annual enterprise software market review - shea-co.com sysload software orsyp systems & network...

Shea & Company, LLC

Annual Enterprise Software Market Review2009

399 Boylston Street Michael H.M. Shea

Floor 11 Managing Director

Boston, Massachusetts 02116 617.896.2255

[email protected]

Chris Pingpank

Principal

617.896.2218

[email protected]

Brad McCarthy

Analyst

617.896.2245

[email protected]

Confidential and proprietary information, unauthorized distribution strictly prohibited

Please contact Brad McCarthy to subscribe / unsubscribe

proprietary & confidential 1

Contents

2009 Software Acquisitions p. 2

2009 Private Financings p. 9

M&A Transaction Data p. 16

Public Company Participants & Consolidation by Segment p. 23

Most Active Public Consolidation Players p. 27

Software Valuation Trends by Growth Tranche p. 32

Equity Trading Multiples by Software Segment p. 33

Equity Trading Multiples by Comparable Subset p. 38

Software IPO Data p. 39

Software IPO Pipeline p. 40


2009 Infrastructure & Application Software Acquisitions

Source: Company releases, Wall Street research, Shea & Company

($ millions)

Announced Target Acquirer Target Segment & Description Price

12/29/09 ClearSight Networks Fluke Networks Systems & Network Management - Network monitoring and analysis tools for real-time application troubleshooting n/a

12/28/09 AMICAS Thoma Bravo Content Management - Healthcare image archiving and communications systems $177

12/24/09 Viveo Group Temenos ERP & Business Applications - France based provider of "core banking" software for the financial services industry $81

12/18/09 S3 Integrity CXO Global Solutions ERP & Business Applications - Web-based customer self-service technology n/a

12/16/09 Lombardi IBM Business Intelligence - Business process management (BPM) software n/a

12/15/09 OneClickHR ADP ERP & Business Applications - UK based provider of human resource management software $24

12/15/09 SoftWise Litéra Content Management - Document creation and management software n/a

12/14/09 CoreStreet ActivIdentity IT Security - PKI certification, distributed identity validation and physical access control software $20

12/14/09 Porthus Descartes Systems ERP & Business Applications - Global supply chain management solutions $44

12/11/09 Opalis Software Microsoft Systems & Network Management - Data center automation and workflow management software n/a

12/10/09 Sentillion Microsoft IT Security - Single sign-on, context management and identity management for the healthcare industry n/a

12/08/09 QuadraMed Francisco Partners ERP & Business Applications - Healthcare information management software $107

12/08/09 Inovis GXS Corporation ERP & Business Applications - B2B EDI platform for exchanging purchase orders and synchronizing product data n/a

12/08/09 Xenos Actuate Business Intelligence - Data management software $27

12/07/09 Tailored Business Systems Constellation Software ERP & Business Applications - Billing, tax, purchasing and invoicing software for local governments n/a

12/06/09 Linkage Technologies AsiaInfo Holdings ERP & Business Applications - China-based provider of operations support systems for the telecom industry $644

12/03/09 Pole Position Software Absolute Software Systems & Network Management - Asset management software $12

12/03/09 PacketTrap Networks Quest Software Systems & Network Management - Network monitoring software for managed service providers n/a

12/03/09 SOALogix SAP ERP & Business Applications - SOA-based integration software for enterprise project management n/a

12/01/09 Intuit Real Estate Solutions Vista Equity Partners ERP & Business Applications - Property management software $128

12/01/09 Amadeus Solutions Xybion IT Security - Governance, risk, compliance and quality management software for the life sciences industry n/a

11/30/09 gomembers CDC Software ERP & Business Applications - ERP software for non-profit and non-governmental organizations n/a

11/30/09 Guardium IBM IT Security - Real-time enterprise database monitoring and protection $225

11/27/09 Time Care AB Allocate Software ERP & Business Applications - Sweden-based provider of workforce management software for the healthcare industry n/a

11/23/09 FaceTime (app database assets) Check Point Software IT Security - Internet application classification and signature database n/a

11/16/09 Sabrix Thomson Reuters ERP & Business Applications - Transaction tax management software applications n/a

11/11/09 3Com HP Network Infrastructure - Networking switching, routing and security solutions $2,700

11/11/09 Prospect9 Blue Frog Solutions ERP & Business Applications - Client management and marketing solutions for the insurance industry n/a

11/10/09 MontaVista Software Cavium Networks Technical & Embedded Applications - Multi-core embedded Linux operating systems, virtualization & development tools $50

11/09/09 OpenLink Financial Carlyle Group ERP & Business Applications - Financial trading, risk management and portfolio management software n/a

11/09/09 SourceGear (Teamprise assets) Microsoft Platforms, Development Tools & Deployment - Microsoft Visual Studio development tools n/a

11/06/09 Activplant CDC Software Business Intelligence - Canada-based provider of manufacturing business intelligence software n/a

11/05/09 i2 Technologies JDA Software ERP & Business Applications - Supply chain management solutions $396

11/03/09 Kadena Systems Arkeia Software Storage Management - Data deduplication software n/a

11/03/09 Finjan M86 Security IT Security - Secure web gateway solutions n/a

10/30/09 Gresham (Storage Director assets) Tributary Systems Storage Management - High-availability, storage virtualization and consolidation solution n/a

10/27/09 KANA Software Accel-KKR ERP & Business Applications - Multi-channel customer service management software $50

10/27/09 ScanSafe Cisco IT Security - SaaS-based web security solution $183

10/26/09 IBM (Dassault PLM division) Dassault Systemes Technical & Embedded Applications - IBM sales and client support operations around Dassault's PLM software $600

10/19/09 BinaryWave (Sonar product) Idera Systems & Network Management - Backup and recovery, security and server management for Microsoft SharePoint n/a

10/19/09 Tideway Systems Limited BMC Software Systems & Network Management - IT discovery and dependency mapping software n/a

10/16/09 Maximizer Software MSI Acquisition Corp. ERP & Business Applications - CRM and mobile CRM solutions $8


2009 Infrastructure & Application Software Acquisitions continued

($ millions)



10/14/09 Paychex (Stromberg assets) Kronos ERP & Business Applications - Time and attendance management software n/a

10/13/09 Purewire Barracuda Networks IT Security - SaaS-based secure web gateway provider n/a

10/13/09 Starent Networks Cisco Network Infrastructure - IP-based mobile network infrastructure solutions for carriers $2,510

10/12/09 Sophoi Oracle ERP & Business Applications - Intellectual property management software for the media and entertainment industries n/a

10/12/09 Valor Computorized Systems Mentor Graphics Technical & Embedded Applications - Software solutions which simulate, optimize, monitor and control PCB production $55

10/09/09 Jaros Technologies Noetix Business Intelligence - Packaged business intelligence analytics solutions for the Oracle e-business suite n/a

10/07/09 Gomez Compuware Systems & Network Management - Web application performance, availability and quality management software $295

10/06/09 Avocent Emerson App. Delivery & Network Acceleration - IT operations management solutions $1,215

10/05/09 Anodyne Health Partners athenahealth Business Intelligence - SaaS BI solutions for healthcare providers $22

10/05/09 eCopy Nuance Communications Content Management - Network scanning software $54

09/30/09 EZFacility.com Constellation Software ERP & Business Applications - SaaS-based scheduling, management and membership software for sports facilities n/a

09/30/09 Peak Performance Solutions Ebix ERP & Business Applications - On-demand insurance processing solutions $10

09/29/09 HyperRoll Oracle ERP & Business Applications - Financial reporting acceleration solutions n/a

09/28/09 Amalto Technologies (MDM asset) Talend Content Management - Master Data Management (MDM) software n/a

09/25/09 Martin Group CHR Solutions ERP & Business Applications - Telecom software solutions n/a

09/24/09 Spear Solutions AB ReadSoft AB Content Management - Image processing and document handling n/a

09/22/09 RedPill Solutions IBM Business Intelligence - Analytics for the financial services, telecom, technology and hospitality industries n/a

09/22/09 Computer Generated Solutions (assets) Microsoft ERP & Business Applications - Microsoft Dynamics AX application focused on professional services industry vertical n/a

09/22/09 Fullscope (assets) Microsoft ERP & Business Applications - Microsoft Dynamics AX application focused on process manufacturing industry vertical n/a

09/22/09 LS Retail EHF (assets) Microsoft ERP & Business Applications - Microsoft Dynamics AX application focused on retail industry vertical n/a

09/22/09 To-Increase Denmark A/S (assets) Microsoft ERP & Business Applications - Microsoft Dynamics AX application focused on retail industry vertical n/a

09/21/09 Interactive Supercomputing Microsoft Systems & Network Management - Parallel computing software n/a

09/16/09 Green River Computing Services Calypso Technology ERP & Business Applications - Treasury management software n/a

09/16/09 MillenniumIT London Stock Exchange Group ERP & Business Applications - Securities trading system with multi-asset class functionality $30

09/16/09 Sysload Software ORSYP Systems & Network Management - Data center performance and capacity management n/a

09/15/09 Omniture Adobe Business Intelligence - Online business optimization software $1,684

09/15/09 IBM (UniData & UniVerse businesses) Rocket Software Content Management - Database management software n/a

09/15/09 Worldwide Compensation Taleo ERP & Business Applications - SaaS-based unified talent management platform $16

09/14/09 NetQoS CA Systems & Network Management - Network performance management software that improves application delivery $200

09/14/09 Mint.com Intuit ERP & Business Applications - SaaS-based personal finance software $170

09/14/09 BeyondTrust Symark International IT Security - Privileged access lifecycle management n/a

09/10/09 Vericept Corporation Trustwave IT Security - Data loss prevention (DLP) and IP protection solutions n/a

09/09/09 Record Enterprises MRO Corporation ERP & Business Applications - Release-of-information solutions n/a

09/08/09 Incipient (data management assets) Texas Memory Systems Storage Management - Tools for virtualization and storage management n/a

09/07/09 170 Systems Kofax ERP & Business Applications - Financial process automation software $33

09/03/09 MediSolution (resource management business) Constellation Software ERP & Business Applications - Financial management, human capital management and BI solutions $27

09/02/09 StepStone ASA Axel Springer AG ERP & Business Applications - Human capital management software $149

09/02/09 Agent Logic Informatica Business Intelligence - Complex event processing software n/a

09/02/09 Smartassembly Red Gate Software Platforms, Development Tools & Deployment - Development tool for software optimization and protection n/a

09/01/09 Kazeon Systems EMC IT Security - eDiscovery solution for legal and IT staff, legal services providers and law firms n/a

08/31/09 Fortent Actimize ERP & Business Applications - Anti-money laundering and financial crime prevention software $74

08/31/09 FastScale Technology EMC Systems & Network Management - Integrated software platforms and solution for data centers n/a



($ millions)



08/31/09 Entrigue Systems Liquidware Labs Systems & Network Management - Virtual desktop management n/a

08/29/09 Business Catalyst Systems Adobe ERP & Business Applications - Web development software n/a

08/26/09 BOSS International Autodesk Technical & Embedded Applications - Water resource analysis for architecture, engineering and construction industries n/a

08/26/09 V-Clouds IJJ Corporation IT Security - Email security software $1

08/25/09 I-NVESTOR Computershare ERP & Business Applications - Investor relations software n/a

08/24/09 DataSynapse TIBCO Systems & Network Management - Enterprise grid and cloud computing $28

08/19/09 RapidMind Intel Platforms, Development Tools & Deployment - Multi-core development platform for parallel applications n/a

08/14/09 Inca Holdings Avisen Business Intelligence - Planning, reporting and forecasting software n/a

08/13/09 AirMagnet Fluke Networks Systems & Network Management - Performance, security and compliance solutions for wireless LANs n/a

08/12/09 Digital Mandate RenewData Content Management - Electronically-stored information discovery management application n/a

08/11/09 Spectrax Epicor Software ERP & Business Applications - Mobile ERP software n/a

08/10/09 IT Practice Asseco Poland SA Systems & Network Management - Provisioning of system integration services and optimization of IT infrastructure $27

08/10/09 MQSoftware BMC Software Systems & Network Management - Middleware management and enterprise application transaction management n/a

08/10/09 Soapstone Networks Extreme Networks Systems & Network Management - Provisioning and service assurance for networks n/a

08/10/09 SpringSource VMware Systems & Network Management - Enterprise and web application development and management $420

08/07/09 Compusource Constellation Software ERP & Business Applications - Application software for the moving & storage, metal center and construction industries n/a

08/07/09 Everest Software Versata Enterprises ERP & Business Applications - Retail and wholesale business management software n/a

08/05/09 Bank of America (PayMode business) Bottomline Technologies ERP & Business Applications - SaaS-based business-to-business payment and invoicing system n/a

08/05/09 Integrated Dealer Systems Constellation Software ERP & Business Applications - Management systems for the RV, marine & automotive industries n/a

08/04/09 Buildwave Technologies iWave Software Systems & Network Management - Software that identifies, monitors and analyzes data in IT Service Management event logs n/a

08/04/09 BorderWare Technologies WatchGuard Technologies IT Security - Email and web secure content, data loss prevention and threat protection n/a

08/03/09 Etap-On-Line Concur Technologies ERP & Business Applications - Business travel and expense management solutions n/a

07/30/09 MX Logic McAfee IT Security - Cloud-based email and web security, email archiving and continuity services $155

07/30/09 Embedded Alley Solutions Mentor Graphics Platforms, Development Tools & Deployment - Android & Linux development systems n/a

07/28/09 HoundDog Technology Ltd. GFI Software ERP & Business Applications - Remote monitoring and management n/a

07/28/09 Ounce Labs IBM Platforms, Development Tools & Deployment - Enterprise source code security testing n/a

07/28/09 Cemaphore Systems Sparxent IT Security - Continuous replication, instant recovery and seamless migration between email systems n/a

07/28/09 MicroEdge Vista Equity Partners ERP & Business Applications - Grants management application $30

07/25/09 SPSS IBM Business Intelligence - Predictive analytics software $1,015

07/23/09 GoldenGate Software Oracle Business Intelligence - Enterprise data integration (EDI) software n/a

07/22/09 Objektum Solutions (HOOD Bridge assets) Artisan Software Tools Platforms, Development Tools & Deployment - Legacy source code migration software n/a

07/22/09 QuickArrow NetSuite ERP & Business Applications - Cloud computing software for professional services companies $20

07/22/09 NTRU Cryptosystems Security Innovation IT Security - Security software for the embedded security market n/a

07/21/09 ChanneLinx Pervasive Software Content Management - Business-to-business web-based data interchange technology $3

07/21/09 Senactive UC4 Software Business Intelligence - Complex event-driven business process modeling n/a

07/20/09 Metadefender OPSWAT IT Security - Antivirus integration for real time scanning n/a

07/20/09 SAF Simulation, Analysis & Forecasting SAP Business Intelligence - Automated ordering and forecasting software for retailers and industrial manufacturers $49

07/17/09 IBRIX HP Storage Management - Software-only parallel file system for network-attached storage n/a

07/17/09 AXENTIX Wolters Kluwer Tax and Accounting IT Security - SaaS-based governance, risk and compliance (GRC) management software n/a

07/16/09 phion AG Barracuda Networks IT Security - Enterprise security solution $12

07/16/09 Liquidlogic Ltd. System C Healthcare ERP & Business Applications - Collaboration software for the social care sector $23

07/14/09 IDS Scheer Software AG Business Intelligence - Business process management (BPM) software $562



($ millions)



07/10/09 Steek SA F-Secure Storage Management - Online storage and data management solution for fixed line and mobile operators $42

07/08/09 Symphoniq Coradiant Systems & Network Management - Web application performance management n/a

07/07/09 MSC.Software Symphony Technology Group Technical & Embedded Applications - Simulation solutions for the design and testing of manufactured products $241

07/01/09 TAG Services Basware ERP & Business Applications - Accounts payable and purchasing automation solutions $2

07/01/09 Valco Data Systems Hyland Software ERP & Business Applications - Document management, document imaging, workflow & health information management n/a

07/01/09 MasterSoft International Pty Ltd Sirius Corporation Ltd Content Management - Data quality solutions n/a

06/25/09 Newmerix (Automate! for PeopleSoft) Beacon Application Services Platforms, Development Tools & Deployment - Application testing, management and control for PeopleSoft enterprise applications n/a

06/23/09 Newmerix (Automate!Change for SAP) iWave Software Systems & Network Management - Change management software n/a

06/17/09 Syfact Actimize IT Security - Enterprise investigative case management n/a

06/17/09 BasePoint Analytics First American CoreLogic IT Security - Predictive analytic fraud and risk management for the mortgage and banking industries n/a

06/17/09 NorthSeas Jatheon Technologies Content Management - Email archiving software n/a

06/17/09 Conformia Oracle ERP & Business Applications - Product and process lifecycle management software for life sciences companies n/a

06/16/09 NETtime Solutions Canal Partners ERP & Business Applications - Time and attendance SaaS n/a

06/15/09 Dexterra Antenna Software Platforms, Development Tools & Deployment - Mobile software development n/a

06/15/09 Cura Risk Management Software SoftPro Systems IT Security - Governance, risk and compliance software $19

06/12/09 SoftBrands Infor Global Solutions ERP & Business Applications - Software solutions for the manufacturing and hospitality industries $80

06/11/09 HourGlass Technologies Ipswitch Systems & Network Management - Network discovery n/a

06/10/09 Theme Technologies (Micro-finance products) Agile FT ERP & Business Applications - Micro-finance, micro-credit and credit management products n/a

06/08/09 Relex Software PTC Technical & Embedded Applications - Product reliability and safety analysis software n/a

06/04/09 Wind River Systems Intel Technical & Embedded Applications - Management and infrastructure software for embedded systems and mobile devices $714

06/02/09 Cassatt CA Systems & Network Management - Data center automation and policy-based optimization n/a

06/02/09 PayCycle Intuit ERP & Business Applications - Online payroll service $170

06/01/09 Data Domain EMC Storage Management - Deduplication storage systems $2,100

06/01/09 Rosetta Biosoftware Microsoft ERP & Business Applications - Genetic, genomic, metabolic and proteomics data management n/a

06/01/09 Unisys (MAXIMIS product) SS&C Technologies ERP & Business Applications - Investment accounting software n/a

05/27/09 First Advantage (Supply Chain Security division) BSI ERP & Business Applications - Supply chain risk mitigation solutions n/a

05/27/09 Forum Systems Crosscheck Networks IT Security - Web service security and gateway policy enforcement n/a

05/27/09 Configuresoft EMC Systems & Network Management - Server configuration, change and compliance management n/a

05/20/09 Techsia Schlumberger ERP & Business Applications - Solutions for the oil and gas exploration and production industry n/a

05/19/09 Canonic (Cadeo product) Catch Limited Platforms, Development Tools & Deployment - Integration solution for managing requirements, tests and traceability n/a

05/19/09 CodeGlide Intalio ERP & Business Applications - Platform for CRM and data integration n/a

05/19/09 ProcessSquare Intalio Business Intelligence - Web-based BPM application n/a

05/18/09 Cittio Nimsoft Systems & Network Management - Network discovery, topology mapping and root cause analysis n/a

05/15/09 Click Commerce (Contract & Service Mgmt) Emptoris ERP & Business Applications - Contract and service management n/a

05/15/09 Solidcore Systems McAfee IT Security - Dynamic whitelisting to protect against vulnerable or malicious applications $47

05/14/09 ColdSpark BakBone Software ERP & Business Applications - Enterprise email infrastructure solutions and platforms $16

05/14/09 Infromance International CDC Software Business Intelligence - Enterprise manufacturing intelligence n/a

05/13/09 Virtual Iron Oracle Systems & Network Management - Virtual server resource and capacity management n/a

05/12/09 NovaStor (offsite backup business) Data Storage Corporation Storage Management - SaaS-based offsite backup service n/a

05/11/09 Clear Standards SAP Technical & Embedded Applications - Solutions that measure, mitigate and monetize greenhouse gas emissions n/a

05/11/09 IntercontinentalExchange (ICE Risk solution) SunGard ERP & Business Applications - ICE Risk commodity trading solution n/a

05/07/09 APEX Analytix PNC Equity Partners IT Security - Audit and accounts payable software n/a



