The document provides an executive summary of the cloud/SaaS market update for 2014 year-to-date. It finds that SaaS companies have continued to outperform major indexes in capital markets. SaaS companies trade at a median LTM revenue multiple of 7.2x while cloud/IaaS/PaaS companies trade at 4.7x. M&A activity has remained steady in 2014 similar to 2013 levels, with notable transactions including GTCR's acquisition of Vocus and TIBCO's acquisition of Jaspersoft. Investment activity has also continued to rise in 2014, with increasing investment volume and value compared to late 2013.

1. Confidential
Cloud / SaaS Market Update
2014 YTD
Member FINRA

2. 2Confidential
Executive Summary
Capital Markets – SaaS companies continue to outperform the NASDAQ, S&P 500, and
Dow Jones. Cloud companies outperform the S&P 500 and Dow Jones, but slightly
underperform the NASDAQ. SaaS companies recently experienced a sharp decline in
performance due to sell-offs in major SaaS companies (CRM, WDAY, etc.) since March
2014.
Trading Multiples – SaaS companies are trading at a median LTM revenue multiple of
7.2x. Cloud/IaaS/PaaS companies are trading at a median LTM revenue multiple of 4.7x.
M&A Activity – M&A activity has held steady 2014 YTD compared to 2013 levels.
Notable transactions include GTCR’s acquisition of Vocus ($447M) and TIBCO’s
acquisition of Jaspersoft ($185M).
Investment Activity – Investment volume and value have continued on an uptick 2014
YTD. Q4 2013 to Q1 2014 volume rose from 163 to 178 investments and aggregate deal
value rose from $1.3B to $2.1B. Notable investments include Dropbox ($350M) and
Domo ($125M).

3. 3Confidential
(20.0%)
0.0%
20.0%
40.0%
60.0%
80.0%
100.0%
120.0%
140.0%
160.0%
180.0%
Capital Markets Performance
Since 2012, SaaS companies (+88.2%) have outperformed the NASDAQ (+54.1%), S&P 500 (+46.3%), and Dow
Jones (+32.3%). Cloud/IaaS/PaaS companies (+51.2%) have outperformed the S&P 500 and Dow Jones.
Cloud/IaaS/PaaS:
+51.2%
Dow Jones:
+32.3%
S&P 500:
+46.3%
NASDAQ:
+54.1%
_______
Source: Capital IQ; refer to public comps for constituents
SaaS Index:
+88.2%

4. 4Confidential
4.9x 4.7x
1.7x
2.2x
6.5x
8.1x
3.5x
5.6x
5.4x
2.4x
1.7x
0.0x
1.0x
2.0x
3.0x
4.0x
5.0x
6.0x
7.0x
8.0x
9.0x
LTM Revenue Multiple
8.1x
26.3x
15.4x
11.9x
6.8x 7.6x
4.2x
8.8x
3.7x
2.6x 2.3x
4.1x
0.0x
4.0x
8.0x
12.0x
16.0x
20.0x
24.0x
28.0x
LTM Revenue Multiple
Cloud / SaaS Comparable Public Companies
_______
Source: Capital IQ; companies arranged by descending enterprise value
Cloud/IaaS/PaaS Companies
SaaS Companies
Median:
7.2x
Median:
4.7x

5. 5Confidential
Trading Metrics
($ in millions, except per share data) Stock
Price 52-Week Price Range Market Enterprise EV / Revenue EV / EBITDA
Company Ticker 05/07/14 Low High Cap. Value LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E
SaaS Companies
Salesforce NYSE:CRM $50.43 $36.09 $67.00 $31,244 $32,914 8.1x 6.2x 5.0x NM 39.4x 30.6x
Workday NYSE:WDAY 67.48 59.87 116.47 13,752 12,347 26.3x 16.8x 11.5x NM NM NM
ServiceNow NYSE:NOW 47.06 35.21 71.80 7,574 7,340 15.4x 11.2x 8.1x NM NM NM
NetSuite NYSE:N 72.29 70.32 120.77 5,521 5,312 11.9x 9.8x 7.6x NM NM NM
Concur Tech. Nasdaq:CNQR 77.27 74.43 130.39 4,420 4,289 6.8x 5.9x 4.8x NM 35.4x 27.0x
Ultimate Software Nasdaq:ULTI 117.30 108.69 171.96 3,403 3,312 7.6x 6.5x 5.3x NM 27.7x 20.9x
DealerTrack Nasdaq:TRAK 43.28 27.00 58.84 1,991 2,029 4.2x 2.5x 2.1x 35.0x 11.1x 9.6x
Cornerstone OnDemand Nasdaq:CSOD 35.67 32.82 61.85 1,881 1,809 8.8x 6.7x 4.9x NM NM NM
RealPage Nasdaq:RP 18.53 15.40 26.34 1,462 1,420 3.7x 3.2x 2.7x 27.0x NM NM
Constant Contact Nasdaq:CTCT 27.47 14.19 32.91 899 768 2.6x 2.3x 2.0x 24.5x 12.8x 10.3x
Vocus Nasdaq:VOCS 17.96 8.21 18.15 380 420 2.3x 2.3x 2.2x NM 18.6x 15.7x
SciQuest Nasdaq:SQI 17.08 16.55 32.69 416 385 4.1x 3.7x 3.2x NM 21.1x 15.6x
High 26.3x 16.8x 11.5x 35.0x 39.4x 30.6x
Mean 8.5x 6.4x 5.0x 28.9x 23.7x 18.5x
Median 7.2x 6.1x 4.8x 27.0x 21.1x 15.7x
Low 2.3x 2.3x 2.0x 24.5x 11.1x 9.6x
Cloud/IaaS/PaaS Companies
Google Nasdaq:GOOGL $518.00 $418.00 $614.44 $352,433 $303,553 4.9x 4.7x 4.1x 16.3x 11.7x 9.8x
Oracle NYSE:ORCL 41.06 29.86 42.00 189,762 177,242 4.7x 4.5x 4.3x 10.7x 9.1x 8.4x
Amazon.com Nasdaq:AMZN 292.71 255.33 408.06 134,696 129,177 1.7x 1.4x 1.2x 34.1x 19.6x 14.7x
EMC NYSE:EMC 25.28 22.69 28.26 52,367 51,149 2.2x 2.1x 1.9x 9.2x 6.8x 6.3x
VMware NYSE:VMW 92.28 64.86 112.89 40,017 34,901 6.5x 5.8x 5.0x 23.4x 15.6x 13.4x
Salesforce NYSE:CRM 50.43 36.09 67.00 31,244 32,914 8.1x 6.2x 5.0x NM 39.4x 30.6x
Citrix Systems Nasdaq:CTXS 60.13 51.18 77.16 11,168 10,338 3.5x 3.2x 3.0x 15.2x 11.1x 9.9x
Akamai Technologies Nasdaq:AKAM 51.86 40.08 63.15 9,377 9,270 5.6x 4.8x 4.1x 15.7x 11.3x 9.7x
Red Hat NYSE:RHT 48.76 41.89 61.45 9,236 8,254 5.4x 4.9x 4.3x 26.7x 18.0x 15.4x
Rackspace NYSE:RAX 26.91 27.37 54.20 3,817 3,622 2.4x 2.0x 1.8x 9.2x 6.1x 5.1x
Carbonite Nasdaq:CARB 9.99 8.26 16.50 266 196 1.7x 1.6x 1.4x 26.0x 16.9x 13.3x
High 8.1x 6.2x 5.0x 34.1x 39.4x 30.6x
Mean 4.2x 3.8x 3.3x 18.7x 15.1x 12.4x
Median 4.7x 4.5x 4.1x 16.0x 11.7x 9.9x
Low 1.7x 1.4x 1.2x 9.2x 6.1x 5.1x
Public Comparables: Cloud / SaaS
_______
Source: Capital IQ

