European technology sector financing q1 2014

William Blair’s investment banking group combines signi�icant transaction experience,
rich industry knowledge, and deep relationships to deliver successful advisory and
�inancing solutions to our global base of corporate clients. We serve both publicly traded
and privately held companies, executing mergers and acquisitions, growth �inancing,
�inancial restructuring, and general advisory projects. This comprehensive suite of
services allows us to be a long-term partner to our clients as they grow and evolve. From
2010 - 2013, the investment banking group completed 250 merger-and-acquisition
transactions worth more than $52 billion in value, involving parties in 27 countries and
four continents, was an underwriter on over 20% of all U.S. initial public offerings and
arranged more than $11.5 billion of debt �inancing.
About William Blair
Investment Banking
European Technology Report
May 2014

William Blair & Company
Quarterly European Technology Report
Quarterly European Technology Report—Introduction
Quarterly European Technology Report—Introduction
This year is taking shape as one of the most dynamic in European technology in some time. Activity is heightened across private
capital, IPO, and M&A markets.
The availability of significant amounts of private capital from venture capital, growth equity, and private equity firms remains robust.
For example, we advised on the record-setting $40 million Series A investment in WorldRemit by Accel Partners and the $41 million
Series C investment in eCommera led by Dawn Capital.
The reopening of the U.K. IPO market has been featured prominently in the press this year, with companies such as Just Eat, AO.COM,
and others completing successful transactions in London. Other European markets have also seen renewed activity, such as the IPO
of Triboo Media in Italy and BravoFly in Switzerland.
Strategic acquirers are fueled by increasing confidence levels, strong balance sheets, and a focus on growth. Illustrative transactions
include Euronet’s acquisition of HiFX and Rakuten’s acquisition of Viber. In addition, in more mature sectors, we are seeing a degree
of consolidation, such as the Sopra/Steria merger.
Private equity firms across the size spectrum are active with a mix of secondary, take-private, and corporate carve-out transactions.
Cinven’s purchase of a stake in Visma, CVC’s acquisition of Avast, BC Partners’ acquisition of CarTrawler, Advent and Bain’s
acquisition of Nets, and Advent’s acquisition of Unit4 are examples.
As you will see from our transaction page in this report, the team at William Blair is increasingly active in European technology, and
we look forward to working with you in 2014 and beyond.
Sincerely,
Raphael S. Grunschlag
Head of European Technology Banking
Telephone: +44 (0)20 7868 4501
Mobile: +44 (0)7768 993 085
rgrunschlag@williamblair.com

Contents
Contents
William Blair & Company Selected European Technology Transactions............................................................................................................................1
William Blair 2014 Technology Growth Conference.....................................................................................................................................................................2
William Blair Technology Team ..............................................................................................................................................................................................................3
Technology Research Coverage...............................................................................................................................................................................................................4
Market Snapshot .............................................................................................................................................................................................................................................5
Public Company Analysis............................................................................................................................................................................................................................6
Selected M&A Transactions....................................................................................................................................................................................................................15
Selected Private Capital Financings, IPOs and Follow-on Offerings ...................................................................................................................................22
Disclosures......................................................................................................................................................................................................................................................30

William Blair & Company Selected European Technology Transactions 1
William Blair & Company Selected European Technology Transactions
Private
Capital
Advisory
M&A
IPO and
Public
Offerings
$41,000,000
Series C
Private Equity
Placement
Led by Dawn Capital
February 2014
$40,000,000
Series A
Private Equity
Placement
Led by Accel Partners
February 2014
Not Disclosed
has been acquired by
Lyceum Capital
Partners
August 2013
Not Disclosed
Montagu Private Equity
July 2013
Not Disclosed
INTEL Corporation
April 2013
$32,200,000
Follow-on Offering
March 2014
$288,143,977
Initial Public Offering
October 2013
$40,608,750
Confidentially Marketed
Follow-on Offering
November 2013
$229,054,736
Initial Public Offering
May 2013
$287,540,153
Follow-on Offering
October 2013
$58,650,000
Confidentially Marketed
Follow-on Offering
February 2014
$236,250,000
Follow-on Offering
March 2014

2 William Blair 2014 Technology Growth Conference
William Blair 2014 Technology Growth Conference
Thursday, May 15, 2014, at the Four Seasons Hotel in San Francisco
Summary Over 350 Professionals Attended Last Year
 Exclusive full-day gathering of the late-stage tech
community
 Attendees:
– CEOs of late-stage private tech companies
– Executives from the most active corporate acquirers
– Leading growth equity, late-stage, and public investors
in the tech sector
 Benefits:
– Explore partnership opportunities
– Attend private update meetings with companies of
interest
– Discover new, interesting acquisition and investment
opportunities
– Gain direct access to thought leaders in the industry
– 25-minute presentation and full day of one-on-one
meetings
 75+ private presenting companies with revenues from $25
million-$200 million
 200+ large- and midcap corporate, business development,
and strategic investors
 80+ late-stage, growth-focused technology investors:
®
E Q U I T Y I N V E S T O R S
SPECTRUM
17th Annual Private Equity Conference
17-18 September 2014, Chicago
2013 Event Highlights
 55 participating companies
 More than 600 registered institutional private equity
investors
 Roundtable discussions focused on the following industry
sectors and topics:
– Business services, commercial services, cross-border
investing, debt capital markets, equity capital markets,
healthcare, industrials, retail and restaurants, special
situations and restructuring, and technology
 Roughly 682 requested one-on-one meetings between
private equity investors and company management
Selected 2013 Presenting Companies
®

William Blair Technology Team 3
William Blair Technology Team
Robert Metzger
Group Head,
Technology
& Financial Services
Jon Skinner
Managing Director
Daniel Connolly
Managing Director
Daniel Daul
Managing Director
Scott Stevens
Managing Director
Katan D’Souza
Managing Director
Robert Abbe
Managing Director
Per Stahl
Managing Director
Chris Lane
Managing Director
Andy Kaye
Managing Director
Raphael Grunschlag
Managing Director
Phil Olson
Director
Andrew Arno
Director
Scott Mattson
Director
Peter Dalrymple
Vice President
Drew Thomas
Vice President
James Hoak
Vice President
Charles Ruppert
Vice President
Daniel Laszlo
Vice President

4 Technology Research Coverage
Technology Research Coverage
IT and Business Process Services, Software, Software as a Service
Bhavan Suri
Internet Infrastructure and Communication Services Financial Technology
Jim Breen Robert Napoli
Digital Media, Internet Cybersecurity, Security Technology
Ralph Schackart Jonathan Ho
Semiconductors and Wireless Software as a Service
Anil Doradla Justin Furby
Communications Equipment, Hardware and
Software Infrastructure
IT and Business Process Services
Jason
Ader
Dmitry
Netis
Rahul Bhangare
SoftwareSaaS IT and Business Process Services
SYSTEMS
Electronic
Components
Wireless
Communications
Communication
Semiconductors
Storage Communication Equipment &
Data Networking

Market Snapshot 5
Market Snapshot
2009 2010 2011 2012 2013E 2014E
Real GDP Growth Rate
Europe (4.4%) 2.0% 1.4% (0.6%) 0.5% 1.7%
United Kingdom (4.0%) 1.8% 0.9% 0.2% 1.8% 2.9%
Germany (5.1%) 4.0% 3.1% 0.9% 0.5% 1.7%
France (3.1%) 1.7% 1.7% 0.0% 0.3% 1.0%
Italy (5.5%) 1.7% 0.4% (2.4%) (1.9%) 0.6%
Spain (3.7%) (0.3%) 0.4% (1.4%) (1.2%) 0.9%
Emerging Europe (3.6%) 4.6% 5.2% 1.6% 2.8% 2.4%
United States (3.1%) 2.4% 1.8% 2.2% 1.9% 2.8%
2009 2010 2011 2012 2013 YTD
Technology Equity
Stoxx Europe 600 Technology 28.9% 8.6% (11.3%) 14.4% 17.4% 1.6%
FTSE techmark 100 Index 32.5% 18% (0.7%) 18% 27% (2.0%)
Nasdaq Composite 43.9% 16.9% (1.8%) 15.9% 38.3% (2.4%)
Equity Markets
Euro STOXX 50 21.1% (5.8%) (17.1%) 13.8% 17.9% 1.2%
FTSE 100 22.1% 9.0% (5.6%) 5.8% 14.4% (0.9%)
CAC 40 22.3% (3.3%) (17.0%) 15.2% 18.0% 3.4%
Deutsche Börse AG German Stock Index DAX 23.8% 16.1% (14.7%) 29.1% 25.5% (1.6%)
Ibex 35 Index 29.8% (17.4%) (13.1%) (4.7%) 21.4% 3.9%
FTSE MIB Index 15.0% (13.2%) (27.6%) 5.3% 12.1% 13.3%
AEX Index 36.3% 5.7% (11.9%) 9.7% 17.2% (2.2%)
OMX Stockholm 30 Index 43.7% 21.4% (14.5%) 11.8% 20.7% 2.1%
Swiss Market Index 18.3% (1.7%) (7.8%) 14.9% 20.2% 2.1%
Volatility
VIX Index 21.7 17.8 23.4 22.7 13.7 14.1
Government Bond Data(2)
US 10 year 3.9% 3.3% 1.9% 1.8% 3.0% 2.7%
UK 10 year 4.1% 3.5% 2.0% 1.8% 3.0% 2.8%
Germany 10 year 3.4% 3.0% 1.8% 1.3% 1.9% 1.5%
France 10 year 3.6% 3.4% 3.2% 2.0% 2.4% 1.8%
Note (1): Emerging Europe includes countries Turkey, Poland, Romania, Hungary, Bulgaria, Serbia, Croatia, Lithuania, Latvia (IMF, World Economic Outlook)
Note (2): Government bond data is as of year end
Sources: Capital IQ as of April 25, 2014 and IMF

6 Public Company Analysis
Public Company Analysis
European Technology Indexed Stock Price Performance (LTM)
Source: Capital IQ as of April 25, 2014
European Technology Sector Valuation Overview
Sector Median
Enterprise Value/Revenue Enterprise Value/EBITDA P/E Ratio ’13A-’14E
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Software 2.37x 2.34x 11.3x 10.6x 20.3x 19.3x 6.1% 22.2% 1.5x
Financial Technology 2.82x 2.48x 11.5x 10.3x 24.8x 20.5x 9.1% 20.3% 1.3x
Communications 1.20x 1.19x 8.4x 7.7x 20.0x 16.6x 2.2% 14.9% 1.0x
Internet / Digital Media 4.51x 4.09x 16.1x 14.1x 30.7x 23.8x 14.0% 17.6% 0.9x
Technology Services 0.76x 0.73x 7.4x 6.6x 18.5x 14.1x 5.1% 10.7% 1.2x
Semiconductors 1.60x 1.81x 10.2x 9.3x 24.8x 15.3x 1.5% 14.9% 0.9x
Applied Technologies and Systems 1.29x 1.08x 13.2x 9.9x 30.9x 26.4x 2.2% 14.0% 1.4x
80.0
100.0
120.0
140.0
160.0
180.0
STOXX Europe 600 (+13.7%) NASDAQ Composite Index (+26.2%) Software (+11.3%)
Fintech (+55.3%) Communications (+42.1%) Internet/Digital Media (+35.4%)
Technology Services (+38.1%) Semiconductors (+25.6%) Systems/Applied Technologies (+30.0%)

