Results International advised Avecto, a UK-based cybersecurity company, on its $49 million growth equity investment from JMI Equity, a US investor. Avecto provides endpoint security software and has over 600 enterprise clients. Results helped identify strategic partners for Avecto and leveraged its global relationships. The founders of Avecto commented that Results drove the process forward relentlessly while maintaining a strategic view.

1. 2015 STRICTLY PRIVATE AND CONFIDENTIAL
CyberScope
2015 Market Review

2. 1
About Results International
DEEP DOMAIN EXPERTISE IN THREE INTER-RELATED SECTORS… …AND BROAD INDUSTRY NETWORKS
A MARKET-LEADING CORPORATE FINANCE ADVISORY FIRM… …WITH GLOBAL REACH
• 40 person team; 250+ completed transactions
• Broad global network
• Creative solutions
• Senior level focus on every transaction
• Founded in 1991
• Entrepreneurial and owner-managed
Marketing
HealthcareTechnology
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

3. 2
Avecto has received a $49m growth equity investment from JMI Equity
OPPORTUNITY
Results International was appointed to support the company in evaluating its investment options, preparing for a
highly competitive process, seeking out the most appropriate partners on a global basis and executing a transaction.
OUTCOME
Results leveraged its relationships with top tier global growth equity investors to identify a number of the best strategic partners for Avecto.
These firms had exemplary track records backing high growth technology companies and shared the shareholders’ excitement about Avecto’s
positioning in the fast-growth cyber security market.
PAUL KENYON & MARK AUSTIN, FOUNDERS & CO-CEOS, AVECTO, COMMENT:
“From start to finish the Results team were fantastic. They drove the process forwards relentlessly, were always on top of the detail but never
lost sight of the big picture. We would recommend them to anyone.”
Results International is delighted to have advised Avecto, the leading endpoint security software firm, on its
$49m (£32m) minority investment from JMI Equity, a US-based growth equity investor focused on backing
leading software and services companies.
SITUATION
Avecto is a market leader in the large and fast-growing $3 billion endpoint security sector. Headquartered in
Manchester, UK, with offices in Boston, USA, Melbourne, Australia and Frankfurt, Germany, Avecto was
founded by entrepreneurs Mark Austin and Paul Kenyon in 2008. Since that time, the company has
demonstrated significant growth, serving a roster of over 600 enterprise clients and adding over 100 new
customers per year for the past five years.
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

4. 3
70
80
90
100
110
120
130
140
150
160
Broadline Endpoint Network Data Monitoring & Analysis Global Security NASDAQ Comp
Results International Global Cybersecurity Indices
Notes: Based on share prices as at 31st December 2015; indices weighted by market capitalisation
Sources: Capital IQ and Results analysis
Sep-15 Oct-15 Nov-15Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15
3.0%
(1.6%)
5.7%
(22.6%)
(6.7%)
4.1%
(7.5%)
Q4 2015 PERFORMANCE
Broadline 11.1%
Endpoint (1.8%)
Network (5.8%)
Data (18.5%)
Monitoring & Analysis (7.4%)
Global Security (3.3%)
LAST12MONTHSHAREPRICEPERFORMANCE QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
Dec-15

5. 4
7.9%
17.0%
(7.8%)
(10.0%)
4.5%
16.5%
12.2%
19.9%
2.6%
(26.6%)
(16.3%)
2.4%
(5.7%)
16.0%
(34.8%)
(3.3%) (4.0%)
7.8%
0.0%
16.3%
(33.5%)
(40.0%)
(30.0%)
(20.0%)
(10.0%)
0.0%
10.0%
20.0%
30.0%
(18.1%)
47.6%
1.6%
13.8% 14.7%
(63.8%)
9.3%
(47.9%)
3.6% 1.7%
(25.7%)
43.7%
(30.3%)
15.4%
(34.3%)
28.1%
(4.0%)
34.8%
(17.0%)
(12.3%)
(5.4%)
(80.0%)
(60.0%)
(40.0%)
(20.0%)
0.0%
20.0%
40.0%
60.0%
Cybersecurity: Share Price Performance
(1) These companies have IPO’d within the last 12 months, the share price movement represents the change between each stock’s respective IPO date (see slide 5) and 31st December 2015
Note: Based on share prices as at 31st December 2015
Sources: Capital IQ and Results analysis
LAST12MONTHSQ42015
BROADLINE ENDPOINT NETWORK DATA
MONITORING
& ANALYSIS
(1)
(1)
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
(1)
(1)

