Q1 | 2019 - Dinan & Company, LLC · II. Dinan Index Constituents 5 III. Capital Market Activity 6 IV. Public Sector Valuations 9 V. Mergers and Acquisitions Overview 13 VI. First

March 2019

NORTH AMERICAN

IT SOFTWAREM&A Activity and Valuation Trends

Q1 | 2019

Robert UllmanManaging Director

[email protected]

William DowningManaging Director

[email protected]

Michael PucciAssociate Director

[email protected]

Michael HilcoveVice President

[email protected]

Michael ReisterAssociate

[email protected]

March 2019

I. Economic Indicators 3

II. Dinan Index Constituents 5

III. Capital Market Activity 6

IV. Public Sector Valuations 9

V. Mergers and Acquisitions Overview 13

VI. First Quarter Transactions Overview 14

VII. Dinan Capital Advisors 25

Section Page

Table of Contents

March 2019

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Major Indices Performance

S&P 500 Index (^SPX) - Index Value Dow Jones Industrial Average (^DJI) - Index Value NASDAQ Composite Index (^COMP) - Index Value Russell 2000 Index (^RUT) - Index Value

Economic IndicatorsMacroeconomic Overview

3

Major Economic Indicators Interest Rates

As of As of As of As of

Index 6/30/2018 9/30/2018 12/31/2018 3/31/2019

^SPX 2718.37 2913.98 2506.85 2834.40

^COMP 7510.30 8046.35 6635.28 7729.32

^DJI 24271.41 26458.31 23327.46 25928.68

^RUT 1643.07 1696.57 1348.56 1539.74

Interest Rates 6/30/2018 9/30/2018 12/31/2018 3/31/2019

United States Treasury - 2 Year 2.52% 2.81% 2.48% 2.27%




United States Prime Rate 5.00% 5.25% 5.50% 5.50%

Economic Indicator 2014 2015 2016 2017 2018

Real GDP (% change) 2.40% 3.00% 2.08% 2.30% 2.22%

CPI (% change) 1.62% 1.90% 2.38% 2.20% 1.91%

Cons. Spending (% change) 2.50% 2.90% 3.10% 3.30% 2.80%

Nonfarm Productivity 0.70% -2.20% 1.00% 1.50% 1.80%

Unemployment Rate 6.20% 5.80% 4.40% 4.10% 3.90%

Source: Capital IQ, S&P NetAdvantage

March 2019

7

6

9

Q1 2019 Public Offerings Count

$0-100MM $100-250MM $250MM+

4

The Technology Pulse Index is released monthly by the Federal Reserve to beused as an indicator for economic health in the technology sector. The index isdriven by investment in IT goods, consumption of personal computers andsoftware, employment in the IT sector, IT industrial production, and ITshipments.

The figure above represents the annual amount of money spent on IT across the world with projections for 2018.

Economic IndicatorsInformation Technology Data

Source: Capital IQ, U.S. Federal Reserve, Statista

70

75

80

85

90

95

100

105

2012 2013 2014 2015 2016 2017 2018 2019

Ind

ex P

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Year

U.S. Technology Pulse Index

$3,564$3,517 $3,537 $3,521

$3,760

$3,846

$3,300

$3,400

$3,500

$3,600

$3,700

$3,800

$3,900

2014 2015 2016 2017 2018 2019

IT S

pen

din

g (B

illio

ns)

Year

Global IT Spending

61

5


$0-100MM $100-250MM $250MM+

105

7


$0-100MM $100-250MM $250MM+

8

11

21


$0-100MM $100-250MM $250MM+

March 20195

Dinan Index ConstituentsIT Software

Industry Specific Solutions

Enterprise Resource Planning

Diversified Conglomerate

Data Storage

Data Analytics

Customer Relationship Management

Product Lifecycle Management

IT Security

Internet Services and Software

(Small/Mid Cap)

Internet Services and Software (Large Cap)

March 2019

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Dinan IT Software Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

6

Capital Market ActivityIT Software

Source: Capital IQ

Capitalization Number of % of Agg. Equity % of Agg. Equity

Profile Companies Companies Mkt. Value Mkt. Value

> $10B 36 56.25% $4,636,623.30 97.51%

$5B - $10B 10 15.63% $74,527.47 1.57%

$1B - $5B 16 25.00% $42,845.76 0.90%

< $1B 2 3.13% $1,068.36 0.02%

Total 64 100.00% $4,755,064.89 100.00%

March 2019

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Dinan Industry Specific Solutions Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan ERP Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Diversified Conglomerates Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Data Storage Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Data Analytics Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan CRM Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

7

Source: Capital IQ

March 2019

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Dinan Product Lifestyle Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan IT Security Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Internet Software & Services (Small/Mid Cap) Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

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Dinan Internet Software & Services (Large Cap) Index (Price) - Index Value S&P 500 Index (^SPX) - Index Value

Capital Market ActivityDinan Index Segments vs. S&P 500

8

Source: Capital IQ

March 2019

3.3x2.4x

3.3x2.4x

7.5x

5.5x6.5x

5.4x

3.5x 3.9x3.8x3.0x

2.5x3.2x

6.2x 6.5x

5.1x6.1x

5.1x4.3x

3.6x

6.9x

3.5x 3.7x

8.0x7.1x

6.5x

8.6x

6.2x 6.5x

3.7x

5.6x

3.4x4.0x

9.9x

6.8x7.7x 7.8x

5.4x

8.6x

0x

2x

4x

6x

8x

10x

12x

CustomerRelationshipManagement

Data Analytics Data Storage DiversifiedConglomerate

EnterpriseResource Planning

Industry SpecificSolutions

IT Security Internet andSoftware Services

(Large Cap)

Internet andSoftware Services(Small/Mid Cap)

Product LifecycleManagement

Historical TEV/Revenue by Segment

TEV/REV 3/31/2016 TEV/REV 3/31/2017 TEV/REV 3/31/2018 TEV/REV 3/31/2019

16.1x

10.4x

18.5x

8.8x

16.8x

30.9x

16.3x

32.3x

14.7x17.4x18.6x

13.3x 13.9x10.9x

21.2x

30.9x

23.0x

30.9x

12.0x

20.6x19.9x 18.1x

12.5x 12.0x

19.3x

39.8x43.6x

37.5x

16.2x

26.3x

19.1x 20.2x

14.1x 13.1x

29.1x 28.9x

37.5x

28.1x

7.5x

30.3x

0x

10x

20x

30x

40x

50x






(Large Cap)



Historical TEV/EBITDA by Segment

TEV/EBITDA 3/29/2016 TEV/EBITDA 3/29/2017 TEV/EBITDA 3/29/2018 TEV/EBITDA 3/29/2019

Public Sector Valuations IT Software

9

Source: Capital IQ

16.1x

10.5x

18.6x

8.9x

17.0x

31.3x

17.1x

32.5x

14.7x17.5x18.6x

13.3x 14.0x10.9x

21.1x

31.1x

23.7x

31.0x

12.1x

20.6x19.9x 18.1x

12.5x 12.0x

19.3x

39.8x43.6x

37.5x

16.2x

26.3x

19.1x 20.2x

14.1x 13.1x

29.1x 28.9x

37.5x

28.1x

7.5x

30.3x

0x

10x

20x

30x

40x

50x






(Large Cap)



