- SaaS M&A activity was down slightly in August from the previous year, with 13 transactions totaling $1.48 billion compared to 19 transactions totaling $173 million in August 2011. - The SaaS index increased 8.8% in August, outperforming the Nasdaq which increased 4.1%. Large-cap and small-cap SaaS groups increased over 10% and 6.8% respectively. - Notable SaaS transactions in August included IBM's acquisition of Kenexa for $1.4 billion and Tangoe's acquisition of Symphony Teleca for $44 million.

1. Monthly Update
September 2012
Mark L. McNay
Partner and Managing Director
mmcnay@williamblair.com
+1 415 248 5902
Andrew H. Arno
Director
aarno@williamblair.com
+1 415 248 5905
Cloud Insights
M&A and Capital Markets Perspective
on the Cloud Computing Industries:
• Software-as-a-service
• Platform-as-a-service
• Infrastructure-as-a-service

2. William Blair & Company
Table of Contents
Summary .................................................................................................................................................................................................................................................... 1
Public Company Analysis..................................................................................................................................................................................................................... 3
William Blair & Company Selected Cloud Transactions ......................................................................................................................................................... 6
SaaS Professional Biographies .......................................................................................................................................................................................................... 7
William Blair & Company SaaS Equity Research Coverage ................................................................................................................................................... 8
Disclosures................................................................................................................................................................................................................................................. 9
Cloud Insights
Table of Contents

3. William Blair & Company
Summary
SaaS Mergers & Acquisitions
M&A activity was down slightly in terms of the number of transactions announced in August, with 13 SaaS M&A transactions totaling
$1.48 billion in disclosed transaction value (including IBM’s acquisition of Kenexa for $1.4 billion), compared with 19 transactions
totaling $173 million in disclosed transaction value in August 2011. Since the beginning of 2012, 112 M&A transactions have been
announced with $12.6 billion in disclosed transaction volume. At the same time last year, 123 M&A transactions with $5.3 billion in
transaction volume had been announced. Notable M&A transactions in August included:
August 2012 – Selected SaaS Mergers & Acquisitions
Date Trans. Value Implied Enterprise Enterprise Value
Announced Completed ($ MM) Value ($ MM) Target Company Acquirer Company LTM Revenue LTM EBITDA
08/27/12 - $1,396.8 $1,307.1 Kenexa Corporation IBM 4.1x 49.0x
08/08/12 08/08/12 $44.0 - Symphony Teleca Corporation, Telecommunications Tangoe - -
Expense Management Business
08/07/12 08/07/12 $38.1 $37.4 Edifice Information Management Systems SPS Commerce 3.3x 25.5x
Sources: CapitalIQ, public news sources, and third-party estimates
SaaS Equity Performance
For August, the broad SaaS group increased 8.8%, outperforming the Nasdaq, which was up 4.2%. The large-cap and small-cap SaaS
groups were up substantially, increasing 10.0% and 6.8%, respectively. The midcap SaaS group increased slightly, up 4.1%. The
broader SaaS index has significantly outperformed the market indices year to date.
Indexed Stock Price Performance
Index 2012 YTD August 2012
Large-cap SaaS 36.0% 10.0%
Midcap SaaS 14.1% 4.1%
Small-cap SaaS 23.3% 6.8%
All SaaS 31.9% 8.8%
NASDAQ 16.8% 4.2%
S&P 500 11.8% 2.0%
SaaS Capital Markets
August 2012 witnessed one SaaS public equity offering and two filings:
• Eloqua, a provider of on-demand revenue performance management (RPM) software solutions, completed its initial public
offering of $106 million (including the overallotment). Eloqua traded up 21% on its first day of trading.
• Workday, a provider of enterprise cloud-based applications for human capital management (HCM), filed an S-1 with the SEC to
raise $400 million in an initial public offering.
• ExactTarget, a provider of cross-channel, interactive marketing solutions, filed an S-1 with the SEC in connection with a $100
million follow-on offering.
Cloud Insights
Summary 1

