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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

LEADERS IN SOFTWARE M&AIndustry leading boutique investment bank, founded in 1992, representing public and private software and internet companies seeking:

• Strategic exit• Growth capital

We Do Deals.

Growth capital• Buyout • Inorganic growth via acquisition• Buy and sell-side mentoring• Fairness opinions and valuationsFairness opinions and valuations

• 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

th 2 000 i t d bli i th h t USthan 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

Copyright © 2013 by Software Equity Group, LLC

EXTENSIVE GLOBAL REACH

Current Sell-side Representation

• SEG currently represents software companies in the United States, Canada, France,

Recent Sell-side Representation

Germany, Australia & Saudi Arabia

• 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 q y p y pdistributed 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 © 2013 by Software Equity Group, LLC

p ,

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

ABOUT SOFTWARE EQUITY GROUPq y p y g gy , g

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 technologyOur 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.

P h t i t t th l ti hi ' b ilt d th i d t t ti j S ft E it G i k d t d b bli lPerhaps 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. g

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, .kbeible@softwareequity.com , 2800-509) 858Beible, Director, Business Development (Kris please contact

CONTACT INFORMATION:

Software Equity Group, L.L.C.12220 El Camino Real, Suite 320San Diego, CA 92130www softwareequity comwww.softwareequity.comp: (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.

Copyright © 2013 by Software Equity Group, LLC

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.

Table of Contents

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

SEG Software Index

Select Software Industry M&A Transactions

SEG SaaS Index

SEG Internet Index

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select September 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDASep-30-2013 TellApart, Inc. AdStack, Inc. - - - -Sep-30-2013 Autobytel Inc. (NasdaqCM:ABTL) Advanced Mobile, LLC and Advanced Mobile - $4.0 - -Sep-30-2013 AASTOCKS.com Ltd. Ayers Solutions Limited - $16.8 - -Sep-30-2013 Syncsort Incorporated Circle Computer Group Limited - - - -Sep-30-2013 Private Investor(s) DC Recordkeeping Business - - - -Sep-30-2013 Bull Société Anonyme (ENXTPA:BULL) FastConnect SAS - - - -Sep-30-2013 Ancestry.com LLC Find A Grave, Inc. - - - -Sep-30-2013 Wealth Management Systems, Inc. McGraw-Hill Financial Communications - - - -Sep-30-2013 Invested.in Inc. My New Financial Advisor, Inc. - - - -Sep-30-2013 