Shea & Company, LLC

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Publicly-Available Software M&A Transaction Data continued 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 Source: Company releases, Wall Street research, Shea & Company Consideration Equity Enterprise EV / Revenue P/E Ratio Date Target Acquirer % Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr 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 - - - $37 8.2x - - - - Copyright © 2012 Shea & Company, LLC 9
Announced Software Acquisitions: 2Q 2012 ($ 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 Source: Company releases, Wall Street research, Shea & Company Copyright © 2012 Shea & Company, LLC 10
Page 1 and 2: Quarterly Enterprise Software Marke
Page 3 and 4: Software M&A Activity Overview Summ
Page 5 and 6: Publicly-Available Software M&A Tra
Page 7 and 8: Publicly-Available Software M&A Tra
Page 9: Publicly-Available Software M&A Tra
Page 13 and 14: Announced Software Acquisitions: 2Q
Page 15 and 16: Most Active Software Acquirers cont
Page 21 and 22: Equity Trading Multiples by Growth
Page 23 and 24: Equity Trading Multiples by Segment
Page 25 and 26: Equity Trading Multiples by Segment
Page 27 and 28: Equity Trading Multiples by Compara
Page 29 and 30: Capital Raise Activity: 2Q 2012 con
Page 31 and 32: IPO Pricing & Performance Data Init
Page 33 and 34: Firm Overview Shea & Company is a t

Shea & Company, LLC

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