2009-04-16 Logility Special Committeee of The Board of Directors Fairness Opinion INVESTMENT BANKING PRESENTATION DATED APRIL 16, 2009

5/2/2016
INVESTMENTBANKINGPRESENTATIONDATEDAPRIL16,2009
EX99.(A)(4)2dex99a4.htmINVESTMENTBANKINGPRESENTATIONDATEDAPRIL16,2009
Exhibit(a)(4)
InvestmentBankingPresentation
PreparedFor
TheSpecialCommitteeoftheBoardofDirectorsof
Logility,Inc.
April16,2009
VRAPartners,LLCisaMemberFINRA/SIPC.
http://www.sec.gov/Archives/edgar/data/1043915/000119312509132680/dex99a4.htm
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Preface
The information contained herein was prepared by VRA Partners, LLC (VRA) in connection with our engagement to advise the
Special Committee (the Special Committee) of the Board of Directors of Logility, Inc. (Logility or the Company) with respect
to the announcement of a cash tender offer by American Software, Inc. (Prospective Acquiror) pursuant to a press release dated
March 18, 2009 in which the Prospective Acquiror announced its intention to acquire all of the outstanding shares of Logilitys
common stock not already owned by the Prospective Acquiror at a price of $5.10 per share in cash (the Proposed Acquisition),
and, if appropriate, to render an opinion to the Special Committee with respect to the fairness, from a financial point of view, to
the Companys shareholders other than American Software, Inc. and any of its affiliates, of the consideration to be received in the
Proposed Acquisition. This information and our analyses are not intended to be, nor should be, relied upon by any other party.
Any disclosure of the contents of this document to third parties by the Special Committee requires VRAs written consent.
This document was prepared utilizing information provided by Logility and American Software, Inc. and obtained from certain
other publicly available sources. VRA has relied without independent verification upon the accuracy and completeness of the
financial and other information discussed with or reviewed by us for purposes of our analyses except where we have actual
knowledge as to the inaccuracy of incompleteness of such information. With respect to the financial forecasts of Logility provided
to or discussed with us, we have assumed, without independent verification or investigation, that such forecasts have been
reasonably prepared on bases reflecting the best currently available information, estimates and judgments of the management of
Logility as to the future financial performance of the Company, and we express no opinion with respect to such forecasts or the
assumptions on which the forecasts are based. VRA has not conducted a physical inspection of the properties and facilities of the
Company and has not made any evaluations or appraisals of the assets or liabilities (including, without limitation, any potential
environmental liabilities), contingent or otherwise, of the Company.
VRAs analyses must be considered as a whole. Selecting portions of our analyses, without considering all analyses, would create
an incomplete view. Individual estimates of value contained on our analyses are not necessarily indicative of actual value, which
may be significantly more or less favorable than as set forth therein. Estimates of the financial value of reference companies and
their securities do not purport to be appraisals or necessarily reflect the actual values of such companies or their securities.
Because such estimates are inherently subject to uncertainty, VRA does not assume responsibility for their accuracy. Our
analyses are necessarily based upon market, economic and other conditions as they exist on, and can be evaluated as of, the date
hereof. It should be understood that, although subsequent developments may affect these analyses, VRA does not have any
obligation to update or revise its analyses.
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TableofContents
Section
I.
II.
III.
IV.
V.
Appendices
A.
B.
Contents
TransactionOverview
OverviewofLogility
Logility FinancialInformation
Logility StockPerformanceandTradingInformation
Valuation
A.
ValuationMethodology
B.
ReferencePublicCompanyAnalysis
C.
PrecedentMergerandAcquisitionTransactionAnalysis
D.
PremiumsPaidAnalysis
E.
DiscountedCashFlowAnalysis
F.
ValuationSummary
Reference Public Company Analysis Business Descriptions

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TransactionOverview
Summary
On March 18, 2009, American Software, Inc. (ASI or the Prospective Acquiror) publicly announced that it intends to
purchase up to all the outstanding common stock of Logility, Inc. (Logility or the Company) not currently owned by ASI
at a price per share of $5.10 (the Proposed Acquisition) in cash through a tender offer.
ASI is currently the majority shareholder of Logility, controlling approximately 11,300,000 shares, or 87.9%, of the common
shares outstanding of Logility.
If ASI is able to acquire all of the outstanding common stock currently not owned by ASI at the proposed price of $5.10 per
share, ASI would acquire 1,560,145 common shares and 126,865 net inthemoney options representing total consideration
of $8,603,753.
The Proposed Acquisition purchase price of $5.10 per share implies the following equity value and enterprise value for the
Company:
Common Stock Shares Outstanding
(1)
12,860,145
Vested "IntheMoney" Options Outstanding, Net of Exercise Price

Common Stock Shares Outstanding
Price Per Share
(2)
126,865
12,987,010
$5.10
Implied Equity Value
$66,233,753
Plus: Debt as of 01/31/2009

Less: Cash and Investments as of 01/31/2009
0
47,309,000
Implied Enterprise Value
$18,924,753
(1) AsofMarch5,2009.
(2) Basedonofferpriceof$5.10pershare.
4
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TransactionOverview
OptionsOutstanding
Logility currentlyhas607,500optionsoutstanding,including535,650vestedand71,800unvestedoptions:
VestedOptions
ExercisePriceRange
Vested
AggregateExercise
Options
Proceeds
Incremental
NetValueofOptions
CommonShareEquivalent
at$5.10/share
at$5.10/share
$1.69$5.10
413,400
$1,461,326
$647,014
126,865
$5.11$7.00
12,050
$71,630
$7.01$9.00
$9.01$11.00
81,200
20,000
$640,694
$200,360
0
0
0
0
$11.01$16.25
9,000
$123,120
535,650
$2,497,130
$647,014
126,865
Total
UnvestedOptions
Incremental
ExercisePriceRange
Unvested
AggregateExercise
NetValueofOptions
CommonShareEquivalent
Options
Proceeds
at$5.10/share
at$5.10/share
$1.69$5.10
$0
$0
$5.11$7.00
$0
$7.01$9.00
67,800
$553,506
4,000
0
$43,840
$0
0
0
0
0
71,800
$597,346
$0
607,450
$3,094,476
$647,014
126,865
$9.01$11.00
$11.01$16.25
Total
TotalVestedand
Unvested
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TransactionOverview
TransactionStructureandSummaryAnalysis
($inthousands)
'%Premium(Discount)toClosingSharePriceof$5.00on03/18/2009
% Premium (Discount) to Average Closing Price:
360Day
ProposedAcquisition
OfferPricePerShare
CurrentPricePerShare
Asof04/15/2009
$5.10
$5.13
2.0%
2.6%
(1)
(15.9%)
(15.5%)
180Day
90Day
3.5%
11.4%
4.1%
12.1%
60Day
30Day
10.9%
11.5%
11.5%
12.2%
15Day
11.6%
12.3%
(43.6%)
(43.3%)
31.1%
31.9%
$66,234
$66,623
$18,925
$19,314
'%Premium(Discount)to52WeekHigh($9.05on04/21/2008)
'%Premium(Discount)to52WeekLow($3.89on03/12/2009)
MarketValue
(2)
EnterpriseValue
(3)
Note:AssumesannouncementdateofMarch18,2009.
(1) AverageclosingpriceforrelevantnumberofdaysincludingandprecedingMarch18,2009.
(2) Basedon12,860,145sharesoutstandingasof03/05/2009plus126,865sharesfromtheexerciseofinthemoneyvestedstockoptions.
(3) Excludesexcesscashandinvestmentsof$47,309,000asof01/31/2009.
6
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Transaction Overview
Transaction Structure and Summary Analysis
ProposedAcquisition
OfferPricePerShare
$5.10
CurrentPricePerShare
Asof04/15/2009
$5.13
EnterpriseValueto:
LTMTotalRevenue
Fiscal2009ProjectedTotalRevenue
Calendar2009ProjectedTotalRevenue
Fiscal2010ProjectedTotalRevenue
0.45 x
0.46
0.47
0.46
0.46 x
0.47
0.47
0.47
LTMMaintenanceRevenue
Fiscal2009ProjectedMaintenanceRevenue
Calendar2009ProjectedMaintenanceRevenue
Fiscal2010ProjectedMaintenanceRevenue
0.81 x
0.82
0.82
0.82
0.83 x
0.84
0.84
0.83
LTMMaintenanceGrossMargin
Fiscal2009ProjectedMaintenanceGrossMargin
Calendar2009ProjectedMaintenanceGrossMargin
Fiscal2010ProjectedMaintenanceGrossMargin
1.04 x
1.04
1.04
1.04
1.06 x
1.06
1.06
1.06
LTMAdjustedEBITDA
Fiscal2009ProjectedAdjustedEBITDA
Calendar2009ProjectedAdjustedEBITDA
Fiscal2010ProjectedAdjustedEBITDA
2.0 x
2.0
2.1
2.1
2.0 x
2.0
2.1
2.2
LTMAdjustedEBIT
Fiscal2009ProjectedAdjustedEBIT
Calendar2009ProjectedAdjustedEBIT
Fiscal2010ProjectedAdjustedEBIT
2.1 x
2.1
2.2
2.4
2.1 x
2.1
2.3
2.4
LTMAdjustedNetIncome
Fiscal2009ProjectedAdjustedNetIncome
Calendar2009ProjectedAdjustedNetIncome
Fiscal2010ProjectedAdjustedNetIncome
10.7 x
11.1
11.2
11.4
10.8 x
11.1
11.2
11.5
TangibleBookValueasof01/31/2009
1.48 x
1.49 x
EquityValueto:
Note:FiscalrepresentstheyearendingApril30.Calendaryearrepresentsthe12monthsendingJanuary31.
Note:Adjustmentsincludestockbasedcompensationandamortizationofacquisitionrelatedintangibles.
Note:ForwardmultiplesbasedonmanagementprojectionsprovidedApril3,2009.
7
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OverviewofLogility
CompanyOverview
Globalproviderofcollaborativesupplychainsoftwarethatoptimizesproduction,distribution,andinventorymanagement
betweentradingpartners.
Sellstwocomplementaryproductlinestoapproximately1,250customersworldwide:
Voyager
DemandManagement
Customertypicallyhasmorethan$1billioninsales
Customertypicallyhaslessthan$1billioninsales
Approximately350activecustomers
Approximately900activecustomers
Averagesaleof$300kforlicense
Averagesaleof$30kforlicense
Directsaleschannel grossmarginsof75%
Indirectsaleschannel grossmarginsof50%
Prolongedsalescyclemanagementleveldecision
Shortersalescycle operationsleveldecision
Competitivemarket pricingpressure
Limitedcompetition priceshavebeenincreasing
Focusesondistributionintensiveindustries(retail,consumergoods,softgoods,serviceparts).
Accordingtomanagement,competitivedifferentiatorsinclude:
Qualityofproductsanddomainexpertise
Quickerimplementationrelativetocompetitors
Qualityofcustomerservice
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OverviewofLogility
CompanyPerformance
Duringthelastfiveyears,Logility hasgrownrevenueata
compoundedannualgrowthrateof18.4%maintenanceand
licenserevenueshavegrownataCAGR ofapproximately20%.
Inearly2008,growthslowedduetoeconomicconditionsand
managementanticipatesflatgrowthinFiscal2009and2010.
RevenueGrowthbyType
($inthousands)
$50,000
$40,000
However,management,aswellasindustryobservers,believe
uncertaineconomictimescanalsopromptcompaniestopurchase
supplychainmanagementsoftwaretoreduceinventoryriskand
costs.
PreliminarysignsofrecoverythroughstrongQ3results
andrecentgrowthinthesalespipeline
$30,000
$20,000
$10,000
$0
2004
DMI ismodestlycyclical
License
2005
2006
Servicesandother
2007
2008
Maintenance
Accordingtomanagement,growthopportunitiesinclude:
FashionForecasting newmoduleprovidingablindforecastingsolutiontoapparelcustomers
NewversionsofbothVoyagerandDMI soontobereleased
Furtherpenetrationofchemicalandoil/gasindustryverticals potentialacquisitionopportunities
Entertheservicepartsoptimizationmarket
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OverviewofLogility
RelationshipwithASI
Logility iscurrently87.9%ownedbyASI.
ASI financialreportingincludesLogility.
Logility andASI Comparison
($inthousands)
Logility
SharePriceasof04/15/2009
MarketCapitalization
Debtasof01/31/2009
CashandInvestmentsasof01/31/2009
EnterpriseValue
ASI
$5.13
$66,234
$0
$47,309
$18,925
$6.09
$153,962
$0
$70,321
$83,641
$42,392
$9,685
$80,673
$9,352
$9,178
$6,189
$7,831
$3,483
FinancialData:
LTMRevenue
LTMAdjustedEBITDA
LTMAdjustedEBIT
LTMAdjustedNetEarnings
TradingMultiples:
EV/LTMRevenue
EV/LTMEBITDA
0.45x
2.0x
1.04x
8.9x
EV/LTMEBIT
LTMP/ERatio
2.1x
10.7x
10.7x
43.7x
%of52WeekHigh
56.4%
85.6%
ThreeMonthAverageTradingVolume
StockPriceChangeSinceAnnouncementDate
3,240
2.6%
66,660
35.6%
DividendsPerShare
$0.00
$0.36
10
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OverviewofLogility
ASI ProFormaforLogility Acquisition