($ millions)



05/06/09 ANGEL Learning Blackboard ERP & Business Applications - e-Learning software $95

05/06/09 Borland Software Micro Focus Platforms, Development Tools & Deployment - Application lifecycle management $105

05/06/09 Compuware (Testing and ASQ Business) Micro Focus Platforms, Development Tools & Deployment - Application testing and automated software quality solutions $80

05/06/09 Highdeal SAP ERP & Business Applications - Real-time billing solutions for telecommunications n/a

05/06/09 Vignette Open Text Content Management - Web content management, portal and collaboration software $162

05/06/09 Xaware Sparxent Content Management - Open source real-time data integration n/a

05/05/09 InBoxer Safecore IT Security - Archiving, compliance and discovery n/a

05/05/09 Visul Numerics Rogue Wave Business Intelligence - Numerical analysis and visualization software n/a

05/04/09 Asempra Technologies BakBone Software IT Security - Real-time data protection and recovery for Windows applications and file system data $2

05/04/09 Exeros IBM Storage Management - Data discovery software n/a

05/04/09 Hyperic SpringSource Systems & Network Management - Open source web application and infrastructure management n/a

05/01/09 GRONEMEYER P&I ERP & Business Applications - Time management software n/a

04/30/09 Convergence Acme Packet Systems & Network Management - Software-based session border controllers $23

04/29/09 I-many LLR Partners ERP & Business Applications - Contract management software $55

04/29/09 Third Brigade Trend Micro IT Security - Security and compliance software n/a

04/27/09 iLENS McLeod Software ERP & Business Applications - Logistics software for freight procurement and load execution n/a

04/23/09 3-Design Tekla Technical & Embedded Applications - Structural engineering software n/a

04/22/09 Exaprotect LogLogic IT Security - Configuration change management, log management and event monitoring and correlation n/a

04/22/09 Waban Software Phase Forward ERP & Business Applications - Platform solutions for automation and compliance of clinical data analysis and reporting $14

04/21/09 Casero Radialpoint Content Management - Online backup and media sharing for ISPs n/a

04/21/09 ME2 Security Explorations Group IT Security - Security software for migrating legacy systems $2

04/21/09 Mi5 Networks Symantec IT Security - Web gateway security n/a

04/21/09 Syrus Global SAI Global IT Security - Compliance and governance SaaS n/a

04/20/09 Securityworks Lumension IT Security - Compliance and risk management n/a

04/20/09 Sun Microsystems Oracle Platforms, Development Tools & Deployment - Diversified enterprise hardware and software vendor, including Java and Solaris products $5,600

04/16/09 AXS-One Unify Content Management - Integrated content archiving software $8

04/16/09 Haute Secure TRUSTe IT Security - Website scanning and anti-malware technology n/a

04/14/09 Marshal8e6 Avinti IT Security - Behavior-based malware detection technology n/a

04/13/09 Entrust Thoma Bravo IT Security - Digital identity and information security for consumers, enterprises and governments $87

04/09/09 Tidal Software Cisco Systems & Network Management - Application management and automation solutions $105

04/08/09 Vizible Corporation Open Text Content Management - Digital media interface solutions n/a

04/07/09 Epitome Savana Partners Business Intelligence - Business process automation n/a

04/07/09 Manchitra Services (workforce management) ClickSoftware ERP & Business Applications - Workforce optimization $3

04/06/09 SumTotal Vista Equity Partners ERP & Business Applications - Talent development solutions $115

04/06/09 SupportSoft Consona Systems & Network Management - Support automation software that detects, diagnoses and resolves technical problems $20

04/03/09 Trio Enterprises Syntellect ERP & Business Applications - Call center software $7

04/03/09 Update4u Software Matrix42 Systems & Network Management - IT service management n/a

04/02/09 Genix Systems SunGard ERP & Business Applications - Customer information systems for small and medium-sized private banks n/a

04/02/09 InterSoftware Accountis Europe ERP & Business Applications - Transaction processing software $4

04/01/09 Common CENTS Solutions Computrition ERP & Business Applications - Room service automation and POS technology n/a

04/01/09 Elan Software Systems SA Siemens ERP & Business Applications - Manufacturing execution systems for pharmaceutical and biotech companies n/a

04/01/09 IdentiPHI Imprivata IT Security - Identity and access management n/a



($ millions)



04/01/09 Metavante Technologies Fidelity National Information Services ERP & Business Applications - Banking and payments technologies $4,408

03/26/09 DealerUps Parayil & Mann Dealer Services ERP & Business Applications - SaaS-based automotive dealer CRM n/a

03/25/09 Esteam Social Solutions ERP & Business Applications - Financial performance management software n/a

03/23/09 Relsys International Oracle ERP & Business Applications - Drug safety and risk management solutions for the health sciences industry n/a

03/20/09 Visiphor Knowledge Computing Technical & Embedded Applications - Facial, scene and image recognition technology n/a

03/19/09 Pilat Media Global SintecMedia ERP & Business Applications - Broadcast industry system for managing airtime sales, traffic, programming and promotions $24

03/18/09 Chronicle Solutions NitroSecurity Systems & Network Management - Application protocol monitoring n/a

03/13/09 T-Systems Austria (i.s.h.med product) Siemens Medical Solutions GSD Technical & Embedded Applications - Clinical information system n/a

03/12/09 iFramework Intelligent Discovery Solutions ERP & Business Applications - Project management tool for litigation support departments n/a

03/12/09 QuickPen International Trimble Technical & Embedded Applications - Building information management software for HVAC, construction and plumbing industries n/a

03/11/09 DealerTrack (SCS business) F&I Administrative Solutions ERP & Business Applications - Web-based automotive aftermarket product administration software n/a

03/11/09 GeM Solutions Inware Technologies IT Security - Content filtering, archiving and reporting for email, web browsing and instant messaging n/a

03/11/09 Scancode Descartes Systems ERP & Business Applications - Advanced logistics software for shipping $7

03/09/09 Coral8 Aleri Business Intelligence - Complex event processing and continual intelligence solutions n/a

03/06/09 Netupdate Mortgagebot ERP & Business Applications - Loan origination software n/a

03/04/09 Interactive Management Systems AFS Technologies ERP & Business Applications - ERP, processing and warehouse management systems for the meat and seafood industry n/a

03/04/09 MDeverywhere Marlin Equity Partners ERP & Business Applications - Physician revenue cycle management, practice management and medical billing solutions n/a

03/04/09 Stonewall Networks Phoenix Interests IT Security - Security policy management and mobile network security n/a

03/03/09 ForHealth Technologies Baxa ERP & Business Applications - Healthcare robotics and software n/a

03/02/09 Good Technology VISTO Technical & Embedded Applications - Enterprise wireless handheld computing software n/a

03/02/09 KPI Online Bitam Business Intelligence - SaaS-based business intelligence and analytical tools n/a

03/02/09 NYTOR Technologies Widearea Systems IT Security - Network security thin clients n/a

03/02/09 Orlando Software Group Bluespring Software Business Intelligence - Process modeling, simulation and analytics n/a

03/02/09 Roxar Emerson Technical & Embedded Applications - Reservoir management and production optimization $391

02/26/09 Digital Fountain Qualcomm Network Infrastructure - Content delivery systems n/a

02/24/09 AlterPoint Versata Systems & Network Management - Network change, compliance and security analysis and optimization n/a

02/24/09 Blueroads Corporation CSG Openline ERP & Business Applications - Enterprise partner opportunity management n/a

02/24/09 Tizor Ststems Netezza IT Security - Enterprise data auditing and protection solutions for the data center n/a

12/28/09 AMICAS Thoma Bravo Content Management - Healthcare image archiving and communications systems $177

02/23/09 Tilcon Software Wind River Systems Technical & Embedded Applications - Graphical user interface software tools for embedded systems $4

02/19/09 Fortefi Novell IT Security - Compliance and privileged user management solutions n/a

02/19/09 High Tower Software netForensics IT Security - Security information and event management appliances n/a

02/19/09 Marco 4 UNICOM Systems Content Management - Document and application management n/a

02/18/09 Coghead SAP Platforms, Development Tools & Deployment - Web application development platform n/a

02/17/09 Krugle Aragon Consulting Group Platforms, Development Tools & Deployment - Code maintenance and analysis technology n/a

02/17/09 Mirage Networks Trustwave IT Security - Full-cycle network access control n/a

02/13/09 Purple Labs Esmertec Technical & Embedded Applications - Mobile software including browser and messaging applications $101

02/13/09 Trust Vault Vshield Software ERP & Business Applications - Real-time data storage and management tool designed to facilitate online financial transactions n/a

02/12/09 Applimation Informatica ERP & Business Applications - Application information lifecycle management n/a

02/10/09 Certicom Research In Motion IT Security - Digital information security technology $76

02/09/09 Attune Networks F5 Networks Systems & Network Management - File virtualization n/a

02/09/09 ProtectPoint StillSecure IT Security - Managed security service provider n/a



($ millions)



02/09/09 WKD Solutions CDC Software ERP & Business Applications - Supply chain event management and business activity monitoring solutions n/a

02/05/09 FreeRange Communications Handmark Technical & Embedded Applications - Mobile publishing platform n/a

02/04/09 Insight Distribution Software HighJump Software ERP & Business Applications - Enterprise software solutions for the food and beverage distribution industries n/a

02/04/09 mValent Oracle Systems & Network Management - Application configuration management n/a

02/03/09 Compassoft Finsbury Solutions IT Security - Governance risk and compliance (GRC) solutions n/a

02/02/09 CipherSoft Unify Platforms, Development Tools & Deployment - Legacy application conversion, consulting and implementation services n/a

02/02/09 Fortsum Business Solutions GFI Solutions ERP & Business Applications - Accounting, commercial and banking data management software $33

02/02/09 ONSITE3 Integreon ERP & Business Applications - Electronic discovery solutions for law firms and corporations n/a

02/02/09 SDC Solutions Amcom Software ERP & Business Applications - Call center software n/a

02/02/09 Virtual Blocks CBTS Systems & Network Management - Virtual server management n/a

01/28/09 Visage Imaging Pro Medicus Technical & Embedded Applications - Digital imaging and advanced 3D visualization technology n/a

01/27/09 Brabeion Software Archer Technologies IT Security - IT governance, risk and compliance management n/a

01/27/09 Defensio Websense IT Security - Spam filtering for social websites n/a

01/27/09 Richards-Zeta Building Intelligence Cisco Technical & Embedded Applications - Middleware technology that integrates building infrastructure and IT applications over IP n/a

01/27/09 Yosemite Technologies Barracuda Networks IT Security - Data backup and disaster recovery solutions n/a

01/26/09 Connect3 Systems DemandTec ERP & Business Applications - Advertising, merchandising and promotions software n/a

01/26/09 Siemens' Professional Speech Processing SVOX Technical & Embedded Applications - Automatic speech recognition and speech dialog solutions n/a

01/24/09 Automaster Oy ADP ERP & Business Applications - Dealer management and importer management systems n/a

01/22/09 Centive Xactly ERP & Business Applications - On-demand sales compensation and sales performance management n/a

01/22/09 Conseros Genesys Telecommunications ERP & Business Applications - Customer service automation n/a

01/22/09 Interwoven Autonomy Content Management - Infrastructure software that automates the retrieval, processing, and management of information $590

01/22/09 SDE Software Development Engineering Genesys Telecommunications ERP & Business Applications - Call center management software n/a

01/20/09 Mazu Networks Riverbed Technology Systems & Network Management - Analysis and reporting that provides real-time view of application usage and performance $47

01/19/09 Simulation Technology and Applied Research AWR Technical & Embedded Applications - Electromagnetic component design n/a

01/15/09 InterNoded Tangoe Systems & Network Management - Mobile device provisioning and management solutions n/a

01/15/09 Outblaze IBM ERP & Business Applications - Web-based email messaging service n/a

01/14/09 Global Software Harris Computer Systems ERP & Business Applications - Solutions for public safety agencies n/a

01/14/09 Intervera Petris Technology ERP & Business Applications - Data quality management n/a

01/13/09 FleetPoint Grey Island Systems International ERP & Business Applications - Fleet management n/a

01/13/09 MonoSphere Quest Storage Management - Storage capacity management software n/a

01/12/09 6th Sense Analytics Rally Software Business Intelligence - On-demand automated metrics collection and analysis solution for development organizations n/a

01/12/09 Aladdin Knowledge Systems Vector Capital IT Security - Identity and access management tools $151

01/12/09 Mindware Engineering ESI Group Technical & Embedded Applications - Engineering simulation software n/a

01/08/09 WebIQ ynSyte Business Intelligence - Internet-based collaborative decision-making technology n/a

01/08/09 XiBuy BizAps ERP & Business Applications - SAP add-on solution for integrating and managing purchasing card transactions n/a

01/07/09 Applied Information Management Aspect ERP & Business Applications - Performance management, coaching, employee review and workflow n/a

01/07/09 Excelergy Nexant ERP & Business Applications - Energy and utility industry software n/a

01/07/09 Q-layers Sun Microsystems Systems & Network Management - Automated deployment and management of public and private clouds n/a

01/05/09 Kiwi Enterprises SolarWinds Systems & Network Management - Network management tools n/a

01/05/09 Orchestria CA IT Security - Data loss prevention technology n/a

01/02/09 SourceLabs EMC Platforms, Development Tools & Deployment - Integration, testing, support and maintenance tools for Linux n/a


2009 Infrastructure & Application Software Private Financings

($ millions)

Source: Dow Jones VentureSource

Close Date Company Amount Participating Investors Description

12/31/09 AcadiaSoft $4 n/a Derivatives and collateral management solutions for institutional investors

12/31/09 SpeedTax n/a Committed Capital SaaS sales tax management solution

12/31/09 FieldOne Systems $1 Gabriel Advisors Enterprise software for the field service industry

12/31/09 Gryphon Networks $7 n/a Customer contact management software

12/31/09 Locanis $1 T-Venture Holding, Target Partners Integrated warehouse automation system

12/31/09 Visible Technologies $22 Ignition Partners, In-Q-Tel, Investor Growth Capital, WPP Group Brand and reputation management services

12/31/09 FSI Holdings n/a Benchmark, Benhamou Global, Bessemer VP, HarbourVest, Israel Seed Partners Web security solutions

12/31/09 Spiceworks $16 Austin Ventures, Institutional Venture Partners, Shasta Ventures Network management software and network monitoring tools

12/31/09 NetWitness Corporation n/a Summit Partners Security monitoring solutions

12/30/09 Tradoria $2 DuMont Venture, Seventure Partners E-commerce software solutions for retailers

12/30/09 Nicira Networks $9 Andreessen Horowitz Platform that provides control of wide area and virtual data center networks

12/30/09 CoreTrace $5 Hunt Ventures, Venrock Managed file transfer and wide area file services

12/30/09 Quantapoint $3 Navigation Capital Partners As-built laser documentation for design, fabrication and construction decisions

12/29/09 C3 $26 n/a Enterprise energy management solutions

12/28/09 Kana Software n/a Accel-KKR Customer services solutions and web self-service

12/24/09 Carbonite $20 CommonAngels, Crosslink Capital, Menlo Ventures Internet-based backup services

12/23/09 Clean Power Finance $7 Claremont Creek Ventures, Clean Pacific Ventures, Sand Hill Angels Integrated software, services and financing solutions for the solar industry

12/23/09 Regent Education $1 Chrysalis Ventures SaaS-based financial aid management technology for colleges and universities

12/23/09 TimeTrade Systems $2 n/a Online self-service appointment scheduling and phone reservation system

12/22/09 MicroMass Communications $2 Jefferson Capital Partners Behavioral-based communication strategies and programs for relationship marketing

12/22/09 Deep-Secure $6 YFM Private Equity Internet security solutions for highly sensitive military, defense and intelligence organization

12/22/09 VirtualLogix $1 n/a Real time virtualization for connected devices for semiconductor companies, manufacturers, OEMs and carriers

12/22/09 Worksoft $3 n/a Lifecycle automation solutions for use with SAP solutions

12/21/09 Compliance11 $6 n/a Broker dealer compliance solutions

12/21/09 Verdiem $5 n/a Power management software for PC networks

12/21/09 Lookout $6 Khosla Ventures, Trilogy Partnership Software that protects mobile phones from viruses, hackers, loss and theft

12/18/09 Greenology Solutions $2 Target Partners Software designed to reduce the power consumption of IT infrastructures

12/18/09 Rally Software Development $16 Boulder Ventures, Greylock Partners, Mohr Davidow Ventures Collaborative development and lifecycle management solutions

12/18/09 Comet Solutions $2 Athenian Venture Partners Tools for the product engineering processes that enable early simulation

12/17/09 StreamLink Software $1 North Coast Angel Fund Governance resources for nonprofit organizations

12/17/09 41st Parameter $4 JAFCO Ventures, Kleiner Perkins Caufield & Byers, Norwest Venture Partners Fraud detection and financial services risk management solutions

12/16/09 Loggly, $1 True Ventures Log aggregation, storage, search, alerting and reporting

12/16/09 Lumigent Technologies $3 North Bridge Venture Partners Database auditing solutions for compliance and security

12/15/09 Intelligize $2 First Round Capital Web based applications that help to draft, edit and review SEC filings

12/14/09 Siriona n/a CM-CIC Capital Prive Internet bookings and sales software for the travel industry

12/14/09 Netformx n/a Susquehanna Growth Equity, Valley Venture Capital Network design and quoting platforms for the networking industry

12/11/09 Silver Spring Networks $105 Foundation Capital, Google Ventures, Kleiner Perkins Caufield & Byers Networking infrastructure for smart grids

12/10/09 Relaxed $2 Redpoint Ventures Open source database solution

12/10/09 Fina Technologies $5 Excel Venture Management LLC, Reed Elsevier Ventures Parallel supercomputing and machine learning software that creates algorithms for data intensive problems

12/08/09 Electron Database $1 Infocomm Development Authority of Singap Storage engines that enable open source databases to deliver enterprise-class scalability

12/08/09 Skybox Security $2 Carmel Ventures Virtual model and staging environment of network security and access profiles

12/03/09 Smaato $5 About Change Ventures, Aeris Capital, Wilson Sonsini Goodrich & Rosati Advertising platform for mobile phones

12/02/09 Edgeware Analytics $1 n/a Analysis tools for the small-business lending industry

12/01/09 DataSync Security $1 n/a Software for small businesses in finance, medicine, media, technology, education and accounting

11/30/09 Raywyse n/a Start Green Desktop management software

11/30/09 Virtual Bridges n/a Austin Ventures Software for managing and deploying Linux and Windows virtual desktops

11/27/09 SimpleGeo $1 First Round Capital Solutions for enabling location in applications

11/26/09 ChipVision Design Systems AG $1 Target Partners Low power optimization solutions for design teams of system on chips

11/25/09 AutoVirt $5 Kepha Partners, Sigma Partners Virtualization and automation products


2009 Infrastructure & Application Software Private Financings continued

($ millions)



11/25/09 GreenSQL $2 Magma Venture Partners Open source firewall used to protect databases from SQL injection attacks

11/24/09 Attentio $0 SRIB Software suite for brand monitoring and analysis

11/23/09 Soasta $10 Canaan Partners, Entrepreneurs' Fund, Formative Ventures, UV Partners Cloud-based testing solutions

11/23/09 Sonoa Systems n/a Norwest Venture Partners Gateway that provides security, compliance, performance and interoperability for cloud-based applications

11/20/09 Appature $4 Ignition Partners, Madrona Venture Group Marketing management software and Web applications

11/20/09 Asana $9 Andreessen Horowitz, Benchmark Capital Tools designed to optimize collaboration between employees in SMBs

11/19/09 Genius.com $7 Accel, Deep Fork Capital, Emergence Capital, Mohr Davidow, Walden International Solutions for sales and marketing professionals

11/19/09 Immunet $2 Altos Ventures, TechOperators Cloud-based antivirus application

11/17/09 Palantir Technologies $35 n/a Platforms for integrating, visualizing and analyzing information

11/17/09 Kabira Technologies $2 n/a Transaction processing software for global enterprises

11/17/09 Joyent n/a Intel Capital On-demand data center infrastructure for developing and managing Web sites and applications

