Shea & Company, LLC Annual Enterprise Software Market Review 2008 399 Boylston StreetMichael H.M. Shea Floor 11Managing Director Boston, Massachusetts

Shea & Company, LLC

Annual Enterprise Software Market Review2008

399 Boylston Street Michael H.M. SheaFloor 11 Managing DirectorBoston, Massachusetts 02116 617.896.2255

[email protected]

Chris [email protected]

Brad [email protected]

Confidential and proprietary information, unauthorized distribution strictly prohibitedPlease contact Brad McCarthy to subscribe

2proprietary & confidential

Contents

2008 Software Acquisitions p. 2

2008 Private Financings p. 7

M&A Transaction Data p. 17

Public Company Participants & Consolidation by Segment p. 24

Most Active Public Consolidation Players p. 30

Software Valuation Trends by Growth Tranche p. 35

Equity Trading Multiples by Software Segment p. 36

Equity Trading Multiples by Comparable Subsets p. 41

Software IPO Data p. 42

Software IPO Pipeline p. 43


2008 Infrastructure & Application Software Acquisitions

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

($ millions)

Announced Target Acquirer Target Segment & Description Price

12/29/08 Sylantro Systems BroadSoft ERP & Business Applications - VoIP applications for the telecommunications industry n/a12/22/08 Nokia security appliance business Check Point Software IT Security - Purpose-built security platforms n/a12/18/08 EB2 International Limited Sabre Holdings ERP & Business Applications - e-Commerce enabling software for the airline industry n/a12/17/08 ALGOR Autodesk Technical Software - Analysis and simulation software $3412/16/08 Questra Axeda Systems & Network Management - Remote service solutions n/a12/15/08 BIMWorld Autodesk Technical Software - Building information management content for building product manufacturers n/a12/15/08 Newbury Networks Trapeze Networks Network Infrastructure - WLAN location systems n/a12/08/08 Relativity Technologies Micro Focus O/S, Development Tools & Deployment - Enterprise application modernization $1012/03/08 Paisley Thomson Reuters IT Security - Governance risk and compliance (GRC) solutions n/a12/02/08 iLogic Autodesk Technical Software - Desktop rules-based design automation technology n/a12/01/08 ClearStory Systems The FeedRoom Systems & Network Management - Digital asset management n/a11/18/08 Transitive IBM Systems & Network Management - Cross-platform virtualization n/a11/14/08 Talisma Campus Management ERP & Business Applications - Constituent relationship management software for educational organizations n/a11/13/08 Eurekify CA IT Security - Privilege, role and policy management solutions n/a11/12/08 8e6 Technologies Marshal IT Security - Web filtering appliances n/a11/11/08 G2One SpringSource O/S, Development Tools & Deployment - Developer of Groovy and Grails technologies n/a11/11/08 Intradyn Mirapoint IT Security - Email active-archiving appliances n/a11/10/08 ConfirmNet Ebix Technical Software - SaaS-based ASP software for issuing and tracking certificated of insurance $1111/10/08 Trango Virtual Processors VMware Systems & Network Management - Virtualization solutions for embedded processors n/a11/10/08 Vettro Antenna Software ERP & Business Applications - Mobile applications for the field service industry n/a11/06/08 Applied Mesh Technologies SmartSynch Technical Software - Communications solutions for remotely monitoring and controlling energy usage n/a11/06/08 BitLeap Barracuda Networks IT Security - Local and offsite data backup and disaster recovery solutions n/a11/05/08 CYA Technologies enChoice IT Security - ECM recovery and replication solutions n/a11/03/08 Tacit Software Oracle Business Intelligence - Expertise and knowledge search software n/a11/03/08 VTN Technologies SilkRoad technology ERP & Business Applications - Technology-based training platforms n/a10/29/08 Ethidium Health Systems Portico Systems Technical Software - Clinical quality and collaboration tools n/a10/29/08 Haley Ltd. Oracle ERP & Business Applications - Policy modeling and automation software for social services agencies n/a10/29/08 Tatara Systems (mobile broadband business) Smith Micro Software Network Infrastructure - Connection management and mobility gateway software for carrier deployments n/a10/27/08 API Software Francisco Partners ERP & Business Applications - Labor management solutions for healthcare n/a10/23/08 Softimage Autodesk Technical Software - 3D technology for the film, television and games markets $3510/21/08 Intraware Acresso Software Systems & Network Management - SaaS-based entitlement management and electronic software delivery n/a10/14/08 Managed Objects Novell Systems & Network Management - Business service management n/a10/08/08 MessageLabs Symantec IT Security - SaaS-based online messaging and web security services $69510/08/08 Primavera Software Oracle Technical Software - Project Portfolio Management (PPM) solutions n/a10/07/08 IDFocus CA IT Security - Identity management software n/a10/07/08 Radiance Technologies Comcast Media Center Communications - Asset-delivery systems for distributing and managing large digital assets $510/06/08 Ceon Convergys Technical Software - Product lifecycle management and multi-play fulfillment software for comm. service providers n/a10/06/08 OptiInvoice Digital Technology AB Kofax ERP & Business Applications - Electronic invoice and document processing software $410/01/08 Advanced Visual Technology Oracle Technical Software - 3D visual macro space planning software for retailers n/a10/01/08 LeftHand Networks HP Storage Management - Storage virtualization and iSCSI storage area network (SAN) solutions $360


2008 Infrastructure & Application Software Acquisitions continued

Source: Dow Jones VentureSource

($ millions)


09/29/08 Authoria Bedford Funding ERP & Business Applications - Talent management software $6309/23/08 Projity Serena Software ERP & Business Applications - Project management software n/a09/22/08 Secure Computing McAfee IT Security - Enterprise gateway security $46509/19/08 Jabber Cisco ERP & Business Applications - Presence and instant messaging software n/a09/15/08 Yawah Adobe ERP & Business Applications - Dynamic imaging software n/a09/12/08 NetPro Computing Quest Software Systems & Network Management - Microsoft infrastructure optimization solutions $7909/10/08 Wisor Telecom Synchronoss Technologies Systems & Network Management - Service-focused operations support systems for next generation service providers n/a09/04/08 Captaris Open Text Content Management - Business process automation and electronic document management $10909/04/08 Qumranet Red Hat Systems & Network Management - Hosted virtual desktop infrastructure platform $10709/03/08 NetPriva Expand Networks Systems & Network Management - Software-based WAN optimization solutions n/a09/02/08 Amphire Solutions iTradeNetwork (Accel-KKR) ERP & Business Applications - Supply chain and purchasing solutions for the foodservice, hospitality & healthcare industries n/a09/02/08 ClearApp Oracle Systems & Network Management - Application management solutions for composite applications n/a09/02/08 HEALTHCAREfirst The Riverside Company ERP & Business Applications - Hosted software solutions for small businesses in the home health and hospice markets n/a08/29/08 OpenedHand Intel O/S, Development Tools & Deployment - Mobile Linux development and services n/a08/28/08 MIZI Research Wind River O/S, Development Tools & Deployment - Embedded Linux-based mobile application platforms $1608/27/08 PostPath Cisco ERP & Business Applications - Email and calendaring software $21508/27/08 Pydev Aptana O/S, Development Tools & Deployment - Eclipse-based development environment for the Python software language n/a08/26/08 InfoBasis Salary.com ERP & Business Applications - On-demand learning and development software $508/25/08 Control Point Solutions HCL Technologies ERP & Business Applications - Voice, data and wireless telecommunication expense management $2108/23/08 Perfectview Belgie GlobalTech ERP & Business Applications - CRM provider $108/21/08 Wonderware SAT Corporation ERP & Business Applications - Mobile workforce management and decision support solutions n/a08/20/08 Elektro-CAE-Software GmbH Autodesk Technical Software - Electrical computer-aided design (CAD) software n/a08/18/08 PC Tools Symantec IT Security - Software to protect the privacy and security of Windows users n/a08/18/08 SnapIn Software Nuance Communications Communications - On-device self-service software for mobile operators $18008/14/08 Zi Nuance Communications Content Management - Discovery and usability solutions for mobile devices $3808/12/08 Habeas Return Path IT Security - Email reputation management and deliverability services n/a08/11/08 3D Geo Autodesk Technical Software - 3D urban modeling solutions n/a08/07/08 TelaPoint Wright Express ERP & Business Applications - Supply chain software solutions for petroleum distributors and fuel retailers $4008/06/08 nCode International HBM O/S, Development Tools & Deployment - Durability, test & measurement, data analysis, asset monitoring and product design solutions n/a08/06/08 Parascript Authentidate ERP & Business Applications - Image analysis and pattern recognition software that interprets human thinking and behavioral patterns $5008/05/08 Ex Libris Group Leeds Equity Partners ERP & Business Applications - Automation solutions for academic libraries n/a08/04/08 IDeaS Revenue Optimization SAS ERP & Business Applications - Revenue optimization software for the hospitality industry n/a08/04/08 InStranet Salesforce.com ERP & Business Applications - Call center optimization software $2708/01/08 GL Trade SunGard ERP & Business Applications - Financial trading software $58507/31/08 EnergyWindow E Source ERP & Business Applications - Online tools that support energy-sourcing decisions and procurement n/a07/31/08 Global Knowledge Software Oracle ERP & Business Applications - Self-service training automation software n/a07/31/08 OnDemandIQ LogiXML Business Intelligence - On-demand sales analytics solutions n/a07/31/08 Reconnex McAfee IT Security - Data loss prevention technology that learns and adapts to automate the ongoing protection of data $4607/31/08 Trovix Monster ERP & Business Applications - Web-based semantic search software for recruitment $7307/29/08 Ribbit British Telecom O/S, Development Tools & Deployment - Platform for adding voice and automation feature to web-based applications $105



($ millions)



07/28/08 ILOG IBM O/S, Development Tools & Deployment - Business rule, optimization and visualization software $26607/28/08 Utimaco Safeware Sophos IT Security - Data loss prevention and compliance software $28307/24/08 DATAllegro Microsoft Business Intelligence - Data warehouse appliances n/a07/24/08 Discovery Mining Interwoven Content Management - eDiscovery provider to professional services firms $3607/23/08 Pure Networks Cisco Communications - Home networking-management software and tools $12007/23/08 SSP Hellman & Friedman ERP & Business Applications - IT solutions for the insurance and financial services industries $39607/21/08 Foundry Networks Brocade Network Infrastructure - Network switching and routing $1,59307/14/08 Blue Frog Solutions Bluff Point Associates ERP & Business Applications - Life and annuity insurance order management and compliance solutions n/a07/14/08 Zoomix Microsoft Business Intelligence - Data quality software n/a07/11/08 Liant Software Micro Focus O/S, Development Tools & Deployment - Business information system development tools for legacy application modernization $507/10/08 eMotion Open Text Content Management - Hosted solutions for managing and distributing digital media assets and marketing content n/a07/03/08 Financial Objects Temenos ERP & Business Applications - Software solutions for the banking, wealth management and energy sectors $4407/02/08 Linspire Xandros O/S, Development Tools & Deployment - Linux-based operating system and software delivery service n/a07/01/08 Solidware Technologies Coverity O/S, Development Tools & Deployment - Solutions for improving software quality, focusing dev & testing teams on failure-prone code n/a06/30/08 Mindreef Progress O/S, Development Tools & Deployment - Web services testing and SOA quality management solutions n/a06/25/08 IONA Technologies Progress O/S, Development Tools & Deployment - Service-oriented architecture infrastructure and integration software $10606/24/08 Fortiva Proofpoint IT Security - On-demand email archiving solutions for legal discovery, regulatory compliance and storage management n/a06/23/08 Skywire Software Oracle ERP & Business Applications - Insurance software and document management business applications n/a06/19/08 Insightful Corporation TIBCO Business Intelligence - Statistical data analysis and data mining solutions $2506/17/08 ITM Software BMC Software Systems & Network Management - Management software for the IT organization n/a06/17/08 Motive Alcatel-Lucent App. Delivery & Network Acceleration - Service management software for broadband and mobile data services $5106/17/08 Visiprise SAP ERP & Business Applications - Manufacturing execution software solutions n/a06/11/08 Validate Technology SQS O/S, Development Tools & Deployment - Testing and quality management software $2506/10/08 Attenex FTI Consulting IT Security - Electronic discovery software and services $8806/09/08 HireRight US Investigations Services ERP & Business Applications - On-demand employment background and drug screening solutions $14606/08/08 CodeGear Embarcadero Technologies O/S, Development Tools & Deployment - High-productivity development tools n/a06/08/08 Gemcom Software Ltd. JMI Equity & Carlyle Group ERP & Business Applications - Specialized mining software spanning exploration through production management $18706/06/08 SwapDrive Symantec Storage Management - Online storage solution $12306/06/08 Tumbleweed Communications Axway Software IT Security - Managed file transfer, email security and identity validation $13806/05/08 Practique Associates Merced Systems ERP & Business Applications - Incentive Compensation Management (ICM) solutions n/a06/03/08 Helium Systems NetQoS Systems & Network Management - Financial trade monitoring n/a06/02/08 OpenAir NetSuite ERP & Business Applications - On-demand professional services automation software $2605/29/08 Beep Science SafeNet IT Security - Mobile digital rights management (DRM) software n/a05/29/08 Kintera Blackbaud ERP & Business Applications - SaaS CRM solution for the nonprofit and government sectors $4405/29/08 Solstice Software Green Hat O/S, Development Tools & Deployment - Automated testing of SOA applications and integration n/a05/28/08 B-hive Networks VMware Systems & Network Management - End-user application performance management software for virtualized environments n/a05/27/08 Codefast Coverity O/S, Development Tools & Deployment - Software development tools n/a05/19/08 Evolutionary Technologies International Versata Enterprises ERP & Business Applications - Enterprise data integration solutions n/a05/16/08 Mediasurface Alterian ERP & Business Applications - Web content management solutions n/a05/15/08 Aware Interweave InfoLogix ERP & Business Applications - Enterprise mobility and mobile access for users of SAP enterprise software n/a



($ millions)



05/15/08 Ponte Solutions Mentor Graphics Technical Software - Design solutions that analyze, predict and reduce process variability during the manufacture of semiconductors n/a05/15/08 Strohl Systems Group SunGard IT Security - Business continuity software and consulting n/a05/13/08 AdminServer Oracle ERP & Business Applications - Insurance policy administration software n/a05/13/08 AmeriVault PHNS Storage Management - Managed data protection and offsite storage services n/a05/12/08 LogicLibrary SOA Software O/S, Development Tools & Deployment - SOA repository and governance n/a05/09/08 HighJump Software (3M) Battery Ventures ERP & Business Applications - Supply chain management software n/a05/08/08 Firedrop Xobni ERP & Business Applications - Synchronized applications placed in email messages n/a05/07/08 REALVIZ Autodesk Technical Software - Image-based content creation software n/a05/07/08 Tevet Process Control Technologies Nanometrics Technical Software - Integrated metrology serving semiconductor and solar manufacturing industries n/a05/06/08 Vurv Technology Taleo ERP & Business Applications - On demand talent management solutions $13805/05/08 Clear Technology Versata Enterprises ERP & Business Applications - Business process automation solutions for the financial services and insurance industries n/a05/04/08 ViaNovus SWORD Group ERP & Business Applications - Cost management solutions for construction and engineering programs n/a05/01/08 Moldflow Autodesk Technical Software - Plastics simulation software $20605/01/08 NetManage Micro Focus O/S, Development Tools & Deployment - Technologies to transform core applications into new Web-based business solutions $4804/29/08 InfoDyne IBM Technical Software - High-speed platforms and data feed connectors n/a04/28/08 Centennial Software FrontRange Solutions Systems & Network Management - Infrastructure management including auto-discovery, inventory & license management n/a04/28/08 Koders Black Duck Software O/S, Development Tools & Deployment - Search engine for open source software and other web-downloadable code n/a04/22/08 FullTilt Solutions QAD ERP & Business Applications - Product information management solutions n/a04/22/08 Incuity Software Rockwell Automation Business Intelligence - Enterprise manufacturing intelligence software n/a04/21/08 Instill Corporation iTradeNetworks Business Intelligence - Spend intelligence solutions for the food service industry n/a04/21/08 Packeteer Blue Coat Systems App. Delivery & Network Acceleration - WAN optimization and WAN traffic prioritization $19004/18/08 Diligent Technologies IBM Storage Management - Storage de-duplication technology n/a04/17/08 Identity Systems Informatica ERP & Business Applications - Develops software products which enable organizations to search, find, match and group identity data $8504/11/08 TriZetto Group Apax Partners ERP & Business Applications - Administrative, care & network management and constituent web solutions for the healthcare industry $1,40004/10/08 FilesX IBM Storage Management - Storage software for continuous data protection and data & application recovery n/a04/09/08 AppStream Symantec Systems & Network Management - Technology used to distribute computer programs across large networks n/a04/08/08 eScription Nuance Communications Technical Software - Computer-aided medical transcription technology $40004/08/08 Indicative Software Nimsoft Systems & Network Management - Business service management and end-user response time monitoring n/a04/08/08 Iomega EMC Storage Management - Storage and network security solutions $14804/07/08 M-Tech Information Technology Hitachi IT Security - Identity management software and services n/a04/04/08 System Innovators Harris Computer Systems ERP & Business Applications - Online cashiering and collection systems for government and utility clients n/a04/01/08 Certus Neohapsis IT Security - Enterprise governance, risk and compliance (GRC) management software n/a03/31/08 Ansoft ANSYS Technical Software - Electronic design automation $76803/31/08 Tower Software HP Content Management - Enterprise content management for regulated and government industries n/a03/27/08 e-TEST Suite (from Empirix) Oracle O/S, Development Tools & Deployment - Web application testing solutions n/a03/27/08 ModernBill Parallels ERP & Business Applications - Automated billing systems and other hosting automation solutions n/a03/20/08 Komoku Microsoft IT Security - Advanced rootkit security detection solutions n/a03/20/08 Synplicity Synopsys Technical Software - Innovative software and system solutions for the design and verification of semiconductors $18803/17/08 BladeLogic BMC Software Systems & Network Management - Data center automation $80003/17/08 Teragram SAS Business Intelligence - Natural language processing and advanced linguistic technology n/a



($ millions)



03/16/08 Shanghai Hong Xun Software Convergys Communications - Software that allows service providers to support next-generation services including VOIP and video-on-demand n/a03/14/08 Rapt Microsoft ERP & Business Applications - Advertising yield management solutions for digital media publishers n/a03/12/08 Encentuate IBM IT Security - Identity and access management software focused on enterprise single sign-on n/a03/12/08 Kidaro Microsoft Systems & Network Management - Desktop virtualization solutions for enterprises $9503/10/08 Infra Corporation EMC Systems & Network Management - Web-based IT service management software n/a03/04/08 LeanLogistics Brambles ERP & Business Applications - Technology-based transport and supply chain solutions $4503/03/08 Optio Software Bottomline Technologies ERP & Business Applications - Technology solutions for improving the efficiency of document-intensive processes $3502/25/08 Enterprise Performance Systems Eclipsys Business Intelligence - Web-based business performance-improvement solutions for healthcare providers $5302/25/08 PlateSpin Novell Systems & Network Management - Solutions to help companies manage & extend server virtualization in the data center $20502/22/08 VasTech Lawson Software ERP & Business Applications - Workforce management software n/a02/21/08 Pi EMC Content Management - Personal information management n/a02/20/08 CapitalStream HCL Technologies ERP & Business Applications - Processing solutions for commercial banks and finance companies $4002/19/08 Eatec Agilysys ERP & Business Applications - Inventory and procurement software $2302/19/08 Kynogon Autodesk ERP & Business Applications - Artificial intelligence middleware used by videogame developers n/a02/13/08 SiteScape Novell ERP & Business Applications - Open source team collaboration software n/a02/12/08 innotek Sun Microsystems Systems & Network Management - Open source virtualization software n/a02/12/08 MessageOne Dell IT Security - SaaS enabled enterprise-class email business continuity, compliance, archiving and disaster recovery services $15502/11/08 Danger Microsoft ERP & Business Applications - Integrated solution for mobile operators to deliver data & internet services to their subscribers n/a02/11/08 Idiom Technologies SDL plc Content Management - SaaS delivered translation management systems $2702/11/08 LeCayla Technologies OpSource ERP & Business Applications - Billing and customer on-boarding software for SaaS and web-based applications n/a02/06/08 Cape Clear Workday Systems & Network Management - Enterprise Service Bus (ESB) provider n/a01/31/08 CODA Unit 4 Agresso ERP & Business Applications - ERP software to finance departments $28901/28/08 Trolltech Nokia O/S, Development Tools & Deployment - Cross-platform software development frameworks and application platforms $13301/24/08 e-Dialog GSI Commerce ERP & Business Applications - Web-based e-mail marketing solutions $15701/23/08 AptSoft IBM Business Intelligence - Business event processing software n/a01/22/08 Exstream Software HP ERP & Business Applications - Enterprise software that streamlines the creation and delivery of personalized documents n/a01/21/08 Calista Technologies Microsoft Systems & Network Management - Graphics technologies for next-generation desktop and presentation virtualization solutions n/a01/18/08 Net Integration Technologies IBM O/S, Development Tools & Deployment - Complete business server software solutions for small business n/a01/17/08 Precise Software Vector Capital Systems & Network Management - Application performance management n/a01/16/08 BEA Systems Oracle O/S, Development Tools & Deployment - Mainframe, client-server, and web-based application server software integration middleware $7,20001/16/08 Captovation Oracle ERP & Business Applications - Document capture solutions n/a01/16/08 MySQL Sun Microsystems O/S, Development Tools & Deployment - Open source databases $1,00001/15/08 Thinstall VMware Systems & Network Management - Application virtualization n/a01/14/08 Foedus VMware Systems & Network Management - Virtualization technologies and services n/a01/14/08 NTI Group Blackbaud ERP & Business Applications - Web-based SMS and voice mass messaging $19101/09/08 AirWave Wireless Aruba Networks Systems & Network Management - Tools to centrally manage large, multi-vendor wireless LAN, mesh and WiMax networks $3701/08/08 Fast Search & Transfer Microsoft Content Management - Enterprise search solutions $1,20001/03/08 Onaro NetApp Storage Management - Storage service management n/a01/02/08 XIV IBM Storage Management - Storage Area Network systems focusing on digital media for enterprises $325


