83.0% of all companies expect to adopt SaaS technology by 2016..find out what the SaaS landscape looks like right now and how it will look like in 2016

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Summer 2013
SaaS Report

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Table of Contents
Section I Industry Trends and Dynamics
Section II SaaS Market Overview by Region
Section III SaaS Subsector: CRM
Section IV SaaS Subsector: ERP
Section V
Section VI
Section VII
Section VIII
SaaS Subsector: HR Management
Select Transaction Case Studies
Appendix – SaaS Business Model Factors
Appendix – Public and Transaction Comparables

3. INDUSTRY TRENDS AND DYNAMICS

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The SaaS Opportunity
The SaaS business model continues to be an industry darling in the recurring revenue business,
venture capital/PE world and public markets, but growth needs to be managed appropriately
― 83.0% of all companies expect to adopt SaaS technology
― Revenue will be generated from multiple sources (existing base, upsells, new accounts)
― Sales & marketing strategies require utilizing both its internal sales force and various distribution channels
― The contract to internet Media companies, SaaS companies are driven less by media hype
SaaS business models tend to require significant capital to reach breakeven
― Industry veterans and strong CEOs will recognize this and build their startup appropriately
― Cash needs can be partially addressed through discounted customer “up-front” payments
Today’s market is a shifting landscape
― Valuations are down significantly for smaller opportunities, with less impact to quality players
― Almost no license software companies are being funded
Source: Wall Street Research

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SaaS Trends
The SaaS market is expected to grow 16.8% from $14.3bn in 2012 to $16.7bn in 2013, with projections
of $21.3bn for 2015
Most large SaaS companies such as SAP and Oracle reported solidly higher sequential revenues in
Q4 2012, averaging 5.8%
― Although initial 2013 outlooks have been conservative, publicly traded SaaS companies historically present
lower EPS in Q1 than in Q4 due to early year investments to support accelerated organic growth
Overall valuations for the SaaS industry have been generally attractive, as companies have typically
been trading at over 4.5x LTM revenue
The growth in “smart computing,” in which apps provide direct access to data that is used for decision
making purposes, will continue fueling growth in SaaS
― Smart computing apps overlap with SaaS products, as the browser-based access model for SaaS products
works better for collaboration among internal and external participants than behind-the-firewall deployments
The European SaaS market is expected to slow, however, a projected annual IT spending growth of
9.0% in emerging markets will continue to drive the market forward
M&A in the SaaS space is projected to increase significantly, with projections indicating over $25.0bn
in SaaS acquisitions over the next 20 months, compared to $17.0bn in the prior 20-month period
Continuing increases in the proliferation of Mobile and PaaS will continue to fuel overall SaaS growth
Source: Gartner, Forrester

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SaaS Revenue Trends
SaaS companies expect to see higher revenues as the business model rises in popularity and scope
Source: Gartner
$10.0
$12.1
$14.3
$16.7
$18.9
$21.3
$0
$5
$10
$15
$20
$25
2010A 2011A 2012E 2013P 2014P 2015P
SaaSRevenue($bn)

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Market Performance
16.0%
5.0%
14.0%
14.0%
0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% 14.0% 16.0% 18.0%
Cloud Computing & SaaS
Enterprise
NASDAQ Composite Index
Overall Coverage Median
2013 Median Stock Appreciation
While SaaS companies have appreciated approximately in line with overall market indicators, their
relatively stronger growth profiles indicate a higher potential upside compared to general market
averages
Cloud computing and SaaS companies have outperformed enterprise and security firms overall, with
SaaS mean and median stock growth reaching 13.0% and 16.0%, respectively, compared to 9.0% and
5.0% for enterprise and security, respectively
Past seasonal trends indicate a likely gradual increase in SaaS growth in the second half of the year
Source: Wall Street Research

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Technology M&A by Industry
From 2011 to 2012, Software M&A deals increased from 32.1% to 35.4% of the technology industry’s deal flow
19.7%
7.7%
15.2%
5.7%
18.0%
17.0%
13.5%
32.4%32.1%
35.4%
0%
10%
20%
30%
40%
2011 2012
Semiconductor IT Services Internet Hardware Software
Company growth has become more reliant on web-based application software
SaaS can help make existing company hardware more easily accessible by consumers
Trends show that corporations seek to establish industry staying power by implementing progressive
technology
Source: Wall Street Research

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Migration Towards Mobile Technology
A growing smartphone industry necessitates compatibility
Growing reliance on mobile apps to promote tablet and mobile compatibility
― Apps run in conjunction with cloud-based services
― Greater efficiency and ease-of-access
4G capabilities eliminate the need for specialized interfaces and physical systems
― Multiple users can access important resources over a network
By 2015, mobile application development will exceed PC projects by four times
Adoption of tablets for enterprise planning will grow by nearly 50.0% annually
― Popularity of “Bring-Your-Own-Device (BYOD)” programs increase ease-of-use
― Tablet wireless demand as a percentage of total wireless demand is projected to rise
2013 Smart Mobile Device
(SMD) sales are expected to:
― Grow by 20.0%
― Generate 20.0% of IT sales
― Drive 57.0% of IT market
growth
Smart Mobile Device Growth
1.5 2.0 2.5
4.0 4.5 5.3
7.0 8.0
10.0
12.0
14.0
0.0
0.1 0.1
0.1
0.4
1.0
1.5
2.0
2.5
3.0
3.5
0
5
10
15
20
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
Total Wireless Demand Excluding Tablets Tablet Wireless Demand Contribution
Source: Wall Street Research
Wireless Data Usage
TrillionsofMegaBytes

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Migration Towards Mobile Technology
Mobile data traffic growth has increased considerably over the past year
Source: Ericsson
10 12 15 20 25 30 40 45 60
80
110
160
180
200
220
300
380
400
490
620
770
830
1010
1300
0
200
400
600
800
1000
1200
1400
Q1
'07
Q2
'07
Q3
'07
Q4
'07
Q1
'08
Q2
'08
Q3
'08
Q4
'08
Q1
'09
Q2
'09
Q3
'09
Q4
'09
Q1
'10
Q2
'10
Q3
'10
Q4
'10
Q1
'11
Q2
'11
Q3
'11
Q4
'11
Q1
'12
Q2
'12
Q3
'12
Q4
'12
TotalMonthlyTraffic(PetaBytes)

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Data security
Cloud outages
Compliance with government data-
protection regulations
Inconsistent performance across
servers
Software integration
SaaS Concerns
One size does not fit all
― SaaS delivery model is not a universal application across
software systems
― CRM and human capital management (HCM) are a natural fit
because both need solutions that can easily scale up or down
and add new users
― Product lifecycle management (PLM) has slow levels of
scalability and non-mobile end-users
Relative cost effectiveness
― Various software such as business process management
(BPM) have little to do with the derivative source of an
application and more to do with organizational complexity,
accounting for their lower SaaS application rate
― Hardware and software infrastructure costs for these software
types are minimal to begin with
― This dramatically reduces cost advantages
Distribution of mobility of the
targeted end-user base
Desired speed of software
scalability
Level of importance for the security
of sensitive data
Key Indicators
Source: IDC
More Disadvantages
A non-viable solution for all software categories

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SaaS Concerns
Analysts argue that SaaS operational performance expectations are over-estimated despite higher
revenue growth rates
― The general belief that SaaS companies generate free cash flow in relation to revenue at a rate similar to that
of traditional software companies fails to take into account the higher capital expenditures and operational
expenses of SaaS companies
Recent research supports this claim, as the SaaS space has experienced significantly lower free cash
flow since 2008, compared to perpetual based software companies such as Adobe
The SaaS sector has actually shown relatively lower margins due to data-center hosting costs, which
are not typically incurred by traditional software companies
Free Cash Flow Growth Rates
10.5%
15.1%
10.2% 9.5%
17.4%
21.7%
24.2% 23.3%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
5 YR CAGR 3 YR CAGR 2012 Y/Y Growth 2011-2013E CAGR
Perpetual SaaS
35.2%
40.3%
29.5%
22.2%
8.9% 8.7%
-8.2%
11.3%
-10.0%
0.0%
10.0%
20.0%
30.0%
40.0%
50.0%
5 YR CAGR 3 YR CAGR 2012 Y/Y Growth 2011-2013E CAGR
Perpetual SaaS
Source: Wall Street Research
Revenue Growth Rates

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SaaS is a Capital Intensive Business Model
SaaS companies have traditionally required heavy upfront financing
Several successful SaaS companies have historically raised over $20.0mm pre-IPO
Capital requirements are expected to decline due to:
― Lower CAC (SaaS becoming mainstream, new channels, etc.)
― Lower IT costs (PaaS, LAMP stack, etc.)
Heavy financing costs are offset by future growth, margins and licensing cash flow reliability
Source: Wall Street Research
$99.0
$50.0
$37.0
$29.0
$24.0
$12.0
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
SalesForce NetSuite Constant Contact LogMein Vocus Median SW Enterprise
Capital Raised Pre-IPO for Select Public SaaS Companies (in millions)

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Collaboration
Perform project planning
Run seamless project management program
Effective and economical business solution
Allow for work to be conducted in distributed
environments
Fastest growing vertical in SaaS
SMEs (Small and Medium Enterprises) Large Enterprises
Incorporate social networking
Allow for flexibility and mobility
Specific features as and when needed
Facilitate company-wide task management
Communicate with extended team of customers
and venders
SaaS for Enterprises – Framework for Customization and Application Business Logic
Source: Wall Street Research
E-mail service
Management portal (incl. APIs)
Advertising/Marketing
Reporting
Google integration
Dashboard
Website engine
Webshop engine
Document management
Inventory
CRM
Accounting
Payment module
24/7 Support
Online and offline
traning
Business partner Enterprise Customer
Social network integration

