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BVP Cloud Market Cap


($ in bn)

$170

In

8/21/15

BVP Cloud Index

2,375

Nasdaq
S&P 500
Dow Jones

4,706
1,971
16,460

280%
260%
240%
220%
200%
180%
160%
140%
120%
100%

BVP Clou
42 Publicly Tr
Indexed as o

160%
140%
120%
100%
80%
1/1/2011 5/1/2011

9/1/2011

1/1/2012

5/1/2012

9/1/2012

BVP Cloud Index

www.bvp.com/cloud
www.bvp.com/cloud/comps

1/

BVP Cloud Index

Index Value
Last
Week

Since Jan
2015

Since
Bottom
(5/9/14)

% Ch
Since
Peak
Since Jan
(2/28/14)
2011

Last
Week

2,540

2,382

1,820

2,592

1,000

(6.5%)

5,048
2,092
17,477

4,727
2,058
17,833

4,072
1,878
16,583

4,308
1,859
16,322

2,653
1,258
11,578

(6.8%)
(5.8%)
(5.8%)

BVP Cloud Computing Index


2 Publicly Traded Cloud Companies
ndexed as of Jan. 2011 | @ 8/21/15

12

5/1/2012

9/1/2012

BVP Cloud Index

1/1/2013 5/1/2013

Nasdaq Index

9/1/2013

1/1/2014 5/1/2014

S&P Index

Dow Jones

9/1/2014

1/1/2015

% Change As Of
Since Jan
2015

(0.3%)
(0.4%)
(4.2%)
(7.7%)

Since
Bottom
(5/9/14)

30.5%
15.6%
4.9%
(0.7%)

Since
Peak
Since Jan
(2/28/14)
2011

(8.4%) 137.5%
9.2%
6.0%
0.8%

nies
/15
237%

77.4%
56.7%
42.2%

9/1/2014

1/1/2015 5/1/2015

BVP Cloud Comp Sheets


Today - Top 10 Public Cloud Companies
($ in mm)
Count
Company
MarketCap
1
Salesforce
$47,869
2
LinkedIn
$24,916
3
Workday
$15,454
4
ServiceNow
$12,495
5
NetSuite
$7,761
6
The Ultimate Software Group
$5,485
7
Athenahealth
$5,436
8
Veeva
$3,716
9
Dealertrack Technologies
$3,711
10
Medidata Solutions
$2,849
11
Proofpoint
$2,732
12
Demandware
$2,306
13
Shopify
$2,181
14
Cornerstone OnDemand
$2,123
15
Zendesk
$2,050
16
Fleetmatics Group
$1,892
17
LogMeIn
$1,788
18
Box
$1,743
19
New Relic
$1,723
20
RealPage
$1,548
21
22
23
24
25
26
27
28
29
30

2U
Cvent
RingCentral
Marketo
HubSpot
Xero
SPS Commerce
Qualys
Benefitfocus
Wix

$1,541
$1,531
$1,507
$1,379
$1,306
$1,216
$1,188
$1,165
$1,132
$1,091

BVP Clou
Date
Multiples
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions
Mindbody

Price
$33.35
$128.30
$5.04
$35.32
$13.25
$30.65
$5.53
$23.69
$35.28
$31.54
$62.80
$54.81
$45.08
$43.00
$9.74
$4.11
$7.73
$173.10
$8.63
$61.81
$3.48
$28.10
$49.50
$13.39

MarketCap
$1,541
$5,436
$413
$1,132
$1,743
$969
$547
$803
$2,123
$1,531
$3,711
$2,306
$1,892
$1,306
$657
$328
$813
$24,916
$547
$1,788
$130
$1,379
$2,849
$539

EV
$1,453
$5,621
$363
$1,084
$1,461
$919
$383
$622
$2,126
$1,368
$4,496
$2,120
$1,737
$1,196
$679
$217
$487
$23,012
$510
$1,552
$90
$1,274
$2,829
$449

EV/Revenue
2014
13.3x
7.5x
2.0x
8.0x
6.9x
4.3x
8.6x
1.9x
8.1x
9.6x
5.3x
13.7x
7.5x
10.6x
2.7x
1.2x
1.0x
10.5x
2.4x
7.0x
0.9x
8.6x
8.4x
NA

MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk
Median
Mean
Low
High

$3.94
$32.92
$89.35
$55.50
$28.28
$18.73
$18.33
$66.54
$69.95
$26.91
$66.96
$25.99
$174.78
$23.44
$21.27
$69.89
$8.97
$20.01

$304
$1,723
$7,761
$2,732
$1,165
$1,548
$1,507
$47,869
$12,495
$2,181
$1,188
$742
$5,485
$3,716
$1,091
$15,454
$1,216
$2,050

$196
$1,528
$7,654
$2,657
$1,007
$1,569
$1,395
$48,719
$12,232
$1,982
$1,067
$674
$5,383
$3,288
$999
$14,031
$1,042
$1,763

1.6x
NA
13.8x
13.8x
7.6x
3.9x
6.4x
9.1x
18.0x
18.9x
8.4x
10.8x
10.6x
10.6x
7.1x
17.9x
11.9x
14.1x

$1,531
$4,087
$130
$47,869

$1,395
$3,938
$90
$48,719

8.1x
8.2x
0.9x
18.9x

Note: All metrics are calendarized. Multiples >75x are considered not meaningful "NM".

www.bvp.com/cloud
www.bvp.com/cloud/comps

BVP Cloud Comp Sheets


Multiples
EV/Revenue
P/FCF
EV/EBITDA
2015
2014
2014
10.0x
NM
NM
6.1x
NM
39.0x
1.8x
NM
NM
6.2x
NM
NM
5.2x
NA
NA
3.5x
23.7x
19.8x
5.0x
NM
NM
1.6x
26.6x
13.3x
6.3x
NM
NM
7.7x
NA
NA
4.1x
NM
19.4x
9.1x
NM
NM
6.0x
NM
26.7x
7.4x
NA
NA
2.5x
31.6x
19.4x
1.1x
NM
NM
0.8x
9.7x
14.5x
7.7x
NM
43.4x
1.9x
36.7x
25.7x
5.9x
28.7x
36.9x
0.8x
NM
NM
6.2x
NM
NM
7.1x
NM
38.0x
4.8x
NM
NA

Operating Metrics
Revenue
% Revenue Growth
% Margin
2014
14-'15
Gross
S&M
$110
32%
73%
81%
$747
23%
62%
25%
$186
9%
67%
47%
$136
28%
42%
35%
$212
34%
NA
NA
$214
23%
81%
115%
$44
72%
(33%)
0%
$331
17%
72%
41%
$261
30%
73%
62%
$142
26%
74%
43%
$846
29%
46%
35%
$155
51%
74%
40%
$232
25%
75%
32%
$113
42%
NA
NA
$255
6%
76%
62%
$178
11%
67%
53%
$475
23%
73%
44%
$2,191
36%
87%
33%
$209
27%
77%
32%
$221
19%
90%
50%
$98
17%
61%
55%
$149
38%
61%
65%
$337
19%
75%
22%
NA
NA
NA

R&D
15%
8%
22%
18%
NA
22%
234%
15%
13%
9%
14%
18%
6%
NA
10%
34%
11%
26%
19%
19%
24%
32%
19%
12%

%
Retention
144%
NA
90%
95%
136%
NA
109%
80%
93%
97%
85%
97%
NA
83%
85%
95%
83%
NA
81%
80%
81%
81%
87%
87%