Historical TEV/EBITDA by Segment

TEV/EBITDA 3/31/2016 TEV/EBITDA 3/31/2017 TEV/EBITDA 3/31/2018 TEV/EBITDA 3/31/2019

March 201910


Industry / Last Twelve Months Next Twelve Months

Company Name Ticker TEV (mm)Market Cap

(mm) Rev (mm) EBITDA (mm) EBIT (mm) TEV/Rev TEV/EBIT TEV/EBITDA Forward TEV/Rev Forward TEV/EBITDA

Customer Relationship Management

Alliance Data Systems Corporation NYSE:ADS $30,593.73 $9,273.53 $3,096.30 $1,864.20 $1,508.40 3.93x 20.28x 16.41x 3.83x 14.73x

Amdocs Limited NasdaqGS:DOX $7,110.42 $7,521.94 $4,009.18 $737.78 $524.32 1.77x 13.56x 9.64x 1.73x 8.18x

Jack Henry & Associates, Inc. NasdaqGS:JKHY $10,681.33 $10,707.48 $1,596.93 $490.89 $406.46 6.69x 26.28x 21.76x 0.00x 0.00x

salesforce.com, inc. NYSE:CRM $121,128.27 $122,103.27 $13,282.00 $1,524.00 $562.00 9.12x 215.53x 79.48x 7.54x 30.06x

Sykes Enterprises, Incorporated NasdaqGS:SYKE $1,179.49 $1,206.19 $1,625.69 $165.77 $92.41 0.73x 12.86x 7.15x 0.71x 6.31x

Verint Systems Inc. NasdaqGS:VRNT $4,307.22 $3,910.81 $1,229.75 $175.05 $117.37 3.50x 36.70x 24.61x 3.15x 13.04x

Median $8,895.87 $8,397.74 $2,360.99 $614.33 $465.39 3.71x 23.28x 19.09x 2.44x 10.61x

Data Analytics

Cloudera, Inc. NYSE:CLDR $2,461.50 $2,942.18 $479.94 -$153.54 -$170.96 5.13x NM NM 2.91x NM

EPAM Systems, Inc. NYSE:EPAM $8,417.50 $9,163.03 $1,842.91 $282.81 $245.76 4.57x 34.25x 29.76x 3.73x 21.08x

MicroStrategy Incorporated NasdaqGS:MSTR $906.34 $1,482.45 $497.64 $5.18 $3.98 1.82x 227.67x 174.87x 1.75x 34.71x

PROS Holdings, Inc. NYSE:PRO $1,536.39 $1,606.67 $197.02 -$37.17 -$49.12 7.80x NM NM 6.62x NM

Splunk Inc. NasdaqGS:SPLK $17,638.60 $18,699.28 $1,803.01 -$192.71 -$245.14 9.78x NM NM 7.95x 47.78x

Varonis Systems, Inc. NasdaqGS:VRNS $1,628.69 $1,787.77 $270.29 -$24.98 -$29.14 6.03x NM NM 5.42x 165.91x

Median $2,045.09 $2,364.97 $488.79 -$31.07 -$39.13 5.58x 130.96x 102.32x 4.58x 41.24x

Data Storage

CDW Corporation NasdaqGS:CDW $17,604.19 $14,172.09 $16,240.50 $1,252.90 $987.30 1.08x 17.83x 14.05x 1.02x 12.64x

Commvault Systems, Inc. NasdaqGS:CVLT $2,513.40 $2,971.35 $714.45 $44.96 $33.08 3.52x 84.53x 60.39x 3.31x 16.48x

Equinix, Inc. (REIT) NasdaqGS:EQIX $48,724.25 $37,997.92 $0.00 $2,239.56 $1,005.78 9.61x 48.44x 21.76x 8.77x 18.45x

Insight Enterprises, Inc. NasdaqGS:NSIT $2,313.17 $1,954.78 $7,080.14 $274.65 $237.19 0.33x 9.75x 8.42x 0.31x 7.73x

Iron Mountain Incorporated NYSE:IRM $18,204.78 $10,154.53 $2,622.46 $1,440.74 $796.36 4.31x 22.86x 12.64x 4.21x 12.22x

Pure Storage, Inc. NYSE:PSTG $4,589.39 $5,337.04 $1,359.82 -$100.98 -$169.26 3.37x NM NM 2.60x 24.79x

Median $11,096.79 $7,745.78 $1,991.14 $763.77 $516.77 3.45x 22.86x 14.05x 2.95x 14.56x

Source: Capital IQ

March 201911





Diversified Conglomerate

Alphabet Inc. NasdaqGS:GOOG.L $711,779.45 $816,907.45 $136,819.00 $40,421.00 $31,392.00 5.20x 22.67x 17.61x 4.38x 12.07x

Apple Inc. NasdaqGS:AAPL $923,970.44 $895,667.44 $261,612.00 $79,523.00 $67,970.00 3.53x 13.59x 11.62x 3.60x 12.35x

Adobe Inc. NasdaqGS:ADBE $130,943.65 $130,034.05 $9,552.01 $3,247.33 $2,832.47 13.71x 46.23x 40.32x 11.23x 24.68x

Cisco Systems, Inc. NasdaqGS:CSCO $222,940.48 $237,665.48 $50,825.00 $15,248.00 $13,448.00 4.39x 16.58x 14.62x 4.24x 11.88x

HP Inc. NYSE:HPQ $31,018.94 $29,795.94 $58,665.00 $4,853.00 $4,286.00 0.53x 7.24x 6.39x 0.53x 6.44x

International Business Machines Corporation NYSE:IBM $159,580.13 $125,560.13 $77,991.00 $16,710.00 $12,230.00 2.01x 13.05x 9.55x 2.04x 8.57x

Microsoft Corporation NasdaqGS:MSFT $862,670.85 $904,860.85 $118,459.00 $49,581.00 $38,884.00 7.28x 22.19x 17.40x 6.64x 15.55x

Xerox Corporation NYSE:XRX $11,701.64 $7,307.64 $9,562.00 $1,379.00 $978.00 1.19x 11.57x 8.29x 1.26x 6.71x

Median $159,580.13 $130,034.05 $58,665.00 $15,248.00 $12,230.00 3.53x 13.59x 11.62x 3.60x 11.88x

Enterprise Resource Planning

American Software, Inc. NasdaqGS:AMSW.A $288.78 $371.94 $111.80 $9.92 $6.88 2.58x 42.00x 29.13x 2.52x 18.17x

Intuit Inc. NasdaqGS:INTU $66,804.27 $67,724.27 $6,233.00 $1,779.00 $1,561.00 10.72x 42.80x 37.55x 9.68x 26.90x

Oracle Corporation NYSE:ORCL $200,421.20 $183,562.20 $39,831.00 $16,336.00 $14,301.00 5.03x 14.01x 12.27x 5.02x 10.77x

ServiceNow, Inc. NYSE:NOW $43,655.23 $44,491.45 $2,608.82 $108.18 -$41.43 16.73x NM NM 12.74x 46.90x

The Ultimate Software Group, Inc. NasdaqGS:ULTINasdaqGS:WDAY

$10,308.66$42,239.06

$10,458.61$42,812.70

$1,140.54$2,822.18

$122.97-$240.17

$83.66-$438.28

9.04x14.97x

123.23xNM

83.83xNM

7.55x11.88x

31.95x62.35xWorkday, Inc.