15. SAAS MARKET OVERVIEW BY REGION

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7,800.0
2,835.5
1,157.9
331.1
9,100.0
3,369.4
1,429.3
419.7
$0
$2,000
$4,000
$6,000
$8,000
$10,000
North America Europe Asia Latin America
RegionalSaaSRevenue($mm)
2011A 2012E
US
60%
UK
6%
Germany
6%
Japan
4%
Canada
4%
France
3%
Other
17%
Global Market Trends
2011-2012 SaaS Global Market Revenue 2012 SaaS Global Market Volume
Source: Wall Street Research
North America has the highest overall growth due to the strength of its Internet
infrastructure and a positive outlook for US tech market growth
European markets remain stagnant due to recent economic conditions
Asia sees increased growth due to a need for advanced software solutions
Latin America sees huge technological development following economic
advances
US remains the clear leader
― Where the SaaS model was developed
― No cultural barriers
Other nations are significantly behind
― Fear of 3rd party control
― Security concerns
― Lack of Internet bandwidth

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Flexibility of customization
Limited software integration to
existing systems
Global Markets – North America
North America, specifically the US, represents the largest
opportunity for SaaS and is the most mature of the regional markets
― NA projected to account for 60.8% of worldwide SaaS revenue by 2015
SaaS software revenues are estimated to be $9.1bn in 2012, up
from $7.8bn in 2011
North America shows the highest SaaS deployments in expense
management, financials, email and office suites
There is greater use of web conferencing technology in North
America than in other regions due to a highly distributed workforce
The US is expected to be the primary growth market
― Strong demand for new mobile, cloud and smart technologies
― The US tech market is anticipated to have 5.4% growth in 2013, 6.7%
growth in 2014
Primary Concerns
Emerging
Collaboration software
Established
Expense management
Financials
Email
Office suites
Web conferencing
Prevalent Software Categories
Speed of deployment
Ease of programming and overall accessibility
Limited capital expense
Factors for SaaS Adoption
Source: Forrester, Gartner

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Emerging
F&A
HR
Project and portfolio
Business intelligence
Established
Purchasing
CRM
Collaboration software
Global Markets – Europe
2012 SaaS revenues are estimated to be $3.2bn in Western
Europe, up from $2.7bn in 2011, while SaaS revenues in Eastern
Europe are estimated at $169.4mm from last year’s $135.5mm
SaaS offerings and adoption rates in more developed sub-regions
of Western Europe (e.g. UK, Ireland, Netherlands) are rapidly
increasing as a result of:
― North America-based SaaS vendors entering the region
― Culturally open outlook toward technology adoption
― Well-established Internet infrastructures
― Increasing number of local European SaaS vendors
The opportunity for SaaS adoption exists longer-term in the smaller
emerging markets of Eastern Europe, the Middle East and Africa
due to ongoing infrastructure challenges
Prevalent Software Categories
Security
Ability to integrate existing
applications
Primary Concerns
Total cost of ownership (TCO)
Speed of deployment
Regional scalability
Global software accessibility
Factors for SaaS Adoption
Source: Forrester, Gartner

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Asia/Pacific
Financials and accounting
(particularly in China & India)
ERP
Office suites
Email
CRM
Japan
CRM
Email
Groupware
Global Markets – Asia
SaaS revenues in Asia/Pacific are estimated to be $1.4bn in 2012,
up from $1.2bn in 2011
― Revenues in Japan alone, the largest SaaS market in the region, are
estimated at $495.2mm in 2012, up from $427.0mm in 2011
Overall, SaaS adoption in the Asia/Pacific region is fragmented
― Mature markets: Japan, Australia, New Zealand, Hong Kong,
Singapore, South Korea and Taiwan
― Emerging markets: China, India, Malaysia, Thailand, Indonesia,
Vietnam and the Philippines
The main reason for slow growth lies in cross-cultural language
and technology vernacular barriers
Prevalent Software Categories
Sales force automation and marketing analysis solutions
Advanced enterprise applications
Lower deployment costs
Ease and speed of deployment
Factors for SaaS Adoption
Longer-than-expected
deployment times
Educating the market
Localization
Primary Concerns
Source: Gartner

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Global Markets – Latin America
SaaS revenues in Latin America reached an estimated $419.7mm
in 2012, up 27% from $331.1mm last year
Brazil and Mexico drive a majority of adoption and revenue
opportunities
In a survey conducted by NetSuite, almost one-third of IT directors
and managers of large Latin American corporations indicated that
more than 25.0% of corporate-wide software licenses within their
organizations are delivered as a service
60.0% of the respondents indicated they would consider the SaaS
model during their next ERP upgrade or migration
Emerging
Packaged CRM
Procurement
ERP applications
Established
Sales force automation
Customer service
Expense management
Email
Financial accounting
Prevalent Software Categories
Ability to customize
Localized content
Performance
Business continuity
Primary Concerns
Ability to access cloud-based solutions from anywhere
Ease of implementation
Seamless upgrade
Overall cost reduction
Reduced upfront investments
Factors for SaaS Adoption
Source: Gartner

21. SAAS SUBSECTOR: CRM

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Opportunity
CRM remains the largest SaaS system application worldwide
“Social Era” communication and relationships conducted mostly through social media and internet
In 2012, 40.0% of all CRM systems sold were SaaS based
The global CRM market grew 12.5% from $16.0bn to $18.0bn from 2011 to 2012, 3.0x the average of all enterprise
software categories
Communications, media and IT services were the biggest spenders on CRM in 2012 due to call center requirements
CRM Submarket
Central Applications
― Customer service and support
― Sales force automation
― Marketing
― eCommerce
Additional Applications
― Appointments
― Small business
― Social media
CRM SaaS
CRM SaaS identifies and analyzes customer needs to optimize overall operations
Source: Forbes, Wall Street Research
2012 Worldwide Spending by Central Application
37.0% 36.0%
30.0%
17.0%
0%
10%
20%
30%
40%
Customer Service &
Support
Sales Marketing E-Commerce
CRMSpending(%)
eCommerce

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Growth Drivers
Vested vendor interests
Ubiquitous Internet accessibility
Easier-to-deploy CRM systems compared to
on-premise alternatives
Rapid improvement in application functionality
General backlash against software licensing model
Reduced up-front cost and low lifetime risk
Critical Success Factors
Maintain a true thin-client technology focus
― Improve software performance
― Increase scalability
― Facilitate flexibility
Continue to target defined market focus
Preserve industry focus
― Vertical market business application
CRM SaaS
CRM SaaS identifies and analyzes customer needs to optimize overall operations
By 2014, the number of mobile CRM apps available for
download will have grown to 1,200 from 200 in 2012, a
500.0% increase
By 2016, more than 50.0% of total CRM software revenue will
be delivered as SaaS
Projected Outlook
Source: IDC
Salesforce
14.0% SAP
12.9%
Oracle
11.1%
Microsoft
6.3%IBM
3.6%
Adobe
3.1%
Nice Systems
2.5%
Verint
Systems
2.4%
Amdocs
2.3%
SAS
2.2%
Others
39.7%
Sample CRM Companies
2012 Worldwide CRM Market Share by Vendor

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$3,852.0
$4,484.0
$5,073.0
$5,707.0
$6,397.0
$3,244.0
$3,837.0
$4,611.0
$5,416.0
$6,332.0
$1,758.0
$2,012.0
$2,288.0
$2,597.0
$2,951.0
$1,276.0
$1,581.0
$1,944.0
$2,324.0
$2,753.0
$0.0
$2,000.0
$4,000.0
$6,000.0
$8,000.0
2011 2012 2013 2014 2015
Revenue($mm)
Customer Relationship Management (CRM)
Content, Communications and Collaboration
Enterprise Resource Planning (ERP)
Supply Chain Management (SCM)
CRM SaaS
Software Revenue Forecast (2011-2015 )
SaaS Delivery within Enterprise Application Software
Software Revenue Forecast (2012-2016 )
CRM Submarket
CRM is projected to remain the most popular application software to utilize SaaS delivery
Source: Gartner
$5,549.0
$6,032.0
$6,609.0
$7,228.0
$7,940.0
$4,265.0
$4,605.0
$4,990.0
$5,433.0
$5,810.0
$3,098.0
$3,449.0
$3,798.0
$4,214.0
$4,697.0
$0.0
$2,000.0
$4,000.0
$6,000.0
$8,000.0
$10,000.0
2012 2013 2014 2015 2016
Revenue($mm)
Sales
Customer Service and Support
Marketing Automation

25. SAAS SUBSECTOR: ERP

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ERP SaaS
ERP SaaS consolidates internal and external data to manage business operations
Execution and Benefits
Rent ERP software on a lease basis; integrating
resource planning on a cloud system
SaaS ERP systems reduce implementation costs
― Faster deployment
― No physical servers
Costs are reduced with SaaS ERP with high
demand for IT resources in managing and
installing development applications
Risk Factors Associated with SaaS
Larger businesses may not align with software
Costs are continually incurred as long as system
is in place
Software cannot be changed
Dependent on Internet connection
By 2014, the CAGR for SaaS ERP market is expected
to be 15.8%, almost 3.0x greater than CAGR for
overall software market
The industry is expected to grow to $32.0bn by 2016
Projected Outlook
Source: Forbes, Gartner
2012 Worldwide ERP Market Share by Vendor
Sample ERP Companies
SAP 25%
Oracle 13%
Sage 6%
Infor 6%
Microsoft 5%
Kronos 2%Totvs 2%Concur 2%YonYou 1%
UNIT4
1%
Others 37%

