July 2013 Real Estate Technology Market Update and Provider Ecosystem. Category coverage: • Property Management • Data/Information Services • Rent/Lease Payment Automation • Investment Management • IWMS & Facilities Management • Facilities Design/AEC • Commercial Construction • Residential Construction • Property Search/Lead Gen • Home Services Lead Gen • Broker CRM/Marketing • Mortgage Origination/Finance

1. 1
Brief Real Estate Technology
Market Update & EcosystemMarket Update & Ecosystem
Kris Beible, Director of Business Development
S f E i G LLC
© Software Equity Group, LLC 2013
Software Equity Group, LLC
858 509­2800
www.softwareequity.com

2. 2Leaders in Real Estate Technology M&A
has received a growth equity
investment from
© Software Equity Group, LLC 2013

3. 3Disclaimer
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.
© Software Equity Group, LLC 2013

4. 4Real Estate Technology Ecosystem (Abbreviated)
PaymentsPaymentsData/Information ServicesData/Information ServicesProperty MgmtProperty Mgmt Investment MgmtInvestment MgmtPaymentsPaymentsData/Information ServicesData/Information ServicesProperty MgmtProperty Mgmt Investment MgmtInvestment Mgmt
ll R id i l C iR id i l C iF ili i D i /AECF ili i D i /AECll ConstructionCommercial ConstructionCommercial Construction Residential ConstructionResidential ConstructionFacilities Design/AECFacilities Design/AECIWMS & Facilities MgmtIWMS & Facilities Mgmt
Home Services Lead GenHome Services Lead Gen Broker CRM/MarketingBroker CRM/Marketing Mortgage Orig. / FinanceMortgage Orig. / FinanceProperty Search/Lead GenProperty Search/Lead Gen
© Software Equity Group, LLC 2013
Company
Acquired
Public
Company

5. 5Public Companies: Real Estate Technology
Market Enteprise LTM LTM LTM Revenue LTM Gross LTM EBITDA EV/ EV/
Company Ticker Category Cap. (mm) Value (mm) Revenue EBITDA Growth Margin Margin Rev EBITDA
Angie's List, Inc. (Nasdaq:ANGI) Home Services Lead Gen $1,404.4 $1,356.3 $176.9 -$43.0 70.9% 72.3% - 7.7x -
Autodesk, Inc. (Nasdaq:ADSK) Facilities Design / AEC $7,957.9 $6,615.8 $2,294.0 $469.3 0.8% 89.2% 20.5% 2.9x 14.1x
Aveva Group plc (LSE:AVV) Facilities Design / AEC $2,568.1 $2,280.0 $333.4 $104.3 12.4% 92.7% 31.3% 6.8x 21.9x
CoreLogic, Inc. (NYSE:CLGX) Data/Information Services $2,484.2 $3,130.5 $1,606.7 $340.6 16.4% 46.2% 21.2% 1.9x 8.3x
CoStar Group Inc. (Nasdaq:CSGP) Data/Information Services $3,893.0 $3,891.8 $385.3 $59.7 47.8% 67.8% 15.5% 10.1x 65.2xCoStar Group Inc. (Nasdaq:CSGP) Data/Information Services $3,893.0 $3,891.8 $385.3 $59.7 47.8% 67.8% 15.5% 10.1x 65.2x
Ellie Mae, Inc. (NYSE:ELLI) Mortgage Orignation / Finance $648.3 $587.8 $111.8 $27.8 69.9% 77.2% 24.8% 5.3x 21.2x
Move, Inc. (Nasdaq:MOVE) Property Search / Lead Gen $516.7 $486.5 $205.7 $15.3 8.1% 78.4% 7.4% 2.4x 28.8x
Nemetschek AG (XTRA:NEM) Facilities Design / AEC $611.0 $543.1 $233.7 $55.0 6.6% 52.1% 23.5% 2.3x 9.9x
RealPage, Inc. (Nasdaq:RP) Property Management $1,532.7 $1,510.0 $336.7 $53.8 22.5% 60.4% 16.0% 4.5x 28.1x
Textura Corporation (NYSE:TXTR) Commercial Construction $641.1 $655.3 $27.3 -$15.1 106.2% 75.0% - 24.0x -
Trulia Inc (NYSE:TRLA) Property Search / Lead Gen $1 104 8 $900 4 $79 9 -$4 2 87 8% 86 3% - 11 3x -Trulia, Inc. (NYSE:TRLA) Property Search / Lead Gen $1,104.8 $900.4 $79.9 -$4.2 87.8% 86.3% - 11.3x -
Zillow , Inc. (Nasdaq:Z) Property Search / Lead Gen $2,138.2 $1,959.2 $133.0 $8.1 71.3% 88.9% 6.1% 14.7x 241.3x
zipRealty Inc. (Nasdaq:ZIPR) Broker CRM/Marketing $65.5 $54.5 $73.1 -$0.3 -10.2% 43.9% - 0.7x -
High: $7,957.9 $6,615.8 $2,294.0 $469.3 106.2% 92.7% 31.3% 24.0x 241.3x
Low: $65.5 $54.5 $27.3 -$43.0 -10.2% 43.9% 6.1% 0.7x 8.3x
A $1 966 6 $1 843 9 $461 3 $82 4 39 3% 71 6% 18 5% 7 3 48 8
Top 5: EV/Revenue
Average: $1,966.6 $1,843.9 $461.3 $82.4 39.3% 71.6% 18.5% 7.3x 48.8x
Median: $1,404.4 $1,356.3 $205.7 $27.8 22.5% 75.0% 20.5% 5.3x 21.9x
p
10.0x
20.0x
30.0x
Median EV/Rev: 11.3x
0.0x
Median Growth Rate: 71.3%
Company
Angie's
List, Inc.
CoStar
Group
Textura
Corp.
Trulia,
Inc.
Zillow,
Inc.
TTM Rev Growth 70.9% 47.8% 106.2% 87.8% 71.3%
EV/Rev 7 7x 10 1x 24 0x 11 3x 14 7x
© Software Equity Group, LLC 2013
EV/Rev 7.7x 10.1x 24.0x 11.3x 14.7x
*Public Company data sourced July 2013: CapitalIQ

