As we continue to be thematic in our approach at Falvey Partners, we've put together thought pieces on a few of the software sectors in our core focus areas, including Digital Marketing/Personalization, Human Capital Management, Cloud Middleware and Business Intelligence, among others. In the following market overviews, we outline relevant trends we identified, the most active consolidators and market maps of specific companies. More in depth reports and additional sector overviews can be found on our firm website at http://www.falveypartners.com/sector-overviews.

1. PRIVATE AND CONFIDENTIALTECHNOLOGY FOCUS. BROAD REACH. OPTIMAL RESULTS.
Firm Focus & Industry Overviews
Peter Falvey
Managing Director
peter.falvey@falveypartners.com
P. 1.617.598.0437
Jeffrey Monk
Analyst
jeffrey.monk@falveypartners.com
P. 1.617.598.0445
Jeffrey Cook
Vice President
jeffrey.cook@falveypartners.com
P. 1.617.598.0439

2. 2
Table of Contents
I. Our Focus & Approach
II. Relevant Industry Overviews

3. 3
I. Our Focus & Approach

4. 4
Falvey Partners Snapshot
FOCUS SELECT, RELEVANT TRANSACTION EXPERIENCE
December 2011
Has acquired
July 2012
Has been
acquired by
September 2011
Series D
Convertible
Preferred Stock
led by
September 2012
Has been
acquired by
A portfolio company of
July 2011
Has been acquired
by a portfolio
company of
April 2011
Has been
acquired by
July 2011
Has been
acquired by
February 2011
Growth equity
investment from
November 2010
Has received an
investment from
A portfolio company of
October 2010
PGI Notify and Send
platforms acquired by
August 2010
Series C
Convertible
Preferred Stock
Led by
SERVICES
 Sell-side or buy-side M&A
 Growth capital raising
 Board and corporate advisory
SECTOR
 Software / SaaS
 Tech-enabled business services
 IT services
 Internet / digital media
COMPANY TYPE
 $50M - $250M in enterprise value
 Growing, with established scale
 Profitable or near-term path to profitability
We are an entrepreneurial investment banking firm focused exclusively on capital
raising and M&A for leading software companies
 Founded in 2012 by Peter Falvey and key members of the Morgan Keegan / Revolution Partners team
 Falvey Partners professionals have closed dozens of software transactions representing billions of
dollars in transaction value
August 2004
Has been
recapitalized by
Sell-Side Advisor
Enterprise
Mobility Software
Provider
Project
Swift
Placement Agent
Web Infrastructure
Software Provider
Project
Anthem
Sell-Side Advisor
Project
Port
Content
Management
Software Provider
Placement Agent
Project
Leaf
Cloud Accounting
Software Provider
December 2012
Strategic Minority
Investment from
July 2011
Strategic minority
investment from

5. 5
We are Experts in Our Focus Sectors
We are thematic in our sector coverage, “placing our bet” on only a few sectors where
we are seen as thought leaders and maintain deep, extensive relationships
SOURCE OF OUR INDUSTRY EXPERTISE
Approach



Relevant Transactions: We have completed numerous, highly relevant deals in our
sectors and take-on impactful transactions that reinforce our reputation and leadership
with industry constituents
Intellectual Property: We create detailed, informed thought pieces on each sector that
we use as the basis of our interaction with companies, buyers, investors and analysts
Extensive Relationships: We invest significant time identifying leading companies,
forming relationships early on and acting as a resource throughout the companies’
lifecycle
 Meaningful Conversations with Buyers: We frequently have meetings with strategics
to do deep dives on our focus sectors, alerting them to trends and companies to watch,
allowing us to be up-to-speed on acquirers’ thoughts and action plans in each sector

6. 6
 Software covering all
aspects of managing
customer experience,
customer intelligence
and internal marketing
processes
 Applications for
developing, deploying
and managing all
aspects of cloud
software
 Software for K-12
learning and corporate
training including
learning management
systems, learning
content creation and
distribution
 Applications covering
the internal and external
social layer for
enterprise collaboration,
project management
and social networks
Our Focus Sectors
FALVEY PARTNERS’ FOCUS
DIGITAL MARKETING CLOUD INFRASTRUCTURE BI / ANALYTICS HUMAN CAPITAL MGMT.
E-DISCOVERY MOBILE E-LEARNING ENTERPRISE SOCIAL
 Software and services
covering all aspects of
the electronic discovery
reference model
including information
management, data
collection / preservation
and review and
analysis
 Consulting services to
help enterprises
integrate their
disparate legacy
systems with cloud
applications
 Applications for
managing, extracting
and analyzing
business data
 Software covering all
aspects of enterprise
mobility enablement
including MDM, MAM,
mobile security and
mobile application
development

