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Valuation-Model-RNOW

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					Open Items:
Consider doing a per-customer revenue number (can get count from Jefferies) and doing an attrition anlysis on it, Consider adding interactions d




Thesis Highlights
Co. raised Q4 guidance and pre-announced along with acquisition -- natural language search function. (With the addition of Q-go, RightNow CX
Turing profitable
Consumer bounce will bounce customers
sticky software
high in magic quadrant
Management: large inside ownership by CEO (?), disciplined approach to growth as opposed to SFSF. Greg Gianforte (I think CEO) has a 23.31



Bloomberg Notes:
Consensus analyst price target is 29.25 on average
Sales: 2011 mean estimate = $221.9M (high is $230M), 2012 mean estimate is $261.5 (high is $275M).
Operating Profit: 2011 mean estimate = $26.8M (high is $36M), 2012 mean estimate is $40.2M (high is $48.1M)
 Consider adding interactions data to show upside advantage, Consider adding stats from RNOW's key stats investor document.




addition of Q-go, RightNow CX elevates great service from the support page to the home page. Utilizing the Q-go Natural Language Search technology, the new RightNow CX




nforte (I think CEO) has a 23.31% ownership, per Bloomberg
chnology, the new RightNow CX Intent Guide understands the intent behind what website visitors are seeking and immediately delivers high-value, highly relevant content)
lue, highly relevant content)
                Capital Structure                     Financial Results for Fiscal Year Ending December 31,
                                                                        2009A       2010E       2011E     2012E
Stock Price                         $   25.69   Revenue               $ 152.7 $ 185.5 $ 226.2 $ 262.4
Shares Outstanding                       32.3              YoY Growth     8.7%      21.5%      21.9%      16.0%
Market Cap                              830.8   EBITDA                    19.6       29.3       39.2       64.0
Plus: Debt                              175.0              YoY Growth    408.8%     49.3%      33.7%      63.3%
Less: Cash & Cash Equiv.                278.9   EPS                       0.40       0.48       0.53       0.98
Enterprise Value                    $   726.9              YoY Growth       NM      21.3%       9.7%      85.5%
                                                Free Cash Flow            10.6       16.2       24.7       43.3
52 Wk. High                         $   28.55              YoY Growth     16.4%     53.2%      52.0%      75.5%
52 Wk. Low                              13.21
Current Price                           25.69   EBITDA Margin            12.9%      15.8%     17.3%      24.4%
52-Wk. Target                       $   31.00   Operating Margin          8.0%      11.4%     12.7%      19.7%
Upside %                                  21%   Net Income Margin         8.2%       8.3%      7.6%      12.3%
Income Statement                                                                                                                Fiscal Period Ending
                                        CY          CY          Q1          Q2          Q3         Q4E         CYE         Q1E           Q2E        Q3E        Q4E         CYE         Q1E         Q2E         Q3E         Q4E         CYE
                                    Dec-31-2008 Dec-31-2009 Mar-31-2010 Jun-30-2010 Sep-30-2010 Dec-31-2010 Dec-31-2010 Mar-31-2011 Jun-30-2011 Sep-30-2011 Dec-31-2011 Dec-31-2011 Mar-31-2012 Jun-30-2012 Sep-30-2012 Dec-31-2012 Dec-31-2012

Software, Hosting & Support         $    102.6     $   115.4   $   33.0    $   34.7    $   38.6    $   41.0    $   147.4   $   40.6    $   43.7    $   47.9    $   50.3    $   182.5   $   48.8    $   52.4    $   56.0    $   57.8    $   215.0
                      QoQ Growth             NM           NM        2.7%        5.2%       11.2%        6.2%          NM       -0.9%        7.5%        9.7%        5.0%          NM       -3.1%        7.5%        7.0%        3.2%          NM
                      YoY Growth          17.9%        12.5%       26.8%       26.6%       29.8%       27.4%       27.7%       20.0%       19.0%       18.0%       17.0%       23.8%       20.0%       20.0%       17.0%       15.0%       17.8%
Professional Services                     37.9          37.3        9.1         8.7        10.0        10.4         38.2       10.6        10.8        11.0        11.3         43.7       11.5        11.7        11.9        12.2         47.3
                      QoQ Growth             NM           NM       -3.5%       -3.9%       14.4%        4.2%          NM       2.0%        2.0%        2.0%        2.0%           NM       2.0%        2.0%        2.0%        2.0%           NM
                      YoY Growth          50.9%        -1.5%       -9.2%       -2.2%       11.2%       10.6%        2.4%       2.0%        2.0%        2.0%        2.0%        14.5%       2.0%        2.0%        2.0%        2.0%         8.2%
 Total Revenue                           140.4         152.7       42.1        43.5        48.6        51.4        185.5       51.2        54.5        58.9        61.6        226.2       60.2        64.1        68.0        70.0        262.4
                      YoY Growth          25.3%         8.7%       16.8%       19.6%       25.5%       23.6%       21.5%       21.7%       25.4%       21.3%       19.8%       21.9%       17.6%       17.7%       15.4%       13.8%       16.0%


Software, Hosting & Support               20.1          20.5        5.8         5.8         5.8         5.7         23.1        5.7         6.1         6.7         7.0         25.5        6.8         7.3         7.8         8.1         30.1
  % Software, Hosting & Support           19.6%        17.8%       17.5%       16.8%       15.0%       14.0%       15.7%       14.0%       14.0%       14.0%       14.0%       14.0%       14.0%       14.0%       14.0%       14.0%       14.0%
Professional Services                     29.8          26.0        7.2         7.3         8.3         8.5         31.3        8.7         8.9         9.0         9.2         35.9        9.4         9.6         9.8        10.0         38.8
        % Professional Services           78.7%        69.7%       79.5%       83.2%       82.8%       82.0%       81.9%       82.0%       82.0%       82.0%       82.0%       82.0%       82.0%       82.0%       82.0%       82.0%       82.0%
 Gross Profit                             90.6         106.2       29.1        30.4        34.5        37.1        131.1       36.9        39.5        43.2        45.3        164.8       44.0        47.2        50.3        51.9        193.5
                    Gross Margin          64.5%        69.6%       69.2%       69.9%       71.1%       72.2%       70.7%       71.9%       72.5%       73.3%       73.6%       72.9%       73.0%       73.6%       74.1%       74.2%       73.7%


Selling & Marketing                       65.2          61.7       18.0        18.1        19.2        20.0         75.3       19.5        20.7        22.4        23.4         86.0       22.9        24.4        25.8        26.6         99.7
                      % Revenue           46.4%        40.4%       42.7%       41.5%       39.5%       39.0%       40.6%       38.0%       38.0%       38.0%       38.0%       38.0%       38.0%       38.0%       38.0%       38.0%       38.0%
General & Administrative                  12.0          13.3        3.8         3.8         4.1         3.6         15.2        3.6         3.8         4.1         4.3         15.8        4.2         4.5         4.8         4.9         18.4
                      % Revenue            8.5%         8.7%       9.0%        8.7%        8.4%        7.0%         8.2%       7.0%        7.0%        7.0%        7.0%         7.0%       7.0%        7.0%        7.0%        7.0%         7.0%
Research & Development                    17.3          19.0        4.9         4.6         4.9         5.1         19.5        4.6         4.9         5.3         5.5         20.4        5.4         5.8         6.1         6.3         23.6
                      % Revenue           12.3%        12.5%       11.6%       10.5%       10.1%       10.0%       10.5%       9.0%        9.0%        9.0%        9.0%         9.0%       9.0%        9.0%        9.0%        9.0%         9.0%
 Total Operating Expenses                 94.5          94.1       26.6        26.4        28.2        28.8        110.0       31.2        32.9        35.3        36.7        136.2       32.5        34.6        36.7        37.8        141.7

 Operating Income                         (3.9)         12.1        2.5         4.0         6.3         8.3         21.2        5.7         6.6         7.9         8.5         28.7       11.5        12.5        13.6        14.1         51.8
                 Operating Margin         -2.8%         8.0%       5.9%        9.2%        13.0%       16.2%       11.4%       11.1%       12.1%       13.3%       13.9%       12.7%       19.0%       19.6%       20.1%       20.2%       19.7%


Interest Income/Expense, net                2.9          1.0        0.2         0.1         0.1         1.6          2.1        1.6         1.6         1.6         1.6          6.5        1.6         1.6         1.6         1.6          6.5

Pre-tax Income                             (1.0)        13.2        2.7         4.1         6.4         7.8         21.0        5.1         6.0         7.3         8.0         26.4       10.9        12.0        13.1        13.6         49.5

Income Tax Expense                          0.0          0.6        0.3         0.8         1.7         2.7          5.6        1.8         2.1         2.5         2.8          9.2        3.8         4.2         4.6         4.7         17.3
             Effective Tax Rate           -1.5%         4.4%       12.4%       20.5%       26.3%       35.0%       26.6%       35.0%       35.0%       35.0%       35.0%       35.0%       35.0%       35.0%       35.0%       35.0%       35.0%
Net Income (1)                            (1.0)         12.6        2.4         3.3         4.8         5.1         15.4        3.3         3.9         4.7         5.2         17.1        7.1         7.8         8.5         8.8         32.2

EPS - Basic                               (0.03)        0.40       0.07        0.10        0.15        0.16         0.48       0.10        0.12        0.15        0.16         0.53       0.22        0.24        0.26        0.27         0.98
Basic Shares Out                           32.7         31.8       31.9        32.0        32.1        32.2         32.2       32.3        32.4        32.5        32.6         32.6       32.7        32.8        32.9        33.0         33.0

EPS Fully Diluted                         (0.03)        0.39       0.07        0.10        0.14        0.15         0.46       0.10        0.11        0.13        0.14         0.48       0.19        0.21        0.23        0.23         0.86
Fully Diluted Shares Out                   33.2         33.0       33.4        33.4        33.7        34.1         34.1       34.6        35.1        35.6        36.1         36.1       36.6        37.1        37.6        38.2         38.2

(1) Net Income, excluding share-based compensation.
Balance Sheet                                                                                                           Fiscal Period Ending
                                        Q1             Q2             Q3             Q4             CY             Q1             Q2              Q3              Q4              CY             Q1              Q2              Q3
                                    Mar-31-2008    Jun-30-2008    Sep-30-2008    Dec-31-2008    Dec-31-2008    Mar-31-2009    Jun-30-2009     Sep-30-2009     Dec-31-2009     Dec-31-2009    Mar-31-2010     Jun-30-2010     Sep-30-2010
ASSETS
Cash And Equivalents                $       44.6   $       52.8   $       51.1   $       51.4   $       51.4   $       51.5   $       47.0    $       32.4    $       41.5    $       41.5   $       43.1    $       61.2    $       77.7
Short Term Investments                      36.6           41.5           46.4           34.4           34.4           36.5           42.8            60.6            55.0            55.0           55.3            38.2            31.3
Accounts Receivable                         35.1           33.4           32.5           40.2           40.2           27.1           33.9            32.3            32.4            32.4           29.7            32.6            34.9
Prepaid Exp.                                 3.3            3.1            3.0            2.2            2.2            2.3            2.2             2.9             2.4             2.4            3.8             4.0             3.6
Other Current Assets                         3.5            4.0            4.5            5.4            5.4            5.3            5.7             5.8             6.4             6.4            5.8             5.2             5.2
 Total Current Assets                      123.0          134.8          137.6          133.6          133.6          122.7          131.5           134.1           137.7           137.7          137.7           141.2           152.7