6. 6M&A: Real Estate Technology
Aggregate M&A Volume: Annual
48
42 43
sactions
Aggregate M&A Volume: Quarter
13
14
12
14
11
ions
14
25
# of RM&A Trans
2
5
10
6
10
2
5
10 10
2
7
8 8
11
of M&A Transacti
2009 2010 2011 2012 TTM July 2013
2009 2010 2011 2012 2013
#
Q1 Q2 Q3 Q4
M&A Volume by Category: Annual
9
8
9 9
8
4
3
6
3
4
7
3
7 7
5
7
5
6
5
4
5
3 3
4 4
M&A Transactions
1
0
1 1
0
2
0
1
0 0
2
1
0
1
2 2
1 1
2
1 1 1
2
1 11
0
1 1
0
22
0 0
1
Property
Management
Data/Information
Services
Payments Investment
Management
IWMS & Facilities
Management
Facilities Design /
AEC
Commercial
Construction
Residential
Construction
Property Search /
Lead Gen
Home Services
Lead Gen
Broker
CRM/Marketing
Mortgage Orig. /
Finance
# of M
© Software Equity Group, LLC 2013
2009 2010 2011 2012 TTM July 2013
*Data sourced July 2013: CapitalIQ

7. 7Most Acquisitive Companies (1/2009 – Present)
Top 3 Most Active Buyers
Viewpoint
Construction
# of Acquisitions
DIY Real Estate Solutions
Yardi, 13
MRI S/W, 3
Textura, 3
Trimble, 3
Construction
S/W, 3
Energy Billing Systems
P t R h P t
Multifamily
Services
Group
Peak Insurance Advisors
RealPage, 10CoStar
Group, 3
Ellie Mae, 3
/
Level One
Property Research Partners
Zillow, 6
Reply!, 4
Autodesk, 3
Level One
Evergreen Solutions
,
HomeAway, 5
Accruent, 4
CoreLogic, 4
MarketLeader
, 4
© Software Equity Group, LLC 2013
*Data sourced July 2013: CapitalIQ

8. 8Top 10 Real Estate Technology M&A by Enterprise Value (EV)
EV/
llBuyer TypeBuyer TargetDate EV (mm) EV/Rev
EV/
EBTIDA
4/27/2011 $654.2 8.2x 30.3x Public Public
Seller Type
5/8/2013 $314.3 6.6x ‐ Public Public
1/11/2011 $270.0 4.7x 11.8x Public Public
3/24/2011 $231.8 6.1x 11.5x Public Private
3/22/2012 $145.0 ‐ ‐ Private Public Subsidiary
4/12/2011 $140.5 5.6x 20.8x Public Private/ /
12/1/2009 $128.0 1.7x ‐ Private Public Subsidiary
8/22/2011 $74.9 4.5x ‐ Public Private
11/3/2010 Level One, Inc. $62.0 2.7x ‐ Public Private
© Software Equity Group, LLC 2013
3/15/2011 $51.0 ‐ ‐ Public Private
*Data sourced July 2013: CapitalIQ

9. 9Top 10 Real Estate Technology M&A by EV/Revenue
EV/
Buyer TypeBuyer TargetDate EV (mm) EV/Rev
EV/
EBITDA
Seller Type
5/2/2012 $37.4 102.4x ‐ Public Private
7/29/2011 $14.8 65.1x ‐ Public Private
7/23/2012 $15.5 10.3x ‐ Public Private
4/27/2011 $654.2 8.2x 30.3x Public Public
5/8/2013 $314.3 6.6x ‐ Public Public
3/24/2011 $231.8 6.1x 11.5x Public Private/ /
4/12/2011 $140.5 5.6 20.8x Public Private
1/11/2011 $270.0 4.7x 11.8x Public Public
8/22/2011 $74.9 4.5x ‐ Public Private
© Software Equity Group, LLC 2013
8/15/2011 $25.2 3.2x ‐ Public Private
*Data sourced July 2013: CapitalIQ

10. 10Summary
• Broad ecosystem of players
• Sector public companies currently performing well & quite acquisitive
• Strong post recession rebound in M&A volume
• General sector buyer acquisition appetite highy q pp g
Top 5 M&A Volume: 2009 - Present
1. Property Management (30 deals)
Top 5 M&A Volume: TTM
1. Commercial Construction (9 deals)1. Property Management (30 deals)
2. Broker CRM/Marketing (25 deals)
3. Commercial Construction (23 deals)
4. IWMS & Facilities Management (21 deals)
1. Commercial Construction (9 deals)
2. Broker CRM/Marketing (8 deals)
3. IWMS & Facilities Management (5 deals)
4. Property Management, Property Search /
5. Property Search / Lead Gen (20 deals) Lead Gen, Mortgage Orig. / Finance (4
deals)
© Software Equity Group, LLC 2013

11. 11
d h l h l &ATo discuss the real estate technology ecosystem, M&A
transactions and/or your business, please contact me at:
P: 858.509.2800P: 858.509.2800
Email: kbeible@softwareequity.com
© Software Equity Group, LLC 2013