($inthousands,exceptpersharedata)
FiscalYearEndedorEndingApril30,
2007
2008
2009
AdjustedEBITDA
Plus:Logility publiccompanyexpenses
ProFormaEBITDA
AdjustedEBIT
Plus:Logility publiccompanyexpenses
ProFormaEBIT
AdjustedDilutedEarningsPerShare
AdjustedNetIncome
Plus:Logility publiccompanyexpenses(taxaffected)
Plus:EliminationofMinorityInterest(taxaffected)
ProFormaNetIncome
ProFormaDilutedEarningsPerShare
IncreaseinDilutedEarningsPerShare
Actual
Actual
$12,745
$11,945
448
472
462
$13,193
$12,417
$462
$11,204
$10,441
448
472
462
$11,652
$10,913
$462
$0.36
$9,169
$0.30
$8,047
281
486
305
488
462
713
$9,935
$8,840
$1,174
$0.39
$0.33
$0.03
Estimate
$0.03
11
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OverviewofLogility
Logility andASIStockPricePerformance
PriceVolumeOvertheTwelveMonthsPrecedingMarch18,2009(theAnnouncementDate)
$10.00
4/18/2008:
LGTY High $9.00
90,000
$9.00
$8.00
80,000
6/17/2008:
AMSWA High $6.68
70,000
$7.00
60,000
12/01/2008:
AMSWALow $2.92
50,000
$6.00
12/23/2008:
LGTYLow $4.00
40,000
$5.00
30,000
$4.00
20,000
$3.00
10,000
$2.00
Logility TradingVolume
Logility SharePrice
AmericanSoftwareSharePrice
12
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OverviewofLogility
IndexPricePerformanceOvertheTwelveMonthsPrecedingtheAnnouncementDate
160
140
120
100
80
60
40
Logility SharePrice
13
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OverviewofLogility
PriceVolumeOvertheThreeYearsPrecedingtheAnnouncementDate
$16.00
7/23/2007:
AMSWA High $13.19
300,000
10/18/2007:
LGTY High $14.85
$14.00
250,000
$12.00
200,000
$10.00
12/23/2008:
LGTY Low $4.00
$8.00
150,000
$6.00
100,000
$4.00
12/01/2008:
AMSWA Low $2.92
$2.00
$0.00
50,000
Logility SharePrice
14
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OverviewofLogility
IndexPricePerformanceOvertheThreeYearsPrecedingtheAnnouncementDate
250
200
150
100
50
Logility SharePrice
15
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OverviewofLogility
PriceVolumefromLogilityIPOtotheAnnouncementDate
$25.00
12/30/1999:
LGTY High $21.00
3/13/2000:
AMSWA High $22.25
7,000,000
6,000,000
$20.00
5,000,000
$15.00
$10.00
4,000,000
12/29/2000:
LGTY Low $1.56
3,000,000
4/5/2001:
AMSWA Low $1.13
2,000,000
$5.00
1,000,000
$0.00
Logility SharePrice
16
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OverviewofLogility
Index Price Performance from Logility IPO to the AnnouncementDate
180
160
140
120
100
80
60
40
20
0
Logility SharePrice
17
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OverviewofLogility
PriceVolumeSincetheAnnouncementDate
$6.25
4/6/2009:
LGTY High $5.48
$6.00
$5.75
3/18/2009:
LGTY Low $5.00
4/15/2009:
AMSWA High $6.09
50,000
40,000
$5.50
$5.25
30,000
$5.00
20,000
$4.75
$4.50
3/18/2009:
AMSWA Low $4.49
10,000
$4.25
$4.00
Logility SharePrice
Asof4/15/2009.
18
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OverviewofLogility
IndexPricePerformanceSincetheAnnouncementDate
140
135
130
125
120
115
110
105
100
95
Logility SharePrice
Asof4/15/2009.
19
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OverviewofLogility
Logility andASITradingMultiples
Enterprise Value to LTM Total Revenue
Enterprise Value to LTM EBITDA
2.5x
16.0x
14.0x
2.0x
12.0x
10.0x
1.5x
8.0x
1.0x
6.0x
4.0x
0.5x
2.0x
0.0x
0.0x
ASI
Logility
ASI
Logility
PricetoLTMCashEarningsPerShare
50.0x
45.0x
40.0x
35.0x
30.0x
25.0x
20.0x
15.0x
10.0x
5.0x
0.0x
ASI
Logility
20
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OverviewofLogility
FinancialComparisontoPubliclyTradedCompetitors
($inmillions)
FinancialProfileComparisontoCompetitors
Logility,Inc.
i2Technologies,
Inc.
JDASoftware
GroupInc.
OracleCorp.
American
Software,Inc.
SAPAG
LTMRevenue
$42.4
$255.8
$390.3
$23,630.0
$15,454.2
$80.7
LTMMaintenanceRevenue
$23.2
$85.4
$182.8
$4,601.0
$4,593.0
$28.4
$0.1
$1.3
$8.6
$539.0
$473.7
$0.9
$7.5
$29.2
$53.9
$2,771.0
$2,270.0
$9.5
1YearRevenueGrowth
2.6%
(1.7%)
4.5%
24.6%
3.3%
3YearRevenueCAGR
19.4%
(8.8%)
21.8%
26.0%
15.3%
7.7%
5YearRevenueCAGR
44.8%
(11.3%)
13.5%
20.1%
11.8%
26.5%
LTMGrossMargin
68.0%
57.2%
63.7%
79.0%
68.9%
53.1%
LTMEBITDAMargin
22.8%
15.3%
24.9%
47.2%
32.8%
11.6%
LTMEBITMargin
21.7%
13.9%
22.5%
46.0%
27.9%
9.7%
LTMReturnonAssets(ROA)
8.4%
8.0%
5.9%
13.2%
14.4%
3.6%
LTMReturnonEquity(ROE)
11.8%
151.9%
0.8%
26.2%
28.1%
3.3%
LTMCAPEX/Revenue
0.2%
0.5%
2.2%
2.3%
3.1%
1.1%
17.8%
11.4%
13.8%
11.7%
14.7%
11.8%
LTMCAPEX
LTMR&D
(1)
(2)
LTMR&D/Revenue
5.5%
(1) ExcludescapitalizedR&Dcosts.
(2) IncludesbothcapitalizedandexpensedR&Dcosts.
21
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OverviewofLogility
IndustryConditions
SCMApplicationRevenueEstimates
Supplychainmanagement(SCM)applicationsmarket
representsa$6.5billionindustryexpectedtogrowataCAGR
of7%through2012
Increasingtrendofglobalsourcingputsemphasison
supplychainplanning
$10.0
9%
$9.0
8%
$8.0
7%
$7.0
6%
$6.0
5%
$5.0
Replacementmarketisstrong
4%
$4.0
Internationalmarketpenetration(U.S.customers
represent58%ofoverallmarket)
3%
$3.0
Increasedadoptionfrommidmarketcompanies(40%of
themarketconsistsofcompanieswith+$1billionsales)
$2.0
2%
$1.0
1%
$0.0
0%
2007
2008
2009
Revenue
2010
2011
2012
RevenueGrowth
Currenteconomicconditionshaveimpactedthemarketandhavecreateduncertaintyovershorttermgrowth.
2009and2010globalITspendingexpectedtodecline9%and1%,respectively
Markethasbecomeincreasinglycompetitive,especiallyforlarge implementationswhereSAPandOraclemostlycompete,
creatingpricingpressureonmarketparticipants.
Therehasbeenarecentslowdowninindustryconsolidationactivityfromprioryears.Pastnotableactivityincludes:
Infor madefiveacquisitionsin2006and2007
SAPmadefouracquisitionsin2006and2007
JDAacquiredManugistics in2006inadditiontooneothersoftwarebusiness
I2madetwoacquisitionsin2006and2007
Source:AMRResearch,2008GoldmanSachs
22
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OverviewofLogility
OwnershipProfile
($inthousands)
Holder
Shares
PercentofTotal
SharesOutstanding(1)
OwnershipBreakout
Market
Value(2)
AmericanSoftware,Inc.
11,300,000
87.87%
$57,630
DimensionalFundAdvisorsLP
CaliforniaPublicEmployees'RetirementSystem
RenaissanceTechnologiesCorp.
J.MichaelEdenfield
348,664
121,490
78,100
51,500
2.71%
0.94%
0.61%
0.40%
1,778
620
398
263
H.AllanDow
LapidesAssetManagement,LLC
NorthernTrustInvestments,NationalAssociation
LotsoffCapitalManagement
SparkL.P.
48,721
34,995
23,607
21,600
15,149
0.38%
0.27%
0.18%
0.17%
0.12%
248
178
120
110
77
NorthernTrustInvestments,N.A.
BNYMellonWealthManagement
BarclaysGlobalInvestors,NationalAssociation
ParkerH.Petit
JohnA.White
11,951
10,093
4,442
4,000
3,500
0.09%
0.08%
0.03%
0.03%
0.03%
61
51
23
20
18
FrederickE.Cooper
WellsFargoBank,NationalAssociation,AssetManagementArm
Royce&Associates,LLC
AXARosenbergInvestmentManagementLLC
SGAssetManagementAlternativeInvestments
UBSSecuritiesLLC,InvestmentArm
Grantham,Mayo,VanOtterloo&Co.LLC
DeutscheInvestmentManagementAmericasInc.
1,000
2,425
1,900
1,040
700
514
200
46
0.01%
0.02%
0.01%
0.01%
0.01%
0.00%
0.00%
0.00%
5
12
10
5
4
3
1
0
Institutions
5%
Insiders
1%
Retail
6%
American
Software
88%
Note:Institutionalsharesarebasedonholder'smostrecent13Ffiling.
Note:InsiderownershipbasedonLogilityDEF14AfiledonJuly28,2008.
(1)Basedonatotalof12,860,145sharesoutstandingasofMarch5,2009.
(2)Basedontheofferpriceof$5.10
23
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OverviewofLogility
Logility ChangeinOwnershipOverTime
3/31/2007
Institution
6/30/2007
9/30/2007
12/31/2007
3/31/2008
Shares
Shares
Change
Shares
Change
Shares
Change
Shares
Change
11,300,000
11,300,000
11,300,000
11,300,000
11,300,000
342,030
342,399
369
334,169
(8,230)
340,427
6,258
350,953
10,526
45,400
45,400
25,500

25,500
45,400
42,700

17,200
121,490
57,300
76,090
14,600
121,490
68,900

11,600
J.MichaelEdenfield
55,000
35,184
(19,816)
35,184
35,184
35,184
H.AllanDow
58,721
48,721
(10,000)
48,721
48,721
48,721
27,783

24,007

(3,776)

24,007
24,007
23,000
24,007
23,000

38,300
38,300
42,100
3,800
56,000
13,900
31,300
(24,700)
SparkL.P.
24,200
12,238
38,700
12,238
14,500

40,724
12,538
2,024
300
49,200
12,538
8,476

41,900
12,538
(7,300)

10,093
10,093
10,093
10,093
10,093
4,835
4,835
4,442
(393)
4,442
4,442
ParkerH.Petit
JohnA.White
3,000
2,500
3,000
2,500
3,000
2,500
3,000
2,500
3,000
2,500
FrederickE.Cooper
2,425
2,425

2,425

2,425
4,500

4,500
2,425
4,500
1,300
1,200
(100)
3,300
2,100
4,400
1,100
3,900
(500)
700
700
700
1,064
(1,064)

100

100

(100)

265

265

45
45
45
46
205
159
Bjurman,Barry&Associates
67,065
67,065
213,367
146,302
(213,367)
CreditSuisseSecurities(USA)LLC,InvestmentArm
FAFAdvisors,Inc.
10,340 10,340

(10,340)

7,000

7,000
FrontPointPartnersLLC
19,016
19,016
(19,016)
MorganStanleyInvestmentManagementInc.
NewtonInvestmentManagementLimited
10,398
75

(10,323)

750
(75)
750
750

750
QVTFinancialLP
ReinhartPartners,Inc.
16,930
16,930
45,931
29,001
SSgAFundsManagementInc.
StateStreetGlobalAdvisors,Inc.
43,300
47,200
43,300
47,200
43,300
47,200
43,300
47,593

393
43,300
47,593
TechnicalFinancialServicesLLC
200
200
(200)
TetonAdvisors,Inc
TheVanguardGroup,Inc.
11,314

(11,314)
18,498

18,498

(18,498)

WellingtonManagementCompanyL.L.P.
66,209
51,901
(14,308)
52,302
401
24,302
(28,000)
(24,302)
TotalInstitutionalOwnership
TotalInstitutionalOwnershipasa%ofTotal
649,789
5.0%
697,958 48,169
5.4%
810,174 112,216
6.3%
1,034,010 223,836
8.0%
845,192 (188,818)
6.5%
11,419,221
11,389,405
11,389,405
11,389,405
11,389,405
SharesOutstanding
InsiderOwnership
InsiderOwnershipasa%ofTotalSharesOustanding
88.5%
StockPriceInformationforRelevantQuarter:
HighClosingPrice
$8.14
(29,816)
88.3%
87.9%
$11.30
87.9%
88.0%
$13.03
$14.85
$12.75
LowClosingPrice
$6.96
$8.11
$9.28
$10.96
$5.56
AverageClosingPrice
$7.52
$9.39
$11.30
$13.17
$9.34
24
24/71
5/2/2016
OverviewofLogility
Logility ChangeinOwnershipOverTime
6/30/2008
Institution
9/30/2008
12/31/2008
3/31/2009
Shares
Change
Shares
Change
Shares
Change
Shares
Change
11,300,000
11,300,000
11,300,000
11,300,000
349,141
(1,812)
348,860
(281)
348,664
(196)
348,664
121,490
74,600

5,700
121,490
77,300

2,700
121,490
78,100
800
121,490
78,100
J.MichaelEdenfield
51,500
16,316
51,500
51,500
51,500
H.AllanDow
48,721
48,721
48,721
48,721
27,000
24,007
4,000

27,000
24,007
34,995
23,607
7,995
(400)
34,995
23,607
31,300
31,300
21,600
(9,700)
21,600
SparkL.P.
23,600
12,538
(18,300)

17,100
12,038
(6,500)
(500)
15,149
11,951
(1,951)
(87)
15,149
11,951
10,093
10,093
10,093
10,093
4,442
4,442
4,442
4,442
ParkerH.Petit
JohnA.White
3,000
2,500
3,000
2,500
3,000
2,500
4,000
3,500
1,000
1,000
FrederickE.Cooper
1,000
1,000
2,425
1,900

(2,600)
2,425
1,900
2,425
1,900
2,425
1,900
2,716
(1,184)
1,640
(1,076)
1,040
(600)
1,040
700
700
700
700
577
200
312
200

200
(577)

514
200
514
514
200
1,671
1,466
1,655
(16)
46
(1,609)
46
Bjurman,Barry&Associates
CreditSuisseSecurities(USA)LLC,InvestmentArm
FAFAdvisors,Inc.