Property Plant and Equipment, net           10.8           10.8           10.4           10.1           10.1            9.2            9.8             9.8            10.1            10.1           10.2            10.9            11.1
Long-term Investments                       17.8           11.9            4.6            5.0            5.0            4.6            4.8               -               -               -              -               -               -
Other Intangibles                            7.6            7.2            6.8            6.4            6.4            6.1            5.7            11.2            11.1            11.1           11.7            12.6            13.4
Accounts Receivable Long-Term                8.1            5.7            4.4            3.5            3.5            2.8            2.2             1.4             1.1             1.1            0.8             0.5             0.1
Deferred Charges, LT                         2.0            2.3            2.6            2.8            2.8            2.3            2.8             2.8             3.5             3.5            3.5             3.4             3.9
Other Long-Term Assets                       0.4            0.5            0.9            0.9            0.9            1.2            0.8             0.9             0.9             0.9            1.1             1.3             1.0
Total Assets                               169.7          173.2          167.3          162.3          162.3          148.9          157.6           160.3           164.4           164.4          164.9           169.9           182.2

LIABILITIES
Accounts Payable                             6.1            6.0            5.3            5.1            5.1            3.9            6.0             4.6             5.4             5.4            7.4             8.5             9.2
Accrued Exp.                                15.5           16.2           16.4           16.8           16.8           13.5           16.9            16.8            17.4            17.4           17.5            18.1            20.4
Curr. Port. of Cap. Leases                   0.0            0.0            0.0            0.0            0.0            0.0            0.0             0.0             0.0             0.0            0.0               -               -
Deferred Revenue                            73.6           76.7           72.0           77.6           77.6           72.9           76.0            75.6            74.4            74.4           68.1            86.9            88.7
 Total Current Liabilities                  95.3           98.9           93.8           99.5           99.5           90.3           98.8            97.1            97.3            97.3           93.0           113.5           118.2

Capital Leases                               0.1            0.0            0.0            0.0            0.0            0.0               -               -               -              -               -               -               -
Deferred Revenue                            38.1           39.3           37.2           35.6           35.6           30.3           28.1            28.3            26.9            26.9           27.6             7.9             5.4
Total Liabilities                          133.4          138.3          131.0          135.2          135.2          120.7          126.9           125.4           124.2           124.2          120.6           121.4           123.6

Common Stock                                 0.0            0.0            0.0            0.0            0.0            0.0            0.0             0.0             0.0             0.0            0.0             0.0             0.0
Additional Paid In Capital                  97.1           99.2         101.3          102.6          102.6          104.3          107.3           109.4           112.4           112.4          115.7           118.7           125.4
Retained Earnings                         (60.3)         (63.5)         (64.9)         (64.2)         (64.2)         (63.0)         (62.9)          (61.0)          (58.3)          (58.3)         (57.8)          (56.4)          (53.5)
Treasury Stock                                 -              -              -         (13.2)         (13.2)         (15.0)         (15.0)          (15.0)          (15.0)          (15.0)         (15.0)          (15.0)          (15.0)
Comprehensive Inc. and Other               (0.5)          (0.8)          (0.2)            1.9            1.9            1.9            1.3             1.4             1.1             1.1            1.3             1.1             1.6
 Total Common Equity                        36.3           35.0           36.3           27.2           27.1           28.3           30.6            34.9            40.2            40.2           44.2            48.4            58.6

Total Liabilities And Equity               169.7          173.2          167.3          162.3          162.3          148.9          157.6           160.3           164.4           164.4          164.9           169.9           182.2
Statement of Cash Flows                                                                                                      Fiscal Period Ending
                                             Q1             Q2             Q3             Q4             CY             Q1             Q2             Q3             Q4             CY             Q1             Q2             Q3
                                         Mar-31-2008    Jun-30-2008    Sep-30-2008    Dec-31-2008    Dec-31-2008    Mar-31-2009    Jun-30-2009    Sep-30-2009    Dec-31-2009    Dec-31-2009    Mar-31-2010    Jun-30-2010    Sep-30-2010

Net Income                               $      (3.4) $        (3.1) $        (1.4)   $        0.7 $        (7.2)   $        1.3   $        0.0   $        2.0   $        2.6   $        5.9   $        0.6   $        1.4   $        2.9
Depreciation & Amort.                             2.0            1.9            2.0            1.9            7.8            1.9            1.7            1.8            2.1            7.5            2.1            1.9            1.8
Stock-Based Compensation                          1.3            1.9            1.5            1.3            6.0            1.5            2.7            1.9            1.7            7.8            1.8            1.8            2.2
Provision & Write-off of Bad debts                0.1            0.0            0.1            0.0            0.2            0.1            0.0            0.0            0.0            0.2            0.1            0.0            0.1
Change in Acc. Receivable                         7.4            4.1            1.1          (7.9)            4.8          13.6           (5.2)            2.3            0.5           11.2            2.4          (2.9)          (1.0)
Change in Acc. Payable                            1.8          (0.2)          (0.5)          (0.2)            0.9          (1.1)            1.9          (1.4)            0.8            0.2            2.0            1.1            0.6
Change in Unearned Rev.                         (3.4)            4.0          (3.6)            7.2            4.2          (9.4)          (2.0)          (0.6)          (2.9)         (14.9)          (4.6)          (0.2)          (2.9)
Change in Other Net Operating Assets            (2.0)              -          (0.5)            0.7          (1.8)          (2.9)            2.8          (1.1)          (0.6)          (1.8)          (0.8)            0.9            2.3
 Cash from Ops.                                   3.7            8.6          (1.3)            3.8          14.8             4.9            2.1            4.9            4.2           16.1            3.5            4.0            6.0

Capital Expenditure                             (1.5)          (1.5)          (1.3)          (1.4)          (5.7)          (0.7)          (1.8)          (1.1)          (1.9)          (5.5)          (1.6)          (2.2)          (1.6)
Sale of Property, Plant, and Equipment              -              -              -              -              -              -              -              -            0.0            0.0              -              -              -
Cash Acquisitions                                   -              -              -              -              -              -              -          (5.9)              -          (5.9)              -              -              -
Sale (Purchase) of Intangible assets                -              -              -              -              -              -              -          (0.2)          (0.4)          (0.6)          (1.0)          (1.3)          (1.1)
Invest. in Marketable & Equity Securt.          (2.0)            0.7            2.2          12.4           13.4           (2.3)          (6.1)         (13.1)            5.6         (15.9)          (0.3)          17.1             6.9
  Cash from Investing                           (3.5)          (0.8)            0.9          11.0             7.7          (2.9)          (7.9)         (20.4)            3.2         (27.9)          (3.0)          13.6             4.2

Debt Issued                                         -              -              -              -              -              -              -              -              -              -              -              -              -
Debt Repaid                                         -              -              -              -              -              -              -              -              -              -              -              -              -
Issuance of Common Stock                          0.4            0.2            0.6            0.1            1.4            0.1            0.2            0.2            1.4            1.7            1.2            0.4            3.1
Repurchase of Common Stock                          -              -              -         (13.2)         (13.2)          (1.8)              -              -              -          (1.8)              -              -              -
Other Financing Activities                        0.1          (0.1)              -          (0.1)          (0.1)            0.1            0.0            0.1            0.0            0.2            0.3            0.8            1.5
  Cash from Financing                             0.5            0.2            0.6         (13.2)         (12.0)          (1.6)            0.2            0.3            1.4            0.2            1.5            1.2            4.6

Foreign Exchange Rate Adj.                        0.3            0.2          (1.8)          (1.3)          (2.6)          (0.3)            1.2            0.6            0.3            1.8          (0.4)          (0.7)            1.8
 Net Change in Cash                               0.9            8.2          (1.6)            0.3            7.9            0.1          (4.5)         (14.6)            9.2          (9.8)            1.6          18.1            16.5
Discounted Cash Flow Analysis
                                                 2011E             2012E           2013E             2014E           2015E       '11 - '15 CAGR

Total Revenue                                $      226.2      $      262.4    $        298.5    $      339.8    $      372.8            13.3%
                              Growth Rate           21.9%             16.0%             13.8%           13.8%            9.7%

Cost of Goods Sold                                   61.4              68.9              76.6            85.3            93.0

Gross Profit                                        164.8             193.5             221.9           254.6           279.8
                             Gross Margin           72.9%             73.7%             74.3%           74.9%           75.1%

Operating Income (EBIT)                              28.7              51.8              63.7            74.4            82.2
                          Operating Margin          12.7%             19.7%             21.3%           21.9%           22.1%

Income Taxes                                             9.2           17.3              20.9            24.7            27.4
                      Effective Tax Rate            32.2%             33.4%             32.9%           33.2%           33.4%

Net Profit After Taxes                               19.4              34.5              42.7            49.7            54.8

Plus: Depreciation                                   10.5              12.2              13.9            15.8            17.3
Less: Capital Expenditures                           13.9              11.0              13.4            15.6            17.5
Less: Working Capital Investment                     (8.6)             (7.6)             (7.6)          (12.9)          (10.3)
Free Cash Flow                                       24.7              43.3              50.8            62.8            64.9

Cost of Capital (WACC)

Equity                                                                         Capital Structure
Risk-free Rate (10-year Treasury)                    3.4%                      Equity                                   830.8
Beta                                                  0.97                     Debt                                     175.0
Equity Risk Premium                                  7.0%                      Total Capital                          1,005.8
Cost of Equity                                      10.2%                      Debt/Total Capital                       17.4%

Debt                                                                           WACC
Cost of Debt                                         2.5%                      Weighted Cost of Equity                   8.5%
Tax Rate                                            35.0%                      Weighted Cost of Debt                     0.3%
Cost of Debt (post-tax)                              1.6%                      Weighted Avg. Cost of Capital             8.7%

Per Share Valuation

PV of Projected FCF '11 - '15                       193.9
PV of Terminal Value @ 3% Growth                    803.8                                                                                         Terminal Growth   3.0%
Plus: Cash                                          278.9
Total Enterprise Value                            1,276.6
Less: Debt                                          175.0
Equity Value                                      1,101.6
Shares Out                                           32.3
Per Share Price                              $      34.06


Showing full year 2011 projections, but the present value calculations are excluding all free cash flow prior to the Valuation Date.
Beta and risk-free rates obtained from Bloomberg
Comparable Company Analysis - Trading Multiples
                                                                                                             Enterprise Value as a Multiple of:
                                    Stock Price                                                    Revenue                                        EBITDA                                 P/E                         P/E/G
Company Name                         1/21/2011      Equity Value       Enterprise Value    LTM                  FTM                   LTM                  FTM                 LTM                FTM                FTM
Ariba, Inc.                         $     23.60   $        2,202.3     $        2,001.4           5.5x                  5.3x                 61.5x                22.4x              131.1x             29.5x                 1.7x
Concur Technologies, Inc.                 51.43            2,695.2              2,292.7           7.8x                  6.5x                 35.3x                23.5x              131.9x             59.3x                 2.4x
Constant Contact, Inc.                    27.61              802.2                680.1           4.2x                  3.3x                 71.2x                21.4x                 NM              47.0x                 0.8x
Vocus, Inc.                               26.91              525.0                432.3           4.7x                  4.0x                191.7x                22.5x                 NM              36.8x                 1.8x
Taleo Corp.                               29.53            1,195.0                931.2           4.2x                  3.3x                 33.3x                18.1x              201.0x             35.5x                 1.5x
LogMeIn, Inc.                             40.67              963.2                807.1           8.9x                  7.0x                 44.9x                26.1x               55.2x             57.1x                 2.7x

