The $100B Integration Opportunity No One Wants to Miss

Integration: The $100-Billion Opportunity No One
Wants to Talk About
Fred Joseph, Partner
Ben Howe, CEO
Scott Card, Partner
Rob Buxton, Partner
Who Wants to Be the “King of Pain”

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Enterprises are becoming increasingly reliant on a myriad of different applications that are critical to daily
backend and frontend operations
 The widespread use of APIs is viewed as the current balm to sooth the pain of integration – they are the components that will need
to be integrated and connected by iPaaS solutions
 Containers and containerization will play an increasing role over the next few years, componentized integration is coming
 Security concerns have largely been ignored by the integration space to date, which needs to change
There have been some major API management acquisitions by large app-centric companies – they will
eventually need to buy pipes that go with these head-ends
 We are approaching the point where there is a need to manage these APIs for full-fledged integration, and these active acquirers
will need to deliver more robust integration solutions for their clients – 36% of organizations currently use +3 integration platforms
Application and data integration are critical operational building blocks in organizations of all sizes
 Large, global, sophisticated enterprises count on the seamless integration of information between applications so they can
improve decision making and not be slowed down by bottlenecks or a lack of intercommunication
 Due to affordable solutions, SMBs are now able to participate in the integration revolution that was once reserved for large
enterprises; SMBs need effective integration to remain competitive with larger players
 The Critical Question for integration / iPaaS vendors: how to get paid for the difficult work that they are performing
› Companies continue to buy applications and then realize they have an integration project, but no budget remaining for
implementation
Telecom continues to be much more efficient than Datacom at movement and integration – what can
Datacom learn?
Rise of the MDISP – will developer skills gap, SaaS application-driven change, security and compliance
concerns drive an outsourcing wave?
As the SaaS Tsunami Hits the Beach, Modern
Integration Needs to Keep Up
April 2013
$155M
Sept 2016
$555M
High-Profile API Acquisitions
Source: Aberdeen Group

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Growth Across All Major Integration Markets
Source: MarketsandMarkets, Gartner, Transparency Market Research, Aberdeen, Forrester
iPaaS market is expected to be $3.0B by 2021
 CAGR 41.5%
 $528M in 2016
 84% of organizations plan to replace their on-premise middleware in the next
4 years – 70% are going cloud-based
 Tailwinds: Increased awareness among enterprises, continued adoption of
cloud computing, scalability, speed, cost effectiveness, agility
Enterprise application integration market to reach $33.6B by 2020
 CAGR 7.1%
 $25.5B in 2016
 35% of organizations run over 200 business applications – there is a critical need
for all of these applications to be integrated
 Tailwinds: Increased demand for real-time data access, higher volume of data
across enterprises
Data integration market is expected to be $12.2B by 2022
 CAGR 13.7%
 $6.4B in 2017
 Data integration between applications is the IT department’s #1 pressure to
shift integration platforms
 Tailwinds: Increased adoption of cloud computing, high demand for tools
enabling the extraction of business insights from numerous data sources
$0.5B
$3.0B
0.0
1.0
2.0
3.0
$4.0B
2016 2017 2018 2019 2020 2021
$6.4B
$12.2B
4.0
8.0
12.0
$16.0B
2017 2018 2019 2020 2021 2022
$25.5B
$33.6B
20.0
24.0
28.0
32.0
$36.0B
2016 2017 2018 2019 2020
Forrester estimated global 2016 IT spend on middleware at $145B, supported by multiple
booming markets and significant mature markets that are ripe for disruption

4
Integration Ecosystem
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be
added for future publications, kindly shoot us a note at fjoseph@agcpartners.com and we would be happy to consider.
API Mgmt
Crossover
Integration*
Big Data / Data Integration
Application Integration
iPaaS
“Intragration”
EDI / B2B Integration ESB
Low-Code
IoT
*These companies have
strong offerings from at least
two of the other categories

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Defining the Integration Ecosystem
Source: Gartner, TechTarget
 Integration: Solutions that allow end-users to access data and functionality from separate
independent databases or applications through a single user interface
 “Intragration”: Integration solutions built specifically to make it easier for applications within
a Company’s specific ecosystem to work together
 Application Integration: Allow applications to communicate and share information
regardless of API or code-language
 Data Integration: Provide external access to data stored in multiple independent databases
regardless of source formatting
 EDI / B2B Integration: Involve the automation and optimization of business processes that
extend outside company boundaries to reach third parties, sometimes using EDI format
 Integration Platform as a Service (iPaaS): Provide a cloud-based platform to develop,
execute, and govern integration flows between cloud-based and on-premise applications and
data
 Low-code Integration: Utilize ready-made connectors and drag-and-drop GUIs to limit the
need for hand-coding and IT-involvement
 Enterprise Service Bus (ESB): Provide a platform to develop, execute, and govern
integration flows between on premise applications and data
 Big Data Integration: Provide data integration to customers with memory intensive data sets
large enough to require non-traditional data processing
 API Management: Allow developers to publish, monitor, update, and control connectors to
applications for APIs throughout their lifecycle in a single scalable and secure location

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In order to get the most out of applications, they need to be able to communicate with a common
language that connects them
 It requires an incredible amount of overhead for developers to learn all of the unique languages of each
application
 Integration solutions are the “translators” behind the scenes allowing these applications to work together
Application Integration
› Integration is the medium that allows different
applications to share information and incorporate a
dynamic workflow
 Seamlessly connects CRM, eCommerce, ERP, finance,
cloud, marketing and other services applications
Many integration platforms exhibit the same
advantageous characteristics of SaaS applications
 Multi-tenancy, agile, scalable, quickly deployed
 Out-of-the-box connectors ready to use
Containerization fractures application architecture
 Package and deploy applications without a guest OS
 Develop microservices independently and integrate them
to form one functioning application
Representative Companies
Edge Technologies offers AppBoard, a data integration and visualization platform that enables users to build
interactive dashboards through a graphical configuration interface
Tray.io offers a platform that makes it easy for anyone to build and share SaaS integrations using a drag-and-drop
workflow editor
Source: Tech Target, MuleSoft

Suppliers
Distributors
Financial
Institutions
Gov’t
Agencies
Partners
Warehouses
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EDI / B2B Integration
Source: Gartner, SPS Commerce, Axway
Adeptia offers business data and application integration solutions including Adeptia Connect iPaaS, which allows
users to register, explore your published APIs, and connect with them through an easy self-service platform
SPS Commerce offers a cloud-based B2B integration product suite that enhances the way suppliers, retailers,
distributors, logistics firms, and other trading partners manage and fulfill orders
Business processes and workflows go beyond a
Company’s four walls
 What started as widespread use of electronic data
interchange (EDI) has evolved over the years to utilize
the internet and web services
 Provides greater visibility into the entire operation and
ensures all aspects of the business process workflow
are on the same page
Legacy systems, new innovation, and increasing
complexity all drive B2B integration demand
 Companies struggle to replace legacy systems that
have had custom integration features built in over the
years
 B2B Integration ensures information gets to the right
place accurately and on-time
 Driven by specific monetized business needs
 Increasing complexity of businesses’ operations means
that they continue to struggle to fulfill their integration
needs in house, and look for outsourced solutions
25 year old infrastructures – do cloud applications finally cause a need for a rewrite?

