Fall 2013 Real Estate Software Ecosystem & Market Update (Valuations and Trends)
Upcoming SlideShare
Loading in...5
×
 

Fall 2013 Real Estate Software Ecosystem & Market Update (Valuations and Trends)

on

  • 2,512 views

Real Estate Software Industry Market and M&A Data. Insight into industry valuation trends and M&A activity

Real Estate Software Industry Market and M&A Data. Insight into industry valuation trends and M&A activity

Statistics

Views

Total Views
2,512
Views on SlideShare
2,511
Embed Views
1

Actions

Likes
4
Downloads
141
Comments
0

1 Embed 1

http://www.linkedin.com 1

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

Fall 2013 Real Estate Software Ecosystem & Market Update (Valuations and Trends) Fall 2013 Real Estate Software Ecosystem & Market Update (Valuations and Trends) Presentation Transcript

  • 17 Confidential Real Estate Technology Ecosystem (Abbreviated) Company Acquired Public Company Construction Payments Home Services Lead Gen Data/Information Services Broker CRM/Marketing Mortgage Orig. / FinanceProperty Search/Lead Gen Property Mgmt Investment Mgmt Commercial Construction Residential ConstructionFacilities Design/AECIWMS & Facilities Mgmt
  • 1 Confidential R. Allen Cinzori, Managing Director Software Equity Group, LLC 858 509-2800 www.softwareequity.com Fall 2013 Real Estate Software Market Update
  • 2 Confidential 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. Disclaimer
  • 3 Confidential Overview • Introduction to Software Equity Group (SEG) • Public SaaS Company Financial and Valuation Performance • SaaS Mergers & Acquisitions • Real Estate Software Landscape and M&A Trends
  • 4 Confidential SOFTWARE EQUITY GROUP, LLC INTRODUCTION
  • 5 Confidential • Twenty-one year, exclusive focus on software advisory services to lower middle market (i.e., client revenue $10 - $50M) representing companies seeking: • Strategic exit • Growth capital • Buyout • Inorganic growth via acquisition • Fairness opinions and valuations • Board advisory services • Clients span virtually every technology, product category, delivery model and vertical market • Global presence providing advice and guidance to more than 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 real estate software industry reputation and track record • Highly referenceable base of past clients and buyers / investors Leaders in Software & Technology Advisory Services Focus on Advice Multi-service Multi- Industry Focus on Software Advisory Boutiques Bulge Bracket Firms IPO Boutiques
  • 6 Confidential Select Real Estate Experience Vendor Screening & Compliance Management SaaS Provider of subscription-based vendor screening and risk management solutions to the multifamily housing industry Property Management SaaS Provider of property and resident management software to long- term industry Property Management On-premise Complete property management for affordable housing (resold tenant screening solution) Real Estate Investment Management Hybrid Provider of real estate investment budgeting and forecasting solutions to property managers, REITs & PE firms Facilities Management SaaS Provider of facilities management solutions to the global corporate and commercial property market Commercial Construction SaaS Provider of project management, collaboration and bid management solutions for retail store design and construction Facilities Design On-premise Provider of plant and facility design and engineering software IWMS On-premise Provider of Integrated Workplace solutions (IWMS) BuyerBusiness DescriptionClient Category Delivery Model
  • 7 Confidential Recent SaaS Experience Commercial Real Estate Provider of SaaS facilities management solutions to the global corporate and commercial property market Commercial Real Estate Provider of SaaS project management, collaboration and bid management solutions for retail store design and construction Multifamily Real Estate Provider of subscription-based vendor risk management and compliance services to the multifamily housing industry Vertical Real Estate Provider of SaaS resident, community and facility management solutions for long-term care properties Nonprofit Provider of SaaS multi-channel (web, mobile and social) fundraising solutions for nonprofits and charities around the world Education Provider of subscription-based workflow management systems for authoring, evaluating and publishing scholarly research Insurance Provider of SaaS-based healthcare benefits administration and insurance claims management software HR / Talent Management Provider of on-demand employee talent recruitment and performance management solutions HR / Workforce Management Provider of subscription-based workforce management solutions Expense Management Provider of cloud-based shipping and expense management solutions Higher-Ed / Talent Management Provider of SaaS solutions to automate scheduling, evaluation and reporting at undergraduate and graduate healthcare programs BuyerBusiness DescriptionClient Category