6. 5
Cybersecurity: Selected Stocks – Performance Since IPO
COMPANY
IPO
DATE
DESCRIPTION
RAISED
($M)
INDICATIVE PRICE
RANGE ($)
IPO LISTING
PRICE ($)
INCREASE VS.
RANGE
DAY 1
INCREASE
CURRENT
INCREASE(1)
CURRENT
EV ($M)
EV / REVENUE
REVENUE
2015E
EV / EBITDA
2015E
Nov-15
Email security, continuity
and archiving
78 10.00-12.00 10.00 (9.1%) 1.0% (4.0%) 608 4.6 x n.m.
Jul-15
Detection, analytics and
penetration testing
103 13.00-15.00 16.00 14.3% 58.0% (5.4%) 440 4.1 x n.m.
Jun-15
Antivirus and network
security
552 n.a. 3.54 n.a. 7.4% 9.3% 2,164 4.5 x 30.1 x
Sep-14
Privileged account
security
86 13.00-15.00 16.00 14.3% 87.1% 182.1% 1,374 9.0 x 35.4 x
Jun-14
Mobile security and
management
100 8.00-10.00 9.00 0.0% 22.4% (59.9%) 192 1.3 x n.m.
Nov-13
Network security and
data storage
64 18.00-21.00 18.00 (7.7%) 19.7% 3.8% 845 2.7 x 17.7 x
Sep-13
Forensics and malware
protection
304 12.00-14.00 20.00 53.8% 80.0% 3.7% 3,073 4.9 x n.m.
Sep-12
Cloud security and
compliance
91 11.00-13.00 12.00 0.0% 18.0% 175.8% 1,111 6.8 x 20.5 x
Jul-12
Firewalls and network
security
260 34.00-37.00 42.00 18.3% 26.5% 319.4% 15,394 14.0 x n.m.
Apr-12
Communication
security
82 10.00-12.00 13.00 18.2% 8.3% 400.1% 2,835 10.7 x n.m.
(1) Current increase from IPO price; market data as of 31st December 2015
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA
Sources: Capital IQ and Results analysis
Nasdaq
Nasdaq
Nasdaq
Nasdaq
NYSE
NYSE
Nasdaq
LSE
Nasdaq
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
Nasdaq

7. 6
Cybersecurity: Valuation Benchmarks
Note: Symantec’s (Broadline) 2016 forecast revenue excludes the Veritas business unit (in active sale discussions with Carlyle)
Note: Global Security represents the median of all stocks in Broadline, Endpoint, Network, Data and Monitoring & Analysis, with no weighting applied
Note: EV = Enterprise Value; financials calendarised to December year end; median values reported
See Selected Publicly Traded Companies (slide 12) for details of companies included in each category
Sources: Capital IQ and analyst reports
REVENUE GROWTH (2015-16E) EV / REVENUE 2015E
EBITDA MARGIN 2015E EV / EBITDA 2015E
(4.2%)
11.1%
8.0%
28.1%
22.8%
16.6%
(10.0%)
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global Security
32.2%
19.4%
16.4%
2.4%
(1.4%)
15.4%
(5.0%)
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
Broadline Endpoint Network Data Monitoring &
Analysis
Global Security
3.4 x
2.8 x
3.1 x
6.4 x
4.1 x
4.4 x
0.0 x
1.0 x
2.0 x
3.0 x
4.0 x
5.0 x
6.0 x
7.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global Security
10.4 x
20.8 x
14.4 x
n.m.
20.5 x
14.1 x
0.0 x
5.0 x
10.0 x
15.0 x
20.0 x
25.0 x
Broadline Endpoint Network Data Monitoring &
Analysis
Global Security
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