Rightnow Technologies, Inc.               25.69               830.8              726.9            4.1x                  3.4x                 30.2x                18.9x               52.6x             42.7x                 1.6x

High                                                                                              8.9x                  7.0x                191.7x                26.1x              201.0x             59.3x                 2.7x
Mean                                                                                              5.9x                  4.9x                 73.0x                22.3x              129.8x             44.2x                 1.8x
Median                                                                                            5.1x                  4.7x                 53.2x                22.5x              131.5x             41.9x                 1.7x
Low                                                                                               4.2x                  3.3x                 33.3x                18.1x               55.2x             29.5x                 0.8x

Comparable Company Analysis - Operating Statistics
                                                                                   Margin                                                             1-Year Growth
Company Name                                      LTM Gross Profit       LTM EBITDA      NTM EBITDA      LTM Net Income         LTM Revenues           LTM EBITDA         LTM Net Income       Debt/Capital     NTM EPS Growth
Ariba, Inc.                                                   63.0%               9.0%           23.5%                 4.5%                  6.5%                -12.1%           100.0%                 0.0%                17.8%
Concur Technologies, Inc.                                     72.0%              22.2%           27.8%                 7.0%                 18.3%                  4.9%           -19.8%                26.3%                24.6%
Constant Contact, Inc.                                        70.7%               5.9%           15.4%                -0.3%                 38.2%                 65.4%               NM                 0.0%                58.3%
Vocus, Inc.                                                   80.7%               2.4%           17.7%                -4.4%                 11.6%                -55.4%               NM                 0.4%                20.5%
Taleo Corp.                                                   67.4%              12.7%           18.1%                 2.6%                 12.6%                 26.2%               NM                 0.0%                24.4%
LogMeIn, Inc.                                                 90.3%              19.9%           26.7%                20.1%                 28.8%                 63.0%           140.4%                 0.0%                21.0%

Rightnow Technologies, Inc.                                   69.5%                9.5%          17.1%                 4.3%                 19.4%                68.5%               89.4%              17.4%                26.8%

High                                                           90.3%             22.2%           27.8%                20.1%                 38.2%                 65.4%           140.4%                26.3%                58.3%
Mean                                                           74.0%             12.0%           21.5%                 4.9%                 19.3%                 15.3%            73.5%                 4.5%                27.8%
Median                                                         71.4%             10.9%           20.8%                 3.6%                 15.5%                 15.6%           100.0%                 0.0%                22.7%
Low                                                            63.0%              2.4%           15.4%                -4.4%                  6.5%                -55.4%           -19.8%                 0.0%                17.8%

All values in millions, except per share data and ratios.
Forward Revenue, EBITDA, and EPS estimates based on Wall Street Consensus.
Key Metrics

                                                        2008                                                           2009
                             Q1 2008    Q2 2008        Q3 2008     Q4 2008     FY 2008     Q1 2009       Q2 2009      Q3 2009
Interactions (in millions)        463        477            576         583        2,099        584           586          620
             QoQ Growth           NM          3.0%        20.8%         1.2%         NM           0.2%       0.3%         5.8%
             YoY Growth           NM            NM           NM           NM         NM          26.1%      22.9%         7.6%




                                                                    Interactions (millions)
                                        850                                                                                      811
                                                                                                                801     786
                                        800                                                               765
                                        750                                                        704
                                        700
                                        650                                                620
                                                                  576   583    584   586
                                        600
                                        550
                                        500      463     477
                                        450
                                        400
                                                 Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4   Q1   Q2   Q3   Q4
                                                2008 2008 2008 2008 2009 2009 2009 2009 2010 2010 2010 2010
2009                                                     2010
         Q4 2009      FY 2009     Q1 2010    Q2 2010    Q3 2010    Q4 2010    FY 2010
              704         2,494        765        801        786        811       3,163
              13.5%         NM        8.7%       4.7%      -1.9%       3.2%         NM
              20.8%      18.8%       31.0%      36.7%      26.8%      15.2%      26.8%




       811




        Q4
       2010
Ratios
                                           3 months      3 months      3 months      3 months      3 months      3 months
For the Fiscal Period Ending                      Q1            Q2            Q3            Q4            Q1            Q2
                                         Mar-31-2008   Jun-30-2008   Sep-30-2008   Dec-31-2008   Mar-31-2009   Jun-30-2009
Profitability
 Return on Assets %                           (6.2%)        (5.3%)        (2.9%)        (0.1%)         1.6%         (0.4%)
 Return on Capital %                         (28.4%)       (25.6%)       (13.8%)        (0.5%)         9.1%         (1.9%)
 Return on Equity %                          (36.5%)       (35.2%)       (16.3%)          8.7%        18.2%           0.5%
 Return on Common Equity %                    (0.0%)        (0.0%)        (0.0%)          0.0%         0.0%           0.5%

Margin Analysis
 Gross Margin %                                62.6%         63.5%         62.9%        66.1%         66.8%         68.9%
 SG&A Margin %                                 61.8%         61.1%         55.5%        53.5%         50.8%         55.6%
 EBITDA Margin %                              (7.0%)        (4.9%)          0.0%          5.1%         8.1%           4.1%
 EBITA Margin %                              (12.9%)       (10.4%)        (5.5%)          4.3%         2.8%         (0.6%)
 EBIT Margin %                               (12.9%)       (10.4%)        (5.5%)        (0.2%)         2.8%         (0.6%)
 Earnings from Cont. Ops Margin %            (10.3%)        (8.9%)        (4.0%)          1.9%         3.5%           0.1%
 Net Income Margin %                         (10.3%)        (8.9%)        (4.0%)          1.9%         3.5%           0.1%
 Net Income Avail. for Common Margin %       (10.3%)        (8.9%)        (4.0%)          1.9%         3.5%           0.1%
 Normalized Net Income Margin %               (5.5%)        (5.6%)        (2.5%)          2.4%         2.5%           0.2%
 Levered Free Cash Flow Margin %              (0.1%)          9.0%       (14.6%)        (4.5%)        15.8%           3.5%
 Unlevered Free Cash Flow Margin %            (0.1%)          9.0%       (14.6%)        (4.5%)        15.8%           3.5%

Asset Turnover
 Total Asset Turnover                           0.8x          0.8x          0.9x          0.9x          0.9x          0.9x
 Fixed Asset Turnover                          12.1x         13.0x         13.7x         14.1x         14.9x         15.3x
 Accounts Receivable Turnover                   3.5x          4.1x          4.4x          4.0x          4.3x          4.8x
 Inventory Turnover                              NA            NA            NA            NA            NA            NA

Short Term Liquidity
 Current Ratio                                  1.3x          1.4x          1.5x          1.3x          1.4x          1.3x
 Quick Ratio                                    1.2x          1.3x          1.4x          1.3x          1.3x          1.3x
 Cash from Ops. to Curr. Liab.                  0.2x          0.3x           NM           0.2x          0.2x          0.1x
 Avg. Days Sales Out.                          104.7          88.4          83.7          92.8          84.1          76.4
 Avg. Days Inventory Out.                        NA            NA            NA            NA            NA            NA
 Avg. Days Payable Out.                         38.9          42.9          38.7          39.1          33.8          39.8
 Avg. Cash Conversion Cycle                      NA            NA            NA            NA            NA            NA

Long Term Solvency
 Total Debt/Equity                             0.3%          0.3%          0.2%          0.3%          0.2%          0.1%
 Total Debt/Capital                            0.3%          0.3%          0.2%          0.2%          0.2%          0.1%
 LT Debt/Equity                                0.2%          0.1%          0.1%          0.1%          0.0%            NA
 LT Debt/Capital                               0.2%          0.1%          0.1%          0.1%          0.0%            NA
 Total Liabilities/Total Assets               78.6%         79.8%         78.3%         83.3%         81.0%         80.6%

 EBIT / Interest Exp.                            NM            NM            NM            NM            NM            NM
 EBITDA / Interest Exp.                          NM            NM           1.3x           NM            NM            NM
 (EBITDA-CAPEX) / Interest Exp.                  NM            NM            NM         106.8x           NM            NM
 Total Debt/EBITDA                               NM            NM           4.9x          0.0x          0.0x          0.0x
 Net Debt/EBITDA                                NM        NM        NM         NM        NM       NM
 Total Debt/(EBITDA-CAPEX)                      NM        NM        NM        0.0x      0.0x      NM
 Net Debt/(EBITDA-CAPEX)                        NM        NM        NM         NM        NM       NM

 Altman Z Score                                  2.1      2.33      1.61      1.63      2.15      2.48

Growth Over Prior Year
 Total Revenue                                28.0%     33.1%     23.9%     17.7%      9.5%      3.2%
 Gross Profit                                 27.5%     32.6%     20.2%     21.2%     17.0%     11.9%
 EBITDA                                          NM        NM        NM        NM        NM        NM
 EBITA                                           NM        NM        NM        NM        NM        NM
 EBIT                                            NM        NM        NM        NM        NM        NM
 Earnings from Cont. Ops.                        NM        NM        NM        NM        NM        NM
 Net Income                                      NM        NM        NM        NM        NM        NM
 Normalized Net Income                           NM        NM        NM        NM        NM        NM
 Diluted EPS before Extra                        NM        NM        NM        NM        NM        NM

 Accounts Receivable                         (19.1%)   (19.6%)   (10.7%)    (1.0%)   (22.6%)      1.5%
 Inventory                                        NA        NA        NA        NA        NA        NA
 Net PP&E                                       0.9%      2.9%    (0.7%)    (6.6%)   (15.0%)    (9.5%)
 Total Assets                                   0.5%      4.2%      2.6%    (6.6%)   (12.2%)    (9.0%)

 Tangible Book Value                         (17.8%)   (13.3%)    (3.3%)   (31.1%)   (22.6%)   (10.3%)
 Common Equity                               (16.5%)   (13.1%)    (5.4%)   (28.8%)   (22.0%)   (12.4%)
 Cash from Ops.                              (31.5%)     80.0%       NM    (46.5%)     33.1%   (75.7%)
 Capital Expenditures                        (23.4%)     11.8%    (8.1%)   (26.4%)   (55.1%)     22.2%
 Levered Free Cash Flow                          NM         NM       NM        NM         NM   (59.7%)
 Unlevered Free Cash Flow                        NM         NM       NM        NM         NM   (59.7%)
 Dividend per Share                               NA        NA        NA        NA        NA        NA