ReelTime Media Limited Ocean Feather Pty Ltd - $0.3 - -Sep-30-2013 Choose Energy, LLC Power2Switch LLC - - - -Sep-30-2013 Intel Corporation (NasdaqGS:INTC) Sensory Networks, Inc. - $20.0 - -Sep-30-2013 Hikari Tsushin, Inc. (TSE:9435) Sfida Co., Ltd. $3.6 $1.3 0.4x -Sep-30-2013 The Design Group The Sales Factory, Inc. - - - -Sep-30-2013 Peppercomm Strategic Communications Walek & Associates Inc. - - - -Sep-30-2013 Pakistan Telecommunication Company Limited (KASE:PTC) Warid Telecom (Pvt) Limited - - - -Sep-30-2013 Granbury Restaurant Solutions Inc. WineWare Software Corporation - - - -Sep-28-2013 Vista Equity Partners The Active Network, Inc. (NYSE:ACTV) $441.3 $941.9 2.1x 71.4xSep-27-2013 Sinimanes SRL Semeantoja - - - -Sep-26-2013 ReelTime Media Limited Adtraction Marketing Limited - $0.8 - -Sep-26-2013 Power2Switch LLC Choose Energy, LLC - - - -Sep-26-2013 GAW Labs LLC Comtel Connect, LLC - - - -Sep-26-2013 IT.UV Software GmbH Entitec AG - - - -Sep-26-2013 Private Investor(s) Gourmeo GmbH - - - -Sep-26-2013 Automattic, Inc. LearnBoost, Inc. - - - -Sep-26-2013 M&C Saatchi Agency Pty Ltd. M&C Saatchi Melbourne Pty Ltd. - - - -Sep-26-2013 Intermedia.net, Inc. SaaSID Limited - - - -Sep-26-2013 Shrey Chemicals Ltd. (BSE:531695) Shlok Media Private Limited - - - -Sep-26-2013 iformat Pty Ltd TribalChoice Pty Ltd - - - -Sep-26-2013 ATA, Inc. (NasdaqGM:ATAI) Xing Wei Institute (HK) Limited - $3.2 - -Sep-25-2013 Focus Partners, LLC Aqayo Pte Ltd - - - -Sep-25-2013 Nor1, Inc. Flextrip, Inc. - - - -Sep-25-2013 Aucfan Co., Ltd. (TSE:3674) MarketEnterprise Co., Ltd., Flea Market Business $1.2 $0.9 0.7x -Sep-25-2013 Springbrook Software, Inc. Merchant Transact, LLC - - - -Sep-25-2013 Advanced Computer Software Group plc (AIM:ASW) Plain Healthcare Limited - - - -Sep-24-2013 PricewaterhouseCoopers LLP Burn World-Wide, Ltd. - - - -Sep-24-2013 OANDA Corporation Currensee, Inc. - - - -Sep-24-2013 Private Investor(s) Direct Media PR - - - -Sep-24-2013 Adaptive Media, Inc. Ember, Inc. - - - -Sep-24-2013 Booth Albanesi Schroeder LLC First To File, Inc., Electronic File Room For Patents And Workflow Management Module - - - -Sep-24-2013 Aruba S.p.A. Home On Line Web s.r.l. - - - -Sep-24-2013 Ketchum, Inc. InComm Brodeur Ltd. - - - -Sep-24-2013 Invensys Systems, Inc. Indusoft LLC - - - -Sep-24-2013 Avast Software B.V. Jumpshot Inc. - - - -Sep-24-2013 Sharetipsinfo.com Property Mesh - - - -Sep-24-2013 Software Paradigms International, Inc. Shiloh Technologies, LLC - - - -Sep-24-2013 Dentsu Aegis Network Ltd. TRIO Digital Integrated - - - -Sep-24-2013 Southwest Media Group Yellow7 Interactive, LLC - - - -Sep-23-2013 Gibson Brands Inc. Cakewalk, Inc. - - - -Sep-23-2013 moosify Inc. Fellody - - - -Sep-23-2013 Rogers Business Solutions, Inc. Granite Networks Inc. - $6.1 - -

