1. Entrepreneurial Re-Invention A Mid-Life IPO
Bill Eichhorn

2. Agenda Background Textura Solutions & Value Proposition
Positioning for Capital Market Success
IPO
Keys to Success

3. Background Textura formed in April 2004 by Eichhorn, Allin, Niden
Business solution and model created by a small group of industry, technology and general business experts
Acquired some intellectual property and prototype software from others
Filed US and Global patents in June 2004
Started operations September 2004
2004 to June 2006
Continuing market analysis
Solution and business model refinement
Software development
Beta test clients
Commercial Release
July 2006

4. Agenda Background Textura Solutions & Value Proposition
Positioning for Capital Market Success
IPO
Keys to Success

5. Current Business Processes – Complex, Error Prone, Inefficient
Banks / Insurers
Title Company
Owner / Developer
Sub-contractors
Engineers
Architects
General Contractors
Suppliers
Architects
Financing Companies
Insurance Companies
Owner/ Developer GC
Prime Sub
Sub
Material Supplier
Sub-tier
Etc.
. . .
Title Companies
Engineers
Design
Pre-qualification
Bid
Contracting
Construction
Close-out

6. Textura: Web-Based Suite of Collaboration Tools with Value for All
Banks / insurers
Title company
Owner/Developer
Sub-contractors
Engineers
Architects
General Contractors
Suppliers
Architects
Financing Companies
Insurance Companies
Owner/ Developer GC
Prime Sub
Sub
Material Supplier
Sub-tier
Etc.
. . .
Title Companies
Engineers
Construction Collaboration Solutions®
From the inherent chaos of the current manual processes we have created order, structure and efficiency.
Our suite of solutions do this by
Rich functionality for each key process - Qualification, bidding, estimating, project management, invoicing and payment.
Being a neutral third-party which is important to get all participants on the same solutions.
One instance, one data base – one version of the truth.
Using technology for document creation, data exchange, process management – reducing or eliminating errors and speeding up the processes.
A value proposition for all participants.
Revenue from all participants – sell to owners and GCs who mandate the use of Textura to all other participants.
The end result - we have built an ecosystem platform for the industry.
(new slide)
Design
Pre-qualification
Bid
Contracting
Construction
Close-out

7. Construction Lifecycle Benefits for All Participants
How Textura Works
Advanced Internet technology to join together some or all of the participants.
Facilitate and automate key construction management activities that involve interaction between construction participants
Allow sharing of information across organization and project lifecycle
Collaboration
Project Manager
Consultants
Contractors
Title Companies
Owner
/ Developer
Banks
Project Budgets
Contracts
Applications / Invoices
Payments
Change Orders
Compliance Docs
Shared
Database
Support project activities from before the bid to after close-out
Embed both the hierarchy and timeline of projects
Construction Lifecycle
Mitigate risk
Reduce costs
Improve business processes
Improve decision making and control
Maximize profitability
Benefits for All Participants

8. Integration with Existing Systems
Textura enhances the value of your Accounting, Project Management and Document Management systems by interfacing real-time, financially accurate data.
Approved Invoices
Approved Payments
Accounting Systems
Textura
Contracts
Change / Variation Orders
Contractor Compliance Status
Signed Documents
Contractor Compliance Documents
Approved Invoices
Approved Payments
Textura leverages existing client technologies, actively exchanging data with cost accounting and other support systems, providing a seamless operating environment.
Document Management Systems
Estimate to Complete
Cost Loaded Schedules
Project Management Systems

9. Project – Contract – Subcontractor
Platform Strategy –
Project
Lifecycle
Design
Bid
Contract
Pre-constr-uction
Constr-uction
Close-out
Operate
Textura
Construction
Collaboration
Solutions
Dashboard
Project – Contract – Subcontractor
Qualification
and Certification
Solicitation and
Bid
Invoicing and
Payment
Contract
Management
Project
Management
Interfaces
Accounting Systems
Scheduling
Prequal.
Management
Invitation- to-Bid
Construction
Payment
Management
Submittal Exchange
Planrooms
Subguard Claims Mgt.
Bid Management
LEED Certification
DBE
Management
Bid Leveling and Analysis
Performance Evaluation
BIM
Common Data Bases
Subcontractor/Sub tier
Projects
Project
Participants
Financing, Insurance, Title
Owner/ Developer
General Contractor
Sub contractor
Sub-tiers, Material Suppliers

