technology report q2 2016 · human capital management. other saas. marketing software. healthcare...

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TECHNOLOGY REPORT

Q2 2016

Explore M&A Activity, Capital Market Conditions and Current Trends for the

Tech Industry

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TECHNOLOGY REPORTQ2 2016 | VOL 4 | ISSUE 2

Q2 INDUSTRY UPDATEBREXIT’S EFFECT ON TECHNOLOGYAlthough the Technology sector performed well this quarter with many topstocks setting new highs, the effect of the Brexit decision in the U.K. was feltnoticeably at the end of the quarter. Technology companies saw the brunt ofthe decline in the days after Brexit, with many stocks falling over 3% in oneday. Many of our technology clients have inquired about the short-term effectsof Brexit after seeing the impact on technology stocks, but there remainsuncertainty about the long-term effects of the decision as well. Although notalways obvious from the onset, we have seen historically that cooler headsusually prevail in the world of technology (at least eventually). Plus, mostmiddle-market technology companies do not have a large exposure to theUnited Kingdom. The only apparent effect of Brexit so far is that it may make iteven harder for technology companies to find talent, which has already been atough endeavor without the recent Brexit decision.

EVER-CHANGING WORLD OF ENTERPRISE TECHThe enterprise technology arena changed significantly this quarter withMicrosoft acquiring LinkedIn for $26 billion, one of the largest tech dealsannounced in 2016. As reported by Re/Code, LinkedIn had a total of fivesuitors including Google, Salesforce and Facebook. So what was so valuablethat five of the most influential technology companies would compete toacquire LinkedIn? According to Satya Nadella, Microsoft’s CEO, the deal isintended to combine the tools that workers use to get jobs done (i.e.,Microsoft Office) with the professional network that connects workers. Withover 433 million members, LinkedIn is one of the largest professional networksand provides key social data on Microsoft users. Integrating the MicrosoftOffice suite and the LinkedIn Professional network will pose an initial challenge,but if done successfully, Microsoft could achieve its dream of once againdominating the enterprise tech space.

Middle-market enterprise technology companies that have been challengingMicrosoft for business IT spend will need to look toward additional ways tostand out with proprietary data and information solutions. Many have tackledthis through integrating with key sources of information like a company’s CRMor ERP system.

2

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

Established in 2002, SDR Ventures hasdeveloped deep M&A and capitaltransaction knowledge and expertise.SDR offers transaction advisory, privatecapital formation and businessconsulting services across a wide rangeof industries. We serve business ownersand operators of privately heldcompanies and provide them with aprofessional-class experience.

ABOUT SDR

Transaction ActivityActive BuyersPublic BasketM&A Market ActivityAbout SDR Ventures

TECHNOLOGY CONTACTS

CONTENTS

Chris BouckPrincipal –Technology [email protected]

Anthony WongVice President –Technology [email protected]


mailto:[email protected]


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VERTICAL ENTERPRISE SOFTWARE & TECHNOLOGY – THE NEXT FRONTIER FOR MIDDLE-MARKET INVESTMENTAs the market for consumer technology matures, one of the largest opportunities for technology is in vertical-specific softwareand technology solutions. Horizontal software solutions that offer solutions across verticals have the benefit of very largeaddressable markets and a wide number of use cases, but oftentimes they struggle in the middle market where old systems andprocesses prevail. Vertical solutions, however, oftentimes take old processes and solutions, and modernize the software to makeit easier to use and provide more value to the customer. Due to the understanding of the customer in terms of adoption andimplementation, vertical-specific software has been a highly prioritized acquisition and investment ground for larger strategiccompanies and private equity groups. Most recently in Q2 2016, there were M&A transactions involving larger softwareconsolidators adding vertical solutions and private equity interest in middle-market vertical solutions.

3

The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all-inclusive. It is notto be construed as an offer or consultation of an offer to sell or buy any securities.

Date Target Buyer/Investor Vertical Focus Transaction Value EV/Revenue

5/28/16 Buildium, LLC Sumeru Equity Partners

Multifamily -Property Management

$65MM (Growth Capital) Undisclosed

5/16/16 Elynx Black Knight Financial Services

Financial Services Undisclosed Undisclosed

5/02/2016 OPower Oracle Energy & Utility $532MM 7.21x

4/28/16 Textura Corporation Oracle Construction $663MM 3.57x

Source: S&P Capital IQ


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Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC.

Date Target Buyer(s) SegmentAmount($ in Mil)

TEV/Rev

TEV/EBITDA

06/21/2016 Dematic Group S.à r.l. KION GROUP AG Supply Chain Software 3,250 1.81x 16.17x

06/13/2016 LinkedIn Corporation Microsoft Corporation Tech Conglomerates 29,351 8.15x 98.41x

06/12/2016 Blue Coat, Inc. Symantec Corporation IT Security 4,859 7.89x -

06/02/2016 Qlik Technologies, Inc. Thoma Bravo, LLC Data & Analytics 2,985 4.15x -

06/01/2016 Demandware, Inc. salesforce.com, inc. Enterprise Software 2,858 10.48x -

05/31/2016 Marketo, Inc. Vista Equity Partners Marketing Software 1,795 7.52x -

05/18/2016 inContact, Inc. NICE Ltd. Other SaaS 968 3.78x -

05/03/2016 IMS Health Holdings, Inc. Quintiles Transnational Holdings Inc.

Healthcare IT 13,549 4.30x 17.73x

05/02/2016 OPOWER, Inc. Oracle Corporation Enterprise Software 552 3.23x -

04/29/2016 TiVo Inc. Rovi Corporation Tech Conglomerates 1,881 2.52x 14.46x

04/28/2016 Textura Corporation Oracle Corporation Supply Chain Software 683 6.51x -

04/18/2016 Cvent, Inc. Vista Equity Partners Marketing Software 1,591 7.11x 225.25x

04/15/2016 J.D. Power and Associates, Inc. XIO Group IT Services 1,100 3.14x -

04/15/2016 Ancestry.com LLC Silver Lake; GIC Pte. Ltd. Other SaaS - 3.64x 9.93x

4

ACCESS FULL LISTNote: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

88

44 16

98

40 59

32 27 52 23

2 -

50 100 150

20 or more transactions

11-20 transactions

1-10 transactions

0 transactions

M&A TRANSACTIONS BY SEGMENT TRANSACTIONS BY TYPE

TRANSACTIONS BY LOCATION

M&A TRANSACTION ACTIVITY




Strategic88%

Financial12%





Financial Buyer Inv. Date Select Holdings

Vista Equity Partners 6/30/2016 • Ping Identity Corporation6/30/2016 • Vetafore, Inc.1/14/2016 • Fiverun Inc.1/14/2016 • Telarix, Inc.

Thoma Bravo, LLC 6/23/2016 • Bomgasr Corporation2/5/2016 • SolarWinds, Inc.1/5/2016 • Infogix, Inc.12/18/2015 • MarketLive, Inc.10/30/2015 • MedeAnalytics, Inc.

ScaleWorks 6/9/2016 • FollowUp.cc5/19/2016 • Assembla

Cloud Equity Group 5/31/2016 • Beachcomber Creations and Jiffynet and ServerRhino and Webolocity and NetLink

5/4/2016 • CloudAccess.net, LLC10/14/2015 • Virous Networks, Inc.3/4/2015 • Fresh Raoster Hosting LLC10/11/2014 • Just199 Hosting, LLC

Genstar Capital, LLC 6/30/2016 • Ping Identity Corporation6/1/2016 • HIS Inc. Operational Excellence and Risk Management Business5/18/2016 • Accruent, LLC6/30/2015 • All Web Leads., Inc.1/15/2015 • Telestream, Inc.

5

ACTIVE BUYERSMOST ACTIVE STRATEGIC BUYERS

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.

SELECT SPONSORS WITH ACTIVE PORTFOLIO HOLDINGSSource: S&P Capital IQ


Strategic Buyer Inv. Date Select Corporate Acquisitions

j2 Global, Inc. 6/30/2016 • Overvault, LLC6/30/2016 • 24sevenbackup4/1/2016 • Certain assets of Publicaster4/6/2016 • Certain assets of Electronic Vaulting Services3/31/2016 • Glabal Data Vault, LLC, Server Backup Asset

Microsoft Corporation 6/16/2016 • Wand Labs, Inc.6/13/2016 • LinkedIn5/3/2016 • Solair Srl3/18/2016 • Xamarin Inc.2/3/2016 • TouchType Limited1/19/2016 • TeacherGaming LLC, MinecraftEdu2/8/2016 • YOUR SL GmbH5/12/2016 • Implisit Insights Ltd.4/4/2016 • MetaMind Inc.2/29/2016 • TappingStone Inc.

You & Mr Jones Inc. 6/11/2016 • Automat5/26/2016 • Jivox Corporation4/29/2016 • Reach Labs, Inc.1/29/2016 • Beeswax, Inc. and GfyCat, Inc.1/29/2016 • 55 SAS

Oracle Corporation 6/14/2016 • OPOWER, Inc.6/10/2016 • Textura Corporation4/21/2016 • Crosswise, Ltd.3/11/2016 • Ravello Systems Inc.12/18/2015 • StackEngine, Inc.





PUBLIC BASKET

6


TECHNOLOGY SEGMENTS VS. S&P 500Running 12 Months

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

20%

6/30/2015 8/31/2015 10/31/2015 12/31/2015 2/29/2016 4/30/2016 6/30/2016

Enterprise Software Financial Technology Supply Chain Software

Human Capital Management Other SaaS Marketing Software

Healthcare IT Data Analytics IT Services

IT Security Hosting Data Center Tech Conglomerates

S&P 500 Source: S&P Capital IQ

ENTERPRISE SOFTWARE


Market Stats Operating Stats LTM Multiple NTM Multiple

Company Name SymbolMarket

Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev

TEV/ EBITDA P/E TEV/ NTM

RevenueTEV/ NTM

EBITDA

Oracle Corporation NYSE: ORCL $168,743 $41 1.8% 12.0% 2.5% 39.8% 4.2x 10.6x 23.6x 4.1x 9.2x

International Business Machines Corporation

NYSE: IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x

SAP SE NYSE: SAP $81,077 $75 (7.5%) (5.2%) 5.1% 28.2% 4.0x 14.4x NM NM 11.3x

Adobe Systems Incorporated

NASDAQ: ADBE $47,731 $96 (3.7%) 2.0% 21.1% 28.8% 8.5x 29.7x 68.6x 7.1x 18.6x

Intuit Inc. NASDAQ: INTU $28,558 $112 4.6% 15.7% 11.5% 30.5% 6.0x 19.8x 41.6x 5.6x 14.2x

Sage Group plc LSE: SGE $6,968 $6 5.3% 7.0% 7.6% 26.7% 4.9x 18.5x 32.7x 4.6x 15.6x

Constellation Software Inc.

TSX:CSU $10,596 $500 (6.2%) (13.3%) 13.3% 23.2% 4.3x 18.7x 54.3x 3.9x 15.1x

Open Text Corporation NASDAQ: OTEX $7,175 $59 0.8% 23.4% (1.4%) 30.5% 4.3x 14.1x 36.5x 3.9x 10.9x

TOTVS S.A. BOVESPA:TOTS3

$4,991 $31 3.1% (1.6%) 20.3% 17.2% 2.7x 15.8x 28.8x 2.3x 11.3x

Segment Average $55,727 -0.3% 5.6% 8.6% 0.3x 4.6x 16.8x 33.5x 3.7x 12.7x

Segment Median $43,170 -0.6% 7.0% 7.6% 0.3x 4.3x 15.8x 32.7x 4.0x 11.3x




Investment Banking and Securities Offered Through SDR Capital Markets, Inc., Member FINRA and SIPC. 7

FINANCIAL TECHNOLOGY


Source: S&P Capital IQSUPPLY CHAIN SOFTWARE




Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Fiserv, Inc. NASDAQ: FISV $24,174 $109 3.2% 18.9% 5.8% 30.8% 5.3x 15.6x 30.1x 5.0x 14.5x

MSCI Inc. NYSE: MSCI $7,442 $77 (3.3%) 6.9% 7.0% 46.5% 7.9x 16.9x 36.9x 7.3x 15.4x

Jack Henry & Associates Inc.