7. 7
Our Past Deal Experience
SELECT TRANSACTION EXPERIENCE BY FALVEY PARTNERS PROFESSIONALS
April 2011
Has been
acquired by
July 2011
Has been
acquired by
July 2011
Has been acquired
by a portfolio
company of
February 2011
Growth equity
investment from
November 2010
Has received an
investment from
A portfolio company of
October 2010
PGI Notify and Send
platforms acquired by
July 2011
Has been
acquired by
March 2011
Has divested
its diagnostic
solutions unit
August 2010
Two divisions have been
acquired by a portfolio
company of
April 2010
Has been
acquired by
October 2009
Has been
acquired by
February 2010
Strategic minority
investment by
July 2009
Has been
acquired by a
portfolio
company of
June 2009
Has been
acquired by
August 2010
Series C
Convertible
Preferred Stock
Led by
February 2009
Series D
convertible
preferred stock
July 2006
Has been
acquired by
June 2006
Has been
acquired by
August 2006
Has been
acquired by
August 2006
Has been
acquired by
October 2007
Has been
acquired by
December 2007
Has been
acquired by
December 2007
Has been
acquired by
May 2008
Series D
convertible
preferred stock
December 2011
Has acquired
July 2012
Has been
acquired by
September 2011
Series D
Convertible
Preferred Stock
Led by
September 2012
Has been
acquired by
A portfolio company of

8. 8
Our Approach to Creating Intellectual Property in Sectors
We have invested significant time and resources to establish thought leadership and
mindshare with companies, buyers and investors in our chosen sectors
Thought
Leadership
• Extensive research
• Creation of thought pieces and
market maps
• Reference existing knowledge
and experience from prior
deals
• Distribute thought pieces to
relevant companies
• Form relationships early,
investing significant time as a
resource and trusted advisor
• Place our “bet” on a select few
• Distribute thought pieces to the
relevant consolidators
• Deep dives on the sector with
corporate development teams
• Facilitate introductions to
companies as appropriate
• Be seen as experts and be the
de facto choice when the time
is right
• Refine analysis and extend
leadership from conversations
and completed deals
Meet with
Leading
Companies
Conversations
with Buyers &
Investors
Relevant
Transactions

9. 9
Regular Interaction with Leading Strategic Buyers
We are constantly interacting with leading strategic buyers through deals we have in
market and in-depth discussions on sectors
SELECT CONVERSATIONS WITH STRATEGICS IN RECENT QUARTERS

10. 10
Examples of Thought Leadership
 Several leading prospects – continued
dialogue / meetings with management
 Introductions made for prospects to
relevant companies
 Several leading prospects – continued
dialogue / meetings with management
 Industry analysis sent to Gartner
 Introduction made to companies
Thought
Leadership
Establish
Relationships
with Leading
Companies
Conversations
with Buyers
Personalization Backend-as-a-Service
Relevant
Transactions

11. 11
II. Relevant Industry Overviews

12. 12
II. Focus Areas and Relevant Industry Overviews
Digital Marketing / Personalization

13. 13
Our Thoughts on the Market
 CMO influence is increasing: CMOs are wielding increasing purchasing power and
influence over marketing software solutions
 Marketing is increasing in complexity: The number of technologies in the marketing
stack has increased as CMOs are employing a growing number of best-of-breed solutions
− Growing number of digital touch points need to be managed – areas like mobile,
social, integrated analytics, and personalization make the creation of a marketing
solution much more challenging
 Emergence of platforms: Platform vendors pursuing full solution suites through organic
development and inorganic acquisitions
 M&A Activity Remains Strong: There has been a recent flurry of acquisitions, with the
consolidators paying healthy multiples to continue assembling their portfolios
− Recent high profile acquisitions include Oracle acquiring Responsys, Adobe acquiring
Neolane, SAP acquiring Hybris and Salesforce acquiring ExactTarget
We believe that M&A and investment activity seen in 2013 will accelerate as the
confluence of several trends will shape the digital marketing landscape