  • 8 Confidential Recent PE Experience With approximately $70 billion in capital commitments, Apax Partners is an independent global partnership focused solely on long-term investment in growth companies. With approximately $7 billion in capital commitments, Vista Equity Partners is a leading private equity firm focused on investing in software and technology-enabled businesses. With approximately $4 billion in capital commitments, Thoma Bravo invests in many industries and has particular expertise in software, business and financial services, and education. With approximately $1.7 billion in capital commitments, Arsenal Capital Partners invests in middle-market companies with revenues ranging from $30 to $400 million. With over 9 billion in capital commitments, New Mountain is a generalist firm that pursues attractive investment opportunities across a full spectrum of industries and styles. dmg :: information comprises a portfolio of high growth, innovative, must-have information media businesses in the property, education, energy and commodity and structured finance sectors. - With over $2.6 billion in capital commitments, Marlin Equity Partners is a leading private equity firm focused on investments in technology, healthcare services, business services and several other industries. Pequot Capital Management was a multi-billion dollar hedge fund sponsor founded in 1998 that announced it was closing in 2009. Pender is a Canadian investment group focused across a number of asset classes, including early stage technology investments. - The Carlyle Group is a global alternative asset manager with more than $180 billion in assets under management across 118 funds and 81 fund of funds vehicles. Business DescriptionClient(s) PE Firm
  • 9 Confidential PUBLIC SaaS COMPANY FINANCIAL AND VALUATION PERFORMANCE: THE SEG SaaS INDEX
  • 10 Confidential • The SEG SaaS Index tracks public companies that primarily offer hosted, on-demand software under a subscription and/or transaction based pricing model • The SEG SaaS Index is currently comprised of 40 public pure-play SaaS companies SEG SaaS INDEX Measure 2Q12 3Q12 4Q12 1Q13 2Q13 EV/Revenue 4.9x 5.4x 4.6x 5.0x 5.3x EV/EBITDA 29.9x 37.9x 41.7x 35.4x 31.5x EV/Earnings 32.1x 34.5x 36.8x 63.2x 95.3x Gross Profit Margin 70.2% 70.2% 70.9% 70.7% 70.6% EBITDA Margin 8.9% 8.0% 8.0% 6.0% 3.1% Net Income Margin -1.0% -0.7% 0.5% -1.4% -2.6% TTM Revenue Growth 30.9% 28.0% 26.8% 25.1% 25.5% TTM Total Revenue ($M) $119.7 $132.4 $145.6 $156.0 $164.2 TTM EBITDA Growth 28.2% 23.2% 10.4% 5.7% -1.5% TTM Total EBITDA ($M) $7.2 $6.8 $6.7 $7.5 $6.3 Cash & Eq ($M) $62.6 $68.5 $68.6 $75.9 $77.6 Current Ratio 1.8 1.6 1.7 1.8 1.6 Debt / Equity Ratio 9.4% 11.0% 6.7% 6.0% 7.1% SEG - SaaS: Median Metrics
  • 11 Confidential THE SEG SaaS INDEX: MARKET MULTIPLES EV/Revenue Multiples vs. TTM EBITDA MarginsEV/Revenue Multiples vs. TTM Revenue Growth Rates • There is a clear and direct correlation between the median TTM revenue growth rate and median EV/Revenue multiple of public SaaS companies. • Public SaaS companies growing TTM revenue in excess of 50% achieved a median EV/Revenue multiple of 11.5x. • The premium EV/Rev market multiples awarded rapidly growing public SaaS companies, which is driving their increased spending on sales & marketing. • There is an inverse correlation between EBITDA margins and median EV/Revenue multiples. • In the current market, SaaS profitability is penalized, as investors perceive profitability to be at the expense of growth, which they deem all important. • As proof, public SaaS companies with no profitability boasted a remarkable 8.8x median EV/Revenue multiple in 2Q13. 0.0x 1.7x 3.4x 4.4x 7.4x 2.8x 11.5x 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% > 30% <= 40% > 40% <= 50% > 50% MedianEV/Revenue TTM Revenue Growth 8.8x 4.5x 3.4x 5.3x 4.1x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x 7.0x 8.0x 9.0x 10.0x <= 0% > 0% <= 10% > 10% <= 20% > 20% <= 30% > 30% MedianEV/Revenue TTM EBITDA Margin
  • 12 Confidential SaaS MERGERS & ACQUISITIONS
  • 13 Confidential SaaS M&A: DEAL VOLUME AND EXIT MULTIPLES • There were 104 SaaS M&A transactions in 2Q13. At the half-year mark, there have been 190 SaaS M&A transactions, on pace to exceed SEG’s 2013 projection of 344, and 2012’s record breaking total of 311. • After a steady rise from 2009 – 2012, the median TTM EV/Revenue exit multiple of SaaS transactions has held relatively steady over the past five quarters, closing 2Q13 at 4.0x. • The median SaaS exit multiple was 120% greater than the median on-premise exit multiple in 1Q13 (4.0x vs.1.8x), the second highest valuation disparity on record. Median SaaS EV/Revenue Exit MultiplesSaaS M&A Volume 30 39 26 39 45 48 68 65 59 94 94 86 104 0% 5% 10% 15% 20% 25% 30% 0 20 40 60 80 100 120 SaaSM&ADealsasa%ofTotal SoftwareM&ADeals #ofSaaSM&ADeals SaaS M&A Deals SaaS as % of Software 4.0x 3.9x 4.1x 4.0x 4.0x 2Q12 3Q12 4Q12 1Q13 2Q13
  • 14 Confidential SaaS M&A BY PRODUCT CATEGORY • CRM, Marketing & Sales was the most active SaaS product category, accounting for 12.0% of all M&A transactions in the second quarter. • Buyers are seeking targets that will help them capitalize on the rapid growth in spending on marketing technology. According to Gartner, by 2017 the CMO will purchase more IT than the CIO. • After two years of claiming almost 20% of all SaaS transactions, the HR & Workforce Mgmt product category had its second consecutive lackluster quarter, closing 2Q13 with only 6% of SaaS transactions. After a period of rapid consolidation by the large HR software providers, the M&A window for many smaller HR providers is rapidly closing. • The Systems Management (10%) and BI, Risk and Compliance (9%) product categories also exhibited strength in 2Q13. Both categories are benefiting from adoption of SaaS deployed solutions, which should continue for the foreseeable future. Content & Document Mgmt 6% CRM, Marketing & Sales 12% Data Mgmt & Integration 2% eCommerce 4% Engineering, PLM & CAD 1% HR & Workforce Mgmt 6% Messaging, Conferencing & Communications 4% Multimedia, Graphics & Communications 2% Network Performance Mgmt 1% Security 3% Systems Mgmt 10% Supply Chain Mgmt & Logistics 6% Automotive 2% Construction 2% Education 8% Financial Services 6% Healthcare 2% Insurance 4% Real Estate 4% Telecommunications 1% Other Verticals 8% Billing & Service Provisioning 1% BI, Risk & Compliance 9% Verticals