Public Company Analysis 7
Publicly Traded European Technology Companies
Market Capitalization
Number of Companies
All Transactions (Combined M&A and Private Financings)
Transaction Value
Number of Transactions
27%
16%
15%
14%
13%
4%
3%
3%
5% Germany
Nordic Countries
United Kingdom
Benelux
France
Spain
Russia
Israel
Other
30%
21%19%
13%
8%
7% 1%
Software
Semiconductors
Communications
Technology Services
Internet/Digital Media
Financial Technology
Applied Technologies
and Systems
29%
18%
17%
14%
6%
4%
2%
2%
8%
United Kingdom
Germany
France
Nordic Countries
Benelux
Switzerland
Israel
Russia
Other
22%
21%
15%
12%
12%
12%
6%
Software
Technology Services
Semiconductors
Communications
and Systems
25%
13%
11%
8%
6%
2%
1%
1%
33%
United Kingdom
Nordic Countries
Germany
Benelux
France
Italy
Israel
Spain
Other
29%
20%
13%
12%
11%
10%
5%
Software
Communications
Technology Services
Semiconductors
and Systems
34%
14%
10%
10%
7%
3%
2%
2%
18%
United Kingdom
Germany
Nordic Countries
France
Benelux
Israel
Italy
Switzerland
Other
26%
23%
16%
15%
9%
6%
5%
Software
Technology Services
Communications
and Systems
Semiconductors

Software
Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
EBITDA P/E Ratio ’13A-’14E
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Enterprise Value > €1bn
SAP AG 56.42 88% €67,332 €67,768 4.01x 3.87x 10.9x 11.2x 20.2x 19.0x 3.7% 36.8% 2.2x
Dassault Systemes SA 86.89 84% €10,904 €9,544 4.58x 4.24x 13.7x 12.8x 32.9x 29.6x 8.1% 33.3% 3.2x
Check Point Software Technologies 65.70 94% €9,130 €8,507 8.46x 7.97x 14.3x 13.9x 19.3x 19.3x 6.3% 59.1% 2.2x
Sage Group plc 4.17 95% €5,559 €5,996 3.60x 3.57x 12.6x 12.0x NMF 18.5x 0.6% 28.6% 2.8x
Amdocs Limited 45.59 97% €5,259 €4,436 1.81x 1.70x 9.0x 8.3x 17.5x 16.3x 6.6% 20.2% 1.9x
Software AG 26.70 91% €2,176 €2,287 2.34x 2.38x 8.7x 8.5x 16.3x 15.6x (1.7%) 26.8% 2.1x
NICE Systems Ltd. 153.80 97% €1,981 €1,835 2.69x 2.49x 10.7x 10.5x 49.6x 30.3x 8.2% 25.0% 2.5x
Micro Focus International plc 7.58 85% €1,284 €1,409 4.53x 4.48x 10.1x 9.9x 14.0x 14.8x 1.0% 44.7% 2.2x
Aveva Group plc 19.41 73% €1,504 €1,388 4.88x 4.44x 15.0x 13.2x 26.3x 26.3x 9.9% 32.5% 1.7x
Asseco Poland Spólka Akcyjna 44.70 85% €881 €1,311 0.94x 0.91x 6.0x 5.9x 9.4x 10.8x 3.4% 15.6% N/A
CompuGroup Medical AG 19.07 90% €948 €1,250 2.72x 2.45x 12.7x 11.4x 41.0x 26.1x 11.0% 21.3% 1.5x
Opera Software ASA 76.80 81% €942 €1,149 5.21x 3.91x 18.5x 13.5x 27.8x 27.0x 33.2% 28.2% N/A
Median 3.80x 3.72x 11.7x 11.3x 20.2x 19.1x 6.4% 28.4% 2.2x
Average 3.81x 3.53x 11.9x 10.9x 24.9x 21.1x 7.5% 31.0% 2.2x
Enterprise Value Between €200m and €1bn
Advanced Computer Software Group 1.17 91% €652 €711 3.23x 2.79x 14.4x 12.2x 57.5x 69.5x 15.6% 22.5% N/A
Nemetschek AG 58.75 96% €565 €521 2.80x 2.50x 11.7x 10.2x 23.6x 19.5x 12.2% 23.9% 1.4x
Exact Holding NV 25.32 89% €578 €518 2.42x 2.34x 10.8x 10.9x 18.1x 19.7x 3.2% 22.4% N/A
EMIS Group PLC 6.42 78% €490 €512 4.05x 3.16x 12.4x 10.0x 20.3x 19.1x 28.2% 32.8% N/A
Axway Software S.A. 24.80 85% €507 €496 2.02x 1.96x 11.7x 11.0x 14.3x NMF 3.3% 17.3% N/A
BasWare Oyj 34.06 83% €438 €423 3.42x 3.06x 38.1x 23.4x NMF 52.6x 11.8% 9.0% 0.5x
Cegid Group SA 31.08 94% €272 €339 1.30x 1.28x NMF NMF 14.5x 12.7x 2.0% 26.7% 0.6x
RIB Software AG 10.48 87% €391 €310 5.39x 4.29x 16.9x 12.7x 43.2x 30.3x 25.5% 29.4% 1.1x
SDL plc 3.12 77% €307 €309 0.95x 0.93x 17.9x 12.0x NMF 44.0x 2.4% 5.3% 5.5x
F-Secure Oyj 2.31 91% €360 €307 1.98x 1.94x 8.7x 9.4x 25.6x 20.9x 2.4% 22.7% NMF
Anite plc 0.82 57% €283 €291 1.87x 1.76x 7.9x 7.1x 19.9x 23.7x 6.0% 23.5% 3.4x
Init Innovation in Traffic Systems AG 2.02x 1.85x 10.0x 9.1x 18.0x 17.2x 9.5% 20.3% 1.6x
Median 2.22x 2.15x 11.7x 10.9x 20.1x 20.9x 7.7% 22.6% 1.4x
Average 2.62x 2.32x 14.6x 11.6x 25.5x 29.9x 10.2% 21.3% 2.0x
Enterprise Value Below €200m
Lectra SA 7.61 88% €226 €198 0.97x 0.92x 7.2x 8.1x 10.4x 17.0x 4.9% 8.8% 0.8x
IDOX plc 0.39 72% €169 €193 2.69x 2.59x 10.3x 9.5x 18.5x 19.0x 3.7% 21.9% N/A
PSI Aktiengesellschaft 12.64 79% €198 €183 0.97x 0.88x 11.0x 9.3x 21.2x 16.9x 1.6% 4.6% 0.5x
Realtime Technology AG 39.80 87% €178 €168 NMF 1.44x 11.6x 7.9x 40.5x 26.5x N/A 12.5% N/A
ESI Group SA 28.21 103% €155 €162 1.45x 1.33x 19.3x 15.8x 68.7x 30.4x 9.0% 6.9% N/A
Comarch Spólka Akcyjna 87.50 82% €169 €161 0.71x 0.67x 6.6x 6.2x 27.8x 14.3x 4.8% 10.0% N/A
Sword Group SE 19.16 103% €178 €146 1.37x 1.25x 9.4x 7.4x 12.3x 17.1x 9.9% 14.6% 0.3x
VIZRT Ltd. 23.20 86% €188 €144 1.60x 1.46x 8.1x 7.4x NMF 15.6x 9.7% 19.4% 0.2x
Mensch und Maschine Software SE 6.41 99% €99 €133 1.02x 0.96x 15.3x 11.6x 37.7x 18.9x 5.4% 3.0% 1.2x
ATOSS Software AG 29.30 87% €117 €102 2.78x 2.68x 11.3x 10.6x 36.0x 18.5x 3.8% 25.6% 0.5x
Myriad Group AG 1.30 49% €98 €97 NMF NMF NMF NMF NMF NMF N/A NMF N/A
Microgen plc 1.25 79% €113 €88 2.41x 2.45x 7.4x 9.0x 14.5x 20.2x (1.7%) 32.7% N/A
Allocate Software plc. 1.13 95% €93 €84 1.79x 1.68x 12.5x 10.6x NMF 50.2x 6.7% 10.2% N/A
Advanced Computer Software Group 1.17 91% €652 €711 3.23x 2.79x 14.4x 12.2x 57.5x 69.5x 15.6% 18.5% N/A
Comptel Oyj 0.56 95% €60 €57 0.69x 0.69x 5.0x NMF 17.9x 16.9x (1.1%) 10.6% 0.6x
INTERSHOP Communications 1.77 79% €53 €46 0.82x 0.76x N/A N/A N/A N/A 7.5% N/A N/A
Median 1.41x 1.33x 10.7x 9.3x 24.5x 18.7x 5.2% 11.6% 0.5x
Average 1.61x 1.50x 10.7x 9.6x 30.2x 25.1x 5.7% 14.2% 0.6x
Overall Median 2.37x 2.34x 11.3x 10.6x 20.3x 19.3x 6.1% 22.2% 1.5x
Overall Average 2.62x 2.38x 12.2x 10.7x 27.0x 25.2x 7.7% 21.8% 1.7x

Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
EBITDA P/E Ratio
’13A-’14E
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Ingenico SA 61.00 86% €3,221 €3,512 2.56x 2.46x 2.21x 14.0x 11.5x 10.3x 28.2x 22.0x 18.8x
Wirecard AG 29.77 87% €3,676 €3,370 6.71x 5.59x 4.66x 27.7x 20.2x 16.6x 44.4x 31.5x 24.9x
Temenos Group AG 31.25 98% €1,735 €1,805 5.28x 4.91x 4.52x 23.7x 15.1x 13.4x 34.8x 28.2x 23.8x
Quindell Plc 0.25 54% €1,832 €1,666 3.61x 1.28x 1.04x 10.8x 4.1x 3.4x 18.2x 6.9x 5.2x
Wincor Nixdorf Aktiengesellschaft 48.41 83% €1,441 €1,541 0.63x 0.60x 0.57x 8.0x 6.6x 6.2x 16.5x 12.8x 11.5x
Monitise plc 0.62 75% €1,394 €1,313 11.81x 9.19x 6.47x NMF NMF NMF NMF NMF NMF
SimCorp A/S 207.00 92% €1,140 €1,093 4.86x 4.42x 4.00x 19.3x 16.4x 14.1x 29.0x 24.8x 20.5x
Fidessa group plc 24.57 90% €1,127 €1,039 3.06x 3.03x 2.85x 15.8x 11.2x 10.4x 29.2x 29.3x 27.2x
Median 4.23x 3.72x 3.43x 15.8x 11.5x 10.4x 29.0x 24.8x 20.5x
Average 4.82x 3.93x 3.29x 17.0x 12.1x 10.6x 28.6x 22.2x 18.8x
PayPoint plc 11.35 93% €936 €907 3.57x 3.29x 3.15x 15.3x 14.2x 13.3x 22.9x 22.9x 20.9x
Qiwi plc 27.76 83% €1,046 €816 3.18x 5.41x 4.50x 13.8x 11.0x 8.5x 25.4x 21.4x 16.0x
Optimal Payments Plc 3.61 69% €707 €595 3.21x 2.81x 2.45x 19.6x 13.3x 10.9x 30.7x 25.2x 21.9x
First Derivatives plc 10.40 65% €249 €267 3.48x 2.82x 2.50x 24.9x 15.9x 13.7x 43.0x 32.4x 27.7x
Sapiens International Corporation N.V. 7.54 88% €255 €209 2.13x 1.84x 1.57x 18.9x 16.4x 9.6x 30.5x 27.9x 20.9x
Linedata Services SA 22.19 81% €162 €203 1.26x 1.25x 1.22x 5.8x 5.0x 4.9x 9.1x 10.2x 9.5x
Earthport plc 0.44 89% €212 €202 NMF 12.18x 7.68x NMF NMF 25.2x NMF NMF NMF
Rentabiliweb Group SA 10.95 100% €190 €185 2.57x 2.32x 2.01x 37.7x 22.3x 12.2x 66.4x 32.3x 20.5x
Tungsten Corporation Plc 2.20 87% €267 €176 NMF 4.34x 2.42x N/A N/A N/A N/A NMF NMF
Seamless Distribution AB 32.20 55% €148 €115 6.51x 4.61x 3.47x NMF N/A N/A NMF N/A N/A
Hi-Media S.A. 2.11 86% €94 €97 0.52x 0.51x 0.49x 14.2x 7.0x 6.0x 59.8x 23.5x 17.4x
Gresham Computing plc 1.32 92% €101 €96 5.60x 5.25x 4.38x 35.4x 24.7x 17.8x 39.6x 26.4x 20.3x
Brady plc 0.78 93% €77 €68 1.91x 1.71x 1.59x 33.5x 9.5x 8.4x 56.6x 24.2x 20.6x
Bango PLC 1.33 64% €74 €68 6.35x N/A N/A NMF N/A N/A NMF N/A N/A
StatPro Group plc 0.83 84% €68 €63 1.60x 1.59x 1.56x 9.8x 11.4x 9.9x 26.9x 28.9x 23.9x
DIBS Payment Services AB 55.00 86% €58 €53 3.02x 2.82x 2.51x 15.0x 11.2x 8.9x 26.6x 20.4x 15.3x
COR&FJA AG 1.30 93% €53 €50 0.38x 0.50x 0.48x NMF 5.9x 6.1x NMF NMF 8.5x
Median 2.32x 2.01x 11.2x 8.9x 25.3x 20.3x 10.2% 11.5% 3.6x
Average 2.63x 2.10x 13.1x 9.9x 26.0x 18.1x 8.6% 11.9% 3.6x
Overall Median 3.18x 2.82x 2.48x 15.8x 11.5x 10.3x 29.2x 24.8x 20.5x
Overall Average 3.65x 3.53x 2.85x 19.1x 12.6x 10.9x 33.6x 23.7x 18.8x

