The document provides an overview of M&A activity in 2007, noting that deal volumes continued to surge in the first half of the year, driven by strong stock markets and availability of capital. It analyzes valuation multiples and top buyers across various sectors. Additionally, the document outlines sample M&A transactions and analysis of the financial services vertical market.

1. 2007 – Mid Year Global Update
October 2, 2007
Miro S. Parizek
Managing Director

2. Agenda
§ Opening Remarks - Corum
§ M&A Market Overview
§ Current Trends
§ Valuations
§ Top Buyers & Active Sectors
§ Corum Q3 M&A Briefing Release

3. Corum Group
Experience makes the difference

4. Corum Group
Experience makes the difference

5. Corum Group
§ M&A specialists since 1985
§ Software and IT experts – mostly former CEOs
§ Dominant North American and European presence
§ 200+ transactions completed
§ $6 billion in wealth created
§ Majority of cross-border transactions
§ Host of Selling Up Selling Out, Merger & Acquisitions workshop
§ Sponsor of World Financial Symposiums conferences
§ Publisher of industry-leading M&A research

6. M&A - Primary Source of Liquidity
In Dollar Volume – US all industries
$1,700
$1,600
$1,500
$1,400
$1,300
$1,200
$1,100
In Billions
$1,000
$900
$800
$700
$600
$500
$400
$300
$200
$100
$0
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007
YTD
M&A Dollar Volume IPO Amount Raised
Source: Dealogic, IPO Central

7. Surge in M&A Continues
M&A Market – All Industries
M&A Market – All Industries
First half 2007 ––
First half 2007
M&A Market – Software and IT
M&A Market – Software and IT
M&A up 53% worldwide
M&A up 53% worldwide
$2.5 trillion in worldwide M&A
$2.5 trillion in worldwide M&A $350 billion in 2007 YTD
$350 billion in 2007 YTD
Europe ––
Europe Q2:07 transaction volumes outpacing
Q2:07 transaction volumes outpacing
$1.02 trillion in 2007 YTD
$1.02 trillion in 2007 YTD volumes from Q2:06
volumes from Q2:06
U.S. ––
U.S.
$1.03 trillion in 2007 YTD
$1.03 trillion in 2007 YTD
2006 ––
2006
$3.7 trillion in worldwide M&A
$3.7 trillion in worldwide M&A
Source: Thomson Financial

8. Surge in M&A – Deal Drivers
§ Enormous liquidity (equity and debt)
§ Strong stock markets
§ Recovery in IPO market
§ Analysts favorable to acquisitions
§ Private Equity in 25% of deals
§ Converging market sectors
§ Heavy competition for market leadership
§ Greater number of buyers from all over the world

9. Global M&A Activity
§ Cross-border transactions increasing
§ During the 1H:07 Europe equaled the U.S. in deal volume for the first time in four years
§ European deal activity up 73% in 1H:07
§ Non-US and non-European buyers are now making up nearly 20% of Global M&A activity

10. Global Marketplace
Currently almost 60% of Corum’s transactions are cross-border
Intra-Country
42%
Cross Border
58%
A trend we believe will continue

11. Corum Transactions 2007
HR information
systems for middle
market enterprises
Human capital
management solutions
BPO Management
Services – U.S.
Human Resource Stepstone – Norway
Microsystems – U.S. ExecuTRACK – Germany
Networking and Business application
lobby services for automation and
game publishers & batch integration
developers technology vendor
Activision – U.S. Carlyle Group – U.K.
DemonWare – Ireland AppWorx – U.S.

12. Corum Transactions 2007
Value-added
distributor of voice,
Provider of data and converged
estimating and earth communications
measuring software solutions
for contractors
Westcon –
Maxwell – U.S. U.S./South Africa
Quest – U.S. CRANE – UK
Visualization and
collaboration
software for the
A/E/C market-place
Autodesk – U.S.
NavisWorks – UK

13. Corum Transactions 2007
Provider of payment
processing software MRP solutions for the flat
and services glass industry
Purepay – U.S.
KYRO – Finland
Creditron – Canada
Albat + Wirsam – Germany
Electronic invoicing
and legal spend
management
solutions
DataCert – U.S.
CorpraSoft – U.S.

