1. Shea & Company, LLC Annual Enterprise Software Market Review 2008 399 Boylston StreetMichael H.M. Shea Floor 11Managing Director Boston, Massachusetts 02116617.896.2255 mshea@shea-co.com Chris Pingpank Associate 617.896.2218 cpingpank@shea-co.com Brad McCarthy Analyst 617.896.2245 bmccarthy@shea-co.com Confidential and proprietary information, unauthorized distribution strictly prohibited Please contact Brad McCarthy to subscribe

2. proprietary & confidential 1 Contents 2008 Software Acquisitions p. 2 2008 Private Financingsp. 7 M&A Transaction Datap. 17 Public Company Participants & Consolidation by Segmentp. 24 Most Active Public Consolidation Playersp. 30 Software Valuation Trends by Growth Tranchep. 35 Equity Trading Multiples by Software Segmentp. 36 Equity Trading Multiples by Comparable Subsetsp. 41 Software IPO Datap. 42 Software IPO Pipelinep. 43

3. proprietary & confidential 2 2008 Infrastructure & Application Software Acquisitions Source: Company releases, Wall Street research, Shea & Company ($ millions)

4. proprietary & confidential 3 2008 Infrastructure & Application Software Acquisitions continued Source: Dow Jones VentureSource ($ millions)

5. proprietary & confidential 4 2008 Infrastructure & Application Software Acquisitions continued ($ millions) Source: Dow Jones VentureSource

6. proprietary & confidential 5 2008 Infrastructure & Application Software Acquisitions continued ($ millions) Source: Dow Jones VentureSource

7. proprietary & confidential 6 2008 Infrastructure & Application Software Acquisitions continued ($ millions) Source: Dow Jones VentureSource

8. proprietary & confidential 7 2008 Infrastructure & Application Software Private Financings ($ millions) Source: Dow Jones VentureSource

9. proprietary & confidential 8 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

10. proprietary & confidential 9 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

11. proprietary & confidential 10 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

12. proprietary & confidential 11 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

13. proprietary & confidential 12 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

14. proprietary & confidential 13 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

15. proprietary & confidential 14 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

16. proprietary & confidential 15 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

17. proprietary & confidential 16 2008 Infrastructure & Application Software Private Financings continued ($ millions) Source: Dow Jones VentureSource

18. proprietary & confidential 17 Software M&A Transaction Data 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

19. proprietary & confidential 18 Software M&A Transaction Data continued 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

20. proprietary & confidential 19 Software M&A Transaction Data continued 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

21. proprietary & confidential 20 Software M&A Transaction Data continued 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

22. proprietary & confidential 21 Software M&A Transaction Data continued 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

23. proprietary & confidential 22 Software M&A Transaction Data – Summary 2007 – 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

24. proprietary & confidential 23 Software M&A Transaction Analysis By Transaction Size: 2007 – 2008 ($ millions) By Target Segment: 2007 – YTD 2008 ($ millions) Note: Includes only transactions for which data was publicly available Source: Company releases, Wall Street research, Shea & Company

25. proprietary & confidential 24 Public Company Participants & Consolidation by Segment (including those acquired since 2002) ($ millions)

26. proprietary & confidential 25 Public Company Participants & Consolidation by Segment continued (including those acquired since 2002) ($ millions) [a] Acquisition pending Note: ERP & Business Applications includes: ERP & CRM, Human Capital Management, Supply Chain Management and Technical Software

27. proprietary & confidential 26 Public Company Participants & Consolidation by Segment continued (including those acquired since 2002) ($ millions) [a] Acquisition pending Note: ERP & Business Applications includes: ERP & CRM, Human Capital Management, Supply Chain Management and Technical Software

28. proprietary & confidential 27 Public Company Participants & Consolidation by Segment continued (including those acquired since 2002) ($ millions) [a] Acquisition pending

29. proprietary & confidential 28 Public Company Participants & Consolidation by Segment continued (including those acquired since 2002) ($ millions)

30. proprietary & confidential 29 Public Company Participants & Consolidation by Segment continued (including those acquired since 2002) ($ millions)

