The Tech M&A market in the first quarter of 2013 has been hotter than any time since 2000--bolstered by booming public markets, record cash and continuing disruptive technological change. How is your market faring? During this quarterly report, get the details on the key deals, trends and valuations in the Horizontal, Vertical, Consumer, Internet, Infrastructure and IT Services markets--plus reports on all 26 subsectors.

1. 1
Global Tech M&A Monthly
Q1: 2013 Report

2. 2
Agenda
 Welcome
 Field Report: Cisco’s latest acquisition
 Quarterly Research Report
 Special Report: China
 Korea: Global M&A Center
 Q&A

3. 3
Jon Scott
Senior Vice President
Corum Group Ltd.
Jon joined Corum in 2010 out of their Seattle headquarters and is now based in Amsterdam. He has close to
30 years experience serving high technology companies with the last 20 mainly in chief operating and chief
executive roles. During this time Jon has become known for his ability to successfully integrate strategies and
tactics into well executed operating plans, building strong teams and achieving excellent results.
Jon has served as President and CEO of The PowerTech Group, a security and compliance software company
sold to Help/Systems in 2008, and Microserv Technology Services, a nationwide tech services company which
was acquired by Halifax Corporation in 2003. Earlier he served as President and COO of Traveling Software, a
leading developer of communications software in Seattle. Prior to his operating roles Jon held vice president
roles in sales, marketing and business development for technology companies.
Jon has taught in the software product management program at the University of Washington and holds a
business administration degree from San Francisco State University.
Field Report – SolveDirect
Corum acted as exclusive M&A advisor
to SolveDirect
has announced intentions to
acquire

4. 4
Contact:
ambers@corumgroup.com
Corum Research Report
Elon Gasper
Vice President,
Director of Research
Contact:
in/elongasper
elong@corumgroup.com
Amber Stoner
Senior Analyst
Jason Steblay
Research Analyst
Contact:
jasons@corumgroup.com
Alina Soltys
Senior Analyst
Contact:
in/soltysa
alina.soltys
alinas@corumgroup.com

5. 5
Public Markets
-2%
3%
8%
13%
18%
23%
Weekly Percentage Change
NASDAQ S&P TECH Dow Jones

6. 6
Q1:12 Q1:13
# of Transactions 919 775
# of Mega Deals 8 10
Largest Deal $5.0B $24.4B
Private Equity Deals 29 36
# VC backed Exits 171 172
% Cross Border Transactions 30% 32%
% of Startup Acquisitions* 14% 12%
Average Life of Target 13 14
Corum Index
* 0 to 3 years
Buyer Seller Price
Silver Lake
Partners
Dell Inc. $24.4b
Liberty Global Virgin Media
Group
$16b
VTB Group Tele2 AB $2.4b
Oracle Acme Packet $2.1b
Charter
Communications
Bresnan
Communications
$1.6b
Worldwide mergers and acquisitions
activity was up 10 percent in the first
quarter 2013
- Thomson Reuters quarterly report
.

7. 7
Q1:12 Q1:13
# of Transactions 919 775
# of Mega Deals 8 10
Largest Deal $5.0B $24.4B
Private Equity Deals 29 36
# VC backed Exits 171 172
% Cross Border Transactions 30% 32%
% of Startup Acquisitions* 14% 12%
Average Life of Target 13 14
Corum Index
* 0 to 3 years
Buyer Seller Price
Silver Lake
Partners
Dell Inc. $24.4b
Liberty Global Virgin Media
Group
$16b
VTB Group Tele2 AB $2.4b
Oracle Acme Packet $2.1b
Charter
Communications
Bresnan
Communications
$1.6b
Worldwide mergers and acquisitions
activity was up 10 percent in the first
quarter 2013
- Thomson Reuters quarterly report
.
Divested to
Sector: Telecom
Target: Tele2 AB [RUSSIA]
Acquirer: VTB Group [RUSSIA]
Transaction Value: $2.4 billion in cash
- Tele2 is one of Europe’s leading telecom operators with 22 million
subscribers in Russia
- Acquisition includes the Russian division of Tele2
Deal Spotlight