Median $42,947.15 $43,652.07 $2,715.50 $115.58 $45.27 9.88x 42.40x 33.34x 8.61x 29.42x

Industry Specific Solutions

ACI Worldwide, Inc. NasdaqGS:ACIW $4,351.34 $3,817.63 $1,009.78 $168.76 $125.91 4.31x 34.56x 25.78x 3.94x 13.76x

ANSYS, Inc. NasdaqGS:ANSS $14,528.59 $15,305.95 $1,293.64 $539.33 $480.07 11.23x 30.26x 26.94x 10.06x 22.19x

Blackbaud, Inc. NasdaqGS:BLKB $4,128.05 $3,771.61 $848.61 $133.47 $70.51 4.86x 58.55x 30.93x 4.64x 23.20x

Medidata Solutions, Inc. NasdaqGS:MDSO $4,272.09 $4,419.37 $635.70 $86.03 $50.99 6.72x 83.79x 49.66x 5.78x 23.59x

RealPage, Inc. NasdaqGS:RP $5,908.27 $5,539.46 $869.48 $140.63 $76.24 6.80x 77.50x 42.01x 5.96x 21.00x

SS&C Technologies Holdings, Inc. NasdaqGS:SSNCNYSE:TYL

$24,145.49$7,648.50

$16,056.19$7,827.09

$3,421.10$935.28

$1,100.30$191.86

$589.50$153.07

7.06x8.18x

40.81x49.97x

21.90x39.87x

5.09x7.02x

12.92x24.27xTyler Technologies, Inc.

Median $5,908.27 $5,539.46 $935.28 $168.76 $125.91 6.80x 49.97x 30.93x 5.78x 22.19x

Internet and Software Services (Large Cap)

Adobe Inc. NasdaqGS:ADBE $130,943.65 $130,034.05 $9,552.01 $3,247.33 $2,832.47 13.71x 46.23x 40.32x 11.23x 24.68x

eBay Inc. NasdaqGS:EBAY $38,304.66 $33,978.66 $10,746.00 $3,004.00 $2,308.00 3.56x 16.60x 12.75x 3.53x 10.18x

Facebook, Inc. NasdaqGS: FB $435,117.56 $475,731.56 $55,838.00 $29,228.00 $24,913.00 7.79x 17.47x 14.89x 6.31x 11.90x

Red Hat, Inc. NYSE: RHT $30,419.05 $32,294.14 $3,362.07 $655.18 $546.13 9.05x 59.39x 48.96x 7.85x 28.82x

Twitter, Inc. NYSE: TWTR $21,650.89 $25,139.61 $3,042.36 $771.32 $457.63 7.12x 47.31x 28.07x 6.21x 16.97x

Median $38,304.66 $33,978.66 $9,552.01 $3,004.00 $2,308.00 7.79x 46.23x 28.07x 6.31x 16.97x

Source: Capital IQ

March 201912





Internet and Software Services (Small/Mid Cap)

Grubhub Inc. NYSE:GRUB $6,438.20 $6,321.73 $1,007.26 $161.48 $97.34 6.39x 66.14x 39.87x 4.70x 25.75x

Shopify Inc. NYSE:SHOP $20,988.74 $22,968.00 $1,073.23 -$68.70 -$91.92 19.56x NM NM 14.08x NM

Shutterfly, Inc. NasdaqGS:SFLY $2,038.57 $1,384.46 $1,961.82 $271.88 $150.65 1.04x 13.53x 7.50x 0.95x 6.27x

TrueCar, Inc. NasdaqGS:TRUE $523.28 $696.42 $353.57 -$21.44 -$27.66 1.48x NM NM 1.40x 14.22x

Yelp Inc. NYSE:YELP $2,074.00 $2,829.86 $942.77 $49.70 $25.90 2.20x 80.09x 41.73x 2.03x 9.27x

Zillow Group, Inc. NasdaqGS:Z $6,366.80 $7,072.98 $1,333.55 $25.25 -$45.63 4.77x NM 252.11x 0.00x 0.00x

Median $2,074.00 $2,829.86 $1,007.26 $49.70 $25.90 2.20x 66.14x 39.87x 2.03x 11.74x

IT Security

Check Point Software Technologies Ltd. NasdaqGS:CHKP $18,007.69 $12,788.65 $1,916.48 $931.75 $913.77 9.40x 19.71x 19.33x 9.02x 17.37x

FireEye, Inc. NasdaqGS:FEYE $3,200.04 $5,895.38 $830.95 -$106.10 -$182.40 3.85x NM NM 3.61x 25.41x

Fortinet, Inc. NasdaqGS:FTNT $12,678.51 $4,097.95 $1,801.20 $286.70 $231.00 7.04x 54.89x 44.22x 6.07x 23.23x

ManTech International Corporation NasdaqGS:MANT $2,150.63 $1,098.76 $1,958.56 $165.31 $112.74 1.10x 19.07x 13.01x 1.02x 12.17x

Palo Alto Networks, Inc. NYSE:PANW $21,491.66 $6,462.91 $2,592.90 $83.70 -$40.60 8.29x NM 256.77x 6.89x 25.54x

Qualys, Inc. NasdaqGS:QLYS $2,970.63 $838.90 $278.89 $79.27 $50.36 10.65x 58.99x 37.48x 9.23x 23.93x

Symantec Corporation NasdaqGS:SYMC $17,161.60 $15,839.79 $4,752.00 $994.00 $616.00 3.61x 33.92x 19.41x 3.49x 7.99x

Median $12,678.51 $5,895.38 $1,916.48 $165.31 $112.74 7.04x 33.92x 28.45x 6.07x 23.23x

Product Lifecycle Management

ANSYS, Inc. NasdaqGS:ANSS $14,528.59 $7,025.70 $1,293.64 $539.33 $480.07 11.23x 30.26x 26.94x 10.06x 22.19x

Autodesk, Inc. NasdaqGS:ADSK $35,342.08 $12,847.14 $2,437.40 $119.90 $40.20 13.75x NM 294.76x 10.76x 39.82x

EPAM Systems, Inc. NYSE:EPAM $8,417.50 $2,055.77 $1,842.91 $282.81 $245.76 4.57x 34.25x 29.76x 3.73x 21.08x

Global Payments Inc. NYSE:GPN $26,361.32 $5,231.80 $3,366.37 $1,315.97 $793.16 7.83x 33.24x 20.03x 5.91x 16.49x

PTC Inc. NasdaqGS:PTC $11,411.00 $4,602.21 $1,269.87 $163.43 $110.42 8.99x 103.34x 69.82x 8.49x 29.23x

Synopsys, Inc. NasdaqGS:SNPS $17,190.60 $6,006.81 $3,172.03 $557.37 $420.81 5.42x 40.85x 30.84x 5.11x 19.10x

Tableau Software, Inc. NYSE:DATA $9,934.67 $4,847.96 $1,155.35 -$53.96 -$89.75 8.60x NM NM 7.27x 46.02x

Median $14,300.80 $5,039.88 $2,140.16 $223.12 $178.09 8.21x 37.55x 30.84x 6.59x 25.15x

Source: Capital IQ

March 2019

3.6x 3.1x 3.9x 4.1x 3.7x 4.0x5.2x

17.3x16.0x 16.1x

14.3x

19.1x18.0x

21.4x

0x

4x

8x

12x

16x

20x

24x

2013 2014 2015 2016 2017 2018 2019

Transaction Multiples

TEV/REV TEV/EBITDA

264 254 261 231 238 261 243 239 208 232 238 273 286

27 25 4439 35

4424 39

4052 49

3653

0

50

100

150

200

250

300

350

400

Q42015

Q12016

Q22016

Q32016

Q42016

Q12017

Q22017

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Tran

sact

ion

Co

un

t

Quarterly M&A Transactions

Strategic Financial

1234 1217 1191

8541098 1183

317

0

200

400

600

800

1000

1200

1400

2013 2014 2015 2016 2017 2018 2019YTD

Tran

sact

ion

Co

un

t

Yearly Transactions Overview

13

Mergers & Acquisitions OverviewIT Software

Source: Capital IQ

March 201914

First Quarter Transactions OverviewIT Software

Source: Capital IQ

Target LTM Enterprise Enterprise Value / LTM

Date Acquirer Target Industry Segment Revenue EBITDA Value Revenue EBITDA

3/31/19 Financial Information Technologies Lilypad Solutions, LLC IT Security - - - - -