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ERP SaaS
Cost of capital determines SaaS savings as compared to On-Premise systems (mid-sized company)
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
ERPCosts
SaaS On-Premise
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
ERPCosts
SaaS On-Premise
Source: ERP Cloud News
$0
$50,000
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7
ERPCosts
SaaS On-Premise
Costs are reduced with SaaS ERP with high
demand for IT resources in managing and
installing development applications
Avoid ongoing costs as a variable of capital
Low upfront expenses
Less hidden costs
Benefits15% Cost of Capital
No Cost of Capital 3% Cost of Capital

28. SAAS SUBSECTOR: HR MANAGEMENT

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HRM SaaS
Growing demands for HR solutions
$10.0bn worldwide market
Growing at 18.0%-22.0% CAGR
US SaaS HRM adoption rate: 92.0%
European SaaS HRM adoption rate: 61.0%
From 2010-2012, there were 30 major
acquisitions in the talent management software
market alone
In recent years, large corporations such as
Oracle and SAP have begun focusing on HR
SaaS
Source: Ephor Group, Forrester, CedarCrestone, Bersin
HRM SaaS Advantages
Projected Outlook
In secondary and tertiary markets, enterprise
providers with their “bundled” outsource service
offerings are not present. With this unsatisfied
demand, there is an opportunity for accelerated
organic revenue growth of anywhere from
18.0% to 22.0% per year
HRM SaaS manages all aspects of HR activity in a cloud-computing environment
Increases productivity by replacing manual input
functions with automated ones
Employee verifications, employment application
processes and employee benefits administrative
tasks can be delivered in a self-service format
Significantly saves costs over the majority of on-
premise HR software applications that are
typically incorporated into ERP systems
Sample HRM Companies

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Companies that adopt SaaS HR solutions
Outperform the competition based on key comparable and
financial benchmarks
More flexible resource-efficient cost structures
Average annual HR administration expenditures per
employee is greater than $1,000 for SMBs without a unified
HR system versus less than half of that for enterprises with
SaaS HR
Organizations choosing an ERP with an HRM SaaS-based
talent management approach outperform with as much as
48% greater sales per employee than those choosing a
different solution
HRM SaaS
Source: Apprenda, Ephor Group
SaaS HRM services
Workforce optimization (job management, contingent labor and labor costs management)
Self-service for employee and manager “consumerism” (e.g. access to information and tools)
HR systems strategy (HR Analytics, Social, Global and Mobile)
Enterprise portal and transaction cost reductions
Ability to manage employee information on a real time basis
SaaS HR
Systems
offer
efficiencies
Applicant
tracking
Time and
attendance
management
Benefits
management
Directory
management
Electronic
forms
processing
Leave
management
Employee
self service
functionality
Holiday
management
Payroll
management
Recruitment
and
performance
management
HRM SaaS manages all aspects of HR activity in a cloud-computing environment

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SELECT TRANSACTION CASE STUDIES

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Microsoft – Yammer M&A Case Study
Source: Capital IQ and Siemer & Associates’ Proprietary Research Database
Key Deal Metrics Yammer’s Products / Services
Date Announced: June 15th, 2012
Date Closed: July 18th, 2012
Implied Enterprise Value: $1.2bn
Deal Structure:
Microsoft Corporation entered into a definitive agreement to acquire
Yammer, Inc. for $1.2bn in cash on June 15th, 2012
Yammer joined the Microsoft Office Division and the division is being
led by President Kurt DelBene
Financing History:
Yammer had received $142.0mm in five rounds of venture funding prior
to the acquisition.
Description: Yammer is an enterprise social network that brings together
employees, content, conversations and business data in a single location.
Yammer empowers employees to be more productive by enabling them to
collaborate in real-time across departments, geographies and business
applications. Employees can additionally create groups to collaborate on
projects and share and edit documents. The service can be accessed
through the web, desktop and mobile devices, and Yammer provides both
free and premium versions.
Deal Commentary
The Yammer deal positions Microsoft more aggressively as a player in the development of social media services specifically for enterprises, an area where
competitors like Oracle, Salesforce and IBM have been active as well
Microsoft’s initial concerns involved figuring out ways to successfully monetize Yammer
One year after Microsoft’s acquisition, Yammer’s subscriber base is up 55% to nearly 8.0mm users, characterized by more customers paying for the
premium services and much tighter Microsoft integration
Microsoft’s future plans for Yammer include further integration between Yammer and email, enhanced document collaboration and expanded Yammer
messaging and external communication

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SAP – Ariba M&A Case Study
Date Announced: May 22nd, 2012
Date Closed: October 1st, 2012
Implied Enterprise Value: $4.4bn
Implied EV/LTM Revenue Multiple: 8.8x
Deal Structure:
SAP America, Inc. entered into an agreement to acquire Ariba Inc. for
$4.6bn in cash on May 22, 2012
SAP paid $45 per share to the holders of Ariba’s common stock and
restricted units and also paid $9.13mm in cash for acquiring all the
outstanding options of Ariba Inc.
Ariba ceased to be an independent public company and will be wholly-
owned by SAP
The existing management team continues to lead Ariba Inc., which
operates under the name “Ariba", an SAP company
Key Deal Metrics
Deal Commentary
SAP indicates that the acquisition combined Ariba’s successful buyer-seller collaboration network with SAP’s own customer base and solutions in order to
create new models for business-to-business collaboration in the cloud
With the acquisition, SAP will acquire the leader in cloud-based collaborative business commerce, as Ariba boasts $444 million in total revenue and 38.5%
annual growth in 2011
SAP believes the addition of Ariba will create the business network of the future, through delivering immediate value to their customers and providing
another solid engine for driving the company’s growth in the cloud
Description: Ariba, Inc. is the leading provider of collaborative business
commerce solutions. Ariba combines industry-leading technology to
optimize the complete commerce lifecycle with the world’s largest web-
based community to discover, connect and collaborate with a global
network of trading partners. The company’s services deliver everything
needed to control costs, minimize risk, improve profits and enhance cash
flow and operations, all in a cloud-based environment.
Ariba’s Products / Services
Source: Capital IQ and Siemer & Associates’ Proprietary Research Database

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Date Announced: May 6th, 2013
Market Cap: $6.5bn
TEV: $6.3bn
LTM Revenue: $2.3bn
LTM EBITDA: $694.4mm
LTM EV/EBITDA: 9.1x
Deal Structure:
Bain Capital Private Equity, GIC Special Investments Pte. Ltd., Golden
Gate Private Equity, Inc. and Insight Venture Partners acquired 100% of
BMC Software’s equity for $46.25 per share in cash
Key Deal Metrics
Deal Commentary
By becoming a private company, BMC can provide for more flexibility. Through additional investing freedom, the Company can foster innovation and deliver cutting edge
solutions for its clientele.
Buyout firms are increasingly acquiring mature technology companies positioned to support debt through steady cash flows
Attractive debt financing rates are driving PE firms to leverage larger deals
Source: Capital IQ and Siemer & Associates’ proprietary research database
Description: BMC Software, Inc. develops software that provides system and
service management solutions for enterprises internationally
BMC Software Products / Services
BMC Buyout Case Study

35. APPENDIX – SAAS BUSINESS MODEL FACTORS

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Summary of Key Metrics
The following metrics represent key ratios demonstrated by several successful SaaS companies
CMRR
CAC
CLTV
Cash
Churn
Growth Rate
Upsell vs. New Customers
New CMRR
CMRR Renewal Cost
G&A as a % of Sales
R&D as a % of Sales
FCF
Payment Terms
Professional Services GM
Churn Rate
50% +
Upsells ≥ Churn
CAC > 1
<30% of Annualized GM
CLTV > 0
G&A ~ 15% at Scale
R&D ~ 10% at Scale
Breakeven at 50% Growth Rate
1-Year Upfront Mix > 50%
> 0 on Project Basis
Churn <12%
Source: Wall Street Research
Metric Measurement Target

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Key Metrics for Growth: CMRR
Committed Monthly Recurring Revenue (CMRR)
Full Transparency:
― Employee assessment
― Operational planning
― Financing
― Valuation
CMRR
Expenses
Existing Contracts
Renewals
Upsell & Expansion
New Accounts
Break Even
Time
NumberofCustomers
Source: Wall Street Research

38. 38
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CAC ratio: Defining your S&M spend
Key Metrics for Growth: Customer Acquisition Cost (CAC)
Customer Acquisition Cost (CAC): The cost of a business to acquire a new customer
CAC Ratio = [GPQ – GPQ-1] x 4
Sales & MarketingQ-1
CAC < 1/3 (3 years to payback or more)
Refine business model
Require pullback of sales model
Reduce sales & marketing expense
CAC > 1 (payback in less than 1 year)
Sign of healthy SaaS model in operation
Investment of more money is accretive to operational
income
The cost to acquire customers has increased due to
the current macroeconomic environment
Source: Wall Street Research

