 20.8x 4.2x 18.0x -9.3%








-25%

-20%

-15%

-10%

-5%

0%

5%Vertical - Other Software Stock Market Return: January - March 2016

Vertical - Other S&P NASDAQ SEG SW Index

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG SaaS Index: All Categories

Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG SaaS Index $885.7 $768.7 $196.6 67.2% -6.5% 28.6% 4.3x 32.9x 3.3x 25.7x -20.4% CRM & Marketing $949.9 $809.6 $209.3 68.0% -14.3% 28.0% 3.8x 107.9x 3.0x 26.3x -25.2% ERP & Supply Chain $723.3 $594.2 $158.5 68.0% -8.3% 23.9% 3.7x 30.3x 3.1x 22.6x -26.7% Vertically Focused $987.7 $840.6 $149.4 62.6% 0.1% 33.4% 5.3x 32.9x 3.9x 20.5x -18.0% Human Capital Management $1,321.2 $1,269.9 $198.3 61.5% -3.1% 27.8% 5.2x 67.5x 4.1x 42.2x -13.5% SaaS Other $552.0 $526.1 $205.2 70.6% -8.2% 28.9% 3.8x 30.1x 3.0x 33.2x -19.8%

TTM Revenue Growth 28.6%TTM EBITDA Growth 10.4%TTM Earnings Growth -1.2%Gross Profit Margin 67.2%EBITDA Margin -6.5%Net Income Margin -17.3%SG&A Expenses as a % of Total Revenue 55.6%R&D Expenses as a % of Total Revenue 18.4%




Category Name




-35%

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-25%

-20%

-15%

-10%

-5%

0%

5%SEG SaaS Index Stock Market Return: January - March 2016

DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBazaarvoice BV $256.2 $204.2 $197.4 61.6% -9.2% 6.1% 1.0x n/a 1.0x 62.1x -26.3%Cvent NYSE:CVT $1,031.2 $850.6 $361.9 68.2% 0.5% 32.0% 4.0x 807.7x 3.3x 26.3x -41.3%HubSpot HUBS $1,513.9 $1,410.2 $181.9 73.7% -24.0% 57.0% 7.8x n/a 5.6x n/a -24.1%LivePerson LPSN $335.7 $286.9 $239.0 70.6% 7.1% 13.9% 1.2x 16.9x 1.2x 12.7x -23.3%Marketo MKTO $868.6 $768.7 $209.9 65.6% -26.5% 40.0% 3.7x n/a 2.8x n/a -38.7%Marin Software MRIN $115.1 $80.8 $108.5 63.2% -19.4% 9.2% 0.7x n/a 0.7x 18.5x -12.0%Salesforce.com CRM $49,532.5 $50,247.5 $6,667.2 75.2% 7.0% 24.1% 7.5x 107.9x 6.2x 30.2x -11.7%Zendesk ZEN $1,894.3 $1,648.7 $208.8 67.8% -32.8% 64.3% 7.9x n/a 5.5x n/a -29.8%

Median: $949.9 $809.6 $209.3 68.0% -14.3% 28.0% 3.8x 107.9x 3.0x 26.3x -25.2%



Levered FCF Margin 5.5%Cash from Operations Growth (YoY) 38.3%Cash from Investing Growth (YoY) -40.8%Cash from Financing Growth (YoY) -27.1%Levered FCF Growth (YoY) -0.6%






-45%

-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%CRM & Marketing SaaS Stock Market Return: January - March 2016

CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAmber Road AMBR $142.4 $147.7 $67.1 45.0% -33.6% 3.5% 2.2x n/a 2.0x n/a -8.0%Apigee Corporation APIC $247.6 $176.4 $79.4 68.0% -53.3% 28.3% 2.2x n/a 1.7x n/a -32.6%Fleetmatics FLTX $1,575.0 $1,425.6 $284.8 74.3% 24.0% 23.0% 5.0x 20.9x 4.1x 12.3x -28.2%Netsuite N $5,478.1 $5,397.3 $741.1 66.9% -8.3% 33.2% 7.3x n/a 5.6x 64.5x -26.7%SciQuest SQI $386.6 $244.1 $105.4 68.1% 7.7% 3.4% 2.3x 30.3x 2.2x 10.4x -5.2%SPS Commerce SPSC $723.3 $594.2 $158.5 68.4% 10.5% 23.9% 3.7x 35.8x 3.1x 22.6x -34.0%Workday WDAY $14,983.8 $13,521.8 $1,162.3 67.8% -15.6% 47.5% 11.6x n/a 8.7x 100.4x -22.3%

