Shea & Company, LLC

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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: Enterprise value equals equity value, plus debt, less cash 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 Source: Company releases, Wall Street research, Shea & Company 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 Global Diversified Application Delivery & Network Acceleration Business Intelligence Content Management 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 Copyright © 2012 Shea & Company, LLC 21
Equity Trading Multiples by Segment continued ($ 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 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 Financial Applications Notes: Enterprise value equals equity value, plus debt, less cash 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 Source: Company releases, Wall Street research, Shea & Company 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 Global Diversified Application Delivery & Network Acceleration Business Intelligence Content Management 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 Copyright © 2012 Shea & Company, LLC 22
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 11 and 12: Announced Software Acquisitions: 2Q
Page 13 and 14: Announced Software Acquisitions: 2Q
Page 15 and 16: Most Active Software Acquirers cont
Page 21: Equity Trading Multiples by Growth
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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