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Bowery	
  Capital
Pre-IPO Financial Metrics ($M) Metrics at IPO ($M excl. where otherwise noted)
Yr-5 Yr-4 Yr-3 Yr-2 Yr-1 Yr-0 Year
Years Since
Founding Employees
LTM
Revenue
LTM Revenue
/ FTE ($000)
3-Year Rev.
CAGR
Yr-1 EBITDA
Margin
IPO Valuation
(Implied EV)
Total Priv.
Capital
Raised
EV / LTM
Sales
EV / Capital
Raised
Marketo Revenue – $4 $14 $32 $58 – 2013 7 Yrs 373 $66 $177 135% (56%) $465 $107 7.1x 4.3x
Growth (%) NA NA 213% 131% 80% NA
EBITDA – ($6) ($12) ($22) ($33) –
Margin (%) NA (142%) (83%) (68%) (56%) NA
Private Capital Raises $8 $9 $35 $50 – –
Cumulative Capital Raised $13 $22 $57 $107 $107 $107
Tableau Software Revenue $13 $20 $34 $62 $128 – 2013 10 Yrs 834 $143 $172 86% 6% $2,000 $15 14.0x 133.3x
Growth (%) NA 52% 71% 83% 105% NA
EBITDA – – $4 $6 $8 –
Margin (%) NA NA 11% 10% 6% NA
Private Capital Raises $10 – – – – –
Cumulative Capital Raised $15 $15 $15 $15 $15 $15
Marin Software Revenue $3 $8 $19 $36 $60 – 2013 7 Yrs 459 $64 $139 100% (38%) $425 $81 6.7x 5.3x
Growth (%) NA 188% 153% 90% 65% NA
EBITDA – ($9) ($10) ($15) ($23) ($25)
Margin (%) NA (119%) (53%) (42%) (38%) NA
Private Capital Raises $7 $13 $11 $16 $31 $20
Cumulative Capital Raised $10 $23 $34 $50 $81 $101
Model N Revenue – – $50 $65 $84 – 2013 14 Yrs 600 $93 $155 NA 3% $332 $37 3.6x 9.0x
Growth (%) NA NA NA 29% 29% NA
EBITDA – – $3 $4 $2 –
Margin (%) NA NA 5% 6% 3% NA
Private Capital Raises – – – – – –
Cumulative Capital Raised $37 $37 $37 $37 $37 $37
Splunk Revenue – $18 $35 $66 $121 $199 2012 8 Yrs 433 $121 $279 88% (5%) $1,573 $40 13.0x 39.3x
Growth (%) NA NA 92% 89% 83% 64%
EBITDA – ($14) ($6) ($2) ($6) ($17)
Margin (%) NA (79%) (18%) (3%) (5%) (9%)
Private Capital Raises $25 – – – – –
Cumulative Capital Raised $40 $40 $40 $40 $40 $40
Workday Revenue – – $25 $87 $134 $274 2012 7 Yrs 1450 $199 $137 NA (66%) $4,488 $196 22.6x 23.0x
Growth (%) NA NA NA 247% 54% 104%
EBITDA – – ($51) ($69) ($89) ($69)
Margin (%) NA NA (201%) (79%) (66%) (25%)
Private Capital Raises $20 – $75 – $85 –
Cumulative Capital Raised $36 $36 $111 $111 $196 $196
Infoblox Revenue – – – – $152 $192 2012 13 Yrs 494 $150 $304 NA (0%) $704 $60 4.7x 11.7x
Growth (%) NA NA NA NA NA 27%
EBITDA – – – – ($0) ($3)
Margin (%) NA NA NA NA (0%) (2%)
Private Capital Raises – – – – – –
Cumulative Capital Raised $60 $60 $60 $60 $60 $60
Demandware Revenue – $7 $21 $37 $57 $80 2012 8 Yrs 215 $57 $263 96% 4% $448 $50 7.9x 8.9x
Growth (%) NA NA 186% 71% 54% 41%
EBITDA – ($24) ($9) $3 $2 ($4)
Margin (%) NA (320%) (41%) 8% 4% (5%)
Private Capital Raises – $9 $15 $7 – –
Cumulative Capital Raised $19 $28 $43 $50 $50 $50
Proofpoint Revenue – $38 $49 $65 $82 $106 2012 10 Yrs 348 $82 $236 29% (14%) $386 $86 4.7x 4.5x
Growth (%) NA NA 27% 34% 26% 30%
EBITDA – ($22) ($13) ($12) ($12) ($12)
Margin (%) NA (58%) (26%) (19%) (14%) (11%)
Private Capital Raises – $28 – – – –
Cumulative Capital Raised $58 $86 $86 $86 $86 $86
ServiceNow Revenue – – – – $128 $244 2012 9 Yrs 728 $155 $213 NA 4% $2,165 $67 14.0x 32.5x
Growth (%) NA NA NA NA NA 90%
EBITDA – – – – $5 ($22)
Margin (%) NA NA NA NA 4% (9%)
Private Capital Raises – – $41 – – $18