11/16/09 OchreSoft Technologies n/a YFM Private Equity Case management system designed to help law firms handle documents and manage risk

11/16/09 SIV n/a n/a ERP, data mining and CRM solutions for the energy and utilities industry

11/13/09 Datacastle $3 n/a Continuous online backup, advanced encryption, automated key management and proactive data deletion

11/12/09 CambridgeSoft $31 Goldman Sachs Group, Health Evolution Partners Life science enterprise software and services

11/10/09 CloudFlare $2 Venrock Website access security solutions

11/10/09 Teneros $8 Advanced Equities Financial, Goldman Sachs PE, NEA, Star Ventures Continuity appliance for mission critical Microsoft applications

11/09/09 ClearMomentum $1 Trillium Group SaaS-based Financial analytics and reporting

11/09/09 Appistry $4 Stuart Mill Capital Platform for building, deploying and managing applications in cloud environments

11/09/09 Apprenda $5 High Peaks Venture Partners, New Enterprise Associates General purpose platform for SaaS applications

11/06/09 Leostream $2 Meakem Becker Venture Capital Solutions that deliver and manage desktops, remote sessions and hosted applications to end-users

11/06/09 NetSocket $5 n/a IP assurance and policy control solutions

11/06/09 ScaleMP $3 TL Ventures Virtualization for high-end computing

11/03/09 Datanomic n/a DN Capital Data cleaning and auditing software

11/03/09 Neocleus $6 Gemini Israel Funds Enterprise-class virtual software appliance for end points

11/03/09 10gen $3 Flybridge Capital Partners, Union Square Ventures Platform-as-a-service to help developers build dynamic, scalable, mission critical web sites and applications

11/02/09 Enexion GmbH n/a High-Tech Gruenderfonds Management Platform designed to track and forecast energy usage and manage procurement

11/02/09 TD Security $3 n/a Mobility management software for government organizations and companies

11/02/09 M86 Security $19 n/a Web and messaging security products

11/01/09 :a:k:t: Informationssysteme n/a n/a Order management systems for electronic distribution of telecommunications, internet and related services

10/31/09 Provade $3 n/a SaaS procurement solutions

10/30/09 Global Analytics $10 n/a Financial analytics and fraud detection technology

10/30/09 CenterStone Technologies $1 Hillman Company Web-based sales order management software for manufacturers

10/29/09 VisionOSS $1 XAnge Private Equity Unified communications service delivery software

10/29/09 Interactive Advisory Software $1 n/a Wealth management software for middle market wealth managers and financial planners

10/28/09 Neo Technology $2 Conor Venture Partners, Sunstone Capital Open source graph database solutions

10/28/09 RealPage $4 n/a Property management products for apartment buildings

10/27/09 Uplogix $1 n/a Remote management solution

10/23/09 Inmagic $0 Edison Venture Fund Web-based solutions for social knowledge management, library automation and information management needs

10/23/09 Zmanda $2 BlueRun Ventures, Canaan Partners, Helion Venture Partners Open source backup and recovery software

10/22/09 BSKLive $1 Early Stage Partners, Glengary Ventures Integrated employee scheduling and communications solutions

10/22/09 SnapLogic $2 Andreessen Horowitz, Maples Investments SaaS open source data integration solutions

10/21/09 InSync Software $5 Intel Capital, Rustic Canyon Partners Software applications for tracking products and assets on the move

10/21/09 Wallix $1 Hedera Open source security delivering unified filtering, virus scanning, firewall and intrusion detection

10/19/09 Idylis $0 Seventure Partners Accounting, bookkeeping, expenditure tracking, time sheet maintenance and time delegation software

10/16/09 Copanion $10 Commonwealth Capital Ventures, Pilot House Ventures Group Tax preparation automation software

10/15/09 nxtControl GmbH $2 Tecnet Capital Applications designed to improve the control and visualization of industrial processes

10/15/09 iTRACS $5 Empire Capital Partners, Hopewell Ventures, Mercantile Capital Group Infrastructure management software that provides visibility of physical components in a network



($ millions)



10/15/09 Caiman $3 Cap Decisif Management, Fonds Strategique d'Investissement Production management platforms that automate the creation of advertising campaigns, materials and catalogues

10/14/09 Actus-Imago $2 n/a Solutions that integrate videos and television broadcasts seamlessly into an organization's workflow

10/14/09 SeaPass Solutions $17 Apropos IT Ventures, Dolphin Equity, Hyperion Israel Ventures, Inter-Atlantic Connectivity solutions for the insurance industry

10/13/09 REvolution Computing $16 Intel Capital, North Bridge Venture Partners Parallel computing software for computational statistics

10/13/09 Jive Software $12 Sequoia Capital Collaboration software for use with employees, partners and customers

10/12/09 Nangate $3 Seed Capital Management Electronic design automation tools

10/11/09 Navajo Systems n/a Jerusalem Venture Partners Data encryption systems for cloud computing and SaaS applications

10/09/09 Rocket Software $92 Court Square Capital Partners Infrastructure products in the areas of business intelligence, storage, networks, security and databases

10/09/09 DCF Technologies $1 Xenia Venture Capital Software designed to increase speed of data retrieval and improve response time

10/09/09 GroundWork Open Source $5 Canaan Partners, JAFCO Ventures, Mayfield, SAP Ventures Open source based IT management and network monitoring software

10/09/09 Allinea Software $1 Mercia Technology Seed Fund, Midven Tools for multi-core and high performance computing

10/09/09 Compliance Assurance Corp $0 Innovation Works On-demand governance risk and compliance solutions to the insurance industry

10/06/09 Racemi $3 Gray Ghost Ventures Utility computing software for data centers

10/06/09 BPL Global $13 Science Applications International Utilities management software

10/05/09 Causata $5 Accel Partners Multichannel customer interaction platform designed to optimize customer experience and business results

10/05/09 Damballa $8 InterWest Partners, Noro-Moseley Partners, Palomar Ventures, Sigma Partners Botnet detection, protection and mitigation security technologies

10/02/09 Indinero $0 University of California, Berkeley Software to enable small businesses track and manage their finances

10/02/09 CLK Design Automation $1 n/a Software for semiconductor companies implementing high performance chips

10/01/09 SANpulse Technologies $5 Edison Venture Fund Infrastructure software for automated SAN migrations and optimizations

10/01/09 eTelemetry $1 n/a Real-time business information regarding network activity

09/30/09 Probance S.A.S. $1 Canopee Finance Marketing management solutions based on mathematical, statistical and datamining engines

09/30/09 Troux Technologies $10 Austin Ventures, Greylock Partners Strategic IT planning software

09/30/09 TalentSoft S.A. $2 Seventure Partners SaaS-based human resources management software

09/30/09 Inmagic $2 Edison Venture Fund Web-based solutions for social knowledge management, library automation and information management

09/30/09 Breach Security $5 Sid R. Bass Associates Web application security software

09/29/09 ReImage n/a n/a Web-based diagnosis and repair tools for IT professionals

09/23/09 RedSeal Systems $12 JAFCO, Leapfrog Ventures, OVP Venture Partners, Sutter Hill, Venrock Risk management software designed to automate the security management lifecycle

09/22/09 Alert Logic $4 n/a Security solutions that continuously monitor internal network activity

09/21/09 ClicRDV S.A.S. $1 n/a Appointment management software

09/21/09 eCommera Ltd. $9 Frog Capital, West Coast Capital E-commerce SaaS application for retailers

09/18/09 ThreatMETRIX $6 U.S. Venture Partners Real-time fraud detection solutions for online commerce

09/17/09 XIOtech $10 n/a Data storage management solutions

09/17/09 Engine Yard $19 Amazon.com, Bay Partners, Benchmark, Duff Ackerman, NEA, Presidio Infrastructure and operations support for hosting and managing web applications

09/16/09 BonitaSoft SA $3 Auriga Partners, Ventech Open source business process management (BPM) software

09/15/09 NeoSaej $2 Gorham Savings Bank, NeoNet, Stata Venture Partners E-commerce infrastructure software

09/15/09 Workthink $2 n/a Business applications software and technology

09/10/09 aWhere $3 n/a Business intelligence software

09/10/09 OpenPortal Software $4 CDC Entreprises, Ouest Ventures Data and knowledge management solutions for businesses

09/09/09 Proclivity Systems $3 Syncom Management Platform designed to predict consumer shopping and purchasing behavior

09/08/09 eBureau $10 Redpoint Ventures, Split Rock Partners, Tenaya Capital Predictive analytics platform for online marketers

09/04/09 Oversight Systems $5 Granite Ventures, Imlay Investments, Sigma Partners Automated transaction monitoring solutions for Sarbanes-Oxley compliance

09/04/09 ControlScan $2 n/a Internet security solutions for e-commerce merchants

09/02/09 Accept Software $17 Jefferson Partners, StarVest Partners, The Entrepreneurs Fund Enterprise product planning software

08/31/09 Aras $0 n/a Product lifecycle management (PLM) software

08/31/09 Mzinga $10 Acadia Woods Partners, BlueCrest Capital Finance, W Capital Partners Social software solutions for marketing, customer support and feedback gathering

08/31/09 zetVisions $9 Aeris Capital, Hopp Beteiligungsgesellschaft mbH & Co Investment and entity management software solutions for corporate groups

08/31/09 MobileSorcery $1 MySQL Mobile application development software

08/31/09 Packet Design $2 Advanced Technology Ventures, Allegis, Juniper Networks, Masthead, Mayfield Network appliances that provide a path-aware view of network traffic



($ millions)



08/27/09 Hara Software $14 JAFCO Ventures, Kleiner Perkins Caufield & Byers, Nth Power Solutions for corporations to measure their usage and output of energy, water, fuel, carbon and waste

08/26/09 Crimson Hexagon $1 Angel Investor Forum, Beacon Angels, Golden Seeds Software that infers consumer sentiment by scanning and analyzing blogs, forums and surveys

08/26/09 eBuilder $5 Eqvitec Partners, Industrifonden Web-based capital program and project management software

08/26/09 Arxan Technologies $4 n/a Solutions that protect IP from software piracy, tampering and reverse engineering

08/25/09 Approva $14 Columbia Capital, NEA, Novak Biddle VP, Sierra Ventures Continuous controls monitoring software for governance, risk and compliance

08/25/09 TradeBeam $7 Camden Partners, Carlyle, Enterprise Partners VC, Sigma Partners, Sprout Global trade management software that streamlines trading processes

08/25/09 Akorri Networks $5 n/a Storage networking software

08/25/09 Vantos $1 n/a Enterprise investigation management software

08/21/09 Socialware $2 n/a Middleware that allows enterprises to leverage public social applications

08/20/09 Beacon Capital Strategies $0 n/a Trading software for fixed income markets

08/20/09 Coupa Software $8 Battery Ventures, BlueRun Ventures, El Dorado Ventures Corporate procurement platform

08/20/09 VoiceBox Technologies $7 n/a Conversational language and voice search applications

08/20/09 SmartSynch $4 n/a Smart metering solutions for the energy and utility industry

08/18/09 Comability n/a Oracle Subscriber management software for communications service providers

08/17/09 Vamosa $2 Maven Capital Partners Content governance solution to analyze, standardize and monitor content within a policy-based infrastructure

08/17/09 Allegiance $2 Allegis Capital, Nippon Venture Capital Corporation On-demand enterprise feedback management solutions

08/15/09 VAlign Software n/a NYC Seed Solution that measures the usage and costs of shared virtual IT resources across business units

08/14/09 Infopia $1 n/a eCommerce SaaS solutions

08/13/09 KeTech Group $0 Octopus Ventures Mission critical communication software and services for the rail industry

08/13/09 Crescendo Networks $5 Apax, Challenge Fund-Etgar, Evergreen VP, StageOne, Trilogy Equity Partners Application acceleration devices for data centers

08/12/09 Apptio $14 Andreessen Horowitz, Greylock, Madrona Venture Group, Shasta Ventures On-demand solution that provides visibility into the cost, utilization and operations of IT products

08/12/09 Xora $9 BlueStream, Dawntreader Ventures, Rho Ventures, Split Rock Partners Location-based mobile resource management solutions

08/12/09 Mobile Armor $1 n/a Enterprise mobile data security solutions

08/12/09 AppFolio $8 Investment Group of Santa Barbara Web-based property management software

08/12/09 Laru $1 n/a ACH risk and compliance applications for financial institutions

08/11/09 GigaTrust $13 n/a Enterprise rights management software that delivers content protection and authentication services

08/11/09 MontaVista Software $3 U.S. Venture Partners Linux-based operating system development platform

08/10/09 NextPage $1 n/a Document tracking software that manages and controls the risk of documents on the desktop

08/07/09 Protected-Networks $1 High-Tech Gruenderfonds Management Integrated data security management solutions for access rights management

08/05/09 Optiant $1 n/a Supply chain design and optimization software

08/05/09 Cast Iron Systems $3 Invesco Private Capital, Norwest VP, Sequoia Capital, Tenaya Capital Software that enables companies to integrate on-demand applications with on-premise applications

08/05/09 Marathon Technologies $7 Atlas Ventures, Longworth Venture Partners, Sierra Ventures Disaster recovery software for physical and virtual servers

07/31/09 MobileIron $11 Big Basin Partners / Timark, Norwest VP, Sequoia Capital, Storm Ventures Data management platform for smartphones

07/30/09 Neat $8 Ben Franklin Technology Partners, Edison Venture Fund, MentorTech Digital filing systems that scan, read and organize paper receipts, business cards and other documents

07/29/09 Power Assure $3 Draper Fisher Jurvetson Energy management software designed to deliver on-demand efficiency solutions for data centers

07/29/09 Aftama $1 High Country Venture SaaS which consolidates technical documentation into a database and presents it via a secure web portal

07/28/09 Neocoretech $1 CIC Vizille Capital Innovation Workstation virtualization software

07/28/09 Lingotek n/a Canopy Group, Flywheel Ventures, In-Q-Tel Translation and localization software

07/28/09 LogicTree $2 Edison Venture Fund Speech-enabled business automation and call center solutions

07/28/09 Astoria Software n/a Blueprint, Goldman Sachs, Prism VentureWorks, Ticonderoga Capital XML content management solutions for publishing

07/27/09 ReCoTech $1 High-Tech Gruenderfonds Management Office space allocation planning software

07/24/09 Schooner Information Technology $20 CMEA Capital, Menlo Ventures, Redpoint Ventures Business applications for the financial industry and consumer-facing internet businesses

07/24/09 Univa UD $8 River Cities Capital Funds Application and infrastructure enablement software

07/23/09 Kontera Technologies $16 Carmel Ventures, Sequoia Capital, Tenaya Capital In-text advertising solutions for Web publishers and advertisers

07/23/09 TradeHelm $5 Susquehanna Growth Equity End-to-end solution for multi-asset class trading

07/23/09 Mixpanel n/a Y Combinator Website analytics that tracks user engagement

07/23/09 Integrien $7 Clearstone Venture Partners Integrity management software for enterprise systems

07/21/09 Advanced Telemetry n/a 21Ventures, Quercus Trust Energy and resource management system for business and residential applications



($ millions)



07/21/09 Telogis $2 n/a Wireless fleet management and mapping solution

07/20/09 Spigit $2 n/a Social networking tool that connects employees, customers and business partners

07/16/09 Queplix $2 Javelin Venture Partners Application modernization software which migrates applications to cloud computing architectures

07/16/09 eMeter $32 Foundation Capital, Sequoia Capital Energy information management solutions for utility mass market and commercial deployment

07/13/09 Yatta Solutions n/a High-Tech Gruenderfonds Management Software development tool which aligns source code and models / diagrams

07/09/09 Akiba Technologies $7 Foundation Capital, North Bridge Venture Partners Database virtualization solution that enables scalability

07/09/09 Azuro $2 n/a Electronic design automation (EDA) software for the development of low-power semiconductor chips

07/08/09 Calpont $4 n/a Database management system

07/06/09 Acquia $8 North Bridge Venture Partners, Sigma Partners Products, services and technical support for the open source Drupal social publishing system

07/02/09 Telligent Systems $5 n/a Tools to build corporate social networks, manage web site content and publish blogs

07/02/09 Nangate $1 Sunstone Capital Electronic design automation (EDA) tools for integrated circuit technologies

07/01/09 AlienVault n/a Adara Venture Partners, NEOTEC (Government Grant) Open source security information management

06/30/09 Datanomic n/a n/a Enterprise data cleaning and auditing

06/30/09 CloudSwitch $8 Atlas Venture, Commonwealth Capital Ventures, Matrix Partners Appliance that delivers cloud computing seamlessly and securely

06/29/09 ParAccel $22 Bay Partners, Menlo Ventures, Mohr Davidow Ventures, Walden International Data warehouse software appliances

06/28/09 AeroScout $13 Cisco, Greylock, Intel Capital, Menlo Ventures, Pitango VC, Star Ventures RFID asset tracking and location solutions over standard Wi-Fi networks

06/26/09 Terracotta $6 n/a Java infrastructure software to scale applications to many computers without custom code or databases

06/26/09 Blazent $5 n/a Business-oriented perspective of IT assets under management for IT outsourcers

06/25/09 Approva $9 n/a Enterprise controls management software for ERP business processes

06/25/09 ecVision n/a Fung Capital Partners Product lifecycle execution and supply chain execution solutions

06/23/09 FireEye $10 JAFCO Ventures, Juniper Networks, Norwest VP, Sequoia Capital Network access control products

06/23/09 eZ systems n/a BTV-Invest, Hasso Plattner Ventures Open source enterprise content management solutions

06/22/09 Vico Software $4 n/a Software for the building construction industry

06/22/09 Virsto Software $7 August Capital, Canaan Partners Storage solutions for virtualized servers

06/22/09 BlueKiwi Software $6 Dassault Systemes, Sofinnova Partners Enterprise social networking software

06/18/09 Lancope n/a Canaan Partners Behavior-based threat detection, policy enforcement and network intelligence

06/15/09 Lucid Imagination n/a In-Q-Tel Full text search platform based on the Apache Lucene and Apache Solr open source search software

06/15/09 Babelgom $0 Business Angels Connect, E-merge B2B application integration software that connects internal and external applications

06/12/09 Narus $3 Mayfield Real-time traffic intelligence for the protection and management of large IP networks

06/12/09 SS8 Networks $13 CDP, CIT, Kleiner Perkins, ONSET, Protostar, W Capital, Warburg, Woodside Regulatory compliant electronic intercept and surveillance solutions

06/10/09 Antenna Software $9 n/a Wireless software solutions for the mobile enterprise

06/05/09 Bluespec $2 North Bridge Venture Partners Electronic design automation toolsets for hardware design

05/26/09 LogLogic $9 CM-CIC, Credit Agricole, Elaia, Focus, Invesco, SAP, Sequoia, TeleSoft, Worldview Log data management and intelligence appliances for compliance and risk mitigation

05/26/09 X1 Technologies n/a Idealab Desktop search software

05/22/09 FinAnalytica $2 New Europe Venture Equity Portfolio construction and risk measurement software for quantitative analysts and portfolio managers

05/22/09 Appfluent Technology $2 Grosvenor Funds, New Markets Venture Partners, Novak Biddle Venture Partners Enterprise business intelligence and data warehouse management software

05/20/09 Press-Sense $2 Vertex Venture Capital ERP software for the commercial printing industry

05/15/09 Bubble Motion $6 n/a Mobile infrastructure platform for the design, development and deployment of carrier class value-added services

05/15/09 Lombardi Software n/a InterWest Partners Collaboration platform which compiles information from disparate legacy systems and applications

05/14/09 Conject $2 Earlybird, Seventure Partners Online collaboration software for project management

05/12/09 Biometric Security $3 Eden Ventures Voice-based biometric identity verification solutions

05/12/09 InSync Software $5 n/a RFID, GPS and sensor-driven software applications for tracking products and assets

05/12/09 Rhapso $4 I-Source Gestion, OTC Asset Management ERP software for the packaging industry

05/11/09 Timebridge $5 Mayfield, Norwest Venture Partners Scheduling software for large groups or individuals across time zones, systems and companies

05/08/09 Invizeon $6 n/a Secure, interoperable emergency alert and notification technology

