SaaS Multiples


.	Public SaaS multiples							Last Update	11/9/2009
.		EV/07	EV/08	EV/09	EV/10	EV/LTM
.	Average	7.5x	5x	4.1x	3.5x	4.3x
.	Median	7.5x	4.7x	3.5x	2.9x	3.8x
.	Min	1.2x	1x	1.3x	1.3x	1.3x
.	Max	16.1x	9.7x	7.1x	5.8x	7.6x
.																																																																					Historical data - market peak
.			Since Jan 08	Since Jan 09
.	SaaS 13 Index	85.80	-14.20%	66.37%																																																														Stock performance since Jan 1st 2008 or IPO date					Nov. 1st 2007 Multiples
.												Revenues									FCF									EBITDA																																				SaaS 13 Index
.	Company	Tickers	First Trade Date	Application	Price	MarketCap	Cash	Debt	Preferred Equity	Minority Interest	EV	EV/2007	EV/2008	EV/2009	EV/2010	EV/LTM	EV/2007 FCF	EV/2008 FCF	EV/2009 FCF	EV/2010 FCF	EV/TTM FCF	EV/2007 EBITDA	EV/2008 EBITDA	EV/2009 EBITDA	EV/2010 EBITDA	EV/TTM EBITDA	2006 FCF	2007 FCF	2008 FCF	2009 FCF	2010 FCF	2011 FCF	TTM FCF	2006 EBITDA	2007 EBITDA	2008 EBITDA	2009 EBITDA	2010 EBITDA	2011 EBITDA	TTM EBITDA	2006 revenues	2007 revenues	2008 revenues	2009 revenues	2010 revenues	2011 revenues	LTM revenues	06/07 growth	07/08 growth	08/09 growth	09/10 growth	10/11 growth	EV08 to growth ratio	EV09 to growth ratio	Market cap Jan 1st 2008	% of Index as of Jan 1st 2008	Index value as of Jan 1st 2008	Market cap Jan 1st 2009	Index Value as of Jan 1st 2009	Market cap at 7/1/2009	Former Index Value on July 1st 09	% of Index as of July 1st 2009	New Index Value on July 1st 2009	Current Market Cap	Current Index Value	Company	Market cap on Jan 1st 2008	YTD performance	Company	EV (GS Report)	EV/2007 Revenues
.	Salesforce	CRM	6/23/2004	CRM	64.43	7,989	516.6	14.9	0	10.9	7,499	10.02	6.99	5.86	5.08	6.32	46.66	44.50	42.73	37.78	38.77	NS	NS	30.87	25.61	NS	89.1	160.7	168.5	175.5	198.5	211.8	193.4	8.1	41.8	93.1	242.9	292.8	294.5	126.9	497	749	1,073	1,280	1,477	1,762	1,187	51%	43%	19%	15%	19%	0.16	0.30	7,774	40%	40	3,969	20	4,825	25	38%	24	7,989	40	Salesforce	7,774	2.77%	Salesforce	6,460	8.63
.	Vocus	VOCS	12/7/2005	PR Management	17.80	344	97.9	0.3	0	0	246	4.23	3.17	2.92	2.67	2.96	16.40	13.30	12.00	10.08	14.47	NS	NS	13.59	12.18	48.23	9.6	15	18.5	20.5	24.4		17	2.1	3.6	4.2	18.1	20.2		5.1	40	58	78	84	92	96	83	44%	33%	9%	9%	4%	0.10	0.33	670	3%	3	353	2	394	2	3%	2	344	2	Vocus	670	-48.72%	Vocus	609	10.48
.	DemandTec	DMAN	8/9/2007	Consumer Demand Management	8.75	252	68.4	0.4	0	0	184	3.01	2.45	2.30	2.08	2.37	25.53	17.18	21.63	15.58	28.28	NS	NS	40.85	30.64	NS	2.9	7.2	10.7	8.5	11.8		6.5	0.4	-2.7	-1.8	4.5	6		-3.8	44	61	75	80	88	103	78	40%	23%	7%	11%	16%	0.11	0.35	556	3%	3	232	1	257	1	2%	1	252	1	DemandTec	556	-54.70%	DemandTec	398	6.52
