The document provides an overview of the real estate technology market and ecosystem from Software Equity Group (SEG). It discusses SEG's focus and experience in software advisory services. It then summarizes SEG's analysis of the real estate technology landscape, including categories, notable M&A transactions, and performance of public real estate technology companies. Key trends highlighted include increased investment in real estate technology and strong valuations in public and private markets.

1. Real Estate Software Market Update &
Ecosystem / Landscape of Software Providers
January 2015

2. About SEG
• Twenty-two year, exclusive focus on software
advisory services to lower & middle market
representing companies seeking:
• Strategic exit
• Growth capital
• Buyout
• Inorganic growth via acquisition
• Fairness opinions and valuations
• Board advisory services
• Clients span virtually every technology, product
category, delivery model and vertical market
• Global presence providing advice and guidance to
more than 2,000 private and public companies
throughout US, Canada, Europe, Asia-Pacific, Africa
and Israel
• Strong cross-functional team leveraging transaction,
operating, legal and engineering experience
• Unparalleled software industry reputation, track
record and industry research
• Highly referenceable base of past clients and buyers
/ investors
Focus on
Advice
Multi-service
Multi-
Industry
Focus on
Software
Advisory
Boutiques
Bulge Bracket
Firms
IPO Boutiques
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

3. Recent SEG Real Estate Related Transaction News
SAN DIEGO, CA –April 15, 2014. Software Equity Group, LLC (SEG) announced
today its client, Dean Evans & Associates, Inc. (dba Event Management
Systems) the leading provider of facility scheduling and event management
software, has received a strategic growth equity investment from JMI Equity, a
leading growth equity firm focused on investing in leading software and
technology-enabled services companies.
Founded in 1986 and headquartered in Centennial Colorado, Dean Evans &
Associates (DEA) provides a full suite of meeting and event scheduling,
resource management, academic scheduling, shared workspace management
(office “hoteling”), web calendaring and online registration/survey
solutions. More than 4,000 organizations in over 75 countries rely on DEA’s
Event Management System (EMS) software, including many Fortune 100
companies and other leading corporations, higher education institutions, law
firms, conference centers, religious organizations, hospitals, cultural venues
and sports facilities.
“For over 25 years, our team has been focused on providing our customers
with the best in facility management software, along with the highest levels of
customer service,” said Dean Evans, CEO and founder of DEA. ”EMS is a
premier brand with a strong competitive advantage, offering the most
comprehensive package of services on the market. With JMI’s expertise in
growing enterprise software companies, along with its experience in higher
education, we feel better than ever about our ability to continue to innovate
and grow our offering.”
“We share the DEA team’s vision for the future and look forward to
supporting the company in achieving its growth objectives,” said Brian
Hersman, General Partner at JMI Equity. ”DEA’s opportunity fits well with
JMI’s strategy of bringing expertise and resources to build on a foundation of
strong market and product leadership.”
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CONFIDENTIAL

4. SEG’s Strong Real Estate Industry Transaction Experience
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL
Real Estate SaaS
Provider of subscription-based vendor screening and risk
management solutions to the multifamily housing industry
Real Estate SaaS
Provider of property and resident management software to long-
term industry
Real Estate On-premise Complete property management for affordable housing
Real Estate Hybrid
Provider of real estate investment budgeting and forecasting
solutions to property managers, REITs & PE firms
Real Estate SaaS
Provider of facilities management solutions to the global
corporate and commercial property market
Real Estate SaaS
Provider of project management, collaboration and bid
management solutions for retail store design and construction
Real Estate On-premise Provider of plant and facility design and engineering software
Real Estate On-premise Provider of Event and Room Management Software
Real Estate On-premise Provider of Integrated Workplace Management Software (IWMS)
BuyerBusiness DescriptionClient Category
Delivery
Model

5. REAL ESTATE TECHNOLOGY LANDSCAPE

6. SEG-Landscape: Multi-Family Real Estate Technology*
Accounting
Applicant Screening
Property Mgmt.
CRM
Web Portals
/Marketing
Internet Listings
Property
Management
Vendor Ecosystem
Revenue Mgmt.
Spend Mgmt.
Utility Billing &
Energy Mgmt.
Payments
* Not all inclusive
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

7. SEG-Landscape: Commercial/Corporate Real Estate Technology*
Data/Info.
Services
Facilities Mgmt.
Investment
Mgmt.
IWMS
Facilities
Design/AEC
Construction
Vendor
Ecosystem
Capital Planning
Vertical Providers
Space Mgmt.
Lease
Administration
* Not all inclusive
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