(7,000)
FrontPointPartnersLLC
MorganStanleyInvestmentManagementInc.
NewtonInvestmentManagementLimited
20,000
750
20,000

(20,000)
(750)
QVTFinancialLP
21,015
21,015
20,014
(1,001)
(20,014)
ReinhartPartners,Inc.
(45,931)
SSgAFundsManagementInc.
(43,300)
(47,593)
TechnicalFinancialServicesLLC
TetonAdvisors,Inc
TotalInstitutionalOwnership
TotalInstitutionalOwnershipasa%ofTotal
730,165 (115,027)
5.6%
702,164 (28,001)
5.4%
676,916 (25,248)
5.3%
676,916
5.3%
11,405,721
11,405,721
11,405,721
11,408,721
SharesOutstanding
InsiderOwnership
InsiderOwnershipasa%ofTotalSharesOustanding
StockPriceInformationforRelevantQuarter:
HighClosingPrice
16,316
88.1%
$9.00
88.5%
88.5%
88.7%
$7.59
$6.69
$5.30
LowClosingPrice
$6.23
$6.15
$4.00
$4.12
AverageClosingPrice
$7.43
$6.64
$4.98
$4.71
3,000
25
25/71
5/2/2016
OverviewofLogility
AmericanSoftwareOwnershipProfile
IndicatescommonownershipwithLogilit
Holder
JamesC.Edenfield
BrownCapitalManagementInc.
WellsCapitalManagementIncorporated
ThomasL.Newberry
LombardiaCapitalPartners,LLC
AlFrankAssetManagement,Inc.
PerrittCapitalManagement,Inc.
NewYorkStateCommonRetirementFund
TocquevilleAssetManagementLP
BmoHarrisInvestmentManagementInc
FifthThirdAssetManagement,Inc.
EagleAssetManagement,Inc.
Goldman,Sachs&Co.,AssetManagementArm
NorthernTrustGlobalAdvisorsInc.
TeachersInsuranceandAnnuityAssociationCollegeRetirementEquitiesFund
TIAACREFInvestmentManagement,LLC
AxiomAssetManagement,LLC
CitigroupInc.,AssetManagementArm
BlackRockInvestmentManagementLLC
DavenportAssetManagement
Punch&Associates,Inc.
J.MichaelEdenfield
BarclaysGlobalInvestorsLimited
Shares
PercentofTotal
SharesOutstanding(1)
2,041,587
1,908,251
1,598,900
1,229,872
977,823
941,724
836,824
761,563
733,297
623,000
542,000
533,966
506,786
449,433
326,406
268,080
257,721
172,950
169,510
166,200
158,158
148,231
144,750
141,172
130,601
115,990
99,144
84,080
75,900
67,810
65,000
64,494
40,698
28,800
22,308
6,231
5,955
1,700
8.08%
7.55%
6.32%
4.86%
3.87%
3.73%
3.31%
3.01%
2.90%
2.46%
2.14%
2.11%
2.00%
1.78%
1.29%
1.06%
1.02%
0.68%
0.67%
0.66%
0.63%
0.59%
0.57%
0.56%
0.52%
0.46%
0.39%
0.33%
0.30%
0.27%
0.26%
0.26%
0.16%
0.11%
0.09%
0.02%
0.02%
0.01%
OwnershipBreakout
Market
Value(2)
$11,760
$10,992
$9,210
$7,084
$5,632
$5,424
$4,820
$4,387
$4,224
$3,588
$3,122
$3,076
$2,919
$2,589
$1,880
$1,544
$1,484
$996
$976
$957
$911
$854
$834
$813
$752
$668
$571
$484
$437
$391
$374
$371
$234
$166
$128
$36
$34
$10
Insiders
12.2%
Retail
31.8%
Institutions
56.0%
(1)Basedonatotalof25,281,077sharesoutstandingasofMarch10,2009.
(2)Basedonsharepriceasof4/15/2009.
26
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LatestTwelve
MonthPeriod
HistoricalIncomeStatements
FiscalYearEndedApril30,
2004
2005
Ended
2006
2007
2008
$13,889
5,796
$16,242
6,830
NineMonthsEnded
1/31/2009
1/31/2008
1/31/2009
$14,554
7,807
$13,097
6,049
$10,409
5,985
$8,952
4,227
Revenues:
License
Servicesandother
Maintenance
Totalrevenues
$6,656
5,179
$6,717
5,203
10,991
12,956
17,618
20,691
22,547
23,246
16,636
17,335
22,826
24,876
37,303
43,763
44,908
42,392
33,030
30,514
4,054
2,632
3,965
2,721
3,783
3,585
5,864
3,697
6,007
3,804
5,221
3,348
4,518
2,898
3,732
2,442
Costofrevenues:
License
Servicesandother
Maintenance
Writedownofcapitalizedcomputer
softwaredevelopmentcosts
Totalcostofrevenues
1,780
3,031
4,134
4,858
4,943
5,000
3,609
3,666
703
1,196
1,196
8,466
10,420
11,502
14,419
15,950
13,569
12,221
9,840
14,360
14,456
25,801
29,344
28,958
28,823
20,809
20,674
Researchanddevelopment
Salesandmarketing
2,116
7,239
3,170
8,046
4,747
10,123
5,378
9,778
5,341
10,337
5,227
10,218
3,909
7,279
3,795
7,160
Generalandadministrative
Provision(recovery)fordoubtfulaccounts
3,157
45
3,715
197
5,310
7
4,625
4,633

3,484

3,492

Grossmargin
Operatingexpenses:
Amortizationofacquisitionrelatedintangibles
Totaloperatingexpenses
Operatingincome(loss)(EBIT)
Investmentimpairment
Interestincome
Otherincome(expense),net
Earnings(loss)beforeincometaxes
(Provision)benefitforincometaxes
Netearnings(loss)
Dilutednetearnings(loss)percommonshare
4,675
(53)
204
350
350
350
349
263
262
12,557
15,332
19,842
20,823
20,653
20,427
14,935
14,709
1,803
(382)
285
1,706
(876)
5,959
(100)
(281)
843
397
(95)
(579)
6,426
8,521
8,305
8,396
5,874
5,965
1,228
1,535

1,535
375
115
(1,195)
1,451
141
10,124
9,955
8,736
7,325
6,106
(27)
1,587
(4,130)
$1,706
($606)
$8,013
$5,994
(3,923)
$6,032
(3,056)
$5,680
(2,971)
$4,354
(2,104)
$4,002
$0.13
($0.05)
$0.60
$0.45
$0.45
$0.43
$0.33
$0.31
EBITDA
$2,250
($412)
$6,621
$9,211
$8,954
$8,903
$6,369
$6,318
Depreciationandamortization
$4,280
$3,090
$2,819
$2,381
$2,110
Less:Capitalizeddevelopmentamortization
Depreciationexpense(excl.capitalizeddevelopmentamortization)
Capitalexpenditures
Additionstocapitalizeddevelopmentcosts
$3,064
$2,556
$3,295
(3,833)
(2,600)
(1,894)
(2,605)
(2,441)
(2,312)
(1,886)
(1,757)
$447
$464
$662
$690
$649
$507
$495
$353
$86
$3,292
$415
$2,750
$196
$2,423
$269
$2,264
$197
$2,155
$69
$2,312
$189
$1,635
$61
$1,504
27
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5/2/2016
AdjustmentstoHistoricalAnnualIncomeStatements
ConsistentwithLogilitys earningspressreleases,VRAmadethefollowingadjustmentsforstockbasedcompensationand
nonrecurring/onetimeitemstotheCompanysoperatingresults.
28
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5/2/2016
QuarterlyIncomeStatements
QuarterEnded
4/30/2007
7/31/2007
10/31/2007
1/31/2008
$5,698
1,940
$4,677
2,013
$3,399
2,039
$2,333
1,933
4/30/2008
7/31/2008
10/31/2008
1/31/2009
$3,272
1,387
$3,671
1,271
Revenues:
License
Servicesandother
Maintenance
$4,145
1,822
$2,009
1,569
5,102
5,275
5,696
5,665
5,911
5,810
5,824
5,701
12,740
11,965
11,134
9,931
11,878
9,388
10,483
10,643
License
1,672
1,634
1,520
1,364
1,489
1,252
1,486
994
Servicesandother
Maintenance
1,126
1,183
1,022
1,080
1,023
1,267
853
1,261
906
1,334
902
1,191
790
1,264
750
1,211
1,196
Totalrevenues
Costofrevenues:
Totalcostofrevenues
3,981
3,736
3,810
4,674
3,729
3,345
3,540
2,955
Grossmargin
8,759
8,229
7,324
5,257
8,149
6,043
6,943
7,688
1,665
2,468
1,352
2,452
1,318
2,426
1,239
2,402
1,432
3,057
1,265
2,475
1,287
2,248
1,243
2,437
Operatingexpenses:
Salesandmarketing
1,496
1,337
1,293
854
1,141
1,229
1,129
1,134
87
88
87
87
88
88

87
87
4,901
5,716
5,229
5,124
4,582
5,718
5,057
4,751
3,043
3,000
2,200
675
2,431
986
2,192
2,787
Interestincome
538
377
409
504
199
156
29
3,420
3,409
2,704
1,213
2,630
1,142
2,221
Netearnings(loss)
(1,532)
$1,888
(1,562)
$1,847
(1,031)
(378)
$1,673
$835
(953)
$1,677
(448)
$694
(669)
$1,552
(44)
2,743
(987)
$1,756
$0.14
$0.14
$0.13
$0.06
$0.13
$0.05
$0.12
$0.14
$3,217
$3,175
$2,369
$826
$2,585
$1,124
$2,322
$2,893
$821
$813
$807
$761
$709
$693
$715
$702
(647)
(638)
(638)
(610)
(555)
(555)
(585)
(596)
$174
$175
$169
$151
$154
$138
$130
$106
Capitalexpenditures
$42
$586
$46
$525
$79
$630
$64
$480
$8
$520
$20
$507
$24
$516
$28
$482
EBITDA
29
29/71
5/2/2016
AdjustmentstoHistoricalQuarterlyIncomeStatements
ConsistentwithLogilitys earningspressreleases,VRAmadethefollowingadjustmentsforstockbasedcompensationand
nonrecurring/onetimeitemstotheCompanysoperatingresults.
30
30/71
5/2/2016
ForecastedIncomeStatements
7/31/2008
Revenues:
License
Servicesandother
Maintenance
Actual
QuarterEnded
10/31/2008
1/31/2009
Actual
Actual
4/30/2009
Fiscal
YearEnding
4/30/2009
7/31/2009
Estimate
Estimate
Estimate
QuarterEnded
10/31/2009
1/31/2010
Estimate
Estimate
4/30/2010
Fiscal
YearEnding
4/30/2010
Calendar
YearEnding (1)
12/31/2009
Estimate
Estimate
Estimate
$2,009
1,569
5,810
$3,272
1,387
5,824
$3,671
1,271
5,701
$3,500
1,400
5,752
$12,452
5,627
23,087
$2,250
1,400
5,795
$2,680
1,520
5,780
$3,500
1,300
5,785
$4,000
1,280
5,827
$12,430
5,500
23,187
$11,930
5,620
23,112
9,388
10,483
10,643
10,652
41,166
9,445
9,980
10,585
11,107
41,117
40,662
License
Servicesandother
1,252
902
1,486
790
994
750
943
793
4,675
3,235
1,005
904
1,147
777
1,211
773
1,211
793
4,574
3,247
4,306
3,247
Maintenance
1,191
1,264
1,211
1,218
4,884
1,200
1,243
1,220
1,243
4,906
4,881
Totalcostofrevenues
3,345
3,540
2,955
2,954
12,794
3,109
3,167
3,204
3,247
12,727
12,434
Grossmargin
6,043
6,943
7,688
7,698
28,372
6,336
6,813
7,381
7,860
28,390
28,228
Totalrevenues
Costofrevenues:
Operatingexpenses:
1,265
1,287
1,243
1,163
4,958
1,074
1,170
1,320
1,462
5,026
4,727
Salesandmarketing
2,475
1,229
2,248
1,129

2,437
1,134

2,646
1,194
25
9,806
4,686
25
2,395
1,255
25
2,559
1,138
25
2,726
1,177
25
2,889
1,184
25
10,569
4,754
100
10,326
4,764
100
88
87
87
87
349
88
88
87
87
350
350
5,057
4,751
4,901
5,115
19,824
4,837
4,980
5,335
5,647
20,799
20,267
Interestincome
Netearnings(loss)
986
2,192
156