05/06/09 SeeWhy Software $5 Delta Partners, LogiSpring, Pentech Ventures Real-time event processing architecture to improve web conversion rates

05/05/09 nGenera $10 Foundation Capital, Oak Investment Partners On-demand collaborative enterprise management solutions

05/04/09 ImageTree n/a In-Q-Tel Timberland management software



($ millions)



05/04/09 Kalido $5 Atlas Venture, Matrix Partners Data management and warehousing solutions for corporate information management and decision support

05/04/09 Mantara $8 Allen & Buckeridge Asset Mgmt, CM Capital, Mohr Davidow Ventures Integrated multi-asset, high-speed trading and analytics for the securities industry

05/01/09 3X Systems $1 Ohio TechAngels Backup solutions for small and mid-sized businesses

05/01/09 ExactTarget $70 Battery Ventures, Montagu Newhall Associates, Scale Venture Partners Email marketing software

04/28/09 Active Endpoints $5 North Bridge Venture Partners Business process management software

04/27/09 Estorian n/a Northwest Venture Associates Dynamic categorization and classification for unstructured data

04/27/09 RingCube Technologies $12 New Enterprise Associates Virtual workspace that enables users to access their desktop from any Windows PC

04/24/09 Synfora $2 ATA Ventures, Foundation Capital, U.S. Venture Partners, Xilinx Algorithmic synthesis tools used to design systems-on-chips and field-programmable gate arrays

04/23/09 Opti-Time $1 OTC Asset Management, Ouest Ventures, Rendex Partners, Seventure Partners ERP software that optimizes and schedules numerous resources with complex constraints in real time

04/22/09 Scalent Systems $16 Hummer Winblad VP Data center virtualization, management and automation

04/21/09 VKernel $7 Hummer Winblad VP, Longworth VP, Polaris VP Capacity and resource consumption management for virtualization software

04/20/09 REvolution Computing $2 Intel Capital Parallel computing software for computational statistics

04/15/09 SpringSource $12 n/a Enterprise Java application lifecycle management

04/14/09 Kadrige $4 CM-CIC Capital Prive, H2i Technologies, Matignon Investissement & Gestion Software solutions for the pharmaceutical industry

04/13/09 StoredIQ $8 S3 Ventures, Techxas Ventures Automated data classification and management for e-discovery, e-risk mitigation and e-records management

04/13/09 Demandware $15 General Catalyst Partners, North Bridge Venture Partners On-demand e-commerce platform

04/10/09 Ravenflow $6 Alloy Ventures, Palomar Ventures, Roda Group Business requirements definition software

04/09/09 BlueStripe Software $8 Trinity Ventures, Valhalla Partners Application service management software

04/08/09 Kazeon Systems $10 Clearstone VP, Focus, JK&B Capital, Menlo Ventures, Redpoint eDiscovery for litigation, information security, regulatory compliance and storage consolidation

04/08/09 SandCherry Networks $2 n/a Contact center agent productivity tool and voice application development and testing tools

04/08/09 Lavante $5 ATA Ventures, Venrock On-demand profit recovery and vendor information management software

03/31/09 HighRoads $2 ABS Ventures, Adams Harkness, Egan-Managed Capital, Kodiak VP Benefits lifecycle management solutions

03/31/09 Socialtext $5 Draper Fisher Jurvetson, Omidyar Network Enterprise social software for collaboration

03/31/09 SpaceClaim $7 Borealis Ventures, Kodiak VP, Needham Capital, North Bridge VP 3-D design software for mechanical designers and engineers

03/30/09 Seven Networks n/a M/C Venture Partners Software that enables wireless operators to offer secure real-time wireless data services to subscribers

03/26/09 Xcast Labs n/a n/a Hosted IP-based digital voice and video applications for service providers

03/24/09 FirstBest Systems $6 Brookstone Partners, Flybridge Capital, NextStage Capital Web-based underwriting management systems for commercial insurance carriers

03/18/09 ColdLight Solutions n/a Ben Franklin Technology Partners Collaborative, next-generation business intelligence solutions

03/18/09 Nimbus Partners n/a Chevron Technology Ventures Process mapping and performance management

03/18/09 Xbio Systems $0 Ben Franklin Technology Partners Workflow automation and content management for the life sciences sector

03/17/09 Apture $4 Clearstone Venture Partners Publishing and content compilation technology

03/17/09 VeriSIM $1 Alliance Trust Equity Partners Simulation solutions to the financial services sector

03/16/09 AnySource Media $3 Murex Investments, NextStage Capital Navigation technology for the consumer electronics industry

03/12/09 RedVision Systems $7 Edison Venture Fund Real property research solutions for lenders, title agents, title insurers and attorneys

03/11/09 SimuForm n/a EnjoyVenture, High-Tech Gründerfonds, LBBW Venture Capital Simulation software for sheet metal forming processes

03/11/09 Blade Games World $4 California Technology Ventures Integrated solutions for game development systems

03/10/09 Cornerstone OnDemand $9 Bay Partners, Bessemer VP, Meritech Capital Partners Talent management platform for performance, compliance and compensation management

03/10/09 Veracode $5 .406 Ventures, Atlas Venture, Macrovision, Polaris VP, Symantec Code and web analysis to assess application security threats including vulnerabilities and malicious code

03/09/09 Transera Communications $17 Accel Partners, Apax Partners, Lighthouse Capital, Storm Ventures On-demand virtual call center software

03/06/09 Agnitio $7 Elaia Partners, Nauta Capital, Neotech Capital Voice biometrics for law enforcement and intelligence organizations

03/05/09 Comability $4 Stata Venture Partners, Vertex Venture Capital Subscriber and service operations platforms

03/05/09 Vidyo $15 Menlo Ventures, Rho Ventures, Sevin Rosen Funds, Star Ventures Online video conferencing applications

03/02/09 OmPrompt $2 Shackleton Ventures B2B messaging that enables connections between applications, data formats, protocols and devices

03/02/09 Zenprise $10 Bay Partners, Ignition Partners, Mayfield, Shasta Ventures Service management software providing real-time, automated diagnosis & resolution for Exchange and BES

03/02/09 INL $2 Cap Decisif Management, CM-CIC Capital Privé Security solutions pertaining to firewall authentication

02/27/09 CallMiner $5 Inflexion Partners, Intersouth Partners, Sigma Partners Speech analytics solutions which provide customer intelligence from recorded conversations

02/26/09 BridgeCo $6 Advent VP, Balderton, Cipio, Earlybird, Fidelity Ventures, Intel Capital Processor and middleware platforms that connect consumer electronics to computers over home networks

02/26/09 Hyper9 $8 Maples Investments, Matrix Partners, Silverton Partners, Venrock Search-based software for managing virtual environments



($ millions)



02/25/09 Appirio $10 GGV Capital, Sequoia Capital Products and services that help enterprises accelerate their adoption of on-demand applications

02/25/09 Aveksa $10 Charles River Ventures, FirstMark Capital, FTV Capital Enterprise access governance, risk management and compliance solutions

02/24/09 Rivulet Communications $12 ATA Ventures, Menlo Ventures, Performance Equity, Scorpion Capital Real-time delivery of critical packets over IP networks

02/23/09 Oslo Software $1 Finarea Trading, risk management and logistics optimization

02/19/09 Onset Technology $3 Cedar Fund, Challenge Fund-Etgar, Jerusalem Global Ventures Emergency communications and secure access to virtually any data on a network using wireless devices

02/19/09 Social Solutions $7 Frontier Capital, IDEA Fund Partners, WWC Capital Group Performance management solutions for nonprofit organizations

02/18/09 Formatta $3 Edison Venture Fund, Silicon Valley Bank Provider of e-forms data capture and integration software

02/18/09 Soonr $3 Cisco, Clearstone VP, Intel Capital, Sand Hill Capital Solutions designed to make computer files available through a mobile phone or internet connected device

02/17/09 Copan Systems $19 Austin Ventures, Credit Suisse, FirstMark, Globespan, Westbury High-density storage solutions for near-line storage and secondary storage applications

02/17/09 Bizanga $8 Credit Agricole Private Equity, Galileo Partners Message processing and e-mail security platform

02/17/09 aPriori Technologies $11 n/a Cost management software for the discrete manufacturing industry

02/16/09 mcTEL $2 OTC Asset Management Multimedia messaging solutions for network operators

02/12/09 Anakam n/a Huntington Capital Internet data security services

02/11/09 AlertEnterprise $8 Opus Capital Access controls and security technology

02/10/09 7 Billion People $3 SmithCo Investments Software for e-retailers to personalize consumers’ online shopping experiences

02/10/09 Ubigrate n/a High-Tech Gruenderfonds Management Device integration software for RFID readers, industrial scales, GPS receivers, smart meters and cameras

02/10/09 Pontis $20 Accel Partners, Evergreen VP, Norwest VP, Sequoia Capital Real time fulfillment and execution for personalized and contextual marketing offers

02/10/09 Clearpace Software $4 Doughty Hanson Technology Ventures, Dow Chemical Database archiving solutions for the long-term retention of structured data within enterprises

02/10/09 Conformiq Software $4 Finnish Industry Investment, Nexit Ventures Automated software testing technology and services

02/09/09 Capee Group $1 Chalmers Innovation, Innovationsbron Interactive analysis software for the process industry

02/09/09 CamriVox n/a n/a Computer telephony integration software for CRM applications

02/09/09 StillSecure $30 3i Group, Meritage Funds, Mobius Venture Capital Network security solutions that protect IT business infrastructure

02/09/09 Sofatronic n/a Neuhaus Partners Software for interactive Blu-ray and TV application development

02/06/09 Aptana $5 n/a Tools designed to make Ajax applications easier to develop and simpler to manage

02/04/09 South49 Solutions $1 Center for Innovative Technology, Originate Ventures Solutions for managing distributed workforces

02/04/09 Codice Software n/a Bullnet Capital Developer of software configuration management solutions

02/03/09 StarWind Software n/a ABRT Venture Fund iSCSI SAN storage software

02/03/09 TextDigger $1 CBS Interactive, Intel Capital, True Ventures Artificial intelligence software focusing on advanced information retrieval services for the Web

02/02/09 Space-Time Insight n/a Opus Capital Real-time operating status monitoring for electrical utilities and infrastructure companies

02/02/09 Milabra $1 n/a Image and video recognition

02/01/09 IronKey $23 n/a Secure USB flash storage and authentication products

01/31/09 Pixel8 Networks $0 n/a Online video distribution

01/31/09 StrikeIron $6 Ascent Venture Partners, Aurora Funds, IDEA Fund Partners On-demand web-based infrastructure for delivering business data to any internet-connected system

01/29/09 VFA $0 Edison Venture Fund End-to-end solutions for facilities capital planning and asset management

01/28/09 Conformity $3 Guggenheim Partners Cross-application support of user provisioning and profile, password and credential management

01/27/09 Workstreamer n/a Austin Ventures Collaboration software aimed at helping unlock the hidden value in transactions and interactions

01/26/09 Digitalsmiths n/a Cisco Systems Digital video asset management technology

01/26/09 Talend $12 AGF Private Equity, Balderton Capital Open source data integration software

01/22/09 CloudSwitch $7 Atlas Venture, Matrix Partners Enterprises cloud computing management

01/22/09 Axel Technologies $3 Finnish Industry Investment, Nexit Ventures Mobile TV technologies

01/21/09 Verbio Technologies n/a Innova31 Speech recognition software

01/16/09 DARTdevices $3 n/a Software that facilitates interoperability between digital devices, PCs, mobile phones and internet servers

01/15/09 InsideView $7 Emergence Capital Partners, Rembrandt Venture Partners On-demand sales intelligence services

01/15/09 Open Kernel Labs $8 Chrysalis Ventures, Citrix Systems, Neo Technology Ventures Embedded virtualization software for mobile phones and broadband internet devices

01/09/09 HomeSphere n/a Greenhill SAVP Construction management and rebate program management software

01/08/09 Excentive $1 Access2Net, BNP Paribas Private Capital, IDF Capital Tools for incentive compensation management

01/05/09 GeoData Technologies $0 n/a 3D collaborative software for real estate professionals

01/02/09 HyPerformix $4 M/C Venture Partners, Morgan Stanley Venture Partners Performance and capacity planning solutions for enterprise IT environments


Publicly-Available Software M&A Transaction Data

2008 – 2009 ($ 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


Consideration Equity Enterprise EV / Revenue P/E Ratio

Date Target Acquirer % Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr

12/28/09 AMICAS Thoma Bravo 100.0% 0.0% $217 $177 2.4x 2.0x 1.5x nm 19.0x

12/24/09 Viveo Group Temenos 100.0% 0.0% - $81 1.2x - - - -

12/15/09 OneClickHR ADP 100.0% 0.0% $27 $24 2.3x - - - -

12/14/09 CoreStreet ActivIdentity - - - $20 - - - - -

12/14/09 Porthus Descartes Systems 100.0% 0.0% $44 $44 1.3x - - - -

12/08/09 QuadraMed Francisco Partners 100.0% 0.0% $126 $107 0.7x - - - -

12/08/09 Xenos Actuate 100.0% 0.0% $36 $27 1.7x - - - -

12/06/09 Linkage Technologies AsiaInfo Holdings 9.3% 90.7% - $644 - - - - -

12/03/09 Pole Position Software Absolute Software - - - $12 - - - - -

12/01/09 Intuit Real Estate Solutions Vista Equity Partners 100.0% 0.0% $128 $128 1.7x - 1.6x - 16.0x

11/30/09 Guardium IBM - - - $225 - - - - -

11/11/09 3Com HP 100.0% 0.0% $3,292 $2,700 2.2x 2.2x 2.0x 21.2x 20.2x

11/10/09 MontaVista Software Cavium Networks 32.0% 68.0% - $50 - - - - -

11/05/09 i2 Technologies JDA Software 100.0% 0.0% $556 $396 1.7x 1.8x 1.8x 26.9x 38.9x

10/27/09 KANA Software Accel-KKR 100.0% 0.0% $49 $50 1.0x - - - -

10/27/09 ScanSafe Cisco 100.0% 0.0% - $183 - - - - -

10/26/09 IBM (Dassault PLM division) Dassault Systemes 100.0% 0.0% - $600 - - - - -

10/16/09 Maximizer Software MSI Acquisition Corp. 100.0% 0.0% $8 $8 0.6x - - - -

10/13/09 Starent Networks Cisco 100.0% 0.0% $2,900 $2,510 8.1x 7.7x 6.0x 42.3x 35.7x

10/12/09 Valor Computorized Systems Mentor Graphics - - $82 $55 1.5x - - - -

10/07/09 Gomez Compuware 100.0% 0.0% - $295 - - - - -

10/06/09 Avocent Emerson 100.0% 0.0% $1,200 $1,215 3.0x 3.4x 3.2x nm 61.1x

10/05/09 Anodyne Health Partners athenahealth 100.0% 0.0% - $22 - - - - -

10/05/09 eCopy Nuance Communications 0.0% 100.0% - $54 - - - - -

09/30/09 Peak Performance Solutions Ebix 100.0% 0.0% - $10 - - - - -

09/16/09 MillenniumIT London Stock Exchange Group 73.0% 27.0% - $30 1.1x - - - -

09/15/09 Omniture Adobe 100.0% 0.0% $1,800 $1,684 4.8x 4.8x 4.3x 42.6x 34.7x

09/15/09 Worldwide Compensation Taleo 100.0% 0.0% - $16 - - - - -

09/14/09 NetQoS CA 100.0% 0.0% $200 $200 3.6x - - - -

09/14/09 Mint.com Intuit 100.0% 0.0% - $170 - - - - -

09/07/09 170 Systems Kofax 100.0% 0.0% $43 $33 1.2x - - - -

09/03/09 MediSolution (resource management business) Constellation Software 100.0% 0.0% - $27 - - - - -

09/02/09 StepStone ASA Axel Springer AG 100.0% 0.0% $183 $149 0.8x - - - -

08/31/09 Fortent Actimize 100.0% 0.0% - $74 - - - - -


Publicly-Available Software M&A Transaction Data continued

2008 – 2009 ($ millions)

Note:






08/26/09 V-Clouds IJJ Corporation 0.0% 100.0% - $1 - - - - -

08/24/09 DataSynapse TIBCO 100.0% 0.0% $16 $28 1.1x - - - -

08/10/09 IT Practice Asseco Poland SA 100.0% 0.0% $27 $27 1.1x - - - -

08/10/09 SpringSource VMware 100.0% 0.0% $362 $420 - - - - -

07/30/09 MX Logic McAfee 100.0% 0.0% - $155 - - - - -

07/28/09 MicroEdge Vista Equity Partners 100.0% 0.0% - $30 - - - - -

07/25/09 SPSS IBM 100.0% 0.0% $1,200 $1,015 3.4x 3.5x 3.5x 27.2x 25.6x

07/22/09 QuickArrow NetSuite 100.0% 0.0% - $20 - - - - -

07/21/09 ChanneLinx Pervasive Software 100.0% 0.0% - $3 1.3x - - - -

07/20/09 SAF Simulation, Analysis & Forecasting SAP 100.0% 0.0% $91 $49 2.3x 2.7x 2.5x 31.8x 21.2x

07/16/09 phion AG Barracuda Networks 100.0% 0.0% $18 $12 0.7x - - - -

07/16/09 Liquidlogic Ltd. System C Healthcare - - - $23 - - - - -

07/14/09 IDS Scheer Software AG 100.0% 0.0% $681 $562 1.1x 1.1x 1.0x 24.4x 19.5x

07/10/09 Steek SA F-Secure 100.0% 0.0% $42 $42 12.0x - - - -

07/07/09 MSC.Software Symphony Technology Group 100.0% 0.0% $390 $241 1.0x 1.1x 1.0x 97.5x 52.8x

07/01/09 TAG Services Basware 100.0% 0.0% - $2 1.0x - - - -

07/01/09 MasterSoft International Pty Ltd Sirius Corporation Ltd 0.0% 100.0% - - - - - - -

06/15/09 Cura Risk Management Software SoftPro Systems 100.0% 0.0% - $19 - - - - -

06/12/09 SoftBrands Infor Global Solutions 100.0% 0.0% $80 $80 0.8x - - - -

06/04/09 Wind River Systems Intel 100.0% 0.0% $884 $714 2.0x 2.0x 1.9x 51.7x 46.5x

06/02/09 PayCycle Intuit 100.0% 0.0% - $170 - - - - -

06/01/09 Data Domain EMC 100.0% 0.0% $2,378 $2,100 7.0x 5.7x 4.5x nm 66.0x

05/15/09 Solidcore Systems McAfee 100.0% 0.0% - $47 - - - - -

05/14/09 ColdSpark BakBone Software 51.0% 49.0% - $16 - - - - -

05/06/09 ANGEL Learning Blackboard 84.2% 15.8% - $95 - - - - -

05/06/09 Borland Software Micro Focus 100.0% 0.0% $113 $105 0.7x 0.6x 0.5x nm nm

05/06/09 Compuware (Testing and ASQ Business) Micro Focus 100.0% 0.0% $80 $80 1.1x - - - -

05/06/09 Vignette Open Text 63.0% 37.0% $310 $162 1.0x 1.1x 1.1x 38.8x 33.2x

05/04/09 Asempra Technologies BakBone Software 16.8% 83.2% - $2 - - - - -

04/30/09 Convergence Acme Packet 2.6% 97.4% - $23 - - - - -

04/29/09 I-many LLR Partners 100.0% 0.0% $34 $55 1.5x - - - -

04/22/09 Waban Software Phase Forward 100.0% 0.0% - $14 3.5x - - - -

04/21/09 ME2 Security Explorations Group - - - $2 - - - - -

04/20/09 Sun Microsystems Oracle 100.0% 0.0% $7,400 $5,600 0.4x 0.5x 0.6x nm nm



2008 – 2009 ($ millions)

Note:






04/16/09 AXS-One Unify 0.0% 100.0% - $8 0.6x - - - -

04/13/09 Entrust Thoma Bravo 100.0% 0.0% $114 $87 0.9x 0.9x 0.8x 16.3x 13.0x

04/09/09 Tidal Software Cisco 100.0% 0.0% - $105 - - - - -

04/07/09 Manchitra Services (workforce management) ClickSoftware 100.0% 0.0% - $3 - - - - -

