http://sdrventures.com/

Date Target Buyer(s) SegmentAmount ($ in

Mil)TEV/ Rev TEV/ EBITDA

12/18/2017 Cayan LLC Total System Services, Inc. Financial Technology 1,050.00 - -

11/30/2017 Aricent, Inc. Altran US Corp. Enterprise Software 2,000.00 2.91x -

11/27/2017 Barracuda Networks, Inc. Thoma Bravo LLC IT Security 1,270.20 3.47x 40.77x

10/23/2017 BroadSoft, Inc. Cisco Systems, Inc. Enterprise Software 1,580.78 4.37x 54.48x

10/17/2017 WePay, Inc. JPMorgan Chase Bank NA Financial Technology 220.00 3.81x -

10/16/2017 Paradigm Ltd. (United States) Emerson Electric Co. Enterprise Software 510.00 - -

10/16/2017 ClearPath Holdings LLC Office Depot, Inc. IT Services 27.00 - -

10/13/2017 RISA Tech, Inc. Nemetschek SE Other SaaS 24.90 - -

10/13/2017 NeoSystems Corp. Novume Solutions, Inc. Enterprise Software 21.00 0.52x -

10/5/2017 Intralinks Holdings, Inc. SIRIS Capital Group LLC Enterprise Software 1,034.76 3.50x 26.02x

10/3/2017 Body Labs, Inc. Amazon.com, Inc. Data & Analytics 100.00 - -

Strategic86%

Financial14%

22 21

4

63

18 18 22 16

29

15

- -

10 20 30 40 50 60 70

Strategic Buyer Inv. Date Select Corporate Acquisitions

9/26/2017 ▪ Bitium, Inc.

8/13/2017 ▪ Senosis Health Inc.

5/10/2017 ▪ Owlchemy Labs, Inc.

10/23/2017 ▪ BroadSoft, Inc.

10/19/2017 ▪ Perspica Networks, Inc.

5/11/2017 ▪ MindMeld, Inc.

5/1/2017 ▪ Viptela, Inc.

Microsoft Corporation (NasdaqGS:MSFT) 11/6/2017 ▪ Swing Technologies, Inc.

10/3/2017 ▪ AltspaceVR, Inc.

8/15/2017 ▪ Cycle Computing LLC

4/19/2017 ▪ Intentional Software Corp.

4/10/2017 ▪ Deis, Inc.

10/2/2017 ▪ Associated Data Services, Inc.

5/26/2017 ▪ iSystems LLC

5/26/2017 ▪ Compass HRM, Inc.

1/3/2017 ▪ Payroll Specialties NW, Inc.

The Descartes Systems Group, Inc. 8/15/2017 ▪ Macropoint LLC

6/2/2017 ▪ PCSTrac Inc

5/19/2017 ▪ Z-Firm LLC

Alphabet Inc. (NasdaqGS:GOOGL)

Cisco Systems, Inc. (NasdaqGS:CSCO)

Asure Software, Inc.

Financial Buyer Inv. Date Select Corporate Investments

Vista Equity Partners 10/26/2017 ▪ Datto, Inc.

10/11/2017 ▪ JAMF Software LLC

08/23/2017 ▪ Applause APP Quality, Inc.

08/16/2017 ▪ SecureLink, Inc.

06/29/2017 ▪ Scoutit, Inc.

Thoma Bravo LLC 11/27/2017 ▪ Barracuda Networks, Inc.

11/08/2017 ▪ ABC Financial Services, Inc.

06/14/2017 ▪ Continuum Managed Services LLC

02/16/2017 ▪ Data3Sixty, Inc.

01/19/2017 ▪ PlanView, Inc.

Aquiline Capital Partners LLC ¹ 08/31/2017 ▪ Gingr LLC

08/16/2017 ▪ Group Interactive Networks LLC

05/30/2017 ▪ Output Services Group, Inc.

KKR & Co. LP 07/24/2017 ▪ WebMD Health Corp.

06/05/2017 ▪ UniMed Direct LLC

03/20/2017 ▪ Communication Cable Co.

02/16/2017 ▪ RedTail Solutions, Inc.

Marlin Management Co. LLC 10/26/2017 ▪ Logi Analytics, Inc.

10/05/2017 ▪ AppRiver LLC

06/01/2017 ▪ NYSE Governance Services, Inc.

Providence Equity Partners LLC 10/27/2017 ▪ Payline Data Services LLC

10/16/2017 ▪ SeatAdvisor, Inc.

07/10/2017 ▪ SignUpGenius, Inc.

Riverside Partners LLC 09/13/2017 ▪ Calero Software LLC

07/26/2017 ▪ Bigart Ecosystems LLC

04/07/2017 ▪ Abila, Inc.

-10%

-5%

0%

5%

10%

15%

20%

Financial Technology Supply Chain Software Human Capital Management Marketing Software

Healthcare IT Hosting Data Center S&P 500

-10%

-5%

0%

5%

10%

15%

20%

25%

30%

35%

40%

45%

Enterprise Software Other SaaS Data Analytics IT Services

IT Security Hosting Data Center Tech Conglomerates S&P 500

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Visa, Inc. V-US 252,748$ 114.02$ 8.3% 46.1% 99.2% 12.3% 69.2% 14.6x 21.1x 13.7x 19.1x

Mastercard, Inc. MA-US 157,960 151.36 7.2% 46.6% 97.9% 17.4% 61.2% 13.2x 22.6x 11.3x 19.3x

American Express Co. AXP-US 86,201 99.31 9.8% 34.1% 98.8% 1.8% 36.8% 3.2x 9.0x 3.2x NM

Fidelity National Information Services, Inc. FIS-US 31,414 94.09 0.7% 24.4% 97.3% (0.2%) 34.5% 4.3x 12.5x 4.4x 12.5x

Fiserv, Inc. FISV-US 27,327 131.13 1.7% 23.4% 98.3% 7.3% 34.1% 5.7x 16.9x 5.5x 15.0x

MSCI, Inc. MSCI-US 11,396 126.54 8.2% 60.6% 96.9% 13.7% 52.3% 10.3x 20.0x 9.2x 17.2x