NASDAQ: JKHY $6,884 $87 3.4% 11.8% 6.9% 34.8% 5.2x 15.1x 33.6x 4.9x 14.2x

SS&C Technologies Holdings, Inc.

NASDAQ: SSNC $5,566 $28 (8.8%) (17.7%) 50.1% 32.7% 7.3x 22.4x 106.3x 5.2x 12.9x

Fidelity National Information Services, Inc.

NYSE: FIS $24,053 $74 (0.8%) 21.6% 42.0% 24.3% 4.8x 19.9x 36.3x 3.6x 11.8x

Black Knight Financial Services, Inc.

NYSE: BKFS $2,598 $38 7.4% 13.7% 9.4% 36.1% 5.4x 15.7x 205.7x 4.9x 11x

Bottomline Technologies (de), Inc.

NASDAQ: EPAY $881 $22 (14.1%) (27.6%) 3.2% 13.3% 2.6x 19.9x NM 2.6x 13.2x

Envestnet, Inc. NYSE: ENV $1,422 $33 (1.4%) 11.6% 38.4% 9.8% 3.7x 37.8x NM 2.7x 14.8x

Q2 Holdings, Inc. NYSE: QTWO $1,099 $28 12.2% 6.3% 35.7% (15.7%) 8.4x NM NM 6.3x NM

The Western Union Company

NYSE: WU $9,420 $19 (1.4%) 7.1% (0.4%) 25.2% 2.1x 8.3x 16.7x 2.1x 8.5x

American Express Company

NYSE: AXP $57,785 $61 (7.6%) (12.6%) (3.0%) 27.8% 1.9x 6.9x 11.5x 1.8x N/A

Visa Inc. NYSE: V $176,889 $74 (6.0%) (4.4%) 8.4% 68.2% 12.1x 18.0x 30.1x 10.8x 15.6x

MasterCard Incorporated

NYSE: MA $96,752 $88 (8.2%) (9.6%) 8.6% 56.6% 9.5x 16.8x 31.2x 8.7x 15.1x

Segment Average $31,920 -2.0% 2.0% 16.3% 30.0% 5.9x 17.8x 53.8x 5.1x 13.4x

Segment Median $7,442 -2.4% 6.9% 8.4% 30.8% 5.3x 16.9x 32.4x 4.9x 14.2x



Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Manhattan Associates, Inc.

NASDAQ:MANH $4,626 $64 (2.7%) (3.1%) 10.7% 31.8% 7.9x 25.7x 44.6x 7.2x 20.8x

Fleetmatics Group PLC NYSE: FLTX $1,696 $43 5.9% (14.7%) 20.8% 22.8% 5.2x 22.6x 87.0x 4.3x 12.6x

The Descartes Systems Group Inc

NASDAQ: DSGX $1,872 $19 (8.8%) (4.9%) 10.6% 32.5% 7.6x 23.5x NM NM 19.6x

Kinaxis Inc. TSX: KXS $1,278 $52 0.2% 10.6% 21.5% 26.9% 8.9x 33.1x 66.5x 7.6x 27.7x

SPS Commerce, Inc. NASDAQ: SPSC $1,023 $61 11.2% (13.7%) 21.7% 10.5% 5.4x 51.6x 195.4x 4.5x 32.4x

SciQuest, Inc. NASDAQ: SQI $491 $18 0.1% 36.2% 4.4% 8.9% 3.3x 37.6x 172.1x 3.2x 15.0x

American Software, Inc. NASDAQ: AMSW.A

$302 $10 8.7% 2.9% 3.6% 13.4% 2.0x 12.1x 33.1x 2.0x 11.4x

Segment Average $1,613 2.1% 1.9% 13.3% 0.2x 5.8x 29.5x 85.5x 4.1x 19.9x

Segment Median $1,278 0.2% -3.1% 10.7% 0.2x 5.4x 25.7x 66.5x 4.3x 19.6x





HUMAN CAPITAL MANAGEMENT


Source: S&P Capital IQOTHER SAAS




Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Paychex, Inc. NASDAQ: PAYX $21,427 $60 9.7% 12.5% 7.6% 42.7% 7.1x 16.7x 30.0x 6.6x 15.5x

Workday, Inc. NYSE: WDAY $14,710 $75 (1.5%) (6.3%) 33.7% (15.5%) 10.5x NM NM 7.9x 85.2x

The Ultimate Software Group, Inc.

NASDAQ: ULTI $6,072 $210 2.8% 7.6% 26.1% 9.7% 9.1x 93.0x 235.1x 7.3x 29.5x

Paycom Software, Inc. NYSE: PAYC $2,589 $43 6.8% 14.8% 43.3% 23.5% 9.8x 41.7x 78.0x 7.4x 32.7x

Cornerstone OnDemand, Inc.

NASDAQ: CSOD $2,096 $38 (4.9%) 10.2% 26.6% (16.1%) 5.6x NM NM 4.5x 48.4x

Paylocity Holding Corporation

NASDAQ: PCTY $2,204 $43 17.7% 6.5% 49.6% 2.3% 10.0x NM NM 7.7x 64.2x

Benefitfocus, Inc. NASDAQ: BNFT $1,120 $38 3.8% 4.8% 26.9% (22.3%) 5.7x NM NM 4.5x NM

Xactly Corporation NYSE: XTLY $386 $13 29.9% 50.2% 27.1% (21.0%) 4.4x NM NM 3.5x NM

Halogen Software Inc. TSX: HGN $183 $9 (7.6%) 18.9% 11.5% (4.4%) 1.6x NM NM 1.4x 51.8x

Segment Average $5,643 6.3% 13.2% 28.1% 0.0x 7.1x 50.5x 114.4x 5.6x 46.7x

Segment Median $2,204 3.8% 10.2% 26.9% 0.0x 7.1x 41.7x 78.0x 6.6x 48.4x



Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

ServiceNow, Inc. NYSE: NOW $10,819 $66 (7.3%) (23.3%) 36.1% (9.3%) 9.5x NM NM 7.1x 36.4x

NetSuite Inc. NYSE: N $5,856 $73 (8.2%) (14.0%) 30.4% (7.9%) 7.3x NM NM 5.6x 65.4x

Atlassian Corporation Plc

NASDAQ: TEAM $5,527 $26 14.8% (13.9%) 0.0% 3.3% 11.4x NM NM NM NM

Guidewire Software, Inc.

NYSE: GWRE $4,479 $62 5.2% 2.7% 10.2% 5.5% 9.5x 171.8x NM 8.7x 44.2x

Zendesk, Inc. NYSE: ZEN $2,420 $26 7.7% (0.2%) 45.1% (31.6%) 9.2x NM NM 6.6x NM

RealPage, Inc. NASDAQ:RP $1,787 $22 2.7% (0.5%) 22.1% 12.4% 3.8x 30.7x 190.8x 3.1x 14.74x

Xero Limited. NZSE:XRO $2,472 $18 1.2% (8.1%) 50.7% (40.6%) 11.0x NM NM 7.3x NM

Ebix Inc. NASDAQ: EBIX $1,569 $48 5.9% 46.1% 9.4% 37.3% 6.3x 17.0x 29.9x 5.7x 14.6x

LogMeIn, Inc. NASDAQ: LOGM

$1,586 $63 3.5% (5.5%) 22.0% 11.6% 4.9x 42.0x 154.8x 4.1x 15.9x

RingCentral, Inc. NYSE: RNG $1,426 $20 (0.1%) (16.4%) 23.0% (4.0%) 4.1x NM NM 3.4x 62.4x

Alarm.Com Holdings, Inc.

NASDAQ: ALRM $1,168 $26 20.9% 53.7% 15.6% 14.8% 4.7x 32.2x 52.4x 4.2x 24.2x

Cvent, Inc. NYSE: CVT $1,510 $36 (0.3%) 2.3% 23.1% 3.2% 6.7x 212.4x NM 5.5x 43.1x

inContact, Inc. NASDAQ: SAAS $865 $14 (0.2%) 45.2% 18.2% 0.6% 3.7x NM NM 3.2x 39.9x

MINDBODY, Inc. NASDAQ: MB $641 $16 20.5% 6.7% 35.2% (24.1%) 5.1x NM NM 3.9x NM

IntraLinks Holdings, Inc. NYSE: IL $375 $7 (17.1%) (28.3%) 7.9% 4.0% 1.5x 37.7x NM 1.4x 8.7x

Workiva Inc. NYSE: WK $560 $14 (1.0%) (22.3%) 24.3% (28.8%) 3.4x NM NM 2.8x NM

Instructure, Inc. NYSE: INST $521 $19 9.5% (8.7%) 49.7% (56.8%) 5.5x NM NM NM NM

Five9, Inc. NASDAQ: FIVN $617 $12 16.8% 36.8% 19.1% (6.8%) 4.4x NM NM 3.8x 283.8x

AppFolio, Inc. NASDAQ: APPF $486 $14 3.3% (1.0%) 36.9% (14.4%) 5.6x NM NM 4.3x NM

Castlight Health, Inc. NYSE: CSLT $421 $4 (5.9%) (7.3%) 33.5% (93.6%) 3.7x NM NM 2.8x NM

Model N, Inc. NYSE: MODN $367 $13 8.5% 19.6% 14.4% (22.2%) 3.0x NM NM 2.5x NM

Segment Average $2,165 3.8% 3.0% 25.1% -11.8% 5.9x 77.7x 107.0x 4.1x 46.7x

Segment Median $1,426 3.3% -1.0% 23.0% -6.8% 5.1x 37.7x 103.6x 3.9x 30.3x





MARKETING SOFTWARE


Source: S&P Capital IQHEALTHCARE IT




Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

salesforce.com, inc. NYSE:CRM $53,800 $79 (5.1%) 1.3% 24.6% 7.4% 7.6x 103.1x NM 6.2x 31.3x

Adobe Systems Incorporated

NasdaqGS:ADBE $47,731 $96 (3.7%) 2.0% 21.1% 28.8% 8.5x 29.7x 68.6x 7.1x 18.6x

Criteo SA NasdaqGS:CRTO $2,896 $46 2.3% 16.0% NM 9.0% 1.8x 19.6x 68.4x 3.4x 11.5x

HubSpot, Inc. NYSE:HUBS $1,517 $43 (9.1%) (22.9%) 42.2% (20.6%) 7.0x NM NM 5.1x NM

Marketo, Inc. NasdaqGS:MKTO

$1,568 $35 (1.2%) 21.3% 29.9% (23.8%) 6.5x NM NM 5.1x NM

Callidus Software Inc. NasdaqGM:CALD

$1,135 $20 7.7% 7.6% 20.5% (0.0%) 5.7x NM NM 4.7x 38.4x

Bazaarvoice, Inc. NasdaqGS:BV $329 $4 7.8% (8.4%) 1.1% (7.5%) 1.4x NM NM 1.4x 40.5x

ChannelAdvisor Corporation

NYSE:ECOM $369 $14 16.9% 4.6% 12.9% (6.7%) 3.0x NM NM 2.7x 137.9x

Segment Average $13,668 1.9% 2.7% 19.0% -1.7% 5.2x 50.8x 68.5x 4.5x 46.3x

Segment Median $1,543 0.6% 3.3% 20.8% -3.3% 6.1x 29.7x 68.5x 4.9x 34.8x



Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Cerner Corporation NasdaqGS:CERN $19,812 $59 5.4% (2.6%) 11.5% 27.9% 4.4x 15.9x 36.2x 3.9x 11.6x

athenahealth, Inc. NasdaqGS:ATHN $5,419 $138 8.8% (14.3%) 19.7% 8.4% 5.8x 70.9x NM 4.8x 22.9x

Veeva Systems Inc. NYSE:VEEV $4,598 $34 3.6% 18.3% 26.5% 19.9% 9.4x 47.4x 96.9x 7.6x 26.8x

Inovalon Holdings, Inc. NasdaqGS:INOV $2,745 $18 (3.1%) 5.9% 17.8% 28.0% 5.1x 18.3x 43.5x 4.3x 12.7xAllscripts Healthcare Solutions, Inc.