WSO2 provides Enterprise Integrator, an open source enterprise service bus that mediates and transforms data
between legacy systems, SaaS applications, services, and APIs, providing the fundamental capabilities of a
connected SOA architecture
Seeburger offers their Business Integration Suite (BIS), a central platform for all integration activities that enables
users to perform B2B, API, and MFT integrations
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Enterprise Service Bus (ESB) – The Last Wave – Made 3
Tier Architecture Productive
Source: TechTarget, elastic.io
Enterprise Service Bus solutions were pioneers
in the integration landscape
 ESBs were some of the original software
platform that were used to reduce enterprise
application integration complexity
 iPaaS and ESBs complement each other to help
drive innovation – iPaaS can be used to augment
legacy ESB solutions
ESBs are middleware tools that distribute work
among connected components of applications
 Key element that holds together the complex
internal architectures of large enterprises
 Simplifies the process of adding or changing the
components of an application
 Improves load balancing
 Provides failover support
ESBs were initially developed for connecting with
legacy on-premise applications
 With widespread proliferation of SaaS, ESBs have
evolved and can now support APIs and be cloud-
enabled
iPaaS has emerged as the more popular solution
recently because of its inherent structural
advantages and wider range of use cases
 iPaaS multi-tenancy can reduce infrastructure and
admin costs by up to 40%
 Ad-hoc integrations need the speedy, agile
deployments without having to go through IT
department that iPaaS can offer
 ESB does not work well outside of an
organization’s four walls
 iPaaS has greater applicability for IoT and mobility
iPaaS is starting to consume the ESB Market – how far will it go? Today it is driven by costs and
productivity improvements however the new solutions often face government, compliance, and
security concerns that they are unprepared to solve

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iPaaS or “cloud-based integration” provides the background architecture for delivering software
without the requirement of simultaneously building and supporting server environments
 Provides full lifecycle control over applications and services with all platform management happening in one
place
› Combines multiple platforms by connecting applications and resources to create a consistent structure
› Must be able to integrate private and public clouds as well as on-premise applications and data sources
 Deployment solutions are available to ensure the iPaaS solution gets up and running successfully, while
monitoring and management solutions help it stay that way
› “Elastic Integration” allows for scaling servers up and down depending on workloads to maximize efficiency
iPaaS has become the “integration tool of choice” in recent years as it offers dynamic integration for
cloud-based systems of engagement
 Ideal for advanced SoEs that have ever-changing backend interfaces
 Results in faster time-to-value with real-time updates
There are multiple ways to provide these cloud-
based integration solutions
 Competing methodologies between companies that
use open-source components vs. build their own
› Talend and MuleSoft leverage open-source
while Jitterbit and Boomi own the code for their
integration platforms
Developed out of a market demand to bring
together clouds, big data, and devices into a new
IT infrastructure
 Simplifies increasingly complex IT infrastructure
 Dynamic integration of applications
 Scalable solution with a quicker time-to-market
Jitterbit is an API transformation company that accelerates innovation by combining the power of APIs and
integration. The Jitterbit API integration platform enables companies to rapidly connect SaaS, on-premise and cloud
applications and instantly infuse AI into any business process
Scribe provides data integration software platforms to help customers integrate data in the cloud, on-premise, or a
hybrid mix
iPaaS – The Current Wave How the Internet Connects and
Consumes ESB
Source: Tech Target, Scribe

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iPaaS Market Growing at an Impressive Rate
Cloud applications have a different set of requirements than on-premise applications, thus a new
class of connector and style of integration is born
 Markets and Markets estimated the enterprise iPaaS market at $528 million in 2016, continuing to grow over
40% per year reaching $3B by 2021
 iPaaS is a relatively nascent software sector that is still developing industry-altering technology
› Shown promising growth in recent years and not expected to slow until after the market hits $1B mark
iPaaS is the newest niche integration market and is growing the fastest relative to its peers, but other
integration markets are much larger and more mature
 Message-oriented middleware, managed file transfer, ESB all grew at less than 10% in 2016
 The mature integration market is massive, and iPaaS can grow by augmenting these existing integration
solutions, resulting in more integration vendors entering the iPaaS market
› Start-ups are choosing to focus on iPaaS- related point-solutions to take advantage of the booming industry
 Informatica is the current market leader, claiming ~20% market share, but Gartner is already aware of 70 iPaaS
vendors, many of which were too small to include in its most recent report
› Relatively fragmented industry with plenty of point solutions finding their niche and continuing to grow
Favorable market conditions are aiding growth of booming iPaaS industry
 iPaaS solutions are no longer too expensive for SMB customers, resulting in a larger potential market
 As IoT matures and businesses become more dependent on connected devices, there will be increased demand
for a dynamic, cloud-based integration solutions
 Mobility trends will lead to convergence of API management and mBaaS industries
 MSPs, systems integrators, and application vendors are developing products and services that rely on iPaaS
integration
 Fulfills more pressing customer needs
› Agile development allows for greater flexibility when integrating clients in on-premise software
› Gives companies an increased ability to outsource
Source: Gartner, Markets and Markets

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Low-Code Changing the Integration Game
The concept of “Low-code” can be applied to many software sectors and have different implications
 “Low-code” empowers business users and non-IT personnel to work directly with backend systems, requiring little
or no coding ability
 Adjustments can be made in minutes, rather than weeks, making it an ideal integration solution for constantly
changing business environments
 Empowers “citizen developers” and aligns decision makers in enterprises directly with the software they depend on
 iSaaS (integration-software-as-a-service) is similar to iPaaS, but where integration flows are prebuilt, leaving only
configuration up to the user
In the case of integration, low-code reduces the need for an IT department to integrate enterprise
applications and workflows
 Often includes drag-and-drop functionality for an easily customizable backend integration that allows multiple
applications to communicate in a desired manner
 For SMBs with limited IT resources, a low-code integration system can be a necessary self-serve solution
Low-code integration offerings mitigate user-error, but may not completely eliminate IT departments
 Security, data quality, governance, and workflow management are complex issues that are critical to business
performance and are often not fully addressed in low-code solutions
 Low-code connectors only exist for the most common cases and do not scale with the rapid growth of data
sources and new apps
 Citizen integrators run the risk of doing more harm than good if business decisions are based upon poorly
integrated data – IT support can help ensure quality
Zapier offers a cloud based SaaS integration tool that enables non-technical users to connect together web
applications using “point and click” interfaces
Apiant offers an API iPaaS for Citizen Integrators and Integration Specialists, with an Assembly Wiring Editor that
lets users quickly integrate standard APIs without coding
Source: TechTarget, CloverETL

Denodo offers a data virtualization solution which provides business agility by integrating disparate data from any
enterprise source, big data and cloud in real time
CloverETL is a Java-based data integration software for rapid development and automation of data transformation,
data cleansing and data quality
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Data Integration
Source: Gartner, CloverETL
ETL
Mediated
Schema
Data integration addresses the structural, semantic, and syntactical
conflicts that come with combining diverse datasets
 Hand-coding is still a common method of data transfer among enterprises
despite existing data integration tools
 As companies look to adopt business intelligence and analytics platforms,
data integration serves as the underlying engine fueling these platforms,
increasing existing asset value
 Key data integration challenges: performance, speed, orchestration into a
master workflow, monitoring, supportability
Data integration is the backbone of a good analytics platform needed to
make intelligent business decisions
 Central data warehouses can return outdated data if queries are sent before
the extract, transform, load (ETL) process re-executes a synchronization
 Queries over a mediated schema allow direct communication with data
sources providing real time data
 “Wrappers” or adapter patterns act as a converter that allows the source data
to be read by external interfaces without translating the original data
AI and metadata management allow previously unusable sources to
provide valuable data
 Intelligent data processing and management creates additional use cases for data
integration such as NLP and narrative sciences

