Technology / SaaS December 24, 2018

Technology / SaaS

e-Commerce optimization

Revenue optimization (Berlin)

Covered companies ADS Alliance Data RAMP LiveRamp Holdings Inc. QUOT Quotient Technology Inc.

Monitored companies ADBE Adobe Systems Inc. BZUN Baozun Inc. CDLX Cardlytics Inc. COGT Cogint Inc. CRTO Criteo SA MODN Model N Inc. PRO PROS Holdings Inc.

Private companies ViralGains*

e-Commerce optimization

Financial technology (Berlin)

Covered companies ACIW ACI Worldwide Inc. EPAY Bottomline Technologies Inc. FISV Fiserv Inc. GPN Global Payments Inc. PYPL PayPal Holdings Inc. QTWO Q2 Holdings Inc. TSS Total System Services Inc.

Monitored companies

AIM.TO Aimia Inc.

AXP American Express Co.

CLPI Calpian Inc.

CATM Cardtronics Inc.

DFS Discover Financial Services

EBAY eBay Inc.

EEFT Euronet Worldwide

EVOP EVO Payments Inc.

FIS

Fidelity Nat'l Information Svcs

FDC First Data Corp.

FLT FleetCor Technologies Inc.

GDOT Green Dot Corp.

ING.PA Ingenico S.A.

JKHY Jack Henry & Associates

MA

MasterCard Inc.

MITK Mitek Systems Inc.

MGI MoneyGram

EGOV NIC Inc.

PLPM Planet Payment Inc.

SQ

Square Inc.

USAT USA Technologies Inc.

VNTV Vantiv Inc.

PAY VeriFone Systems Inc.

V

Visa Inc.

WU Western Union Co.

WEX WEX Inc.

Private companies

Cayan Elavon Inc. EVO Payments Freeosk Inc.* Malauzai Software North American Bancard Stripe

Online Research: research- Research: (800) 866-3272 - Trading: (800) 322-3272 - (312) 258-0660

One South Wacker Drive - Suite 3900 - Chicago, IL 60606

e-Commerce optimization

Process optimization (Gearhart)

Covered companies ECOM ChannelAdvisor Corp. SEND SendGrid Inc. SPSC SPS Commerce Inc.

Monitored companies AMBR Amber Road Inc. AMSWA American Software Inc. DSGX Descartes Systems Group Inc. MANH Manhattan Associates

December 24, 2018

Cyber security/infrastructure

Smith / Vercoutere

Covered companies CHKP Check Point Soft. Tech. CYBR CyberArk Software Ltd. FEYE FireEye Inc. FTNT Fortinet Inc. NEWR New Relic Inc. PANW Palo Alto Networks PFPT Proofpoint Inc. QLYS Qualys Inc. SCWX SecureWorks Corp. SPLK Splunk Inc. SYMC Symantec Corp.

Monitored companies CUDA Barracuda Networks IMPV Imperva Inc. JNPR Juniper Networks RPD Rapid7 Inc. SOPH Sophos Ltd. TMIC Trend Micro VDSI Vasco Data Security Int'l Inc. ZIXI Zix Corp.

Private companies Alert Logic AlienVault BeyondTrust Blue Medora* Centrify Corp. Digital Guardian Lieberman Software LogRhythm Inc. RedSeal Networks Inc. SafeNet Inc. Skybox Security Trustwave Webroot Software Inc. WhiteHat Security

Names preceded by a ? are newly added.

*Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC.

Technology / SaaS

Human capital technology

Greendale / Macdonald

Covered companies

TWOU 2U Inc.

BOX Box Inc.

CHGG Chegg Inc.

CSOD Cornerstone OnDemand Inc.

COUP Coupa Software

INST Instructure Inc.

INTU Intuit Inc. (Macdonald, Berlin)

PAYC Paycom Software Inc.

PCTY Paylocity Holding Corp.

PS

Pluralsight Inc.

SFE Safeguard Scientifics Inc.

WDAY Workday Inc.

Monitored companies

TEAM Atlassian Corp.

AVLR Avalara Inc.

BL

BlackLine Inc.

DBX Dropbox Inc.

FNGN Financial Engines Inc.

HRB H&R Block

JIVE Jive Software Inc.

JWA John Wiley & Sons Inc.

PSO Pearson plc

SMAR Smartsheet Inc.

ULTI Ultimate Software Group Inc.

UPLD Upland Software Inc.

XRO.NZ Xero Ltd.

Private companies Academic Partnerships Anaplan Inc. Aventri* Bisk Education Blackboard Inc. BuyerQuest Inc.* Chrome River* Coursera Cvent Inc. Degreed Desire2Learn General Assembly Glassdoor Inc. Glint Inc. Gusto KeyPath Education Knewton * Namely Inc. Netchex* Parchment Paycor Inc.

Names preceded by a ? are newly added.