8. 8
FLASHBACK:
Corum April 2012 Special Impact Report
 The JOBS Act makes it easier to
 Raise private money
 Stay private longer
 Go public
 Profound impact on Tech M&A
 3 main parts
 Title I IPO On-Ramp
 Title II Solicitation rules relaxed + Safe Harbors
 Title III Crowdfunding
UPDATE: SEC blew deadline, postponed implementation
(as Corum predicted in April 2012)
Obama: “Because of this bill, start-ups and
small business have access to a big, new
pool of potential investors.”

9. 9
 Big Data Visualization
 IPO - Seeking to raise about $150m
 NYSE symbol “DATA” come May
 Financials
 Revenue: $128m
 Net Income $1.6m
 Sales growth rate up 105%
AS SEEN ON
Market Spotlight Series

10. 10
Q1:11 Q2:11 Q3:11 Q4:11 Q1:12 Q2:12 Q3:12 Q4:12 Q1:13
EV/EBITDA 12.34x 12.29x 9.44x 10.49x 10.95x 9.83x 10.43x 9.91 10.79
EV/S 2.38x 2.27x 1.82x 1.77x 2.04x 1.76x 1.80x 1.78 1.92
Corum Index – Aggregate Valuations
6-markets

11. 11
Horizontal Application Software Market
Public Valuation
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 16.55 x 11.77 x 13.58 x 13.13 x 12.72 x 14.03 x 15.08 x 12.75 x 13.25 x 13.42 x 15.00 x 12.44 x 12.97 x
EV/S 3.22 x 2.72 x 2.47 x 2.63 x 2.52 x 2.77 x 2.75 x 2.76 x 2.83 x 2.61 x 2.67 x 2.57 x 2.71 x

12. 12
Horizontal Application Software Market
 Informatica Corp.
 MicroStrategy Inc.
 Amdocs Ltd.
 Nuance Communications
 Salesforce.com
 Convergys Corp.
 Open Text Corp.
 Oracle Corp
 NetSuite
 Callidus Software Inc.
 Saba Software Inc.
 Trimble Navigation Ltd.
 Concur Technologies Inc.
 SPS Commerce Inc.
 Manhattan Associates Inc.
Business Intelligence
EV/S 2.76 x
EV/EBITDA 17.66 x
Communications
EV/S 1.21 x
EV/EBITDA 11.76 x
Content Mgmt.
EV/S 2.88 x
EV/EBITDA 9.87 x
Human Resources
EV/S 2.12 x
EV/EBITDA 67.81 x
ERP
EV/S 2.55 x
EV/EBITDA 10.15 x
SCM
EV/S 5.50 x
EV/EBITDA 15.81 x
CRM
EV/S 4.16 x
EV/EBITDA 19.96 x
Horizontal Other
EV/S 4.14 x
EV/EBITDA 14.21 x

13. 13
Horizontal Application Software Market
 Informatica Corp.
 MicroStrategy Inc.
 Amdocs Ltd.
 Nuance Communications
 Salesforce.com
 Convergys Corp.
 Open Text Corp.
 Oracle Corp
 NetSuite
 Callidus Software Inc.
 Saba Software Inc.
 Trimble Navigation Ltd.
 Concur Technologies Inc.
 SPS Commerce Inc.
 Manhattan Associates Inc.
Business Intelligence
EV/S 2.76 x
EV/EBITDA 17.66 x
Communications
EV/S 1.21 x
EV/EBITDA 11.76 x
Content Mgmt.
EV/S 2.88 x
EV/EBITDA 9.87 x
Human Resources
EV/S 2.12 x
EV/EBITDA 67.81 x
ERP
EV/S 2.55 x
EV/EBITDA 10.15 x
SCM
EV/S 5.50 x
EV/EBITDA 15.81 x
CRM
EV/S 4.16 x
EV/EBITDA 19.96 x
Horizontal Other
EV/S 4.14 x
EV/EBITDA 14.21 x
Sold to
Target: G4 Analytics
Acquirer: The Nielsen Company
Transaction Value: Undisclosed
- Extends Nielsen’s position as a global leader in trade promotion management, combining
Nielsen’s data and trade promotion modeling capabilities for strategic planning with G4's
applications for tactical sales planning and execution.
Sold to
Deal Spotlights: BI
Target: Angoss Software Corporation [CAN]
Acquirer: Peterson Partners
Transaction Value: $5.35 million
- Provides business intelligence (BI) analytics software and software as a service (SaaS) for the
financial, retail, insurance and technology sectors. Software enables businesses to gain insight
into sales figures, marketing campaign and credit risks.