39. 39
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Customer Lifetime Value (CLTV) Measures Profitability
This analysis can help management adjust both budgeted R&D and G&A expenses
Example: 1 customer generating $1 of Annual Recurring Revenue (ARR)
Profits are being generated with CLTV > 0
Year 1 Year 2 Year 3 Year 4 Year 5
Period Length 0.5 1.5 2.5 3.5 4.5
Revenue 1.0 1.0 1.0 1.0 1.0
COGS 0.3 0.3 0.3 0.3 0.3
Gross Profit 0.7 0.7 0.7 0.7 0.7
CAC (0.7) - - - -
AccountManagement - (0.1) (0.1) (0.1) (0.1)
R&D (0.1) (0.1) (0.1) (0.1) (0.1)
G&A (0.1) (0.1) (0.1) (0.1) (0.1)
Operating Profit (0.2) 0.4 0.4 0.4 0.4
DiscountRate ( 12.5%) 0.94 0.84 0.74 0.66 0.59
Cash Flows From Customer (0.19) 0.34 0.30 0.26 0.24
CLTV 0.9
Source: Wall Street Research

40. 40
Summer 2013
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Churn Defines the Viability of the Business Model
MRR churn (<12.0% p.a. and < Upsell)
Customer churn
Root Causes
― Pricing / value
― UI and workflow complexity
― Downtime
Monitoring
― Overall application usage (login frequency and time)
― Application usage (frequency, function used, etc.)
Acting
― Competitive analysis / sales tools
― Usage monitoring and follow-up
― GUI / workflow redesign
― Platform stability
― Increased discount for early payment
$100
$80
$64
$51
$0
$40
$80
$120
Start of Year 1 End of Year 1 End of Year 2 End of Year 3
Source: Wall Street Research
Benchmark
Effect of 20.0% Churn on MRR Base

41. APPENDIX – PUBLIC AND TRANSACTION COMPARABLES

42. 42
Summer 2013
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Select SaaS Public Comparables
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
General Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
BMC Software $44.75 $6,383.1 $6,213.7 2.8x 10.2x 2.7x 7.1x 1.4%
CA Technologies 27.24 12,337.7 10,976.7 2.4x 6.6x 2.5x 6.5x -3.6%
Concur Technologies $77.00 $4,299.0 $4,090.8 8.5x NM 5.7x 25.5x 22.3%
International Business Machines 193.54 214,596.0 236,057.0 2.3x 8.9x 2.2x 8.0x -3.5%
Microsoft 33.72 281,557.6 222,534.6 2.9x 7.3x 2.5x 5.7x 4.1%
Oracle 30.17 142,120.6 128,398.6 3.5x 7.4x 3.2x 6.4x 0.2%
SAP 71.07 84,751.7 85,334.4 4.0x 11.7x 3.3x 9.5x 13.2%
Mean $99,086.5 3.8x 8.7x 3.2x 9.8x 4.9%
Median $85,334.4 2.9x 8.2x 2.7x 7.1x 1.4%
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
Security Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
Check Point Software Technologies $49.30 $9,684.3 $8,299.2 6.1x 10.9x 5.6x 9.6x 5.7%
LogMeIn 24.01 583.8 378.5 2.6x NM 2.2x 9.0x 14.8%
Sourcefire 52.69 1,637.9 1,432.0 6.1x NM 4.3x 20.7x 28.6%
Symantec 22.01 15,329.5 13,673.5 2.0x 7.2x 1.9x 5.2x 2.6%
Websense 24.71 906.0 892.0 2.5x 16.4x 2.4x 15.3x -1.5%
Mean $4,935.0 3.9x 11.5x 3.3x 11.9x 10.0%
Median $1,432.0 2.6x 10.9x 2.4x 9.6x 5.7%

43. 43
Summer 2013
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Select SaaS Public Comparables
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
CRM Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
Constant Contact 16.05 492.9 395.6 1.5x 20.8x 1.3x 7.7x 16.1%
DealerTrack Holdings 33.70 1,465.6 1,459.0 3.6x 25.1x 2.8x 11.0x 10.5%
Salesforce.com 36.95 21,798.1 21,392.6 6.6x NM 4.5x 25.9x 32.1%
Vocus 10.24 216.0 253.4 1.4x NM 1.3x 10.4x 48.4%
Mean $5,875.1 3.3x 22.9x 2.5x 13.7x 26.8%
Median $927.3 2.6x 22.9x 2.1x 10.7x 24.1%
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
ERP Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
NetSuite 85.69 6,322.4 6,145.7 18.6x NM 11.7x NM 31.3%
QAD 11.11 171.4 114.0 0.5x 9.9x 0.4x 5.1x -0.5%
Red Hat 45.91 8,710.5 7,856.8 5.7x 28.3x 4.7x 16.1x 16.4%
Mean $4,705.5 8.2x 19.1x 5.6x 10.6x 15.7%
Median $6,145.7 5.7x 19.1x 4.7x 10.6x 16.4%
(figures in millions of $USD, except per share) Share Price as of Market Enterprise EV / LTM EV / CY 2013E LTM Annual
HRM Software 6/25/2013 Cap (mm) Value (EV) Revenue EBITDA Revenue EBITDA Revenue Growth
ADP $68.38 $33,179.5 $31,514.5 2.8x 13.1x 2.5x 12.1x 6.4%
Cornerstone OnDemand 44.43 2,267.4 2,198.1 16.7x NM 8.6x NM 61.9%
Ultimate Software Group 113.06 3,125.7 3,057.2 8.7x NM 6.2x 28.9x 24.4%
Workday 63.05 10,907.7 10,123.2 NM NM 15.2x NM 88.3%
Mean $11,723.3 9.4x 13.1x 8.1x 20.5x 45.2%
Median $6,590.2 8.7x 13.1x 7.4x 20.5x 43.1%

44. 44
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
06/11/13 Rackwise Software and services in the growing market for IT
infrastructure management and data center monitoring
Black Diamond Financial Group;
Navesink Capital Advisors
$3.9 NA
06/06/13 Shandong Inspur E-
Government Software
E-governance software solutions including integrated
monitoring, efficiency supervision and public service
systems
Shandong Inspur Software 5.7 NA
06/05/13 Bitsight Technologies Develops computer security technology software Commonwealth Capital Ventures;
Globespan Capital Partners; Menlo
Ventures; Flybridge Capital Partners
24.0 A
06/04/13 Axeda Cloud platform for connected products and M2M
applications
Wipro 5.0 B
06/03/13 Canvas Solutions Mobile application solutions construction and contracting,
service industry, inspections and surveys and sales force
automation
Osage Partners ; Motorola Solutions
Venture Capital
4.0 C
05/31/13 iSight Security Provides cyber security risk management solutions for
federal and commercial entities
NA 3.0 NA
05/31/13 Petrotechnics Frontline work execution solutions for oil and gas
companies and operators in the United Kingdom and
internationally
Business Growth Fund 9.1 NA
05/30/13 Numecent Holdings Engages in the digital delivery, deployment and
provisioning of software and other non-linear assets
through virtualization
T-Venture Holding; Endeavour Ventures 13.6 B
05/29/13 CloudByte Provides solutions for shared storage environments, such
as security, isolation and service level assurance
Nexus Venture Partners; Fidelity Growth
Partners India; Kae Capital
4.0 B
05/29/13 Virtual Piggy Operates as a technology company that delivers an online
eCommerce solution in the United States and Europe
NA 6.0 NA
05/28/13 ConnectEdu Provides Web-based college and career access solutions NA 16.0 D
05/23/13 Maxx Technologies Develops liquor inventory management systems for the
hospitality industry
NA 3.5 NA
05/22/13 Digital Signal Conducts research and development of three-dimensional
facial recognition systems for the department of defense
and other federal agencies
Technology Control 50.0 C

45. 45
Summer 2013
Siemer SaaS Report
Amount
Date Company Description Investors Raised ($mm) Round
05/22/13 SLYCE Commerce Develops visual recognition purchasing platform that allows
discovering and purchasing the things users like online
NA $3.8 NA
05/17/13 SmartMetric Research and development of biometric security solutions NA 5.1 NA
05/17/13 Visier Builds business analytic applications focusing on people
management
Foundation Capital; Summit Partners 15.0 B
05/17/13 Sight Machine Designs and develops software for vision analysis NA 6.0 NA
05/17/13 EdgeSpring Provides visual analytics and business intelligence
solutions
Kleiner, Perkins, Caufield & Byers;
Lightspeed Venture Partners
9.0 A
05/16/13 Triggit Provides real-time media management solutions North Atlantic Capital; Spark Capital;
Foundry Group
6.0 B
05/16/13 Atlantis Computing Provides virtual desktop infrastructure (VDI) storage and
performance optimization solutions for IT organizations
Adams Street Partners; Cisco Systems;
El Dorado Ventures; Partech International
20.0 D
05/15/13 PernixData Provides an enterprise-class software platform for
application acceleration
Kleiner, Perkins, Caufield & Byers;
Lightspeed Venture Partners
20.0 NA
05/15/13 OpenGeo Develops open source geospatial software solutions to
organizations in the United States and internationally
Vanedge Capital 3.0 A
05/14/13 HipLogiq Changes how businesses and brands reach and engage
with people
RLB Holdings; Hadron Global Partners 5.0 A
05/09/13 Movable Develops email software for companies Intel Capital; WS Investments; Silicon
Valley Bank; Contour Venture Partners;
Metamorphic Ventures; ff Venture
Capital; Kima Ventures
11.0 NA
05/08/13 PROGNOZ ZAO Business intelligence and business performance
management solutions for corporations and government
agencies
NA 10.9 NA
05/07/13 Safe-T Software solutions for data security, secure email,
managed file transfer, secure front end and anti-virus
applications
NA 5.0 NA
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research