8. 7
Cybersecurity: Global M&AActivity Q1 2011 – Q4 2015
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
26 26 26
27
23 23
32
24
15
31
25
22
32
28
27
22
34
33
22
35
0
2,000
4,000
6,000
8,000
10,000
12,000
0
5
10
15
20
25
30
35
40
Q1 2011 Q2 2011 Q3 2011 Q4 2011 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015
TOTALDISCLOSEDDEALVALUE($M)
NUMBEROFDEALS
No. of Deals Total Disclosed Deal Value

9. 8
Cybersecurity: Selected Deals in 2015
DATE BUYER TARGET EV ($M)
EV /
REVENUE
EV /
EBITDA
COMPANY DESCRIPTION
TARGET
LOCATION
Dec-15 PE Consortium 9,671.4 7.0x 28.3x Desktop and mobile anti-virus and web browser protection
Dec-15 31.8 - - Anti-virus and anti-spam endpoint security and encryption
Dec-15 35.0 - - Web-based and on-premises network security threat analysis and management
Nov-15 85.0 - - Data encryption, information protection and control
Nov-15 18.7 - - Secure web gateway, web and email filtering
Oct-15
Firewall business
- - - McAfee next generation firewall and enterprise firewall business
Oct-15 452.5 6.0x - Network visibility and behaviour anomaly detection
Oct-15 300.0 1.8x 6.7x
(1)
HP’s next generation network intrusion prevention and response business
Oct-15 400.0 8.0x - Encryption and key management vendor
Oct-15 30.5 3.8x
(2)
- Privilege & administrative rights management and application control
Sep-15 425.0 2.0x - Secure enterprise mobility solutions
Aug-15 - - - Range of security software from antivirus to firewall and mobile security
Aug-15 - - - Online cybersecurity analytics and big data platform
Aug-15 - - - Endpoint security integrity and threat detection
Aug-15 8.5 - - Mobile app threat identification and prevention
Aug-15 - - - Privileged user access, password management and network authentication
Jul-15 - - - Data encryption and tokenisation of personally identifiable information
Jul-15 190.0 - - Real-time behavioural analytics and breach detection software
Note: In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(1) Multiple based on EBIT (2) Multiple based on FY16 projected revenue
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
(tech assets)
(China)

10. 9
Cybersecurity: Selected Deals in 2015
DATE BUYER TARGET EV ($M)
EV /
REVENUE
EV /
EBITDA
COMPANY DESCRIPTION
TARGET
LOCATION
Jun-15 635.0 - - Cloud-delivered network security and intelligence
Jun-15 - - - Cybersecurity anomaly detection and predictive analytics
Jun-15 - - - Cloud-based email security for managed service providers
Jun-15 19.8 5.0x - Intelligent identity management application developer
Jun-15 16.5 1.9x - Vulnerability assessment and penetration testing
May-15 40.0 2.0x - Mobile virtual private network provider (VPN)
Apr-15 150.0 5.0x - Enterprise identity and access management
Apr-15 1,300.0 3.5x
(1)
- Web filtering and data theft prevention
Apr-15 850.0 3.9x 65.6x Data security and compliance management solutions
Apr-15 80.0 - - Mobile threat management platform
Mar-15 - - - Mobile VPN service for secure browsing
Mar-15 2,400.1 - - Enterprise security solutions against advanced threats
Mar-15 59.8 - - Predictive cyberthreat detection and prevention
Mar-15 40.1 - - Firewall and intrusion detection software
Feb-15 - - - Online two-factor authentication software
Feb-15 79.8 - - CPU level threat prevention engine
Feb-15 - - - Data-centric security software
Jan-15 - - - Mobile security and risk analytics
Note: In certain cases EV/Revenue are publicly reported estimates; TTM financials have been used where possible; EV = transaction value scaled to 100% shareholding plus net debt (incl. minority interest)
(1) Multiple of CY2015 projected revenues, as per Raytheon conference call on 20/04/15
Sources: Press Releases, Capital IQ, Mergermarket, 451 Research and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

