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 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% - - $110 - - - - - Copyright © 2012 Shea & Company, LLC 5
Publicly-Available Software M&A Transaction Data continued 2011 – 2012 YTD ($ 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 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 - - - - - Copyright © 2012 Shea & Company, LLC 6
Page 1 and 2: Quarterly Enterprise Software Marke
Page 3 and 4: Software M&A Activity Overview Summ
Page 5: Publicly-Available Software M&A Tra
Page 9 and 10: 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 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

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