46. 46
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
05/06/13 Ontuitive Designs, develops and delivers performance support
solutions for business enterprises
NA $4.7 NA
05/03/13 mobeam Develops a light based communications technology NA 3.0 A
05/03/13 Axiologix Acquires and owns VoIP and cloud services spaces Ironridge Technology 7.5 NA
05/02/13 Axiomatics Offers authorization solutions for customers worldwide Monterro Holdings; Coach & Capital;
Almi Invest
6.5 NA
05/02/13 VMTurbo Provides intelligent workload management software
solutions for cloud and virtualized environments
Highland Capital Partners; Globespan
Capital Partners; Bain Capital
7.5 B
05/01/13 GridGain Systems Provides Java-based open source middleware platform for
data business analytics and processing
NA 10.0 A
05/01/13 LucidWorks Provides enterprise-grade embedded search
development platforms
Granite Ventures; Walden International;
Shasta Ventures
12.0 C
05/01/13 GraphLab Designs and develops a machine learning analytics engine
for graph datasets
Madrona Venture Group; New Enterprise
Associates
6.8 A
05/01/13 M-Files Develops document management software and provides
cloud-based document management services
DFJ Esprit; Finnish Industry Investment 7.8 A
04/23/13 Seclore Technology Offers data security solutions Ventureast Fund Advisors India; Helion
Venture Partners
6.0 A
04/23/13 Infinity Augmented
Reality
Engages in the development of augmented reality software
applications
Platinum Management (NY) 5.0 NA
04/22/13 TransLattice Provides on-premise or in the cloud data for enterprise,
cloud and hybrid environments in the United States and
internationally
NA 12.0 A
04/16/13 Quadriserv Provides transformational market structure changes to
beneficial owners, agent and custodial banks, broker
dealers and hedge funds
NA 3.4 NA

47. 47
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
04/16/13 CommuniTake Provides a remote service platform for mobile devices Cellebrite Mobile Synchronization $3.0 NA
04/16/13 Good Technology Provides application-to-application workflows that include
integrated email, communications, document management,
BI, social business and wireless printing
NA 60.1 E
04/12/13 Createthe Group Provides digital campaigns, communications platforms and
commerce solutions for fashion and retail brands
NA 3.0 NA
04/12/13 Mobile Labs Mobile application testing solutions for enterprises NA 3.5 NA
04/12/13 Panviva Develops and delivers business process guidance
systems
SBI Ven Capital 4.2 B
04/11/13 nuPSYS Technologies Provides network automation control center solutions to
offer a 3D multi-touch control center monitoring application
with a graphical user interface
AVentures Capital 5.0 A
04/09/13 Moment Systems Provides digital advertising solutions for advertisers and
agencies
Redpoint Ventures; CBC Capital; WPP
Digital; KPCB China
10.0 NA
04/08/13 Scientific Learning Develops, distributes and licenses technology that
accelerates learning by improving the processing
efficiency of the brain
Nantahala Capital; Trigran Investments;
Blackwell Partners; RJ Partnership
4.6 NA
04/08/13 Vidyo Provides telepresence solutions for video conferencing
worldwide
Menlo Ventures; Rho Capital; Star
Ventures; QuestMark; Triangle Peak;
Juniper Networks; The Four Rivers
17.0 D
04/05/13 MarketShare Partners Provides cross media analytics solutions FTV Capital; Elevation Partners 38.0 NA
04/05/13 ZeRTO Enterprise-class disaster recovery and business continuity
solutions for virtualized data centers and cloud
environments
Battery Ventures; Greylock Partners;
U.S. Venture Partners; RTP Ventures
13.0 C
04/04/13 Kaazing Provides Web communication solutions for living Web
applications
New Enterprise Associates; Columbus
Nova Technology Partners
15.0 NA
04/03/13 StreetLight Data Geospatial BI solutions for marketing, site selection, urban
planning and economic development apps
T-Venture Holding; Vision Ridge Partners 3.6 A

48. 48
Summer 2013
Siemer SaaS Report
Source: CapitalIQ and Siemer Proprietary Research
Select Precedent SaaS Financings
Amount
Date Company Description Investors Raised ($mm) Round
04/03/13 Redknee Solutions Communication software, solutions and services to
wireless, wireline, broadband and satellite network
operators
NA $44.0 NA
04/02/13 Belmont Technology Develops cloud based CAD software solutions for product
design
Commonwealth Capital; New Enterprise
Associates; North Bridge Venture
Partners
25.0 A
04/02/13 Midokura Develops network virtualization software solutions Docomo Innovation; Innovation Network
Corporation; SMBC Venture Capital
17.3 A
04/01/13 RetailNext Provides in-store retail analytics August Capital; StarVest Partners; Nokia
Growth Partners; Commerce Ventures
15.0 C
03/31/13 Iddiction Offers online mobile application searching solutions NA 5.5 NA
03/29/13 ForgeRock Develops identity oriented middleware platform for
companies and government organizations worldwide
Accel Management; Foundation Capital 15.2 B
03/28/13 Vantrix Provides mobile video mediation and delivery solutions
for streaming, browsing and messaging worldwide
NXT Capital Venture Finance 4.5 B
03/27/13 Opentech Sistemas de
Gerenciamentos
Develops tracking and risk management solutions for
logistics and transportation sectors
DLM Invista Asset Management 5.0 NA
03/27/13 Malauzai Software Provides mobile solutions for small and medium sized
community-based financial institutions and IT companies
NA 3.0 NA
03/27/13 Adapx Provides interface software solutions for collaboration, field
data collection and decision making
OVP Venture Partners; Pelion Venture
Partners; Paladin Capital Group;
Northwest Technology Ventures
3.5 B
03/27/13 The Nintex Group IT company that focuses on SharePoint technologies,
including software, services and cloud based solutions
TA Associates Management; Updata
Partners
313.2 NA
03/26/13 Interactive
Achievement
Assessment and reporting software solutions for school
districts in Virginia, South Carolina, Tennessee and Indiana
NA 3.5 NA
03/26/13 Clean Power Finance Provides residential financing products and solar sales
quoting and design tools for the solar industry
Kleiner, Perkins, Caufield & Byers;
Edison; Hennessey; Claremont Creek;
Sand Hill Angels; Google Ventures
60.0 NA

49. 49
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
03/26/13 Nexess Develops and sells security management solutions for
nuclear and Seveso-type plants
Turenne Capital Partenaires; Seventure
Partners
$3.2 B
03/25/13 Realeyes Data
Services
Provides Web-based facial expression measurement
solutions for video advertisements
Entrepreneurs Fund Management; AS
SmartCap
3.2 A
03/25/13 TraceVector Develops enterprise-grade Network Intrusion Detection
Systems (NIDS) that stand alone on a network and use
novel algorithms to detect anomalies in network traffic
NA 8.1 A
03/22/13 MarkLogic Provides solutions to the public sector and Global 1000
companies around the world
Sequoia Capital; Northgate Capital
Group; Tenaya Capital
25.7 NA
03/22/13 ClearFit Provides software solutions to hire employees for various
businesses
GrandBanks Capital; Relay Ventures 7.0 A
03/21/13 Concurrent Develops enterprise software solutions Rembrandt Venture Partners; True
Ventures
4.0 NA
03/20/13 BA-Insight Provides integrated search technologies and optimization
software for SharePoint and FAST Search to organizations
in the United States and internationally
Osage Partners; Milestone Venture
Partners; Paladin Capital Group;
Originate Ventures
4.5 NA
03/20/13 Giant Thinkwell Develops presentation software Madrona Venture Group; Trilogy Equity
Partners; Founder's Co-op
3.3 A
03/18/13 VendAsta
Technologies
Provides software solutions and development services BDC Venture Capital; Vanedge Capital 8.3 B
03/14/13 BriefCam Develops and provides systems for the rapid review,
analysis and indexing of surveillance camera feeds
Motorola Solutions Venture Capital 6.5 C
03/13/13 Pyramid Analytics Offers business intelligence (BI) applications for various
business users
Sequoia Capital 11.5 A
03/13/13 VibeSec Provides solutions for enterprise unified communications
(UC) security and fraud prevention
Proseed Venture Capital Fund; Vertex
Venture Capital
4.0 NA
03/13/13 Crushpath Provides Crushpath, a platform solution to assist
salespeople in managing deals
Charles River Ventures; The
Social+Capital Partnership
6.0 A