14. 14
Problems with Today’s Approach
Today, most personalization is done through extensive integration between
engagement applications and sources of marketing data
CRM
Content
Management
E-Commerce
Automation
E-mail
Marketing
Display
Ads
Analytics
Web /
Mobile
Social
Current
Multiple Integration Points
No System of Record
Current Approach• Extensive integration is not a sustainable way
forward as the complexity of the marketing stack
grows:
- More Data: The amount of data being tracked
(clicks, time spent on site, etc.) and the amount
generated is anticipated to increase 20x in the
next 5 years
- More Systems: Today, an enterprise runs, on
average, 30 marketing systems. This number has
doubled in the last 10 years
- More Silos: Valuable data is often siloed in each
application and unifying, cleansing and enriching
the data is necessary to take action
- More Cost: With stagnant budgets, more systems
and more data, extensive integration for each
incremental system is not sustainable

15. 15
Many Point Solutions and Few Suite Providers
SizeLargerSmaller
Point Solution Providers
Suites
Customer Experience / Touch Customer Intelligence Resource Mgmt / Workflow
External Internal

16. 16
Personalization Market Landscape
Testing
DataActionDataManagement
Personalization
Data Management & Enrichment Tag Management
eCommerce Optimization
Customer
Engagement
Data
Management
and Action
Marketing
Infrastructure
Testing Personalization eCommerce Optimization
Tag ManagementData Management & Enrichment
We view the following categories as the major components in an enterprise’s
marketing data stack

17. 17
Acquisition Portfolios of the Major Acquirers
Examining acquisition activity of the major acquirers highlights the trend towards
acquiring infrastructure and engagement assets
Infrastructure Applications Customer Engagement Data Management & Action
CRM Automation WCM eCommerce E-mail Social Web Testing Personalization
eCommerce
Optimization
Data
Management
Tag
Management
in 2013 for
$600M
in 2010 for
$240M
in 2013 for
$600M
in 2011 for
$400M
in 2010 for
$240M
in 2009 for
$1.8B
in 2011 for
$58M
in 2010 for
$480M
in 2010 for
$1.4B
in 2010 for
~$600M
in 2011 for
$1.5B
in 2012 for
$870M in 2011 in 2010 for $1B
in 2013 for
$1.5B
in 2012 for
$300M in 2011
in 2014 for
$400M
via ExactTarget
in 2013 for
$2.2B
in 2012 for
$689M via ExactTarget
in 2013 for
$1.3B
Acquirer

18. 18
Recent M&A Activity
The consolidators are paying attractive prices for the emergent leaders in digital
marketing to fill in product offering holes
Source: Company Press Releases, SEC Filings, Wall Street Research, CapitalIQ, Pitchbook
Target Acquirer Date EV Revenue / EV
Dec 2013 $1,500M 7.7x
Aug 2013 $21M N/A
Aug 2013 $1,500M 13.6x
Jul 2013 $600M 10.5x
Jul 2013 $316 2.x
Jun 2013 N/A N/A
Jun 2013 2,250M 7.1x
Jan 2013 N/A N/A
Dec 2012 N/A N/A
Dec 2012 $870M 9.7x
Oct 2012 $95.5M 8.7x
Oct 2012 $21M N/A
Jul 2012 $350M ~7.8x – 10x

