Cloud Insights 2012
- 1. Monthly Update September 2012 Mark L. McNay Partner and Managing Director mmcnay@williamblair.com +1 415 248 5902 Andrew H. Arno Director aarno@williamblair.com +1 415 248 5905 Cloud Insights M&A and Capital Markets Perspective on the Cloud Computing Industries: • Software-as-a-service • Platform-as-a-service • Infrastructure-as-a-service
- 2. William Blair & Company Table of Contents Summary .................................................................................................................................................................................................................................................... 1 Public Company Analysis..................................................................................................................................................................................................................... 3 William Blair & Company Selected Cloud Transactions ......................................................................................................................................................... 6 SaaS Professional Biographies .......................................................................................................................................................................................................... 7 William Blair & Company SaaS Equity Research Coverage ................................................................................................................................................... 8 Disclosures................................................................................................................................................................................................................................................. 9 Cloud Insights Table of Contents
- 3. William Blair & Company Summary SaaS Mergers & Acquisitions M&A activity was down slightly in terms of the number of transactions announced in August, with 13 SaaS M&A transactions totaling $1.48 billion in disclosed transaction value (including IBM’s acquisition of Kenexa for $1.4 billion), compared with 19 transactions totaling $173 million in disclosed transaction value in August 2011. Since the beginning of 2012, 112 M&A transactions have been announced with $12.6 billion in disclosed transaction volume. At the same time last year, 123 M&A transactions with $5.3 billion in transaction volume had been announced. Notable M&A transactions in August included: August 2012 – Selected SaaS Mergers & Acquisitions Date Trans. Value Implied Enterprise Enterprise Value Announced Completed ($ MM) Value ($ MM) Target Company Acquirer Company LTM Revenue LTM EBITDA 08/27/12 - $1,396.8 $1,307.1 Kenexa Corporation IBM 4.1x 49.0x 08/08/12 08/08/12 $44.0 - Symphony Teleca Corporation, Telecommunications Tangoe - - Expense Management Business 08/07/12 08/07/12 $38.1 $37.4 Edifice Information Management Systems SPS Commerce 3.3x 25.5x Sources: CapitalIQ, public news sources, and third-party estimates SaaS Equity Performance For August, the broad SaaS group increased 8.8%, outperforming the Nasdaq, which was up 4.2%. The large-cap and small-cap SaaS groups were up substantially, increasing 10.0% and 6.8%, respectively. The midcap SaaS group increased slightly, up 4.1%. The broader SaaS index has significantly outperformed the market indices year to date. Indexed Stock Price Performance Index 2012 YTD August 2012 Large-cap SaaS 36.0% 10.0% Midcap SaaS 14.1% 4.1% Small-cap SaaS 23.3% 6.8% All SaaS 31.9% 8.8% NASDAQ 16.8% 4.2% S&P 500 11.8% 2.0% SaaS Capital Markets August 2012 