V
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Attunity offers a range of big data integration solutions that fall into three broad solution areas: data availability, data
movement, and data delivery
Apervi offers Conflux, a web-based big data integration and orchestration platform providing full support for batch,
streaming and micro-batch data pipelines
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Big Data Integration
Integrating big data requires an additional layer of
complexity
 Many big data integration solutions are compatible with popular
databases such as MongoDB and Cassandra, which often use the
Hadoop platform
 Difficult projects with high failure rate due to inherent complexities
of big data
Need to tap into the massive data repositories in big data
processing engines
 Big data integration platforms connect enterprise applications with
these repositories so Companies can easily extract insight through
analytics and perform operations without manually uploading data
 Many Hadoop plug-ins exist, but few are true data integration
solutions capable of managing workflows between multiple data
sources
Critical capabilities that are necessary for integrating big
data:
 Enterprise-grade solution with sufficient security and monitoring
 Real-time ingestion for the most up-to-date analytics
 Proper governance to avoid leakage
 Special attention to data veracity ensures data is useful to end-
users
Source: Simba, Gartner, IBM
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Y
V
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O
C
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V
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Common Big Data
Databases
4 V’s of Big Data

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Data Lakes
Data lakes provide schema-less storage for structured and unstructured data (both internal and external)
in one centralized location and serve as an extension of data integration
 No filtering and little-to-no transformation is done to the data before entering the lake unlike the data warehousing
process, saving cost and allowing data of every form and source to be stored in one location
 Data lakes are ideal for data landing and staging
› Users push sources of data to data lakes to perform data quality and management
 Data lakes remove a degree of separation normally introduced by the data warehousing process, giving data
scientists access to the unadulterated data
 Deployed on existing big data vendor platforms such as Hadoop, AWS, Microsoft Azure, or NoSQL
Source: TDWI, BigData Dimension
Advanced business intelligence and data analytics
tools were the keys that unlocked data lakes
 Insights could not be extracted from an unorganized
and cluttered storage space
› Data warehousing was a necessary first step
before feeding any analytics software
 Modern analytics can process the more raw data
stored in a lake and gain better insight without the
warehousing step
As concerns about the lack of data governance
subside, integration emerges as a top priority
 32% of TDWI survey respondents cite a lack of
existing data integration tools as their biggest concern
in adopting data lake storage

Integration is one of the top two problems that teams face when developing high-quality APIs
 Agile, continuous integration is crucial with APIs that are constantly changing so organizations do not have to
frequently restructure their backend whenever they update APIs
 Improvements in enterprise integration of APIs will continue to drive the API industry’s growth
› 28% of respondents to a SmartBear survey consider enterprise integration as the factor that will drive the most
API growth over the next two years
 The big players have already commoditized the API management market – if API Management becomes the
dominate metaphor for integration it could in-turn commoditize other backed integration solutions
Tyk is an open source API management platform featuring an API gateway, analytics, developer portal and
dashboard
Nevatech is an innovative provider of SOA and API Management infrastructure and tools for on-premises, cloud and
hybrid environments
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API Management
API management answers a different set of questions raised by
the rapidly growing API environment
 APIs can be managed much like data and application messages
are in an iPaaS Platform
› Many iPaaS vendors are also a leader in both API
management and iPaaS
› For Companies like Boomi, MuleSoft and Jitterbit, participating
in API management is a way to eat into the ESB business
 API managers provide a central platform where developers are
able to manage all of their APIs in one central location
› Capabilities include managing users, monitoring and analyzing
traffic, implementing governing policies and security measures,
and API monetization, versioning, and throttling
Source: SmartBear

Mobile
Mobile workforces are more prevalent than ever,
adding an additional layer of complexity for IT
departments
 Global mobile workforce expected to increase to
1.87 billion people, or 42.5% of the total workforce
by 2022
 When out of the office, employees expect to have
the same connectivity and access to applications
that they would have if they were in the office
 Need for secure, consistent data flow from all of the
applications to the thousands of mobile devices that
are used in large enterprises
Large enterprise software vendors now provide
highly functional mobile applications
 For these applications to work at their full capacity,
they need to be seamlessly integrated into a mobile
enterprise network
 Cloud-based iPaaS solutions have the scalability
and capability to meet increased data volume,
positioning it well as a leading mobile integration
solution
IoT
Projected 25B connected “things” by 2020, $14.4
trillion overall market by 2022 highlights the
lucrative IoT integration opportunity
 Ample funds available for IoT Companies to spend on
adjacent solutions to integrate their devices
 IoT devices need to be integrated into their relevant
enterprise applications so they can be leveraged to
their full potential
Company’s IoT integration capabilities separates
top integration frameworks from the competition
 45% of top organizations have IoT integration
requirements compared to the 26% industry average
iPaaS meets all of the requirements for an
integration solution to be applicable to IOT
 Real-time / low latency
 Instant access to data
 High-performance applications
 Horizontal scalability
 Communicate externally
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iPaaS Use Cases – IoT and Mobile
Source: Cisco, RCR Wireless, Aberdeen

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Integration Security Considerations
Enterprise-crippling security issues are still on
the rise with frightening frequency and
consequences
 Ransomware attacks have become mainstream
 Nearly 1.4 billion data records were lost or stolen in
2016 – up 86% over the previous year
 Companies lose >$150 on average each time a
single record containing sensitive information is lost
or stolen
As applications become more integrated, the
consequences of a security threat become
greater
 Data integration outside of a firewall is a major
concern for clients utilizing cloud-based solutions
 Traditional network perimeter security technologies
are no longer sufficient as the foundation of
enterprise information security strategies
 Securing the data itself is the most effective
solution, not firewalls
Widespread integration changes how organizations have to think about security
Source: Linthicum Research, Breach level Index 2016, Ponemon Institute Cost of a Data Breach Study
Integration between cloud based apps can take
place in the secure iPaaS cloud, reducing
network exposure to cloud internet exchanges
 The unique positioning and structure of iPaaS
make it the ideal place to implement security and
governance protocols
 iPaaS provides a secure proxy for
communications involving on-premise applications
 Connectors are independent from each other and
can be upgraded or changed without overhauling
the entire security platform
Maintaining more security measures and
governance policies in one place is beneficial
 Security measures can be controlled by the iPaaS
vendor or qualified third party through a unified
integration platform
 No need to maintain multiple integration tools and
their respective security measures
 Simplifies complex security systems to make
maintenance and monitoring more effective

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Integration Requires a High Degree of Compliance
In highly regulated industries such as financial
services or healthcare, integration can be crucial in
helping customers comply with regulations
 Compliance regulations are constantly changing and
integration solutions need to keep up
 It is a major selling point for providers that can promise
improved compliance with their solution
 Goes hand-in-hand with data security issues
› Must reduce risk associated with PCI, PHI, PII or
other sensitive data
› Large fines will continue to increase as a result of
impending European GDRP regulations going into
effect May 2018
Often requires industry or context-specific knowledge
 Rising popularity of industry-specific integration solutions
that are built for the inherent nuances that come with a
vertical
 For example, patient medical records have unique
different compliance needs than social security numbers
› All types of personal data needs to remain secure, but
a working knowledge of the regulations associated
with each will help avoid unnecessary penalties
Source: Liaison, Deloitte
Movement to the cloud and widespread SaaS
applications are adding an extra layer of
compliance complexity
 Increased data transfer between a greater number of
applications puts additional burden on administrators
to ensure compliance
 Must be easily auditable to ensure no breaches
› Integration solutions provides greater visibility into
data flows
Compliance is becoming increasingly complex and
organizations are looking for third parties to assist
 Significant portions of budgets are set aside to ensure
and improve compliance, leaving ample money up for
grabs for integration solution providers
› Over a third of compliance budgets are between
$1M and $10M annually
In a world where the boundaries of the organization are falling away and security is migrating to the
data level, perhaps integration/data management becomes the control point in the organization