NasdaqGS:MDRX $2,376 $13 (5.9%) (17.4%) 12.9% 8.9% 2.1x 24.0x 271.6x 1.8x 9.5x

Medidata Solutions, Inc. NasdaqGS:MDSO $2,682 $47 2.0% (4.9%) 17.8% 12.2% 6.5x 59.5x 222.2x 5.4x 23.3x

Press Ganey Holdings, Inc. NYSE:PGND $2,080 $39 15.6% 24.7% 13.9% 9.4% 6.7x 70.9x NM 5.9x 15.5x

HMS Holdings Corp. NasdaqGS:HMSY $1,482 $18 6.6% 42.7% 2.8% 18.7% 3.2x 17.0x 59.1x 3.1x 12.7x

Quality Systems Inc. NasdaqGS:QSII $726 $12 (6.3%) (26.1%) 4.5% 11.6% 1.6x 13.9x 27.6x 1.6x 8.3x

Imprivata, Inc. NYSE:IMPR $355 $14 3.0% 23.9% 16.6% (14.1%) 2.4x NM NM 2.1x NM

Segment Average $4,227 3.0% 5.0% 14.4% 13.1% 4.7x 37.5x 108.1x 4.1x 15.9x

Segment Median $2,529 3.3% 1.7% 15.3% 11.9% 4.8x 24.0x 59.1x 4.1x 12.7x





IT SERVICES




IT SECURITY



Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA


NYSE:IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x

Accenture plc NYSE:ACN $70,528 $113 (4.8%) 8.4% 5.7% 16.8% 2.1x 12.5x 28.2x 1.9x 11.7x

Cognizant Technology Solutions Corporation

NasdaqGS:CTSH $34,680 $57 (6.8%) (4.6%) 10.9% 20.0% 2.5x 12.3x 25.0x 2.2x 10.6x

CGI Group Inc. TSX:GIB.A $16,585 $55 (10.0%) (0.4%) 4.3% 17.1% 1.7x 10.2x 19.5x 1.7x 9.0x

Booz Allen Hamilton Holding Corporation

NYSE:BAH $4,392 $30 1.3% (3.9%) 3.9% 9.4% 1.1x 11.5x 18.7x 1.0x 10.5x

Leidos Holdings, Inc. NYSE:LDOS $3,479 $48 (3.1%) (14.9%) 1.8% 8.6% 0.8x 8.8x 15.6x 0.7x 8.9x

Teradata Corporation NYSE:TDC $3,259 $25 (11.5%) (5.1%) (9.5%) 15.2% 1.2x 7.9x 19.2x 1.3x 5.1x

EPAM Systems, Inc. NYSE:EPAM $3,258 $64 (15.9%) (18.2%) 27.3% 15.2% 3.1x 20.5x 39.9x 2.5x 13.9x

Interxion Holding NV NYSE:INXN $2,598 $37 (1.5%) 22.3% 9.3% 42.5% 7.0x 16.6x 64.4x 6.6x 14.5x

CACI International Inc. NYSE:CACI $2,199 $90 (10.3%) (2.6%) 12.5% 9.3% 1.0x 11.3x 15.6x 0.9x 10.2x

ManTech International Corporation

NasdaqGS:MANT

$1,426 $38 5.3% 25.1% 4.8% 7.6% 0.9x 11.5x 26.2x 0.8x 10.8x

Virtusa Corporation NasdaqGS:VRTU $864 $29 (18.0%) (30.1%) 49.5% 10.3% 1.7x 16.3x 24.0x 1.1x 12.6x

The Hackett Group, Inc. NasdaqGS:HCKT $398 $14 (5.1%) (13.7%) 8.6% 12.4% 1.6x 12.9x 29.0x 1.3x 8.8x

Unisys Corporation NYSE:UIS $364 $7 (13.7%) (34.1%) (6.7%) 5.0% 0.1x 2.2x 6.8x 0.1x 1.7x

ServiceSource International, Inc.

NasdaqGS:SREV $344 $4 8.3% (12.6%) 1.4% (5.9%) 1.1x NM NM 1.1x 58.2x

Segment Average $24,081 -6.4% -1.1% 9.8% 16.2% 2.1x 12.4x 26.0x 1.9x 10.5x

Segment Median $3,258 -5.1% -4.6% 4.8% 12.4% 1.6x 11.5x 21.7x 1.3x 10.5x



Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Cisco Systems, Inc. NasdaqGS:CSCO $144,302 $29 (1.2%) 5.7% 0.0% 29.8% 2.2x 7.4x 17.9x 2.2x 7.5x

Palo Alto Networks, Inc. NYSE:PANW $10,989 $123 (6.0%) (30.4%) 47.4% (11.1%) 8.2x NM NM 6.1x 27.3x

Symantec Corporation NasdaqGS:SYMC $12,642 $21 18.3% (2.2%) 10.8% 24.8% 2.5x 9.9x 41.7x 2.5x 6.9x

VeriSign, Inc. NasdaqGS:VRSN $9,379 $86 1.2% (1.0%) 7.4% 63.6% 8.6x 13.6x 35.8x 8.1x 11.8x

Fortinet Inc. NasdaqGS:FTNT $5,423 $32 (7.7%) 1.3% 25.9% 5.0% 4.1x 83.2x NM 3.4x 17.7x

FireEye, Inc. NasdaqGS:FEYE $2,740 $16 3.5% (20.6%) 27.3% (61.7%) 3.8x NM NM 3.0x NM

Cheetah Mobile Inc. NYSE:CMCM $1,353 $10 (11.8%) (40.7%) 17.7% 9.3% 1.8x 19.9x 61.9x 1.7x 16.2x

Check Point Software Technologies Ltd.

NasdaqGS:CHKP $13,663 $80 (6.2%) (2.1%) 7.2% 51.0% 7.4x 14.3x 26.2x 6.9x 12.5x

Gemalto NV ENXTAM: GTO $4,876 $55 (0.3%) (0.9%) 2.6% 14.9% 1.7x 11.2x 28.4x 1.6x 8.6x

Trend Micro Inc. TSE: 4704 $499,543 $3,645 (9.3%) (26.1%) 9.1% 31.9% 3.0x 9.4x 24.5x 2.6x 9.1x

Proofpoint, Inc. NasdaqGM:PFPT $2,618 $63 7.6% (3.0%) 36.8% (23.4%) 8.9x NM NM 6.8x 126.7x

Imperva Inc. NYSE:IMPV $1,388 $43 12.7% (32.1%) 19.0% (19.1%) 4.5x NM NM 3.5x 56.4x

CyberArk Software, Ltd. NasdaqGS:CYBR $1,631 $49 7.0% 7.6% 31.1% 20.1% 7.9x 39.4x 84.2x 6.3x 29.3x

AVG Technologies N.V. NYSE:AVG $965 $19 (1.2%) (5.3%) 2.9% 29.6% 2.5x 8.4x 25.0x 2.4x 6.7x

Qualys, Inc. NasdaqGS:QLYS $1,041 $30 (4.4%) (9.9%) 20.4% 24.6% 4.8x 19.7x 64.1x 4.1x 12.71x

Rapid7, Inc. NasdaqGM:RPD $528 $13 (2.1%) (16.9%) 37.8% (39.3%) 3.6x NM NM 2.8x NM

Mimecast Limited NasdaqGS:MIME $543 $10 19.3% 4.3% 21.3% 5.6% 3.1x 55.8x NM NM NM

Varonis Systems, Inc. NasdaqGS:VRNS $630 $24 (1.2%) 27.8% 23.5% (12.3%) 3.8x NM NM 3.2x NM

Segment Average $39,681 1.0% -8.0% 19.3% 8.0% 4.6x 24.3x 41.0x 3.7x 23.3x






HOSTING/DATA CENTERS





Company Name Symbol

Market Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Equinix, Inc. NasdaqGS:EQIX $26,920 $388 7.1% 28.2% 32.3% 41.3% 11.4x 27.7x 175.8x 9.0x 19.3x

Digital Realty Trust Inc. NYSE:DLR $16,002 $109 14.2% 44.1% 18.7% 50.0% 12.5x 25.0x 135.6x 11.0x 19.5x

Akamai Technologies, Inc. NasdaqGS:AKAM $9,821 $56 2.5% 6.3% 7.6% 31.2% 4.3x 13.8x 35.1x 4.0x 9.8x

DuPont Fabros Technology, Inc.

NYSE:DFT $3,521 $48 12.4% 49.5% 14.5% 59.6% 12.0x 20.1x 37.6x 10.2x 16.3x

CoreSite Realty Corporation

NYSE:COR $2,706 $89 16.9% 56.4% 19.2% 49.0% 9.9x 20.2x 130.0x 8.5x 16.2x

QTS Realty Trust, Inc. NYSE:QTS $2,673 $56 8.3% 24.1% 29.0% 36.2% 10.8x 29.8x 211.2x 8.9x 19.4x

Rackspace Hosting, Inc. NYSE:RAX $2,621 $21 (16.6%) (17.6%) 5.5% 27.7% 1.3x 4.8x 22.9x 1.3x 3.8x

GoDaddy Inc. NYSE:GDDY $2,557 $31 (4.1%) (2.7%) 14.3% 9.3% 2.0x 22.0x 169.1x 1.8x 7.9x

Extreme Networks Inc. NasdaqGS:EXTR $355 $3 (8.1%) (16.9%) (4.3%) 4.3% 0.6x 14.0x NM 0.6x 5.8x

Segment Average $7,464 3.6% 19.0% 15.2% 34.3% 7.2x 19.7x 114.7x 6.1x 13.1x

Segment Median $2,706 7.1% 24.1% 14.5% 36.2% 9.9x 20.2x 132.8x 8.5x 16.2x

TECH CONGLOMERATESMarket Stats Operating Stats LTM Multiple NTM Multiple


Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Alphabet Inc. NASDAQ:GOOGL $479,090 $704 (6.1%) (9.6%) 16.3% 32.7% 5.3x 16.2x 37.6x 4.6x 11.3x

Microsoft Corporation NasdaqGS:MSFT $402,220 $51 (3.5%) (7.8%) 2.2% 32.7% 4.0x 11.8x 29.0x 3.7x 10.0x

Oracle Corporation NYSE:ORCL $168,743 $41 1.8% 12.0% 2.5% 39.8% 4.2x 10.6x 23.6x 4.1x 9.2x

Cisco Systems, Inc. NasdaqGS:CSCO $144,302 $29 (1.2%) 5.7% 0.0% 29.8% 2.2x 7.4x 17.9x 2.2x 7.5x


