May monthly current

Software Equity Group
Flash Report
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&A
Industry 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 © 2014 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 areq y p y p
distributed to an opt-in list of 50,000 public
software company CEOs, software
entrepreneurs, private equity managing
directors, VCs, high tech corporate lawyers,
public accountants, etc. in 76 countries.
p ,

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 GROUP
q 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 (Krisplease contact
CONTACT INFORMATION:
Software Equity Group, L.L.C.
12220 El Camino Real, Suite 320
San Diego, CA 92130
www softwareequity comwww.softwareequity.com
p: (858) 509-2800
The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the opinions expressed herein. Nothing in
this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any security. Software Equity Group LLC may have an interest in
one or more of the securities or companies discussed herein.
Financial data provided by Capital IQ.
This Report may not be reproduced in whole or in part without the expressed prior written authorization of Software Equity Group, L.L.C.
Software Equity Group registers each Report with the U.S. Copyright Office and vigorously enforces its intellectual property rights.

List of Commonly Used Acronyms
CRM Customer Relationship Management
EBITDA Earnings before Interest, Taxes, Depreciation, and Amortization
ERP Enterprise Resource Planning
EV Enterprise Value
FCF Free Cash Flow
FORWARD Current EV / Next Four Quarters' Consensus Financial Estimates
NASDAQ National Association of Securities Dealers Automated Quotation System
PLM Product Lifecycle ManagementPLM Product Lifecycle Management
R&D Research and Development
S&P Standard & Poor's
SaaS Software-as-a-Service
SEG Software Equity Group
SG&A Selling, General, & AdministrativeSG&A Selling, General, & Administrative
SW Software
TTM Trailing Twelve Month
YoY Year-over-Year
YTD Year-to-date
Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved

Additions:
SEG Index Changes
Category
GrubHub Inc. GRUB Internet Services
OPOWER, Inc. Vertically FocusedSaaSOPWR
Ad tech & Lead Generation
Company Ticker Index
InternetRUBIThe Rubicon Project, Inc.
Changes: Current Category
eHealth, Inc. Internet - Lead Gen Internet - ServicesEHTH
Index Category
Unit 4
Acquired by Advent Intl. Corp. ($1.67 bn)
- SaaS ERP & Supply Chain
Company
Ticker
Company Ticker Previous Category

Table of Contents
SEG Software Index
Select Software Industry M&A Transactions
SEG SaaS Index
SEG Internet Index