8. SEG-Landscape: “For Sale” Real Estate Technology*
Property Search/
Lead Gen
Home Services/
Lead Gen
Broker CRM
Vendor
Ecosystem
Broker Marketing
MLS
Residential
Construction
Property Search
(Vacation Rentals)
Mortgage Orig./
Finance
Other
* Not all inclusive
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

9. SEG-Landscape: Sector Public/Private Capital
PublicCapitalPrivateCapital
Multi-Family Commercial/Corporate “For Sale”
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

10. BRIEF MARKET UPDATE – PUBLIC MARKETS & M&A

11. Notable Trends in Real Estate Technology
• Real estate technology M&A deal volume has been on an upward trajectory since 2009
• 2014 M&A deal volume grew 43% over 2013
• M&A deal volume in 4Q14, 3Q14 and 2Q14 were each higher than any prior quarter since our
analysis began in 2009
• A plethora of private & public capital has poured into the real estate technology sector
over the last several years
• Private equity and venture capital firms have invested significant amounts of capital into the
real estate technology ecosystem, following a dearth of investment activity during the great
recession
• Larger horizontal technology providers like IBM, Experian, Oracle, and New Corp. have shown
interest in the sector via acquisitions
• Successful IPO’s by companies like Textura, RealPage, Zillow, Trulia, Ellie Mae, Homeaway and
others has spurred continued investment in the sector
• Valuations in both the public and private markets remain strong
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

12. Public Companies: Real Estate Technology
Public Company Operating Performance and Market Valuation
*Data as of January 20, 2015
Company Ticker Category
Enterprise
Value (mm)
LTM Rev
(mm)
LTM EBITDA
(mm)
LTM Rev
Growth
LTM Gross
Margin
LTM EBITDA
Margin
EV/
Rev
EV/
EBITDA
Angie’s List, Inc. NASDAQ: ANGI Home Services Lead Gen $603.3 $266.1 -$19.4 50.5% 73.9% -7.3% 2.3x -
Autodesk, Inc. NASDAQ: ADSK Facilities Design/ AEC $9,300.5 $2,273.9 $426.5 -1.7% 87.9% 18.8% 4.1x 21.8x
Aveva Group plc LSE:AVV Facilities Design/ AEC $1,944.3 $390.3 $114.9 10.9% 92.6% 29.4% 5.0x 16.9x
CoreLogic, Inc. NYSE: CLGX Data/ Info. Services $3,956.5 $1,309.7 $231.4 -18.5% 48.1% 17.7% 3.0x 15.7x
CoStar Group, Inc. NASDAQ: CSGP Data/ Info. Services $4,562.7 $456.0 $116.2 18.3% 71.9% 25.5% 10.0x 39.3x
Ellie Mae, Inc. NYSE: ELLI Mortgage Orig. / Finance $614.3 $128.5 $25.1 26.2% 74.5% 19.5% 4.8x 24.5x
Homeaway, Inc. NASDAQ: AWAY Property Search / Lead Gen $2,622.0 $372.7 $60.7 26.0% 84.6% 16.3% 7.0x 43.2x
Nemetscheck AG XTRA: NEM Facilities Design/ AEC $737.8 $260.6 $52.3 6.0% 53.5% 20.1% 2.8x 14.1x
RealPage, Inc. NASDAQ: RP Property Management $1,368.1 $377.0 $54.2 17.0% 60.7% 14.4% 3.6x 25.2x
Textura Corporation NYSE: TXTR Commercial Construction $365.3 $40.8 -$33.2 70.1% 68.6% -81.5% 9.0x -
Zillow, Inc. NASDAQ: Z Property Search / Lead Gen $3,772.4 $197.5 -$5.5 69.1% 90.5% -2.8% 19.1x -
High: $9,300.5 $2,273.9 $426.5 70.1% 92.6% 29.4% 19.1x 43.2x
Low: $365.3 $40.8 -$33.2 -18.5% 48.1% -81.5% 2.3x 14.1x
Average: $2,713.4 $552.1 $93.0 24.9% 73.3% 6.4% 6.4x 25.1x
Median: $1,944.3 $372.7 $54.2 18.3% 73.9% 17.7% 4.8x 23.2x
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

13. Stock Market Performance: Property Search / Lead Gen
*Data as of January 20, 2015
0.00b
1.00b
2.00b
3.00b
4.00b
5.00b
6.00b
7.00b
8.00b
Market CapitalizationZillow, Inc. (NasdaqGS:Z) - Market Capitalization
HomeAway, Inc. (NasdaqGS:AWAY) - Market Capitalization
Angie's List, Inc. (NasdaqGS:ANGI) - Market Capitalization
0.00x
5.00x
10.00x
15.00x
20.00x
25.00x
30.00x
35.00x
EV/RevenueZillow, Inc. (NasdaqGS:Z) - TEV/Total Revenues
HomeAway, Inc. (NasdaqGS:AWAY) - TEV/Total Revenues
Angie's List, Inc. (NasdaqGS:ANGI) - TEV/Total Revenues
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