10. Construction Payment Management Overview
Draw Process
Collect Invoices
Review/Approve Invoices
Prepare Owner Billing
Compliance Management
Lien Waiver Collection & Tracking
Communicate Requirements
Track / Communicate Status
Hold Payments for Non-Compliance
On System Sub Lien Waiver Collection
Off System Sub-Tier Tracking & Collection
Hold Payments for Non-Compliance
Disbursement Process
Review / Approval
Payment Details
Distribution

11. Our Solutions Result in Significant Direct and Indirect Benefits
With Textura
Benefit
Reduce Risk
Consistent, financially intact, and legally correct documents
Clear view of status and responsibility for next steps
Document validation integrated with processes
Analysis tools for proper and consistent assessment of risk
Workflow tools implement standardized and consistent processes
Gain Efficiencies
Eliminate data entry and re-entry and enable re-use of the data
Immediate, efficient routing and notification of tasks
Automatic calculation of data
Access to databases of organizations
Interfaces to existing enterprise solutions
Improve Control
Up-to-date visibility into each process and status
Single data repository for everyone, not multiple sources of data
More efficient financial reporting / disclosure
Management information always available
Automated notification of actions

12. Project – Contract – Subcontractor
Platform Strategy – 2011+
Project
Lifecycle
Design
Bid
Contract
Pre-constr-uction
Constr-uction
Close-out
Operate
Textura
Construction
Collaboration
Solutions
Dashboard
Project – Contract – Subcontractor
Qualification
and Certification
Solicitation and
Bid
Invoicing and
Payment
Contract
Management
Project
Management
Interfaces
Accounting Systems
Scheduling
Prequal.
Management
Invitation- to-Bid
Construction
Payment
Management
Submittal Exchange
Planrooms
Subguard Claims Mgt.
Bid Management
LEED Certification
DBE
Management
Bid Leveling and Analysis
Performance Evaluation
BIM
In Development
Common Data Bases
Subcontractor/Sub tier
Projects
Project
Participants
Financing, Insurance, Title
Owner/ Developer
General Contractor
Sub contractor
Sub-tiers, Material Suppliers

13. Platform Strategy – 2013+
Our goal – to become THE collaboration platform for construction projects
All construction project participants on platform
Functionality for all roles; value for all roles
Revenue from all participants
Our Advantages in Delivering this Industry Platform
Sustainable competitive differentiation through CPM
Ability to deploy capital
Vision
Client base and experience
Service levels
This requires
Full set of functionality and applications – build or buy
Industry acceptance of our platform
Speed – to market, and of platform build-out
Critical mass of customers

14. Business Performance Despite challenging macro environment
Textura’s clients’ volumes at approximately 70% of 2008 highs
During this time Textura has increased its project volume approximately 5x

15. Agenda Background Textura Solutions & Value Proposition
Positioning for Capital Market Success
IPO
Keys to Success

16. SaaS Companies – Textura Positioning
Delivery Model
Software hosted, operated, and maintained by vendor
Over the internet not private networks
No application software installed by client
Business Model
Client does not own any of the software
Usage fees instead of one-time license fee
Software-as-a-Service
Generally agreed that a SaaS model includes
Single-instance
Multi-tenancy
SaaS is NOT equivalent to:
Cloud-based computing
Subscription-based revenue model
SaaS as a category is also generally considered to be applicable only for business applications
However, many consumer applications are in fact SaaS models
Amazon and all e-commerce sites
Facebook and all social media sites

17. SaaS Companies – Textura Positioning
SaaS is the evolution of existing models . . .
Service Bureaus
ADP, Fiserv, First Data; Apollo
Not Web-based front-end
Not easy-to-use user interface/application
Not public networks
Still going strong but evolving the applications into SaaS
Application Service Providers (ASPs)
USi, Connectria
Operate “other people’s” software
Limited to managing infrastructure/hardware/network
Largely defunct or have morphed into “colocation” or “cloud computing” providers (Rackspace, Latisys)
Traditional Software
Microsoft, SAP, all our construction ERP competitors
Sell software that client’s IT department installs, operates, and maintains
Generally trying to shift to software-as-a-service model