Compound Annual Growth Rate Over Two Years
 Total Revenue                                15.6%     14.4%       9.7%    12.0%     18.4%     17.2%
 Gross Profit                                  7.7%      9.1%       3.1%     9.2%     22.2%     21.9%
 EBITDA                                          NM        NM    (90.0%)       NM        NM        NM
 EBITA                                           NM        NM         NM       NM        NM        NM
 EBIT                                            NM        NM         NM       NM        NM        NM
 Earnings from Cont. Ops.                        NM        NM         NM       NM        NM        NM
 Net Income                                      NM        NM         NM       NM        NM        NM
 Normalized Net Income                           NM        NM         NM       NM        NM        NM
 Diluted EPS before Extra                        NM        NM         NM       NM        NM        NM

 Accounts Receivable                         (13.4%)   (12.1%)   (14.7%)   (13.0%)   (20.9%)    (9.7%)
 Inventory                                        NA        NA        NA        NA        NA        NA
 Net PP&E                                      27.7%     11.9%     10.7%      0.3%    (7.4%)    (3.5%)
 Total Assets                                  10.3%      9.1%      1.4%    (4.6%)    (6.1%)    (2.7%)

 Tangible Book Value                         (19.4%)   (12.8%)   (12.0%)   (26.7%)   (20.2%)   (11.8%)
 Common Equity                               (10.7%)   (12.9%)   (12.4%)   (24.3%)   (19.3%)   (12.7%)
 Cash from Ops.                              (22.1%)     11.8%       NM     (5.8%)    (4.5%)   (33.9%)
 Capital Expenditures                          15.5%    (26.1%)    13.4%    (29.3%)   (41.3%)    16.9%
 Levered Free Cash Flow                           NM      31.1%       NM        NM      10.1%       NM
 Unlevered Free Cash Flow                         NM      31.0%       NM        NM      10.1%       NM
 Dividend per Share                               NA         NA       NA         NA        NA       NA

Compound Annual Growth Rate Over Three Years
 Total Revenue                                 21.5%     18.7%      16.1%     13.7%    13.5%     10.5%
 Gross Profit                                  14.9%     12.0%       8.4%      8.4%    10.7%     10.0%
 EBITDA                                           NM        NM    (88.9%)   (19.2%)       NM        NM
 EBITA                                            NM        NM         NM   (21.2%)       NM        NM
 EBIT                                             NM        NM         NM        NM       NM        NM
 Earnings from Cont. Ops.                         NM        NM         NM   (38.6%)       NM        NM
 Net Income                                       NM        NM         NM   (38.6%)       NM        NM
 Normalized Net Income                            NM        NM         NM   (23.6%)       NM        NM
 Diluted EPS before Extra                         NM        NM         NM   (37.6%)       NM        NM

 Accounts Receivable                           11.6%      4.9%     (1.6%)     1.4%    (16.6%)    (7.8%)
 Inventory                                        NA        NA         NA       NA         NA        NA
 Net PP&E                                      30.7%     26.2%     22.8%     16.3%      11.5%      4.3%
 Total Assets                                  21.9%     19.2%     13.4%      9.5%       2.2%      2.7%

 Tangible Book Value                           (3.1%)    (6.3%)    (8.2%)   (21.6%)   (20.5%)   (12.0%)
 Common Equity                                   3.8%    (0.5%)    (3.0%)   (15.2%)   (14.6%)   (12.7%)
 Cash from Ops.                                  4.3%    49.5%         NM    (0.3%)    (6.9%)   (32.8%)
 Capital Expenditures                          12.1%     12.3%       5.3%    (5.9%)   (15.7%)   (12.7%)
 Levered Free Cash Flow                            NM    83.8%         NM       NM        NM    (11.6%)
 Unlevered Free Cash Flow                          NM    83.8%         NM       NM        NM    (11.6%)
 Dividend per Share                                NA        NA        NA        NA        NA        NA

Compound Annual Growth Rate Over Five Years
 Total Revenue                                 33.3%     33.7%     31.5%     27.7%     22.9%      19.7%
 Gross Profit                                  28.6%     29.5%     27.0%     24.5%     19.3%      16.7%
 EBITDA                                           NM        NM        NM        NM     29.9%       1.3%
 EBITA                                            NM        NM        NM        NM     44.3%         NM
 EBIT                                             NM        NM        NM        NM     44.3%         NM
 Earnings from Cont. Ops.                         NM        NM        NM        NM     73.6%    (43.7%)
 Net Income                                       NM        NM        NM        NM     73.6%    (43.7%)
 Normalized Net Income                            NM        NM        NM        NM     70.6%    (28.0%)
 Diluted EPS before Extra                         NM        NM        NM        NM     65.9%    (43.8%)

 Accounts Receivable                              NA        NA        NA     22.8%     11.3%     12.7%
 Inventory                                        NA        NA        NA        NA        NA        NA
 Net PP&E                                         NA        NA        NA     28.1%     23.2%     22.4%
 Total Assets                                     NA        NA        NA     40.8%     36.0%     33.2%

 Tangible Book Value                              NM        NA        NA        NM        NM        NM
 Common Equity                                    NM        NA        NA        NM        NM        NM
 Cash from Ops.                                44.7%     76.9%        NM     36.4%     71.1%      0.6%
 Capital Expenditures                          40.6%     35.6%     22.0%     23.6%     (2.1%)    16.6%
Levered Free Cash Flow     NA   NA   NA   NA   NM   (12.6%)
Unlevered Free Cash Flow   NA   NA   NA   NA   NM   (12.9%)
Dividend per Share         NA   NA   NA   NA   NA        NA
  3 months      3 months      3 months      3 months      3 months
         Q3            Q4            Q1            Q2            Q3
Sep-30-2009   Dec-31-2009   Mar-31-2010   Jun-30-2010   Sep-30-2010

      2.9%          2.7%          1.1%          3.3%          5.9%    NI/Sales                6.0%
     14.0%         11.5%          4.4%         12.0%         19.3%    Sales/Avg. Assets         1.1x
     24.0%         27.8%          5.5%         12.1%         21.6%    Avg Assets/Avg Equity     3.1x
     24.0%         27.8%          5.5%         12.1%         21.6%    ROE                      20%



     70.1%         69.4%         68.6%         69.3%         70.5%
     52.1%         52.5%         54.7%         53.2%         51.4%
      9.4%          9.2%           6.7%         9.4%         12.2%
      4.8%          8.1%           1.7%         5.1%          8.5%
      4.8%          4.2%           1.7%         5.1%          8.5%
      5.1%          6.3%           1.4%         3.2%          6.0%
      5.1%          6.3%           1.4%         3.2%          6.0%
      5.1%          6.3%           1.4%         3.2%          6.0%
      3.5%          4.1%           1.4%         3.2%          5.9%
      1.3%          2.1%         (6.0%)        41.0%          9.1%
      1.3%          2.1%         (6.0%)        41.0%          9.1%



       1.0x          1.0x          1.0x          1.0x          1.1x
      15.8x         16.7x         16.6x         16.6x         17.7x
       4.7x          5.1x          5.4x          5.6x          5.8x
        NA            NA            NA            NA            NA



       1.4x          1.4x          1.5x          1.2x          1.3x
       1.3x          1.3x          1.4x          1.2x          1.2x
       0.2x          0.2x          0.2x          0.1x          0.2x
       78.6          71.6          66.3          65.2          63.9
        NA            NA            NA            NA            NA
       41.8          36.3          43.8          54.4          56.8
        NA            NA            NA            NA            NA



      0.1%          0.1%          0.0%            NA            NA
      0.1%          0.1%          0.0%            NA            NA
        NA            NA            NA            NA            NA
        NA            NA            NA            NA            NA
     78.2%         75.5%         73.2%         71.5%         67.9%

        NM            NA            NA            NM            NA
        NM            NA            NA            NM            NA
        NM            NA            NA            NM            NA
       0.0x          0.0x          0.0x           NA            NA
      NM        NM        NM         NM         NM
     0.0x      0.0x      0.0x        NA         NA
      NM        NM        NM         NM         NM

     3.19      3.53      3.49       3.58       5.05



     6.9%    15.2%      16.8%      19.6%     25.5%
    19.0%    21.1%      20.0%      20.3%     26.3%
90,850.0%   106.7%     (3.5%)     173.2%     63.4%
       NM   118.7%    (27.5%)         NM    124.6%
       NM       NM    (27.5%)         NM    124.6%
       NM   276.7%    (53.7%)   3,800.0%     47.3%
       NM   276.7%    (53.7%)   3,800.0%     47.3%
       NM    97.1%    (35.3%)   1,696.0%    110.2%
       NM   261.8%    (50.0%)   3,474.6%     50.0%

   (0.6%)   (19.6%)     9.4%      (3.8%)      7.8%
       NA        NA       NA          NA        NA
   (5.7%)    (0.2%)    10.5%      11.0%      13.1%
   (4.2%)      1.3%    10.7%        7.8%     13.7%

  (19.8%)    40.0%      46.8%      44.0%     91.1%
   (3.9%)    48.0%      56.3%      58.0%     68.0%
      NM     10.8%    (28.2%)      92.9%     21.7%
  (13.4%)    35.5%    139.8%       19.0%     44.4%
      NM        NM         NM   1,295.9%    745.7%
      NM        NM         NM   1,293.9%    744.7%
       NA       NA         NA         NA        NA



   15.1%     16.4%     13.1%      11.1%       15.8%
   19.6%     21.1%     18.5%      16.0%       22.6%
      NM        NM        NM         NM    3,755.5%
      NM        NM        NM         NM          NM
      NM        NM        NM         NM          NM
      NM        NM        NM         NM          NM
      NM        NM        NM         NM          NM
      NM        NM        NM         NM          NM
      NM        NM        NM         NM          NM

   (5.8%)   (10.8%)    (8.0%)     (1.2%)      3.5%
       NA        NA        NA         NA        NA
   (3.3%)    (3.4%)    (3.1%)       0.2%      3.3%
   (0.8%)    (2.7%)    (1.4%)     (1.0%)      4.4%

  (11.9%)    (1.8%)      6.6%      13.7%     23.8%
   (4.7%)      2.7%    10.4%       17.7%     27.1%
    13.8%   (23.0%)    (2.2%)    (31.6%)        NM
(10.8%)    (0.1%)     3.8%     20.6%   11.8%
(67.7%)   (42.0%)       NM    137.1%      NM
(67.7%)   (42.0%)       NM    137.0%      NM
     NA        NA       NA        NA      NA



  8.8%     13.1%     17.9%    18.0%    18.4%
  8.1%     13.0%     21.4%    21.3%    21.8%
108.7%        NM        NM       NM       NM
    NM        NM        NM       NM       NM
    NM        NM        NM       NM       NM
    NM        NM        NM       NM       NM
    NM        NM        NM       NM       NM
    NM        NM        NM       NM       NM
    NM        NM        NM       NM       NM

(10.2%)   (15.3%)   (11.8%)   (7.7%)   (1.5%)
     NA        NA        NA       NA       NA
   4.9%      0.2%    (1.8%)     1.1%     1.9%
 (0.5%)    (2.7%)    (0.8%)     0.7%     3.8%

