February 2015 Monthly Flash Report

Software Equity Group
Flash Report
Select M&A Transactions and Valuations
and
Financial and Valuation Performance of 250+
Publicly Traded Software, SaaS and Internet
Companies by Product Category

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ABOUT SOFTWARE EQUITY GROUP

List of Commonly Used Acronyms

Additions: Company Ticker Index
SEG Index Changes
Category
Box, Inc. BOX SaaS SaaS Other
Removals:
Acquired by OpenText Corporation ($306.9 m)
Previous Category
- Software
Business Intelligence & Development
Platforms
Company Ticker Previous Index
Actuate Corporation

List of Commonly Used Acronyms

Table of Contents
SEG Software Index
Select Software Industry M&A Transactions
SEG SaaS Index
SEG Internet Index

SEG Software Index
Select Software Industry M&A Transactions
SEG SaaS Index
SEG Internet Index

Select January 2015 Software Industry M&A Transactions
Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-01-2015 Chemistry Communications Inc. Chemistry Atlanta - - - -
Jan-01-2015 AIM Silicon Prairie News - - - -
Jan-02-2015 Redglaze Group, LLC Alt Studios LLC - - - -
Jan-02-2015 Elektrobit Technologies Oy Birdstep Technology Oy - $2.4 - -
Jan-02-2015 Cidron Delfi Intressenter Holding AB Tbricks AB $5.7 - - -
Jan-02-2015 Genstar Capital, LLC Telestream, Inc. - - - -
Jan-05-2015 Aveva Group plc (LSE:AVV) 8over8 Limited - $41.0 - -
Jan-05-2015 Chocolate Inn / Taylor & Grant A La Carte Inc. - - - -
Jan-05-2015 360House.com, Inc. California Image Maker, Inc. - - - -
Jan-05-2015 Lexmark Canada Inc.; Lexmark International Technology S.A. Claron Technology Inc., Substantially All Assets - $37.0 - -
Jan-05-2015 NeuLion, Inc. (TSX:NLN) DivX, LLC - $66.0 - -
Jan-05-2015 Complete Innovations Inc. FieldWorker Products Ltd. - - - -
Jan-05-2015 Galasys Holdings Ltd I Logic Solutions Sdn. Bhd. - $2.0 - -
Jan-05-2015 Open Text Corporation (NasdaqGS:OTEX) Informative Graphics Corporation - - - -
Jan-05-2015 Zumasys, Inc. jBASE Software Inc. - - - -
Jan-05-2015 Daum Kakao Corp. (KOSDAQ:A035720) Kids Note, Inc. - - - -
Jan-05-2015 Main Capital Partners B.V. OnGuard International Holding BV - - - -
Jan-05-2015 React2Media, LLC React2Apps, LLC - - - -
Jan-05-2015 Snipp Interactive Inc. (TSXV:SPN) Swiss Post Solutions Ireland Limited - - - -
Jan-05-2015 Facebook, Inc. (NasdaqGS:FB) Wit.AI, Inc. - - - -
Jan-05-2015 Chengdu Santai Electronics Industry Co., Ltd. (SZSE:002312) Yantai Weian Information Technology - $120.6 - -
Jan-06-2015 Alert Logic, Inc. Achilles Guard, Inc. - - - -
Jan-06-2015 LexisNexis Risk Solutions Inc. BAIR Analytics Inc. - - - -
Jan-06-2015 Esker SA (ENXTPA:ALESK) CalvaEDI SAS $2.7 $7.2 2.6x -
Jan-06-2015 Forming Technologies, Inc. FTI Rand Japan KK - - - -
Acquirer
Jan-06-2015 Saban Brands LLC Mambo Graphics Pty. Ltd. - - - -
Jan-06-2015 Caring, Inc. Moseo Corp. - - - -
Jan-06-2015 Doxim Inc. Neocog Technologies Inc. - - - -
Jan-06-2015 Everbridge, Inc. Nixle, LLC. - - - -
Jan-06-2015 NetVoyage Corporation Recommind, Inc., Decisiv Email Business - - - -
Jan-06-2015 Meredith Corporation (NYSE:MDP) Selectable Media Inc. - - - -
Jan-06-2015 Talentpeople SARL SELEXENS Marseille - - - -
Jan-06-2015 Naylor, LLC Timberlake Membership Software LLC - - - -
Jan-07-2015 MadCap Software, Inc. ComponentOne LLC, Doc-To-Help - - - -
Jan-07-2015 Silver Spring Networks, Inc. (NYSE:SSNI) Detectent, Inc. - $12.0 - -
Jan-07-2015 Cvent, Inc. (NYSE:CVT) Elite Meetings International, LLC - - - -
Jan-07-2015 Insync Municipal Systems, Inc. First Byte Corporation - - - -
Jan-07-2015 Kauppalehti Oy JM Tieto Oy - - - -
Jan-07-2015 maxHeap Technologies Pvt. Ltd. Nativebeta Private Limited - - - -
Jan-07-2015 IVANS Insurance Solutions NxTech Incorporated - - - -
Jan-07-2015 Parallel 6, Inc. the Agency san diego - - - -
Jan-07-2015 Hike Ltd. Thought Mechanics Inc. - - - -
Jan-08-2015 rEvolution LLC Act(s) Marketing, Inc. - - - -
Jan-08-2015 TalkTalk Telecom Group PLC (LSE:TALK) blinkbox Entertainment Limited and Tesco Broadband and Voice Base - - - -
Jan-08-2015 Mercadolibre, Inc. (NasdaqGS:MELI) Business Vision S.A. - - - -
Jan-08-2015 Odyssey Music Group Cricket Communications, Inc., Muve Music - - - -
Jan-08-2015 Groupe Express-Roularta SA Decovery SAS - - - -
Jan-08-2015 Dun & Bradstreet Corp. (NYSE:DNB) Dun & Bradstreet NetProspex - $125.0 - -
Jan-08-2015 HelpSystems, LLC Halcyon Software, Inc. - - - -
Jan-08-2015 TripAdvisor Inc. (NasdaqGS:TRIP) Iens.nl - - - -
Jan-08-2015 Delivery Hero Holding GmbH PizzaTime s.r.o. and E-Aggregator s.r.o. - - - -

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-08-2015 Facebook, Inc. (NasdaqGS:FB) Quickfire Networks Corporation - - - -
Jan-08-2015 Huron Legal (UK) Limited Sky Analytics, Inc. - - - -
Jan-08-2015 Virtus Partners, LLC Trade Settlement, Inc. - - - -
Jan-08-2015 Sonus Networks, Inc. (NasdaqGS:SONS) Treq Labs, Inc., Software Defined Networking Business - $79.3 - -
Jan-08-2015 Bright Mountain, LLC USMC Life, LLC $0.0 $0.2 7.9x -
Jan-09-2015 IFIS Japan Ltd. (TSE:7833) CREO Networks CO.,LTD., Media Platform Business $1.0 $0.9 0.9x -
Jan-09-2015 Flatiron Media LLC Crossboard Mobile - - - -
Jan-09-2015 The Berry Company, LLC Crossboard Mobile, Self Serve Ad Leads Platform Business - - - -
Jan-09-2015 Rubicon Communications Ltd. Foodwise Company Limited - - - -
Jan-09-2015 Billups, Inc. HEED Media - - - -
Jan-09-2015 Corporation Service Company, Inc. PropertyInfo Corporation, Inc., eRecording Submitter Business - - - -
Jan-09-2015 Packaging Logistics Services Ltd. RTI Manager - - - -
Jan-09-2015 Bytemark Computer Consulting Ltd. Swordfish Hosting Ltd - - - -
Jan-09-2015 LG Uplus Corp. (KOSE:A032640) Ticket Monster Inc. - - - -
Jan-11-2015 Baocheng Investment Co., Ltd. (SHSE:600892) Shenzhen Taole Network Technology Co., Ltd. - $130.9 - -
Jan-12-2015 Worldwide Interactive Services, LLC Alternative Computing Environments - - - -
Jan-12-2015 Isimedia SAS Armstrong Solutions Corporation $7.5 - - -
Jan-12-2015 Marlin Equity Partners, LLC Asentinel LLC - - - -
Jan-12-2015 tracsion, Inc. CrushAds, LLC - - - -
Jan-12-2015 DG3 LLC Digital Publishing Solutions, Inc. - - - -
Jan-12-2015 HTML.it s.r.l. Hedume Srl - - - -
Jan-12-2015 BroadSoft, Inc. (NasdaqGS:BSFT) Leonid Systems, Inc. - - - -
Jan-12-2015 Capital One Financial Corporation (NYSE:COF) Level Money, Inc. - - - -
Jan-12-2015 Argus Media, Inc. Metalprices.com, Inc. - - - -
Jan-12-2015 Fractal Analytics Inc. Mobius Innovations Pte. Ltd. - - - -
J 12 2015 Ti d I N k I
Acquirer
Jan-12-2015 Tinder, Inc. Namesake, Inc. - - - -
Jan-12-2015 Symantec Corporation (NasdaqGS:SYMC) Narus, Inc. - - - -
Jan-12-2015 Elsevier B.V. newsflo ltd - - - -
Jan-12-2015 M6 Web Oxygem, SAS - - - -
Jan-12-2015 Citrix Systems, Inc. (NasdaqGS:CTXS) Sanbolic, Inc. - - - -
Jan-12-2015 Elevation Advertising, LLC Scalability Project, LLC - - - -
Jan-12-2015 LocoMobi, Inc. Smart Marketing Concepts Inc. - - - -
Jan-12-2015 Demandware, Inc. (NYSE:DWRE) Tomax Corporation - $75.0 - -
Jan-12-2015 Aptean, Inc. Verdiem Corporation - - - -
Jan-12-2015 Zomato Media Pvt. Ltd. Wanderspot LLC - $52.0 - -
Jan-13-2015 Bonnier Business (Polska) sp. z o.o. Bankier.pl S.A. - - - -
Jan-13-2015 Coligny Capital Ltd. Bisnode Business Information Group AB, French Operation $18.1 - - -
Jan-13-2015 Contractors Register, Inc. BuildingBlok LLC - - - -
Jan-13-2015 Bentley Systems, Incorporated C3 Global Ltd - - - -
Jan-13-2015 Admedo Ltd Dispop.com - - - -
Jan-13-2015 Mentor Graphics Corp. (NasdaqGS:MENT) Flexras Technologies Sas - - - -
Jan-13-2015 Zumzi/Kolketiva Gruper Sp z o.o. - - - -
Jan-13-2015 Bottomline Technologies (de), Inc. (NasdaqGS:EPAY) IntellinX Ltd. - $84.9 - -
Jan-13-2015 TabTale Ltd. Level Bit - - - -
Jan-13-2015 Kabam, Inc. Magic Pixel Games, LP - - - -
Jan-13-2015 Connect PR Limited Seal Communications Ltd. - - - -
Jan-13-2015 Wolf Communications & Public Relations Talk Ahead - - - -
Jan-13-2015 Kabam, Inc. TapZen, Inc. - - - -
Jan-13-2015 Softonic International, S.A. TipSense, LLC - $6.0 - -
Jan-13-2015 Fair Isaac Corporation (NYSE:FICO) TONBELLER AG - - - -
Jan-13-2015 Compusearch Software Systems, Inc. TopVue Defense, Inc. - - - -