3/31/19 DQPN LLC Foodstand, Inc. Industry Specific Solutions - - - - -

3/31/19 XCOM Labs, Inc. M87, Inc. Enterprise Resource Planning - - - - -

3/31/19 Private Investor Open Nuage Corp. Industry Specific Solutions - - $1.13 - -

3/31/19 Thoma Bravo, LLC ConnectWise, Inc. Enterprise Resource Planning - - - - -

3/29/19 Ascentis Corporation Integrated Time Systems, LLC Industry Specific Solutions - - - - -

3/29/19 Nativo, Inc. SimpleReach, Inc. IT Security - - - - -

3/29/19 Nickelodeon Global Network Mindful, Inc. Enterprise Resource Planning - - - - -

3/28/19 Togetherwork Holdings, LLC FILE990.ORG LLC Industry Specific Solutions - - - - -

3/28/19 InsightSoftware.com Limited BizNet Software, Inc. CRM - - - - -

3/28/19 Doxim Solutions ULC MessagingDirect Ltd. Internet Services (Small/Mid) - - - - -

3/28/19 TPC Training Systems, Inc. Intelivert Internet Services (Small/Mid) - - - - -

3/28/19 Palo Alto Networks, Inc. Demisto, Inc. Industry Specific Solutions - - $560.00 - -

3/27/19 ezCater, Inc. MonkeySoft Solutions Incorporated Internet Services (Large) - - - - -

3/26/19 Hospitality Management Solutions Venue Management System, inc. Industry Specific Solutions - - - - -

3/26/19 Aquicore, Inc. Entic LLC Industry Specific Solutions - - - - -

3/26/19 Appliqate Inc. NUI Social LLC Industry Specific Solutions - - - - -

3/26/19 Ryver, Inc. Deep Science AI Enterprise Resource Planning - - - - -

3/26/19 Carbonite, Inc. Webroot Inc. Industry Specific Solutions $215.00 - $618.50 2.88x -

3/25/19 Robinhood Markets, Inc. MarketSnacks Industry Specific Solutions - - - - -

3/25/19 Constellation HomeBuilder Systems NHGateway Inc. Product Lifecycle Management - - - - -

3/22/19 Community Brands Holdings, LLC Core-apps and TripBuilder Media Diversified Conglomerate - - - - -

3/21/19 ClickDimensions LLC Sweetspot Data Solutions Inc. CRM - - - - -

3/21/19 WolfePak Software, LLC LandPro Corp. Industry Specific Solutions - - - - -

3/20/19 Evolv Technologies, Inc. Sentient Technologies (USA) LLC Diversified Conglomerate - - - - -

3/19/19 Conversocial, Inc. Assist Megacorp, Inc. IT Security - - - - -

3/19/19 SquadUP Inc My Event Nation Data Analytics - - - - -

3/19/19 Okta, Inc. Azuqua, Inc. Data Analytics - - $52.50 - -

3/18/19 Dragos, Inc. NexDefense, Inc. CRM - - - - -

3/18/19 Curtiss-Wright Corporation Tactical Communications Group Industry Specific Solutions $15.00 - $50.00 3.33x -

March 201915


Source: Capital IQ



3/18/19 CCMC, Inc. Impact Financial Solutions Group Industry Specific Solutions - - - - -

3/17/19 iPipeline BlueSun Inc. Industry Specific Solutions - - - - -

3/17/19 Black Dog Venture Partners Chronic Internet INC. Diversified Conglomerate - - - - -

3/17/19 Allovue, Inc. Equiday, Inc. Industry Specific Solutions - - - - -

3/15/19 Private Investor KYC Technology Inc. IT Security - - $0.61 - -

3/15/19 Singularity Education Group Futurism, LLC Industry Specific Solutions - - - - -

3/14/19 Bruker Corporation Arxspan, LLC Product Lifecycle Management - - - - -

3/14/19 Omnitracs, LLC Blue Dot Solutions, Inc. Data Storage - - - - -

3/14/19 Infiniscene, Inc. The Arsenal Group, LLC CRM - - - - -

3/13/19 Funko, Inc. Stashpedia IT Security - - - - -

3/13/19 The Pursuant Group, Inc. ADVIZOR Solutions, Inc. CRM - - - - -

3/13/19 Bridgeline Digital, Inc. Stantive Technologies Group Inc. CRM - - $3.91 - -

3/13/19 Inmar, Inc. YOU Technology, LLC Industry Specific Solutions - - $565.00 - -

3/12/19 SecureSky, Inc. EvengX, LLC Product Lifecycle Management - - - - -

3/12/19 InComm, Inc. Linq3 Technologies LLC Internet Services (Small/Mid) - - - - -

3/12/19 Hilco Streambank, Investment Arm Evacuation Complete LLC Industry Specific Solutions - - - - -

3/11/19 Securly, Inc. TechPilot Labs, Inc. Data Analytics - - - - -

3/11/19 MOURI Tech LLC RandomTrees LLC Industry Specific Solutions - - - - -

3/11/19 Willdan Group, Inc. The Weidt Group CRM - - - - -

3/8/19 Elemica, Inc. EMNS Inc. Industry Specific Solutions - - - - -

3/8/19 TriBuild, Inc. RADAR Construction Software, Inc. Product Lifecycke Management - - - - -

3/8/19 Dauntless Inc. Soro Software, Inc. Industry Specific Solutions - - - - -

3/7/19 Voyager HQ ATX Travel Tech Meetup Industry Specific Solutions - - - - -

3/7/19 Navis, LLC Cetus Labs, Inc. Internet Services (Small/Mid) - - $15.18 - -

3/7/19 Veritas Technologies LLC APTARE, Inc. Enterprise Resource Planning - - - - -

3/7/19 TIBCO Software Inc. SnappyData, Inc. Industry Specific Solutions - - - - -

3/7/19 Private Investor Floating Point FX, LLC IT Security - - - - -

3/7/19 Headspin Inc. Nimbledroid, Inc. Diversified Conglomerate - - - - -

3/7/19 Banyan Software Inc Lightspeed Data Solutions, Inc. Diversified Conglomerate - - - - -

3/7/19 PERQ Software, LLC ZentureTech LLC CRM - - - - -

March 201916


Source: Capital IQ



3/6/19 Ceridian HCM Holding Inc. Clearview Logix, LLC Diversified Conglomerate - - - - -

3/6/19 The Boeing Company ForeFlight, LLC Product Lifecycle Management - - - - -

3/6/19 IntegriChain Incorporated daVIZta, Inc. Industry Specific Solutions - - - - -

3/6/19 apilayer GmbH Docracy Inc. Internet Services (Small/Mid) - - - - -

3/6/19 Nxtsoft, LLC Integrated Legacy Solutions, LLC Enterprise Resource Planning - - - - -

3/6/19 Exxe Group Inc. VIP Digital Communities Holding Internet Services (Small/Mid) - - $8.00 - -

3/5/19 The Rocket Science Group, LLC LemonStand eCommerce Inc. Industry Specific Solutions - - - - -