(14.7%)    (9.0%)    (2.3%)     3.9%   14.0%
 (9.6%)    (5.4%)      0.6%     6.4%   15.2%
(20.7%)    (0.5%)   (13.2%)   (5.5%)   16.3%
   3.6%   (12.1%)    (6.2%)   17.6%      4.7%
(29.2%)     10.3%        NM       NM   (4.1%)
(29.2%)     10.0%        NM       NM   (4.1%)
     NA        NA        NA       NA       NA



 18.7%     18.6%     18.1%    15.6%    16.0%
 16.4%     16.3%     16.3%    13.6%    13.9%
 10.4%     18.0%     16.7%    13.4%    15.0%
  4.6%     18.6%       5.8%   10.5%    14.9%
  4.6%      9.9%       5.8%   10.5%    14.9%
  6.4%     15.0%     (6.1%)   (2.1%)    4.3%
  6.4%     15.0%     (6.1%)   (2.1%)    4.3%
  7.8%     16.2%       1.6%     5.9%   12.9%
  3.7%     15.1%       0.0%   (4.4%)    5.2%

  6.5%      4.9%      3.3%     2.4%     0.4%
    NA        NA        NA       NA       NA
 19.6%     18.2%     16.0%    15.1%    14.6%
 14.5%     13.2%     12.0%    10.7%     9.7%

 (3.6%)    (0.6%)     0.7%     1.2%     3.4%
   3.5%      5.3%     6.4%     6.4%     8.0%
 35.8%       4.9%     1.6%     9.4%     2.6%
   2.5%    14.9%      8.7%    15.5%     7.8%
NM    (8.8%)   NM   103.5%   15.5%
NM   (13.6%)   NM   103.5%   15.5%
NA        NA   NA       NA      NA
Details
Template:                                Capital IQ Default Comps
Currency:                                US Dollar
As-Of Date:                              Jan-23-2011



Company Comp Set
Company Name                             5 Year Beta                       Basic EPS           Business Description   Day Close Price            Diluted EPS Excl. Extra
                                                                                                                                                 Items
Ariba Inc.                                                          0.85                 0.2   -                                          23.6                               0.2
Concur Technologies, Inc.                                           1.35                 0.4   -                                         51.43                               0.4
SuccessFactors, Inc.                                                1.36               (0.2)   -                                         30.27                             (0.2)
Constant Contact, Inc.                                              1.09                   -   -                                         27.61                                 -
Salesforce.com                                                      1.48                 0.6   -                                        132.24                               0.5
NetSuite Inc.                                                       1.15               (0.4)   -                                         26.42                             (0.4)
Vocus Inc.                                                          1.37               (0.2)   -                                         26.91                             (0.2)
Taleo Corp.                                                         1.37                 0.1   -                                         29.53                               0.1
LogMeIn, Inc.                            -                                               0.8   -                                         40.67                               0.7
Rightnow Technologies Inc.                                          0.96                 0.2   -                                         25.69                               0.2




All values in millions, except per share data and ratios.
Values converted at today's spot rate.
EBIT            EBIT Margin %            EBIT, 1 Yr Growth %            EBITDA            EBITDA (Capital IQ)           EBITDA Margin %


         20.1                      5.6                         (12.8)              32.5                          89.2                       9.0
         41.0                     14.0                            4.5              65.0                          97.4                     22.2
       (14.2)                    (7.6)                            NM              (7.6)                          10.3                     (4.0)
        (0.8)                    (0.5)                            NM                9.6                          31.8                       5.9
       123.4                       7.9                           16.6            178.3                          348.3                     11.5
       (24.5)                   (13.3)                            NM             (12.3)                          22.3                     (6.7)
        (1.8)                    (1.9)                            NM                2.3                          19.2                       2.4
          1.4                      0.7                            NM               28.0                          51.5                     12.7
         14.3                     15.8                           78.1              18.0                          30.9                     19.9
          8.8                      5.0                         243.7               16.7                          36.3                       9.5
EBITDA, 1 Yr Growth %            EPS (Capital IQ)         Filing Date, Income   Forward P/E (Capital IQ)       Gross Margin %          LT EPS Growth Rate (Capital
                                                          Statement                                                                    IQ)
                        (12.1)                      0.8           Nov-23-2010                          29.5x                    63.0                          17.8
                           4.9                      0.9           Nov-18-2010                          59.3x                    72.0                          24.6
                           NM                       0.1           Nov-09-2010                            NM                     74.0                          27.5
                          65.4                      0.6           Nov-03-2010                          47.0x                    70.7                          58.3
                          22.2                      1.3           Nov-24-2010                          98.4x                    80.7                          28.9
                           NM                       0.2           Nov-05-2010                         133.8x                    66.8                          27.0
                        (55.4)                      0.7           Nov-09-2010                          36.8x                    80.7                          20.5
                          26.2                      0.8           Nov-05-2010                          35.5x                    67.4                          24.4
                          63.0                      0.7           Oct-28-2010                          57.1x                    90.3                          21.0
                          68.5                      0.6           Nov-05-2010                          45.7x                    69.5                          26.8
Market Capitalization          Minority Interest         Net Debt             Net Income Margin %            Net Income, 1 Yr Growth %      P/Diluted EPS Before Extra


                    2,202.28   -                                    (200.8)                            4.5                         100.0                         131.11x
                    2,695.24   -                                    (402.6)                            7.0                         (19.8)                        131.87x
                    2,299.13   -                                    (334.4)                          (5.9)                            NM                             NM
                      802.18   -                                    (122.1)                          (0.3)                            NM                             NM
                   17,376.34                       2.2              (275.1)                            4.8                          (0.2)                        240.47x
                    1,699.52   -                                    (101.1)                         (15.0)                            NM                             NM
                      525.01   -                                     (92.8)                          (4.4)                            NM                             NM
                    1,194.99   -                                    (263.8)                            2.6                            NM                         201.01x
                      963.15   -                                    (156.0)                           20.1                         140.4                          55.16x
                      830.81   -                                    (109.0)                            4.3                           89.4                        112.19x
P/TangBV            Revenue (Capital IQ)             Shares Outstanding           Shares Outstanding           Tangible Book Value/Share     TEV/EBIT


           26.09x                            379.8                        93.32                        93.32                           0.9               99.48x
            6.61x                            350.1                        52.41                        52.41                          7.78               55.96x
           14.68x                            241.6                        75.95                        75.95                          2.06                  NM
            7.12x                            206.0                        29.05                        29.05                          3.88                  NM
           18.67x                          1,927.0                        131.4                        131.4                          7.08              138.59x
           27.22x                            215.5                        64.33                        64.33                          0.97                  NM
            7.52x                            108.3                        19.51                        19.51                          3.58                  NM
            5.14x                            284.7                        40.47                        40.47                          5.74                  NM
            7.80x                            115.6                        23.68                        23.68                          5.22               56.40x
           18.39x                            212.6                        32.34                        32.34                           1.4               81.84x
TEV/EBITDA             TEV/Forward EBITDA            TEV/Forward Total Revenue    TEV/Total Revenues            Total Cash & ST Investments Total Debt
                       (Capital IQ)                  (Capital IQ)
              61.51x                         22.4x                         5.3x                         5.54x                         200.8                  -
              35.26x                         23.5x                         6.5x                         7.83x                         630.7              228.1
                 NM                         191.1x                         8.1x                        10.45x                         334.4                  -
              71.19x                         21.4x                         3.3x                         4.17x                         122.1                  -
              95.92x                         49.1x                         8.9x                        11.00x                         769.8              494.8
                 NM                          71.8x                         7.4x                         8.68x                         101.1                  -
             191.68x                         22.5x                         4.0x                         4.66x                          93.2                0.4
              33.28x                         18.1x                         3.3x                         4.22x                         264.0                0.2
              44.91x                         26.1x                         7.0x                         8.93x                         156.0                  -
              43.36x                         19.9x                         3.4x                         4.11x                         109.0                  -
Total Debt/Capital %          Total Debt/EBITDA          Total Enterprise Value         Total Pref. Equity   Total Revenue             Total Revenues, 1 Yr Growth
                                                                                                                                       %
-                             -                                              2,001.44   -                                      361.1                           6.5
                       26.3                       3.5x                       2,292.67   -                                      292.9                          18.3
-                             -                                              1,964.77   -                                      188.0                          30.7
-                             -                                                680.12   -                                      163.2                          38.2
                       29.0                       2.8x                      17,103.46   -                                    1,554.3                          25.2
-                             -                                               1,598.4   -                                      184.0                          11.6
                        0.4                       0.2x                         432.25   -                                       92.8                          11.6
                          -                       0.0x                         931.17   -                                      220.6                          12.6
-                           -                                                  807.13   -                                       90.4                          28.8
                0.173988327 -                                                  721.96   -                                      175.7                          19.4
Details
As-Of Date:                              Jan-23-2011
Company Comp Set
Company Name                             Day Close Price Latest            Shares Outstanding Latest     Market Capitalization Latest    LTM Net Debt             LTM Total Pref. Equity


Ariba Inc.                                                          23.6                         93.32                        2,202.28                  (200.8)   -
Concur Technologies, Inc.                                          51.43                         52.41                        2,695.24                  (402.6)   -
SuccessFactors, Inc.                                               30.27                         75.95                        2,299.13                  (334.4)   -
Constant Contact, Inc.                                             27.61                         29.05                          802.18                  (122.1)   -
Salesforce.com                                                    132.24                         131.4                       17,376.34                  (275.1)   -
NetSuite Inc.                                                      26.42                         64.33                        1,699.52                  (101.1)   -
Vocus Inc.                                                         26.91                         19.51                          525.01                   (92.8)   -
Taleo Corp.                                                        29.53                         40.47                        1,194.99                  (263.8)   -
LogMeIn, Inc.                                                      40.67                         23.68                          963.15                  (156.0)   -



Rightnow Technologies Inc.                                         25.69                         32.34                          830.81                  (109.0) -
(NasdaqGS:RNOW)

Summary Statistics                       Day Close Price Latest            Shares Outstanding Latest     Market Capitalization Latest    LTM Net Debt             LTM Total Pref. Equity

High                                                              132.24                         131.4                       17,376.34                   (92.8)                            -
Low                                                                 23.6                         19.51                          525.01                  (402.6)                            -
Mean                                                               43.19                          58.9                        3,306.43                  (216.5)                            -
Median                                                             29.53                         52.41                        1,699.52                  (200.8)                            -



Displaying 10 Companies.
Excel Comp Set ID: IQ118594665
All values in millions, except per share data and ratios.
Values converted at today's spot rate.
LTM Minority Interest         Total Enterprise Value Latest LTM Tangible Book          LTM Filing Date, Income       LTM Total Revenue             LTM EBITDA
                                                            Value/Share                Statement
-                                                2,001.44                        0.9                   Nov-23-2010                         361.1                  32.5
-                                                2,292.67                       7.78                   Nov-18-2010                         292.9                  65.0
-                                                1,964.77                       2.06                   Nov-09-2010                         188.0                 (7.6)
-                                                  680.12                       3.88                   Nov-03-2010                         163.2                   9.6
                        2.2                     17,103.46                       7.08                   Nov-24-2010                       1,554.3                178.3
-                                                 1,598.4                       0.97                   Nov-05-2010                         184.0                (12.3)
-                                                  432.25                       3.58                   Nov-09-2010                          92.8                   2.3
-                                                  931.17                       5.74                   Nov-05-2010                         220.6                  28.0
-                                                  807.13                       5.22                   Oct-28-2010                          90.4                  18.0