  • 15 Confidential SaaS M&A (Last 2 Years) 2.5x 3.5x 4.2x 5.6x 0.0x 1.0x 2.0x 3.0x 4.0x 5.0x 6.0x Revenue < $10M $10M < Revenue< $20M $21M < Revenue< $49M Revenue > $50M SaaS Exit Multiple by Company Size (Last 2 Years) SaaS Exit Multiple by Distribution (Last 2 Years) 4.8% 4.8% 11.9% 19.0% 16.7% 7.1% 7.1% 7.1% 21.4% <1x 1-1.9x 2-2.9x 3-3.9x 4-4.9x 5-5.9x 6-6.9x 7-7.9x >8x Distribution chart omits sellers with revenue less than $5M Public or private buyer chart includes only transactions w/ ascertainable multiples 16.4% 83.6% Private Buyer Public Buyer SaaS Exits – Sold to Public or Private Buyer • Public Buyer: 4.5x Median Revenue Multiple • Private Buyer: 2.6x Median Revenue Multiple SaaS Exit Multiple – Top Ten Date Buyer Seller Enteprise Value (mm) Seller Revenue (mm) EV/Rev 05/02/12 Zillow (NasdaqGS:Z) RentJuice Corporation $37.4 $0.4 102.4x 02/13/12 Juniper Netw orks (NYSE:JNPR) Mykonos Softw are, Inc.* $80.0 $1.0 80.0x 06/15/12 Microsoft (NasdaqGS:MSFT) Yammer, Inc.* $1,200.0 $30.0 40.0x 04/07/13 Fujitsu (TSE:6702) RunMyProcess SAS $20.2 $1.0 20.0x 07/09/12 salesforce.com (NYSE:CRM) GoInstant Inc.* $70.0 $5.0 15.0x 12/02/11 SAP (DB:SAP) SuccessFactors (NYSE:SFSF) $3,516.1 $291.8 12.1x 11/18/12 Cisco Systems (NasdaqGS:CSCO) Meraki, Inc.* $1,200.0 $100.0 12.0x 04/27/12 Intuit (NasdaqGS:INTU) Demandforce, Inc. $423.5 $37.5 11.3x 06/27/13 Adobe (NasdaqGS:ADBE) Neolane SA $600.0 $58.1 10.3x 10/09/12 ExactTarget (NYSE:ET) Pardot LLC* $95.2 $9.5 10.0x • Highest multiples most often paid by largest public software companies
  • 16 Confidential REAL ESTATE SOFTWARE LANDSCAPE AND M&A TRENDS
  • 17 Confidential Real Estate Technology Ecosystem (Abbreviated) Company Acquired Public Company Construction Payments Home Services Lead Gen Data/Information Services Broker CRM/Marketing Mortgage Orig. / FinanceProperty Search/Lead Gen Property Mgmt Investment Mgmt Commercial Construction Residential ConstructionFacilities Design/AECIWMS & Facilities Mgmt
  • 18 Confidential Real Estate Property Management Vendor Ecosystem Accounting Property Mgmt Applicant Screening Insurance CRM Web Portals & Marketing Internet Listings Utility / Energy Revenue Mgmt Market Research Spend Mgmt Payment Processing
  • 19 Confidential 0.00x 1.00x 2.00x 3.00x 4.00x 5.00x 6.00x 7.00x 8.00x 9.00x -100.00% -50.00% 0.00% 50.00% 100.00% 150.00% 200.00% Real Estate (Market Cap) - Index Value NASDAQ Composite Index (^COMP) - Index Value Real Estate: Public Market Performance Stock Performance Trading Multiples (EV/Rev) Real estate significantly outperforming Nasdaq Real estate significantly outperforming Nasdaq Real Estate Index Ellie Mae, Inc. (NYSE:ELLI) RealPage, Inc. (NasdaqGS:RP) CoStar Group Inc. (NasdaqGS:CSGP) Experian plc (LSE:EXPN) Zillow, Inc. (NasdaqGS:Z) Trulia, Inc. (NYSE:TRLA)
  • 20 Confidential Enterprise Value / EBITDA 0.0x 0.0x 28.3x 58.8x 8.1x 33.6x 23.6x Enterprise Value / Revenue 22.5x 14.8x 4.5x 10.3x 1.9x 2.6x 5.7x EBITDA Margin -1.6% -0.7% 15.8% 17.8% 21.3% 7.0% 23.6% Revenue Growth 69.9% 81.1% 20.7% 44.1% 14.1% 12.1% 57.2% Public Company Comparables: Real Estate Financial Performance Trading Multiples No multiple since they are unproftiable Median: 15.8% Average: 11.9% Median: 5.7x Average: 8.9x Median: 28.3x Average: 30.5x Median: 44.1% Average: 42.7%
  • 21 Confidential 5/2/2012 $37.4 102.4x - RentJuice Corporation provides online Rental Relationship Management (RRM) software for real estate professionals. 7/23/2012 $15.5 10.3x - Rent Mine Online Inc. provides resident referral programs online. 4/27/2011 $654.2 5.5x 20.3x LoopNet, Inc. operates an online marketplace for commercial real estate in the United States. 5/5/2011 - 5.5x - Compliance Depot provides vendor risk and compliance management solutions to property managers in the multi- family housing sector. 8/22/2011 $74.9 4.5x - MyNewPlaceoffers operates an apartment and home rentals Web site. 5/8/2013 $314.3 4.4x Market Leader, Inc., provides SaaS CRM and marketing solutions for real estate professionals in the United States and Canada. 7/29/2011 $14.8 3.5x - Senior-Living.com, Inc. provides search and information services to the senior care community in the United States. 1/11/2011 $266.3 3.2x 7.9x RP Data Ltd provides property information, analytics, and risk management services primarily in Australia and New Zealand. 4/2/2012 $18.7 3.2x Top Rural S.L. operates as a rural accommodation search engine in Europe. Select Real Estate M&A Activity Business DescriptionBuyer TargetDate EV (mm) EV/ Rev EV/ EBTIDA *Applied 33% public to private discount to Marketleader, LoopNet & RP Data Multiples
  • 22 Confidential 11/3/2010 $62.0 2.7x - Level One Inc. provides outsourced contact solutions for the multi-family apartment industry. 5/15/2011 $526.8 2.3x 7.8x Primedia operates real estate Websites and mobile applications for consumers to find apartments, houses for rent, or new homes for sale. 12/1/2009 $128.0 1.7x - MRI Software LLC provides business management software solutions for the multifamily and commercial property industry worldwide. Business DescriptionBuyer TargetDate EV (mm) EV/ Rev EV/ EBTIDA *Applied 33% public to private discount to Select Real Estate M&A Activity