Human capital technology

Greendale / Macdonald

Renaissance Learning Saba Software Inc. StreamLink* Synergis Education Trilogy Education Services Udacity Udemy Yello*

Online Research: research- Research: (800) 866-3272 - Trading: (800) 322-3272 - (312) 258-0660

One South Wacker Drive - Suite 3900 - Chicago, IL 60606

Internet of things

Smith / Gearhart

Covered companies ALRM Holdings Inc. CAMP CalAmp Corp. DGII Digi International Inc. MIXT MiX Telematics Ltd. ORBC ORBCOMM Inc. SWIR Sierra Wireless Inc.

Monitored companies

GPS.TO BSM Technologies Inc.

FTV Fortive Corp.

IDSY ID Systems Inc.

INSG Inseego Corp.

ITRN Ituran Location and Control Ltd.

PNTR Pointer Telocation Ltd.

QTX.L Quartix Holdings plc

TOM2.ASTomTom

TRMB Trimble Inc.

VZ

Verizon Communications Inc.

Private companies NimbeLink*

December 24, 2018

*Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC.

Technology / SaaS

Research: (800) 866-32O72nl-inOTernaRedeiSnsoegau: rt(ch8h0W:0)wa3cw2kw2e-.3rre2Ds7re2iva-er(c3?h1S-2du)rii2vt5ee8n3-.09c60o60m0 One South Wacker Drive - Suite 3900 C- ChhicicaaggooI,LIL6060660066 T: 800-866-3272 research-

December 24, 2018

Lawrence Berlin

lberlin@ 312-258-7187

Larry Berlin is a senior vice president specializing in research and investment in e-Commerce optimization focusing on financial technology and revenue optimization. He provides research coverage of leading private and publicly traded companies in his sectors. His work has been cited for excellence in the StarMine analyst awards. Prior to joining First Analysis in 1999, he was acting CFO at Doculabs Inc., a Chicago-based information technology consulting firm. Earlier, he was a consultant for Ganymede Corp., an associate in corporate finance at UBS Inc., and a member of the Chicago Board Options Exchange and the Chicago Board of Trade. He earned an MBA and a bachelor's degree from the University of Chicago.

Corey Greendale

cgreendale@ 312-258-7139

Corey Greendale is a managing director specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in human capital technology. He provides research coverage of leading private and publicly traded companies in his sectors. His work has been cited for excellence in the Wall Street Journal's "Best on the Street" survey, in Forbes, and in the Financial Times. Prior to joining First Analysis in 2000, he was a development analyst at Systema Corp., where he designed training programs for several large pharmaceutical companies. He earned an MBA with high honors from the University of Chicago Booth School of Business and a bachelor's degree from Stanford University, where he graduated Phi Beta Kappa.

Howard Smith

hsmith@ 312-258-7117

Howard Smith is a managing director specializing in research and investment in software-as-a-service (SaaS) businesses and other business models based on information technology, particularly internet of things, cybersecurity, and internet infrastructure. He also built the firm's historical research franchises in call centers and computer telephony. His work has been cited for excellence by the Wall Street Journal and other publications. He's provided strategic advice to numerous technology companies in capital raising and buy- and sell-side M&A transactions, and as a board member. Prior to joining First Analysis in 1994, he was a senior tax consultant with Arthur Andersen & Co. He earned an MBA from the University of Chicago and a bachelor's degree in accounting from the University of Illinois at Urbana-Champaign. He is a certified public accountant.

David Gearhart

dgearhart@

312-258-7128

David Gearhart is a vice president specializing in research in software-as-a-service (SaaS) and the Internet of Things sector and has played a key role in establishing First Analysis's Internet of Things franchise. In developing First Analysis's thought leadership in the space, he communicates and works with an extensive network of Internet of Things companies and provides research coverage of leading private and publicly traded companies in the industry. He also specializes in process optimization within e-Commerce optimization. Prior to joining First Analysis in 2011, he was an accountant with The Northern Trust Co. and an options broker with American Option Services. He earned a bachelor's degree from Purdue University with a concentration in economics and finance and his MBA at DePaul University with a focus on finance and entrepreneurship. He is a CFA charterholder.

James Macdonald

jmacdonald@

312-258-7124

James Macdonald is a managing director coordinating investment and research in software-as-a-service (SaaS) businesses. He specializes in service business models. His work has been cited for excellence in the Wall Street Journal's "Best on the Street" survey, in Forbes, and in other publications. Prior to joining First Analysis in 1997, he was a general manager at Nalco Chemical Co., where he played a key role in expanding Nalco's service offering to include operating and leasing equipment at customer sites. This led to formation of a joint venture with U.S. Filter Co. Earlier, he was with a subsidiary of Ecolab Inc. He earned an MBA from Harvard University and a bachelor's degree in civil engineering from Cornell University, where he also earned the university's highest award in that discipline.