3/5/19 The Meet Group, Inc. Initech, LLC Internet Services (Small/Mid) - - $13.80 - -

3/5/19 Ag Growth International Inc. IntelliFarms LLC Internet Services (Small/Mid) $11.00 - - - -

3/5/19 Financeware LLC QUODD Financial Information CRM - - - - -

3/5/19 DiscoverOrg, LLC Metrics Delivered LLC Data Analytics - - - - -

3/5/19 BankCard USA Merchant Services AgeChecker.Net Diversified Conglomerate - - - - -

3/5/19 Uniguest Inc. Touchtown, Inc. Product Lifecycle Management - - - - -

3/4/19 Slyce Acquisition Inc. Software Assets of hiku labs, inc. Industry Specific Solutions - - - - -

3/4/19 Nintex USA Inc. EnableSoft, Inc. Enterprise Resource Planning - - - - -

3/4/19 Multi Service Technology Solutions TicketRX CRM - - - - -

3/4/19 Wave Financial Inc. Every Inc. Internet Services (Small/Mid) - - - - -

3/4/19 Iridium Technology LLC Decision Pace Inc. CRM - - - - -

3/4/19 GSD Company Audaxium Inc. CRM - - - - -

3/4/19 SAGlobal Inc. LexisOne Industry Specific Solutions - - - - -

3/4/19 Circle Internet Financial Limited SeedInvest, LLC Industry Specific Solutions - - - - -

3/1/19 Verizon Communications Inc. ProtectWise, Inc. CRM - - - - -

3/1/19 National Information Solutions Coop Electrical Distribution Design, Inc. Industry Specific Solutions - - - - -

3/1/19 Stretto CINgroup Industry Specific Solutions - - - - -

3/1/19 Osceola Capital Management, LLC 360 Quote LLC CRM - - - - -

3/1/19 Comcast Corporation BluVector, Inc. Enterprise Resource Planning - - - - -

3/1/19 Ontario Teachers' Pension Plan Fleet Complete Industry Specific Solutions - - - - -

2/28/19 i3 Verticals, Inc. iGov Solutions LLC Industry Specific Solutions - - - - -

2/28/19 Dept Holding B.V. Rocket Insights, Inc. Internet Services (Small/Mid) - - - - -

2/28/19 Certify Inc. Chrome River Technologies, Inc. Industry Specific Solutions - - - - -

March 201917


Source: Capital IQ



2/28/19 Informatica LLC AllSight Intelligent 360 CRM - - - - -

2/28/19 Spotify Technology S.A. Anchor FM Inc. Internet Services (Small/Mid) - - - - -

2/28/19 Tyler Technologies, Inc. MicroPact Inc. Industry Specific Solutions $70.00 - $195.00 2.79x -

2/28/19 AHAlife Holdings Limited All Assets of Design Milk CRM - - $1.90 - -

2/28/19 Inside Secure S.A. Verimatrix, Inc. Industry Specific Solutions $78.70 $14.50 $155.90 1.98x 10.75x

2/26/19 NexTech AR Solutions Corp. Hoot Diversified Conglomerate - - - - -

2/26/19 ServiceMax, Inc. Zinc, Inc. Enterprise Resource Planning - - - - -

2/25/19 Agility Recovery Solutions, Inc. Preparis, Inc. Product Lifecycle Management - - - - -

2/25/19 Urban Compass, Inc. Contactually, Inc. Internet Services (Small/Mid) - - - - -

2/25/19 Atypon Systems Incorporated Authorea, Inc. /Manuscripts.app Ltd Industry Specific Solutions - - - - -

2/25/19 Ideanomics, Inc. Certain Assets of SolidOpinion Industry Specific Solutions - - - - -

2/25/19 CrossLink Professional Tax Tax Tech, Inc Enterprise Resource Planning - - - - -

2/25/19 Valsoft Corp GGGolf Inc Enterprise Resource Planning - - - - -

2/25/19 Eide Bailly LLP Tactical Cloud Internet Services (Small/Mid) - - - - -

2/22/19 Alight Solutions Carlson Management Consulting Diversified Conglomerate - - - - -

2/22/19 FST Camera Limited Mantis Software Platform CRM - - - - -

2/22/19 NCR Corporation Electronic Calculators, Ltd. Industry Specific Solutions - - - - -

2/22/19 Appriss Retail LP Software, Inc Product Lifecycle Management - - - - -

2/22/19 Fullsteam LLC Euclid Technology, LLC. CRM - - - - -

2/21/19 JFrog Ltd Shippable, Inc. Industry Specific Solutions - - - - -

2/21/19 Broadly Inc. Pumpkinhead, Inc. Industry Specific Solutions - - - - -

2/21/19 Instructure, Inc. Portfolium, Inc. Internet Services (Small/Mid) - - $42.86 - -

2/21/19 BlackBerry Limited Cylance Inc. Industry Specific Solutions $130.00 - $1,500.00 11.54x -

2/21/19 Capgemini SE Leidos Cyber, Inc. Industry Specific Solutions - - - - -

2/20/19 GiveSendGo LLC UJIMAA Business Alliance LLC Industry Specific Solutions - - - - -

2/20/19 Zix Corporation AppRiver, LLC Industry Specific Solutions - - $275.00 - -

2/19/19 Private Investor Avalara, Inc. Industry Specific Solutions $272.10 - $3,125.40 11.49x NM

2/19/19 ESC Corporate Services Ltd. Securefact Transaction Services Industry Specific Solutions - - $5.13 - -

2/19/19 TheSquareFoot, Inc. PivotDesk, LLC Industry Specific Solutions - - - - -

2/19/19 Kibo Software, Inc Certona Corporation IT Security - - - - -

March 201918


Source: Capital IQ



2/19/19 GTY Technology Holdings Inc. Bonfire Interactive Ltd. Industry Specific Solutions - - $108.00 - -

2/19/19 GTY Technology Holdings Inc. Open Counter Enterprises Inc. Industry Specific Solutions - - - - -

2/19/19 GTY Technology Holdings Inc. eCivis, Inc. Industry Specific Solutions $4.59 - $100.70 21.92x -

2/19/19 GTY Technology Holdings Inc. Sherpa Government Solutions LLC Industry Specific Solutions - - $10.00 - -

2/19/19 1176368 B.C. Ltd. Questica Inc./Questica USCDN Inc. Industry Specific Solutions - - - - -

2/18/19 GRYYT, LLC RALLY4, Inc. Industry Specific Solutions - - - - -

2/15/19 Micro Focus International plc Interset Inc. Industry Specific Solutions - - - - -

2/15/19 Singapore Post Limited Jagged Peak, Inc. Industry Specific Solutions - - $38.39 - -

2/15/19 Healthline Networks, Inc. Greatist, Inc. Industry Specific Solutions - - - - -

2/15/19 TransForce Group American Driver Network, LLC Internet Services (Large) - - - - -

2/15/19 The Nielsen Company (US), LLC Sorenson Media, Inc. CRM - - $11.25 - -

2/15/19 Vista Equity Partners LLC MINDBODY, Inc. CRM $228.91 - $1,829.33 7.99x NM

2/15/19 TransZap P2P Canada, Inc. Cortex Business Solutions Inc. Industry Specific Solutions $9.29 $1.42 $30.32 3.26x 21.36x

