Shea & Company, LLC

Quarterly Enterprise Software Market Review 

2Q 2012 

Shea & Company, LLC 

Boston 

399 Boylston Street 

Boston, MA 02116 

Michael H.M. Shea 

Managing Director 

617.896.2255 

mshea@shea-co.com 

Christopher J. Pingpank 

Principal 

617.896.2218 

cpingpank@shea-co.com 

San Francisco 

One Ferry Building 

San Francisco, CA 94111 

Michael S. Barker 

Managing Director 

415.203.5286 

mbarker@shea-co.com 

Copyright © 2012 Shea & Company, LLC Member FINRA & SIPC

Contents 

M&A Activity 

Software M&A Activity Overview p. 2 

Software Acquisitions: Trend Analysis p. 3 

Publicly-Available Software M&A Transaction Data p. 4 

Announced Software Acquisitions: 2Q 2012 p. 10 

Most Active Software Acquirers p. 13 

Public Equity Market Valuations 

Public Equity Market Valuations Overview p. 19 

Equity Trading Multiples by Growth Tranche p. 20 

Equity Trading Multiples by Software Segment p. 21 

Equity Trading Multiples by Comparable Subset p. 25 

Public & Private Equity Financing Activity 

Capital Raise Activity: 2Q 2012 p. 27 

IPO Pricing & Performance Data p. 30 

IPO Pipeline p. 31 

Copyright © 2012 Shea & Company, LLC 1

Software M&A Activity Overview 

Summary Transaction Activity ($ millions) 

Q2 2011 Q2 2012 TTM 2Q11 TTM 2Q12 

Number of Transactions 

Business Applications 42 64 

152 197 

IT Security 11 12 

54 

51 

Information Management 1 17 

33 

54 

Infrastructure 18 20 

85 

91 

Financial Applications 9 13 

54 

51 

All Software 81 126 

378 444 

Disclosed Transaction Value 

Business Applications $ 7,722 $ 8,603 $ 17,596 $ 24,504 

IT Security 31 139 9,169 3,071 

Information Management 380 319 3,091 12,642 

Infrastructure 651 2,523 7,763 7,428 

Financial Applications 968 85 2,052 5,508 

All Software $ 9,751 $ 11,669 $ 39,672 $ 53,155 

Median EV/TTM Rev (# disclosed) 

Business Applications 4.5x (11) 1.5x (9) 3.6x (22) 3.4x (19) 

IT Security 2.9x (2) - (0) 2.9x (8) 4.8x (1) 

Information Management - (0) 1.9x (3) 3.8x (6) 2.8x (8) 

Infrastructure 3.9x (3) 2.7x (1) 6.9x (10) 2.7x (7) 

Financial Applications 1.7x (1) 1.8x (2) 2.1x (4) 2.1x (7) 

All Software 3.9x (17) 1.6x (15) 3.3x (50) 2.8x (42) 

Median EV/TTM Rev (# disclosed) 

< $250 2.4x (8) 1.5x (12) 2.4x (30) 1.8x (20) 

$250 - $500 6.1x (5) 1.9x (1) 5.5x (7) 2.9x (9) 

$500 - $1000 9.4x (1) - (0) 5.8x (4) 5.0x (2) 

> $1000 2.5x (3) 5.6x (2) 3.9x (9) 4.8x (11) 

All Software 3.9x (17) 1.9x (15) 3.4x (50) 2.8x (42) 

Notable Announced Transactions: 2Q 2012 ($ millions) 

Note: 

Business Applications includes: ERP & Business Applications; Technical & Embedded Applications 

Information Management includes: Business Intelligence; Content Management 

Infrastructure includes: Application Delivery & Network Acceleration; Platforms, Development Tools & Deployment; Storage Management; Systems & Network Management 

Source: Company releases, Wall Street research, Shea & Company 

Enterprise EV / Revenue 

Target Acquirer Value CY FY 

Ariba SAP $4,267 7.8x 6.6x 

Quest Dell $2,408 2.6x 2.4x 

Yammer MSFT $1,200 n/a n/a 

Paradigm Apax & JMI $1,000 n/a n/a 

Buddy Media SFDC $689 n/a n/a 

Demandforce Intuit $424 n/a n/a 

Copyright © 2012 Shea & Company, LLC 

2

Software Acquisitions: Trend Analysis 

By Transaction Size: 2011 – 2012 YTD 

# of Deals 

By Target Segment: 2011 – 2012 YTD 

# of Deals 

100 

160 

140 

120 

100 

90 

80 

70 

60 

50 

40 

30 

20 

10 

0 

80 

60 

40 

20 

0 

5 

139 

1 

23 4 10 9 

< $250 $250 - $500 $500 - $1000 > $1000 

11 

81 

Business 

Applications 

1 

16 

Financial 

Strategic 

Deal Value ($ millions) 

22 

Financial 

Strategic 

30 26 

IT Security Information Infrastructure Financial 

Management 

Applications 

2 

2 

Aggregate Deal Value ($ billions) 

Aggregate Deal Value ($ billions) 

$35 

$30 

$25 

$20 

$15 

$10 

$50 

$45 

$40 

$35 

$30 

$25 

$20 

$15 

$10 

$5 

$0 

$0.4 $0.3 

$7.3 $7.9 

Note: 

Business Applications includes: ERP & Business Applications; Technical & Embedded Applications 

Information Management includes: Business Intelligence; Content Management 

Infrastructure includes: Application Delivery & Network Acceleration; Platforms, Development Tools & Deployment; Storage Management; Systems & Network Management 


$5 

$0 

$2.5 

$15.2 

$28.6 

< $250 $250 - $500 $500 - $1000 > $1000 

$10.4 

$22.2 

Business 

Applications 

$1.4 

$1.8 


$13.5 

$1.1 

$3.1 

$5.2 $3.6 


Management 

Applications 

Median EV / Rev (current year) 

Median EV / Rev (current year) 

8.0x 

7.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

6.0x 

5.0x 

4.0x 

3.0x 

2.0x 

1.0x 

0.0x 

4.3x 

2.5x 

4.3x 

3.1x 

7.1x 

2.5x 

< $250 $250 - $500 $500 - $1000 > $1000 

2.5x 

Business 

Applications 

1.9x 


5.6x 

2.0x 

2.2x 

2.6x2.7x 


Management 

Applications 


Publicly-Available Software M&A Transaction Data 

2011 – 2012 YTD ($ millions) 

Note: 

Includes only transactions for which data was publicly available 

P/E multiples in excess of 100x or less than 0x are considered to be not meaningful 


Consideration Equity Enterprise EV / Revenue P/E Ratio 

Date Target Acquirer % Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr 

06/25/12 Quest Software Dell 100.0% - $2,383 $2,408 2.7x 2.6x 2.4x - - 

06/25/12 Yammer Microsoft 100.0% - $1,200 $1,200 - - - - - 

06/20/12 Folhamatic Tecnologia em Sistemas Sage Group plc 100.0% - $212 $250 3.7x - - - - 

06/15/12 Aspect Loss Prevention Verisk Analytics 100.0% - $7 $8 - - - - - 

06/11/12 Open EC Technologies QHR Technologies 44.4% 55.6% $3 $4 1.6x - - - - 

06/11/12 Paradigm B.V. Apax Partners & JMI Equity 100.0% - $1,000 $1,000 - - - - - 

06/07/12 DynaSys SA QAD Ireland Ltd. 100.0% - $7 $8 1.2x - - - - 

06/05/12 APEX Systems Integrators Decisionpoint Systems 100.0% - $5 $8 - - - - - 

06/05/12 PlanetSoft Ebix 87.5% 12.5% $40 $40 - - - - - 

06/04/12 Buddy Media Salesforce.com - - - $689 - - - - - 

06/01/12 Coalition Development Ltd. CRISIL Ltd. - - $45 $45 3.6x - - - - 

05/30/12 Tactem SAS Econocom Telecom Services SAS 100.0% - $1 $1 1.0x - - - - 

05/29/12 DaouXilicon Ltd. Incube Technologies - 100.0% $13 $13 1.0x - - - - 

05/29/12 Esterel Technologies SA Ansys 100.0% - $53 $53 2.8x - - - - 

05/24/12 Quindell Enterprise Technology Solutions Quindell Portfolio plc 15.2% 84.8% $5 $10 2.1x - - - - 

05/22/12 Ariba SAP 100.0% - $4,500 $4,267 8.5x 7.8x 6.6x - - 

05/22/12 PolarLake Ltd. Bloomberg 100.0% - $31 $31 - - - - - 

05/22/12 Wanova VMware - - - $75 - - - - - 

05/14/12 The Thirdstone Corporation EVCARCO - 100.0% $0 $0 - - - - - 

05/11/12 Interfacing Technologies Groupe Odesia 31.3% 68.8% $1 $2 - - - - - 

05/08/12 Entiera Fair Isaac 100.0% - $18 $18 - - - - - 

05/07/12 Traen A/S Formpipe Software AB 100.0% - $20 $44 1.4x - - - - 

05/02/12 Kewill plc Francisco Partners 100.0% - $157 $132 1.5x 2.1x 2.0x - - 

04/30/12 Promax Applications Group Pty Ltd. Wipro 100.0% - $36 $36 - - - - - 

04/30/12 Purisma SAP 100.0% - $2 $2 - - - - - 

04/29/12 Transics International NV Uniholding SA 100.0% - $76 $80 1.3x 1.5x 1.4x - - 

04/26/12 Gemcom Software International Dassault Systemes SA 100.0% - $360 $360 - - - - - 

04/26/12 Torex Retail Holdings MICROS Systems 100.0% - $154 $263 1.9x - - - - 

04/23/12 Demandforce Intuit 100.0% - $424 $424 - - - - - 

04/20/12 MU Dynamics Spirent Communications 100.0% - $40 $40 - - - - - 

04/11/12 blueKiwi Software SA Atos SA 100.0% - $26 $26 4.0x - - - - 

04/03/12 LogLogic TIBCO Software 100.0% - $137 $132 - - - - - 

03/23/12 MediConnect Global Verisk Analytics 100.0% - - $349 - - - - - 

03/14/12 GlobeOp Financial Services SS&C Technologies 100.0% - $818 $711 - 2.8x 2.5x 17.6x 14.4x 

03/13/12 SonicWALL Dell - - - $1,250 4.8x - - - - 


Publicly-Available Software M&A Transaction Data continued 

2011 – 2012 YTD ($ millions) 

Note: 






03/08/12 Sonar6 Cornerstone OnDemand 92.9% 7.1% - $14 - - - - - 

03/05/12 Intuit (banking assets) Bottomline Technologies 100.0% - - $20 - - - - - 

03/05/12 Brainware Lexmark 100.0% - - $148 - - - - - 

03/05/12 Amobee Singapore Telecommunications Ltd. 100.0% - - $321 - - - - - 

02/29/12 Thomson Reuters (PORTIA assets) SS&C Technologies - - - $170 - - - - - 

02/28/12 iContact Vocus 50.8% 49.2% $169 $179 3.7x - - - - 

02/22/12 Mykonos Software Juniper Networks 100.0% - - $80 - - - - - 

02/21/12 Atlantic Global plc KeyedIn Solutions 100.0% - - $8 - - - - - 

02/16/12 Tamarac Envestnet 100.0% - - $54 - - - - - 

02/15/12 foxray AG ReadSoft AB 100.0% - - $10 1.2x - - - - 

02/14/12 Smarsh Quest Software 100.0% - - $56 - - - - - 

02/09/12 Taleo Oracle 100.0% - $1,900 $2,010 6.4x 5.3x - 35.4x - 

02/07/12 CaseCentral Guidance Software 50.0% 50.0% - $17 - - - - - 

02/06/12 OutStart Kenexa 100.0% - - $39 - - - - - 

02/02/12 Max Solutions Ltd. Xero 33.3% 66.7% - $6 - - - - - 

01/30/12 Numara Software BMC Software - - - $300 - - - - - 

01/23/12 Qlogic (InfiniBand assets) Intel 100.0% - - $125 - - - - - 

01/17/12 I/O Concepts BMC Software 100.0% - - $14 - - - - - 

01/17/12 Convio Blackbaud 100.0% - $332 $275 3.4x 3.0x 2.6x 31.9x 23.2x 

01/16/12 LiveOffice Symantec - - - $115 - - - - - 

01/12/12 Compliance 360 SAI Global Ltd. 100.0% - - $42 - - - - - 

01/11/12 Expand Networks (assets) Riverbed Technology - - - $10 - - - - - 

01/11/12 Crivo Sistemas em Informatica TransUnion 100.0% - - $43 - - - - - 

01/09/12 TaxACT InfoSpace 100.0% - - $288 3.7x - - - - 

01/09/12 Bold Software LogMeIn 100.0% - - $17 - - - - - 

01/09/12 SANRAD OCZ Technology - 100.0% - $15 - - - - - 

01/03/12 LeadFormix Callidus Software 100.0% - - $9 - - - - - 

12/28/11 De Novo Legal Epiq Systems 100.0% - - $68 - - - - - 

12/20/11 InfoVista Thoma Bravo 100.0% - - $71 1.2x - - - - 

12/19/11 Barrie & Hibbert Ltd. Moodys 100.0% - - $77 - - - - - 

12/16/11 SOFGEN Holdings Ltd. (assets) Lombard Risk Management plc - - - $4 - - - - - 

12/09/11 Blue Coat Systems Thoma Bravo - - $1,300 $1,017 2.2x 2.2x 2.1x 30.1x 29.1x 

12/08/11 DemandTec IBM 100.0% - $504 $439 4.9x 4.9x 4.4x nm nm 

12/06/11 Singularity Ltd. Kofax 100.0% - - $34 2.1x - - - - 

12/06/11 Jobs2Web SuccessFactors 100.0% - - $110 - - - - - 



2011 – 2012 YTD ($ millions) 

Note: 






12/05/11 SkyBitz Telular 83.3% 16.7% - $42 - 1.2x - - - 

12/03/11 SuccessFactors SAP 100.0% - $3,650 $3,400 11.7x 10.3x 8.2x nm nm 

12/02/11 Alterian plc SDL International plc 100.0% - $109 $107 2.6x 2.6x 3.1x nm nm 

12/02/11 Merced Systems NICE Systems Ltd - - - $150 - 2.7x - - - 

11/30/11 Magma Design Automation Synopsys 100.0% - $533 $507 3.4x 3.4x 2.8x 22.7x 15.1x 

11/29/11 Razor Risk Technologies TMX Group 100.0% - - $10 1.0x - - - - 

11/23/11 Vertex System Resources Ltd CriticalControl Solutions 49.0% 51.0% - $1 - - - - - 

11/15/11 Mobile Interactive Group Ltd. Velti plc 80.0% 20.0% - $25 - - - - - 

11/07/11 Interactive Dialogues NV IDOX plc 100.0% - - $3 - - - - - 

11/07/11 Litigation Dynamics VR Holdings 100.0% - - $3 - - - - - 

10/31/11 BluePhoenix Solutions Ltd. (assets) Magic Software Enterprises Ltd. 100.0% - - $17 - - - - - 

10/31/11 SimpleGeo Urban Airship - 100.0% - $4 - - - - - 

10/26/11 App-DNA Citrix Systems - - - $92 - - - - - 

10/26/11 BoardSuite Aumento Capital - 100.0% - $15 - - - - - 

10/24/11 RightNow Technologies Oracle 100.0% - $1,500 $1,434 6.6x 6.4x 5.3x 79.2x 51.5x 

10/20/11 BNI Video Cisco - - - $99 - - - - - 

10/19/11 b-process SA Ariba - - - $48 - - - - - 

10/19/11 Genesys Telecommunications Laboratories Permira Funds - - - $1,500 - - - - - 

10/14/11 Windsor Management Group Tyler Technologies 100.0% - - $24 - - - - - 

10/13/11 ShareFile Citrix Systems 100.0% - - $54 - - - - - 

10/10/11 Mobile Complete (DeviceAnywhere) Keynote Systems 100.0% - - $75 3.8x - - - - 