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-13-2015 KPMG Oy Ab Trusteq Oy - - - -
Jan-13-2015 TravelClick, Inc. Tvtrip.com $5.1 - - -
Jan-13-2015 Gravity4, Inc. Zurmo Inc. - - - -
Jan-14-2015 51Talk 91waijiao.com - - - -
Jan-14-2015 Hi-Media S.A. (ENXTPA:HIM) Admoove $2.0 $2.4 1.2x -
Jan-14-2015 Pinnacle Asset Integrity Services, L.L.C. Advanced Reliability Technologies LLC - - - -
Jan-14-2015 Kinetic Supply Company, LLC Brockton Creative Group - - - -
Jan-14-2015 Marketsmith, Inc. Brushfire, Inc. - - - -
Jan-14-2015 Open Wide S.A. Créalie SAS - - - -
Jan-14-2015 iMedia International Inc. KloudSign LLC - - - -
Jan-14-2015 Foolproof Ltd. Knit Limited - - - -
Jan-14-2015 Kreditech Holding SSL GmbH Kontomierz.pl Sp. z o. o. $1.2 - - -
Jan-14-2015 Zayo Group, LLC Latisys Holdings, LLC - $675.0 - -
Jan-14-2015 Synacor, Inc. (NasdaqGM:SYNC) NimbleTV, Inc. - - - -
Jan-14-2015 Quantum Digital Development Reach Corporate - - - -
Jan-14-2015 Tubular Labs, Inc. ReelVideo, LLC - - - -
Jan-14-2015 Travelstart Online Travel Operations Pty LTD Satisfly Limited - - - -
Jan-14-2015 eCommerce Industries, Inc. Spruce Computer Systems, Inc. - - - -
Jan-14-2015 Domino2030 Inc. Sunible Inc. - - - -
Jan-14-2015 TOUCH Associates Ltd Touch Real-time - - - -
Jan-14-2015 UF-PT Limited Userfarm S.p.A. - - - -
Jan-14-2015 Inverness Graham Investments Velosecure, LLC - - - -
Jan-15-2015 Shutterstock, Inc. (NYSE:SSTK) Arbour Interactive Inc. - $41.7 - -
Jan-15-2015 Rural Telephone Service Company, Inc. Computer Solutions, Inc. - - - -
Jan-15-2015 Party Reflections, Inc. Displays Unlimited, Inc. - - - -
Acquirer
Jan-15-2015 MailerMailer LLC Domainate, Inc., Listcast - - - -
Jan-15-2015 DMi, Inc. Eutechnyx Limited, Certain NASCAR Game Assets - - - -
Jan-15-2015 Shoutz Inc. Front Flip, LLC - - - -
Jan-15-2015 Bright Light PR Limited MLPR Ltd. - - - -
Jan-15-2015 BayWa AG (DB:BYW) PC-Agrar GmbH - - - -
Jan-15-2015 Zaner-Bloser, Inc. Rowland Reading Foundation, Superkids K-2 Core Reading Program - - - -
Jan-15-2015 Artnews Ltd. Skate's, LLC - $0.2 - -
Jan-15-2015 Kindy PTY Ltd Social Hands - - - -
Jan-16-2015 Hengtong Optic-electric Co., Ltd. (SHSE:600487) Beijing Wajinke Information Technology Corporation Limited - $69.6 - -
Jan-16-2015 3es innovation Inc. Canadian Oil and Gas Software Solutions - - - -
Jan-16-2015 The Mobile Majority Elastic - - - -
Jan-16-2015 Penton Media, Inc. iNET Interactive, LLC - - - -
Jan-16-2015 SimplyCircle Inc. Jooners Inc., Just Between Friends, Inc., Qlubb, Inc. and Causera Inc. - - - -
Jan-16-2015 Nashville Post Co., Inc. Southern/Alpha LLC - - - -
Jan-16-2015 Inspired Gaming Group Limited We R Interactive Ltd - - - -
Jan-16-2015 Evolve IP, LLC Webcore Technologies, Inc. - - - -
Jan-16-2015 Phantom Fiber Corporation (OTCPK:PHFB) XoDoc Technologies, LLC - - - -
Jan-18-2015 Cranford Johnson Robinson Woods, Inc. Heathcott Associates Inc. - - - -
Jan-19-2015 MindTree Limited (BSE:532819) Discoverture Solutions, LLC - $15.0 - -
Jan-19-2015 Megiedon, a.s. Profimedia International s.r.o. - - - -
Jan-19-2015 GMO Internet Inc. (TSE:9449) Route Mobile $0.3 - - -
Jan-19-2015 Crèche Attitude SAS SAS BBbook - - - -
Jan-19-2015 Tastebud Technologies, Inc. SocialCrunch LLC - - - -
Jan-20-2015 Jiangsu Wutong Communications Co.,Ltd. (SZSE:300292) AdIn Media (Shanghai) Co., Ltd. - $217.1 - -
Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Beijing Aspiration Advertisement Co., Ltd. - $151.9 - -
Jan-20-2015 NCC Group plc. (LSE:NCC) Clearinghouse for Intellectual Property S.A. And Nexperteam CVBA - - - -

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-20-2015 Ipreo Holdings LLC ClearMomentum, Inc. - - - -
Jan-20-2015 Dropbox Inc. CloudOn, Inc - - - -
Jan-20-2015 Microsoft Corporation (NasdaqGS:MSFT) Equivio Ltd. - - - -
Jan-20-2015 GTCR, LLC; Adams Outdoor Advertising, Inc. Fairway Outdoor Advertising, LLC - - - -
Jan-20-2015 Fundamental Applications Corp. (DB:2FA) Foro Technologies Inc. - - - -
Jan-20-2015 Datapipe, Inc. GoGrid, LLC - - - -
Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) Guangdong YLMF Computer Technology Co., Ltd. - $86.8 - -
Jan-20-2015 Thing5 L.L.C Innflux LLC - - - -
Jan-20-2015 ORBCOMM, Inc. (NasdaqGS:ORBC) InSync Software, Inc. - $13.5 - -
Jan-20-2015 Axxiome AG J9 Technologies Inc. - - - -
Jan-20-2015 StationDigital Corporation (OTCPK:SDIG) Network Foundation Technologies, LLC - - - -
Jan-20-2015 Voiceworks B.V. OnePhone Deutschland GmbH - - - -
Jan-20-2015 NCC Group plc. (LSE:NCC) OpenRegistry SA - - - -
Jan-20-2015 Transparensee Systems, Inc. Pointslocal LLC - - - -
Jan-20-2015 OPSWAT, Inc. Red Earth Software, Inc. - - - -
Jan-20-2015 Centre Technologies, Inc. RITC, LLC - - - -
Jan-20-2015 Environics Analytics Group Ltd. Sampling Modelling and Research Technologies Incorporated - - - -
Jan-20-2015 Embarcadero Technologies, Inc. TwoDesk Software Company, Castalia for Delphi and Usertility - - - -
Jan-20-2015 Keda Group Co., Ltd. (SHSE:600986) UNI Communication Group - $71.6 - -
Jan-20-2015 Vente-Privee.com SA Weezevent SAS $47.4 - - -
Jan-20-2015 Twitter, Inc. (NYSE:TWTR) ZipDial Mobile Solutions Pvt. Ltd. - - - -
Jan-21-2015 SWK Technologies, Inc. Accounting Technology Resources, Inc. - - - -
Jan-21-2015 Multimedia Platforms Inc (OTCPK:EAHC.D) Columbia FunMap, Inc. - - - -
Jan-21-2015 Monterro Holdings AB Grade AB and Mashie AB - - - -
Jan-21-2015 SITO Mobile Ltd. (OTCBB:SITO) Hipcricket, Inc., Substantially All Assets - $4.5 - -
É
Acquirer
Jan-21-2015 NÉO-SOFT Services, SAS InterTek Ingenierie SAS - - - -
Jan-21-2015 Pinterest, Inc. Kosei, Inc. - - - -
Jan-21-2015 ServiceRocket Inc Matygo Educational Inc. - - - -
Jan-21-2015 Apple Europe Limited Semetric Limited - - - -
Jan-21-2015 AnalyticsWeek LLC TCELab LLC - - - -
Jan-21-2015 Matrix Financial Solutions, Inc. Wilmington Trust Retirement and Institutional Services Company, Trade Processing Business - - - -
Jan-21-2015 Intuit Inc. (NasdaqGS:INTU) Zeropaper Serviços de Informática S.A. - - - -
Jan-22-2015 Brains On Fire, Inc. Brains on Fire LA - - - -
Jan-22-2015 Nielsen N.V. (NYSE:NLSN) Brandbank Limited - - - -
Jan-22-2015 Waterfield Technologies, Inc. Chrysalis Software, Inc. - - - -
Jan-22-2015 Evolve Media, LLC DogTime Media, Inc. - - - -
Jan-22-2015 Finn Partners, Inc. Dye, Vanmol And Lawrence, Inc. and Seigenthaler Public Relations, Inc. - - - -
Jan-22-2015 Apocope Go Shop - - - -
Jan-22-2015 Gongcai Network Technology Company Limited Guocai (Beijing) Technology Company Limited - $18.1 - -
Jan-22-2015 SignalShare LLC Incubite Inc. - - - -
Jan-22-2015 XING AG (XTRA:O1BC) Intelligence Competence Center (Deutschland) AG - $9.9 - -
Jan-22-2015 Crowd Mobile Limited (ASX:CM8) Kiss Hugs - - - -
Jan-22-2015 Apocope MNC, Mobile News Channel SA - - - -
Jan-22-2015 Salient Corporation Orobi, Inc. - - - -
Jan-22-2015 IS Group BV RDC XTended B.V. - - - -
Jan-22-2015 Sparton Corp. (NYSE:SPA) Real Time Enterprises, Inc. - - - -
Jan-22-2015 Harman Becker Automotive Systems Manufacturing Kft. Red Bend Software, Inc. - $200.0 - -
Jan-22-2015 Harman International Industries, Incorporated (NYSE:HAR) Symphony Teleca Corp. $370.0 $780.0 2.1x 13.0x
Jan-23-2015 Complex Media, Inc. Collider.com, LLC - - - -
Jan-23-2015 Guanghe Landscape Culture Communication Co., Ltd. (SHSE:600234) Guangzhou Chuangsi Information Technology Limited - $481.7 - -
Jan-23-2015 Spectris plc (LSE:SXS) ReliaSoft Corporation - $42.0 - -