29
1,142
(448)
2,221
(669)
2,787

(44)
2,743
(987)
2,583
345
(220)
8,548

345
(79)
2,708
(1,002)
8,814
(3,106)
1,499
300
(70)
1,729
(609)
1,833

300
(70)
2,063
(727)
2,046
300
(70)
2,276
(802)
2,213

300
(70)
2,443
(860)
7,591

1,200
(280)
7,961

1,245
(430)
8,511
8,776
(2,998)
(3,140)
$5,636
$694
$1,552
$1,756
$1,706
$5,708
$1,120
$1,336
$1,474
$1,583
$5,513
$0.05
$0.12
$0.14
$0.13
$0.44
$0.09
$0.10
$0.11
$0.12
$0.42
$0.43
EBITDA
$1,124
$2,322
$2,893
$2,734
$9,073
$1,650
$1,984
$2,241
$2,497
$8,372
$8,609
$693
$715
$702
$285
$2,395
$535
$660
$660
$660
$2,515
$2,140
(585)
(596)
($1,870)
(384)
(509)
(465)
$151
$20
$400
$195
$20
$350
Capitalexpenditures
(555)
$138
$20
$507
$130
$24
$516
$106
$28
$482
(134)
$151
$20
$400
$525
$92
$1,905
$151
$20
$400
(376)
$284
$20
$300
(1,734)
$781
$80
$1,450
(1,492)
$648
$80
$1,550
Note:ForwardlookingfinancialinformationprovidedbyLogilitymanagementonApril3,2009.
(1)Representsthesumofestimatedquartersending4/30/2009,7/31/2009,10/31/2009,and1/31/2010.
31
31/71
5/2/2016
AdjustmentstoForecastedIncomeStatements
Fiscal
YearEnding
QuarterEnded
7/31/2008
Actual
EBITDA
Plus:Stockbasedcompensation
AdjustedEBITDA
EBIT
Plus:Stockbasedcompensation
AdjustedEBIT
Netearnings
Plus:Stockbasedcompensationtaxaffected
Adjustednetearnings
Adjusteddilutednetearningspershare
10/31/2008
1/31/2009
4/30/2009
4/30/2009
Actual
Actual
Estimate
Estimate
Fiscal
YearEnding
QuarterEnded
7/31/2009
Estimate
Calendar
YearEnding
(1)
10/31/2009
1/31/2010
4/30/2010
4/30/2010
12/31/2009
Estimate
Estimate
Estimate
Estimate
Estimate
$1,124
114
$2,322
108
$2,893
110
$2,734
110
$9,073
442
$1,650
113
$1,984
115
$2,241
115
$2,497
115
$8,372
458
$8,609
453
$1,238
$2,430
$3,003
$2,844
$9,515
$1,763
$2,099
$2,356
$2,612
$8,830
$9,062
$986
114
$2,192
108
$2,787
110
$2,583
110
$8,548
442
$1,499
113
$1,833
115
$2,046
115
$2,213
115
$7,591
458
$7,961
453
$1,100
$2,300
$2,897
$2,693
$8,990
$1,612
$1,948
$2,161
$2,328
$8,049
$8,414
$694
69
$1,552
75
$1,756
70
$1,706
69
$5,708
284
$1,120
73
$1,336
74
$1,474
74
$1,583
75
$5,513
297
$5,636
291
$763
$1,627
$1,826
$1,775
$5,992
$1,193
$1,410
$1,548
$1,658
$5,810
$5,927
$0.06
$0.12
$0.14
$0.14
$0.46
$0.09
$0.11
$0.12
$0.13
$0.44
$0.45
(1)Representsthesumofestimatedquartersending4/30/2009,7/31/2009,10/31/2009,and1/31/2010.
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AnnualIncomeStatementAnalysis
LatestTwelve
MonthPeriod
YearOverYearRevenueGrowth:
Ended
NineMonthsEnded
FiscalYearEndingApril30
2004
2005
2006
2007
2008
1/31/2009
1/31/2008
1/31/2009
2009
2010
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Actual
Estimate
Estimate
License
(16.8)%
0.9%
106.8%
16.9%
(10.4)%
(18.7)%
(1.3)%
(14.0)%
(14.4)%
(0.2)%
Servicesandother
(13.0)%
0.5%
11.4%
17.8%
14.3%
(24.8)%
25.3%
(29.4)%
(27.9)%
(2.3)%
1.0%
17.9%
36.0%
17.4%
9.0%
6.9%
6.7%
4.2%
2.4%
0.4%
(8.1)%
9.0%
50.0%
17.3%
2.6%
(7.6)%
6.9%
(7.6)%
(8.3)%
(0.1)%
License
39.1%
41.0%
72.8%
63.9%
58.7%
60.1%
56.6%
58.3%
62.5%
63.2%
Servicesandother
49.2%
47.7%
38.1%
45.9%
51.3%
44.7%
51.6%
42.2%
42.5%
41.0%
Maintenance
83.8%
76.6%
76.5%
76.5%
78.1%
78.5%
78.3%
78.9%
78.8%
78.8%
Totalgrossmargin(excl.writedown)
62.9%
60.9%
69.2%
67.1%
67.1%
68.0%
66.6%
67.8%
68.9%
69.0%
Maintenance
Totalrevenues
GrossMarginbyServiceLine:
OperatingExpensesasaPercentageofTotalRevenue:
9.3%
12.7%
12.7%
12.3%
11.9%
12.3%
11.8%
12.4%
12.0%
12.2%
Salesandmarketing
31.7%
32.3%
27.1%
22.3%
23.0%
24.1%
22.0%
23.5%
23.8%
25.7%
13.8%
14.9%
12.5%
12.1%
10.3%
10.9%
10.5%
11.4%
11.4%
11.6%
0.2%
0.8%
(0.1)%
0.0%
0.0%
0.0%
0.0%
0.0%
0.1%
0.2%
0.0%
0.8%
0.9%
0.8%
0.8%
0.8%
0.8%
0.9%
0.8%
0.9%
55.0%
61.6%
53.2%
47.6%
46.0%
48.2%
45.2%
48.2%
48.2%
50.6%
EBITDAasaPercentageofTotalRevenue
9.9%
(1.7)%
17.7%
21.0%
19.9%
21.0%
19.3%
20.7%
22.0%
20.4%
AdjustedEBITDAasaPercentageofTotalRevenue
9.9%
2.0%
18.7%
22.7%
24.2%
22.8%
24.5%
22.7%
23.1%
21.5%
EBITasaPercentageofTotalRevenue
7.9%
(3.5)%
16.0%
19.5%
18.5%
19.8%
17.8%
19.5%
20.8%
18.5%
AdjustedEBITasaPercentageofTotalRevenue
7.9%
0.1%
16.9%
21.1%
22.8%
21.7%
23.0%
21.5%
21.8%
19.6%
NetEarningsasaPercentageofTotalRevenue
7.5%
(2.4)%
21.5%
13.7%
13.4%
13.4%
13.2%
13.1%
13.9%
13.4%
AdjustedNetEarningsasaPercentageofTotalRevenue
9.1%
1.6%
18.9%
14.7%
16.7%
14.6%
17.2%
14.4%
14.6%
14.1%
33
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QuarterlyIncomeStatementAnalysis
4/30/2008
7/31/2008
10/31/2008
QuarterEndedorEnding
1/31/2009
4/30/2009
7/31/2009
Actual
Estimate
Estimate
Estimate
1/31/2010
Estimate
4/30/2010
Actual
(27.3)%
(6.1)%
15.9%
(6.8)%
(57.0)%
(22.1)%
10.1%
(21.5)%
(3.7)%
(32.0)%
2.2%
(5.8)%
57.4%
(34.2)%
0.6%
7.2%
(15.6)%
(23.2)%
(2.7)%
(10.3)%
12.0%
(10.8)%
(0.3)%
0.6%
(18.1)%
9.6%
(0.8)%
(4.8)%
(4.7)%
2.3%
1.5%
(0.5)%
14.3%
(8.6)%
1.3%
4.3%
GrossMarginbyServiceLine:
License
Servicesandother
Maintenance
Totalgrossmargin(excl.writedown)
64.1%
50.3%
77.4%
68.6%
37.7%
42.5%
79.5%
64.4%
54.6%
43.0%
78.3%
66.2%
72.9%
41.0%
78.8%
72.2%
73.1%
43.4%
78.8%
72.3%
55.3%
35.4%
79.3%
67.1%
57.2%
48.9%
78.5%
68.3%
65.4%
40.5%
78.9%
69.7%
69.7%
38.0%
78.7%
70.8%
OperatingExpensesasaPercentageofTotalRevenue:
Salesandmarketing
12.1%
25.7%
9.6%
0.0%
0.7%
13.5%
26.4%
13.1%
0.0%
0.9%
12.3%
21.4%
10.8%
0.0%
0.8%
11.7%
22.9%
10.7%
0.0%
0.8%
10.9%
24.8%
11.2%
0.2%
0.8%
11.4%
25.4%
13.3%
0.3%
0.9%
11.7%
25.6%
11.4%
0.3%
0.9%
12.5%
25.8%
11.1%
0.2%
0.8%
13.2%
26.0%
10.7%
0.2%
0.8%
Actual
10/31/2009
Actual
YearOverYearRevenueGrowth:
License
Servicesandother
Maintenance
Totalrevenues
Estimate
48.1%
53.9%
45.3%
46.0%
48.0%
51.2%
49.9%
50.4%
50.8%
EBITDAasaPercentageofTotalRevenue
AdjustedEBITDAasaPercentageofTotalRevenue
21.8%
23.4%
12.0%
14.1%
22.2%
24.0%
27.2%
29.0%
25.7%
26.7%
17.5%
18.7%
19.9%
21.0%
21.2%
22.3%
22.5%
23.5%
EBITasaPercentageofTotalRevenue
AdjustedEBITasaPercentageofTotalRevenue
20.5%
22.1%
10.5%
12.7%
20.9%
22.8%
26.2%
28.0%
24.2%
25.3%
15.9%
17.1%
18.4%
19.5%
19.3%
20.4%
19.9%
21.0%
NetEarningsasaPercentageofTotalRevenue
AdjustedNetEarningsasaPercentageofTotalRevenue
14.1%
15.1%
7.4%
8.7%
14.8%
16.1%
16.5%
17.7%
16.0%
16.7%
11.9%
12.6%
13.4%
14.1%
13.9%
14.6%
14.3%
14.9%
34
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HistoricalBalanceSheets
($inthousands)
AsofApril30,
2006
2007
2008
Asof
1/31/2009
2004
2005
$10,467
$7,824
$6,128
$16,144
$38,719
$28,752
20,364
3,166
16,899
4,228
20,332
5,308
16,172
7,764
4,013
6,897
6,626
6,218
813
1,252
1,777
1,412
1,424
427
2,922

1,361
1,167
74

74

Assets
CurrentAssets
Cashandcashequivalents
Investments,current
Tradeaccountsreceivable,billed
Tradeaccountsreceivable,unbilled
Deferredincometaxes
DuefromAmericanSoftware,Inc.
Prepaidexpensesandothercurrentassets
466
1,663
1,673
1,995
2,256
2,450
35,276
31,866
38,140
46,015
53,383
44,547
996
499
11,931
230
472
457
436
401
298
Capitalizedsoftwaredevelopmentcosts
Goodwill
6,406