.	NetSuite	N	12/20/2007	ERP	14.74	914	97.8	0	0	0	816	7.52	5.35	4.90	4.37	4.94	NS	NS	NS	NS	NS	NS	NS	NS	49.75	NS	0.9	-0.6	-16.3	-4.3	-4.8		-16.2	-32.7	-20.4	-11.7	11.6	16.4	17.7	-13.1	67	109	153	166	187	218	165	61%	41%	9%	12%	17%	0.13	0.54	2,445	13%	13	527	3	706	4	6%	4	914	5	NetSuite	2,445	-62.63%	NetSuite	NA	NA
.	SuccessFactors	SFSF	11/20/2007	HCM (TM)	15.83	1,132	111.9	0	0	0	1,020	16.09	9.12	6.78	5.75	7.09	NS	NS	NS	35.06	NS	NS	NS	NS	NS	NS	-15.9	-33.9	-16.5	9.7	29.1	57	5.7	-31.4	-67.6	-63.1	-9.2	5.8	6.7	-15	33	63	112	150	177	216	144	94%	76%	34%	18%	22%	0.12	0.20	845	4%	4	410	2	663	3	5%	3	1,132	6	SuccessFactors	845	33.99%	SuccessFactors	NA	NA
.	Taleo	TLEO	9/29/2005	HCM (Recruiting and TM)	21.26	682	76.5	0.7	0	0	606	4.73	3.60	3.04	2.71	3.09	30.32	NS	26.25	17.32	NS	NS	NS	12.93	10.60	27.31	-0.9	20	6.7	23.1	35		2.3	-3.7	9.6	10	46.9	57.2	50.3	22.2	95	128	168	199	224	259	196	35%	31%	18%	12%	16%	0.11	0.17	956	5%	5	251	1	596	3	5%	3	682	3	Taleo	956	-28.65%	Taleo	599	4.68
.	DealerTrack	TRAK	12/13/2005	Auto dealer management	18.81	758	179.4	0.6	0	0	579	2.48	2.39	2.54	2.36	2.53	NS	NS	NS	44.56	NS	NS	NS	30.81	27.32	NS	1.9	7.3	1.2	9	13		5.9	3	5.8	5.6	18.8	21.2		11.3	173	234	243	228	246	273	229	35%	4%	-6%	8%	11%	0.63	-0.42	1,352	7%	7	480	2	687	4	5%	3	758	4	DealerTrack	1,352	-43.94%	DealerTrack	NA	NA
.	Constant Contact	CTCT	10/3/2007	Marketing (e-mail)	18.13	513	106.9	0	0	0	406	8.05	4.69	3.15	2.37	3.78	NS	NS	NS	24.77	NS	NS	NS	34.72	18.90	40.63	-4.4	-1.4	0.8	6.4	16.4		3.2	-6.1	-2.4	3.9	11.7	21.5		10	28	51	87	129	172		107	84%	72%	49%	33%		0.07	0.06	611	3%	3	376	2	584	3	5%	3	513	3	Constant Contact	611	-16.01%	Constant Contact	587	11.62
.	Ultimate Software	ULTI	6/2/1998	HCM (Payroll and TM)	28.76	708	29.7	3.3	0	0	681	4.50	3.82	3.47	2.94	3.51	31.40	NS	NS	23.34	41.05	46.68	NS	27.81	18.52	NS	9	21.7	13.6	12.8	29.2		16.6	8.1	14.6	4.7	24.5	36.8	53.4	10.5	115	152	179	196	232	278	194	32%	18%	10%	18%	20%	0.21	0.35	774	4%	4	359	2	604	3	5%	3	708	4	Ultimate Software	774	-8.54%	Ultimate Software	926	6.11


.	LogMeIn	LOGM	7/1/2009	Remote connectivity	17.64	391	121	0	0	0	270	9.99	5.22	3.64	2.98	3.84	NS	NS	15.86	12.66	23.45	NS	NS	17.07	12.90	24.51	-0.1	5.3	4.5	17	21.3	11.5	-6.3	-5.3	-2.4	15.8	20.9	29.8	11	11	27	52	74	91	110	70	139%	91%	43%	22%	22%	0.06	0.08		0%	0	0	0	444	0	3%	2	391	2	LogMeIn	444	-12.02%	LogMeIn	NA	NA