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-23-2015 Microsoft Corporation (NasdaqGS:MSFT) Revolution Analytics, Inc. - - - -
Jan-23-2015 The Muse Group Limited So...PR Limited - - - -
Jan-23-2015 Roper Industries Inc. (NYSE:ROP) Strata Decision Technology, L.L.C. - - - -
Jan-23-2015 Hutchison 3G UK Holdings Limited Telefónica UK Limited - $15,400.8 - -
Jan-26-2015 TradeDoubler AB (OM:TRAD) adnologies GmbH - - - -
Jan-26-2015 Apex Peak Pte. Ltd. Cashnomix - - - -
Jan-26-2015 Givex Corporation Chase Paymentech, Gift Card Business - - - -
Jan-26-2015 Services et Mobility - SAM Cibest - - - -
Jan-26-2015 CREALOGIX Holding AG (SWX:CLXN) MBA Systems Ltd. - - - -
Jan-26-2015 Dropbox Inc. Moji, Inc. - - - -
Jan-26-2015 Internet Brands, Inc. Sesame Communications, Inc. - - - -
Jan-26-2015 Visual Action Software, Inc. The Hive Group, Inc. - - - -
Jan-26-2015 Hotspring Ventures Limited UAB Lemon Labs - - - -
Jan-27-2015 Attercopia Ltd. Cloudspotting Ltd. - - - -
Jan-27-2015 EPiServer AB Ektron, Inc. - - - -
Jan-27-2015 Publicis Activ France S.A. mille et un rêves Sarl - - - -
Jan-27-2015 Novator Partners LLP Nextel S.A. - - - -
Jan-27-2015 ASM Clasificados de México, SA de CV OLX, Inc., OLX.com.mx - - - -
Jan-27-2015 JOUVE, SA Pure Agency - - - -
Jan-27-2015 Fundraising Initiatives Limited R Fundraising Ltd. - - - -
Jan-27-2015 Auctane LLC StageBloc, Inc. - - - -
Jan-27-2015 Esker Inc. TermSync, Inc. - - - -
Jan-27-2015 INSIGN, S.A.S. Visuamobile S.A. - - - -
Jan-27-2015 ZeroFOX Vulnr - - - -
Jan-28-2015 BMC Software, Inc. CDB Software, Inc. - - - -
Acquirer
Jan-28-2015 Fingerprint Digital, Inc. Cognitive Kid, Inc. and Scribble Press Inc. - - - -
Jan-28-2015 Capita plc (LSE:CPI) Constructionline $14.1 $53.1 3.8x -
Jan-28-2015 Ubiquity, Inc. (OTCBB:UBIQ) Coversant, Inc. - $5.8 - -
Jan-28-2015 Bridgepoint Advisers Limited eFront S.A. - $340.1 - -
Jan-28-2015 Doble Engineering Company ENOSERV, LLC - - - -
Jan-28-2015 LiquidHub, Inc. Harvest Solutions, Inc. and ClosedWon - - - -
Jan-28-2015 Confidence International AB (OM:CONF) Imtech Elteknik AB, Business Area of Säkerhet - - - -
Jan-28-2015 BATS Global Markets, Inc. KCG Hotspot FX LLC - $435.0 - -
Jan-28-2015 MinuteBids Inc. RAMM Interactive LLC - - - -
Jan-28-2015 Slack Technologies, Inc. Screenhero, Inc - - - -
Jan-28-2015 Intrahealth International, Inc. Switchboard - - - -
Jan-28-2015 Editions Generation -L'etudiant SA Ta Sexo - - - -
Jan-28-2015 eBay Inc. (NasdaqGS:EBAY) Vivastreet, Mexican Branch - - - -
Jan-29-2015 Flintfox International Limited AX Excellence Pte Ltd. - - - -
Jan-29-2015 Vine Communications, Inc. Candis Communications Inc. - - - -
Jan-29-2015 IZEA, Inc. (OTCPK:IZEA) Ebyline, Inc. - $9.8 - -
Jan-29-2015 JSC Search Technologies Incad spol. s.r.o. - - - -
Jan-29-2015 SolarWinds, Inc. (NYSE:SWI) Librato, Inc. - $40.0 - -
Jan-29-2015 Zomato Media Pvt. Ltd. Mekanistnet Internet Hizmetleri Ticaret A.S. - - - -
Jan-29-2015 3TL Technologies Corp. (TSXV:TTM) RewardStream, Inc. - $4.8 - -
Jan-29-2015 Concept Multimedia S.A. SARL Rodacom - - - -
Jan-29-2015 Slyce Inc. (TSXV:SLC) SnipSnap App LLC - $6.1 - -
Jan-29-2015 Fleishman-Hillard Inc. specialist (UK) Ltd. - - - -
Jan-30-2015 S. Carter Enterprises, LLC Aspiro AB (publ) (OM:ASP) $41.3 $45.5 1.3x -
Jan-30-2015 DMG Media Investments Limited Elite Daily, LLC - - - -
Jan-30-2015 TechnologyOne Limited (ASX:TNE) ICON Strategic Solutions Pty Ltd. - $7.8 - -

Date
Announced Target
Target TTM
Revenue
($mm)
Enterprise
Value
($mm)
EV/
Revenue
EV/
EBITDA
Jan-30-2015 Perceptron, Inc. (NasdaqGM:PRCP) Next Metrology Software s.r.o. - $2.8 - -
Jan-30-2015 Computer & Technologies Holdings Ltd. (SEHK:46) Sanyo Extended Systems Services Limited $1.5 $3.0 2.0x -
Jan-30-2015 MyECheck, Inc. (OTCPK:MYEC) Seergate Ltd. - - - -
Jan-30-2015 Dentsu Aegis Network Ltd. WATMedia Pvt Ltd - - - -
Acquirer

SEG Software Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
SEG Software Index $2,122.9 $2,211.9 $579.8 67.0% 18.6% 7.8% 2.9x 14.5x 2.8x 11.1x -2.7%
Billing & Service Management $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8%
Business Intelligence $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0%
Development Platforms $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3%
Engineering & PLM $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5%
Enterprise Resource Planning $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4%
Financial & Accounting $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1%
Gaming $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8%
Healthcare $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4%
IT Conglomerates $151,930.2 $172,096.4 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4%
Mobile Solutions/Content $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5%
Networking & Network Performance Management $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5%
Security $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9%
Storage, Data Mgmt & Integration $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8%
Systems Management $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9%
Vertical - Finance $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7%
Vertical - Other $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%
Category Name
TTM Revenue Growth 7.8%
TTM EBITDA Growth -12.7%
TTM Earnings Growth -20.8%
Gross Profit Margin 67.0%
EBITDA Margin 18.6%
Net Income Margin -23.8%
SG&A Expenses as a % of Total Revenue 61.5%
R&D Expenses as a % of Total Revenue 20.0%
Current Ratio 2.1
Quick Ratio 2.0
Cash as Percent of Market Cap 11.0%
Avg Days Outstanding: Accounts Receivable 63
Avg Days Outstanding: Accounts Payable 29
Working Capital to TTM Operating Expense Ratio 0.4x
Levered FCF Margin 5.3%
Cash from Operations Growth (YoY) 20.4%
Cash from Investing Growth (YoY) -33.0%
Cash from Financing Growth (YoY) 30.3%
Levered FCF Growth (YoY) 30.5%
Copyright © 2015 by Software Equity Group, L.L.C., All Rights Reserved February 2015 Monthly Flash Report
Income Statement Analysis (Median)
Balance Sheet Analysis (Median)
Cash Flow Statement Analysis (Median)
-10%
-5%
0%
5%
10%
15%
20%
SEG SW Index Software Stock Market Return: January 2015
DOW S&P NASDAQ SEG SW Index

SEG Software Index Category: Billing and Service Management
Company Name Ticker Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Amdocs Limited DOX $7,509.9 $6,241.3 $3,605.9 35.6% 18.9% 6.6% 1.7x 9.1x 1.7x 8.2x 3.6%
CSG Systems International CSGS $841.8 $916.4 $752.1 48.5% 15.8% 0.2% 1.2x 7.7x 1.2x 5.9x 0.2%
Evolving Systems EVOL $104.4 $93.4 $28.7 72.5% 26.5% 12.9% 3.3x 12.3x 2.9x 9.2x -3.8%
MIND C.T.I. MNDO $64.8 $47.2 $23.6 55.4% 26.1% 28.6% 2.0x 7.6x n/a n/a -13.6%
NeuStar NSR $1,442.8 $1,992.7 $948.9 74.3% 36.2% 8.0% 2.1x 5.8x 2.1x 4.4x -5.2%
Redknee Solutions RKN $248.8 $194.1 $257.7 51.1% 2.7% 81.4% 0.8x 28.4x 0.7x 5.3x -28.2%
Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4%
Median: $841.8 $916.4 $424.3 55.4% 26.1% 12.9% 2.0x 9.1x 1.9x 7.0x -3.8%
TTM EBITDA Growth 9.0%
TTM Earnings Growth 8.9%
EBITDA Margin 26.1%
Net Income Margin 12.5%
Current Ratio 2.6
Quick Ratio 2.4
Cash from Operations Growth (YoY) -5.3%
Cash from Financing Growth (YoY) -0.4%
Levered FCF Growth (YoY) -0.9%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Billing and Service Management Software Stock Market Return: January 2015
Billing & Service Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Business Intelligence
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Fair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1%
Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1%
MicroStrategy MSTR $1,826.2 $1,480.8 $579.8 76.7% 7.8% 0.7% 2.6x 32.8x 2.5x 10.9x -0.9%
Pegasystems PEGA $1,494.1 $1,265.6 $574.5 68.2% 12.6% 15.0% 2.2x 17.5x 2.0x 12.2x -3.8%
Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3%
PROS Holdings PRO $704.8 $666.4 $170.9 69.2% -2.7% 23.2% 3.9x n/a 3.0x 18.6x -8.3%
Qlik Technologies QLIK $2,564.9 $2,322.9 $535.8 86.4% 0.8% 20.1% 4.3x 553.5x 3.9x 44.4x -8.3%
Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6%
Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1%
Teradata TDC $6,817.7 $6,224.7 $2,740.0 54.2% 23.0% 2.9% 2.3x 9.9x 2.2x 7.7x 1.3%
Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4%
Verisk VRSK $10,612.6 $11,453.1 $1,698.6 59.2% 45.4% 15.7% 6.7x 14.8x 6.2x 13.3x 0.6%
Median: $2,168.0 $2,266.3 $577.1 73.9% 15.6% 12.8% 3.6x 14.9x 3.1x 13.1x -1.0%
EBITDA Margin 15.6%
Current Ratio 2.0
Quick Ratio 1.9
Cash from Investing Growth (YoY) 10.4%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Business Intelligence Software Stock Market Return: January 2015
Business Intelligence S&P NASDAQ SEG SW Index

SEG Software Index Category: Development Platforms
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
BSQUARE BSQR $51.9 $26.7 $96.2 17.1% 2.4% 4.4% 0.3x 11.5x n/a n/a -2.0%
Magic Software Enterprises MGIC $239.4 $164.2 $164.3 39.3% 18.7% 13.3% 1.0x 5.4x 0.9x 6.1x -9.4%
Progress Software PRGS $1,269.2 $986.0 $332.5 90.6% 31.5% -0.4% 3.0x 9.4x 2.3x 7.8x -6.3%
Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5%
Software AG SOW $2,093.8 $2,209.8 $1,113.2 71.1% 24.2% -9.8% 2.0x 8.2x 2.2x 8.1x 7.6%
Median: $1,269.2 $986.0 $332.5 71.1% 18.7% 4.4% 2.0x 9.4x 2.3x 8.0x -6.3%
EBITDA Margin 18.7%
Current Ratio 2.5
Quick Ratio 2.3
-15%
-10%
-5%
0%
5%
10%
15%
20%
Development Platforms Software Stock Market Return: January 2015
Development Platforms S&P NASDAQ SEG SW Index