04/06/09 SumTotal Vista Equity Partners 100.0% 0.0% $160 $115 1.0x 1.2x 1.1x nm 60.6x

04/06/09 SupportSoft Consona 100.0% 0.0% - $20 - - - - -

04/03/09 Trio Enterprises Syntellect - - - $7 0.5x - - - -

04/02/09 InterSoftware Accountis Europe 100.0% 0.0% - $4 2.5x - - - -

04/01/09 Metavante Technologies Fidelity National Information Services 0.0% 100.0% $2,950 $4,408 2.6x 2.5x 2.4x 17.4x 15.8x

03/19/09 Pilat Media Global SintecMedia 100.0% 0.0% $24 $24 - - - - -

03/11/09 Scancode Descartes Systems 100.0% 0.0% - $7 - - - - -

03/02/09 Roxar Emerson 100.0% 0.0% $179 $391 2.0x - - - -

12/28/09 AMICAS Thoma Bravo 100.0% 0.0% $217 $177 2.4x 2.0x 1.5x nm 19.0x

02/23/09 Tilcon Software Wind River Systems 100.0% 0.0% - $4 - - - - -

02/13/09 Purple Labs Esmertec 0.0% 100.0% - $101 - - - - -

02/10/09 Certicom Research In Motion 100.0% 0.0% $107 $76 3.6x - - - -

02/02/09 Fortsum Business Solutions GFI Solutions 100.0% 0.0% $43 $33 1.3x - - - -

01/22/09 Interwoven Autonomy 100.0% 0.0% $775 $590 2.3x 2.0x - 19.4x -

01/20/09 Mazu Networks Riverbed Technology 100.0% 0.0% - $47 2.9x - - - -

01/12/09 Aladdin Knowledge Systems Vector Capital 100.0% 0.0% $160 $151 1.2x 0.9x 0.9x 12.9x 10.7x

12/31/08 Premise Eclipsys 100.0% 0.0% - $39 - - - - -

12/17/08 ALGOR Autodesk - - - $34 - - - - -

12/08/08 Relativity Technologies Micro Focus 100.0% 0.0% - $10 - - - - -

11/10/08 ConfirmNet Ebix 100.0% 0.0% - $11 - - - - -

10/23/08 Softimage Autodesk - - - $35 - - - - -

10/21/08 Intraware Acresso Software 100.0% 0.0% - $27 - - - - -

10/08/08 MessageLabs Symantec 100.0% 0.0% - $695 4.8x - - - -

10/06/08 OptiInvoice Digital Technology AB Kofax 100.0% 0.0% - $4 - - - - -

10/01/08 LeftHand Networks HP 100.0% 0.0% - $360 - - - - -

09/29/08 Authoria Bedford Funding 100.0% 0.0% - $63 - - - - -

09/22/08 Secure Computing McAfee 100.0% 0.0% $497 $465 1.7x 1.7x 1.6x 27.4x 18.7x

09/12/08 NetPro Computing Quest Software 100.0% 0.0% - $79 - - - - -

09/04/08 Captaris Open Text 100.0% 0.0% $131 $109 1.0x 0.8x 0.7x 19.6x 12.1x

09/04/08 Qumranet Red Hat 100.0% 0.0% - $107 - - - - -



2008 – 2009 ($ millions)

Note:






08/28/08 MIZI Research Wind River Systems 100.0% 0.0% - $16 - - - - -

08/27/08 PostPath Cisco - - - $215 - - - - -

08/26/08 InfoBasis Salary.com 100.0% 0.0% - $5 - - 2.8x - -

08/25/08 Control Point Solutions HCL Technologies - - - $21 - - - - -

08/23/08 Perfectview Belgie GlobalTech 100.0% 0.0% - $1 - - - - -

08/18/08 PC Tools Symantec 100.0% 0.0% - $262 - - - - -

08/14/08 Zi Nuance Communications 100.0% 0.0% $40 $38 3.0x - - - -

08/07/08 TelaPoint Wright Express 100.0% 0.0% - $40 - 5.0x - - -

08/06/08 Parascript Authentidate - - $50 $50 2.2x - - - -

08/05/08 nSuite Technologies Symantec 100.0% 0.0% - $20 - - - - -

08/04/08 InStranet Salesforce.com - - $32 $27 - - - - -

08/01/08 GL Trade SunGard - - - $585 - - - - -

07/31/08 Reconnex McAfee 100.0% 0.0% - $46 - - - - -

07/31/08 Trovix Monster 100.0% 0.0% - $73 - - - - -

07/29/08 Ribbit British Telecom - - - $105 - - - - -

07/28/08 ILOG IBM 100.0% 0.0% $340 $266 1.5x - - - -

07/28/08 Utimaco Safeware Sophos 75.0% 25.0% $342 $283 3.1x - - - -

07/24/08 Discovery Mining Interwoven 100.0% 0.0% - $36 - - - - -

07/23/08 SSP Hellman & Friedman - - - $396 - - - - -

07/21/08 Foundry Networks Brocade 100.0% 0.0% $2,600 $1,593 2.5x 2.5x 2.2x 25.5x 22.0x

07/11/08 Liant Software Micro Focus 100.0% 0.0% - $5 - - - - -

07/11/08 nCipher Thales Group - - - $100 1.8x - - - -

07/03/08 Financial Objects Temenos 100.0% 0.0% $54 $44 1.1x 1.0x 0.9x 7.8x 7.0x

06/30/08 Mindreef Progress - - - $6 - - - - -

06/25/08 IONA Technologies Progress 100.0% 0.0% $162 $106 1.4x 1.3x 1.1x 50.6x 21.0x

06/19/08 Insightful Corporation TIBCO 100.0% 0.0% $36 $25 1.2x - - - -

06/17/08 Motive Alcatel-Lucent 100.0% 0.0% $68 $51 0.7x 0.7x 0.6x nm nm

06/11/08 Validate Technology SQS 25.0% 75.0% - $25 3.6x 2.1x - - -

06/10/08 Attenex FTI Consulting 100.0% 0.0% - $88 3.5x - - - -

06/09/08 HireRight US Investigations Services 100.0% 0.0% $195 $146 2.0x - - - -

06/08/08 Gemcom Software Ltd. JMI Equity & Carlyle Group 100.0% 0.0% $187 $187 3.5x 3.1x - 23.3x -

06/06/08 SwapDrive Symantec 100.0% 0.0% - $123 5.6x 3.1x - - -

06/06/08 Tumbleweed Communications Axway Software 100.0% 0.0% - $138 2.4x - - - -



2008 – 2009 ($ millions)

Note:






06/02/08 OpenAir NetSuite 100.0% 0.0% - $26 - - - - -

05/29/08 Kintera Blackbaud 100.0% 0.0% $46 $44 1.0x - - - -

05/06/08 Vurv Technology Taleo 28.3% 71.7% $129 $138 - - - - -

05/01/08 Moldflow Autodesk - - $297 $206 3.4x - - - -

05/01/08 NetManage Micro Focus 100.0% 0.0% $73 $48 1.3x - - - -

04/21/08 Packeteer Blue Coat Systems 100.0% 0.0% $268 $190 1.3x 1.1x 1.0x 35.5x 17.8x

04/17/08 Identity Systems Informatica 100.0% 0.0% - $85 - - - - -

04/11/08 TriZetto Group Apax Partners 100.0% 0.0% $1,400 $1,400 3.1x 2.9x 2.6x 29.4x 23.2x

04/09/08 AppStream Symantec 100.0% 0.0% - $52 - - - - -

04/08/08 eScription Nuance Communications 93.7% 6.3% $363 $400 - - - - -

04/08/08 Iomega EMC 100.0% 0.0% $213 $148 0.4x 0.4x 0.3x 19.0x 10.7x

03/31/08 Ansoft ANSYS 50.0% 50.0% $832 $768 7.8x 7.0x - 28.4x -

03/20/08 Synplicity Synopsys 100.0% 0.0% $227 $188 2.6x 2.3x 2.2x 20.8x 16.9x

03/17/08 BladeLogic BMC Software 100.0% 0.0% $880 $800 11.2x 8.9x 6.4x nm nm

03/12/08 Kidaro Microsoft - - - $95 - - - - -

03/04/08 LeanLogistics Brambles 100.0% 0.0% - $45 - - - - -

03/03/08 Optio Software Bottomline Technologies - - $45 $35 1.3x - - - -

02/25/08 Enterprise Performance Systems Eclipsys 100.0% 0.0% - $53 - - - - -

02/25/08 PlateSpin Novell 100.0% 0.0% - $205 - - - - -

02/20/08 CapitalStream HCL Technologies 100.0% 0.0% - $40 - - - - -

02/19/08 Eatec Agilysys 100.0% 0.0% - $23 2.9x - - - -

02/12/08 MessageOne Dell 100.0% 0.0% - $155 - - - - -

02/11/08 Idiom Technologies SDL plc - - $22 $27 2.7x - - - -

01/31/08 CODA Unit 4 Agresso 100.0% 0.0% $314 $289 2.6x - - - -

01/28/08 Trolltech Nokia 100.0% 0.0% $155 $133 3.2x 2.5x 1.8x 9.4x 0.8x

01/24/08 e-Dialog GSI Commerce 94.1% 5.9% $157 $157 4.6x - - - -

01/16/08 BEA Systems Oracle 100.0% 0.0% $8,500 $7,200 4.7x 4.3x 4.0x 27.0x 24.6x

01/16/08 MySQL Sun Microsystems - - - $1,000 - - - - -

01/14/08 NTI Group Blackbaud - - - $191 6.4x - - - -

01/09/08 AirWave Wireless Aruba Networks - - - $37 - - - - -

01/08/08 Fast Search & Transfer Microsoft 100.0% 0.0% $1,289 $1,200 7.4x 6.9x 6.0x nm nm

01/02/08 Transparent Logic Symantec 100.0% 0.0% - $12 - - - - -

01/02/08 XIV IBM - - - $325 - - - - -


Publicly-Available Software M&A Transaction Data – Summary

2008 – 2009 ($ millions)

Note:





% Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr

Mean - all deals 90.8% 9.2% $653.5 $318.4 2.5x 2.7x 2.2x 29.4x 26.2x

Median - all deals $161.0 $73.5 1.9x 2.0x 1.7x 26.9x 20.6x

Strategic - Mean 89.7% 10.3% $748.4 $331.4 2.7x 2.9x 2.4x 27.9x 25.9x

Financial - Mean 100.0% 0.0% $233.5 $203.1 1.6x 1.7x 1.4x 35.9x 26.8x

< $250

Mean 91.5% 8.5% $112.8 $68.4 2.0x 1.7x 1.3x 29.5x 20.8x

Median $82.0 $44.7 1.3x 1.2x 1.1x 20.8x 17.3x

$250 - $500

Mean 97% 3% $369.1 $349.9 2.1x 1.8x 1.7x 27.1x 28.8x

Median $351.8 $360.0 1.9x 1.8x 1.7x 27.1x 28.8x

$500 - $1000

Mean 82% 18% $810.5 $662.1 4.9x 4.2x 3.1x 31.0x 33.0x

Median $832.0 $644.4 3.5x 2.0x 1.9x 26.4x 33.0x

> $1000

Mean 84.6% 15.4% $3,075.7 $2,586.6 4.1x 3.9x 3.4x 29.1x 32.9x

Median $2,488.9 $1,684.0 3.2x 3.5x 3.3x 27.1x 25.1x

IT Security

Mean 88.4% 11.6% $206.3 $146.0 2.4x 1.2x 1.1x 18.9x 14.1x

Median $137.0 $94.2 2.1x 0.9x 0.9x 16.3x 13.0x



ERP & Business Applications

Mean 91.0% 9.0% $303.4 $193.3 2.1x 2.7x 1.8x 33.7x 30.9x

Median $128.4 $50.0 1.6x 2.3x 1.9x 26.9x 23.2x



Information Management

Mean 83.1% 16.9% $427.4 $241.5 2.1x 2.2x 2.0x 29.1x 23.1x

Median $217.0 $51.2 2.3x 2.0x 1.5x 27.2x 20.4x


Financial - Mean 100.0% 0.0% $217.0 $177.0 2.4x 2.0x 1.5x nm 19.0x

Infrastructure

Mean 95.6% 4.4% $1,415.5 $649.0 3.5x 3.2x 2.7x 28.8x 28.0x

Median $268.0 $105.5 2.5x 2.5x 2.0x 26.3x 21.5x

Strategic - Mean 95.6% 4.4% $1,415.5 $649.0 3.5x 3.2x 2.7x 28.8x 28.0x

Financial - Mean nm nm nm nm nm nm nm nm nm


25

53

23

52

5

2

4

1

0

10

20

30

40

50

60

70

IT Security ERP &

Business

Applications

Information

Management

Infrastructure

# of Deals

Software M&A Transaction Analysis

By Transaction Size: 2008 – 2009 ($ millions)

By Target Segment: 2008 – 2009 ($ millions)

Note: Includes only transactions for which data was publicly available

ERP & Business Applications includes: ERP & Business Applications; Technical & Embedded Applications

Information Management includes: Business Intelligence; Content Management

Infrastructure includes: Systems & Network Management; Storage Management; Platforms, Development Tools & Deployment; Network Infrastructure; Application Delivery & Network Acceleration


117

12 9 12

15

1 1

0

20

40

60

80

100

120

140

< $250 $250 - $500 $500 - $1000 > $1000

# of Deals

Deal Value

Financial

Strategic

$7,379 $4,152 $5,959

$32,225

$1,656

$396

$1,400

$0

$10,000

$20,000

$30,000

$40,000

< $250 $250 - $500 $500 - $1000 > $1000

Aggregate Deal Value

Deal Value

1.8x 1.8x

4.2x4.0x

1.6x

nm nm

2.9x

0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

4.0x

4.5x

< $250 $250 - $500 $500 - $1000 > $1000

Average EV / Rev (current year)

Deal Value

1.7x

3.1x

2.3x

3.2x

0.9x

2.1x nm

nm0.0x

0.5x

1.0x

1.5x

2.0x

2.5x

3.0x

3.5x

IT Security ERP & Business Applications


Infrastructure

Average EV / Rev (current year)

$2,974

$12,413

$4,476

$21,593

$239

$2,860

$0

$5,000

$10,000

$15,000

$20,000

$25,000



Infrastructure

Aggregate Deal Value

20

66

19

462

5

0

10

20

30

40

50

60

70

80

90



Infrastructure

# of Deals


Public Company Participants & Consolidation by Segment(including those acquired since 2002)

($ millions)

Enterprise Value

Category Enterprise Value Acquirer of Acquisitions

Content Management 7,800$

Adobe 17,343$

Autonomy 5,902

Open Text 2,402

Guidance Software 94

Documentum EMC 1,686

OnDisplay Vignette 1,500

FileNET IBM 1,150

Interwoven Autonomy 590

Hummingbird Open Text 395

MapInfo Pitney Bowes 377

Stellent Oracle 354

Verity Autonomy 308

Captiva Software EMC 307

IXOS AG Open Text 210

AMICAS Thoma Bravo 177

Vignette Open Text 162

DataMirror IBM 161

Mobius Allen Systems Group 144

Plumtree Software BEA Systems 132

Captaris Open Text 109

Zi Nuance Communications 38

ERP & Business Applications 37,101$

Intuit 9,895$

Salesforce.com 8,460

Sage Group 5,369

Concur 1,944

Blackboard 1,567

SuccessFactors 1,138

Blackbaud 1,059

Digital River 1,043

Ariba 973

NetSuite 971

Lawson 918

JDA Software 820

Ultimate Software 760

Constellation Software 755

Taleo 698

Epicor Software 631

Art Technology Group 573

Deltek 562

Rightnow Technologies 477

Manhattan Associates 436

Synchronoss Technologies 422

i2 Technologies [a] 366

[a] Acquisition pending

Note: ERP & Business Applications includes: ERP & CRM, Human Capital Management and Supply Chain Management

Enterprise Value


Global Diversified

Microsoft 240,718$

IBM 189,274

Hewlett Packard 128,400

Oracle 118,634

Cisco Systems 115,910

SAP AG 54,331

EMC 31,038

App. Delivery & Network Acceleration 1,456$

Citrix Systems 6,719$

F5 Networks 3,672

Riverbed Technology 1,345

Blue Coat Systems 1,182

LogMeIn 370

Radware 166

Avocent Emerson 1,215

Packeteer Blue Coat Systems 190

Motive Alcatel-Lucent 51

Business Intelligence 28,765$

Informatica 2,347$

Fair Isaac 1,218

Pegasystems 1,196

MicroStrategy 977

Netezza 461

PROS 213

DemandTec 203

Actuate 173

NAVTEQ Nokia 7,700

Business Objects SAP 5,964

Cognos IBM 4,900

Hyperion Oracle 2,706

Omniture Adobe 1,684

SPSS IBM 1,015

Witness Systems Verint 894

GEAC Computer Golden Gate Capital 815

HNC Software Fair Isaac 671

Ascential Software IBM 655

IDS Scheer Software AG 562

Systems Union Group Infor Global Solutions 398

Visual Sciences Omniture 394

Applix Cognos 306

SAF Simulation, Analysis & Forecasting SAP 49

Xenos Actuate 27

Insightful Corporation TIBCO 25


Public Company Participants & Consolidation by Segment continued(including those acquired since 2002)

($ millions)

Note: ERP & Business Applications includes: ERP & CRM, Human Capital Management and Supply Chain Management

Enterprise Value


ERP & Business Applications (continued)

Constant Contact 356

Interactive Intelligence 319

CDC Software 267

Retalix 263

Vocus 257

Kenexa 245

QAD 191

Unica 162

American Software 152

Callidus Software 92

Chordiant 83

Metavante Technologies Fidelity National Information Services 4,408

Siebel Systems Oracle 3,610

USG Siemens 3,500

Acxiom Silver Lake 3,000

Reynolds and Reynolds Universal Computer 2,800

Kronos Hellman & Friedman 1,721

SSA Global Technologies Infor Global Solutions 1,608

i-flex solutions Oracle 1,579

TriZetto Group Apax Partners 1,400

J.D. Edwards PeopleSoft 1,381

Digital Insight Intuit 1,350

Open Solutions Carlyle & Providence Equity 1,300

Aspect Communications Concerto Software 793

Dendrite CEGEDIM 673

MRO Software IBM 586

GL Trade SunGard 585

Authorize.Net CyberSource 565

Retek Oracle 546

Intentia International Lawson Software 460

i2 Technologies JDA Software 396

FreeMarkets Ariba 357

MAPICS Infor Global Solutions 315

Agile Software Oracle 301

Click Commerce Illinois Tool Works 292

CODA Unit 4 Agresso 289

NSB Retail Systems Epicor 287

Mincom Limited Francisco Partners 248

Manugistics JDA Software 247

Corillian CheckFree 216

Indus International Vista Equity Partners 203

Gemcom Software Ltd. JMI Equity & Carlyle Group 187

Carreker CheckFree 169

Portal Software Oracle 160

Workbrain Infor Global Solutions 158

Enterprise Value


ERP & Business Applications (continued)

Datastream Infor Global Solutions 158

StepStone ASA Axel Springer AG 149

HireRight US Investigations Services 146

Concerto Software Golden Gate Capital 145

SumTotal Vista Equity Partners 115

QuadraMed Francisco Partners 107

Onyx M2M Holdings 92

E.piphany SSA Global 89

SoftBrands Infor Global Solutions 80

I-many LLR Partners 55

KANA Software Accel-KKR 50

Extensity GEAC Computer 46

Financial Objects Temenos 44

Porthus Descartes Systems 44

Optio Software Bottomline Technologies 35

AMICAS Emageon 26

Pilat Media Global SintecMedia 24

Maximizer Software MSI Acquisition Corp. 8

IT Security 15,039$

Symantec 13,987$

McAfee 5,673

Check Point 5,535

Verisign 3,865

Trend Micro 3,679

ArcSight 824

Websense 793

Sourcefire 647

F-Secure 580

SonicWALL 228

Vasco Data Security 169

CheckFree Fiserv 4,400

NetScreen Technologies Juniper Networks 4,000

RSA Security EMC 2,100

Internet Security Systems IBM 1,034

SafeNet Vector Capital 634

Secure Computing McAfee 465

Intertrust Philips / Sony 453

TippingPoint 3Com 400

SurfControl Websense 359

Cyberguard Secure Computing 295

Utimaco Safeware Sophos 283

Aladdin Knowledge Systems Vector Capital 151

WatchGuard Technologies Francisco Partners 151

Tumbleweed Communications Axway Software 138



($ millions)