14. 14
Horizontal Application Software Market
 Informatica Corp.
 MicroStrategy Inc.
 Amdocs Ltd.
 Nuance Communications
 Salesforce.com
 Convergys Corp.
 Open Text Corp.
 Oracle Corp
 NetSuite
 Callidus Software Inc.
 Saba Software Inc.
 Trimble Navigation Ltd.
 Concur Technologies Inc.
 SPS Commerce Inc.
 Manhattan Associates Inc.
Business Intelligence
EV/S 2.76 x
EV/EBITDA 17.66 x
Communications
EV/S 1.21 x
EV/EBITDA 11.76 x
Content Mgmt.
EV/S 2.88 x
EV/EBITDA 9.87 x
Human Resources
EV/S 2.12 x
EV/EBITDA 67.81 x
ERP
EV/S 2.55 x
EV/EBITDA 10.15 x
SCM
EV/S 5.50 x
EV/EBITDA 15.81 x
CRM
EV/S 4.16 x
EV/EBITDA 19.96 x
Horizontal Other
EV/S 4.14 x
EV/EBITDA 14.21 x
Sold to
Sector: Business Intelligence
Target: Altosoft, Inc.
Acquirer: Kofax
Transaction Value: $13.5 million in cash
- Altosoft’s software provides rapid, no-coding development of near real time
reporting and dashboard applications through the use of a data integration
and analytics engine utilizing in-memory techniques.
- Kofax now has all of the core capabilities necessary to provide market
leading smart process applications.
Deal Spotlight: BI

15. 15
Horizontal Application Software Market
 Informatica Corp.
 MicroStrategy Inc.
 Amdocs Ltd.
 Nuance Communications
 Salesforce.com
 Convergys Corp.
 Open Text Corp.
 Oracle Corp
 NetSuite
 Callidus Software Inc.
 Saba Software Inc.
 Trimble Navigation Ltd.
 Concur Technologies Inc.
 SPS Commerce Inc.
 Manhattan Associates Inc.
Business Intelligence
EV/S 2.76 x
EV/EBITDA 17.66 x
Communications
EV/S 1.21 x
EV/EBITDA 11.76 x
Content Mgmt.
EV/S 2.88 x
EV/EBITDA 9.87 x
Human Resources
EV/S 2.12 x
EV/EBITDA 67.81 x
ERP
EV/S 2.55 x
EV/EBITDA 10.15 x
SCM
EV/S 5.50 x
EV/EBITDA 15.81 x
CRM
EV/S 4.16 x
EV/EBITDA 19.96 x
Horizontal Other
EV/S 4.14 x
EV/EBITDA 14.21 x
Target: conTgo [UK]
Acquirer: Concur Technologies
- Adds comprehensive location-based services with advanced mobile communications and
messaging capabilities to Concur's offerings, extending the value of the Concur T&E Cloud for
partners, suppliers and clients alike.
Sold to
Deal Spotlights: HCM
Sold to
Target: CERTPOINT Systems
Acquirer: Infor Global Solutions
- Enables Infor to offer customers an end-to-end HCM solution, delivered to help maximize access
and business insight and achieve breakthrough performance.