Median: $723.3 $594.2 $158.5 68.0% -8.3% 23.9% 3.7x 30.3x 3.1x 22.6x -26.7%

TTM Revenue Growth 23.9%TTM EBITDA Growth 17.3%TTM Earnings Growth 17.7%Gross Profit Margin 68.0%EBITDA Margin -8.3%Net Income Margin -16.8%SG&A Expenses as a % of Total Revenue 52.9%R&D Expenses as a % of Total Revenue 23.1%








-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%ERP & Supply Chain SaaS Stock Market Return: January - March 2016

ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD2U TWOU $1,038.8 $855.0 $150.2 78.7% -16.6% 36.2% 5.7x n/a 4.3x n/a -17.3%Alarm.com ALRM $1,081.9 $960.2 $208.9 63.0% 14.4% 24.8% 4.6x 31.8x 4.0x 23.4x 23.1%AppFolio APPF $410.9 $388.6 $75.0 54.8% -16.1% 57.3% 5.2x n/a 3.8x n/a -16.2%Athenahealth ATHN $5,406.5 $5,562.7 $924.7 60.4% 6.6% 22.9% 6.0x 91.4x 5.0x 23.9x -18.4%Castlight Health CSLT $321.9 $201.5 $75.3 55.2% -103.8% 65.1% 2.7x n/a 2.0x n/a -20.0%DealerTrack TRAK $111.0 $114.2 $31.9 46.0% 13.7% 39.7% 3.6x 26.1x 3.0x 16.5x -36.9%Ebix EBIX $1,372.4 $1,520.8 $265.5 72.7% 36.8% 23.9% 5.7x 15.5x 5.4x 13.9x 18.5%Ellie Mae ELLI $2,688.6 $2,609.8 $253.9 67.1% 18.9% 57.2% 10.3x 54.3x 8.1x 28.0x 39.9%Instructure INST $490.9 $400.1 $73.2 67.1% -67.9% 65.0% 5.5x n/a 3.7x n/a -35.9%Medical Transcript MTBC $10.5 $10.5 $23.1 49.6% -6.5% 26.1% 0.5x n/a 0.4x 5.2x -30.0%Medidata Solutions MDSO $2,179.8 $2,162.9 $392.5 77.1% 10.2% 17.1% 5.5x 54.0x 4.7x 20.2x -27.1%OPOWER OPWR $362.2 $301.7 $148.7 62.3% -27.1% 15.8% 2.0x n/a 1.9x n/a -20.8%RealPage RP $1,640.1 $1,649.2 $468.5 57.6% 11.3% 15.8% 3.5x 31.2x 2.9x 13.9x -9.3%Textura TXTR $488.0 $409.3 $86.7 82.4% -9.1% 37.7% 4.7x n/a 3.8x 21.0x -17.6%Q2 Holdings QTWO $936.6 $826.1 $108.9 45.7% -14.8% 37.6% 7.6x n/a 5.7x n/a -21.1%Veeva Systems VEEV $3,359.2 $3,013.0 $409.2 65.2% 21.6% 30.6% 7.4x 34.0x 5.9x 20.9x -15.3%

Median: $987.7 $840.6 $149.4 62.6% 0.1% 33.4% 5.3x 32.9x 3.9x 20.5x -18.0%









-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%Vertically Focused SaaS Stock Market Return: January - March 2016

Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Human Capital Management


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBenefitfocus BNFT $974.1 $950.6 $185.1 44.4% -24.4% 34.7% 5.1x n/a 4.1x n/a -10.2%Callidus Software CALD $938.6 $841.4 $173.1 61.6% 0.2% 26.7% 4.9x 2267.9x 4.0x 36.1x -21.0%Cornerstone OnDemand CSOD $1,795.6 $1,783.7 $339.7 67.7% -17.8% 28.9% 5.3x n/a 4.1x 48.3x -15.7%Halogen Software TSX:HGN $159.1 $120.4 $65.7 73.8% -6.0% 15.9% 1.8x n/a 1.6x 158.1x 0.7%HealthStream HSTM $699.2 $550.2 $209.0 57.2% 12.1% 22.4% 2.6x 21.7x 2.4x 15.1x -3.2%Paylocity Holding PCTY $1,668.3 $1,589.3 $187.6 56.4% -0.2% 46.7% 8.5x n/a 6.3x 69.8x -23.2%Paycom Software PAYC $2,103.5 $2,078.6 $224.7 85.8% 18.7% 48.8% 9.3x 49.4x 6.7x 32.1x -11.4%The Ultimate Software Group ULTI $5,581.9 $5,470.3 $618.1 61.4% 10.3% 22.2% 8.9x 85.5x 7.1x 28.7x -8.8%Workday WDAY $14,983.8 $13,521.8 $1,162.3 67.8% -15.6% 47.5% 11.6x n/a 8.7x 100.4x -22.3%Xactly XTLY $202.4 $170.1 $76.0 58.7% -22.7% 24.3% 2.2x n/a 1.8x n/a -31.4%