[a] Acquisition pending

Enterprise Value


IT Security (continued)

Entrust Thoma Bravo 87

Certicom Research In Motion 76

phion AG Barracuda Networks 12

Network Infrastructure 6,803$

Juniper Networks 11,710$

3Com 2,539

Aruba Networks 874

Extreme Networks 125

3Com HP 2,700

Starent Networks Cisco 2,510

Foundry Networks Brocade 1,593

Platforms, Dev. Tools & Deployment 26,265$

Red Hat 5,117$

Sun Microsystems [a] 5,101

Software AG 3,668

Sybase 3,577

Micro Focus 1,626

TIBCO Software 1,449

Progress Software 998

Novell 448

BEA Systems Oracle 7,200

Sun Microsystems Oracle 5,600

Mercury HP 4,568

Macromedia Adobe 3,258

Rational Software IBM 1,581

Serena Software Silver Lake 1,080

Telelogic IBM 745

webMethods Software AG 418

Allaire Macromedia 360

PalmSource Access Company 324

SeeBeyond Sun Microsystems 317

Merant Serena 310

ILOG IBM 266

Trolltech Nokia 133

Borland Software Micro Focus 105

Storage Management 17,620$

NetApp 10,036$

CommVault Systems 956

Isilon Systems 396

Double-Take Software 142

FalconStor Software 136

Veritas Software Symantec 11,911

Data Domain EMC 2,100

Enterprise Value


Storage Management (continued)

Legato Systems EMC 1,223

Fast Search & Transfer Microsoft 1,200

McDATA Brocade 643

OTG Software Legato Systems 310

Iomega EMC 148

Document Sciences Corp. EMC 85

Systems & Network Management 6,654$

VMware 15,494$

CA 10,639

BMC Software 6,533

SolarWinds 1,575

Quest Software 1,396

Compuware 1,333

Netscout Systems 551

Opnet Technologies 170

Keynote Systems 106

Opsware HP 1,600

Altiris Symantec 825

BladeLogic BMC Software 800

Micromuse IBM 705

Peregrine Systems HP 381

Concord Communications CA 349

NetIQ AttachmateWRQ 305

Niku CA 285

Neoware HP 214

Embarcadero Thoma Cressey 200

Marimba BMC Software 185

BindView Symantec 174

Novadigm HP 139

NetSolve Cisco 129

Quovadx Battery Ventures 107

IONA Technologies Progress 106

Visual Networks Fluke Networks 75

NetManage Micro Focus 48

Intraware Acresso Software 27



($ millions)

Enterprise Value


Technical & Embedded Applications 2,563$

Dassault Systemes 5,708$

Autodesk 4,871

ANSYS 3,997

Synopsys 2,171

Parametric Technology 1,784

Cadence Design 1,466

RiskMetrics 1,197

Mentor Graphics 977

Medidata Solutions 292

Ansoft ANSYS 768

Wind River Systems Intel 714

Roxar Emerson 391

MSC.Software Symphony Technology Group 241

Moldflow Autodesk 206

Synplicity Synopsys 188

Valor Computorized Systems Mentor Graphics 55


Most Active Public Consolidation Players

Note: “Total acquired value” includes only transactions for which data was publicly available

($ millions)

Consideration Equity Enterprise

Date Target % Cash % Stock value value

Cisco Total acquired value: $9,344

10/27/09 ScanSafe 100.0% 0.0% - $183

10/13/09 Starent Networks 100.0% 0.0% $2,900 $2,510

04/09/09 Tidal Software 100.0% 0.0% - $105

01/27/09 Richards-Zeta Building Intelligence - - - -

09/19/08 Jabber - - - -

08/27/08 PostPath - - - $215

07/23/08 Pure Networks 100.0% 0.0% - $120

04/08/08 Nuova Systems - - - -

11/01/07 Securent - - - -

10/23/07 Navini Networks - - - $330

09/27/07 Latigent - - - -

09/18/07 Cognio - - - -

03/15/07 WebEx 100.0% 0.0% $3,200 $2,900

03/13/07 NeoPath Networks - - - -

02/21/07 Reactivity 100.0% 0.0% - $135

01/04/07 IronPort Systems - - - $830

05/26/05 FineGround Networks 100.0% 0.0% - $70

04/15/05 TopSpin 100.0% 0.0% - $250

12/09/04 BCN Systems 100.0% 0.0% - $156

09/20/04 Sheer Networks 100.0% 0.0% - $122

09/09/04 NetSolve 100.0% 0.0% - $129

08/20/04 Andiamo 0.0% 100.0% - $1,289

EMC Total acquired value: $9,263

09/01/09 Kazeon Systems - - - -

08/31/09 FastScale Technology - - - -

06/01/09 Data Domain 100.0% 0.0% $2,378 $2,100

05/27/09 Configuresoft - - - -

01/02/09 SourceLabs - - - -

04/08/08 Iomega 100.0% 0.0% $213 $148

03/10/08 Infra Corporation - - - -

02/21/08 Pi 100.0% 0.0% - -

12/27/07 Document Sciences Corp. 100.0% 0.0% $87 $85

10/30/07 Voyence - - - -

10/04/07 Berkeley Data Systems - - - -

08/09/07 Tablus - - - -

06/04/07 Verid - - - -



EMC (continued)

11/01/06 Avamar Technologies 100.0% 0.0% - $165

09/18/06 Network Intelligence 100.0% 0.0% - $175

06/29/06 RSA Security 100.0% 0.0% $2,335 $2,100

06/19/06 ProActivity - - - -

06/07/06 nLayers 100.0% 0.0% - $50

05/11/06 Interlink Group - - - -

05/09/06 Kashya 100.0% 0.0% $153 $153

03/07/06 Authentica - - - -

10/21/05 Captiva Software 100.0% 0.0% $334 $307

08/15/05 Rainfinity - - $100 $100

12/21/04 SMARTS 100.0% 0.0% - $260

10/22/04 Allocity - - $10 $10

10/12/04 Dantz Development Corporation - - $46 $46

12/15/03 VMware 100.0% 0.0% - $635

10/14/03 Documentum 0.0% 100.0% $1,953 $1,686

07/08/03 Legato Systems 0.0% 100.0% $1,295 $1,223

04/15/03 Astrum Software - - - -

09/25/02 Prisa Networks - - $20 $20

HP Total acquired value: $24,226

11/11/09 3Com 100.0% 0.0% $3,292 $2,700

07/17/09 IBRIX - - - -

10/01/08 LeftHand Networks 100.0% 0.0% - $360

05/13/08 Electronic Data Systems - - - $13,900

03/31/08 Tower Software - - - -

01/22/08 Exstream Software - - - -

07/23/07 Neoware 100.0% 0.0% $334 $214

07/23/07 Opsware 100.0% 0.0% $1,673 $1,600

06/19/07 SPI Dynamics - - - -

03/22/07 Tabblo - - - -

02/26/07 PolyServe - - - -

02/05/07 Bristol Technology - - - -

07/25/06 Mercury 100.0% 0.0% $5,189 $4,568

02/07/06 OuterBay Technologies - - - -

11/30/05 Trustgenix - - - -

09/19/05 AppIQ - - - -

09/19/05 Peregrine Systems 100.0% 0.0% $425 $381


Most Active Public Consolidation Players continued

($ millions)




HP (continued)

03/11/04 TruLogica - - - -

02/04/04 Consera Software - - - -

02/04/04 Novadigm 100.0% 0.0% $139 $139

11/11/03 Persist Technologies - - - -

09/03/03 Talking Blocks - - - -

07/23/03 PipeBeach - - - -

07/04/03 Baltimore Technologies, SelectAccess - - $14 $14

08/09/01 Trinagy - - - -

07/25/01 StorageApps 0.0% 100.0% - $350

IBM Total acquired value: $13,700

12/16/09 Lombardi - - - -

11/30/09 Guardium - - - $225

09/22/09 RedPill Solutions - - - -

07/28/09 Ounce Labs - - - -

07/25/09 SPSS 100.0% 0.0% $1,200 $1,015

05/04/09 Exeros - - - -

01/15/09 Outblaze - - - -

11/18/08 Transitive - - - -

07/28/08 ILOG 100.0% 0.0% $340 $266

04/29/08 InfoDyne - - - -

04/18/08 Diligent Technologies - - - -

04/10/08 FilesX - - - -

03/12/08 Encentuate - - - -

01/23/08 AptSoft - - - -

01/18/08 Net Integration Technologies - - - -

01/02/08 XIV - - - $325

12/21/07 Solid Information Technology - - - -

12/06/07 Arsenal Digital Solutions - - - -

11/12/07 Cognos 100.0% 0.0% $5,000 $4,900

10/24/07 NovusCG - - - -

08/22/07 WebDialogs - - - -

08/03/07 Princeton Softech - - - -

07/16/07 DataMirror 100.0% 0.0% $179 $161

06/11/07 Telelogic 100.0% 0.0% $781 $745

06/06/07 Watchfire - - - -

01/29/07 Softek - - - -



IBM (continued)

12/05/06 Consul - - - -

11/28/06 Vallent 100.0% 0.0% - -

08/23/06 Internet Security Systems 100.0% 0.0% $1,254 $1,034

08/10/06 FileNET 100.0% 0.0% $1,600 $1,150

08/03/06 MRO Software 100.0% 0.0% $740 $586

08/02/06 Webify - - - -

05/18/06 Rembo Technology - - - -

05/08/06 Unicom Solutions - - - -

05/02/06 BuildForge - - - -

03/16/06 Language Analysis Systems - - - -

02/08/06 Viacore - - - -

01/25/06 CIMS Labs - - - -

12/21/05 Micromuse 100.0% 0.0% $865 $705

11/16/05 Collation - - - -

11/01/05 iPhrase Technologies - - - -

10/18/05 DataPower Technologies - - - -

08/02/05 DWL - - - -

07/19/05 PureEdge Solutions - - - -

06/23/05 Meiosys - - - -

06/16/05 Isogon - - - -

05/10/05 Gluecode Software 100.0% 0.0% - -

03/14/05 Ascential Software 100.0% 0.0% $1,136 $655

01/07/05 Systems Research and Development - - - -

01/01/05 Genelco Software Solutions - - - -

12/13/04 KeyMRO - - - -

10/12/04 SystemCorp - - - -

08/26/04 Venetica - - - -

08/17/04 Maersk Data - - - -

07/14/04 AlphaBlox - - - -

06/22/04 Cardonet - - - -

04/01/04 Candle 100.0% 0.0% - $350

03/09/04 Trigo Technologies - - - -

12/17/03 Green Pasture Software - - - -

11/13/03 Productivity Solutions - - - -

10/14/03 CrossAccess - - - -

09/30/03 Sector7 USA - - - -

07/15/03 Aptrix - - - -



($ millions)




IBM (continued)

05/14/03 Think Dynamics - - - -

12/06/02 Rational Software 100.0% 0.0% $2,082 $1,581

09/03/02 Access360 - - - -

08/29/02 TrelliSoft - - - -

06/24/02 Metamerge - - - -

02/07/02 Phase Forward - - - -

Microsoft Total acquired value: $3,056

12/11/09 Opalis Software - - - -

12/10/09 Sentillion - - - -

11/09/09 SourceGear (Teamprise assets) - - - -

09/22/09 Computer Generated Solutions (assets) - - - -

09/22/09 Fullscope (assets) - - - -

09/22/09 LS Retail EHF (assets) - - - -

09/22/09 To-Increase Denmark A/S (assets) - - - -

09/21/09 Interactive Supercomputing - - - -

06/01/09 Rosetta Biosoftware - - - -

07/24/08 DATAllegro - - - -

07/14/08 Zoomix - - - -

03/20/08 Komoku - - - -

03/14/08 Rapt - - - -

03/12/08 Kidaro - - - $95

02/27/08 YaData - - - -

02/11/08 Danger - - - -

01/21/08 Calista Technologies - - - -

01/08/08 Fast Search & Transfer 100.0% 0.0% $1,289 $1,200

10/29/07 GCS (asset sale) - - - -

08/29/07 Parlano - - - -

06/08/07 Stratature - - - -

06/05/07 Engyro - - - -

05/03/07 ScreenTonic - - - -

10/02/06 DesktopStandard - - - -

07/18/06 Winternals Software - - - -

05/22/06 Softricity - - - -

05/18/06 Whale Communications - - $75 $75

05/04/06 Massive - - - -

05/03/06 DeepMetrix - - - -



Microsoft (continued)

04/26/06 AssetMetrix - - - -

04/03/06 ProClarity - - - -

03/17/06 Vexcel - - - -

03/07/06 Apptimum - - - -

03/07/06 Onfolio - - - -

02/13/06 MotionBridge - - - -

12/15/05 United Management Technologies - - - -

11/03/05 Byte Taxi - - - -

11/02/05 Media-Streams.com - - - -

09/19/05 Alacris - - $11 $11

08/30/05 Teleo - - - -

07/20/05 FrontBridge Technologies - - - -

03/10/05 Groove Networks - - - -

02/08/05 Sybari Software - - - -

12/16/04 GIANT Company Software - - - -

11/16/04 Vintela - - - -

04/26/04 ActiveViews - - - -

06/10/03 GeCAD Software - - - -

03/01/03 Pelican Software - - $1 -

02/19/03 Connectix - - - -

01/21/03 PlaceWare - - $200 -

10/22/02 Vicinity - - $90 $90

09/24/02 Rare - - $375 $375

09/10/02 XDegrees - - - -

05/20/02 Sales Management Systems - - - -

05/07/02 Navision 100.0% 0.0% $1,335 $1,210

Oracle Total acquired value: $29,705

10/12/09 Sophoi - - - -

09/29/09 HyperRoll - - - -

07/23/09 GoldenGate Software - - - -

06/17/09 Conformia - - - -

05/13/09 Virtual Iron - - - -

04/20/09 Sun Microsystems 100.0% 0.0% $7,400 $5,600

03/23/09 Relsys International - - - -

02/04/09 mValent - - - -

11/03/08 Tacit Software - - - -



($ millions)




Oracle (continued)

10/29/08 Haley Ltd. - - - -

10/08/08 Primavera Software - - - -

10/01/08 Advanced Visual Technology - - - -

09/02/08 ClearApp - - - -

07/31/08 Global Knowledge Software - - - -

06/23/08 Skywire Software - - - -

05/13/08 AdminServer - - - -

04/09/08 Auptyma - - - -

03/27/08 e-TEST Suite (from Empirix) - - - -

01/16/08 BEA Systems 100.0% 0.0% $8,500 $7,200

01/16/08 Captovation - - - -

12/06/07 Moniforce - - - -

10/24/07 Interlace Systems - - - -

10/09/07 LogicalApps - - - -

09/02/07 Netsure Telecom - - - $35

08/31/07 Bridgestream - - - -

07/18/07 Bharosa - - - -

05/15/07 Agile Software 100.0% 0.0% $495 $301

05/01/07 Revenue Technologies - - - -

04/24/07 Lodestar - - - -

04/18/07 AppForge - - - -

03/23/07 Tangosol - - - -

03/01/07 Hyperion 100.0% 0.0% $3,192 $2,706

11/02/06 SPL WorldGroup - - - -

11/02/06 Stellent 100.0% 0.0% $424 $354

10/23/06 MetaSolv Software 100.0% 0.0% $219 -

10/09/06 Sunopsis - - - -

08/23/06 Sigma Dynamics - - - -

06/13/06 Telephony@Work - - - -

06/01/06 Demantra 100.0% 0.0% - $40

04/18/06 Net4Call - - - -

04/12/06 Portal Software 100.0% 0.0% $220 $160

02/15/06 HotSip AB - - - -

02/14/06 Sleepycat - - - -

01/18/06 360Commerce - - - -

12/21/05 TempoSoft - - - -

11/16/05 OctetString - - - -



Oracle (continued)

11/16/05 Thor Technologies - - - -

10/07/05 Innobase OY - - - -

09/20/05 G-Log - - - -

09/12/05 Siebel Systems 70.0% 30.0% $5,850 $3,610

08/02/05 Context Media - - - -

08/02/05 i-flex solutions 100.0% 0.0% $1,490 $1,579

07/05/05 ProfitLogic - - - -

06/14/05 TripleHop - - - -

06/09/05 TimesTen - - - -

05/03/05 Covansys (PeopleSoft development center) - - - -

05/03/05 Hexaware (PeopleSoft development center) - - - -

03/21/05 Retek 100.0% 0.0% $648 $546

03/02/05 Oblix - - - -

06/14/04 Collaxa - - $12 $12

05/20/04 Phaos Technology - - $8 $8

01/22/04 SiteWork Solutions - - - -

06/11/03 FileFish - - - -

06/06/03 PeopleSoft 100.0% 0.0% $9,182 $7,555

07/30/02 WebGain (TopLink product) - - - -

01/16/02 NetForce - - - -

01/15/02 Indicast - - - -

SAP Total acquired value: $6,174

12/03/09 SOALogix - - - -

07/20/09 SAF Simulation, Analysis & Forecasting 100.0% 0.0% $91 $49

05/11/09 Clear Standards - - - -

05/06/09 Highdeal - - - -

02/18/09 Coghead - - - -

06/17/08 Visiprise - - - -

10/17/07 YASU Technologies - - - -

10/07/07 Business Objects 100.0% 0.0% $6,816 $5,964

05/14/07 MaXware - - - -

05/14/07 Wicom Communications - - - -

05/08/07 OutlookSoft - - - -

02/20/07 Pilot Software - - - -

07/10/06 Praxis Software Solutions - - - -

05/17/06 Frictionless Commerce - - - -



($ millions)


[a] Acquired by Veritas prior to Symantec acquisition



SAP (continued)

04/03/06 Virsa Systems - - - -

11/22/05 Khimetrics - - - $160

09/19/05 SAP Triversity - - - -

06/22/05 Lighthammer Software Development - - - -

02/08/05 Virtual Locality - - $1 $1

01/12/05 iLytix Systems AS - - - -

07/13/04 A2i - - - -

03/13/02 SAP Manage - - - -

Symantec Total acquired value: $16,745

04/21/09 Mi5 Networks - - - -

10/08/08 MessageLabs 100.0% 0.0% - $695

08/18/08 PC Tools 100.0% 0.0% - $262

08/05/08 nSuite Technologies 100.0% 0.0% - $20

06/06/08 SwapDrive 100.0% 0.0% - $123

04/09/08 AppStream 100.0% 0.0% - $52

01/02/08 Transparent Logic 100.0% 0.0% - $12

11/05/07 Vontu 100.0% 0.0% - $350

02/23/07 4FrontSecurity 100.0% 0.0% - $7

01/29/07 Altiris 100.0% 0.0% $1,000 $825

11/29/06 Revivio - - - -

11/06/06 Company-i 100.0% 0.0% - $26

02/07/06 Relicore - - - $52

01/03/06 IMlogic - - - $90

10/03/05 BindView 100.0% 0.0% $209 $174

09/22/05 WholeSecurity 100.0% 0.0% - $66

08/16/05 Sygate Technologies 100.0% 0.0% - $163

05/16/05 XtreamLok 100.0% 0.0% - $18

12/16/04 Veritas Software 0.0% 100.0% $13,550 $11,911

12/01/04 Platform Logic 100.0% 0.0% - $30

09/17/04 LIRIC Associates 100.0% 0.0% - $4

09/16/04 @stake 100.0% 0.0% - $49

08/31/04 KVault Software [a] 100.0% 0.0% - $225

07/14/04 Invio Software [a] 100.0% 0.0% - $35

07/01/04 TurnTide 100.0% 0.0% - $28

05/19/04 Brightmail 100.0% 0.0% $370 $343

01/07/04 Ejasent [a] 100.0% 0.0% - $59



Symantec (continued)