16. 16
Consumer Application Software Market
Public Valuation
Digital Content
EV/S 1.10 x
EV/EBITDA 11.64 x
Video Games
EV/S 2.03 x
EV/EBITDA 6.21 x
 Adobe Systems, Inc.
 Netflix
 Electronic Arts, Inc.
 Activision Blizzard, Inc.
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 6.77 x 6.77 x 8.38 x 8.17 x 7.66 x 6.90 x 7.67 x 7.10 x 6.16 x 6.07 x 6.03 x 6.46 x 7.26 x
EV/S 1.67 x 1.18 x 1.13 x 1.05 x 1.04 x 1.36 x 1.25 x 1.26 x 1.31 x 1.29 x 1.68 x 1.45 x 1.66 x

17. 17
Consumer Application Software Market
Deal Spotlights
Digital Content
EV/S 1.10 x
EV/EBITDA 11.64 x
Video Games
EV/S 2.03 x
EV/EBITDA 6.21 x
 Adobe Systems, Inc.
 Netflix
 Electronic Arts, Inc.
 Activision Blizzard, Inc.
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 6.77 x 6.77 x 8.38 x 8.17 x 7.66 x 6.90 x 7.67 x 7.10 x 6.16 x 6.07 x 6.03 x 6.46 x 7.26 x
EV/S 1.67 x 1.18 x 1.13 x 1.05 x 1.04 x 1.36 x 1.25 x 1.26 x 1.31 x 1.29 x 1.68 x 1.45 x 1.66 x
Target Rumored Value Description
$10 million
Provides an online service that enables consumers to save, organize
and rate Web content through www.snip.it. Website also provides
social networking features.
Undisclosed
Provides a smart phone application that enables consumers to search
for new restaurants and businesses nearby based on
recommendations from places they have previously visited.
Undisclosed
Provides a smart phone application that enables iOS device users to
receive recommendations on books, movies and restaurants.
$30 million
Provides a smart phone application to enable Apple iOS device users
to receive custom news summaries.
Summly

18. 18
Internet Market
Public Valuation
 Akami Technologies Inc.
 Juniper Networks Inc.
 Amazon.com
 Google Inc.
Internet Infrastructure
EV/S 1.73 x
EV/EBITDA 12.20 x
Internet Pure Play
EV/S 1.95 x
EV/EBITDA 12.72 x
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 11.47 x 10.81 x 9.86 x 10.08 x 11.22 x 11.40 x 11.67 x 10.00 x 10.49 x 11.93 x 12.61 x 12.26 x 12.30 x
EV/S 2.13 x 1.85 x 1.75 x 1.89 x 2.19 x 2.03 x 2.02 x 2.06 x 1.96 x 1.89 x 2.22 x 1.99 x 1.88 x

19. 19
Internet Market
Deal Spotlights
 Akami Technologies Inc.
 Juniper Networks Inc.
 Amazon.com
 Google Inc.
Internet Infrastructure
EV/S 1.73 x
EV/EBITDA 12.20 x
Internet Pure Play
EV/S 1.95 x
EV/EBITDA 12.72 x
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 11.47 x 10.81 x 9.86 x 10.08 x 11.22 x 11.40 x 11.67 x 10.00 x 10.49 x 11.93 x 12.61 x 12.26 x 12.30 x
EV/S 2.13 x 1.85 x 1.75 x 1.89 x 2.19 x 2.03 x 2.02 x 2.06 x 1.96 x 1.89 x 2.22 x 1.99 x 1.88 x
Target: Storylane
Acquirer: Facebook
- Acquired employees of Storylane, which operates a social networking and blogging website that
enables users to author long-form content.
Sold to
Target: Hot Studio
Acquirer: Facebook
- Acquired employees of Hot Studio, which provides Web design, enterprise and mobile application
development, and online marketing consulting services for businesses in the US
Sold to

20. 20
Internet Market
Deal Spotlights
 Akami Technologies Inc.
 Juniper Networks Inc.
 Amazon.com
 Google Inc.
Internet Infrastructure
EV/S 1.73 x
EV/EBITDA 12.20 x
Internet Pure Play
EV/S 1.95 x
EV/EBITDA 12.72 x
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 11.47 x 10.81 x 9.86 x 10.08 x 11.22 x 11.40 x 11.67 x 10.00 x 10.49 x 11.93 x 12.61 x 12.26 x 12.30 x
EV/S 2.13 x 1.85 x 1.75 x 1.89 x 2.19 x 2.03 x 2.02 x 2.06 x 1.96 x 1.89 x 2.22 x 1.99 x 1.88 x
Sold to