14. Valuation Multiples
M&A Transaction Multiples – Software Industry
7.00
6.7
6.00
5.00
P/S Multiple
4.00
2.9 3.0 3.11
2.7 2.7
2.6 2.9 2.95
3.00 2.3 2.0 1.6 1.8 2.1 2.3 2.2 2.5
1.5 1.5
2.00
1.00
0.00
1H:98
2H:98
1H:99
2H:99
1H:00
2H:00
1H:01
2H:01
1H:02
2H:02
1H:03
2H:03
1H:04
2H:04
1H:05
2H:05
1H:06
2H:06
1H:07

15. Public Valuation Multiples
Sector Q2:06 Q3:06 Q4:06 Q1:07 Q2:07 Y on Y Q to Q
Digital Media 2.82 x 2.74 x 2.59 x 1.92 x 2.07 x
Enterprise Applications 4.27 x 4.35 x 4.43 x 3.87 x 3.98 x
Business Intelligence 2.15 x 2.87 x 3.03 x 3.13 x 3.25 x
Enterprise Content Management 1.46 x 1.89 x 2.15 x 2.07 x 2.37 x
Supply Chain Management 1.58 x 1.60 x 1.89 x 2.10 x 2.29 x
Enterprise Infrastructure 2.36 x 2.40 x 2.77 x 2.86 x 2.88 x
Legacy Extension / SOA 2.59 x 1.36 x 1.70 x 2.18 x 2.56 x
Software Development Tools 1.44 x 1.88 x 1.71 x 2.00 x 2.22 x
Storage 2.43 x 2.66 x 2.98 x 3.68 x 3.29 x
Gaming 1.44 x 2.25 x 2.47 x 2.54 x 2.24 x
Internet Infrastructure 3.57 x 4.03 x 3.63 x 3.83 x 3.91 x
Internet Pure Play 3.34 x 4.00 x 3.78 x 3.41 x 3.23 x
IT Services 0.78 x 0.84 x 0.80 x 0.80 x 0.89 x
Security 3.00 x 2.94 x 3.36 x 3.15 x 3.69 x
Wireless 2.28 x 2.07 x 2.34 x 1.46 x 1.75 x
TTM EV/S Multiples
Vertical Market - Engineering 2.71 x 2.69 x 3.06 x 3.40 x 3.29 x
Vertical Market - Financial Services 3.26 x 3.53 x 3.17 x 3.28 x 3.12 x
Vertical Market - Government 1.21 x 1.24 x 1.13 x 1.16 x 1.15 x
Increased
Vertical Market - Healthcare 1.98 x 2.69 x 2.36 x 2.28 x 2.53 x
Vertical Market - Other 2.63 x 1.75 x 2.02 x 1.19 x 2.71 x
Decreased
Vertical Market - Telecom 2.02 x 2.12 x 2.10 x 1.33 x 1.52 x

16. Top Buyers 1H:07
Strategic Buyers Active Private Equity Firms*
Google 8 Battery Ventures
Cisco Systems 7 Carlyle Group
Oracle 5 Hellman & Friedman
Sungard Data Systems 5 Kohlerg Kravis Roberts & Co.
Bentley Systems 4 Francisco Partners
CDC Software 4 Vector Capital
Domin-8 Enterprise Solutions 4
First Data Corporation 4 *Partial List
Microsoft Corporation 4
Nuance Communications 4
SAP AG 4
75+ strategic buyers with 2 or 3 transactions

17. Active Sectors
Sectors with strong transaction volumes
§ Enterprise Infrastructure
§ Internet – Infrastructure and Pure Plays
§ IT Services
§ Vertical market applications

18. Corum Briefing - Sample
Vertical Market – Financial Services
Public Peer Group (In $U.S. millions – except share prices)
Stock Stock Market Enterprise Trailing Multiple Forward Multiple
Symbol Company Price Value Value P/E EV/EBITDA EV/S P/E EV/S
ADVS Advent Software Inc. $32.55 $884.6 $865.9 12.15 x 30.42 x 4.60 x 87.97 x 3.65 x
EPAY Bottomline Technologies Inc. $12.35 $302.7 $242.7 N/A 29.45 x 2.17 x 23.75 x 1.87 x
CKFR CheckFree Corporation $40.20 $3,530.0 $3,310.0 29.34 x 11.97 x 3.59 x 19.05 x 2.85 x
FISV Fiserv Inc. $56.80 $9,550.0 $10,250.0 22.27 x 10.41 x 2.19 x 17.26 x 1.95 x
JKHY Jack Henry & Associates Inc. $25.75 $2,310.0 $2,340.0 23.62 x 11.59 x 3.61 x 20.28 x 3.16 x
ORCC Online Resources Corp. $10.98 $287.2 $340.4 N/A 14.54 x 3.22 x 21.96 x 2.26 x
SONE S1 Corporation $7.99 $492.6 $422.7 25.77 x 22.66 x 2.15 x 22.83 x 1.95 x
TSS Total System Services Inc. $29.51 $5,830.0 $5,450.0 22.70 x 9.64 x 3.03 x 20.78 x 3.03 x
Median Valuation Multiples 23.16 x 13.25 x 3.12 x 21.37 x 2.56 x
Market Headlines:
“Mobile Banking Catching On in US Slowly”
3.12 x Computerworld - May 2007
“Online Back Security Worsens”
Techworld - June 2007
“Banking, Fin Sectors Leaders In IT Spend”
Economic Times India – June 2007
“Banking Solutions Chase $ Dream”
Economic Times India – June 2007