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

Select May 2014 Software Industry M&A Transactions
Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-30-2014 Ansys, Inc. (NasdaqGS:ANSS) SpaceClaim Corporation, Inc. - $85.0 - -
Apr-30-2014 WorldPay Limited Thisf Informatica Ltda. - - - -
Apr-30-2014 Fixed Income Solutions, LLC Courtland Capital Inc. (TSXV:CTD.H) - - - -
Apr-30-2014 VerticalScope Inc. PbNation, LLC - $1.4 - -
Apr-30-2014 Accenture plc (NYSE:ACN) I4C Analytics Srl - - - -
Apr-30-2014 NHN Entertainment Corp. (KOSE:A181710) PNP Secure Co.,Ltd. - $58.1 - -
Apr-30-2014 Bynder B.V. LumaCloud LLC - - - -
Apr-30-2014 Kiewit Technology Inc. et alia, LLC, SAP Software Development, - - - -
Apr-30-2014 Glu Mobile, Inc. (NasdaqGS:GLUU) PlayFirst, Inc. - $13.5 - -
Apr-30-2014 WideOrbit, Inc. Fivia SA - - - -
Apr-30-2014 EPAM Systems, Inc. (NYSE:EPAM) Jointech Software (Shenzhen) Co., Ltd. - - - -
Apr-30-2014 DataBank Holdings Ltd. Arsalon Technologies, LLC - - - -
Apr-30-2014 Flexcomm Limited PT SCAN Nusantara - $0.1 - -
Apr-30-2014 Opera Mediaworks Inc. apprupt GmbH - - - -
Apr-30-2014 Loton Corp. Loton, Corp. - - - -
Apr-30-2014 Private Investor(s) Netex New Media Israel Ltd., Netex.co.il and Kafe.co.il - $1.7 - -
Apr-29-2014 PROACTIS Holdings PLC (AIM:PHD) Intesource, Inc. $5.0 $3.9 0.8x -
Apr-29-2014 NetNames Limited Web IP Pty Ltd - - - -
Apr-29-2014 Zettics, Inc. Velocent Systems Inc. - - - -
Apr-29-2014 Advanced Solutions International, Inc. Unxvision eSolutions Inc. - - - -
Apr-29-2014 Radius Networks, inc. 4DK Technologies, Inc. - - - -
Apr-29-2014 Zinio, LLC Audience Media S.L. - - - -
Apr-29-2014 Digital Management, Inc. The Pappas Group, LLC - - - -
Apr-29-2014 Numerex Corp. (NasdaqGS:NMRX) Omnilink Systems, Inc. $13.0 $37.5 2.9x -
Apr-29-2014 Lanyon, Inc. Passkey International UK Limited - - - -
Apr-29-2014 Dun & Bradstreet Corp. (NYSE:DNB) Indicee, Inc. - - - -
Apr-29-2014 Private Investor(s) XYPRO Technology Corporation - - - -
Apr-29-2014 Modria, Inc. Juripax B.V. - - - -
Apr-29-2014 Advantage Sales & Marketing LLC StoreBoard Media, LLC - - - -
Apr-29-2014 Radioio, Inc. (OTCPK:RAIO) CrowdStream Inc. - - - -
Apr-28-2014 Communisis plc (LSE:CMS) Public Creative Limited $1.0 $0.6 0.6x 7.0x
Apr-28-2014 reach | influence Penfield Consulting, LLC - - - -
Apr-28-2014 Hatchbrands Ventures Inc. Ooploo Inc. - - - -
Apr-28-2014 Truven Health Analytics Inc. Fortel Analytics LLC - - - -
Apr-28-2014 Accolade, Inc. DocVue, Inc. - - - -
Apr-28-2014 TIBCO Software Inc. (NasdaqGS:TIBX) JasperSoft Corporation - $185.0 - -
Apr-28-2014 Hallvarsson & Halvarsson AB Springtime AB - - - -
Apr-28-2014 ReWorld Media SA (ENXTPA:MLREW) Eaturlife SAS - - - -
Apr-27-2014 DAS Acquisition Company, LLC Capital Mortgage Solutions, LLC - - - -
Apr-26-2014 YMB PROPERTIES Ltd. Infographic Café - - - -
Apr-25-2014 Blonde Digital Ltd. Line Marketing Limited - - - -
Apr-25-2014 IRIS Software Group Limited Cascade Human Resources Limited - - - -
Apr-25-2014 Private Investor(s) Sport Optimum SARL $0.9 - - -
Apr-25-2014 Accord Group Limited Unknown Stakes in TAN Media Limited and Search Engine Rescue Limited - - - -
Apr-24-2014 Sopra HR Software SAS Compagnie IBM France, S.A.S., HR Access Service Line - - - -
Apr-24-2014 Vitec Software Group AB (OM:VIT B) AutoData Norge AS - $5.6 - -
Apr-24-2014 NexJ Systems Inc. (TSX:NXJ) Liberate Ideas Inc. - $1.8 - -
Apr-24-2014 DataXu, Inc. JasperLabs, Inc. - - - -
Apr-24-2014 Canada Inc. Zippler - - - -
Apr-24-2014 Facebook, Inc. (NasdaqGS:FB) ProtoGeo Oy - - - -
Apr-24-2014 IdeaScale Corporation Ideavibes Marketing Limited - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-24-2014 Zynx Health Incorporated CareInSync Corporation - - - -
Apr-24-2014 Finch Brasil Solucoes Integradas de Tecnologia Ltda Efficeon do Brasil Sistemas Inteligentes Ltda - - - -
Apr-23-2014 Mediaforce (UK) LLP TriCommunications Ltd. - - - -
Apr-23-2014 J.D. Power and Associates, Inc. Korrelate, Inc. - - - -
Apr-23-2014 Stage 32 Happy Writers The Happy Writers - - - -
Apr-23-2014 Magnitude Software Kalido, Ltd. - - - -
Apr-23-2014 Etsy, Inc. Grand St. - - - -
Apr-23-2014 Intralinks, Inc. docTrackr, Inc. - $10.0 - -
Apr-23-2014 BizCom Web Services, Inc. CloudAny LLC - - - -
Apr-23-2014 Cannabis Capital Corp. (OTCBB:CBCA) WebCongress inc. - $1.9 - -
Apr-23-2014 EatAds PTE LTD. Monitorly.in - - - -
Apr-23-2014 Catalyst90 Social Media NZ Ltd. - - - -
Apr-22-2014 MyWedding LLC The Green Life Guides, LLC - - - -
Apr-22-2014 Kantar Retail Company XTEL srl $11.5 - - -
Apr-22-2014 Terago Inc. (TSX:TGO) 7,000 Square Foot Data Center Facility in Downtown Vancouver - - - -
Apr-22-2014 Points International Ltd. (TSX:PTS) Accruity, Inc. - - - -
Apr-22-2014 WorkforceQA LLC Compliance Safety Systems LLC - - - -
Apr-22-2014 Xceptional HR Consulting, LLC The Recruiters Lounge - - - -
Apr-22-2014 Kaufman, Hall & Associates, Inc, Investment Arm Axiom EPM, LLC - - - -
Apr-22-2014 FPX, LLC Secure Document Technology Corporation - - - -
Apr-22-2014 WPN Chameleon Ltd. Chameleon - - - -
Apr-22-2014 9Slides, Inc. Now Meeting, Inc. - - - -
Apr-21-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) Perryscope Productions, LLC - - - -
Apr-21-2014 Cross Match Technologies, Inc. DigitalPersona, Inc. - - - -
Apr-21-2014 Total Defense, Inc. Untangle, Inc. - - - -
Apr-21-2014 Cadence Design Systems Inc. (NasdaqGS:CDNS) Jasper Design Automation, Inc. - $170.0 - -
Apr-21-2014 InsideTrack, Inc. Logrado, Inc. - - - -
Apr-21-2014 WeLoveServers Horizon Hosting - - - -
Apr-21-2014 Media Lounge Pvt. Ltd. Origin Beanstalk Creatives Consultants Pvt. - - - -
Apr-21-2014 Television Food Network G.P. Rosso Corporation - - - -
Apr-19-2014 Asher Agency, Inc. The Arnold Agency - - - -
Apr-18-2014 ARRIS Group, Inc. (NasdaqGS:ARRS) SeaWell Networks Inc. - - - -
Apr-18-2014 LocoMobi, Inc. Nautical Technologies Inc. - - - -
Apr-18-2014 Parsons Corporation Secure Mission Solutions, Inc. - - - -
Apr-18-2014 IN Switch Solutions, Inc. Micropagos S.A. - - - -
Apr-18-2014 JOBDIRECT,Inc. Labit Inc., Students Related Business - - - -
Apr-18-2014 EdStart, Inc. ClassBadges, Inc. - - - -
Apr-18-2014 CS3 Technology, Inc. Consolidated Technology Inc., Sage Practice - - - -
Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Success Resources Pte Limited, Certain Intellectual Property Assets and Business Assets - $10.1 - -
Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Success Resources Sdn Bhd, Business Assets - $3.4 - -
Apr-17-2014 Success Resources Global Ltd (ASX:SGU) Empowernet International Pty Ltd - $6.8 - -
Apr-17-2014 angelMD, Inc. IncLinx - - - -
Apr-17-2014 Dun & Bradstreet Corp. (NYSE:DNB) Fliptop, Inc., Social Data Matching Business Unit - - - -
Apr-17-2014 Webxu, Inc. (OTCPK:WBXU) The Skyline Agency - - - -
Apr-17-2014 Woven Digital, LLC Uproxx Media, Inc. - - - -
Apr-17-2014 Ubiquity, Inc. (OTCBB:UBIQ.D) Monkeybars, Inc. - $0.2 - -
Apr-17-2014 Omnicom Media Group Holdings Inc. Media Interactive S.A. - - - -
Apr-17-2014 Chegg, Inc. (NYSE:CHGG) The Campus Special, LLC - $17.0 - -
Apr-17-2014 Interactive Intelligence Group Inc. (NasdaqGS:ININ) OrgSpan, Inc. - - - -
Apr-17-2014 Tamedia AG (SWX:TAMN) PubliGroupe AG (SWX:PUBN) $300.2 $360.0 1.2x 77.3x
Apr-17-2014 TELUS Corporation (TSX:T) Data & Audio-Visual Enterprises Holdings Inc. - $318.5 - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-17-2014 Splashpress Media Ltd. Instadash - - - -
Apr-17-2014 Claranet Limited NovaData BV $9.7 - - -
Apr-17-2014 PricewaterhouseCoopers LLP GeoTraceability Ltd. - - - -
Apr-17-2014 Ed Gier Holding B.V. Playground Publishing Holdings B.V. - - - -
Apr-17-2014 Nuance Communications, Inc. (NasdaqGS:NUAN) AccelaRAD, Inc. - - - -
Apr-16-2014 ComOps Ltd. (ASX:COM) Complimentary Workforce Management Software Business - - - -
Apr-16-2014 TimesCity Dineout Services Pvt Ltd - - - -
Apr-16-2014 Experience Art and Design, Inc. (OTCBB:EXAD.E) Blabwire Media LLC $7.0 - - -
Apr-16-2014 WealthEngine, Inc. BrightContext Corporation - - - -
Apr-16-2014 PROSTEP AG EOS Solutions LLC - - - -
Apr-16-2014 Unity Technologies, Inc. Playnomics, Inc. - - - -
Apr-16-2014 Private Investor(s) MultiFreight Limited - - - -
Apr-16-2014 Verizon Wireless Inc Mobi PCS, Inc., Statewide Spectrum - $210.0 - -
Apr-16-2014 dough, Inc. tastytrade, Inc. - - - -
Apr-16-2014 IN2 informacijski inzenjering d.o.o. IN2 Dynamics doo - - - -
Apr-16-2014 MCI Deutschland GmbH HAGEN INVENT GmbH & Co. KG - - - -
Apr-16-2014 MSys Tech India Pvt. Ltd. Clogeny Technologies Private Limited - - - -
Apr-16-2014 Kollwitz Internet GmbH stylemarks GmbH - - - -
Apr-15-2014 Freelancer Limited (ASX:FLN) Warrior Forum - $3.2 3.0x -
Apr-15-2014 Multiphase Solutions, Inc. Cape Software Inc. $5.0 - - -
Apr-15-2014 Converged Technology Professionals, Inc. WeVault.COM LLC - - - -
Apr-15-2014 John Wiley & Sons Inc. (NYSE:JW.A) E-Learning S.A. $37.0 $175.0 4.7x -
Apr-15-2014 Bazaarvoice, Inc. (NasdaqGS:BV) FeedMagnet, LLC - $9.0 - -
Apr-15-2014 Twitter, Inc. (NYSE:TWTR) Gnip, Inc. - - - -