2/14/19 Winshuttle, LLC EnterWorks Acquisition, Inc. CRM - - - - -

2/14/19 Alpine SG, LLC 5 Marketing Technology Businesses CRM - - - - -

2/14/19 Avetta, LLC Browz, LLC Internet Services (Large) - - - - -

2/14/19 Epik Holdings Inc. BitMitigate Industry Specific Solutions - - - - -

2/13/19 Beijing Shiji Information Technology Touchpeak Software Inc. Industry Specific Solutions - - - - -

2/13/19 Ithaka Harbors, Inc. Reveal Digital, LLC IT Security - - - - -

2/13/19 nSight, Inc. RSI International Systems Inc. Industry Specific Solutions $3.57 - $4.60 1.29x NM

2/12/19 Import.io Ltd Connotate Technologies, Inc. Industry Specific Solutions - - - - -

2/12/19 Logi Analytics, Inc. Jinfonet Software, Inc. Industry Specific Solutions - - - - -

2/12/19 Celero Commerce LLC RazorSync, LLC Internet Services (Small/Mid) - - - - -

2/12/19 Private Investor Market Connections, Inc. Enterprise Resource Planning - - - - -

2/12/19 Underground Vaults & Storage, Inc. Corner Post Holdings, Inc. CRM - - - - -

2/12/19 Pareteum Corporation iPass Inc. Industry Specific Solutions $44.48 - $24.09 0.54x NM

2/11/19 ZenaPay Inc. PacePlus, Inc. Industry Specific Solutions $0.52 - $1.75 3.36x -

2/11/19 Chalice Wealth Partners LLC Succession Link, LLC Internet Services (Small/Mid) - - - - -

2/11/19 MobiTech International Inc. HailGo Data Analytics - - - - -

2/11/19 F&I Administration Solutions, LLC The StoneEagle Group Industry Specific Solutions - - - - -

March 201919


Source: Capital IQ



2/11/19 Jobvite, Inc. Canvas Talent, Inc. Industry Specific Solutions - - - - -

2/11/19 Bentley Systems, Incorporated SignCAD Systems, Inc. Industry Specific Solutions - - - - -

2/11/19 Qualys, Inc. Adya Inc. Data storage - - - - -

2/11/19 Cisco Systems, Inc. Singularity Networks, Inc. Internet Services (Small/Mid) - - - - -

2/8/19 TrueCar, Inc. Accu-Trade, LLC Internet Services (Small/Mid) - - $89.58 - -

2/8/19 Facebook, Inc. GrokStyle Inc. Enterprise Resource Planning - - - - -

2/8/19 Clearent, LLC Profit Strategies, Inc. Industry Specific Solutions - - - - -

2/8/19 The Rocket Science Group, LLC Sawa Industry Specific Solutions - - - - -

2/8/19 Trellance, Inc. OnApproach, LLC Diversified Conglomerate - - - - -

2/7/19 MRI Software LLC CTM Software, Corp. Data Storage - - - - -

2/7/19 Equisoft Inc. Les Solutions AGEman inc. CRM - - - - -

2/7/19 Scroll Nuzzel, Inc. Internet Services (Small/Mid) - - - - -

2/7/19 Hired, Inc. Py Learning, Inc. Industry Specific Solutions - - - - -

2/7/19 TAL Education Group Ready4, Inc. Industry Specific Solutions - - - - -

2/7/19 WeWork Companies Inc. Euclid, Inc. Internet Services (Small/Mid) - - - - -

2/7/19 EBSCO Information Services, Inc. Stacks Inc. Enterprise Resource Planning - - - - -

2/6/19 Travel Tripper, LLC Pegasus Solutions Companies Product Lifecycle Management - - - - -

2/6/19 OTC Markets Group Inc. Qaravan, Inc. Enterprise Resource Planning - - - - -

2/6/19 New Relic, Inc. Signifai Inc. Industry Specific Solutions - - $40.24 - -

2/6/19 Private Investor SIP.US, LLC Industry Specific Solutions - - - - -

2/6/19 Perforce Software Inc. Rogue Wave Software, Inc. Enterprise Resource Planning - - - - -

2/5/19 Vector-Solutions.com, Inc. Halligan, Inc. Data Storage - - - - -

2/5/19 Avalara, Inc. Technology and Team of Indix Data Storage - - - - -

2/5/19 Pegasystems Inc. All Assets of Infruid Labs Inc. Industry Specific Solutions - - - - -

2/5/19 BDC Capital Inc.; Vertu Capital Firmex Inc. Industry Specific Solutions - - - - -

2/5/19 Private Investor Translate.com LLC Data Analytics - - $0.85 - -

2/5/19 Red Clay Consulting, Inc. C3 Security Inc. Industry Specific Solutions - - - - -

2/4/19 R Systems, Inc. lnnovizant LLC Internet Services (Small/Mid) $3.20 - $4.00 1.25x -

2/4/19 ACL Services Ltd. Relational Security Corporation Data Analytics - - - - -

2/4/19 Minim Inc. MCP Networks Inc. Industry Specific Solutions - - - - -

March 201920


Source: Capital IQ



2/4/19 Microsoft Corporation DataSense of BrightBytes Inc. Internet Services (Large) - - - - -

2/4/19 IPKeys Power Partners, LLC SigmaFlow LLC Industry Specific Solutions - - - - -

2/4/19 ZX Ventures LLC RateBeer, LLC Industry Specific Solutions - - - - -

2/4/19 Vector Capital Aspect Software, Inc. CRM - - - - -

2/4/19 Silver Lake ServiceMax, Inc. Data Storage - - - - -

2/1/19 Fiverr International Limited ClearVoice, Inc. Industry Specific Solutions - - - - -

2/1/19 JV Venture Partners Ltd. Virtual Claims Adjuster Inc. Industry Specific Solutions - - - - -

2/1/19 Tyler Technologies, Inc. All The Assets of Civic Inc. Industry Specific Solutions - - $3.69 - -

2/1/19 BV Investment Partners Intelliteach, Inc. Industry Specific Solutions - - - - -

2/1/19 Farmhouse, Inc Westgate Acquisitions Corporation Enterprise Resource Planning - - - - -

2/1/19 Kofax, Inc. Nuance Document Imaging, Inc. Industry Specific Solutions - - $400.00 - -

2/1/19 Twilio Inc. SendGrid, Inc. Industry Specific Solutions $137.17 $6.64 $1,833.57 13.37x 276.02x

2/1/19 Emerson Electric Co. GE Intelligent Platforms, Inc. IT Security $210.00 - - - -

1/31/19 Zurich North America Sea Pine Technologies LLC IT Security - - - - -

1/31/19 EMS LINQ, Inc. Infinite Cohesion, LTD. Industry Specific Solutions - - - - -

1/31/19 Augury Inc. Alluvium, Inc. Data Storage - - - - -

1/31/19 Baffin Bay Networks AB Loryka Industry Specific Solutions - - - - -

1/31/19 Private Investor Catalyst Repository Systems, Inc. Industry Specific Solutions - - $75.00 - -

1/31/19 Synergy Commerce, LLC AthleteTrax, LLC Product Lifecycle Management - - - - -

1/31/19 Penske Media Corporation Rolling Stone, LLC Industry Specific Solutions - - - - -

1/31/19 Broadridge Financial Solutions, Inc. Pivotdata, LLC and Sol Hedge, LLC Industry Specific Solutions - - - - -

1/31/19 Ignite Technologies, Inc. ESW Capital Group CRM - - - - -

1/30/19 I.D. Systems, Inc. CarrierWeb LLC Industry Specific Solutions - - $3.50 - -