50. 50
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
03/12/13 ARI Network Services Engages in creating, marketing and supporting technology-
enabled solutions that help servicing and sales of goods
Wynnefield Capital $4.5 NA
03/12/13 Park City Group SaaS provider that brings unique visibility to the consumer
goods supply chain, delivering actionable information
NA 4.3 NA
03/11/13 Endgame Systems Designs and develops security solutions focusing on
cyberspace
Bessemer Venture Partners; Columbia
Capital; Kleiner, Perkins, Caufield &
Byers; Paladin Capital Group
27.5 B
03/08/13 Spanning Cloud Apps Provides a business-class software tool to manage and
protect information in cloud applications
Foundry Group 6.0 B
03/08/13 Silver Spring Networks Networking platform and solutions that enable utilities to
transform power grid infrastructure into the smart grid
NA 12.0 D
03/08/13 PHD Virtual
Technologies
Provides virtual backup software solutions for data
protection in virtual IT environments
Insight Venture Partners; Citrix Systems;
Wellington Financial
4.0 C
03/07/13 Metaps Monetization software solutions for Android applications Fidelity Investments Japan 10.7 NA
03/06/13 BINA Technologies Provides computing platforms and analytics tools for the
informatics market
Sierra Ventures 8.0 B
03/05/13 Vasona Networks Develops software that improves mobile carrier
infrastructure efficiency
Bessemer Venture Partners; Vodafone
Ventures; New Venture Partners
12.0 B
03/05/13 Famous Industries Enables creation of 2D and 3D gesture based interfaces
and deployment to any mobile or desktop device
Javelin Venture Partners 4.0 NA
03/05/13 MapR Technologies Develops enterprise software for Hadoop data-analytics
platform
Mayfield Fund; New Enterprise
Associates; Redpoint Ventures;
Lightspeed Ventures
32.0 C
02/28/13 Pneuron Distributes existing applications, creates hybrid products,
creates a business/IT framework and integrates functions
Safeguard Scientifics; Osage Partners 6.0 B
02/28/13 Nexenta Systems Provides open source enterprise class storage software
solutions
Menlo; Sierra; Presidio STX; TransLink;
Javelin; UMC Capital; The Four Rivers
Group; WestSummit Capital
24.0 D

51. 51
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
02/26/13 Click Security Real-time security analytics for enterprises, higher
education systems, critical infrastructure and government
agencies
Sequoia Capital; Lightspeed Venture
Partners; Citi Ventures
$17.7 B
02/25/13 Altobridge Develops mobile communications over satellite for
aeronautical and maritime industries in Ireland
International Finance; Intel Capital 7.8 NA
02/25/13 AirWatch Mobile security and enterprise mobility management
solutions
Accel Management; Insight Venture
Partners
225.0 A
02/22/13 Wireless Glue
Networks
Software and hardware solutions that capture and deliver
energy data in real-time
Hosiden; Clean Pacific; Innovation
Network Corporation of Japan; Takaoka
Toko
4.5 B
02/20/13 Playnomics Provides player exchange, prospecting and retargeting
solutions for online game publishers
FirstMark Capital; X/Seed Capital
Management; Vanedge Capital
5.0 B
02/19/13 ActiFio Provides storage solutions for managing copies of
production data for enterprise IT organizations and
managed and cloud service providers
Advanced Technology; Greylock; North
Bridge; Technology Crossover;
Andreessen Horowitz
50.0 D
02/19/13 TopHatMonocle A web and mobile-based classroom response system that
engages students and provides professors with the real-
time feedback on student understanding
iNovia Capital 6.2 NA
02/15/13 TerraGo Technologies Geospatial location software and maps to produce,
access, update and share information and applications
RedShift Ventures; CNF Investments;
Observatory Capital Management
5.8 B
02/14/13 Cylance Security software solutions for infrastructure applications Khosla Ventures; Fairhaven Capital 15.0 A
02/13/13 XOS Digital Digital asset management solutions, facility design and
integration services and digital coaching technologies for
collegiate and professional sports organizations in the US
NA 7.3 NA
02/13/13 Infinio Systems Develops software solutions to address bottlenecks in
virtual environments/storage performance
Bessemer Venture Partners; Highland
Capital Partners
10.0 A
02/12/13 Nok Nok Labs Develops products and services for online security and
authentication
Onset Ventures; DCM 15.0 A
02/12/13 Ziften Technologies Develops software for desktop administration in
enterprises worldwide
Fayez Sarofim & Co. 5.0 NA

52. 52
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
02/12/13 Spring Mobile
Solutions
Designs, develops and delivers mobility solutions for
enterprise customers in the US and internationally
NA $9.0 NA
02/08/13 Illumio Offers cloud security Internet services in California Andreessen Horowitz; Juniper Networks 8.0 A
02/08/13 VMS Holdings Develops a mobile application for sharing videos NA 11.4 NA
02/08/13 Living Naturally Develops and markets transactional software products for
automating business processes
NA 11.0 NA
02/05/13 MediaShift Provides digital advertising technology services in the
United States
NA 8.5 NA
02/05/13 CJ Educations Develops digital learning content for children CJ O Shopping 15.6 NA
02/05/13 Cedexis Develops Internet performance control and monitoring
solutions
NA 3.4 A
02/05/13 OOO "Integrator IT" Develops and designs prepackaged software, operates as
an Internet service provider and engages in the adaptation
and implementation of information systems
Boulevard Ring 5.0 NA
01/31/13 Ecorithm Develops various algorithms and proprietary software to
diagnose and optimize energy use/waste in buildings and
complexes
NA 3.0 NA
01/31/13 CounterTack Provides an in-progress attack intelligence and response
solution for enterprise and government organizations
NA 5.0 NA
01/30/13 NewVoiceMedia Develops and delivers cloud contact centre solutions for
customers in the United Kingdom and internationally
Highland Capital Partners; MMC
VENTURES; Eden Ventures; Notion
Capital Partners
20.0 B
01/30/13 DB Networks Develops database security technology to protect
confidential data from falling into the hands of external
hackers
Khosla Ventures 4.5 B
01/28/13 Coach Alba Operates as a behavioral change company that builds
Web and mobile technologies
NA 3.0 NA

53. 53
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
01/25/13 Etherstack Develops software for use in transceivers NA $3.1 NA
01/24/13 CallMiner Enterprise speech analytics solutions for global
organizations
NA 12.1 NA
01/24/13 Semetric Provides online analytics solutions to the music industry Pentech Ventures; Imperial Innovations 4.8 NA
01/24/13 AppDynamics Provides application performance management for modern
application architectures in the cloud and data centers
Greylock Partners; Institutional Venture
Partners; Kleiner, Perkins, Caufield &
Byers; Lightspeed Venture Partners
50.0 D
01/23/13 Puppet Labs Information technology automation software for system
administrators
Vmware 30.0 D
01/23/13 Apperian Develops cloud based mobile application management
solutions for developers and enterprise IT professionals
Intel Capital 4.6 NA
01/23/13 eleni Builds commodity exchange for frontier markets International Finance Corporation;
Morgan Stanley Dean Witter Equity
Funding ; 8 Miles
5.0 NA
01/22/13 Cellrox Provides Bring Your Own Device mobile multi-persona
solutions for smart mobile devices that enable individuals
and personas to co-exist seamlessly on a single device
Columbia Technology Ventures; Runa
Capital; Previz Ventures
4.7 A
01/18/13 Enroute Systems Supply chain management and SaaS+ solutions NA 3.0 NA
01/17/13 Parallels Virtualization and automation software that optimizes
computing across hardware, operating system and
virtualization platforms
Cisco Systems 5.0 NA
01/17/13 Intigua Virtualization and cloud computing solutions for monitoring
and managing large-scale infrastructure environments
Bessemer Venture Partners; Cedar Fund 8.6 A
01/17/13 Smarter Grid
Solutions
Provides smart grid control systems and power systems
consultancy services for power companies in the United
Kingdom
Scottish Equity Partners; The Scottish
Investment Bank; Strathclyde University
4.8 NA
01/16/13 Curalate Develops marketing tools for the visual Web market New Enterprise Associates; First Round
Capital; MentorTech Ventures
3.0 A

54. 54
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Financings
Source: CapitalIQ and Siemer Proprietary Research
Amount
Date Company Description Investors Raised ($mm) Round
01/16/13 vArmour Networks Provides software-defined security solutions for virtualized
data centers for service provider, enterprise and
government cloud operators in the United States and
internationally
Highland Capital Partners $6.0 A
01/15/13 Beijing Baiyitong
Technology
Develops SaaS based softwares and provides information
technology services
Beijing Kaisheng Guanhua Investment 4.8 NA
01/10/13 ScaleArc Provides database infrastructure software Accel Management Co ; Trinity Ventures;
Nexus Venture Partners
12.3 C
01/07/13 Intelligent Business
Entertainment
Develops compliance and regulatory training games and
applications for mobile platforms
Rho Capital Partners; New York City
Investment Fund Manager; Contour
Venture Partners
7.1 A
01/06/13 China National
Software & Service
Provides information technology (IT) solutions and services
in the People’s Republic of China and internationally
China Electronics 104.3 NA
01/04/13 Zonoff Provides software and Web services that deliver home
automation, energy management and remote access
services
Grotech Ventures; Valhalla Partners 3.8 NA

55. 55
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
6/17/2013 Panopticon Software Datawatch $38.8 7.8x NA
6/17/2013 prairieFyre Software Mitel Networks 20.0 NA NA
6/17/2013 Veramark Technologies Hubspoke Holdings 11.7 0.7x 11.6x
6/14/2013 Morning Star Software Technology Anhui USTC iFLYTEK 8.2 0.8x NA
6/11/2013 Veritape Eckoh 16.5 13.8x NA
6/7/2013 Drive Consultoria e Informatica Senior Solution Consultoria em Informática 7.1 1.0x NA
6/7/2013 MAP Integration Technologies Proprietary Georigin 7.4 NA NA
6/5/2013 ST Electronics-PCI Duilong Jiadu Technology 9.4 NA NA
6/4/2013 ISS Group P2 Energy Solutions 34.9 1.8x 26.6x
6/3/2013 Indigo Retail Technology HTEC 6.0 1.8x 9.0x
5/31/2013 Poynt Sprylogics International 2.6 NA NA
5/29/2013 Apriso Dassault Systemes 205.0 NA NA
5/29/2013 JouleX Cisco Systems 107.0 NA NA
5/27/2013 Heiler Software Informatica Deutschland 70.9 2.5x NM
5/24/2013 STAR-APIC 1Spatial 7.7 0.7x NM
5/21/2013 N-able Technologies International SolarWinds Worldwide 120.0 NA NA
5/20/2013 Websense Vista Equity Partners 971.1 2.7x 17.9x
5/20/2013 Veracity E.M.T. Computarized 3.5 NA NA
5/15/2013 Wagemeyer Eleco Software 0.1 NA NA
5/8/2013 Civica OMERS Private Equity 607.8 1.9x 10.3x
5/8/2013 Market Leader Trulia 300.7 6.3x NM
5/8/2013 Epic Data International Sylogist 7.4 1.5x NM
5/7/2013 primion Technology Azkoyen 43.8 0.7x 7.9x