19. Corum’s Briefing Sample (cont.)
Vertical Market – Financial Services
M & A T ran sa ct io n s
T N S Ac qu ires D ia le c t P a ym e n t Te ch no lo g ie s
T ran s ac tio n N et w or k S er vic es , a g lo ba l c o m m un ic at io ns a nd n et w ork se rv ic es p ro vide r, ha s ac q uired
D ia le c t P ay m en t T e ch no lo g ies , a priva te ly o w n ed in te rn ation a l p a ym e nts p ro ce s s in g t ec h no lo gy c om pa ny
h ea dq ua rte re d in A u st ralia . D ia lec t P a ym e nt T e c hn olog ie s ’ p re m ie r In te rne t p a ym e nt g ate w a y gi ve s T N S
e ntr y int o the larg e ‘c a rd no t p re se nt ’ ( Int ern e t a nd c al l c en ter tra ns ac t io ns ) m a rk et , w h ic h is c ur ren tl y
e xp erie nc in g sign if ic an t g ro w th w o rld w id e . T his elec tro nic tra ns a ct io ns e ng in e ad d s a k e y elem e nt to
T N S ’ s e rv ic es s u ite th at is us ab le i n all g eo g rap hi es . T h rou g h t he a cq u is ition , T N S also e nt ers
re la tio ns h ip s w it h n e w k e y c u st om e rs pr im a ril y i n t he A sia/ P ac if ic re g io n, in clud in g c red it, d eb it an d A T M
c ard p rov ide rs an d re ta ile rs .
A n no un c em e nt D at e: J u ne 1 9, 20 0 7
D e al V a lu e: $ 4. 2 m illio n
C yb er So u rce to Ac q uire A u th oriz e .N e t
C y be rS o ur ce C o rp ora tion , lea d ing p ro vide r o f elec tro nic pa ym e nt a nd risk m an ag em e nt s olu tion s is
a cq ui rin g A ut ho rize .N e t H ol din g s, In c. , a lea ding p ro vide r o f IP -b as ed p a ym e nt so l ution s . T he a cq u is it ion
join s tw o h ig hly co m p lem en tar y b u sine s se s , p os it io ning C y be rS ou rce t o f ur the r c a pit al iz e on th e gr ow ing
w e b-b as e d pa ym e n t o pp ort un it y. B o th c om p an ie s ar e lea de rs in e n ab li ng e -c om m erc e b us in es s es t o
a cc e pt on line p ay m en ts f or go od s an d se rv ic es . C o lle c tiv e ly , t he c om p an ie s p roc e ss e d ap pro x im a tel y 1. 1
b ill io n t ra ns ac tion s in 2 00 6 , re pr es en ting $ 65 b illio n of e -c om m e rc e. T he a c qu is iti on w ill en a ble
C y be rS o ur ce to p ro vide lea ding p a ym en t so lu tion s to a ll se g m en ts o f th e e-c o m m e rc e in du st ry .
A n no un c em e nt D at e: J u ne 1 8, 20 0 7
D e al V a lu e: $ 56 5 m il lio n (S to c k an d c as h)
S e ller R ev e nu e: $ 98 .5 m illi on T T M

20. Contact Information
Corum Group International S.à.r.l
Miro S. Parizek
Managing Director
General Guisan – Quai 30
CH-8002 Zurich
Switzerland
Corum Group Ltd.
+41 44 251 82 65 10500 NE 8th Street, Suite 1500
Bellevue, WA 98004
USA
+1 425-455-8281
www.corumgroup.com