  • 23 Confidential To discuss the real estate software sector, M&A transactions and/or your business, please contact me at: P: 858.509.2800 Email: acinzori@softwareequity.com R. Allen Cinzori Managing Director
  • 24 Confidential Appendix
  • 25 Confidential Public Real Estate Company Snapshot: CoStar COSTAR GROUP INC. (NASDAQGS:CSGP) COMPANY INFORMATION CoStar Group, Inc. provides information, analytics, and marketing services to the commercial real estate industry in the United States, the United Kingdom, and France. Its services include CoStar Property Professional service that offers inventory of office, industrial, retail, and multifamily properties and land; CoStar COMPS Professional, which provides coverage of comparable sales information; CoStar Tenant, an online business-to-business prospecting and analytical tool; CoStarGo, an iPad application that integrates its property, tenant, and comparable sales information; and CoStar Advertising to market a space for lease or a property for sale. The company’s services also comprise PPR Portal, a delivery platform for research, forecasts, analytics, and granular data; PPR COMPASS, a commercial real estate risk management tool; Resolve Portfolio Maximizer, a real estate portfolio management software solution; Resolve Request, a business intelligence software solution; VP Corporate Edition and VP Retail Edition, which are real estate management software solutions. In addition, its services include LoopNet Premium Lister designed for commercial real estate professionals and other customers; LoopNet Premium Searcher designed for members searching for commercial real estate; LoopLink LoopLink, an online real estate marketing and database services suite; LandsofAmerica and LandAndFarm, which are online marketplaces for rural land for sale; BizBuySell and BizQuest that are online marketplaces for operating businesses for sale; FOCUS, a digital online service; and Observatoire Immobilier D’ Entreprise, which provides commercial property availability. The company serves commercial real estate brokers, as well as owners, landlords, financial institutions, retailers, vendors, appraisers, investment banks, governmental agencies, and other parties involved in commercial real estate. CoStar Group, Inc. was founded in 1987 and is headquartered in Washington, District of Columbia. Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/a Website http://www.costar.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/a Employees 1,965 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking B- Current Investors Pending Investors VALUATION PRICE/VOLUME GRAPH (in millions, except per share data) Valuation Market Data Current Price (Aug 29 2013) 150.78 Dividend Yield #VALUE! 52 Week High (Aug 08, 2013) 164.63 5 Year Beta 1.20 52 Week Low (Oct 23, 2012) 76.41 Float 27.4 Total Basic Common Shares 28.6 Float % 95.7% Market Capitalization 4,316.1 Short Int. as a % of S/O 2.3% Plus: Total Debt 161.9 Shares Sold Short 0.7 Plus: Preferred Stock n/a Days Cover Short 5.7 Plus: Minority Interest n/a Average Trading Volume Less: Cash and ST Investments (190.1) Last Week 8/22/13 0.1 Enterprise Value 4,287.9 Last Month 7/29/13 0.1 Relative Performance Last 3 Months 5/29/13 0.1 csgp YTD 68.7% 12/31/12 Last 6 Months 2/28/13 0.1 S&P 500 Index YTD 14.9% Last Year 8/29/12 0.1 CAPITAL STRUCTURE FINANCIAL SUMMARY Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending, Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Revolving Credit 0.0 Unamortized Discount n/a Term Loans 170.6 Adjustments n/a Snr. Bonds and Notes n/a Total Debt 170.6 Revenue 226.3 251.7 349.9 409.1 442.1 497.4 Sub Bonds and Notes n/a EBITDA 40.5 49.0 65.3 72.9 125.7 154.2 Trust Preferred n/a Undrawn Revolver 50.0 Margin (%) 17.9% 19.5% 18.7% 17.8% 28.4% 31.0% Capital Leases n/a Undrawn Commercial Paper n/a EBIT 26.9 36.3 32.7 31.6 bility Needed)bility Needed) Other n/a Undrawn Term Loans n/a Margin (%) 11.9% 14.4% 9.4% 7.7% NA NA Total Principal Due 170.6 Other Available Credit n/a Net Income 13.3 14.7 9.9 17.4 bility Needed)bility Needed) Total Undrawn Credit 50.0 Margin (%) 5.9% 5.8% 2.8% 4.2% NA NA 998 999 1000 2000 1001 1002 Diluted EPS 0.64 0.62 0.37 0.62 2.35 2.93 VALUATION MULTIPLES Fiscal Year Ending, LTM Fiscal Year Ending, 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 39.3 25.7 86.1 97.1 bility Needed)bility Needed) TEV / Revenue 4.5x 4.7x 8.1x 9.6x 9.6x 8.6x Cash from Investing (40.5) 58.4 (640.4) (12.7) TEV / EBITDA 25.6x 27.4x 41.0x 61.7x 33.9x 27.6x Cash from Finaning 2.0 254.8 164.9 2.2 TEV / EBIT 40.5x 39.9x 68.6x 181.2x NA NA Change in Cash 0.6 338.9 (389.3) 86.8 P / E 89.7x 113.7x 229.5x NM 63.8x 51.2x P / BV 3.2x 2.6x 3.1x 4.3x NA NA Balance Sheet Latest 1 Year Growth Total Revenue 7.9% 11.3% 39.0% 44.1% 26.3% 12.5% Total Assets 439.6 771.0 1,165.1 1,197.0 EBITDA (12.9%) 21.0% 33.1% 42.1% 92.6% 22.7% Total Liabilities 58.1 111.9 338.8 330.4 EBIT (15.6%) 35.0% (9.8%) (6.3%) NA NA Total Equity 381.5 659.2 826.3 866.6 Net Income (28.9%) 10.3% (32.3%) 194.1% NA NA EPS (31.9%) (3.1%) (40.3%) 169.8% 535.5% 24.5% VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART NA NA Income Statement Cash Flow Statement 7.9% 11.3% 39.0% 26.3% 12.5% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 45.0% 2010 2011 2012 2013E 2014E YOY Growth Total Revenue 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 0 100 200 300 400 500 600 2010 2011 2012 2013E 2014E (in$millions) Valuation Revenue TEV / Revenue 0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.4 0.4 0.5 150.00 152.00 154.00 156.00 158.00 160.00 162.00 164.00 8/12 Volume(inmillions) Price Volume csgp Price