1.2x
NA
10.6x
10.7x
6.0x
3.4x
4.9x
7.5x
12.4x
NA
6.8x
7.5x
8.7x
8.3x
4.9x
12.3x
7.1x
9.3x

NM
NA
NM
NM
54.5x
51.2x
NM
58.5x
NM
NM
NM
NM
NM
61.8x
NM
NM
NM
NM

NM
NA
NM
NM
41.7x
23.0x
NM
53.7x
NM
NM
68.5x
NM
45.3x
42.6x
NM
NM
NM
NM

6.1x
5.9x
0.8x
12.4x

34.2x
38.3x
9.7x
61.8x

36.9x
33.6x
13.3x
68.5x

$125
$554
$192
$133
$405
$218
$5,369
$678
$105
$127
$63
$506
$312
$140
$784
$88
$125

36%
NA
30%
30%
27%
13%
30%
21%
46%
NA
23%
44%
22%
27%
45%
46%
66%
51%

$212
$452
$44
$5,369

28%
30%
6%
72%

84%
NA
71%
72%
77%
66%
62%
79%
66%
NA
70%
0%
60%
62%
81%
63%
NA
NA
72%
65%
(33%)
90%

166%
NA
50%
52%
41%
24%
NA
53%
40%
NA
NA
NA
22%
NA
NA
45%
NA
NA
44%
49%
0%
166%

58%
NA
17%
23%
22%
15%
NA
14%
16%
NA
NA
NA
18%
NA
NA
38%
NA
NA
18%
26%
6%
234%

NA
NA
93%
85%
NA
NA
89%
85%
97%
101%
NA
NA
96%
187%
NA
99%
NA
123%
90%
97%
80%
187%

Date

8/21/2015

Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

Ticker
TWOU
ATHN
BV
BNFT
BOX
BSFT
CSLT
CTCT
CSOD
CVT
TRAK
DWRE
FLTX
HUBS
IL
JIVE
LOCK
LNKD
LPSN
LOGM
MRIN
MKTO
MDSO

Founded
2008
1997
2005
2000
2005
1998
2008
1995
1999
1999
2001
2004
2004
2005
1996
2001
2005
2002
1995
2003
2006
2006
1999

CY2000
$6
-

CY2001
$8
-

CY2002
$12
$20
$8
-

CY2003
$39
$25
$12
-

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

MB
MOBL
NEWR
N
PFPT
QLYS
RP
RNG
CRM
NOW
SHOP
SPSC
TXTR
ULTI
VEEV
WIX
WDAY
XRO
ZEN

www.bvp.com/cloud
www.bvp.com/cloud/comps

2001
2007
2007
1998
2002
1999
1995
1999
1999
2004
2004
1987
2004
1990
2007
2006
2005
2006
2007

$5
$62
-

$22
$59
-

$51
$55
-

$96
$60
-

BVP Cloud Comp Sheets


Date
Annual
Sales
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2004
$39
$8
$70
$37
$17
$3
-

CY2005
$54
$15
$120
$22
$4
$20

CY2006
$76
$28
$173
$34
$11
$36

CY2007
$98
$62
$50
$11
$234
$123
$32
$52
$27
$63

CY2008
$136
$62
$87
$20
$243
$7
$143
$17
$79
$75
$52
$106

CY2009
$189
$69
$129
$29
$226
$21
$141
$30
$131
$120
$87
$74
$8
$140

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

$18
$176
$72
-

www.bvp.com/cloud
www.bvp.com/cloud/comps

$36
$310
$89
-

$67
$497
$20
$115
-

$109
$84
$749
$25
$151
-

$152
$38
$113
$1,077
$31
$178
$1
-

$167
$49
$57
$141
$1,306
$38
$196
$25
$2
-

BVP Cloud Comp Sheets


Date
Annual
Sales
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2010
$246
$67
$96
$174
$44
$244
$37
$65
$184
$46
$162
$243
$110
$101
$19
$14
$166

CY2011
$30
$324
$94
$69
$41
$138
$2
$214
$73
$61
$353
$57
$92
$29
$213
$77
$194
$522
$133
$119
$36
$32
$184

CY2012
$56
$422
$148
$82
$59
$165
$4
$252
$118
$83
$389
$83
$127
$52
$217
$114
$276
$972
$157
$139
$60
$58
$218

CY2013
$83
$592
$180
$105
$124
$177
$13
$285
$186
$111
$479
$101
$176
$71
$229
$146
$368
$1,517
$178
$165
$77
$94
$276

CY2014
$110
$747
$186
$136
$212
$214
$44
$331
$261
$142
$846
$155
$232
$113
$255
$178
$475
$2,191
$209
$221
$98
$149
$337

CY2015
$145
$920
$203
$174
$283
$263
$76
$388
$338
$178
$1,091
$234
$289
$161
$270
$197
$584
$2,979
$266
$262
$115
$206
$401

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

$193
$65
$65
$188
$50
$1,657
$45
$228
$29
$10
$68
$6
-

www.bvp.com/cloud
www.bvp.com/cloud/comps

$14
$236
$82
$76
$258
$79
$2,267
$128
$58
$269
$61
$25
$134
$13
-

$32
$41
$309
$106
$91
$322
$115
$3,050
$244
$24
$77
$27
$332
$130
$44
$274
$28
$38

$106
$411
$133
$108
$387
$158
$4,053
$420
$50
$104
$409
$205
$79
$463
$51
$72

$125
$554
$192
$133
$405
$218
$5,369
$678
$105
$127
$63
$506
$312
$140
$784
$88
$125

$93
$170
$722
$249
$168
$456
$283
$6,513
$990
$157
$90
$617
$395
$203
$1,143
$146
$189

B
Date
Gross Margin %
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2012 CY2013 CY2014


73%
73%
75%
60%
62%
62%
65%
67.0%
NA
47%
42%
36%
76%
80%
81%
77%
(105%)
(33%)
37%
71%
72%
73%
71%
73%
73%
75%
74%
72%
55%
46%
50%
71%
74%
76%
72%
75%
75%
67%
0%
68%
71%
76%
76%
61%
67%
67%
71%
73%
75%
87%
87%
88%
77%
77%
77%
90%
90%
89%
58%
61%
67%
58%
61%
69%
71%
75%
75%

Sales & Marketing


CY2011
$32
$79
$46
$23

CY2012
$45
$104
$70
$28

$155
$0
$89
$45
$29
$128
$20
$26
$0
$89
$45
$91
$165
$39
$57
$20
$23
$36

$190
$0
$105
$74
$36
$137
$33
$41
$0
$135
$60
$123
$325
$50
$70
$33
$38
$48

R&D
CY2011
$5
$23
$17
$9
$23
$28
$10
$29
$10
$4
$13
$11
$6
$8
$19
$28
$18
$132
$20
$21
$7
$11
$30

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

www.bvp.com/cloud
www.bvp.com/cloud/comps

58%
71%

0%
84%

0%
82%

$0
$46

$0
$68

$0
$8

69%
69%
80%
60%
61%
78%
57%
80%
71%
75%
57%
56%
79%
57%
34%
65%

71%
72%
77%
66%
62%
79%
66%

72%
70%
78%
63%
65%
79%
68%

$120
$42
$32
$62
$35
$1,187
$50

$154
$55
$38
$77
$55
$1,614
$97

$44
$20
$20
$43
$12
$295
$11

70%
0%
60%
62%
81%
63%
0%
65%

69%
82%
62%
64%
82%
68%
0%
66%

$0
$0
$63
$0
$57
$70
$70
$70

$0
$0
$73
$0
$98
$123
$123
$123

$6
$0
$51
$8
$15
$62
$0
$0

BVP Cloud Comp Sheets


Date
Annual
R&D
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2012
$8
$34
$32
$15
$29
$36
$10
$39
$15
$8
$54
$15
$7
$11
$21
$39
$30
$257
$30
$26
$14
$19
$42

