Other Software Online Services IT Consulting/Outsourcing Application Software STRATEGIC ACQUISITIONS FINANCIAL

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1 Other Software Online Services IT Consulting/Outsourcing Application Software STRATEGIC ACQUISITIONS SAP America announced that it will acquire Concur Technologies for $8.3 billion in cash. Echelon Corporation announced that it has signed an agreement to sell its Grid operations to S&T AG for $6 million. FINANCIAL ACQUISITIONS Siris Capital Group announced its intention to acquire the Pulse Product Portfolio from Juniper Networks, Inc. for $250 million.

2 Deals Closed Date Target Buyer Transaction Comments Concur Technologies, Inc. Echelon Corporation's Grid Operations SAP America, Inc. S&T AG SafeNet, Inc. Gemalto NV Juniper Networks, Inc.'s Pulse Product Portfolio Siris Capital Group RelateIQ, Inc. Salesforce.com, Inc. SAP s subsidiary, SAP America, Inc., entered into an agreement to acquire Concur. With more than 23,000 customers, 4,200 employees and 25 million active users in over 150 countries, Concur is the leader in the multibillion market for travel and expense management software. Echelon Corporation, the open-interoperable control networking pioneer for the Industrial Internet of Things (IIoT), today announced that it has signed a definitive agreement to sell its Grid operations to S&T AG, a publicly traded European IT systems provider with an existing focus on smart energy products and services. Digital security company Gemalto NV is to buy SafeNet for $890 million, in a move that broadens the European company's data protection operations, including cryptographic systems used in cloud-based security, and expands its customer base to some of the largest U.S. companies. Siris Capital announced that it will acquire the Junos Pulse business from Juniper Networks, the industry leader in network innovation. Siris Capital will continue to operate Pulse Secure as an independent company with the mission to empower business productivity through secure and seamless mobility. Salesforce.com Inc. has agreed to acquire RelateIQ Inc., which automatically captures data from , calendars and smartphone calls, in a deal valued around $390 million. The acquisition fits well with recent smaller acquisitions (e.g., EdgeSpring, Inc.) that Salesforce.com has made around data Q1-Q Annualized Deals Capital Invested 100,000 80,000 60,000 40,000 20,000 - Capital Invested ($ in Mil) Q1 Q2 Q3 Q4

3 Market Cap Stock Price Price/ Price/ Price/ Price/ Company Symbol State ($ in Mil) Date Month Change YTD Change LTM EPS Book Rev EBITDA Attunity, Ltd. NasdaqCM:ATTU N/A $ 108 $ 7.1 (4.95%) (31.47%) NM 3.7x 3.0x 73.5x CA Technologies, Inc. NasdaqGS:CA NY $ 12,075 $ 27.1 (2.90%) (19.38%) 16.0x 2.1x 2.4x 7.5x China Finance Online Co., Ltd. NasdaqGS:JRJC N/A $ 131 $ 5.9 (14.26%) (6.36%) 55.2x 2.2x 1.4x NM egain Corporation NasdaqCM:EGAN CA $ 143 $ 5.6 (6.50%) (45.21%) NM 46.9x 2.0x NM Higher One Holdings, Inc. NYSE:ONE CT $ 113 $ 2.4 (4.05%) (75.72%) 7.0x 1.4x 0.9x 4.5x Shutterstock, Inc. NYSE:SSTK NY $ 2,510 $ 71.0 (0.50%) (15.08%) 99.5x 11.6x 8.1x 49.5x Splunk, Inc. NasdaqGS:SPLK CA $ 6,417 $ 53.5 (3.34%) (22.08%) NM 8.1x 15.2x NM Voltari Corporation NasdaqCM:VLTC NY $ 8 $ % (52.18%) NM NM 2.2x NM Oracle Corporation NYSE:ORCL CA $ 168,788 $ 38.1 (0.50%) (0.44%) 19.6x 3.6x 3.9x 8.9x Xoom Corporation NasdaqGS:XOOM CA $ 838 $ 21.9 (0.05%) (19.84%) NM 3.0x 4.5x 68.9x Average $ 19,113 $ 23.4 (2.84%) (28.78%) 39.5x 9.2x 4.4x 35.5x

4 Stock Price Delta Price/ Price/ Price/ Price/ Market Segment Market Cap Month YTD LTM LTM EPS Book Sales EBITDA Services $ 8,414 (1.4%) (7.7%) 1.4% 27.17x 4.49x 2.14x 11.85x IT Consulting $ 8,346 (1.3%) (7.8%) (1.1%) 25.62x 4.76x 1.46x 12.40x Online Services, Business $ 9,012 (1.9%) 1.7% 11.4% 59.04x 5.18x 3.89x 26.21x Online Services, Consumer $ 25,976 (2.2%) 8.7% 24.0% 41.84x 4.91x 4.61x 21.45x Entertainment Software $ 2,504 (1.2%) 20.8% 21.7% NM 0.65x NM NM Data Processing $ 9,021 (2.5%) (8.0%) 2.8% 28.05x 4.31x 2.69x 11.55x Systems Software $ 15,238 (1.1%) 9.5% 18.8% 51.72x 5.99x 5.01x 37.01x Industry Average $ 7,231 (1.6%) 3.4% 14.6% 53.12x 4.89x 7.97x 19.40x S&P 500 Average $ 35,807 (1.3%) 5.3% 10.8% 28.06x 4.29x 3.11x 11.39x

5 State Undisclosed $ 0-5 $5-10 $10-25 $25-50 $ $100+ AZ CO KS ND NE NM OK SD TX UT WY

6 Source: GF Data The information contained herein is based on sources we believe reliable but is not guaranteed by us and is not to be considered all inclusive. It is not to be construed as an offer or consultation of an offer to sell or buy any securities. Source: GF Data

7 Chris Bouck Principal Technology Team p: e. Cody Roth Analyst Technology Team p: e. Buy Side Running a proven process effective at generating responses, identifying off-the-radar opportunities, negotiating and closing accretive acquisitions. Private Capital Placement An effective and efficient process negotiating favorable debt and equity with the right capital partner for our clients. Sell Side Our process is designed to identify the right buyer and maximize shareholder value for our clients. AUGUST 2014 Address Website Phone 5613 DTC Parkway, Suite 820 Greenwood Village, CO