  • 26 Confidential Public Real Estate Company Snapshot: RealPage REALPAGE, INC. (NASDAQGS:RP) COMPANY INFORMATION RealPage, Inc. provides on demand software solutions for the rental housing industry in North America. It offers property management systems, including OneSite to serve the specific needs of conventional multi-family, affordable housing and urban development (HUD), affordable tax credit, rural housing, privatized military housing, student housing, and commercial sectors; and Propertyware for accounting, maintenance and work order management, marketing spend management, and portal services, as well as screening, renter’s insurance, and payment solutions. The company also provides on premise property management systems that include Tenant Pro to serve the needs of small conventional properties; Spectra, a conventional apartment and commercial modular property management system; and i-CAM and Management Plus property management software to automate and streamline rental activities. In addition, it offers software-enabled value-added services, such as LeaseStar, a multichannel managed marketing system that manages marketing and leasing operations and enables owners and managers to originate, capture, track, manage, and close leads; YieldStar, a scientific yield management solution, which enables owners and managers to optimize rents; LeasingDesk, a risk mitigation solution to reduce delinquency, liability, and property damage risk; Velocity that offers billing and utility management services; OpsTechnology that offers spend management solutions that enable owners and managers to control costs; shared cloud services, which are integrated with property management systems and software-enabled valued added services; and RealPage Senior Living, an integrated care management, community management, an marketing management platform. Further, the company offers consulting and implementation services; and training programs. RealPage, Inc. sells its software and services directly through its sales force. The company is headquartered in Carrollton, Texas. Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Application Software Next Earnings Date n/a Website http://www.realpage.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/a Employees 2,893 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/a Current Investors Pending Investors VALUATION PRICE/VOLUME GRAPH (in millions, except per share data) Valuation Market Data Current Price (Aug 29 2013) 20.86 Dividend Yield #VALUE! 52 Week High (Sep 13, 2012) 26.99 5 Year Beta 1.55 52 Week Low (Jun 11, 2013) 16.88 Float 49.5 Total Basic Common Shares 77.0 Float % 64.2% Market Capitalization 1,607.0 Short Int. as a % of S/O 5.8% Plus: Total Debt 0.0 Shares Sold Short 4.5 Plus: Preferred Stock n/a Days Cover Short 12.6 Plus: Minority Interest n/a Average Trading Volume Less: Cash and ST Investments (34.3) Last Week 8/22/13 0.3 Enterprise Value 1,572.7 Last Month 7/29/13 0.4 Relative Performance Last 3 Months 5/29/13 0.4 rp YTD (3.3%) 12/31/12 Last 6 Months 2/28/13 0.3 S&P 500 Index YTD 14.9% Last Year 8/29/12 0.3 CAPITAL STRUCTURE FINANCIAL SUMMARY Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending, Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Revolving Credit 10.0 Unamortized Discount n/a Term Loans n/a Adjustments n/a Snr. Bonds and Notes n/a Total Debt 10.0 Revenue 188.3 258.0 322.2 352.4 387.1 458.2 Sub Bonds and Notes n/a EBITDA 25.9 30.5 52.9 55.5 90.2 112.8 Trust Preferred n/a Undrawn Revolver 140.0 Margin (%) 13.8% 11.8% 16.4% 15.8% 23.3% 24.6% Capital Leases 0.0 Undrawn Commercial Paper n/a EBIT 6.3 3.1 21.6 24.8 bility Needed)bility Needed) Other n/a Undrawn Term Loans n/a Margin (%) 3.3% 1.2% 6.7% 7.0% NA NA Total Principal Due 10.0 Other Available Credit n/a Net Income 0.1 (1.2) 5.2 11.5 bility Needed)bility Needed) Total Undrawn Credit 140.0 Margin (%) 0.0% (0.5%) 1.6% 3.3% NA NA 998 999 1000 2000 1001 1002 Diluted EPS (0.07) (0.02) 0.07 0.15 0.59 0.75 VALUATION MULTIPLES Fiscal Year Ending, LTM Fiscal Year Ending, 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 27.7 49.2 58.4 60.8 bility Needed)bility Needed) TEV / Revenue 12.1x 7.6x 5.3x 4.1x 4.0x 3.4x Cash from Investing (83.1) (107.7) (32.8) (42.4) TEV / EBITDA 86.5x 63.3x 37.2x 25.7x 17.4x 13.9x Cash from Finaning 169.0 (8.2) (43.1) (29.9) TEV / EBIT NM NM 116.3x 61.1x NA NA Change in Cash 113.6 (66.7) (17.5) (11.5) P / E 122.6x NM NM NM 35.2x 27.8x P / BV 28.0x 8.5x 6.6x 5.3x NA NA Balance Sheet Latest 1 Year Growth Total Revenue 33.6% 37.0% 24.9% 20.7% 20.2% 18.4% Total Assets 342.8 400.1 402.2 421.8 EBITDA 27.2% 17.4% 73.6% 39.6% 70.7% 25.0% Total Liabilities 170.2 177.2 147.1 144.0 EBIT (9.3%) (50.6%) 595.2% 131.5% NA NA Total Equity 172.6 222.9 255.1 277.8 Net Income (99.8%) NM NM NM NA NA EPS NM NM NM NM 743.7% 26.3% VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART Advance Capital Management, LLC, Apax Partners LLP, BAMCO Inc., Camden Partners Holdings, LLC, Conversus Capital, L.P., Seren Capital, Ltd. NA Income Statement Cash Flow Statement 33.6% 37.0% 24.9% 20.2% 18.4% 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% 30.0% 35.0% 40.0% 2010 2011 2012 2013E 2014E YOY Growth Total Revenue 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 0 100 200 300 400 500 2010 2011 2012 2013E 2014E (in$millions) Valuation Revenue TEV / Revenue 0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0 150.00 170.00 190.00 210.00 230.00 250.00 270.00 290.00 310.00 8/12 Volume(inmillions) Price Volume rp Price