11. 10
Cybersecurity: Selected Fundraisings in 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTION
COMPANY
LOCATION
Dec-15 Venture 66.0
GE Asset Management, Fairhaven Capital Partners, Brookline Venture Partners,
LLR Partners, Mass Mutual Ventures
Advanced data loss prevention platform
Dec-15 Series C 50.0 NewSpring Capital
Cyberthreat intelligence monitoring and
management
Dec-15 Series A 49.0 JMI Equity Proactive endpoint protection software
Nov-15 Seed 2.3 Albion Ventures, Notion Capital, Winton Technology Ventures, C5 Holdings Enterprise security intelligence
Nov-15 Series B 250.0 Accel Partners, Insight Venture Partners Network vulnerability detection systems
Oct-15 Series B 22.0
New Enterprise Associates, Bessemer Venture Partners, Marker, Citi Ventures,
Innovation Endeavors
Deception-based advanced threat protection
Oct-15 Venture 54.5 .406 Ventures, Accomplice, Highland Capital, KPCB, Sequoia Capital Endpoint and server security
Oct-15 Series C 59.0 SoftBank, CRV, Spark Capital Real-time endpoint threat detection and response
Oct-15 Series B 25.0
Third Point Ventures, Tiger Global Management, Data Collective, Granite Hill
Capital, Westly Group, SineWave Ventures
Endpoint threat detection and protection
Oct-15 Series B 85.0 JMI Equity, New Enterprise Associates, Accel Partners, Split Rock Partners Endpoint data protection and security
Sep-15 Series G 150.0
TPG, Institutional Venture Partners, T. Row Price Associates, Andreessen
Horowitz, Franklin Templeton, Geodesic Partners
Enterprise security and systems management
Sep-15 Series B 110.0 TPG Growth, EMC, Lightspeed Ventures, Google Capital Security-as-a-Service platform
Sep-15 Series D 110.0
FMR, Google Capital, Microsoft Ventures, Baidu, Qualcomm Ventures, New
Enterprise Associates, Union Square Ventures
Internet security protection
Sep-15 Series D 75.0 Iconiq Capital, Accel Partners, Lightspeed Venture Partners, Social+Capital Cloud access security broker
Aug-15 Series E 52.0 Institutional Venture Partners, Trident Capital, KPCB, GGV Capital Security management and threat intelligence
Jul-15 Series C 42.0 DFJ Growth, KKR, Dell Ventures, CapitalOne Ventures, TenEleven Ventures Website performance and security
Jul-15 Series C 100.0 Google Capital, Rackspace, Accel Partners, Warburg Pincus Endpoint protection and threat intelligence
Jul-15 Series D 30.0 Pinnacle Ventures, Qihoo 360 Technology, Redpoint Ventures Secure cloud protection for Windows and Android
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