Communications
Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Ericsson 80.20 88% €28,429 €22,370 0.93x 0.92x 0.88x 6.7x 7.1x 6.4x 26.3x 19.0x 16.0x
Nokia Corporation 5.26 86% €19,517 €17,116 1.35x 1.35x 1.30x 10.0x 10.9x 9.7x NMF NMF 21.1x
Alcatel-Lucent 2.89 84% €7,977 €8,514 0.60x 0.60x 0.59x 15.3x 6.8x 5.4x NMF NMF 16.7x
Gemalto NV 78.96 91% €6,812 €6,368 2.79x 2.55x 2.31x 17.7x 13.3x 11.7x 27.5x 20.3x 6.4x
Axis AB 204.30 81% €1,556 €1,510 2.90x 2.53x 2.18x 20.8x 17.5x 14.4x 31.2x 25.7x 20.8x
Pace plc 4.00 82% €1,504 €1,480 0.81x 0.75x 0.74x 9.2x 7.2x 6.9x 21.0x 18.8x 15.3x
Logitech International SA 12.15 79% €1,612 €1,337 0.83x 0.82x 0.81x 11.1x 9.2x 8.4x 29.4x 22.3x 17.1x
Ascom Holding AG 16.60 88% €1,317 €1,153 1.28x 1.23x 1.17x 9.2x 7.9x 7.2x 15.9x 13.6x 12.3x
TomTom NV 4.77 76% €1,060 €977 1.02x 1.07x 1.08x 8.2x 7.8x 7.1x 54.5x NMF 57.6x
Kudelski SA 15.00 98% €663 €736 1.08x 0.99x 0.95x 8.7x 7.0x 6.4x 19.5x 14.6x 12.9x
Jenoptik AG 11.85 86% €678 €723 1.24x 1.15x 1.07x 10.6x 8.8x 7.7x 14.8x 14.3x 12.1x
EVS Broadcast Equipment S.A. 45.50 80% €614 €613 4.80x 4.26x 4.27x 11.9x 10.3x 10.9x 18.3x 16.2x 17.5x
Spirent Communications Plc. 1.01 64% €753 €595 1.89x 1.75x 1.62x 12.1x 11.8x 9.5x 30.8x 27.9x 19.0x
u-blox Holding AG 106.40 82% €568 €518 2.96x 2.49x 2.12x 16.7x 11.8x 10.1x 28.8x 23.6x 20.0x
Telit Communications PLC 2.32 94% €317 €326 1.85x 1.52x 1.32x 19.4x 12.7x 10.5x 40.1x N/A N/A
Transmode AB 98.00 80% €298 €251 2.21x 2.00x 1.82x 13.8x 10.4x 9.7x 21.9x 19.1x 16.6x
Sepura PLC 1.34 86% €224 €227 2.06x 1.87x 1.77x 20.6x 14.0x 12.5x 31.5x 19.3x 16.0x
Globo Plc 0.45 51% €203 €192 3.30x 1.95x 1.63x 6.6x 3.3x 2.6x 7.3x 6.8x 5.6x
Parrot S.A. 22.15 91% €268 €188 0.79x 0.78x 0.70x 11.7x 9.6x 5.1x NMF 37.8x 13.8x
ADVA Optical Networking SE 3.21 65% €154 €116 0.37x 0.34x 0.32x 6.8x 2.9x 2.3x 35.9x 20.8x 17.6x
Netgem SA 3.67 95% €148 €97 1.20x 1.04x 0.97x 9.2x 9.0x 7.7x 16.0x 20.5x 17.6x
Overall Median 1.28x 1.23x 1.17x 11.1x 9.2x 7.7x 26.9x 19.3x 16.7x
Overall Average 1.69x 1.49x 1.39x 12.1x 9.5x 8.2x 26.1x 20.0x 17.5x

Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
United Internet AG 30.69 86% €5,947 €6,255 2.13x 1.97x 12.2x 10.6x 20.9x 17.9x 10.7% 14.6% 0.7x
Yandex N.V. 24.00 53% €5,571 €5,469 5.25x 4.28x 12.8x 9.9x 19.0x 15.6x 20.0% 40.7% 0.6x
ASOS plc 43.79 61% €4,408 €4,363 3.36x 2.67x 39.2x 28.8x NMF 48.3x 28.9% 8.1% 2.1x
King Digital Entertainment plc 18.52 87% €4,215 €4,077 2.34x 2.13x 5.7x 6.7x N/A 14.1x 28.1% 38.2% N/A
Mail.ru Group 25.27 56% €3,819 €3,129 4.55x 3.82x 8.5x 7.1x 13.9x 11.5x 29.6% 48.3% 0.6x
Rightmove plc 23.50 84% €2,816 €2,810 NMF NMF 19.5x 17.1x 25.6x 22.9x 15.7% 69.9% 1.2x
Ubisoft Entertainment SA 13.12 97% €1,488 €1,631 1.15x 1.04x 4.6x 3.3x 24.7x 23.9x N/A 37.7% 1.4x
Moneysupermarket.com Group PLC 1.84 83% €1,214 €1,240 4.27x 4.00x 11.4x 10.7x 15.3x 20.2x 5.9% 35.9% 3.1x
AO World Plc 2.40 92% €1,227 €1,233 2.22x 1.74x NMF 38.0x NMF NMF 27.2% 2.6% 2.4x
Median 2.85x 2.40x 11.8x 10.6x 20.0x 19.0x 23.6% 37.7% 1.3x
Average 3.16x 2.71x 14.2x 14.7x 19.9x 21.8x 20.8% 32.9% 1.5x
boohoo.com plc 0.54 72% €738 €731 4.13x 3.07x N/A N/A N/A N/A N/A 5.5% N/A
Perform Group plc. 2.28 37% €728 €668 2.23x 2.06x 12.3x 10.1x 21.2x 21.9x 18.7% 14.1% 0.7x
Net Entertainment NE AB 157.00 95% €681 €664 NMF 6.50x 17.0x 14.1x 29.2x 23.2x 26.2% 32.6% N/A
BravoFly SA 45.60 96% €544 € 544 N/A N/A N/A N/A N/A N/A N/A N/A N/A
GameLoft SA 6.92 82% €581 €521 1.95x 1.68x 9.4x 7.7x 25.8x 17.2x 14.7% 15.6% 0.8x
XING AG 91.98 86% €513 €444 4.62x 4.12x 15.3x 12.5x 37.1x 27.6x 15.4% 21.9% 1.2x
Blinkx plc 0.83 35% €402 €350 1.73x 1.43x 11.2x 9.1x 16.5x 13.8x N/A 14.0% 0.5x
Tomorrow Focus AG 4.09 90% €239 €251 1.21x 1.09x 9.8x 7.1x 21.7x 13.5x 7.1% 5.9% 2.6x
auFeminin.com 33.20 87% €297 €242 NMF NMF NMF NMF NMF NMF N/A 34.5% N/A
Progressive Digital Media Group PLC 2.65 98% €245 €236 3.09x 2.87x 13.7x 10.9x 23.0x 20.5x 9.5% 18.2% 1.0x
Median 2.23x 2.46x 12.3x 10.1x 23.0x 20.5x 15.0% 15.6% 0.9x
Average 2.71x 2.85x 12.7x 10.2x 24.9x 19.7x 15.3% 18.0% 1.1x
Triboo Media S.p.A. 5.30 91% €84 €87 NMF NMF N/A N/A N/A N/A N/A N/A N/A
blur Group plc 2.58 31% €93 €82 4.60x 2.30x NMF NMF N/A N/A N/A NMF N/A
LeGuide.com S.A. 30.00 75% €107 €80 N/A NMF N/A N/A N/A N/A N/A 14.4% N/A
TradeDoubler AB 14.20 60% €66 €37 0.18x 0.17x 4.1x 3.7x 16.0x 12.1x NMF 2.2% N/A
Cupid plc 0.45 48% €39 €24 0.66x NMF NMF NMF N/A N/A 10.0% NMF N/A
Babylon Ltd. 4.91 16% €47 €22 N/A NMF NMF NMF N/A N/A N/A 23.7% N/A
Velti Plc 0.02 1% €1 €10 NMF NMF NMF NMF N/A N/A N/A NMF N/A
Median 0.66x 1.23x 4.1x 3.7x 16.0x 12.1x 10.0% 14.4% N/A
Average 1.81x 1.23x 4.1x 3.7x 16.0x 12.1x 10.0% 13.4% N/A