Acquirer

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select September 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDASep-23-2013 Vitera Healthcare Solutions, LLC AdStack, Inc. $134.8 $632.4 4.7x -Sep-23-2013 TechStars, LLC Advanced Mobile, LLC and Advanced Mobile Solutions Worldwide, Inc. - - - -Sep-23-2013 Third Financial Software Ltd. Ayers Solutions Limited - - - -Sep-23-2013 Langoor Digital Private Limited Circle Computer Group Limited - - - -Sep-23-2013 Private Investor(s) DC Recordkeeping Business - $53.4 - -Sep-21-2013 Foresold LLC FastConnect SAS - - - -Sep-20-2013 Xchanging Inc. Find A Grave, Inc. - $22.0 - -Sep-20-2013 Stadtwerke Schwäbisch Hall GmbH McGraw-Hill Financial Communications - - - -Sep-20-2013 Blue-Grace Logistics LLC My New Financial Advisor, Inc. - - - -Sep-20-2013 Sucuri Inc. Ocean Feather Pty Ltd - - - -Sep-19-2013 TeamUp Technologies Inc. Power2Switch LLC - - - -Sep-19-2013 AmeriCommerce, L.P. Sensory Networks, Inc. - - - -Sep-19-2013 Trimble Navigation Limited (NasdaqGS:TRMB) Sfida Co., Ltd. - - - -Sep-19-2013 INTRIX Technology, Inc. The Sales Factory, Inc. - - - -Sep-19-2013 NQ Mobile Inc. (NYSE:NQ) Walek & Associates Inc. - $12.0 - -Sep-19-2013 International Business Machines Corporation (NYSE:IBM) Warid Telecom (Pvt) Limited - - - -Sep-19-2013 Mindshare Technologies, Inc. WineWare Software Corporation - - - -Sep-19-2013 PreSonus Audio Electronics, Inc. The Active Network, Inc. (NYSE:ACTV) - - - -Sep-19-2013 AppDynamics, Inc. Semeantoja - - - -Sep-18-2013 Groupon, Inc. (NasdaqGS:GRPN) Adtraction Marketing Limited - - - -Sep-18-2013 Amber Road, Inc. Choose Energy, LLC - - - -Sep-18-2013 Plentyoffish Media Inc. Comtel Connect, LLC - - - -Sep-18-2013 PM Web Assets LLC Entitec AG - $0.9 - -Sep-18-2013 Private Investor(s) Gourmeo GmbH - $22.5 - -Sep-18-2013 Sega Corporation LearnBoost, Inc. $174.4 - - -Sep-18-2013 Publicis Limited M&C Saatchi Melbourne Pty Ltd. - $16.0 - -Sep-18-2013 Hotwave Travel S.L. SaaSID Limited - - - -Sep-18-2013 nCrowd, Inc. Shlok Media Private Limited - - - -Sep-18-2013 Leaseweb USA, Inc. TribalChoice Pty Ltd - - - -Sep-18-2013 Site Pro Specialties, LLC Xing Wei Institute (HK) Limited - - - -Sep-18-2013 Frac Rock International, Inc. Aqayo Pte Ltd - - - -Sep-17-2013 Decision Resources, Inc. Flextrip, Inc. - - - -Sep-17-2013 Hightail Inc. MarketEnterprise Co., Ltd., Flea Market - - - -Sep-17-2013 BasWare Oyj (HLSE:BAS1V) Merchant Transact, LLC $82.6 - - -Sep-17-2013 Atrog Ltd. Plain Healthcare Limited - - - -Sep-17-2013 XO Group Inc. (NYSE:XOXO) Burn World-Wide, Ltd. - - - -Sep-17-2013 Private Investor(s) Currensee, Inc. - - - -Sep-17-2013 Private Investor(s) Direct Media PR - - - -Sep-17-2013 CES Group, LLC Ember, Inc. - - - -Sep-17-2013 Solera Holdings Inc. (NYSE:SLH) First To File, Inc., Electronic File Room For Patents And Workflow Management Module - - - -Sep-17-2013 Appirio, Inc. Home On Line Web s.r.l. - - - -Sep-17-2013 F5 Networks, Inc. (NasdaqGS:FFIV) InComm Brodeur Ltd. - - - -Sep-16-2013 eFolder, Inc. Indusoft LLC - - - -Sep-16-2013 Precision Dialogue Jumpshot Inc. - - - -Sep-16-2013 Splunk, Inc. (NasdaqGS:SPLK) Property Mesh - - - -Sep-16-2013 Google Inc. (NasdaqGS:GOOG) Shiloh Technologies, LLC - - - -Sep-16-2013 WowzaTV LLC TRIO Digital Integrated - - - -Sep-16-2013 Oy Canorama AB Yellow7 Interactive, LLC $9.8 - - -Sep-16-2013 StumbleUpon, Inc. Cakewalk, Inc. - - - -Sep-16-2013 PCSYS A/S Fellody - - - -Sep-16-2013 Parallax Capital Partners, LLC; StepStone Group LP Granite Networks Inc. - - - -