EBITDA

CFFO

CY2012 CY2013 CY2014


NA
NA
($16)
$89
$110
$139
($16)
($16)
($17)
$0
($21)
($49)
$47
$0
$37
($10)
$0
$98
($1)
$32
$0
$35
($20)
$30
$204
$29
$32
NA
NA
$46

$44
$0
$46
$1
$13
$117
($2)
$55
$0
$37
($21)
$43
$373
$20
$32
($26)
($31)
$67

$49
($77)
$60
$1
$17
$191
$10
$71
($26)
$34
($6)
$56
$574
$21
$48
($19)
($25)
$75

CY2012 CY2013
NA
NA
$65
$99
($7)
($38)
$0
($2)
$29
$0
$41
$7
$0
$73
$3
$5
$0
$29
$4
$43
$226
$26
$33
NA
NA
$30

$34
$0
$45
$16
$24
$78
$7
$53
$0
$38
($6)
$68
$449
$17
$29
($23)
($18)
$57

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

$4
$24

$0
NA

$0
NA

$0
($50)

$0
NA

NA

$53
$25
$20
$48
$24
$429
$39

$34
($5)
$13
$73
$0
$518
$2

$46
($6)
$18
$91
($23)
$567
$27

$49
$1
$28
$67
($20)
$891
$43

$54
$6
$21
$62
$0
$708
$48

$8
$12
$61
$15
$17
$103
$5
$15

$9
$0
$63
$0
$0
($89)
($9)
$0

$13
$0
$90
$46
($17)
($63)
($21)
$0

$17
($6)
$121
$87
($21)
$6
($33)
($23)

$10
$0
$45
$0
$0
($20)
$0
$0

www.bvp.com/cloud
www.bvp.com/cloud/comps

$0

$60
$11
$26
$78
($27)
$847
$69
$17
$0
$72
$35
($1)
$18
$0
$0

BVP Cloud Comp Sheets


Date
Annual
CFFO
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CapEx
CY2014
($22)
$134
($16)
($16)
$51
($54)
$58
$28
$31
$44
$5
$64
($14)
$30
($7)
$98
$608
$26
$70
($21)
($12)
$70

FCF

CY2012 CY2013 CY2014


NA
NA
($3)
($28)
($43)
($84)
($10)
($12)
($12)
$0
($8)
($11)
($3)
$0
($20)
($1)
$0
($14)
($4)
($20)
$0
($7)
($12)
($4)
($134)
($11)
($6)
NA
NA
($7)

($5)
$0
($20)
($9)
($5)
($19)
($5)
($34)
$0
($7)
($12)
($7)
($256)
($11)
($11)
($5)
($10)
($23)

($11)
($2)
($28)
($16)
($29)
($36)
($10)
($41)
($8)
($9)
($12)
($14)
($410)
($11)
($8)
($4)
($10)
($17)

CY2012 CY2013
NA
NA
$37
$56
($17)
($50)
$0
($11)
$26
$0
$21
$6
$0
$59
($1)
($15)
$0
$22
($8)
$38
$92
$15
$27
NA
NA
$23

$29
$0
$24
$7
$18
$59
$2
$19
$0
$31
($18)
$61
$193
$6
$18
($28)
($28)
$34

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

$0
($38)

$0
NA

$0
NA

$0
($3)

$0
NA

$0
NA

$72
$17
$36
$67
($12)
$1,116
$133

($11)
($7)
($11)
($24)
$0
($176)
($43)

($16)
($7)
($13)
($31)
($12)
($299)
($54)

($22)
($16)
($15)
($37)
($19)
($298)
($63)

$43
($0)
$10
$38
$0
$532
$5

$43
$4
$13
$47
($39)
$548
$14

$19
$3
$90
$89
($2)
$117
($32)
($0)

($4)
$0
($17)
$0
$0
($19)
($9)
$0

($6)
$0
($26)
($2)
($3)
($74)
($20)
$0

($6)
($7)
($39)
($29)
($6)
($100)
($23)
($28)

$6
$0
$28
$0
$0
($39)
($9)
$0

$11
$0
$46
$33
($4)
($55)
($20)
$0

www.bvp.com/cloud
www.bvp.com/cloud/comps

Date
FCF
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2014
($25)
$50
($27)
($28)
$41
($56)
$30
$12
$2
$8
($5)
$22
($22)
$21
($19)
$84
$198
$15
$62
($25)
($22)
$54

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

$0
($42)
$50
$1
$21
$30
($30)
$818
$70

www.bvp.com/cloud
www.bvp.com/cloud/comps

$13
($5)
$51
$60
($9)
$17
($55)
($28)

BVP Cloud Co
Date

% Grow
Sales (% YoY G
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2000

CY2001
24%
-

CY2002
5%
-

CY2003
230%
30%
46%
-

CY2004
81%
46%
45%
-

CY2005
38%
82%
72%
28%
37%
-

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

www.bvp.com/cloud
www.bvp.com/cloud/comps

312%
-

128%
-

88%
-

84%
-

106%
76%
-

(4%)
-

(7%)
-

10%
-

19%
-

23%
-

BVP Cloud Comp Sheets


Date
% Growth
Sales (% YoY Growth)
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2006
42%
88%
44%
50%
221%
83%

CY2007
29%
83%
35%
56%
139%
74%

CY2008
40%
0%
73%
79%
4%
17%
142%
43%
92%
68%

CY2009
38%
11%
48%
49%
(7%)
186%
(2%)
77%
52%
17%
44%
33%

CY2010
30%
39%
35%
49%
8%
71%
31%
54%
24%
102%
26%
36%
152%
19%

CY2011
32%
2%
44%
23%
67%
45%
54%
43%
15%
67%
20%
115%
21%
18%
90%
131%
11%

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

www.bvp.com/cloud
www.bvp.com/cloud/comps

85%
60%
-

62%
51%
-

40%
35%
44%
-

9%
27%
25%
21%
-

16%
34%
14%
34%
27%
-

22%
26%
16%
37%
57%
37%
-

30%
-

27%
32%
-

22%
18%
-

23%
10%
256%
-

18%
16%
170%
197%
-

30%
18%
110%
150%
98%
119%
-

ud Comp Sheets
Date

% Growth
ales (% YoY Growth)
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2012
88%
30%
58%
19%
45%
19%
122%
18%
61%
37%
10%
47%
38%
81%
2%
47%
43%
86%
18%
16%
65%
80%
18%