2008 Infrastructure & Application Software Private Financings

($ millions)


Close Date Company Amount Participating Investors Description12/31/08 BSKLive $0 JumpStart Inc. Integrated employee scheduling and communications solutions12/31/08 Edenbase $1 Jerusalem Venture Partners Lossless data compression for Oracle databases12/31/08 Exit41 $9 Devonshire Investors, Humphrey Enterprises, JAO Investments Restaurant ordering solutions12/31/08 nfon n/a Earlybird Virtual telephone systems and integrated communications based on IP-based network infrastructure12/31/08 Outsmart n/a n/a Fixed mobile convergence intelligent network -based technology and solutions for mobile and fixed operators12/31/08 StreamBase Systems $6 Accel Partners, Battery Ventures, Bessemer VP, Highland Capital, In-Q-Tel Systems that analyze and act on real-time streaming data for instantaneous decision-making12/31/08 Tribold $11 DFJ Esprit, Eden Ventures, Intel Capital Telecommunications product management software12/31/08 WebLayers $3 Ascent Venture Partners, Cedar Fund, Veritas Venture Partners Governance and compliance solutions for XML, Web services and service oriented architecture (SOA)12/31/08 Zettapoint $1 Jerusalem Venture Partners Data management applications designed to reduce cost and increase performance12/30/08 Scivantage $1 Edison Venture Fund Web-based, front and middle office technology solutions for the financial services industry12/24/08 Lumigent Technologies $6 n/a Database auditing solutions for compliance and security12/24/08 Rivermine Software $5 Columbia Capital, Longworth VP, SoftBank Capital, Valhalla Partners Automated telecom expense management solution12/24/08 TrueCommerce $0 Edison Venture Fund Network software that allow companies to transact with their trading partners using electronic data interchange12/24/08 Varonis Systems $15 Accel Partners, Evergreen Venture Partners, Pitango Venture Capital Data governance solutions12/23/08 HighRoads $1 ABS Ventures, Egan-Managed Capital, Kodiak Venture Partners Benefits lifecycle management solutions12/23/08 Kadient $4 Commonwealth Capital, Kodiak VP, North Bridge VP Sales productivity solutions12/23/08 Sharpcast $10 Draper Fisher Jurvetson Connected applications platform for consumer media and information management12/23/08 TriCipher $12 Trident Capital Unified authentication infrastructure that protect web applications and enterprise portals12/23/08 Vertica Systems n/a Bessemer Venture Partners Scalable data warehouse software solutions12/22/08 SpringCM $7 Foundation Capital, North Bridge Venture Partners Enterprise content management solutions for document and workflow management12/21/08 Earnix $2 Jerusalem Venture Partners Pricing, revenue, customer segmentation and demand analysis solutions12/19/08 Vontoo n/a EDF Ventures System that creates, sends and tracks voice messages specifically tailored to a recipient's interests12/18/08 Core Solutions $1 Emerald Stage2 Ventures Business transaction management, supply chain optimization, BI and custom developed solutions12/18/08 Mformation Technologies $6 Carmel Ventures, North Bridge Venture Partners Wireless device management software12/18/08 NetBooks $5 CMEA Ventures Online small business management software including accounting, CRM, ERP, shipping and inventory12/18/08 Overture Technologies $6 New Markets Venture Partners Decisioning software solutions for financing processes for the mortgage and higher education industries12/17/08 InforSense $3 Elaia Partners Informatics infrastructure software to support decision-making in the scientific and business domains12/17/08 iTKO n/a Hunt Ventures SOA testing that allows multiple business technology layers to be exercised within a single test case12/17/08 Leostream $1 Meakem Becker Venture Capital Virtualization management software12/17/08 Nayatek n/a Originate Ventures Enterprise information management including archiving, e-discovery, storage management and compliance12/17/08 Patersons HR & Payroll $30 Rho Ventures SaaS-based HR and payroll software12/17/08 Pendo Systems $1 Chess Ventures Accounting software solutions for financial institutions12/16/08 Aravo Solutions $7 Big Sky Partners, Individual Investors On-demand supplier information management software12/16/08 Clear2Pay $7 AGF Private Equity, Big Bang Ventures, GIMV, Iris Capital, TrustCapital Partners E-payment solutions for financial institutions12/16/08 Infusion Software $8 Mohr Davidow Ventures, vSpring Capital Marketing automation software for small enterprises12/16/08 JackBe $15 Blue Chip Venture Company, Core Capital Partners, Harbert VP, Intel Capital Rich enterprise application software designed to optimize web applications12/15/08 Soonr n/a Clearstone Venture Partners Solutions designed to make computer files available through mobile phones12/14/08 Nolio $5 Blumberg Capital, Cedar Fund Data center applications service automation solutions12/12/08 Venafi $16 Foundation Capital, Origin Partners, UV Partners Management of digital certificates (PKI) on disparate platforms, applications and systems12/10/08 Aster Data Systems $12 Cambrian Ventures, First Round Capital, JAFCO Ventures, Sequoia Capital Clustered databases for web analytic12/10/08 JasperSoft $13 Adams Street, DCM, Morgenthaler, Partech, Red Hat, Scale VP Open source reporting solutions12/09/08 Kaboa $1 High-Tech Gruenderfonds Management Software that analyzes customer shopping habits and offer targeted and discounted products upon request12/08/08 Aria Systems $10 Hummer Winblad Venture Partners, Venrock On-demand billing and customer management solutions for SaaS, gaming and entertainment companies12/08/08 Neocase Software $10 Caisse des Depots et Consignation, Iris Capital Web-based call center management12/08/08 Retail Optimization $1 Connecticut Innovations, Elm Street Ventures Merchandising optimization that serves retailers and their consumer product suppliers12/08/08 Seanodes $2 Elaia Partners Storage software solutions specifically designed to meet the requirements of Linux clusters12/05/08 Connotate Technologies n/a n/a Web-monitoring and web-mining solutions12/04/08 Silverpop Systems n/a European Founders Fund Permission-based email marketing12/02/08 Advestigo $5 Cap Decisif Management, Eontech Ventures, I-Source Gestion Digital asset management solutions12/01/08 LegiTime Technologies $1 Connecticut Innovations Mobile security and management



continued

($ millions)


Close Date Company Amount Participating Investors Description11/27/08 Press-Sense $2 Evergreen Venture Partners, Vertex Venture Capital ERP software for the commercial printing industry11/26/08 Black Duck Software $3 Fidelity, Flagship, Focus, General Catalyst, Intel Capital, Red Hat, SAP Ventures Software compliance management solutions11/25/08 GridApp Systems $2 Advantage Capital Partners, Ascend Venture Group, Rand Capital Database automation solutions11/25/08 Quickoffice n/a Mayfield Office document software for mobile phones11/24/08 Evident Software $2 Emerald Stage2 Ventures , NextStage Capital Metering, reporting and analytics for virtualized applications running on compute and data grids11/24/08 Virtual Computer, Inc $9 Flybridge Capital Partners Software for managing mobile devices on enterprise networks11/24/08 Worksoft $8 Austin Ventures, Crescendo Ventures Lifecycle automation solutions for use with SAP solutions11/21/08 geoVue $0 Boston Community Venture Fund, Massachusetts Technology Development Location-based decision support systems for the retail, manufacturing and services industries11/20/08 ConSentry Networks $9 Accel, Duff Ackerman & Goodrich, Invesco, Northgate, TransLink, Vedanta LAN security11/19/08 Datacastle $5 CM Capital Investments Data protection including continuous backup, advanced encryption, key management & data reduction11/19/08 Finjan Software $22 Benchmark Capital, Cisco, HarbourVest, Israel Seed Partners Security against known as well as unknown web-borne threats11/18/08 Agilence $4 Granite Ventures, NextStage Capital Provider of event-based video analytics to the retail, transportation and gaming industries11/18/08 Carbonite $21 TransLink Capital Internet-based backup services11/18/08 Pyxis Mobile $5 Ascent Venture Partners, Egan-Managed Capital Wireless applications for the financial services industry11/15/08 Red Condor n/a ATA Ventures Managed email security systems for businesses, government agencies and service providers11/14/08 ExaProtect $2 Elaia Partners Core security event management that monitors, analyzes, & reports on the security of systems & data11/14/08 Jasper Design Automation $7 ZenShin Capital Partners Electronic Design Automation for the design and verification of electronic systems and semiconductors11/14/08 Ubitexx $4 BayBG, KfW Bankengruppe, Target Partners Management and security for smart phones and PDAs11/13/08 FringLand $7 North Bridge Venture Partners Mobile VoIP solution11/13/08 Smartesting $6 I-Source Gestion, Siparex Group Functional testing tools for the smart cards, e-payment, automotive, aeronautic and energy industries11/12/08 Marshal8e6 $10 Updata Partners Secure Internet gateway products for organizations11/12/08 Trust Digital $15 Avansis, Core Capital, Fairhaven CP, MMV Financial, Square 1 Bank, Summerhill Enterprise mobility management software for government organizations and Global 2000 companies11/10/08 Tbricks $5 DN Capital Tools for executing automated trading strategies11/07/08 Rights Tracker n/a Capital Fund IP rights management systems11/06/08 Vela Systems n/a Commonwealth Capital Ventures Mobile solution that streamlines the field administration processes for the construction industry11/05/08 Memento $10 .406 Ventures, Bain Capital, Rock Maple Ventures Internal fraud detection11/04/08 Open-Xchange $9 BayBG, BayTech Venture Capital, eCAPITAL entrepreneurial Partners Open source email and collaboration software for enterprises, academic institutions and government11/03/08 LogicTree $1 Edison Venture Fund Speech-enabled business automation and call center solutions11/03/08 Maxplore Technologies $3 Emergence Capital Partners Hosted software for service logistics and management10/31/08 Birst n/a Duff Ackerman & Goodrich, Hummer Winblad VP, Sequoia Capital Analytic applications for sales organizations10/31/08 CoreTrace $4 Hunt Ventures Security software designed to keep unwanted applications out of systems, networks and desktops10/31/08 Metrixware $2 CM-CIC Capital Prive, SGAM Alternative Investments IT Governance and Application Portfolio Management solutions10/31/08 Syncplicity $2 True Ventures Online data management tools for small and medium-sized businesses10/31/08 Ubiqube $2 n/a Network and security management solutions10/30/08 MetricStream $1 Blade Ventures Governance, risk, compliance (GRC) and quality management10/29/08 Worldmate $8 BlackBerry Partners Fund, Motorola Wireless applications designed to facilitate travel planning, management and expense reporting10/28/08 Zuora $15 Benchmark Capital, Lehman Brothers Venture Partners, Shasta Ventures On-demand subscription billing and payment service10/27/08 VirtuOz $11 Galileo Partners, Mohr Davidow Ventures Intelligent, multilingual conversational customer support and virtual sales agents10/25/08 TalentSoft $1 Seventure Partners Human resource management10/24/08 MX Logic $3 Adams Street Partners, Vista Ventures Email and web security for small and medium-sized businesses10/24/08 New Relic $8 Benchmark Capital, Trinity Ventures Subscription-based Rails performance management software for developers10/22/08 Viridity $7 Battery Ventures, North Bridge Venture Partners Data center management10/21/08 DIY Real Estate $0 JumpStart Inc. Property management software for the residential rental property management market10/21/08 Intransa $15 Entrepia, Guggenheim Partners, Menlo Ventures, Rho Ventures, U.S. VP Network-centric IP SAN solutions10/21/08 Rim-Tec $8 Ignition Partners, Trilogy Equity Partners Financial risk management solutions for corporate treasuries, investor portfolios and governments10/21/08 Signicat $1 Viking Venture Secure identification and digital signing10/21/08 Texert $3 New Venture Partners Enterprise risk management10/20/08 Civolution n/a Prime Technology Ventures Solutions for identifying, managing and monetizing media content10/20/08 priv-ID n/a Prime Technology Ventures Multi-modal private biometric software to make identity applications anonymous, scalable and low-cost10/16/08 SPADAC $2 First Mark Capital Predictive and geointelligence analysis solutions



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($ millions)


Close Date Company Amount Participating Investors Description10/15/08 CebaTech $1 SAS Investors Tools for accelerating semiconductor design10/15/08 Tech4field $2 OTC Asset Management Personnel and productivity management10/14/08 ScanSafe n/a Scale Venture Partners SaaS web security aimed at ensuring a safe internet environment for organizations10/08/08 Expresso $1 Novus Ventures Professional application data migration tools10/07/08 Maptuit $1 Draper Fisher Jurvetson, Edison Venture Fund Wireless routing, directions and fuel services for the transportation industry10/03/08 Dataupia $10 Fairhaven Capital Partners, Polaris Venture Partners, Valhalla Partners Intelligent database storage appliance09/30/08 Accellos $29 Centennial Ventures, Hillman Company, Monitor Clipper Partners, Murphree VP Logistics, warehouse, 3PL, transportation and mobile fleet management solutions09/30/08 Auraria Networks $10 Matrix Partners, Pilot House Ventures Group Content management and information analysis products09/30/08 Black Arrow $20 Cisco, Comcast Interactive Capital, Intel Capital, Mayfield, Polaris Solutions for the management, distribution and metric reporting of enhanced television ads09/30/08 Crisp Wireless $5 Intel Capital, Meritage Funds Mobile publishing and advertising solutions09/30/08 Dexterra $22 Canaan, Intel Capital, Mesirow Financial, Motorola Ventures, NEA, Sigma Mobile business software09/30/08 Digini n/a California Technology Ventures Integrated 3D game development system09/30/08 LogiXML $3 Grotech Ventures Web-based business intelligence platform09/30/08 Melodis $7 Global Catalyst Partners, JAIC America, TransLink Capital Sound recognition and search technologies09/30/08 Metaforic $2 Pentech Ventures Anti-tamper solutions for software09/30/08 Nimsoft $12 Goldman Sachs Group, JMI Equity Fund, Northzone Ventures Business-focused, service level management solutions09/30/08 Truist $1 SJF Ventures Software-as-a-Service software for managing charitable donations09/29/08 Charismathics n/a BayBG, Bayern Kapital, Neuhaus Partners IT security and identity management software09/29/08 Send Word Now $14 Ascend Venture Group, Palisade Capital Management Secure, on-demand notification and incident management services09/25/08 Antenna Software $8 Commonwealth Capital Ventures, North Bridge Venture Partners Wireless software solutions for the mobile enterprise09/25/08 MarineCFO $3 EmergingISV On-vessel, marine operations, personnel, fleet maintenance and financial management solutions09/25/08 Transaction Wireless $2 Mission Ventures, Okapi Venture Capital Wireless payment solutions09/25/08 Verimatrix $20 Cipio Partners, Crescendo, Goldman Sachs, JK&B Capital, Mission, SunAmerica Software-based content security and revenue enhancement technologies in pay-TV networks09/24/08 Cogniscape n/a Ben Franklin Technology Partners of SEPA Advanced querying, data management and visualization for business intelligence09/24/08 Move Networks $54 Microsoft High definition online television services09/24/08 Mu Sigma $30 FTVentures Analytical decision support services09/23/08 OpTier $48 Carmel, Cisco, Gemini Israel, Index, Lightspeed, Morgan Stanley, Pitango VC Business transaction management software solutions09/22/08 CodaSystem $4 Cap Decisif Management, OTC Asset Management, Seventure Partners Digital image security solutions09/22/08 Kineto Wireless n/a NEC Corporation Unlicensed mobile access technology09/22/08 VisionOSS $12 Eden Ventures, Pyrford Enterprises, XAnge Private Equity Unified communications service delivery software09/18/08 ExeCue $2 Connecticut Innovations Information search platform for businesses09/18/08 Rapid7 $7 Bain Capital Ventures Vulnerability management software09/18/08 Schad n/a High-Tech Gruenderfonds Management Mobile systems for observing and operating machine and plant controls09/17/08 Connectiva Systems $17 International Finance Corp, NEA-IndoUS, Ovation Capital, SAP Ventures Revenue assurance solutions for the telecom industry09/16/08 BitTorrent $17 Accel Partners, DCM, Duff Ackerman & Goodrich Peer-to-peer file distribution software09/16/08 Proclivity Systems $6 Pilot Group, WPP Group Platform that provides predictive insight into consumer shopping and purchasing behavior09/15/08 Austin Logistics $4 Apex VP, Baird VP, North Hill Ventures, Total Technology Ventures Predictive analytic software that solves specific problems along the consumer credit lifecycle09/15/08 CrossLoop $6 El Dorado Ventures, Venrock Secure desktop sharing software for remote assistance and collaboration09/15/08 Packet Design, Inc. $12 Advanced Technology Ventures, Juniper Networks, Masthead VP, Mayfield Network appliances that provide routing-layer visibility into IP networks09/12/08 Octagon Research Solutions $2 Edison Venture Fund Regulatory and clinical information management technology for the life science industry09/12/08 Ounce Labs $8 Commonwealth Capital Ventures, Greylock Partners Software security source code analysis09/12/08 Zetta $11 Foundation Capital, Sigma Partners Cloud storage technologies09/10/08 Samplify Systems $4 Formative Ventures High-speed FPGA-based compression technology09/09/08 Oslo Software $3 NGI Group Platforms designed to optimize trading, risk management and logistics processes09/08/08 Soasta $6 Formative Ventures Visual software tools for the testing, certification and demonstration of SOA-based systems09/08/08 Tableau Software $10 New Enterprise Associates Visual analysis and reporting solutions09/05/08 KXEN n/a Saints Advanced analytics software for business decision-makers09/05/08 Netasq n/a Saints Unified threat management solutions09/05/08 Selligent n/a Saints Sales, marketing, customer service and customer relationship management tools09/02/08 AFS Technologies $13 CIBC Capital Partners, Ticonderoga Capital Enterprise software for the food and beverage industry



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($ millions)