NYSE:IBM $145,703 $152 (1.3%) 10.3% (2.6%) 22.4% 2.2x 9.3x 15.5x 2.2x 8.4x

SAP SE DB:SAP $81,077 $68 (7.2%) (8.4%) 5.1% 28.2% 4.0x 14.4x 26.8x 3.8x 11.3x

EMC Corporation NYSE:EMC $53,108 $27 (2.8%) 5.8% (0.6%) 19.5% 2.1x 10.7x 27.7x 2.1x 7.3x

salesforce.com, inc. NYSE:CRM $53,800 $79 (5.1%) 1.3% 24.6% 7.4% 7.6x 103.1x NM 6.2x 31.3x

Segment Average $191,006 -3.2% 1.2% 5.9% 26.6% 3.9x 22.9x 25.5x 3.6x 12.0x

Segment Median $145,003 -3.1% 3.5% 2.3% 29.0% 4.0x 11.3x 26.8x 3.7x 9.6x






DATA ANALYTICS




Cap($ in Mil)

PriceStock Price

Quarter Change

YTD Change

Est. Revenue Growth

EBITDAMargin

TEV/ Rev


RevenueTEV/ NTM

EBITDA

Splunk, Inc. NasdaqGS:SPLK $7,199 $54 (5.7%) (7.9%) 34.2% (39.9%) 8.5x NM NM 6.5x 80.0x

Teradata Corporation NYSE:TDC $3,259 $25 (11.5%) (5.1%) (9.5%) 15.2% 1.2x 7.9x 19.2x 1.3x 5.1x

Tableau Software, Inc. NYSE:DATA $3,639 $49 (4.9%) (48.1%) 29.7% (8.4%) 4.1x NM NM 3.2x 25.4x

Inovalon Holdings, Inc. NasdaqGS:INOV $2,745 $18 (3.1%) 5.9% 17.8% 28.0% 5.1x 18.3x 43.5x 4.3x 12.7x

Qlik Technologies, Inc. NasdaqGS:QLIK $2,806 $30 3.1% (6.6%) 15.8% 0.6% 3.9x NM NM 3.3x 30.3x

Verint Systems Inc. NasdaqGS:VRNT $2,061 $33 0.4% (18.3%) (1.1%) 10.9% 2.2x 20.2x NM 2.1x 9.6x

MicroStrategy Inc. NasdaqGS:MSTR $2,000 $175 (6.2%) (2.4%) (0.6%) 27.4% 2.8x 10.2x 25.1x 2.7x 8.4x

Pegasystems Inc. NasdaqGS:PEGA $2,057 $27 2.2% (2.0%) 17.0% 12.9% 2.6x 20.5x 51.7x 2.3x 16.3x

Hortonworks, Inc. NasdaqGS:HDP $617 $11 (8.5%) (51.2%) 57.0% (140.1%) 3.5x NM NM 2.4x NM

PROS Holdings, Inc. NYSE:PRO $528 $17 24.6% (24.3%) (10.2%) (29.8%) 3.0x NM NM 3.2x NM

Segment Average $2,691 -1.0% -16.0% 15.0% -12.3% 3.7x 15.4x 34.9x 3.1x 23.5x






Source: GF Data*

*The most current source of GF Data is as of March 31, 2016, and lags one quarter behind the current quarter.Source: GF Data*


CAPITAL STACKOVERALL U.S. LOWER MIDDLE MARKET M&A ACTIVITY

M&A ACTIVITY

TRANSACTION MULTIPLESEBITDA Multiples By Transaction Size

34.3% 39.5% 40.1% 43.7% 37.9%

17.1% 13.1% 18.0% 16.5% 17.3%

48.0% 47.4% 41.9% 39.8% 44.9%

38.2% 35.6% 37.3% 44.1% 39.2%

16.4% 11.0% 14.7% 10.7% 19.6%

45.4% 53.3% 48.0% 45.3% 41.2%

36.6% 37.6% 36.5% 41.8% 36.3%

15.0% 13.1% 12.0% 11.5%18.5%

48.5% 49.3% 51.4% 46.8% 55.2%

0%

20%

40%

60%

80%

100%

2012 2013 2014 2015 2016

Senior Debt Sub Debt Equity

$0

$20,000

$40,000

$60,000

$80,000

$100,000

$120,000

$140,000

1,000 1,200 1,400 1,600 1,800 2,000 2,200 2,400 2,600 2,800

2015 Q2 2015 Q3 2015 Q4 2016 Q1 2016 Q2

Cap

ital Invested ($m

m)

Dea

ls C

lose

d

Deals Closed Capital Invested

5.3x5.8x 5.9x

5.4x5.9x

6.5x6.4x 6.2x6.8x 6.6x 6.7x

6.1x

7.5x6.7x 6.8x

8.6x

7.5x6.9x

7.7x 7.4x 7.5x 7.8x

9.0x

7.7x

0.0x

3.0x

6.0x

9.0x

2011 2012 2013 2014 2015 YTD 2016

$10-25mm $25-50mm $50-100mm $100-250mm





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STRATEGIC SALESCAPITAL

FORMATION

CONTACT USChris BouckPrincipal –Technology [email protected]

Anthony WongVice President –Technology [email protected]

PRIVATE CAPITAL FORMATIONSELL-SIDE ADVISORY

BUY-SIDE ADVISORY STRATEGIC CONSULTING

Enterprise Software Financial Technology Supply Chain Software Human Capital Management Other SaaS Marketing Software

Healthcare IT Data Analytics IT Services IT Security Hosting Data Center Tech Conglomerates







Date Target Buyer(s) Segment Amount ($ in Mil)

TEV/Rev

TEV/EBITDA

06/30/2016 Mincron SBC Corporation Kerridge Commercial Systems Limited Enterprise Software - - -

06/30/2016 Zentri Inc. Buddy Platform Ltd. (ASX:BUD) Enterprise Software25.7

- -

06/30/2016 Bloom Health Corp. Empyrean Benefit Solutions, Inc. Enterprise Software - - -

06/30/2016 Higher One Holdings, Inc. (NYSE:ONE) Blackboard Inc. Financial Technology294.57

-1.71

06/30/2016 Healthiest You Corporation Teladoc, Inc. (NYSE:TDOC) Healthcare IT155.81

-15.58

06/30/2016 Sicoir Computer Technologies, Inc Eagle Communications, Inc. Healthcare IT - - -

06/30/2016 CodeBaby Corporation Intelligent Digital Avatars, Inc. Other SaaS - - -

06/30/2016 Zaption Inc. Workday, Inc. (NYSE:WDAY) Other SaaS - - -

06/29/2016 Vibrant Data, Inc. Slice Technologies, Inc. Data & Analytics - - -

06/29/2016 Wize Services, Inc. Wizeline, Inc. Enterprise Software - - -

06/29/2016 Ecocion, Inc. Intelex Technologies Inc. Enterprise Software - - -

06/29/2016 Cymbel Corporation The Pinnacle Group Financial Technology - - -

06/29/2016 H-Card, LLC Global Healthcare Exchange, LLC Healthcare IT - - -

06/29/2016 Incognito Software, Inc., Networking Assets of former Active Broadband

CenturyLink, Inc. (NYSE:CTL) Infrastructure/Hosting - - -

06/29/2016 ARRIS International plc., Whole Home Solution Platform

Espial Group, Inc. (TSX:ESP) Infrastructure/Hosting - - -

06/29/2016 Mobile Active Defense, Inc. Cyber adAPT, Inc. IT Security - - -

06/29/2016 HiAlgo Inc. Advanced Micro Devices, Inc. (NasdaqCM:AMD)

Other SaaS - - -

06/28/2016 Patent River, Inc. Anaqua, Inc. Data & Analytics - - -

06/28/2016 aboutLife, Inc. NerdWallet, Inc. Financial Technology - - -

06/28/2016 ChartLogic, Inc. Medsphere Systems Corporation Healthcare IT - - -

06/28/2016 SharpSpring, Inc., SMTP Relay Business The Electric Mail Company Inc. Infrastructure/Hosting15.0

- -

06/28/2016 CloudLock, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) IT Security 293.0

- -

06/28/2016 GoChime, Inc. Bounce Exchange LLC Marketing Software - - -

06/28/2016 Predictix LLC Infor (US), Inc. Other SaaS125.0

- -

06/27/2016 Orchestro, Inc. E2open, Inc. Data & Analytics - - -

06/27/2016 iLab Solutions, LLC Agilent Technologies, Inc. (NYSE:A) Enterprise Software - - -

06/27/2016 MeYou Health, Inc. California Physicians' Service, Inc.; Ballast Point Ventures

Healthcare IT - - -

06/27/2016 Rolltech, Inc. Sports Challenge Network, LLC Other SaaS - - -

06/27/2016 Skout, Inc. MeetMe, Inc. (NasdaqCM:MEET) Other SaaS54.58

- -

06/24/2016 Badgeville, Inc. Callidus Software Inc. (NasdaqGM:CALD) Enterprise Software7.5

- -

06/24/2016 Rightside Group, Ltd., Generic Top Level Domains and Related Assets

Donuts Inc. Infrastructure/Hosting70.0

- -

06/24/2016 Slide Network Inc. Raise Marketplace Inc. Other SaaS - - -

06/23/2016 1Spatial Inc. 1Spatial Holdings plc Data & Analytics 1.63

- -

06/23/2016 SiiLA Investors, LLC Real Capital Analytics, Inc. Data & Analytics - - -

06/23/2016 EOIR Technologies, Inc. Arlington Capital Partners Enterprise Software - - -

06/23/2016 PMW Technologies Inc. SnagAJob.com, Inc. Enterprise Software - - -

06/23/2016 Bomgar Corporation Thoma Bravo, LLC IT Security - - -

06/23/2016 Efficient Collaborative Retail Marketing Company, LLC

Snow Phipps Group, LLC Marketing Software - - -

06/23/2016 Dynamic Webtools, LLC - Other SaaS0.015

- -

06/23/2016 Lucida Labs, Inc. Tradeshift Inc. Other SaaS - - -

06/23/2016 FishingCrew and Ryple Outdoor InSite, LLC Other SaaS - - -

Q2 2016 TRANSACTION ACTIVITY

15

Note: These data represent recorded transactions only, and are not all-inclusive. Nevertheless, they are typically representative of the industry.Source: S&P Capital IQ






TEV/Rev

TEV/EBITDA

06/23/2016 iControl Networks, Inc., Networks Division Comcast Corporation (NasdaqGS:CMCS.A) Other SaaS - - -

06/23/2016 G3G, Inc. TriCore Solutions, LLC Other SaaS - - -

06/22/2016 Digital Asset Holdings, LLC ASX Limited (ASX:ASX) Financial Technology7.16

- -

06/22/2016 Motivity Solutions, Inc. Black Knight Financial Services, Inc. (NYSE:BKFS)

Financial Technology - - -

06/22/2016 CenterWatch, LLC WIRB - Copernicus Group, Inc. Healthcare IT - - -

06/22/2016 Webpass, Inc. Google Fiber Inc. Infrastructure/Hosting - - -

06/22/2016 Socure Inc. Santander UK plc, Investment Arm IT Security - - -

06/22/2016 ROXIMITY, Inc. Verve Wireless, Inc. Marketing Software - - -

06/22/2016 Uptown Labs, Inc. Pinterest, Inc. Other SaaS - - -

06/21/2016 OpenWhere, Inc. Spaceflight Industries, Inc. Data & Analytics - - -

06/21/2016 Educator's Assessment Data Management System

IO Education, LLC Enterprise Software - - -

06/21/2016 GOFACTORY Inc. Space Time Insight, Inc. Enterprise Software - - -

06/21/2016 Sharp BancSystems, Inc. Nymbus, Inc. Financial Technology - - -

06/21/2016 Mobilend, Inc. Kuber Financial, LLC Financial Technology - - -

06/21/2016 VOYAT Inc. Intent Media, Inc. Marketing Software - - -

06/21/2016 MassageNow Zeel Networks, Inc. Other SaaS - - -

06/21/2016 Simutronics Corporation Stillfront Group AB (publ) (OM:SF) Other SaaS2.73