6. 6Confidential
Operating Metrics
($ in millions, except per share data)
LTM Revenue Growth LTM Revenue EBITDA
Company Ticker As Of '13A-'14E '14E-'15E GM LTM CY 2014E CY 2015E LTM CY 2014E CY 2015E
SaaS Companies
Salesforce NYSE:CRM Jan 2014 30% 24% 76% $4,071 $5,290 $6,559 NM $836 $1,077
Workday NYSE:WDAY Jan 2014 57% 46% 62% 469 735 1,074 NM NM 6
ServiceNow NYSE:NOW Mar 2014 54% 38% 63% 478 656 907 NM 57 102
NetSuite NYSE:N Mar 2014 31% 28% 68% 446 544 695 NM 48 70
Concur Tech. Nasdaq:CNQR Mar 2014 24% 24% 67% 628 724 900 28 121 159
Ultimate Software Nasdaq:ULTI Mar 2014 23% 23% 59% 434 506 621 63 119 158
DealerTrack Nasdaq:TRAK Dec 2013 68% 20% 42% 482 808 969 58 183 212
Cornerstone OnDemand Nasdaq:CSOD Mar 2014 45% 36% 71% 205 269 367 NM 4 23
RealPage Nasdaq:RP Mar 2014 17% 17% 61% 389 442 518 53 NM NM
Constant Contact Nasdaq:CTCT Mar 2014 16% 14% 72% 296 330 376 31 60 74
Vocus Nasdaq:VOCS Mar 2014 (2%) 4% 79% 186 183 190 NM 23 27
SciQuest Nasdaq:SQI Mar 2014 12% 16% 70% 95 105 122 NM 18 25
Cloud/IaaS/PaaS Companies
Google Nasdaq:GOOGL Mar 2014 7% 16% 57% 62,294 64,187 74,385 18,582 25,929 30,833
Oracle NYSE:ORCL Feb 2014 5% 5% 82% 37,902 39,296 41,187 16,494 19,424 21,137
Amazon.com Nasdaq:AMZN Mar 2014 22% 20% 28% 78,123 90,781 109,070 3,790 6,593 8,791
EMC NYSE:EMC Mar 2014 6% 7% 62% 23,314 24,567 26,240 5,537 7,533 8,157
VMware NYSE:VMW Mar 2014 16% 16% 86% 5,376 6,030 6,985 1,493 2,233 2,599
Salesforce NYSE:CRM Jan 2014 30% 24% 76% 4,071 5,290 6,559 NM 836 1,077
Citrix Systems Nasdaq:CTXS Mar 2014 9% 9% 86% 2,996 3,189 3,487 679 934 1,040
Akamai Technologies Nasdaq:AKAM Mar 2014 23% 16% 68% 1,663 1,941 2,249 589 820 959
Red Hat NYSE:RHT Feb 2014 14% 14% 85% 1,535 1,690 1,927 309 459 537
Rackspace NYSE:RAX Dec 2013 16% 16% 68% 1,535 1,783 2,068 396 592 704
Carbonite Nasdaq:CARB Mar 2014 14% 13% 68% 112 123 139 8 12 15
Public Comparables: Cloud / SaaS (Cont.)
_______
Source: Capital IQ

7. 7Confidential
Cloud / SaaS M&A Volume Holds Steady
_______
Source: 451 Group; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 acquisitions with disclosed transaction values
*2Q14 as of 05/06/14
Average LTM Revenue Multiple
2011 2012 2013
5.7x 6.0x 12.3x
Top 3 Acquisitions by Quarter ($M) – Target / Acquirer
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14*
Taleo /
Oracle
($2,016)
Ariba /
SAP
($4,500)
Kenexa /
IBM
($1,361)
Meraki /
Cisco
($1,200)
dbMotion /
Allscripts
($235)
ExactTarget /
Salesforce
($2,500)
Intuit (FinServ) /
Thoma Bravo
($1,025)
Virtela /
NTT
($525)
Fieldglass /
SAP
($1,000)
Vocus /
GTCR
($447)
GlobeOp /
SS&C
($895)
Demandforce /
Intuit
($424)
Nicira /
VMware
($1,260)
Eloqua /
Oracle
($956)
FFastFill /
Pattington
($124)
Keynote /
Thoma Bravo
($395)
Decision /
CoreLogic
($661)
BigMachines /
Oracle
($450)
TravelClick /
Thoma Bravo
($930)
Jaspersoft /
TIBCO
($185)
MediConnect /
Verisk
($349)
Vitrue /
Oracle
($325)
SHL /
Corp Board
($660)
Deltak /
John Wiley
($220)
mFoundry /
Fidelity
($120)
Market Leader /
Trulia
($355)
Alert /
Welsh
($300)
Topsy Labs /
Apple
($240)
BlueKai /
Oracle
($420)
E-Learning /
John Wiley
($175)
81
59
79
86 84 84
113
101 99
63
$5.1
$6.0
$7.4
$3.8
$1.1
$12.7
$3.2
$2.3
$3.9
$0.9
0
20
40
60
80
100
120
$0.0
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014*
# Deals$ in billions Deal Volume Deal Value ($B)