Jack Henry & Associates, Inc. JKHY-US 9,033 116.96 13.8% 31.7% 97.6% 7.7% 35.2% 6.2x 17.7x 5.8x 16.5x

The Western Union Co. WU-US 8,731 19.01 -1.0% -12.5% 83.7% 2.1% 24.1% 2.1x 8.6x 2.0x 8.5x

Black Knight, Inc. BKFS-US 7,085 44.15 2.6% 16.8% 92.8% 10.6% 46.7% 8.1x 18.1x 3.8x 7.8x

Envestnet, Inc. ENV-US 2,209 49.85 -2.3% 41.4% 90.4% 19.7% 11.3% 3.7x 37.6x 3.1x 15.3x

Q2 Holdings, Inc. QTWO-US 1,536 36.85 -11.5% 27.7% 83.1% 30.1% (3.7%) 7.8x NM 6.0x 71.6x

Bottomline Technologies, Inc. EPAY-US 1,404 34.68 9.0% 38.6% 95.1% 9.8% 12.6% 4.1x 37.5x 3.5x 14.9x

11.0% 34.5% 6.9x 20.2x 5.9x 19.8x10.2% 34.9% 5.9x 18.1x 4.9x 15.3x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Manhattan Associates, Inc. MANH-US 3,415$ 49.54$ 19.2% -6.6% 88.9% (6.4%) 34.9% 5.5x 16.5x 5.9x 22.5x

SPS Commerce, Inc. SPSC-US 837 48.59 -14.3% -30.5% 66.9% 14.2% 10.3% 3.2x 29.0x 2.8x 17.7x

American Software, Inc. AMSWA-US 324 11.63 2.4% 12.6% 89.2% 8.1% 17.3% 2.6x 14.8x 2.4x 12.9x

5.3% 20.8%8.1% 17.3%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Paychex, Inc. PAYX-US 24,453$ 68.08$ 13.5% 11.8% 96.7% 7.2% 44.3% 7.5x 17.1x 7.0x 16.1x

Workday, Inc. WDAY-US 13,938 101.74 -3.5% 53.9% 87.0% 31.1% (8.4%) 9.8x NM 7.5x 44.9x

The Ultimate Software Group, Inc. ULTI-US 6,520 218.23 15.1% 19.7% 93.5% 23.4% 9.7% 7.1x 87.9x 5.9x 24.1x

Paycom Software, Inc. PAYC-US 4,680 80.33 7.2% 76.6% 93.3% 33.2% 16.1% 11.4x 51.8x 8.7x 28.2x

Paylocity Holding Corp. PCTY-US 2,477 47.16 -3.4% 57.1% 87.4% 29.8% 8.8% 7.5x 70.5x 6.0x 29.2x

Cornerstone OnDemand, Inc. CSOD-US 2,046 35.33 -13.0% -16.5% 79.8% 9.8% (2.5%) 4.3x NM 3.9x 22.1x

Benefitfocus, Inc. BNFT-US 842 27.00 -19.8% -9.1% 72.8% 10.8% (5.8%) 3.6x 1807.7x 3.2x 32.8x

20.8% 8.9%23.4% 8.8%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Microsoft Corp. MSFT-US 659,906$ 85.54$ 14.8% 37.7% 97.8% 20.1% 41.3% 6.5x 16.8x 5.6x 13.9x

Oracle Corp. ORCL-US 195,720 47.28 -2.2% 23.0% 89.0% 4.4% 42.3% 4.8x 11.3x 4.7x 10.1x

SAP SE SAP-US 137,856 112.36 2.5% 30.0% 96.1% 13.3% 28.0% 5.1x 20.3x 4.7x 14.3x

Adobe Systems, Inc. ADBE-US 86,383 175.24 17.5% 70.2% 94.1% 21.5% 36.4% 11.3x 36.3x 9.4x 21.3x

Intuit, Inc. INTU-US 40,336 157.78 11.0% 37.7% 97.7% 12.2% 0.9% 7.7x 24.6x 6.8x 17.9x

MuleSoft, Inc. MULE-US 1,742 23.26 15.5% NA 80.2% 50.0% (31.4%) 10.8x NM 7.1x (46.8x)

Yext, Inc. YEXT-US 1,098 12.03 -9.4% NA 79.6% NM (35.9%) 7.9x NM 4.4x (28.7x)20.3% 11.6% 7.7x 21.8x 6.1x 0.3x16.7% 28.0% 7.7x 20.3x 5.6x 13.9x

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

ServiceNow, Inc. NOW-US 22,518$ 130.39$ 10.9% 75.4% 99.3% 41.7% 4.4% 12.4x NM 8.7x 34.8x

Snap, Inc. SNAP-US 12,609 14.61 0.5% NM 49.6% 85.9% (213.7%) 21.8x NM 12.0x (22.5x)

LogMeIn, Inc. LOGM-US 6,032 114.50 4.0% 18.6% 88.4% 42.6% 28.9% 7.2x 28.9x 5.1x 13.4x

Guidewire Software, Inc. GWRE-US 5,596 74.26 -4.6% 50.5% 88.9% 29.7% (23.0%) 9.5x 137.0x 7.3x 39.6x

Atlassian Corp. Plc TEAM-US 4,442 45.52 29.5% 89.0% 85.2% 42.5% (0.9%) 14.7x NM 10.1x 37.8x

RealPage, Inc. RP-US 3,672 44.30 11.0% 47.7% 94.7% 30.5% 11.9% 6.1x 41.6x 4.7x 17.9x

Zendesk, Inc. ZEN-US 3,435 33.84 16.2% 59.6% 94.3% 39.6% (18.0%) 8.1x NM 5.8x 119.2x

RingCentral, Inc. RNG-US 3,142 48.40 15.9% 135.0% 96.9% 32.3% (1.7%) 7.6x NM 5.8x 79.6x

Ebix, Inc. EBIX-US 2,493 79.25 21.5% 38.9% 96.8% 25.5% 33.5% 8.1x 22.9x 6.5x 18.9x

Alarm.com Holdings, Inc. ALRM-US 1,780 37.75 -16.4% 35.6% 76.3% 19.1% 17.4% 5.5x 44.0x 4.8x 22.1x