- -

06/21/2016 TheEcoAppCompany Global Clean Energy, Inc. (OTCPK:GCEI) Other SaaS - - -

06/21/2016 Dextrys, Inc. EPAM Systems, Inc. (NYSE:EPAM) Other SaaS - - -

06/21/2016 Dematic Group S.à r.l. KION GROUP AG (XTRA:KGX) Supply Chain Software3,250.0 16.17 1.81

06/21/2016 Telogis, Inc. Verizon Telematics, Inc. Supply Chain Software - - -

06/20/2016 Capstone Technology Corporation Spectris plc (LSE:SXS) Enterprise Software22.5

- -

06/20/2016 ClientRunner Software, Inc. Next Gear Solutions, Inc. Enterprise Software - - -

06/20/2016 Actio Software Corporation Enviance, Inc. Enterprise Software - - -

06/20/2016 Consilium, LLC GFAR Health Services, LLC Financial Technology - - -

06/20/2016 Equity Brick, LLC MassVenture Inc. Financial Technology - - -

06/20/2016 HP Inc., Customer Communications Management and Other Assets

Open Text Corporation (NasdaqGS:OTEX) Infrastructure/Hosting315.0

- -

06/20/2016 Capone Strategies Incorporated Villa di Strategies 214, Inc. Marketing Software - - -

06/20/2016 Binpress Inc. CodersClan Other SaaS - - -

06/20/2016 ShippingEasy, Inc. Stamps.com Inc. (NasdaqGS:STMP) Supply Chain Software55.0

- -

06/17/2016 Eye-Fi, Inc, Eyefi Cloud Ricoh Innovations Corporation Data & Analytics - - -

06/17/2016 PersonaDrive Inc. McorpCX, Inc. (OTCPK:MCCX) Enterprise Software - - -

06/17/2016 MERSCORP Holdings, Inc. Intercontinental Exchange, Inc. (NYSE:ICE) Financial Technology - - -

06/16/2016 Optimal Blue LLC GTCR, LLC Financial Technology - - -

06/16/2016 Klik Technologies, Corp. Checkalt Payment Solutions, Inc. Financial Technology - - -

06/16/2016 Spark Gift Sales LLC Stockpile Financial Technology - - -

06/16/2016 Consulting Solutions International, Inc. White Wolf Capital LLC Other SaaS - - -

06/16/2016 Wand Labs, Inc. Microsoft Corporation (NasdaqGS:MSFT) Other SaaS - - -

06/15/2016 Navicure, Inc. Bain Capital Private Equity Healthcare IT - - -

06/15/2016 Auditz LLC TransUnion (NYSE:TRU) Healthcare IT - - -

06/15/2016 Heirloom Technology, Inc. Mylestoned Inc. Other SaaS - - -

06/15/2016 Fleksy, Inc. Pinterest, Inc. Other SaaS - - -

06/15/2016 vRide, Inc. Enterprise Holdings, Inc. Other SaaS - - -

06/15/2016 Fixed, Inc. Lawgix International, Inc. Other SaaS - - -

06/15/2016 Joyent, Inc. Samsung Electronics Co. Ltd. (KOSE:A005930) Supply Chain Software - - -

Q2 2016 TRANSACTION ACTIVITY (CONTINUED)

16








TEV/Rev

TEV/EBITDA

06/14/2016 Mobile Defense Inc. - Data & Analytics - - -

06/14/2016 Care At Hand, Inc. Mindoula Health, Inc. Data & Analytics - - -

06/14/2016 Toolworx Information Products, Inc. RACO Industries LLC Data & Analytics - - -

06/14/2016 PageScience Inc. AccentHealth, LLC Data & Analytics - - -

06/14/2016 BrilliantRetail Vector Media Group Inc. Enterprise Software - - -

06/14/2016 ElasticBox Inc. CenturyLink, Inc. (NYSE:CTL) Enterprise Software - - -

06/14/2016 inquus corporation Brainly, Inc. Enterprise Software - - -

06/14/2016 Columbia Ultimate, Inc. Ontario Systems, LLC Financial Technology - - -

06/14/2016 AccuCore Group LLC mTuitive, Inc. Healthcare IT - - -

06/14/2016 Forensiq LLC Impact Radius, Inc. IT Security - - -

06/14/2016 QuadMetrics Inc. Fair Isaac Corporation (NYSE:FICO) IT Security - - -

06/14/2016 Syslogic Technical Services Inc. Incedo Inc. Marketing Software - - -

06/14/2016 Algorithmic Implementations, Inc. Freedom Scientific Inc. Other SaaS - - -

06/13/2016 Tropics, An Insurity Company Insurity, Inc. Enterprise Software - - -

06/13/2016 DoApp, Inc. Newscycle Solutions, Inc. Enterprise Software - - -

06/13/2016 KMR Inc. Nymbus, Inc. Enterprise Software - - -

06/13/2016 MedHOK, Inc. The Hearst Corporation Healthcare IT - - -

06/13/2016 Online Business Applications, Inc. Anju Software, Inc. Healthcare IT - - -

06/13/2016 Oceans Edge, Inc., Cyber Business ManTech International Corporation (NasdaqGS:MANT)

Infrastructure/Hosting - - -

06/13/2016 Arkin Net Inc. VMware, Inc. (NYSE:VMW) IT Security - - -

06/13/2016 Portadi, Inc. OneLogin, Inc. Other SaaS - - -

06/13/2016 LinkedIn Corporation (NYSE:LNKD) Microsoft Corporation (NasdaqGS:MSFT) Tech Conglomerates29,350.56 98.41 8.15

06/12/2016 Blue Coat, Inc. Symantec Corporation (NasdaqGS:SYMC) IT Security 4,858.81

-7.89

06/11/2016 Automat You & Mr Jones Inc Marketing Software - - -

06/10/2016 iPremise, LLC Nexus Technologies, Inc. Infrastructure/Hosting - - -

06/10/2016 OneHopWeb Blue Bell Web Hosting, LLC Infrastructure/Hosting - - -

06/10/2016 iStream Network, Inc. Cleartronic, Inc (OTCPK:CLRI) Other SaaS - - -

06/09/2016 True Clarity Consulting LLC Server Suites LLC Enterprise Software - - -

06/09/2016 Performa Apps LLC Priority Software Ltd. Financial Technology - - -

06/09/2016 HGS Colibrium, Inc. Hinduja Global Solutions Limited (BSE:532859) Healthcare IT - - -

06/09/2016 Gainspeed, Inc. Nokia Corporation (HLSE:NOKIA) Infrastructure/Hosting - - -

06/09/2016 FollowUp.cc Scaleworks Associates Other SaaS - - -

06/09/2016 Quadrant Software, Inc. Fresche Solutions Inc. Other SaaS - - -

06/09/2016 Digital Funk Machine, LLC. Digital Domain Holdings Limited (SEHK:547) Other SaaS - - -

06/09/2016 Active Broadband Networks Inc., Operations Support Systems solutions business

Incognito Software, Inc. Other SaaS - - -

06/08/2016 Advanced Public Safety, Inc. Aptean, Inc. Enterprise Software - - -

06/08/2016 Concergent IT, LLC Underground Vaults & Storage, Inc. Financial Technology - - -

06/08/2016 Smaato Inc. Spearhead Integrated Marketing Communication Group (SZSE:300071)

Marketing Software148.0

- -

06/08/2016 Renren Inc., Games Business - Other SaaS - - -

06/08/2016 Jobr, Inc. Monster Worldwide, Inc. (NYSE:MWW) Other SaaS - - -

06/08/2016 Invoiceware International LLC Sovos Compliance, LLC Other SaaS - - -

06/07/2016 American Property Guard, LLC LERETA, LLC Data & Analytics - - -

06/07/2016 Maximum Processing Inc. Sapiens International Corporation N.V. (NasdaqCM:SPNS)

Financial Technology - - -

06/07/2016 ConnectedHealth, LLC Connecture, Inc. (NasdaqGM:CNXR) Healthcare IT6.58

- -


17








TEV/Rev

TEV/EBITDA

06/07/2016 AccelOps, Inc. Fortinet Inc. (NasdaqGS:FTNT) IT Security 32.0

- -

06/07/2016 Business Products Group, Inc. Jones Lang LaSalle Incorporated (NYSE:JLL) IT Services - - -

06/07/2016 Northstar Travel Group, LLC Wasserstein & Co.; John Hancock Advisers, LLC; Storebrand Insurance Group

Marketing Software - - -

06/07/2016 Elemica, Inc. Thoma Bravo, LLC Supply Chain Software - - -

06/06/2016 The Fidelis Group, LLC Aspen Technology, Inc. (NasdaqGS:AZPN) Data & Analytics - - -

06/06/2016 Haiku Learning Systems, Inc. PowerSchool Group LLC Enterprise Software - - -

06/06/2016 SDN Communications, Phone/data Equipment Division and Cloud Contact Center Platform

EarthBend LLC Enterprise Software - - -

06/06/2016 BitQuick.co Athena Bitcoin, Inc. Financial Technology - - -

06/06/2016 InfoReach, Inc. Cameo Global, Inc. Financial Technology - - -

06/06/2016 BNN Holdings Corp. NuVasive, Inc. (NasdaqGS:NUVA) Healthcare IT98.0

-1.96

06/06/2016 IMI Health Inc. Centauri Health Solutions, Inc. Healthcare IT - - -

06/06/2016 Whale Interests LLC, 360,000 Square Foot Data Center in Piscataway

QTS Realty Trust, Inc. (NYSE:QTS) Infrastructure/Hosting125.0

- -

06/06/2016 Semtech Corporation, Snowbush IP Rambus Inc. (NasdaqGS:RMBS) Infrastructure/Hosting25.29

- -

06/06/2016 AssureTec Technologies, Inc. Acuant Inc. IT Security - - -

06/03/2016 Resource Navigation Inc. HR Knowledge, Inc. Enterprise Software - - -

06/03/2016 Interactive Ideas LLC Condeco Software Inc. Enterprise Software - - -

06/03/2016 Integratec Services LLC MRI Software LLC Financial Technology - - -

06/03/2016 inAssist Health Management Solutions, Portion Of Corporate Employee Benefits Business

Bolton & Company Inc. Healthcare IT - - -

06/03/2016 22,000 sq ft Datacenter in Los Angeles M-Theory Group, LLC Infrastructure/Hosting - - -

06/02/2016 Qlik Technologies, Inc. (NasdaqGS:QLIK) Thoma Bravo, LLC Data & Analytics 2,984.83

-4.15

06/02/2016 Omega Data, LLC CopperHill Consulting, LLC Data & Analytics - - -

06/02/2016 GPIO Inc. Surface Ink Ltd. Data & Analytics - - -

06/02/2016 Superfeedr A Medium Corporation Data & Analytics - - -

06/02/2016 Linoma Software Inc. HelpSystems, LLC Enterprise Software - - -

06/02/2016 Incentive Logic, Inc. Augeo Affinity Marketing Inc. Marketing Software - - -

06/02/2016 OEConnection LLC Providence Equity Partners LLC Other SaaS - - -

06/02/2016 Recommind, Inc. Open Text Corporation (NasdaqGS:OTEX) Other SaaS163.0

- -

06/02/2016 OnRamp Technologies LLC Market Track, LLC Other SaaS - - -

06/02/2016 Palace Gate Corporation V-Soft Consulting, Inc. Other SaaS - - -

06/01/2016 Case Closed Software Crime Tech Solutions, LLC Data & Analytics - - -

06/01/2016 Gaming Informatics, LLC Kobetron, Inc. Enterprise Software - - -

06/01/2016 XyberNET, Inc. Blue Hill Data Services, Inc. Enterprise Software - - -