1/30/19 Culture Amp Pty Ltd Zugata, Inc. Data Storage - - - - -

1/29/19 Sophos Group plc DarkBytes, Inc. CRM - - - - -

1/29/19 FanAI Inc. Waypoint Media, LLC Industry Specific Solutions - - - - -

1/29/19 Blacksmith Applications, Inc. T-PRO Solutions, LLC Data Analytics - - - - -

1/29/19 ZephyrTel, Inc. Telco Business of ResponseTek CRM - - - - -

1/29/19 LumiereVR Retinad Virtual Reality inc. Enterprise Resource Planning - - - - -

1/28/19 Rockwell Automation, Inc. Emulate3d, Inc. Industry Specific Solutions - - - - -

March 201921


Source: Capital IQ



1/28/19 Ample Organics Inc. Last Call Analytics Inc. Industry Specific Solutions - - - - -

1/28/19 BCC Software, Inc. Satori Software, Inc. Industry Specific Solutions - - $70.00 - -

1/28/19 Enterprise Holdings, Inc. Deem, Inc. Application Software - - - - -

1/25/19 Guavus, Inc. SQLstream Incorporated Industry Specific Solutions - - - - -

1/25/19 Auction Mobility, LLC Paid Labs, Inc. Industry Specific Solutions - - - - -

1/25/19 FigBytes Inc. Unison Data Storage - - - - -

1/25/19 Volaris Group Inc. Distillery Solutions, Inc. Internet Services (Small/Mid) - - - - -

1/25/19 Morgan Stanley Private Equity Clarity Software Solutions, Inc. CRM - - - - -

1/24/19 Velt International Group Inc. Velt International Group Inc. CRM - - - - -

1/24/19 Black Mountain Systems, LLC Mariana Systems, LLC Industry Specific Solutions - - - - -

1/24/19 Microsoft Corporation Citus Data, Inc. Industry Specific Solutions - - - - -

1/24/19 Private Investor nextSource, Inc. Industry Specific Solutions - - - - -

1/24/19 TargetSolutions, Inc. Medteq Solutions CA Ltd. Industry Specific Solutions - - - - -

1/24/19 Akamai Technologies, Inc. Janrain, Inc. Diversified Conglomerate - - - - -

1/23/19 Cision Ltd. Trendkite, Inc. Industry Specific Solutions $25.40 - $221.10 8.70x -

1/23/19 Epic Games, Inc. Agog Labs Inc. Industry Specific Solutions - - - - -

1/23/19 Autodesk, Inc. BuildingConnected, Inc. Industry Specific Solutions - - $275.00 - -

1/23/19 SAP America, Inc. Qualtrics International Inc. Industry Specific Solutions $372.39 $11.62 - - -

1/22/19 Nutanix, Inc. Chromotif Inc. Internet Services (Small/Mid) - - - - -

1/22/19 j2 Global, Inc. iContact LLC Industry Specific Solutions - - $49.00 - -

1/22/19 SpotOn Transact, LLC Scape Networks, Inc. Industry Specific Solutions - - - - -

1/21/19 Bold Technologies Ltd. Secure Global Solutions, LLC Internet Services (Small/Mid) - - - - -

1/18/19 Burrana Inc. Collins Aerospace Enterprise Resource Planning - - - - -

1/18/19 Central Valley Angel Group Georama, Inc. Industry Specific Solutions - - - - -

1/18/19 ShopRunner, Inc. Precognitive, Inc. Industry Specific Solutions - - - - -

1/17/19 Tendril Networks, Inc. EEme, LLC Industry Specific Solutions - - - - -

1/17/19 Breazy, LLC JuiceDB.com Industry Specific Solutions - - - - -

1/17/19 Waitr Holdings Inc. BiteSquad.com, LLC Industry Specific Solutions - - $317.97 - -

1/16/19 Integrate, Inc. SR Solutions, Inc. CRM - - - - -

1/16/19 MediStreams, Inc. PaperHost.com, Inc. Diversified Conglomerate - - - - -

March 201922


Source: Capital IQ



1/16/19 Lionbridge Technologies, Inc. Gengo, Inc. Data Storage - - - - -

1/16/19 Chairish, Inc. Dering Hall, Inc. Industry Specific Solutions - - - - -

1/16/19 Ubiquity6, Inc. Pantheon Inc Industry Specific Solutions - - - - -

1/16/19 VAuto Inc. IReconcars, LLC Product Lifecycle Management - - - - -

1/16/19 Allied Dispatch Solutions, LLC Rapitow Corp. Industry Specific Solutions - - - - -

1/16/19 Private Investor Charlotte Lately, LLC Industry Specific Solutions - - - - -

1/16/19 Digital Air Strike Company Assets of Target Media Partners Industry Specific Solutions - - - - -

1/16/19 Digital Air Strike Company Assets of Libra System Inc Industry Specific Solutions - - - - -

1/16/19 Fullsteam Operations LLC Storage Commander Software LLC IT Security - - - - -

1/15/19 KPA, LLC COMPLI, Inc. Product Lifecycle Management - - - - -

1/15/19 Smartlink, LLC The Brogdon Group, Inc. Enterprise Resource Planning - - - - -

1/15/19 Culmen International, LLC Centrifuge Systems, Inc. Industry Specific Solutions - - - - -

1/15/19 Real Time Cases, Inc. Elearis® Inc. Industry Specific Solutions - - - - -

1/15/19 Where I Park Inc. GarageHop Inc. CRM - - - - -

1/15/19 Konica Minolta Business Solutions ThoughtTrace, Inc. Internet Services (Large) - - - - -

1/15/19 Emerald Coast By Owner DestinFlorida.com Enterprise Resource Planning - - - - -

1/15/19 DoubleMap, LLC Ride Systems, LLC Industry Specific Solutions - - - - -

1/15/19 MEDIA DO HOLDINGS Co.,Ltd. Myanimelist.net CRM - - - - -

1/15/19 LendingTree, LLC ValuePenguin Inc. Industry Specific Solutions - - $105.00 - -

1/14/19 Coinbase, Inc. Grafly Inc. Industry Specific Solutions - - - - -

1/14/19 Waterfield Energy Software, Inc. NeoFirma, Inc. CRM - - - - -

1/14/19 Salesforce.org roundCorner, Inc. CRM - - - - -

1/14/19 UrtheCast Corp. GEOSYS Inc. Industry Specific Solutions - - $20.00 - -

1/13/19 WorkJam, Inc. Technologies Peerio Inc. Industry Specific Solutions - - - - -

1/13/19 Companhia Brasileira de Tecnologia UniteU Technologies, Inc. Data Storage $9.00 - - - -

1/11/19 LAP GmbH Laser Applikationen LifeLine Software, Inc. Internet Services (Small/Mid) - - - - -

1/11/19 Bose Corporation ZiipRoom, Inc. Industry Specific Solutions - - - - -

1/11/19 Sonata Software North America Inc. Rezopia, Inc. Enterprise Resource Planning - - $0.75 - -

1/10/19 Luminate Capital Partners LiquidFrameworks, Inc. Diversified Conglomerate - - - - -

1/10/19 Brand Connections, LLC Chicago City Moms, Inc. Data Analytics - - - - -

March 201923


Source: Capital IQ



1/10/19 Vista Equity Partners LLC Apptio, Inc. Industry Specific Solutions $224.71 - $1,867.17 8.31x NM

1/10/19 Thoma Bravo, LLC Imperva, Inc. Diversified Conglomerate $351.76 - $1,814.70 5.16x -

1/9/19 Higher Ed Growth, LLC. CalmCircle, LLC Industry Specific Solutions - - - - -