-                                                  721.96                        1.4                   Nov-05-2010                        175.7                  16.7



LTM Minority Interest         Total Enterprise Value Latest LTM Tangible Book          LTM Filing Date, Income       LTM Total Revenue             LTM EBITDA
                                                            Value/Share                Statement
                        2.2                       17,103.46                     7.78                     Nov-24-2010                     1,554.3                178.3
                        2.2                          432.25                      0.9                     Oct-28-2010                        90.4                (12.3)
                        2.2                        3,090.16                     4.13                     Nov-10-2010                       349.7                  34.9
                        2.2                         1,598.4                     3.88                     Nov-09-2010                       188.0                  18.0
LTM EBIT            LTM Diluted EPS Excl. Extra NTM Revenue (Capital IQ)      NTM EBITDA (Capital IQ)      NTM EPS (Capital IQ)
                    Items
             20.1                            0.2                      379.8                         89.2                          0.8
             41.0                            0.4                      350.1                         97.4                          0.9
           (14.2)                          (0.2)                      241.6                         10.3                          0.1
            (0.8)                              -                      206.0                         31.8                          0.6
           123.4                             0.5                    1,927.0                        348.3                          1.3
           (24.5)                          (0.4)                      215.5                         22.3                          0.2
            (1.8)                          (0.2)                      108.3                         19.2                          0.7
              1.4                            0.1                      284.7                         51.5                          0.8
             14.3                            0.7                      115.6                         30.9                          0.7



             8.8                            0.2                       212.6                         36.3                          0.6



LTM EBIT            LTM Diluted EPS Excl. Extra NTM Revenue (Capital IQ)    NTM EBITDA (Capital IQ)     NTM EPS (Capital IQ)
                    Items
           123.4                              0.7                  1,927.0                        348.3                           1.3
           (24.5)                           (0.4)                     108.3                        10.3                           0.1
             17.7                             0.1                     425.4                        77.9                           0.7
              1.4                             0.1                     241.6                        31.8                           0.7
My Rightnow Technologies Inc. Quick Comp > Quick Comparable Analysis > Implied Valuation

Details
Template:                       Capital IQ Default Comps
Currency:                       US Dollar
As-Of Date:                     Jan-23-2011



Company Comp Set
Company Name                    Total Revenue                      EBITDA                 EBIT                 Revenue (Capital IQ)
Rightnow Technologies Inc.                                 175.7                   16.7                  8.8                                  212.6
(NasdaqGS:RNOW)

Edit Values                                                                                                    Total Enterprise Value Multiples

                                TEV/Total Revenues                 TEV/EBITDA             TEV/EBIT             TEV/Forward Total Revenue (Capital
                                                                                                               IQ)
High                                                   11.00x                   191.68x              138.59x                                 8.9x
Low                                                     4.17x                    33.28x               55.96x                                 3.3x
Mean                                                    7.28x                    76.25x               87.61x                                 6.0x
Median                                                  7.83x                    61.51x               77.94x                                 6.5x

Implied Enterprise Value
High                                                  1,932.7                   3,201.1              1,219.6                                1,892.1
Low                                                     732.7                     555.8                492.4                                  701.6
Mean                                                  1,278.3                   1,273.4                770.9                                1,270.9
Median                                                1,375.7                   1,027.2                685.9                                1,381.9

+ Total Cash & ST Investments                              109.0                  109.0                109.0                                  109.0
- Total Debt                                                   -                      -                    -                                      -
- Total Pref. Equity            -                                  -                      -                    -
- Minority Interest             -                                  -                      -                    -

= Implied Equity Value
High                                                  2,041.7                   3,310.1              1,328.6                                2,001.1
Low                                                     841.7                     664.8                601.4                                  810.6
Mean                                                  1,387.3                   1,382.4                879.9                                1,379.9
Median                                                1,484.7                   1,136.2                794.9                                1,490.9

/ Shares Outstanding                                        32.3                   32.3                 32.3                                      32.3

= Implied Price per Share
High                                                        63.1                  102.4                 41.1                                      61.9
Low                                                         26.0                   20.6                 18.6                                      25.1
Mean                                                           42.9                             42.7    27.2   42.7
Median                                                         45.9                             35.1    24.6   46.1

Mean Equity Value Across Multiples Equity Value                        Price Per Share

High                                                        2,638.93                            81.6
Low                                                            605.8                           18.73
Mean                                                         1,216.8                           37.63
Median                                                       1,010.6                           31.25




All values in millions, except per share data and ratios.
Values converted at today's spot rate.




                                                                           Financial data provided by




                                                                          Estimates data provided by
uation




  EBITDA (Capital IQ)                  Basic EPS                              EPS (Capital IQ)                     Tangible Book Value/Share
                                36.3                                    0.2                                  0.6                                    1.4



                                                                              Pricing Multiples

  TEV/Forward EBITDA (Capital IQ)      P/Diluted EPS Before Extra             Forward P/E (Capital IQ)             P/TangBV

                              191.1x                                240.47x                              133.8x                                 27.22x
                               18.1x                                 55.16x                               29.5x                                  5.14x
                               49.6x                                151.92x                               62.2x                                 13.43x
                               23.5x                                131.87x                               52.1x                                  7.80x



                             6,936.9
                               657.0
                             1,798.9
                               853.1

                               109.0
                                   -
  -
  -



                             7,045.9                                1,555.4                              2,596.3                               1,232.41
                               766.0                                  356.8                                572.4                                 232.72
                             1,907.9                                  982.6                              1,206.4                                 607.96
                               962.1                                  852.9                              1,010.0                                 353.15

                                32.3                                   32.3                                32.3                                   32.3



                               217.9                                   48.1                                80.3                                  38.11
                                23.7                                   11.0                                17.7                                    7.2
59.0   30.4   37.3    18.8
29.7   26.4   31.2   10.92
Rightnow Technologies Inc. (NasdaqGS:RNOW) > Financials > Key Stats
In Millions of the trading currency, except per share items.           Currency:                 Trading Currency                             Conversion:              Historical
                                                                       Order:                    Latest on Right                              Units:                   Capital IQ (Default)
                                                                       Decimals:                 Capital IQ (Default)



Key Financials¹
                                                                                                                                     LTM²
For the Fiscal Period Ending                                                     12 months                12 months            12 months             12 months†
                                                                               Dec-31-2008A             Dec-31-2009A         Sep-30-2010A           Dec-31-2010E
Currency                                                                               USD                      USD                  USD                    USD

Total Revenue                                                                           140.4                     152.7               175.7                  185.2
 Growth Over Prior Year                                                                25.3%                      8.7%               19.4%                  21.3%

Gross Profit                                                                             89.6                    105.1                122.2                        -
 Margin %                                                                              63.8%                    68.9%                69.5%                        -

EBITDA                                                                                   (2.2)                     11.8                16.7                   24.9
 Margin %                                                                             (1.5%)                      7.8%                9.5%                  13.5%

EBIT                                                                                     (9.9)                      4.4                 8.8                        -
 Margin %                                                                             (7.1%)                      2.9%                5.0%                        -

Earnings from Cont. Ops.                                                                 (7.3)                      5.9                 7.5                        -
 Margin %                                                                             (5.2%)                      3.8%                4.3%                        -

Net Income                                                                               (7.3)                      5.9                 7.5                        -
 Margin %                                                                             (5.2%)                      3.8%                4.3%                        -

Diluted EPS Excl. Extra Items³                                                          (0.22)                     0.18               0.229                  0.474
 Growth Over Prior Year                                                                   NM                       NM                87.8%                  21.5%



Currency                                                                                 USD                       USD                 USD                    USD
Exchange Rate                                                                             1.0                       1.0                 1.0                    1.0
Conversion Method                                                                          H                         H                   H                       S

¹All results are taken from the most recently filed statement for each period. When there has been more than one, earlier filings can be viewed on the individual statement pages.
²Growth rates for the LTM period are calculated against the LTM period ending 12 months before.
³EPS figures for forward periods are consensus mean estimates.
†Growth rates for forward periods are calculated against prior period estimates or actual pro forma results as disclosed on the Estimates Consensus page.
Growth Rates are calculated in originally reported currency only and will not reflect any currency conversion selected above.
Current Capitalization (Millions of USD)
Currency                                                                             USD
Share Price as of Jan-21-2011                                                       $25.69
Shares Out.                                                                           32.3
Market Capitalization**                                                              831.0
- Cash & Short Term Investments                                                      109.0
+ Total Debt                                                                             0
+ Pref. Equity                                                                           -
+ Total Minority Interest                                                                -
= Total Enterprise Value (TEV)                                                       722.0
Book Value of Common Equity                                                           58.6
+ Pref. Equity                                                                           -
+ Total Minority Interest                                                                -
+ Total Debt                                                                             0
= Total Capital                                                                       58.6


**For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company
level market capitalization. Please click on the value to see the
detailed calculation. Prices shown on this page are the close price of
the company’s primary stock class. Shares shown on this page are
total company as-reported share values.




Note: Striped area represents the impact of negative Net Liability on Market Cap.
Total Liability includes Total Debt, Minority Interest and Pref. Equity.
Net Liability includes Total Liability, net of Cash and Short Term Investments.
TEV includes Market Cap and Net Liability.
Total Capital includes Common Equity and Total Liability.

Valuation Multiples based on Current Capitalization
                                                                                                LTM
For the Fiscal Period Ending                                              12 months       12 months      12 months†       12 months       12 months
                                                                        Dec-31-2009A    Sep-30-2010A    Dec-31-2010E    Dec-31-2011E    Dec-31-2012E
TEV/Total Revenue                                                                4.8x            4.1x            3.9x            3.2x            2.8x

TEV/EBITDA                                                                      62.0x           43.4x           29.0x           18.7x           13.6x

TEV/EBIT                                                                      168.6x            81.8x               -               -               -

P/Diluted EPS Before Extra                                                    142.7x          112.2x            54.2x           44.0x           31.6x

P/BV                                                                            20.4x           14.2x               -               -               -

Price/Tang BV                                                                   28.1x           18.4x               -               -               -




                                           Financial data provided by




                                           Estimate data provided by
Capital Structure Data
For the Fiscal Period Ending
                                      12 months Dec-31-2008            12 months Dec-31-2009
Currency                                    USD                              USD
Units                                    Millions         % of Total      Millions         % of Total

Total Debt                                   0.1               0.2%          0.0               0.1%
Total Common Equity                         27.2              99.8%         40.2              99.9%
 Total Capital                              27.3             100.0%         40.3             100.0%




Debt Summary Data
For the Fiscal Period Ending
                                      12 months Dec-31-2008            12 months Dec-31-2009
Currency                                    USD                              USD
Units                                    Millions         % of Total      Millions         % of Total

Total Capital Leases                         0.1             100.0%          0.0             100.0%
 Total Principal Due                         0.1             100.0%          0.0             100.0%

 Total Debt Outstanding                      0.1             100.0%          0.0             100.0%