56. 56
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
5/6/2013 Stonesoft McAfee $385.9 7.0x NM
5/6/2013 BMC Software Insight; GIC; Bain; Golden Gate 6,866.4 3.1x 11.2x
5/1/2013 Eque2 ISIS Equity Partners; Baronsmead VCT 3.9 NA NA
5/1/2013 Ebix Rennes; Robin Raina; Exchange Parent 811.6 3.9x 9.3x
4/30/2013 Sentilla SingTel Innov8 37.9 NA NA
4/29/2013 Arkoon Network Security Cassidian 17.0 1.0x 6.0x
4/24/2013 Idhasoft Prism Informatics 71.0 NA NA
4/23/2013 Mobio Identity Systems LX Ventures 0.6 NA NA
4/22/2013 BasWare Computer Program Unit 2.0 2.4x NA
4/18/2013 Front Applications Itbook 0.1 0.4x NA
4/16/2013 Logo Yazilim Sanayi ve Ticaret Mediterra Private Equity 73.9 2.9x NA
4/11/2013 Advent Software TPG Advisors VI 1,204.2 3.3x 14.6x
4/10/2013 Software Imaging Hancom 0.9 NA NA
4/9/2013 QS Quarterhouse Software PNI Digital Media 1.0 2.3x NA
4/5/2013 1st Holdings ORIX 302.7 2.2x 6.0x
4/1/2013 Infoglide Software Fair Isaac 7.0 NA NA
3/28/2013 NEC HCL System Technologies NEC 24.5 NA NA
3/11/2013 Direção Processamento de Dados Linx Sistemas E Consultoria 13.5 1.6x NA
3/8/2013 Arieso JDS Uniphase 85.0 NA NA
3/8/2013 Computer Software Holdings Advanced Computer Software Group 164.2 1.8x 8.3x
3/1/2013 altosoft Kofax 13.5 4.0x NA
3/1/2013 Utilisoft Hansen 3.6 1.0x NA
3/1/2013 MakeSense Technologies Info Edge 1.5 NA NA
Source: CapitalIQ and Siemer Proprietary Research

57. 57
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
2/27/2013 Mind Technologies VOIS $0.1 NA NA
2/27/2013 Kestrel Technologies Technology Funding 1.5 NA NA
2/22/2013 Creo Amano 18.2 0.2x 3.3x
2/12/2013 OTTilus Pilat Media Global 1.9 NA NA
2/12/2013 PlanSwift Textura 7.5 NA NA
2/5/2013 QPR CIS QPR Software 0.5 NA NA
2/4/2013 Webscreen Systems Juniper Networks 9.9 7.0x 21.0x
1/31/2013 Summit Software Corporate Resource Services 35.9 NA NA
1/31/2013 Computer System Laboratory Outsourcing 13.1 0.7x NA
1/31/2013 Fringe81 Fringe81 Holdings 3.2 0.5x NA
1/28/2013 Angoss Software Peterson Partners 7.9 1.1x NM
1/24/2013 Stratix Corporation ServicePower Technologies 0.6 NA NA
1/24/2013 TBH Guernsey Ladbrokes 51.9 NA NA
1/24/2013 Global Betting Exchange Ladbrokes 41.9 NA NA
1/24/2013 W&D Participações Totvs Brasília Software 46.8 NA NA
1/16/2013 Cogility Software Drumright Group 7.0 NA NA
1/15/2013 Assetic M. H. Carnegie & Co. 19.2 NA NA
1/15/2013 Panasonic AVC Multimedia Software Tempstaff 11.8 0.4x NA
1/9/2013 Klug Krones 25.2 NA NA
1/2/2013 Nio The IVR Controls 0.1 NA NA
12/31/2012 CEBOS QAD 5.0 NA NA
12/28/2012 Storycode TigerLogic 7.7 NA NA

58. 58
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
12/27/2012 NewBay Software Synchronoss Technologies $55.5 0.0x NA
12/27/2012 Hansoft SoftForum 413.3 7.7x NA
12/24/2012 Progress Software Micro Focus International 15.0 0.5x NA
12/21/2012 Softlog Systems Recovery Australia Solutions 0.2 NA NA
12/21/2012 Trans Infotech Wirecard 33.6 NA NA
12/20/2012 Eloqua Oracle 871.0 9.1x NM
12/20/2012 ManageIQ Red Hat 105.0 NA NA
12/17/2012 Compuware Elliott Management 2,273.7 2.4x 15.1x
12/17/2012 OneMove Technologies Plantro; Seastone Investments 5.0 2.2x NM
12/17/2012 Educational Computer Systems Heartland Campus Solutions 37.6 NA NA
12/17/2012 Pyramid Control Systems Matthews International 28.2 1.6x NA
12/17/2012 Inzi Soft MobileLeader 0.0 NA NA
12/14/2012 Shanghai Huateng Software Systems Chinasoft International 59.6 NA NA
12/14/2012 Connect Holdings S and P 25.5 1.2x NM
12/14/2012 RMG Enterprise Solutions SCG Financial Acquisition 45.0 NA NA
12/13/2012 Rhaon Entertainment AfreecaTV 30.9 NA NA
12/12/2012 NC West Holdings Ncsoft 46.5 NA NA
12/7/2012 New Dawn Technologies Daily Journal 14.0 NA NA
12/5/2012 Apperience M Dream Inworld 122.8 10.5x NA
12/5/2012 Zenprise Citrix Systems 324.2 NA NA
11/30/2012 ANT Espial 0.9 0.1x NM
11/30/2012 CCC Information Services Group Leonard Green & Partners 550.0 NA NA
11/29/2012 Cariden Technologies Cisco Systems 141.0 NA NA
Source: CapitalIQ and Siemer Proprietary Research

59. 59
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
11/28/2012 Retalix NCR $613.5 2.3x 25.5x
11/27/2012 SOAR SYSTEM RealVision 1.6 0.5x NA
11/26/2012 CR Software Fair Isaac 28.8 NA NA
11/23/2012 Miracom Samsung 11.6 0.6x 4.6x
11/21/2012 Versant Actian 16.4 1.1x NM
11/20/2012 GDC Technology Huayi Brothers Media 211.3 NA NA
11/16/2012 AltoStor WANdisco 5.1 NM NA
11/16/2012 Astoria Innovations Beijing Enterprises Group 11.8 NA NA
11/15/2012 Cloupia Cisco Systems 125.0 NA NA
11/14/2012 Energistic Formosa Prosonic Industries 0.9 NA NA
11/14/2012 Exentra Transport Solutions The Descartes Systems Group 17.0 NA NA
11/13/2012 Verivue Akamai Technologies 32.1 NA NA
11/12/2012 Systems Alternatives International Brady 10.0 1.2x NA
11/12/2012 Albat + Wirsam Software Friedman 24.4 NA NA
11/9/2012 Qanda Technology Fastvue 1.1 NA NA
11/8/2012 LMS International Siemens Product Lifecycle Software 915.1 NA NA
11/8/2012 Vandasoft Technology Holdings PCCW Solutions 1.0 NA NA
11/8/2012 PT. AZEC PT Erajaya Swasembada 2.8 NA NA
11/7/2012
Beijing BII-ERG Transportation
Technology
China City Railway Transportation
Technology Holdings
33.1 NA NA
11/7/2012 Beijing Hua An Tian Cheng Technology Chongqing Zongshen Power Machinery 16.3 NA NA
11/7/2012 Tierdata Informatica 10.2 NA NA
11/5/2012 Vyatta Brocade Communications Systems 43.6 NA NA
11/5/2012 LiveTime Software Absolute Software 14.1 NA NA