10/06/11 Everyday Hero Blackbaud - - - $7 - - - - - 

10/05/11 SAND Technology (assets) Informatica - - - $8 - - - - - 

10/04/11 Webcom Callidus Software 100.0% - - $10 - - - - - 

10/04/11 Gluster Red Hat - - - $136 - - - - - 

10/03/11 S1 Corporation ACI Worldwide 40.0% 60.0% $513 $453 2.1x 1.9x 1.7x 75.8x 34.2x 

09/29/11 AEP Networks Ltd. Ultra Electronics Holdings plc 100.0% - - $66 - - - - - 

09/26/11 Global Management Technologies Verint 100.0% - - $33 - - - - - 

09/23/11 Cedar HR Software Limited Capita Group plc 100.0% - - $24 - - - - - 

09/23/11 eFront Francisco Partners 100.0% - $75 $56 - - - - - 

09/22/11 Safend Wave Systems 8.6% 91.4% - $13 - - - - - 

09/22/11 Sage Software Healthcare Vista Equity Partners 100.0% - - $320 2.8x - - - - 

09/21/11 Assistly Salesforce.com 100.0% - - $50 - - - - - 

09/19/11 Fizzback NICE Systems 100.0% - - $80 - - - - - 

09/08/11 Paladyne Systems Broadridge Financial Solutions - - - $77 - - - - - 



2011 – 2012 YTD ($ millions) 

Note: 






09/07/11 BlueArc Hitachi Data Systems - - $591 $600 6.5x - - - - 

09/07/11 RepliWeb Attunity Ltd. - - - $8 - - - - - 

09/01/11 Algorithmics IBM - - - $387 2.4x - - - - 

08/30/11 Nimbus TIBCO Software 100.0% - - $42 - - - - - 

08/22/11 MYOB Ltd. Bain Capital - - - $1,200 - - - - - 

08/18/11 Autonomy HP 100.0% - $11,560 $10,889 11.7x 10.5x 9.0x 38.1x 28.9x 

08/16/11 Del Mar DataTrac Ellie Mae 100.0% - - $25 - - - - - 

08/08/11 Plimus Great Hill Partners - - - $115 - - - - - 

08/05/11 Dashwire HTC - - - $19 - - - - - 

08/05/11 Oberthur Card Systems Advent International 100.0% - - $1,400 - - - - - 

08/05/11 SunGard Higher Education Datatel 100.0% - - $1,775 - - - - - 

08/04/11 Emdeon Blackstone Group 100.0% - $3,812 $3,000 2.8x 2.7x 2.5x 29.9x 26.8x 

07/21/11 ActiveBase Informatica 100.0% - - $8 - - - - - 

07/19/11 Aptimize Limited Riverbed Technology 100.0% - - $10 - - - - - 

07/19/11 Connected Environments LogMeIn 100.0% - - $15 - - - - - 

07/19/11 Zeus Technology Riverbed Technology 100.0% - - $125 - - - - - 

07/13/11 Global 360 Open Text - - - $260 2.9x - - - - 

07/12/11 Cloud.com Citrix Systems - - - $159 - - - - - 

07/06/11 dynaTrace software Compuware 100.0% - - $256 9.8x - - - - 

07/06/11 iCentera Callidus Software 100.0% - - $7 - - - - - 

07/01/11 Blackboard Providence Equity Partners 100.0% - $1,640 $1,770 3.7x 3.3x 2.9x 24.8x 20.0x 

06/30/11 Apache Design Solutions ANSYS 100.0% - $310 $281 6.1x - - - - 

06/29/11 CashEdge Fiserv - - - $465 - - - - - 

06/29/11 Interactive TKO CA Technologies 100.0% - - $330 8.5x - - - - 

06/28/11 Medical Present Value Experian 100.0% - - $185 - 4.1x - - - 

06/28/11 WisdomForce Informatica 100.0% - - $25 - - - - - 

06/27/11 Fundtech Ltd. S1 Corporation - 100.0% $326 $245 1.7x 1.6x 1.5x 19.2x 16.8x 

06/23/11 TriGeo SolarWinds 100.0% - - $35 3.9x - - - - 

06/21/11 Jobpartners Taleo 100.0% - - $38 2.5x - - - - 

06/17/11 Bridgewater Systems Amdocs - - $215 $128 - 1.5x 1.3x 22.5x 16.9x 

06/16/11 SUPERAntiSpyware Support.com 100.0% - - $9 3.4x - - - - 

05/23/11 AWR Corporation National Instruments - - $58 $51 - - - - - 

05/20/11 Atalasoft Kofax 100.0% - - $8 2.1x - - - - 

05/19/11 Clearwell Systems Symantec - - $410 $390 7.0x - - - - 

05/18/11 Direct EDI SPS Commerce 100.0% - - $11 - 2.7x - - - 



2011 – 2012 YTD ($ millions) 

Note: 






05/17/11 IBS AB Symphony Technology Group 100.0% - $34 $27 - 2.5x 2.2x 20.2x 15.6x 

05/16/11 Iron Mountain (digital division assets) Autonomy 100.0% - - $380 - - 2.8x - - 

05/12/11 Black Diamond Performance Reporting Advent Software - - - $73 - - - - - 

05/10/11 Equitrac Corporation Nuance Communications 100.0% - - $157 - - 2.7x - - 

05/09/11 Tekla Corporation Trimble Navigation 100.0% - $489 $451 5.5x 4.7x 4.0x 31.5x 24.3x 

04/28/11 Coradiant BMC Software 100.0% - - $125 - - - - - 

04/27/11 Bloodhound Technologies Verisk Analytics 100.0% - - $82 - - - - - 

04/27/11 IdenTrust Polaris Software Labs - - $20 $21 2.3x 1.9x - - - 

04/26/11 Lawson Software Infor Global Solutions 100.0% - $1,844 $1,775 2.3x 2.2x 2.2x 20.6x 18.0x 

04/26/11 Plateau SuccessFactors 50.0% 50.0% - $290 - - - - - 

04/26/11 Schoolnet Pearson 100.0% - - $230 - - - - - 

04/12/11 Realm Solutions Altus Group 61.5% 38.5% - $130 - - - - - 

04/07/11 MKS PTC 100.0% - $284 $308 4.5x 4.4x 3.9x 27.2x 23.4x 

04/04/11 Activant Solutions Apax Partners 100.0% - $1,024 $1,452 3.9x - - - - 

04/04/11 Alfa & Ariss VASCO Data Security International 100.0% - - $1 - - - - - 

04/04/11 Epicor Apax Partners 100.0% - $976 $1,121 2.5x 2.3x 2.2x 17.4x 15.8x 

03/30/11 Allegient Systems Bottomline Technologies 100.0% - - $48 - - - - - 

03/30/11 Radian6 Salesforce.com 84.7% 15.3% - $326 - 6.9x - - - 

03/24/11 ArtusLabs PerkinElmer 100.0% - - $22 - - - - - 

03/24/11 CambridgeSoft PerkinElmer 100.0% - - $222 - - - - - 

03/23/11 Sentrigo McAfee - - - $35 - - - - - 

03/22/11 TRIRIGA IBM 100.0% - - $108 - - - - - 

03/17/11 Intercim Dassault Systemes - - - $37 - - - - - 

03/15/11 Dorado Network Systems CoreLogic 100.0% - - $52 - - - - - 

03/14/11 Jambok SuccessFactors 58.3% 41.7% - $5 - - - - - 

03/09/11 CosmoCom Enghouse Systems Limited 100.0% - - $20 1.1x - - - - 

03/09/11 M-Factor DemandTec 100.0% - - $10 2.1x - - - - 

03/04/11 Talis Information Limited Capita Group Plc - - - $32 - - - - - 

03/03/11 Amcom Software USA Mobility 100.0% - - $163 3.2x 2.7x - - - 

03/03/11 Aster Data Teradata 100.0% - $296 $275 - - - - - 

03/01/11 Syncova Solutions Limited Advent Software 100.0% - $25 $25 - - - - - 

02/22/11 Carefx Corporation Harris Corporation 100.0% - - $155 - - - - - 

02/16/11 Bantam Networks Constant Contact 100.0% - - $15 - - - - - 

02/15/11 CyberTech International NICE Systems 100.0% - - $60 - 2.4x - - - 

02/15/11 Scaleform Autodesk 100.0% - - $36 - - - - - 



2011 – 2012 YTD ($ millions) 

Note: 






02/09/11 LalPac Ltd IDOX plc 100.0% - $4 $3 1.2x - - - - 

02/07/11 Top Layer Networks Corero 58.8% 41.2% - $15 1.5x - - - - 

02/02/11 Metastorm Open Text 100.0% - - $182 2.4x - - - - 

02/01/11 Cytiva Software Taleo 100.0% - $11 $11 1.9x - - - - 

02/01/11 Public Interest Data Blackbaud 100.0% - - $19 - - - - - 

01/31/11 Navis Cargotec Corportation - - - $190 - 2.7x - - - 

01/31/11 StrategicOne Convio 100.0% - - $6 2.8x - - - - 

01/19/11 Hyper9 SolarWinds 100.0% - - $30 15.0x - - - - 

01/18/11 Q-go.com B.V. RightNow Technologies 100.0% - - $34 - 4.3x - - - 

02/01/11 Cytiva Software Taleo 100.0% - $11 $11 1.9x - - - - 

02/01/11 Public Interest Data Blackbaud 100.0% - - $19 - - - - - 

01/11/11 Puffersoft Labs Pte Ltd O'Connor's Holdings Pte Ltd 100.0% - - $3 - - - - - 

01/10/11 DigiNotar B.V. VASCO Data Security International 100.0% - - $13 - - - - - 

01/06/11 Dimdim Salesforce.com 100.0% - - $31 - - - - - 

01/05/11 Immunet Sourcefire 100.0% - - $21 - - - - - 

01/04/11 Nordic Edge AB Intel - - - $37 8.2x - - - - 


Announced Software Acquisitions: 2Q 2012 

($ millions) 

Announced Target Acquirer Target Segment & Description Price 

06/28/12 4G Secure SAS SCCP Payment Services Holdings IT Security - Mobile application security n/a 

06/28/12 Derivix FlexTrade Systems Financial Applications - Portfolio risk management n/a 

06/27/12 FuseSource Red Hat Platforms, Development Tools & Deployment - Open source integration and messaging tools n/a 

06/27/12 Safestone Technologies Ltd. Help/Systems IT Security - Security and compliance software n/a 

06/26/12 AccuFund CRM Accufund ERP & Business Applications - CRM for the charity sector n/a 

06/26/12 Schooner Information Technology SanDisk Technical & Embedded Applications - High availability MySQL transaction processing database n/a 

06/25/12 Quest Software Dell Systems & Network Management - Enterprise systems management tools $2,408 

06/25/12 Thinkfuse Salesforce.com ERP & Business Applications - Tools for managing and sharing weekly status reports n/a 

06/25/12 Yammer Microsoft ERP & Business Applications - Enterprise social networking SaaS $1,200 

06/21/12 Policy Technologies International NAVEX Global IT Security - Policy management, governance and compliance software n/a 

06/20/12 Folhamatic Tecnologia em Sistemas Sage Group plc ERP & Business Applications - Accounting and ERP for Brazilian businesses $250 

06/20/12 Wavelink LANDesk Software Platforms, Development Tools & Deployment - Mobile device management n/a 

06/18/12 ChoicePass Salesforce.com ERP & Business Applications - Employee perks management services for SMBs n/a 

06/18/12 Gateway Computing Ltd. Civica UK Ltd. Content Management - Document and content management for the commercial and healthcare sectors n/a 

06/15/12 Aspect Loss Prevention Verisk Analytics IT Security - Enterprise data security for the retail sector $8 

06/14/12 Bullhorn Vista Equity Partners ERP & Business Applications - Recruiting management SaaS for the staffing sector n/a 

06/14/12 Clickable Syncapse ERP & Business Applications - Advertising and pay-per-click management SaaS for the marketing services sector n/a 

06/14/12 Enline plc Aurionpro Solutions Ltd. IT Security - Identity and access management n/a 

06/14/12 Overtis Group Ltd. Vigilant Applications Ltd. IT Security - Threat management and data loss prevention n/a 

06/14/12 Supply Chain Connect Perfect Commerce ERP & Business Applications - Supply chain managment n/a 

06/13/12 Ez Revenue Management Solutions Infor Global Solutions Financial Applications - Automated revenue managment SaaS n/a 

06/12/12 Ascertus Ltd. Huron Legal (UK) Ltd. ERP & Business Applications - Document production management for the legal sector n/a 

06/12/12 expressor software Qlik Technologies ERP & Business Applications - Project development and management tools n/a 

06/12/12 TBD Networks MetricStream IT Security - Cloud transmission governance, risk and compliance n/a 

06/11/12 CubeLogic Ltd. OpenLink Financial Financial Applications - Risk management for the energy and investment banking sectors n/a 

06/11/12 GEOTrac Systems Trimble Navigation ERP & Business Applications - Field asset management and worker security software n/a 

06/11/12 Open EC Technologies QHR Technologies Financial Applications - Electronic data interchange and transaction processing for the heathcare sector $4 

06/11/12 Paradigm B.V. Apax Partners & JMI Equity ERP & Business Applications - Exploration and production tools for the mining sector $1,000 

06/11/12 Prisme SA Lefebvre Software SA ERP & Business Applications - Enterprise resource management for SMBs n/a 

06/11/12 Total Enforcement Group CompuDyne ERP & Business Applications - Records management for the law enforcement sector n/a 

06/08/12 Vela Systems Autodesk ERP & Business Applications - Field management for the construction sector n/a 

06/07/12 DynaSys SA QAD Ireland Ltd. Business Intelligence - Supply chain analytics and decision making $8 

06/06/12 Doc.It Roynat Capital Content Management - Document management and archiving for the legal sector n/a 

06/06/12 Plex Systems Francisco Partners ERP & Business Applications - CRM and quality management for the manufacturing sector n/a 

06/05/12 APEX Systems Integrators Decisionpoint Systems ERP & Business Applications - Warehouse management and mobile workforce planning $8 

06/05/12 Collective Intellect Oracle ERP & Business Applications - Social media analytics n/a 

06/05/12 PlanetSoft Ebix Financial Applications - Client acquisition and underwriting platform for the insurance sector $40 

06/04/12 Buddy Media Salesforce.com ERP & Business Applications - Social media management $689 

06/04/12 INNCOM International Honeywell ERP & Business Applications - Room management and automation for the lodging sector n/a 

06/04/12 Sanction Solutions LexisNexis ERP & Business Applications - Case management software for the legal sector n/a 

06/01/12 Coalition Development Ltd. CRISIL Ltd. Business Intelligence - Employee performance analytics for the financial services sector $45 

06/01/12 DMC Software Solutions Ltd. Xperience Group Ltd. ERP & Business Applications - CRM and financial management for SMBs n/a 

05/31/12 Missing Link Tools Methodics Technical & Embedded Applications - Testing and tracking environments for semiconductor design n/a 

05/31/12 Watch4Net Solutions EMC Systems & Network Management - Network and datacenter performance management n/a 

05/30/12 Infogix H.I.G. Capital Systems & Network Management - Error monitoring for distributed computing environments n/a 



10

Announced Software Acquisitions: 2Q 2012 continued 

($ millions) 


05/29/12 DaouXilicon Ltd. Incube Technologies Technical & Embedded Applications - Semiconductor and LCD design tools $13 

05/29/12 Esterel Technologies SA Ansys Technical & Embedded Applications - Hardware circuit design automation $53 

05/29/12 SABER Analytics Ltd. Safe Computing Ltd. Business Intelligence - Performance analytics and analysis for the recruiting sector n/a 

05/24/12 Quindell Enterprise Technology Solutions Quindell Portfolio plc Financial Applications - Policy lifecycle administration for the insurance sector $10 

05/24/12 Sharecat Holding Borea Opportunity Management Business Intelligence - Supply chain analytics and optimization n/a 

05/23/12 Metrix Industrial & Financial Systems IFS AB ERP & Business Applications - Mobile field management for the industial sector n/a 