Close Date Company Amount Participating Investors Description09/02/08 BrightDoor Systems $2 n/a Customer presentation and relationship management software for the real estate industry09/02/08 Conject $6 Earlybird, Seventure Partners Online collaboration software for project management09/02/08 Correlix $8 Blumberg Capital, Genesis Partners, Sequoia Capital, Xenia Venture Capital Distributed business process monitoring solutions08/27/08 Newforma $4 North Bridge Venture Partners Software applications targeting architecture, engineering and construction firms08/25/08 Expressor Software $10 Commonwealth Capital Ventures, Globespan Capital Partners, Sigma Partners Semantic data integration solutions08/25/08 Nusym Technology $8 Draper Richards, Voyager Capital, Woodside Fund Electronic design automation software that improves chip design productivity08/25/08 Schooner Information Tech $15 CMEA Ventures, Redpoint Ventures Business applications for the financial industry and consumer-facing Internet businesses08/21/08 Forerun $1 Massachusetts Technology Development Clinical workflow technology designed exclusively for emergency medicine departments08/20/08 SailPoint Technologies $7 Austin Ventures, Lightspeed VP, Origin Partners, Silverton Partners Solutions for identity governance, risk management and compliance08/19/08 DeviceVM $15 DFJ DragonFund China, New Enterprise Associates, Storm Ventures Rapid-start computing technologies08/18/08 Innography $7 Austin Ventures, Hunt Ventures Intellectual property business intelligence software08/18/08 Ipanema Technologies $7 Noble Fund Managers Applications performance management using IP networks08/18/08 Palo Alto Networks $27 Globespan Capital, Greylock Partners, Lehman Brothers VP, Sequoia Capital Network security solutions to improve control, security and visualization of network traffic08/18/08 Replay Solutions $11 Hummer Winblad Venture Partners, Partech International, Sigma Partners Testing automation solutions for software development08/15/08 CarrierIQ $11 Mohr Davidow Ventures Embedded analytics software for the wireless industry08/15/08 eTelemetry n/a Centripetal Capital Partners Real-time business information from network activity08/15/08 Telligent Systems $10 Intel Capital Tools to build corporate social networks, manage website content and publish blogs08/13/08 Edgeware Analytics n/a Tech Coast Angels Software aimed at predicting and analyzing the risk in small-business lending08/13/08 Netadmin Systems i Sverige $5 Eqvitec Partners, Industrifonden Software to automate business and operation processes for broadband networks08/13/08 NitroSecurity $10 First Analysis, NewSpring Capital Solutions for security monitoring, analysis and protection of computer networks08/12/08 Marketbright n/a Greycroft Partners, Knight's Bridge Capital Partners On-demand marketing automation platform08/11/08 Clarabridge $12 Boulder Ventures, Grotech Ventures, Harbert VP, Intersouth Partners Business intelligence software08/06/08 Hyper9 n/a Maples Investments Search-based software for managing virtual environments08/06/08 InnovaShare n/a Cedar Fund, Hasso Plattner Ventures Product lifecycle management solution08/05/08 BitGravity $3 Allen & Company Content delivery network services for interactive broadcasting08/05/08 dynaTrace software $13 Bain Capital, Bay Partners Performance-diagnostics solutions for mission-critical, cross-platform applications08/05/08 Elastra $12 Amazon.com, Bay Partners, Hummer Winblad Venture Partners Relational databases on-demand for applications in cloud computing environments08/01/08 FolioDynamix $8 Edison Venture Fund Account management software for financial advisors07/31/08 CheckPoint HR $8 Edison Venture Fund Web-based software for managing payroll, benefits and human resources07/31/08 DefenSoft Planning n/a Athlone Global Security Software solutions for the planning of defense and security systems07/31/08 Kickfire $20 Accel Partners, Greylock Partners, Mayfield, Pinnacle Ventures Data warehousing appliance for analysis and reporting of data from the mySQL database07/30/08 Derivix $7 Goldman Sachs Group, Susquehanna Growth Equity Pricing and analytics solutions for the options trading market07/29/08 iContracts $4 Edison Venture Fund Contract management software for life sciences manufacturers and distributors07/29/08 Veracode n/a In-Q-Tel On-demand security software that identifies software flaws from coding errors or malicious intent07/28/08 Tangoe $12 Axiom VP, Edison Venture Fund, North Atlantic Capital, Sevin Rosen Enterprise telecommunications expense management software07/25/08 i-nexus $4 Antrak Capital, Herald Ventures, Midven On-demand corporate performance, project portfolio and business process management07/24/08 Crescendo Networks $10 Apax, Challenge Fund-Etgar, Convergent, Evergreen VP, Magma VP, StageOne Application acceleration devices for data centers07/23/08 Conformia Software $4 Foundation Capital, JAFCO Ventures, Sequoia Capital Product conformance management software for the life sciences and alcohol industries07/22/08 Amitive $6 CMEA Ventures, LogiSpring On-demand supply chain management technology07/22/08 Pulsic $2 Index Ventures, NorthStar Equity Investors, Prime Technology Ventures Custom design automation solution for the physical design of high volume integrated circuits07/22/08 ResponseLogix $8 GRP Partners, Shasta Ventures Internet lead management for the automotive industry07/21/08 Appcelerator $4 Storm Ventures Tools for the development of rapid rich Internet application on a service-oriented architecture07/21/08 Appian $10 Novak Biddle Venture Partners Business process management solutions07/21/08 CambridgeSoft $21 Goldman Sachs Group Desktop and enterprise software, solutions and services for chemists and biologists07/21/08 Digital Sandbox $2 Monumental Venture Partners Risk management solutions for clients in the homeland security and public safety07/21/08 Rohati Systems $12 Foundation Capital, Matrix Partners Transaction level policy enforcement for securing data center resources07/21/08 Solidcore Systems $10 JAFCO Ventures, JAIC America, Matrix, Menlo Ventures, Sevin Rosen Change control software to assure compliance with payment card industry and SOX standards07/18/08 Active Circle $8 Innovacom, OTC Asset Management, Quest For Growth Network attached storage solutions07/18/08 Akorri Networks $8 North Bridge Venture Partners Storage networking software07/16/08 SPT Group n/a Cubera Private Equity Software for the international petroleum industry



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($ millions)


Close Date Company Amount Participating Investors Description07/15/08 Utopy $8 Blacksmith Capital, The Brack Capital Group Customer intelligence gathered by analyzing phone conversations between companies and customers07/03/08 YouSendIt $14 Alloy Ventures, Cambrian Ventures, Emergence Capital, Sevin Rosen, Sigma Web-based service which allows transfer of large electronic files07/01/08 Kurtosys Systems n/a n/a Financial reporting software for asset management, private banking and investment management06/30/08 Apprion $4 Motorola Ventures Industrial wireless security and interoperability06/30/08 Boomi $4 First Mark Capital, FirstMark Capital SaaS based applications and on-premises software integration software06/30/08 Corvil Networks $12 ACT Venture Capital, Apax Partners, Vesbridge Partners Technology for measuring and controlling the bandwidth requirements of internet protocol traffic flows06/30/08 DefenSoft Planning Systems $3 Athlone Global Security Software solutions for the planning of defense and security systems06/30/08 DepotPoint $7 OVP Venture Partners, Trident Capital Web-based solutions for the tracking, recording and management of property-related data06/30/08 Engine Yard $15 Amazon.com, Benchmark Capital, New Enterprise Associates Open-source web framework that enables developers to create database-driven web applications06/30/08 ForeScout Technologies $8 Accel Partners, Amadeus CP, Meritech CP, Pitango VC Tailored network access control06/30/08 Lingotek n/a Canopy Group, Flywheel Ventures, In-Q-Tel Translation technology and language asset management solutions06/30/08 OpenSpan $13 FTVentures, Globespan CP, Imlay Investments, Matrix, Sigma Application integration and automation software06/30/08 Oversight Systems $10 Granite Ventures, Imlay Investments, Sigma Partners Automated transaction monitoring solutions for Sarbanes-Oxley compliance06/30/08 Promisec n/a n/a Clientless endpoint security management06/30/08 Sanovi Technologies $0 Advanced Technology Ventures Business continuity management and disaster recovery06/30/08 Secerno $16 Amadeus Capital Partners, Eden Ventures, Spark Ventures Database security and compliance software platform to protect against known and unknown threats06/30/08 SynapticMash $3 Vantage Partners Technology for updating school systems' data and record-keeping systems services06/30/08 Vericept $8 Sigma Partners Intelligent compliance and content control solutions06/30/08 Xeround $16 Benchmark Capital, Giza Venture Capital, Ignition Partners Telecommunications database management systems06/30/08 Zon Networks $7 Draper Fisher Jurvetson, Magma VP, Tamir Fishman, Trilogy Equity IT and enterprise software06/29/08 mFoundry n/a n/a Mobile financial services06/29/08 PreEmptive Solutions $1 JumpStart Inc., Ohio TechAngels Java and .Net code security tools06/27/08 ContextWeb $24 Draper Fisher Jurvetson, Investor Growth Capital, Updata Partners Platform for real-time contextual advertising solutions06/27/08 DAXKO $8 Frontier Capital On-demand software for nonprofits06/27/08 Initiate Systems $26 Paladin Capital Group Master data management (MDM) software solutions06/27/08 Perlego Systems $9 iSherpa Capital, Meritage Funds Cross-platform mobile communications device management06/26/08 BlueRoads $6 ArrowPath VC, Cardinal VC, El Dorado Ventures, ZenShin Capital Partners Partner opportunity management (POM) solutions06/26/08 Sonoa Systems $10 Bay Partners, Norwest Vp, SAP Ventures, Third Point Management Secure cloud gateway that solves security, compliance, performance and interoperability challenges06/25/08 Applied Identity $10 ABS Ventures, Bay Partners, Globespan CP, OVP VP, Sigma Network access control and management06/25/08 CaseNET $5 Aurora Funds Care management software06/25/08 ClairMail n/a Norwest Venture Partners Banking and payment solution designed to optimize any mobile phone for two-way customer interaction06/25/08 Columbitech n/a Verdane Capital Secure wireless data communication software06/25/08 Global DataCentre Management n/a Balderton Capital Commercial solutions for data center management06/25/08 Security Innovation $7 Brook Venture Partners Risk analysis, risk mitigation and education services06/25/08 SpringSource $15 Accel Partners, Benchmark Capital Enterprise Java infrastructure software06/25/08 Vidient Systems $7 Trident Capital Intelligent video surveillance, behavior recognition and video analytics06/24/08 Cassatt n/a New Enterprise Associates, Warburg Pincus Service level automation and service level agreement management06/24/08 Dacos Software $2 Target Partners Customer relationship management and simulation software for retail companies06/24/08 rPath $10 General Catalyst Partners, North Bridge Venture Partners, Wakefield Group Platform for creating and maintaining software appliances06/23/08 Daptiv $6 Bay Partners, Kennet Partners, SVB Capital On-demand workflow management06/23/08 Firm58 $9 New World Ventures, North Bridge Venture Partners Post-trade management software06/23/08 WhiteHat Security $7 Altos Ventures, Garage Technology Ventures, Startup Capital Ventures Web application security software services06/20/08 Electric Cloud n/a Mayfield, U.S. Venture Partners Software which accelerates, automates and analyzes your software build process06/20/08 Netkey $2 Connecticut Innovations, Hudson Ventures, Updata Partners Platform that manages self-service applications through kiosks, digital signs and other retail devices06/20/08 TextDigger $4 CNET, True Ventures Artificial intelligence software for advanced information retrieval services for the web06/19/08 Factonomy $2 Scottish Enterprise, Sigma Technology Group, TRI Capital Software that enables the rapid development of web-enabled business applications06/19/08 NTRglobal $26 Atlas Venture, Debaeque, Elaia Partners, Kennet Partners Collaboration and real-time communication tools06/19/08 Parascale $11 Charles River Ventures, Menlo Ventures File storage management solutions06/18/08 Arcot Systems $23 Accel, Goldman Sachs, Granite Ventures, ONSET Ventures, Vedanta Identity management solutions06/18/08 Neocleus $11 Battery Ventures, Gemini Israel Funds Enterprise-class virtual software appliance for end points



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($ millions)


Close Date Company Amount Participating Investors Description06/17/08 ImageSpan $11 Ackerley, Bertelsmann Digital Media, Greycroft,Village Ventures Licensing automation platform for digital media06/17/08 Intelliden n/a GGV CapitaL Intelligent networking solutions for organizations to control, manage and scale their networks06/17/08 PSS Systems $18 Azure CP, FTVentures, Granite Ventures, Lightspeed Venture Partners Information retention and preservation solutions06/17/08 SageQuest $4 Hopewell Ventures Internet-based tracking and fleet management solutions06/17/08 Verticals onDemand $4 Emergence Capital Partners SaaS CRM for the biotechnology and pharmaceutical industries06/16/08 Planet Metrics $2 Draper Fisher Jurvetson Emissions intelligence software06/16/08 StorSpeed $7 Palomar Ventures Performance solutions for network storage 06/13/08 Achilles Group Limited n/a HgCapital Supplier management for oil and gas, water, electricity, pharmaceutical and construction industries06/13/08 CreateHope n/a Advantage Capital Partners Web-powered corporate giving solutions06/12/08 Metallect $1 Apex Venture Partners, TL Ventures Risk management solutions06/11/08 Breach Security $6 Enterprise Partners Venture Capital, Evergreen Venture Partners Web application security that protects sensitive web-based information06/11/08 Bullhorn $26 GE Asset Management, General Catalyst Partners, Highland Capital Partners On-demand enterprise applications for the staffing and recruiting industry06/11/08 Likewise Corp. n/a Ignition Partners Enterprise management software in mixed-use Windows and Linux environments06/10/08 DeFacTo Technologies $1 CIC Vizille Capital Innovation, Innovacom Electronic design software for the manufacture of integrated circuits06/10/08 Yap $7 Harbert Venture Partners, SunBridge Partners Platform designed to instantly convert anything spoken on a phone into text06/09/08 ClickFox $13 Ascent Venture Partners, Cedar Fund, Delta Ventures, Veritas Venture Partners Customer behavior intelligence (CBI) software06/09/08 Infopia $12 Hummer Winblad Venture Partners, Trident Capital, UV Partners Multi-channel e-commerce on demand solution06/06/08 Cittio $7 Hummer Winblad Venture Partners, JK&B Capital Network monitoring and operations software06/04/08 Bradford Networks n/a Updata Partners, Windspeed Ventures Network access control (NAC) solutions 06/04/08 Rally Software Development $17 Boulder Ventures, Mobius VC, Mohr Davidow Ventures, Vista Ventures Collaborative development and lifecycle management solutions for software teams06/04/08 Yodlee $35 Accel Partners, Bank of America, Institutional Venture Partners, Warburg Pincus Consumer banking payment solutions06/03/08 CrownPeak Technology $6 Altos Ventures, Sigma Partners, SunAmerica Ventures Web site management as a hosted software solution06/03/08 Tigo Energy $6 Matrix Partners, OVP Venture Partners Technology that increases efficiency of commercial and residential solar installations06/03/08 TOA Technologies $13 Draper Triangle Ventures, Early Stage Partners, Intel Capital SaaS customer appointment management (CAM) solutions for managing mobile workforces06/02/08 Correlsense $3 Proseed Venture Capital, Vertex Venture Capital IT service level agreement (SLA) management software solutions06/02/08 DynamicOps n/a Credit Suisse Group Virtual desktop and server management software application05/31/08 Guardian Analytics $6 Foundation Capital Analytics-based products and services that prevent online identity theft and account fraud05/30/08 Agiliance $10 Castile Ventures, Intel Capital, Red Rock Ventures, Walden International Integrated management of IT governance, risk and compliance05/30/08 Pinch Media n/a First Round Capital, Union Square Ventures Tools for iPhone SDK developers05/29/08 American Outsourcing Solutions n/a n/a Tools for outsourced print and e-commerce advertising production for the newspapers05/29/08 CertEurope n/a Headway Capital Partners Electronic signature applications for electronic documents05/29/08 Maxmat n/a Headway Capital Partners Software for the diagnostic market05/29/08 Pytheas n/a Headway Capital Partners Asset management, help desk and inventory software solutions05/29/08 Solid Cactus $0 Ben Franklin Technology Partners of SEPA Software for e-commerce stores to analyze specific product inquiries versus actual sales05/29/08 Travelsoft n/a Headway Capital Partners Software solutions and for the travel industry05/28/08 AppAssure Software $6 Bain Capital Software designed to protect the messaging infrastructure of businesses05/28/08 Appistry n/a Stuart Mill Capital Inc. Provider of application fabric software05/27/08 MeilleureGestion $1 AGF Private Equity Payroll and human resources solutions05/27/08 Vantos $11 Fluke Venture Partners, Outlook Ventures, OVP Venture Partners Enterprise investigation management software05/22/08 Island Data $5 ABS Ventures Customer feedback analysis software05/22/08 SmartSynch $20 Beacon Group, Credit Suisse, Endeavor, GulfSouth, Kinetic, OPG, Siemens VC Smart metering solutions to the energy and utility industry05/21/08 Aster Data Systems n/a Cambrian Ventures, First Round Capital, Sequoia Capital Clustered databases for web analytics05/21/08 Mocana $7 Shasta Ventures, Southern Cross Venture Partners Management Provider of low-latency security software solutions05/21/08 Talend $2 AGF Private Equity Open source data integration software05/21/08 Unitrends $9 Aurora Funds, Harbert Venture Partners, Paladin Capital Group, The Trelys Funds Business systems continuity and the protection of corporate-critical data05/20/08 Fluensee $2 n/a RFID-enabled asset management software solutions05/20/08 WorkProducts $20 Center for Innovative Technology Evidence lifecycle management (ELM) and litigation compliance products05/19/08 AeroScout $12 Menlo Ventures, Pitango Venture Capital, Star Ventures Management Active RFID asset tracking and location solutions05/19/08 Aria Systems n/a n/a On-demand billing and customer management solutions05/19/08 Mimosa Systems $17 August Capital, Clearstone Venture Partners, Focus Ventures, Mayfield Information management solutions



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($ millions)


Close Date Company Amount Participating Investors Description05/19/08 Mu Dynamics $10 Accel Partners, Benchmark Capital, Duff Ackerman & Goodrich, Focus Ventures Security analysis systems05/19/08 Openbravo $12 Adara Venture Partners, Amadeus Capital Partners, GIMV Web-based open source ERP and POS solutions for the SMB05/16/08 ChipVision Design Systems $5 BayTech Venture Capital, Target Partners Low power optimization solutions for design teams of system on chips05/16/08 HubSpot $12 General Catalyst Partners, Matrix Partners Internet marketing software platform05/16/08 Sometrics $1 AT&T, Greycroft Partners, Mail Room Fund Analytics services focusing on social networking platforms05/15/08 eTix $1 Southern Capitol Ventures On-demand ticketing software05/15/08 Pontus Global n/a StarTec Investments Legal management services05/14/08 InQuira n/a Partech International Enterprise search and navigation applications for web self-service and interactive marketing05/13/08 Teseda n/a KT Venture Group, PacRim Venture Partners, SmartForest Ventures Products that will test complex system on a chip (SoC) integrated circuits05/09/08 Heroku $3 Redpoint Ventures Software tools that allow developers to quickly build web applications and scale them05/07/08 CLK Design Automation $3 Atlas Venture Software for semiconductor companies implementing high performance chips05/07/08 envIO Networks $10 Matrix Partners, North Bridge Venture Partners Wireless messaging and content management technologies05/07/08 Parature $16 Accel Partners, Sierra Ventures, Valhalla Partners On-demand SaaS customer support software05/06/08 Knowledge Systems n/a n/a Knowledge-based drilling software05/06/08 SchoolNet $13 New York City Investment Fund, TriplePoint Capital, Velocity Financial Group Inc. School performance management systems05/06/08 Univa UD n/a Appian Ventures, ARCH VP, New World, OCA Ventures, River Cities Capital Open source and data center virtualization software05/05/08 MarketLive $20 Globespan CP, JAFCO Ventures, Northgate Capital, Sequoia, Sigma Partners E-commerce retail technology and services05/04/08 e-Glue Business Technologies $12 Cedar Fund, Evergreen Venture Partners, Giza Venture Capital Real-time customer interaction management software solutions05/01/08 New Relic $4 Benchmark Capital Application performance management solutions04/30/08 AppFolio $22 BV Capital, Cisco Systems, Investment Group of Santa Barbara Applications that are custom-designed for property management organizations04/30/08 Helveta $3 Close Ventures, Oxford Capital Partners Technology-based tracking systems for timber supply chains04/30/08 Scalable Software n/a Undisclosed Private Equity Investor IT compliance and asset management solutions04/30/08 WorkLight $12 Genesis Partners, Index Ventures, Pitango Venture Capital Software designed to enable enterprises to streamline and simplify information accessibility04/30/08 Xactly $30 Alloy, Bay Partners, Glynn Capital, Outlook Ventures, Rembrandt VP, Spinner Real-time, web-based, on-demand sales compensation application04/28/08 DataCore Software $30 Insight Venture Partners, Updata Partners Storage virtualization SAN software04/25/08 Verdiem $12 Catamount, Falcon Technology, Kleiner Perkins, Phoenix Partners, Westly Group Power management software04/24/08 Blazent $3 Benchmark Capital, First Mark Capital, StarVest Partners Business intelligence solutions for the financial performance of IT resources and infrastructure04/24/08 RightScale $5 Benchmark Capital Automated management platform for Internet cloud computing services04/22/08 Altor Networks $6 Accel Partners, Foundation Capital Virtual network security solutions04/22/08 Exari Group $10 n/a Document automation, document assembly and contract automation solutions04/22/08 Red Bend Software $10 Carmel, Coral Capital, Greylock, Infinity Equity, Pitango VC, Poalim Capital Solutions for updating software and firmware on mobile devices04/21/08 MediaBank $30 New Enterprise Associates Integrated procurement technology and advanced analytics04/21/08 VirtualLogix n/a Motorola Ventures Technology for virtualization in real time04/17/08 Social Solutions $3 IDEA Fund Partners, WWC Capital Group Performance management solutions04/16/08 The Search Agency $17 JMI Equity Fund Search engine marketing and search engine optimization04/16/08 WaveMaker Software $5 Hummer Winblad, Sippl Macdonald, Worldview Technology Open source visual tools for web application development04/15/08 Kineto Wireless $16 Motorola, NEC, Oak Investment, Seapoint, Sutter Hill, Venrock Fixed-mobile convergence solutions for mobile operators04/13/08 eTravco n/a Penn Venture Partners Software used by travel agents to connect agents, suppliers and customers through an online system04/11/08 SignalDemand $20 Catamount Ventures, General Catalyst, Hummer Winblad, InterWest Partners Margin optimization software 04/11/08 Tersus $0 n/a Flow diagram based business software solutions04/09/08 SpringCM $10 Foundation Capital, North Bridge Venture Partners Provider of enterprise content management solutions04/07/08 eMeter $13 Foundation Capital, Siemens AG Energy information management solutions04/07/08 Intelliworks $4 Columbia Capital, Novak Biddle Venture Partners, RedShift Ventures CRM software solutions04/07/08 Marketcetera $4 Shasta Ventures Open-source platform for automated trading04/07/08 PowerSteering Software $2 Advent International, Hudson Ventures On-demand enterprise performance improvement software04/04/08 Anark n/a 5280 Partners Interactive 3D and data management products and solutions04/04/08 Arena Solutions $9 Otter Capital, Scale Venture Partners On-demand SaaS product lifecycle management solutions for manufacturing companies04/04/08 Corizon $2 Atlas Venture User process management software04/04/08 Gridstone Research $10 Charles River Ventures, Helion Venture Partners, Maverick Capital Web-based analysis and modeling platform04/04/08 Palamida $6 Hummer Winblad Venture Partners, WaldenVC Intellectual property management solutions



continued

($ millions)