19. 19
Target Date Amount / Total Raised Investors
November 2013 $27M / $49M Yahoo Japan, Baird Capital, Epic Ventures, Tomorrow Ventures, Others
November 2013 $2.2M / $84M Undisclosed
October 2013 $30M / $97M Peepul Capital, Norwest Venture Partners, Nexus Venture Partners
September 2013 $50M / $140M New Enterprise Associates
August 2013 $38M / $89.3M Sequoia Capital, Northgate Capital, Hummer Winblad, DAG Ventures
August 2013 $33M / $80M Goldman Sachs
July 2013 $40M / $75M Revolution Growth
May 2013 $3M / $73M Atlas Venture, Flybridge Capital Partners, Infocomm Investments
May 2013 $30M / $46M Northgate Capital, Singtel Innov8, Cross Creek, Trinity Partners
April 2013 $35M / $39M Benchmark Capital, Bain Ventures, Battery Ventures, Google Ventures
April 2013 $25M / $87M (Debt Financing) Escalate Capital Partners, Silicon Valley Bank
March 2013 $20M / $107M Temasek, SAP Ventures, Benchmark Capital
February 2013 $15M / $34M Bain Capital, TL Capital
February 2013 $2.2M / $48M Openview Venture Partners, Rose Tech Ventures
February 2013 $18M / $34M OpenView Venture Partners, Austin Ventures, InterWest Partners
January 2013 $60M / $79M Goldman Sachs, Arthur Ventures
November 2012 $25M / $69M Norwest Venture Partners, Nexus Venture Partners
November 2012 $20M / $38M New Enterprise Ventures, Sequoia Capital
November 2012 $30M / $69M Investor Growth Capital, Tenaya Capital, Northbridge Ventures
November 2012 $35M / $101M Altimeter Capital, Cross Creek Capital
Recent Investment Activity
High profile capital providers are showing interest in the broader marketing software
sector through significant investment
Source: Company Press Releases, SEC Filings, Wall Street Research, CapitalIQ, Pitchbook

20. 20
II. Focus Areas and Relevant Industry Overviews
Cloud Infrastructure / Middleware

21. 21
Our Thoughts on the Market
 Adoption growing: Enterprises have widely embraced the economic benefits of SaaS and IaaS
solutions and are quickly moving to middleware solutions as the technology matures and
provides an increasingly compelling value proposition
 The market is separating: We are beginning to see leaders emerge and break away in an
increasingly crowded market place
 Platforms are assembling: The universe is extremely fragmented from both a programming
language and solution perspective. Larger PaaS players (e.g. EngineYard) and major enterprise
vendors are beginning to build platforms through development and acquisition
− IaaS vendors moving up the stack, SaaS vendors moving down the stack to PaaS
 Investment and consolidation will continue: Recent acquisitions of Mashery and Layer7
provide a precedent for consolidation which we think will accelerate over the next 18 months
- Investment activity will focus on enabling leading platforms to consolidate and betting on
disruptive point solutions
- Acquisition activity will come from diverse industry sectors as larger vendors continue to
build out their cloud strategies
We expect the level of transaction activity in the broad cloud middleware sector to
accelerate in the coming year as vendors race to complete their technology stack

22. 22
Market Map for Application & Integration Platforms
Application / SuiteAPI Data
ScaleSmallLargeScaleSmallLarge
APPLICATION PAAS
INTEGRATION PAAS
PURE PLATFORM PLATFORM + DEV TOOLS
- Used for deployment and scaling of existing or new custom applications developed in-house
- Mainly in use in business environments where application development takes places in-house and
developers are looking to abstract the back-end
- Developers will typically need to adhere to an architecture specified by the PaaS vendor
- Front and back-end of application developed and
deployed in studio provided by vendor
- App development adheres to design templates
provided by vendor in visual studio
PaaS
Scale based on company funding and revenue, where available
Acquired

23. 23
Market Map for Point Solutions & Specialists
APP DEVELOPMENT & TESTING
- Tools for rapid application design, development and
testing prior to deployment through a platform
SECURITY & IDENTITY TOOLS
- Point solutions to manage private or public PaaS
security and user identity
DATABASE & ANALYTICS
- Outsourced database platforms and BigData
analytics platforms
BUSINESS PROCESS MANAGEMENT
- Supports software development and SOA by
providing defined, reusable business processes
MBAAS
- Mobile back-end-as-a-service
- Focused exclusively on the stacks used for mobile
applications
Security IdentityDevelopment Testing Data Analytics
Developer Enterprise
Scale based on company funding and revenue, where available
Acquired

24. 24
Application
PaaS
Integration
PaaS
Leading Cloud Infrastructure / Middleware Consolidators
Point Solution
PaaS
Diversified Technology Consolidators
Upgrading product offerings as software development shifts away
from legacy products to the new paradigm
While there will be interest in cloud middleware from diverse industry sectors, we
believe three main industry sectors will drive the consolidation
EXAMPLES OF PAAS CONSOLIDATORS