Technology Services
Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Amadeus IT Holding SA 30.18 94% €13,416 €14,616 4.33x 4.04x 11.1x 10.3x 21.5x 19.8x 8.8% 38.4% 2.7x
Cap Gemini S.A. 52.75 91% €8,444 €7,878 0.76x 0.73x 7.1x 6.5x 16.6x 14.9x 3.1% 9.5% 1.5x
Atos S.A. 63.31 89% €6,215 €5,339 0.62x 0.60x 5.5x 5.1x 17.8x 15.5x 0.2% 10.8% 1.8x
Indra Sistemas, S.A. 13.90 92% €2,281 €2,882 0.97x 0.93x 10.2x 9.2x 18.3x 15.3x 0.4% 8.8% 1.7x
Telecity Group plc 6.42 63% €1,579 €1,950 4.48x 4.01x 9.4x 8.4x 16.6x 14.5x 10.1% 47.1% 1.2x
Interxion Holding NV 25.97 93% €1,293 €1,618 4.80x 4.28x 11.0x 9.6x 33.7x 27.1x 10.2% 41.0% 2.2x
Altran Technologies S.A. 8.44 99% €1,471 €1,483 0.85x 0.81x 8.1x 7.0x 14.6x 12.6x 7.1% 9.3% 0.8x
Tieto Oyj 19.55 101% €1,436 €1,447 0.91x 0.90x 5.3x 6.1x 14.5x 12.5x (4.9%) 13.0% 1.9x
Bechtle AG 64.26 100% €1,349 €1,289 0.54x 0.51x 10.5x 9.7x 18.4x 16.6x 5.9% 4.9% 1.6x
Sopra Group 81.60 85% €974 €1,129 0.78x 0.75x 8.0x 7.3x 12.5x 11.4x 6.9% 8.7% 1.1x
Alten SA 36.60 93% €1,181 €1,108 0.82x 0.79x 7.9x 7.3x 14.1x 13.1x 10.7% 11.0% 2.1x
Median 0.85x 0.81x 8.1x 7.3x 16.6x 14.9x 6.9% 10.8% 1.7x
Average 1.80x 1.67x 8.6x 7.9x 18.1x 15.7x 5.3% 18.4% 1.7x
ComputaCenter plc 6.55 91% €1,067 €980 0.26x 0.25x 6.9x 6.5x 14.0x 13.0x 1.7% 3.4% 2.5x
Groupe Steria SCA 20.63 99% €655 €888 0.47x 0.46x 5.7x 5.2x 16.0x 12.0x 6.9% 7.1% 0.4x
Atea ASA 65.75 95% €817 €867 0.31x 0.30x 7.6x 6.9x 13.6x 11.6x 4.6% 3.1% 0.8x
EVRY ASA 10.20 97% €327 €669 0.42x 0.41x 4.4x 4.0x 7.2x 5.2x 4.0% 9.8% N/A
Reply S.p.A. 64.50 95% €603 €601 1.00x N/A 7.4x N/A 15.1x N/A 7.2% 13.6% N/A
NCC Group plc. 1.92 82% €486 €518 3.68x 3.39x 14.5x 13.3x 28.2x 25.3x 10.1% 24.4% N/A
iEnergizer Limited 2.00 55% €372 €456 3.67x N/A 12.0x N/A 14.2x 14.2x 6.5% 26.3% N/A
IBS Group Holding Limited 19.20 64% €425 €473 0.68x 0.61x 6.0x 5.0x 13.3x 11.3x 9.4% 7.8% N/A
AT&S 8.15 89% €316 €429 0.72x 0.68x 3.4x 3.3x 10.2x 7.8x 0.9% 22.4% 0.5x
Cancom SE 31.15 79% €455 €389 0.56x 0.53x 8.6x 7.6x 19.7x 16.5x 13.6% 5.0% 0.7x
GFI Informatique S.A. 6.16 94% €332 €377 0.49x 0.47x 6.6x 6.2x 15.9x 13.7x 4.1% 5.2% N/A
iomart Group plc 2.52 59% €327 €355 4.61x 4.13x 10.9x 9.6x N/A N/A 21.1% 36.6% N/A
Xchanging PLC 1.59 84% €469 €349 0.62x 0.59x 3.6x 3.3x 16.4x 13.8x (32.5%) 8.7% 1.3x
Median 0.62x 0.53x 6.9x 6.2x 14.6x 13.0x 6.5% 8.7% 0.8x
Average 1.35x 1.08x 7.5x 6.4x 15.3x 13.1x 4.4% 13.4% 1.0x
Neurones SA 15.12 95% €362 €290 0.82x 0.77x 7.8x 7.1x N/A N/A 3.1% 10.6% N/A
Bull Société Anonyme 3.59 90% €438 €276 0.21x 0.21x 3.4x 2.8x 13.6x 10.9x 2.2% 5.3% N/A
Phoenix IT Group PLC 1.16 67% €106 €198 0.70x 0.69x 5.3x 5.0x NMF 12.7x (2.2%) 10.5% N/A
Ordina NV 2.10 97% €195 €197 0.51x 0.49x 9.0x 7.3x 19.5x 11.0x 2.5% 2.3% N/A
GFT Technologies AG 8.30 94% €219 €197 0.63x 0.61x 7.0x 7.0x 14.1x 13.0x 17.7% 7.7% 0.6x
HiQ International AB 37.30 90% €216 €194 1.30x 1.18x 10.4x 8.6x 16.2x 13.2x 4.6% 11.5% N/A
Tessi SA 90.50 89% €253 €175 0.73x 0.71x 3.9x 3.8x 11.7x 11.6x 0.0% 18.5% N/A
Devoteam SA 18.49 96% €135 €128 0.32x 0.31x 6.2x 4.9x NMF 17.3x (12.2%) 3.7% N/A
SNP AG 11.26 57% €126 €123 3.73x 3.15x 35.3x 18.0x NMF 27.1x 28.7% NMF N/A
Acando AB (publ.) 15.00 90% €116 €105 0.61x 0.57x 7.8x 6.5x 12.2x 9.8x 8.7% 5.4% N/A
Secunet Security Networks AG 19.75 82% €128 €99 1.39x 1.26x 13.5x 12.3x 32.4x 29.5x 11.1% 7.3% 1.2x
Enea AB 56.25 98% €101 €83 1.79x 1.58x 7.3x 6.3x 13.7x 12.3x 3.4% 21.5% N/A
RM Plc 1.40 78% €136 €61 0.26x 0.28x N/A N/A N/A N/A (25.7%) 6.6% N/A
Median 0.70x 0.69x 7.6x 6.7x 13.9x 12.7x 3.1% 7.5% 0.9x
Average 1.00x 0.91x 9.7x 7.5x 16.7x 15.3x 3.2% 9.2% 0.9x

Semiconductors
Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
ASML Holding NV 59.51 79% €26,100 €24,199 3.92x 3.47x 15.6x 11.5x 21.6x 14.8x 18.4% 24.3% 0.6x
NXP Semiconductors NV 59.78 94% €10,481 €13,127 3.44x 3.19x 11.2x 10.7x 21.1x 16.6x 10.4% 29.3% 0.9x
ARM Holdings plc 9.46 85% €13,322 €12,753 16.21x 13.83x 30.1x 25.6x 48.8x 38.2x 11.8% 52.8% 2.2x
Infineon Technologies AG 8.24 92% €9,241 €7,193 1.65x 1.52x 6.5x 6.1x 18.5x 13.7x 9.6% 21.8% 0.8x
STMicroelectronics NV 6.70 87% €5,967 €5,483 0.95x 0.90x 6.8x 5.6x NMF 20.4x (2.4%) 7.0% 4.6x
ASM International NV 30.50 99% €1,938 €1,567 2.82x 2.58x 15.0x 13.5x 18.1x 14.2x (1.1%) 11.3% 0.3x
ams AG 124.00 93% €1,351 €1,306 3.01x 2.70x 10.3x 8.9x 16.7x 13.4x 12.8% 26.0% 0.9x
Dialog Semiconductor Plc 17.61 93% €1,215 €1,290 1.70x 1.51x 9.6x 8.0x 19.7x 14.7x 16.7% 15.7% 0.8x
Melexis NV 29.20 97% €1,170 €1,153 3.78x 3.46x 12.6x 11.5x 17.4x 16.4x 12.4% 29.0% 1.1x
CSR plc 6.56 80% €1,326 €1,101 1.76x 1.73x 11.0x 9.6x 34.5x 24.3x (11.4%) 13.3% 1.4x
Aixtron SE 11.56 83% €1,290 €1,002 4.65x 2.91x NMF 19.3x NMF NMF 13.8% NMF 1.6x
Median 3.01x 2.70x 11.1x 10.7x 19.7x 15.6x 11.8% 23.1% 0.9x
Average 3.99x 3.44x 12.9x 11.8x 24.1x 18.7x 8.3% 23.1% 1.4x
Enterprise Value Below €1bn
Nordic Semiconductor ASA 36.60 94% €726 €702 5.77x 4.32x 29.3x 17.8x 47.8x 27.3x 33.4% 14.4% N/A
Imagination Technologies 1.90 42% €613 €635 2.83x 2.55x 15.1x 12.8x NMF NMF 10.0% 20.2% N/A
Soitec S.A. 1.94 61% €335 €449 1.44x 1.16x NMF 7.6x NMF NMF N/A NMF NMF
BE Semiconductor Industries 11.54 99% €431 €360 1.22x 1.10x 6.9x 5.7x 15.5x 11.8x 15.6% 11.8% N/A
ELMOS Semiconductor AG 14.00 94% €271 €280 1.36x 1.25x 7.4x 5.9x 20.4x 13.5x 9.0% 16.3% 0.6x
Nanoco Group PLC 1.04 55% €272 €255 NMF 18.23x NMF NMF NMF NMF 29.5% NMF N/A
IQE Plc 0.23 70% €179 €223 1.47x 1.39x 6.8x 5.9x 12.6x 8.5x (1.4%) 19.1% 0.7x
Wolfson Microelectronics plc 1.32 58% €184 €165 1.21x 1.02x 16.1x 7.8x NMF 20.3x 2.7% NMF 1.4x
Suss MicroTec AG 6.78 74% €130 €94 0.67x 0.57x NMF 6.1x NMF 18.5x 4.8% NMF NMF
Sequans Communications S.A. 1.90 56% €81 €67 2.36x 1.15x NMF NMF NMF NMF NMF NMF NMF
Micronas Semiconductor 7.72 96% €187 €47 0.35x 0.32x NMF NMF 31.1x 18.0x 7.7% 13.4% NMF
Median 1.40x 1.16x 11.3x 6.9x 20.4x 18.0x 9.0% 15.3% 0.7x
Average 1.87x 3.01x 13.6x 8.7x 25.5x 16.8x 12.4% 15.9% 0.9x

Applied Technologies and Systems
Company
Share Price
(Local
Currency)
25/04/2014
% of 52
Week High
Market
Value
(€MM)
Enterprise
Value
(€MM)
Enterprise Value/
Revenue
Enterprise Value/
Revenue
Growth
EBITDA
Margin
2014E
P/E/G2013A 2014E 2013A 2014E 2013A 2014E
Oxford Instruments plc 13.58 74% €941 €902 1.83x 1.65x 10.9x 9.4x 35.5x 31.5x 14.3% 16.5% 3.1x
Smart Metering Systems Plc 3.90 90% €403 €443 NMF NMF NMF NMF NMF NMF N/A N/A N/A
The Vitec Group plc 6.22 85% €330 €405 1.04x 1.01x 6.1x 5.8x 12.5x 11.6x 0.7% 17.2% N/A
LPKF Laser & Electronics AG 15.68 75% €349 €360 2.56x 2.29x 10.5x 9.0x 21.0x 17.5x 9.6% 23.9% 1.3x
TT Electronics plc 2.03 90% €381 €351 0.53x 0.51x 5.1x 4.1x 34.9x 13.6x 5.7% 9.9% 1.9x
Elektrobit Oyj 2.56 79% €336 €298 1.30x 1.14x 11.6x 9.9x 29.0x 19.7x 16.9% 8.7% 0.6x
Kontron AG 4.93 85% €274 €283 0.61x 0.53x 14.2x 5.7x NMF 17.8x (12.8%) 2.3% NMF
Store Electronic Systems 16.00 96% €175 €157 1.61x 1.35x 12.1x 8.7x 29.6x 18.8x 17.8% 11.7% 0.6x
accesso Technology Group plc 5.95 76% €147 €148 N/A N/A N/A N/A NMF N/A N/A 15.3% N/A
Q-Free ASA 13.65 76% €113 €95 1.03x 0.67x 7.6x 3.0x 32.1x 5.3x 30.4% 3.4% N/A
Pricer AB 6.15 66% €75 €66 1.09x 0.94x 17.0x 11.8x 41.0x 22.0x 1.6% 8.0% N/A
Median 1.09x 1.01x 10.9x 8.7x 30.9x 17.8x 9.6% 10.8% 1.3x
Average 1.29x 1.12x 10.5x 7.5x 29.5x 17.5x 9.4% 11.7% 1.5x