Five9, Inc. FIVN-US 1,385 24.88 4.1% 75.3% 89.5% 22.4% 2.9% 7.2x 377.3x 6.3x 68.2x

MINDBODY, Inc. MB-US 1,297 30.45 17.8% 43.0% 84.0% 33.0% (3.1%) 7.1x NM 5.3x 58.3x

Instructure, Inc. INST-US 986 33.10 -0.2% 69.3% 90.4% 36.7% (25.3%) 6.3x NM 4.5x NM

Workiva, Inc. WK-US 672 21.40 2.6% 56.8% 90.3% 17.7% (24.8%) 4.2x NM 3.6x NM

AppFolio, Inc. APPF-US 602 41.50 -13.5% 74.0% 79.4% 34.9% 18.0% 10.2x 76.6x 7.8x NM

Model N, Inc. MODN-US 464 15.75 5.4% 78.0% 94.0% 17.1% (13.2%) 3.5x NM 2.9x NM

Appian Corp. APPN-US 227 31.48 10.6% NM 91.2% 22.1% (14.1%) 11.4x NM 9.3x NM

33.7% (13.0%)32.3% (1.7%)

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

salesforce.com, inc. CRM-US 73,841$ 102.23$ 9.4% 49.3% 93.6% 24.4% 11.3% 7.3x 82.4x 6.0x 26.6x

HubSpot, Inc. HUBS-US 3,304 88.40 5.2% 88.1% 94.5% 36.6% (8.2%) 9.0x NM 6.5x 86.5x

Callidus Software, Inc. CALD-US 1,951 28.65 16.2% 70.5% 93.6% 24.7% 2.4% 7.4x NM 5.7x 36.8x

Criteo SA CRTO-US 1,718 26.03 -37.3% -36.6% 46.5% (57.8%) 10.1% 0.6x 6.6x 1.5x 5.5x

Bazaarvoice, Inc. BV-US 470 5.45 10.1% 12.4% 99.1% 4.5% 9.0% 1.9x 42.0x 1.8x 13.0x

ChannelAdvisor Corp. ECOM-US 239 9.00 -21.7% -37.3% 59.4% 12.1% (8.4%) 1.5x NM 1.4x 24.1x

7.4% 2.7%18.2% 5.7%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cerner Corp. CERN-US 22,401$ 67.39$ -5.5% 42.3% 91.2% 9.6% 30.9% 4.3x 14.2x 4.0x 12.2xVeeva Systems, Inc. VEEV-US 6,441 55.28 -2.0% 35.8% 81.2% 22.1% 25.6% 10.9x 44.4x 9.8x 29.9xathenahealth, Inc. ATHN-US 5,324 133.04 7.0% 26.5% 83.9% 13.9% 18.1% 4.6x 27.4x 4.1x 16.3xMedidata Solutions, Inc. MDSO-US 3,705 63.37 -18.8% 27.6% 73.8% 21.1% 17.2% 6.8x 43.4x 5.8x 22.5xAllscripts Healthcare Solutions, Inc. MDRX-US 2,629 14.55 2.2% 42.5% 95.7% 24.9% 17.5% 2.6x 16.0x 2.1x 10.1xHMS Holdings Corp. HMSY-US 1,425 16.95 -14.7% -6.7% 81.1% 12.9% 22.8% 3.2x 15.0x 2.9x 11.6xInovalon Holdings, Inc. INOV-US 970 15.00 -12.0% 45.6% 84.3% 13.2% 25.1% 4.4x 22.4x 3.8x 14.9xQuality Systems, Inc. QSII-US 865 13.58 -13.7% 3.3% 76.6% 2.7% 15.9% 1.7x 11.4x 1.6x 10.3x

15.0% 21.6%13.5% 20.5%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Splunk, Inc. SPLK-US 11,718$ 82.84$ 24.7% 62.0% 97.6% 32.0% (12.4%) 9.2x NM 6.9x 50.4xTeradata Corp. TDC-US 5,034 38.46 13.8% 41.6% 97.8% 0.6% 9.1% 2.0x 14.9x 2.1x 11.9xTableau Software, Inc. DATA-US 4,340 69.20 -7.6% 64.2% 84.1% 7.3% (18.0%) 5.2x NM 4.8x 64.3xPegasystems, Inc. PEGA-US 3,671 47.15 -18.2% 31.0% 72.7% 10.9% (4.4%) 4.3x 62.7x 3.9x 29.9xVerint Systems, Inc. VRNT-US 2,667 41.85 0.0% 18.7% 93.6% 9.1% 12.2% 2.8x 21.2x 2.6x 11.2xCloudera, Inc. CLDR-US 2,333 16.52 -0.6% NM 70.7% 33.8% (57.0%) 5.8x NM 4.2x NMHortonworks, Inc. HDP-US 1,418 20.11 18.6% 142.0% 95.8% 36.7% (60.4%) 5.7x NM 4.0x 61.2xMicroStrategy, Inc. MSTR-US 1,236 131.30 2.8% -33.5% 63.8% (2.8%) 18.6% 1.7x 8.1x 1.8x NMPROS Holdings, Inc. PRO-US 844 26.45 9.6% 22.9% 86.7% 14.5% (33.6%) 5.8x NM 5.0x NMAlteryx, Inc. AYX-US 605 25.27 24.1% NM 86.7% (0.6%) (3.8%) 9.1x NM 7.6x NMVeritone, Inc. VERI-US 370 23.20 -49.0% NM 31.0% 130.4% (521.6%) 23.0x NM 9.1x NM

24.7% (61.0%)10.9% (12.4%)