05/23/12 NFA Group INISOFT ERP & Business Applications - Digital rights management n/a 

05/23/12 Vitrue Oracle ERP & Business Applications - Enterprise social media management SaaS n/a 

05/22/12 Ariba SAP ERP & Business Applications - Supply chain managment $4,267 

05/22/12 Mxi Technologies Ltd. Moelis Capital Partners ERP & Business Applications - Maintenance management for the aviation sector n/a 

05/22/12 PolarLake Ltd. Bloomberg Financial Applications - Derivative trade management for the investment sector $31 

05/22/12 Wanova VMware Systems & Network Management - Desktop image management for virtual and physical machines $75 

05/21/12 Syncplicity EMC Storage Management - Cloud-based file management and storage n/a 

05/16/12 Amadesa LivePerson Platforms, Development Tools & Deployment - Website testing and optimization platform n/a 

05/15/12 empowHR Quadrant 4 Systems ERP & Business Applications - Human resources benefit portal n/a 

05/15/12 UNX Mantara Financial Applications - High frequency trading platform n/a 

05/14/12 Quantum Compliance Logic Solutions ERP & Business Applications - Environmental health safety management n/a 

05/14/12 The Thirdstone Corporation EVCARCO ERP & Business Applications - Finance and budgeting software for SMBs

Announced Software Acquisitions: 2Q 2012 continued 

($ millions) 


04/24/12 Cetas Software VMware Business Intelligence - Cloud-based big data analytics n/a 

04/23/12 CanopyHR Solutions Mangrove Employer Services ERP & Business Applications - Web-based human capital and payroll management n/a 

04/23/12 Demandforce Intuit ERP & Business Applications - Marketing automation software $424 

04/23/12 Memento FIS Financial Applications - Enterprise fraud management for the financial sector n/a 

04/23/12 Teradata (assets) Centrica plc Storage Management - Data warehouse and data analytics assets n/a 

04/23/12 X-Media SA Agri Terroir Communication SA ERP & Business Applications - Order management and CRM for the media sector n/a 

04/20/12 MU Dynamics Spirent Communications Platforms, Development Tools & Deployment - Cloud infrastruction testing and performance management $40 

04/19/12 BIQ Opera Solutions Business Intelligence - Web-based data and spend analysis tools n/a 

04/19/12 Cleo Communications Globe Equity Partners IT Security - Secure file and data transfer platform n/a 

04/19/12 Ravel W2O Group Business Intelligence - Big data analytics n/a 

04/17/12 Omega Legal Systems ADERANT Holdings ERP & Business Applications - Financial and practice management for the professional services sector n/a 

04/17/12 Smart Computer Holdings Ltd. Kronos ERP & Business Applications - Employee time and attendance management n/a 

04/16/12 my-Channels Ltd. Software AG Platforms, Development Tools & Deployment - Java message oriented middleware and unified messaging platform n/a 

04/13/12 Varicent Software IBM ERP & Business Applications - Sales performance management n/a 

04/12/12 Snoobi Oy Fonecta Ltd. ERP & Business Applications - Internet advertising analytics and campaign management n/a 

04/11/12 blueKiwi Software SA Atos SA ERP & Business Applications - Corporate social network and collaboration tools $26 

04/11/12 oneDrum Yammer ERP & Business Applications - Collaborative desktop publishing n/a 

04/11/12 Podio Citrix Systems Platforms, Development Tools & Deployment - Social development platform n/a 

04/11/12 Xinet North Plains Systems Content Management - Digital asset and production workflow management n/a 

04/10/12 Metrics Sistemas de Informação Ltda. Electronics for Imaging ERP & Business Applications - CRM for the printing sector in South America n/a 

04/10/12 Syclo SAP Platforms, Development Tools & Deployment - Enterprise mobile applications and development platform n/a 

04/09/12 Fast Facts Computer Systems Ltd. Thomson Reuters Financial Applications - Tax and compliance management n/a 

04/05/12 Cognera Harris Computer Systems ERP & Business Applications - Billing and CRM for the utilities and energy retail sectors n/a 

04/05/12 MAKE Technologies Dell Platforms, Development Tools & Deployment - Legacy software modernization and development platform n/a 

04/04/12 Net Transmit & Receive, S.L. Allen Systems Group Systems & Network Management - Remote access SaaS for IT and customer support n/a 

04/04/12 Smyth Systems Gary Jonas Computing Ltd. ERP & Business Applications - Club management platform for the golf and resort sectors n/a 

04/03/12 Clerity Solutions Dell Platforms, Development Tools & Deployment - Mainframe migration and modernization applications n/a 

04/03/12 Datex Technologies (assets) Avema ERP & Business Applications - Expense management assets for the telecommunications sector n/a 

04/03/12 DIALOGS Sophos ERP & Business Applications - Mobile device management n/a 

04/03/12 Lead Tracking Solutions Yardi Systems ERP & Business Applications - Lead tracking and management for the real estate sector n/a 

04/03/12 LogLogic TIBCO Software IT Security - Data management and compliance reporting $132 

04/03/12 QuantHouse S&P Capital IQ Financial Applications - Low latency market data and trading development frameworks n/a 

04/02/12 Wyse Technology Dell Systems & Network Management - Cloud-based device management n/a 



Most Active Software Acquirers 

2007 – 2012 YTD ($ millions) 

Consideration Equity Enterprise 

Date Target % Cash % Stock Value Value 

CA Technologies Known acquired value (since 2007): $1,117 

07/29/11 Watchmouse B.V. - - - - 

06/29/11 Interactive TKO 100.0% - - $330 

05/16/11 SE-Consulting GmbH - - - - 

04/06/11 Base Technologies - - - - 

01/25/11 Torokina Networks - - - - 

09/28/10 Hyperformix - - - - 

08/30/10 Arcot Systems 100.0% - - $200 

08/12/10 4Base Technology - - - - 

03/10/10 Nimsoft 100.0% - - $350 

02/24/10 3Tera - - - - 

01/11/10 Oblicore 100.0% - - $20 

09/14/09 NetQoS 100.0% - $200 $200 

06/02/09 Cassatt - - - - 

01/05/09 Orchestria - - - - 

11/13/08 Eurekify - - - $17 

10/15/08 Optinuity - - - - 

10/07/08 IDFocus - - - - 

Cisco Known acquired value (since 2007): $11,961 

03/28/12 ClearAccess - - - - 

10/20/11 BNI Video - - - $99 

08/29/11 Versly - - - - 

03/29/11 newScale - - - - 

02/04/11 Inlet Technologies 100.0% - - $95 

01/26/11 Pari Networks - - - - 

12/01/10 LineSider Technologies - - - - 

09/02/10 Arch Rock Corporation - - - - 

08/26/10 ExtendMedia - - - - 

05/20/10 CoreOptics 100.0% - - $99 

05/18/10 MOTO Development Group - - - - 

01/05/10 Rohati Systems - - - - 

11/02/09 DVN Holdings (set-top box business) - - - $45 

10/27/09 ScanSafe 100.0% - - $183 

10/13/09 Starent Networks 100.0% - $2,900 $2,510 

10/01/09 Tandberg 100.0% - $3,400 $3,400 

04/09/09 Tidal Software 100.0% - - $105 

03/19/09 Pure Digital Technologies - - - $590 

01/27/09 Richards-Zeta Building Intelligence - - - - 

09/19/08 Jabber - - - - 

08/27/08 PostPath - - - $215 

07/23/08 Pure Networks 100.0% - - $120 

06/10/08 DiviTech A/S - - - - 

11/01/07 Securent - - - - 

Note: “Known acquired value” includes only transactions for which data was publicly available (2007 – 2012 YTD) 



Cisco (continued) 

10/23/07 Navini Networks - - - $330 

09/27/07 Latigent - - - - 

09/18/07 Cognio - - - - 

07/23/07 GlooLabs - - - - 

05/21/07 BroadWare Technologies - - - - 

03/28/07 SpansLogic - - - - 

03/15/07 WebEx 100.0% - $3,200 $3,145 

03/13/07 NeoPath Networks - - - $60 

03/05/07 Utah Street Networks (assets) - - - - 

02/26/07 Qovia - - - - 

02/21/07 Reactivity 100.0% - - $135 

02/09/07 Five Across - - - - 

01/04/07 IronPort Systems - - - $830 

Dell Known acquired value (since 2007): $6,496 

06/25/12 Quest Software 100.0% - $2,383 $2,408 

04/05/12 MAKE Technologies - - - - 

04/03/12 Clerity Solutions - - - - 

04/02/12 Wyse Technology - - - - 

03/13/12 SonicWALL - - - $1,250 

02/24/12 AppAssure - - - - 

06/20/11 RNA Networks - - - - 

01/04/11 SecureWorks - - - - 

12/22/10 InSite One - - - - 

12/13/10 Compellent Technologies 100.0% - $960 $820 

11/02/10 Boomi - - - - 

07/19/10 Ocarina Networks - - - - 

07/01/10 Scalent - - - - 

02/11/10 Kace Networks 100.0% - - $123 

02/12/08 MessageOne 100.0% - - $155 

02/08/08 Exanet - - - - 

11/15/07 Everdream - - - - 

11/05/07 EqualLogic 100.0% - $1,418 $1,400 

08/06/07 Zing Systems - - - - 

08/02/07 ASAP Software - - - $340 

07/18/07 SilverBack Technologies - - - - 

EMC Known acquired value (since 2007): $4,754 

05/31/12 Watch4Net Solutions - - - - 

05/21/12 Syncplicity - - - - 

05/10/12 XtremIO - - - - 

03/20/12 Likewise Software - - - - 

10/03/11 Zettapoint - - - - 

Continued 

CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 


Most Active Software Acquirers continued 

2007 – 2012 YTD ($ millions) 



EMC (continued) 

04/04/11 NetWitness - - - - 

11/15/10 Isilon 100.0% - $2,434 $2,250 

07/06/10 Greenplum 100.0% - - - 

01/04/10 Archer Technologies - - - - 

09/01/09 Kazeon Systems - - - - 

08/31/09 FastScale Technology - - - - 

06/01/09 Data Domain 100.0% - $2,378 $2,100 

05/27/09 Configuresoft - - - $87 

01/02/09 SourceLabs - - - - 

04/08/08 Iomega 100.0% - $213 $148 

04/07/08 WysDM Software - - - - 

04/01/08 Conchango plc 100.0% - - $84 

03/10/08 Infra Corporation - - - - 

02/21/08 Pi 100.0% - - - 

12/27/07 Document Sciences 100.0% - $87 $85 

10/30/07 Voyence - - - - 

10/15/07 Illuminator - - - - 

10/04/07 Berkeley Data Systems - - - - 

08/30/07 BusinessEdge Solutions - - - - 

08/09/07 Tablus - - - - 

07/19/07 X-Hive Corporation - - - - 

06/04/07 Verid - - - - 

HP Known acquired value (since 2007): $35,740 

12/06/11 Hiflex Software GmbH - - - - 

08/18/11 Autonomy 100.0% - $11,560 $10,889 

05/24/11 Printelligent - - - - 

02/14/11 Vertica - - - - 

09/13/10 ArcSight 100.0% - $1,651 $1,500 

08/26/10 Stratavia - - - - 

08/23/10 3PAR 100.0% - $2,400 $2,296 

08/17/10 Fortify Software - - - - 

06/10/10 Phoenix Technologies (HyperSpace assets) 100.0% - - $12 

04/28/10 Palm 100.0% - $1,400 $1,199 

11/11/09 3Com 100.0% - $3,131 $2,705 

07/17/09 IBRIX - - - - 

06/22/09 Excellerate HRO - - - - 

10/01/08 LeftHand Networks 100.0% - - $360 

08/11/08 Colubris Networks - - - - 

05/13/08 Electronic Data Systems - - - $13,900 

03/31/08 Tower Software - - - $100 

01/22/08 Exstream Software - - - $720 

12/10/07 NUR Macroprinters 100.0% - - $118 




HP (continued) 

11/12/07 EYP Mission Critical Facilities - - - - 

10/22/07 AOME - - - - 

09/13/07 MacDermid ColorSpan - - - - 

07/23/07 Neoware 100.0% - $328 $206 

07/23/07 Opsware 100.0% - $1,673 $1,600 

06/19/07 SPI Dynamics - - - $135 

03/22/07 Tabblo - - - - 

02/26/07 PolyServe - - - - 

02/05/07 Bristol Technology - - - - 

IBM Known acquired value (since 2007): $12,123 

05/02/12 Tealeaf Technology - - - - 

04/25/12 Vivisimo - - - - 

04/13/12 Varicent Software - - - - 

01/31/12 Worklight - - - - 

01/04/12 Green Hat - - - - 

12/15/11 Emptoris - - - - 

12/08/11 DemandTec 100.0% - $504 $439 

12/05/11 Curam Software Ltd. - - - - 

10/11/11 Platform Computing - - - - 

10/04/11 Q1 Labs - - - - 

09/01/11 Algorithmics - - - $387 

08/31/11 i2 - - - - 

03/22/11 TRIRIGA 100.0% - - $108 

10/21/10 Clarity Systems Ltd. - - - - 

10/14/10 PSS Systems - - - - 

09/27/10 BLADE Network Technologies - - - - 

09/20/10 Netezza 100.0% - $1,836 $1,700 

09/15/10 OpenPages - - - - 

08/13/10 Unica 100.0% - $523 $480 

08/10/10 Datacap - - - - 

07/29/10 Storwize - - - - 

07/01/10 BigFix - - - - 

06/15/10 Coremetrics - - - - 

05/24/10 Sterling Commerce 100.0% - - $1,400 

05/03/10 Cast Iron Systems 100.0% - - - 

02/16/10 Intelliden - - - - 

02/03/10 Initiate Systems - - - - 

01/20/10 National Interest Security Company - - - - 

12/16/09 Lombardi - - - - 

11/30/09 Guardium - - - $225 

10/05/09 Wilshire Credit Corporation - - - - 

09/22/09 RedPill Solutions - - - - 

Continued 

CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 



2007 – 2012 YTD ($ millions) 



IBM (continued) 

07/28/09 Ounce Labs - - - - 

07/25/09 SPSS 100.0% - $1,170 $859 

05/04/09 Exeros 100.0% - - $12 

01/15/09 Outblaze - - - $8 

11/18/08 Transitive - - - - 

07/28/08 ILOG SA 100.0% - $339 $264 

07/02/08 Platform Solutions - - - - 

04/29/08 InfoDyne - - - - 

04/18/08 Diligent Technologies - - - - 

04/10/08 FilesX - - - $50 

03/12/08 Encentuate - - - - 

01/23/08 AptSoft - - - - 

01/18/08 Net Integration Technologies - - - - 

01/02/08 XIV - - - $325 

12/21/07 Solid Information Technology - - - - 

12/06/07 Arsenal Digital Solutions - - - - 

11/12/07 Cognos 100.0% - $5,000 $4,960 

10/24/07 NovusCG - - - - 

08/22/07 WebDialogs - - - - 

08/03/07 Princeton Softech - - - - 

07/16/07 DataMirror 100.0% - $179 $161 

06/11/07 Telelogic 100.0% - $781 $745 

06/06/07 Watchfire - - - - 

04/26/07 Serbian Business Systems (assets) - - - - 

01/30/07 DM Information Systems - - - - 

01/29/07 Softek - - - - 

Intel Known acquired value (since 2007): $10,666 

04/24/12 Cray (assets) - - $140 $140 

01/23/12 Qlogic (InfiniBand assets) 100.0% - - $125 

10/04/11 NitroSecurity [a] - - - - 

09/28/11 Telemap Ltd. - - - - 

09/14/11 CoFluent Design - - - - 

09/01/11 GraphTech - - - - 

07/19/11 Fulcrum Microsystems - - - - 

05/25/11 SiPort Corporation - - - - 

03/23/11 Sentrigo [a] - - - $35 

03/14/11 SySDSoft - - - - 

02/14/11 Silicon Hive BV - - - - 

01/04/11 Nordic Edge AB - - - $37 

12/02/10 InternetSafety.com [a] 100.0% - $11 $10 

11/17/10 CognoVision - - - $17 

09/02/10 Neocleus - - - - 

[a] Acquired by McAfee prior to Intel acquisition 




Intel (continued) 