Selected M&A Transactions 15
Selected M&A Transactions
Selected Software M&A Transactions
(€ in millions)
Announced
Date Target Acquirer
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Apr-14 Visma Group Holdings Cinven €2,524.0 3.30x 15.9x
Apr-14 Systar SA Axway Software S.A. €37.9 2.71x -
Apr-14 AMT-SYBEX Group Ltd. Capita plc €127.1 4.73x -
Apr-14 i:FAO AG Amadeus Corporate Business AG €75.7 4.97x 15.6x
Mar-14 Blancco Oy Ltd. Regenersis Plc €60.1 4.89x -
Mar-14 Fieldglass, Inc. SAP AG €724.9 - -
Feb-14 Transics International NV WABCO Europe BVBA €99.8 1.63x 7.2x
Feb-14 Avast Software B.V. CVC Capital Partners Limited €739.0 - -
Feb-14 Compass Computer Consultants Ltd. Advanced Computer Software Group plc €17.5 2.09x 3.6x
Jan-14 Accelrys Inc. Dassault Systemes SA €550.7 4.05x NMF
Dec-13 Secunia Dansk Kapitalanlaeg €13.0 - -
Dec-13 The Property Software Group LDC Ltd. €21.2 - -
Dec-13 Total Specific Solutions B.V. Constellation Software Inc. €240.0 1.38x -
Dec-13 Tell Me More S.A. Rosetta Stone Ltd. €20.8 - -
Dec-13 QUMAS, Limited Accelrys Software Inc. €34.9 2.48x -
Dec-13 Realtime Technology AG Dassault Systemes SA €171.3 2.31x 18.6x
Nov-13 P&I Personal & Informatik Aktiengesellschaft HgCapital €365.4 4.15x 11.6x
Nov-13 Unit 4 N.V. Advent International Corporation €1,287.7 2.64x 17.8x
Nov-13 COR&FJA Banking Solutions GmbH Sopra Group S.A. €13.0 0.60x 0.0x
Nov-13 Delcam plc Autodesk Development B.V. €197.5 3.11x 22.0x
Nov-13 Celcite Management Solutions, LLC Amdocs Limited €95.7 - -
Oct-13 epyx Limited Fleetcor Technologies, Inc. €230.0 9.50x 13.2x
Oct-13 Cameleon Software SA PROS Holdings, Inc. €22.9 1.51x 17.2x
Oct-13 Pironet NDH AG Cancom SE €47.4 1.07x 7.7x
Sep-13 Ascribe Limited EMIS Group Plc €72.0 2.50x 8.1x
Aug-13 e-conomic international a/s HgCapital €89.1 - -
Aug-13 Cordys B.V. Open Text Corporation €24.8 - -
Aug-13 Isotrak Lyceum Capital Partners - - -
Jul-13 icon-scm AG E2open, Inc. €25.5 - -
Jul-13 CliniSys Montagu Private Equity - - -
Jul-13 Joint Collaboration AS Addnode Group AB €23.1 1.58x 8.3x
Jun-13 Neolane SA Adobe Systems Incorporated €460.0 10.50x -
Jun-13 Rivo Software Ltd. Kennet Partners Limited; Fidelity Growth Partners €22.8 - -
Jun-13 Hybris SAP €800.0 8.60x -
May-13 Civica OMERS Private Equity €461.0 1.90x 10.3x
May-13 Arieso JDSU €65.0 - -
May-13 Stonesoft McAfee €288.0 7.08x NMF
Apr-13 Aepona Intel Corporation Ltd. N/A - -
Mar-13 Computer Software Holdings Limited Advanced Computer Software Group €121.4 1.79x 8.3x
Feb-13 Sage Aytos S.L. and C&I and ATL and Automotive Argos Soditic €32.8 - -
Feb-13 Sage (ACT! And Saleslogic business) Accel-KKR €75.0 - -
Feb-13 Skyfire Labs Opera Software €116.0 - -
Jan-13 Cerved Group S.p.A. CVC Capital Partners Limited €1,102.0 3.87x -
Dec-12 NewBay Software Limited Synchronoss Technologies Ireland Ltd. €42.7 - -
Nov-12 Tikit Group plc BT Group plc €75.1 2.07x 11.4x

16 Selected M&A Transactions
Selected Software M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Nov-12 LMS International NV Siemens €543.0 4.97x -
Nov-12 Retalix NCR Corp. €468.0 2.37x 26.3x
Oct-12 Heiler Software AG Informatica Deutschland AG €82.4 3.44x NMF
Aug-12 Automic Software GmbH EQT Partners AB €208.2 3.55x -
Aug-12 UC4 Software Gmbh EQT Partners €220.0 4.29x -
Jul-12 GMC Software AG Neopost SA €139.4 4.16x -
Jul-12 Easy Software AG Allgeier SE €23.4 0.43x 1.6x
May-12 Ariba Inc. SAP €3,385.0 8.30x NMF
May-12 BigHand Ltd. LDC; Bridgepoint €59.6 - -
May-12 SiteMaker Software Ltd. Hibu Plc €22.0 - -
May-12 Traen A/S Formpipe Software AB €33.9 1.40x 6.1x
May-12 Kewill Francisco Partners €84.0 1.24x 23.3x
Apr-12 Transics International NV CreaFund CVBA; Uniholding SA €25.6 1.17x 6.9x
Apr-12 blueKiwi Software SA Atos S.A. €20.2 4.00x -
Apr-12 Torex Retail MICROS Systems €163.0 1.21x 13.9x
Feb-12 IBS Siemens Industry Automation Holding AG €22.6 1.33x 13.4x
Feb-12 Misys plc Vista Equity €1,700.0 - -
Median € 84.0 2.57x 12.4x
Average € 318.9 3.37x 13.1x
Sources: Capital IQ and MergerMarket as of April 25, 2014

Selected Financial Technology M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Mar-14 Nets Holding A/S Advent, Bain, ATP Group €2,277.4 2.50x 12.8x
Mar-14 HiFX Euronet Worldwide €175.0 3.78x 13.4x
Mar-14 Ullink SAS HgCapital; HgCapital Trust plc - - -
Mar-14 Pozitron Yazilim A.S. Monitise plc €72.3 - -
Jan-14 TDX Group Limited Equifax Inc. €240.2 3.67x -
Jan-14 Nordic Insurance Software A/S Summit Partners €67.0 - -
Dec-13 Sofort AG Klarna AB - - -
Dec-13 Alaric Systems Limited NCR Limited €57.8 - -
Feb-13 SIA S.p.A. Fondi Italiani per le Infrastrutture, Orizzonte SGR, FSI €454.0 2.20x 8.5x
Nov-13 PT. Aprisma Indonesia Wirecard AG €88.5 - -
Nov-13 Brand Loyalty International B.V. Alliance Data Systems Corporation €266.0 - -
Oct-13 The 41st Parameter Inc. Experian plc €239.4 - -
Sep-13 PaymentLink Pte. Ltd. Wirecard AG €30.9 - -
Sep-13 Grapple Mobile Limited Monitise Create Limited €44.1 - -
Sep-13 OB10 Ltd. Tungsten Corporation Plc €117.0 4.22x -
Aug-13 Avelo FS Limited Iress Limited €243.0 3.80x -
Aug-13 Skrill CVC Capital Partners Limited €600.0 3.00x 12.0x
Jul-13 MACH Syniverse €550.0 4.10x -
Jun-13 IntelliFlo HGCapital N/A - -
May-13 Quindell Property Services Limited Quindell Portfolio Plc €40.1 - -
Feb-13 FFastFill plc Pattington Limited €93.3 4.97x 34.2x
Jan-13 Ogone BVBA/SPRL Ingenico SA €358.5 8.57x -
Dec-12 PS Yandex.Money, LLC Sberbank €46.2 6.40x -
Dec-12 Mobile Money Network Ltd. Monitise plc €21.9 - -
Oct-12 Ericsson Internet Payment Exchange AB Gemalto NV N/A - -
Aug-12 Adeptra Ltd. Fair Isaac Software Holdings Ltd. €88.5 2.56x 25.6x
Aug-12 Nets Oy Nets Holding A/S €161.2 0.85x -
Mar-12 ClairMail Monitise €131.0 9.70x NMF
Feb-12 Callataÿ & Wouters S.A. Sopra Group €140.6 2.28x -
Feb-12 Navita Systems AS Brady Plc €21.4 - -
Feb-12 Integral Computers Limited Sage Pay Europe Limited €20.4 - -
Median €117.0 3.80x 12.8x
Average €246.1 4.24x 18.6x

Selected Communications M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Apr-14 Updata Infrastructure Capita plc €96.5 2.40x 12.9x
Mar-14 Conax AS Kudelski SA €180.9 2.41x 6.2x
Mar-14 Cyvera Ltd Palo Alto Networks, Inc. €143.8 - -
Mar-14 Pebble Beach Systems Ltd. Vislink plc €17.7 1.58x 6.9x
Feb-14 Alcatel-Lucent Enterprise S.A. China Huaxin Post €201.0 - -
Feb-14 DAX Technologies Corp. Spirent Communications Plc. €26.9 - -
Feb-14 Octo Telematics S.p.A. Renova Group, LLC €405.0 3.20x 5.5x
Jan-14 skobbler GmbH Telenav, Inc. €17.6 - -
Jan-14 Pilat Media Global plc SintecMedia Ltd. €59.3 1.60x 12.4x
Nov-13 AIRCOM International Limited TEOCO Corporation - - -
Oct-13 Aurora Networks, Inc. Pace plc €234.4 1.49x 10.8x
Sep-13 Actix, Ltd. Amdocs Ltd. €88.7 - -
Sep-13 Nokia (Devices and Services segment) Microsoft €5,440.0 0.35x NMF
Aug-13 Arkadin S.A. NTT Communications Corporation €350.0 2.00x -
Jul-13 Nokia Siemens Networks Oy Nokia Oyi €1,700.0 0.10x 1.4x
May-13 Axell Wireless Ltd. Cobham plc €96.3 1.90x 4.6x
Jan-13 Elektrobit System Test Oy Anite plc €30.8 1.94x -
Aug-12 Starhome BV Fortissimo Capital €52.0 - -
Jul-12 Audio Visual Machines Ltd. Alcuin Capital Partners LLP €22.8 0.48x -
Mar-12 NDS Group Ltd. Cisco Systems €3,823.0 5.2x 18.2x
Mar-12 Ascom Holding AG, Defence Unit RUAG Schweiz AG €21.5 - -
Jan-12 Synchronica plc Myriad Group AG €39.0 2.75x -
Median
€ 92.5 1.70x 7.7x
Average
€ 647.5 1.38x 8.7x

Selected Internet/Digital Media M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Mar-14 Car Trawler BC Partners €452.6 - 14.5x
Feb-14 People & Print Group B.V. Vistaprint N.V. €24.0 0.71x 8.0x
Feb-14 Viber Media Inc. Rakuten, Inc. €657.5 - -
Jan-14 NaturalMotion Ltd. Zynga Game International Limited €388.9 - -
Jan-14 Deepmind Technologies Limited Google Inc. €293.5 - -
Dec-13 Rhythm NewMedia, Inc. Blinkx Plc €50.0 3.40x -
Nov-13 Scout24 Holding GmbH Hellman & Friedman LLC €1,500.0 - -
Nov-13 SAS My Little Paris auFeminin.com €40.2 8.20x -
Oct-13 Supercell Oy Softbank Corp., GungHo Online Entertainment €1,135.7 - -
Sep-13 Meetic S.A. Match.com, L.L.C. €87.0 2.50x 11.4x
Sep-13 Icelolly Marketing Limited Palatine Private Equity LLP €19.7 - -
Jul-13 Swerford Holdings Ltd. Playtech Limited €36.9 - -
Jul-13 Opta Sportsdata Limited Perform Group plc. €45.2 3.70x 44.4x
Apr-13 Mendeley Limited Elsevier B.V. €53.0 0.00x 0.0x
Jan-13 Global Betting Exchange Limited Ladbrokes PLC €29.7 - -
Nov-12
A&N Media, Profesia, Tau on-line, Autovia, 25% Stake in Infostud &
30% Stake in Development Studio
Alma Media Oyj €23.6 - -
Nov-12 Immoweb SA/NV Axel Springer Digital Classifieds GmbH €125.7 - -
Oct-12 XING AG Burda Digital GmbH €165.3 3.00x 10.3x
Oct-12 Qype GmbH Yelp Ireland Ltd. €37.6 - -
Sep-12 LBi International NV Publicis Groupe SA €448.0 1.86x 11.9x
Aug-12 allesklar.com AG Axel Springer Digital Classifieds GmbH €55.5 - -
Aug-12 LeGuide.com S.A. Lagardere Active SAS €36.8 2.29x 9.5x
Aug-12 Matrix S.p.A. Libero S.r.l. €83.3 0.92x -
Jul-12 Webassets B.V. Tomorrow Focus AG €19.8 - -
Jun-12 Grupa Onet.pl S.A. Ringier Axel Springer Media AG €209.4 - -
Jun-12 MoneySavingExpert.com Moneysupermarket.com Group PLC €103.6 5.56x 6.9x
May-12 RunningBall Holding AG Perform Media Services Limited €119.6 7.57x 16.8x
May-12 Buongiorno SpA DOCOMO Deutschland GmbH €299.5 1.10x 11.4x
Apr-12 Hattrick Holdings Limited Zattikka Plc €22.7 - -
Apr-12 OnlinePizza Norden AB Delivery Hero Holding GmbH €29.5 4.21x -
Feb-12 Brighter Option Ltd. Buddy Media UK Limited €19.3 - -
Jan-12 Aspiro AB Schibsted ASA €19.6 1.23x -
Median €54.3 3.20x 11.4x
Average €207.3 5.32x 15.3x