4. William Blair & Company
SaaS Venture Capital
August 2012 venture investment activity consisted of 25 transactions totaling $143 million in disclosed transaction value, compared
with just 14 transactions totaling $190 million in August 2011. Notable SaaS venture investments in August included:
• Zscaler, a cloud security company, raised a $38 million series A round from Lightspeed Venture Partners.
• YottaMark, a provider of fresh-food traceability solutions, raised a $24 million series D round led by Westbury Partners, with
participation from ATA Ventures, Fairhaven Capital Partners, Thomvest Ventures, and Granite Ventures.
• AtTask, a provider of collaborative work management solutions, raised a $16 million round of funding from undisclosed
investors.
• Vital Insights, a provider of customer experience management (CEM) solutions to the automotive industry, raised a $20 million
round of funding from Bregal Sagemount.
PaaS and IaaS Activity
Notable events in the PaaS and IaaS sectors in August included:
• Nutanix, a provider of a SAN-less virtualized data center platform, raised a $33 million series C round led by Lightspeed Venture
Partners and Khosla Ventures, with participation from Battery Ventures and Goldman Sachs.
• Magnet Systems, a provider of a platform for next-generation enterprise applications, raised a $47 million series B round from
HTC Corporation.
As always, we encourage you to contact us if we may be of assistance.
Best regards,
Mark McNay Andrew Arno
Partner & Managing Director Director
mmcnay@williamblair.com aarno@williamblair.com
Cloud Insights
2 Summary

5. William Blair & Company
Public Company Analysis
• The SaaS index was up 8.8% in August, outperforming the Nasdaq, which was up 4.2%.
• For August, the large-cap and small-cap SaaS groups were up considerably, increasing 10.0% and 6.8%, respectively, while the
midcap SaaS group was up a more moderate 4.1%.
SaaS Indexed Stock Price Performance (2012 YTD)
Large-cap (+36.0%) Midcap (+14.1%) Small-cap (+23.3%) NASDAQ (+16.8%)
140
130
120
110
100
90
Note: Market cap groupings based on December 31, 2011; market capitalizations at pricing are used for 2012 IPOs
Mkt. Cap > $1 B consists of: ATHN, CNQR, TRAK, ET, N, RP, CRM, NOW, SREV, SNCR, ULTI
Mkt. Cap $500 MM to $1B consists of: BV, CTCT, CSOD, JIVE, KNXA, LPSN, LOGM, MDSO, TNGO
Mkt. Cap < $500 MM consists of: ELLI, ELOQ, EOPN, DWRE, IL, MKTG, SQI, SDBT, SPSC, VOCS
Source: FactSet as of August 31, 2012
Valuation Overview
Large-cap Midcap Small-cap
41.0x
33.3x
26.0x 28.0x
24.0x
6.6x
4.3x 15.0x
4.0x
EV / 2012E Revenue EV / 2012E EBITDA EV / 2012E FCF
Note: Market cap groupings based on December 31, 2011, stock price; data points represent median multiples
Note: Median multiples exclude Kenexa and SoundBite Communications
Source: FactSet as of August 31, 2012
Cloud Insights
Public Company Analysis 3