06/01/2016 Appealtrack, LLC Tax Compliance, Inc. Enterprise Software - - -

06/01/2016 Demandware, Inc. salesforce.com, inc. (NYSE:CRM) Enterprise Software2,857.66

-10.48

06/01/2016 ExecuTime Software, LLC Tyler Technologies, Inc. (NYSE:TYL) Enterprise Software - - -

06/01/2016 Softvision Consulting LLC Softvision Paradigms International Group, LLC Enterprise Software - - -

06/01/2016 R.C. Olmstead, Inc. Nymbus, Inc. Financial Technology - - -

06/01/2016 Ping Identity Corporation Vista Equity Partners IT Security - - -

06/01/2016 BrightPoint Security, Inc. ServiceNow, Inc. (NYSE:NOW) IT Security - - -

06/01/2016 Replibit LLC eFolder, Inc. IT Services - - -


18








TEV/Rev

TEV/EBITDA

06/01/2016 AbleBridge, Inc. Crowe Horwath LLP IT Services - - -

06/01/2016 Missing Link Managed Services, LLC CisCom Solutions, LLC IT Services - - -

06/01/2016 Fiksu, Inc. ClickDealer Ltd Marketing Software - - -

06/01/2016 Zentila, Inc. eTouches, Inc. Other SaaS - - -

05/31/2016 SciQuest, Inc. (NasdaqGS:SQI) Accel-KKR LLC Enterprise Software489.34 40.14 3.56

05/31/2016 JumpForward, LLC Active Network, LLC Enterprise Software - - -

05/31/2016 Intellinote, Inc. BroadSoft, Inc. (NasdaqGS:BSFT) Enterprise Software - - -

05/31/2016 InvestSoft Technology, Inc. Morningstar Inc. (NasdaqGS:MORN) Financial Technology - - -

05/31/2016 Mobilligy, Inc. PayNearMe Inc. Financial Technology - - -

05/31/2016 RBP Healthcare Technologies, Inc. Inspira Financial Inc. (TSXV:LND) Healthcare IT4.15

- -

05/31/2016 Falcon Technology, Inc. DAS Health Healthcare IT - - -

05/31/2016 The IN Group, Inc. DrFirst.com, Inc. Healthcare IT - - -

05/31/2016 Beachcomber Creations and Jiffynet and ServerRhino and Webolocity and NetLink

Cloud Equity Group Infrastructure/Hosting - - -

05/31/2016 Shadow NetWorks, Inc. Acalvio Technologies, Inc. IT Security - - -

05/31/2016 Marketo, Inc. (NasdaqGS:MKTO) Vista Equity Partners Marketing Software1,795.14

-7.52

05/31/2016 Commercial Progression LLC Symmetri Marketing Group, LLC Marketing Software - - -

05/31/2016 Funtactix Inc. Playtech plc (LSE:PTEC) Other SaaS - - -

05/31/2016 ZIIBRA Inc. Kawf.com, Inc. Other SaaS - - -

05/31/2016 Microsoft Corporation, Portfolio of 1,500 Patents Xiaomi Inc. Other SaaS - - -

05/30/2016 Transparency-One SGS SA (SWX:SGSN) Enterprise Software - - -

05/27/2016 NetBoss Technologies, Inc. Enghouse Systems Limited (TSX:ESL) Data & Analytics 7.15

- -

05/27/2016 ITAS, LLC And Deer Valley Data, LLC Newtek Technology Solutions IT Services 0.6

- -

05/27/2016 Zerista, Inc. JackRabbit Systems, Inc. Other SaaS - - -

05/26/2016 Statwing, Inc. Qualtrics, LLC Data & Analytics - - -

05/26/2016 Demonsaw, LLC MGT Cybersecurity, Inc. Infrastructure/Hosting44.8

- -

05/26/2016 Next Wave Envysion, Inc. IT Security - - -

05/26/2016 Michael Cizmar & Associates Ltd. Yippy, Inc. (OTCPK:YIPI) IT Services - - -

05/26/2016 Itseez, Inc. Intel Corporation (NasdaqGS:INTC) Other SaaS - - -

05/26/2016 Pixel & Line and Project Forge Vector Logic, LLC Other SaaS - - -

05/26/2016 Superweapon, LLC Kabam, Inc. Other SaaS - - -

05/26/2016 Sales-University EdCast, Incorporated Other SaaS - - -

05/25/2016 Customer Discovery Ninja Tricent Capital Data & Analytics - - -

05/25/2016 Bowman Systems, L.L.C. Mediware Information Systems, Inc. Enterprise Software - - -

05/25/2016 DNA Healthcare Inc. iHealth Solutions LLC Healthcare IT - - -

05/25/2016 Lifecode Inc., Data Interpretation Division Vela Diagnostics Pte. Ltd. Healthcare IT - - -

05/25/2016 Paragon Solutions Group, Inc. Marco, Inc. IT Services - - -

05/25/2016 Zachtronics LLC Alliance Media Holdings Inc. (OTCPK:ADTR) Other SaaS - - -

05/25/2016 Elencee, Inc. BioStem Technologies, Inc. (OTCPK:BSEM) Other SaaS0.783

- -

05/25/2016 Pronoun, Inc. Macmillan Limited Other SaaS - - -

05/25/2016 Appolicious Inc., Participate Learning The Center for International Education, Inc. Other SaaS - - -

05/25/2016 IdentityMine, Inc. Valorem Consulting Group, LLC Other SaaS - - -

05/24/2016 Professional Datasolutions, Inc. TA Associates Management, L.P. Enterprise Software - - -

05/24/2016 Vertical Computer Systems, Inc. Bravo Store Systems, LLC Enterprise Software - - -

05/24/2016 Nuiku Inc Nortek Inc. (NasdaqGS:NTK) Enterprise Software - - -


19








TEV/Rev

TEV/EBITDA

05/24/2016 Hewlett Packard Enterprise Company, Enterprise Services Business

Computer Sciences Corporation (NYSE:CSC) Enterprise Software - - -

05/24/2016 Base36, Inc. Compunnel Software Group, Inc. IT Services - - -

05/24/2016 Spiderbook, Inc. DEMANDBASE, INC. Marketing Software - - -

05/24/2016 WOOMOO INC. priceline.com LLC Other SaaS - - -

05/24/2016 TeacherMatch LLC PeopleAdmin, Inc. Other SaaS - - -

05/23/2016 IrishCentral LLC - Healthcare IT3.0

- -

05/23/2016 Xura, Inc. (NasdaqGM:MESG) Siris Capital Group, LLC Infrastructure/Hosting803.6

-2.33

05/23/2016 Geekatoo, Inc. HelloTech, Inc. IT Services - - -

05/23/2016 110 Consulting Inc. TA Group Holdings IT Services - - -

05/23/2016 INTERA Petroleum Consultants Inc. INTERA Incorporated Supply Chain Software - - -

05/20/2016 IHS Inc., Operational Excellence & Risk Management Business

Genstar Capital, LLC Data & Analytics - - -

05/20/2016 RideApart Inc. Motor1.com, LLC Financial Technology - - -

05/20/2016 Adenium Systems, Inc. Dodge Data & Analytics, Inc. Marketing Software - - -

05/20/2016 West Coast Ventures Group Corp. (OTCPK:WCVC)

CHD Bioscience, Inc. Marketing Software - - -

05/19/2016 CannaScore, LLC CS Compliance Systems, LLC Data & Analytics - - -

05/19/2016 VerbalizeIt, Inc. Smartling, Inc. Enterprise Software - - -

05/19/2016 Kismatic, Inc. Apprenda Inc. Enterprise Software - - -

05/19/2016 Sebring Software, Inc., Substantially All Assets Great American Insurance Company, Inc.; Continental General Insurance Company; United Teacher Associates Insurance Company; Great American Life Insurance Company

Healthcare IT7.0

- -

05/19/2016 Flagship Global Corporation (OTCPK:NLLN.D) Stansbridge Limited Healthcare IT0.345

- -

05/19/2016 JURINNOV, LLC Technology Concepts & Design, Inc. IT Security - - -

05/19/2016 Knetik Media, LLC CIMA Group, Inc. Marketing Software - - -

05/19/2016 Doba, LLC Made-in-China.com Marketing Software - - -

05/19/2016 Assembla, LLC Scaleworks Associates Other SaaS - - -

05/19/2016 ColSpace Corporation Mediaocean LLC Other SaaS - - -

05/19/2016 OVGuide.com, Inc. CinemaNow Corporation Other SaaS - - -

05/19/2016 bLife, Inc. Canary Health Inc. Other SaaS - - -

05/18/2016 Adpay, Inc. Ancestry.Com Operations Inc. Enterprise Software - - -

05/18/2016 Venture Highway, LLC Stratesphere, LLC Enterprise Software - - -

05/18/2016 Hexis Cyber Solutions, Inc., Hexis HawkEye G WatchGuard Technologies, Inc. Financial Technology - - -

05/18/2016 Planet Logic, LLC ITelagen, Inc. Healthcare IT - - -

05/18/2016 LaGarde Incorporated Awesome Commerce, LLC IT Security - - -

05/18/2016 LH Meyer, Inc. Quiet Signal Marketing Software - - -

05/18/2016 Shopety Inc. Inteliquent, Inc. (NasdaqGS:IQNT) Other SaaS4.4

- -

05/18/2016 inContact, Inc. (NasdaqCM:SAAS) NICE Ltd. (TASE:NICE) Other SaaS967.5

-3.78

05/18/2016 Coin, Inc., Wearable Payments Assets Fitbit Inc. (NYSE:FIT) Other SaaS - - -

05/17/2016 Trimble Navigation Limited, Trimble Energy Transmission Solutions Business

GeoSpatial Innovations, Inc. Data & Analytics - - -

05/17/2016 SafeDate LLC Tautachrome Inc. (OTCPK:TTCM) Data & Analytics - - -

05/17/2016 Portfolio Asset Management RealPage, Inc. (NasdaqGS:RP) Data & Analytics 4.8

- -

05/17/2016 Noveda Technologies, Inc. Buddy Platform Ltd. (ASX:BUD) Financial Technology24.0

- -

05/17/2016 Decisif Consulting, Inc. DayNine Consulting, Inc. Financial Technology - - -


20








TEV/Rev

TEV/EBITDA

05/17/2016 Divlan Inc. HudlHealth, Inc. Healthcare IT - - -

05/17/2016 Datalytics Technologies LLC Magnitude Software, Inc. IT Security - - -

05/17/2016 GameTrailers Corp. IGN Entertainment, Inc. Other SaaS - - -

05/16/2016 Hstar Technology Group, Inc. Cal.net, Inc. Data & Analytics - - -

05/16/2016 eLynx, Ltd. Black Knight Financial Services, Inc. (NYSE:BKFS)

Enterprise Software115.0

- -

05/16/2016 Innometriks Inc. and 2DogsStudios, LLC Tyco Security Products Financial Technology - - -

05/16/2016 AIQ, Inc. Discovery Data, Inc. Financial Technology - - -

05/16/2016 Tecplot, Inc. Vela Software International, Inc. Financial Technology - - -

05/16/2016 Solaris Development, Inc. First Line Software Inc. Healthcare IT - - -

05/13/2016 MDoffice, Inc. Eli Global, LLC Healthcare IT - - -

05/13/2016 Colonial Valley Software, Inc. Keizer Solutions Inc. Healthcare IT - - -

05/13/2016 Onshore Partners Inc. CONTAX Inc. IT Services - - -

05/13/2016 Prosperent, Inc. VigLink, Inc. Other SaaS - - -

05/12/2016 Vision Solutions Inc. Clearlake Capital Group, L.P. Enterprise Software - - -