Selected Technology Services M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Apr-14 Updata Infrastructure Capita plc €96.5 2.40x -
Apr-14 Groupe Steria SCA Sopra Group (Bid) €953.0 0.53x 7.0x
Mar-14 Groupe Telindus France S.A. Vivendi Société Anonyme €95.0 - -
Jan-14 ControlCircle Ltd. Alternative Networks Plc €47.8 1.87x 20.7x
Dec-13 NextiraOne Management SAS Dimension Data Holdings Nederland B.V. - - -
Dec-13 Context Information Security Limited Babcock International Group plc €37.8 3.20x -
Nov-13 InTechnology Managed Services Limited Redcentric plc €77.4 1.59x 7.8x
Nov-13 Amor Business Technology Solutions Limited Lockheed Martin Corporation - - -
Oct-13 Indecs Computer Services Limited and Indecs Computers Limited Daisy Group plc €21.1 1.70x 6.9x
Oct-13 Backup Technology Ltd. iomart Group plc €27.6 4.42x 9.6x
Jul-13 Host Europe WVS Limited Cinven Limited €508.3 - -
Sep-13 Osiatis SA Econocom Group €70.8 0.48x 5.9x
Aug-13 Arsys Internet S.L. 1&1 Internet AG €138.1 3.50x 9.3x
Aug-13 DADA SpA Italiaonline S.r.l. €24.1 1.02x 10.8x
Jul-13 Host Europe WVS Ltd. Cinven Ltd. €493.8 - -
Jul-13 S&T AG Grosso Holding Gesellschaft GmbH €93.5 0.33x 7.8x
Jun-13 GFI Informatique S.A. Boussard & Gavaudan Holding Ltd; Itefin
Participations SAS
€82.6 0.38x 5.9x
Jun-13 Trustmarque Solutions Ltd. Dunedin LLP €49.5 0.33x -
May-13 Sempla Srl GFT Holding Italy S.r.l. €21.4 0.54x 3.9x
May-13 Branded3 Search Ltd. Company St Ives plc €28.3 6.10x 14.7x
Apr-13 ZAO R-Style Softlab Asseco Poland Spólka Akcyjna €21.9 - -
Mar-13 Nebula Oy Ratos AB €52.3 2.75x -
Mar-13 2e2 Morse Spain Logicalis Group Ltd. €22.9 0.21x 3.9x
Feb-13 Sigma AB Danir AB €46.0 0.48x 8.4x
Feb-13 Capita Managed IT Solutions Ltd. Capita plc €74.5 0.46x -
Jan-13 ZETO Bydgoszcz SA Asseco Systems sp. z o.o. €21.5 - -
Dec-12 ScoLocate Ltd. Pulsant Ltd. €32.6 - -
Dec-12 Raber+Märcker GmbH Konica Minolta Business Solutions €28.0 0.59x -
Nov-12 Academica Oy Telecity Group plc €27.6 1.87x -
Oct-12 itelligence AG NTT DATA EUROPE GmbH & CO. KG €33.9 1.00x 11.2x
Oct-12 Epsilon AB ÅF AB €332.9 1.35x -
Oct-12 KMD A/S Advent International Corporation N/A - -
Oct-12 Atento Holding, Inversiones y Teleservicios Bain Capital LLC €1,039.0 0.60x 6.5x
Sep-12 Vanerum Group Services NV Sofindev Management NV €30.0 0.90x -
Aug-12 ThinkGrid Ltd. Colt Technology Services Group Ltd. €20.9 - -
Aug-12 AMADEUS MARKETING CSA s.r.o. Amadeus IT Group S.A. €96.3 - -
Jun-12 E-consultancy.com Ltd. Centaur Communications Ltd. €59.9 7.58x 45.5x
May-12 Logica PLC CGI Group Holdings Europe Ltd. €2,649.1 0.57x 18.7x
May-12 SecureData Europe Ltd. August Equity LLP €20.7 - -
Apr-12 Accounting Plaza B.V. Genpact Netherlands B.V. €29.8 - -
Feb-12 Sygnity Spólka Akcyjna Asseco Poland Spólka Akcyjna €71.8 0.49x 12.0x
Jan-12 Pixelpark AG MMS Germany Holdings GmbH €36.0 1.27x -
Jan-12 Network Resource Group Ltd. Cloud XL €24.0 - -
Jan-12 Consinto GmbH Datagroup AG €19.9 0.40x -
Median € 46.0 0.95x 8.1x
Average € 186.8 1.66x 11.0x

Selected Semiconductors M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Apr-14 Wolfon Microelectronics Plc. Cirrus Logic Inc. €333.0 2.40x -
Apr-14 Metaforic Limited INSIDE Secure €11.7 - -
Nov-13 Novaled AG Samsung Display Co., Ltd. €23.4 - -
Apr-13 TPACK A/S Altera European Trading Company €25.1 - -
Dec-12 Ismeca Semiconductor Holding S.A. Delta Design Luxembourg S.à r.l €42.1 0.58x -
Nov-12 ZiiLABS Ltd Intel Corporation (UK), Ltd. €23.1 - -
Oct-12 Cymer, Inc. ASML Holding N.V. €1,728.0 3.80x 17.7x
Jul-12 ASML Holding NV Samsung; TSMC; Intel Capital €3,854.0 2.80x 8.7x
Jul-12 Frontier Silicon (Holdings) Ltd. Toumaz Limited €37.7 1.42x -
Mar-12 CT-Concept Technologie AG Power Integrations Netherlands B.V. €89.5 - -
Median €39.9 2.40x 13.2x
Average €616.8 2.20x 13.2x
Sources: Capital IQ and Mergermarket as of April 25, 2014
Selected Applied Technologies and Systems M&A Transactions
(€ in millions)
Announced
Transaction
Value
EV/LTM
Revenue
EV/LTM
EBITDA
Mar-14 TDC Systems Ltd and TDC Systems Pty Q-Free ASA €15.1 2.66x 15.6x
Mar-14 Euroscan Holdings, B.V. ORBCOMM Netherlands B.V. €24.7 - -
Jan-14 Teseq AG Ametek Inc. €67.4 1.73x -
Dec-13 Xyratex Ltd. Seagate Technology International €273.7 0.33x 17.4x
Oct-13 ParkingEye Ltd. Capita plc €69.1 - -
Sep-12 Image Recognition Integrated Systems Group S.A. Canon Europa N.V. €71.0 0.69x 9.7x
Jun-12 Elster Group SE Melrose Industries plc €2,217.6 1.49x 10.2x
May-12 LaCie SA Seagate Technology plc €96.8 0.29x 3.4x
May-12 QUNDIS GmbH HgCapital €153.2 - -
Feb-12 Hirschmann Car Communication GmbH VOXX International €87.0 0.59x -
Median €79.0 0.64x 9.9x
Average €307.6 0.85x 10.1x

22 Selected Private Capital Financings, IPOs and Follow-on Offerings
Selected Private Capital Financings, IPOs and Follow-on Offerings
Selected Software Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Feb-14 eCommera Limited €29.6 West Coast Capital; Frog Capital; ePlanet Capital; Dawn Capital; WPP Digital
Jan-14
Advanced Manufacturing
Control Systems
€23.5 Highland Capital Partners; Investec Ventures Ireland Ltd
Dec-13 Plumbee Ltd €10.2 IDInvest Partners; Endemol Group B.V.
Dec-13 Talend SA €29.0 Iris Capital; Silver Lake; IDInvest Partners; Balderton Capital; Bpifrance Participations SA
Nov-13 MetaPack Limited €24.0 Index Ventures
Nov-13 cXense AS €11.1 -
Nov-13 Itineris nv €8.5 GIMV NV; Participatiemaatschappij Vlaanderen NV
Nov-13 6 Wunderkinder GmbH €14.1 Sequoia Capital; Earlybird Venture Capital GmbH & Co. KG; Atomico Investment Holdings Limited
Oct-13 SkySQL Ab €14.5
Finnish Industry Investment Ltd; Intel Capital; California Technology Ventures, LLC; Open Ocean Capital Ltd.; OnCorps
Capital
Sep-13 TalentSoft SA €15.0 Highland Capital Partners; Bpifrance Investissement
Sep-13 TouchType Limited €13.3 Index Ventures; Octopus Investments Limited; Cambridge Holdings Group, Inc.
Jul-13 Zimory GmbH €15.5
T-Venture Holding GmbH; KfW Mittelstandsbank, Investment Arm; IBB Beteiligungsgesellschaft mbH; CREATHOR
VENTURE Management GmbH; High-Tech Gründerfonds Management GmbH; Deutsche Boerse AG, Asset Management
Arm
Jun-13 NumberFour AG €29.0 T-Venture Holding GmbH; Index Ventures; Allen & Company LLC, Investment Arm; Hommels Holding GmbH
May-13 BonitaSoft SA €10.1 Auriga Partners; Ventech; Bpifrance Investissement; Serena Capital
Mar-13 ForgeRock AS €11.8 Accel Management Co, Inc.; Foundation Capital
Mar-13 Fanzy SAS €11.5 Kima Ventures; Orefa Investment; Start/Capital
Mar-13 ProfitBricks GmbH €15.1 United Internet AG
Mar-13 hybris GmbH €23.0 Greylock Partners; MeriTech Capital Partners; HGGC, LLC
Feb-13 Elasticsearch NL €18.0 Benchmark Capital; Index Ventures; SV Angel
Nov-12 MediaSift Limited €12.0 Upfront Ventures; Scale Venture Partners; Northgate Capital Group, L.L.C.; IA Ventures; Daher Capital
Oct-12 Netbiscuits GmbH €20.6 T-Venture Holding GmbH; CREATHOR VENTURE Management GmbH; Stripes Group
Sep-12 Mimecast Ltd. €48.4 Insight Venture Partners; Dawn Capital
Sep-12 SkyDox Ltd €25.0 Scottish Equity Partners LLP; Business Growth Fund plc