  • 27 Confidential Public Real Estate Company Snapshot: Trulia TRULIA, INC. (NYSE:TRLA) COMPANY INFORMATION Trulia, Inc. provides tools to research homes and neighborhoods for consumers through Web and mobile applications. The company, through its tools, also enables real estate professionals to market their listings. It provides subscription and free products for real estate professionals, as well as sells display media advertising. In addition, the company offers information on schools, crime, neighborhood amenities, home values, and other communities. It serves buyers, sellers, and renters. The company was formerly known Realwide, Inc. and changed its name to Trulia, Inc. in September 2005. Trulia, Inc. was founded in 2005 and is headquartered in San Francisco, California. Stock Exchange NYSE Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/a Website http://www.trulia.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/a Employees 519 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/a Current Investors Pending Investors VALUATION PRICE/VOLUME GRAPH (in millions, except per share data) Valuation Market Data Current Price (Aug 29 2013) 41.67 Dividend Yield #VALUE! 52 Week High (Aug 05, 2013) 48.40 5 Year Beta n/a 52 Week Low (Nov 16, 2012) 14.69 Float 29.0 Total Basic Common Shares 32.5 Float % 89.3% Market Capitalization 1,355.6 Short Int. as a % of S/O 20.6% Plus: Total Debt 9.0 Shares Sold Short 6.7 Plus: Preferred Stock n/a Days Cover Short 9.9 Plus: Minority Interest n/a Average Trading Volume Less: Cash and ST Investments (215.7) Last Week 8/22/13 0.6 Enterprise Value 1,148.8 Last Month 7/29/13 1.0 Relative Performance Last 3 Months 5/29/13 0.7 trla YTD 156.6% 12/31/12 Last 6 Months 2/28/13 0.7 S&P 500 Index YTD 14.9% Last Year 8/29/12 0.5 CAPITAL STRUCTURE FINANCIAL SUMMARY Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending, Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Revolving Credit n/a Unamortized Discount (0.2) Term Loans 10.0 Adjustments n/a Snr. Bonds and Notes n/a Total Debt 10.0 Revenue 19.8 38.5 68.1 92.8 125.2 189.9 Sub Bonds and Notes n/a EBITDA (3.1) (4.0) (7.0) (0.7) 14.0 40.4 Trust Preferred n/a Undrawn Revolver n/a Margin (%) (15.5%) (10.3%) (10.3%) (0.7%) 11.2% 21.3% Capital Leases 0.2 Undrawn Commercial Paper n/a EBIT (3.7) (5.8) (9.5) (4.4)bility Needed)bility Needed) Other n/a Undrawn Term Loans n/a Margin (%) (18.5%) (15.0%) (14.0%) (4.7%) NA NA Total Principal Due 10.2 Other Available Credit n/a Net Income (3.8) (6.2) (10.9) (7.7)bility Needed)bility Needed) Total Undrawn Credit n/a Margin (%) (19.4%) (16.0%) (16.0%) (8.3%) NA NA 998 999 1000 2000 1001 1002 Diluted EPS (0.64) (0.92) (0.87) (0.32) 0.20 0.77 VALUATION MULTIPLES Fiscal Year Ending, LTM Fiscal Year Ending, 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations (1.1) 1.1 4.2 8.5 bility Needed)bility Needed) TEV / Revenue n/a n/a 5.9x 10.0x 8.9x 5.8x Cash from Investing (3.5) (6.6) (2.0) (7.5) TEV / EBITDA n/a n/a NM NM 79.1x 27.5x Cash from Finaning 1.4 8.2 90.8 205.3 TEV / EBIT n/a n/a NM NM NA NA Change in Cash (3.2) 2.6 93.0 206.3 P / E n/a n/a NM NM 199.0x 52.5x P / BV n/a n/a 5.1x 5.0x NA NA Balance Sheet Latest 1 Year Growth Total Revenue 91.4% 94.7% 76.8% 81.1% 83.9% 51.6% Total Assets 15.7 24.2 119.0 240.4 EBITDA NM NM NM NM NM 187.7% Total Liabilities 8.6 21.2 32.4 39.5 EBIT NM NM NM NM NA NA Total Equity 7.1 3.0 86.5 201.0 Net Income NM NM NM NM NA NA EPS NM NM NM NM NM 279.2% VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART Accel Management Co, Inc., Caledonia (Private) Investments Pty Limited, Deep Fork Capital, Fayez Sarofim & Co., Polaris Partners, Sequoia Capital NA Income Statement Cash Flow Statement 91.4% 94.7% 76.8% 83.9% 51.6% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 2010 2011 2012 2013E 2014E YOY Growth Total Revenue 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 0 50 100 150 200 2010 2011 2012 2013E 2014E (in$millions) Valuation Revenue TEV / Revenue 0.0 2.0 4.0 6.0 8.0 10.0 12.0 150.00 170.00 190.00 210.00 230.00 250.00 270.00 290.00 310.00 9/12 Volume(inmillions) Price Volume trla Price
  • 28 Confidential Public Real Estate Company Snapshot: Zillow ZILLOW, INC. (NASDAQGS:Z) COMPANY INFORMATION Zillow, Inc. engages in the operation of a real estate and home-related information marketplace on mobile and the Web in the United States. The company owns and operates Zillow.com; Zillow Mobile, a suite of home-related mobile applications; Zillow Mortgage marketplace, where borrowers connect with lenders to find loans and get mortgage rates; Zillow Digs, a home improvement marketplace for consumers to find visual inspiration and local cost estimates; and Zillow Rentals, a marketplace and suite of tools for rental professionals, Postlets, Solutions, Buyfolio, Mortech, and HotPads. It also offers current home value and rental price estimates; and for sale and rental listings. In addition, the company provides Premier Agent program, which offers a suite of marketing and business technology solutions for real estate agents; and display advertising services, including graphical mobile and Web advertising services on its home page and on individual Web pages, as well as information products and services to make decisions about homes. Further, it offers consumers with ratings and contact information for the listing agent and local buyer’s agents alongside home profiles and listings for homes for evaluating and selecting