12. 11
Cybersecurity: Selected Fundraisings in 2015
DATE COMPANY
TYPE OF
ROUND
FUNDS
RAISED ($M)
INVESTOR PARTICIPATION COMPANY DESCRIPTION
COMPANY
LOCATION
Jun-15 Series B 21.0
Bessemer Venture Partners, Foundry Group, TechStars, ff Venture Capital, Idea
Fund, Correlation Ventures
Bot detection and mitigation platform
Jun-15 Venture 84.0 Insight Venture Partners Application security testing and attack prevention
Jun-15 Series B 23.0
Comcast Ventures, Menlo Ventures, Globespan Capital Partners, Commonwealth
Capital Partners, Flybridge Capital Partners
Data security analytics
May-15 Venture 14.9
Goldman Sachs, EDB Investments, Siemens Venture Capital, Alcatel-Lucent,
Mitsui, Fairhaven Capital, Arsenal Venture Partners
Real-time endpoint threat detection
May-15 Series C 35.0
Cisco, Glynn Capital, Evolution Equity, Lumia Capital, Mohr Davidow Ventures,
Northgate, Greylock , Sequoia Capital, Sutter Hill Ventures
Cloud-delivered network security and intelligence
May-15 Series B 25.0 Spark Capital, Lockheed Martin, CRV Real-time cyberattack detection and response
Apr-15 Series C 30.0
BDS Ventures, Hewlett Packard Ventures, Index Ventures, Rembrandt Venture
Partners, Sequoia Capital
Cloud access security
Apr-15 Series C 30.0
Redpoint Ventures, Benchmark Capital, Google Ventures, Radar Partners, True
Ventures
Two-factor authentication network security
Apr-15 Series C 100.0
Accel Partners, BlackRock, Andreessen Horowitz, Data Collective, Formation 8,
General Catalyst Partners, Valor Capital Group
Enterprise data centre and cloud computing
security
Apr-15 Series D 25.0
AITV, Cisco Ventures, EPIC Ventures, Fortinet, Granite Ventures, Intel, Trident
Capital, Vanedge Capital, VMware
Virtualised infrastructure security
Mar-15 Venture 52.0 Andreessen Horowitz Enterprise security and systems management
Mar-15 Series A 18.0 Hoxton Ventures, Talis Capital, Invoke Capital Partners Behavioural cyber defence technology
Mar-15 Series B 30.0 Third Point Ventures, Mayfield Fund, Telstra, Pelion Ventures Cloud application security services
Feb-15 Series B 25.0
GGV Capital, Icon Ventures, Kleiner Perkins Caulfield & Byers, Google Ventures,
Greylock Partners, Allegis Capital
Crowd security intelligence platform
Feb-15 Venture 15.0 83North Venture Capital, Bessemer Venture Partners Secure mobile gateway and threat prevention
Jan-15 Series B 15.0 Sequoia Capital, Index Ventures, EMC, Zohar Zisapel User activity auditing and threat protection
Jan-15 Series B 8.0 Harmony Partners, New Science Ventures, .406 Ventures Cloud data encryption platform
Jan-15 Series C 40.1 Jafco Ventures, TechOperators, Google Ventures, Meritech Capital, KPCB Data security platform
Sources: Press Releases, Capital IQ, Mergermarket and Results analysis
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY

13. 12
Cybersecurity: Selected Publicly Traded Companies
Note: Symantec’s 2016 forecast revenue excludes the Veritas business unit (in active sale discussions with Carlyle)
Note: Calendarised to December year end; $ millions, except share price data; multiples capped at 20x EV / Revenue and 50x EV / EBITDA; net debt includes minority interest
Source: Capital IQ
QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
PRICE % OF 52 MARKET TOTAL NET ENTERPRISE REVENUE REV. GROWTH GROSS MARGIN EBITDA MARGIN
COMPANY (31-DEC-15) WEEK HIGH CAP CASH DEBT VALUE CY2015 CY15-16 HISTORICAL CY2015 CY2016 CY2015 CY2016 CY2015 CY2016
BROADLINE
Symantec 21.00 76.9% 14,186 3,357 (1,617) 12,569 5,372 (25.0%) 82.3% 31.1% 35.1% 2.3 x 3.1 x 7.5 x 8.9 x
Trend Micro 41.02 90.5% 5,599 1,038 (1,037) 4,561 1,029 16.6% 82.3% 33.3% 32.5% 4.4 x 3.8 x 13.3 x 11.7 x
ENDPOINT
AVG Technologies 20.05 68.8% 1,054 145 121 1,175 427 4.4% 86.1% 36.0% 35.6% 2.8 x 2.6 x 7.6 x 7.4 x
CyberArk 45.14 59.1% 1,623 250 (250) 1,374 153 32.2% 85.7% 25.3% 22.6% 9.0 x 6.8 x 35.4 x 30.0 x
F-Secure 2.80 67.2% 441 88 (88) 354 159 5.8% 94.9% 19.4% 19.0% 2.2 x 2.1 x 11.4 x 11.0 x
MobileIron 3.61 27.9% 290 98 (98) 192 147 16.8% 81.8% (38.3%) (19.1%) 1.3 x 1.1 x n.m. n.m.
Sophos 3.86 89.5% 1,934 68 230 2,164 477 11.1% 80.0% 15.1% 14.7% 4.5 x 4.1 x 30.1 x 27.8 x
NETWORK
Barracuda Networks 18.68 39.9% 995 154 (149) 845 311 10.1% 78.9% 15.4% 16.6% 2.7 x 2.5 x 17.7 x 14.9 x
Check Point Software 81.38 92.0% 15,153 1,299 (1,299) 13,854 1,629 8.0% 88.2% 57.6% 57.0% 8.5 x 7.9 x 14.8 x 13.8 x
Fortinet 31.17 62.0% 5,543 908 (908) 4,635 1,009 23.6% 70.0% 16.4% 17.0% 4.6 x 3.7 x 28.1 x 21.9 x
F5 Networks 96.96 71.7% 6,827 774 (774) 6,052 1,952 7.1% 82.7% 33.3% 40.1% 3.1 x 2.9 x 9.3 x 7.2 x
Palo Alto Networks 176.14 87.8% 15,663 761 (269) 15,394 1,097 38.4% 72.9% 5.7% 24.2% 14.0 x 10.1 x n.m. 41.9 x
Radware 15.34 61.6% 695 92 (92) 603 216 5.0% 82.1% 19.8% 18.1% 2.8 x 2.7 x 14.1 x 14.6 x
Secunet 24.07 99.4% 156 26 (26) 130 98 5.1% 59.7% 9.8% 9.9% 1.3 x 1.3 x 13.4 x 12.7 x
DATA
FireEye 20.74 37.5% 3,546 1,170 (472) 3,073 625 31.1% 58.9% (32.0%) (18.1%) 4.9 x 3.7 x n.m. n.m.
Imperva 63.31 81.2% 2,056 254 (254) 1,802 230 26.3% 77.7% 3.3% 6.2% 7.8 x 6.2 x n.m. n.m.
Mimecast 9.60 89.1% 573 34 35 608 134 19.5% 68.3% 8.2% 7.0% 4.6 x 3.8 x n.m. n.m.
Proofpoint 65.01 86.2% 2,911 416 (76) 2,835 264 29.9% 66.4% 1.5% 3.2% 10.7 x 8.3 x n.m. n.m.
MONITORING & ANALYSIS
Guidance Software 6.02 58.9% 184 18 (18) 166 105 5.3% 66.9% (1.4%) 1.4% 1.6 x 1.5 x n.m. n.m.
Qualys 33.09 59.7% 1,285 174 (174) 1,111 164 22.8% 78.3% 33.0% 32.7% 6.8 x 5.5 x 20.5 x 16.8 x
Rapid7 15.13 57.8% 667 227 (227) 440 108 28.5% 76.0% (28.6%) (26.2%) 4.1 x 3.2 x n.m. n.m.
25th percentile 59.1% 153 5.8% 70.0% 3.3% 6.2% 2.7 x 2.6 x 11.4 x 11.2 x
Median 68.8% 264 16.6% 78.9% 15.4% 17.0% 4.4 x 3.7 x 14.1 x 14.2 x
75th percentile 87.8% 1,009 26.3% 82.3% 31.1% 32.5% 6.8 x 5.5 x 20.5 x 20.6 x
OPERATING METRICS VALUATION METRICS
REVENUE EBITDA

14. 13
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QUARTERLY TECH REPORT – 2015 ANNUAL REVIEW: CYBERSECURITY
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