8. 8Confidential
Top Acquirers in Cloud / SaaS Market
Buyer # Acquisitions Total Value ($M) Targets
Oracle 13 4,181.9
BigMachines, BlueKai, ClearTrial ,Collective Intellect, Compendium, Corente, DataRaker, Eloqua, Nimbula,
SelectMinds, Skire (assets), Taleo, Vitrue
IBM 8 3,721.4 Aspera, Cloudant, CSL International, Green Hat, Kenexa, Silverpop, SoftLayer, Xtify
Autodesk 6 102.0 Airstone Labs, Allpoint, Circuits.io, Inforbix (assets), Qontext, Vela
Top Acquirers by Volume – Six or More Acquisitions, 2012 – Present
Buyer Total Value ($M) Targets
Bain Capital, Golden Gate Capital, GIC,
Insight Venture Partners
6,900.0 BMC Software
SAP 5,540.0 Ariba, Fieldglass, KMS Software, KXEN
Oracle 4,181.9
BigMachines, BlueKai, ClearTrial ,Collective Intellect, Compendium, Corente, DataRaker, Eloqua, Nimbula, SelectMinds, Skire
(assets), Taleo, Vitrue
IBM 3,721.4 Aspera, Cloudant, CSL International, Green Hat, Kenexa, Silverpop, SoftLayer, Xtify
Dell 2,854.1 AppAssure, Enstratius, Gale, Quest
Salesforce 2,550.6 Cloudconnect.com, ExactTarget, GoInstant, Thinkfuse
Thoma Bravo 2,350.0 Intuit, Keynote, TravelClick
VMware 1,749.0 Desktone, DynamicOps, Nicira, Virsto
Cisco 1,364.2 Cloupia, Kibits, Meraki, SolveDirect, Virtuata
Top Acquirers by Total Transaction Value – $1B or More, 2012 – Present
_______
Source: 451 Group

9. 9Confidential
On April 7, 2014
ACQUIRED
Transaction Overview:
• $446.5 million cash acquisition of Vocus by GTCR
• Vocus had $186.9 million LTM revenue at the time of acquisition, putting the
LTM revenue multiple at 2.2x
• As of December 31, 2013, Vocus had $34.7 million of cash and cash equivalents
and $1.4 million of total debt
• At $12.18 per share on the last trading date prior to announcement, offer share
price of $18 represented a ~48% premium
Target Description:
• Provides public relations management and business intelligence (BI) software as
a service (SaaS) for businesses. Software provides a database of press and
media contacts and offers social media and news monitoring and press release
distribution features.
Transaction Commentary:
• According to Rick Rudman, the CEO of Vocus, “We believe that joining forces
with GTCR creates a significant opportunity to utilize each other’s strengths and
move even faster toward our vision of creating innovative software and making
our customers successful.”
• According to Mark Anderson, a Managing Director of GTCR, “Vocus has a
demonstrated history of building innovative software and helping customers
achieve success. We look forward to the opportunity to work with Vocus to
enhance its industry leadership."
Cloud / SaaS M&A Case Study
_______
Source: 451 Group; Acquirer Press Release

10. 10Confidential
Cloud / SaaS Investment Volume Climbing
102 101
121
104
111 109
156
163
178
77
$627
$678
$1,182
$815 $825 $1,134
$1,536
$1,261
$2,094
$1,152
0
20
40
60
80
100
120
140
160
180
200
0
500
1,000
1,500
2,000
2,500
1Q 2012 2Q 2012 3Q 2012 4Q 2012 1Q 2013 2Q 2013 3Q 2013 4Q 2013 1Q 2014 2Q 2014*
$ in millions
Investment Volume Investment Value ($M)
# Investments
Top 3 Investments by Quarter ($M)
1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14*
Joyent
($85)
Zscaler
($30)
Box
($150)
IO Data Centers
($90)
AppNexus
($75)
GoPivotal
($105)
TOA Tech.
($66)
MongoDB
($150)
Dropbox
($350)
NantHealth
($100)
Appirio
($50)
Eucalyptus Sys.
($30)
Realtime
($100)
10gen
($50)
Domo
($60)
AppPredictTech
($100)
Cleversafe
($56)
PacketVideo
($60)
Domo
($125)
New Relic
($100)
Virtustream
($25)
SingleHop
($28)
Desire2Learn
($80)
Cloud Sherpas
($40)
Daisy
($60)
Good Tech
($50)
EdgeCast Ntwrks
($54)
SimpliVity
($58)
Nutanix
($101)
InsideSales.com
($100)
_______
Source: PitchBook; includes transactions with disclosed, estimated, undisclosed transaction values
Top 3 investments with disclosed investment values
*2Q14 as of 05/06/14