08/30/10 Infineon Technologies AG (assets) 100.0% - - $1,400 

08/19/10 McAfee 100.0% - $7,680 $6,876 

08/16/10 Texas Instruments (Cable Modem business) - - - - 

07/29/10 tenCube [a] 100.0% - $11 $10 

05/25/10 Trust Digital [a] 100.0% - $33 $32 

05/24/10 Comsys Communications and Signal Processing, Ltd - - - $30 

02/05/10 Virtutech - - - - 

08/19/09 RapidMind - - - - 

07/31/09 Cilk Arts - - - - 

07/30/09 MX Logic [a] 100.0% - $138 $163 

06/04/09 Wind River Systems 100.0% - $884 $714 

05/15/09 Solidcore Systems [a] 100.0% - $32 $41 

05/12/09 Endeavor Security [a] 100.0% - $3 $3 

02/16/09 Swiftfoot Graphics AB - - - - 

10/15/08 NetEffect - - - $8 

09/22/08 Secure Computing [a] 100.0% - $497 $465 

08/29/08 OpenedHand - - - - 

07/31/08 Reconnex [a] 100.0% - $40 $45 

05/19/08 WebVMC - - - - 

02/25/08 Offset Software - - - - 

11/28/07 Neoptica - - - - 

10/30/07 ScanAlert [a] 100.0% - $48 $54 

10/08/07 SafeBoot [a] 100.0% - $339 $350 

09/14/07 Havok 100.0% - - $110 

Intuit Known acquired value (since 2007): $1,154 

04/23/12 Demandforce 100.0% - $424 $424 

04/10/12 AisleBuyer - - - - 

05/11/10 Medfusion 100.0% - - $91 

09/14/09 Mint.com 100.0% - - $170 

06/02/09 PayCycle 100.0% - - $170 

04/17/09 BooRah - - - - 

12/03/08 Entellium (CRM assets) 100.0% - - $8 

12/19/07 Electronic Clearing House 100.0% - $131 $122 

11/26/07 Homestead Technologies 100.0% - - $170 

Microsoft Known acquired value (since 2007): $18,474 

06/25/12 Yammer 100.0% - $1,200 $1,200 

06/07/11 Prodiance - - - - 

05/10/11 Skype Global - - - $8,500 

10/29/10 Canesta - - - - 

10/06/10 AVIcode - - - - 

12/11/09 Opalis Software - - - - 

Continued 

CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 



2007 – 2012 YTD ($ millions) 



Microsoft (continued) 

12/10/09 Sentillion - - - - 

11/09/09 SourceGear (Teamprise assets) - - - - 

09/22/09 Computer Generated Solutions (assets) - - - - 

09/22/09 Fullscope (assets) - - - - 

09/22/09 LS Retail EHF (assets) - - - - 

09/22/09 To-Increase Denmark A/S (assets) - - - - 

09/21/09 Interactive Supercomputing - - - - 

08/06/09 Office.com - - - - 

06/01/09 Rosetta Biosoftware - - - - 

05/07/09 BigPark - - - - 

02/21/09 3DV Systems - - - - 

10/31/08 Wysiwyg Comunicacion Interactiva - - - - 

08/29/08 Greenfield Online 100.0% - $486 $455 

07/24/08 DATAllegro - - - - 

07/14/08 Zoomix - - - - 

07/01/08 Powerset 100.0% - - - 

06/26/08 MobiComp - - - - 

06/18/08 Navic Networks - - - - 

04/17/08 Farecast - - - - 

03/31/08 90 Degree Software - - - - 

03/20/08 Komoku - - - - 

03/14/08 Rapt - - - - 

03/12/08 Kidaro - - - $100 

02/27/08 YaData - - - $25 

02/11/08 Danger 100.0% - - $500 

02/07/08 Caligari Corporation - - - - 

01/21/08 Calista Technologies - - - $125 

01/08/08 Fast Search & Transfer 100.0% - $1,289 $1,200 

12/12/07 Multimap - - - - 

11/30/07 Webfives - - - - 

11/12/07 Musiwave - - - $50 

10/29/07 GCS (assets) - - - - 

10/02/07 Jellyfish.com - - - - 

08/29/07 Parlano - - - - 

07/26/07 AdECN - - - - 

06/08/07 Stratature - - - - 

06/05/07 Engyro - - - - 

05/18/07 aQuantive 100.0% - $6,370 $6,319 

05/03/07 ScreenTonic - - - - 

03/28/07 devBiz Business Solutions - - - - 

03/14/07 eBECS (assets) - - - - 

03/14/07 Tellme Networks - - - - 

02/26/07 Medstory - - - - 

[a] Acquired by Sun Microsystems prior to Oracle acquisition 




Oracle Known acquired value (since 2007): $21,631 

06/05/12 Collective Intellect - - - - 

05/23/12 Vitrue - - - - 

02/09/12 Taleo 100.0% - $1,900 $2,010 

10/24/11 RightNow Technologies 100.0% - $1,500 $1,434 

10/18/11 Endeca Technologies - - - - 

09/22/11 GoAhead Software - - - - 

07/28/11 InQuira - - - - 

07/21/11 Ksplice - - - - 

06/30/11 Pillar Data Systems - - - - 

06/21/11 FatWire Software - - - - 

06/20/11 Datanomic - - - - 

11/02/10 Art Technology Group 100.0% - $1,000 $817 

10/05/10 Passlogix - - - - 

05/26/10 eServGlobal (pre-paid software assets) - - - - 

05/25/10 Market2Lead (intellectual property assets) - - - - 

05/20/10 Secerno - - - - 

04/16/10 Phase Forward 100.0% - $755 $714 

02/10/10 Convergin - - - - 

02/08/10 AmberPoint - - - - 

01/04/10 Silver Creek Systems - - - - 

10/12/09 Sophoi - - - - 

09/29/09 HyperRoll - - - - 

07/23/09 GoldenGate Software - - - - 

06/17/09 Conformia - - - - 

05/13/09 Virtual Iron - - - - 

04/20/09 Sun Microsystems 100.0% - $7,400 $5,667 

03/23/09 Relsys International - - - - 

02/04/09 mValent - - - - 

01/07/09 Q-layers [a] - - - - 

11/03/08 Tacit Software - - - - 

10/29/08 Haley Ltd. - - - $100 

10/08/08 Primavera Systems - - - - 

10/01/08 Advanced Visual Technology - - - $5 

09/02/08 ClearApp - - - - 

07/31/08 Global Knowledge Software - - - - 

06/23/08 Skywire Software - - - - 

05/13/08 AdminServer - - - - 

04/25/08 Montalvo Systems [a] - - - $25 

04/09/08 Auptyma - - - - 

03/27/08 Empirix (e-TEST software) - - - - 

02/12/08 innotek [a] - - - - 

01/16/08 BEA Systems 100.0% - $8,352 $6,852 

01/16/08 Captovation - - - - 

Continued 

CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 



2007 – 2012 YTD ($ millions) 



Oracle (continued) 

01/16/08 MySQL [a] - - - $1,000 

12/06/07 Moniforce - - - - 

11/13/07 Vaau [a] - - - - 

10/24/07 Interlace Systems - - - - 

10/09/07 LogicalApps - - - - 

09/12/07 Cluster File Systems [a] - - - - 

09/02/07 Netsure Telecom - - - - 

08/31/07 Bridgestream - - - - 

07/18/07 Bharosa - - - - 

05/15/07 Agile Software 100.0% - $495 $301 

05/01/07 Revenue Technologies - - - - 

04/24/07 Lodestar - - - - 

04/18/07 AppForge - - - - 

04/12/07 SavaJe Technologies [a] - - - - 

03/23/07 Tangosol - - - - 

03/01/07 Hyperion 100.0% - $3,192 $2,706 

Salesforce.com Known acquired value (since 2007): $1,605 

06/25/12 Thinkfuse - - - - 

06/18/12 ChoicePass - - - - 

06/04/12 Buddy Media - - - $689 

05/01/12 Stypi - - - - 

12/15/11 Rypple - - - - 

11/14/11 Model Metrics 100.0% - - $58 

09/21/11 Assistly 100.0% - - $50 

08/26/11 Navajo Systems - - - - 

03/30/11 Radian6 84.7% 15.3% - $326 

02/01/11 Manymoon - - - - 

01/06/11 Dimdim 100.0% - - $31 

12/21/10 Etacts - - - - 

12/08/10 Heroku 100.0% - - $212 

09/24/10 Activa Live - - - - 

06/04/10 Sitemasher - - - - 

04/21/10 Jigsaw Data Corporation 100.0% - - $142 

01/21/10 Informavores - - - - 

12/11/09 GroupSwim - - - - 

08/04/08 InStranet - - $32 $27 

10/23/07 CrispyNews - - - - 

04/10/07 Koral - - - - 

SAP Known acquired value (since 2007): $19,995 

05/22/12 Ariba 100.0% - $4,500 $4,267 

04/30/12 Purisma 100.0% - $2 $2 

[a] Acquired by Sun Microsystems prior to Oracle acquisition 




SAP (continued) 

04/10/12 Syclo - - - - 

01/16/12 Datango AG (assets) - - - - 

12/03/11 SuccessFactors 100.0% - $3,650 $3,400 

09/20/11 Crossgate AG - - - - 

09/06/11 Right Hemisphere - - - - 

01/12/11 SECUDE AG (IdM assets) - - - - 

12/16/10 cundus AG (disclosure management assets) - - - - 

05/12/10 Sybase 100.0% - $6,100 $5,800 

04/21/10 TechniData AG - - - - 

12/03/09 SOALogix - - - - 

07/20/09 SAF Simulation, Analysis & Forecasting 100.0% - $91 $49 

06/10/09 SkyData Systems - - - - 

05/11/09 Clear Standards - - - - 

05/06/09 Highdeal - - - - 

02/18/09 Coghead - - - - 

07/10/08 Ness Technologies (SAP distribution division) - - - $21 

06/17/08 Visiprise - - - - 

10/17/07 YASU Technologies - - - - 

10/07/07 Business Objects 100.0% - $6,770 $6,455 

05/14/07 MaXware - - - - 

05/14/07 Wicom Communications - - - - 

05/08/07 OutlookSoft - - - - 

02/20/07 Pilot Software - - - - 

Symantec Known acquired value (since 2007): $4,515 

03/20/12 Nukona - - - - 

03/05/12 Odyssey Software - - - - 

01/16/12 LiveOffice - - - $115 

05/19/11 Clearwell Systems - - $410 $390 

05/19/10 VeriSign (identity & authentication assets) 100.0% - - $1,280 

04/29/10 GuardianEdge 100.0% - - $73 

04/29/10 PGP Corporation 100.0% - - $300 

01/12/10 Gideon Technology - - - - 

11/01/09 SoftScan - - - - 

04/21/09 Mi5 Networks - - - $18 

10/08/08 MessageLabs 100.0% - - $695 

08/18/08 PC Tools 100.0% - - $250 

08/05/08 nSuite Technologies 100.0% - - $20 

06/06/08 SwapDrive 100.0% - - $123 

04/09/08 AppStream 100.0% - - $52 

01/02/08 Transparent Logic 100.0% - - $12 

11/05/07 Vontu 100.0% - - $350 

02/23/07 4FrontSecurity 100.0% - - $7 

01/29/07 Altiris 100.0% - $1,030 $830 

CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 



2007 – 2012 YTD ($ millions) 



VMware Known acquired value (since 2007): $1,055 

05/22/12 Wanova - - - $75 

04/24/12 Cetas Software - - - - 

08/26/11 PacketMotion - - - - 

06/13/11 Digital Fuel Technologies - - - - 

05/31/11 Socialcast - - - - 

05/16/11 Shavlik Technologies - - - - 

04/26/11 SlideRocket - - - - 

03/08/11 WaveMaker - - - - 

01/14/11 NeoAccel 100.0% - - $15 

08/31/10 Integrien - - - $100 

08/31/10 TriCipher - - - - 

05/06/10 GemStone Systems - - - - 

04/13/10 Rabbit Technologies 100.0% - - - 

02/25/10 EMC (Ionix software assets) 100.0% - - $200 

02/23/10 RTO Software - - - - 

01/12/10 Zimbra 100.0% - - $100 

08/10/09 SpringSource 86.2% 13.8% $362 $420 

11/26/08 Tungsten Graphics - - - - 

11/10/08 Trango Virtual Processors - - - - 

10/09/08 Blue Lane Technologies - - - - 

05/28/08 B-hive Networks - - - $61 

01/15/08 Thinstall - - - - 

01/14/08 Foedus - - - - 

10/01/07 Sciant - - - $9 

09/11/07 Dunes Technologies 100.0% - - $45 

08/07/07 Determina 100.0% - - $9 

06/11/07 Propero 100.0% - - $21 


CA 

Cisco 

Dell 

EMC 

HP 

IBM 

Intel 

Intuit 

Microsoft 

Oracle 

Salesforce 

SAP 

Symantec 

VMware 


Public Equity Market Valuations Overview 

Mean Valuations by Segment Notable Software Vendor Performance Trends ($ millions, except per share) 

Notes: 

Enterprise value equals equity value, plus debt, less cash 

[a] Over 25% revenue growth projected for CY13 

[b] Over 40% EBITDA margin projected for CY12 


EV / Revenue EV / EBITDA 

Segment CY12E CY13E CY12E CY13E 

Systems & Network Management 5.9 x 4.6 x 12.2 x 10.0 x 

Human Capital Management 6.0 4.5 26.9 17.8 

ERP & Business Applications 4.8 4.0 23.8 24.2 

Business Intelligence 4.6 3.8 21.8 16.2 

IT Security Management 4.0 3.5 12.3 15.3 

Platforms, Development Tools & Deployment 3.7 3.3 15.2 13.4 

Financial Applications 3.4 3.0 14.0 10.9 

Technical & Embedded Applications 3.1 2.8 10.2 8.8 

Application Delivery & Network Acceleration 3.2 2.7 11.9 9.7 

Network Infrastructure 2.4 2.0 7.5 14.1 

Content Management 2.2 2.0 9.7 9.2 

Global Diversified 2.0 1.9 6.1 5.8 

Storage Management 2.2 1.9 15.1 12.4 

Software-as-a-Service 6.2 x 4.9 x 26.5 x 27.1 x 

High Growth Companies [a] 8.4 6.1 32.4 21.2 

Highly-Profitable Companies [b] 4.9 4.4 10.1 9.0 

Share Price % of Share Price Market Enterprise 

Company (06/30/12) 52-Wk High y/y Value Value 

Dassault Systemes $ 93.61 

96% 26% $ 11,724 $ 9,979 

Red Hat 56.48 90% 23% 10,927 

Intel 26.65 91% 20% 134,613 

CA Technologies 27.09 97% 19% 12,722 

Microsoft 30.59 93% 18% 257,666 

Intuit 59.35 95% 14% 17,784 

IBM 195.58 93% 14% 227,775 

Cisco Systems 17.17 81% 10% 92,147 

NASDAQ 2,935.06 94% 6% - 

Citrix Systems 83.94 95% 5% 16,126 

Adobe 32.37 93% 3% 15,918 

SAP AG 59.36 82% -2% 70,724 

EMC 25.63 85% -7% 58,329 

Salesforce.com 138.26 84% -7% 19,629 

VMware 91.04 77% -9% 39,400 

Oracle 29.70 87% -10% 148,234 

Check Point 49.59 76% -13% 10,500 

Dell 12.51 68% -25% 21,895 

Symantec 14.61 73% -26% 10,374 

NetApp 31.82 58% -40% 11,784 

Hewlett Packard 20.11 53% -45% 39,721 

9,667 

124,965 

11,479 

210,075 

16,671 

248,075 

59,078 

Copyright © 2012 Shea & Company, LLC 19 

- 

14,418 

14,430 

70,485 

48,524 

18,542 

34,504 

131,481 

7,621 

13,671 

9,391 

7,600 

61,478

Equity Trading Multiples by Growth Tranche 

Market Valuations of Publicly-Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche 