25. 25
Recent Acquisition Activity
Target Acquirer Date Solution
December 2013 Application PaaS
December 2013 MBaaS
November 2013 Integration PaaS
November 2013 IaaS and PaaS
October 2013 PaaS
September 2013 Application PaaS
August 2013 Application PaaS
July 2013 Integration PaaS
July 2013 Integration PaaS
June 2013 Application PaaS
June 2013 Application PaaS
June 2013 Application PaaS
April 2013 MBaaS
April 2013 Visual PaaS
April 2013 Integration PaaS
April 2013 Integration PaaS

26. 26
Recent Investment Activity
Target Date Solution Amt. / Total Raised Investors
Jan 2014 Application PaaS $25M / $38M Battery Ventures, Prime Ventures
Dec 2013 Application PaaS $16M / $32M Safeguard Scientifics, Ignition, NEA
Dec 2013 Integration PaaS $3.75 / $41 Ignition Venture Partners, Andreessen Horowitz
Sep 2013 Application PaaS Undisclosed Maxfield Capital
Sep 2013 Security $27M /$53.7M Sequoia Capital, Andreessen Horowitz, Greylock
Sep 2013 Security $6.5M / $43.6M Ignition Partners, Others
Jul 2013 Integration PaaS $35M / $120.8M BlackRock, Accenture, Others
Jul 2013 MBaaS $12.1M / $82.9M EDB Investments, Mayfield Fund, Others
Jul 2013 Application PaaS $2M / $16.9M Undisclosed
Jun 2013 Data & Analytics $3.5M / $15.6M Hummer Winblad Ventures,
Jun 2013 Application PaaS $3.4M / $3.4M Sierra Ventures, Andreessen Horowitz, Others
May 2013 Data & Analytics $12M / $15M Devonshire Investors, Rackspace, Toba, Others
May 2013 IaaS $10M / $14.3M Trinity Ventures, Juniper Networks, Seagate
May 2013 Application PaaS $9M / $9.7M Intel Capital, ACT VC, Kernel, VMWare
Apr 2013 Application PaaS $105M / $105M General Electric
Apr 2013 Application PaaS $7.5M / $18M Atlas Venture, Citrix, Maayan Ventures

27. 27
II. Focus Areas and Relevant Industry Overviews
Human Capital Management

28. 28
Human Capital Management Market Remains Active
 High-growth sector: Talent management continues to be a priority for executives and is
being driven by changes in how enterprises interact with human capital
 HR is increasing in complexity: The emergence of social media, collaboration and
mobility as enterprises continue to align with the ‘Web 2.0’ world creates more opportunity,
but also more challenges, for HR professionals
 Highly fragmented market: There is no clear leader in the market, with many point
solutions fighting for share, encouraging players to grow through acquisition
 Consolidation is starting: Much of the acquisition and investment activity has been
directed towards enabling and creating talent suites, as SaaS platforms are emerging as
early leaders, a trend we believe will continue in 2013
The human capital management sector has been one of the most active
investment and M&A markets in recent years and we expect the trend to continue

29. 29
SaaS Suite Vendors Dominate the Market
Source: Gartner, Forrester Research
FORRESTER WAVEGARTNER MAGIC QUADRANT
Although the market is saturated with many high profile point solutions, vendors
offering suites with depth, flexibility and ease-of-use are viewed as market leaders
 Leaders are consolidating to succeed
in this extremely competitive market
 Focused on SaaS suites with an offering
for both performance and learning

30. 30
Many Point Solutions and Few Suite Providers
ScaleLargerSmaller
POINT SOLUTION PROVIDERS
MARKET CONSOLIDATORS
Talent Acquisition HR Core Admin
Candidate-facing Internal
Talent Management
Employee-facing

31. 31
HCM Point Solutions Market Map
TALENT ACQUISITION
SOURCING RECRUITING + ONBOARDING
TALENT MANAGEMENT
PERFORMANCE + SUCCESSION TRAINING / LEARNING MANAGEMENT
HR CORE ADMINISTRATION
ScaleScaleScale
RECOGNITION / REWARDSPAYROLL / BENEFITS / TAX / COMPLIANCETIME + ATTENDANCE