Median: $1,321.2 $1,269.9 $198.3 61.5% -3.1% 27.8% 5.2x 67.5x 4.1x 42.2x -13.5%









-40%

-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%Human Capital Management SaaS Stock Market Return: January - March 2015

Human Capital Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAtlassian Corp TEAM $5,341.7 $4,659.7 $387.3 83.6% 4.1% n/a 12.0x 295.9x 9.2x 50.7x -13.3%Box NYSE:BOX $1,484.3 $1,343.2 $302.7 71.2% -54.3% 39.9% 4.4x n/a 3.4x n/a -19.8%ChannelAdvisors ECOM $285.8 $229.5 $100.6 79.3% -11.5% 18.5% 2.3x n/a 2.0x 102.2x -22.2%Covisint COVS $80.9 $43.2 $79.5 48.2% -24.9% -11.2% 0.5x n/a 0.6x n/a -22.0%Demandware DWRE $1,474.6 $1,278.0 $237.3 71.6% -14.4% 47.8% 5.4x n/a 4.2x 53.7x -33.5%FireEye FEYE $2,985.4 $2,521.8 $623.0 62.7% -63.5% 46.4% 4.0x n/a 3.0x n/a -22.5%HortonWorks HDP $616.8 $522.5 $121.9 54.8% -143.3% 164.8% 4.3x n/a 2.8x n/a -44.6%inContact SAAS $552.0 $529.8 $222.0 51.4% -0.7% 29.2% 2.4x n/a 2.0x 25.7x 1.0%IntraLinks Holdings IL $456.0 $478.5 $276.2 72.5% 3.0% 7.9% 1.7x 57.4x 1.6x 10.0x -11.4%J2 Global JCOM $2,997.3 $3,263.6 $720.8 82.9% 40.6% 20.3% 4.5x 11.2x 3.9x 8.2x -8.8%Jive Software JIVE $289.3 $186.6 $195.8 63.1% -10.7% 9.6% 1.0x n/a 0.9x 33.2x -16.1%Liquid Holdings Group LIQ.D $0.1 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -87.4%Mimecast MIME $526.2 $428.6 $135.7 70.6% 10.1% n/a 3.2x 31.3x 2.7x 47.6x 3.3%MINDBODY MB $528.8 $451.3 $101.4 63.3% -28.3% 44.8% 4.5x n/a 3.3x n/a -17.6%New Relic NEWR $1,292.2 $1,101.1 $162.2 79.4% -32.5% 67.5% 6.8x n/a 4.9x n/a -26.2%Qualys QLYS $871.5 $692.5 $164.3 79.4% 23.8% 23.0% 4.2x 17.7x 3.5x 10.9x -21.9%RingCentral RNG $1,134.1 $1,015.6 $296.2 70.5% -5.5% 34.7% 3.4x n/a 2.9x 53.6x -18.7%Service-now.com NOW $9,836.9 $9,510.2 $1,005.5 67.2% -10.5% 47.3% 9.5x n/a 7.0x 37.7x -34.6%Shopify SHOP $2,266.4 $2,074.9 $205.2 54.1% -5.9% 95.4% 10.1x n/a 6.3x n/a -13.0%Tableau Software DATA $3,411.3 $2,615.4 $653.6 88.7% -4.3% 58.4% 4.0x n/a 3.1x 36.4x -51.3%Tangoe TNGO $311.1 $279.6 $219.4 54.1% 4.4% 5.7% 1.3x 29.0x 1.2x 14.2x -0.2%TrueCar TRUE $466.9 $381.5 $259.8 90.9% -14.3% 25.7% 1.5x n/a 1.4x n/a -39.9%Upland Software UPLD $115.1 $124.7 $69.9 61.9% 1.0% 8.3% 1.8x 182.6x 1.7x 12.8x -11.5%Workiva WK $476.8 $423.6 $145.3 72.3% -27.0% 28.9% 2.9x n/a 2.4x n/a -25.1%Zix ZIXI $222.2 $193.6 $54.7 82.5% 18.4% 8.7% 3.5x 19.2x 3.2x 12.2x -17.2%