Revenue Mean EV/Revenue Median EV/Revenue Mean P/E Median P/E 

Growth Date CY FY CY FY CY FY CY FY 

< 5% 2Q 2012 1.8 x 1.7 x 1.9 x 1.8 x 13.4 x 11.4 x 12.2 x 10.9 x 

1Q 2012 2.3 2.2 2.2 2.1 13.8 12.6 13.6 12.3 

4Q 2011 2.1 2.0 2.0 1.9 14.0 13.1 13.7 12.1 

3Q 2011 1.8 1.7 1.9 1.8 11.1 11.1 11.2 10.4 

2Q 2011 2.4 2.3 2.6 2.5 12.9 11.7 13.9 12.4 

1Q 2011 2.2 2.2 2.5 2.4 12.5 11.5 13.2 12.4 

4Q 2010 2.6 2.7 2.4 2.4 19.9 18.7 18.7 16.2 

3Q 2010 2.3 2.2 2.1 2.0 17.1 16.3 14.3 13.8 

2Q 2010 2.3 2.3 2.0 2.0 16.4 14.8 14.9 14.3 

1Q 2010 2.1 2.1 2.3 2.2 14.6 13.4 13.2 13.3 

4Q 2009 1.9 1.8 2.0 1.9 16.4 17.8 14.8 14.7 

3Q 2009 1.9 1.9 1.9 1.8 17.1 16.4 14.6 14.9 

5 - 10% 2Q 2012 2.7 x 2.5 x 2.4 x 2.3 x 17.1 x 13.9 x 15.6 x 13.4 x 

1Q 2012 3.0 2.7 2.5 2.3 16.9 14.6 17.3 15.1 

4Q 2011 2.3 2.1 2.1 2.0 17.6 13.4 14.7 11.5 

3Q 2011 2.2 2.0 2.1 1.9 15.9 12.3 13.0 11.2 

2Q 2011 2.6 2.4 2.4 2.2 18.0 14.3 16.3 14.6 

1Q 2011 2.9 2.6 2.5 2.3 20.2 16.5 18.6 15.6 

4Q 2010 2.9 2.7 2.7 2.5 17.7 14.8 17.1 14.3 

3Q 2010 2.6 2.4 2.5 2.4 17.3 14.4 15.8 14.3 

2Q 2010 2.4 2.2 2.3 2.2 16.7 15.0 15.9 13.7 

1Q 2010 2.4 2.2 2.1 2.0 20.4 18.6 17.7 15.6 

4Q 2009 2.9 2.7 2.9 2.7 23.5 22.2 19.9 17.0 

3Q 2009 2.6 2.4 2.1 2.0 19.0 18.6 17.9 15.9 

10 - 20% 2Q 2012 3.6 x 3.1 x 2.7 x 2.4 x 25.7 x 20.9 x 22.7 x 19.4 x 

1Q 2012 4.1 3.6 3.3 2.8 30.9 25.6 28.6 22.4 

4Q 2011 3.4 3.0 2.9 2.6 27.1 21.2 24.5 20.3 

3Q 2011 3.1 2.7 2.5 2.3 24.5 18.6 20.7 16.8 

2Q 2011 4.3 3.7 3.7 3.3 33.0 26.0 27.9 22.3 

1Q 2011 4.4 3.9 3.9 3.5 32.0 27.2 27.3 22.4 

4Q 2010 3.8 3.3 3.7 3.2 32.3 26.9 26.6 22.4 

3Q 2010 3.7 3.3 3.3 2.9 34.4 26.6 28.0 22.0 

2Q 2010 3.1 2.7 2.5 2.3 26.8 24.0 22.8 19.6 

1Q 2010 3.6 3.2 3.4 3.0 27.9 23.9 25.9 20.1 

4Q 2009 4.0 3.5 3.5 3.0 34.3 28.2 29.7 24.0 

3Q 2009 3.4 3.0 3.3 2.9 36.8 28.6 30.1 26.0 

> 20% 2Q 2012 6.4 x 5.0 x 6.0 x 4.9 x 51.0 x 48.4 x 49.4 x 39.1 x 

1Q 2012 6.4 5.0 6.1 5.0 46.8 38.2 37.2 31.1 

4Q 2011 6.4 5.0 6.4 5.0 48.3 35.9 41.9 33.3 

3Q 2011 5.2 4.1 4.8 3.9 47.0 79.8 43.3 33.0 

2Q 2011 6.6 5.4 6.7 5.5 44.7 39.1 45.2 39.1 

1Q 2011 6.6 5.4 7.2 5.9 58.2 45.4 54.2 42.1 

4Q 2010 7.3 5.7 7.2 6.0 52.5 42.2 52.0 37.0 

3Q 2010 6.5 5.2 7.2 5.7 48.9 38.1 49.7 36.1 

2Q 2010 5.0 4.0 4.9 3.8 42.5 29.6 39.7 27.7 

1Q 2010 4.7 3.8 4.1 3.3 46.2 31.2 42.8 32.8 

4Q 2009 5.8 4.6 5.0 4.1 42.9 32.9 37.6 33.3 

3Q 2009 5.7 4.6 4.0 3.2 43.9 36.4 38.6 33.4 

7x 

6x 

5x 

4x 

3x 

2x 

1x 

- 

> 20% growth 

10 - 20% growth 

5 - 10% growth 

< 5% growth 

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 

2008 2009 2010 2011 2012 

Forward Year Median P/E by Growth Tranche 

45x 

40x 

35x 

30x 

25x 

20x 

15x 

10x 

5x 

- 

1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 

2008 2009 2010 2011 2012 


Equity Trading Multiples by Segment 

($ millions) 

Share Price Market Enterprise Projected Revenue [a] EV / Revenue Projected EBITDA [a] EV / EBITDA Projected EPS [a] P/E Multiple 

Company (06/30/12) Value Value CY12E CY13E y/y CY12E CY13E CY12E mgn CY13E mgn CY12E CY13E CY12E CY13E y/y CY12E CY13E 

Global Diversified 

Microsoft $ 30.59 $ 257,666 $ 210,075 $ 76,204 $ 84,337 11% 2.8 x 2.5 x $ 31,287 41% $ 36,897 44% 6.7 x 5.7 x $ 2.75 $ 3.29 20% 11.1 x 9.3 x 

IBM 195.58 227,775 

Oracle 29.70 148,234 

Intel 26.65 134,613 

Cisco Systems 17.17 92,147 

SAP AG 59.36 70,724 

EMC 25.63 58,329 

Hewlett Packard 20.11 39,721 

Dell 12.51 21,895 

Application Delivery & Network Acceleration 

248,075 

131,481 

124,965 

59,078 

70,485 

48,524 

61,478 

13,671 

107,997 

37,546 

57,067 

46,841 

20,366 

22,231 

123,251 

60,496 

111,456 

40,025 

61,385 

49,956 

21,552 

24,662 

125,212 

61,255 

Notes: 


EV/EBITDA and P/E multiples in excess of 100x or less than 0x are considered to be not meaningful 

[a] Wall Street consensus estimates 

[b] Acquisition pending 


3% 2.3 2.2 26,900 

7% 3.5 3.3 17,920 

8% 2.2 2.0 24,658 

7% 1.3 1.2 15,064 

6% 3.5 3.3 7,645 

11% 2.2 2.0 6,635 

2% 0.5 0.5 16,194 

1% 0.2 0.2 5,435 

25% 28,886 

48% 19,126 

43% 27,262 

32% 15,958 

38% 8,090 

30% 6,680 

13% 14,929 

9% 5,338 

26% 9.2 8.6 14.96 

48% 7.3 6.9 2.48 

44% 5.1 4.6 2.46 

32% 3.9 3.7 1.85 

38% 9.2 8.7 4.00 

27% 7.3 7.3 1.72 

12% 3.8 4.1 4.13 

9% 2.5 2.6 1.96 

16.65 

2.77 

2.69 

1.98 

4.45 

2.00 

4.41 

2.05 

11% 13.1 11.7 

12% 12.0 10.7 

9% 10.8 9.9 

7% 9.3 8.7 

11% 14.8 13.4 

16% 14.9 12.8 

7% 4.9 4.6 

4% 6.4 6.1 

Mean $ 61,333 $ 64,427 6% 2.0 x 1.9 x $ 16,860 31% $ 18,130 31% 6.1 x 5.8 x $ 4.04 $ 4.48 11% 10.8 x 9.7 x 

Median 57,067 61,255 7% 2.2 2.0 16,194 32% 15,958 32% 6.7 5.7 2.48 2.77 11% 11.1 9.9 

Citrix Systems $ 83.94 $ 16,126 $ 14,418 $ 2,529 $ 2,889 14% 5.7 x 5.0 x $ 789 31% $ 978 34% 18.3 x 14.7 x $ 2.70 $ 3.23 19% 31.0 x 26.0 x 

F5 Networks 99.56 7,895 

Akamai Technologies 31.75 5,707 

Riverbed Technology 16.15 2,570 

Radware 38.29 874 

Brightcove 15.31 451 

RealNetworks 8.64 302 

Limelight Networks 2.93 296 

Business Intelligence 

6,788 

4,688 

2,020 

624 

393 

22 

174 

1,453 

1,342 

829 

192 

80 

273 

189 

1,720 

1,530 

962 

218 

100 

278 

210 

18% 4.7 3.9 580 

14% 3.5 3.1 574 

16% 2.4 2.1 240 

13% 3.2 2.9 42 

25% 4.9 3.9 (8) 

2% 0.1 0.1 (4) 

11% 0.9 0.8 17 

40% 697 

43% 668 

29% 277 

22% 49 

nm 3 

41% 11.7 9.7 4.70 

44% 8.2 7.0 1.60 

29% 8.4 7.3 0.95 

22% 14.8 12.7 1.72 

3% nm nm (0.48) 

nm n/a n/a nm nm (1.23) 

9% 26 

13% 10.2 6.6 (0.14) 

5.61 

1.88 

1.14 

2.07 

(0.17) 

(0.79) 

(0.06) 

19% 21.2 17.7 

18% 19.9 16.9 

20% 17.1 14.2 

20% 22.2 18.5 

nm nm nm 

nm nm nm 

nm nm nm 

Mean $ 861 $ 988 14% 3.2 x 2.7 x $ 279 29% $ 385 26% 11.9 x 9.7 x $ 1.23 $ 1.61 19% 22.3 x 18.7 x 

Median 551 620 14% 3.4 3.0 141 30% 277 29% 10.9 8.5 1.27 1.51 19% 21.2 17.7 

Informatica $ 42.36 $ 4,799 $ 4,234 $ 896 $ 1,027 15% 4.7 x 4.1 x $ 272 30% $ 314 31% 15.5 x 13.5 x $ 1.59 $ 1.87 17% 26.6 x 22.7 x 

Qlik Technologies 22.12 1,969 

MicroStrategy 129.86 1,477 

Bazaarvoice 18.20 1,277 

PROS 16.82 470 

Content Management 

1,774 

1,281 

1,152 

398 

412 

640 

132 

116 

515 

729 

169 

138 

25% 4.3 3.4 56 

14% 2.0 1.8 62 

28% 8.7 6.8 (25) 

20% 3.4 2.9 21 

14% 82 

10% 90 

nm (13) 

18% 26 

16% 31.7 21.7 0.38 

12% 20.7 14.2 2.99 

nm nm nm (0.48) 

19% 19.2 15.3 0.41 

0.57 

4.77 

(0.25) 

0.54 

51% 58.5 38.6 

60% 43.5 27.2 

nm nm nm 

31% 40.8 31.1 

Mean $ 439 $ 516 20% 4.6 x 3.8 x $ 77 18% $ 100 19% 21.8 x 16.2 x $ 0.98 $ 1.50 40% 42.3 x 29.9 x 

Median 412 515 20% 4.3 3.4 56 16% 82 17% 20.0 14.7 0.41 0.57 41% 42.1 29.2 

Adobe $ 32.37 $ 15,918 $ 14,430 $ 4,469 $ 4,819 8% 3.2 x 3.0 x $ 1,885 42% $ 2,157 45% 7.7 x 6.7 x $ 2.41 $ 2.65 10% 13.4 x 12.2 x 

Open Text 50.17 2,941 

Guidance Software 9.51 241 

IntraLinks 4.38 239 

3,036 

218 

254 

1,266 

129 

197 

1,331 

149 

217 

5% 2.4 2.3 362 

16% 1.7 1.5 15 

10% 1.3 1.2 31 

29% 371 

12% 15 

16% 34 

28% 8.4 8.2 4.72 

10% 14.6 14.4 0.37 

16% 8.3 7.4 0.07 

5.16 

0.48 

0.17 

9% 10.6 9.7 

30% 25.6 19.7 

131% 59.4 25.8 

Mean $ 1,515 $ 1,629 10% 2.2 x 2.0 x $ 573 24% $ 644 25% 9.7 x 9.2 x $ 1.90 $ 2.11 45% 27.3 x 16.8 x 

Median 732 774 9% 2.0 1.9 196 22% 203 22% 8.3 7.8 1.39 1.56 20% 19.5 16.0 


Application Delivery & 

Network Acceleration 



ERP & Business 

Applications 

Financial Applications 

Human Capital 

Management 

IT Security Management 

Network Infrastructure 

Platforms, Development 

Tools & Deployment 

Storage Management 

Systems & Network 

Management 

Technical & Embedded 

Applications 

Software-as-a-Service 

High Growth 

Highly-Profitable 


Equity Trading Multiples by Segment continued 

($ millions) 



ERP & Business Applications 

Salesforce.com $ 138.26 $ 19,629 $ 18,542 $ 3,006 $ 3,817 27% 6.2 4.9 x $ 512 17% $ 748 20% 36.2 24.8 x $ 1.46 $ 2.02 38% 94.8 x 68.6 x 

Sage Group 4.36 5,712 

Ariba [b] 44.76 4,580 

Concur 68.10 4,163 

NetSuite 54.77 4,021 

Constellation Software 91.17 1,932 

Guidewire Software 28.12 1,648 

ExactTarget 21.86 1,629 

Jive Software 20.99 1,413 

JDA Software 29.69 1,275 

Blackbaud 25.67 1,161 

Manhattan Associates 45.71 941 

Deltek 11.59 757 

Synchronoss Technologies 18.47 717 

Responsys 12.12 652 

Constant Contact 17.86 553 

SciQuest 17.96 407 

SPS Commerce 30.38 399 

Vocus 18.60 368 


Notes: 






5,517 

4,323 

3,622 

3,857 

1,871 

1,446 

1,417 

1,248 

1,186 

1,115 

840 

869 

603 

554 

472 

344 

364 

419 

2,169 

546 

465 

299 

845 

242 

272 

112 

712 

414 

364 

369 

284 

162 

253 

63 

71 

171 

2,258 

643 

584 

370 

929 

291 

329 

155 

754 

465 

406 

411 

342 

196 

304 

76 

84 

210 

4% 2.5 2.4 617 

18% 7.9 6.7 131 

26% 7.8 6.2 108 

24% 12.9 10.4 28 

10% 2.2 2.0 186 

21% 6.0 5.0 19 

21% 5.2 4.3 4 

38% 11.1 8.1 (17) 

6% 1.7 1.6 191 

12% 2.7 2.4 98 

11% 2.3 2.1 85 

12% 2.4 2.1 94 

20% 2.1 1.8 84 

21% 3.4 2.8 24 

20% 1.9 1.6 36 

21% 5.5 4.5 12 

18% 5.1 4.4 9 

23% 2.4 2.0 13 

28% 651 

24% 159 

23% 142 

9% 46 

22% 210 

8% 45 

2% 15 

nm 4 

27% 219 

24% 112 

23% 98 

25% 97 

30% 107 

15% 35 

14% 54 

19% 18 

12% 12 

7% 27 

29% 8.9 8.5 0.32 

25% 33.0 27.2 1.00 

24% 33.6 25.6 0.88 

12% nm 84.7 0.19 

23% 10.0 8.9 7.26 

15% 75.8 32.5 0.16 

5% nm 95.4 (0.66) 