CY2013
49%
40%
21%
28%
111%
7%
212%
13%
57%
33%
23%
22%
38%
37%
5%
28%
33%
56%
13%
19%
29%
61%
27%

CY2014
32%
26%
3%
29%
71%
21%
241%
16%
41%
28%
77%
53%
31%
60%
12%
22%
29%
44%
18%
34%
28%
57%
22%

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

195%
31%
30%
20%
25%
45%
35%
90%

158%
33%
25%
18%
20%
38%
33%
72%

19%
35%
45%
23%
5%
38%
32%
61%

33%
23%
111%
78%
104%
118%
-

35%
23%
58%
81%
69%
83%
88%

22%
24%
52%
77%
69%
72%
74%

www.bvp.com/cloud
www.bvp.com/cloud/comps

BVP Cloud Com


Date

% Margin
% Gross Margin
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2012 CY2013 CY2014


73%
73%
75%
60%
62%
62%
65%
67%
NA
47%
42%
36%
76%
0%
0%
80%
81%
77%
(105%)
(33%)
37%
71%
72%
73%
71%
73%
73%
75%
74%
72%
55%
46%
50%
71%
74%
76%
72%
75%
75%
67%
0%
68%
71%
76%
76%
61%
67%
67%
71%
73%
75%
87%
87%
88%
77%
77%
77%
90%
90%
89%
58%
61%
67%
58%
61%
69%
71%
75%
75%

Sales & Marketing


CY2011
108%
24%
49%
33%
0%
112%
0%
41%
61%
48%
36%
35%
28%
0%
42%
58%
47%
32%
29%
48%
56%
71%
20%

CY2012
81%
25%
47%
35%
0%
115%
0%
41%
62%
43%
35%
40%
32%
0%
62%
53%
44%
33%
32%
50%
55%
65%
22%

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

www.bvp.com/cloud
www.bvp.com/cloud/comps

58%
71%
0%
69%
69%
80%
60%
61%
78%
57%

0%
84%
0%
71%
72%
77%
66%
62%
79%
66%

0%
82%
0%
72%
70%
78%
63%
65%
79%
68%

#VALUE!
332%
#VALUE!
51%
51%
41%
24%
44%
52%
39%

71%
75%
57%
56%
79%
57%
34%
65%

70%
0%
60%
62%
81%
63%
0%
65%

69%
82%
62%
64%
82%
68%
0%
66%

0%
#VALUE!
23%
0%
230%
52%
549%
#VALUE!

0%
166%
#VALUE!
50%
52%
41%
24%
48%
53%
40%
0%
0%
22%
0%
224%
45%
442%
323%

BVP Cloud Comp Sheets


Date
% Margin
R&D
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2011
17%
7%
18%
13%
57%
20%
542%
14%
14%
7%
4%
20%
7%
28%
9%
37%
9%
25%
15%
17%
20%
33%
16%

CY2012
15%
8%
22%
18%
49%
22%
234%
15%
13%
9%
14%
18%
6%
21%
10%
34%
11%
26%
19%
19%
24%
32%
19%

EBITDA % Margin
CY2012
21%
(11%)
0%
0%
28%
0%
15%
(8%)
0%
25%
(1%)
25%
0%
16%
(18%)
11%
21%
18%
23%
21%

CY2013
19%
(9%)
(20%)
0%
25%
0%
16%
1%
12%
24%
(2%)
31%
0%
16%
(15%)
12%
25%
11%
19%
(34%)
(33%)
24%

CY2014
(14%)
19%
(9%)
(36%)
0%
23%
(174%)
18%
0%
12%
23%
6%
31%
(23%)
13%
(3%)
12%
26%
10%
22%
(20%)
(17%)
22%

FCF % Marg
CY2012
9%
(12%)
0%
0%
15%
0%
8%
5%
0%
15%
(1%)
(12%)
0%
10%
(7%)
14%
9%
9%
20%
11%

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

#VALUE!
58%
#VALUE!
18%
24%
26%
17%
15%
13%
9%
10%
#VALUE!
19%
13%
60%
46%
0%
#VALUE!

www.bvp.com/cloud
www.bvp.com/cloud/comps

12%
58%
#VALUE!
17%
23%
22%
15%
21%
14%
16%
11%
44%
18%
11%
38%
38%
17%
39%

0%
11%
(4%)
14%
23%
0%
17%
1%

11%
(5%)
17%
24%
(15%)
14%
6%

(40%)
9%
0%
21%
17%
(9%)
17%
6%

0%
14%
(0%)
11%
12%
0%
17%
2%

11%
0%
19%
0%
0%
(32%)
(31%)
0%

13%
22%
22%
(22%)
(14%)
(41%)
0%

14%
(10%)
24%
28%
(15%)
1%
(38%)
(18%)

8%
0%
8%
0%
0%
(14%)
(33%)
0%

Comp Sheets
Date

Margin
FCF % Margin
Company
2U
Athenahealth
Bazaarvoice
Benefitfocus
Box
BroadSoft
Castlight Health
Constant Contact
Cornerstone OnDemand
Cvent
Dealertrack Technologies
Demandware
Fleetmatics Group
HubSpot
IntraLinks
Jive Software
LifeLock
LinkedIn
LivePerson
LogMeIn
Marin Software
Marketo
Medidata Solutions

CY2013
9%
(28%)
(10%)
0%
17%
0%
9%
4%
17%
12%
2%
11%
0%
13%
(12%)
17%
13%
3%
11%
(37%)
(30%)
12%

CY2014
(23%)
7%
(15%)
(20%)
0%
19%
(127%)
9%
5%
1%
1%
(3%)
10%
(19%)
8%
(10%)
18%
9%
7%
28%
(26%)
(15%)
16%

Mindbody
MobileIron
New Relic
NetSuite
Proofpoint
Qualys
RealPage
RingCentral
Salesforce
ServiceNow
Shopify
SPS Commerce
Textura
The Ultimate Software Group
Veeva
Wix
Workday
Xero
Zendesk

11%
3%
12%
12%
(24%)
14%
3%

(33%)
9%
0%
16%
7%
(14%)
15%
10%

11%
11%
16%
(5%)
(12%)
(40%)
0%

10%
(8%)
10%
19%
(6%)
2%
(62%)
(22%)

www.bvp.com/cloud
www.bvp.com/cloud/comps

Date

8/21/2015

Weighted Data

1/1/2011
1/8/2011
1/15/2011
1/22/2011
1/29/2011
2/5/2011
2/12/2011
2/19/2011
2/26/2011
3/5/2011
3/12/2011
3/19/2011
3/26/2011
4/2/2011
4/9/2011
4/16/2011
4/23/2011
4/30/2011
5/7/2011
5/14/2011
5/21/2011
5/28/2011
6/4/2011
6/11/2011
6/18/2011
6/25/2011
7/2/2011
7/9/2011

BVP Cloud
Index
1,000
1,050
1,087
999
1,000
1,057
1,099
1,119
1,084
1,066
1,057
1,019
1,091
1,135
1,121
1,121
1,158
1,165
1,112
1,114
1,153
1,159
1,099
1,050
1,025
1,064
1,155
1,206

Nasdaq
$2,653
$2,703
$2,755
$2,690
$2,687
$2,769
$2,809
$2,834
$2,781
$2,785
$2,716
$2,644
$2,743
$2,790
$2,780
$2,765
$2,820
$2,874
$2,828
$2,828
$2,803
$2,797
$2,733
$2,644
$2,616
$2,653
$2,816
$2,860

