Birst, Inc. - Latest Venture Capital Financing Deal Terms & Valuations

Birst, Inc.

The “Private Company Valuation Report” by VC Experts is aimed at providing specific deal terms and estimated post-money valuations for the venture-backed company.
Included in the report are national, regional, and industry averages, company comparisons, investment rounds with deal terms, price per share, estimated fully diluted shares,
and valuation trends. VC Experts has compiled this intense level of data from Federal and State regulatory filings as well as strategic partners to aid in better transparency of
private company information.

Table of Contents
Birst, Inc.
Key Management
Investors (current and historic)
Comparable Private Companies
Investment Rounds
Valuation Trends
Methodology for Cost of Capital Benchmark
Methodology for Valuation Ticker
Fair Market Value per Common Share
Filings

Birst, Inc.

Created on 2012-09-28 and authorized by VCExperts.com.
Copyright © 2012 VC Experts.com, Inc.

Birst, Inc.
FKA: Success Metrics, Inc., the company brings the benefits of fact-based decision making to a much broader range of organizations by providing analysis and reporting
solutions that are quick to deploy, easy to use, and affordable. Birst supports organizations of all sizes - from individuals to groups and entire companies.

Address: 153 Kearney Street, Suite 300, San Francisco CA 94108
Geographic Region: Silicon Valley
Industry: Software
SIC Codes: 7372 - Prepackaged Software (reproduction of software)
NAICS Codes: 511210 - Software Publishers
Legal Counsel: Gunderson Dettmer
Company Website: http://www.birst.com/

Key Management Investors (current and Comparable Private
historic) Companies
Brad Peters, Co-Founder, CEO, Director
John Hummer, Director Duff Ackerman & Goodrich LLC 3D Marketing Technologies, Inc.
John Coghlan, Director Hummer Winblad Venture Partners 6th Sense Analytics, Inc. (Acquired by Rally Software)
Douglas Leone, Director Sequoia Capital A10 Networks, Inc.
Young J. Chung, Director Above All Software, Inc.
Doug Merritt, Director Adaptive Planning, Inc.
Paul Staelin, Co-Founder, VP, Customer Success
Ryan Ried, VP, Worldwide Sales
Rick Spickelmier, CTO, VP, Engineering
Wynn White, VP, Worldwide Marketing
Sharon Gordon, VP, Birst Alliances & Technology
Partnerships
Manish Jani, Managing Director of Birst India
Private Limited
Chris Polishuk, VP, North American Sales
Stefan Schmitz, VP, Products
Andrew Marks, VP, Professional Services
Jason Bissell, VP, International Markets

Investment Data - Preferred
Investment Date Investment Amount Round Number Valuation Est. Fully Diluted Shares Preferred Price Per Share

2012-05-02 26.0 6 $70,565,562 43,933,235 $1.61

Round: Series D National: 15%, Regional: 15%, Industry: 13%

Direction: Up Round National: 56%, Regional: 61%, Industry: 65%

Liquidation Pref.: Pari Passu National: 44%, Regional: 50%, Industry: 50%

Liq. Multiple: 0 - 1x National: 92%, Regional: 93%, Industry: 97%

Stock Type : Conventional Convertible National: 52%, Regional: 64%, Industry: 61%

Anti-Dilution: Weighted Average National: 97%, Regional: 98%, Industry: 99%

Redemption: No National: 67%, Regional: 81%, Industry: 80%

Cumulative Dividends: No National: 82%, Regional: 94%, Industry: 92%

Reorganization: No National: 97%, Regional: 97%, Industry: 99%

2011-03-08 7.02 5 $28,460,490 23,786,452 $1.20

Round: Series C National: 27%, Regional: 28%, Industry: 27%

Direction: Down Round National: 22%, Regional: 21%, Industry: 19%








2008-10-16 12.0 4 $36,675,468 14,234,608 $2.58

Round: Series B National: 30%, Regional: 30%, Industry: 27%

Direction: Up Round National: 56%, Regional: 63%, Industry: 59%









Valuation Trend


Valuation Trend
Valuation Trend
120M 3

100M 2.5

Post-Money Valuation
80M 2

Price Per Share
60M 1.5

40M 1

20M 0.5

0M 0
2008-10-16 2011-03-08 2012-05-02

Post-Money Valuation Price Per Share
Highcharts.com



The Cost of Capital Benchmark Chart presents a metric of the company's cost of capital based on whether the deal terms included in its recent financing rounds were "company
friendly" or "investor friendly", with comparisons to East Coast and West Coast averages. For example, if the company issues a security with a liquidation multiple of two, a
cumulative dividend, and full ratchet anti-dilution protection, while the average security issued by other companies in its region at that time had a liquidation multiple of one, no
dividend, and weighted average anti-dilution protection, the Cost of Capital Chart would likely show a higher cost of capital for that financing round in relation to regional
averages.

Relative Cost of Capital Cost of Capital Benchmark

2007 2008 2009 2010 2011 2012

East Coast West Coast Birst, Inc.
Highcharts.com



The Valuation Ticker Chart presents the estimated movement of the company's valuation over a year-long period since its last financing round, based on a basket of publicly
traded stocks in its industry sector. For example, if the company's valuation at the time of its last financing round was $100 million, and within a year the value of publicly traded
stocks in its industry sector have increased 30 percent, the chart will show the value of the company increasing to $130 million. Thus, the Valuation Ticker Chart provides you a
more up-to-date estimate of the company''s valuation than you would get by looking at the valuation of its last financing round alone.

Valuation Ticker
75000k

72500k

70000k

67500k
Est. Post-Money Valuation: $69,637,105

65000k

62500k

60000k
From 05/02/2012 to 09/27/2012

Birst, Inc.
Highcharts.com
Total Estimated Fully Diluted Shares as of 05/02/2012: 43,933,235



Filing Date Shares Price Per Share

2011-06-14 1,599,150 $0.460000

2007-10-18 1,282,210 $0.120000

2005-05-19 2,000,000 $0.030000

Filings


VC Experts.com, Inc. Disclaimer: The information contained herein is from sources deemed reliable; it does not, however, purport to constitute investment advice nor does VC
Experts represent that it contains all information concerning the identified Company deemed necessary or appropriate for investment decisions. VC Experts is neither a
broker/dealer nor investment adviser and has no financial interest in the Company analyzed nor in the sale or purchase of any of its securities. The information and data are for
reference purposes only and no implied or expressed warranties or assurances as to its accuracy or completeness are furnished by VC Experts. Estimates of valuation are, as
indicated, estimates based on such information as we found available, the completeness of which is neither represented or guaranteed; users for any purpose are cautioned
and required to undertake and perform their own investigations and due diligence. To the extent that the information incorporates content from specified sources of financial
information, VC Experts disclaims any responsibility for the accuracy or completeness of such content.

About VC Experts.com, Inc.: VC Experts.com provides specialized content, valuation & term sheet data on thousands of venture capital financing events, and analytics for
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Birst, Inc. - Latest Venture Capital Financing Deal Terms & Valuations

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Birst, Inc. - Latest Venture Capital Financing Deal Terms & Valuations