Median: $552.0 $526.1 $205.2 70.6% -8.2% 28.9% 3.8x 30.1x 3.0x 33.2x -19.8%









-35%

-30%

-25%

-20%

-15%

-10%

-5%

0%

5%Other Public SaaS Companies SaaS Stock Market Return: January - March 2016

Other SaaS S&P NASDAQ SEG SaaS

SEG Software Index


SEG SaaS Index

SEG Internet Index


SEG Internet Index: All Categories

Category Name Market Cap EV TTM Revenue

TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDSEG Internet Index $1,236.9 $1,007.6 $568.6 62.4% 7.7% 14.2% 2.1x 19.2x 1.7x 12.5x -6.0% Ad Tech & Lead Generation $661.3 $551.6 $422.1 53.3% 4.0% 14.7% 1.2x 22.8x 1.2x 13.8x 0.8% Commerce $509.9 $316.4 $617.9 44.1% 2.1% 17.1% 1.0x 23.9x 1.3x 11.0x -9.1% Content & Media $2,037.9 $1,901.9 $636.4 58.2% 6.7% 9.6% 2.3x 17.4x 2.0x 10.5x -10.8% Gaming $3,352.23 $2,629.5 $1,350.9 64.4% 32.2% 13.3% 2.8x 13.2x 2.1x 11.1x -18.5% Infrastructure $802.40 $735.3 $360.4 62.9% 8.1% 4.9% 1.3x 14.7x 1.2x 10.6x 0.6% Search $35,476.11 $33,146.8 $6,727.7 68.8% 25.9% 15.7% 5.8x 19.3x 4.8x 13.0x -10.4% Services $872.04 $703.3 $344.1 73.3% 9.0% 23.4% 1.9x 18.1x 1.4x 11.6x -14.0% Social $3,948.44 $4,245.1 $964.4 75.0% 14.8% 39.3% 4.4x 30.6x 3.4x 13.3x -16.6% Travel $12,947.86 $14,081.4 $1,585.2 83.5% 8.9% 12.5% 4.5x 25.8x 5.0x 15.5x -7.2%


Current Ratio 2.4Quick Ratio 2.0Cash as Percent of Market Cap 20.2%Avg Days Outstanding: Accounts Receivable 39Avg Days Outstanding: Accounts Payable 47Working Capital to TTM Operating Expense Ratio 0.4






-25%

-20%

-15%

-10%

-5%

0%

5%SEG Internet Index Stock Market Return: January - March 2016

DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $66,056.8 $61,605.8 $10,224.4 65.6% 23.6% 35.3% 6.0x 25.6x 5.0x 19.4x -5.8%Criteo SA CRTO $2,587.9 $2,249.5 $1,323.2 35.7% 8.6% 33.9% 1.7x 19.7x 3.1x 11.0x -3.7%Google GOOGL $518,916.8 $454,638.8 $74,989.0 62.4% 32.6% 13.6% 6.1x 18.6x 5.2x 12.9x -5.6%Marchex MCHX $197.7 $88.6 $143.0 44.9% 1.3% -17.6% 0.6x 47.2x 0.6x 20.9x 14.4%MaxPoint Interactive MXPT $46.5 $36.6 $140.1 51.0% -11.9% 31.6% 0.3x n/a 0.4x n/a 8.0%ReachLocal RLOC $53.8 $65.4 $382.6 44.2% -4.5% -19.4% 0.2x n/a 0.2x 4.1x 28.3%Rocket Fuel FUEL $137.4 $142.7 $461.6 41.7% -7.3% 13.0% 0.3x n/a 0.3x 22.8x 2.3%The Rubicon Project RUBI $862.4 $722.7 $248.5 76.5% 7.7% 98.3% 2.9x 38.0x 2.5x 12.4x 2.9%Sohu.com SOHU $1,915.5 $1,343.1 $1,937.1 55.7% 18.6% 15.8% 0.7x 3.7x 0.7x 5.6x -18.8%Tremor TRMR $92.5 $32.6 $173.8 42.9% -6.3% 9.0% 0.2x n/a 0.2x 13.8x -13.8%TubeMogul TUBE $460.1 $380.5 $180.7 67.8% -5.1% 58.2% 2.1x n/a 1.7x 65.8x 0.3%Yahoo! YHOO $34,852.1 $30,297.5 $4,968.3 58.2% 6.7% 7.6% 6.1x 91.6x 8.6x 40.1x 1.2%Yandex YNDX $4,895.4 $4,687.8 $831.5 71.9% 28.2% 17.8% 5.6x 20.0x 4.5x 13.2x -15.1%YuMe YUME $130.1 $81.6 $173.3 45.2% -6.8% -2.5% 0.5x n/a 0.5x 16.2x 8.0%