7/16/2011
7/23/2011
7/30/2011
8/6/2011
8/13/2011
8/20/2011
8/27/2011
9/3/2011
9/10/2011
9/17/2011
9/24/2011
10/1/2011
10/8/2011
10/15/2011
10/22/2011
10/29/2011
11/5/2011
11/12/2011
11/19/2011
11/26/2011
12/3/2011
12/10/2011
12/17/2011
12/24/2011
12/31/2011
1/7/2012
1/14/2012
1/21/2012
1/28/2012
2/4/2012
2/11/2012
2/18/2012
2/25/2012
3/3/2012
3/10/2012
3/17/2012
3/24/2012
3/31/2012
4/7/2012
4/14/2012
4/21/2012
4/28/2012
5/5/2012
5/12/2012
5/19/2012

1,193
1,170
1,127
1,021
1,024
874
913
943
947
1,042
933
912
940
1,053
1,031
1,115
1,075
1,068
988
905
1,013
1,107
1,011
974
973
964
991
1,049
1,062
1,125
1,151
1,167
1,223
1,231
1,268
1,286
1,312
1,327
1,317
1,337
1,334
1,354
1,351
1,276
1,250

$2,790
$2,859
$2,756
$2,532
$2,508
$2,342
$2,480
$2,480
$2,468
$2,622
$2,483
$2,415
$2,479
$2,668
$2,637
$2,737
$2,686
$2,679
$2,573
$2,442
$2,627
$2,647
$2,555
$2,619
$2,605
$2,674
$2,711
$2,787
$2,817
$2,906
$2,904
$2,952
$2,964
$2,976
$2,988
$3,055
$3,068
$3,092
$3,081
$3,011
$3,000
$3,069
$2,956
$2,934
$2,779

5/26/2012
6/2/2012
6/9/2012
6/16/2012
6/23/2012
6/30/2012
7/7/2012
7/14/2012
7/21/2012
7/28/2012
8/4/2012
8/11/2012
8/18/2012
8/25/2012
9/1/2012
9/8/2012
9/15/2012
9/22/2012
9/29/2012
10/6/2012
10/13/2012
10/20/2012
10/27/2012
11/3/2012
11/10/2012
11/17/2012
11/24/2012
12/1/2012
12/8/2012
12/15/2012
12/22/2012
12/29/2012

1,289
1,201
1,260
1,298
1,318
1,339
1,335
1,292
1,318
1,319
1,320
1,387
1,395
1,395
1,414
1,483
1,547
1,534
1,448
1,356
1,311
1,269
1,239
1,237
1,168
1,188
1,252
1,270
1,257
1,297
1,353
1,315

$2,838
$2,747
$2,858
$2,873
$2,892
$2,935
$2,937
$2,908
$2,925
$2,958
$2,968
$3,021
$3,077
$3,070
$3,067
$3,136
$3,184
$3,180
$3,116
$3,136
$3,044
$3,006
$2,988
$2,982
$2,905
$2,853
$2,967
$3,010
$2,978
$2,971
$3,021
$2,960

1/5/2013
1/12/2013
1/19/2013
1/26/2013
2/2/2013
2/9/2013
2/16/2013
2/23/2013
3/2/2013
3/9/2013
3/16/2013
3/23/2013
3/30/2013
4/6/2013
4/13/2013
4/20/2013
4/27/2013
5/4/2013
5/11/2013
5/18/2013
5/25/2013
6/1/2013
6/8/2013
6/15/2013
6/22/2013
6/29/2013
7/6/2013
7/13/2013
7/20/2013
7/27/2013
8/3/2013
8/10/2013
8/17/2013
8/24/2013
8/31/2013
9/7/2013
9/14/2013
9/21/2013
9/28/2013
10/5/2013
10/12/2013
10/19/2013
10/26/2013
11/2/2013
11/9/2013

1,348
1,377
1,368
1,416
1,415
1,445
1,489
1,493
1,551
1,615
1,600
1,596
1,598
1,524
1,571
1,523
1,594
1,628
1,655
1,722
1,650
1,624
1,639
1,619
1,635
1,677
1,742
1,831
1,825
1,875
2,008
2,006
1,963
2,011
2,062
2,135
2,178
2,237
2,229
2,232
2,154
2,290
2,284
2,183
2,196

$3,102
$3,126
$3,135
$3,150
$3,179
$3,194
$3,192
$3,162
$3,170
$3,244
$3,249
$3,245
$3,268
$3,204
$3,295
$3,206
$3,279
$3,379
$3,437
$3,499
$3,459
$3,456
$3,469
$3,424
$3,357
$3,403
$3,479
$3,600
$3,588
$3,613
$3,690
$3,660
$3,603
$3,658
$3,590
$3,660
$3,722
$3,775
$3,782
$3,808
$3,792
$3,914
$3,943
$3,922
$3,919

11/16/2013
11/23/2013
11/30/2013
12/7/2013
12/14/2013
12/21/2013
12/28/2013
1/3/2014
1/10/2014
1/17/2014
1/24/2014
1/31/2014
2/7/2014
2/14/2014
2/21/2014
2/28/2014
3/7/2014
3/14/2014
3/21/2014
3/28/2014
4/4/2014
4/11/2014
4/18/2014
4/25/2014
5/2/2014
5/9/2014
5/16/2014
5/23/2014
5/30/2014
6/6/2014
6/13/2014
6/20/2014
6/27/2014
7/3/2014
7/11/2014
7/18/2014
7/25/2014
8/1/2014
8/8/2014
8/15/2014
8/22/2014
8/29/2014
9/5/2014
9/12/2014
9/19/2014

2,275
2,205
2,228
2,256
2,200
2,266
2,272
2,277
2,369
2,452
2,404
2,449
2,458
2,493
2,559
2,592
2,563
2,461
2,398
2,241
2,084
1,979
2,089
1,905
1,942
1,820
1,866
1,980
1,977
1,983
2,068
2,136
2,161
2,200
2,029
2,005
2,078
2,091
2,129
2,171
2,272
2,313
2,332
2,327
2,281

$3,986
$3,992
$4,060
$4,063
$4,001
$4,105
$4,157
$4,132
$4,175
$4,198
$4,128
$4,104
$4,126
$4,244
$4,263
$4,308
$4,336
$4,245
$4,277
$4,156
$4,128
$4,000
$4,096
$4,076
$4,124
$4,072
$4,091
$4,186
$4,243
$4,321
$4,311
$4,368
$4,486
$4,415
$4,432
$4,450
$4,353
$4,371
$4,465
$4,539
$4,580
$4,583
$4,568
$4,580
$4,512

9/26/2014
10/3/2014
10/10/2014
10/17/2014
10/24/2014
10/31/2014
11/7/2014
11/14/2014
11/21/2014
11/28/2014
12/5/2014
12/12/2014
12/19/2014
12/26/2014
1/2/2015
1/9/2015
1/16/2015
1/23/2015
1/30/2015
2/7/2015
2/14/2015
2/21/2015
2/27/2015
3/6/2015
3/13/2015
3/20/2015
3/27/2015
4/3/2015
4/10/2015
4/17/2015
4/24/2015
5/1/2015
5/8/2015
5/15/2015
5/22/2015
5/29/2015
6/5/2015
6/12/2015
6/19/2015
6/26/2015
7/3/2015
7/10/2015
7/17/2015
7/24/2015
7/31/2015

2,217
2,260
2,095
2,153
2,262
2,442
2,424
2,461
2,329
2,365
2,338
2,280
2,426
2,459
2,382
2,360
2,271
2,385
2,301
2,462
2,554
2,578
2,601
2,504
2,503
2,586
2,543
2,514
2,612
2,533
2,619
2,544
2,530
2,533
2,595
2,484
2,545
2,543
2,637
2,585
2,509
2,528
2,619
2,621
2,588