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Accenture Plc ACN 98,368$ 153.09$ 13.3% 30.7% 96.6% 3.4% 17.4% 2.5x 15.2x 2.5x 14.4xCognizant Technology Solutions Corp. CTSH-US 41,877 71.02 -2.1% 26.8% 92.8% 12.0% 19.8% 2.6x 13.7x 2.4x 11.4xLeidos Holdings, Inc. LDOS-US 9,768 64.57 9.0% 26.3% 98.3% 3.1% 10.6% 1.2x 12.2x 1.2x 11.7xEPAM Systems, Inc. EPAM-US 5,665 107.43 22.2% 67.1% 98.5% 28.9% 15.1% 3.8x 27.7x 3.1x 17.0xBooz Allen Hamilton Holding Corp. BAH-US 5,560 38.13 2.0% 5.7% 96.1% 7.1% 9.2% 1.2x 12.4x 1.1x 11.5xInterXion Holding NV INXN-US 4,203 58.93 15.7% 68.0% 99.5% 18.8% 42.4% 9.8x 21.9x 7.9x 17.3xCACI International, Inc. CACI-US 3,259 132.35 -5.0% 6.5% 89.8% 3.3% 7.9% 1.0x 11.9x 1.0x 11.2xPresidio, Inc. PSDO-US 1,911 19.17 35.5% NM 98.4% 7.2% 8.7% 1.0x 12.5x 0.9x 10.6xManTech International Corp. MANT-US 1,295 50.19 13.7% 18.8% 94.2% 15.9% 7.3% 1.1x 14.5x 0.9x 12.3xVirtusa Corp. VRTU-US 1,294 44.08 16.7% 75.5% 90.5% 20.1% 4.9% 1.5x 29.8x 1.3x 14.1xThe Hackett Group, Inc. HCKT-US 450 15.71 3.4% -11.0% 75.9% 3.7% 12.6% 1.6x 12.1x 1.7x 9.7xUnisys Corp. UIS-US 411 8.15 -4.1% -45.5% 53.4% 0.1% 9.4% 0.2x 1.7x 0.2x 1.2xServiceSource International, Inc. SREV-US 279 3.09 -10.7% -45.6% 51.1% 0.5% 3.9% 1.0x 167.4x 1.0x 11.0x

9.6% 13.0%7.1% 9.4%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Cisco Systems, Inc. CSCO-US 189,341$ 38.30$ 13.9% 26.7% 98.2% 2.3% 28.5% 3.2x 10.5x 3.2x 9.2xSymantec Corp. SYMC-US 17,397 28.06 -14.5% 17.5% 82.0% 13.0% 21.3% 4.7x 25.4x 4.2x 8.6xCheck Point Software Technologies Ltd. CHKP-US 16,936 103.62 -9.1% 22.7% 86.9% 7.5% 50.4% 8.4x 16.9x 8.0x 14.5xPalo Alto Networks, Inc. PANW-US 13,318 144.94 0.6% 15.9% 91.9% 25.2% (6.5%) 6.6x NM 5.2x 20.3xVeriSign, Inc. VRSN-US 11,280 114.44 7.6% 50.4% 96.8% 4.5% 66.2% 9.8x 15.1x 11.8x 16.5xFortinet, Inc. FTNT-US 7,598 43.69 21.9% 45.1% 95.7% 17.6% 12.7% 4.4x 37.5x 3.9x 17.6xProofpoint, Inc. PFPT-US 3,982 88.81 1.8% 25.7% 90.7% 37.8% (4.5%) 8.2x NM 5.9x 42.9xFireEye, Inc. FEYE-US 2,621 14.20 -15.3% 19.3% 78.9% 9.0% (19.2%) 3.4x NM 3.1x 31.8xQualys, Inc. QLYS-US 2,251 59.35 14.6% 87.5% 95.2% 21.4% 27.1% 8.8x 34.8x 7.8x 21.1xMimecast Ltd. (Jersey) MIME-US 1,643 28.67 0.9% 60.2% 89.6% 32.0% 5.9% 7.0x 206.5x 5.2x 48.2xCyberArk Software Ltd. CYBR-US 1,438 41.39 1.0% -9.0% 74.4% 24.5% 6.0% 4.7x 39.6x 4.0x 17.4xVaronis Systems, Inc. VRNS-US 1,352 48.55 15.9% 81.2% 90.6% 26.0% (6.1%) 6.2x NM 4.8x 85.1xImperva, Inc. IMPV-US 1,350 39.70 -8.5% 3.4% 75.8% 22.0% 4.6% 3.3x NM 2.7x 18.1xRapid7, Inc. RPD-US 819 18.66 6.0% 53.3% 92.1% 26.4% (21.7%) 3.9x NM 3.0x NMCheetah Mobile, Inc. CMCM-US 502 12.08 43.6% 26.4% 87.6% 16.1% NM 0.4x 29.9x 1.8x 12.3x

19.0% 11.8%21.4% 6.0%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Equinix, Inc. EQIX-US 35,457$ 453.22$ 1.6% 26.8% 91.5% 23.4% 42.9% 10.7x 25.4x 8.7x 18.0xDigital Realty Trust, Inc. DLR-US 23,400 113.90 -3.7% 15.9% 89.5% 33.6% 48.3% 14.7x 27.2x 9.7x 16.5xAkamai Technologies, Inc. AKAM-US 11,002 65.04 33.5% -2.5% 90.8% 9.6% 29.2% 4.4x 14.3x 4.1x 11.5xGoDaddy, Inc. GDDY-US 6,590 50.28 15.6% 43.9% 97.9% 20.0% 15.8% 4.0x 34.6x 3.0x 12.1xCoreSite Realty Corp. COR-US 3,894 113.90 1.8% 43.5% 94.2% 16.2% 51.0% 10.6x 20.2x 9.1x 16.9xQTS Realty Trust, Inc. QTS-US 2,724 54.16 3.4% 9.1% 88.0% 15.8% 43.4% 9.1x 21.1x 8.4x 18.2xExtreme Networks, Inc. EXTR-US 1,420 12.52 5.3% 148.9% 87.3% 53.7% 7.6% 2.1x 25.6x 1.4x 11.9xSwitch, Inc. (Nevada) SWCH-US 654 18.19 NA NM 73.1% 19.6% 49.5% 4.1x 7.7x 3.5x 6.8x

24.0% 36.0%19.8% 43.2%

Market Stats Operating Stats LTM Multiples NTM Multiples

Company Name SymbolMarket Cap

($ in Mil)Price ($)

Quarter

Change

YTD

Change

% of 52

Week High

Est.