Available Credit
Undrawn Revolving Credit                     3.0                   -         3.0                      -
 Total Undrawn Credit                        3.0                   -         3.0                      -

Additional Totals
Total Cash & ST Investments                  85.8                  -        96.5                      -
Net Debt                                   (85.7)                  -      (96.5)                      -
Total Senior Debt                             0.1            100.0%          0.0             100.0%
Curr. Port. of LT Debt/Cap. Leases            0.0             67.6%          0.0             100.0%
Long-Term Debt (Incl. Cap. Leases)            0.0             32.4%              -                    -
Total Secured Debt                            0.1            100.0%          0.0             100.0%
Total Senior Secured Debt                     0.1            100.0%          0.0             100.0%
Fixed Rate Debt                               0.1            100.0%          0.0             100.0%

Credit Ratios
Net Debt/EBITDA                              NM                    -          NM                      -
Total Debt/EBITDA                            NM                    -         0.0x                     -
Total Senior Debt/EBITDA                     NM                    -         0.0x                     -
Total Senior Secured/EBITDA                  NM                    -         0.0x                     -
Net Debt/(EBITDA-CAPEX)                      NM                    -          NM                      -
Total Debt/(EBITDA-CAPEX)                    NM                    -         0.0x                     -
Total Senior Debt/(EBITDA-CAPEX)             NM                    -         0.0x                     -
Total Senior Secured/(EBITDA-CAPEX)          NM                    -         0.0x                     -

Fixed Payment Schedule
Cap. Lease Payment Due +1                    0.0                   -         0.0                      -
Cap. Lease Payment Due +2                             0.0   -             -   -
Cap. Lease Payment Due, Next 5 Yrs                    0.1   -          0.0    -

Operating Lease Commitment Due +1                     5.3   -          4.6    -
Operating Lease Commitment Due +2                     3.9   -          3.2    -
Operating Lease Commitment Due +3                     2.8   -          1.9    -
Operating Lease Commitment Due +4                     1.5   -          1.8    -
Operating Lease Commitment Due +5                     1.4   -          0.9    -
Operating Lease Commitment Due, Next 5 Yrs           14.8   -         12.4    -
Operating Lease Commitment Due, After 5 Yrs           1.4   -          1.1    -

Interest Rate Data
Filing Date                                   Mar-09-2010   -   Mar-09-2010   -
Historical Capitalization
Balance Sheet as of                                                                  Q1             Q2             Q3             Q4            Q1             Q2
                                                                            Mar-31-2008    Jun-30-2008    Sep-30-2008    Dec-31-2008   Mar-31-2009    Jun-30-2009
Pricing as of*                                                              May-09-2008    Aug-08-2008    Nov-07-2008    Mar-06-2009   May-08-2009    Aug-07-2009
Currency                                                                           USD            USD            USD            USD           USD            USD
Capitalization Detail
Share Price                                                                            -              -              -         $6.72              -        $12.26
Shares Out.                                                                            -              -              -          31.9              -          31.7

Market Capitalization**                                                                -              -              -        214.1               -         388.9
  = Common Stock Shares Out                                                           -              -              -          31.9              -              -
  * Common Stock Share Price                                                          -              -              -           0.0              -              -
  = Common Stock Market Capitalization                                                -              -              -         214.1              -              -
- Cash & Short Term Investments                                                    81.2           94.3           97.6          85.8           88.0           89.8
+ Total Debt                                                                        0.1            0.1            0.1           0.1            0.1            0.0
+ Pref. Equity                                                                         -              -              -             -              -              -
+ Total Minority Interest                                                              -              -              -             -              -              -
= Total Enterprise Value (TEV)                                                         -              -              -        128.4               -         299.2

Book Value of Common Equity                                                        36.3           35.0           36.3           27.2          28.3           30.6
+ Pref. Equity                                                                        -              -              -              -             -              -
+ Total Minority Interest                                                             -              -              -              -             -              -
+ Total Debt                                                                        0.1            0.1            0.1            0.1           0.1            0.0
= Total Capital                                                                    36.4           35.1           36.3           27.3          28.3           30.7




* Pricing as of the filing date of the balance sheet period end date. For
TEV calculation purposes on this page Capital IQ only uses balance
sheet components from the original filing that is publicly available as
of a given pricing date and does not use restated balance sheet data
from a later filing. In the cases where a company did not disclose
balance sheet values for a particular period, TEV is calculated using
balance sheet components from the last reported balance sheet as of
this date. The table above is organized along period end dates.


** For companies that have multiple share classes that publicly trade,
we are incorporating the different prices to calculate our company
level market capitalization. Please click on the value to see the
detailed calculation. Prices shown on this page are the close price of
the company’s primary stock class. Shares shown on this page are
total company as-reported share values.
         Q3             Q4            Q1             Q2             Q3
Sep-30-2009    Dec-31-2009   Mar-31-2010    Jun-30-2010    Sep-30-2010
Nov-06-2009    Mar-09-2010   May-07-2010    Aug-06-2010    Nov-05-2010
       USD            USD           USD            USD            USD

     $15.56         $16.94        $15.05         $15.88          $27.3
       31.8           31.9          32.0           32.0           32.3

      494.7         541.0          481.4          508.0          883.0
          -          31.9              -              -              -
          -           0.0              -              -              -
          -         541.0              -              -              -
       93.0          96.5           98.4           99.4          109.0
        0.0           0.0            0.0              0              0
           -             -              -              -              -
           -             -              -              -              -
      401.7         444.5          383.0          408.5          773.9

       34.9           40.2          44.2           48.4           58.6
          -              -             -              -              -
          -              -             -              -              -
        0.0            0.0           0.0              0              0
       34.9           40.3          44.2           48.4           58.6
FY 2009 Capital Structure As Reported Details

Description                         Type            Principal Due (USD)   Coupon Rate   Maturity           Seniority        Secured   Convertible
Capital lease obligations           Capital Lease              -              6.000%         Jun-01-2010           Senior     Yes          No




FY 2008 Capital Structure As Reported Details

Description                         Type            Principal Due (USD)   Coupon Rate   Maturity           Seniority        Secured   Convertible
Capital lease obligations           Capital Lease            0.1              6.000%         Jun-01-2010           Senior     Yes          No
Repayment Currency
        USD




Repayment Currency
        USD
Supplemental
                                                         3 months      3 months      3 months      3 months      3 months      3 months
For the Fiscal Period Ending                                    Q1            Q2            Q3            Q4            Q1            Q2
                                                       Mar-31-2008   Jun-30-2008   Sep-30-2008   Dec-31-2008   Mar-31-2009   Jun-30-2009
Currency                                                      USD           USD           USD           USD           USD           USD
Options Outstanding
Options Out. at the Beginning of the Period                      -             -             -             -             -             -
Options Granted During the Period                                -             -             -             -             -             -
Options Exercised During the Period                              -             -             -             -             -             -
Options Cancelled During the Period                              -             -             -             -             -             -
Options Out. at the End of the Period                            -             -             -             -             -             -
W/Avg. Strike Price of Out. at the End of the Period             -             -             -             -             -             -
W/Avg. Strike Price of Granted                                   -             -             -             -             -             -

Options Outstanding - All Classes
Options Out. at the Beginning of the Period                      -             -             -             -             -             -
Options Granted During the Period                                -             -             -             -             -             -
Options Exercised During the Period                              -             -             -             -             -             -
Options Cancelled During the Period                              -             -             -             -             -             -
Options Out. at the End of the Period                            -             -             -             -             -             -

Stock Based Compensation
Stock Based Comp. Exp., Before Tax                             1.3           1.9           1.5           1.3           1.5           2.7
Stock Based Comp. Exp., After Tax                                -             -             -           6.0             -             -

Fair Value Measurements
Level 1 Assets - Quoted Prices                                   -             -             -             -             -          45.6
Level 2 Assets - Observable Prices                               -             -             -             -             -          44.2
Level 3 Assets - Unobservable Prices                             -             -             -             -             -           4.8
Fair Value of Assets                                             -             -             -             -             -          94.6

Fair Value Change Included in Earnings                           -             -             -             -             -             -



Filing Date                                            May-08-2009   Aug-07-2009   Nov-06-2009   Mar-09-2010   May-07-2010   Aug-06-2010
  3 months      3 months      3 months      3 months      3 months
         Q3            Q4            Q1            Q2            Q3
Sep-30-2009   Dec-31-2009   Mar-31-2010   Jun-30-2010   Sep-30-2010
       USD           USD           USD           USD           USD

          -             -           5.9             -             -
          -             -           0.9             -             -
          -             -           0.1             -             -
          -             -           0.0             -             -
          -             -           6.7             -             -
          -             -        $11.49             -             -
          -             -        $15.04             -             -



          -             -           5.9             -             -
          -             -           0.9             -             -
          -             -           0.1             -             -
          -             -           0.0             -             -
          -             -           6.7             -             -



        1.9           1.7           1.8           1.8           2.2
          -           7.8             -             -             -



       33.1          40.9          43.9          62.2          78.2
       55.5          51.8          51.7          37.2          30.8
        4.4           3.8           2.9             -             -
       93.0          96.5          98.4          99.4         109.0

          -           0.0           0.0             -             -



Nov-05-2010   Mar-09-2010   May-07-2010   Aug-06-2010   Nov-05-2010
Multiples Detail

For Quarter Ending                 Mar-31-2008   Jun-30-2008   Sep-30-2008   Dec-31-2008   Mar-31-2009
TEV/LTM Total Revenue    Average         2.69x         2.97x         3.06x         1.18x         1.11x
                            High         3.75x         3.54x         3.80x         2.45x         1.51x
                            Low          2.11x         2.27x         2.17x         0.72x         0.73x
                           Close         2.70x         3.17x         2.56x         1.20x         1.11x

TEV/NTM Total Revenues   Average             -             -             -             -             -
                            High             -             -             -             -             -
                            Low              -             -             -             -             -
                           Close             -             -             -             -             -

TEV/LTM EBITDA           Average           NM            NM            NM            NM            NM
                            High           NM            NM            NM            NM            NM
                            Low            NM            NM            NM            NM            NM
                           Close           NM            NM            NM            NM            NM

TEV/NTM EBITDA           Average             -             -             -             -             -
                            High             -             -             -             -             -
                            Low              -             -             -             -             -
                           Close             -             -             -             -             -

TEV/LTM EBIT             Average           NM            NM            NM            NM            NM
                            High           NM            NM            NM            NM            NM
                            Low            NM            NM            NM            NM            NM
                           Close           NM            NM            NM            NM            NM

P/LTM EPS                Average           NM            NM            NM            NM            NM
                            High           NM            NM            NM            NM            NM
                            Low            NM            NM            NM            NM            NM
                           Close           NM            NM            NM            NM            NM

P/NTM EPS                Average             -             -             -             -             -
                            High             -             -             -             -             -
                            Low              -             -             -             -             -
                           Close             -             -             -             -             -

P/LTM Normalized EPS     Average           NM            NM            NM            NM            NM
                            High           NM            NM            NM            NM            NM
                            Low            NM            NM            NM            NM            NM
                           Close           NM            NM            NM            NM            NM