$4,476
$4,476
$4,276
$4,258
$4,484
$4,631
$4,633
$4,689
$4,713
$4,792
$4,781
$4,654
$4,765
$4,807
$4,727
$4,704
$4,634
$4,758
$4,635
$4,744
$4,894
$4,956
$4,956
$4,927
$4,872
$5,026
$4,891
$4,887
$4,996
$4,932
$5,092
$5,005
$5,004
$5,048
$5,089
$5,070
$5,068
$5,051
$5,117
$5,081
$5,009
$4,998
$5,210
$5,089
$5,128

8/7/2015
8/14/2015
8/21/2015

2,510
2,540
2,375

$5,044
$5,048
$4,706

BVP Cloud Comp Sh

Market C

Inde
Weighted Data

S&P
$1,258
$1,272
$1,293
$1,283
$1,276
$1,311
$1,329
$1,343
$1,320
$1,321
$1,304
$1,279
$1,314
$1,332
$1,328
$1,320
$1,337
$1,364
$1,340
$1,338
$1,333
$1,331
$1,300
$1,271
$1,272
$1,268
$1,340
$1,344

Since 1/1/2011

Dow Jones
$11,578
$11,675
$11,787
$11,872
$11,824
$12,092
$12,273
$12,391
$12,130
$12,170
$12,044
$11,859
$12,221
$12,377
$12,380
$12,342
$12,506
$12,811
$12,639
$12,596
$12,512
$12,442
$12,151
$11,952
$12,004
$11,935
$12,583
$12,657

BVP Cloud
Index
Nasdaq Index
100%
100%
105%
102%
109%
104%
100%
101%
100%
101%
106%
104%
110%
106%
112%
107%
108%
105%
107%
105%
106%
102%
102%
100%
109%
103%
114%
105%
112%
105%
112%
104%
116%
106%
116%
108%
111%
107%
111%
107%
115%
106%
116%
105%
110%
103%
105%
100%
103%
99%
106%
100%
115%
106%
121%
108%

S&P Index
100%
101%
103%
102%
101%
104%
106%
107%
105%
105%
104%
102%
104%
106%
106%
105%
106%
108%
107%
106%
106%
106%
103%
101%
101%
101%
107%
107%

$1,316
$1,345
$1,292
$1,199
$1,179
$1,124
$1,177
$1,174
$1,154
$1,216
$1,136
$1,131
$1,155
$1,225
$1,238
$1,285
$1,253
$1,264
$1,216
$1,159
$1,244
$1,255
$1,220
$1,265
$1,258
$1,278
$1,289
$1,315
$1,316
$1,345
$1,343
$1,361
$1,366
$1,370
$1,371
$1,404
$1,397
$1,408
$1,398
$1,370
$1,379
$1,403
$1,369
$1,353
$1,295

$12,480
$12,681
$12,143
$11,445
$11,269
$10,818
$11,285
$11,240
$10,992
$11,509
$10,771
$10,913
$11,103
$11,644
$11,809
$12,231
$11,983
$12,154
$11,796
$11,232
$12,019
$12,184
$11,866
$12,294
$12,218
$12,360
$12,422
$12,720
$12,660
$12,862
$12,801
$12,950
$12,983
$12,978
$12,922
$13,233
$13,081
$13,212
$13,060
$12,850
$13,029
$13,228
$13,038
$12,821
$12,369

119%
117%
113%
102%
102%
87%
91%
94%
95%
104%
93%
91%
94%
105%
103%
111%
108%
107%
99%
91%
101%
111%
101%
97%
97%
96%
99%
105%
106%
113%
115%
117%
122%
123%
127%
129%
131%
133%
132%
134%
133%
135%
135%
128%
125%

105%
108%
104%
95%
95%
88%
93%
93%
93%
99%
94%
91%
93%
101%
99%
103%
101%
101%
97%
92%
99%
100%
96%
99%
98%
101%
102%
105%
106%
110%
109%
111%
112%
112%
113%
115%
116%
117%
116%
114%
113%
116%
111%
111%
105%

105%
107%
103%
95%
94%
89%
94%
93%
92%
97%
90%
90%
92%
97%
98%
102%
100%
100%
97%
92%
99%
100%
97%
101%
100%
102%
103%
105%
105%
107%
107%
108%
109%
109%
109%
112%
111%
112%
111%
109%
110%
112%
109%
108%
103%

$1,318
$1,278
$1,326
$1,343
$1,335
$1,362
$1,355
$1,357
$1,363
$1,386
$1,391
$1,406
$1,418
$1,411
$1,407
$1,438
$1,466
$1,460
$1,441
$1,461
$1,429
$1,433
$1,412
$1,414
$1,380
$1,360
$1,409
$1,416
$1,418
$1,414
$1,430
$1,402

$12,455
$12,119
$12,554
$12,767
$12,641
$12,880
$12,772
$12,777
$12,823
$13,076
$13,096
$13,208
$13,275
$13,158
$13,091
$13,307
$13,593
$13,579
$13,437
$13,610
$13,329
$13,344
$13,107
$13,093
$12,815
$12,588
$13,010
$13,026
$13,155
$13,135
$13,191
$12,938

129%
120%
126%
130%
132%
134%
134%
129%
132%
132%
132%
139%
140%
139%
141%
148%
155%
153%
145%
136%
131%
127%
124%
124%
117%
119%
125%
127%
126%
130%
135%
132%

107%
104%
108%
108%
109%
111%
111%
110%
110%
112%
112%
114%
116%
116%
116%
118%
120%
120%
117%
118%
115%
113%
113%
112%
109%
108%
112%
113%
112%
112%
114%
112%

105%
102%
105%
107%
106%
108%
108%
108%
108%
110%
111%
112%
113%
112%
112%
114%
117%
116%
115%
116%
114%
114%
112%
112%
110%
108%
112%
113%
113%
112%
114%
112%

$1,466
$1,472
$1,486
$1,503
$1,513
$1,518
$1,520
$1,516
$1,518
$1,551
$1,561
$1,557
$1,569
$1,553
$1,589
$1,555
$1,582
$1,614
$1,634
$1,667
$1,650
$1,631
$1,643
$1,627
$1,592
$1,606
$1,632
$1,680
$1,692
$1,692
$1,710
$1,691
$1,656
$1,664
$1,633
$1,655
$1,688
$1,710
$1,692
$1,691
$1,703
$1,745
$1,760
$1,762
$1,771

$13,435
$13,488
$13,650
$13,896
$14,010
$13,993
$13,982
$14,001
$14,090
$14,397
$14,514
$14,512
$14,579
$14,565
$14,865
$14,548
$14,713
$14,974
$15,118
$15,354
$15,303
$15,116
$15,248
$15,070
$14,799
$14,910
$15,136
$15,464
$15,544
$15,559
$15,658
$15,426
$15,081
$15,011
$14,810
$14,923
$15,376
$15,451
$15,258
$15,073
$15,237
$15,400
$15,570
$15,616
$15,762

135%
138%
137%
142%
142%
144%
149%
149%
155%
162%
160%
160%
160%
152%
157%
152%
159%
163%
166%
172%
165%
162%
164%
162%
163%
168%
174%
183%
183%
188%
201%
201%
196%
201%
206%
214%
218%
224%
223%
223%
215%
229%
228%
218%
220%