32. 32
Recent Strategic M&A Activity
Source: Company Press Releases, SEC Filings, Wall Street Research, CapitalIQ, PitchBook
Target Acquirer Date Solution
February 2014 Talent search engine
February 2014 Online job search portal
October 2013 Talent acquisition and management software
August 2013 Online training for IT professionals
May 2013 Behavioral assessment solutions
December 2012 Time and attendance software for SMBs
September 2012 Online job search portal
September 2012 SaaS social recruiting and networking
September 2012 E-learning and talent management content provider
August 2012 SaaS solutions for recruiting and developing employees
June 2012 Video interviewing platform
April 2012 Performance and succession management software
March 2012 Workforce management software
March 2012 SaaS solutions for organizational change and growth
February 2012 On-demand talent management software
February 2012 Workforce management
February 2012 Workforce training software
= Falvey Partners acted as advisor: case study and process overview in rear of book

33. 33
Recent Investment Activity
Target Date
Amount / Total
Raised
Investors
Feb 2014 $750M (Recap) Blackstone, GIC
Feb 2014 $20M / $26M General Catalyst, KPCB
Feb 2014 $11M / $25M Accel-KKR, Norwest Venture Partners
Jan 2014 $4.5M / $9M Undisclosed
Oct 2013 $16M / $63.8M Starvest, Morgenthaler, Scale, C&B Capital, Intersouth, others
Oct 2013 $25M / $53.5M Sequoia Capital, ICG, Granite Ventures, Peterson Ventures
Sep 2013 $20M / $27.7M Highland Capital Partners
Aug 2013 $10M / $15.5M Rembrandt Venture Partners, The Mayfield Fund
Aug 2013 $16M / $203.5M Foundation Capital, Azure Capital Partners, Intel Capital, Others
Aug 2013 $2M / $3M IrishAngels
Jul 2013 $2.1M / $2.1M Venrock, Maverick Capital, Andreessen, General Catalyst
Jul 2013 $1M / $1M Andreessen, Kapor Capital, Founder Collective, Greylock
Jul 2013 $7M / $11.7M Edison Ventures, Carmel Ventures
Jul 2013 $5.3M / $8.2M Atlas Venture, Google Ventures, NextView Ventures
Jul 2013 $1.5M / $2.3M MMC Ventures
Source: Company Press Releases, SEC Filings, Wall Street Research, CapitalIQ, PitchBook

34. 34
II. Focus Areas and Relevant Industry Overviews
Business Intelligence / Analytics

35. 35
Overview
 Market evolving: Enterprises are moving away from legacy solutions and towards a growing
crop of disruptive vendors (e.g. Tableau, GoodData) addressing a new set of BI needs such as
mobile, BigData, cloud and social
 BI remains a top priority for IT: Having neglected BI spending over the past few years,
enterprises are refocusing on growth initiatives and upgrading to more robust BI solutions
- New cloud-based solutions touting ease-of-use will also extend the appeal of BI solutions to
the mid-market, who will play a major role in overall market growth
• Next-gen solutions are being funded: Disruptive vendors that are gaining traction are receiving
significant funding from VCs to take advantage of the market window
 Legacy players need to catch up: Larger legacy players (SAP, Oracle, IBM, etc.) will look to
acquire more nimble independent vendors in an effort to keep pace with the rapid evolution of the
BI analytics market
The BI analytics market is quickly moving to the “2.0” phase of its lifecycle which we
believe will usher in a wave of investment and consolidation activity

36. 36
Market Map
Scale based on company funding and revenue, where available
ScaleLargerSmaller
FunctionalityBI 1.0 BI 2.0
<$25M
$25M - $100M
$100M - $500M
$500M+

37. 37
M&A Interest Comes from Several Angles
DATA & INFRASTRUCTURE APPLICATION VENDORS
• Vendors controlling the data and infrastructure layer
• Focused on platform acquisitions to move up the technology
stack towards the application layer
• Enterprise application vendors
• Will look to acquire front-end solutions to broaden product
offering; pursue select vertical acquisitions
DIVERSIFIED TECHNOLOGY / FULL-STACK BI PURE-PLAY BI VENDORS
• Diversified technology vendors offering solutions across the BI
stack, from hardware to applications
• Will look to do technology tuck-ins as well as acquire platforms
• Independent BI vendors of scale looking to build BI product
offering across the technology stack
• More focused on tuck-in technology / functionality acquisitions