Close Date Company Amount Participating Investors Description04/02/08 Persystent Technology $12 ABS Ventures, Inflexion, Springboard, Tall Oaks, Valhalla, Village Ventures Configuration management and compliance enforcement application04/02/08 StoredIQ $10 Avansis Ventures Automated info classification & management for discovery, risk mitigation & records management04/01/08 Redmatch International $2 n/a E-recruitment tools04/01/08 SpringSource $15 Accel Partners, Benchmark Capital Enterprise Java infrastructure software03/31/08 Central Desktop $7 OpenView Venture Partners Unified on-demand collaboration platform for business teams03/31/08 Coupa Software $6 Battery Ventures, BlueRun Ventures Corporate purchasing software03/31/08 Fox Technologies $6 Northzone Ventures, Provider Venture Partners Access management for mixed and multi-vendor platform environments03/31/08 Imperva $20 Accel, Greylock, Meritech, U.S. Venture Partners, Venrock Data security solutions for data centers03/31/08 Intacct $15 Bessemer VP, Emergence Capital, Sigma Partners, Sutter Hill Ventures On-demand financial management system applications03/31/08 Laru n/a Velocity Venture Capital Automated clearinghouse risk and compliance applications for financial institutions03/31/08 Lattice Engines $2 Battery Ventures Analytic solutions for the maximization of sales and marketing investments03/31/08 NewACT n/a n/a Mobile data synchronization solutions03/31/08 Proxio n/a Volvo Technology Transfer Tactical optimization software for efficient transportation procurement03/31/08 Rhapso $4 I-Source Gestion, OTC Asset Management ERP software for packaging applications03/31/08 ScaleMP $8 ABS Ventures, Lightspeed Venture Partners, Sequoia Capital, TL Ventures SMP architecture that enables server vendors to create high-end x86-based symmetric multiprocessor03/31/08 Silver Spring Networks $17 Foundation Capital Wireless meter reading systems for the electric, water and gas utilities industry03/31/08 SpikeSource $10 CMEA, Duff Ackerman, Fidelity Ventures, Intel Capital, Kleiner Perkins Open source IT Infrastructure solutions03/31/08 ThreatMETRIX $6 CM Capital Investments, Technology Venture Partners Pty. Ltd. Real-time fraud detection solutions for online commerce03/31/08 Tideway Systems $27 Apax Partners, Scottish Equity Partners Real-time data on the business support provided by individual IT infrastructure components03/28/08 Neohapsis $13 Paladin Capital Group, Trident Capital Governance, risk and compliance solutions03/28/08 Siderean Software n/a Clearstone Venture Partners, InnoCal Venture Capital Solutions for gathering, analyzing and organizing structured and unstructured digital information03/27/08 Blue Prism $1 n/a Front and back office business processes automation03/27/08 Untangle $8 CMEA Ventures, Rustic Canyon Partners Open source network security solutions for the SMB03/26/08 Agentek $8 Edison Venture Fund Mobile field service software and scheduling optimization solutions03/26/08 Bubble Motion $15 Comcast Interactive Capital, Sequoia Capital Provider of voice applications and services for mobile operators03/25/08 Fidelis Security Systems $22 Ascent VP, Inflection Point, Point Judith Capital, Tudor Investment Data extrusion prevention solution03/25/08 OpenService n/a Advent International, Hudson Ventures Network security hat anticipates potential breaches and proactively ensure network availability03/25/08 RealPage $14 Camden Partners Property management products for apartment communities03/25/08 WebCollage $10 Cedar Fund, Gilde, Greylock Partners, Sierra Ventures Solutions that allow companies to package content and applications to integrate with their partners03/24/08 CiraNova $5 Alloy Ventures, AsiaTech, Mentor Graphics, Synopsys, U.S. VP Integrated circuit design automation solutions03/24/08 FinAnalytica $5 New Europe Venture Equity Portfolio construction & risk measurement software for quantitative analysts & portfolio managers03/24/08 Leostream $3 Meakem Becker Venture Capital Virtualization management software03/24/08 SensorLogic $9 Boston Millennia, Hunt Ventures, Sevin Rosen, Star Ventures, UPS Strategic Applications platform and network services that create unique location based service solutions03/22/08 LogneX $0 Ambient Sound Investments SaaS-based inventory management 03/21/08 Digital Fuel Technologies $15 Focus Ventures Business service management software solutions03/21/08 Silverpop Systems $15 Draper Fisher Jurvetson Email marketing solutions including email marketing strategy, campaign management and analytics03/20/08 Avenda Systems $5 OVP Venture Partners Unified network access control03/20/08 Nema Labs n/a Chalmers Innovation, Innovationsbron, Volvo Technology Transfer Software development tools for multi-core microprocessors03/18/08 DreamFactory Software $3 New Enterprise Associates Customization and integration technology for on-demand software systems03/17/08 Endeca Technologies $10 n/a Web-based infrastructure for data exploration03/17/08 EPAC $21 HarbourVest Partners Workflow solutions to optimize document management, end-to-end printing & print-on-demand03/17/08 Vivisimo $4 North Atlantic Capital Enterprise and consumer search solutions03/15/08 CenterStone Technologies $7 Boulder Ventures, Hillman Company Web-based sales order management software for specialty retail, sporting goods and apparel stores03/15/08 Jasper Design Automation $0 InnovationsKapital Electronic design automation software03/14/08 EMN8 n/a GRP Partners Customer facing, self-service, digital media point-of-purchase solutions03/12/08 Invidi Technologies n/a Motorola Ventures Targeted media solutions for cable and satellite operators03/11/08 KDS Software Norway n/a Eqvitec Partners Software for the automated customs clearance, transportation, forwarding and logistics markets03/10/08 EnterpriseDB $10 Charles River Ventures, Fidelity Ventures, IBM, Valhalla Partners Open source databases03/10/08 Universal Ad $6 Vertex Venture Capital, Walden Israel Funds Software for the creation of cross-channel retail promotions03/07/08 CoreStreet $2 n/a Infrastructure and applications for credential and convergence programs



continued

($ millions)


Close Date Company Amount Participating Investors Description03/07/08 Eniram $2 Conor Venture Partners Instrumental systems designed to improve vessel operations for the maritime industry03/06/08 Kapow Technologies $12 Kennet Partners, Morgan Stanley, NorthCap, Steamboat Ventures Standardized collection and integration tools for Web-based data and business logic03/05/08 Laszlo Systems $7 General Catalyst, Mitsui & Co. VP, Sofinnova Ventures, WI Harper Group Open source platform for developing and deploying web 2.0 applications03/04/08 Invision $30 ABS Capital Partners, CIBC Capital Partners, Piper Jaffray Advertising sales solutions for cable networks and syndicated television03/04/08 iRise $20 Deutsche Bank, Morgan Stanley VP Visualization software for business applications03/04/08 RedSky Technologies n/a CID Capital, Dunrath Capital Provider of automated E-911 software solutions for enterprise and government customers03/03/08 Mzinga $33 BlueCrest Capital, GE Equity,Knowledge Universe, W Capital Partners Business social media solutions to foster informal communication within a customer community03/01/08 Active DSP $1 Proventure Debugging tools for optimizing performance of application on microcontrollers03/01/08 Cenzic $10 Advanced Technology Ventures, Hummer Winblad, JK&B, Mohr Davidow Automated application security assessment and compliance03/01/08 Chronicle Solutions n/a n/a Monitoring, capturing and text indexing of communications including email, IM, blogs and VoIP03/01/08 Jware Technologies $3 Credit Mutuel, Elaia Partners, I-Source Gestion, Oseo Payment and secure transaction processing software03/01/08 Netuitive $4 Bessemer, Columbia Capital, Flagship, MK Capital, OneLiberty Real-time analysis software to automate time-consuming and costly processes in IT management02/29/08 Altosoft $2 Ben Franklin Technology Partners of SEPA Business activity monitoring, business intelligence and performance management02/28/08 Alert Logic $8 Access VP, DFJ Mercury, Hunt Ventures, OCA Ventures, Updata Partners Network security solutions that continuously monitor internal network activity02/28/08 BSG Alliance $43 Foundation Capital, Hummer Winblad VP, Oak Investment Partners Customer interaction management02/28/08 Monitoring Division $4 Starfish Ventures Optical network performance monitoring solutions for telecommunications system02/28/08 Outsmart $4 Accel Partners, Gemini Israel Funds, Magma Venture Partners Convergence solutions for telecom operators02/28/08 Palantir Technologies $4 Benaroya Companies, Fluke Venture Partners Enterprise class analytical platforms02/28/08 Silentsoft $3 New Value, VI Partners Business applications for machine to machine networks02/27/08 Proofpoint $28 Benchmark, Bridgescale, Duff Ackerman, Meritech, Mohr Davidow, RRE Unified email security and data loss prevention02/26/08 Mirage Networks $5 CenterPoint Ventures, Rembrandt Venture Partners, Trinity Ventures Network access control including both pre- and post-admission security02/26/08 Skyway Software $2 Imlay Investments Eclipse-based, code generation tool that accelerates delivery of Spring applications02/25/08 GroupSpaces n/a n/a Online tools to enable groups, societies and clubs to manage their communications and data02/22/08 Arieso $9 Add Partners, Oxford CP, Qualcomm Ventures, Top Technology Ventures Cellular networks optimization and automation of the network planning processes02/22/08 Cadre Technologies, Inc. $1 Appian Ventures Supply chain management software for the fulfillment, logistics and manufacturing industries02/21/08 Aircraft Management $0 Delta Partners Aircraft information management solutions02/21/08 Bungee Labs $8 Epic Ventures, North Bridge Venture Partners, Venrock Web application development and hosting platform-as-a-service 02/21/08 Pentaho $12 Benchmark Capital, Index Ventures, New Enterprise Associates Open source business intelligence software for operational applications02/21/08 SalesTrak n/a n/a Sales process management and human capital management02/19/08 Coverity $22 Benchmark Capital, Foundation Capital Static source code analysis solutions02/19/08 Razorsight $13 Sierra Ventures Business intelligence software and services to process, manage and analyze financial data02/19/08 Safend $9 Elron Electronic Industries, Intel Capital, Walden Israel Funds Security for physical, wireless and removable media ports02/18/08 TrivNet $6 Magma VP, StageOne Ventures, Star Ventures, Veritas VP Web-based payment platform for operators, merchants and communities of interest02/18/08 vLnks $1 Sierra Ventures, Voyager Capital Analysis platform for video advertising02/15/08 Calypto Design Systems $4 Cipio Partners, JAFCO, Tallwood VC, Walden International Power optimization and functional verification software for system-on-chip designers02/15/08 FireEye $40 Duff Ackerman, JAFCO, Juniper Networks, Norwest VP, Sequoia, SVP Network access control02/15/08 Formatta $4 Edison Venture Fund Electronic forms that enable businesses and government to capture and transfer electronic data02/15/08 Overture Technologies n/a New Markets Venture Partners Automated decision making and workflow management02/15/08 Seven Networks $25 M/C Venture Partners, Saints Real-time access to personal and enterprise applications on mobile devices02/15/08 StackSafe $5 Chart Venture Partners, Novak Biddle Venture Partners Platform designed to deliver a cost-effective pre-production staging environment for IT teams02/15/08 Valimo Wireless $2 Atine Group, SpringBank Tech Ventures Mobile authentication solutions02/15/08 Yoics n/a Garage Technology Ventures, ZenShin Capital Partners Instant networking and universal remote access solutions02/14/08 ActionBase $7 Advantech, Giza Venture Capital, Vertex Venture Capital Human process management and action tracking for multipart collaborative processes02/14/08 CamriVox $2 Create Partners, HBOS, NESTA Computer telephony integration software for CRM applications02/13/08 DezineForce $2 DN Capital On-demand design simulation and optimization services02/12/08 Pyxis Technology $5 Austin Ventures, CMEA Ventures, Formative Ventures, KT Venture Group Electronic design automation software for chip design and analysis02/11/08 LaGarde $2 Shasta Ventures E-commerce software for developers and enterprise e-commerce solutions for high-volume sellers02/08/08 AdmitOne Security $8 Benaroya Companies, Ignition Partners, OVP VP, RRE Ventures Risk-based authentication solutions for preventing fraudulent use of digital identities02/08/08 GuardianEdge Technologies n/a Altos Ventures Client-based endpoint data protection



continued

($ millions)


Close Date Company Amount Participating Investors Description02/06/08 a la Mobile $7 Grazia Equity GbmH, Venrock Open Linux system platform and open source technology for the mobile industry02/06/08 LogLogic $15 Focus, Invesco, SAP Ventures, Sequoia, TeleSoft, Worldview Technology Log data management and intelligence appliances02/05/08 V-Kernel $5 eCoast Angels, Hummer Winblad, Polaris Venture Partners Capacity and resource consumption management for virtualization software02/04/08 Caringo n/a Austin Ventures, Vodafone Ventures Content storage software that delivers a clustered storage infrastructure02/04/08 Clickability $8 Convergence Partners, Shasta Ventures On-demand web content management solutions02/04/08 Liquid Machines $10 Atla, DFJ, Goldman Sachs, Masthead VP, RRE Ventures Rights management for the financial, government, manufacturing, retail & healthcare industries02/04/08 Teneros $40 Advanced Equities, Goldman Sachs PE, NEA, Sevin Rosen, Star Ventures Continuity appliance for mission critical Microsoft applications02/02/08 cVidya Networks $12 Battery, Carmel, Hyperion Israel Ventures, StageOne, Star Ventures Revenue assurance management and data integrity solutions for communication service providers02/01/08 DataPA n/a n/a Real-time self-service business intelligence02/01/08 New Relic $4 Benchmark Capital Subscription-based rails performance management02/01/08 Serenata Intraware n/a Management Integrated workflow management for the hospitality industry02/01/08 Zenprise $6 Bay Partners Service management software that delivers automated diagnosis for Exchange and BlackBerry01/31/08 Accruent $9 GGV, InnoCal, Mustang, Peninsula, Red Rock, Sierra, Stanford University Real estate and facilities management solutions01/31/08 Allegro Development $40 North Bridge Growth Equity, Tudor Investment Energy trading and risk management software solutions01/31/08 AutoVirt $8 Kepha Partners, Sigma Partners Virtualization and automation products01/31/08 Azuro $4 TTP Venture Managers Electronic design automation software01/31/08 Columbitech $1 Ledstiernan, Mobile Internet Capital, Servisen Investment, T-Bolaget Secure wireless data communication01/31/08 Del Mar Datatrac n/a TVC Capital Software to automate the residential mortgage lending process01/31/08 KACE n/a Focus Ventures Systems management appliances01/31/08 Ravenflow $5 Alloy Ventures, Palomar Ventures, Roda Group Software that generates UML diagrams from plain English text01/31/08 think3 $2 Crosslink Capital Mechanical design and product data management software01/29/08 BEZ Systems $3 Ascent VP, Massachusetts Tech Development, Velocity Equity Partners Proactive performance management01/29/08 Virtual Iron Software $20 Goldman Sachs, Highland Capital, Intel Capital, Matrix , SAP Ventures Software solutions for server virtualization01/28/08 Cryptzone $0 n/a Email encryption and security solutions01/28/08 Intrinsity n/a Adams Capital, Altitude Capital, Goldman Sachs Ventures, Hillman Electronic design automation software semiconductor logic design01/28/08 Pattern Insight $3 Venture Investors LLC Data mining technology01/28/08 XAware $7 ITU Ventures, Sequel Venture Partners, vSpring Capital Commercial open source data integration software01/25/08 Zuora $7 Benchmark Capital On-demand subscription billing and payment service01/24/08 Prolify $4 Pitango Venture Capital, Veritas Venture Partners Software solution that provides real time visibility and control of non-automated IT processes01/23/08 Aveksa $12 Charles River Ventures, First Mark Capital, FTVentures Identity-driven, compliance automation software01/23/08 Endeca Technologies $15 Intel Capital, SAP Ventures Web-based infrastructure for data exploration01/22/08 RiverGlass $2 IllinoisVENTURES, RPM Ventures Intelligent search software for business and government01/22/08 Siperian $25 Anthem, ArrowPath, Brightspark, Constellation, Red Rock, Saffron Hill Model-driven master data management platform01/21/08 ARTiSAN Software n/a Quester Capital Management Modeling solutions for real-time embedded systems and software engineering01/18/08 MessageGate n/a Northwest Venture Associates Email governance solutions01/17/08 Q1 Labs $9 BDC, Globespan, Menlo Ventures, New Brunswick, Polaris, Solstice Real-time network security management01/16/08 Bluenog $4 NewSpring Capital Content management, portal and business intelligence01/16/08 Fat Spaniel Technologies $18 Applied Ventures, Chrysalix Energy, Element, Ignition, PCG Capital IT infrastructure and services for distributed power generation01/14/08 NewRiver $6 First Mark Capital, Lazard Technology Partners Electronic business and communications solutions for the financial services industry01/11/08 Nexaweb Technologies $2 Egan-Managed Capital, Masthead VPs, Velocity Equity Partners Enterprise web 2.0 solutions for building and deploying enterprise class rich internet applications01/10/08 Unidesk $8 Matrix Partners, North Bridge Venture Partners Enterprise desktop management software01/09/08 Tyfone n/a n/a Platform for bank-branded, mobile banking, mobile contactless payments and retail merchants01/03/08 TowerCare Technologies $1 Innovation Works Integrated workflow management for healthcare management and nonprofit organizations01/02/08 CebaTech $3 SAS Investors Integrated circuit design01/01/08 Carasoft $0 Amymone Document management systems for LAN, internet and wireless application protocol01/01/08 Novalys $1 A Plus Finance Users rights and application maintenance systems for databases01/01/08 PolySpot $1 CIC Vizille Capital Innovation, Sudinnova Enterprise search and navigation solutions for retrieving information01/01/08 Prima Business Control n/a n/a Automation of CRM, document management, procurement and scheduling processes01/01/08 Secure Islands Technologies n/a n/a Information protection and control solution


Software M&A Transaction Data

2007 – 2008 ($ millions)

Note: Includes only transactions for which data was publicly availableSource: Company releases, Wall Street research, Shea & Company