10/27/03 OnTechnology 100.0% 0.0% $103 $89

10/20/03 SafeWeb 100.0% 0.0% - $26

09/23/03 PowerQuest 100.0% 0.0% - $150

07/01/03 Nexland 100.0% 0.0% - $20

12/29/02 Jareva [a] 100.0% 0.0% - $66

12/19/02 Precise Software [a] 100.0% 0.0% $540 $400

07/17/02 Recourse Technologies 100.0% 0.0% - $135

07/17/02 Riptech 100.0% 0.0% - $145

07/17/02 SecurityFocus 100.0% 0.0% - $75

07/02/02 Mountain Wave 100.0% 0.0% - $20

01/08/02 The Kernel Group [a] - - - -

VMware Total acquired value: $543

08/10/09 SpringSource 100.0% 0.0% $362 $420

11/10/08 Trango Virtual Processors - - - -

05/28/08 B-hive Networks - - - -

01/15/08 Thinstall - - - -

01/14/08 Foedus - - - -

10/01/07 Sciant - - - -

09/11/07 Dunes Technologies 100.0% 0.0% - $45

08/07/07 Determina 100.0% 0.0% - $9

06/11/07 Propero 100.0% 0.0% - $21

06/16/06 Akimbi Systems 100.0% 0.0% - $47


Software Valuation Trends by Growth Tranche

Market Valuations of Publicly-Traded Software Companies by Growth Tranche Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median P/E by Growth Tranche

Revenue Mean EV/Revenue Median EV/Revenue Mean P/E Median P/E

Growth Date CY FY CY FY CY FY CY FY

< 5% 4Q 2009 1.9 x 1.8 x 2.0 x 1.9 x 16.4 x 17.8 x 14.8 x 14.7 x

3Q 2009 1.9 1.9 1.9 1.8 17.1 16.4 14.6 14.9

2Q 2009 1.7 1.7 1.5 1.5 14.5 13.5 14.2 11.3

1Q 2009 1.3 1.2 1.0 1.0 14.8 15.1 12.3 11.1

4Q 2008 1.2 1.2 1.1 1.1 14.9 12.7 11.0 11.5

3Q 2008 1.5 1.4 1.4 1.4 15.3 13.5 14.7 13.5

2Q 2008 1.6 1.5 1.7 1.7 15.9 13.1 14.9 12.7

1Q 2008 1.5 1.5 1.5 1.5 18.1 16.2 16.8 13.6

4Q 2007 1.9 1.8 1.8 1.6 25.0 18.8 19.9 16.6

3Q 2007 2.3 2.2 1.9 1.9 27.2 24.3 26.4 21.4

2Q 2007 2.4 2.4 2.3 2.3 19.1 17.1 18.5 16.5

5 - 10% 4Q 2009 2.9 x 2.7 x 2.9 x 2.7 x 23.5 x 22.2 x 19.9 x 17.0 x

3Q 2009 2.6 2.4 2.1 2.0 19.0 18.6 17.9 15.9

2Q 2009 2.2 2.0 1.8 1.7 19.7 15.6 17.0 13.7

1Q 2009 1.7 1.6 1.7 1.6 14.7 11.7 13.5 11.2

4Q 2008 1.6 1.4 1.4 1.3 13.0 14.5 13.6 11.1

3Q 2008 1.6 1.5 1.4 1.3 21.0 14.3 17.7 14.7

2Q 2008 2.0 1.9 1.7 1.6 15.5 13.1 14.9 12.6

1Q 2008 2.3 2.1 2.0 1.9 21.4 16.5 16.9 15.4

4Q 2007 2.6 2.4 2.5 2.3 22.7 17.6 19.3 17.0

3Q 2007 2.4 2.3 2.1 1.9 24.1 18.8 19.0 17.8

2Q 2007 2.6 2.4 2.1 1.9 22.7 19.4 21.0 19.3

10 - 20% 4Q 2009 4.0 x 3.5 x 3.5 x 3.0 x 34.3 x 28.2 x 29.7 x 24.0 x

3Q 2009 3.4 3.0 3.3 2.9 36.8 28.6 30.1 26.0

2Q 2009 2.6 2.3 2.6 2.3 34.3 30.3 26.3 24.9

1Q 2009 2.0 1.7 1.8 1.6 26.9 22.7 21.1 17.7

4Q 2008 2.3 2.0 2.1 1.9 24.7 20.8 20.6 17.1

3Q 2008 2.7 2.3 2.3 2.0 22.1 17.9 17.9 15.3

2Q 2008 2.8 2.4 2.4 2.1 18.5 18.1 18.4 15.4

1Q 2008 2.8 2.5 2.4 2.1 26.3 20.0 21.0 18.2

4Q 2007 3.4 3.0 3.4 3.0 29.5 22.3 26.3 20.9

3Q 2007 3.5 3.0 3.1 2.7 29.0 23.7 26.9 23.0

2Q 2007 3.3 3.0 3.3 2.9 24.0 19.4 23.1 19.2

> 20% 4Q 2009 5.8 x 4.6 x 5.0 x 4.1 x 42.9 x 32.9 x 37.6 x 33.3 x

3Q 2009 5.7 4.6 4.0 3.2 43.9 36.4 38.6 33.4

2Q 2009 5.6 4.4 5.2 4.1 53.4 42.7 43.3 34.8

1Q 2009 2.5 2.0 2.2 1.7 34.0 23.0 29.3 19.5

4Q 2008 3.1 2.4 2.8 2.2 29.3 31.7 24.0 25.6

3Q 2008 3.8 2.9 3.7 2.9 38.3 33.0 32.1 23.9

2Q 2008 3.7 2.8 2.9 2.4 43.3 28.6 41.3 24.1

1Q 2008 5.0 3.6 3.9 2.9 36.6 32.8 32.6 28.8

4Q 2007 8.0 5.7 6.6 5.3 48.1 40.9 44.4 35.8

3Q 2007 8.0 5.8 6.0 4.6 41.4 40.6 37.3 35.3

2Q 2007 6.2 4.6 5.9 4.3 47.0 41.4 36.9 37.6

-

1x

2x

3x

4x

5x

6x

2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

< 5% growth

5 - 10% growth

10 - 20% growth

> 20% growth

-

5x

10x

15x

20x

25x

30x

35x

40x

2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08 1Q 09 2Q 09 3Q 09 4Q 09

< 5% growth

5 - 10% growth

10 - 20% growth

> 20% growth


Trading Multiples by Segment

($ millions)

Notes:

Enterprise value equals equity value, plus debt, less cash


[a] Wall Street consensus estimates

[b] Acquisition pending


Share Price Market Enterprise Projected Revenue [a] EV / Revenue Projected EBITDA [a] EV / EBITDA Projected EPS [a] P/E Multiple

Company (12/31/09) Value Value CY09E CY10E Growth % CY09E CY10E CY09E CY10E Growth % CY09E CY10E CY09E CY10E Growth % CY09E CY10E

Global Diversified

Microsoft 30.48$ 271,450$ 240,718$ 57,396$ 62,031$ 8.1% 4.2 x 3.9 x 22,566$ 25,069$ 11.1% 10.7 x 9.6 x 1.73$ 1.94$ 12.1% 17.6 x 15.7 x

IBM 130.90 175,220 189,274 95,566 98,640 3.2% 2.0 1.9 22,993 24,572 6.9% 8.2 7.7 9.88 10.88 10.1% 13.2 12.0

Cisco Systems 23.94 140,978 115,910 35,101 39,618 12.9% 3.3 2.9 11,285 12,966 14.9% 10.3 8.9 1.32 1.51 14.4% 18.1 15.9

Hewlett Packard 51.51 125,904 128,400 115,450 120,930 4.7% 1.1 1.1 16,222 18,290 12.7% 7.9 7.0 3.96 4.43 11.9% 13.0 11.6

Oracle 24.53 124,282 118,634 23,320 24,660 5.7% 5.1 4.8 11,494 12,126 5.5% 10.3 9.8 1.50 1.64 9.3% 16.4 15.0

SAP AG 46.81 55,610 54,331 15,078 16,216 7.5% 3.6 3.4 4,858 5,303 9.2% 11.2 10.2 2.42 2.90 19.8% 19.3 16.1

EMC 17.47 39,384 31,038 13,949 15,409 10.5% 2.2 2.0 3,358 4,127 22.9% 9.2 7.5 0.88 1.11 26.1% 19.9 15.7

Mean 50,837$ 53,929$ 7.5% 3.1 x 2.9 x 13,254$ 14,636$ 11.9% 9.7 x 8.7 x 3.10$ 3.49$ 14.8% 16.8 x 14.6 x

Median 35,101 39,618 7.5% 3.3 2.9 11,494 12,966 11.1% 10.3 8.9 1.73 1.94 12.1% 17.6 15.7

Application Delivery & Network Acceleration

Citrix Systems 41.61$ 7,809$ 6,719$ 1,594$ 1,736$ 8.9% 4.2 x 3.9 x 466$ 512$ 10.0% 14.4 x 13.1 x 1.66$ 1.87$ 12.7% 25.1 x 22.3 x

F5 Networks 52.97 4,247 3,672 673 798 18.6% 5.5 4.6 224 260 15.8% 16.4 14.1 1.76 2.08 18.2% 30.1 25.5

Riverbed Technology 22.97 1,642 1,345 389 454 16.7% 3.5 3.0 77 95 23.1% 17.5 14.2 0.65 0.81 24.6% 35.3 28.4

Blue Coat Systems 28.54 1,317 1,182 475 530 11.7% 2.5 2.2 63 88 41.0% 18.8 13.4 1.05 1.54 46.7% 27.2 18.5

LogMeIn 19.95 491 370 74 91 22.4% 5.0 4.1 16 21 32.1% 23.4 17.7 0.56 0.60 7.1% 35.6 33.3

Radware 15.12 286 166 108 126 16.9% 1.5 1.3 10 17 68.5% 16.8 10.0 0.24 0.64 166.7% 63.0 23.6

Mean 552$ 622$ 15.9% 3.7 x 3.2 x 143$ 165$ 31.8% 17.9 x 13.7 x 0.99$ 1.26$ 46.0% 36.1 x 25.2 x

Median 432 492 16.8% 3.8 3.4 70 92 27.6% 17.1 13.8 0.85 1.18 21.4% 32.7 24.5

Business Intelligence & Analytics

Informatica 25.88$ 2,771$ 2,347$ 489$ 550$ 12.6% 4.8 x 4.3 x 127$ 155$ 21.6% 18.4 x 15.2 x 0.87$ 1.00$ 14.9% 29.7 x 25.9 x

Pegasystems 34.00 1,394 1,196 260 304 17.3% 4.6 3.9 46 53 15.2% 26.0 22.6 0.82 0.99 20.7% 41.5 34.3

MicroStrategy 94.02 1,178 977 379 416 9.6% 2.6 2.4 97 101 4.6% 10.1 9.7 4.79 5.31 10.9% 19.6 17.7

Fair Isaac 21.31 1,027 1,218 620 633 2.2% 2.0 1.9 163 167 1.9% 7.5 7.3 1.44 1.54 6.9% 14.8 13.8

Netezza 9.70 613 461 189 225 18.8% 2.4 2.1 9 21 137.7% 51.0 21.4 0.06 0.18 200.0% nm 53.9

DemandTec 8.77 279 203 79 85 8.3% 2.6 2.4 7 8 27.4% 31.1 24.4 0.10 0.13 30.0% 87.7 67.5

PROS 10.35 269 213 69 73 5.8% 3.1 2.9 14 16 13.9% 15.6 13.7 0.34 0.41 20.6% 30.4 25.2

Mean 298$ 327$ 10.6% 3.2 x 2.8 x 66$ 74$ 31.8% 22.8 x 16.3 x 1.20$ 1.37$ 43.4% 37.3 x 34.1 x

Median 260 304 9.6% 2.6 2.4 46 53 15.2% 18.4 15.2 0.82 0.99 20.6% 30.1 25.9


Trading Multiples by Segment continued

($ millions)

Notes:








Content Management

Adobe 36.78$ 19,549$ 17,343$ 2,946$ 3,595$ 22.0% 5.9 x 4.8 x 1,317$ 1,535$ 16.5% 13.2 x 11.3 x 1.54$ 1.81$ 17.5% 23.9 x 20.3 x

Autonomy 24.38 5,906 5,902 740 884 19.4% 8.0 6.7 367 463 26.2% 16.1 12.8 0.96 1.23 28.1% 25.4 19.8

Open Text 40.65 2,331 2,402 834 948 13.7% 2.9 2.5 237 257 8.5% 10.1 9.3 2.59 3.11 20.1% 15.7 13.1

Guidance Software 5.24 124 94 74 80 7.8% 1.3 1.2 (12) (5) nm nm nm (0.41) (0.13) nm nm nm

Mean 1,149$ 1,377$ 15.7% 4.5 x 3.8 x 477$ 562$ 17.1% 13.1 x 11.1 x 1.17$ 1.51$ 21.9% 21.7 x 17.7 x

Median 787 916 16.6% 4.4 3.7 302 360 16.5% 13.2 11.3 1.25 1.52 20.1% 23.9 19.8

ERP & CRM

Intuit 30.73$ 9,916$ 9,895$ 3,227$ 3,483$ 7.9% 3.1 x 2.8 x 1,136$ 1,217$ 7.1% 8.7 x 8.1 x 1.80$ 2.01$ 11.7% 17.1 x 15.3 x

Salesforce.com 73.77 9,518 8,460 1,293 1,504 16.3% 6.5 5.6 176 246 39.4% 48.0 34.4 0.63 0.83 31.7% nm 88.9

Sage Group 3.57 4,688 5,369 2,330 2,332 0.1% 2.3 2.3 578 613 6.1% 9.3 8.8 0.27 0.29 7.1% 13.0 12.2

Blackboard 45.39 1,532 1,567 376 427 13.7% 4.2 3.7 93 111 20.2% 16.9 14.1 1.38 1.78 29.0% 32.9 25.5

Lawson 6.65 1,085 918 714 715 0.2% 1.3 1.3 117 126 8.2% 7.9 7.3 0.38 0.42 10.5% 17.5 15.8

NetSuite 15.98 1,069 971 167 187 12.5% 5.8 5.2 10 15 53.6% 99.1 64.5 0.06 0.14 133.3% nm nm

Blackbaud 23.63 1,062 1,059 312 329 5.5% 3.4 3.2 82 87 6.1% 12.9 12.2 0.92 1.00 8.7% 25.7 23.6

Constellation Software 35.00 742 755 424 490 15.5% 1.8 1.5 88 96 9.5% 8.6 7.8 3.08 3.54 14.9% 11.4 9.9

Rightnow Technologies 17.37 570 477 151 171 13.2% 3.2 2.8 18 24 33.8% 26.2 19.5 0.35 0.47 34.3% 49.6 37.0

Deltek 7.78 513 562 261 273 4.6% 2.2 2.1 67 69 3.3% 8.4 8.2 0.55 0.49 -10.9% 14.1 15.9

Synchronoss Technologies 15.81 499 422 128 146 14.6% 3.3 2.9 33 42 24.3% 12.6 10.2 0.54 0.67 24.1% 29.3 23.6

Epicor Software 7.62 468 631 403 419 4.1% 1.6 1.5 62 66 6.5% 10.1 9.5 0.46 0.52 13.0% 16.6 14.7

Constant Contact 16.00 467 356 129 171 32.4% 2.8 2.1 12 22 79.7% 29.7 16.5 0.13 0.35 169.2% nm 45.7

Vocus 18.00 357 257 85 92 8.3% 3.0 2.8 18 20 11.9% 14.2 12.7 0.66 0.69 4.5% 27.3 26.1

CDC Software 9.66 288 267 200 211 5.6% 1.3 1.3 49 57 16.8% 5.4 4.6 1.20 1.42 18.3% 8.1 6.8

Mean 680$ 730$ 10.3% 3.0 x 2.7 x 169$ 187$ 21.8% 21.2 x 15.9 x 0.83$ 0.97$ 33.3% 21.9 x 25.8 x

Median 312 329 8.3% 3.0 2.8 67 69 11.9% 12.6 10.2 0.55 0.67 14.9% 17.3 19.7

Human Capital Management

Concur 42.75$ 2,208$ 1,944$ 255$ 303$ 18.5% 7.6 x 6.4 x 76$ 87$ 14.3% 25.6 x 22.4 x 0.74$ 0.90$ 21.6% 57.8 x 47.5 x

SuccessFactors 16.58 1,250 1,138 151 177 17.4% 7.6 6.4 1 10 637.9% 813.2 110.2 (0.04) 0.11 nm nm nm

Ultimate Software 29.37 784 760 196 232 18.1% 3.9 3.3 24 37 51.4% 31.2 20.6 0.30 0.56 86.7% 97.9 52.4

Taleo 23.52 773 698 199 224 12.6% 3.5 3.1 45 53 17.5% 15.5 13.2 0.73 0.79 8.2% 32.2 29.8

Kenexa 13.03 295 245 158 168 6.1% 1.5 1.5 26 31 16.2% 9.3 8.0 0.65 0.76 16.9% 20.0 17.1

Mean 192$ 221$ 14.6% 4.8 x 4.1 x 35$ 44$ 147.5% 178.9 x 34.9 x 0.48$ 0.62$ 33.4% 52.0 x 36.7 x

Median 196 224 17.4% 3.9 3.3 26 37 17.5% 25.6 20.6 0.65 0.76 19.3% 45.0 38.6



($ millions)

Notes:








IT Security Management

Symantec 17.89$ 14,501$ 13,987$ 5,918$ 6,139$ 3.7% 2.4 x 2.3 x 2,358$ 2,275$ -3.5% 5.9 x 6.1 x 1.45$ 1.52$ 4.8% 12.3 x 11.8 x

Check Point 33.88 7,271 5,535 910 1,011 11.1% 6.1 5.5 524 567 8.3% 10.6 9.8 2.01 2.24 11.4% 16.9 15.1

McAfee 40.57 6,479 5,673 1,916 2,124 10.9% 3.0 2.7 645 713 10.6% 8.8 8.0 2.42 2.69 11.2% 16.8 15.1

Trend Micro 38.19 5,125 3,679 1,048 1,094 4.4% 3.5 3.4 383 405 5.9% 9.6 9.1 1.58 1.67 5.9% 24.2 22.9

Verisign 24.24 4,676 3,865 1,025 1,094 6.7% 3.8 3.5 466 513 10.2% 8.3 7.5 1.30 1.48 13.8% 18.6 16.4

Fortinet 17.57 1,274 1,056 248 273 10.0% 4.3 3.9 36 40 12.7% 29.7 26.4 0.38 0.28 -26.3% 46.2 62.8

ArcSight 25.58 932 824 165 195 18.1% 5.0 4.2 23 38 68.9% 36.5 21.6 0.58 0.66 13.8% 44.1 38.8

Websense 17.46 770 793 331 342 3.4% 2.4 2.3 124 123 -0.3% 6.4 6.4 1.18 1.27 7.6% 14.8 13.7

Sourcefire 26.74 760 647 101 126 24.1% 6.4 5.2 15 24 57.5% 42.0 26.7 0.44 0.54 22.7% 60.8 49.5

F-Secure 3.96 625 580 181 199 10.0% 3.2 2.9 38 47 22.0% 15.2 12.4 0.17 0.22 25.0% 22.9 18.3

SonicWALL 7.61 431 228 198 209 5.6% 1.1 1.1 36 40 12.0% 6.4 5.7 0.36 0.39 8.3% 21.1 19.5

Vasco Data Security 6.28 240 169 96 109 13.2% 1.8 1.5 15 18 17.7% 10.9 9.3 0.25 0.35 40.0% 25.1 17.9

Mean 1,011$ 1,076$ 10.1% 3.6 x 3.2 x 388$ 400$ 18.5% 15.9 x 12.4 x 1.01$ 1.11$ 11.5% 27.0 x 25.1 x

Median 290 308 10.0% 3.4 3.1 81 85 11.3% 10.1 9.2 0.88 0.97 11.3% 22.0 18.1

Network Infrastructure

Juniper Networks 26.67$ 14,310$ 11,710$ 3,258$ 3,746$ 15.0% 3.6 x 3.1 x 774$ 970$ 25.3% 15.1 x 12.1 x 0.85$ 1.11$ 30.6% 31.4 x 24.0 x