Revenue

Growth

EBITDA

Margin

TEV/

Rev

TEV/

EBITDA

TEV/

NTM

Revenue

TEV/

NTM

EBITDA

Apple, Inc. AAPL-US 860,882$ 169.23$ 9.8% 46.1% 95.5% 20.1% 25.0% 3.9x 12.6x 3.4x 10.7xAlphabet, Inc. GOOGL-US 679,655 1,053.40 8.2% 32.9% 97.0% 0.6% 34.8% 6.1x 18.6x 6.1x 12.4xAmazon.com, Inc. AMZN-US 563,535 1,169.47 21.6% 56.0% 96.4% 41.1% 7.3% 3.6x 44.4x 2.6x 23.0xFacebook, Inc. FB-US 420,821 176.46 3.3% 53.4% 95.8% 46.5% 57.1% 13.0x 23.5x 9.0x 15.0xInternational Business Machines Corp. IBM-US 142,035 153.42 5.7% -7.6% 83.9% 0.4% 20.6% 2.2x 11.8x 2.3x 9.2x

21.7% 28.9%20.1% 25.0%

Market Stats Operating Stats LTM Multiples NTM Multiples

http://sdrventures.com/

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA12/29/2017 Trucker Path, Inc. Renren Inc. Supply Chain Software - - -

12/22/2017 Praeses LLC (Jurisdiction Online Div) Aptean, Inc.; Jurisdiction Online LLC Other SaaS - - -

12/22/2017 Keen Labs, Inc. Scaleworks, Inc. Infrastructure/Hosting - - -

12/22/2017 Xcellence, Inc. JLL Partners, Inc. Infrastructure/Hosting - - -

12/21/2017 Commercial Logic, Inc. Providence Equity Partners LLC Other SaaS - - -

12/20/2017 Innovative Technology Solutions LLC Advanced Technology Services, Inc. IT Services - - -

12/20/2017 Innowera LLC Magnitude Software, Inc. Other SaaS - - -

12/19/2017 Next IT Corp. Verint Systems, Inc. IT Services 51.00 - -

12/19/2017 Cloud Harmonics, Inc. Ingram Micro, Inc. IT Security - - -

12/19/2017 Tech Works US LLC Teleco, Inc. IT Services - - -

12/19/2017 Flexera Software LLC TA Associates Management LP IT Services - - -

12/18/2017 Cayan LLC Total System Services, Inc. Financial Technology 1,050.00 - -

12/18/2017 Alexander Open Systems, Inc. ConvergeOne Holdings Corp. IT Services - - -

12/18/2017 Net Health Systems, Inc. The Carlyle Group LP (Corporate Private Equity) Healthcare IT - - -

12/18/2017 SERG Solutions LLC Henry Schein, Inc. Infrastructure/Hosting - - -

12/18/2017 Delta Health Technologies LLC Salo Solutions, Inc. Healthcare IT - - -

12/18/2017 Delaware Board of Trade Holdings, Inc. Seven Stars Cloud Group, Inc. Financial Technology 25.32 - -

12/18/2017 WRK Systems, Inc. Scantron Corp. IT Services - - -

12/16/2017 Janx Solutions LLC Candor USA, Inc. Other SaaS - - -

12/15/2017 Socius1 LLC Signature Business Systems, Inc. IT Services - - -

12/14/2017 Brighter, Inc. Cigna Corp. Marketing Software - - -

12/14/2017 Focused Management Solutions Public Consulting Group, Inc. Data & Analytics - - -

12/14/2017 Networked Insights, Inc. American Family Insurance Group Marketing Software - - -

12/14/2017 NexusTek, Inc. ABRY Partners LLC IT Services - - -

12/13/2017 Sperasoft, Inc. Keywords Studios Plc Enterprise Software 27.16 - -

12/13/2017 Incente LLC True Ventures LLC Healthcare IT - - -

12/13/2017 iNet Solutions Group, Inc. Myriad Mobile LLC Other SaaS - - -

12/13/2017 Deja Mi, Inc. Interactive Memories, Inc. Other SaaS - - -

12/11/2017 Railtronix LLC Solaris Oilfield Infrastructure, Inc. Enterprise Software - - -

12/11/2017 LeanKit, Inc. Planview, Inc. IT Services - - -

12/11/2017 SellPoints, Inc. ConversionPoint Technologies, Inc. (CA) Marketing Software - - -

12/8/2017 Savantis Group, Inc. Sowell & Co. LP IT Services - - -

12/7/2017 Moviepilot, Inc. Webedia SA Other SaaS - - -

12/7/2017 Verify Brand LLC Optel Vision, Inc. IT Services - - -

12/7/2017 Factory 798 Media, Inc. CMGRP, Inc. Other SaaS - - -

12/7/2017 Aruvio, Inc. Riskonnect, Inc. Other SaaS - - -

12/6/2017 Docurated LLC Parallax Capital Partners, LLC Other SaaS - - -

12/5/2017 Twin Particle LLC Certain, Inc. Other SaaS - - -

12/5/2017 KidReports LLC TA Associates Management, L.P. Other SaaS - - -

12/5/2017 Frequentz, Inc. rfXcel Corp. IT Services - - -

12/5/2017 Madrone, Inc. Solovis, Inc. Financial Technology - - -

12/5/2017 Pattern Recognition Technologies, Inc. Drilling Info, Inc. Data & Analytics - - -

12/5/2017 Disqus, Inc. Zeta Interactive LLC Infrastructure/Hosting 90.00 - -

12/5/2017 Simply Measured, Inc. New Enterprise Associates LLC Data & Analytics - - -

12/4/2017 DHI Group, Inc. (Health eCareers Business) Ziff Davis LLC Healthcare IT 15.00 - -

12/4/2017 Time2Track LLC Liaison International, Inc. Healthcare IT - - -

12/4/2017 BlockFraud, Inc. GameMine LLC IT Security - - -

12/3/2017 Fyoosion, Inc. Grom Social Enterprises, Inc. Marketing Software 0.30 - -