18. SaaS Companies – Textura Positioning
Why does everyone want to be – or claim they are – a SaaS business. . .
Superior Business Model
Significant customer benefits
e.g. lower initial costs; faster implementation; upgrades; lower risk; less IT . . .
Significant company benefits
e.g. expanded markets; predictability/visibility; lower costs (long term) . . .
Permits new business concepts – such as Textura!
Growth Opportunity
More software is being purchased in a SaaS model than traditional approaches
Significant advantages to customers
New application types depend of SaaS concepts
Significant legacy software replacement cycle is underway
Fashion
SaaS is perceived as the “new” way to do things
“you don’t get fired for buying SaaS”
Everyone else is doing it
Valuation
Public and Private Investors’ preferences
Established software vendors (that are not SaaS) need to “buy their way in”
e.g. SAP acquisitions of SuccessFactors and Ariba

19. SaaS Companies – Textura Positioning
Why does everyone want to be – or claim they are – a SaaS business. . .
Superior Business Model
Shiny and New + Growth Prospects + Avoidance of (unpleasant) Surprises
Results in higher valuation multiples
SaaS 4.8x (median values; forward revenue multiple)
Traditional Software 3.8x
Processors 2.8x
BPO 0.9x
Growth Opportunity
Fashion
Valuation

20. SaaS Companies – Textura Positioning
SaaS still is relatively scarce but is growing in the pipeline of public companies
Completed IPOs
IPOs in Registration
Technology 49
Software 16
32% of Technology
SaaS 6
12% of Technology
38% of Software
Technology 34
Software 9
26% of Technology
SaaS
4 – 6
12% - 18% of Technology
44% - 66% of Software

21. SaaS Market Profile – Company Characteristics
Textura
Textura
Textura
Textura

22. SaaS Valuation Drivers – Focus is on Growth
The market is – and recognizes it is – paying for growth; and specifically revenue growth

23. SaaS Valuation Drivers – Size Doesn’t Matter
No evidence that size matters in obtaining IPO valuation
Multiple does generally increase with revenue growth
Size of Bubble represents multiple of forward revenue at IPO
Multiple does not generally increase with size

24. Successful IPO – Peer Analysis
Peers Average and Range
Textura at IPO
Revenue Growth at IPO
CY+1
29.8%
(7.4% to 75.8%)
52.9%
CAGR
22.3%
(9.0% to 51.8%)
57.0%
IPO Revenue Multiple
4.1x
(2.2x to 8.7x)
Peers Average and Range
Post-IPO revenue growth
CY+1
22.7%
(-6.0% to 57.6%)
CAGR
21.0%
Post-IPO Revenue Multiple
5.0x
(1.1x to 8.7x)
Note lower at-IPO revenue multiple despite higher growth rate, reflective of impact of IPO discount

25. Successful IPO – Factors Affecting Valuation at Offering
Negative Factors
Relatively small revenue
Relatively complicated story
Perceptions of end-market
High IPO discount (Currently)
Timing
Insider sales
Economic conditions (or perceptions thereof)
Offering size
Valuation being sought
Positive Factors
High growth
Sustained growth
Very large total addressable market
Early stage of market penetration
Multiple growth avenues
Next-generation business model
Proven acquisition capability
International presence
Vertical market
Low insider selling

26. Major IPO Process Tasks
IPO Timeline
Major IPO Process Tasks
August
Information package drafting
Finalize financial model
Committee charters
Other governance items
September
Analyst meetings
RFP responses
October
Book-running banker meetings and selection
Organizational Meeting
S-1 drafting
November
S-1 filing (confidential)
Co-manager analyst and banker meetings
December
Co-manager selection
First round SEC comments
SEC comments responses preparation
First Amendment filing (confidential)
January
Analyst day preparation and finalize forecast
Analyst day hosting and follow-up
First Amendment SEC comments
February
Analyst model review and follow-up
Second Amendment filing (confidential)
Second Amendment SEC comments
March
Roadshow Drafting
Analyst follow-up and model finalization
Third (final) Amendment filing (public)
Receive SEC sign-off
April
Roadshow dry-run
Go/No-go assessment and decision
Set price range/Distribute “Red Herring”
Roadshow and Pricing/Allocation

27. Going Public vs. Staying Private – Key Considerations
Stay Private
Go Public
Maintains full control
Gives investors liquidity
Some investors with us for 10 years
Avoids quarterly / short term focus
Raises all the capital required
Requires on-going capital raises to build out platform
Elevates market profile:
Enhanced client credibility
Potentially opens doors to very large / international sales prospects
Avoids costly regulatory compliance
Provides public currency for additional acquisitions
Long-term annuity for investors
Protects margins