Apr-15-2014 Vertical Search Works, Inc. addGloo, Inc. - - - -
Apr-15-2014 Digital Luxury Group, DLG SA Luxury Society, SAS - - - -
Apr-15-2014 Jasper Infotech Pvt. Ltd. Doozton.com - - - -
Apr-15-2014 Intermedix Corp. The Optima Corporation - $5.0 - -
Apr-15-2014 RetailMeNot, Inc. (NasdaqGS:SALE) Pickie, Inc. - - - -
Apr-15-2014 Bookatable Limited 2book AB - - - -
Apr-15-2014 TeamSystem S.r.l. 24 ORE Software S.p.A. $84.5 $143.0 1.7x -
Apr-14-2014 MGM Wireless Limited (ASX:MWR) Payschool Pty Ltd - - - -
Apr-14-2014 Hexagon AB (OM:HEXA B) Mintec, Inc. - - - -
Apr-14-2014 EQS Group AG (XTRA:E1S) TodayIR.com $1.9 $6.2 3.2x -
Apr-14-2014 Intapp, Inc. The Frayman Group, Inc. - - - -
Apr-14-2014 Fidelity National Information Services, Inc. (NYSE:FIS) Credit Management Solutions, Inc. - - - -
Apr-14-2014 Paymentus Corp. Tele-Works Inc. - - - -
Apr-14-2014 Alpha II Software Solutions Unicor Medical, Inc. - - - -
Apr-14-2014 PMK-BNC, Inc. Vowel - - - -
Apr-14-2014 Shenzhen ZQGame Co.,Ltd. (SZSE:300052) Beijing AutoThink Co., Ltd. - $118.9 - -
Apr-14-2014 Electronics for Imaging, Inc. (NasdaqGS:EFII) Rhapso S.A. - - - -
Apr-14-2014 Shijiebang (Beijing) Information Technology Ltd. Tukequan - - - -
Apr-14-2014 TargetX.com LLC Matchbox, Inc. - - - -
Apr-14-2014 Rowan Dartington & Co. Ltd. Acordias Offshore Limited - - - -
Apr-14-2014 Private Investor(s) Resource Team Limited - $0.2 - -
Apr-14-2014 Orange Health Solutions, Inc. MZI Healthcare, LLC - - - -
Apr-14-2014 Tekla Oyj SVS Innovations, Construction Software Business - - - -
Apr-14-2014 Jeeves Information Systems AB SolvAxis SA - - - -
Apr-14-2014 EDM Group Limited xit2 Ltd. - - - -
Apr-14-2014 Motion PR, Inc. Miller-Pear Public Relations, Inc. - - - -
Apr-14-2014 Automotive Rentals, Inc. netcar24 GmbH - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-12-2014 ActMobile Networks, Inc. Colimetrics Software Pvt Ltd. - - - -
Apr-11-2014 Westec Holding Co Ltd MachineWorks Limited - - - -
Apr-11-2014 GEO DINOS Co., Ltd. DropWave.inc $6.1 $0.4 0.1x -
Apr-10-2014 International Business Machines Corporation (NYSE:IBM) Silverpop Systems, Inc. $80.0 - - -
Apr-10-2014 Heartland Payment Systems, Inc. (NYSE:HPY) MCS Software, LLC - - - -
Apr-10-2014 Amazon.com Inc. (NasdaqGS:AMZN) Iconology, Inc. - - - -
Apr-10-2014 Demandforce, Inc. Customerlink Systems, Inc. - - - -
Apr-10-2014 QUALICA Inc. Komatsu Ltd., Part of CSS-Net Business - - - -
Apr-10-2014 Criteo SA (NasdaqGS:CRTO) AdQuantic - - - -
Apr-10-2014 Beijing TRS Information Technology Co., Ltd (SZSE:300229) Beijing Topwalk - $96.5 - -
Apr-10-2014 NewBay Media, LLC Ratings Intelligence LLC - - - -
Apr-10-2014 WeLoveServers TuguHost - - - -
Apr-09-2014 Private Investor(s) Voxmobili S.A. - - - -
Apr-09-2014 Mercadolibre, Inc. (NasdaqGS:MELI) VMK - $40.0 - -
Apr-09-2014 True Ventures; Automattic, Inc. Longreads - - - -
Apr-09-2014 Lennox Investments L.L.C. Southport Re - - - -
Apr-09-2014 Gryphn Corp. Uppidy, Inc. - - - -
Apr-09-2014 SARL Sysaware Groupe Alma Accoss SARL $0.7 - - -
Apr-09-2014 CompassData, Inc. Spatial Information Solutions, Inc. - - - -
Apr-08-2014 Learning Technologies Group plc (AIM:LTG) LINE Communications Group Limited $14.3 $16.1 1.1x 11.0x
Apr-08-2014 Publicis Groupe SA (ENXTPA:PUB) OwenKessel - - - -
Apr-08-2014 Masergy Communications, Inc. Global DataGuard, Inc. - - - -
Apr-08-2014 Baker Hughes Incorporated (NYSE:BHI) Perfomix, Inc. - - - -
Apr-08-2014 Clarabridge, Inc. Market Metrix LLC - - - -
Apr-08-2014 Viewpoints, LLC PowerReviews, LLC - - - -
Apr-08-2014 Alaska Dispatch Publishing LLC Anchorage Daily News, Inc. $27.4 $34.0 1.2x -
Apr-08-2014 Ph3A Comercio Importacao e Exportacao Ltda. Arima Informática Ltda - - - -
Apr-08-2014 SilverTech, Inc. Poised Solutions, Inc. - - - -
Apr-08-2014 Daum Communications Corp. (KOSDAQ:A035720) Buzzpia Corporation - - - -
Apr-07-2014 INSIDE Secure (ENXTPA:INSD) Metaforic Limited - $16.1 - -
Apr-07-2014 BookIt Commerce, Inc. TRAINlete, L.L.C. - - - -
Apr-07-2014 lynda.com, Inc. Compilr Inc. - - - -
Apr-07-2014 Mobistar SA/NV (ENXTBR:MOBB) Carrefour SA, Hypermarkets Telecommunication Operations In Belgium - - - -
Apr-07-2014 Sensus (Bermuda 1), Ltd. Verdeeco, Inc. - - - -
Apr-07-2014 GTCR, LLC Vocus Inc. (NasdaqGS:VOCS) $186.3 $441.7 2.4x -
Apr-07-2014 DiCentral Corporation On-Demand Warehouse Management System - - - -
Apr-07-2014 EXFO Inc (TSX:EXF) ByteSphere LLC - - - -
Apr-07-2014 Solera Holdings Inc. (NYSE:SLH) Auto Point, Inc. - - - -
Apr-07-2014 Lightbeam Health Solutions, LLC Dynamic Vault, LLC - - - -
Apr-07-2014 Twitter, Inc. (NYSE:TWTR) Apps & Zerts, Inc. - - - -
Apr-07-2014 Fluid, Inc. 8thBridge, Inc. - - - -
Apr-07-2014 LivePerson Inc. (NasdaqGM:LPSN) NexGraph, LLC - - - -
Apr-07-2014 SFX Entertainment Inc. (NasdaqGS:SFXE) TMWRK Management and The Meta Agency and Learned Evolution - - - -
Apr-07-2014 Tyler Outdoor Advertising LLC Whistler Sign Co LLC, Oklahoma City Assets - - - -
Apr-07-2014 SAS Mazarine Groupe You To You $9.6 - - -
Apr-06-2014 Dalet S.A. (ENXTPA:DLT) AmberFin Ltd. - - - -
Apr-06-2014 Weld North LLC TrueNorthLogic, LLC - - - -
Apr-06-2014 Weld North LLC Imagine Learning, Inc. - - - -
Apr-06-2014 Hego Norge AS Metaphor AS - $3.8 - -
Apr-06-2014 Ross Video Limited Unreel LLC - - - -
Apr-04-2014 Elray Gaming Inc. SimRacing - - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-04-2014 GEO-CODE Co., Ltd. Samurai Factory, Inc., SEO Business - - - -
Apr-04-2014 Help/Systems, LLC Network Automation, Inc. - - - -
Apr-04-2014 Open Joint Stock Company Long-Distance and International TelecommunicaOJSC Cellular Communications of Bashkortostan - - - -
Apr-04-2014 Cantaloupe Systems, Inc. CompuVend, Inc. - - - -
Apr-04-2014 Private Investor(s) Invertise Inc. - - - -
Apr-03-2014 Stanfield Funds Management Limited (ASX:SFN) Easybookings (International) Pte Ltd. - $0.3 - -
Apr-03-2014 Amadeus Corporate Business AG i:FAO AG (XTRA:FAO2) $19.8 $98.0 5.0x 15.6x
Apr-03-2014 ConCardis GmbH Yapital Financial AG - - - -
Apr-03-2014 j2 Global, Inc. (NasdaqGS:JCOM) Critical Software Ltd - - - -
Apr-03-2014 SWK Technologies, Inc. ESC, Inc. - - - -
Apr-03-2014 IGE+XAO Group (ENXTPA:IGE) Prosyst SAS $1.9 - - -
Apr-03-2014 Tribune Digital Ventures TVbytheNumbers.com LLC - - - -
Apr-03-2014 Resource Interactive LLC Ammirati Ready, Inc. $15.0 - - -
Apr-03-2014 Ve Interactive Ltd. adGENIE - - - -
Apr-03-2014 Dunnhumby Limited sociomantic labs GmbH $100.6 $205.7 2.0x -
Apr-03-2014 HitFox GmbH Datamonk - - - -
Apr-03-2014 evvnt Ltd Evently Ltd - - - -
Apr-03-2014 Eloquant S.A Interview SA $3.0 - - -
Apr-03-2014 The Social Client Sociabliz - - - -
Apr-02-2014 Kantar Media Research Inc The Data Republic, S.L. - - - -
Apr-02-2014 CAD-Quality AB Symetri Ltd. - $4.6 - -
Apr-02-2014 Aurelius AG (XTRA:AR4) Publicitas S.A $903.9 - - -
Apr-02-2014 The Icicle Group WinWin Media - - - -
Apr-02-2014 Kona I CO., Ltd. (KOSDAQ:A052400) Websync Co.,Ltd. - $3.4 - -
Apr-02-2014 GE Healthcare Information Technologies CHCA Computer Systems Inc. - - - -
Apr-02-2014 John Wiley & Sons Inc. (NYSE:JW.A) Profiles International, Inc. $27.0 $51.0 1.9x -
Apr-02-2014 RentPath Inc. Lovely, Inc. - $13.0 - -
Apr-02-2014 Brisio Innovations Inc. (OTCPK:NTCE.F) Spermy's Journey, A Race To The Egg! - $0.1 - -
Apr-02-2014 Network Communications, Inc. Apartment Guide, LLC - - - -
Apr-02-2014 RobbinsKersten Direct KerstenDirect - - - -
Apr-02-2014 Accela, Inc. Des Lauriers Municipal Solutions, Inc. - - - -
Apr-02-2014 Gild Inc. Distill, Inc. - - - -
Apr-02-2014 Private Investor(s) Localist Limited - - - -
Apr-02-2014 Merkle, Inc. New Control LLC - - - -
Apr-02-2014 Zhejiang Rongxin Network Technology Co., Ltd. Hangzhou Handsome Electronics Group Co. Ltd. - $531.6 - -
Apr-02-2014 Beijing Hualu Baina Film &TV Inc. (SZSE:300291) Guangdong Blue Flame Media Co.,Ltd. - $402.8 - -
Apr-02-2014 Shanghai Ace Co.,Ltd. (SHSE:600652) UUU9.Com Co. - $190.1 - -
Apr-02-2014 TÜV Rheinland Aktiengesellschaft Institut für Sicherheitstechnologie (ISTec) GmbH - - - -
Apr-02-2014 Ernst & Young LLP, Investment Arm LogiStar Solutions LLC - - - -
Apr-01-2014 Enprise Group Limited Datagate Innovation Limited - $0.1 - -
Apr-01-2014 Neopost Limited Data Capture Solutions LTD. $6.2 - - -
Apr-01-2014 LexisNexis Risk Solutions, Inc. Tracesmart Ltd. - - - -
Apr-01-2014 The Descartes Systems Group Inc (TSX:DSG) Computer Management USA Inc. - $6.6 - -
Apr-01-2014 Telefónica, S.A. (CATS:TEF) Digital Bubble S.L. - - - -
Apr-01-2014 Captivate Network, Inc. Office Media Network, Inc. - - - -
Apr-01-2014 Aspen Technology, Inc. (NasdaqGS:AZPN) Sulphur Experts, Sulsim Software - - - -
Apr-01-2014 TechnoConcepts Inc. (OTCPK:TCPS) Portfolio Of 8 Websites - - - -
Apr-01-2014 Morningstar Inc. (NasdaqGS:MORN) ByAllAccounts, Inc. - $28.0 - -
Apr-01-2014 iBuy Group Limited (ASX:IBY) Ensogo Holdings Ltd $51.1 $18.7 0.4x -
Apr-01-2014 PRO DV AG (XTRA:PDA) MSA Auer GmbH, TecBOS.Command - - - -
Apr-01-2014 Teliasonera Danmark A/s Siminn Danmark A/S $15.4 - - -
Acquirer