.	Athenahealth	ATHN	9/20/2007	Revenue cycle management	43.05	1,450	104.6	12.6	0	0	1,358	13.48	9.73	7.07	5.35	7.59	NS	NS	NS	NS	NS	NS	NS	NS	38.81	NS	-6	4	8	18	23	19	-6.3	-1.1	8.5	16.6	35	57.4	23.6	76	101	140	192	254	331	179	33%	38%	38%	32%	30%	0.25	0.19	1,213	6%	6	1,268	7	1,223	6	10%	6	1,450	7	Athenahealth	1,213	19.55%	Athenahealth	NA	NA
.	Kenexa	KNXA	6/24/2005	HCM (Recruiting and TM)	11.60	262	50.2	0.5	0	0	212	1.17	1.04	1.34	1.26	1.29	8.18	18.11	14.13	11.46	13.58	5.65	6.00	8.03	6.90	11.64	14.4	25.9	11.7	15	18.5	15.6	20.8	37.5	35.3	26.4	30.7		18.2	112	182	204	158	168	185	164	62%	12%	-22%	6%	10%	0.09	-0.06	439	2%	2	180	1	268	1	2%	1	262	1	Kenexa	439	-40.40%	Kenexa	646	3.55
.	Concur	CNQR	12/16/1998	Expense Management	37.68	1,846	243.5	1.7	0	0	1,604	12.42	7.44	6.49	5.54	6.68	NS	31.58	30.85	28.39	31.76	NS	33.49	21.56	18.15	27.05	1.5	19.7	50.8	52	56.5	50.5	14.8	25.7	47.9	74.4	88.4	103.1	59.3	97	129	216	247	290	373	240	33%	67%	15%	17%	29%	0.11	0.44	1,763	9%	9	1,598	8	1,561	8	12%	8	1,846	9	Concur	1,763	4.70%	Concur	1,657	12.84
.																																																						19,398	100%	100.00	10,003	51.57	12,812	63.76	100%	63.76	17,240	85.80
.	Average					1,326						7.5x	5x	4.1x	3.5x	4.3x	26.4x	24.9x	23.3x	23.7x	27.3x	26.2x	19.7x	23.8x	22.5x	29.9x														107	157	214	245	284	350	234	57%	42%	17%	16%	18%	0.16	0.20												Total	19,842.39	-13.11%	Average		8.1x
.	Median					708						7.5x	4.7x	3.5x	2.9x	3.8x	27.9x	18.1x	21.6x	23.3x	28.3x	26.2x	19.7x	24.7x	18.7x	27.2x														76	109	153	166	187	239	165	44%	38%	15%	15%	18%	0.11	0.20															Median		7.6x
.	Min					252						1.2x	1x	1.3x	1.3x	1.3x	8.2x	13.3x	12x	10.1x	13.6x	5.7x	6x	8x	6.9x	11.6x														11	27	52	74	88	96	70	32%	4%	-22%	6%	4%	0.06	-0.42															Min		3.6x
.	Max					7,989						16.1x	9.7x	7.1x	5.8x	7.6x	46.7x	44.5x	42.7x	44.6x	41.1x	46.7x	33.5x	40.9x	49.7x	48.2x														497	749	1,073	1,280	1,477	1,762	1,187	139%	91%	49%	33%	30%	0.63	0.54															Max		12.8x
.
.	Total					17,240
.
.
.
.	Average					8	9					7.51	5.00	4.12	3.50	4.31		24.93	23.35		27.34		19.75	23.82		29.90
.	Median					15.71%	13.71%					7.52	4.69	3.47	2.94	3.78		18.11	21.63		28.28		19.75	24.69		27.18
.	Min					23.87%	24.32%					1.17	1.04	1.34	1.26	1.29		13.30	12.00		13.58		6.00	8.03		11.64
.	Max					14.27%	10.64%					16.09	9.73	7.07	5.75	7.59		44.50	42.73		41.05		33.49	40.85		48.23
.						-10.69%	-2.58%
.						-14.75%	6.45%


.	3.98%	11.59%
.	0.49%	3.95%
.	0.92%	4.97%
.	7.61%	6.52%
.	8.70%	22.97%
.	5.73%	9.37%
.	5.74%	9.49%
.	23.57%	21.04%

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