3Com 7.50 3,005 2,539 1,232 1,261 2.3% 2.1 2.0 169 164 -2.6% 15.0 15.5 0.40 0.30 -25.0% 18.8 25.0

Aruba Networks 10.66 1,009 874 216 266 23.0% 4.0 3.3 21 38 81.7% 41.4 22.8 0.13 0.30 130.8% 82.0 35.5

Extreme Networks 2.87 256 125 301 309 2.5% 0.4 0.4 16 12 -22.6% 7.8 10.1 0.01 0.06 500.0% nm 47.8

Mean 1,252$ 1,395$ 10.7% 2.5 x 2.2 x 245$ 296$ 20.4% 19.8 x 15.1 x 0.35$ 0.44$ 159.1% 44.0 x 33.1 x

Median 767 785 8.7% 2.8 2.6 95 101 11.3% 15.1 13.8 0.27 0.30 80.7% 31.4 30.3

Platforms, Development Tools & Deployment

Sun Microsystems [b] 9.37$ 7,064$ 5,101$ 10,068$ 9,447$ -6.2% 0.5 x 0.5 x 285$ 568$ 98.9% 17.9 x 9.0 x (0.48)$ (0.19)$ nm nm x nm x

Red Hat 30.90 6,029 5,117 719 812 13.0% 7.1 6.3 200 241 20.7% 25.6 21.2 0.74 0.72 -2.7% 41.8 42.9

Sybase 43.40 4,421 3,577 1,149 1,227 6.8% 3.1 2.9 410 445 8.6% 8.7 8.0 2.37 2.59 9.3% 18.3 16.8

Software AG 110.06 3,215 3,668 1,180 1,473 24.8% 3.1 2.5 332 390 17.4% 11.0 9.4 7.15 8.05 12.7% 15.4 13.7

TIBCO Software 9.63 1,692 1,449 621 664 6.9% 2.3 2.2 183 183 0.5% 7.9 7.9 0.55 0.62 12.7% 17.5 15.5

Micro Focus 7.39 1,522 1,626 388 464 19.6% 4.2 3.5 152 184 21.3% 10.7 8.8 0.51 0.62 21.6% 14.5 11.9

Novell 4.15 1,442 448 855 856 0.1% 0.5 0.5 180 169 -6.0% 2.5 2.7 0.33 0.32 -3.0% 12.6 13.0

Progress Software 29.22 1,224 998 497 527 6.1% 2.0 1.9 106 124 17.4% 9.4 8.0 1.80 2.20 22.2% 16.2 13.3

Mean 1,935$ 1,934$ 8.9% 2.9 x 2.5 x 231$ 288$ 22.3% 11.7 x 9.4 x 1.62$ 1.87$ 10.4% 19.5 x 18.1 x

Median 787 834 6.8% 2.7 2.3 191 213 17.4% 10.1 8.4 0.65 0.67 12.7% 16.2 13.7



($ millions)

Notes:








Storage Management

NetApp 34.36$ 12,030$ 10,036$ 3,578$ 3,989$ 11.5% 2.8 x 2.5 x 665$ 802$ 20.6% 15.1 x 12.5 x 1.27$ 1.58$ 24.4% 27.1 x 21.7 x

CommVault Systems 23.70 1,088 956 252 288 14.7% 3.8 3.3 41 54 30.0% 23.2 17.8 0.59 0.76 28.8% 40.2 31.2

Isilon Systems 6.86 470 396 120 141 18.2% 3.3 2.8 (9) (1) nm nm nm (0.20) (0.01) nm nm nm

Double-Take Software 9.99 232 142 84 94 12.1% 1.7 1.5 19 22 16.9% 7.7 6.6 0.40 0.52 30.0% 25.0 19.2

FalconStor Software 4.06 182 136 94 106 13.6% 1.5 1.3 12 18 58.5% 11.8 7.4 0.15 0.21 40.0% 27.1 19.3

Mean 825$ 924$ 14.0% 2.6 x 2.3 x 145$ 179$ 31.5% 14.4 x 11.1 x 0.44$ 0.61$ 30.8% 29.8 x 22.9 x

Median 120 141 13.6% 2.8 2.5 19 22 25.3% 13.4 10.0 0.40 0.52 29.4% 27.1 20.5

Supply Chain Management

Ariba 12.52$ 1,124$ 973$ 338$ 358$ 5.8% 2.9 x 2.7 x 72$ 85$ 18.4% 13.5 x 11.4 x 0.68$ 0.78$ 14.7% 18.4 x 16.1 x

JDA Software 25.47 906 820 382 398 4.1% 2.1 2.1 96 100 3.7% 8.5 8.2 1.59 1.77 11.3% 16.0 14.4

Manhattan Associates 24.04 542 436 246 265 7.4% 1.8 1.6 39 42 7.7% 11.2 10.4 0.92 1.01 9.8% 26.1 23.8

i2 Technologies [b] 19.12 443 366 222 220 -0.8% 1.6 1.7 - - nm nm nm - 1.02 nm nm 18.7

Mean 297$ 310$ 4.1% 2.1 x 2.0 x 52$ 57$ 10.0% 11.1 x 10.0 x 0.80$ 1.15$ 11.9% 20.2 x 18.2 x

Median 292 311 5.0% 2.0 1.9 55 64 7.7% 11.2 10.4 0.80 1.02 11.3% 18.4 17.4

Systems & Network Management

VMware 42.38$ 17,220$ 15,494$ 1,967$ 2,268$ 15.3% 7.9 x 6.8 x 641$ 759$ 18.5% 24.2 x 20.4 x 0.95$ 1.09$ 14.7% 44.6 x 38.9 x

CA 22.46 11,730 10,639 4,257 4,476 5.1% 2.5 2.4 1,576 1,707 8.3% 6.7 6.2 1.57 1.80 14.6% 14.3 12.5

BMC Software 40.10 7,512 6,533 1,884 1,972 4.6% 3.5 3.3 770 862 11.9% 8.5 7.6 2.57 2.67 3.9% 15.6 15.0

Quest Software 18.40 1,690 1,396 690 727 5.4% 2.0 1.9 195 202 3.5% 7.2 6.9 1.25 1.35 8.0% 14.7 13.6

Compuware 7.23 1,666 1,333 900 880 -2.2% 1.5 1.5 202 242 20.2% 6.6 5.5 0.64 0.49 -23.4% 11.3 14.8

SolarWinds 23.01 1,656 1,575 117 150 28.1% 13.5 10.5 62 77 25.4% 25.5 20.4 0.58 0.72 24.1% 39.7 32.0

Netscout Systems 14.62 610 551 254 277 8.9% 2.2 2.0 67 71 5.2% 8.2 7.8 0.83 0.92 10.8% 17.6 15.9

Opnet Technologies 12.19 256 170 119 135 13.3% 1.4 1.3 9 11 14.7% 18.3 15.9 0.19 0.47 147.4% 64.2 25.9

Keynote Systems 10.91 160 106 79 82 4.1% 1.3 1.3 22 23 6.3% 4.8 4.6 0.64 0.63 -1.6% 17.0 17.3

Mean 1,141$ 1,218$ 9.2% 4.0 x 3.4 x 394$ 439$ 12.7% 12.2 x 10.6 x 1.02$ 1.13$ 22.1% 26.6 x 20.7 x

Median 690 727 5.4% 2.2 2.0 195 202 11.9% 8.2 7.6 0.83 0.92 10.8% 17.0 15.9



($ millions)

Notes:








Technical & Embedded Applications

Dassault Systemes 57.26$ 6,823$ 5,708$ 1,814$ 1,914$ 5.5% 3.1 x 3.0 x 481$ 535$ 11.2% 11.9 x 10.7 x 2.59$ 2.92$ 12.8% 22.1 x 19.6 x

Autodesk 25.41 5,924 4,871 1,691 1,780 5.3% 2.9 2.7 369 425 15.1% 13.2 11.5 0.93 1.10 18.3% 27.3 23.1

ANSYS 43.46 4,058 3,997 515 563 9.4% 7.8 7.1 292 293 0.1% 13.7 13.7 1.74 1.89 8.6% 25.0 23.0

Synopsys 22.28 3,339 2,171 1,349 1,352 0.2% 1.6 1.6 311 317 1.9% 7.0 6.9 1.64 1.58 -3.7% 13.6 14.1

Parametric Technology 16.34 1,962 1,784 931 1,003 7.7% 1.9 1.8 173 210 21.5% 10.3 8.5 0.82 1.05 28.0% 19.9 15.6

Cadence Design 5.99 1,610 1,466 852 900 5.6% 1.7 1.6 66 162 145.5% 22.2 9.0 (0.09) 0.10 nm nm 59.9

RiskMetrics 15.91 1,106 1,197 302 317 4.9% 4.0 3.8 101 109 8.2% 11.8 10.9 0.44 0.49 11.4% 36.2 32.5

Mentor Graphics 8.83 868 977 796 841 5.7% 1.2 1.2 123 155 25.3% 7.9 6.3 0.44 0.66 50.0% 20.1 13.4

Medidata Solutions 15.62 375 292 139 162 16.4% 2.1 1.8 20 25 21.9% 14.5 11.9 0.55 0.78 41.8% 28.4 20.0

Mean 932$ 981$ 6.7% 2.9 x 2.7 x 215$ 248$ 27.9% 12.5 x 9.9 x 1.01$ 1.17$ 20.9% 24.1 x 24.6 x

Median 852 900 5.6% 2.1 1.8 173 210 15.1% 11.9 10.7 0.82 1.05 15.5% 23.5 20.0


Trading Multiples by Comparable Subset

($ millions)

Notes:








Software-as-a-Service

Salesforce.com 73.77$ 9,518$ 8,460$ 1,293$ 1,504$ 16.3% 6.5 x 5.6 x 176$ 246$ 39.4% 48.0 x 34.4 x 0.63$ 0.83$ 31.7% nm x 88.9 x

Red Hat 30.90 6,029 5,117 719 812 13.0% 7.1 6.3 200 241 20.7% 25.6 21.2 0.74 0.72 -2.7% 41.8 42.9

Concur 42.75 2,208 1,944 255 303 18.5% 7.6 6.4 76 87 14.3% 25.6 22.4 0.74 0.90 21.6% 57.8 47.5

Blackboard 45.39 1,532 1,567 376 427 13.7% 4.2 3.7 93 111 20.2% 16.9 14.1 1.38 1.78 29.0% 32.9 25.5


NetSuite 15.98 1,069 971 167 187 12.5% 5.8 5.2 10 15 53.6% 99.1 64.5 0.06 0.14 133.3% nm nm


Taleo 23.52 773 698 199 224 12.6% 3.5 3.1 45 53 17.5% 15.5 13.2 0.73 0.79 8.2% 32.2 29.8

Rightnow Technologies 17.37 570 477 151 171 13.2% 3.2 2.8 18 24 33.8% 26.2 19.5 0.35 0.47 34.3% 49.6 37.0

LogMeIn 19.95 491 370 74 91 22.4% 5.0 4.1 16 21 32.1% 23.4 17.7 0.56 0.60 7.1% 35.6 33.3


Vocus 18.00 357 257 85 92 8.3% 3.0 2.8 18 20 11.9% 14.2 12.7 0.66 0.69 4.5% 27.3 26.1

Kenexa 13.03 295 245 158 168 6.1% 1.5 1.5 26 31 16.2% 9.3 8.0 0.65 0.76 16.9% 20.0 17.1

DemandTec 8.77 279 203 79 85 8.3% 2.6 2.4 7 8 27.4% 31.1 24.4 0.10 0.13 30.0% 87.7 67.5

Keynote Systems 10.91 160 106 79 82 4.1% 1.3 1.3 22 23 6.3% 4.8 4.6 0.64 0.63 -1.6% 17.0 17.3

Mean 274$ 315$ 14.5% 4.4 x 3.8 x 50$ 63$ 70.8% 80.9 x 26.9 x 0.51$ 0.63$ 40.6% 45.4 x 40.8 x

Median 158 177 13.2% 3.9 3.3 22 24 27.4% 25.6 19.5 0.63 0.63 25.3% 35.6 37.0

High Growth (>15% Revenue Growth)

Adobe 36.78$ 19,549$ 17,343$ 2,946$ 3,595$ 22.0% 5.9 x 4.8 x 1,317$ 1,535$ 16.5% 13.2 x 11.3 x 1.54$ 1.81$ 17.5% 23.9 x 20.3 x

VMware 42.38 17,220 15,494 1,967 2,268 15.3% 7.9 6.8 641 759 18.5% 24.2 20.4 0.95 1.09 14.7% 44.6 38.9

Salesforce.com 73.77 9,518 8,460 1,293 1,504 16.3% 6.5 5.6 176 246 39.4% 48.0 34.4 0.63 0.83 31.7% nm 88.9

Autonomy 24.38 5,906 5,902 740 884 19.4% 8.0 6.7 367 463 26.2% 16.1 12.8 0.96 1.23 28.1% 25.4 19.8

F5 Networks 52.97 4,247 3,672 673 798 18.6% 5.5 4.6 224 260 15.8% 16.4 14.1 1.76 2.08 18.2% 30.1 25.5

Software AG 110.06 3,215 3,668 1,180 1,473 24.8% 3.1 2.5 332 390 17.4% 11.0 9.4 7.15 8.05 12.7% 15.4 13.7

Concur 42.75 2,208 1,944 255 303 18.5% 7.6 6.4 76 87 14.3% 25.6 22.4 0.74 0.90 21.6% 57.8 47.5

SolarWinds 23.01 1,656 1,575 117 150 28.1% 13.5 10.5 62 77 25.4% 25.5 20.4 0.58 0.72 24.1% 39.7 32.0

Riverbed Technology 22.97 1,642 1,345 389 454 16.7% 3.5 3.0 77 95 23.1% 17.5 14.2 0.65 0.81 24.6% 35.3 28.4

Micro Focus 7.39 1,522 1,626 388 464 19.6% 4.2 3.5 152 184 21.3% 10.7 8.8 0.51 0.62 21.6% 14.5 11.9

Pegasystems 34.00 1,394 1,196 260 304 17.3% 4.6 3.9 46 53 15.2% 26.0 22.6 0.82 0.99 20.7% 41.5 34.3


Aruba Networks 10.66 1,009 874 216 266 23.0% 4.0 3.3 21 38 81.7% 41.4 22.8 0.13 0.30 130.8% 82.0 35.5

ArcSight 25.58 932 824 165 195 18.1% 5.0 4.2 23 38 68.9% 36.5 21.6 0.58 0.66 13.8% 44.1 38.8


Sourcefire 26.74 760 647 101 126 24.1% 6.4 5.2 15 24 57.5% 42.0 26.7 0.44 0.54 22.7% 60.8 49.5

Constellation Software 35.00 742 755 424 490 15.5% 1.8 1.5 88 96 9.5% 8.6 7.8 3.08 3.54 14.9% 11.4 9.9

Netezza 9.70 613 461 189 225 18.8% 2.4 2.1 9 21 137.7% 51.0 21.4 0.06 0.18 200.0% nm 53.9

LogMeIn 19.95 491 370 74 91 22.4% 5.0 4.1 16 21 32.1% 23.4 17.7 0.56 0.60 7.1% 35.6 33.3

Isilon Systems 6.86 470 396 120 141 18.2% 3.3 2.8 (9) (1) nm nm nm (0.20) (0.01) nm nm nm


Medidata Solutions 15.62 375 292 139 162 16.4% 2.1 1.8 20 25 21.9% 14.5 11.9 0.55 0.78 41.8% 28.4 20.0

Radware 15.12 286 166 108 126 16.9% 1.5 1.3 10 17 68.5% 16.8 10.0 0.24 0.64 166.7% 63.0 23.6

Mean 531$ 635$ 19.9% 5.0 x 4.2 x 161$ 196$ 67.3% 61.0 x 21.7 x 0.96$ 1.19$ 51.9% 41.7 x 34.5 x

Median 216 266 18.5% 4.6 3.9 46 53 25.8% 24.8 19.0 0.58 0.72 22.7% 37.6 33.3


Recent Software IPO Pricing & Performance Data

Issuances from 2007 – 2009 ($ millions)

Notes:


P/E multiples in excess of 100x are considered to be not meaningful



Current Trading Data Valuation at IPO Stock Performance

Share price Market Enterprise EV / Revenue Market Enterprise EV / Revenue Revenue % of

Company (12/31/09) Value Value CY09E CY10E IPO Date Share Price Value Value IPO Yr IPO +1 Growth % change 52wk High

Fortinet $ 17.57 $ 1,274 $ 1,056 4.3 x 3.9 x 11/17/09 $ 12.50 $ 805 $ 653 2.6 x 2.4 x 9.6 % 40.6 % 85.3 %

CDC Software 9.66 288 267 1.3 1.3 08/05/09 12.00 348 336 1.7 1.6 8.3 (19.5) 74.3

LogMeIn 19.95 491 370 5.0 4.1 06/30/09 16.00 342 242 3.3 2.6 24.1 24.7 84.9

Medidata Solutions 15.62 375 292 2.1 1.8 06/24/09 14.00 313 247 1.8 1.6 18.2 11.6 79.2

SolarWinds 23.01 1,656 1,575 13.5 10.5 05/19/09 12.50 802 770 6.9 5.5 25.1 84.1 94.9

ArcSight 25.58 932 824 5.0 4.2 02/13/08 9.00 296 275 2.5 1.9 32.6 184.2 87.5

RiskMetrics 15.91 1,106 1,197 4.0 3.8 01/24/08 17.50 1,147 732 2.6 2.3 13.2 (9.1) 84.7

NetSuite 15.98 1,069 971 5.8 5.2 12/19/07 26.00 1,679 1,542 14.3 9.7 47.0 (38.5) 91.4

SuccessFactors 16.58 1,250 1,138 7.6 6.4 11/19/07 10.00 579 494 7.6 4.5 70.7 65.8 85.0

Deltek 7.78 513 562 2.2 2.1 10/31/07 18.00 818 996 3.6 3.2 13.5 (56.8) 87.0

VMware 42.38 17,220 15,494 7.9 6.8 08/13/07 29.00 10,992 10,542 8.3 5.6 48.5 46.1 91.2

DemandTec 8.77 279 203 2.6 2.4 08/09/07 11.00 323 252 4.7 3.5 34.9 (20.3) 87.7

Netezza 9.70 613 461 2.4 2.1 07/18/07 12.00 701 606 5.3 4.1 30.4 (19.2) 82.3

PROS 10.35 269 213 3.1 2.9 06/28/07 11.00 297 261 4.3 3.4 26.3 (5.9) 97.0

Aruba Networks 10.66 1,009 874 4.0 3.3 03/26/07 11.00 876 778 4.7 3.1 54.2 (3.1) 90.0

BigBand Networks 3.44 238 77 0.6 0.5 03/14/07 13.00 842 700 3.1 2.4 26.4 (73.5) 47.9

Sourcefire 26.74 760 647 6.4 5.2 03/09/07 15.00 370 273 4.3 3.3 32.5 78.3 95.5

Mean 4.6 x 3.9 x 4.8 x 3.6 x 30.3 % 17.0 % 85.1 %

Median 4.0 3.8 4.3 3.2 26.4 (3.1) 87.0


Software IPO Pipeline

Note:

In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing

the offering and issuing shares to the public market.

($ millions)

Company Stage First Filing Date Ticker IPO Date Range Price Revenue (TTM) Net Income (TTM)

Fortinet Priced 08/10/09 FRTN 11/17/09 $ 9 - 11 12.5$ 229$ 21$

SS&C Technologies Holdings SEC Review 12/28/09 SSNC n/a n/a n/a 268 19

SPS Commerce SEC Review 12/03/09 SPSC n/a n/a n/a 36 1

RedPrarie SEC Review 11/25/09 RP n/a n/a n/a 266 13

Nexsan SEC Review 04/25/08 NXSN n/a n/a n/a 56 (4)

Gomez Withdrawn 05/07/08 GOMZ n/a n/a n/a 33 (2)


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