the real estate agent suited for them; and home-related advice and discussions through Zillow Advice section of its Zillow.com Website that captures questions and discussion topics from users, including consumers and real estate, mortgage, and rental professionals. The company’s customers include advertisers primarily in the real estate industry, including real estate brokerages, home builders, mortgage lenders, and home services providers; and advertising customers comprising telecommunications, automotive, insurance, and consumer products companies. Zillow, Inc. was incorporated in 2004 and is headquartered in Seattle, Washington. Stock Exchange NasdaqGS Latest Fiscal Year 12/31/2012 Primary Industry Internet Software and ServicNext Earnings Date n/a Website http://www.zillow.com Latest Fiscal Quarter 6/30/2013 S&P LT Rating n/a S&P STARS Ranking n/a Employees 560 LTM as of 6/30/2013 S&P LT Rating Date n/a S&P Quality Ranking n/a Current Investors Pending Investors VALUATION PRICE/VOLUME GRAPH (in millions, except per share data) Valuation Market Data Current Price (Aug 29 2013) 95.62 Dividend Yield #VALUE! 52 Week High (Aug 29, 2013) 98.40 5 Year Beta 1.91 52 Week Low (Nov 16, 2012) 23.00 Float 28.6 Total Basic Common Shares 37.6 Float % 76.3% Market Capitalization 3,590.6 Short Int. as a % of S/O 13.4% Plus: Total Debt 0.0 Shares Sold Short 5.0 Plus: Preferred Stock n/a Days Cover Short 5.7 Plus: Minority Interest n/a Average Trading Volume Less: Cash and ST Investments (169.7) Last Week 8/22/13 1.0 Enterprise Value 3,420.9 Last Month 7/29/13 1.4 Relative Performance Last 3 Months 5/29/13 0.9 z YTD 244.6% 12/31/12 Last 6 Months 2/28/13 0.8 S&P 500 Index YTD 14.9% Last Year 8/29/12 0.9 CAPITAL STRUCTURE FINANCIAL SUMMARY Capital Structure Fiscal Year Ending, LTM Fiscal Year Ending, Commercial Paper n/a Unamortized Premium n/a 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Revolving Credit 0.0 Unamortized Discount n/a Term Loans n/a Adjustments n/a Snr. Bonds and Notes n/a Total Debt 0.0 Revenue 30.5 66.1 116.9 152.1 189.0 264.5 Sub Bonds and Notes n/a EBITDA (5.2) 5.8 12.4 (2.4) 21.4 47.2 Trust Preferred n/a Undrawn Revolver 26.5 Margin (%) (17.0%) 8.8% 10.6% (1.6%) 11.3% 17.8% Capital Leases n/a Undrawn Commercial Paper n/a EBIT (6.8) 2.7 7.0 (10.1)bility Needed)bility Needed) Other n/a Undrawn Term Loans n/a Margin (%) (22.4%) 4.1% 6.0% (6.7%) NA NA Total Principal Due 0.0 Other Available Credit n/a Net Income (6.8) 1.1 5.9 (11.1)bility Needed)bility Needed) Total Undrawn Credit 26.5 Margin (%) (22.2%) 1.7% 5.1% (7.3%) NA NA 998 999 1000 2000 1001 1002 Diluted EPS (0.53) n/a 0.18 (0.34) 0.00 0.56 VALUATION MULTIPLES Fiscal Year Ending, LTM Fiscal Year Ending, 12/31/10 12/31/11 12/31/12 6/30/13 2013E 2014E Cash from Operations 2.3 14.8 32.3 23.8 bility Needed)bility Needed) TEV / Revenue n/a 9.4x 6.6x 13.1x 16.8x 12.0x Cash from Investing 4.6 (58.4) (94.4) (86.3) TEV / EBITDA n/a 121.1x 56.4x 214.7x 148.3x 67.2x Cash from Finaning 1.0 79.2 164.2 168.3 TEV / EBIT n/a NM 93.9x NM NA NA Change in Cash 7.8 35.6 102.1 105.8 P / E n/a NM 159.4x NM NA 157.7x P / BV n/a 6.3x 3.0x 6.7x NA NA Balance Sheet Latest 1 Year Growth Total Revenue 74.2% 116.8% 76.9% 69.9% 61.7% 39.9% Total Assets 24.0 116.7 304.2 317.5 EBITDA NM NM 112.4% NM 72.9% 120.6% Total Liabilities 6.6 15.5 23.9 25.9 EBIT NM NM 155.9% NM NA NA Total Equity 17.4 101.2 280.3 291.6 Net Income NM NM 438.9% NM NA NA EPS NM NM NM NM (97.3%) 11298.8% VALUATION MULTIPLES CHART FINANCIAL SUMMARY CHART Legg Mason Capital Management LLC, PAR Capital Management, Inc., Technology Crossover Ventures NA Income Statement Cash Flow Statement 74.2% 116.8% 76.9% 61.7% 39.9% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0% 120.0% 140.0% 2010 2011 2012 2013E 2014E YOY Growth Total Revenue 0.0x 2.0x 4.0x 6.0x 8.0x 10.0x 12.0x 14.0x 16.0x 18.0x 0 50 100 150 200 250 300 2010 2011 2012 2013E 2014E (in$millions) Valuation Revenue TEV / Revenue 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 9.0 150.00 170.00 190.00 210.00 230.00 250.00 270.00 290.00 310.00 8/12 Volume(inmillions) Price Volume z Price
  • 29 Confidential Additional Real Estate M&A Activity Date Buyer Seller EV (mm) EV/ REV EV/ EBITDA 02/03/12 - CallSource, Inc., Multifamily Housing Division - - - 09/14/11 - LPS Real Estate Group Inc., Assets (nka:Real Estate Digital) - - - 05/18/11 - FIO SYSTEMS AG - - - 04/01/11 - Orion Softw are Inc. - - - 04/02/12 Alere Inc. (NYSE:ALR) eScreen $340.0 2.8x - 06/06/10 Altegrity, Inc. Kroll, Inc. $1,130.0 1.7x - 08/19/11 California Regional Multiple Listing Service, Inc. SoCalMLS Inc. - - - 02/06/07 Consumer Source Holdings, Inc. RentalHouses.com, Inc. - - - 04/24/13 CoreLogic, Inc. Fiserv, Inc., Case-Shiller $6.0 - - 01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $266.3 3.2x 11.8x 11/04/10 CoreLogic, Inc. RealtyBid International, Inc. $19.0 - - 04/27/11 CoStar Group Inc. LoopNet, Inc. $654.2 5.5x 20.3x 05/14/12 Documotive Limited Fusion Information Systems Ltd - - - 05/15/13 DocuSign, Inc. Cartavi, Inc. - - - 08/01/07 Domin-8 Enterprise Solutions, LLC Spectra Computer Services Ltd. - - - 03/21/07 Dominion Enterprises, Inc. eNeighborhoods, LLC - - - 06/24/10 Experian plc RentBureau, LLC - - - 01/03/13 Hanley Wood Market Intelligence, LLC (nka:Metrostudy Inc.) Metrostudy Inc. - - - 07/09/12 Haufe-Lexw are GmbH & Co. KG ESS EDV-Softw are-Service AG - - - 04/08/13 HomeAdvisor, Inc. Werkspot B.V. - - - 04/02/12 HomeAw ay Spain S.L. Top Rural S.L. $18.7 3.2x - 05/11/11 HomeAw ay, Inc. Second Porch Inc. $3.0 - - 04/04/11 HomeAw ay, Inc. REA Group Ltd., realholidays.com.au $2.1 - - 10/20/10 HomeAw ay, Inc. Escapia, Inc. $10.3 - - 10/05/10 HomeAw ay, Inc. Instant, Inc. $27.2 - - 02/21/06 Homestore, Inc. (nka:Move, Inc.) Moving.com, Inc. $8.9 - - 11/05/07 Housevalues Inc. (nka:Market Leader, Inc.) Realty Generator, LLC $12.2 - - 10/31/05 Housevalues Inc. (nka:Market Leader, Inc.) The Loan Page, Inc. $7.1 - - 05/21/07 Immonet GmbH FIO SYSTEMS AG - - - 06/11/13 Immow are24 GmbH AWImmow are GmbH - - - 08/23/12 ImovelWeb Imóvel PRO - - - 06/04/02 Intuit Inc. Intuit Real Estate Solutions, Inc. (nka:MRI Softw are LLC) $92.0 - - 11/08/12 Lasso Data Systems Inc. UFollow Up LLC - - - 03/31/10 LoopNet, Inc. Reaction Web, Inc. - - - 04/08/08 LoopNet, Inc. REApplications, Inc. $9.2 - - 08/02/07 LoopNet, Inc. Cityfeet.com, Inc. $18.0 - -