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Apr-01-2014 HGGC, LLC AutoAlert, Inc. - - - -
Apr-01-2014 Spredfast, Inc. Mass Relevance Inc. - - - -
Apr-01-2014 Cirrus Media FST Media Pty. Ltd. - - - -
Apr-01-2014 Revation, Inc. North Light Software, Inc. - - - -
Apr-01-2014 Crobo GmbH TrafficCaptain GmbH - - - -
Apr-01-2014 evvnt Ltd EventSneaker Ltd. - - - -
Apr-01-2014 Ocuco Limited Practice Management Services Ltd. - - - -
Apr-01-2014 Technicolor SA (ENXTPA:TCH) Cloud Takes, LLC - - - -
Apr-01-2014 Proposal Software, Inc. Manager Insights, LLC - - - -
Acquirer

SEG Software Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG Software Index $1,960.4 $2,558.5 $743.9 70.1% 19.6% 6.2% 3.1x 13.3x 2.8x 11.0x -3.9%
Billing & Service Management $898.5 $952.9 $369.2 57.4% 18.4% 4.8% 2.1x 10.0x 1.9x 8.3x -9.2%
Business Intelligence $1,183.8 $930.4 $404.9 81.2% 6.8% 11.7% 3.1x 24.8x 2.6x 13.0x -21.0%
Development Platforms $2,661.3 $2,694.0 $1,142.8 76.0% 19.6% -0.3% 2.5x 11.8x 2.8x 8.6x -1.0%
Engineering & PLM $4,504.8 $4,204.1 $1,156.4 84.1% 19.7% 6.2% 3.2x 14.2x 3.1x 11.0x -6.9%
Enterprise Resource Planning $7,901.8 $8,509.4 $2,228.0 72.5% 29.0% 2.7% 3.8x 12.4x 3.7x 10.5x 8.7%
Financial & Accounting $1,960.4 $2,558.5 $743.9 55.1% 26.4% 4.7% 3.1x 13.3x 3.6x 10.7x -7.1%
Gaming $2,637.9 $2,717.9 $2,282.1 64.2% 18.5% 3.9% 1.7x 11.4x 1.6x 9.3x 14.0%
Healthcare $1,189.5 $1,525.2 $559.6 54.8% 15.5% 1.1% 2.3x 13.6x 2.2x 10.2x 2.0%
IT Conglomerates $182,279.3 $169,759.3 $83,347.0 70.1% 34.4% 2.0% 3.2x 9.3x 2.9x 8.1x 8.7%
Mobile Solutions/Content $671.3 $571.9 $292.1 56.6% 3.6% 22.3% 2.8x 19.8x 2.0x 13.0x -3.9%
Networking & Network Performance Managemen $1,714.8 $1,510.1 $435.6 70.9% 7.5% 8.8% 2.7x 16.1x 2.5x 11.5x -6.9%
Security $961.1 $936.3 $196.1 76.8% 5.3% 17.4% 3.2x 11.1x 3.1x 12.7x -4.1%
Storage, Data Mgmt & Integration $11,796.7 $7,722.6 $4,582.0 71.3% 23.7% 2.0% 2.7x 9.3x 2.6x 8.1x 3.7%
Supply Chain Management & Logistics $1,625.8 $1,551.5 $262.2 62.3% 27.7% 16.2% 5.4x 19.5x 4.9x 16.6x 3.2%
Systems Management $10,081.3 $9,175.6 $2,265.5 85.8% 26.0% 13.3% 4.5x 17.9x 3.9x 12.3x -0.9%
Vertical - Finance $3,947.1 $4,287.1 $890.6 44.2% 27.0% 8.2% 4.1x 12.7x 3.9x 11.2x -5.4%
Vertical - Other $1,374.6 $1,515.2 $433.5 51.9% 11.3% 21.2% 2.9x 19.6x 2.7x 17.0x -18.3%
Category Name
TTM Revenue Growth 8.0%
TTM EBITDA Growth -25.1%
TTM Earnings Growth -35.6%
Gross Profit Margin 69.1%
EBITDA Margin 18.6%
Net Income Margin -14.1%
SG&A Expenses as a % of Total Revenue 56.6%
R&D Expenses as a % of Total Revenue 18.9%
Current Ratio 2.3
Quick Ratio 2.1
Cash as Percent of Market Cap 11.2%
Avg Days Outstanding: Accounts Receivable 63
Avg Days Outstanding: Accounts Payable 31
Working Capital to TTM Operating Expense Ratio 0.5x
Levered FCF Margin 8.9%
Cash from Operations Growth (YoY) 20.8%
Cash from Investing Growth (YoY) -29.2%
Cash from Financing Growth (YoY) 75.9%
Levered FCF Growth (YoY) 17.8%
Copyright © 2014 by Software Equity Group, L.L.C., All Rights Reserved May 2014 Monthly Flash Report
Income Statement Analysis (Median)
Balance Sheet Analysis (Median)
Cash Flow Statement Analysis (Median)
-8%
-6%
-4%
-2%
0%
2%
4%
6%
SEG SW Index Software Stock Market Return: January - April 2014
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
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Amdocs Limited DOX $7,427.0 $6,318.3 $3,447.5 35.2% 18.4% 4.8% 1.8x 10.0x 1.7x 8.3x 14.5%
CSG Systems International, Inc. CSGS $898.5 $952.9 $747.5 49.1% 16.8% -1.2% 1.3x 7.6x 1.3x 6.0x -9.2%
Evolving Systems, Inc. EVOL $100.8 $87.1 $25.1 71.5% 23.8% -4.4% 3.5x 14.6x 3.0x 10.5x -10.1%
MIND C.T.I. Ltd. MNDO $35.4 $16.1 $18.5 57.4% 13.0% -8.6% 0.9x 6.7x n/a n/a 2.7%
NeuStar, Inc NSR $1,549.3 $1,955.7 $915.5 75.8% 38.4% 7.9% 2.1x 5.6x 2.0x 4.4x -48.1%
Redknee Solutions TSX:RKN $477.4 $450.4 $188.2 54.7% 3.6% 226.0% 2.4x 66.9x 1.9x 15.4x -26.5%
Synchronoss Technologies, Inc. SNCR $1,253.4 $1,204.3 $369.2 58.3% 24.0% 28.5% 3.3x 13.6x 2.8x 8.2x 2.5%
Median: $898.5 $952.9 $369.2 57.4% 18.4% 4.8% 2.1x 10.0x 1.9x 8.3x -9.2%
EBITDA Margin 0.0%
Net Income Margin 11.8%
Current Ratio 2.3
Quick Ratio 2.2
-14%
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Billing and Service Management Software Stock Market Return: January - April 2014
Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Actuate Corporation BIRT $265.1 $186.0 $123.7 85.6% 5.2% -11.0% 1.5x 28.8x 1.5x 7.6x -26.1%
MicroStrategy Incorporated MSTR $1,372.3 $1,006.5 $583.6 76.8% 7.0% 4.7% 1.7x 24.8x 1.6x 18.6x -1.7%
Pegasystems Inc. PEGA $1,265.3 $1,108.6 $509.0 69.1% 15.9% 10.2% 2.2x 13.7x 1.9x 12.7x -32.3%
Progress Software Corporation PRGS $1,102.3 $854.3 $324.8 90.4% 28.3% 1.9% 2.6x 9.3x 2.6x 7.2x -16.0%
PROS Holdings PRO $808.3 $763.6 $144.8 70.2% 6.6% 23.0% 5.3x 80.5x 4.0x 34.0x -30.3%
Qlik Technologies QLIK $1,968.5 $1,715.2 $485.0 86.5% 1.2% 19.5% 3.5x 297.6x 3.0x 34.5x -12.5%
Varonis Systems, Inc. VRNS $615.0 $600.9 $74.6 91.3% -6.8% 39.7% 8.1x n/a n/a n/a -42.6%
Verisk VRSK $9,998.5 $10,842.5 $1,628.6 60.2% 45.6% 13.3% 6.7x 14.6x 6.0x 13.0x -7.7%
Tableau Software DATA $3,524.8 $3,272.1 $232.4 92.0% 4.5% 82.0% 14.1x 311.1x 10.0x n/a -19.2%
Teradata NYSE:TDC $7,253.1 $6,832.1 $2,692.0 54.7% 23.1% 1.0% 2.5x 11.0x 2.4x 8.7x 1.6%
Median: $1,183.8 $930.4 $404.9 81.2% 6.8% 11.7% 3.1x 24.8x 2.6x 13.0x -21.0%
EBITDA Margin 6.8%
Current Ratio 2.0
Quick Ratio 1.8
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Business Intelligence Software Stock Market Return: January - April 2014
Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Actuate Corporation BIRT $265.1 $186.0 $123.7 85.6% 5.2% -11.0% 1.5x 28.8x 1.5x 7.6x -26.1%
Adobe Systems Incorporated ADBE $30,705.0 $29,082.6 $4,047.5 85.7% 18.6% -7.3% 7.2x 38.6x 6.8x 24.5x 4.0%
BSQUARE Corporation BSQR $36.4 $15.6 $92.1 16.5% -2.0% -9.2% 0.2x n/a n/a n/a -11.8%
Compuware Corporation CPWR $2,260.4 $2,172.4 $946.1 62.2% 13.3% -2.5% 2.3x 17.2x 2.8x 12.9x -6.0%
Magic Software Enterprises Ltd. MGIC $357.0 $328.1 $145.0 40.7% 19.1% 14.7% 2.3x 11.8x 2.1x n/a 15.1%
Microsoft Corporation MSFT $333,720.6 $269,528.6 $83,347.0 70.1% 37.7% 9.6% 3.2x 8.6x 2.9x 8.1x 9.5%
Oracle Corporation ORCL $182,279.3 $169,759.3 $37,902.0 81.9% 43.5% 2.0% 4.5x 10.3x 4.3x 8.6x 8.7%
Progress Software Corporation PRGS $1,102.3 $854.3 $324.8 90.4% 28.3% 1.9% 2.6x 9.3x 2.6x 7.2x -16.0%
Red Hat, Inc. RHT $9,211.6 $8,229.5 $1,534.6 84.8% 20.1% 15.5% 5.4x 26.6x 4.7x 16.9x -12.9%
Software AG XTRA:SOW $3,062.2 $3,215.7 $1,339.5 69.7% 25.0% -7.1% 2.4x 9.6x 2.4x 8.7x 10.5%
Median: $2,661.3 $2,694.0 $1,142.8 76.0% 19.6% -0.3% 2.5x 11.8x 2.8x 8.6x -1.0%
TTM Revenue Growth -0.3%
EBITDA Margin 19.6%
Current Ratio 1.9
Quick Ratio 1.8
Cash from Operations Growth (YoY) -6.7%
Cash from Investing Growth (YoY) 24.9%
Cash from Financing Growth (YoY) -1.7%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Development Platforms Software Stock Market Return: January - April 2014
Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ANSYS, Inc. ANSS $7,070.0 $6,327.0 $878.8 87.4% 46.8% 8.4% 7.2x 15.4x 6.7x 13.1x -11.3%
Autodesk, Inc. ADSK $10,923.5 $9,402.8 $2,273.9 87.9% 18.8% -1.7% 4.1x 22.0x 4.0x 21.5x -2.5%
Cadence Design Systems, Inc CDNS $4,504.8 $4,204.1 $1,484.4 85.9% 19.7% 8.8% 2.8x 14.4x 2.6x 8.0x 11.1%
Cimatron Ltd. CIMT $70.8 $57.8 $44.2 86.8% 14.7% 4.6% 1.3x 8.9x 1.2x n/a -28.3%
Dassault Systèmes DSY $15,421.6 $13,535.7 $2,870.3 87.1% 30.3% 1.6% 4.7x 15.6x 4.1x 12.8x -0.1%
GSE Systems Inc. GVP $31.3 $15.7 $47.6 26.5% -6.8% -9.0% 0.3x n/a 0.4x n/a 8.0%