28. Agenda Background Textura Solutions & Value Proposition
Positioning for Capital Market Success
IPO
Keys to Success

29. Investment Highlights
Global market
opportunity
Compelling
client value
proposition
CPM – no competition
Exceptional revenue growth
High EBITDA
margin potential
Experienced
team

30. Over $28 billion of Total Addressable Market
Expansion
Monetization
Huge Total Addressable Market
Total Addressable
Market
>$28.0b
Target
Global
Opportunity
~55-60 bps
Target
Global
Markets
>$4.8t
Current
Opportunity
~34 bps
Current
Markets
and
Solutions
>$4.4b
Mobile
+5–10 bps
+$4.0b
Mobile
+4 bps
Current
Markets
>$1.3t
Global
Platform
~50 bps
~$24.0b
Current
Solutions
~30 bps
Mobile
+$0.5b
~$3.9b
Key Strategies:
North America market penetration
Global expansion to Asia and Western Europe
Key Strategies:
Cross-sell solutions
Strategic acquisitions
Solution expansion
Solutions to platform
Pricing
Result:
Potential for long term very high revenue growth rates

31. Multiple Long-term Growth Opportunities
CPM
GradeBeam
Project lifecycle from design to operation
Integrated solution suite
US, Canada, Australia
Data
Submittal Exchange
PlanSwift
Latista
PQM
GradeBeam
Mining
Price
BidOrganizer
Financing
7 primary solutions
Few multi- product clients
Submittal Exchange
Future
Oil and Gas
Western Europe,
Developed Asia
Related
markets
PlanSwift
US, Canada,
Australia
Bundled sales/ pricing
Platform strategy
Global
expansion
Approx. 10% penetration
Strategic
acquisitions
New
products
Cross-sell
solutions
Market
penetration

32. Recent Highlights – Continuing to Execute our Strategy
Strong Quarterly Results
Year-over-year revenue growth of 60%
Organic revenue growth of 52%
Approximately $135 billion in construction value active on our solutions
Operating
Leverage
Improving gross margin and EPS trajectory
Gross margins improved from 79% in prior quarter to 80%
Adjusted EPS loss improved from $0.16 in prior quarter to $0.12
Turned cash flow positive for Q2 2014
Growth Strategy
Increased functionality of existing solutions
Continued integration of solutions and progress towards platform
Launch of UK business and new strategy for Australasia
Implemented CPM price increase for sub usage fees
Effective on all new projects after February 1
Adds 2 to 3 basis points of revenue on subcontracted contract value
Pricing Power

33. Implementing Clients Drive Predictable Multi-period Growth
Case Study Client #1
Case Study Client #2
Growth with
project growth
Steady ramp to full implementation
Focusing on activity driven revenue, let’s take a look at how these metrics provide visibility and predictability into revenue growth over a period of time by reviewing some specific client examples.
When we sell a new client our CPM solution, our client service team works closely with the client to obtain a detailed understanding of their business, including the number and size of projects the client is managing on an ongoing basis, or what we call active projects. Together, we work with the client to develop an implementation plan that typically occurs over 4 to 10 quarters, depending on the size of the client. This plan provides us with visibility into the steady increase of project activity and revenue growth during the implementation time period.
These graphs represent our experience implementing two large clients, and show the number of active projects beginning from the time they were sold through today. You can see the steady increase in project activity over multiple periods from the time a client begins using our CPM solution until the client reaches the point where all of their projects are managed on CPM. Once the client reaches full implementation, we often continue to see growth in project counts reflecting our clients business growth.
Once a client starts to implement, Textura has good visibility into the expected growth in active projects and as a result revenue growth over future periods.
(new slide)

34. Projects Already On-system Drive Growth and Predictability
Revenue:
Percentage of revenue
from existing projects
Quarterly CAGR: 16%
Another key element of our financial model is the predictability of our revenue.
For activity driven revenue specifically, 93 – 95% of revenue in a quarter comes from projects that were added prior to the start of the quarter. The majority of the new projects added in a quarter are from existing clients.
Clients we sell in any given quarter while not impacting the current quarter will drive project and revenue growth over the next 4 to 10 quarters.
The result - high revenue visibility and predictability.
(new slide)