Market Transaction Case Study
Provides enterprise software that allows
organizations to collect, integrate, sort, and
distribute more data in less time, with fewer
resources and lower costs
Offers disaster recovery and migration
software for mainly IBM I and AXI OS to
protect data, minimize downtime & maximize
resources
EV: ND
Oct 2015
$1.26B
July 2017
Syncsort and Vision were both active under Clearlake’s ownership, consistent with industry
consolidation the platform strategy used by many PE-players in today’s M&A landscape
 In 2016, Syncsort made the transformational acquisition of Trillium Software for $112M and tuck-in acquisition of
Cogito, resulting in revenue and EBITDA growth of over 60%
 Vision Solutions spun off Double-Take Software to Carbonite in early 2017 for $68M
Deal Rationale
 Vision’s IBM expertise is seen as a logical extension of Syncsort’s business strategy
 Synergies result in an industry leader for solving large enterprises’ Big Iron to Big Data challenges
Source: Clearlake Website, 451 Research
EV: $350
May 2016
19

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Boomi Acquisition: Key in Defining Integration Space
Rationale:
 “Today's announcement represents another step by Dell
to build a technology portfolio for growing businesses
seeking the benefits of web-based computing while
addressing one of the top barriers to cloud adoption -
managing and integrating cloud-based applications with
existing applications and databases” – Acquirer Press
Release
Boomi: Enterprise Integration Platform as a Service
Provides on-demand application integration solutions with its
flagship product AtomSphere, an Integration Cloud that
connects different combinations of SaaS, PaaS, cloud, and
on-premise applications. It offers its solution for business-to-
business applications and data integration initiatives; and
Salesforce, NetSuite, Taleo, SAP, Dynamics Great Plains,
Zuora, electronic data interchange/supply chain
management, RightNow, SuccessFactors, Oracle E-
Business suite, and Workday users
In November 2010, Fred Joseph and AGC Partners sold Boomi to Dell; the acquisition was a strategic play as Dell recognized
iPaaS’ market potential and has since established itself as one of the leaders in this lucrative space. Boomi was a pioneer in the
iPaaS market and has remained a successful business unit for Dell ever since; in 2013, Boomi reported 263% YoY growth and
eclipsed the threshold of one million integrations per day; we believe that Boomi has exhibited a triple-digit growth rate throughout
Dell’s ownership
In March 2017, Boomi made its first strategic acquisition, buying ManyWho, a low-code enterprise application development software
Market Implications:
 Boomi provided Dell with proprietary SaaS integration
technology that replaced Dell’s previous relationship
with Cast Iron after it was acquired by IBM. As one of
the first-movers in the iPaaS industry, Dell provided
Boomi with the superior resources of a large strategic
technology player, which has resulted in Boomi’s rise to
the top of the integration landscape
Dell: Diversified Computer Hardware and Software
Designs, develops, manufactures, markets, sells, and
supports computer systems, hardware and attached
software, as well as provides related services worldwide.
Dell offers desktop PCs; notebook computers, mobile
workstations, and smartphones; servers and networking
products; storage solutions, including storage area
networks, network-attached storage, direct-attached
storage, disk and tape backup systems, and removable disk
backup; and printers and displays
Source: 451 Research

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Successful Recent Integration IPOs
 Talend and Mulesoft have been rare bright spots in the tech-IPO-market over the past two relatively
lackluster years, emphasizing the positive reputation that integration companies have in the public markets
 While there are other long-established public companies that provide integration solution (IBM, Progress),
MuleSoft and Talend are some of the first companies with their primary solution being integration-based
 Talend is a big data Company that provides a platform to address IT integration needs, and Mulesoft
provides iPaaS solutions for connecting applications and data sources
 Talend and MuleSoft’s success in the public markets (7.7x and 13.7x EV / LTM Revenue multiples,
respectively) will bring notoriety to the integration market and lead to more companies entering the sector
 The private investment in the sector will presumably continue now that the public market has validated sector
valuations and exposed the IPO as a viable exit opportunity for these types of companies
Source: CapitalIQ
IPO Stats
Date: Jul 29, 2016
IPO Price: $18 / share
Shares Issued: 5.1M
Funds Raised: $92M
1st Day Close: +53%
Performance To
Date:
+104%
IPO Stats
Date: Mar 17, 2017
IPO Price: $17 / share
Shares Issued: 42.7M
Funds Raised: $221M
1st Day Close: +46%
Performance To
Date:
+44%

22
Large Private
Equity
Transactions
$40M - $150M
$20M - $40M
<$20M
DISCLAIMER: This is only a representative list and may not include all relevant companies. If your company is not on the list and would like to be added for
future publications, kindly shoot us a note at fjoseph@agcpartners.com and we would be happy to consider.
Representative Companies By Total $ Raised
Source: CapIQ, 451 Research

23Source: CapIQ, 451 Research
Active Integration Buyers
Potential Strategic Buyers
Private Equity Buyout Firms
 Large infrastructure players would benefit from
the ability to seamlessly integrate into various
applications
 Companies with many of their own applications
will look to own an integration system to connect
them rather than rely on third parties
 Provides opportunities for industry leaders to
build out integration platforms with multiple point
solutions
 Some of the usual large tech buyers (Microsoft,
Google, Amazon) are heads-down working on
their own integration solutions
 Market is ripe for Private Equity platform plays if
strategics are hesitant on being acquisitive
Characteristics of Desired Targets:
 IP or differentiating features
 Sticky customer base with high recurring
revenues
 Easily integrated into existing platforms
DISCLAIMER: This is only a representative list and may not include all relevant companies.
If your company is not on the list and would like to be added for future publications, kindly
shoot us a note at fjoseph@agcpartners.com and we would be happy to consider.

24
Active Financial Investors (2014 – 2017 YTD)
Investor Number of Investments
Representative
Investments Investor Number of Investments
Representative
Investments
3
DreamFactory, Mulesoft,
Tamr
2
Cloud Elements,
Redpoint Global
2 RapidAPI, Snaplogic 2 Mulesoft, Qubole
2 Bedrock Data, Redox 2 Apigee, Qubole
2 FlyData, RapidAPI 2 Datameer, Tray.io
2 Apigee, Liaison 2 Apigee, Mulesoft
2 Sansoro Health, Xplenty 2 Tray.io, Xplenty
2 Apigee, Mulesoft 2 Celigo, Perspectium
2 Cirro, Tamr 2 Akana, Apigee
Source: CapIQ, 451 Research

25Source: CapIQ, 451 Research, Crunchbase
Largest Disclosed M&A Deals
Highlights & Key Takeaways
The integration M&A landscape is
highlighted by the two recent, massive take-
private transactions of Informatica and
TIBCO by PE-firms
 These multi-billion dollar mega-
transactions were still at impressive
revenue and EBITDA multiples
 These companies may use their PE-
backers to continue acquiring smaller
solutions to build out their platforms
Large application companies Google and
CA have shown a desire to own API
management solutions
 API management solutions can be
leveraged for their proprietary
applications as well as a new revenue
stream
 Active consolidation efforts spurred by
some doubt that API Management is a
viable stand-alone market
 Challenging industry in niche tech space
without head-end pipes
Integration
M&A
API Mgmt
M&A
Date Target Acquirer EV ($M)
LTM
Revenue
($M)
LTM
EBITDA
($M)
EV / LTM
Rev
EV / LTM
EBITDA
1. Sep-16 $555 $86 NM 6.5x NM
2. May-17 490 80 $35 6.1x 14.0x
3. Apr-13 155 35 ND 4.4x ND
4. Jun-16 29 4 ND 7.3x ND
Date Target Acquirer EV ($M)
LTM
Revenue
($M)
LTM
EBITDA
($M)
EV / LTM
Rev
EV / LTM
EBITDA
1. Apr-15 $5,774 $1,055 $169 5.5x 34.1x
2. Sep-14 4,200 1,091 143 3.8x 29.3x
3. Jul-17 1,260 ND ND ND ND
4. Feb-15 530 40 ND 13.3x ND