05/12/2016 10Stories, Inc. TrackMaven, Inc. Enterprise Software - - -

05/12/2016 AKA Enterprise Solutions, Inc. Green Beacon Solutions LLC Enterprise Software - - -

05/12/2016 MediaNet, Inc. SOCAN, Endowment Arm IT Services - - -

05/12/2016 PR Newswire Association LLC, US and UK Agility Business

MediaMiser Ltd.; MediaMiser LLC IT Services 4.8

- -

05/12/2016 Evantix GRC, LLC AF Security Holdings Corp. Marketing Software - - -

05/12/2016 ClickSpark LLC Output Services Group, Inc. Marketing Software - - -

05/12/2016 Wallapop., U.S. Operations Ambatana Inc. Marketing Software - - -

05/11/2016 Fluid Innovation, Inc. Dominion Harbor Group, LLC Enterprise Software - - -

05/11/2016 Broadridge Derivatives Clearing Broadridge Financial Solutions, Inc. (NYSE:BR) IT Services - - -

05/11/2016 Trails.com, Inc. LoveToKnow Corporation IT Services - - -

05/11/2016 K12 Enterprise LLC and AVF Consulting Inc. Jitasa, Inc. IT Services - - -

05/11/2016 ICT Technical Services LLC OneSource Technology, Inc. IT Services - - -

05/10/2016 MessageVision, Inc. Concord Technologies, Inc. Enterprise Software - - -

05/10/2016 Omega Discovery Solutions, LLC Skyline Discovery Consulting, Inc. Healthcare IT - - -

05/10/2016 Certain assets of Electronic Vaulting Services j2 Global, Inc. (NasdaqGS:JCOM) IT Security - - -

05/09/2016 Implementing Technologies, LLC, Online Reputation Management (ORM) Assets

Lumin Medical LLC Healthcare IT - - -

05/09/2016 OverDog, Inc. Odd Networks, Inc. Healthcare IT - - -

05/09/2016 PPL Solutions, LLC Hansen Technologies Ltd. (ASX:HSN) IT Security - - -

05/09/2016 Pospitality LLC Upserve, Inc. IT Services - - -

05/09/2016 Danal, Inc. Bango PLC (AIM:BGO) Marketing Software3.63

- -

05/09/2016 AcroSoft Corporation Hyland Software, Inc. Other SaaS - - -

05/09/2016 TracePoint Consulting, LLC Information Services Group, Inc. (NasdaqGM:III)

Supply Chain Software7.8

- -

05/06/2016 Lagniappe Pharmacy Services, LLC Transaction Data Systems, Inc. Healthcare IT - - -

05/06/2016 Prime Solutions, LLC Altamira Technologies Corporation IT Services - - -

05/06/2016 EmergiTech, Inc. Zuercher Technologies, LLC Other SaaS - - -

05/06/2016 Växa Design Group, LTD. The Scotts Miracle-Gro Company (NYSE:SMG) Other SaaS - - -

05/06/2016 Jumio Inc. Centana Growth Partners Supply Chain Software0.85

- -

05/06/2016 @hand Corporation Versata Enterprises, Inc. Supply Chain Software - - -

05/05/2016 NextAdvisor, Inc. Bankrate, Inc. (NYSE:RATE) Other SaaS209.38 7.25

-

05/04/2016 vline, inc. Airtime Media, Inc. Enterprise Software - - -


21








TEV/Rev

TEV/EBITDA

05/04/2016 CES Global LLC CES USA, Inc. Enterprise Software - - -

05/04/2016 Palantir Technologies Inc. - Financial Technology18.42

- -

05/04/2016 DocuTAP, Inc. Warburg Pincus LLC Healthcare IT - - -

05/04/2016 CloudAccess.net, LLC Cloud Equity Group IT Services - - -

05/04/2016 United Online, Inc. B. Riley Financial, Inc. (NasdaqCM:RILY) Marketing Software164.42 4.4 0.457

05/04/2016 Kodak Design2Launch Solutions Blue Software, LLC Other SaaS - - -

05/04/2016 MerchantAtlas, Inc. Adloop Media, Inc. Other SaaS - - -

05/03/2016 Hexis Cyber Solutions Inc., Hexis HawkEye AP Product Line Business

Ignite Technologies, Inc. Data & Analytics - - -

05/03/2016 CrossBrowserTesting.com, LLC SmartBear Software Inc. Enterprise Software - - -

05/03/2016 TEKNOVARE Inc. BP3 GLOBAL INC. Enterprise Software - - -

05/03/2016 IMS Health Holdings, Inc. (NYSE:IMS) Quintiles Transnational Holdings Inc. (NYSE:Q) Healthcare IT13,548.54 17.73 4.3

05/03/2016 LifeNexus, Inc., Certain Assets Spring Grove Finance, S.A. Healthcare IT - - -

05/03/2016 F1 Discovery, LLC Xcellence, Inc. Infrastructure/Hosting - - -

05/03/2016 Milestone Systems, Inc. Kudelski SA (SWX:KUD) IT Security - - -

05/03/2016 Skydance Interactive, LLC Skydance Media IT Services - - -

05/03/2016 Virtual Stack, LLC Rampart Hosting, LLC IT Services - - -

05/03/2016 Big Blue Marble Incorporation Macro Games Spólka Akcyjna (WSE:MGS) Other SaaS1.1

-2.24

05/03/2016 Livefyre, Inc. Adobe Systems Incorporated (NasdaqGS:ADBE)

Other SaaS - - -

05/02/2016 Global Software, Inc. Thompson Street Capital Partners Enterprise Software - - -

05/02/2016 OPOWER, Inc. Oracle Corporation (NYSE:ORCL) Enterprise Software551.55

-3.23

05/02/2016 TalkShoe, Inc. iotum inc. Enterprise Software - - -

05/02/2016 Payprotec Oregon, LLC - Financial Technology - - -

05/02/2016 Chesapeake System Solutions, Inc. Trintech, Inc. Financial Technology - - -

05/02/2016 Duet Health LLC MedData, Inc. Healthcare IT - - -

05/02/2016 Jackson Key Practice Solutions, EHR and Practice Management Business

DAS Health Healthcare IT - - -

05/02/2016 Brittenford Systems, Inc. Wipfli LLP IT Services - - -

05/02/2016 DigitalMailer, Inc Doxim Inc. Marketing Software - - -

05/02/2016 ONOSYS Online Ordering Splick-it, Inc. Other SaaS - - -

05/02/2016 Universal Entertainment Group, Inc., Gaming Assets

World Poker Fund Holdings, Inc. (OTCPK:WPFH)

Other SaaS65.2

- -

05/02/2016 VHX Corporation Vimeo, LLC Other SaaS - - -

05/02/2016 Imagine Easy Solutions, LLC Chegg, Inc. (NYSE:CHGG) Other SaaS60.7

- -

05/02/2016 Vertafore, Inc. Vista Equity Partners; Bain Capital Private Equity

Supply Chain Software - - -

05/02/2016 LeanLogistics, Inc. Kewill plc Supply Chain Software115.0

- -

04/29/2016 IEEE GlobalSpec, Inc. Institute of Electrical and Electronics Engineers, Inc., Endowment Arm

Enterprise Software - - -

04/29/2016 L.A. Systems, Inc. Chakrabarti Management Consultancy, Inc. IT Services - - -

04/29/2016 Reach Labs, Inc. You & Mr Jones Inc Marketing Software - - -

04/29/2016 pingg.com LLC Regent Equity Partners, LLC Other SaaS - - -

04/29/2016 Medialon Inc. Barco NV (ENXTBR:BAR) Other SaaS - - -

04/29/2016 TiVo Inc. (NasdaqGS:TIVO) Rovi Corporation (NasdaqGS:ROVI) Tech Conglomerates1,881.33 14.46 2.52

04/28/2016 Legal OnRamp Elevate Services, Inc. Enterprise Software - - -


22








TEV/Rev

TEV/EBITDA

04/28/2016 Store Financial Services, LLC Emerchants Limited (ASX:EML) Financial Technology36.96

- -

04/28/2016 Caradigm USA LLC GE Healthcare Limited Healthcare IT - - -

04/28/2016 Certain Assets of Wireless Access Line Business MaxLinear Asia Singapore Private Limited; MaxLinear Canada Corporation

Infrastructure/Hosting21.0

- -

04/28/2016 AVI-SPL, Inc. H.I.G. Capital, LLC IT Services - - -

04/28/2016 The Kive Company, Tastemaker Mom & Related Assets

Mom Media Enterprises, LLC Marketing Software - - -

04/28/2016 Cloak StackPath, LLC Other SaaS - - -

04/28/2016 Textura Corporation Oracle Corporation (NYSE:ORCL) Supply Chain Software682.6

-6.51

04/27/2016 Advanced Processing & Imaging, Inc. Marex Group, Inc. Enterprise Software4.8

- -

04/27/2016 Sweep, Inc. Affirm, Inc. Financial Technology - - -

04/27/2016 Gyrus Labs, Inc. CloudMedx Inc. Healthcare IT - - -

04/27/2016 Nextrials, Inc. PRA Health Sciences, Inc. (NasdaqGS:PRAH) Healthcare IT7.65

- -

04/27/2016 MedVirginia Solution Envera Health, Inc. Healthcare IT - - -

04/27/2016 ANXeBusiness Corp. Open Text Corporation (NasdaqGS:OTEX) IT Security 104.0

- -

04/27/2016 Colyar Technology Solutions - IT Services - - -

04/27/2016 Brinkster Communications Corporation Trapp Technology, Inc. IT Services - - -

04/27/2016 CrowdAlbum, Inc. Spotify Technology S.A. Other SaaS - - -

04/27/2016 Petrichor Corp. - Supply Chain Software0.25

- -

04/26/2016 FPX, LLC HGGC, LLC Enterprise Software - - -

04/26/2016 Solidfax.com OnlineFaxes.com Enterprise Software - - -

04/26/2016 US Storage Search, Inc. Self Storage Co, LLC Infrastructure/Hosting - - -

04/26/2016 Meadows Design, LLC Ad Victoriam Solutions, LLC IT Services - - -

04/26/2016 Cranberry Radio Cranberry News Marketing, LLC Marketing Software - - -

04/26/2016 Curated Software, Inc. Litmus Software, Inc. Other SaaS - - -

04/25/2016 Receivd, Inc. Pocket Games, Inc. (OTCPK:PKGM) Enterprise Software - - -

04/25/2016 Verisk Health, Inc. and MediConnect Global, Inc. Veritas Capital Healthcare IT820.0

- -

04/25/2016 Alura Business Solutions, LLC Pegasus Technologies, LLC IT Services - - -

04/25/2016 WhereToLive.com, Inc. Lone Wolf Real Estate Technologies Inc. Other SaaS - - -

04/22/2016 QuickLessons LLC Affero Lab Enterprise Software0.557

- -

04/21/2016 MarketPay Associates, LLC PayScale, Inc. Financial Technology - - -

04/21/2016 IMI Exchange Modacom Co., Ltd. (KOSDAQ:A149940) Other SaaS42.06

- -

04/20/2016 Tourney Machine LLC SI Play, LLC Enterprise Software - - -

04/20/2016 Qwikon, Inc. - Marketing Software - - -

04/20/2016 ActionGrid, LLC And CRMCulture, LLC And Novatus, Inc.