3% nm nm (0.43) 

29% 6.2 5.4 2.31 

24% 11.4 10.0 1.13 

24% 9.8 8.6 2.49 

24% 9.3 8.9 0.57 

31% 7.2 5.6 1.09 

18% 22.6 15.9 0.20 

18% 13.1 8.8 0.56 

23% 29.4 19.6 0.27 

15% 41.5 29.6 0.41 

13% 32.7 15.6 0.36 

0.35 

1.24 

1.22 

0.31 

7.82 

0.44 

(0.17) 

(0.16) 

2.61 

1.35 

2.88 

0.73 

1.29 

0.31 

0.91 

0.41 

0.56 

0.66 

9% 13.5 12.3 

24% 44.7 36.0 

39% 77.7 55.8 

68% nm nm 

8% 12.6 11.7 

170% nm 63.3 

nm nm nm 

nm nm nm 

13% 12.9 11.4 

19% 22.7 19.1 

16% 18.4 15.9 

27% 20.3 16.0 

18% 16.9 14.4 

53% 60.0 39.1 

64% 32.1 19.5 

53% 66.5 43.5 

37% 74.5 54.2 

85% 52.1 28.1 

Mean $ 569 $ 664 19% 4.8 x 4.0 x $ 118 18% $ 147 20% 23.8 x 24.2 x $ 1.03 $ 1.30 44% 41.3 x 31.8 x 

Median 299 370 20% 3.4 2.8 84 20% 97 23% 17.9 15.7 0.56 0.73 37% 32.1 23.8 

Intuit $ 59.35 $ 17,784 $ 16,671 $ 4,390 $ 4,808 10% 3.8 x 3.5 x $ 1,661 38% $ 1,812 38% 10.0 x 9.2 x $ 3.04 $ 3.43 13% 19.5 x 17.3 x 

FIS 34.08 10,339 

Fiserv 72.22 9,908 

Verisk Analytics 49.26 8,618 

MSCI 34.02 4,189 

Jack Henry 34.52 3,033 

SS&C Technologies 25.00 2,103 

Fair Isaac 42.28 1,465 

Advent Software 27.11 1,428 

ServiceSource 13.85 1,105 

Fidessa 24.35 903 

IRESS Market Technology 6.71 852 

SimCorp 171.84 748 

Bottomline Technologies 18.05 671 

Envestnet 12.00 401 

14,812 

13,115 

9,766 

3,729 

3,084 

2,146 

1,802 

1,335 

992 

823 

801 

676 

552 

329 

5,979 

4,534 

1,509 

959 

1,056 

465 

639 

364 

246 

452 

210 

257 

237 

157 

6,295 

4,749 

1,653 

1,031 

1,128 

579 

672 

402 

300 

482 

223 

288 

262 

200 

5% 2.5 2.4 1,780 

5% 2.9 2.8 1,502 

10% 6.5 5.9 677 

8% 3.9 3.6 437 

7% 2.9 2.7 345 

24% 4.6 3.7 178 

5% 2.8 2.7 188 

10% 3.7 3.3 100 

22% 4.0 3.3 16 

7% 1.8 1.7 102 

6% 3.8 3.6 76 

12% 2.6 2.3 65 

10% 2.3 2.1 39 

28% 2.1 1.6 27 

30% 1,916 

33% 1,562 

45% 756 

46% 483 

33% 375 

38% 206 

29% 196 

27% 111 

7% 31 

22% 108 

36% 83 

25% 74 

17% 47 

17% 44 

30% 8.3 7.7 2.52 

33% 8.7 8.4 5.13 

46% 14.4 12.9 1.96 

47% 8.5 7.7 2.01 

33% 8.9 8.2 1.83 

36% 12.0 10.4 1.26 

29% 9.6 9.2 2.47 

28% 13.4 12.0 1.01 

10% 61.0 32.2 0.06 

22% 8.1 7.6 1.26 

37% 10.5 9.6 0.39 

26% 10.5 9.1 10.09 

18% 14.0 11.8 0.85 

22% 12.1 7.5 0.33 

2.87 

5.75 

2.25 

2.27 

2.05 

1.35 

2.94 

1.17 

0.15 

1.40 

0.43 

12.08 

1.07 

0.63 

14% 13.5 11.9 

12% 14.1 12.6 

15% 25.2 21.9 

13% 16.9 15.0 

12% 18.9 16.8 

6% 19.8 18.6 

19% 17.1 14.4 

16% 27.0 23.2 

155% nm 94.1 

11% 19.3 17.4 

11% 17.1 15.4 

20% 17.0 14.2 

26% 21.3 16.9 

89% 36.1 19.1 

Mean $ 1,430 $ 1,538 11% 3.4 x 3.0 x $ 480 30% $ 520 30% 14.0 x 10.9 x $ 2.28 $ 2.65 29% 20.2 x 21.9 x 

Median 465 579 10% 2.9 2.8 178 30% 196 30% 10.5 9.2 1.83 2.05 14% 19.1 16.9 







Applications 


Human Capital 

Management 







Management 


Applications 


High Growth 




($ millions) 



Human Capital Management 

LinkedIn $ 106.27 $ 9,011 $ 8,394 $ 897 $ 1,339 49% 9.4 x 6.3 x $ 173 19% $ 315 24% 48.4 x 26.7 x $ 0.62 $ 1.24 100% nm x 85.4 x 

Ultimate Software 88.93 2,523 

Cornerstone OnDemand 23.81 1,236 

Monster 8.31 1,008 

Kenexa 29.03 808 


2,461 

1,154 

969 

751 

330 

115 

982 

360 

402 

160 

1,021 

413 

22% 7.5 6.1 61 

39% 10.0 7.2 (9) 

4% 1.0 0.9 151 

15% 2.1 1.8 59 

19% 86 

nm (2) 

15% 171 

16% 74 

21% 40.1 28.6 0.98 

nm nm nm (0.27) 

17% 6.4 5.7 0.27 

18% 12.7 10.2 1.03 

Mean $ 849 $ 937 9% 3.7 x 3.3 x $ 232 27% $ 267 28% 15.2 x 13.4 x $ 1.28 $ 1.52 19% 26.0 x 21.1 x 

Notes: 

Median 773 888 9% 3.0 2.8 246 28% 276 29% 12.9 10.9 1.08 1.36 20% 22.9 18.4 






1.43 

(0.09) 

0.42 

1.30 

46% 90.5 62.1 

nm nm nm 

53% 30.5 19.9 

26% 28.2 22.4 

Mean $ 537 $ 667 26% 6.0 x 4.5 x $ 87 17% $ 129 20% 26.9 x 17.8 x $ 0.53 $ 0.86 56% 49.7 x 47.4 x 

Median 360 413 22% 7.5 6.1 61 18% 86 20% 26.4 18.4 0.62 1.24 49% 30.5 42.2 

Check Point $ 49.59 $ 10,500 $ 7,621 $ 1,377 $ 1,513 10% 5.5 x 5.0 x $ 819 60% $ 901 60% 9.3 x 8.5 x $ 3.17 $ 3.54 12% 15.6 x 14.0 x 

Symantec 14.61 10,374 

Verisign 43.57 7,566 

Fortinet 23.22 3,874 

Trend Micro 29.30 3,855 

Sourcefire 51.40 1,579 

AVG Technologies 13.01 708 

Imperva 28.82 698 

Websense 18.73 683 

Proofpoint 16.95 593 

Vasco Data Security 8.18 317 

F-Secure 1.82 283 


9,391 

6,128 

3,229 

2,233 

1,398 

771 

596 

693 

695 

232 

244 

6,792 

881 

524 

1,209 

208 

320 

98 

368 

101 

179 

201 

7,092 

980 

621 

1,260 

256 

365 

122 

384 

118 

186 

222 

4% 1.4 1.3 2,172 

11% 7.0 6.3 515 

19% 6.2 5.2 135 

4% 1.8 1.8 401 

23% 6.7 5.5 39 

14% 2.4 2.1 95 

24% 6.1 4.9 (2) 

4% 1.9 1.8 94 

17% 6.9 5.9 (7) 

4% 1.3 1.2 20 

10% 1.2 1.1 43 

32% 2,458 

58% 578 

26% 163 

33% 434 

19% 55 

30% 114 

nm 10 

26% 100 

nm (0) 

35% 4.3 3.8 1.61 

59% 11.9 10.6 1.87 

26% 23.9 19.8 0.53 

34% 5.6 5.1 1.49 

22% 35.6 25.2 0.72 

31% 8.1 6.7 0.96 

8% nm 61.6 (0.14) 

26% 7.4 6.9 1.53 

nm nm nm (0.44) 

11% n/a n/a 11.6 nm 0.54 

21% 48 

22% 5.7 5.1 0.14 

1.81 

2.21 

0.62 

1.69 

0.98 

1.21 

0.33 

1.71 

(0.22) 

0.60 

0.15 

13% 9.1 8.1 

18% 23.3 19.7 

18% 44.2 37.5 

13% 19.7 17.4 

35% 71.0 52.7 

26% 13.6 10.8 

nm nm 86.3 

12% 12.2 10.9 

nm nm nm 

11% 15.3 13.7 

6% 12.7 12.0 

Mean $ 1,022 $ 1,093 12% 4.0 x 3.5 x $ 360 32% $ 442 32% 12.3 x 15.3 x $ 1.00 $ 1.22 16% 23.7 x 25.7 x 

Median 344 375 11% 4.0 3.5 95 28% 114 29% 8.7 7.7 0.84 1.09 13% 15.5 14.0 

Juniper Networks $ 16.31 $ 8,629 $ 5,357 $ 4,353 $ 4,873 12% 1.2 x 1.1 x $ 876 20% $ 994 20% 6.1 x 5.4 x $ 0.80 $ 1.12 39% 20.4 x 14.6 x 

Brocade 4.93 2,220 

Aruba Networks 15.05 1,810 

Acme Packet 18.65 1,282 

Infoblox 22.93 1,262 

Extreme Networks 3.44 325 

Platforms, Development Tools & Deployment 

2,344 

1,494 

881 

1,105 

171 

2,220 

560 

330 

177 

326 

2,311 

668 

404 

215 

386 

4% 1.1 1.0 501 

19% 2.7 2.2 129 

22% 2.7 2.2 110 

21% 6.2 5.1 10 

19% 0.5 0.4 24 

23% 515 

23% 160 

33% 105 

6% 22 

7% 27 

22% 4.7 4.6 0.54 

24% 11.6 9.3 0.69 

26% 8.0 8.4 0.90 

10% nm 50.5 0.04 

7% 7.1 6.3 0.28 

0.60 

0.87 

1.21 

0.24 

13% 9.2 8.2 

27% 21.9 17.3 

34% 20.7 15.4 

500% nm 94.5 

n/a n/a 12.1 nm 

Mean $ 1,327 $ 1,476 16% 2.4 x 2.0 x $ 275 19% $ 304 18% 7.5 x 14.1 x $ 0.54 $ 0.81 123% 16.9 x 30.0 x 

Median 445 536 19% 2.0 1.6 119 21%nm 132 21% 7.1 7.3 0.61 0.87 34% 20.4 15.4 

Red Hat $ 56.48 $ 10,927 $ 9,667 $ 1,265 $ 1,496 18% 7.6 x 6.5 x $ 360 28% $ 445 30% 26.8 x 21.7 x $ 1.12 $ 1.35 21% 50.4 x 41.8 x 

TIBCO Software 29.92 5,080 

Software AG 30.94 2,686 

Micro Focus 8.33 1,402 

Progress Software 20.87 1,336 

Pegasystems 32.98 1,287 

4,988 

2,694 

1,516 

977 

1,199 

1,054 

1,384 

429 

474 

492 

1,201 

1,429 

441 

480 

574 

14% 4.7 4.2 312 

3% 1.9 1.9 392 

3% 3.5 3.4 180 

1% 2.1 2.0 99 

17% 2.4 2.1 52 

30% 369 

28% 416 

42% 183 

21% 137 

11% 51 

31% 16.0 13.5 1.16 

29% 6.9 6.5 2.60 

42% 8.4 8.3 0.89 

28% 9.9 7.2 1.04 

9% 23.1 23.5 0.86 

1.38 

2.97 

0.81 

1.37 

1.21 

19% 25.7 21.7 

14% 11.9 10.4 

-9% 9.4 10.3 

32% 20.1 15.2 

40% 38.2 27.3 







Applications 


Human Capital 

Management 







Management 


Applications 


High Growth 




($ millions) 




NetApp $ 31.82 $ 11,784 $ 7,600 $ 6,310 $ 6,835 8% 1.2 x 1.1 x $ 1,206 19% $ 1,369 20% 6.3 x 5.5 x $ 2.04 $ 2.36 16% 15.6 x 13.5 x 

CommVault Systems 49.57 2,391 

Carbonite 8.94 235 

FalconStor Software 2.61 124 

Systems & Network Management 

Notes: 






2,071 

170 

90 

452 

82 

92 

522 

111 

102 

16% 4.6 4.0 86 

35% 2.1 1.5 (9) 

19% 108 

nm (3) 

21% 24.0 19.2 1.08 

nm nm nm (0.76) 

10% 1.0 0.9 n/a n/a n/a n/a nm nm (0.04) 

1.29 

(0.46) 

0.03 

20% 46.0 38.4 

nm nm nm 

nm nm nm 

Mean $ 1,734 $ 1,892 17% 2.2 x 1.9 x $ 428 19% $ 492 20% 15.1 x 12.4 x $ 0.58 $ 0.80 18% 30.8 x 25.9 x 

Median 272 316 13% 1.6 1.3 86 19% 108 20% 15.1 12.4 0.52 0.66 18% 30.8 25.9 

VMware $ 91.04 $ 39,400 $ 34,504 $ 4,572 $ 5,470 20% 7.5 x 6.3 x $ 1,707 37% $ 2,078 38% 20.2 x 16.6 x $ 2.63 $ 3.17 20% 34.6 x 28.7 x 

CA Technologies 27.09 12,722 

BMC Software 42.68 6,873 

Splunk 28.10 3,317 

SolarWinds 43.56 3,310 

ServiceNow 24.60 3,235 

Quest Software [b] 27.81 2,417 

Compuware 9.30 2,040 

Netscout Systems 21.59 904 

LogMeIn 30.52 778 

Opnet Technologies 26.59 618 

Keynote Systems 14.85 268 

Technical & Embedded Applications 

11,479 

6,048 

3,051 

3,114 

3,147 

2,225 

1,993 

727 

585 

515 

223 

4,867 

2,252 

176 

255 

235 

936 

1,034 

336 

141 

189 

129 

4,996 

2,392 

244 

318 

363 

987 

1,138 

377 

172 

224 

147 

3% 2.4 2.3 1,810 

6% 2.7 2.5 918 

39% 17.4 12.5 (4) 

25% 12.2 9.8 134 

54% 13.4 8.7 (10) 

5% 2.4 2.3 272 

10% 1.9 1.8 270 

12% 2.2 1.9 89 

22% 4.2 3.4 31 

18% 2.7 2.3 40 

14% 1.7 1.5 23 

37% 1,937 

41% 968 

nm 0 

53% 170 

nm 13 

29% 292 

26% 264 

26% 104 

22% 41 

21% 56 

18% 31 

39% 6.3 5.9 2.40 

40% 6.6 6.2 3.41 

0% nm nm (0.11) 

54% 23.2 18.3 1.16 

2.63 

3.73 

(0.02) 