26Source: CapIQ, 451 Research, Crunchbase, Gartner
Integration Transaction Activity Summary
30
22
28
12
0
10
20
30
2014 2015 2016 2017
Total Number
of Transactions
Median Funding Size ($M)
Highlights & Takeaways
 Consistent private funding activity
testament to investor bullishness on
integration space
 High concentration of small funding
rounds; investors taking low-risk
gambles on point solutions
 M&A activity in the integration market
has not been quite as active, as the
market is still figuring itself out
 Gartner expects the iPaaS market to
begin to consolidate over the next
few years
Drivers of Acquisition
and Investment
 As the market heats up, investors will
want to get in early before too much
saturation
 Cost of winning new clients will
increase and heavily funded
companies will mature and look for
exit opportunities
 Recent IPOs of MuleSoft and Talend
may entice companies to test the
public markets rather than waiting for
acquisition
Private Placements*
M&A Transactions*
$234
$337
$197
$58
2014 2015 2016 2017
Total Capital Raised ($M)
$1,702
$6,955
$6,304
$617
$1,750
2013 2014 2015 2016 2017 YTD
Total Transaction Value M&A ($M)
15
9 8
7
8
0.0X
4.0X
8.0X
12.0X
16.0X
2013 2014 2015 2016 2017
YTD
Total Number of
Transactions
Median Multiple
*Note: 2017 year to date transactions are as of July 7, 2017

27
About AGC
• Prior to AGC, Fred spent 7 years at SG Cowen & Co., and held positions at J.P. Morgan and Smith Barney
• Fred was a founding member of Beechtree Capital, a middle market leverage buyout firm
• With more than 120 completed transactions in his 25 plus years in the industry, Fred has raised public and private capital for both early stage and
late stage corporations in the technology and healthcare sectors
• The majority of Fred’s work has been in Mergers & Acquisitions, where, cumulatively, he has executed in excess of $7 billion in transactions
• Fred holds a B.A. from Swarthmore College and an M.B.A. from Columbia University
AGC is a leading investment bank with a focus on providing strategic advisory services to technology companies, helping them achieve
their vision. With more than 50 investment banking professionals across the Americas and in Europe, we provide global coverage across
all products and sectors, from software and digital media to tech-enabled services and mobile communications. Since our inception in
2003, AGC Partners has completed 310 investment banking transactions for emerging growth companies.
Fred Joseph
Partner, King of Pain
• Ben is a co-founder and the CEO of AGC Partners
• In 29 years as an investment banker, Ben has completed more than 300 transactions
• Prior to AGC, he served as Managing Director, Head of M&A and Executive Committee Member at SG Cowen Securities, and prior to that served
as Head of Technology Investment Banking for the East Coast and Europe at Montgomery Securities
• He serves as co-chairman of Excel Academy, which has four charter schools in East Boston, and served on the board of Portsmouth Abbey and
the advisory board of Trinity College
• He holds a B.A. in Economics from Trinity College and an M.S. in Accounting from The Stern School of Business at NYU
Benjamin Howe
Co-Founder, CEO
• Scott is a Partner in the Investment Banking Group and founding team member at AGC Partners, focused on Enterprise Infrastructure sectors
including Cloud Infrastructure, Data Analytics, Storage & Security
• In his 20 plus years as an investment banker, Scott has completed more than 50 M&A and debt / equity financing transactions
• Prior to joining AGC Partners, Scott was part of Deutsche Bank Alex Brown’s Technology Investment Banking Group in Boston
• Previously, Scott was an Associate in Global Mergers & Acquisitions at SBC Warburg and an Analyst in the Financial Institutions Group at Merrill
Lynch & Co. in New York
• Scott holds a B.S. in Electrical Engineering from Cornell University and an M.B.A. from the Amos Tuck School at Dartmouth College
Scott Card
Partner
• Rob is a Partner at AGC Partners and is based out of the firm’s Silicon Valley office, where he focuses on the Software and Communications
sectors
• Before joining AGC, Rob was Managing Director and Co-Head of Technology Investment Banking for CIBC World Markets from 1999-2008
• Rob was most recently Managing Director and Head of Technology, Media, and Telecom at Yorkville Advisors, a $1-billion fund focused on
structured finance investments
• Rob began his career on Wall Street with Dean Witter Reynolds and later moved to Oppenheimer/CIBC; he has more than 20 years of
experience, having completed over 200 financing and M&A transactions
Rob Buxton
Partner

M&A and Private Placement
Deal Appendix
Note: This document is intended to serve as an informative article only in order to further discussion, analysis and independent verification. This document is based upon sources
believed to be reliable, however, we do not guaranty the sources’ actuary. Unless otherwise indicated, AGC does not believe that the information contained herein is sufficient to
serve as the basis of an investment decision. There can be no assurance that these statements, estimates or forecasts will be attained and actual results may be materially
different. This is not a solicitation of an offer of any kind. To learn more about the company/companies that is/are the subject of this commentary, contact one of persons named
herein who can give you additional information.

Source: CapIQ, 451 Research, Crunchbase
Integration M&A 2013 – 2017 YTD
Date Target Acquirer Target Description EV ($M)
LTM
Revenue
($M)
EV / LTM
Rev
Jul-17 Syncsort
Centerbridge
Partners
Provides Hadoop, Linux, Unix and Windows-based ETL data integration $1,260 ND ND
Jun-17
Authentica
Solutions
BrightBytes Provides cloud-based technology and solutions for higher education ND ND ND
Jun-17 Denodo HGGC Offers data virtualization and integration platform ND ND ND
Jun-17 Mashape RapidAPI Operates an API marketplace for cloud based services ND ND ND
May-17 elastic.io mVise Provides a hybrid integration platform for its users’ SaaS ND ND ND
May-17 SmartBear Software Francisco Partners Provides tools to ensure the quality of APIs 490 $80 6.1x
Jan-17 Apiary Oracle Provides API design lifecycle software for enterprises ND ND ND
Jan-17 Pipemonk Freshdesk Provides cloud data and SaaS application integration software ND ND ND
Dec-16 Edge Technologies Lotus Innovations Provides data integration and visualization software ND ND ND
Nov-16 Akana
Rogue Wave
Software
Provides API management and security and cloud integration 25 15 1.7x

Integration M&A 2013 – 2017 YTD (Cont’d)
LTM
Revenue
($M)
EV / LTM
Rev
Oct-16 C24 Technologies
Gresham
Computing
Provides data integration and management software $4 ND ND
Sep-16 Apigee Google Provides API management SaaS 555 $86 6.5x
Aug-16 AdapChain Logility Provides ERP, SCM and BI data integration middleware 4 ND ND
Aug-16 Simba
Magnitude
Software
Develops data-access connectivity and analytics solutions ND ND ND
Jun-16 3scale Red Hat Provides API management SaaS 29 4 7.3x
Dec-15 Apiant WeWiredWed Provides tool for integrating data from multiple sources ND ND ND
Oct-15 Adaptris Group
Reed Business
Information
Provides on premise, hybrid and cloud data and application integration ND ND ND
Oct-15 Syncsort
Clearlake Capital
Group
Provides Hadoop, Linux, Unix and Windows-based ETL data integration ND 68 ND
Aug-15 Mashery TIBCO Software Provides API software and SaaS ND 18 ND
Apr-15 Informatica Permira Funds Provides enterprise data integration and data quality 5,774 1,055 5.5x