Consideration Equity Enterprise EV / Revenue P/E Ratio

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

12/17/08 ALGOR Autodesk - - - $34 - - - - -12/08/08 Relativity Technologies Micro Focus 100.0% 0.0% - $10 - - - - -11/10/08 ConfirmNet Ebix 100.0% 0.0% - $11 - - - - -10/29/08 Tatara Systems (mobile broadband business)Smith Micro Software 100.0% 0.0% - - - - - - -10/23/08 Softimage Autodesk - - - $35 - - - - -10/14/08 Managed Objects Novell 100.0% 0.0% - - - - - - -10/08/08 MessageLabs Symantec 100.0% 0.0% - $695 4.8x - - - -10/06/08 OptiInvoice Digital Technology AB Kofax 100.0% 0.0% - $4 - - - - -10/01/08 LeftHand Networks HP 100.0% 0.0% - $360 - - - - -09/29/08 Authoria Bedford Funding 100.0% 0.0% - $63 - - - - -09/22/08 Secure Computing McAfee 100.0% 0.0% $497 $465 1.7x 1.7x 1.6x 27.4x 18.7x09/12/08 NetPro Computing Quest Software 100.0% 0.0% - $79 - - - - -09/04/08 Qumranet Red Hat 100.0% 0.0% - $107 - - - - -09/04/08 Captaris Open Text 100.0% 0.0% $131 $109 1.0x 0.8x 0.7x 19.6x 12.1x08/28/08 MIZI Research Wind River 100.0% 0.0% - $16 - - - - -08/26/08 InfoBasis Salary.com 100.0% 0.0% - $5 - - 2.8x - -08/25/08 Control Point Solutions HCL Technologies - - - $21 - - - - -08/23/08 Perfectview Belgie GlobalTech 100.0% 0.0% - $1 - - - - -08/14/08 Zi Nuance Communications 100.0% 0.0% $40 $38 3.0x - - - -08/07/08 TelaPoint Wright Express 100.0% 0.0% - $40 - 5.0x - - -08/06/08 Parascript Authentidate - - $50 $50 2.2x - - - -08/04/08 InStranet Salesforce.com - - $32 $27 - - - - -08/01/08 GL Trade SunGard - - - $585 - - - - -07/31/08 Trovix Monster 100.0% 0.0% - $73 - - - - -07/31/08 Reconnex McAfee 100.0% 0.0% - $46 - - - - -07/29/08 Ribbit British Telecom - - - $105 - - - - -07/28/08 Utimaco Safeware Sophos 100.0% 0.0% $342 $283 3.1x - - - -07/28/08 ILOG IBM 100.0% 0.0% $340 $266 1.5x - - - -07/24/08 Discovery Mining Interwoven 100.0% 0.0% - $36 - - - - -07/23/08 SSP Hellman & Friedman - - - $396 - - - - -07/21/08 Foundry Networks Brocade 100.0% 0.0% $2,600 $1,593 2.5x 2.5x 2.2x 25.5x 22.0x07/11/08 Liant Software Micro Focus 100.0% 0.0% - $5 - - - - -07/03/08 Financial Objects Temenos 100.0% 0.0% $54 $44 1.1x 1.0x 0.9x 7.8x 7.0x06/25/08 IONA Technologies Progress 100.0% 0.0% $162 $106 1.4x 1.3x 1.1x 50.6x 21.0x


Software M&A Transaction Data continued

2007 – 2008 ($ millions)




06/19/08 Insightful Corporation TIBCO 100.0% 0.0% $36 $25 1.2x - - - -06/17/08 Motive Alcatel-Lucent 100.0% 0.0% $68 $51 0.7x 0.7x 0.6x nm nm06/11/08 Validate Technology SQS 25.0% 75.0% - $25 3.6x 2.1x - - -06/10/08 Attenex FTI Consulting 100.0% 0.0% - $88 3.5x - - - -06/09/08 HireRight US Investigations Services 100.0% 0.0% $195 $146 2.0x - - - -06/08/08 Gemcom Software Ltd. JMI Equity & Carlyle Group 100.0% 0.0% $187 $187 3.5x 3.1x - 23.3x -06/06/08 Tumbleweed Communications Axway Software 100.0% 0.0% - $138 2.4x - - - -06/06/08 SwapDrive Symantec - - $123 $123 5.6x 3.1x - - -06/03/08 Helium Systems NetQoS 100.0% 0.0% - - - - - - -06/02/08 OpenAir NetSuite 100.0% 0.0% - $26 - - - - -05/29/08 Kintera Blackbaud 100.0% 0.0% $46 $44 1.0x - - - -05/07/08 Tevet Process Control Technologies Nanometrics 100.0% 0.0% - - - - - - -05/06/08 Vurv Technology Taleo 28.3% 71.7% $129 $138 - - - - -05/01/08 NetManage Micro Focus 100.0% 0.0% $73 $48 1.3x - - - -05/01/08 Moldflow Autodesk - - $297 $206 3.4x - - - -04/21/08 Packeteer Blue Coat Systems 100.0% 0.0% $268 $190 1.3x 1.1x 1.0x 35.5x 17.8x04/17/08 Identity Systems Informatica 100.0% 0.0% - $85 - - - - -04/11/08 TriZetto Group Apax Partners 100.0% 0.0% $1,400 $1,400 3.1x 2.9x 2.6x 29.4x 23.2x04/08/08 Iomega EMC 100.0% 0.0% $213 $148 0.4x 0.4x 0.3x 19.0x 10.7x04/08/08 eScription Nuance Communications 93.7% 6.3% $363 $400 - - - - -03/31/08 Ansoft ANSYS 50.0% 50.0% $832 $768 7.8x 7.0x - 28.4x -03/20/08 Synplicity Synopsys 100.0% 0.0% $227 $188 2.6x 2.3x 2.2x 20.8x 16.9x03/17/08 BladeLogic BMC Software 100.0% 0.0% $880 $800 11.2x 8.9x 6.4x 258.8x 108.6x03/12/08 Kidaro Microsoft - - - $95 - - - - -03/04/08 LeanLogistics Brambles 100.0% 0.0% - $45 - - - - -03/03/08 Optio Software Bottomline Technologies - - $45 $35 1.3x - - - -02/25/08 PlateSpin Novell 100.0% 0.0% - $205 - - - - -02/25/08 Enterprise Performance Systems Eclipsys 100.0% 0.0% - $53 - - - - -02/21/08 Pi EMC 100.0% 0.0% - - - - - - -02/20/08 CapitalStream HCL Technologies 100.0% 0.0% - $40 - - - - -02/19/08 Eatec Agilysys 100.0% 0.0% - $23 2.9x - - - -02/12/08 MessageOne Dell 100.0% 0.0% - $155 - - - - -02/11/08 LeCayla Technologies OpSource 0.0% 100.0% - - - - - - -02/11/08 Idiom Technologies SDL plc - - $22 $27 2.7x - - - -



2007 – 2008 ($ millions)




01/31/08 CODA Unit 4 Agresso 100.0% 0.0% $314 $289 2.6x - - - -01/28/08 Trolltech Nokia 100.0% 0.0% $155 $133 3.2x 2.5x 1.8x 9.4x 0.8x01/24/08 e-Dialog GSI Commerce 94.1% 5.9% $157 $157 4.6x - - - -01/17/08 Precise Software Vector Capital - - - - - - - - -01/16/08 MySQL Sun Microsystems - - - $1,000 - - - - -01/16/08 BEA Systems Oracle 100.0% 0.0% $8,500 $7,200 4.7x 4.3x 4.0x 27.0x 24.6x01/14/08 NTI Group Blackbaud - - - $191 6.4x - - - -01/09/08 AirWave Wireless Aruba Networks - - - $37 - - - - -01/08/08 Fast Search & Transfer Microsoft 100.0% 0.0% $1,289 $1,200 7.4x 6.9x 6.0x nm nm01/02/08 XIV IBM - - - $325 - - - - -12/27/07 Document Sciences Corp. EMC 100.0% 0.0% $87 $85 2.2x - - - -12/20/07 Vizioncore Quest Software 100.0% 0.0% - $11 - - - - -12/20/07 Jacada Software AG 100.0% 0.0% - $26 2.2x - - - -12/17/07 NSB Retail Systems Epicor 100.0% 0.0% $322 $287 3.2x - - - -12/05/07 PassGo Technologies Quest Software 100.0% 0.0% - $51 - - - - -12/04/07 Cloakware Irdeto - - - $73 - - - - -11/26/07 Homestead Technologies Intuit 100.0% 0.0% - $170 - - - - -11/13/07 Saber Corporation EDS 100.0% 0.0% - $452 - - - - -11/12/07 Cognos IBM 100.0% 0.0% $5,000 $4,900 4.8x 4.7x 3.9x 29.3x 24.4x11/05/07 Vontu Symantec 100.0% 0.0% - $350 - - - - -11/05/07 EqualLogic Dell 100.0% 0.0% $1,418 $1,400 12.3x - - - -10/31/07 Stratify Iron Mountain 100.0% 0.0% $158 $153 5.1x - - - -10/30/07 ScanAlert McAfee 100.0% 0.0% $75 $63 3.2x - - - -10/30/07 Accellent InfoVista - - - $15 - 2.6x - - -10/25/07 Visual Sciences Omniture 13.2% 86.8% $404 $394 4.9x 4.8x 4.0x 31.0x 21.9x10/25/07 Provilla Trend Micro - - - $17 4.1x - - - -10/23/07 Meridio Holdings Autonomy - - - $41 - - - - -10/22/07 Network Physics OPNET Technologies 100.0% 0.0% - $10 - - - - -10/22/07 MarketRx Cognizant Technology - - - $135 - - - - -10/08/07 SafeBoot McAfee 100.0% 0.0% - $350 - - - - -10/07/07 Business Objects SAP 100.0% 0.0% $6,816 $5,964 4.2x 4.0x 3.5x 36.1x 28.9x10/01/07 NAVTEQ Nokia 100.0% 0.0% $8,100 $7,700 10.2x - - - -09/20/07 Procuri Ariba 54.0% 46.0% $93 $101 - - - - -09/20/07 Network General NetScout Systems 73.2% 26.8% - $205 - - 1.7x - -



2007 – 2008 ($ millions)




09/11/07 Dunes Technologies VMware 100.0% 0.0% - $45 45.0x - - - -09/07/07 Zimbra Yahoo 100.0% 0.0% - $350 - 11.7x 7.8x - -09/07/07 Offermatica Omniture 46.2% 53.8% - $65 - - - - -09/05/07 Applix Cognos 100.0% 0.0% $339 $306 5.0x 4.4x 3.6x 34.2x 27.8x09/04/07 IdentiPHI Saflink 0.0% 100.0% - $48 - - - - -08/31/07 Bridgestream Oracle - - - $35 35.0x - - - -08/21/07 Hart InterCivic (asset sale) Manatron 100.0% 0.0% - $5 - - - - -08/15/07 XenSource Citrix Systems - - - $500 - - - - -08/07/07 Determina VMware 100.0% 0.0% - $9 - - - - -08/06/07 eTapestry Blackbaud 100.0% 0.0% - $25 - - - - -08/06/07 Acopia Networks F5 Networks 100.0% 0.0% - $210 - - - - -08/02/07 CheckFree Fiserv 100.0% 0.0% $4,686 $4,400 4.7x 4.1x 3.7x 26.8x 22.5x08/02/07 ASAP Software Dell - - - $340 - - - - -07/31/07 Digital Harbor Norkom 100.0% 0.0% - $37 - - - - -07/30/07 H-G Holdings Concur Technologies 100.0% 0.0% - $160 - - - - -07/23/07 Opsware HP 100.0% 0.0% $1,673 $1,600 14.8x 11.4x 8.9x 173.7x 49.9x07/23/07 Neoware HP 100.0% 0.0% $334 $214 2.3x 2.2x 2.0x 133.8x 70.7x07/18/07 Authorize.Net CyberSource 22.1% 77.9% $688 $565 6.6x 8.1x 6.6x 52.5x 38.2x07/16/07 DataMirror IBM 100.0% 0.0% $179 $161 3.3x 2.9x 2.6x 17.4x 15.9x07/09/07 Postini Google 100.0% 0.0% - $625 - - - - -07/03/07 ZANTAZ Autonomy 100.0% 0.0% - $375 3.8x - - - -07/02/07 Actimize NICE Systems 80.0% 20.0% - $280 - - - - -06/21/07 ScriptLogic Quest Software 100.0% 0.0% - $90 - - - - -06/18/07 SecureWave PatchLink 0.0% 100.0% - - - - - - -06/12/07 SOA Software (services unit) Zensar 100.0% 0.0% - $25 - - - - -06/12/07 Aventail SonicWall 100.0% 0.0% - $25 - - - - -06/11/07 Telelogic IBM 100.0% 0.0% $781 $745 3.3x 3.1x 2.9x 25.9x 23.7x06/11/07 Propero VMware 100.0% 0.0% - $21 - - - - -05/31/07 NavisWorks Autodesk 100.0% 0.0% - $25 - - - - -05/29/07 ProactiveNet BMC Software 100.0% 0.0% $40 $37 - - - - -05/16/07 Acxiom Silver Lake 100.0% 0.0% $2,244 $3,000 2.2x 2.1x - 28.8x -05/15/07 Agile Software Oracle 100.0% 0.0% $495 $301 2.3x 2.1x 1.8x nm nm05/04/07 webMethods Software AG 100.0% 0.0% $546 $418 2.1x 2.0x 1.8x nm 54.3x



2007 – 2008 ($ millions)




05/04/07 Acucorp Micro Focus 100.0% 0.0% - $41 - - 2.4x - -05/01/07 Spotfire TIBCO 100.0% 0.0% - $195 4.3x - - - -04/30/07 Covelight Systems Radware 100.0% 0.0% $16 - - - - - -04/26/07 SurfControl Websense 100.0% 0.0% $400 $359 3.0x - - - -04/24/07 Cartesis Business Objects 100.0% 0.0% - $300 2.4x - - - -04/18/07 Actaris Metering Systems Itron 100.0% 0.0% - $1,700 - - - - -04/12/07 Mobius Allen Systems Group 100.0% 0.0% $197 $144 1.6x 1.5x - 91.4x -04/06/07 Embarcadero Thoma Cressey 100.0% 0.0% $274 $200 3.4x 3.0x - 33.3x -04/02/07 Workbrain Infor Global Solutions 100.0% 0.0% $201 $158 1.6x 1.6x 1.5x 59.9x 24.5x04/02/07 Quovadx Battery Ventures 100.0% 0.0% $137 $107 1.6x - - - -03/27/07 Ruesch International Travelex - - - $440 - - - - -03/23/07 Kronos Hellman & Friedman 100.0% 0.0% $1,762 $1,721 2.9x 2.6x 2.2x 25.5x 19.0x03/15/07 MapInfo Pitney Bowes 100.0% 0.0% $458 $377 2.2x 2.1x 1.8x 31.6x 28.5x03/07/07 Marketics Technologies WNS Holdings 100.0% 0.0% - $65 - - - - -03/06/07 iConclude Opsware 55.9% 44.1% $54 $54 - - - - -03/05/07 SafeNet Vector Capital 100.0% 0.0% $712 $634 2.2x 2.0x - 21.0x -03/02/07 Momentum Systems Open Text 100.0% 0.0% - $4 - - - - -03/02/07 Dendrite CEGEDIM 100.0% 0.0% $751 $673 1.6x - - - -03/01/07 Hyperion Oracle 100.0% 0.0% $3,192 $2,706 3.3x 2.9x - 27.8x -02/23/07 Applied Innovation KEG Holdings - - - $29 1.0x - - - -02/21/07 Reactivity Cisco 100.0% 0.0% - $135 - - - - -02/20/07 Intelligent Compression Technologies ViaSat 32.5% 67.5% - $54 - - - - -02/14/07 Corillian CheckFree 100.0% 0.0% $241 $216 3.5x 3.3x 3.1x - -02/12/07 Witness Systems Verint 100.0% 0.0% $1,025 $894 4.2x 3.5x 3.2x 16.8x 15.1x02/05/07 Netli Akamai Technologies 0.0% 100.0% - $178 - - - - -01/29/07 Altiris Symantec 100.0% 0.0% $1,000 $825 3.6x 3.3x 3.1x 30.8x 28.4x01/25/07 USG Siemens - - - $3,500 2.9x - - - -01/18/07 Syndesis Limited Subex Azure 100.0% 0.0% - $165 3.7x - - - -01/18/07 Mincom Limited Francisco Partners 100.0% 0.0% - $248 - - - - -01/16/07 Target Software Blackbaud 100.0% 0.0% - $62 - - - - -01/04/07 IronPort Systems Cisco - - - $830 - 8.3x - - -01/02/07 Proxima Technology Compuware - - - $31 - - - - -01/02/07 Carreker CheckFree 100.0% 0.0% $206 $169 1.5x 1.4x - 20.2x -


Software M&A Transaction Data – Summary

2007 – 2008 ($ millions)



% Cash % Stock value value LTM Current yr Fwd yr Current yr Fwd yr

Mean - all deals 92.5% 7.5% $931.0 $486.5 4.4x 3.5x 3.0x 43.7x 27.8xMedian - all deals $285.6 $138.2 3.1x 2.9x 2.5x 28.4x 22.9xStrategic - Mean 91.7% 8.3% $965.4 $475.5 4.8x 3.9x 3.1x 46.1x 29.1xFinancial - Mean 100.0% 0.0% $724.4 $599.8 2.2x 2.2x 1.8x 36.9x 19.7x

< $250Mean 93.0% 7.0% $138.5 $82.7 4.3x 2.1x 1.7x 38.7x 19.7xMedian $133.9 $53.3 2.6x 2.1x 1.7x 22.0x 16.4x

$250 - $500Mean 94% 6% $401.7 $352.6 2.9x 4.1x 3.2x 31.1x 30.2xMedian $381.5 $350.0 2.6x 2.1x 1.8x 31.3x 27.8x

$500 - $1000Mean 87% 13% $833.6 $702.9 5.0x 5.5x 4.4x 62.0x 42.8xMedian $806.6 $695.0 4.2x 5.2x 3.2x 28.4x 28.4x

> $1000Mean 90.9% 9.1% $3,478.3 $3,186.5 5.7x 4.4x 4.1x 43.0x 26.8xMedian $2,422.0 $2,213.5 4.4x 4.0x 3.7x 28.3x 23.8x

IT SecurityMean 90.9% 9.1% $860.7 $496.8 3.4x 4.0x 2.6x 25.1x 20.6xMedian $370.8 $219.0 3.2x 3.0x 2.6x 26.8x 20.6xStrategic - Mean 90.5% 9.5% $882.0 $490.9 3.6x 4.7x 2.6x 27.1x 20.6xFinancial - Mean 100.0% 0.0% $712.0 $634.0 2.2x 2.0x nm 21.0x nm

ERP & Business ApplicationsMean 90.6% 9.4% $453.2 $323.8 3.8x 3.5x 3.3x 33.5x 21.8xMedian $227.0 $146.5 2.9x 2.7x 2.4x 27.0x 21.1xStrategic - Mean 88.9% 11.1% $276.8 $233.9 4.1x 4.0x 3.6x 28.0x 23.2xFinancial - Mean 100.0% 0.0% $1,158.6 $896.8 1.3x 1.2x 0.7x 55.5x 12.1x

Information ManagementMean 96.4% 3.6% $1,707.3 $1,085.9 3.8x 3.5x 3.3x 33.5x 21.8xMedian $371.6 $178.0 3.3x 3.5x 3.5x 30.1x 23.2xStrategic - Mean 96.1% 3.9% $1,927.7 $1,173.1 4.1x 4.0x 3.6x 28.0x 23.2xFinancial - Mean 100.0% 0.0% $164.1 $126.6 1.3x 1.2x 0.7x 55.5x 12.1x

InfrastructureMean 93.2% 6.8% $1,021.6 $429.3 6.7x 3.7x 3.0x 74.7x 38.9xMedian $304.3 $107.0 3.2x 2.8x 2.2x 32.1x 26.5xStrategic - Mean 92.8% 7.2% $1,138.2 $454.4 7.7x 3.8x 3.0x 79.3x 38.9xFinancial - Mean 100.0% 0.0% $205.5 $112.0 2.0x 3.0x nm 33.3x nm


25

53

23

52

5

2

4

1

0

10

20

30

40

50

60

70

IT Security ERP &

Business

Applications

Information

Management

Infrastructure

# o

f D

eals

Software M&A Transaction Analysis

By Transaction Size: 2007 – 2008 ($ millions)

By Target Segment: 2007 – YTD 2008 ($ millions)


97

2312 13

9

31

1

0

20

40

60

80

100

120

< $250 $250 - $500 $500 - $1000 > $1000

Deal Value

# o

f D

eals

Financial

Strategic

$7,519 $8,066 $8,504

$44,863

$1,246 $396 $634

$6,121

$0

$10,000

$20,000

$30,000

$40,000

$50,000

$60,000

< $250 $250 - $500 $500 - $1000 > $1000

Deal Value

Agg

rega

te D

eal V

alue

2.1x

4.1x

6.0x

5.1x

2.0x

0.0x

2.0x

2.5x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

6.0x

7.0x

< $250 $250 - $500 $500 - $1000 > $1000

Deal Value

Ave

rage

EV

/ R

ev (

curr

ent

year

)

