A quick insight into trading multiples and M&A transactions within the Human Capital Management Technology sector.

1. Human Capital Management
2016 Sector Snapshot

2. Select Public Comparable Companies
SaaS HR Solutions
HR Tech Enabled ServicesOnline Employment
Solutions
2Confidential

3. Confidential 3
LTMRevenue
$2,991
$2,604 $2,537
$1,065 $829 $667 $618
$340 $334 $310 $260 $225 $215 $209 $188 $185 $173 $128 $64
$0
$1,500
$3,000
$4,500
LNKD NSP TNET WDAY SEK MWW ULTI CSOD WAGE JOBS DHX PAYC ZPIN HSTM PCTY BNFT CALD XING HGN
Median HR Tech Enabled Services $2,537
Median Online Employment Solution $488
Median SaaS HR Solutions $217
All Median $310
LTMEBITDA
Select Public Comparable Companies
$13,579
$9,778
$4,616 $4,085
$1,760 $1,502 $1,395 $1,267 $1,219 $1,011 $879 $881 $707 $660 $571 $539 $463 $288 $72
$0
$5,000
$10,000
$15,000
LNKD WDAY ULTI SEK PAYC CSOD PCTY TNET WAGE JOBS XING BNFT NSP CALD ZPIN HSTM DHX MWW HGN
Median HR Tech Enabled Services $707
Median Online Employment Solution $945
Median SaaS HR Solutions $1,307
All Median $1,011
EnterpriseValue
HRTech Enabled Services Online Employment Solution SaaS HRSolutions
$388
$247
$124
$94 $93 $92 $76 $65 $64 $49 $42 $34 $31
$0 $0 ($6) ($45) ($51) ($164)
$0
$250
$500
SEK LNKD TNET MWW JOBS NSP WAGE ULTI DHX ZPIN PAYC XING HSTM CALD PCTY HGN BNFT CSOD WDAY
Median HR Tech Enabled Services $92
Median Online Employment Solution $94
Median SaaS HR Solutions ($0)
All Median $49
**All Data in US $MM ** Data as of 2.25.16**

4. Confidential 4
Select Public Comparable Companies
9.2x
7.8x 7.5x 7.4x 6.9x
5.0x 4.8x 4.5x 4.4x
3.8x 3.6x 3.3x
2.7x 2.6x
1.8x
1.2x
0.5x 0.4x 0.3x
0.0x
5.0x
10.0x
WDAY PAYC ULTI PCTY XING SEK BNFT LNKD CSOD CALD WAGE JOBS ZPIN HSTM DHX HGN TNET MWW NSP
Median HR Tech Enabled Services 0.5x
Median Online Employment Solution 3.9x
Median SaaS HR Solutions 4.6x
All Median 3.8x
EV/LTMRev
HRTech Enabled Services Online Employment Solution SaaS HRSolutions
$3,676
$3,064 $3,008
$1,158
$772 $711 $649 $430 $362 $358 $311 $246 $228 $230 $234 $224 $212 $160 $74
$0
$1,500
$3,000
$4,500
LNKD TNET NSP WDAY ULTI SEK MWW CSOD WAGE JOBS PAYC DHX ZPIN HSTM BNFT PCTY CALD XING HGN
Median HR Tech Enabled Services $3,008
Median Online Employment Solution $503
Median SaaS HR Solutions $272
All Median $358
2016ERevenue
$986
$276
$191 $175 $141 $119 $110 $97 $71 $70 $65 $52 $37 $37 $24 $23 $0 ($4) ($12)
$0
$600
$1,200
LNKD SEK ULTI TNET NSP JOBS WAGE MWW WDAY DHX PAYC XING HSTM CSOD PCTY CALD ZPIN HGN BNFT
2016EEBITDA
Median HR Tech Enabled Services $141
Median Online Employment Solution $108
Median SaaS HR Solutions $37
All Median $70
**All Data in US $MM ** Data as of 2.25.16**