21. 21
Internet Market
Public Valuation
 Akami Technologies Inc.
 Juniper Networks Inc.
 Amazon.com
 Google Inc.
Internet Infrastructure
EV/S 1.73 x
EV/EBITDA 12.20 x
Internet Pure Play
EV/S 1.95 x
EV/EBITDA 12.72 x
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 11.47 x 10.81 x 9.86 x 10.08 x 11.22 x 11.40 x 11.67 x 10.00 x 10.49 x 11.93 x 12.61 x 12.26 x 12.30 x
EV/S 2.13 x 1.85 x 1.75 x 1.89 x 2.19 x 2.03 x 2.02 x 2.06 x 1.96 x 1.89 x 2.22 x 1.99 x 1.88 x
Sold to
Sector: Internet Pure Play
Target: Goodreads
Acquirer: Amazon
Transaction Value: Estimated $150 million
- Goodreads is a leading site for readers and book recommendations that
helps people find and share books they love
- Both Amazon and Goodreads have helped thousands of authors reach a
wider audience and make a better living at their craft.

22. 22
Vertical Application Software Market
Public Valuation
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 10.63 x 9.54 x 9.34 x 9.78 x 9.51 x 9.80 x 10.06 x 9.61 x 9.92 x 10.02 x 10.23 x 12.08 x 11.67 x
EV/S 2.36 x 2.12 x 2.01 x 2.09 x 2.00 x 2.01 x 2.28 x 2.24 x 2.17 x 2.11 x 2.32 x 2.35 x 2.49 x

23. 23
Vertical Application Software Market
 Autodesk Inc.
 Parametric Technology
 Itron Inc.
 Schlumberger Ltd.
 Advent Software Inc.
 Fiserv Inc.
 Harris Corp.
 Lockheed Martin Corp.
 Cerner Corp.
 AllScripts Healthcare Inc.
 Rockwell Automation Inc.
 OpenTable Inc.
A/E/C (Architecture / Engineering /
Construction)
EV/S 2.82 x
EV/EBITDA 14.56 x
Government
EV/S 0.78 x
EV/EBITDA 6.05 x
Energy & Environment
EV/S 2.49 x
EV/EBITDA 9.54 x
Financial Services
EV/S 3.65 x
EV/EBITDA 14.24 x
Vertical Other
EV/S 1.91 x
EV/EBITDA 11.11 x
Healthcare
EV/S 3.91 x
EV/EBITDA 21.88 x

24. 24
Vertical Application Software Market
Deal Spotlights: Insurance
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 10.63 x 9.54 x 9.34 x 9.78 x 9.51 x 9.80 x 10.06 x 9.61 x 9.92 x 10.02 x 10.23 x 12.08 x 11.67 x
EV/S 2.36 x 2.12 x 2.01 x 2.09 x 2.00 x 2.01 x 2.28 x 2.24 x 2.17 x 2.11 x 2.32 x 2.35 x 2.49 x
Target Acquirer Description
Provides policy administration software for commercial
property and casualty insurance carriers throughout the US.
Property & Casualty assets, which provide EDI software for
the insurance sector in the US.
Provides worker compensation policy and related
insurance quote software as a service (SaaS) for
insurance markets.
Provides insurance and reinsurance policy quotation and
placement software as a service (SaaS) for the insurance
sector in Europe and the Middle East.