$11,290 $11,928

$25,808

$17,860

$7,174

$634

$253

$307

$0

$5,000

$10,000

$15,000

$20,000

$25,000

$30,000

IT Security ERP &

Business

Applications

Information

Management

Infrastructure

Agg

rega

te D

eal V

alue

4.7x

4.0x 4.0x3.8x

2.0x

1.2x 1.2x

3.0x

0.0x

1.0x

2.0x

3.0x

4.0x

5.0x

IT Security ERP &

Business

Applications

Information

Management

Infrastructure

Ave

rage

EV

/ R

ev (

curr

ent

year

)

25

53

23

52

5

2

4

1

0

10

20

30

40

50

60

70

IT Security ERP &

Business

Applications

Information

Management

Infrastructure

# o

f D

eals


Public Company Participants & Consolidation by Segment(including those acquired since 2002)

($ millions)

Enterprise Value

Category Enterprise Value Acquirer of Acquisitions

Global Diversified

Microsoft 154,183$

IBM 138,082

Hewlett Packard 97,285

Oracle 91,298

Cisco Systems 75,992

SAP AG 40,675

EMC 16,751

App. Delivery & Network Acceleration 241$

Citrix Systems 3,515$

F5 Networks 1,380

Avocent 868

Riverbed Technology 543

Blue Coat Systems 311

Radware 16

Packeteer Blue Coat Systems 190

Motive Alcatel-Lucent 51

Enterprise Value


Business Intelligence 25,428$

Fair Isaac 1,129$

Informatica 1,044

Omniture 707

Pegasystems 432

SPSS 343

MicroStrategy 325

Netezza 246

Actuate 198

DemandTec 166

PROS 103

NAVTEQ Nokia 7,700

Business Objects SAP 5,964

Cognos IBM 4,900

Hyperion Oracle 2,706

Witness Systems Verint 894

GEAC Computer Golden Gate Capital 815

HNC Software Fair Isaac 671

Ascential Software IBM 655

Systems Union Group Infor Global Solutions 398

Visual Sciences Omniture 394

Applix Cognos 306

Insightful Corporation TIBCO 25


Public Company Participants & Consolidation by Segment continued(including those acquired since 2002)

($ millions)

[a] Acquisition pendingNote: ERP & Business Applications includes: ERP & CRM, Human Capital Management, Supply Chain Management and Technical Software

Enterprise Value


Content Management 6,656$

Adobe 9,653$

Autonomy 2,865

Open Text 1,669

Interwoven 431

Vignette 74

Guidance Software 61

Documentum EMC 1,686

Fast Search & Transfer Microsoft 1,200

FileNET IBM 1,150

Hummingbird Open Text 395

MapInfo Pitney Bowes 377

Stellent Oracle 354

Verity Autonomy 308

Captiva Software EMC 307

IXOS AG Open Text 210

DataMirror IBM 161

Mobius Allen Systems Group 144

Plumtree Software BEA Systems 132

Captaris Open Text 109

Document Sciences Corp. EMC 85

Zi Nuance Communications 38

Enterprise Value


ERP & Business Applications 42,833$

Intuit 7,968$

Sage Group 4,006

Salesforce.com 3,222

Concur 1,426

Blackboard 895

Digital River 882

Lawson 664

Blackbaud 639

Ariba 538

Epicor Software 532

JDA Software 412

NetSuite 411

Deltek 365

Ultimate Software 360

Manhattan Associates 297

Constant Contact 273

Vocus 266

Synchronoss Technologies 258

SuccessFactors 239

Art Technology Group 220

Taleo 187

DemandTec 166

Rightnow Technologies 162

Kenexa 137

Retalix 118

QAD 112

Interactive Intelligence 112

i2 Technologies 108

Unica 106

American Software 106



($ millions)

[a] Acquisition pendingNote: ERP & Business Applications includes: ERP & CRM, Human Capital Management, Supply Chain Management and Technical Software

Enterprise Value


ERP & Business Applications (continued) 42,833$

PROS 103

SumTotal 83

Callidus Software 83

Chordiant 72

Guidance Software 61

SunGard Data Systems Investor group 11,091

Siebel Systems Oracle 3,610

USG Siemens 3,500

Acxiom Silver Lake 3,000

Reynolds and Reynolds Universal Computer 2,800

Kronos Hellman & Friedman 1,721

SSA Global Technologies Infor Global Solutions 1,608

i-flex solutions Oracle 1,579

TriZetto Group Apax Partners 1,400

J.D. Edwards PeopleSoft 1,381

Digital Insight Intuit 1,350

Open Solutions Carlyle & Providence Equity 1,300

Aspect Communications Concerto Software 793

Dendrite CEGEDIM 673

MRO Software IBM 586

GL Trade SunGard 585

Authorize.Net CyberSource 565

Retek Oracle 546

Intentia International Lawson Software 460

FreeMarkets Ariba 357

MAPICS Infor Global Solutions 315

Agile Software Oracle 301

Click Commerce Illinois Tool Works 292

CODA Unit 4 Agresso 289

Enterprise Value


ERP & Business Applications (continued) 42,833$

NSB Retail Systems Epicor 287

Mincom Limited Francisco Partners 248

Manugistics JDA Software 247

Corillian CheckFree 216

Indus International Vista Equity Partners 203

Gemcom Software Ltd. JMI Equity & Carlyle Group 187

Carreker CheckFree 169

Portal Software Oracle 160

Workbrain Infor Global Solutions 158

Datastream Infor Global Solutions 158

HireRight US Investigations Services 146

Concerto Software Golden Gate Capital 145

Onyx M2M Holdings 92

E.piphany SSA Global 89

Frango Cognos 59

Extensity GEAC Computer 46

Financial Objects Temenos 44

Prophet 21 Thoma Cressey 43

Optio Software Bottomline Technologies 35



($ millions)

[a] Acquisition pending

Enterprise Value


IT Security 15,299$

Symantec 11,098$

McAfee 4,396

Verisign 4,370

Trend Micro 3,104

Check Point 2,683

Websense 754

Vasco Data Security 345

F-Secure 283

ArcSight 192

Sourcefire 57

SonicWALL 49

CheckFree Fiserv 4,400

NetScreen Technologies Juniper Networks 4,000

RSA Security EMC 2,100

Internet Security Systems IBM 1,034

SafeNet Vector Capital 634

Protect Data Check Point Software 586

Secure Computing McAfee 465

Intertrust Philips / Sony 453

TippingPoint 3Com 400

SurfControl Websense 359

Cyberguard Secure Computing 295

Utimaco Safeware Sophos 283

WatchGuard Technologies Francisco Partners 151

Tumbleweed Communications Axway Software 138

Enterprise Value


Network Infrastructure 1,622$

Juniper Networks 7,235$

3Com 686

Aruba Networks 110

Extreme Networks 64

Foundry Networks Brocade 1,593

Applied Innovation KEG Holdings 29

O/S, Dev. Tools & Deployment 20,403$

Sybase 1,940$

Software AG 1,736

Red Hat 1,722

Sun Microsystems 959

TIBCO Software 704

Progress Software 497

Novell 402

Borland Software 69

BEA Systems Oracle 7,200

Mercury HP 4,568

Macromedia Adobe 3,258

Rational Software IBM 1,581

Serena Software Silver Lake 1,080

Telelogic IBM 745

webMethods Software AG 418

PalmSource Access Company 324

SeeBeyond Sun Microsystems 317

Merant Serena 310

ILOG IBM 266

Trolltech Nokia 133

IONA Technologies Progress 106

NEON Systems Progress 49

NetManage Micro Focus 48



($ millions)

Enterprise Value


Storage Management 14,235$

NetApp 3,458$

Data Domain 1,062

CommVault Systems 488

Isilon Systems 145

Double-Take Software 139

FalconStor Software 83

Veritas Software Symantec 11,911

Legato Systems EMC 1,223

McDATA Brocade 643

OTG Software Legato Systems 310

Iomega EMC 148

Enterprise Value


Systems & Network Management 6,473$

CA 9,451$

VMware 7,996

BMC Software 4,426

Compuware 1,492

Quest Software 961

Netscout Systems 334

Opnet Technologies 118

Keynote Systems 63

Opsware HP 1,600

Altiris Symantec 825

BladeLogic BMC Software 800

Micromuse IBM 705

Peregrine Systems HP 381

Concord Communications CA 349

NetIQ AttachmateWRQ 305

Niku CA 285

Neoware HP 214

Embarcadero Thoma Cressey 200

Marimba BMC Software 185

BindView Symantec 174

Novadigm HP 139

NetSolve Cisco 129

Quovadx Battery Ventures 107

Visual Networks Fluke Networks 75



($ millions)

Enterprise Value


Technical Software 1,162$

Dassault Systemes 4,456$

Autodesk 3,564

ANSYS 2,676

Synopsys 1,695

Parametric Technology 1,320

RiskMetrics 1,161

Cadence Design 880

Mentor Graphics 639

Wind River Systems 527

MSC.Software 155

Magma Design Automation 71

PDF Solutions (2)

Ansoft ANSYS 768

Modlflow Autodesk 206

Synplicity Synopsys 188


Most Active Public Consolidation Players

Note: “Total acquired value” includes only transactions for which data was publicly available

($ millions)

Consideration Equity Enterprise

Date Target % Cash % Stock value value

Cisco Total acquired value: $6,54609/19/08 Jabber - - - -08/27/08 PostPath - - - $21507/23/08 Pure Networks 100.0% 0.0% - $12004/08/08 Nuova Systems - - - -11/01/07 Securent - - - -10/23/07 Navini Networks - - - $33009/27/07 Latigent - - - -09/18/07 Cognio - - - -03/15/07 WebEx 100.0% 0.0% $3,200 $2,90003/13/07 NeoPath Networks - - - -02/21/07 Reactivity 100.0% 0.0% - $13501/04/07 IronPort Systems - - - $83005/26/05 FineGround Networks 100.0% 0.0% - $7004/15/05 TopSpin 100.0% 0.0% - $25012/09/04 BCN Systems 100.0% 0.0% - $15609/20/04 Sheer Networks 100.0% 0.0% - $12209/09/04 NetSolve 100.0% 0.0% - $12908/20/04 Andiamo 0.0% 100.0% - $1,289

EMC Total acquired value: $7,16304/08/08 Iomega 100.0% 0.0% $213 $14803/10/08 Infra Corporation - - - -02/21/08 Pi 100.0% 0.0% - -12/27/07 Document Sciences Corp. 100.0% 0.0% $87 $8510/30/07 Voyence - - - -10/04/07 Berkeley Data Systems - - - -08/09/07 Tablus - - - -06/04/07 Verid - - - -11/01/06 Avamar Technologies 100.0% 0.0% - $16509/18/06 Network Intelligence 100.0% 0.0% - $17506/29/06 RSA Security 100.0% 0.0% $2,335 $2,10006/19/06 ProActivity - - - -06/07/06 nLayers 100.0% 0.0% - $5005/11/06 Interlink Group - - - -05/09/06 Kashya 100.0% 0.0% $153 $153



EMC (continued)03/07/06 Authentica - - - -10/21/05 Captiva Software 100.0% 0.0% $334 $30708/15/05 Rainfinity - - $100 $10012/21/04 SMARTS 100.0% 0.0% - $26010/22/04 Allocity - - $10 $1010/12/04 Dantz Development Corporation - - $46 $4612/15/03 VMware 100.0% 0.0% - $63510/14/03 Documentum 0.0% 100.0% $1,953 $1,68607/08/03 Legato Systems 0.0% 100.0% $1,295 $1,22304/15/03 Astrum Software - - - -09/25/02 Prisa Networks - - $20 $20

HP Total acquired value: $21,52610/01/08 LeftHand Networks 100.0% 0.0% - $36005/13/08 Electronic Data Systems - - - $13,90003/31/08 Tower Software - - - -01/22/08 Exstream Software - - - -07/23/07 Neoware 100.0% 0.0% $334 $21407/23/07 Opsware 100.0% 0.0% $1,673 $1,60006/19/07 SPI Dynamics - - - -03/22/07 Tabblo - - - -02/26/07 PolyServe - - - -02/05/07 Bristol Technology - - - -07/25/06 Mercury 100.0% 0.0% $5,189 $4,56802/07/06 OuterBay Technologies - - - -11/30/05 Trustgenix - - - -09/19/05 AppIQ - - - -09/19/05 Peregrine Systems 100.0% 0.0% $425 $38103/11/04 TruLogica - - - -02/04/04 Consera Software - - - -02/04/04 Novadigm 100.0% 0.0% $139 $13911/11/03 Persist Technologies - - - -09/03/03 Talking Blocks - - - -07/23/03 PipeBeach - - - -07/04/03 Baltimore Technologies, SelectAccess - - $14 $14


Most Active Public Consolidation Players continued

($ millions)




HP (continued)08/09/01 Trinagy - - - -07/25/01 StorageApps 0.0% 100.0% - $350

IBM Total acquired value: $12,45911/18/08 Transitive - - - -07/28/08 ILOG 100.0% 0.0% $340 $26604/29/08 InfoDyne - - - -04/18/08 Diligent Technologies - - - -04/10/08 FilesX - - - -03/12/08 Encentuate - - - -01/23/08 AptSoft - - - -01/18/08 Net Integration Technologies - - - -01/02/08 XIV - - - $32512/21/07 Solid Information Technology - - - -12/06/07 Arsenal Digital Solutions - - - -11/12/07 Cognos 100.0% 0.0% $5,000 $4,90010/24/07 NovusCG - - - -08/22/07 WebDialogs - - - -08/03/07 Princeton Softech - - - -07/16/07 DataMirror 100.0% 0.0% $179 $16106/11/07 Telelogic 100.0% 0.0% $781 $74506/06/07 Watchfire - - - -01/29/07 Softek - - - -12/05/06 Consul - - - -11/28/06 Vallent 100.0% 0.0% - -08/23/06 Internet Security Systems 100.0% 0.0% $1,254 $1,03408/10/06 FileNET 100.0% 0.0% $1,600 $1,15008/03/06 MRO Software 100.0% 0.0% $740 $58608/02/06 Webify - - - -05/18/06 Rembo Technology - - - -05/08/06 Unicom Solutions - - - -05/02/06 BuildForge - - - -03/16/06 Language Analysis Systems - - - -02/08/06 Viacore - - - -01/25/06 CIMS Labs - - - -12/21/05 Micromuse 100.0% 0.0% $865 $705



IBM (continued)11/16/05 Collation - - - -11/01/05 iPhrase Technologies - - - -10/18/05 DataPower Technologies - - - -08/02/05 DWL - - - -07/19/05 PureEdge Solutions - - - -06/23/05 Meiosys - - - -06/16/05 Isogon - - - -05/10/05 Gluecode Software 100.0% 0.0% - -03/14/05 Ascential Software 100.0% 0.0% $1,136 $65501/07/05 Systems Research and Development - - - -01/01/05 Genelco Software Solutions - - - -12/13/04 KeyMRO - - - -10/12/04 SystemCorp - - - -08/26/04 Venetica - - - -08/17/04 Maersk Data - - - -07/14/04 AlphaBlox - - - -06/22/04 Cardonet - - - -12/17/03 Green Pasture Software - - - -04/01/04 Candle 100.0% 0.0% - $35003/09/04 Trigo Technologies - - - -11/13/03 Productivity Solutions - - - -10/14/03 CrossAccess - - - -09/30/03 Sector7 USA - - - -07/15/03 Aptrix - - - -05/14/03 Think Dynamics - - - -12/06/02 Rational Software 100.0% 0.0% $2,082 $1,58109/03/02 Access360 - - - -08/29/02 TrelliSoft - - - -06/24/02 Metamerge - - - -02/07/02 Phase Forward - - - -

Microsoft Total acquired value: $3,05607/24/08 DATAllegro - - - -07/14/08 Zoomix - - - -03/20/08 Komoku - - - -03/14/08 Rapt - - - -



($ millions)




Microsoft (continued)03/12/08 Kidaro - - - $9502/11/08 Danger - - - -01/21/08 Calista Technologies - - - -01/08/08 Fast Search & Transfer 100.0% 0.0% $1,289 $1,20010/29/07 GCS (asset sale) - - - -08/29/07 Parlano - - - -06/08/07 Stratature - - - -06/05/07 Engyro - - - -05/03/07 ScreenTonic - - - -10/02/06 DesktopStandard - - - -07/18/06 Winternals Software - - - -05/22/06 Softricity - - - -05/18/06 Whale Communications - - $75 $7505/04/06 Massive - - - -05/03/06 DeepMetrix - - - -04/26/06 AssetMetrix - - - -04/03/06 ProClarity - - - -03/17/06 Vexcel - - - -03/07/06 Apptimum - - - -03/07/06 Onfolio - - - -02/13/06 MotionBridge - - - -12/15/05 United Management Technologies - - - -11/03/05 Byte Taxi - - - -11/02/05 Media-Streams.com - - - -09/19/05 Alacris - - $11 $1108/30/05 Teleo - - - -07/20/05 FrontBridge Technologies - - - -03/10/05 Groove Networks - - - -02/08/05 Sybari Software - - - -12/16/04 GIANT Company Software - - - -11/16/04 Vintela - - - -04/26/04 ActiveViews - - - -06/10/03 GeCAD Software - - - -03/01/03 Pelican Software - - $1 -02/19/03 Connectix - - - -01/21/03 PlaceWare - - $200 -



Microsoft (continued)10/22/02 Vicinity - - $90 $9009/24/02 Rare - - $375 $37509/10/02 XDegrees - - - -05/20/02 Sales Management Systems - - - -05/07/02 Navision 100.0% 0.0% $1,335 $1,210

Oracle Total acquired value: $24,10511/03/08 Tacit Software - - - -10/29/08 Haley Ltd. - - - -10/08/08 Primavera Software - - - -10/01/08 Advanced Visual Technology - - - -09/02/08 ClearApp - - - -07/31/08 Global Knowledge Software - - - -06/23/08 Skywire Software - - - -05/13/08 AdminServer - - - -03/27/08 e-TEST Suite (from Empirix) - - - -01/16/08 BEA Systems 100.0% 0.0% $8,500 $7,20001/16/08 Captovation - - - -12/06/07 Moniforce - - - -11/01/07 Revenue Technologies - - - -10/24/07 Interlace Systems - - - -10/09/07 LogicalApps - - - -09/02/07 Netsure Telecom - - - -08/31/07 Bridgestream - - - $3507/18/07 Bharosa - - - -05/15/07 Agile Software 100.0% 0.0% $495 $30104/24/07 Lodestar - - - -04/18/07 AppForge - - - -03/23/07 Tangosol - - - -03/01/07 Hyperion 100.0% 0.0% $3,192 $2,70611/02/06 SPL WorldGroup - - - -11/02/06 Stellent 100.0% 0.0% $424 $35410/23/06 MetaSolv Software 100.0% 0.0% $219 -10/09/06 Sunopsis - - - -08/23/06 Sigma Dynamics - - - -06/13/06 Telephony@Work - - - -



[a] Acquired by Veritas prior to Symantec acquisition

($ millions)




Oracle (continued)06/01/06 Demantra 100.0% 0.0% - $4004/24/06 YaData - - - -04/18/06 Net4Calls - - - -04/12/06 Portal Software 100.0% 0.0% $220 $16002/15/06 Hotsip - - - -02/14/06 Sleepycat Software - - - -01/18/06 360Commerce - - - -12/21/05 TempoSoft - - - -11/16/05 OctetString - - - -11/16/05 Thor Technologies - - - -10/07/05 Innobase - - - -09/20/05 G-Log - - - -09/12/05 Siebel Systems 70.0% 30.0% $5,850 $3,61008/02/05 Context Media - - - -08/02/05 i-flex solutions 100.0% 0.0% $1,490 $1,57907/05/05 ProfitLogic - - - -06/14/05 TripleHop - - - -06/09/05 TimesTen - - - -03/21/05 Retek 100.0% 0.0% $648 $54603/02/05 Oblix - - - -01/22/04 SiteWork Solutions - - - -06/14/04 Collaxa - - $12 $1205/20/04 Phaos Technology - - $8 $806/11/03 FileFish - - - -06/06/03 PeopleSoft 100.0% 0.0% $9,182 $7,55501/15/02 Indicast - - - -

SAP Total acquired value: $6,12506/17/08 Visiprise - - - -10/17/07 YASU Technologies - - - -10/07/07 Business Objects 100.0% 0.0% $6,816 $5,96405/14/07 MaXware - - - -05/14/07 Wicom Communications - - - -05/08/07 OutlookSoft - - - -02/20/07 Pilot Software - - - -07/10/06 Praxis Software Solutions - - - -



SAP (continued)05/17/06 Frictionless Commerce - - - -04/03/06 Virsa Systems - - - -11/22/05 Khimetrics - - - $16009/19/05 SAP Triversity - - - -06/22/05 Lighthammer Software Development - - - -02/08/05 Virtual Locality - - $1 $101/12/05 iLytix Systems AS - - - -07/13/04 A2i - - - -03/13/02 SAP Manage - - - -