witnessed one SaaS public equity offering and two filings: • Eloqua, a provider of on-demand revenue performance management (RPM) software solutions, completed its initial public offering of $106 million (including the overallotment). Eloqua traded up 21% on its first day of trading. • Workday, a provider of enterprise cloud-based applications for human capital management (HCM), filed an S-1 with the SEC to raise $400 million in an initial public offering. • ExactTarget, a provider of cross-channel, interactive marketing solutions, filed an S-1 with the SEC in connection with a $100 million follow-on offering. Cloud Insights Summary 1
- 4. William Blair & Company SaaS Venture Capital August 2012 venture investment activity consisted of 25 transactions totaling $143 million in disclosed transaction value, compared with just 14 transactions totaling $190 million in August 2011. Notable SaaS venture investments in August included: • Zscaler, a cloud security company, raised a $38 million series A round from Lightspeed Venture Partners. • YottaMark, a provider of fresh-food traceability solutions, raised a $24 million series D round led by Westbury Partners, with participation from ATA Ventures, Fairhaven Capital Partners, Thomvest Ventures, and Granite Ventures. • AtTask, a provider of collaborative work management solutions, raised a $16 million round of funding from undisclosed investors. • Vital Insights, a provider of customer experience management (CEM) solutions to the automotive industry, raised a $20 million round of funding from Bregal Sagemount. PaaS and IaaS Activity Notable events in the PaaS and IaaS sectors in August included: • Nutanix, a provider of a SAN-less virtualized data center platform, raised a $33 million series C round led by Lightspeed Venture Partners and Khosla Ventures, with participation from Battery Ventures and Goldman Sachs. • Magnet Systems, a provider of a platform for next-generation enterprise applications, raised a $47 million series B round from HTC Corporation. As always, we encourage you to contact us if we may be of assistance. Best regards, Mark McNay Andrew Arno Partner & Managing Director Director mmcnay@williamblair.com aarno@williamblair.com Cloud Insights 2 Summary
- 5. William Blair & Company Public Company Analysis • The SaaS index was up 8.8% in August, outperforming the Nasdaq, which was up 4.2%. • For August, the large-cap and small-cap SaaS groups were up considerably, increasing 10.0% and 6.8%, respectively, while the midcap SaaS group was up a more moderate 4.1%. SaaS Indexed Stock Price Performance (2012 YTD) Large-cap (+36.0%) Midcap (+14.1%) Small-cap (+23.3%) NASDAQ (+16.8%) 140 130 120 110 100 90 Note: Market cap groupings based on December 31, 2011; market capitalizations at pricing are used for 2012 IPOs Mkt. Cap > $1 B consists of: ATHN, CNQR, TRAK, ET, N, RP, CRM, NOW, SREV, SNCR, ULTI Mkt. Cap $500 MM to $1B consists of: BV, CTCT, CSOD, JIVE, KNXA, LPSN, LOGM, MDSO, TNGO Mkt. Cap < $500 MM consists of: ELLI, ELOQ, EOPN, DWRE, IL, MKTG, SQI, SDBT, SPSC, VOCS Source: FactSet as of August 31, 2012 Valuation Overview Large-cap Midcap Small-cap 41.0x 33.3x 26.0x 28.0x 24.0x 6.6x 4.3x 15.0x 4.0x EV / 2012E Revenue EV / 2012E EBITDA EV / 2012E FCF Note: Market cap groupings based on December 31, 2011, stock price; data points represent median multiples Note: Median multiples exclude Kenexa and SoundBite Communications Source: FactSet as of August 31, 2012 Cloud Insights Public Company Analysis 3