25. 25
Vertical Application Software Market
Deal Spotlight
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 10.63 x 9.54 x 9.34 x 9.78 x 9.51 x 9.80 x 10.06 x 9.61 x 9.92 x 10.02 x 10.23 x 12.08 x 11.67 x
EV/S 2.36 x 2.12 x 2.01 x 2.09 x 2.00 x 2.01 x 2.28 x 2.24 x 2.17 x 2.11 x 2.32 x 2.35 x 2.49 x
Sold to
Sector: Financial Services
Target: Camilion Solutions, Inc. [CAN]
Acquirer: SAP AG [Germany]
- Broadens portfolio in the insurance space, providing insurers with powerful
software tools to streamline the management and creation of new products
- Prominently positions SAP in the rapidly emerging market for integrated core
insurance platforms, the industry's first "Super Suite.“
- “The first serious move into the insurance vertical solutions space by a global
technology firm since Oracle bought AdminServer and Skywire in 2008.”
– Novarica, via InsuranceNetworking.com

26. 26
Infrastructure Software Market
Public Valuation
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 11.97 x 10.74 x 9.64 x 10.46 x 10.58 x 10.67 x 10.61 x 9.87 x 9.72 x 10.01 x 10.84 x 9.69 x 10.31 x
EV/S 2.27 x 2.39 x 2.25 x 2.38 x 2.09 x 2.16 x 2.07 x 1.99 x 1.99 x 2.27 x 2.38 x 2.15 x 2.21 x

27. 27
Infrastructure Software Market
 BroadSoft Inc.
 Vocus, Inc.
 Compuware Corp.
 Progress Software Corp.
 BluePhoenix Solutions Ltd.
 Tibco Software Inc.
 Cisco Systems Inc.
 NetScout Systems Inc.
 Symantec Corp.
 VeriSign Inc.
 BMC Software Inc.
 CA Inc.
 EMC Corp.
 Qlogic Corp.
 Citrix Systems Inc.
 VMware Inc.
Infrastructure Communications
EV/S 1.85 x
EV/EBITDA 11.84 x
Network Management
EV/S 2.62 x
EV/EBITDA 10.42 x
Storage
EV/S 1.18 x
EV/EBITDA 5.72 x
Virtualization
EV/S 3.38 x
EV/EBITDA 20.56 x
Security
EV/S 4.08 x
EV/EBITDA 11.37 x
Development Tools
EV/S 2.74 x
EV/EBITDA 12.39 x
Legacy/SOA
EV/S 3.52 x
EV/EBITDA 7.38 x
Systems Management
EV/S 2.49 x
EV/EBITDA 9.68 x

28. 28
Infrastructure Software Market
 BroadSoft Inc.
 Vocus, Inc.
 Compuware Corp.
 Progress Software Corp.
 BluePhoenix Solutions Ltd.
 Tibco Software Inc.
 Cisco Systems Inc.
 NetScout Systems Inc.
 Symantec Corp.
 VeriSign Inc.
 BMC Software Inc.
 CA Inc.
 EMC Corp.
 Qlogic Corp.
 Citrix Systems Inc.
 VMware Inc.
Infrastructure Communications
EV/S 1.85 x
EV/EBITDA 11.84 x
Network Management
EV/S 2.62 x
EV/EBITDA 10.42 x
Storage
EV/S 1.18 x
EV/EBITDA 5.72 x
Virtualization
EV/S 3.38 x
EV/EBITDA 20.56 x
Security
EV/S 4.08 x
EV/EBITDA 11.37 x
Development Tools
EV/S 2.74 x
EV/EBITDA 12.39 x
Legacy/SOA
EV/S 3.52 x
EV/EBITDA 7.38 x
Systems Management
EV/S 2.49 x
EV/EBITDA 9.68 x
Target: Dartware, LLC
Acquirer: Help/Systems Inc.
Transaction Value: Undisclosed
- Help/Systems can now provids a more expansive solution set for its multi-platform customers:
network monitoring and analysis with InterMapper and job scheduling with Skybot Scheduler.
Sold to
Target: Vineyard Networks [CAN]
Acquirer: Procera Networks
Transaction Value: $28.4 million - $15.62m in stock and $12.78m in cash
- Enables Procera to expand their total addressable market through their OEM business to include
enterprise network equipment vendors, adding the entire enterprise space along with additional
opportunities in the service provider OEM market.
Sold to