11. 11Confidential
Investor Investments Targets
41
10gen, Adaptivity, Amplidata, Blue Switch Networks, BlueData, Box, Bromium, CareCloud, Cloudian, ColdLight Solutions, ElasticBox, FeedHenry, HyTrust, Joyent,
July Systems, Maginatics, Mango Telecom, Mirantis, MongoDB, Nexmo, Nirvanix, PerspecSys, Prism Skylabs, Rancard Solutions, Reduxio Systems, Reflektion,
ScienceLogic, SilkRoadTechnology, SkySQL, Swrve New Media, Tier 3, uCirrus, Virtustream, VisionOSS, WSO2, Wuxi China Cloud Technology Service, Yottaa
37
Actifio, Apcera, Bitcasa, Bromium, CipherCloud, Cloudtop, Coho Data, Cumulus Networks, DigitalOcean, Domo, ElasticBox, Granular, Ifttt, Illumio, Infer, Instart
Logic, ItsOn, Okta, Prism Skylabs, QuickPay, Signifyd, Simpler, SnapLogic, Swiftype, Tidemark Systems, UXPin
35
Arctic Wolf Networks, Boundary, CloudBees, DataStax, Elastifile, Elementum, Embrane, Evariant, Infinio, Influitive, Kenandy, Lemon, MuleSoft, Netskope,
Numerify, Nutanix, PernixData, Pertino, QingCloud, Qubole, Revel Touch, SimplyTapp, Skyfire Labs, Virtual Instruments, Zscaler
27
10gen, Appian Corporation, Apprenda, Belmont Technology, Bitglass, Blue Jeans Network, Box, Cleversafe, Desire2Learn, Embrane, Eucalyptus Systems, Ifttt,
Influitive, Kensho Technologies, MongoDB, MuleSoft, Pluribus Networks, ScienceLogic, Silk, SolidFire, Swiftype, ZeroFox
27
Actifio, CoolaData, Docker, Domo, Ifttt, Instart Logic, mParticle, Newvem Insight, Okta, Panoramic Power, Pure Storage, Skyhigh Networks, Snappli, Suddenly
Social, Tidemark Systems, Typesafe, Union Bay Networks, Wercker, Workable, Zerto, Zuora
23
Anunta Tech Infrastructure Services, Box, Cloudius, CloudLock, Double Dutch, Infinio, Instructure, Intacct, Intigua, Irrational Industries, Mojave Networks,
NewVoiceMedia, Nitrous.IO, Ravello Systems, Simply Measured, Stratoscale, Themis Solutions, Thinking Phone Networks, Wandera
22
Avalara, Blue Jeans Network, Chef Software, Chute, Coupa Software, Cumulus Networks, Elastifile, GreenBytes, Intacct, Mass Relevance, Mendix, Nutanix,
Opscode, SingleHop, Smarter Remarketer, Stratoscale, Yesware, Zerto
22
AppEnsure, Apprenda, Avvo, BlueData, Bromium, Chef Software, Coho Data, DocuSign, Korrio, Message Bus, Opscode, Skytap, SnapLogic, StrongLoop, Swiftype,
Symplified, Tier 3, tipbit, Unidesk
21
10gen, Adallom, AgilOne, Amazon Web Services, Appirio, Birst, Clari, Clustrix, Comprehend Systems, Druva, Knowlarity, Mojave Networks, MongoDB, Okta,
Ravello Systems, Skyhigh Networks, ThousandEyes, Versa Networks, Virident Systems
20
Apcera, CloudPhysics, DocuSign, InsideSales.com, Ionic Security, Kenandy, Nebula, O1 Works, PernixData, ServiceMax, Simpler, SimpliVity, Swiftype, The
Miaozhen Systems, vline, ZenPayroll, Zephyr Health
20
Appurify, Blackops, DNAnexus, DocuSign, Enterproid, Granular, Ionic Security, Kensho Technologies, Loom, mParticle, Republic Project, Space Monkey,
ThreatStream, Transcriptic, Wingu, Yesware, ZenPayroll
Top Investors by Volume – 20 or More Investments, 2012 – Present
Top Investors In Cloud / SaaS Market
_______
Source: PitchBook through 05/06/14; number of investments may include follow‐on investments in same target

12. 12Confidential
On February 25, 2014
INVESTED IN
Transaction Overview:
• $350 million Series C funding round led by BlackRock, Fidelity Investments, and
T. Rowe Price
• Post-money valuation of $10.4 billion
• $607.2 million in total funding
Target Description
• Provider of cloud storage platform. The company provides online technology to
enable users to store and share files and folders with others across the Internet
using file synchronization.
Transaction Commentary:
• Dropbox raised $325 million from its investors with the option to add $125
million. Dropbox included $25 million extra to bring the total to $350 million but
does not plan on adding more.
• According to Dropbox VP Sujay Jaswa, the funds will help grow the startup’s
workforce which is set to increase to 1,000 in 2014. He added that Dropbox is
looking to open at least one office in Asia this year.
• The cloud storage company is expected to make its initial public offering soon,
after recently bringing on Dennis Woodside as its chief operating officer.
Cloud / SaaS Investment Case Study
_______
Source: PitchBook, SeattlePi, VC Post, WSJ

13. 13Confidential
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BY
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14. 14Confidential
John Batdorf
Managing Director
Head of Software & Internet
Investment Banking
Office: (415) 926-7454
Cell: (415) 847-8805
jbatdorf@headwatersmb.com
135 Main St
Suite 800
San Francisco, CA 94105
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2200 Pennsylvania Ave NW
4th Floor, East Tower
Washington, DC 20037
Contact
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15. 15Confidential
Disclaimer
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16. 16Confidential
Appendix
2014 YTD Cloud / SaaS
Precedent M&A Transactions

17. 17Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
04/28/14
Jaspersoft [fka
Panscopic]
Provides open-source business intelligence (BI) reporting and analytics software and SaaS
for businesses globally. SaaS subscriptions include hourly billing in addition to monthly
billing.
TIBCO Software Inc. 185.0 6.2x
04/23/14 docTrackr Inc.
Provides document access management security SaaS and collaboration and digital rights
management SaaS primarily for businesses.
IntraLinks Holdings Inc 10.0 10.0x
04/18/14
FixStream Network,
Inc. [aka FSNI]
Provides datacenter and cloud environment operational and policy analysis SaaS for
businesses. Software is used to visualize and analyze cloud application functionality and
identify infrastructural and operational weaknesses.
Tech Mahindra Ltd [fka
Mahindra-British]
10.0 --
04/15/14
E-Learning S.A. [dba
CrossKnowledge]
Provides cloud-based managerial, business skills and leadership training SaaS for
corporations, universities and small-to-medium sized businesses worldwide. Software is
available in multiple languages.
John Wiley & Sons, Inc. 175.0 --
04/15/14 FeedMagnet
Provides social media curation SaaS for marketing purposes for brands. Software enables
businesses to aggregate consumer-generated images, videos, mentions and postings from
14 social networks and display the information on their websites and in online promotions.
Bazaarvoice 9.0 --
04/10/14
Zopim Technologies
Pte Ltd.
Provides live chat SaaS that enables businesses globally to engage visitors on their websites
for the purposes of generating sales and providing customer service. Also provides related
customer analytics.
Zendesk, Inc. 15.9 --
04/09/14
One-Page Company
Inc., The [aka 1-Page]
Provides employee recruitment management and job applicant tracking SaaS for
businesses. Also provides job application, resume creation and recommendation services
for consumers.
InterMet Resources Limited 10.3 --
04/07/14 Vocus, Inc.
Provides public relations management and business intelligence (BI) software as a service
(SaaS) for businesses. Software provides a database of press and media contacts and offers
social media and news monitoring and press release distribution features.
GTCR, LLC 413.1 2.2x
04/01/14 Andera, Inc.
Provides banking origination and related anti-fraud SaaS, to enable multi-platform online
bank account creation and marketing. Also provides online lead generation services for
financial institutions.
Bottomline Technologies,
Inc.
44.5 --
2014 YTD Precedent M&A Transactions (with Disclosed Value)
EV ($M)
EV/LTM
Revenue
High $1,000.0 200.0x
Mean 113.7 22.1x
Median 19.2 6.2x
Low 1.3 2.2x
_______
Source: 451 Group; 2014 YTD as of 05/06/14