14. Stock Market Performance: Facility Design / AEC
*Data as of January 20, 2015
0.00x
1.00x
2.00x
3.00x
4.00x
5.00x
6.00x
7.00x
8.00x
EV/RevenueAutodesk, Inc. (NasdaqGS:ADSK) - TEV/Total Revenues
Nemetschek AG (XTRA:NEM) - TEV/Total Revenues
Aveva Group plc (LSE:AVV) - TEV/Total Revenues
0.00b
2.00b
4.00b
6.00b
8.00b
10.00b
12.00b
14.00b
16.00b
Market CapitalizationAutodesk, Inc. (NasdaqGS:ADSK) - Market Capitalization
Nemetschek AG (XTRA:NEM) - Market Capitalization
Aveva Group plc (LSE:AVV) - Market Capitalization
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

15. Stock Market Performance: SaaS/Subscription
*Data as of January 20, 2015
0.00x
5.00x
10.00x
15.00x
20.00x
25.00x
30.00x
35.00x
40.00x
EV/RevenueRealPage, Inc. (NasdaqGS:RP) - TEV/Total Revenues
Textura Corporation (NYSE:TXTR) - TEV/Total Revenues
Ellie Mae, Inc. (NYSE:ELLI) - TEV/Total Revenues
CoStar Group Inc. (NasdaqGS:CSGP) - TEV/Total Revenues
0.00b
1.00b
2.00b
3.00b
4.00b
5.00b
6.00b
7.00b
Market CapitalizationRealPage, Inc. (NasdaqGS:RP) - Market Capitalization
Textura Corporation (NYSE:TXTR) - Market Capitalization
Ellie Mae, Inc. (NYSE:ELLI) - Market Capitalization
CoStar Group Inc. (NasdaqGS:CSGP) - Market Capitalization
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

16. Top 10 Real Estate Technology M&A by Enterprise Value (EV)
*Data set 2011 - present
Date Buyer Seller
Enterprise
Value ($mm)
EV /
Rev
EV /
EBITDA Category Business Description
07/28/14 Zillow, Inc. Trulia, Inc. $3,090.5 14.8x - Property Search Trulia, Inc. provides tools to research homes and neighborhoods for consumers through
Web and mobile applications.
11/14/14 REA Group Ltd Move, Inc $963.2 4.0x 121.3x Property Search Move, Inc. operates an online network of Websites for real estate search, finance, and
moving and home enthusiasts in North America.
04/27/11 CoStar Group
Inc.
LoopNet, Inc. $654.2 8.2x 30.3x Property
Search/Data
Services
LoopNet.com enables commercial real estate agents working on behalf of property owners
and landlords to list properties for sale or for lease, and submit detailed information on
property listings to find a buyer or tenant.
03/03/14 CoStar Group
Inc.
Apartments.com,
L.L.C.
$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental
units from managed properties, newspaper classifieds, and for-rent-by-owner properties
and offering renters a database of houses, condos, duplexes, etc.
09/22/14 Symphony
Technology
Group
McGraw-Hill
Construction
Information
Group
$320.0 1.9x - Commercial
Construction
McGraw-Hill Construction Information Group provides essential data, news, insights, and
intelligence to better inform construction professionals’ decisions and strengthen their
market position.
05/08/13 Trulia, Inc. Market Leader,
Inc.
$314.3 6.6x - Broker
CRM/Marketing
MarketLeader offers real estate professionals software-as-a-service CRM and marketing
tools to help customers build relationships with home buyers and sellers through the
Internet.
01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $270.0 4.7x 11.8x Data/Information
Services
RP Data Ltd. provides subscription-based access to commercial and residential property
information for real estate agents, valuers, property developers, financial institutions, and
state and federal government departments.
03/24/11 Davis +
Henderson
Corporation
Mortgagebot LLC $231.8 6.1x 11.5 Mortgage
Orig./Finance
Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and
credit unions in the United States.
08/14/14 Realogy Group
LLC
ZipRealty, Inc. $157.3 2.3x - Broker
CRM/Marketing
ZipRealty, Inc. operates as an online technology-enabled real estate brokerage company in
the United States.
03/22/12 PRIMEDIA Inc. Viva Group, Inc. $145.0 - - Property Search Rent.com is an Internet listing site providing rental advertisement and related services in
the United States. It enables renters to find residential rental property listing online,
including contact information, pricing, photos, floor plans, and virtual tours.
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