1/9/19 Document Storage Systems, Inc. veEDIS Clinical Systems Industry Specific Solutions - - - - -

1/9/19 The Chamberlain Group, Inc. Tend Insights, Inc./Apigy Inc. CRM - - - - -

1/9/19 Ocean Group Inc. Techsol Marine, Inc. Diversified Conglomerate - - - - -

1/9/19 Elementor Ltd. Layers WP Industry Specific Solutions - - - - -

1/9/19 Tiger Global Management LLC Mobo Systems, Inc. Industry Specific Solutions - - - - -

1/9/19 InterMed Group, Inc. Horizon CSA, LLC Industry Specific Solutions - - - - -

1/9/19 Private Investor Vena Solutions Inc. CRM - - - - -

1/9/19 Smith Micro Software, Inc. ISM Connect, LLC Industry Specific Solutions - - $9.29 - -

1/8/19 Lovell Minnick Partners, LLC ATTOM Data Solutions Product Lifecycle Management - - - - -

1/8/19 Genpact Limited riskCanvas LLC IT Security - - - - -

1/8/19 Sophos Group plc Avid Secure, Inc. Data Analytics - - - - -

1/8/19 Plaid Inc. QUOVO INC. Industry Specific Solutions - - - - -

1/8/19 The Co-operators Group Limited Technicost Inc. Industry Specific Solutions - - - - -

1/8/19 Vector Solutions, Inc. CallBack Staffing Solutions, LLC Industry Specific Solutions - - - - -

1/8/19 CentralSquare Technologies Lucity, Inc. Product Lifecycle Management - - - - -

1/8/19 Continuum Managed Services, LLC BrightGauge Software, Inc. Industry Specific Solutions - - - - -

1/8/19 Imaging Solutions and Services, Inc. ISC Financial Systems, Inc. Internet Services (Small/Mid) - - - - -

1/8/19 ControlSoft, Inc. eSimulation, Inc./DxT3, Inc. Industry Specific Solutions - - - - -

1/8/19 Datamine Canada Inc Flairbase, Inc. Industry Specific Solutions - - - - -

1/8/19 Dassault Systèmes SE IQMS Inc. Industry Specific Solutions $56.00 - $425.00 7.59x -

1/8/19 Patriot One Technologies Inc. EhEye Inc. Industry Specific Solutions - - $2.71 - -

1/8/19 MedoveX Corp. Pulmonary Biomedical Services Internet Services (Small/Mid) - - - - -

1/7/19 AppFolio, Inc. Dynasty Marketplace, Inc. Industry Specific Solutions - - $60.00 - -

1/7/19 Standard Cognition, Corp. explorer.ai Inc. Industry Specific Solutions - - - - -

1/7/19 Gladson Interactive, Inc. EdgeAQ, LLC Industry Specific Solutions - - - - -

1/7/19 36Private Investorinsights.com Marketing Technology Concepts CRM - - - - -

1/4/19 Independence Holding Company My1HR, Inc. Industry Specific Solutions - - - - -

March 201924


Source: Capital IQ



1/4/19 QuickLogic Corporation SensiML Corporation Data Storage - - $1.37 - -

1/4/19 eLocal USA LLC CityGrid Media, LLC Industry Specific Solutions - - - - -

1/4/19 Midland Paper Company Inc. CohereOne, Inc. Internet Services (Small/Mid) - - - - -

1/4/19 Google LLC Superpod Industry Specific Solutions - - - - -

1/3/19 Deltek, Inc. AVITRU Product Lifecycke Management - - - - -

1/3/19 Neustar, Inc. TRUSTID, Inc. Industry Specific Solutions - - - - -

1/3/19 Private Investor Hortonworks, Inc. Industry Specific Solutions $327.58 - $2,005.42x 6.12x NM

1/2/19 SMS/8Private InvestorPrivate Investor, Inc. 10X People, LLC Industry Specific Solutions - - - - -

1/2/19 Blackbaud, Inc. YourCause, LLC Data Storage - - $157.00 - -

1/2/19 Quorum Information Technologies Inc. Oasis Auto Complete Systems Industry Specific Solutions - - $0.87 - -

1/2/19 Proxibid, Inc. Wavebid, Inc. Industry Specific Solutions - - - - -

1/2/19 Growflow Corp. SDY & Associates, LLC. Industry Specific Solutions - - - - -

1/2/19 Omega Research & Development, Inc. Dynamic Investing, LLC Industry Specific Solutions - - - - -

1/2/19 Centre Lane Partners, LLC Turning Technologies, LLC Industry Specific Solutions - - - - -

1/2/19 Medsphere Systems Corporation HealthLine Solutions, Inc. CRM - - - - -

1/2/19 Vector Capital Host Analytics, Inc. Data Storage - - - - -

1/1/19 Jams Media, LLC Rockman Communications, Inc. Industry Specific Solutions - - - - -

High $372.39 $14.50 $3,125.40 21.92x 276.02x

Low $0.02 $1.42 $0.61 0.54x 10.75x

Mean $116.68 $7.83 $342.88 6.47x 102.71x

Median $63.00 $6.64 $49.50 5.16x 21.36x

March 201925

The information and views contained in this report were prepared by Dinan Capital Advisors, LLC. (“Dinan”). It is not a research report, assuch term is defined by applicable law and regulations, and is provided for informational purposes only. It is not to be construed as anoffer to buy or sell or a solicitation of an offer to buy or sell any financial instruments or to participate in any particular trading strategyand is provided for informational purposes only. The information contained herein is believed by Dinan to be reliable, but Dinan makes norepresentation as to the accuracy or completeness of such information. Opinions, estimates and projections in this report constituteDinan’s judgment and are subject to change without notice. Also, past performance is not necessarily indicative of future results. Anyunauthorized reproduction of this information is strictly prohibited.

This report may contain references to registered trademarks, service marks and copyright owned by third-party information providers.None of the third-party information providers is endorsing the offering of, and shall not in any way be deemed an issuer or underwriterof, the securities, financial instruments or other investments discussed in this report, and shall not have any liability or responsibility forany statements made in the report or for any financial statements, financial projections or other financial information contained orattached as an exhibit to the report. For more information about the materials provided by such third parties, please contact us throughthe contact information provided on the following page.

Dinan Capital AdvisorsDisclaimer

March 201926

Dinan Capital Advisors

Dinan Capital Advisors delivers a highly tailored strategic approach for middle-market companies that seek to capitalize on mergerand acquisition transactions. Our services are comparable in scope to those employed by Wall Street investment banks for theworld's most profitable multinational corporations, while using methodologies, processes and cost-effective structures that makesense for middle-market companies.

Based on a highly structured process that leverages our experience, research capabilities, and proprietary technology platforms, weinitiate every engagement by first assessing the market climate, and then developing an understanding of the current situation andstrategic objectives of each company. From there, we partner with our clients to develop a plan that maximizes shareholder valueand delivers the optimal transaction outcome.

Dinan is the registered FINRA member broker-dealer division of the Dinan Group of Companies, responsible for executing thesecurities related transactions of the firm. The Dinan Group is a leading diversified financial services company with over 25 years ofadvisory and merchant banking experience dedicated to middle-market transactions.

For any query regarding this report, please contact:

Robert UllmanManaging Director

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William DowningManaging Director

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Michael ReisterAssociate

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Michael PucciAssociate Director

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Q1 | 2019 - Dinan & Company, LLC · II. Dinan Index Constituents 5 III. Capital Market Activity 6 IV. Public Sector Valuations 9 V. Mergers and Acquisitions Overview 13 VI. First

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