- 6. William Blair & Company Comparable Company Analysis – Market Cap Groupings Based on December 31, 2011 Stock Price Market Market Enterprise Enterprise Value / Revenue Enterprise Value / EBITDA Enterprise Value / FCF '11 - '12 2012 Close Cap ($MM) Cap ($MM) Value Revenue EBITDA 08/31/12 12/31/11 08/31/12 ($MM) LTM 2012E 2013E LTM 2012E 2013E LTM 2012E 2013E Growth Margin Large-cap athenahealth $88.37 $1,735.3 $3,181.2 $3,025.9 8.04x 7.05x 5.44x 55.3x 34.6x 27.2x nmf nmf 63.0x 32.5% 20.4% Concur Technologies $72.40 $2,747.2 $3,980.9 $3,749.0 8.99x 8.00x 6.40x nmf 32.0x 25.6x 60.7x 69.7x 44.2x 26.8% 25.0% DealerTrack Holdings $27.69 $1,107.8 $1,181.0 $1,085.7 2.89x 2.83x 2.49x 16.1x 11.4x 9.6x 21.2x 26.7x 18.1x 8.8% 24.7% ExactTarget $21.17 $1,225.1 $1,398.2 $1,186.6 4.78x 4.25x 3.49x nmf nmf nmf nmf nmf nmf 34.7% 3.6% NetSuite $56.88 $2,752.6 $4,033.6 $3,871.9 14.39x 12.74x 10.29 nmf nmf nmf nmf nmf nmf 28.6% 10.9% x RealPage $25.51 $1,814.8 $1,879.1 $1,868.3 6.40x 5.71x 4.74x 59.2x 25.3x 19.3x 44.7x 41.0x 29.3x 26.8% 22.6% Salesforce.com $145.18 $13,798.6 $20,034.8 $19,485.5 7.37x 6.56x 5.18x nmf 38.3x 29.9x 34.5x 36.3x 28.6x 31.0% 17.1% ServiceNow $31.10 $2,165.2 $3,831.6 $3,811.8 22.55x 16.20x 10.52 nmf nmf nmf nmf nmf nmf 60.3% -4.7% x ServiceSource International $9.26 $1,114.1 $693.6 $580.9 2.55x 2.34x 1.94x nmf 35.0x 20.9x nmf nmf 50.4x 20.9% 6.7% Synchronoss Technologies $23.01 $1,134.7 $880.0 $789.0 3.12x 2.88x 2.31x 16.0x 9.0x 7.6x 45.6x 48.4x 18.4x 19.7% 31.8% Ultimate Software Group $99.19 $1,695.0 $2,655.2 $2,594.2 8.71x 7.81x 6.42x nmf 47.0x 33.8x nmf nmf nmf 23.4% 16.6% Mean 8.16x 6.94x 5.38x 36.7x 29.1x 21.7x 41.3x 44.4 x 36.0 x 28.5% 15.9% Median 7.37x 6.56x 5.18x 35.7x 33.3x 23.3x 44.7x 41.0 x 29.3 x 26.8% 17.1% Midcap Bazaarvoice $14.84 $682.3 $1,023.9 $898.7 8.47x 6.84x 5.35x nmf nmf nmf nmf nmf nmf 45.2% -16.9% Constant Contact $19.55 $690.3 $596.2 $515.1 2.20x 2.03x 1.70x 19.6x 14.1x 10.3x 24.3x 24.0x 17.1x 18.4% 14.4% Cornerstone OnDemand $26.81 $884.1 $1,344.7 $1,282.7 13.77x 10.96x 7.72x nmf nmf nmf nmf nmf nmf 60.2% -7.0% Jive Software $15.09 $945.1 $939.8 $794.6 8.31x 7.06x 5.16x nmf nmf nmf nmf nmf nmf 45.6% -13.5% Kenexa(1) $45.84 $722.5 $1,262.9 $1,206.3 3.79x 3.32x 2.86x 30.8x 19.6x 15.6x 45.2x 32.0x 25.4x 28.3% 17.0% LivePerson $16.50 $668.4 $918.3 $817.7 5.60x 5.08x 4.19x 34.5x 25.9x 18.5x 31.8x 33.4x 28.0x 21.0% 19.6% LogMeIn $21.98 $937.2 $543.9 $345.5 2.66x 2.50x 2.09x 24.0x 11.1x 9.0x 10.9x 11.4x 8.7x 15.8% 22.6% Medidata Solutions $35.08 $539.0 $900.9 $787.2 3.99x 3.60x 3.13x 22.1x 15.0x 11.4x 35.1x 19.4x 12.6x 18.4% 24.0% Tangoe $16.20 $507.6 $605.0 $544.2 4.29x 3.60x 2.91x 55.0x 25.1x 17.4x 42.1x 33.2x 20.9x 43.9% 14.4% Mean 6.16x 5.21x 4.03x 31.0x 18.2x 13.3x 28.8x 24.3 x 17.5 x 33.6% 7.2% Median 4.94x 4.34x 3.66x 24.0x 15.0x 11.4x 31.8x 24.0 x 17.1 x 32.4% 14.4% Small-cap Demandware $26.00 $448.0 $756.3 $653.4 9.82x 8.64x 6.50x nmf nmf nmf nmf nmf nmf 33.8% -10.9% E2open $12.76 $373.9 $318.1 $257.7 4.32x 3.71x 3.01x nmf nmf nmf nmf nmf nmf 15.1% 3.6% Eloqua $13.99 $368.4 $448.2 $363.5 4.29x 4.01x 3.23x nmf nmf nmf na nmf nmf 27.0% -6.0% Ellie Mae $25.77 $117.2 $649.2 $615.3 7.90x 6.78x 5.86x 38.3x 29.1x 22.8x nmf nmf nmf 63.5% 23.3% IntraLinks Holdings $5.42 $337.3 $294.6 $301.8 1.42x 1.46x 1.40x 7.2x 9.5x 8.1x 12.8x 37.3x 21.6x -3.3% 15.3% Responsys $9.59 $421.8 $465.2 $366.6 2.46x 2.23x 1.87x 18.4x 13.6x 10.3x 24.9x 27.5x 18.8x 21.7% 16.4% SciQuest $16.85 $314.7 $375.5 $312.1 5.42x 4.65x 3.47x 43.2x 29.3x 18.1x 24.0x 19.1x 15.2x 25.5% 15.9% SoundBite Communications(2) $2.29 $37.0 $37.3 $13.1 0.29x na na 13.0x na na na na na na na SPS Commerce $34.95 $313.3 $433.4 $397.9 6.05x 5.26x 4.12x nmf 48.9x 31.5x nmf nmf 41.3x 30.6% 10.7% Vocus $19.42 $442.0 $402.0 $453.6 3.29x 2.63x 2.18x nmf 22.9x 16.3x 33.6x 28.4x 21.5x 50.2% 11.5% Mean 5.00x 4.37x 3.52x 26.8x 25.6x 17.9x 23.9x 28.1 x 23.7 x 29.3% 8.9% Median 4.32x 4.01x 3.23x 28.3x 26.0x 17.2x 24.5x 28.0 x 21.5 x 27.0% 11.5% Overall Mean 6.58x 5.62x 4.40x 31.5x 25.1x 18.3x 31.9x 32.6 x 26.9 x 30.2% 11.1% Median 5.51x 4.86x 3.80x 24.0x 25.3x 18.1x 32.7x 30.8 x 21.5 x 26.9% 14.9% (1) Indicates excluded from mean and median calculation due to acquisition (2) Indicates excluded from mean and median calculation due to enterprise value Source: FactSet as of August 31, 2012 Cloud Insights 4 Public Company Analysis
- 7. William Blair & Company Stock Price & Revenue Multiple Over Time – Market Cap Groupings Based on December 31, 2011 Stock Price Market Market 12/31/11 Low Point High Point 08/31/12 % Change in Stock Price Cap ($MM) Cap ($MM) Stock EV/LTM Stock EV/LTM Stock EV/LTM Stock EV/LTM 12/31/11 to Low Point to High Point to 12/31/11 08/31/12 Price Rev Price Rev Price Rev Price Rev 08/31/12 08/31/12 08/31/12 Large-cap athenahealth $1,735.3 $3,181.2 $49.12 5.37x $49.12 5.37x $96.64 8.83x $88.37 8.04x 79.9% 79.9% -8.6% Concur Technologies $2,747.2 $3,980.9 $50.79 6.96x $47.89 6.51x $72.67 9.03x $72.40 8.99x 42.5% 51.2% -0.4% DealerTrack Holdings $1,107.8 $1,181.0 $27.26 3.22x $25.54 2.59x $31.64 3.70x $27.69 2.89x 1.6% 8.4% -12.5% ExactTarget $1,225.1 $1,398.2 na na $19.30 4.55x $27.35 8.27x $21.17 4.78x na 9.7% -22.6% NetSuite $2,752.6 $4,033.6 $40.55 11.73x $38.51 11.05x $57.95 14.76x $56.88 14.39x 40.3% 47.7% -1.8% RealPage $1,814.8 $1,879.1 $25.27 7.58x $16.92 4.50x $28.66 8.59x $25.51 6.40x 0.9% 50.8% -11.0% Salesforce.com $13,798.6 $20,180.0 $101.46 6.55x $97.48 6.29x $159.57 9.55x $145.18 7.37x 43.1% 48.9% -9.0% ServiceNow $2,165.2 $3,831.6 na na $23.74 16.74x $32.43 20.26x $31.10 22.55x na 31.0% -4.1% ServiceSource $1,114.1 $693.6 $15.69 5.35x $7.76 2.05x $17.71 6.07x $9.26 2.55x -41.0% 19.3% -47.7% International Synchronoss $1,134.7 $880.0 $30.21 4.52x $17.13 2.22x $35.69 5.47x $23.01 3.12x -23.8% 34.3% -35.5% Technologies Ultimate Software $1,695.0 $2,655.2 $65.12 6.42x $64.20 6.20x $99.19 8.71x $99.19 8.71x 52.3% 54.5% 0.0% Group Midcap Bazaarvoice $682.3 $1,023.9 na na $13.59 6.62x $20.30 12.40x $14.84 8.47x na 9.2% -26.9% Constant Contact $690.3 $596.2 $23.21 2.75x $16.00 1.50x $31.31 3.76x $19.55 2.20x -15.8% 22.2% -37.6% Cornerstone $884.1 $1,344.7 $18.24 13.05x $17.58 10.17x $27.47 14.90x $26.81 13.77x 47.0% 52.5% -2.4% OnDemand Jive Software $945.1 $939.8 $16.00 13.04x $14.34 8.23x $27.52 19.72x $15.09 8.31x -5.7% 5.2% -45.2% Kenexa $722.5 $1,262.9 $26.70 2.56x $22.79 1.91x $45.84 3.79x $45.84 3.79x 71.7% 101.1% 0.0% LivePerson $668.4 $918.3 $12.55 4.64x $11.84 4.34x $19.49 6.92x $16.50 5.60x 31.5% 39.4% -15.3% LogMeIn $937.2 $543.9 $38.55 6.37x $18.95 2.08x $42.50 7.18x $21.98 2.66x -43.0% 16.0% -48.3% Medidata Solutions $539.0 $900.9 $21.75 2.36x $18.61 1.94x $36.11 4.12x $35.08 3.99x 61.3% 88.5% -2.9% Tangoe $507.6 $605.0 $15.40 4.90x $14.47 4.22x $22.72 7.30x $16.20 4.29x 5.2% 12.0% -28.7% Small-cap Demandware $448.0 $756.3 na na $22.52 8.98x $31.45 16.95x $26.00 9.82x na 15.5% -17.3% E2open $373.9 $318.1 na na $11.90 4.32x $13.60 4.98x $12.76 4.32x na 7.2% -6.2% Eloqua $368.4 $448.2 na na $12.89 4.29x $15.30 5.19x $13.99 4.29x na 8.5% -8.6% Ellie Mae $117.2 $649.2 $5.65 1.95x $5.40 1.85x $28.58 8.81x $25.77 7.90x 356.1% 377.2% -9.8% IntraLinks Holdings $337.3 $294.6 $6.24 1.71x $3.84 1.06x $7.25 1.97x $5.42 1.42x -13.1% 41.1% -25.2% Responsys $421.8 $465.2 $8.89 2.61x $8.89 2.34x $12.78 3.86x $9.59 2.46x 7.9% 7.9% -25.0% SciQuest $314.7 $375.5 $14.27 5.16x $13.75 4.59x $18.28 6.23x $16.85 5.42x 18.1% 22.5% -7.8% SoundBite $37.0 $37.3 $2.25 0.23x $2.10 0.19x $3.14 0.55x $2.29 0.29x 1.8% 9.0% -27.1% Communications SPS Commerce $313.3 $433.4 $25.95 5.21x $23.25 4.33x $34.95 6.05x $34.95 6.05x 34.7% 50.3% 0.0% Vocus $442.0 $402.0 $22.09 3.05x $12.32 1.24x $24.19 4.08x $19.42 3.29x -12.1% 57.6% -19.7% Source: FactSet as of August 31, 2012 Cloud Insights Public Company Analysis 5