38. 38
Recent Acquisition Activity
Target Acquirer Date Solution
January 2014 Maker of scientific BI software
October 2013 Active subscriber intelligence platform
October 2013 Technology and personalized BI
September 2013 Predictive analytics and modeling
August 2013 Real-time operational intelligence
June 2013 Visual analytics and BI
June 2013 Custom analytics
June 2013 Streaming analytics software
May 2013 Advanced visualization for data
March 2013 Web and Social Media Analytics Technology
March 2013 BI and analytics software
February 2013 Process automation for BI software
October 2012 Big data search and analytics
September 2012 Personalized SaaS BI
August 2012 Big data analytics
June 2012 Metadata management
May 2012 Real-time network data analytics

39. 39
Recent Investment Activity
Target Date Amt. / Total Raised Investors
Feb 2014 $125M / $248M TPG Growth, Salesforce, Greylock, IVP, Mercato, others
Nov 2013 $4M / $4M Alven Capital Partners
Oct 2013 $7M / $27M Undisclosed
Sept 2013 $27.5M / $49M LLR Partners, Updata Partners
Aug 2013 $38M / $91.3M Sequoia, Northgate, Hummer Winblad, DAG Ventures
Jul 2013 $4.1M / $5.2M Columbus Nova Technology Ventures, Razor’s Edge, CIT
Jun 2013 $22M / $74M TOTSV Ventures, Adreessen Horowitz, General Catalyst
Jun 2013 $8M / $13.5M Draper Fisher Jurvetson, Atlas Venture
May 2013 $46M / $97M Bessemer, Norwest Ventures Partners, ONSET Ventures
May 2013 $12M / $18M Toba Capital, SAP Ventures
May 2013 $6.5M / $7.7M Trinity Ventures, SoftTech VC
May 2013 $254M (IPO) New Enterprise Associates was the seller
Apr 2013 $39M / $86.5M Investor Growth Capital, QuestMark Partners, Intel Capital
Apr 2013 $10M / $23.5M Battery Ventures, Opus Capital, Genesis Partners
Mar 2013 $2.5M / $10.6M Undisclosed
Feb 2013 $1M / $1M (Debt) Intel Capital, JMI Equity, Others

40. 40
II. Focus Areas and Relevant Industry Overviews
Enterprise Mobility

41. 41
Enterprise Mobility Will Continue to be an Active Sector in 2014
 Strong growth outlook: Enterprise mobility continues to be a major area of focus for enterprises
and the underlying macro drivers are undeniable
 Enterprises are demanding unified solution sets: The requirements of enterprise mobility
continue to evolve in lockstep with the industry: what started with a need for basic MDM / end-
point security has quickly spread to MAM, data security and deeper mobile security
 Large players will need to acquire to build solution sets: The exploding demand from
enterprises for a unified mobility solution will translate to consolidation and investment activity in
the industry
- We believe that the consolidation seen in the second half of 2012 and 2013 will continue to
play-out as the larger players in the space and tech consolidators round out their portfolios
- Many of the tech consolidators have fallen behind more acquisitive competitors and will
need to acquire to keep pace
We expect the level of investment and transaction activity in enterprise mobility to
continue into the coming year

42. 42
Market Divided Between Large Players and Point Solutions
Device FocusApplication / Data Focus
= Acquired / Operating Subsidiary
ScaleSmallerLarger
Market Solution
Scale based on available revenue figures and amount of funding raised