SEG Software Index Category: Engineering & PLM
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
ANSYS ANSS $7,414.3 $6,596.7 $917.7 87.5% 46.6% 8.5% 7.2x 15.4x 6.7x 13.7x -1.2%
Aspen Technology AZPN $3,118.2 $2,887.1 $420.0 87.4% 38.9% 20.4% 6.9x 17.6x 6.3x 15.1x 0.9%
Autodesk ADSK $12,287.3 $11,132.9 $2,434.2 86.7% 12.8% 6.1% 4.6x 35.8x 4.3x 21.4x -9.3%
Cadence Design Systems CDNS $5,266.0 $5,008.3 $1,534.6 85.4% 19.9% 7.4% 3.3x 16.4x 3.0x 9.1x -4.5%
Cimatron CIMT $94.2 $74.0 $46.6 86.9% 15.5% 6.3% 1.6x 10.3x 1.5x n/a -0.7%
Dassault Systèmes DSY $15,598.8 $14,725.5 $2,759.5 86.1% 29.1% 5.9% 5.3x 18.3x 5.1x 15.2x 1.2%
GSE Systems GVP $29.9 $12.6 $37.1 29.5% -13.7% -22.7% 0.3x n/a n/a n/a 7.0%
Mentor Graphics MENT $2,648.5 $2,718.9 $1,206.1 83.1% 18.9% 11.0% 2.3x 12.0x 2.1x 7.8x 5.7%
Parametric Technology PTC $3,839.7 $4,184.3 $1,357.5 72.5% 21.0% 4.5% 3.1x 14.7x 3.1x 11.3x -8.1%
PDF Solutions PDFS $514.8 $398.7 $101.2 60.7% 31.8% 3.0% 3.9x 12.4x 3.6x 8.2x 13.4%
Stratasys SSYS $4,047.8 $3,639.5 $688.1 50.9% 11.1% 71.8% 5.3x 47.7x n/a 14.8x -1.9%
Synopsys SNPS $6,581.9 $5,671.1 $2,057.5 82.7% 18.0% 4.9% 2.8x 15.3x 2.6x 8.6x -0.3%
Median: $3,943.8 $3,911.9 $1,061.9 84.2% 19.4% 6.2% 3.6x 15.4x 3.4x 12.5x -0.5%
EBITDA Margin 19.4%
Current Ratio 2.1
Quick Ratio 1.9
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Engineering & PLM Software Stock Market Return: January 2015
Engineering & PLM S&P NASDAQ SEG SW Index

SEG Software Index Category: Enterprise Resource Planning
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
American Software AMSW.A $234.1 $177.9 $99.8 54.8% 12.3% 1.3% 1.8x 14.5x 1.6x 8.0x -7.7%
Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2%
QAD QADA $304.1 $247.9 $289.1 55.6% 6.5% 11.8% 0.9x 13.3x 0.8x 11.0x -15.7%
Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3%
SAP SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4%
Median: $7,767.9 $8,363.7 $2,119.9 61.5% 28.4% 3.4% 3.9x 13.3x 3.8x 11.0x -6.4%
EBITDA Margin 28.4%
Current Ratio 1.2
Quick Ratio 1.0
-15%
-10%
-5%
0%
5%
10%
15%
20%
Enterprise Resource Planning Software Stock Market Return: January 2015
Enterprise Resource Planning S&P NASDAQ SEG SW Index

SEG Software Index Category: Financial & Accounting
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
ACI Worldwide ACIW $2,122.9 $3,016.0 $1,009.1 56.0% 21.0% 25.2% 3.0x 14.3x 2.7x 10.8x -6.3%
Bottomline Technologies EPAY $988.5 $955.4 $323.5 57.7% 12.7% 19.8% 3.0x 23.3x 2.7x 13.5x -2.3%
DST Systems DST $3,680.3 $4,081.5 $2,749.3 16.6% 16.6% 3.4% 1.5x 8.9x 2.0x 8.9x 2.2%
Evertec EVTC $1,564.1 $2,214.0 $360.3 57.1% 42.1% 1.5% 6.1x 14.6x 5.9x 11.7x -8.7%
Fair Isaac FICO $2,242.2 $2,754.6 $794.2 67.5% 23.3% 7.6% 3.5x 14.9x 3.3x 13.1x -1.1%
Fiserv FISV $17,694.9 $21,133.9 $5,013.0 43.6% 29.7% 6.8% 4.2x 14.2x 4.0x 12.2x 2.7%
Intuit INTU $24,789.3 $23,699.3 $4,556.0 85.3% 31.8% 7.7% 5.2x 16.4x 5.3x 17.4x -4.5%
Model N MODN $274.0 $173.0 $81.8 53.8% -22.4% -19.8% 2.1x n/a 1.9x n/a 0.8%
NetSol Technologies NETSOL $40.0 $43.5 $22.9 1.5% -20.2% -25.8% 1.9x n/a n/a n/a 137.3%
Sage Group SGE $7,767.9 $8,363.7 $2,119.9 94.3% 28.4% -5.0% 3.9x 13.9x 4.0x 13.2x 0.3%
Qiwi QIWI $1,061.8 $683.1 $350.4 49.7% 30.8% 26.1% 1.9x 6.3x 5.3x 8.8x -4.5%
Median: $2,122.9 $2,754.6 $794.2 56.0% 23.3% 6.8% 3.0x 14.3x 3.6x 12.2x -1.1%
EBITDA Margin 23.3%
Current Ratio 1.3
Quick Ratio 1.3
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Financial & Accounting Software Stock Market Return: January 2015
Financial & Accounting S&P NASDAQ SEG SW Index

SEG Software Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Activision Blizzard ATVI $15,024.1 $15,518.1 $4,351.0 63.8% 25.4% -10.0% 3.6x 14.0x 3.4x 9.1x 3.8%
Electronic Arts EA $17,058.0 $14,751.0 $4,453.0 68.5% 25.6% 21.6% 3.3x 13.0x 3.3x n/a 17.0%
GameLoft SA GFT $285.4 $220.9 $322.0 82.6% 11.3% 5.7% 0.7x 6.1x 0.8x 8.7x -15.6%
Konami TSE: 9766 $2,607.8 $2,503.8 $1,990.8 29.9% 12.2% 0.5% 1.3x 10.3x 1.2x 8.9x 1.7%
Take-Two Interactive TTWO $2,501.7 $2,162.8 $2,310.8 42.3% 22.4% 129.5% 0.9x 4.2x 1.3x 6.0x 5.8%
Ubisoft Entertainment UBI $2,177.4 $2,227.0 $1,511.8 74.9% 28.0% -5.7% 1.5x 5.3x 1.3x 3.0x 10.5%
Median: $2,554.7 $2,365.4 $2,150.8 66.2% 23.9% 3.1% 1.4x 8.2x 1.3x 8.7x 4.8%
EBITDA Margin 23.9%
Current Ratio 3.0
Quick Ratio 1.9
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Gaming Software Stock Market Return: January 2015
Gaming S&P NASDAQ SEG SW Index

SEG Software Index Category: Healthcare
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Accretive Health AH $14,915.8 $16,515.6 $40,299.3 26.5% 6.6% -1.9% 0.4x 6.2x 0.4x 6.7x 2.7%
Allscripts Healthcare Solutions MDRX $2,146.9 $2,696.8 $1,387.9 45.5% 3.3% 1.1% 1.9x 58.7x 1.9x 11.7x -7.3%
Cerner CERN $22,656.7 $21,471.7 $3,181.1 84.8% 26.5% 15.2% 6.7x 25.5x 5.1x 16.2x 2.0%
Computer Programs and Sys CPSI $552.2 $517.7 $204.7 45.9% 26.0% 1.9% 2.5x 9.7x 2.5x 10.1x -18.3%
MedAssets MDAS $1,114.5 $2,009.3 $692.5 76.6% 29.9% 2.8% 2.9x 9.7x 2.7x 8.1x -6.0%
Merge Healthcare MRGE $355.0 $549.3 $212.3 60.7% 18.0% -12.5% 2.6x 14.4x 2.5x 11.0x 5.1%
Omnicell OMCL $1,133.3 $1,029.1 $425.1 53.3% 15.2% 16.5% 2.4x 15.9x 2.2x 11.1x -1.1%
Quality Systems QSII $982.1 $857.2 $477.0 53.7% 9.0% 8.2% 1.8x 19.9x 1.7x 11.2x 5.0%
Median: $1,123.9 $1,519.2 $584.7 53.5% 16.6% 2.4% 2.5x 15.1x 2.3x 11.1x 0.4%
EBITDA Margin 16.6%
Current Ratio 1.5
Quick Ratio 1.3
-10%
-5%
0%
5%
10%
15%
20%
Healthcare Software Stock Market Return: January 2015
Healthcare S&P NASDAQ SEG SW Index

SEG Software Index Category: IT Conglomerates
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Hewlett Packard HPQ $66,265.4 $71,050.4 $111,454.0 23.9% 11.8% -0.8% 0.6x 5.4x 0.6x 5.2x -10.2%
IBM IBM $151,930.2 $184,404.2 $92,793.0 50.0% 24.8% -7.0% 2.0x 8.0x 2.1x 7.7x -5.4%
Microsoft MSFT $331,432.9 $270,601.9 $93,456.0 65.9% 36.0% 12.0% 2.9x 8.1x 2.8x 8.0x -13.6%
Oracle ORCL $183,954.4 $172,096.4 $38,822.0 61.5% 43.6% 3.4% 4.4x 10.2x 4.3x 9.0x -5.2%
SAP AG SAP $78,148.1 $82,471.0 $21,255.2 70.0% 32.9% 4.4% 3.9x 11.8x 3.8x 11.0x -6.4%
Median: $151,930 $172,096 $92,793.0 61.5% 32.9% 3.4% 2.9x 8.1x 2.8x 8.0x -6.4%
EBITDA Margin 32.9%
Current Ratio 1.2
Quick Ratio 1.0
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
IT Conglomerates Software Stock Market Return: January 2015
IT Conglomerates S&P NASDAQ SEG SW Index

SEG Software Index Category: Mobile Solutions/Content
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Bango PLC BGO $67.2 $64.3 $12.5 21.8% -71.1% -19.5% 5.2x n/a n/a n/a -27.9%
iDream Sky Technologies DSKY $456.2 $293.2 $64.1 41.8% 20.8% n/a 4.6x 21.9x 1.0x 4.1x -36.9%
King Digital Entertainment KING $4,245.5 $3,269.1 $2,316.3 68.4% 32.9% 73.1% 1.4x 4.3x 1.6x 4.2x -12.4%
Glu Mobile GLUU $375.4 $321.1 $185.1 67.0% 2.5% 90.7% 1.7x 70.1x 1.3x 12.5x -13.3%
Gree TSE:3632 $1,355.3 $872.9 $1,054.6 76.0% 33.6% -22.7% 0.8x 2.5x 1.1x 3.9x -5.1%
Millennial Media MM $187.8 $111.3 $306.4 39.4% -7.1% 39.0% 0.4x n/a 0.4x n/a -21.1%
MobileIron MOBL $666.3 $518.9 $122.7 81.8% -43.4% n/a 4.2x n/a 3.4x n/a -11.1%
Momo MOMO $1,834.9 $1,672.7 $28.5 57.5% -84.4% n/a 58.7x n/a 14.2x 91.3x -22.9%
Myriad Group AG MYRN $436.9 $439.3 $43.5 48.3% -6.8% -17.3% 10.1x n/a n/a n/a 0.6%
NQ Mobile NQ $304.4 $256.4 $310.5 36.2% -19.1% 95.4% 0.8x n/a 0.6x 5.4x -19.9%
Opera OPERA $1,877.5 $1,809.4 $415.9 40.8% 22.7% 53.3% 4.4x 19.2x 2.7x 11.3x -1.4%
Qihoo 360 Technology QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0%
Pandora Media P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4%
Synchronoss Technologies SNCR $1,798.3 $1,734.3 $424.3 59.4% 26.7% 30.5% 4.1x 15.3x 3.3x 10.0x 2.4%
Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8%
TeleCommunication Systems TSYS $168.8 $248.1 $345.3 41.0% 7.8% -17.1% 0.7x 9.2x 0.7x 6.8x -9.3%
TeleNav TNAV $258.7 $127.1 $143.6 54.7% -25.6% -21.7% 0.9x n/a 0.7x n/a -2.7%
Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2%
Median: $561.3 $479.1 $308.4 54.4% 0.7% 22.0% 2.9x 19.2x 1.6x 10.5x -9.5%
EBITDA Margin 0.7%
Current Ratio 2.8
Quick Ratio 2.7
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Mobile Solutions/Content Software Stock Market Return: January 2015
Mobile Solutions/Content S&P NASDAQ SEG SW Index