Symantec Total acquired value: $15,71010/08/08 MessageLabs 100.0% 0.0% - $69508/18/08 PC Tools - - - -06/06/08 SwapDrive - - $123 $12304/09/08 AppStream - - - -11/05/07 Vontu 100.0% 0.0% - $35001/29/07 Altiris 100.0% 0.0% $1,000 $82511/29/06 Revivio 100.0% 0.0% - $2011/06/06 Company-i - - - -02/07/06 Relicore - - - -01/03/06 IMlogic - - - -10/03/05 BindView 100.0% 0.0% $209 $17409/22/05 WholeSecurity - - - -08/16/05 Sygate Technologies - - - -12/16/04 Veritas Software 0.0% 100.0% $13,550 $11,91112/01/04 Platform Logic - - - -09/17/04 LIRIC Associates - - - -09/16/04 @stake - - - -08/31/04 KVault Software [a] 100.0% 0.0% - $22507/14/04 Invio Software [a] 100.0% 0.0% - $3507/01/04 TurnTide - - - -05/19/04 Brightmail 100.0% 0.0% $370 $34301/07/04 Ejasent [a] 100.0% 0.0% - $5910/27/03 OnTechnology 100.0% 0.0% $103 $8910/20/03 SafeWeb 100.0% 0.0% - $2009/23/03 PowerQuest - - - -



($ millions)

Note: “Total acquired value” includes only transactions for which data was publicly available[a] Acquired by Veritas prior to Symantec acquisition



Symantec (continued)07/01/03 Nexland - - - -12/29/02 Jareva [a] 100.0% 0.0% - $6612/19/02 Precise Software [a] 100.0% 0.0% $540 $40007/17/02 Recourse Technologies 100.0% 0.0% - $13507/17/02 Riptech 100.0% 0.0% - $14507/17/02 SecurityFocus 100.0% 0.0% - $7507/02/02 Mountain Wave 100.0% 0.0% - $2001/08/02 The Kernal Group [a] - - - -

VMware Total acquired value: $12311/10/08 Trango Virtual Processors - - - -05/28/08 B-hive Networks - - - -01/15/08 Thinstall - - - -01/14/08 Foedus - - - -10/01/07 Sciant - - - -09/11/07 Dunes Technologies 100.0% 0.0% - $4508/07/07 Determina 100.0% 0.0% - $906/11/07 Propero 100.0% 0.0% - $2106/16/06 Akimbi Systems 100.0% 0.0% - $47


Software Valuation Trends by Growth TrancheCurrent & Forward Market Valuations of Publicly-Traded Software Companies by Growth Tranche

Note: Consolidated data from the Shea & Company Quarterly Software Market Review

Forward Year Median EV / Revenue by Growth Tranche

Forward Year Median P/E by Growth Tranche

-

1x

2x

3x

4x

5x

6x

Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

> 20% growth

10 - 20% growth

5% - 10% growth

< 5% growth

-

5x

10x

15x

20x

25x

30x

35x

40x

Q2 2007 Q3 2007 Q4 2007 Q1 2008 Q2 2008 Q3 2008 Q4 2008

> 20% growth

10 - 20% growth

5% - 10% growth

< 5% growth

Revenue Mean EV/Revenue Median EV/Revenue Mean P/E Median P/E

Growth Date CY FY CY FY CY FY CY FY

< 5% Q4 2008 1.2 x 1.2 x 1.1 x 1.1 x 14.9 x 12.7 x 11.0 x 11.5 x< 5% Q3 2008 1.5 1.4 1.4 1.4 15.3 13.5 14.7 13.5< 5% Q2 2008 1.6 1.5 1.7 1.7 15.9 13.1 14.9 12.7< 5% Q1 2008 1.5 1.5 1.5 1.5 18.1 16.2 16.8 13.6< 5% Q4 2007 1.9 1.8 1.8 1.6 25.0 18.8 19.9 16.6< 5% Q3 2007 2.3 2.2 1.9 1.9 27.2 24.3 26.4 21.4< 5% Q2 2007 2.4 2.4 2.3 2.3 19.1 17.1 18.5 16.5

5% - 10% Q4 2008 1.6 x 1.4 x 1.4 x 1.3 x 13.0 x 14.5 x 13.6 x 11.1 x5% - 10% Q3 2008 1.6 1.5 1.4 1.3 21.0 14.3 17.7 14.75% - 10% Q2 2008 2.0 1.9 1.7 1.6 15.5 13.1 14.9 12.65% - 10% Q1 2008 2.3 2.1 2.0 1.9 21.4 16.5 16.9 15.45% - 10% Q4 2007 2.6 2.4 2.5 2.3 22.7 17.6 19.3 17.05% - 10% Q3 2007 2.4 2.3 2.1 1.9 24.1 18.8 19.0 17.85% - 10% Q2 2007 2.6 2.4 2.1 1.9 22.7 19.4 21.0 19.3

10 - 20% Q4 2008 2.3 x 2.0 x 2.1 x 1.9 x 24.7 x 20.8 x 20.6 x 17.1 x10 - 20% Q3 2008 2.7 2.3 2.3 2.0 22.1 17.9 17.9 15.310 - 20% Q2 2008 2.8 2.4 2.4 2.1 18.5 18.1 18.4 15.410 - 20% Q1 2008 2.8 2.5 2.4 2.1 26.3 20.0 21.0 18.210 - 20% Q4 2007 3.4 3.0 3.4 3.0 29.5 22.3 26.3 20.910 - 20% Q3 2007 3.5 3.0 3.1 2.7 29.0 23.7 26.9 23.010 - 20% Q2 2007 3.3 3.0 3.3 2.9 24.0 19.4 23.1 19.2

> 20% Q4 2008 3.1 x 2.4 x 2.8 x 2.2 x 29.3 x 31.7 x 24.0 x 25.6 x> 20% Q3 2008 3.8 2.9 3.7 2.9 38.3 33.0 32.1 23.9> 20% Q2 2008 3.7 2.8 2.9 2.4 43.3 28.6 41.3 24.1> 20% Q1 2008 5.0 3.6 3.9 2.9 36.6 32.8 32.6 28.8> 20% Q4 2007 8.0 5.7 6.6 5.3 48.1 40.9 44.4 35.8> 20% Q3 2007 8.0 5.8 6.0 4.6 41.4 40.6 37.3 35.3> 20% Q2 2007 6.2 4.6 5.9 4.3 47.0 41.4 36.9 37.6


Trading Multiples by Segment

($ millions)

Notes:Enterprise value equals equity value, plus debt, less cashP/E multiples in excess of 100x are considered to be not meaningful[a] Wall Street consensus estimatesSource: Company releases, Wall Street research, Shea & Company

Share Price Market Enterprise Projected Revenue [a] EV / Revenue Projected EBITDA [a] EV / EBITDA Projected EPS [a] P/E Multiple

Company (12/31/08) Value Value CY08E CY09E Growth % CY08E CY09E CY08E CY09E Growth % CY08E CY09E CY08E CY09E Growth % CY08E CY09E

Global Diversified

Microsoft 19.44$ 172,930$ 154,183$ 62,558$ 66,424$ 6.2% 2.5 x 2.3 x 26,200$ 26,405$ 0.8% 5.9 x 5.8 x 1.91$ 2.08$ 8.9% 10.2 x 9.3 x

IBM 84.16 113,425 138,082 105,035 103,295 -1.7% 1.3 1.3 22,177 21,709 -2.1% 6.2 6.4 8.71 9.00 3.3% 9.7 9.4

Cisco Systems 16.30 95,860 75,992 39,512 36,827 -6.8% 1.9 2.1 12,647 12,285 -2.9% 6.0 6.2 1.50 1.33 -11.3% 10.9 12.3

Oracle 17.73 90,706 91,298 23,761 24,301 2.3% 3.8 3.8 10,935 11,928 9.1% 8.3 7.7 1.40 1.47 5.0% 12.7 12.1

Hewlett Packard 36.29 89,679 97,285 122,091 128,427 5.2% 0.8 0.8 14,503 14,110 -2.7% 6.7 6.9 3.69 3.83 3.8% 9.8 9.5

SAP AG 36.22 43,029 40,675 16,456 17,297 5.1% 2.5 2.4 6,322 6,797 7.5% 6.4 6.0 2.55 2.74 7.5% 14.2 13.2

EMC 10.47 21,367 16,751 14,953 16,738 11.9% 1.1 1.0 2,905 2,908 0.1% 5.8 5.8 0.77 0.78 1.3% 13.6 13.4

Mean 54,910$ 56,187$ 3.2% 2.0 x 1.9 x 13,670$ 13,735$ 1.4% 6.5 x 6.4 x 2.93$ 3.03$ 2.6% 11.6 x 11.3 x

Median 39,512 36,827 5.1% 1.9 2.1 12,647 12,285 0.1% 6.2 6.2 1.91 2.08 3.8% 10.9 12.1

App. Delivery & Network Acceleration

Citrix Systems 23.57$ 4,282$ 3,515$ 1,600$ 1,725$ 7.8% 2.2 x 2.0 x 436$ 470$ 7.7% 8.1 x 7.5 x 1.62$ 1.76$ 8.6% 14.5 x 13.4 x

F5 Networks 22.86 1,832 1,380 668 736 10.1% 2.1 1.9 190 196 2.8% 7.3 7.1 1.09 1.71 56.9% 21.0 13.4

Riverbed Technology 11.39 824 543 329 373 13.2% 1.6 1.5 65 79 22.6% 8.4 6.8 0.55 0.67 21.8% 20.7 17.0

Avocent 17.91 803 868 661 710 7.4% 1.3 1.2 162 174 7.4% 5.4 5.0 1.97 2.12 7.6% 9.1 8.4

Blue Coat Systems 8.40 330 311 419 479 14.3% 0.7 0.7 51 60 18.3% 6.1 5.2 0.91 0.91 0.0% 9.2 9.2

Radware 5.39 104 16 95 101 5.9% 0.2 0.2 (4) 3 nm nm 4.8 (0.86) (0.19) nm nm nm

Mean 629$ 687$ 9.8% 1.4 x 1.2 x 150$ 164$ 11.8% 7.0 x 6.1 x 0.88$ 1.16$ 19.0% 14.9 x 12.3 x

Median 540 594 9.0% 1.5 1.3 113 127 7.7% 7.3 6.0 1.00 1.31 8.6% 14.5 13.4

Business Intelligence & Analytics

Informatica 13.73$ 1,265$ 1,044$ 459$ 509$ 11.0% 2.3 x 2.1 x 99$ 126$ 27.3% 10.5 x 8.3 x 0.75$ 0.85$ 13.3% 18.3 x 16.2 x

Fair Isaac 16.86 817 1,129 732 730 -0.3% 1.5 1.5 166 187 12.7% 6.8 6.0 1.64 1.57 -4.3% 10.3 10.7

Omniture 10.64 792 707 308 390 26.3% 2.3 1.8 59 88 48.6% 12.0 8.0 0.43 0.62 44.2% 24.7 17.2

SPSS 26.96 500 343 305 298 -2.1% 1.1 1.1 71 79 11.6% 4.9 4.4 1.92 1.92 0.0% 14.0 14.0

MicroStrategy 37.13 453 325 363 386 6.5% 0.9 0.8 71 61 -14.1% 4.6 5.3 3.43 3.37 -1.7% 10.8 11.0

Netezza 6.39 399 246 186 219 17.4% 1.3 1.1 18 20 12.1% 13.8 12.3 0.18 0.22 22.2% 35.5 29.0

DemandTec 8.07 250 166 73 84 14.8% 2.3 2.0 6 11 74.3% 26.7 15.3 0.14 0.17 21.4% 57.6 47.5

PROS 5.75 151 103 76 84 9.9% 1.4 1.2 19 20 5.1% 5.5 5.2 0.47 0.52 10.6% 12.2 11.1

Mean 313$ 337$ 10.5% 1.6 x 1.5 x 64$ 74$ 22.2% 10.6 x 8.1 x 1.12$ 1.16$ 13.2% 22.9 x 19.6 x

Median 307 342 10.5% 1.4 1.4 65 70 12.4% 8.7 7.0 0.61 0.74 12.0% 16.2 15.1


Trading Multiples by Segment continued

($ millions)




Content Management

Adobe 21.29$ 11,304$ 9,653$ 3,580$ 3,329$ -7.0% 2.7 x 2.9 x 1,643$ 1,485$ -9.6% 5.9 x 6.5 x 2.07$ 1.80$ -13.0% 10.3 x 11.8 x

Autonomy 13.72 2,991 2,865 496 578 16.5% 5.8 5.0 212 260 22.9% 13.5 11.0 0.63 0.80 27.0% 21.8 17.2

Open Text 30.13 1,607 1,669 769 861 11.9% 2.2 1.9 195 218 11.6% 8.5 7.7 2.22 2.48 11.7% 13.6 12.1

Interwoven 12.60 594 431 261 292 11.8% 1.6 1.5 49 61 25.1% 8.8 7.1 0.70 0.85 21.4% 18.0 14.8

Vignette 9.41 224 74 176 176 -0.2% 0.4 0.4 3 7 150.9% 26.9 10.7 0.27 0.33 22.2% 34.9 28.5

Guidance Software 4.08 95 61 90 99 9.4% 0.7 0.6 3 4 11.8% 18.0 16.1 0.01 0.08 700.0% nm 51.0

Mean 895$ 889$ 7.1% 2.2 x 2.1 x 351$ 339$ 35.4% 13.6 x 9.8 x 0.98$ 1.06$ 128.2% 19.7 x 22.6 x

Median 378 435 10.6% 1.9 1.7 122 139 17.3% 11.2 9.2 0.67 0.83 21.8% 18.0 16.0

ERP & CRM

Intuit 23.79$ 7,709$ 7,968$ 3,071$ 3,374$ 9.9% 2.6 x 2.4 x 932$ 1,098$ 17.8% 8.5 x 7.3 x 1.49$ 1.90$ 27.5% 16.0 x 12.5 x

Salesforce.com 32.01 4,013 3,222 1,072 1,338 24.7% 3.0 2.4 101 132 30.6% 32.0 24.5 0.31 0.51 64.5% nm 62.8

Sage Group 2.47 3,225 4,006 1,904 2,016 5.9% 2.1 2.0 477 484 1.3% 8.4 8.3 0.21 0.22 3.4% 11.5 11.1

Blackboard 26.23 840 895 311 372 19.5% 2.9 2.4 56 95 68.9% 15.9 9.4 0.78 1.22 56.4% 33.6 21.5

Lawson 4.74 777 664 843 849 0.6% 0.8 0.8 113 129 13.6% 5.9 5.2 0.30 0.38 26.7% 15.8 12.5

Blackbaud 13.50 590 639 307 333 8.3% 2.1 1.9 75 80 6.9% 8.5 7.9 0.94 0.96 2.1% 14.4 14.1

NetSuite 8.44 544 411 153 188 23.1% 2.7 2.2 0 6 nm nm 73.8 (0.06) 0.01 nm nm nm

Constant Contact 13.25 379 273 87 128 47.4% 3.2 2.1 4 10 174.5% 72.7 26.5 0.02 0.13 550.0% nm nm

Vocus 18.21 356 266 78 94 21.0% 3.4 2.8 17 21 29.7% 16.1 12.4 0.76 0.71 -6.6% 24.0 25.6

Synchronoss Technologies 10.66 331 258 110 127 15.1% 2.3 2.0 29 31 6.8% 8.8 8.2 0.38 0.47 23.7% 28.1 22.7

Epicor Software 4.80 288 532 502 513 2.1% 1.1 1.0 80 76 -5.4% 6.6 7.0 0.65 0.71 9.2% 7.4 6.8

Rightnow Technologies 7.73 264 162 141 161 14.1% 1.1 1.0 3 12 384.6% 63.8 13.2 (0.11) 0.12 nm nm 64.4

Deltek 4.64 200 365 290 289 -0.2% 1.3 1.3 72 75 4.7% 5.1 4.9 0.71 0.69 -2.8% 6.5 6.7

Mean 682$ 752$ 14.7% 2.2 x 1.9 x 151$ 173$ 61.2% 21.0 x 16.0 x 0.49$ 0.62$ 68.6% 17.5 x 23.7 x

Median 307 333 14.1% 2.3 2.0 72 76 15.7% 8.7 8.3 0.38 0.51 23.7% 15.8 14.1

Human Capital Management

Concur 32.82$ 1,688$ 1,426$ 225$ 286$ 27.4% 6.3 x 5.0 x 59$ 77$ 30.6% 24.2 x 18.5 x 0.56$ 0.77$ 37.5% 58.6 x 42.6 x

Ultimate Software 14.60 376 360 178 217 22.3% 2.0 1.7 20 33 65.2% 17.9 10.8 0.27 0.56 107.4% 54.1 26.1

SuccessFactors 5.74 340 239 110 152 37.9% 2.2 1.6 (71) (62) nm nm nm (1.32) (1.18) nm nm nm

Taleo 7.83 234 187 178 221 24.5% 1.1 0.8 33 46 37.0% 5.6 4.1 0.61 0.81 32.8% 12.8 9.7

Kenexa 7.98 180 137 204 192 -6.2% 0.7 0.7 47 38 -18.3% 2.9 3.6 1.30 1.14 -12.3% 6.1 7.0

Mean 179$ 214$ 21.2% 2.5 x 2.0 x 18$ 26$ 28.6% 12.6 x 9.3 x 0.28$ 0.42$ 41.3% 32.9 x 21.3 x

Median 178 217 24.5% 2.0 1.6 33 38 33.8% 11.7 7.5 0.56 0.77 35.1% 33.5 17.9



($ millions)




IT Security Management

Symantec 13.52$ 11,303$ 11,098$ 6,199$ 6,180$ -0.3% 1.8 x 1.8 x 2,592$ 2,292$ -11.6% 4.3 x 4.8 x 1.45$ 1.43$ -1.4% 9.3 x 9.5 x

McAfee 34.57 5,399 4,396 1,593 1,795 12.6% 2.8 2.4 492 542 10.0% 8.9 8.1 2.01 2.22 10.4% 17.2 15.6

Trend Micro 33.49 4,471 3,104 1,124 1,147 2.0% 2.8 2.7 413 410 -0.7% 7.5 7.6 1.60 1.74 8.9% 21.0 19.3

Check Point 18.99 4,084 2,683 806 846 5.0% 3.3 3.2 425 425 0.1% 6.3 6.3 1.76 1.86 5.7% 10.8 10.2

Verisign 19.08 3,699 4,370 941 1,057 12.4% 4.6 4.1 450 516 14.6% 9.7 8.5 0.99 1.39 40.4% 19.3 13.7

Websense 14.97 677 754 346 355 2.5% 2.2 2.1 150 126 -15.9% 5.0 6.0 1.35 1.40 3.7% 11.1 10.7

F-Secure 2.60 406 283 156 178 13.7% 1.8 1.6 35 43 21.8% 8.0 6.5 0.17 0.21 25.0% 15.7 12.5

Vasco Data Security 10.33 396 345 145 164 13.6% 2.4 2.1 38 43 12.2% 9.1 8.1 0.76 0.81 6.6% 13.6 12.8

ArcSight 8.01 268 192 123 141 14.6% 1.6 1.4 5 11 104.9% 36.3 17.7 0.22 0.35 59.1% 36.4 22.9

SonicWALL 3.98 215 49 217 216 -0.4% 0.2 0.2 22 24 5.6% 2.2 2.1 0.24 0.28 16.7% 16.6 14.2

Sourcefire 5.60 153 57 72 77 8.0% 0.8 0.7 (5) 2 nm nm 33.8 (0.17) (0.01) nm nm nm

Mean 1,066$ 1,105$ 7.6% 2.2 x 2.0 x 420$ 403$ 14.1% 9.7 x 10.0 x 0.94$ 1.06$ 17.5% 17.1 x 14.1 x

Median 346 355 8.0% 2.2 2.1 150 126 7.8% 7.7 7.6 0.99 1.39 9.7% 16.1 13.2

Network Infrastructure

Juniper Networks 17.51$ 9,366$ 7,235$ 3,591$ 3,827$ 6.6% 2.0 x 1.9 x 1,055$ 1,070$ 1.4% 6.9 x 6.8 x 1.18$ 1.23$ 4.2% 14.8 x 14.2 x

3Com 2.28 926 686 1,355 1,278 -5.7% 0.5 0.5 153 107 -29.8% 4.5 6.4 0.40 0.32 -20.0% 5.7 7.1

Aruba Networks 2.55 219 110 189 203 7.4% 0.6 0.5 (15) (17) nm nm nm 0.01 0.09 800.0% nm 28.3