- 8. William Blair & Company William Blair & Company Selected Cloud Transactions Selected M&A Transactions Not Disclosed Not Disclosed $115,000,000 Not Disclosed Not Disclosed has been acquired by has been acquired by has been acquired by has been acquired by has been acquired by Not Disclosed Not Disclosed Not Disclosed Not Disclosed Not Disclosed has been acquired by has been acquired by has acquired has been acquired by has been acquired by Selected Public Equity Transactions $70,312,500 $111,298,395 $101,200,000 $71,875,000 $91,351,224 Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering & Follow-On Offering $318,436,530 $156,975,000 $142,866,254 $266,512,000 $53,124,000 Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering & Follow-On Offering & Follow-On Offering & Follow-On Offering $91,707,066 $206,816,000 $66,000,000 $708,860,000 $126,500,000 Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering Initial Public Offering & Follow-On Offering & Follow-On Offering & Follow-On Offerings Selected Private Equity Transactions Not Disclosed Not Disclosed Not Disclosed $54,000,000 $50,000,000 TM received a significant investment from Private Equity Series E Convertible Preferred Stock Preferred Stock Preferred Stock Preferred Stock Cloud Insights 6 William Blair & Company Selected Cloud Transactions
- 9. William Blair & Company SaaS Professional Biographies Mark L. McNay | Partner & Group Head, San Francisco and Software, Internet & Services Mark McNay joined William Blair & Company in 2000 as a partner and group head of the West Coast investment banking team based in San Francisco. Previously, he was a managing director and head of the Internet banking group at Volpe Brown Whelan & Company and a managing director at Smith Barney, where at various times he headed the consumer/retailing group and the Los Angeles corporate finance office. He is a graduate of Georgetown University (B.S.) and Columbia University (M.B.A.). Andrew H. Arno | Director, San Francisco Andrew Arno is a director in William Blair & Company’s West Coast investment banking team based in San Francisco. He joined William Blair & Company in 2004. From 2000 to 2002, he was an investment banking associate at WR Hambrecht+Co. in the technology group. From 1997 to 2000, he worked at The Shattan Group LLC, a boutique investment bank focused on private equity placements. He is a graduate of Columbia University (B.A.) and the Haas School of Business at University of California, Berkeley (M.B.A.). Cloud Insights SaaS Professional Biographies 7
- 10. William Blair & Company William Blair & Company SaaS Equity Research Coverage SaaS Equity Research Company Ticker Analyst Athenahealth ATHN Ryan Daniels Concur Technologies CNQR Laura Lederman Constant Contact CTCT Laura Lederman Cornerstone OnDemand CSOD Laura Lederman Demandware DWRE Laura Lederman E2open EOPN Laura Lederman Ellie Mae ELLI Brandon Dobell Kenexa KNXA Laura Lederman NetSuite N Laura Lederman RealPage RP Laura Lederman Responsys MKTG Laura Lederman salesforce.com CRM Laura Lederman SciQuest SQI Laura Lederman ServiceSource SREV Laura Lederman SPS Commerce SPSC Laura Lederman Ultimate Software Group ULTI Laura Lederman Vocus VOCS Laura Lederman Cloud Insights 8 William Blair & Company SaaS Equity Research Coverage