12/2/2017 Interactive Ticketing Intelli-Mark Technologies, Inc. Other SaaS - - -

12/1/2017 Bitdefender, Inc. Vitruvian Partners LLP IT Security - - -

12/1/2017 CRM Manager LLC Epic Ventures Enterprise Software - - -

12/1/2017 Seeit Solutions LLC Movilizer Holding GmbH Other SaaS - - -

12/1/2017 Velocity Solutions, Inc. H.I.G. Capital, LLC Enterprise Software - - -

12/1/2017 Independent Technology Group LLC Huron Capital Partners LLC IT Services - - -

11/30/2017 Aricent, Inc. Altran US Corp. Enterprise Software 2,000.00 2.91x -

11/30/2017 ESTET LLC Ernst & Young LLP Other SaaS - - -

11/30/2017 Interlogix (MobileView Business) The Sterling Group LP IT Security - - -

11/30/2017 New Valence Robotics Corp. Cincinnati, Inc. Other SaaS - - -

11/29/2017 Ensenta Corp. Jack Henry & Associates, Inc. Enterprise Software - - -

11/29/2017 BravoSolution USA, Inc. JAGGAER, Inc. Supply Chain Software 218.36 - -

11/29/2017 Bleuacre Consulting LLC Clearlake Capital Group LP Other SaaS - - -

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA11/29/2017 Weblife Balance, Inc. Proofpoint, Inc. Enterprise Software 60.00 - -

11/29/2017 NetWatcher, Inc. Qualys, Inc. IT Security - - -

11/29/2017 ConQuest Technology Services Corp. United Data Technologies, Inc. IT Services - - -

11/29/2017 Remedy Health Media LLC Topspin Management LLC Healthcare IT - - -

11/28/2017 Fluenty, Inc. Samsung Electronics Co., Ltd. Other SaaS 45.93 - -

11/28/2017 Meetup, Inc. WeWork Cos., Inc. Other SaaS - - -

11/28/2017 Futurtech Consulting LLC CloudScale365, Inc. IT Services - - -

11/28/2017 Practice XYZ, Inc. Instructure, Inc. Other SaaS 28.04 - -

11/28/2017 Financial Aid Management for Education, Inc. Vela Software International, Inc. Other SaaS - - -

11/28/2017 Nubeva, Inc. Sherpa Holdings Corp. Other SaaS - - -

11/28/2017 Pomello Outmatch, Inc. Data & Analytics - - -

11/27/2017 Halo Business Intelligence, Inc. Logility, Inc. Data & Analytics 9.25 - -

11/27/2017 Barracuda Networks, Inc. Thoma Bravo LLC IT Security 1,270.20 3.47x 40.77x

11/24/2017 Analytical Informatics, Inc. Royal Philips NV Data & Analytics - - -

11/22/2017 Contondo, Inc. BigTinCan Holdings Ltd. Marketing Software - - -

11/21/2017 Algorithm, Inc. OmniComm Systems, Inc. Data & Analytics - - -

11/21/2017 Enterprise Applications, Inc. Special Investigations Ltd. IT Services - - -

11/21/2017 Leaders Merchant Services LLC iPayment, Inc. Financial Technology - - -

11/20/2017 Ariett Business Solutions, Inc. AvidXchange, Inc. Enterprise Software - - -

11/17/2017 Viewics, Inc. Roche Holding AG Data & Analytics - - -

11/17/2017 WebTegrity LLC CloudCommerce, Inc. Marketing Software - - -

11/17/2017 Qvidian Corp. Upland Software, Inc. Enterprise Software 50.00 - -

11/17/2017 American Data Technology, Inc. 2ic Systems, Inc. Infrastructure/Hosting - - -

11/16/2017 1Linx Blockchain Technologies Corp. Global Remote Technologies Ltd. IT Security - - -

11/16/2017 GenAlpha Technologies LLC Greyrock Capital Group LLC Enterprise Software - - -

11/16/2017 Orange Parachute GreyCastle Security LLC IT Security - - -

11/15/2017 3DSIM LLC ANSYS, Inc. Other SaaS - - -

11/15/2017 Laser Network Solutions, Inc. New England Systems, Inc. (Connecticut) IT Services - - -

11/15/2017 Alpine Analytics, Inc. TIBCO Software, Inc. Data & Analytics - - -

11/15/2017 Medicat LLC Banyan Software, Inc. Other SaaS - - -

11/15/2017 Actiance, Inc. K1 Investment Management LLC Infrastructure/Hosting - - -

11/15/2017 Cleardigs, Inc. EasyKnock, Inc. Other SaaS - - -

11/15/2017 Headspace, Inc. Business Environment Ltd. Healthcare IT - - -

11/15/2017 NKP Medical Marketing, Inc. MB Growth Advisors, Inc. Marketing Software - - -

11/15/2017 Layer 3 Technology Avitus, Inc. IT Services - - -

11/14/2017 Grassworks Digital Baker Technologies, Inc. Marketing Software - - -

11/14/2017 Hospitality 101, Inc. Volaris Group, Inc. Other SaaS - - -

11/14/2017 Careform, Inc. Genstar Capital, LLC Other SaaS - - -

11/14/2017 Datashield LLC (Arizona) The ADT Corp. IT Security - - -

11/14/2017 Westcliff Technologies Northsight Capital, Inc. Financial Technology 54.30 - -

11/14/2017 Vikus Corp. Healthcaresource HR, Inc. Other SaaS - - -

11/14/2017 Innovolt, Inc. East West Manufacturing LLC Financial Technology - - -

11/14/2017 Jwaala LLC Battery Ventures Financial Technology - - -

11/13/2017 Secure-24 LLC NTT Communications Corp. Infrastructure/Hosting - - -

11/13/2017 495 Communications LLC Cardiff International, Inc. Marketing Software - - -

11/9/2017 Ajubeo LLC Green House Data, Inc. Infrastructure/Hosting - - -

11/9/2017 Swiftype, Inc. Elasticsearch Global BV Other SaaS - - -

11/8/2017 Sonian, Inc. Barracuda Networks, Inc. Infrastructure/Hosting - - -

11/8/2017 ABC Financial Services, Inc. Thoma Bravo LLC Financial Technology - - -