35. Business Collaboration Single/Internal Process SaaS
SaaS Solutions: The Future of Mission-critical Collaborative Business Interactions
Increasing value-add, revenue opportunity, margin opportunity, and differentiation
Business Collaboration
Social/Mobile
Single/Internal Process SaaS
Service Bureaus
Driven by functional, hardware, operational, and performance complexity
Leverage massive economies of scale
Highly standardized transactions
Move enterprise systems to hosted platform
Provide lower cost of ownership
Targeted at non- mission critical systems
Bought from operating not capital budgets
Support large numbers of internal users
Connect large networks of individuals
Enabled by emergence of smartphones and tablets
Driven by high profile of consumer-centric social businesses
Support core, mission- critical activities
Strong ecosystem effects
Because it can’t be done any other way except through a SaaS solution!
Neutral third-party
Single database and application shared across all participants
Payroll (ADP, Paychex)
Financial back-office (Fiserv, First Data, SunGard)
Payroll (Ultimate Software)
HR (Cornerstone; Concur)
CRM (salesforce)
CRM (salesforce),
LinkedIn
Facebook
Internal networks

36. Sustainable Competitive Advantages Protect Growth Opportunity
Patent
portfolio
40 patents for CPM and 52 pending
CPM has no direct competitor - globally
Our other solutions face competition from industry-specific ERPs or mostly small point solution providers – limited scale and investment
No significant competitor exists as a SaaS neutral collaboration platform
Our platform approach and ability to deliver are highly differentiated
Deep industry process knowledge - unique
Installed user base
Very complex functionality
Integration to client systems
CPM is 70% of our revenue.
We have no competitors.
Our patent portfolio is very strong – both US and around the world.
We are already viewed as the industry solution in North America.
There are 250,000 major ways to configure CPM and with unique project documents over 500 million ways to configure CPM – this is very complex software and would be hard to duplicate without spending huge amounts of money and many years of development.
For our other solutions there are some competitors although our solutions are either the number 1 or 2 player in each space. Our platform strategy and approach should result in success for each solution.
(new slide)
Neutral third-party SaaS offering

37. Client Case Study #1 – Strong ROI
Internal Study Findings:
“Textura CPM saves hours a month”
“Time savings for our risk administrator and the project managers”
“Improves accuracy of paperwork”
“Greatly improves subcontractor relations”
“Creating capacity is essential to avoid having to hire additional staff”
General Contractor ROI:
Estimated savings: $360,000 annually
Estimated by the general contractor to cost them 4 basis points of construction value: $74,000 annually
Estimated total network revenue to Textura:
~$300,000 annually
Denver-based General Contractor
A few case studies:
This is a new general contractor client in Denver. They are a mid size GC and our revenue will be about $300,000 a year from their project network.
On the right is the client’s process flow diagram and you can see the number of steps they have crossed out by using Textura CPM. On average GCs eliminate about 60 to 70% of their steps in the monthly invoicing process and about the same in time savings.
Note that the savings – the value proposition -are both tangible and easily captured.
Also note the comment about better relations with their subs – we help all the participants work together.
(new slide)
Textura CPM eliminates 15 out of 20 process steps

38. Our Client Base is a “Who’s Who” of the Industry
Owners (100+)
General Contractors (600+)
Subcontractors (450,000+)
Image: Humber River Regional Hospital , Toronto, ON – a Textura project

39. Offering Summary Shares Offered Price Over-allotment Lock-up Period
5,750,000 primary shares; no selling shareholders
Price
$15.00
Over-allotment
15% (750,000, all primary shares; no selling shareholders)
Lock-up Period
180 days
Ticker
TXTR (NYSE)
Use of Proceeds
Global and solution portfolio expansion; Repay $8.1 mil. of acquisition-related indebtedness
Bookrunners
Credit Suisse, William Blair
Co-managers
Barrington Research, JMP Securities, Oppenheimer
Pricing
June 7

40. Post-IPO Stock Performance
7/2/13
Research Analyst initiations: stock trades up 8%
First day close:
$20.91
Close on 7/31/13: $30.16 – 102% since IPO
Post-IPO volume-weighted average price: $25.84
IPO Price:
$15.00

41. Secondary Offering Shares Offered Price Over-allotment Date
$38.00
Over-allotment
600,000 shares
Date
September 20, 2013
Improves market liquidity
Potentially helps maintain market momentum
One of highest multiple financial transactions in 2013

42. Agenda Background Textura Solutions & Value Proposition
Positioning for Capital Market Success
IPO
Keys to Success

43. Keys to Success Great idea, thoroughly researched
Ability to raise a lot of money in different ways
Phenomenal amount of persistence
Terrific staff
Experienced management team
Pre-emptive anticipation of recession