Shea & Company, LLC

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Equity Trading Multiples by Comparable Subset ($ 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 Software-as-a-Service 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 Jive Software 20.99 1,413 Bazaarvoice 18.20 1,277 Cornerstone OnDemand 23.81 1,236 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: 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 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 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 25
Equity Trading Multiples by Comparable Subset 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 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 Cornerstone OnDemand 23.81 1,236 Splunk 28.10 3,317 Jive Software 20.99 1,413 Carbonite 8.94 235 Bazaarvoice 18.20 1,277 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: 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 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 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 26
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 and 22: Equity Trading Multiples by Growth
Page 23 and 24: Equity Trading Multiples by Segment
Page 25: Equity Trading Multiples by Segment
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

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