18. 18Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
04/01/14 ByAllAccounts
Provides financial data retrieval and integration SaaS for wealth, trust and asset
management firms. Software enables competitive analysis by porting financial data from
various online sources and platforms into a single interface.
Morningstar Inc. 28.0 --
03/26/14
Fieldglass, Inc.
[Madison Dearborn
Partners]
Provides contingent workforce recruitment and employee management SaaS for businesses
globally.
SAP AG 1,000.0 11.8x
03/25/14 LiveVox, Inc.
Provides predictive and automatic dialing and call recording and IVR SaaS for call centers
globally. Also provides call analytics software.
Golden Gate Capital 85.0 2.4x
03/24/14 Cyvera Ltd.
Provides remote endpoint threat prevention software for Microsoft-based server
environments. Software enables the detection and prevention of zero-day attacks on un-
patched network infrastructures.
Palo Alto Networks, Inc. 200.0 200.0x
03/19/14 X2O Media, Inc.
Provides video content creation and delivery SaaS for digital displays, tablets, mobile
phones and desktops for a wide range of sectors globally. Also provides a range of related IT
services, including technical consulting, design and integration.
Barco NV 19.0 4.1x
03/18/14 KitLocate Ltd.
Provides SaaS that enables brands and iOS and Android mobile application developers to
add location-based services to their applications for the purpose of placing location-specific
advertising.
Yandex 7.9 --
03/18/14
TravelClick Inc.
[Genstar Capital, LLC]
Provides cloud-based online booking, reservations management, property marketing and
business intelligence reporting SaaS the hotel and hospitality industry.
Thoma Bravo LLC 930.0 --
03/13/14 Appixia Ltd.
Provides mobile retail website development SaaS that enables businesses to create mobile
websites and native mobile applications that match their fixed online retail websites.
Wix.com, Ltd. 1.3 --
03/13/14
Internet Broadcasting
Systems Inc. [aka IB]
Provides online Web advertising and Web content management SaaS that enables small,
medium and large Web publishers and digital advertisers to publish advertising content to
the Web, mobile websites, mobile applications and social media.
Nexstar Broadcasting Group,
Inc.
20.0 --
2014 YTD Precedent M&A Transactions (with Disclosed Value) (Cont.)
EV ($M)
EV/LTM
Revenue
High $1,000.0 200.0x
Mean 113.7 22.1x
Median 19.2 6.2x
Low 1.3 2.2x
_______
Source: 451 Group; 2014 YTD as of 05/06/14

19. 19Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
03/12/14
Velocity Medical
Solutions, LLC (assets)
Certain assets of Velocity Medical Solutions, which provides clinical data mapping, image
integration and collaboration SaaS for oncology researchers and treatment providers.
Varian Medical Systems Inc. 17.0 --
03/11/14
Sample Digital
Holdings LLC [dba
DAX, LLC] (assets)
The assets of DAX, which provide media production workflow and digital asset management
SaaS for the entertainment industry. Software enables the secure collaboration and
transfer of digital content.
Prime Focus Technologies 9.1 --
03/10/14 Qlika
Provides geographic, locally focused marketing software for businesses and advertisers to
target their marketing campaigns to local demographics. Software enables Internet
marketers to optimize search data to target specific demographics in marketing campaigns.
Priceline.com Inc. 3.0 --
03/05/14
Glad to Have You, Inc.
[aka GLAD]
Provides guest management SaaS that enables hospitality management companies,
including resorts, hotels, corporate housing, time share providers and rental owners, to
manage their business and communicate with guests.
HomeAway Inc. 16.8 --
03/03/14
KnowledgeAdvisors,
Inc.
Provides HR training program management SaaS for businesses, and related HR consulting
services. Software includes evaluations and ties training programs' efficacy to operational
metrics.
The Corporate Executive
Board
52.0 --
02/26/14 Identified, Inc.
Provides predictive analytics sourcing and recruiting SaaS for businesses. Software enables
the aggregation of social network profile and posting information for recruiters to discover
potential job candidates.
Workday, Inc. 15.0 --
02/26/14 Spatial Energy
Provides oil, gas and energy-specific geographic imagery databases, and provides analysis
and related data management services and SaaS for businesses globally.
DigitalGlobe 35.7 --
02/26/14
Third Coast Holdings,
Inc. [dba Datacert,
Inc.]
Provides general ERP and case management software, SaaS and services for corporate legal
and compliance departments. Products include spend and cost analysis and management
software, governance, risk and compliance software and case management software.
Wolters Kluwer Corporate
Legal Services
180.0 3.2x
02/24/14 BlueKai, Inc.
Provides data management, marketing automation and analytics SaaS for marketers,
publishers, advertising agencies and data providers. Also Operates an online exchange that
enables businesses to buy and sell Internet user data for the purposes of marketing.
Oracle Corporation 420.0 6.7x
2014 YTD Precedent M&A Transactions (with Disclosed Value) (Cont.)
EV ($M)
EV/LTM
Revenue
High $1,000.0 200.0x
Mean 113.7 22.1x
Median 19.2 6.2x
Low 1.3 2.2x
_______
Source: 451 Group; 2014 YTD as of 05/06/14