  • 30 Confidential Additional Real Estate M&A Activity (Cont.) Date Buyer Seller EV (mm) EV/ REV EV/ EBITDA 09/21/11 Market Leader, Inc. RealEstate.com, Inc. $8.3 - - 08/04/11 Market Leader, Inc. SharperAgent Inc. $2.0 0.6x - 01/20/11 Market Leader, Inc. kw kly, LLC $1.3 - - 10/28/10 Market Leader, Inc. ActiveRain Corp. $2.5 - - 09/07/10 MediFAX-EDI Holding Company, Inc. Chamberlin Edw ards & Assoc. $254.1 2.9x 11.7x 09/04/12 Move Sales, Inc. TigerLead Solutions, LLC $22.0 - - 09/21/10 Move Sales, Inc. Threew ide Corporation $13.1 - - 05/02/13 Move, Inc. ABC Holdings, LLC $2.3 - - 10/11/12 Moving.com, Inc. Relocation.com LLC $11.5 - - 12/21/11 MRI Softw are LLC Realty DataTrust Corporation - - - 10/03/11 MRI Softw are LLC Bostonpost Technology - - - 06/27/11 MRI Softw are LLC Workspeed Management, LLC - - - 06/04/11 Onthehouse Holdings Limited Console Australia Pty. Ltd. $37.6 - - 03/22/12 PRIMEDIA Inc. (nka:RentPath Inc.) Viva Group, Inc. $145.0 - - 01/31/06 PRIMEDIA's Consumer Guides Group Rentals, Inc. - - - 02/17/12 Private Equity Consortium Transunion $3,202.6 3.1x 9.1x 11/14/12 Qube Global Softw are Ltd. SPA Microsystems Ltd - - - 03/31/07 RE FormsNet, LLC (nka:zipLogix, Inc.) Real Estate Business Technologies, LLC - - - 07/23/12 RealPage, Inc. Rent Mine Online Inc. $15.5 10.3x - 01/04/12 RealPage, Inc. Vigilan Incorporated $5.0 - - 08/22/11 RealPage, Inc. Multifamily Technology Solutions, Inc. $74.9 4.5x - 07/29/11 RealPage, Inc. Senior-Living.com, Inc. $14.8 3.5x - 05/05/11 RealPage, Inc. Compliance Depot LLC - 5.5x - 11/03/10 RealPage, Inc. Level One Inc. $62.0 2.7x - 02/01/10 RealPage, Inc. Domin-8 Enterprise Solutions, LLC $12.9 - - 11/10/09 RealPage, Inc. Propertyw are, Inc. $12.5 - - 09/23/09 RealPage, Inc. EverGreen Solutions, Inc. $0.9 - - 09/21/09 RealPage, Inc. A.L. Wizard, Inc. $2.8 - - 10/14/08 RealPage, Inc. OpsTechnology, Inc. $23.0 - - 01/07/05 RentPayment.com, Inc. eRentPayer, Inc. - - - 05/12/08 re-plus Inc. Visual Research Co. Ltd. $8.0 0.7x - 02/03/13 Reply! Inc. HomeGain.com, Inc. - - - 05/31/12 Reply! Inc. QualitySmith, Inc. - - - 01/25/11 Reply! Inc. FastRoofingBids.com and FastRoofingLeads.com and Agitantis LLC - - - 06/07/10 Reply! Inc. Contractors.Com, Certain Assets - - - 09/14/10 RETransform PropertyView Solutions, Inc. - - -
  • 31 Confidential Additional Real Estate M&A Activity (Cont.) Date Buyer Seller EV (mm) EV/ REV EV/ EBITDA 12/05/11 Sterling Infosystems Acxiom ISS, Inc. $74.0 1.5x - 02/05/07 Stew art Transaction Solutions, Inc. Reveal Systems, Inc. - - - 07/02/12 The Corporate Executive Board Company (UK) Ltd. SHL Group Ltd. $660.0 3.2x 11.6x 01/20/12 The Home Depot, Inc. Red Beacon, Inc. - - - 05/15/11 TPG Capital PRIMEDIA Inc. (nka:RentPath Inc.) $526.8 2.3x 7.8x 05/08/13 Trulia, Inc. Market Leader, Inc. $314.3 4.4x - 12/21/10 Trulia, Inc. Movity.com - - - 12/01/09 Vista Equity Partners, Vista Equity Fund III, L.P. Intuit Real Estate Solutions, Inc. (nka:MRI Softw are LLC) $128.0 1.7x - 05/10/12 Xceligent, Inc. ePropertyData.com LLC - - - 09/19/11 YapStone, Inc. PropertyBridge, Inc. - - - 04/30/01 YapStone, Inc. RentPayment.com, Inc. - - - 07/03/13 Yardi Systems, Inc. Pierce-Eislen, Inc. - - - 05/17/12 Yardi Systems, Inc. ista North America, Inc., Multifamily Services Group - - - 04/03/12 Yardi Systems, Inc. Lead Tracking Solutions Corporation - - - 01/05/12 Yardi Systems, Inc. ALMSA Corporation - - - 08/16/11 Yardi Systems, Inc. Peak Insurance Advisors, LLC - - - 02/01/11 Yardi Systems, Inc. Real Estate Electronic Publishing Company Inc. - - - 09/30/10 Yardi Systems, Inc. Point2 Technologies Inc. - - - 08/04/10 Yardi Systems, Inc. Information Systems & Services, Inc. - - - 05/05/10 Yardi Systems, Inc. DIY Real Estate Solutions Inc. - - - 03/30/10 Yardi Systems, Inc. Property Research Partners LLC - - - 02/16/10 Yardi Systems, Inc. RentGrow , Inc. - - - 12/07/09 Yardi Systems, Inc. Commercial Property Executive and Multi-Housing New s - - - 10/01/09 Yardi Systems, Inc. Energy Billing Systems, Inc. - - - 04/28/08 Yardi Systems, Inc. ARGUS Softw are, ARGUS Property Management and ARGUS INSIGHT Reporting - - - 07/09/07 Yardi Systems, Inc. SiteStuff, Inc. - - - 04/05/06 Yardi Systems, Inc. rCash, Inc. - - - 04/23/03 Yardi Systems, Inc. Realm Business Solutions Inc., Realm Enterprise and BJ Murray Product Lines - - - 11/26/12 Zillow , Inc. HotPads, Inc. $15.9 - - 11/05/12 Zillow , Inc. Mortech Inc. $17.4 - - 10/31/12 Zillow , Inc. Buyfolio, Inc. - - - 05/02/12 Zillow , Inc. RentJuice Corporation $37.4 102.4x - 11/02/11 Zillow , Inc. Diverse Solutions, Inc. $7.5 - - 04/11/11 Zillow , Inc. Postlets, Inc. - - - 08/01/11 zipLogix, Inc. Realfast, Inc. - - - 06/26/09 Zoopla Ltd. Propertyfinder Holdings Limited - - -