5. Confidential 5
Select Public Comparable Companies
HRTech Enabled Services Online Employment Solution SaaS HRSolutions
8.4x
6.2x 6.0x 5.7x 5.7x 5.5x
3.8x 3.7x 3.5x 3.4x 3.1x 2.8x 2.4x 2.3x 1.9x
1.0x 0.4x 0.4x 0.2x
0.0x
5.0x
10.0x
WDAY PCTY ULTI SEK PAYC XING BNFT LNKD CSOD WAGE CALD JOBS ZPIN HSTM DHX HGN MWW TNET NSP
Median HR Tech Enabled Services 0.4x
Median Online Employment Solution 3.3x
Median SaaS HR Solutions 3.6x
All Median 3.4x
EV/2016ERevenue
132.6x
57.5x
40.7x
28.3x 27.2x 24.2x 17.0x 14.9x 14.5x 13.8x 11.1x 9.7x 8.5x 7.2x 6.6x 5.0x 3.0x NM NM
0.0x
75.0x
150.0x
WDAY PCTY CSOD CALD PAYC ULTI XING SEK HSTM LNKD WAGE ZPIN JOBS TNET DHX NSP MWW BNFT HGN
EV/2016EEBTIDA
71.0x
55.0x
41.9x
26.0x
17.7x 16.0x 11.6x 10.8x 10.3x 10.2x 7.7x 7.2x 3.1x NM NM NM NM NM NM
0.0x
50.0x
100.0x
ULTI LNKD PAYC XING HSTM WAGE ZPIN JOBS SEK TNET NSP DHX MWW WDAY PCTY CSOD CALD BNFT HGN
EV/LTMEBITDA
Median HR Tech Enabled Services 10.2x
Median Online Employment Solution 10.6x
Median SaaS HR Solutions 29.8x
All Median 11.6x
Median HR Tech Enabled Services 7.2x
Median Online Employment Solution 11.1x
Median SaaS HR Solutions 27.8x
All Median 14.5x
**All Data in US $MM ** Data as of 2.25.16**

6. Confidential 6
2016 HCM M&A Transactions
Date Target Acquirer Target Description
2/8/2016 The Company provides employee survey and talent analytics solutions
2/8/2016
The Company provides HR, crew scheduling and payroll software for the maritime and
oil & gas industries
2/4/2016 The Company provides recruiting software
1/30/2016 The Company offers a marketplace to connect individuals and companies
1/27/2016
The Company offers an online platform that automates the hiring process for HR teams
and candidates
1/25/2016 The Company provides cloud-based human capital management and payroll software
1/14/2016 The Company provides cloud-based human capital management and payroll software
1/12/2016
The Company provides cloud-based corporate performance management (CPM)
software and human resource (HR) software
1/7/2016
The Company provides on-demand compensation and talent management solutions in
the human capital software-as-a-service market

7. Select HCM M&A 2014-2016
7Confidential
Date Target Acquirer EV LTM Revenue LTM EBITDA EV/LTM Rev EV/LTM EBITDA
1. 2/8/2016 Modern Survey Aon Hewitt - - - - -
2. 2/8/2016 OCS HR AS Mintra Trainingportal - - - - -
3. 2/4/2016 Connectifier LinkedIn 100 - - - -
4. 1/30/2016 breaz SAS Hired - - - - -
5. 1/27/2016 TalentWise Sterling Infosystems - - - - -
6. 1/25/2016 CoreHR Limited JMI Equity - - - - -
7. 1/14/2016 Empower Software Solutions Kronos Incorporated - - - - -
8. 1/12/2016 Talentia Software Argos Soditic - - - - -
9. 1/7/2016 Salary.com H.I.G. Capital - 46 (13) - -
10. 12/21/2015 LetsIntern Career Solutions Aspiring Minds Assessment - - - - -
11. 12/4/2015 Zirtual Startups.co - - - - -
12. 11/19/2015 Parklet Greenhouse Software - - - - -
13. 11/3/2015 Socialware Proofpoint 9 - - - -
14. 11/3/2015 EmployeeScreenIQ SterlingBackcheck - - - - -
15. 10/19/2015 Synergy Services IC Compliance - - - - -
16. 10/16/2015 Matrix42 EMERAM Capital Partners - - - - -
17. 10/12/2015 Alcumus Holdings Inflexion Private Equity Partners 141 - - - -
18. 10/12/2015 Wooboard REFFIND 3 - - - -
19. 9/16/2015 LikeLive Kira Talent - - - - -
20. 9/10/2015 gatherDocs Efficient Hire - - - - -
21. 9/9/2015 Bluegarden Holding Marlin Equity Partners - - - - -
22. 9/3/2015 VoloMetrix Microsoft Corporation - - - - -
**All Data in US $MM**