SEG Software Index Category: Networking/Network Performance Mgmt
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
A10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7%
Allot Communications ALLT $299.6 $174.1 $113.8 71.8% 5.4% 19.0% 1.5x 28.3x 1.4x 9.5x -1.9%
Aruba Networks ARUN $1,819.9 $1,504.6 $775.8 69.4% 7.0% 25.8% 1.9x 27.6x 1.7x 7.0x -8.9%
Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2%
Brocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1%
Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5%
Cyan CYNI $137.2 $112.1 $90.9 40.6% -59.6% -27.5% 1.2x n/a 0.9x n/a -73.8%
F5 Networks FFIV $8,111.9 $7,457.8 $1,788.4 82.3% 31.1% 17.5% 4.2x 13.4x 3.7x 9.7x -14.4%
Gigamon GIMO $599.3 $449.9 $157.1 76.2% -9.3% 12.0% 2.9x n/a 2.3x 17.6x 3.1%
Juniper Networks JNPR $9,832.3 $9,209.5 $4,627.1 61.8% 16.9% -0.9% 2.0x 11.8x 2.0x 8.1x 1.2%
Mavenir Systems MVNR $345.4 $306.0 $123.2 55.3% -4.0% 35.5% 2.5x n/a 1.8x n/a -11.0%
Radware RDWR $866.4 $761.9 $221.9 82.1% 14.9% 15.0% 3.4x 23.0x 3.1x 13.7x -11.6%
Riverbed Technology RVBD $3,246.1 $3,246.9 $1,089.1 74.2% 17.0% 9.4% 3.0x 17.5x 2.9x 9.2x 0.9%
Median: $1,777.9 $1,504.6 $265.6 71.8% 7.0% 15.0% 2.2x 17.5x 2.0x 9.3x -4.5%
EBITDA Margin 7.0%
Current Ratio 2.3
Quick Ratio 1.8
February 2015 Monthly Flash Report
-15%
-10%
-5%
0%
5%
10%
15%
20%
Networking/Network Performance Mgmt Software Stock Market Return: January 2015
Networking & Network Performance Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Security
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
AVG Technologies AVG $1,020.3 $976.3 $375.8 85.3% 35.3% -6.1% 2.6x 7.4x 2.4x 6.7x 1.0%
Barracuda Networks CUDA $1,777.9 $1,611.3 $265.6 78.9% 3.4% 17.6% 6.1x 177.4x 5.2x 22.1x -3.2%
Cyberark Software CYBR $1,032.0 $863.0 $86.7 85.3% 16.5% n/a 9.9x 60.3x 8.1x 208.5x -12.9%
Check Point Software Tech CHKP $14,723.3 $13,410.8 $1,495.8 88.2% 54.3% 7.3% 9.0x 16.5x 8.3x 14.7x -1.6%
A10 Networks ATEN $291.4 $184.3 $176.5 75.5% -7.5% 31.8% 1.0x n/a 1.0x n/a 5.7%
Cyren CYRN $75.0 $67.2 $32.3 75.0% -16.8% 5.0% 2.1x n/a 1.8x n/a 39.8%
Fortinet FTNT $4,928.4 $4,208.4 $770.4 70.0% 10.6% 25.2% 5.5x 51.7x 4.5x 27.8x -2.9%
Guidance Software GUID $193.3 $177.8 $108.4 67.2% -6.7% -8.8% 1.6x n/a 1.6x 31.7x -6.4%
Imperva IMPV $1,110.2 $1,009.0 $155.4 77.6% -32.5% 22.5% 6.5x n/a 5.3x n/a -13.8%
Palo Alto Networks PANW $10,180.2 $9,880.6 $662.3 72.9% -8.8% 51.1% 14.9x n/a 10.9x 65.5x 4.1%
Proofpoint PFPT $1,933.3 $1,880.6 $195.6 66.4% -17.0% 41.8% 9.6x n/a 7.6x n/a 5.4%
Sourcefire FIRE $11.7 $13.0 $18.3 31.8% 7.6% 20.2% 0.7x 9.4x n/a n/a -6.3%
Symantec SYMC $17,094.9 $15,396.9 $6,682.0 83.5% 29.2% -2.9% 2.3x 7.9x 2.3x 6.8x -3.2%
Trend Micro TSE:4704 $3,827.2 $2,762.7 $1,024.3 82.9% 35.0% 7.8% 2.7x n/a 2.8x 8.1x 2.4%
VASCO VDSI $843.7 $717.8 $182.4 65.9% 16.6% 21.1% 3.9x 23.7x 3.4x 14.0x -21.2%
Median: $1,110.2 $1,009.0 $195.6 75.5% 7.6% 18.9% 3.9x 20.1x 4.0x 18.4x -2.9%
EBITDA Margin 7.6%
Current Ratio 1.9
Quick Ratio 1.7
-10%
-5%
0%
5%
10%
15%
20%
Security Software Stock Market Return: January 2015
Security S&P NASDAQ SEG SW Index

SEG Software Index Category: Storage, Data Management & Integration
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Brocade BRCD $4,792.1 $4,132.5 $2,211.3 66.3% 25.8% -0.5% 1.9x 7.2x 1.8x 6.5x -5.1%
CA CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3%
Cisco Systems CSCO $134,819.7 $103,691.7 $47,302.0 60.3% 27.5% -3.1% 2.2x 8.0x 2.1x 7.7x -4.5%
CommVault Systems CVLT $1,956.6 $1,591.7 $613.6 86.8% 11.5% 8.1% 2.6x 22.6x 2.5x 13.5x -15.5%
EMC EMC $52,765.2 $51,568.2 $24,440.0 62.4% 25.8% 5.2% 2.1x 8.2x 2.0x 7.1x -13.1%
FalconStor Software FALC $62.4 $43.7 $49.1 77.1% -11.3% -26.1% 0.9x n/a n/a n/a -2.1%
Informatica INFA $4,530.0 $3,808.4 $1,048.0 82.4% 18.7% 10.5% 3.6x 19.5x 3.4x 14.1x 10.1%
NetApp NTAP $11,782.0 $8,007.0 $6,290.7 63.0% 16.4% -1.9% 1.3x 7.8x 1.3x 5.4x -8.4%
Splunk SPLK $6,263.2 $5,466.8 $403.4 85.6% -44.9% 50.6% 13.6x n/a 10.2x 180.3x -12.1%
Varonis Systems VRNS $809.9 $694.6 $93.3 90.3% -16.0% 38.3% 7.4x n/a 5.8x n/a -0.4%
Median: $5,527.6 $4,799.7 $1,629.6 79.8% 17.5% 2.4% 2.4x 8.2x 2.5x 7.6x -4.8%
EBITDA Margin 17.5%
Current Ratio 2.4
Quick Ratio 2.2
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Storage, Data Management & Integration Software Stock Market Return: January 2015
Storage, Data Management & Integration S&P NASDAQ SEG SW Index

SEG Software Index Category: Systems Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
CA Technologies CA $13,417.0 $12,132.0 $4,426.0 85.4% 31.1% -0.4% 2.7x 8.8x 2.9x 7.6x -1.3%
Citrix Systems CTXS $9,539.1 $10,042.7 $3,142.9 84.9% 20.8% 7.7% 3.2x 15.4x 3.0x 11.4x -6.6%
Netscout Systems NTCT $1,479.7 $1,285.0 $446.6 78.6% 25.5% 16.8% 2.9x 11.3x 2.6x 8.2x -0.9%
Red Hat RHT $11,700.0 $11,295.5 $1,725.9 84.7% 18.6% 16.5% 6.5x 35.1x 5.8x 21.5x -7.5%
SolarWinds SWI $3,655.1 $3,404.8 $428.7 89.7% 35.6% 27.8% 7.9x 22.3x 6.5x 14.3x -3.7%
VMWare VMW $33,190.4 $27,620.4 $6,035.0 84.8% 23.0% 15.9% 4.6x 19.9x 4.1x 11.6x -6.1%
Median: $10,619.6 $10,669.1 $2,434.4 84.9% 24.2% 16.2% 3.9x 17.6x 3.6x 11.5x -4.9%
EBITDA Margin 24.2%
Current Ratio 1.5
Quick Ratio 1.4
-10%
-5%
0%
5%
10%
15%
20%
Systems Management Software Stock Market Return: January 2015
Systems Management S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Finance
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Advent Software ADVS $2,163.6 $2,381.9 $396.8 72.1% 27.6% 3.6% 6.0x 21.7x 5.8x 17.1x 38.8%
Broadridge Financial BR $5,759.5 $5,952.3 $2,568.6 31.1% 19.9% 3.6% 2.3x 11.7x 2.2x 9.8x 5.2%
Fidessa FDSA $1,370.2 $1,283.4 $473.5 20.7% 18.8% 0.1% 2.7x 14.5x 3.0x 12.0x -3.8%
Jack Henry & Associates JKHY $5,018.6 $4,990.2 $1,233.2 42.8% 34.5% 6.9% 4.0x 11.7x 3.8x n/a -1.4%
MSCI MSCI $6,029.5 $6,374.2 $1,104.7 67.7% 40.1% 19.6% 5.8x 14.4x 6.0x 15.6x 12.9%
SS&C SSNC $4,629.3 $5,155.7 $749.7 46.2% 39.1% 6.8% 6.9x 17.6x 6.0x 14.8x 0.1%
Median: $4,823.9 $5,073.0 $927.2 44.5% 31.1% 5.2% 4.9x 14.4x 4.8x 14.8x 2.7%
EBITDA Margin 31.1%
Current Ratio 1.4
Quick Ratio 1.2
-15%
-10%
-5%
0%
5%
10%
15%
20%
Vertical - Finance Software Stock Market Return:January 2015
Vertical - Finance S&P NASDAQ SEG SW Index