17. Top 10 Real Estate Technology M&A by EV/Revenue Multiple
*Data set 2011 - present
Date Buyer Seller
Enterprise
Value ($mm)
EV /
Rev
EV /
EBITDA Category Business Description
05/02/12 Zillow, Inc. RentJuice
Corporation
$37.4 102.4x - Property
Management
RentJuice Corporation providesSaaaS Rental Relationship Management (RRM) software for
real estate professionals. The company’s online RRM platform connects prospective renters,
brokers, and property managers to each other in real-time.
07/28/14 Zillow, Inc. Trulia, Inc. $3,090.5 14.8x - Property
Search/Data
Services
Trulia, Inc. provides tools to research homes and neighborhoods for consumers through
Web and mobile applications.
07/23/12 RealPage, Inc. Rent Mine Online
Inc.
$15.5 10.3x - Property
Management
Rent Mine Online Inc. provides resident referral programs online. It operates a multifamily
online resident referral tool for residential management companies in the United States and
Canada.
04/27/11 CoStar Group
Inc.
LoopNet, Inc. $654.2 8.2x 30.3x Property
Search/Data
Services
LoopNet.com enables commercial real estate agents working on behalf of property owners
and landlords to list properties for sale or for lease, and submit detailed information on
property listings to find a buyer or tenant.
03/03/14 CoStar Group
Inc.
Apartments.com,
L.L.C.
$585.0 6.8x 22.9x Property Search Apartments.com provides apartment Internet listing subscription services, providing rental
units from managed properties, newspaper classifieds, and for-rent-by-owner properties
and offering renters a database of houses, condos, duplexes, etc.
05/08/13 Trulia, Inc. Market Leader,
Inc.
$314.3 6.6x - Broker
CRM/Marketing
MarketLeader offers real estate professionals software-as-a-service CRM and marketing
tools to help customers build relationships with home buyers and sellers through the
Internet.
03/24/11 Davis +
Henderson
Corporation
Mortgagebot LLC $231.8 6.1x 11.5x Mortgage
Orig./Finance
Mortgagebot provides software as a service mortgage point-of-sale solutions to banks and
credit unions in the United States.
04/12/11 Altus Group
Limited
ARGUS Software,
Inc.
$140.5 5.6x 20.8x Investment
Management
ARGUS Software, Inc. provides investment asset management and financial analysis
solutions to the commercial real estate industry globally.
01/11/11 CoreLogic, Inc. RP Data Pty Ltd. $270.0 4.7x 11.8x Data/Information
Services
RP Data Ltd. provides subscription-based access to commercial and residential property
information for real estate agents, valuers, property developers, financial institutions, and
state and federal government departments.
08/22/11 RealPage, Inc. MyNewPlace.com $74.9 4.5x - Property
Management
MyNewPlace.com is an apartment and home rentals Web site, offering Internet listing
services; and provides access to property information, including photo galleries, videos, and
neighborhood information for renters.
Copyright © 2015 by SOFTWARE EQUITY GROUP, LLC, All Rights Reserved
CONFIDENTIAL

18. Real Estate Technology M&A Activity
*Data set 2009 - present
14
25
48
42
51
73
2009 2010 2011 2012 2013 2014
#ofRM&ATransactions
Annual Deal Volume
2
5
10
6
10
11
2
5
10
13
10
23
2
7
14
12
15
21
8 8
14
11
17
18
2009 2010 2011 2012 2013 2014
Quarterly Deal Volume
Q1 Q2 Q3 Q4
3
1
0
1 1 1 1 1
2
0
1
2
4
3
0
1
2
1
0 0
4
0
7
3
5
4
3
4
6
0
7
2
7
2
4 4
7
1
2
0
8
3
5
2
3
2
5
4
8
4
0
1
5
2
10
2
4
3
5
6
7
5
1 1
11
3
12
1
8
1
8
7
Property
Management
Data/Information
Services
Payments Investment
Management
IWMS & Facilities
Management
Facilities Design
/ AEC
Commercial
Construction
Residential
Construction
Property Search /
Lead Gen
Home Services
Lead Gen
Broker
CRM/Marketing
Mortgage Orig. /
Finance
#ofM&ATransactions
Annual Deal Volume By Category
2009 2010 2011 2012 2013 2014
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CONFIDENTIAL

19. Contact Information
Kris Beible
(858) 509-2800
kbeible@softwareequity.com
www.softwareequity.com
The information contained in this Report is obtained from sources we believe to be reliable, but no representation or guarantee is made about the accuracy or completeness of such information, or the
opinions expressed herein. Nothing in this Report is intended to be a recommendation of a specific security or company or intended to constitute an offer to buy or sell, or the solicitation of an offer to buy or
sell, any security. Software Equity Group LLC may have an interest in one or more of the securities or companies discussed herein.
Financial data provided by Capital IQ.
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