Selected Private Capital Financings, IPOs and Follow-on Offerings 23
Selected Financial Technology Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Apr-14 The Currency Cloud €7.2 Atlas Venture, Anthemis, Notion Capital, Xange Private Equity
Mar-14 Klarna AB €90.0 General Atlantic LLC; Sequoia Capital; Atomico Investment Holdings Limited
Mar-14 WorldRemit Ltd €28.9 Accel Partners
Mar-14 Duedil Ltd. €12.3 Oak Investment Partners; Notion Capital Partners LLP; Passion Capital Investments LLP
Feb-14 Tradeshift Inc. €54.5 Scentan Ventures
Feb-14 Funding Circle Ltd. €48.6 British Business Bank PLC
Jan-14 Powa Technologies €14.4 Wellington Management
Jan-14 Zopa Ltd. €18.3 Arrowgrass Capital Partners LLP
Jan-14 Iwoca Ltd. €6.1 Global Founders Capital; Redline Capital Management S.A
Nov-13 PRET d'UNION S.A. €10.0 Schibsted ASA; Credit Mutuel Arkea S.A.; AG2R La Mondiale; Weber Investissements SAS; Kima Ventures
Oct-13 Funding Circle Ltd. €26.9 Accel Partners; Index Ventures; Union Square Ventures; Ribbit Capital
Sep-13 Calastone Limited €13.5 Accel Management Co, Inc.; Octopus Investments Limited
Aug-13 Powa Technologies Ltd. €56.6 Wellington
Jun-13 Payleven Holding GmbH €11.8 Rocket Internet GmbH
Jan-13 Paymill €10.0 Holtzbrinck Ventures and Sunstone
Jan-13 Payleven €11.8 NEA, Holtzbrinck et al.
Dec-12 CloudPay Solutions Limited €12.2 Rho Capital Partners, Inc.; Pinnacle Investment Partners, LP
Dec-12 Kreditech €5.3 Blumberg Capital / Point Nine Capital
Aug-12 SumUp Limited €15.9 B-To-V Partners AG; Tengelmann Ventures GmbH; Shortcut Ventures GmbH
Aug-12 OpenGamma Limited €12.2 Accel Management Co, Inc.; FirstMark Capital, L.L.C.; ICAP plc; Euclid Opportunities Fund
Jun-12 iZettle AB €31.2
Greylock Partners; Index Ventures; American Express Company; Northzone Ventures; SEB Venture Capital; MasterCard
Incorporated; Creandum AB
May-12 Notemachine Holdings Ltd. €12.4 European Capital Ltd
Mar-12 Funding Circle Ltd. €12.1 Index Ventures; Union Square Ventures
Selected Communications Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Apr-14 Nujira Limited €14.8
Amadeus Capital Partners Limited; Investec Bank Plc; GAM (UK) Ltd.; Environmental Technologies Fund LP; Climate
Change Capital Asset Management; RobecoSAM Private Equity; New Energy Solutions Management ApS
Mar-14 Anaveo Groupe SA €8.4 Viveris Management SAS; CM-CIC Capital Finance
Jan-14 FON Wireless Ltd. €10.3
Google Inc.; Index Ventures; Deutsche Telekom AG; QUALCOMM Ventures; Coral Group; Atomico Investment Holdings
Limited
Nov-13 Compass EOS Ltd. €31.1
Benchmark Capital; North Bridge Venture Partners; Comcast Ventures; T-Venture Holding GmbH; Pitango Venture
Capital; Cisco Systems, Investment Arm; RusNano; Marker LLC
Sep-13 NewVoiceMedia Limited €25.9 Bessemer Venture Partners; Highland Capital Partners; Eden Ventures Ltd.; Notion Capital Partners LLP
Jan-13 NewVoiceMedia Limited €14.8 Highland Capital Partners; MMC VENTURES Ltd; Eden Ventures Ltd.; Notion Capital Partners LLP
Aug-12 Ubiquisys Ltd. €15.5
Accel Management Co, Inc.; Advent Venture Partners; Atlas Venture L.P.; Mobile Internet Capital Inc.; Nissay Capital
Co.,Ltd; Yasuda Enterprise Development Co. Ltd.; Sallfort Privatbank AG; 5 Continents Consulting Group
Jul-12 Newtec Cy N.V €19.0 Participatiemaatschappij Vlaanderen NV
Jun-12 Openet Telecom Limited €12.7 Kreos Capital; Cross Atlantic Capital Partners LLC; Balderton Capital; NS Solutions Corp., Investment Arm

Selected Internet/Digital Media Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Apr-14 Farfetch €47.5 Vitruvian Partners, Condé Nast International, Advent Ventures , Richard Chen
Apr-14 Delivery Hero Holding GmbH €61.5 Luxor Capital Group, LP
Mar-14 Sportority Limited €13.1 Battery Ventures; Gemini Israel Funds; Dawn Capital
Mar-14 Hoccer Betriebs GmbH €50.0 Media Ventures GmbH
Feb-14 Socialbakers Ltd. €18.9 Index Ventures; Earlybird Venture Capital GmbH & Co. KG
Feb-14 True Software Scandinavia AB €13.8 Sequoia Capital India; Open Ocean Capital Ltd.
Jan-14 SoundCloud €43.6
GGV Capital; Index Ventures; Institutional Venture Partners; Kleiner Perkins Caufield & Byers; The Chernin Group, LLC;
Union Square Ventures
Jan-14 Delivery Hero Holding GmbH €64.5 Insight Venture Partners
Jan-14 Trustpilot A/S €18.3 Draper Fisher Jurvetson; DFJ Esprit LLP; Index Ventures; Northzone Ventures; SEED Capital Denmark
Nov-13 MediaSift Limited €30.9
Upfront Ventures; Insight Venture Partners; Scale Venture Partners; Northgate Capital Group, L.L.C.; Cendana Capital; IA
Ventures; Daher Capital
Nov-13 Spotify Limited €185.5 Technology Crossover Ventures
Oct-13 Skyscanner Ltd. - Sequoia Capital
Jul-13 Shazam Entertainment Ltd. €31.2 America Movil S.A.B. de C.V.
Jul-13 Ocapo Limited €11.1 Northzone Ventures; BOOST&Co SAS
Jun-13
Wrapp (Bohemian Wrappsody
AB)
€11.3
Greylock Partners; American Express Company; QUALCOMM Ventures; SEB Venture Capital; Creandum AB; Atomico
Investment Holdings Limited
May-13 Urturn €10.4 Debiopharm Group; Balderton Capital
May-13 Dailymotion SA €50.0 Orange
May-13 Hellofood (Jade 1352. GmbH) €15.3 Investment AB Kinnevik; Rocket Internet GmbH; Phenomen Ventures
May-13 Affinitas GmbH €22.2
IBB Beteiligungsgesellschaft GmbH; Holtzbrinck Ventures Gmbh; Rocket Internet GmbH; PDV Inter-Media Venture
GmbH
Apr-13 ResearchGATE GmbH €26.8 Benchmark Capital; The Founders Fund; Tenaya Capital; Thrive Capital; Dragoneer Investment Group, LLC
Apr-13 Supercell Oy €96.1 Institutional Venture Partners; Index Ventures; Atomico Investment Holdings Ltd.
Mar-13 Farfetch.com Limited €15.3 Advent Venture Partners; e.ventures; Index Ventures; Advance Magazine Publishers Inc.
Mar-13 Softonic International S.L. €79.2 Partners Group Holding AG
Feb-13 Game Insight LLC €18.4 IMI.VC
Jan-13 Appgratis (iMediapp SAS) €10.2 Iris Capital
Dec-12 Hailo Network Limited €22.5
Accel Management Co, Inc.; Wellington Partners Venture Capital GmbH; KDDI Corporation; Union Square Ventures;
Felicis Ventures; Atomico Investment Holdings Limited; Forward Investment Partners; Red Swan Ventures; Phenomen
Ventures
Dec-12 Trustpilot A/S €10.1 Index Ventures; Northzone Ventures; SEED Capital Denmark
Oct-12 Trustpilot A/S €31.1 Accel Management Co, Inc.; Index Ventures; Balderton Capital
Oct-12 Deezer.com €100.0 IDInvest Partners; Access Industries, Inc.
Sep-12
Broadbandchoices.co.uk
(Decision Technologies)
€12.6 Business Growth Fund plc
Sep-12 Criteo SA €30.0 Bessemer Venture Partners; Adams Street Partners, LLC; SAP Ventures; Index Ventures; SoftBank Capital; YJ Capital
Aug-12 Delivery Hero Holding GmbH €63.1
Kreos Capital; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; ru-Net II; Tengelmann Ventures GmbH;
Kite Ventures; Point Nine Capital; Phenomen Ventures
Aug-12 Deezer.com €30.0 Access Industries
Jun-12
Lieferando (yd. yourdelivery
GmbH)
€15.0
Deutsche Investitions- und Entwicklungsgesellschaft mbH; Logan Capital AG; DuMont Venture Holding GmbH & Co. KG;
Macquarie Capital Group Limited; Moraún Investments SA; Rheingau Ventures GmbH; BCM Bruker Capital Management
GmbH
Jun-12 Westwing Home & Living GmbH €40.1 Summit Partners; Holtzbrinck Ventures Gmbh; Investment AB Kinnevik; Access Industries, Inc.; Rocket Internet GmbH
May-12 Fotolia LLC €118.0 KKR
May-12 Supponor Oy €14.0 Sports Investment Partners LLP

Selected Internet/Digital Media Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Apr-12 Just-Eat Group Holdings Ltd €48.4 Greylock Partners; Redpoint Ventures; Index Ventures; Vitruvian Partners LLP
Apr-12 Viadeo S.A. €24.0
Allianz Capital Partners GmbH; IDInvest Partners; Ventech; Bpifrance Participations SA; Jefferies Group, Inc., Investment
Arm
Mar-12 Hailo Network Limited €12.8 Accel Management Co, Inc.; Atomico Investment Holdings Limited
Mar-12 Wikimart Ltd. €23.0 Tiger Global Management LLC
Mar-12
Axel Springer Digital Classifieds
GmbH
€239.5 General Atlantic Coöperatief U.A.
Feb-12 Delivery Hero Holding GmbH €25.0
ruNet Holdings Limited; Holtzbrinck Ventures Gmbh; Team Europe Management GmbH; Tengelmann Ventures GmbH;
Kite Ventures
Jan-12 Playcast Media Systems Ltd. €16.3 Jerusalem Venture Partners; Xenia Venture Capital
Jan-12 Farfetch.com Limited €14.2 Advent Venture Partners; e.ventures; Index Ventures
Jan-12 SoundCloud Ltd. €38.7 Kleiner, Perkins, Caufield & Byers; GGV Capital
Selected Technology Services Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Feb-14
FACELIFT brand building
technologies GmbH
€11.0 Corporate Finance Partners
Oct-13 PTS Consulting Group Plc €10.3 Business Growth Fund plc
Sep-13 Exclusive Networks SAS €12.0 Omnes Capital; Edmond de Rothschild Investment Partners, S.A.S.; Socadif SA, SCR
Sep-13 Inoapps Limited €11.9 Business Growth Fund plc
Jul-12
Six Degrees Technology Group
Ltd
€10.2 Penta Capital
Jul-12 Sportradar AG €44.0 EQT Partners AB
Mar-12 Pulsant Limited €28.7 Bridgepoint Development Capital
Sources: Capital IQ and Mergermarket as of April 25, 2014

Selected Semiconductors Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Mar-14 glo AB €21.6
Teknoinvest AS; Wellington Partners Venture Capital GmbH; Foundation Asset Management AB; Nano Future Invest AS;
Contango Kapital AS
Dec-13 XMOS, Ltd. €10.3 Foundation Capital; DFJ Esprit LLP; Amadeus Capital Partners Limited
Nov-13 Hanwha Q CELLS GmbH €138.8 Hanwha Chemical Corp.
Sep-13 Thin Film Electronics ASA €17.5 INVESCO Asset Management Limited
Aug-13 Movidius Ltd. €12.5
DFJ Esprit LLP; Dublin Business Innovation Centre, Investment Arm; Enterprise Equity (Irl) Limited; Western
Investment Fund; Atlantic Bridge; Capital-E NV; Robert Bosch Venture Capital GmbH
Jul-13 Crocus Technology SA €34.0
IDInvest Partners; Sofinnova Ventures, Inc.; Ventech; Innovation Capital SAS; NanoDimension Management Limited;
Industrial Investors; RusNano
Aug-12 MAPPER Lithography B.V. €80.0 Parcom Capital; DEMCON Holding B.V.; RusNano; Technolution B.V.; NL Agency; Hoving & Partners S.A.
Selected Applied Technology and Systems Private Capital Financings
(€ in millions)
Announced
Date Issuer
Transaction
Value Investors
Apr-14
Scytl Secure Electronic Voting,
S.A.
€29.1 Vulcan Capital
Jan-14 Eyefreight BV €9.0 De Hoge Dennen Capital PE BV; Global Cleantech Capital Fund B.V.
Jan-14 Idex ASA €35.9 INVESCO Asset Management Limited
Feb-13 Leosphere, Inc. €21.0 ORAXYS S.A.
Nov-12 Tattile srl €15.0 Ambienta SGR S.p.A.
Sep-12
Wireless Energy Management
Systems International Limited
€16.3 WHEB Partners; Hermes GPE
Jun-12 Power Plus Communications AG €12.0 Siemens Venture Capital GmbH; Climate Change Capital Asset Management; British Gas Energy Services Ltd.
Jun-12 Flatfrog Laboratories AB €20.0 The Invus Group, LLC; Intel Capital; Sunstone Capital A/S
May-12 Exosun SAS €12.0
Omnes Capital; Grand Sud Ouest Capital, S.C.R. SA.; French Environment and Energy Management Agency; Crédit
Agricole Aquitaine Expansion, SAS
Mar-12 Tobii Technology AB €16.1 Amadeus Capital Partners Limited; Intel Capital; Investor Growth Capital; Northzone Ventures
Mar-12 Heliatek GmbH €60.0 BASF; Bosch; RWE
Mar-12 Aldebaran Robotics, SA €38.8 SoftBank Corp.