11/7/2017 SypherMedia International, Inc. INSIDE Secure SA IT Security 10.00 - -

11/7/2017 Cantaloupe Systems, Inc. USA Technologies, Inc. Financial Technology 84.81 - -

11/7/2017 Bytronics, Inc. IRTH Solutions LLC Other SaaS - - -

11/7/2017 Cloudmark, Inc. Proofpoint, Inc. IT Security 110.00 - -

11/7/2017 Applied Voice & Speech Technologies, Inc. StoneCalibre LLC Enterprise Software - - -

11/7/2017 Raizlabs Corp. Rightpoint Consulting LLC Other SaaS - - -

11/7/2017 Cast Feed Validator Blubrry Podcasting Infrastructure/Hosting - - -

11/6/2017 Realtech, Inc. Realtech, Inc. (Management) Other SaaS - - -

11/6/2017 Zyme Solutions, Inc. E2open LLC Data & Analytics - - -

11/6/2017 G-Five, Inc. Global Imaging Systems, Inc. IT Services - - -

11/6/2017 Swing Technologies, Inc. Microsoft Corporation (NasdaqGS:MSFT) Other SaaS - - -

11/2/2017 SV Crypto Lab 360 Blockchain, Inc. Financial Technology 2.67 - -

11/2/2017 VeloCloud Networks, Inc. VMware, Inc. Infrastructure/Hosting - - -

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA11/2/2017 Black Duck Software, Inc. Synopsys, Inc. Supply Chain Software 565.00 - -

11/2/2017 Premier Logic LLC ALTEN Calsoft Labs Data & Analytics - - -

11/2/2017 Tribe PM, Inc. PeopleVine, Inc. Other SaaS - - -

11/2/2017 Silexx Financial Systems LLC Cboe Global Markets, Inc. Financial Technology - - -

11/2/2017 Arrowpointe Corp. The Ascent Group LLC Other SaaS - - -

11/2/2017 WebLink International, Inc. MemberClicks LLC Marketing Software - - -

11/2/2017 Dominion Consulting, Inc. TeraThink Corp. IT Services - - -

11/1/2017 TelaPoint, Inc. TA Associates Management, L.P. Supply Chain Software - - -

11/1/2017 ITRenew, Inc. ZelnickMedia Corp. IT Security - - -

11/1/2017 Xcentric LLC Right Networks, LLC Other SaaS - - -

11/1/2017 LA Text Savings iVision Mobile, Inc. Marketing Software - - -

11/1/2017 FXdirect, Inc. FuseMind, Inc. Marketing Software - - -

11/1/2017 Closely, Inc. UpCurve, Inc. Other SaaS - - -

11/1/2017 NexLevel Information Technology, Inc. SDI Presence LLC IT Services - - -

11/1/2017 Results Based Outsourcing, Inc. Results Based Outsourcing, Inc. (Hansen) Other SaaS 0.19 - -

11/1/2017 Digital Media Academy SEB Sistema Educacional Brasileiro Ltda. Marketing Software 16.00 - -

11/1/2017 Artisan Value Advisors LLC Stambaugh Ness PC Enterprise Software - - -

11/1/2017 Financial Town LLC POPin Video Banking, Inc. Financial Technology - - -

11/1/2017 WUN Systems LLC Yardi Systems, Inc. Other SaaS - - -

10/31/2017 Data Transfer Solutions LLC SNC-Lavalin Group, Inc. Other SaaS 45.00 - -

10/31/2017 9Lenses, Inc. Astreya Partners, Inc. Other SaaS - - -

10/31/2017 Modestspark LLC SS&C Technologies Holdings, Inc. Financial Technology - - -

10/31/2017 Clinical Support Services, Inc. Medicine-On-Time LLC Healthcare IT - - -

10/30/2017 Xavient Information Systems, Inc. TELUS Corp. Other SaaS - - -

10/30/2017 SchoolMint, Inc. BV Investment Partners Other SaaS - - -

10/27/2017 Intercontinental Exchange, Inc. TMX Group Ltd. Financial Technology 460.90 - -

10/27/2017 Directworks, Inc. Ardian SA Other SaaS - - -

10/27/2017 Payline Data Services LLC Providence Equity Partners LLC Financial Technology - - -

10/26/2017 Datto, Inc. Vista Equity Partners IT Services - - -

10/26/2017 Logi Analytics, Inc. Marlin Management Co. LLC Data & Analytics - - -

10/25/2017 No Magic, Inc. Dassault Systèmes SA Other SaaS - - -

10/25/2017 SkyGiraffe, Inc. ServiceNow, Inc. (NYSE:NOW) Other SaaS 32.00 - -

10/25/2017 Paracosm, Inc. Occipital, Inc. Other SaaS - - -

10/24/2017 VOLT Information Sciences Inc. Keywords International Ltd. IT Services 66.40 - -

10/24/2017 nuTonomy, Inc. Delphi Automotive Plc Other SaaS 450.00 - -

10/24/2017 Resource Navigation, Inc. RAA Client Association Enterprise Software - - -

10/24/2017 Caradigm USA LLC (Identity & Access Management Business) Imprivata, Inc. IT Services - - -

10/24/2017 mProve Health, Inc. Genstar Capital, LLC Healthcare IT - - -

10/23/2017 BroadSoft, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) Enterprise Software 1,580.78 4.37x 54.48x

10/23/2017 Arimo, Inc. Panasonic Corp. Data & Analytics - - -

10/23/2017 Primescape Solutions, Inc. HighPoint Global LLC Other SaaS - - -

10/23/2017 Schechter Tech LLC Digi International, Inc. Other SaaS 120.00 - -

10/23/2017 TransMedia LLC iTeknik Holding Corp. Marketing Software - - -

10/23/2017 Bullhorn, Inc. Insight Venture Management LLC Enterprise Software - - -

10/23/2017 Global Technology Resources, Inc. AG Acquisition Group, Inc. Infrastructure/Hosting 22.16 - -

10/23/2017 Summit Group Software, Inc. TrueIT LLC IT Services - - -

10/19/2017 Trust Co. of America, Inc. E*TRADE Financial Corp. Financial Technology 275.00 - -