1.42 

10% 11.3 10.3 

10% 12.5 11.4 

nm nm nm 

23% 37.7 30.6 

3% nm nm n/a n/a n/a nm nm 

30% 8.2 7.6 1.63 

23% 7.4 7.6 0.40 

27% 8.2 7.0 1.20 

24% 19.1 14.2 0.65 

25% 12.8 9.3 0.98 

21% 9.8 7.3 0.88 

1.86 

0.58 

1.41 

0.89 

1.28 

1.27 

14% 17.0 15.0 

45% 23.2 16.1 

18% 18.0 15.3 

37% 46.7 34.1 

31% 27.2 20.8 

44% 16.8 11.7 

Mean $ 1,260 $ 1,402 19% 5.9 x 4.6 x $ 440 31% $ 496 27% 12.2 x 10.0 x $ 1.39 $ 1.66 25% 24.5 x 19.4 x 

Median 295 370 16% 2.7 2.4 111 28% 137 26% 9.0 7.6 1.16 1.41 22% 20.6 15.7 

Dassault Systemes $ 93.61 $ 11,724 $ 9,979 $ 2,481 $ 2,622 6% 4.0 x 3.8 x $ 1,138 46% $ 1,106 42% 8.8 x 9.0 x $ 4.06 $ 4.39 8% 23.1 x 21.3 x 

Autodesk 34.99 8,157 

ANSYS 63.11 5,977 

Synopsys 29.43 4,411 

Cadence Design 10.99 3,021 

Parametric Technology 20.96 2,520 

Mentor Graphics 15.00 1,680 

Medidata Solutions 32.67 872 

Exa 10.61 154 

6,361 

5,531 

3,865 

2,744 

2,422 

1,779 

758 

149 

2,434 

820 

1,770 

1,286 

1,286 

1,106 

214 

53 

2,694 

920 

1,909 

1,401 

1,391 

1,175 

241 

63 

11% 2.6 2.4 711 

12% 6.7 6.0 416 

8% 2.2 2.0 511 

9% 2.1 2.0 365 

8% 1.9 1.7 283 

6% 1.6 1.5 239 

13% 3.5 3.1 53 

19% 2.8 2.4 10 

29% 864 

51% 480 

29% 476 

28% 419 

22% 355 

22% 273 

25% 68 

19% 13 

32% 8.9 7.4 2.02 

52% 13.3 11.5 2.83 

25% 7.6 8.1 2.06 

30% 7.5 6.6 0.69 

26% 8.6 6.8 1.46 

23% 7.5 6.5 1.32 

28% 14.4 11.2 1.11 

2.39 

3.18 

2.86 

0.88 

1.76 

1.58 

1.47 

18% 17.3 14.7 

12% 22.3 19.8 

39% 14.3 10.3 

28% 16.0 12.5 

21% 14.4 11.9 

20% 11.4 9.5 

32% 29.3 22.2 

20% 14.9 11.9 n/a n/a n/a nm nm 

Mean $ 1,272 $ 1,380 10% 3.1 x 2.8 x $ 414 30% $ 450 31% 10.2 x 8.8 x $ 1.94 $ 2.31 22% 18.5 x 15.3 x 

Median 1,286 1,391 9% 2.6 2.4 365 28% 419 28% 8.8 8.1 1.74 2.07 20% 16.6 13.6 







Applications 


Human Capital 

Management 







Management 


Applications 


High Growth 



Equity Trading Multiples by Comparable Subset 

($ millions) 




Salesforce.com $ 138.26 $ 19,629 $ 18,542 $ 3,006 $ 3,817 27% 6.2 x 4.9 x $ 512 17% $ 748 20% 36.2 x 24.8 x $ 1.46 $ 2.02 38% 94.8 x 68.6 x 

Red Hat 56.48 10,927 

Ariba 44.76 4,580 

Concur 68.10 4,163 

NetSuite 54.77 4,021 

ServiceNow 24.60 3,235 

Ultimate Software 88.93 2,523 

Rightnow Technologies 43.00 1,758 

ExactTarget 21.86 1,629 




Kenexa 29.03 808 

LogMeIn 30.52 778 

Responsys 12.12 652 

Constant Contact 17.86 553 

DemandTec 13.19 475 

SciQuest 17.96 407 

SPS Commerce 30.38 399 

Vocus 18.60 368 

Keynote Systems 14.85 268 

IntraLinks 4.38 239 

Notes: 






9,667 

4,323 

3,622 

3,857 

3,147 

2,461 

1,517 

1,417 

1,248 

1,152 

1,154 

751 

585 

554 

472 

405 

344 

364 

419 

223 

254 

1,265 

546 

465 

299 

235 

330 

269 

272 

112 

132 

115 

360 

141 

162 

253 

98 

63 

71 

171 

129 

197 

1,496 

643 

584 

370 

363 

402 

322 

329 

155 

169 

160 

413 

172 

196 

304 

109 

76 

84 

210 

147 

217 

18% 7.6 6.5 360 

18% 7.9 6.7 131 

26% 7.8 6.2 108 

24% 12.9 10.4 28 

54% 13.4 8.7 (10) 

22% 7.5 6.1 61 

20% 5.6 4.7 56 

21% 5.2 4.3 4 

38% 11.1 8.1 (17) 

28% 8.7 6.8 (25) 

39% 10.0 7.2 (9) 

15% 2.1 1.8 59 

22% 4.2 3.4 31 

21% 3.4 2.8 24 

20% 1.9 1.6 36 

10% 4.1 3.7 11 

21% 5.5 4.5 12 

18% 5.1 4.4 9 

23% 2.4 2.0 13 

14% 1.7 1.5 23 

10% 1.3 1.2 31 

28% 445 

24% 159 

23% 142 

9% 46 

nm 13 

19% 86 

21% 71 

2% 15 

nm 4 

nm (13) 

nm (2) 

16% 74 

22% 41 

15% 35 

14% 54 

11% 14 

19% 18 

12% 12 

7% 27 

18% 31 

16% 34 

30% 26.8 21.7 1.12 

25% 33.0 27.2 1.00 

24% 33.6 25.6 0.88 

12% nm 84.7 0.19 

1.35 

1.24 

1.22 

0.31 

21% 50.4 41.8 

24% 44.7 36.0 

39% 77.7 55.8 

68% nm nm 

3% nm nm n/a n/a n/a nm nm 

21% 40.1 28.6 0.98 

22% 27.1 21.4 0.82 

5% nm 95.4 (0.66) 

3% nm nm (0.43) 

nm nm nm (0.48) 

nm nm nm (0.27) 

18% 12.7 10.2 1.03 

24% 19.1 14.2 0.65 

18% 22.6 15.9 0.20 

18% 13.1 8.8 0.56 

13% 38.3 29.4 0.10 

23% 29.4 19.6 0.27 

15% 41.5 29.6 0.41 

13% 32.7 15.6 0.36 

21% 9.8 7.3 0.88 

16% 8.3 7.4 0.07 

1.43 

1.14 

(0.17) 

(0.16) 

(0.25) 

(0.09) 

1.30 

0.89 

0.31 

0.91 

0.11 

0.41 

0.56 

0.66 

1.27 

0.17 

46% 90.5 62.1 

39% 52.4 37.7 

nm nm nm 

nm nm nm 

nm nm nm 

nm nm nm 

26% 28.2 22.4 

37% 46.7 34.1 

53% 60.0 39.1 

64% 32.1 19.5 

12% nm nm 

53% 66.5 43.5 

37% 74.5 54.2 

85% 52.1 28.1 

44% 16.8 11.7 

131% 59.4 25.8 

Mean $ 395 $ 488 23% 6.2 x 4.9 x $ 66 16% $ 93 17% 26.5 x 27.1 x $ 0.44 $ 0.70 48% 56.5 x 38.7 x 

Median 216 260 21% 5.6 4.6 26 17% 35 18% 28.2 21.6 0.41 0.66 39% 52.4 37.7 







Applications 


Human Capital 

Management 







Management 


Applications 


High Growth 



Equity Trading Multiples by Comparable Subset continued 

($ millions) 



High Growth (>25% CY13E Revenue Growth) 

ServiceNow $ 24.60 $ 3,235 $ 3,147 $ 235 $ 363 54% 13.4 x 8.7 x $ (10) nm $ 13 3% nm x nm x n/a n/a n/a nm x nm x 

LinkedIn 106.27 9,011 8,394 897 1,339 49% 9.4 6.3 173 19% 315 24% 48.4 26.7 0.62 1.24 100% nm 85.4 


Splunk 28.10 3,317 


Carbonite 8.94 235 


Envestnet 12.00 401 

Salesforce.com 138.26 19,629 

Concur 68.10 4,163 

Qlik Technologies 22.12 1,969 

Highly-Profitable (>40% CY12E EBITDA Margin) 

Notes: 






1,154 

3,051 

1,248 

170 

1,152 

329 

18,542 

3,622 

1,774 

115 

176 

112 

82 

132 

157 

3,006 

465 

412 

160 

244 

155 

111 

169 

200 

3,817 

584 

515 

39% 10.0 7.2 (9) 

39% 17.4 12.5 (4) 

38% 11.1 8.1 (17) 

35% 2.1 1.5 (9) 

28% 8.7 6.8 (25) 

28% 2.1 1.6 27 

27% 6.2 4.9 512 

26% 7.8 6.2 108 

25% 4.3 3.4 56 

nm (2) 

nm 0 

nm 4 

nm (3) 

nm (13) 

17% 44 

17% 748 

23% 142 

14% 82 

nm nm nm (0.27) 

0% nm nm (0.11) 

3% nm nm (0.43) 

nm nm nm (0.76) 

nm nm nm (0.48) 

22% 12.1 7.5 0.33 

20% 36.2 24.8 1.46 

24% 33.6 25.6 0.88 

16% 31.7 21.7 0.38 

(0.09) 

(0.02) 

(0.16) 

(0.46) 

(0.25) 

0.63 

2.02 

1.22 

0.57 

nm nm nm 

nm nm nm 

nm nm nm 

nm nm nm 

nm nm nm 

89% 36.1 19.1 

38% 94.8 68.6 

39% 77.7 55.8 

51% 58.5 38.6 

Mean $ 526 $ 696 35% 8.4 x 6.1 x $ 73 18% $ 121 14% 32.4 x 21.2 x $ 0.16 $ 0.47 63% 66.8 x 53.5 x 

Median 176 244 35% 8.7 6.3 (4) 17% 13 18% 33.6 24.8 0.11 0.27 51% 68.1 55.8 

Check Point $ 49.59 $ 10,500 $ 7,621 $ 1,377 $ 1,513 10% 5.5 x 5.0 x $ 819 60% $ 901 60% 9.3 x 8.5 x $ 3.17 $ 3.54 12% 15.6 x 14.0 x 

Verisign 43.57 7,566 

SolarWinds 43.56 3,310 

ANSYS 63.11 5,977 

Oracle 29.70 148,234 

Dassault Systemes 93.61 11,724 

MSCI 34.02 4,189 

Verisk Analytics 49.26 8,618 

Intel 26.65 134,613 

Adobe 32.37 15,918 

Micro Focus 8.33 1,402 

Microsoft 30.59 257,666 

BMC Software 42.68 6,873 

6,128 

3,114 

5,531 

131,481 

9,979 

3,729 

9,766 

124,965 

14,430 

1,516 

210,075 

6,048 

881 

255 

820 

37,546 

2,481 

959 

1,509 

57,067 

4,469 

429 

76,204 

2,252 

980 

318 

920 

40,025 

2,622 

1,031 

1,653 

61,385 

4,819 

441 

84,337 

2,392 

11% 7.0 6.3 515 

25% 12.2 9.8 134 

12% 6.7 6.0 416 

7% 3.5 3.3 17,920 

6% 4.0 3.8 1,138 

8% 3.9 3.6 437 

10% 6.5 5.9 677 

8% 2.2 2.0 24,658 

8% 3.2 3.0 1,885 

3% 3.5 3.4 180 

11% 2.8 2.5 31,287 

6% 2.7 2.5 918 

58% 578 

53% 170 

51% 480 

48% 19,126 

46% 1,106 

46% 483 

45% 756 

43% 27,262 

42% 2,157 

42% 183 

41% 36,897 

41% 968 

59% 11.9 10.6 1.87 

54% 23.2 18.3 1.16 

52% 13.3 11.5 2.83 

48% 7.3 6.9 2.48 

42% 8.8 9.0 4.06 

47% 8.5 7.7 2.01 

46% 14.4 12.9 1.96 

44% 5.1 4.6 2.46 

45% 7.7 6.7 2.41 

42% 8.4 8.3 0.89 

44% 6.7 5.7 2.75 

40% 6.6 6.2 3.41 

2.21 

1.42 

3.18 

2.77 

4.39 

2.27 

2.25 

2.69 

2.65 

0.81 

3.29 

3.73 

18% 23.3 19.7 

23% 37.7 30.6 

12% 22.3 19.8 

12% 12.0 10.7 

8% 23.1 21.3 

13% 16.9 15.0 

15% 25.2 21.9 

9% 10.8 9.9 

10% 13.4 12.2 

-9% 9.4 10.3 

20% 11.1 9.3 

10% 12.5 11.4 

Mean $ 14,327 $ 15,572 9% 4.9 x 4.4 x $ 6,230 47% $ 7,005 48% 10.1 x 9.0 x $ 2.42 $ 2.71 12% 18.0 x 15.9 x 

Median 1,509 1,653 8% 3.9 3.6 819 46% 901 46% 8.5 8.3 2.46 2.69 12% 15.6 14.0 







Applications 


Human Capital 

Management 







Management 


Applications 


High Growth 



Capital Raise Activity: 2Q 2012 

($ millions) 

Close Date Company Participating Investors Description Amount 

06/30/12 AlienVault Adara Venture Partners, KPCB, Sigma Partners, Trident Capital Open source security information management $22 

06/30/12 Apica AB ALMI Invest, Industrifonden AB, KTH Chalmers Capital, SEB Venture Capital Performance testing of web applications and platforms $5 

06/30/12 AppMesh InterWest Enterprise application platform for mobile devices n/a 

06/30/12 aPriori Technologies Sigma Partners Product cost management and intelligence for the manufacturing sector $5 

06/30/12 Aryaka Networks InterWest, Mohr Davidow Ventures, Nexus, Presidio, Stanford University, Trinity Wide area network and application performance acceleration $25 

06/30/12 Boundary Lightspeed, Scale Venture Partners Network monitoring for cloud-based environments $15 

06/30/12 Cloudability 500 Startups, Foundry Group, Trinity Cloud computing spend management platform $9 

06/30/12 Kinvey Atlas Venture, Avalon Ventures Back end as a service platform for mobile applications $5 

06/30/12 KnowledgeTree Core Capital Partners, Hasso Plattner Ventures Africa, River Cities Capital Funds Cloud-based collaboration and document management $5 

06/30/12 LockPath El Dorado Ventures, Vesbridge Partners, Webb Investment Network GRC applications for regulated businesses $6 

06/30/12 MySiteApp Ltd. thetime Web application development platform $2 

06/30/12 Pocket Change Baroda Ventures, First Round Capital, Google Ventures Mobile application monetization and distribution tools $5 

06/30/12 Systematic Revenue Cultivation Capital CRM and marketing automation SaaS

Capital Raise Activity: 2Q 2012 continued 

($ millions) 


06/05/12 Greencloud Technologies n/a Cloud-based virtual server environments $3 

06/05/12 Ovia n/a Video recruiting and talent acquisition management n/a 

06/04/12 Mformation Technologies n/a Mobile device management $1 

06/01/12 Crittercism Google Ventures, Opus Capital, Shasta Ventures Mobile application development tools $6 

06/01/12 SumAll Battery Ventures, Wellington Partners Customer analytics platform for the e-commerce sector $2 

05/31/12 MedidaMetrics n/a Application performance management and cost analysis $1 

05/30/12 Buddy Platform Transmedia Capital Backend as a service platform for web applications $1 

05/30/12 Optimizely Battery Ventures, Google Ventures, InterWest Website testing and optimization platform n/a 

05/29/12 Xamarin Charles River Ventures, Floodgate, Ignition Partners Mobile application development platform $13 

05/28/12 Ividence SA A Plus Finance, Omnes Capital Email marketing campaign management and optimization $4 