20. 20Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
02/24/14
Cloudant, Inc. [fka 26
Solutions, Inc.]
Provides NoSQL-based non-relational database-as-a-service (DBaaS) software for
businesses. Software enables mobile and Web application developers to create access to
enterprise data from mobile devices through one common mobile user interface.
IBM Corporation 150.0 21.4x
02/11/14
Bookt LLC [aka
InstaManager]
Provides vacation rental and marketing SaaS for vacation rental companies globally.
Software enables customers to build their own websites and mobile applications and
automatically update their vacation listings through multiple channels.
RealPage, Inc. 7.0 --
02/11/14 Talent Neuron
Provides employee management, analytics, recruiting and general HR planning and
employment market intelligence SaaS for businesses.
The Corporate Executive
Board
8.0 --
02/11/14 V3 Systems, Inc.
Provides desktop virtualization appliances and appliance management software that
enables businesses' IT administrators to virtualize desktops and manage local, cloud-hosted
or hybrid virtual desktop deployments.
Sphere 3D Corporation 9.7 --
02/05/14 LeadRocket, Inc.
Provides social networking-based sales lead generation and management SaaS for sales
professionals. Software enables users to track social posts and monitor conversations
across LinkedIn, Twitter, Facebook and import and email prospective clients discovered.
Callidus Software Inc. 3.0 --
02/04/14 BlueKite
Provides money transfer businesses with SaaS that enables their customers to pay for
utilities services for their friends and families’who are located in other countries. Software
also enables cell phone bill top-up services. Primarily operates in the US and Latin America.
Xoom Corporation 15.1 --
02/03/14
Strutta.com Media,
Inc. [dba Strutta]
Provides SaaS that enables businesses, public relations agencies and publishers to create
sweepstakes and promotional contests for the purposes of increasing engagement with
their customers. Campaigns can be run across multiple channels.
LX Ventures 1.7 --
01/29/14 Digitalsmiths Corp.
Provides video search and recommendation SaaS for video content distributors and
publishers, enabling their customers to receive targeted video content recommendations.
Software includes video metadata management, search and index optimization.
TiVo, Inc. 135.0 --
01/24/14 Copper.io, Inc.
Provides cloud application software development, deployment and monitoring SaaS and
hosting services for developers and businesses. Also provides cloud infrastructure cost
analysis services and streaming video management SaaS.
LX Ventures 1.4 --
2014 YTD Precedent M&A Transactions (with Disclosed Value) (Cont.)
EV ($M)
EV/LTM
Revenue
High $1,000.0 200.0x
Mean 113.7 22.1x
Median 19.2 6.2x
Low 1.3 2.2x
_______
Source: 451 Group; 2014 YTD as of 05/06/14

21. 21Confidential
Date Target Target Description Acquirer(s)
Enterprise
Value ($M)
EV /
LTM Rev.
01/23/14
Mainstreet
Commerce
Provides order management and general supply chain management (SCM) SaaS for
business, with an emphasis on retailers. Software enables the cohesive management of
inventory, order, fulfillment and distribution of both online and in-store sales activity.
Demandware, Inc. 19.4 --
01/22/14
Scout Analytics, Inc.
[fka BioPassword Inc.]
Provides predictive customer analytics SaaS for businesses that's meant to optimize sales
and renewals. Software enables businesses to analyze customer adoption, predict churn,
optimize pricing and analyze the likelihood of customer purchases.
ServiceSource International,
Inc.
32.0 5.9x
01/16/14
TDX Group Limited
[fka The Insolvency
Exchange]
Provides debt collection and revenue management SaaS for the energy, financial services,
public sector, healthcare, telecoms and debt collection agencies globally. Also provides
related consulting and advisory services.
Equifax Inc. 327.0 3.6x
01/14/14 EGS Group Ltd
Provides invoice management and related procurement SaaS for use in e-invoicing and
'purchase-to-pay' (P2P) applications for the public sector and enterprises in the UK.
Proactis Group Ltd 3.6 --
01/07/14
Parature, Inc. [fka
Cyracle Technologies
Inc.]
Provides multi-channel customer service automation and help desk SaaS for businesses.
Software enables customer service and customer engagement across online chat, mobile,
email and social network channels and FAQ reference portals.
Microsoft Corporation 100.0 --
01/06/14
Unicorn Media
(assets)
Substantially all the assets of Unicorn Media, which provides cloud-based video content
delivery and advertising enablement software for Web publishers and content providers.
Brightcove, Inc. 49.0 9.8x
2014 YTD Precedent M&A Transactions (with Disclosed Value) (Cont.)
EV ($M)
EV/LTM
Revenue
High $1,000.0 200.0x
Mean 113.7 22.1x
Median 19.2 6.2x
Low 1.3 2.2x
_______
Source: 451 Group; 2014 YTD as of 05/06/14

22. 22Confidential
Appendix
2014 YTD Cloud / SaaS
Precedent Investments

23. 23Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
05/05/14 Evariant
Provider of SaaS-based Customer Relationship Management (CRM) or
Partner Relationship Management (PRM) and marketing automation
software.
Dignity Health, Health Enterprise Partners,
Lightspeed, Salesforce
Series B 18.3 --
04/29/14 NantHealth
Developer of fiber network, cloud computing and wireless mobile
technology to converge digital technologies to transform scientific
research and healthcare.
BlackBerry, Kuwait Investment Authority Later Stage VC 100.0 --
04/29/14
Tidemark
Systems
Provider of a cloud-based platform for enterprise performance
management. The company offers business intelligence and analytics
applications to assist with financial and operational planning.
Andreessen Horowitz, Greylock, Redpoint
Ventures, Silicon Valley Bank, Tenaya
Capital
Later Stage VC 32.0 --
04/28/14 New Relic
Provider of software as a service based cloud application performance
management. The company provides application developers critical
insights about performance issues.
BlackRock, Passport Capital, T. Rowe Price,
Wellington Partners
PE Growth/
Expansion
100.0 1,000.0
04/24/14
FinancialForce
.com
Provider of cloud based application software services. The company
provides cloud ERP services for customer-centric businesses.
Advent International
PE Growth/
Expansion
50.0 --
04/24/14 ShopKeep POS
Provider of cloud-based mobile point-of-sale system. The company
provides a platform enabling retail merchants to run customer
transactions from an iPad.
Canaan Partners, Contour, Thayer Street
Partners, Tribeca Venture Partners, TTV
Capital
Series C 25.0 --
04/23/14
InsideSales
.com
Provider of sales automation and predictive analytics platform. The
company provides cloud based platform for inside sales professionals.
Acadia Woods, EPIC Ventures, Hummer
Winblad, KPCB, Polaris Partners, Salesforce,
US Venture Partners, Zetta
Series C 100.0 1,000.0
04/22/14 Mozido
Provider of an integrated platform of cloud-based mobile payment and
marketing solutions. The company's platform combines mobile payment,
shopping and marketing solutions with real-time analytics.
Atlanticus Holdings, Brentwood Venture
Capital, TomorrowVentures
Later Stage VC 93.5 --
04/18/14 Fuhu
Developer and provider of tablets, cloud-served software, applications
and services. The company provide Fooz Kids, an application that is
controlled by parents to let kids become familiar with the Internet.
-- Series D 65.0 --
2014 YTD Precedent Investments, $15M+
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
_______
Source: PitchBook