10/19/2017 Perspica Networks, Inc. Cisco Systems, Inc. (NasdaqGS:CSCO) Data & Analytics - - -

10/18/2017 Stockell Healthcare Systems, Inc. Medsphere Systems Corp. Healthcare IT - - -

10/18/2017 Gorman Health Group LLC New Mountain Capital LLC Healthcare IT - - -

10/17/2017 Deep Relevance, Inc. Coupa Software, Inc. IT Security - - -

10/17/2017 Manning Services, Inc. Intelligent Decisions, Inc. Other SaaS - - -

10/17/2017 ZOG Digital, Inc. Investis Ltd. Marketing Software - - -

10/17/2017 Beyond Vigilant LLC CI Capital Partners LLC Marketing Software - - -

10/17/2017 WePay, Inc. JPMorgan Chase Bank NA Financial Technology 220.00 3.81x -

10/17/2017 Clearlogin, Inc. Great Hill Partners LP IT Security - - -

10/16/2017 SeatAdvisor, Inc. Providence Equity Partners LLC Other SaaS - - -

10/16/2017 iMedicWare, Inc. ECL Group LLC Healthcare IT - - -

10/16/2017 Paradigm Ltd. (United States) Emerson Electric Co. Enterprise Software 510.00 - -

10/16/2017 ClearPath Holdings LLC Office Depot, Inc. IT Services 27.00 - -

10/13/2017 RISA Tech, Inc. Nemetschek SE Other SaaS 24.90 - -

10/13/2017 NeoSystems Corp. Novume Solutions, Inc. Enterprise Software 21.00 0.52x -

Date Target Buyer(s) SegmentAmount

($ in Mil)TEV/ Rev

TEV/

EBITDA10/13/2017 HAB, Inc. GI Manager LP Other SaaS - - -

10/12/2017 Survey Sampling International LLC Research Now Group, Inc. Data & Analytics - - -

10/12/2017 HCMS Group LLC UPMC WorkPartners Data & Analytics - - -

10/12/2017 Codiant Software Technologies Pvt. Ltd. YASH Technologies, Inc. Other SaaS - - -

10/12/2017 MOCAP Analytics, Inc. Sportradar US LLC Data & Analytics - - -

10/12/2017 Streamsend Email Marketing Service j2 Global, Inc. Marketing Software - - -

10/11/2017 Nominum, Inc. Akamai Technologies, Inc. Infrastructure/Hosting - - -

10/11/2017 Tea Leaves Health LLC Welltok, Inc. Marketing Software 90.00 - -

10/11/2017 Prognosis Health Information Systems LLC Intersouth Partners Enterprise Software - - -

10/11/2017 Workflex Solutions LLC NICE Ltd. (Israel) Infrastructure/Hosting - - -

10/11/2017 Precision IT Group LLC TAC Partners, Inc. IT Services - - -

10/11/2017 Med Help International, Inc. MDx Medical, Inc. Healthcare IT - - -

10/11/2017 AnchorOps, Inc. Fast Pay Partners LLC Financial Technology - - -

10/11/2017 Broadband Proliferation Partners LLC Deer Management Co. LLC Infrastructure/Hosting - - -

10/11/2017 JAMF Software LLC Vista Equity Partners Enterprise Software - - -

10/10/2017 GeoFields, Inc. Emerson Electric Co. Data & Analytics - - -

10/10/2017 eBureau LLC TransUnion Data & Analytics - - -

10/10/2017 Med Help International, Inc. MDx Medical, Inc. Healthcare IT - - -

10/9/2017 Rocana, Inc (Technology & Intellectual Property) Splunk, Inc. Data & Analytics - - -

10/9/2017 Siwel Consulting, Inc. (Reseller Business) Micro Strategies, Inc. IT Services - - -

10/9/2017 DRB Systems, Inc. New Mountain Capital LLC Enterprise Software - - -

10/6/2017 Cyence, Inc. Guidewire Software, Inc. IT Security 263.95 - -

10/6/2017 Neurensic, Inc. Trading Technologies International, Inc. Other SaaS - - -

10/5/2017 Onvia, Inc. Deltek, Inc. Other SaaS 60.98 - -

10/5/2017 Global Cash Card, Inc. Automatic Data Processing, Inc. Financial Technology 490.00 - -

10/5/2017 AppRiver LLC Marlin Management Co. LLC IT Security - - -

10/5/2017 e-Quantum, Inc. DemandBridge LLC Other SaaS - - -

10/5/2017 Global Institute of Forensic Research, Inc. Multi-Health Systems, Inc. Healthcare IT 2.39 - -

10/5/2017 Intralinks Holdings, Inc. SIRIS Capital Group LLC Enterprise Software 1,034.76 3.50x 26.02x

10/4/2017 Herelab, Inc. IIOT-OXYS, Inc. Other SaaS - - -

10/3/2017 FedBid, Inc. Compusearch Software Systems, Inc. Other SaaS - - -

10/3/2017 Tango Health, Inc. (Health Savings Account Business) WageWorks, Inc. Financial Technology - - -

10/3/2017 AltspaceVR, Inc. Microsoft Corporation (NasdaqGS:MSFT) Other SaaS - - -

10/3/2017 PaidSuite, Inc. Corsair Capital LLC Financial Technology - - -

10/3/2017 Body Labs, Inc. Amazon.com, Inc. Data & Analytics 100.00 - -

10/3/2017 TelePresence Technologies LLC Buffalo Pacific LLC Other SaaS - - -

10/3/2017 Strive Labs, Inc. WebPT, Inc. Healthcare IT - - -

10/3/2017 Falcon Subsidiary LLC (Platform Business) MEDecision, Inc. Healthcare IT - - -

10/3/2017 Expression Health Analytics LLC Trilliant Health, Inc. Healthcare IT - - -

10/2/2017 Associated Data Services, Inc. Asure Software, Inc. Data & Analytics - - -

10/2/2017 Novati Technologies LLC Skorpios Technologies, Inc. Other SaaS - - -

10/2/2017 Dynamo Software, Inc. Francisco Partners Management LLC Enterprise Software - - -

10/2/2017 8th Day Software & Consulting LLC Diplomat Pharmacy, Inc. IT Services - - -