Mentor Graphics Corp MENT $2,361.1 $2,313.1 $1,156.4 84.1% 20.7% 6.2% 2.0x 9.7x 1.9x 7.5x -12.5%
Parametric Technology Corporation PTC $4,198.5 $4,246.2 $1,313.5 71.9% 23.2% 3.4% 3.2x 13.9x 3.1x 11.0x 1.9%
PDF Solutions Inc PDFS $571.4 $470.4 $104.4 62.2% 34.7% 12.3% 4.5x 13.0x 4.1x 9.2x -25.1%
Stratasys, Inc. SSYS $4,771.7 $4,157.3 $484.4 46.8% 16.6% 125.0% 8.6x 51.7x 6.1x 22.9x -27.7%
Synopsys Inc SNPS $5,796.6 $5,001.1 $1,966.0 82.3% 18.3% 8.9% 2.5x 13.9x 2.4x 7.9x -6.9%
Median: $4,504.8 $4,204.1 $1,156.4 84.1% 19.7% 6.2% 3.2x 14.2x 3.1x 11.0x -6.9%
TTM EBITDA Growth 6.7%
TTM Earnings Growth 2.1%
EBITDA Margin 19.7%
Current Ratio 2.4
Quick Ratio 2.3
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Engineering & PLM Software Stock Market Return: January - April 2014
Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
American Software, Inc. AMSW.A $269.4 $203.6 $99.9 55.9% 16.5% -3.2% 2.0x 12.4x 1.9x 9.4x -1.9%
QAD Inc. QADA $290.4 $229.9 $266.3 56.1% 5.1% 5.6% 0.9x 16.9x 0.8x 10.7x 13.2%
Sage Group plc LSE:SGE $7,901.8 $8,509.4 $2,228.0 94.2% 29.0% 2.7% 3.8x 13.2x 3.7x 12.5x 13.1%
SAP DB:SAP $96,330.9 $95,926.0 $23,302.8 72.5% 34.4% 2.7% 4.1x 12.0x 3.9x 10.5x -4.3%
Median: $7,901.8 $8,509.4 $2,228.0 72.5% 29.0% 2.7% 3.8x 12.4x 3.7x 10.5x 8.7%
EBITDA Margin 29.0%
Current Ratio 1.2
Quick Ratio 1.1
Levered FCF Growth (YoY) -12.7%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
Enterprise Resource Planning Software Stock Market Return: January - April 2014
Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ACI Worldwide, Inc. ACIW $2,167.4 $2,843.5 $924.4 57.8% 21.0% 33.8% 3.1x 14.6x 2.7x 9.7x -9.3%
Bottomline Technologies EPAY $1,180.7 $1,118.7 $283.9 55.8% 13.5% 13.0% 3.9x 29.1x 3.5x 16.6x -9.6%
DST Systems, Inc. DST $3,881.2 $4,410.4 $2,660.0 17.2% 16.0% 2.1% 1.7x 10.4x 2.1x 9.3x 2.6%
Evertec EVTC $1,845.1 $2,558.5 $357.2 55.1% 39.0% 4.6% 7.2x 18.4x 6.8x 13.5x -6.2%
Fair Isaac Corporation FICO $1,960.4 $2,335.2 $743.9 69.1% 26.4% 3.9% 3.1x 11.9x 3.0x 10.0x -7.1%
Fiserv FISV $15,148.1 $18,689.1 $4,896.0 43.1% 29.1% 9.0% 3.8x 13.1x 3.7x 11.2x 4.4%
Intuit Inc INTU $21,461.0 $20,629.0 $4,129.0 86.2% 31.4% 12.2% 5.0x 15.9x 4.4x 10.7x 0.3%
Model N, Inc MODN $218.4 $115.8 $97.2 54.5% -1.0% 4.7% 1.2x n/a 1.5x n/a -54.9%
NetSol Technologies Inc. KASE:NETS $30.8 $32.9 $27.3 45.6% 35.8% 2.3% 1.2x 3.4x n/a n/a -18.5%
Sage Group plc LSE:SGE $7,901.8 $8,509.4 $2,228.0 94.2% 29.0% 2.7% 3.8x 13.2x 3.7x 12.5x 13.1%
Qiwi plc QIWI $1,507.8 $1,107.2 $355.1 45.9% 23.1% 30.9% 3.1x 13.5x 5.2x 10.6x -48.1%
Median: $1,960.4 $2,558.5 $743.9 55.1% 26.4% 4.7% 3.1x 13.3x 3.6x 10.7x -7.1%
EBITDA Margin 26.4%
Current Ratio 1.2
Quick Ratio 0.8
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Financial & Accounting Software Stock Market Return: January - April 2014
Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Activision Blizzard ATVI $14,303.5 $14,553.5 $4,583.0 66.6% 32.3% -5.6% 3.2x 9.8x 3.1x 9.0x 11.8%
Electronic Arts Inc. EA $8,761.4 $7,266.4 $3,661.0 61.8% 6.1% -7.5% 2.0x 32.6x 1.8x 9.3x 24.0%
GameLoft SA ENXTPA:GF $835.3 $751.7 $321.3 82.8% 15.6% 12.0% 2.3x 15.0x 2.0x 9.8x -7.7%
Konami Corporation TSE: 9766 $3,163.1 $3,125.2 $2,109.3 30.8% 11.3% -4.1% 1.5x 13.1x 1.3x 9.3x -0.7%
Take-Two Interactive TTWO $1,997.5 $1,474.1 $2,454.8 42.2% 21.4% 130.9% 0.6x 2.8x 1.1x 9.8x 16.3%
Ubisoft Entertainment ENXTPA:UB $2,112.6 $2,310.6 $1,719.3 72.7% 37.7% 16.3% 1.3x 3.6x 1.4x 5.1x 36.3%
Median: $2,637.9 $2,717.9 $2,282.1 64.2% 18.5% 3.9% 1.7x 11.4x 1.6x 9.3x 14.0%
EBITDA Margin 18.5%
Current Ratio 2.4
Quick Ratio 1.6
-10%
-5%
0%
5%
10%
15%
20%
25%
Gaming Software Stock Market Return: January - April 2014
Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Accretive Health AH $16,795.0 $15,501.4 $44,927.3 26.6% 6.5% -0.2% 0.3x 5.3x 0.3x 5.1x 13.2%
Allscripts Healthcare Solutions Inc. MDRX $2,730.8 $3,230.1 $1,373.1 45.1% 0.7% -5.1% 2.4x 327.2x 2.3x 14.2x -1.1%
Cerner Corporation CERN $17,615.0 $16,744.2 $2,939.3 85.0% 26.3% 11.1% 5.7x 21.6x 4.9x 13.6x -6.8%
Computer Programs and Sys, Inc. CPSI $704.8 $682.4 $203.4 47.2% 27.3% 8.0% 3.4x 12.3x 3.2x 11.2x 5.1%
MedAssets MDAS $1,410.9 $2,186.7 $678.4 77.1% 29.8% 2.3% 3.2x 10.8x 3.0x 9.1x 16.6%
Merge Healthcare MRGE $216.7 $425.6 $218.9 59.4% 11.6% -13.0% 1.9x 16.7x 2.0x 10.0x -9.9%
Omnicell, Inc. OMCL $968.1 $863.6 $395.2 53.8% 14.6% 17.3% 2.2x 15.0x 2.0x 10.4x 5.6%
Quality Systems, Inc. QSII $889.3 $795.3 $440.8 55.8% 16.5% -3.7% 1.8x 10.9x 1.7x 8.6x -28.0%
Median: $1,189.5 $1,525.2 $559.6 54.8% 15.5% 1.1% 2.3x 13.6x 2.2x 10.2x 2.0%
EBITDA Margin 15.5%
Current Ratio 1.8
Quick Ratio 1.5
-10%
-5%
0%
5%
10%
15%
20%
Healthcare Software Stock Market Return: January - April 2014
Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Hewlett Packard HPQ $62,652.7 $71,576.7 $112,093.0 23.4% 11.8% -5.6% 0.6x 5.4x 0.6x 5.2x 20.1%
IBM IBM $198,863.6 $233,284.6 $98,827.0 49.0% 25.4% -4.3% 2.4x 9.3x 2.4x 8.1x 6.5%
SAP AG DB:SAP $96,330.9 $95,926.0 $23,302.8 72.5% 34.4% 2.7% 4.1x 12.0x 3.9x 10.5x -4.3%
Median: $182,279.3 $169,759.3 $83,347.0 70.1% 34.4% 2.0% 3.2x 9.3x 2.9x 8.1x 8.7%
EBITDA Margin 34.4%
Current Ratio 1.2
Quick Ratio 1.1
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
IT Conglomerates Software Stock Market Return: January - April 2014
IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Bango PLC BGO $100.7 $92.8 $14.6 23.5% -51.5% -13.7% 6.4x n/a n/a n/a -2.8%
Glu Mobile, Inc. GLUU $325.2 $288.3 $125.6 69.3% -6.8% 18.2% 2.3x n/a 1.9x 50.1x 2.6%
Gree TSE:3632 $2,295.8 $1,910.5 $1,358.5 79.6% 31.6% -12.7% 1.4x 4.5x 1.6x 4.7x -1.5%
King Digital Entertainment KING $5,401.1 $5,209.5 $1,884.3 69.0% 38.2% 1046.1% 2.8x 7.2x 2.1x 5.3x -9.7%
Millennial Media Inc MM $683.1 $585.6 $259.2 40.3% 0.4% 45.9% 2.3x 510.1x 1.4x 31.1x -13.2%
Myriad Group AG MYRN $137.1 $136.8 $43.2 29.0% -16.0% -23.3% 3.2x n/a n/a n/a -0.6%
NQ Mobile Inc. NQ $659.6 $558.3 $196.7 58.9% 0.7% 114.3% 2.8x 382.7x 1.7x 6.3x -23.0%
Opera OB:OPERA $1,708.5 $1,625.1 $325.1 44.0% 25.2% 40.7% 5.0x 19.8x 3.7x 13.0x -5.7%
Qihoo 360 Technology Co. Ltd QIHU $10,625.7 $10,230.0 $671.1 86.9% 30.6% 104.0% 15.2x 49.8x 8.8x 25.1x 3.1%
Pandora Media P $4,811.7 $4,470.4 $734.0 43.2% -1.0% n/a 6.1x n/a 4.6x 70.7x -12.5%
Synchronoss Technologies, Inc. SNCR $1,253.4 $1,204.3 $369.2 58.3% 24.0% 28.5% 3.3x 13.6x 2.8x 8.2x 2.5%
Tangoe TNGO $581.1 $539.9 $188.9 55.0% 8.7% 22.3% 2.9x 32.9x 2.4x 14.3x -16.7%
TeleCommunication Systems TSYS $155.4 $241.0 $352.6 39.2% 6.4% -26.9% 0.7x 10.7x 0.7x 6.8x 10.4%
TeleNav TNAV $240.0 $94.0 $163.0 60.8% -7.2% -16.9% 0.6x n/a 0.6x n/a -5.0%
Zynga, Inc ZNGA $3,582.1 $2,799.9 $777.7 70.3% 4.2% -36.5% 3.6x 86.0x 3.5x 23.8x 2.5%
Median: $671.3 $571.9 $292.1 56.6% 3.6% 22.3% 2.8x 19.8x 2.0x 13.0x -3.9%
EBITDA Margin 3.6%
Current Ratio 3.1
Quick Ratio 2.8
-10%
-5%
0%
5%
10%
15%
Mobile Solutions/Content Software Stock Market Return: January - April 2014
Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
A10 Networks, Inc. ATEN $772.7 $898.1 $157.9 76.7% -1.3% n/a 5.7x n/a 4.9x n/a -19.2%
Allot Communications Ltd. ALLT $450.1 $328.0 $100.7 71.9% 0.6% -3.8% 3.3x 581.5x 2.8x 17.5x -9.9%
Aruba Networks, Inc. ARUN $2,110.8 $1,832.6 $637.5 69.9% 1.7% 11.6% 2.9x 166.9x 2.4x 11.1x 14.2%
Barracuda Networks, Inc. CUDA $1,318.7 $1,187.7 $233.8 77.0% 0.0% 17.5% 5.1x n/a 4.4x 21.2x -30.5%
Brocade Communications Systems, BRCD $4,042.1 $3,642.2 $2,198.7 64.0% 24.4% -3.0% 1.7x 6.8x 1.7x 5.6x 5.6%
Cisco Systems, Inc. CSCO $119,046.1 $89,153.1 $47,873.0 59.4% 27.1% 1.3% 1.9x 6.9x 1.9x 5.5x 5.9%
Cyan, Inc. CYNI $195.5 $136.3 $116.6 41.3% -29.9% 21.6% 1.2x n/a 1.4x n/a -19.9%