Median: $661.3 $551.6 $422.1 53.3% 4.0% 14.7% 1.2x 22.8x 1.2x 13.8x 0.8%

TTM Revenue Growth 14.7%TTM EBITDA Growth -0.1%TTM Earnings Growth -44.1%Gross Profit Margin 53.3%EBITDA Margin 4.0%Net Income Margin -5.1%SG&A Expenses as a % of Total Revenue 36.6%R&D Expenses as a % of Total Revenue 16.6%

Current Ratio 2.1xQuick Ratio 2.1xCash as Percent of Market Cap 26.9%Avg Days Outstanding: Accounts Receivable 70.5xAvg Days Outstanding: Accounts Payable 88.0xWorking Capital to TTM Operating Expense Ratio 0.5x






-25%

-20%

-15%

-10%

-5%

0%

5%Internet Ad Tech Stock Market Return: January - March 2016

Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD1-800-FLOWERS.COM FLWS $509.9 $526.1 $1,165.0 44.1% 6.8% 13.3% 0.5x 6.6x 0.4x 5.7x 10.5%58.com WUBA $7,876.4 $7,712.6 $714.9 92.8% -34.3% 169.8% 10.8x n/a 6.1x n/a -15.0%Alibaba BABA $198,557.1 $193,733.9 $14,537.4 67.2% 34.1% 33.3% 13.3x 39.1x 10.3x 20.2x -10.3%Amazon.com AMZN $279,510.7 $277,249.7 $107,006.0 33.0% 7.4% 20.2% 2.6x 35.2x 2.1x 19.4x -13.3%Baozun BZUN $294.9 $165.9 $400.2 20.7% 0.8% 64.0% 0.4x 49.6x 0.3x 7.4x -21.0%Bitauto Holdings BITA $1,491.6 $1,023.3 $617.9 69.3% -3.6% 63.1% 1.7x n/a 1.3x 11.8x -20.4%BlueNile NILE $298.3 $212.3 $480.1 19.2% 3.6% 1.4% 0.4x 12.3x 0.4x 9.4x -24.0%Chegg CHGG $401.2 $316.4 $301.4 38.8% 0.9% -1.1% 1.0x 117.0x 1.3x 19.7x -31.3%DangDang DANG $577.1 $311.7 $1,451.6 16.0% -0.4% 21.4% 0.2x n/a 0.2x 10.1x -7.5%eBay EBAY $27,263.3 $27,911.3 $8,592.0 79.4% 34.3% -2.3% 3.2x 9.5x 3.2x 8.1x -10.0%Groupon GRPN $2,341.7 $1,547.2 $3,119.5 44.4% 2.1% 2.5% 0.5x 23.9x 0.5x 14.2x 59.6%Liquidity Services LQDT $158.5 $73.1 $337.9 30.4% -0.2% -32.3% 0.2x n/a 0.3x n/a -28.6%Mecox Lane MCOX $50.6 $30.1 $47.9 74.8% 26.5% 46.5% 0.6x 2.4x n/a n/a 0.3%Mercadolibre MELI $5,203.9 $5,131.2 $651.8 75.1% 27.4% 17.1% 7.9x 28.7x 7.3x 27.7x -7.4%MOL Global MOLG $45.9 $28.9 $53.9 -17.9% -43.0% 23.9% 0.5x n/a n/a n/a 13.4%Overstock.com OSTK $363.7 $207.5 $1,657.8 18.4% 0.7% 10.7% 0.1x 18.4x 0.1x 4.3x 22.2%PetMed Express PETS $360.8 $298.1 $229.3 33.0% 14.1% 0.5% 1.3x 9.2x 1.3x 9.2x -0.4%Stamps.com STMP $1,776.2 $1,864.1 $214.0 79.5% 30.0% 45.3% 8.7x 29.0x 6.2x 16.9x 10.4%Wowo Limited WOWO $327.5 $297.8 $29.9 79.9% -148.2% -2.0% 9.9x n/a n/a n/a -9.1%

