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SaaS Valuation Benchmarks

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					   So/hi/are. I-
               wily                              SEG SaaS Index
                                                                                                                                                      TTM                                                           YoY Stock
                                                                                                                        TTM Gross    TTM EBITDA     Revenue                               Forward     Forward        Market
Company Name                                         Ticker          Market Cap       EV             TTM Revenue          Margin       Margin       Growth       EV/ Revenue EV/ EBITDA EV/ Revenue EV/ EBITDA       Return
Athenahealth                                         ATHN              $1,244.28     $1,174.11               $188.53         58.1%         12.9%         38.3%       6.2x          48.4x             9.4x   60.0x        51.6%
Concur                                               CNQR              $2,025.77     $1,768.02               $256.69         69.6%         25.1%         14.2%       6.9x          27.4x             6.7x   22.3x       113.7%
Constant Contact                                     CTCT               $662.82       $549.72                $129.06         70.8%          4.7%        47.9%        4.3x          91.2x             3.2x   34.7x        66.3%
DealerTrack                                          TRAK               $684.41       $486.13                $225.63         49.7%         10.9%         -7.0%       2.2x          19.7x             1.8x   9.9x         30.4%
DemandTec                                            DMAN               $202.49       $155.92                 $79.05         67.4%         -5.8%          5.4%       2.0x           n/a              1.8x   19.2x       -20.6%
Kenexa                                               KNXA               $310.52       $253.54                $157.67         66.1%          9.5%        -22.6%       1.6x          17.0x             1.1x   6.8x        155.1%
LivePerson                                            LPSN              $380.45       $334.88                 $87.49         75.9%         20.7%         17.2%       3.8x          18.5x             3.2x   13.0x       237.9%
Medidata Solutions                                   MDSO               $349.98       $277.48                $140.40         64.4%         13.8%         32.8%       2.0x          14.3x             n/a     n/a           n/a
Netsuite                                                N               $919.42       $824.12                $166.54         66.3%         -6.6%          9.2%       4.9x           n/a              4.2x   64.0x        29.1%
RightNow                                             RNOW               $570.39       $473.89                $152.69         68.9%          7.8%          8.7%       3.1x          40.0x             2.8x   25.6x       135.9%
Salary.com                                           SLRY                 $48.77          $40.07              $46.17         67.6%        -28.1%         14.1%       0.9x           n/a              0.7x    n/a        107.1%
Salesforce.com                                        CRM              $9,470.04     $8,711.87              $1,305.58        80.2%         12.1%        21.3%        6.7x          54.9x             7.2x   44.1x       127.5%
SoundBite Communications                             SDBT                 $49.10          $12.78               $40.18        60.4%         -3.4%         -7.0%       0.3x           n/a              0.1x    n/a           n/a
SuccessFactors                                       SFSF              $1,370.71     $1,047.46               $153.05         76.9%         -5.3%        36.8%        6.8x           n/a              6.0x    n/a        149.5%
Taleo                                                TLEO              $1,025.70      $781.99                $198.41         66.7%         13.1%         17.8%       3.9x          30.0x             2.7x   10.6x       119.4%
The Ultimate Software Group, Inc.                     ULTI              $817.99       $789.83                $196.58         55.2%          5.0%         10.1%       4.0x          79.6x             3.5x   27.8x        90.9%
Vocus                                                VOCS               $330.41       $226.99                 $84.58         81.7%          4.7%          9.1%       2.7x          57.3x             2.2x   10.4x        28.3%
                                                      Median:           $662.82       $486.13                $153.05         67.4%          7.8%         14.1%       3.8x          35.0x             3.0x   22.3x       107.1%




                 Income Statement Analysis (Median)
                                                                                                                                     SEG SaaS Index Stock Market Return: Jan-Mar 2010
TTM Revenue Growth                                                        14.1%    10%
TTM EBITDA Growth                                                         30.5%
TTM Earnings Growth                                                       63.0%
Gross Profit Margin                                                       67.4%     5%
EBITDA Margin                                                              7.8%
Net Income Margin                                                         -1.0%
                                                                                                       ..
                                                                                                   .o...,
SG&A Expenses as a % of Total Revenue                                     49.8%
R&D Expenses as a % of Total Revenue                                                0%
                                                                          14.0%

                    Balance Sheet Analysis (Median)
Current Ratio                                                                2.1    -5%
Quick Ratio                                                                  2.1
Cash as Percent of Market Cap                                             18.9%
Avg Days Outstanding: Accounts Receivable                                    61    -10%
Avg Days Outstanding: Accounts Payable                                        23
Working Capital to TTM Operating Expense Ratio                               0.5

                                                                                   -15%
               Cash Flow Statement Analysis (Median)
Levered FCF Margin                                                         6.0%
Cash from Operations Growth (YoY)                                         18.0%
Cash from Investing Growth (YoY)                                          29.4%    -20%
Cash from Financing Growth (YoY)                                          99.0%
                                                                                                                                1 .......SEG SaaS Index .....S&P 500 ......NASDAQ ....SEG SW Index
                                                                                                                                L
Levered FCF Growth (YoY)                                                 162.0%

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                                                                                                                                                                                      April 2010 Monthly Flash Report

				
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Description: A table showing valuation benchmarks for various SaaS companies