LTM
Revenue
($M)
EV / LTM
Rev
Mar-15 2lemetry Amazon.com Provides enterprise application integration (EAI) middleware ND ND ND
Feb-15 Pentaho
Hitachi Data
Systems
Provides open-source BI analytics and data integration software $530 $40 13.3x
Jan-15 ActiveNet Titleio Offers a platform to integrate and synchronize data sources ND ND ND
Oct-14 DataPad (assets) Cloudera Provides open-source data integration and visualization software ND ND ND
Sep-14 TIBCO Software
Vista Equity
Partners
Provides data integration software and BPM, MDM and BI software 4,200 1,091 3.8x
Sep-14 Attachmate Group
Micro Focus
International
Provides legacy, server and mainframe integration software 2,350 957 2.5x
Aug-14 Itrios Intuit Provides a data and application integration SaaS ND ND ND
Aug-14
Sophisticated
Business Systems
BluePhoenix
Solutions
Provides data migration and change management software 40 6 6.3x
Jul-14 Revelytix (assets) Teradata Provides Hadoop-based data integration SaaS ND ND ND
Jun-14 StrikeIron Informatica Provides application performance management (APM) and API management 55 6 9.1x

LTM
Revenue
($M)
EV / LTM
Rev
May-14 LiveRamp Acxiom Provides CRM marketing data integration SaaS $310 $25 12.4x
May-14 GloberRanger Fujitsu Develops and operates Internet of Things (IOT) and sensor platform ND ND ND
Nov-13 Cloudconnect.com salesforce.com Provides enterprise database integration SaaS ND ND ND
Nov-13 GXS OpenText Provides electronic data interchange (EDI) and file transfer 1,165 487 2.4x
Sep-13
Circle Computer
Group
Syncsort Provides solutions to the key challenges of data migration ND ND ND
Sep-13 Mirth Quality Systems Provides open-source healthcare systems and software data integration 43 ND ND
Jul-13
Kapow
Technologies
Kofax Provides data and content integration SaaS 40 16 2.5x
Jul-13 FoxWeave CloudBees Provides data integration, migration and synchronization SaaS ND ND ND
Jun-13 Elastic Intelligence Intuit Provides data integration SaaS ND ND ND
Jun-13 Composite Software Cisco Systems Provides a range of data virtualization, integration and analytics software 180 ND ND

LTM
Revenue
($M)
EV / LTM
Rev
Jun-13 Magnitude Software
Silverback
Enterprise Group
Develops enterprise information management software ND ND ND
May-13 Oakland Software Talend Provides semi-structured data mapping software for businesses ND ND ND
Apr-13 ProgrammableWeb Mulesoft Provides a source for open APIs, mashups and web as platform ND ND ND
Apr-13
Layer 7
Technologies
CA Technologies Provides API management SaaS $155 $35 4.4x
Feb-13 EntropySoft salesforce.com Provides content integration SaaS ND ND ND
Feb-13 Star Analytics IBM Provides data integration software ND ND ND
Jan-13 Pervasive Software Actian Provides embeddable data integration and management software 119 49 2.4x
Median $168 $40 5.5x

Integration Private Placements 2014 – 2017 YTD
Date Target Investors Target Description
Transaction
Value ($M)
Jun-17 Flashnode Spintop Ventures Connects clients’ SaaS and on premise applications $2
May-17 Tamr GE Ventures Provides soltutions to tackle the challenge of connecting and enriching data ND
May-17 Information Builders Goldman Sachs, Bregal Sagemount Develops and offers software solutions for BI and enterprise integration ND
May-17 Perspectium TVC Capital Provides systems and application integration solutions 8
Apr-17 Sapho
Alsop Louie; Felicis; SoftTech; Morado
Venture; AME Cloud Ventures; Bloomberg
Beta; Caffeinated Capital
Provides micro application development and integration platform 14
Apr-17 Redox RRE Ventures Allows integration with any organization regardless of vendor or format 1
Mar-17 Sansoro Health
Bain Capital; Healthy Ventures; TreeHouse
Health
Provides integration software for electronic medical record (EMR) platforms 5
Mar-17 Datameer ND Provides a data analytics application purpose-built for Hadoop ND
Mar-17 Unifi Software
Canaan Partners; Pelion Venture; Scale
Venture
Provides a suite of self-service data integration tools 18
Mar-17 Advanced Biometric Controls ND Develops biometric middleware NM
Jan-17 Cirro ND Operates as a data warehousing cloud company ND
Jan-17 Redox RRE Ventures Allows integration with any organization regardless of vendor or format 10

Integration Private Placements 2014 – 2017 YTD (Cont’d)
Transaction
Value ($M)
Dec-16 N2N Services ND Designs and develops an iPaaS solution for higher education $2
Dec-16 Xplenty
Rembrandt Venture; Magma Venture; True
Ventures; Bain Capital; Waarde Capital
Provides a cloud-based data integration 4
Dec-16 Verato Bessemer Venture; Columbia Capital Provides products that link customer, patient, or employee records 13
Dec-16 Cloud Elements
Grotech Ventures; Access Venture; Rally
Ventures; Harbert Growth
Provides cloud-to-cloud API integration and aggregation services 13
Nov-16 Matillion YFM Equity Develops cloud data integration software solutions 5
Nov-16 RapidAPI
FundersClub, Investment Arm; Green Bay
Advisors; SV Angel; Andreessen Horowitz
Enables developers to create a back-end for their apps without writing code 4
Nov-16 SnapLogic
Ignition Partners; Vitruvian Partners;
Triangle Peak; Andreessen Horowitz;
Capital One Growth; NextEquity
Delivers cloud iPaaS solutions for citizen integrators 40
Nov-16
Greenbird Integration
Technology
Environmental Technologies Fund;
Statkraft Ventures
Provides IT advisory services and integration solutions 5
Sep-16 OpenLegacy Plug and Play Tech Center Operates an enterprise integration API platform ND
Aug-16 ExchangeLodge SteelBridge Laboratories Provides a business process automation and data integration platform NM
Aug-16 Cloud Elements ND Provides cloud-to-cloud API integration and aggregation services 1
Aug-16 Tray.io Mosaic Ventures; True Ventures Provides drag and drop workflow editor integration platform 6

Transaction
Value ($M)
Jun-16 Brightwork.io Techstars Central Develops and operates API Management platform NM
Jun-16 Cyclr ND Connect cloud apps and services without code, NM
May-16 Sapho
Alsop Louie; Felicis; SoftTech; Morado
Venture; AME Cloud Ventures; Bloomberg
Beta; Caffeinated Capital
Provides micro application development and integration platform $10
May-16 Redpoint Global Grotech Ventures; WP Global Partners Offers ETL, data quality, and data integration applications 12
Apr-16 STAQ
Kinetic Ventures; Core Capital; Genacast
Ventures; Revel Partners; Pereg Ventures
Develops an iPaaS for advertising technology platforms 5
Apr-16 Sansoro Health Healthy Ventures; TreeHouse Health Provides integration software for electronic medical record (EMR) platforms 1
Apr-16 systemsync solutions ND Provides integration solutions in the cloud NM
Apr-16 Zup IT Solutions ND Offers project acceleration solutions for IT environments 3
Apr-16 SpiceCSM ND Integrates existing applications to form a contact center 1
Mar-16 Signet Accel ND Operates a commercial federated data integration platform 4
Mar-16 Reekoh Future Now Ventures Provides an integration platform for connecting the IoT to SaaS & enterprise apps ND
Jan-16 Zenysis Technologies Y Combinator Designs and develops data integration software NM