Cumulative Capital Raised $8 $8 $49 $49 $49 $67
Palo Alto Networks Revenue – – – – $185 $324 2012 7 Yrs 400 $217 $542 NA 3% $2,836 $63 13.1x 45.2x
Growth (%) NA NA NA NA NA 75%
EBITDA – – – – $5 ($1)
Margin (%) NA NA NA NA 3% (0%)
Private Capital Raises $18 $36 – – – –
Cumulative Capital Raised $27 $63 $63 $63 $63 $63
Eloqua Revenue – $33 $41 $51 $71 $96 2012 13 Yrs 327 $85 $260 29% (1%) $382 $41 4.5x 9.4x
Growth (%) NA NA 25% 24% 40% 34%
EBITDA – ($11) ($3) ($4) ($0) ($5)
Margin (%) NA (35%) (7%) (9%) (1%) (5%)
Private Capital Raises $23 – – – – –
Cumulative Capital Raised $41 $41 $41 $41 $41 $41
Qualys Revenue – – $57 $65 $76 $91 2012 13 Yrs 334 $76 $228 NA 11% $374 $36 4.9x 10.3x
Growth (%) NA NA NA 14% 17% 20%
EBITDA – – $5 $6 $8 $10
Margin (%) NA NA 9% 9% 11% 11%
Private Capital Raises – – – – – –
Cumulative Capital Raised $36 $36 $36 $36 $36 $36
ExactTarget Revenue $48 $72 $95 $134 $208 $292 2012 12 Yrs 1133 $207 $183 42% (3%) $1,225 $234 5.9x 5.2x
Growth (%) NA 51% 32% 41% 55% 41%
EBITDA $7 $11 $5 ($7) ($7) $4
Margin (%) 14% 16% 5% (5%) (3%) 1%
Private Capital Raises – $3 $145 – $70 –
Cumulative Capital Raised $16 $19 $164 $164 $234 $234
BazaarVoice Revenue – $23 $39 $65 $106 $148 2012 7 Yrs 840 $148 $177 68% (19%) $682 $21 4.6x 32.8x
Growth (%) NA NA 72% 67% 64% 40%
EBITDA – ($5) ($7) ($18) ($21) ($27)
Margin (%) NA (21%) (18%) (28%) (19%) (18%)
Private Capital Raises $9 $7 $1 – – –
Cumulative Capital Raised $13 $20 $21 $21 $21 $21
Average 10 Yrs 598 $124 $231 75% (12%) $1,232 $76 8.7x 25.0x
Median 9 Yrs 459 $121 $213 86% (1%) $682 $60 6.7x 10.3x

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Bowery Capital - Enterprise IPO Comps (May 2013)

  • 1. Bowery  Capital Pre-IPO Financial Metrics ($M) Metrics at IPO ($M excl. where otherwise noted) Yr-5 Yr-4 Yr-3 Yr-2 Yr-1 Yr-0 Year Years Since Founding Employees LTM Revenue LTM Revenue / FTE ($000) 3-Year Rev. CAGR Yr-1 EBITDA Margin IPO Valuation (Implied EV) Total Priv. Capital Raised EV / LTM Sales EV / Capital Raised Marketo Revenue – $4 $14 $32 $58 – 2013 7 Yrs 373 $66 $177 135% (56%) $465 $107 7.1x 4.3x Growth (%) NA NA 213% 131% 80% NA EBITDA – ($6) ($12) ($22) ($33) – Margin (%) NA (142%) (83%) (68%) (56%) NA Private Capital Raises $8 $9 $35 $50 – – Cumulative Capital Raised $13 $22 $57 $107 $107 $107 Tableau Software Revenue $13 $20 $34 $62 $128 – 2013 10 Yrs 834 $143 $172 86% 6% $2,000 $15 14.0x 133.3x Growth (%) NA 52% 71% 83% 105% NA EBITDA – – $4 $6 $8 – Margin (%) NA NA 11% 10% 6% NA Private Capital Raises $10 – – – – – Cumulative Capital Raised $15 $15 $15 $15 $15 $15 Marin Software Revenue $3 $8 $19 $36 $60 – 2013 7 Yrs 459 $64 $139 100% (38%) $425 $81 6.7x 5.3x Growth (%) NA 188% 153% 90% 65% NA EBITDA – ($9) ($10) ($15) ($23) ($25) Margin (%) NA (119%) (53%) (42%) (38%) NA Private Capital Raises $7 $13 $11 $16 $31 $20 Cumulative Capital Raised $10 $23 $34 $50 $81 $101 Model N Revenue – – $50 $65 $84 – 2013 14 Yrs 600 $93 $155 NA 3% $332 $37 3.6x 9.0x Growth (%) NA NA NA 29% 29% NA EBITDA – – $3 $4 $2 – Margin (%) NA NA 5% 6% 3% NA Private Capital Raises – – – – – – Cumulative Capital Raised $37 $37 $37 $37 $37 $37 Splunk Revenue – $18 $35 $66 $121 $199 2012 8 Yrs 