5,854
6,103
6,382
5,809
6,042
5,809
4,560
5,809
4,399
5,809
Otherintangibles,net
2,138
1,688
1,288
871
590
456
380
99
67
48
41
7,092
15,943
14,934
13,642
11,689
23,068
$42,368
$47,809
$53,074
$59,657
$65,072
$67,615
$131
1,106
$352
972
$346
2,792
$275
2,110
$543
1,282
$371
1,286
1,459
1,013
858
530
5,869
2,283
9,696
1,751
10,534
2,111
11,350
965
12,622
729
11,581
TotalCurrentAssets
Investments,noncurrent
Furniture,equipmentandpurchasedsoftware,net
Otherassets
Totalotherassets
TotalAssets
LiabilitiesandShareholders'Equity
CurrentLiabilities
Accountspayable
Accruedcompensationandrelatedcosts
Accruedresellercommissions
Othercurrentliabilities
Deferredrevenue
DuetoAmericanSoftware,Inc.
TotalCurrentLiabilities
Deferredincometaxes,longterm
TotalLiabilities
2,458
3,560
2,087
638
650
10,094
16,863
17,510
17,305
17,063
15,475
1,674
1,940
1,620
1,577
10,094
16,863
19,184
19,245
18,683
17,052
41,539
25
42,179
6,019
43,249
12,051
43,898
16,054
Shareholders'Equity
Preferredstock
Commonstock
Additionalpaidincapital
Retainedearnings
Treasurystock
TotalShareholders'Equity
TotalLiabilitiesandShareholders'Equity
44,927
(7,382)
44,974
(7,988)
(5,271)
(6,040)
(7,674)
(7,786)
(8,911)
(9,389)
32,274
30,946
33,890
40,412
46,389
50,563
$42,368
$47,809
$53,074
$59,657
$65,072
$67,615
35
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HistoricalBalanceSheetAnalysis
($inthousands)
2004
Liquidity
NetWorkingCapital
(1)
CurrentRatio
WorkingCapitalManagement
A/RTurnover
AverageDaysReceivable
AverageDaysPayable
CashandCashEquivalents
Investments,Current
Investments,Noncurrent
TotalCashandInvestments
2005
($3,191)
0.6 x
7.2 x
2006
($6,160)
($3,743)
0.5 x
0.8 x
5.9 x
Asof
2007
7.0 x
2008
($4,773)
0.7 x
5.6 x
1/31/2009
($5,774)
0.6 x
6.5 x
($5,656)
0.6 x
6.8 x
50.6
62.0
51.9
64.8
56.1
53.5
5.6
12.3
11.0
7.0
12.4
10.0
$10,467
20,364
$7,824
16,899
$6,128
20,332
$16,144
16,172
$38,719
4,013
$28,752
6,626
996
499
11,931
$30,831
$25,719
$26,959
$32,316
$42,732
$47,309
(1)Excludescash.
36
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($inthousands)
2005
Q2
(1)
2006
Q3
Q4
2007
Q1
Q2
Q3
Q4
Q1
Q3
Q4
$16,144
$5,795
$7,824
$5,472
$5,698
$6,286
$6,128
19,863
16,838
16,899
17,931
17,618
19,916
20,332
22,716
22,268
20,275
16,172
500
500
996
996
1,732
499
499
$20,996
$23,133
$25,719
$24,399
$25,048
$26,701
$26,959
$28,511
$29,799
$31,887
$32,316
QuarterlyIncrease(Decrease)
CumulativeIncrease(Decrease)
2,137
2,137
2,586
4,723
649
4,052
1,653
5,705
258
5,963
1,552
7,515
1,288
8,803
2,088
10,891
429
11,320
(1,320)
3,403
$7,531
$11,612
$633
Investments,Current
$5,795
Q2
2008
Investments,Current
2009
Q1
Q2
Q3
Q4
Q1
Q2
Q3
$29,252
$39,672
$41,372
$38,719
$26,133
$25,418
$28,752
6,968
4,013
18,296
12,421
6,626
7,404
11,931
$36,220
$39,672
$41,372
$42,732
$44,429
$45,243
$47,309
3,904
15,224
3,452
18,676
1,700
20,376
1,360
21,736
1,697
23,433
814
24,247
2,066
26,313
QuarterlyIncrease(Decrease)
CumulativeIncrease(Decrease)
(1)Logility,Inc.acquiredDemandManagement,Inc.onSeptember30,2004for$9.5millionincash.
37
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StockPricePerformanceandTradingVolume
PriceVolumeOvertheTwelveMonthsPrecedingtheAnnouncementDate
$10.00
$9.00
$8.00
3/18/2008:
High $9.00
6/18/2008:Fiscal2008
resultsannounced
90,000
9/4/2008:Q1
results
announced
3/18/2009:AmericanSoftware
offerstoacquire11.2%of
Logility at $5.10 per share
12/4/2008:Q2
results
announced
$7.00
3/6/2009:Q3
results
announced
12/23/08:
Low $4.00
$6.00
80,000
70,000
60,000
50,000
40,000
30,000
$5.00
20,000
$4.00
10,000
$3.00
Logility SharePrice
38
38/71
5/2/2016
PriceVolumeOvertheThreeYearsPrecedingtheAnnouncementDate
$16.00
10/18/2007:
High $14.85
500
$14.00
$12.00
400
$10.00
12/23/2008:
Low $4.00
$8.00
$6.00
300
200
$4.00
100
$2.00
$0.00
Logility SharePrice
39
39/71
5/2/2016
PriceVolumefromIPOtotheAnnouncementDate
$25.00
6,000,000
12/30/1999:
High $21.00
5,000,000
$20.00
4,000,000
$15.00
3,000,000
$10.00
2,000,000
$5.00
12/29/2000:
Low $1.56
1,000,000
$0.00
Logility SharePrice
40
40/71
5/2/2016
PriceVolumefromtheAnnouncementDatetoCurrent
$5.75
4/6/2009:
High $5.48
Date
25,000
$5.50
20,000
$5.25
15,000
$5.00
10,000
3/18/2009:
Low $5.00
$4.75
$4.50
3/18
TradingInformation
30,000
5,000
0
3/21
3/24
3/27
3/30
4/2
4/5
4/8
4/11
4/14
4/15/2009
4/14/2009
4/13/2009
4/9/2009
4/8/2009
4/7/2009
4/6/2009
4/3/2009
4/2/2009
4/1/2009
3/31/2009
3/30/2009
3/27/2009
3/26/2009
3/25/2009
3/24/2009
3/23/2009
3/20/2009
3/19/2009
3/18/2009
High
$5.16
5.19
5.25
5.25
5.38
5.40
5.48
5.48
5.22
5.08
5.22
5.08
5.11
5.12
5.22
5.08
5.26
5.57
5.71
5.00
Low
$5.11
5.16
5.10
5.24
5.11
5.14
5.14
5.10
5.00
4.99
5.03
4.98
5.08
5.06
5.05
5.03
5.07
5.24
4.90
4.13
Close
$5.13
5.19
5.15
5.25
5.38
5.40
5.48
5.21
5.11
5.08
5.22
5.08
5.11
5.12
5.22
5.08
5.07
5.30
5.09
5.00
Trading
Volume
2,450
210
4,070
1,650
2,850
200
2,190
8,400
5,340
2,040
1,620
710
1,400
2,300
2,670
1,450
3,460
2,100
25,870
14,900
Logility SharePrce
Asof4/15/2009.
41
41/71
5/2/2016
AmericanSoftwareStockPricePerformanceandTradingVolume
PriceVolumefromtheAnnouncementDatetoCurrent
$6.50
Date
$6.00
$5.50
500,000
3/18/2009:
Low $4.49
400,000
$5.00
300,000
$4.50
200,000
$4.00
100,000
$3.50
3/18
0
3/21
3/24
3/27
3/30
4/2
AmericanSoftwareTradingVolume
4/5
4/8
4/11
TradingInformation
600,000
4/15/2009:
High $6.09
4/15/2009
4/14/2009
4/13/2009
4/9/2009
4/8/2009
4/7/2009
4/6/2009
4/3/2009
4/2/2009
4/1/2009
3/31/2009
3/30/2009
3/27/2009
3/26/2009
3/25/2009
3/24/2009
3/23/2009
3/20/2009
3/19/2009
3/18/2009
High
$6.10
5.82
5.81
5.84
5.54
5.74
5.87
5.93
6.00
5.56
5.49
4.89
5.23
5.19
5.08
5.19
5.03
4.82
4.67
4.49
Low
$5.48
5.40
5.42
5.47
5.16
5.18
5.55
5.66
5.67
5.03
4.50
4.51
4.80
5.01
4.72
4.87
4.62
4.47
4.30
3.95
Close
$6.09
5.60
5.81
5.75
5.50
5.19
5.75
5.89
5.87
5.56
5.27
4.55
4.91
5.19
5.02
4.90
5.03
4.67
4.63
4.49
Trading
Volume
74,200
41,120
53,610
111,570
58,990
58,400
40,530
43,350
114,190
56,850
540,260
47,820
44,380
62,410
51,530
51,460
105,840
113,190
62,540
52,870
4/14
Asof4/15/2009.
42
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5/2/2016
Logility VersusMajorMarketIndices
LastTwelveMonthsPrecedingtheAnnouncementDate
LastThreeYearsPrecedingtheAnnouncementDate
250
160
140
200
120
150
100
100
80
50
60
40
Logility
AmericanSoftware
Russell2000
NASDAQ
EnterpriseSoftware(1)
Logility
AmericanSoftware
Russell2000
%Change
Logility
AmericanSoftware
(22.24%)
(21.91%)
Russell2000
NASDAQ
(38.76%)
(34.26%)
(24.12%)
NASDAQ
%Change
Logility
AmericanSoftware
Russell2000
NASDAQ
(52.61%)
(34.93%)
(43.99%)
(35.56%)
(8.80%)
(1) Includes Epicor Software Corp. (EPIC), I2 Technologies, Inc. (ITWO), JDA Software Group Inc. (JDAS), Lawson Software, Inc. (LWSN), Manhattan
Associates, Inc. (MANH), Oracle Corp. (ORCL), QAD Inc. (QADI) and SAP AG (SAP).
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Logility VersusMajorMarketIndices
January1,2009totheAnnouncementDate
AnnouncementDatetoCurrent
120
140
135
110
130
125
100
120
90
115
110
80
105
100
70
95
90
60
Logility
AmericanSoftware
Russell2000
NASDAQ
Logility
AmericanSoftware
Russell2000
%Change
Logility
AmericanSoftware
Russell2000
NASDAQ
NASDAQ
%Change
8.22%
(10.85%)
(20.21%)
(10.42%)
(13.05%)
Logility
AmericanSoftware
Russell2000
NASDAQ
2.60%
35.63%
10.42%
9.09%
14.17%
AsofApril15,2009.
(1) IncludesEpicorSoftwareCorp.(EPIC),I2Technologies,Inc.(ITWO),JDASoftwareGroupInc.(JDAS),LawsonSoftware,Inc.(LWSN),
ManhattanAssociates,Inc.(MANH),OracleCorp.(ORCL),QADInc.(QADI)andSAPAG(SAP).
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Logility TradingDistribution
January1,2009toAnnouncementDate
LastTwelveMonthsPrecedingAnnouncementDate
60,000
34.4%
50,000
500000
25.9%
40,000
400000
30,000
16.7%
26.1%
300000
17.6%
15.3%
20,000
10,000
40.8%
600000
200000
5.4%
100000
0
$4.12 $4.31
11.3%
6.5%
$4.32$4.50
$4.51 $4.69
$4.70 $4.88
$4.89 $5.07
$4.00$5.00
LastThreeYearsPrecedingAnnouncementDate
2,500,000
$5.01 $6.00
$6.01 $7.00
$7.01$8.00
$8.01 $9.00
IPOtoAnnouncementDate
34.9%
25,000,000
2,000,000
20,000,000
27.7%
27.9%
25.7%
24.2%
1,500,000
15,000,000
19.6%
14.0%
1,000,000
10,000,000
11.3%
10.1%
5,000,000
500,000
4.7%
0
$4.00$6.17
$6.18$8.34
$8.35$10.51
$10.52$12.68
$1.56$5.44
$12.69$14.85
$5.45$9.33
$9.34 $13.22
$13.23 $17.11
$17.12$21.00
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Logility TradingDistribution
AnnouncementDatetoCurrent
60,000
50,000
64.9%
40,000
30,000
20,000
17.0%
12.1%
10,000
2.8%
3.2%
0
$5.00$5.09
$5.10 $5.19
$5.20$5.28
$5.29 $5.38
$5.39$5.48
Asof4/15/2009.
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SummaryFinancials
Thefollowingchartsummarizesthefinancialinformationusedin VRAs valuationanalysis:

($inthousands)
LTM
RelevantPeriod
Calendar
1/31/2009
2009E
Revenue
$42,392
$40,662
MaintenanceRevenue
$23,246
Notused
AdjustedEBITDA
$9,685
$9,062
AdjustedEBIT
$9,178
Notused
AdjustedNetIncome
$6,189
$5,927
BookValue
$50,563
Notused
TangibleBookValue
$44,754
Notused
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FinancialData
FinancialandTradingDataforReferencePubliclyTradedCompanies
($inmillions)
CompanyName
Equity
Market
Value
Enterprise
Value (1)
Cash
Total
Debt
Revenue
EBITDA (2)
LatestTwelveMonths
EBITDA%
EBIT (2)
EBIT%
SelectedEnterpriseSoftwareCompanies
EpicorSoftwareCorporation
I2Technologies,Inc.
JDASoftwareGroupInc.
LawsonSoftware,Inc.
ManhattanAssociates,Inc.
OracleCorp.
QADInc.
SAPAG
LogilityInc.
269.0
181.8
379.6
818.2
339.0
92,641.7
91.7
36,043.6
504.7
23.1
346.9
745.8
250.3
92,585.7
77.2
36,965.2
89.8
243.8
32.7
317.8
88.7
11,294.0
31.5
2,309.0
325.5
85.1
0.0
245.4
0.0
11,238.0
17.0
3,230.6
487.9
255.8
390.3
804.2
337.2
23,630.0
263.4
15,454.2
76.3
39.0
97.4
106.4
53.8
11,144.0
7.0
5,075.0
15.6%
15.3%
24.9%
13.2%
15.9%
47.2%
2.7%
32.8%
$154.0
66.2
$83.6
18.9
$70.3
47.3
$0.0
0.0
$80.7
42.4
$9.4
9.7
11.6%
22.8%
68.1
35.5
87.7
90.4
44.3
10,880.0
(3.2)
4,312.0
$7.8
9.2
14.0%
13.9%
22.5%
11.2%
13.1%
46.0%
NM
27.9%
9.7%
21.7%
Asof4/15/2009.
Note:Financialdataasofmostrecentcompanyfilings.
(1)Marketvalueofequityplusnetdebt.
(2)Excludesnonrecurringandextraordinaryitems.
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TradingMultiples
TradingMultiplesforReferencePubliclyTradedCompanies
($inmillions,exceptpersharedata)
Company
%of52Wk.
High
EnterpriseValuetoLTM:
(1)
(1)
Revenue
EBITDA
EBIT
EnterpriseValueto
Estimated2009(2) :
Revenue
EBITDA
EnterpriseValueto
LTMMaintenance
Revenue
GrossProfit
P/ERatio (2)
LTM
2009
2010
5YearEst. MarketValue
EPSGrowth toTangible
Rate
BookValue
I2Technologies,Inc.
LawsonSoftware,Inc.
OracleCorp.
QADInc.
SAPAG
40.0%
56.7%
57.5%
57.1%
51.9%
78.7%
36.8%
72.2%
1.03
0.09
0.89
0.93
0.74
3.92 *
0.29
2.39
6.6
0.6
3.6
7.0
4.7
8.3
11.0 *
7.3
7.4
0.7
4.0
8.2
5.6
8.5
NM
8.6
1.10
0.10
0.93
1.06
0.96
4.06 *
0.35
2.36
7.6
NA
4.0
6.6
7.7
8.5
7.1
8.0
2.62
0.27
1.90
2.21
NA
NA
NA
NA
3.50
0.31
2.53
2.75
NA
NA
NA
NA
6.8
9.7
8.2
14.3
10.4
12.9
NM
11.7
7.7
15.2
8.3
14.2
23.5
13.2
45.8 *
11.7
6.8
11.7
7.6
NM
18.3
11.9
49.7 *
10.3
12.0%
10.0%
NA
10.0%
12.5%
14.1%
NA
10.3%
NM
1.60
6.43
32.32 *
3.05
NM
2.19
11.64 *
High
Mean
Median
Low
78.7%
56.4%
56.9%
36.8%
3.92 x
0.91
0.91
0.09
11.0 x
5.4
6.8
0.6
8.6 x
6.1
7.4
0.7
4.06 x
0.98
1.01
0.10
8.5 x
7.1
7.6
4.0
2.62 x
1.75
2.06
0.27
3.50 x
2.27
2.64
0.31
14.3 x
10.6
10.4
6.8
45.8 x
13.4
13.7
7.7
49.7 x
11.1
11.7
6.8
14.1%
11.5%
11.1%
10.0%
32.32 x
3.32
4.74
1.60
ExcludesOracleandSAP
High
Mean
Median
Low
57.5%
50.0%
54.3%
36.8%
1.03 x
0.66
0.82
0.09
11.0
4.5
5.6
0.6
8.2 x
5.2
5.6
0.7
1.10 x
0.75
0.94
0.10
7.7 x
6.6
7.1
4.0
2.62 x
1.75
2.06
0.27
3.50 x
2.27
2.64
0.31
14.3 x
9.9
9.7
6.8
45.8 x
13.8
14.7
7.7
49.7 x
11.1
11.7
6.8
12.5%
11.1%
11.0%
10.0%
32.32 x
3.32
3.05
1.60
LogilityInc. (3)
90.6%
56.4%
1.04 x
0.45
10.7 x
2.1
1.02 x
0.47
6.5 x
2.1
2.95 x
0.81
3.99 x
1.04
43.7 x
10.7
30.3 x
11.2
16.6 x
NA
17.0%
NA
2.24 x
1.48
8.9 x
2.0
Asof4/15/2009.
(1)Excludesnoncashitemssuchasstockbasedcompensation,nonrecurringandextraordinaryitems.
(2)Representscashearningspershareaspresentedineachcompanysearningspressrelease.Calendaryearforwardlooking
consensusestimatesprovidedbyReuters.
(3)RepresentsManagementsprojectionsasofApril3,2009.
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MultipleAnalysis
Proposed
MultiplesforPeerCompanies
Mean
Median
High
Acquisitionat
Low
$5.10/share
EnterpriseValuetoNetSales
LTM
0.91 x
0.91 x
3.92 x
0.09 x
0.45 x
Calendar2009P
0.98
1.01
4.06
0.10
0.47
EnterpriseValuetoLTMMaintenance
Netsales
1.75 x
2.06 x
2.62 x
0.27 x
0.81 x
GrossProfit
2.27
2.64
3.50
0.31
1.04
EnterpriseValuetoEBITDA
LTM
5.4 x
6.8 x
0.6 x
2.0 x
Calendar2009P
7.1
7.6
11.0 x
8.5
4.0
2.1
6.1 x
7.4 x
8.6 x
0.7 x
2.1 x
LTM
10.6 x
10.4 x
14.3 x
6.8 x
10.7 x
Calendar2009P
13.4
13.7
45.8
7.7
11.2
3.32 x
4.74 x
32.32 x
1.60 x
EnterpriseValuetoEBIT
LTM
EquityValuetoNetIncome
EquityValuetoTangibleBookValue
at1/31/2009
1.48 x
Asof4/15/2009.
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MultipleAnalysisExcludesSAPandOracle
Proposed
MultiplesforPeerCompanies
Mean
Median
High
Acquisitionat
Low
$5.10/share
EnterpriseValuetoNetSales
LTM
0.66 x
0.82 x
1.03 x
0.09 x
0.45 x
Calendar2009P
0.75
0.94
1.10
0.10
0.47
Netsales
1.75 x
2.06 x
2.62 x
0.27 x
0.81 x
GrossProfit
2.27
2.64
3.50
0.31
1.04
EnterpriseValuetoLTMMaintenance
EnterpriseValuetoEBITDA
LTM
4.5 x
5.6 x
0.6 x
2.0 x
Calendar2009P
6.6
7.1
11.0 x
7.7
4.0
2.1
5.2 x
5.6 x
8.2 x
0.7 x
2.1 x
EnterpriseValuetoEBIT
LTM
EquityValuetoNetIncome
LTM
Calendar2009P
9.9 x
9.7 x
13.8
14.7
3.32 x
3.05 x
14.3 x
6.8 x
10.7 x
45.8
7.7
11.2
32.32 x
1.60 x
at1/31/2009
1.48 x
Asof4/15/2009.
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ImpliedValuation
ValuationMetric
Weighting
Mean
Peer
Multiple
Logility
Financials
Implied
Enterprise
Value
NetDebt
at
1/31/2009
Implied
Equity
Value
Implied
EquityValue
PerShare (1)
EnterpriseValuetoNetSales:
LTM
Calendar2009E
30.0%
18.0%
12.0%
$42,392
40,662
0.91 x
0.98
$38,566
39,878
($47,309)
(47,309)
$85,875
87,187
$6.61
6.71
EnterpriseValuetoAdjustedEBITDA:
LTM
Calendar2009P
35.0%
21.0%
14.0%
$9,685
9,062
5.4 x
7.1
$52,612
64,009
($47,309)
(47,309)
$99,921
111,318
$7.69
8.57
$9,178
6.1 x
$56,374
($47,309)
$103,683
$7.98
12.0%
8.0%
$6,189
5,927
10.6 x
13.4
$18,260
32,157
($47,309)
(47,309)
$65,569
79,466
$5.05
6.12
5.0%
$44,754
3.32 x
$101,243
($47,309)
$148,552
11.44
$97,696
93,554
94,509
148,552
65,569
$7.52
7.20
7.28
11.44
5.05
EnterpriseValuetoAdjustedEBIT:
LTM
EquityValuetoAdjustedNetIncome
LTM
Calendar2009P
10.0%
10.0%
20.0%
at1/31/2009
Mean
Median
WeightedMean
High
Low
$50,387
46,245
47,200
101,243
18,260
Asof4/15/2009.
*ExcludedfrommeanNANotavailableNMNotmeaningful
(1)Assumes12,987,010fullydilutedsharesoutstanding.
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ImpliedValuation ExcludesSAPandOracle
ValuationMetric
Weighting
Mean
Peer
Multiple
Logility
Financials
Implied
Enterprise
Value
NetDebt
at
1/31/2009
Implied
Equity
Value
Implied
EquityValue
PerShare (1)
EnterpriseValuetoNetSales:
LTM
Calendar2009E
30.0%
18.0%
12.0%
$42,392
40,662
0.66 x
0.75
$28,094
30,532
($47,309)
(47,309)
$75,403
77,841
$5.81
5.99
EnterpriseValuetoAdjustedEBITDA:
LTM
Calendar2009P
35.0%
21.0%
14.0%
$9,685
9,062
4.5 x
6.6
$43,455
59,820
($47,309)
(47,309)
$90,764
107,129
$6.99
8.25
EnterpriseValuetoAdjustedEBIT:
LTM
10.0%
10.0%
$9,178
5.2 x
$47,567
($47,309)
$94,876
$7.31
EquityValuetoAdjustedNetIncome
LTM
Calendar2009P
20.0%
12.0%
8.0%
$6,189
5,927
9.9 x
13.8
$13,965
34,420
($47,309)
(47,309)
$61,274
81,729
$4.72
6.29
5.0%
$44,754
3.32 x
$101,243
($47,309)
$148,552
11.44
$44,887
38,938
40,469
$92,196
86,247
87,778
$7.10
6.64
6.76
101,243
13,965
148,552
61,274
11.44
4.72
at1/31/2009
Mean
Median
WeightedMean
High
Low
Asof4/15/2009.
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Summary
($inmillions)
SummaryofPrecedentM&A Transactions
Note:Transactionsincludechangeofcontrolpremium.
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Summary
($inmillions)
SummaryofPrecedentM&A Transactions
Note:Transactionsincludechangeofcontrolpremium.
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MultipleAnalysis
Proposed
MultiplesforPrecedentTransactions
Mean
Median
High
Acquisitionat
Low
$5.10/share
EnterpriseValueto:
LTMNetSales
1.49 x
1.62 x
0.25 x
0.45 x
LTMAdjustedEBITDA
14.4
16.7
507.0
6.6
2.0
LTMAdjustedEBIT
20.0
28.1
158.8
9.5
2.1
20.0 x
38.5 x
308.4 x
13.7 x
10.7 x
3.56
3.56
10.38
1.37
1.31
EquityValueto:
BookValue
4.28 x
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MultipleAnalysis TransactionsUnder$100million
Proposed
MultiplesforPrecedentTransactions
Mean
Median
High
Acquisitionat
Low
$5.10/share
EnterpriseValueto:
LTMNetSales
1.13 x
1.18 x
4.03 x
0.25 x
0.45 x
LTMAdjustedEBITDA
12.0
10.1
27.2
6.6
2.0
LTMAdjustedEBIT
18.3
14.9
30.5
9.5
2.1
15.9 x
10.7 x
1.85
1.31
EquityValueto:
BookValue
18.3 x
18.6 x
4.94
5.02
20.4 x
10.38
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ImpliedValuation
ValuationMetric
EnterpriseValueto:
LTMNetSales
Weighting
Logility
Financials
Mean
Transaction
Multiple
Implied
Enterprise
Value
NetDebt
at
1/31/09
Implied
Equity
Value
Implied
EquityValue
PerShare (1)
30.0%
$42,392
1.49 x
$63,175
($47,309)
$110,484
$8.51
LTMAdjustedEBITDA
35.0%
$9,685
14.4 x
$139,340
($47,309)
$186,649
$14.37
LTMAdjustedEBIT
10.0%
$9,178
20.0 x
$183,319
($47,309)
$230,628
$17.76
20.0%
$6,189
20.0 x
$76,560
($47,309)
$123,869
$9.54
5.0%
$50,563
3.56 x
$132,884
($47,309)
$180,193
$13.87
$119,056
132,884
108,009
183,319
$166,365
180,193
155,318
230,628
$12.81
13.87
11.96
17.76
63,175
110,484
8.51
EquityValueto:
BookValueat1/31/2009
Mean
Median
WeightedMean
High
Low
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ImpliedValuation TransactionsUnder$100million
ValuationMetric
Weighting
Logility
Financials
Mean
Implied
NetDebt
Implied
Implied
Transaction
Multiple
Enterprise
Value
at
1/31/09
Equity
Value
EquityValue
PerShare (1)
EnterpriseValueto:
LTMNetSales
30.0%
$42,392
1.13 x
$47,961
($47,309)
$95,270
$7.34
LTMAdjustedEBITDA
35.0%
$9,685
12.0 x
$116,113
($47,309)
$163,422
$12.58
LTMAdjustedEBIT
10.0%
$9,178
18.3 x
$168,223
($47,309)
$215,532
$16.60
EquityValueto:
BookValueat1/31/2009
20.0%
$6,189
18.3 x
$65,986
($47,309)
$113,295
$8.72
5.0%
$50,563
4.94 x
$202,578
($47,309)
$249,887
$19.24
$167,481
163,422
142,485
249,887
95,270
$12.90
12.58
10.97
19.24
7.34
Mean
Median
WeightedMean
High
Low
$120,172
116,113
95,176
202,578
47,961
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Methodology
VRAreviewedpremiumspaidincertainrecentlyannouncedmergerandacquisitiontransactionswiththefollowingcriteria:
MajorityShareholderPurchasingRemainingShares
AnnouncementdatebetweenJanuary1,2004andCurrent
U.S.basedtarget
TransactionsintheApplicationSoftwareSector
AnnouncementdatebetweenJanuary1,2004andCurrent
U.S.basedtarget
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ImpliedValuation
ValuationParameter (1)
Logility Relevant
StockPrice
Mean
Premium(%)
Implied
EquityValue
PerShare
Implied
EquityValue (2)
NetDebtat
01/31/09
Implied
EnterpriseValue
StockPrice1DayPriortoAnnouncement
$5.00
(3)
22.6 %
$6.13
$79,627
($47,309)
$32,318
StockPrice5DaysPriortoAnnouncement
$4.69
(4)
22.5 %
$5.75
$74,638
($47,309)
$27,329
$4.63
(5)
23.7 %
$5.73
$74,390
($47,309)
$27,081
$5.87
$76,218
$28,909
5.75
6.13
5.73
74,638
79,627
74,390
27,329
32,318
27,081
Mean
Median
High
Low
*Excluded from mean NA Not available NM Not meaningful

(1) AssumesannouncementdateofMarch18,2009aftertradingclosed.
(2) Assumes12,987,010fullydilutedsharesoutstanding.
(3) ClosingpriceonMarch18,2009.
(5) ClosingpriceonFebruary5,2009.
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ImpliedValuation
ValuationParameter (1)
Logility Relevant
StockPrice
Mean
Premium(%)
Implied
EquityValue
PerShare
Implied
EquityValue (2)
NetDebtat
01/31/09
Implied
EnterpriseValue
StockPrice1DayPriortoAnnouncement
$5.00
(3)
25.1 %
$6.25
$81,210
($47,309)
$33,901
$4.69
(4)
27.5 %
$5.98
$77,631
($47,309)
$30,322
$4.63
(5)
32.2 %
$6.12
$79,474
($47,309)
$32,165
$6.12
6.12
6.25
5.98
$79,438
79,474
81,210
77,631
Mean
Median
High
Low
$32,129
32,165
33,901
30,322
*Excluded from mean NA Not available NM Not meaningful

(1) AssumesannouncementdateofMarch18,2009aftertradingclosed.
(2) Assumes12,987,010fullydilutedsharesoutstanding.
(5) ClosingpriceonFebruary5,2009.
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FreeCashFlowCalculation
($inthousands)
HistoricalFiscalYearEndedApril30,
2007
2008
2009
PROJECTEDCASHFLOWS
Revenue
%Growth
$43,763
NA
CostofRevenue
GrossMargin
%ofRevenue
Selling,GeneralandAdmin.Expenses
AdjustedEBITDA
(1)
(1)
%ofRevenue
DepreciationExpense
%ofRevenue
AdjustedEBIT
(2)
$44,908
2.6%
ProjectedFiscalYearEndingApril30,
2011
2012
2013
2010
$41,166
(8.3%)
$41,117
(0.1%)
$42,351
3.0%
$44,468
5.0%
2014
$47,581
7.0%
$50,911
7.0%
14,419
15,950
12,794
12,727
13,109
13,764
14,728
15,759
$29,344
67.1%
$28,958
64.5%
$28,372
68.9%
$28,390
69.0%
$29,242
69.0%
$30,704
69.0%
$32,853
69.0%
$35,153
69.0%
20,133
20,004
18,857
19,560
19,925
20,698
21,909
23,443
$9,211
$8,954
$9,515
$8,830
$9,317
$10,005
$10,944
$11,710
21.0%
19.9%
23.1%
21.5%
22.0%
22.5%
23.0%
23.0%
690
1.6%
649
1.4%
525
1.3%
781
1.9%
804
1.9%
845
1.9%
904
1.9%
967
1.9%
$8,521
$8,305
$8,990
EffectiveTaxRate
CASHSOURCES
EarningsBeforeInterestandAfterTax
DepreciationandAmortizationExpense
TOTALSOURCES
CASHUSES
CapitalExpenditures
Increase(Decrease)inCurrentAssetsExcl.Cash
(Increase)DecreaseinCurrentLiabilitiesExcl.ShortTermDebt
$8,049
$8,513
$9,161
35.2%
35.2%
35.2%
35.2%
35.2%
$5,214
781
$5,514
804
$5,934
845
$6,503
904
$6,959
967
$5,995
$6,319
$6,778
$7,407
$7,926
$80
$100
$100
$100
$100
738
(1,134)
790
(1,213)
(12)
20
Increase(Decrease)inWorkingCapital
TOTALUSES
FREECASHFLOW
293
(449)
502
(771)
$10,040
$10,743
(157)
(269)
(395)
(423)
$88
($57)
($169)
($295)
($323)
$5,907
$6,375
$6,947
$7,702
$8,249
Note:Representsafiveyeardiscountedcashflowanalysis.Forecasted2010financialinformationrepresentsLogilitymanagementestimates.Forecasted2011
through2014estimatesreflectforecastedgrowthexpectationsinthesupplychainmanagementsoftwareindustrybyindustrytradepublications.
(1)Excludesdepreciationexpense,amortization(incl.capitalizeddevelopmentamortization)andstockbasedcompensationexpense.
(2)Excludescapitalizeddevelopmentamortizationandstockbasedcompensationexpense.
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ImpliedValuation
DiscountRate
15.00%
PresentValueofCashFlows:
4.0x
ExitMultiple
FirmValuetoEBITDA
ExitMultiple
FirmValuetoEBITDA
PresentValueofTerminalValue
$23,287
$20,913
20.00%
22.50%
25.00%
$20,399
$19,260
$18,220
$18,823
$16,979
$15,348
$26,198
$29,109
$32,020
$23,527
$26,141
$28,755
$21,176
$23,529
$25,882
$19,102
$21,224
$23,347
$17,267
$19,185
$21,104
6.0x
$34,931
$31,369
$28,235
$25,469
$23,022
ImpliedEnterpriseValue
$46,317
$42,564
$39,223
$36,240
$33,568
4.5x
5.0x
5.5x
$49,228
$52,139
$55,050
$45,178
$47,792
$50,406
$41,576
$43,929
$46,282
$38,362
$40,484
$42,607
$35,487
$37,406
$39,324
6.0x
$57,960
$53,020
$48,635
$44,729
$41,243
4.0x
ImpliedEquityValue
$93,626
$89,873
$86,532
$83,549
$80,877
4.5x
5.0x
5.5x
$96,537
$99,448
$102,359
$92,487
$95,101
$97,715
$88,885
$91,238
$93,591
$85,671
$87,793
$89,916
$82,796
$84,715
$86,633
6.0x
$105,269
$100,329
$95,944
$92,038
$88,552
4.0x
ExitMultiple
FirmValuetoEBITDA
$21,651
4.5x
5.0x
5.5x
4.0x
ExitMultiple
FirmValuetoEBITDA
17.50%
$23,030
ImpliedEquityValuePerShare
$7.21
$6.92
$6.66
$6.43
$6.23
4.5x
5.0x
5.5x
$7.43
$7.66
$7.88
$7.12
$7.32
$7.52
$6.84
$7.03
$7.21
$6.60
$6.76
$6.92
$6.38
$6.52
$6.67
6.0x
$8.11
$7.73
$7.39
$7.09
$6.82
Note: Represents a five year discounted cash flow analysis. Forecasted 2010 financial information represents Logility management estimates. Forecasted 2011
through 2014 estimates reflect forecasted growth expectations in the supply chain management software industry by industry trade publications.
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SensitivityAnalysis
EquityValuePerShare
Changein
EBITDA Margin (2)
10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
10.00%
Change in Projected Annual Revenue Growth