6. William Blair & Company
Comparable Company Analysis – Market Cap Groupings Based on December 31, 2011 Stock Price
Market Market Enterprise Enterprise Value / Revenue Enterprise Value / EBITDA Enterprise Value / FCF '11 - '12 2012
Close Cap ($MM) Cap ($MM) Value Revenue EBITDA
08/31/12 12/31/11 08/31/12 ($MM) LTM 2012E 2013E LTM 2012E 2013E LTM 2012E 2013E Growth Margin
Large-cap
athenahealth $88.37 $1,735.3 $3,181.2 $3,025.9 8.04x 7.05x 5.44x 55.3x 34.6x 27.2x nmf nmf 63.0x 32.5% 20.4%
Concur Technologies $72.40 $2,747.2 $3,980.9 $3,749.0 8.99x 8.00x 6.40x nmf 32.0x 25.6x 60.7x 69.7x 44.2x 26.8% 25.0%
DealerTrack Holdings $27.69 $1,107.8 $1,181.0 $1,085.7 2.89x 2.83x 2.49x 16.1x 11.4x 9.6x 21.2x 26.7x 18.1x 8.8% 24.7%
ExactTarget $21.17 $1,225.1 $1,398.2 $1,186.6 4.78x 4.25x 3.49x nmf nmf nmf nmf nmf nmf 34.7% 3.6%
NetSuite $56.88 $2,752.6 $4,033.6 $3,871.9 14.39x 12.74x 10.29 nmf nmf nmf nmf nmf nmf 28.6% 10.9%
x
RealPage $25.51 $1,814.8 $1,879.1 $1,868.3 6.40x 5.71x 4.74x 59.2x 25.3x 19.3x 44.7x 41.0x 29.3x 26.8% 22.6%
Salesforce.com $145.18 $13,798.6 $20,034.8 $19,485.5 7.37x 6.56x 5.18x nmf 38.3x 29.9x 34.5x 36.3x 28.6x 31.0% 17.1%
ServiceNow $31.10 $2,165.2 $3,831.6 $3,811.8 22.55x 16.20x 10.52 nmf nmf nmf nmf nmf nmf 60.3% -4.7%
x
ServiceSource International $9.26 $1,114.1 $693.6 $580.9 2.55x 2.34x 1.94x nmf 35.0x 20.9x nmf nmf 50.4x 20.9% 6.7%
Synchronoss Technologies $23.01 $1,134.7 $880.0 $789.0 3.12x 2.88x 2.31x 16.0x 9.0x 7.6x 45.6x 48.4x 18.4x 19.7% 31.8%
Ultimate Software Group $99.19 $1,695.0 $2,655.2 $2,594.2 8.71x 7.81x 6.42x nmf 47.0x 33.8x nmf nmf nmf 23.4% 16.6%
Mean 8.16x 6.94x 5.38x 36.7x 29.1x 21.7x 41.3x 44.4 x 36.0 x 28.5% 15.9%
Median 7.37x 6.56x 5.18x 35.7x 33.3x 23.3x 44.7x 41.0 x 29.3 x 26.8% 17.1%
Midcap
Bazaarvoice $14.84 $682.3 $1,023.9 $898.7 8.47x 6.84x 5.35x nmf nmf nmf nmf nmf nmf 45.2% -16.9%
Constant Contact $19.55 $690.3 $596.2 $515.1 2.20x 2.03x 1.70x 19.6x 14.1x 10.3x 24.3x 24.0x 17.1x 18.4% 14.4%
Cornerstone OnDemand $26.81 $884.1 $1,344.7 $1,282.7 13.77x 10.96x 7.72x nmf nmf nmf nmf nmf nmf 60.2% -7.0%
Jive Software $15.09 $945.1 $939.8 $794.6 8.31x 7.06x 5.16x nmf nmf nmf nmf nmf nmf 45.6% -13.5%
Kenexa(1) $45.84 $722.5 $1,262.9 $1,206.3 3.79x 3.32x 2.86x 30.8x 19.6x 15.6x 45.2x 32.0x 25.4x 28.3% 17.0%
LivePerson $16.50 $668.4 $918.3 $817.7 5.60x 5.08x 4.19x 34.5x 25.9x 18.5x 31.8x 33.4x 28.0x 21.0% 19.6%
LogMeIn $21.98 $937.2 $543.9 $345.5 2.66x 2.50x 2.09x 24.0x 11.1x 9.0x 10.9x 11.4x 8.7x 15.8% 22.6%
Medidata Solutions $35.08 $539.0 $900.9 $787.2 3.99x 3.60x 3.13x 22.1x 15.0x 11.4x 35.1x 19.4x 12.6x 18.4% 24.0%
Tangoe $16.20 $507.6 $605.0 $544.2 4.29x 3.60x 2.91x 55.0x 25.1x 17.4x 42.1x 33.2x 20.9x 43.9% 14.4%
Mean 6.16x 5.21x 4.03x 31.0x 18.2x 13.3x 28.8x 24.3 x 17.5 x 33.6% 7.2%
Median 4.94x 4.34x 3.66x 24.0x 15.0x 11.4x 31.8x 24.0 x 17.1 x 32.4% 14.4%
Small-cap
Demandware $26.00 $448.0 $756.3 $653.4 9.82x 8.64x 6.50x nmf nmf nmf nmf nmf nmf 33.8% -10.9%
E2open $12.76 $373.9 $318.1 $257.7 4.32x 3.71x 3.01x nmf nmf nmf nmf nmf nmf 15.1% 3.6%
Eloqua $13.99 $368.4 $448.2 $363.5 4.29x 4.01x 3.23x nmf nmf nmf na nmf nmf 27.0% -6.0%
Ellie Mae $25.77 $117.2 $649.2 $615.3 7.90x 6.78x 5.86x 38.3x 29.1x 22.8x nmf nmf nmf 63.5% 23.3%
IntraLinks Holdings $5.42 $337.3 $294.6 $301.8 1.42x 1.46x 1.40x 7.2x 9.5x 8.1x 12.8x 37.3x 21.6x -3.3% 15.3%
Responsys $9.59 $421.8 $465.2 $366.6 2.46x 2.23x 1.87x 18.4x 13.6x 10.3x 24.9x 27.5x 18.8x 21.7% 16.4%
SciQuest $16.85 $314.7 $375.5 $312.1 5.42x 4.65x 3.47x 43.2x 29.3x 18.1x 24.0x 19.1x 15.2x 25.5% 15.9%
SoundBite Communications(2) $2.29 $37.0 $37.3 $13.1 0.29x na na 13.0x na na na na na na na
SPS Commerce $34.95 $313.3 $433.4 $397.9 6.05x 5.26x 4.12x nmf 48.9x 31.5x nmf nmf 41.3x 30.6% 10.7%
Vocus $19.42 $442.0 $402.0 $453.6 3.29x 2.63x 2.18x nmf 22.9x 16.3x 33.6x 28.4x 21.5x 50.2% 11.5%
Mean 5.00x 4.37x 3.52x 26.8x 25.6x 17.9x 23.9x 28.1 x 23.7 x 29.3% 8.9%
Median 4.32x 4.01x 3.23x 28.3x 26.0x 17.2x 24.5x 28.0 x 21.5 x 27.0% 11.5%
Overall
Mean 6.58x 5.62x 4.40x 31.5x 25.1x 18.3x 31.9x 32.6 x 26.9 x 30.2% 11.1%
Median 5.51x 4.86x 3.80x 24.0x 25.3x 18.1x 32.7x 30.8 x 21.5 x 26.9% 14.9%
(1) Indicates excluded from mean and median calculation due to acquisition
(2) Indicates excluded from mean and median calculation due to enterprise value
Source: FactSet as of August 31, 2012
Cloud Insights
4 Public Company Analysis