117%
118%
118%
119%
120%
120%
120%
119%
119%
122%
122%
122%
123%
121%
124%
121%
124%
127%
130%
132%
130%
130%
131%
129%
127%
128%
131%
136%
135%
136%
139%
138%
136%
138%
135%
138%
140%
142%
143%
144%
143%
148%
149%
148%
148%

117%
117%
118%
120%
120%
121%
121%
121%
121%
123%
124%
124%
125%
124%
126%
124%
126%
128%
130%
133%
131%
130%
131%
129%
127%
128%
130%
134%
135%
135%
136%
134%
132%
132%
130%
132%
134%
136%
135%
134%
135%
139%
140%
140%
141%

$1,798
$1,805
$1,806
$1,805
$1,775
$1,818
$1,841
$1,831
$1,842
$1,839
$1,790
$1,783
$1,797
$1,839
$1,836
$1,859
$1,878
$1,841
$1,867
$1,858
$1,865
$1,816
$1,865
$1,863
$1,881
$1,878
$1,878
$1,901
$1,924
$1,949
$1,936
$1,963
$1,985
$1,968
$1,978
$1,978
$1,925
$1,932
$1,955
$1,988
$2,003
$2,008
$1,986
$2,010
$1,983

$15,962
$16,065
$16,086
$16,020
$15,755
$16,221
$16,478
$16,470
$16,437
$16,459
$15,879
$15,699
$15,794
$16,154
$16,103
$16,322
$16,453
$16,066
$16,303
$16,323
$16,413
$16,027
$16,409
$16,361
$16,513
$16,583
$16,491
$16,606
$16,717
$16,924
$16,776
$16,947
$17,068
$16,944
$17,100
$16,961
$16,493
$16,554
$16,663
$17,001
$17,098
$17,137
$16,988
$17,280
$17,113

227%
221%
223%
226%
220%
227%
227%
228%
237%
245%
240%
245%
246%
249%
256%
259%
256%
246%
240%
224%
208%
198%
209%
191%
194%
182%
187%
198%
198%
198%
207%
214%
216%
220%
203%
201%
208%
209%
213%
217%
227%
231%
233%
233%
228%

150%
150%
153%
153%
151%
155%
157%
156%
157%
158%
156%
155%
156%
160%
161%
162%
163%
160%
161%
157%
156%
151%
154%
154%
155%
153%
154%
158%
160%
163%
162%
165%
169%
166%
167%
168%
164%
165%
168%
171%
173%
173%
172%
173%
170%

143%
144%
144%
144%
141%
145%
146%
146%
146%
146%
142%
142%
143%
146%
146%
148%
149%
146%
148%
148%
148%
144%
148%
148%
150%
149%
149%
151%
153%
155%
154%
156%
158%
156%
157%
157%
153%
154%
155%
158%
159%
160%
158%
160%
158%

$1,968
$1,968
$1,906
$1,887
$1,965
$2,018
$2,032
$2,040
$2,064
$2,068
$2,075
$2,002
$2,071
$2,089
$2,058
$2,045
$2,019
$2,052
$1,995
$2,055
$2,097
$2,110
$2,110
$2,071
$2,053
$2,108
$2,061
$2,067
$2,102
$2,081
$2,118
$2,108
$2,116
$2,123
$2,126
$2,107
$2,093
$2,094
$2,110
$2,101
$2,077
$2,077
$2,127
$2,080
$2,104

$17,010
$17,010
$16,544
$16,380
$16,805
$17,391
$17,574
$17,635
$17,810
$17,828
$17,959
$17,281
$17,805
$18,054
$17,833
$17,737
$17,512
$17,673
$17,165
$17,824
$18,019
$18,140
$18,140
$17,857
$17,749
$18,128
$17,713
$17,763
$18,058
$17,826
$18,080
$18,024
$18,191
$18,273
$18,232
$18,011
$17,849
$17,899
$18,016
$17,947
$17,730
$17,760
$18,086
$17,569
$17,690

222%
226%
209%
215%
226%
244%
242%
246%
233%
236%
234%
228%
243%
246%
238%
236%
227%
238%
230%
246%
255%
258%
260%
250%
250%
259%
254%
251%
261%
253%
262%
254%
253%
253%
260%
248%
254%
254%
264%
259%
251%
253%
262%
262%
259%

169%
169%
161%
161%
169%
175%
175%
177%
178%
181%
180%
175%
180%
181%
178%
177%
175%
179%
175%
179%
184%
187%
187%
186%
184%
189%
184%
184%
188%
186%
192%
189%
189%
190%
192%
191%
191%
190%
193%
192%
189%
188%
196%
192%
193%

156%
156%
152%
150%
156%
160%
162%
162%
164%
164%
165%
159%
165%
166%
164%
163%
161%
163%
159%
163%
167%
168%
168%
165%
163%
168%
164%
164%
167%
165%
168%
168%
168%
169%
169%
168%
166%
167%
168%
167%
165%
165%
169%
165%
167%

$2,078
$2,092
$1,971

$17,373
$17,477
$16,460

251%
254%
237%

190%
190%
177%

165%
166%
157%

oud Comp Sheets

Market Cap Weighted Index

Index

Since 2/28/2014

Dow Jones
100%
101%
102%
103%
102%
104%
106%
107%
105%
105%
104%
102%
106%
107%
107%
107%
108%
111%
109%
109%
108%
107%
105%
103%
104%
103%
109%
109%

BVP Cloud
Index

Nasdaq Index

S&P Index

Dow Jones

108%
110%
105%
99%
97%
93%
97%
97%
95%
99%
93%
94%
96%
101%
102%
106%
104%
105%
102%
97%
104%
105%
102%
106%
106%
107%
107%
110%
109%
111%
111%
112%
112%
112%
112%
114%
113%
114%
113%
111%
113%
114%
113%
111%
107%

108%
105%
108%
110%
109%
111%
110%
110%
111%
113%
113%
114%
115%
114%
113%
115%
117%
117%
116%
118%
115%
115%
113%
113%
111%
109%
112%
113%
114%
113%
114%
112%

116%
117%
118%
120%
121%
121%
121%
121%
122%
124%
125%
125%
126%
126%
128%
126%
127%
129%
131%
133%
132%
131%
132%
130%
128%
129%
131%
134%
134%
134%
135%
133%
130%
130%
128%
129%
133%
133%
132%
130%
132%
133%
134%
135%
136%

138%
139%
139%
138%
136%
140%
142%
142%
142%
142%
137%
136%
136%
140%
139%
141%
142%
139%
141%
141%
142%
138%
142%
141%
143%
143%
142%
143%
144%
146%
145%
146%
147%
146%
148%
146%
142%
143%
144%
147%
148%
148%
147%
149%
148%

100%
99%
95%
93%
86%
80%
76%
81%
74%
75%
70%
72%
76%
76%
77%
80%
82%
83%
85%
78%
77%
80%
81%
82%
84%
88%
89%
90%
90%
88%

100%
101%
99%
99%
96%
96%
93%
95%
95%
96%
95%
95%
97%
98%
100%
100%
101%
104%
102%
103%
103%
101%
101%
104%
105%
106%
106%
106%
106%
105%

100%
101%
99%
100%
100%
100%
98%
100%
100%
101%
101%
101%
102%
103%
105%
104%
106%
107%
106%
106%
106%
104%
104%
105%
107%
108%
108%
107%
108%
107%