Compuware Corporation CPWR $2,260.4 $2,172.4 $946.1 62.2% 13.3% -2.5% 2.3x 17.2x 2.8x 12.9x -6.5%
F5 Networks, Inc. FFIV $7,908.8 $7,285.0 $1,592.1 82.4% 30.7% 11.3% 4.6x 14.9x 4.0x 10.4x 18.3%
Gigamon, LLC GIMO $503.0 $360.3 $146.2 76.7% -25.8% 38.2% 2.5x n/a 1.9x 11.9x -43.3%
Juniper Networks, Inc. JNPR $11,686.8 $10,078.2 $4,780.0 62.7% 16.8% 8.8% 2.1x 12.5x 2.0x 7.1x 9.8%
Radware Ltd. RDWR $747.5 $580.7 $198.9 81.1% 14.4% 5.1% 2.9x 20.3x 2.7x 13.4x -7.2%
Riverbed Technology, Inc. RVBD $3,121.8 $3,168.8 $1,060.3 73.3% 15.3% 17.7% 3.0x 19.5x 2.7x 9.3x 7.9%
Median: $1,714.8 $1,510.1 $435.6 70.9% 7.5% 8.8% 2.7x 16.1x 2.5x 11.5x -6.9%
EBITDA Margin 7.5%
Current Ratio 2.6
Quick Ratio 2.3
May 2014 Monthly Flash Report
-8%
-6%
-4%
-2%
0%
2%
4%
6%
8%
10%
12%
14%
Networking/Network Performance Mgmt Software Stock Market Return: January - April 2014
Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
A10 Networks, Inc. ATEN $772.7 $898.1 $157.9 76.7% -1.3% n/a 5.7x n/a 4.9x n/a -19.2%
AVG Technologies N.V. AVG $987.0 $974.6 $407.1 83.1% 35.0% 14.4% 2.4x 6.8x 2.5x 7.4x 10.6%
Barracuda Networks, Inc. CUDA $1,318.7 $1,187.7 $233.8 77.0% 0.0% 17.5% 5.1x n/a 4.4x 21.2x -30.5%
Check Point Software Tech Ltd. CHKP $12,222.0 $11,014.8 $1,413.6 88.4% 55.1% 4.5% 7.8x 14.1x 7.3x 12.7x -0.5%
Cyren CYRN $78.3 $77.8 $32.2 77.7% -7.7% 34.9% 2.4x n/a 2.2x n/a -0.3%
Fortinet Inc. FTNT $3,584.3 $3,023.2 $648.4 70.4% 13.1% 17.4% 4.7x 35.6x 4.1x 20.9x 15.6%
Guidance Software, Inc. GUID $266.7 $247.1 $110.5 66.1% -12.3% -14.6% 2.2x n/a 2.1x 24.6x -8.0%
Imperva IMPV $599.4 $481.7 $140.7 78.0% -23.4% 26.4% 3.4x n/a 3.1x n/a -52.9%
Palo Alto Networks, Inc PANW $4,709.1 $4,270.8 $482.9 73.2% -3.7% 49.2% 8.8x n/a 6.4x 51.2x 14.2%
Proofpoint, Inc. PFPT $935.2 $834.9 $149.9 69.2% -13.4% 33.3% 5.6x n/a 4.5x n/a -21.5%
Sourcefire, Inc. FIRE $22.9 $22.1 $18.9 38.5% 10.6% 25.2% 1.2x 11.1x n/a n/a 3.1%
Symantec Corporation SYMC $14,024.7 $12,228.7 $6,799.0 83.6% 28.8% -0.6% 1.8x 6.2x 1.8x 6.0x -12.9%
Trend Micro TSE:4704 $4,365.3 $2,988.5 $1,030.1 82.1% 33.9% 15.4% 2.9x 8.6x 2.7x 8.2x -7.7%
VASCO Data Security International VDSI $447.8 $338.3 $158.5 64.7% 10.8% 0.9% 2.1x 19.7x 2.0x 10.9x 50.3%
Median: $961.1 $936.3 $196.1 76.8% 5.3% 17.4% 3.2x 11.1x 3.1x 12.7x -4.1%
EBITDA Margin 5.3%
Current Ratio 1.8
Quick Ratio 1.7
-10%
-5%
0%
5%
10%
15%
Security Software Stock Market Return: January - April 2014
Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Brocade Communications Systems, BRCD $4,042.1 $3,642.2 $2,198.7 64.0% 24.4% -3.0% 1.7x n/a 1.7x 5.6x 5.6%
CA, Inc. CA $13,495.7 $12,412.7 $4,582.0 85.8% 34.2% -2.1% 2.7x 7.9x 2.8x 7.1x -8.4%
Cisco Systems, Inc. CSCO $119,046.1 $89,153.1 $47,873.0 59.4% 27.1% 1.3% 1.9x 6.9x 1.9x 5.5x 5.9%
CommVault Systems, Inc. CVLT $2,298.8 $1,816.0 $586.3 87.3% 18.2% 18.2% 3.1x 17.0x 2.7x 10.7x -34.7%
EMC EMC $52,306.8 $51,088.8 $23,314.0 62.3% 23.7% 5.9% 2.2x 9.2x 2.0x 6.5x 3.7%
FalconStor Software, Inc. FALC $73.0 $52.7 $55.4 75.6% -10.6% -22.4% 1.0x n/a n/a n/a 15.2%
IBM IBM $198,863.6 $233,284.6 $98,827.0 49.0% 25.4% -4.3% 2.4x 9.3x 2.4x 8.1x 6.5%
Informatica Corporation INFA $3,882.3 $3,152.2 $977.0 83.2% 17.9% 17.7% 3.2x 18.0x 2.9x 10.8x -13.0%
NetApp, Inc. NTAP $11,796.7 $7,722.6 $6,392.6 61.2% 15.2% 1.2% 1.2x 7.9x 1.2x 5.1x -11.2%
Splunk, Inc. SPLK $6,451.0 $5,553.6 $302.6 88.9% -23.3% 52.1% 18.4x n/a 13.7x n/a -23.6%
TIBCO Software Inc. TIBX $3,194.4 $2,978.4 $1,085.0 71.3% 18.5% 4.7% 2.7x 14.9x 2.5x 9.1x -15.2%
Varonis Systems, Inc. VRNS $615.0 $600.9 $74.6 91.3% -6.8% 39.7% 8.1x n/a n/a n/a -42.6%
Median: $11,796.7 $7,722.6 $4,582.0 71.3% 23.7% 2.0% 2.7x 9.3x 2.6x 8.1x 3.7%
EBITDA Margin 23.7%
Current Ratio 2.6
Quick Ratio 2.3
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Storage, Data Management & Integration Software Stock Market Return: January - April 2014
Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Supply Chain Management & Logistics
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
American Software, Inc. AMSW.A $269.4 $203.6 $99.9 55.9% 16.5% -3.2% 2.0x 12.4x 1.9x 9.4x -1.9%
Aspen Technology, Inc. AZPN $3,958.2 $3,701.3 $373.2 85.9% 30.1% 27.7% 9.9x 33.0x 8.8x 25.2x 3.5%
Manhattan Associates, Inc. MANH $2,389.6 $2,263.7 $431.5 57.0% 27.2% 13.1% 5.2x 19.3x 4.9x 16.8x 7.3%
The Descartes Systems Group Inc. TSX:DSG $862.0 $839.4 $151.3 67.6% 28.1% 19.2% 5.5x 19.7x 4.9x 16.4x 3.0%
Median: $1,625.8 $1,551.5 $262.2 62.3% 27.7% 16.2% 5.4x 19.5x 4.9x 16.6x 3.2%
EBITDA Margin 27.7%
Current Ratio 2.3
Quick Ratio 2.0
-10%
-5%
0%
5%
10%
15%
Supply Chain Management & Logistics Software Stock Market Return: January - April 2014
Supply Chain Management & Logistics S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
CA Technologies CA $13,495.7 $12,412.7 $4,582.0 85.8% 34.2% -2.1% 2.7x 7.9x 2.8x 7.1x -8.4%
Citrix Systems, Inc. CTXS $10,951.0 $10,121.7 $2,996.4 85.8% 22.7% 12.2% 3.4x 14.9x 3.1x 11.3x -5.1%
Netscout Systems, Inc. NTCT $1,610.2 $1,432.9 $396.6 78.7% 24.1% 13.1% 3.6x 15.0x 3.1x 10.6x 35.1%
Red Hat, Inc. RHT $9,211.6 $8,229.5 $1,534.6 84.8% 20.1% 15.5% 5.4x 26.6x 4.7x 16.9x -12.9%
SolarWinds, Inc. SWI $3,039.1 $2,856.3 $358.4 91.0% 38.1% 27.0% 8.0x 20.9x 6.6x 13.2x 6.7%
VMWare, Inc. VMW $39,861.1 $34,745.1 $5,376.0 86.1% 27.8% 13.4% 6.5x 23.3x 5.6x 15.2x 3.4%
Median: $10,081.3 $9,175.6 $2,265.5 85.8% 26.0% 13.3% 4.5x 17.9x 3.9x 12.3x -0.9%
EBITDA Margin 26.0%
Current Ratio 1.4
Quick Ratio 1.3
-10%
-5%
0%
5%
10%
15%
Systems Management Software Stock Market Return: January - April 2014
Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Advent Software, Inc. ADVS $1,481.4 $1,731.4 $387.3 71.3% 18.6% 6.3% 4.5x 24.1x 4.3x 14.4x -16.0%
Broadridge Financial BR $4,579.5 $4,863.3 $2,507.6 29.7% 19.9% 7.3% 1.9x 9.7x 1.9x 9.0x -1.9%
Fidessa LSE:FDSA $1,430.3 $1,307.0 $462.2 21.2% 19.4% 0.1% 2.8x 14.6x 2.7x 10.3x 2.9%
Jack Henry & Associates, Inc. JKHY $4,715.3 $4,569.5 $1,197.3 42.6% 34.0% 9.1% 3.8x 11.2x 3.5x 10.3x -4.8%
MSCI, Inc. MSCI $4,730.1 $5,179.4 $1,055.9 67.9% 42.5% 12.3% 4.9x 11.5x 5.0x 12.0x -6.0%
SS&C Corporation SSNC $3,314.7 $4,004.7 $725.3 45.8% 39.6% 14.9% 5.5x 14.0x 5.2x 12.6x -12.6%
Median: $3,947.1 $4,287.1 $890.6 44.2% 27.0% 8.2% 4.1x 12.7x 3.9x 11.2x -5.4%
EBITDA Margin 27.0%
Current Ratio 1.5
Quick Ratio 1.2
-12%
-10%
-8%
-6%
-4%
-2%
0%
2%
4%
6%
Vertical - Finance Software Stock Market Return:January - April 2014
Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Blackbaud, Inc. BLKB $1,374.6 $1,515.2 $515.8 52.9% 19.8% 10.1% 2.9x 14.8x 2.7x 12.5x -18.1%
Constellation TSX:CSU $4,690.8 $5,033.7 $1,349.2 32.3% 11.2% 41.7% 3.7x 33.4x 2.8x 14.3x 5.1%
EPIQ Systems, Inc. EPIQ $456.4 $746.4 $452.0 52.3% 15.1% 23.9% 1.7x 10.9x 1.5x 6.9x -18.3%
Guidewire Software, Inc. GWRE $2,565.7 $2,121.5 $315.2 51.9% -1.1% 21.2% 6.7x n/a 5.9x 48.8x -21.6%
Micros Systems MCRS $3,875.3 $3,251.3 $1,337.9 52.3% 19.6% 7.7% 2.4x 12.4x 2.4x 10.6x -9.1%
PROS Holdings PRO $808.3 $763.6 $144.8 70.2% 6.6% 23.0% 5.3x 80.5x 4.0x 34.0x -30.3%
Sapiens International SPNS $369.0 $299.3 $135.4 37.2% 11.3% 18.8% 2.2x 19.6x 1.9x 17.0x 4.5%
Silver Spring Networks, Inc. SSNI $722.0 $579.0 $326.9 35.3% -10.8% 66.1% 1.8x n/a 1.6x 35.5x -27.8%
Tyler Technologies, Inc. TYL $2,695.2 $2,598.0 $433.5 46.6% 19.5% 15.2% 6.0x 30.7x 5.3x 21.9x -19.4%
Median: $1,374.6 $1,515.2 $433.5 51.9% 11.3% 21.2% 2.9x 19.6x 2.7x 17.0x -18.3%
EBITDA Margin 11.3%
Current Ratio 2.1
Quick Ratio 1.4
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Vertical - Other Software Stock Market Return: January - April 2014
Vertical - Other S&P NASDAQ SEG SW Index