Transaction
Value ($M)
Jan-16 Jitterbit KKR Provides data and application integration software solutions $20
Jan-16 Qubole
CRV; IVP; Lightspeed Venture; Norwest
Venture
Develops a cloud-based data platform for analyzing and processing data sets 51
Jan-16 RapidAPI 500 Startups Enables developers to create a back-end for their apps without writing code NM
Jan-16 DSCO ND Operates a drop shipping integration platform NM
Jan-16 Cyclr ND Connect cloud apps and services without code, NM
Dec-15 Celigo TVC Provides cloud computing and application integration services. 8
Nov-15 Flashnode Spintop Ventures Connects clients’ SaaS and on premise applications 1
Oct-15 Zup IT Solutions Kaszek Ventures Offers project acceleration solutions for IT environments ND
Oct-15 Segment
Accel Partners; Kleiner Perkins Caufield &
Byers; Thrive Capital
Develops a platform for collecting customer data 27
Oct-15 SnapLogic
Silver Lake; Ignition Partners; Triangle
Peak; Andreessen Horowitz; Microsoft
Accelerator
Delivers cloud iPaaS solutions for citizen integrators 38
Oct-15 Redox .406 Ventures Allows integration with any organization regardless of vendor or format 4
Sep-15 Unifi Software Canaan Partners; Pelion Venture Partners Provides a suite of self-service data integration tools 10

Transaction
Value ($M)
Sep-15 Capsenta ND Develops middleware software that integrates disparate databases NM
Aug-15 Apiary
Credo Ventures; Baseline Ventures;
Flybridge Capital Partners
Develops API integration cloud $7
Aug-15 Datameer
KPCB; Redpoint Ventures; ST Telemedia;
Software AG; Top Tier Capital; Next World
Capital; Citi Ventures
Provides a data analytics application purpose-built for Hadoop 40
Jul-15 Cloud Elements
Grotech Ventures; Access Venture
Partners; Rally Ventures
Jul-15 WSO2 Pacific Control Systems; Toba Capital Provides an open source enterprise middleware platform 20
Jul-15 FlyData Nissay Capital Provides data integration services to the cloud 1
Jun-15 Tamr
NEA; Thomson Reuters; GV; SineWave
Ventures; MassMutual Ventures; HP
Ventures; Work-Bench Ventures
Provides soltutions to tackle the challenge of connecting and enriching data 25
May-15 MuleSoft
NEA; Lightspeed Venture; ServiceNow;
Cisco Investments; Salesforce Ventures
and 8 others
Provides integration solutions for connecting applications and data sources 128
Apr-15 ZapStitch Technologies ND Owns and operates a cloud data integration platform 2
Apr-15 Sapho ND Provides micro application development and integration platform 8
Apr-15 WebAction
Summit Partners; Intel Capital; Atlantic
Bridge Capital; Panorama Point Partners
Develops a platform that streams data integration 26
Mar-15 Liaison Merck Global Health Innovation Fund Provides data management and integration solutions ND

Transaction
Value ($M)
Mar-15 Capsenta ND Develops middleware software that integrates disparate databases NM
Mar-15 Youredi Kim Groop, First Fellow Partners Provides e-Commerce functional integrations for logistics and finance $1
Feb-15 Corepoint Health Audax Group Provides internal and external health data integration solutions ND
Jan-15 Verato
Bessemer Venture Partners; Columbia
Capital
Provides products that link customer, patient, or employee records 13
Dec-14 Bedrock Data .406 Ventures; Maiden Lane Ventures Operates a data management platform 2
Dec-14 Tray.io
AngelPad; Redpoint Ventures; True
Ventures
Provides drag and drop workflow editor integration platform 2
Dec-14 Qubole Norwest Venture Partners Develops a cloud-based data platform for analyzing and processing data sets 21
Dec-14 DreamFactory Software New Enterprise Associates Connects mobile applications to enterprise back-end infrastructure in the cloud 4
Dec-14 Flowgear ND Makes data and application integration accessible to enterprises of any size 1
Nov-14 Unifi Software Canaan Partners; Omaha Capital China Provides a suite of self-service data integration tools 4
Nov-14 Zapier ND Offers a SaaS tool that enables non-technical users to connect Web applications 1
Oct-14 Xplenty Magma Venture Partners; Waarde Capital Provides a cloud-based data integration 3

Transaction
Value ($M)
Oct-14 SnapLogic
Ignition Partners; Triangle Peak Partners;
Andreessen Horowitz; Barton Asset
Management; Pharus Capital Management
Delivers cloud iPaaS solutions for citizen integrators $20
Oct-14 Segment
Accel Partners; e.ventures; Kleiner Perkins
Caufield & Byers
Develops a platform for collecting customer data 15
Oct-14 Redox ND Allows integration with any organization regardless of vendor or format NM
Jul-14 Unifi Software ND Provides a suite of self-service data integration tools 1
Jul-14 SnapLogic ND Delivers cloud iPaaS solutions for citizen integrators 2
Jul-14 Redpoint Global Grotech Ventures Offers ETL, data quality, and data integration applications 5
Jun-14 Sapho SoftTech VC; Bloomberg Beta Provides micro application development and integration platform 3
Jun-14 Cyclr ND Connect cloud apps and services without code, NM
May-14 FlyData
Nissay Capital; CyberAgent Ventures;
Archetype Ventures
Provides data integration services to the cloud 1
May-14 Cloud Elements
Grotech Ventures; Rally Ventures;
Galvanize Ventures
May-14 Tamr NEA; GV Provides soltutions to tackle the challenge of connecting and enriching data 16
May-14 ActiveNet Technologies BoomStartup Develops and operates a data integration platform NM

Transaction
Value ($M)
May-14 Cirro GE Ventures Operates as a data warehousing cloud company ND
Apr-14 Apigee
Norwest Venture; Sapphire Ventures;
BlackRock; Wellington Financial;
Accenture; Third Point and 4 others
Develops a software platform that enables API-based digital strategies $60
Apr-14 STAQ
Kinetic Ventures; Core Capital; Genacast
Ventures; Revel Partners; The Hive
Develops an iPaaS for advertising technology platforms 3
Mar-14 Akana Wellington Financial Offers a suite of API management and cloud integration products 10
Mar-14 SnapLogic ND Delivers cloud iPaaS solutions for citizen integrators 2
Mar-14 Liaison Accenture Provides data management and integration solutions 15
Mar-14 MuleSoft
NEA; Lightspeed Venture; Cisco
Investments; Salesforce Ventures and 4
others
Provides integration solutions for connecting applications and data sources 51
Mar-14 Cirro ND Operates as a data warehousing cloud company 1
Feb-14 elastic.io ND Provides integration Platform-as-a-Service (iPaaS) solutions ND
Feb-14 DreamFactory Software ND Connects mobile applications to enterprise back-end infrastructure in the cloud 1
Jan-14 FlyData 500 Startups Provides data integration services to the cloud 2

43








Joe Dews
Fred Joseph
44
Maria Lewis
Kussmaul
Eric DavisRuss
Workman
SECURITY
Ben Howe
SOFTWARE
DIGITAL MEDIA & INTERNET
Linda
Gridley
Elena
Marcus
Gee Leung Charlie
Schopp
Jon Guido
Joe DewsScott Card Rob BuxtonMarkus
Salolainen
INFRASTRUCTURE
London
Fred Joseph Hugh
Hoffman
Ben Howe Dennis
Rourke
Jon Guido
Elena
Marcus
Doug Hurst Trevor
Martin
Greg Roth Charlie
Schopp