29. 29
Infrastructure Software Market
 BroadSoft Inc.
 Vocus, Inc.
 Compuware Corp.
 Progress Software Corp.
 BluePhoenix Solutions Ltd.
 Tibco Software Inc.
 Cisco Systems Inc.
 NetScout Systems Inc.
 Symantec Corp.
 VeriSign Inc.
 BMC Software Inc.
 CA Inc.
 EMC Corp.
 Qlogic Corp.
 Citrix Systems Inc.
 VMware Inc.
Infrastructure Communications
EV/S 1.85 x
EV/EBITDA 11.84 x
Network Management
EV/S 2.62 x
EV/EBITDA 10.42 x
Storage
EV/S 1.18 x
EV/EBITDA 5.72 x
Virtualization
EV/S 3.38 x
EV/EBITDA 20.56 x
Security
EV/S 4.08 x
EV/EBITDA 11.37 x
Development Tools
EV/S 2.74 x
EV/EBITDA 12.39 x
Legacy/SOA
EV/S 3.52 x
EV/EBITDA 7.38 x
Systems Management
EV/S 2.49 x
EV/EBITDA 9.68 x
Target: Packet Design, Inc.
Acquirer: Lone Rock Technology Group
Transaction Value: Undisclosed
- The leading provider of route analytics software for IP networks - its patented technology provides
unique visibility into routing and traffic behavior across the entire cloud.
Sold to
Target: LineRate Systems
Acquirer: F5 Networks, Inc.
Transaction Value: Undisclosed
- F5 gains access to LineRate’s layer 7+ networking services technology, intellectual property, and
engineering talent, further building on F5’s commitment to bring superior service agility,
application intelligence, and programmability to software defined data centers.
Sold to

30. 30
Infrastructure Software Market
 BroadSoft Inc.
 Vocus, Inc.
 Compuware Corp.
 Progress Software Corp.
 BluePhoenix Solutions Ltd.
 Tibco Software Inc.
 Cisco Systems Inc.
 NetScout Systems Inc.
 Symantec Corp.
 VeriSign Inc.
 BMC Software Inc.
 CA Inc.
 EMC Corp.
 Qlogic Corp.
 Citrix Systems Inc.
 VMware Inc.
Infrastructure Communications
EV/S 1.85 x
EV/EBITDA 11.84 x
Network Management
EV/S 2.62 x
EV/EBITDA 10.42 x
Storage
EV/S 1.18 x
EV/EBITDA 5.72 x
Virtualization
EV/S 3.38 x
EV/EBITDA 20.56 x
Security
EV/S 4.08 x
EV/EBITDA 11.37 x
Development Tools
EV/S 2.74 x
EV/EBITDA 12.39 x
Legacy/SOA
EV/S 3.52 x
EV/EBITDA 7.38 x
Systems Management
EV/S 2.49 x
EV/EBITDA 9.68 x
Sold to
Sector: Network Management
Target: Coyote Point Systems
Acquirer: Fortinet
Transaction Value: Undisclosed
- Provides Web, email and file-transfer -focused load balancing, application
acceleration and traffic management and server performance optimization
appliances for businesses globally.
- Should allow Fortinet to focus its efforts on its own hardware by integrating
more of its security functionality.

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IT Services Market
Public Valuation
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 8.28 x 8.69 x 7.27 x 7.36 x 7.51 x 7.46 x 7.46 x 6.73 x 7.32 x 8.02 x 8.11 x 9.73 x 10.22 x
EV/S 0.57 x 0.59 x 0.44 x 0.53 x 0.54 x 0.46 x 0.45 x 0.47 x 0.48 x 0.50 x 0.51 x 0.50 x 0.54 x