SEG SaaS Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG SaaS Index $838.3 $703.7 $161.3 67.7% -4.5% 28.2% 6.4x 67.9x 5.5x 20.7x -21.6%
CRM & Marketing $676.5 $568.9 $179.6 71.4% -1.0% 26.0% 2.7x 71.9x 2.3x 20.7x -10.6%
ERP & Supply Chain $838.3 $703.7 $109.6 67.7% -8.8% 30.6% 6.4x 67.9x 5.5x 33.4x -21.6%
Vertically Focused $866.1 $838.7 $129.8 64.7% 8.9% 40.1% 6.8x 48.0x 5.5x 13.6x -20.7%
Workforce Management $1,438.5 $1,393.0 $161.3 61.0% -4.5% 26.3% 8.3x 262.7x 6.6x 27.6x -24.2%
SaaS Other $643.0 $649.9 $130.0 70.4% -14.4% 28.2% 5.0x 31.7x 4.0x 17.2x -23.4%
Category Name
EBITDA Margin -4.5%
Current Ratio 2.3
Quick Ratio 2.1
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
SEG SaaS Index Stock Market Return: January - April 2014
DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Bazaarvoice, Inc BV $495.1 $438.2 $181.4 68.3% -16.8% 22.3% 2.4x n/a 2.3x n/a -13.5%
Constant Contact CTCT $811.2 $688.0 $296.1 71.8% 10.6% 13.7% 2.3x 22.0x 2.1x 11.3x -14.5%
Cvent NYSE:CVT $1,131.5 $973.7 $111.1 71.0% 1.9% 33.1% 8.8x 470.4x 7.0x 73.7x -25.2%
LivePerson LPSN $541.7 $449.8 $177.8 76.1% 3.5% 13.0% 2.5x 71.9x 2.2x 20.7x -32.6%
Marketo MKTO $1,097.6 $986.9 $108.5 62.6% -39.1% 64.5% 9.1x n/a 6.5x n/a 17.5%
Marin Software MRIN $313.5 $215.3 $77.3 59.8% -38.3% 29.8% 2.8x n/a 2.2x n/a -7.8%
Salesforce.com CRM $31,511.7 $33,181.5 $4,071.0 76.2% -1.5% 33.5% 8.2x n/a 6.3x 39.7x -5.9%
Vocus VOCS $389.0 $428.9 $186.3 79.3% -0.5% 2.3% 2.3x n/a n/a 18.4x 60.8%
Median: $676.5 $568.9 $179.6 71.4% -1.0% 26.0% 2.7x 71.9x 2.3x 20.7x -10.6%
EBITDA Margin -1.0%
Current Ratio 2.3
Quick Ratio 2.2
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
CRM & Marketing SaaS Stock Market Return: January - April 2014
CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Amber Road, Inc. AMBR $330.2 $335.1 $52.5 57.6% -22.3% 21.1% 6.4x n/a 5.5x n/a -21.6%
E2open, Inc EOPN $496.0 $444.5 $71.2 60.7% -29.4% -4.9% 6.2x n/a 5.1x n/a -28.7%
Fleetmatics FLTX $1,115.1 $990.7 $190.8 75.6% 24.0% 38.3% 5.2x 21.6x 4.1x 14.9x -30.8%
Netsuite N $5,841.1 $5,632.7 $445.8 67.7% -8.8% 34.6% 12.6x n/a 9.8x 120.5x -24.1%
SciQuest SQI $646.8 $612.6 $95.0 70.0% 0.4% 30.6% 6.5x 1603.7x 5.5x 28.9x -11.8%
SPS Commerce SPSC $838.3 $703.7 $109.6 69.0% 9.5% 29.9% 6.4x 67.9x 5.3x 37.9x -19.6%
Workday, Inc. WDAY $13,466.6 $12,061.4 $468.9 62.3% -25.3% 71.4% 25.7x n/a 16.4x n/a -10.6%
Median: $838.3 $703.7 $109.6 67.7% -8.8% 30.6% 6.4x 67.9x 5.5x 33.4x -21.6%
EBITDA Margin -8.8%
Current Ratio 2.1
Quick Ratio 1.9
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
ERP & Supply Chain SaaS Stock Market Return: January - April 2014
ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
2U, Inc. TWOU $583.8 $576.8 $83.1 72.7% -32.8% 48.8% 6.9x n/a 5.5x n/a 6.7%
Athenahealth, Inc ATHN $4,678.8 $4,773.6 $632.4 59.3% 9.2% 40.1% 7.5x 81.7x 6.1x 35.0x -6.0%
Castlight Health, Inc. CSLT $1,300.3 $1,233.1 $13.0 -33.4% -475.6% 212.3% 95.1x n/a 33.5x n/a -62.3%
DealerTrack TRAK $2,447.9 $2,485.3 $481.5 42.4% 12.0% 23.8% 5.2x 42.9x 3.1x 13.6x -5.6%
Ebix Inc. EBIX $605.5 $604.9 $204.7 80.2% 37.1% 2.7% 3.0x 8.0x 2.9x 7.2x 10.1%
Ellie Mae ELLI $681.6 $602.9 $129.8 73.5% 16.3% 16.1% 4.6x 28.5x 4.1x 13.4x -9.1%
Medidata Solutions MDSO $1,964.2 $1,975.1 $290.2 74.6% 8.9% 25.5% 6.8x 76.8x 5.5x 23.1x -38.5%
OPOWER, Inc. OPWR $866.1 $838.7 $88.7 64.7% -13.1% 71.4% 9.5x n/a 7.4x n/a -20.7%
Q2 Holdings, Inc. QTWO $392.3 $381.2 $56.9 38.2% -22.9% 38.4% 6.7x n/a 5.2x n/a -19.1%
RealPage RP $1,398.8 $1,365.8 $377.0 60.7% 14.4% 17.0% 3.6x 25.2x 3.1x 12.9x -20.8%
The Rubicon Project, Inc. RUBI $498.9 $473.1 $83.8 81.7% 2.2% 46.9% 5.6x 254.6x 4.3x n/a -28.5%
Textura Corp. TXTR $441.8 $366.5 $40.8 68.6% -81.5% 70.1% 9.0x n/a 5.5x n/a -40.5%
Veeva Systems Inc. VEEV $2,443.4 $2,155.3 $210.2 60.7% 19.4% 62.2% 10.3x 53.0x 7.8x 39.5x -40.6%
Median: $866.1 $838.7 $129.8 64.7% 8.9% 40.1% 6.8x 48.0x 5.5x 13.6x -20.7%
EBITDA Margin 8.9%
Current Ratio 1.5
Quick Ratio 1.5
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Vertically Focused SaaS Stock Market Return: January - April 2014
Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Workforce Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Callidus Software Inc. CALD $438.7 $419.0 $117.8 59.7% -1.7% 19.6% 3.6x n/a 3.3x 29.0x -26.9%
Cornerstone OnDemand CSOD $1,951.9 $1,862.4 $204.9 70.9% -15.5% 55.7% 9.1x n/a 6.9x n/a -30.5%
Halogen Software, Inc. TSX:HGN $188.5 $134.4 $48.0 74.8% -7.4% 26.3% 2.8x n/a 2.3x n/a -30.0%
Paylocity Holding Corp. PCTY $925.1 $923.5 $90.5 48.4% 2.2% n/a 10.2x 473.4x 8.2x n/a -21.3%
The Ultimate Software Group, Inc. ULTI $3,385.1 $3,294.3 $433.6 59.4% 14.6% 23.2% 7.6x 52.0x 6.2x 26.2x -21.5%
Workday, Inc. WDAY $13,466.6 $12,061.4 $468.9 62.3% -25.3% 71.4% 25.7x n/a 16.4x n/a -10.6%
Median: $1,438.5 $1,393.0 $161.3 61.0% -4.5% 26.3% 8.3x 262.7x 6.6x 27.6x -24.2%
EBITDA Margin -4.5%
Current Ratio 1.5
Quick Ratio 1.4
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Workforce Management SaaS Stock Market Return: January - April 2014
Workforce Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Benefitfocus, Inc. BNFT $812.7 $758.2 $104.8 40.4% -21.7% 28.2% 7.2x n/a 5.7x n/a -42.2%
ChannelAdvisors ECOM $643.0 $541.5 $68.0 73.4% -15.8% 26.9% 8.0x n/a 6.4x n/a -36.0%
Concur CNQR $4,575.1 $4,443.9 $628.2 67.4% 4.4% 30.6% 7.1x 160.8x 5.8x 33.8x -20.3%
Covisint Corporation COVS $264.7 $209.9 $98.4 44.5% -27.5% 13.9% 2.1x n/a 2.1x n/a -43.9%
Demandware, Inc. DWRE $1,775.9 $1,500.6 $103.7 73.0% -15.6% 30.5% 14.5x n/a 10.4x n/a -23.4%
FireEye, Inc. FEYE $5,693.6 $5,519.7 $161.6 70.4% -88.4% 93.9% 34.2x n/a 13.6x n/a -4.5%
inContact, Inc. SAAS $465.8 $424.7 $130.0 48.2% -1.4% 17.9% 3.3x n/a 2.7x n/a 2.9%
IntraLinks Holdings IL $515.2 $505.0 $234.5 72.3% 5.5% 8.2% 2.2x 39.1x 2.1x 12.8x -23.8%
J2 Global JCOM $2,193.1 $2,140.2 $520.8 83.3% 41.3% 40.2% 4.1x 9.9x 3.6x 8.2x -6.1%
Jive Software, Inc JIVE $526.3 $426.5 $145.8 62.1% -41.7% 28.2% 2.9x n/a 2.5x n/a -31.5%
Liquid Holdings Group, LLC LIQD $99.0 n/a $4.8 43.7% n/a 137.4% n/a n/a n/a n/a -42.9%
OpenTable, Inc. OPEN $1,578.5 $1,464.0 $198.3 74.2% 30.4% 18.2% 7.4x 24.3x 6.5x 17.2x -14.0%
Qualys, Inc. QLYS $629.6 $533.2 $108.0 77.2% 11.0% 18.1% 4.9x 44.7x 4.1x 24.8x -16.7%
Rally Software Development, Inc. RALY $325.0 $236.1 $74.3 77.6% -21.1% 30.8% 3.2x n/a 2.6x n/a -32.4%
RingCentral, Inc. RNG $1,015.2 $880.8 $173.2 62.1% -20.2% 38.3% 5.1x n/a 4.0x n/a -15.0%
Service-now.com NOW $7,129.8 $6,895.9 $477.8 63.2% -13.1% 69.3% 14.4x n/a 9.7x 110.6x -10.7%
Zix Corporation ZIXI $194.3 $171.8 $48.5 84.1% 22.2% 8.3% 3.5x 15.9x 3.1x 10.8x -28.2%
Median: $643.0 $649.9 $130.0 70.4% -14.4% 28.2% 5.0x 31.7x 4.0x 17.2x -23.4%
EBITDA Margin -14.4%
Current Ratio 2.5
Quick Ratio 2.5
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Other Public SaaS Companies SaaS Stock Market Return: January - April 2014
Other SaaS S&P NASDAQ SEG SaaS