8. Select HCM M&A 2014-2016
8Confidential
Date Target Acquirer EV LTM Revenue LTM EBITDA EV/LTM Rev EV/LTM EBITDA
24. 8/14/2015 Ease Entertainment GEP Administrative Services - - - - -
25. 8/11/2015 Truckload Management Randall-Reilly Publishing Company - - - - -
26. 7/28/2015 Reward Gateway (UK) Great Hill Partners - - - - -
27. 7/15/2015 Textkernel CareerBuilder - - - - -
28. 7/13/2015 Shifthub When I Work - - - - -
29. 7/8/2015 CSO Research MBA Focus - - - - -
30. 7/7/2015 TalentEgg CharityVillage - - - - -
31. 6/30/2015 Fourth Insight Venture Partners - - - - -
32. 6/11/2015 Productive Scheduling Solutions Kronos Incorporated - - - - -
33. 6/2/2015 Isys Group Capita plc - - - - -
34. 5/15/2015 Objective Logistics Bit9 - - - - -
35. 5/8/2015 ChinaHR.com 58.com - - - - -
36. 5/7/2015 Optimized Bits Technologies Zobtree Ventures - - - - -
37. 4/13/2015 UniJobs Global TES Global - - - - -
38. 4/3/2015 Yingjiesheng 51job 40 - - - -
39. 3/30/2015 Saba Software Vector Capital 270 121 (11) - -
40. 3/16/2015 Careerify LinkedIn Corporation - - - - -
41. 3/4/2015 TimeSimplicity MC2 Consulting Services - - - - -
42. 3/2/2015 HRsmart Deltek - - - - -
43. 2/19/2015 Netchemia PeopleAdmin - - - - -
44. 2/6/2015 Playbook Labs Intuit 4 - - - -
**All Data in US $MM**

9. Select HCM M&A 2014-2016
9Confidential
Date Target Acquirer EV LTM Revenue LTM EBITDA EV/LTM Rev EV/LTM EBITDA
45. 1/22/2015 Intelligence Competence Center XING 10 - - - -
46. 12/19/2014 joblocal FUNKE MEDIENGRUPPE - - - - -
47. 12/19/2014 Acrede HR and Payroll Solutions Intuit - - - - -
48. 11/25/2014 bswift Aetna 400 - - - -
49. 3/19/2015 Advanced Computer Software Vista Equity 1,044 341 48 3.3x -
50. 11/19/2014 Smarterer Pluralsight 75 - - - -
51. 11/13/2014 Employ Insight Get It - - - - -
52. 11/3/2014 Evolv Cornerstone OnDemand 45 6 (12) 7.3x -
53. 10/31/2014 Intelligent Business Entertainment NYSE Holdings - - - - -
54. 10/30/2014 PRO Unlimited Investcorp Bank 300 - - - -
55. 10/24/2014 CoffeeJobs.com Beanhunter - - - - -
56. 10/16/2014 PAI Group Sage Software 158 - - 4.1x -
57. 10/9/2014 SmartBen Hodges-Mace Benefits - - - - -
58. 10/7/2014 Akira Systems Scytl Secure Electronic Voting 3 - - - -
59. 10/1/2014 Internships.com Chegg 11 - - - -
60. 12/4/2014 Concur Technologies SAP America 7,673 703 9 10.9x -
61. 8/21/2014 Zao.com Amris Limited - - - - -
62. 8/19/2014 HireBrite Readyforce - - - - -
63. 8/1/2014 Aspex Solutions Frontline Technologies Group - - - - -
64. 7/14/2014 Talent2 International Allegis Group - 332 8 - -
65. 7/10/2014 Starfield TMS Ascentis Corporation - - - - -
66. 7/9/2014 Social Solutions Vista Equity Partners - - - - -
**All Data in US $MM**

10. Select HCM M&A 2014-2016
10Confidential
Date Target Acquirer EV LTM Revenue LTM EBITDA EV/LTM Rev EV/LTM EBITDA
67. 7/7/2014 FotoPunch Asure Software 5 - - - -
68. 7/7/2014 NuView Systems Ignite Technologies - - - - -
69. 7/3/2014 MoBolt Indeed - - - - -
70. 6/30/2014 Rollouts Incorporated Ingram Micro 2 - - - -
71. 6/17/2014 nettime solutions Paychex - - - - -
72. 6/2/2014 HR to Go OmegaComp - - - - -
73. 5/31/2014 Techtree Technologies Advantage one Human Resourcing - - - - -
74. 5/12/2014 Acclaimd eBoss Online Recruitment - - - - -
75. 5/9/2014 Teaching Personnel Graphite Capital 506 - - - -
76. 5/2/2014 Fieldglass SAP 1,000 - - - -
77. 4/30/2014 PayScale Warburg Pincus - - - - -
78. 4/30/2014 iSystems Silver Oak Services Partners - - - - -
79. 4/23/2014 WorkForce Software Insight Venture Partners - - - - -
80. 4/9/2014 Talent Q Hay Group 12 - - - -
81. 4/2/2014 Distill Yahoo! - - - - -
82. 4/1/2014 Profiles International John Wiley & Sons 48 - - 1.8x -
83. 3/30/2014 Broadbean Technology CareerBuilder - - - - -
84. 3/27/2014 PeopleAdmin Vista Equity - - - - -
85. 3/11/2014 Fitzii Ian Martin Limited - - - - -
86. 3/3/2014 HR New Media GmbH softgarden - - - - -
87. 3/3/2014 softgarden GmbH Cipio Partners - - - - -
88. 2/28/2014 Bright Media Corporation LinkedIn 120 - - - -
**All Data in US $MM**