100%
101%
98%
100%
100%
101%
98%
101%
100%
101%
102%
101%
102%
102%
104%
103%
104%
105%
104%
105%
104%
101%
101%
102%
104%
105%
105%
104%
106%
105%

147%
147%
143%
141%
145%
150%
152%
152%
154%
154%
155%
149%
154%
156%
154%
153%
151%
153%
148%
154%
156%
157%
157%
154%
153%
157%
153%
153%
156%
154%
156%
156%
157%
158%
157%
156%
154%
155%
156%
155%
153%
153%
156%
152%
153%

86%
87%
81%
83%
87%
94%
94%
95%
90%
91%
90%
88%
94%
95%
92%
91%
88%
92%
89%
95%
99%
99%
100%
97%
97%
100%
98%
97%
101%
98%
101%
98%
98%
98%
100%
96%
98%
98%
102%
100%
97%
98%
101%
101%
100%

104%
104%
99%
99%
104%
107%
108%
109%
109%
111%
111%
108%
111%
112%
110%
109%
108%
110%
108%
110%
114%
115%
115%
114%
113%
117%
114%
113%
116%
114%
118%
116%
116%
117%
118%
118%
118%
117%
119%
118%
116%
116%
121%
118%
119%

106%
106%
103%
101%
106%
109%
109%
110%
111%
111%
112%
108%
111%
112%
111%
110%
109%
110%
107%
111%
113%
113%
113%
111%
110%
113%
111%
111%
113%
112%
114%
113%
114%
114%
114%
113%
113%
113%
113%
113%
112%
112%
114%
112%
113%

104%
104%
101%
100%
103%
107%
108%
108%
109%
109%
110%
106%
109%
111%
109%
109%
107%
108%
105%
109%
110%
111%
111%
109%
109%
111%
109%
109%
111%
109%
111%
110%
111%
112%
112%
110%
109%
110%
110%
110%
109%
109%
111%
108%
108%

150%
151%
142%

97%
98%
92%

117%
117%
109%

112%
112%
106%

106%
107%
101%

Company
Total Market Cap
Count
($ in bn)
19
$40.3
19
$42.4
19
$43.9
19
$40.3
19
$40.3
19
$42.6
19
$44.4
19
$45.1
19
$43.7
19
$43.0
19
$42.6
20
$42.0
20
$45.0
20
$46.8
20
$46.2
20
$46.2
21
$48.4
21
$48.7
21
$46.5
21
$46.6
22
$57.6
22
$57.9
22
$54.9
22
$52.5
22
$51.3
22
$53.2
22
$57.7
22
$60.3

22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
22
23
23
23
23
23
23
23
23
23
23
23
23
23
24
25
25
25
24
25
25
25
25
25

$59.7
$58.5
$56.3
$51.0
$51.2
$43.7
$45.6
$47.1
$47.4
$52.1
$46.6
$45.6
$47.0
$52.7
$51.6
$55.7
$53.8
$53.4
$49.4
$45.3
$50.6
$55.3
$51.5
$49.6
$49.6
$49.1
$50.5
$53.5
$54.1
$57.3
$58.7
$59.5
$59.7
$60.1
$61.9
$63.7
$66.7
$67.4
$66.9
$65.9
$66.3
$67.3
$67.2
$63.4
$62.1

25
25
25
25
25
26
26
26
26
27
28
28
28
28
28
28
28
28
29
29
29
30
30
30
31
31
31
31
30
30
30
30

$64.1
$59.7
$62.6
$64.5
$65.5
$70.0
$69.8
$67.5
$68.8
$69.2
$69.8
$73.3
$73.8
$73.7
$74.7
$78.4
$81.8
$81.1
$81.1
$76.8
$74.2
$82.0
$80.0
$79.9
$76.2
$77.5
$81.6
$82.8
$80.7
$83.3
$86.9
$84.5

30
30
30
30
30
30
29
29
29
29
29
30
30
30
31
31
31
31
31
32
32
32
33
33
33
33
33
33
32
32
32
33
33
33
33
33
33
34
35
35
35
36
36
36
37

$86.5
$88.4
$87.9
$91.0
$90.9
$92.8
$94.8
$95.0
$98.7
$102.8
$101.8
$102.1
$102.2
$97.5
$100.9
$97.8
$102.4
$104.6
$106.3
$111.5
$106.9
$105.2
$106.6
$105.3
$106.3
$109.0
$113.2
$119.1
$116.3
$119.5
$128.0
$129.3
$126.5
$129.6
$132.9
$137.6
$140.4
$145.5
$145.8
$146.0
$140.9
$156.1
$155.7
$148.9
$150.6

37
37
37
37
37
37
37
37
37
37
37
37
37
36
36
36
36
37
37
38
38
38
38
38
38
38
39
39
39
39
40
40
40
40
40
40
40
40
40
40
40
40
40
40
40

$155.9
$151.2
$152.7
$154.6
$150.8
$155.3
$155.8
$156.1
$162.4
$168.1
$164.8
$167.9
$168.5
$169.5
$174.0
$176.2
$174.2
$170.7
$166.4
$156.2
$145.2
$137.9
$145.6
$132.7
$135.3
$126.8
$131.3
$139.3
$139.1
$139.5
$146.4
$151.2
$153.0
$155.7
$143.6
$141.9
$147.1
$148.0
$150.7
$153.7
$160.8
$163.7
$165.0
$164.7
$161.4

40
40
41
41
41
41
41
41
41
41
41
41
41
41
41
41
41
42
42
42
42
42
42
42
42
42
42
41
41
41
41
41
41
41
42
42
42
42
43
43
43
42
42
42
42

$156.9
$159.9
$149.1
$153.3
$161.1
$173.8
$172.6
$175.2
$165.8
$168.4
$166.5
$156.9
$167.0
$169.3
$164.0
$162.4
$156.3
$167.2
$161.4
$172.6
$179.1
$180.8
$182.4
$175.6
$175.5
$181.3
$178.3
$176.1
$182.9
$177.4
$183.4
$178.2
$177.2
$177.4
$184.0
$178.6
$183.0
$182.9
$190.1
$186.4
$180.9
$181.8
$188.3
$188.4
$186.1

42
42
42

$180.5
$182.7
$170.7

BVP Cloud Summ


~$80bn Public Cloud Market Value Created
$200.0

$178.3

$180.0
$160.0
$140.0
$120.0
$100.0
$80.0
$60.0
$40.0

$40.3

$20.0
$0.0
1/1/2011

3/27/2015

$13bn+ Public Cloud M&A


($ in m)

Date
Mar-14
Dec-13

Target

Acquirer

Deal Size
$0.4
$1.5

Jul-13

$2.5

Dec-12

$1.0

Aug-12

$1.3

May-12

$4.3

Feb-12

$1.8

Total

$12.8

www.bvp.com/cloud
www.bvp.com/cloud/comps

oud Summary
27 Cloud IPOs

Only 2% Cloud Penetration in IT


Total Spend in IT ($ in bn)
$1,600
$1,400
$1,200
$1,000
$800

$1,370

$1,600
$1,370

$1,400
$1,200
$1,000
$800
$600
$400
$200

$30

$0
Cloud

Overall IT

Source: Gartner, July 2013


Note: Estimates per 2013. Cloud includes SaaS, PaaS and IaaS. Overall IT includes
worldwide spend in Data Center Systems, Enterprise Software and IT Services.