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IT Services Market
Public Valuation
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 8.28 x 8.69 x 7.27 x 7.36 x 7.51 x 7.46 x 7.46 x 6.73 x 7.32 x 8.02 x 8.11 x 9.73 x 10.22 x
EV/S 0.57 x 0.59 x 0.44 x 0.53 x 0.54 x 0.46 x 0.45 x 0.47 x 0.48 x 0.50 x 0.51 x 0.50 x 0.54 x
Sold to
Target: 2e2 (4 European subsidiaries) [UK]
Acquirer: Logicalis Group [UK]
Transaction Value: $31 million
- Acquiring four European subsidiaries of 2e2 with operations in
Spain, Ireland, the Netherlands and the Channel Islands
- Delivers on their stated intentions to grow their European presence and
augment their solutions and services capabilities

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IT Services Market
Deal Spotlights
Mar-12 Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12 Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
EV/EBITDA 8.28 x 8.69 x 7.27 x 7.36 x 7.51 x 7.46 x 7.46 x 6.73 x 7.32 x 8.02 x 8.11 x 9.73 x 10.22 x
EV/S 0.57 x 0.59 x 0.44 x 0.53 x 0.54 x 0.46 x 0.45 x 0.47 x 0.48 x 0.50 x 0.51 x 0.50 x 0.54 x
Divested to
Target: Mitel Networks Corporaton (DataNet CommSource Business)
Acquirer: EarthBend
Transaction Value: Up to $20m consisting of cash or vendor take-back promissory notes
- The divestiture of DataNet CommSource is part of Mitel's ongoing strategy to simplify and focus
the company's core business.
Target: The Hackett Group (Oracle ERP practice)
Acquirer: KPMG
Transaction Value: Undisclosed
- Broadens KPMG's existing ERP capabilities, while further enhancing the firm's Oracle consulting
services
EarthBendDivested to

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Asian IT Services
Public Valuation
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
9.22 x 12.00 x 13.36 x 14.24 x 13.40 x 12.15 x
1.72 x 2.49 x 2.64 x 2.80 x 2.76 x 2.76 x

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Asian IT Services
Deal Spotlight
Oct-12 Nov-12 Dec-12 Jan-13 Feb-13 Mar-13
9.22 x 12.00 x 13.36 x 14.24 x 13.40 x 12.15 x
1.72 x 2.49 x 2.64 x 2.80 x 2.76 x 2.76 x
Sold to
Target: Transcend United Technologies
Acquirer: AGC Networks [India]
Transaction Value: Undisclosed
- Acquisition is in line with AGC’s 103 growth strategy offering seamless
delivery of 10 key solutions, through 10 key alliances across 10 key
geographies.
- Transcend’s core competencies in Unified Communications and Data Center
Infrastructure, together with the global presence of AGC, positions them as a
leader in this rapidly growing space

36. 36
Contact:
ambers@corumgroup.com
Corum Research Report
Elon Gasper
Vice President,
Director of Research
Contact:
in/elongasper
elong@corumgroup.com
Amber Stoner
Senior Analyst
Jason Steblay
Research Analyst
Contact:
jasons@corumgroup.com
Alina Soltys
Senior Analyst
Contact:
in/soltysa
alina.soltys
alinas@corumgroup.com

37. 37
A leader in the software industry, Bruce has founded or owned four software companies, including the largest
vertical market software company, AMI, an Inc. 500 firm rated by IDC as the fastest growing computer-related
company in the world.
He has served on advisory boards for Microsoft, IBM, DEC, Comdex and Apple, and as board member/founding
investor in some of the most innovative firms in their field, including Blue Coat, Bright Star and Sabaki. Past
advisor to two governors and a senator, a board member of the Washington Technology Center, and founder of
the WTIA, the nation’s most active regional technology trade association.
He worked with the Canadian government to found SoftWorld, and he was recently chosen as one of the 200
most influential individuals in the IT community in Europe. He was also the only American juror for the recent
Tornado 100 Awards given to Europe’s top technology firms
A graduate with Distinction from Harvard Business School, Bruce has written three books on business models for
success, including Power Planning. He is a frequent lecturer and author.
Special Report: China
Bruce Milne
CEO
Corum Group Ltd.

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China Software/IT M&A Growth Issues
 Language
 Visas
 Insularity
 Experience
 Leverage
 Education
 Connections
 Trust

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www.corumgroup.com