Median: $509.9 $316.4 $617.9 44.1% 2.1% 17.1% 1.0x 23.9x 1.3x 11.0x -9.1%








-25%

-20%

-15%

-10%

-5%

0%

5%Internet Commerce Internet Stock Market Return: January - March 2016

Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDDemandMedia DMD $99.6 $61.1 $126.0 44.1% -13.3% -26.9% 0.5x n/a 0.5x n/a 3.6%InterActiveCorp IAC $3,910.9 $4,620.2 $3,230.9 75.9% 11.9% 3.9% 1.4x 12.0x 1.4x 8.3x -24.3%Netflix NFLX $43,762.6 $43,823.3 $6,779.5 32.3% 5.4% 23.2% 6.5x 119.0x 5.0x 80.1x -15.1%Pandora P $2,037.9 $1,901.9 $1,164.0 47.1% -5.8% 26.4% 1.6x n/a 1.3x n/a -16.6%Shutterstock SSTK $1,296.0 $1,007.6 $425.1 58.9% 13.0% 29.6% 2.4x 18.2x 2.0x 10.3x 7.2%SINA SINA $3,294.6 $2,055.5 $880.7 61.9% 6.5% 14.6% 2.3x 35.8x 2.2x 14.0x -10.8%TheStreet.com TST $43.7 $15.2 $67.7 50.3% 2.7% 10.8% 0.2x 8.2x 0.2x 6.9x -40.1%WebMD Health WBMD $2,252.3 $2,413.8 $636.4 62.2% 23.0% 9.6% 3.8x 16.5x 3.5x 10.8x 16.0%XO Group XOXO $404.8 $316.3 $141.6 92.7% 14.2% -1.4% 2.2x 15.7x 2.0x 9.2x -8.8%Xunlei XNET $414.6 -$19.5 $129.6 53.7% 25.2% -27.8% n/a n/a n/a n/a -23.6%Yahoo! YHOO $34,852.1 $30,297.5 $4,968.3 58.2% 6.7% 7.6% 6.1x 91.6x 8.6x 40.1x 1.2%

Median: $2,037.9 $1,901.9 $636.4 58.2% 6.7% 9.6% 2.3x 17.4x 2.0x 10.5x -10.8%



Levered FCF Margin 9.2%Cash from Operations Growth (YoY) -4.9%Cash from Investing Growth (YoY) -32.5%Cash from Financing Growth (YoY) 90.6%Levered FCF Growth (YoY) 17.6%






-25%

-20%

-15%

-10%

-5%

0%

5%Internet Content & Media Stock Market Return: January - March 2016

Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDChangYou.com CYOU $954.1 $768.2 $761.6 71.5% 31.9% 0.8% 1.0x 3.2x 1.4x 5.0x -25.3%Netease NTES $18,768.9 $15,176.7 $3,512.2 58.8% 32.7% 94.7% 4.3x 13.2x 2.9x 10.5x -21.8%NCSoft KOSE:A03657 $4,736.9 $3,915.9 $712.4 75.8% 32.5% -0.1% 5.5x 16.9x 4.4x 11.7x 13.3%Sohu.com SOHU $1,915.5 $1,343.1 $1,937.1 55.7% 18.6% 15.8% 0.7x 3.7x 0.7x 5.6x -18.8%Tencent Holdings SEHK:700 $188,719.5 $186,751.6 $15,843.4 59.5% 41.7% 30.3% 11.8x 28.2x 8.9x 21.2x -5.1%Zynga ZNGA $1,967.5 $980.3 $764.7 69.3% -6.4% 10.8% 1.3x n/a 1.3x 22.5x -18.2%

Median: $3,352.2 $2,629.5 $1,350.9 64.4% 32.2% 13.3% 2.8x 13.2x 2.1x 11.1x -18.5%








-25%

-20%

-15%

-10%

-5%

0%

5%Internet Gaming Stock Market Return: January - March 2016

Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTD8x8 EGHT $889.9 $735.3 $195.5 73.0% 2.2% 26.4% 3.8x 171.6x 3.1x 34.1x 7.6%Akamai Technologies AKAM $9,821.9 $9,696.6 $2,197.4 67.0% 31.5% 11.9% 4.4x 14.0x 4.1x 10.1x 3.2%Brightcove BCOV $204.4 $177.6 $134.7 65.5% 1.1% 7.8% 1.3x 119.4x 1.2x 20.1x 0.3%BroadSoft BSFT $1,177.9 $1,117.8 $278.8 72.1% 10.9% 28.6% 4.0x 36.9x 3.3x 14.9x 4.4%GoDaddy GDDY $2,195.4 $3,173.9 $1,607.3 64.8% 8.1% 15.9% 2.0x 24.3x 1.7x 7.8x -4.4%Harmonic HLIT $252.8 $198.3 $377.0 53.8% 2.2% -13.0% 0.5x 23.9x 0.5x 3.6x -15.2%Interactive Intelligence ININ $802.4 $761.4 $390.9 60.7% 0.9% 14.5% 1.9x 210.0x 1.7x 33.9x -3.6%Limelight Networks LLNW $185.3 $114.2 $170.9 50.4% -2.8% 5.3% 0.7x n/a 0.6x 6.0x 9.2%Mitel Networks MITL $988.1 $1,541.8 $1,157.7 53.0% 12.4% 4.9% 1.3x 10.7x 1.3x 9.0x -3.7%Polycom PLCM $1,493.1 $1,108.3 $1,267.2 58.3% 12.8% -5.8% 0.9x 6.9x 0.9x 5.5x -15.0%Rovi ROVI $1,708.4 $2,491.5 $526.3 80.4% 31.8% -3.0% 4.7x 14.9x 4.9x 11.6x 33.3%SeaChange International SEAC $186.0 $123.5 $107.0 53.0% -7.8% -7.3% 1.2x n/a 1.1x 32.8x -14.1%ShoreTel SHOR $496.2 $389.3 $360.4 62.9% 8.6% 2.4% 1.1x 12.6x 1.0x 18.7x -14.2%Sonus Networks SONS $372.1 $263.4 $249.0 64.9% -6.0% -16.0% 1.1x n/a 1.0x 10.6x 9.4%Synacor SYNC $42.0 $33.9 $110.2 50.6% 4.0% 3.4% 0.3x 7.7x 0.3x 6.3x 3.5%Tucows TCX $240.0 $238.8 $172.9 31.4% 12.0% 17.1% 1.4x 11.5x 1.2x 8.0x 15.1%VeriSign VRSN $9,692.3 $9,646.6 $1,059.4 81.8% 63.0% 4.9% 9.1x 14.5x 8.7x 12.7x 0.6%