SEG Software Index Category: Vertical - Other
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Blackbaud BLKB $1,979.0 $2,096.1 $546.5 52.0% 18.3% 11.8% 3.8x 21.0x 3.4x 15.4x 3.9%
Constellation CSU $5,879.2 $6,124.1 $1,569.9 33.3% 10.1% 38.7% 3.9x 38.6x 3.4x 16.4x -5.6%
EPIQ Systems EPIQ $635.3 $906.9 $456.6 51.9% 12.6% 12.5% 2.0x 15.7x 1.8x 9.0x 5.3%
Guidewire Software GWRE $3,486.4 $2,986.2 $363.5 59.6% 9.1% 19.6% 8.2x 90.6x 7.8x 53.5x 0.3%
Sapiens International SPNS $305.9 $260.8 $151.9 36.8% 11.8% 16.5% 1.7x 14.6x 1.5x 11.2x -12.5%
Silver Spring Networks SSNI $346.3 $237.2 $211.0 28.4% -38.5% -24.6% 1.1x n/a 0.8x 20.0x -12.2%
Tyler Technologies TYL $3,504.2 $3,346.8 $476.4 47.4% 21.5% 18.7% 7.0x 32.7x 6.1x 22.8x -1.6%
Median: $1,979.0 $2,096.1 $456.6 47.4% 11.8% 16.5% 3.8x 26.8x 3.4x 16.4x -1.6%
EBITDA Margin 11.8%
Current Ratio 1.6
Quick Ratio 1.3
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Vertical - Other Software Stock Market Return: January 2015
Vertical - Other S&P NASDAQ SEG SW Index

SEG SaaS Index: All Categories
Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
SEG SaaS Index $919.5 $837.1 $135.8 65.5% -14.6% 29.8% 5.8x 56.6x 4.8x 33.4x -6.2%
CRM & Marketing $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5%
ERP & Supply Chain $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2%
Vertically Focused $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5%
Workforce Management $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0%
SaaS Other $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%
Category Name
EBITDA Margin -14.6%
Current Ratio 2.1
Quick Ratio 2.0
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
SEG SaaS Index Stock Market Return: January 2015
DOW S&P NASDAQ SEG SaaS

SEG SaaS Index Category: CRM & Marketing
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Bazaarvoice BV $648.9 $594.4 $180.0 65.5% -15.1% 16.9% 3.3x n/a 2.9x n/a 1.5%
Constant Contact CTCT $1,198.0 $1,035.4 $331.7 72.5% 13.3% 16.2% 3.1x 23.5x 2.7x 13.7x 5.5%
Cvent CVT $1,032.3 $849.6 $133.6 70.0% 5.8% 28.4% 6.4x 110.1x 5.1x 54.2x -10.7%
HubSpot HUBS $1,056.3 $1,163.4 $104.1 66.9% -33.4% n/a 11.2x n/a 8.5x n/a 0.5%
LivePerson LPSN $584.8 $497.7 $198.6 75.1% 5.1% 14.5% 2.5x 49.2x 2.0x 20.9x -21.7%
Marketo MKTO $1,418.9 $1,307.3 $135.8 65.4% -32.5% 60.5% 9.6x n/a 7.1x n/a 4.2%
Marin Software MRIN $231.5 $159.7 $94.2 63.5% -29.4% 29.8% 1.7x n/a 1.4x n/a -22.7%
Salesforce.com CRM $35,620.0 $37,044.8 $5,074.2 76.2% 1.7% 34.9% 7.3x 424.8x 6.0x 32.6x -4.7%
Zendesk ZEN $1,761.9 $1,659.4 $111.0 63.9% -44.1% n/a 14.9x n/a 10.0x n/a -1.5%
Median: $1,056.3 $1,035.4 $135.8 66.9% -15.1% 28.4% 6.4x 79.7x 5.1x 26.8x -1.5%
Current Ratio 2.0
Quick Ratio 1.9
Levered FCF Margin -3.9%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
CRM & Marketing SaaS Stock Market Return: January 2015
CRM & Marketing S&P NASDAQ SEG SaaS

SEG SaaS Index Category: ERP & Supply Chain
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Amber Road AMBR $242.0 $204.9 $62.8 58.2% -34.7% 30.6% 3.3x n/a 3.0x n/a -6.5%
E2open EOPN $172.7 $155.0 $78.5 63.0% -33.1% 13.0% 2.0x n/a 1.9x n/a -36.6%
Fleetmatics FLTX $1,336.6 $1,200.4 $217.7 75.3% 22.9% 33.5% 5.5x 24.0x 4.4x 13.8x 0.1%
Netsuite N $7,553.4 $7,368.7 $556.3 68.2% -9.6% 34.2% 13.2x n/a 10.2x 130.7x -8.3%
SciQuest SQI $391.4 $267.2 $102.2 69.8% 4.6% 21.6% 2.6x 56.6x 2.5x 13.0x -1.0%
SPS Commerce SPSC $965.3 $824.5 $120.5 69.0% 10.0% 21.9% 6.8x 68.6x 5.6x 42.0x 6.6%
Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2%
Median: $965.3 $824.5 $120.5 68.2% -9.6% 30.6% 5.5x 56.6x 4.4x 27.9x -1.2%
EBITDA Margin -9.6%
Current Ratio 2.1
Quick Ratio 2.0
-35%
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
ERP & Supply Chain SaaS Stock Market Return: January 2015
ERP & Supply Chain S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Vertically Focused
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
2U TWOU $721.2 $640.7 $104.3 75.0% -27.0% 39.5% 6.1x n/a 4.8x n/a -8.7%
Athenahealth ATHN $5,322.1 $5,429.7 $711.0 59.3% 8.3% 31.7% 7.6x 91.5x 6.2x 34.4x -5.6%
Castlight Health CSLT $801.8 $619.6 $36.3 26.8% -235.1% 295.4% 17.1x n/a 8.8x n/a -23.9%
DealerTrack TRAK $2,180.6 $2,763.1 $743.2 40.0% 13.0% 62.6% 3.7x 28.6x 2.8x 12.6x -8.5%
Ebix EBIX $838.1 $854.5 $204.5 80.5% 39.1% -1.6% 4.2x 10.7x 3.8x 10.0x 35.9%
Ellie Mae ELLI $1,271.7 $1,186.2 $145.3 72.7% 18.1% 13.5% 8.2x 45.1x 6.3x 34.3x 10.0%
Medical Transcript MTBC $26.7 $26.7 $14.2 51.6% 0.1% 43.2% 1.9x 1584.3x n/a n/a -11.6%
Medidata Solutions MDSO $2,332.3 $2,312.2 $320.4 74.6% 7.9% 22.8% 7.2x 91.7x 5.9x 24.9x -8.1%
OPOWER OPWR $568.7 $431.1 $119.6 66.6% -27.2% 52.0% 3.6x n/a 2.9x n/a -21.4%
RealPage RP $1,417.9 $1,425.8 $395.6 58.1% 8.9% 7.7% 3.6x 40.5x 3.3x 19.3x -16.2%
Textura TXTR $635.2 $569.9 $64.4 84.2% -19.0% n/a 8.9x n/a 7.0x 141.6x -12.3%
Q2 Holdings QTWO $611.8 $522.2 $72.7 40.9% -21.5% 36.7% 7.2x n/a 5.4x n/a -5.3%
Veeva Systems VEEV $3,755.9 $3,363.0 $289.0 62.3% 21.8% 54.4% 11.6x 53.3x 9.1x 32.5x 9.6%
Median: $838.1 $854.5 $145.3 62.3% 7.9% 38.1% 7.2x 49.2x 5.7x 28.7x -8.5%
EBITDA Margin 7.9%
Current Ratio 2.7
Quick Ratio 2.4
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Vertically Focused SaaS Stock Market Return: January 2015
Vertically Focused S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Workforce Management
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Benefitfocus BNFT $618.2 $599.3 $127.5 34.8% -37.5% 31.8% 4.7x n/a 3.7x n/a -22.7%
Callidus Software CALD $727.0 $698.8 $128.7 59.9% -1.4% 19.8% 5.4x n/a 4.5x 42.3x -6.0%
Cornerstone OnDemand CSOD $1,764.6 $1,761.0 $242.1 71.2% -15.8% 45.2% 7.3x n/a 5.5x 142.8x -4.2%
Halogen Software TSX:HGN $138.1 $96.8 $54.2 73.0% -14.8% 18.9% 1.8x n/a 1.5x n/a -13.0%
Paylocity Holding PCTY $1,185.7 $1,112.9 $117.4 50.2% -5.1% 40.1% 9.5x n/a 7.3x n/a -8.2%
The Ultimate Software Group ULTI $4,199.2 $4,098.3 $482.4 59.6% 14.2% 23.5% 8.5x 59.6x 7.0x 28.5x 0.9%
Workday WDAY $14,859.0 $13,513.9 $703.5 65.1% -22.7% 72.2% 19.2x n/a 13.1x n/a -1.2%
Median: $1,185.7 $1,112.9 $128.7 59.9% -14.8% 31.8% 7.3x 59.6x 5.5x 42.3x -6.0%
Current Ratio 1.6
Quick Ratio 1.5
-40%
-30%
-20%
-10%
0%
10%
20%
Workforce Management SaaS Stock Market Return: January 2015
Workforce Management S&P NASDAQ SEG SaaS

SEG SaaS Index Category: Other Public SaaS Companies
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Box BOX $2,190.3 $2,065.1 $192.6 78.8% -71.0% 83.4% 10.7x n/a n/a n/a -19.0%
ChannelAdvisors ECOM $236.0 $158.4 $81.6 71.4% -34.1% 28.4% 1.9x n/a 1.6x n/a -56.0%
Covisint COVS $84.9 $40.7 $91.8 36.3% -38.3% -6.4% 0.4x n/a n/a n/a -13.3%
Demandware DWRE $1,944.8 $1,685.7 $142.0 73.5% -11.2% 50.3% 11.9x n/a 8.4x 271.3x -5.1%
FireEye FEYE $5,085.7 $4,687.8 $339.9 59.1% -99.3% 150.0% 13.8x n/a 8.2x n/a 8.9%
HortonWorks HDP $881.9 $770.3 $44.2 34.3% -220.8% n/a 17.4x n/a 11.4x n/a -16.9%
inContact SAAS $521.2 $507.7 $157.4 48.0% -4.5% 25.3% 3.2x n/a 2.6x 124.4x -2.4%
IntraLinks Holdings IL $598.3 $631.9 $251.0 72.8% 3.1% 9.5% 2.5x 81.8x 2.4x 16.0x -6.9%
J2 Global JCOM $2,746.0 $2,715.1 $569.9 82.6% 41.8% 17.6% 4.8x 11.4x 4.2x 9.6x -6.2%
Jive Software JIVE $412.4 $320.8 $170.3 62.5% -29.8% 22.5% 1.9x n/a 1.6x n/a -5.1%
New Relic NEWR $1,430.2 $1,337.8 $85.0 81.9% -44.0% n/a 15.7x n/a 11.3x n/a -14.8%
Liquid Holdings Group LIQD $19.6 n/a $5.2 54.2% n/a 1.3% n/a n/a n/a n/a -5.1%
Qualys QLYS $1,266.8 $1,153.4 $126.0 77.8% 13.2% 21.7% 9.2x 69.3x 7.5x 36.1x 1.9%
RingCentral RNG $919.5 $798.7 $203.3 63.6% -19.4% 37.1% 3.9x n/a 3.1x n/a -8.4%
Rally Software Development RALY $298.3 $227.8 $82.6 74.1% -31.8% 17.6% 2.8x n/a 2.3x n/a 1.2%
Service-now.com NOW $10,811.1 $10,586.0 $682.6 63.6% -15.9% 60.7% 15.5x n/a 10.7x 80.3x 8.2%
Tableau Software DATA $5,599.6 $4,955.0 $351.2 91.1% 3.2% 82.1% 14.1x 444.3x 9.8x 101.3x -6.1%
Tangoe TNGO $444.0 $396.5 $207.6 54.1% 7.0% 13.5% 1.9x 27.4x 1.7x 10.5x -9.8%
TrueCar TRUE $1,356.2 $1,254.2 $191.3 91.3% -20.9% 66.1% 6.6x n/a 4.8x 56.4x -19.2%
Upland Software UPLD $120.5 $196.9 $60.2 65.2% -14.4% n/a 3.3x n/a 2.7x n/a -16.7%
Workiva WK $485.4 $475.1 $106.1 71.4% -27.2% n/a 4.5x n/a 3.7x n/a -9.6%
Yodlee YDLE $269.5 $377.1 $84.3 62.2% 5.0% n/a 4.5x 90.0x 3.7x 74.1x -24.4%
Zix ZIXI $201.1 $180.9 $49.8 84.0% 20.4% 4.8% 3.6x 17.8x 3.4x 13.8x -0.3%
Median: $598.3 $701.1 $142.0 71.4% -17.7% 23.9% 4.5x 69.3x 3.7x 56.4x -6.9%
Current Ratio 2.1
Quick Ratio 2.0
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Other Public SaaS Companies SaaS Stock Market Return: January 2015
Other SaaS S&P NASDAQ SEG SaaS