05/24/12 Mobile Iron Foundation Capital, IVP, Norwest, Sequoia, Storm Ventures Mobile device management $40 

05/24/12 Xintec Ltd. Kernel Capital Partners Fraud management tools for the telecommunications sector

Capital Raise Activity: 2Q 2012 continued 

($ millions) 


04/19/12 Bidmanagement GmbH Bertelsmann Digital Media Investments Online advertising campaign bid management n/a 

04/19/12 Clinithink Ltd. Finance Wales, Vanguard Atlantic Healthcare IT analytics and electronic medical record systems n/a 

04/19/12 Eptica SA Auriga Partners SA, Omnes Capital CRM for B2B marketplaces $10 

04/18/12 Collibra NV Newion Investment Management Web-based big data governance platform $1 

04/18/12 SkySQL AB California Technology Ventures, Finnish Industry Investment Ltd., Open Ocean Capital Open source MySQL deployment tools $7 

04/18/12 Symform Longworth Venture Partners, OVP Venture Partners, WestRiver Capital Backup and disaster recovery for SMBs $8 

04/13/12 Verient n/a Online payment solutions for financial institutions and merchants $6 

04/12/12 Knoa Software Ascent Venture Partners End-user intelligence and analytics $2 

04/11/12 Visible Technologies Ignition Partners Social media monitoring platform $24 

04/09/12 BrightTag Baird, Epic Ventures, Illinois Innovation, New World Ventures, SVB, TomorrowVentures Data rights management platform for publishers $15 

04/09/12 Convoke Media n/a Software for the debt collection and recovery market $1 

04/09/12 VoltDB n/a Open source database management system that scales on clusters of inexpensive hardware $1 

04/05/12 SpringCM Foundation Capital, North Bridge Venture Partners Enterprise content management solutions for document and workflow management $6 

04/05/12 Veracode .406 Ventures, Atlas Venture, Meritech Capital Partners, StarVest Partners Application security management $30 

04/04/12 Eucalyptus Systems Benchmark Capital, e.ventures, IVP, New Enterprise Associates Open source system for implementing on-premise private and hybrid clouds $30 

04/04/12 Starboard Storage Systems Grazia Equity GbmH Storage management for SMBs $13 

04/02/12 Crashlytics Baseline Ventures, Flybridge Capital Partners Mobile application crash reporting solution for application developers $5 

04/02/12 OnPATH Technologies n/a Virtualized physical layer switches for network connectivity $1 

04/02/12 SANpulse Technologies Edison Ventures Storage area network migration and optimization $4 

03/31/12 Admazely ApS Seed Capital Management I/S Website advertising platform $1 

03/31/12 Electric Cloud Rembrandt Venture Partners Cloud platform for application development $1 

03/31/12 GenieDB Miramar Venture Partners Development frameworks for distributed database technologies

IPO Pricing & Performance Data 

Initial Equity Issuances from 2007 – 2012 YTD ($ millions) 

Notes: 

[a] Acquisition pending 

[b] Share price at acquisition 

[c] Share price at delisting 

[d] Primary shares only 


Current Trading Data Valuation at IPO IPO + 30 Days Stock Performance 

Share Price Market Enterprise EV / Revenue Share Amount Market Enterprise EV / Revenue EV / Revenue Revenue at IPO % Change from 

Company (06/30/12) Value Value CY12E CY13E IPO Date Price Raised [d] Value Value TTM CY CY +1 CY CY +1 TTM CY CY +1 Growth IPO + 30 Days 

ServiceNow $ 24.60 

Exa 10.61 

Infoblox 22.93 

Proofpoint 16.95 

Splunk 28.10 

ExactTarget 21.86 

Demandware 23.69 

Bazaarvoice 18.20 

AVG Technologies 13.01 

Guidewire Software 28.12 

Jive Software 20.99 

Imperva 28.82 

Carbonite 8.94 

LinkedIn 106.27 

Responsys 12.12 

ServiceSource 13.85 

Cornerstone OnDemand 23.81 

IntraLinks 4.38 

Envestnet 12.00 

Qlik Technologies 22.12 

$ 3,235 

154 

1,262 

593 

3,317 

1,629 

732 

1,277 

708 

1,648 

1,413 

698 

235 

9,011 

652 

1,105 

1,236 

239 

401 

1,969 

Convio 16.07 [b] 319 

SS&C Technologies 25.00 

Fortinet 23.22 

2,103 

3,874 

CDC Software 10.30 [c] 293 

LogMeIn 30.52 

Medidata Solutions 32.67 

SolarWinds 43.56 

778 

872 

3,310 

ArcSight 43.50 [b] 1,647 

NetSuite 54.77 

4,021 

SuccessFactors 39.99 [b] 3,523 

Deltek 11.59 

VMware 91.04 

757 

39,400 

DemandTec 13.19 [b] 475 

BladeLogic 28.00 [b] 804 

Netezza 27.00 [b] 1,797 

PROS 16.82 

470 

Data Domain 33.50 [b] 2,197 

Sourcefire 51.40 

1,579 

$ 3,147 

149 

1,105 

695 

3,051 

1,417 

628 

1,152 

771 

1,446 

1,248 

596 

170 

8,394 

554 

992 

1,154 

254 

329 

1,774 

269 

2,146 

3,229 

271 

585 

758 

3,114 

1,497 

3,857 

3,275 

869 

34,504 

405 

723 

1,660 

398 

1,919 

1,398 

13.4 x 8.7 x 06/29/12 $ 18.00 

2.8 

6.2 

6.9 

17.4 

5.2 

8.5 

8.7 

2.4 

6.0 

11.1 

6.1 

2.1 

9.4 

3.4 

4.0 

10.0 

1.3 

2.1 

4.3 

2.9 

4.6 

6.2 

1.1 

4.2 

3.5 

12.2 

5.9 

12.9 

7.8 

2.4 

7.5 

4.1 

2.4 

5.1 

5.9 

12.5 

4.3 

6.3 

6.8 

2.1 

5.0 

8.1 

4.9 

1.5 

6.3 

2.8 

3.3 

7.2 

1.2 

1.6 

3.4 

2.5 

3.7 

5.2 

1.1 

3.4 

3.1 

9.8 

4.3 

10.4 

6.6 

2.1 

6.3 

3.7 

06/28/12 10.00 

04/19/12 16.00 

04/19/12 13.00 

04/18/12 17.00 

03/21/12 19.00 

03/14/12 16.00 

02/23/12 12.00 

02/07/12 16.00 

01/24/12 13.00 

12/14/11 12.00 

11/09/11 18.00 

08/10/11 10.00 

05/18/11 45.00 

04/20/11 12.00 

03/25/11 10.00 

03/17/11 13.00 

08/05/10 13.00 

07/28/10 9.00 

07/15/10 10.00 

04/28/10 9.00 

03/30/10 15.00 

11/17/09 12.50 

08/05/09 12.00 

06/30/09 16.00 

06/24/09 14.00 

05/19/09 12.50 

02/13/08 9.00 

12/19/07 26.00 

11/19/07 10.00 

10/31/07 18.00 

08/13/07 29.00 

08/09/07 11.00 

n/a n/a 07/24/07 17.00 

5.4 

3.4 

n/a 07/18/07 12.00 

2.9 

06/28/07 11.00 

n/a n/a 06/26/07 15.00 

6.7 

5.5 

03/09/07 15.00 

$ 162 

42 

92 

67 

213 

162 

88 

108 

64 

115 

121 

86 

54 

57 

66 

80 

98 

143 

42 

112 

34 

51 

72 

48 

80 

88 

113 

54 

161 

100 

54 

957 

66 

67 

108 

56 

105 

Mean 6.2 x 4.9 x $ 112 

Median 5.7 4.3 83 

80 

$ 2,218 

132 

844 

426 

1,740 

1,228 

449 

682 

768 

521 

709 

312 

247 

4,333 

638 

710 

651 

648 

293 

746 

170 

1,038 

805 

348 

342 

313 

802 

296 

1,679 

579 

818 

10,992 

323 

464 

701 

297 

777 

370 

$ 1,037 

649 

$ 3,880 

127 

794 

418 

1,711 

1,185 

891 

670 

920 

483 

558 

302 

231 

3,966 

624 

689 

652 

792 

226 

616 

172 

1,306 

653 

336 

242 

247 

770 

275 

1,542 

494 

996 

10,542 

252 

385 

606 

261 

668 

273 

$ 1,046 

620 

19.8 x 16.5 x 10.7 x 12.9 x 8.4 x $ 196 

2.7 

5.2 

5.1 

19.4 

6.3 

15.8 

9.1 

3.4 

2.4 

8.0 

4.2 

4.7 

9.1 

6.6 

4.1 

12.4 

5.0 

2.8 

3.2 

2.6 

4.8 

2.7 

1.4 

4.1 

2.1 

8.0 

2.8 

15.9 

8.9 

12.6 

12.6 

5.4 

8.5 

6.5 

5.2 

11.4 

6.1 

2.4 

4.5 

4.1 

9.7 

4.4 

12.0 

5.4 

2.9 

2.0 

7.2 

3.9 

3.9 

7.7 

4.9 

3.9 

9.1 

4.5 

2.4 

3.0 

2.5 

4.1 

2.6 

1.7 

3.3 

1.8 

6.9 

2.5 

14.3 

7.6 

3.6 

8.3 

4.7 

5.8 

5.3 

4.3 

6.1 

4.3 

2.0 

3.7 

3.5 

7.0 

3.6 

8.9 

4.2 

2.5 

1.7 

5.0 

3.1 

2.8 

4.8 

4.1 

3.3 

6.1 

4.0 

1.9 

2.5 

2.3 

3.9 

2.4 

1.7 

2.6 

1.6 

5.5 

2.0 

9.7 

4.5 

3.2 

5.6 

3.5 

4.3 

4.1 

3.4 

3.8 

3.3 

2.4 

5.2 

4.2 

16.8 

5.7 

9.9 

8.1 

2.5 

3.9 

9.0 

6.0 

5.1 

11.6 

6.7 

4.6 

12.4 

4.5 

2.7 

4.6 

2.7 

4.5 

1.7 

1.1 

4.5 

2.3 

8.0 

2.4 

15.4 

9.0 

3.7 

22.9 

4.2 

9.4 

5.7 

4.9 

11.2 

2.0 

4.3 

3.6 

12.1 

4.7 

7.3 

6.4 

2.2 

3.2 

6.3 

4.7 

3.7 

7.3 

5.6 

3.8 

8.4 

4.0 

2.1 

3.7 

2.4 

4.3 

1.6 

1.1 

3.7 

1.9 

6.4 

2.0 

10.4 

5.3 

3.2 

15.4 

47 

152 

82 

88 

187 

57 

74 

272 

203 

69 

72 

49 

436 

94 

167 

53 

158 

81 

193 

65 

271 

240 

232 

59 

118 

97 

98 

97 

55 

79 

834 

7.1 x 5.4 x 4.0 x 6.8 x 5.0 x $ 140 

5.3 4.3 3.6 5.1 4.1 91 

5.3 

3.1 

7.0 

4.4 

3.9 

6.9 

4.0 

47 

45 

93 

50 

59 

45 

$ 235 

53 

178 

101 

176 

272 

74 

125 

320 

239 

77 

77 

59 

514 

126 

178 

72 

177 

95 

206 

68 

316 

248 

200 

74 

135 

111 

110 

108 

65 

276 

1,275 

54 

67 

114 

61 

109 

63 

$ 179 

113 

$ 363 

54.3 % 

Copyright © 2012 Shea & Company, LLC 30 

63 

215 

118 

244 

330 

100 

158 

365 

288 

111 

98 

81 

818 

153 

212 

107 

200 

120 

251 

75 

334 

269 

199 

91 

159 

139 

135 

159 

110 

313 

1,894 

73 

90 

149 

77 

177 

84 

$ 235 

155 

18.7 

21.1 

17.0 

38.9 

21.3 

35.0 

26.2 

14.1 

20.4 

43.8 

27.2 

38.4 

59.2 

20.7 

19.3 

48.7 

13.0 

26.1 

21.8 

11.0 

5.7 

8.7 

(0.7) 

24.1 

18.2 

25.1 

23.0 

47.0 

70.7 

13.5 

48.5 

34.9 

34.9 

30.4 

26.3 

62.3 

32.5 

29.0 % 

25.6

IPO Pipeline 

($ millions) 

Company Stage Ticker IPO Date Range Price First Filing Date Revenue (TTM) Net Income (TTM) 

Trustwave Holdings Postponed TWAV n/a n/a n/a 04/21/11 $121 ($1) 

Kayak Software Priced KYAK 07/20/12 $22 - $25 $26.00 11/17/10 $245 $21 

Exa Priced EXA 06/28/12 $11 - $13 $10.00 08/03/11 $47 $14 

Eloqua Priced ELOQ 08/02/12 $9.50 - $11.50 $11.50 08/24/11 $85 ($8) 

Proofpoint Priced PFPT 04/19/12 $10 - $12 $13.00 12/14/11 $77 ($19) 

Infoblox Priced BLOX 04/19/12 $12 - $14 $16.00 01/06/12 $152 ($8) 

Splunk Priced SPLK 04/18/12 $11 - $13 $17.00 01/12/12 $66 ($4) 

E2open Priced EOPN 07/26/12 $15 - $17 $15.00 02/17/12 $64 ($1) 

ServiceNow Priced NOW 06/29/12 $15 - $17 $18.00 03/30/12 $169 ($22) 

Palo Alto Networks Priced PANW 07/20/12 $38 - $40 $42.00 04/06/12 $220 ($1) 

Blackstratus S-1 Filed BLKS n/a n/a n/a 04/13/12 $9 ($1) 

Avast Software SEC Review AVST n/a n/a n/a 12/21/11 $91 $24 

Reval Holdings SEC Review RVAL n/a n/a n/a 03/30/12 $47 ($19) 

Qualys SEC Review QLYS n/a n/a n/a 06/08/12 $80 $1 

Note: 

In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing 

the offering and issuing shares to the public market. 


Firm Overview 

Shea & Company is a technology focused investment bank that believes focus underpins success, and success is measured 

by the outcomes we achieve with our clients. We provide comprehensive and objective advice to emerging and established 

leaders on strategic and financial matters that impact their ultimate success. 

Advisory Services and Selected Transactions 

Mergers & Acquisitions 

� Buy-side and sell-side M&A advisory 

� Divestitures 

� Restructuring 

Corporate Strategy 

� Capital structure optimization 

� Corporate development advisory 

� Fairness opinions 

Capital Raising 

� Later-stage venture and growth equity 

� IPO advisory 

� Recapitalizations 

Selected Transactions 

Shea & Company has advised on billions of dollars of software M&A 

has been acquired by 

Shea & Company served as financial 

advisor to Involver 


Shea & Company served as the exclusive 

financial advisor to VKernel 



financial advisor to ProfitLogic 



financial advisor to Wavelink 



financial advisor to SPL WorldGroup 



financial advisor to Dimdim 



financial advisor to Worklight 



financial advisor to Tideway Systems 



financial advisor to 170 Systems 



financial advisor to Platform Computing 



financial advisor to Kashya 



financial advisor to Onaro 


32

People ▪ Industry Expertise ▪ Process Excellence 

Boston San Francisco 

Superior Outcomes. 

Shea & Company, LLC provides independent financial advice on mergers, acquisitions, financial restructurings, private capital raising and similar corporate finance matters. Shea & Company is not a retail brokerdealer. 

The firm does not conduct underwriting activities, provide research or analyst reports or solicit or carry accounts for, or offer or sell securities products to retail customers. Shea & Company is regulated by 

the Financial Industry Regulatory Authority, Inc. (”FINRA”) as a FINRA Member Firm. The information and services provided in this presentation are not provided to and may not be used by any person or entity in 

any jurisdiction where the provision or use thereof would be contrary to applicable laws, rules or regulations of any governmental authority or regulatory or self-regulatory organization or where Shea & Company is 

not authorized to provide such information or services.

Shea & Company, LLC

Create successful ePaper yourself

Delete template?

Save as template?