31. proprietary & confidential 30 Most Active Public Consolidation Players Note: “Total acquired value” includes only transactions for which data was publicly available ($ millions)

32. proprietary & confidential 31 Most Active Public Consolidation Players continued ($ millions) Note: “Total acquired value” includes only transactions for which data was publicly available

33. proprietary & confidential 32 Most Active Public Consolidation Players continued ($ millions) Note: “Total acquired value” includes only transactions for which data was publicly available

34. proprietary & confidential 33 Most Active Public Consolidation Players continued [a] Acquired by Veritas prior to Symantec acquisition ($ millions) Note: “Total acquired value” includes only transactions for which data was publicly available

35. proprietary & confidential 34 Most Active Public Consolidation Players continued ($ millions) Note: “Total acquired value” includes only transactions for which data was publicly available [a] Acquired by Veritas prior to Symantec acquisition

36. proprietary & confidential 35 Software Valuation Trends by Growth Tranche Current & Forward Market Valuations of Publicly-Traded Software Companies by Growth Tranche Note: Consolidated data from the Shea & Company Quarterly Software Market Review Forward Year Median EV / Revenue by Growth Tranche Forward Year Median P/E by Growth Tranche

37. proprietary & confidential 36 Trading Multiples by Segment ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

38. proprietary & confidential 37 Trading Multiples by Segment continued ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

39. proprietary & confidential 38 Trading Multiples by Segment continued ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

40. proprietary & confidential 39 Trading Multiples by Segment continued ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

41. proprietary & confidential 40 Trading Multiples by Segment continued ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

42. proprietary & confidential 41 Trading Multiples by Comparable Subsets ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

43. proprietary & confidential 42 Software IPO Pricing & Performance Data Issuances from 2007 – 2008 YTD ($ millions) Notes: Enterprise value equals equity value, plus debt, less cash P/E multiples in excess of 100x are considered to be not meaningful [a] Wall Street consensus estimates Source: Company releases, Wall Street research, Shea & Company

44. proprietary & confidential 43 Software IPO Pipeline Note: In a typical IPO process, the offering progresses through three key milestones: the initial filing of the S-1 (prospectus; F-1 for foreign companies); an amended version of the S-1 following comments from the SEC; and pricing the offering and issuing shares to the public market. ($ millions)

45. proprietary & confidential 44 Who we are and what we do Launched in 2005 to provide corporate development & strategy consulting, M&A and financial advisory services to the established and emerging leaders in the technology industry We maintain and invest in relationships with the largest technology companies in the world in order to bring the most relevant and expert perspective to all of our clients Our clients are organizations facing robust corporate development challenges in a rapidly-changing and highly turbulent industry New stages in the technology lifecycle Emerging market categories Competitive threats or partnering opportunities Issues of value creation versus value realization Our firm’s principals have an average of over 15 years working with emerging leaders in software, as well as with the industry’s largest and most established companies Shea & Company is based in Boston and since its inception has undertaken projects with clients on both coasts of the U.S., in Canada and in Europe, as M&A advisor in both sell and buy-side capacity Merger & Acquisition Advisory Shea & Company has a wealth of experience with buy-side and sell-side M&A as well as divestitures and other structures Corporate Development & Strategy Our focus on “outsourced corporate development” is ideal for emerging software leaders facing tough strategic challenges Overview of Shea & Company, LLC Capital Raising We provide thoughtful advice in private and public market capital raising transactions without the conflicts of interest endemic to large investment banks Shea & Company served as the exclusive financial advisor to Onaro has been acquired by Financial terms not disclosed January 2008 Shea & Company served as the exclusive financial advisor to SPL WorldGroup has been acquired by Financial terms not disclosed November 2006 Shea & Company served as the exclusive financial advisor to AssetMetrix has been acquired by Financial terms not disclosed April 2006 Shea & Company served as the exclusive financial advisor to Kashya has been acquired by $153,000,000 May 2006 Shea & Company served as the exclusive financial advisor to Wind River Systems has acquired Financial terms not disclosed March 2006 Shea & Company served as the exclusive financial advisor to ProfitLogic has been acquired by Financial terms not disclosed July 2005