7. William Blair & Company
Stock Price & Revenue Multiple Over Time – Market Cap Groupings Based on December 31, 2011 Stock Price
Market Market 12/31/11 Low Point High Point 08/31/12 % Change in Stock Price
Cap ($MM) Cap ($MM) Stock EV/LTM Stock EV/LTM Stock EV/LTM Stock EV/LTM 12/31/11 to Low Point to High Point to
12/31/11 08/31/12 Price Rev Price Rev Price Rev Price Rev 08/31/12 08/31/12 08/31/12
Large-cap
athenahealth $1,735.3 $3,181.2 $49.12 5.37x $49.12 5.37x $96.64 8.83x $88.37 8.04x 79.9% 79.9% -8.6%
Concur Technologies $2,747.2 $3,980.9 $50.79 6.96x $47.89 6.51x $72.67 9.03x $72.40 8.99x 42.5% 51.2% -0.4%
DealerTrack Holdings $1,107.8 $1,181.0 $27.26 3.22x $25.54 2.59x $31.64 3.70x $27.69 2.89x 1.6% 8.4% -12.5%
ExactTarget $1,225.1 $1,398.2 na na $19.30 4.55x $27.35 8.27x $21.17 4.78x na 9.7% -22.6%
NetSuite $2,752.6 $4,033.6 $40.55 11.73x $38.51 11.05x $57.95 14.76x $56.88 14.39x 40.3% 47.7% -1.8%
RealPage $1,814.8 $1,879.1 $25.27 7.58x $16.92 4.50x $28.66 8.59x $25.51 6.40x 0.9% 50.8% -11.0%
Salesforce.com $13,798.6 $20,180.0 $101.46 6.55x $97.48 6.29x $159.57 9.55x $145.18 7.37x 43.1% 48.9% -9.0%
ServiceNow $2,165.2 $3,831.6 na na $23.74 16.74x $32.43 20.26x $31.10 22.55x na 31.0% -4.1%
ServiceSource $1,114.1 $693.6 $15.69 5.35x $7.76 2.05x $17.71 6.07x $9.26 2.55x -41.0% 19.3% -47.7%
International
Synchronoss $1,134.7 $880.0 $30.21 4.52x $17.13 2.22x $35.69 5.47x $23.01 3.12x -23.8% 34.3% -35.5%
Technologies
Ultimate Software $1,695.0 $2,655.2 $65.12 6.42x $64.20 6.20x $99.19 8.71x $99.19 8.71x 52.3% 54.5% 0.0%
Group
Midcap
Bazaarvoice $682.3 $1,023.9 na na $13.59 6.62x $20.30 12.40x $14.84 8.47x na 9.2% -26.9%
Constant Contact $690.3 $596.2 $23.21 2.75x $16.00 1.50x $31.31 3.76x $19.55 2.20x -15.8% 22.2% -37.6%
Cornerstone $884.1 $1,344.7 $18.24 13.05x $17.58 10.17x $27.47 14.90x $26.81 13.77x 47.0% 52.5% -2.4%
OnDemand
Jive Software $945.1 $939.8 $16.00 13.04x $14.34 8.23x $27.52 19.72x $15.09 8.31x -5.7% 5.2% -45.2%
Kenexa $722.5 $1,262.9 $26.70 2.56x $22.79 1.91x $45.84 3.79x $45.84 3.79x 71.7% 101.1% 0.0%
LivePerson $668.4 $918.3 $12.55 4.64x $11.84 4.34x $19.49 6.92x $16.50 5.60x 31.5% 39.4% -15.3%
LogMeIn $937.2 $543.9 $38.55 6.37x $18.95 2.08x $42.50 7.18x $21.98 2.66x -43.0% 16.0% -48.3%
Medidata Solutions $539.0 $900.9 $21.75 2.36x $18.61 1.94x $36.11 4.12x $35.08 3.99x 61.3% 88.5% -2.9%
Tangoe $507.6 $605.0 $15.40 4.90x $14.47 4.22x $22.72 7.30x $16.20 4.29x 5.2% 12.0% -28.7%
Small-cap
Demandware $448.0 $756.3 na na $22.52 8.98x $31.45 16.95x $26.00 9.82x na 15.5% -17.3%
E2open $373.9 $318.1 na na $11.90 4.32x $13.60 4.98x $12.76 4.32x na 7.2% -6.2%
Eloqua $368.4 $448.2 na na $12.89 4.29x $15.30 5.19x $13.99 4.29x na 8.5% -8.6%
Ellie Mae $117.2 $649.2 $5.65 1.95x $5.40 1.85x $28.58 8.81x $25.77 7.90x 356.1% 377.2% -9.8%
IntraLinks Holdings $337.3 $294.6 $6.24 1.71x $3.84 1.06x $7.25 1.97x $5.42 1.42x -13.1% 41.1% -25.2%
Responsys $421.8 $465.2 $8.89 2.61x $8.89 2.34x $12.78 3.86x $9.59 2.46x 7.9% 7.9% -25.0%
SciQuest $314.7 $375.5 $14.27 5.16x $13.75 4.59x $18.28 6.23x $16.85 5.42x 18.1% 22.5% -7.8%
SoundBite $37.0 $37.3 $2.25 0.23x $2.10 0.19x $3.14 0.55x $2.29 0.29x 1.8% 9.0% -27.1%
Communications
SPS Commerce $313.3 $433.4 $25.95 5.21x $23.25 4.33x $34.95 6.05x $34.95 6.05x 34.7% 50.3% 0.0%
Vocus $442.0 $402.0 $22.09 3.05x $12.32 1.24x $24.19 4.08x $19.42 3.29x -12.1% 57.6% -19.7%
Source: FactSet as of August 31, 2012
Cloud Insights
Public Company Analysis 5