433 $121 $279 88% (5%) $1,573 $40 13.0x 39.3x Growth (%) NA NA 92% 89% 83% 64% EBITDA – ($14) ($6) ($2) ($6) ($17) Margin (%) NA (79%) (18%) (3%) (5%) (9%) Private Capital Raises $25 – – – – – Cumulative Capital Raised $40 $40 $40 $40 $40 $40 Workday Revenue – – $25 $87 $134 $274 2012 7 Yrs 1450 $199 $137 NA (66%) $4,488 $196 22.6x 23.0x Growth (%) NA NA NA 247% 54% 104% EBITDA – – ($51) ($69) ($89) ($69) Margin (%) NA NA (201%) (79%) (66%) (25%) Private Capital Raises $20 – $75 – $85 – Cumulative Capital Raised $36 $36 $111 $111 $196 $196 Infoblox Revenue – – – – $152 $192 2012 13 Yrs 494 $150 $304 NA (0%) $704 $60 4.7x 11.7x Growth (%) NA NA NA NA NA 27% EBITDA – – – – ($0) ($3) Margin (%) NA NA NA NA (0%) (2%) Private Capital Raises – – – – – – Cumulative Capital Raised $60 $60 $60 $60 $60 $60 Demandware Revenue – $7 $21 $37 $57 $80 2012 8 Yrs 215 $57 $263 96% 4% $448 $50 7.9x 8.9x Growth (%) NA NA 186% 71% 54% 41% EBITDA – ($24) ($9) $3 $2 ($4) Margin (%) NA (320%) (41%) 8% 4% (5%) Private Capital Raises – $9 $15 $7 – – Cumulative Capital Raised $19 $28 $43 $50 $50 $50 Proofpoint Revenue – $38 $49 $65 $82 $106 2012 10 Yrs 348 $82 $236 29% (14%) $386 $86 4.7x 4.5x Growth (%) NA NA 27% 34% 26% 30% EBITDA – ($22) ($13) ($12) ($12) ($12) Margin (%) NA (58%) (26%) (19%) (14%) (11%) Private Capital Raises – $28 – – – – Cumulative Capital Raised $58 $86 $86 $86 $86 $86 ServiceNow Revenue – – – – $128 $244 2012 9 Yrs 728 $155 $213 NA 4% $2,165 $67 14.0x 32.5x Growth (%) NA NA NA NA NA 90% EBITDA – – – – $5 ($22) Margin (%) NA NA NA NA 4% (9%) Private Capital Raises – – $41 – – $18 Cumulative Capital Raised $8 $8 $49 $49 $49 $67 Palo Alto Networks Revenue – – – – $185 $324 2012 7 Yrs 400 $217 $542 NA 3% $2,836 $63 13.1x 45.2x Growth (%) NA NA NA NA NA 75% EBITDA – – – – $5 ($1) Margin (%) NA NA NA NA 3% (0%) Private Capital Raises $18 $36 – – – – Cumulative Capital Raised $27 $63 $63 $63 $63 $63 Eloqua Revenue – $33 $41 $51 $71 $96 2012 13 Yrs 327 $85 $260 29% (1%) $382 $41 4.5x 9.4x Growth (%) NA NA 25% 24% 40% 34% EBITDA – ($11) ($3) ($4) ($0) ($5) Margin (%) NA (35%) (7%) (9%) (1%) (5%) Private Capital Raises $23 – – – – – Cumulative Capital Raised $41 $41 $41 $41 $41 $41 Qualys Revenue – – $57 $65 $76 $91 2012 13 Yrs 334 $76 $228 NA 11% $374 $36 4.9x 10.3x Growth (%) NA NA NA 14% 17% 20% EBITDA – – $5 $6 $8 $10 Margin (%) NA NA 9% 9% 11% 11% Private Capital Raises – – – – – – Cumulative Capital Raised $36 $36 $36 $36 $36 $36 ExactTarget Revenue $48 $72 $95 $134 $208 $292 2012 12 Yrs 1133 $207 $183 42% (3%) $1,225 $234 5.9x 5.2x Growth (%) NA 51% 32% 41% 55% 41% EBITDA $7 $11 $5 ($7) ($7) $4 Margin (%) 14% 16% 5% (5%) (3%) 1% Private Capital Raises – $3 $145 – $70 – Cumulative Capital Raised $16 $19 $164 $164 $234 $234 BazaarVoice Revenue – $23 $39 $65 $106 $148 2012 7 Yrs 840 $148 $177 68% (19%) $682 $21 4.6x 32.8x Growth (%) NA NA 72% 67% 64% 40% EBITDA – ($5) ($7) ($18) ($21) ($27) Margin (%) NA (21%) (18%) (28%) (19%) (18%) Private Capital Raises $9 $7 $1 – – – Cumulative Capital Raised $13 $20 $21 $21 $21 $21 Average 10 Yrs 598 $124 $231 75% (12%) $1,232 $76 8.7x 25.0x Median 9 Yrs 459 $121 $213 86% (1%) $682 $60 6.7x 10.3x