24. 24Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
04/17/14 SpringCM
Provider of an on demand content management services through web
based software as a service model.
Foundation Capital, Goff Capital Partners,
Square 1 Bank
Later Stage VC 18.0 --
04/16/14 Jasper
Developer of a platform that helps network operators to service the
Machine to Machine (M2M) market and for their M2M customers to run
their connected device businesses.
Singapore's Temasek Holdings Series F 50.0 1,300.0
04/16/14 FireHost
Provider of website and application hosting solutions to e-commerce,
SaaS, healthcare and security companies around the world. The company
offers cloud, compliant, platform and database hosting solutions.
The Stephens Group Series E 25.0 --
04/15/14
Act-On
Software
Provider of cloud based integrated marketing platform. The company's
platform enables the adoption of marketing automation technologies by
smaller marketing teams without process analysis and IT support.
Norwest Venture Partners, Technology
Crossover, Trinity, US Venture Partners,
Voyager Capital
Later Stage VC 42.0 300.0
04/15/14 Avvo
Provider of an online legal marketplace for consumers and attorneys. The
company provides a Q&A forum, where consumers can receive free legal
advice from a network of participating lawyers.
Benchmark Capital, Coatue Management,
Duff Ackerman & Goodrich, Ignition
Partners
Series D 37.5 --
04/14/14 AgilOne
Provider of an online retail marketing platform. The company provides
cloud-based, multi-channel marketing analytics of e-mail, Web, mobile
and social data to give businesses insight into customer behavior.
Four Rivers Group, Mayfield, Next World
Capital, Sequoia Capital, Tenaya Capital
Series C 25.0 --
04/08/14 InfoBionic
Developer of patient-monitoring technology. The company is the
developer of the MoMe System, a patient-monitoring platform.
Beta Fund, Boynton, Broadview,
Cherrystone, HTC, Keiretsu, Launchpad,
Mass Med, Safeguard Scientifics, TiE
Series B 17.0 --
04/03/14
Trinity Pharma
Solutions
Provider of cloud-based data, analytics and mobile services for the global
life sciences industry.
Health Enterprise Partners, Milestone
Venture Partners
Series A1 19.0 51.0
04/03/14 Boundary
Provider of platforms for visualizing, exploring and troubleshooting data
networks. The company provides a SaaS-based platform to monitor IT
environments in real time.
Adams Street Partners, Lightspeed, Scale,
Triangle Peak Partners
Series C 22.0 --
2014 YTD Precedent Investments, $15M+ (Cont.)
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
_______
Source: PitchBook

25. 25Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
04/02/14 Aegis Data
Operator of data centers. The company provides services like data
colocation, disaster recovery, business continuity, data center migration
and HPC Pure Center.
Rockpool Investments
PE Growth/
Expansion
16.6 --
04/02/14 bswift
Provider of software and services for benefits, HR and payroll
administration. The company offers SaaS technology and BPO systems
designed to simplify employers' administration of healthcare benefits.
Great Hill Partners
PE Growth/
Expansion
51.0 --
03/25/14
Themis
Solutions
Provider of web-based practice management system for solo practitioners
and small law firms. The company's suit of tools enables users to access
client data from PC, Mac and iPhone.
Acton Capital Partners, Bessemer Venture
Partners, Point Nine Capital, Version One
Ventures
Series C 18.0 --
03/25/14 Vend
Provider of web-based point of sale and retail management software. The
company provides cloud-based point-of-sale software to enable retailers
to process sales, track inventory and manage customers.
Square Peg Ventures, Valar Ventures Series B 20.0 --
03/24/14 Actifio
Provider of copy data management platform. The company's Protection
and Availability Storage (PAS) lets businesses recover anything instantly.
Advanced Technology Ventures,
Andreessen Horowitz, Greylock, North
Bridge, Technology Crossover, Tiger
Later Stage VC 100.0 1,100.0
03/20/14
Coupa
Software
Provider of on-demand purchasing software that controls and streamlines
purchasing for organizations. The company offers Coupa Quickstart, a
setup wizard that guides purchasing managers through the setup process.
Battery, BlueRun Ventures, Crosslink, El
Dorado Ventures, ICON, Meritech, Mohr
Davidow Ventures, Northgate Capital
Series F 40.0 --
03/18/14
Simply
Measured
Provider of social media analytics. The company uses dozens of cloud-
based data sources, providing a marketplace of practice reports and
generating deliverables on the web, in Excel and in PowerPoint.
Bessemer Venture Partners, Founder's Co-
Op, Four Rivers Group, MHS Capital, Social
Leverage, Trinity
Series C 20.0 164.1
03/17/14 MuleSoft
Provider of an integration platform for cloud, web and enterprise. The
company offers an application server for management, application
provisioning and diagnostics tasks.
Bay Partners, Cisco Systems, Hummer
Winblad, Lightspeed, Meritech,
Morgenthaler, NEA, Salesforce, SAP
Series F 50.6 800.6
03/06/14 DigitalOcean
Provider of cloud hosting platform for developers. The company provides
SSD hard drives, hardware, kernel-based virtual machine and intuitive
user interface to control virtual servers.
Andreessen Horowitz, CrunchFund, IA
Ventures
Series A1 37.2 152.9
2014 YTD Precedent Investments, $15M+ (Cont.)
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
_______
Source: PitchBook

26. 26Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
03/05/14 DocuSign
Provider of a cloud-based electronic signature platform. The company’s
platform enables users to sign, send and store legally binding documents
in the cloud. It also has an application for mobile devices.
Accel, Comcast, Frazier Technology
Ventures, Google, Ignition Partners, KPCB,
NAR, Salesforce, SAP, Scale, Sigma West
Series E 84.7 1,660.6
03/04/14 ServiceMax
Provider of cloud based collaborative and mobile field service
applications. The company offers on demand field service management
applications.
Adams Street, Cross Creek, Crosslink,
Emergence, KPCB, Mayfield, Meritech,
QuestMark, Salesforce, Sozo, Trinity
Series E 71.0 455.0
02/27/14 Nok Nok Labs
Provider of authentication infrastructure services to enterprise
customers. The company provides an authentication protocol for cloud-
based web infrastructures.
DCM, Lenovo, ONSET Ventures Series B 16.5 69.1
02/25/14 Dropbox
Provider of cloud storage platform. The company provides online
technology to enable users to store and share files and folders with others
across the Internet using file synchronization.
BlackRock, Fidelity Equity Partners, T. Rowe
Price
Series C 350.0 10,378.1
02/20/14 Ionic Security
Provider of data control technology. The company provides a platform
that enables enterprises with data to the cloud by eliminating traditional
cloud security risks.
ff Venture Capital, Google, JAFCO Ventures,
KPCB, TechOperators, Webb Investment
Network
Series B 25.6 100.0
02/19/14 ZenPayroll
Provider of cloud based payroll service. The company's platform provides
a way for business owners to manage payroll taxes and compliance.
General Catalyst Partners, KPCB Series A 20.0 127.5
02/18/14 Intacct
Provider of cloud financial management and accounting software. The
company offers web-based or cloud financial management and
accounting applications for businesses and CPA firms.
Battery, Bessemer, Costanoa Venture
Capital, Emergence, Morgan Creek, Sigma
Partners, Split Rock Partners
Series G 45.0 211.5
02/18/14 Invincea
Developer of cybersecurity software. The company is a creator of secure
virtual containers for malware threat detection, breach prevention and
forensic threat intelligence.
Aeris Capital, CIT GAP Funds, Dell Ventures,
Grotech Ventures, Harbert Management,
New Atlantic Ventures
Series C 17.3 130.6
02/17/14
Appian
Corporation
Provider of business process management software for work, social
collaboration and enterprise mobility. The company's product suite is
available on-premise or in the cloud.
NEA Series B 37.5 414.1
2014 YTD Precedent Investments, $15M+ (Cont.)
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
_______
Source: PitchBook