SEG Internet Index: All Categories
Category Name Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
SEG Internet Index $2,425.5 $2,041.7 $525.2 64.2% 9.3% 17.8% 3.6x 21.5x 3.2x 15.9x -11.0%
Ad Tech & Lead Generation $1,646.2 $1,529.1 $514.1 64.7% 7.1% 27.0% 2.5x 22.0x 2.2x 13.2x -20.6%
Commerce $528.1 $403.8 $416.5 40.5% 8.6% 15.0% 0.9x 14.1x 0.9x 10.1x -16.9%
Content & Media $3,420.2 $3,225.3 $536.4 49.6% 13.2% 6.6% 3.4x 21.2x 3.2x 18.5x -11.2%
Gaming $3,204.78 $2,554.3 $759.4 71.9% 30.7% 10.9% 3.7x 9.2x 3.4x 8.2x -7.8%
Infrastructure $663.43 $515.7 $284.2 63.7% 6.5% 10.3% 1.3x 17.7x 1.3x 11.1x -4.0%
Services $847.49 $728.3 $186.9 73.9% 6.8% 40.9% 3.7x 35.3x 3.3x 25.1x -10.8%
Social $5,681.36 $4,726.8 $801.0 61.2% 9.9% 62.4% 9.8x 32.5x 7.7x 25.2x -14.1%
Travel $4,709.39 $4,138.7 $868.4 83.1% 16.5% 20.6% 4.8x 21.8x 5.3x 18.6x 0.7%
EBITDA Margin 7.1%
Current Ratio 2.5
Quick Ratio 2.3
Working Capital to TTM Operating Expense Ratio 0.5
-20%
-15%
-10%
-5%
0%
5%
10%
SEG Internet Index Stock Market Return: January - April 2014
DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech and Lead Generation
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Angie's List, Inc. ANGI $661.8 $612.7 $266.1 73.9% -7.3% 50.5% 2.3x n/a 1.8x 53.1x -16.7%
Baidu.com, Inc. BIDU $53,910.2 $50,733.6 $5,705.8 70.1% 40.3% 47.7% 8.9x 22.0x 6.0x 19.2x -14.5%
Bankrate, Inc. RATE $1,835.1 $1,902.0 $457.4 67.0% 23.8% 0.1% 4.2x 17.5x 3.6x 12.8x 0.5%
Criteo SA CRTO $1,836.7 $1,529.1 $611.4 35.4% 5.1% 63.3% 2.5x 48.7x n/a n/a -2.9%
Conversant, Inc. CNVR $1,646.2 $1,704.9 $573.1 68.0% 36.1% 6.2% 3.0x 8.2x 2.8x 7.4x 5.8%
Coupons.com, Inc. COUP $1,230.7 $1,215.0 $167.9 69.0% -2.1% 49.7% 7.2x n/a 5.8x 142.7x -43.9%
Google Inc. GOOGL $358,001.1 $309,121.1 $62,294.0 57.2% 29.8% 18.7% 5.0x 16.6x 4.6x 11.3x -3.9%
Groupon GRPN $4,768.9 $3,535.8 $2,573.7 58.3% 5.4% 10.2% 1.4x 25.3x 1.1x 12.2x -41.0%
InterActiveCorp IACI $5,501.2 $5,566.0 $3,021.0 68.4% 17.5% 4.1% 1.8x 10.5x 1.7x 8.3x -2.1%
LinkedIn LNKD $18,679.7 $16,355.4 $1,677.0 86.7% 9.9% 51.3% 9.8x 98.4x 7.7x 31.7x -26.1%
Marchex Inc. MCHX $389.2 $358.3 $168.3 38.2% 5.0% 21.1% 2.1x 42.7x 2.0x 22.8x -6.0%
QuinStreet QNST $265.3 $228.3 $297.8 17.9% 9.0% -9.5% 0.8x 8.5x 0.8x 6.3x -30.7%
ReachLocal, Inc. RLOC $288.9 $208.6 $514.1 50.1% 2.6% 13.0% 0.4x 15.9x 0.4x 8.4x -21.8%
Rocket Fuel, Inc. FUEL $1,126.8 $1,040.4 $240.6 47.8% -4.3% 125.7% 4.3x n/a 2.4x 232.6x -46.1%
The Rubicon Project, Inc. RUBI $498.9 $473.1 $83.8 81.7% 2.2% 46.9% 5.6x 254.6x 4.3x n/a -28.5%
SINA Corporation SINA $3,158.8 $2,574.9 $665.1 59.2% 8.7% 25.7% 3.9x 44.7x 3.1x 20.1x -43.6%
Sohu.com Inc. SOHU $2,118.2 $1,685.9 $1,458.0 64.7% 12.3% 27.0% 1.2x 9.4x 1.0x n/a -24.7%
Tree.Com, Inc. TREE $328.8 $237.1 $139.2 95.3% 7.1% 79.8% 1.7x 23.9x 1.5x 11.4x -10.8%
Tremor, Inc. TRMR $227.1 $134.4 $131.8 40.9% -5.5% 25.3% 1.0x n/a 0.8x n/a -20.6%
Yandex YNDX $8,507.9 $8,366.7 $1,205.1 71.8% 39.0% 37.2% 6.9x 17.8x 5.5x 13.2x -37.9%
YuMe YUME $216.3 $166.8 $151.1 46.9% 2.9% 29.5% 1.1x 38.1x 0.9x 33.9x -9.1%
Median: $1,646.2 $1,529.1 $514.1 64.7% 7.1% 27.0% 2.5x 22.0x 2.2x 13.2x -20.6%
EBITDA Margin 7.1%
Current Ratio 2.9x
Quick Ratio 2.7x
Avg Days Outstanding: Accounts Receivable 54.6x
Avg Days Outstanding: Accounts Payable 66.9x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Internet Ad Tech and Lead Generation Stock Market Return: January - April 2014
Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
1-800-FLOWERS.COM, Inc. FLWS $349.9 $352.2 $741.9 41.3% 5.2% 1.0% 0.5x 9.1x 0.4x 6.1x 3.0%
58.com Inc. WUBA $3,239.6 $2,928.5 $145.7 94.2% 13.2% 67.3% 20.1x 151.9x 12.2x 72.4x 4.7%
Amazon.com, Inc. AMZN $139,950.6 $134,431.6 $78,123.0 27.8% 4.9% 22.1% 1.7x 35.5x 1.4x 19.1x -23.6%
Bitauto Holdings Limited BITA $1,486.9 $1,303.8 $237.7 76.7% 20.0% 36.2% 5.5x 27.4x 4.0x 17.1x 14.8%
BlueNile NILE $437.7 $322.4 $456.6 18.6% 3.6% 10.3% 0.7x 19.6x 0.6x 12.4x -25.1%
Chegg, Inc. CHGG $435.8 $321.8 $269.0 31.1% 8.0% 19.1% 1.2x 15.0x 1.0x 4.9x -36.6%
DangDang DANG $887.9 $688.6 $1,044.8 17.4% -2.3% 21.8% 0.7x n/a 0.5x 45.1x 10.7%
Digital River Inc. DRIV $499.3 $242.6 $376.5 66.1% 9.3% -5.3% 0.6x 6.9x 0.6x 5.1x -16.9%
eBay Inc. EBAY $65,670.7 $61,954.7 $16,561.0 68.4% 29.6% 13.9% 3.7x 12.6x 3.3x 10.0x -3.9%
GeekNet GKNT $99.3 $46.2 $138.3 19.6% 0.8% 16.3% 0.3x 41.5x 0.3x 10.1x -17.3%
Liquidity Services, Inc. LQDT $557.0 $455.5 $505.6 42.0% 17.4% 2.9% 0.9x 5.2x 0.9x 4.6x -23.2%
Mecox Lane Limited MCOX $46.3 $32.3 $87.4 39.7% -21.3% -42.4% 0.4x n/a n/a n/a -0.8%
Mercadolibre, Inc. MELI $4,118.2 $3,921.2 $472.6 78.5% 35.0% 26.5% 8.3x 23.7x 7.7x 22.4x -9.6%
Overstock.com, Inc. OSTK $384.2 $273.5 $1,333.4 19.0% 1.6% 16.1% 0.2x 13.2x 0.2x 6.9x -45.8%
PetMed Express, Inc. PETS $260.8 $219.4 $233.4 33.3% 12.5% 2.4% 0.9x 7.5x 0.9x 7.5x -20.4%
Stamps.com STMP $561.6 $455.8 $129.0 78.8% 28.1% 8.0% 3.5x 12.6x 3.2x 10.4x -16.9%
Median: $528.1 $403.8 $416.5 40.5% 8.6% 15.0% 0.9x 14.1x 0.9x 10.1x -16.9%
EBITDA Margin 8.6%
Current Ratio 2.5x
Quick Ratio 2.2x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
Internet Commerce Internet Stock Market Return: January - April 2014
Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
AOL, Inc. AOL $3,420.2 $3,334.9 $2,319.9 29.3% 18.8% 5.8% 1.4x 7.6x 1.3x 6.4x -4.4%
DemandMedia DMD $360.9 $303.6 $394.6 48.1% 11.4% 3.7% 0.8x 6.8x 0.8x 5.5x -26.0%
InterActiveCorp IACI $5,501.2 $5,566.0 $3,021.0 68.4% 17.5% 4.1% 1.8x 10.5x 1.7x 8.3x -2.1%
Netflix NFLX $19,305.5 $18,537.3 $4,620.7 30.4% 7.4% 22.8% 4.0x 54.1x 3.2x 28.2x -11.2%
Pandora P $4,811.7 $4,470.4 $734.0 43.2% -1.0% n/a 6.1x n/a 4.6x 70.7x -12.5%
Shutterstock, Inc. SSTK $2,552.1 $2,342.4 $235.5 61.5% 20.0% 38.9% 9.9x 49.8x 7.6x 34.1x -12.7%
TheStreet.com, Inc. TST $88.3 $33.4 $54.5 49.6% -0.7% 7.4% 0.6x n/a n/a n/a 16.3%
WebMD Health Corp. WBMD $1,666.6 $1,840.4 $536.4 59.8% 16.2% 12.8% 3.4x 21.2x 3.2x 11.7x 14.3%
XO Group XOXO $284.6 $193.9 $133.8 83.3% 13.2% 3.6% 1.4x 11.0x 1.4x 10.8x -27.7%
Yahoo! Inc. YHOO $36,411.5 $34,764.1 $4,672.7 71.5% 19.0% -4.7% 7.4x 39.2x 7.7x 25.4x -9.2%
Youku YOKU $3,753.3 $3,225.3 $500.2 29.8% 10.0% 68.7% 6.4x 64.4x 4.7x 101.4x -29.9%
Median: $3,420.2 $3,225.3 $536.4 49.6% 13.2% 6.6% 3.4x 21.2x 3.2x 18.5x -11.2%
EBITDA Margin 13.2%
Current Ratio 2.6x
Quick Ratio 2.4x
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Content & Media Stock Market Return: January - April 2014
Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
ChangYou.com CYOU $1,481.3 $1,345.6 $741.0 82.2% 29.8% 11.6% 1.8x 6.1x 1.7x 4.6x -13.1%
Giant Interactive GA $2,827.5 $2,308.7 $389.1 91.9% 65.7% 9.5% 5.9x 9.0x 5.3x 8.2x 5.0%
Netease NTES $8,852.5 $5,865.0 $1,519.0 73.0% 49.1% 12.1% 3.9x 7.9x 3.3x 6.8x -11.3%
NCSoft KOSE:A036 $3,959.6 $3,324.8 $716.7 70.8% 31.6% 0.4% 4.6x 14.7x 3.6x 8.4x -14.6%
Perfect World PWRD $918.8 $543.9 $504.2 77.3% 20.9% 10.2% 1.1x 5.2x 0.9x 4.6x 7.0%
Sohu.com Inc. SOHU $2,118.2 $1,685.9 $1,458.0 64.7% 12.3% 27.0% 1.2x 9.4x 1.0x n/a -24.7%
Tencent Holdings SEHK:700 $114,996.7 $110,985.8 $9,983.0 54.6% 34.2% 37.7% 11.1x 32.5x 8.7x 24.7x -4.2%
Zynga, Inc. ZNGA $3,582.1 $2,799.9 $777.7 70.3% 4.2% -36.5% 3.6x 86.0x 3.5x 23.8x 2.5%
Median: $3,204.8 $2,554.3 $759.4 71.9% 30.7% 10.9% 3.7x 9.2x 3.4x 8.2x -7.8%
EBITDA Margin 30.7%
Current Ratio 2.2x
Quick Ratio 2.0x
-20%
-15%
-10%
-5%
0%
5%
10%
15%
Internet Gaming Stock Market Return: January - April 2014
Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
8x8, Inc. EGHT $852.4 $678.4 $124.5 70.3% 9.6% 24.2% 5.5x 57.0x 4.4x 44.7x -2.7%
Akamai Technologies, Inc. AKAM $9,511.7 $8,837.8 $1,663.4 68.1% 35.4% 16.9% 5.3x 15.0x 4.7x 11.1x 14.1%
Brightcove Inc. BCOV $276.2 $256.1 $116.3 65.9% -0.9% 25.4% 2.2x n/a 1.9x n/a -38.5%
BroadSoft, Inc. BSFT $724.8 $652.8 $182.8 75.6% -2.2% 10.0% 3.6x n/a 3.1x 13.4x -4.0%
Digital River Inc. DRIV $499.3 $242.6 $376.5 66.1% 9.3% -5.3% 0.6x 6.9x 0.6x 5.1x -16.9%
Envivio, Inc. ENVI $72.2 $24.3 $43.2 66.2% -20.8% 10.5% 0.6x n/a 0.5x n/a -23.3%
Harmonic Inc HLIT $663.4 $515.7 $468.3 48.5% 6.5% -9.2% 1.1x 17.0x 1.1x 9.6x -4.0%
Interactive Intelligence, Inc. ININ $1,301.6 $1,203.6 $318.2 64.2% 8.9% 34.1% 3.8x 42.3x 3.3x 56.1x -5.8%
Limelight Networks, Inc. LLNW $203.8 $86.1 $173.4 48.8% -5.9% -3.8% 0.5x n/a 0.6x n/a 4.0%
Mitel Networks Corp. MITL $904.1 $1,133.4 $536.0 57.1% 11.9% n/a 2.1x 17.7x 1.4x 8.5x -5.3%
Polycom, Inc. PLCM $1,699.2 $1,416.0 $1,358.2 57.8% 9.7% -2.0% 1.0x 10.7x 1.0x 6.8x 10.2%
Rovi Corporation ROVI $2,111.5 $2,837.9 $547.7 82.6% 35.0% 11.9% 5.2x 14.8x 5.3x 12.0x 12.3%
SeaChange International Inc. SEAC $308.2 $186.9 $146.3 55.0% 5.6% -6.9% 1.3x 22.7x 1.3x 10.3x -22.9%
ShoreTel, Inc. SHOR $463.8 $413.9 $336.8 59.5% 4.4% 9.9% 1.2x 28.2x 1.2x 15.0x -18.4%
Sonus Networks, Inc SONS $810.3 $653.4 $284.2 63.7% 2.5% 12.3% 2.3x 92.9x 2.1x n/a 6.2%
Synacor, Inc SYNC $65.1 $31.5 $111.8 46.7% 3.5% -8.3% 0.3x 8.0x 0.3x 9.5x -5.6%
Tucows Inc. TCX $160.8 $154.7 $129.9 24.7% 6.6% 13.3% 1.2x 18.1x 1.1x 11.9x 9.9%
VeriSign VRSN $6,201.8 $5,855.7 $977.4 80.8% 61.0% 8.1% 6.0x 9.8x 5.7x 8.6x -21.4%
Median: $663.4 $515.7 $284.2 63.7% 6.5% 10.3% 1.3x 17.7x 1.3x 11.1x -4.0%
EBITDA Margin 6.5%
Current Ratio 2.5x
Quick Ratio 2.2x
-20%
-15%
-10%
-5%
0%
5%
10%
Internet Infrastructure Stock Market Return: January - April 2014
Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Angie's List, Inc. ANGI $661.8 $612.7 $266.1 73.9% -7.3% 50.5% 2.3x n/a 1.8x 53.1x -16.7%
Bankrate RATE $1,835.1 $1,902.0 $457.4 67.0% 23.8% 0.1% 4.2x 17.5x 3.6x 12.8x 0.5%
Carbonite, Inc. CARB $264.0 $194.0 $111.8 68.4% 6.7% 24.2% 1.7x 25.8x 1.5x 26.4x -16.7%
Care.com, Inc. CRCM $379.5 $501.9 $88.6 77.0% -30.2% n/a 5.7x n/a 4.6x n/a -49.6%
eHealth, Inc. EHTH $796.9 $689.8 $186.9 97.4% 2.3% 15.7% 3.7x 158.9x 3.3x 31.2x -12.0%
Everyday Health, Inc. EVDY $418.2 $473.3 $155.9 72.2% 6.8% 12.5% 3.0x 44.8x 2.7x 16.4x 4.4%
GrubHub Inc. GRUB $2,426.0 $2,339.5 $137.1 75.1% 21.8% 66.6% 17.1x 78.2x 10.6x 41.4x -9.0%
LifeLock, Inc. LOCK $1,448.2 $1,257.0 $395.1 73.0% 5.9% 31.3% 3.2x 53.5x 2.6x 20.8x -0.4%
Monster Worldwide, Inc. MWW $627.1 $728.3 $793.7 51.6% 12.6% -8.6% 0.9x 7.3x 0.9x 5.1x -2.4%
Qihoo QIHU $10,625.7 $10,230.0 $671.1 86.9% 30.6% 104.0% 15.2x 49.8x 8.8x 25.1x 3.1%
Shutterfly SFLY $1,576.0 $1,483.3 $804.0 52.2% 9.8% 20.7% 1.8x 18.9x 1.6x 8.7x -17.2%
Tree.Com, Inc. TREE $328.8 $237.1 $139.2 95.3% 7.1% 79.8% 1.7x 23.9x 1.5x 11.4x -10.8%
Trulia, Inc. TRLA $1,255.6 $1,264.9 $174.2 82.8% -10.4% 118.0% 7.3x n/a 4.6x 44.2x -3.4%
VistaPrint VPRT $1,313.8 $1,464.0 $1,212.1 65.6% 11.1% 6.5% 1.2x 10.9x 1.1x 7.4x -28.5%
Wix.com Ltd. WIX $768.7 $667.4 $80.5 81.0% -31.8% 84.2% 8.3x n/a 5.2x n/a -20.5%
Xoom XOOM $847.5 $642.7 $133.8 70.0% 8.9% 53.1% 4.8x 53.8x 3.8x 44.4x -17.8%
Zillow Z $4,258.1 $3,962.8 $197.5 90.5% -2.8% 69.1% 20.1x n/a 13.5x 94.8x 32.5%
Median: $847.5 $728.3 $186.9 73.9% 6.8% 40.9% 3.7x 35.3x 3.3x 25.1x -10.8%
EBITDA Margin 6.8%
Current Ratio 2.2x
Quick Ratio 2.0x
-20%
-15%
-10%
-5%
0%
5%
10%
Internet Services Stock Market Return: January - April 2014
Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/
EBITDA YTD
Facebook FB $153,416.2 $141,179.2 $8,916.0 79.7% 52.3% 62.4% 15.8x 30.3x 11.1x 18.4x 9.3%
LinkedIn LNKD $18,679.7 $16,355.4 $1,677.0 86.7% 9.9% 51.3% 9.8x 98.4x 7.7x 31.7x -26.1%
Mail.ru Group LSE:MAIL $5,681.4 $4,726.8 $818.9 59.0% 43.2% 29.4% 5.8x 13.4x 5.0x 9.3x -38.6%
Renren Inc RENN $1,181.5 $233.0 $156.7 56.2% -58.4% -1.8% 1.5x n/a 2.0x n/a 3.8%
Twitter, Inc. TWTR $22,971.7 $20,987.9 $801.0 61.2% -76.9% 112.5% 26.2x n/a 14.8x 93.5x -42.3%
Yelp, Inc. YELP $4,172.4 $3,773.1 $263.3 93.0% 0.5% 68.4% 14.3x 2764.2x 9.6x 56.1x -14.1%
YY, Inc. YY $3,179.1 $2,822.0 $301.2 54.2% 28.8% 122.4% 9.4x 32.5x 5.8x 18.8x 9.3%
Median: $5,681.4 $4,726.8 $801.0 61.2% 9.9% 62.4% 9.8x 32.5x 7.7x 25.2x -14.1%
EBITDA Margin 9.9%
Current Ratio 9.6x
Quick Ratio 9.2x
Levered FCF Growth (YoY) n/a
-40%
-30%
-20%
-10%
0%
10%
20%
30%
40%
Internet Social Stock Market Return: January - April 2014
Social S&P NASDAQ SEG Internet Index

May monthly current

Recommended

Recommended

More Related Content

What's hot

What's hot (8)

Viewers also liked

Viewers also liked (20)

Similar to May monthly current

Similar to May monthly current (20)

Recently uploaded

Recently uploaded (20)

May monthly current