8. William Blair & Company
William Blair & Company Selected Cloud Transactions
Selected M&A Transactions
Not Disclosed Not Disclosed $115,000,000 Not Disclosed Not Disclosed
has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by
Not Disclosed Not Disclosed Not Disclosed Not Disclosed Not Disclosed
has been acquired by has been acquired by has acquired has been acquired by has been acquired by
Selected Public Equity Transactions
$70,312,500 $111,298,395 $101,200,000 $71,875,000 $91,351,224
Initial Public Offering
Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering
& Follow-On Offering
$318,436,530 $156,975,000 $142,866,254 $266,512,000 $53,124,000
Initial Public Offering Initial Public Offering Initial Public Offering
Initial Public Offering Initial Public Offering
& Follow-On Offering & Follow-On Offering & Follow-On Offering
$91,707,066 $206,816,000 $66,000,000 $708,860,000 $126,500,000
Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering
Initial Public Offering
& Follow-On Offering & Follow-On Offering & Follow-On Offerings
Selected Private Equity Transactions
Not Disclosed Not Disclosed Not Disclosed $54,000,000 $50,000,000
TM
received a significant
investment from
Private Equity Series E Convertible
Preferred Stock Preferred Stock Preferred Stock
Preferred Stock
Cloud Insights
6 William Blair & Company Selected Cloud Transactions

