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Overview Clare Capital Tech Insights 1 - NZ Tech EVAR v 1Y% v EV - 20160722; Share Price Movements as at 22 July 2016 Valuation Chart as at 22 July 2016; Name Δ Price 1WeekΔ 1YearΔ Vol. '000s Val. '000s; EROAD  2.05 (4%) (44%) 114 244; Finzsoft  2.30 - (32%) - -; Gentrack  2.97 (1%) 33% 156 654; GeoOp  0.28 (10%) (40%) 58 17; ikeGPS  0.65 14% (4%) 170 103; Orion Health  4.82 (1%) 23% 1 136 5 523; Plexure  0.34 - (11%) 199 67; Pushpay  2.30 (6%) 100% 172 417; Rakon  0.23 - (37%) 1 237 284; Serko  0.75 7% (14%) 42 30; SLI Systems  0.80 (1%) (2%) 2 479 1 990; SmartPay  0.23 41% 32% 16 3; Trade Me  5.23 6% 56% 4 744 24 129; Vista  6.05 1% 8% 200 1 201; Wynyard  0.62 - (59%) 163 100; Xero  19.14 6% 7% 550 10 177; Total 11 437 44 752; Average  3% 1%; Weighted Ave  4% 28%; Definitions; Price = Share Price; 1WeekΔ = 1 Week Share Price Change; 1YearΔ = 1 Year Share Price Change; Vol. '000s = Volume of Shares Traded in the Last Week ('000s); Val. '000s = Value of Shares Traded in the Last Week (NZD '000s); Notes; This report outlines company and valuation metrics for NZ-listed technology companies. The report looks at share price movements current market valuations relative to growth; rates and some high-level company specific data. Also included is some international company comparator data. Email us if there is anything you would like to see.; This report compares EV/Annualised Revenue v 1-year annualised revenue growth with the bubble showing Enterprise Value. The entities in light green are specific Software-as-a-; Service companies while the dark green bubbles show other publicly-listed NZ technology companies with a market capitalisation of greater than NZD$10M.; EROAD; Finzsoft; Gentrack; GeoOp; ikeGPS; Orion Health; Plexure; Pushpay; Rakon; Serko; SLI Systems; SmartPay; Trade Me; Vista; Wynyard; Xero; -; 2; 4; 6; 8; 10; 12; 14; 16; (50%) - 50% 100% 150% 200% 250% 300% 350% 400%; EV/Annualised Revenue; 1Yr Annualised Revenue Growth; Size of the bubble; represents Enterprise Value.; CLARE CAPITAL TECH INSIGHTS; NZ Publicly-Listed Technology Companies (all in NZD millions) as at 22 July 2016 Definitions; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY Mkt Cap = Market Capitalisation; EROAD 124 111 28 4.0 44% n/a 34 3.3 34% EV = Enterprise Value; Finzsoft 20 21 14 1.5 (12%) n/a n/a n/a n/a AR = Annualised Revenue; Gentrack 216 204 47 4.4 14% n/a n/a n/a n/a EV/AR = EV/Annualised Revenue multiple; GeoOp 14 11 4 2.6 204% 80% n/a n/a n/a YrΔ AR = Annualised Revenue Growth; ikeGPS 33 27 9 3.2 118% 65% 16 1.7 n/a GM% = Gross Margin %; Orion Health 771 713 211 3.4 26% 78% 260 2.7 26% CFY Rev = Current Financial Year Revenue; Plexure 31 28 5 5.3 70% n/a n/a n/a n/a EV/CFY = EV/CFY Revenue multiple; Pushpay 532 520 39 13.4 330% 55% n/a n/a n/a YrΔ CFY = CFY Revenue Growth; Rakon 44 56 109 0.5 (22%) n/a n/a n/a n/a; Serko 55 48 13 3.6 20% n/a n/a n/a n/a Disclaimer; SLI Systems 50 44 36 1.2 23% 77% 35 1.3 25%; SmartPay 39 63 21 3.0 - n/a 24 2.6 18%; Trade Me 2 077 2 195 211 10.4 9% 94% 219 10.0 9%; Vista 486 463 76 6.1 28% n/a 93 5.0 43%; Wynyard 111 96 25 3.9 (20%) 64% n/a n/a n/a; Xero 2 623 2 438 258 9.5 62% 75% 312 7.8 n/a; Total & Average 7 224 7 038 1 106 6.4; Selected Global Publicly-Listed SaaS Companies (all in USD millions) as at 22 July 2016; Name Mkt Cap EV AR EV/AR YrΔ AR GM% CFY Rev EV/CFY YrΔ CFY; athenahealth 4 915 5 075 1 048 4.8 17% 50% 1 103 4.6 19%; Box 519 391 361 1.1 37% 64% 394 1.0 30%; Salesforce.com 55 928 55 962 7 666 7.3 27% 73% 8 300 6.7 24%; HubSpot 1 836 1 729 236 7.3 54% 75% 258 6.7 42%; Lifelock 1 541 1 339 637 2.1 18% 75% 667 2.0 13%; LogMeIn 1 612 1 438 319 4.5 30% 86% 331 4.3 22% Contact Details; Marketo 1 581 1 489 249 6.0 35% 66% 272 5.5 30% Mark Clare Managing Partner; New Relic 1 718 1 526 210 7.3 57% 79% 252 6.1 39% +64-21-470227 mark.clare@clarecapital.co.nz; ServiceNow 11 841 11 423 1 224 9.3 44% 68% 1 368 8.4 36%; NetSuite 6 815 6 715 866 7.8 31% 67% 966 7.0 30%; RealPage 2 008 1 989 514 3.9 16% 53% 570 3.5 22%; Shopify 2 226 2 036 289 7.1 93% 52% 345 5.9 69%; Splunk 7 893 6 871 744 9.2 48% 82% 895 7.7 34%; Workday 9 516 7 950 1 381 5.8 38% 68% 1 553 5.1 34%; Clare Capital is a corporate finance advisory firm built on; a base of structured fundamental analysis. We provide; creative solutions for both origination and analysis; mandates. We have a strong track record for the; successful execution of commercial transactions.; The information provided in this report has been solely; sourced from FactSet. Clare Capital holds no; responsibility over the actual and forecast numbers; presented in this report. The forecasts are an average of; broker forecasts complied by FactSet.; Global SaaS company data has been converted to USD; and will move with exchange rate changes. Clare Capital; is not an Authorised Financial Adviser.; This document is intended as analysis – not financial; advice. If you are making investment decisions you; should seek appropriate personalised financial advice; from a qualified professional to suit your circumstances.; CLARE CAPITAL TECH INSIGHTS