Perpetual

Waterfall Year 1 Year 2 Year 3 Year 4

Year 1 $1,200,000.0 $240,000.0 $240,000.0 $240,000.0
Year 2 $6,000,000.0 $1,200,000.0 $1,200,000.0
Year 3 $24,000,000.0 $4,800,000.0
Year 4 $48,000,000.0
Year 5
Total Rev $1,200,000.0 $6,240,000.0 $25,440,000.0 $54,240,000.0
Annual Growth 420.0% 307.7% 113.2%
CAGR
MRR (20% of booking + maintena $20,000.00 $120,000.00 $520,000.00 $1,320,000.00
Business Value $4,680,000.0 $24,336,000.0 $99,216,000.0 $211,536,000.0

Recurring
Waterfall Year 1 Year 2 Year 3 Year 4
Year 1 $560,000.0 $560,000.0 $560,000.0 $560,000.0
Year 2 $2,800,000.0 $2,800,000.0 $2,800,000.0
Year 3 $11,200,000.0 $11,200,000.0
Year 4 $22,400,000.0
Year 5
Total Rev $560,000.0 $3,360,000.0 $14,560,000.0 $36,960,000.0
Annual Growth 500.0% 333.3% 153.8%
CAGR
MRR $46,666.67 $280,000.00 $1,213,333.33 $3,080,000.00
Business Value $3,910,308.4 $23,461,850.2 $101,668,017.6 $258,080,352.3

Perpetual
New Bookings $1,200,000.0 $6,000,000.0 $24,000,000.0 $48,000,000.0
Maintenance $0.0 $240,000.0 $1,440,000.0 $6,240,000.0
Total $1,200,000.0 $6,240,000.0 $25,440,000.0 $54,240,000.0

Term
New Bookings $560,000.0 $2,800,000.0 $11,200,000.0 $22,400,000.0
Renewals $0.0 $560,000.0 $3,360,000.0 $14,560,000.0
Total $560,000.0 $3,360,000.0 $14,560,000.0 $36,960,000.0
Year 5
$240,000.0
$1,200,000.0
$4,800,000.0
$9,600,000.0 Perpetual $1,200.0
$60,000,000.0 Maintenance $240.0
$75,840,000.0 Number of NEW licenses Annual Growth
39.8% Year 1 1,000
182.0% Year 2 5,000 400%
$2,320,000.00 Year 3 20,000 300%
$295,776,000.0 Year 4 Growth 40,000 100%
Year 5 Growth 50,000 25%
EV/ Rev. Multiple 3.9x
Year 5 Maintenance Renewals 100.0%
$560,000.0
$2,800,000.0
$11,200,000.0
$22,400,000.0
$28,000,000.0
$64,960,000.0
75.8%
228.2%
$5,413,333.33
$453,595,770.7

$60,000,000.0
$15,840,000.0
$75,840,000.0

$28,000,000.0
$36,960,000.0
$64,960,000.0
Over 3 years
Perpetual $1,680.0
Term $1,680.0
Term % of Perpetual 100.0%

Term $560.0
Number of NEW licenses Annual Growth
Year 1 1,000
Year 2 Growth 5,000 400%
Year 3 Growth 20,000 300%
Year 4 Growth 40,000 100%
Year 5 Growth 50,000 25%
EV/ Rev. Multiple 7.0x
Term Renewals 100.0%
Perpetual Comps Recurring Comps
Name Ticker Name Ticker
EMC EMC Athenahealth ATHN
SAP SAP Bazaarvoice BV
Oracle ORCL Benefitfocus BNFT
IBM IBM BroadSoft BSFT
F5 FFIV Concur Technologies CNQR
Vmware VMW Constant Contact CTCT
NetApp NTAP Cornerstone OnDemand CSOD
Cvent CVT
Dealertrack Technologies TRAK
Demandware DWRE
E2open EOPN
Fleetmatics Group FLTX
IntraLinks IL
Jive Software JIVE
LifeLock LOCK
LinkedIn LNKD
LivePerson LPSN
LogMeIn LOGM
Marin Software MRIN
Marketo MKTO
Medidata Solutions MDSO
NetSuite N
Proofpoint PFPT
Qualys QLYS
Rally Software RALY
RealPage RP
RingCentral RNG
Salesforce CRM
ServiceNow NOW
SPS Commerce SPSC
Textura TXTR
The Ultimate Software Group ULTI
Veeva VEEV
Vocus VOCS
Wix WIX
Workday WDAY
Xero XRO