Acquirer

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select September 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDASep-16-2013 Cologix, Inc. Jax Meet Me Room, LLC - - - -Sep-16-2013 Stratatel Ltd. (ASX:STE) JCurve Solutions Pty Ltd $1.5 $4.4 3.1x -Sep-16-2013 LexisNexis Risk Solutions, Inc. Mapflow Limited - - - -Sep-16-2013 Conduit Ltd., Client Connect Business Perion Network Ltd (NasdaqGM:PERI) $89.6 - - -Sep-16-2013 Private Investor(s) Portfolio Director, Inc. - - - -Sep-16-2013 Mindjet Corporation Spigit, Inc. - - - -Sep-16-2013 Rightster Ltd. Sportsyndicator Ltd., Sports Business and Certain Assets - - - -Sep-16-2013 Sogou Inc. Tencent Holdings Ltd., Soso Search-Related Businesses And Certain Other Assets - - - -Sep-16-2013 Boost Creative Services The Abbi Agency, Inc. - - - -Sep-16-2013 CANNEX Financial Exchanges Ltd. The QWeMA Group Inc. - - - -Sep-16-2013 HelloFood Brasil Web Serviços Digitais LTDA - - - -Sep-13-2013 EMIS Group PLC (AIM:EMIS) Ascribe, Ltd. $38.1 $88.7 2.3x 8.1xSep-13-2013 Digitale.XY2 chitaoxororo.uol.com.br - - - -Sep-13-2013 Daily Journal Corp. (NasdaqCM:DJCO) ISD Technologies, Inc. - $16.0 - -Sep-13-2013 Apostar Holdings Limited ProSpreads Limited $1.8 $2.4 1.4x -Sep-13-2013 The Marek Group, Inc. Publisher's Diversified Mail Service, Inc - - - -Sep-13-2013 Private Investor(s) Revive Adserver - - - -Sep-13-2013 Chimney Group Scandvision Holding AB - - - -Sep-13-2013 Host Europe WVS Limited Telefónica Germany Online Services GmbH - - - -Sep-13-2013 Neople Inc. THINGSOFT Inc. - - - -Sep-12-2013 NetMediaEurope SA B!T Magazine - - - -Sep-12-2013 Adslot Ltd (ASX:ADJ) Facilitate Digital Holdings Limited (ASX:FAC) $3.8 $13.8 3.6x -Sep-12-2013 Hart-Boillot, LLC Fresh Ground, Inc. - - - -Sep-12-2013 Private Investor(s) GameSaku - - - -Sep-12-2013 Wirecard AG (XTRA:WDI) PaymentLink Pte. Ltd. - $41.2 - -Sep-12-2013 Ingram Micro Inc. (NYSE:IM) SoftCom Inc. - - - -Sep-11-2013 Kuliza Technologies Pvt. Ltd. Adepto Solutions Pvt. Ltd. - - - -Sep-11-2013 Net@Work, Inc. Blytheco, LLC, Clients Related to Abila Practice - - - -Sep-11-2013 Next Wave Health, Inc. Digiapolis, Inc., OneXPage - - - -Sep-11-2013 LexisNexis Risk Solutions, Inc. Enclarity, Inc. - - - -Sep-11-2013 GENBAND, Inc. fringland Ltd. - - - -Sep-11-2013 Back at You, Inc. Kono Social, LLC - - - -Sep-11-2013 Innovative Software Technologies, Inc. (OTCPK:INIV) Live Riot, Inc. - $0.5 - -Sep-11-2013 getgoods.de AG (DB:GGO) pauldirekt GmbH - - - -Sep-11-2013 Atomic Object LLC SRT Solutions, Inc. - - - -Sep-11-2013 Iconicfuture GmbH Virtual Greats LLC - - - -Sep-10-2013 Active Data Exchange Inc. Asure Software, Inc., WebEvent Product Line - - - -Sep-10-2013 Private Investor(s) Auchan Telecom SAS - - - -Sep-10-2013 Commodore Commodity Corp Celldonate Inc. (OTCPK:CEAC) - $0.6 - -Sep-10-2013 SAP AG (DB:SAP) KXEN, Inc. - - - -Sep-10-2013 Jacob Tyler Creative Group Michael Chinn Creative - - - -Sep-10-2013 PTC Inc. (NasdaqGS:PMTC) NetIDEAS, Inc. - - - -Sep-10-2013 Datapipe, Inc. Newvem Insight Ltd - - - -Sep-10-2013 Origo Networks, Inc. Standing Cloud, Inc. - - - -Sep-10-2013 Conference Hound, Inc. USA OnTrade Networks, LLC - - - -Sep-09-2013 Infinite Monkeys Pte Ltd AppMakr, Inc. - - - -Sep-09-2013 Wolters Kluwer Corporate Legal Services CitizenHawk, Inc. - - - -Sep-09-2013 Schibsted Tillväxtmedier Compricer AB $10.7 $20.5 1.9x -Sep-09-2013 Confluence Technologies, Inc. Data Agent LLC - - - -Sep-09-2013 Desire2Learn Incorporated Knowillage, Inc. - - - -Sep-09-2013 Meteogroup Uk Ltd Magical Weather - - - -