Median: $802.4 $735.3 $360.4 62.9% 8.1% 4.9% 1.3x 14.7x 1.2x 10.6x 0.6%








-25%

-20%

-15%

-10%

-5%

0%

5%

Internet Infrastructure Stock Market Return: January - March 2016

Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDBaidu.com BIDU $66,056.8 $61,605.8 $10,224.4 65.6% 23.6% 35.3% 6.0x 25.6x 5.0x 19.4x -5.8%Google GOOGL $518,916.8 $454,638.8 $74,989.0 62.4% 32.6% 13.6% 6.1x 18.6x 5.2x 12.9x -5.6%InterActiveCorp IAC $3,910.9 $4,620.2 $3,230.9 75.9% 11.9% 3.9% 1.4x 12.0x 1.4x 8.3x -24.3%Yandex YNDX $4,895.4 $4,687.8 $831.5 71.9% 28.2% 17.8% 5.6x 20.0x 4.5x 13.2x -15.1%

Median: $35,476.1 $33,146.8 $6,727.7 68.8% 25.9% 15.7% 5.8x 19.3x 4.8x 13.0x -10.4%









-25%

-20%

-15%

-10%

-5%

0%

5%

Internet Search Stock Market Return: January - March 2016

Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDAngie's List ANGI $473.2 $475.7 $344.1 73.3% 6.3% 9.2% 1.4x 22.1x 1.4x 14.5x 1.1%Bankrate RATE $892.5 $953.9 $370.5 53.6% 29.1% 5.8% 2.6x 8.9x 2.6x 9.6x -41.2%Carbonite CARB $214.9 $150.0 $136.6 71.6% -5.7% 11.4% 1.1x n/a 0.8x 4.8x -21.3%Care.com CRCM $199.6 $138.3 $138.7 81.2% -7.3% 25.3% 1.0x n/a 0.9x 16.4x -14.0%Cimpress CMPR $2,842.3 $3,530.1 $1,592.4 59.8% 13.1% 13.9% 2.2x 16.9x 2.0x 12.7x 13.0%Coupons.com NYSE:QUOT $872.0 $712.1 $237.3 61.1% -9.4% 7.0% 3.0x n/a 2.8x 30.5x 24.5%eHealth EHTH $170.4 $107.7 $189.5 97.8% 3.0% 5.5% 0.6x 19.2x 0.5x 7.5x -1.8%Everyday Health EVDY $184.1 $265.0 $232.0 71.2% 10.4% 25.9% 1.1x 11.0x 1.0x 5.9x -21.3%GrubHub GRUB $2,125.4 $1,814.7 $361.8 61.3% 24.7% 42.5% 5.0x 20.3x 4.0x 14.3x -0.3%LendingClub LC $3,165.9 n/a $429.9 85.7% n/a 103.6% n/a n/a n/a n/a -21.2%LifeLock LOCK $1,140.2 $893.5 $587.5 76.6% 7.7% 23.4% 1.5x 19.8x 1.3x 10.5x -21.2%Monster Worldwide MWW $293.1 $324.4 $666.9 51.1% 14.1% -8.1% 0.5x 3.5x 0.5x 3.3x -46.8%Qihoo QIHU $9,576.8 $10,064.4 $1,630.3 77.2% 27.0% 64.2% 6.2x 22.9x 4.5x 15.4x -0.9%QuinStreet QNST $154.7 $119.0 $283.6 10.4% -1.4% 3.0% 0.4x n/a 0.4x 7.2x -25.9%Shutterfly SFLY $1,616.2 $1,687.4 $1,059.4 50.2% 10.8% 15.0% 1.6x 14.7x 1.5x 7.9x 2.8%Tree.Com TREE $1,161.2 $954.3 $254.2 96.3% 11.4% 51.9% 3.8x 33.0x 2.5x 15.1x 0.5%Wix.com WIX $804.6 $694.6 $203.5 82.8% -21.4% 43.5% 3.4x n/a 2.5x 23.7x -14.6%Yirendai NYSE: YRD $680.9 $550.3 $209.1 92.6% 30.7% 555.6% 2.6x 8.6x 1.4x 5.4x -33.6%Zillow ZG $4,559.2 $4,269.0 $644.7 90.4% -0.7% 97.8% 6.6x n/a 5.3x 36.5x -5.5%