AppExtremes, Inc. Other SaaS - - -

04/20/2016 Intershop Communications AG (XTRA:ISH2) Shareholder Value Management AG Supply Chain Software - - -

04/19/2016 Calypso Technology, Inc. Bridgepoint Advisers Limited; Summit Partners LLP

Enterprise Software - - -

04/19/2016 ConnectSolutions LLC, Skype For Business AssetsCallTower Inc. Enterprise Software - - -

04/19/2016 Goldleaf Enterprise Payments (GEPI), Inc. Battery Ventures Financial Technology - - -

04/19/2016 BNS Network Solutions, Inc. Aureon LLC IT Services - - -

04/18/2016 Habidatum International, Inc. - Data & Analytics - - -

04/18/2016 Duck Creek Technologies, Inc. Apax Partners LLP Enterprise Software - - -

04/18/2016 HP Inc., Certain Customer Experience Software Assets

Open Text Corporation (NasdaqGS:OTEX) Enterprise Software170.0

- -


23








TEV/Rev

TEV/EBITDA

04/18/2016 Bill & Pay and Esber Cash Register i3 Verticals, LLC Financial Technology - - -

04/18/2016 Iosoft Inc. RJD Green, Inc. (OTCPK:RJDG) Healthcare IT - - -

04/18/2016 Multi-Systems, Inc. Gary Jonas Computing Ltd. IT Services - - -

04/18/2016 eNSYNC Solutions Inc. Data Systems International, Inc. IT Services - - -

04/18/2016 Cvent, Inc. (NYSE:CVT) Vista Equity Partners Marketing Software1,590.76 225.25 7.11

04/18/2016 EngageClick, Inc. 24/7 Inc. Marketing Software - - -

04/18/2016 51% Stake in Xcaliber Technologies and 51% Stake in Xcaliber IP

Blancco Technology Group plc (AIM:BLTG) Other SaaS5.5

-3.67

04/18/2016 CSIdentity Corporation Experian Information Solutions, Inc. Other SaaS360.0

- -

04/16/2016 SKYLINE Cloud Services, Inc. Blue Diamond Solutions, Inc. IT Services - - -

04/15/2016 Todex Corp. Retail Acquisitions Limited Enterprise Software0.2

-141.57

04/15/2016 Helpmate Technology Solutions, LLC ACS Technologies Group, Inc. Enterprise Software - - -

04/15/2016 NeuCo, Inc. GE Power & Water Enterprise Software - - -

04/15/2016 Macmillan Learning, Adaptive Learning Technology Platform

Wolters Kluwer Health, Inc. Enterprise Software - - -

04/15/2016 Click Security, Inc. Alert Logic, Inc. IT Security - - -

04/15/2016 J.D. Power and Associates, Inc. XIO Group IT Services 1,100.0

-3.14

04/15/2016 Vibrant Fusion LLC Wicresoft Co., Ltd. IT Services - - -

04/15/2016 Boldradius Solutions (US) Corp. Lightbend, Inc. IT Services - - -

04/15/2016 Graves Technology LLC Bennett Thrasher PC IT Services - - -

04/15/2016 Float Left Interactive, Inc. Olympusat, Inc. Other SaaS - - -

04/14/2016 Jargon Technologies LLC Giant Interactive Enterprise Software - - -

04/14/2016 Enso LP Euclid Opportunities Fund Financial Technology - - -

04/14/2016 Arsenal Health athenahealth, Inc. (NasdaqGS:ATHN) Healthcare IT - - -

04/14/2016 Curaspan Health Group, Inc. naviHealth, Inc. Healthcare IT - - -

04/14/2016 Tennessee Data Center Carter Validus Mission Critical REIT II, Inc. Infrastructure/Hosting19.4

- -

04/14/2016 Gotham Digital Science LLC Stroz Friedberg, LLC IT Security - - -

04/14/2016 Retailigence Corporation ShopAdvisor, Inc. Marketing Software - - -

04/14/2016 AngelComputing Pixius Communications, LLC Marketing Software - - -

04/14/2016 AcclaimIP and Free Patents Online Anaqua, Inc. Other SaaS - - -

04/13/2016 Ontodia, Inc. OpenGov, Inc. Data & Analytics - - -

04/13/2016 Food Genius, Inc. USA Foods, Inc. Data & Analytics - - -

04/13/2016 Nervanix, LLC SS&C Technologies Holdings, Inc. (NasdaqGS:SSNC)

Healthcare IT - - -

04/13/2016 Kit CRM Inc. Shopify Inc. (NYSE:SHOP) Marketing Software0.008

- -

04/12/2016 OpenSpan, Inc. Pegasystems Inc. (NasdaqGS:PEGA) Enterprise Software52.3

- -

04/12/2016 Complete Merchant Solutions LLC Electronic Payments, Inc. Financial Technology - - -

04/12/2016 Advancive Technology Solutions Inc. AF Security Holdings Corp. IT Security - - -

04/12/2016 Picreel Inc. Webfolio Management Inc Marketing Software - - -

04/12/2016 Clocktower Media, Inc. Metova, Inc. Marketing Software - - -

04/12/2016 Wave Systems Corp., Substantially all assets excluding certain patents and the wave.com domain

ESW Capital, LLC Other SaaS3.8

- -

04/11/2016 Prizm LLC ExamWorks Group, Inc. (NYSE:EXAM) Healthcare IT - - -

04/11/2016 Amtel, Inc. NetPlus Inc. IT Security - - -

04/11/2016 360 Ideas, LLC Rowley Snyder Ablah Inc. Marketing Software - - -

04/09/2016 Dictum Health, Inc. TDG Holding Co., Ltd. (SHSE:600330) Healthcare IT1.5

- -


24








TEV/Rev

TEV/EBITDA

04/09/2016 Dataware, LLC Midco Infrastructure/Hosting - - -

04/08/2016 Ingenious Inc. Wood Group Mustang, Inc. Enterprise Software - - -

04/08/2016 ViewCentral, LLC Callidus Software Inc. (NasdaqGM:CALD) Enterprise Software4.0

- -

04/08/2016 Mainspring Healthcare Solutions, Inc. Accruent, LLC Healthcare IT - - -

04/08/2016 Versus Technology, Inc. Midmark Corporation Healthcare IT - - -

04/08/2016 Bluebox Security, Inc. Lookout, Inc. IT Security - - -

04/08/2016 inventCommerce Ltd SQLi (ENXTPA:SQI) IT Services - - -

04/08/2016 pixels2Pages Forever, Inc. Other SaaS - - -

04/07/2016 Blacksmith Applications, Inc. Strattam Capital, LLC Enterprise Software - - -

04/07/2016 Teleborder TriNet Group, Inc. (NYSE:TNET) Enterprise Software - - -

04/07/2016 vMEDEX, Inc. Transaction Data Systems, Inc. Healthcare IT - - -

04/07/2016 Hexis Cyber Solutions, Inc. - IT Services - - -

04/07/2016 Stemp Systems Group, Inc. StratX IT Solutions, LLC. IT Services - - -

04/06/2016 Renzu, Inc. SurveyMonkey Inc. Data & Analytics - - -

04/06/2016 Centris Group LLC Frontline Technologies Group LLC Enterprise Software - - -

04/06/2016 KEYS2Engage, WriterKEY Macmillan Learning Enterprise Software - - -

04/06/2016 Focus Technology Group, Inc. AGDATA LP Enterprise Software - - -

04/06/2016 Jargon Smartling, Inc. Enterprise Software - - -

04/06/2016 Genome Compiler Corporation Twist Bioscience Corporation Healthcare IT - - -

04/06/2016 Browsersoft, Inc. Lightbeam Health Solutions, LLC Healthcare IT - - -

04/06/2016 Integrated Business Systems, Inc. EZLinks Golf LLC IT Services - - -

04/06/2016 Choice Technologies, Inc. Data Processing Solutions, Inc. IT Services - - -

04/06/2016 Site9, Inc. Astound Commerce Corporation Marketing Software - - -

04/06/2016 SambaSafety, Inc. ABRY Partners, LLC Other SaaS - - -

04/06/2016 Entourage Inc. SharkReach Inc. (OTCPK:SHRK) Other SaaS - - -

04/05/2016 Travel Notes Inc. refund.me Group Inc. Financial Technology - - -

04/05/2016 Symbiosis Health Inc. SwervePay, LLC Healthcare IT - - -

04/05/2016 Computer Technology Corporation Vendor Credentialing Service LLC Healthcare IT - - -

04/05/2016 Macminicolo.net, LLC MacStadium, Inc. Infrastructure/Hosting - - -

04/05/2016 HiTech Assets, LLC gbt Capital, LLC; Caretta Partners, LLC IT Services - - -

04/05/2016 NodePrime, Inc. Telefonaktiebolaget LM Ericsson (publ) (OM:ERIC B)

IT Services - - -

04/05/2016 Skillbridge, Inc. Toptal, LLC IT Services - - -

04/05/2016 ITapp Inc. ServiceNow, Inc. (NYSE:NOW) IT Services - - -

04/05/2016 Computer Troubleshooters NRD Infinity Network Solutions, Inc. IT Services - - -

04/05/2016 Social Yantra, Inc. Experticity, Inc. Marketing Software - - -

04/05/2016 Ackmann & Dickenson, Inc. Clear Night Group Marketing Software - - -

04/05/2016 Bonzi Technology, Inc. Blue Star Sports Other SaaS - - -

04/05/2016 EXTOL International, Inc. Cleo Communications, Inc. Supply Chain Software - - -

04/05/2016 OSIsoft, LLC Mitsui & Co. Ltd. (TSE:8031) Supply Chain Software - - -

04/04/2016 eHealth Data Solutions LLC ABILITY Network Inc. Enterprise Software - - -

04/04/2016 MetaMind Inc. salesforce.com, inc. (NYSE:CRM) Enterprise Software48.0

- -

04/04/2016 Revenue Management Systems, Inc. mercator Financial Technology - - -

04/04/2016 CFC Technology Corporation, LLC Wanke Associates, LLC Financial Technology - - -

04/04/2016 Cappio LLC Simply Wall Street Pty Ltd. Financial Technology - - -

04/04/2016 Intelemage, LLC Medidata Solutions, Inc. (NasdaqGS:MDSO) Healthcare IT - - -

04/04/2016 Oleen Pinnacle Healthcare Consulting LLC Cumberland Consulting Group, LLC Healthcare IT - - -

04/04/2016 BackUp Solutions, Server Backup Assets j2 Global, Inc. (NasdaqGS:JCOM) IT Security - - -


25








TEV/Rev

TEV/EBITDA

04/04/2016 Ensim Corporation Ingram Micro Inc. (NYSE:IM) IT Services - - -

04/04/2016 Global Data Vault, LLC, Server Backup Assets j2 Global, Inc. (NasdaqGS:JCOM) IT Services - - -

04/04/2016 Aurionpro Solutions, Inc., IT Services Business in USA

Saicon Consultants, Inc. IT Services 10.0

- -

04/04/2016 Aha Consulting, Inc. Municipal Code Corporation IT Services - - -

04/04/2016 Arynga, Inc. Wind River Systems, Inc. Other SaaS - - -

04/04/2016 REEVEX, LLC Glory Global Solutions Inc. Other SaaS - - -

04/04/2016 Ascension Software, Inc. Uniguest Inc. Other SaaS - - -

04/04/2016 Eleven Wireless, Inc., Hospitality Business Center Division

Uniguest Inc. Other SaaS - - -

04/03/2016 GeneInsight LLC Sunquest Information Systems, Inc. Healthcare IT - - -

04/01/2016 Pugmarks Inc. NetSource Communications Inc. Infrastructure/Hosting - - -

04/01/2016 Clearview International, LLC Zayo Group, LLC IT Services 18.9

- -

04/01/2016 Ancestry.com LLC Silver Lake; GIC Pte. Ltd. Other SaaS - 9.93 3.64

04/01/2016 Genwi Inc. Persistent Systems, Inc. Other SaaS - - -


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technology report q2 2016 · human capital management. other saas. marketing software. healthcare...

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