27. 27Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
02/13/14 CloudPassage
Provider of security software as a service solutions for securing cloud
servers. The company provides purpose-built server security products for
elastic clouds.
Benchmark Capital, Meritech, Musea
Ventures, Shasta Ventures, Tenaya Capital
Series C 25.5 121.1
02/12/14 Avalara
Provider of sales tax and compliance automation services in the cloud.
The company provides service-based platform for tax and other
automation efforts
Batterson Venture Partners, Battery,
Pioneer Venture Partners, Sageview Capital
Later Stage VC 30.0 --
02/06/14 Domo
Provider of a cloud-based executive management platform. The company
allows management, IT professionals and others in a business to access
their company’s data wherever they are.
Dragoneer, Fidelity, GGV Capital, Greylock,
IVP, Mercato, Morgan Stanley, Salesforce,
T. Rowe Price, TPG Capital, Viking Global
Series D 125.0 825.0
02/04/14 Elementum
Provider of supply-chain mobile applications. The company builds mobile,
cloud-based applications to optimize the supply-chain process in real
time.
Flextronics, Lightspeed Series B 44.0 220.0
02/04/14 Datadog
Provider of information technology monitoring services. The company
provides a cloud-based service that collects performance data and brings
the metrics and events into one place.
Amplify Partners, Contour, IA Ventures,
Index Ventures, NYC Seed, OpenView, RRE
Ventures, RTP Ventures
Series B 15.0 65.6
02/04/14 AtTask
Provider of on-demand SaaS project and portfolio management software.
The company's product, @task, provides an online project management
software and task management tool for collaboration and coordination.
Escalate Capital Partners, Greenspring
Associates, JMI Equity, University Venture
Fund
Series D 38.0 --
01/29/14 Ensighten
Provider of enterprise data platform for advertisers. The company
provides a cloud-based platform designed to enable marketers to act on
data in real time from both online and offline sources.
Insight Venture Partners, Volition Capital Series B 40.0 145.3
01/29/14 CloudLock
Provider of cloud-data security services. The company provides
information-security applications for the enforcement of regulatory,
operational and security compliance in public cloud platforms.
Ascent Venture Partners, Bessemer, Cedar
Fund
Series C 16.5 68.6
01/23/14 Mendix
Creator of an application-development platform. The company provides
an enterprise-grade platform designed to enable companies to build,
integrate and deploy Web and mobile applications.
Battery, Prime Ventures Series B 25.0 --
2014 YTD Precedent Investments, $15M+ (Cont.)
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
_______
Source: PitchBook

28. 28Confidential
Date Target Target Description Investor(s) Deal Type
Deal Size
($M)
Company
Valuation
($M)
01/22/14 Docker
Developer of open-source database platform. The company provides a
flexible platform that supports a wide range of development languages
and tools, including Java, Ruby, PHP, Hadoop.
Benchmark Capital, Greylock, Insight
Venture Partners, Trinity
Series B 15.0 98.0
01/21/14 Nexmo
Developer of an international messaging platform. The company develops
a cloud-based infrastructure that connects directly to mobile networks for
communicating between buyers and sellers over messages.
21Vianet Group, Intel Capital, NHN
Investment Corporation, Sorenson Capital
Series C 17.9 98.5
01/21/14 Adallom
Provider of cybersecurity platform for cloud services. The company
provides a software-as-a-Service platform designed to develop seamless
and context-aware technology for business clients' cloud services.
Index Ventures, Sequoia Capital Series B 15.0 --
01/14/14 Nutanix
Developer of SAN-free virtualized datacenter platform. The company's
virtualization software collapses the conventional two-tiered datacenter
design (Storage & Compute) down to one single appliance.
Battery, GreenSpring Ventures, Khosla
Ventures, Lightspeed, Morgan Stanley,
Riverwood Capital, SAP
Series D 101.0 1,101.0
01/13/14 GFI Software
Provider of network security, content security and messaging software
solutions for network administrators.
--
PE Growth/
Expansion
54.6 --
01/10/14 ikaSystems
Provider of cloud-based software for the healthcare-payer market. The
company provides an enterprise-level platform to support healthcare
payers' commercial, Medicare and Medicaid lines of business.
-- Later Stage VC 15.0 --
01/08/14 Zephyr Health
Provider of services that enable bringing large amounts of disconnected
data together and creating highly differentiated data visualizations that
enables life sciences professionals to analyze and gather insights.
JAFCO Ventures, KPCB Series B 15.0 44.6
01/07/14 QingCloud
Developer and provider of cloud services. The company's product
Albatron systems protect and ensures data security.
BlueRun Ventures, Lightspeed China
Partners, Matrix Partners
Series B 20.0 --
01/03/14 DNAnexus
Developer of software to analyze DNA-sequencing data. The company has
created a data and analysis platform providing online genomics data
centers for researchers and sequencing-service providers.
Claremont Creek Ventures, First Round
Capital, Google, TPG Biotech
Series C 15.0 31.0
2014 YTD Precedent Investments, $15M+ (Cont.)
Deal Size
($M)
Company
Val. ($M)
High $350.0 $10,378.1
Mean 46.1 766.7
Median 27.8 164.1
Low 15.0 31.0
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Source: PitchBook