SEG Internet Index: All Categories
Category Name Market Cap EV
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
SEG Internet Index $1,346.6 $1,151.6 $478.8 63.7% 8.5% 20.4% 2.4x 24.2x 2.1x 14.1x -5.1%
Ad Tech & Lead Generation $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7%
Commerce $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1%
Content & Media $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3%
Gaming $2,235.98 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8%
Infrastructure $733.75 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4%
Search $40,756.26 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6%
Services $949.10 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3%
Social $4,072.73 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2%
Travel $3,238.36 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%
EBITDA Margin 8.5%
Current Ratio 2.4
Quick Ratio 2.1
Working Capital to TTM Operating Expense Ratio 0.5
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
SEG Internet Index Stock Market Return: January 2015
DOW S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Ad Tech
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
AOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9%
Baidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3%
Criteo SA CRTO $2,337.8 $2,029.6 $818.0 35.6% 7.4% 64.2% 2.5x 33.4x 4.9x 16.2x -2.5%
Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5%
Marchex MCHX $163.2 $82.6 $189.0 36.2% 5.3% 30.1% 0.4x 8.2x 0.6x 6.6x -19.8%
ReachLocal RLOC $88.4 $36.4 $498.8 48.5% -4.2% -0.4% 0.1x n/a 0.1x n/a -11.1%
Rocket Fuel FUEL $529.0 $487.0 $354.7 48.3% -8.3% 81.8% 1.4x n/a 0.8x n/a -20.3%
The Rubicon Project RUBI $529.6 $425.7 $111.6 83.3% -9.1% 48.5% 3.8x n/a 2.9x 44.2x -8.2%
Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1%
Tremor TRMR $107.3 $29.4 $153.9 35.1% -11.2% 20.2% 0.2x n/a 0.2x n/a -27.3%
TubeMogul TUBE $452.2 $406.2 $100.2 69.0% 2.0% 104.6% 4.1x 200.9x 2.9x n/a -27.7%
Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3%
Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9%
YuMe YUME $178.4 $121.0 $174.7 47.6% -0.5% 22.6% 0.7x n/a 0.6x 44.2x 5.1%
Median: $1,345.1 $1,219.9 $658.4 54.4% 3.7% 26.3% 1.9x 27.5x 2.1x 18.4x -9.7%
EBITDA Margin 3.7%
Current Ratio 2.4x
Quick Ratio 2.3x
Avg Days Outstanding: Accounts Receivable 67.5x
Avg Days Outstanding: Accounts Payable 67.5x
-50%
-40%
-30%
-20%
-10%
0%
10%
20%
Internet Ad Tech Stock Market Return: January 2015
Ad Tech & Lead Generation S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Commerce
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
1-800-FLOWERS.COM FLWS $506.3 $569.1 $1,027.9 43.5% 9.2% 36.3% 0.6x 6.0x 0.5x 7.4x 0.3%
58.com WUBA $3,377.8 $2,751.6 $230.0 95.1% 10.7% 83.8% 12.0x 111.6x 7.4x n/a -8.2%
Alibaba BABA $221,425.0 $213,083.8 $11,417.3 70.1% 41.9% 44.1% 18.7x 44.5x 13.6x 25.2x -14.0%
Amazon.com AMZN $164,638.1 $161,791.1 $88,988.0 29.5% 4.9% 19.5% 1.8x 37.1x 1.6x 19.1x 14.9%
Bitauto Holdings BITA $2,482.4 $2,316.6 $320.5 80.2% 24.5% 50.1% 7.2x 29.5x 5.2x 18.6x -19.9%
BlueNile NILE $368.2 $336.4 $462.0 18.5% 3.6% 5.0% 0.7x 20.4x 0.7x 13.2x -11.3%
Borderfree BRDR $194.1 $71.6 $124.7 25.6% 1.4% 20.4% 0.6x 42.4x 0.5x 21.8x -30.6%
Chegg CHGG $555.9 $472.7 $297.5 33.7% 5.0% 20.6% 1.6x 31.8x 1.4x 110.0x -5.3%
DangDang DANG $659.0 $386.0 $1,249.7 18.1% 1.3% 28.5% 0.3x 24.2x 0.2x 8.9x -14.3%
Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7%
eBay EBAY $65,845.5 $63,374.5 $17,902.0 68.0% 28.0% 11.6% 3.5x 12.7x 3.3x 10.7x -5.7%
GeekNet GKNT $52.7 $21.9 $142.7 18.5% -2.0% 9.5% 0.2x n/a 0.1x 31.4x -3.1%
Groupon GRPN $4,806.9 $3,951.7 $3,034.7 50.5% 3.0% 24.2% 1.3x 43.5x 1.1x 12.0x -10.7%
Liquidity Services LQDT $232.0 $169.4 $495.7 35.5% 10.2% -2.0% 0.3x 3.4x 0.4x 4.6x -2.8%
Mecox Lane MCOX $50.7 $40.7 $77.5 46.9% -12.6% -16.7% 0.5x n/a n/a n/a 11.1%
Mercadolibre MELI $5,472.6 $5,353.7 $529.8 78.7% 36.3% 19.9% 10.1x 27.8x 8.7x 24.4x -1.5%
MOL Global MOLG $129.6 $136.5 $58.2 37.7% 22.5% n/a 2.3x 10.4x n/a n/a -36.4%
Overstock.com OSTK $537.9 $356.3 $1,497.1 18.6% 2.0% 14.8% 0.2x 12.0x 0.2x 7.4x -5.0%
PetMed Express PETS $318.1 $265.5 $228.0 33.7% 12.9% -3.3% 1.2x 9.0x 1.1x 8.9x 9.5%
Stamps.com STMP $725.1 $693.4 $137.8 78.4% 28.3% 9.8% 5.0x 17.8x 4.3x 14.1x -4.2%
Median: $607.5 $518.0 $418.6 40.6% 9.3% 19.5% 1.4x 22.3x 1.3x 13.2x -5.1%
EBITDA Margin 9.3%
Current Ratio 2.3x
Quick Ratio 2.0x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Commerce Internet Stock Market Return: January 2015
Commerce S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Content & Media
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
AOL AOL $3,368.6 $3,360.4 $2,495.9 27.0% 17.4% 11.4% 1.3x 7.7x 1.3x 6.3x -4.9%
DemandMedia DMD $74.5 $35.0 $365.9 42.3% 8.0% 40.0% 0.1x 1.2x 0.2x 2.0x -28.8%
InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1%
Netflix NFLX $26,616.9 $25,938.0 $5,504.7 31.8% 8.3% 25.8% 4.7x 56.8x 3.8x 42.6x 26.6%
Pandora P $3,454.2 $3,137.9 $870.1 44.5% -1.0% n/a 3.6x n/a 2.8x 29.7x -6.4%
Shutterstock SSTK $1,994.7 $1,734.2 $304.8 60.5% 15.1% 40.7% 5.7x 37.7x 4.3x 21.2x -17.9%
SINA SINA $2,393.5 $1,141.7 $754.1 62.1% 4.8% 24.2% 1.5x 31.5x 1.3x 158.5x -4.2%
TheStreet.com TST $71.7 $17.3 $58.6 49.3% 0.5% 9.5% 0.3x 61.0x 0.3x 4.4x -9.6%
WebMD Health WBMD $1,400.9 $1,653.3 $564.0 60.8% 19.1% 12.4% 2.9x 15.3x 2.7x 9.5x -0.9%
XO Group XOXO $442.0 $356.3 $139.2 85.1% 10.2% 4.3% 2.6x 25.1x 2.5x 14.4x -9.3%
Xunlei XNET $482.4 $48.3 $175.6 41.8% 10.8% n/a 0.3x 2.5x 0.2x 0.8x -7.3%
Yahoo! YHOO $41,674.0 $35,035.9 $4,618.1 71.9% 18.3% -1.3% 7.6x 41.5x 8.0x 31.4x -12.3%
Youku YOKU $3,317.9 $1,984.3 $597.4 33.0% 10.6% 32.7% 3.3x 31.3x 2.4x n/a -8.5%
Median: $2,393.5 $1,734.2 $597.4 49.3% 10.6% 12.4% 2.6x 28.2x 2.4x 12.0x -7.3%
EBITDA Margin 10.6%
Current Ratio 3.5x
Quick Ratio 3.4x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Content & Media Stock Market Return: January 2015
Content & Media S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Gaming
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
ChangYou.com CYOU $1,482.3 $1,533.5 $734.2 77.6% 5.3% 2.5% 2.1x 39.5x 1.9x 24.9x 4.0%
Giant Interactive GA $1.6 $5.4 $0.5 -57.8% n/a n/a 10.0x n/a n/a n/a 177.1%
Netease NTES $14,203.7 $11,044.3 $1,738.6 72.1% 44.5% 18.0% 6.4x 14.3x 5.0x 13.0x 10.6%
NCSoft A036570 $3,664.9 $2,931.2 $769.0 71.7% 34.8% n/a 3.8x 11.0x 3.8x n/a 12.3%
Perfect World PWRD $942.2 $601.0 $601.6 73.5% 18.3% 30.4% 1.0x 5.5x 0.8x 6.6x -1.6%
Sohu.com SOHU $2,160.7 $1,952.7 $1,581.3 60.3% 1.4% 20.3% 1.2x 87.0x 1.0x 25.7x 7.1%
Tencent Holdings SEHK:700 $157,931.4 $155,362.3 $12,205.6 59.4% 37.3% 34.7% 12.7x 34.2x 10.7x 25.3x 17.1%
Zynga ZNGA $2,311.3 $1,485.5 $674.2 68.0% -11.7% -33.1% 2.2x n/a 1.9x 19.5x -6.2%
Median: $2,236.0 $1,743.1 $751.6 69.8% 18.3% 19.2% 3.0x 24.2x 1.9x 22.2x 8.8%
EBITDA Margin 18.3%
Current Ratio 2.5x
Quick Ratio 1.7x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Gaming Stock Market Return: January 2015
Gaming S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Infrastructure
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
8x8 EGHT $692.9 $505.0 $154.7 71.2% 5.9% 28.2% 3.3x 55.5x 2.7x 23.5x -14.9%
Akamai Technologies AKAM $10,351.2 $10,240.4 $1,863.6 68.8% 35.0% 22.6% 5.5x 15.7x 4.7x 11.2x -8.1%
Brightcove BCOV $231.1 $210.7 $123.4 65.6% -1.6% 18.1% 1.7x n/a 1.6x n/a -7.5%
BroadSoft BSFT $774.6 $713.7 $203.0 73.3% 4.2% 17.8% 3.5x 83.8x 3.0x 14.7x -6.8%
Digital River DRIV $813.9 $563.2 $375.3 65.8% 9.5% -2.9% 1.5x 15.8x 1.4x 10.5x 2.7%
Envivio ENVI $38.8 $0.9 $41.3 64.1% -28.8% 7.5% 0.0x n/a 0.0x n/a 3.7%
Harmonic HLIT $673.7 $568.8 $433.6 49.1% 4.3% -6.1% 1.3x 30.8x 1.3x 8.3x 9.1%
Interactive Intelligence ININ $855.3 $795.5 $339.5 60.8% 1.6% 13.9% 2.3x 150.9x 2.2x 79.3x -15.1%
Limelight Networks LLNW $262.5 $161.7 $162.3 49.4% -4.0% -6.4% 1.0x n/a n/a n/a -4.0%
Mitel Networks MITL $892.0 $1,089.0 $913.9 53.6% 10.9% n/a 1.2x 10.9x 1.0x 6.5x -16.7%
Polycom PLCM $1,815.2 $1,428.5 $1,345.2 58.4% 12.1% -1.7% 1.1x 8.8x 1.0x 6.3x -0.4%
Rovi ROVI $2,189.2 $2,908.8 $560.8 81.9% 36.0% 32.4% 5.2x 14.4x 5.4x 13.0x 2.4%
SeaChange International SEAC $230.1 $129.5 $119.8 50.1% -10.1% -22.9% 1.1x n/a 1.0x 163.7x 12.6%
ShoreTel SHOR $447.7 $372.0 $352.3 59.6% 6.6% 5.9% 1.1x 16.1x 1.0x 12.0x -2.2%
Sonus Networks SONS $943.0 $834.9 $295.7 64.3% 0.8% 7.2% 2.8x 369.6x 2.7x 23.0x -7.0%
Synacor SYNC $58.3 $36.6 $105.1 45.6% -2.3% -8.3% 0.3x n/a 0.4x 10.2x 3.9%
Tucows TCX $195.8 $182.2 $142.0 27.3% 8.3% 12.2% 1.3x 15.5x 1.1x 9.8x -7.8%
VeriSign VRSN $6,597.0 $6,499.3 $999.8 81.2% 61.6% 5.3% 6.5x 10.6x 6.2x 9.2x -4.7%
Median: $733.8 $566.0 $317.6 62.4% 5.1% 7.2% 1.4x 15.8x 1.4x 11.2x -4.4%
EBITDA Margin 5.1%
Current Ratio 2.3x
Quick Ratio 2.0x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Infrastructure Stock Market Return: January 2015
Infrastructure S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Search
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Baidu.com BIDU $76,404.8 $72,209.7 $7,253.4 63.7% 36.2% 54.8% 10.0x 27.5x 7.1x 20.6x -2.3%
Google GOOGL $363,627.3 $311,305.3 $66,001.0 61.1% 32.5% 10.3% 4.7x 14.5x 4.1x 10.6x 1.5%
InterActiveCorp IACI $5,107.7 $5,172.6 $3,003.2 71.1% 15.7% -2.0% 1.7x 11.0x 1.6x 9.0x 1.1%
Yandex YNDX $4,739.7 $4,779.6 $1,219.3 71.2% 38.6% 33.0% 3.9x 10.2x 3.9x 9.3x -18.9%
Median: $40,756.3 $38,691.2 $5,128.3 67.4% 34.3% 21.7% 4.3x 12.7x 4.0x 9.9x -0.6%
EBITDA Margin 34.3%
Current Ratio 2.3x
Quick Ratio 2.0x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Search Stock Market Return: January 2015
Search S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Services
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Angie's List ANGI $268.6 $248.9 $301.6 73.3% -4.9% 35.2% 0.8x n/a 0.7x 12.1x -28.1%
Bankrate RATE $1,303.3 $1,424.4 $531.0 65.3% 22.5% 24.0% 2.7x 11.9x 2.4x 9.0x 1.1%
Carbonite CARB $405.3 $333.9 $122.6 68.5% 3.8% 14.4% 2.7x 71.9x 2.5x 18.9x 6.3%
Care.com CRCM $251.0 $167.9 $105.7 75.9% -31.2% 41.1% 1.6x n/a 1.1x n/a 1.5%
Cimpress CMPR $2,626.3 $2,953.7 $1,398.2 62.7% 14.6% 15.2% 2.1x 14.5x 1.9x 11.7x 9.1%
Coupons.com COUP $1,144.8 $959.1 $214.4 63.3% -6.2% 41.9% 4.5x n/a 3.5x 25.0x -17.0%
eHealth EHTH $182.5 $124.4 $188.9 97.5% 6.4% 10.9% 0.7x 10.3x 0.7x n/a -57.7%
Everyday Health EVDY $427.8 $410.1 $174.4 73.4% 8.8% 23.2% 2.4x 26.6x 1.9x 10.3x -5.1%
GrubHub GRUB $2,806.9 $2,529.1 $229.6 64.6% 23.7% 108.9% 11.0x 46.4x 8.2x 26.7x -5.9%
LendingClub LC $6,783.6 n/a $176.5 81.7% n/a 130.6% n/a n/a n/a n/a -24.7%
LifeLock LOCK $1,389.9 $1,151.6 $448.6 74.2% 7.1% 29.6% 2.6x 36.3x 2.1x 15.7x -6.5%
Monster Worldwide MWW $366.4 $542.8 $782.5 48.2% 9.3% -4.6% 0.7x 7.4x 0.7x 5.4x -9.2%
Qihoo QIHU $7,369.3 $7,383.5 $1,181.1 80.3% 24.7% 113.8% 6.3x 25.4x 3.9x 10.7x -2.0%
QuinStreet QNST $227.3 $184.5 $274.8 12.0% 0.9% -9.4% 0.7x 73.0x 0.6x 11.7x -14.7%
Shutterfly SFLY $1,699.9 $1,706.3 $849.0 51.2% 8.6% 17.2% 2.0x 23.2x 1.7x 9.6x 5.2%
Tree.Com TREE $466.4 $382.8 $159.9 95.5% 7.5% 26.1% 2.4x 31.8x 2.1x 14.9x -13.0%
Trulia TRLA $1,613.6 $1,631.6 $235.4 82.0% -9.8% 105.5% 6.9x n/a 5.2x 35.4x -5.1%
Wix.com WIX $753.4 $659.7 $125.2 81.5% -39.7% 81.9% 5.3x n/a 3.6x n/a -6.0%
Xoom XOOM $567.1 $408.0 $147.3 70.3% 5.6% 31.2% 2.8x 49.9x 2.3x 18.5x -14.9%
Zillow Z $3,925.4 $3,559.1 $291.9 91.1% -0.3% 68.2% 12.2x n/a 8.6x 45.8x -6.5%
Median: $949.1 $659.7 $232.5 73.3% 6.4% 30.4% 2.6x 26.6x 2.1x 13.5x -6.3%
EBITDA Margin 6.4%
Current Ratio 3.0x
Quick Ratio 2.5x
-30%
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
Internet Services Stock Market Return: January 2015
Services S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Social
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Facebook FB $211,625.5 $200,659.5 $12,466.0 83.5% 49.6% 58.4% 16.1x 32.5x 11.8x 19.4x -3.2%
LinkedIn LNKD $27,907.5 $25,649.0 $2,022.6 86.9% 11.2% 46.0% 12.7x 113.3x 9.4x 34.6x -2.1%
Mail.ru Group LSE:MAIL $2,996.8 $2,221.3 $867.7 61.2% 45.5% 24.5% 2.6x 5.6x 3.2x 6.3x -6.5%
Renren RENN $926.6 $114.4 $90.9 28.1% -103.9% -46.4% 1.3x n/a 1.2x n/a -4.1%
Twitter TWTR $23,463.0 $21,341.0 $1,166.6 63.8% -66.7% 118.3% 18.3x n/a 10.7x 47.6x 2.7%
Yelp YELP $3,805.1 $3,441.0 $338.3 93.5% 4.3% 66.2% 10.2x 236.0x 6.9x 32.1x -4.9%
YY YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6%
Median: $4,072.7 $3,671.9 $867.7 63.8% 11.2% 58.4% 10.2x 32.5x 6.9x 25.8x -3.2%
EBITDA Margin 11.2%
Current Ratio 9.4x
Quick Ratio 9.0x
-30%
-20%
-10%
0%
10%
20%
30%
40%
Internet Social Stock Market Return: January 2015
Social S&P NASDAQ SEG Internet Index