10.0%
$4.84
$4.97
$5.10
$5.25
$5.41
$5.58
$5.75
$5.95
$6.15
$6.37
$6.60
8.0%
$5.04
$5.18
$5.33
$5.50
$5.68
$5.87
$6.07
$6.28
$6.52
$6.76
$7.02
6.0%
$5.23
$5.39
$5.56
$5.75
$5.94
$6.16
$6.38
$6.62
$6.88
$7.15
$7.45
4.0%
$5.43
$5.60
$5.79
$6.00
$6.21
$6.45
$6.69
$6.96
$7.24
$7.54
$7.87
2.0%
$5.62
$5.82
$6.02
$6.24
$6.48
$6.74
$7.01
$7.30
$7.61
$7.94
$8.29
0.0%
$5.82
$6.03
$6.25
$6.49
$6.75
$7.03
$7.32
$7.63
$7.97
$8.33
$8.71
2.0%
$6.02
$6.24
$6.48
$6.74
$7.02
$7.32
$7.63
$7.97
$8.33
$8.72
$9.13
(1)
4.0%
$6.21
$6.45
$6.71
$6.99
$7.29
$7.61
$7.95
$8.31
$8.70
$9.11
$9.55
6.0%
$6.41
$6.67
$6.94
$7.24
$7.56
$7.90
$8.26
$8.65
$9.06
$9.50
$9.97
8.0%
$6.60
$6.88
$7.17
$7.49
$7.82
$8.19
$8.57
$8.98
$9.42
$9.89
$10.39
10.0%
$6.80
$7.09
$7.40
$7.74
$8.09
$8.48
$8.88
$9.32
$9.79
$10.29
$10.82
(1)Representstheabsolutechangeinprojectedrevenuegrowthrateforeachyearintheprojectionperiod.Forexample,a1.0%changetobasecaseprojected
revenuegrowthrateof5%resultsina4%revenuegrowthrate.
(2) RepresentstheabsolutechangeintheprojectedEBITDAmarginforeachyearintheprojectionperiod.Forexample,a0.50%changetomanagements
projectedEBITDAmarginof19%resultsina18.5%EBITDAmargin.
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ValuationSummary
ValuationRanges
Median
EnterpriseValue
Mean
EquityValue
Mean
Wgt.Mean
$93,554
$97,696
$94,509
$148,552
$86,247
$92,196
$87,778
$148,552
$110,484
$180,193
$166,365
$155,318
$230,628
$202,578
$95,270
$163,422
$167,481
$142,485
$249,887
$44,350
$57,960
$80,877
$91,238
$91,659
$91,659
$105,269
$28,909
$32,129
$32,318
$33,901
$74,390
$77,631
$74,638
$79,474
$76,218
$79,438
$76,218
$79,438
$79,627
$81,210
Low
$18,260
$46,245
$50,387
$47,200
$101,243
$65,569
ReferencePublicCompanyAnalysisExcluding
SAPandORCL
$13,965
$38,938
$44,887
$40,469
$101,243
$61,274
PrecedentM&ATransactionAnalysis
$63,175
$132,884
$119,056
$108,009
$183,319
TransactionsUnder$100Million
$47,961
$116,113
$120,172
$95,176
$33,568
$43,929
$44,350
PremiumsPaidAnalysis:
$27,081
$30,322
$27,329
$32,165
$28,909
$32,129
Low
Median
Wgt.Mean
EquityValuePerShare
Mean
Wgt.Mean
High
Low
Median
High
High
$5.05
$7.20
$7.52
$7.28
$11.44
ReferencePublicCompanyAnalysisExcluding
SAPandORCL
$4.72
$6.64
$7.10
$6.76
$11.44
$8.51
$13.87
$12.81
$11.96
$17.76
TransactionsUnder$100Million
$7.34
$12.58
$12.90
$10.97
$19.24
$6.23
$7.03
$7.06
$7.06
$8.11
PremiumsPaidAnalysis:
$5.73
$5.98
$5.75
$6.12
$5.87
$6.12
$5.87
$6.12
$6.13
$6.25
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5/2/2016
BusinessDescriptions
Company
BusinessDescription
Designs,develops,markets,andsupportsenterpriseapplicationsoftwaresolutionsandservicesitssolutions
enablecompaniestofocusontheircustomers,suppliers,partners,andemployeesthroughenterprisewide
managementofresourcesandinformation.
I2Technologies,Inc.
Providessupplychainmanagementsolutionsworldwideoffersarangeofproductsandsolutionsfor
manufacturingandplanningtransportationanddistributionmanagementmerchandising,assortment,and
allocationplanningexecution,collaboration,andvisibilitysupplierrelationshipmanagementanddata
managementandbusinessanalytics.
Providesenterprisesoftwaresolutionsandoffersdemandmanagementsolutionsforforecastingmethodologies
allocation,replenishment,andfulfillmentsolutionsmerchandiseplanningsolutionsforstrategicfinancialand
operatingplanningactivitiesandmerchandiseoperationssystemsformanaginginventory.
LawsonSoftware,Inc.
Providesenterprisesoftwaresolutionsincludeenterprisefinancialmanagement,humancapitalmanagement,
businessintelligence,assetmanagement,enterpriseperformancemanagement,supplychainmanagement,
servicemanagement,manufacturingoperations,businessprojectmanagement,andindustrytailored
applications.
Developsandprovidessupplychainsoftwaresolutionsfortheplanningandexecutionofsupplychainactivities
worldwideitssolutionsenablecustomerstomanagetheirsupplychainecosystemsandutilizesaserviceoriented
architectureandcollaborativegatewaystofacilitatesupplychaintransformations
OracleCorp.
Engagesinthedevelopment,manufacture,distribution,servicing,andmarketingofdatabase,middleware,and
applicationsoftwareworldwideprovideslicensesfordatabasemanagementsoftware,applicationserver
software,businessintelligencesoftware,identificationandaccessmanagementsoftware,analyticssoftware,
contentmanagementsoftware,developmenttools,anddataintegrationsoftware.
QADInc.
Providesenterprisesoftwareapplications,professionalservices,andapplicationsupportformanufacturing
companiesofferscustomeranddemandfacingoperationsandsupplychainsolutions.
SAPAG
Develops,markets,andsellsenterpriseapplicationsoftwareproductsoffersindustryspecificsolutionsfor
midsizecompaniesondemandsolutionformidsizecompaniesandSAPBusinessOne,whichprovides
capabilitiesforvariousworkinvolvedinmanagingasmallbusiness,suchasfinancials,sales,andcustomer
support.
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Implied
Date
Announced
Target
PrimaryIndustry
Acquiror
03/23/09
CoxRadioInc.
Broadcasting
CoxMediaGroup,Inc.
02/27/09
VitaFoodProductsInc.
PackagedFoodsandMeats
IndividualInvestor(CompanyDirector)
02/26/09
OpenTVCorp.
ApplicationSoftware
KudelskiSA
02/09/09
GalaxyNutritionalFoodsInc.
PackagedFoodsandMeats
MillRoadCapitalGalaxyPartners
01/27/09
NET2SGroup
InternetSoftwareandServices
BTGroupplc
Implied
Total
Transaction
Transaction
Equity
Percent
Transaction
Enterprise
1DayPriorto
5DaysPriorto
30DaysPriorto
Value
Value
Repurchased
Value
Announcement
Announcement
Announcement
$65.2
$302.0
21.6%
$707.7
3.3
7.7
42.2%
7.7
128.4
147.5
87.1%
46.3
4.6
9.7
46.9%
2.4
110.3
2.2%
Premium(%)
15.1
16.9
250.0 *
250.0 *
35.0
27.4
25.8 * %
12.5
6.8
111.8 *
80.0 *
44.0
109.7
85.6 *
85.6 *
58.3
29.6
400.0 *
01/15/09
HilandHoldingsGPLP
OilandGasStorageandTransportation
IndividualInvestor(CompanyDirector)
27.1
69.1
39.2%
451.1
21.2
14.0 *
12/09/08
08/07/08
GlobalMedTechnologiesInc.
ConfirmitASA
ApplicationSoftware
ApplicationSoftware
VictoryParkCapitalAdvisors,LLC
SebastianHoldingsInc.
32.0
5.5
37.4
90.4
85.6%
6.1%
45.4
81.5
25.0
0.4
57.1 *
0.9
22.2
28.6
07/30/08
ZonesInc.
TechnologyDistributors
IndividualInvestor(CompanyCEO)
45.3
92.6
48.9%
97.9
15.9
6.7 *
10.6 *
46,722.4
07/21/08
GenentechInc.
Biotechnology
RocheHoldings,Inc.
06/26/08
FiveStarProductsInc.
Distributors
NationalPatentDevelopmentCorp.
04/25/08
TarrantApparelGroup
Apparel,AccessoriesandLuxuryGoods
CompanyManagement
03/05/08
Atari,Inc.
HomeEntertainmentSoftware
InfogramesEntertainmentSA
03/05/08
02/28/08
NationwideFinancialServices,Inc.
GSAgriFuelsCorporation
LifeandHealthInsurance
IndustrialMachinery
Nationwide
GreenShiftCorporation
AtlanticCoastEntertainmentHoldings
CasinosandGaming
IcahnEnterprises,L.P.
10/03/07
SuntronCorp.
ElectronicManufacturingServices
BlumCapital,ThayerCapitalPartners
09/07/07
EmersonRadioCorp.
ConsumerElectronics
GrandeHoldingsLtd.
08/08/07
DigitalAngelCorp.
ElectronicEquipmentManufacturers
AppliedDigitalSolutionsInc.
11/15/07
100,115.3
46.7%
99,217.7
16.1
26.0
1.7
6.7
24.9%
37.0
33.3
33.3
14.3
12.7
26.0
49.0%
44.1
28.8
30.8
26.9
27.1
11.0
22.6
48.6%
31.2
0.0
0.0
29.2
2,863.0
1.5
7,659.0
14.5
37.4%
10.0%
9,550.7
54.3
28.3
9.9
18.0
19.1
19.0
25.0
12.3
211.2
5.8%
202.6
20.3
NA
22.1
3.2
31.8
10.2%
51.9
5.0 *
5.5
5.5
7.3
106.1
6.8%
87.7
50.5
50.5
52.2
32.5
72.5
44.8%
85.0
22.1
22.1
16.8
44.4
44.6
29.5
78.2 *
19.6
70.5 *
20.4
81.5 *
21.3
50.4
56.3
07/17/07
AlfaCorp.
PropertyandCasualtyInsurance
AlfaMutualInsuranceCompany
832.6
1,767.5
47.1%
2,071.3
05/14/07
04/22/07
Spear&JacksonInc.
OpticalCommunicationProductsInc.
HouseholdAppliances
CommunicationsEquipment
UnitedPacificIndustriesLtd.
OplinkCommunicationsInc.
4.3
78.7
11.2
187.8
38.3%
41.9%
4.0
70.9
02/23/07
RefacOpticalGroup
SpecialtyStores
PalisadeCapitalManagementLLC
10.7
106.7
10.0%
106.7
02/22/07
GreatAmericanFinancialResources
LifeandHealthInsurance
AmericanFinancialGroupInc.
245.8
1,170.5
21.0%
1,203.3
13.2
15.0
11.8
01/24/07
21stCenturyInsuranceGroup
PropertyandCasualtyInsurance
AmericanInternationalGroup,Inc.
806.6
1,935.2
41.7%
2,009.7
34.6
31.2
24.9
12/20/06
CrestedCorp.
DiversifiedMetalsandMining
USEnergyCorp.
12.4
42.8
29.0%
52.6
14.2
13.2
7.8
10/07/05
MicroTherapeuticsInc.
HealthcareEquipment
ev3,Inc.
93.6
312.7
29.9%
309.7
01/17/05
01/15/04
UnitedglobalcomInc.
PhosphateResourcePartnersLP
AlternativeCarriers
FertilizersandAgriculturalChemicals
LibertyGlobalInc.
MosaicGlobalHoldingsInc.
3,481.4
53.5
7,503.0
110.6
46.4%
48.4%
11,508.8
684.6
52.3
9.8
15.2
7.6
0.7 *
12.1
3.2
24.0
1.8
2.7
Mean
22.6
22.5
23.7 %
Median
35.9
35.6
35.8
$inmillionsexceptpersharedata,*ExcludedfrommeanNA NotavailableNM Notmeaningful