Selected Technology IPOs
Date Issuer Offering Size
% Price Change
Offer/Current
% of Total Offering
Stock Exchange SectorPrimary Secondary
Filed Materialise NV €90.9 - - - Nasdaq Global Market Software
Apr-14 BravoFly SA €210.7 (5.0%) 45.5% 54.5% Six Swiss Exchange Internet and Digital Media
Apr-14 Eagle Eye Solutions Ltd €8.2 9.8% 89.1% 10.9% London Stock Exchange Financial Technology
Mar-14 XLMedia plc €50.1 38.8% 78.5% 21.5% London Stock Exchange AIM Market Internet and Digital Media
Mar-14 boohoo.com plc €361.8 8.5% 100.0% 0.0% London Stock Exchange AIM Market Internet and Digital Media
Mar-14 Triboo Media S.p.A. €24.0 32.5% 90.0% 10.0% Borsa Italiana Internet and Digital Media
Feb-14 JUST EAT plc €435.7 (10.4%) 27.8% 72.2% London Stock Exchange Internet and Digital Media
Feb-14 AO World Plc €514.9 (15.8%) 14.2% 85.8% London Stock Exchange Internet and Digital Media
Feb-14 King Digital Entertainment plc €362.6 (17.7%) 70.0% 30.0% New York Stock Exchange Internet and Digital Media
Nov-13 Arria NLG Plc €123.5 (65.0%) 100.0% 0.0% London Stock Exchange AIM Market
Applied Technologies and
Systems
Nov-13 Napatech A/S €16.7 (22.4%) 83.3% 16.7% Oslo Bors Communications
Nov-13 GameAccount Network plc €26.6 (17.4%) 100.0% 0.0% London Stock Exchange AIM Market Internet/Digital Media
Oct-13 Servelec Group plc €147.7 54.2% 0.0% 100.0% London Stock Exchange
Systems
Oct-13 Tungsten Corporation €185.2 3.6% 100.0% 0.0% London Stock Exchange AIM Market Software
Oct-13 Criteo SA €208.8 (6.6%) 100.0% 0.0% Nasdaq Internet/Digital Media
Jun-13 Keywords International Ltd. €32.5 30.9% 35.7% 64.3% London Stock Exchange AIM Market Technology Services
May-13 Outsourcery PLC €14.8 (17.7%) 100.0% 0.0% London Stock Exchange AIM Market Technology Services
May-13 Luxoft Holding, Inc. €53.2 65.2% 50.0% 50.0% New York Stock Exchange Technology Services
Mar-13 Qiwi plc €162.9 62.1% 0.0% 100.0% Nasdaq Global Select Financial Technology
Mar-13 Asetek A/S €25.6 4.4% 75.0% 25.0% Oslo Bors Software
Aug-12 Fleetmatics Group PLC €102.2 76.4% 70.0% 30.0% New York Stock Exchange Software
May-12 Etherstack plc €41.4 (82.5%) 50.0% 50.0% Australian Securities Exchange Communications
May-12 WANdisco plc €22.4 381.9% 100.0% 0.0% London Stock Exchange AIM Market Software
Feb-12 INSIDE Secure €69.0 (55.7%) 100.0% 0.0% Euronext Paris Semiconductors
Jan-12 AVG Technologies N.V. €97.0 15.6% 50.0% 50.0% New York Stock Exchange Software
Median €90.9
Average €135.5
Sources: Capital IQ as of April 25, 2014

Selected Technology Follow-on Offerings
% Price Change
Offer/Current
% of Total Offering
Mar-14 Monitise plc €130.9 (8.5%) 100.0% 0.0% London Stock Exchange AIM Market Financial Technology
Mar-14 Phoenix IT Group PLC €10.3 1.3% 100.0% 0.0% London Stock Exchange Technology Services
Mar-14 Criteo SA €236.3 (35.7%) 10.0% 90.0% Nasdaq Global Select Internet / Digital Media
Feb-14 Wirecard AG €366.8 (9.1%) 100.0% 0.0% XETRA Trading Platform Financial Technology
Feb-14 Innovation Group plc €80.1 1.6% 100.0% 0.0% London Stock Exchange Software
Feb-14 Expert System S.p.A. €17.3 17.8% 100.0% 0.0% Borsa Italiana
Systems
Feb-14 Idex ASA €35.4 19.6% 100.0% 0.0% Oslo Bors
Systems
Jan-14 Incadea Plc €14.0 (2.4%) 100.0% 0.0% London Stock Exchange AIM Market Software
Jan-14 SolarWorld AG €174.8 (8.0%) 100.0% 0.0% XETRA Trading Platform Semiconductors
Dec-13 Fingerprint Cards AB €13.3 17.2% 100.0% 0.0% OMX Nordic Exchange Stockholm
Applied Technology and
Systems
Dec-13 NXP Semiconductors NV €771.9 38.5% 0.0% 100.0% Nasdaq Global Select Semiconductors
Nov-13 Manz AG €26.9 5.4% 100.0% 0.0% XETRA Trading Platform
Systems
Nov-13 Sequans Communications S.A. €16.7 4.4% 100.0% 0.0% New York Stock Exchange Semiconductors
Nov-13 Redcentric plc €76.2 45.0% 100.0% 0.0% London Stock Exchange AIM Market Technology Services
Nov-13 Cancom SE €56.0 35.4% 100.0% 0.0% XETRA Trading Platform Technology Services
Nov-13 Quindell Plc €251.5 53.1% 0.0% 100.0% London Stock Exchange AIM Market Software
Nov-13 Sapiens International Corp. NV €40.6 21.1% 100.0% 0.0% Nasdaq Capital Market Software
Nov-13
SQS Software Quality Systems AG
(AIM:SQS)
€13.7 30.0% 100.0% 0.0% London Stock Exchange AIM Market Software
Nov-13 Opera Software ASA €66.6 12.4% 100.0% 0.0% Oslo Bors Software
Nov-13 Opus Group AB €17.4 42.4% - - OMX Nordic Exchange Stockholm
Systems
Nov-13 Seamless Distribution AB €36.4 (19.5%) 100.0% 0.0% OMX Nordic Exchange Stockholm Financial Technology
Nov-13 Alcatel-Lucent, S.A. €956.7 37.4% 100.0% 0.0% Euronext Paris Communications
Oct-13 Aixtron SE €101.2 16.8% 100.0% 0.0% Deutsche Boerse AG Semiconductors
Oct-13 Nanoco Group plc €11.8 (1.3%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors
Oct-13 Globo plc €28.5 13.7% 100.0% 0.0% London Stock Exchange AIM Market Software
Sep-13 WANdisco plc €22.6 21.7% 100.0% 0.0% London Stock Exchange AIM Market Software
Sep-13 QIWI plc €177.6 (9.7%) 0.0% 100.0% Nasdaq Global Select Financial Technology
Sep-13 Fleetmatics Group plc €207.0 (35.9%) 0.0% 100.0% New York Stock Exchange Software
Sep-13 NXP Semiconductors NV €708.8 56.4% 0.0% 100.0% Nasdaq Global Select Semiconductors
Jul-13 Fleetmatics Group plc €266.9 (9.1%) 9.2% 90.8% New York Stock Exchange Software
Jun-13 Soitec S.A. €71.5 33.8% 100.0% 0.0% Euronext Paris Semiconductors
May-13 1Spatial Plc €21.1 18.8% 100.0% 0.0% London Stock Exchange AIM Market Software
Mar-13 Atos S.A. €129.2 (97.7%) 0.0% 100.0% Euronext Paris Services
Mar-13 Yandex N.V. €423.4 5.5% 0.0% 100.0% Nasdaq Global Select Internet/Digital Media
Mar-13 NXP Semiconductors NV €599.5 87.5% 0.0% 100.0% Nasdaq Global Select Semiconductor
Feb-13 Mail.ru Group €406.7 (26.2%) 0.0% 100.0% London Stock Exchange Internet/Digital Media
Feb-13 Tomorrow Focus AG €19.2 7.7% 100.0% 0.0% Deutsche Borse Internet/Digital Media
Feb-13 NXP Semiconductors NV €672.3 94.0% 0.0% 100.0% Nasdaq Global Select Semiconductors
Jan-13 Fleetmatics Group PLC €150.4 20.0% 0.0% 100.0% New York Stock Exchange Software
Jan-13 IQE Public Limited Company €20.1 (21.6%) 100.0% 0.0% London Stock Exchange AIM Market Semiconductors
Dec-12 Monitise plc €123.0 107.5% 100.0% 0.0% London Stock Exchange AIM Market Software
Nov-12 Quindell Portfolio Plc €24.9 88.5% 100.0% 0.0% London Stock Exchange AIM Market Software
Nov-12 Quindell Portfolio Plc €33.1 88.5% 100.0% 0.0% London Stock Exchange AIM Market Software
Oct-12 Fleetmatics Group PLC €113.1 344.3% 69.6% 30.4% New York Stock Exchange Software
Apr-12 itelligence AG €36.8 - 100.0% 0.0% Frankfurt Stock Exchange Prime Standard Services
Mar-12 Wirecard AG €139.5 117.3% - - Frankfurt Stock Exchange Financial Technology
Feb-12 Quindell Portfolio Plc €38.3 263.0% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology

Selected Technology Follow-on Offerings
% Price Change
Offer/Current
% of Total Offering
Feb-12 Brady plc €21.6 1.3% 100.0% 0.0% London Stock Exchange AIM Market Financial Technology
Median €69.0
Average €166.2
Sources: Capital IQ as of April 25, 2014

Disclosures 30
30 Disclosures
Disclosures
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This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at professional clients and eligible counterparties (as defined in
cobs 3.5 and 3.6 of the FCA handbook). This is an advertisement and is not intended to be investment advice, marketing communication or investment research. Although every precaution has been
taken to ensure the details in the Technology report are accurate, no reliance should be placed on these details.
William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com
May 8, 2014

William Blair’s investment banking group combines signi icant transaction experience,
rich industry knowledge, and deep relationships to deliver successful advisory and
inancing solutions to our global base of corporate clients. We serve both publicly traded
and privately held companies, executing mergers and acquisitions, growth inancing,
inancial restructuring, and general advisory projects. This comprehensive suite of
services allows us to be a long-term partner to our clients as they grow and evolve. From
2010 - 2013, the investment banking group completed 250 merger-and-acquisition
transactions worth more than $52 billion in value, involving parties in 27 countries and
four continents, was an underwriter on over 20% of all U.S. initial public offerings and
arranged more than $11.5 billion of debt inancing.
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European technology sector financing q1 2014

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