David Vercoutere

dvercoutere@

312-258-7114

David Vercoutere is an analyst specializing in research and investment in software-as-a-service (SaaS) businesses, particularly in cyber security/infrastructure. He supports research coverage of leading private and publicly traded companies in his sectors. Prior to joining First Analysis in 2014, he worked for IT outsourcer Cegeka in Belgium and for EMC in Belgium and Ireland. He earned a master of international business degree from the Fletcher School at Tufts University and master's and bachelor's degrees from Catholic University Leuven in Belgium. He has passed all three levels of the CFA Program and may be awarded the charter upon completion of the required work experience.

Healthcare

Medical technology

Marshbanks / Munda

Covered companies ANIK Anika Therapeutics Inc. CRY CryoLife Inc. ILMN Illumina Inc. ISRG Intuitive Surgical Inc. LMAT LeMaitre Vascular Inc. MZOR Mazor Robotics Ltd. MDSO Medidata Solutions Inc. NEO NeoGenomics Inc. PACB Pacific Biosciences SMED Sharps Compliance

Monitored companies

AFFX Affymetrix Inc.

CSII Cardiovascular Systems Inc.

CRL Charles River Labs

CEMI Chembio Diagnostics Inc.

EDAP EDAP TMS SA

FMI Foundation Medicine Inc.

ICLR ICON plc

IMRS IMRIS Inc.

NVTA Invitae Corp.

LH

Laboratory Corp. of America

LMNX Luminex Corp.

MRIC MRI Interventions Inc.

OSUR OraSure Technologies Inc.

PKI PerkinElmer Inc.

PRAH PRA Health Sciences Inc.

QGEN Qiagen N.V.

DGX Quest Diagnostics Inc.

QDEL Quidel Corp.

Q

Quintiles Transnational Holdings

RSW.L Renishaw plc

RHHBY Roche Holding AG

SQNM Sequenom Inc.

SPNC Spectranetics Corp.

SYNH Syneos Health Inc.

TITXF Titan Medical Inc.

TRXC TransEnterix Inc.

TRIB Trinity Biotech plc

XTNT Xtant Medical Holdings Inc.

Private companies 10x Genomics Acutus Medical Advanced Analytical Arthrex* Blueprint Genetics Checkpoint Surgical* Chiltern International Ltd. Counsyl CSA Medical*

Names preceded by a ? are newly added.

Medical technology

Marshbanks / Munda

Medicinal Genomics* Numares Health Oxford Nanopore

Online Research: research- Research: (800) 866-3272 - Trading: (800) 322-3272 - (312) 258-0660

One South Wacker Drive - Suite 3900 - Chicago, IL 60606

Pharma technology

Schwartz / Marshbanks

Covered companies ACET Aceto Corp. CDMO Avid Bioservices CBM Cambrex Corp. CTLT Catalent Inc. CDXS Codexis Inc. RGEN Repligen Corp.

Monitored companies CSBR Champions Oncology Inc. SRT.DE Sartorius AG

Private companies Harlan Laboratories Inc. inVentiv Health MPI Research Inc. Pharmaron Inc. Prosar Corp. Synteract Inc. ? TPS*

December 24, 2018

*Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC.

Healthcare

Healthcare analytics

Sparacino

Covered companies ATHN athenahealth Inc. BNFT Benefitfocus Inc. CSLT Castlight Health Inc. HIIQ Health Insurance Innovations HSTM HealthStream Inc. HMSY HMS Holdings Corp. INOV Inovalon Holdings Inc. MMS Maximus Inc. NRC NRC Health STRM Streamline Health Solutions TRHC Tabula Rasa HealthCare Inc.

Monitored companies MDRX Allscripts Healthcare Solutions CERN Cerner Corp. CPSI Computer Programs and Systems CRW.L Craneware PLC EHTH eHealth Inc. EVDY Everyday Health Inc. HWAY Healthways Inc. HURN Huron Consulting Group IMPR Imprivata Inc. PFMT Performant Financial Corp. PINC Premier Inc. QSII Quality Systems Inc. TDOC Teladoc Inc. VEEV Veeva Systems Inc. VCRA Vocera Communications Inc. WBMD WebMD Health Corp.

Private companies Apixio* Businessolver CareCloud ClearCost Health HealthSparq PlanSource Rx Savings Solutions VisiQuate Inc.*

Healthcare analytics

General analytics (Sparacino)

Covered companies MSTR MicroStrategy Inc. DATA Tableau Software Inc.

Monitored companies ATTN Attunity DWCH Datawatch Corp. HDP Hortonworks TLND Talend Inc. TDC Teradata Corp.

Private companies Connexica Ltd. Domo Inc. Infobright Inc. Information Builders Inc. Logi Analytics ParAccel Pentaho Corp. Qlik Technologies Inc. Snowflake Computing TIBCO Software

Online Research: research- Research: (800) 866-3272 - Trading: (800) 322-3272 - (312) 258-0660

One South Wacker Drive - Suite 3900 - Chicago, IL 60606

December 24, 2018

Names preceded by a ? are newly added.

*Venture capital funds associated with First Analysis Corp., the parent of FASC, have or had interests in this company. First Analysis Securities Corp. is a registered broker-dealer with FINRA and member SIPC.

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