60. 60
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
11/1/2012 JDA Software Group RedPrairie $1,826.6 2.8x 10.9x
11/1/2012 Visionutveckling Enghouse Systems 10.9 NA NA
11/1/2012 RMS Solutions Sylogist 0.3 NA NA
10/31/2012 Beta Systems Software Deutsche Balaton 4.2 0.1x 1.4x
10/31/2012 Varitronics Renaissance Equity Partners 8.4 NA NA
10/29/2012 I Education FrogTrade 3.1 NA NA
10/29/2012 OPNET Technologies Riverbed Technology 867.9 4.8x 26.6x
10/24/2012 DaeSung Information System Daesung Industrial 0.1 NA NA
10/23/2012 Aegis Analytical Accelrys 30.0 NA NA
10/19/2012 FMx McLaren Software 9.0 2.1x NA
10/18/2012 Zmanda Carbonite 13.4 NA NA
10/18/2012 Aurea Software ESW Capital 60.5 NA NA
10/17/2012 Motex Kyocera Communication Systems 168.4 4.5x NA
10/12/2012 Vector Soft Strategy 0.3 NA NA
10/10/2012 Metaskil Group Quindell Portfolio 7.4 1.5x NA
10/9/2012 Insider Technologies YFM Equity Partners 4.8 1.1x NA
10/9/2012 INUS Technology 3D Systems 35.0 NA NA
10/4/2012 Qontext Autodesk 26.0 NA NA
10/4/2012 Sininen Meteoriitti Fujitsu Finland 26.0 NA NA
10/4/2012 FAService TRUMPF 12.8 1.1x NA
10/3/2012 Progress Software Rocket Software 31.9 2.0x NA
10/2/2012 ClickMotive DealerTrack 56.6 NA NA
10/2/2012 Zephyr Associates Informa Investment Solutions 62.0 NA NA
Source: CapitalIQ and Siemer Proprietary Research

61. 61
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
10/1/2012 Ongame Network Amaya Gaming Group $32.4 NA NA
9/28/2012 Spend Radar SciQuest 17.6 NA NA
9/25/2012 Serengeti Systems Netcall 4.7 1.8x NA
9/24/2012 Draig Technology Utilisoft 1.1 1.6x NA
9/24/2012 Marathon Technologies Stratus Technologies 2.2 NA NA
9/24/2012 Réalisations Microélectroniques Poincaré Gestion 22.8 0.6x NA
9/21/2012 Cenize Informática IOB Folhamatic Group 6.3 NA NA
9/21/2012 Empresa Brasileira de Sistemas IOB Folhamatic Group 17.2 NA NA
9/21/2012 Conscious Object Development GHL 0.3 NA NA
9/18/2012 Image Recognition Integrated Systems Canon Europa 81.8 0.6x 9.7x
9/17/2012 Lapis Software Associates Spectra Systems 0.8 2.1x NA
9/17/2012 Evolution Robotics iRobot 0.0 NA NA
9/17/2012 Syntevo WANdisco 1.0 NA NA
9/15/2012 Sigma Danismanlik Asseco 9.2 1.7x NA
9/13/2012 Sensage The KEYW Holding 85.7 7.1x NM
9/13/2012 Solarsoft Business Systems Epicor Software 155.0 1.7x NA
9/13/2012 Distra ACI Worldwide 48.8 NA NA
9/6/2012 Mingle Suite Application Myriad Interactive Media 0.3 0.0x NA
9/5/2012 Mobile Eco Ubiquoss 2.6 6.0x NA
9/5/2012 American Driving Records SAMBA Holdings 11.0 NA NA
9/4/2012 Reverse Mortgage Solutions Walter Investment Management 0.0 NA NA
9/3/2012 Midas Data Vitec Software Group 10.0 NA NA
8/27/2012 Deltek Thoma Bravo 1,028.8 3.0x 18.2x

62. 62
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
8/27/2012 TMW Systems Trimble Navigation $334.0 3.5x NA
8/27/2012 Kenexa IBM 1,308.7 3.9x NM
8/27/2012 Pipfrog Soprano 0.3 NA NA
8/24/2012 Return To Scene SeaEnergy 16.0 5.1x NA
8/24/2012 Shandong Inspur Jiantong Information Shandong Inspur Software 0.0 NA NA
8/23/2012 K-log Stands Up Works Proprietary 1.8 NA NA
8/20/2012 Rig Support Services UMED Holdings 0.0 NA NA
8/17/2012 KSS Fuels INVESCO Asset Management 28.2 NA NA
8/15/2012 Accelerated Payment Technologies Global Payments 413.0 NA NA
8/14/2012 Infotech Enterprises Gagil FDI 261.3 0.9x 4.6x
8/13/2012 UC4 Software EQT Partners 282.5 3.5x NA
8/13/2012 Pervasive Software Actian 117.3 2.3x 25.6x
8/13/2012 Comverse Technology Verint Systems 1,471.9 0.9x 7.4x
8/11/2012 Hunan Datang Energy Technology Hunan Datang Xianyi Technology 4.5 NA NA
8/10/2012 VanceInfo Technologies Pactera Technology International 360.6 1.1x 15.8x
8/9/2012 Qt Development Frameworks Digia 5.2 NA NA
8/9/2012 Bay Bridge Decision Technologies Interactive Intelligence Group 12.9 NA NA
8/9/2012 Beacon Information Technology Bsp 33.1 NA NA
8/8/2012 Servigistics PTC 220.0 2.8x NA
8/7/2012 nQueue Billback Reckon 5.0 NA NA
8/7/2012 Agile Advantage Rally Software Development 0.4 NA NA
8/7/2012 Campus Labs Higher One Holdings 53.8 6.5x NA
8/7/2012 BigWorld Wargaming Public Company 45.0 NA NA

63. 63
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
8/3/2012 Springsoft Synopsys Taiwan $290.8 3.6x 10.2x
8/3/2012 RealPractice ReachLocal 2.9 NA NA
8/2/2012 Starhome Fortissimo Capital 81.3 NA NA
8/2/2012 AMADEUS MARKETING CSA Amadeus IT Group 197.1 NA NA
8/1/2012 Frisk Software International Commtouch Software 4.1 NA NA
8/1/2012 Visualization Sciences Group FEI 55.1 2.4x NA
7/30/2012 20-20 Technologies Vector Capital 71.8 1.0x 9.2x
7/26/2012 Explorer Paltek 3.6 NA NA
7/25/2012 MacsDesign Studio SolarWinds 20.0 NA NA
7/24/2012 Upside Software SciQuest 28.0 NA NA
7/23/2012 Nicira Networks Vmware 1,263.0 NA NA
7/23/2012 DLD Group International Dianliandian ShopsNetwork 0.3 NA NA
7/19/2012 Accanto Systems NetScout Systems 15.0 NA NA
7/19/2012 Tri Eye Design Saguaro Oil and Gas Recovery 9.7 NA NA
7/19/2012 Maple Lake TXT e-solutions 18.2 2.0x 7.8x
7/17/2012 TRA TiVo 20.0 NA NA
7/17/2012 Delta Software Access UK 8.4 NA NA
7/16/2012 Guangdong New Pivot ZTE 3.4 NA NA
7/12/2012 Cassis International Morpho 5.0 NA NA
7/12/2012 Wavecom Solutions Hawaiian Telcom 8.3 NA NA
7/12/2012 Ascade CSG Systems International 19.0 1.2x 16.0x
7/11/2012 Innovative Dealer Technologies Vauto 9.5 NA NA
7/11/2012 Invention Machine HIS 40.0 NA NA
Source: CapitalIQ and Siemer Proprietary Research

64. 64
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
Source: CapitalIQ and Siemer Proprietary Research
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
7/11/2012 GMC Software Neopost $61.2 1.4x NA
7/6/2012 microDATA GIS TeleCommunication Systems 37.0 NA NA
7/3/2012 Lindenhouse Software Reckon 22.6 NA NA
7/2/2012 Coin Software Rubik Financial 28.3 NA NA
7/2/2012 M-Audio and AIR Software Numark Industries 13.9 NA NA
7/2/2012 Lateral Data Xerox Litigation Services 30.0 NA NA
7/2/2012 Sigrity Cadence Design Systems 78.3 NA NA
7/2/2012 Avid Technology Corel 3.6 NA NA
7/2/2012 Lunch Byte Systems Heartland Payment Systems 26.0 NA NA
6/30/2012 Nuri Solution Samsung 7.0 0.4x NA
6/29/2012 FrogTrade YTL Power Investments 20.6 NA NA
6/28/2012 Cognovo u-blox Holding 16.5 NA NA
6/27/2012 FuseSource Red Hat 21.3 NA NA
6/26/2012 ProwebCE Iris Capital; Edmond de Rothschild 43.1 0.7x 13.2x
6/26/2012 Outreach Suite AccuFund 1.0 NA NA
6/25/2012 Alegeus Technologies Lightyear Capital 335.0 2.8x NA
6/25/2012 Quest Software Dell 2,432.0 2.7x 13.7x
6/25/2012 Keysite e-Trial 0.9 0.6x NA
6/20/2012 IOB Folhamatic Group Sage Group 246.8 3.7x 23.3x
6/20/2012 Wavelink LANDesk Software 82.0 NA NA
6/20/2012 NextOp Software Atrenta 5.0 NA NA
6/19/2012 Infochem Computer Services KBC Advanced Technologies 15.1 8.0x NA
6/19/2012 GE Medical Systems Ascom 28.0 1.4x NA
6/18/2012 Metrologic Group The Carlyle Group 136.4 3.9x 7.8x

65. 65
Summer 2013
Siemer SaaS Report
Select Precedent SaaS Transactions
(figures in millions of $USD) EV / LTM
Date Announced Target Acquirer Implied EV Revenue EBITDA
6/15/2012 Yammer Microsoft $1,200.0 NA NA
5/22/2012 Ariba SAP America 4,390.1 8.5x NM
Overall Transaction Statistics:
Mean $165.8 2.6x 12.6x
Median $17.1 1.8x 10.6x

66. Contact Information
Hong Kong Los Angeles Singapore
Siemer & Associates, LLC Member FINRA/SIPC www.siemer.com
1333 2nd Street, Suite 600
Santa Monica, CA 90401
Phone: (310) 861-2100
Fax: (310) 861-2125
www.siemer.com