45
$70M / $145M
 AGC advised Mandiant on a $70M capital raise at a $145M valuation and 5.1x revenue multiple
 The proceeds were used to repurchase shares from investors and to fuel strategic growth initiatives
 Mandiant leveraged KPCB's knowledge and expertise following the investment and grew rapidly before being
acquired by FireEye in 2014 for $1B, 6x the pre-money equity value of the AGC growth equity transaction
$25M / ND
 AGC closed a $25M investment led by North Bridge Growth Equity
 The transaction included primary and secondary capital to provide liquidity to shareholders and to finance
erecruit's first growth equity round
$65M / ND
 AGC kicked off a highly competitive growth equity process that ultimately brought in 8 term sheets from
prospective investors
 Buildium moved forward with Sumeru and closed a $65M capital raise
 The capital was a mix of primary and secondary to provide liquidity to shareholders and K1, and to fuel future
strategic growth
$49M / ND
 AGC advised Litmus on a $49M capital raise that valued the company at 6x revenues
 AGC leveraged inbound interest to drive an intense 60-day process, soliciting multiple preemptive term
sheets from top PE and strategic buyers, representing a valuation that was over 2x the original offer
 The invested capital was a mix of primary and secondary to provide liquidity to the existing shareholders and
to drive strategic growth initiatives
Client Investor
Check Size /
Enterprise Value Process and Outcome
$27M / ND
 AGC helped Building Engines, a leading real estate software provider, raise $27M
 After bringing in multiple term sheets, with both minority and majority options, AGC assisted Building Engines
in choosing the right partner with which to move forward
 The capital was a mix of primary and secondary for liquidity to shareholders and fuel strategic growth
$375M / $535M
 AGC advised Planet Fitness on a $375M capital raise led by TSG Consumer Partners at a $535M value
 AGC conducted a frenzied auction in the middle of August and signed the definitive agreement roughly 60
days after signing the engagement letter
 Planet Fitness went public on the NYSE in August 2015 opening at an implied equity value of $1.6B, 4.3x the
pre-money equity valuation at the close of the AGC transaction
ND / ND
 Zapproved engaged AGC Partners to complete a large minority/majority PE financing
 In less than 30 days, AGC had engaged the leading global PE tech investors in a highly competitive auction
which resulted in Vista Equity taking a controlling position in the company
 The investment provided liquidity for angel investors, added cash to the balance sheet, and resulted in a
strong strategic relationship for Zapproved to benefit from Vista’s expertise in building enterprise SaaS
companies
ND / ND
 AGC advised Certify, a leading enterprise SaaS company, on a majority investment from K1 Investment
Management, a leading technology-focused PE fund
 In a targeted approach, AGC reached out to a select group of the top PE technology investors in a highly
competitive process
 The invested capital provides liquidity for the founders and angel investors, enables a large acquisition for
Certify, and allows for the significant operational expertise of K1 to help Certify continue to scale

46
Client Buyer Process and Outcome
ND / ND
 AGC advised L2, a provider of digital performance benchmarking to Fortune 500 brands, on its sale to Gartner
 AGC ran a highly efficient, disciplined process, reaching out to a carefully selected group of top digital media
buyers and receiving multiple term sheets
 The Company’s price expectations were very specific; AGC drove effective price valuation rationales to get
buyers to meet those expectations and adopt a view of L2’s data driven digital measurement capabilities as
potentially transformative to their business
ND / ND
 AGC advised Cognilytics on a sale to CenturyLink
 AGC reached out to a targeted group of potential acquirers; of that group, several parties conducted an
evaluation of the business and held introductory meetings with the management team
 Following receipt of an LOI, AGC pushed other prospective acquirers into a competitive process that resulted in
a higher enterprise value and better terms with the ultimate acquirer, CenturyLink
ND / ND
 AGC advised Simplygon, an AR / VR company, on its sale to Microsoft in January, 2017
 Within two weeks of launching a market test, AGC generated multiple in-person meetings including several
top global technology strategic buyers
 The highly competitive process generated multiple strategic bids
 Upon receiving Microsoft’s term sheet, AGC negotiated seller friendly terms and our client signed the term
sheet within 24 hours
 AGC advised FMCG Direct, a leading data-driven marketing services provider to financial services on its sale to
Deluxe Corporation (NYSE: DLX)
 The Company had inbound interest from multiple parties which AGC fielded, keeping the appropriate amount of
tension to create a competitive bidding environment
 AGC commenced outreach in less than two weeks of engagement resulting in over 40 NDAs signed and ~20
meetings with management
 AGC leveraged the high level of interest it collected from the outreach to negotiate a more compelling offer and
better terms for FMCG
$200M / ND
$400M / 8.5x
 AGC initially advised Prolexic on their $30M capital raise led by Trident Capital and Intel in 2013, and
subsequently advised the Company on their $400M dollar sale to Akamai
 Following a competitive financing round, Prolexic was approached by Akamai to be acquired
 By driving an extremely competitive process and providing access to the right decision makers, AGC was able
to achieve an 8.5x acquisition transaction multiple
$275M / 7.4x
 AGC initially advised iSIGHT on their $30M capital raise from Bessemer in 2014, and subsequently advised the
Company on their sale to FireEye (Nasdaq: FEYE) in January 2016
 In light of inbound interest, AGC was engaged to run a rapid, highly disciplined M&A process to test the market
and simultaneously stoke existing interest from the buyer at the table
 By positioning iSIGHT’s superior technology, continued market traction, and viable growth strategy to the
market, AGC was able to drive a competitive process that improved negotiating leverage resulting in optimal
deal terms and a massive exit multiple
$1B / 8.0x
 AGC advised SS&C on a $1 billion dollar sale to the Carlyle Group at an 8x revenue multiple
 AGC set up an intense 2-day roadshow with the top 6 technology buyout firms: Carlyle, Summit, Thomas Lee,
Tudor, Warburg Pincus, Welsh Carson
 AGC created an auction environment and generated bids in 30 days
 AGC drove a 80% premium to the pre-deal trading price
EV / Revenue Multiple

48
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Boston
November, 2017
San Francisco
February, 2017
London
June, 2017

51
SOFTWARE / TECH ENABLED SERVICES / ENERGY TECH
COMMUNICATIONS / SEMICONDUCTOR / IT INFRASTRUCTURE
DIGITAL MEDIA & INTERNET FIN TECHHCIT
INFORMATION SECURITY & DEFENSE

52
Leveraged multiple indications of interest into an excellent outcome…
We’re thrilled with the outcome…
24 x 7 commitment, creativity, and persistence…
Super smart, responsive, and insightful…
Provided invaluable counsel and execution support…
Head and shoulders above the others…
There is nobody I would rather have in my corner…
Gary Gauba, President,
Advanced Solutions Group,
CenturyLink
Gary founded and successfully
sold three companies—Softline,
Systech, and Cognilytics—all
with AGC Partners as his advisor

53
 Strong Relationships with the Leading Strategic and Financial
Buyers and Growth Equity Investors
 Outstanding Sector Knowledge Enables AGC to Effectively Position
our Clients in the Market
 One of the Largest Global Technology Banking Teams
 Engagements Led by Partners, Not Handed Down to Junior Bankers
 Premier Industry Investor Conferences
 AGC Drives Both Big and Small Deals to Premium Valuations

The $100B Integration Opportunity No One Wants to Miss

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