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 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% - - $11 - 2.7x - - - Copyright © 2012 Shea & Company, LLC 7
Publicly-Available Software M&A Transaction Data continued 2011 – 2012 YTD ($ 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 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 - - - - - Copyright © 2012 Shea & Company, LLC 8
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: 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

Shea & Company, LLC

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