Extreme Networks 2.34 207 64 359 360 0.3% 0.2 0.2 9 14 55.6% 7.2 4.6 0.08 0.13 62.5% 29.3 18.0

Mean 1,373$ 1,417$ 2.1% 0.8 x 0.8 x 300$ 294$ 9.1% 6.2 x 5.9 x 0.42$ 0.44$ 211.7% 16.6 x 16.9 x

Median 857 819 3.4% 0.5 0.5 81 61 1.4% 6.9 6.4 0.24 0.23 33.4% 14.8 16.1

O/S, Development Tools & Deployment

Sun Microsystems 3.82$ 2,821$ 959$ 13,255$ 12,171$ -8.2% 0.1 x 0.1 x 852$ 947$ 11.2% 1.1 x 1.0 x (0.11)$ (0.15)$ nm nm x nm x

Red Hat 13.22 2,582 1,722 628 707 12.6% 2.7 2.4 170 187 10.0% 10.1 9.2 0.85 0.63 -25.9% 15.6 21.0

Sybase 24.77 2,055 1,940 1,128 1,171 3.8% 1.7 1.7 347 346 -0.2% 5.6 5.6 2.03 2.16 6.4% 12.2 11.5

Software AG 55.67 1,597 1,736 980 1,028 4.9% 1.8 1.7 273 286 4.6% 6.4 6.1 5.53 5.91 7.0% 10.1 9.4

Novell 3.89 1,345 402 955 958 0.2% 0.4 0.4 132 165 24.6% 3.0 2.4 0.24 0.26 8.3% 16.2 15.0

TIBCO Software 5.19 939 704 644 632 -2.0% 1.1 1.1 135 143 6.3% 5.2 4.9 0.47 0.45 -4.3% 11.0 11.5

Progress Software 19.26 779 497 518 541 4.3% 1.0 0.9 125 129 3.4% 4.0 3.8 1.92 1.91 -0.5% 10.0 10.1

Borland Software 1.05 76 69 191 184 -3.5% 0.4 0.4 2 11 450.0% 34.5 6.3 (0.15) (0.03) nm nm nm

Mean 2,287$ 2,174$ 1.5% 1.1 x 1.1 x 255$ 277$ 63.8% 8.7 x 4.9 x 1.35$ 1.39$ -1.5% 12.5 x 13.1 x

Median 800 832 2.0% 1.0 1.0 153 176 8.2% 5.4 5.3 0.66 0.54 2.9% 11.6 11.5



($ millions)




Storage Management

NetApp 13.97$ 4,638$ 3,458$ 3,631$ 3,721$ 2.5% 1.0 x 0.9 x 580$ 611$ 5.4% 6.0 x 5.7 x 1.16$ 1.19$ 2.6% 12.0 x 11.7 x

Data Domain 18.80 1,305 1,062 272 379 39.7% 3.9 2.8 17 19 15.7% 64.3 55.6 0.15 0.26 73.3% nm 72.3

CommVault Systems 13.41 589 488 238 273 14.8% 2.0 1.8 41 48 15.1% 11.8 10.3 0.65 0.75 15.4% 20.6 17.9

Isilon Systems 3.29 219 145 115 128 11.4% 1.3 1.1 (19) (20) nm nm nm (0.41) (0.31) nm nm nm

Double-Take Software 8.97 207 139 103 134 29.2% 1.3 1.0 25 27 10.9% 5.7 5.1 0.61 0.65 6.6% 14.7 13.8

FalconStor Software 2.78 131 83 86 96 11.5% 1.0 0.9 31 46 51.8% 2.7 1.8 0.14 0.20 42.9% 19.9 13.9

Mean 741$ 788$ 18.2% 1.7 x 1.4 x 112$ 122$ 19.8% 18.1 x 15.7 x 0.38$ 0.46$ 28.1% 16.8 x 25.9 x

Median 176 204 13.1% 1.3 1.1 28 37 15.1% 6.0 5.7 0.38 0.46 15.4% 17.3 13.9

Supply Chain Management

Ariba 7.21$ 628$ 538$ 343$ 365$ 6.5% 1.6 x 1.5 x 46$ 73$ 59.6% 11.7 x 7.3 x 0.50$ 0.73$ 46.0% 14.4 x 9.9 x

JDA Software 13.13 412 412 383 394 2.7% 1.1 1.0 94 104 10.2% 4.4 4.0 1.44 1.65 14.6% 9.1 8.0

Manhattan Associates 15.81 380 297 344 343 -0.3% 0.9 0.9 56 57 2.4% 5.3 5.2 1.39 1.40 0.7% 11.4 11.3

i2 Technologies 6.39 139 108 250 225 -9.9% 0.4 0.5 33 34 3.9% 3.3 3.2 0.79 0.62 -21.5% 8.1 10.3

Mean 330$ 332$ -0.2% 1.0 x 1.0 x 57$ 67$ 19.0% 6.2 x 4.9 x 1.03$ 1.10$ 9.9% 10.8 x 9.9 x

Median 343 354 1.2% 1.0 1.0 51 65 7.1% 4.8 4.6 1.09 1.07 7.7% 10.2 10.1

Systems & Network Management

CA 18.53$ 9,612$ 9,451$ 4,351$ 4,421$ 1.6% 2.2 x 2.1 x 1,446$ 1,466$ 1.4% 6.5 x 6.4 x 1.41$ 1.58$ 12.1% 13.1 x 11.7 x

VMware 23.69 9,238 7,996 1,878 2,205 17.4% 4.3 3.6 610 710 16.4% 13.1 11.3 0.95 1.12 17.9% 24.9 21.2

BMC Software 26.91 5,124 4,426 1,859 1,936 4.1% 2.4 2.3 734 755 2.9% 6.0 5.9 2.21 2.34 5.9% 12.2 11.5

Compuware 6.75 1,664 1,492 1,202 1,133 -5.8% 1.2 1.3 253 283 11.9% 5.9 5.3 0.62 0.63 1.6% 10.9 10.7

Quest Software 12.59 1,334 961 733 787 7.3% 1.3 1.2 167 168 0.5% 5.8 5.7 0.94 1.14 21.3% 13.4 11.0

Netscout Systems 8.62 347 334 267 279 4.5% 1.2 1.2 54 58 7.5% 6.2 5.8 0.64 0.70 9.4% 13.5 12.3

Opnet Technologies 9.86 203 118 122 145 18.9% 1.0 0.8 14 23 66.3% 8.5 5.1 0.23 0.48 108.7% 42.9 20.5

Keynote Systems 7.71 110 63 79 86 8.5% 0.8 0.7 8 14 75.0% 7.9 4.5 (0.18) 0.06 nm nm nm

Mean 1,311$ 1,374$ 7.1% 1.8 x 1.7 x 411$ 435$ 22.7% 7.5 x 6.2 x 0.85$ 1.01$ 25.3% 18.7 x 14.1 x

Median 968 960 5.9% 1.3 1.3 210 225 9.7% 6.4 5.7 0.79 0.91 12.1% 13.4 11.7



($ millions)




Technical Software

Dassault Systemes 44.78$ 5,327$ 4,456$ 1,876$ 2,010$ 7.2% 2.4 x 2.2 x 530$ 569$ 7.3% 8.4 x 7.8 x 2.99$ 3.19$ 6.5% 15.0 x 14.1 x

Autodesk 19.65 4,502 3,564 2,362 2,190 -7.3% 1.5 1.6 680 609 -10.5% 5.2 5.9 1.95 1.61 -17.4% 10.1 12.2

Synopsys 18.52 2,646 1,695 1,357 1,396 2.9% 1.2 1.2 396 427 7.8% 4.3 4.0 1.69 1.65 -2.4% 11.0 11.2

ANSYS 27.89 2,588 2,676 496 617 24.3% 5.4 4.3 239 306 27.8% 11.2 8.8 1.70 1.87 10.0% 16.4 14.9

Parametric Technology 12.65 1,488 1,320 1,086 1,073 -1.2% 1.2 1.2 256 264 3.1% 5.2 5.0 1.34 1.33 -0.7% 9.4 9.5

RiskMetrics 14.89 1,022 1,161 297 330 11.0% 3.9 3.5 87 102 16.5% 13.3 11.4 0.29 0.50 72.4% 51.3 29.8

Cadence Design 3.66 938 880 1,030 851 -17.4% 0.9 1.0 100 128 28.0% 8.8 6.9 (0.06) (0.24) nm nm nm

Wind River Systems 9.03 689 527 366 400 9.3% 1.4 1.3 49 68 38.4% 10.8 7.8 0.53 0.60 13.2% 17.0 15.1

Mentor Graphics 5.17 478 639 815 861 5.6% 0.8 0.7 110 134 21.8% 5.8 4.8 0.38 0.70 84.2% 13.6 7.4

MSC.Software 6.68 303 155 257 265 3.2% 0.6 0.6 19 24 27.5% 8.2 6.4 0.07 0.20 185.7% 95.4 33.4

Magma Design Automation 1.02 46 71 145 131 -10.0% 0.5 0.5 (11) 8 -171.8% nm 9.0 (0.30) (0.01) nm nm nm

PDF Solutions 1.44 40 (2) 77 75 -3.1% 0.0 0.0 (6) 4 -172.7% nm -0.6 (0.02) 0.06 nm nm 24.0

Mean 847$ 850$ 2.0% 1.6 x 1.5 x 204$ 220$ -14.7% 8.1 x 6.4 x 0.88$ 0.95$ 39.1% 26.6 x 17.2 x

Median 656 734 3.0% 1.2 1.2 105 131 12.2% 8.3 6.7 0.46 0.65 10.0% 15.0 14.5


Trading Multiples by Comparable Subsets

($ millions)




Software-as-a-Service

Salesforce.com 48.40$ 6,056$ 5,245$ 1,078$ 1,409$ 30.7% 4.9 x 3.7 x 85$ 149$ 74.5% 61.5 x 35.2 x 0.30$ 0.64$ 113.3% nm x 75.6 x

Red Hat 15.07 2,944 2,165 633 763 20.5% 3.4 2.8 163 214 31.2% 13.3 10.1 0.75 0.63 -16.0% 20.1 23.9

Concur 38.26 2,027 2,037 226 284 26.1% 9.0 7.2 60 73 21.7% 34.0 27.9 0.57 0.75 31.6% 67.1 51.0

Omniture 18.36 1,365 1,296 311 422 35.8% 4.2 3.1 61 93 53.7% 21.4 13.9 0.44 0.70 59.1% 41.7 26.2

Blackboard 40.29 1,289 1,404 314 384 22.5% 4.5 3.7 53 98 83.9% 26.4 14.4 0.76 1.29 69.7% 53.0 31.2

NetSuite 18.02 1,164 1,027 157 213 35.5% 6.5 4.8 (2) 6 nm nm 161.5 (0.05) 0.06 nm nm nm

Ultimate Software 27.00 726 707 180 225 24.7% 3.9 3.1 27 46 73.6% 26.5 15.3 0.41 0.81 97.6% 65.9 33.3

Vocus 33.96 661 580 78 97 24.9% 7.5 6.0 16 22 32.5% 35.5 26.8 0.74 0.71 -4.1% 45.9 47.8

Taleo 19.89 622 517 178 231 30.2% 2.9 2.2 29 46 60.0% 18.0 11.2 0.62 0.88 41.9% 32.1 22.6


Constant Contact 17.07 488 381 86 128 49.0% 4.4 3.0 4 11 219.9% 107.1 33.5 0.04 0.25 525.0% nm 68.3

Rightnow Technologies 12.57 433 327 142 170 19.3% 2.3 1.9 3 14 392.7% 114.2 23.2 (0.10) 0.20 nm nm 62.9

Kenexa 15.79 357 308 215 245 13.8% 1.4 1.3 50 57 14.2% 6.1 5.4 1.44 1.65 14.6% 11.0 9.6

DemandTec 9.01 274 194 73 87 20.5% 2.7 2.2 6 11 74.3% 31.1 17.9 0.13 0.23 76.9% 69.3 39.2

Keynote Systems 13.25 184 131 80 - nm 1.6 nm 8 14 74.2% 16.7 9.6 (0.13) 0.19 nm nm 69.7

Mean 257$ 321$ 28.7% 4.3 x 3.4 x 32$ 52$ 92.8% 39.4 x 29.0 x 0.30$ 0.51$ 91.8% 45.1 x 43.2 x

Median 178 225 25.5% 4.2 3.1 27 46 73.6% 26.5 16.6 0.41 0.64 59.1% 45.9 39.2

High Growth (>25%)

VMware 26.64$ 10,366$ 9,276$ 1,892$ 2,393$ 26.5% 4.9 x 3.9 x 595$ 760$ 27.7% 15.6 x 12.2 x 0.91$ 1.19$ 30.8% 29.3 x 22.4 x

Salesforce.com 48.40 6,056 5,245 1,078 1,409 30.7% 4.9 3.7 85 149 74.5% 61.5 35.2 0.30 0.64 113.3% nm 75.6

ANSYS 37.87 3,497 3,295 496 636 28.2% 6.6 5.2 240 311 29.4% 13.7 10.6 1.63 1.93 18.4% 23.2 19.6

Concur 38.26 2,027 2,037 226 284 26.1% 9.0 7.2 60 73 21.7% 34.0 27.9 0.57 0.75 31.6% 67.1 51.0

Data Domain 22.27 1,545 1,319 257 372 45.0% 5.1 3.5 9 33 260.0% 142.9 39.7 0.10 0.26 160.0% nm 85.7

Omniture 18.36 1,365 1,296 311 422 35.8% 4.2 3.1 61 93 53.7% 21.4 13.9 0.44 0.70 59.1% 41.7 26.2

NetSuite 18.02 1,164 1,027 157 213 35.5% 6.5 4.8 (2) 6 nm nm 161.5 (0.05) 0.06 nm nm nm

Riverbed Technology 12.52 912 642 331 415 25.1% 1.9 1.5 61 90 47.4% 10.5 7.1 0.54 0.78 44.4% 23.2 16.1

Netezza 10.89 679 527 184 236 28.2% 2.9 2.2 12 20 60.1% 42.6 26.6 0.18 0.27 50.0% 60.5 40.3

Taleo 19.89 622 517 178 231 30.2% 2.9 2.2 29 46 60.0% 18.0 11.2 0.62 0.88 41.9% 32.1 22.6


Blue Coat Systems 14.19 562 565 433 553 27.6% 1.3 1.0 62 99 59.7% 9.1 5.7 0.95 1.54 62.1% 14.9 9.2

Constant Contact 17.07 488 381 86 128 49.0% 4.4 3.0 4 11 219.9% 107.1 33.5 0.04 0.25 525.0% nm 68.3

Aruba Networks 5.13 331 233 196 257 31.4% 1.2 0.9 13 28 115.7% 18.1 8.4 0.03 0.24 700.0% nm 21.4

FalconStor Software 5.36 256 202 100 128 27.8% 2.0 1.6 31 46 51.8% 6.6 4.4 0.31 0.45 45.2% 17.3 11.9

Double-Take Software 9.95 229 156 103 134 29.2% 1.5 1.2 25 30 17.2% 6.2 5.3 0.63 0.81 28.6% 15.8 12.3

Mean 383$ 498$ 32.8% 4.0 x 3.0 x 76$ 107$ 78.5% 36.2 x 26.9 x 0.36$ 0.59$ 136.5% 32.5 x 34.5 x

Median 211 271 29.7% 4.3 3.0 30 46 56.7% 18.0 12.2 0.38 0.67 47.6% 26.3 22.5


Software IPO Pricing & Performance Data

Issuances from 2007 – 2008 YTD ($ millions)


Current Trading Data Valuation at IPO Stock Performance

Share price Market Enterprise EV / Revenue Market Enterprise EV / Revenue Revenue % of

Company (12/31/08) Value Value CY07E CY08E IPO Date Share Price Value Value CY07E CY08E Growth % change 52wk High

ArcSight $ 8.01 $ 268 $ 192 2.1 x 1.6 x 02/13/08 $ 9.00 $ 296 $ 275 2.1 x 1.7 x 22.6 % (11.0) % 61.6 %

RiskMetrics 14.89 1,022 1,161 4.8 3.9 01/24/08 17.50 1,147 732 4.9 4.1 20.2 (14.9) 56.3

NetSuite 8.44 544 411 3.8 2.7 12/19/07 26.00 1,679 1,542 3.8 2.6 47.0 (67.5) 25.2

SuccessFactors 5.74 340 239 3.8 2.2 11/19/07 10.00 579 494 3.7 2.2 70.7 (42.6) 38.3

Deltek 4.64 200 365 1.3 1.3 10/31/07 18.00 818 996 1.3 1.2 13.5 (74.2) 30.0

VMware 23.69 9,238 7,996 6.0 4.3 08/13/07 29.00 10,992 10,542 6.3 4.2 48.5 (18.3) 27.6

DemandTec 8.07 250 166 2.7 2.3 08/09/07 11.00 323 252 3.1 2.3 34.9 (26.6) 44.0

Netezza 6.39 399 246 1.9 1.3 07/18/07 12.00 701 606 2.2 1.7 30.4 (46.8) 44.1

PROS 5.75 151 103 1.7 1.4 06/28/07 11.00 297 261 1.7 1.3 26.3 (47.7) 31.9

Data Domain 18.80 1,305 1,062 8.6 3.9 06/26/07 15.00 777 668 9.8 6.0 62.3 25.3 74.7

Starent Networks 11.93 868 512 3.5 2.0 06/05/07 12.00 777 628 4.2 3.1 35.3 (0.6) 63.4

Aruba Networks 2.55 219 110 0.7 0.6 03/26/07 11.00 876 778 0.7 0.4 54.2 (76.8) 17.5

BigBand Networks 5.52 379 214 1.2 1.2 03/14/07 13.00 842 700 0.9 0.7 26.4 (57.5) 69.3

Sourcefire 5.60 153 57 1.0 0.8 03/09/07 15.00 370 273 0.9 0.7 32.5 (62.7) 66.9

Mean 3.1 x 2.1 x 3.2 x 2.3 x 37.5 % (37.3) % 46.5 %

Median 2.4 1.8 2.6 1.9 33.7 (44.7) 44.0


Software IPO Pipeline

Note:In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market.

($ millions)

Company Stage First Filing Date Ticker Range Revenue (TTM) Net Income (TTM)

Metastorm Withdrawn 05/13/08 MSTM n/a 60 (9)

Eyeblaster Withdrawn 03/10/08 EYEB n/a 51 4

BlueArc Withdrawn 09/07/07 BLAR n/a 59 (12)

Open Link Financial SEC Review 05/12/08 LINK n/a 160 8

Gomez SEC Review 05/07/08 GOMZ n/a 33 (2)

SolarWinds SEC Review 03/21/08 SWI n/a 62 14

LogMeIn SEC Review 01/11/08 LOGM n/a 22 9

Valor Computerized Systems SEC Review 01/11/08 VLOR n/a 41 3

ExactTarget SEC Review 12/14/07 EXTG n/a 59 2


Who we are and what we doWho we are and what we do

Launched in 2005 to provide corporate development & strategy consulting, M&A and financial advisory services to the established and emerging leaders in the technology industry

We maintain and invest in relationships with the largest technology companies in the world in order to bring the most relevant and expert perspective to all of our clients

Our clients are organizations facing robust corporate development challenges in a rapidly-changing and highly turbulent industry New stages in the technology lifecycle Emerging market categories Competitive threats or partnering opportunities Issues of value creation versus value realization

Our firm’s principals have an average of over 15 years working with emerging leaders in software, as well as with the industry’s largest and most established companies

Shea & Company is based in Boston and since its inception has undertaken projects with clients on both coasts of the U.S., in Canada and in Europe, as M&A advisor in both sell and buy-side capacity

Merger & AcquisitionAdvisory

Shea & Company has a wealth of experience with buy-side and

sell-side M&A as well as divestitures and other structures

Corporate Development & Strategy

Our focus on “outsourced corporate development” is ideal for emerging software leaders

facing tough strategic challenges

Overview of Shea & Company, LLC

Capital Raising

We provide thoughtful advice in private and public market capital raising transactions without the conflicts of interest endemic to

large investment banks

Shea & Company served as the exclusive financial advisor to

Onaro

has been acquired by

Financial terms not disclosedJanuary 2008


SPL WorldGroup


Financial terms not disclosedNovember 2006


AssetMetrix


Financial terms not disclosedApril 2006


Kashya


$153,000,000May 2006


Wind River Systems

has acquired

Financial terms not disclosedMarch 2006


ProfitLogic


Financial terms not disclosedJuly 2005

Documents

Shea & Company, LLC Annual Enterprise Software Market Review 2008 399 Boylston StreetMichael H.M. Shea Floor 11Managing Director Boston, Massachusetts