Median: $872.0 $703.3 $344.1 73.3% 9.0% 23.4% 1.9x 18.1x 1.4x 11.6x -14.0%








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Internet Services Stock Market Return: January - March 2016

Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDFacebook FB $334,694.2 $316,575.2 $17,928.0 84.0% 46.0% 43.8% 17.7x 38.4x 12.4x 20.3x 4.6%LinkedIn LNKD $15,102.7 $13,136.7 $2,990.9 86.0% 8.3% 34.8% 4.4x 53.2x 3.6x 13.3x -48.0%Mail.ru Group LSE:MAIL $4,516.3 $4,604.7 $528.3 52.1% 38.3% 18.1% 8.7x 22.8x 7.3x 15.3x -6.1%Match Group MTCH $2,746.0 $3,885.6 $1,020.4 82.8% 24.0% 14.9% 3.8x 15.8x 3.2x 9.7x -18.5%Renren RENN $1,108.3 $936.0 $54.8 38.2% -138.8% -31.6% 17.1x n/a 13.3x n/a -14.7%Twitter TWTR $11,459.2 $9,566.8 $2,218.0 67.1% -7.9% 58.1% 4.3x n/a 3.2x 12.4x -19.7%Yelp YELP $1,512.0 $1,141.1 $549.7 90.7% 0.0% 45.6% 2.1x 14264.4x 1.7x 12.1x -26.7%YY YY $3,380.6 $3,346.9 $908.3 39.3% 21.4% 60.3% 3.7x 17.2x 3.0x 14.1x -14.3%

Median: $3,948.4 $4,245.1 $964.4 75.0% 14.8% 39.3% 4.4x 30.6x 3.4x 13.3x -16.6%









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5%Internet Social Stock Market Return: January - March 2016

Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel


TTM Gross

MarginTTM EBITDA

Margin

TTM Revenue


EV/ RevenueForward

EV/ EBITDA YTDCtrip CTRP $19,928.4 $23,432.1 $1,678.5 72.1% 6.5% 48.3% 14.0x 213.7x 7.5x 64.6x -9.5%Expedia EXPE $16,235.6 $18,878.7 $6,672.3 80.4% 11.0% 15.8% 2.8x 25.8x 2.1x 11.7x -13.8%MakeMyTrip MMYT $763.2 $678.7 $306.7 30.2% -10.6% 5.1% 2.2x n/a 4.3x n/a 1.0%Priceline PCLN $63,953.8 $67,463.7 $9,224.0 92.8% 38.0% 9.3% 7.3x 19.2x 6.3x 15.5x 1.6%Travelzoo TZOO $117.9 $87.6 $141.7 86.7% 6.8% -7.5% 0.6x 9.1x 0.6x 9.8x -5.0%TripAdvisor TRIP $9,660.1 $9,284.1 $1,492.0 96.1% 18.8% 19.7% 6.2x 33.2x 5.7x 19.9x -24.6%

Median: $12,947.9 $14,081.4 $1,585.2 83.5% 8.9% 12.5% 4.5x 25.8x 5.0x 15.5x -7.2%



Levered FCF Margin 11.6%Cash from Operations Growth (YoY) 0.1%Cash from Investing Growth (YoY) 66.0%Cash from Financing Growth (YoY) -151.1%Levered FCF Growth (YoY) -22.5%





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5%Internet Travel Stock Market Return: January - March 2016

Travel S&P NASDAQ SEG Internet Index

Documents

April 2016 Software Equity Group Flash Reportsoftwareequity.com/Reports/April_2016_Monthly_Flash_Report.pdf · Mar-02-2016 Alten Calsoft Labs (India) Private Limited ASM Technologies