SEG Internet Index Category: Travel
TTM
Revenue
TTM
Gross
Margin
TTM
EBITDA
Margin
TTM
Revenue
Growth EV/ Revenue
EV/
EBITDA
Forward
EV/ Revenue
Forward
EV/ EBITDA YTD
Ctrip YY $4,072.7 $3,671.9 $508.3 52.8% 32.0% 111.1% 7.2x 22.6x 4.6x 15.4x 9.6%
Expedia CTRP $6,768.2 $6,881.8 $1,119.8 72.2% 8.3% 36.2% 6.1x 74.5x 4.7x n/a 5.2%
HomeAway EXPE $10,874.3 $10,609.7 $5,559.5 79.4% 14.3% 21.0% 1.9x 13.3x 1.7x 9.2x 0.2%
MakeMyTrip AWAY $2,404.0 $1,925.8 $427.3 84.9% 15.2% 30.4% 4.5x 29.6x 3.8x 15.1x -11.8%
Orbitz MMYT $1,035.7 $966.2 $291.9 30.3% -2.8% 16.9% 3.3x n/a 5.9x 54.8x -8.6%
Priceline OWW $1,021.8 $1,222.2 $908.9 80.8% 14.0% 8.3% 1.3x 9.6x 1.3x 7.5x 11.1%
Travelzoo PCLN $52,852.3 $50,541.1 $8,143.0 88.9% 38.9% 26.4% 6.2x 15.9x 5.4x 13.3x -11.6%
TripAdvisor TZOO $126.4 $71.5 $142.1 87.4% 11.5% -10.2% 0.5x 4.4x 0.5x 14.5x -29.4%
Median: $3,238.4 $2,798.8 $708.6 80.1% 14.2% 23.7% 3.9x 15.9x 4.2x 14.5x -4.2%
EBITDA Margin 14.2%
Current Ratio 1.7x
Quick Ratio 1.5x
-25%
-20%
-15%
-10%
-5%
0%
5%
10%
15%
20%
25%
Internet Travel Stock Market Return: January 2015
Travel S&P NASDAQ SEG Internet Index

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