- 11. William Blair & Company Disclosures William Blair is a trade name for William Blair & Company, L.L.C. and William Blair International, Limited. William Blair Company, L.L.C. is a Delaware Company and is regulated by the Securities and Exchange Commission, the financial industry regulatory authority, and other principal exchanges. William Blair International Limited is authorised and regulated by the Financial Services Authority ("FSA") in the United Kingdom. William Blair & Company® only offers products and services where it is permitted to do so. Some of these products and services are only offered to persons or institutions situated within the United States and are not offered to persons or institutions outside of the United States. This material has been approved for distribution in the United Kingdom by William Blair International Limited, and is directed only at, professional clients and eligible counterparties (as defined in cobs 3.5 and 3.6 of the FDA handbook). This advertisement is not intended to be investment advice. William Blair & Company | 222 West Adams Street | Chicago, Illinois 60606 | +1 312 236 1600 | williamblair.com September 7, 2012 Cloud Insights Disclosures 9
- 12. International London William Blair International, Limited 3 St. Helen’s Place London EC3A 6AB United Kingdom Chicago Equity Sales: +44 20 7868 4400 Headquarters 222 West Adams Street Equity Sales: +44 20 7868 4420 (fax) Chicago, IL 60606 Corporate Finance: +44 20 7868 4444 +1 312 236 1600 Corporate Finance: +44 20 7868 4488 (fax) +1 800 621 0687 info@williamblair.com 40 Bruton Street www.williamblair.com London W1J 6QZ United Kingdom Investment Management: +44 20 7297 4700 Investment Management: +44 20 7297 4777 (fax) United States Boston São Paulo 125 High Street William Blair Do Brasil Assessoria Financeira Ltda. Oliver Street Tower Av. Brigadeiro Faria Lima 3729, room 511 Suite 1901 São Paulo, SP Boston, MA 02110 Brazil +1 617 235 7500 04538-905 +55 11 3443 6472 Hartford +55 11 3443 6201 (fax) Putnam Place 100 Great Meadow Road Shanghai Suite 606 William Blair & Company, L.L.C. Wethers�ield, CT 06109 Shanghai Representative Of�ice +1 800 596 2028 Unit 16-18, 11th Floor Building One, Corporate Avenue New York 222 Hubin Road 666 Fifth Avenue Shanghai 200021 14th Floor P.R. China New York, NY 10103 +86 21 2327 2222 + 1 212 237 2700 Zurich San Francisco Stockerstrasse 46 343 Sansome Street 8002 Zurich 12th Floor Switzerland San Francisco, CA 94104 +41 44 287 9020 +1 415 986 5596 +41 44 201 0511 (fax) +1 415 986 1719 (fax) Wilmington 500 Delaware Avenue Suite 720 Wilmington, DE 19801 +1 302 573 5000 +1 302 573 5168 (fax)
- 13. William Blair & Company is a global investment banking and asset management firm. We are committed to building enduring December 2011 relationships with our clients and providing expertise and Monthly Update solutions to meet their evolving needs. An independent and employee-owned firm, William Blair is based in Chicago, with 10 office locations including London, New York, Shanghai, and Zurich. For more information, please visit williamblair.com. Mark McNay Partner & Managing Director mmcnay@williamblair.com +1 415 248 5902 Andrew Arno Director aarno@williamblair.com +1 415 248 5905 Cloud Insights Patrick Vihtelic Associate pvihtelic@williamblair.com M&A and Capital Markets Perspective + 1 415 248 5911 on the Cloud Computing Industries: Paul Huber Senior Analyst phuber@williamblair.com • Software-as-a-service +1 415 248 5901 • Platform-as-a-service • Infrastructure as-a-service