Acquirer

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select September 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDASep-09-2013 Juicy Results, LLC Marketing Divaz, LLC - - - -Sep-09-2013 Twitter, Inc. MoPub, Inc. - $350.0 - -Sep-09-2013 Rail & Road Protec GmbH ProTracking ApS and ProFinans ApS - - - -Sep-09-2013 Trailblazer Resources, Inc. (OTCPK:TBLZ) Solus Industries, LLC - $8.4 - -Sep-09-2013 Private Investor(s) Storify Inc. - - - -Sep-09-2013 Zaio Corp. (TSXV:ZAO) Valuation Vision, LLC - - - -Sep-09-2013 Cicero Consulting Limited Yatterbox Ltd. - - - -Sep-08-2013 Private Investor(s) Capital New York - - - -Sep-06-2013 Ericsson Inc. Airvana LLC, EVDO business - - - -Sep-06-2013 Enzymatics Inc. ArcherDx, Inc. - $50.0 - -Sep-06-2013 eBay Inc. (NasdaqGS:EBAY) Decide Inc. - - - -Sep-06-2013 ZGM Collaborative Marketing Inc. DONOVAN CREATIVE COMMUNICATIONS INC. - - - -Sep-06-2013 Holliday Group Holdings (ICT Investments) Limited Finzsoft Solutions Limited (NZSE:FIN) $7.4 $3.1 0.4x 7.4xSep-06-2013 American Tower Corporation (NYSE:AMT) Global Tower, LLC - $4,800.0 - -Sep-06-2013 RCS & RDS S.A. S.C. Fastlink S.R.L. - - - -Sep-06-2013 Enghouse Systems Limited (TSX:ESL) Safeharbor Knowledge Solutions - - - -Sep-05-2013 Atomic Data, LLC Atomic Playpen, Inc., Hosting Assets - - - -Sep-05-2013 Summit Garnishee Solutions (Pty) Limited Business Connexion Group Limited, Q LINK - $18.4 - -Sep-05-2013 ESKO-Graphics, Inc. CAPE Systems, Inc. and CAPE Systems and Consulting Services Limited - - - -Sep-05-2013 Charles Taylor plc (LSE:CTR) Charles Taylor KnowledgeCenter Limited $4.2 $11.1 2.6x -Sep-05-2013 Communisis plc (LSE:CMS) Editions Publishing Limited - $9.1 - -Sep-05-2013 Skyscanner Ltd Fogg - - - -Sep-05-2013 Leger, The Research Intelligence Group IFOP North America - - - -Sep-05-2013 Private Investor(s) LabMentors Corp. - $0.2 - -Sep-05-2013 Assurant Inc. (NYSE:AIZ) Lifestyle Services Group Limited $194.8 $166.8 0.9x -Sep-05-2013 Kohlberg Kravis Roberts & Co. L.P. (NYSE:KKR) Mitchell International, Inc. - $1,000.0 - -Sep-05-2013 iomart Group plc (AIM:IOM) Redstation Limited $8.1 $12.6 1.6x 3.4xSep-05-2013 FactSet Research Systems Inc. (NYSE:FDS) Revere Data LLC - $15.4 - -Sep-05-2013 Saatchi & Saatchi Canada TPM Communications Limited - - - -Sep-04-2013 Discount Coupons Corporation (OTCBB:DCOU) Cloops, Inc. - - - -Sep-04-2013 Strava, Inc. Cycleface, Inc. - - - -Sep-04-2013 Merriman Capital, Inc. Distribution Networks LLC, Transaction Platform - $0.5 - -Sep-04-2013 Answers Corporation Easy2 Technologies, Inc. - - - -Sep-04-2013 Amobee, Inc. Gradient X, Inc - $15.0 - -Sep-04-2013 Monitise Create Limited Grapple Mobile Limited - $59.7 - -Sep-04-2013 NetworkPlay Media Private Limited innovese Technologies Pvt. Ltd., yoCAPTCHA - - - -Sep-04-2013 Localiiz.com (HK) Limited NecesCity Limited - - - -Sep-04-2013 Private Investor(s) OB10 Ltd. - $154.9 - -Sep-04-2013 BizBash Media Inc. Pogby, Inc., ImBookin - - - -Sep-04-2013 Broadcom Corp. (NasdaqGS:BRCM) Renesas Mobile Europe Oy and LTE-Related Assets - $164.0 - -Sep-04-2013 Cinram Group, Inc. Saffron Digital Ltd. - $47.0 - -Sep-04-2013 Unit 4 N.V. (ENXTAM:UNIT4) Unify SAS - - - -Sep-04-2013 VacationRoost Group Inc. Vacation Rental Agent Worldwide LLC - - - -Sep-03-2013 Amdocs Limited (NYSE:DOX) Actix, Ltd. - $120.0 - -Sep-03-2013 Phonetime Inc. (TSX:PHD) AGK Consulting, Inc. - $1.9 - -Sep-03-2013 McNally Capital, LLC AIA Corporation - - - -Sep-03-2013 Oskando Ltd. Autolog Systems ApS - - - -Sep-03-2013 Citrix Systems, Inc. (NasdaqGS:CTXS) Byte Squared Limited - - - -Sep-03-2013 Accelrys Inc. (NasdaqGS:ACCL) ChemSW, Inc. - $15.3 - -Sep-03-2013 Cultura Technologies Inc. E-Markets, Inc. - - - -Sep-03-2013 Acosta, Inc. Gateway Foodservice And Dynamic Marketing Group, Inc. - - - -