43. 43
Solution Landscape Among Large Strategics
Current EMM product portfolios are being assembled through partnerships and
acquisition. Consolidation activity will remain as companies bring capabilities in-house
Potential Buyer Deployment Products Customer Strength Major Partners
Cloud On-Premise MDM MAM Security App Dev. Analytics Content Enterprise SMB
Large, Diversified Enterprise Software Vendors
CA Technologies X X  
Dell    X Microsoft
EMC X X  X
HP   P A R T N ER  X F5 Networks
IBM X   X
Microsoft    
Oracle X   X
SAP X  P A R T N ER  X Appcelerator, Phonegap (Adobe), Sencha
Salesforce  X  
Infrastructure / Network Management
Aruba Networks   P A R T N ER   SOTI, MobileIron, JAMF Software
BMC Software   P A R T N ER P A R T N ER P A R T N ER P A R T N ER  X AirWatch
Cisco   P A R T N ER P A R T N ER P A R T N ER  X AirWatch, Good Technology, MobileIron, Zenprise
Citrix    
F5 Networks   P A R T N ER   AirWatch, MobileIron, Silverback MDM, Zenprise
Juniper Networks X   
LANDesk X  P A R T N ER   Kaspersky Labs
Palo Alto Networks   P A R T N ER P A R T N ER P A R T N ER   MobileIron, Zenprise
Research in Motion X   
VMware X  P A R T N ER P A R T N ER  X Cisco, Dell, F5 Networks, Symantec, McAfee
Security / Support Software
Absolute Software X  P A R T N ER P A R T N ER P A R T N ER P A R T N ER   Intel, McAfee, Microsoft, Qualcomm, Verizon
BeyondTrust X  P A R T N ER   IBM, Microsoft, Oracle, HP, McAfee, VMware
Kaseya    
LogMeIn X X X 
McAfee    
Symantec X   
Stronger Offering Acceptable Offering No Offering

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Enterprise Mobility Precedent Transaction
Strategics have been aggressively rounding out product offerings through acquisition,
acquiring targets at premium valuations
Target Acquirer Date Valuation* EV/Revenue*
January 2014 $1,540 N/A
November 2013 $300M - $325M 6.0x – 6.5x
November 2013 Undisclosed N/A
February 2013 $1,000M 14.3x
December 2012 $355M 15.4x
October 2012 $25M 31.3x
June 2012 $82M 4.1x
April 2012 $28M 28.0x
March 2012 $60M 12.0x
February 2012 $70M 23.3x
July 2010 $5.4B 4.5x
April 2010 $200M 6.7x
Median: 13.2x
Mean: 14.6x
* Data based on Falvey Partners’ and market estimates when not publicly disclosed
Source: SEC Filings, Company Press Releases, Wall Street Research, 451 Research, CapitalIQ

45. 45
II. Focus Areas and Relevant Industry Overviews
Other Focus Areas

46. 46
Additional Focus Areas
Outside of the sectors covered above, we focus on a few additional high profile
sectors and are continually expanding our reach
E-DISCOVERY E-LEARNING
 With legal / compliance areas becoming
more important areas for IT spending and
the amount of electronically stored
information growing exponentially, the e-
discovery market has attractive growth
drivers
 While not a hot market in recent years, the
space will consolidate, a function of client
needs and a fragmented, localized market
− Large enterprise software vendors
looking to acquire small e-discovery
point solutions to build solutions that
span the entire EDRM lifecycle
− The handful of strong, independent e-
discovery companies will have the
opportunity to consolidate subscale
local competitors
 The emergence of e-learning solutions has
rapidly taken market share from traditional
instructor-led training at both the K-12 and
corporate training levels
 The popularity of MOOCs has led to a sizable
amount of new companies emerging and
investment activity in the space (i.e. Coursera,
Udacity, Udemy)
 At the corporate level there has been a
convergence of e-learning with talent
management solutions to provide a platform
for full human capital management
− Oracle acquired Taleo which acquired
Vurv, Learn.com, Cytiva Software and
Jobpartners
− SAP acquired SuccessFactors which
had acquired Plateau Systems

47. 47
Additional Focus Areas (cont.)
MOBILE-BACKEND-AS-A-SERVICE ENTERPRISE SOCIAL SOFTWARE
 Relatively new technology, though new
companies have been popping up in the
space on a weekly basis
 A simpler, more cost effective way for
developers and enterprises to develop
mobile apps, MBaaS vendors are taking
market share from traditional MADP
vendors
 Much like PaaS of years ago, MBaaS
vendors must prove the technology is
enterprise-grade and scalable before
gaining mind share from potential
acquirers
 Facebook’s recent acquisition of Parse
($80M) and Paypal’s acquisition of
StackMob may provide a light tailwind for
activity
 The maturation of social media has
created a diverse landscape segmented
with numerous use cases of social media,
both internally (communication and
collaboration) and externally (marketing,
customer care)
 The vastness of segments in social
enterprise software has led to a dynamic
where only the large players with
platforms will be able to keep up with
everything to be competitive and must
build solution sets by acquiring point
solutions
 IBM, Jive and Communispace have
emerged as the early leaders of enterprise
social software market share