68
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5/2/2016
TransactionsintheApplicationSoftwareIndustry
Date
Announced
02/26/09
Target
OpenTVCorp.
Acquiror
KudelskiSA
02/14/09
RetalixLtd.
12/09/08
10/06/08
Implied
Transaction
Implied
Transaction
Equity
Enterprise
Premium(%)
1DayPriorto
5DaysPriorto
30DaysPriorto
Announcement
12.5 %
Value
$147.5
Value
$46.3
Announcement
35.0
Announcement
27.4
NA(notpubliclydisclosed)
163.1
130.4
32.5
30.7
GlobalMedTechnologiesInc.
GuidanceSoftware,Inc.
VictoryParkCapitalAdvisors,LLC
AccessDataCorporation
37.4
104.2
45.4
70.5
25.0
12.8
57.1
1.3 *
09/08/08
PharsightCorp.
TriposInternational
09/03/08
CaptarisInc.
OpenText,Inc.
08/07/08
ConfirmitASA
90.4
81.5
07/15/08
IntervoiceInc.
ConvergysCorporation
322.3
269.6
07/09/08
07/03/08
ConfirmitASA
FinancialObjectsplc
TemenosUKLtd.
93.0
52.9
84.1
43.3
28.6
83.2 *
06/18/08
InsightfulCorp.
TibcoSoftwareInc.
24.3
15.3
1.1
06/16/08
MotiveInc.
LucentTechnologiesInc.
61.9
44.8
43.9
05/19/08
AmaTechAG
SMARTRACN.V.
0.7
0.7
7.0 *
14.9 *
9.1 *
05/16/08
DiversifiedOpportunities,Inc.
QRSciencesHoldingsLtd.
0.6
0.7
30.0 *
30.0 *
36.4 *
05/09/08
ConfirmitASA
69.7
60.7
0.6
3.6
2.4
05/07/08
04/09/08
EnlivenMarketingTechnologies
TouchStoneSoftwareCorp.
DGFastChannel,Inc.
PhoenixTechnologiesLtd.
76.9
17.9
79.8
17.0
6.4
18.4
6.5
26.5
6.4
34.6
03/31/08
AnsoftCorp.
Ansys,Inc.
759.3
826.3
39.3
30.0
34.2
03/23/08
L1SecureCredentialing,Inc
L1IdentitySolutionsInc.
306.3
277.9
44.8
65.1
41.5
03/20/08
SynplicityInc.
SynopsysInc.
211.8
215.8
52.1
54.4
85.6
03/17/08
BladeLogic,Inc.
BMCSoftwareInc.
783.6
810.6
18.6
26.0
60.9
02/20/08
01/31/08
SYS
FundtechLtd.
KratosDefense&SecuritySolutions,Inc.
ClalIndustriesandInvestments
52.4
194.9
54.9
152.9
65.9
13.2
71.3
14.7
77.0
6.4 *
01/16/08
BEASystemsInc.
OracleCorp.
7,974.0
7,109.1
24.4
30.8
28.8
12/26/07
DocumentSciencesCorp.
EMCCorporation
61.5
82.4
79.2 *
75.6 *
73.1 *
10/25/07
BravoSolutionUS
BravoSolutionSpA
4.1
13.3
46.9 *
45.9 *
48.4 *
37.7
22.2
29.8 *
52.2
39.4
37.5
17.5
17.0
129.3
109.5
30.8
36.4
42.4
0.4
0.9
28.6
26.9
47.3
29.9
29.3
86.1 *
28.6
76.5 *
1.6 *
26.0
12.7
48.7
10/07/07
BusinessObjectsSA
SAPAG
5,657.7
6,147.0
18.2
32.4
35.1
08/28/07
08/13/07
NAVTEQCorp.
GensymCorp.
NokiaInc.
VersataInc.
7,706.6
18.5
7,611.4
15.5
28.8
11.9
34.6
11.9
46.3
6.8
07/20/07
OpswareInc.
HewlettPackardCompany
1,507.8
1,626.8
35.1
50.3
42.5
07/18/07
ApplixInc.
CognosInc.
286.8
307.8
7.6
5.7
9.8
05/15/07
AgileSoftwareCorp.
OracleCorp.
480.3
332.5
11.6
10.4
17.7
05/02/07
CimnetInc.
InvensysSystems,Inc.
18.0
22.6
4.7 *
9.0
13.0
04/26/07
04/25/07
ArkonaInc.
Castelle
DealerTrackHoldings,Inc.
CaptarisInc.
46.2
16.2
59.1
10.4
3.8
15.2
6.2
14.5
6.2
24.2
04/11/07
MobiusManagementSystemsInc.
AllenSystemsGroup,Inc.
197.8
165.0
35.3
34.2
37.5
03/31/07
WorkbrainCorporation
InforGlobalSolutions,Inc.
193.9
157.2
21.6
25.0
34.6

69
69/71
5/2/2016
Date
Announced
03/22/07
Target
Kronos,Inc.
Acquiror
Hellman&FriedmanJMIEquity
03/14/07
PitneyBowesSoftware
PitneyBowesInc.
03/05/07
02/28/07
CorVuCorp.
HyperionSolutionsCorp.
RocketSoftware,Inc.
OracleCorp.
Implied
Transaction
Implied
Transaction
Equity
Enterprise
Value
1,767.1
Premium(%)
1DayPriorto
5DaysPriorto
30DaysPriorto
Announcement
35.9
Value
1,777.6
Announcement
21.8
Announcement
35.4
440.8
390.5
54.8
49.2
44.4
19.8
3,077.3
25.0
2,797.2
42.9
20.7
14.3
15.9
29.0
25.4
02/11/07
WitnessSystemsInc.
VerintSystemsInc.
939.1
935.8
23.5
20.9
29.7
01/26/07
AltirisInc.
SymantecCorporation
969.8
875.6
23.1
25.6
27.9
11/18/06
NetsmartTechnologiesInc.
BessemerVentureInSightVenture
108.0
109.1
12.2
26.5
11/16/06
ACDSystemsInternationalInc.
Management
10.7
1.5
10/23/06
10/18/06
MetaSolvInc.
OpenTVCorp.
OracleCorp.
KudelskiSA
209.1
420.8
163.9
361.9
23.5
26.3
769.5
1,283.4
25.5
29.2
34.1
1,294.3
1,083.2
18.0
20.9
26.6
163.6 *
90.2 *
19.5
28.1
25.4
100.0 *
36.7
20.4
10/14/06
OpenSolutionsInc.
ProvidenceEquityCarlyleGroup
08/31/06
IntergraphCorp.
Hellman&FriedmanJMIEquityTPG
08/28/06
InterVideoInc.
CorelCorporation
182.5
95.8
35.4
34.4
33.1
08/09/06
FileNetCorporation
IBM
1,485.4
1,114.5
1.7
10.4
28.1
08/07/06
Reynolds&ReynoldsCo.
TheReynoldsandReynoldsCompany
2,571.4
2,841.2
14.0
13.0
31.2
08/03/06
07/25/06
MROSoftwareInc.
MercuryInteractiveCorp.
IBM
686.9
4,638.3
587.9
4,322.0
19.4
34.5
33.5
37.2
24.6
46.7
06/05/06
OnyxSoftwareCorp.
Made2ManageSystems,Inc.
05/14/06
SSAGlobalTechnologies,Inc.
04/24/06
ManugisticsGroupInc.
04/11/06
PortalSoftwareInc.
03/10/06
03/01/06
ArtemisInternationalSolutionsCorp.
DassaultSystemsEnoviaCorp.
VersataInc.
DassaultSystemesSA
02/07/06
SegueSoftwareInc.
BorlandSoftwareCorp.
01/04/06
DatastreamSystemsInc.
12/19/05
NEONSystemsInc.
DataDirectTechnologies
59.3
12/07/05
VersataInc.
TrilogySoftware,Inc.
3.3
11/15/05
11/06/05
IntellisyncCorp.
ExtensityInc.
NokiaCorp.
GoldenGateCapital
354.3
965.6
88.8
73.9
14.6
11.6
5.0
1,366.5
1,610.3
25.1
24.0
25.8
210.4
247.7
4.2
8.7
16.3
OracleCorp.
211.7
217.4
12.6
17.5
39.6
17.4
378.8
28.3
310.3
18.5
19.4
28.0
24.1
14.3
38.6
103.8
98.9
27.9
30.4
27.5
205.2
157.7
15.3
24.4
29.1
51.3
31.9
26.5
47.6
0.0
90.6 *
90.6 *
82.0 *
411.1
743.7
9.5 *
26.2
7.1
26.7
23.5
21.4
32.4
11/03/05
VerityInc.
AutonomyCorp.plc
484.0
353.4
28.7
36.4
10/20/05
CaptivaSoftwareCorp.
EMCCorporation
297.5
315.8
24.5
32.1
09/26/05
HPLTechnologiesInc.
SynopsysInc.
12.4
11.4
3.4
0.0
09/21/05
CCCInformationServicesGroupInc.
Investcorp
09/12/05
08/03/05
SeibelSystems,Inc.
E.piphanyInc.
OracleCorp.
SSAGlobalTechnologies,Inc.
07/29/05
ExtendedSystemsInc.
Sybase,Inc.
07/29/05
MDSIMobileDataSolutionsInc.
VistaEquityPartners
10.2
14.3 *
442.0
634.5
2.6
5.4
10.5
5,601.0
325.8
3,359.2
159.6
16.8
7.7
28.3
11.1
29.4
18.3
69.5
61.3
29.7
24.3
39.4
67.2
45.6
55.3
62.9
60.0

70
70/71
5/2/2016
Date
Announced
07/05/05
Target
AspectCommunicationsCorp.
Acquiror
AspectSoftware,Inc.
Implied
Transaction
Implied
Transaction
Equity
Enterprise
Value
714.7
Value
792.8
Premium(%)
1DayPriorto
5DaysPriorto
30DaysPriorto
Announcement
3.6
Announcement
1.0
Announcement
14.1
06/27/05
SeeBeyondTechnologyCorp.
SunMicrosystemsInc.
364.6
291.6
34.1
33.7
39.3
06/09/05
05/12/05
NikuCorp.
InfodataSystemsInc.
CA,Inc.
McDonaldBradley,Inc.
321.1
7.4
283.3
5.7
27.3
2.5 *
33.3
0.0
71.4
9.5 *
04/28/05
MDIAchieveInc.
LogibecGroupeInformatiqueLtee
04/17/05
AdobeMacromediaSoftwareLLC
AdobeSystemsInc.
04/07/05
ConcordCommunicationsInc.
CA,Inc.
03/31/05
CorillianPaymentSolutions,Inc.
03/20/05
03/13/05
27.0
24.9
31.0
31.8
51.3
3,692.8
3,314.6
25.1
18.1
19.3
314.5
331.9
71.0
68.0
64.1
CorillianCorporation
22.4
21.2
33.6
38.1
3.6
PinnacleSystemsInc.
AscentialSoftwareCorp.
AvidTechnologyInc.
IBM
453.3
1,324.8
361.2
844.1
30.2
17.8
52.6
16.7
51.2
15.6
01/26/05
MAPICSInc.
375.9
341.2
14.6
14.0
25.3
01/17/05
IMPACMedicalSystemsInc.
ElektaAB
239.8
197.4
21.5
21.2
25.7
01/07/05
JPMorganChaseVastera,Inc.
JPMorganChaseBank,NationalAssociation
126.8
74.9
50.0
14.1
23.0
01/03/05
TecnomatixTechnologiesLtd.
SiemensPLMSoftware
207.4
224.5
10.6
21.2
32.8
12/16/04
12/01/04
VeritasSoftwareCorp.
NassdaCorp.
SymantecCorporation
SynopsysInc.
12,973.7
192.2
11,335.1
90.8
9.1
63.6
23.1
60.9
39.0
89.7 *
08/10/04
PrimusKnowledgeSolutions,Inc.
ArtTechnologyGroupInc.
15.0
24.5
06/29/04
InetTechnologiesInc.
Tektronix,Inc.
06/28/04
CatalystInternationalInc.
ComvestInvestmentPartners
05/07/04
ViziqorSolutions
BehrmanCapitalQuadrangleCapital
04/28/04
04/10/04
MarimbaInc.
SciQuest,Inc.
BMCSoftwareInc.
TrinityVentures
04/06/04
BarraInc.
MSCIInc.
03/01/04
LandacorpInc.
SHPSHoldings,Inc.
02/04/04
NovadigmInc.
SanchezComputerAssociatesInc.
01/27/04
28.8
21.7
483.7
311.6
13.6
17.0
38.1
19.7
21.6
78.6
17.2
92.3
78.6
1.8
34.9
63.6 *
60.0 *
217.5
25.3
185.6
14.8
62.1
57.2
59.6
66.7
40.1
58.4
859.2
651.8
9.0
17.3
21.2
50.0
35.6
3.0
3.7
138.7
117.0
23.3
33.1
48.7
FidelityInformationServices,Inc.
175.4
147.1
14.8
39.5
68.4
66.7 *
4.0 *
Mean
25.1
27.5
32.2 %
Median
22.5
25.8
28.9
$ in millions except per share data, * Excluded from mean NA Not available NM Not meaningful
71
71/71

2009-04-16 Logility Special Committeee of The Board of Directors Fairness Opinion INVESTMENT BANKING PRESENTATION DATED APRIL 16, 2009

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2009-04-16 Logility Special Committeee of The Board of Directors Fairness Opinion INVESTMENT BANKING PRESENTATION DATED APRIL 16, 2009

Transféré par

Droits d'auteur :

Formats disponibles

5/2/2016

Reference Public Company Analysis Business Descriptions

Vested "IntheMoney" Options Outstanding, Net of Exercise Price

Implied Equity Value

Plus: Debt as of 01/31/2009

Implied Enterprise Value

Transaction Structure and Summary Analysis

ASI ProFormaforLogility Acquisition

Enterprise Value to LTM EBITDA

Thefollowingchartsummarizesthefinancialinformationusedin VRAs valuationanalysis:

*Excluded from mean NA Not available NM Not meaningful

*Excluded from mean NA Not available NM Not meaningful

Change in Projected Annual Revenue Growth

$inmillionsexceptpersharedata,*ExcludedfrommeanNA NotavailableNM Notmeaningful

$inmillionsexceptpersharedata,*ExcludedfrommeanNA NotavailableNM Notmeaningful

$inmillionsexceptpersharedata,*ExcludedfrommeanNA NotavailableNM Notmeaningful

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