Acquirer

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

Select September 2013 Software Industry M&A Transactions

Date Announced Target

Target TTM Revenue

($mm)

Enterprise Value

($mm)EV/

RevenueEV/

EBITDASep-03-2013 Palatine Private Equity LLP Icelolly Marketing Limited - $26.6 - -Sep-03-2013 iTalk Inc. (OTCBB:TALK) iDataRoam Ltd. - - - -Sep-03-2013 EVO Payments International, LLC IP Commerce, Inc., Software License and Certain Assets of Technology Infrastructure - - - -Sep-03-2013 Eventbrite, Inc. Lanyrd Ltd. - - - -Sep-03-2013 Private Investor(s) Packetloop Pty Limited - - - -Sep-03-2013 Blue Calypso, Inc. (OTCBB:BCYP) Picture Assassin, LLC - $0.1 - -Sep-03-2013 Data Dynamic Systems S.A. SAS KeKoli.com - - - -Sep-03-2013 Eventbrite, Inc. South Interactive S.A. - - - -Sep-03-2013 Integrated Business Systems Inc T-Links Inc. - - - -Sep-03-2013 To The New ThoughtBuzz Pte Ltd - $3.9 - -Sep-03-2013 CapitalVia Global Research Limited ValueLeaf Services India Pvt. Ltd. - - - -Sep-03-2013 DocuWare Corporation Westbrook Technologies, Inc. - - - -Sep-02-2013 Singapore Post Limited (SGX:S08) EK Media Pte Ltd. - $0.9 - -Sep-02-2013 Karnov Group Denmark A/S Magnus Informatik AS - - - -Sep-02-2013 Worth Global Style Network Limited Mindset Communicaco e Marketing Ltda. - - - -Sep-02-2013 Mediaflag Inc. (TSE:6067) ROI Co., Ltd. - - - -Sep-02-2013 Rakuten, Inc. (JASDAQ:4755) ViKi Inc. - - - -Sep-02-2013 IrishCentral LLC WorldIrish.com - - - -

Acquirer

Copyright © 2013 by Software Equity Group, L.L.C., All Rights Reserved

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