P/BV                     Average        10.30x        11.78x        13.38x         7.07x         8.17x
                            High        13.10x        13.87x        16.59x        11.65x        10.76x
                            Low          8.70x         9.17x        10.64x         5.36x         5.40x
                           Close        10.43x        12.65x        12.08x         7.14x         8.86x

P/Tangible BV            Average        13.01x        15.05x        16.88x         8.76x        10.50x
                                                                                          High                  16.48x                 17.54x                  20.90x                 14.67x                  14.08x
                                                                                          Low                   11.01x                 11.60x                  13.40x                  6.60x                   6.64x
                                                                                         Close                  13.19x                 16.01x                  15.22x                  8.79x                  11.59x

TEV/LTM Unlevered FCF                                                                 Average                   34.68x                 63.16x                  49.12x                161.06x                 232.73x
                                                                                         High                   55.06x                 88.42x                  86.31x                298.74x                 283.51x
                                                                                         Low                    24.96x                 26.87x                  25.72x                 10.57x                 194.07x
                                                                                        Close                   31.92x                 79.20x                  30.38x                    NM                      NM

Market Cap/LTM Levered FCF                                                            Average                   45.42x                 77.98x                 60.48x                  25.51x                     NM
                                                                                         High                   67.13x                105.54x                103.43x                  37.73x                     NM
                                                                                         Low                    35.13x                 37.04x                 34.46x                  19.30x                     NM
                                                                                        Close                   42.09x                 96.31x                 39.13x                     NM                      NM

Average multiples are calculated using positive close values on each trading day within the frequency periods selected. Negative values are excluded from the calculation. When the Multiples are not meaningful, due to n

When a mismatch exists between the currency of the equity listing and the reported financial results such results are translated into the currency of the listing at the exchange rate applicable on the financial period end da



                                            Financial data provided by




                                             Estimate data provided by




                             Historical Equity Pricing Data supplied by




     FTSE is a trade mark of the London Stock Exchange and
 The Financial Times and used by FTSE International Limited under
                              license.
 Capital IQ is licensed by FTSE International Limited to publish the
                               FTSE.
Jun-30-2009   Sep-30-2009   Dec-31-2009   Mar-31-2010   Jun-30-2010   Sep-30-2010
      1.39x         2.14x         2.68x         2.90x         2.68x         2.65x
      2.00x         2.59x         3.23x         3.23x         3.53x         3.21x
      0.97x         1.75x         2.37x         2.35x         2.11x         2.31x
      1.99x         2.55x         3.12x         3.10x         2.54x         3.21x

          -             -         2.41x         2.53x         2.31x         2.30x
          -             -         2.87x         2.87x         3.03x         2.78x
          -             -         2.16x         2.01x         1.82x         1.99x
          -             -         2.77x         2.66x         2.19x         2.78x

     71.43x        64.42x        44.85x        39.51x        35.68x        32.03x
     95.15x       107.82x        61.19x        48.11x        45.55x        37.07x
     48.22x        46.68x        36.05x        30.23x        28.52x        27.48x
     94.52x        58.95x        46.47x        40.00x        34.35x        37.07x

          -             -        18.47x        18.87x        15.89x        14.25x
          -             -        21.75x        21.74x        22.31x        17.02x
          -             -        16.30x        14.64x        12.03x        12.66x
          -             -        21.00x        19.59x        13.93x        17.02x

        NM            NM        156.38x       124.94x       100.84x        76.76x
        NM            NM        185.34x       185.22x       123.89x       104.30x
        NM            NM        138.77x        82.22x        82.17x        60.36x
        NM            NM        178.90x       108.79x        98.96x        81.43x

        NM            NM        125.80x       107.70x        97.86x        89.41x
        NM            NM        144.65x       144.57x       115.11x       102.74x
        NM            NM        114.33x        79.39x        85.04x        77.76x
        NM            NM        140.44x        99.22x        98.48x        99.28x

          -             -        41.69x        40.73x        34.65x        30.95x
          -             -        47.39x        46.17x        47.50x        35.27x
          -             -        36.89x        32.92x        27.08x        27.74x
          -             -        44.85x        42.52x        31.69x        35.27x

        NM            NM        186.30x       166.37x       138.17x       118.61x
        NM            NM        214.56x       214.45x       160.85x       143.65x
        NM            NM        168.62x       132.91x       118.90x       100.76x
        NM            NM        208.33x       143.26x       137.68x       128.64x

     10.20x        13.29x        14.35x        13.95x        12.09x        11.30x
     13.28x        15.14x        16.32x        16.31x        15.78x        13.03x
      8.20x        11.97x        12.89x        11.30x         9.80x        10.19x
     13.21x        14.95x        15.84x        14.15x        11.35x        13.03x

     13.10x        16.53x        20.31x        19.77x        16.53x        15.29x
                     16.93x                  18.66x                  24.06x    24.05x   21.82x   17.59x
                     10.57x                  15.26x                  17.38x    15.62x   13.31x   13.76x
                     16.85x                  18.39x                  23.36x    19.56x   15.42x   17.59x

                    109.93x                 151.03x                  68.23x    59.97x   60.01x   27.14x
                    146.43x                 165.93x                  80.87x    80.81x   64.39x   31.87x
                     74.25x                 127.57x                  60.55x    42.73x   57.57x   23.63x
                    145.46x                     NM                   78.06x    56.54x      NM    31.87x

                    155.23x                 196.46x                  84.14x    73.00x   71.56x   33.11x
                    191.84x                 211.42x                  96.79x    96.73x   75.94x   37.84x
                    119.48x                 172.92x                  76.45x    54.24x   69.12x   29.59x
                    190.87x                     NM                   93.97x    68.09x      NM    37.84x

ngful, due to negative values, then they will not be displayed in the chart.

period end date.
Business Segments
                                                                        Reclassified
                                            3 months       3 months       3 months       3 months       3 months       3 months
For the Fiscal Period Ending                       Q1             Q2             Q3             Q4             Q1             Q2
                                          Mar-31-2008    Jun-30-2008    Sep-30-2008    Dec-31-2008    Mar-31-2009    Jun-30-2009
Currency                                         USD            USD            USD            USD            USD            USD
Revenues
Customer Relationship Management Market          32.9           35.2           36.2           36.1           36.0           36.3
 Total Revenues                                  32.9           35.2           36.2           36.1           36.0           36.3

Gross Profit Before Tax
Customer Relationship Management Market          20.6           22.4           22.8           23.9           24.1           25.0
 Total Gross Profit Before Tax                   20.6           22.4           22.8           23.9           24.1           25.0

Operating Profit Before Tax
Customer Relationship Management Market          (4.2)          (3.7)          (2.0)          (0.1)           1.0           (0.2)
 Total Operating Profit Before Tax               (4.2)          (3.7)          (2.0)          (0.1)           1.0           (0.2)

Interest Expense
Customer Relationship Management Market             0              0              0              0              0              0
 Total Interest Expense                             0              0              0              0              0              0

Net Profit Before Tax
Customer Relationship Management Market          (3.3)          (3.1)          (1.4)           0.6            1.4            0.1
 Total Net Profit Before Tax                     (3.3)          (3.1)          (1.4)           0.6            1.4            0.1

Tax Expense
Customer Relationship Management Market           0.1              0             0.0          (0.1)           0.2            0.1
 Total Tax Expense                                0.1              0             0.0          (0.1)           0.2            0.1

Net Profit After Tax
Customer Relationship Management Market          (3.4)          (3.1)          (1.4)           0.7            1.3            0.0
 Total Net Profit After Tax                      (3.4)          (3.1)          (1.4)           0.7            1.3            0.0

Assets
Customer Relationship Management Market         169.7          173.2          167.3          162.3          148.9          157.6
 Total Assets                                   169.7          173.2          167.3          162.3          148.9          157.6

Depreciation & Amortization
Customer Relationship Management Market           2.0               -              -           1.9            1.9               -
 Total Depreciation & Amortization                2.0               -              -           1.9            1.9               -

Capital Expenditure
Customer Relationship Management Market          (1.5)              -              -          (1.4)          (0.7)              -
 Total Capital Expenditure                       (1.5)              -              -          (1.4)          (0.7)              -



Filing Date                               May-08-2009    Aug-07-2009    Nov-06-2009    Mar-09-2010    May-07-2010    Aug-06-2010
Geographic Segments
                                                           Reclassified
                                 3 months      3 months      3 months       3 months      3 months      3 months
For the Fiscal Period Ending            Q1            Q2            Q3             Q4            Q1            Q2
                               Mar-31-2008   Jun-30-2008   Sep-30-2008    Dec-31-2008   Mar-31-2009   Jun-30-2009
Currency                              USD           USD           USD            USD           USD           USD
Revenues
North America                         22.4          23.4          25.2           26.7          27.0          26.4
EMEA                                   8.1           8.9           8.1            6.9           6.4           6.8
Asia Pacific                           2.5           3.0           3.0            2.4           2.6           3.1
 Total Revenues                       32.9          35.2          36.2           36.1          36.0          36.3

Assets
North America                        147.6         145.5         145.6              -             -             -
Foreign                               22.1          27.7          21.8              -             -             -
 Total Assets                        169.7         173.2         167.3              -             -             -



Filing Date                    May-08-2009   Aug-07-2009   Nov-06-2009    Mar-09-2010   May-07-2010   Aug-06-2010
  3 months      3 months       3 months       3 months      3 months
         Q3            Q4             Q1             Q2            Q3
Sep-30-2009   Dec-31-2009    Mar-31-2010    Jun-30-2010   Sep-30-2010
       USD           USD            USD            USD           USD

       38.7          41.6           42.1           43.5          48.6
       38.7          41.6           42.1           43.5          48.6



       27.1          28.9           28.9           30.1          34.3
       27.1          28.9           28.9           30.1          34.3



        1.8           1.7            0.7            2.2           4.1
        1.8           1.7            0.7            2.2           4.1



         0              0               -            0              -
         0              0               -            0              -



        2.2           2.7            0.9            2.2           4.6
        2.2           2.7            0.9            2.2           4.6



        0.2           0.1            0.3            0.8           1.7
        0.2           0.1            0.3            0.8           1.7



        2.0           2.6            0.6            1.4           2.9
        2.0           2.6            0.6            1.4           2.9



      160.3         164.4          164.9          169.9         182.2
      160.3         164.4          164.9          169.9         182.2



          -           2.1            2.1              -             -
          -           2.1            2.1              -             -



          -          (2.3)          (2.7)             -             -
          -          (2.3)          (2.7)             -             -



Nov-05-2010   Mar-09-2010    May-07-2010    Aug-06-2010   Nov-05-2010
  3 months      3 months      3 months      3 months      3 months
         Q3            Q4            Q1            Q2            Q3
Sep-30-2009   Dec-31-2009   Mar-31-2010   Jun-30-2010   Sep-30-2010
       USD           USD           USD           USD           USD

       27.7          29.7          29.9          30.5          33.4
        7.4           7.8           8.1           8.2           9.3
        3.6           4.1           4.0           4.7           5.9
       38.7          41.6          42.1          43.5          48.6



          -             -             -             -             -
          -             -             -             -             -
          -             -             -             -             -



Nov-05-2010   Mar-09-2010   May-07-2010   Aug-06-2010   Nov-05-2010

				
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