9. William Blair & Company
SaaS Professional Biographies
Mark L. McNay | Partner & Group Head, San Francisco and Software, Internet & Services
Mark McNay joined William Blair & Company in 2000 as a partner and group head of the West Coast investment banking team based
in San Francisco. Previously, he was a managing director and head of the Internet banking group at Volpe Brown Whelan & Company
and a managing director at Smith Barney, where at various times he headed the consumer/retailing group and the Los Angeles
corporate finance office. He is a graduate of Georgetown University (B.S.) and Columbia University (M.B.A.).
Andrew H. Arno | Director, San Francisco
Andrew Arno is a director in William Blair & Company’s West Coast investment banking team based in San Francisco. He joined
William Blair & Company in 2004. From 2000 to 2002, he was an investment banking associate at WR Hambrecht+Co. in the
technology group. From 1997 to 2000, he worked at The Shattan Group LLC, a boutique investment bank focused on private equity
placements. He is a graduate of Columbia University (B.A.) and the Haas School of Business at University of California, Berkeley
(M.B.A.).
Cloud Insights
SaaS Professional Biographies 7

10. William Blair & Company
William Blair & Company SaaS Equity Research Coverage
SaaS Equity Research
Company Ticker Analyst
Athenahealth ATHN Ryan Daniels
Concur Technologies CNQR Laura Lederman
Constant Contact CTCT Laura Lederman
Cornerstone OnDemand CSOD Laura Lederman
Demandware DWRE Laura Lederman
E2open EOPN Laura Lederman
Ellie Mae ELLI Brandon Dobell
Kenexa KNXA Laura Lederman
NetSuite N Laura Lederman
RealPage RP Laura Lederman
Responsys MKTG Laura Lederman
salesforce.com CRM Laura Lederman
SciQuest SQI Laura Lederman
ServiceSource SREV Laura Lederman
SPS Commerce SPSC Laura Lederman
Ultimate Software Group ULTI Laura Lederman
Vocus VOCS Laura Lederman
Cloud Insights
8 William Blair & Company SaaS Equity Research Coverage

11. William Blair & Company
Disclosures
William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair Company, L.L.C. is a Delaware Company and is regulated by the Securities and
Exchange Commission, the financial industry regulatory authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Services Authority
("FSA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or
institutions situated within the United States and are not offered to persons or institutions outside of the United States.
This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at, professional clients and eligible counterparties (as defined in
cobs 3.5 and 3.6 of the FDA handbook). This advertisement is not intended to be investment advice.
William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com
September 7, 2012
Cloud Insights
Disclosures 9

12. International
London
William Blair International, Limited
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London EC3A 6AB
United Kingdom
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Equity Sales: +44 20 7868 4400
Headquarters
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info@williamblair.com
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13. William Blair & Company is a global investment banking and
asset management firm. We are committed to building enduring December 2011
relationships with our clients and providing expertise and Monthly Update
solutions to meet their evolving needs. An independent and
employee-owned firm, William Blair is based in Chicago, with
10 office locations including London, New York, Shanghai, and
Zurich. For more information, please visit williamblair.com.
Mark McNay
Partner & Managing Director
mmcnay@williamblair.com
+1 415 248 5902
Andrew Arno
Director
aarno@williamblair.com
+1 415 248 5905
Cloud Insights Patrick Vihtelic
Associate
pvihtelic@williamblair.com
M&A and Capital Markets Perspective + 1 415 248 5911
on the Cloud Computing Industries:
Paul Huber
Senior Analyst
phuber@williamblair.com
• Software-as-a-service +1 415 248 5901
• Platform-as-a-service
• Infrastructure as-a-service